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financial
The
tInimuttat
rotude
INCLUDING
Bank Sr Quotation Section
Railway Earnings Section
VOL. 94
Railway & Industrial Section
Electric Railway Section
Section
SATURDAY, JUNE 22 1912
State and City Section
_
-
Bankers
'Convention
,The Thronitte.,
PUBLISHED WEEKLY.
NO. 2452
Week ending June 15.
Clearings al1912.
1911.
Inc. or
Dec.
1910.
1909.
8
$
Chicago
287,503,938
For One Year
275,159,486
+4.5
273,263,22
274,603,627
$1000
Cincinnati
25,137,500
For Six Months
25,722,950 -2.3
24,597,600
27,681,500
6 00
Cleveland
21,899,768
European Subscription (including postage)
23,319,664 -6.1
21.760,456
18,162,678
13 00
Detroit
22,886,123
European Subscription &ix months (including postage)
21,905,021
+4.5
21,909,033
15,700,128
7
50
Milwaukee
Annual Subscription in London (including pcstage)
15,295,930
13,289,565 +10.6
12,814,639
11,657,484
22 14s. Indianapolis _
9,156,498
Six Months Subscription in London (including postage)
8,568,690
+6.9
9,988,453
8,878,504
21 118. Columbus
Canadian Subscription (including postage)
6,062,300
6,183,400 -2.0
5,833,600
5,510,000
$11 50
Toledo
4,897,080
5,083,398 -3.7
4,620,891
3,710,692
Subscription includes following SupplementsPeoria
3,186,882
2,720,207
2,921,385
2,545,531
4,142,909
2,716,720 +52.5
BANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) Grand Rapids_
2,665,295
2,595,409
Dayton
2,243,738
RAILWAY EAR•INGE;(monthly)
2,272,439 -1.3
2,193,005
ELECTRIC RAILWAY(3 times yearly)
2,038,969
Evansville
2,356,063
2,330,721 +1.1
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
2,272,891
1,982,608
Youngstown _ _ _ _
1,249,666
1,129,615 +10.6
1,154,085
1,157,086
Kalamazoo
Terms of Advertising-Per Inch Space
723,461
641,409 +12.8
637,689
538,866
Springfield,
Ill
_
1.127/749
1,010,423 +11.6
1,048,212
Transient matter per inch space(14 agate lines) .
829,948
$4 20 Fort Wayne._ _ _
1,334,521
1,142,940
+16.8
990,855
826,794
Two Mouths
(s times)
22 00 Canton
1,328,905
1,096,000 +21.2
1,075,000
876,972
Lirvonrs W Ilinnle
e:
29 00 Akron
Standing Business Cards
1,773,000
1,436,500 +23.6
1,015,000
790,000
50 00 Lexington
1,118,706
891,178
+25.5
741,376
727,569
Twelve Months(52 times)
87 00 Rockford
981,484
819,358 +19.8
832,535
801,860
citicAao OFFIC11-00o.M.Shopherd;513 Monadnock Block;Tel.Harrison 4012. South Bend
613,540
514,490 +19.2
521,770
666,507
Springfield; 0_ _
LONDON OFFIos-Edwards 85 Smith,1 Drapers' Gardens, E. C.
530,337
536,794 -1.2
496,879
549,840
Quincy
673,928
575,341 +17.2
600,000
536,863
WILLIAM B. DANA COMPANY, Publishers,
Bloomington_ _ _
744,089
696,324 +6.9
666,598
434,412
Decatur
627,859
1'.0. Box 058. Front, l'InO and Depeyster Sts.,
523,074 +20.0
433,713
New York.
396,754
Mansfield
400,000
442,176 -9.1
390,561
401,605
419,433
439,293 -4.5
Published every Saturday morning by WILLIAM B. DANA COMPANY. Danville
385,988
349,400
545,000
498,000 +9.4
519,468
Jacob Seibert Jr., President and Treas.: George S. Dana and Arnold G. Dana, Jackson
273,000
309,651
249,524 +24.1
Me-Presidents: Arnold 0. Dana, Sec. Addresses of all, Office of the Company. Jacksonville, ill_
251,365
236,969
Lima
477,292
413,954 +12.9
323,820
352,379
Lansing
501,834
346,086 +44.7
304,656
Owensboro
427,835
370,672 +15.4
440,000
CLEARING-HOUSE RETURNS
Ann Arbor
214,389
195,220 +9.5
175,000
152,947
Adrian
50,828
37,623 +35.1
• The following table, made up by telegraph, &c., indicates that the
28,268
34,560
total bank clearings of all clearing houses of the United States for week
Tot. Mid West.
420,942,236 403,447,583 +4.3 397,781,140 386,001,461
ending June 22 have been $3,110,531,460, against $3,308,835,699 last
week and $2,090,944,843 the corresponding week ast year.
San Francisco_ ....
51,318,065
48,067,573 +6.8
45,897,986
39,310,952
Los Angeles
21,158,580
19,967,320 +21.0
16,915,717
14,200,000
Seattle
11,884,739
11,294,480
+5.2
11,707,474
10,617,081
Clearings-Returns by Telegraph.
"Cr
Portland
12,373,578
11,430785
+8.2
10,511,124
7,321,680
Week ending June 22.
1912.
1911.
Salt Lake City_ _ _
Cent.
7,887,697
6,169,046 +27.9
6.419,481
7,225,597
Spokane
4,522,140
4,628,639 -2.2
4,926;370
4,000.000
New York
$1,438,066,998 $1,440,430,067
-0.2 Tacoma
4,681,681
4,410,395
+5.9
5,871,344
6,121,102
Boston
128,814,492
157,944,342 -18.4 Oakland
3,658,791
3,710;076 -1.4
3,096,838
2,023,558
Philadelphia
128,021,537
123,449,983
+3.7 San Diego
2,664,169
1,365,000 +9.5
1,300,000
985,000
Baltimore
28,914,443
26,854,252
+7.7 Sacramento
1,647,032
1,336,147
+23.3
1,286,938
973,416
Chicago
250,054,901
226,737,075 +10.3 Pasadena
1,065,749
1,036,241 +2.8
940,026
St. Louis _
65,827,810
57,504,985 +14.5 Stockton
939,087
820,765 +14.4
628,943
589,357
New Orleans
15,830,668
15,490,635
+2.2 Fresno
700,000
650,000 +7.7
647,133
446,781
San Jose
543,751
508,279 +7.0
464,969
426,124
Seven cities, 5 days
$2,055,530,849 82,048,411,339
+0.3 North Yakima _ _
414,269
496,189
-16.5
477,340
396,439
Other cities, 5 days
522,016,238
465,271,418 +12.2 Redo
250,265
300,000 -16.6
250,000
225,000
Total Pacific
128,709,593 116,199,935 +10.g 111,341,683
Total all cities, 5 days
$2,577,547,087 82,513,682,757
94,862,087
+2.5
All cities, 1 day
532,984,373
477,262,086 +11.7 Kansas City _ _ _ _
48,956,06, 44,718,012 +9.5
49,805,381
40,566,172
19,377,883
Minneapolis
17,905,161 +8.2
Total all cities for weok
S3.110 MI.4(16 52.990.944.843
19,308,597
18.812,668
+4.0 Omaha
16,657,789
14,438„768 +15.4
15,873,113
13,747,235
10,859,279
The full details for the week covered by the above will be given next St. I'aul
0,608,378 +13.0
11,475,817
10,582,685
10,428,512
10,1.18,622 +3.1
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
9,394,157
9,127,579
7,383,083
clearing houses at noon on Saturday, and hence in the above the last day of St. Joseph
6,958,475 +6.1
6,334,424
5,463,888
4,444,426
the week has to be in all cases estimated, as we go to press Friday night.
Des Moines
4,091,389 +8.6
3.957,913
3,294,169
We present below detailed figures for the week ending with Saturday, Sioux City
3,073,644
2,462,044 +24.8
3,217,631
2,814,134
noon, June 15 for four years.
Duluth
2,876,244
2,771,610 +3.8
3,240,720
2,788.049
Wichita
3,275,000
3,207,647 +2,1
2,947,045
2,351,462
Lincoln
1,795,591
1,736,794 +3.4
1,620,757
.1582,466
Week ending June 15.
Topeka
1,656;189
1,581,928 +4.7
1,273,193
1,421,119
Clearings at
Davenport
1,517,299
1,266,310 +19.8
1,292,929
1,127,051
Jeer
Cedar Rapids _
1,350,249
1,341,666 +0.6
1,040,528
1,049,564
1911.
1912.
Dec.
1916.
•Colorado 'Springs
1909.
867,195
747,351 +16.1
899,386
965,934
Fargo
399,655
780,442 -48.8
949,180
673,605
Pueblo
$
$
595,654
567,279
3-4.9
621,070
529,732
New York
1,927,290,15 1,904,432,210 +1.2 1,716,202,978 2,197,699,741 Fremont
332,549
297,427 +11.8
298,757
317,049
Philadelphia
147,602,427 153,894,376 -4.1 144,861,108 133,012,313 Waterloo
1,314,583
1,347,418 -2.4
927,849
Pittsburgh
51,045,873
46,519,026 +18.1
59,203,292
43,094,666 Helena
904,366
864,957
+4.6
777,763
1,121,402
Baltimore
35,646,915
33,800,266 +5.2
2),933,792
21,111,332 Aberdeen
300,011
427,882 -29.9
552,946
Buffalo
10,830,27
10,039,458 +7.9
9,978,808
9,137,135 Hastings
161,682
162,039 -0.2
170,000
Washington _
7,752,92
7,472,156 +3.7
6,931,142
6,078,349 Billings
323,714
130.709 +147.5
226,790
172.159
Albany
5,841,49
6,453,240 -9.5
5,752,453
6,147,130
Tot. oth.West.. 138,850,664 127,535,344 +8.9 136,205,446
Rochester
4,604,43
118,528,572
4,483,841 4-2.7
4,007,122
3,962,578
3,025,001
Scranton
77,740,809
2,735,549 +10.6
75,021,556 +3.6
2,313,760 St. Louis
2,476,624
72,421,988
60,209,244
Syracuse
16,568,458
2,200,00
2,589,333 -15.0
16,699,591) -0.8
2,288,194 New Orleans...2,447,006
16,209,670
13,905,782
13,983,589
1,763.58
1,682,824 +4.8
Reading
12,616,429 +10.8
1,526,213 Louisville
1,745,494
12,666,710
11,693,02
.1,857,11
Trenton
1,542,100 +20.4
16,063,676
11,223,339 +43.1
1,544.049 Houston
1,942,240
12,196.255
10,989,666
Richmond
2,282,701
7,886039
1,825,314 +25.0
Wheeling
7,100,000 +11.1
1,739,077
1,808,409
6,699,282
6,515,824
Wilkes-Barre _
12.151,568
1,251,169 +5 1
1,315,77
10,470,253 +16 1
1,215,068 Atlanta
1,410,083
8,950,176
6,560,917
Wilmington ___
1,685,222
7,952,000
1,626,036 +3.6
1,533,611 Galveston
6,338,000 +25.5
1,701,217
5,953.500
5,082,000
Memphis
6,984,380
York
1,010,447
872,767 +15.8
5,447,726 +28.3
922,357
.977,984
4,980,062
4,346,362
Erie
6,327,071
i,019,89C
855,740 +19.2
731,513 Fort Worth
5,262,395 +20.2
824,833
6,050.144
6,154,129
Nashville
Chester
5,356,454
012,12
546,940 +12.1
509,267
4,292,603 +24.8
628,793
3,840,074
3,326,220
Greensburg
4,093,232
671,951
619,661 +8.4
494,663 Savannah
:3,801,171 +7.7
484,936
3,560,982
2,726,766
Binghamton .._
3,165,135
697,20
527.600 +32.2
427,200 Norfolk
2,830,199 +11.8
2,605,869
471,300
2,502,959
Altoona
Birmingham
_
572,567
2,750,000
534,601 +7.1
473,511
527,654
2,284,105 +20.4
2,493.388
1,718,399
Lancaster
Oklahoma
1,343,83'
1,350,000
994,315 +35.1
1,982,422 -30.0
1,032,926
2,100,000
1,700,000
Jacksonville _ _
3,800,000
2,744,149 +38.5
2,427,187
1,615,657
Middle__
Little
Total
Rock
2,214,581,963 2,185,388,522 +1.3 1,986,703,387 2,441,611,594
1,789,340
1,675,900 +6.8
1,580,758
1,479,595
Chattanooga
2,345,018
1,756,707 +33.5
1.807,567
1,341,913
174,474,46' 144,499,717 +20.7 141,888,703 145,324,595 Knoxville
Boston
1,700,715
1,641,680 +9.1
1,744,216
1,280,913
8,495,10
Providence
8,550,590 -0.6
1,845,009
7,318,200 Augusta
1,312,907 +40.6
7,365,300
1,401,709
1,296,429
4,850,975
Hartford
4,763,200 +1.8
1,231,050
3,420,960 Mobile
1,458,740 -15.6
3,871,295
1,249,410
1,042.163
3,057,91
2,073,437 +2.8
New Haven
1,497,562
2,787,059 Charleston
1,642,537 -8.8
2,842,882
1,234,499
1,195,225
2,434,21
Springfield
2,290,688 +6.3
3,214,562
2,240,000 Macon
2,584,108 +24.4
2,296,208
703,293
759,831
2.640,590
Worcester
2,730,426 -3.5
1,051,851
1,831,247 Austin
3,446,190 -69.5
2,320,525
1,962,745
525,963
1,880,334
Vicksburg
2,105,178 -10.7
Portland
260,742
1,765,223
225,853 +15.4
1,937,987
208,386
208,543
1,073,00
1,335,594 -19.9
Fall River
617,239
1,153,344 Wilmington,N.C
652,339
1,034,369
480,669
371,530
New Bedford ___
1,055,553
1,146,658 -7.9
543,224
928,756 Jackson
1,079,311
675,188 -19.5
950,000
387,000
648,221
Lowell
621,095 +4.4
807,405
474,681 Tulsa
630,531 +26.3
523,139
Holyoke
600,000
579,632 +3.5
921.79:3
525,582 Muskogee
775.811 +18.8
500,003
Bangor
451,858
485,534 -7.0
Total Southern 204,088 121 186.547.446 -1-9.4 176.565.077 146.880.164
IP
: Total New Enz, 201.663.122 172,0,
Total all
3,308.835.699 3.14(.1,01.519 13.7 2,474.346:255 4.358.633,52
7,6,
19 +17.7 165.659.722 117,760,647
Oiltsirio N. V.
Notc.-For Canadian clearings see ',',Cominerclal and Miscellaneous News."
_ 1.1 ,s' 11
---k.2.0.11 •4
Terms of Subscription-Payable in Advance
1648
THE CHRONICLE
Lxxxxxv.
supreme and nothing 'savoring of anarchistic or revolutionary doings be permitted.
OUR RAILWAY EARNINGS ISSUE.
It was, of course, plain in advance that many of the
We send to our subscribers to-day the June number
delegates would not go the length of supRoosevelt
•of our "Railway Earnings" Section. In this publicaleader when he should talk of a bolt.
their
porting
for
tion we give the figures of earnings and expenses
from this, amid the turbulent scenes
apart
entirely
But
in
railroad
the latest month of every operating steam
week, the votes taken demonthe United , States required to file monthly returns enacted early in the
that a majority of the deleagain
over
and
with the Inter-State Commerce Commission at Wash- strated over
on to uphold the redepended
be
could
gates present
ington.
methods. There is
lawful
of
and
order
of
s
- As announced three months ago, the elaborate statis- quirement
the fact that Mr.
over
on
gratificati
for
reason
also
tical data contained in this Earnings Supplement are
the negro delethat
ns
expectatio
s
confident
Roosevelt'
now presented in a new and greatly improved form.
would in large measure desert
Another improvement made is that we supplement the gates from the South
realized. There were fears
returns of the Inter-State Commerce Commission with Mr. Taft, have not been
might
yield to the blandishment
the companies' own statements where these differ from that these delegates
,
however, have been really
The
desertions
of
money.
the Commerce returns or give fixed charges in addition
ntial.
inconseque
to earnings, or where they have a fiscal year different
Mr. Roosevelt himself has been at the scene of action
from the June 30 year, as is the case with the New York
week, though not actually appearing in the Conall
others.
Central Lines, the Pennsylvania RR., and
vention hall. On Friday of last week he was told that
his presence at Chicago was urgently needed and would
ON.
SITUATI
AL.
FINANCI
be beneficial to his candidacy. He immediately
THE
politweek's
this
of
for the Convention city, where he arrived
thought
started
Whatever else may be
n
Republica
the
afternoon and made a spectacular entrance.
where
Chicago,
Saturday
at
ical happenings
events
the
in
session,
everything on his behalf has been done
been
then
has
n
Since
Conventio
National
and
ng
eyes, and, indeed, under his express
encouragi
one
very
his
at
least
under
had
have
week
the
of
assuring aspect. They mark the complete discom- directions. Throughout he has counseled deeds of
fiture and • overwhelming repulse of Theodore Roose- desperation, but to no avail. Everything has been
velt. He has failed utterly in his attempt to control going against him, just as was the case with the Little
the Convention. Not only that, but he has been balked Corporal in the famous month of June in the year 1815.
in every one of his moves and defeated at every stage On Saturday night of last week the Republican Naof the proceedings. Some of the newspapers have tional Committee concluded the hearing of the contest,
called attention to the fact that Tuesday of this week which had involved 254 seats in the Convention. Of
(June 18) was the 97th anniversary of the Battle of these c ntests 235 were decided in favor of the Taft
Waterloo, when Napoleon met his downfall. This delegates and 19 in favor of the Roosevelt delegates.
The great majority of the contests had been trumped
week's Republican Convention can/certainly be condemore
A
up
to furnish a basis for the Roosevelt charges of theft
Waterloo.
s
Roosevelt'
sidered as Mr,
from
received
has
he
and
those
fraud. They were absolutely destitute of merit
than
blows
of
cisive series
to
imagine.
hard
be
would
—so
much so that in numerous instances the RooseChicago
at
gathering
the
The spectacle which the Convention has presented velt men on the National Committee joined in voting
has not been an inviting one, nor such as to raise the against the Roosevelt contestants. This was concountry in our own estimation or in that of the world. spicuously true with regard to the contests from
It has had some humiliating features. Many low and Indiana,which were among the earliest decided,namely
disgraceful scenes have been enacted, both on the on Monday of last week. It will be recalled that it
the
floor of the Convention and outside, and much of the was with reference to the Indiana primaries and
language indulged in, especially by the adherents of Indiana State Convention that Mr. Roosevelt first
Mr. Roosevelt, was so vituperative and violent that raised the cry of fraud, and in connection with which
it may be said to have transcended the ordinary bounds he denounced President Taft as an accomplished poof decency. There is, of course, nothing to be said litical trickster. He said that Mr. Taft knew that the
in extenuation of this, but when men's passions are delegates elected for him represented barefaced fraud,
at white heat, it unfortunately often happens that the and hence the President stood guilty of connivance
ordinary rules of decorum are. disregarded. This and condonation of those frauds. Yet when the constatement finds confirmation in the fact that only last tests from that State came up before the Republican
summer Premier Asquith was howled down when at- National Committee the four delegates at large pledged
consent
tempting to make a speech on a Constitutional ques- to President Taft were seated with the full
of the
member
every
of
Roosevelt
tion of great moment in the House of Commons, and acquiescence
from
delegates
Taft
eight
district
The
.
of
being
n
considered Committee
„which body bears the distinctio
the
of
vote
by
s
seated
unanimou
also
in
were
the
Indiana
body
world,
tary
the most orderly parliamen
13th
the
in
that
present,
except
.
members
adjourned
Committee
summarily
be
and the session had to
But if the Convention at Chicago has had its dis- district the Taft delegates won by a vote of 36 to 14.
These facts are worth narrating because they furnish
creditable side, on the other hand it has also preThe
sented some highly creditable aspects. On every test a clue to this week's votes at the Convention.
session
day's
at
came
first
the
strength
vote a decisive majority was shown against Roose- original test of
of the
velt and in favor of orderly methods and procedure. (Tuesday), on the vote for temporary chairman
proposed
Mr. Roosevelt himself might talk in the most inflam- Convention. The National Committee had
decided
matory way and counsel riotous and revolutionary Senator Elihu Root. The Roosevelt people
Wisconof
McGovern
methods, but most of his adherents refused to follow to rally behind Governor Francis
of debate
him in his'desperate deeds and acts. This means that sin, the La Follette leader. Great latitude
Root
for
and
558
showed
a majority of the assembled delegates were at all times was allowed, and the vote
this
that
vote
claimed
was
It
.
resolute in theldetermination that order should rule only 502 for McGovern
JUNE 22 1912,j
THE CHRONICLE
1649
gave an exaggerated idea of Mr. Taft's strength, but 2 to 18. But on Thursday this was quickly shown
on Wednesday another test vote was taken, this time to be no criterion of the feeling of the Roosevelt deleon the question whether the Convention would sustain gates generally, for the Illinois delegation voted 56
the Nationa.Committee in placing on the temporary roll to 2 to stick to the Convention no matter what hapthe names of 72 Taft delegates or substitute for them pens. In Missouri the 20 Roosevelt delegates voted
the names of 72 contesting delegates who would sup- unanimously against quitting, and Gov. Hadley said:
port Mr. Roosevelt. The vote this time was 564 for "We came here to vote for Roosevelt, but not to leave
the Taft adherents and 510 for the Roosevelt people, the Republican Party for any third party movement.
the minority vote including 36 of the La Follette dele- We are instructed for Roosevelt but we are not instructed to bolt the Republican Party." Many other
gates and 10 of the Cummins delegates.
apnewly
State delegations pledged to Mr. Roosevelt took simithe
to
All the contests were then referred
comthis
lar
action. The latest report is that Mr. Roosevelt
When
Committee.
pointed Credentials
was
will
not carry out his threat to bolt, but will wait until
rules
of
set
a
and
night
Wednesday
mittee met
suggested which would have excluded the newspaper August and then call another Convention and organizerepresentatives from the meeting and have limited de- a new party. If he does this he will be illustrating
bate to 10 minutes for each side in State cases and 5 the truth of the statement that those whom the gods
minutes for district cases, the Roosevelt men on the would destroy they first make mad. Certainly there
Committee, without wait ng to see whether these pro- will be less to fear from Mr. Roosevelt running as an
posed rules would be adopted or not, walked out, or independent candidate than if he abided by the action
were ordered out. But they came back, or were or- of his party and bent all his energies to defeat the
dered back, and then all but one quit a second time. regular Republican nominee. The Republican Party
Thursday morning the Roosevelt men returned would be immeasurably strengthened by getting rid
again, the rules finally adopted providing of him.
that 30 minutes should. be given to each side in
Some city officers and members of civic organizapresenting a State contest and twenty minutes in each
district contest, with the further understanding that tions, with other interested citizens, met in a quiet
the time limit would not be enforced in cases where it conference a few days ago and adopted a resolution
might interfere with the proper presentation of the approving the action of a committee appointed some
points at issue. It was also decided to let the repre- weeks earlier, urging the appointment of a small comsentatives of the press associations attend the hearing. mission whose function should be to suggest plans for
The Convention itself accomplished nothing on that city development architecturally and act. in an adday. It met at twelve o'clock and immediately ad- visory manner for the Board of Estimate. The
journed until four o'clock to await the report of the thought of more commissions is not one that comCredentials Committee, and then adjourned until mends itself to reflective minds at first, yet the refleceleven o'clock Friday morning. Yesterday the Cre- tive mind can readily see good possibilities in this pardentials Committee presented its report o n the contest ticular suggestion. Not only is beauty its own excuse
:
cases piecemeal, and the vote in Convention, on the for being, as a rational saying declares, but the experi
various contests or the motions connected with the ence of some European cities (notably Paris) proves
same, was even more unfavorable to the Roosevelt that it also is, or brings, its own return for being; it is
contingent than on the previous two days. The first profitable not merely through the sound educational
vote of the day showed 569 for the Taft contention. results it gradually produces, but is presently and
and only 499 for the Roosevelt contention; the next, directly profitable commercially. On the other hand,
605 against 464, the third 564 against 497, and this New York is quite an ugly city. As a test, let any
kept steadily on, the vote varying as the merits of the person of culture take a leisure look at the termini or
cases varied, with the weakness of the Roosevelt so-called "approaches" of the first East River bridge
perhaps especially at the Brooklyn end, or at the
claims becoming more and more evident.
All this, however, has not induced Mr. Roosevelt vicinity of the Brooklyn Borough Hall; there are other
to cease crying theft and fraud. Throughout the spots for profitable study, but these will serve as a
week he has been engaged in attempting to bulldoze beginning. In public architecture the City Hall in
and intimidate the assembled delegates. Over and Manhattan is our best, and the struggle to preserve it
over he has declared that unless the Credentials Com- and save the park in which it stands as a civic centre is
mittee decided in fa,vor of all the 50 to 90 Roosevelt not yet decided.
W have been afflicted with a Park Commissioner
delegates which he claimed had been fairly elected
but been unseated by the National Committee, he who cut away trees in order to produce what he called
would refuse to abide by the action of the Convention. "vistas," whereby such artistic barbarisms as elevated
He issued a statement Thursday afternoon in which roads and apartment houses were uncovered to the
he said that he would run either as the regular Repub- eye, and all the illusions of rural retirement which the
lican nominee or on an independent ticket "as a pro- original constructors had produced were destroyed.
gressive on a progressive platform," adding further: One more of the attempts to intrude buildings upon the
"In either case I shall make my appeal to every honest Park has only just escaped; the menace is constant,
citizen in the nation, and I shall fight the campaign because entry of one would break down all firm defense
through, win or lose, even if I do not get a single elec- to a succession of others, and the people to whom a
toral vote." This made Mr. Roosevelt's position clear. tract of uncovered land in a great city seems a waste
Many of his followers at once took pains to make their would finally destroy what they do not understand.
position clear, and showed that they were not at all The exceptions exist, but our private building imprepared to follow him if he should undertake to bolt. provements, even in dwellings, are very largely ugly
On Monday at a caucus of the Oklahoma delegation because unintelligent and particularly because each
binding the delegates to support the nomi- owner follows his own notion and takes no account of
resolution
a
nee of the Convention whether he be President Taft what others have done or may do. The work is hapor Theodore Roosevelt was *defeated by a vote of hazard, incoherent and a construction of unrelated
1650
THE CHRONICLE
units; in one sense, we might even say that the whole is
less (and worse) than the sum of the parts.
Establishing such a commission as suggested would
substitute intelligent method in city planning for
shiftAisness and political caprice, the proposers of the
scheme consider. Very likely; for we have not been
building a city, or even planning one—we have been
constructing buildings, tearing down also extensively.
There is a City Planning Conference in Brooklyn, and in
Queens and other adjacent counties the idea has been
taken up. There have been plazas and avenues and
bridge approaches drawn on paper, where they certainly look attractive. The practical difficulties of
getting these ideas into physical being are large and
they cannot be pushed rapidly; we must probably take
transportation first and defer artistic education a while.
Yet it is worth much to make the beginning, and the
beginning must be in the determination that the end is
one worth striving for and shall be attained. The committee report which was read at the meeting referred
to above recommended that "legislation be sou ht by
the city authorities having relation to a city planning
commission,to the end that public improvements shall
proceed in accord and not in violation of a broad and
harmonious plan." Realization of this will come
gradually. Determination must precede it and
appreciation must precede that.
• The excellent showing in gold production that has
been noted for many months past continues to be the
feature of reports from the Transvaal. In fact, production of the precious metal there in each succeeding
month since March 1910 has made a new record for the
particular period covered, and in most,cases the average daily output has moved to a higher level than
theretofore recorded. For May 1912 the yield does
not reach either in total product or in daily average the
phenomenal figures reported for March (which, by
the way, were swelled to an unusual' extent-52,533
fine ounces—by withdrawal from the reserve held by
the mines), but exceeds all other months. To be specific, the May output of the Transvaal workings was
779,662 fine ounces, or a daily average of 25,150 fine
ounces, this latter comparing with a ,per diem rate of
24,589 in April, 26,798 in March, 24,271 in February,
22,127 in May 1911 and 20,457 in May 1910. For
the five months of 1912 the Transvaal production aggregated the unprecedented amount of 3,788,971 fine
ounces, or an average of 24,928 daily, against 3,291,585
and 21,799 fine ounces in the like period of 1911 and
3,034,315 and 20,094 fine ounces in 1910. If the average daily rate thus far attained in 1912,be,merely maintained (not exceeded, as it is apt to be) during the remainder of the year, we can expect over 9,000,000 fine
ounces from the Transvaal and nearly 11,000,000
fine ounces from the whole of Africa for the full twelve
months. The full significance of such a result can best
be realized by notingthat it will mean a doubling of the
gold production of Africa in seven years-1905-1912—
and place that country in the position of contributing
to: the world's new annual supply an amount almost
as great as furnished by all other mines of the world
combined.
The making of new high records continues to be a
striking feature in the trade of the United States with
foreign countries. Beginning with January of the
current calendar year, each month down to and including May has set a new mark for the period covered
,in thevalue of commodities exported, and the same
[Vol,.'Amu.
is true of imports, with the single exception of March.
This condition of steady expansion, especially as regards the outflow of our goods, is of course gratifying,
but there are those who maintain that it falls short of
the results possible of attainment were more attention
paid to studying the foreign markets, as is done by
England and .Germany.
Our exports in May 1912 aggregated $1.75,895,328
% millions and 1910
and exceeded those of 1911 by 223
by 443% millions, the gain over last year being wholly
accounted for by manufactures, *c. In fact, the
aggregate valne of the leading articles for which advance statements are issued—such as grain, provisions, cotton, &c.—was some 5-1A millions less than
last year. For the five months of the calendar year
the merchandise outflow, at $901,897,731, was 1153
4
millions greater than in 1911, and for the eleven
months, at $2,066,603,937, exceeds 1910-11 by 159
millions and 1909-10 by 4493' millions.
Merchandise imports for May reached $155,600,724,
against $129„814,160 in the month of 1911 and $118,837,907 in 1910. For the five months the inflow of
commodities aggregated 753H million dollars, overtopping the corresponding period of 1911 by
millions, and ,for the eleven months of the fiscal year
1911-12 they were $1,522,136,975, or 118 milliops
more than in 1910-11 ,and 85 millions greater than in
1909-10. .Coffee, hides and skins, art works and sugar
continue the most important contributors to this
fiscal year's increasing imports. The ,export balance
for May reached 203 million dollars, this ,comparing
with 23 1-3 millions in the month of 1911 and 123i
,millions in 1910. For the five months of the calendar
year the balance of exports ,is 208 1-3 millions, or a
little ,greater than in the like period of 1911, bnt ,contrasting with an import balance of 25
4 millions in 1910.
For the eleven months of 1911-12 exports run ahead
of imports by 5443 millions, the heaviest excess since
1907-08, when the record favorable balance of 643
millions was secured.
The gold movement of the month shows a net export
of $1,104,408 (imports having been $3,346491 and
exports $4,450,899), increasing to •$6,83,1,870 the
•export balance for the eleven months of the fiscal
year 1911-12. In the like period of 1910-11, however,
we imported $49,404,401 gold net. In 1909-10 there
was a net outward flow of no less than $78,200,880.
m+
-
ramer-arr"
The cotton-crop situation the middle f June this
year, as indicated by information received by us, is
given in detail in our annual acreage report of that
staple on subsequent pages, and only brief references
thereto is,called for here. The striking feature of that
report is that there has been only a nominal change
in the area planted and that the current promise is
for a satisfactory yield. As usual, there were many
rumors in circulation this spring to the effect that acreage was to be largely reduced. We have been able to
find little evidence of important curtailment of area
in any extensive section. While in the older cottongrowing districts there has been •a moderate tendency
to take land away from the staple in favor of foodstuffs,
additions to the cotton area in Texas, Oklahoma and
Louisiana have been almost a complete offset, leaving
the area only about one-half of 1% less than in 1911.
At all events, that is the conclusion to which our investigations lead.
We note, of course, that various acreage compilations have been made public the past ;few weeks, in
which reductions in area of from 63/i to near 9% have
'
JUNE 22 1912
THE CHRONICLE
been indicated, but our information furnishes no warrant for such results. The planting season has been
complicated by the flood in the Mississippi Valley,
but seeding has gone on as the water has receded, and
no appreciable loss of cotton area there is to be recorded. Nor has the size of the latest crop—the remnant of which is now being marketed—furnished any
strong argument in favor of acreage reduction. On
the contrary, the very fact that, despite a phenomenal
yield, remunerative prices have prevailed for the staple throughout the season, has served effectually to
check any disposition farmers may have had to listen
to advice to largely curtail. The world needs increasing supplies of cotton, not only to meet augmenting consumptive requirements, but to provide a reserve stock to be drawn upon when occasion arises,
and, as we have remarked frequently heretofore, the
United States alone is the source from which these supplies must come, at least in the immediate future.
Efforts making to develop new fields may succeed in.
time, but even then our supremacy as a cotton producer will hardly be seriously threatened.
The activity in building operations in the United
States ot:d in April continued during May 1912,
the aggregate expenditures arranged for under the
contracts entered into far surpassing the amount for
the corresponding month in any earlier year. Nor is
the activity confined to any particular section of the
country. It is noticeable in all directions, with a large
augmentation in the amount of building work in
progress in some of the smaller but rapidly growing
municipalities. In this. category may be mentioned
Atlanta, Charlotte, Houston, Norfolk and San Antonio at the South; Hartford, Lowell, Springfield and
Somerville in New England; Binghamton and Wilmington in the Middle section; Canton, Fort Wayne
and Toledo in the Middle West, and Berkeley, Oakand, San Diego and San Jose on the Pacific. Many
of the larger cities, too, make an excellent exhibit as
compared with preceding years. New York, for instance, and Chicago, Detroit, Los Angeles, San Francisco and Boston as well. On the other hand, Newark,
Philadelphia, Pittsburgh, Washington and a few other
leading cities show some let-up from the large operations witnessed in 1911 and 1910. The current activity
in construction work, with the consequent large de
mind for building materials has been followed by an
advance in prices for many articles. As regards
transactions in fabricated steel for bridges .and buildings, it is reported that orders placed with all makers
during the five months ended May 31 reached no less
than about 650,000 tons.
Our statistics for May include 123 leading municipalities, of which 77 exhibit gains in intended outlay
over the month of 1911, the aggregate contemplated
disbursement reaching practically 100 million dollars
($99,652,992) and contrasting with $84,410,526 a
year ago and $84,353,645 in 1910. Greater New
York's showing for the month is, with the exception
of May 1909, the heaviest for the peiiod in our record—
$24,490,456, comparing with $19,079,893 in 1911 and
$22,346,146 two years ago. For cities outside of New
York the May 1912 total is $75,162,536, against $65,330,633 last year and $62,007,499 in 1910. Chicago
is conspicuous in the month's total, with estimated expenditure of 10% million dollars, against 49< millions
last year, the comparison at Boston is between 8
millions and a little under 6 millions, and Buffalo's
1912 aggregate is more than double that of 1911.
1651
The result for the five months of the current calendar year, constituting as it apparently does a new high
mark in proposed building outlay for the period, is
very satisfactory, being indicative of a degree of
activity that is often missing in a Presidential year.
For the 122 cities outside of New York, the expenditure arranged for in building construction operatiqns
for the five months of 1912 reaches $289,356,118,
against $269,600,652 in 1911 and $270,063,820 in 1910;
Greater New York's work calls for $104,835,466 and
$82,343,410 and $101,633,422, respectively, and for
the country as a whole (123 cities), $394,191,584 in
1912, against $351,944,062 in 1911 and $371,697,242
in 1910.
As regards Canadian building operations, May results are in line with other recent preceding months
in disclosing noteworthy progress. Fourteen cities in,
the eastern part of the Dominion report estimated intended expenditures for the month well ahead of last
year, and a total for the five months of $24,468,194,
against $19,871,645 in 1911, with activity especially
notable at Fort William, Port Arthur, Hamilton and
Ottawa. An identical number of cities in the West
furnishes a May aggregate of 19 millions in excess of
1911 and a five months' total of $40,541,763, this
latter comparing with only $29,553,941 a year ago.
At Edmonton, Moose Jaw, Saskatoon, Winnipeg and
Victoria, as well as some smaller cities, great activity
is indicated. For the whole of Canada (28 cities) the
8 millions, against 17% millions
May aggregate is 223/
last year, and for the five months the comparison is
between 65 millions and 493/ millions.
The so-called Six-Nation group of bankers reached
an agreement among themselves in Paris on Thursday
as to the final details of the $300,000,000 loan that
will, it is hoped, pave the way for placing the new Chinese Republic on a permanent basis. The agreement,
which has been duly signed, will now be submitted to'
Peking for ratification. It would not be departing
very greatly from the Chinese custom if flaws should
be found that will render necessary additional negotiations.. The details of the agreement amohg the
bankers comprising the group are explained in the
following statement, which has been cabled from Paris
and which was issued by Mr. H. P. Davison of J. P.
Morgan & Company, who has been generally regarded
as the leading spirit in the conference of bankers.
The statement follows:
The British, German, French, American, Russian and
Japanese groups who have been for weeks past conferring on
the matter of the financial support of China, have now,
with the approval of the respective governments, reached
an agreement and formulated a proposition for the reorganization of this loan. This is now being submitted to the
Chinese Government.
The important consertium thus formed consists in the
first instance of the Hong Kong & Shanghai Banking Corporation of London, the Deutsche Asiatische Bank of Ber
lin, the Banque Indo-Chine of Paris, J. P. Morgan & Co.,
Kuhn, Loeb & Co., the First National Bank and the National City Bank of New York, the Russo-Asiatic Bank of
St.Petersburg,the Yokohama Specie Bank,and various firms
and institutions affiliated with certain of these groups.
In order to correct erroneous information in the European
press, the group desires to make the following statement:
In February last certain groups were approached by the
Chinese Government with a request for financial assistance.
This, it was suggested, should be given by advances against
Treasury bills, to be redeemed from the first proceeds of the
reorganization loan. The Chinese Government itself requested a total amount of $300,000,000, for which adequate
security would be provided, and it was contemplated that
a part of the loan should be issued at the first instance. _j
1652
THE CHRONICLE
• Considerable delay was occasioned by the negotiations with
the Chinese Government in reference to guaranties for the
due expenditure of the advances. Satisfactory guaranties
had been obtained when further delay was caused by negotiations among the group themselves, which were entered
into at the instance of the six !governments concerned and
with the full approval of the Chinese Government.
Although difficult and protracted, these negotiations were
conducted throughout in a friendly spirit and the general
satisfaction was evident at the attainment of a complete
understanding to meet the urgent needs of China, that is,
the disbanding of troops, the discharge of current obligations and the setting up of a new administration.
The groups have from time to time made such advances
as the circumstances necessitated.
Reports have been persistently current during the
last few weeks that Russia and Japan, but especially
the former, had been opposing the loan with the view
of having certain territorial guaranties inserted as a
part of the agreement. Unless, therefore, these two
countries have a "string" to their signatures to the
agreement, in the form of a secret knowledge that
China will not fully accept the document in its present
form, this week's developments at Paris must be accepted as a successful ending of an incident that is
quite as important from a diplomatic as from a financial viewpoint. A cable report from Peking that arrived simultaneously with the signing of the agreement
in Paris may have significance in this respect. It
recites that the Cabinet has approved President Yuan
Shih-Kai's suggestion to offer the Premiership to
Chang Chien, who is a prominent Southerner, whose
selection will,it is expected, actively militate to eliminate the jealousies that, unfortunately, exist between
the North and South. Chang Chien will, if chosen,
succeed Tang-Shao-Yi, who last Saturday suddenly
left Peking for Tien-Tsin without notifying members
of the Cabinet, and who on Monday announced his
intention of retiring from office on the ground that he
had lost the confidence of his supporters and of foreigners. The Cabinet twice dispatched emissaries to
confer with the Premier, but did not succeed in indUcing him to change his resolution. Certain Chinese
councillors recently charged that the Premier had paid
over to Dr. Sun Yat-sen, who occupied the position
of Provisional President of the Republic at Nankin,
$1,000,000 out of foreign loans to induce him to relinquish the Presidency to Yuan Shih-Kai. Dr. Sun
indignantly denies the charges and makes the counter
charge that out of $1,250,000 borrowed by him in
China and America to finance the revolution, and assumed as a debt to be repaid within four months by
the Peking Government, he has not yet received a
dollar. Whether or not these charges are true in
part or wholly, it is evident that excellent reason exists for the insistence by the bankers' group that
proper supervision in their interests shall be exercised
over the proceeds of the new loan. Another report
current is that Wu Ting-fang, former Chinese Minister
at Washington, will be appointed the new Premier.
Italy, according to press dispatches from Rome, has
agreed to a conference of the Powers for the settlement of the war with Turkey. If Turkey is willing,
these dispatches state, an armistice will be speedily
arranged. Meanwhile advices from Tripoli assert that
the Italian expedition under General Camerana has
been landed successfully at Bu Sheifa, an island in the
Gulf of Sidra.. The last party of Italians expelled from
Constantinople left on Tuesday afternoon on the steamship Elba, chartered by the Italian Benevolent Society
Paris cables suggest that there is a distinct under-
[VoL. Lxxxxiv.
current of nervousness in the entire European political
situation over the Tripolitan situation, and that this
is the real cause for the weakness in European State
securities. British consols have this week again
touched a new low record, French rentes have declined severely and German Imperial 3s have also
established a new low level, having sold at 80 on the
Berlin Bourse,which compares with 82,the lowest figure of 1911, and 813' during the 1907 crisis. German
finances, as is well known, are under particular strain
at the moment, which may itself be sufficient explanation of the weakness in that country's Government
securities. But the fact that the weakness is so general throughout Europe lends color to the reports ,of
possible European complications over the settlement
of the Turco-Italian war. "It is whispered," says
the special Paris correspondent of the "Journal of
Commerce," "that the explanation of the simultaneous
weakness in British consols and French rentes is the
new line-up of the Powers as evidenced in the informal
conferences to bring the war to an end. This new
alignment places France, England and Italy on one
side and Russia, Germany and Austria on the Turkish
side." Somewhat antagonistic to this view is the
news that the Russian Duma on Thursday passed the
Navy bill, which provides an expenditure of $645,000,000 in the next five years. This will place Russia
second to Great Britain in naval expenditures. The
new bill provides for a Baltic fleet of two squadrons
consisting of 12 dreadnoughts, 9 cruisers, 35 destroyers and 12 submarines. Admiral Prince Lieven in
announcing to the Duma that the Minister of Marine
is working on new naval proposals, said: "Russia
must not allow herself to be out-distanced by Germany
in the Baltic." Thus it is evident that Germany is
responsible for heavy taxation in Russia as well as England. Obviously, if Germany would agree to the
limitation of armaments suggested in the British Admiralty proposals,there would be a tremendous saving
of taxation in the three countries we have mentioned.
In Cuba, if we are believe the reports from Havana,
active progress has been made in suppressing the revolt
of the negroes, but as a general thing these reports are
denied by the revolutionists. General Monteagudo,
Commander in Chief, telegraphed to President Gomez
last Monday as follows:
"In view of the last happenings, it is my belief that
the revolution is over. I do not think that large bands
of rebels will again form.
"The surrender of Eugenio Lacoste, leader of insurgents in the Guantanamo district, has had a most important effect. He was considered here the real
chief of the rebels. Numerous surrenders continue
daily. General Ivonet and General Estenoz, the rebel
commanders, are thinking only of their personal safety.
"It will be necessary to hold the greater part of the
Government troops here in small detachments under
lieutenants and sergeants to pacify the Province of
Oriente."
Our Government is watching the Cuban situation
very closely and is prepared to move the expeditionary
force of 5,000 men at a moment's notice. The State
Department has received from Minister Beaupre a copy
of the pronunciamento issued by Julio Antomarchi,
who commanded the "Second Brigade of the Re olutionary Army in the field." The negro general declares
that in view of the attitude taken by the Cuban Government forces in attacking and destroying the farms
of unfortunate people who have taken no part in the
revolution, he desires it to be well understood that all
JUNE 22 1912.)
•
'
foreigners within the space of 24 hours are required
to abandon their homes, and that those who do not
do so within that time will be hanged within 48 hours.
He advises the foreign consuls that they will do well
to inform him as to what he ought to do with their
property and interests, in the absence of which notification he will comply with his duty by reducing the
houses and coffee plantations to ashes. Consul Holaday at Santi go reports that as a result of this pronunciamento the territory comprising the municipality of El Cobre is depopulated and that the inhabitants are seeking refuge in the towns of Cobre and
Palma Soriano. Information, apparently reliable,
states that there are 3,000 refugees at El Cobre and a
like number at Palma Soriano.
The rebellion in Mexico appears to have been reduced to a position of guerrilla warfare. The rebel
forces have virtually abandoned the western portion
of Chihuahua. Complete order has been restored in
the State of Tabasco, according to advices to our State
Department.
In England and France shipping labor troubles
continue, although on a gradually decreasing scale.
The dock strike at Southampton has collapsed, the
men resuming work on Thursday unconditionally.
The White Star liner Oceanic, however, was this week
compelled to cancel her trip from that port on account
of the dock strike. In London the strike is still on,
though it has received a severe blow by the refusal of
the Sailors' & Firemen's Union, which is the strongest
body in the National Federation of Transport Workers, to join the movement. At Marseilles the strike
of the seamen has tied up that port. The French
Government is sending bluejackets to take the places
of the strikers and is holding destroyers in readiness
to convey the mails if necessary.
Private foreign discounts have been well maintained
during the week, which is not surprising in view of the
close ktpproach of the half-yearly payments and the
strain that promises to develop in connection with
them, especially in Berlin. In London the monetary
situation has been one of conceded pressure for funds,
and discounts in Lombard Street have reached
2 15-16%, which is within 1-16% of the official Bank
rate. Closing discounts as cabled yesterday were
27
4% for spot bills, all maturities, 234% for sixtyday bankers' acceptances to arrive and 2%% for
ninety-day bills to arrive. These indicate no change
in the spot rate, while sixty-day forward.bills are H%
easier, which is in line with the growing belief that
there will be a general easing up in the European situation as a whole after the July payments have been
completed. Quite a large volume of sixty-day bills
was sold at this centre yesterday at 2% by a broker
who receives 1-16% commission, thus placing the
transaction on a 2 11-16% basis. Germany has been
borrowing quite freely in the London market this week.
On Wednesday the Bank of England sold for shipment
to Berlin £501,000 in gold, following a similar sale for
the same destination on Wednesday of last week. Some
cable advices ascribe these movements of the precious
metal to remittances on New York account, representing loans to Germany by American bankers who were
drawing on their London balances for that purpose.
We have made very careful inquiry in New York banking circles most likely to be interested in such transac• tions, and :find no substantial • confirmation of
4
them. There have probably been a ;few renewals
of German loans that were about to mature, but,
speaking broadly, New York lenders. who were connected in a large way with German transactions a- few,
months ago inform us that they are now out of the
market so far as new commitments in the German centre are concerned. Germany has been'reported to be
bidding as high as 53.% in this market for thirty-day
funds, but when the risk of losses on exchange are considered, bankers are not inclined to be tempted to new
commitments on a large scale even on this basis. A
53% loan for one month at the present time would,
it is generally figured, not net the lender above 3.35%.
An evidence of the disturbed condition of the London
market is the fact that offerings of new securities continue highly discouraging in their results. A bond proposition of the Canadian Northern RR. proved almost
a complete failure. London cable advices announce
that only 36% of the $7,000,000 offering, which was a
4% loan at 95, Was taken by the public, while of the
eight largest issues in London in the past three months
the underwriters have been left with an average of
753% on their hands. Of the $5,000,000 Canadian
33% loan offered in London this week the public took
only 30% and only 26% of a Winnipeg 4% $4,800,000
loan. The Quebec & Lake St. John Railway $4,365,000 loan fared still worse, the subscriptions amounting
to only 5%, while 7% of the Algoma Steel Corporation
$5,500,000 5% bonds were all that were taken. These
poor results in the case of Canadian loans have been
credited with some degree of responsibility for a further decline to a new loan record in consols-75%
having been touched on Wednesday, which compares
with 76% a week ago. Some improvement in the
price of the British premier security took place later
in the week, and the closing price last evening was
763
%. This improvement in consols followed a report
that the Chancellor of the Exchequer, Mr. LloydGeorge, had decided to utilize £4,000,000 of his lockedup budget surplus in redeeming them. Such a release
of funds would undoubtedly prove a distinct relief to the
market during the closing week of the quarter, when
it will be greatly needed. The market was a borrower
at the Bank last week to the extent of £1,451,000.
The Chancellor of the Exchequer is in excellent position to release funds by buying consols or by other
methods of Government financing, since the public deposits in the Bank increased £1,151,000 during the
week and now stand at £23,381,000, against £14,761,000 one year ago.
As we have already noted, the closing London private discounts were 27
4% for spot bills, all maturities,
and also for ninety-day bills to arrive, while sixty-day
bills to arrive closed at 29%. The closing rate
at Paris represented no net alteration from 27
4% for
the week, though 2 15-16% was noted by some cables
during the early days of the week. At Berlin the
closing discounts are 43'% for pot and 4% ifor
bills to arrive, all maturities. This is an advance for
the week of N% in the spot quotation and a reduction
of X% in the forward bill rate. Brussels at the
close was quoted at 33
4% (comparing with a range of
314@3/3% a week ago) and Amsterdam remains un4%. The official Bank rate at the cenchanged at 37
tres named are: London,3%;Paris, 3%;Berlin,4%;
Brussels, 4%, and Amsterdam, 4%.
The weekly return of the Bank of England on Thursday indicated a gain of £420,666 in the gold coin and
bullion holdings, making the total £41,510,043, comparing with £39,875,164 in 1911 and £43,042,103 in
1654
THE CHRONICLE
1910. The Bank purchased most of the arrivals of bar
gold from South Africa this week. A small part of
the offering was taken for the Continent, but India
was not a bidder, its purchases having evidently been
completed for the present. That the situation in India is distinctly easier is indicated by a reduction this
week of 1% in the Bank of Bengal rate to 4% from 5%.
The Bank of England's reserve indicates an increase of
£631,000, and the proportion to liabilities is now
49.09%, against 49.57% one week ago and 52.49%
in 1911. The total reserve aggregates £31,384,000
which compares with £29,318,000 in 1911 and £33,857,758 in 1910. Public deposits, as already noted, were
increased £1,151,000; ordinary deposits increased
£740,000 and loans (other securities) increased £1,451,000. Our special correspondent furnishes the following details of the gold movement into and out of
the Bank for the Bank week: Imports, £589,000 (of
which £25,000 from Australia, £10,000 from Egypt
and £554,000 bought in the open market); exports,
£664,000 (of which £50,000 to Java, £100,000 to Turkey, £13,000 earmarked Straits Settlement and £501,000 German coin sold), and receipts of £495,000 net
from the interior of GreatBritain.
[VoL. Lxxxxxv.
The Bank of Krance also strengthened its position this
week by adding 11,900,000 francs to its gold holdings
and by reducing its note circulation 46,725,000 francs
and its discounts 43,175,000 francs. Its silver stocks
increased 825,000 francs, general deposits were 4,725,000 francs higher, while treasury deposits registered
the large increase of 46,875,000 francs. The gold
holdings are now 3,261,000,000 francs and compare
with 3,119,450,000 francs one year ago and 3,412,400,000 francs in 1910, while the outstanding circulation
is 5,132,503,000 francs, comparing with 5,004,484,350
in 1911 and 4,996,135,000 francs in 1910.
The weekly statement of the Imperial Bank of Germany, published on Tuesday, presents a gain of 37,926,000 marks in its stock of gold but of only 13,909,000 marks in its combined stock of gold and silver.
Circulation was retired to the extent of 40,367,000
marks and discounts were reduced 12,081,000 marks.
Deposits increased 75,534,000 marks, while loans expanded 4,152,000 marks. The bank's holdings of
gold and silver now aggregate 1,279,494,000 marks,
against 1,214,580,000 marks. Its loans and discounts,
however, show a substantial increase for the year, being 1,057,767,000 marks, against 967,440,000 marks,
while its note circulation is also higher, amounting to
1,554,508,000 marks and comparing with 1,454,460,000 marks a year ago.
ism failed to demonstrate the complete hold on the
National Republican Convention that had been
feared, and that the chief exponent of Radicalism
failed in his effort to stampede the Convention with
such a serious and disconcerting platform as he
himself had suggested, namely the interference with
the independence of the judiciary. The convention
has also proven the respect that still exists for the
unwritten law against a third term for a President.
Stock Exchange borrowers have had very slight
inducement to take call money for the market for
Stock Exchange securities has been exceptionally
dull—in fact, has been almost an entirely nominal
affair during the week. Bankers do not expect any
important improvement in the demand for funds
for fixed maturities in the immediate future, but in
view of the proximity of the half-yearly payments,
the firmness in money, abroad and the gradual approach of the season when agricultural requirements
will force the withdrawal of Western and Southern
balances from the metropolitan banks, there is slight
disposition to look for any reduction from current
rates. A shipment of $300,000 in gold was engaged
for Argentine this week. There will, of course,
be the usual shifting of loans and other preparations
next week incidental to the half-yearly disbursements. While there have been some inquiries by
German borrowers for thirty and sixty-day loans, it
is not believed there have been any important movements during the week of American funds to the
German centre.
Call money, taken altogether, has occupied a
lower level than last week, 2%%, having been the
highest quotation until Friday, when 3% was again
reached, while as the lowest figure of the week 2% was
current for a short time on Wednesday. The ruling rate
on Monday was 2%%, but during the remaining days
last week's renewal figure of 234% was current. On
Monday the extreme figures were 2M and 2 87
0; on
Tuesday 23 and 2%%;on Wednesday 2 and 2U6
/
0; on
Thursday 2% and 2%%, and on Friday 23 and 3%.
Time money closed at 3% for sixty days, 3@33%
for ninety days, 3Y
4@3%% for four months 332%
for five months and 33
4% for six months and over
the turn of the year. These figures in several instances are a shade higher. Mercantile paper, as
already noted, has been offered more freely, and on
Friday banks and other buyers advanced their discount rates 47
0 to 40,44% ofr sixty and ninety days'
endorsed bills receivable and also for four to six months'
single-name bills of choice character. Others are
quoted at 4 ()4%%.
In the local money situation the encouraging feature,
from a business viewpoint is the increased offering
of mercantile paper. This seems to suggest that
merchants are preparing for greater activity regardless
of the acute stage that has been reached in the political
situation. The developments at Chicago, already
appear to be so favorably interpreted that there is
evidence in banking circles of a disposition to look for
trade and industrial improvement regardless of the
minor uncertainties that are naturally to be looked
forward to in the course of the actual campaign that
ends with November elections. The main point
that seems to have been responsible for this evidence
of renewed business confidence is the fact that Radical-
Sterling exchange remained firm until the *sailing
on Thursday of the last steamer that could carry
remittances to Europe in time for the July payments.
After that day the tendency was distinctly. easier,
speculative interests having overstayed their market.
The tourist movement is now in full swing. Arrangements have, of course, been practically completed for
transferring funds abroad for the semi-annual disbursements on American securities that are specifically payable abroad. Any other transfers on this account will
now necessarily be by cable, while the usual halfyearly offerings of exchange representing dividends
arid coupons due on American stocks held abroad, but
payable on this side, will be available after July 1.
THE CHRONICLE
JUNE 23 19124
There is the customary amount of speculation in
sterling to attempt to take advantage of these conditions. As yet there is very little evidence of cotton
bills being in the market, but this factor in the situation will gradually develop from now on. Canadian
banks have been heavy sellers this week of sixty and
ninety-day bills on London. The Continental exchanges are still in favor of London, although checks
on the British centre in Paris were quoted by cable
yesterday at 25 francs 233' centimes, which compares with 25 francs 24 centimes a week ago. But
the London check rate in Berlin has advanced during
1 1 pfennig to 20 marks 453.i pfennigs.
the week /
Compared with Friday of last week,sterling exchange
on Saturday was firmer, an advance of 10 points being
recorded on short covering and higher discounts
abroad; demand was quoted at 4 8730@4 8735,
cable transfers at 4 8760@,4 8765 and sixty days at
4 8460@,4 8470. Active trading in preparation for
the semi-annual settlements in Europe and for speculative account caused a further advance on Monday,
and demand moved up to 4 8740@,4 8745 and cable
transfers to 4 8770@4 8775; sixty days remained
unchanged. On Tuesday sterling rates reached a new
high record for the current movement, due in part
to the good demand for tourists' letters of credit and
continued firmness in foreign discounts; closing
figures were 4 8755@4 8765 for demand, 4 8780@
4 87890 for cable transfers and 4 8470@4 8480 for
sixty days. On Wednesday the market moved
irregularly and trading was less active; after a firm
• opening, there was a slight reaction, which was subsequently recovered, and the final range was unchanged for demand and cable transfers, while sixty
days declined to 4 8460(0 8470. Rates opened firm
on Thursday, cable transfers at one time going as
high as 4 88, though demand was relatively weaker,
the last steamer to arrive in time for the July settlements having sailed; the market reacted slightly
before the close and demand declined to 4 8745(4)
4 8755, although cable transfers advanced to 4 8785@
4 8795 and sixty days to 4 8475(0 8485. On Friday,
the market declined about 10 points. Closing quotations were 4 8465(0 8475 for sixty days, 4 8735@
4 8745 for demand and 4 8775(0 8785 for cables.
Commercial on banks closed at 4 833'(0 849. and
documents for pqment 4 84@4 853. Cotton for
payment ranged from 4 843@,4 849., grain for payment from 4 85 to 4 85%.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $8,146,000 net in cash as a result of the currency
movements for the week ending June 21. Their
receipts from the interior have aggregated $13,407,000,
while the shipments have reached $5,261,000.
Adding the Sub-Treasury operations and the gold exports, which together occasioned a loss of
$5,000,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a gain of $3,146,000,
as follows:
Week ending June 211912.
Banks' interior movement
Sub-Treas. oper, and gold exports....
Total..
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$13,407,000
23,450,000
$5,261,000 Gain $8,146,000
28,450,000 Loss 5,000,000
S36,857,000
$33,711,000 Gain 53,145,000
1,655
The following table indicates the amount of bullion
in the principal European banks.
June 20 1912.
June 22 1911.
Banks of
Gold.
£
England... 41,510,043
France __ 130,439,720
Germany _ 47,741,200
Russia a__ 150,288,000
Aus.-Hun 52,067,000
11,038,000
Spa n
42,320,000
Italy d_
Nethlande 12,033,000
Nat.Belg d 6,727,333
Sweden __ 5,134,000
Switz'land 6,420,000
Norway __ 2,122,000
Silver.
£
Total.
Gold.
£
£
41,510,043 39,875,164
32,624,680 163,064,400 128,778,121
17,030,000 64,741,200 44,395,15'
7,934,000 158,222,000 145,062,00'
12,530,000 64,597,000 55,927,001
30,257,000 47,295,000 16,558,001
3,650,000 45,970,0001 39,840,001
1,019,200 13,062,2001 11,576,111
3,363,667 10,091,000 6,721,33
5,134,0001 4,663,001
6,420,000 6,434,00$
2,122,00
2,080,001
Silver.
Total.
—
£
39,875,164
34,245,36 163,023,480
16,333,85 60,729,000
7,727,00 152,789,000
12,992,00 68,919,000
31,173,00 47,731,000
43,374,000
3,534,0
2,058,50 13,634,500
3,360,667 10,082,000
4,663,000
6,434,000
2,080,000
X
Total week 513,840,296 108,378,547 622,218,843501,909,767 111,424,377613,334,144
Prey meek 511,786,324 109,108,593620,894,917498,822,24, 110,904,157 609,726,401
a The total of gold in the Bank of Russia includes the balance held abroad—
that is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated In the abovelstaternent, is about
one-eighth of the total this year, against about one-seventh a year ago.
b The Austro-Hungarian Bank statement is now issued I nKronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cents, our cable correspondent in London, in order to reduce Kronen to Pounds, has altered the basis of conversion of
dividing the amount of Kronen by 24 Instead of 20.
d The division between gold and silver given In our table or coin and bullion In
the Banks of Italy and Belgium is made from the best estimates we acr able to
obtain; it is not claimed to be accure, as the banks make no distinction In their
weekly returns, merely reporting the total gold and silver: but we believe the
division we make is a close approximation.
PRESIDENTIAL CONVENTIONS.
The extraordinary events of this year's political
campaign to date have directed attention and controversy, as they perhaps have never been directed
before, to our method of nominating candidates for
the Presidency. The "preferential primaries", for
the most part tried this year for the first time, foreshadowed at least some change in the system Exactly
what that change would be, no one predicted; nor is it
possible now to say what the ultimate effect would
be, even with adoption by all the States of the plan
for delegates closely instructed by the voters of their
State as to what candidate they should support at
the national convention. Delegations had long before this been instructed by their several State conventions; yet even such political orders bound them
only so long as the delegates should consider the
interests of their State or party to be served by such
obedience. It was Mr. Roosevelt's use of the expedient of primary instructions to every individual delegate, and in particular his adroit use for his own
benefit of the grave defects of the primary election
laws, which has injected some new considerations into
the discussion, and has created a situation at Chicago
such as would formerly have been deemed incredible.
In order fully to understand the scope of the discussion which has arisen, it is necessary to review
the history of the American Presidential nominating
convention as an institution. It is, and always has
been, an institution quite outside the law, statutes
and Constitution. It was not provided for when the
fundamental rules for our form of government were
laid down in 1789; on the contrary, it was a late
political phenomenon in our history, though doubtless
also a matter of political evolution.
The framers of the Constitution, as is well known,
contemplated the choice of Presidential electors by
the States in proportion to their Congressional •
representation, and the selection of the President,
after thoughtful deliberation, by those electors. The
theory underlying this idea was wholly mistaken.
It misjudged the political temperament of the American
people, and was in fact tinged with an unpractical
idealism quite unlike what prevailed in the other
parts of the Constitution. It was a compromise,
arising from conflict of opinion as to whether Congress
1656
THE CHRONICLE
or the people should choose the President, and its
fate in actual practice was such as often befalls a
compromise.
In 1789 and 1792 Washington was unanimously
chosen by the electors, who knew they were thereby
expressing the popular will. In 1796 there was no
doubt in the electors' minds that the proper candidates
of the two parties which had then been formed were
Adams, who had been Vice-President, and Jefferson,
who had been Secretary of State. The case was
closely akin to the mere registry of the English people's
vote in Parliament through the election to office of
the leader of the Ministerial Party or the leader of the
Opposition This system in England is dependent
on and a a natural outgrowth of the election of the
head of the government by Parliament, and it presently
resulted that the English system of nominating the
party leaders, between whom the choice of premier
was to be made, was tried in the United States. In
England, to this day, a caucus of the members of
Parliament belonging to one party selects the party's
leader. In 1800 Jefferson was thus nominated.
It was unnecessary, because he was quite as much
the recognized clibice of his party as he had been in
1796; but the precedent held. In 1804 both parties
named their candidates for the Presidency at Congressional caucuses, and the nominations were accepted
by the country. The same plan was pursued in all
subsequent electoral years up to 1824, the remarkable
exception being Monroe's re-election in 1820, which
was virtually unopposed.
In 1824 the Congressional caucus plan broke down,
and caused a confused and chaotic campaign and
eventually threw the choice of President into the House
of Representatives. In the next campaign Jackson
was put in nomination by the Legislature of Tennessee,
and the legislatures did him the same service in 1832.
But in that year nominating conventions composed of
delegates from the various States were held and selected
the rival candidates. Not all the States were represented, and the plan was crudely applied; but it led
the way at once to the present system. Van Buren
was nominated in 1836 by a convention in which,
though all the States were not represented, the rule of
allowing each State only as many votes as it had members in Congress was applied. All subsequent Presidential nominations have been made on that basis.
The history of these conventions has been singular;
they are perhaps the one part of our political system
which foreigners have found it most difficult to understand. They have developed some unusual political
phenomena; such as the selection of "dark horse" candidates like Garfield, whom nobody had considered in
the race—merely because the convention was deadlocked between the leading aspirants—or such as the
"stampeding" of a convention by an impassioned
speaker, as with Bryan in 1896. But, taking all
things together, it must be said that the expedient has
not worked badly; the character and careers of our
long series of Chief Executives
. is witness to that.
The prediction has been made, in the course of the
present, week's excited controversy at Chicago,
that this would be the last of the national conventions
of the old-time sort. It was an easy prophecy to
make, and doubtless fitted in with the temper of the
day, which is apt enough to insist on the discarding of
any established political institution with a view to new
experiments. There is nothing unreasonable in the
supposition that we shall presently discover ourselves
to have outlived certain features of our national con-
[VoL. Lxxxxiv.
ventions which were little else than relics of the "log
cabin and hard cider" days—the marching of political
processions around the convention hall, for instance,
or the cheering, timed by the clock, for one candidate
as against another. It is a curious fact that crudities
of this sort, perpetuated even in present-day nominat-'
ing conventions, have long since been abandoned in
the electoral campaign itself.
But if the basic system of nominating candidates
by a national convention of delegates from the States
is to be abandoned, what is to be substituted for
it? The system of government by two great parties necessitates nominations and a preliminary contest. The wide extent and variety of political opinions and interests in the various States makes it
necessary that delegates from all the States should.
present the claims of their respective candidates and
share in the selection of a candidate for the party as a
whole. Such a result clearly cannot be brought about
through State primaries alone; the result of that method
of selection, suppo3ing it to be adopted instead of the
expedient of a national convention, would be frequently, and perhaps always, to divide the votes sa
that the candidate with the largest numerical support
would still far short of endorsement by a majority of
the voting strength or electoral representation of the
party.
We do not believe that the national convention system will be abandoned. That it will be in some ways
modified is not at all improbable. We should suppose
that hereafter the • primaries will have to be surrounded with safeguards such as will prevent the
nuisance and abuse of those "contesting delegations'
whose cases have surrounded every national convention with an atmosphere of angry recrimination and'
attempts at deliberate sharp practice. That the allotting to the States of delegates to a party convention
in proportion to that party's strength in the Statesin question, rather than in proportion to their Congressional representation, is an expendient which must be
considered, seems certain. Beyond this, we do not see
how the present machinery of nomination can be
greatly changed, and we very much doubt if a change
would be for the benefit of our political institutions.
THE COMMERCE COURT.
The proposed abolition of the Commerce Court
created by the Act of June 18 1910 has now received
the sanction of both branches of Congress, and it is
evident that the repealing provision will go to the
President as a part of one of the great appropriation
bills, a form which renders a veto especially inconvenient. In spite, however, of the manifest objections
to the Executive rejection of an important supply
bill on account of a legislative rider plainly inappropriate to its general content and purpose, it is to be
hoped that a veto will follow. This hope is not based
upon any strong affection fOr the Commerce Court or
any of its works, but rather in disregard of anything it
has so far accomplished or may be expected in the
future to accomplish. It may be that the Commerce
Court, if permitted uninterrupted existence for a
decade or so, will so plainly define the problems of
legislative regulation, Constitutional and otherwise,
that, with the approval or rejection of its conclusions.
by the Supreme Court, many now vexatious doubts
and perplexities will wholly disappear. It may be that.
the existence of a court of such special and limited
jurisdiction, constantly occupied in the consideration
eSWential to are s SiMilar brigiri;
of
JUNE 22 1912]
THE CHRONICLE
satisfactory definition of the controlling Constitutional
and statutory law.
•
It is certain that during the brief existence of the
new Court it has demonstrated its ability to handle
the legal questions arising upon the orders of the
Inter-State Commerce Commission far more expeditiously than similar questions were dealt with when
they were left to the now-abolished circuit courts of
the United States, and, when the number of cases
filed in the Commerce Court is compared with the
vastly increased volume of orders promulgated by the
Commission, it is not seen that the existence of the
new Court has in any degree tended to augment the
total of disputes over the validity of these orders.
The truth was admirably stated by Senator Townsend
of Michigan, one of the authors of the regulative
measure originally advocated by President Roosevelt,
during the Senate debate, as follows:
"It was known that under the old system the decisions were not harmonious. It was common knowledge
that the district and circuit courts were crowded with
work. They had jurisdiction over all kinds of cases,
but no one court had much experience in inter-State
commerce suits. These were comparatively rare.
These courts were generally behind with their work,
and inter-State commerce litigants were, through delay, frequently denied justice. The decisions of different judges were widely at variance and uniformity was
unknown. The final decisions of the Supreme Court
were the only ones of any value. Expedition and
uniformity of decisions were imperative. The Commerce Court, it was believed, would accomplish these
ends, and I submit, Mr. President, that during the less
than two years that this Court has been in existence it
has abundantly demonstrated the promises of its advocates in these particulars. Cases have been expedited,
so that now the average time taken to try a case is less
than five months, while theretofore it was frequently
five years before a determination could be had.
"Congressional Record," June 111912, page 8457.
There can be no difference of opinion over the suggestion that the achievement of these results is of very
great importance, and all the evidence indicates that
the conclusions of the Michigan Senator are in no wise
overdrawn; but, however important these ends, they
sink into insignificance when contrasted with what
we conceive to be the principal reason why the Commerce Court ought not presently to be discontinued.
This reason emerges from the character of the arguments currently advanced for the abolition of the
Court, and is recognized when it is noted that these
arguments invariably rest, after complete analysis,
upon a disapproval of the legal conclusions expressed
in its decisions. The existence of the Court is not
attacked upon the ground of any broad principle which
might have been pertinent to a discussion of the wisdom
of its original creation, but because, since its creation,
its judicial acts have displeased certain litigants who
have submitted themselves to its jurisdiction, and,
through them, has rendered itself obnoxious to those
who object to any judicial review of the conclusions
of the Inter-State Commerce Commission. The arguments against the continuance of the Court are epitomized in a few sentences spoken during the Senate
debate by Senator Poindexter of Washington. He
said:
"Mr. President, it is rather on account of the recklessness and extravagance of the judicial opinions of
this Court that I object to the appropriation for it. . . .
_"They have applied to the orders of the Inter-State
Commerce Commission the most liberal exercise of the
power of temporary injunctions and verified in every
respect the predictions that were made by the oppon-
1657
ents of the bill creating the Court of Commerce—
that it would change the law as to the power of review
of the orders of the administrative tribunal." "Congressional Record," June 111912, pp. 8451, 8452.
Stripped of its rhetorical embellishments and emphasis, the foregoing is no more than a statement that
the judicial views of the tribunal under attack are not
those of the Senator, or of those whom he represents,
and that, therefore, the Court ought no longer to
exist. It is the especial vice of this mode of attack
that it is, in effect, an attack upon the independence
and integrity of the whole system of the Federal judiciary. If the Commerce Court, in standing as it
believes, for the correct interpretation of a statute or
the inflexible application of the paramount commands
of the Federal Constitution, to-day chances to offend
those whose views are different, to-morrow the Supreme Court of the United States or any of the inferior
courts of the Federal system may arouse similar discontent. The three-fold distribution of the powers of
the General Government, granting legislative power to
one branch, executive power to another, judicial power
to a third, and reposing in the Supreine Court final authority in the interpretation and construction of the
Constitution and the laws, has provided an orderly
and effective means for overcoming temporary difficulties of this character. And already the Supreme
Court, in the prompt exercise of its appellate powers,
has corrected the views of the Commerce Court in some
four or five instances, and the subordinate tribunal is
now proceeding to apply the instruction thus properly
received in the adjudication of cases within its jurisdiction.
In all these cases the final determination of the
principles of law has been much more promptly
attained than would have been practicable under the
old system. Furthermore, it must not escape attention that in some of the cases in which the Supreme
Court has corrected the Commerce Court, the revision
of the views of the latter was made necessary by the
fact that it had considered it proper 0 attempt to
exercise its powers for the protection of shippers
against orders of the Commission dismissing their
complaints. Senator Townsend directed attention to
this fact, saying:
"It has been broadly charged that this Court has
been a railroad court; that it has been favorable to
the railroads. I deny it. I deny that the records
disclose such a thing. More than twenty per cent of
the cases of which cognizance has been taken by the
Commerce Court on appeal from the Inter-State Commerce Commission have been cases in favor of the
shippers themselves.
"One of the recent decisions which the Supreme
Court handed down was in a case where the Commerce
Court sought to review a case which had been decided
against the shipper instead of the railroad, and the
Supreme Court held that the law did not contemplate
that there could be an appeal by a shipper; that it was
only when a case went against the railroads that an
appeal could be taken. The Commerce Court has held
that the law ought to be amended so as to give the
same right to shippers that is accorded to railroads.
It w uld seem to be a natural suggestion. It may
have exceeded its authority in this particular, but
there was no way to find out whether it had the
right exercised, except to have the Supreme Court
decide. Surely no shipper was injured by this decision, and if the Court was trying to serve the railroads,
it had a poor way of demonstrating its friendship."—
"Congressional Record," June 111912, page 8457.
Thus it has come to pass that, whatever must be
thought of the wisdom of establishing a special tribunal
165S
like the Commerce Court; however high or otherwise
the estimate necessarily to be placed upon the judicial
ability of the members of the Court, individually or
collectively, its opponents have adopted a method of
attack which is in name only an attack upon .the
Court; that is, in every essential element, an attack
upon the whole system of the Federal judiciary and its
independent exercise of judicial powers. Legislatiye
recall of judicial tribunals is no whit less destructive
to the fundamental principle of the separation of
Governmental powers,with an independent and upright
judiciary, than popular recall of judges or the recall of
decisions by a majority vote at the polls. It may be
that in the lapse of time and after a full trial of the
experiment of a special tribunal for the trial of this
class of inter-State commerce cases, good reasons for
recurring to the old practice which left them to the
courts of general jurisdiction may develop. There is
something indubitably anomalous in the idea of
Special courts for particular classes of cases, and many
students of comparative jurisprudence believe that the
best results are achieved when both sides of a legal controvers7 are submitted by skilled advocates to judges
learned In the law and experienced in the application
of its principles to the most diverse facts and conditions. Ultimately this principle may prevail, but the
ends of justice cannot be served by the arbitrary
conclusion,in its earliest stage, of an experiment in the
contrary direction, deliberately undertaken, especially
when the only reason urged for the abandonment is
based upon ciiticisms of the decisions of the tribunal
created.
RAILROAD GROSS AND NET EARNINGS FOR
APRIL.
It will be no surprise to hear that our compilation
of the earnings of United States railroads for the
month of April reveals decidedly irregular results as
between different classes of roads and different sections
of the country. Under the many:unfavorable influences prevailing, conditions were such as to make an
outcome of that kind inevitable. On the whole, however, the showing is fully as good as expected. In the
gross there is actually a small increase, namely $4,538,251, or 2.10%, when a falling off seemed likely.
The augmentation in expenses, however, was heavy,
and consequently the net earnings show a considerable
shrinkage—$5,927,619, or 9.28%.
The most pronounced unfavorable influence of it
general character was the suspension of coal mining.
At the anthracite mines the suspension continued
throughout the whole month and was practically
complete, the shipments to market for the month in
April 1912 aggregating only 266,625 tons, as against
5,804,915 tons in April 1911. As a result, the distinctively anthracite carriers suffered enormous losses
in both gross and net. Thus the Lehigh Valley reports
$1,263,182 decrease in gross and $1,180,356 decrease
in net; the Reading (on its transportation business
alone, not counting the additional loss from the coal
mining operations) a decrease of $967,513 in gross and
of $806,725 in net; the Lackawanna $787,203 decrease
in gross and $949,302 in net; the Central of New Jersey
$625,917 in gross and $770,369 decrease in net; the
Delaware & Hudson $618,637 decrease in gross and
$586,117 in net, and the Erie $617,211 decrease in
gross and $718,757 in net.
In the bituminous coal regions of Western Pennsylvania, in those of the Middle Western States and of
parts of West Virginia, mining operations were also
[VOL. taxxxrv.
THE CHRONICLE
suspended, but here the suspension was only partial
and did not continue throughout the whole month,
except in limited areas. A new wage schedule had
been agreed on at the very close of the previous
month (March 29), but it remained for the miners
themselves to ratify the 'agreement at a referendum
vote. Consequently, it was not until well along in
April that the agreement was actually signed and the
men began work under it; in some instances commencement of work was delayed until the next month—May.
As nearly every railroad carries more or less soft
coal, this state of things tended to diminish the coal
traffic of nearly all the roads over a wide area.
In addition, the overflow of the Mississippi proved
a serious matter to a number of roads, and also affected
adversely the lines to which such roads are tributary.
The Yazoo & Mississippi Valley • and the Illinois Central (the latter on its lines below Cairo) were the carriers most directly and most seriously affected. The
former falls $204,573 behind in its gross and $286,769
in its net, while the Illinois Central reports $435,118
decrease in gross and $696,001 decrease in net. Next
to these comes the Mobile & Ohio, with a loss of $263,394 in gross and of $180,940 in net.
It should also be remembered that in April of the
previous year many roads practiced severe curtailment of their expenditures, and the present year found
it impossible to repeat the experiment. Such roads,
therefore, are obliged now to report decreased net
even where gross has increased. On the other hand,
the volume of general trade appears to have been
larger than in 1911, and in addition the roads had one
other favoring circumstance the present year, namely
the fact that there was an extra working day, since
April 1912 contained only four Sundays, whereas April
last year had five Sundays. No doubt, except for
this extra day, our tables would show a loss in gross
earnings as well as in net earnings.
April (456 roo:Is)—
Miles of road
Gross earnings
Operating expences
Net earnings
--Incrcase or Decrease—
A mount.
1912.
1611.
%
I 60
3,665
236,722
233,057 Inc.
2.10
3220,678,465 8216 J40,214 Inc.$1,538,251
6.87
162,717,594
152251,724 Inc. 10,465,870
$57,960,871
$33,838,490 1)ec35.027,619,
9.28
It is important to note that comparison is with
diminished totals of earnings in 1911, both gross and
net. According to our compilation, gross for April
1911 fell $7,446,049 behind and net $2,083,841 behind,
while according to the summaries of ,the Inter-State
Commerce Commission,. published some time later
and covering a slightly greater aggregate of mileage,
the shrinkage was $7,514,070 in gross and $1,941,639
in net. In April 1910 gross earnings were satisfactory enough, having shown an increase of no less than
$28,831,397, according to the summary given out by
the Inter-State Commerce Commission, but in the
net the result was even then disappointing, owing to
the tremendous augmentation in expenses, which
left a gain of only $4,316,266 in net. In 1909, it
need hardly be said, there was very substantial improvement in both gross and net, following the tremendous losses of the year preceding. According to
the figures of the Inter-State Commerce Commission,
the results then showed $21,921,500 gain in gross and
$11,593,087 gain in net. In 1908 the losses were of
prodigious magnitude. As registered by our tables,
there was a decrease then of $30,544,943 in gross and
of $10,095,121 in the net. But this by no means represented the full amount of the loss, as the aggregates
were based on only 153,007 miles of road, whereas the
total railroad mileage of the country was close to
230,000 miles. Careful computation made by us later
THE'CHRONICLE
JUNE 22 1912.1
in the year indicated that for the whole railroad system of the country the loss in gross in April 1908 must
have been no less than $45,000,000 and the loss in net
about $16,000,000. In the following we give the April
figures back to 1896. For 1911, 1910 and 1909 we
use the Inter-State Commerce totals, but for preceding years we give the results just as registered by our
own tables each year-a portion of the railroad mileage
of the country being always unrepresented in the totals, owing to the refusal of some of the roads to furnish monthly figures for publication.
Gross Earnings.
Year.
Year
Given.
Increase or
Year
Preceitng. Decrease.
April.
+811,76e
1896 __ 50,608,569 49,766,803
+46,289
1897 _ _ _ 51,751,130 51,701,841
63,443,166 55,427,918 +8,015,248
1898 _
1899 __ _ 68,357,881 64,888,20 +3,469,684
1900 __ _ 78,077,472 68,313,028 +9,764,441
94,439,377 84,331,412 10.107,96::
1901
100,562,300 91,391,164 +9,168,131
1902
1903 ___ 107,517,310 94,172,420 •4- 13,344,894
1904 __ 98,798,874 100,535,597 -1,736,723
1905 _ 111,860,721 104,474,716 +7,386,0(k'
1906 _ _ 109,998,401 104,598,565 +5,399,83(
1907 _ _ 112,884,383 115,863,354 +27,021,02:1908 _ _ 134,513,535 165,058,478 -30,511,947
1909 _ 196,993,101 175,071,601 +21,921,504.
225,856,174 197,024,777 +28,831.397
1910
1911 _ 218,488,587 226,002,6.57 -7,514,070
220,678,465216,140,211 +4,538,251
1912
Net Earnings.
Year
Given.
14,484,626
15,419,768
18,740,860
20,458,833
23,300,034
29,511,141
31,260,129
33,892,999
28,552,275
31,953,503
31,548,660
42,521,549
37,441,989
62,380,527
66,725,896
64,768,090
57,960,871
Increase or
Year
Preceding. Decrease.
14,657,119 -172,493
+445,612
14,974,156
15,695,627 +3,015,2 3
19,119,604 +1,339,229
20,416,810 +2,883,224
24,975,198 +4,535,945
27,891,119 +3,369,010
29,788.830 +4,104,169
31,092,626 -2,510,351
30,192,485 +1,766,018
30,137,596 +1,411,064
33,639,112 +8,882,437
47,f37,110-10,095,121
50,787,440 +11,593,087
62,409,630 +4,316,266
66,709,729 -1,941,6:19
63,888,490 -5,927,619
Note.-Includes for April 129 roads In 1896; 127 in 1897 134 in 1898; 124 In 1899;
127 in 1100; 127 in 1901, 120 In 1902; 109 In 1903; 96 In 1904; 96 In 1905; 91 In 1906;
91 In 1907; In 1908 the returns were based on 153,007 miles of road; In 1903, 233,829;
in 1910, 239,793; In 1911,244.273; In 1912, 236,722. Neither the Mexican roads nor
the coal-mining operations of the anthracite coal roads are Included In any of these
returns.
As far as the separate roads are concerned, we have
already indicated some of the most important losses
in gross and net. There are some other decreases, due
to the same unfavorable conditions. For instance,
the shrinkage of $112,664 in gross and of $28,764 in
net by the Buffalo Rochester & Pittsburgh must be
ascribed to the falling off in the coal traffic as the result of idleness part of the time at the soft-coal mines
tributary to the road. On the other hand, we have
numerous instances of roads which are able to show
noteworthy improvement in revenues, either in gross
alone or in both gross and net. The Great Northern
has added $520,139 to gross and $448,806 to net, and
the "Soo" road $719,258 to gross and $592,617 to net.
The Atchison has $278,543 gain in gross and $568,950
in net. The Northern Pacific has added $192,696 to
gross and $82,832 to net and the Missouri Pacific $125,190 to gross and $199,225 to net, while the Chicago &
North'Western reports gains of $163,247 and $292,777,
respectively. The Rock Island lost $179,960 in gross,
but managed to add $123,222 to net. On the other
hand, the Union Pacific, with $301,218 gain in gross,
has $39,916 loss in net; the Southern Pacific, with
$356,836 increase in gross, has $52,656 decrease in net,
and the Burlington & Quincy, with $302,820 increase
in gross, has $151,556 decrease in net. The Milwaukee
& St. Paul, with $282,479 gain in gross, has $457,427
loss in net, but its Puget Sound line has $283,669 gain
in gross and $239,174 in net.
The New York Central has a decrease in gross and a
still larger decrease in net-$294,534 in the former and
$880,874 in the latter. This is for the Central proper.
Including the various auxiliary and controlled roads,
the result for the New York Central System is a gain of
$86,794 in gross but a loss of $561,712 in net. It
should be noted, however, that in April last year the
New York Central System, though having a loss of
$863,899 in gross, reported a gain of $293,362 in net.
The Pennsylvania Railroad, on the lines directly operated both east and west of Pittsburgh, reports this time
an increase of $1,333,124 in gross but attended by a
loss of no less than $1,026,724 in net. In April last
year the Pennsylvania, like the New York Central,
1659
showed results of just the opposite character, there
having then been a loss of $360,701 in gross but a gain
of no less than $1,266,435 in net.
Southern roads have nearly all done remarkably
well, as is indicated by the increase of $754,563 in gross
and of $129,430 in net reported by the Southern Ry,
and of $602,228 in gross and $297,534 in net reported
by the Louisville & Nashville. The Norfolk Ss Western and the Chesapeake & Ohio profited by the suspension of coal-mining on competing roads. Hence the
former has $672,271 increase in gross and $346,215 increase in net and the latter $577,462 increase In gross
and $247,012 increase in net. In the following we
show all changes for the separate roads for amounts
in excess of $100,000, whether increases ,or deoroases,
and in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIG.
Increases.
Increases.
L$1,333,124 Virginian
Pennsylvania
107,748
754,563
Southern
719,258
Representing 30 roads
Minneap St Paul & S S M
in our compilation_ _$11,040,732
700,860
Baltimore & Ohio
672,271
Norfolk & Western
Decreases.
602,228 Lehigh Valley
Louisville & Nashville.. _
$1.263,182
577,462 Philadelphia & Reading_
967,513
Chesapeake & Ohio
520,139 Delaw Lack & Western_ _
787,203
Great Northern
363,749 Central of Now Jersey_ _ Atlantic Coast Line
025.317
018,637
c356,836 Delaware & Hudson_ _ _ _
Southern Pacific
617,211
312,712 Erie
Michigan Central
435,118
Chicago Burl & Quincy__
302,820 Illinois Central
$42,007
Union Pacific
301,218 N Y Ontario & Western_
NYNH & Hartford..., _
298,115 N Y Central & Ilud River a294,534
Chicago Milw & Pug Sd_
263,394
283,669 Mobile & Ohio
Chicago Milw & St Paul_
R23,407
282,479 St Louis ea San Francisco
Lake Shore & Mich South
223,143
279,003 Wabash
Atch Topeka & Santa Fe
201,573
c278,543 Yazoo & Miss Valley_ _ _ _
Elgin Joliet & Eastern__
264,571 Northern Central
190,026
Boston & Maine
250,993 Rock Island
.179,960
Seaboard Air Line
228,713 Wheeling & Lake Erie_ _
153,694
197,433 Chicago & Eastern Minolta
Central of Georgia
144,089
196,803 Hocking Valley
Texas & Pacific
131,123
192,696 Buffalo Roch & Plttsb_
112,864
Northern Pacific
163,247 Vandalla,
106,253
Chicago & North West _
137,589 Duluth 44 Iron Range__ _
101,512
Pere Marquette
127,292 Chicago & Alton
Bessemer & Lake Erie_ _
103.398
125,190
Missouri Pacific
110,508
Representing 22 roadie
El Paso & South Western
in our compilation_ _ $8.092,158
Note.-All the figures in the above are on the basis of the returns flied
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Oentral itself.
Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &o., the whole
going to form the N. Y. Central System, the result is a gain of $86,794.
c These figures are furnished by the company.
y These figures represent the lines directly operated east and west of
Pittsburgh, Eastern lines showing $674,483 increase and the Western lines
$658,641. For all lines owned, leased, operated and controlled, the result
for the month is a gain of $1,244,596.
NET EARNINGS IN APRIIS
...... . .
Decreases.
N Y Cent & lInd River_ _ . a$880,874
806,725
Philadelphia & Reading._
Central of New Jersey.. _ _ '770.369
718,757
Erie
Illinois Central
696,004
Delaware & Hudson.. _ _ _
586,117
Chicago Milw & Si Paul_
457,427
Wabash
448,544
Yazoo & Miss Valley_ __
286,769
N Y Ontario & Western_
271,177
Northern Central
195,080
Mobile & Ohio
180,940
153,810
Chicago & Alton
151.556
Chicago Burl & Quincy_ _
136.034
Denver & Rio Grande__ _
130,151
Wheeling ds Lake Erie
119,348
Pittsburgh & Lake Erie_
116,602
Florida East Coast
112,574
Hocking Valley
Representing 17 roads
111,667
in our compilation__ $4,630.375 Vandalia
Decreases.
Representing 23 roads
Lehigh Valley
81,180,356
y1,026,724
Pennsylvania
in our compilatIon_410,486,907
949,302
Delaw Lack & Western
a These figures cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four,', the "Nickel Plate," &o., the whole
going to form the N. Y. Central System, the result is a lam of $561,712.
c These figures are furnished by the company.
y These figures represent the lines directly operated cast and west of
Pittsburgh, the Eastern lines showing $286,507 decrease and the Western
lines $740,217 decrease. For all lines owned, leased, operated and
•
trolled, the result is'a loss of $1,372,748.
PRINCIPAL CHANGES /N
Increases.
$592,617
c568,950
448,806
346,215
297,534
297,067
292,777
291,856
247,012
239,174
199,225
189,035
137,303
129,430
123,917
c123,222
106,235
Minneap St P & S S M_ _ _
Atch Topeka & Santa Fe
Great Northern
Norfolk & Western
Louisville & Nashville_ _
Michigan Central
Chicago & North Western
Lake Shore & Mich South
Chesapeake & Ohio
Chic) Milw & Puget Sound
Missouri Pacific
Boston Fc Arsine
Bessemer & Lake Erie_ _
Southern Railway
Elgin Joliet ec Eastern_ _
Rock Island
Atlantic Coast Line
When the roads are arranged in groups, it is found
that only one group, namely that composed of the
Eastern and Middle roads, reports a decrease in gross,
and the same group, together with that composed of
the Middle Western roads, reports losses in net earnings. These are the roads which suffered most from
the suspension of coal-mining. Our summary by
groups is as follows: •
SUMMARY BY GROUPS.
-Oros Earnings
1911.
Int.(+)or Dcc.(-)
112.
$
April11,314,411 10,616,992 +698,419 6.60
Group 1 (15 roads),New England..
Group 2 (83 roads), Fart Az Middle__ 50,774,598 55,199,071 -4,424,473 8.01
Group 3 (65 roads,) Middle West,___ 29,890,676 29,052,178 +838,498 2.90
32,111,183 28,442,270 +3,671.919 12.91
Groups 4 & 5(84 roads,)Sluthern
Groups6 Az 7(74 roads), Northwestern 48,210,422 . 45,922,063 +2.288,353 4.10
Groups8 & 9(95 mads) Seutlrx-estern 34,744,257 33,983613 +760,744 2.21
13,629,912 12,925,127 +704,785 5.45
Group 10 (40 roads), Pacific Coast
If an
Section or Group-
ETotal (466 roads)
220,678,465 216,140,214 +4,538,2511.2.10
THE CHRONICLE
1660
:
:.
Uroup No 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5
Groups Noe.6 & 7
Groups Nos. 8 & 9
Group No. 10
'Total
—Mileage----1912.
1911.
7.616
26,613
25,611
40,005
65,616
55,182
16,019
7.573
26,397
25,099
39,400
65,070
54,012
15,476
1912.
$
3,409,981
11,430,019
6,237,581
9,280,611
13,132,296
8,858,413
5,611,970
Nei Earnings
1911.
Inc.(4-)orDec.(—)
$
$
%
3,183,313 +226,668 7.12
18,360,468 —6,930,449 37.75
7,193,884 —962,303 13.37
8,463,829 +816,782 9.65
12,975,576 +156,720 1.10
8,577,185 +281,228 3.28
5,128,235 +483,735 9.43
236,722 233,057 57,960,871 63,888,490 —5,927,619 9.28
NOTE.--Group I. includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
-,af Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern Portion of West Virginia.
,
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
'peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV.and V.combined include the Southern States south of the Ohio and east
of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver,the whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe
and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
COTTON ACREAGE AND CONDITION JUNE 1912.
Our inquiries into this year's planting do not reveal
any special tendency greatly to decrease the area devoted to cotton, notwithstanding the phenomenally
large crop of 1911-12 and the considerable surplus
left over out of the same. This can be ascribed to the
satisfactory prices obtained, to the growth in consumptive demancls in face of the high prices, and to the
general belief (in view of the experience prior to 1911
with deficient crops) in the desirability or necessity of
accumulating a large reserve against future crop failure—all leading to the conclusion that the world can,
for the present at least, take care of all the cotton
produced, on a fair basis of value. At the same time,
any tendency to increase the territory devoted to cotton in newer sections has been held well in check, so
that our analysis of the various returns gives an area
differing only moderately from that seeded in the
spring of 1911—the loss being hut about 0.54%.
In making our investigations this season, we have
been confronted by a situation differing radically from
•any experienced since 1897—we refer, of course, to
the overflow in the Mississippi Valley and contiguous
territory. This has been the impelling cause for the
postponement of the issue of the present annual report
on acreage. As early as March the water was at a
very high stage in the upper Mississippi Valley. The
hope then was that, with the work that had been accomplished since the big flood of 1897, in strengthening the levees, these latter would be able to withstand
any pressure put upon them. This hope was, however, doomed to disappointment, as, following the
break in Crittenden County, Arkansas, on April 16,
numerous other crevasses occurred in Arkansas, Mississippi and Louisiana, involving a large extent of
agricultural country. Notwithstanding our efforts
to that end, we have been unable as in 1897 to secure
an official map showing the extent of this year's inundation, but have ascertained that much of the area
ordinarily subject to overflow has been under water
this year. For instance, in the Third Mississippi River
District, which extends on both sides of the river from
a little above Rosedale, Miss., to about ten miles south
of Vicksburg, no less than 4,940 square miles wore
overflowed from the crevasses or by backwater out of
a total area of 6,367 square miles subject to overflow.
As a result of the floods, planting in the districts affected was seriously delayed, but has progressed rapidly
as the water receded and is now practically completed.
In connection with these acreage reports, it has
heretofore been our custom to adjust the figures:each
[VOL. =XXIV.
ten years to conform to the results of the decennial
enumeration made by the Census Bureau. But our
own advices, taken in conjunction with the very radical revision of its 1911 acreage which the Agricultural
Department has been forced to make, as a result of a
special investigation, tends to confirm belief that acreage in the Census year was greater than the published
results have indicated. That being the situation, we
have adhered to our aggregate of area for the various
years, making such revision of the State's totals as our
own further inquiries seem to call for.
Not only in the volume of production, but in the
facility with which the immense yield of cotton has
been marketed, at remunerative prices to the grower,
the season now drawing to a close marks a very important epoch in the agricultural and economic history of the Southern States. A crop of phenomenal
proportions, exceeding by about 2 million bales the
heaviest yield heretofore secured and 3 millions
greater than for the seasor immediately preceding, has
been distributed to home ttnci foieign users on a basis
of value higher than obtained in at least nine out of the
previous fifteen years, and much higher than in most
of them, notwithstanding that this latest yield is very
much in excess of any possible current consumptive
requirements, and will consequently go materially to
increase the world's reserve supply. This result is
gratifying from whatever point of view it is contemplated. With increasing cost of production—greater
cost of land, implements and all other things that go
to the making and marketing of the cotton crop—it
would have been nothing short of a calamity had prices
receded to any such level as was frequently experienced
in earlier years, when a yield of exceptional proportions was raised.
Notable instances of cotton dropping to an extremely
low level, leaving little or nothing for the planter, were
the years 1897-98 and 1898-99. On Sept. 1 1897 middling uplands was quoted in the New York market at
7 13-16 cents, and had dropped to 5 13-16 cents by
Nov. 20, while the highest price thereafter in that season or the next was 6Y3 cents, with the quotation down
to 5 5-16 cents during a part of November 1898. But
since that time there has been a most decided change.
The Southern planter, with such an experience as referred to above, has learned to let supply wait upon
demand, and has, in consequence, the current season,
as in 1906-07 and 1908-09, profited well from his augmented product. Nor is this the only direction in
which the farmer of the South has shown the enlightenment that has come with experience. He has learned
to receive with distrust, and therefore disregard, the
advice of agitators with regard to acreage. There
have been occasions when area has been quite largely
reduced, but the incentive to that end has been either
that high prices for foodstuffs—corn, for instance, as in
1902—attracted attention to the advisability of devoting more land to their cultivation at the expense
of cotton, or that low prices for the staple at time of
planting, due to a greatly increased yield, had a discouraging effect, as in 1905. In any event, we have
yet to learn that advice to reduce acreage largely,
and generally emanating from those whose interest in
cotton is manipulative, has ever been effective. Certainly, with prices ruling as they have of late years, a
gradual augmentation is rather to be expected. Increased acreage, however, does not necessarily mean
a larger crop, weather conditions and the date of killing
frosts being essential elements. The 1911-12 crop has
proved to be the largest in number of bale s:everyaised
1661
THE CHRONICLE
JUNE 22 1912
but not the best product per acre, as the following ing 37,377,276 acres in 1912, against 37,581,022 acres
in 1911. We add the revised acreage for previous
compilation clearly indicates:
years for comparison, giving at the foot of the table
Pounds
Crop
"Chronicle"
not
only the aggregate acreage but the total crop for
Acre.
per
Bales.
Acreage.
Year's Planting.
each year, with the percentage of increase or decrease
191
4,352,317
9,985,000
1870
149
5,714,052
17,449,000
1883
in area and production compared with the previous
144
5,669,021
17,834,000
1884
169
7,313,726
20,173,480
1889
year and the product per acre:
194
8,655,518
20,910,320
1890
1891
1894
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
20,838,205
20,680,247
21,718,545
23,028,792
23,175,000
24,175,245
26,533,944
27,874,105
27,300,371
28,995,986
32,363,690
28,808,415
31,557,242
33,079,425
33,512,112
33,862,408
35,379,358
37,581,022
9,038,707
9.892,766
8,714,011
11,180,960
11,235,383
9,439,559
10,425,141
10,701,453
10,758,326
10,123,688
13,556,841
11,319,860
13,550,760
11,581,829
13,828,846
10,650,961
12,132,332
*15,600,000
203
234
194
237
240
189
193
186
192
170
207
192
211
170
203
153
168
204
COTTON ACREAGE FOR THE YEARS NAMED (000s omitted).
1911-12. 1910-11. 1909-10. 1908-09, 1907-08.
38
1,480
2,567
5,030
283
3,850
3,404
1,723
9,684
2,140
785
2,421
107
35
1,468
2,554
4,989
283
3,826
3,356
1,715
9,494
2,117
793
2,340
105
Virginia
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Texas
Arkansas
Tennessee
Oklahoma
Missouri, &a
42
1,596
2,684
5,428
319
4,190
3,487
1,625
11,747
2,370
857
3,105
131
40
1,531
2,631
5,219
311
3,947
3,419
1,513
10,877
2,258
800
2,724
109
Total acreage
Total production
Increase in acreage
Increase in production
Product per acre, lbs
37,581
35,379 33,862 33,512 33,079
11,582
12,132
10,651
13,829
4.48%
1.31% 4.82%
1.05%
13.90% *22.99% 19.40% •14.53%
168
170
153
203
40
1,474
2,593
5,078
283
3,876
3,395
1,523
10,072
2,178
785
2,459
106
• Estimated.
The foregoing is not only self-explanatory, but very
instructive. It shows how unreliable is area alone as
an indicator of final results. 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-three seasons covered. Furthermore, while
for the late season the crop will materially exceed that
of 1910, it is less in product per acre than in five of
the previous years given.
6.22%
• Decrease.
SECOND.-With regard to the maturity, cultivation and condition of the plant, the conclusions we
reach are as follows:
(1) In maturity, the crop in its start may be designated a late one, but at the same time only a little
behind last year. The planting season this year was
complicated by floods in the Mississippi Valley and
contiguous territory, but the water began to go off
the land after the middle of May, and as it receded
Conclusions.
work was pushed vigorously. Rather continuous rains
From the details by States given on subsequent in many other sections in April also tended to delay the
pages, we sum up our conclusions briefly as follows:
putting in of seed,but on the whole only a very moderate
FIRST.-Acreage.-As intimated above, no well de- amount of replanting was required. Temperature, on
fined tendency to decrease cotton area this season has the other hand, it is to be said, has been above the
been in evidence. The magnitude of the latest crop normal as a rule. While germination was slow in some
has been cited, of course, as an argument in favor of instances, it was quite good in the main, satisfactory
reducing, but against this lies the fact that prices real- growth of the plant having been fostered by the genized during the season and ruling at time of p'anting
erally favorable weather conditions that have prevailed
have certainly been remunerative. At the same time
since shortly after the first of May.. Latest advices
there has been no inclination observable in the newer'
to press indicate, if nact, that the
sections toward adding largely to the land under the received as we go
everywhere, and that the outalmost
well
doing
is
crop
staple. In other words, a spirit of conservatism has
hereafter, is for a good yield
normal
with
weather
look,
ruled. In the older sections of the cotton belt strictly
acreage
the
planted.
from
moderate decreases have, as a rule, been made, corn
(2) Cultivation was hindered in the early season by
and other foodstuffs having to that extent been given
of rain, but during most of May and the elapsed
excess
other
the
of
On
hand,
west
the preference this year.
the Mississippi River some limited amounts of land portio4 of June the weather has favored the clearing of
heretofore uncultivated have been put in cotton, thus the fields, with the result that now they are in excelaugmenting the area in Texas and Oklahoma. Louisi- lent condition over pretty much the whole cotton area
ana also shows an increase, due to the turning back to with the exception possibly of the Mississippi Valley
cotton of land thrown out heretofore through fear of districts. After the very extensive fertilization of
the boll-weevil. For the cotton belt as a whole the 1911, it was rather to be expected that artificial aids
result of the spring's planting has been, according to to productiveness would not be so largely used. This
our view of the situation, an average net reduction in has been the case, but they have been quite freely used
areaTof 0.54%. The changes as made up by us for in the older sections, nevertheless.
eachllState are shown in the .following:
(3) Condition of the plant at this writing, while probably not quite as high as at date a year ago, is better
Estimated for 1912.
Acreage.
V: States.
1911.
Increase. Decrease. Acres,1912. than in an average year, the favorable temperature
41,957
41,957 having in considerable degree neutralized any adverse
Virginia
1,595,981
1,548,102
North Carolina
3%
2,684,206
2,576,838 effects of the rains. As already intimated, the plant is,
South Carolina
4%
5,428,230
Georgia
5%
5,156,819
319,020
Florida
309,450
3%
maturity than in some sea4,189,973
Alabama!
4,106,174 of course, a little later in
2%
3,487,100
3,417,358
Mississippi
2%
sections that were flooded,
the
in
especially
1,625,263
4%
Louisiana,
1,690,273 sons, and
11,747,493
234%
12,041,180
Texas
of much importance thus
factor
a
not
2,389,673
is
2,322,280 but lateness
2%
Arkansas
856,519
2%
839,389
Tennessee
3,105,152
3%
fact,
in
3,198,306
upon the meteorodepends
Everything,
Oklahoma?
early.
130,455
129,150
1%
Missouri. doe
and if they
of
months,
the
conditions
few
next
1,11,4
logical
37,581,022
37,377,276
0.54%
' motal
r.1 ..,
to expect
reason
favorable,
every
there
is
be
prove to
exceppossible
the
with
excess
of
any
year
This compilation shows that there is a net decrease a yield in
1911-12.
compared with 1911 of 0.54%, the total acreage reach- tion of
1662
THE CHRONICLE
Our summaries by States are as follows:
VIRGINIA.—Unfavorable weather during the early
spring hindered preparations for the new crop and consequently planting was not completed until somewhat later
than in an average year. Seed, however, came up well as
a rule and since growth began development of the plant
has been of a satisfactory nature. Stands are good quite
generally and there is nothing to complain of as to the
condition of the fields. Acreage, small in any event, has
suffered no change this year, but less fertilization has been
done.
NORTH CAROLINA.—Advices from this State are to
the effect that wet weather extending over March and a
portion of April was responsible for prolonging the planting
season in 1912. In fact, although operations were begun
about April 1 in a few localities, becoming general April 15
to 29, the finish was not until near the close of May. Temperature, however, was on the whole favorable during the early
season. There is quite general agreement in the returns with
regard to germination the current season. Seed came up
slowly say some, but the concensus of opinion is that a good
start was obtained and that only a very limited amount of replanting was required. Since growth began there has been
a little complaint of too much rain but temperature has been
favorable, ranging a little above the'normal, and latterly
conditions have been such as to foster very satisfactory
development of the plant. Stands are good to very good
generally and cultivation has been well attended to. Acreage.
In the matter of area this year the tendency would appear
to have Wen toward decrease, but only upon very conservative lines. In some sections, however, the disposition has
been to adhere to previous acreage. Canvassing the situation
carefully we are led to put the loss in the State as a whole
at 3%. Fertilizers both of commercial and home-made
varieties have been less freely used.
SOUTH CAROLINA.—Complaint this spring in South
Carolina has been largely of wet weather. The rainfall in
fact was above the normal in March and April quite generally, and this hindered the preparation of land for crops;
the putting in of seed was consequently delayed. Planting, except in rare instance, was not begun until well on
in April and was not completed until near the first
of June. With this the situation, germination was rather
late, but all but a very few of our correspondents report
that seed came up well and that no considerable amount
of replanting had to be done. As to the weather since
growth began, there is scarcely a dissenting note that temperature has been favorable and conditions as regards rainfall satisfactory on the whole since May came in. The
result of all this is that stands are good and the fields now
are quite generally clear of weeds and grass. It would seem,
moreover, that the present status of the crop in South
Carolina is better than the average at this stage of the
season. Acreage. Here, as in North Carolina, whatever
tendency has been observable as regards area has been in
the direction of decrease, but in a rather moderate way, and
as we construe the returns, they appear to point to a net
loss of approximately 4%. Fertilization has received much
less attention this year, the takings of commercial aids to
production in particular showing a very noticeable decrease.
GEORGIA.—In this State, even more than in the Carolinas, there has been reason to complain of wet weather this
spring. Flooding rains are reported by some, and one
valued correspondent remarks that more rain has fallen in
his locality thus far this year than ever known before.
Early work naturally was hampered and in many instances
preparation of land for planting was far from thorough.
The actual putting in of seed was later than the average,
therefore, in starting, and was not finished until near the
close of May, against about the 15th in 1911. A few correspondents complain that wet weather interfered with
germination in low grounds, but on the whole seed came up
well. The overflowing of bottom lands and excessive rains
at other points are given as the causes responsible for
the replanting made necessary, but its extent although
greater than last year was moderate withal. While temperature has been, in the main, quite satisfactory since
-growth began, from sections there were reports of rather
too much rain up to near the middle of May. Since that time,
however, meteorological conditions have been quite uniformly favorable,assisting materially in fostering satisfactory
development of the plant and encouraging expectations
of a good yield. Stands.—Some of our eany reports referred
to stands as only fair, but later a,dvices,reflecting the effect
[VoL. Lxxxxxv.
of the better weather, indicate that in the State as a whole
a good stand has been secured and that the plant is doing,.
finely. The rains, of course, caused very much growth
of gross and weeds, but now we learn that quite generally cultivation has been well attended to. Acreage.—
We note in our returns under this head a more pronounced
disposition than in the Carolinas to decrease the area under
cotton. The land so taken would seem to have been put in
corn and other food-stuffs. At the same time, the reduction
has not been radical, averaging, as we analyze the reports,
a net loss of 5%. Fertilizers.—After the very liberal use of
commercial sorts a year ago, a marked decrease in takings
is reported this year. Home-made composts, moreover,
have been less freely availed of.
FLORIDA —Planting operations were carried'on at about
the usual time in Florida this year. The putting in of seed
was actually in progress by the 1st of April over most of the
territory, and although wet weather was a hindering influence
at times, it was completed in the State as a whole during the
first week of May. Seed came up fairly well to well quite
generally, but in some sections where April precipitation
was heaviest a rather indifferent start is reported. Flooding rains are given as the cause for a greater amount of replanting than usual in districts in the western part of Florida,
amounting in a few instances to as much as 25% of the whole
cotton area. As to the weather since the development of the
plant began, there is some diversity of opinion, but any complaints have to do with excessive rains. On the whole, however, and especially since the first of May, favorable conditions have prevailed in the main, fostering satisfactory
growth. Stands now average good and there is little or
nothing to complain of as to cultivation of the fields.
Acreage.—The quite general tendency has been to leave
cotton area unchanged, but at a few points a little land
heretofore devoted to the staple has been turned to other
crops. For the State as a whole the decrease from last year,
it would seem to us, does not exceed 3%. Fertilizers of the
commercial sorts have been less freely used this year but
home-made composts have been availed of to about the
normal extent.
ALABAMA.—A rainfall much above the normal was the
eature of the late winter and early spring in Alabama, as it
was, in fact, in the South quite generally. This naturally
hindered preparatory farm work and delayed the putting in
of seed to some extent. Planting, however, was under way
in some quarters in the closing days of March, but, the rains
continuing, was not completed until after the middle of May.
As regards the precipitation this spring, complaint has been
general, one of our most esteemed correspondents stating that
"very heavy washing rains have done a great deal of damage
to land, particularly where it had been plowed." Further
remarking that the rainfall in his vicinity has been over 30
inches since Jan. 1, he adds that many of the rainstorms have
been "gully-washers" and "trash-movers." Still, notwithstanding this unfavorable development, seed germinated well
as a rule, but slowly. At the same time, the packing and
washing rains have rendered necessary a somewhat extensive
replanting in a number of localities. Much improved weather
conditions since the coming in of May have left their impress
on the plant, which has developed very well. Consequently,
at this writing stands are good generally and in some
instances are characterized as excellent. Furthermore,
fields that a month ago were foul with foreign vegetation
have now been quite thoroughly cleaned. Acreage.—We find
no decided tendency in the matter of area this year except
possibly to "stand pat." But what changes have been made
have been in the direction of decrease along very conservative
lines. An analysis of our returns, however, does not seem to
warrant us in placing the falling off in the State as a whole
at more than 2%. A moderate decline in the volume of
commercial fertilizers is indicated.
MISSISSIPPI —Essentially different conditions prevailed
in this State during the planting season than in the localities
we have already reviewed. An extensive overflow 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 under water in
whole or in part from the 25th of April until after the
close of May, rendering futile any early work done upon
them as well as seriously delaying the putting in of
crops. Elsewhere in the State wet weather also retarded
farm work more or less. In consequence, seeding, which
began in earlier sections about the middle of March and
was finished in some districts between May 5th and 20th,
JUNE 22 1912.]
TIIE CHRONICLE
1663
• is just now being completed.
No time, naturally, has adverse effect. On the contrary, they seem to have
been lost in the inundated sections, seed being put in as of distinct benefit, as the recent development of the been
plant,
quickly as possible after the water receded. Where benefiting by the "season in the ground", has
been very
seed has come up, • however, the start is reported good satisfactory. Seed, according to our advices, came up
rather
generally and in a number of instances extra fine or slowly in a few instances, but on the whole
germination
unusually good. Over a large part of the recently flooded was quite favorable. Some of our correspondents,
in fact,
territory, of course, sufficient time has not yet elapsed say better than usual. May weather, moreover,
was of a
for seed to come up. Until near the middle of May character to stimulate growth, temperature has been
seasonconditions as regards rainfall were rather unfavorable, but able and the rainfall about as desired for best
results.
temperature left nothing to complain of as a rule and our Stands, consequently, now range from good to remarkably
latest advices indi ate that from the beginning of the third good, very few reports disagreeing. Cultivation, furtherweek of May to the present time the weather has been quite more, has been carried on in a thorough manner. All
things
uniformly satisfactory. The floods and washing rains ren- considered, therefore, the present outlook in Texas
is
for a
dered necessary a fair amount of replanting. Stands.—In full yield on the area planted. Acreage.—Never,a year passes
the Yazoo Delta, needless to say, stands have not yet been that some new territory is not opened up to crops in
this
secured, but elsewhere in the State they range from good to State, and cotton is always taken into account
in its utilizavery good and in some instances are stated to be the best in tion. This has been true of 1912—and why
not, with the
years. Work of cultivation is being vigorously pushed where staple ruling at remunerative prices?
It does happen
not already fully attended to. Subject, therefore, to the now and then that land put in cotton
one year will be diqualification that the Delta crop is very late, the outlook in verted to some other crop the next,
but instances of the kind
Mississippi this year is quite flattering. Acreage.—Notwith- are rare and due to some special
causes. This year we learn
standing the inundation there has been no material decrease of increases as high as 20% in a few localities.
Older secin the area of land under cotton in the Delta this season. tions, however, have made only slight changes,
so that, lookConsequently, we can find no cogent reason for making ing at the matter of area from a
conservative viewpoint, we
any important change from the acreage in Mississippi as believe we are within the mark in stating the net
gain in the
we stated it last year. It is true that there have been State at 2%%. Fertilizers are availed of to only a
limited
some decreases reported, but these are largely offset •by extent at any time, and not at all in many districts,
and
gains, and we therefore do not feel warranted in making their use has decreased this year.
the reduction for the State as a whole more than 2%. FerOKLAHOMA.—Our advices denote that the planting
tilizers have been less freely used this season.
season in Oklahoma this year was later than last by from
LOUISIANA.—This State has also suffered considerable one to two weeks. The preparation of the soil was delayed
overflow this year, the territory involved comprising a large by wet weather, and therefore seeding made only
slight
part of the rich farming lands in river parishes. At this date progress before the second week of April and was not comit is impossible to indicate with any definiteness the amount pleted until near the close of May. Germination, as a rule,
of land inundated but the best information we have puts it at was quite satisfactory, although some seed was slow in coming
somewhere about 2,000 sq. miles. But the overflow has not up on account of low temperature. We find no
reference in
been the only hindering force in agriculture. On the contrary, our replies, however, to the necessity of any more
than a
much delay in preparing for planting was occasioned generally limited re-planting. No special complaints of
adverse
continuous
rains.
by
From every direction we have complaints meteorological conditions have been made since development
of that kind, which the weather records for March, April of the plant began. In fact, since the first of May the weaand a part of May quite fully confirm. This being the situa- ther has, apparently, been favorable to healthy and vigorous
tion, it is not surprising that the putting in of seed, which growth, and most recent reports indicate a very encouraging
commence ! in March, proceeded slowl almost everywhere crop outlook in Oklahoma. Stands secured range from
• and was not completed as a whole in districts outside cf the fairly good to good, with the most recent plantings coming
flooded area much before the close of May. In portions of along well. Fields, Moreover, have been well attended to,
the valley, of course, planting is hardly yet finished. Not- some correspondents reporting the work of cultivating better
withstanding the drawbacks encountered, our correspondents than usual. Acreage apparently has been
added to. In a
quite generally state that seed has come up well where few instances old land has been taken from cotton,
but the
sufficient. time has elapsed for germination to take place, loss has been more than made good by virgin
soil put under
favorable
present
and the
weather encourages belief in a the staple. In other cases not only has previous acreage been
good start in the lately flooded districts. Leaving out of fully retained, but almost all newly opened land has been deconsideration the submerged territory, only a very moderate voted to cotton. There is, of course, nothing surprising in
amount of replanting has had to be done. Since the middle this with comparatively high prices as an incentive. Careof May quite satisfactory meteorological conditions have fully studying our returns, and making due allowance for the
been experienced over practically the whole State, and they few decreases that are reported, we seem to be warranted in
have done much to make up for any early hindrances. In reaching the conclusion that on the average for the whole
fact stands are now reported good as a rule, and fields that State a gain in area of about 3% has occurred this year.
had run to grass and weeds as a result of the excessive and Fertilizers play a very unimportant part in the agriculture of
continuous rains have been brought up to a fine state of Oklahoma, and this year even more so than last.
cultivation. It is naturally to be understood that to only
ARKANSAS.—While the extent of the overflow here was
a limited extent do the foregoing remarks apply to the very
much less than elsewhere, the inundation involved a
recently overflowed lands. Still no anxiety is felt but that
fair amount of cotton land. Besides this adverse happengood crops will be raised there. Acreage.—With fear of the
boll-weavil pretty well dispelled, the inclination this year has ing, it is to be said, moreover, that farm work suffered considerable delay over pretty much the whole State as a result
been very strongly toward increasing cotton area. In some
districts, in fact, the tendency has been radical, but even at of wet weather, and low temperature was a further hindering
influence in the early season. The result was in many inthat it has not meant any addition to area as it stood before
stances a hurried, and,therefore,rather poor, preparation of
the pest caused land to be turned to other crops. In
the soil. Under the circumstances depicted,planting was
a
as
State,
whole,
we lean to the opinion that there has
the
generally, and in overflowed sections is now about
delayed
been an increase of not less than 4%. Fertilizers find only
finishing. Our reports as to germination show some varialimited use here, and this year a small decrease is apparent.
tion, but on the whole, and despite the various early unfavorTEXAS.—There has been a wide divergence in the planting able developments, seed came
up well, the more satisfactory
infrexas
this year,a not unnatural development in a weather in May materially assisting
season
germination. About
State of such vast area. In most southerly districts the an average replanting was necessitated.
As noted, May
puttinglin of seed was begun as early as the first of March, weather was favorable, and the
same may be said of the
and,favored by the weather, was completed before the middle elapsed portion of June. Consequently the plant has deof April. Elsewhere work began at various dates between veloped finely and looks healthy and vigorous. Stands,
April 1 and the close of that month, but rain was more or where obtained, are good to very good, but it must be rememless of a hindrance to rapid progress, with the result that it bered that on this point, as well as on others in this review,
was well on in May before it was finished. It is quite evi- it is not possible to speak authoritatively with regard to the
dent,itherefore, than in its start, at least, the season is some- recently overflowed region, as enough time has not yet
what later than the average. But aside from the delay elapsed for stands to be secured. Fields, furthermore, are
occasionedfin getting seed into the ground and the moderate now as a rule clear of weeds and grass. Acreage.—A tenamount/ofireplanting necessitated, the rains exerted no dency toward exaggeration would seem to be apparent
in
1664
THE CHRONICLE
some of our returns on area. It is difficult to realize that
with cotton on the present basis of value any such decrease
of acreage as 25 or 50% could occur. But it is apparent
that there has been some reduction, and after a careful study
of the data at hand we believe we are approximately correct
in placing it at 2%. Fertilizers have seemingly been used to
about the same extent as in 1911. At that, however, their
use is not extensive in Arkansas.
TENNESSEE.—This spring in Tennessee was not essentially different from what it was in most of the States already
reviewed. In other words, temperature was rather above
the normal for the season, but rainfall was in excess. In fact,
as a result of the incessant rains, preparation of land and
planting itself were considerably delayed, so that all seed
was not in the ground before the first of June. Germination, however, was quite satisfactory, and replanting seems
to have been largely confined to a few localities where heavy
washing rains occurred. About the middle of May conditions as regards moisture became more favorable, and with
temperature continuing satisfactory, the plant has developed
very well and now looks promising. Stands secured are in
almost all cases good to very good, and recent favorable
weather has permitted farmers to give the fields all needed
attention. Acreage.—Some changes in area are noted in our
returns this year, but as a rule they have been small in the
main. At the same time, in many sections the disposition
seems to have been to adhere to the acreage planted in 1911.
Under the circumstances, and bearing, in fact, an apparent
tendency to somewhat exaggerate reductions made, we do
not feel warranted in putting the loss in area this year at
more than 2%. Fertilizers, as indicated by the sales of tags,
show a moderate increase in takings this year—of commercial
sorts, of course.
MISSOURI.—Planting in Missouri this year was delayed,
as elsewhere at the South, by excessive rains, with the
result that seeding was not completed until near the close
of May. Some lands were flooded, but we are credibly
informed that they did not comprise over 2% of the part
devoted to cotton. Seed germinated well to very well
as a rule and virtually no replanting was required. Moreover, under the influence of recent favorable climatic conditions the plant has developed very satisfactorily. Consequently, stands where secured, average quite good, fields
are clean, and the outlook is encouraging. Acreage.—The
planting of cotton being confined to a limited section of
Southeastern Missouri the total area is small in any event,
and this year a disposition to decrease planting is in
evidence. The falling off is very moderate, however, apparently about 2%. Fertilizers.—Owing to the nature of
the soil, fertilizers receive very little attention.
ARIZONA.—The planting of cotton in this State has not
yet advanced beyond the experimental stage, the crop from
year to year reaching but a few bales.
• NEW MEXICO.—Planting began this year about the
10th of April and was finished near the middle of May. Seed
germinated well in the main and there has been good development of the plantsince,giving now satisfactory stands generally. Acreage under cotton is restricted to about three
counties, reaching at its greatest less than 1,000 acres.
Decreases are reported from some points this season, but
where they have occurred it has seemingly been in the higher
altitudes where cotton cultivation has proved rather unsuccessful.
KENTUCKY.—This State produces very little cotton
and our information is limited and indicates that cotton
planting was somewhat later than last year and was practically confined to the area then seeded.
KANSAS.—As far as we can learn no cotton has been
planted in Kansas this year. At no time, moreover, have
more than a very few acres been devoted to the crop.
CALIFORNIA.—This year planting began in February in
some sections of the Impetial Valley, to which portion of
California the cultivation of cotton is as yet restricted.
Work was delayed, however, to some extent by cold weather
and was not finished, therefore, until about May 20. Seed
has come up well as a rule and the favorable meteorological
conditions of recent weeks have stimulated very satisfactory
development of the plant. Very little replanting has been
required. Stands are now good to very good and fields are
in good condition. Acreage has been increased in some
localities and decreased in others; our information, in fact,
leading us to the conclusion that there is no mentionable
difference in area this year and last. Fertilizers.—The cotton
crop of California being largely, if not wholly, raised by
irrigation, fertilizers are not resorted to.
[VOL. Lxxxxxv
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
—The public transactions in bank stocks this week were
limited to sales made at the Stock Exchange of 27 shares of
National Bank of Commerce stock at .199. No trust company stocks were sold.
Shares. BANK—New York. Low. High. Close.
199
199
27 Commerce, Nat. Bank of___ 199
Last previous sale.
June 1912— 199
—President Taft on the 19th inst. signed the bill limiting
the work of laborers and mechanics employed on Government work to eight hours a day. Under the authority
given in the Act, an order was immediately issued by the
President exempting from the provisions of the law, until
January 1 1915, any contract governing work on thp Panama
Canal: According to the expectation of the engineers the
Canal will be finished before that date. The bill passed the
House of Representatives last December, and on May 31
was passed by the Senate in an amended form. The Senate
amendments were concurred in by the House on the 5th inst.
—It was announced last evening that the Judiciary Committee of the House of Representatives had voted unanimously to report articles of impeachment against Judge
Robert W. Archbald of the United States Commerce Court.
The Committee's report, it is stated, will not be presented
to the House until after July 1. An inquiry into the official
conduct of Judge Archbald, who was formerly District Judge
of the United States Court for the Middle District of Pennsylvania, was directed under a resolution of the House
adopted on May 4. The inquiry had special reference to
negotiations for the proposed purchase of culm banks owned
by a coal company controlled by the Erie RR.
—A special message was sent to Congress by President
Taft on the 14th inst. requesting an appropriation of $1,250,000 to be used for the protection of lands and property
in the Imperial Valley, Cal., against floods from the Colorado River. The President stated that, while the Government of Mexico is jointly interested with the United States
in the betterment of conditions near the mouth of the Colorado River, it is not probable that the negotiations with
Mexico can be consummated before the adjournment of
Congress, and it is therefore desirable to provide against a
possible emergency which may arise after Congress adjourns.
The money is proposed for the construction of levees and
revetments along the Colorado River and the protection
generally of property in the United States from damage
by the flood waters of the river.
—The provisions of the law enacted by Congress last year
permitting the use of certified checks of national and State
banks and trust companies in payment of duties on imports
and internal taxes are extended in a bill passed by the House
of Representatives on the 17th inst. In addition to the
acceptance of certified checks in the case of the above items,
the bill provides for their acceptance for all public dues, including special customs deposits. This change was recommended by Secretary of the Treasury MacVeagh in his annual
report for 1911.
—The legislative, executive and judicial supply bill which
abolishes the United States Commerce Court and the five
additional Circuit Court judgeships provided for in the Act
creating the Court, was passed by the United States Senate on
the 14th inst. As heretofore noted, the bill passed the House
of Representatives on May 10, but with the changes made by
the Senate and which the House on the 20th inst. refused to
concur in, the measure goes to conference. An amendment
added to the bill on the day of its passage in the Senate provides that no injunctions against the Inter-State Commerce
Commission shall be issued unless the application is heard
by three judges, and two of these judges concur in granting
such application. We quote this amendment herewith:
No Interlocutory injunction, suspending or restraining the enforcement,
operation or execution of any order made or entered by the Inter-State
Commerce Commission, shall be issued or granted by any Justice of the
Supreme Court or by any district court of the United States or by any judge
thereof, or by any circuit judge acting as district judge, unless the application for the same shall be presented to a Justice of the Supreme Court of the
United States, or to a circuit or district judge, and shall be heard and determined by three judges, of whom at least one shall be a Justice of the Supreme Court or a circuit court judge, and the other two may be either circoncuit or district judges, and unless a majority of said three judges shall
such application as aforesaid is
cur in granting such application. When
immeshall
presented to a Justice of the Supreme Court or to a judge, he
two other
diately call to his assistance to hear and determine the application
be a Jusjudges. Provided, however, That one of such three judges shall
application shall not
tice of the Supreme Court or a circuit judge. Said
has
hearing
the
be heard or determined before at least five days' notice of Attorney-Genbeen given to the Inter-State Commerce Commission, to the
may be defendants
eral of the United States and to such other persons as
irreparable loss or damage
in the suit. Provided. That if of opinion that
order is
restraining
would result to the complainant unless a temporary
or district judge
granted, any Justice of the Supreme Court or any circuit
JUNE 211912.1
THE CHRONICLE
1665
may grant such temporary restraining order at any time before such hearIn view of the fact that adequate investigation is about to be undertaken
ing and determination of the application for an interlocutory injunction, under Government authority, your committee believes that for the presentbut such temporary restraining order shall remain in force only until the it is inexpedient for it to continue its investigation into the cost of produchearing and detertnination of the application for an interlocutory injunc- tion and transportation of coal. It, therefore, recommends that this portion upon notice as aforesaid. The hearing upon such application for an in- tion of its work be suspended pending the result of the official inquiries, and.
terlocutory injunction shall be given precedence, and shall be in every way that your committee be continued in order:
expedited and be assigned for a hearing at the earliest practicable day after
First, that It may at all times follow the course of the official investigathe expiration of the notice hereinbefore provided for. An appeal may be tion and fully inform itself in relation thereto, with view to such
a
further
taken direct to the Supreme Court of the United States from the order action in the matter as may hereafter seem
expedient; and
granting or denying, after notice and hearing, an interlocutory injunction
Second, that it may further pursue its study of the broader question of
in such case, and upon the final hearing of any suit brought to annul, en- the coal supply of New York as it relates
to the interests of our citizens and
join or restrain any order of said Commission, the same requirement as further development of industries
of this city.
to judges and the same procedure as to appeal shall apply.
—Exception is taken by U. S. Attorney-General Wickersham to an amendment made in the Sundry Civil Appropriation Bill by the House of Representatives on the 15th
inst. Mr. Wickersham's opposition to the new provision
is expressed in a letter addressed on the 17th inst. to Representative James R. Mann, asking him to use his efforts
toward effecting a modification at least of its language.
The amendment was offered by Representative Beall of
Texas; it would, it is argued, prohibit the use of any part
of the trust investigation appropriation for the payment
of any attorney who holds another office under the Government, or who within two years next preceding his appointment held any other office under the Government. It
would, furthermore, it is stated, prevent the Government
from using the services after July 1 of former Secretary
of War, Jacob M. Dickinson, as Special Counsel in the suit
against the United States Steel Corporation, and would
effect the discharge of all the counsel engaged in the prosecution of that action. In general, according to Mr. Wickersham, it would interfere with the successful prosecution
of almost every important case the Government has pending.
The amendment reads as follows:
—The Army Appropriation Bill recently passed by Congress was vetoed by President Taft on the 17th inst. It
would have ousted Major-General Leonard Wood on March
next from his office of Chief of Staff of the army. The bill.
provided for the appropriation required for the support of
the army during the next fiscal year, and the President, in
his message, places his objections on broad, general grounds.
He asserts that if the bill contained only the usual appropriation provisions it would have received his prompt approval'.
It included, however, legislation of a most important character; he pointed out in his several exceptions that it would
"substantially reorganize and change the existing military
establishinent," and that it would render ineligible after
March 5 1913 for service in the most important position of
the army the present Chief of Staff and many other of the.
most efficient officers of the army. The President also said:
"The dangers Inherent in the practice of attaching substantiative legislation to appropriation bills have been frequently pointed out by my predecessors. The only justification that has been offered for such practice is
that It has been found a convenient method for facilitating the passage
of measures which are deemed expedient by all the branches of Government
which participate in legislation. Thus it has more than once occurred
that useful items of army legislation, generally of an urgent character, have
been passed in this manner when the desirability of the enactment waa
recognized and acquiesced in by the common consent of both the Executive
• That no part of any appropriation made under this Act be used for the and of Congress. But no condition of urgency is here
disclosed, nor can it
following purposes, namely: conduct of customs cases, defending suits be claimed that there is any such reason for
attaching the present legislation
and claims against the United States; detection and prosecution of crimes; to this army appropriation bill. The history of the measure flatly
contraenforcement of anti-trust laws; suits to set aside conveyances of allotted dicts this assumption. The most important
provisions insisted on by they
land, Five Civilized Tribes; enforcement of Acts to regulate commerce; for House of Representatives in this bill have been
inserted therein against the
payment of assistants to the Attorney General and United States District recommendation of the President, the Secretary of
War and the General
Attorneys employed by the Attorney General to aid in special cases, and Staff of the army.
•
for payment of such miscellaneous expenditures as may be authorized by
•
•
•
•
•
•
the Attorney General in United States courts and their officers shall be
"Taken as a whole, it would be hard to conceive of a clearer instance of an
used for the payment of any salary, fee, compensation or allowance in any attempt to force upon the Executive legislation well known to be
disform whatever to any person who holds any other office, place, position approved by him, and,by attaching such legislation to one of the great
or appointment under the United States Government, or any department supply bills of the Government, to deprive the President of his Constituthereof, or who, within two years next preceding the date of his appoint- tional power as to legislation.
ment, designation or employment has held any other office, place, position
"There can be no Constitutional defense to such a practice; on the
or appointment under the United States Government or any department contrary, such attempts have been firmly resisted by my Predecessors.
thereof.
.
• •
•
•
•
•
"The Eirmy of the United States is far too vital an institution to the
—A motion to concur in the Senate amendment to the people
of this country to be made the victim of hasty or imperfect theories
House joint resolution proposing an international maritime of legislation. . . . It is well known that the War College
and General
conference to consider laws and regulations for the greater Staff have been for many months engaged upon a comprehensive plan of
army
reorganization.
present
the
time,
At
therefore,
is
it
especially
insecurity of life and property at sea was agreed to by the
appropriate, in my opinion, to force upon the statute books legislation
House of Representatives on the 14th inst. In explaining enacted without the usual deliberation and care. I cannot conscientiously
the amendments President Sulzer stated that while the bill surrender the responsibility in shaping such laws with which I am vested.
under the Constitution."
pending in the Senate (which
adopted the resolution on
was
the 12th inst.) the Secretary of State advised that body that
the German Government had issued a similar invitation for
an international maritime conference; that as he (Mr. Sulzer)
understood it, the President, through the German Ambassador, had, on the part of the Government, accepted the invitation, and that the purpose of the amendments was to give
the United States Government representation at that conference.
—Acting upon its own initiative, the Inter-State Commerce Commission on the 18th inst. ordered an inquiry into
the rates, practices, rules and regulations of the railroads
"governing the transportation of anthracite coal from producing fields to all points in the United States east of the
Mississippi River and north of the Ohio and Potomac rivers,
known as official classification territory, including domestic
and export rates and shipside or bunker coal rates to the
tidewater and lake ports." The Commission further orders
that the inquiry "shall ascertain whether the coal is mined
or produced by or under the authority of the common carriers
engaged in the transportation thereof, or whether common
carriers own in whole or in part any mine or mines producing
anthracite coal which they transport." It is stated that
the investigation proper will not begin until the fall, preliminary proceedings only for its conduct being taken in the meantime. With the announcement of the purpose of the InterState Commerce Commission it was decided to discontinue
for the present the investigation into the cost of production
and transportation of coal which the special committee of the
Merchants' Association was commissioned to undertake. A
report of the Committee recommending the temporary suspension of its labors in this direction was approved by the,
executive committee of the Association on the 19th inst.
This report said:
........
--Two motions on behalf of Leonard Olsson, the Socialist,.
whose rights to citizenship were canceled under a decree of
Judge Cornelius'H. Hanford of the United States DistrictCourt in Seattle on May 10 were denied on the 19th inst. by
Judge Ha,nford. He first denied the petition to re-open the.
case and set aside his former decree and next refused a
motion for a new trial. Olsson was represented by several
attorneys appearing as his personal counsel. W G. McLaren,
acting Federal Attorney, it is stated, was present at the
request of Attorney-General Wickersham. Judge Hanford
allowed the exceptions taken by Federal Attorney McLaren,
and the latter announced that he would join in preparing a
satisfactory statement of facts. This, it is stated, paves the
way for an appeal to the Circuit Court of Appeals. In view
of the investigation into his personal and official conduct,
ordered by the House of Representatives, Judge Hanford on
the 20th inst. requested Judge William B. Gilbert of theCircuit Court of Appeals to designate a judge to sit during.
the hearing of the evidence in the inquiry. With the con—
clusion of a pending case Judge Hanford will leave the bench.
until the investigation proceedings are ended.
—An imperative order to the effect that excessive loans in
national banks must be discharged by Sept. 1, was issued by
Comptroller of the Currency Lawrence 0. Murray this week.
A statement from the Comptroller's office (dated June 20),
announcing this, says:
The Comptroller to-day issued an order that no national bank shall, on
or after Sept. 1 1912, have an excessive loan. The date is fixed when his
positive order is to go into effect two and one-half months in advance, sc.
that the banks which have excessive loans may have sufficient time to have
them immediately reduced or paid without much Inconvenience. He
feels that as the law has been pretty generally violated for fifty years it
is only fair to the banksithat;they may have a short time in which to
adjust their affairs to new conditions.
To show how generally this law was violated when the limit on loans
was 10% of the capital prior to 1906, the call for January of that yaw
1666
THE CHRONICLE
[VOL.
Lxxxxxv.
their operations, with a possible view of competing by their savings departments with the long-established mutual savings banks of our commonwealth. I believe that the savings departments of these trust companies
should be conducted on the lines laid down for the Management of savings
banks. This is provided for in a measure by the statutes relating to the
trust companies. They must not mingle the investments of their savings
departments with their other investments and the income of the investments of the savings departments should be used to pay the dividends
thereon and not draw from their commercial department to pay dividends In
their savings department. I have recently sent out a circular asking the
trust companies to Conform to the spirit of the law as to promising tne payment of a fixed rate of interest in their savings deposits.
There has also seemed to me a tendency with some trust companies In
somo manner to hold real estate in excess of the amount allowed by the
to
—A ruling bearing on the bunching of orders on the New statute. It does not seem to me that a trust company was organized
the field of real estate, for by so doing it withdraws from the ordinary
York Stock Exchange and the commission requirements to enter
the
for
loaned
be
to
channels of business the funds which should be ready
be observed in such cases, appears in the weekly Bulletin exploitation of our commercial and other enterprises, and I am asking those
of the Exchange, issued on the 15th inst. The notice in the trust companies to meet the spirit of the statute. the'present rate of diviIn the efforts of the savings banks to maintain
matter is as follows:
dends, I have seen a tendency to take construction mortgages at a goad rate
June 12 1912.
of interest. I also see that the demand for the public funds and railroad
The Committee on Commissions reported that complaint had been made bonds that are legal investments has been so large as to tend to increase
that a custom prevails upon the floor of what is called "bunched" orders— the price, and It must have had some effect on the incomeresulting from
that is, when one member has 300 shares of stock to sell, another 200 and them, and therefore I suggested to our Governor that the field for investanother 500, they "bunch" the lots, one of said members offering the entire ment in the municipal securities be enlarged. This has been done by an
lot of 1,000 shares; if he succeeds in disposing of said lot, it is not the cus- Act of the Legislature, and on July 1 it will give the savings banks a wider
tom for him to charge his associates in the sale any commission.
field from which to select these securities, and possibly may relieve the
The Committee on Commissions expressed the opinion that such an ar- desire of the savings banks to secure mortgages on which the rate of interest
rangement or custom is contrary to the commission law and should not be is an inducement.
permitted, and asked the confirmation of said opinion by the Governing
—One of the most important reports submitted to the
Committee.
On motion said opinion was confirmed.
Michigan Bankers' Association, in convention on the 12th
showed that 3,307, or 56%, of the banks then in the system reported
excess loans. The amendment included the surplus in the limit and the
call for Jan. 26 1907 found 1,789 banks, or 28.4%, violating this section
reducing the number almost one-half. This percentage has been materially reduced: the average per cent based on the live calls of 1907 was
23.5; in 1908, 13.58; in 1909, 15.31; In 1910, 16.45; in 1911, 16.80, and
the reports for April 18 1912 show that 989 banks, or 13.45%, had ex• •• • •
zessive loans.
The Comptroller's office has criticized excess loans for nearly fifty years,
but the full power lodged in the Comptroller to remedy such violations
.of law, as conferred by Section 5239 of the National Bank Act, has never
been enforced. The Comptroller now gives all national banks full notice
that he proposes to enforce the law and that after Sept. 1 the provisions
of this order will become effective.
—The Committee of the New York Clearing-House Association which has been charged to investigate the subject
of inland exchange and collections with a view to ascertaining
what changes are advisable in the regulations of the Association governing, charges for the collection of out-of-town
cilecks, has asked the opinion of the officials of the local banks
and trust companies on the following series of questions:
and 13th inst. at Kalamazoo, was that of its special Committee on Taxation. Two matters claiming special attention were discussed in the report—the law relative to the
taxation of mortgages and the legislation governing the taxation of money on deposit in banks. The Detroit "Free
Press" contains the following reference concerning this feature of the report:
Do you believe that business is promoted and trade benefited by free
The committee reported that at the special session of the Legislature
clearance of country checks, and if so to what extent should it be en- held in March, it was not given an opportunity to go before the Legislature
couraged or permitted?
because the call of the Governor did not embrace questions that the bankers
Do you believe that each individual bank should be left free to exercise had in mind to take before the Solons.
checks?
collecting
for
charges
matter
of
the
In
own
Its
discretion
The Association's attorneys, however, have been instructed to test the
Do you or do you not believe that unrestricted freedom in this matter legality of certain laws relative to money questions. It was pointed out
leads to indirect methods of effecting collections and to other methods that the Board of Assessors in Detroit has ruled that the mortgage tax law,
and abusive practices, or tends to encourage loose and bad banking which levies a recording tax on mortgages and exempts them from other
methods?
taxation, does not exempt such mortgages from city taxes. The trust
What effect, if any, do existing rules exert upon the trade of the City companies of Detroit have instituted in the Wayne County Circuit Court
of New York?
an action to test the legality of this ruling and have been successful therein.
If the existing rules should be abolished, how much In total amount, An appeal from this decision will be taken and the outcome will be watched
and from what sources do you estimate, deposit balances would be re- with interest by the bankers.
turned to New York banks?
The taxation of money on deposit in the banks was also considered In the
Of such balances, what proportion in your opinion would represent report. The Board of Assessors of Detroit have ruled that money on
collection?
of
process
in
checks
merely floating
deposit is a chattel and not a credit from which the depositors' debts can
Do you consider balances arising from such sources profitable; in other be deducted. It was stated that the Executive Council has instructed the
words, would New York City banks, in your opinion, lose or gain by abro- attorney of the Bankers' Association to test the legality of this rule and
gating the existing rules respecting collection charges?
have received an opinion to the effect that money on deposit is a credit
In your experience, do you believe in any system which involves the and not a chattel.
free collection of out-of-town checks; if so, what, In your opinion, is the
—In an address on the "Control of the National Reserve
most equitable and practicable plan?
Do you consider a large volume of country checks:of assistance to a bank Association by Country Banks and the Benefits They Derive,"
new
business?
In
securing
and
has
already
in holding the business which it
Do you consider such a scheme practicable, and if so, what suggestions delivered yesterday before the Virginia Bankers' Association
have you to make concerning such a scheme?
in annual session at Old Point Comfort, William C. Cornwell,
In a general way, do you or do you not favor the suggestion of a deof J. S. Bache & Co. of New York, said:
clear
or
checks
drawn
to
collect
House
Clearing
York
New
the
of
partment
As long as there is no special trouble anywhere, the shortcomings of
on out-of-town banks?
present system are not felt, but every year at harvest time the whole
our
3,
- The national bank examiners of districts Nos. 2 and
country Is almost Invariably under pressure. This is because there Is no
up in
with headquarters at New York City and Philadelphia, will elasticity to our currency and our credit, and money becoming tied
and other ventures, during the easier seasons of the year,
hold their third anual conference at Brighton Beach Hotel, speculation
fields.
into
and
the
sent
fall
the
in
force
must be pulled out by main
Brighton Beach, N. Y., on July 8th and 9th. E. P. Rore- Nearly every country bank feels this pressure and inconvenience, not to
Norris
L.
F.
and
District
at times serious friction. Under the proposed plan of the Monetary
York
say
New
the
of
Chairman
beck is
Commission banks may send on their discounted paper to the nearest
is Chairman of the Philadelphia District. In accordance branch—the short paper with the bank's endorsement only, and longer
with the usual custom the State Departments of Banking of paper with the endorsement of the local association to which each bank
notes will be shipped
New York, New Jersey, Pennsylvania, Delaware, Maryland, belongs under the plan—and Reserve Association
without express charges. Thus the ordinary business of the
and Virginia will be invited to send representatives to this promptly
demands taken
harvest
the
extraordinary
bank may go on as usual, and
conference. It is also expected that from 75 to 100 national, care of without trouble—the extra operation ending with the sale of the
of the discounted paper and the cancellation of the
State and clearing-house examiners will be in attendance. crops, the retirement
bank notes. The infinite relief through this operation to the whole
L. 0. Murray, Comptroller of the Currency, will deliver an country from its annual autumn financial spasm can hardly be calculated.
address, and addresses will also be made by the State Bank
—The following letter respecting the handling and marketCommissioners. Geo. C. Van Tuyl, Superintendent of Bankof the season's cotton crop has been issued by the Farming
ing of New York State, has ordered, his entire staff of examEducational and Co-operative Union of Texas:
ers'
iners to attend. An elaborate program is planned, covering To the Membershtp of the Farmers' Educational and Co-operative Union of
work
of
the
on
the
bearing
a discussion of technical subjects
The executive committee of said organization met in called session, upon
examiners. F. L. Norris, National Bank Examiner of Philacall of the State President, at Fort Worth on May 27 1912, for the purpose
meeting.
the
of
chairman
be
will
delphia,
of considering and perfecting plans for handling and marketing of this seatogether with other farm products that are
—A resolution requesting the American Bankers' Associa- son's cotton crop, cotton seed, warehouse
system and our central selling
usually handled through our
the
Boston
by
Clearextended
tion to accept the invitation
agency. Therefore, as a result of our deliberation, we submit to you the
of
convention
the following information:
ing-House Association to hold the 1913
We are glad to say to you we have arrangements made with some of the
national organization in Boston, was adopted by the
strongest banking institutions in Texas whereby we can secure money for
annual
session
at
in
Association
Massachusetts Bankers'
you at the rate of 6% per annum, said money to be loaned on cotton In
Springfield on the 13th and 14th inst. Augustus L. the local warehouses for all of those who have reported to this department
the same, and we would request others who have not
Thorndike, Bank Commissioner of Massachusetts, was one of that they wantedwish
to avail themselves of the use of money through this
yet reported who
his
in
he
and
address
the speakers at the State meeting,
arrangement will please report as soon as possible, as we will have to know
touched upon legislation respecting trust companies and something about how much will be needed. With these arrangements
every member of the Farmers' Union will be enabled to market his cotton
savings banks, saying in part:
intelligently and slowly, thereby keeping the market from becoming
During my short experience as Commissioner I have seen a tendency
toward increasing the number of trust companies, some of them becoming
sticcessers to national banks. This is probably due to a broader field for
glutted. Therefore, by these arrangements every member is enabled to
secure enough advances on his cotton to satisfy his creditors.
JUNE 22 1912.]
THE CHRONICLE
We have received a statement of the principles and plans of the farmers'
warehouse system of the State of Mississippi that the national organizations
of the Farmers' Educationaiand Co-operative Union of America contemplates taking over and organizing said plan into a national plan for marketing cotton and its by-products in the several cotton States. We, therefore,
give our endorsement to the said plan, when taken over and reorganized
as a national plan, and the announcement is made by our national organization, through its national officials. However, pending the action of the
national organization, we believe that it will be practically impossible for
the said company to be organized and plans worked out in time to meet
the requirements for the successful handling of our crops this year.
We recommend this plan to the membership of Texas, with the view of
being put into effect next year. Arrangements will be made for the canvass
of each county with able men, fully explaining this plan, without any cost
to union headquarters, and when properly understood we know it will meet
with the approval of the entire membership. And we further recommend
that any county that wishes this plan discussed and established, notify
headquarters, and we will make arrangements with competent men to canvass their county. This plan has been in operation for four or five years,
and has been a success in selling cotton in the European market.
Your attention is hereby called to the fact that every plan that is offered
to the farmer to help him to get better prices for his cotton invariably
carries with it the importance of holding the cotton off the market until
needed by the factor, and that any effort in that direction that is at this
time being urged that is not in line with the warehouse system of marketing
through our local warehouses of our own organization is an effort, whether
intended or not, that is calculated to weaken the power and influence of
our own organization, which has been the only successful means of securing higher and more profitable prices for farm products.
Therefore we would warn our membership to avoid any and all entangling
alliances with any new and untried plan that vitally affects the best interest
of the farmer by injuring the influence of the Farmers' Union and its allied
Interests; for It is by intelligent co-operation of the organized farmers that
will ultimately obtain for them their just rights, and when the farmer comes
into the possession of his own ,all other legitimate interests will be correspondingly benefited.
—The Appellate Division of the New York Supreme Court
decided on the 7th inst. that the State, as a depositor, is
entitled to a preference over all other creditors of an insolvent banking institution. The decision has particular
reference to the failed Carnegie Trust Co. of this city and
the State Barge-Canal funds amounting to $135,844 held by
the company at the time of its suspension. The State's
claim to a preference as a creditor was denied by the referee
to whom the matter was referred, and the finding of the
referee was upheld by the State Supreme Court. The decision of the lower Court is reversed by the Appellate Court,
Justice Scott, who wrote the opinion of the latter, saying
in part:
• If the right of the State to a priority of payment over unsecured creditors
is acknowledged as to taxes, as it must be in this State, it is not easy to
see how, upon any logical ground, that right can be 'denied as to indebtedness arising out of the loss of the State funds after they have been collected.
They both rest upon the same footing. The claim of the State In either
case rests upon no private right, but upon the right of all the people. The
money is necessary and vital to the existence of the Government and the
carrying on of the governmental functions, and as the right of the public
Is always paramount to that of the individual, so its right to collect and to
recover public funds must be held to be paramount. The fund on deposit
In the trust company was one created and maintained by unequivocal acts
of sovereignty. It was established by act of the people and is emphatically
a fund belonging to the people in their sovereign capacity.
—The merger of the Mercantile National Bank of this city
with the Irving National Exchange Bank, in accordance with
the announcement in our issue of May 18, was ratified by
the stockholders of the two banks on the 17th inst. The
proposal to increase the capital of the Irving National Exchange Bank from $2,000,000 to $4,000,000 was also approved, and the new capital is to be paid in on July 18. At
the same time the surplus will be increased to $3,000,000.
The stockholders of the Irving National Exchange Bank did
not, however, vote to change the name to the Irving Mercantile National Bank as contemplated, but with the acquiescence of the majority of the stockholders of the Mercantile
National Bank and the approval of its officers and directors
in order to simplify the title a special meeting of the stockholders of the Irving National Exchange Bank will be held
on July 18 to change its name to the Irving National Bank.
Under the authority of its stockholders the Mercantile
National will be placed in voluntary liquidation. In
pursuance of the merger plans, the stockholders of the
Irving National Exchange Bank as of record May 11 will
receive on July 1 a dividend of 21%. The statement of
June 14 issued in response to the call of the Comptroller
shows the deposits of the consolidated institution to be
$48,543,420, while its resources aggregate $53,264,179.
The officers of the enlarged bank are Lewis E. Pierson,
President; James E. Nichols, Rollin P. Grant, Willis G.
Nash, Charles H. Imhoff, Benj. F. Werner and Emil Klein,
Vice-Presidents; Harry E. Ward, Cashier; D. H. G. Penny,
Richard J. Faust Jr., J. Franklyn Bouker and Samuel Redfern, Assistant Cashiers.
—William Butler Duncan, one of the ever interesting
types of the old school, who was favorably known in the
banking world a generation ago, but more recently conspicuousiforthisKrailroad affiliations, died suddenly at his
1667
New York residence on Thursday. Mr. Duncan, although
eighty-two years of age, had enjoyed the best of health
almost up to the time of his death. On Sundaylast he underwent
an operation for cataract, which was apparently successful;
on Thursday morning, however, he was stricken with a
serious attack of pneumonia, and this terminated fatally
at seven o'clock that night. Mr. Duncan was born in
Edinburgh, Scotland, in March 1830, during the travels
abroad of his parents, Alexander and Sarah Butler Duncan.
His early schooling was had in Edinburgh, but he later
attended and was graduated from Brown University. Mr.
Duncan attained prominence as the head of the old and
widely known banking firm of Duncan, Sherman & Co.;
following its withdrawal from business he associated himself
with railroad affairs, serving from 1874 to 1888 as President
of the Mobile & Ohio RR., and since then as the Chairman
of its board of directors. He had also at one time officiated
as Vice-President of the New York Chamber of Commerce,and
was President of the Butler Exchange Co. of Providence.
As a director he was identified with the U. S. Guarantee Co.
He was a member of the Metropolitan Museum of Art, the
American Museum of Natural History, the National Academy
of Design and various other organizations and clubs. He
was also member of the Travelers' Club of London, one of
the most exclusive organizations abroad, to which but
few Americans have been admitted. He numbered many
friends abroad, and had entertained numerous persons of
distinction. He was Chairman of the Committee which
welcomed the late King Edward VII.,when, as the Prince
of Wales, he visited this country in 1860.
—General Thomas L. James, President of the Lincoln
National Bank, this city, who has been seriously ill for the
past three months,is now sufficiently recovered in health to
sail on the "Kronprinzessin Cecilie" July 9,with Mrs.James,
for an extended tour of Europe.
• -• - The one-hundredth anniversary of the National City
Bank of this city occurred on the 16th inst., and in celebration of that event the National City Club, which comprises
in its membership practically all the 450 employees of the
• institution, held its annual outing on Saturday last, the
15th inst. The club was entertained by Frank A. Vanderlip, President of the bank, at his home, Beechwood, at
Scarsborough. Another incident intended to mark the centenary of the institution, is the gift, cabled from Paris on
Tuesday by James Stillman, Chairman of the Board of
Directors of the bank, of $100,000 tendered to the City Bank
Club. In announcing this action of Mr. Stillman, Mr.
Vanderlip stated that the gift had been augmented by a
similar appropriation voted by the directors. The money
will be held in the treasury of the club as a fund for'educational, charitable and entertainment purposes, and any other
beneficial purposes which may be considered advisable. It
is understood that it will be entirely independent of the
pension fund which the officials of the bank plan to establish.
The National City Bank, incorporated as the City Bank,
received its charter from the State on June 16 1812, just two
days before the outbreak of the War of 1812. Of its authorized capital of $2,000,000, $800,000 was paid in with its
opening. In 1852 the bank was reorganized under the general banking law of the State, and in 1865 it entered the
national system. During the hundred years of its operation
it has had eleven presidents. Mr. Vanderlip has officiated
in the presidency since 1909, when Mr. Stillman, who had
served in that capacity from 1891; retired from that office
to become Chairman of the Board.
—N. W. Halsey & Co., who have been located for many
years at 49 Wall Street, occupying parts of the second and
third floors, are making extensive alterations in the second
floor of the building,and when completed the firm will have
all its departments on the one floor in offices running from
Wall Street through to Exchange Place. The new quarters
are divided into separate departments by plate-glass partitions. All the woodwork, furnishings, &c., are of mahogany. The whole plan has been worked out to give a
systematic arrangement to the various departments, which
will be conducive to an efficient and economical handling of
the firm's most extensive and rapidly expanding business.
The other offices of N. IV. Halsey & Co. in various cities
during recent years have been remodeled and re-equipped
according to the best standards of office arrangement, beginning with the erection, by the organization, of its own
building in San Francisco following the fire. When the
New York office alterations are completed N. W. Halsey &
Co. will have a chain of offices from the Atlantic to the
1668
THE CHRONICLE
Pacific, devoted to the investigation, purchase and sale of
high-grade bonds,that has no superior in equipment, utility
and appearance. The firm also maintains offices in London, England, and Geneva, Switzerland.
—The first dividend since its consolidation with the Jefferson Bank has been declared by the Century Bank of this city,
being a quarterly distribution of 3%, payable July 1. This
is on the increased capital of $500,000 and is at the rate of
12% per annum. The former Century Bank paid 6% yearly
(13'% each quarter), while the Jefferson Bank paid 8%,
4% semi-annually.
-- The Bankers Trust Co. of this city has declared a
quarterly dividend of 5%, payable July 1 to holders of
record June 26. This is the first dividend on the increased
apital of $10,000,000.
—Archibald D. Russell has been elected a trustee of the
Title Guarantee & Trust Co. of this city, succeeding the late
John Jacob Astor.
—The Washington Trust Co. of this city has declared a
quarterly dividend of 4%, payable July 1 to holders of
record June 24. This raises the quarterly distribution 1%,
the previous rate having been 3% each quarter. The company also pays an extra dividend of 2% each year.
—At a meeting yesterday the directors of the United
States Mortgage & Trust Co. of this city elected Chauncey
B. Murphey, Assistant Treasurer, and William T. Law,
Assistant Secretary. Roland H. Timpson has been appointed manager of the company's 125th Street branch to
succeed Mr. Murphey. Mr. Law has been Auditor of the
.company.
—Percy S. Straus, of R. H. Macy & Co., and Dwight S.
Richardson, of the Richardson & Boynton Co., have been
elected directors of the Second National Bank. Mr. Straus
succeeds his father, the late Isidor Straus, and Mr. Richardson replaces H. A. C. Taylor, resigned.
- —The first dividend on the stock of the new Columbia-Knickerbocker Trust Co. of this city was declared this week,
being a quarterly distribution of 5%,to be made June 29 to
holders of record June 24.
—Herbert T. Jennings and Samuel K. Raymond, President and Cashier, respectively, of the defunct Mount Vernon National Bank of Mount Vernon, N. Y., who were indicted last December on charges of misapplying the bank's
funds, were found guilty on the 7th inst.; Jennings on all
of the twenty-two counts of the indictment against him and
Raymond on all but two. Jennings was sentenced by Judge
'Mayer in the Federal District Court to six years' imprisonment in the Federal prison at Atlanta, Ga.; pending an ap-peal a thirty-day stay was granted. Raymond's sentence
'(a, five-year term of imprisonment) was suspended on the
jury's recommendation for clemency. The bank closed its
•doors on March 24 1911. The bank's money, it was alleged,
was used in various enterprises in which Jennings was interested, notably building concerns of this city, and it was
charged that some of the borrowings were through dummy
loans made to an office boy.
—A dividend of 42.61%, amounting to $200,000, was paid
to the creditors of the defunct Carnegie Safe Deposit Co.
of this city on the 17th inst. by Superintendent George C.
Van Tuyl of the State Banking Department. The institution was closed Sept. 23 last. The Deposit Co. had a capital
of $200,000. Early in the year its vaults were acquired
through a syndicate on behalf of the Mercantile Safe Deposit Co.
•
—Otto Julius Merkel, a broker at 44-46 Wall St., filed a
voluntary petition in bankruptcy on the 10th inst. The
iabilities are given in the petition as $122,080, with assets
of $39,183. Mr. Merkel came here from Bremen in 1900 and
was for a time in the employ of J. P. Morgan & Co. He
entered into business for himself in 1904.
--Harry F. Burns, Secretary of the Nassau Trust Co. of
Brooklyn, N. Y., wag elected a Vice-President of the institution on the 13th inst. to succeed the late William Dick.
Francis Weekes, Assistant Secretary, has been chosen to
succeed Mr. Burns as Secretary, and Joseph Stewart Jr.
takes Mr. Weekes' place as Assistant Secretary. Alvah
Miller and Albert L. Perry have been elected to the board of
trustees to fill the vacancies caused by the death of Mr.
Dick and Charles H. Russell.
—One Brooklyn savings bank, the Sumner Savings Bank,
announces a reduction at this time in the return to depositors,
declaring a semi-annual interest payment at 33-%, against
4% heretofore. Six of the Brooklyn banks reduced their
[VOL. Lxxxxiv.
rates to 3%% six months ago—the Dime Savings Bank, the
City Savings Bank, the Greater New York Savings Bank,
the East Brooklyn Savings Bank, the Greenpoint Savings
Bank and the Brevoort Savings Bank.
—The First National Bank of Brooklyn declared yesterday
its regular 2% quarterly dividend, payable July 1. The
bank pays in addition an extra 2% per year, making total
dividends yearly of 10%. The institution, under the present
management, is making considerable growth; the deposits
under the new call of June 14 amount to $3,292,000, while
aggregate resources show a total of $4,551,719. Joseph
Huber is President and William S. Irish, Vice-President and
Cashier.
—Arrangements for the merger of the Broadway Bank of
Brooklyn Borough with the Citizens' Trust Co. of Brooklyn
were agreed to by the directors of the two institutions on
the 11th inst. Reports of a possible union of the bank
and trust company were prevalent during the early part
of the year and were again in circulation the first week
of the present month, when it was stated that the Citizens' Trust Co. had bought up something like 300 shares
of the Broadway's stock, paying from $390 to $427 per
share. In the announcement of the consummation of
the proceedings for the merger, it is stated that the enlarged institution will be conducted under the name
of the Citizens' Trust Co., the capital of which will be increased from $500,000 to $1,000,000; with the new capital
it will have a surplus of $350,000. Nathan S. Jonas, President of the Citizens' Trust, will remain as the chief executive,and the new board will be made. up of the directorates of
both institutions. The Broadway Bank has a capital of
$200,000, surplus and profits of about $545,000 and deposits
of $3,225,000. The price at which control is acquired by the
trust company interests is $444 a share, and it has been
agreed to purchase all the outstanding stock of the bank at
the same price. The stockholders of the bank, however,
are given the option of exchanging their holdings at the rate
of one share of stock and $6 in cash for three shares of stock
in the trust company. The stockholders of the respective
institutions will hold a special meeting on the 28th inst. to
ratify the merger. It is proposed to erect a new building for
the enlarged company on property owned by the Broadway
Bank at Broadway and Graham Avenue.
—William K. Dick was elected a director of the Manufacturers' National Bank of Brooklyn on the 18th inst. He
is a grandson of the late William Dick, formerly President
of the institution, and son of Vice-President J. Henry Dick.
—Articles of incorporation have been filed with the State
Banking Department by the Rome City Bank of Rome,
N. Y. It will have a capital of $100,000 and surplus of
$50,000.
—A dividend of 30% on the claims of depositors has been
declared by Receiver Curtis .of the First National Bank of
New Berlin, N. Y. It is payable June 25. The bank
suspended on April 11.
—The question of increasing the capital of the National
Shawmut Bank of Boston from $3,500,000 to $10,000,000
was approved by the stockholders on the 18th inst. As was
indicated in these columns on May 18, the new stock will be
put out at $120 per share, and will serve to bring the combined capital, surplus and undivided profits of the institution, now aggregating $9,500,000, up to $17,300,000, of
which $10,000,000 will consist of capital, $6,000,000 surplus
and $1,300,000 undivided profits. The existing stockholders are privileged to subscribe pro rata to the new issue
until July 15.
—Joseph G. Stearns, heretofore Assistant Secretary of the
Old Colony Trust Co. of Boston, has been elected a VicePresident of the institution.
—At a meeting of the directors of the Paul Revere Trust
Co. of Boston, held on the 14th inst., the resignations were
offered and accepted of President Edmund Billings and the
following eleven members of the board: Francis N. Balch,
Edward J. Butler, Walter C. English, Robert H. Gardiner Jr.,
William Hoag, A. V. Lincoln, William Minot, William M.
Prest, Milton S. Thompson,.Barrett Wendell Jr. and Alexander Whiteside. A conflict of opinion as to the policy of
the company is said to be the reason for the withdrawal of
the above. The Boston "Advertiser," which makes this
explanation, states that at last Friday's meeting an effort
was made to purchase controlling interest from the majority
stockholder, Vice-President Julius Rottenberg, the failure to secure this resulting, it is understood, in the action
taken by the retiring officials. The company has a capital
JUNE 22 1912.1
THE CHRONICLE
of $200,000 in $100 shares; the twelve resignations, it is
reported, represented only 120 shares. A special meeting
of the stockholders was held on Wednesday of this week,
but no attempt was made to fill the vacancies, and the present board of eighteen members will continue to direct the
affairs of the institution until the next regular meeting on
July 9. Vice-President Rottenberg is acting as President.
The company began business in 1910; it has deposits of
over $1,000,000.
—Charles F. Shaw Jr. has been appointed an Assistant
Cashier of the Fourth Street National Bank of Philadelphia.
—T. Comly Hunter has been elected Vice-President of the
Central Trust & Savings Co. of Philadelphia, to succeed
Charles S. Walton, who was recently made President of
the institution.
—Thomas M. Scanlon has been elected Secretary and
Treasurer of the Wayne Junction Trust Co. of Philadelphia
to succeed Theodore E. Nickles, who has resigned, to take
effect July 1, in order to give more attention to personal business. Mr. Nickles will continue as a director and Chairman
of the Finance Committee. Mr. Scanlon is at present Secretary and Treasurer of the Shenandoah (Pa.) Trust Co.
—John S. Bowker was elected Vice-President of the Industrial Trust, Title & Savings Co. of Philadelphia on the
6th inst., succeeding William C. Williamson, resigned. Mr.
Williamson, who retires owing to impaired health, will continue as a director. Charles M. Wrightson was elected
Secretary of the institution at the meeting on the 6th inst.
—The Ridge Avenue Deposit Bank of Allentown, Pa.,
has been incorporated with $50,000 capital. The incorporators are William J. Hertz, Patrick R. Herrity, Clarence J.
Berper, Lesher H. Yeager and Neil Ward.
—Edward C. Striebich, Cashier of the First National Bank
of Braddock, Pa., was elected on the 7th inst. to the office
of Secretary and Treasurer of the Braddock Trust Co., to
succeed Samuel Pringle, resigned.
—The Tr -County Banking Company of Pottstown, Pa.,
was temporarily closed on the 11th inst. A. G. Shettler,
who has been acting President since the death several weeks
ago of J. F. Wagner, has issued a statement saying:
The closing is entirely voluntary on the part of the management and
was taken after a special meeting. The step was thought best in the interest of all concerned. It Is hoped to realize on securities and in that event
there should be a satisfactory outcome. No statement of detail can be
given at this time.
The deposits of the institution are reported as $153,207,
while its total resources on May 3 were said to be $257,061.
—Under the plan for the contemplated consolidation of
the First National Bank and the National Bank of Wilmington and Brandywine with the Wilmington Trust Co., all of
Wilmington, Del., the latter offers to buy the stock of the
National Bank of Wilmington and Brandywine at $110 per
share (par value $30), or to exchange one share of the bank's
stock for one share of the new company. In the case of the
First National Bank it agrees to pay $195 (par value $100)
per share, or to give in exchange one share of trust company
stock and $85 in cash for each share of that bank.
—H. Gale Turpin was elected Assistant Treasurer of the
Baltimore Trust Co., Baltimore, on the 13th inst., to succeed Walter D. Focke, resigned.
—Eugene Murray, heretofore Assistant Secretary and
Assistant Treasurer of the Fidelity Title & Trust Co. of Pittsburgh, has been elected Treasurer of the institution, to succeed Charles E. Willock, who resigned to devote his attention
to other enterprises with which he has become associated.
—Louis J. Murphy, Assistant Cashier of the • West Side
Dime Savings Bank of Columbus, Ohio, was arrested on the
15th inst. on charges of embezzlement. A statement of
Superintendent of Banks P. E. Baxter says that the specific
charge is the misappropriation of $100, but that the peculations may reach $10,000. The bank is protected to the
extent of $5,000 by a surety bond, and has a surplus of
$5,500. Its authorized capital is $50,000, of which $25,000
is paid in, and it has aggregate resources of approximately
$241,000.
—The Lincoln Savings Bank Co. of Columbus, Ohio, has
taken over the business of the People's Bank Co. of that city,
the merger having gone into effect on the 8th inst. The capital of the Lincoln is $50,000; the People's had a capital of
$37,600 and deposits of about $84,000. The officials of the
Lincoln will conduct the affairs of the merged institutions,
these being: George W. Bright, President; W. H. Halliday,
Vice-President; Chas. G. Schenck Jr., Cashier, and Chas. E.
Turner, Secretary.
1669
—Arthur H. Taylor, Assistant Cashier of the Continental
National Bank of Indianapolis, was elected Cashier of the
institution on the 12th inst. to succeed Brandt C. Downey,
who has resigned to become manager of the Greater Indianapolis Industrial Association. Mr. Taylor will assume his
new post about July 1.
—At a meeting of the directors of the new Fletcher Savings & Trust Co. of Indianapolis on the 12th inst. the
following officers were elected: Evans Woollen, President;
Albert E. Metzger and Hugh Dougherty, Vice-Presidents;
Armin Bohn, Treasurer, and Fred. K. Shepard, Secretary.
Judge Vinson Carter of the Superior Court has been appointed Counsel and Trust Officer of the institution. The
company will begin business July 1 as a consolidation of the
Marion Trust Co. and the German-American Trust Co. of
Indianapolis. Stoughton A. Fletcher, Vice-President of
the Marion Trust Co. and President of the Fletcher American
National Bank, and Albert E. Metzger, President of the
German-American Trust Co., own a majority of the $1,500,000 capital of the new organization.
—A new bank, it is reported, is being organized in Indianapolis under the name of the Indiana State Bank. It is
planned to commence business about Sept. 1 and to establish
the institution with a capital of $1,000,000 and surplus of
$250,000.
—The Continental & Commercial Safe Deposit Co. of Chicago has been incorporated with a capital of $6,000,000.
The new corporation will own the building which the Continental & Commercial National Bank is about to erect on
the block bounded by La Salle, Adams and Quincy streets and
Fifth Avenue. The entire capital of the safe deposit company will be owned by the Continental & Commercial National, the Continental & Commercial Trust & Savings Bank
and the Hibernian Banking Association, all of which are
to have quarters in the building. It is understood that a
bond issue will also be put out by the safe deposit company,
and that a portion of these bonds will be offered to the public. An option on the property on which the Continental &
Commercial National is now building was closed in January
1911, and the deeds under which it was conveyed to the
bank were filed early this year. The structure was designed
by the late D. H. Burnham. It is to be a large bank and
office building, twenty stories high. The principal entrance
will be on La Salle Street. For the first three stories Doric
architecture will prevail, the La Salle Street side having a
colonnade of polished red granite columns each 45 feet high
and 5 feet 6 inches in diameter, the largest columns in Chicago; above the three stories terra cotta in iMitation of gray
granite will be used. The Quincy and Adams street and the
Fifth Avenue sides will be of the gray granite pilaster treatment. The colonnade effect will be used on the three topmost stories. The entire banking floor will be occupied by
the Continental & Commercial National Bank, giving it a
space of 300x165 feet. The building will be ready for occupancy about May 1 1914. The work of wrecking the old
buildings on the site is now in active progress.
—The i?oreman Brothers' Banking Co. of Chicago has
been obliged to increase its office space, and for this purpose
has taken in, in conjunction with its own quarters, the banking room occupied by the Metropolitan Trust & Savings
Bank, which was recently absorbed by the Central Trust Co.
The Foreman Brothers' Banking Co. has been located in its
present quarters about four years, and has doubled its deposits in that time. They now amount to over $11,000,000;
the institution has a capital of $1,000,000 and surplus and
profits of about $525,000. The management, to which there
have been recent additions, consists of Edwin G. Foreman,
President; Oscar G. Foreman and George N. Neise, VicePresidents; John Terborgh, Cashier; James A. Hemingway,
Secretary; Harold E. Foreman and Andrew F. Moeller,
Assistant Cashiers, and Edwin G. Neise, Assistant Secretary.
—The Sheridan Trust & Savings Bank of Chicago has
commenced dividends on its $200,000 stock by the declaration of a quarterly dividend of 134%, payable July 1 to
holders of record June 25.
—Louis N. Seaman,formerly Cashier of the Elgin National
Bank of Elgin, Ill., was arrested in Los Angeles on the 11th
inst. on charges of misapplying funds of the bank. According to the Chicago "Tribune," the arrest of the former
Cashier was the result of discovery by the national bank
examiners more than a year ago of discrepancies in the accounts of the institution amounting to over $100,000. The
losses are said to have been made up y the directors. On
1670
THE CHRONICLE
FoL. Lxxxxiv.
the 14th inst. Melvin C. Jocelyn, formerly Assistant Cashier, the Commonwealth Trust Co. and A. G. Edwards & Sons
was arrested on charges similar to those preferred against through the Metropolitan Life Insurance Co. of New York.
the former Cashier.
—The suit for the cancellation of the proceedings under
—Several very important changes occurred this week in which the Lincoln Trust & Title Co. of St. Louis was abthe official staff of the First National Bank of Detroit with sorbed in 1909 by the Title Guaranty Trust Co. of that city
the election of four new Vice-Presidents. The new officers was recently dismissed by Judge Kinsey of the Circuit Court.
are William J. Gray, Merle B. Moon, Frank G. Smith and The action was brought by three stockholders of the Lincoln
John W. Staley, Vice-Presidents, and Walter G. Nicholson, Title & Trust—George E. W. Luehrmann, Edward LuehrCashier. These appointments mark a new departure in this mann and Guy B. Fulton—who were opposed to the merger;
well-knoNirn institution and are made necessary by the recent in addition to asking for the cancellation of the merger, they
growth of its business. President Clark, in announcing the also sought the appointment of a receiver for the Lincoln
promotions, stated that it was particularly gratifying to the Trust & Title Co. Judge Kinsey, in denying their petition,
bank's officers and staff to know that three of the new Vice- held that there was no evidence of fraud or misrepresentaPresidents and the new Cashier rose from the ranks, their tion in the merger transaction.
promotions being a reward for efficiency and faithful service.
—Anthony Walsh, President of the North Memphis SavMr. Smith, who had, previous to his present appointment, ings Bank of
Memphis, Tenn., died on the 11th inst. His
been Cashier, has been connected with the bank for a quarter brother, John T.
Walsh, was elected President on the
of a century, holding practically every office. Mr. Staley 15th inst. to suceed
him.
has also been associated with the bank for a great many
—J. D. Anderson was elected active Vice-President of
years, having entered the institution in 1892, holding various
the American Trust Co. of Houston at a recent meeting of
positions until his appointment as Assistant Cashier in 1908.
the directors.
Mr. Moon entered the bank four years ago as manager of its
—A. G. Taft has become President of the Harbor Bank
bond department. William J. Gray, who is designated
Active Vice-President, is a well-known member of the of Oakland, Cal., succeeding W. R. Rigg, resigned.
—William W. Jones, Cashier of the Merchants' National
Detroit Bar, having twice been honored with its presidency.
He has beeR identified with the Security Trust Co. as a Bank of San Francisco, before that institution was merged
director and counsel and is also a director of the Michigan on May 31 with the Western Metropolis National Bank
Savings Bank. The new Cashier, Mr. Nicholson, has been has been elected Cashier of the enlarged institution, which
an employee of the bank for twenty-seven years, having after the consolidation kept the name of the Merchants'
entered its service in 1885, and has held all positions of trust, National. R. B. Murdock, Cashier of the Western Metropolis, has been made Assistant to President Meyerstein. •
latterly serving as an Assistant Cashier.
—Stockholders of the Pontiac Savings Bank of Pontiac, The full management of the new Merchants' National Bank
Mich., have decided to increase their capital from $50,000 to is as follows: President, Alfred L. Meyerstein; Vice-Presi$100,000. Of this addition, $30,000 will be a stock dividend dents, John H. Spring and C. A. Hawkins; Assistant to
President, R. B. Murdoch; Cashier William W. Jones;
of 60% from undivided profits.
—Articles of incorporation were filed on the 31st ult. for Assistant Cashiers, George Long, C. C. Campbell and J. W.
a Socialist bank in Milwaukee, to be known as the Com- Judson. In carrying out the consolidation the old Mermonwealth Mutual Savings Bank. It is stated that C. B. chants' National Bank (which had a capital of $500,000 and
Whitnall, formerly City Treasurer,and one of the incorpora- deposits close to $2,000,000) has been placed in voluntary
tors, will be active manager. Others interested in the move- liquidation, and the Western Metropolis National Bank
ment are Frederic Heath, Daniel W. loan, J. H. Zint, (capital $1,500,000 and deposits of over $4,000,000) has
W.I. Gaylord, State Senator; W. A. Arnold, Carl D. Thomp- changed its name to the Merchants National Bank. The
capital continues at $1,500,000, and the officers, with the
son, formerly City Clerk; J. C. Kleist, Henry Campbell and
exception of Messrs. Jones and Judson, are those who
William J. Alldridge.
directed the affairs of the Western Metropolis National.
—The Merchants' Bank of Denver has been formed with
—John K. Bush, until lately a Vice-President of the First
a capital of $50,000. The following are the officers: S. J.
National Bank of Joliet, Ill., has been elected Cashier of the
Thomas, President; A. J. Beckwith, Dr. F. L. Bartlett and
National City Bank of Seattle, Wash.
Allison Stocker, Vice-Presidents, and F. R. Smith, Cashier.
—Thomas B. Minahan, Second Vice-President of the
—Another newly incorporated Denver bank will organize Scandinavian-American
Bank of Seattle, Wash., has resigned
as the Citizens' Exchange Bank; its capital has been fixed and has been elected
Vice-President of the German-American
at $30,000, and it is scheduled to begin business on July 1 Bank of that
city. As Vice-President of the latter Mr.
at Second Avenue and Broadway. It will be under the Minahan
succeeds John E. Ostrom,.whose holdings lie has
presidency of Frederic C. Rantschler and Gabriel Jones purchased. Mr.
Ostrom remains as a director of the bank.
will be Cashier.
—The officers of the Portland Trust Co. of Portland, Ore.,
—An application to organize the Empire National Bank have undertaken
the organization of a new national bank;
of Lewiston, Idaho, with a capital of $100,000, was approved the same
officials will conduct the affairs of both institutions.
by the Comptroller of the Currency on May 22. The insti- The new
bank is to be known as the Northwestern National
tution will take over the business of the Bank of Commerce Bank and
is to have a capital at the start of $500,000;
of Lewiston.
the trust company has $300,000 capital. The proposed
—Abner Davis, former President of the Night & Day Bank institution will have offices with the trust company in the
of Oklahoma City, Okla., was found guilty (on one count) in Marquam Building, at Sixth and Morrison streets, which has
the Federal Court on the 3d inst. of using the mails to de- been purchased recently by interests affiliated with the comfraud. A petition for a new trial was subsequently granted pany. The establishment of a Federal institution
as an
by Federal Judge John Cotteral.
adjunct to the Portland Trust Company is occasioned
—J. M. Johnson, Cashier of the Guaranty Bank of Okla- both by reason of the growth of the company and a dehoma City, Okla., has sold his holdings in the bank to E. L. sire to cater to those having business with national banks.
Craig, who succeeds him as Cashier. Controlling interest in H. L. Pittock, President of the trust company, will
the institution is said to have been recently acquired by be President of the bank; Emery Olmstead will be active
C. H. Everest and W. R. Ramsey.
Vice-President of both institutions; Edgar H. Sensenich will
—On June 15 the Commonwealth Trust Co. of St. Louis be ,Cashier of both, and H. W. Hawkins, Secretary of the
moved into temporary quarters at the northeast corner of trust company, will be active in the management.
Broadway and Locust St., where all the departments of its
—The Merchants' National Bank of Portland, Ore.,
business will be conducted pending the completion of its recently moved into its new building.
With the exnew building on the northeast corner of Broadway and Olive ception of the upper story, the structure is occupied exSt. Construction work on the new building will begin as clusively by the various departments of the institution. The
soon as the building now occupying the site can be de- new quarters are provided with all modern appliances and
molished, and it is anticipated that the structure will be conveniences and rank among the finest of the kind in the
ready for occupancy about Sept. 11913. The building will city. The exterior is of white terra cotta; the ceilings, walls
be of steel and concrete construction, nineteen stories in and pillars of the main banking room are finished in cream
height, on a plot 100 x 130. The Trust Company will and gold and the woodwork is of solid mahogany. The
occupy 16,000 sq. ft. of space on the first and second floors bank has a capital of $500,000; on April 18 its deposits were
of the building. The firm of A. G. Edwards & Sons will also $3,074,165, while its total resources were $3,947,394. R. L.
have offices on these floors. The building is financed by Durham is President and George W. Hoyt is Cashier.
JUNE 22 1912.]
THE CHRONICLE
1671
-The Standard Bank of Canada (head office Toronto)
TREASURY CURRENCY HOLDINGS.-The following
will increase its capital by a new issue of a par value of $500,- compilation, based on official Government statements, shows
000 at a premium of 100%. Shareholders will be allotted the currency holdings of the Treasury at the beginning of
one new share for every four shares of old stock as of date of business on the first of March, April, May and June 1912.
TREASURY NET HOLDINGS.
record June 17. The authorized capital of the bank is
Mch. 1 1912. Apr.
.11912. May 11912. J'ne 1 1912.
$5,000,000 and the present paid-in amount is $2,000,000.
Holdings in Sub-Treasuries$
$
gold coin and bullion
239,947,601 254,136,930 253,187,522 244,189,050
-The proposal to increase the authorized capital of the Net
Net silver coin and bullion
26,439,046 21,589,405 21,421,740 24,911,692
Net
States
United
Treasury
notes
12,386
8,183
14,110
11,004
Bank of Montreal (head office Montreal) from $16,000,000 to Net legal-tender notes
9,567.341
8,880,271 9,625,444 8,657,798
$25,000,000 was unanimously endorsed by the stockholders Net national bank notes
38,963,623 34,887,276 33,623,681 35,937,196
fractional
elver
Net
23,468,394 24,306,074 24,738,979 25,584,333
at the special general meeting held on the 18th inst.
Minor coin, &c
3,146,026 3,373,420 3,234,028 3,440,715
,-The National Bank & Trust Co. of Isle of Pines has
Total cash in Sub-Treasuries _ _341,541,417 347,184,380 345,839,577 342,734,894
150,000,000 150,000,000 150,000,000 150,000,000
been organized by Cuban and American capitalists with a Less gold reserve fund
Cash balance in Sub-Treasuries _191,544,417 197,184,380 195,839.577 192,734,894
$5,000,000 capital, with banks at Santa Fe, Isle of Pines Cash
in national banks
46,748,306 44,961,011 44,839,427 47,525,400
5,316,836 4,923,814 6,047,267 5,659,006
and Nueva Gerona, Isle of Pines, with E. L. Kennedy of Cash In Philippine Islands
Nueva Gerona, President; W. A. Miller of Nueva Gerona,
Net Cash in banks, Sub-Treas_243,609,559 247,069,205 246,726,271 245,919,300
121,716,855 115,535,109 121,112,323 118,921,742
Vice-President, and W. H. North of Nueva Gerona, Cashier. Deduct current liabilitles_a
Available cash balance
121,892,704 131,534,096 125,613,948 126,997,558
The bank will do a general banking and trust business on
the Isle of Pines, Cuba and elsewhere.
a Chiefly "disbursing officers' balances." IIncludes $1,683,489 22 silver bullion
minor coin, &c.,
not included in statement "Stock of money."
and $3,440,714 53
DEBT STATEMENT OF MAY 31 1912.
The following statements of the public debt and Treasury
IMPORTS AND EXPORTS FOR APRIL.
cash holdings of the United States are made up from official
figures issued May 311912. For statement of April 30 1912,
The Bureau of Statistics at Washington has issued the
see issue of May 25 1912, page 1426; that of May 31 1911, see statement of the country's foreign trade for April, and
June 17 1911, page 1612.
from it and previous statements we have prepared the following interesting summaries:
INTEREST-BEARING DEBT MAY 31 1912.
Amount
-Amount Outstandina
Registered. Couvon.
Interest Issued.
Total.
Me of LoanPayable.
S
$
S
$
2s, Consols of 1030
Q.-J. 646,250,150 642,203,050 3,957,100 616,250.150
3s, Loan of 1908-18
Q.-F. 108,792,660 44,029,520 19,915,940 63,945,460
4s, Loan of 1925
Q.-F. 162,315,400 100,131,500 18,358,400 118,489,900
2s, Pan. Canal Loan 1006Q.-F. 54,631,980 54,606,740
2.5,240 54,631,980
2s, Pan. Canal Loan 1908.Q.-F. 30,000,000 29,653,920
346,080 30,000,000
Is, Pan. Canal Loan 1911_Q.-S. 50,000,000 32,420,400 17,579,600 50,000,000
24s, Post.Sav.bonds 1911 3.4.
41,000
37,040
4,800
41,900
2;is, Post.Sav.bonds 1912 J.-J.
417,380
315,620
101,700
417,380
Aggregate Int.-bearing debt_ _1,142,449,470 903,497,790 60,288,980 963,776,770
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
April 30.
May 31.
Funded loan of 1891, continued at 2%,called May
18 1900, Interest ceased Aug. 18 1900
57,000 00
55,000 00
Funded loan of 1891, matured Sent. 2 1891
23,6.50 00
23,650 00
Loan of 1901, matured Feb. 2 1904
13,350 00
13,350 00
Funded loan of 1907, matured July 2 1907
807,800 00
804,900 00
Refunding certificates, matured July 11007
14,110 00
14,050 00
Old debt matured at various dates prior to Jan. 1
' 1861 and other items of debt matured.at various
rdates subsequent to Jan. 1 1861
004,230 20
904,260 26
Aggregate debt on which interest has ceased
since maturity
$1,770,230 26 $1,765,210 26
DEBT BEARING NO INTEREST.
April 30.
Mau 31.
United-States notes
$346,681,016 00 $346,681,016 00
Old-demand notes
53,282 50
53,282 50
National bank notes-Redemntion account
27,113,412 50 25,622,399 50
Fractional currency, less $8,375,934 estimated as
lost or destroyed
6,856,154 90
6,856,154 90
E'Aggregate debt bearing no Interest
$380,703,865 90 $379,212,852 90
RECAPITULATION.
Increase (-I-) or
May 31 1912.
r"-ClctssificationApril 30 1912.
Decrease(-).
Interest-bearing debt
$963,776,770 00 $963,776,770 00
1,765,210 26
Debt Interest ceased
1,770,230 26
-55.020 00
Debt bearing no interest _ _ _ _ 379,212,852 90
380,703,865 90 -1,491,013 00
Fr
$1,344,754,833
16
debt
gross
$1,346,250,866 16 -$1,496,033 00
"
-Total
276,997,557 08
Cash balance In Treasurys
275,613,947 76
+1,383,610 22
$1,067,757,275
18 $1,070,630,918 40 -$2,879,643 22
Total net debt
-.Includes 8150,000.000 reserve fund.
The foregoing figures show a gross debt on May 31 of
$1,344,754,833 16 and a net debt (gross debt less net cash
In the Treasury) of $1,067,757,275 18.
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
May 31 are set out in the following:
ASSETS.
X
Trust Fund HoldingsTrust Fund Liabilities$
1,034,895,369 00 Gold certificates
Gold coin
1,034,895,369 00
483,223,000 00 Silver certificates
Silver dollars
483,223,000 00
Silver dollars of 1890._
2,957,000 00 Treasury notes of 1890_
2,957,000 00
r,‘Total trust fund
1,521,075,369 00
Total trust ilabtlities_1,521,075,369 00
Gen.Fund HoldingsGen. Fund Liabiliteis741,521 70 National bank 5% fund 24,454,090 37
Certified checks
19,601,009 87 Outstapding checks and
Gold'coln and bullion_ _ _
Gold/certificates
74,588,040 00
draffs
10,798,200 19
11,489,859 00 Disbursing officers' balSliver certificates
11,738,344 00
Sliver dollars
ances
75,224,603 29
1,683,489
22
Post Office Department
Silver bullion
8,657,798 00
United States notes_
account
6,611,281 OR
14,110 00 Miscellaneous items. _ _
Treasury notes of 1890_
1,833,567 22
35,937,196
26
National bank notes_
Total gen.liabilities
Fractional silver coin._ 25,584,333 54
118,921,742 15
276 33
Fractional currency.-LI Pi
n9
2,689,355 35
Minor coin
9,561 15
Bonds and interest piald_
5Tot.
In'Sub-Treasles.
In Nat:Bk.
In Treasury of Philippine
" 4,941
Islands: '
Credit Treas. of U. S.
eredlt U. S. disbursInffics
irS
u
•
- -
$1,533,067 $1,562,904
GOLD.
1912.
$1,915
10,589
7,454
1,817
4,451
January
__
February -March
April
May
June
July
August
September_
October.
November
December _
Exports
1911.
$924
425
505
1,506
6,817
3,075
2,178
481
2,353
3,984
13,941
994
Total
$37,183
1910.
$6,163
2,937
1,816
36,284
719
1,598
829
3,150
1,823
750
1,376
1,330
1912.
$5,141
2,937
4,336
3,893
3,346
Imports
1911.
$9,541
5,806
4,119
4,525
5,015
4,768
2,595
4,105
4,704
4,102
3,458
4,707
1910.
$2,131
3,063
4,374
2,101
3,143
4,576
10,283
12,819
3,192
4,250
4,313
4,977
$57,445
$59,222
Imports
1911.
$3,551
3,898
3,197
4,252
3,556
3,506
3,921
3,653
4,163
3,404
3,339
3,307
1910.
$4,248
3,155
3,995
3,841
3,355
3,308
3,795
4,119
3,442
3,395
4,827
4,398
$58,775
SILVER.
1912.
$6,028
5,122
5,806
4,941
6.726
January _ _
February _.
March
April ..
May
June
July
August
September_
October
November _
December _
Total
January ....
February __
March ____
April .....
May
June
July
August ..
September
October _ _ _
November
December_
Exports
1911.
$5,651
4,453
5,897
7,610
5,054
5,778
*5,275
4,870
4,941
5,087
5,052
5,997
1910.
$4,498
4.589
4,553
4,697
4,131
4,587
5,124
4,756
4,830
4,270
5,265
6,061
1912.
$4,358
3,781
3,712
4,189
4,345
$57,361
843.747
$65,665
$45,878
EXCESS OF EXPORTS OR IMPORTS.
Merchandise------ -Gold
Silver
1912.
1911.
1910.
1912.
1911.
1912.
1911.
$
$
$
$
$
$
+58,860 +66,522 +10,790 -3,226 -8,617 +1,670 +2,100
+64.656 +54,262 -5,560 +7,652 -5,381 +1,341
+555
+47,834 +22,891 -19,341 +3,118 -3,614 +2,094 +2,700
+16,729 +38,161
-812 -2,076 -3,019
+752 +3,358
+20,294 +23,338 +12,246 +1,105 +1,802 +2,381 +1,498
+8,012
+18,900
-1,693
+2,272
+9,643 -2,688
-417
+1,354
+18,240 -3.692
-3.624
+1,217
+51,609
+70.627
-2,351
+778
+77,160 +83.663
-118
+1.683
+75,591 +76,834
+10,483
+1,713
+84,125 +92,293
-3,713
+2,690
+559.459 +303,354
Total__
-20.262
+21,918
+ Exports. -Imports.
We subjoin the totals for merchandise, gold and silver fot!
eleven months since July 1 for six years:
Exports.
Cash balance and Reserve3,831,519 99 Total cash and reserve
276,997,557 98
Made up.of5,659,005 60 Avallable_3126,997,557 98
Total in Philippines
•
and
Rectorve FilnlReserve Fund Holdings150,000,000 00 antd&bul. 150 000,000 00
Gold'eoln and bullion
"
in,
iff
randrAini
1,916,994,669 13
Grand total
1,916,994,669 13
$2,092,527 $1,866,259
Eleven
Mcmths
47.525,400 11
1,817A85 61
Total
Merchandise.
192,734,894 42
Depositaries:
Credit Treas. of U. S. 36,367.183 85
Credit U. S. disburs11,158,216 26
ing officers
F'Total
In banks
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers (000) are in all cases omitted.)
•
MERCHANDISE.
Exports
Imports
Ell1912.
1911
1910.
1912.
1911.
1910.
January ___ $202,446 $197,083 $144,461 $143,586 $130,561 $133,671
198,844
February _
175,957
124,558
134,183
121,695
130,118
205,411
March
161,933
143,658
157,577
139,042
162,999
179,300
A nr11
157,988
133,110
162,571
119.827
133,922
175,895
153,152
131,084
155,601
Ma7
129,814
118,838
141,707
127,888
June ...
122,807
119,876
127,697
114,628
July
118,054
117,316
144,185
August
134,666
125,945
138;358
September_
195,799
168,874
125,172
117,265
October
210,366
207.709
133,206
124,046
November _
201,753
206,620
126,162
129,786
December _
224,907
229,003
140,782
136,709
Imports.
I
Excess
of
ExExports ports.
Gold.
Silver.
Excess
Imof
Exports. Exports ports.
Excess
of
Imports. Exports
$
1911-12 2,066,604 1,522,137 544,467 50,157 43,325 6,832
1910-11 1,907,613 1,404,418 503,195 19,435 68,839 a49,404
1909-10 1,617,096 1,437,071 180,026 116,965 38,764 78,201
1908-09 1,545,592 1,187,256 358,336 83.185 41,636 41,549
1907-08 1,745,404 1,102,235 543,169 63,806 144,887 281,081
1906-07 1,743,111 1,321,911 121,200 27,527 112,345 a84,818
59,844
58,972
50,699
50,178
53,484
51,37
42,170
42,431
41,909
39.616
41,20
39,47
17,674
16,541
8,790
111,562
12,279
11,908
a Excess of Imports.
Similar totals for five months since January 1 for six years
make the following exhibit:
Merchandise. "
Five
Months.
1912___
1911_
I910__1909_
I908___
1907_
[VOL. Lxxxxiv.
THE CHRONICLE
1672
. Gold.
Silver.
I
Excess
Excess
Excess
of
ExportsImports of • Exports Imports
Exports. Imports.
of
Exports
Exports
Exports
$
$
961,898 753,524 208,374 26,226 19,653 6,573 28,623
846,114 640,931 205,175 10,177 29,005 al8,828 28,665
694,547 676,871 a2,676 47,919 14,812 33,107 22,467
670,554 593,331 77,222 55,487 17,768 37,719 23,855
762,428 430,344 332,084 44,891 22,957 21,934 21,077
802,711 638,761 163,942 12,428 19,304 a6,876 23,858
20,385 8,238
18,454 10,211
18,593 3,874
13,533 5,322
17,68
3,389
18,919 4,939
a Excess of imports.
Woiletaxg3Commercialigngliskgews
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols
(ix., compared with the last four years:
1912.
June 5.
Circulation
29,084,390
Public deposits.. _ _ _ 21,710,115
Other deposits
40,314,228
Gov't securities__
14,155,013
Other securities__ _ 35,632,328
Reserve,notes&coln 30,051,064
Coin&bull.,both dep 40,685,454
Prop. reserve to liap. c.
48%
bilities
p. c.
3
Bank rate
76%
Consols, 2%.p. c_
28d.
Silver
Clear -house returns 364,970,000
1911.
June 7.
1910.
June 8.
28,286,670
13,914,151
41,103,084
14,971,344
28,890,450
28,966,730
38,803,400
28,006,650
24,931,604
37,537,275
17,183,939
31,130,395
31,940,878
41,497,528
1909.
June 9.
,£
29,401,545
13,854,834
42,311,130
15,368,812
31,113,755
27,367,154
38,318,699
1908,
June 10.
£
29,019,600
9,760,004
44,328,825
15,007,531
29,427,994
27,424,035
37,993,635
52%
485
%
51
50X
.3
3
2%
2%
80%
84X
82%
87%
24 9-16d.
2430.
24%d. 24 5-16d.
261,004,000 265,275,000 237,738,000 176,629,000
* June 5 1910.
(From our own correspondent.
London, Saturday, June 8 1912.
It is a long time since the Bank of England has been so
strong as it is at present. The reserve exceeds 30 millions
sterling, an increase within the week of nearly 1,200,000.
The coin and bullion amount to £40,685,454, an increase in
the week of over Z1,300,000. The gold received from abroad
was somewhat more than the figures just cited show. It
amounted, in fact, to very nearly a million and a half sterling. Part of this, however, was gold that ought to have
been received the week before, but the reception of which
was delayed by the dock strike. Part of it, again, is due to
the fact that no gold was taken for India this week because
a convenient boat did not sail. The money, of course, will
be taken next week. Still, the addition made to the Bank's
holding is very large, and everything points to a further
growth in the Bank's gold holdings.
The great Europpan countries that usually compete for
gold are at present not in a position to take it. Gold, for
example, is coming from France in small amounts, though
France usually is a creditor country and not a debtor. This
year she is parting with the metal because, owing to two very
bad harvests in succession, she has had to import unusually
large quantities of food and raw materials. Germany is not
in a position to take the metal, for, ever since September,
when the French banks withdrew balances from Berlin,
Germany has been in debt to almost all her neighbors, as
well as to New York. Vienna is not able to take the metal,
either, because she cannot borrow in Paris, and, therefore,
has not the means of buying-owes, instead, to most countries. Russia which,through the readiness of France to lend
to her, usually can take gold just now, is prevented from
doing so by famine over vast districts, but preparations are
beginning in Paris for a contemplated Russian loan. So far
as can be judged, therefore, there is not likely to be-for a
considerable time to come, at all events-competition for the
gold offering in the open market in London, and consequently, as far as can be judged at present, the greater part
of it is likely to go into the Bank of England.
From another source the metal is likely to be received by
the Bank of England. Australia, unfortunately, is suffering
from drought. At the beginning of the year there usually
are very heavy and continuous rains in Queensland. In
ordinary times they last from December till February. This
year they did not fall, and very little has fallen since. In
New South Wales heavy rains are looked for in March and
April. This year there were a few showers, but nothing
more; and the same is true of Northern Victoria. Consequently, Australia is suffering from drought in her richest
and most productive States, and it is reported that the mortality amongst the young lambs is serious. As yet the
drought is not bad enough to deprive grown sheep and other
cattle of food. Indeed, if the drought breaks within any
reasonable time, the country is so prosperous after the long
succession of exceedingly good seasons that it will not suffer
very heavily. But for all that there will be much damage
done, and as the imports into Australia have been large
during the past twelve months, Australia is heavily indebted
to Europe. Therefore, all the gold it can spare will probably
be shipped. It is possible that the gold may be taken by
India. In that case, India would need to take less from the
Bank of England. Whether India will take gold or not will
depend mainly upon the monsoon. It broke on Tuesday at
Colombo. It was somewhat late, which gave rise to apprebension. But since Tuesday it is reported to have been very
flvorable. If everything goes well, the monsoon ought to
reach Bombay in about a week's time, and if it is a good
monsoon the following harvests will be abundant and India
will have another exceedingly good year. Of course if the
monsoon is not good India will not be likely to take much
vld from Australia.
The liquidation on the Stock Exchange of the bad business
accumulated during the mad speculation while the coal strike
was going On is still weighing upon the Stock Exchange.
The general opinion, however, is that it is now nearing completion. At all events, there is, as the week draws to a close,
a better feeling,which is encouraged by the recovery in New
York; and in some departments business is more active and
prices are higher.
The India Council offered for tender on Wednesday 50 lacs
of its bills and telegraphic transfers, and the applications
exceeded 674 lacs at prices ranging from is. 4d. to Is. 4 1-16d.
per rupee. Applicants for bills at is. 4 1-32d. and for telegraphic transfers at Is. 4 1-16d. per rupee were allotted 36%.
The rates for money have been as follows:
June 7.
May 31.
May 24.
May 17.
Bank ofrEngland rate
3
3
3
3
Open market rateBank bills-3 months__ __
2 13-16 23f02 15-16 2 15-1603
33%033-f
-4 months___
23%02 15-16 2 15-1603
23%
33033%
-6 months__ _3 5-16
3 5-16
3 3-16 33%033.5
Trade bills-3 months__ _ _ 33@334
33-f
23%©215-16
33-f
ii•
-4 months __ _ 33f@33%
33i
23%@2 15-16
33-f
Interest allowedfor depositsBy joint-stock banks _
I%
1%
1%
1%
By discount housesAt call
14
IX
P4
13
%
7 to 14 days
2
2
2
2
The bank rates of discount and open market rates at the
chief Continental cities have been as follows:
Rates of
Interest alParis
Berlin
Hamburg
Frankfort
Amsterdam ..
Brussels
Vienna
St. Petersburg__
Madrid
Copenhagen
May 25.
June 8.
June 1.
May 18.
Bank Open
Bank Open
Bank Open
Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Market.
3
23%
3
3
3
23%
23%
33%
43%
5
5
5
4
5
43%
43%
43%
43%
5
5
5
4
5
434
5
4
43%
5
43%
5
5
43%
4
4
4
4
4
33%
4
4
43%
4
4
43%
33%
33%
33-f
5
5
5
4 7-16
5
4 7-16
43%
43-f
5
nom.
5
nom.
nom.
5
nom.
5
43-f
4
43%
43%
43%
33-f
4
43-f
5
5
5
5
5
5
5
5
33%
Messrs. Pixley & Abell write as follows under date of
June 6:
•
GOLD.-Owing to the strike at the docks, it has been impossible to forward gold
to Bombay this week,whilst Calcutta has taken £2,500 only. There has been no demand from the Continent and the Bank of England has secured practically the whole
of this week's arrivals of bars, which amounts to about £870,000. During the week
the Bank has received £1,307,000 in bar gold and £23,000 from France in sovereigns,
while there have been no withdrawals. Next week we expect £734,500 from South
Africa. Arrivals-South Africa, £697,000; India, £115,000; China, £5,000; Brazil,
.£27,000; West Indies,£27,0.00; total,£871,000. Shipments-Bombay,£155,000.
SILVER.-The market has again been quiet, with a small demand for India, and
closes with a very quiet tone at 286. for spot and 28 3-166. for fonvard. These quotations are Hd. and 1-16d. below those of the 30th of May. The protracted negotiations in Pekin over the proposed loans to China show no signs of being brought to
a successful termination just yet, the Chinese Government, according to cabled
advices received to-day, having again refused to sanction the appointment of European auditors of its finances. Owing to the delays in settling these loans, this market has become languid, and speculators are showing little interest. As usuallat
this time of the year, rupees are returning to the Indian Treasury, and the holding Is
now a little under 13 crores in the ordinary reserve, with 2.90 crores in the gold
standard reserve. The stock in Bombay is 9,600 bars, whilst that in London is
about.£2,800,000 The latest quotation from Bombay is Rs.71 7-16 per 100 tolahs
for the July settlement. Arrivals-New York, £330,000; West Indies, £10,000;
total, £340,000. Shipments-Bombay,£302,000; Shanghai,£50,000; total, £352,000.
The quotations for bullion are reported as follows:
June 6. May 30.1
GOLD.
June 6.
SILVER.
London Standard.
s. d. s. d.
London Standard.
d.
77 9 77 9
Bar gold, fine, oz
Bar silver, fine, oz__28
76 4
76 4
" 2 mo. dellvery___28 3-16
U. S. gold coin, oz
76 4
76 4
Cake silver, oz
German gold coin, oz._
303%
nom
French gold coin, oz __ 76 53-f 76 53-f Mexican dollars
76 4
76 4
Japanese yen
May 30.
d.
2831,
283%
303%
nom.
The following shows the imports of cereal, produce into
the United Kingdom during the season to date, compared
with previous seasons:
Thirty-nine weeks.
Imports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
IMPORTS.
1908-09.
1911-12.
1910-11.
1909-10.
cwt_71,376,600 72,474,700 75,331,740 65,728,100
18,477,300 16,033,300 18,621,400 17,627,500
12,887,000 11,052,800 14,585,200 10,430,300
1,856,637
1,202,950
4,495,143
1,722,821
1,002,250
1,896,1351
.570,947
888,780
20,391,500 32,335,100 27,118,258 25,730,800
8,814,451
8,889,400
7,729,400
7,439,700
- Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported •
Imports of flour
Sales of home-grown
1909-10.
1908-09.
1010-11.
1911-12.
cwt_71,376,600 72,474,700 75,331,700 65,728,100
8,814,451
7,729,400
8,889,400
7,439,700
21,535,971 20,551,520 23,404,537 24,466,417
Total
Average price wheat, week
Average price, season
.
100,352,271 100,755,626 107,550,688 99,083,017
31s. 3d.
42s. 66.
32s. 5d.
365. 10d.
33s. Od.
34s. 5d.
30s. 8d.
34s. Id.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week. Last week.
3,720,000
qrs_ 3,955,000
120,000
155,000
qrs_
995,000
qrs_ 1,065,000
1911.
3,470,000
200,000
435,000
1910.
3,780,000
180,000
515,000
The British imports since Jan. 1 have been as follows:
ImportsJanuary
February
March
April
May
Five months
1912.
X
67,002,582
59,719,722
61,187,949
60,414,742
55,130,632
1911.
X
62,693,421
56,071,259
58,538,382
51,850,615
53,932,092
Difference.
X
+4,309,161
+3,648,463
+2,649,567
+8,564,127
+1,198,540
Per
Cent
+6.8
+6.5
+4.5
+16.5
+2.2
303,345,364
283,052,905
+20,292,459
+7.8
The exports since Jan. 1 have been as follows:
ExportsJanuary
Fehruary
March
April
May
Five months
1912.
X
40,416,812
37,490,329
40,713,971
32,887,127
38,832,475
1911.
X
37,730,831
35,653,120
40,863,912
35,692,456
37,614,828
Difference.
X
+2,685,981
+1,837,209
-149,941
-2,805,329
+1,217,647
Per
Cent.
+7.1
+5.2
-0.3
-7.8
+3.2
190,340,714
187,555,147
+2,785,567
+1.5
THE CHRONICLE
JUNE 22 1912.1
The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Difference.
£
• +953,154
+730,463
+1,692,040
+595,247
+1,990,212
1911.
£
8,641,472
9,994,156
9,174,666
9,488,811
,' ,
1912.
£
9,594,626
10,724,619
10,866,706
10,084,058
10,825,183
Re-exportsJanuary
February
March
April
May
Per
Cent.
+1.1
+7.3
+18.4
+6.3
+22.6
+5,961,116 +12.9
52,095,172 46,134,056
Five months
Note.-The aggregate figures are official- They indicate that slight adjustments
have been made in the monthly returns as issued
English Financial Markets-Per Cable.
The daily closing quotations for securities, Scc., at London,
as reported by cable, have been as follows the past week:
London,
Fri.
Tues.
Mon
Sat.
Wed. Thurs.
Week ending June 21.
28 7-16
283-18 283-16 283%
d 2834
Silver, per oz
283%
76 5-16 76 1-16 753%
76 5-16 763
Consols, 23% per cents
%
763%
763%
763%
76 7-16
75 15-16 763%
7634
For account
92.8234 92.75
French Routes (in Paris)_fr_ 93.773% 93.073% 93.05
93.773%
863%
88
Amalgamated Copper Co.._ _ 864
873%
893%
883%
87
873%
8734
Amer.Smelting & Rollin. Co_ 86
853%
8834
9
9
b Anaconda Mining Co
9
934.
93%
934
10954
1093%
109%
Atch. Topeka & Santa Fe_ _10934
1093-1
10934
106
106
106
106
106
106
Preferred
8
110%
1103
110%
111
Baltimore & Ohio
%
1103%
11034
903%
903%
9034
903%
90
Preferred
9034
27134
2703%
2713%
2715
% 271
Canadian Pacific
27034
79
793%
79
Chesapeake & Ohio
8034
7934
7934
%
173
173%
173%
Chicago Great Western
173%
173%
1734
Chicago Milw. & St. Paul_ _10534
1053%
105%
10534
1053%
1073%
20
203%
203%
Denver & Rio Grande
203%
2034
2034
35
3634
363%
Preferred
35
363-4
3634
3
35%
35
Erie
35
35
35
35
First preferred
5434
5334
533%
533
5334
5334
43
43
43
43
43
Second preferred
4334
1373%
Great Northern, preferred_136%
1373%
137
1363%
1363%
130
Illinois Central
130
130
1303%
129
1293%
1623%
161
Louisville & Nashville
1603%
1603%
1603%
1003-4
283%
Missouri Kansas & Texas__ _ 283%
283%
283%
283%.
283%
62
62
613%
62
Preferred
62
613%
383%
38
38
Missouri Pacific
38
3734
%
683%
683%
Nat. RR.of Mexico, 1st pref. 88
683%
68
683%
323%
313%
32
313%
Second preferred
32
32
1223%
1213%
N. Y. Central & Hud Riv_ _121
1203%
1213%
1203%
36
3534
353-4
3534
35
N. Y. Ontario & Western... 3534
1143%
1143%
1143%
1143%
1143%
Norfolk & Western
1143%
91
01
Preferred
903%
1223%
liii
1223%
lai%
1H4122%
Northern Pacific
633%
633%
6334
633%
633%
633%
a Pennsylvania
853%
86
85
843%
85
843%
a Reading
453-4
4534
4534
4534
a First preferred
4534
453.4
_
50
5050
a Second preferred
284 26
i8ii
253%
253%
Rock Island
253%
1123%
1123%
111%
1123%
1133%
1123%
Southern Pacific
20
29
283%
Southern Ry
283-4
2834
283%
76
78
76
763%
763%
76
Preferred
1723%
1723%
1723%
1743%
1733%
Union Pacific
1723%
923%
923%
923%
923%
923%
923%
Preferred
723%
703%
713%
713%
703%
U.S. Steel Corporation
703%
Preferred
1133%
1133%
11334
11334
11334
11334
7
43%
5
7
7
Wabash
53-4
1434
14
153%
173%
17
173%
Preferred
70
73
723%
72
70
70
Extended 48
-a Price per share. 5.5 sterling.
-4
Tontmercial and trascellantonsRaw
1673
Bonds and Legal Tenders
on Depositfor
Circulation Afloat Under-
1911-1912.
May 31 1912
Apr. 30 1912
Mch. 31 1912
Feb. 29 1912
Jan. 31 1912
Dec 31 1911
Nov.30 1911
Oct. 31 1911
Sept.30 1911
Aug.31 1911
July 31 1911
June 30 1911
Bonds.
Legal
Tenders.
$
724,265,600
723,035,910
721,315,120
722,026,920
719,811,320
717,578,120
715,560,170
714,170,320
713,082,810
710,141,420
705,648.210
698,805,810
25,631,642
27,115,655
27,869,700
25,724,070
26,167,972
26,240,119
27,649,008
28,065,375
28,811,903
30,025,825
31,396,930
33.189.435
• Bonds.
719,861,030
718,604,693
717,001,493
718,548,203
715,493,996
714,363,068
712,115,338
711,099,938
708,976,455
707,181,923
701,427,086
695.025,073
Legal
Tenders.
Total.
25,631,642
27,115,655
27,869,790
25,724,070
26,167,972
26,240,119
27,649,008
28,065,376
28,811,903
30,025,825
31,396,930
33,169.435
745,492,672
745,720,348
744,871,283
744,272,273
741,661,968
740,603,187
739,764.348
739,165,313
737,788,358
737,297,748
732,824,016
728,194,508
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositories on May 31:
U. S. Bonds Held May 31 to Secure-
Bonds on Deposit
May 311912.
Total
Held.
Bank
PublieDeposits
Circulation.
in Banks.
4%,U. S. Loan of 1925
3%, U. S. Loan of 1908-1918
2%, U. S. Consols of 1930
2%,U. S. Panama of 1936
2%, U. S. Panama of 1938
3%, U. S. Panama of 1961
4%, Philippine Loans
4%, Porto Rico Loans
3.65%, District of Columbia
Various, Territory of Hawaii
4%,Philippine Railway
Various, State. City and Railroad
Total
$
23,748,000
19,448,620
599,978,200
52,387,800
28,702,980
13
3,719,000
3,674,300
12,784,700
1,546,500
712,000
16,057,000
4,542,000
744,000
847,000
685,000
136,000
2,761,000
$
27,467,000
23,122,920
612,762,900
53,934,300
29,414,980
16,057,000
4,542,000
744,000
847,000
685,000
136,000
2,761,000
724,265,600
48,208,500
772,474,100
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits May 1 and
June 1, and their increase or decrease during the month of
May:
National Bank Notes-Total AfloatAmount afloat May 1 1912
Net amount retired during May
$745,720,348
227,676
Amount of bank notes afloat June 1 1912
Legal-Tender NotesAmount on deposit to redeem national bank notes May 1 1912 '
Net amount of bank notes retired in May
8745,492,672
$27,115,655
1,484,013
Amount on deposit to redeem national bank notes June 1 1912.... $25,631,642
GOVERNMENT REVENUE AND EXPENDITURES.
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for the month of
May. From previous returns we obtain the figures for previous months, and in that manner complete the statements
for the 11 months of the fiscal years 1911-12 and 1910-11.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
FOREIGN TRADE OF NEW YORK.-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House.
Merchandise Movement to New York.
Month.
July
August...
September
October ._
November
December
January
February.
March__
April- _ _ _
May
Total..
Customs Receipts.
at New York.
Exports.
Imports.
1911-12.
1910-11.
1911-12.
1910-11.
1911-12.
1910-11.
80,297,136
74,673,58:3
73,313,504
77,195,842
76,482,095
81,713,427
87,174,822
80,426,110
94,289,890
95,298,037
88,850,840
69,966,872
81,340,437
68,590,619
70,317,977
75,083,744
76,681,915
74,513,315
66,677,912
84,752,890
71,065,946
75,060,513
58,702,124
62,055,957
70,132,541
65,514,265
67,843,513
77,965,832
66,475,205
69,395,534
72,192,950
70,515,688
76,317,457
56,019,567
65,279,115
68,183,119
61,166,950
80,821,026
63,598,538
61,365,707
61,749,886
71,039,369
73,279,673
66,064,021
16,481,668
18,023,013
15,834,097
18,968,775
15,870,054
15,249,906
17,425,585
17,291,791
18,961,616
16,539.318
16,332,160
16,911,067
20,276,113
17,699,966
16,381,807
18,533,078
16,487,755
16,808,957
16,334.953
19,487,785
14,903.015
16,013,192
1911-12.
(000s omitted)
1910-11.
Mch. April. May. 11 Mes. Mch. April. May. 11Mos.
$
$
$
$
$
$
$
S.
Receipts30,409 26,184 26,579 285,030 30,108 23,659 24,073 289,488
Customs
23.758 22,186 23.808 265,613 24,117 22,777 21,856 261,824
Internal fOrdinary
434
634 1,035 4,855
895 8,241
584
388
RevenuelCorp. tax.._
4,695 4,301 6,948 50,885 3,656 4,268 14,408 54,830
Miscellaneous
59,296 53,305 58,370 606,383 58,465 51,092 61,232 614,383
Total receipts
DisbursementsCivil and miscellaneous 12,824 15,907 13,399 162,003 14,851 15,190 15,321 162,506
11,371 12,098 13,246 142,129 14,342 13,878 11,804 148,049
War
Navy
10,690 12,830 10,069 125,727 9,729 10,039 9,475 109,822
2,028 2,019 1,423 18,044 1,377 1,860 5,836 19,286
Indians
Pensions
12,654 10,911 13,944 142,130 13,572 11,312 14,368 146,245
84 ____ 1,035 1,040
Postal deficiency
394 1,568
Interest on public debt
123 3,251 1,977 21,211
501 3,267 1,976 22,168
Panama Canal
3,133 2,489 3,239 32,712 2,863 2,883 2,830 33,909
beA
Total disbursements.. 53,201 59,521 57,690 646,571 56,941 58,413 62,706 642,068
Less repayment of un(352
expended balances_ _ 1,410 1,078 2,200 1,014 2,428 2,972 3,968
Total
51,791 58,443 55,490 645,557 54,513 55,441 58,738 641,416
898,745,385814,141,640 756,061,065 706,566.971 184,977,083 189,927,682
STOCK OF MONEY IN THE COUNTRY.-The following
The imports and exports of gold and silver:for the eleven table shows the general stock of money in the country as well
months have been as follows:
as the holdings by the Treasury, and the amount in circulation, on the dates given. The statement for June 1 1911 will
Gold Movement at New York.
Silver-New York.
be found in our issue of June 17 1911, page 1614.
Imports.
Month.
1911-12.
1910-11.
519,068 4,906,446
July.
1,873,940 9,335,380
August
431,581
1,661,591
September_
608,290
2,045,191
October
796,321
November _ 1,347,824
1,764,901 1,881,121
December
1,894,791 1,325,148
January ___
632,423
1,441,106
February __
2,484,940 1,158,724
March
470,079
1,665,013
April
1,612,253 2,950,931
May
Total
Exports1911-12.
1910-11.
-s
269,508
177,400
84,400
270,000
179,027
134,500
2,818,299
132,185
2,305,278
256,900
678,172
387,610
1,761,573
871,495
10,507,393
351,125
7,332,800
436,202
1,618,031
501.794
377,740
395,600
Imports.
Exports.
1911-12.
1911-12.
556,492
644,005
532,385
855,434
760,589
670,821
1,458,551
1,232,507
678,155
1,577,763
1,116,576
4,499,553
3,920,270
3,774,911
4,182,162
4,805,883
5,282,376
4,817,026
4,513,845
4,583,186
9,053,908
5,291,830
18,290,618 24,527,448 27,919,121 4,010,941 10,092,258 0,674,430
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for May 1911
will be found in our issue for June 17 1911, page 1614.
Stock of Money June 11912.
Held in
In United
Treasury.c
States.
$
Gold coin and bullion._ _*1,813,036,395 169,601,010
74,588,040
Gold certificates_a
11,738,344
Standard silver dollars...-. 565,322,367
11,489,859
Silver certificates_a
b169,884,577 25,584,334
Subsidiary silver
14,110
2,957,000
Treasury notes 01 1890.. _ _ _
346,681,016
8,657,798
United States notes
745,492,672 35,937,196
National bank notes
-Honey in CireulatiorsJune 1
June 1
1912.
1911.
$
608,540,016 600,864,352
960,307,329 946,200,629
70,361,023
72,844,359
471,733141 462,587,768
144,300,243 137,813,088
3,275,806
2,942,890
338,023,218 335,016,602
709,655,476 697,513,651
3,643,374,027 337,610,691 3,305,763,336 3,256,116,255
Total
Population of continental United States June 1 1912 estimated at 95,516,000;
circulation per capita, $34 61.
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement for Aug. 11007. There was a reduction of $135,000,000.
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.
S A revised estimate by the Director of the Mint of the stock of subsidiary silver
coin was adopted in the statement of Sept. 1 1910. There was a reduction of
$9,700,000.
c This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in National Bank Depositaries to the credit
of the Treasurer of the United States, amounting to 836,367,183 85.
DIVIDENDS.
Name of Company.
The following shows all the dividends announced for the
• future by large or important corporations:
Dividends announced this week are printed in italics.
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
2;5 Tune 27 Holders of rec. June la
' Alabama Great Southern, ordinary
Aug. 28 Holders of rec. July20a
Preferred
3
4% July
1 June 16 to June 30
Albany & Susquehanna
1 Holders of rec. June2la
3
July
Allegheny & Western, guaranteed
. Atch. Topeka & Santa Fe, pref.(No. 28) 23.5 Aug. 1 Holders of rec. June28a
335 July 10 June 20 to July 10
Atlantic Coast Line RR., common
2% July
1 Holders of rec. June20a
Baltimore Chesapeake & Atlantic, pref
1 Holders of rec. June22a
1
July
• Beech Creek, guaranteed (quar.)
'Boston & Albany (guar.)
23 June 29 Holders of rec. May3la
2 May 26 to June- 1
July
Boston & Lowell
4
1
July
1 Holders of rec. June la
Boston & Maine, common (guar.)
1 Holders of rec. June20a
Boston & Providence, guaranteed (quar.) 23 July
1 Holders of rec. Junel5a
13% July
Boston Revere Beach & Lynn (quar.)
114 Aug. 1 Holders of rec. June28a
Canada Southern
Canadian Pacific, corn. (quar.) (No. 64)_
23% June 29 Holders of rec. June la
23% June 29 Holders of rec. June22a
Carthage Watertown & Sackets Harbor_ _
2
Aug. 1 Holders of rec. July19a
Central RR.of New Jersey(quar.)
2
June 26 Holders of rec. Junel9a
Extra
Chesapeake & Ohio (quar.)
13% June 29 Holders of rec. June 7a
2
Chicago Burlington & Quincy (quar.)
June 25 Holders of rec. Junel9a
1 Holders of rec. Junel5a
Chicago & Eastern Ili., pref.(auar.)_
13% July
1% June 28 Holders of rec. Junel4a
Chicago Indianapolis & Louisville, com_ _
Preferred
2
June 28 Holders of rec. Junel4a
1 Holders of rec. June 3a
Chicago & North Western, corn.(quar.).. 13% July
1 Holders of rec. June 3a
July
2
Preferred (guar.)
Chicago Rock Island & Pacific (quar.)
13% June 29 Holders of rec. Junel4a
13% July 20 Holders of rec. June28a
Clev.
. Clue. Chic. & St. L., pref.(quar.)- _
2
June 29 Holders of rec. June20a
Connecting Ry.(Philadelphia)
3
Aug. 1 Holders of rec. July la
Cuba Railroad, preferred
1 June 16 to July 2
Detroit & Mackinac, coin. & pref
23% July
July 15 July 2 to July 14
- 3
Georgia Railroad & Banking (quar.)
1% Aug. 1 Holders of rec. Julylla
Great Northern (Ihar.)
Harrisburg Portsm. Mt.Joy & Lancaster_
33% July 10 Holders of rec. iune20a
M July 10 Holders of rec. June20a
'
Extra
4
June 29 Holders of rec. June22a
Hocking Valley
2
July
1 June 16 tO July 4
Illinois Central, leased line guar
23% July
_
1 Holders of rec. June22a
Interborough Rapid Transit (quar.)
5
Holders of rec. June 19
Interborough Rapid Transit, extra
13% July
1 June 22 to July 1
Joliet & Chicago, guar. (quar.)
23% June 29 June 21 to June 30
Kanawha & Michigan
1
July 15 Holders of rec. June29a
Kansas City Southern, pref. (guar.)
1
July
1 Holders of rec. JunelOa
Lackawanna RR. of N J. (attar.)
6
July 29 Holders of rec. June28a
Lake Shore & Michigan Southern
Aug. 1 Holders of rec. June28a
Guar. stock (Mich. Sou.& Nor. Ind.)_ _ 6
5
July 13 Holders of rec. June29a
Lehigh Valley, common and preferred
3
July 15 June 11 to July 14
Little Schuylkill Nay.,RR.& Coal
Louisville & Nashville
33.4 Aug. 10 July 20 to Aug 11
Mahoning Coal RR., common
$5 Aug. 1 Holders of rec. July15a
Preferred
81.25 July
1 Holders of rec. June20a
134 July
1 Holders of rec. Junel5a
Maine Central (quar.)
1% July
1 Holders of rec. Junel5a
Manhattan Ry.(quar.)(No. 113)
3
July 29 Holders of rec. June28a
Michigan Central
3
July 15 June 18 to July 14
Mine Hill & Schuylkill Haven
4
June 27 Holders of rec. June2la
Mobils & Ohio
1 Holders of rec. June 7a
Morris & Essex, guaranteed
33% July
N. Y. Central & Hudson River (quar.)_ _
13•4 July 15 Holders of rec. Junel9a
N. Y. Chicago & St. Louis, 1st & 2d pref. 214 Aug. 31 Holders of rec. Aug. la
5
New York & Harlem, corn. & pref
July
1 Holders of rec. Junel5a
N. Y. Lack & West.. guar. (quar.)_ _
131 July
1 Holders of rec. Junel5a
2
N. Y. N. H. & Hartford (quar.)
June 29 Holders of rec. June 8a
Norfolk Southern (guar.)
M July 1 Holders of rec. Juneloct
1
Norfolk & Western, preferred (quar.)_
Aug. 19 Holders of reo. July3la
$2 July 15 Holders of rec. June29a
Northern Central
Northern RR.of New Hampshire (quar.) 13-4 July
1 Holders of rec. JunelOa
July
1 June 16 to June 30
Norwich & Worcester, preferred (quar.)_ 2
1% July
1 Holders of rec. Junel5a
Old Colony, guaranteed (quar.)
81 June 29 Holders of rec. Junel2a
Philadelphia Baltimore & Washington__ _
2 June 9 to July 2
13% July
PItt,s. Ft. W.& Chic., reg. guar.(quar.)_
1 June 16 to July 1
1% July
Special guaranteed (quar.)
$2.50 Aug. 1 Holders of rec. July22a
Pittsburgh & Lake Erie
13% Aug. 8 Holders of rec. July23a
Reading Company, common (guar.)
Sept. 12 Holders of rec. Aug.27a
1
First preferred (quar.)
1
July 11 Holders of rec. June25a
Second preferred (guar.)
4
July
1 June 12 to June 30
Rensselaer & Saratoga
I June 21 to June 30
33-4 July
Rome & Clinton
St. Louis & San Francisco—
5
July
1 June 16 to July 1
Chic. & E. Ill, corn. stk. trust certfs_ _
1 June 16 to July 1
Preferred stock trust certfs. (quar.) 13.5 July
July
K.C.Ft.S.&M. pref.stk tr.ctfs. (quar.) 1
1 June 16 to July 1
St. Louis Southwestern, pref.(No.7)- --- 234 July 15 Holders of rec. June29a
1 Holders of rec. June la
Southern Pacific (quar.) (No. 23)
13.4 July
235 July
Southwestern of Georgia
5 June 16 to July 5
234 July
Union Pacific, common (quar.)
1 Holders of rec. June la
23% July 10 June 21 to June 30
United N. J. RR.& Canal Co's (quar.)_ _
234 July
Valley RR.(N. Y.), guaranteed
1 Holders of rec. June22a
Street and Electric Railways.
American Cities Co., preferred (No. 2)--- 3
July
1 June 23 to June 30
Asheville(N.C.)P. & Lt., pf.(qu.)(No. 1) 13% July
1 June 23 to June 30
23.4 July
Athens Ry. & Elec. Co., preferred
1 Holders of rec. June30a
Auburn & Syracuse Electric RR.,pref.(qu.) 13-4 July 15 Holders of rec. June30a
Aurora Elgin & Chicago RR., corn. (qu.)
% July 10 Holders of rec. June23a
Preferred (quar.)
13-4 July 10 Holders of rec. June23a
% July
1 Holders of rec. June22a
Bangor Ry. & Elec. Co., pref. (qu.)(No.3) 15
4
June 29 Holders of rec. June22
Birmingham By.. L. & Pow., common..
3
June 29 Holders of rec. June 22
Preferred
$1
July
1 Holders of rec. June22a
Boston & Worcester Elec. Cos., pref
135 July
5 June 30 to July 5
Brazil By., preferred (quar.)
1 Holders of rec. JunelOa
Brooklyn Rapid Transit (quar.)
134 July
1 June 15 to June 30
Capital Trac., Washington, D. C. (quay.) 134 July
1 June 23 to June 30
Carolina Pow. & Lt., pref. (qu.)(No. 13) 134 July
Ced. Rapids-Iowa Cy. Ry.& L.,com.(qu.)
3% June 30 Holders of rec. June26a
13% June 30 Holders of rec. June26a
Preferred (guar.)
1 June 21 to June 30
July
Chicago City & Connecting Rys., common_ $1
1 June 21 to June 30
Preferred
$234 July
Chicago City Railway (quar.)
234 June 28 June 19 to June 23
% July
1 June 21 to June 30
Cincinnati de Hamilton Tree., corn.(quar.)
1 June 21 to June 30
Preferred (altar.)
134 July
1 June 20 to June 30
Cincinnati Dayton & Toledo Trac., corn._ _
% July
23/
s July
1 Julie 20 to June 30
Preferred
Cin. Newport & Coy. L. & Tr., corn.(qu.)_
19-4 July* 15 June 30 to July 15
Preferred (quar.)
134 July 15 June 30 to July 15
Cincinnati Street Ry.(quar.)
135 July
1 June 16 to June 30
Cleveland Ry.(quar.)
1 Holders of rec. Junel5a
13% July
Columbia (S.C.) By.,Gas & Elec., W.(qu.) 1.34 July
1 Holders of rec. June25a
Columbus (Ga.) Electric Co., pref.(No. 12) 3
1 Holders of rec. June20a
July
Commonwealth Pow.. Ry. & Lt.,pf.(qu.) 155 Aug. 1 July 20 to Aug. 6
Consolidated Traction of New Jersey..__ _
2
July 15 Tune 30 to July 15
Continental Pass. Ry., Philo,
$3 June 30 Holders of rec. May3la
Duluth-Superior Traction, corn. (guar.). 13,1 July
1 Holders of rec. Junel5a
Preferred (quar.)
1
July
1 Holders of rec. Junel5a
1 Holders of rec. Junel5a
Frankford & S'wark Pass., Phila. (quar.) 34.50 July
Germantown Pass. Ry. (guar.)
2 June 18 to July 1
$1.313-4 July
July
Halifax Elec. Tram., Ltd. (q11.) (No. 62) 2
1 Tune 20 to July 1
13-4 July
Illinois Traction, preferred (quar.)
to June 30
1 June 16
3
July
Indianapolis Street Ry
1 tune 22 to July 1
3
Interstate RaVreays
July
1 Tune 22 to July 1
13.5 July
Lake Shore Elec. Ry., 1st pref. (quar.)-1 Holders of rec. June20a
5
Little Rock By. & Electric, common
June 30 FIolders of rec. June 22
Preferred
3
June 30 Holders of rec. June 22
Londol
3
July
By
1 Holders of rec. Junel5a
[VOL. wcxxxxv.
THE CHRONICLE
1674
Street and Electric Railways (Concluded).
Louisville Traction, corn. (quar.)
Manila Elec. RR. & Ltg. Corp. (quar.)_ _
Massachusetts Electric Cos., preferred
Memphis Street Ry., common (No. 1)
Preferred (quar.)
Metropolitan West Side Elev., Chic., pref_
Mohawk Valley Co. (quar.)
New Orleans Ry. & Light, common
Preferred (quar.)
New York State Rys, corn.
Preferred (quar.)
Nor. Ohio Tr. & Light. pref. (cluar.)
Oticiwa Electric Railway
Pacific Gas & Elec., corn. (qu.)(No. 2)__ _
Philadelphia Co., corn. (guar.)(No. 123)_
Porto Rico Rys., Ltd.,common (guar.)._
Preferred (quar.)
Public Service Corp. of N. J. (quar.)___ _
Reading Traction
Republic By. & Lt., pref. (qu.)(No. 4)..
Ridge Ave. Pass., Phila.(quar.)
Rome (Ga.) By. & Elec. (guar.)
St.JosephIty.,L.,H.&P.,pf.(qu.) (No.39)
Sao Paulo Tt.. L. & P., Ltd.(qu.)(No.41)
South Side Elevated, Chicago
Syracuse Rapid Transit, corn. (quar.)..
Preferred (quar.)
Terre Haute Indianapolis & East., pf.(qu.)
7'hirteenth & Fifteenth Streets Passenger
Toronto Railway (quar.)
e -City By. & Light, pref. (quar.)
ianslt, corn. (quar.)..
(qldarT
Twin City Rapu
Preferred
Union Passenger Ry. Philadelphia
Unlon Ry., Gas & Elec., prof. (quar.)..
Union Traction. Philadelphia
Union Utilities, W. Va., common (quar.)
United Electric Co. of New Jersey
United Light & Railways, 1st pref. (qu.)_ _
Second preferred (quar.)
United Tree. & Elec. Providence (guar.)
Utica & Mohawk Val. Ry., corn. (quar.)
Preferred (quar)
Virginia Ry. & Power, preferred
Washington Water Power, Spokane (qu.)
West End St. Ry. Boston. pref. (guar.)
Western Oldo By., 1st pref. (guar.)
Second preferred (guar.)
West India Elec. Co., Ltd.(qu.)(No. 18)
West Philadelphia Passenger Ry
Winnipeg Electric By.(quar.)
Banks.
America, Bank of
Butchers' & Drovers', National
Century (guar.)
Chatham & Phoenix National (quar.)-- Chemical National (bi-monthly)
Citizens' Central National (guar.)
City, National (Brooklyn)
Coal & Iron National (guar.)
Columbia (No. 48)
Commerce, Nat. Bank of(quar.)
First National (guar.)
First Security Co. (quar.)
First National, Brooklyn (guar.)
e
arg.)
eqhan
Gre nwichG rman (
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
July
July
July
June
June
June
July
July
July
July
July
July
July
July
Aug.
July
July
June
July
July
July
July
July
July
June
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
1
134 June
23% July
2
July
$2 July
134 July
134 July
134 July
85 July
July
3
1 June 11 to June 14
1 Holders of rec Junel8a
1 Holders of rec. June 5a
29 June 21 to June 30
29 June 21 to June 30
29 June 22 to June 30
1 Holders of rec. June24a
1 June 15 to June 30
1 June 15 to June 30
1 Holders of rec. Junel7a
1 Holders of rec. Junel7a
1 Holders of rec. Junel5a
1 Holders of rec. June30a
15 Holders of rec. Junel5a
1 Holders of rec. July 1
2 Holders of rec. June 20
2 Holders of rec. June 20
29 Holders of rec. June28a
1 June 21 to June 30
15 Holders of rec. June 29
1 Holders of rec. June 15
1 June 26 to June 30
1 Holders of rec. Junel5a
2 Holders of rec June 10
29 June 22 to June 30
29 Holders of rec. June22a
1 Holders of rec. June24a
1 June 21 to June 30
1 Holders of rec. June 20
2 Holders of rec. Junel5a
1 Holders of rec. June 21
1 Holders of rec. JunelOct
1 Holders of rec. JunelOa
1 Holders of rec. Junel5a
1 Holders of rec. Junel7a
1 Holders of rec. June 8a
1 June 21 to June 30
1 Holders of rec. June2fla
1 June 21 to June 30
1 June 21 to June 30
1 June 12 to June 16
29 Holders of rec. June22a
29 Holders of rec. June22a
10 Holders of rec. June22a
1 Holders of rec. Junel5a
1 June 23 to July 1
1 Holders of rec. June25a
1 Holders of rec. June25a
2 June 25 to July 2
1 Holders of rec. Junel5a
2 Holders of rec. June 20
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
July
June
July
July
June
June
July
1 June 19 to July 1
1 June 21 to June 30
1 June 25 to July 1
1 June 23 to July 1
1 June 26 to June 30
1 Holders of rec. June28a
1 June 21 to June 30
1 Holders of rec. June 12
1 June 20 to July 1
1 Tune 22 to July 1
1 Holders of rec. June20a
1 Holders of rec. June29a
1 June 28 to June 30
1 June 19 to July 1
1 Holders of rec. June20a
1 June 22 to !June 30
1 June 21 to July 1
1 June 22 to June 30
29 Holders of rec. June28a
1 Holders of rec. May 11
1 Holders of rec. June 30
1 June 27 to June 30
1 June 22 to June 30
1 Holders of rec. June 19
1 Holders of rec. June25a
1 June 16 to June 30
1 June 21 to June 30
1 Holders of rec. June 22
1 June 27 to June 30
1 June 26 to July 1
1 June 23 to June 30
1 June 19 to July 1
1 Holders of rec. June 21
1 June 23 to June 30
1 Holders of rec. June 30
1 Holders of rec. June29a
29 June 20 to June 30
1 June 14 to July 1
1 Holders of rec. June 26
29 June 20 to June 30
29 June 29 to June 30
1 June 21 to July 1
July
July
July
June
June
June
June
July
June
June
July
July
July
July
June
July
July
June
July
June
June
July
July
June
July
1 Holders of rec. June26a
1 /folders of rec. June2la
1 Holders of rec. June22a
29 Holders of rec. June24a
29 Holders of rec. June 22
29 June 20 to June 30
29 Holders of rec. June28a
1 Holders of rec. June 24
29 Holders of rec. June29a
29 Holders of rec. June2fla
1 June 21 to June 30
1 June 16 to July 1
1 Holders of rec. June22a
1 June 29 to July 1
20 June 21 to June 30
1 June 25 to June 30
1 Holders of rec. June29a
29 June 23 to June 30
1 Holders of rec. June29a
29 Holders of rec. June22a
30 Holders of rec. June 22
10 July 6 to July 9
I Holders of rec. Junel9a
28 Holders of rec. June22a
1 Holders of rec. June 24
1
13-4
$2
1
134
2
13-4
1
134
13.4
134
1M
23%
154
1%
1
15%
154
75c.
134
$3
195
134
234
234
1
13%
134
$6
2
135
13%
15%
$4.75
154
$1.50
M
23%
115
1g
14
3
3P
2d
235
135
7
13.4
8
2
7
3
2
10
235
4
Hanover National (quar.)
2
Homestead, Brooklyn
12
Importers' & Traders' National
3
International
21n2
Irving National Exchange (special)
5
Liberty National (guar.)
7
Manhattan Co., Bank of the
Manufacturers' National, Brooklyn (quar.) 5
Merchants' Exchange National
3
Merchants' National
.. (No.
.5
20
334
1)
8)
tem
olo
itrarnis(ze
al;
2
Mount
3
Mutual
4
Nassau National, Brooklyn (guar.)
235
New York County National (No. 120)-20
New York, NBA.,Bank of
7
North Side, Brooklyn (No. 36)
3
4
Park, National (guar.)
5
People's (No. 122)
2
People's National (Brooklyn)
13-4
Prospect Park,Brooklyn (quar.)
2
Ridgewood (Brooklyn)
5
Stale
3
Seaboard National (guar.)
4
Union Exchange National
2
Washington Heights,Bank of(quar.)
6
West Side
Trust Companies.
Sr
Bankers' (quar.)
5
Brooklyn (guar.)
9
Central (guar.)
5
Columbia-Knickerbocker (guar.)
254
Empire (quar.)
3
Fidelity.
6
Franklin, Brooklyn
5
Fulton(No.40)
8
Guaranty (quar.)
2
Extra
3
Hudson
3
Lawyers' Title Ins. & Tr.(qu.)(No. 55)
3
LongIsld. Loan & Tr., Bklyn.(guar.).Mechanics of N. J. (quar.) (No. 52)........ 5
6
Metropolitan (quar)(No.62)
154
Mutual Alliance (quar.)
15%
Mutual of Westchester County (quar.)___
8
New York (guar.)
1
People's, Brooklyn (monthly)
4
Standard (guar.)
5
Title Guarantee & Trust (guar.)
123.4
Union (guar.)
25
United States
United States Mortgage de Trust (guar.)_ _ 6
4
Washington (ouar.)
Miscellaneous.
Aeolian, Weber Piano & Planola,pf.(qu.) 134
Amer. Agric. Chem., corn. (qu.)(No. 3).. 1
134
Preferred (quar.) (No. 28)
135
American Bank Note, pref. (quar.)..- Amer. Beet Sugar, nref.(quar)(No. 52) 134
Am. Brake Shoe & Fdy.,com. & pf. (qtr.) 194
134
American Can, pref.(guar.)
31
Amer. Car & Fdy., corn.(quar.)(No. 39)
1%
Preferred (quar.) (No. 53)
1
American Chicle, common (monthly)
13-4
Preferred (guar.)
American Cigar, preferred
3
$3
American Express (quar.)
1%
American Gas & Electric, corn. (guar.)._
134
Preferred (quar.)
Am.Iron & Steel Mfg., com.& pref.(qu.) 134
134
American Locomotive, preferred (quar.)_
134
American Mfg. (guar.) (No 61)
13%
American Piano, preferred (quar.)
2
Amer. Pine & Construction atuar.)
June
July
July
July
July
June
July
29 Holders of rec. June24a
15 Holders of rec. June24a
15 Holders of rec. June24a
1 June 16 to July 1
1 Holders of rec. June2la
29 Holders of rec. June20a
1 Holders of rec. Junel8a
July 1 Holders of rec. Junella
July
1 Holders of rec. Junella
June 20
July
1 Holders of rec. June27a
1 Holders of rec. Junel5a
July
July
1 Holders of rec. May3la
July
1 June 21 to July 1
Aug. 1
Aug. 1 July 18 to
July
1 Holders of rec. June20a
July 22 July 6 to July 22
1 Holders of rec. June 15
July
July
1 June 22 to July 1
1 Holders of_ree. Junel5a
July
JUNE 22 1912.1
THE CHRONICLE
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
1675
Per
When
Name of Company.
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Concluded).
Amer. Power & Light, pref. (qu.)(No. 11) 1M July
1 June 25 to June 30 Prairie Oil & Gas
American Radiator, common (guar.).- -a
June 29 Holders of rec. May3la
2
June 29 June 22 to June 29 Procter & Gamble, pref.
(guar.)
2
July 11 Holders of rec. June29a
American Screw (guar.)
24 June 29 Holders of rec. June22a Producers' Oil (quar.)
14 June 29 Holders of rec. Junel4a"
American Seeding Mach., corn. (quar.).
1
July 15 Holders of rec. June29a Public Securities, preferred
334 July
1 Holders of rec. June 25'
Preferred (guar.)
14 July 15 Holders of rec. June29a Quaker Oats, corn.
(quar.)
24 July 15 Holders of rec. July la*
Amer.Shipbuilding, pref.(guar.)
14 July 15 June 28 to July 15
Preferred (quar.)
1;4 Aug. 31 Holders of rec. Aug. la
Am.Smelt. Secur., pref. A (qu.)(No. 30) 14 July
1 June 20 to June 28 Quincy Mining (quar.)
$1.25 June 24 May 28 to June 6
Pref. 13 (quar) (No. 29)
1 June 20 to June 28 Realty Associates(No. 19)
13( July
July 15 Holders of rec. July 5
3
American Snuff. coin. (quar.)
24 July
1 Holders of rec. Junel5a Reynolds (R. J.) Tobacco
3
July 15 Holders of rec. June 29
Preferred (quar.)
14 July
1 Holders of rec. Junel5a
Extra
2
July 15 Holders of rec. June 29
Amer. Sugar Henn., corn. & pfd.(guar.). 1% July
2 Holders of rec. June la Royal Baking Powder, common
(guar.). 3
June 29 Holders of rec. Junel5a
American Surety (quar.)(No.92)
3
June 29 June 16 to June 30
Preferred
June 29 Holders of rec. Junel5a
American Telep. & Teleg.(guar.)
2
July 15 Holders of rec. June29a Rumely (M.)(quar.)
Co., pref.(guar.)
July
American Thread, preferred (guar.)
t 1 June 21 to June 30
1%
24 July
1 May 17 to May 31 Safety Car Heating dt Ltg.
(guar.)
2
July
American Tobacco, pref. (quar.)
Holders of rec. Junel4a
14 July
1 Holders of rec. Junel4a St. Joseph Stock Yards (guar.)
14 June
Amer. Type Founders,common (quar.)- Holders of rec. June24a
1
July 15 Holders of rec. JulylOa Sears, Roebuck &
Preferred (quar.)
July
1 Holders of rec. Junel5a
1% July 15 Holders of rec. JulylOa Securities CompanyCo.. Prof. (quar.)_ _ _ _
24 July 15 June 30 to July 15
Amer. Water-Works & Guar., pf.(No. 1) 14 July
1 June 15 to June 20 Sloss-Sheffield Steel & Iron.
pref. (quar.)
July
Amer. Woolen, pref. (quar.) (No. 53)1 Holders of rec. Junel8a
14 July 15 June 22 to July 7 South Porto Rico
Sugar, coin.(quar.)
1
July
Baldwin Locomotive Works, common_
1 Holders of rec. Junel5a
1
July
1 Holders of rec. Junel8a
Preferred (quar.)
2
Preferred
July
1 Holders of rec. Junel5a
33- July
1 Holders of rec. Junel8a South West Pennsylvania Pipe
Lines_ _ _ _
35 July
Baltimore Electric, preferred
1 Holders of rec. June 15
24 July
1 Holders of rec. June 20 Standard Coupler, common
2
Bell Telephone of Canada (quar.)
June 29 June 20 to June 30
2
July 15 Holders of rec. June 24
Preferred
British-American Tobacco, ordinary
4
June 29 June 20 to June 30
10 June 29 Holders of rec. June 13 Standard Gas Light,
common
British Columbia Copper Co., Ltd.(quar.)_
14 June 2., June 21 to June 30
3
July 15 Holders of rec. July 1
Preferred
Brooklyn Union Gas(quar.)(No. 45)._
3
June 29 June 21 to June 30
14 July
1 June 16 to June 30 Standard Screw, common
Extra
1
July
1 Holders of rec. Junel5a
1
July
1
June
16
to June 30
Preferred
Brunswick-Balke-Collender, pref. (quar.)_ _
3
July
1 Holders of rec. Junel5a
14 July
1 Holders of rec. June20a Subway Realty (quar.)
Buffalo General Electric (guar.) (No. 71) 14 June 30 Holders of rec. June
14, July
1
Holders of rec. June22a
20
Sulzberger
& Sons Co., preferred
Butte Elec. & Pow., com.(qu.)(No. 31) 14 July
1% July
1 June 16 to June 30
1 Holders of rec.Junedli3a Swift & Co.(quar.)(No. 103) (quar.)_
Canadian Consolidated Rubber, Ltd., com_
14 July
1 Holders of rec. June 8
July
1
2 Holders of rec. June 19 Texas Company (quar.)
Preferred
134 June 29 Holders of rec. Junel4a
13% July
2 Holders of rec. June 19 Torrington Co. preferred
Canadian General Elec., Ltd., corn.(qu.) 1% July
1 June 22 to June 30
1 June 15 to June 30 Underwood Typewriter, common (quar.) 34 July
Canadian Westinghouse,Ltd.(qu.)(No.30) 1% July 10 June
1
July 4 Holders of rec. June20a
30 to July 9
Preferred
(guar.)
14 July
Canton Company
1 Holders of rec. June20a
$2 July
1
Union Bag & Paper, pref. (qu.)(No. 53) 1
Case (J. I.) Thresh. Mach., pref. (quar.)
July 15 Holders of rec. June29a
14 July
1 Holders of rec. June 18 Union Carbide (quar.)
Celluloid Company (quar.)
July
1 June 19 to June 30
14 July
1 Holders of rec. Junel4a Union Switch & Signal, coin. & pref.(qu.) 2
3
Central Coal & Coke, common (quar.)_
July
Holders of rec. June 29
14 July 15 dJune30 to July 15 Union Typewriter, 1st pref. (guar.)
Preferred (quar.)
July
1 Holders of rec. June 21
14 July 15 dJune30 to July 15
Second preferred (quar.)
2
Central Leather, pref. (quar.)
July
1 Holders of rec. June 21
1% July
Holders
1
rec.
of
JunelOa
United Cigar Stores, Corp. of(qu.)(No.12) 14 July 15 July
Chesebrough Manufacturing(guar.)
2 to July 15
6
June 24 May 28 to June 24
Extra
Extra
34 July 15 July 2 to July 15
4
June 24 May 28 to June 24 United Fruit (quar.)(No.
52)
2
July 15 Holders of rec. June25a
Chic. June. Rys.& U.Stk.Yds.,com.(qu.) 2
July
1 Holders of rec. Junel2a United Gas Improvement (quar.)
Preferred (quar.)
2
July 15 Holders of rec. June 29
14 July
1 Holders of rec. Junel2a United Shoe Machinery, common
(quar.) 2
July 5 Holders of rec. June 17
Chicago Telephone (quar.)
2
June 29 Holders of rec. June20a
Preferred (guar.)
Cincinnati Gas & Electric (quar.)
14
July
5 Holders of rec. June 17
14 July
2 June 15 to June 21 U.S. Cast Iron Pipe &
Fdy.. prof.(quar) 11
Cities Service, common (monthly)
July 15 Holdera of rec. July 5
1-3 July
1 Holders of rec. June20a U.S.Finishing, corn. (guar.)
(No. 14)__ _
Preferred (monthly)
July
1
1 Holders of rec. June 25
July
1 Holders of rec. June20a
Preferred (quar.)(No. 52)
City Investing, pref.(quar.)
July
1 Holders of rec. June 25
1% July
1 Holders of rec. June 25 U.S.Printing of Ar.
J., cam.(guar.)
Colorado Fuel & Iron, preferred
1% July
1 June 22 to July I
24n July 20 July 2 to July 19 U.
Printing
S.
of Ohio (quar.)
Columbus (0.) Gas & Fuel, pref. (guar.) 14 July
1 7-16 July
1 June 20 to July 1
1 Holders of rec. Junel5a
. S. Rubber, common (guar.)
Columbus Lt., H. & P., common (guar.) 14 July
1
July 31 Holders of rec. July 6a
1 Holders of rec. Junel5a
Common (payable in common stock). _ _ _ 200 July
Preferred (guar.)
14 July
8 Holders of rec. July 8a
1 Holders of rec. Junel5a
First preferred (quar.)
Consolidated Car Heating
2
July 31 Holders of rec. July 6a
124 July 15
Second preferred (guar.)
Extra
2
14 July 31 Holders of rec. July 6a
July 15
Smelt.,Refg. & Mining, corn,(qu.)_ 50e. July 15 Holders of
Consol. Gas, El., L.&P., Bali., cont. (qu.) 14 July
1 Holders of rec. June 20 U.S.
rec. June 29
(guar.)
Consumers' Power, Mich., pref. (quar.)__
874e. July 15 Holders of rec. June 29
14 July
1 Holders of rec. Junel7a U.Preferred
S. Steel Corp., corn. (quar.)(No. 34).
Crucible Steel, pref. (guar.)(No. 35)_
June 29 June 2 to June 9
13% June 29 Holders of rec. Junel9a United Utilities,
pref. (guar.)(No. 6)__ _
Cuban-American Sugar, pref. (guar.).- 13% July
1% July
1 June 23 to July 1
1 Holders of rec. Junel5a
Detroit Edisam (guar.)
1% July 15 Holders of rec. June29a Utah Copper (quar.)(No. 16)
75e. June 29 June 8 to June 11
Virginia-Caro. Chem., pref.(qu.)(No.67) 2
Dominion I.&S.,Lkl., cont. (qu.)(No. 5). 1
July 15 June 16 to July 17
July
2 Holders of rec. June 18 Welsbach Company,
common
Diatah Edison Elec. Co., pref. (quar.)2
14 July
June 29 Holders of rec. June 22
1 Holders of rec. June20a
Preferred
duPont(E J.) de Nemours Pow., pf.(qu .).. 14 July 25 July 16 to July 26
34 June 29 Holders of rec. June 22
Western
(quar.)
2
du Pont Internat. Powder, pref.(quar.)_ _
June 29 Holders of rec. June22a
14 July
1 Holders of rec. June20a Western Electric
Union Teleg. (guar.)(No. 173)_ f33/43 July 15 Holders
Preferred (extra)
el% July
1 Holders of rec. June20a Westinghouse
of roe. June20a
Brake (pay. In stock)_
July 10 June 29 to July 10
Eastern Light & Fuel( quar.)
2
July
1 Holders of rec. June 20 Westinghouse Air
Air Brake (quar.)
24 July 10 June 29 to July 10
Eastman Kodak, common (guar.)
24 July
1 Holders of rec. May3la
Extra
14 July 10 June 29 to July 10
Preferred (quar)
14 July
1 Holders of rec. May3la
Special
1
July 10 June 29 to July 10
Electrical Securities Corp., corn (guar.)_ _ _
2
June 29 Holders of rec. June282 Westinghouse Elec. d; Mfg., pref.
(pier.)1% July 15 Holders of rec. June 29
Preferred (quar.)
13% Aug. 1 Holders of rec. July29a Weyman-Bruton Co.,
corn. (No. 1)___ _
24
July
1 Holders of rec. Junel5a
Elec. Lt. & P. of Abington, &c.(No.38)_ $4 July
1 Holders of rec. June22a
Preferred
July
1 Holders of rec. Junel5a
Elect?* Storage Battery, corn.&pref. (qu.)_
1
July
1 Holders of rec. June22a Woolworth (guar.)
W.) Co., pref. (quar.)_ _ _
1% July
Galena-Signal Oil, corn. (guar.)
1 Holders of rec. Junel5a
4
June 29 June 1 to June 20 Yukon Gold(F.
Co. (nuar.) (No. 12)
74c. June 29 June 15 to June 30
Preferred (quar.)
2
June 29 June 1 to June 20
General Chemical, pref. (guar.)
14 July
1 Holders of rec. Junel9a
a Tramfer books not closed for this dividend. b Less Income tax. d Correction.
Gen. Chemical of Cal., 1st pref. (guar )_
14 July
1 Holders of rec. June2la e On account of accumulated dividends. h Dividends, 14%
each, declared payGeneral Electric (guar.)
2
July 15 Holders of rec. June la able Sept. 30 and Dec. 31 1912. 0 Payable
in stock. /c Declared 5%, payable
Goldfield Consolidated Mines (guar.)._
be. July 31 Holders of rec. June29a 24% July 15 1912 and 234% Jan. 15
1913.
I
Declared
4%
payable
Gorham Mfg., pref. (guar.)
in quarterly
14 July
1 Holders of rec. June24a installments, beginning July 15. m Special dlvidend
Great Lakes Towing, preferred (guar.).13% July
1 Holders of rec. Junel5a tion with Mercantile Nat. Bank. n Also declared in connection with consolida23,4%, payable Jan. 20 1913.
Guggenhel m Exploration (omar.)(No.38) 24 July
1 June 15 to June 18 o Payable in common stock. a First dividend
on new capital of $500,000. r First
Hart, Schaffner & Marx, pref. (quar.)._ _
14 Tune 29 Holders of rec. June20a dividend on new capital of
310,000,000.
Helme (Geo. W.) Co., common (No. 1)... 234 July
1 Holders of rec. Junel5a
Preferred(guar.)
14 July
1 Holders of rec. Junel5a
_
Homestake Mining (monthly)(No. 451)- 50e. June 25 June 21 to June 25
3
Ingersoll-Rand, preferred
July
1 Holders of rec. Junel5a
National Banks.-The following information regarding
Iatercontinental Rubber, pref. (quar.)
1% June 29 Juno 20 to June 30
Internat. Harvester. eons. (qu.) (No. 10) 14 July 15 Holders of rec. June25a national banks is from the office of the Comptrolle
r of the
34 Sept. 3 Aug. 14 to Sept. 3
Internat. Nickel, common (guar.)
14 Aug. 1 July 14 to Aug. 1 Currency, Treasury Department:
Preferred (guar.)
International Silver (quar.)
13% July
1 June 18 to July 1
APPLICATION TO CONVERT APPROVED.
ell July
Extra
1 June 18 to July 1
Internat. Smokeless Pow.&Ch.,com.(qu.)
The Meridian Exchange Bank, Meridian, Idaho, into "The First
July
1 Holders of rec. June20a
National
Common (extra)
July
1 Holders of rec. June20a Bank of Meridian. Capital, $40,000. E. C, Pfeifle, Corresponden
1
t,
Kayser (Julius) & Co., common (guar.)_
July
1 June 22 to June 30 Meridian, Idaho.
1
La Belle Iron Works (quar.)
24 June 29 June 21 to June 30 CHARTERS ISSUED TO
NATIONAL BANKS JUNE 6 TO JUNE 12,
Lanston Monotype Machine (quar.)
14 June 29 Holders of rec. June 22
La Rose Consolidated Mines (quar.)
24 July 20 Holders of rec. June 29 10,206-The Central National Bank of Mount Union,Pa. Capital, $60,000.
T. H. Adams, Pros.; W.T. Bell, Cashier. (Succeeds
Lawyers' Mortgage (quar.) (No. 43)__.:. 3
July
1 Holders of rec. June 20
The Central
Banking Co. of Mount Union.)
Liggett & Myers Tooacco, pref. (quar.)_
15
1 Holders of rec. Junel5a
% July
10,207
-The
People's National Bank of Waukon, Iowa.
common
(No. 1)._
Lorillard (P.) Co.,
1 Holders of rec. Junel5a
24 July
Capital.
$50,000.
Theo. B. Stock, Pres.; P. E. O'Donnell, Cashier.
Preferred (quar.)
1 Holders of rec. Junel5a
1% Tidy
MaeAndrcws & Forbes, common
July 15 Holders of rec. June 20 10,208-The Claremont National Bank, Claremont, Cal. Capital, $30,000.
5
W.
S.
Palmer,
Pres.;Preferrel (quar.)
134 July
1 Holders of rec. July 20
Cashier.
Mackay Companies, corn. (qu.) (No. 28) 14 July
1 Holders of rec. June 8a
Preferred (quar.) (No. 34)
July
1
1 Holders of rec. June 8a
Department
Stores,
nref. (guar.).
May
1 Holders of rec. Junel5a
13% July
Canadian Bank Clearings.-The clearings for the week end
Mergenthaler Linotype (quar.)
24 June 29 Holders of rec. June 8a
Extra
4 June 29 Holders of rec. June 8a ing June 15 at Canadian cities, in comparison with the same
Michigan Light, pref. (quar.)
14 July
1 Holders of rec. Junel7a week of 1911, shows an increase in the aggregate of 21.8%.
Michigan Stale Telep., coat.(guar.)
13,4 June 29 June 15 to June 30
Preferred (qaar.)
14 June 29 June 16 to June 30
Mortgage-Bond (quar.)
13.4 June 30 Holders of rec. June 20
Week ending June 15.
National Biscuit, corn. (guar.) (No. 56). 13% July 15 Holders of rec. June28a
Clearings atNational Carbon, common (quar.)
14 July 15 July 6 to July 15
Inc. or
Nat. Enamel. & Stamping, pref. (quar,) hl% July
1912.
1 June 11 to July 1
1911.
Dec.
1910.
1909.
National Gas, El. L. & P., pref.(quar.)_ _
134 July
1
June
June
30
to
26
National Lead, common (quar.) (No. 34)
or
Canada$
% June 29 June 8 to June 12
$
,o
$
$
National Licorice, pref. (quar.)(No. 40)
13% June 29 June 25 to June 30 Montreal
58,163,330 53,125,525 +9.5 37,367,952 38,280,681
NationalSugar Henning, pref. (quar.)_
14 July
43,865,360 37,151.022 +18.1 28,420,150
2 Holders of rec. June 17 Toronto
National Surety (quar.)
3
July
29,347,581 20,289,166 +44.6 15,677,525 29,528,796
1 June 21 to June 30 Winnipeg
Nevada Consolidated Copper (quar.)_ _
374c. June 29 June 8 to June 11 Vancouver
12,800,239 10,761,067 +19.0 8,364,044 11,722,000
13% June 29 Holders of rec. Junel5a Ottawa
New England Telep. & Teleg. (guar.)._ _
4,692,091 3,986,070 +17.7 3,157,503 4,814,913
New York Mortgage Security (quar.)
3,304,984 2,572.539 +28.5 2,346,170 2,928,143
,
3
July
1 Holders of rec. June 24 Quebec
N. 1. Mutual Gas Light
1,885,943 1,525,275 +23.6 1,849,622 2,364,642
0
July 10 Holders of rec.June27a Halifax
10
New York Transit
July 15 Holders of rec. June 15 Hamilton
2,880,987 2.552,743 +12.8 1,859,327 1,942,782
1,899,123
2
Niagara Falls Power (quar.)
July 15 Holders of rec. July la Calgary
5,834,920 3,607,516 +61.7 2,708,048
1,678,142
1
July 15 Holders of rec. June 25 Victoria
Nipe Bay Co., preferred (guar.)
3,689,050 2.727,967 +35.3 1,867.060
1.311.518
5
Nipissing Mines Co. (quay.)
July 20 June 30 to July 17 St. John
1,795,630 1,440,155 +24.0 1,316,453 1,247,957
23,4 July 20 June 30 to July 17 London
Extra
1,725,366 1,397,032 +23.5 1,291,128 1,142,253
14 July
North American Company (quar.)
1 Holders of rec. Junel5a Edmonton
4,561,787 2,569,587 +77.5 1,372,640 1,162,012
5
July
1 Holders of rec. Junel5o Regina
Northern Pipe Line
2,003,544 1,849,375 +8.3
871,759
,Common_
_
14 July 15 Holders of rec. June 29 Brandon
Ltd.
Coal,
&
Steel
Nova Scotia
610,613
558.631 +9.3
486,484
2
July 15 Holders of rec. June 29 Saskatoon
Preferred
2,237,621
1,265,758 +76.8
3
July
1 June 21 to June 30 Moose Jaw
Old Dominion SS.(No. 73)
1,258,078
720,288 +74.7
$6 July 25 Holders of rec. June29a Lethbridge
Osceola Consolidated Mining (guar.)
586,117
558,269 +5.0
1
July 15 Holders of rec. June 29 Brantford
Otis Elevator, common (guar.)
544,367
649,250 -16.2
14 July 15 Holders of rec. June
Preferred (guar.)
1,777,914 Not included in tot al.
29 Fort William
254 June 28 Holders of rec. Junel7a
Phelps, Dodge & Co., Inc. (guar.)
2
June 28 Holders of rec. Junel7a
Extra
Total Canada
181,787,608 149,307,235 +21.8 108,955,865 100,022,962
1 June 16 to July 1
Pittsburgh Plate Glass, common (luar.)- 14 July
[VoL. Lxxxxiv.
THE CHRONICLE
1676
Auction Sales.—Among other securities, the following, not
usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
. By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
.Shares.
.56 J. C.Sichel Realty Co.,N.Y.
55 per sh.
470 Borough Investing Co_ _ _$200 lot
20 Oswego & Syracuse RR.Co_2115
50 Utica Chen. & Susq. V.RR _ 145%
200 Nashv. & Decatur 11R. Co.
stamped original stk. x-d1v188
400 Brooklyn City RR. Co
165%
SO United N. J. RR. &. Canal
Co. Ex-div
238%
'24 Warren RR. of New Jersey_168%
20 Lackawanna RR.Co.of N.J. 96
Per cent.
Shares.
41,000 Rawhide Coalition Min.Co.$15 lot
Per cent.
Bonds.
$200,000 Tot. Pt. Clinton & Lakeside Ry. Co. 1st 55, 1928, with
Nov. 1911 and subsequent cou$128,000
pons attached
585,000 Bermuda Atlan. SS. Co.,
Ltd., Os, Dec. 1911 and subse50
quent coupons attached
$5,000 Bermuda Atlantic SS. Co.,
$500 lot
Ltd., 6s
13y Messrs. Francis Henshai,v & Co.. Boston:
$ per sh.
$ per sh. Shares.
'Shares.
52 Rights Fitchburg Gas & Elec27 Nat. Shawmut Bank rights_ _ _204
tric Light Co
40
I Atlantic Cotton Mills
275;4 140 New River Co., preferred_ _ _ _ f$3,640
11 Cambridge Gas Light Co
280 New River Co., common_ _ _ _ifor lot
176
7 Fourth National Bank
300
1 Lowell Gas Light Co
296
1 Worcester Gas Light Co
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares.
Shares.
99%
20 Mass. Mills in Georgia
175
I:State National Bank
10 Dennison Mfg. Co., 1st pref_ _1553,1 7 Rights Fitchburg Gas & El. Lt_ _ 10
993
pre'
Co.,
Shoe
%
Regal
8
_121
__
Mills_
Cotton
Massachusetts
1.5
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares.
Shares.
5 Second & Third Sts. Pass. Ry_250
5 Central Nat. Bank
453-4533.
465
corn
Co.,
Stetson
B.
John
1
10
__
$1.0__
88 Phila. Life Ins. Co., par
60 i 5 Young,Smyth, Field Co., pref.
.50 Amer. Bank, par $50
94
(1 sh. corn. bonus)
3103(
111 Bank of North America
4 Equit. Ill. Gas Light Co., pref_107
14 Farmers' & Mech. Nat. Bk _ _ _144%
8 Phila. Bourse, corn., par 350.33.-3%
417
16 Girard Nat. Bank
3 Phila. Bourse, pref., par $25.- 10
980-080%
2 Girard Trust Co
10 German Comm'i Accident Co.,
10 Lansdowne & Darby Savings
4%
par $10
1464
Fund & Trust Co
1
650% 2,050 Golden Anchor Mg. Co_ __Lot $1
' 1 Penna. Co. for 165., &c
$2
920 Ohlo-Tonopah Mg. Co., par51Lot,
50
10 People's Trust Co., par 550
Per cent.
Bonds.
300
L 2 Real Est. T.I. & T. Co
Water
Y.
96%
$1,000
Inter-Urban
N.
pref
Co.,
, I Real Est.Tr.
Co. 1st 5.5, 1931
8336
111
i 2 Trust Co. of No. Am
121% $2,000 Wayne Water Works Co.
3 Wayne Title & Tr. Co
1st 43s, 1933
903-f
45 West Phila. Title & Tr. Co.,
129-1303 $1,000 Spring'. Wat.Co.6s, 1922_ _105%
' vs1 par 550
$2,000 Spring'. Wat. Co. 58, 1026
76 Delaware Ins. Co., par $10_15%-16
99%-100
180 People's Nat. Fire Ins. Co., par
25
$1,000 Nor. Spring'. Wat. Co. 5s,
$25
i
100
1928
20 Germantown Pass. Ry. Co_...112
248
$5,000 Baker Vawter Co. 1st 5s,'23 70
31 Ridge Ave. Pass Ry
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
$
18,006,0
156,952,0
48,110,0
20,281,0
35,322,0
165,767,0
7,579,0
10,385,0
49,246,0
17,040,0
17,046,0
48,923,0
10,870,0
11,328,0
25,330,0
8,553,0
5
$
$
$
%
448,0 2,406,0 13,351,0 16.8+16.1
1,796,0
57,0 14,090,0 117,025,0 15.0+10.7
17,524,0
457,0
4,896,0
4,239,0
31,258,0 15.0+13.3
29,0 1,084,0 16,409,0 15.1+10.0
2,453,0
1,818,0 1,548,0 2,503,0 22,172,0 15.2+10.0
15,353,0 1,222;0 19,401,0 107,193,0 15.4+15.3
797,0 5,721,0 15.8+10.9
675,0
230,0
983,0 1,686,0 14,962,0 10.2+10.1
1,442,0
745,0 4,536,0 41,306,0 15.0+ 9.8
6,466,0
23,0 2,099,0 15,491,0 15.3+11.9
2,347,0
481,0 2,543,0 15,614,0 15.0+13.6
1,876,0
5,460,0
172,0 3,765,0 32,241,0 17.4+10.4
1,051,0
315,0 1,081,0 8.739,0 15.6+10.9
1,387,0
224,0 1,178,0 10,732,0 15.0+ 9.8
14,0 2,329,0 17,513,0 15.0+11.7
2,625.0
941,0 8,470,0 15.7+ 9.7
343,0
991,0
Brooklyn ____
Bankers
U.S. M. & Tr_
Astor
Title Gu.& Tr_
Guaranty
Fidelity
LawyersTA &T
Colum-Knicker
Standard
People's
New York
Franklin
Lincoln
Metropolitan...
Broadway..._
$
2,426,2
14,376,4
4,564,5
1,220,5
11,870,4
23,064,5
1,278,0
6,204,6
7,000,0
1,377,9
1,725,7
11,631,3
1,316,4
557,5
6,147,8
559,9
Totals, Avge
95,321,6 659,738,0 66,503,0 7,291,0 66,241,0 478,199,0 15.4+10.2
Actual figures June 15 661,286,0 65,379,0 7,134,0 68,112,0 474,653,0 15.2+12.5
The capital of the trust companies is as follows: Brooklyn, $1,000,000; Bankers,
510,000.000; United States Mortgage & Trust, $2,000.000; Astor, $1,250.000; Title
Guarantee & Trust, $4,375,000; Guaranty, $5.000.000; Fidelity, $1,000,000:
Lawyers' Title Insurance & Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000; Standard, 51,000,000; 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, $40,625,000.
•
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
Capital. Surplus,
ending
June 15.
Loans.
Specie.
On Dep.
Net
Legal with C.H.
Tenders, Banks. Deposits
$
$
It
$
$
$
$
Averages.
1,460,841,0
Banks __ 131,150,0 105,115,7 1,403,344,0313,383,0 77,544,0
7,291,0 66,241,0 478,199,0
Trust cos_ 40,625,0 95,321,6 659,738,0 66,503,
Total_ _ 171,775,0290,437,32,063,082,0 379,886,1 84,836,0 66,241,0 1,939,040,0
Actual.
1,465,980,0
1,405,129,0315,946,0 78,469,0
Banks
661,286,0 65,379,1 7,134,0 68,112,0 474,653,0
Trust cos_
Total_
2,066,415,0381,325,0 85,603,0 68,112,01,090,633,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
the whole State, but the figures are compiled so as to
in
Philadelphia:
By Messrs. Samuel T. Freeman & Co.,
distinguish between the results for New York City (Greater
Per cent.
Bonds.
New York) and those for the rest of the State, as per the
$1,000 Springfield Water consoll$1,000 North Springfield Water 1st
following.
100
dated 5s, 1926
100
58, 1928
For definitions and rules under which the various items
V. 86, p. 316.
Statement of New York City Clearing-House Banks and are made up, see "Chronicle,"
STATE BANKS AND TRUST COMPANIES.
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
Trust Cos.
State Banks
Trust Cos.
Stale Banks
for the week ending June 15. Tim figures for the separate
outside of
in
outside of
in
Week ended June 15.
banks are the averages of the daily results. In the case of
Greater N. Y Greater N. Y. Greater N. Y. Greater N. Y
the totals, actual figures at the end of the week are also given.
$
$
$
$
For definitions and rules under which the various items are Capital as of March 21... 22,387,400
0,525,000
59,756,000
9,605,100
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies. Surplus as of March 21_ __ 38.732,700 170,776,700 12,085,744 12,095,489
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Bank Of N. Y.
Manhattan Co.
Merchants' _
Mech.& Metals
America
City I
Chemical
Merchants'Ex.
Butch.& Drov
Greenwich _ _ _
Amer. Exch._
Commerce _ _ _
Pacific
Chat. & Phen_
People's
Hanover
Citizens' Cent _
Nassau
Market & Fult
Metropolitan _
Corn Exchange
Imp.& Traders
Park
East River__ _
Fourth
Second
First
Irving Exch._
Bowery
N. Y.County.
German-Amer.
Chase
Fifth Avenue.
German Exch.
Germania __ _
Lincoln
Garfield
Fifth
Metropolis. _
West Side_ _
Seaboard
Liberty
N.Y. Prod. Ex
State
Security
Coal & Iron_ _
Union Exch.. _
Nassau, Bklyn
Ctzpital. Surplus.
Loans.
Average.
Loans and investments__ 307,452,900 1,194,179,500
Change from last week_ +12,076,800 —3,841,900
Specie. Legais. Net Depos- ReAverage. Average. its, Aver. serve.
$
776,0 19,208,0
2,000,0 3,775,4 21,289,0 4.180,0
2,050,0 4,765,3 46,100,0 13,652,0 1,435,0 56,150,0
2,000,0 1,984,7 21,678,0 4,787,0 1,084,0 22,548,0
6,000,0 8,584,8 57,867,0 12,299,0 2,073,0 56,715,0
1,500,0 6,214,6 27,002,0 4,823,0 1,841,0 26,998,0
25,000,0 28,390,5 199,385,0 50,990,0 8,140,0 207,380,0
3,000,0 7,082,9 29,156,0 4,666,0 2,120,0 26,331,0
7,270,0
118,0
7,017,0 1,743,0
520,7
600,0
69,0
2,163,0
419,0
2,118,0
125,7
300,0
10,001,0
210,0
2,325,0
8,762,0
929,0
500,0
5,000,0 4,748,5 42,841,0 9,098,0 1,701.0 42,421,0
25,000,0 15,770,2 145,105,0 20,765,0 10,553,0 122,870,0
4,177,0
630,0
575,0
4,340,0
952,9
500,0
2,250,0 1,204,5 17,623,0 2,804,0 1,650,0 17,859,0
2,086,0
150,0
364,0
1.875,0
461,6
200,0
3,000,0 13,302,0 ' 76,917,0 16,506,0 5,204,0 85,925,0
623,0 22,405,0
2,550,0 1,091,6 23,040,0 5,357,0
451,9 10,838,0 1,972,0 1,235,0 12,461,0
500,0
9,547,0
9,397,0 1,532,0 1,032,0
1,000,0 1,830,5
259,0 12,023,0
2,000,0 1,665,6 11,770,0 2,868,0
56,849,0
6,082,0
8,170,0
48,830,0
5,559,4
3,000,0
1,500,0 7,670,4 25,895,0 3,990,0 2,384,0 23,655,0
5,000,0 13,036,0 88,178,0 22,026,0 2,214,0 93,290,0
121,0
1,743,0
369,0
1,392,0
70,0
250,0
5,000,0 5,762,1 33,339,0 6,745,0 1,900,0 34,259,0
164,0 13,548,0
1,000,0 2,419,5 13,773,0 3,277,0
10,000,0 21,236,0 114,635,0 32,158,0 2,795,0 114,330,0
2,000,0 2,052,8 34,666,0 7,651,0 2,761,0 40,326,0
49,0
3.586,0
822,0
3,470,0
803,1
250,0
705,0
8,457,0
8,307,0 1,414,0
500.0 1,711,0
234,0
4,092,0
847,0
4,228,0
709,2
750,0
5,000,0 9,017,3 88,751,0 26,294,0 5,872,0 105,956,0
100,0 2,205,0 13,386,0 2,564,0 1,202,0 15,040,0
350,0
3,416,0
523,0
3,341,0
834,1
200,0
253,0
6,273,0
5,454,0 1,267,0
200,0 1,057,2
751,0 15,338,0
1,000,0 1,700,5 15,011,0 3,143,0
247,0
9,259,0
2,036,0
9,158,0
1,252,3
1,000,0
588,0
3,516,0
295,0
3,383,0
516,0
250,0
1,000,0 2,156,1 12,725,0 1,321,0 1,880,0 12,743,0
267,0
4,836,0
892,0
4,348,0
200,0 1,041,1
1,000,0 2,139.7 24,456,0 5,025,0 2,255,0 28,540,0
589,0 24,712,0
1,000,0 2,658,8 22,381,0 6,936,0
365,0 10,913,0
861,1
9,126,0 2,440,0
1,000,0
358,0 21,304,0
867,1 15.874,0 5,007,0
1,000,0
457,6 11,330,0 2,855,0 1,062,0 15,202,0
1,000,0
552,0
6,050,0
953,0
6.021,0
488,4
1,000,0
360,0 10,166,0
9,939,0 2,176,0
977,8
1,000,0
281,0
6,898,0
1,462,0
7,837,0
1,094,2
1,000,0
25.8
26.8
26.0
25.3
24.6
28.6
27.7
25.6
22.3
25.3
25.4
25.4
28.8
25.0
24.6
25.2
20.6
25.7
26.8
26.0
25.0
26.9
25.9
28.1
25.2
25.4
30.5
25.8
24.3
25.0
26.4
30.3
25.0
25.5
24.2
25.3
24.6
25.0
25.1
24.0
25.5
26.4
25.7
25.1
25.7
24.8
25.0
25.2
Totals, Avge.._ 131,150,0 195,115,7 1403,344,0 313,383,0 77,544,0 1460,841,0 26.7
1405,129.0 315.946.0 78.469.0 1465.980,0 26.9
Actual fixures June IS.
circulation.—On the basis of averages, circulation of national banks in the Clearing
IloUSe amounted to 546,878,000, and, according to actual figures were $40,898,000
Specie
Change from last week_
57,174,200
+3,693,200
122,772,500
—676,600
Legal-tenders & bk. notes
Change from last week_
23,831,900
+276,700
11,220,500
—300
107,650,000
—78,200
166,643,700
+977,400
•
362,333.400 1,316,350,700
Deposits
—597,000
Change from last week_ +14,134,600
113,012,200
—346,500
Reserve on deposits
Change from last week_
100,214,800
+2,697,800
142,548,900
—597,400
21,843,800
—125,900
174,348,600
—1,091,700
ON
23,728,000
—1,687,800
P.C. reserve to deposits...
Percentage last week
28.5%
28.9%
16.5%
16.4%
20.4%
20.5%
14.7%
15.5%
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
but amounts due
for both trust compan es and State banks, not only cash items
from reserve agents. Trust companies in New York State are required by law to
ratio
varying
the
according to lodeposits,
their
to
keep a reserve proportionate
is computed on the
cation as shown below. The percentage of reserve required
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
varying according to locaThe State banks are likewise required to keep a reserve
deposits exclusive of time
tion, the reserve being computed on the whole amount ofby
certificates (according
deposits not payable within thirty days, represented
secured
deposits
(according to amendand
of
1910),
exclusive
to the amendment of
ment of 1911) by bonds or obligations of the City or State of New York, and ex(not
value
par) of bonds or
exceeding
to
the
equal
market
amount
an
of
clusive
obligations of the State or City of New York owned by the company or held in trust
for. it by any public department.
—Trust Co.,,— —State Banks—
Total
Of
Of
Total
Reserve Required for Trust Companies
Reserve which Reserve
which
and State Banks.
Required.in Cash. Required. in Cash.
Location—
15%
25%
15%
5%
Manhattan Borough
20%
10%
10%
Brooklyn Borough (without branches in Manhat.) 15%
7;4%
15%
10%
Other Boroughs(without branches in Manhattan) 15%
20%
20%
16%
Brooklyn Borough, with branches in Manhattan_ _15%
15%
15%
15%
Other Boroughs, with branches in Manhattan_ _ _ _15%
10%
Cities of the first and second clas.4
10%
Cities of the third class and villages
6%
15%
Elsewhere in State
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing.
JUNE 22 19121
THE CHRONICLE
1677
House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.-Becombined each corresponding item in the two statements, low is a summary of the weekly totals of the Clearing-House
thus affording an aggregate for the whole of the banks and institutions of Boston and Philadelphia:
trust companies in the Greater New York.
We omit nen rivbere (005 in all these
figures.
NEW YORK CITY BANKS AND TRUST COMPANIES
Capital
and
Loans.
Surplus,
Banks.
Clear -House Clear -House Stale Banks d; Total of all
eek ended June 15- Members.
Members. Trust COS. Not Banlcs &Trust
Average. in C.-H. Aver. Co:. Average.
ActualFigures
$
1 Nat. Banksi
Capital iApril 18 andl
State Banks
Surplus March 21_
.
171,775,000
171,775,000
26,068,400
197,843,400
200,437,300
290,437,300
82,047,800
373,085,100
Loans and investments 2,066,415,000
Change from last week +23,644,000
Pin
1,940,633,000
Deposits'
Change from last week +23,719,000
2,063,082,000
+40,893,000
610,456,300 2,673,538,300
-2,011,700 +38,881,300
1,939,040,000
+41,521,000
a615,250,800 2,554,290,800
-1,407,900 +40,113,100
t, Change from last week
381,325,000
+3,444,000
379,886,000
+8,710,000
62,140,500
-1,319,800
442,026,500
+7,390,200
Legal-tenders
Change from last week
85,603,000
+1,544,000
84,835,000
+559,000
b11,115,500
' +320,900
95,950,500
+879,900
Banks: cash in vault_ _
Ratio to deposits_ _ _
394,415,000
26.90%
390,927,000
26.76%
13,044,400
14.62%
403,971,400
Trust cos.; cash in vault
72,513,000
73,794,000
60,211,600
134,005,600
Aggr'te money holdings
Change from last week
466,928,000
+4,988,000
464,721,000
+9,269,000
73,256,000
-998,900
537,977,000
+8,270,100
Money on deposit with
other bks. & trust cos.
Change from last week
68,112,000
+3,805,000
66,241,000
+9,417,000
18,976,200
-1,140,200
85,217,200
+8,276,800
kSpecie
Total reserve
Change from last week
535,040,000 530,062,000
+8,793,000 +18,6{36,000
Surplus CASH reserve
Banks (above 25%)_
,Trust cos.(above15%)
27,920,000
1,315,050
25,716,750
2,064,150
Total
Change from last week
29,235,050
-1,318,850
27,780,900
+324,450
27.81%
25.64%
16.54%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We ornit two ciphers in all thesefigures.
Apr.
Apr.
Apr.
May
May
May
May
June
June
June
13..
20._
27__
4..
IL.
1825_ _
1..
8_ _
15._
Loans and
Investments. Deposits.
2,646,312,4
2,628,377,1
2,625,045,4
2,643,058,7
2,662,368,9
2,659,139,8
2,661,003,1
2,655,549,3
2,634,657,0
2,673,538,3
2,489,720,4
2,482,583,9
2.477,238,3
2,497,676,4
2,518,682,7
2,532,210,3
2,545,082,2
2,539,401,5
2,514,177,7
2,554,290,8
Specie.
410,412,2
416,442,1
416,955,2
417,009,3
917,890,5
423,710,1
433,287,6
436.759,2
434,636,3
442,026,5
Legal:.
94,300,4
94,945,3
95,289,9
95,054,6
96,262,0
96,005,3
95,044,0
95,864,3
95,070,6
95,950,5
504,712,6
511,387,4
512,245,1
512,963,9
514,152,5
519,775,4
528,332,5
532,623,5
529,706,9
537,977,0
582,181,0
592,817,9
593,657,8
596,187,4
508,196,1
599,417,2
607,150,6
614,540,4
600,647,3
623,104,2
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie. and
Net
with
InvestBank C.-H. Depostis
ments.
NOICS. Banks.
New York City.
$
Manhattan and Bronx.
525,6 2,819,0 611,0
500,0
Aetna National
61,0
101,0 2,473,0
318,0 1,517,0 154,0
Washington Heights_ 100,0
85,0
221,0 1,281,0
111,4 1,46:3,0 353,0
200,0
52,0
Battery Park
189,0 1,607,0
514,5 5,454,0
500,0
40,0 1,107,0
Century
864,0 5,601,0
501,5 6,429,0 907,0 414,0
400,0
Colonial
886,0 6,834,0
709,9 6,562,0 644,0 569,0
300,0
705,0 7,304,0
, Columbia
171,4 1,078,0
200,0
50,0 125,0
218,0 1,029,0
Fidelity
340,7 2,567,0 442,0
250,0
46,0
316,0 2,857,0
Mount Morris
402,4 4,527,0 504,0 349,0
200,0
580,0 4,838,0
Mutual
2,970,0
286,8
337,0
200,0
109,0
152,0 2,718,0
New Netherland
72,3 1,852,0 248,0 102,0
Twenty-third Ward_ 200,0
248,0 2,039,0
69,0 778,0
507,3 4,330,0
100,0
Yorkville
682,0 4,833,0
Brooklyn.
Broadway
544,0 3,272,0 381,0 173,0
307,0 3,238,0
200,0
First National
662,8 3,553,0 263,0 104,0
387,0 2,681,0
300,0
871,4 5,988,0 426,0 408,0
Manufacturers' Nat.. 25230
867,0 5,456,0
Mechanics'
862,0 10,840,0 249,0 1,946,0 1,597,0 13,257,0
1,000,0
National City
575,2 3,866,0 537,0 131,0
831,0 3,898,0
300,0
North Side
179,0 2,213,0
200,0
169,0 2,211,0 197,0 100,0
Jersey City.
923,0 4,262,0
400,0 1,319,6 5,098,0 274,0 408,0
First National
90,0
602,0 1,983,0
250,0
784,4 3,571,0 200,0
Hudson County Nat_
501,0 1,514,0
200,0
422,0 1,957.0 109,0 123,0
Third National
Hoboken.
45,0
467,0 1,504,0
220,0
640,5 3,790,0 178,0
First National
45,0
235,0 1,255,0
125,0
288,6 3,099,0 197,0
Second National
Totals June 15-6,797,0 11,691,3 88,819,0 7,370,0 7,370,0 12,058,0 84,765,0
Totals June 8... 6,797,0 11,691,3 88,769,0 7,209,0 7,341,0 12,818,0 84,335,0
Totals June 1._ 0,707,0 11,691,3 88,708,0 7,201,0 6,998,0 13,023,0 84,112,0
1911.
51,966,934
14,072,599
1910.
$2.163,127
15,423,176
1909
$2,441,679
15,900,608
52,496,634
13.259.358
$16,039,533 $15,586,303 $18,342,287 $15,755,992
$66,729,912 $66,196,258 $74,708,995 $79,748,839
404,157,188 340,794,092 371,614,445 326,349,560
$470,887,100 $406,990,350 $446,323,440 $406,098,405
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 15 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
1911.
1910.
1909.
For the week
Previously reported
814,392,869 $14,867,568 $15,693,972 $13,128,455
382,171,022 350,254,925 283,344,161 278,943,353
Total 24 weeks
$396,563,891 $365,122,493 $299,038,133 $292,071,F08
The following table shows the exports and imports of
specie at the port of New York for the week ending June 15
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
•
Exports. -
•
Gold
Tot. Money Entire Re:.
Holding:. on Deposit.
We omit two ciphers(00)in all thesefigures.
Surplus.
1912.
For week.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending June 15, based on average daily results:
Banks.
1
FOREIGN IMPORTS AT NEW YORK.
Total 24 weeks
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to 5698,572,900, a decrease of $11,498,000 from last week. In
the case of the Clearing-House members, the denosits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Week
Ended.
431,093,0 15,079,0 147,051,3
433,251,0 15,053,0 180,646,0
432,167,0 15,066,0 142,306,9
1 445,524,0 15,062,0 155,070,7
1 437,376,0 15,088,0 140,106,6
t 439,365,0 15.077,0 132,611,8
436,562,0 15,084,0 161,931,7
t 437,868,0 15,069,0 147,602,4
Imports and Exports for the Week.-The following are
the imports at New York for the week ending June 15; also
totals since the beginning of the first week in January:
Total
Since January 1.
Dry Goods
General Merchandise
15.38%
1.16%
101,634,0
101,968,0
100,662,0
102,904.0
99,197,0
96,558,0
96,355,0
96,591,0
$
a Includes Government deposits and the Item "due to other banks." At Boston
Government deposits amounted to $761,000 on June 15, against $787,000 on June 8.
"Deposits" now include the item of "Exchanges for Clearing House," which was
not previously embraced in the total. "Exchanges for Clearing House" were reported on June 15 as 513,284,000.
Dry Goods
General Merchandise
15.43%
10.21%
Total
80,623,2 388,707,0
80,623,2 389,800,0
80,623,2 391,639,0
80.623,2 390,943.0
80,623,2 390,678,0
80,623,2 391,429.0
80,623,2 391,567,0
80,623,2 391,789,0
$
8,032,0 187,369,2
8,146.0 174,866,1
8,287,0 159,721.9
8,296,0 177,628,9
8,290,0 154,346,8
8,266,0 129.127,2
8,252,0 177,547,4
8,240,0 174,474,5
I
92,232,200 623,194,200
-2,139,100 +16,546,900
% of cash reserves of tr ust cos15.27%
Cash in vault
12.54%
, Cash on dep. with bks.
Specie. Legal:. Deposits. Circu- Clearings
a
lation.
$
s
$
a
$
41,575,0 224.672,0 25,504,0 4,291,0 270,566,0
41,575,0 224,248,0 25,994,0 4,203,0 268,810,0
41,575,0 225,273,0 26,693,0 4,234,0 266,357,0
41,575,0 227,823M 26,797.0 4,160.0 270,708.0
41,575,0 223,271,0 27,365,0 4,211,0 263,636,0
41,575,0 224,818.0 24.781,0 4,422,0 262,539,0
41,575,0 232,641,0 25.024,0 4,620,0 277.022,0
41,575,0 239,063,0 27,364,0 4,562,0 288,915,0
Boston.
Apr. 27
May 4
May 11
May 18
May 25
June 1
June R
June 15
Philadelphia.
Apr. 27
May 4
May 11
May 18
May 25
June 1
June 8
June 15
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
Since Jana
$582,750
$12,030,487
15
1,266,325
4,875
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
$2,139
288,815
62,623
46,434
Total 1912
Total 1911
Total 1910
62,908
200
25,349
672,836
$846,652 $24,102,360
881,628 22,582,320
484,986 19,627,996
129,496
6,928,754
1,222,392
809,202
2400,011 $9,534,390
751,183 6,267,624
75,240 5,643,622
$562,252 $20,036,356
284,100 3,304,911
100
Since jan.1
$5,164
439,382
8.833,952
50,383
$587,625 822,181,162
100 2,620,581
50,400 44,261,408
Total 1012
Total 1911
Total 1910
Imports.
22,100
672
87,221
71,225
50,216
$3,329
4,938
15,335
14,439
2,757,200
1,729,608
670,048
$211,434 $5,194,897
84,052 4,106,706
10,367 1,864,328
Of the above imports for the v%eek in 1912, $___ _ were
American gold coin and $2,772 American silver coin.
Aaniting and Financial
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled "Railroad and Industrial
Stocks," which describes 126 issues listed on the New York Stook
Exchange, and classified by us as follows: Investment Stocks, SemlInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, III. Boston, Mass. Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE STREET
•• .
' BOSTON
1678
[VOL. Lxxxxiv. •
THE CHRONICLE
Vaniterg'
azette.
Wall Street, Friday Night, June 21 1912.
The Money Market and Financial Situation.-Waiting for
developments at Chicago caused a partial suspension of
business in the security markets up to the close on Wednesday. As soon as it became evident that the most aggressive
candidate for the Presidency would not be nominated, the
embargo was lifted and business at the Stock Exchange assumed a normal tone and condition. The volume increased
to about three times what it had been earlier in the week,
and a considerable advance in prices reflected the confidence
which had been engendered.
The other news of the week is generally of a favorable
character. All reports from the spring-wheat belt agree that
the outlook for that crop was never better at this season, and
the most reliable information about cotton acreage shows almost as large an area as was planted last year. Corn may be
somewhat backward on account of the unseasonably cool
weather, but with the soil in excellent condition, as it is well
known to be, there is ample ground for expecting that during the coming month that deficiency will be made good.
Steel men are well pleased with present conditions, and
the outlook in that department. New orders have not, it is
said, quite kept pace with recent shipments, but orders already booked are sufficient to keep practically all mills
busy up to full capacity for several months to come, and
prices are steadily tending upward. Copper metal has also
further advanced this week.
Whatever change has occurred in the financial situation,
at home and abroad, aside from preparations for the halfyearly settlements, has been towards easier conditions.
Both the Bank of England and the French Bank show larger
gold holdings, and although German bankers are still bidding for loans in other markets, the tone is reported easier
in Berlin. English consols sold early in the week at the lowest price in many years, but advanced later on rumors of a
plan to reduce the amount of outstanding consols.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2(4)3%. To-day's rates on call were 23'2@3%.
Commercial paper quoted at 4@4h% for 60 to 90-day
endorsements and for prime 4 to 6 months' single names
and 432@4% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £420,666 and the percentage of reserve to liabilities was 49.09, against 49.57 last week.
The rate of discount remains unchanged at 3%, as fixed
May 9. The Bank of France shows an increase of 11,900,000
francs gold and 825,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
(Not including Trust Companies.)
1912.
Averages for
week ending
June 15.
Differences
from
previous week.
1911.
Averages for
week ending
June 17.
• 1910.
Averages for
week ending
June 18.
131,150,000
134,150,000 130,350,000
Capital
195,115,700
Surplus
200,877,300 185,325,600
Loans and discounts_ _ _ 1,403,344,000 Inc. 20,728,000 1,364,420,000 1,195,089,700
Circulation
88,000
46,878.000 Dec.
45.393.000
48,193,400
Net deposits
1,460,841,000 Inc. 27,164,000 1,426,219,000 1,191,995,800
Specie
313,383,000 Inc. 5,890,000 326,159,000 254,648,000
Legal tenders
75,278,000
716,000
77,544,000 Inc.
69,435,800
Reserve held
25% of deposits
390,027,000 Inc. 6,606,000
365,210,250 Inc. 6,791,000
401,437,000
356,554,750
324,083,800
297,998,950
----State and Railroad Bonds.-Sales of State bonds at the
Board include $1,000 N. Y. Canal 4s 1960 at 1009 and
$30,000 Virginia 6s deferred trust receipts at 47 to 473.
The market for railway bonds has been somewhat more
active than last week, due largely to Wabash ref. & ext.4s.
United States Bonds.-Sales of Government bonds are
limited to $10,000 Panama 3s at 1019/i and $500 3s coup. at
102. Closing prices have been as follows; for yearly range
see third pagefollowing:
Interest
Periods
28, 1930
registered
2s, 1930
coupon
3s, 1908-18
registered
3s, 1908-18
coupon
45, 1925
registered
4s, 1925
coupon
2s, 1936_Panama Canal regis
Is, 1961_Panarna Canal coup
Q-Jan
Q-Jan
Q-Feb
Q-Feb
Q-Feb
Q-Feb
Q-b eb
Q-Mch
June
15
June
17
*10034 *10034
*WO% *10034
*102 *102
*102 *102
*114 *114
*114 *114
*10034 *10034
*10134 *10134
Jane
18
*10034
*10034
*102
*102
*114
*114
*10034
10134
June
19
June
20
*10034 *10034
*10034 *10034
*102 *102
*102 *102
*114 *114
*114 *114
*10034 *10034
*10134 .10134
June
21
*10034
*10034
*102
*102
*114
*114
*10034
*10134
*This is the price bid at the morning board no sale was made.
Railroad and Miscellaneous Stocks.-Stock market operations were almost at a stand-still during the first half of the
week. The transactions were so meagre as to attract no
attention, and fluctuations were in most cases wholly without
significance. On Thursday, the news from Chicago was of
such a character as to give a decided impetus to business on
the Exchange and cause a substantial advance in prices. The
increased activity was not, however, maintained. Total
transactions to-day were much below those of Thursday,
and in many cases prices sagged off from M a point to a point.
Among the exceptional features, the anthracite coal shares
have been conspicuous for strength. Lehigh Valley closes
33% points higher than last week and Reading 2%. Union
Pacifid is up over 2 points and Southern Pacific 1%. The
copper stocks have advanced on trade conditions, and American Can has added 43 points to its previous advance. The
Texas Company has advanced day by day and closes 8%
points higher than last week. Lorillard has lost 3 points.
For daily volume of business see page 1688.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending June 21. for
Week.
Allis-dial rests 1st Paid_
Pref rects 1st paid_ _ _ _
Batopilas Mining
Buffalo Roch & Pittsb
Col Fuel & Iron, pref_ _ _
Colorado & Southern_ _ _
Second preferred
Crex Carpet
Cuban-Amer Sugar, prel
Green Bay & W,deb B_
W Helme
Preferred
Hocking Valley
Keokuk & Des Moines.._
Long Island
M Rumely, pref
New York Dock, pref..- _
New York & Harlem__ _
Pabst Brewing, pref_ _ _ _
Pitts Ft Wayne & Chic_
Quicksilver Mining
Preferred
Sloss-Sheff S & I, pref._
Standard Milling
U S Indus Alcohol
U S Rubber, rights
Virginia Iron, C & C
Weyman-Bruton, pref
Range for Week.
Lowest.
400 1%
200 5%
200 81%
200 114
550 115
350 39
200 67
100 86
100 93
5 1234
100 180%
5 10934
100 135
200 734
500 53
1,000 x100
100 40
100355
100 110
100 170
1,510 6
1,360 9
200 100
95 28%
500 3934
3.300
150 60
300 113
Highest.
Junel7 2
Junel8 • 534
Junel7 $1%
June21 115
Junel7 11534
June20 3934
Junel5 68
Junel5 86
Junel8 93
Junel7 12%
June20 180%
Junel7 10934
Junel8 135
June21 7%
Junel8 543.4
June20 101%
Junel9 40
June20355
June113 110
June20 170
Junel5 7%
Junel5 12
Junel5 100
Junel8 2934
Junel5 40
Junel9
June21 60
June21 114
Range since Jan. 1.
Lowest.
June2(
1%
Junelt
Junel7 $M
June21 105
June17 106
June2( 39
June21 67
Junelt 72
Junelt 93
Junel7 10%
June2 155
June17 10934
Junel8 127
June21 6
June10 43%
Junel x100
Junel9 40
June20 350
Junel9 108
June20 170
June21 3
June20 3%
Junel7 90
June17 1634
Junel9 26
June20
34
June21 54
June21 112
Highest.
May 2%
May 6
Mch 82%
Jan 115
Mch 115%
June 45
June 70
Mch 86
June 96
Feb 13
May 104%
May 112
Mch 135
Mch 934
Feb 5434
June 101%
June 50
Apr400
Feb 110
June 170
Jan 834
Feb 1234
Feb 105
Jan 2934
Jan 41
June
Mch 90
Mch 114
May
May
Apr
June
June
Feb
Jan
June
Jan
May
June
Mch
June
May
June
May
Mch
May
Apr
June
Apr
May
Apr
June
June
June
Jan
Apr
Outside Market.-"Curb" trading for the most part of the
week was of a listless character and limited in volume.
Note.-The Clearing House now issues a statement weekly show ng the actual Towards the close the market developed strength and busicondition 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 ness was in good volume.. British-American Tobacco was
the summary issued by the State Banking Department giving the condition of heavily dealt in, and after a slight recession, from 2734 to
State banks and trust companies not reporting to the Clearing House, appear on
4.. Trading in
26%, ran up to 28%, and closed to-day at 283
the second page preceding.
prominForeign Exchange.-Sterling exchange was firm until the United Cigar Stores, which of late has been especially
points to 240,
3
sailing of Thursday's steamer, which was the latest mail op- ent, dwindled, the price going down
to 243. The
portunity for remittances for the July payments. It then though towards the close there was a recovery
close to-day was at 242. B. F. Goodrich common fell from
became easier.
final figure to-day being
To-day's (Friday's) nominal rates for sterling exchange were 4 8534 for 81 to 78M and sold up to 80, the
sixty-day and 4 88 M for sight. To-day's actual rates for sterling exchange 7994. The preferred went down from 10894 to 10734 and
were 4 8465@4 8475 for sixty days, 4 8735@4 8745 for cheques and 4 8775
to 108. Lehigh Valley Coal Sales was neglected, a few
@4 8785 for cables. Commercial on banks 4 83 34 @4 84 % and documents up
for payment 4 84@4 8534. Cotton for payment 4 8434@4 84
and grain sales being made, up from 238 to 243 and down to 240.
for payment 4 85@4 8534.
Loose-Wiles Biscuit common moved irregularly between 36
Posted rates for sterling as quoted by a representative house were advanced on Tuesday from 4 85 to 4 8534 for 60 days and from 4 88 to 4 8834 and 37 and finished to-day at 3634. The first preferred sold
for sight.
up from 103 to 10334 and down to 102%, the close to-day
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20 less
1-32@5 20 for long and 5 1734 less 1-32®5 1734 for short. Germany being at 103%. MacAndrews & Forbes dropped from 189
bankers' marks were 94 %@94 13-16 for long and 95 5-16@95
less 1-32 to 185 and ends the week at 186. R. J. Reynolds Co. adfor short. Amsterdam bankers' guilders were 40 33@40 35 for short.
Exchange at Paris on London, 25 fr. 23 Mc.; week's range, 25 fr. 2434 c. vanced from 241 to 2423. Standard Oil of N. J. lost 3
high and 25 fr. 2334c. low.
points to 380 and recovered to 382. F. W. Woolworth comExchange at Berlin on London, 20 in. 4534 pf.; week's range, 20 in.
mon receded from 88 to 8734, then jumped up to 9594, and
4534 pf. high and 20 m. 44 pf. low.
The range for foreign exchange for the week follows:
rested finally at 9534.
Sterling ActualCables.
Sixty Days.
Cheques.
In bonds, Braden Copper 6s were active and advanced from
High for the week_ _ _ 4 8485
4 88
4 8765
Low for the week___ 4 8460
145 to 156, closing to-day at 1553 2. The 7s improved .8
4 8760
4 8730
Paris Bankers' Francspoints to 155. Copper shares were strong. Braden CopHigh for the week_ _ _ 5 20 plus 1-32
5 1734 less 1-16 5 1634 less 1-32
5 . British
per was an active feature and advanced from 7 to 7%
Low for the week_ _ _ 5 20 less 1-16
5 173', plus 1-32 5 1734
Germany Bankers' MarksColumbia at first weakened from 6 to 594 then advanced to
High for the week__ _ 94 13-16
95
95
M
less 1-32
plus 1-32
week,
Low for the week__ _ 94 0
95 5-16 less 1-32 95 7-16 less 1-32 63..g. A quarterly dividend of 3% was declared this
Amsterdam Bankers' Guildersthe first since June 1911. Giroux sold up from 534 to 594
High for the week__ _40 3-16 less 1-16 4034 less 1-16
40
plus 1-16
and at 53 finally. Greene Cananea after early weakness,
Low for the week _ _ _40 M
40 5-16 plus 1-32
4034
1034.
• Domestic Exchange.-Chicago, 150. per $1,000 premium. Boston, par. from 10 to 9%, rose to 1094 and ends the weak at
New Orleans, commercial, 25o. per $1,000 discount; bank, $1 premium. Ohio Copper broke from 1 9-16 to % on reports of a reor
San Francisco, 400. per $1,000 premium. Savannah, buying, 3-16% dis.ion, foreshadowing an assessment on the stock.
count; selling, par. Montreal, 16340. discount. Charleston, buying, par; ganizat
selling, 1-10% premlutn.
Outside quotations will be found on page 1688.
Surplus reserve
25,716,750 Dec.
185,000
44,882,250
26,084,850
.
New York Stock Exchange-Stock Record,- Daily,
Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stock5 usually inictive. see precedinT page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
June 15
Monday
June 17
Tuesday
June 18
Wednesday
June 19
Thursday
June 20
Friday
June 21
sates ol
she
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots
Lowest.
Highest.
Range for Previous
Year 1911.
Highest,
Lowest.
Railroads
10638 10638 10638 10612 16633 10612 10633 10658 10638 10714 10714 10758 8,550 A tch Topeka de Santa Fe 10314 Feb1 11038 Apr 8 9978 Sep 11658 J'ne
*10312 10334 10334 10334 10338 10332 *10338 10334 *10334 10334 10334 104
400 ii- Do pref
10138 Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
138 13812 13838 130
*140 14034 14018 14013 141 141 x138 138
1,400 Atlantic Coast Line RR_ _ 13318 Jan 10 14312 Apr 0 117 Jan 13914 Nov
10778 10778 10734 10734 10778 108
10773 108
108 10838 10812 109
2,600 Oaitimore de Ohio
310114 Feb 1 11178 Apr 30
1312 Sep 10914 J'ly
*8712 88
88 *3712 88
8712 8713 *8712 83
83
*8712 88
Do prof
200 '
a
8712 J'ne 20 01 Jan 23
91 Jan
8512 Aug
8734 8312 83
8734 8818 8734 8818 8753 8778 8734 88
8838 9,350 Brooklyn Rapid Transit_
7634 Jan 2 9018 May27
8453 J'ly
72 Sep
28412
264 26434 26313 26434 26418 28434
26511 26478 26514 28474 20513 8,350 i lanadian Pacific.
22913 Mch 4 270 May16 19553 Jan 247 J'ly
*370 390 *370 395 *360 390 *370 390 *370 395 *370 395
k entral of New Jersey _ 303 Jan 9 395 Apr 20
260 Aug 320 Dec
7658 77
7714 77
7712 777s 7753 7812 7833 7914 5,800 Chesaneake & Ohio
77
77
6814 Feb 1 8158 Apr 11
8034 Feb
6838 Sep
1714 1714 1714 1714 1714 1714 *1714 1712 1712 1712 *1712 18
700 Chic (it West trust ars
17 May31 2012 Apr 8
2514 J'ne
17 Sep
3113 *3213 34
3312 3313 3353 34
3312 3312*3212 3312 *33
Do pref trust etts
400
33 May29 3912 Apr
4914 Feb
3512 Dec
10234 10278 10314 10312 103 10313 10278 10312 10314 10478 10412 10512 7,600 Chicago Milw & St Paut ._ 102 J'ne 11 11234 Apr 8
Oct 13313 Feb '
105
6
3
4
3191
113
*14034
14212 *14C:'3 19212 *14034 143
*14012 143 *14012 143
Do pref
14038 J'ne 14 146 Jan 2 141 Sep 15512 Feb :
135 13713
1364.
13573 13611 136 137
*135 13612 4,135 13811 *135
1,263 Chicago & Nortit Western 13478 J'ne 10 145 Apr 26 1384 Sep 15013 J'ne
*180 192 *180 192 *180 195 *180 195 *180 195 *180 190
Do pref
190 May 4 198 Moil 26 191 Nov 5209 Jan
214
214
238
*212
258
3
*212 3
*214 3
*212 3
200 Chic Un Trac °Os stmpd
118 Feb 16
373 Apr 18
33s Feb
14 Sep
*5
614 *512 612 *512 612 *6
7
*6
612 *6
612
Do prof Ws stmpd_..4 Mc621
1014 Apr 18
714 Feb
434 Sep
*53
*53
57
57
57
57
*53
57 *53
*53
57
*53
Cleve Cm n Chic & St L___ 6412 Mch28 6212 Apr 23
4818
60
Sep
Jan
*10018
105
*1008
105
*10013 105 *10018 105 *10018 105
*10018 105
59578 Feb 24 10119 Apr 17
Do pref
9414 J'ly
98 Feb
*16714 16814 *16714 16813 *167 169 *16714 16813 *167 16812 *16712 16812
nelaware
_ 167 Jan 10 17613 Feb 6 15912 Sep 17473 J'ne
540 510 *535 550 *535 550 *535 550
*535 550 *535 550
100 a f.elaware Lack
&Hudson_
& West_
- 540 Jan 16 569 Jan 29 505 Sep 570 Nov
20 *19
2014
620
1878 1978 1912 1913 1912 1912 *19
29
1878 May23 24 Mch 27
1,750 Denver & Rio Grande__
1758 Dec
35 Feb
*34
3612 3534 3534 435
35
3414 3414 3512 3513 *3512 304
330
Do pref
3414 J'ne 19 4614 Jan 24
3634 Dec
74 Feb
*834 034 *812 934 *9
934 *9
934 49
100 Duluth So Shore & Atlan
812 Men 4 1134 May16
0
3
4
93
4
154 Melt
Nov
9
93
4
*18
2012 *18
2013 *18
2014 *18
20
*13
20
Do pref
*13
22
18 Mob 8 23 Efay15
1718 Dec
3018 Meli
34
3418 3378 34
3418 8438 34
3412 3414 35
3014 Jan 15 3918 Apr 11
3433 3518 13,200
2714 Jan
3838 J'ly
5218 5218 *5218 5234 5214 53
52
5134 51434 52
rieDo 1st preferred-. 40
Feb
1,630
*5234 527f
eb 3 577„ Apr 11
5018 F
4658 Jan
6114 J'ly
42
*11
*41
42 *4134 42
*113.1 42
42
42
4234
442
Do 2d preferred
48 Apr 11
100
35 Jan
4034 J'ly
13234 133 *13234 13313 *133 13312 133 13312 133 134
13412 6,700 Great Northern pref
126
134
Jan
16
135
34 Apr 9 119 Sep 140 J'ne
*4013 4113 *4012 4112 *1012 4112 41
41
4012 4158 4134 4212 1,5
Iron Ore properties
36 Jan 31 46 May20
20
10
3334 Dec
0334 Feb
*12638 12714 *12814 12714 127 127
12714 12738 12714 12714 3126 12712
Illnots Central
12058 May 9 14118 Jan 23 132 Jan 147 J'ly
*1934 2014 1938 1978 20
2038 2014 2012 20
2034 2038 2034 8,800 A nterboro-Metrop v t ctfs 164 Jan 3 2134 Mem 24
1318 Sep
2038 Feb
5714 5714 5714 5714 5713 5734 5734 5812 5834 5934 5914
Do pref
3634 Sep
5338 Jan 3 62 Meh 26
5934 7,215
5038 J'ly
13 *11
*11
13
*11
13
*11
13
*11
13
*11
13
Iowa Central
1012 Feb 8 15 Jan 4
15 May
22 Sep
*24
28
*25
28
*23
28
*22
25
*24
29
*23
23 Apr
Do preferred
5
2014
macnh 24
9 J
lidch
lb 3
May294
42 Sep
2412 2412 2434 2578 *2412 253s *2412 2514 *2413 2514 2518 27
25t8
2514 Sep
2213
Dno
C
oirteyferr
57000 Ka
3738 J'ne
Soeudthern_
*5834 60 *58
60
60
GO
60
60
Kansas
60
60
60
60
56 May29 6558 Mch25
6934 J'ne
"12 Sep
*14
16
*14
16
*1212 16 *13
16
16
16
*15
10 Sep
1712
100 r akD
e oErpi
1112Jan 26 18 Apr 24
17 Nov
W
edestern
38
38
*33
3312 33
38
*3712 39
*3712 39
63734 3734
25 Sep
225 1-1
reef&err
40 Jan
30 Jan 8 40 May21
170 171
17034 17158 17053 17134 17112 17312 17178 17514 174
8 65,400 Lehleti Valley
15578 Feb 5 18534 Jan 15 151 Sep 18678 Dec
15638 15638 *15614 15714 157 15714 15714 15712 157 15858 15858 1755
15011 2,700 Louisville & Nashville
14978 Feb 1 163 Apr 9 13612 Sep 16034 Nov
*133 137 *13314 137 *134 135 *134 135
134 13478 *13413 135
400
Elevated
134 J'ne20 13834 Mob 13 13114 Sep 14212 Jan
*18
20
*18
20
_-*18
20
1912 *18
*18
1913
Manhattaninneapolls & St Louis 1934 J'ne 7 2712 Jan 23
2112 Apr
4212 Sep
*44
47
*44
47 - _-------*43
47
DO preferred
35 Met) 6812 Sep
340 Feb 26 357 Jan 15
*141 142
14012 142
14213 14218 14114 14134 14134 1-42 - 142 1-4 - -2,7
ft Minn St P de S S Marle
Sep
129
Feb
4
3
71213
15214
14434
Mch
6.35
115
*198 154 *150 154 *150 154 *150 152 *150 153
152 152
Do preferred
14714 Feb 1 15478 May15 140 Nov 160 Mch
*8534 87
*8534 87
*8614 87
8634 8634 *86
87
87
87
Do leased line otfs
351,
8613 May21 38878 Jan 17
8712 J'ly
9012 Mch
*2713 2778 2714 2714 *2714 2734 2714 2713 2734 28
2314 2814
600 M o Kansas & Texas
2614 May31 3158 Meh 29
3813 J'ne
27 Sep
*5012 62 • *5913 62
*5912 62
*5912 62
*60
62 *5912 62
Do preferred
5738 May29 66 Apr 17
6234 Sep
70 Oct
37
3788 3714 3778 3688 3712 3634 37
37
3734 3714 377: 8,600 Missouri Pacific
3513 May29 4734 151c1127
63
3314
Sep
Feb
70 *66
70
70 *66
*60
*66
*66
*66
70
70
70
1\T at Rys of Mex 18t pref 83 May17 71 Jan 4
7238 Jan
60 Aug
*3078 31
31
3118 3114 3134 *3073 3114 *3012 3114 31
31
2,400 1.1 Do 2d preferred__
28
Apr
1
3678 Jan 20
3838 Feb
2578 Aug
*11712 11813 11712 11734 118 11838 x11714 11814 11738 11838 113 11838 3,736 N Y Central ec Hudson__ 10614
Jan 9 12112 Apr 25 x9978 Sep 11512 Feb
*13418 135
135 135
134 134 413434 13434 *133 135
134 134
297 N Y N H & Hartford__ 134 J'ne 18 14214 Apr 1 12678 Sep 15113 Feb
34
3414 3438 3412 3412 3434 3412 3434 3412 3434 3434 35
2,380 N Y Ontario & Western_ 34 J'no 14 4138 Apr 12
3734 Sep
4678 J'ly
8913 891: x8814 8814 *8738 8E34 8834 8834 89
89
*88
400 N Y State Rallways____
8912
8678 J'ne 1 9334 Apr 26
11112 11113 11114 11158 11138 11134 411134 11134 11134 11134 11134 11214
3,820 Norfolk & Western
*10734 Feb 1 11414 Apr 3
9934 Sep 11114 Nov
*87
90
*86
90
*86
91
*87
90
Do adjustment pref
J'ne
12 92 Feb 17
88
8534 Apr
9114 J'ne
*-- 59
60
60
*56
6014
---106 Nor Ohio Trac & Light
56 Mchll 6718 Apr 16
5534 Nov
3912 Jan
*119 120
11938 11913 119 11934 -----11912 171913
- Ho; 12014 12033 121
6,800 Northern Pacific
1154 Jan 15 12558 Apr 6 11034 Sep 13778 J'ne
12318 12314 12314 12312 12338 12312 12338 12312 12312 12312 12338
3,209
Pennsylvan
12212
12334
ia
Jan 9 12614 May 2 11834 Sep 13015 Feb
*107 108 *107 108 *107 108 *107 100
los 10812 *10712 10814 • 300 Pittsb Cin Chic & St L
9812 Jan 2 11014 May20
9013 Sep 100 Jan
*110 117 1.110 117 *110 117 *110 117 *110 117 *110 117
Do preferred
10812 Jan 2 117 Feb 20 10218 SeD 112 Feb
16378 16558 16413 16578 16453 16578 16473 16634 16538 168
16713 16878 231,200 14 eadsi
14818 Jan 11 17914 Apr 211 134 Sep 16173 J'ne
*86
89 *86
89
*86
89
88
88
8778 88
*87
89
500 8-5
) 1 irpreferred
8778 J'ne 20 9314 Apr 29
88 Mch
92 J'ly
*9612 9712 *9612 99
*9612 98
*9612 99
98
98
*9612 9812
2d preferred
100
9012 Sep 101 May
94 Jan 11 10112 Apr 20
2413 2434 2434 25
25
2434 25
2538 2478 2534 2512 2573 7,650 Rock Island Company
2234 Sep
2212 May31 3013 Apr 8
3438 J'ne
*49
5014 4914 50
50
50
4913 5014 50
5114 51
5114 3,284
Do preferred
4334 Dec
93 Jan 3 5958 Apr 9
6858 J'ne
*23
25
25
25
*25
2712 *23
2512 *23
2712 *24
26
200 Qt Louis & San Fran __
23 Dec
2134 May22 2912 Mch26
27 Oct
*62
65
*62
66
65
*62
*62
65
*62
65
*62
kJ Do 1st preferred-___ 61 May10 6912 Jan 23
66
59 Sep
6914 J'ly
36
36
*35
36
36
36
*3513 37
*3534 3612 *3512 3712
Do 2d preferred
300
3513 May31 4334 Apr 11
37 Sep
4912 J'ly
13314 3314 *3212 3313 *3212 3312 *3214 3312 3238 3212 *33
34
350 St Louis Southwestern
2934
Jan
22 3458 Apr 2
24 Jan
34 Feb
*75
7612 *7514 7614 *75
7613 *7512 7612 7618 7618 *7614 77
Do preferred
100
6813 Jan 17 774 Apr 8
693.4 Jan
72 raft
*2413 25
2412 2434 2478 25
25
2514 2514 2538 2514 2512 3,100 Seaboard Air Line
2413 J'ne 17 2712 Apr 4
5414 5414 5458 5434 5512 5412 55
5438 5438 54
5412 55
7,600
Do
preferred_.,
50
38 Apr 16 5612 J'ne 7
10912 10912 10878 10014 109 10958 10918 10938 109 11013 11038 11078 7,200 Southern Pacific
Co
10512 Feb 1 11512 Apr 8 10412 Sep 12633 J'ne
2734 2318 2814 2814 2818 2818 2814 2838 28
2838 2814 283: 6,800 Southern v tr cas stmpd_
2612 Jan 31 3118 Apr 8
2434 Sep
3338 J'ly
74
7414 7414 7413 7412 *7334 7434 *7378 7412 7412 7413
74
1)0 prof
800
6814 Feb 4 7612 Dich28
do
6114 Jan
7514 J'iy
*2314 24
*2314 24
2314 2314 *2234 2312 *2213 2352 *2212 24
100 rl'exas & Pacific
2012 Jan 3 2614 Apr 2
1978 Dec
3014 Feb
*37
*37
*38
40
39
39
*37
39
3818 39
39
1,050 A bird Ave New
39
3534 May 7 4934 Jan 9
31
Nov
41 Dec
*612 712
658 688 *6
712 *634 712
613 612 *614 712
200 Toledo Railways do Lt
3 Jan 15 1053 Apr 16
4 Nov
1434 *14
*14
*14
1413 1413 *14
15
15
814 Jan
1434 *14
100 Toledo St L & Western... 1234 Mch 4 1638 hich27
1473
12 Dec
2434 Feb •
3212 *25
3213 *23
3258 *28
*28
*28
32
3258 *25
304
Do prelerred
28 J'ne 7 36 Apr 8
3478 Dec
5373 Jan
*104, 107
10818 10618 107 107 *10634 10834 10712 10834 10834 109
1,400 Twin City Rapid Transit_ 10412 Jan 5 109 May16 104 Sep 111
Feb
16714 16813 16778 16858 16734 16834 16818 16878 16713 16912 16914 17013 83,100 f 1 nion Paelno
160 Feb 1 17558 Apr 9 15312 Sep 19238 J'ly
*9018 9012 9013 9018 *90
9012 90
9012 *90
90
*90
9034
500 •-1
Do preferred
90 J'ne 3 9358 Feb 27
89 Sep
96 rly
*3018 3034 *3018 3034 *3018 3034 *29
3078 *304 3013 304 3012
200 Unit Rys Inv't of San Fr 30 J'ne 3 3714 Feb 14
2812 Sep
49 Feb
*88
60
*53
60
60
*58
*58
60
5934 5934 5934 60
400
Do preferred
58 Jan 2 6513 Feb 19
52 Sep
7614 Mali
*4712 5012 *4712 5012 *4713 5013 *4712 5012 *4712 5013 *4734 5012
Virginia Sty & Power__
41 Jan 4 50 Apr 2
37 Sep
45 Apr
*634 714 *678 712
418
19,050
434
abash
W
514 7
47
8 514
338 538
934 Mayll
1838 Feb
334 J'ne 19
534 Dee
1613 1612 1612 1738 1434 1634 1318
1514 1314 1414 1412 1478 26,900 T Y
Do preferred
1118 J'ne 19 2278 Apr 9
1414 Dec
4038 Feb
57
58 *5714 58
*57
*5714 58
5714 5712 5712 5734 5778
600 Western Maryland Hy- 5534 Jan 9 6414 hich25
4878 Apr
66 J'ly
*678 734 *7
8
*7
8
612 678
7
7
*634 734
900 Wheeling & Lake Erie4 Jan 10
212 Sep
914 Men 13
614 Feb
2212 23
*21
25
*21
*22
25
25
2118 2112 2214 2214
400
Do 1st preferred
11 Jan 3 2578 Apr 18
7 Set/
1753 Feb
*1012 /2
11
11
*1012 12
1058 1034 *1013 111:
Do 2d preferred
1134 1134
550
6 Jan 19 14 Mch 13
3 Aug
8
Feb
*5212 55
65212 5213 *5212 55
*5212 55
*5212 55
22
*5212 55
Wisconsin Central
48 Feb 5 5712 Apr 8
48 Sep
7213 May
Industriaideiliscellaneous
4.20978 20978 *205 220 *205 220 *205 220 *205 220 *205 220
10
Adams
Express
5191 Mch 12 121713 Apr lb 3198 Not, 5245 Apr
*34 1
34
34
*34 118
*34 118
300 Ex Ills-Chalmers
*34
VS
34
34
12 Mch26
3 5ich30
118 Dec
*212 10
*21. 10
*212 10
*212 10
934 May
*212 10
212 212
300
Do pref
212 J'ne 4
8 Jan 2
653 Dec
84
8434 841.
34 Feb
4 8478 8478 8512 8533 8658 85741 8734 87
75,595
8778
Amalgamat
ed
Copper
60 Feb 1 88 J'ne I.
' *6078 62
4434
Sep
7158
J'ne
*61
6134 *6114 62
56178 6178 61
6112 6134 6134
620 Amer Agricultural ()hem- 5812 Feb 27 6358 Meh22
*100 10113 *100 10112 10013 10012 *10012 1011 10034 10034 101
4434 Sep
6312 Dec
300
101
Do pref
2
10014 Apr lb 10414 bleb 20
9912 Oct 105 Deo
7413 7434 7438 75
73
7412 7334 7412 73
75
7433 7434 14,100 American Beet Sugar
53 Feb 26 76 Mayll
3914 Jan
5934 Oct '
*10012 10112 *10012 10112 *10013 10112 *10012 10112 10114 10114 *100
100
Do Prof
97 Apr 3 10114 J'ne 1
9213 Jan 101 Oct
*9512 9612 *9512 9612 *9513 9612 *9513 9612 *9334 9612 *9312 10112
Am Brake Shoo de Fdry__
9612
9113 Jan 2 98 Apr 23
87 Sep
97 Feb
*14018
*14018 -_. *14018 14134 *14018 14134 *13838 140
100
13912
Do
13912
pref
130 Jan 2 141 J'ne 14 12212 Oct 138 Feb
• 3214 3318 3213 3414 3314 3414 337
3814 37
8 3512 35
3834 50,600 American Can
1114 Feb 1 43 Mayll
873 Jan
1212 May
116 11614 11558 11634 x11534 11534 11614 117
11612 11812 11714 11814 6,200
Do prof
9058 Feb 1 12153 Mayll
77 Jan
9318 Dec
*5814 59
5812 5834 5812 5813 5834 59
2,300 American Car de Foundry 49 Feb 5 614 Apr 9
59
60
5912
6014
4238 Sep
*118 11878 *118 119
11812 11812 *11812 11834 11812 11812 11888
5814
370
Do pref
115 Feb 14 120 May24 113 Oct 120 J'Ir
118511
May
3134 3218 3173 3173 32
3318
3312 3314 3358 3314 3338 5,961 American Cities
3134 J'ne 14 334 J'ne 20
8218 8213 8278 33
82
82
182
8278 83
3,150
83
8318 x80
Do preferred
80
x80 J'ne 21 834 J'ne 2',
*5178 53
*5178 53
5113 5112 52
52
400 American Cotton Oil
*5158 53
*5213 54
4513 Jan 19 5714 May 3
4153 Nov
*96
98
98
*96
*96
6233 Feb",
98
*96
es
*96
Do pref
98
*96
98
95 Jan 19 9914 Feb 13
92 Nov 10512 Feb
*210 220 *210 220 *210 220 *210 220 *210 220 *210 220
American Express
200 Feb 2 5225 Apr 11 201 Sep 3255 Jan
V.
E
r
"Me
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
ma
Banks
New York
200
Aetna
America li
620
Amer Exch 237
115
Battery Pk
Roweryll___ 400
BronxIWO 300
Bronx Nat_ 175
Bryant Pk 1 150
Butch 44 Dr 130
Century iii__ 5230
675
Skase
Ask
Banks
Bid
Chat&Phealx 18212
Chelsea
207
Ex' 5150
030 Chemical .._ 440
243 Citizens' CU 180
130 City
41712
....... Coal ,
14 Iron 155
.. Colonial $_ 425
110- Cui6mbla 1. 336
155 Commerce - t199
140 Corn Ex ¶- 320
____ East R1Ver- 100
__ leidellty $- 165
Ask
1114 Ask
Banks
Banks
18713 Fifth Avet. 4350
. Harriman _
--- i inp de Trad
Flan
300 325
450
_ Irving N Ex
First
185 Fourth
1000--200
205 Liberty__
423 Garfield .... 275
290 Lincoln__
160 Germ-Am ¶ 140.... danhattatill
_ Uerm'n EMI 425
440
dark't&Ful
ii0 Germania 'II_ 625 640
dech &Met's
____ Gotham
155
165
`lereantile.
_ Ureenwich-lj 250
-... derch Each
1-1-5- tianover
675
____ Jerchanta'.
175
Bid
290
665
2311
500
375
340
250
263
175
16212
185
Ask
_ _
575
- _ .
610385
34711
25711
2671
180
16712
____
Banks
Metropolis 1
Metropol 'n1]
Mt alorrist.
\lutual II__
Nassau ____
New Neth_l,
NewYorkCo
New York_
Pacine$-__
Park
People's 1.._
1314
Ask
375
194
250
288
200
220
875
340
255
370
240
385
198
260
29212
205
_ _.
_
351;
265
375
250
Banks
Prod Each 1
deserve __ _
'eaboard __
wcond
,ecuri ty-li _
'nerman___
'tate $ __
.33d Wardll.
Un!on Exc..
Wash krts Ii
West Side
Yorkville 1..
Bus
170
90
915
375
135
135
250
175
162
276
sod sated prices: no sales were made on this day. / Ex-r1gbra. 3 Less than 100
shares.
!Salo at Stook Ezolauige or at auction this week. 4 Ron Installment paid. a Sold at private 11 Sta o tanks. a Ex-dividend and rignts 0 New stock,
sale at this price, z Ex-dividend., iFull paid.
" •Bid
Ask
175
_
---.
400 1
146 ;
___,0
275 .
168'
_
[VOL. Lxxxxiv.
New York Stock Record-Concluded-Page 2
1680
, ins;t1ve 535 seeen I elle nre.ceiirur
For record of sties dirlir the week rt? stoc'cs Itself!)
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
June 15
Monday
June 17
Tuesday
June 18
Wednesday
June 19
Thursday
June 20.
Friday
June 21.
Sales ol
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share tots
Lowest
Highest
Range for Previous
Year 1911.
Lowest.
Highest.
.
100
50
2,500
1,100
Industrial and Misc.(Con)
312 Sep
612 May16
5 J'ne
3 Feb 19
American Elide dc Leather
*5
6
6
*5
6
*5
6
*5
6
538 533 *5
18 Sep
2653 J'ne
20 Feb 28 2712 May10
Do pref
§2413 2418 *24
*24
26
*2414 26
*2414 26
26
*2414 26
112
Aug
May2u
3034
2534
2
Jan
XIV
American
18
2618 2618 2614 2614 *26
Ice
Securities_
2534
2712
2714
2714
2612 -:; Aug
1238 Feb
9 Mch 6 1778 Apr 23
American Linseed
1418 1414 *14
15
*14
15 -1412-1412 1412 1412 1135 1473
2018 Oct
3412 Dec
Do pref
30 Feb 20 43 Apr 23
*3612 39
*3612 39
*3612 39
*3612 39
*3634 39
*3012 38
3213 Oct
4314 May
3134 Feb 27 4434 Apr I
4114 4114 *4114 4134 4134 4134 42
1,100 American Locomotive__
4214 4214 4214 4234 43
103 Jan 15 110 Apr 8 102 Oct 11034 Mch
*10712 10812 *107 10814 10712 10814 *107 110 *108 109 *108 110200 Do pref
3 Sep
533 Jan
434 Jan 10 19 J'ne 26
1712 1814 17
17
*17
18
17
17
1738 19
1778 18
3,700 American Malt Corp
3112 Met) 435$ J'ly
42 Jan 6 6212 J'ne 14
6113 62
6134 61
624,700 'Do pref.
6012 6134 6012 6078 61
6138 61
22 Sep
8111g J'ly
*89
8912 *8812 8912 *8918 8911 *87
89
100 Amer Smelters Sec pref 11 86 Mch22 8912 J'ne 16
88
88 *----• 8812
8378 J'110
5658 Sep
8133 8634 19,200 Amer Smelting& Refining 6773 Feb 1 8958 Mch 25
8434 8434 8514 8434 86
8418 8453 84
8338 84
10812 J'ne
98:14 Sep
10238 Jan 2 10812 Apr 24
Do pret..
468
*1075s 108
10712 10712 10778 10778
108 108 110758 10758 *10712 108
123 Mch 6 16.04 J'ne Is 225 Sep 325 May
*158 180
153 158
159 159
15814 15814 158 M8
1,100 American Snuff
158 158
Aug 105 Dec
10218 Jan 16 111. Jan 20 96
Do pref
*100 108 *100 108 *100 108 *100 108 *100 108 *100 108
99 Feb 9 103 J'ne
Do pref, new
*100 105 *100 105 *100 105 *100 105 *100 105 *100 105
5212 Feb
25 Sep
26 Jan 19 3912 MaYll
Amer Steel Found (new) _
38
*3612 38
*3812 3712 *3612 3712 *3612 3712 *3612 3712 *36
8,525 American Sugar Refining 11434 Jan 12 1331, l‘fayl., 11214 Sep 12212 Feb
.13014 13058 130 13012 12858 13012 12973 13018 130 13078 130 131
Feb
11912
Jan
111
Jan
5
12318
J'ne
3
11512
pref
12212
*120
12212
Do
*120 12212
*121 12212 121 121 *121 12212 *121
100
14534 148
14512 1457E 14558 14534 14578 14578 *14534 146
14618 14614 2,100 American Teleph & Teleg 13758 Jan 2 14913 Mch 25 13113 Aug 15313 J'ne
24118 Feb 29 29812 J'ne r•
291 29512 6,15C American • Tobacco
292 292
290 29112 28914 29012 29012 29012 290 292
87 Aug 10614 Dec
102 Jan 9 10834 Jan 19
Do pref
*10512 10612 *10512 107 *105 107 *105 108 *103 105 *106 108
10114 Jan 11 10638 Jan 19
Preferred, new
10412 10412 10438'10478
*10338 104
10312 1031' 10338 10333 104 104
750
2512 Dec
3612 Mch
2514 Feb 6 31 May17
2912
American Woolen
1 *28
*23
*28
30
30
*28
30
*28
2912
9614 J'ne
8514 OM
88 Feb 7 9412 Nich12
100. Do pref
4 *9012 93
*91
9212 *9012 9212 29012 9012
*91
9214 *9012 921.
2412 Sep
3412 Feb
36
37
36
*35
3612 3612 *3612 37
500 Amer Writing Paper. prt. 2518 Jan 25 4138 May 2
*36
37
36
36
4458 4518 20,200 aAnacondaCopper Par*25 3:34 Feb 1 34518 J'ne21 520 Sep $4118 J'ne
4378 4438 4418 45
4312 4334 4338 433,, 4312 437;
10512 Feb 7 12314 J'ne 21 10612 Dec 108 Deo
400 Assets Realization
12218 12314
122 122 *122 123 *122 123 *122 124
*12038 123
1,200 Paldwin Locomotive__. 5358 J'ne 18 5512 J'ne 1 i
5478 5478 55
55
5514 x535s 543/ *5314 55
55
*5312 55
10234 Feb 2 10818 J'ne 1.7 10514 Dee -ioi--Dec
Do pref
1
108 108
108 10818 210412 10434 10412 10412 *104 10412 *10414 10412 1,806 '
3818 Aug
16 Sep
2734 Feb 27 42 Apr 19
3718 1,450 Bethlehem Steel
3634 3812 3678 *3512 3738 36
*36
3758 3612 3714 37
0034 J'ly
5612 Feb 27 7434 May 9
54 Sep
Do pref.
*6912 7134 *70
*70
*6912 7212 *6912 72
7134 *6912 72
7134
13712 Mch21 14534 May16 z121) Sep 14814 Nov
1,010 Brooklyn Union Gas
*140 142
142 1421: 143 143 *140 143 *140 143 *14112 143
2912 Mch 18 4018 Apr 3U
31 Mch
28 Feb
125 Butterlok Co
*3312 3412 *3312 3412 3312 3312 *3212 3412 *3212 3412 *3212 3412
1612 Feb 27 2818 Apr 22
1834 Sep
3338 Feb
(lentral Leather
1,600
*2413 2512 *2458 2512 *2458 2512 2514 2514 2514 2558 2578 26
80 Feb 27 9538 Apr 22
9118 Dec 105 Feb
100 k) Do pief
9218 9218 *9112 94
93
*91
93
*91
93
*91
*91
93
34
3413 3418 3413 3438 3434 3458 3514 3178 3514 13,125 dChino Copper___Par *5 325 Jan 15 53514 J'nea, $161, Sep .4.2712 Dec
34
34
2318 Feb 22 3414 Apr 10
25 - Sep
51133 Feb
3114 3038 3114 3058 3114 3112 3134 3,800 Colorado Fuel & Iron__ _
3134 3214 3112 3112 31
12834 Sep 14812 J'ne
14013 141
141 14112 140 • 14114 14014 14012 14012 14114 141 14112 7,197 Consolidated Gas (N Y)_ 13814 Feb 17 146 NIch28
1)58 Oct
10 Jan 16 1712 Apr 2.1
1534 May
1512 1512 1512 1,500 Corn Products Refining_
1518 *1473 1512 15
1%1478 1512 15
*1478 15
27814 Jan 3 87 Apr 24
73 Sep
85 May
Do pref
*8014 82
*8014 8214 *8012 8214 8218 8212 8212 8314 1,100
8034 81
29
Feb
5
3438
Apr
8
3814
Sep
28
Mch
Distillers'
Corp
561
Securities
3214
34
*32
3214
*33
33
3
4
3238 3238 3214 3212 43234 32
13 Dec
36 Feb
Federal Mining ,Sc Smelt'g 1114 Feb 28 1834 Alch26
1712
*13
*13
20
*13
20
20
*13
20
20
*13
e13
37 Dec
3718 Jan 23 46 Mch 25
6612 May
*4112 44
*4112 44
*4112 44Do pref
4278 42.7 *4112 44
44
*42
155 Jan 2 174 J'ne21 142 • Sep 18838 May
17118 174
6,9
101 General Electric
169 16918 *169 170 *16812 17012 17012 17012 17012 171
35 Nov
6134 Aug
30 Feb 20 3814 Apr 9
33
33
3218 3218 *31
34
200 Gen Motors vot 52 ctfs
3518 *33
*33
3214 *---- 3234
7412 Dec
8053 Aug
7014 May 3 82 Apr 8
Do pref vot tr Ws
7412 7412 7412 7413 *74
600
7512 '7478 75
7538
7512 7512 *75
$313 Oct
3778 Jan
438 438
438 412
412 412
433 412
438 412
438 412 6,000 diloidneld Con M Par $10 $4 May 6 55 Men 18
6018 6078 6033 61
6014 8078 6014 6034 6033 6118 6014 6114 14,340 dGuggenh Explo_Par 325 337 J'ne 1:3 338238 J'ne 14
*1914 1912 1914 1912 1912 1912 1918 1938 1938 1912 1938 1038 5,050 d I nsp'n ConCop Par 320 $1814 J'ne 3 52018 J'ne 7
9913 Sep 12038 May
119 119 *119 122
119 119
11912 120
*11853 120
800 Ant Harvester stk tr efts 10514 Feb 1 12412 Mav26
12034 12034
11612 Jan 26 12134 Apr 4 115 Sep 12814 May
100
Do pref stk tr ctfs
*11713 122 *11712 122 *11713 122 *11712 122 *11713 120 4118 120
578 Jan
314 Sep
4 Itch 7
778 Meh 29
400 Int Mor Marine stk tr ctfs
414
414 414 *414 434 *414 412
*4
414 414
414 412
2212 Dec
14 Aug
1713 May10 26 Mch29
Do pref
1938 *18
1938 1814 1814 18
1818 *18 190
30
*1818 1834 *18
1338 Jan
9 Sep
938 Jan 17 1934 May23
1618 16
16
1634 1614 1658 6,615 International Paper
1612 18
1658 16
1638 16
4438 May
5633 Jan
24678 Jan 3 6278 May23
Do pref
650
460
60
60
59
5978 5912 5912
60
508 5978 *58
*58
44 Feb
23 Oct
2413 J'ne 3 34 Jan 2
825 Internet Steam Pump
*2514 27
*2512 28
25
2514 2512 2512 2538 2538 *2514 27
9012 J'ne
80 Oct
79 Feb 1 8458 Apr 8
pref
*7812 80
*79
8012 80
80
80
*77
80
*79
Gas (St L) coin_ 104 Mch 16 10834 Jan 4 10114 Sep 11412 Jan
10513 106
10638 10638
2
480 LaDclo eGear
*105 10513 *105 106 *105 108 *105 106
1,120 Liggett & Myers Tobacco 15878 Jan 15 20612 J'ne 8
20312 20312 200 200
202 202
19812 19812 199 200
4195 195
10512 Jan 12 11312 Jan 18
Do preferred
*11134 11212 *11112 113 *11112 113 *11134 11212 11178 11178 112 112250
95 Feb
7518 Jan 31 8878 J'ne 10
7412 Dec
8873
88
7
8
8778
88
*87
8878
*8858
90
950 Mackay Companies
8678
87
*80
87
77 Mch
68 Dec
6812 Jan 11 7078 Jan 23
Do pref
6912 *69
6912 6912 8913 46913 6912
110
*6812 6913 *6812 6912 *69
St J'110
70 Apr
*7712 80
200 May Department Stores_ 69 Apr 11 8214 May23
80
7912 7912 7878 7878
*78
80
*77
*7714 80
10578 J'ne 19 112 Jan 11 10734 Sep 11314 J'ne
10.227000
*10414 10614 *10414 10614 *10414 10614 10578 106 *10414 10614 *104 106
6234'Apr 20 7338 MaY18
Mexican Petroleum
6314 6834 6834 6912
6812 6812 69
66
6658 6634 6758 68
2833 2814 2858 2835 2878 2833 2834 9,770 dMiatni Copper__ _Par *5 $231,3 Feb 14 $2873 J'ne 20 s1t03 Sep 52413 Deo
2814 2778 2814 28
28
13912 Jan 2 161 Apr 30 11714 Jan 14334 Nov
156 15658 15612 159
2,800 .N ational Biscuit
158 158
*15558 157 *155 157 *15518 156
12634 Feb 20 131 J'ne 19 124 Jan 130 Feb
Do prof
500
13034 131 *13034 132 *13034 132
130 13014 *130 131 *130 131
22 J'ly
1212 Dec
1214 Feb 29 1914 May15
500 Nat Enamel'g de Stamp'g
16
1578 1578
*1512 1612 *1512 1613 1512 1512 1612 1612 *15
16 Jan 10034 J'iy
88 Feb 27 9513 Jan k
pref
Do
94
*90
94
*90
*90
94
04
*90
94
*90
9312 *90
4212 Sep
69 Feb
5113 Jan 9 6058 May22
1,734 National Lead
57
5718 *57
5712 *5634 5712 5712 5712 5712 5834 5814 59
10512 Feb 1 10934 Feb 15 104 Sep 10934 Aug
Do pref_
100
*10712 10912 *10712 10912 *10712 10934 *10712 10934 *108 10934 10934 10934
$2114
Sep
Copper_Par
*5
May
1
51518
J'ne
Cons
51814
Jan
29
dNev
32314
2213
6,870
2238
2218 2218 22
2173 22
22
2218 2214 2214 2212
45 Oct
76 Feb
760 New York Air Brake__ _ 60 Feb 17 7612 J'ne 6
75
7514 7512 7512 7213 7217 *72
7514 7514 *73
75
76
Co (new) 7413 Jun 3 8478 Apr 27
64 Jan
7434 May
*8112 8212 8214 8214 8214 8214 8233 8238 8212 8212 8212 8314 1,600 North American
Mali
30 Jan 3 35 5.1027
2318 Apr
3338 Nov
800 P
33
3312 3312 3312
*3214 3314 *3214 3314 *3234 3314 3234 33
il
p & Teleg
47 Feb 5 5538 Apr 25
35 Sep
6458 Jan
300 it. a=
5012
4934 50
*50
4934 4934 *4912 50
*4912 50
*4812 50
114 11438 1,500 People's G L & C (Chic).. 103 Jan 8 11814 May25 10112 Aug 109 Jan
11312 114
11312 11312 11312 11334 11314 114
114 114
99 Sep 11812 J'ne
550 Philadelphia Co (Pittsb) _ 102 J'ne 3 11114 Feb 16
10412 105 110412 10412
---- ---- *10312 105
10234 10234 104 104
1634 Mch 1 2334 Apr 23
2314 J'ne
17 Dec
2118 2134 2178 2178 2134 2173 2,300 Pittsburgh Coal Co
2068 21
2012 21
2034 21
Do pref
9078 J'IY
0734 Jan
17 Feb 8 9273 May24
9078 9012 9114 91
00
9134 4,100
*8812 91
90
90
90
*88
167 Mch 11 20012 J'no It,
188 188
187 18812 1,400 P. Lorillard Co
187 18712 187 187
18714 190
*185 190
350
Do preferred
10734 Jan 12 116 Jan 10
112 112
112 112 *111 11212 11134 11134 *11114 112
*112 113
3758 J'ne
25 Sep
2834 Feb 27 3738 Apr 11
600 Pressed Steel Car
35
35
35
3534 3578 3578
*3412 35
35
*3413 35
35
DO ores
91 Sep 10234 J'ne
116 Feb 28 10312 Apr 24
200
101 101
*100 102 *100 102 *100 102 *100 10112 *100 101
200 Pub Service Corp of N J. 10634 Feb 17 11114 Mch 28 108 Oct 120 Feb
11112 11112
*10912 112
11114 11114 *109 112 *110 112 *108 112
15812 Feb 2 163 Apr 29 164 Sep 163 Jan
422 Pullman Company
16014 18014 16114 16114
15978 160 *15912 161 §15912 15912 *15912 160
39 J'ne
26 Oct
725 1.)allway Steel Spring
2712 Feb 8 3714 Apr 27
3614
3512 36
3514 3514 *35
35
3514 3514 3514 3514 435
02 Jan 103 J'ne
Lk Do pref
100 Mch 12 103 Feb 21
*9814 10112 *9814 10112 *9814 10112 *9814 10112
*9814 102
*9814 102
512
Sep
319
Deo
J'ne21
$2212
20
Jan
dRay
$16
$10
ConsCopper
Par
34,160
21
2134 2134 2218 2218 2212
2053 21
2058 2078 2034 21
18 Oct
3514 Feb
1534 Feb 28 27 Jan 2
2418 2414 2414 2414 2,000 Republic Iron & Steel
2358 24
*2312 24
24
2353 2334 24
7418 Oct
0033 Feb
6412Feb 27 8538 Jan 3
Do pref
80
*79
8014 7913 7012 7978 8018 1,150
*7834 80
*7812 8014 *79
18912 190
191 19114 1,500 Sears, Roebuck & Co___ 140 Jan 15 19412May22 12512 Sep 102 Feb
18912 18912 18912 18913 *18712 19014 18912 190
34 Sep
6614 Feb
5412 1,800 Sloss-Sheffield Steel eelr_ 3914 Jan 30 5412 J'ne 10
54
5438 5438 5412 5412 5418 5418 54
*50
5214 52
&Tennessee Copp_Par *26 $3412 Feb 1 $4714 May21 $3014 Sep $44 J'ne
*44
45
,
4434 4538 4514 4538 4478 4512 4150
4438 4434 4412 45
Nov
7412
13812
Feb
J'no
21
16
120
81
Jan
(The)._
Texas
Company
16,
55C
11858
120
11514
11612
11212 11434 11414 11514
11012 112
11034 111
63 Mch 111 J'ne
9834 Apr 3 112 J'ne 17
111 111 z11012 11034 11012 11058 1,800 Underwood Typewriter_
10912 10934 11012 112 *109 112
Do pref
110 J'ne 14 114 J'ne 19 103 Mch 11378 J'iy
114 114 *110 115 *110 115
100
*11112 115 *11112 11412 *113 115
434 Dec
0 Feb
453 Jan 25 1778 May15
1112 1112 1134 1134 1114 1134 1134 1234 1212 1278 2,125 Union Bag & Paper
12
12
5018 Nov
5912 Jan
4934 Feb 21 6734 May15
Do pref
64
60
60
400
6414 60
60
*58
*5612 6213 *58
60
60
5912 May17 6434 MaY2I
United Cigar Mfrs
62
83
*60
*60
*60
62
*60
63
63
63
*60
*61
pret
105 Jan 10 100 Feb 15 10014 Sep 410612 Oct
Do
*105 110 *105 110 *105 110 *105 110 *105 110 *105 110
0712 Sep 108 J'ne
97 Feb 10 10118 Apr 10
United Dry Goods
*99 10112 *99 10112 *9912 10112 *9912 10112 *9912 10112 *9912 10112
10338 Feb 24 108 M ay2i) 10034 Sep 10712 J'ly
Do pref
100
*10418 10612 10412 10412 *10418 106 *10412 10614 *10412 106 *10412 10614
11 Sep
May16
19 Feb
2212
Feb
16
Cast
I
Pipe
Foundr
13
S
.34
*1912 21
21
*19
21
300 U
*20
2112 2113 2078 2078 *1934 21
4012 Sep z61 Feb
50 Jan 4 61 J'ne 13
Do pref
854
59
5938 5938
5914 5912 69
*5712 60
5712 5834 *5712 59
6613 Jan
7934 May
950 U S Realty SG Improv't_ 67 Jan 31 8114 May20
*7514 7612 *7514 7614 75
77
7514 7533 7553 *75
7538 7614
3012 Sep
4812 Dec
4514 Feb 1 6773 May21
6612 6678 12,370 United States Rubber
6314 6314 6338 6334 6334 6373 6334 6134 6468 67
109 Jan 30 116 May2u 11)4 Sep 11612 J'ly
Do 1st pref
1,700
11114 11112 111 11138 11012 111
11112 11112 *11112 112 *11114 112
66 Sep
MaY21
79 Mch
8512
23
76
Jan
pref
Do
2d
813
82
4
313
500
8212
82
4
*8153 8218 8218 8218 8214 8214 *81
60 Oct
5218 Feb
5814 Feb 13 7314 Apr 30
6934 6812 7033 6978 7073 195,415 United States Steel
6812 6814 6938 6834 6938 69
68
10738 Feb 13 1133A Apr 8 103 Oct 12073 Feb
Do pref
11033 11038 11014 11014 11058 11058 11038 11034 11034 11034 11058 11114 2,670
Apr
8
$38
Sep
3577
3 Deo
56512
Copper__Par
$5212
Jan
20
$10
6438
6434
6434
&Utah
6418
12,750
8
6378 643
8314 6334 6338 6418 6373 64
4318 Sep
7033 Feb
2,200 Virginia-Carolina Chem_.. 4738 J'ne 13 5714 Jan 26
4812 4834 4813 4834 4834 49
48
48
4733 4734 4734 48
117 J'ne 17 122 Mch27 114 Sep 12813 Mch
Do pre
200
117 11710,118 118, *116 118 *116 118 *116 117
*116 118
§142 Feb 7 151 Jan 3 139 Sep 177 May
W ells Fargo & Co
*140 145 *140 145 *140 145 *140 145 *140 145 *143 14512
8413 May
7153 Apr
79 Jan 2 8614 Jan 18
600 T * estern Union Teleg
8212 8212 8234 sn *8134 ---- 8318 8318
' *82
8312
5858 Sep
79 May
7414 3,800 Westingle'seEl &Mfg assen 6614 Jan 3 8178 Mch 27
7312 73
73
*72- -7-312 *72
7334 73
73
*72
73
hue
Meh23
110t,
122
Jan
pref.
5
123
11478
Jan
1st
1)0
*118
120
200
120
*118
*118 120 *117 120 *118 120 *118 120
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bank!,
Btu
Brooklyn
iConey Isidi
2-81);First
165
iGreenpoInt
Ask
155
295
175
125
100
Homesteaul
LManutac'rs 41U- 425
240
Idechaulas 1. 230
150
Mentauk 9
Nassau
2-1/- 225
295
Nat City__ 285
I
I
Banks
Brouktiln
North Side 11
t'cople's
_
1ro5p'ct110;
Bid
Ask
175
150
140
200
160
158
Trust Co's
N Y City
Astor
380
Bankers' 11 535
B'way Tr_ 1771L
r
1821,
Trust Cdi
N Y CM/
Central Tr__
Col u in blaKnIckerb
Commercial
Empire
Equit'ble Tr
Farm Loee'l
Fidelity --_
PIP ton ---Uuarty Tr_
Bid
Ask
1035
570
90
300
530
1400
220
315
1020
595
95
310
225
325
1035
ILess than 100 shares.
'Bid and asked prices; no sales on th s day
111 week. s Ex stook dividend.
tSaie at Stock Exchange or at auction t3
Trust Co's
Guardian Tr
Hudson _
Law T I&Tr
Lincoln Tr.
Nietropoll'n
Mutual Alit
ance
Mut.i Westchester)
Bid
90
225
135
465
Ask
105
145
230
-2
14712
140
150
fruss Co'3 Bid
NY Life&Tr 1030
N Y Trust_ 630
Standard 'jr 370
TitleGude Tr 685
Union Tr__ 1300
US Mtg& jr 470
Unit States_ 1120
Washington 390
Westchester 150
Windsor - 188
Ask
1045
640
380
595
Frost Los
Bro,Iclun
Brooklyn Tr
Citizens' --Franklin-Hamilton -480
Home
1130' Kings Co
410
L 131 L & Tr
160
assau
193 .
)eoples' ..jueens Co_
1310
470
160
265
270
105
520
300
155
295
05
Ask
275
28.5
115
3-1-2
185
306
105
and rights. 41 Quoted dollars Per share.
b New stock. a
9Banks marked with a paragraph (9) are State banks. Z lixKUvIdead. ___2
•
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan 1 1009 the Exchange inethod of gaoling bonds was chrznged. and prices are now all-"and inierest"-except for income and defaulted bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 21.
Y,
Price
1
,
riday
June 21.
Week's
Range or
Las: Sale
335.3
,..t '''
BONDS
Price
N. Y. STOCK EXCHANGE ,
EI Friday
Z
Week Ending June 21.
... a. June '21.
Range
Since
Jan. 1.
Week's
Range or
Last Sal;
Range
Since
High No. Low High Chesapeake & OhioBid
U. S. Government.
Ask Lou,
111.71, • No. Loj
tOan--,1;iyli
Bid
Ask Low
1
10012 101 10014 May.12
10034 10078
IU S 2s consol registered_ _d1930 QGen tunding et impt 5s__1929 J -J 102 10 11, 102 May'12 ---- 102 10412
S 25 consol coupon __a1930 Q-J 10012 10114 10334 May 12
10034 10131
1st consol gold 5s
1939 11-N 110 Sale 10973 110
25 10912 11134
ilIJ S 35 registered
1025
Feb
1023
•12
4
1023
4
102
102
Registered
ki918 Q- F
1939 VI-N lus ____ Ill May'12 I, 100
10 10
13
114
!U S 33 coupon
1011,1031,1
General gold 4545
/41918 Q-F 102 102 3 10234 May'12
1992 ,11-S 10033 Sale 100
10)35
,U S 45 registered
11314 11438
Registered
1025 Q-F 114 11434 11414 J'ne'12
1992 .11-S 981, 10.34 9923 NOV'll
U S 4s coupon
11114
J'ne
11.1
11314
1143
Convertible
4
1143
4 348
4
1925 Q-1'
1930 F- A 9312 Sale 93
935. 11 6i38
- 94
11J S Pan Canal 10-30-yr 2s k1936 Q-N 10012 101 10012 J'ne'11
Big Sandy 1st 4s
1944 J -D 8614 8712 89 Apr '12
8718 88
3
10138 10 1013U S Panama Canal 33 g_ _ _ _1961 Q-S 10112 101.7 101%
3 1-01
Coal Riv fly 1st gu 4s _ _ _ _1945 J -D 8614 8937 8812 J'ne '11
Craig Valley 1st g 5s
1990 J -J 103
_ 10134 Marl:.
Potts Creek Br 1st 4s__,._1946 J -J
Foreign (lovernnient
84
id8f3-4 i)8161-33-4
84 MaY'Li
9935 22 97 00%
It & A Div 1st con g 4s 1989 .I -J___ 94 95 May'12
'Argentine-Interns! 55 of 1009 - If- S / 9038 Sale 99
____ 9312 96
945i,
9412
/
9458
Chinese (11.ukuan4) Ity Ss
2d
7 9314 9512
Sale
consol gold 4s
J -D
1089 J -.1
_
_ _ ../214 J'ne'11
Warm Spr Val 1st g Os...1941 .11-S 1913Imperial Japanese Government4 :-..... 11314 Feb 'Or
9238 1S 92 04
Greenbrier 11y 1st gu g is 1940 sf-N
Sterling loan 4 43
1925 F- A / 9214 Sale 9214
9118 ____ 95 Oct '10
9111 10 91
Chic & Alt RR ref g 38
20 Series 4 34$
93
1923 J -J / 90,8 91,8 91
1949 A-0 70,3 7134 7212
7215 '2L 7(134 7232
Railway 1st Oen 3 4s_ _ _ _1050 J -J
J
Sterling loan 43
85 8813
1931
14513 8114 85 J'ne'L.
6234 Sale 8214
6334 5, 6014 6512
10358
Republic of Cuba 5s extcn debt_•S /103 10314 103%
5 10212 10328 Chic B & Q Denver Div 4s_ _1922 F-A 99%100 9958
995
9914
FExternal loan 4 4s
Illinois Div 354/s
0914
A 2 9914 9)34
1949
4 99 9914
1940 J -J
8718 Sale 87
1
871F 14
San Paulo (13razil) trust 5s_1910 J -J / 9758 9812 9758 J'ne'12 .__ 9713 98
Registered
1949 J -J
88 ____ 8313 Apr '12
8
9
898
'
5
791.13
2 10
8
8°0
5
°8113
2
99
Illinois Div 45
Tokyo City loan of 1912, 53......- 51- S
91
95
5 94
1949 J -J
99 9914 9834 J'ne'12'
9612
go
/
9612
9612
Registered
U S of Mexico s t g 5s ot
1899
1049 J J
5 9512 9714
99 ___ 9858 J'ne'12 _- -_ 9833 9912
_ 91 91 May'12
Gold 9s of 1004
Iowa Div sink fund Os__ 19111 A-() 103 ____ 10178 J'ne'12 -- 10478 105
1054 -D
. 88 91
Thess- are p rice& on 'helm
Sinking fund 45
o 7 5$ to .£ •
1919 A-()
___ 9912 May'12 ---. 9914 9933
• State and City Securities
Nebraska Extension 4s 1927 n-N 98
9914-99
9734 J'ne'12 ---- 9734 99.58
N Y Clty-4Js
Registered
10118 35 10073 103
1060 31-S 10014 101 10078
1927 1I-N 9612 ____ 9818 Mch'11 -4 gs when issued
10034 Sale 10034
Southwestern Div 48.._J921 81-5 9933 ..-- 9918 Dec '11
10034 80 10033 10112
1962_
-4% Corporate Stock____1039 SC-W 9878 Sale 9834
Joint bonds See Great North
9912 83 9834 10018
• 4% Corporate Stock____1958 SI-N 98% 99
Debenture 5s
1913 11-N 10012 101 10012 10012 818 10
9938 24 99 10018
,
0
5.14 19
07
1154
3
'• 4% Corporate stock
1957 Al-N 98:>8 9312 993 J'110'12 .
General
48
1908 It-S
. 96 Sale 0578
9938 10014
06
• New 4 43
1957 51 N 106/8 10714 10718 J'ne'12 --__ 107 10773 Chic & 5 Ill ret & Imp 4 gs_1955 J -J
80 8012 80
8014 10 7912 8112
• New 4 3is
102 102 Mch'12
1917
1934 A-() 12133 12312 12:3 May'r_ __ 123 125
1st consol gold Os
102 10234
• • 43.8% Corporate Stock_ _1957 M-N 107 Sale 101334
General consol 1st Os_ 1937 3.1-N 107 10814 OJ J'ne'12 _
107
51 10334 10778
17
08
8:: 18
1:13%
• 434% assessment bonds_1917 111-N ____ 1(12 10112 102
11(37 M-N
Registered
__
10914 Feb '12
10112 10278
33.4% Corporate Stock_ _1954 11-N 8614 8658 8613 J'ne'12
8614 88
Chic & Ind C fly 1st 5s.._1936 J -J 10813_,_.. 10812 May'12
Y
State-48
-ti
1051
S 1001 2 - - 101 J'ne '1'4 -- 101 10278 Chic Gt Western 1st 4s_ _ _1959 SI- S 7814 Sale 7814
7834 50
Canal Improvement 45_ _1901 -J 310012
_ 10114 J'ne'12 ---. 10118 10278 Chic Ind & Loulsv-Ref 68_1947 J -J ____ 127 127
127
• Canal Imp'ment (new) 45 1961 J - J 10012-- 102 Apr '12
10134 103
Refunding gold 55
11: .
1047 J-J 11012111 . 1012 11012
1111!
200 112; 11118
10
2
10
883:14
422
Canal Improvement 48_1980 J •J .10012 _ _ _ _ 10034
10034
10034 102
Refunding 48 Series C_1917 J-J .____ 9418 9558 Apr '11
Ind & Loulsv 1st gu 48_1956 .1-J
9012 Mch'12 -_-_-_ 8SI2-69-1-2
So Carolina 4,34s 20-40__1033 J -J
86 87
- - - - 10312 J'ly '10
7
'12
J
-J
Apr
Chic
Tenn new settlement 3s
Ind
dc
May'12
Sou
9158
4
1913
50-yr 4s_ _ _1056 J J
3 91
9714
-6/34 -11 3-4
- 973
--- 9012 9133
Chic L S & East 1st 4 30_1
VIrginla fund debt 2-38___ _1991 J -J _ - 88 8613 Deo '11
Dec '11 _
..1989 J-1) ---- ----- 104_
4713 25 433
Os deferred Brown Bros etts__
47
if 49
11214 Chic Mil & St P termi g 5s_1914 J -J 1013;102% 10218
1021!. -3 10118 11)213
Gen'i
gold
4s
41) 971 991g
Railroad
Series Ael989 J-J
9712
_ 9712
08
70
rob or 1st g 4s
Arbor
Registered
971 9818 9712 Apr '12 .-- 9712 98
61989 Q-J
11100g Q- J _- 79 79
89
2 9
79
77s 10
98
Gen') gold 33.4s Series 13_61989 J-J -- - 8534
S Fe gen g 4s_ 1119 A-0 ........ 9812 9773
80
414
1 83 8678
85
85
Registered
98 9834 May'12
Registered
1905 A -0
e1989 J -J
84i2_
86 J'ne'11
25-year dcben 48
, Adjustment gold 48____/31905 Nov 8912 0114 9038 J'ne'12
9
80
814 99293';
1934 J - J
O -66- 623;
9014
9012 90_3
4
90
3
4
91 Feb '12 -. 9014 91
Registered
Cony 4;s (tun pd rects)
/41905 Nov
1025 76-) 10134 1033,1
102% Sale 102
9012 25 9014 9258
1M-N -60-1-2 Wale. 9014
Stamped
Chic & L Sup Div g 5s__ _1921 -J--J 10512 ____ 10614 Apr '12 --- 10614 108
10734 Apr '12 Chic & Mo lay Div 5s_3926 J-J 108
55
5 J -D
' Cony 45 issue of 1909....._N0
10614 10734
May'12
..-- 108 10834
_
108
8 Wale. 104%
10718 32 10534 10958
Chic & P W 1st g 58
Cony gold 48
1955 J -D 16.7-11921 J -J 10513 106 10.512
2 10512 106%
10571
C 111 a: Puget Sd 1st gu 45 1049 J -J ____ 9318 93
' Cony 45 (issue of 19104_1060 J -D 10313 Sale 102,2 10358 219 10014 10-134
1 93 9514
93
10778 33 105 110
Dale & tit So gold 5s
_ _1917 J -D 10778 Sale 107
, 10-year cony gold
1016 J -J 102 ____ 10273 May'12 ___ 10234 103
Dubuque Div 1st s f 6s_ _1920 J -J 11234 ___ 11314 Apr '12
5sK_ _1013 F -A ---- -- 9914 J'ly '11
• Debentures 4s Series
113 113%
96 Mch'12
Far .154 Sou assum g Gs_ _ _ _1924 J -J 11518 __ 11738 Aug'11
'• East Okla Div 1st g 43.._ 1028 Al- S 9638 _ _
9234 Sale 9234
93
LaCrosse & D 1st Os
20 -6
'• Short Lino 1st 45 gold_1958 J -J
9131919 J-J 10134 ____ 10134 Apr '12
4 -913•6.1.C1
- 10413 10434
10912 J'ne'12
Wis lk Minn Div g 58_ _1921 J -J 10312 _ _ _ 103
Fe Pres & Ph 1st g 5s....1042 M-5 109
10912 11012
106
106 10638
Wis Vail Div 1st 63
10633 J'ly '11
. Chic 80 St L 1st 63
1915 M-S 104
1920 J -J 11234113 11234 Mch'12
11234 11234
Mil & No 1st cons 8s
9478 50 0438 9878
S 9478 Sale 9412
AU Coast 1. 1st gold 4s___/41952
1913 .1-1) 10153 _
10134 Dec '11 .
•
Extended 434/5
/41052•S 03
08 Oct '06
Registered
1913 J -D 10014
-10014 Noy'l I .
.3131cago & N West cons 78 _1915 Q-F 107 10838 10718 May'12
. Ala Mid 1st gu gold 5s___1028
10734
- 1085 Aug'11
Bruns & W 1st gu gold 48 1938 J -J
9434 ____ 9534 Jan '12
Extension 48
1888-1926 F-A 065 9712 98 Mch'12 . --- 9714 OS
-gg34 -6E3-4
Registered
• Charles di Say 1st gold 78 1938 J -J 128
18813-1926 13-A 9614 _
9734 Noy'll .
937 --/16 9312 9534
9378 Sale- (J35
General gold 3 As
N coil gold 4s
• L
1987 SI- N 8518 8-L.01952
6-5
41- -8
34 86%
4;i
80'4 11 -8
Registered
Say F & W 1st gold 69_1934 A-0 123 12434 12318 J'ne'12
12318 12318
2 634
P1987 Q-13' 8312 8434 8412 May'12 .
_ 11058 May'll
General 43
1st gold 5s
1934 A -0 10914
11,4 9718 9834
1987 SI-N 98 Sale 9734
98
9714 100 97 Jan '12 ---- 97 97
Sinking fund 6s____1879-1929 A-0 11012 ____ 11134 Noy'll .
Sil Sp Oca & G gu g 4s
1918 J -J
9134 Sale 9134
92
:113palt & Ohio Prior 3 34s
Registered
1925 J -J
14 9113 93
1879-11)29 A-0 10)34 ____ 11114 Nov149 .
8934 ul
Registered
•
9158 May'12 --- 9078 9133
Sinking fund 5s
h1925 Q-J
1879-1929 A-0 105 10618 108,8 May'12 •
1067 10678
Gold 45
98
Registered
1;1948 A-0 0778 Sale 9778
73 9734 9914
3879-1921) A-0 10453 ____ 10373 Dcc '11 .
'
Registered
97e8 98 9634
h1048
Debenture Os
9813
1 97
1921 A-0 ____ 10412 10412 May'12 .
9634
11214
' Pitts Juno 1st gold
-J
Registered
_ _1022
112 Jan '12
112 112
1921 A-0 103 ____ 10612 Feb '10 .
' P June &M Div 1stSs_g 3451925 1M- N 89 _ _ _ 90
Sinking fund deb Os
90
88 00
1033 11-N 107 ____ 10812 Mch'12 .
' PLE & W Va Sys ref 433_1941 M- N 9078 Sale 0034
Registered
9073 27 90 92
1933 111-N 10512....__ 10734 Aug'11 .
9034 Sale 9034
' Southw Div 1st gold S3.0 1925 J -J
Frem Elk & Mo V 1st 6s.1933 A-0 123 12712 12718 Mch'12 .
9118 54 9034 9112
10158 _.103 Meh'10
• Cen Ohio 11 1st c g 4 48_1930
Mani GB & NW 1st 3 3.4s 1941 J -J
_
9012 Sep '09.
' CI Lor & W con 1st g 5s__1933 A-0 10712 10)12 11112 Apr '12
Milw & S L 1st gu 3 54s 1941 J -J
863-4 ____
109 11112
_.
Monon Rly 1st gu g 5s..,1919 F-A 10214 104 10113 May'12
10375 10412
MO L S & Wes' 1st g 63_1921 111-S 113 11312 113
ITS
Ohio River lilt 1st g 58.._1936 J -D 103 10912 1093 Meli'12
Ext & imps
'
t gold 5s 1929 F-A 10.118 ___ 10514 J'ne'12 •
109% 10038
1937 A-0 103 10614 10512 Apr '12
General gold 55
Ashland Div 1st g 68.._1925 11-S 11633 ___ 14212 Feb '02 .
105 10512
11312 Feb '12
Pitts Clew & Tot 1st g 68_1922 A-0 11118
Mich Div 1st gold 68_1924 J -J 11658 __ 11634 May'12.
11312 11312
6
9
1:35448
:
- :
76;3i-4
0712 Mch'12
9712 9713
Mil Spar &N W 1st gu 4s_1947 11-S 9358 Sale 9358
Pitts 63 West 1st g 4s_ _1017 J -J
9334
91 J'ne'12
Northw Union 1st 78 g _ _1917 51-S 112 ____ 115 J'ly '11 .
Stat Isi fly 1st gu g 4 48_1943 J -D 91
91
91
11213
112
May'12
Winona dc 5t1' 1st eat 7s 1916 J-D 111 1l112 11334 Aug'11 .
11178 11212
1937
Buffalo 11 & P gen g 5s
1957 M-N 10.133 1633-4 10714 Mch'12
1074 10714 3131cago Rock Is & Pa Os 19-57 J-J 10778 103 10734
Consol 4 345
10734
97 Feb '11
Registered
.• All (S3 West 1st g 4s gu_1998 A -0 9718
1917 J -J 10734 ____ 109 Aug'10 .
General gold 45
• CI &Mali 1st ICU g 5s_ _ _1043 J -J 108 ____ 103 J'ly '08
1088 J-J951 9412
9514 10
11334 Nov'll
Registered
• Each & Pitts 1st gold 68_1921 F-A 11258
1988 J -J
-6
94
98 94
94
i1-2 -9
6.6
61
1
115 J'ne'12
Consol 18t g 65
Refunding gold 45
HE 1153
1022 J -1) 11434
1934 A-0 8918 Sale 89
8918 30 8.458 9034
Buff & Susq 1st ref g 4s...._d1951 J -J
_ 72 Mch'10
20-year debenture Os 1932 J- J 9412 Sale 9412
941,
4 93 94%
So 1st ext 6s
1913 J -J 10078 Sale 10073 100/8
10033 102 Coll trust Series 1. 43
1914 Al-N ____
9734 Sep 'It .
C
%.3 2d 55
2 10014 101
10038
1013 /11-S 10014 100% 10033
M. 48
1915 M-N
98 0812Nov'll .
Registered
1913 fl-S
10012 10034 Jan '11
P 48
1918 M-N 9512 9612 9134J'ne'11 .
Central of Ga 1st gold 5s.._p1045 F-A 11218 _
11278 Apr '12
Chic 11 I & Pac kiR 4s_ _ _2002 131-N 6914 Sale 6918
11278 11334
691- 104 -67 - 7314
Consol gold Os
1945 13I-N 10918 Sale 10313
10914 12 109 11118
Registered
2002 SI-N ____
7134 Mch'12 .
_ 10712 Nov'1 I
1945• N
Registered
II I Ark do LoulS 1st 434/s 1934 111-S ____ 9158 9112 Apr '12 .
-103 Dec '11
13ur C II & N-lst g 55_ _1934 A-0 110 __.. 11013 May'12 .
1st pret income g Os..__ p1945 Oct
--87_
10
11:11 .
91.
73
2
1.
3
14
3
10612 May'll
Registered
Stamped
1934 A-0
'
12013 Mch'03 .
C li I F & NW 1st gu 5s '21 A-0 1031;:.___ 10514 Sep '11 .
105 Dec '11
2d pret income g 5s____p1945 Oct
M 63 St L 1st gu g 7s..„1927 J -D
96 Noy'll
2d pref income g Os stamped.._
_
107 Dec '11
Choc OIS do G gen g 5s__o1019 J -J
• 3d pret income g 58____p1945 Oct
__103I2 10234 Au-g-ii .
8513 Oct '10
Consol gold 5s
3d pret Income g 5s stamped_
1952 8%-N 107 ____ 107 May'12.
107 10814
-66 -5111 9112 Apr '12
• Chatt Div pur mon g 413....1951
Heok & Des 1S1 1st 5s
1923 A-0 10118 10138 10012 May'12 .
100 10114
10714
10714
110
Jan
Mac & Nor Div 1st g 53_1946
Nile St P11 ec 0 con 6&,., 1930 J -D 12138 12234 12212 J'ne'12 .
'12
12212
124
105% ____ 115 Nov'05
• Mid Ga & AU Div 5s__1047
Cons 6s reduced to 3 4s_..1930 J -D 89 ____ 93 Dec '03 .
• Mobile DIY 1st g 5s
10034 May 11
1946 J -J 108
Ch St P & Minn 1st g 6s 1918 M-N ____ ___ 123 May'12 .
2
ii3-110212
103
11-N
10212 May'12
Nor Wisconsin 1st 6s
Con fiR & 13 of Ga col g Os..1037
la;103
1930 J -.I
12958 MaY'09.
St P Fe S City 1st g 6s
12034 17 120 12234
Cent of N J gen'l gold 53_1987 J-J 120 12034 12012
1919 A-0 11014 111 11034 May'12.
h1987
12014 Sale 12014
12014 15 12014 12214
Registered
Superior Short L 1st .58g_1930 M-S 103
_
Jr 106 10634 10812 MaY'12 ____ 10818 107
-J
Nilo & West Ind gong 6s_q1932 Q-M 108 _ 1081-2 J'n-e-'12.
Am Dock & Imp gu 5s_ __1921 V_ 10212 May'12
10212 10212
Consol 50-year 4s
• Le & /Ind R gen gu g 53_1920 J-J 10214
1052 J - J _ _ _ 9034 9034
9034
5s.._1912
100
__
'12
100
Coal
Apr
100
100
A
Wilkes-B
n
II
&
D 2d gold 454s
•• Leh &
1937 J-J ____ 101 101 Mch'12.
1st & refunding 43
N V & Long Br gen g 4s..1941•S 98 ____ 100 Dec '11
1959 J-J ____ 87
91139112
7 90 "ii1-4
1st guaranteed 43
Cent Vermont 1st gu g 4s 61920 Q-F 9112
1959 J-J ___ 871 89 Maiii :
MISCELLANEOUS BONDS-Continued on Next Page.
Anncti
•
Street Railway.
Brooklyn Rap 'Fran g 55_1945 A-0
1st refund cony gold 4s__2002 J-J
• Bk City 1st con 5s 1918-1941 J J
Bk Q Co & S con gu g 5S-1941 11-N
'• Bklyn Q Co 43 1st 5s....1941 J -J
. Bklyn Un El 1st g 4-5s_.1950 F-A
•
Stamped guar 4-5s____1050 F-A
Kings Co El 1st g 48
1049 13-A
•
Stamped guar 45
1949 F-A
Nassau Elec guar gold 45_1951 J -J
COnn Ry& List & ret 5 g 4 45.'51 J-J
Stamped guar 4 45
1951 J -J
Del United 1st cons g 434/s1932 J -J
FtSmith Lt 63 Trac 1st ir 58_1930 AI- S
Grand Rapids fly 1st g 5s_1916 J -D
1052 F- A
Havana Elec consol g 5s
Interboro-Metrop coll 4 48_1958 A-0
interboro Rap Ti' 55 Ser A_1952 M- N
•No price FrIdaz; latest this week.
10514 1051 10514 10514
3 103 10558
8912 Sale 8912
8934 203 8373 9058
102 10218 10212 J'ne'12 ---- 10112 10212
991 07 Nov'll ---102 ---4
102 Sale ioi0 10133 iOS110112 1023 2
10112 102 10218 J'ne'12
8534 May'12
8313 85
3
4
8434 86
8518
841 851);
5 79 78 J'ne'12 -- 78 81
101 10178
10112-- 10178 J'no'12
10112.1'140'12
10112 10178
102
1
.
-.
2
- 7788 7938
77%
77% --.._
93 95
03 93 Apr '12
10014 10014
10014 Mch'12
100
99 9934
_ -17(.714 9933 Apr '12
8212 681 8012 8412
43318 Sale 8112
10434 Sale 10434 10478 18 1O31 105
Street Railway.
Manhat fly (NY) cons g 45_1990 A-0
Stamped tax-exempt...._ 1990 A-0
Met St fly gen coil tr g 5._1997 F-A
Guaranty Trust Co certits___ _
Refunding gold 4s
2002
Farmers' Loan & Tr ctf..___
Stamped
Bway & 7th Ay lsto g 5s_1943 J
Col do 9th Ay 1st gu g 58_1993
Lax Av & P F 1st gu g 58_1993
Third Ay RR cons gu 48_2000 J -J
Central Trust Co certs
Cent Tr Co cts stamped
.
Third Ave By 1st g 5s___1937
Met W S El (Chic) 1st g 45_1938 F-A
Sillw Sloe fly & Lt cons g 531926 F-A
Refunding & eaten 43,4s..1931 J -J
d Due April. s Due May. is Due July,
H-
k Diu Aug.
a Due Oct.
s
9612
9612 Sale 0612
9712 Sale 9712
9712
102 Meh'12
99 __ 99 May'12
64 May'12
_ 62 Mch'12
5934 Mch'12
10318 10334 103 J'ne'12
10212
10212 J'ne'12
10014 103 102
102
80 Jan '12
--- 76 73 May'12
7414
7412
- 10812 108 May'12
0312J'ly '06
10114
10413 Dec '11
9412
9512 May'12
p Due NOv.
7 9614 98
8 0612 981s
9912 102
97 10358
5812 64
5712 6214
5758 62
103 10412
10112 10318
5 102 103
80 80
73 8112
8 7214 8114
108 11012
-- - -
-
9512
e Due Dec. a ORtioll sate.
9512
168?,
[VoL. Lxxxxxv
New York Bond Record—Contin ed—Page 2
,
11,
...°, o
Price
Range
Week's
BONDS
Range
'
.E
Friday
Range or
,.,.
-P.,
Since
N. Y. STOCK EXCHANGE
Since
Z
"a,
June 21
Jan, 1.
Week Ending June 21.
Last Sale
.-41. 6.;
Jan. 1.
—
Itid
Ask Low
High No LOW High
Bid
Cin Ham & Dayton (Continued)
Ask Low
High No. Low High St P M & M (Continued)—
Pacific Ext guar 48 Z_ _ _1940 J-J *J212 _ _ 0253Mch'll ____
_
Cln D & I 1st gu g 55_ _ _ _1941 M-N 102/2 10312 10212 Mar 12 .--- 10212 10414
9612
E Minn Nor Div 1st i4s1948 A-0 0612 97
0612
1 9612 913121
C Find & Ft W Ist gu 4s g 1023 M-N
_ 87 88 Mch'll
116
1 11471i6
Minn Union 1st g 6s___1922 J -J 11413__.. 116
, Gin I & W Ist gu g 4s____1953 .I-J
8712
- ---. 8712 May'12 __ -8/1-2 871:
Mont C 1st gu g 6s____1937 J-J 125 ___ 127 May'12 ___ I27 12714.
• Day do Mich 1st cons 4 3,5s 1931 J -J
1937 J-J 12113 ____ 13614 May'OG ---- _- ---Ind Dec & W 1st g 5s_ __ _1935 J -3 1041; _-_-_-_ idii. J'ne'12 ____ jai 10412
Registered
1937 J-J 11134114 11234 Sep '11
1st guar gold 5s
1st guar gold 5s
1035 J -J
10712Dec '02 --- ---1937 J-J ---- ---- ---Cleve Cln C & St L
Registered
2 9112 9314
_1993 J -D 9212 9314 9212
9234
---- ---- --__ 11212Sep '11
Will dc S F 1st gold 58_1938 J-D 11314
20-yr deb 435s ------_
1931 J-J
9313 9331J'ne•12 .--_ 9334 9334
Cairo Div 1st gold- 4s
1939 J • J 6-5; 9413 9358 J'ne'12 ___ 93% 941: Gulf & S I 1st ref d: t g 5s_ _51952 J-J 9113 02 0113 J'ne'12 ---_ 01-1; -65
51952 J-J ____ __ ___
; Cln W & M Div 1st g• 4s 1991 J-J ____ 90 90 May'12-_-_ 90 93
Registered
-(if - 203
8 J'n-e-'1 ___ 1
• St L Div 1st col tr g 4s
Val 1st cons g 4 Ms_1999 J-J __ 102 10171990 M-N 9018 9058 90 J'ne'12 ___ 8978 9213
Ix Registered
1999 J-J
10012 Sep '03 ---- ---- -_ _
Registered
1990 M-N 89
91 Oct '07
1948 A-0 9218 953-4 9412 Dec '11
• Spr do Col Div 1st g 4s_1940 NI-S 90 ____ 90 Dec '11
Col & H V 1st ext g 4s
1955 F-A 9218 ____ 9618 Jan '12 ___ 9618 9618:
' W IV Val Div 1st ,
Col & Tol 1st ex 4s
1, 4s
1940 J -3 90 9213 91 Apr '12 __-_ 91 91
' 0 1 St L do C consol Gs__ _1920 M-N 1058 ____ 10534 Dec '11 ____ ___
1937 J-J
Botts Belt & Term lst 5s
9934 10112 9934 May'12 ---- 9912 9934
fnois Central—
1st gold 43
k1936 Q-F 96 ___. 97 Mch'12 --- 96 97
0718 Dec '11
'. 1st gold 45
1951 J-J 10012 ___ 10212 May'12 ____ 1021 104
k1936 Q-F 96
Registered
1951 J-J
' Cin S & Ci con 1st g 5s___1928 J -J 10638 10718 10733 Feb '12 ___ 10718 10718
100 Sep '11 ------------_
Registered
1951 J -J 9014 ____ 90 Apr '12 —.... 90 90
1st gold 3 355
. 0 C C & 1 consol 7s
1914 J-D 10134 - - 105 J'ne'12 ---- 105 10312
1951 J-J 89 8913 89 Apr '12 -_-- 89 8912
--Cansoi sinking fund 7s_1914 J -D
Registered
Extended 1st g 334s___.,1951 A-0 89 ____ 9312May'09 --- ---- ----.
• General consol gold 6s_1934 J -J ____ 12313 12312 Apr '12 ---- 12313 1231
1951 A-0 89
Registered
•
_
Registered
1934 J-J
1st gold 38 sterling
• Ind Si & W 1st pref 4s
1951 m-s __I._ ____ 8
1940 A-0 90 -_-_ 94 J'ly '08 ---- _.. _ ..
.15- J'iy '09 --. ---- ---....•
1951 M-S _
, 0 Ind & W 1st prof 5s__d1938 Q-J 95
_
__:.
Registered
Coll trust gold 4s
, • Peo do East 1st con 4s
i OV12 RiO
1952 A-0 0;Rio' -6f7.17- -91 . 1 9012 92
8 "gg
1940 A-0 9012 92 - 9
Registered
1952 A-0 ____
40 4312 43 j'ne'12
9812 Aug'11 ----- --Income 4s
1090 Apr
35 467s
1st ref 4s
957,
4 95 925;
1955 M- N 9512 957Col Midland 1st g 48
45 47 45
8 9512
1917 J-J
4613
2 42 5812
Purchased lines 334s_,._1952 J-J ___86 8614 Feb'12,. 8613 8614
Colorado & Sou 1st g 4s___ _1929 F-A 9513 Sale 9478
9518 14 9478 975s
1953 M-N 065; 9734 9612
L N 0 & Tex gold 4s
961;
1 9613 0912
Refund & ext 4 Ms
1935 M-N 9613 96/8 9634
9034 13 9633 9818
Registered
1953 11I- N ___ 9558 9434 Jan '11 _--- --• Ft W & Den C 1st g Os
1921 J -1.) ___. 11012 111 May'12 --- 111 11212
Cairo Bridge gold 45
1950 J-D 9434 - - 95 May'12---- 115 95
Conn do Pas Rivs 1st g 48_1943 A-0 __•__ __ -- ____
_
Litchfield Div 1st g 3s_ _1951 J-J 7312 it;14 7513 Sep '11 ____
—_
Cuba RR 1st 50-yr 5 g
1952 J-J ---- --- 100 May'10 -------------- Loulsv Div & Term g 3 3.-isi953 J-J 8418 8578 8638 11481,12 ---- 8412 -8718
Tut Lack & WesternRegistered
-1J Morris & Essex 1st 7s 1914 M-N 105 ___ 10518
10318 65 10518 106
8312-- 8314 Nov'l() ____ ____ -1-.1
1953 .
Middle Div reg Is
1921 F-A 10534 ____ 123 May'09 -,
1st consol guar 7s
1915 J -D 10734 108 10734 May'12 ---- 10734 10918
-- —
Omaha Div 1st g 3s
1951 F-A 73 75 75 Apr '12 ---- 75 75
.
Registered
1915 J-D 107
- 11138 Dec '10 .--St Louis Div & terin g 38_1951 J -J
7313 77
.
1st ref gu g 3 Ms
7512Mch'l2 _—_ '7512 '7512
2000 J-D 8512 -- -- 90 Mch'12 ---- 90 90
Registered
7331
J-J
1951
7438
_
11218
1
112
11218
NY
1921 J -J 11218
,
Lack & W 1st 6s
11414
8513 86 071; J'n-e-'1'c' -_-..:: -ig1Gold 334s
1951 J-J
i • Construction 58
3 -ii1134.
1923 F-A 10512 1073-4 10734 May'12 --- 10712 10734
1951 J-J
8412 ____ 10113 Oct '99----Registered
• Term & Improve 4s
__ 98 Dec '11.— ____ ___ _
1923 M-N 95
J-J
Spring
Div
1951
85 86 100 Nov's _ - ---..-1st
g
Ms
3
10218
Feb
'03
---Warren 1st ref gu g 3 Ms_2000 F-A *85 _ __
_
_-_-- --83 86
Registered
1951 J-J
s 11512 Aug'11 -Del do Hud 1st Pa Piv 7s
1917 NI-S _-__ 1137Western lines 1st g 4s__ _1951 F-A 9418 9614 11412 J'ne'12 _-_-. -6;12 -9614.
1917 M-S __ ____ 149 Aug'01 --,
• Registered "
- 1951 F-A 9313_ ___
Registered
—.---1916 J -D 9818 Sale 98
:• 10-yr cony deb 48
9834 24 9712 99
1923 J-D 11314 ____ 1171Bellev de Car 1st 65
2Mo-57'10
-101 10134
1922 J-J 10112_ _ 10114 J'ne'12
,• 1st lien equip g 4 Ms
1932 111-S 94 _-- 96 May'12 __-- 96 -96
Garb & Shaw 1st g 4s
17 98 9934
99
1943 M-N 9812 99 99
, • 1st do ref 4s
1951 J-D 11418 117 11418 J'ne'12 ---- 11418 116
Chic St L do N 0 g 5s
1946 A-0 9014 9112 9018
9018
1 90 93
• .Alb do Sus cony 3 Ms
1951 J-D *11312 __ 114 Feb '11 -- ___ ---,
Registered
Rens & Saratoga 1st 7s..,1921 NI-N 12078 ___ 12114 May'12 --,..- 12113 12112
Gold 334s
1951 J-D *84. __ 90 Oct '09 ---- ------84 857:i 85
Deny& R Gr 1st con g 48_1936 J -J
8512 15 8412 91
1951 J-D
Registered
1936 J-J
9712 9812 May'12 . Consol gold 4 Ms
98 9812
Memph Div 1st g 43__ _1951 J-D ii13____ 1511-2Mchil5 -- __— --,
1928 J -D 94 97 94
,• Improvement gold 5s
94
1 94 9912
1951 J-D _______ ____
Registered
1935 F-A 8512 Sale 8513
, 1st & retunding Is
8534 42 8434 90
St L Sou 1st gu g 4s
1931 M-S 93 ____ 98 J'ly '08 -----------, Rio Gr Juno 1st gu g 58_1039 J-D 105 112 10412Mch'll ---- ____ __
9234 9514 9233J'ne'12. -_-_ 9238 90
1950 J-J
, Rio Gr So 1st gold 4s__1940 J-J
(3112 Apr '11 ---- Ind III & Ia 1st g 4s
int do Great Nor 1st g 6s
8 108 10812'
108
1919 1.1-N 108 ____ 108
,
Guaranteed
1940 J-J -------- 85 Mch'08
1938 J-D ____ 100 100 J'ne'12 — 100 10213
, Rio Gr West 1st g 48_ __ _1939 J-J 83 86 85 J'ne'12 ---- -85 8858 Iowa Central 1st gold 5s
Refunding gold 45
1951 h1-S 62 6412 64 J'ne'r. -_-- 63 6812
Mtge So col trust 4s A 1949 A-0..— 8018 80 J'ne'12 -- 78 81
Tamestown Franklin &
•
Utah Cent 1st gu g 4s_a1917 A-0 --- —___ 97 Jan '02 ---tJ Clearfield 1st 48
1959 J-D ---- ---- 94 May'12 --- 94 9412
1917 M-N *99 ____ 110 Sep '01 -Des Mot Un By 1st g 5s
3
' 73 J'ne'12 --- '72 71
Dot do Mack 1st lien g 48_1995 J -D ____ 96 92 Nov'll --- _ _ _ _ rf'an City Sou 1st gold 3s 1950 A-0
1 2 -1.1. Registered
1950 A-0 ---- ----1 go
__ 63 Oct '00 ---- --,,,,
Gold 45
1995 J -D 9112
9212
.
9212
Ref & impt 55
Det Riv Tun Det Ter Tun 4 Ms'61 M-N
1
3 5818 19914
Apr 1950 J-J ___ 9813 9318
9814
3 9978 J'ne'12 --- 9911007
Kansas City Terml 1st 48_1060 J -J 9713 9734 9712 J'ne'12 ___ 0634 9834
Det T & 1—OS Div 1st g 481941 MS ---- ----- 75 Feb '12 -- 75 75
110
10812
ake
Erie
108
109
..-_
do
1937
J
-J
W 1st g
10934 May-12
Dui Missabe do Nor gen 5s_1941 J -J 105 106 106 Apr'12-- 106 106
2d gold 5s
5s— 1941 J-J 104 106 104 May'12 ___ 104 10414•
Dul & Iron Range 1st 5s__ _1937 A-0 105 10612 10518 May'12 ____ 10518 107
North Ohio let gu g 5s
1945 A-0 10414 105 10514 May'12 ___ 105 10513
• Registered
1937 A-0
_
10612 Mch'08 _ --- ......._ -105 106
10513 J'ne'12
103
—_
Leh
Vail
ms_1940
J-J
N
Y let gu g 4
1918 J -J 10318 __ 104 Feb '11 -• 2d 6s
1940 J-J „.....___ 10413 May'12 ___. 10412 10412
Registered
1937 J -J 105 ---- 108 Apr '12 --- 107 108
Dui So Shore & AU g 5s
W,14 May'12 ___ 97 9814
Vigin Jo! & East 1st g 5s_1941 M-N 11038 11138 11218 May'12 _.... 11034 11218 Lehigh Vail (Pa) cons g 4e_2003 M-N
11614
1 11614 11858 Leh V Ter By let gu g 5s_1941 A-0 11-.. 114 May'12 ____ 11.314 114
J2irie 1st consol gold 7s_ __ _1920 M-S___ 117 11614
1941 A-0 -------- 11118 Dec '11
____ -Registered
N Y & Erie 1st ext g 4s 1947 11-N — ___ 10113J'ne'll -1933 J -J 108- 109 108 Nov'01) — __-_ ---- 10418 10414 Mch'12 ---- 10414 10412 Leh V Coal Co 1st gu g 5
2d ext gold Is
1919 M-S 10378
1933 J-J
Registered
10212 10234
1923 11-S 101 . .10212 Mch'12
• 3d ext gold 4 Ms
1st int reduced to 4s
1933 J-J
--1920 A-O 103 _-_ 105 Feb '12 ---- 105 10514
4th ext gold Is
1945 M-S 91 - -957
Leh & N Y 1st guar g 4s
;-03
93 —1 -6S- 9418
1928 J -D 95 101 100 Jan '12 --, 100 100
• 5th cat gold 4s
Registered
1945 M-S _
_
_.. ..„.........
1 11534 11612
. N Y L E & W 1st g fd 7s_1920 NI-S ____ 11614 11534 11534
El C & N 1st pref (is
1914 A-0 *102 - ----.
___ iiii.i2Fe6-'1— ---90
9 8812 90
, Erie 1st con g 4s prior__ _1996 J-J 8934 90 8934
Gold guar Is
1914 A-0 *10014 ____ 103 Mch'12 ____ 103 - 103
8812 J'ne'12 ,- 86 88t1
1906 J -J *8812
Registered
7834 79 7858
79
20 778 7934 Long Island•
let consoi gen lien g 4s_1996 J -J
1st consol gold 53
77 77
31931 Q-J ____ 110 110 May'12 —_. 10934 11038
1996 J-J
77 Apr'12
Registered
1st consol gold 48
31931 Q-J 95 ___ 9614 Mch'12 _. 0014 9614
1051 F-A 9018 Sale 9018
9012
8 8818 91
Penn colt tr g 48
General gold 45
1938 J-D 9414 __ 9418 J'ne'12 __ 94
8634 11 8558 9118
1953 A-0 8634 Sale 8634
9412
50-year cony 48 A
Ferry gold 434s
1953 A-0 7814 7834 7834
1922 PA-S 98 100 98 May'12 _-__ 98 98
Series B
7834 10 7514 807,
do
Gold 4s
1932 J-D 9118 97
9914 Oct '06 __-- --- --Buff NY & Erie 1st 7s 1916 J -D 10918 110 110 Apr '12 _..„ 10834 11034
Unified gold 4s
112
5 112 114
97
1949 ii-s
9512 J'ne'11: ...— 02 9512 •
• Chic & Erie 1st gold 5s 1982 ill-N 112 Sale 112
Debenture goal 5s
1934 J-D _-_-__ 10312 10412 Dec '08 ..— __-- -,--, Clev & Mahon Val g 5s 1938 J -J 109 ____ 109 May'12 ---- 109 109
1)3 9712
Guar
ref
9938
06
gold 43
_
1949 M-S 9638 Sale
1938 Q-J 108
---Registered
95 Jan '11 --- --- ---Registered
1949 M-S ____
' Long Dock consol g Os_ .,1935 A-0 124 ____ 12412 May'12 ...... 12334 li4-1-2
N Y B do M B 1st con g 53 1935 A-0 10512 10714 11014 Nov'06 ---- - ---' Coal & RR 1st cur gu 6s_1922 M-N 1067g --- 10678 J'ne'12 -- 106 107
N Y & R Li 1st g 5s
1927 M-S 10338 10778 10312 J'ne'12 ____ [0312 10312
, Dock & Imp 1st cur 6s 1913 J -J i011___ 10134 Mch'12 ___ ____ ___ _
Nor Sh B 1st con g gu 5s.01932 Q-J 10518 ____ 10714 Jan '12 -- 10612 10714
, N Y & Green L gu g 5s_1946 M-N 10312 105 105 May'12 ---- 105 105
Louisiana
M-S ___. 9414 93 May'12 ___ 93 0412
&
1927
____
10334
10312
Ark
1st
g
5s
5s_1937
J
-J
10312
7
103
105
Sus
&
W
1st
ref
, NY
1937 F-A 8214
10014 Dec '06 ....-- __ ___ Louisville & Nashville—
2d gold 4 Ms
3 113 11712•
113
1930 J-D 113 Sale 113
General gold Os
1940 F-A 87 90 87 J'ne'12
General gold Is
87 90
Gold Is
1937 111-N 11034 ____ 112 Apr '12 ..— 11112 112
110
6 110 110
'
Terminal 1st gold 5s 1943 M-N 110 Sale 110
99
59 9834 9958i
9878 Sale 0834
Unified gold 45
1940 J-J
11112 May'12 ...-- 11112 11112
1940 A-0 -__
Mid of NJ 1st ext 5s
- 9934 9912
9912
9712 _-- 9838 Apr'12 ..— 9838 98323
1940 J-J
1 0912 10212
Registered
1942 J -D 9912
• Wilk do Ea 1st gu g 5s
Collateral trust gold 5s 1931 M-N 109 ____ 10858 May'12 ..— 10858 110121
1926 J -J 106 ___ 106 May'12 ..-- 106 106
Ev & Ind 1st con gu g 6s
E If & Nash let g 6s
1919 J-D __ 115 III May'12 — Ill 11132,
1921 J -J 111 ___ 11112 May'12 __-- 111l11234
Evans & T II 1st cons 6s
L Cin do Lox gold 4 348_1031 M-N 103 ___ 10434 May'12 __ 10418 105
1942 A-0 102 10258 102 J'ne'12 -- 10178 102%
1st general gold 58
N 0 & M let gold 6s
1930 J-J 12118 ___ 121 Mch'12 __ 121 121 .
1923 A-0 10734 --- 108 Nov'll ....... ___ ___ _
. Mt Vernon 1st gold 6s
N 0 & NI 2d gold Os
1930 J-J 11734___-11712Jan '12 __ 11712 11711,
Sull Co Branch 1st g 5s 1930 A-0 95 __ 95 J'ne'12 _„ 95 05
33 95 May'12 ___ 98 96
Paducah di Mem div 4s 1946 F-A 9434
97
2 97 9958
Vioricia E Coast 1st 454s_1959 J-D 96 97 97
_ ___ ,
Pensacola
Div gold 6s
1920 11-S 10534 10712 10534 McIall
_-- 92 Aug'10
-.
1 ort St U D Co 1st g 4 30_1941 J-J
St Louis Div let gold 65_1921 M-S 11212 11312 113 May'12 ____ ifj 113
___ 79 79
79
1 ii 8113
Ft W & Rio Gr 1st g 4s_.,.1928 J-J ...._2d g ld 3s
1980 M-S 6913 7218 6918 May'12 _ o6918 6934,
100 May'12 __-- 9912100
100
s_1913 A-0 9912
al H & li ot 1882 1st
9218 10 92 93
AV Knox & Cin Div 4s 1955 M-N 92 928 9218
reat Northern—
Atl Knox de Nor 1st g 58_1946 J-D 11213 115 11212 May'12 _. 11212 11213
9612 105 96 9858
9633 Sale 9038
1921 J -J
, C B & Q coil trust 48
_
Mender Bdge 1st a f g 6s_1931 M-S 105 ___ 106 Apr '11
9638
9638 10 9614 9838
9614
1921(-J
•Registered_ h
6S 66
—_ 93 J ne'12
Kentucky Cent gold 4s 1987 J-J
34 10018 10158
93 -'
1st & refund 4 3s ser A 1961 J- J 10034 Sale 10034 101
L & N & Al & M 1st g 4 34s1945 5I-S 10458.._ 10413 May'12._10414 10412p
•
Registered
-. — -- iiii4 663-4
L & N-South M joint 4s_ _1952 J-J __ 89 89 J'ne'12 __ 887s 8958,
.8'14 J'ne'12
1933 -J4 lig12 6614 9
• St Paul M do Man 48
__ 95 Feb '05
Registered
31952 Q-J
125 12534
1933 J-J 12312 ___ 12534 May'12
•
1st consol gold 65
2 19
.
934
_1937 F-A 10712 ie)914 10912 Illari2 _l_ 1061N Fla & S 1st gu g 55
Registered
1530 J-J 12358____ 132 Apr '09
gen
gu
10458
10512
_--10153
__..
--,...._
Bdge
g
4
Ms
____
C
1945
J-J
J'ne'12
N
&
J-J
10434 10514 10434
•
Reduced to gold 4 34s1933
112 112
Pens & Atl 1st gu g 6s___1921 F-A 11012 _— 112 Mch'12
Registered
1933 J -J 103 10433 101334 J'ne'09 —...,
8 11078 May'12 _ 11034 111111
S & N Ala con gu g 5s___1938 F-A 110 11059712
•
Mont ext 1st gold 43_1937 J -D 9712 Sale 9712
1 97 9814
ati4 911a
T. s• Jeff 11(1Te Co Tll T 4s • 11545 Itt-St 90 92 9114 Mch'12
Rematered
• 1937 .1 -D
OS rne'11
BONDSPrice
s. ,)
Friday
N. Y. STOCK EXCHANGE :.I t
Week Ending June 21.
.'•.,- 0.4 June 21
Week's
Range or
Last Sale
..a. _
.,q4;
al cQ
--------
L
G
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway.
MInneap St let cons g 5s___1919 J-J
New On By & Lt gen 4 34s_1935 J-J
N Y Rys 1st R E do ref 4s temp J -J
Temporary adj Inc 5s___
_ A-0
Portland By 1st do ref 58_1930 NI-N
Portland Gen Stec 1st 5s__ _1935 J J
St Jos By,L, H & P lstg Is 1937 M-N
St Paul City Cab cons g 5s__1937 J -J
Third Ave 1st ref 48 ctts
Adj Inc Is Interim ctts
Tr -City By d: Lt 1st s f 58_1923 A-0
Underground of London 58_1920 11,1-N
1933 J -J
434s
1948
Income 65
-5
Union Eiec (Chic) 1st g 5s 1945 W-(
United Rye Inv let lien coil
1928 M-N
trust 55 Pitts issue
10112 102
102_ 102 May'12
8412 8812
85 -87 8712 May'12
787s 27 7734 8158
7834 79 7868
5312 264 5112 5912
5312 Sale 5238
99 99
10034 ---- 09 Feb '12
---98 NOV'O;
10514 106
106 Feb '1?
8234 46 8134 86
82 Sale 82
7414 29 7034 8014
74 Sale 74
7 0753 9z)
98 9838 98
9818
98 Apr '09
95 9614
9514 9512 May'12
8712 88 89 May'12
7412 90
--- -- 84 Oct '08
-8212 85
8334 May'12
,:No price Friday; latest bid and asked this week. a Due Jan.
Street Railways,
United Rye St L let g 4s1934 -J
St Louis Transit go 5s___1924 A-0
United RRs San Fr s t 4s__1927 A-0
Va By & Pwr 1st& ref 5s___1934 J-J
Gas and Electric Light
Atlanta G L Co 1st g 5s_ ___1947 J-D
Bklyn U Gas 1st con g 53....1945
1947 A-0
Buffalo Gas 1st g 5s
Columbus Gas 1st g 5s
1932 J-J
Detroit City Gas g 55
1923 J -J
_1918 F-A
Del Gas Co con 1st g
1933 J-J
Dot Edison 1st coll tr 5s
Eq GLNY lst con g 5s_1932 M-S
Gas & Elva Berg Co c g 5s 1949 J -D
1915 F- A
Gr Rap G L Co 1st g 5s
8334 8612 Hudson Co Gas 1st g 5s_1949 M-N
Ran City(Mo)Gas 1st c 5s 1922 A-0
5 Due Feb.
d Duo April.
is Duo July.
7634 77
83 86
67 Sale
96 Sale
77
77
85 J'ne'12
6613
67
96
9714
104 -107%10712 idifs
6112 62 6134
6 7612
8434
23 66
53 96
1673;
80
85
70
9712
igq163
(iffs
62
1663-8 Rif
10034 J'ne'12
9558 Sep '08
10113 J'ne'12
____ 10638 10534 10534
8112 Oct '01
1.103
*99
100 Oct '09
10414 ___ 105 May'12
9934 Jan '12
_
k Due Aug. 0 Duo Oct.
a Dation
90534 105340
98
61)
i9
JUNE 22 19121
New York Bond Record-Continued-Page 3
16S3
BONDS.1.:g
Pric:
Week':
Qv
Range
N. V. STOCK EXCHANGE tt
Friday
Range or
ga
since
Week Ending June 21.:
.•;c1.
June 21
Last Sale al- Jan. 1.
-- ---BM
Ask Low
High No. Low IItg, N Y C & H R-(Con)Bid
Ask Low
High No. Low High
rItifantla RR-Sou lines 4s_1936 PA-N ____ 88
_
____ _ _ _ _ ___ .
West Shore 1st 46 guar 2361 J-J 100 10014 9934 100
11 9934 101
'-1-7-5-exlean Cent Inc g 3s tr reets_
____ ___ 251-2 Apr 00 __ ____ __.
Registered
1
2361 J-J
971
97
7 97 9812
Equip & coil g Is
N Y Cent Lines eq tr 4 ;is 1923 J-J ---- ----10012J'ly '11 ---- ____ _
adlex Internet 1st con g 4s.._1977 MS
il Itic-h-qo ____ _ _ ___. N Y New Haven & RantStamped guaranteed
1977 fd-S -------- 70 Nov.10
Non-conv deben 4s
1953 J-J ____ 92 92 J'ne'12._-_ 99 92
Minn & St L 1st gold 7s
1927 J-D _- 12911 129 Feb '12____ 129 129
Non-conv 4s
1956 M-N ____ 91 9112 May'19 ....... 9112 9318
Pacific Eat 1st gold 6s.._ _1921 A-0 __ 10911 1101s Aug'11 ___
__
Cony debenture 3 3is___ _1956 J -J 90 913$ 9012J'ne'lL __-- 90 9458
• 1st consol gold Is
1934 M-N ___ 10214 10134 May'12 ____ 10112 105
Cony debenture 6s
12914 25 128 13212
1948 J-J 12914 Sale 129
' 1st and refund gold 4s
1041 M-S 6012 64 60
Harlem R-Pt Ches 1st 4s_1954 M-N *___ 9918 991s Apr '12 ---- 9918 9918
60
3 60 697
Des M & Ft D 1st gu 43_1935 J-J 77 78 78 May'12 ___ 73 81
B & N Y Air Line 1st 4s1955 F-A _____ 9912 J'ne'12 _..„. 9912 9912
2.1 StP&SSM con g 43 Int gu.1938 J-J 96 97 96 J'ne'12 -- 96 973,
Cent New Eng 1st gu 48_1961 J-J ____ 923-4 9214
93
11 9214 9353
MSSM &A 1st g, 4s int gu_1926 J-J 9614 ____ 9614 May'12 ____ 9614 961,
Housatonic It cons g 153_1937 1/1-N 114 ____ 115 Mch'12 ---- 114 115
Mississippi Central let 5s 1941 J-J ___ _ 9812 Mch'll
____ ___.
NYW'ches &B 1st ser I 4 ;is '46 J -J 100 Sale 100
10018 2, 98 10018
Mo Kau & Texasist gold 451990 J 13 945g Sale- 9458
N H Re Derby cons cy 5s_1918 M-N 10212 ____ 107 Aug'09 ---- _---9434 20 9412 07
01990 F-A 80 8034 8014
2d gold 4s
New England cons 5s
8014
3 80 841,
1945 J - J
--- - 1949 81-N 10058 102 102 J'ne'12
, 1st estgold Is
101 10212
Consol 4s
1945 J-J ;56'4:
:
:
:-661-2 is,teli-ii; _- 6612
ia62004 Ai- S 7712 78 78 J'ne'12 ____ 7712 8112
• 1st & refund 4s
Providence Secur deb 4s1957 M-N 80 85 87 May'll ---- --- -7,5s_....1936
J-J
, Gee sinking fund 4
8712 8734 8778
88
7 87 891,4 N %.' 0 ivc W ref 1st g 4s_ ..91992 MS 93___ 9234
93
G 9212 VU
• St Louis Div 131 ref g 4s_2001 A-0 ____ 84 76
Registered $5,000 only
78
1 76 77
-..01992 11-S __
0212 J'ne'12 ____ 9212 9212
1940 fd-N 10558 ___ 10538 Mch'12 ...... 10538 1053,
' Dal & Wa 1st gu g 5s
General 4s
1955 J-D
93 8988Feb '12 --- 8958 8958
1990 F-A 91 __ 91 J'ne'12 ____ 0012 91
: Kan 0 & Pao 1st g 4s_
Norfolk Sou 1st & ref A Is 1961 F -A
997
6
109
May'12
____
9938 10013
: Mo K & E 1st gu g 5s
1942 A-0 108 10834 108 May'12 ___ 108 110
Norf Re South 1st gold Is_ _1941 Al-N 10314
_10234 Apr '12 ---- 1021210234
, M K & Ok 1st guar 5s_1942 M-N 10514 106 106 May'12 __ 10534 10712 Hart & West gen gold
63_1031 M.-N 12212 -12334 12332; May'12 ____ 12338 12334
, MK & T of T lst gu g 53_1042 8I-S ...._ 102 10112 102
Improvement & ext g 63_1934 F-A 12558 _- 12412 Mar32 ____ 124 12633
5 10112 104
' Sher Sh & So lst gu g 53-1943 J-D --- 104 10378 Feb '12 __ 10334 1037
New River 1st gold 6s
1932 A-0 12212
124 May'12 __-_ 124 124
Texas & Okla 1st gu g Is 1943 81- S ___ 10233 10378 Mch'12 ........ 10378 1051,
N & W Ry 1st cons g 4s 1996 A-0 9834 99 9834
99
27
997s
MIssouri Pao 1st cons g 6s 1920 81-N -_-_ 10658 10638 J'ne'12 __ 10614 1081,4
Registered
1990
A-0 9712 ___ 98 Jan '11 ----------8
_
Trust gold Is stamped...a1917 81-S 99 0914 9914
Divl 1st I & gen g 4s 1944 J-J 9134 921- 9238 J'ne'n ____ 92 94
9912
99 1003
3
Registered
,
a1917 8I-S 97 98 97 May'12 .--- 97 97
10-25-year cony 4s._ __ _1932 J-D 11158 Sale 11112 11158 lb 10712
11414
, 1st collateral gold 5s____1920 F-A 98 9834 98
10-20-yr cony 4s full pd mt.,-__,. 11112 1121:. 111
98
4 9778 1003
11113 45 108 11134
Registered
,•
1920 F-A
____ _
Pocah C & C joint 4s1941 J-b ____ 9218 92
02
10 92 94
410-year gold loan 45
1945 M-S 71 ii- -fdi4 J'n-e-'12
C C & I` 1st guar gold 53_1922 J-J 10614 10634 10638 Mch'12 __-_ 10638 10638
f.ii
, 3d 7s extended at 4%_1938 8I-N 9212 9412 9612 May'll. _ __ _fa;
Selo V & N E 1st gu g 45_1989 84-N 9512 9578 9534
_ __
9534
1 95 0812
; • 1st & ref cony 53
1959 AI- S 8434 Sale 8412
8178 -1'.4 8t1
' 2 80
• Northern l'ac prior 1 e 4s 1997 Q-J 9914 Sale 99
9912 43 99 10034
)• Cent Br Ry 1st gu g 4s 1019 F-A 9178
92 May'12 ___. 92 92
Registered
1997 Q-J
___ 99 9834 May'12 ____ 9814 9912
;•• Cent Br U P 1st g 4s
1948 J-D
80 81 May'12 ____ 81. 81.
General
3s____a2047
lien
Q-F
gold
6912
Sale
6918
69
19 69 7013
t. Leroy &OVAL 1st g 53_1920 J-J
_ 102 110 Mch'05
_
Registered
a2047 Q-F 6734 6934 68 Dec '11 -- - ; • Pee 11 of Mo 1st ext g 4s_1938 F-A 94 ____ 96 May'12 ____ 95___
St Paul-Duluth Div g 4s_1996 JD 96 97 96
96
96
i ili 1;6.12
f • 2d extended gold 5s
1938 J-J 102 105 10812 May'll ___
Dui Short L 1st gu Is
_
100
M-S
____
1918
99
Feb '10
_ _-( StL Zr M&S gen con g 53_1931 A-0 106 10638 105
105
5 TLE12 i663
St P & NP gen gold 6s1923 F-A 11533 ____ 11512 J'ne'12 ---____ 1151411812
,
Gen con stamp gu g 5s_1931 A-0 __
Sep '09
Registered certificates_1923 Q-F 11434 ____ 11533 Aug'11 --- __ _ __
,
Unified & ref gold 4s1929 J-J 79 8033 Ill
80
80
St
2
.
Paul
fj
&
gil
58_1931
F-A
109
____
Duluth 1st
107 Jan '12-- 10-__7 107
,•
Registered
1929 J-J
Mch'12
2d 5s...
78 80
1917 A-0 10258 ____ 10234J'ne'11 --. ___
_
Riv & G Div 1st g 43_1935 M-N 8312 84 80
8312
2 8212 84
8312
1st consol gold 4s
1968 JD 91 ____ 94
1 9234 94
94
, Verdl V I dc NV 1st g 53_1026 M-S __ ___ 10212Jan '10 ....„ ____
Wash
Cent
1st
1948 Q-M 8958 ___ 9118 Apr '11 __-__ ____
gold 4s
iMob & Ohio new gold 6s
1927 J-D 1203812034 120 J'no'12 ___ 120 121
Nor Pac Term Co 1st g 6s 1933 J-J 11112 __ 11134 May'12._ 111141113a
1st extension gold 6s_ _111927 Q-J 115 117 11534 Feb '12 ___ 11534
1153 Oregon-Wash 1st & ref 43 _1961 J-J 9114 9112 9138
2 9114 9234
9138
, General gold 4s
1938 Id-S 8612 88 6834 May'12
8634 8734 paclfic Coast Co 1st g 5s_ _1946 J-D 10334 10478 10334 J'ne'12 ___ 10312 104
• Montgom Div 1st g 5s1947 F-A 108 11034 10812J'ne'12 -_
cnna RR 1st real estg4s_1923 M-N 10014 10111 10038 10038
5 10014 102
f • St L & Cairo coil g 43_ __e1930 Q-F -___ 85 83 Apr '12 ..- 10812 11034 I- Consol
gold Is
83 83
1919 81-S110
:_
110 Mch'12 -_ 108 110
.
• Guaranteed gold 4s_....1931 J-J ---__ 9312 Mch'11
Consol gold 45
1943 iii-N
_ 10234 10234 Mch'12 ___ 102 104
l'krashv Ch & St L 1st 7s 1931 J -J 1023.b03 103 May'12 __ 103 104
Convertible gold 3;48_1012 81-N 100 Sale 9978 100
7 9912 10018
r.4.1 1st consol gold Is
1928 A-0 10912 ____ 10912 J'ne'12 __ _ _ 10033 1091
Convertible gold 3 hs_ _01915 J-D 9738 Sale 9714
973 80 9634 9778
' Jasper Branch 1st g 6s 1923 J-J 114 ___ 11578 Nov'10
___ ___
Registered
01915 J-D 96
9738
9738 9712
rne'.1.
____
;
71,1cM
M
10634
%V
____
8s_1917
&A1
-J
10784
J
1st
Mch'12 ____ 1073Consol gold 4s
4 107311
c • T & P Branch
1948 M-N 10312'ale 10312 104
19 10212 1041s
1st 6s.... _1917 J-J 10634 ____ 113 J'ly '04
Alleg Val gen guar g 4s 1942 M-S 9958 10013 9978 Marl
-- ---- ---r,,Nat Rys of Mex pr lien 4 %-s.1957 J-J 8914 90 8914
8912
D R R R & Bge 1st gu 4sg1936 F-A 10034 _. __
3 83 oil2
_
--I Guaranteed general 4s_ _1977 A-0 ---- 8212 8212 J'ne'12 ____ 8212 861
Phila Balt & W 1st g 4s 1943 84-N _- ___-_ 102 - May'12
810218
-- i.017[Nat of Mex prior lien 4 As1926 J-J 99 10138 99 Mch'12 __ 99 100 2
Sod Bay & Sou 1st g 5s1924 J-J
102 Jan '03 _- ---- -' 1st consol 4s
1951 A-0 --- 7812 7734 J'ne'12 ____ 7734 83
Sunbury & Lewis 1st g 45 1936 J-J
97- ---- -,,
---- ---N 0 Mob dc Chic 1st ref Is 1960 J-J -- 9078 90
9C1
U N J RR ec Can gen 4s_1944 M-S ___
7 00 95
1911-2 Ma-V.17
2 ::::101 10112
IF 0 to NE prior lien g 6sp1915 A-0 103 106 _
--- ____ _
Penne Co guar 1st g4 3.,s
_
1921 J-J 103 10314 10318 J'ne'12____• 10318 104
'New Orleans Term 1st 4s 1953 J-J -- 8778 8778
8778
5 877Registered
8 881
1921 J- J 102 .. _ 103
__ 103 103
,N Y Central & Hud River
Guar 3;is coil trust reg 1937 fd-S 8834 --_- 8914 Mch'12
Apr '12 ____ 8812 8914
Gold 3 ;is
8712 23 8612 881
Guar 3;is coil trust ser B.1941 F-A
1997 J-J 87 8734 87
8
8834 May'12 --- 88 6834
,
Registered
Trust Co certfs gu g 3 %s_1916 fd-N ---- ----9734 May'12
1997 J-J 8612 87 811 May'12 ____ 86 87
____ 0712 9734
Guar 3;is trust cif's C
93
14 9214 961
; Debenture gold 4s
1934 M-N 9958 9356 9234
1942 JD 88 __ 88 Mch'12 __ 88 8814
, • Registered
Guar 3;is trust ctfs D_ _ _1944 .7-D 87 __ 8734 Jan '12 -1934 M-N ____ ___ 03 May'12 ...... 93 93
8734 8734
Lake
Guar
Shore
1
coil g 3%s_1998 F-A 8118 Sale 8113
15-25 year g 4s
8112 . 26 8073 85
1931 A-0 9634 97 9634
9634
ii 9634 0812
;
Registered
Cin Lob dc Nor gu 4s g,, 1942 lid-N 92 9634 9612 Dec '11 __-_ -------79
1998 F-A 79 8034 79
2 79 84
'. Mich Cent colt gold 30_1998 F-A 7814 7838 7918 J'ne'12 _ _ 7818 8212
CI & Mar 1st gu g 4 ;is 1935 M-N 103 105 110 Jan '0 ---- ----c
Registered
7734 791 2. *CI &Pgengug 4 3isserA 1942 J-J 105 ____ 10734DeC '11 __-_ ___-__.
1998 F-A 4,7712 7838 7734 Apr '12 __
' Beech Crock 1st gu g 4s 1936 J-J 9913 ____ 9918
Series B
9918
i 9918 991
1942 A-0 105 ___ 10934 J'ly '09 __--__ -._._-Registered
1936 J-J 9718._ 99 May'll ___---- -Int reduced to 3;0_1942 A-0 9114_ _ __ 9114 Feb '1
_ 9114 9114
,• 2d guar gold Is
1936 J-J 107
Series C 354s
1948
MN 911419238 9114 May'12 --__ 9114 9114
Registered
1936 J-J
Series D 3;is
1950 F-A 9114
90 May'0: _
___ --i %Beech Cr Ext 1st g 3;0_61951 A-0
Erie & Pitts gu g 3;is 8_1940 J-J 911294 9112May'12___ 9112
__ ____
9112
(. Cart & Ad 1st gu g 4s
1981 J-D .90 ____ 9712 Apr-'09 _-- ____ --Series C
1940 J-J 9112 95 9834 Apr '04 __ ____ -/, Gouv & Oswe 1st gu g 5s..1942 J-D 108 _____
, ,., ___ ___ --Gr R Re I ex 1st gu g 4 ;46_1941 J-J ____ 1047 10414 May'l •
_ 104 105
+ Moh & Mal lst gu g 43_1991 ld-S --- ,-,-,- 991-8 Meb
Pitts Ft W & C lst 7s
-.11
1912 J-J ------------ ---_ 100 May'12 ____ 100 10114
:• N J Juno R guar 1st 43_1986 F-A 9614 100 105 Oct '02 ---__
--_
2d 7s
1912 J- J
101. 10378 Feb 11 _ _ ..----,•
Registered
1986 F-A
,
3d 7s
h1912 A-0 ---__ ----101 Dec '11 ____ _-_- -If Y & Harlem g 3 5s._2000 M-N ---- ___. 89 May'12 ___ 8858 89
Pitts Y & Ash 1st con 53_1927 ld-N -------,.._. 109 May'll
-------.___ ____ ...
'• Registered
_
2000 M-N
Tol WV de 0 gu 4;is A,,1931 J-J 10218 Sale 10213 10218 ___1 10184
10218
N Y & Northern 1st g 53_1927 A-0 ___- 1137 i6§ Oct '05
Series B 4;is
1933 J-J 10218 ____ 100 J'ly '1 ___
-'NY ec Pu 1st cons gu g 431993 A-0 ---- ---- 9778 Aug'11 ____ _____ ,
Series C 4s
1942 M-5 9512
__
__________
_
,..`'. Nor & Mont 1st gu g 5s 1916 A-0
P C C & St L gu 4;is A1940 A-0 105 10636
_- 10533
___- J'ne'1`
-____ 10538 10634
1932 J-D 12014____ 13112 Jan '09
7'1 Pine Creek reg guar 6s
Series 1.1' guar
1942 A-0 105 -_ 10612 May'l___ 11 107
1) R W & 0 con 1st ext 5s_81922 A-0 10634 ____ 10634 May'12 .__ jods
4fa
Series C guar
1942 14-N -- --107 106 J'ne'11 ----------__
i Oswe & R 2d gu g 5s_e1915 F-A __ 105 101 Mch'12 ____ 101 101
Series D 45 guar
1945 fil-N 9712 ____ 9712 J'ne'12 ____ 97 99
__
). RW &OTR 1st gu g 53_1918 M-N 10634 107 104 J'ne'10
Series E 3;is guar g
1949 F-A 9334 __ 932 Feb '12 ___ 9318 9312
i'• Rutland 1st con g 4 As_1041 J-J 9638 --- 9814 Mch'12
9712 981 •
Series 10 gu 4s g
1953 J-D 97 ___ 9778 Aug'11 __-_ __ --_
Og&LCham 1st gu 45 g 1948 J -J 841 U 84 Feb '12 ____ 84. 86
,•
Series G 4s guar
1957 I'd-N 97 99 99 Alch'12 ____ 99 99
Rut-Caned 1st gu g 4s_1949 J-J --------92 J'ne'09 ____ ___ _ _ _ • C St L & P 1st con g 55_1932
A-0 11034.,_ 11312Nov'11 __ ---- ---St Lawr & Adir 1st g 5s_ _1096 J-J 107 -_ 115 J'ne'09
Peo & Pole Un 1st g 6s
1921 Q-F 10612 ____ 109 May'll ____ -----.•
2d gold 8s
1996 A-0 *118 ____ 11912 Mch'12 __ 11912 1191
2d gold 4;is
01921 M-N _ 99 9312Jan '11
-___
• Utica & Blk Riv gu g 45_1922 J-J 95 __ 9978 Nov'll
Pere Marquette--Ilef 4s___1955
J-J 50 _ _ 6034 Apr '12 ____ 6034 0034
Lake Shore gold 3%s
8812 15 8712 891
1097 J-D I 8812 Sale 8712
Refunding guar 4s
1955 J -J
- 683 Nov'll --- ---- --;
Registered
88
1997 JD 8712 8812 88
10 8714 8814
Ch & WI! Is
1921 J-D __ ____ 9958Feb '1
9958 9953
•
Debenture gold 4s_ _ 1928 81-S 9334 Sale 9338
Flint ec P M g 6s
9378 44 9314 941 2
1920 A-0
10838 May'12 ____ 108 10832
25-year gold 9s
1st consol gold 5s
e 0313
1931 M-N
1
9314 36 93 OF8
1939 M-N
_ _ _ 9812 Apr'1 __
9812 100
Registered
Pt Huron Div 1st g 63_1939 A-0 9618
1931 M-N ------__-9258 Apr '12 ____ 9258 931
9512 _ _ _ 9112 May'12 __-_ 9712 9712
•
Ka A & G 11 1st gu c 53.1938 J-J
Sag Tus & H 1st gu g 43_1931 F-A __
10812---- -,,
-.: •:-_. ---____ _ _ --Mahon C'l RR 1st 53_1934 J-J 11012_
1111-2Men-'11 --- -----,- Tr, Philippine Ry 1st 30-yr a f 48237 J-J --:: -W1-2 -174i- Me-3.
71:9 ____ 8414 86
' Pitts & L Erie 2d g
Pitts bh & L E 1st g 5s__1940 A-0 11014 11318
5s_ _a1928 A-0 10518 __ 105 Apr '12
105
5
11314
11318
J'ne'12
11318
.___
; Pitts MoK & Y 1st gu 63_1932 J-J 12112._ 13018Jan '09 ----------1st consol gold Is
1943 J- J 11014 .
_ _ _ 11314 Nov'1
2d guaranteed es
1934 J-J 123 ____ 12314 Mch'12 .....: 12314 1231 1)eading Co gen g 4s
1997 J-J 98 Sale 9778
981
McKees & B V 1st g 63_1918 .1,11 108
84 -65
4 "jii
4
IA
,
Registered
1997 J-J 9612 ____ 08 Apr '12 ___ 9734 9
-! Michigan Central 5s
_
814
1931 M-S 10912 115- 111 - Jan '12 :::: iif- Hi
Jersey Cent coil g 4s
1951 A-0 ___ 97 9712 May'! __-- 9678 9812
Registered
1931 Q M 109 119 119 J'ne'08
Atian City gu 45 g
1951
„.
J-J
__ _ _ _-43
- -- --• -------1940 J-J
98 Apr '12 ____ 98-98
Qt Jo & Gr Isi 1st g 4s
1947 J-J -871-2 _-_-__ -86 hich-'1'
_ 86 8614
•
Registered
1940 J-J ---- ----0812 Nov'll
...-7t L & San Fran gen g 6s 1931 J-J 11834 11911 11834 Mar12. _ 11834 11932
J L & S 1st gold 3;0_1951 1.1-S -___ -- 90 J'ne'08.
General
gold
Is
_:-_1931
-_--J-J
-,--___ 103 10712 10712
1 10712 10812
1st gold 3;is
1952 M-N 8612 _. 8613 Mch'12. -:
St L & S F RR cons g 42_1995 J-J 86 9134 8818 Feb '12 ____ 88
2 -88,is
20-year debenture 4s_1929 A-0 90 9014 8934 J'ne'12 _-__ -8618814
8934 92
Gen 15-20 yr 5s
1927 M-N 8738 __ 87
873, 21 8678 8811
i • N Y Chic &St L 1st g 4s_1937 A-0 100 Sale 100
100 -10 9934 100 8
Southw Div 1st g 55_1947 A-0 9812._ __ 100 Oct '11 __
Registered_
1937 A-0 •9013,.__ 9934 Mch'12 ___ 99
'
Refunding g 48
9ft 4
1951 J-J '78 Sale 7731
78
Debenture 4s
28
-77
1931 M-N 8914 90 90 J'ne'12 ____ 891, 91
-34
-813-4
lansrlstered
1951 1-i
_ 8034 Meh'il
MISCELLANEOUS BONDS-Continued on Next Page.
BONDS
-t
e_i
M. Y. STOCK EXCHANGE
Week Ending June 21.
4.1a.,
Price
Friday
June 21
Week's
Range or
Last Sots
Q. zs
g.
al
Range
Since
Jan. 1.
-- --
•__
Gas and Electric Light
,Kings Co El L ec P g 5s____1937 A-0
1997 A-0
' Purchase money 6s
Convertible deb 63
1922 M-S
• Ed El II Bkn 1st con g 48_1939 J-J
!Lac Gas L of St L lst g 53...e1919 0-F
1934 A-0
Ref and ext 1st g Is
1927 M-N
311Ivieukee Gas L 1st 4s
,Newark Con Gas g
J-D
!NYGELH&Pg 5s__1948 J-D
1949 F- A
Purchase money g 4s
Ed El III 1st cons g 5s-_ _1995 J-J
NY & Q El L&P 1st cong 59-1930 F-A
1921 M-N
• N Y & Rich Gas 1st g 5s
'Pacific G & El Co Cal G & E
Corp unifying & ref 5s 1937
Tao Pow & Lt 1st & ref 20-yr
1930 F -A
Is Internet Series
;Pat & Passaic G & E 5s___ _1949 AI-S
Gas and Electric Light
10412 10512 Peo Gas & C 1st con g 63-__1943 A:2
1(
113,3
114 ApT'
01132
4 _ _ 11614 11712
11512 Hy
Refunding gold 5s
10158102
2 10158 1C1212
man, 5
los
litt; M-S
_
103 Feb
136
55_1937
1st
g
gu
---- joi78
J:D
terCeltde
J 10
-Lis&
ChRGeg
02
11
---- ---2
3 16
0
- fliiii1
4
2
s
6 Imf:NN
9.34
376
5s51,
0..gyr
162" icii 19
3u
111g
11 0
i
Cgd
nN
GaCtoGoaf9C6,
102 102
10034 10158
:
:
8
:
9:
:19
01
0 _ _9_3_ Mc..11
'
.12
.
93
93
5s
1947 M-N
8978 9053
Mu Fuel Gas lst gu g
__ 10114 Mch'12
10058 10114
Registered
10614 10614
10258 10414 Philadelphia Co cony 53_1919 F-A 103 109 109- Feb-'12
IRV
Mi.8814 8012 Stan Gas& Eleo cony sf 60_1926 JD 100 10012 101 J'ne'12 ..._- 1.01 - 101.
,212 11318 Syracuse Lighting 1st g 55_1951 J -D 10012 __ 101 Dec '11
1112
10212 Syracuse L & P Is
1954 J-J 8512 8612 86 May'12
_
Trenton G & E 1st g 53_ __ _1949 M-S 103 __ 109 Feb '01
Union Elec L & P 1st g 5s 1932 8,1-S 100
101 Apr '12
1-&i
1)f -- ;6
:
1
1
0572 Sale 9578
96
12 94 9638
Ref & ext 55
1933 M-N 96 ____ 9612 Apr'12
_9
.
..(11_2 .
_9.
8!!
Utica El L & P 1st g 53_19
95
50
7 J-J 103
9312 95 95 marn
Is
0312
Utica
ref
Gas
E
95
&
4Dei)-ii
____ 10034 i661.
10212 ___
Westchester LIght'g g 5s__ _1950 I-1 105 10534 10512 May'12 __:_ Ws;MN
*No price Friday: latest bid and asked. a Duo Jan. b Due Feb. •Due May
g Due June. /1 Due July. o Duo Oct. p Duo Nov. s Option sale:,
-_ .. 10478 11
712rniten
04
:1
12
1
110 117
2
12214
11812 Dec
8812 Dec '11 ---1613; 1621; 102
-5
102
10034 10112 101 J'ne'12 ____
8978 9118 9068 J'ne'12 ___
106 _._ _ 10614 Apr '12 ____
1034 Sale 10318 10338 30
8858 89
13
13
8118
18
1 Mch'12
4
10114 :::: 10212 Eich'12 ::::
9212 J'ly '09
1684
[VOL. T.XXXXIT.
1\1Pw York Bond Record-Concluded-Page 4
BONDS
N. Y. STOCK EXCHANGE
Week Ending June 21.
Price
Friday
June 21.
Week's
Range or
Last Salo
.
•
BONDS
N. Y. STOCK EXCHANGE q
... Q,
Week Ending June 21.
Range
Since
Jan. 1.
High No. Low High
Bid
Ask Low
St L & San Fran (Con)
11514 118
_ 116 11514 J'ne'12
KG Ft S & 3J con g 6s_1928 M-N
K C Ft S & M Ry ref g 48_1936 A-0 7144 Sale 7914 ' 7912 ii 7914 8012
Registered
1930 A-0
79 Sep '10
10014 Dec '09
KG & M It & B 1st gu 58_1929 A-0 103
100
Ozark & Ch C 1st gu 5s g_1912 A-0 00%100 99,8 J'ne'12
3 9212
,
00
91
St L S W 1st g 43 bd ctfs_ _1989 M-N 91 Sale 9038
8034 82
2d g 48 Inc bond cas____p1989 J -J 82 83 82 J'ne'12
8117 --iZ 79 8412
Consol gold 48
1932 J -D 8138 Sale 8114
Gray's Pt Ter 1st gu g 5s_1047 J -D 9912 _ _ 10118 Apr '07
; 8634 J'ne'12
8612 871
El A & A Pass 1st gu g 4s__ _1943 J-J
4 8734
-iaSF &NP 1st sink I g 5s_1919 J-J 10334-- 104 Oct '09
87 873
Seaboard Air Line g 4s_ _1950 A-0 8634 8818 87 May'12
51
8612 90
Gold 45 stamped
1950 A-0 8712 Sale 8714
8815
Registered
1950 A-0
2 -21.634 Ei 79 84i,
.
01949 F-A 8012 Sale 861
Adjustment 53
8114
81 83
1959 A-0 81 81.9 8114
Refunding 4s
_ 8958 88 May'12
88 90
Atl-Birm 30-yr 1st g 4s_e1933 M-S
9239 0312
Car Cent 1st con g 4g__1949 J-J 51:12-- 9312 Apr'12
'
103 May'll
Fla Cen & Pen 1st g 53_1918 J-J 101%8
_ 104 May'12
icii" 164'1st land gr ext g 5s
1930 J-J 102
107 107
1943 J-J 10012107 1)37 J'ne'12
Consol gold is
10539 10714
Ga & Ala By 1st con 5s_o1945 J-J 10538 10612 10614 J'ne'12
10612 10534
Ga Car & No 1st gu g 53_1929 J-J 105 10518 106/2 May'12
105 10618
Scab & Boa 1st 5s
1926 J-J ---- 10612 105 May'12
Southern Pacific CoGold 4s (Cent Pao coil) _k1949 J -D ........ 9078 0051
0034 16 0038 9212
9112 Nov'11
Registered
k1949 J -D
0478 81 -64.1; 97
20-year cony 43
g1929 hi- S 948 Sale 9412
9634 27 951,1 97
Cent Pac 1st ref gu g 4s__1949 F-A 96 Sale 96
9412 9412
Registered
1949 F-A 9414 95 9412 May'12
1 9012 9112
9034
Mort guar gold 3 Ms__k1920 J -D 0034 9134 9034
9114 90 J'ne'12
00 0278
Through St List gu 48.1954 A-0
. 10611 10512 10512
10512 107
GH &SAM &P 1st 55_1931 M-N Mi
10434 10434
Gila V G & N 1st gu g 58_1924 M-N 10218 104 i043 Feb '12
10418 10.118
Hous E & W T 1st g 5s 1933 M-N 104 10178 10418 Jan '12
May'12
10414 10414
1st guar 5s red
1933 M-N 104 105 10414
10958 110
10958 May'12
H & T 1st g 58 int gu 1937 J-J 10914
10712 Sep '11
Consol g Os lot guar ..1912 A-0
-6.412 -681-2
Gen gold 4s int guar 1921 A-0 9414 9412 941. J'ne'12
1191:1 hich'10
Waco ec N W dly 1st g Os'30 M-N 114
-.- 10712 Feb '12
10712 10712
A & N W 1st gu g 56_1941 J -J 11238
'11
11212Sep
Morgan's La & T 1st 7s 1918 A-0
111 Mch'll
1920 J-J 10938
1st gold Os
N Y Tex &
gu 4s g__ _ _1912 A-0
1938 A-0 110 11458 112 Feb '07
No of Cal guar g 5s
Ore & Cal 1st guar g 5s1027 J-J .10114 10312 102 J'ly '11
11078
110 May'07
So Pac of Cal-Gu g 5s _1937
90 J'ly '09
So Pac Coast 1st gu 43 g_1937 J -J
5 -6+54 02
San Fran Terml 1st 45_1950 A-0 9012 Sale 0014
0012
10034 10034
• Tex & N 0 Sab Div lst g 65'12 51- S 100 10014 10034 Mch'12
Con gold 55
1943 J-J 100 105 10158 May'll
98 "ia 0434 953s
1955 J-J 95 Sale 9434
So Pac RR 1st ref 45
10734 25 107 10838
Southern 1st consol g 5s......1994 J -J 10712 Sale 10718
107 105 Sep '11
Registered
1994 J-J
7812 .46 7814 7934
7838 Sale 7834
Develop de gen 4s Ser A,,1956 A-0 -„3 8512 8712
87
87 87
Mob & Ohio coil tr g 4s1938 hi-S
1(1814 111
109 May'12
Mem DIY 1st g 4 3-5s.....1996 J-J ig12 _
89 g612
8838 0014
- 8934 J'ne'12
St Louis div 1st g 4s_.,,,1951 J-J
10778 Nov'10
' Ala Cen R 1st g 6s
1918 J -J 10734
87
gg57; 9012 Nov'11
Atl & Deny 1st g 4s__1948 J -J
8112 8234 8314 Feb '12
8214 -E1-4
1948 J-J
2d 4s
Atl & Yad 1st g guar 4s1949 A-0 8434
- -i563-4
1916 J-J 4'101
" Col & Greenv 1st 68
10734 10814
E T Va & Ga Div g 5s_1930 J-J 1073.1 _ 10774 May'12
9
111
111
111
11012
Sale
1956
11134
Con 1st gold 53
106 Mch'12
10534 106
1938 fl-S 105 _
E Ten reor lien g 55
6912 6412
1946 A-0 6412 di f1412 May'12
Ga Midland 1st 35
May'12
112
111
11234
J-J
11268 11278
1922
' Ga Pee Ry 1st g 6s
114 J'ne'12
114 115
' Knox & Ohio 1st g 63_1925 J-J 11334 _
10458_ 10512 Nov'10
• Mob & Bir prior lien g 58_1945 J
78,1 il.15 78 Dec '11
1945 J-J
Mortgage gold 45
1 10418 10434
• Rich & Dan con g 63__19I5 J-J 10414 10411. 10418 10418
104 10434
10434 Apr '12
Deb 5s stamped
1927 A-0 10312 _
• Rich & Meek 1st g 45
1948 M-N .7212 _ 71 Mch'll
10234 103. 10234
1624 104
10234
So Car & Ga 1st g 5s
1919
Virginia Mid ser C 6s
1916 M-S 10112 _- 112 Oct '00
Series D 4-55
•
1921 M-S 10334 -- 10414 J'ne'11
•
Series E 55
1926 M-S 105 101312 106 Mehl'
S 10538 ____ 105 J'ne'10
1931
Series F 55
108 10814
1930 M-N 107 108 10814 May'12
General 5s
10812 J'ly '11
Va & So'w't 1st gu 5s..2003 J-J 108 _
2 9734
-6611st cons 50-year 5s_1958 A-0 06 ins 9634 J'ne'12
90 00
1924 F-A 0212 _ _ -- 90 Mch'12
W 0 & W 1st cy gu 4s
103 10312
1014 J-J 10234
West N C 1st con g 6s
- 103 Mar12
Spokane Internet 1st g 5s 1955 J-J .„ 103 10212 Apr '11
8 106 105 Mch'12
idS" 105
tiler A et St L 1st g 4 Ms_ _1939 A-0 4.104711114 11212
i. 1st con gold 5s___1894-1044 F-A Ill 1111, 11112 J'ne'12
9412 948 9458 May'12
94 96
1953 J-J
Gen refund s f g 4s
St L 3d Bge Ter gu g 5s 1930 A-0 10712 _ 10812 Feb '11
27 jai' 11013
108
2000 J -D 10734 Sale 107
Tex & Pac 1st gold 5s
60 50
q2000 htch 50 55 50 May'12
2d gold Inc 55
_ 9912 Apr '11
1931 J -J 100
La Div 13 L 1st g 5s
10612 Nov'0,1
W Min W & N W 1st gu 5s_'30 F-A
10818 i(1/1-2
1935 J-J 10814 109 10814 May'12
Tol & 00 1st g 5s
10739 10734
Western Div 1st g 5s
1935 A-0 10734 108 10734 May'12
103 101
1935 .1-D 103 10312 10312 Mcli"2
• General gold 5s
9134 93
Kan & M 1st gu g 4s........1990 A-0 9134 93 93 may-12
0834 Sale 9874
9814 9918
1927 J-J
2d 20-year 5s
983,1
9314 9478
9334 9518 9412 J'ne'12
1917 J-J
Tol P & W 1st gold 45
8618 88 8614 Apr'12
86 8712
Tol St L & W pr lien g 35's..1925 J -J
1 00 6958
6012
6012
1950 A-0 60 61
50-year gold 43
7312
Coil tr 4s g Ser A
1917 F-A 68 75 7312 May'12
71
81)12 9312
8978 Apr '12
Tor Ham & Buff 1st g 45_h1946 J -D 8934 -105 106
105 J'ne'12
'Ulster 50 Del 1st con g 53_1928 J
8618 8618
1952 A-0 86_ 8618 May'12
5.) 1st refund g 4s
10012. 89 100 10214
1047 J -J 10012 §ife 100
Union Pachic-Goid 4s
9014 80 9914 101%
9914
1947 J -J
Registered
0834 ,43 10114 104
1927 J-J 102 Sale 10134 102
20-year cony 45
21 96 9778
g2008 51-S 9634 97 9634
• 1st & ref 45
97
___ 9518 9434
95 • 31 0434 961s
Ore By & Nay con g 4s_ _1946 J
112 11334
Ore Short Line 1st g 6s__1922 F-A 112 11258 112 J'ne'12
11012
1946 J-J 11018 11012 11014
11014
1st consol g Si
7 9338 112
9338
9534
1929 J-1) 9312 94 9312
Guar refund 45
---- -1926 J -J 10518 ____ 108 May'll
Utah & Nor gold 5s
9218 _
1933 J-J
1st extended 43
9638 9658
Vandalla cons g 4s Ser A.1955 F-A 92 __ _ 0658 Mch'12
04 9712
V
94 9412 94 J'ne'12
Series B
1957
Consol
9134 0134
9134 9134 J'ne'12
Vera Cruz & P 1st gti 4 Ms_1934 J-J
Price
Friday
June 21.
Weer:
Range or
Last Sale
p
ce ce
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low High
1939 A1-N 10612 10718 10512 10718 35 10412 10778
100
2 90 100
1939 F-A 9912 997s 100
1939 J-J ___ 00 100 May'12 ____ 100 100 ,
9814
1 0814 100 '
1st lien equips Id g 53_ _1021 Al- S 9814 Sale 9814
75 ____ 83 Dec '10 - ____
1st lien 50-yr g term 4s_ _1054 J-J
7112 2'665 5512 7f171 Sale 6818
2
1956 J -J
1st ref and ext g 9s
70
15 6438 7033
____ 70 Sale 6834
Cent 'trust Co ctfs
67
67
32 6458 67 ,
---- --Do Stamped68
10 5914 70
70
------------70
Equit Tr st Co ctfs
6914 1476 6012 89111
6834 Sale 66
Do Stamped
Det & Ch Ext 1st g 5s___1941 J-J 10512 10812 10618 May'12 --__ 16 17
8112 May'll ------------,
Des Moin Div 1st g 4s___1939 J-J 79 __
Om Div 1st g 3 Ms
1941 A-0 70 7138 7134 May'12.-. 6812 7134
83l2 Mch'12 --. 7234 8313
(
Tol & Ch Div 1st g 4s__ _1941 M-S
Wab Pitts Term 1st g 4s..:_1954 J-D --------34 J'ne'12 ....... 38 3914
7 32 4214
3314
Cent & Old Col Tr Co certfs_ ---- 33 Sale 33
3318 20 3112 4112
,-- --__ 3318
Columbia Tr Co ctfs
212
1
5
134
134
2d gold 4s
1954 -J---D
17 3
5
23
238
-21
-2
Trust Co certfs
- --A 8612 867, 8738 Oct '11- ---- -------Wash Term' 1st gu 3 Ms
1945 0
9718 Mch'12 -__ 9718 9718
1st 40-yr guar 4s
1945 F-A 9718
8678 44 8612 8814
West Maryland 1st g 4s
1952 A-0 8612 Sale 8612
West N Y & Pa 1st g 53_1937 J -J 10718 10812 10734 May'12 ---. 10734 10834
71 881
8714 8714 Apr '12 ---Can gold 4s
1943 A-0
Income Is
d1943 Nov -2012 ...._ 34 Feb '07 ------------_
Wheeling & LB 1st g 53..„1926 A-0 10412 10512 10412 May'12 -- 1041:i 10512
Wheel Div 1st gold 5s___1028 J-J 10114 104 10218 Nov'11 --__ _-.
Eaten & Imp gold 5s__1930 F-A 10114 103 102 J'ne'10 --8312
1949 hi-S -__ 8312 8214
RR 1st consol 4s
i gif
065; ____ 9812 Feb '11 ----------.... „....,
20-year equip s f 53_1922 J-J
Winston-Salem S B 1st 4s 1960 J-J - _ 92 9134 Apr '12 ---,. 913-4 93
9112 13 9114 9338.
9112 Sale 9114
Wis Cent 50-yr 1st gen 4s 1949 J-J
Sup&Dul div & term 1st 4s'36 Al-N 9014 9114 U039 J'ne'12 _.... 9034 9213
abash 1st gold 53
WDebenture
2d gold Is
Series 13
Manufacturing and Industrial
8
62
6112,--- 6114
1936 J-J
kIlls-Chalmers 1st 5s
__ 6114 sale 6114
6112 11
Trust Co ctfs deposit
1928 1--0 10134 102 10134 10178 21
km Ag Chem 1st c 5s
0818
6
1915 (4-F 9813 0812 9818
km Cot Oil ext 43s
8
95
1931 111-N „.,.._ 95 9412
Debenture Si
km Hide ec L 1st 5 f g 05_1919 M'S 100 10034 100 J'ne'12 ---,
7934 7912
7912
2
kmer Ice Secur deb g 03_1925 A-0
4 Sale 10434 10478 33
km Smelt Securities s f 6s_ _1926 F-A 1043___ 100 100 J'ne'12 --__
1915 M-S
km Spirits Mfg 1st g 6s
9178
3
Sin Thread 1st col tr 48__1019 J-J -0434 ___•_ 9478
12012 21
km Tobacco 40-yr g 63__1944 A-0 120 12012 12014
12014
1
Registered
4 A-0 12014 Sale 12014
---- ---12014 May'12 -- -,
Certificates of deposit
--- ---- 0538 42
Gold 45
1951 F-A 9538 Sale 9514
9538
1
F-A 953 Sale 0538
Registered
_ ----0514 May'12 ..„...
,
Certificates of deposit ----- -------P Lorillard Co 73 tem'pry bds_ -.._ 12112 12178 12158 12178 23
--__• 9514 Sale 9478
9514 82
58 temporary bonds
Ligg & Myers Tob Co7s tpy bds ---- 12034 Sale 12068 12078 25
9514 05
5s temporary bonds
: 9514 Sale 0478
31
Am Writg Paper 181 s f 5s__1919 -J---J
00
8912 90 8934
Beldw Loco Works 1st 53__1940 Al-N 10114 __.. 104 Feb '12 -_.
9634 12
Beth Steel 1st eat s f 53____1026 J-J
9612 Sale 0612
3ent Leather 20-year g 58_ _1925 A-0 0538 Sale 9518
0534 40
3onsol Tobacco g 43
9514 J'ne'12 ---1951 F-A
1951 F-A -------- 67 Noy'07 ---Registered
9678 J'ne'12 -Dorn Prod Ref s 1 g 59
1931 hl-N 957g
5
9638
- 06
1st 25-year s f 58
1934 Al-N -- 9638
5
06
Duban-Amer Sugar colt tr (33 1918 A-0 ____ 9634 06
18
75
Distil Sec Con cony 1st g 58_1927 A-0 7458 Sale 7,112
8914 20
E I du Pont Powder 434s_1936 J-D 8918 Sale 89
83 835s J'ne'12 ____
1942 F-A__
3en Electric deb g 3 Ms
1917 J-1) _ -- ---159 Feb '12 -10-yr g deb 55
7
100
3en'l Motors 1st lien 6s__1915 A-0 9-67g 100 9978
1940 A-0 __ 92 02 J'ne'12 __
[11 Steel deb 4 Ms
116
Indiana Steel 1st Is (rects) 1952 Al-N 101 Salo 10073 101
104
3
Ent Paper Co 1st con g 6s 1918 F-A 103 10334 103
90 9012 90 J'ne'12 ___
Consol cony s f g 5s
1935 J-J
5
1238
1929 M-S 9218 9212 9214
int St Pump 1st s f 53
1
9612
Lackaw Steel 1st g 55
1923 A-0 96 0612 9612
1st con 5s Series A
1950 11-S __ 7034 80 J'ne'12 --,
5-year convertible 5s
6
9314
1915 M-S 03 Sale 93
Uexican Petrol Ltd env 6s A '21 A-0 ____ 90 08
20
99
gat Enam & Stpg lst 53_1929 J-D 93 95 93 J'ne'12 -_
National 'rube 1st Is rects_1952 M-N 10012 10034 10012 10012
5
NI Y Air Brake 1st cony 6s_ _1928 Al-N 100 Sale 100
1
100
fly Steel Spgs 1st s f Si
97 J'ne'12 __
1921 J-J
Repub I & S lst&col tr 5s 1934 A-0 10314
- ____ 104 Apr '12 -10-30-year 5s s f
9214 11
1940 A-0 ____ 9214 9173
10
Standard Milling 1st 5s
86
1930 M-N 86 Sale 86
rhe Texas Co cony deb 6s_ _1931 J -J 100 Sale 9912 10014 184
Union Bag & Paper 1st 5s 1930 1 04 May'12 ---_ . 9414 J'ne'12 ____
Stamped
1930 ------- ---LI S Leath Co s I deb g Os__ _1913 MIN 10012 10114 10058 10934 10
8912 10
EI S Realty & I cony deb g 5s_'24 J-J
8914 Sale 89
J S Red & Refg 1st g 6s
1931 J-J _ _ 45 50 Apr '12 ___
10458 16
[./ S Rubber 10-yr coil tr 6s_1918 J -D 10412 Sale 10412
10318 Jan '10
1918 J -D
Registered
4 Sale 10218 10238 159
J S Steel Corp-Jcoup __d1963 M-N 102110238 10
102
S f 10-80-yr 531reg ___d1963 M-N
9918 51
Va-Car Chem 1st 15-yr 58_1923 J -D 99 Sale 9878
Nest Electric 1st 5s Dec 1922 J-J 101125a1e 10112 10134 17
9434 14
9412 0431 0438
Westinghouse E & M s f 53_1931 J- J
98
6
10-year coil tr notes 5s_1917 A-0 9612 9734 98
•
Telegraph & Telephone
km Telep Is Tel coil tr 4s_1929 J-J
1936 M-S
Convertible 45
Dhicago Telephone 1st 53 1923 J-D
3ommerclal Cable 1st g 45_2397 Q-J
Registered
2397 (4-.1
Keystone Telephone 1st 58_1935 J -J
lietropol Tel & Tel 1st s 1 Is 1918 111-N
1924 F-A
Well State Telep 1st 5s
4 Y & N J Telephone Is g_1920 M-N
g Y Telep 1st & gen 814 Ms 1939 M-N
Pao Tel & Tel 1st 51
1937 J -J
Nest Union col tr cur is_ _1938 J -J
10.50 A1-N
Fd and real est g 4 54s
Cony 4s, series A
193651-N
Registered
1930 111-N
Mut Un Tel gu ext 5s
1941 A1-N
Northwest Tel gu 4 Mz g_1934 J-J
52 6714
6014 61121
10112 10234 ,
98 9812,
9412 951,1
9818 100
7212 82 •
102i.10514'
100 "101
9253 05
11878 121_12,
11878 121.8l
11878 121121
9178 95721
9214 95331
9178 96 .
11933 12334:
0118 9633.
11834 123
8934 96 •
8814 90
10312 104
9312 102
9134 9614
0134 9558
___ -„.„
0512 97
04 0612
06 9712
7164 7814
8478 9212
82 84
15312 159
9812 10078
92 9234
10078 10138
103 10434
8412 9178
9134 9313
04 07
77 8212
9012 9414
95 100
93 9412
10012 10112
97 10114
97 9814
10278 104
9034 9332
86 8834
0412 10014
94 9412
0412
94
10058 102
8712 90
50 50
10334 105
.._ _
4 10912
101310138 104
9878 101
101121031$.
93 9514
9612 98
0018 21 90 9112
9012 9034 9058
11412Sale 11338 11412 87 10834 11662;
___
__ 102
8212 Mch-'12 -___ d212 /3212
82 84
_______ 8312 Nov'n _.... ____ ...._..,•
82 ____ 82 Feb '12 ___ 82 • 82 .
10234 103 10234 J'ne'12 ___ 10234 103
103 10014
10014
1 100 101 '
- - 10314 May'il __
-----,....
9914 c1.9 99
. -iiiiO
9914
10018 Sale 100
10018 23 9878 10012
101 10112 10114
10112 16 101 10313
9814
93 Sale 98
4 9714 10012
--------105 Feb '12 ....... 10458 105
__ -----103 Feb '11 .._ -- -------. 104 J'ne'll _
-04 ____ 0014 J'ne'12 ..::: tiS 664
foes
MISCELLANEOUS BONDS-Concluded
Coal & Iron
Buff & Susq Iron s I 5s___1932 J-D
al926
S
Debenture Is
Col F & I Co gen s g 5s___1943 F-A
Col Fuel gen 6s
1919 ,11-N
Col Indus 1st & colt 5s gu 1934 F-A
1035 J -D
Cons Ind Coal Me 1st 5s
Cons Coal of hid 1st ec ref 58 1950 J-D
Gr lily Coal & C 1st g 65.._81919 A-0
Kan & H C & C 1st s f g 58_1951 J-J
Pocah Con Collier 1st s f 53_1957 J-J
1955 J -J
St L Rock Mt Is P 1st 5s
1951 J-J
Tenn Coal gen 55
Birm Div 1st consol 6s 1917 J-J
a1917 A-0
Tenn Div 1st g 6s
Cab C IA Co 1st gu g 6s__1922 J-D
1931 M-S
Utah Fuel 1st g 58
1953 J-J
Victor Fuel 1st s f 55
Va Iron Coal & Coke 1st g 531949 Al- S
981s 97 May'12
91 Noy'll
100 15614 10014 J'ne'12
10034 10311 10714 J'ne'12
82
8134 Sale 8112
8412 85 J'ne'll
94 Dec '11
_94. 10258 Apr '06
96 08 98 J'ne'12
87
87 8812 87
821s
82 Sale 82
103
10268 103 103
10312 105 10358 J'ne'12
10338 106 10358 May'12
110 Jan '09
10312
-8534 80 mii•H
95
0.518 06 95
97
97
08
for 1664
10714 10734
07 7212 82
_
9734 "igt;
1 8112 8912
12 7934 8912
4 10218 10378
10312 10418
103 104
86
8 95
"titi
Miscellaneous
1948 M-S
Adams Ex coil tr g 45
Armour & Co 1st real est 4 Ms'39 J -D
1952 A-0
I3ush Terminal 1st 45
1955 J-J
Consol 5s
Chino Copper 1st cony 6s 1921 J-J
Irrigation Wks ec D of A 4 Ms'43 M-N
InspIr Cons Cop 1st es 'mots; __
1922 Yld
Int Mercan Marine 454s
Int Navigation 1st s f 5s_1929 F-A
Mge Bond (N Y) scr 2-4s_1966 A-0
1939 J-J
Morris & Co 1st s f 4 Ms
N Y Dock 50-yr 1st g 43_1051 F-A
1032 J-J
Nlag Falls Pow 1st Is
Refunding & gen Cs____a1932 A-0
Ontario Transmission 5s__ _1945 A1-N
Pub Serv Corp N J gen 5s 1959 A-0
Ray Cons Copper 1st cony 63 1921 J -J
Wash Water Pow 1st 5s
1930 J -J
8312
8212 Sale 8212
8 8212 8813
0112 0214 9134
23 9112 9214
92
89 0018 8834 May'12
8834 92
_ 9738 0712 J'ne'12
97 99
14.5 150 145
116 150
150
.....- 95 931sNov'll
.
2166
105 Sale 10434 105 "R
. 16116434 6512 .9514
6514 10 63 70
79
70 80
/8
12 78 8214
80 Apr '11
2 898
"gi11-861- 8912 J'ne'12
4 -8978
84 8512
8212 84
85 Apr '12
10178 Sale 10178 10178 10 10012 10178
133 -1;51-2
9918
9334 Sale 9312
130
130 Sale 120
103 ____ 104 May'12
03 93
925g 9412
88 112 130
10278 104
"26
0812
. 'No Price Friday: latest bid and asked aDue Jan (Mu° April eDue May gDue June hDue July kDue Aug oDue Oct dDue Nov qD114) Dec 30/A10/1 sS,loJ
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
1•••••71
,
-
STOCKS-HIGHEST AND LOWEST SALE PRICES,
Saturday
June 15
*30
*89
*85
2512
712
*312
1812
*30
10
50
36
92
90
2512
712
412
1812
4012
1012
50
Tuesday
June 18
Monday
June 17
*30
*89
*80
25
*7
*312
*1812
*30
*934
*50
36
92
90
2512
8
412
20
40
1014
65
*30
*89
*80
2512
8
*312
*1812
*30
10
*50
36
92
90
2713
8
412
20
4012
10
55
Wednesday
June 19
*30
*89
*80
2612
*7
*312
*1813
*30
*934
*50
Thursday
June 20
Friday
June 21
32
32
32
32
36
Last Sale 90 May'12
92
Last Sale 93 May'12
90
2513 2512
26
2612 28
8
*7
*7
8
8
4
4
412
*1812 -26
*1812 20
20
Last Sale 1012 June'12
4012
10
*034 10
*934 10
___ ____
52
52
55
Sates
of the
Week
Shares.
STOCKS
CHICAGO STOCK
EXCHANGE
Railroads
250 Chicago Eley Rys com___
Do pref
Chic Rys part ctf "1"1,369 Chic flys part ctf "2"
95 Chic Rys part ctf "3"
25 Chic) Rys part ett "4"
15 Kansas City By & Lt_100
Do pref
100
195 Streets W Stable C L_100
100
90
Do pref
Range yor Year 1912
Range for Previous
Year 1911,
Lawest.
Lowest.
Highest
32 Mch l9 40 Apr 21
90 May27 9334 Jan 20
93 Apr 4 10438 Jan 18
26 J'ne 17
38 Jan 9
6 J'ne 13
11 Jan 12
4 May 3
578 Jan 13
1812 May27 21 May 1
4012 J'ne 14
5012 Jan 19
6 Mch 28
1178 Apr 10
25 Jan 3C 52 J'ne20
Miseeraneous
1113 Jan 2 43 Mayll
100
3212 3812 2,960 American Can
3512 3818
100 91 Feb 1 121 Mayll
750
Do pref
11612 11734 11712 11818
Last Sale 10012Jne '12
American Radlator_100 325 Feb 1 40012 J'ne 1
100 131 Jan 15 135 Apr 30
Do pref
Last Sale 135 Apr'12
5312
*50
5312 *5C1
22 Amer Shipbuilding__ _100 47 Mch 19 59 Apr 11
100 100 Feb C 10414 J'ne20
10114 10414 ,...,-, :
10
Do pre(
139 Jan 11 14878 Mch 17
150 Amer Telep & Teleg
14534 14534 14648 11638
39 Mch 14
6613 May22
6018 6012 --85 Booth Fisheries com
---4312 Feb 28 50 Jan 9
Last Sale 17 -Apr'12
Voting trust ctf
77 Mch 14 95 J'ne 5
*91
93
*91
93
Do 1st pref
76
Last Sale 62 June'12
Cal & Chic Canal & D_100 49 Feb 9 6558 May13
270 Chic Pneumatic Tool_100 44 Mch15 5313 May 3
____
50
50
Last Sale 142 May'12
Chicago Telephone_ _100 13712 Jan 4 145 Mch 9
210 21-0
205 209208 21-0
215 222
200 204
1,092 Chicago Title & Trus-t.100 184 Jan 4 222 J'ne 20
205 208
*139 140
140 140 .138 140 *138 140
13912 13912 140 140
70 Commonw'th-Edison_100 13514 Jan 4 150 Mch 7
10 Feb 13
1718 Apr 26
*15
1513 *15
1512 *15
1512 *15
151
- -- --75 Corn Prod Ref Co coin_._
1538 1512
_ ---- _-_- -_-pref
do
Do
__
Last Sale78
Jan'll
106 10612 100 166
100 10514 J'ne21 11134 Feb 5
106 107 4106 107
156 Diamond Match
10558 10558 10514 106
*101 10112 *101 1011: 10112 10113 10112 10112 0978 10014 10014 10014
350 Hart Shaffner & Marx p1.. 9978 J'ne 20 10213 Mch 8
100 56 Jan 9 6812 May27
*67
6712 6713 6734 *671
73
6712 6713 6712 6734 68
323 Illinois Brick
68
119 11911 ---- ---- 120 12014 11912 120
230 Internet Harvester Co___ 106 Feb 14 12414 May20
12012 121
71 May21
67 May 1
T14.19- -71 - *09
71
*69
7-1
Knickerbocker Ice pref_
*69
LC31 Sale 71 June'12
71
*156 157
136 156 4156 157 *156 157
100 14312 Jan 15 16112 Apr 30
880 National IlLscult
158 15812
15612 159
100 126 Jan 15 13034 May28
*128 131 *128 131 *128 131 *128 131
Do pref
Leal Sale 129 June'12
100 103 Mch 5 12018 May20
*115 118 *116 118 q15 118 *115 118
National Carbon
Last Sale 120 May'12
*116 119 *117 120 .117 120 .117 120
100 115 Feb 16 120 Jan 2
Do pref
Last Sale 11 June'12
z 6318 J'ne b x 67 Apr 22
6312 6314 6312 6314 64
*63
6312 *63
6334 6334 -------490 Facia° Gas & El Co
.21.60 May 3 2.65 Apr 23
Do
rights
Last Sale .O -blay'l.
,i,oi" - 21-2 ;55- 92-1-2 i55- 10-21-2 ;51i" I21-2 *90 9212 *90 9212
Do
preferred
11312 11312 114 114
451 People's Gas L&Colte_100 10313 Jan 2 118 May25
11313 114
11314 11334 11338 114
11414 11114
*84
8412 *84
*85
80
120 Pub Sery of No Ill corn. x 84 May29 x 9412 Apr 24
*85
86
8412 85
*85
86
85
x.08 Mayls z 112 Apr 24
May'12
Last Sale 18
Do rights
__
*iiiii- 13.", iiiii- iiiii - ,ii5ii- iiilii; .iii(1 fo-o14 *100 10014
00
Do preferred . _ ._ z100 May31 £10712 Apr 24
3 003
*100 102
*9812 10012 *9812 10012 10138 10138 10018 1(1013 ----------125 Rumely Co, preferred....,. x 9912 Apr 27 2102 May 8
18912 190
1,672 Sears-Roebuck com__100 140 Jan 5 104 May22
189 189
18812 19014 18912 19014 100 1-91
18914 190
100 12112 Jan 11 12534 J'ne 8
*12314 12414 112314 12114 812:114 12114 12312 12312 8124 125 *121 125
Do pref
2
100 9834 Jan 2 10914 Apr 4
10414 10111 10414 10414 104 10158 101 10114 104 10118 101 10414
580 Swift & Co
290 290
*287 295 8287 295 8287 290 8287 290 *287 290
55 The Quaker Oats Co_ 100 215 Jan 15 291 J'ne 10
100 10512 Jan 2 110 Jan 13
53
Do pref
10812 10812 108 103 8108 10813 *108 10812 .108 10812
*10834 109
167 167
213534 May 8 2168 J'ne 13
16713 16712
166 166 *166 167
315 Union Carbide Co
167 167
1603 167
Last Sale 112 May'12
__ --- --__ ---- __
o 314 May 8 x 6 May22
Do
rights
113
118 *1
173 Jan 18
118 *1
118 *1
118
38 May 2
118
1
1
118
460 Unit Box Ild & P Co_100
6818 6938 6918 6958 6914 70
70
5858 Feb 13 7234 Apr 26
7033 1,570 United States Steel com_
6814 6812 6812 69
*10
12
Last Sale 11 May'12
*10
12
1478 Feb 7
12
*10
*10
12
10 Jan 17
Western Stone
100
3212 3334 3338 3414 3378 3538
*11134 11514 11512 11553 11614 117
____
_ _ .400
_ __ 1,400
*400
*130 13-8 .130 13-13' .130 138
5312
*50
5312
*50
5312
5312
*104 105 8101 105 .101 105
.145 140 814513 14614 .14512 14614
03
*61
63
*60
62
*61
____
_
f"). 92-14 9234 9-2-34 *90 -113- *91 -ii363
*58
63
63
458
*60
*60
61
50
5014 5012 5012
4314 4834 5018 51
3278 33
11614 11614
*400
*130 13-8
*5312 55
*104 105
14512 1453e
62
62
Chicago Bond Record
BONDS
CHICAGO STOOK
EXCHANGE
Week. ending June 21.
InterPrice
Friday
est
Period June 21.
Week's
Range or
Last Sale
21 J'iy
85 .Piy
80 Apr
2034 May
8 May
412 Mch
15 Sep
39 Sep
7 Dec
38 Nov
Highest,
32 Dec
94 Nov
101 Aug
3778 Dec
1212 Aug
713 Aug
25 Feb
7212 Feb
1314 Feb
50 Jan
9 Jan
7678 Jan
265 Jan
12612 Mel)
48 Nov
10612 Sep
13158 Aug
35 Apr
30 J'ne
60 Sep
4012 Apr
3912 Sep
115 Jan
15112 Jan
113 Jan
934 Oct
78 Jan
9212 Feb
100 Sep
4978 Sep
9914 Sep
1212 May
93 Dec
304 Ocs
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch •
5734 Mat ;
8838 Dec
52 Feb ;
5512 Feb
14114 Nov
180 Dec 13733 J'iy
1538 J'ne
78 Jan
11034 Nov :
10334 Dee ,
70 Jan
129 May.
11714 Jan
123 Jan
100 Aug
117 Sep
14212 Dec ,
130 Mch ;
120 Mch
120 Melt
,
101
Sep
10853 Jan
12334 Sep
116 Sep
9734 Sep
165 Mch
10212 Feb
19234 Jan
122 Mch
104 J'ne
212 Dec
10713 J'iy
1 Dec
5012 Oct
13 Dec
7 Jan
8178 Feb
23 Jan
Chicago Banks and Trust Companies
B'ds
Sold
Range
for
Year 1912
High
High
Low
Ask Cow
1314
91
x9I
Apr'12
91
Am Tel & Tel coll 4s__1929 J -J
9218 40 9158 0214
Armour & Co 45.43,,,,..19184 .1 • D 5-5F -172-18
- 9173
28214 8214
8214 Apr'12
Auto Eleo 1st M 68_1928
z9618 9618
- N 5 -55- 97
Cal Gas&EI unit & r 5s '37
9018 May'12
,t 5102 Sale 10178
Chicago City 1.-tY 5s.-.1027
12 10134 103
102
Ohl City& ConRys 5s_d1927 A 915s
8818 June'12
88
Chicago Elev Fly 53_1914 1-1 :18 -9812 9818 May'12
9738 99
J
Chic Pile root 1st 53-a1921 J
92
90
92
92
95
90
192/
Chic Fly Os
- A 100 10018 100
100
9978 10158
Chic Ilys 53 __series "A" A - t. 5 9014 9438 0612 June'12
90
07
Chic fly 4s_serieJ "A" A -0
9614 9733
9633 Jan'12
Ohio ttys 4s_series "B" J
13
8712 g;.ie
8634
8712 81 8618 9158
Ohio Rya 43 __series "C'
-A
94
01
1 9334 9518
9144 94
Ohio Itys coil 68-1913 F • A
100
Jan'12
100 100
4s_c'27 J .J:75
7314 75
21
7112 85
Chic Fly Pr 111
75
55
53 May'12
60
Chlo Ry Ad,' Inc 43 c1921 day' 545
48
10118 09 10078 10314
Chic feicplione ;A.-1923
10078 Sale 10073
J 5 98,
9933 May'12
9738 9938
Cicero Gas Co ref GM 1932 J
4 99
10318
3 10214 10334
Cornmonw-Edison 53.1143
5____ 10318 103
10212 10334
Commonw Elect 5s51 943 4 5102 10234 10234 June'12
9978 10034
Cudahy Pack 1sa158_1924
-N 10038 10012 10038 10038 ---1
1 107 11014
Din Match Coe do 64_1920
10712 10712
5107 103
z9938 9934
Gen Mot 6% lstLuote3 '15
6034 Apr'12
310114 10112
10114 May'12
Ind Steel 1st g 5s____1952 .11 - N
•
•
•Do
1st g 6s____1928
.310013
1
Int liar 3 yr 5% g notes'15
- A 10014 10034 1008 hia-r1-.:.40513 10518
1051s Apr'12
Ini'd St'l 1st M g 6s_1928
Kan City Ity & Light
co 5s
9414 9414
9414 Apr'12
1913
83
Lake St El-lst 53_1028 J . J 188
8812 11 8714 90
89
8534
83
Metr W Side El 1st 43 1938
83
- A
8334 83 June'12
83
82
Extension g 43____1934 .1 • J 5 8112 8278 8238 • fay'12
210178 10478
1111 El fly & L 1st g Os 1926 1
,- A 5103 10512 10478 Apr'12
95
do ref & ext 4 443_1931 J -J
395
95 Apr'12
91
do gen & ref 53_1051 J -I) 94
-981-2
00)
-1
5
0r,
;i374
MB Gas Lt 1st g 43_1927 11 - N
May'12
8912 _Morris he Co. 4 94_ __1l130
8934
4 8912 9014
;
8118 8934
310034 10114
Nat Tube 1st g
10134 10034 May'12
-N
310.314 10:314
Nor Sh El 1st g 5s__1922 A- 0 ;103 10114 10314 Apr'12
do 1s4 & ref g 5s_1940 A- 0 510038 10078 10038 Apr'12
z10038 10038
Nor Sh Gas of III 1st 5;'37 1.0 - A t
9718 0718 Apr'12
30718 9718
Norte West El lst 11_ 1911
100 July'll
-65:74 1-03
- 51
NW GL he Coke Co 531928
100 June'12
Ogden Gas 5s
1943
9534 99
9712 08
98
98
29178 9218
Poe Gas & El ref g 53_1942 J - J
9212 92 May'12
J
3100 10018
Pao 'I' & T 1st col tr 53 1937 J
-- 100 May'12
lOb J
Pearsons-Taft 53
L
9812
10038 Melf01)
A- S
4.40s
9612 Mell'10
4.603 Series lo
94 ____ 97 Feb'10
at - i‘)
4.803 Series to
9712
9814 Nov'll
1st
153_1943
A
116 1-iK12
Peo Gas L & C
116 May'12
Refunding g 53__1947 A 10158 10214
10138
1.01.73
t-1(70-8sai
- I 5103
_ 10314 May'12
10314 10334
Chic Gas L&C 1st 5s1037
Consum Gas 1st 58_1936 J - D
103)2 10234 May'12
10218 103
510134 10214 10134 10134 11 10112 10112
&tun Fuel Gas Ist5s1917
9812 9812 June'12
98
29634 100
Pub Serv Co 1st ref g 5.3 '56
- J
3100 10014
10014 May'12
Sou Bell T & T 1st sf 55 '41
9614
91
9412 June'12
South Side Kiev 4 ;0_1924 J - J 5 9113 95
10014 10034
Swift & Co 1st g 5s-1914 J - J 510014 100118 10012 May'12
Tri-City Ity & Lt coil tr
9814
1023
9814 Apr'12
298
lien s Os
81
78
85
85
89
Apr'12
Union El (Loop) Os 194,3 A 29978 100
- :____ 101
100 May'12
U 8 Gypsum 1st g 55 1922
10212 Apr'12
210212 10233
S Steel 10-60-yr sf g Os__
:- 5:::: 102 10112 June'12 -- 10113 103'
Western Elea Co 5s.....1922 Note.-Accrued interest must beadded to all Chicago b ond prices.
10033
NAhiR
Outstandmg
Stoat
(1)
Surplus
and
Profits
(t)
Dividend Record
in
1910
Per- Last Paid, ,
in
1911 iod
American State
$200,000 8170,289
_
_ Jne30'12 112 ;
n48,581
100.000
An Jan '11,6
Calumet National
.
500.000 0298,637
10
10
J-J July '12,5 ;
Chicago City
10
Contl'tal & Comm Nat_ 21,500,000 y0,191,143
Q-J July '12, 212
16
16
July '12, 4
Corn Exchange National 3,000.000 y3,974,296
900,0011
1,308 Beg. b Ile May 31 1 1,V.92,p1538 1
Douglas State_
200,000
60,855
6
8
Q-J July '12, 112 ;
Drexel State
600,000
10
4E3,891
10
July '12, 212
Drovers' Dep National _
200,000
53,511
6
61i 1-2-1 Apr '12,2
Englewood State
12 (.5-M July'12,41140
10,000.000 y11744 404
12
-_
First National
12 Q-M 1,lc113112 212 f;
150,000
205,761
10
First Nat Englewood526,690
Priv ate Ba eh
Foreman Bros 1.3'k'g Co.. 1,000,000
644,232
8
Q-1 July '12,2
8
Fort Dearborn National 2,000,000
Q-3
Hibernian B'k'g Ass'n _ 1,500,000 31,468,193 8+2
(11)
J-J July '12.5 1
400,000
192,987 10+15 10
Kaspar State Bank____
200,1/00
20,784 Beg. n us Apr 811 V.92,p. 1004
Lake View State
278,001 Beg. b us, Ma y'1U V.90, P.1277 ;
La Salle St National,,.... 1,000,000
512,688
10 Q-M Meh30'11212 ;
10
Live Stock Exclege Nat 1,250,000
8
8
2,000,000 y1.370,114
Q-J July '12,2
Nat Bank of Republic
2,000,000 y003,772
6
6
Q-J Apr '12, 113
National City
97,425
4
200,000
6
Q-3 July '12, 112
National Produce
74,131
7
200,000
Q-J July '12,154
634
North Avenue State
40,218
50,000
6
6
Q-J July '12, 112 •
North Side State Say'gs
33,208
4
200,000
Q-J Apr '12, 112
North West State
141,260
7
300,000
People's Stk Yds State93-3 Q-3 Jan '12, 212
Q-51. Apr '12, 112
w Prairie State
53,623
6
500,000
Second Security..
3,579 Beg. b us.Ney 1 '11 V.93, p.1235
200,000
Q-J July '12, 112
Security
136,490
444
16
400,000
South Chicago Savings..
8
4-2-J Apr '12,2
200,000
106,000
75.4
SouthSide State
6
14,017
200,000
6
Q-J July '12, 112
State Bank of Chicago_ 1,500.000 32,270,812 12
12
Q-J July '12,3
Stock Yards SavIngS
206,507
250,000
8
8
Q-11 Jne30'12, 2
Union Bank of Chicago_
500,000
150,233
6
6 st-ti May '12,3
Washington Park Nat'i
u9,820
6
100.000
6
Q-J Apr '12, 112
Wendell State
23,042 None None Q-11 Dec31'08,112
50,000
w Central 'Fr Co of Ill.... 3,500,000 1,494,90.
8
Q-J Apr '12,2
ChicagoSay Bk he Tr.._ 1,000,000
251,281
6
6
Q-J July '12, 114
Chicago Title he Trust
5,000.000 12,031,511
714
8
Q-J Apr '12,2
Citizens Trust he Savings
50,000
16,325
6
10
Q-J July '12,3
Colonial Trust he Saving
600,000
473,683 8+2 84-2
July '12, 213
Cont he Comm Tr he Say 3,000,000 31,375,879
161,321
Drovers"trust&Savings
200,000
8
tt
July '12, 212
12
First Trust he Savings .. 5,01)0,000 31,804,597
18
Q-M Dec30'11,4
13,094 Beg. b us.Apr 3' 11 V.92, p 929
Ft.Dearborn 'rr&Say Bk
250.000
63,716 Beg. b us.Apr 8'12 V.94, p.1030
Franklin Tr& Say Bank
200,000
131,594 ---•2%
reenebaumSonsB k & Fr 1,500,000
July '12, 213
J-J July '12,3
34,009
Guarantee Trust he Say..
200,000
12
Harris Trust he Savings.. 1.500,000 2,029,648 11+5
Q-J July '12,3
dome Bank he Trust__
62,964 deg. b US ApL 1.1 1V.92,p1004
300,000
Apr '12,4
Illinois Trust he Savings 5,000,000 39,464,116 16+4 16+4
7
Q-J July '12,134
74,857 7 +134
Kenwood Trust he Savgs
200,000
534
6
58,471
Lake View Trust&Savgs
Apr '12, 112
200,000
12
15
Merchants' Loan &Tr Co 3,000,030 3(3,573,016
July '12,4
61,368 Beg. b us. Oct 29'1 OV91,p.1221
200,000
Michigan Ave Tr Co__
78,547 Com. b u. Ar r10 11V92,p1004
Mid-City Tr he Sav Bk_
500,000
8
8 Q-J Jne30'12, 2
Northern Trust Co____ 1,500,000 32,690,757
121,908
6
250,000
8
J-J Jan '12,4
North-Western Tr&Sav
Old Col,ny Tr he Say Bank
200,000
60,000 Beg. Is us J'ne 111 V.92,1). 1537
162,691
500.000
People's Tr he Say Bk__
Q-J July '12.2
245,825
300,000
8
Pullman Trust he Savgs _
Q-J July '12,2
31,491
Q-J July '12, 111
200.001
Sheridan 'Fr he Say Bank
345,182 CO73111 er-te
-W bus. Sept 6 1910
Standard Tr he Savings_ 1,000.000
200,000
46,720
J-J Jan '12,3
6
54.4
Stockmen's Trust he Say
1,200,000 1,400,133 18+2 8+2 Q-M Mch 30'12,2
Union Trust Co
400,000
8+2 (.1-1a Jne30'12, 2
69,156
West Side Tr &Sayllank
Apr '12,212
200,000
83,338
7m
Woodlawn Tr daSay)3anit
• Bid and asked prices: no sales were made on th s day. 5AprI118 (close of business) for national banks and April 19 (opening of business) for State institutions. I No
Sept. 11911. I Dividends not published. Stock all acquired by the Cont. he Comm. Nat. Bank. a Due Dec. 31. b Due June,
price Friday; latest price this week.
•Due Feb. d Due Jan. 1. k Also 20% in stock, uiFeb, 20 1012, °April 22 1192. q Dividends are paid Q-J, with extra payments Q-F. a A dly. of 50% Paid in 1911
on Security Bank stock, to provide capital for the new second Security Bank. V. 93, p. 1235. I Dee. 30 1911. u March 19 1912. v 11(% of this is a special dbl.
dead. to Prairie State Bank to be,merged Into the Central TrCo.; see V. 04; D. 1293, 957. x Sales reported beginning April 18. y June 14 1912. 3 June 15 1912.,
BOSTON STOCK EXCHANGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
June 15
Monday
June 17
Tuesday
June 18
Wednesday
June 19
Thursday
June 20.
Friday
June 21,
*10618 10658 *10638 10653 10638 10638 *10612 10634 *10718 10738 10758 10758
10338 10338 *10314 10311 :,10358 10334 *10313 10334 *10313 104 *10334 10414
_ 21512 21512 21512 21534 21512 216
21512 21512 21512 21512 *21513
128 128
12813 129 *12712 12812 128 128 *12712 128
128 128
Last Sale 205 June'12
*204 205 *204 205 *204 ____
__
97
*98
97
96
96 *20496
*96
97
98
06
*96
96
*297 ---- 297 297
297 297
_- *295 297 *295
*13
15
15
*13
*13 -1114
*13
14 *29715
*13
15
*78 ---- *78
Last Sale SO June'12
*78 -___ *78
__
*____
978
978
-973
Last Sale 1233 Jan'12
_54
54
*52
*52
*52
*52
54
54
54
5212 5212 *52
*____ 169
Last Sale 169 May'12
169 *____ 109 *____ 169
112 112
.
Last Scte 272--Ap-r712
*:::: 271
Hi- 125 *Hi- 125
125 125
125 125 *Hi- 126 *124 125
*124 125 *124 125 *124 125 *124 125
Last Sale 124 June'12
*85
86
86
*85
Last Sale '3512 June'12
*85
86
86
*85
*128 130 *128 130 *128 130 *12713 130
Last Sal,146 June'12
*1934 20
1912 1912 1912 1913 1912 1912 1913 1912
7812 *7713 78 *__- 78
78
7712 7712 7712 -77- -773-4
77
13434 13478 13-134 135
13378 135
13334 134
134 13413 13414 13412
135 135
-_Last Sale 21312 Jan'12
*17432
17454 17414 174 174 *iiTi
_ 17413 17412 *17414 ---58 *____ 58
59 *
58
Last Sale 59 May'12
*18712 16778 168 16838 16812 16812 (
1 68T8 16858 *16038 16953 16978 16973
9012 *90
*8978 9038 *90
9012 *8978 0038
Last Sal( 90 June'12
*160 -- *160
160 160
*160 -- *160 ---84
84
8212 -8412 8412 8412 8433 8412 8434 85
*84
8412
*10012 102 *10012 102
10112 10112 10012 10012 *10012 102
10112 10113
61
61
6114 6138
*10034 101
434
4
10034 1003
*414 434 *414
*17
1712 *1712 18
13012 131
130 13018
121 122 *121 122
14534 14534 14512 14534
81
8112
10034 101
434 518
18
2034
12914 13014
122 122
14512 14578
6134 8134 6134
61
6158 61
101 101
101 101
101 101
5
5
5
5
5
514
2014
21
1958 2014 20
20
130 13012
130 130
12934 130
12112
12112 12112 121 12112 121
14614 14614
14558 146
11573 146
291:
Last Sale 2312 5Ich'12
*28
"oiiA 92
-9134 92
-6154 -.9-2-- 9178 9214 9218 0214
*32
83
84
84
83
84
83 1.- ---. 821,
*82
*82
83
*103 104 *103 104 *103 104
104 104 *103 104
39014 9034
*738 8
*738 8
*738 8
*738 8
Last Sale 738 June'12
*13
14
14
14
*1334 14
*13
14
14
14
14
14
1434 15
1412 1412 1434 1434 1412 1412 1413 15
15
15
285 286 *285 290 *285 200
286 286
286 280
235 285
169 169
17113 17218
169 169
-I04 IF -5012 -9-01" 9013 9012 9018 9018 9013 9O2 9024 9034
6434 9434 9412 943.4 9412 9412 *9412 05
95
951
:
95
95
*218 220 *21812 220
217 217
21934 21934 *218 21012
220
*314 4
*314 4
*314 4
4
433
358 34
*314 4
*100 102 *100
_ 100 100 *100 102 *100 ____ *100 103
100
*____ 100 *___ 100
Last Sale 100 May'12
*150 15212 *150 15212 *____ 1521: *---- 15212
Last Sale 152 June'12
*93
*93 _ *93 -- *93 ___ _
Last Sale 90 Meh'12
*15912 160
15913 160
160 1330
15912 15912 15913 16014 18012 16112
*16
17
*16
1612 16
18
1034 16
16
16
16 *16
10414 10412 10413 10419 104 10438 10334 10414 10433 10438 104 10414
2812 2812 2334 2834 2812 2878 291.4 2914 2918 2918 *29
2912
*28
30
31
*2814 30
2912 2912 *29
2934 2934 *2912 31
*214 212 *2
214
214 214 *214 253
*196 198
iOo"
205 20812 iol" 205
20012 205
196 200
52
52
5214 *51
5112 5112 51
51
5118 5112 52
52
29
2038 2935 *2834 2912 *2834 2912 2878 29
29
29
29
6814 6833 6812 8914 69
6938 6914 6958 6834 7014 7018 7078
*11018 11058 *110 11012 *11033 11078 11014 11028 11034 11034 111 111
Sales
the
Week
Shares.
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On basis el 100-share tots
Lowest.
Miscellaneous
Amer Agricul Chem_ 100
D • prof
100
Amer Pneu Servic.
,_ 50
Do pref
50
Amer Sugar Itenn
100
Do pref
100
Amer Tcl..:p & Teleg_100
American Woolon
100
Do prct
100
337
26 Amoskeag.Manufacturing
Do pref
21
Ati Gulf & W I SS L..100
Do pref
100
90
10
630 East Boston Land
100
67 Edison Eleo Illum
10u
30 General Electric
889 Massachusetts Gas Cos100
Do p_ et
100
185
100
12 Mergenthaler Lino
Mexican
Telephone
10
603
100
4 N E Cotton Yarn
Do pref
IOU
N E Telephone
100
Portland (Mc) Elec_lv0
100
145 Pullman Co
10
24 Reece Button-Hole
100
264 Switt & Co
25
338 Torrington
Do
pre'
25
17
100 (Talon Copper L & M 25
100
1,614 United Frult_
(in
Shoe
Mach
Corp
25
841
Do pref
25
39
100
5,530 U S Steel Corp
Do pref
_100
55
754
235
3,715
5,407
391
205
1,534
5814 Feb 28
100 Apr 11
312 Mch 13
14 Mch2.6
11434 Jan 10
11512 Jan 4
13713 Jan 2
25 Jan 31
86 Feb 5
77 Jan 3
39014 J'ne 21
7 Jan 4
1213 J'ne 8
1034 Jan 2
280 May23
155 Jan 2
8834 May 7
9313 Jan 5
217 J'ne 21
212 Mel'14
103 J'ne 13
100 May 2
152 Jan 2
7212 Jan 17
158 Feb 1
1334 Jan 2
9812 Jan 2
21 May
28 Jan 5
.85 Jan 6
178 Jan 29
4614 Jan 15
2758 Jan 10
5838 Feb 13
10718 Feb 13
Mining
25
514 Mch 28
895 Adventure Con
01*48 10 9"46 915ip
Aigomali Mlnin e
25
458 Jan 4
545
63
4
67
8
634 634
25 3814 Feb 1
5018 2,827 Alloue49
4778 49
Amalgamated
Copper
100 60 Feb 1
8578 8734 8718 8734 6,668 Ain Zinc Lead &
3158 3258 3213 3234 0,116 Arizona CoUVI Sm_ 25 2413 Feb 15
ctfs dep_
2 Jan 2
578 613 4,623
578 614
10 .40 'Melt 9
100 Bonanza Dev Co
.45 .45
4..40 .50
Hos&CorbCop t:SIIMg 5
614
Feb 1
990
8
814
814 838
314 May23
312 358
312 312
582 Butte-Balaklava Cop_ 10
Butte Coalition
15 2134 Jan 18
Last Sale 23 Feb'12
4734 4844 4734 4813 -,-4854 161
4-24 4914 24,040 Butte& Sup Cop(Ltd) 10 1913 Feb 7
F -213f8 :5-0-34 4778 50
10 5713 Feb 1
3,100 Calumet & Arizona
7412 75
7512 7534 7614 76
7612 76
7478 751:1 75
77
25 405 Feb 1
314 Calumet & Hecla
520 524
522 524
511 511
525 535
524 525
517 517
25 1713 Jan 5
987 Centennial
2512 2412 25
25
*25
25
*2414 25
2513 2614 2612 2612
5 2514 Feb 28
3412 341! 3413 3413 3438 3513 35
34
3334 31- 34
3514 1,285 Chino Copper
Cons Mercur Gold
1 .03 Mch 28
Last Sale .06 June'12
3,617 Copper Itange Con Co 100 50 Jan 31
58
5814 -5
53
53
5712 58
5912 5941 60
.87s 19-13 50
Daly-Wes
.
;
5 Jan 19
*512 6
*512 6
20
55
*512 6
6
6
6
6
*512 6
10 1214 Jan 15
1338 1312 1314 1338 1314 1314 1333 1312 1334 1378 1334 1414 1,660 East Butte Cop Min
Franklin
Jan 15
1112
2,121
25
1314
13
13
13
13
13
13
13
13
13
13
1312
Giroux
418 Feb 27
*538 512 *.-,38 512
538 538
538 512
512 512
512 593 1,820 Granby Consolidated_ 5
Consolidated..100 33 Feb 5
1,211
5412 55
55
5434 5514 55
65
5512 5513 5612 5613 57
712 Feb 29
20
1012 1013 1034 5,289 Greene Cananca
10
10
973 10
1018 10
10
978 10
3512 36
3512 3578 2,150 Hancock Consolidated 25 29 Jan 5
3614 3512 36
3513 3534 3512 3534 38
1 Jan 3
25
112 112
170 Helvetia Copper
112 112
112 113 •*138 158 *134 134
112 112
25 1138 Jan 16
1912 1938 2012 2,600 Indiana Mining
1912 19
1938 19
19
1914 1933 19
395 Inspiration Consol C. 20 18 Feb 6
1912 5-1518 1918 1914 1938 1918 1913 1912 1912
*1918 1958 *19
*8212 6314
1 4013 Jan 17
863 Island Creek Coal
62
63
60 *60
6112 61
61
61
61
60
Do prof
*go
1 85 Jan 13
9019 0033 9038 *90
30
9014 9014 9014 *90 '9014 *8812 90
25 2034 Jan 15
3518 10,311 Isle Royale Copper
3158 3178 3113 3158 3134 3214 3214 33
3518 34
33
Lake
Kerr
2 Apr 9
5
278 273 *258 278
355
258 24
*258
2
3
4
2
234
34
258 268
138 178
25 .80 Jan • 2
*134 2
120 Kewocnaw Copper
*178 2
*134 2
178 178 *134 178
*3812 3914 39
25 3213 Feb 1
41
3914 3814 3912 3914 3912 40
2,845 Lake Copper Co
3812 39
41, Feb 15
712 712
25
728
240 La Salle Copper
7
7
7
7
*7
714 *7
1334 72
1213 1258 1238 1234 1253 1273 1234 1314 1318 1312 1314 1312 5,245 Mason Valley Mines. ..5 104 Feb 8
712 *7
*7
634 May27
712 *7
25
712 712
714 *7
210 Mass Consol
712 *7
714
913 912
958 1012 10
1012 1112 3,555 Mayflower
25
918 914
10
234 Jan 3
10
11
5 2338 Jan 29
2814 2814 2853 2838 2878 2812 2878
495 Miami Copper
2814 2814 2838 2838 28
3
312
2 Jan 2
314 314 *3
25
312
405 Michigan
312 *3
*314 334 *314 334
25 5012 Jan 30
67
6714 6713 6713 6712 6912 6912 70
3,546 Mohawk
8513 68
66
67
2214 2214 2214 2238 2219
22
22
*22
22
737 Nevada Consolidated_ 5 1814 Jan 29
22
22
22
314 Feb 8
414 411 *114 412 *414 412 *438 412
434 431
80 New Arcadian Copper 25
*412 5
5
534 Jan 3
778 778
734 734 vs, 71540
190 NIpIssing Minos
*734 7"je
734 778 71548 7154s
15 2234 Feb 1
3114 3134 3112 3212 7,285 North Butte
3134 3113 3218 3114 32
30
3014 31
514
North
Jan 30
7
Lake
23
818
7
018
6
613
845
614
612
612
7
614 617
418 J'ne 1
478 478
23
478 478
440 Ojibway Mining
434 5
458 453
*434 5
45s 434
734 85
258 Jan 2
714 714 *634 71
23
8
9
8
833
814 918 6,440 Old Colony
25 44 Jan 31
*5714 5814 5812 5812 5838 5812 *5812 59
5878 5878
*57
58
240 Old Dominion Co
25 108 Jan 15
124 12612 126 12812 2,013 Osceola
12212 125
*122 12312 122 122
123 124
10 15 Mch 27
1914 1058 5,690 Pond Creek Coal
8 1918 1918 1938 19
191914 19
19
1914
93
25 7312 Jan 29
90
*9013 01
9434
9134 93
842 Quincy
01
91
91
*90
91
2214 3,507 Ray Consol Copper_ 10 1618 Jan 29
22
21
2034 2034 2058 2058 2034 21
2134 2134 22
334 31348 Vie 334 3918 3 io
1 Jan 31
334 334 1,050 Santa Fe Gold & Cop_ 10
334 334_ *358 378
9 Jan 31
10
15
1434 1434 147$ 1478 15
15
1512 153s 1512 1,510 Shannon
1514 15
South Utah M do S-.... 5 .60 Feb 1
.75 *.130
Last Sale .75 June'12
.75 *.60
.7C *.85
.75
3858 3878 30
25 24 Feb 1
40
39
40
40
4034 4012 4414 4312 4512 9,766 Superior
218 214
114 May24
238 238
482 Superior& Boston 211n 10
214 214
214 214
*214 212 *213 238
*43
4513 4812
45
47
*43
150 Tamarack
*44
45
45
45
*44
46
25 28 Jan 31
*658 7
5 Jan 15
633 714
714 733 1,165 Trinity
25
7
7
7
73
3
• 61348 613te 31346
3134
. 4
• 378 3151.3
318 May15
4
4
4 *334 3153e 1,830 Tuolumne Copper
4
4116
4358 20,327 U S Smelt Ref es Min_ 50 34 Jan 31
3913 3912 39
39
3933 3933 3938 4112 4013 4214 42
D ) pref__
1,291
49
49
49
49
49
4912 4912 4912 b0
49
49
49
50 47 Jan 10
212 212 *214 21^
350 Utah-Apex Mining
212 212
212 212 *212 234
2 May21
2•48 204.3
5
1112 4,012 Utah Consolidated
111; 11
1138 11
1034 1112 1078 1138 1114 1138 11
5 10 J'no 14
400 Utah Copper Co
6378 6378 *8458 6478 6458 6434
63
63
10 5213 Jan 29
6334 6331 *8324 64
*373414 *312 434
418 41:
414 414
378 May22
860 Vic:oria
438 438
412 412
25
*613 7
310 Winona
25
513 Jan 25
634 634 *653 634
634 7
634 634 *612 7
112 112 *110 11212 113 113
324 Wolverine
11112 11112 110 110
113 115
25 0434 Jan 29
*212 234
*213 234 *21, 273 *213 234
Last Sale 273 June'12
Wvatu'ott
25
1344an 5
•1513 and _used pr,ces a New stook. e Ass't paid. 0 14t-stoo,c diV. is 15z-rigats. a Ex-div, and rights. 3 Unstamped.
912 912
978
934 934
934 934
613 612
678
834 634
658 634
4613 4612 4614 4614 47
4714
47
8413 8458 8413 8434 85
8514 8538
3158 32
3134 3178 3158 3134 3134
512 512
578 6
534 531
*534
*.40
.5' 1..40
.50 1..45
.50 *.40
*778 814
8
818
8
8
814
*373 414
334 334
334 373
334
91546
678
4712
8612
3238
573
.50
812
334
Highest.
Railroads
435 Atoll Top & Santa Fe_lOr 10378 Feb 10 110 Apr 8
Do prof
10k, 1011 Jan 12 10414 Feb 7
21
100 21512 J'ne 1 22212 Apr 3
74 Boston & Albany
100 12734 May 6 13434 Mch 25
34 Boston Elevated
Boston & Lowell
100 204 J'ne 10 218 Jan 4
109 98 May28 10012 Jan 3
26 Boston & Maine
11 Boston & Providenoe_100 297 May 8 300 Apr 27
13 Jan 24 14 May23
20 Boston Suburban El Cos_
75 Jan 25 80 J'ne 5
Do pref
12 Jan 6 1212 Jan
Boston & Wore Elea Cos_
51 May14 57 Jan 8
Do prof
2
Chic Juno By & USY.100 165 May 6 170 Jan 19
Do pref
10813 Jan 2 112 J'ne 14
5
Connecticut River__ _100 271 Jan 3 272 Jan IS
100 12214 J'ne 1 128 Jan 25
24 Fitchburg. pref
Ga By & Elec stmpd_100 124 J'ne 12 z179 Apr 1
Do pret
100 85 May 7 9112 Jan 6
Maine Central
100 142 May16 14738 May31
100 19 May 6 2318 Jan Is
799 Mass Electric Cos
Do pref Stamped _100 77 J'ne 19 83 Feb 28
159
425 N Y N H ac Hartford_100 13313 May18 14238 Apr 2
100 135 J'ne21 143 Jan 24
4 Northern N H
Norwich 82 Wor pref_100 211 Jan 8 21212 Jan 29
100 z174 J'ne 14 187 Jan 31
23 Old Colony
Rutland pref
100 41 Jan 2 70 Jan 24
100 16012 Feb 1 17434 Apr 9
315 Union Pacific
Do prec
100 00 J'ne 3 9212 Feb 8
100 160 Apr 23 164 Jan 16
2 Vermont & Ms.ss
50 83 Apr 15 8878 Feb 26
317 %Vest i•:,-id St
Do prof
50 100 May 3 10312 Arch 19
37
Range rot Previous
Year 1911.
Lowest
Highest,
10053 Sep 11014 J'ne
101 Sep 105 XII()
219 Apr 226 Feb
12413 Sep 13012 Aug
207 Feb 218 Sep
9613 Oct 1223s Feb
292 Mch 300 Mch
12 Sep
18 Mch
70 Obt
7614 J'ne
6 Feb
13 J'ly
3812 Jan
58 J'ly
156 Apr 171 Dec
107 Mch 11512 J'ly
265 Jan 272 J'no
125 Apr 130 Jan
214712 Jan 3104 Oct
88 Feb
9313 J'n0
135 Sep 215 Jan
16 Apr ' 24 J'ne
127,4 Sep
139 Jan
210 Jan
183 Mch
32 Jan
15312 Sep
110 Mch
150 Mch
83 Sep
103 Aug
15138 Feb
142 Melt
214 Nov
190 Nov
45 Deo
19'213 J'ly
9518 May
16418 Dec
1)3 Moh
105 Jan
46 Sep
6334 Mch 23
99 Jan
105 hIch'.?2
312 Au4
514 J'ne 19
21 J'ne 19
1218 Aug
13358 May13 112 Sep
123 Apr 6 11134 Jan
149 Mch 25 13158 Aug
30 Mch22
2612 Dec
9414 Mch 23
8512 Oct
84 May
7713 Dec
93 Dec
105 Mch 26
738 Dec
9 Feb 14
1413 Nov
20 Jan 18
1714 May27
714 Jan
300 Mcti21 275 Sep
17238 Apr U 142 Sep
8734 Jan
94 Mch 16
9818 Feb 19
93 Dec
225 Jan 18 211 Jan
3 Oct
418 J'ne 20
105 Jan 18 103 Oct
107 Mch 26 101 Nov
164 Mch 14 137 Jan
0234 J'ly
90 Alch 20
16512 Apr 29 153 Sep
1738 Apr 11 x12 Jan
9734 Sep
109 Mch 27
32 Jan 10
29 Sep
27 Mch
31 Apr 17
334 Apr 8
34 May
20812 J'ne 111 4178 Dec
4014 Aug
5314 Mch 13
2632 Sep
291.3 .Apr 2u
50 Oct
7314 Apr 30
11334 Mch2, 10313 Sep
6334 Des
10514 Mch
612 Jan
1914 Jan
122 Feb
12018 May
15314 J'ne
3614 Itch
9012 J'ne
81 Nov
10012 Dec
11 May
26 Jan
12 May
297 Dec
10734 May
9034 Aug
9812 Oct
235 Aug
478 Jan
119 Atch
11012 Melt
18513 Dec
7334 Nov
163 Jan
15 May
104 J'ne
30 Jan
31 .11y
114G Mch
19712 J'ly
5873 Feb
2914 Jan
82,8 Feb
12012 Feb
4 Sep
213 Oct
21 Aug
4434 Sep
1934 Oct
138 Dec
.30 Oct
334 Aug
3 Nov
14 Aug
718 J'ne
11 J'ne
4414 Dec
7158 J'ne
3053 J'ne
2110 Dec
.75 May
15t3 May
612 Jan
2312 Dec
45 Sep
360 Sep
8 Aug
1633 Sep
.03 Nov
4614 Sep
3 Feb
873 Aug
512 Aug
338 Se))
26 Aug
5918 Oct
17 Sep
34 Sep
514 Oct
0334 Deo
543 Jan
19 Dec
2712 Dec
.15 J'ne
0934 Feb
7 Dec
1434 J'ne
14 .1'ne
813 Feb
4313 J'ne
8.,3 Dec
3112 Dec
2 Feb
13 J'ne
2914 May
8218 Sop
1112 Aug
258 Oct
12 Nov
22 Aug
3 Aug
612 Apr
4
.12 Aug
.20 Feb
1678 Sep
114 Nov
38 Apr
15 Sep
2 Aug
2612 Dec
20 Sep
334 Aug
358 Dec
.50 Jan
3414 Sep
81 Sep
44 Dec
91. J'ne
23 Dec
773 Jan
394 J'ne
40 J'ne
6 Jan
1178 Dec
J10 J'ne
314. Dec
2438 Dec
312 Jan
57 Dec
2114 J'ne
414 Ant
1138 Feb
3614 J'no
934 J'no
812 J'ne
318 J'ly
49 J'ne
124 Jan
55 Sep
12 Sep
34 Apr
7 Oct
13 Dec
20 Oct
e218 003
20 Sep
278 Oct
134 Sep
3038 Sep
4514 Aug
173 Nov
934 Jan
33 Set/
1 Aug
334 Nov
74 Nov
.30 Nov
76 Dec
19 Dec
134 J'no
1214 Feb
1144 Mar
4212 Jan
814 J'ne
52 Jan
512 Dec
478 May
4018 J'ne
4912 J'ne
353J'no
20 J'ne
5758 Deo
418 Dec
912 Feb
122 Feb
2 Feb
1114 Apr 20
844 may 2
5018 J'ne 21
8734 J'ne 6
33 J'ne 13
678 Apr 2
.55 Apr 11
014 J'ne 6
534 Apr 2
2338 Jan 3
6134 J'ne 12
7814 J'ne 6
535 J'ne 21
2712 Apr 18
3514 J'ne 21
.09 Jan 19
6612 Apr 11
712 Mch 27
1531, Apr 11
1614 Apr 1
6114sApr 6
6014 Apr 26
1014 J'ne 21
37 J'ne 11
2 May34
23 Apr 24
2158 Jan 21
6534 J'ne 10
9012 May17
3518 J'ne 20
338 Feb 13
3 May 8
49 Apr 10
8 Apr 17
1334 Mat29
914 Jan 4
1812 Apr 23
2878 J'ne 20
513 Apr 20
70 J'no 21
2314 May 1
614 Apr 10
858 Mch 25
35 Apr 11
834 API'22
2634 Jan 11
5314 May 1
60 J'ne 6
12812 J'ne 21
1978 J'ne 10
9134 J'ne 21
2214 J'ne 21
478 May23
1534 Apr 2
114 Apr 3
4518 J'ne 21
478 Jan 13
51 Apr 18
913 Apr
41116 Mch 26
4358 J'ne 21
50 J'ne21
31114 Feb 0
2038 Apr 2
6513 J'ne 6
578 Jan 20
734 Mch 1
117 Apr 17
314 Mch 4
1687
Boston Bond Record
JUNE 22 1912.]
BONDS
BOSTON STOCK EXCHANGE
Week Ending June 21
sss,
Price
Friday
June 21
Week.;
Range or
Last Sale
Range
Since
Jan, 1.
BONDS
°
BOSTON STOCK EXCHANGE
.14
Week Ending June 21
WeeIfs
Range
, Since
Range or
Last Sets
Jan. I.
----High No
High
Ask Low
Bid
9014 9914
100 1001: 9914 Feb '12
963,
9638 9813
0655 Sale 9612
9614 J'ne'12
9614 9783
1 10015 10034
10014 10012 10012 1001:
---- 117 Apr '08
97 Meh'12
-9-612 97
---11613 May'12
116 11712
9212 __ 9212 Mch 12 __ .- 92 9212
1 8412 89
8412
8323 i;e: 8412
10234 May'12 _ _ 10212 10234
115 J'ne'ln3
9873 1t, -91- 191;
-gg- -66 9812
10018 10018
10018 Apr '12
9612 99
_ 9812 08 J'ne'ls
10133 Mch'll
10012Sep '08 ---9934 -91;7;
9978Jan ':2
-75 Dcc ii
9214 923g
9214 Mch'12
12918
12318
1 12918 13212
101 Apr '09
9875 Sep '01 ____
11334 Feb '12
1133411334
95 95
95 Jan '12
103 Jan '11
15S7014 Dec '10
104 10514
10514 May'12
8312 100
99 J'ne'12
97 Apr '01
10034 J'ne'12
I1934 1014
10012 Al ch *12 _ _ _ _ 10012 10058
10173 May'12
10178 10178
961,
9614 J'ne Sts
9558 9715
9514 Sale 9514
953, 22 9514 9612
10218 J'no'12 _
10158 104
99 May'12
99 9913
10014 Feb '12
10014 113014
9878 Apr '12
9812 Nov'11
iddlg'are 100
fa-10034 14
033s Feb 12
935, 9358
Price
Friday
June 21
High No. Low 119;)
Ask Low
Bid
2 10114 10234 General Motors 1st 5-yr 6s_1915 A-0
10134 10177
Am Agricul Chem 1st 5s___1928 A-0
0012
903. 52 9018 9114 Gt Nor C B & Q coil tr 4s_1921 J -J
Am Tole') & Tel coil tr 4s_ _1929 J-J
10834 1153.1
Registered 4S
1921 Q • J
Convertible 4s
1936 St- S 114 115 111 J'ne'li
Illinois Steel deben Is
8975 90
8978 J'ne'12
1913 A-0
Am Writ Paper 1st s 1. 3s g 1919 J -J
La Falls & Sioux C 1st 7s
103 123
1917 A-0
1915 11-N 128 132 125 J'ne'12
Am Zino L .5; S deb Os
Ran C Olin & Spr 1st 5s
80
80
54 82
1925 A-0
Aria Corn Cop let Os ctfs ot dep_
9814 9934 Ran SS Ft Scott & Rem 63_1928 ;11-N
9814 J'ne'12
Atoh Top & S Fe gen g 4s 1995
91 111ch'12
91 921s Kan C M & 13 gen 4s
1934 Si-S
Adjustment g 43_ __ _July 1995 Nov
Assented Income 5s
9055 9158
003s May'12
1934
July 1995 11-N
S
Stamped
10813 Mch'12
10818 1081s Ran C & M fly & Br 1st 5s_1929 A-0
1955 J -I)
50-year cony 4s
Marq Hough & Ont 1st 6s 1925 A-0
11033 Mch'11
1917 J -D
10-year cony 53
Mass
6814
Gas
4
;Ss
17
3
J
64
64
6
Sale
64
1929 J -J
Atl Gulf & W 1 SS Lines 5s_1959
95 951s Mich Telephone 1st Is
9518 Feb '12
1917 J J
1935 31-N
Boston Elev 30-yr g 45
New Eng Cotton Yarn 5s1929 F-A
10014 :vich'09
1916 J -J
Boston & Lowell 4s
New
Eng
Tel
ph
Oct
1944 J -J
5s
'08
--1915 A-0
10412
Boston & Maine 4 SO
Is
F- A
1916 A-0
Improvement 43_ _
New England cons g 5s
05 Feb12
95 05
1942 P-A
1945 J -J
Plain 4s
Boston Term 1st 4s
1918 J -J
103 1031s
103 J'ne'12
1935 A-0
Bur at Mo Illy cons 6s
New River (The) cony 5s 1934 J-J
11158 Sep '11
Cedar Rap & Mo 14 1st 7s_1916 n-N
0112
___ 915, 9112
4 N Y N H & H con deb 3 ss,s_1956 J -J
892 r)21Cent Vermt 1st ts 4s_ _ May 1920
Cony deb Os
1103 Oct '07
1948 J -J
0 13 & Q Iowa Div 1st 5s__ _1915 A-0
-1;1912 1)9-12 Old Colony gold 43
1911 A-0
1924 F-A
9912 Mch'12
Iowa Div 1st 4s
1913
10033 1003s
10035 10112 Oregon By & Nay con g 4s_1946 J -D
Debenture Is
997
5
Oreg Sh Line 1st g 6s
9978 IOU
1922 F- A
1922 11- A
Feb '12
Denver Eaten 49
1927 11-N
9812 Si ch'12
8 Pare Marquette deb g 6s__ _1912 J-J
Nebraska Eaten 4s
0812
Rcpub Valley 1st s f 6s
1919 J-J
1021 11-S
9913 Feb '11
B &SWst 4s
1042 J -J
8718 May'12
Illinois Div 3 Sis
-8
985034 77-3; Savannah Elec 1st cons 5s_1952 J -J
1930 F-A
10073 J'no'12
10033 10134 Seattle Rice 1st g 5s
Chic Jet By & Stk Yds 5s 1915 J J
1919 51-N
Shannon-Ariz 1st g 6s
9012 J'ne'12
89 91
Coll trust refunding g 48_1940 A-0
1929 J-J
Terre Haute Rice g 5s
Ch Mlivr S: St P Dub D 6s 1920 J-J
114 Jan '11
1918 51-S
Torrington 1st g 5s
1135 Feb '11
Ch M & St P Wls V dly 6s 1920 J J
Union Pac RR & 1 gr g 43._1947 J-J
Ch 83 No Mich 1st gu 5s___ _1931 11-N
91 May'12
91 -0-()
1927 -J
20-year cony 4s
1921 J -D
Ohio & W Mich gen 5s
97 Apr '12
97 101
1923 J -3
United Fruit gen s 1 4 As
Concord & Mont cons 4s_ 11)2(. J -D
07125ep '11
---1925 J -J
Debenture 434s
Cudahy Pack (The) 1st g 5s 192, •11-N
10014 Aug 02
9014 10:8
U S Steel Co 10-60-yr 5s Apr 1933 51-N
Current River 1st 5s
1926 A-0
100 May'12
1915 F-A
1946 A-0
8614 West End Street fly 4s
Det Gr Rap & W 1st 4s
80 May'12
1914 51-S
Gold 4 SO
Dominion Coal 1st s f 5s___ _1040 11-N
99 J'ne
9834 9914
1916 111-N
Gold debenture 4s
Fitchburg 4s
1915 St-S
10313 Apr '05
1917 F-A
Gold 45
4s
1927 M-S
90 Apr '08
12712 12712 Western Teleph & Tel 5s_ _ _1932 J-J
12712 Ivich'12
Fremt Elk & Mo V 1st 6s__ _1933
Unstamned 1st Os
127 1271s Wisconsin Cent 1st gen 4s_ _1949 J -J
127 Mch'12
1933 A-8
NOTE.-13uyer pays accrued intsrest in addition to the purchase price tor all Boston Bonds. • NJ price Friday; latest old and asked.
11 Fiat pr,,s..•
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Pricos —Not Per Centum Prices
Saturday
June 15
Monday
June 17
Wednesday
June 19
Tuesday
June 18
117
*115 117
114 114 *112 11312
1418 1413 141: 1412 1412 1412
14
68
6712 68
67
*67
6712 67
129 129 *12812 ---- 120 130
2514
251g
*___ 247s *2412 25
*5433 55
*54
55
* 43
2414 24
24 *----*24
*24
25
;i5i4
*43
*1214
5534
1038
•*62
4334
4312
4313
43
*1214
11;- 56
193S 1914
*62
63
89
89
8514 85,2
1234 13
2914 2914
6155 6131
5112 5112
2218 221s
23
23
82116 82°16
7
7116
5033 5038
89
89
*2919
*89
*8513
*1234
29
61°H
5212
2214
23
82310
7
5018
89
-a;
43
__
-5-6
1914
63
4334
*4234
*1214
*56
1914
6214
30
8912
8534
13
2918
0134
5212
2214
2313
827s,
71H
5014
89
2912 -3-6*89
8912
*8534 86
1313 1318
29
29
6016 611348
5214 5214
22
22
23
23
82716 321346
7
7116
5014 5014
8834 8834
PHILADELPHIA
Thursday
June 20
Friday
June 21
_ 1116 117
*11212 1131 2
-114 -141-2 -1-4.3.; 1434 15
68
68
68
68
69
129 129 *129 130
25.58
2512 *25
25(1 *25
5514 5434 5434 *5412 55
-414 2418 2412 2412 2434
Saki
ACTIVE STOCKS
ol the
Week (For Bonds and Inactive
Stocks see below)
Shares
Baltimore
Con Gas El L & Pow_100
gra
100
Do
1
3,270 Houston Oil tr ctfs_100
pre: tr ctts_100
1,030
Do
50
72 Northern Central
50 Seaboard Air Line__ _100
pre:
Do
100
100
955 United By & Electric.. 110
Philadelphia
American Cement_
50
112
*1
31 American Railways__ 50
-413-4 43l 432 4334 4334
50
658 Cambria Steel
*4234 4314 4318 433s
43
Electric Co of America 10
_ 41214 _ _
_ 41214
75 Etec Storage Ilattery_100
5678 5812 561: x5555 551 -127
100
350 Gen Asphalt tr ctfs
1018 *19
1034
1912 19
pre( tr ctts_100
Do
365
6214 62
62
62
63
Keystone Telephone_ 50
7
*6
215 Lake Superior Corp__100
42
.5f2 3014 *2912 -301
4 2912 291:
41 Leh C & Nay tr ars__ 50
8934
8914 8914 8912 8912 *89
50
795 Lehigh Valley
8534 86116 8638 8718 8714 87916
1318 1318 1318 1318
542 Lehigh Valley Transit 30
13
13
50
333
Do pret
29
29
29
29
29
29
50
6158 6134 6158 6178 6111is 61"n3 2,445 Pennsylvania RIS
632 Phlladel Co(Pittsb) _ 50
5238 5212 5234 5234 5213 5278
25
2218 22
2215 2218 3,593 Philadelphia Elea
2214
22
50
23
23
1,247 Phil It T vol tr ars
2278 2278 23
23
50
8314 8314 83 831Ne 83"ia 8438 4,179 Res.dIng
As 718
1
*Pie 718
718 7316 1,656 Tonopah Mining
5013 5018 5014 5012 5038 5038
50
368 Union Traction
8914 8914 8914 8914 89
729 Union Gas lzupt
5u
8018
13-3-4 ;4514
4233
43
*1214
5614 5614
1914 *19
621: *62
BLS
Ask
PHILADELPHIA
Bid
Ask
PHILADELPHIA
Range Since
January 1
Lowest
96 Jan 3 117 May 6
101 Jan 2 116 Apr 3
814 Jan 3 15 J'ne 21
5334 Jan 25 69 J'ne21
127 Feb 26 130 Apr
2212 Mch 7
2714 May24
4512 Mch 14 5534 J'ne 10
1814 Jan 2 2434 J'ne 21
Lowell
Bid
As7:
litihest
64 Jan
9512 Dec
89 Jan 101 Sep
7 Mei] IU Aug
45 Feb
79 J'ly
12/ Jan 13034 J'ne
20 Jan
27 J'ne
:33 Jan
50 Nov
161s Jan
1973 J'ly
5 Nov
1 J'ne 14
7 Jan 10
42 Jan
4318 J'ne 10 4512 Feb 1
4078 Sep
4112 Mch 2 4434 Slch 28
1112 Jan
1178 Feb 2 1214 Jan 29
5234 Jan 10 5673 J'ne 111 '4812 Jan
18 Apr 2 3314 Jan 3
2812 Aug
68 Aug
5934 Apr 2 73 Jan 3
6 Apr 4 811.6 Jan 8
655 Dec
27 Feb 20 33 Apr 15
2112 Sep
8778 Mch 20 91 Apr 26
8312 J'ne
7818 Feb
9273 Jan 16
7534 Sep
813 Jan 3 1334 J'ne 7
614 -Tan
23 Jan 12 3012 May27
1312 Jan
6111s Jan 27 6311 Apr 26
5038 Sep
50 Jan 11 5614 Feb 16
4814 Sep
1116,3 Jan 2 2238 J'ne 10
1512 Nov
2218 May 6 2438 Jan 25
17 Apr
7414 Jan 11 8914 Apr 30 661516 Sep
634 Jan 11
814 Apr 15
612 J'ly
4934 Feb 28 5214 Jan 26
43 Jan
8614 Jan I) 8034 Apr 26
8414, Sep
Ph & React 2d 5s 1933 A-0
Bomb
Inactive Stocks
Prices are all "and
Ex Imp M 4s 1947_A-U
10
15, 134
American Stilling
Interest"
50
Terminsl Is g 1941_Q-F
11114
Cambria Iron
91 P IN & 13 col tr 4s '2I__J-J
100
Central Coal & Coke 100 i:l31-2 -g5-- Alt & L V Eke 4 Sis'33 F-A
Am Gas Se Elec 5s'07_F-A
Read Trac 1st Os '33J-J
8612 87
100 8012 81
_
Preferred
Is
Ara
Rys
1917
Hoch
By
&
96
L
10118
A-0
100 7714
con 5s'54 J-J
Consol Trac of N J
AU Gas 1st s 1 5s'60—J-J
-JS - Spanish-Am Ir Os '27.....14 191 1911k
Germantown Pass
Berg&ISBrew 1st Os'21 J-J
Stand Gas Ze E 6t3'26_J-D 1001: ____
Huntington & B T____N
50-_ _,
3_.
12
liethleh Steel Os 1998 _Q-F 11j3-4 :_-__ Stand Sti Wks lst5s'28 J-J
Preferred
• --U Trac Ind gen Is '19 _J-J
Choc & Me 1st Os 1949..J-J ....:
, Indiana Union Tr_,_100
7T7
idS" Un Itys Tr ctfs 4s'49__J-J
10 2134 22 Oh Ok & G gen Is 1019 J-J
Insurance Co of N A
United Rys Inv 1st coli tr 8312 8.08
Inter Sm Pow & Chcm_50 --__ --- Con Trac of N J 1st 5s '33
Interstate Rys, prcf
10 ____ ___ Del Co Rys tr ctfs 4s'49J-J
s f 5s 1926__M-N
' Kentucky Securitles_100 ____ _ ___ Rice & Peoples Tr tr etts__ -ril - 871-2 Weisbach s 1 58 1930 __J-D 92
100 ____ ____ Fr Tac&H 1st 53 1940-J-J
Preferred
Wit-B G&E con 53'55_J-J
'
_
Keystone Teiep y t c___ 50
-._ - Gen Asphalt IS 1916_M-S -64-- -95 - York Rys 1st 5s 1937-J-D
50
Preferred
Indlanap By 4s 1033 _J-J
_
8338
__:___
_
.
1
2
Case_100
Watch
Interstate
4s 1943
. Keystone
F-A
BALTIMORE
6212 63
10 17
Keystone Tel Os 1935_J-J
Lit Brothers
Inactive Stocks
8312
50
Lake Sup Corp Inc 5s'240 ___ -ig - Ala Cons Coal & Iron_100
' Little SchnYlltIll
_
50
Lehigh Nay 4 ;Ss
100
Preferred
' Minehill & Schuyi II
Gen M 4 Sis g 1924..Q-1, 1031-2 1i133-4 Atlan Coast L (Conn)_100 26712 274
, Nat Gas Rice Lt & Po_100 30
Preferred
100 80 --100
. Leh V C 1st 55 g 1933_J-J —_ 10812 Canton Co
:
147
___
Leh V ext 43 1st 1948_J-D ii61North PennsylvanIa_50 9612
4 iid._ Georgia Sou & Fla _ _ 100 30
50
16f12
Consol. 6s 1923
100 96
' Pennsylvania Salt
J-D
1st preferred
Steel___100
Pennsylvania
Consol
100
4
As
8112
1923_ J-D
10318
2d preferred
'
Preferred
100
•
1.56 100
Annuity 6s
5
658
J-D 145
__- 146
G-B-S Brewing
Gen cons s 2003__M-N
Pinta Co (Pitts) pret_50 4314 4312
9734 98 Pullman Cons Ventll_ _100 20 30
_
Phil German &
Leh
V
100
_
'Fran con 48 '35 J-D --- -__
Preferred
9014 95
50 84-- 8414
1st series A 4s 1935_31-S
Phila. Traction Norrls_50Bonds
912 10
10
Railways General
1st series II 5s 1035 111-S 1E14 i62758
Prices ars all "and
Tonopah Belmont Dev_ _1 10
101,s MarketStEl 1st 4s'55
0712interest"
United Cos of N J_ __100
NatLII&P ser B 58 '19 J-J
1W - Bait City 3;Ss 1030_..-J-J 93
United Trac Pitts p-ret..50 ___ _ _ — New Con Gas Is 1948_J-D -:-_ 48 1954-1955__ _Various 991f
Ni-N 103(4
N Y Ph & No 1st 4s'39 J-J -98155 1916
4 __
' Virginia By & Pow__100 __ -100 7814
Preferred
Income 45 1939
M-N
iii. Anacostla & Potom 5s A-0 9912 100
- Pa & N Y Can Is '39..A-0 -_--_-_
AtCoast L cony deb 4s11-N 1025E 1027,s
' Warwick Iron & Steel__10 1014 -1012
523
4
52
10u
Penn Steel 1st 5s '17_M-N
Washington-Va Ry
Atl Coast L(Ct)ctfs 58 J-D
100 ---- ___ _ People's Tr tr ctfs 48 1943 -iii- -921-2
Preferred
Ctrs of lndebt 48_ ___J-J
100
40 P Co ist &colt tr 5549 M-S 103___.
J-J 9012
5-20-yr 45 1925
Welsbach Co
Con & coil tr 58 '51 M-N
9612 97
B S P & C 1st 4 3-is.53 F-A 9634 9712
West Jersey & Sea Sh...50
50 80 8212 Phil Rice gold tr etfs_A-0 101 10414 Balt Trac 1st 5s'29__M-N 1061 2 107
' Westmoreland Coal
100 ____ __
Trust ars 4s 1049 __,J-J
.
2
Wilkes Gas & Elec
8312
No Balt Div 5s 1942 J-D 109 1_1_0_1.
83
50 ...... ____ P & E gen M 53 g '20..A-0 10512 10534 Car Pow & Lt 5s 1938 F-A
York Railway
Can A( 4s g 1920A-0 100 ___ Cent By cons 55 '32__M-N 1.53
50
.
1-2
Preferred
I
1;13 paid. $1334 paid. 117
Paid.
L _ !Bid and asked: no sales on Ws day. 11Ex-cliv.6) rights.
Highest
Range lor Previous
Year (1911)
BALTIMORE
C Ity Ext&Imp 53 '32 11-S
Chas City fly 1,1. 5523 J-J
Class By C & RI 5s '90 51-21
City & Sub 1st Is 1922 J-D
City & Sub(Was)Ist 53'48
Coal & C fly Isq Is'19 A-0
Coal & I By 1st ss
Coi&Gruy 1st Os 1916 J-J
Censor Gas 5s 1030___J-D
(leis 432 19 u4___A-U
Cons G E & P 4 Sis '35 J-J
Fair & ClTr 1st 5s'38 A-0
Ga & Ala 1st con 53'45 J-J
Ga Car&N 1st 55 g '29_J-J
Georgia P 1st Gs 1922__J-J
Ga So & Fla 1st Is '45_J-J
G-B-S Brew 3-4s '51-M-b1
Knoxy Trac 1st Os '28 A-Ot
NiaconRy&Lt 1st 58'53 J-J
SId Elec By 1st 53'31 _A-0
Memphis St 12t 55 '45_J J
Mt Ver Cot Duck 1st 5s__
Npt N &0 P 1st 5s.38M-N
Nor&Port Tr 1st 5s'36 2-1)
North Cent 4 Sis 1920-A-U
Series A
1926__J4
Series 13 Is 1026_ __
P:tt Un Trac 83 1997_ _J-J
Poto Val 1st 53 1941__J-J
Say Fla & West 5s '34 A-0
Seab Air L 4s 1950___A-0
Adjust Is 1949_F-A
Scab & Roan 513 1926__J-J
South Bound 1st 5s _A-0
U El L&P 1st 4 55s'29
Un By & El 1st 4s '49 M-S
Income 4s 1949___J-1)
Funding 53 1936___J-D
Va Mid 3d ser 63 '1(1__M-S
4th ser 3-4-55 1921_11S-S
5th series 53 1926__M-S
Va (State) Is new '32_J-J
Fund debt 2-3s 1991 J-J
West N C con Os 1914J4
Wll & Weld tis 1935_ __J4
1712 Jan
4612 Nov
4834 Feb
1212 Jan
5918 J'no
3914 Oct
8371 Jan
918 Jan
32 Feb
98 Jan
93'H Dec
978 Oct
2535 Oct
65 Feb s
5914 J'ne
18 J'ly
2418 Aug
8034 Feb
tiss Jan
5234 Aug
893 Jan
Bid
Ask
10512
103 _
9512
10412 1E'
104
93 9412
10112
2
105 f6i1103
9734 98
8'
,
)34 90
100 10014
10534 _
10512
112
1011 i(Ti" •
5114 5134
105
100 16634•
9812 99
96
7414 75
99/2
8914
105
108
108
r(V12 108
109
8712
8015
10514 i6E34
10712
9412
94
8434 851g
5514
65
8834 8914
-_
id6foil;
10912,110I
1688
[VOL.Lxxxxiv
THE CHRONICLE
Indus( and Misrell-(Con.) Bta Ask
710
50 70
Miss (E %V) Co corn
51) 120 125
Preferred
106 290
Bond Sc Mtge Guar.
Borden's Gond Milk combs. 128 1115)
.78 AT THE NEW YORK STOCK EXCHANGE
TRANSACTI01,
107 108
Preferred
DAILY. WEEKLY AND YEARLY.
.1116
814
n
British Cot Copper Co....
160
11
35 Casein Co of Amer com..10()
55
50
NU
Railroad,
Stocks.
70
Preferred
U.S.
Stati
,.fee.,
27 Casualty Co of America_100 110 120
Week ending
Bonds.
143 146
Bonds.
Bonds.
Par Value.
99
Celluiold Co
Shares.
June 21 1912.
53
51
City Investing Co
IOU 101
$48,000
$428,000
Preferred
114,952 49,920,200
Notes
Saturday
-Term
Short
47,000
:1
1
)
11°((
com_1
2,035,000
Co
B)
2
(H
10038
13,189,500
10058
Clailin
147,745
1913__A-O
Monday
62,000 $10,000 Amal Copper Is
10:, --2,037,000
10018
e 1st preferred
150.294 13,649,400
Tuesday
500 Bait Sc Ohio 45is 1913 J-D 100
80,000
10t. ---1,775,000
e 26 preferred_
17,730,350
196,588
Wednesday
Bethleh Steel 6s 1914_.M-N 10318 10338
106,000
62
2,335,000
Heating
Car
9934
9912
Consol
36,831,500
408,315
Thursday
Ches Sc Ohio 4;is 1914__J-D
18
53,500
15
:
11)
0
2,611,500
26,098,400
291,031
Friday
Chic Sc Alton Is 1913 _ _M-8 9014 0734 Consol Rubber Tire__ „1
59
101, 55
9814
98
Preferred
J-J
1914
58
Eys
Elm?
Chic
60
$396,500 $10,500
A-0 755
9938 99,8
Debenture 95 1951
1,308,928 8117,419.250 $11,221,500
Total
Cin Ham Sc D 4s 1913__J-J
4 1334 14
Erie tis April 8 1914_A-08 101 10114 e Crucible Steel com.....101
100 8878 89
a Preferred
June 21.
9934
to
1
9938
Jan.
0
21.
1
1914...AOct
June
Is
Coll
ending
Week
Sales at
.1u .2,3, 258
Loll 55 April 1 1915__A-0 98/8 018 Davis-Daly Copper Co _100 105 106
New York soca
1911.
1912.
1911.
eGeneral Motors 68 '15.A&O 9978 100 e Diamond Match Co_ 1)
1912.
Exchange.
011 180 100
( I) de New Pow 1,0
dul'ont
Companies
Hudson
05
e Preferred
52,121,954
OA 10014
67,711,370
F-A
6s Feb 1 1913
1,308,928 '1,536,692
Stocks-No. shares...
e Gold 493s 1936____J-D 69 -011
65 Oct 15 1913._A&015 1/93i1 10014
4117,419,350 4140,668,600 $6,115,706,575 $4,623,005,650
10
5
Far value
Sc
00111100
Steel
Iron
Empire
41,207,600
0814
324,000
0334
4137,100
1914...F-A
42,700
Int Sc Gt Nor 55
45
Bank shares, par
100 40
Preferred
Inter Harvester 53 '15_F&A 10038 iuu58 General
150
Bands.
140
Chemical com 10t)
$306,500 K C fly Sc Lt (is 1912 M-S 9114 0014 e
$975,500
$153,000
$10,500
Government bonds_
10i, 107 111
e Preferred
95
67,419,000 Minn Sc St L g Is 1013...F-A
90
12,951,000
1,317,000
396,500
80
State bonds
379,034,500 Mo Kan Sc Tex 53 1913.M-N
9ti38 9958 Goodrich (B F) Co com.100 7914 10734
379,233,000
11,221,500 13,043,500
RR.and misc. bonds
---- ......10i) 10725
,
Preferro
95
Missouri Pacific Is 1914-1-D 94
it. *1014 1012
anea
0
Greene-Can
9812
4446,810,00
0
98
4393,159,50
'13.J-D
49.35
Nat Eys of Ilex
411.628,500 $14,513,500
Total bonds
Expiorn_1), *6012 6074
eNYC Lines Eq Is 1912-22 5412% 4.40 a Guggenheim
Hackensack Water CoPHILADELPHIA
49.35 Jan 1913-1925___J-J 04,2% 4.40 e Ref g 45 '52 op 1912...J-J 85
DAILY TRANSACTIONS AT THE BOSTON AND
1412%
4.40
_J-J
1913-1921_
4135 Jan
EXCHANGES.
7
Co__ __Ilk)
N Y Cent 49i5 1914._ _M-h 100 10(114 Havana Tobacco
15
106 10
Preferred
- J-D 0978 1008
St L Sc 8 F fis 1913 opt
65
/ 62
8
1003
11/22__J-D
Philadelphia.
10,0
8
1
June
g
Is
1st
-A
Boston.
South fly g Is1913
s-Jeweil
94
540004
90
Hecker-Jone
Wabash 4 As 1913_ _M-N
Week ending
Bond
Unlisted
, 102 104
141Listed
14 loll:
1st (is 1022
,02
Bond
Gated Unlisted
Westingh'se El Sc NI -Os 1913 1011
June 21 1912.
20
sales.
shares
shares.
9734 HerrIng-Hail-Alaryin _100 10
sales
shares. shares
5% notes Oct 1917_A-0
&
Improve't
Hoboken Land
42,300
104
1,831
4,326
1st Is Nov 1930
44,000
9,551
Railroad
5,340
Saturday
12 "if48,500
2,240
3,625
23
Al'N
slOO
Hocking Val Product_
15,000
100 17
5,466
com
6,001
142
Monday
42,600 e Chia Sc Alton
59
2,073
4,461
1st g Is 1901
J-J
5,000
100
7,417
17,576
e Preferred
Tuesday
14,100
1,832
4,451
Houston Oil corn ctfs.....100 141: 1478
405
5 13
30
13
56,000
20,340
Sc
Om__100
PM
St
17,217
Chic
e
Wednesday
22,600
6811 69
4,567
ctfs
5,334
Pre:
10u
50,500
106
28,060
33,616
e Preferred
Thursday
44,100
3,597
3,704
e Ingersoll-Rand coin_ 10U 105
1
°0
5,500
35 14
21,280
35,552
a Colo Sc South corn __JOU 158
Friday
104., 98 _e Preferred
75
IOU 73
e 1st preferred
141: 1512
$174,200
/UU
25,901
Intercontin Rub com
70
16,1401
6612
$136,000
92,114
100
115,304
0 2d preferred...
Total
90
Internal Banking Co_ _100 86
60
a N Y Chic Sc St L corn -100 56
International Nickel__ __100 290 300
100 103 112
e 1st preferred
lia, 107 109
Preferred
8312
88
IOU
c 2d preferred
A-C 1004 10114
1st g 58 1932
Northern Securities Stubs_ 105 115
4
10t,
marked "I"
International Salt
35
All bond prices are now "and interest" except where
Pitts Bess Sc Lake Erie...50 *31
A.. 4612 51
1951
5s
g
1st
70
50 *00
Preferred
Bid Ask
110
Street Rail ways-Won.)
10.
Sliver.com
c Railroad Securities Collk.. 127 fir
Ask United Rys of St LBid
n
Preferred
1 n1ern
Street Rail ways
8514 89
ln C stk tr ctIs Ser A.
14
1414
100
J-L 11.1
Coin vot tr ctfs.
1st (is 1948
86
_61-4 84
1933
Is
1st
Pae
West
4514
45
100
e Preierred
Internat Smelt Sc Refg.:'.00 123 128
New York City
9212
88
IOU 91
25 Wash Ey & El Co..
Kayser (Julius) Sc Co_ IOU 83
Bleeck St & Ful Fy stk_10() 20
Standard Oil Stocks
4
943
9412
100
Preferred
ltlli 107 108
70
1st preferred
2312
1st mtge 99 1950. • J-J
£1 *23
35
J-D 8514 8538 Anglo-American 011
4s 1931.
_100 34
a
.._
a
Steei
104.) 170 183
Lackawann
430
420
B'y & 7th Ave stk
100
Reining
Atlantic
7934
M-6
e 1st con Is 1050
J&J 9934 10014 Electric, Gas Sc Power Cos
2d mtge Is 1914
10u 120 100
Borne-Scryrnser Co
93
9112
City
York
New
.M.S
e Deb Is 1915
Broadway Surface REBuckeye Pipe Line Co. _50 .147 157
...7-.1 10212 104
100 9312 94
Dionotype
Lanston
J&J 103 104 Cent Un Gas Is 1927
775
725
1st 53 1024
„10u
cons
blfg
h
Chesebroug
1014 225 228
10 e Kings Co El L & P Co_ 101) 130 133
Lawyers' Mtge Co
5
100 130 160
Cent Crosstown stock._100
Colonial Oil
New Amsterdam GasLehigh Val Coal riales ..bli 240 244
98
100 820 320
1st mtge 6s 1022.. __M-N
Oil
1st consol 55 1948...._J-J 101 10214 Continental
Madison Sq Ciardln Stubs.. *212 713
lo
60
.55
.50
Co..
Line
Cen Pk N & E Ely stock.100 10
Pipe
2118
20 *2
et E It Gas 1st 53'44 J-J 10414 10312 Crescent
Manhattan Transit
80
Christopher&lOth St stk 100 132 140 NY
Cumberland Pipe Line_100 70
20
J-J 101 103
Consol 55 1945
Monongaheialt Con C&C_50
Dry Dock E B & BEureka Pipe Line Co_ _100 327 337
100 182 187
50 *45
Preierred
240
J-D 99 10112 a N Y Mutual Gas L Co_100 55
230
com_.100
1st gold Is 1932
al
011
60
Cialena-Sign
100 104 108
55 N Y & Q El L Sc Pow
Mortgage Bond Co.
.F-A / 45
100 140 145
Scrip 55 1914
Preferred
85
100 76
Preferred
100 128 233
Surety
Eighth Avenue stock.....10 315 330 N Y & Richmond Gas_ _100 40
Indiana Pipe Line Co_ _50 *104 110 e National Dock com 100 2012 _
60
York
New
F-A / 99 101
e
41
*39
25
Scrip 65 1914
Co
Transit
National
1927 )11-N 101 102
35
Is
1st
Un
North'n
100 25
310
285
e
Prelerred
_100
305
290
42d & (Jr St 1"y stock_
New York Transit Co_ _WU
Standard Cies L corn__ _100 60
N Y Mtge Sc Security_ __106 210 215
42d St H Sc St N Ave_ _100
Northern Pipe Line Co_100 123 129
*5
100 90 idd
6
Preferred
20
ion.
Y
Transportat
N
IA
M-h / 99 itki *0412
25
1st es 1910
Ohio 011 Co
M-N 10412 106
90
1st 53 1930
100 88
Niles-Bem-Pond com
10(3 260 265
2nd Inc Gs Jan 1 1915.... /
Prairie Oil Sc Gas
Other Cities.
i
5 *138 8
75"
Mines
WO 164)
NIpissing
300
500
100
Ninth Avenue stock
Refining
Solar
50 *84
10
6 Am Gas & Elea coin
34
2
Ohio Copper Co
Second Avenue stock. 100
Southern Pipe Line Co 100 223 235
50 *4012 48
Preferred
134 234
45
100
a Ontario Sliver
IOU 615 330
Consol Is 1948 etfs _F-A / 40
South Penn Oil
100 345 355
78
75
Am Lt & Tree corn
IOU
corn
Elevator
147
Otis
142
Lines_100
Pipe
Pa
•Sixth Avenue stock.. 100 125 135
West
Sou
100 108 111
Preferred
10, 101 10212
J-J 83
Preferred
Sou Boulev Is 1945
Standard Oil of Calif. 100 160 165
72
69
812
&
Lt
com_.100
Power
Amer
50
93
*814
90
A-0
Pittsburgh Brewing
So Per 1st 55 1919.
8614 Stand Oil of Indiana. JOU 222 228
100 85
Preferred
3712
50 *37
80
Preferred
Tarry WP & SI Is'28__Mdc f 75
18 Standard Oil of Kansas_100 195 210
*12
10114 10234
50
Gas
State
__10u
Bay
pref
30
Steel
23
Pittsburgh
f
e
383
'06ctLsA-0
3/0
Is
28 & 29th Sts
Stand 011 of Kentucky 11)0
31
gh'ton (N Y) Gas %Vk
Pope Mfg Co coin
Twenty-third St stock_10 25013in
Stand Oil of Nebraska_100 215 235
77
-A-0 98 101
1st g Is 1938
Preferred.
Union Ey 1st Is 1942__F-A 104 iGE •
Stand 011 of N J (old)__ _100 MO 320
10212
4
Gas
34
5
8
8
07
0
9
1
City
:
stock__100
pref.
-IE
Buffalo
Whitney
Sc
90
Pratt
80
383
'43.J
38s)
Is
Westchester 1st
()II of N J_...100
Stand
115
107
xi6iCo
__IOU
coin_
Service
Cities
011
Producers
95
Yonkers St, nit Is 1940_ A-0 90
Standard 011 subsidiaries.... 2520 J40
90
100 288
Preferred
Realty Assoc (13klyn) 101) 115 118
Brooklyn
Standard 011 of N Y......100 423 428
99
Royal I3als Powd com_ 100 210 215
101 103 Con Gas of N J 52 1936 _J-J 98
Atlan Ave ER con 5531AStandard Oil of Ohio...100 180 190
10934
00
10
Pow-11
&
L
Consumers'
Preferred
96 100
IOU 176 225
13 13 & W E 5s 1933 ____A
Swan Sc Finch
J-D 100 102
Rumely (N) Co prof _100 100 10014
53 1938
e
125
_.1 164 168
*75
issued).
(when
Brooklyn City ER
Warrants
(Minn.)119
2118
Power
1()0
Lt
&
Consumers
Heat
Car
Safety
102
68
63
99
Bklyn Hgts 1st Is 1941.AUnion Tank LineCo __JO()
92
19112
1st&ref 53 1929op'14-M-N 00
100 166 16)) e Sears, Roebuck Sc Co_106 191
13klyn Queens Co Jr Sub9712 Vacuum Oil
96
2:
El Is 1949_M-N
rred1
&
e
U
Prefe
Denver
30
101
*20
99
It)
op1916_J'41
'es
g
e 1st
Washington 011
° 285 265°0
Cos 0001._ 10
r11 3,
,
Ih
09 Elizabeth Gas Lt Co-.100 300
97
100 1100 1400
e 1st con 53'41 op '16 61-N
Waters-Pierce Oil
2
-100 143 146
South
10 101 105 Essex & Hudson Gas ...100
Coney Isl Sc liklyn
8812 90
4
Co._
Bergen
El
&
Preferred
Uas
90
80
-J
1948.......J
1st cons g 4s
Tobacco Stocks
99
'15_F-A
40
5s
1st
2
30
L
01,
1
com
.1
00
G
Standard
Coupler
Rap
(Jr
82 e
77
J-J
Con g 4s 1955
(See also Stock ExchangeList)
112
Pow Is 19413...J-J 8634 88
rrreddmilling
ea
renfd
ta
834 a sP
0
2
30
68
8
0
2
419
2
& N Is 1931).....J-J 96 100 (let %Vest
Tobao_Ll
Brk
American
BritishIOU 136 140
000 1208
Co...210
812 2912
Hudson County Gas
10
.
100.
Nassau Elec pref.
Conley Foil
61-N 1r4 45
0334
100 63
a Preferred
e 1st Is 1949
111612
A-0 102 104
1st 53 1944
Below ((leo W) com 100 160 111
8612
e 1st Is 1930
Indiana Lighting CO.._J00
100
100
•
N Wmsburg & Flatbushe Preferred
89
73
F-A 70
rp
s
e
opt
rer
o
6
5
co
v.
3
ark
8
f
B
eb
n
1
d
0
ur
e
1:0:
l
s
1958
corn...
0
s
6
93
1
924
5
0
7
8
1
1st 4).s July 1941__F&A
Johnson Tin Foil &Metal 100
50 35
37
Steinway 1st tis 1922....J- 101 i.631-2 Indianapolis Gas
MacAndrews Sc Forbes 10U
88
A-0 83
, 95
0 x9
94
0,
10
rerd& Sons co p1.1
sulilrbeefregra
1st g Is 1952
Other Cities
Porto-Rican-Amer Tob 10t)
99
101
1937...A-0
g
Is
Gas
3
4
7
Jackson
2
212
2
0
4
6
Buffalo Street EyReynolds(It)) Tobacco 100 2
texas Sc Pacific Coal_ __100 99 102
2 10514 eLaclede Cias preferred...10f
14
043
1st consol 5s 1931___F-A 104
United Cigar Stores CorplOu
A-0 104
i Texas Pacific Land Tr_100
9312 9712
_0_1_2 Madison Gas Os 1926
A-0 7,14 -8
Deb (i3 1917
o Weyman Bruton Co_ IOU 200 --- - title Ins Co ot N Y
_50
*9512
Co
El
20 125
1*7
(Prov)
Narragan
10U 114
e Coma fly & Ltg com_100
e Preferred
718
1 112
n1
Ng- ronopah Min (Nevada)...1
82 Newark (las Os Apr'44..Q-J 12534 1;;
100 80
180
..100
e Preferred
Co
Si
(J
Young
4
8 100
100
100
Gas
coin
Consol
Irrenton
Newark
Potteries
37
34
10
Trac_
&
Light
Federal
ao
J-D
.....
IOU
1948
Is
g
Con
new.
e
___
Preferred
80
IOU
Preferred
40
Industrial and Miscellaneous
IOU 25
&P 53 1938 A-0 100
['row Directory
85
e Havana Elec fly L&P 100 80NoHud L11
4512
Adams Exp g 45 1947. J-1.) 1 84 ---04
100
Union Typewriter com 100 44
__100 90 -6(i - Pacitle Gas Sc E coin
100 118
e Preferred
Alliance Realty
112
2
109
1112
IOU
100
1st
Preferred
preferred
J-J 105 10512
...51)
corn
e Louisv St Is 1930
Note
Bank
Amer
112
109
94
100
05
100
Sc Elec
26 preferred
1
54
5
9
50 .%3
New On Rys & Lt coin 100 3412 -__ Pat Sc Pas Gas1949
Preferred
1
M-S 19:2
IOU
e Con g Is
United Copper
77
IOU 169 175
a Preferred..10
American Book
94
0
J-J
834 20
100
Preferred
St Joseph Gas Is 1937
135 140
100
eN Y Westch & Bost ItyBrans
American
*23
2312
100 195 205
8
Casualty
U
226
222
J-3 100 10014 Standard Gas Sc Elec(Del).50 *50
_100
1st g 4;is 1946.
corn.
Chicle
5012 American
50
100 98 105
Preferred
U 8 Envelope corn
100 11304512 108
Pub Sery Corp of N J-Se Stk E x list
Preferred
100 117 11912
Preferred
eConv s I g Us 19260pJ-D 100 10012
Tr Ws 2% to 6% perpet 10912 11012
Am Graphophone com IOU 25 -...,
95
9712
100 94
U 8 Express
e
90 United Electric of N J..100 90
66
100
North Jersey St Ry.._100 75
Preferred
8312
J-D 83
95
100 89
1st g 4s 1949
8212
ijg - U 8 Finishing.
M-N 82
1st 4s 1948
100
American Hardware
32
IOU 103 108
Preferred.
1
02
07
:
7612 Western Power com __ _100 3012
100
Cons Tract of N J....100 76
__J-D
1914
Os
Malting
Amer
100 57 2 59
J..,j 100 105
g Is1919
1st
Preferred
J-D 10114 10434
1st Is 1933
100
__
Amer Press Assoc'n
Con g 5s 1929
J-J 95 100
New'k Pass fly Is '30_J-J 108 10812 Western States Gas&Elec
Am Steel Fdy 0s 1935_A-0 i66.41
e U 8 Indust Alcohol. 100 40
1st Sc ref g Is 1941 op-J-D 0212 95
72
F-A 69
Rapid Tran St fly.._JOU 235__ _ _
Deb 4s 1923
102 10334
l rur0
treeefe
,
s
e(rIp
ei
us
100
telegraph and telephone
5
325
12
5
14
A.0 103
34,
50
1st Is 1921
American Surety
74
_100
..
Cable
Sc
eieg
'l
Amer
oration
e
C Hob & Paterson11812 American Thread pref....5
Col s 1 Apr 5s 1951 op 1911 11412
50
61-N
8034 8112 e Central Sc South Amer.100 11712
4s g 1949
Amer Typefounders com 100 47
. Un Tel(N Y)._25 108 115
Cot a 1 Apr Is 1951 not opt 11412
100 100 103
So J Gas E1& Traci_ __100 130 133 Comm'
74
Preferred
63
08
_100
Tel
State
Bay
Sc
U 8 Tit Gu Sc Indem _ _.100 oo
Empire
9934
M-8 9914
M-N 10012 102
Gu g 63 1953
Deb g (Is 1939
50
40
100
0:;34
3
81)12
,212 _:...... b'rankiln
9)
ar Bronx Title
udz
Westchester
0ScA
..100
No Hud Co fly Os 1914 J-J 10
Paper..
Amer
Writing
186
__WO 115 125
160
'Meg_
100
Stock
Sc
_
i
..
1
0
Gold
0312
1
J-J
itgeGuar
1928
Is
Con 61
elst sf g 5.s '11.) red 11./5.J-J
176
e Northwestern Teieg_ ...50 115 125
8
7
Weetingh'se Air Brake. 5O *175
Ext 58 1924 _ _M-N
AU Gulf Sc W 158 Lines_100
75
25 65
8912 90
Sc Atlantic
ra: rra0
5
,3
3
1212
Woolworth
(F W)Co.-- 100 114
;1,ra
100 6
Pat Ey con 631931__J-D 117 120 ePacific
Preferred
116
_100 07
pref
100
Teleg
Pee
Sc
11)2
'fele()
100
__A-0
opt__
J-J
2d Os 1914
Coil tr g Is 1939
106
25 92 -6628 Southern Sc Atlantic
20
Worthington(LIE)Co PE-100
Republic Ry & Light __100 26
Barney Sc Smith Car com100 10
82 South Bell Telep & Teleg80
100 80
70
100
Preferred
Preferred
1st g 53 11141 op 1916 )-) 100 10012
Trent P Sc H 53 1943 ___J-D 97 100
New stock. x Ex-div. v Ex-110111.
a preceding page. / Flat price, n Nominal. s Sala price
b Bails. e :tells on Stock Exiiianrs: see sales-record on
* Par la tre
S Includes all new stock dividends and subscriptions.
Volume of Business at Stock Exchanges
Bid
Ferry Companies
90
_J-J
B & N Y 1st f3s
8
stock. 100
1911_-N Y Sc E it Ferry
45
61-N
1st Is 1922
N Y Sc Bob 53 May '46_ _J-1) 99
Hob Fy 1st 531946_ M-N 104
98
NY &NJ 5s 1946___J-J
10th Sc 236 Sts Ferry_ _100 25
J-D 60
1st mtge Is 1919
100 2312
Union Ferry stock
96
61-N
1st Is 1920
Ask
100
15
55
9934
Inactive and Unlisted Securities
as
1689
THE CHRONICLE
RTNE 22 1012.1
investment and Aailrorad Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brouyht together separately on a subsevent ps7e.
Latest Gross Earnings.
ROADS.
Week or
Month
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0 do Tex Pac339,122 292,271 3,569,436 3,332,706
N 0 do Nor East.. May
104,691 132,895 1,513,138 1,650,495
Ala & Vicksburg.. May
42,402 102,077 1,282,036 1,385,093
Vick Shrev & Pac May
40,312
40,507 2,205,298 1,996,527
2d wk June
Ann Arbor
0,186,291 3,907,748 89,869,954 90,440,659
Atoll Topeka & S Fe April
49,328 3,082,878 2,648,332
54,281
Atlanta Birm & At! 1st wk Jun
3,199,191 2,835,442 28,037,118 26,702,012
Atlantic Coast Line April
177,594 162,116 1,662,634 1,642,807
Charlest'n&WCar April
100,007
88,929 1,074,615 1,017,558
1,011i1 Hen & St L April
8,252,995 7,518,036 84,279,490 80,683,295
g Baltimore do Ohio May
125,204 113,119 1,288,436 1,227,301
B & 0 Ch Ter RR April
276,327 264,224 2,868,305 2,638,947
Bangor & Aroostook April
April
3,755,653 3,504,662 38,159,392 37,062,240
Boaton do Maine
43,270
47,273
3,236
Bridgeton & Saco It April
3,906
Buff Bach & Plttsb 2d VIA June 237,438 190,843 9,130,030 8,811,362
Anril
95,635 183,526 1,970,161 1,955,607
Buffalo & Susq
Canadian Northern_ 2d wk June 375,100 313,200 18,547,200 14,368,000
Canadian Pacific_ _ _ 2d wk June 2,525,000 2,057,000 116825 723 98,615,098
2d wk June 227,000 201,200 13,396,680 12,426,982
Central of Georgia
Central New Engi'd April
291,462 286,259 2,914,826 2,629,111
Cent of New Jersey_ April
1,757,546 2,457,832 24,830,906 24,197,800
Central Vermont
April
347.195 321,173 3,397,631 3,271,978
Ches do Ohio Lines_ 2d wk June 660,746 611,127 32,566,253 31,075,891
Chicago & Alton
2d wk June 296,248 332,061 13,923,759 13,919,545
Chic Burl & Quincy April
6,726,131 6,423,311 73,188,166 74,328.217
p Chic Great West.._ 2d wk June 302,515 281,705 12,245,669 12,111,070
Chic Ind & Loulsv_ 2d wk June 125,803 123,169 6,211,270 5,902,447
Chic Milw & St Paul April
5,054,242 4,771,763 52,859,122 54,753,033
Chic MU & Pug Sd April
1,415,268 1,131,599 13,231,066 12,081,784
vChic & North West April
5,838,542 5,751,577 53,332,036 64,777,859
1,171,152 1,135,397 12,808,526 13,777,745
vC:iic St Paul M do 0 April
106,664 147,126 1,602,858 1,726,064
Chicago T 11 & S E. April
702,748 750,603 8,221,158 7,923,498
Cm n Ham & Dayton April
126,071 121,666 1,557,957 1,621,706
Colorado Midland _ _ April
b Colorado do South_ 2d wk June 218,681 239,914 13,440,510 15,233,253
April
15,653
13,945
161,088
135,773
Cornwall
22,424
23,307
252,675
275,842
Cornwall & Lebanon April
April
396,723 301,183 3,119,580 2,529,189
Cuba Railroad
1,136,290 1,754,927 17,544,128 17,384,388
Delaware & Hudson April
2,140,004 2,928,107 29,834,313 29,626,399
April
Del Lack & West
Deny & Rio Grande 2d wit June 445,600 438,500 22,221,130 22,351,333
443,843
4,340,422
Western Pacific... April
60,618 1,015,346
84,665
872,793
Denver N W & Pac_ April
38,572 1,624,633 1,671,328
40,414
Detroit Tol & Iront 4th wk May
20,283 1,180,188 1,120,341
24,121
Detroit & Mackinac 2d wk June
164,837 269,348 4,923,938 5,805,519
Dui & Iron Range_ Ap.11
63,184 2,993,803 3,002,854
72,748
Dul Sou Shore & Atl 2d wk June
912,012 647,441 8,455,895 6,657,677
Elgin Joliet & East_ April
668,941 558,433 6,249,643 6,016,673
El Paso & Sou West April
3,773,514 4,399,630 17,177,726 46,905,336
April
Erie
25,674
19,678
1,807
4,273
April
Fairchild & N E
508,112 575,489 3,637,068 3,567,520
Florida East Coast. April
775,112
772,311
73,671
68,213
Fonda Johns do Glov April
268,652 242,260 2,912,633 2,761,845
April
Georgia Railroad
Grand Trunk Syst.... 2d wk June 1,050,171 952,264 47,103,384 42,985,731
Grand Trk West_ 4th wkMay 178,537 159,636 6,104,507 5,746,174
50,860 2,058,330 1,881,132
Det Gr Hay do Mil 4th wkMay
56,184
61,698 1,933,796 1,762,580
Canada Atlant13_ lth wkMay
67,771
Great Northern Syst May
5,662,233 5,037.181 60,324,611 55,696,867
Gulf & Ship Island_ April
161,931 160,154 1,661,669 1,685,010
April
Hocking Vall?y
349,454 480,578 5,984,636 6,021,715
Illinois Centrai
4,868,869 3,144,982 53,795,408 57,658,736
Internat & Gt Nor_ 2d wit June 148,000 146,000 9,805,744 8,765,741
a Interoceanio Mex_ 2d wk June 167,150 214,975 8,463,108 8,460,764
April
Kanawha do Mich
183,038 213,922 2,552,363 2,566,912
May
Kanaas City Sou773,003 794,775 8,633,521 9,353,740
132,953 140,105 1,215,802 1,314,111
K C .vlux & Orient _ _ February _
May
2,300,711 3,519,575 33,256,742 33,999,731
Lehigh Valley
April
458,604
48,944
427,285
53,506
Lexington & East
133,175 113,248 1,214,373 1,209,180
Louisiana & Arican_
wt June 1,017,475
959,060 53,811,658 51,800,699
s Louisville do Nash
11,672
9,830
154,930
146,151
Macon & Birm'ham. May
April
823,570 767,945 8,875,010 8,203,525
Maine Central
43,169
38,716
369,698
365,319
Maryland & Penna. April
a Mexican Railway- 4th wkMay 252,700 180,000 7,644,200 7,907,900
14,456
Id wk June
14,115
728,427
711,881
Mineral Range
Minn do St L01113-1 2d wk June 180,858 180,248 7,593,833 8,169,414
Iowa Centrat_ -1
Minn St P & S 8 MI 2d wk June 450,233 419,155 25,001,549 20,918,539
Chicago Division I
67,925
74,135
733,010
760,369
Mississippi Central _ April
u Mo Kan & Texas.. 2d wk June 457,596 448,631 26.968,708 27,770,885
Missouri Pacltic-_-- 2d wk June 1,057,000 984,000 52,077,613 50,534,200
1,073,713 1,026,780 10,161,868 10,314,117
Nashv Chatt & St L Andi
a Nat Rys of Mex_f_ 2d wk June 1,109,118 1,204,392 58,790,663 58,742,863
9,043
8,160
350,384
314,139
Nevada-Cal-Oregon let wkJune
122,822 130,240 1,344,310 1,409,307
N 0 Great Nortaern April
159,534 141,934 1,623,802 1,543,492
N 0 Mobile & Chic.. April
8,084,827 8,369,124 87,803,035 84,454,791
eNYC
Hud Itiv April
4,044,474 3,764,571 42,083,375 40,588,783
Lake Shore & M s April
414,989 392,471 4,667,112 4,624,287
n Lake Erie & W. April
285,407 320,253 3,360,450 3,078,241
Chic Ind & South April
Michigan Central. April
2,679,099 2,366,387 26,203,844 25,034,125
2,346,916 2,399,154 25,742,006 25,773,446
Clove C 0 .3o St L. April
Peoria & Eastern April
222,377 226,662 2,657,963 2,997,119
Cincinnati North.. April
114,008
79,578 1,130,792 1,053,906
Pitts & Lake Erie April
1,071,258 1,130,947 13,344,021 13,148,844
N Y Chic & St L_ April
912,087 907,675 9,602,804 9,349,122
& Ohio Cent _ April
247.146 334,908 4,320,394 4,232,455
'rot all lines above April
20422 588 20291 740 220975 799 214336 132
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
JulY 1 to Latest Date.
Curren;
Year.
Preyious
Year.
3
NYNIT& Hartf_ April
5,451,477 5,155,362 53,623,453 51,400,905
N Y Ont & West..
April
355,773 697,781 7,265,135 7,706,358
N Y Susq & West.. April
188,281 347,713 3,139,143 3,216,378,
Norfolk Southern.. April
315,209 261,831 2,680,688 2,439,448
Norfolk & Western._ April
3,508,853 2,836,585 32,752,960 29,710,665
Northern Par,ific___ April
5,201,647 3,008,952 32,781,961 54,760,720
Pacific Coast Co..
April
598,452 627,804 6,267,256 6,524,518
Pennsylvania RR__ April
13291 728 12617 245 135932 834 131071 434
223,321
Bait Cites &Atlan April
228,384
16,867
20,978
Cumberland Vail_ April
263,649 236,165 2,481,773 2,547,300
Long Island
April
814,037 809,630 8,717,642 8,172,872
Maryl'd Del & Va April
111,790
109,914
7,797
8,670
N Y Phila & Norf April
284,123 267,929 2,738,200 2,776,682
Northern Central. April
912,330 1,102,356 10,544,392 10,760,184
Phi's Balt& Wash April
1,620,970 1,552,414 15,875,549 15,784,298
W Jersey & Seash April
484,042 479,945 5,240,425 5,071,204
April
Pennsylvania Co..
4,021,487 3,991,511 43,942,924 43,558,407
459,734 389,916 4,347,786 4,336,296
Grand Rap do Ind April
3,281,405 2,924,924 33,829,208 32,718,118
Pitts C C do St L_ April
Vandalla
672,224 778,477 8,436,810 8,854,862
April
Total lines18668 707 18080060 192866 311 187638 297
East Pitts do E.. April
8,536,412 8,172,670 93,477,387 92,127,620
West Pitts & E April
All East& West April
27205 119 26252 729 286343 701 279765 918
Pere Marquette
April
1,380,251 1,242,662 13,978,727 13,362,968
Reading Company
Phila. & Reading_ April
2,987,466 3.981,690 38,292,311 37,780,326
April
903,718 4,789,521 31,325,554 29,255,715
Coal & Iron Co
April
3,891,184 8,771,211 70,117,865 67,036,040
Total both cos
245,183 237,484 2,057,589 1,923,908.
Rich Fred & Potom April
60,076
751,859
748,378
71,609
Rio Grande Junc___
8,019
9,227
484,3;5
536,145
Rio Grande South__ 2d wk June
4,874,232 5,054,192 33,736,789 57,191,446
Rock Island Lines__ April
277,640 273,957 2,853,977 2,838,047
April
Rutland
131,549 129,981 1,317,114 1,430,049
St Jos & Grand Isl.. April
2,950,033 3,172,880 35,334,893 36,540,978
St Louis & San Fran April
968,964 1,113,653 12,973,502 12,693,663
I Chic & East Ill_ April
3,918,997 4,286,533 48,308,394 49,234,641
April
Total all lines_
148,070 167,228 1,665,814 1,778,071
St L Rocky Mt & P.. April
St Louis Southwest_ 2d wk June 216,000 190,000 11,489.872 11,415,938
791,323 773,345 7,349,199 6,706,968
San Ped LA do S L_ April
Seaboard Air Line__ 1st wkJune 460,021 445,601 21,599,705 20,512,941
10187057 10130221 10)051394 111529780
Southern Pacific Co April
Southern Railway.... 2d wk June 1,089,146 1,050,799 60,817,468 57.960,416
Mobile & Ohio__ 2d wk June 204,598 212,155 10,686,568 10,711,965
Cin N 0 do Tex P_ 2d wk June 188,483 164,606 9,311,952 8,773,318
76,260 4,564,484 4,284,327
Ala Great South_ 2d wk June
82,203
41,957
43,135 2,309,142 2,256,641
Georgia Sou & Fla 1st wkJune
370,172 461,157 4,016,196 3,863,564
Spok Portl & Seatt April
97,172
104,434
2,787
Tenn Ala & Georgia 2d wk June
2,335
Tennessee Central
April
130,814 123,155 1,265,262 1,253,868
Texas do Pacific____ 2d wk June 239,140 239,548 16,300,932 15,284,351 ,
72,603;
7,887
8,578
79,788
Tidewater & West April
23,823
23,755 1,212,289 1.226,496:
Toledo Poor do West 2d. wk June
73,743
85,483 3,709,811 3,616,707:
Toledo St L & West 2d wk June
6,968,578 6.671,606 72,097,501 74,892,411:
Union Pacific Syst_ April
139,658 101,260 1,446,962 1,135,231
Virginia & So West_ April
415,401 307,653 3,985,488 2,948,267!
Virginian
April
2,260,406 2,384,843 25,906,506 27,381,390.
Wabash
May
625,440 539,789 6,021,973 5,986,637.
Western Maryland_ April
595,340 579,446 6,791,785 6,210,411:
Wheel & Lake Erie_ May
313,467
292,018.
23,878
28,476
Wrightsv do Tennille April
626,464 803,566 8,918,992 10,087.008
Yazpo & Mies Valley May
Various Fiscal Years.
Jan
Delaware de Hudson
N Y Central & Hudson River_e_ Jan
Lake Shore do Michigan South Jan
Jan
Lake Erie & Western_n
Chicago Indiana do Southern_ Jan
Jan
Michigan Central
Cleve Chi Chicago & St Louis_ Jan
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh do Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan
Cumberland Valley
Jan
Long Island
Jan
Maryland Delaware& Virginia Jan
N Y Philadelphia & Norfolk_ Tan
Northern Central
,an
Philadelphia Salt & Wash
Jan
West Jersey & Seashore
Jan
Pennsylvania Compiny
Jan
Grand Rapids do Indiana
Jan
Pittsb Cincin Chic do St Louis Jan
Vandalla
Tan
Total lines-East Pitte do Erie Tan
West Pitts& Erie Jan
All lines E & W.. Jan
Dec
Rio Grande Junction
Rutland
Jan
Jan
Texas 63 Pacific
Period.
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Curren,
Year.
Previous
Year. '
30 6,410,210 6,622,322
30 32,718,836 31,517,111
30 16,467,421 14,881,700
30 1,770,480 1,681,844
30 1,410,680 1,264,332
3(., 10,098,769 9,326,714
30 9,735,977 9,531,711
30 1,003,959 1,052,809
30
422,799
349,595
30 4,972,758 4,379,767
30 3,736,603 3,559,769
30 1,490,021 1,309,155
30 83,826,289 78,854,507
30 53,771,104 19,163,010
60,098
53,579
30
981,724
910,784
30
30 2,883,286 2,717,758
28,254
30
26,534
30 1,010,191 1,002,642
30 4,006,328 4,099,826
30 6,080,643 5,825,160
31 1.580,146 1,514,026
30 16,471,744 15,155,376
30 1,661,262 1,610,326
30 13,330,889 11,845,416
2 3,236,479 3,202,416
30
3013,796,332 68,713,152
35,084,781 32,158.754
30 108881 113 100871 906
ti 31
A
mp
er
267,492
270,249
Apr 30 1,011,092
974,557
June 14 7.095,257 6,339,221
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Ap
pr
r
A
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Cuent Year Prev's Year Inc. or Dec. %
Monthly Summaries.
Cuent Year Prey's Year Inc. or Dec. %
$
$
$
Mileage. Cur. Yr. Prev.Yr.
3
$
4
244,531 240,170 253,043,102 254,886,944 -1,843,342 0.72
1st week April (43 roads).- 14,119,697 13.209.786
+909,911 6.89
August
+507,987 0.19
21 week Almil (41 roads).- 13,858,411 12,560,991 +1,297,420 10.33 September_245,494 240,325 257,256,762 256,748,775
245,633 241,321 266,064,129 263,637,352 +2,426,773 0.22
+987,968 7.76
id week April (41 roads).- 13,710,625 12,722,657
October
November _234,209 231,581 241,343,763 233.111.381 -1,767,625 0.73
ltli week APrll (11 roads).- 18,315,093 15,689,657 +2,625,438 16.73
1st week May (42 roads)._ 13,332,998 12,078,139 +1.254.559 10.42
December _238,561 235.635 233,614,912 232,275,177 +1,339,735 0.57
ad week May (40 roads)___ 13,539,914 12,337,158 +1,202,756 9.75 January _237.888 234,402 210.704,771 213,145,078 -2,440,307 1.14
February _237.082 233,191 218,031,091 197,278.939 +20.752,155 10.52
3d week May (43 roads).- 14,007,602 12,432,657 +1.575,235 12.87
238,218 234.692 237,564,332 224,608,654 +12,955,678 5.77
4th week May (41 roads)____ 19,535.402 17,972,712 +1,562,690 8.70
March
236,722 233,057 220,678,465 216,140,214 +4,538,251 2.10
+845,955 6.75
April
1st week June (41 roads)____ 13,381,042 12,535,087
MAN, _
_ 89.686
88.097 68.767.0031 64.389_491 +4.377.512 6.80
5(1 week JunO (37 roads)____ 13,331.310 12.4f19_7(1A
-4.551810 8.62
a-24=1c= currOncy. b Does not Include earnings of Colorado Springs & Cripple Creek District By., from Nov 1 1911: in 1910 these returna
the
Boston
&
Includes
Albany,
Adirondack
&
the New York & Ottawa, the St. Lawrence
and the Ottawa & N. Y. Ry., the lattel
are included. s
of which, being a Canadian road, does not make returns to the Inter State Commerce Commission. r Includes Evansville 64 Terre Haute and Evans.
vide & Indiana HR. g Includes the Cleveland Lorain & Wheeling By. In both years. n Includes the Northern Ohio RR. p Includes earnings 01
Mason City & Ft. Dodge and Wisconsin Minnesota 63 Paoldo. s Includes Louisville & Atlantic and the Frankfort 63 Cincinnati. 8 Included the
Mexican International from July 1910._u Includes the Texas Central. v Includes not only operating revenues, but also
_ all other receipts.
1690
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the second week
of June. The table covers 37 roads and shows 6.62% increase in the aggregate over the same week last year
Second week of June.
1912.
Alabama Great Southern
Ann Arbor
Buffalo Roch & Pitts
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chic Ind & Louisville
Cinc New On & Tex Pao
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth So Sh & Atl
Grand Trunk of Canada1
Grand Trunk Western
}
Detroit Gr Haven 46 Milw_
Canada Atlantic
J
Internat & Gt Nor
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
Minneapolis & St Louis1
Iowa Central
Minneapolis St P 46 SS M
Missouri Kans & Tex
Missouri Pacific
Mobile & Ohio
National Rys of Mexico
Rio Grande Southern
St Louis Southwestern
Southern Railway
Tenn Ala & Georgia
Texas & PacIf1c
,‘
Toledo Peoria & Western
Toledo St Louis & Western_ _ _
_1
5
Total (37 roads)
Net increase (6.62%)
1911.
$
$
82,203
76,260
40,312
40,507
237,438
190,843
375,100
313,200
2,525,000 2,057,000
227,000
201,200
660,746
611,127
332,061
296,248
302,515
281,705
125,803
123,169
188,483
164,606
218,681
239,914
445,600
438,500
24,121
20,283
72,748
63,184
Increase. Decrease.
$
5,943
195
46,595
61,900
468,000
25,800
49,619
35,813
20,810
2,634
23,877
21,233
7,100
3,838
9,564
1,050,171
9 52,264
97,907
148,000
167,150
1,017,475
14,456
146,000
214,975
959,060
14,115
58,415
341
180,858
180,248
450,233
419,155
457,596
448,631
1,057,000
984,000
212,155
204,598
1,109,118 1,204,392
9,227
8,019
190,000
216,000
1,089,146 1,050,799
2,334
2,786
239,548
239,140
23,823
23,755
73,743
85,483
$
2,000
47,825
610
31,078
8,965
73,000
7,557
95,274
1,208
26,000
38,347
452
408
68
11,740
13,331,310 12,489,700 1,062,883
841,610
221,253
For the first week of June our final statement covers 41
roads and shows 6.75% increase in the aggregate over the
same week last year.
First week of June.
1912.
1911.
Increase. Decrease.
Previously reported (35 roads)- 12,772,308 11,947,879
Ann Arbor
40,528
38,650
Atlanta Birmingham & Atlantic
54,281
49,328
Georgia Southern & Florida_ _ _ _
41,957
43,135
Nevada-California-Oregon
9,043
8,160
Seaboard Air Line
460,021
445,601
Tennessee Alabama & Georgia_
2,904
2,334
908,690
1,878
4,953
Total (41 roads)
Net increase (6.75%)
931,394
845,955
13,381,042 12,535,087
84,261
1,178
883
14,420
570
[VOL. LXXXXIV.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bal. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Bellefonte Central
244
May
250
516
1,025Jan 1 to May 31
1,220
1,250
3,734
1,774
Dunk Alleg Val & PittsJan 1 to Mch 31
12,335
14,693
z9,640 zdef.3,355New Jersey & New YorkJan 1 to Mch 31
56,417
56,455 zdf.12,924 xdf.24,323
N Y Chicago & St LouisJan 1 to Mch 31
468,219
445,563 z191,422 z196,792
Pittsburgh Shawmut & NoJan 1 to Mob 31
129,602
100,145
x92,972
z10,364
x194,736
July 1 to Mch 31
351,954
284,980
z48,067
INDUSTRIAL COMPANIES.
-list., Rentals, &c.- -Del. of Net Earns.
Previous
Current
Previous
Current
Year.
Companies,
Year.
Year.
Year.
$
$
$
$
8,837
Atlantic City Electric_ May
8,466
7,486
11,222
33,584
Jan 1 to May 31
42,153
43,200
35,518
Canton Electric
May
4,757
5,9064,390
6,414
Keystone Tel & TeL __ May
24,804
24,265
26,795
26,271
Jan 1 to May 31
124,886
121,868
123,465
121,748,
Kings Co Elec Lt & P_ May
72,235
64,735
x68,519
x66,058.
Jan 1 to May 31
361,179
323,679
x497,783 x439,629
Rockford Electric
7,818
7,313
May
6,366
6,035
Jan 1 to May 31
39,134
35,965
45,456
32,451
Scranton Electric
12,157
May
10,968
15,997
14,890,
Southern Cal Edison_ _ _ _May
55,005
107,615
58,601
85,745
Jan 1 to May 31
300,629
276,808
542,391
458,765
Wheeling Electric
2,376
May
4,039
3,883
4,063
Roads,
z After allowing for other income received.
EXPRESS COMPANIES.
December---July 1 to Dec. 311911.
1910.
1910.
1911.
Wells Fargo & Co.$
$
$
$
3,193,410 2,581,116 16,092,239 12,986,249,
Express revenue
Miscell. transport. revenue
168
5,833
2,419'
51,867
41,002
Non-transport. revenue_ __ _
285,012
233,078
Gross receipts from oper
Express privileges-Dr
3,245,278
1,510,133
2,622,377 16,383,085 13,221,747
1,208,273 7,738,052 6,199,643
Total operating revenue_ _ 1,735,144
40,881
Maintenance
29,412
Traffic expenses
Transportation expenses_ _ _ _ 1,146,448
89,712
General Expenses
1,414,103 8,645,033
55,590
294,589
15,091
152,422
908,900 6,135,818
68,044
508,009
7,022,104
251,262
88,820
4,882,92Z
372,254
Total operating expenses_ _ 1,306,454
428,690
Net operating revenue_ _ _ _
24,750
One-twelfth of annual taxes_
1,047,627
366,476
42,628
5,595,269
1,426,834
124,530
Operating income
Mileage of allfSteam roads_
lines covered1 Other lines_ _
403,940
63,686
17,339
323,847
46,675
4,492
7,090,840
1,554,192
148,458
1,405,736 1,302,304
ELECTRIC RAILWAY AND TRACTION COMPANIES.
85,439
Net Earnings Monthly to Latest Dates.-In our 'Railway
Earnings" Section or Supplement which accompanies to-day's
issue of the "Chronicle," we give the April figures of earnings
of all steam railroads which make it a practice to issue monthly
returns or are required to do so by the Inter-State Commerce
Commission. The reader is referred to that Supplement for
full details regarding the April results for all the separate
companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings Section"
is devoted. We also add the returns of the industrial companies received this week.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
$
$
$
374,240 355,927 1,473,552
American Rys Co_ -_ April
25,207 26,660
Atlantic Shore Ry_ May
115,009
141,974 130,913
cAur Elgin & Chia Ry April
521,854
Bangor Ry & Elec Co April
51,492 43.097
208,777
Baton Rouge Elec Co April
45,189
8,818
11,129
Binghamton Railway April
129,786
33,163 28,709
Brock & Plym St Ry_ April
29,844
8,277
8,285
Bklyn Rap Tran Syst February _ 1724,865 1591,045 3,546,815
Cape Breton Elec Co_ April
102,989
26,559 23,332
Carolina Pow 46 Lt Co May
171,648
32,769 27,721
93,205
Cent Park N & E Riv February _
45,638 41,778
358,246
80,698 77,702
Central Penn Trac_ _ _ May
320,201
81,208 75,114
Chattanooga Ry & Lt April
95,880
26,527 26,572
Clev Painesv & East_ April
334,396
85,885
91,091
Clev South w & Colum April
170,796
43,447 41,303
Columbus (Ga) El Co April
-Gross Earnings- -Net Earnings
- Coney Island & Bklyn February _
106,436
98,218 90,656
Current
Previous
Current
Previous
549,076
141,096 125,387
Dallas Electric Corp_ April
Roads.
Year.
Year.
Year.
Year.
Detroit United Ry___ 3d wk May 204,725 189,077 3,989,079
$
$
$
$
03,885
43,136 44,852
D D E B & Bat (Rec) February _
Baltimore Cc Ohio
_May 8,252,995 7,518,036 2,723,361 2,547,812 Duluth-Superior Trac April
354,486
91,998 89,797
July 1 to Mayb__31
84,279,490 80,683,295 25,410,269 23,117,207 East St Louis & Sub_ April
757,607
179,744 178,507
252,584
Bellefonte
5,591
58,110 53,695
_ __May
April
5,865
760
1,275 El Paso Electric
243,232
Jan 1 Central_b85,227 53,186
to May 31
29,670
28,213
4,954
3,024 Fairm & Clarks Tr Co April
255,151
102,991
127,838
February
_
42dStal&SNAv
(Rec)
Dunk Alleg Vail & Pitts _ b583,472
151,603 121,147
Jan 1 to Mch 31
78,917
75,054
21,799
11,104 Calv-Hous Elea Co April
382,013
94,339 80,967
Grand Rapids Ry Co_ April
Nan City Southern_ b_ _ ..May
773,006
794,775
237,701
263,314 Havana Electric By_ Wk June16 47,040 40,990 1,149,702
July 1 to May 31
8,633,521 9,353,740 2,747,986 3,339,658 Honolulu Rapid Tran
181,504
44,008 39,332
April
Lehigh Valley_ b
May 2,300,711 3,510,575
670,788 1,402,400
& Land Co
93,146
25,508
24,566
July 1 to May 31
33,256,742 33,999,731 10,413,649 12,516,202 Houghton Co Trac Co April
389,729 1,345,600
455,691
Hudson
&
Manhattan
March
New Jersey & New York _ b528,228 2,353,867
563,505
April
Tratcion
Co
Illinois
162,472
Jan 1 to Mch '31
42,293
173,877
31,328 Interboro Rap Tran_ April
2806,389 2658,586 11,135,865
N Y Chicago & St Louis_ b198,331
51,284 46,164
Jacksonville Trac Co_ April
Jan 1 to Mch 31
635,861
2,824,515 2,652,093
359,197
569,387 Lake Shore Elea Ry_ April
97,800 91,958
25,630
12,897 11,789
Long Island Electric_ February _
Pittsb Shawmut & Nor_b.448,760 395,571 1,780,574
166,475
Jan 1 to Mch 31
304,322
456,054
50,369 Milw El fly & Lt Co.. April
337,357
88,390 76,945
403,590
July 1 to Mch 31
1,149,683 1,040,013
187,323 Milw Lt, Ht & Tr Co_ April
427,664 371,992 1,239,621
r205,119
Western Maryland_a_ _ _Apr 625,440
589,789
r222,828 Montreal Street By.... March
663,697
168,976 161,228
July 1 to Apr 30
6,021,973 5,986,637 r1,926,342 r2,116,156 Nashville Ry & Light April
19,495
63,840
30,835
February _
N Y City Interboro
182,769
Wheeling & Lake Erie_ _May
595,340
579,446
215,376 N Y & Long IslTrac_ February _
48,507
24,376 22,644
July 1 to May 31
6,791,785 . 6,210,411 2,203,628 1,831,908 N Y & Queens Co_ _ _ _ February _
84,952 76,610
175,576
1157,654 1120,081 4,397,516
INDUSTRIAL COMPANIES.
New York Railways_ April
13,030
13,680
50,024
Atlantic City Electric__ _May
19,688
32,037
16,323 Northam Easton & W April
33,559
221,784 200,015
Trac & Lt April
845,270
Jan 1 to May 31
85,353
163,539
146,052
69,102 North Ohio
134,936 126,681
502,311
North Texas Elec Co_ April
Canton Electric
11,171
May
10,296 Ocean Electric (L D.. February _
24,016
20,688
2,952
4,061
8,215
23,625 21,452
Cities Service Co
94,904
73,500
56,651 Paducah Trao& Lt Co April
May
78,981
58,657
22,734
22,401
Pensacola
Electric
90,076
Co
April
Keystone Tel & Tel_a_ _May
51,599
50,536
101,653
98,839
2044,796 1972,348 9,365,958
Jan 1 to May 31
243,616 Phila Rap Trans Co May
496,089
484,263
248,351
532,558 526,475 2.125,836
Port(Ore)Ry,L&PCo. April
Kings Co Elec L & P_a_May 409,701
136,918
127,349 PugetSd Trac,Lt& P. April
371,914
669,409
2,742,918
Jan 1 to May 31
836,430
739,616 Richmond Lt & RR_ February _
2,199,994 1,938,934
22,287 21,374
45,054
Mexican Lt & Power_ _ _ _May 709,044
501,256
344,632 Rio de Janeiro Tram
660,070
1193,833 1030,111 4,548,297
Light & Power Co_ April
Jan 1 to May 31
3,620,525 3,370,325 2,666,588 2,098,282
May
13,348 St Joseph (Mo) Ry,Lt
14,184
Rockford Electric
30,971
29,560
378,984
90,423 84,700
Heat & Power Co_ April
68,416
Jan 1 to May 31
179,270
84,590
165,373
Sao Paulo
375,015 284,038 1,488,048
May
25,858 Savannah Tram,L&P April
Scranton Electric
56,425
28,154
51,236
80,721
55,305
234,483
Electric Co April
May
140,750 Second Ave (Rec)
348,689
166,216
Southern Cal Edison_
288,432
136,653
65,873 55,285
February _
735,573 Southern Boulevard_ February _
Jan 1 to May 31_1,741,442 1,468,539
843,020
17,603
7,351
8,527
88,731
May
16,983
19,015
18,950
Wheeling Electric
6,439 Sou Wisconsin Ry Co May
7,922
12,819
31,847
Staten
14,203
15,527
February
_
Isl'd
Midland_
given
are
after
a Net earnings here
deductingraxes.
244,862
Tampa Electric Co
62,395 55,309
April
b Net earnings here given are before deducting taxes.
596,306
Av.nue (Pee) _ February _ 290,738 259,867
r • r After allowing for miscellaneous receipts and net from coal and other Third
974.170
210,756
April
Tri-City
lty
225,987
.3,
Lt.
Cu..
departments, total net earnings for April were $208,306, against $263,994
Twin City Ran Tran 1st wk.inne 155 in5 155.060 3,381,720
in 1911, andlfor July 1 to April 30, were $2,273,672, against $2,456,798. •
0,.
Previous
Year.
$
1,375,834
103,365
487,084
173,319
36,104
112,763
29.471
3,336,467
97,057
145,528
92,214
337,550
290,307
94,814
324,046
155,608
190,500
510,060
3,543,968
94,398
340,845
712,803
227,404
208,612
219,444
448,528
353,576
1,085,794
156,115
93,421
1,138,396
2,178,927
10,494,692
197,802
339,314
24,819
1,575,886
298,824
1,072,854
631,374
40,493
47,637
160,146
4,314,224
44,594
748,885
502,716
6,265
84,485
90,264
8,895,902
2,032,114
44,497
3,938,862
346,542
1,120,116
213.561
120,880
15,583
75,063
30,095
222,672
550,851
894,237
3,248.959
THE CHRONICLE
JUNE 22 1912.]
Latest Gross Earnings.
Name of
Road. •
Jan. 1 to latest date.
-GrossEarnings- -Net Earnings
Current
Previous
Previous
Current
Year.
Year.
Year,
Year.
$
$
$
$
3,122
N Y & Long Isl'd Trac_a Feb
24,376
22,644
733
Jan 1 to Feb 29
48,507
4,549 ' 7,568
47,637
Feb
84,952
N Y & Queens Co_a
76,610 def27,096 def14,983
Jan 1 to Feb 29
175,576
160,146 de154,908 de129,548
Feb
4,061
Ocean Elm,(L I) _a
def1,882
def1,069
2,952
8,215
def3,873
Jan 1 to Feb 29
def2,325
6,265
Iiklyn_a_Feb
Island
&
98,218
17,717
18,424
Coney
90,656
196,436
Jan 1 to Feb 29
40,622
35,434
190,590
22,287
Richmond Lt & RR _a_ _Feb
def1,165
21,374
def933
45,954
Jan 1 to Feb 29
def8,471
def3,624
44,497
15,527
def1,079
14, 03
Staten Island Midland a Feb
499
31,847
def5,668
Jan 1 to Feb 29
30,095
def1.011
Roads.
Week or
Month.
Current Previous
Year.
Year.
Current
Year.
Previous
Year.
Underground Elm By
of LondonThree tube lines _ _ _ Wk June 15 £13,665 £14,175 £338,895 £334,345
Metropolitan Dist_ WkJune 15 £12,946 £12,501 £301,891 £286,836
£6,435 £7,145 £146,546 £148,770
United. Tramways_ Wk June 15
London Gen'l Bus_ Wk June 15 £54,330 £44,842 £1,098,645 £847,107
351,670
318,635
February _ 171,540 150,858
Union (Rea)
279.735 242,968 1,202,810 1,024,475
UnionRy,G &EC°(Ill) April
1083,014
1053,826
4,901,759
4,794,945
United Rys of St L__ May
691,754 657,176 2,012,427 1,873,070
;United RRs of San Fr March _
39,765
36,196
81,042
76,679
Westchester El (Rae) February _
50,126 44,438
102,333
93,770
Yonkers RR (Rec)__ February _
17,765
17.482
68,482
71,288
Youngst & Ohio Riv_ Apry_
c These figures are for consolidated company.
Electric Railway Net Earnings.-The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week:
Roads.
1691
-Gross Earnings
--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
320,719
American Lt & Trac_ _ _ May
309,608
299,701
310,027
1,664,066 1,696,648 1,611,655 1,649,592
Jan 1 to May 31
25,207
Atlantic Shore Ry_b___May
26,660
2,921
6,173
Jan 1 to May 31
115,009
103,365
12,806
11,428
Carolina Power & Lt_a_May
32,769
9,057
27,721
10,806
Jan 1 to May 31
171,648
61,111
55,353
145,528
Central Penn Trac
May
80,698
77,702
25,759
25,055
Jan 1 to May 31
358,246
98,733
91,789
337,550
Cleveland Ry_b
May
567,833
182,735
175,546
577,959
Columbus (Ga) Eleo_b Apr
43,447
41,303
18,756
22,747
Jan 1 to Apr 30
170,796
155,608
83,042
80,680
Galveston Elec_a
Apr
33,841
34,622
13,219
15,526
Lehigh Valley Transit_May
105,318
97,643
49,780
45,657
July 1 toMay 31
556,645
501,233
235,236
215,778
Milw Eleo Ry de Lt_a___Apr 448,760
395,571
128,891
116,016
Jan 1 to Apr 30
1,780,574 1,575,886
483,625
451,416
Milw Lt, Heat & Trac_a_Apr
88,390
76,945
31,012
27,032
Jan 1 to Apr 30
337,357
208,824
96,976
99,255
New York Rallways___ _Apr 1,157,654 1,120,081
389,475
138,086
4,397,516 4,314,224 1,279,599
Jan 1 to Apr 30
897,802
21,452
23,625
7,361
Paducah Trac de Lt_a_ _ _Apr
7,886
94,904
84,485
26,476
33,205
Jan 1 to Apr 30
2,044,796
1,972,348
May
814,278
795,560
Philadelphia Rapid Tr_
20,710,366 19,628,437 7,953,283 7,574,617
July 1 to May 31
Puget Sd Tr, Lt & Pow Co
276,223
and Subsidiary Cos_ b_Apr 669,409
1,151,111
2,742,918
Jan 1 to Apr 30
329,490
United Rys of St L_a_ _ _May 1,083,014 1,053,826
331,201
4,001,759 4,794,945 1,494,510 1,501,668
Jan 1 to May 31
a Net earnings here given are after deducting taxes.
b Net earnings here given arc before deducting taxes.
a Net earnings here given are after deducting taxes.
C Other inc. amounted to $78,451 in Feb. 1912, against $74,626 in 1911.
ANNUAL REPORTS3
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of May 25. The next will appear in that of June 29.
The Ontario Power Company of Niagara Falls.
(Report for Fiscal Year ending Dec. 31 1911.)
The report, dated at Buffalo, May 27 1912, says in subst.:
The growth of the business during the past year shows a very marked
increase, notwithstanding the decrease in most other lines.
90
et9.ncome
I
A
19
vl
ai
o.
lable for int
.
91.
i &c
.
Kilowatt Hours Generated, Total Receipts,1N
1908.
1907.
K. w. hours.60,837,700 139,816,000 226,744,100 310,736,900 382,180,200
$567,174
$795,659
$940,257
$459,572
Receipts ___ $430,648
$400,677
$607,962
$734,286
$326,269
Net income_ $302,678
Contracts for Sale of Power.-(a) To Niagara Lockport .5, Ontario Power
Co. (see below), which owns transmission lines 406 miles in length, serving
the territory from the Niagara River to Syracuse, and from Lockport to
Dunkirk, N. Y. This power is used to operate 13 electric traction lines,
over 610 miles of railroad, including the trolley systems in Oswego,Syracuse and Rochester, and the interurban roads between Rochester and
Canandaigua, Rochester and Mount Morris, Rochester and Sodus Bay, and
between Buffalo and Dunkirk. (b) To Hydro-Electric Power Commission
of Ontario, which has in operation 467 miles of lines and has made contracts
with 31 corporations and municipalities, including cities of Hamilton.
Toronto, London and Guelph. (c) To distributing companies, manufacturers, electro-chemical, electro-metallurgical and other industries at
Niagara Falls, Ont., and the territory adjacent to the Welland Canal.
Capacity of Plant.-Ten generators installed, rated capacity 117,000 h. p.:
ordered, 2 generators (and turbines), rated at 13,000 h. p. each., which will
make a total of 143,000 h. p. The hcadworks, &c., to supply water to
these additonal generators and turbines have already been installed.
Generator No. 11 will probably be in service late In 1912 and Generator
No. 12 early in 1913. The company has the right to put in a third conduit
18 inches In diameter which will furnish water for the development of approximatey 70,000 additional h. p. The head works having been originally
constructed for the full development of three conduits 18 inches In diameter
Interest Charges and Surplus.
each. The property has been maintained in the highest standard of effi-Int., Rentals, ctc.- -Bat. of Net Earns.- ciency. All of the principal buildings are of fireproof construction. The
Current
Previous
Current
Previous
transmission lines have a total length of 1,226 miles; Oswego, the most
Roads.
Year.
Year.
Year.
Year.
distant point, is 196 miles from the power-house by way of the transmission
lines. [Signed by Ptes. J. J. Albright and Sec. R. C. Board.]
8,040
Carolina Power & Light_May
6,654
2,766
2,403 ONTARIO POWER CO. AND ONTARIO TRANSMISSION CO.INCOME ACCT.
Cleveland Railway
May
147,297
159,632
x34,689
x24,531
[Eliminating inter-company payments.]
Columbus (Ga) Eleo_ _ _ _Apr
15,730
1911.
1910.
1911.
10,789
1910.
3,026
11,958
Jan 1 to Apr 30
53,682
$925,628 $773,496 Total net income
$734,286 $607,962
35,034
29,360
45,646 Sale of power
_
57,576
51,597
InterestGovernment
rental_
_
41;000
Galveston Elect
Apr
6,118
5,254
7,101
10,272
Oat. P0. Co. 1st 56_6311,408 $264,257
Milw Elec By & Lt_ _ Apr
56,462
51,920
x75,056
z68,624
$868,052 8721,901
Ont. Tr. Co. 1st 5s_ 88,818 76,192
Gross earnings
' Jan 1 to Apr 30
253,224
202,937 z243,046 x270,485 Operating expenses_
148,395 136,100
Ont. P. Co. deb. 6s_ 160,000 180,000
65,180
Milw Lt, Heat & Trac__ Apr
55,886
z11,090
x16,313
Jan 1 to Apr 30
238,006
Total Interest
Net earnings
$719,657 $585,801
$610,226 $520,449
223,860
x40,128
z56,055
14,629 22,161 Surplus
Other receipts
$124,060 $87,513
275,208
New York Railways_ _ _ _Apr
z146,916
1,019,202
CONSOLIDATED BALANCE SHEET DECEMBER 31 1911.,
Jan 1 to Apr 30
x317,693
Assets ($22,824,301)6,256
Liabilities ($22,824,301)- twormio,
Paducah Tract & Lt_ _Apr
5,759
1,105
2,127
24,994
$22,913,957 Ontario Power Co. stock__ __ $8,215,000
23,113
Jan 1 to Apr 30
1,482
10,092 Property and plant
Stocks & bonds of other cos
100,614 Ontario Transm. Co. stock_ _ 1,000,000
Puget Sound Tr, Lt & Pow
Prepaid insurance
15,693 Ontario Power Co. 1st 5s_ ___ 8,272,000
146,407
129,816
Co and Subsid Cos.. _ _Apr
Cash
123,664 Ontario Transm. Co. 1st 5s_ _ 1,803,000
562,611
588,500
Jan 1 to Apr 30
•
Accounts receivable
270,498 Ontario Power Co. deb. 6s_ _ _ 3,000,000
225,506
229,214
x111,004 x107,392 Bills receivable
United RYsof St Louis_ _May
39,863
6,880 Bills & accounts payable_ ___
1,127,733 1,150,443 x389,288
Jan 1 to May 31
x370,920 Ont. Transm. Co. 1st 5s s. L. _
807 Accrued Interest, taxes, &c..
186.924
Contingent assets
74,748
16,939 Disc, bills rec. (see contra) _ _
x After allowing for other income received. . •
Bills receivable-discounted
37,335
Reserves
(see contra)
74,748 Miscellaneous
500
Miscellaneous
New York Street Railways.
600 Profit
194,931
--Net Earnings
-Gross Earnings
- -V.94, p. 1630, 1123.
Current
Previous
Current
Previous
Year.
Year.
Roads.
Year.
Year.
Niagara Lockport & Ontario Power Co., Buffalo, N. Y.
$
(Report for Fiscal Year ending Dec. 31 1911.)
Hudson & Manhattan_a_ Feb
235,947
298,388
c170,364
c123,296
Jan 1 to Feb 29
495,278
617,087
347,578
248,683
Pres.
Francis V. Greene, Buffalo, Feb. 29, wrote in subst.:
Interboro R T (Sub) _a_ _Feb 1,402,338 1,240,866
826,093
714,852
Results.-As compared with 1910, the increase of business was approxiJan 1 to Feb 29
2,903,814 2,587,503 1,719,444 1,517,857 mately
6%
in gross earnings and 9% In net earnings. The business during
Interboro B P (Elev) _a_Feb 1,233,746 1,194,602
578,520
543,747 the current month (February) Is larger than In January 1912 (see table beJan 1 to Feb 29
2,566,456 2,505,918 1,197,252 1,152,282 low), and indications are that the increase of business during the year will
Total Intcrboro R T_a_Feb 2,636,084 2,432,940 1,404,613 1,258,599 be larger than during 1911.
Jan 1 to Feb 29
Since Jan. 1 1912 the lines have been operated to nearly their full capacity
5,470,270 5,093,421 2,916,606 2,670,139
the average daily transmission having been in excess of 55,000 h. p. and
Brooklyn Rap Tran_a__Feb 1,724,865 1,501,045
520,837
452,674 the maximum
slightly less than 60,000 h. p.
Jan 1 to Feb 29
3,546,815 3,336,467 1,068,171
902,023
Maturing Notes.-Proceedings have been taken since Dec. 31 1911 and
Feb 1,031,166
New York Ry _a
278,427
975,696
200,558 are now in progress for retiring the $2,000,000 five-year notes at their maJan 1 to Feb 29
566,157
2,114,835 2,076,561
487,977 turity on June 1 1912 by the issue of first pref. cumulative 6% stock equal
Cent Park N & E Riv_a_Feb
45,638
def3,699
41,778
def8,407 to the face value of the notes. These proceedings are being taken with the
Jan 1 to Feb 29
03,205
def7,459
92,214
def8,327 consent of the owners of all these notes, who have agreed to subscribe for
such pref. stock at par in order to put the company in funds to pay the notes
Second Avenue-a
Feb
65,873
def272
55,285
def3,115 at maturity. [See item on another page.-Ed.]
• 1-.4 • •
Jan 1 to Feb 20
136,653
481
def2,305
120,880
Contracts, &c.-Under our contracts with 13 public service corporations
Third Avenue-a
Feb
290,738
121,506
259,867
114,558 we furnish power for lighting and miscellaneous purposes in Syracuse, AuJan 1 to Feb 20
596,306
550,851
256,043
225,463 burn, Rochester, Batavia, Lockport, Lackawanna, Depew, Lancaster,
municipalities. These contracts are for 10
Dry Dk E Bway & Bat_a Feb
43,136
def4,286
44,852
7,741 Hamburg and some smaller to sell to any other
Jan 1 to Feb 29
public service corporation
93,885
94,398
1,432
8,424 years or more, we agreeing notthe
purchaser agreeing not to buy from any
in
and
named,
the
territory
42d St Man do St N Av_a-Feb
127,838
102,991
18,379
22,488 corporation but us. Our power is thus delivered in every town of considJan 1 to Feb 29
255,151
219,444
39,587
35,987 erable size (excluding those along the Niagara River) on the lines of the
30,835
N Y City Interboro_a _ _ _Feb
19,405
4,233
1,061 N. Y. Central RR,system, between Syracuse and Dunkirk, except the City
Jan 1 to Feb 29
63,840
40,493
10,559
2,355 of Dunkirk and certain towns in Wayne, Seneca and Ontario counties.
are In progress for the furnishing of our power to these lastSouthern Boulevard _a_ _Feb
8,527
7,351
1,465
247 Negotiations
communities.
17,603
Jan 1 to Feb 29
15,583
2,869
1,690 named
contracts with electric traction lines are mostly for long terms,
Our
13
Feb
171,540
Union_a
150,858
30,143
19,780 and our power is used to operate about 610 miles of such railroads, including
351,670
Jan 1 to Feb 29
318,635
52,067
41,150 the trolley systems In Oswego, Syracuse and Rochester and the Interurban
39,765
Westchester Electric_a _ _Feb
36,196
4,330
4,378 roads between Rochester and Canandaigua, Rochester and Mt. Morris.
81,042
Jan 1 to Feb 29
76,679
3,738
510 Rochester and Sodus Bay, Rochester and Lockport, Buffalo and Erie, and
certain smaller systems at Williamsville. Depew and Lancaster (V. 88, p.
Feb
50,126
Yonkers _a
44,438
673
def7,018
102,333
Jan 1 to Feb 29
93,770
8.204
ft 1,640 1317).
We also have six contracts with large manufacturing corporations rang12,897
on5aItraInsloElp
e6a29 Feb
11,789
def3,370
def2.833 ing from 4 to 22 years. The small manufacturers are supplied through the
25,639
24,819
def7,857
def4,949 public service corporations which distribute our power(V.89, p. 1415).
159
0-*
1692
THE CHRONICLE
[VOL. Lxxxxr v.
.FROFITS FROM
Baltic
Champion (one-half) _
Trimountain
_
THE INDIVIDUAL MINES.
1911.
1910.
1908.
1909.
$530,215
$767,039
$892,646 $1,004,201
227,294
469,603
408,319
449,060
60,371
32,250 def.47,841
53,415
RECEIPTS AND DISBURSEMENTS COPPER RANGE CONSOLIDATED CO. FOR CALENDAR YEARS.
ReceiptsBalance brought forward
Baltic Mining Co. dividends
Trimountain Mining Co. dividends__ _
Trimountain Mining Co
Copper Range Co. dividends
Copper Range Co
Copper Range RR. dividends
Copper Range RR
Champion Copper Co
Baltic Mining Co
Michigan Smelting Co
United Metals Selling Co
Notes payable
Accounts receivable
Interest
Divs. received on capital stock Issued
but which remains unexchanged__ _
1911.
$462,924
498,295
1910.
$557,380
996,590
149,018
299,097
449,770
41,247
108,520
3,057
,
300,000
200,000
425,000
18,183
1909.
$518,254
996,590
22,007
598,194
59,563
163,920
91,453
125,000
39,492
37,073
250,000
2,259
1,624
3,164
2,202
$1,100,744 Deductions from income
$42,979
536,401 Int. on 1st M. bonds (incl. $4,783 •
Total
$1,858,525 $2,656,641 $2,904,710
int. on bonds in sinking fund_ _250,000
DisbursementsGross earnings
$564,343 Int. on 5-year notes (sec text)_ _ _100,000
$240,600
Net earnings (after oper. exp.) $401,231 Sinking fund payments
49,653 Copper Range RR. stock at par
255,000.
Copper Range RR. bonds at par
22,979
Other Income
77,160
$43,172
$40,529
Deficit after sinking funds_ ---518,422 General exploration
Baltic Mining Co
212,071
$424,210
Gross income
Trhnountain Mining Co
20,435
156,875
GENERAL BALANCE SHEET DECEMBER 31 1911.
Copper Range Co
50,852
1,225
Assets ($11,638,584)Liabilities (511,638,584)175,000
United Metals Selling Co
Property and plant
$10,326,944 Capital stock (V.92, p. 1640) 54,001,000 Copper Range Electric construction
2,809
4,199
20,367
Sinking fund cash
31 1st M. 5% 50-year bonds
Copper Range RR. Co
101,054
Treasury stock
8851,000
$5,000,000 (V. 90, p. 506),
Michigan Smelting Co
73,305
Investments
57,096
less in sink. fund, 5150,000 4,850,000 Taxes (New Jersey)
7,726
7,726.
7,834
Working assets
64,182 5-year 5% coupon notes- _ 2,000,000 Interest
10,292
12,573
C trrent assets
189,048 Current liabilities
257,707 Other expenses, &c
49,193
43,027
39,523
106,731 Unearned int. & landrentals
o.sh for construction
492 Dividends
1,357,104
1,537,340
1,536,930
,ntingent assets
24,639 Reserves
420,592 Cash on hand Dec. 31
315,552
462,924
557,380
18,913 Discounted notes receivable_
Notes receivable discounted_
18,913
Profit and loss, surplus
89,880
Total
$1,858,525 $2,656,641 $2,904,710
a Includes $4,000 (par value) common stock and $847,000 voting trust
COPPER RANGE CONSOLIDATED CO. BALANCE SHEET DEC.13
911.
0.
certificaOs evidencing ownership of certain treasury stock deposited with
a voting trust trustee.
19.
11
1910.
1911.
Assets$
Liabilities$
$
$
The company has a contingent liability as guarantor, both as to principal
39,344,500 38,433,500
and interest, of 50% of the 1st M. 5% 30-year gold bonds of the Niagara & Min. stks. owned.z37,865,400 36,934,400 Capital stock
y79,100 Notes payable.._ _ 2,025,000 1,600,00
Erie Power Co., of which there were $510,000 outstanding at Dec. 31 1911, Stock reserved_ ___ y79,100
410,178 United Metals Selland of 50% of the annual sinking fund payments to be made by that com- Notes receivable__ z260,411
300,000
• Ing Co
300,000
Copper Range RR.
pany, commencing Jan. 1 1916. See V. 92, p. 530.
27,749
30,806
Co. bonds at par 870,000
870,000 Mich. Sm.Co. dep.
-V. 00, p. 0000.
41,877
21,442
Copper Range RR.
Trim't'n M.Co.dep.
Copper Range Consolidated Co., Boston.
Co.stock at par_ 1,639,200 1,639,200 Copper Range Co.
76,058
Copper Range eleedeposits
25,206
(Report for Fiscal Year ending Dec. 31 1911.)
74,186
69,987 Bills payable
tric plant
18,183
Gen'l exploration_ 672,331
629,159 Stock suspense_
38
President William A. Paine, April 25, writes in substance: Miscellaneous
6,322
6,000 Profit and loss_ __ ..
_ ___
641,726
17,365
Results.-The total production of copper from which profits are derived Cash
315,552
402,924
was 29,310,579 lbs., a decrease from 1910 of 3,546,113 lbs., made up as
follows: Baltic decrease, 2,179,313 lbs.; Champion (i) decrease, 1,792,149
41,782,502 41,120,948
Total
Total
41,782,502 41,120,948
lbs.; Trimountain increase, 425.549 lbs.; net decrease, 3,546,113 lbs.
Profits: Baltic, $530,215; Champion (3.), $227,294; Trimountain, $60,371;
x Includes 99.659 shares of Baltic Mining Co., 99,699 shares Copper Range Co.,
total, $817,879, a decrease of $451,912.
99,335 shares Trimountain Mining Co. and 91,100 shares Atlantic Mining Co.
Production and Cost of Copper Sold and Delivered, Incl. $130,774 Construction. y Represents 791 shares Copper Range Consol. Co. held for exchange for outstanding
15,370,449 lbs., at 9.09e. per lb. shares of Baltic Mining Co. and Copper Range Co. z Notes receivable In 1911 include
Baltic
7,819,713 lbs., at 9.630. per lb. Baltic Mining Co., $220,677 (against $329,107 in 1910), and Copper Range RR..
Champion (one-half)
94, p. 1251.
6,120,417 lbs., at 11.55e. per lb. $39,734 (against $80,981) -V.
Trimountain
Sales of electric power
Purchase of electric power_
29,310,579 lbs., at 9.74e. per lb.
Copper Range Consolidated Co
This 9.74c. compares with 8.78e. per lb. in 1910. The average yield of
copper per ton of rock for all the mines was 20.87 lbs., comparing with
23.32 lbs. In 1910 and 21.73 lbs. in 1909.
The taxes paid by the operating companies in Michigan amounted to
$223,092, which was 20% of our total income. In addition we paid the
U. S. Corporation income taxes, New Jersey taxes and excise taxes in Mass.
Available quick cash assets Dec. 31 1911: Copper on hand sold, $1,338,838; Copper Range RR. 1st M. bonds, $870,000; cash $315,552; total,
$2,524,390. Deduct: Notes payable, $2,025,000 and United Metals Selling
Co. $300,000; balance of quick assets, $199,390.
dullook.-While the results for the year have been unsatisfactory, the
outlook is good. The reduced output at Champion and Baltic, due to
special causes, is largely responsible for the increased copper cost. The
mines are as strong and as promising as ever. The new openings at the
Trimountain should steadily improve its ouptut. For the first four months
of 1912, with April est.,the earnings of the Trimountain Co.are $135,000.
Am/is/Hon.-In July 1911 your company acquired the property of the
Atlantic Mining Co. by exchange of shares on the basis of one share of Copper
Range Consol. Co. for ten shares of Atlantic; 92,470 of the 100 000 Atlantic
shares have been exchanged on this basis. The Atlantic Mining Co. owns
about1,400 acres of mineral lands, which adjoin the Baltic on the north, and
carry the extension of the Baltic lode, also the old Atlantic property of 640
acres, and two or three other small parcels. These lands also carry the
Superior and Isle Royal lodes, the southern extension of the Pewabic and
any other lodes which the Naumkeag Co. may develop. The Atlantic Co.
further owns: about 4,800 acres of timber land; 2,110 acres of miscellaneous
lands, including two miles of frontage on Lake Superior suitable for mill
sites, and a valuable deep-water frontage on Portage Lake; Atlantic & Lake
Superior RR., with 15 miles of standard track, and equipment for carrying
rock; a stamp mill; One-half of the Salmon Trout River dam,which furnishes the water supply for the Baltic and Atlantic mills, the other half
being owned by the Baltic Co.; 250 houses; $40,000 in stock of Michigan
Smelting Co., and supplies in cash, about $135,000.
We feel that this acquisition was made at a very favorable time, and that
the large extent of mineral ground contains possibilities which may prove of
great value. At present no mining operations are being carried on here,
but the output of the Superior Copper Co. is being handled by the Atlantic
railroad and mill.
CONSOLIDATED STATEMENT OF THE OPERATING COMPANIES
FOR CALENDAR YEARS.
1911,
1909.
1910.
1908.
1,891,576
Rock stamped (tons)_ ___ 1,779,072
1,820,769
1,893,749
21.73
20.87
23.32
Av. yield ref'd cop. (lbs.)
21.94
41,105,311
produced
(lbs.)__37,130,292 42,468,754
Copper
41,546,525
12.74 cts.
13 cts.
Avge. price rec'd per lb__ 12.54 cts.
13.39 cts.
Ree'd from copper sales_ _$4,655,127 $5,407,629 $5,340,728 $5,561,888
12,387
6,217
, 520
Interest..,.
$4,655,647
Total
Mining exp.,incl. smeit'g,
freight, marketing, &c_$3,447,100
Taxes, HoughtonCo.,Mich 163,373
.Interest
$5,413,846
$5,353,115
$5,561,888
$3,490,742
179,210
$3,499,128
192,544
$3,474,577
131,395
179
Total expenses
$3,610,473
$1,045,174
Net profit
53,532
Copper Range RR. surp_
$3,669,952
$1,743,894
75,168
$3,691,672
$1,661,443
170,262
$3,606,151
$1,955,737
16,379
$1,098,706
; • Total net income
• Deduct$66,851
Net balance of gen. exp._
One-half net mining profit
• Champion Copper Co.,
' • which belongs to St. .
227,204
' • Mary's Min. Land Co
$1,819,062
$1,831,705
*1,972,116
$48,602
$59,823
$36,280
469,602
408,319
449,061
•
f•• Total deductions
$294,145
$518,204
$468,142
$485,341
$804,561 $1,300,858 $1,363,563 $1,486,775
Balance, surplus
• •
k. Total dividends paid to Dec. 31 1911, $12,113,820. .
Greene Consolidated Copper Co., New York.
(Report for Fiscal Year ending Dec. 311911.)
This company owns the entire capital stock of the Cananea
Consolidated Copper Co., S. A., the mines and works of
which are located at Cananea, Sonora, Mexico. President
W. D. Thornton, New York, May 28, reports in substance:
-
Refined copper production for the year, from its own ores, by the Cananea Consol. Copper Co. was 37,101,119 lbs. Price received for product
(all sold) 12.886 cts. per lb., upon which figure earnings are based.
The gross operating profits, excluding expenditures for construction and
betterments, were $1,307.131. On Jan. 23 1912 a dividend of 60 cts. per
share was declared from the earnings of 1911. This dividend will be shown
in the report for 1912. The company's financial condition is such that
it is the policy of the directors to declare dividends from surplus net earnings whenever these warrant. The purchase of a four-fifths interest in the
Superior Bonanza Mining Co. near Imuris, Sonora, Mexico, consummated
In January 1912 on the basis that the Cananea Consolidated Copper Co.
advance about $50,000 to pay their indebtedness and to develop the property and receive 80% of the capital stock and retain all profits until
such advances are repaid. The net value of the ore blocked out is estimated at more than enough to repay the sum advanced, which will result
in the company owning a four-fifths interest without cost.
of L. D.
Ricketts. General Manager, Cananea, Max., Jan. 1 1912.
Report
The Mines.-The physical condition of our mines is good. I look fora
satisfactory year ahead and a notable increase in the output of both copper
and silver. The important developments of new ore have all been in the
limestone areas. These ores contain from 3% to 5% copper and from one
to four ounces of silver and from 10 to 30 cts. in gold per ton. They are
direct smelting ores, highly basic in character.
No attempt was made to press production during the year, but, on the
contrary, we aimed to curtail production. On account of the development
of basic high sulphur ores, there was need, however, of more silica, and we
consequently resumed operations at the Henrietta mine, which we had
closed down in 1910, and we also reopened the Cobra Grande mine. Work
was also started at Puertecitos with a view to increasing our output when
necessary. At Puertecitos we have started a new quarry for oxidized ores.
From the Henrietta mine we are running southerly two crosscuts that
will ultimately attain a length of several thousand feet and are intended to
intercept the mineral belt that we think exists towards the main cordon.
This work will tend to give us the proper direction for the combination
tunnel. The face of the combination tunnel on Dec. 31 1911 was 5,200 ft.
from the portal and is being slowly driven ahead. The tunnel has passed
entirely beyond the Eliza zone and has entered the Cananea claim. The
Elisa mine has continued to improve. In the limestone area of the Sierra,
de Cobre mine, over the combination tunnel, we have opened up important ore bodies at three points, and have crosscut ore in a number of
places that will undoubtedly yield important tonnages.
Developments on the 10th level of the Capote mine under the old ore
body have been disappointing, although some ore has been encountered in
the old body between the 8th and 10th levels. The mass of pyrites on the
5th level is about 220 feet long with a maximum width of 100 feet, and the
indications are that we shall obtain a very large tonnage of profitable ore,
even if we cannot find a way of beneficiating the leaner material for the
present. This ore contains a certain amount of silver as well as copper,
and as long as it contains upwards of 2 )i% copper,it should be profitable
at the smelter. A very considerable amount of It will average nearer 4%.
The amount of development work driven totaled 51,784 ft., of which
696 ft. were shafts and 9,811 ft. were raises and winzes. The average
cost per foot for the completed work was about $8.
The tendency for the future is towards lower grade mattes, and we are
endeavoring to develop ores low in sulphur to help to raise the grade of the
mattes. With this aim in view, we have recently bought a four-fifths
interest in the Superior Bonanza mine located near Imuris, Sonora.
Cost.-The cost of mining for the Cananea Consolidated Copper Co. was
$2 46 per ton, as against $2 75, $2 22, $2 13 and $3 28 for the four previous.
. • . . • • •.
periods. I consider this cost as most satisfactory. •
•
JUNE 22 1912.]
1693
THE CHRONICLE
has recently been completed) will become apparent and the knowledge
will be obtained as to the value of ore deposits below the present water level.
The operations of the tailings plant at Florence have been disappointing,
and It Is doubtful if more than the lavestment and int. will be returned.
The plant of Tile U. S. Smelting Co. at Canon City has been leased, but
little can be hoped for from this in the Nv.ty of any returns over and above
possibly to pay current fixed charges of that company. to say nothing of
any payment during the present fiscal year nolo tile interest charges which
are in default on that property. Any re:enne to your company from this
depends entirely upon the success of the company holding the lease.
source
$0.09088 $0.09664
Total cost, fine copper sold
In the balance sheet, the item of "cash accounts re:.scliable, &c.." Include
(?)
$0.00755
Construction
$179,772, due from The U. S. Smelting-Co., and in "outside investments"
is carried 8294,000 bonds of the same company. In view of the con80.09843
dition of The U. S. Smelting Co., these items have little value. There
is also carried under "accounts receivable" approximately $25,000, which
Total Cost, including every Cost of Refined Copper Sold.
Is due from a company having an option to purchase certain milling property
Year
Year
15 Mos. 5 2-3 Mos. Year
Year
in Summit Co., Colo. There is a possibility that this option will
located
1909.
1910.
1911.
1908.
1906-07.
1905-00.
$5.459
$5705
15.257 be exercised during the current fiscal year. From the item "Kessler &
15.976
57.025
Cost per ton_ _ _810.210
only a small amount will be realized.
Tons treated__ _947,977 1,305,291 295,554 835,929 792,856 741,873 Co., 87.361"
The bond interest paid during the year amounted to $91,500, the deFor 1911, the figure of 85.257 includes an item of 50.377 to cover condue to the waiving of the sinking fund feature, which action
struction as well as all repairs and replacements, which were quite extensive. crease being
five years,commencing with July 1, 1911, of the payment
The actual yield per ton of ore beneficiatecl was 50.01 lbs., as against relieves us for bonds
held in the sinking fund, as well as a flat payment
46.58 lbs. and 44.12 lbs. for the two preceding years. During 1912 the of interest on
$50,000 per annum, a total yearly saving of $117,500 for the period
yield will propably not be so high, since we are finding certain bodies of of
1026).
p.
93,
mentioned.(V.
mined
be
very
can
that
and
the
with
cheaply,
ore
concentrating
lean
very
The increase of bonds in the sinking fund--$07,000-is due to the ourhigh price of copper we shall find it profitable to mine this ore at the expense of a dron in the yield per ton, but should we do this the cost per ton chase by the trustee of these bonds prior to the waiver of the sinking Lund
provisions.
for mining and beneficiating should drop.
INCOME ACCO UN T.
The total amount of money spent for betterments and improvements
and ex traordinary repairs was about 8435,000, of which some $280,000 was
Years end. Dec. 31---- 17 Mos. end.
and
the
construction
balance
Aside
against
operating
costs.
to
1911.
•Dec. 31 '08.
charged
1909.
1910.
$96,046
$57,398
from the Improvements to the power house and the converter department, Inc. from plants In oper_
$360,592
$190,108
42,110
12,500
the construction to be done during the coming year is not heavy.
19,762
15,300
Inc. from outside inv'ts_
Premiums from bonds
Tonnage of Cananea Consolidated Copper Co. (wet tons).
10,131
15,126
13,067
10,394
purch. for sink. fund_
1910.
1911.
1911.
1910.
Dom. ore treated_741,872 792,313 Dorn. ore milled_ _415,199 509,228 Interest on bonds pura
67,470
61,590
54,330
chased for sink. fund_
221,005 Foreign ore milled_ _113,213 160,925
For. ore treated_ _195,091
16,750
39,406
2,021
17,786
Total
528,412 670,153 Sundry interest received
936,963 1,013,3181 Total..
751,462 795,050
Domestic ore mined
$96,779
$524,704
$185,351
$295,053
Total income for year
Ratio of concentration, domestic ore milled, 2.404 tons into 1 in 1911,
Deductagainst 2.869 tons into 1 in 1910; foreign ore milled, 5.169 tons into 1 in
General exp., salaries,
1911, against 5.157 tons Into 1 in 1910.
$69,143
$56,203
$111,610
876,218
taxes,&c.
advertising,
Bullion Product (lbs.). -Fine Copper (lbs.)- Cost maint. idle plants__
15,054
8,232
28,566
16,978
1910.
1911.
Production1910.
1911.
17,634
20,834
11,651
12,067
period
during
Improv'ts
Domestic ore
37,530,794 37,342,556 37,101,119 36,921,309 Preferred dividends__ _ _(13
059,187
,
8,758,830
7,796,347
Foreign ore
8,858,760
7,886,151
139,000
159,000
a91,500
225,250
Interest on bonds
Total
45,416,945 46,201,316 44,897,466 45,680,145
$260,831
$436,264
$264,263
$176,789
Total deductions
-Gold (ovs.)
Silver (ozs.)
Balance, stir. or deficit_ def.$80,010 def.$75,480 sur.$30,790 sur.$88,440
1910.
1911.
1911.
1910.
a Interest on bonds in sinking fund is not included in the accounts In
3,726 1911, owing to the waiver of the sinking fund feature of the mortgage for
3,610
816,356
795,160
Domestic ore
500,137
1,742 5 years-see remarks above.
2,282
368,624
Foreign ore
Cost per Ton of 580,060 Tons of (Dry) New Copper-Bearing Material Treated.
1911.
1910.
1909.
1908.
1907.
$2 57
$2 69
$3 09
83 86
$6 82
Mining and Beneficiating.-The copper costs (per pound of copper) were:
1910.
1911.
Gross costs, f. o. b. Cananca, $0.09568; freight to N. Y.,
$0,10911 $0.11920
refining, marketing, &c., $0.01343; total
0.02256
0.01823
Credit: Precious metals, $0.01339; misc., $0.00484_
5,468
1,184,980
1,205,297
5,892
Total
Reovery from domestic ore treated was as follows: In 1911, copper,
2.500%; silver, 1.0718 oz.; gold, 0.005 oz.; in 1910, 3.329%, 1.0317 oz. and
0.005 oz. respectively.
GREENE CONSOLIDATED COPPER CO. AND CANANEA CONSOLIDATED COPPER CO. CONSOLIDATED INCOME ACCOUNT.
1911.
1910.
1909.
Sales and miscellaneous revenues___•$5,863,205 $5,592,051 85,510,846
$4,558,170 $4,448,752 $4,408,287
Expenses, interest, &o
684,097
280,180
558,452
Depreciation
600,000
Dividends, 6% (see above)
$544,107
$459,202
$424,855
Net income
Includes sales of copper, $4,780,828; silver, $474,949; gold, $71,433,
and miscellaneous revenues, $535,995.
COMBINED BALANCE SHEET DEC. 31 1911.
Liabilities ($14,142,576)Assets ($14,142,576)-Real est., mines, rys.,&c.a$9,439,523 Capital stock (par $10)....$10,000,000
1,048,565
43,713 Sundry creditors
Prepaid taxes, &()
39,520
Accounts receivable_ _ _ _ 3,018,044 Accrued labor
769
39,818 Unclaimed dividends__ _
Sundry notes receivable..
b438,380
Supplies and merchandise 1,335,516 Reserves
2,615,342
182,629 Surplus
Invent, of cop. In process
83,333
Cash in bks. and on hand
a Includes real estate, mines and mining claims, buildings, concentrator,
railways, smelter plant and equipment, &c., $9,187,611, and new machinery, construction, &c., during 1911, 8251,912.
S Reserves include $23,001 for handling supplies, unearned tolls, &c.,
8122,544 for contingencies, $280,180 for depreciation, 88,655 for hospital
fund and $4,000 for Mexican legal reserve.-V. 94, p. 1630.
Ohio Fuel Supply Co., Pittsburgh.
(Report for Fiscal Year ending April 30 1912.)
INCOME ACCOUNT YEARS ENDING APRIL 30.
1910-11.
1909-10.
1008-9.
1911-12.
$5,150,320 $4,567,585 $2,928,282 $2,568,969
2,808,457
1,443,534
1,283,359
3,246,527
Gross earnings
Expenses
$1,903,793 $1,759,128 $1,484,748 $1,285,609
Net earnings
(8%)$978,4201.$1,245,371{(10)825,000(10)$700,000
Dividends
Int. on 6% deb. bonds__
366,9071
$659,748
$585,609
$558,466
$513,757
Surplus
Note.-Tho company designates as "dividends" not only the payment on
the capital stock but also the interest paid on the 86,115,125 6% debenture
bonds Issued in July 1910 as a 50% extra dividend on the stock.
• Dividends in the fiscal year 1910-11 amounted to 83,5%.
BALANCE SHEET APRIL 30.
1911.
1912.
1912.
1911.
s
3
Assets$
Liabilities3
23,525,454 23,100,297 Capital stock
12,23:1,250 12,230,250
Investment
178,063
186,837 Debenture bonds_ (1,115,125 6,115,125
Material in stock__
618,286
461,133 Accts. & bills pay_ 1,258,160 1,425,506
Cash
984,154 Profit and loss_ __ _ 5,520,931 4,061,540
Accounts reedy_ _ _ 802,663
25,124,466 24,732,421
25,124,466 24,732,421
Total
Total
The report of the Ohio Fuel Oil Co., whose stock (par $1) was distributed to the
Fuel
Ohio
Supply
Co.
In
the
of
Oct.
shareholders
1909 showed as of April 30 1912:
Stock auth., 6500,000, of which $180,000 in the treasury; bonds, $257,000: profit
and loss, surplus, $1,733,745. Gross earnings for year ending April 30 1012,
81,092,667 (against $704,145 in 1910-11 and 8661,042 In 1909-10): expenses and
losses, $338,877 (against 8306,315 and $168,915), and net earnings, $753,790
(against 6487,830 and 8492,127).-V. 92, IL 1610.
-d-States Reduction & Refining Co., N. Y.8; Colo. Spgs.
fiiie
(Report for Fiscal Year ending Dec. 31 1911.)
C. A. Sheetz, V.-P. & Gen. Mgr., wrote in substance Apr. 1:
Conditions became worse instead of better.funtil on Dec. 1 your directors
decided that it was best to make an arrangement by which, pending a
hoped-for general improvement, and a possible future re-arrangement of
one or more of the company's mills, the one plant which was running
should be closed down and operations suspended. This was done by making an arrangement with The Golden Cycle Mining Co. by which that comp'y
took over the ore contracts held by your company. It seemed unwise
to continue an operation which was in no wise profitable; and from the
conduct of which nothing but wear and tear upon our plant would result.
In the meantime sufficient funds will be available to preserve the plant
In good condition, and enable the company to meet its fixed charges.
The general improvement hoped for is, of course, entirely speculative,
but during thia.perlodi the complete effect of the drainage tunnel (which
BALANCE SHEET JANUARY I.
1912.
1911.
1912.
$
Liabilitiess
$
AssetsCost of property_ _12,364,147 12,317.267 Pref. stock out3,945,800
standing
384,637
Outside invest.,cost 385,053
Corn. stock outCash, accts. receiv5,918,800
standing
able & advances
257,297 First mtge. bonds_ 2,650,000
221,011
on ore, &c
1,086
10.069 Accounts payable_
11,147
Baruch Bros
45,750
32,297 Bills payable
457
N. Y. Trust Co_
7.609 Taxes accrued_ __ _
36,283
7.361
Kessler & Co.,N.Y
163.007 Unpaid int.& divs.
17,549
90,609
Supplies, &c
1,589,517
Bds. In sink.fund 1,125,000 1,058,000 Surplus
14,204,785 14,230,183
Total
-V.94, p. 1191.
Total
1911.
$
3,945,800
5,918.800
2,650,000
29,385
16,671
1,669,527
14,204,785 14,230,183
Montreal Light, Heat & Power Co.
(Report for Fiscal Year ending Apr. 30 1912.)
Pres. H. S. Holt, Montreal, May 17, wrote in substance:
Revenue.-The gross and net revenue and surplus earnings show substantial increases, notwithstanding the liberal reduction made in gas and
electric rates during the year. The surplus earnings, less appropriations
as noted, amount to $498,269, which, added to accumulated surplus earn
Info from previous years' operations, brings the accrued surOlus April 30
1912 to $2,894,106, as per balance sheet.
Additions and Betterments.-In order to meet the continued demand for
gas and electric service, consequent upon the rapid development of the
city and suburbs, there was necessitated during the year an expenditure
on capital account of $1,001,985. The company is rapidly approaching
Its capacity, and a new and auxiliary gas generating station is presently
being designed for early construction. As regards the electric supply,
your company has, with other interests, purchased a control in the Cedar
Rapids Mfg. & Power Co. with the intention of forthwith constructing a
hydro-electrio plant, utilizing the water power of the Cedar Rapids for an
estimated development of 150,000 horse-power (see below).
Reduction in Rates.-Your company has Just announced a further reduction (effective from July 1912, meter readings) In electric lighting and gas
service rates, and it is expected, as heretofore, that additional business
will compensate the resultant loss in revenue.
Burying Wires.-The city of Montreal has in contemplation an extensive
system of underground conduits for the burial of wires, and incidentally
the removal of poles from the streets in the commercial and congested
districts of the city.
Properties &c.-The properties and plants of the compally andv arious
subsidiary companies have been maintained by the expenditure of
$289,394, which, with the appropriation for depreciation and renewal,
reserve as noted, represents a total expenditure and provision of upward
of $854,394 for the year.
EARNINGS,EXPENSES AND CHARGES, YEARSENDING APRIL 301908-09.
1909-10.
1910-11.
1911-12.
$4,969,255 $4,404,127 $4,240,946 $4,079,769
Gross earnings
1,844,653
1,848,878
1,827,787
2,125,239
Expenses
$2,844,016 $2,576,340 $2,392,068 $2,235,116
Net revenue
$480,867
$489,268
$472,052
Int. on bonds & insurance $485,747
(8%)1,360,000(7%)1275000(7)1,190,000 (6)1,020,000
Dividends patd
.400,000
393,380
266,012
Depreciation & renewals_ *490,000
25,000
Fire insurance fund
200,000
Contingent account
10,000
10,000
Officers', &c.,pension fd_
Surplus
$498,269
$353,278
$321,201
$307,468
• In addition to $75,000 appropriated for the same purpose during year
BALANCE SHEET APRIL 30.
1911.
1912.
1911.
1912.
Liabilities$
AssetsCapital stock
17,000,000 17,000,000
Stocks, bonds and
Bonds outstanding10,117,000 10,113,000
Interest in other
200,749
23,993,387 23,968,549 Accounts payable_ 251,892
companies
64,812
69,121
New construction. 6,970,273 5,968,288 Customers' depos_
870,000 Accrued interest__
111,078
113,979
Bonds in treasury.. 1,107,000
751,373 Divs. unclaimed__
9,153
9,383
Accts. receivable_ _ 779,988
340,000
Dividend May 15_ 340,000
Stores, gas stoves,
173,515 Insurance reserve_ 300,000
187,403
300,000
&c
83,882 Contingent reserve 390.912
391,035
52,470
Coal, coke, tar, &c
840,413
Deprec'n reserve__ 1,377,099
Cash on hand and
270,674
346,338
326,531
Sub.cos.sInk.funds 441,370
In bank
103,521
85,657
Gen.suspense acct
28,476
19,780
Pension fund
2,894,106 2,395,837
Surplus
33,436,859 32,142,188
Total
,
---V 94, p. 1510, 634.4
Total
33,436,859 32,142,188
THE CHRONICLE
1694
Columbus (0) Gas & Fuel Co.
(Reportfor Fiscal Year ending March 31 1912.)
INCOME ACCOUNT FOR YEARS ENDING MARCH 31.
1911-12.
1910-11.
1909-10.
1908-09.
$473,319
Net income
$378,997
$452,464
$297,087
$275,000
Pref. dividend (5%)_ _ _ _
$275,000
$275,000
$275,000
dividend___
(1)470)41,250
Common
(1)27,500
Surplus for year
$157,069
$76,497
$22,087
$177,464
BALANCE SHEET MARCH 31.
1912.
1911.
1912.
1911.
Assets$
Liabilities$
S
Property, plant &
Preferred stock. _ _ 6,000,000 6,000,000
equipment ____ 8,635,457 8,488,550 Common stock__ _ 3,000,000 3,000,000
Artificial gas plant 1,431,000 1,500,000 First mtge. bonds_
Material &supplies
62,324
79,615
Columbus Gas Co 1,431,000 1,500,000
L.G.Addison,trust. *750,000 *750,000 Accounts payable.. 163,389
183,700
Cash
119,209
25,115
130,706 Accrued taxes
14,800
Accts. receivable_ _ 220,746
17,887
199,048 Accr. Int. on bonds
18,750
Ammonia,coke,tar,
595,521
Surplus
438,452,
meters, &c
8,176
7,783
Total
11,232,912 11,155,702
Total
11,232,912 11,155,702
* Presumably treasury stock, viz.:$500,000 pref.and $250,000 com.-V.94,p.1319.
New England Telephone & Telegraph Co., Boston, Mass.
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. Jasper N. Keller, Boston, May 6, wrote:
The total number of stations of the New England Telephone & Telegraph
Co. Dec. 31 1911 was, exchange 324,580, private line 4,931. Of The
Southern Massachusetts Telephone Co., exchange 30,667, private line 202.
Of sub-licensee and connected companies, 60,622, making a total of 421,002.
The wire mileage Dec. 31 1911 of the New England T. & T. Co. and The
Southern Mass. Telep. Co. was: underground, 538,051; submarine, 1,504;
aerial, 330,738; total, 870,293. The number of employees is 11,069.
The re-adjustmentof rates referred to in our reportfor 1910 has been continued during the year and has also been extended to territory outside that
covered by the original schedule, with the result of decided reductions in the
price of telephone service for the large majority of users. As, however, the
period for the compulsory adoption of the new schedule has not yet arrived,
it is Impossible to state definitely the complete results of the plan of the
Massachusetts Highway Commission.
Provision for employees old in faithful service found preliminary expression in the appropriation of $100,000 from the earnings of this year.
The estimated appropriations for the year 1912, including both the New
England T. & T. Co. and The Southern Mass. Tel. Co., are: For new construction arid real estate, $4,600,000; for repairs and depreciation, *5,300,000; total, $9,900,000.
OPERATIONS AND FISCAL RESULTS.
1911.
1910.
1909.
1908.
1907.
1906.
On Dec. 31exchange
wire_870,203 734,204 443,578 432,959 418,068 375,126
Miles of
Stations-Exchange..__324,580 293,795 263,583 241,598 227,861 205,184
Private line
4,931
5,307
5,716
6,087
6,866
7,293
Assod. & sub-licensee 91,491 82,920 67,722 57,301 54,769 43,099
Total stations
421,002 382,022 337,021 304,986 289,496 255,576
RECEIPTS AND EXPENSES.
Revenue1911.
1910.
1909.
1908.
Exchange service
$10,511,732 $9 615 965 $8 896 874 $8,160,158
Toll service
3,023,793
3,233,984
2,845,140
2,561,190
Miscellaneous
11,055
5,159
67,144
141,133
Messenger earnings
"
43,625
49,948
Real estate revenue
"
"
"
122.563
Interest and dividends
302,814
316,601
234,000
224,138
Total
$13,849,394 $13,171,709 $12,086,783 $11,259,130
ExpensesOperation
$5,521,267 $4,956,860 $4,547,865)
Repairs and depreciation 4,372,423
4,131,366
3,522,446 $8,312,139
Taxes
824,901
770,681
644,250
•
*
Messenger expense
45,307
55,348
*
Real estate expense_ __ _
76,293
135,316
118,808
142,966
Interest
254,936
$10,853,907 $9,977,715 $8,902,834 $8,698,717
$2,995,487 $3,193,994 $3,183,949 $2,560,413
(6 %)2,644,522 (6)2,350,686 (6)2,191,866 (6)2,076,842
Total
Net revenue
Dividendst
Balance, surplus
$350,965
$843,308
$992,083
$483,571
'Merged with other accounts.
BALANCE SHEET DECEMBER 31.
1911.
AssetsTelephone plant43,661,471
Furn. & fixtures__ 332.726
Supply department 1,874,409
Real estate
2,426,683
Stocks and bonds_ 2,394,071
Notes & accts. rep_ 4,792,781
Prepaid insur., &c.
28,785
Cash
700,529
55,000
Treasury bonds..
Total
1910.
39,587,468
265,879
1,859,782
1,949,573
2,320,532
4,148,999
27,888
2,717,931
56,266,455 52,878,052
1911.
LiabilitiesCapital stock
39,178,100
Surplus
y3,612,237
Bonded debt
2,505,000
Notes&accts. pay_ 2,585,785
Inventory adiust't 1,640,156
Retired pay aect
100,000
Reserve for deprec. 5,473,591
Other reserves,&c_ 1,171,586
Total
1910.
3
39,178,100
3,450,553
2,505,000
571,603
1,640,156
4,462,733
1,069,907
56,266,455 52,878,052
y After deducting $89,281 for depreciation of stocks and bonds and 8100,000 to
Provide for a retired pay account.-V.94, p. 1320..
GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
American Cities Ry. & Light Co.-New Directors.Hugh McCloskey, Prest. of the New Orleans By. & Lt. Co., and R. L.
Montgomery of Montgomery, Clothier & Tyler, Phila., have been elected
directors to succeed Fernand Lapeyre, deceased, and to fill a vacancy.
V. 93, p. 43.
Argentine Central Ry.-Sheriffs Sale of Road.The road was purchased at sheriff's sale on June 15 for *5,000 by William
Rogers of Georgetown, Colo., who owns the Santiago mine, about
mile
from Waldorf, on the road. Mr. Rogers has had to haul his ore by team
to the railway, and it is said will build a spur to the mine.-V.94, p. 277.
- Atlanta Birmingham & Atlantic RR.-Receivers' Certificates.-The receivers on June 13 applied to Judge Pardee in
the U. S. District Court for permission to issue $5,000,000
receivers' certifs. for iinp'ts.-V. 94, p. 1247, 1248, 766.
• Bessemer & Lake Erie.-Two -Cent Fare Law Enjoined.The Common Pleas Court at Pittsburgh has granted a decree enjoining
Allegheny County from demanding the enforcement of the 2-cents a mile
maximum fare law for passengers, passed by the Pennsylvania Legislature
in 1907, on the ground that it is unconstitutional so far as it affects the
company. No contest was made by the county.-V.82, p. 160.
[VOL.,Lxxxxiv.
further applications could be received to the $40,000,000
note syndicate, the amount having been so largely oversubscribed that applicants can be given only a moderate portion
of the amounts applied for. The notes are known as "5%
6-year secured notes."
It is understood that the syndicate price was 96.65. The purchase is, of
course, contingent upon a favorable decision being handed down by the
Court respecting the contract with the city.
Digest of Letter from President T. S. Williams, Dated June 19 1912.
Notes-Due July 1 1918, Callable at 101-Present Issue $40,000,000, Total
Not to Exceed $60,000,000.
The $40,000,000 of notes of the Brooklyn Rapid Transit Co. which you
have contracted to purchase are part of an issue limited to $60,000,000
which are to bear interest from July 1 1912 and are to mature July 1 1918.
Coupons payable J. & J.(0). Both interest and principal are payable in
gold without deduction for taxes. The notes are to be convertible at
option of holder, $ for $ (with adjustment of interest) into 1st M.5% bonds
of the new Subway Company at any time prior to Jan. 1 1916, on and after
which date they are to be redeemable at the option of the company at 101
and int. on any int. day on 90 days' notice. Notes in excess of the $40,000,000 now purchased by you are to be issued only for the same purpose
as the present issue, namely of meeting the requirements of the proposed
contract with the city for the construction,equipment and operation of the
rapid transit lines to be operated by the Brooklyn Rapid Transit interests.
Security for Notes-Equal Amount of New Subway Co. 1st M. Os and $10,•
000,000 B.R. T. Co. 45.
(1) By the pledge with the Central Trust Co. of N. Y. as trustee of an
equal face amount of 1st M. 5% bonds of the company which is to be
organized to lease and equip the new subway and elevated lines which have
been allotted to the Brooklyn Rapid Transit interests.
(2) By pledge with said trustee of $10,000,000 convertible 4% refunding
bonds of Brooklyn Rapid Transit Co., now held in the treasury.
The proceeds of the notes are to be deposited as security for the notes
until expended.
Guaranty of the Bonds by Brooklyn Rap. Tran.Co.and Brooklyn Union El.RR.
The payment of the principal and interest of the bonds of the new Subway Company is to be guaranteed or assumed by the Brooklyn Rapid
Transit Co. and also by either (a) the Brooklyn Union Elevated RR.(which
owns or operates all of the elevated lines in Brooklyn and which will own
the entire capital stock of the new Subway Company), or by (b) A company
formed by consolidation of that company with the Canarsie RR. Co. and
(probably) the Sea Beach Ry. Co. The guaranty or assumption of the
Brooklyn Union or Consolidated Company is to be secured by a first mortgage upon the present and future proderty of the company making such
guaranty or assumption subject only, in respect to the property covered
by existing mortgages, to the lien thereof.
Security for Bonds of New Subway Company.
(1) A first lien upon the company's leasehold interest in the subway and
elevated lines to be constructed under the contract with the city and upon
the new Subway Company's interest in such contract.
(2) A lien of the highest rank permitted by the contract with the city
upon (a) all payments to be made to the Subway Company under such contract; (b) the earnings of the Subway Company under said contract, and
(c) all other property of the Subway Company present or future.
Sinking Fund to Provide for Retirement of All New Subway Co. Bonds by
Maturity-Call at 10751.
The mortgage of the new Subway Company Is to contain a provision for
a sinking fund sufficient to provide for the retirement of all the bonds of the
issue at or before maturity through purchase at market value (not exceeding
1073 and int.), or to redemptions at 10731 and int. At that price the
entire issue of bonds at any time outstanding may be redeemed at option
of company on 90 days' notice, but there is to be no partial redemption
except for sinking fund.
Present Surplus Earnings of B. R. T. Co. Nearly Double the Interest upon
The $40,000,000 New Notes.
The proposed issue of bonds will thus become a charge not only upon the
earnings of the new Subway Company, but also upon all the surplus revenues of the entire Brooklyn Rapid Transit system, which for the year ending June 30 1912 (June estimated) will be approximately $3,600,000 over
and above all fixed charges, or nearly twice tile interest on the $40,000,000
of notes which you have contracted to purchase, without counting any part
of the great increase in revenues which is expected to accrue from the investment of $153,000,000 of new capital in the construction and equipment
of the rapid transit lines to be operated under the contract with the city.
Manner in which the $153,000,000 New Investment is to be Provided.
By the city (exclusive of real estate)
$93,000,000
By the Subway Company, representing contribution to the
cost of new subways, approximate cost of the new elevated
lines (and third-tracking of existing elevated lines) and of
the equipment for the entire system
$60,000,000
Location of New Unified Rapid Transit System.
(a) Subway line traversing the Borough of Manhattan from tile Battery
to 59th St., mostly on Broadway, and connected by tunnel under the East
River with subway lines in Brooklyn, with rights over the Brooklyn, Manhattan, Williamsburg and Queensboro bridges;
(b) Center St. loop extended through Nassau and Broad Sts., Manhattan,
to a connection with the lower East River tunnel and the 4th Ave, subway
in Brooklyn, with extensions to 86th St. and Coney Island, both of which
(excluding extensions) are expected to be ready for operation within a year;
(e) Subway line extending from 6th Ave. and 14th St., Manhattan,
across Manhattan, under the East River, to Bushwick Ave., Brooklyn,
and thence an elevated line to East New York;
(d) Subway line In Brooklyn connecting Manhattan Bridge with the
Brighton Beach RR.;
(e) Existiln rapid transit railroads of the Brooklyn Union Elevated RR.
Co., Canarsie RR. Co. and the Sea Beach By. Co., together with the projected extensions thereof.
Approximate Track Mileage of New Unified Rapid Transit System so Operated; Total 269 Miles.
Existing rapid transit lines_.i05.522 Subways and tunnels
70.580
Additional tracks on above__ 19.863 Elev. exten. (incl. bridges),. 73.034
Order in which Earnings of Enlarged System will be Pledged under Contract
with City.
First-To Subway Company an amount equal to annual net earnings of
the Brooklyn Union Elevated, the Canarsie and the Sea Beach railroads.
Second-To the Subway Company an amount equal to 6% per annum
on the sum invested by the Subway Company in construction and equipggTegate 53,600,000-equivalent to
ment-which on $60,000,000 would a,
interest at 5%, and sinking fund of 15', on the new bonds.
Third-To the city, interest and sinking fund on its investment.
Fourth-The remaining net earnings will be divided equally between the
Subway Company an the city.
The Subway Company's preferential payments will be cumulative.
Estimated Earnings of New Unified System (exclusive of Present Surface Lines)
on Assumption that Entire System will be Completed by July 1 1916,
While a large part of the new mileage is expected to be ready for operation within the next three years, the entire system, Including the Broadway Subway, ought to be completed by July 1 1916. Upon that assumption a careful estimate of gross and net earnings has been made by our
own and the city's experts, for a series of years after beginning complete
operation, with the following result:
June 30.
Net Earns. Preferetztials Surp. Over
Gross
50%.
Year.
to Co.. Preferentials
Earnings.
1916-17
$19,250,000 $9,625,000 $7,100,000 $2,525,000
1919-20
5,000,000
24,200,000 12,100,000
7,100,000
1924-25
9,050,000
32,300,000 16,150,000
7,100,000
• This figure does not include other surplus revenue of the B.R.T.system.
x More than enough to pay full interest and sinking fund on city's Investment of $93,000,000.-V. 94, p. 1625.
Canadian Northern Ry.-New Debenture Stock.-Subscription books were open in London from June 12 to 15 at
Lloyd's Bank, Ltd., Bank of Scotland, and the Canadian
Brooklyn Rapid Transit Co.-440,000,000 Notes Over- Bank of Commerce for 41,438,356 4% perpetual consolidated
subscribed.-The Central Trust Co., Kuhn, Loeb & Co. and debenture stock offered at 95%, ranking identically with
Kidder, Peabody & Co. announced on Thursday that no 47,492,750 of said stock already listed in London.
JUNE 22 1912.,
THE
CHRONICLE
Official Data—Deposit as Collateral of $7,000000 .1.st M. Securities of
. "Canadian Northern System Terminals. Ltd."
The trust deed limits the total amount of debenture stock to £2,000 per
mile of line operated, and an amount not exceeding the cost price of securities of independent corporations from time to time deposited with the
trustees with their consent. Secured by a general charge upon the undertaking, property and assets (other than land and money subsidies), subject
to the £1,180,600 bonds primarily charged on the Ontario Division
(287 miles), and to charges created, or to be created, not exceeding $10,000
per mile of line (other than the above-mentioned 287 miles), or $15,000 per
mile if guaranteed by the Parliament of the Dominion, orany of the Provinces of Canada; also a specific first mortgage upon certain securities.
The proceeds of the present issue are required in anticipation of a great
increase in business on the opening of the through trans-continental service,
for the initial acquisition, construction or extension and equipment by the
Canadian Northern System Terminals, Ltd. of certain terminal and
hotel facilities at important central points on the system, including Quebec,
Montreal, Ottawa, Toronto, Hamilton, Sudbury. Port Arthur,
innipeg,
Brandon, Regina and Calgary. These terminal and hotel properties ai.e, or
as acquired will be, vested in the Canadian Northern System Terminals,
Ltd., but will be used by the Canadian Northern Ry.system under permanent lease or agreement. The Canadian Northern System Terminals, Ltd.,
has created first mortgage securities to the extent of $7,000,000, which It
has sold to the Canadian Northern By. Co., and which have been deposited
with the trustees for the debenture stock. The present issue of £1,438,356
($7,000,000) of debenture stock is being made against these securities. It
is expected that through trains will be running from Quebec to Vancouver
early in the spring of 1914.
The comp tny is at present operating 4,100 miles, which includes 644 miles
of leased lines. In addition, about 500 miles of new branch lines have been
completed and will shortly be opened for traffic, and over 500 miles more
are under construction, a large proportion of which will be completed during
the coming season.
For the 10 months from July 1 1911 to April 30 1912 the gross earnings
amounted to $15,017,000 and the net earnings to $4,236,300, an increase
over the previous year of $3,658,700 and $791,900, respectively, and for
the three weeks ended May 21 tile gross earnings show a further increase of
$225,000. These earnings are those of the Canadian Northern Ry. Co.
proper, and do not include earnings from subsidiary companies controlled by
it, which this year wi 1 beappreciably larger than in any previous
(A press report states that only about 36% of the present offeringyear.
was
taken by the public.1—V. 94. p. 1625, 1565.
Canadian Pacific Ry.—New Rolling Stock, &c.—The company, it is stated,has ordered12,500 additional freight cars
and 300 more locomotives, calling for $19,000,000.
Sir Thomas Shaughnessy is quoted as saying: "The preliminary surveys
for double-tracking the road through the mountains have been begun but
I cannot tell when we will start work. It is a big job, for It will cost between $60,000,000 and $70,000,000."—V. 94, p. 1625, 1565.
1695
company and were constructed by It at the request of the
Inter-State Commerce Commission. The Erie has terminated
lease to the Dock company and arranged to purchase the property for me
an amount in excess of the
note issue. Denomination of notes $4,500 each.—V.
94, p. 1118, 1056.
Forty-second Street Manhattanville & St. Nicholas Avenue Ry. Co.—Mortgage Extended.—
The P. S. Comm. on June 21 granted the
of the company to
extend the $1,200,000 1st M.5% bonds whichapplication
on Mch. 1 1910, but
were not paid, to Mch. 1 1940, the extendedmatured
bonds to be redeemable at
110% on any int. date.—V. 94, p. 1056.
Galveston Harrisburg & San Antonio Ry.—Bonds Auth.—
The Texas RR. Commission on June 14 ordered canceled
the old Issue of
$1,518,000 New York Texas & Mexico RR.
bonds, and approved an issue
of a like amount of Galveston-Victoria division
6% bonds. This makes a
total of $9,022,000 of the last-named bonds
all held by the Southern
Pacific Co. Compare V. 92, p. 1636; V. 90,issued,
p. 914.—V. 94, p. 630.
Great Northern Ry.—New Directors.—
W. II. Dunwoody, V.-Prest. of the Washburn-Crosby (Flour) Co.,
and
Carl R. Gray, who was recently elected
Prest. of the Great Northern, have
been elected directors to succeed
R.
who resigned.—V. 94, p. 1507, 1317. I. Farrington and Edward Sawyer,
Hocking Valley Ry.—Dividend Increased—Earnings.—A
semi-annual dividend of 4% has been declared on the $11,C00,000 stock, payable June 29 to holders of record June 22,
making 7% payable from the earnings of the fiscal year
ending June 30. The Ches. & Ohio owns $8,825,800 stock.
Diridend Record (Per Cent).
1901. 1902. 1903. 1904. 1905. 1906. 1907. 1908 toll. Dec.'11
1912,
1A
3
3
3
3
3
3 A 4 (J.&J.)
3
June, 4
An official statement says:
Prior to two years ago there was outstanding *15,000,000 pref. stock.
This pref. stock was retired largely with the proceeds of sale
representing control of the Toledo & Ohio Central, Zanesvilleof&securities
Western
and Kanawha dc Michigan roads. Dividend disbursements were previously
made at the rate of $1,040,000 per annum, namely 4% on $15,000,000 pref.
and 4% on $11,000,000 common stock. 'fhe dividend disbursement during
tile fiscal year just closing on $11,000,000 outstanding stock requires
$770,000. The surplus income over fixed charges for the fiscal year
will
be approximately the same as for the year ended June 30 1911—about
$1,800,000. The dividend disbursements to common stockholders prior
to this year had been only 4% per annum, back to and including the year
1908; prior to that time they were less than 4%.—V. 94, p. 1626.
Indianapolis Crawfordsville 85 Danville (Electric) Ry.—
A mortgage has been made to the Girard Tr. Co., Phila.,
Central Vermont RR.—Guaranteed Steamship Bonds.— secure
as trustee, to
not over $2,500,000 1st M.5% sinking fund gold bonds;
Richter & Co., Hartford, Conn., are offering at prices to net $1,000,000
dated May 1 1912 and due May 1 1952, but callableoutstanding
for sinking
fund
at
102
A.
Int.
M. & N. at office of trustee.
5% to 5.30%, according to maturities, Central Vermont teed
$1,000. Guaranp. & I. by Terre Haute Indianapolis & EasternPar
Traction Co. Auth.
Transportation Co. gold bonds, Series B, guaranteed (p.&i.) capital
stock: common *400,000 all out; 5% cum. pref.
(p.&d.). $400,000,
by endorsement by the Central Vermont Ry. Co. (Grand outstanding $200,000. See V. 94, p. 1565, 1449.
•
Trunk System). These bonds are part of the $1,000,000
Indianapolis Newcastle tt Eastern Traction Co.—Bonds
issue recently purchased by Blair & Co., N. Y., who will Offered.—E. H. Rollins & Sons, Bost., N. Y., Chic., Denv.,
offer them shortly. An advertisement says:
San. Fr., Los Ang., are offering at 101 and int., yielding
These bonds are issued in part payment for two screw steel passenger 5.80 on the investment, $800,000 1st M.
6% 7-year gold
and freight steamships, the total cost of which will be substantially $1,331,000, of which amount the Central Vermont Transportation Co. pays in bonds, dated June 1 1912 and due June 1 1919. Eni ire
cash substantially $331.000 and issues its bonds, as above,for the balance, issue (but not less) redeemable on any interest
date on
$1,000,000. Dated May 1 1912, are coupon in form; in denomination of
and int. Prin. and int. (J. d D)
$1,000; bear interest at the rate of 5%, payable semi-annually on May 1 8 weeks' notice, at 101
• and November 1, and mature in 20 semi-annual installments of $50,000 each, at Fidelity Tr. Co., Phila., trustee. Par $1,000c*.
commencing Nov. 1 1912 and ending May 11922. (Compare V.88, p. 1256.)
See V. 94, p. 1626, 910.
Chesapeake tis Ohio Ry.—Increased Income from Stock
Owned.—See Hocking Val. Ry. below.—V. 94, p. 910, 766.
Ches. & Ohio Ry. of Indiana.—Additional Securities.—
The company has applied to the Ohio State Commission for authority to
Issue $132,700 additional stock and $929,000 first M. 5% 20-year bonds.
The securities will be given to the Ches. & Ohio to reimburse the parent
company for advances for improvements, and will be pledged under the
$125,000,000 C. ec 0. mortgage. This will increase tile stock and bond issues to $5,132,700 and *6,208,000, respectively, all owned by the Ches. &
Ohio Ry.—V.93, P. 939.
Chicago 86 Alton RR.—New Bonds.—The shareholders will
vote Aug. 19 on authorizing the new issue of $20,000,000 6%
general mortgage bonds officially described as follows:
General mortgage 20-year 6% gold bonds, limited to $20,000,000 in U.S.
gold coin. Dated July 1 1912; due July 1 1932; bearing interest from
July 1 1912 at 6% per annum, payable
redeemable, at option of
company, in whole or in part at a premium
semi-ann.•.
of not more than 7 A % and int.
after 12 weeks' notice on any int. date, and issuable as said board may
determine for some or all of the following purposes: (1) Refunding at or
before maturity certain outstanding obligations of the company and of the
constituent companies which by consolidation have formed this company,
and all obligations guaranteed by such companies; (2) Providing for extensions, additions, improvements, acquisitions, new equipment, &c.; (3)
paying unfunded debt. See V. 94, p. 1565.
Abstract of Bankers' Circular—Capitalization Outstanding.
Stock auth.(one-half pref. 5% cum.), $1,000,000; outst'g (I pref.)$700,000
First mortgage 6% bonds, anti). 81,500,000, outstanding
800,000
Of the remaining bonds $100,000
' may be issued upon the fulfilment of
certain covenants, and the balance only for not exceeding in par value 75%
of cost of extensions, improvements, betterments, or the acquisition of
unencumbered properties.
Earnings Cal. Year 1911 (Increases Expected under New Management.)
Gross earnings
$158,983 I Present interest charge
$48000
Net (after taxes)
69,798ISurplus
21,798
OArns and operates 42 miles of standard-gauge, high-speed Interurban
electric railway, extending easterly from Indianapolis to Newcastle, Ind.
Private right of way minimum vAdth 66 ft., except in corporate
limits,
where company has liberal franchises, the shortest extending to April
7
1933. Under favorable contract with Ind. Trac. 8c Term. Co., extending to 1933, operates through city into Indianapolis interurban terminal. Road laid with 70-lb. T rails, except for 90-113. rail on 1.80 miles of
city lines. Unusually free from grades and curves. Bridges and culverts
re-enforced concrete. Oak and chestnut ties, 2.700 to mile; heavy gravel
ballast. Only one grade crossing. Brick power-house, present generating
capacity 3,000 k. w., or over double present peak load. Six combination
passenger and baggage cars (each with four 100 h. p. motors). 60 ft. 8 in.
long, weighing 55,000 lbs.; two motor express cars, &c. Replacement
value estimated at $1,312,000.
The management and control is now vested in a group of capitalists with
long experience, in the operation of interurban traction properties in the
Middle West and closely identified with the operation of several thousand
miles of city and interurban electric lines. The bonded debt is only about
*19,000 a mile. Compare V. 94, p. 1565, 1626.
Interb.-Metrop. Co.—Increased Income from Stock Owned.
Resignation of President.—Theodore P. Shonts will resign
See Interborough Rapid Transit Co. below.—V. 94, p. 911, 207.
as President on July 1 to devote his entire time to the affairs
Interborough Rapid Transit Co., New York.—Special 5%
of the Interborough-Metropolitan Co.—V. 94, p. 1565, 826.
Dividend.—A special div. of 5% has been declared on the
Chicago Burlington & Quincy RR.—Bonds Called.—
$35,000,000 stock, payable to holders of record June 19
Two hundred and sixty-one Burlington & Missouri River RR.in Nebraska
consolidated mtge. 6% bonds due July 1 1918, of $1,000 each, and 53 of mainly from the surplus profits of the Rapid Transit Subway
$600 each, and 32 Republican Valley RR,6% bonds due July 1 1919, of Construction Co., all of whose $6,000,000 stock
is owned.
$1,000 each, and 15 of $500 each, for payment at par and interest on July 1
This is the first div. paid by the construction co. since its orat New England Trust Co., Boston, trustee.—V. 94, p. 278.
ganization
in
1900.
Compare annual report, V. 93, p. 664.
Cincinnati Union Depot & Terminal Co.—Franchise.—The
The dividend calls for $1,750,000, of which $1,695,640 goes to the Insupplemental franchise ordinance passed by the City Council terborough-Metro
politan Co. as the holder of $33,912,800 of the stock.
last-named amount is equivalent to about 3.7% on the $45,740,000
• Jan. 30 1912 was published in the advertising.columns of the The
Interborough-Metropolitan Co. 5% non-cum. pref. stock.—V. 94, p. 1626.
"Cincinnati Enquirer" on Feb. 6. See V. 94, p. 278.
Kanawha 86 Michigan Ry.—Equipment Bonds Offered.—
Coney Island & Brooklyn RR.—Directors Resign, &c.
William N. Dykeman, E. S. Marston and F. R. Ford have resigned as Subject to the approval of tile RR. Commission of Ohio and
directors to make way for the new interests which recentlyacquired
the completion of legal details, White, Weld & Co., New York,
Edward W. Clucas being elected to fill one of the vacancies. A. N.control,
Brady, Boston and Chicago, are placing $1,200,000 equipment trust
Chairman of the Board of Directors of the Brooklyn
Rapid
Transit
Co.,
has, It is said, secured more than 60% of the stock. Contrary to published 4 2% gold bonds, dated July 1 1912 and maturing $60,000
reports, however, we are informed that no consideration
has been given to semi-annually from Jan. 1 1913 to July 1 1922, but callable
the question of the advisability of the merger of the two cos.—V.93,p.11
85. at par on any int. date on 30 days' notice.
Par $1,000.
Enid Ochiltree & Western RR.—Foreclosure Sale.—
Int. J. & J. Trustee, Union Tr. Co., N. Y.
The road was recently purchased at foreclosure sale for $33,000 by
G. A. Vawtcr and 0. .1. McKnight of Dalhart, Texas, acting as trustees
for the purchasers. The report that the purchase was made in behalf of
the Mo. Ran. & Tex. By. Is, we are informed, untrue.—V. 04, p. 1118.
Erie RR.—Gold Notes Authorized.—The P. S. Commission
on June 20 authorized the co. to issue $450,000 5% notes.
The proceeds arc to be used to acquire ore unloading and handling
machines located on the old river bed of the Cuyahoga River and an ore
handling and storage plant at Randall, Ohio.
The notes are dated June 1 and payable in $90,000 yearly on June 11013
to 1917 incl. They are to be delivered to the New York Pennsylvania
,Sc Ohio Dock Co. In discharge of an indebtedness to that company. The
machines and plants for the unloading and handling of ore which the railroad company proposes to acquire are located on land owned by the dock
Direct obligations of the railway company and secured on new standard
equipment costing $1,333,400, the railway company making a payment of
$133,400, or 10% of cost. Equipment covered: 1,000 coal cars, dropbottom, 50-ton steel; 100 coal and ballast cars, Hart convertible steel underframe; 3 passenger cars, steel underframe; 2 baggage and mail cars, steel
underframe; 10 consolidation freight locomotives, and 2 heavy switching
locomotives. Title to the equipment remains with the trustee until the
last installment of the bonds has been paid.
The C. & 0. Ry. and the Lake Shore & Mich. Sou. By. together own
more than 95% of the $9,000,000 capital stock. The company itself for the
year ended June 30 1911 reported total net income of $1,328,356; fixed
charges, $274,995; balance, surplus, $1,053,361, showing an increase of
$422,987 over 1909-10. On July 1 1912 the company will have outstanding only $360,400 equipment obligations other than the present issue.—
• • •
• • . • • •
• •
V. 93, p. 1386, 1185. •
•
• • •
1698
THE CHRONICLE
[VOL. Lxxxxiv.
Manhattan & Jamaica (Electric) Ry.—New Co.—The com- 1% in Aug. and Nov. of 1911 and 1910. Compare United
pany, incorporated in N. Y. on April 30 last with $300,000 Railways Investment report in V. 94, p. 1326.
Previous Dividend Record (Per Cent).
.authorized stock, has entered into a contract with the South
1912.
'95. '96-'97. '98. '99. '00. '01. '02-'09.'10. '11.
Shore Traction Co. (V. 92, p. 120) to purchase its partly '94.
5 534 6% p.a. 7 7 Feb., 1 %; May,131
5 None '' 4 4
5
-constructed line, property and franchises within city limits.
Philadelphia Rapid Transit Co.—New Officer.—
The proposed line will extend from Third Ave. and 59th St. over the
Queensboro Bridge to Central Ave. and the Nassau County line in Queens
Borough, a distance of 15% miles. The Board of Estimate on June 13
approved the transfer. The company agrees to permit the use of its tracks
by any company which may in the future receive a grant of a franchise
from the city upon terms to be agreed upon by thecompanies themselves,
or, In the event of disagreement, to be fixed by the P. S. Comm.; also to
place in operation its line to the intersection of Thomson Ave. and the tracks
of the Long Island RR. near Greenpoint Ave. on or before Oct. 311912; to
El nhurst by Dec. 31 1912, and to Jamaica by Mch. 31 1913, and further
to complete Its road from Jamaica to the city line within 6 months after
receiving notice from the President of Queens Borough that he is willing to
issue the necessary permits for the streets. Application has been made to
the P. S. Comm. to approve the arrangements, and it is expected to have
the transfer take place by the end of July.
The directors are: John S. Stetson, George J. Brigham, Brooklyn; William D. Sloane, Arthur C. Hume, Harold B. Weaver, William B.Wallace,
Albert H. Flint, Hobart W. Maloney, New York, and Charles W. McChesney, Amityville.
Reginald B. Hamilton, formerly V.-Pres. of the Chicago City Rys. Co. ,
has been elected V.-Pres. to succeed Alexander Rennick, who resigned..
—V. 94, p. 1509, 1250.
Public Service Corporation of New Jersey.—Decision.—
The Court of Errors and Appeals at Trenton on Juno 21 affirmed the
decision of the Supreme Court on Dec.26 last, which sustained the order of
the Board of Public Utility Commissioners requiring the Public Service By.
to give transfers to all intersecting lines within the City of Newark, so as to
earry a passenger to his destination for a single 5-cent fare. Compare
V. 93, p. 1789.—V. 94, p. 824, 908, 916.
Rome Watertown & Ogdensburg RR.—To Withdraw Offer June 30.—The N. Y. Central & Hudson River RR Co.,
'having purchased a large majority of the outstanding
shares," announces that it will on June 30 withdraw its offer
of April 10 to purchase the stock at $128 and div. for each
Mercer County Traction Co., Trenton, N. J.—Bonds Of- $100 share at offices of the N. Y. Central or J. P. Morgan dr
fered.—C. E. Mitchell & Co. and W. E. R. Smith & Co. of Co.—V. 94, p. 1120.
St. Louis & San Francisco RR.—Rolling Stock Ordered.—
New York, having sold the greater part of the entire issue
The company, it is stated, ordered recently 40 simple consolidation locoof $300,000 1st M. 40-year 5% gold bonds, due July 11944, motives
and 1,000 steel underframe box oars of 40 tons capacity, weighing
guaranteed as to principal and interest by the Trenton St. 40,000 lbs.: also in May last 4,600 steel underframe coal cars, 50 tons capacity, from the American Car & Foundry Co., of which 2.800 for the Chicago
Ry., recently offered the remainder at 97 and interest.
94, p. 1628, 1317.
& Eastern Ill. and 1,800 for the 'Frisco.—V.
Digest of Letter of Oscar T. Crosby President of Trenton & Mercer County
Sedalia (Mo.) Light & Traction Oo.—Purchased.—
Traction CorporatiOnADated Feb. 23 1912
Henry L. Doherty & Co., N. Y., bid in the property at foreclosure sale
• - Jtie Trenton & Mercer County7rraction Corporation operates the Trenton
Street By. System under long leases [990 years from Oct. 15 1910—Ed.1 on June 7 for $400,000. See plan in V. 94, p. 1058.
from the Trenton St. By. Co. (organized in 1898, and being a merger of all
South Shore Trac. Co., Long Island.—Successor Company.
the traction companies controlling local traffic in Trenton) and its subsidSee Manhattan & Jamaica By. above.—V. 92, p. 120.
iaries, the Mercer County Traction Co., the Trenton Pennington & Hopewell Street By. Co. and the Trenton Hamilton & Ewing Traction Co., the
Susquehanna Ry., Light & Power Co.—Merger Ratified.—
entire capital stock of these subsidiaries being owned by the Trenton St. By.
See United Gas & Elec. Corp. below.—V. 94. p. 1450, 692.
The bonds are secured by a first and closed mortgage on the entire propof
miles
12.62
owns
which
company,
traction
the
of
and
franchises
erty
Tennessee Ry., Lt. & Power Co.—To Approve Contract.—
trackage, a number of cars and certain equipment in the main power station,
'I he shareholders will vote June 26 on approving (a): The contract under
all of which is integral in the Trenton Street By. system (constituting some which Tennessee Securities Co. Issued common and preferred stocks of the
72 miles of track), upon which rests a total mortgage debt in excess of Teanessee Railway Light & Power Co.; (b) the contract by which the Ten-$3,000,000,,, Nearly one-half of the trackage lies within the city and forms nessee Railway, Light & Power Co. guarantees the payment of principal
connecting links between the tracks of the Trenton Street By. and its sub- and interest of 1st M. 50-year 5% bonds of the Tennessee Power Co.—Comsidiaries, the Trenton Pennington & Hopewell Street By. and the Trenton pare V. 94, p. 1120, 1187.
Hamilton & Ewing Traction Co., and also forms the extensions to the bridge
Texas & Pacific Ry.—New Officer.—
across the Delaware River to Morrisville and through the now rapidly developing territory along Hamilton and Ogden avenues. Its trackage outside
C. W. Veitch, formerly Asst. Sec. and Treas., has been appointed Secre• of the city of Trenton constitutes about 534 miles of continuous line on the tary and Treas., to succeed C. E.Satterlee, deceased.—V.94, p. 1628, 1250,
extension of the TtentOn Street By. tracks to Lawrenceville and Princeton.
Toledo Railways & Light Co.—Reorganization Matters.—
The Mercer County Traction Co. owns 12 franchises granted from 1899
The sub-committees of the bondholders' and stockholders' committees
to 1904 by the city of Trenton, Hopewell Township, Lawrenceville Townthe
In
and
Princeton,
of
Borough
and
the
which have been meeting in this city have directed W. W. Miller, attorney
ship, Pennington Township
lz4. as are all of the franchises for the bondholders' committee, to prepare alternative plans of reorganimaillirtrisitseudbsirdita
areau
fly
tc
counsel
elitey
e Tor ne
ounn
opinion
zation, which will be submitted to the stockholders at Toledo on Wednesday
Trenton
Our leases of the Trenton Street By. system provide that we shall assume next. Compare V. 94, p. 1567, 1509.
all operating expenses, taxes and Interest charges of every nature, and in
Underground Elec. Rys. of London.—Sub. Co. Debentures.
addition shall pay a total rental of $80,000 the first year, $82,500 the second,
The Metropolitan District Railway has asked the London Stock Ex$85,000 the third, then increasing $5,000 yearly until a maximum of $150,000 is reached, which latter is the annual rental for the remaining period change to list a further issue of £150,000 4% prior lien debenture stook,
of the leases. Our lease from the Mercer County Traction Co. provides making the total £700,000.—V. 94, p. 1318, 1250.
that we shall pay, above operating expenses and taxes, a rental of from
(The) 'United Gas & Electric Corporation (of Conn.);
$31,000 to $25,000 annually, which is a part of the total rental above stated.
The properties of the several companies included under our leases have N. Y. City.—Offering of Convertible Secured Notes.—Bertron,
been operated as a unit since consolidation of companies in 1898, and the Griscom & Jenks, New York, and Phila., Montgomery,
earnings have shown a very steady increase year by year.
Clothier & Tyler, Phila., and Hallgarten & Co., N. Y.
Earnings of System (Trenton & Mercer County Corp.) Cal. Year 1911.
__ _.$324,223 are offering by advertisement on another page, at 97
$691,948 Net earnings
Gross earnings _
164,014
Operating expenses & taxes 367,725 Bond interest
yielding 5%, $5,500,000 of this company's
$160,209
Surplus
During the past year nearly $350,000 has been expended in improving
the properties under lease and in providing for increased efficiency of service
The funds have been provided from bond sales and net earnings, all of the
latter, except the amounts required for underlying bond interest and rentals
to lessor companies, having gone into the property. Further improvements are planned for the near future, and we expect that these will result
In a marked growth in the earnings of the system. The present increase
in gross earnings is about 8% each month over 1911. Compare Trenton &
Mercer County Traction Corporation, V.93, p. 797, and "El.By.Sec." p.06.
New Hampshire Electric Rys.—New Name for Sub. Co.—
The Haverhill & Southern New Hampshire St. By. Co. Is proposing to
change its name to Massachusetts Northeastern St. Ry.—V. 91, p. 215.
- New York Cent. & Hud. Riv. RR.—Option Ends June 30.—
See N. Y. & Harlem RR. Rome Watertown & Ogdensburg RR. and
Utica & Black River RR. below.—V. 94, p. 1317, 1250.
New York & Harlem RR.—Notice to Shareholders.—The
N. Y. Central & Hudson River RR. Co., "having purchased
a large majority of the outstanding shares," announces that
it will on June 30 withdraw its offer of Jan. 16 to purchase
the stock at $175 and div. per share (par $50) at offices of
N. Y. Central or at J. P. Morgan & Co.
•
The committee of minority shareholders, John Sheppard Jr., Secertary,
Is urging the shareholders to refrain from parting with their stock until they
ascertain from their directors, who arc also the directors of the proposed
purchaser, the true and full value of their property.—V. 94, p. 1057.
New York & Long Island Traction Co.—Decision.-The P. S. Comm. Second District, on June 15 decided that the company
'its franchises to charge not more than 5 cents per pasis not obliged under
senger between Main and Front streets, Hempstead, and Belmont Park.
The present fare is 10 cents. The complainant contended that under the
franchise granted June 6 1901 the fare should not exceed 5 cents for any
5 miles or less, and also cited another franchise condition providing for
transfers. The Commission holds that the franchise of June 6 1901 does
not refer to any route running westerly from Hempstead to Belmont Park
and that other franchises under which the company is operating between
the points in question contain no condition restricting the fare in the manner
stated.—V. 88, p. 101.
Norfolk (Va.) Terminal Ry.—Opened.—This company's
union passenger station at Norfolk, Va., was opened for business June 1.—V.93, p. 1191.
Ohio Traction Co., Cincinnati.—New Bonds.—The Ohio
Public Utilities Commission has sanctioned the issuing of
$750,000 bonds for improvements at East End power plant.
When these improvements are completed, the East End plant and the
Eighth St. power house, it is stated, will supply all the power used by the
company. The company has also asked permission to issue $750,000 of
pref. stock to reimburse it for money already expended upon the East End
plant.—V. 92, p. 726.
Philadelphia Company, Pittsburgh.—Dividend Increased.
—A quarterly dividend of 1% has been declared on the
$38,952,000 common stock, payable Aug. 1 to stockholders
of record July 1, comparing with 1M% quarterly from May
of
1902 to May 1912, both incl., with extra payments of
and int.,
3-year convertible 5% secured gold notes dated April 1
1912 and due April 11915. Convertible after April 1 1914
into 6-7% pref. stock $ for $. Par $1,000 (c). Int. at
Central Trust Co., N. Y. trustee, Total auth., $7,500,000;
additions, betterments, &c.
$2,000,000 reserved for '
Digest of Statement by Pres. Samuel J. Dill, New York, May 16 1912.
Incorporated In Conn. Mch. 8 1912, and is about to consolidate with
Susquehanna Railway, Light & Power Co., a Connecticut corporation.
(See V. 94, p. 1388; V. 93, p. 1783.)
Authorized. To be issued.
Capitalization with said Merger Completed—
$7,500,000 $5,500,000
Three-year convertible notes
1915;
1
Apr.
till
6%
at
Pref. stock, cumulative
25,000,000 10,635,270
thereafter at 7%
8,380,000
20,000,000
Common stock
Security for these Convertible 5% Secured Notes.
Gas &
United
cos.:
(a)
following
of
stock
(1) All of the common
Electric Co. of New Jersey (V. 93, p. 1783), which owns 87% of the common
Hartserving
utility
companies
public
of
stock
pref.
the
of
49%
and
stock
ford, Conn.; Lockport and Elmira, N. Y.; Wilkes-Barre and Altoona, Pa.;
Bloomington, Ill.; Terre Haute and Richmond, Ind.: Leavenworth, Kan.,
and Colorado Springs, Colo. (b) Lancaster County (Pa.) By. & Light Co.,
which controls the gas, electric-light and street railway properties in Lancaster and Lancaster County, Pa. ("El. Ry. Sec.") (c) Harrisburg (Pa.)
Electric Service Co. (d) Houston Gas & Fuel Co. (V. 94, p. 138.) (e)
Consumers' Electric Lt. & Pow. Co., New Orleans (V. 92, p. 465; V. 73,
•
p. 167; V. 94, p. 1386).
(2) Through direct ownership and holdings of stook in Tractional Co.;
Co. of New Jersey,
over 50% of common stock of International Traction N.
Y. (V.94,p.911.)
which controls the street railway properties of Buffalo,
The above securities also provide for working capital of over $1,000,000.
notes are followed by preferred and common stocks havEquity—Thes•
ing a present market value far In excess of twice the notes to be issued.
Management —In hands of the experienced operating organization (Beva majority of the propGriscom & Jenks] which has been operating
of Buffalo will continue under
erties The International Railway Co.operating
head of Chicago City By.
direct supervision of T. E. Mitten, long
Co. and recently of Phila. Rapid Transit Co.
Population Served by Subsidiary Properties.—About 1,760.000 covering
progressive cities, population 20,000 to 450,000. Relationship with corn
munities cordial, service satisfactory.
Franchise Situation.—Out of 17 properties, 12,inol.the most important,
have perpetualfranchises;remainderfor long periods. No burdensome restrict.
Earnings of the Operating Subsidiary Properties Years ending Dec. 31.
1910.
1911. 3-yr. increase.
15%
$101,70049:
9 121 $11,610,014 $12,311,478
Gross earnings
4,464,205
4,840,229
1434%
4,236,339
Net earnings
1,666,729
34%
1,973,620
Surp. after all fixed chgs. 1,472,447
subsidiary
properties, applicable
Earnings for the past 12 months of the
to interest on these notes are over 4 times the requirements,
Estimated Earnings Applicable to Stocks Owned—Years end. June 30
(3 mos. est.)1 1-12. est. '12-13.
(See explanation V. 94, p. 1388)
$1,260,000 $1,508,425
Gross applicable income
275,000
275,000
Interest on $5,500,000 notes
Balance (assuming full divs. on Int. Trao. corn.). $985.000 $1,233,425
Co. have
The vendors of the common stock of the International Traction
per ann.
guaranteed to the corporation for 3 years dividends of at least 3%
exclusive of
on the common stock of Internat. Trao. Co. owned, but even
other earnthe
guaranty,
the
or
3%
Co.
Trao.
Internat.
the earnings of the
(V.94,p. 1388.)
ings applicable to the notes are 3% times the interest thereon
Description of Properties—Population Served.
competition
without
gas
Lt.
Co.—Distributes
Gas
Hartford City (Conn.)
Weathersfleld and. through
In city of Hartford, West and East Hartford,
JUNE 21! !C41 42,i
TIIE CHRONICLE
Nor. Conn. L. Heat & P.Co..in Windsor. Windsor Locks,IThompsonville
and Enfield, Conn. Pop., 110,000. Franchises perpetual. (V.92,p.191.)
International Traction Co. of N. J.-Owns entire stock of Internat. By.
-Co. of Buffalo, operating 375 miles of street railway in city of Buffalo,
Niagara Fails. Lockport, &o. Pop., 550,000. Franchises practically all
perpetual • eXcept on afew minor lines;none less than 25 years. (V.94. p.911.)
Lockport (N. Y.) Lt. Ht. & P. Co.-No competition. Gas, electriclight, power and steam-heating. Pop., 18,000. Franchises till 2005.
Elmira (N. Y.) Water, Lt. & RR. Co.-Entire electric railway, gas and
electric-light business in Elmira, Elmira Heights, Horseheads and Montour Falls; also water works in Elmira. Also owns and operates the El
mira & Seneca Lake Traction Co., Elmira to Seneca Lake and Watkins
Glen Park. Pop., 45,000. Franchises perpetual or over 80 years.
Wilkes-Barre (Pa.) 0o.-No competition. Gas, electric-light and steam
beating to Wilkes-Barre, Ashley. Parsons, Miner's Mills and Plains Township. Pop.. 75,000. Franchises perpetual for gas and electricity, exclusive for gas. (V. 91, p. 731; V. 93, P. 475.)
Lancaster County (Pa.) By. & Lt. Co.-Owns Conestoga Traction Co.,
Edison Elec. Co. and Lancaster Gas Lt. & Fuel Co., which supply all the
gas, electric light and power business in Lancaster and Lancaster County,
and 200 miles of city and interurban railway. Pop. 200,000. Franchises
perpetual.
Harrisburg (Pa.) Elec. Service Corp.-Owns entire stock of Harrisburg
Lt., Ht. & P. Co.. serving city with electric light and power. Pop., 75,000
Franchises perpetual.
Altoona (Pa.) Gas Light & Fuel Co.-Entire gas business of Altoona,
South Altoona, Juniata, Lakemont Terrace and Hollidaysburg, Pa. Pop.,
60,000. Franchises perpetual.
Bloomington, Ill., Union Gas & Electric Co.-No competition. Gas and
electricity In Bloomington and Normal. Pop., 30,000. Franchises for
gas are perpetual; for electricity expire In 1981. (V. 83, p. 102.)
Terre Haute, Ind., Citizens' Gas & Fuel Co.-Entire gas businses, light&fig and fuel in Terre Haute and West Terre Haute, Ind. Pop., 65,000.
Franchises, Terre Haute, perpetual; West Terre Haute, 50 yrs.(V.92.p.60.)
Richmond (Ind.) Lt., Heat & Power Co.-Gas and electricity in Richmond and Liberty. Ind.. and New Paris, 0. Pop., 25,000. Franchises
till 1915. (V. 78. P. 992.)
Leavenworth (Kan.) Lt., Heat & Power Co.-Entire gas and electriclight business in Leavenworth and Ft. Leavenworth, Pop., 25,000. Franchises expire 1927 (V. 88, p. 380.)
Colorado Springs (Colo.) Lt., Heat & Power Co.-Entire gas, electriclight, electric-power and steam-heating business of Colorado Springs; entire gas, electric-light and power business of Colorado City, and entire electrie-light and power business of Manitou, Colo. Pop., 36,000. Franchises
'expire 1925. (V. 91. O. 1697.)
New Orleans, La., Consumers' Elec. Lt. & Pow. Co.-Serves a large
portion of city with electric light and power. Long-term franchises. Has
favorable contract for power with New On. By. & Lt. Co. Population of
New Orleans, 340,000. (V. 92, p. 465; V. 93, p. 167.)
Houston ;Tex.) Gas & Fuel Co.-Exclusively serves Houston with gas.
Pop., 108,000; increase 76% in 5 years. Franchises till 1940.
Securities to be Owned, Directly or Indirectly.
[For outstanding bonds, see p. 65 of "Electric By. Section."]
Owned.
Issued.
Hartford (Conn.) City Gas Light Co
fPref
$14,450 $750,000
'Corn. 892,000 1,250,000
International Traction Co., Buffalo, N. Y___ _fPref.
5,000,000
Worn. 5,000,000 10,000,000
Lockport (N. Y.) Light, Heat & Power Co
Com. 150,000
150,000
Elmira (N. Y.) Water, Light & RR. Co
'Pref. 314,800
683,000
1Com. 856,400 1,000,000
Wilkes-Barre (Pa.) Company
Com. 1,072,750 1,500,000
Lancaster County (Pa.) Railway & Light Co__ fPref.
1,000,000
Won). 1,200,000 1,200,000
Co
Service
Electric
Harrisburg (Pa.)
fPref. 350,000 1,000,000
1Com. 1,000,000 1,000,000
fPref. 100000
Altoona (Pa.) Gas Light & Fuel Co
100000
1Com. 300,000
305,000
150,000
Union Gas & Electric Co., Bloomington, Id_ fPref. 150,000
ICom. 750,000
750,000
Citizens' Gas & Fuel Co., Terre Haute, Ind__ _ _Com. 298,000
300,000
Richmond (Ind.) Light, Heat & Power Co_ __Com. 300,000
300,000
Leavenworth (Kan.) Light, Heat & Power Co_ _Com. 600,000
600,000
Colorado Springs (Colo.) Light, Heat & P. Co_ fPref. 700,000 1,000,000
1Com, 988,400 1,000,000
Consumers' Elec. Lt. & Pow. Co., New Orl
1Pret.
500,000
1Com. 1,000,000 1,000,000
Houston (Tex.) Gas & Fuel Co
IPre!. 100,000
100,000
lCom. 1,500,000 1,500,000
Owned by Lancas!er County Ry. & Lt. C,.
Conestoga Traction Co., Lancaster, Pa
fPref. 799,000
800,000
iCom. 3,199,000 3,200,000
Lancaster (Pa.) Gas Light & Fuel Co
Com. 550,000
550,000
Edison Electric) Co., Lancaster, Pa
Com. 1,500,000 1,500,000
Conestoga Realty Co., Lancaster, Pa
Com. 100,000
100 000
[In the consolidation the shareholders of the Susquehanna By. & Light
Co. receive (a) for each share of their pref. stock (which now pays 5%) one
share of new pref. stock, 6% cumulative up to April 1 1915 and thereafter
7% cumulative; (b) for each share of their common stock 60% in new pref.
stock and 60% In new common stock. The stockholders of the United
Gas & Electric Corp. (of N. J.) receive one share of pref. stock for each share
of their pref. stock and $87 46 common stock for each share of their common stock.]
The stockholders of the company and of the Susquehanna By. & Lt. Co,
on June 8 approved the consolidation of the two companies under the
name of the United Gas & Electric Corporation per plan V. 94, p. 1388.
United RRs. of San Francisco.-Petition Denied.See "San Francisco" in "State and City" department.-V.94, p. 832.
Utica & Black River RR.-Official Notice.-The N. Y.
Central & Hudson River RR. Co., 'having purchased a large
majority of the outstanding shares," will on June 30 withdraw its offer of April 10 to purchase the stock at $180 and
div. for each $100 share at offices of the N. Y. Central or
J. P. Morgan & Co..-V.94, p. 1121.
Western Maryland RR.-Note Issue.-The status of the
$10,000,000 3-year 5% note issue authorized Dec. 1911
(V. 93, p. 1790) is as follows:
$8,000,000 Subscribed for Delivery in 1912.
Amount
June.
February.
July.
August. September. Not Subscribed.
$200,000 $2,000,000 *2,000,000 $1,000,000 $1,000,000
$2,000,000
._jr. 94, p. 700, 209.
Wheeling & Lake Erie RR.-New Receiver.-Judge Day in
the U. S. District Court at Cleveland appointed William
McKinley Duncan, nephew of the late President McKinley,
to succeed B. A. Worthington, resigned.-V.94, p.1509,1058.
Wisconsin Central Ry.-Bonds Called.-The first M. 6%
gold bonds issued by the Milwaukee & Lake Winnebago RR.,
due July 1, will be paid on presentation at the Agency, Bank
of Montreal, 64 Wall St., N. Y., with full int. to maturity.
-V. 94, p. 489.
r. Wisconsin Public Service Co., Green Bay, Wisc.-Bonds
Offered.-N. W. Halsey & Co., N. Y., Phila., Chicago and
San Fran., are placing at 95 and int. "first mortgage and refunding" 5% gold bonds dated Jan. 1 1912 and due Jan. 1
1942, but redeemable at option of company as a whole or
inlpart on any interest payment day at 105 and int. Par
$1,000 c*. Int. J. & J. at Wisconsin Trust Co., Milwaukee,
trustee. Present issue, $1,150,000.
•
The First Savings & Trust Co. of Milwaukee and others are also offering
blocks of the 41,150,000 issue.
1697
Digest of Letter from Pres. J. H. Emmert, Milwaukee, June 10 1912.
A consolidation of Green Bay Traction Co. and Northern Hydro-Electric
ower Co., and owns the entire ($600,000) capital stock of Green Bay Gas
& Electric Co. Organized in Wisconsin and now owns and operates the
entire city and interurban electric railway system (except about one mile
of track) centering at Green Bay, and furnishes gas, electric light and electric
power to Green Bay and suburbs. All of the electric power used by the
company isfurnished from its new hydro-electric plant located at High Falls.
Capitalization-Amounts Held by Public.
Stock: Authorized and Issued ($600,000 is 0% preferred)
$1,600,000
Bonds: "First Ai. & ref." 5s (this issue), auth., $15,000.000; issued, $2,250,000, of which In hands of public as a prior lien to
the remaining $1,100,000 (see note)
1,150,000
Green Bay Gas & Elec. Co. bonds in hands of public
507,000
Note.-The remaining $1,100,000 bonds of the $2,250.000 now
issued are deposited in escrow with the trustee, and are subordinate
in every respect, while so in escrow, to the $1,150,000 now outstanding.
They can be released in lots of $50,000 or multiples only when the annual
net earnings are 1 V, times the interest on all bonds outstanding, not including escrow bonds, but including the bonds of the Green Bay Gas &
Elec. Co. not held by the company,and the bonds so released from escrow.
The proceeds of the $1,150,000 bonds now sold pay part of the cost of
the Northern Hydro-Electric Power Co., the Green Bay Traction Co. and
the entire issue of $600,000 capital stock and $150.000 of the bonds of the
Green Bay Gas & Electric Co.
Security of Bonds.-A direct lien on all property now or hereafter owned.
A first lien on (a) property of former Green Bay Traction Co. and Northern
Hydro-Electric Power Co.; replacement value, exclusive of going value,
and water rights owned, $2,295,416. (b) $600,000 capital stock (entire
issue) and $150,000 of the bonds of Green Bay Gas & Electric Co.
Reserved Bonds.-Bonds in addition to present $2,250,000 can be issued
only as follows: (1) $1,000,000 for additional property, either for a par
amount not exceeding 75% of cost, or at not exceeding 100% of cost, provided in the latter case the net earnings equal 1
times a year's interest
on all bonds then outstanding, including any underlying bonds and those
sought to be issued. (2) For a par amount not exceeding 85% of cost of
net
provided
additions,
earnings are 1
times said interest. (3) At par
to retire at par any underlying bonds or mortgage debt of any company
whose property or stock is acquired.
•
Properties Owned and Controlled.-(a) City street railway, 10.92 miles;
Interurban lines, Green Bay to Kaukauna, Green Bay to East De Pere and
Green Bay to Duck Creek, 30.95 miles; total, 41.87 miles single track.
Theline to Kaukauna (21.33 miles) is built on private right-of-way, with 70lb. T rail. (b) Gas works, capacity 50% above present requirements;
33.46 miles of gas mains. (c) Hydro-electric power plant at High Falls,
61 miles northwest of Green Bay; installed capacity, 7,400 electrical h. p.,
directly connected to water turbines having rated capacity of 9,500 h. p.
at a head of 85 ft. Transmission line to Green Bay constructed with steel
towers and double transmission lines, transmitting at 66,000 volts. (d)
Modern steam power plant at Green Bay,generating capacity 2,000 h.p.,held
in reserve. Thecompany is considering the extension of its electric transmission lin^s to near-by cities and towns,also the supplying of gas to the numer us cities and towns south of Green Bay from one central gas plant. In
addition the company owns a water power at Johnson Falls not yet develope 1, capacity about 52% of the High Falls power.
Territory Served.-One of the most prosperous and populous districts in
Wisconsin. Population of Green Bay, the seat of prosperous manufactories (1910), 25,236, an increase of over 35% in 10 years.
.
Certified Earnings (All Properties)-year Ending April 30 1912.
Gross earnings
$454,927 Present interest charges_ _
$82,850
Net earnings, after taxes__ _$139,782 I Balance, surplus
$56,932
Statement from Wisconsin Securities Co.. Milwaukee, June 10.
The Wisconsin Securities Co. (capital stock $1,000,000) has, after a
thorough investigation, purchased control of the Wisconsin Public Service
Co. and is the owner of $800,000 of the $1,100,000 bonds placed in escrow.
About July 15 1912 the present officers and directors of the Wisconsin Public Service Co. will be succeeded by: Pres., Clement C. Smith; V.-P., Oliver
C. Fuller; Sec. & Treas., Howard Greene, all holding 83M3 office with the
Securities Company; John I. Beggs, Ludington Patton and I. H. Emmert.
See V.94, p.632.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Algoma Steel Corporation, Ltd., Sault Ste. Marie, Ont.Guaranteed Bonds.-The Bank of Montreal in London on
June 6 announced that it would receive subscriptions at 93%,
on behalf of the purchasers,for £1,130,000 "first and refunding" mortgage 5% 50-year sinking fund gold bonds, dated
1912, due April 1 1962, being part of $13,500,000 (€2,774,000) issued and outstanding out of a total authorized issue
of $30,000,000 (€6,164,300). Principal and interest unconditionally guaranteed by the Lake Superior Corporation
by endorsement. Only a small amount, it is said, was
taken by the public.
Trustees for bondholders, U. S. Mortgage & Tr. Co., New York. Par
£500 and £100 (c• in N. Y.). Principal and interest (A. & 0.) payable at
Bank of Montreal, London. Montreal and New York, at $4 86 2-3 to the £.
A specific first mortgage, subject as to part of the plant and property to a
prior charge of $5,800,000 5% bonds (Lake Superior Corporation "first
and collateral trust mortgage" 5s of 1904, due June 1 1944-Ed.). Cumulative sinking fund from July 1 1918 of 1% per annum on amount of bonds
for the time outstanding, and for sinking fund purchases at or below 105
and int., or by drawings at same rate on six weeks notice. Also callable as
a whole at 105 on any interest date on 6 months' notice.
Information Furnished by President T. J. Drummond, May 31.
Incorporated in Ontario [In 19121. A consolidation of (Inter alia) the
following subsidiary companies of the Lake Superior Corporation: Lake
Superior Iron & Steel Co., Ltd., Algoma Steel Co.. Ltd., Lake Superior
Power Co., Ltd., Fiborn Limestone Co., Cannelton Coal & Coke Co. (V. 93.
p. 874.) The properties of these companies are in course of transfer to the
corporation, with the exception of the Fiborn Limestone Co. and the Cannelton Coal & Coke Co., in both of which the corporation holds the whole
issued share capital.
During the last three years over £2,000,000 has been expended in the
Improvement, extension and balancing of the various plants and in the
development of the ore mines. The funds for these improvements were
obtained through the issue of short-term obligations of the various companies and by the issue of $5,000,000 3-year notes of the Lake Superior Corp.
The present issue of bonds will provide for the retirement of the entire
amount of such obligations, as also the 3-year notes of the Lake Superior
Corporation; $8,000,000 bonds out of the total issued amount of $13,500,000
have been taken In America. $5,800,000 of the bonds remaining unissued
will be reserved to retire in due course a similar amount of 5% 1st M. bonds
of the Lake Superior Corporation which are outstanding and the balance
held in reserve under restrictions contained In the trust deed.
The Lake Superior Corporation, which formerly held the shares in the
subsidiary companies, will instead acquire all the issued pref. stock and
common stock in this corporation. [Authorized issues, $15,000,000 common and $10,000,000 7% cum. pref.; par $100.1
Properties Owned by Algoma Steel Co. Either Directly or Through Ownership
of Stock of Above Companies.
1. Steel plant recently enlarged and equipped with every modern appliance, comprising 110 coke ovens, 3 blast furnaces, Bessemer plant (2 fourton converters) and 5 open-hearth furnaces, with a capacity of 435,000 tons
of steel, rolling mills with a capacity of 400,000 tons of rails, and merchant
mill with a capacity of 80,000 tons of steel products per annum. The steel
rails produced have the highest reputation, and the unfilled orders for steel
rails and merchant mill products (198,500 tons) will employ the whole
output of the mills until the end of the present year.
2. Power plant-Hydro-electric power station and plant at Sault Ste.
Mario developing at present about 18,000 h.p. all of which is under contract for sale to the town of Sault Ste. Marie and local industries. (There
Is a possible additional development of 30,000 h.p.) Also gas engine power
plant, consisting of four gas engines and blowers, and five gas engines and
electric generators, developing 19,800 h.p. and two turbo-electric sets and
four Mesta steam-blowing engines developing 8,000 h.p. The total devel-
1698
THE CHRONICLE
opment amounts therefore to 45,800 h.p. A hydro-electric plant is being
erected which will develop a further 2,000 h.p. per annum for use at the
Iron ore mines mentioned below.
3. Freehold land at Sault Ste. Marie, about 2,000 acres, on part of which
the plant is situated with a large number of employees' dwelling houses.
• 4 Iron ore depo:its-Large deposits on the Algoma Central Fly.; 25,000,000 tons of ore proved in Helen and Magpie mines alone. The Helen
mine is equipped with an up-to-date plant, capacity 200,000 tons per ann.
A new plant, capacity 400,000 tons per ann., will be completed during the
Summer at the Magpie mine. The Helen mine has produced in the past
1,000,000 tons of ore used oy the corporation and 1,000,000 tons sold to
outside furnaces; the ore commands a ready market.
The corporation also owns a pyrites mine with 3,000,000 tons proved;
there is a ready market for 50,000 to 100,000 tons per ann. Prospecting
operations in other areas promise an ore field of great magnitude, but the
present developments render the works independent as regards ore supply.
5. Coal-4,500 acres of freehold coal lands in West Virginia, estimated
to contain 50,000,000 tons of coal. Shipments in 1911, 340,000 tons; capacity of mine since increased to over 600,000 tons per ann. Properties
subject to a charge of $630,000 5% mortgage bonds (see Cannelton Coal &
Coke Co. in V. 93, p. 874), which were taken by the vendors as part of purchase price and are being gradually redeemed.
6. Limestone quarries, about 680 acres, estimated to contain 120,000,000
tons of high-grade limestone (fluxing efficiency 98%). 215,000 tons were
mined in 1911 at low cost; 139.000 tons used and the balance sold.
Estimated Value of Foregoing Properties and Other Assets of Alg.St. Cor.
(With extensions completed, for which funds have been provided:]
Steel plant-Lake Superior Iron & Steel Co.(exclusive of mines).
£1,528,000; Algoma Steel Co., £1,260,000; other freehold,
£2,940,000
£152,000; total (of this £2,000,000 is new construction) _
800,000
Hydro-electric power plant (formerly Lake Sup. Pow. Co.) _ _
Iron ore and pyrites mines, coal mines and limestone (Leposits__ 4,000,000
375,000
Working capital, £775,000; less current liabilities, £400,000_ _
£8,115,000
Total assets
Estimated Net Earnings for First Full Year of Operation.
£420,000
Net earnings of Algoma Steel Corporation
Deduct interest on $13,500,000 (£2,774,000) Algoma Steel Corpora. tlon 5% bonds, £138,700; interest on $5,800,000 outstanding
198,300
• 5% bonds of Lake Superior Corporation, £59,600
r•
£221,700
• Balance, estimated surplus
Earnings of Lake Superior Corp., which Guarantees P. & I. of Each Bond.
[Earnings of Lake Superior Corporation and the companies above mentioned before providing for Interest charges.)
1906-07. 1007-08. 1908-09. 1909-10. 1910-11.
June 30 Years£72,718 £118,130 £137,998 £176,509 £232,085
Net earnings
81,342
63,292
98,566
24,723
94,000
Government bountiee
£166,718 £216,690 £219,310 £239,801 £256,808
Total
Although Government bounties ceased Dec. 31 1910, the net earnings
for the 10 months ending April 20 1912 show a substantial increase over the
net earnings for the same period of 1910-11. The above figures include
the earnings of the companies now forming the steel corporation from their
old plants, no benefit having been obtained from the new plants now in
operation ormearing completion. In addition, much of the iron ore and
other raw materials used by the corporation in the past was purchased in
the United States, but the recent developments at the corporation's iron
ore mines and Its acquisition of coal mines and limestone deposits all suitable for its purpose and ootalnable at low cost will, It is believed, make it
absolutely self-sustaining as regards its raw material. A substantial saving will also be e ected oy the redemption of the short-term obligations.
Directors.-T.J. Drummond, Pres., Montreal; J. Frater Taylor, V.-Pres.,
Toronto; W. C. Franz, V.-Pres.; R.. L. Austin, Phila.; Herbert Connell,
of Maitland, Connell & Co. New York; Jos. S. Dale, New York; Thomas
Gibson, J. Tatnall Lea, Phila.; H. M. Price, Quebec; John T. Terry Jr.,
of E. Morgan & Co.. New York; W.K. Whigham, London.-V.94, p.1251.
American Linen
all River, Mass.-Divs. Resumed.-
was declared on Juno 19 on the $800,000
of
A quarterly dividendCo.,1%
stock, payable next month, being the first payment since Apr. 1911, when
time previously.
.4 of 1% was disbursed, against 134% quarterly for some
Previous Dividends in Recent Years (Per Cent).
1908 to '10. 1911.
1900. 1901. 1902. 1903. 1904. 1905. 1906. , 1907.
2 ji
6 11 (inci.5 ex.) 5 yearly
3
73i 5M
8
5
6
American Printing Co., Fall *River,-New Officers.The following new officers have been chosen of the American Printing Co.
and the Fall River Iron Works: Pres., Bertram H. Borden (formerly Treas.)
to succeed M.C. D. Borden, deceased; V.-P. and Treas., Howard S. Borden
(formerly Asst. Treas. of the American Co.); Asst. Treas., Nathan Dude°,
In place of H. S. Borden.-V. 85, p. 282.
Atlantic Fruit'& Steamship Co., New York.-Lindo Suit.
-The company recently brought suit in Costa Rica to enforce
the agreement of Lindo Brothers to sell their banana properties and business under the option given to the Atlantic
Fruit Sr Steamship Co. some time ago.
Condensed Extracts from Statement Issued by Atlantic Fruit & SS. Co.
After the proposed new contract had been reduced to writing and practically approved by Lindo Brothers, August and Cecil Linde, who were
conducting the negotiations, privately opened up negotiations with t e
United Fruit Co., and have apparently concluded an arrangement with
them. The lawyers of that company are throwing every obstruction in the
way of carrying out the agreement with the Atlantic company. •
The only document served by Mr. Di Giorgio on Mr. Linde was'a notification by which our company exercised the option vested in it Under the
agreement to acquire the Undo properties for $3,500,000. The purchase
by Mr. Lindo of additional properties in Costa Rica was made without our
knowledge or consent and entirely on his own responsibility. In February
1912 Cecil Linde took part in the negotiations for the reorganization and
enlargement of the Atlantic Fruit & Steamship Co., in the course of which
it was suggested that certain formal alterations be made in the contract
between Lindo Brothers and the Atlantic Fruit & Steamship Co.; and
a verbal arrangement was arrived at which would have placed Undo Bros.
In a more favorable position than under the original option. The only
letter referring to the annulling of the contract is one dated April 29 1912,
in which the sole allusion to the old contract was In the following terms;
"The two option agreements to be canceled when the new agreement is
entered into." [The Atlantic. It Is said, is now enjoying a period of large
profit-making on its business.]-V. 93, p. 1201, 797.
[Vol, bxxxxiv.
at 102lIand int. In inverse order of numbers and maturity. The company
cannot pay any dividends on common stook until the bonds are reduced to
$400,000; nor over 5% per annum until they arc reduced to $250,000, and
thereafter not over 7% per annum until all are redeemed. Until the bonds
are reduced to $250,000, a sum equal to the dividends paid on common
stock must be put into bond redemption and, optionally, additional sums;
Directors: C. .G Stoddard, N. Y., Pres.; W. J. Reineke, N. Y.,
T. S. Irvin, N. Y., Treas.; Harris Livermore, Boston, Sec.; Ernest E.
Baldwin, N. Y. The trustee may name two directors. [Incorp. In Me.
Feb. 12 1912 with 51,400,000 auth. stoelc in $100 shares, $400,000 being pf.
British Columbia Copper Co.-Dividend Increased.A quarterly dividend of 3% (15 cents per share) has been declared on
the $2,958,545 stock, payable July 15 to holders of record July 1, comparing
with 5% (2:i%) in March and June 1911. The first dividend, 40 cents per
share (8%), was paid in Sept. 1907.-V. 94, p. 489.
Brooklyn Borough Gas 0o.-Bonds Offered.-P. W.
Brooks & Co., having practically sold all of the $500,000
general M. 5% 40-year gold bonds, due June 1 1945 (but
callable in whole or part by lot on any interest date at 105
and int.), recently offered the remainder at 98 and int. Subscriptions were also received by Peabody & Co.,42 B'way,N.Y.
Abstract of Letter of C. E. Platt, Treas., Dated Philadelphia, Feb. 15 1912.
Incorporated Feb. 1898 in New York as successor to the former Coney
Island Fuel Gas & Light Co., which in turn succeeded in 1881 to the property and franchise of the old Kings County Gas Light Co., incorp. Dec. 1877.
The company is the only one furnishing gas in the 31st Ward of Brooklyn.
The entire field served Is now part of the 16th Assembly District of Greater
New York, embracing Seagate, Gravesend, Sheepshead Bay, Manhattan
and Brighton beaches and Coney Island, and extending northward In the
general form of a triangle with its top approximately 4 miles inland.
The upper part north of Kings Highway is being rapidly built up and
occupied with apartment houses and substantial private dwellings of from
$5,000 to $10,000 and $15,000 value each. The resident or permanent
population is, according to the latest Census figures available, approximately 35,000; while in the summer there is the addition of a very large
floating population, who throng for longer or shorter stays the well-known
seaside resorts in this territory.
Franchise is perpetual and contains no limitations on the price for gas
nor any burdensome restrictions. Company also possesses a satisfactory
contract with its local municipality for the lighting by gas of streets and
public buildings.
The present manufacturing plant occupies a tract on the north side of
Coney Island Creek at the foot of West 12th St. The company also owns
a further tract at West 5th St. and Sheepshead Bay Road occupied by the
old generating plant, holders and equipment. This station is now held in
reserve, but the various buildings are used for the storage of supplies, repairing and testing of meters, &o.
The building and equipment of the new manufacturing plant was erected
and Installed about 3 years ago, The generating apparatus consists of 2
double superheater Lowe water-gas sets, each of 1,800,000 cu. ft. capacity
per 24 hours, built by the United Gas Improvement Co. of Philadelphia,
with the scrubbers, purifiers and other necessary apparatus, and tanks, including a storage holder of 750,000 ft, capacity.
The company also has approximately 92 miles of mains and about 8,000
meters in service
The present price of gas, as settled by the N. Y. Pubile
Service Commission, is $1 and the annual sales about 250,000,000 ft.
Authorized. Reserved. Issued.
Capitalization$500,000
Stock (par $100)
$500,000
1.000,000
General M. 55, due June 11045
$500,000
Reserved for $500,000 old bonds
$500,000
Outstanding
1909
1910.
1911.
Earnings for Cal. Years 1909 to 1911.
$242,932 $225,994 $196,100
Gross income
113,690
121,049
Operating expenses, taxes and insurance__ _ 131,880
Net earnings
Bond interest
$111,052
.44,752
$104,945
32,450
$82,419
32,216-
$06,301
$72,495
$50,203
'Interest on bonds for 1911 actually amounted to $32,450, as there were
only $649.000 bonds outstanding during the year.-V. 94, p. 829.
Central Stamping Co.-First M. Bonds Called.Purchase money 1st M. 30-year 6% bonds, Nos. 19, 24, 91, 95 and 143,
dated Jan. 11005, for payment on July I at par and int. at Guaranty Trust
Co., New York, trustee.
Central Vermont Transportation Co.-81,000,000 Gu. Bds.
See Central Vermont fly. under "Railroads" above.-V.94, p. 914.
Colorado Fuel & Iron Co.-Preferred Dividend Resumed.A yearly dividend of 5% has been declared out of the earnings of the fiscal
year ending June 30 on the $2,000,000 8% cumulative preferred stock, payeach on July 20 1912 and Jan. 20 1913
able in two installments of 2
to stockholders of record July I. This is the first dividend paid since Feb.
1903, when a semi-annual distribution of 4% was made. Payments up
to that time were made in full.-V.93, p. 1728.
Computing-Tabulating-Recording 0o.,N. Y.-Earnings.May 1912. Apr. 1912. May 1911. 11 Me,'11-'12.
Constituent Cos.$98,897
$94,883
$83,160
$1,005,503
Net earnings
This $1,005,503 Is an annual rate of $1,096,917.-V. 94, p. 1248.
Consolidated Cities Light, Power & Traction Co.-Incorporated.-This cOmpany was incorporated in Delaware on
June 15 with $10,000,000 of auth. capital stock in order to
acquire in the interest of Henry L. Doherty c't Co. of N. Y.
the firm's ownership in a number of public utility properties.
The present issue of capital stook, it is understood, will be $5,000,000,
and there will also be an authorized issue of $50,000,000 bonds, only a small
part of which will be put out at present. The stock and bonds outstanding, it Is stated, have been underwritten by foreign bankers.
Dominion-Atlantic Steamship Co.-Sale.-See Eastern
Steamship Corporation below.
E.-I. du Pont de Nemours Powder Co.-Official Statement..
Autosales Gum & Chocolate Co. New York.-Earnings.- -P. S. clu Pont, Treasurer and Acting President, on June 17
30 1912, $438,156, an an- issued tile following statement relative to the plans of the
months ending Apr.'
For the 11
nual rate of $456,412.-V. 94, p. 1180.
company in connection with the recent decree of dissolution.
Boston-Virginia Transportation Co.-Ocean Steamship (V. 94, p. 1386, 1629.)
is impossible at this early date to indicate in detail what steps will
Bonds Sold.-The Cleveland Trust Co. and Hayden, flier beIt
necessary In order that the Court's decree shall be complied with in both
York,
have sold letter and spirit.
& Co., Cleveland, and Rhoades & Co., New
The Court, recognizing the difficulties of the task imposed, has allowed
at par and int. $600,000 1st M.6% marine equipt. bonds.
6 months within which to bring the company's affairs into compliance
Dated April 1 1912 and due $30,000 semi-annually Oct. 1 1913 to Oct. 1
1920, and $60,000 Oct. 1 1921 and $60,000 Apr.1 1922, but optional at 102
and int. on any int, date after due notice. Prin. and int. (A. & 0.) payable
in gold at the Cleveland Trust Co., the trustee. Par $1,000 (c).
Digest of Letter from Vice-Pres. W. J. Reineke, New York, April 30 1912.
A first and only lien on four steel bulk-freight steamships, each of about
4,000 tons capacity, now being built for delivery, one in August and
three in October 1912; value, approximately $250,000 each.
Charters for the tonnage of this fleet atsatisfactory rates have been entered
into by responsible corporations of Boston representing a large number of
coal-producing companies engaged in the coal trade between Newport News,
Boston and principal ports of New England, charters running for three to
five years. These contracts secure the company profitable revenues.
Estimated Annual Earnings Nearly 1% Times Annual Charges for Prin.& Int.
Maximum interest charge_ _ _$36,000
Receipts from charters, less
60,000
oper. exp., insurance, &e..$188,000 Maturing bonds
77,000
15,000 Balance, surplus
Contingencies
At all times, before any dividend s paid, an amount equal to the next
maturing series of bonds shall be deposited as a surplus sinking fund. A
bond redemption fund also shall be created and applied to redeeming bonds
holders, and
ith the decree. However, for the information of security
to the impression
the Investing public,It seems desirable to say that, contrary
of
the
re-financing
senior
any
that
securities
unlikely
is
it
in some quarters,
will be necessary.
Rumors and newspaper articles indicating the possible necessity for the
retiring or the re-financing, either In part or in whole, of our bonds and
preferred. stooks, are pure guesswork, and, consequently, arc without
foundation.
First Mortgage and Collateral Trust 5% Bonds Called.--
One hun red and twenty-four (5124,000) 1st M. 5% coil, trust gold
bonds due 1922, for payment at 105 & int. on July 1 at Metropolitan
Trust Co. of New York.-V. 9,1, p. 1629, 1380.
Eastern Steamship Corporation.-Acquisition.-The company has taken over control of Dominion-Atlantic S.S. Co.
Its
Payment is understood to have been made in part by $300,000 of
creacom. stock and $600,000 bonds. The deal was financed through the
Yartion of a new Canadian steamship company, known as tho Boston &
mouth Steamship Co., Ltd., under the laws of Canada, with $350,000 capital
JUNE 2 3 1912.1
THE CHRONICLE
1699
ba
stock, all of which will be held by the Eastern Steamship Corporation.
The Canadian company, it is reported, will issue bonds in part payment for
the 3 steamers of the Dominion-Atlantic line.-V. 94, p. 1188, 70.
mill plant to cost about $575,000, and the balance for working capital. The
remaining $400,000 bonds can be issued only in part payment for additional
purchases of timber lands [adjacent to those now owned] at not exceeding
$2 per 1,000 ft.
During the present depressed condition in the lumber trade the gross
New Glasgow Nova Scotia.Eastern Steel Car Co.,
selling price per 1,000 ft. on cars at the loading point is $20 52 per
-A.. E. Ames & do., Toronto, are average
Ltd.,
Guaranteed Bonds Offered.
1,000 ft. for the kind of timber our property will produce; this estimate
offering at par and int., by advertisement on another page, should leave us a net profit after sinking fund, interest account, &c., of
than $5 per 1,000 ft. This profit will, of course, be increased as the
yielding 6% on the investment, $1,000,000 1st M.6% bonds, more
prices for lumber become better. I estimate that the by-products, such as
principal and interest unconditionally guaranteed by en- railroad ties, tanbark and acid wood, will more than pay entire bond issue.
Statement of Financial Condition after Issuance of Bonds.
dorsement on each bond by Nova Scotia Steel & Coal Co.,
Assets ($3,550,000)Ltd. (V. 94, p. 1313, 1320).
Cash
25
,3
61
60
5:
0000
Dated July 1 1912 and due July 11952, but callable at 105 and int. on Timber lands (appraised at over $4,000,000)
or after July 1 1915. Denqminations: $100, $500 and $1,000, or sterling Appropriated for sawmill plant, logging railroad, &c. (est. cost)_
575,000
Liabilities ($3,550,000)equivalents. c'&r'. Principal and interest (J. & J.) payable in Toronto,
$1:60
1 950
Montreal, Halifax, New York and London. Trustee, Eastern Trust Co. Capital stock, authorized and issued
0:0
000
Sinking fund provision is sufficient to retire the entire issue at 105 prior Bonds outstanding
to maturity.
The
owners
of
the
Grandin Lumber Co. have incorporated the Watauga
Extracts from Authoritative Statement Regarding Enterprise.
Railway Co. and are now constructing,a standard-gauge railroad between
This company, all the directors of which are also directors of the Nova North Wilkesboro, N. C., on the Southern Railroad System, and Lenoir,
Scotia Scoel & Coal Co., has been formed to manufacture steel railway cars N. C., on the Carolina & Northwestern RR., and Butler, Tenn. on the
at or adjoining New Glasgow, N. S. The steady and important railway Virginia & Southwestern RR. This railroad will intersect the
'timber
expansion proceeding from year to year throughout the Dominion, due to holdings of the Grandin Lumber Co. and will be of a most substantial conthe large increase In population and trade, and to the opening up of new struction, 80-lb. rail being used, and of the most modern equipment. This
for
demand
rolling
stock
which
comexisting
a
produced
territory, has
railroad, running between Wilkesboro and Lenoir, passes through an old
panies have been unable to 1111. The Nova Scotia Steel & Coal Co., which established and richly cultivated farming community-the Yadkin Valleyowns all the common stock of the car company, has manufactured various where farms are worth $50 to $200 per acre. In addition to our own lummany
years.
for
The
net
guarancars
earnings
of
the
parts of steel railway
bering operations, which will develop freight for this railroad, it is estiteeing company for the past three years, after deduction of all Interest, sink- mated that there Is in the railroad zone about three billion feet of timber
ing fund and depreciation charges, $1,510,977, have been an annual average and also by-products.
of $503,659, or over eight times the annual interest on these bonds, in
A large amount of the lands of the Grandln Lumber Co. are valuable fo
addition, net earnings of the Eastern Car Co. are estimated at $250,000 farming purposes after the timber has been removed and the balance is
per year. The stocks of the gnaranteeing company (the pref. shares now valuable for grazing purposes The country,is also rich in minerals, of
per
8%
annum and the common stock 6%) have a which iron ore predominates.
receiving dividends of
market value of over $7,000,000,
The redemption fund of $3 50 per 1,000 ft. for. all timber and 50 cts. per
Directors; Hon. Jas. D. McGregor, Thomas Cantley, Robert E. Cham- cord for all pulp and tannic acid woods cut
from the lands will operate to
bers, Robert E. Harris, K.C., G. Forrest McKay and James C. McGregor.
pay off the entire issue of bonds when about one-half of the standing timber
(Incorporated June 14 1912 under Dominion "Companies Act' with under
this mortgage has been cut.
capital
stock
in
auth.
pref.
$100
shares, of which $1,00(),000 is
$2,000,000
With an increasing demand for lumber products and a decreasing supply
The present issue, It is said, will be some $750,000 pref. sold for cash and
standing timber, it Is evident that the values of timber lands will continue
3800,000 common. The plant, it is said, will have an initial capacity of of
to
increase.
underframe
cars
per day.-Ed.]
25 steel
Officers and principal stockholders: President, W.J. Grandin, Tidioute,
Federal Mining & Smelting Co.-New Officer.Pa.' V.-Pres., J. M. Hastings, Pittsburgh, Pa.; Secretary, G. M. Grandin,
Harry L. Day, formerly managing owner of the Hercules Mine at Burke, Tidioute, Pa., Treasurer, M. K. BleMullin, Pittsburgh, Pa.(Pres. American
Idaho (and who, it is said, retains his interest In that property), has been Window Glass Co.); J. H. Reed. Pittsburgh, Pa. (Pres. Philadelphia Comelected President and Gen. Mgr., to succeed F. II. Brownell and Clayton W. pany, director U. S. Steel Corporation, &c.); W. W. Beatty, Warren. Pa.;
Miller in the respective offices. Mr. Brownell becomes Chairman of the 0. P. Lutz, Lenoir, N. 0.; E. J. Jones, Bradford, Pa,; F. D. Frecburn,
Knoxville, Pa.
13oard.-V. 94, p. 489.
Frankfort (Ky.) Water Co.-First Mortgage 5s Offered.Almstedt Bros., Louisville, KY., are offering,at a price to yield about 5%,
1st M. 5% sinking fund gold bonds due Jan. 1 1936. Auth. and issued,
$150,000. Trustee, Fidelity Trust Co. of Louisville, Ky. Sinking fund
from Jan. 1 1916 for bond redemption, all rentals from fire-hydrants, also
5% of all other gross revenue. Stock auth., $250,000; issued, $150,000.
Property: Pumping station located a short distance above the city (water
supply, the Kentucky River), reservoirs, mains, &c. Total value, $246,823, exclusive of the new six-million-gallon engine and pumps installed last
summer at cost of $44,850. It is proposed next season to begin construction of an up-to-date filter plant at probable cost of $60,000, to be paid for
out of proceeds of present bonds, thereby making the cost of the plant when
completed over $350,000. Has perpetual city franchise and under a 25-year
contract effective Jan. 1 1911 the city pays annually fqr first 100 firehydrants $62 50, and $50 for each additional fire-hydrant, the present 131
yielding a yearly rental of $7,800. Population of city, nearly 11,000.
Gaar, Scott & Co.-Decision in Regard to Texas Franchise
Tax on Foreign Corporations.-The United States Supreme
Court on Feb. 19 held that the company, an Indiana corporation, could not recover the amount of the Texas State franchise tax paid by it.
The decision, it appears, does not, as reported In some of the papers,
sustain the Constitutionality of the franchise tax as applied to foreign corporations, but on the contrary, without passing on the Constitutionality
of the law, the Court holds that the company could not recover a tax paid
under the law on the ground that It was doing only Inter-State business and
paid the tax voluntarily. The company claimed, that, having paid for its
permit to transact business in tile State as a foreign corporation engaged
in Inter-State business, it could not be forced to pay also a franchise tax.
Gilchrist Transportation Co.-Underlying Bonds Called.All of the outstanding 1st M. bonds (Nos. 99 to 140, incl.) issued by the
Globe Steamship Co., dated April 1 1905, and secured by the company's
steamer"Ball Brothers," have been called for payment at 105 and int. on
July 1 at the Guardian Savings & Tr. Co., Cleve. trustee.-V.93, p. 1386.
(B. F.) Goodrich Co.-First Preferred Dividend.An initial quarterly dividend of 1 ;,i% has been declared on the $30,000,000 7% cumulative pref. stock, payable July 1 to holders of record June 20.
-V. 94, p. 1629, 1386.
Great Lakes Towing Co.-Suit.-The Tonawanda Iron &
Steel Co.of North Tonawanda Dec.29 1911 began suit in the
U. S. District Court at Buffalo against the Great Lakes Towing Co., the Hand & Johnson Tug Line, the Union Towing &
Wrecking Co., Edward Smith, of the Buffalo Dry Dock Co.,
and Louis Lautenslager local manager of the Great Lakes
Towing Co., to recover '
$78,052 damages for alleged excessive
and unreasonable rates for towing its boats up and down the
Niagara River since Jan. 1 1912.
It is alleged that the defendants have entered into an Illegal combination
in restraint of trade in violation of the Sherman Anti-Trust law, and that
between Jan. 1 1902 and Dec. 10 1911 the Tonawanda company has been
compelled to pay much higher rates than would have prevailed if conditions
were such as to permit of free competition.-V. 90, p. 1880.
Great Western Power Co.-Earnings.
Earnings (including California Eledric Generating Co. and City EW:tric Co.)
Fixed Balance,
Net (after Other
Gross
Earnings. Taxes). Income. Charges. Surplus.
Period Covered$184,229 $113,061 $2,036 $94,377 $20,720
April
82,596
4,201 371519
449,954
4 months ending April 30_ 720,905
Fixed charges as above include dividends at the rate of 6% yearly on the
California Electric Generating Co. pref. stock, which are guaranteed by
the Great. Western Power Co.-V.94, p. 564. 70.
Hale & Kilburn Co.-New President.Delmar W. Call, a receiver of the Allis-Chalmers Co., has beea elected
Prost., to succeed F. H. Greene.-V.94, p. 1180, 1059.
Home Long Distance Telephone Co., San Francisco.Mortgage.-The company on March 15 filed in the County
Clerk's office at San Francisco a certificate of new bonded
debt amounting to $7,080,000, which was voted by the
stockholders on that day.
The bonds bear 5% interest and mature Jan, 2 1932; denominations
$1,000 each. Capital stock authorized, $10,000,000. The company owns
the cables connecting the units of the Bay Cities Home Telephone Co.
system (V. 91, p. 655) on both sides of the bay.
Goodrich Transportation
Chicago.-Decision.-The
U. S. Supreme Court on April
Co.,
1 by a divided vote (two Jus(R. J.) Homer & Co.,ew York.--Pref. Stock.-Rhoades
tices dissenting) reversed the decision of the U. S. Commerce & Co., New York,and Hartford, Conn., offered on Mch. 17
Court in Oct. last which held that the Inter-State Commerce at 98 and accrued div. $150,000 7% cum.first pref.(p.&d.)
Commission has no authority to call for reports of transac- stock; dividends Q-J. A circular shows:
tions relating exclusively to port-to-port intra-State business
Incorp. In Dec. 1911, taking over the business of R. J. Horner & Co..
high-grade retail furniture house,started in 1886. Capital stock (par $100):
or to intra-State traffic.
Authorized: 1st pref., $200,000; 2d pref.. $100,000; common, $700,000.
The lower Court held, however, that tile company and the White Star
Line, which overate steamers on the Great Lakes, are amenable to the law
with respect to all Inter-State business in connection with railroads, and this
ruling is, of course, not disturbed. The Government claimed tliat if it was
defeated in this case It would mean that railroads need not report regarding
intra-State business and the Commission's entire system of gathering reports
relative to commerce would be very, much weakened. Compare V. 93,
p. 1024.
Grandin Lumber Co., Lenoir, N. 0., and Tidioute, Pa.Bonds Offered.-Clark L. Poole & Co Chicago and Ussin
Scoville & Co., Pittsburgh and Philadelphia, Lye recently
been placing at par and int. $725,000 1st M. 6% serial gold
bonds dated Dec. 1 1911 and due in semi-annual installments
from Dec. 1 1914 to June 1 1925($33,500 s.-a. till June 11919,
thereafter $32,500 s.-a.), but redeemable on any interest
date on 60 days' notice at 101
and int. Par $1,000
and $500 c*. Principal and interest (J. & D.) payable at
Central Trust Co. of Illinois, trustee, Chicago.
Digest of Letter from Pres. W. J. Grandin Tidioute, Pa., Dec. 14 1911.
The company Is a North Carolina corporation with a fully paid-up capital
of $1,950,000, owning, in fee simple, over 60,000 acres of timber lands in
the foothills of the Blue Ridge Nits. In the counties of Wilkes, Watauga and
Caldwell, in Northwestern North Carolina, containing (a) about 710,000,000
ft. ot merchantable standing timber, of which about 60% is genuine cork,
white pine and yellow poplar, the rest oak, hemlock, chestnut, ash, &c.;
(b) 350,000 cords of pulp and acid wood,100,000 cords of oak and hemlock
tan bark and 3,500,000 railroad ties. If we cut this tract as closely as we
have our past Pennsylvania operations,It should yield close to 900.000,000 ft.
We are now building on the Yadkin River, on the line of the Watauga
Ry., near the centre of the timber holdings, a modern plant embracing a
two-band mill and re-saw, planing mill and box factory, enabling us to
control all of the merchandising incident to the production of forty to fifty
million feet of lumber annually.
'rho authorized bond issue Is $2,000,000; $1,600,000 will be immediately
issued ($725 000 to liquidate the present debt, for the construction of a saw-
Outstanding: 1st pref. $150000; 2d pref., $50,000; common, $500,000.
'pref. Issued are to be used for purchase of stock In
The proceeds of the 1st
trade and as working capital. No bonds or mortgages. On or about
March 1 will open its new store at 20 West 36th St., occupying the entire
12-story bldg. under a long-term lease with an option for renewal.
R. J. Horner, as President. will continue as manager, retaining for himself and family all the 2d pref. stock issued and a majority of the common.
Average net earnings for past 10 years over $83.000 per year. Net quick
assets over $160,000. Sinking fund to redeem pref. stock: First 3 years,
25% of net earnings after payment of all accum. pref. dividends, trustee
to redeem first pref. stock at best market price, not to exceed par. Thereafter, until all pref. stock outstanding is redeemed, an amount must be paid
into sinking fund each year equal to7 M% of aggregate amount of pf.stk.
heretofore issued. During this period, the trustee must purchase first pref.
stock up to the amount In the sinking fund at the best prices obtainable, not
to exceed $105. The lstpref. Is callable, all or part, at 115 and accrued'div.
The pref. shares have exclusive voting power In case and while dividends
and sinking fund are in arrears; otherwise no vote.
Hudson River Electric Power Co.-Decree Value.Principal. Coupons.
Payable per $1,000 BondsBud. Riv. El. Co. 1st M. 5s, dated 1901_ $9713 32 no value
Bud. Riv. El. P. Co. 1st M.58, dated '04 274 66 no value
Hudson Riv. Pow. Transmission Co.
789 78 no value
ref. M. dated 1905
Gas, El. Lt. & Pow. 1st M. 5s
Saratoga'
1,174 84
dated 1897 (int.ceased May 13 1912) _
Madison Co. Gas & Electric Co. 1st M.5s
dated 1902, with coupons of Jan. 1
603 92
1900 and since attached
Compare V. 93, p. 348, 1792.
Where (N.1'.)
Guar. Tr. Co.
Knick. Tr. Co.
Knick. Tr. Co.
N. Y. Tr. Co.
•
Eqult.Tr.Co.
Illuminating & Power Securities Corporation, New York.
-New Company-Stock Offered.-This company was incorp.
in Va. May 31 1912 as general dealers in stocks, bonds and
other securities and in properties of public service enterprises.
Capital stock auth.($100 shares): 7% pref. cum.from Aug. 1
1912, $3,000,000; common,$5,000,000. To be issued: pref.,
1700
THE CHRONICLE
$1,250,000; common, entire $5,000,000. William P. Bonbright & Co., N. Y., Colo. Springs and London, are offering
the stock in blocks of $1,000 pref. and $200 corn. at $1,000.
[VOL. Lxxxxrv.
last 5 years, thus providing for 75% of the bonds before maturity. Interest
J. & J. at Bank of Montreal, Mont., Toronto, N. Y. and Loudon. Par
$1,000 and $500 or sterling equiv.; trustees, Nat. Trust Co., Ltd., Toronto,
and Minnesota Loan & Trust Co., Minneapolis. No prior lines.
Capital Stock.-.-Total auth., 53,000000;at least $1,000,000 must be preferred and $1,000,000 common; remaining $1.000,000 may be either pref.
or common. Outstanding; Common, $567,700; pref. (p. & d.) 7% cum.,
callable at 110 and div. $1,002,500.
Properties.-Owns in
'fee flour-milling plants at New Prague, Wells,
Blue Earth in Minnesota; Davenport, Ia.; Moose Jaw, Sask.* Calgary, Al' Jaw, Sask., toather with eleberta, and oatmeal and cereal mill at Moose
vators, warehouses, &c., at other points. Total daily capacity (Including
Moose Jaw plant destroyed by fire, now being rebuilt), 8,000 barrels flour
and 400 barrels rolled oats and cereals. Canadian business operated by
Robin Hood Mills, Ltd.; all of Its capital stock owned by Internat. Mill'g Co
Officers.-F.A. Bean, Pres.;W. L. Harvey,See. and Treas.-V.92, p.1113.
Condensed Data from Prospectus-Securities Acquired to Date.
Among other considerations the Corporation will receive for its $5,000,000
of common stock the following securities (number of shares, "c"common,
"p," pref.): 500 o Am. Gas & El. Co.; 500 c Am. Power & Lt. Co.; 1,000 c
Am. Utilities Co.; 2,000 c and 320 p Appalachian Power Co.; 267 p and
1,3430 Consol. Power & Lt. Co. of So. Dak.; 3000 Federal Utilities (Inc.);
2,000 c Ft. Worth Power & Lt. Co.; 250 c Gen., Electric Co.; 200 p Gen.
Utilities Corp.; 2,000 c Guanajuato Power & El. Co.; 810 c Nor. Idaho &
Mont. Power do.; 1,0000 Pacific Gas & El. Co.; 410 c Penn. Water & Power
Co.; 1,000 c Republic By. & Lt. Co.; 803 c San Juan Water & Power Co.;
1,000 c Southern Cal. Edison Co.; 2,000 p and 1,000 o Standard Gas & El.
Co.; 500 o Tenn. By. Lt. F0 Power Co.; 500 p United Rys. Co. of St. Louis;
International Nickel Co.-53% Quarterly Dividend.3,030 c United Utilities Co.; 600 p and 1,801 o Wash. Bait. & Annap. Elec.
RR. Co.; 700 p and 2,500 c Western Power Co.
A dividend of 5 yi% has been declared on the $11,582,626 commonstook,
The securities so turned over are now paying dividends at rate of over payable Sept. 3 to holders of record Aug. 13, comparing, with 7% in June
$30,000 per year, and by 1914 should pay twice that amount. The pro- and 5% in March last and 4,
3- in Dee. and 2
in Sept. and June 1911,
ceeds of the pref. stook (netting the Corporation par) will be invested in '1% and M of 1% extra quarterly from Dec. 1909 to Arch. 1911 and 1% in
public utility issues, the yield from which will meet the pref. dividend, thus Sept. 1909. An extra div. of 25% was paid in July 1910. Dividends are
insuring the Corporation a total income of abt. 1 1-3 times the pref. div. paid as earnings justify. Compare V. 94, p. 830.-V. 94, p. 1563, 830.
Directors: C. P. Hamilton (Pres.), S. W.Childs and R.C. Morse (V.-Ps.),
M. P. Clough, W.S. Clough, F. W.Stehr and Ernest B. Tracy.
Kentucky Electric Co., Louisville.-Suit over Sale.Judge Quarles in the Chancery Division of the Jefferson Circuit Court on
Indianapolis Light & Heat Co.-Underlying Bonds Called. June
13, by consent, granted a temporary injunction in favor of the City of
Ten 1st M.8% sinking fund gold bonds of the Indianapolis Light & Power Louisville in the suit brought by the latter to prevent the consolidation of
Co., issued under mortgage dated June 1 1892 for payment at 102 and int. the company with the Louisville Lighting Co. or Louisville Gas Co., or its
on July 1 at American Trust Co., Boston, trustee.-V.84, p. 105.
taking over by H. M. Byliesby & Co. It has been agreed to carry the case
Inland Steel Co., Chicago.-Bonds Offered.-The First as soon as possible to the Court of Appeals with a view to having that Court
pass on the right of the defendants to acquire the property. Byllesby &
Trust & Savings Bank of Chicago, the mortgage trustee, and Co.
desire assurance that their title to the property will be unclouded before
Potter, Choate & Prentice, 55 Wall St., N. Y. City, are exercising their option.-V.93, p. 1605.
offering at par and int., by advertisement on another page,
Kirby Lumber Co.-New Treasurer.George R. Christie, General Auditor, has also been elected Treasurer, to
$1,500,000 of a new issue of $10,000,000 6% "extension and
succeed
Captain F. A. Reichardt, deceased.-V. 92, p. 1569.
refunding" bonds dated July 1 1912 and due July 1 1942,
Lake Superior Corporation.-Guaranteed Bonds Offeredbut callable, all or any part, on or after July 1 1915 at 103
and int. Par $1.000. Interest J. & J. in Chicago and N. Y. Reservation for First Collateral 5s.-See Algoma Steel Corporation above.-V. 94, p. 1569, 1387.
Digest of Information Furnished by President Alexis W. Thompson.
The new bonds will be secured by a first mtge. on all property now
Lima (0.) Locomotive Corporation.-Bonds.-Redmond
owned or hereafter acquired, subject only to $2,400,000 6% bonds of 1908
(V. 87, p. 1162), maturing $150,000 each year, the last due in 1928. The & Co. of New York have purchased an issue of $2,000,000
company covenants not to renew these underlying bonds and may use part (closed) 1st M. 20-year 6% sinking fund gold bonds due
of the proceeds of the new issue in retiring same. An annual sinking fund of
4%, beginning in 1928, is provided, and in the meantime the 1st M. bonds May 1 1932, the company's only indebtedness.
are being retired $150,000 annually. The company covenants that it will
The corporation has taken over the Lima Locomotive & Machine Co.,
maintain net,quick assets of 50% of the amount of outstanding bonds of founded over 40 years ago, and
will extend the plants to provide employthis issue, bht not less than $2,500,000.
ment for 4,000 men, the total
to be about 950 locomotives per year.
The first $2,500,000 bonds sold may be used for new improvements of Orders are now being filled forcapacity
the Union Pacific, Del. Lack. ec West., Erie,
like cost, but additional bonds can only be issued for 80% of the cost of im- Southern By., Grand Trunk, Pennsylvania, &c.; also for foreign
countries,
provements. The proceeds of the bonds above offered will be used for ad- especially South Am
and China.
ditional improvements which will greatly increase its earning power.
approximate
sink!'mod
A
cumulative
of
will
provide
for
the
retirement
by-products
cokissue
is
to
be
expended
for
a
Part of the proceeds of this
110, all or part.
ing plant with daily capacity of 1,000 tons of coke; the resulting by-products 1Y 85% of the bonds by maturity. Par $1,000, callable at
The net earnings of the old company, it is stated, have averaged $280,000
(gas, tar and ammonia) effecting a marked economy in producing coke.
Description of Properties.-(a) At Indiana Harbor, two modern blast per year, after depreciation. With the proposed additions, the net earnings
of only
furnaces, delivering molten metal to the steel department, which consists are estimated to be over $1,000,000, as against an interest charge
of eight 60-ton open-hearth bask, furnaces (with four more under construc- $120,000 per year. The corporation will be conducted by A. L. White,
company,
all
men
of
wide
experience
Pres.,
and
the
other
officers
of
the
old
tion), 36-in, blooming mill and billeting mill, and various mills to finish the
The directors are A. L. White, George H.
steel produced. Of the large tract on the lake front, only a small part is in the locomotive business.
J. Thomen (of Redmond F0 Co.),
required for present purposes. With the additions, &c., to be completed in Wall, W. T. Agerter, Ira P. Carnes, 0.
1913, this plant will have an output capacity of 500,000 tons of steel per ann. and Merle Middleton (who will act as Chairman of the Board).
(b) Chicago Heights plant, in successful operation since 1893; is a finishing
W. H. McElwain Co.-Earnings.-Year end. May 31:
mill producing about 30,000 tons of steel per annum. (e) Three valuable
Total sales, $17,089,017 (against $13,623,235 in 1910-11); total ne
ore leases, including three producing mines, two on the Mesaba Range and
$639,780 (against 5711,056 In 1910-11); less appropriations to
one on the Cuyuna Range, all carried on our books at cost. These leases earnings,
plant account, $74,235; bonuses to managers (no officers included), $53,827
insure ore at a very reasonable cost for an average of more than 30 years.
and dividends. $352,500; balance carried to surplus, 5159,218. Total
Our products are practically all made of open-hearth basic steel, for which surplus
May 311912. $227,160.-V. 94, p. 633.
there is a constantly increasing demand. They consist of pig iron, billets,
sheet bars, structural shapes, plates, merchant bars, reinforcing bars, bars
Marconi Wireless Tel. Co. of Am.-Merger Completed.and shapes for agricultural implements, blue annealed sheets, black and
United
See
Wireless Telegraph Co. below.-V.94, p. 1510. 1320.
galvanized sheets, formed roofing produots, railroad tie plates, spikes, track
bolts and nuts, rivets, harrow teeth and telephone line material.
Massachusetts Gas Companies, Boston.-Earnings.Bonds.
For
Security
Showing
11 Mos. end. May 31Btatemend Based on Balance Sheet of May 11912,
May
Earnings of Subsid. Cos.1910-11.
1912.
1911-12.
Mines, land, plants, buildings, &c., $10,614,296; additions,
1911:
New England Gas & Coke Co_ _ $58,716 $62,137
$603,948 $580,340
&c., for which proceeds of this issue will be used, $1,500000;
$16,338,083 Boston Consolidated Gas Co_ _ _ 92,533
1,239,564 1,200,776
92,598
net current assets as of May 1 1912, $4,223,787; total
5,042
56,983
1,910
58,232
First refunding 8% bonds outstanding, maturing $150,000 p.an. 2,400,000 East Boston Gas Co
Citizens' Gas Light Co
19,127
848
890
17,019
$13,938,083 Newton & Watertown Gas Co__
72,901
Equity for this issue
9,666
4,191
65,889
233,394
Earnings.-For the cal. year 1911 the net earnings, after providing for New England Coal & Coke Co_ 32,214
20,752
152,157
six
about
times
the
interest
on
$1,380,063
[or
to
Federal Coal & Coke Co
6,075
depreciation, amounted
3,375
def.3,563
2,954
"12,154
48,343
the total bonded debt]. These earnings reflect the general depressed condi- Boston Tow Boat Co
3,407
3,199
tions during that period. The net earnings for 1910 were $1,836,096. The
company
to
way
will
enable
the
improvements and additions under
Total
$193,656 $188,837 $2,188,528 $2,181,759
Increase its production in tonnage and variety and more particularly effect
• Eight months.-V. 94, p. 1387, 283.
a substantial reduction in its costs, so that, with normal demand for steel,
Mexican Telephone & Telegraph Co.-Earnings.its earnings will be very largely increased.
Net
Construe- Subset's
Year ending
Operating MatnteThe capital stock has recently been increased to $10,000,000. Of the
Gross
stockholdthis
time,
issued
at
$1,000,000
will
be
approximately
lion. Feb. 28.
Feb. 28.
new stock,
Earn tngs. Expenses. ?lance. Earnings.
ers having subscribed for that amount at 125 per share, making the total 1911-12
$637,069 $297,297 $67,156 $322,616 $294,158 11,236
67,843
306,146
320,526 10,277
200,431
amount outstanding $8,000,000. Dividends have been paid for the past 1910-11
574,420
four years at the rate of 7% per annum; during the past two years there has -V.92, p. 960.
also been paid an extra dividend of 3%. Compare V.94, p. 701, 355.
Minnesota Thresher (Mfg.) Co.-Decision.-The U. S.
Supreme Court on April 1, in the suit brought by receiver
Theodore R. Converse against Caroline A. Hamilton, a
stockholder residing in Wisconsin, sustained the Minnesota
double-liability provision under which an order was issued
International Milling Co. of Canada, Ltd.-New Name, assessing stockholders 100% to meet the corporation's debts.
&c.-A certificate was filed at Ottawa May 29 changing the
The Wisconsin courts held that the order issued by tile Minnesota courts
name to Continental Milling Co., Ltd.
was not a judgment such as the Federal Constitution required to be given
International Mercantile Marine Co.-Bonds Called.-
Two hundred and fifty ($250,000) 1st M. sink. fd. 5% gold bonds issued
under mtge. dated Feb. 1 1899, under the former name of the International
Navigation Co. for payment on Aug. 1, at par and int., at Fidelity Trust
' trustee.-V. 92, p. 1705.
Co., Philadelphia,
A holding company organized in 1911 to control the Canadian Cereal
& Milling Co. and the International Milling Co. of New Prague, Minn.
Early in 1912 it was agreed to resume separate ownership, the Canadian
Cereal having had a bad year (showing, it is said, a deficit after charges
of $168,000 for the yrear ending Aug. 31 1911), while the International was
reported to have had net profits of $130,000, against $300,000 in 1910.
On Feb. 7 1912 the Minnesota corporation (see V. 92, p. 1113) Increased
its capital stock from $2,000,000 to $3,000,000. This, we learn, was
for the purpose of carrying out a provisional agreement entered into by
the company with F. A. Bean and W. L. Harvey of New Prague, Minn.,
providing for the exchange of $780,250 common stock of the Minnesota
Corporation held by the holding company for 5837,500 7% cumulative
pref. shares of International Milling Co. (Minnesota corporation). The
pref. shares so received were to be distributed among holders of the bonds
and shares issued by the holding company for the acquisition of the said
$780,250 common stook, upon the surrender to the company for cancellation of such bonds and shares. The holding company was also to issue
$750,000 7% pref. stock, shareholders to subscribe to the extent of at least
one-third of their pref. holdings in order to get the $500,000 required.
The reorganization of the Minnesota company was effected by the conversion of the $780,250 of common stock held by the Canadian holding
company into $837,500 of 7% non-voting cumulative pref. stock, redeemable at 110, and by the issue at par to Bean and Harvey of $500,000 new
conimon stock, In return, it is understood. for $500,000 cash with which to
rebuild the Moose Jaw mill (destroyed by fire) and for other purposes. See
V. 92, p. 1113; V. 93, p. 349.
International Milling Co., New Prague, Minn.-Status.The process by which this company has recently recovered its independence as stated below under caption International Milling Co.of Canada, Ltd.
The Minnesota corporation (inoorp. June 1910) is now constituted as follows:
Bonds.-lst M. 6% sink, fund gold bonds, total auth., $1,500,000 or
sterling equiv.; outstanding, $580,000; presently to be issued about $220,000, with respect to mill recently purchased at Calgary, Alberta. Dated
1910, due July 1 1930; redeemable at 105 and int. on any int. date after
1915; sinking fund 3% per ann. for first 10 years, 4% next 5 years and 5%
"full faith and credit" to in another State, because the Minnesota courts had
no jurisdiction over a Wisconsin stockholder not served with notice of a
proceeding against him or her. Compare V. 86, p. 1103; V. 85, p. 472; •
V. 84, p. 1117.
Missouri Valley Light & Power Co., Richmond, &c., Mo.
Whitaker & Co., St. Louis, recently offered $60,000 let mortgage 6%
notes, par $1,000, dated May 1 1912, due in annual installments, $6,000
May 11913, $7,000 1914, $8,000 1915 and $13,000 1916 to 1918, but callable
after 3 years at 101 and int. Int. at Commonwealth Tr. Co., St. Louis,
trustee. A first lien on the only electric light and power plants in towns of
Richmond, Liberty and Eldorado Springs, Mo., and a transmission line
to be built out of proceeds of this loan from Richmond to several outlying
towns, coal mines, &o. Value of property (including $22,000 for aforesaid
extensions), $185,000. Shortest franchise expires in 1929. Net earnings
for 1911 (operating independently), $13,368. Estimate for 1912, $22,479.
and for 1913, including earnings from the transmission lines to be constructed, $30,501. Incorp, In Missouri Apr. 16 1912. Stook auth., $250,000; issued, $150,000. Properties acquired in fee, Richmond (Mo.) El. Lt.
Co., Liberty (Mo.) El. Lt. & P. Co., La Fite El. Engineering Co. and B. F.
Procter Light & P. Co. Pres., R. G. La Fite; Sea., Otto McMahon. Office, Kansas City, Mo.
National Elec. Signaling Co., Pittsb.-Decision Reversed.
See United Wireless Tel. Co. below and V. 94, p. 1321.-V. 94, p. 921.
National Packing Co., Chicago.-To Dissolve Voluntarily.
It was announced by the Department of Justice on June 17 that the representatives of Armour & Co., Nelson Morris & Co. and Swift & Co. had
advised the department that they would on or before Aug. 1 voluntarily
dissolve the company and dispose of its assets. The Government will meanwhile hold in abeyance the civil suit which it contemplated bringing against
the company to compel its disintegration.-V. 94, p. 921.
New River Co., Boston.-Boston-Scranton Interests Control,-At the annual meeting in Macdonald, W. Va., on
JUNE 22 1912.
THE CHRONICLE
1701
June 5 the Boston and Scranton interests were in the major- awarding judgment to the Old Dominion Mining & Smelting
Co. of New Jersey against Albert S. Bigelow for $1,180,000,
ity, resulting in the election of:
Directors.-Sheldon H. Bassett, New York; Junius Beebe, Addison C. with interest from Sept.18 1895, on account of promoters'.
Burnham, Henry N. Sweet, Phineas W.Sprague and Robert H.Gross, Boston; Arthur B. Daniels. Adams, Mass.; Charles W. Dillon, Fayettesville, secret profits. The amount now due is said to be about
W. Va.• Frank Ellison. Cincinnati; Cyrus D. Jones, Edward S. Jones, $2,450,000.
Scranton; Symington Macdonald,
Samuel'
Samter and Louis A. Watres,
Glasgow, Scotland; Francis W. Scarborough, Richmond, Va.
Officers.-Robert H. Gross of Boston was elected President to succeed
Samuel Dixon, resigned; Henry N. Sweet, Vice-Pres.; Frank B. Dowst,
Sec. and Asst. Treas.. and George W. Bunton, Auditor.-V.93,.p. 1025.
Justice Lurton wrote the opinion, Justice Hughes not voting because he
was counsel for the Old Dominion Co. In New York when the suit was
pending there against the Lewisolin heirs. Mr. Bigelow, it is stated, at
the time the judgment was rendered in the Mass,courts, deposited with New
England Trust Co. somewhat over $2,000,000 in securities to satisfy the
judgment.
"Boston News Bureau" figures that the net amount after ex-Five
Per
Cent
Dividend.
Co.
Light
New York Mutual Gas
penses, if full payment Is received, will be (say) $2,114,000, which would be
semi-annual
div.
of
5%,
payable
July
10
to
The company has declared a
applicable for distribution among the holders of Old Dom. (of New Jersey
holders of record June 27, compared with 5% In Jan. last and 4% in July 143,000 trust receipts and perhaps also 7,000 shares of non-assenting New
andJan.1911. Consol. Gas Co.owns$1,886,200 of the $3,436,600 stock out. Jersey company stock. This would amount to about $14 per share, making
with the 50 cents per share in the trust a total of $14 50 per share. In any
Dividend Record Since 1893 (Per Cent).
1894-97 1898 1899 1900 1901-05 1906 1907 1908 1909 1910 1911 1912 event, it is said, there should be at least $10 per share available for distri7
6
6
6
6
8
10 bution within several months, unless legal difficulties arise. It is rumored
3 9 yearly
7
8
9 yearly
that Mr. Bigelow may have purchased a large amount of the trust receipts-V. 93, p. 1729.
in the open market, trading In them having been active from time to time.
Court on June 10 denied the application for a re-hearing. See V. 89,
New York & Wilkes-Barre Coal Co.-Bondholders'Plan.- 'the
p. 999, 1071; V. 85, p. 1466; V. 87, p. 483.-V. 94, p. 702, 419.
The interest due Nov. 1 1902 on the $600,000 6% mtge. bonds of 1893 is In
default and both prin. and Int. have been declared. The bondholders'
Olean (N. Y.) Electric Light & Power Co.-Bonds Offered.
committee, Otto T. Bannard, N. Y Chairman, has unanimously recommended the acceptance of an offer for the pledged assets and the depositing -Miller & Co., N.
Y. City, recently purchased and offered
bondholders are notified that any dissents must be filed on or before July 18.
Further deposits of the bonds will be received at the New York Trust Co. at 95 and hit. $185,000 1st M. 40-year 5% gold bonds, dated
on or before June 29.
June 1 1911 and due June 11951, but redeemable, all or part,
Digest of Committee's Circular. Dated at New York, June 10.,
on any int. date at 105 and int. on four weeks' notice. Par
The committee has been offered $123,239 for the securities held by New
$1,000(c*). Int. J. & D.in N. Y. Auth. $250,000; issued
York Trust Co., as trustee, to secure 6% bonds of 1803.
Said securities consist of: (1) A mortgage for $325,000, dated March 23 this $185,000. Tax-exempt in N. Y. State. N. Y. Trust
1896, executed by Langcliffe Coal Co. Ltd. of Pa. (a limited partnership)
'. (2) Agreement of Sept. 25 Co., N. Y., trustee. H. K. Taylor & Co., Hartford, are
to N. Y. Tr. Co (then Continental 14. Co.)
1893 between Langcliffe Coal Co. (Penn. corporation), Wilkes-Barre & offering a part of the aforesaid $185,000.
Hudson River Impt. Co., and Reese G. Brooks and John A. Mears. (3)
Agreement of Sept. 25 1893 between said Brooks and Mears and said Impt.
Digest of Letter from Pres. Jos. B. Mayer, Olean, N. Y.
Co. (4) $300,000 of the capital stock (In $100 shares) of said Langcliffe
Organized and obtained perpetual franchise in 1887; showed substantial
Coal Co., the right to which shares is claimed by Hudson Coal Co. of Penn- earnings ever since. Sells electric light.and power in City of Olean and
sylvania (Delaware & Hudson Co.).
town of Allegany. Present management recently paid $112 per share for
The committee is advised by engineer and counsel that, in view of the the stock. Capitalization: capital stock, $85,000; total bonds (authorized
physical condition of said properties, the small amount of mineable coal $250,000), Issued $185,000.
therein, and the litigation aforesaid, the offer of $123,239 best serves the
At present purchases a large part of its power from the Western New York
interests of the bondholders. The N. Y. Trust Co., as trustee under the & Pennsylvania Traction Co., but a tract of land has now been acquired on
trust agreement, had on deposit June 1 1912 $103,654 (balance of royalties the Allegheny River, with ample water supply, and railroad facilities, and
collected), which, with the aforesaid sum of $123,239, aggregates $226,892. contracts have been awarded for steam turbine generating plant of 1,000
This aggregate sum (less costs, unadjusted claims, &c.), will be, it Is hoped, h. p. (746 k. w.). Under its new 10-year contract with the city, proposes
shortly available for distribution to the bondholders If the said offer is to install distributing facilities in all the principal thoroughfares.
approved by a majority in amount of said bonds.-V.84, p. 576.
Bonds.-A first lien on all present and future property; remaining $65,000
can be issued only with consent of P. S. Commission. Sinking or improveNorth Butte Mining Co.-Dividend Increased.-A quarterly ment fund, 5% of gross earnings, commences in 1913, applicable either to
of the bonds at 105 and int. or installation of additional equIpm't.
dividend of 50c. per share (3 1-3%) has been declared on the purchase
Net Earnings.-For 1911, with insufficient facilities, 1 1-6 times int. on
$6,150,000 capital stock (par $15), payable next month,com- present bond issue. Increase
for first four months of 1912, 54%. Estiparing with 2 2-3% in April 1912 and 2% (30c. a share) mated on contracts now In force after new plant is in operation, over twice
the interest charges. At present supplies only a small portion of the total
quarterly from July 1910 to Jan. 1912.
population. The new plant and transmission lines will insure an immediate
and large increase In number of consumers. Olean is a progressive and
Dividend Record (Per Cent).
up-to-date manufacturing city on the edge of the Bradford oil fields.
1907.
1906.
1908.
1909.
1905.
1910.
1911.
1912.
Directors.-W. R. Page, Joseph B. Mayer and I. W. Miller, respectively
40
20
26 2-3 7 1-3
8 1-3
48 1-3
8 Incl. July, 8
Pres. V.-P. and Gen. Mgr. of Western New York & Penn. Traction Co.;
Compare V. 90, p. 1681, 632.-V. 94, p. 1253, 987.
W. F. Sheehan, Judge Edw. W. Hatch, John P. Quigley and B.D.Nobles
Northern States Power Co.-Offering of Guaranteed Col- (Secretary).
lateral Notes Issued in Connection with Purchase Of MinneapoOsceola Consolidated Mining Co.-Dividend Increased.lis General Electric Co.-H. F. Bachman & Co., Phila. and
A semi-annual dividend of $6 per share (par $25) has been declared on the
N. Y., are placing at par and int, this company's five-year $2,403,750 capital stock, payable July 25 to holders of record June 29, com6% collateral lien notes,guaranteed principal and interest paring with $3 50 In Jan. last and July 1911 and $6 in Jan. 1910.
Recent Dividend Record (Dollars per Share).
by the Consumers' Power Co., dated June 1 1912 and due 1900. 1901. 1904.
1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912.
$6
$6
$2
$4
$10
$7
$2
$8
$10
$73i
$9
June 1 1917, but subject to call, as a whole, on any interest
date on 60 days' notice, on or before June 1 1914 at 102; -V.94, p. 1630, 770.
thereafter at 101. Int. J. & D. Par $1,000 c*. Total
Pacific States Telephone ds Telegraph Co.-Suit Dismissed.
authorized and issued, $5,000,000.
-The suit begun over a year ago against City of Los Angeles
Condensed Extracts from Bankers' Statement.
to prevent the enforcement of the rate reduction ordered by
Security.-Secured by deposit with the trustee (Guar. Tr. Co., N. Y.) of City Council on May 31 1910 was recently dismissed.
the capital stock of the Minneapolis General Electric Co. (V. 94, p. 1253,
1183) and $5,000,000 Consumers' Power Co. (of Minn.) general mtge. 5%
gold bonds, dated June 11912, due June 11937. The cost to the Northern
States Power Co. of the stock of the Minneapolis General Electric Co. was
$7,950,000 in cash. The above notes were issued in part payment thereof,
and the balance provided through the sale of the Northern States Power Co.
pref. and common stocks (V. 94, p. 1511). In lieu of the few shares of the
Minneapolis General Electric Co. stock that are not now deposited with the
trustee, cash is so deposited to the amount of $200 for every share of common and $120 for every share of pref. stock.
The Consumers' Power Co. general mtge. 5% bonds cover all the property of that company now owned or hereafter acquired. No bonds in excess of the $5,000,000 pledged may be issued except to retire underlying
bonds, par for par, and for 75% of the cash cost of additions, betterments
and extensions, and then only when the net earnings for the past twelve
months shall have been at least 1 3j times all fixed charges, including the
Interest on bonds applied for.
Capitalization of Nor. States Pow.Co. with Acquirement of Minn.Gen. El. Co.
Authorized. Outstand'g.
Collateral notes (company has no funded debt) _ _ _ _$5,000,000 $5,000,000
7,386,700
7% cum. pref. stock (dive. regularly 7% p. a.) _ __ _16,000,000
14,000,000
6,225,000
Common stock
Equity Replacement Value $10,632,000 Secures These $5,000,000 Notes.
Replacement value of constituent properties of Nor. States
$27,419,000
Power Co. as est. by H. M. Byllesby & Co
Liens prior to these notes: (a) Consumers' Power Co. bonds,
(auth. $10,000,000). $9,540,000; Minn. Gen. El. Co. bonds.
16,787,000
(auth., $8,000,000), $7,247,000
NetEarnings Applicable to Int. on These Notes Over Three Times Required Amt.
(Nor. States Power Co. and Minn. Gen. El. Co. Year ending Apr. 30, 1912.]
$774,626
$3,284,3191 Interest on bonds
Gross earnings
$1,679,6491Bal.applio.to these notes_ _ $905,023
Net after taxes
Interest on these $5,000,000 6% notes calls for $300,000, which on above
basis would leave a surplus of $605,023 available for dividends.
It is proposed to connect the steam and water-power stations of the Minneapolis General Electric Co. with those of the Consumers' Power Co.,
which will result in substantial economies and permit the company to supply a large and Immediately available market in addition to that now served
Population served aggregates 750,000 and Is increasing rapidly. From
1900 to 1910 Minneapolis Increased In population 48%, St. Paul 31%,
Fargo 49%. Jackson a) Curtis are offering the notes in Boston. See also
V. 94, p. 1511. 1569.
Nova Scotia Steel & Coal Co., Ltd.-Guaranteed Bonds.-
See Eastern Steel Car Co., Ltd., above.-V.94, p. 1313, 1320.
Ohio Copper Co.-Reorganization Plan.-
The proposed plan to be announced presently will, it is stated, Provide
for the formation of a new company to be known as the Ohio Copper Mining
Co., with $8,000,000 authorized stock (par $5). Stockholders of the present
company (par of shares $10) will have the right to exchange their stock for
that of the new company on the basis of share for share and the payment of
an assessment of $1 a share. The plan will provide for about $400,000
working capital and take care of the floating debt of about $840,000.
Of the authorized stock of the new company,250,000 shares will be used to
take up the outstanding $1,250,000 bonds and 50,000 shares will be left
n the treasury.-V. 91, p. 522.
• Old Dominion Co. of Maine.-Favorable Decision.-The
United States Supreme Court on May 27 affirmed the decision of the Massachusetts Supreme Court on Sep. 15 1909
The City Attorney, upon the advice of experts, deblded that it was impossible to defend the reduced rates as affording a proper return on investment. The attorneys for both parties agreed to a dismissal, the Board of
Public Utilities of Los Angeles having in the meantime recommended the
old rates, which the City Council finally accepted. The city pays the costs,
the impounded money. $44,000, held up during litigation, representing the
difference between the old rates and those which the City Council attempted
to enforce, being returned to the company.-V.93, p. 412, 349.
Peerless Motor Car Co. Cleveland, Ohio.-Bonds &c.at
Cleveland, recently offered
The Tillotson & Wolcott
par and int., and have mostly sold, a total issue of $1,100,000
1st M.6% serial gold bonds, dated April 11912, and due in
annual installments each April 1 from 1913 to 1924, $50,000
yearly in .1913 and 1914 and $100,000 thereafter, but redeemable at any int. period in inverse of numerical order at 102
and int. Par $1,000 (c*). Prin. and int.(A. & 0.) payable
at Superior Savings & Trust Co., Cleveland, trustee.
Co.,
Digest of Statement by Pres. L. H.71(ittredge, Cleveland, April 20 1912..
An Ohio corporation, manufacturing the "Peerless" passenger and commercial automobiles. Principal plants at Quincy Ave. and East 93d St.,.
Cleveland. Auth. capital stock, $3,000,000; outstanding, $1,502,400.
(Including $300,000 just subscribed by present stockholders]. These bonds
arc the only bonded debt, arc issued to fund floating debt incurred in the
development of the business, and are a (closed) first mortgage as follows:
(a) Fixed assets as appraised (after deducting $385,464 for depreciation); real estate, 20.8 acres of land (including 14.6
under lease), now to be purchased, $384,892; 18 buildings, of
brick, concrete and steel, floor area about 400,000 sq. ft,
$967,084; fire protection and machinery, $968,255; total__ __$2,320,231
(b) Total quick assets Jan. 1 1912
$2,639,196.
(c) Further security-Practically the entire capital stock of The
Peerless Motor Carcompanies of N. Y
and New England,
being the New York, Chicago and Boson distributing branches
(?)
Entire cap.stock Doan Realty Co. of N. Y., which owns for
the N. Y. branch No. 1760 Broadway, frontage 72 ft. on
Broadway, 25 ft. on 57th St., depth 90 ft. with a 9-story con' in 1909, all used
crete, terra cotta and steel building, erected
for our purposes; carried on our books at cost-$747,966.
Deduct mtgge. held by Eq.Life Assur.Soc.$400,000; equity
347,000
• The bond agreement requires the company to maintain net quick assets
equal to the amount of bonds outstanding, such quick assets to consist of
cash, accounts and bills receivable, and inventory at 55% of cost. The
proceeds of the $1,100,000 bond issue and of the $300,000 additional stock
just subscribed reduce the current liabilities to a negligible amount.
from
$3,9
624 A
u
ur.
D11907
1
ep1r9
Annual Earnings
earnings...Jan.
eato
1 1912 (65 Mos.)
Average
$120,528
Total sales
824,274 Other deductions
52,279
Net
Net profits
$651,467
The present management took control of the Peerless Mfg. Co. in 1899,
and In 1900 began manufacturing automobile parts. In 1902 it made its
first complete cars, and It was Incorporated as "The Peerless Motor Car Co.";
assets then $96,000. The total investment since 1902, not derived from
refits, has been but $324,000. Our statement of Jan. 1 1912 shows
2,708,749 undivided profits and reserves, without taking into account
good will. Employs about 2,500 men. Capacity over 1,500 high-grade
1702
THE CHRONICLE
[VOL. Lxxxxiv.
cars per annum; price, $4,200 upwards. About a year ago began the manu- issued, $500,000. Par $500 and $1,000 (c*). Int. A. & 0.
facture of automobile trucks or commercial cars, and is now turning out at Grange Trust Co., Huntingdon, trustee.
250 to 300 per annum, the Standard Oil and the American Express Co.
being among its customers.
Data Furnished by Sec.-Treas. W. B. Simpson, Huntingdon, Pa., Apr. 12.
Incorp. in Pa. in 1910 by Huntingdon business men and owns in fee:
Directors: L. H. Kittredge, Pres.; E. H. Parkhurst, Vice-Pres.; Geo. B.
Siddall, Sec. and Gen. Counsel; F. I. Harding, Treas.•, Samuel Scovii, (1) A modern hydro-electric plant on the Raystown branch of the Juniata
A. B. McNalry, L. H. Treadway, Corliss E. Sullivan and W. H. Staring.
- River, near Huntingdon, with an installation of 3,900 h.p. In operation
since Jan. 1 1912. Dam, cyclopean concrete, 34 ft. high, 50 ft. thick at
V. 94. p. 1123.
base. Drainage area, 874 sq. miles. (2) Transmission line of 45,000 volts
Philadelphia Co. for Guaranteeing Mortgages.-Report.- to Huntingdon and Smithfield, with materials for extension on the ground,
dross Net(after Dividends Balance, Guarantees and construction in progress. (3) Sufficient contracts now signed ($25,000
May 31 Year- earns, taxes).
paid.
surplus. outstand'g. per annum) and power being furnished to guarantee interest charges on
$126,233 $102,576 (6)560,000 $42,576 $13,813,350 bonds, with new contracts daily being made and negotiations pending for
1911-12
1910-11
109,510
88,505 (5i)55.000 33,505 10,536,200 twice as much power as the plant will produce. (4) Over 4,000 acres of
Capital stock, $1,000,000; surplus May 31 1911. $350.000; undivided farm and timber land. (5) Cash investment of over $100,000 in thestock.
profits, $41,584; cash, $547,449; mortgages owned, $751,100; railroad loans, (6) Valuable water rights and franchises for the future development of
50,000 h.p. By Census of 1910 serves a manufacturing district with a
$100,000; bilis payable, none.-V.92, p. 1570.
population of 243,584 within a 30-mile radius from Huntingdon and within
a
50-mile radius of 636,379. (This includes only the principal towns.)
Phillips Sheet & Tin Plate Co., Weirton, W. Va.-Bonds
The bonds outstanding amount to $350,000, and the $150,000 which
Offered.-In connection with the offering of 1st M. 5s dated you fire about to offer provide for paying all floating debt, leaving also sufworking capital. The final $250,000 bonds will only be issued under
ficient
Feb 1 1912, at 97% and int., by the Bank of Pittsburgh carefully
guarded restrictions. Sinking fund for redemption of bonds,
N. A., Pittsburgh, Pa., we have the following:
July 1 1911 and every year thereafter, the sum of 3% of bonds issued.
Estimated income: 1,750 h.p., 12 hours per day at 1 Vic. per k.W. hour,
1st M. 5% sinking fund gold bonds dated Feb. 1 1912, due Feb. 1
1922, int. F. & A. Authorized issue $2,000,000, outstanding $1,000,000. $71,886, and secondary power, 1,640 h.p., 24 hours at Ue. per It.w. hour,
Par $1,000 c". Callable at 102 ;•6 and int. on and after Feb. 1 1917 upon $80,886; total, $152,772; less 25% for losses, &c., 538,193, but plus rents
60 days' notice. Fidelity Title & Trust Co. Pittsburgh, trustee. The from real estate owned, $7,000, showing total gross earnings, $121,579.
Deduct open expenses, $10,000; deprec'n, 1%, $5,000; sink. fund, 3%.
company was organized in 1905 in West Virginia.
$15,000; interest on $500,000 bonds, $25,000; bal.. sur., $66,579.
Digest of Letter from President E. T. Weir, Weirton, W. Va., Feb. 2 1912.
Directors: J. E. Smucker, Pres.; J. R. Simpson and G. E. Simpson, ViceBonds.-Total Issue $2,000.000. but only $1,000,000 to be Issued at Presidents; W. B. Simpson, Sec.-Treas.; J. H. Sweet, Saxton, Pa.; John B.
present. The remaining 51,000,000 can be issued only upon acquiring and Kunz. York. Pa.; H. C. KInsloc. Newton Hamilton. Pa.
bringing under the mortgage additional property of the value of 1
times
Reed-Prentice Co., Worcester, Mass.-Merger-Preferred
the additional bonds issued; that Is, $1,500,000 worth of property for the
additional $1,000,000 of bonds so issued. The purpose of the present issue Stock.-Lee, Higginson & Co., N.Y., Boston and Chic. and
Is to provide for acquisitions which will increase the company's output
1,000,000 boxes of tin plate per annum and its steel consumption over Higginson & Co., London, offered on April 8 at 10234 and
50,000 gross tons per annum.
accrued div., yielding over 6.8%, the $1,250,000 7% cum.
Plants.-These bonds are secured by a first mortgage on the company's
manufacturing properties, viz.: (1) a modern plant at Clarksburg,
Va., pref.• stock. Redeemable, as a whole only, on or after
entirely rebuilt in 1908,and comprising 12 tin plate mills,capacity 1,000,000
W.
April 1 1914 at 105 and divs. Par, $100. Divs. Q.-J.
boxes of tin plate per annum, (2) A modern plant at Weirton, W. Va
comprising 20 tin plate mills, the construction of which was started in Commonwealth Tr. Co., Boston, transfer agent; State Street
June 1909 and completed about June 1911; capacity about 1,600,000 boxes Trust Co., Boston, registrar of stock.
of tin plate per annum. These properties represent the highest efficiency
from Letter of Pres. George F. Fuller, Worcester, Mass., Apr.8 1912.
In tin mIll operation and have a valuation at least 33i times the amount of Data
Incorporated in Massachusetts April 2 1912 and has taken over the
the present Issue of bonds.
and business of the following manufacturing companies, located in
Sinking Fund.-Not less than $100.000 per year. to provide for the re- property
Worcester, Mass.: F. E. Reed Co. (estab. 1875), machine lathes; Prentice
tirement of the bonds within the 10-year period.
Brothers
Co. (estab. 1872), machine lathes and engine drills; Reed Foundry
Earnings.-The earnings have been each year In excess of five times the
Reed 65 Curtis Machine Screw Co. (1904), machine
amount of the interest on the present issue, and the additional property Co. (1903), castings;
of consolidated company in $100 shares, all out,
which the company will acquire through the present Issue will materially screws. Capital stock
common,
$1,250,000. No funded, mortgage or floating
pref.,
$1,250,000;
increase the annual revenue, not only through the additional tonnage prodebt. Ample working capital. Consolidated assets Dec. 31 1911, as apduced, but also from resulting economies.
Stock.-Auth. capital stock is $5,000,000, of which $2,700,000 is issued. praised, excluding good-will, patents and contracts: Real estate, plant and
assets, $795,981; total net assets,
Officers.-E. T. Weir, Pres.; E. W. Mudge. Chairman of board; D. M. equipment, $1,341,988; net current
$100 preferred share.
Weir, V.-Pres. and Sec.; W. H. Baldridge. V.-Pres. and Eastern Sales Mgr. $2,137,969, or over $170 for eachsix
years
the
ended with 1911: Gross, $6,088,earnings
for
Consolidated
F: S. Loeb, Treas. Headquarters at Weirton, Hancock County, W. Va.,
yearly average, $1,014,763; net,
40 miles from Pittsburgh and 4 miles from Steubenville. 0. See V.94,p.566. 576; net (after depreciation), $1,175,047;real
estate, now owned, $10,500;
$195,841. Add rental formerly paid for
earnings
to
be
made
on
castings
for Prentice Works, $7,000;
additional
(The) Platt Iron Works Co., Dayton, O.-Plan-Notice to total on present basis, $213,341. Present pref.
dividend requires $87,500;
Bondkolders and Creditors.-A plan of reoranization, dated balance, $125,841. No mortgage except with consent of 75% of the pref.;
except with consent of 86 2-3% of the pref. stock, no additional pref.,
May 28 1912, has been issued by the reorganization managers: and,
cash, and then only provided net earnings have
George W. Davison, Chairman; Waddill Catchings and William H. Tay- except at or above par for the
pref. dividend requirements, including the
lor, with Franklin L. Babcock as Secretary, 54 Wall St., N. Y. City; Central for two years been twice
proposed new issue. George Crompton is Sec. and Treas. and Vernon F.
Tr. Co. of N. Y., depositary, and Joline, Larkin & Rathbone as counsel.
Prentice and F. E: Reed Vice-Presidents.
Preamble-Abstract of Plan.
The company has outstanding substantially $798,500 of 1st M. bonds,
Riverside (Cal.) Water Co.-Mortgage.--The stockholders
with interest paid up to and including March 1 1912. The claims entitled
secure an issue
to share In a distribution of assets are estimated at $1,400,000, exclusive voted on Feb. 6 to authorize a mortgage to
of receivers' liabilities of $154,391. The assets are estimated as of March 1 of $750,000 bonds to retire the outstanding $603,000 first
1912 (appraisal under order of Court) at $1,614.065, exclusive of good-will. mtge. gold 5 1-3s (formerly 6s) due Oct. 11912, &c.
From an analysis of the operations of the receivers and trustees In bankIncorporated in Cal. July 5 1885, owning, in addition to water-works,
ruptcy from July 24 1911 (date of filing of bankruptcy petition) to March 1
1912, It Is estimated that the net manufacturing profit for these 7 months, the majority of the stock of the Riverside Land Co. Franchise expires
without allowance for depreciation above ordinary maintenance, or for July 5 1935. Stock auth., $240,000; out. $192,710; par, $10. The cominterest on investment, was $47,673, or at the rate of about $79,000 per an- pany is a mutual one, delivering irrigation and domestic water to its owners
num. It is believed that upon reorganization and under aggre<Aive man- at a price sufficient to cover all maintenance, the surplus over operating
agement the business can be largely increased and economies effected expenses being used for extensions and improvements. The stock is apwhich will materially increase the earnings. The failure was due • to the purtenant to land and cannot be transferred except with it.
borrowing of large sums, wholly or partially on the credit of the company,
San Luis Power & Water Co., Colorado Springs.-Guaranno substantial part of which was used for its benefit. The present organization Is believed to be a valuable asset which should be preserved through teed Bonds.-The International Trust Co., Boston, recently
a reorganization rather then by the sale and liquidation of the properties,
the dismemberment of the plant and the practical abandonment of organi- offered at 963/i and int. $100,000 1st M. 6% sinking fund
zation and good-will. The following plan is designed to give the new com- bonds, dated Nov. 11910, due Nov. 1 1915, the remainder
pany $300,000 working capital and to keep the interest charges well below of an issue limited to $800,000. Int. M. & N. Trustee,
the most conservative estimate of earnings.
Capitalization of New Company filn Existing Charter May be Used if Desired.] Boston Safe Deposit & Trust Co.
1. 51,000,000 1st M. 6% 20-year gold bonds, redeemable on any
A first mtge. on reservoir and water system (on which over 51,000,000
interest date at 103 and interest on 60 days' notice. Par
has been expended), and guaranteed, principal and interest, by the Cos$1,000 and $100. Interest from July 1 1912, paayble semitills Estates Development Co. (V. 90, p. 629). This guaranty is secured
annually; Central Trust Co. of N. Y., trustee. May have sinkby first mtge. covering approximately 430,000 acres of land in the famous
ing fund if thought best. To depositing bonduolders ($399,San Luis Valley (and adjoining mountain slopes) In Southern Colorado and
250 and to be sold for cash for cash, $300,000), $699,250. ReNorthern New Mexico. The bonds have a sinking fund from proceeds of
mainder reserved for 75% of the cost of improvements, &c__ _ $300,750 sale of land valued at over $3,000,000.
2. 51.100,0006% non-cum. pref. (p. & d.) stock. Issuable under
Among the directors of the Costilla Company arc: Franklin E. Brooks
plan (in form of voting trust certificates) for cash, $150,000;
(Pres.) and Edward W. Hart (Treas.), Colorado Borings, Colo.; James R.
• to depositing bondholders, $279,473; other creditors, $630,000. 1,059,475 Dun',ar and Henry Hornblower (Hornblower & Weeks), Boston; Fred G.
of
voting
Now
to
be
issued
In
form
$1,000,000
common
stock.
3.
Moffat and Lafayette Hughes (Pres. Great Nor. Power & Irr. Co.), Denver.
trust certificates (to depositing bondholders, $239,550; to
Superior Steamship Co.-First Mortgage Bonds Called.other depositing creditors, $700,000)
939.550
All of the outstanding 1st M. bonds (Nos. 113 to 160 incl.) dated June I
All new stock (other than shares to qualify directo:s) wiii ue vested for
five years in James N. Wallaoe, Waddill Catcliings and William C. Poillon, 1905 and secured on the steamer Socapa have been called for payment at
as voting trustees. Two other voting trustees may, if thought best, be 105 and int. on July 1 at the Guardian Savings & Trust Co., Cleveland,
selected by the managers. If, in the judgment of the managers, It is trustee.-V• 50. P. 1916.
practicable,appropriate provisions may be inserted so that no mortgare
Tehuantepec Rubber Culture Co., New York.-Defaultother than he first mortgage above referred to can be authorized, nor the
pref. stook be increased except with the consent of the registered holders Bondholders' Committee.-Interest was defaulted Dec. 1 1911
of voting trust certificates representing a malority in amount of the pref. not only on the $1,816,000 outstanding 4% bonds (theretostock and a majority in amount of the common stook.
fore incomes), but also on the $250,000 "purchase bonds,"
New
New
New First
Mtge. Bonds. Pre;.Stock. Corn. Stock.
which had previously received their interest regularly. The
Old Secarif les or ClaimsFirst mtge. nondi, $798,500(with
Os are equally secured by mortgage to Knickerbocker
Sept. 1 1912 coupon attached)50% 399,250 35% 279,475 30% 239,550 4s and
Trust Co., trustee.
Other claims, prin. with int. till
45% 630,030 50% 700,000
July 24 1911, $1,400,000
A bondholders' committee has been organized consisting of Victor Tyler,
To be sold for cash, used in reNew Haven; W. A. S. Chrimes, Boston; Louis Kunz, Richmond Borough,
organization, &o.; any balance
Y.; H. M. Barfield, Toledo; J. N. Kirby, Cleveland. The difficulties
N.
190,525
300,750
60,450
to now company
with the plantation, which in the earlier years promised well, are underto be:(a) too thin soil, 3 to 12 inches (mostly 6 in. or less), inclined to
$1,100,000
Total
700,000
51,000,000 stood
(b) cultivation of the little-triedCastilloa tree,in place of the better
• A syndloate has been formed which has agreed to purchase $300,000 of acidity;
known
Heyea; (c) too close planting, 1,200 trees to acre (2,100 acres); (d)
new 1st M. bonds and $150,000 new pref. stock (voting trust certificates),
average yield p.m* tree, less than 1 oz. of rubbor per tree per year,
andito pay therefor $300,000 and interest os the bonds to time of payment small
as against 2 lbs. in many eastern plantations. The original managers sold
therefor. A cash compensation is to be paid to the syndicate.
Holders may become parties to the plan by depositing their bonds and out some two years ago. New PreS., Frederick Seymour; Sec., Robert H.
claims with the depositary, Central Trust Co., 54 Wall St., N. Y. City., on Caplan. N. Y. office, 82 Beaver St.-V.85. D. 1518.
or before June 24.-V. 93, p..412.
Union Gas & Electric Co., Bloomington, Ill.-Decision.The Supreme Court of Illinois recently rendered a decision In the quo
• Pope Manufacturing Co.-Director Resigns.warranto suit brought by the Attorney-General upon the relation of the
Colgate Hoyt of New York has resigned as a director for the reason, it is City Attorney to oust it from the use of the streets.
stated, that directors' meetings are now held In Hartford instead of New
The petition states that the company claims the right to use the ststrgo
York, as formerly.-V.94. p. 830.
by virtue of alleged arrangements with the Citizens' Gas Light 40 Heatino
Co. and the Bloomington Gas Light & Coke Co. both of which have been
never received
Raystown Water Power Co., Huntingdon, Pa.-Bonds.---- out of existence for many years, and that the company hat
of any kind from the city authorizing it to use or occupy the streets
a
George W. Porter, 25 Broad St. N. Y., is placing at 92% forgrant
gas mains and pipes or poles and wires for the conveying of electricity.
1st M. sinking fund
'
The demurrers to all the pleas were, It is held, properly sustained by the
and int., yielding over 53%, $150,000
Circuit Court except to those of estoppel, as to which they should have been
5% gold bonds, dated April 1 1908 and due April 11938, but overruled,
and for this error the judgment is reversed and the ease remanded
callable after April 1 1918 at 105 and int. Auth., $750,000; to lower the Court. It is claimed that for ten years the oily treated the
JUNE 22 1912.]
THE CHRONICLE
company as if It were in the lawful exercise of its franchise and permitted it
to expend large sums of money to comply with requirements of the municr
pal authorities, a large part of which would be a total loss if it is now ousted•
This, it is stated, would be contrary to well-settled law and justice. The
Court says that to hold the city estopped will not have the effect Of giving
the company an exclusive or irrevocable right or privilege to Use the streets,
but In the conduct and management of its business it will still be subject
to the constitution and laws and the control of the City Council acting
thereunder.—V. 91, P. 1793.
Union Typewriter Co., New York.—Quarterly Dividends.—
Quarterly dividends of 1 4% and 2%, respectively, have been declared
on the $4,000,000 first 7% cum, pref. and $5,000,000 8% cum. pref. stock,
both payable July 1, to holders of record June 21. Dividends, which have
been paid in full have heretofore been made semi-annually in April and
October.—V. 94, p. 979, 634.
United States Independent Telephone Co., Rochester.—
Vice-Chancellor Howell, at Newark, N. J., on June 18 affirmed the report of Special Master Ten Eyck directing the 4 voting trustees, Thomas
W. Finucane and Edward Bausch of Rochester, N.
Breckinridge Jones
Y., and the executors
of St. Louis, Mo. and William H. Page Jr. of New York,
H. Noelker of St. Louis, to pay an assessment of $5 40 on
of the late Louis'
each of 300,000 shares of deferred common and 85,975 shares of common
stock which stand in the joint names of the voting trustees. The aggregate amount to be paid Is $2,084,265, The company was adjudged insolvent In April 1908. The proceeds of the property at foreclosure sale
brought enough to pay only $13 on each $1,000 bond
The deficiency Is
provided for by the order just made, which directs that if the defendants
do not joay the assessments of $5 40 per share on the 385,975 shares of stock,
Frederick L. Johnson, the present receiver, shall have authority to sue on
the assesament !rattly court of competent jurisdletion.—V. 94, p. 1124.
United States Motor Co., New York.-90 Days' Extension.
—The principal creditors of the company, including the
Bankers Trust Co., the Central Trust Co., the Chase National Bank and Moseley & Co., it is announced, have agreed
to grant the company an extension of 90 days on its paper
now falling due. W.E. Strong, brother of Benjamin Strong
Jr., 1st V.-Pres. of the Bankers Trust Co., has been made a
director and Chairman of the executive committee of the
board, with direct charge of the financial matters. Mr.
Strong is quoted as saying that the extension is designed to
carry over the operations of the company during the period
of heavy returns, which begins in April and lasts till about
Oct. 1. The business will be continued without interruption in factory operations.
Data from Circular Issued by Committee of Merchandise Creditors, 3 West
oist at., New York, June id.
At a meeting of some of the larger merchandise creditors held this day, 45
were present, representing an indebtedness of approximately $1,250,000.
Pres. Briscoe presented the following statement of quick assets and liabilities, prepared by West & Flint, certified public accountants, which does
not include independently operated companies:
Current Assets and Current Liabilities United Stales Motor Co. May 31 1912.
(Covering(1)Maxwell-Briscoe Motor Co.,(2) Dayton Motor Car Co., (3) Cclumbia
Motor Car Co.,(4) Brush Runabout Co.,(5) Alden-Sampson Mfg. Co.,and subsidiary
selling companies, controlled through ownership In National Motors Co., together
with accounts of United States Motor Co.]
Assets (313,158,705).
Liabilities ($6,938,841).
Inventories at factories
36,989,485 Bills payable—Banks, ke....$3,405.443
finished product 2,695,293
do
Merchandise
1,254,924
do
Investments
113,750 Acc'ts payable—Audited
1,338,833
Acc'ts receivable (without alNot aud.,est_ :300,000
do
do
lowance for bad debts)
402,924
1,510,887 Customers' deposits
Notes receivable
1J/.31•33 Accr'd wages and expenses
129,019
Cash
368,214 Accr'd lot, on bonds, kc
67,668
Cash,sink. Id. and spez,.. deo
345,675
Inventory items in transit, lad.
3:300,000 est, purchases, not
, entered
993,458
Balance, execs,' of assets as shown
36,193,953
r;-1 In addition there Is over $10,000,000 in plant account and other Inv
ments to be added to the assets, and there is also an indebtedness of 56,000000 of 5-year notes, duo In 1916, but which would be immediately due if
the company were to go into the hands of the receiver.
A committee of six, representing the bank indebtedness, had theretofore
been appointed, and the Chairman of the board, W. E. S. Strong, stated
that the bankers were willing to give an extension of 90 days, provided the
merchandise creditors would co-operate; they will also endeavor to obtain
the extension of all other bank indebtedness. It was unanimously voted
as the sense of the meeting that such an extension should be granted, and
that a committee of six (the undersigned) be appointed to secure signatures
to an extension agreement and to co-operate with the bankers committee.
It was also recommended that creditors under $1,000 should have their
claims liquidated in cash as soon as this plan becomes operative.
This arrangement is tentative and but the initial step in working out a
readjustment plan. This extension will also enable the company to conduct its busineas during the next three or four months and liquidate its
inventory. All shipments to the company from this date will be taken
care of In cash upon receipt and inspection.
[Signed by the committee, 3 West 61st St., N. Y., namely: W. II. Crosby,
Chairman,for the Crosby Co., Buffalo; W. Herbert Robinson, Penn. Spring
Works, Baldwinsville, N Y.; G. L. Church, Brown & Sharpe Mfg. Co.,
Providence; J. Henry Smith, T. P. Howell dc Co., Newark, N. J.; Benjamin
S. Dean, Salisbury Wheel & Mfg. Co., Jamestown, N. Y.; Sidney S. Meyers,
C. F. Splitdorf, N. Y. City.). See annual report, V. 91, p. 909.—V.
94, p. 1031.
• United States Rubber Co., New York.—Stock Increase.—
The stockholders on June 17 approved by an almost unanimous vote the increase in the auth. stock from $75,000,000 to
$120,000,000, per plan V. 94, p. 1453, 1512, 1570.
Stock Dividend.—In accordance with the plan the directors
have declared a special stock div. of 20% ($5,000,000), payable out of surplus in coin, stock on tile $25,000,000 outstanding common stock on July 8 to holders of record at the opening
of business on that day.
President Colt presented a report dated June 3, showing that, after setting aside $1,200,000 to meet the regular quarterly cash dividends on the
3 classes of stock, which were declared payable on July 31 to holders of
record at 12 M. on July 6 (not including the holders of the $5,000,000 new
common stock issuable July 8 as a stock dividend), there was left in the
treasury a balance applicable to dividends of over $5,000,000, or more than
sufficient to cover the 20% stock dividend on the common shares
Option to Subscribe.—All classes of stockholders of record
July 12 have the right to subscribe pro rata to $10,000,000
first pref. stock to the extent of 123.% of their holdings.
The right to subscribe ((on the company's warrants) will be given to
holders of record at 3 p. m.July 12 1912 of all classes of stock, including the
new common stook to be distributed as a dividend on July 8, to the extent
of 12 h% of their respective holdings. Subscriptions must be paid Aug. 15
1912, entitling the holthrs to 1% Interest, being at the rate of 8% per annum
until Oct. 11912. (The rate paid on the first pref. shares.) Dividends on
the new stook will accrue from Oct. 1 and the certificates will be deliverable as soon as practicable after Oct. 15, together with checks for interest
on subscription warrants.
Exchange of Second Pref.—Financial Plan.—As the fea
tures of the plan above referred to involve considerabl
detail, it is thought likely that nothing will be done toward
an exchange of the 2d pref. stock for first pref. until next fall.
1703
Pres. Colt, it is stated, will announce later a more comprehensive financial plan in the form of a bond issue to take up
all of the outstanding bonds and short-term obligations of the
company and its subsidiaries, and also provide for future
needs for some time to come.
President E.S. Williams of the Rubber Goods Mfg. Co.says that the plan
to build the large new tire plant has not been perfected and probably will
not be finally agreed upon Until next fall. The present indications are that
the plant will be built in tile West at a cost of between $3,000,000 and $5,000,000.
The reorganization in the tire business will mean that, instead of putting
out 5 brands, viz., the Hartford, Continental, G. & J., Morgan & Wright
and the U. S. Tire, there will be one brand, that of the United States Tire
Co. This is expected to result In a great saving in the general interest of
the Rubber Goods Mfg. Co. The trade generally believes that it will result In a saving all around.—V. 94, p. 1570, 1512.
United Wireless Tel. Co.—Favorable Decision—Merger.—
The U.S. Circuit Court of Appeals on June 18 reversed the decision of the
U.S. District Court in the suit of tile National Electric Signaling Co. against
the United company, which granted an injunction against the defendant
for alleged infringement on the Fessenden wireless telegraph patents.
This removed. the last obstacle to the absorption of the United company
by the Marconi Co. of America, the latter taking over the title and management of the properties and assets on tile following day.
Vice-President Bottomley of the Marconi company says that the decision
at Boston means a saving to that company of $150,000 to $200,000 which
would otherwise have to be expended in changing patented parts Of instruments on ships and stations and a net gain of several hundred thousand
dollars in annual Income by the acquisition of the United Wireless Co. He
further says: "We now have about 200 additional boats, and by reason of
the decision we will allow the United Wireless apparatus to remain on these
boats."—V. 94, p. 1321, 1060.
—The attention of investors is called to the offering on another page of Denver Park Bonds by Henry L. Doherty &
Co. A new feature in this offering assures the purchaser
that his income yield shall not be less than the basis rate at
which his bond is purchased. The bonds are callable at any
time, but only in numerical order, which makes them in effect bonds having serial maturities. Doherty & Co. have
carefully estimated the serial dates of payment, and if any
bonds are called earlier than the dates given in their circular,
namely 1917 to 1927, they agree to refund to the bondholder
the amour needed to adjust the purchase price to the original basis of income yield; this agreement is protected by the
guaranty of the National Surety Co., attached to each bond.
—Bertron, Griscom & Jenks of N. Y. and Phila., Montgomery, Clothier & Tyler of Phila. and Hallgarten & Co. of
N. Y. are jointly offering for investment, by advertisement
elsewhere in to-day's "Chronicle," $5,500,000 United Gas &
Electric Co. 3-year cony. 5% secured gold notes at 973. &
int., to yield 6%. The United Gas & Electric Corp. controls through stock ownership strong public utility properties
in 15 municipalities with an aggregate population of 1,760,000. For full particulars regarding the security back of these
notes, see the advertisement, and also our "General Investment News Dept."
—Among the recipients of birthday honors from King
George, the name of Sir William B. Peat appears, a knighthood having been conferred upon him. Sir William Peat is
a partner of Marwick, Mitchell, Peat & Co., a firm of chartered accountants having a world-wide reputation,and offices
in several of the large cities throughout the United States and
Canada. Mr. Peat's•name is well known in business circles
in England and in financial circles in Europe, and the English
chartered accounts' societies have conferred many honors
upon him.
—"Universal Bond Circulars" are a new development in
the field of financial information service. These circulars are
attractively printed single-page descriptions of bond issues,
usually accompanied with a map,and the purpose is to supply
the demand for information relating to any particular security which may be sent by bankers to prospective investors
without the trouble of its preparation. Sampfe circulars,
prices and other details may be had on application to the
publisher, Fabian F. Levy, 1309 Walnut St., Philadelphia.
—The 1912 issue of the "Canadian Annual Financial Review" has been issued. This is the standard publication regarding Canadian securities. 700 pages. Houston's Standard Publications, 7 King St., East Toronto.
—"Moorhead's Financial Register" is a directory of banks,
bank directors and bank officials in the Pittsburgh district.
400 pages, price $2. Moorhead Publishing Co., Machinery
Bldg., Pittsburgh, Pa.
—O'Connor & Kahler, 49 Wall St., New York, and The
Rookery, Chicago, are advertising in this issue a new loan of
$400,000 City of Waco, Texas, 5% water-works bonds due
1942. See advertisement for investment features.
—Attention is called to the "July Offerings" of McCoy &
Co., advertised on another page. The list includes municipal
and corporation bonds, some of the issues yielding as high
as 6%.
—J. T. N. Dunbar, for several years a general broker in
bonds, has become associated with Colt, Hartshorne &
Picabia, 64 Wall St., and will represent them hereafter
as manager of their bond department.
—W. E. Haskin will on July 1 sever his connection with
Alfred L. Baker & Co. of Chicago as manager of their bond
department and will later engage in another line of business.
—Attention is called to the advertisement on another page
of Kean, Taylor & Co., offering various securities—railroad,
equipment, municipal, public utility and industrial.
—Ulman & Co. have opened a branch office for the summer
at 224 Bellevue Ave., Newport.
toL. Lxxxx.rv.
THE CHRONICLE
1704
The. Triniutertial
COMMERCIAL EPITOME.
Friday Night, June 21 1912.
The tendency in not a few lines of trade is towards expansion. The crop prospects are improving. There are
evidences of greater activity in various industries. Politics
have been somewhat disturbing and bank exchanges show
a slight loss in some cases as compared with the same week
last year. On the other and, the total is for all that somewhat larger than a year ago. There is activity in iron and
steel, with a tendency towards higher prices. The fact that
copper continues strong is of more or less significance.
Larger sales are reported of dry goods. Wages have been
advanced in some cases and the labor situation throughout
the country is as a rule harmonious.
LARD on the spot has been in moderate demand and firm;
prime Western 11.05c.; Middle Western 10.85c., City steam
103j©103c. Refined lard has ruled steady, with a fair
*demand for moderate quantities; Continent 11.25c., South
America 12.10c. and Brazil in kegs 13.10c. The speculation
in lard futures at the West has been active much of the time.
Prices have shown more or less irregularity, weakening at
times on liquidation. Foreign houses have been heavy
sellers recently and there has been scattered liquidation for
account of traders on this side of the water.
COTTON.
Friday Night, June 211912.
THE MOVEMENT OF THE CROP, as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
19,441 bales, against 19,167 bales last week and 24,504
bales the previous week, making the total receipts since
Sept. 1 1911 11,378,133 bales, against 8,349,725 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 3,028,408 bales.
Mon.
Sat.
Receipts atGalveston
Texas City
Port Arthur, &o.
New Orleans_ _ _ _
Gulfport
Mobile
Pensacola
Jacksonville, &c.
Savannah
Brunswick
Charleston
Georgetown _ _ _ _
Wilmington _ _ _ _
•
Norfolk
N'port News, &c.
New York
Boston
Baltimore
Philadelphia._ _ _
Tues.
Fri.
Thurs.
Wed.
6,399
-344
4
2,459
156
72
1-,665
--31
2,678
31
3,142
911
2,343
789
- -
645
_
252
-ioo
-156
1-,665
-356
222
66
191
2,678
262
443
957
-1318
1
923
5
11
447
685
-5
49
424
70
11
402
224
-ioi
Total.
751
960
718
237
14
962
3
356
-513
1,923
-135
182
89
_
72
29
5,207
3,035
DAILY CLOSING PRICES OF LARD FUTURES IN CHICT(10.
Mon.
Wed. Thurs.
Fri.
Sat.
Tues.
10.923i 10.97% 10.9734 10.90
cts_10.82 14 10.85
July'dellver
11.17 ;•6 11.10
11.12 M 11.15
Septemberdelivery_ __ _11.02 yi 11.05
Totals this week_
13.67@13.72 1 October_ _13.93@ 13.951February _13.98 14.02
June
13.70@ 13.721November 13.96@ 13.98 March _ _ _ _14.04 14.06
July
14.05 14.07
August __ _13.79 ® 13.81 December 14.01® 14.02 April
14.07 14.08
September 13.88 13.89 January _ _14.0I®14.02 May
Norfolk
N'port N., &c
All others_ _ _ ..
1,923
340
2,980
681
1,575
348
3,303
925
187
1,004
2,693
487
1,292
Total this wk_
19,441
6,871
22,361
34,420
43,355
21,050
3,974
3,313
1,8741
2,038 19,441
The following shows the week's total receipts, the total
PORK has been firm, as the tendency of hog prices has since Sept. 1 1911, and the stocks to-night, compared with
been upward; mess $20 50@$20 75, clear $20@$20 50 and last year:
family $20 25@$21 25. Beef firm; mess $15 50@$16;
packet $17@$17 50; family $18(018 50, and extra India
Stock.
1910-11.
1911-12.
Receipts to
mess $29©$29 50. Cut meats in fair demand and firm;
Sep This Since Sep
Since
This
21.
June
pickled hams, 10@20 lbs., 12%@,13c.; pickled bellies,
1912,
1911.
Week. 1 1$11. Week. 1 1910.
6@12 lbs., 1,1 ®11%c. Butter easier and quiet; receipts
14,946
6,399 3,487,459 2,170 2,734,124
81,092
Galveston
4@27c. Cheese firmer; demand Texas
free; creamery, extras, 263
308,229
City586,468
moderate; State, whole milk, new, white, specials, 15c. Port Arthur, &c_
____ 258,797
279,775
89,065
37,940
2,459 1,817,512 1,618 1,561,301
Orleans ____
Eggs in fair demand and steady; Western firsts 18%@19c. New
2,596
66,845
34,211
Gulfport
OILS.-Linseed has been quieter but firm; receipts of seed Mobile
1,185
2,827
58 249,580
1,063 378,901
122,678
2,678 215,379
at Duluth, moderate; car loads 77c.; moderate quantities Pensacola
25,358
140
50,418
31
Jacksonville, &c_
held at 79©80c. for City, raw, American seed and 80(01c. Savannah
11,688
45,772
3,142 2,365,548 1,020 1,409,897
739
106
102 222,738
____ 403,983
for boiled; Calcutta 85c. Cottonseed oil quiet and easier on Brunswick
7,308
10,949
11 285,037
12,970
2
speculative selling of the options; spot prices, however, have Charleston
1,436
____
- 1,169
Georgetown -------1,025
7,331
871 409,988
513 543,200
not varied much; winter 7@7.75c.; summer white 7@7.70c. Wilmington ____
9,515
28,688
340 558,054
1,923 738,705
Cocoanut oil has been quiet but fairly steady as stocks are Norfolk
3,924
37,031
____
____
Newp't News, &c.
13,987 149,110 118,823
____
8,257
•not burdensome; Cochin 9%
3 @10c.; Ceylon 9@,93c. China New York
8,109
8,971
38,089
179
62,117
182
wood fairly active at 93@10c. Corn in moderate demand Boston
2,133
8,787
122,144
8
362 111,934
Baltimore
3,310
1,284
____
365
2,252
and steady at 6.25@6.30c. Cod dull and easier at 50c.for dom. Philadelphia --------_
COFFEE on the spot has been firmer; there has been some
947 AAR
ltAfl All
A A71 A SAG 19M
10 AA1 114/A1f1.1
increase in the demand at times, while cost and freight offers
from Brazil have been higher; Rio No. 7, 14%c.; Santos
In order that comparison may be made with other years,
No. 4, 163i@163c. West India growths have been quiet
/3@)16%c. we give below the totals at leading ports for six seasons:
and generally steady; fair to good Cucuta, 161
Trading in coffee futures has been rather quiet much of the
1907.
1908.
1909.
1911.
1910.
time and prices have moved within narrow limits. Of late Receipts at- 1912.
9,399
6,399
2,170
14,379
4,240
the tendency has been downward, owing to the dulness of Galveston ___
9,733
City,/cc
8,710
the spot trade, favorable weather in Brazil and scattered Texas
5,106
10,712
2,459
1,618
8.198
New Orleans_
8,866
158
selling on the passage of a bill in the House of Representatives Mobile
58
1,063
550
1,220
1,384
3,034
5,890
3,142
3,161
1,020
3,290
amending the Sherman Anti-Trust law so as to enable the Savannah
102
Brunswick..
Government to seize the valorization holdings in New York. Charleston,&c
58
551
324
11
649
982
25
3,099
120
208
871
513
Wilmington
Closing prices were as follows:
1,491
4,811
SUGAR.-Raw has been easier, owing to dulness and
liberal receipts in Cuba, where the stock at the principal
ports is estimated at 458,000 tons, against 234,000 tons a
year ago. Centrifugal, 96-degrees test, 3.86c.; muscovado,
89-degrees test, 3.36c.; molasses, 89-degrees test, 3.11c.
Refined has been quiet at 5@5.20c. for fine granulated.
Hops have been quiet and firm.
PETROLEUM.-Refined in good demand and firm. There
has been considerable chartering of freight room for case oil
for various foreign ports, notably to Italy and Brazil. Refined, barrels, 8.60c.; bulk Sc. and eases 10.50c. Crude very
firm, with certain grades 3c. to 10c. per barrel higher. Naphtha active and firm; 73@76 degrees in 100-gallon drums 20c.;
'drums $8 50 extra.
• TOBACCO.-There has been no material change in the
situation in domestic leaf during the week. Trading has
been quiet as a rule and confined to small quantities, manufacturers being as much adverse as ever to anticipating. The
best demand has apparently been for binder, though no important transactions have occurred in this description.
Stocks are light, however, and prices have ruled firm. Some
inquiry continues to be noted for shade-grown New England
and!Southern leaf. Havana leaf has found a liimted outlet
but prices have been well sustained.
• COPPER on the spot has been firmer; lake 179'c., electrolytic 173'@17%c. Standard copper has been easier at 17c.;
almoderate demand is reported from domestic and foreign
buyers; since June 1 the exports have amounted to 15,307
tons. Tin on the spot has been moderately active and
stronger at 48%c. Lead has been firm, with a fair trade on
the basis of 43'c. for spot. Spelter on the spot has been
more active and stronger at 7.05c. Iron has been firm, with
a moderately active demand, notably from pipe works; No. 1
Northern $15 50@$15 75, No. 2 Southern $15 25(015 50.
Since Sent. 1_ 11378133 8.349.725 7.083.812 9.675.030 8.056.118 9.598.585
The exports for the week ending this evening reach a total
of 29,801 bales, of which 6,907 were to Great Britain,
8,176 to France and 14,718 to the rest of the Conitnent.
Below are the exports for the week and since Sept. 1 1911:
Week ending June 21 1912. From Sept. 1 1911 to June 21 1912.
Exported toExported tor orts
from-
ContiGreat
Conti- I
1 Great
Total.
Britain. Fence neut. Total. Brtlatn. France. nent.
lalveston
24391. 2,4391,301,415 280,821 1,304,2053,946,441
411,50-1 92,658 81,752 535,914
,ort Arthur_
21,516 66,140 116,698 204,384
•'exas City. Ste.
few Orleans_ _I 3,5001 519 3,9051 7,924 809,300 175,162 568,175 1,552,637
106,912 65,654 119,319 291,885
loblle
2,678 61,063 64,337 90,329 215,729
'ensassola ____ 2,078
25,040 62,419
37,373
lulfport
I 5,471
I 5,471
273 472,141 169,672 1,119,904 1,761,717
203 __
avannah _ --701
197,664
175,161 372,824
trunswlek
51,365
199,200 250,574
;harleston
162,097 115,441 220,792 493,330
VIlmIngton.
20,378
14,756
5,622
forfolk
iew York_ _ _ _
2011 2,186 7,1981 9,585 231,834 85,607 304,706 622,147
325, 163,001
11,990 179,991
loston
325
13,912 6,22i 100,708 125,840
840
lalthnore
8401
86,939
I 63,579
23,361
shiladelphla
6,82s
6,829
I
'ortland, Me
210,711 210,711
150
1501
an Francisco.
I
150,362 150,362
116
116
eattle
59,843
59,843
1
'acorns
4,868
4,868
1
Setrolt
6,007 8.176 14,718 29,801 4,163.786 59,085 4,887,89110210,702
Total
'otal 1910-11_
1.334
_ ._ _ 19.032 20,366 3,265.578905,501 3,139.873 7,310,952
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
JUNE 22 1912
THE CHRONICLE
On Shipboard, Not Cleared for-
Other CoastGerGreat
June 21 at- Britain. France many. Foreign wise.
New Orleans__
Galveston _ _ _ _
Savannah _
Charleston_ _
Mobile
Norfolk
New York_ __ _
Other ports..
2,820
8,983
Total 1912_
Total 1911_ _
____
____
-555
----
500
700
100
____
13,358
100
Total.
Leaving
Stock.
(-4A owanwRowrowg owR owg owQ ovi:aov:rowzowg
gigIWIP10,9,C4galCagglggIn4giggl
igl, 04
al, P
c.? I OqET,34fq
Pr04Evriliiv,q,
ag al In, Ft
fq
fq
fq
fq
_
18,100 18,100
____
1,400
600
____
1,100
4,882 28,602 19,452 66,394
317,039
...... ........
iii
.. 1 1 ..
.. .41 ..
....
....
....
.. ..
.. !41
....
....
301 9,873
920 35,435
--------131
200
400
_
iii
Speculation in cotton for future delivery has been on a
fairly large scale at declining prices. The fall was traceable
to favorable crop advices, particularly on heavy rains in
Texas, where they were needed, and likewise in some other
parts of the Western section,• and finally to evidences of improvement in sections east of the Mississippi. Then, also,
the report on the acreage by the "Commercial and Financial
Chronicle," which appeared on Wednesday, was not without
its effect in convincing many of the trade that the planted
area was larger than had been generally supposed. Many
of the recent reports put the decrease in acreage at anywhere
from 5 to 73%, but the gist of the advices obtained by
this newspaper indicated that the average decrease was
only .54 of 1%. There has been considerable selling during the week, based on the belief that
the acreage has heretofore been underestimated
Even tile Government figures which, last year, were 35,005,000 acres, were recently corrected to 36,681,000 acres. As
will be seen elsewhere our acreage figures are 37,377,276
acres, against 37,581,022 last year. During the week there
has been a good deal of selling by prominent Wall Street
bulls, the South and other sections, and some selling also by
Liverpool. The speculation at times was very small and for
the most part professional. The favorable character of the
crop news and tile fact, also, that the price was already
relatively high, has prevented tile outside public from entering the market on any very large scale. The advices from
Texas in regard to the crop outlook have been particularly
favorable and at the present time guesses of the ultimate
yield in that State are 6,000,000 bales or more. Moreover,
may be some difficulty in buywhile there
higher
ing
tile
grades
the
at
South,
the
lower grades are very plentiful. And some of the
reports of trade at Manchester are not so optimistic as they
were recently. There is a growing impression that the political struggle in this country may interfere with business
to a greater or less extent. Besides the cost of living is very
high. There is bitter complaint among the poorer classes
of tile high price of meat and butcher shops have been mobbed.
in New York and Brooklyn. On the other hand,however,advocates of higher prices maintain there is a large consumption
of cotton at home and abroad, or certainly spinners are
taking a large quantity of cotton at current prices, apparently in the fear that should anything happen
to the crop the cost of the raw material would
be considerably increased.
Some insist, too, that
the season is so late that only the most favorable weather
conditions can bring about the production of a crop of anything like the necessary size. The spot markets at the South
have remained very strong. Liverpool spot sales during the
week have ranged from 10,000 to 18,000 bales. Large spot
interests have been buyers. At times there has been a scarcity of contracts here. The absence of tile outside public
has tended to prevent the market from becoming as unwieldy
as it often becomes when there is a big public speculation going on. Latterly, too, there have been large purchases here
by some of the Wall Street bulls who recently parted with
their holdings at a considerably higher level of prices. Today prices advanced, owing to strong Liverpool cables, continued large spot sales there as well as a sharp demand to
cover and heavy buying of old-crop months by the Continent. The weather map was practically perfect. Spot
cotton closed at 11.65c. for middling uplands. Liberal
sales have been made here during the week-the largest in
sotne time.
The official quotation for middling upland cotton in the
New York market each day for tile past week has been:
Sat.
11.90
Mon. Tues.
11.80 11.80
Wed. Thurs. Fri.
11.60 11.60 11.65
NEW YORK QUOTATIONS FOR 32 YEARS.
11.65
15,20
15.30
11.45
12.20
12.85
10.90
9.00
1912_c
1911
1910
1909
1908
1907
1906
1905
1904.o
1903
1902
1901
1900
1899
1898
1897
11.10
12.40
9.25
8.56
9.19
6.06
6.38
7.88
1896.0
1895
1891
1893
1892
1891
1890
1889
7.82
7.19
7.31
8.00
7.44
8.38
12.06
11.00
1888_o
1887
1886
1885
1884
1883
1882
1881
10.31
11.00
9.12
10.44
11.31
10.50
12.25
11.06
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ _
Monday_ __
Tuesday _
Wednesday
-_
Thursday _ _
Friday
Quiet
Quiet, 10 pts. deo
Quiet
Quiet, 20 pts. deo
Steady
Quiet, 5 pts. adv
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
28,067
45,657
45,772
10,949
2,341
10,588
147,710
25,955
1,931 4,821
2,351 23,181
3,7114, ,Zgi !H1,g 11,M 2tg nig! ill-M
June116 to June 21Middling uplands
1705
Futures
Market
Closed.
Steady
Steady
Quiet
Very steady
Steady
Steady
SALES.
Spot. Contr'ct Total.
50
50
2,7g7
50
50
36
2,757
.2,893
2,893
I I
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THE VISIBLE SUPPLY OF COTTON to-night, as mad 0
by cable and telegraph, is as follows. Foreign stocks'
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
up
June 21Stock at Liverpool
Stock at London
Stock at Manchester
1912.
1911.
1910.
1909.
bales.1,106,000 748,000 527,000 1,114,000
7,000
10,000
12,000
7,000
83,000
48.000
82,000
104,000
Total Greht Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1,217,000
7,000
463,000
252,000
3,000
18,000
36,000
14,000
841,000
12,000
131,000
182,000
2,000
20,000
13,000
8,000
587.000 1,203,000
11,000
10,000
186,000 345,000
182,000 261,000
4,000
3,000
11,000
29,000
22,000
36,000
8,000
6,000
793,000
368,000
423,000
691,000
2,010,000 1,209,000 1,010,000 1,894,000
Total European stocks
183,000 148,000
67,000
India cotton afloat for Europe__ _ 130,000
104,571
98,533
154,711
202,212
Amer. cotton afloat for Europe
35,000
37,000
Egypt,Brazil,&c.,aflt.for Europe_
10,000
27,000
102,000
105,000
82,000
125,000
Stook in Alexandria, Egypt
Stook in Bombay, India
610,000 578,000 699,000 414,000
385,538
Stock in U. S. ports
383,433 247,846 301,909
Stock in U. S. Interior towns_ _ _ _ 164,619
144,718
182,841
193,829
89
18,461
U. S. exports to-day
2,160
4,072
Total visible supply
3,543,695 2,605,257 2,588,541 3,327,040
Of the above, totals of American and other descriptions are as follows:
American983,000 610,000 437,000 1,016,000
Liverpool stock
78,000
64,000
Manchester stock
38,000
65,000
759,000 326,000 367,000
633,000
Continental stock
104,571
American afloat for Europe
202,212
98,533 154,711
383,433 247,846 301,909
U. S. port stocks
385,538
U. S. Interior stocks
164,619
102,841
193,829
144,718
U. S. exports to-day
4,072
80
18,461
2,160
Total American
East Indian, Brazil,
Liverpool stock
stook
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stook in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,476,695 1,494,257 1,481,541 2,513,040
123,000
7,000
26,000
34,000
130,000
35,000
102,000
610,000
138,000
10,000
18,000
42,000
183,000
37,000
105,000
578,000
90,000
12,000
10,000
56,000
148,000
10.000
82,000
699,000
98,000
7,000
18,000
58,000
67,000
27,000
125,000
414,000
1,067,000 1,111,000 1,107,000 814,000
2,476,695 1,494,257 1,481,541 2,513,040
3,513,695 2,605,257 2,588,541 3,327,040
Total visible supply
6.63d.
8.21d.
6.06d.
Middling Upland, Liverpool
8.05d.
15.10c.
Middling Upland, New York__ _ _ 11.650.
11.700.
15.050.
113id.
Egypt, Good Brown, Liverpool 10 13-16d.
8;id.
93d.
9.505.
11.25d.
8d.
Peruvian, Rough Good, Liverpool
11d.
6 3-16d. 7 11-16d.
Broach, Fine, Liverpool
7d. 5 11-16d.
63-id. 7 9-16d.
7d. 5 9-16d.
Tinnevelly, Good, Liverpool_ _
Continental imports for the past week have been 45,000
bales.
The above figures for 1912 show a decrease from last week
of 188,423 bales, a gain of 938,438 bales over 1911, an excess of 955,151 bales over 1910 and a gain of 216,655 bales
over 1909.
[VOL. Lxxxxxv.
THE CHRONICLE
1706
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A.4,4 0000.40000010000e4 i.a..10..20,-toom
0000
,-,....
•
g
.;
00000000
-40000
010504
400
• co
$00
$ . 40
,C00001..010101
00010000'000000200010040000000e000000000c200000000oO000000e0
,-,,...t.on ,-. ,-. mop'1.0.0 c....3 ez
,
N Co h GO 000o0
,
0V
,
oO
,
1
,
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,
.
9
.0.10t...50040
0.1.v..:)0lc1,40c,ion..c0vt.0.1.0w00.00e1,-000
!idt?:Z,gi4dd=igici4ii=N iriggli
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0,
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0
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7,734,7971 29,6971
Receipts.
Week. Season.
0 .103010 '000
040000 . 100000000 .0 . . loO 1 ,
,
01
,
00.00 $ .00000 i00000-010000 . 0'.01010000 .0 . . ,.." . 0
.0-0-00 .01 ,-. inin. , 1 ,'0000 0 et. 1, . . 100 . 00
ais
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,
11
Movement to June. 23. 1911.
NEW ORLEANS OPTION MARKET.-The highest,
AT THE INTERIOR TOWNS the movement-that is,
the receipts and shipments for the week and since Sept. 1, lowest and closing quotations for leading options In the New
and the stocks to-night, and same items for the correspond- Orleans cotton market for the past week have been as follows:
ing period for previous year-is set out in detail below.
t!„
-+-1 A 730*('„,.0
.›
Sarday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
June 15. June 17. June 18. June 19. June 20. June,i21.
JuneRange
Closing
JulyRange
Closing
AugustRange
Closing
SeptemberRange
Closing
OctoberRange
Closing
NovemberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
FebruaryClosing
MarchRange
Closing
ToneSpot
Options
12.28-.45 12.29-.41 12.15-.26 12.03-.13 12.02-.10 12.11-.21
12.37-.39 12.30-.3112.18-.10 12.09-.10 12.07-.0812.1Q-.11
- 12.15- ® -11.93 - 11.75-.88 11.80-.81 11.88-.89
12.06-.08 12.01-.04 11.92-.94 11.83-.84 11.80-.82 11.84-.86
_ ® ....._ _ ® ____ ........ ® ____ _ ® ____ _..... ® ....._ 11.72 11.95-.97 11.90-.92 11.85-.86 11.71-.73 11.71-.73 11.72-.74
11.73-.94 11.76-.88 11.70-.79 /1.56-.70 11.55-.66 11.63-.74
11.85-.86 11.79-.80 11.75-.76 11.60-.61 11.61-.62 11.63-.64
- 11.96- ® -- @ -- ® -_
11.86-.88 11.80-.82 11.76-.78 11.61-.63 11.62-.84 11.64-.86
11.70-.98 11.80-.90 11.72-.82 11.50-.73 11.58-.70 11.66-.76
11.88-.89 11.82-.83 11.78-.79 11.63-.64 11.64-.65 11.66-.67
11.87-.03 11.86-.96 11.77-.86 11.6.1-.77 11.62-.71 11.70-.80
11.93-.95 11.87-.88 11.84-.85 11.68-.70 11.69-.70 11.70-.71
®
11.96-.08 11.90-.91 11.87-.89 11.71-.73 11.71-.73 11.73-.75
11.87-.03 11.95-.00 11.84-.89- ® -11.73 -- ® 12.00-.02 11.94-.96 11.91-.92 11.75-.77 11.77-.78 11.79-.81
Quiet.
Easy.
Easy. Steady. Steady.
Firm.
Steady. Steady. Steady. Steady. Steady. Steady.
EUROPEAN COTTON CONSUMPTION TO JUNE 1.By cable to-day we have Mr. Ellison's cotton figures brought
down to June 1. We give also revised totals for last year
that comparison may be made. The spinners' takings in
actual bales and pounds have been as follows:
'
0 WJLa
”
.n.P112' 1
gad 41141
1 1p466E-3(AX,
r=1,-1-,4:43,1PcLA&5(5
111111111W
0
.ci.26 •
w:*3 1
0
_ ® __ ® _ _ ® _ _ ® __ ® _ _ ® 12.43 -12.28-.30 12.17 - 12.06 -12.0/ - 12.11 -
October 1 to June 1.
Great Britain.
Continent.
Total.
For 191142.
8,110,000
Takings by spinners
4,918,000
bales_
3,192,000
493.3
487
Average weight of bales_ ___ibs_
503
Takings in pounds
1,605,576,000 2,395,066,000 4,000,042,000
I
For 1910-11.
7,387,000
4,405,000
Takings by spinners
bales.'
2,982,000
Average weight of bales__lbs_ ,
504
4 8
488.4
Takings in pounds
1,502,928,000 2,105,590,000 3,008,518,000
_
OVERLAND MOVEMENT FOR THE WEEK AND
According to the above, the average weight of the deliveries
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made in Great Britain is 503 lbs. per bale this season, against 504
up from telegraphic reports Friday night. The results for lbs. during the same time last season. The Continental dethe week and since Sept. 1 in the last two years are as follows: liveries average 487 lbs., against 478 lbs. last year, and for
----1911-12-------1910-11---- the whole of Europe the deliveries average 493.3 lbs. tier bale,
Since
Since against 488.4 lbs. last sesaon. Our dispatch also gives the
June 21Week. Sept. 1.
Week. Sept. 1.
Shipped3,932 635,738
3,520
510,611 full movement for this year and last year in bales of 500 lbs.
Via St. Louis
442
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
1,202
1,165
120
1,038
65,090
207,019
917
8,40825,957
-ii6 130,365
166,712
79,046
377
125,537
174,604
684
189,459
168,831
783
446,864
Total to be deducted
7,240 1,296,433
271
248
2,492
192,770
101,412
72,822
.541
392
1,005
164,375
60,953
51,715
Supply
Consumption, 35 weeks
3,523
2,800
3,011
367,004
1,875
277,043
Spinners' stock June 1
723
2,014
2,767
657
1,508
80
80
80
80
80
80
80
80
110
110
110
110
110
110
110
110
190
190
190
190
190
190
190
190
60
70
74
74
74
74
74
74
105
105
105
105
105
105
105
105
4,888 1,270,804
Leaving total net overland •
5,365 1,019,390
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 4,888 bales, against 5,365 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 251,414 bales.
1911 12
Since
In Sight and Spinners'
Week.
Sept. 1.
Takings.
19,441 11,378,133
Receipts at ports to June 21
4,888 1,270,804
Net overland to June 21
Southern consumption to June 21_ 56,000 2,180,000
1910-11
Since
Week.
Sept. 1
6,871 8,349,729
5,365 1,019,390
48,000 2,003,000
Total marketed
Interior stocks in excess
80,236 11,372,115
'9,457
93,940
80,329 14,828,937
.12,724
64,182
Came into sight during Week_ __ 87,605
Total in sight June 21
14,893,110
50,689
North. spinners'taltingsto Junc21 18,793 2,291,715
11,525
11,466,055
2,069,778
• Decrease during week.
Movement into sight in previous years:
Since Sept. 1Bales.
54,064 1909-10--June 24
75,427 1908-09-June 25
66,129 1907-08-June 27
Week1010-June 24
1909-June 25
1908-June 27
Bales.
10,092,019
13,156,326
10,032,713
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below as the closing quotations of middling
cotton at Southern and other principal cotton markets:
Closing Quotations for Middling Cotton onWeek ending
June 21.
Sarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
12 1-16
12j
New Orleans_
11 A
Mobile
Savannah
1131
1134
Charleston
_
Wilmington_
Norfolk
Baltimore
1131
Philadelphia __ _ 12.15
123(1
Augusta
Memphis
1231
St. Louis
1234
Houston
11 15-16
Little Rock
11 31
12 1-16
12 31
113i
12
11A
Great I ContiGreat ContiBritain nent. Total. Britain! neat.
Spinners' stock Oct. 1
Takings to June 1
7,899 1,637,808
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
Between interior towns
Inland, &c., from South
1910-11
1911-12
October 1 to June 1.
Bales of 500 lbs. each,
0003 omitted.
12 1-16
1231
1131
12
1131
12 1-16
1231
1131
12
1131
1131
1131
1131
1134
12
12
12
12.05
12.05
11.85
1231
1231
1231
1231
1231
1231
1231
1231
1231
11 15-16 11 15-16 11 15-16
11 A
11 A
1131
1231
12 A
1134
12
113-1
11 A
11 A
12
11.00
1231
In
In
In
In
In
In
In
In
Total.
312
3,211
1,104 1,416
4,790 8,001
169
3,008
972 1,146
4,211 7,217
5,894 9,417
3,850 6,650
3,175
2,513
5,183 8,358
3,675 8,193
Weekly Consumptfir!,
000s omitted.
•
October
November
December
January
February
March
April
May
2,16
16
175
179
179
179
179
179
179
COTTON • ACREAGE REPORT.-In our editorial columns will be found to-day out annual Cotton Acreage Report,
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."
HUBBARD BROS. & CO.,
STEPHEN M. WELD & CO.,
WELD & NEVILLE,
GEO. H. McFADDEN & BRO.,
DICK BROTHERS & CO.,
HENRY HENTZ & CO.,
HOPKINS. DWIGHT & CO..
ROBERT MOORE & CO.,
LEHMAN BROS.,
J. S. I3ACHE
CO.,
S. BLAISDELL Jr. & CO.,
GWATHMEY & CO.,
EUGEN C. ANDRES CO.,
ELBERT & CO.
WOOD WARD & STILLMAN,
L.MsH
Ru
AT
1,
GVE
Io
LLAA
YT&4
00
0
0
...
A. L. WOLFF & CO.,
HENRY CLEWS & 00..
HERKLOTZ, CORN & 00.,
BROWNING & CO..
NEWBURGER COTTON CO.,
T. B. LYND & CO.,
H. & B. BEER,
HAYWARD & CLARK,
MORRIS H.ROTHSOHILD &CO
VAN LEER & CO.,
Also the cards of a number of the leading dry goods commission merchants and mill selling agents in the country.
Those repeesented areWOODWARD, BALDWIN & CO.,
FLEITMAN & CO.,
GRINNELL. WILLIS & CO.,
OR
.
oN
INI
CE
Co.,
T
FLAN
L.
& CO..
WILLIAM WHITMAN & CO..
BLISS, FABYAN & CO.,
FARBER-DREWRY CO.,
LAWRENCE & CO.,
WILLIAM ISELIN 63 00.,
G. A. STAFFORD & CO.,
0.
JAMES TALOOTT,
J. SPENCER TURNER CO.,
WELLINGTON, SEARS & CO.
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn,
goods, &c., from Great Britain from the month of May
and 'since Oct. 11911-12 and 1910-11.
IlE
JUNE 22 1912
1707
Cloth.
Total of All.
Yarn & Thread.
000s
ornWed 1911-1 1910-11 1911-12. 1910-11. 1911-12. 1910-11. 1911-12. 1910-11.
Lbs.
24,13
Oat
22,62
INNY
Dec__ 20,50
9th or. 67,26
Lbs.
Yds.
Yds.
Lbs.
20,079 663,504 519,432 124,020
18,006 580,682 511,046 108,53
19,595 517,204 547,961 06,674
Lbs.
Lbs.
Lbs.
93,642 148,159 113,721
02,130 131,159 110,136
98,785 117,182 118,380
57,680 1,761,3001.578.439j 329,232 284,557 396.500 342,237
104,61
106,585 127,319
91,501
98,881 113.587
116,325 118,915 142,141
Me
22,70 21,369 559,693 568,22
22,08i 19,297 489,52 529,007
25,81 24,142 622.341 636,19
20 qr.
1,733,433 312,441
383,048 389,189
70,60, 61,808 1,671,563324,381
Jan
_
0 Dios_ 137,87
21,48 3,432,9533,311,67
April ._ 20,886 19,394 524,131
May--- 22,7'. 20,77 560,80
521,063
544,545
127,954
118,178
143,057
611,673 608,938 779,548 731,426
97,96
104,821
Stockings and ocks
Sundry articles
97,197
101,784
118,848 116,591
127,530 122,559
704
32,646
Total exports of cotton manufactures
814
30,273
1,059,276 1,001,563
• DOMESTIC EXPORTS OF COTTON MANUFACTIMES
-We give below a statement showing the exports of domestic
cotton manufactures for April and for the ten months ended
April 30 1912, and, for purposes of comparison, like figures
for the corresponding periods of the previous year are also
presented:
Manufactures of Cotton
Exported.
Month ending April 30 10 Mos. ending April 30
1912.
1911.
1911-12.
1910-11.
Piece goods. yards
46,448,750 31,234,261 395,439,433 275,378,638
value
"
$2,970,335 $2,180,001 $25,976,520 $19,458,705
Clothing, &c.-Kult goods, value_ _
126,315
111,635 1,520,157 1,312,277
All other
"
560,469 5,617,534 4,504,403
692,317
Waste cotton, value
405,614
248,485 2,812,016 2,920,288
Yarn
38,427
501,213
51,579
486,850
All other
449,424 5,056,385 4,247,300
439,786
Total manufactures of, value_ _ _ _ $4,736,446 83,598,341 841,469,461 132,944,186
WEATHER REPORTS BY TELECiRAPH.-Our telegraphic advices from the South this erening indicate that
the weather has been quite satisfactory as a rule during the
week. Rains have fallen in almost all localities and the temperature has been favorable. The crop is doing well on the
whole, and reports from Texas are especially good.
Galveston, Tex.-Beneficial rains have fallen in every section of Texas and conditions are now ideal for an excellent
crop. Scattered opening reported in Southwestern Texas,
where picking has begun for the first bale, which had been
deterred by heavy rains in that section. We have had rain
on two days the past week, the rainfall being ten hundredths
of an inch. Average thermometer 76, highest 86, lowest 66.
Abilene, Tex.-We have had rain on two days during the
week, the rainfall reaching two inches and eighty-six hundredths. The minimum thermometer was 52.
Brenham, Tex.-We have had rain on two days during
the week, the precipitation reaching fifty-six hundredths of
an inch. The thermometer has averaged 76, ranging from
58 to 94.
Cuero, Tex.-Rain has fallen on five days of the week, the
precipitation being eighty-six hundredths of an inch. The
thermometer has ranged from 60 to 94, averaging 77.
Dallas, Tex.-We have had good rain on two days during
the past week, to the extent of three inches and two hundredths. Average thermometer 80, highest 104, lowest 56.
Henrietta, Tex.-We have had rain on three days during
the week, the rainfall reaching three inches and eighty-six
hundredths. The thermometer has averaged 82, the highest being 110 and the lowest 54.
Huntsville, Tex.-Rain has fallen on one day during the
week, the rainfall reaching ninety hundredths of an inch.
The thermometer has averaged 74, ranging from 54 to 94.
Kerrville, Tex.-Rain has fallen on three days of the week,
to the extent of two inches and thirty hundredths. The
thermometer has ranged from 50 to 98, averaging 74.
Lampasas Tex.-We have had rain on two days during the
to the extent of three inches and twenty-four
past week,'
hundredths. Average thermometer 77, highest 102, lowest
52.
Longview, Tex.-We have had rain on two days during the
week, the rainfall reaching two inches ancl twenty-four hundredths. The thermometer has averaged 76, the highest
being 94 and the lowest 58.
Luling, Tex.-There has been rain on three days the past
week, to the extent of one inch and sixty-six hundredths.
The thermometer has averaged 78, ranging from 58 to 98.
Nacogdoches, Tex.-It has rained on one day of the week,
the precipitation reaching one inch and thirty-four hundredths. The thermometer has ranged from 54 to 92, averaging 73.
Palestine, Tex.-It has rained on three days during the
week, the rainfall being two inches and sixty hundredths.
Average thermometer 75, highest 92, lowest 58.
San Antonio, Tex.-Rainfall for the week, one inch and
fifty-six hundredths, on three days. The thermometer has
averaged 79, ranging from 60 to 98.
Taylor, Tex.-There has been rain on four days during the
week, the rainfall reaching one inch •anci thirty-two hundredths. Minimum thermometer 54.
• Weatherford, Tex.-It has rained on one day of tile week,
the rainfall being ninety-two hundredths of an inch. Average thermometer 80, highest 106 and lowest 54.
Ardmore, Okla.-There has been rain on two days the past
week, the rainfall reaching two inches and sixty-four hundredths. The thermometer has averaged 79, ranging from
52 to 106.
Marlow, Okla.-It 11 s rained on two days of the week,
the precipitation reaching one inch and fifty-nine hundredths.
The thermometer has ranged from 52 to 104, averaging 78.
Tulsa, Okla.-We have had rain on three days during the
week, the rainfall being one inch and twenty-three hundredths. Average thermometer 73, highest 94, lowest 51.
Alexandria, La.-It has rained during the week on one
day, the rainfall having reached thirty-one hundredths of
an inch. The thermometer has averaged 77, the highest
being 96 and the lowest 58.
New Orleans La.
-There has been no rain during the week.
The thermometer has averaged 80, ranging from 70 to 90.
•Shrereport, La.-There has been rain on three days of the
week, the rainfall reaching one inch and fifty-seven hundredths. The thermometer has ranged from 62 to .92,
averaging 77.
•
Eldorado, Ark.-It has rained on three days during the
week, the rainfall being two inches and two hundredths.
Average thermometer 74, highest 96 and lowest 52.
Helena, Ark.-There are some complaints of cutworms.
There has been rain on four days during the past week, the
precipitation reaching seventy hundredths of an inch. The
thermometer has averaged 76.2, the highest being 91 and the
lowest 60.
Little Rock, Ark.-Rainfall for the week two inches and
sixty-eight hundredths, on three days. The thermometer
has averaged 75, ranging from 59 to 90.
Colunzbus Miss.-We have had rain on one day of the
past week,'
the rainfall being twenty-two hundredths of an
inch. The thermometer has ranged from_56 to 95, averaging 75.
Meridian, Miss.-We have had rain on one day of the past
week, the rainfall reaching sixteen hundredths of an inch.
Average thermometer 76, highest 92, lowest 60.
Vicksburg, Miss.-We have had rain on one day during
the week, the rainfall being eighteen hundredths of an inch.
The thermometer has averaged 78, the highest being 90 and
the lowest 63.
Dyersburg, Tenn.-There has been rain on three days the
past week, the rainfall being one inch and fifty hundredths.
The thermometer has averaged 77, ranging from 60 to 94.
Memphis, Tenn.-The crop is making good progress.
There has been rain on four days during the week, the rainfall
reaching seventy-eight hundredths of an inch. Thermometer has ranged from 61 to 90, averaging 75.
Nashville, Tenn.-We have had rain on four days the past
week, the rainfall being one inch and eighty-two hundredths.
Average thermometer 74, highest 89, lowest 58.
Mobile, Ala.-The weather conditions continue favorable.
The plant is growing and blooming finely. There has been
rain on two days of the week, to the extent of, seventeen
hundredths of an inch. The thermometer has averaged 81,
the highest being 92 and the lowest 68.
Montgomery, Ala.-Cotton doing nicely, with favorable
weather. We have had rain on two days during the week,
the rainfall being fifty-three hundredths of an inch. Thermometer has averaged 79, ranging from 65 to 93.
Selma, Ala.-There has been rain on one day during the
week,to tile extent of fifteen hundredths of an inch. The
thermometer has ranged from 63 to 89, averaging 78.
Madison, Fla.-There has been no rain the past week.
Average thermometer 82, highest 94 and lowest 72.
Gainesville, Via.-There has been rain on one day
during the week, to the extent of seven hundredths of an
inch. The thermometer has averaged 81, the highest being
96 and the lowest 66.
Tallahassee, Fla.-Rain has fallen on three days of the
week, the precipitation being sixteen hundredths of an inch.
The thermometer has averaged 81, ranging from 69 to 93.
Augusta, Ga.-We have had light rain on one day the past
week, the rainfall being eight hundredths of an inch. Ther- •
inometer has ranged from 66 to 95, averaging 80.
Savannah, Ga.-We have had rain on one day the past
week, to the extent of twenty-eight hundredths of an inch.
Average thermometer 84, highest 97, lowest 72.
1Va.shington,Ga.-It has rained on one day of the week, the
precipitation being twenty-one hundredths of an inch. The
thermometer has averaged 77, the highest being 94 and the
lowest 60.
Charleston, S. C.-We have had no rain during the week.
Thermometer has'averaged 83, ranging from 67 to 98.
Greenville S. C.-There has been rain on two days during
the week, die rainfall reaching twenty-five hundredths of an
inch. Thermometer has ranged from 58 to 93, averaging 76.
Spartanburg, S. C.-It has rained on one day of the week,
the rainfall,reaching thirty hundredths of an inch. Average
thermometer 77, highest 94, lowest 60.
Charlotte, N. C.-There has been rain on two days during
the week, the rainfall being one inch and three hundredths.
The thermometer has averaged 76, the ,highest being 92
and the lowest 60.
Greensboro, N. C.-Rainfall for the week one inch and
twenty-two hundredths, on two days. The thermometer
has averaged 75, ranging from 58 to 91.
Raleigh, N. C.-We have had rain on three days the past
week, the rainfall being two inches and eighty-six hun-
dredths. The thermometer has ranged from 60 to 94,
averaging 77.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1911-12.
Cotton Takings.
Week and Season.
Week.
1910-11.
Season.
Week.
Season.
3,732,118 --------2,711,341
Visible supply June 14
1,495,514
1,603,418
Visible supply Sept.1
67,605 14,893,119
50,689 11,466,055
American in sight to June 21._
23,000 2,186,000
40,000 2,326,000
Bombay receipts to June 20._ _
37,000
16,100
371,300
244,000
Other India ship'ts to June 20_ _
600 1,007,600
400
966,400
Alexandria receipts to June 19_
279,000
2,000
12,000
219,000
Other supply to June 19 .____
3,862,123 20,111,937 2,830,730 16,945,469
Total supply'
DeductVisible supply June 21
3,543,695 3,543,6952,605,257 2,605,657
318,428 16,568,242 225,473 14,340,212
'rota, takings to June 21
237,028 13,268,842 142,773 10,765,312
Of which American
82,700 3,574,900
81,400 3,299,400
Of which other
* Embraces receipts in Europe from Brazil, Smyrna, West Indies, dco.
INDIA COTTON MOVEMENT FROM ALL PORTS.
June 20.
Receipts at-
1903-10.
1911-12.
1910-11.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Sept. 1.
Week.
23,000 2,186,000 40,000 2,326,000 28,000 3,074,000
Bmnbay
Since September 1.
For the Week.
Exports.
from-
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
ContlJapan
nent. & China. Total.
Bombay1911-12_
1910-11_ _
1909-10_ _
Calcutta1911-12_ _
1910-11_
1909-10...
Madras1911-12_
1910-1L _
1909-10_ _
All others1911-12._
1910-11__
1909-10..
5,000 11,000 15,000 31,000
4,000 10,000 1,000 15,000
____ •14,000
3,000 11,000
Total all1911-12_ _
1910-11_ _
1909-10
5,000 17,000 19,000 41,000 30,000 467,000 846,000 1,343,003
5.000 13.000 7,100 36,100 111,0001,124,000 580,300 1,815,300
4,000 22,000 17.000 43.000 127,0001,259,000 888.000 2,274,000
1,666
1,000
10,000 305,000 784,0001,099,000
57,000 839,000 548,0001,444,000
93,000 917,000 833,0001,843,000
3,000 1,000 4,000
3,000 35,000 39,000
7,000 17,000 25,000
3,000
3,000
1,000
6,000
1,000
3,000
2,000
3,000
3,000
20,000
33,000
40,000
15,000
19,000
46,000
37,000
55,000
89,000
100
100
1,000
3,000
8,000
4,000
3,000
18,000
16,000
1,000
300
1,000
7,000
26,300
21,000
3-,000
1,666
46,000 200,000
13,000 290,000
8,000 321,000
15,000 139,000
43,000 234,000
27,000 286,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
June 19.
Receipts (cantars)This week
Since Sept. 1
This I Since
Week. Sept. 1.
To Liverpool
To Manchester
To Continent and India
To America
800 194,288
6,500222,879
2,500,350,240
2,5001 109,038
1909-10.
7.750 925.866 4.00(3 611.480
12 _non R76.445
Total exports
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
-Our report received by cable
MANCHESTER MARKET.
to-night from Manchester states that the market is quiet for
both yarns and shirtings. Merchants are not willing to pay
present prices. We give the prices for to-day below, and
leave those for previous weeks of this and last year for
I
comparison.
1911.
1912.
83% lbs. Shirt- Cot'n
fags, common Mid,
Upl's
to finest.
32s Cop
Twist.
83% lbs. Shirt- Cot'n
ings, common Mid.
to finest.
UPes
, aq r.abal... g
N.
,
1.....1=.,....10C4C:
1
32s Co'p
Twist.
d. s. d.
934 0 103% 6
OU 0 103% 0
9 11-16 0 10% 6
93% 0 1094 6
9% 0 10946
95%
OU
DU
s. d.
1 011 3
134011 3
134011 3
134011 3
134(411 3
d.
d.
d. s. d.
8.37 10 13-160 113% 5
7 8
6.53 10 15-16(4 11 4
6.47 10 15-160 113% 6
6.36 103% (4 113
%6
6.36 11
0 113% 6
s. d
13%011
13%011
13%011
1)4011
134(411
4
4
43%
43%
43%
d.
8.23
8.42
8.40
8.28
8.33
,
6.45 11 1-16 0 113% 6 1%011 434 8.31
0 10346 134011 3
8.27
6.63 111-16 0 113% 6 134011 5
0 IOU 6 2 @II 3
0 llm 0 0t6011 4
6M3 103%
8.21
0 1,.94 I 1 W.P 11 2
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
The shipments in detail, as made
reached 29,801 bales.
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-June 19-Celtic, 54 upland, 147
201
foreign
2,186
To Havre-June 13-Needles, 2,186
To Bremen-June 14-George Washington, 200_ _ _June 19600
Prinz Friedrich Wilhelm, 400
268
To Hamburg-June 14-Pretoria, 268
94
To Antwerp-June 15-Michigan, 94
50
To Barcelona-June 19-Roma, 50
To Genoa-June 14-Prinzess Irene. 300_ _ _ _June 19-Taor1,149
mina, 849
100
, To Naples-June 14-Prinzess Irene, 100
373
To Venice-June 15-Kaiser Franz Josef I, 373
54
To Piraeus-June 15-Athenia, 21_ __ _June 20-Patris, 33
4,510
To Bombay-June 17-Frienfels, 4,510
2,439
GALVESTON-To Bremen-June 17-Westgate, 2,439
3,500
NEW ORLEANS-To Liverpool-June 19-Civilian, 3,500
519
To Havre-June 18-Texas, 519
535
To Bremen-June 19-0xonlan, 535
62
. To Hamburg-June 17-Saxonia, 62
2,350
• To Barcelona-June 20-Calatina, 2,350
373
• To Rotterdam-June 17-Indore, 373
258
To Antwerp-June 19-Oxonian, 258
100
To Oporto-June 17-Cerea, 100
227
To Port Barrios-June 17-Amanda,227
Total bales.,
PENSACOLA-To Liverpool-June 15-E. 0. Saltmarsh, 2.678_ 2,678
5,42701
GULFPORT-To Havre-June 19-Kingswood, 5,471
SAVANNAH-To Manchester-June 15-Port Inglis, 203
70
To Bombay-June 15-Port Inglis, 70
325
BOSTON-To Liverpool-June 14-Bohemian, 325
84(3
BALTIMORE-To Bremen-June 14-Rhein, 840
150
SAN FRANCISCO-To Japan-June 15-Chlyo Maru, 110
6
SEATTLE-To Japan-June 18-Minnesota, 8
60
To Manila-June 18-Minnesota, 60
50
To China-June 17-Sado Maru, 50
Total
29,801
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
June 7. June 14. June 21.
May 30.
70,000
46,000
bales_
86030a
24,000
Sales of the week
400
400
400
10,000
Of which speculators took__
200
300
2,000,
300
Of which exporters took__ _
52,000
61,000
40,000
22,000
Sales, American
6,000
9,000
8,000
13,000
Actual export
73,000,
89,000
47,000
106,000
Forwarded
1,266,000 1,208,000 1,161,000 1,106,000,
Total stock-Estimated
983,000
1,155,000 1.087,000 1,036,000
Of which American
23,000
51,000
45,000
60,000
Total imports of the week_ _ _ _
15,009
Of which American
29,000
33,000
51,000
56,000
Amount afloat
47,000
88,000
99,000
24,00,0
Of which American
31,000
53,000
67,000
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:
•
Friday.
Spot.
Saturday. Monday. Tuesday. 1Veinesday. Lhursday.
Market, 1
12:15 y
P. M. J
Fair
business
doing,
Good
demand.
Good
demand,
Good
demand,
Good
demand.
Good
demand.
Mid .Upi'ds
6.75
6.71
6.66
6.65
6.59
6.63
Sales
Spec.ecexp.
8,000
2,500
18,000
6,500
12,000
2,000
10,000
500
12,000
1,000
12,000
1,000
Futures. Irreg. at
Irreg.,
Quiet at
Market I 205 pts. unch. to 1 1 point
I advance. pt. adv.
opened
decline.
Quiet at
13%02
pts. dec.
Steady at
405 pts.
decline.
Steady at
4 points
advance.
Market, 1 Steady at
4
6©73%
i ntg tidy
1, Is
Steady at Barely st'y Quiet at
3%013%
at 406% 4340034
Steady at
73%09
nta
Quiet at
534(g6
nta
dr,
nte
dr,
,
Ii01
nta
atm
rsto
ndl sr
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus, 8.54 means 6.54-100d.
Fri.
Wed.
Thurs.
Tues.
Mon.
June 15
Sat.
to
June 21. 123% 12% 123% 4 123% 4 123%. 4 123% 4 123% 4
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
6
June
6
June-July
_ __ _ 6
July-Aug_ ---6
Aug.-Sep_
Sept.-Oct. ____ 6
2,500
6
4,500
Oct.-Nov_
4,902,275
7,556,509
Nov.-Dec. _ _ _ _ 6
Dec.-Jan ____ 6
Jan.-Feb ____ 6
This Since
This Since
Feb.-Mch....6
Week. Sept. 1. Week. Sept. 1. Mch.-Apr. ____ 6
Apr.-May. ____ 8
1,250 208,813 1,750 149,037 Matr-Tune
A
214,497 1,500 119,807
282,869
____
5,500 384,312
750 59,767
1,000 118,244
1910-11.
1911-12.
6,500
7,248,123
I xi)
.orts (bales)-
d.
Lxxxxiv.
THE CHRONICLE
1708
54 5134 48 4634 47 45 415439 37 43 46
5334 51 48 46 47 44 34 41 383% 3634 42 45
54 513% 48 4634 47 443% 41 38 36 4134 44%
54 513448 46% 47 44 403% 37 35 41 44
453.4 4334 3934 393.4 39 37 35 303% 20 3434 37
403% 39 35 34 3334 3134 29 34 25 23 34 29 3134
383-4 3634 33 3134 31 % 2934 273% 223% 21 283% 29
38 36 325431 31 29 27 22 2034 28 2834
38 36 323% 31 31 29 27 22 2034 26 2834
383% 363% 33 3134313% 29 34 2734 2234 21 265429
3934 3734 34 3234 3234 303% 2834 23% 22 27 A 30
4034 38 34 35 33% 33% 3134 2934 2434 23 285431
d1 1.4 50
SA
Rd 1.4 SA Le 5911 RA Le 9R Le 95
90
.11 II
BREADSTUFFS.
Friday Night, June 211912.
Flour has certainly not left the rut of dulness in which it
has been so long confined. The steady decline in wheat assuredly tends to encourage buyers to adhere to the policy of
buying only on a very conservative scale. North Pacific
millers, it is stated, have been selling to the Central West
soft-wheat flour at prices which undersell local millers,
though these mills save freight of $1 15 per 100 lbs. The
flour trade, in a word, is not in a very satisfactory shape.
The output for the week at Duluth, Minneapolis and Milwaukee reached a total of only 274,838 bbls., against 309,090
in the previous week and 290,915 last year. The tendency
is towards some decline in prices.
Wheat declined, owing to continued liquidation and a belief that the weather, despite some drawbacks, has been in
the main favorable. July has been especially weak. It has
been pressed for sale,partly or largely, it is understood, by
prominent interests. For that reason that month has shown
much greater depression than later months. The cash demand has been, as a rule, light. There is a growing impression that unless the spring-wheat crop meets with some
serious setback it will be much the largest ever raised.
Some believe, too, that the reports of damage to the winterwheat crop have been exaggerated. On the other hand, the
world's shipments fell off from 16,800,000 bushels in the
previous week to 14,768,000 bushels. The visible supply
in this country is a little less than a year ago, i. e., 31,268,000, against 31,479,000, whereas at one time there was h
big increase over last year. Southern Kansas as well as
the harvest
Texas and Oklahoma, has had heavy rains and'
is commencing. It has been too cold at times in the Northwest. The world's supply has fallen off sharply in the last
few months. Supplies of native wheat in France are about
exhausted. They are low in Germany. In parts of Russia
the crop prospects are not favorable. Weather conditions
have recently been bad in England, Hungary and Italy.
Some private estimates of the winter-wheat crop in the
United States have put it at only 350,000,000 bushels,
against 363,000,000, the figures based on the June report
the
by the Government, and 430,000,000 last year. When
July liquidation is out of the way some look for a steadier
1709
THE CHRONICLE
JUNE 22 1912.]
market,especially if the usual weather scares about the springwheat crop occur. They do occur every year some time in July
or August with almost monotonous regularity. To-day
prices were higher for a time but reacted later and closed
lower for this day, owing to good weather and more favorable crop prospects. It is largely a professional market.
There is a fair cash business for export.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
1173% 1173% 1173% 1173%
cts_118% 118
No. 2 red
112% 1133% 112% 1123% 1133% 112%
July delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_1054 1063% 105% 105% 1063% 1053%
July delivery in elevator
103
1043% 1033%
104 % 103
September delivery in elevator_ _ _ _103
Indian corn has declined on good rains, dulness of the cash
trade and general liquidation. The world's shipments are
large. Last week they were 9,128,000 bushels, against
8,861,000 in the previous week. Argentina is shipping
heavily. Russia's shipments have increased. But on the
decline big Chicago interests have latterly been buying. In
some parts of the. belt cold weather and slow growth have
been complained of. Early in the week Texas had hot winds
and very high temperatures, i. e., 110 degrees. But latterly
that State has had big rains and cooler weather. The belief
is quite general that the next corn crop will be large. People
who are bullish on wheat are not bullish on corn. To-day
prices declined after an early rally. There are complaints of
backward crop conditions in some parts of the belt, but they
are not taken very seriously.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEV YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
nom. nom. nom. nom. nom. nom.
Cash corn
corn. nom. nom. nom. nom. nom.
July delivery in elevator
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
713% 72 % 723%
71
72
cts_ 72
July delivery in elevator
71 % 71 % 71 h 723% 71 %
September delivery in elevator_ _ _ _ 71
11 Months 1911-12 11 Months 1910-11...
May 1012.
Ports.
Wheat,
Bushels.
New York
Baltimore
Philadelphia
Poston
Other Atlantic_
New Orleans_ .....
Other Gulf
Portland, Ore
Puget Sound_ __ _
San Francisco_ _
Chicago
Other border_
Total all
101,995
112,00
Flour,
Barrels.
Wheat,
Bushels.
Flour,
Barrels.
Flour,
Barrels.
Wheat,
Bushels.
6,700,287 3,190,10: 2,677,571 3,123,202
754,101 3,287,741
837,076
4,803,141
928,292
889,751 2,148,347
2,800,591
541,824
362,365
229,44::
1,396,744
216,562
215,459
173,286
138,425 623,937
540,205
732,149
706,141
134,354
865,841
432,809
545,769
869,765 7,345,734
6,829,943
3,180,157 2,549,487 3,976,375 1,645,142
217,562'
290,906
326,216
521,947
18,77.5
15,825
588,032
879,700
132,419
69,181
61,267 1,708,368
3,678
1,000
2,086
219,77
97,713
11,418
326,055
41,081
41,78(
9,664
7,952
33,307
67,209
97,384
172,405
39,107
545,982
839.713628,519,935 10,328,58822,837,727 9,356,199
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western.
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at-
Flour.
Wheal.
Corn.
Rye.
Barley.
Oats.
bbls.1961bs. bush.60 lbs. bush.56 lbs. bush.32 lbs. bush.-18lbs. bu.56 lbs.
112.806 3,884,850 1,237,000
97,719
Chicago _ _ _ _
9,500
114,300
110,40(
Milwaukee_ _
20,400
378.780
259,200
13,200
70,200
6,450
332,862
Duluth
2,266
8,458
912
773,260
Minneapolis_
99,780
16,820106,440
65,000
109,00(
Toledo
70,400
10,500
3,000
Detroit
4,530
47,800
54,000
1,000
7,260
32,914
Cleveland _ _
516
-49,950
126,117
705,520
St. Louis.. _ _
48,990
331,500
2,200'
Peoria
43,500
14,000
282,277
149,200
9,800
6.000
Kansas City.
357,600
80,400
108,800
Total wk.'12
Same wk.'11
Same wk.'10
222,589
290,417
305,421
5,859,921
5,699,244
3,334,698
1,669,099
2,326,761
1,933,658
2,315,048
260,728
4,001,794
381,325
2,844,668 1,178,619
49,986,
30,580
56,363
Since Aug. 1
1911-12... 11,376,797 129,744,845 180,319,984 136,865,192 60,866,711 7,712,3841910-11_ _ 14,184,670 201,792,087 257,721,152 175,392,734 61,773,469 5,053,028
1909-10.... 18,518,416 233,211,765 167,550,954 75.929.09s 79 4')515'4 0.519.031
Oats have declined with other grain. It looks at the
present time as though the next crop would be big. The
Total receipts of flour and grain at the seaboard ports for
hay crop is also large. The cash demand has been unsatisfactory. The price is high. On the other hand, some com- the week ended June 15 1912 follow:
Flour,
Wheat,
Corn,
Oats, Barley,
Rye;
plaints of rank growth have come from Iowa and elsewhere.
bush.
bush,
bush.
bbls.
bush.
bush,
Receipts atsome of the shorts have covered, fearing rust. The visible New York
161,804 1,078,200
29,250
511,675 121,918
26,453
341,030
8,205
108,345
1,000
supply decreased 1,456,000 bushels for the week, against Boston
231,390
333,798
28,656
24,857
Philadelphia
an increase last year of 851,000. The American visible Baltimore
273,105
1,671
1,000
26,239
248,595
53,681
37,500
10,800
225,400
supply is stated at 13,441,000 bushels, against 21,800,000 New Orleans *_ _. _ 14,855
. 13,000
9,000
Galveston
a year ago. But liquidation has carried the day. It was Montreal
93,773
7,912
46,451
579,361
due to a belief that the coming, crop is to be large. Mr.
2,000.
1,255,788
131,501
354,192
2,604,784
1912_
_
303,659
week
Total
James Patten has gone to Europe after selling, it is under- Since Jan. 11912..7,928,387 49,919,738 23,233,994 20,042,787 3456,018 280,221
39,678
886,424 132,407
stood, his large holdings. To-day prices were firm for a Week 1911
658,654 1,105,615
337,172
tune, then declined with other grain. Some are bullish on Since Jan. 11911..8,532,927 28,401,858 43,111,146 23,141,735 2540,039 342,687
cash and July oats with belief that the receipts will be small.
* Receipts do not include grain passing through New Orleans for foreign ports
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sal. Mon. Tues. Wed. Thurs. Fri.
60
60
593% 593% 59%
eta 60
Standards
60
613% 603% 603% 60
60
No. 2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 49
48
48
485% 49
483%
July delivery in elevator
September delivery in elevator...... 403% 403% 403% 40
403% 40
The following are closing quotations:
FLOUR.
Winter, low grades_ _$4 00 $4 25IKansa8 straights, sacks_55 20@$5 50
4 259 4 75
5 90
6 10IKansas clears, sacks_
Winter patents
5 35@ 5 451C1ty patents
6 609 7 10
Winter straights
4 759 5 00111ye flour
4 709 535
Winter clears
4 009 4 70
5 50
5 90IGraham flour
Spring patents
5 00
5 50ICorn Meal, kiln dried__ 4 259
Spring straights
Nominal
48595 10IBuckwheat, owt
Spring clears
GRAIN
Corn, per bushelCents.
Wheat, per bushel-f. o. b.
$1 23
No. 2
elevator
84
N. Spring, No. 1
1 163%
Steamer __elevator
Nominal
N. Spring, No. 2
c.i.f.
1 17 %
No. 3
81
Red winter, No. 2
1 16
Rye, per bushelHard winter, No. 2
Nominal
Cents.
No. 2 Western
Oats, per bushel, newNominal
State & Pennsylvania
Standards
59 Si
60
Barley-MaltIng
$1 129$1 25
No. 2 white
No. 3
593%
EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND POTROLEUM.-The exports of these articles
during the month of May and the eleven months, for the
past three years, have been as follows:
1911-12.
1910-11,
1909-10.
Exports
from
United Slates.
May.
Quantities.
Wheat _bush
Flour_
545,982 28,519,935 1,358,119 22,837,727 2,112,475 43,744,739
552,010 8,406,720
989,473 0,356,199
839,705 10,328,588
11 Months.
May.
11 Months.
May.
on through bills of lading.
The exports from the several seaboard ports for the week
ending June 15 are shown in the annexed statement:
Wheat,
bush.
Exportsfrom1,084,267
New York
394,413
Boston
Philadelphia ...._ _ 339,000
305,819
Balthnore
New Orleans _
Galveston
1,546,000
Montreal
Corn, Flour,
bbls.
bush.
9,184 58,705
26,663
11,000
1,800 6.179
30,000 6,691
510
24,000
Oats,
bush.
148,453
3,669,499
779,012
40,984 133,748
606,575 150,149
342,731
482,720
Total week_
Week 1911
77,278
1,000
$
$
$
$
$
74,673,342 5,957,968 66,850,525 5,000,315 89,711,590
29,295,014 2,179,315 31,030,14C 1,364,172 23,383,596
243,679 1,644,932
1,342,514
171,816 1,190,933
104,971 5,178.335
1,073,074
9,979 2,923,459
32
2,202
292
167,342
13readstuffs 5,539,464106,386,146 8,485,965104,704,22Z 6,546,282117,376,920
Provisions _ 11,378,111124,239,42913,532,723113,597,563 7,490,064100,992,342
175,201 8,722,054 1,856,011 11,147,633
75,149 11,657,334
Cattle, h. &s.
21,323,421 755,464,85723,782,189 572,907.03521,231,335 127,110,501
Cotton
Petroleum,&c 12,174,861 94,114,74e 8,517,140 83,376,994 8,247,362 86,642,111
Cot'nseed oil_ 1,467,490 23,081,988 1,644,703 15,737,941 1,442,442 13,891,526
nAil AA.; 119 11110 91457 515 721 001 479 901 15 1127 r.q, 757 1V7n
119,939
572
835
The destination of these exports for the week and since
July 1 1911 is as below:
Wheat
---00171
Flour
Since
Since
Since
July 1
Week
Week
July 1
July 1
1911. June 15.
1911.
1911. June 15.
bush.
bush.
bush.
bush.
Ws.
13,041,771,
4,564,330 1,560,977 56,126,113
16,546,249
1,758,766 2,086,999 41,075,142
6,229 1,239,373
894.900
17,523
1,121,439
19,094
33,437 1,907,257
1,253,319
16,283
45,720
1,318
4,000
27,000
36,052'
325,373
Week
Exportsfor week and June15.
bbts.
Since July 1 to-.
United Kingdom_ .._ 71,017
Continent
17,009
Sou. & Cent. Amer_ 29,251
West Indles
16,182
Brit. Nor. Am.Cols_
120
Other Countries... _ _
169
Total .
Total 1910-11
133,748 9,068,947 3,669,499 98,142,249
150,149 8,883,804 779,012 56.660,852
40,984 32,786,985.
606,575 48,822,252
The world's shipments of wheat and corn for the week
ending June 15 1912 and since July 1 1911 and 1910 are shown.
in the following:
Exports.
1911-12.
Corn.
Week
June 15.
1911-12.
1910-11.
Since
July 1.
Since
July 1.
Week
June 15.
Bushels. I Bushels.
Bushels. Bushels.
23,000
North Amer. 1,696,000 178,092,000 125,185,000
'),112,000 77,480,000 214,160,000 723,000
Russia
Danube __ _ 1,600,000 74,387,000 85.746,000 2,618,000
Argentina _ _ 2,808,000 84,458,000 86,730,000 5,764,000
Australia _ 392,000 52,860,000 54,944,000,
3,096,000 47,602,000 48,116,000,
India
64,000 10,921,000 7,696,000
0th. countr's
Total......
1910-11.
Since
July 1.
Since
July 1.
Bushels.
29,262,000
39,351.000
82,078,000
28,326,000
Bushels.
43,787,000
25,402,000
40,465,000
88,797,000
14708000 525.800.000 622.577.000 9.128.000 179.017 000 198.451.006
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
Corn.
731
EXPORTS OF WHEAT AND FLOUR FROM UNITED
STATES PORTS.-We give below a compilation showing the
exports of wheat and flour from United States ports during
the month of May and the eleven months of the fiscal years
• •
1911-12 and 1910-11. •
40
11 Months.
Wheat*_ bush 4,324,65f. 74,998,581 5,810,747 64,940,622 4,596,520 81,979,979
659,975 38,774,544 3,549,346 54,238,436 1,904,704 32,673,965
Corn_ _ _ bush
--Total bush_ 4,984,635113,773,125 9,360,093119,179,058 6,501,224 114,653,944
0
Peas,
bush.
532
116,000
Wheat.
Values.
$
Wheat & flom 4,518,299
674,158
Corn and meal
316,285
Oats and meal
Barley
721
,
Rye
Rye, Barley,
bush.
bush.
119,939
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
June 15 1912._ 26,536.000 28,416,000 54,952,000
June 8 1912... 29,800,000 26,800,000 56,600,000
June 17 1911_ 25,160,000 25,168,000 50,328,000
June 18 1910.. 26.000,000 11,120,000 :17,120,000
United
Kingdom. Continent.
Total.
Bushels. Bushels. Bushels.
9,197,000 19,720,000 28,917,000
8,908,000 18,003,000 26,911,000
6,078,000 6,536,000 12,614,000
5,270,000 4,930,000 10,200,000
THE CHRONICLE
Lxxxxiv.
66,196,258
66,729,912
,
1 1912 AND 1911.
----The 'visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
principal
at
ry
points
na
of
accumulation
at
lake
and
$
$13,670,706 in 1912, against $11,121,952 in 1911.
seaboard ports June 15 1912, was as follows:
During the time a national political convention is being
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer Amer. Bonded held any increase in business as a rule is unlooked for, but
Wheat. Wheat. Corn. Oats.' Oats. Rye. Barley. Barley.
In Thousandsbush, lush, bush, bush. bush. bush. bush. bush. with reference to the domestic cotton markets during the
New York
58
758
170
433
11
24
88 past week this has not been the case, activity
185
prevailing.
Boston
298
27
3
17
Philadelphia
1
799
Mail orders have increased and gave further evidence of
12
10
_
10
Balthiacre
141
12 _
397
290
73
521
depleted stocks in the hands of jobbers,who are re-ordering
New Orleans
176
88 - - Galveston
6
5
more freely and earlier than is customary this season of the
Buffalo
1,303 1,180
149 -66
57 -245 --87
464
Toledo
522
44
83
5
year. The favorable weather conditions have stimul ated
Detroit
142
237
20
92
Chicago
the retail trade in all sections of the country. Prices also
10,179
3,732 2,133
127
Milwaukee
214
22
' 19
313
175
Duluth
35
6
857
4,009
41 have developed a firmer undertone, with a number of ad40 -558
Minneapolia
224
255
8,256
--8i
154
vances announced. Some of the leading brands of 4-4
St. Louts
84
2
• 309
268
2
Kansas City
369
65
535
---- branded bleached muslins have been marked up Yo. a yard.
Peoria
174
___
66
1
Indianapellit
This advance in bleached goods has had its effect in stimulat115
184
28
°Malta
982
473
20
153
ing demand for other lines and good sales have been made.
On Lakes
191
1,151
133
On Canal and River
223
108
Dress ginghams are being purchased for fall and spring delivTotal Juno 15 1912_26,367 4,205 8,172 5,186 1,532
495
642
216 ery in such a manner that merchants who were doubtful about
524
Total June 8 1912__28,410 5,782 6,427 6,397 1,883
572
343
the future are now inclined to take a more cheerful
___
Total Juno 17 191L,25,613 ___ 6,036 10.153
22
839
_.
CANADIAN GRAIN STOCKS.
view. Heavy colored cloths are firm, and while mills manuCanadian Banded
Cantuiian Bonded
Canadian Bonded
Wheat. It heat. Corn! Oats. Oats. Rye. Barley. Barley. facturing these lines are not overburdened with spot busitusk. bush, bush. bush. bush. bush. bush. bush.
In Thou:saganess, they are well booked ahead and are kept very busy
3
840 - - - Montreal
_
1,055---39
____
3,779
____ 1073 _._ _
Fort Walla=
_
filling orders. Active buying is expected to develop in
2,19-------Port Arthur
-938
5,151----- ----2,847
Other Canadian
another month. Print cloths and convertibles are firmer,
3 5,698
Total Juno IS 1912_ _12.177
39 ---- with the demand fairly good at the higher levels. Sales,
4 5,163
Total Juno 8 1912_ A4,110
39
____
however, consist mostly of small lot. Gray goods, 383-'-inch
118 4,597
Total J'ann 17 Pill__ 5,084
31
standard, are quoted %c. higher at 5 8e.
SUMMARY.
WOOLEN GOODS.-Markets for men's wear and dress
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oat,. Rye. Barley. Barley. goods continue active, with a good volume
of advance orders
bush, bush. bush. bush. bush. bush. bush. bush.
In Thousands495
06,367 4,295 8.172 5,136 1,532
642
216 booked for next spring. There has also been active buying
America'd
12,177 -____
3 5,698
39 -- of light-weight serges for immediate delivery,though
Canadian
business
681
216 has been checked to some extent by the light supplies in first
495
Total .Inne 15 1912.-38.514 4.295 8.175 10,884 1,532
524
611
Total Juno 8 1912_ _42,550 5,782 6,131 11,880 1,883
343 hands. Owing to tile high cost of raw material, prices
____ 6,154 14,750
22
'Data! gine 17'1911- _30,727
__ - 870 ---- remain firm,
with kerseys and broadcloths higher.
FOREIGN DRY GOODS.-Demand for linens continues
to broaden, with merhcants interested in goods for both
THE DRY GOODS TRADE.
immediate and future delivery, although there has been a
New York, Friday Night, June 211912.
particularly good demand for seasonable lines
quick
Improved weather conditions over the past week or so shipment. Colored dress linens have been well for
taken fOr
have stimulated all divisions of the dry goods trade. Activ- next spring delivery. Housekeeping linens have
also been in
ity is most noticeable, however, in the woolen and worsted active request. Burlaps, while quotably unchanged,
have
dress goods and men's wear departments, while staple cottons developed a steadier undertone, with business transacted
on
have been comparatively quiet but firm. At the moment a more even basis. Stocks are light and the general feeling
manufacturers of all fabrics seem to be well situated on is more optimistic. According to reports, trading has been
business and more attentive to making deliveries on present active in Calcutta at advancing prices. Light-weights are
contracts than to getting new business. In dress goods quoted at 5.25c. and 103. -ounce at 6.50c.
increased cost of raw material in the face of a steady demand Importations
and Warehouse Withdrawals of Dry Goods.
continues to force prices higher. Broadcloths have develimportations and warehouse withdrawals of dry goods
oped more popularity for the coining fall and winter than had atThe
this port for the week ending June 15 1912 and since
been early expected, and as a result agents and manufac- Jan.
turers have advanced quotations. In the men's wear divi- were 1 1912, and for the corresponding periods of last year,
as follows:
sion buyers are beginning to realize the sold-up condition of
,.. c0000 CO 0
000-000N co
00000-00
CO
the mills and are urgently requesting attention to their
on ccon co
n
"4.
• ; onocv,
hhno.sW
NO
.N00 Oh
W
florWOM
orh
deliveries, fearing that they will not be received promptly.
Gt;'NesitZr: 0040.4.4.2e.t.74
MoS 4
,
1 7GO
2,
3
ocovcc
,-,00mic
In the market for staple cottons mail orders to jobbers at
ro
.on,r
.o
c V CD ro 0 CO 0.4 04
co..Non 22
ui
.Gi44.; 44 •
4.;444 4,4
the beginning of the week were very satisfactory and inditi,
cated continued improvement in the country retail trade.
n00004 on
OhNNor .10
00 04 000 0 404.') 1.4
Local and near-by retailers were also in the market for addiOhNCOO 00
COO) to
oD oD C4 0 04
CANOorM 00
400-00
N "40400'0 N0
Co 0000
00
a&
;
tional summer supplies and store trade was active. Cong4= 0Z
.C:
N 04. .47
caO44e
4040w -4o0 40N
,40
oror 00
'.4,-.0 ,,,,,,,
o.001.1.h
siderable attention was given to the opening of the 1913
'-404
00
1
spring lines of knit goods,and,considering the increased cost
00400-.-4 00 COW
oa
oo
to
000010 orh
of production, these were generally conceded to be too lowo.00 hNor
ot
,
nh
N
priced. Little business is looked for in this department, howod
040000,-i
wa"
4
-4'22:12g!
,
N1
4000 0
ever, until after the first of the month. Print cloths have
N40.s
tr,
o., 04
04
4
livened up during the week and buyers in some instances are
accepting goods at slight advances. Numerous offers were
we
000orer
OC.,00 1 ,CD
CN0oror
0,1,600 ra
00000v40 oct to
OCCON .0
also made for spot and forward contracts, but these were at
orOmtOn ,tol. 40
...ohNoS0 tow
0000h
r.; a tit*
4 4 .c>"
prices too low to receive the attention of mills. The recent
00
(34
fluctuations in the cotton futures market have had no effect
40
NNNO0 Gon
co
upon cotton goods prices, as mills are covered on sufficient
•a,
000000
4„4
000
business to carry them into the fall and will not be compelled
drZoijr:4 ,to 40
to
re:O40
t:c;o;
oo
ororW
W
oots
to seek business at recessions until then, if at all. In cotton
00000
.0
000n000
4to
yarns the deadlock still continues, although several dealers
4'4444
cio,;S 00
c4c•
4
40
to
have made concessions in an effort to stimulate demand.
.1.0
OorhNN
7.4 CO
ONWNh
CO
These reductions were invariably met by still lower requests
or,..00100 .0.0
to
00 00
00
ho4,-.00 Nm
.
r
cc000v
from buyers. The export trade is very quiet, with stocks in
ifimi
.tie,,r(64 40
O444
46c
,
.. rico ,N
Gic 00
tea
ev• c 00
Chinese markets reported to be too large to admit of any
6.
3
r4
1
improvement from that quarter in the near future. The
00
40
0
N.000
Interest in drills for India account beyond August has also
gs 32.5; 2 32 o
o• n o
0.000.0
00
toe co
ceased and business in this quarter as well as for Red Sea.
d
44407,4
40
.60
o
c
l
orN
00000
1;
oD N W ci
,
•tr
account is quiet.
or0
rz
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending June 15 were 5,457
nn000 '.4 40
to
,
.4 -.4040or
COMOh
oD
0OhnO
NnOn0 0
MONorh
0
packages, valued at $338,968, their destination being to the
010,.VN
00No..0 0
0,00
.
444 0;
40
points specified in the table below:
1
•
1912
-----1911
;.!ii4c1.155!
.New York to June 15-
Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
198
1,029
34
415
535
594
Since
Jan. 1.
2,781
1,043
43,930
10,891
30,792
11,342
24,759
1,601
10,233
35,500
34,168
Week.
18
46
8,641
250
46
261
545
53
933
750
1,159
Since
Jan. 1.
405
511
43,743
14,946
10,763
4,843
19,011
1,130
9,382
28,448
19,255
5,457
207,040
12,702
152,437
Week.
31
126
2,432
63
o
g
gagt:m'
a
I"
441
p8Mri
JUNE 22 1912
ST/CM MID CITY
THE CHRONICLE
DtfATITIVIENT,
MUNICIPAL BOND SALES IN MAY.
We present herewith our detailed list of the municipal
bond issues put out during the month of May, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 1578
of the "Chronicle" of June 8. Since then several belated
May returns have been received, changing the total for the
month to $93,372,266. The number of municipalities issuing
bonds was 364 and the number of separate issues 449.
MAY BOND SALES.
Name.
Rate. Maturity. Amount. Price.
Page.
4
$164,000 100.153
1461_ _Abington Twp., Pa
1461_ _Alameda Co. Union High S. D.
1918-1947
5
80,000 106.75
No. 3, Cal
4h
1337_ _Albany, N. Y.(8 issues)
446,000
4A
1931
60,000 y100.06
1397_ _Albert Lea, Minn
1579_ _Alden, Iowa
6,000
1579_ _Alliance, Ohio (5 issues)
46,900
4
1579_ _Allegheny County, Pa
500,000 z100
Kan
_Almena,
5
35
1640_
6,000 100
1520_ _Alvina Sch. Dist., Cal
4,500 102.022
1481_ _Annapolis, Md
435
1942
100,000 103.01
1715_ _Arkansas City, Ark
5
41922-1932
79,500 v101.831
1520__Arkansas City, Kan
5% 1913-1922
21,000
1520__Arnold Sch. Dist., Pa
4 35
20,000
1579__Ashdown Spec. S. D., Ark____ 8
25,000
1927-1937
1579__Attleboro, Mass
4
1912-1918
35,000 100.67
1521__Baker, Ore
5
7,588 102.63
1521_ _Bakersfield, Cal
16,000 105
1397_ _Bakersfield Sch. Dist., Cal..._ 5
120,000 103.66
1521_ _Bea,ch City Spec. S. D., Ohio__ 5
9,500 105.768
1579...Bee County, Texas
41917-1922
15,000
5
1398_ _Belding, Mich
15,000 100.706
4%
1398__Bellcenter, Ohio
1915-1922
1,600
5
1398_ _Bell County, Tex
41922-1952
5
1,990 100
1579__Bemldji Sob. Dist., Minn
5,000 103.40
1927
5
1640..Benson School District, Neb
5,000 101.14
1032
5
1461_ _Blaine County, Idaho
35,000 v100.88
1928
5
1521_ _Blairsville Soh. Dist., Pa
60,000f 4.30%
4g
1 basis.
1398..Blue Lake, Cal
5
5,000
1398_Bluffton Sch. Dist., Ohio
4 35
a1925
10,000 103.98
1461_ _Boise City, Idaho
5
41922-1932
90,000 y102.15
1461_ _Bonita Sch. Dist., Cal
5
35,000 102.241
1338_ _Boone Ind. S. D., Iowa
4j/
1922
100,000 v100.637
1579_ _Boston, Mass
4
1957
31,000 100
1640_ _Bowles School District, Cal... 8
8,000 102.537
1398_ _Boxelder County, Utah
4 3,5 41922-1932
175,000 100
1398...Bremerton, Wash
6
1032
150.000
1398__Brigham City, Utah
5
1932
35,000 101.75
5
1(140_ _Brooksville, Fla
12,000
95
1461_ _Buffalo, N. Y.(10 issues)
4g
1,588,708 101.7788
1715..Burley, Idaho (3 issues)
6
41922-1932 '85,000 102.60
5
1640_ _Burr Oak, Kan
1932
25,000 100
5
1715_ _Caldwell, Idaho
41922-1932
23,000
1338_ _Calhoun Incorp. S. D., Mo._ _ 5
5,000 100
5
1715_ _Calmar, Iowa
1914-1933
5,000 100
1570_ _Cambridge, Md
5
20,000 105.62
1284....Camillas Twp. U. F. S. D.
No.9, N. Y
40,000
4 35
1640_ _Carlinville School District, Ill_
35,000
1398_ _Carpinteria U. S. D., Cal
5
33,000 102.178
1338_ _Castlewood hr. Dist., Colo_
6
1922-1931
828,000
1521_ _Catawba County, No. Caro... 5
1942
25,000 100.40
1521_Catawba County, No. Caro__ _ 6
1932
25,000 105.248
1398_ _Catawba Island Twp., Ohio... 5
20,000 105.39
/521__Cedar County, Mo
19,000
53
1398__Centre Point, Iowa
5
1932
10,000 100
1461_ _Champlain, N. Y
4.60
5,000 100.10
1338_ _Charlton Twp.S. D., Iowa_ _ _ _ 5
1913-1914
1,000 100
1521_ _Chattanooga, Tenn. (2 issues). 8
8,866 101.133
1398__Chattanooga, Tenn. (2 issues). 4 g
550,000 100
1521_ _Chester, Pa
4 3,4
80,000 102.70
1521__Chicago, Ill. (2 issues)
4
1912-1932 605,000
99.28
1461__Chicopee, Mass
1912-1936
4
91,000 103.21
1580...Clackamas Co.S. D. No.86,0re.5 35 41922-1932
20,000 101.0875
1338__Ciallam County, Wash
5
41913-1932
10,000 100
1580__Clallam Co. S. ID. No. 7, Wash. 5
51,200 100
1338__Clarksburg S. D., W. Va
41921-1941
5
275,000 101.582
1398__Cleveland, Ohio (8 issues)
4
1,725,000
1580__College Park S. D., Cal
5
1913-1932
10,000 102.917
1338..Columbiana County, Ohio.... 4 35
8,281
1338._Cook Co. S. D. No. 15, III.... 5
17,800005.857
1521_Cook Co. S. D. No.97, Ill
4 ;4
60,000 102.63
1716__Corinth, N. Y
12,467
1521_ _Coronado, Cal. (2 issues)
5
a1932
155,000 100.129
1461__Coventry Twp., Ohio
435 1913-1922
10,000 101.50
5
1461._Covington, Ohio
1918-1923
3,000 103.35
1521...Cowlitz Co.S. D. No.36.Wash. 5
30,000 100
5
1927
1580_ _Craven County, No. Caro
10,000
1521__Crawford Co. It. D. No. 1, Ohio 44
12,000 105.016
1926
1461__Crawford Co.Rd.D.No.1,Ohlo_ 5
18,000 108.57
41922-1032
3,950 100
1521_ _Crook Co. S. D. No. 76, Ore__ 6
41922-1937
25,000 103
1461__Crook Co. S. D. No. 11, Wyo.. 6
75,000
1461__CrookstonInd.S.D.No.1,Minn_ 455
1927
10,000 100.10
1461__Crystal Springs, Miss
1932
5
1461_ _Custer County, Mont
170,000 103.235
1932
5
1398...Cuyahoga County, Ohio (2 iss.) 4 35.
38,030
1461_ _Cuyahoga County, Ohio
10,300 100
4
1462__Dayton, Ohio (3 issues)
397,200
1521...Delaware County, Ohio
4 35 1913-1922
11,500 101.75
1521...Dickson, Tenn
5
15,000
1942
1580.:_Doniphan County, Kan
4 35
450,000 100
a1924
1399...Donora, Pa
4.
48,000 103.417
1462_Douglas Co. No. 1 & Todd Co.
No.2 Ind. J. S. D., Minn.__ 4 35 1917-1920
8,000 v100.062
1399_ _Duluth, Minn
5
1913-1915 250,000 100
1399..Duval County, Fla
5
1942
250,000 107.12
1522_ _East Town Twp.,Pa
4 35
20,000
1309_ _East Vale Soh. Dist., Cal
8
10,000 105.61
1462__Edgewater Soh. Dist., N. J
5
1918-1942
150,000 105.323
1482_ _Elmore County, Ala
5
1952
50,000 103.50
1399_ _Elmwood Vii. Soh. Dist., Ohio 4 35
4,000 103.162
1339...Elyria Sch. Dist., Ohio
4 35 1917-1936
30,000 107.49
1339_ _Empire VII. Sch. Dist., Ohio
4 35
30,000 103.110
1339.-Emnoria Sch. Dist., Kans.. 435 41922-1932
135,000 v100.356
1716_ _Escanaba, Mich
43..
1927
10,000 101
1522„..' Eureka, So. Dak
5 '17,'22,'27&'32 4,000 100
126N4Fayetteville, N Y
4.35 1913-1942
15,000 100.20
1522'.::.Fergu5 Co.S. D. No,45, Mont_ 6
4,500 100.50
15z22,FIndlay, Ohio
4
9,570 100.32
1399'..'_Fort Wayne Sch. City, Ind.. 4
1919-1928
100,000 100.525
_Framingham,
Mass
4
1522
1913-1930
35,000 101.60
4 35 1941-1980 200,000 105.5187
1580„," Franklin County, N. Y
Co., Ohio (3 issues). 4 g
1482Franklin
..
82,500
_FraniclinCo.Com.S.D.No.
8.Tex. 5
1399_
41922-1932
1,500 100
1399_FranklinC0.Com.S.D.No.10,Tex. 5
41922-1932
800 100
1399._ Fullerton, Cal
146,000 101.239
6
1309_ _Fulton Sch. Dist., Ky
1913-1927
15,000 105.466
4 35
1922
1399...Gary, Ind
15,000
1522_ _Gaylord, Mich
8,000
1711
Page.
Name.
Rate. Maturity. Amount. Price.
1462._ GermanTwp.Spec.S.D.No.9,0. 5
34,000 100.25
1580._ Girard Sch. Dist. Pa
10,000 102.13
4g
1641_ _ Gloucester County, N.J
4,500
4 A 1914-1917
1462_ _Gogebic County, Mich
150,000 101.83
4 35 1915-1924
1717_ _Graham, Va. (3 issues)
50,000 100.05
1932
5
1717_ _ Grand Ledge Sch. Dist., Mich_ 4
30,000 101.333
1913-1927
1399_ _ Grand Rapids, Mich_
145,000 105.02
4 35
1932
1339__ Grand Traverse Co., Mich_
10,000 100
5
1717..Gravette, Ark
30,000
1S22..Grayson County, Texas
400,000 100
5
1399._ Green Twp.S. D., Ohio (2 iss.) 5
11,000 104.781
1399...Greenville, So. Car
10,000 105.33
1942
5
1339_ _ Griswold, Iowa
5
41917-1932
7,000 v100.35
1399...Groton Twp., Ohio
10,000 100.60
4 35 1913-1916
1580__Gueydan Dr. Dist., La
100,000 100
1522_ _Hanford Sch. Dist., Cal
7,500 102.573
6
1399_ _Harmony Twp.Sch. Dist., Pa_ 5
12,000 102.741
a1924
1522_ _Hartland, N. Y
4,251 100.037
5
1522__Hartland, N. Y
8,000 100.068
5A
1522__Hastings Sch. Dist., Neb
50,000 100.612
4 A 41922-1932
1462__Haywards U. H.8.D. No.3,Cal. 5
80,000 106.755
1399Henry,
County, Iowa
4 34
100,000 100.25
1462__Herkimer U.F.S.D.No.l. N.Y. 4.30
92,500 100.351
1642__Hickory Twp., No. Caro
6
25,000 105.25
1932
1522_Hillsboro S. D. No. 95, Ill_ _ _ 5
1913-1924
12,000 102.91
1462_ _Holly Sch. Dist. No. 6, Mich_ 4 3,5 1913-1927
30,000
1522_ _Hot Springs Sch. Dist., Ark
5 35 1922-1938
85,000
Hudson
1265
County, N. J
4
125,0001 105.091
1942
1265„Hudson County, N. J
4 35
1932
100,0001
1642_ _ Hyattsville, Md
5
7,000
1937
1581_ _Imperial, Cal
6
1933-1939
7,000
1717_ _Independence, Kan
99,600 101.506
4',i
1581__Indiana (12 issues)
83,960
434 &5 Various
1581_ _Ionia Sch. Dist., Mich
9,000 y100.59
434 1914-1917
1462_ _Iowa City Sch. Dist., Iowa_
38,000 100.286
434
1522__Ironton, Ohio (2 issues)
4
1932
40,000
1642 _ _Irvington, N J
14,000 100.13
434 1913-1922
1399_ _Jasper, Ala
15,000
1399_ _Jefferson Co. Corn. S. D. No.5,
Tex
5
41942-1952
25,000 100
4
164 2_ _Jen-legs Twp., Ohio
1914-1921
1,700
1522_ _Jersey City, N. J.(2 issues).... 43
1942
280,000 101.238
1462_Juniata S. Dist., Pa
5
41932-1942
30,000 104.07
1399__Kelliher, Minn
6
1918-1922
5,000 100
1522_Kenova S. Dist., W.Va
7,500
1400_ _Kosciusko, Miss
5
1932
30,000 100.50
1340__Lancaster S Dist., Ky
5
a1927
29,000 102.017
1522_ _Lawrence, Mass
1913-1922
4
500,000 100.529
1642 _Leavenworth County Con.
School District No. 19, Kan_ 5
7,000 100
1400_ _Lestershire, N. Y
4X
1917
9,500
5
1581_ _Lewiston Ind. S. D., Ida
41922-1932
8,000 102.062
1522_ _Lewistown, Mont
5
41922-1932
60,000 101.71
1642.._Locan School District, Cal......
3,500 101.485
5
1522. London, Ohio
16,000 105.193
5
1340_ Lucas County, Ohio
83,720
5
41917-1952
1400_ Lufkin Ind. S. D., Tex
57,500 100
4
1340_ Lynn, Mass.(2 issues)
53,000 102.58
1522_ _Lynnville S. D., Iowa
15,000
1581_ _McCullough Co. Corn. S. D.
5
1932
500
100
No. 42, Tex
1927
15,000 101.20
1718_ _McIntosh S. D. No. 192, Minn_ 5
5
a1921
16,000 105.193
1523__Madison County, Ohio
1523__Madisonville Ind. S. D., Tex_
18,000
1340__Manheim & Oppenheim Un. F.
15,000
4.60 1913-1927
S. D. No. 2. N Y
134O_Mapie Plain S. D. No.91,Minn 5
5,200 v100
1462 _ _Maricopa, Cal
16,000 104.825
6
1523 _Marion, Ohio (2 issues)
11,172
434
1400__Marion, Ohio
1,917
434
1462...Marlon County, Ind
434
14,000 100.452
1462__Marlington, W Va
6
7,500 103.03
1581_ _Matamoras, Ohio
4
2,175
1340_ _Melgs, Ga. (2 Issues)
5
1933-1942
20,000
98.625
1523_ _Mercer County, Ohio
434
10,800 102.25
1581__Mercer County, Ohio
434
10,000 102.25
1340_ _Miami County, Ohio (3 Issues). 5
1913-1922
40,000 103.737
'1523...Middleport, N.Y.(2 Issues)_.. 4.35
105,000 100.348
1462...Milwaukee, Wis.(3 issues)_._. 434 1913-1932 325,000 102.70
1523__Minneapolis, Minn
1942
4
80,000 100
1942
4
1523_ _Minneapolis, Minn
50,000 100
1523__Minneapolls, Minn
4*3( 1913-1927
10,588 100
1941
1523__Minneapolis, Minn
4
200,000
96.929
1942
25,000 100
4
1523_ _Minneapolis, Minn
195,150 100
4
1718 .Minnesota (39 issues)
82,500 103.47
1913-1945
1523...Modesto, Cal
5
1266__Mt. Kisco, N.Y.(2 issues)_....4.35
11,830 100
1951
1340__Mt. Vernon, N.Y
25,000 106.56
434
1462_ _Mt. Vernon, N.Y.(2 issues)...43(
305,000
1340__Muskogee S. D., Okla
1937
130,000 y103.51
5
1582 __Myrtle Creek, Ore
1932
6
8,000 100
1523_ _Nashua, N.H
1932
4
10,000 100.06
1462__Nassau County, N. Y
434 1917-1931
240,000 103.191
1266„Newark S. D., Ohio
a1925
4
98,000 100.03
434
1523 _New Philadelphia, Ohio
7,000 104.51
434
1400 _New Philadelphia, Ohio
10,000
534 1917-1931
1462_ _Newport, Ark
45,000
1523__New Rochelle, N. Y.(2 issues) 434 1915-1922
100,745 101.31
5
1942
1582_Newton Township, No. Caro
25,000 100.20
434 1913-1932
1400 _Newton Twp , Ohio
50,000 v102.625
43(
1962 65,000,000 100.747
1340_New York City, N Y
1719._N. Huntivgdon Twp.S.D., Pa_ 434 '22,'32,'42
60,000 100.25
5
1523...Oakley, Ohio (4 issues)
21,657
1913-1922
1523_ _Ogdensburg, N. Y
4
1921-1924
14,000 100
1582_ _Ogdensburg, N.Y
100,000 100.90
434 1913-1932
1463_ _Omaha, Neb
1941
434
7.000,000 v100.75
1286...Omaha, Neb.(4 issues)
1932
4 35
600,000
1582...Ontario County, N Y
434 1913-1917
15,000 100.506
1582_ _Orofino, Idaho
6
41922-1932
20,000 100.175
1400_ _Oroville Gram. S. D., Cal
5
45,000 103.813
1523._Osawatomie, Kans
1942
5
20,000 1/103
1463_ _Oswego County, N. Y
434 1918-1925
40,000 102.05
1342__Ottawa County, Mich
100,000 101.015
434 1913-1932
1582....Ovid, N. Y
3,000
1719_ _Owensville, Ohio
1913-1931
5
1,100 104.09
1400_ _Palouse, Wash
17,000 100
534 41922-1932
1463...Paterson, N.J
434
175,000 105.51
1942
1463__Pavo, Ga
16,000
98.10
1582„Pembina Co., No. Dak.(2 iss.) 4
1932
100,000 100
1400_Pendleton, Ore. (2 issues)
6
41913-1922
24,942
96.95
1400__Pendieton County, Ky
434 1931-1941
55,000 v100
1523_ _Pen d'OreilleCo.S.D.No.2.Wash. 534
20,000 100
1644_ _Penn, Pa
15,000
5 '22,'27&,32
1523_Petoskey Sch, Dist., Mich__
80,000 101.625
434
1463__Philadelphia, Pa
1914
434
500,000
1524...Piedra Sch. Dist., Cal
8
2,029
41916-1931
1401_Pilot Point Ind. S. D., Tex
5
5,000 1S3.3 73
1343__Pittsburgh, Pa
1,871,000 101.659
434
1582_ _Plummer Sch. Dist., Idaho_
28.000 103.928
1582.._Poinsett County Ark
205,000 100
5
1913-1922
1524__Port Clinton, Ohio
5,000 103.73
1401_PresidloCo.Com.S.D.No.1,Tex. 5
41922-1952
15,000 100
5
1583...Princeton, Ill
1914-1923
20,000 103.257
1343__Prospect Vil. Sch. Dist., Ohio_ 5
a1918
3,000 104.252
5
1583__Pultney Twp., Ohio
1922-1941
25,000 108.40
4
1401__Quincy, Mass
38,000 101.45
1913-1922
4
1524.._Rhode Island
1942
600,000 105.138
5
1401_ Richmond Sch. Dist., Mich_
25,000 104.17
1583_ Ridgeway, Colo
6
41922-1927
30,000
91
1583_ _Riverside Dr. Dist., Miss
6
1913-1932 397,500 100
1401__Robertson County Corn. Sch.
Dist. No. 25, Tex
5
41916-1931
6,000 100
1401_ _Robertson County Corn. Sch.
Dist. No, 22, Tex
41916-1926
5
1,500 • 100'
1401_ Rochester, N. Y
1942 • • 350,000 100
4
THE CHRONICLE
1712
Name.
Role. Maturity.
Page.
1401_ _Rook County, Minn
4% 1917-1941
1 583__Rockingham County, Va
6
41915-1922
1644_ ..Roseau County, Minn
1524__Royalton, N Y
5.60
1463_ _Running Lake Dr. Dist., Ark_
1583_ _Sacramento County, Cal
6
1463_ _St. Louis Co. S. D. No.21, Mo_ 5 '22,'27&'32
1463_ _St. Louis Park S. D., Minn__ _ 5
1524....St. Mary Parish Fifth Ward
Sob. Dist., La
1914-1935
5
1344__Salem, Ohio
436
1524_ _Salineville, Ohio
5
1915-1924
1463....San Angelo, Texas
5
1402....Sanders County, Mont
5
a1931
1344_Santa Barbara, Cal
4%
1913-1932
5
1644...Savanna, Ill
1463_ _Sawtelle City Sch. Dist., Cal
__
68:7
1720_ _Seattle, Wash. (5 issues)
1402_ _Sedalia Spec. Road Dist., Mo_ 5
a1920
4;6
1463_ _Seneca Twp., Ohio
41917-1952
1402„Shiner Ind. Sch. Dist., Tex.... 5
5%
1583.. _Sierra Sch. Dist., Cal
41917-1952
1524 _ _Smith Co. Com.S.D.No.18.Tex. 5
1720„Southampton Un. Fr. School
1913-1927
District No. 6, N. Y
43
1583_ _Southold Sch. Dist., N. Y___ _
- 6"
1720 _ _Spokane, Wash
1917-1932
1402_ _Springfield, Mo. (3 issues) _ _ _ 5
1644_ _Springfield S. D. No. 186, Ill..: 4;6 1913-1932
1524 __Statesville, No. Car
5
1942
1344_ _Suffolk, Va
1932
1463_ _SummervilleS.D.No.18,So.Car. 6
1463_ _Summit Co. Ohio (2 Issues).... 4;6
1913-1917
1524 _ _Summit Lake Sch. Dist. Cal.._ 6
' _ __ 7
1721_ _Tacoma, Wash. (5 issues)
_
1524 _ _Teague Sch. Dist., Cal
4
1524_ _Tippecanoe County, Ind
4%
1644 _ _Topeka, Kan
41931-1951
5
1402.. _Tulle, Texas
1345_ _Uhrichsville, Ohio (2 issues) _ _ 4 A 1013-1922
5
1583_ _Union County, Ohio
1942
5
1524_ _Union Springs, Ala
a1932
1345_Upper Merlon Twp. S. D., Pa 43.6
4 yi 1913-1932
1524_ _Utica, N. Y
41917-1922
1524_ _Valley Co. S. D. No. 1, Mont... 6
1463_ _Venice Gram. Sch. Dist., Cal_
__
1402_ _Verona Sch. Dist. Pa
1645_ _Wahkiakum County Sch. Dist.
6
41913-1917
No. 4, Wash
5
1463....Warrensburg, Mo
1922
1524_ _Washington, Ind
1403_ _Washington County. Okla...... 6
4% 1913-1924
1403_ _Washington County, Pa
1584_ _Washington Twp.S. D., Ohio_ 4;6 1914-1917
5
1403....Waynesboro, Miss
5
1345__Wayne Twp. S. D., Ohio
6
1403__Webbers Falls, Okla
1463....Wells County, Ind
1920-1932
5
1525.._Wellington, Ohio
4% '30-'35&'39
1525__West Elizabeth, Pa
New
York
N.
.1.
_West
(3
1345_
iss.)- 5
1287_ _West Unity, Ohio (4 issues)...... 4 34
4;6
1584__White County, Ind
5
County,
Ind.
(2
Issues)..
1463_ _White
1464__Whitman Co. S. D. No. 61,
6
41913-1922
Wash
1584__Whitman Co. S. D. No. 82,
5
41027-1932
Wash
1403_ _Wilbarger Co. Corn. S. D. No.
5
41932-1952
37, Tex
4 36
1525__Wilmington, Del
4A
1926
1403_ _Wilmington S. D., Del
6
1916-1930
1525....Wood County, Wis
5
41937-1952
1403_Woodson Ind. S. D., Tex
5
41922-1932
1403_ _Wortham, Tex
6
1403__Yamhill, Oro
41922-1932
5
1403__Yamhill Co. S. D., Ore
43. 1913-1922
1525__Yonkers, N. Y
43.6 1913-1929
1525__Yonkers, N. Y
1916-1925
1584_ _Yorba Linda Sch. Dist., Cal.._ 5
1464....Youngstown. Ohio (6 issues) _ _ 5
Amount.
$60,000
10,000
238,000
1,441
87,000
75,000
6,000
5,000
Price.
100.216
101.55
100
100
104.56
101.66
36,000 100
13,520 103.032
5,000
50,000 y102.70
20,000 100
39,000 100.33
20,000
20,000 103.855
24,258
200,000
15,000 101.928
15,000 100
3,500 102.857
8.000 100
15,000
15;000
6,800
170,000
150,000
60,000
40,000
15,000
31,675
6,000
27,105
2,500
100,000
160,000
27,000
9,400
16,070
35,000
15,000
70,000
3,500
60,000
70,000
101.21
101.21
y103.089
y100.215
100
y104.562
100.659
101.48
100.50
100
100
100.909
101.004
104.378
102.79
y101.71
104.44
3,300 100
40,000 102.912
65,000 p100.184
115,000
60,000 101.46
4,000 100.625
16,000 100
30,000 100.476
18,000
43,000
18,500 108.32
14,000 100.805
165,000 101.071
21,000 101.125
30,000 101.85
27,970 100
5,000
101.10
20,000
101.33
8,000
100,000
20,000
30,568
7,300
8,000
10,573
12,000
150,000
68,000
10,000
42,000
100
104.135
102.14
100
100
100
101.33
101.96
101.41
Total bond sales for May 1912 (364 municipalities,
k$98,372,266
covering 449 separate issues)
a Average date to maturity. d Subject to call in and after the earlier
year and mature in the latter year. k Not including $22,259,284 of temporary loans reported. and which do not belong in the list. x Taken by
sinking fund as an investment. y And other considerations.
[VoL. Lxxxxiv.
All the above sales (except as indicated) are for April.
These additional April issues will make the total sales (not
including temporary loans) for that month $23,043,327.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN MAY
Page.
Name.
Rate. Maturity. Amount. Price
1932
1584...Alexander, Man
$8,000
1922
1464__Berlin, Ont
2,800
5
1525_ _Bigger S. D. No. 2497. Sask__ _ 6
1932
4,000
1403__Blucher R. M. No. 343, Sask.._ 5
1932
18,000
98.33
1525.. Bounty, Bask
1922
7
7,000
1645_Cayley, Sask
1922
6
2,500
1403__Chatham, Ont
33,403
5% 1913-1927
1721_ _Dauphin, Man
1913-1932
30,000 y96.123
5
1464__Deloraine, Man
6,000 100.118
1913-1932
6
1584__Dereham Twp., Ont
1,903
6
1912-1917
1584__Dereham Twp., Ont
13,168
1912-1922
5
1525__Dubuc, Sask
2,000
6
1913-1927
1346_ _East Whitley Twp., Ont
40,000
96.26
4 A 1913-1932
3,500
1645_ _Etobicoke Township, Ont
5
1913-1924
2,000
1525_ _Fuller, Sask
6
1927
98.125
1346__Gravenhurst, Ont
8,000
1;):;,
1 1913-1932
1645_ _Haileybury, Ont1913-1932
15,109
1525_ _Keeler, Sask
‘
8
2,000
1927
1464.._Keliress, Sask
8,000
5,(
1932
1648...Kindersiey, Sask
6
00,000
1952
1526_ _Lampman,Sask
6
1927
3,000
1526_ _Landis, Sask
7
1927
3,500
1646_ _Lang, Bask
2,000
7
1922
1526__Lawtonia, Sask
5A
1932
10,000
1585_ _Lethbridge S. Dist., Alta
4 A 1913-1952
140,000
1464_ _blidland, Ont
5
1913-1932
13,000
1405_ _New Vegreville S. D. No. 1480,
Alta
5
1913-1932
18,000
97.80
1526__New Westminster, B• 0
4 % 1932801962 492,976
98.75
1526_ _North Gower Twp., Ont
5
1913-1922
7,000
1526__Omega, Sask
6
1927
3,000
1526_0wen Sound, Ont. (2 Issues)._ 4 %
1932
49,000
99.13
1405.._Port Stanley, Ont
5
1913-1942
22,000
1405__Prescott, Ont
5
1932
5,519
1465__Regina, Sask. (9 issues)
4A
824,000
96.16
1405_ St. Thomas, Ont
4 ;6 1913-1922
16,832
1405__St. Thomas. Ont. (2 Issues)._ 5
1913-1922
61,000
1405_ Selkirk, Man
5
1913-1937
25,000
1465_Scott, Sask
536
1942
45,000
1465.._Scott, Sask
6,000
6
1922
1585_ _Sorel, Quebec
5
1952
210,000
1465_ _Swift Current, Sask
6
1932
21,000
1646_ _Venn, Bask
6
1922
1,100
1405„Wallace, R. M. No. 243, Sask.. 6
1912-1932
20,000 105.78
1585_ Waterloo, Ont
57,622
1526_ Welwyn, Bask
7
1922
600
1646_ Weyburn, Bask
5806
68,000
1646_ _Wilton (Rural Mun.), Sask.__ 6
1932
10,000
1465_ Yorkton, Bask
5
1913-1032
60,000
1405_ Youville, Quo
1952
70,000
Total debentures sold in May
$2,562,532
ADDITIONAL SALES OF DEBENTURES FOR APRIL.
Page,
Name,
Rate, Maturity. Amount. Price
1404_ _Dominion of Canada (35 issues)16
1913-1922
$44,900
15 3,
1 1913-1932
2,000
• These additional April issues will make the total sales of
debentures for that month $8,094,091.
News Items.
• Colorado.-Supreme Court Denies Motion for Re-hearing
in Bond Case.-The motion of the Post Printing dr Publishing
Co. for a re-hearing of the suit involving the $2,115,000 bond
issue to refund old State warrants was denied by the State
Supreme Court on June 3. The bond issue was upheld, as
previously stated, on May 6. See V. 94, p. 1519.
Denver Chamber of Commerce Favors Purchase of Irrigation
Bonds with State School Funds.-On June 7 the Denver Chamber of Commerce adopted a resolution, which we give below,
urging the State Land Board to adopt the policy of investing
public school funds on a moderate scale in accredited irrigation district bonds.
That this Chamber urge the State Land Board to Invoke the authority
of the statute, and adopt the policy of investing moderately public school
funds in accredited irrigation district bonds, as safeguarded and directed
The following items, included in our totals for previous by law.
1. It is the opinion of this Chamber that such bonds afford a safe security,
months, should be eliminated from the same. We give the and
an inviting rate of interest for public school funds.
2. That the investigation, the approval and the official indorsement of
page number of the issue of our paper in which the reasons
the
Land
Board antecedent to such investment will re-establish the confifor these eliminations may be found.
dence of Eastern capital in such securities and re-attract investment in
Irrigation.
Municipality.
of
Amount.
Name
Page.
3. We believe that the application of the tests of standards usually em$2,500
1337_ _Arlington, Ohio (April list)
9,500 ployed in making other permanent investments will aid well-based irrigation
1461_ _Beach City Spec. Sch. Dist., Ohio (April list)
enterprises
and tend to check the flotation of unworthy projects.
April
issues
(6
281,000
list)
1717__Kalamazoo, Mich.
4. We urge the need of legislation providing for enlarged official super25,000
1519__Manitou School Dist., Colo. (February list)
investigation of irrigation securities
1581_ _Mississippi County Dr. Dist. No,9, Ark.(February list)_ 1,200,000 vision of irrigation, also for official
60,000 before the same shall be offered for sale, to the end that the interests of al
1643 North Wildwood, N. J. (March list)
60,000 may be better protected and our irrigation development be'conservatively
1583_ _Sanger Union H.S. Dist., Cal. (April list)
39,000 advanced.
1583_ _Springfield, Ill. (April list)
100,000
1403 _Washington County, Okla. (April list)
Concerning the possibility of risk that might be incurred
11,000
1403_ _Watertown, So. Dak.(February list)
.
REVISED TOTALS FOR PREVIOUS MONTHS.
by the State, Mr. F. N. Briggs, President of the Inter-State
We have also learned of the following additional sales for Savings Bank of Denver, was quoted as saying: "Before
the State can invest in any irrigation securities, the law proprevious months:
vides that the legality and merits of the enterprise shall be
Rate. Maturity. Amount
Name.
Price.
Page.
passed upon by the State Engineer and also by the Attorney41922-1932 $11,500 102
6
1461_ _Belgrade, Mont
30,000
5% 1922-1931
1715„Cassia County, Idaho
General. Not more than 10% of any issue of irrigation
8
1461__Cuyuna, Minn. (2 issues)
bonds can be bought by the Land Board. With these safe1942
100,000 100
4
1716_ _East Orange, N. J
17,500 103.238 guards, it is impossible for 'wildcat' schemes to be foisted
5
1691_ _Edwardsville, Pa
1917
4,500 100
5
1641_ _Edwardsville. Pa
upon the board."
51,900
1641_ _Excelsior Springs, Mo
7
1580._ Hempstead Un Fr,S. D.No.17,
Connecticut.-Attorney-General Interprets Part of Savings
1913-1948
36,500
4%
.
N Y
100.208
:4(
2)00
1913-1922
Bank Investment Law.-We print in full below an opinion
1642_ _Jackson Parish, La. (Feb.)_.... 5
1581_ _Kansas (4 issues)
00 100
5
recently submitted to the Bank Commissioners by the Attor4
1522_ _Lexington. Va.(Jan.)
n:(18 102.416 ney-General concerning that part of the savings bank law
1519_ _Mercer County, Mo
5
69,000
1913-1919
6
1718_ _Mississippi County, Ark
dealing with investment in municipal bonds:
1581_ _Mississippi Co. Dr. Dist. No.9,
Ark.(Feb.)
1582.. _Mt. Vernon, Tex
1719 _ _North Dakota (15 issues)
1719._Osage County, Okla
1206__Robertson County, Tenn
1524_ _Seattle, Wash.(6 issues)
1583_ _Seymour, Iowa
1583_ _Skelton Sch. Twp., Ind
1402...Tacoma, Wash.(4 issues)
1524_ _Tupelo, Miss
1644__Un on City, Ohio
1583 _ _Utah (2 issues, February)
1583 _ _Utah (4 issues)
1583 _ _Voile/flown Tvrp., No. Caro__ _
5;6 1919-1937 1,250,000
)00
(
6
41932-1952 111:
5
Various
00
4
1932
29,800
6
4% 41932-1942 300,000
135,400
5
1932
,...,„
4 ;6
7
gC
9
),V0
5%
3,789
5
10,950
5
27,400
5
15,000
1942
6
1/ M
100
101.50
100.152
102.40
101.63
100
100 •
Attorney-General's Office, Hartford, June 4 1912.
Hon. Norris S. Lippitt and Hon. Fred. P. Holt, Bank Commissioners:
Gentlemen.-In your recent favor you say: "We have to ask you to interpret Section 3428, Paragraphs 4 and 7, General Statutes.
"Paragraph 4 reads: 'In the bonds of any city In the New England
States, or in the State of New York, of Newark, Paterson and Trenton, in
the State of New Jersey, of Philadelphia in the State of Pennsylvania, of
Cincinnati, Cleveland, Columbus, Dayton and Toledo in the State of Ohio,
of Louisville in the State of Kentucky, of Detroit in the State of Michigan,
of Chicago in the State of Illinois, of Milwaukee in the State of Wisconsin,
of St. Louis in the State of Missouri, or of Omaha in the State of Nebraska.'
JUNit 22 iti 2
THE CHRONICLE
1713
Longport, Atlantic County, N. J.—Commission Form of
Government Adopted.—By a vote of 17 to 6 this municipality
on June 18 declared in favor of the commission form of government.
Margate City, N. J.—Commission Government Adopted.—
An election held June 18 resulted, it is stated, in a vote of 17
"for" to 6 "against" the commission plan of government.
rdexia, Texas.—Commission Government Adopted.—An
election held June 11 resulted in favor of the commission
plan of government. The vote is reported as 149 to 103.
Millville, N. J.—Voters Authorize Council to Acquire Water
Supply.—At a special election held June 11 the voters authorized Council to acquire control of the water supply.
This, it is stated, is a preliminary step to the proposed purchase of the plants of the Millville Water Co. and the People's
Water Co.
Minnesota.—Legislature Adjourns.—The Legislature; o
this State, which convened in special session on June 4, adjourned June 18. Among the more important laws passed at
this session were resolutions ratifying the Federal Income Tax
Amendment and the Amendment for the direct election of
U. S. Senators; also a State-wide primary bill, a corrupt practices Act and a bill increasing the railroad gross earnings tax,
Moreno Irrigation District, Cal.—Suits to Recover Bond
Money.--See "Perris Irrigation District" below.
Deal (Borough), Monmouth County, N. J.—Election on
Nicaragua.—Bondholders Agree to Debt Settlement ArrangeConimission Form of Government.—The voters of this borough
on June 21 holders of the
will be given an opportunity on July 2, according to reports, ment.—At a meeting in London
Nicaragua gold bonds of 1909 voted to accept the agreeto decide whether or not they are in favor of adopting the ment
recently reached between Nicaragua, represented by
commission form of government.
Brown Bros. & Co. and J. & W. Seligman, and a committee
Denver, Colo.—U. S. Supreme Court Sets Date for Hearing of foreign bondholders.
of Appeal in Water Case.—On June 10 the U. S. Supreme
It is said that this agreement does away with the reduction.
Court set the hearing of the appeal in the water case down for of the principal of the debt. But if the large loan conargument on Oct. 15 next. See V. 94, p. 1519.
templated by the Nicaraguan treaty signed in June 1911,
or a similar financial operation, is carried out within two
Hoquiara, Wash.—Mayor Recalled.—The election held years, the bonds are to be purchased for cash at 93%. If
June 3 resulted in favor of recalling Mayor Harry Ferguson, the operation comes off after two years, and within five,
the vote, it is stated, being 1,369 to 864 (V. 94, p. 1337). the purchase price is to be 94; if after four years and within
Mr. Chris Knoell was chosen as Mayor Ferguson's successor. six, the price will be 95. After six years the price will be
Idaho.—Constitutional Amendments.—At the general elec- par.
Bondholders are to have a first lien on the whole customs
tion in November there will be submitted to the voters seven
proposed amendments to the State constitution. One of revenue of the Republic and an American collector will be
these changes Section 1 of Article 8 so as to provide that the appointed during the entire lifetime of the bonds. Nicaragua
amount of debt which may be incurred by the State (except also recognizes the right of the New York bankers' counsel
in case of war, &c.) shall not exceed $2,000,000. The limit to apply to the United States for protection against violation
is now placed at 1M% of the assessed valuation. The sec- of the provisions of the agreement. In consideration of this
tion referred to will read as follows if the amendment carries: advantage the bondholders are asked to consent to a reduction
• Sec. 1. The Legislature shall not In any manner create any debt or debts, in the rate of interest of the bonds from 6 to 5%, and to
liability, or liabilities, which shall singly or in the aggregate, exclusive of surrender all liens on security other than customs revenue.
the debt of the territory at the date of Its admission as a State, and exclusive
The agreement does not become operative until the New
of debts or liabilities incurred subsequent to January 1 1911, for the purpose of completing the construction and furnishing of the State Capitol at York bankers' counsel declares it to be so and this will not
Boise, Idaho, and exclusive of debt or debts, liability or liabilities incurred
bonds have been deby the Eleventh Session of the Legislature of the State of Idaho, exceed in be done until a large majority of the
the aggregate the sum of Two Million Dollars, except in case of war, to posited in assent to the agreement. Calls for such deposits
repel an invasion, or suppress an insurrection, unless the same shall be
authorized by law, for some single object or work, to be distinctly specified will be made immediately.
therein, which law shall provide ways and means, exclusive of loans, for the
Perris Irrigation District, Riverside County, Cal.—Suit to
payment of the interest on such debt or liability as it falls due, and also for
the payment and discharge of the principal of such debt or liability within Recover on Bonds Issued in 1887.—The Los Angeles "Times'
twenty years of the time of the contracting thereof, and shall be irrepealable states that suit was filed June 8 by James Patterson to collect
until the principal and interest thereon shall be paid and discharged. But
no such law shall take effect until at a general election it shall have been $30,110 50, representing the unpaid principal and interest
submitted to the people, and shall have received a majority of all the votes on thirty-five bonds issued in 1887. The total issue amounts,
cast for or against It at such election, and all moneys raised by the authority
of such laws shall be applied only to specified objects therein stated or to the it is said, to $442,000. See V. 93, p. 970.
payment of the debt thereby created, and such law shall be published in
It is also reported that actions of a similar character
at least one newspaper in each county or city, and county, if one be published therein throughout the State for three months next preceding the brought by•holders of bonds of the Moreno Irrigation District
any
at
may
The
Legislature
people.
the
to
election at which it Is submitted
are pending in the Superior Court.
time after the approval of such law, by the people, if no debts shall have
been contracted in pursuance thereof, repeal the same.
San Francisco, Cal.—Petition of United Railroads of San
Another amendment provides that the people shall have Francisco for Review of Geary Street Case Denied.—The U. S.
enact
Supreme Court on June 7 denied the application of the United
the power to propose laws of their own initiative and
the same at the polls independent of the Legislature. If this Railroads of San Francisco for a writ of certiorari to review
3:
Art.
of
1
Sec.
to
the decision of the lower Federal courts refusing an injuncplan is adopted the following will be added
laws, and enael tion to restrain the city from constructing the municipal
The people reserve to themselves the power to propose
known
Is
power
This
Legislature.
the
of
independent
polls
the
at
same
the
such conditions and In such railroad on Geary Street west of 33d Ave. and on Market St.
as the Initiative, and legal voters may, under
any desired from Geary St. to the ferry. The U. S. Circuit Court of
manner as may be provided by Acts of the Legislature, initiate
to the vote of the people at Appeals held that the Federal courts lacked jurisdiction and
submitted
be
to
same
the
legislation and cause
that legislation
a general election for their approval or rejection, provided
should have been asked for first in the
thus submitted shall require the approval of a number of voters equal to that the injunction
a majority of the aggregate vote cast for the office of Governor at such State courts. The company still has the right to begin an
general election to be adopted.
injunction suit in the State courts.
Section 1 of Article 3 will be still further amended by the
Shoshone Highway District, Lincoln County, Idaho.—
another
adopt
voters
the
words
given
below
if
the
of
addition
Declared Valid.—On June 5 the State Supreme_Court
amendment to be submitted proposing a referendum vote on Bonds
the ruling of the Lincoln County District Court
affirmed
Legislature:
the
of
Act
any
the application for a writ of mandate compelling the
granting
the
at
reject
the
themselves
or
power
to
to
approve
reserve
The people
district to deliver to the Treasurer the $80,polls any Act or measure passed by the Legislature. This power is known Secretary of the
as the Referendum, and legal voters may, under such conditions and in 000 bonds voted last November and offered for sale Dec. 21
a
demand
by
provided
Acts of the Legislature,
such manner as may be
p. 1492). • It had been contended that the Act of
referendum vote on any Act or measure passed by the Legislature and cause (V. 93,
the same to be submitted to a vote of the people for their approval or March 8 1911,under which the district was organized, was
rejection.
unconstitutional and that its provisions were not complied
Another amendment changes Article 6 by adding thereto with in that no registration of voters was had prior to the
Section 6 so as to reserve to the people the right to recall any bond election.
public officer except judges. The other amendments to be
The syllabus of the decision, as printed in the Boise "Idaho
voted upon are as follows:
Statesman," is as follows:
"Paragraph? reads: 'In the bonds of any other incorporated city located
in any of the States mentioned In this section having not less than twenty
thousand inhabitants, as ascertained by the United States or State Census,
or any municipal census taken by authority of the State, next preceding such
nvestment, provided . the amount of the bonds of such city, including the
issue in which such Investment is made ,and its proportion, based on the
valuation contained in the assessment for taxation next preceding such investment of the county and town debt, after deducting the amount of its
water debt and the negotiable securities In the sinking funds which arc
available for payment of its bonds, does not exceed seven per centum of the
valuation of property in such city as assessed for taxation next preceding
such investment; hc.'
"Does the 7% limit In paragraph 7 apply to the named cities in paragraph 4, or can the named cities heap up any debt and their bonds be
legal for savings banks and trust funds?"
I am of the opinion that the 7% debt limit, made a proviso in paragraph
7, does not apply to the cities named in paragraph 4. This Is made very
The
clear by considering the use of the word "clty" In paragraph 7.
bonds
plural for "city" is not used at all. Savings banks may invest "In the
In
mentioned
any
the
located
in
of
States
city
of any other Incorporated
this section having not less than twenty thousand Inhabitants
provided, the amount of tho bonds of such "city" . . . does not exceed
seven per cent of the valuation of property in such "eityy as assessed for
taxation next preceding such investment, he."
There is no rule of construction by which said proviso can be made to
relate back so as to include the cities named in paragraph 4; and, irrespective of the indebtedness of such cities, their bonds are legal investments for
savings banks In this State.
Respectfully submitted,
JOHN H. LIGHT, Attorney-General.
Amendment to Sec. 2, Art. 3, providing that the Senate shall consist of
the House of Representatives shall
one member from each county and that
times the number of Senators.
never exceed a number equal to three that
all labor of convicts confined
Amendment to Sec. 3, Art. 13, providing
the
prison grounds, except where
within
done
be
shall
In the State's prison
under the direct control of the State,
the work Is done on public works
Amendment to Sec. 2, Art. 9, authorizing the appointment of a State Board
of Education.
Idaho.—Boad District Law Upheld by Supreme Court.—See
"Shoshone Highway District" below.
"The title of the Act of March 8 1911, Session Laws, page 181, embraces
but one subject, to wit: organization and government of highway districts,
and matters germane, connected with, and relating to, the general subject
of organization and government of highway districts, and In no way contravenes the provisions of Article 3, Section 16 of the constitution. That
portion of the title wherein It Is provided for the organization and government of highway districts and for the apportionment among municipalities,
does not designate two different subjects, as the apportionment among
municipalities of the fund collected from taxation made by the organized
highway district is directly germane and connected with the subject, of
...... . . • • ,
government of highway districts.
1714
THE CHRONICLE
"A highway district, such as intended by the Act in question, is not a
political municipality, such as a city, town or village, but is a municipality
created for a special purpose, and is made a taxing district, of territory to
be organized under the provisions of said Act, and is created for the purpose
of assessing the property within a district for the sole purpose of improving
the highways within the district.
"The subject of taxation is a matter within the province of the Legislature
of the State, unless there is some specific limitation found in the constitution, and the delegation of power to a highway district created under the
provisions of an Act to assess taxes within the district is not prohibited by
the constitution, even though a city, town or village is included within such
territory.
"A municipal corporation organized under authority of the Legislature
can be dissolved as directed by the Legislature, and this may
be effected by
the provisions of the law creating the corporation, or by the general laws
of the State, or by a subsequent legislative Act.
"There is no constitutional requirement that registration must be had for
elections in special municipal corporations created by the Legislature, such
as irrigation, drainage and good roads districts, and no provision being
made for registration in the Act providing for the organization and government of such special municipal corporation, or by general law, none is
required.
"Where a person is appointed as a member of the Board of Highway
ommission under the provisions of the Act in question, and such person
ineligible to hold such office, and such person accepts such office and acts
n that capacity, until such eligibility of such officer is called in question
he acts as a de facto officer, and the action of the Board is not illegal of
void by reason of the fact that such de facto officer acts as a member of such
Board,
"Where, under the provisions of the Act in question, a highway district is
created, and the Governor of the State appoints such commissioners as
provided in said Act, and three members unanimously act upon the calling
of an election and the issuing of bonds of said district, the fact that a
majority of the Board, constituted of members who are qualified as such,
and controlling the power of the Board, approves and indorses the entire
proceedings, makes such action legal as the action of the Board.
"Where the Legislature of the State exercising its power over the subject
of taxation, passes an Act which provides for the creation of a municipality
such as a highway district, and authorizes such district to tax the property
therein for the purpose of raising funds for the construction and maintenance of highways within such district, and the district organizes as such,
and includes an incorporated city, town or village, which, by reason of incorporation as such, has power also to levy a tax within such city, town or
village, the taxation made by the highway district under the authority of
the Legislature is not a double taxation upon the property within the city,
town or village.
"The construction of highways leading to a city, town or village from a
country district is not only a ber
to the country outside but is a like
benefit to such city, town or village, and such taxation, being one based
upon benefits, is not prohibited by any constitutional provision."
Taylor County (P. 0. Campbellsville), Ky.-County Held
Liable for Old Railroad Bonds.-According to the Louisville
"Courier-Journal," the decision of Judge Walter Evans
the Federal Court, holding Taylor County liable for bonds
issued by it to pay for the building of the old Cincinnati &
Ohio RR., and directing the county officers to certify the
collection of sufficient taxes to pay the judgment when taxes
are collected next time for local purposes, has been sustained
by the U. S. Circuit Court of Appeals in Cincinnati. Something over $50,000 is involved, it is said, in this particular litigation, and there are other b3nds outstanding that are
affected by the same decision.
Texas.-Opinion on Inheritance Tax Law-Non-Resident
Holders of Stock in Texas Corporations Must Pay the Tax.On June 7 Assistant Attorney-General John W. Brady, in
an opinion to the State Comptroller, construed a provision of
the inheritance tax Act to the effect that shares of a concern
chartered in Texas are taxable even though they are held
outside of that State. The question was raised, it appears,
in a case where a person who lived in the State of New York
and owned shares of stock in a mining corporation chartered
in the State of Texas and operating a mine in this State
died in New York. The Comptroller asked whether this
stock was subject to the inheritance tax under the laws of
Texas. According to the Dallas "News," Mr. Brady answered that if the shares of stock referred to were situated in
the State of Texas at the time of the death of the owner, and
the same passed by will, descent or otherwise, as provided
in the said inheritance tax statute, the same would be clearly
subject to said tax. A more difficult question arises if the
stock was situated outside of the State of Texas and at the
domicile of the owner at the time of his death. However,
even in such case, we are of the opinion that said shares of
stock would be subject to said tax under the circumstances
above indicated."
Mr. Brady cites Revised Statutes, Article 666; the inheritance Act of the Thirtieth Legislature, page 496, and
Cyc., volume 37, page 1562.
Bond Calls and Redemptions.
[VoL. Lxxxxxv.
Sanitary Sether Bonds.
East Side Sanitary Sewer District No. 1, bonds Not. 256 to 267, incl.
Sub-district No. 5 of the East Side Sanitary Sewer District No. 1, bonds
Not. 26 and 27.
Sub-district No. 8 of the East Side Sanitary Sewer District No. 1, bonds.
Nos.95 and 96.
Sub-district No. 10 of the East Side Sanitary Sewer District No. 1,
bond No. 18.
Sub-district No. 11 of the East Side Sanitary Sewer District No. 1,
bonds Nos. 40 and 41.
Sub-district No. 12 of the East Side Sanitary Sewer District No. 1,
bond No. 28.
Harman Special Sanitary Sewer District No. 1, bonds Nos. 39 and 40.
Highlands Special Sanitary Sewer District No. 8, bond No. 26.
Morgan's Capitol Hill Special Sanitary Sewer District No. 1, bonds
Nos. 6 to 10, incl.
South Capitol Hill Special Sanitary Sewer District bond No. 15.
Improvement Bonds.
Arlington Park Improvement District, bonds Not. 30 to 35, incl.
Capitol Hill Improvement District No. 5, bonds Nos. 99 to 102, Incl.
Capitol Hill Improvement District No. 6, bond No. 10.
Cherry Creek Improvement District No. 1, bonds Not. 107 and 108.
Cherry Creek Improvement District No. 2, bond No. 31,
East Side Improvement District No. 1, bonds Nos. 59 to 66, incl.
North Side Improvement District No. 1, bond No. 95.
North Side Improvement District No. 3, bonds Not. 150 to 152, incl.
North Side Improvement District No. 5, bond No. 10,
North Side Improvement District No. 6, bonds Not. 39 and 40.
North Side Improvement District No. 8, bonds Not. 35 to 41, lncl.
North Side Improvement District No. 13, bonds Not. 1 to 22, incl.
South Capitol Hill Improvement District No. 1, bonds Not. 118 to 129,inel
South Capitol Hill Improvement District No. 2, bonds Nos.20 to 22, incl.
South Denver Improvement District No. 4, bonds Not. 33 to 37, incl.
South Denver Improvement District No. 5, bond No. 30.
South Side Improvement District No. 1, bond No. 131.
Paring Bonds.
Alley Paving District No. 3, bond No. 24.
Alley Paving District No. 7, bond No. 17.
Alley Paving District No. 11, bond No. 15.
Alley Paving District No. 15, bond No. 14.
Alley Paving District No. 17, bond No. 19.
Alley Paving District No. 18, bond No. 16.
Alley Paving District No. 19, bond No. 13.
Alley Paving District No. 23, bond No. 10.
Alley Paving District No. 26, bond No. 3.
Alley Paving District No. 27, bond No. 13.
Lincoln St. Paving District No. 1, bonds Nos. 30 and 31.
Curbing Bonds.
South Side Curbing District No. 2, bond No. 32,
South Side Curbing District No. 3, bonds Not. 78 to 80, incl.
Surfacing Bonds.
Surfacing District No. 3, bond No. 67.
Upon the request of the holders of any of the above bonds received 10
days before the expiration of this call, the Treasurer will arrange for their
payment at the Bankers Trust Co., New York City, but not otherwise.
Ohio County (P. 0. Wheeling), W. Va.-Bond Call.-On
July 1 interest will cease on the 10-30-year 43% bonds
Nos. 116, 132, 176, 179, 206, 233, 283, 328, 365 and 373, of
$500 each. These bonds will be redeemed at the German
Bank of Wheeling.
Spokane, Wash.-Bond Call.-The following special improvement bonds are called for payment June 15 at the City
Treasurer's office:
Grade Bonds.
Distries.
173
806
567
723
137
287
379
351
791
227
420
47
372
574
548
374
NameColumbus
Columbus
Division
Denver
Fifth
First
Fifteenth
Lamont
Lamont
Madison
Montgomery
Twelfth
Twenty-second
Twenty-second
Twenty-ninth
York
Nos. Bonds
Called.
14
2-4 incl.
5-8 incl.
2-3
13-14
41-46 incl.
9-10
9-10
2
9
12-13
23-29 incl.
10-13 incl.
3
6-9 inel
10-13 Incl.
NameFifteenth
Jefferson
Madison
Twenty-first
Thirteenth
Alley
Alley
Clift
Indiana
Main
Ninth
Alley
Walk Bonds.
Disgrid.
380
350
363
136
50
Sewer Bonds
415
564
Sewer Bonds.
524
606
851
186
Paving Bonds.
203
Not.Bonds
Called.
7
10-12 inel.
7-8
9
20-22 Joel.
6-8 incl.
13-18 incl.
5-8 incl.
4-5
2-3
9-10
6-7
The following bonds are cal ed for payment July 1:
NameAtlantic
Adams
Arthur
Bridgeport
Boone
Clark
Cedar
Carlisle
Eleventh
Eighth
Fifteenth
F
Jefferson
Lacrosse
Madison
First
Fifth
Liberty
District.
503
750
829
769
788
649
1
376
552
3
801
349
608
382
288
382
294
GRADE BONDS,
No.Bonds
Called.
NameDistrict,
18-24 incl. Normandie
774
Ninth
2-3
814
2-4 incl. Providence
175
2-5 incl. Seventh
368
4-12 incl. Sheridan
654
2-5 incl. Seventeenth
390
Sherbrook
35
442
Twelfth
13-14
144
4-5
499
1 Twelfth
Twenty-second _532
34
•
Twenty-fifth
2-3
543
21-25 md.1 Wall
631
10
jWellesley
827
13-15 incl.
WALK BONDS.
Montgomery ......421
9
11-13 inc1.1Seventeenth
391
24-25
SEWER BONDS.
613
9-12 incl.'Twenty-fifth
5-7 incl. 1
BONDS.
PAVING
729
2-6 incl. I Howard
773
2-26 incl.! Ninth
No.Bonds
Called.
2-11 incl.
2-3
10-13 incl.
9-10
5-12 incl.
18-22 incl.
5-6
14-15
6-10 incl.
6
7-9 incl.
8-7
2-7 Joel.
7
9-10
Abington Township, Montgomery County, Pa.-Bond
3
Call.-Payment will be made July 1 at the Jenkintown Nat. Alley
565
573
Bank in Jenkintown of "Class A" road impt. bonds Nos. Nora
6, 7 and 8, of $1,000 each.
Broadway
2-21 ine,l.
760
2-5 inol.
638
Cincinnati, Ohio.-Bond Call.-The Sinking Fund Trustees Howard
following
Tacoma,
-The
bonds
Wash.
Call.
-Bond
are
have called for redemption on July 1 $498,000 of consolidated
sinking fund 4% coupon bonds, issued July 11881, payable called for payment:
DistrictNo. of Bonds.
Int. Ceases,
July 1 1931, subject to call in 1912. Interest will cease Local
Improvement District No. 561
1 to 38 inclusive June 1 1912
July 1. The bonds will be payable at the Fifth-Third Local Improvement District No. 432
1 to 15 inclusive June 1 1912
Local Improvement District No. 673
20 to 34 inclusive June 1 1912
National Bank, Cincinnati.'
Local Improvement District No. 683
1 to 8 inclusive June 1 1912
Improvement District No. 714
15 to 19 inclusive June 1 1912
Denver, Colo.-Bond Call.-The following bonds are called Local
Local Improvement District No. 749
1 to 16 inclusive June 1 1912
for payment June 30:
Local Improvement District No. 781
1 to 4 inclusive June 1 1912
Storm Sewer Bonds.
Arlington Park Storm Sewer District bond No. 21.
Sub-district No. 1 of the Capitol Hill Storm Sewer District No. 1, bond
No, 6.
North Denver Storm Sewer District No. 1, bonds Not. 282 to 293, incl.
• Sub-district No. 2 of the North Denver Storm Sewer District No. 1,
bond No. 8.
Sub-district No. 3 of the North Denver Storm Sewer District No. 1,
bond No. 8.
• Sub-distriot No. 4 of the North Denver Storm Sewer District No. 1,
bond No. 9.
Sub-district No. 6 of the North Denver Storm Sewer District No. 1,
bond No. 8.
South Capitol Hill Storm Sewer District, bond No.
South Capitol Hill Storm Sewer District No. 2, bonds 56.
Not,
to 98, incl.
West Denver Storm Sewer District No. 1, bonds Not. 80 to92
52, incl.
Local Improvement
Local Improvement
Local Improvement
Local Improvement
Local Improvement
Local Improvement
District
District
District
District
District
District
No. 394
No. 380
No. 536
No. 542
No, 548
No. 773
17 to 20 inclusive June 3 1912
24 to 27 inclusive June 6 1912
14 to 22 inclusive June 8 1912
43 to 95 inclusive June 8 1912
17 to 30 inclusive June 8 1912
1 to 11 inclusive June 10 1912
Wheeling, W. Va.-Bond Call.-The following bonds are..
called for payment July 1:
Loan of 1885, Not. 40,70, 84, 86,89 and 94, of $500 each.
Loan of 1885, Not. 113, 128, 181, 222, 238, 248, 256 and 327, of $1,000 each.
Loan of 1890, Not. 116, 119 and 125, of $500 each.
Loan of 1902. Not. 1 to 128 inclusive, amounting to $58,200.
The above bonds will be redeemed and paid at the bank of
the Ohio Valley, Wheeling.
JUNE 22 1912,
THE CHRONICLE
1715
BLUE ISLAND, Cook County, III.-Bonds Voted.-An election held
June 11 resulted in favor of the proposition to issue $30,000 4 h% Sanitary
District bonds. The vote was 163 "for" and 119 "against."
ettve been m follows:
BOWLING GREEN, Wood County, Ohio.-Band Sale.-On June 10 the
following bids were received for the $8,500 4 ;,¢% coup. South Grove St.
ABILENE,Taylor County, Tex.-Bond Election.-The voters of this city
will shortly be given an opportunity, it is stated, to decide whether or not improvement bonds (V. 94, p. 1338):
Security S.B.& Tr.Co.,Tola$8,635 50 A. E. Aub & Co., Cin
$
they are in favor of issuing $30,000 street bonds.
Breed ec Harrison, Cin____ 8,633 45 Tillotson &WolcottCo.,Clev.13
8,
558
97
35
55
9
AFTON INDEPENDENT SCHOOL DISTRICT (P. 0. Afton), Union Well, Roth & Co., Cin____ 8,630 00 New First Nat. Bank, Col_ 8,548 00
County. lowa.-Bonds Not Sold.-No award was made June 10 of the Citizens' Nat. 13k., Wooster 8,629 00 Hayden, Miller & Co.,Clev_8,541 00
$20,000 5% 2-10-yr. (opt.) coupon school-bldg. bonds offered on that Davies-Bertram Co., Chi__ 8,605 00 Stacy & Braun, Toledo..
8,528 85
day (V. 94, p. 1264.)
Seasongood & Mayer, Cin__ 8,605 00 Spitzer, Rorick & Co., Tol.*8,525 00
& Hough, Cleveland__ 8,604 00
ALABAMA CITY. Etowah County, Ala.-Bond Electton.-Papers state OtisUnconditional
bid, including printing of bonds.
that this city will hold an election during July to vote on the question of
a It is stated that this bid was successful.
Issuing $50,000 water-works and sewerage-system bonds.
BRAZORIA COUNTY COMMON SCHOOL DISTRICT NO. 1.-Bonds
ALCORN COUNTY (P. 0. Corinth), Miss.-Bond Sale.-On June 3 the
$50,000 5% 20-yr. road bonds (V. 94, p. 1520) were awarded to John Nu- Awarded in Part.-The State School Fund has purchased at -par and int.
veen & Co. of Chicago at 102.432 and int.-a basis of about 4.809%. $5,000 5% 20-40-yr. (opt.) bonds, being part of an issue of $12,000 registered by the Comptroller on June 11.
E. H. Rollins & Sons of Chicago bid 101.33.
BROOKE TOWNSHIP SCHOOL DISTRICT /2. 0. Peterson), Buena
ALLIANCE. Ohlo.-Bond Offering -Proposals will be received, It is
m.
June
24
by
Chas. 0. Silver, City Auditor, for $140,000 Vista County, Iowa.-Bond Offering.-Prot., -a will be received until
stated, until 12
10 a. m.July 1 by H. C. Erickson, Sec., for $3,000 5% coup. tax-free build43% water bonds. Int. semi-annual. Cert. check for 3% required.
ing bonds. Denom. $500. Date July 1 1912. Int. J. & J. at Peterson.
AMHERST, N. H.-No Bonds to Be Issued.-Concerning the reports that Due July 1 1922, optional July 1 1914. Cert. check for 5% of bonds,
this town had authorized the issuance of $25,000 water bonds, we are ad- payable to Sig. Matsdorf, Pres. Board, required. Assess. val. 1911,
vised that at a recent town meeting it was decided to rescind the vote to put $1,350,000.
in the water works, and hence no bonds will be issued.
BROOKFIELD. Worcester County, Mass.-Bonds Defeated.-Reports
AMSTERDAM, N. Y.-Bond Sale.-On June 14 $51,369 5 M-yr. city state that an issue of $45,000 bonds to be used for a water system has been
bonds were awarded to the Amsterdam Savings Bank as 4 gs. Denom. rejected by the voters .of this town.
"various". Date "July and October". Int. ann. Other bids follow:
BROWN COUNTY COMMON SCHOOL DISTRICT NO. 41. Texas.
Parson, Son & Co., New York
premium for 4.30s
$25
Adams & Co., New York
premium for 4.35s Bonds Registered and 5014.-The $2,000 5% 5-20-yr. (opt.) bonds (V. 94,
$17
John J. Hart, Albany/
$71 92 premium for 4.45s p. 719) were registered by the State Comptroller on June 10 and sold to the
State School Fund at par and int.
MANDOVER, AshtabuleCounty, Ohio.-Bond-rSale.-On June 4 the
$21,800 4% coupon sewer-constr. assess. bonds (V. 94, P. 1337) were
BUCHANAN COUNTY (P.O.St.Joseph), Mo.-Bond Election Proposed.
awarded to the Security Say. Bank & Trust Co. of Toledo for $22,078 50 -Local papers state that petitions have been presented to the County
Court asking that a proposition be submitted to the voters providing for
(101.277) and int. Other bids follow:
Seasongood & Mayer, Cin.._ 422,029!Spitzer, Rorick & Co., Toledo.$21,870 the issuance of $1,000,000 road bonds.
Otis & Hough, Cleveland_.. _ti.21,9101 .
..... . .
,
..
BUCYRUS, Crawford County, Ohio.-Bond Offering.-Proposals will be
r• ANDREWS SCHOOL DISTRICT (P. O. Andrews), Cherokee County, received until 12 m. July 9 by H. A.',.IT7Eth, City Aud., for $6,500 434%
No. Caro.-Bond Offering.-Proposals will be received until 4 p.m. June 29 coupon refunding subway bonds. Au.Sec. 3912, Gen. Code. Denom.
by J. Q. Barker, Chairman Bd. of Trustees, for $10,000 30-year COUP. $500. Date June 1 1912. Int. A. & 0. Due $500 each six months from
bonds. Bids are requested at 5 IA % and 6% rates of in
Auth. Chap. 84, Oct. 1 1914 to Oct. 1 1920, incl. Cert. check for $100, payable to J. McPrivate Laws of 1909, and vote of 151 to 81 at election held June 8. Date Guire, City Treas., required. Bonds to be delivered July 19 at office of
,• • • • • •
July 11912, Int. J. & J. at Hanover Nat. Bank, N. Y. City. Cert, check City Treasurer. • Purchaser to pay accrued interest.„
on a regular bank or trust company for $250 required. Debt at present
BURLEY. Cassia County. Idaho.-Description of Bonds.-The $44,000
$6,000. Assess. val., $954,167. Bids to include attorney's fees, bond
water, $20,000 electric-light and $21,000 sewer 6% bonds awarded on
blanks and accrued interest.
May 29 to J. N. Wright & Co. of Denver at 102.60 (V. 94, p. 1579) are in
ANSONIA, Darke County, Ohio.-Bond Offering.-Proposals will be re- the denom. of $1,000 each and dated June 1 1912. Int. J. dc J. Due
•: •! • • •
ceived until 12 m. June 25 by H. W. Oswalt, VII. Clerk, for $1,000 5% 20 years; opt, after 10 years.
coup. street-repair tax-free bonds. Auth. Sec. 3939, Gen. Code. Denom.
• BURLINGAME SCHOOL DISTRICT (P. 0. Burlingame). San Mateo
$500. Date June 25 1912. Int.ann. at Clerk's office. Due $500 onJune
1 1915 and 1916. Cert. check for 10% of bonds bid for, payable to VII. County. Cal.-Bonds Voted.-The election held June 11 resulted In favor
Treasurer, required. Bonds to be delivered within 10 days from time of of the proposition to issue the $50,000 5% sch ol bldg. bonds (V.94, p. 863).
The vote was 386 to 221. • • • • • • • • • • • •
award. Purchaser to pay accrued interest
Bond Proposals and Negotiations this week
ARKANSAS CITY, Desha County, Ark.-Purchaser of Bonds.-We
learn that the purchaser of the $79,500 5% warrant-funding bonds disposed of on May 27 (V. 94, p. 1640) was the Fidelity Trust Co. of Kansas
City, Mo. The price paid was 101.831 int. and blank bonds. Denom.(79)
$1,000 (1) $500. Date June 1 1912. Int. J. de D. Due June 1 1932, optional
after 10 years.
ASHLAND, Ashland County, Ohio.-Bond Offertng.-Proposals will be
received until 12 m. July 15 by E. Koehl, City Aud., for $1,600 5% Centre
Street impt. bonds. Auth. Sec. 3939, Gen. Code. Denom. $160. Date
July 15 1912. Int. M. & S. Due $160 yearly on Moll. 1 from 1913 to
1922 incl. Cert. check for 5% of bonds bid for, payable to City Treas.,
required. Bonds to be delivered within 10 days from time of award.
Purch. to pay accrued interest.
ASHTABULA, Ashtabula County, Ohio.-Bond Offering.-Proposals
will be received until 12 m. July 10 (not July 1, as at first reported) by
F. W. Wagner, City Aud., for $35,000 4% coupon Main St. subway bonds.
Auth. Sec. 8890, Gen. Code. Denom. $500. Date April 11012. Interest
A. & 0.at office of Treas. Due $3,500 yearly on Oct. 1 from 1912 to 1921.
incl. Cert. check on a national bank (or cash) for $1,000, payable to City
Treasurer, required. Purchaser to pay accrued interest.
ATTLEBOROUGH, Mass.-Bond Offering.-Proposals will be received,
it is stated, until 10 a. m. June 26 for $75,000 4% sewer bonds dated
July 1 1912.
AUBURN, Me,-Bond Offering.-Proposals will be received until 12 m.
June 27, it Is stated, for $70,000 4% bonds. Date July 1 1912.
AUGUST SCHOOL DISTRICT, San Joaquin County, Cal.-Bond Sale.The 510,000 6% 1-20-yr. (scr.) gold school bonds offered on June 3 (V. 94,
p. 1520) were awarded, it is stated, to J. H. Adams & Co. of San Francisco
at 103.06.
BYESVILLE SCHOOL DISTRICT (P. 0. Byesville), Guernsey County,
Ohio.-Bond Election.-Reports state that this district will vote to-day
(June 22) on the question of issuing $12,000 school-site and building bonds.
CACHE COUNTY (P. 0. Logan), Utah.-Bond Electton.-An election
will be held June 25 to vote on the proposition to issue $150,000 4% road
bonds (V. 94, p. 1132). Due in 20 yrs., subject to call after 10 years.
VCALDWELL. Idaho.-Bonds Offered by Bankers.-McCoy & Co. of Chi,
cago are offering to Investors $23,000 5% fire, water and street bonds.
Denom. $1,000. Date May 1 1912. Int. J. & J. at office of City Treas.
or Kountze Bros., N. Y. Due May 1 1932, opt. May 1 1922.
CALMAR, Iowa.-Bond Sale.-An issue of $5,000 5% 2-21-yr. (ser.)
gas-works bonds was recently awarded to local investors at par. Denom.
;1 • • .:•t •t.•) •.
$250. Date May 1 1912. . Int. M. & N.
• CAMBRIA COUNTY (P. 0. Ebensburg), Pa.-Bonds Authorized.-Reports state that the County Commissioners on June 13 authorized the issuance of $400,000 5% 10-yr. insane-asylum site and building bonds.
CAMPBELL INDEPENDENT SCHOOL DISTRICT (P. 0. Campbell)
Hunt County, Tex.-Bonds Voted.-The voters of this district are reported
as having authorized the issuancepft$10.000 building bonds.
CASCADE COUNTY SCHOOL DISTRICT NO. 35 (P. 0. Neihart),
Mont.-Bond Offering.-Proposals will be received until 10 a. m. July 17 by
E. A, Shaw, Clerk, for $3,000 coup, refunding bonds at not exceeding 6%
interest. Denom. $1,000. Int. seml-ann. at office of County Treas. in
Great Falls. Due in 10 yrs., opt. after 9 years. • • • • • • • • • • • •
CASSIA COUNTY (P. 0. Albion), Idaho.-Bonds Offered by Bankers.McCoy & Co. of Chicago are offering to investors $30,000 534% 10-19-yr.
(scr.) funding bonds. Denom. $1,000. Date Jan. 1 1912. Int. J. & Jin N.Y. Bonded debt (this issue), $30,000. Assess. val. 1911, $4,407,357'
CEDAI
.
2 BLUFFS, Neb.-Bond Sale.-On June 7 the Fidelity Trust Co
BARTLESVILLE, Washington County, Okla.-Bond Election.-This
city is to vote on a proposition, according to reports, providing for the issu- of Fremont was awarded $6,000 6% 5-20-yr. (opt.) coup. elec.-light and
ance of $20,000 bonds for the purchase of the old fair grounds, to be used power-plant bonds for $6,125 (102.083) and accrued int. Date June 1 1912.
as a park.
• • • • • • • • • ..... • • • • • • • • • •
Interest J. & D.
The voters will also be asked whether or not they are in favor of the city
CENTRAL CITY SCHOOLwDISTRICT (P. 0. Central City).Merrick
taking over the local water-works system. In the event of the proposition
being successful, $200,000 bonds will be issued for this purpose, $110,000 County, Neb,-Bonds Defeated.-The proposition to issue the $55,000 10.
of which will be used to purchase the plant and the remainder for improve- 25-yr. (opt.) building bonds was defeated at the election held June 8.
•1:11
(V. 94, p. 1579) by a vote of 222 to 249.r '
ments.
CHAMBERS COUNTY COMMON SCHOOL-DISTRICT NO. S. Tex.
BARRINGTON, Cook County, Ill.-Bonds Voted.-An election held
Bonds
Awarded
in
Part.
-Of
the
$6,500
5%
10
-40
issue
of
-year
(out.)
bonds
June 4 resulted in favor of the proposition to Issue $13,000 5% gold coup.
septic-tank-constr. bonds (V.94, p. 1398). The vote was 63 to 20. Denom. registered by the State Comptroller on Feb. 20 (V. 94, p. 646), $3,200 have
$500. Date July 1 1912. Int. ann. at the Village Treas. office. Due been sold to the State School Fund at par and int. • • • • • - • • • • •
$2,000 yriy. July 1 1913 to 1918 incl. and $1,000 July 1 1919.
CHAMPAIGN. Champaign County, III.-Bond Offering.-Proposals
BARRY COUNTY (P. 0. Cassville), Mo.-Bonds Defeated.-The election will be received until 2 p. m. July 1 by N. M. Woodward, City Clerk, for
gold coupon elec.-light bonds. Denom. S500.
-%bate
ate
held June 1 resulted in the defeat of the proposition to Issue the $40,000 535,000 43
Jan. 1 1912. Int. A. & 0. at National Bank of the Republic, Chicago.
court-house bonds (V. 94, p. 1398).
Due $5,000 April 1 1914 and $3,000 yrly on April 1 from 1915 to 1924 incl.
. . • • . .
• . . . . .
BEAVERHEAD COUNTY SCHOOL DISTRICT NO. 16 (P. 0. Wisdom). Purchaser to pay accrued interest. • .
Mont.-Bond Sale.-On June 8 $10,000 4% 10-20-yr. (opt.) bldg. bonds
were awarded to S. A. Kean & Co. of Chicago at 100.25. Denom. $1,000, ...CHAMPAIGN COUNTY (P. O. Urbana), Ohio.-Bond Sale.-The bids
received on June 10 for the $3,000 4% 1 (-yr. (aver.) coupon Seipert Road
Date June 1912. Int. ann. on Jan. 1.
impt. bonds (V. 94, p. 1521) were as follows:
BEECH GROVE, Marion County, Ind.-Bond Election.-A proposition James Beck, St. Paris
53,010INat. ank of Urbana$3,009
providing for the issuance of $28,000 sewerage-system bonds will, It Is
ncirbefeated.-A proposition
.stacd, be placed before the voters on July 6.
CHARLES CITY, Floyd County, lo\sql30.
providing for the issuance of $25,000 municipal-pumping and lightingBELLEFONTAINE, Logan County, Ohio.-Bonds Authorized.-An plant bonds was, it is stated, defeated at a recent election.
• • • • .
ordinance has been passed providing for the issuance of $16,600 5% coup.
County, III.-Bond Sale.-The $40,000 5% waterPatterson Ave. impt. bonds. Denom. $830. Date March 1 1912. Int.
M. & S. Due $830 each six months from March 1 1913 to Sept. 1 1922 incl. works bonds offered on June 10 (V. 94, p. 1579) were awarded, to the
Harris Trust & Savings Bank of Chicago at 103.77 & Int. This sale was
BELLEVUE, Huron County, Ohio.-Bond Sale.-The Fremont Savings Inadvertently reported la last week's "Chronicle" as "Charles City, Coles
. • .
Bank of Fremont, according to reports, was awarded on June 17 an issue of County, Ill." •
• • • • • • • • • • • • • • • • .
$8,000 Kilbourne Street impt. bonds at 104.525.
• CHARLOTTE. No. Car.-Bond Sale.-On June 15 $90,000 6% 1-10-yr.
BERRIEN SPRINGS SCHOOL DISTRICT (P. 0. Berrien Springs), coup. impt. bonds were awarded to Mayer, Deppe & Walter of Cincinnati.
Berrien County, Mich.-Bonds Voted.-The question of issuing $15,000 5% We are advised that the price paid was 103.55, not 105.35 as reported last
bldg. bonds carried by a vote of 60 to 33 on June 3. The issue will be week. _Dtt_te
y 1 1912.
. Ma_s
offered, we are advised, about September 1. • . . . . . . . . . ,
.
•
• CHASE CITY, Mecklenburg County, Va.-Bids Rejected.-Bids for the
lfr'BETHEL SCHOOL DISTRICT (P.O. Bethel), Clermont County, Ohio.
- $20,000 5% sewerage bonds (V. 94, p. 1580) were received on June 14 from
Band offering.-Proposals will be received until 131). m. July 8 by the Bd. Parson, Son & Co., John Nuveen & Co. and Bolger, Mosser & Williaman
of Ed., T. F. Joslin,,Clerk, for $30,000 43.% bonds. Auth. Sec. 3994, of Chicago, Spitzer, Rorick & Co. of Toledo and Hoehier & Cummings and
Rev. Statutes. Denom. $500. Int.. seMi-ann. • Due $1,000 yearly on the New First Nat. Bank of Columbus. • All offers were rejected. • • • .
•
. ., .
.
July 1 from 1922 to 1951 incl. • • • i!; • t2 • •
"rrirX71KWIWIC1ern.--Bond Sale.-On Juno 19 $1,793 24 6%77
47r
.".
I=SIE'COUNTY (P. 0.-Chinook), Mont.-Bond Election.-Papers coup. paving bonds dated May 18 1912 were awarded to the Security Say.
state that the question of issuing $120,000 court-house and jail bonds will Bank & Trust Co. Of Toledo at par, accrued int. and $22 50 premium. • .
their
for
approval
or
belpresented to voters
disapproval.
7THEVIBT(17157Cincinnati), Hamilton County. Ohio.-Bond Off;;:if
BLUEVEARTH COUNTYS(P.10. Mankato), Minn.-Bond Sale.-On -Proposals will also be received until 12 m. June 22 by the Olerk tot'
June 121$75,000115%11-10-yr. ditch-constr. bondCwere awarded to the First $1,335 5% Glenmore Ave. impt. assessment bonds. Auth. Sec. 3914.
for
$76,255;or
Nat.l_BanklotiMankato
101.675+. • Intlsemi-ann. • • . •
Gen. Code. Denom. $133 50. Date "day :of 'ale." Int. ann. Due
,.
PCHARLESTON;Coles
1716
THE CHRONICLE
$133 50 yearly from 1913 to 1922 incl. Cert. check for 10% of bonds bid
for, payable to Village, required. Bonds to be delivered within 10 days
from time of award. Purchaser to pay accrued interest.
CHEYENNE, Okla.-Band Election.-A vote will be taken June 27 on
the question of issuing $60,000 6% water-works bonds.
CHICAGO, III.-South Park District.-Bids Rejected.-Dispatches state
that the bids received for the two issues of 4% bonds, aggregating $620,000,
offered on June 19 (V. 94, p. 1580) were rejected. It further is reported
that the bonds will be re-advertised.
CHICOPEE, Hampden County, Mass.-Bonds Authorized.-The Board
of Aldermen of this city on June 17 authorized the Issuance of $14,000
street bonds.
CHINOOK, Blaine County, Mont.-Bond Offering.-Proposals will be
received until 2 p. m. July. 5 by F. D. Oversen, Town Clerk, for $30,000
53% sewerage bonds. Auth. vote of 48 to 19 at election held April 1.
Denom. $1,000. Int. J. & J. Due in 20 years, redeemable after 14 years.
CINCINNATI, Ohio.-Bonds Authorized.-Ordinances have been passed
providing for the issuance of the following 4% bonds:
$51,000 Xlizabeth St. Impt. (city's portion) bonds. Denom. $500. Date
June 1 1912. Due 20 years.
3,150 sewer-Impt. (city's portion) bonds. Denom.(5) $500 and (1) $650.
Date June 1 1912. Due 30 years.
7,000 street and sewer bonds. Denom. $500. Date June 1 1912. Due
In one year.
31,500 bridge-construction bonds. Denom. $500. Date July 1 1912.
Due 30 years.
14,000 Paxton road sewer impt. (city's portion) bonds. Denom. $500.
Date June 15 1912. Due 20 years.
25,000 hospital-construction bonds. Denom. $500. Date June 1 1912.
Due 30 years.
2.500 Cass Ave.-Impt. bonds. Denom. $500. Date July 1 1912.
Due 20 years.
140.000 fire-deot.-impt. fund bonds. Denom. $500. Date July 1 1912.
Due 15 years.
4,500 coup. condemnation fund bonds. Denom. $1,000. Date June 15
1912. Int. semi-ann. Due 40 years.
CLARKSVILLE. Johnson County. Ark.-Bond Sale.-The Wm. It.
Compton Co. of St. Louis has been awarded, according to reports, an issue
of $44,000 6% 20-yr. electric-light and water-works bonds at par.
• • •
CLEVELAND, Ohio.-Bond Election Proposed.-An ordinance has been
Introduced In Council providing for the submission to the voters on Sept. 3
of a proposition to issue $2,000,000 bonds for the construction of waterfiltration plants.
•••••••••
Lxxxxiv.
DANBURY TOWNSHIP, Ottawa County. Ohio.-Bids.-The bid s
received on June 10 for the $8,400 434% coupon highway bonds, the sale
of which was reported in V. 94, p. 1641, were as follows:
Sec. Sew. Bk. dc Tr. Co.,Tol.$9,001 50 New First Nat. Bk., Colum48,653 00
Hayden,Miller & Co.,Clev_ 8,790 001Citizens Nat. Bk., Wooster. 8,627 40
Stacy & Braun, Toledo__ 8,762 501 Otis & Hough, Clay
8,612 00
Seasongood & Mayer, Cin_ 8,740 001Spitzer, Rorick & Co., Tot... 8,499 12
Well, Roth & Co., Cin
8,686 001
DECATUR, Dekalb County, (la.-Bond Sale.-On June 18 the $5,000
5% coup. sewer bonds voted April 24 (V. 91, p. 12651 were awarded to the
Robinson-Humphrey-Worldlaw Co. of Atlanta at 101.12. Date July 1
1912. Int. J. & J. Due July 1 1942. J. H. Hilsman & Go. of Atlanta
bid $5,012 and Louis B. Magid & Co. of Atlanta offered par.
DELAVAN. Tazewell County, III.-Bond Sale.-On June 4 the $10,00 0
5% coupon water-works bonds (V. 94, p. 1398) were awarded to the Tazewell Co. Nat. Bank in Delavan at par and int. Other bids follow:
101.211 H. T. Holtz & Co., Mileage _ _100.26
C. H. Coffin, Chicago
A. B. Leach & Co., Chic_ _101.0275 R. C. 0. Mattheney ec
John Nuveen & Co., Chic_ _100.62
Springfield
100.12
H.C.Speer & Sons Co., Chic_100.40
N. W. Halsey & Co., Ohio_ _100.11
Bolger,Mosser& Will'n, Chic.100.35
100.00
Ulen & Co., Chicago
These bids, with the exception of the one from Ulen & Co. of Chicago,
appear to be higher than the purchaser's , but they are so reported by the
Clerk.
DELAWARE, Delaware County,"Ohio.-Bond Offering.-Proposals will
be received until 12 M. June 24 by t. D. King, City Aud., for the following
5% coup. bonds:
$12,000 funding. Denom. $500. Due $1,000 yearly on Mar. 1 from 1916.
to 1927 incl.
5,238 42 judgment-funding. Denom. (1) $738 42, (9) $500. Due
$738 42 Mch. 1 1916 and $500 yearly on Moh. 1 from 1917 to
1925 incl.
1,500 street-impt. Denom. $300. Due $300 yearly on Mob. 1 from
1914 to 1918 incl.
Date April 1 1912. Int. semi-ann. at Sinking Fund Depositary. Successful bidders to pay for tran3cript of proeeedings if same is required.
DES MOINES INDEPENDENT SCHOCIL DISTRICT (P. O. Des Moines)
Polk County, Iowa,-Bond Offering.-Proposals will be received until
June 27, according to reports, for $50,000 Kihool-furnishing aad $20,000
site and building bonds authorized by a vote of 4,119 "for" to 1,099
"against" at an election held June 14. These bonds were previously voted
on March 11, but the election, according to reports, was declared illegal.
(V. 94, p. 864.)
Proposals will also be received on the same day (June 27), It Is stated, for
an issue of $70,000 refunding bonds.
COLEMAN COUNTY COMMON SCHOOL DISTRICT NO. 27, Tex.
DETROIT, Mich.-Bond Offering.-Proposals will be received uatil 12 m
Bonds Itegistered.-The State Comptroller on June 5 registeredl$1,500 5% July
0 by the Bd. of Water Comms., H. A. Gilmartin, See., for $240,000
5-10-yr. (opt.) bonds.1D1 • • • • • • • • • • • • • • • • • • • • • • 4% coupon
tax-free water-construction bonds. Denom. $1,000. Date
Aug.
1 1912. Int. F. & A. at current official bank in N. Y. City. Due
Postponed.
-We
are
Sale
Ga.-Bond
COLUMBUS. Muscorcee County,advised by the Mayor that the opening of the bids received for the $50,000 Aug. 1 1932. Cert. check for 34 of 1% of bonds bid for, payable to the
5% gold coup, bridge bonds offered on June 15 (V. 94, p. 1338) has been de- Board of Water Comm., required. Official circular states that ao default
ferred until 12 m. to-day (June 22). This action was taken on account of has ever occurred In the payment of obligations of this city.
a defect In the ordinance, which desclrbed the bonds as being in denominaDODGE SCHOOL DISTRICT NO. 45 (P .0. Dodge), Neb..-Bond Offertion of $1,000 instead fif $500.
ing.-Proposals will be received until July 1 by H. Holsten, Scoy.; for the
$23,000
5% coupon bldg. bonds voted May 1 (V. 04, p. 1398). Auth.
been
Authorized.
-Ordinances
have
passed
-Bonds
COLUMBUS, Ohio.
Chap. 79, sub-division 15, Laws of 1911. Denom. $1,000. Date July 1
providing for the issuance of the following coupon bonds:
*4,000 4% Sixth St. bonds. Date not later than Dec. 31 1912. Due 1912. Int. J. & J. at Nebraska fiscal agency in New York. Due July' 1
1932, opt. after July 1 1917. Cert. check for 1%, payable to School DisSept. 1 1932.
2,000 4;4% sewer assess. bonds. Date not later than Sept. 1 1912. Due trict, required. District has no debt at present.
Sept. 1 1918; opt. after Sept. 11913.
DRUIDS, Fremont County, Idaho.-Bond Election Proposed.-We are
8,000 4% Hunter Ave. Impt.-assess. bonds. Date not later than Sept. 1
advised that the matter of holding an election to vote on the Issuance of
1912. Due Sept. 1 1924, optional after Sept. 1 1913.
water-works bonds is being considered.
*15,000
10,000 4% electric-light bonds. Date not later than Dec. 31 1912. Due
Sept. 1 1942.
DUBOIS COUNTY (P. 0. Jasper). Ind.-Bond Offering.-Proposals will
3,000 4% Fifth St. Impt. assess. bonds. Date not later than Dec. 11912. be received until July 1 by Win. Rauscher, County Treas., for $11,000
Due Sept. 1 1919, opt. after Sept. 1 1913.
434% coup. tax-free road-constr. bonds. Denom. $275. Date July 15
3,000 4% Gay St. Impt. assess. bonds. Date not later than Dec. 1 1912. 1912. Int. M. & N. at County Treas. office. Due $275 each six months
Due Sept. 11910. opt. after Sept. 11913.
from Jan. 15 1913 to July 15 1932 incl.
2,000 4% Ninth St. Impt. assess. bonds. Date not later than Dec. 1 1912.
DUBUQUE INDEPENDENT SCHOOL DISTRICT (P. 0. Dubuque),
Due Sept. 1 1923, opt. after Sept. 1 1913.
Dubuque County. Iowa.--Bond Election.-According to Des Moines papers,
Denom. *1,000. Int. M. & S. at the City Treas. office.
an election will be held in this district June 24 to vote on the question of isCONYERS, Rockdale County, Oa.-Bond Election.-A proposition pro- suing $40,000 additional school bonds.
viding for the Issuance of water-works and sewerage-system bonds will,
EAST McKEESPORT, Allegheny County, Pa.-Bond Election.-An
according to reports, be submitted to voters on July 20.
election will be held July 23, reports state, to vote on the question of Issuing
COPIAH COUNTY (P.0. Hazlehurst), Miss.-Bond Offerino.-Proposals $31,000 indebtedness and $29,000 street and sewer bonds.
will be received until 2 p. m. July 1 by B. Shelton, County Clerk, for the
EAST ORANGE, Essex County, N. J.-Bond Sale.-We have just been
$75,000 5% coup. Road Dist. No. 1 bonds (V. 94, p. 646). Auth. Chap. advised that the $100,000 4% 30-yr. water, "Series 6". bonds, bids for
149, Laws of 1910. Denom.$500. Date July 11912. Int. ann. on Jan. 1 which were opened April 8 (V. 94, p. 1075) were awarded on April 22 to the
July).
from
1922
to
1936 incl. Essex Co. Trust Co., East Orange at par and interest.
at County Treas. office. Due $500 yearly on
.payable to 0. C. Beall,
and $87,500 July 1 1937. Cert.fcheck for 5%,',
EAST VIEW SCHOOL DISTRICT. Cuyahoga County, Ohio.-Bond Of• • • • • • • • • • • • • • • • '• • • •
fering.-Proposals will be received until 12 m. July 13 by C. B. Corlett,
CORAOPOLIS, Allegheny County, Pa.-Bond'Offering.-Proposals-wIll Clerk Bd. of Ed.(P.0. Warrensville), for $1,500 434% coup. school-housebe received until 8 p. m. June 25 by Scott & Purdy, Solicitors, 1354 Frick construction and furnishing bonds. Auth. Secs. 22B, 3091 and 3092, Rev.
Bldg. Annex Pittsburgh, for $15,000 434% coup. tax-free school bonds. Sts. Denom. $500. Date "day of sale." Int. A. & 0. at Woodland Ave.
Due $2,000 In 1917, 1922, 1925, 1931 and 1936. • Cert. check for_1250 Savings & Trust Co. of Cleveland. Cert. check on a bank other than the
required.0 • • • • • •
one making the bid,for 10% of bonds bid for, payable to the Treasurer,
CORDELE, Crisp County, Oa,-Bonds"Voted -The voters of this-place required. Bonds to be delivered within 10 days from time of award. Purrecently authorized the issuance of $95,000 bonds to be used for the im- chaser to pay accrued interest.
•
provement of the water-works, streets, sewers and schools.
ELKADER SCHOOL DISTRICT (P.0. Elkacler).Clayton County, Iowa.
issue of $12,000 school-building bonds has, it is stated,
CORINTH. N. Y.-Bond Sale.-Adams & Co. of New York have pur- -Bonds Voted.-An
favorably voted.
been
. •
chased $12,467 50 highway bonds dated Feb. 1 1912. • • • • •
RAPIDS,
Mich.
-Bonds Defeated.-A recent election Is said to
ELK
CHRISTI, Nueces Co., Tex.-Bonds Reoistered.-On May 23
in the defeat of a proposition to issue $33,500 bends to purthe State Comptroller registered the $150,000 5% 10-40-yr. (opt.) have resulted
the
plant
of
chase
the
Rapids Water Supply Co.
Elk
•94, p.11132).
street-Impt.Thonds,recently"sold.-18(17.,
ELMIRA, Chemung County, N. Y.-Bonds Voted.-An election held
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT, Iowa.- June
14 resulted in favor of the proposition to issue $20,000 sewerage and
Bond Sale.-The Harris Trust & Savings)Bank of Chicago recently pura vote of 264 to 52 and 263 to 53,
chased the $82,000 4 34% 5-10-yr. (opt.) tax-free;„refunding bonds dated $10,000 East Water St. Impt. bonds by
respectively. Int. semi-ann. at the Chcmung Canal Trust Co., Elmira.
July41 1912.51V. 94.%P• 646.11
>,•1
Due July 1 1923.
17COVIN0TOWKy.-Bond'Sale.-On June 17 the $281,000 4% 30-40-yr.
• ESCANABA. Mich.-Bond Sale.-On May 24 $10,000 434% 13-yr. refund.
(opt.) gold coup. refund. bonds (V. 94, p. 1580) were awarded to the First
bonds dated June 1 1912 were awarded to John Nuveen & Co. of Chicago
National Rank of CovIngtonlat'par. There were no.otheribidders
at 101. Denom. $500. Int. J. & D.
CROCKETT COUNTY'COMMON 'SCHOOL'DISTRICT iNO. 1.3Tex.EVA INDEPENDENT SCHOOL DISTRICT (P. 0. Eva), Jim Wells
Bonds Awarded in Part.-The State School Fund has purchased at par and
int. $10,000 5% 5-40-yr. (opt.) bonds, being part of a $20,000 issue regis- County, Tex.-Bonds Reotstered.-The State Comptroller. on May 18
registered $5,000 5% 10-20-yr. (opt.) bonds.
tered by the Comptroller on June 10.
FALLON, Churchill County, Nev.-Bond Sale.-The Churchill County'
CROOKSVILLE. Perry County, Ohio.-Bond Offering.-Proposals wil
be received until 12 m. July 15 by C. B. Dean, VII. Celrk, for $2,150 5% Bank of Fallon, according to reports, has been awarded an issue of $17,000
coup. N.Buckeye St. assess. bonds. Auth.Sec. 3915, Gen. Code. Denom. sewer bonds.
$215. Date Apr. 1 1912. Int. A. & 0. Due $215 yearly on Apr. 1 from
FINDLAY. Hancock County, Ohio.-Bonds Authorized.-An ordinance
1913 to 1922 incl. Cert. check for 10% of bonds bid for, payable to Vii. was passed June 3 providing rot the issuance of $8,939 40 4% South Main St.
Treas., required. Bonds to be delivered within 10 days from time of award. leaving assess. bonds. Denom. (1) $439 40, (17) $500. Date July 1 1912.
Purchaser to pay accrued Interest and furnish blank bondslat;his own ex- Int. J. & J. at office of City Treas. Due $430 40 July 1 1912 and $500 each
pen5e.rilF1 • •
six months from Jan. 1 1914 to Jan. 1 1922 inclusive.
CULBERSON COUNTY (P.'0.1Van Horn), Tex.-Bonds Reoistered.-On
FINDLAY SCHOOL DISTRICT (P.0. Findlay), Hancock County, Ohio.
June 5 the $59,000 4% 10-40-yr. (opt.) court-house.bonds were registered -Band Sale.-The $5,500 4 34% bldg.-Impt. bonds offered on June 17
41
by the State Comptroller.11 • • • • • • . • • • • • • • • 4
(V. 94, p. 1641) were awarded, it is stated, to Stacy dc Braun of Toledo for
$1,000 yearly on June 1 from
r: CUMBER LAND"C0UNTY1'(P.0.- Fayetteville),'"N.wCar.-BondsliDe- $5,759 55-making the price 104.719. Duo
feated.-An election held May 14 resulted in,the defeat of the proposition 1926 to 1929 incl. and $1,500 due June 1 1030.
tolissue $200.000:,road bonds.
FISHER COUNTY COMMON SCHOOL DISTRICT NO, 12, Texas.CUYAHOGA C0UNTY'(P.'0."Cleveland). Ohlo.-Bona sate.-Oh June Bonds Registered.-On June 10 $800 5% 10-40-yr. (opt.) bonds were regis19 the $11.000 434% coup. Canal Road Bridge bonds (V. 94, p. 1398) were tered by the State Comptroller.
awarded to Breed & Harrison of Cincinnati at 103.10. The other bids folFISHER COUNTY COMMON SCHOOL DISTRICT NO. 16, Tex, Bonds
low:
Roistered and Sold.-Od June 10 $2,000 5% 10-40-yr. (opt.) bonds were
A. E. Aub & Co., Cincin_ _$11,323 40 Seasongood & Mayer, C1n.$11,281 00 registered by the State Comptroller. This issue has been sold to the State
Davies-Bertram Co., One_ 11,303 00 Otis & Hough, Cleveland_ 11,272 00 School Fund at par and int.
First Nat. Bank, Cleveland 11,294 90 Stacy & Braun. Toledo__ 11,266 85
Hayden,MIller & Co., Clev.11,291 00 Mayer, Depne&Walter,Cin.11,249 00
FISHER COUNTY COMMON SCHOOL DISTRICT NO. 22, Texas.Prov.Sav.Bk.&Tr.Co.,Cin. 11,289 85 Tillotson&WolcottCo.,Clev 11,237 60 Bond Sale.-An issue of $6,000 5% 10-20-yr. (opt.) bonds has been purC.E. DenIson & Co.. Clev_ 11.285 60
chased at par and int. by the State School Fund.
FISHER COUNTY COMMON SCHOOL DISTRICT NO. 33. Texas.DALLAS COUNTY (P.O. Selma), Ala.-Bond Elect/mi.-An election will
be held July 1 to vote on the question of issuing $100,000 road bonds at not Band Sale.-The State School Fund has purchased at par and Int. $8,000
exceeding 5% interest. Interest semi-annual. Due In30 years.
5% bonds registered by the State Comptroller on Juno 10.
Fampus
JUNE 22 1912.1
THE CHRONICLE
FOWLER, Fresno County, Cal.-Bond Election Proposed.-It Is thought
likely that an election will be held in July to vote on a proposition to issue
sewer bonds.•
• FRAMINGHAM.Mass.-Temporary Loan.-On June 18 a loan of $50,000.
due Nov. 15, was negotiated with Bond & Goodwin of Boston at 3.79%.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-No Bonds Offered.We arc advised that the reports stating that this county was offering for
sale $50,000 5% bridge bonds (V.94, p. 1399) were erroneous.
FR AZEYSBURG.Muskingum County,Ohio.-Bonds Defeated.-An election held May 21 resulted In the defeat of the proposition to issue *15,000
school bonds. The vote was 24 "for" to 82 "against."
FREDERICK COUNTY (P. 0. Frederick City), Md.-Bond Sale.-On
June 18 the $25,000 4% 15-30-yr. (opt.) coup. school bonds (V. 94, p.
1522) were awarded to Baker, Watts & Co. and Nelson, Cook & Co. of
Baltimore at 102.09. The bids follow:
Baker, Watts & Co., Balto_ _102.09 (Townsend, Scott & Co., Balt.100.61
N. W.Halsey & Co., N. Y _101.0791C. E. Denison & Co., Boston_100.594
FREMONT, Sandusky County, Ohio.-Bonds Authorized.-Local papers
report that an ordinance was passed May 28 providing for the issuance of
$30,000 4 M% coup. Rawson Ave. impt. (city's portion) bonds. Denom.
$500. Date Sept. 1 1912. Int. A. & 0.at office of Sinking Fund Trustees.
.
Due $1,500 each six months from Apr. 1 1914 to Oct. 1 1923 incl.
FRESNO. Fresno County, Cal.-Bond Election.-A proposition to issue
$45,000 5% 1-30-yr. (ser.) gold coup. bldg. bonds will be submitted to the
voters June 27. Denom. $500. Int. semi-ann.
• • • • • • • •
GALION, Crawford County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. July 8 by J. F. Hogan, City Aud., for the following
4 A % assessment bonds:
$17,500 Atwood Street impt. bonds. Denom. $500. Due $1,500 yearly
on July 1 from 1914 to 1922 incl. and $4,000 on July 1 1923.
2,500 Railroad Street impt. bonds. Denom. $500. Due $500 on July 1
in the years 1915, 1917, 1921 and 1923.
Auth. Sec. 3914, Gen. Code. Date July 1 1912. Int. J. & J. Cert.
check for $500, payable to City Treas., required. Bonds to be delivered
within 10 days from time of award. Purchaser to pay accrued interest.
GILBOA SCHOOL DISTRICT (P. 0. (iilboa), Putnam County, Ohio.Bond Sale.-The $10,000 coup, school-house bonds offered on June 15
(V. 94, p. 1580) were awarded, it is stated. to Spitzer, Rorick & Co. of
Toledo at par for 4 3s. Due yearly on Dec. 15 as follows: $500 from 1913
to 1917 incl.; $1,000 from 1918 to 1924, Incl., and $500 In 1925.
GILMAN, Marshall County, lowa.-Bond Election.-An election has
been called for July 5, it is stated, for the purpose of submitting to the voters
the question of issuing $12,000,water-system bonds.
GIRARD, Trumbull County, Ohio.-Bonds Authorized.-Ordinances
have been passed providing for the issuance of the following 5% coup. bonds:
$52,500 State St. impt. assess. bonds. Due $5,000 Mch. 1 and $5,500
Sept. 1 from 1913 to 1917 incl.
24,500 State St. impt. bonds. Due *1,500 Mch. 1 and $2,000 Sept. 1
from 1913 to 1919 Incl.
Denom. $500. Date July 11912. Int. M. & S. at the First Nat. Bank
in Girard.
.
•
GOLD HILL. Jackson County, Ore.-Bonds Defeated.-By a vote of
48 to 49 a proposition to issue water-system bonds was defeated, it Is stated,
at an election held recently.
GRAFTON,Taylor County, W. Va.-Bond Sale.-The $90,000 5% coup.
water-works bonds offered on June 14 (V. 94, p. 1399) were awarded ,it is
stated, to Mayer, Deppe & Walter of Cincinnati at 103. Due $18,000 July 1
1922 and $3,000 yearly July
z,;2? to 1046 Incl.
GRAHAM, Tazewell County, Va.-Bond Sale.-On May 15'$25,000
school, $15,000 water-works-ext. and $10,000 street and sewer 5% 30-yr.
bonds were awarded to Hoehler & Cummings of Toledo at 100.05. Denom.
$500. Date May 1 1912. Interest J. & J.
GRAND LEDGE FRACTIONAL SCHOOL DISTRICT NO. 12, Mich.Bond Sale.-An issue of $30,000 4% 1-15-yr. (serial) bonds was awarded on
May 28 to the Loan & Deposit Bank of Grand Ledge for $30,400 or 101.33.
Denom. $1,000. Date May 1912. Interest M. & N.
GRANDVIEW HEIGHTS. Franklin County, Ohio.-Bond Offerings.Proposals will be received until 12 m.July 12 by J. Ilinterschied, VII. Clerk,
for the following 44% bonds:
$22,500 impt. assess. bonds. Auth. Secs. 3821, 3914, 3939, Gen. Code.
Denom. (22) $1,000, (1) $500. Date Mch. 1 1912. Due $2,000
yearly on Moll. 1 from 1913 to 1922 incl., and $2,500 on Mch. 1 '23.
2,000 coup. sewer bonds. Auth. Sec. 3939, Gen. Code.
Denom. $2,000. Date Mch. 15 1912. Due Mch, 15 1922. Int. M. & S.
Cert. check for 1% of bonds, payable to Vii. Treas., required. Bonds to be
delivered within 10 days from time of award. Purch. to pay acer'd int.
GRANT SCHOOL DISTRICT, W. Va.-Bonds Voted.-This district has
voted, It is stated, to issue $2,000 school-bldg. bonds.
GRAVETTE, Benton County, Ark.-Bond Sale.-An issue of $30,000
water-works and light-plant bonds has, according to reports, been awarded
to W. A. Burke of Bentonville.
GRAYSON COUNTY (P. 0. Sherman), Texas.-Bonds Registered.-The
State Comptroller on May 14 registered the $400,000.5% 10-40-yr 'opt.)
road bondsj(V.s94,,_p. 429)41
GREAT BARRINGTON FIRE 'DISTRICT (P. 0. Greit Barrington),
Berkshire County, Mass.-Bond Sale.-On June 18 the $45,000 4% 9)-yr.
(ay.) coup. water bonds (V. 94, p. 1641) were awarded to E. H. Rollins &
Sons of Boston at 101.047 and int. Other bids follow:
Biodget & Co., Boston
100.5911t. L. Day & Co., Boston_ __ _100.788
GREENSBORO. Guilford County. No. Caro.-Bond Election.-An election will be held Juy 23, It is stated, to vote on a proposition to issue
$130,000 bonds for streets, water-works and market improvements.
GREENSPRING, Seneca County, Ohlo.-Bond Offering.--Proposals will
be received until 12 m. June 24 by J. Light, VII. Clerk, for the following
5% coup. bonds:
$1,700 cemetery-addition bonds. Auth. Sec. 3939 Mun. Code. Denom.
$425. Date April 1 1912. Int. A. & G. Due $425 yearly on
April 1 from 1913 to 1916 incl. Cert. check, payable to R. W.
Clink, Village Treasurer, required.
7,500 Adams Si. Impt. bonds. Auth. Sec. 2835, Rev. Statutes. Denom.
$750. Date June 11912. Int. J. & D. Due $750 yearly on June 1
from 1913 to 1922 incl. Cert. check for 10% of bonds bid for,
payable to Village Treasurer, required.
Purchaser to pay accrued interest.
GUTHRIE SCHOOL DISTRICT (P. Q. Guthrie), Okla.--Bond Election
Proposed.-This district, it is stated, Is considering the holding of anclection to vote on the proposition to issue $50,000 bonds.
HAMILTON, Butler Cuonty, Ohio.-Bond Sale.-On June 12 the following premiums were offered for the $12,166 90 Chesnut St., $5,039 60 Charles
St. and $10,511 50 E. St. 4 A % 1-10-yr. impt. bonds (V. 94, p. 1462.)
410,511 50
$5,039 60
$12,166 90
issue
issue.
issue.
Hamilton Dime Say. Bank
.$204 97
*$82 90
*$237 25
Davies-Bertram Co., Cincinnati
182 00
82 00
210 00
Breed & Harrison, Cincinnati
175 54
208 05
Seasongood• do Mayer, Cincinnati_- _ _ 171 00
00
8
71
88 4
201 00
Well, Roth & Co. Cincinnati
168 25
77 00
195 00
'Tr. Co., Hamilton. 163 25
Citizens Say. B. do
72 50
187 90
135 00
First Nat. Bank, Hamilton
55
155 00
65
55 00
_ 126 11
West. German Bank, Cincinnati_
151 11
119 85
Stacy 6: Braun, Toledo
138 70
57 45
Toledo..
& Tr. Co.,
____
$316 50Security Say.
Mayer, Deppc & Walter, Cincinnati.
$430
*These bids, it is stated, were successful.
Bonds Authorized.-An ordinance was passed June 5 providing for the
lisuance of $20,000 4% coup. gas-works-impt. and ext. bonds. Denom.
$500. Date May 1 1912. Int. M. do N. Due May 1 1932.
HANCOCK COUNTY (P. 0. Findlay), Ohlo.-Bond Offering.-Proposals
will be received until 12 m. June 25 by Lewis Beckman, County Auditor,
for $20,000 53 -year average, $33,000 5-year average and $4,000 4 31-year
average 5% road bonds. Certified check for $50 required.
1717
HARBOR BEACH, Huron County, Mich.-Bond Offeriug.-Proposals
will be received until 7:30 p. m. July 1 by T. F. Bliss, City Clerk, for the
following bonds at not exceeding 4;i% interest:
$11,500 city-hall bonds. Date Jan. 2 1913. Int. J. & J. Due $1,000
yearly on Jan. 2 from 1917 to 1926 incl. and $1,500 Jan. 2 1927.
Cert. check for 3% of bonds bid for, required.
16,000 water-works-refunding bonds. Date Nov. 1 1912. Int. M. & N.
Due $1,000 yearly on Nov. 1 from 1928 to 1939 incl., $2,000 Nov. 1
1940 and $2,000 Nov. 1 1941.
Cert. check for 2% of bonds bid for required.
HARBOR SCHOOL DISTRICT (P.O. Harbor). Ashtabula County, Ohio.
-Bond Sale.-On June 18 the $50,000 4 X% coup. school bonds (V.94, p.
1522) were awarded to Otis to Hough of Cleveland at 102.15 and accrued int.
Other bids follow:
First Nat. Bank, Cleve__ _$51,071 80 Hayden, Miller & Co., Clev$50,790 00
Mayer,DePpe&Walter, Cin.51,055 00 C. E. Denison & Co.,Clev_ 50,786 60
Seasongood & Mayer, Cin_ 50,955 00 Provident Savings Bank &
Davies-Bertram Co., Cin_ 50,805 00
Trust Co., Cincinnati__ 50,680 00
Due two bonds yearly beginning 1917.
HARLAN, Harlan County, Ky.-Bonds Voted.-The election held in this
district June 15 resulted in favor of the proposition to issue the ?
.10,000
5% bldg. bonds (V.94, p. 1581) by a vote of 85 "for" to 2 "against."
HARRISON TOWNSHIP SCHOOL DISTRICT (P.O. Springfield), Ohio.
-Bonds Defeated.-Thc question of issuing $25,000 bldg. bonds was defeated on May 21 by a vots of 24 "for" to 131 "against."
HARTSELLE, Ala.-Bond Election.-An election will be held, it is
stated, to vote on the issuance of $15,000 school-building bonds.
HAVRE SCHOOL DISTRICT (P. 0. Havre), Chouteau County, Mont.
Bonds Voted.-This district at an election held on June 13 decided In favor
of issuing $23,400 school site and building bonds, according to reports.
HELENA SCHOOL DISTRICT NO. 1 (P. 0. Helena). Lewis and Clark
County, Mont.-Bond Election.-At an election to be held In this district
July 13 the voters will have submitted to them, it is stated, a proposition
to issue $70,000 10-20-yr. (opt.) building bonds. Int. (at not exceeding
6%) payable semi-annually.
HEMPSTEAD SCHOOL DISTRICT. Nassau County, N. Y.-Bond Offering.-Proposals will be received, it Is stated, until 5 p. m. June 26 by E. L.
Moulton, Clerk, for $16,000 school-bldg. and $3,500 school-site 434%
bonds. Certified checks for $1,600 and $350 are required.
HENRYETTA SCHOOL DISTRICT (P.O. Henryetta), Okmulgee County,
Okla.-Bonds Voted.-An issue of $8,500 building bonds was, it is stated,
authorized at a recent election.
HIGHLAND PARK. Wayne County. Mich.-Bonds Voted.-An issue of
$49,500 water-extension bonds sv.is authorized, it is stated, by a vote of
59 to 4 at an election held June 15.
HIGHTSTOWN, Mercer County, N. J.-Bond Election Proposed.-The
Town Council, it is stated, has under consideration the calling of an election
to vote on a proposition to issue bonds for installing a sewer system and
building a disposal plant.
HONEY LAKE SCHOOL DISTRICT (P. 0. Standish), Lassen County
Cal.-Bonds Voted.-An election held June 1 resulted in favor of the proposition to issue $3,000 7% 1-15-year (ser.) bldg. bonds by a vote of 22 "for"
and 0 "against." Denom. $200. Proposals for these bonds will probably
be received, we are advised, during July. .
HOPKINS SCHOOL DISTRICT NO. 115,Minn.-BondSale.-Oajune 17
$7,000 5% 15-yr. bonds were awarded to the Union Trust Co. at 102.142.
Date July 1 1912. Int. J. & J. The bids follow:
Union Trust Co
$7,150 Wells & Dickey Co., Minneap_$7,105
C. B. Enkema & Co., St. Paul 7,1151H. C. Speer ec Sons Co., Chic_ 7,000
HOUSTON. Harris County, Tex.-Bond Election.-An election will be
held July 9 to vote on the issuance of $750,000 drainage, $500,000 sewer,
$500,000 high-school, $300,000 street-paving, $250,000 park, $200,000
bridge and $150,000 city-hall 4 M% bonds.
INDEPENDENCE, Montgomery County, Kan.-Band Sale.-The $99,800 water-works-impt. bonds offered on May 9 (V. 94. p. 1265) were
awarded to the H. C. Speer & Sons Co. of Chicago as 4 %s for $101,100
(101.506), int. and blank bonds.
IONIA TOWNSHIP, Kan.-Bond Election.-This township, it is stated,
proposes holding an election to vote on the question of issuing $6,000 bonds.
ITHACA. N. Y.-Bond Offering.-Proposals will be received until 4
p. m. June 24 by P. F. McAllister, City Attorney, for $860,000 coup. or
reg. tax-free refunding water bonds. Auth. Chap. 503, Laws of 1908, as
amended by Chap. 401, Laws of 1911. Denom. not less than $1,000. Int.
(to be mentioned in bid) J. dc J. in New York. Due $587,000 July 1 1927.
$36,000 to be taken by Sinking Fund and balance of $551,000 subject to
call, $25,000 yearly on July 1 1913 and 1914; $35,000 on July 1 from 1915
to 1918 incl.; $40,000 on July 1 from 1919 to 1926 incl. and $41,000 July 1
1927; the balance of the issue ($273,000) will be payable 30 years from date.
No deposit required.
.
JACKSON COUNTY (P.O. Brownstown). Ind.-Bond Sale.-On June 14
the $20,248 28 5% coup. drainage bonds dated May 17 1912 (V.94, p. 15813
were awarded to the Fletcher Amer. Nat. Bank of Indianapolis at par and
$1 premium. Other bidders were Payne, Bush & Co. of Indianapolis(par
less 4 months' accrued interest), and Farson. Son & Co., Chicago (par less
an allowance for legal services.)
JAMESTOWN. Chautauqua County, N. Y.-Bonds Defeated.-The election held May 18 resulted in the defeat of the proposition to issue the $25,000
site-purchase and $25,000 market-bldg. bonds (V. 94. p. 1339). The vote
was 704 "for"ito.1,373Pagainst."
JAMESTOWN, Stutsman C,ounty,'No. Dak.-Warrant Offering.-Proposals will bereceived until 8 p. m.June 24 by A. R.Thompson, City Aud.,
for about $12,000 tax-free electric light warrants, at not exceeding 7% int.
Auth. Chap. 56, Laws of 1909. Denom. not over $1,000. Date Aug. 5
1912. Int. ann. In April at office of City Treas. Due part yearly on Apr.
15 from 1914 to 1923, incl. Cert. check for $500, payable to Pierce Blewett,
Mayor, required.
JEFFERSON COUNTY (P. 0. Birmingham), Ala.-Bond Election Proposed -According to local papers the Board of Revenue will probably call
an election to vote op the question of issuing $1,000,000 court-house and
jail bonds.
JOHNSTOWN, Weld County, Colo.-Bonds Voted.-On June 12 the
voters, according to reports, authorized the issuance of $20,0011 waterworks bonds.
JOHNSTOWN, Licking County, Ohio.-Bond Sale.-On June 15 the
five issues of 5% coup. street-impt. bonds aggregating $16,943 96 (V. 94,
p. 1581) were awarded to the Tillotson & Wolcott Co. of Cleveland for par.
a premium of $544 60 and accrued int. The premiums offered by other
bidders were as follows:
Well, Roth & Co., Cincin_ _ _ _$421 50)New First Nat. Bank, Column.. _$50
Sec. Say. Bk. & Tr. Co., To).. 410 50 Citizens' Bank, Johnstown
par
Hayden, Miller & Co., Clev__ 332 50
JOHNSTOWN SCHOOL DISTR ICT (P.O. Johnstown), Cambria County.
Pa.-Bond Offering.-Proposals will be received until 6 p. m. July 9 by
Chas. H. Meyer, Sec., for the $95,000 431% coup. tax-free impt. bonds
Denom. $1,000. Date June 1 1912. Int. J. & D. at
(V. 94, p. 1581)
office of Treas. Due June 1 1927, optional $27,000 June 1 1917, $33,000
June 11922, $35,000 June 1 1927. Cert. cheek for $500, payable to School
District, required.
JOLIET, Will County. III.-Bond Sale.-The Will County Nat. Bank of
Joliet has just purchased the $35,000 4% water-works-impt. bonds voted
April 16 1912 (V.94, p. 1204) . We are advised that the issue was previously
awarded to N. W. Halsey & Co. of Chicago, but owing to some misunderstanding this contract was canceled and new bids called for.
JONES COUNTY (P. 0. Ellisville), Miss.-Bond Sale.-On June 3 the
$10,000 5% agricultural-high-school bonds dated April 1 1912 (V. 94, p.
1522) were awarded to the H. C. Speer & Sons Co. of Chicago at 102.05,
accrued Int. and cost of printing bonds. Due $1,000 yriy. 1917 to 1926 incl.
JORDONTON IN DEPENDENT SCHOOL DISTRICT. Tex.-Bonds
Awarded in Part.-On June 10 the State Comptroller registered $13,500
5% 10-40-yr. (opt.) bonds. Of this issue $5,000 has been purchased by
the State School Fu nd at par and int.
KADA KA. Stanley County, So. Dak.-Bonds Not Sold.-No bids were
received for the $6,700 7% water-bonds offered on June 5 (V.94, p. 1522). •
KALAMAZOO 'Kalamazoo'County. Mich.-13ends Re-awarded.--Thelsiz
issues of 4 Ji% bonds, aggregating $281,000, awarded on April 30 tAl H..;W.
1718
THE CHRONICLE
[Vox.. Lxxxxre.
Noble & Co. of Detroit at 103.202 and int. (V. 94, p.1265), have, accordMACOMB COUNTY (P.0. Mt. Clemens) Mich.-Bond Sale.-On June 17
ing to reports, been re-awarded to Cleveland parties.
the $20,000 5% 1-4-year (ser.) coup. Jail bonds (V. 94, p. 1462) were
KAM IAH. Lewis County, Idaho.-Bond Election Proposed.-The ques- awarded to Geo. D. Coaney at 101.89.
tion of holding an election to vote on the issuance of $12,000 water bonds
MANSFIELD SCHOOL DISTRICT (P.O. Mansfield), Ohio.-Bond Sale.
Is being considered, reports state.
-On June 7 the $25,000 4% coupon impt. bonds dated June 7 1912 (V. 94,
p. 1523) were awarded to the Fifth-Third Nat. Bank of Cin. at 100.351 and
KANE COUNTY SCHOOL DISTRICT NO. 129 (P. O. Aurora), Ill.- int. Other
bids follow:
Bond Sale.-On June 10 $40,000 4% 143i-yr. (ay.) bldg. and
site bonds Well, Roth & Co., Cin___$25,065 00 Breed & Harrison, Cln___$25,047
60
were awarded to Howard, Simmons & Co. of Chicago at 98.377 and int.- Seasongood
& Mayer, Cin_ 25,052 50 Prov. Say. Bk. & Tr. Co.,
a basis of about 4.15%. E. H. Rollins & Sons of Chicago bid 95.55 & int.
Mansfield Savings Bank,
Cincinnati
$25,041 75
Mansfield
25,050 00 Hayden, Miller & Co.,Clev. 25,027 50
KARENS COUNTY COMMON SCHOOL DISTRICT NO. 6. Tex.
Bonds Registered.-On May 7 the State Comptroller
MARBLEHEAD, Essex County, Mass.-Bond Sale.-Estabrook & Co.
registered $2,000 5%
10-20-yr. (opt.) bonds.
of Boston were awarded on June 20 an issue of $30,000 4% coup. water
KAUFMAN COUNTY, Tex.-Bond Election.-An election will be held bonds at 101.26 and int. Denom. $1,000. Date May 1 1912. Int.
June 29, reports state,to vote on the question of issuing $200,000 road bonds. M. & N., at the Winthrop National Bank, Boston. Due $3,000 yearly
'on May 1 from 1913 to 1922 inclusive. Other bids follow;
kiKENEFIC, Bryan County, Okla.-Bond Offering.-Further details are at Biodget & Co., Boston
oston__100.719
hand relative to the offering on June 24 of the $15,000 0% water-works Blake Bros. & Co., Boston._ 101.09 Ft. L. Day &
_100.971E. H. Rollins Co..gons,
&
Bost_100.3877
bonds (V. 94, p. 1642). Proposals for these bonds will be received until
MARION SCHOOL DISTRICT (P. 0. Marion), Marion County, Kan.
8 p. m. on that day by W. E. Strickland, Town Clerk. Audi., Art.
10,
Bond
Election.
-A
proposition
Sec. 27, Const. Denom. $500. Date Feb. 27 1912. Due Feb. 27 1937.
to issue $3,000 building bonds will, according
Cert check for $500. payable to Bd. of Trustees, required. Bonded debt, to reports, be submitted to the voters of this district.
this issue.
MARLBOROUGH, Mass.-Loan Offering.-Proposals will be received
until 12 m. June 25, it Is stated, for a temporary loan of $50,000. Loan
KENT. Wash.-Bond Sale.-Thls city -recently awarded $17,000 5% matures
April 10 1913.
15 M-yr.(ay.) refunding bonds to E. H. Rollins & Sons of Denver
at 100.111
and interest and blank bonds.
MARSHALL, Harrison County, Texas.-Bonds Voted.-An election held
June 11 resulted In favor of the proposition to Issue $28,000 5% 10-40-yr.
'
,MCAT COUNTY (P. 0. Grand Rapids), Mich.-Bond Sale.-On
6 impt. bonds. Vote 194 "for" and 142 "against."
the $200,000 43% 20-yr. tax-free coup. road-impt. bonds (V. 94, p.June
1399)
MASSILLON, Stark County, Oho.-Bonds Authorized.-An ordinance
were awarded to Bolger, Mosscr & Wiliamau of Chicago at 105.449 and
was passed March 5 providing for the issuance of $4,000 4% coup. fire-a basis of about 4.09%. E. H. Rollins & Sons of Chicago and H.int.
W. department bonds. Denom. $1,000.
Noble & Co. of Detroit made.a joint.offer of 104.085 and int. Eight other
Date May 1 1912. Int. M. & N
at the State Bank of Massillon. Due $1,000 yriy. May 1 from 1913 to
bids were received.
1916, incl.
KNOXVILLE. Knox County. Tenn.-Bond ale.-The $275,000 4%
An ordinance was also passed on April 30 providing for the Issuance of
30-year water and sewer and $15,000 5% 30-year street-impt. bonds offered $6,250
4% coupon Main Street (city's portion) bonds. Denom. (5)
on June 18 (V. 94, p. 1642) were awarded, it is stated, to the Knoxville $1,000 and
(1) $1,250. Date June 1 1912. Int. semi-ann. at the State
Banking & Trust Co. of Knoxville for $290,022 50 and interest-making Bank of Massillon.
Due one bond yearly beginning Oct. 1 1915.
the price 100.007.
MATAGORDA
COMMON SCHOOL DISTRICT NO. 3, Texas.
LAKESIDE SCHOOL DISTRICT (P. 0. Lakeside), San Diego County, Bonds Awarded inCOUNTY
Part.
-Of an issue of $6,000 5% 10-20-year (opt.) bonds
Cal.-Bonds Voted.-The voters of this district on June 3 authorized the registered by theComptroller
on June 11, $3,000 have been sold to the
issuance of $8,000 building bonds, according to reports.
State School Fund at par and interest.
LAMAR TOWNSHIP (P. 0. Lamar), Barton County. Mo.-Bonds De- -MATAGORDWoUNTV COMMON SCHOOL
DISTRICT NO. 17, Texas.
feated.-The voters of this township at an election held June 15 defeated a -Bond
Sale.-This district has sold $5,000 5% 20-40-year (opt.) bonds to
proposition, it Is stated, providing for the Issuance of $60,000 road bonds.
the State School Fund at par and interest.
LATAH COVNTY (P. 0. Moscow). Idaho.-Bond Election.-An election
MATTOON SCHOOL DISTRICT NO. 100 (P.O. Mattoon). Coles County,
will be held July 30. It Is stated, to vote on a proposition to issue $100,000
III.-Bond Sale.-We are advised that the $60,000 4% 10-19-year (ser.)
o)urt-house bonds.
bldg. bonds offered on June 3 (V. 94, p. 866) were awarded to Bolger,
LA VINA SCHOOL DISTRICT (P. 0. Madera), Madera County, Cal.
- Mosser & Willaman of Chicago at 96.34-a basis of about 4.34%. E Ii.
Bonds Voted.-An election held May 31 resulted in favor
4s.
oo
rlins
i& Sons of Chicago bid 94.75 and Int. for 4s and 100.11 and Int.
of the proposition fR
to issue $2,500 7% school-house bonds. Vote 15 "for" and
0
'against."
Due $500 yearly.
MAYVILLE. Chautauqua County, N. Y.-Band Offerina.-ProPosals
LAWRENCE. Nassau County, N. Y.-Bonds Voted.-An election held will be received until 8 p. m. June 24 by W. H. Scofield, VII. Clerk, for
June 18 resulted In favor of the proposition to issue $75,000 street-impt.
$16,000 4% coup. water refund, tax-free bonds. Denom. (10) $600, (20)
bonds. Vote 69 "for" and 40 "against."
$500. Data "not determined." Int. semi-ann. at State Bank of Mayville.
LEA DORE SCHOOL DISTRICT NO. 2 (P. 0. Leadore), Lemhi County, Due $600 yearly from 1913 to 1922 incl. and $500 yearly from 1923 to
Idaho.-Bonds Defeated.-At an election held June 1 the proposition to 1942 incl. Cert. check for 2%, payable to the Clerk, required. Bonded
issue $10,000 6% building bonds was defeated by a vote
of 38 "for" and debt $27,140. No floating debt. Assess. val. 1912, $587,185.
77 "against.'
MECHANICVILLE, Saratoga County, N. Y.-Bonds Voted.-A proposition providing for
issuance of $46,241 bonds for street improvements
COUNTY (P. 0. Sanford), No. Caro.-Bonds Offered by
- was favorably voted,the
it is stated, at an election held June 19.
McCoy ec Co. of Chicago are offering to investors the $100,000Bankers.
5%
coup. road-impt. bonds purchased by them in April (V.94, p. 1133).40-yr.
MEDFORD, Jackson County, Ore.-Bonds Voted.-An election held
Denom , $500. Date May 1 1912. Int. M. & N. at Co. Treas.'s
May 28 resulted in favor of the proposition to issue $20,000 5% 20-year
office.
LEE LANAU TOWNSHIP, Leelanau County, Mich.-Bond Sale Deferred. bonds by a vote of 488 "for" to 81 "against."
-The sale of the $20,000 Stato-reward-road bonds offered on June
MEMPHIS. Tenn.-Btds Rejected.-The $275,000 4i'% 35-year Tr-5 (V. 94,
p. 1400) has been deferred.
State Fair bonds offered on June 18 (V.94, p. 1462) received only two offers,
• LINCOLN COUNTY (P. 0. Lincolton). Oa.-Bond Election.-During both of which, according to reports, were rejected.
August the voters of this county will have submitted to them, accordigg•
MERCER COUNTY (P. 0. Princeton). Mo.-Bond Sale.-The Wm. R.
to
ieports, a proposition to issue court-house bonds.
Compton Co. of St. Louis and Chicago has been awarded, It Is stated, the
375,000 5% 5-15-yr. (opt.) court-house bonds declared valid by the State
LINDSEY SCHOOL DISTRICT (P. 0. Lindsey), Sandusky
County, Supreme Court on May 20 (V. 94, p. 1519) at 102.416.
Ohio.-Bonds Defeated.-Thls district on June 14 defeated a proposition,
it_is_stated, to issue $15,000 building bonds. • • • • •
MERIDIAN. Lauderdale County, Miss.-Bonds Defeated.-A seWer bond
• • • • •
proposition amounting to $20,000 was defeated by the voters, according
LOGAN. Harrison County. Iowa.-Bonds Voted.
state that the to reports, at an election held June 11. On the same
voters of this district have authorized the issuance -Papers
day propositions to
of $20,000 water-works- issue $100,000 street-impt. and $30,000
impt. bonds.
viaduct bonds were rejected.
(V. 94, p. 1642.)
LONDON, Madison County, Ohio.-Bond Sale.-On June 10 the $35,C00
MICHIGAN CITY. Laporte County, Ind.-Bonds Authorized.-This city,
414% Main St. impt. bonds (V. 94, p. 1400) were awarded to Seasongood
according to local papers, has authorized the issuance of $34,000
ec Mayer of Cincinnati at 102.66.
4 y6%
funding bonds. Denom. $500. Due $2,000 yearly on July 1 from 1913
LONO BEACH SCHOOL DISTRICT. Los Angeles County, Cal -Bond to 1929 inclusive.
Sale.-The $100,000 4% 103i-yr. (ay.) gold
site-purchase and building
MIDDLETOWN. Conn.-Loan Offering.-Proposals will be received, It is
bonds offered without success on May 6 (V. 94, p. 1400) have
been pur- stated, until 2 p. m.
June 25 for a temporary loan of $25,000 in anticipachased, It is stated, by the State of California at par and int.
tion of taxes. Loan matures Dec. 28.
LORAIN. Lorain County, Ohio.-Bonds Authorized.-An ordinance has
MILAM COUNTY SCHOOL DISTRICT NO. 44, Texas.-Bonds Awarded
been pa3sed, t s stated, providing for the Issuance of $20,000 municipalin Part.-Of an issue of $6,800 5% 10-40-year (opt.) bonds registered by
improvement bonds.
the Comptroller on June 10, $3,400 has been disposed of at par and hit.
LOWELL SCHOOL DISTRICT, Stanislaus County, Cal.-Bond Sale.
to the State SchoollFund.
• • • • • • • • • • • • • • • ....
On Juno 11 $6,500 5% 73-yr. (aver.) bldg. and furnishing bonds were
awarded to the Union Say. Bank of Modesto at par and interest. Date 9MILWAUKEE. Wis.-Bonds Refused.-The $40,000 43i% "flit.
bonds
awarded
on
A. Read & Co. of Chicago and the WisWm.
May
14
to
June 11 1912. Interest J. & D. • • • • • • •
• • • • • • • • • • • consin Trust Co. of Milwaukee (V. 94, p. 1463) have been decined. At• LUDINGTON. Mason County, Mich.-Bond Electioy.-On June 27 the torney Chas. B. Wood of Chicago has refused to approve this issue, It
is
question of issuing $50,000 street bonds will be presented to
the voters, stated, as the election proceedings did not conform with the requirements
according to reports.
of the Revised Statutes and because of the lapse of timesin
12 tee
he the
4 election.
e3c4tlo7
n.
7
MINNEAPOLIS. Minn.-Certtftcate Sale.-On June
McARTHUR-HUNTSVILLE'SCHOOL DISTRICT (P. 0. Huntsville),
Logan County, Ohlo.-Bond Offering.-Proposals
1-15-yr. (serial) coupon tax-free cert, of indebtedness (V. 94, p. 1581) were
will
be
received
until
12
m. July 6 by J. S. Montgomery, Clerk, for
4 Si% bldg. bonds. awarded to the Minnesota Loan & Trust Co. and the Wells & Dickey Co.,
Anti'. Sec. 7625, Gen. Code. Denom. $500. $30,000"day
of sale." Int. both of Minneapolis, at their joint bid of par and interest for 55.
semi-ann. Due $500 each six months on Mob. 1Date
Bind Sale.-On June 20 the $325,000 4% 30-yr. perm.-Impt, revolving
and
Sept.
1 from 1914 to
1923 incl. and $1,000 each six months on Mch. 1 and
Sept. 1 from 1924 to fund bonds (V. 94, p. 1523) were awarded to E. H. Rollins & Sons and Al1933 Incl. Cert. check for 5% of bonds bid for, payable
tenon, Greene &g(Ing of Chicago at 97.60-a basis of about 4.138%. • •
to
Treas.,
required
Bonds to be delivered within 10 days from time of award.
MINNESOTA.-Bonds Purchased by State.-During the month of May
Purch. to pay
accrued interest.
• •
• .1 i
• •
the State purchased at par the following 39 issues of 4% bonds, aggregating
•
•
McKEESPORT, Allegheny County, Pa.-Bonds Authorized.-The Common Council on June 10 passed an ordinance, It is stated,
Atkins county
1,150
B1a9b5
$3,000 Meeker County Dist. No, 47425,000
the $
issuance of $15,000 paving bonds. • • • • • • • • • • • authorizing
Bannock, Koochiehing County 3,000 Millelacs County Dist. No. 33_23,000
• • •
County
Becker
S.
D.
No.
40._
1,250 Morrison County Dist. No. 60_
• MeCULLOCH COUNTY COMMONI,SCHOOL DISTRICT NO. 15,
600
Texas.- Becker County S. D. No, 105_ 1,500 Nobles County Dist. No. 85_ _ 1,500
Bond Sale.-The $2,100 5% 20-year bonds (V. 94, p. 1581)
have been sold Beltrami County Dist. No. 6_20,000
Otter Tail County Dist. No. 4_ 1,500
to the State School Fund at par and Interest.
Beitrami County Dist. No. 7_ 6,200 Otter Tail County Dist. No.108 500
• McCULLOCH COUNTY COMMON SCHOOL DISTRICT NO. 18,Texas.
- Barnum, Carlton County__ _ 4,000 Otter Tail County Dist. No.140 1,400
Bonds Awarded in Part.-The State School Fund has purchased
at par and Branswold Twp., Polk County 800 Otter Tall County Dist, No.214 1500
interest $2,300 of the $7,000 5% 10-40-year (opt.) bonds.
Brookston, St. Louis County_
050 Page, Milielacs County
5,000
Cass County Dist. No. 10..___ 3,000 Red Clover Twp., Carlton Co_ 2,000
McCULLOCH COUNTY COMMON SCHOOL DISTRICT NO. 36,Texas.
- Faribault County Dist.
Bonds Awarded in Part.-The State School Fund has purchased
Red Lake County Dist. No. 7_ 1,000
No.103
1,800
at
par
and
Graceville,
Bigstone
Renville
interest $E400 of the $4,800 5% 40-year bonds (V. 94, p. 1581).
County_ _20,500 Renville,
County_ _ _ _ 4,000
Grant County Dist. No. 33_ _ _ 4,000 Rice River Twp., AltkIn Co.._ 5,000
• McCULLOCH COUNTY COMMOKSCHO
DISTRICT NO.41,Texas.
- Grant County Dist. No. 55_
500 Roseau County Dist. No. 42..., 1,500
Bonds Registered.-On June 11 $4,000 5%OL
10-40-year (opt.) bonds were Isanti County Dist. No. 27___ 2,200 St. Louis County Dist. No.
30_12,000
registered by the State Comptroller. This issue has been sold to the
State Jackson County Dist. No. 3_ _12,000 Thompson Twp., Kittson Co_ 7,000
School Fund at par and interest.
. • • . . . . . ... . • . . . .
Klttson County Dist, No, 64_
900 Todd County Dist. No.72., 1
• McDONOUGH, Henry County, Ga.-Bond Offering.-Proposals
Marshall
County Dist. No. 123 1,000 Todd County Dist. No, 152..... LIAO
'
will be
received until 3 p. m. July 1 ky J. B. Dickson, City Clerk
and Treas., for Marshall County Dist. No. 130 1,500 Wadcna County Dist. No. 11_
360
the f011owing 5% coup. gold bonds:
Martin County Dist. No. 77__12,000
$22,000 water-works bonds. Due $1,000 yearly on Jan.
-MINSTER. Auglaize County, Ohio -Bond Election.-An election
1 from 1915 to
1936 incl.
held July 9, It is stated, to vote on the question of issuing $20,000 wiAl,P0
wat„er18,000 sewerage bonds. Due $1,000 yearly on Jan. 1 from 1919
. . ....
to 1936 works-Plant bonds.
incl.
•
MISSISSIPPI COUNTY (P.O. Osceola), Ark.-Bonds Offered by Bankers.
• Denom. $1,000. Date Jan, 1 1912. Int. ann. at the National
Bank of _Farson, Son ec Co. of N. Y. and Chic. are offering to investors $69,000.6%
Commerce, N. Y. City. Cert. check for 5% of bid required. Bonds
-house
will
court
bonds.
Date
April 1 1912. Int. ann. In July at the County
be ready for delivery July 1.
Treas. office. Due from July 15 1913 to 1919. No other debt. Assessed
• MCHNTOSH SCHOOL DISTRICT NO. 192, Polk
Minn.-Bond val. $10,130,414.
Sale.-On May 17 $15,000 5% 15-yr. bldg. bonds County,
were awarded to the
MITCHELL COUNTY (P. 0. Colorado). Texas.-Bond Election.-An
Union Investment Co. of Minneapolis at 101.20. Denom,
Date election wit be held. Ills stated, In the Loraine Precinct on July' 20 to vote
Jdne 1 1912. Int. J. & D. Bids of par were received from $1,000.
the First Nat. on the question of issuing $30,000 road bonds.
Bank, McIntosh and the Union Trust Co., Chicago. •
• • • • • • • • * • •
. . . . . .
MOBILE, Mobile County. Ala.-Bond Offering.-Proposals will be re'MACOMB, McDonough County. III.-Bonds Voted.-In addition to
the ceived until 12 m. July 1 by L. Schwarz, Mayor, for $178,000 5% coup.
$7,000 4)
,6% 5-11-yr. (serial) coup. engine-house bonds authorized
at the (with privilege of registration) street impt. bonds. Auth. P.371, Acts of
election on June 7 (V. 94, p. 1642), an issue of $6,000
bonds was, 1911, and Sees. 1365 and 1408, Code of 1907. Denom. $1,000. Date
4 is stated, alsoyoted on that day. The vote is givenstandpipe
as 580 to 132.
Aug. 1 1912. Int. F. & A. at Am. Exchange Bk., N. Y. Due Aug. 1 1922
LEE
TINE
22 1912.]
THE CHR•NICLE
1719
subject to call at an earlier date at 101 X and accrued int. Cert. check for
The above bonds were all purchased, we are advised, direct from:the
1%, payable to the Board of Commissioners, required.
place issuing them and none is subject to call.
MODESTO SCHOOL DISTRICT (P. 0. Modesto), Stanistaus County.
NORTH HUNTINGDON TOWNSHIP SCHOOL DISTRICT. Pa.-DeCal.-Bond Election.-Dispatches state that this district will hold an elec- scription
ofBonds.-The $60,000 4 M% school-house and site
awarded
tion to vote on a proposition to issue $137,000 bonds.
on May 25 to J.S. h.& W.S.Kuhn, Inc., of Pittsburgh, at bonds
100.25(V. 94,
MOLINE. Rock Island County. III.-Bond Election.-The proposition p. 1642) are dated May 1 1912. Denom. *1,000. Int. M. & N.
Due
to issue the $164,000 4 X % water-works bonds (V. 94, p. 1642) will, ac- 10-20-30
-years.
cording to reports, be submitted to the voters on July 23.
NORTH WILDWOOD (P.O. Anglesea), N. J.-Bond Offering.-Further
MONROE, Union County, No. Car.-Bond Sale.-0a June 17 the $30,000 details are at hand relative
5% 30-yr. coup. sewerage bonds (V. 94, p. 1400) were awarded to the Caro- refunding bonds (V. 94, to the offering on June 25 of the $65,500 reg.
p. 1643). Proposals for these bonds will be relina Insurance & Securities Co. of Charlotte at par and int. Date June 1 ceived until 8 p. m. on that
day by Geo. A. Redding, City Clerk. Denom,
1912. Int. annual.
$1,000. Date Aug. 1 1912. Int. at Marine National
Bank, Wildwood.
MONTGOMERY COUNTY (P. 0. Rockville). Md.-Bond Offering.- Due Aug. 1 1932, optional after 5 years. Cert. check for $1,000, payable
Proposals will be received until 12 m. July 16 by the County Commrs., to F. 13. Shivers, Collector, required.
B. E. Clark, Clerk, for the following 4 X% coupon bonds:
NORWOOD SCHOOL DISTRICT (P. 0. Norwood), Pa.-Bond Sale.
$12,000 bonds. Denom. $500. Int. F. & A. at Farmers' Banking & An issue of $30,000
45.i% bonds was awarded recently to N. W. Halsey &
Trust Co., Rockville. Due $1,000 yrly. from 1913 to 1924 incl.
Co. of Philadelphia at 104.199. Other bids follow:
35,000 bonds. Denom. $1,000. Int. attn. In July at Farmers' Banking J.S.&W.S.Kuhn,Inc.,
Pitts_103.625
Edw. V. Kane & Co.. Phila_101.81
& Trust Co. Due $1,000 yrly. from 1913 to 1947 incl.
Harris, Forbes & Co., N. Y__102.301 j Sweet & Co
101.55
Cert. check for $200, payable to County Commrs., required with bids
OAKLEY, Hamilton County, Ohio.-Bond Sale.-The bids received
for each issue.
on
June
14
for
the
*1,298
5%
sidewalk-impt.
assess. bonds (V. 94, p. 1523)
MORAN INDEPENDENT SCHOOL DISTRICT,Texas.-Bonds Awarded. were as follows:
in Part.-Of an Issue of $10,000 5% 10-40-year (opt.) bonds registered by H.
H. Johanigman
•$1,353 I Seasongood & Mayer, Clue_ _$1,323
the State Comptroller on June 10, $5,000 was purchased by the State
• This bid, it is stated, was successful.
School Fund at par and interest.
MORELAND TOWNSHIP (P.O. Jenkintown), Montgomery County, Pa
OAK PARK AND RIVER FOREST HIGH SCHOOL DISTRICT
-Bond Sale.-The highest bid received on June 3 for the $10,000 4 35%
(P. 0.
registered bonds offered on that day (V. 94, p. 1523) was 101.125 received Oak Park), III.-Bond Offering.-Proposals will be received until 7:30 p. m.
from the Jenkintown National Bank, according to reports. Due $500 July 3 by the High School Board of Education, Minna Ferrell Johnson,
Sec..
yearly on June 1 from 1913 to 1922 incl. and $1,000 yearly on June 1 from for $135,000 4% bonds. Due $2,000 yrly. July
1 1914 to 1919, incl., $3,000
1923 to 1927 incl.
yearly July 1 1920 to 1925, incl., and $15,000 yearly July 1
1926
to 1932.
AtUSSELSHELL COUNTY (P. 0. Roundup),
-Bond Offering.- incl. Cert. check or cash for $5,000 required.
Proposals will be received, it is stated, until 2 p.Mont.
m. Aug. by Fred. W. • The official notice of this bond offering
will be found among the advertiseDralle, County Clerk, for $80,000 refunding bonds at not 1exceeding 5%
ments elsewhere in this Department.
Interest. Denom. $1,000. Cert. check for 5% required.
•
NAPOLEON. Henry County, Ohlo.-Bond Offering.-Proposals will be
ORANGE COUNTY (P. 0. Santa Ana). Cal.-Bond Election.-Proposireceived until 12 m. June 24 by J. J. Downey, Vii. Clerk, for the $4,200 tions providing for the issuance of $100,000
bridge and $80,000 hospital.
coup.armory-site bonds voted Apr. 28 (V. 94, p. 1340). Auth. Sec. almshouse and poor-farm bonds will, according
to reports, be voted upon
3939, Gen. Code. Denom. $800. Date May 15 1912. Int. ann. Due on July 20.: • • • •
•gj
$600 yearly from 1913 to 1919, incl. Cert. check for 5% of bonds bid for,
OSAGE COUNTY.
(P.1). Pawhuska). Okla.-Bonds Offered by Bankers.
payable to VII. Treas., required. Bonds to be delivered within 10 days
An issue of $29,800 6% funding bonds is offered to investors
from time of award. Purchaser to pay accrued interest.
by McCoy de
Co. of Chicago. Denom. (29) $1,000, (1) $800. Date Mob.
15 1912.
NEW BEDFORD, Mass.-Bond Offerings.-Proposals will be received Int. M. & S. at fiscal agency
of State of Okla. In New York City. Due
until 8 p. m June 24 by W. S. Cook, City Treasurer, for the following 4% Jan. 1 1932,
registered tax-free bonds:
*100,000 sewer bonds. Auth. Chap. 474, Acts of 1910. Date June 11912.
OTTAWA COUNTY (P. 0. Port Clinton). Ohio.-Bond Sale.-The
SeInt. J. & D. Due $4,000 yearly on June 1 from 1913 to 1922 curity Savings Bank dc Trust Co. of Toledo has been awarded an
issue of
$8,400 4 A% road bonds, according to reports.
incl. and $3,000 yearly on June 1 from 1923 to 1942 inclusive.
135,000 municipal loan No. 2, 1912, bonds. Date May 1 1912. Int.
OTTUMWA SCHOOL DISTRICT (P. 0. Ottumwa), Wapello
•
County,
M. & N. Due $14,000 yearly on May 1 from 1913 to 1917 incl. Iowa.-Bond Offering.-Proposals
will be received, according to
•
and $13,000 yearly on May 1 from 1918 to 1922 incl.
until 3 p. m. July
by J. A. Wagner, Sec. Board of Education,reports,
for the
• 11,077 28 municipal loan No. 3, 1912, bonds. Date May 1 1912. Int. $43,000 4J% bldg.1bonds
voted
Mch.
11
(V.
94, p. 782). Interest semi•
M. & N. Due $2,077 28 on May 1 1913 and $1,000 on May 1 annual. Due 10 years.
•
from 1914 to 1922 incl.
OWENSVILLE. Clermont'County, Ohio.-Bond Sale.-On May 31 the
• 15,000 municipal loan No. 4, 1912, bonds. Date May 1 1912. Int.
•
•
M. & N. Due $2,000 on May 1 from 1913 to 1917 incl. and $1,000 $1,100 5% coupon-sidewalk-constr (village's portion) bonds. V. 94, p. 1342,
were awarded to Clara M. Dumford for $1,145, or 104.09. Two other
•
yearly on May 1 from 1918 to 1922 inclusive.
local
• 50,000 high-school bonds. Auth. Chap. 385, Acts of 1903, as amended. bids were received, both for $1,130. Due part yearly April 5 1913 to 1931
•
•
Date June 1 1912. Int. J. & D. Due $3,000 yearly on June 1 Inclusive.
.
. from 1913 to 1922 incl. and $2,000 yearly on June 1 from 1923
• PARKERSBURG, Wood County, W. Va.-Bond Sale.-The $100,000
to 1932 incl.
4% 20-yr. coup. water-works
offered on June 14 (V. 94, p. 1523)
160,000 water bonds. Auth. Chap. 75, Acts of 1912. Date May 1 1912. were awarded.to Seasongood &bonds
Mayer of Cincinnati at par and accrued in• • •
Int. M. & N. Due $8,000 yearly on May 1 from 1913 to 1927 terest, with an allowance of $5,070 for commissions
and expenses.
• • •
Incl., $5,000 yearly on May 1 from 1928 to 1937 incl. and $4,000
PARMER COUNTY COMMON SCHOOL DISTRICT NO. 15, Texas.•
yearly on May 1 from 1938 to 1942 incl.
Bonds
Registered.
-On
June
11
$1,800
5%
10-20-year (opt.) bonds were
Denom. $1,000 or any multiple thereof. The legal opinion of Storey
Thorndike, Palmer & Dodge, Boston, will be furnished. Cert. check on a registered by the State Comptroller.
PASSAIC, Passaic County. N. J.-Bond Sale.-On June 17 the $42,000
national bank or trust company for 2% of bonds bid for, payable to the
refund.
and $62,000 school 4 A% 30-yr. gold coup. (with priv. of
city of New Bedford, required.
reg.)
bonds (V. 94, p. 1463)
awarded to Curtis & Sanger of New York at
NEV BRAUNFELS, Texas.-Bonds Registered.-An issue of $67,000 104.90 and int.-a basiswere
of about 4.21%. The other bids follow:
4 % 5-40-year (opt.) water-works bonds was registered by the State Ferris & White, New
York 104.711 A. B. Leach &Co.,N.Y., andi
Comptroller on June 13.
Biodget & Co., New York.._104.607 People's S. B.
dc Tr. Co.,Pasj104
•
NEW HAVEN TOWNSHIP, Huron County, Ohio.-Bond Sale.-On N. W. Halsey & Co., N. Y..104.517 W. N.Coler &
. Y____103.90
June 17 the $15000 5% road-impt. bonds (V. 94, p. 1523) were awarded Estabrook & Co., N. Y
104.26 Harris, Forbes Co.,do.,
&
N. Y.._103.801
to the First National Bank of Cleveland at 104.486. Other bids follow:
Kissel, Kinnicutt & Co.,N.Y.102.48
Security Say. Bk. & Trust
Stacy & Braun, Toledo ..$15,606 00
PAWTUCKET, Providence County, R. I.-Temporary Loan.-A temCo., Toledo
$15,838 00 Seasongood & Mayer, Cin_ 15,585 00
Tillotson &WolcottCo.,Cle. 15,818 00 Hayden, Miller & Co.,Clev. 15,525 00 porary loan of $300,000 has been negotiated, It is stated, with Curtis &
C. E. Denison & Co., Clev. 15,611 60 Spitzer, Rorlok & Co., Tol. 15,394 50 Sanger of Boston at 3.65% discount. Loan matures Oct. 18 1912.
• PENTWATER, Mich.-Bonds Defeated.-An election held June 3 reNEW MEXICO.-Bond Offering.-Proposals will be received, Itis stated,
until 12 m. July 15 by 0. N. Marron, State Treasurer (P. O. Santa Fe) for suited in the defeat of the question of issuing $5,000 water-works-impt.
$200.000 6% 1-5-year (serial) deficit-loan bonds. Interest semi-annual. bonds.
PERRY TOWNSHIP SCHOOL DISTRICT (P. 0. West
Certified check for 2% is required.
Mansfield).
NEWPORT, Campbell County, Ky.-Bonds to Be Offered Shortly.-Local Logan County, Ohio.-Bond Offering.-Further details are at hand relative
the offering on June 24 of the $30,000 5% school bonds (V. 94, p. 1644).
to
papers state that the Board of Commissioners.onJunel7authorized the City Proposals
will
be
received until 12 m,on that day by C. E. Wooley, Clerk,
Recorder to advertice for the sale of $50,000 of the $100,000 street-impt. Auth.Secs.
7625, 7826 and 7627 Gen.Code. Denom.(30) $500 (15) $1,000.
bonds (V. 94.
1337). The bonds will carry 4% interest and mature in Date July 11912.
Int. M. & S. Due $2,000 yearly on Sept. 1 from 1913
30 years. Denom. $500.
•
to 1927 incl. Cert. check for 5% of bonds bid
payable to Treasurer,
NEWTON FALLS, Trumbull County, Ohio.-Bond Offering.-Proposals required. Bonds to be offered in lots of $5,000 for,
each.
Ci
will be received until 12 m. July 15 by H. Herbert, VII. Clerk, for the $15,• PHEBA, Clay County, Miss.-Bonds Authorized.-It is stated that this
000 414% coup. (village's portion) street-impt. bonds voted Feb. 21
Intends issuing $4,000 bonds to build a dormitory for the Agriculural
(V. 94, p. 1205). Auth. Sec. 3939, Gen. Code. Denom. $500. Date town
July 15 1912. Int. ann. Due $500 each six months from May 1 1913 to High School of Clay County, to be located in this town.
Nov. 1 1927, Incl. Cert. check for 2% of bonds bid for, payable to Vii.
PILOT ROCK, Umatilla County, Ore.-Bond Offering.-Proposals will
Clerk, required. Bonds to be delivered within 5 days from time of award. be received until July 25 for $12,000 6% water-works bonds. Auth. vote
Purchaser to pay accrued Interest.
of 31 to 1 on June 7 (V. 94, p. 1524). Due July 11932.
NIAGARA FALLS, N. y.-Bond Offering.-Proposals will be received
PLATTSBURGH. Clinton County, N. Y.-Price Paid for 'Bonds.-We
until 3 p. m. July 10 by the Board of Estimate and Apportionment, Thos. are advised that the price paid for the $79,000 4 X% bonds recently awarded
H. Hogan, City Clerk, for $66,500 4 X% reg. gold sewer bonds. Denom. to the Schenectady Savings Bank of Schenectady was $79,418 70
(100.53)
(86) $1,000, (1) $500. Int. J. & J. In New York exchange. Due Jan. 1 and not $79,476 (100.802) as at first reported.
1930. Cert. check for $1,500, payable to the City Clerk, required. Bonds
PORTSMOUTH,Ohio.-Bond Sale.-The bids received on June 18 for the
to be delivered within 3 weeks from time of award.
three issues of 4% coup. bonds (V. 94, p. 1524)
were as follows:
NILE IRRIGATION DISTRICT, Morgan County, Colo.-Bond Sale.$300,000
$20,000
$20,000
On June 8 $15,000 6% irrigation bonds (V. 94,
water,sewer.
1523) were awarded to
street.
First
Nat.
Bank.,
Fred. Lucas at 95. Denom. $500. Date Dec. 1908.
Central Nat. Secur.
p.
Int. J. & D.
Say. and Portsmouth Batik Co.,
NILES SCHOOL DISTRICT, Alameda County, Cal.-Bond Sale.-On
all
of
Portsmouth
*$3
302
02:2
June 10 the $25,000 5% 20-yr. bldg. bonds (V. 94, p. 1523) were awarded
58
00
4 *$20,050 00 •$20,100 00
to the Head Camp, Pacific Jurisdiction, W. O.W. at 104.58152. Denom. Breed & Harrlson, Cincinnati
Fifth-Third Bank, Cincinnati
$1,000. Date July 1 1912. Int. J. & J. Other bids follow:
301,806
20,014 00
20,038 00
Mayer,
Deppo
&
Walter,
Cincin
Niles State Bank
301,560
$25,875 001.T.H.Adams & Co.,Los Ang.$25,671 00
20,000 00
20,022 00
301,533
Bank of Centreville
25,850 00 Wm.R.Staata Co.,Pasadena 25,627 50 Well, Roth & Co., Cincinnati
20,000 00
20,030 00
20,019 00
N. W.Halsey & Co.,SanFr. 25,827 57 E.H.Rollins & Sons,San Fr. 25,577 50 Ohlo Valley Bank, Portsmouth
20,039 50
Atlas National Bank, Cincinnati
20,010 75
20,026 25
NORTH CHARLEROI (P. 0. Charleroi), Washington County, Pa.
$342,332
- Seasongood & Mayer, Cino.(for all iss.)Bonds Voted.-AccordIng to local papers this borough on June 11 authorized
issuance
of
*These
the $14,000 5% gold tax-free gen. bonds (V. 94, p. 1000)
bids, it is said, were successful.
the
by a vote of 70 to 40.
PRAIRIE FLOWER SCHOOL DISTRICT, Merced County, Cal.-Bonds
NORTH DAKOTA.-Bonds Purchased by State.-During April the State Not Sold.-No award was made on June 4 of $4,000 5% bonds offered on
purchased at par the following sixteen issues of 4% bonds, aggregating that day.
*146,500.
PORTLAND, Ore.-Below we give a list of the successful and unsuccessPlace issuing bonds- Amount.
Purpose.
Date.
Due.
ful bidders on Juno 10 for $176,368 94 6% local-lmpt. bonds.
lawn School District ___ $3,500 Building
Apr. 20 Apr. 20 1932 Ladd & Tilton 13k. $6,500 00_ 4'104.
I 1).000 00_ _103.26
Bismarck (City)
40,000 Auditor um
Apr. 1 Apr. 1 1932
f 5,000 00_*103.77
United States Nat.4 5,000 00_*103.51
Cass Co. Sch. D. No. 26_ 6,000 Building
Apr. 30 Apr. 30 1932 Lockwood Hebard{ 5,000 00_*103.82
Bank
50,000 00.'103.66
Champion School Dist__ _ 1,200 Building
Apr. 20 Apr. 20 1922
Carstens dr Earles,t
l 5,000 00...103.87
3,900 Funding
Duffsr School District_
Apr. 20 Apr. 20 1932 W.C. North
7,500 00_*103.65
Incorporated
J 75,000 00_ _103.46
Ellsworth School Dist__ _ 1,200 Building
Apr. 30 Apr. 30 1932 Astoria Nat. Bank 15,000 00_*103.60
LeRoy Thomas
1,000 00_103-05
Fairmount School Dist
13,000 Building
May 10 May 10 1932
f 4,000 00_*103.50
Lumbermea's Nat.).
Fertile School District.. _ _ 1,200 Building
Apr. 30 Apr. 30 1932 W.F. White
1170,000 00. 103.30
Bank
__103.02
50,0000
1
1,200 Building
Linden School Dist
Apr. 30 Apr. 30 1922
f 30,000 00_*103.3857
( 5,000 0 -102.87
21,000 Bldg. & Fund. Apr. 30 Apr. 30 1932 Morris Brothers..).
Lisbon Spec. Sch. Dist
10,000 00..103.2657 F. H. Lewis & 4 5,0000 -.103.02
10,000 Water
McClusky (City)
May 10 May 10 1932
f 10.000 00 103.26
Company
I 3,0000 _101.26
Minot Park District _ _ _ 4'31,000 Park
Apr. 1 Apr. 1 1932 Portland Tr. Co.{ 10,000 00_ 4'103.48
5,000 0 _*103.425
1,200 Building
Morton Sch. District
Apr. 20 Apr. 20 1932
of Oregon
1 10,000 00.'103.82
S. A. Kean & Co. 176.3669 _ _101.25
3,000 Bldg.& Fund. Apr. 20 Apr, 20 1932
Roseville Soh. Dist
Hall & Lewis. _ 20,000 00.'103.50
Wm.
Adams,
City).
3,500 Building
Shields School Dist __
Apr. 20 Apr. 20 1932
Treasurer
(100.000 00_ _100
600 Building
Valley School Dist
Apr. 20 Apr. 20 1922
'These bids were successful, Morris Bros. of Portland, havingibeen
awarded $28,368 94 of the $30,000 which they bid for at 103.38
7.r.: .
'Sales previously reported in "Chronicle".
All bidders offered accrued Interest in additiona to their bids
720
THE CHRONICLE
_ PRINCETON SCHOOL DISTRICT (P. 0. Princeton), Mercer County,
Mo.-Band Sale.-An issue of $20,000 5% 5-20-yr. (opt.) bonds has been
awarded, it is stated, to the Wm.R. Compton Co. of St. Louis and Chicago.
at 102.70.
PUTNAM COUNTY (P. 0. Ottawa), Ohio.-Bond Sale.-On June 13
the four issues of 5% road bonds, aggregating $65,000 (V. 94, p. 1524) were
awarded to Stacy & Braun of Toledo at 105.976. The premiums offered
were as follows:
Stacy & Braun, Toledo_ _ _ ..$3,884 44 Well, Roth 86 Co., Cin
$3,287 00
Tillot. & Wolcott Co., lev. 3,592 41 Seasongood & Mayer, Cin _ 3,532 00
Citizens Nat. Bank, W•ooster 2,946 60 Hayden. Miller & Co., Clev. 3,697 00
Davies-Bertram Co., Cin__ 3,663 00 First Nat. Bank, Clev
3,643 00
Secur.Say. Bk. & Loan Co.fReed & Harris, Cin
3,606 80
Toledo, on $20,000
11,070 60 Mayer, Deppe & Walter,
• 315 00 • Cincinnati
Otis & Hough, Cleveland
3,458 00
• QUINCY. Norfolk County, Mass.-Temporary Loan.-Blake Bros. & Co.
of Boston were awarded on June 20, it is stated, a temporary loan of $75,000
at 3.96% discount and a premium of 80 cents. Loan matures Mch. 10 1913.
RAKHESTER. Sheridan County, Wyo.-Bond Offering.-Proposals will
be recerred until 7:30 p. m. June 24 by H. S. Syverson, Town Clerk, for
48,000(i% coup. water-plant bonds. Denom. $100. Int. ann. on June 1
at Ranchester or New York. Due 30 yrs. after date, opt. after 15 years.
RAVALLI COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Hamilton),
Mont.-Bond Sale.-An issue of $9,000 5% 6-12-year (opt.) bldg. and site
bonds was awarded on June 8 to the Union Investment Co. for$9,055, making the price 100.611. Denom. $1,000. Date July 1 1912. Int. J. & J.
Other bids follow:
Wells & Dickey Co., Minn_ _ _ _$9,050 West Un. Life Ins. Co., Spok_$9,000
Jas. N. Wright & Co. Denver 9,010 Union Tr. & Say. Bk., Spok__ 9,000
Citizens' State Bk. liam'ton_ 9,009 State Land Dept., Helena_ ___ 9,000
S. A. Kean & Co.,
Chicago__ _ 9,000 Hanchett Bond Co., Chicago__ 9,000
'
READING, Hamilton County. Ohio.-Bond Offering.-Proposals will be
received until 12 m.July 15 by W.F. Klopmeyer, VII. Clerk,for the $35,000
4% (village's portion) sewerage bonds voted April 3 (V. 94, p. 1077).
Auth. See. 3939 to 3953 incl., Gen. Code. Denom. $500. Date May 25
1912. Int. M. & N. at Reading Bank. Due May 25 1942. Cert. check
for 1% of bonds bid for, payable to VII. Treas., required. Bonds to bodelivered within 15 days from time of award. Puroh. to pay accrued int.
- REDWOOD CITY, San Mateo County. Cal.-Bond Sale.-G. G. Blymyer & Co. of San Francisco has been awarded, it is stated, the $30,000
5 g% paving bonds offered on June 3 (V. 94, p. 1524).
RICHMOND TOWNSHIP, Huron County, Ohio.-Bond Offering.-Proposals will be received until 12 m. July 13 by Bd. of Twp. Trustees, E. C.
Pollinger, Clerk, at Home Savings & Banking Co., Chicago, for $10,000
4 g% coup. road district bonds. Auth. Sees. 7033 to 7052 inel., Gen.
Code, and election held May 21. Denom. $500. Date July 1 1912. Int.
J. & J. at Home Savings & Banking Co. Due $500 each six months from
July 1 1913 to Jan. 1 1923 Inci. Cert. check on a bank other than one
making bid, for 5% of bonds bid for, payable to Twp. Clerk, required.
Bonds to be delivered within 10 days from time of award. Purchaser to
pay acerued interest.
RIVERTON SCHOOL DISTRICT (P.O. Riverton), Iowa.-Bond Sale.
This district has sold to the Nishna Valley Bank of Riverton $15,000 5%
bldg. bonds. The price paid was $15,050, or 100.333. Date July 1 1912.
• • . . . . . . . . .
Int. J. & J. Due 1922, opt. after 1920.
RIVIERA SCHOOL DISTRICT (P. 0. Riviera). Nueces County, Tex.
Bond Sale.-This district, according to reports, bas sold an issue of $10,000
building bonds to St. Louis parties.
ROCHESTER, N. Y.-Note Offering.-Proposals will be received until
2 p. m. June 24, by E.S. Osborne,City Comptroller,for $100,000 local-Impt.,
$15,000 public-library and $10,000 park-impt. notes, payable 8 months
from July 1 1912, at the Union Trust Co., N. Y. Bidders to designate rate
of interest and denomination of notes desired.
ROCKPORT,Cuyahoga County, Ohio.-Bond Sale.-On June 11 $15,000
436% 30-yr. water-main-ext. bonds were awarded to the First Nat. Bank
of Cleveland for $16,080 80-making the price 107.205-a basis of about
4.082%. Other bids follow:
Seasongood & Mayer, C1n_$16,070 001Prov.Say.B.84 T.Co. ein..$15,937 50
Hayden, Miller & Co. Clev. 16,037 50 Otis & Hough, Cleveland_ 15,908 00
Stacy & Braun, Toledo_ _ _ 15,985 50 New First Nat. Bank, col. 15,613 00
C. E. Denison & Co., Clev. 15,941 601
Denom. $1,000. Date April 15 1912. Int. A. & 0.
SACRAMENTO, Sacramento County, Cal.-Band Electtans.-Reports
state that this city Intends calling two elections during July for the purpose
of having the voters decide whether or not they are in favor of issuing $887,000 bonds for the Improvement of levees and $218,000 bonds for the building and furnishing of a new Hall of Justice.
ST. CLAIR COUNTY SCHOOL DISTRICT (P. 0. East St. Louis), Ill.Bond Offering.-Proposals will be received until 8 p. m. July 1, it is stated,
by J. S. Pidgeon, Secretary, for $30,000 school bonds.
ST. JOSEPH SCHOOL DISTRICT (P. 0. St. Joseph), Buchanan County,
Mo.-Bond Election.-This district intends calling an election, it is stated,
to present to the voters a proposition to issue school-Improvement bonds.
SALEM, Columbiana County, Ohio.-Bond Offering.-Proposals will
be received until 12 m. July 8 by G. Holmes, City Aud., for $1,892 62 5%
Wilson St. sewer assessment bonds. Auth. Sec. 3914, Gen. Code. Denom.
(1) $372 62, (4) $380. Date May 15 1912. Int. ann. Due $372 82
May 15 1913 and $380 yriy. on May 15 from 1914 to 1917 incl. Cert.
check for 2% of bonds bid for, payable to City Treas., required. Bonds
to be delivered within 10 days from time of award. Purchaser to pay
accrued interest.
SALINA SCHOOL DISTRICT (P. 0. Salina), Saline County, Kan.
Band Offering.-Proposals will be received until 4 p. m. July 1 by L. C.
Howsel, Clerk, for the $20,000 4 g% coupon bldg. tax-free bonds, voted
April 2 1912 (V. 94, p. 1206). Auth. Sec. 1 Chap. 260, Laws of 1911.
Denom. $1,000. Date July 11912. Int. J. & J. at State Treas., Topeka.
Due July 11932. Cert. check for 3200, payable to Clerk, required.
SAN ANGELO. Tom Green County. Tex.-Bonds Registered.-On June 5
the State Comptroller registered the $50,000 5% 20-40-yr. (opt.) streetimpt. bonds sold on May 15 (V. 94, p. 1463.)
SAN BENITO, Cameron County. Tex.-Bonds Registered.-On May 2
the following 6% 15-40-year (opt.) bonds were registered by the State
Comptroller: $30,000 sewer bonds sold to Sutherlin & Co. of Kansas City.
Mo. (V. 94, p. 580 . and $15,000 street bonds.
SAN BUENAVENTURA SCHOOL DISTRICT, Ventura County, Cal.Bond Offering.-Proposals will be received until June 24 by the County
Board of Supervisors for $13,000 site-purchase and bldg. and $4,000 sltepurchase and kindergarten-bldg. 5% bonds. Both issues were authorized
at an election held May 18, the former by a vote of 112 to 13 and the latter
113 to 12. See V. 94, p. 1344.
SANDUSKY, Uric County, Ohlo.-Bond Offering.-Proposals will be received until 12 nf.`•July 10 by F. W. Bauer, City Aud., for the $100,000 4%
coup. tax-free filtration-plant-impt. and extension bonds (V. 94, p. 1135).
Auth. Chap. 6, Sec. 3939, Municipal Code. Denom. $1,000. Date July 1
1912. Int. at office of City Treas. Due $20,000 July 1 1917 and 1919
and $30,000 July 1 1923 and 1924. Cert. check for 1% of bonds bid for,
payable to A. H. Weisler, City Treas., required. Bonds to be delivered
within 10 days from time of award. Purchaser to pay accrued interest.
SANDUSKY TOWNSHIP, Richland County, Ohio.-Bonds Not to be
Issued this Year.-We are advised that tile $18,000 4 g % road bonds
offered without success on July 8 1911 (V. 93, p. 426) will not be re-offered
for sale this year.
SANGER UNION HIGH SCHOOL DISTRICT, Fresno County, Cal.Bond Election.-On July 5 a proposition to issue $50,000 building bonds will,
according to reports, be submitted to the voters of this district.
An issue of $60,000 5% gold bldg. bonds was awarded on Apr. 11 to E. H.
Rollins & Sons of San Francisco, but were subsequently declined by them
because of irregularities In the election proceedings. (V. 94, p. 1583.)
SAN LUIS VALLEY IRRIG 4TION DISTRICT (P.0. Center), Saguache
County, Colo.-Bond Sale.-The $170,000 6% bonds offered on May 29
(V.94, p. 1344) have been sold, according to reports, at a fraction ovenl 96.
SAN RAFAEL, Mann County, Cal.-Bands Defeated.-The election held
April 27 resulted in the defeat of the proposition to issue $152,050 improvement bonds.
SANTA CLARA, Santa Clara County, Cal.-Bond Offering.-Proposals
will be received, it Is stated, until 8 p. in. July 1 by the Board of Trustees
Lxxxxiv.
for $60,000 municipal bonds to be used for the construction of a public
school house.
SANTA ROSA. Sonoma County, Cal.-Bonds Defeated.-The proposition
to issue park bonds (V. 94, p. 1135) was defeated by a vote of 1,242 to 689
at the election hold May 7. A two-thirds majority required to authorize.
SCHENECTADY, N. Y.-Bond Sale.-On June 15 the $90,000 1-18-yr.
(ser.) public-market and $25,000 1-10-yr. (ser.) culvert 4 g% reg. bonds
were awarded to Farson, Son & Co. of New York for $115,288 (100.25) and
Int. Other bids follow:
Watson & Pressprich__$115,242 00 Rhoades & Co
$115,149 50
E. H. Rollins & Sons._ _ _ 115,180 55 Kountze Bros
115,058 30
Ferris & White
115,162 00 Jas. R. Magoffin
115,050 00
The above bidders are all of New ork.
SCHENEVUS. Otsego County, N. Y.-Bond Offering.-Proposals will
be received until 7:30 p. In. June 24 by the Bd. Trustees, D.Stanley Chase,
Clerk, for $5,000 coup. (villages portion) State highway bonds. Denom.
$500. Date July 1 1912. Int. (to be mentioned In bid) J. & J. at Schevenus National Bank, In New York exchange. Due $500 yearly on July 1
from 1914 to 1923 incl. Cert. check for 2% of bonds bid for required.
Bonds to be delivered July 1. No other debt. Assessed val. 1912, $357,1 25.
SCHUYLKILL COUNTY (P. 0. Pottsville), Pa.-Bonds Proposed.
Papers state that this county is considering the issuance of $100,000 hospital
furnishing bonds.
SEATTLE. Wash.-Bond Sales in May.-During May this city issued the
following special improvement assessment bonds, aggregating $24,258 40.
Amount.
Purpose.
Int. Rate.
Date.
Due.
$2,122 87_ _Paving
7
May 8 1912 May 8 1917
4,535 49_ _Grading
6
May 17 1912 May 17 1922
4,516 38.... do
7
May 20 1192 May 20 1917
8,892 64_
do
7
May 25 1912 May 25 1917
4,191 02_ _Sidewalks
7
May 31 1912 May 31 1917
The above bonds are all optional after one year.
Bond Sale.-On June 14 the $500,000 4)% 20-year gold coup. park
bonds (V. 94, p. 1463) were awarded to E. H. Rollins & Sons of Denver
at 100.77. A bid of par for 1-20-year (opt.) bonds was received from the
State of Washington, while Blake Bros. & Co. and Adams & Co. of N. Y.
offered 100.52.
SENOIA, Coweta County, Oa.-Bond Offering.-Proposals will be received until 10:30 a. m. July 8 by B. A. Nolan, City Clerk, for $10,000 6%
school bonds (V. 94, p. 1524). Auth. vote of 121 to 0 at election held
May 20. Denom. $1,000. Date July 1 1912. Int. J. & J. at Nat. Bank
of Commerce, N. Y. City, or at office of City Treasurer. Due $1,000 in
even years on July 1 from 1914 to 1932 incl. Cert. check for 3500 required.
No bonded debt at present. Assessed val. $505,423.
SHAKOPEE. Minn.-Bond Sale.-On Juno 18 $16,000 434% 834-year
(ay.) coup. refund, bonds were awarded to the First Nat. Bank of Shakopee
at par. Date July 1 1912. Interest J. & J.
SHALER TOWNSHIP. Allegheny County, Pa.-Bond Sale.-According
to Pittsburgh papers of June 15, J. S. & W.S. Kuhn, Ido., of that city have
been awarded an Issue of $30,000 4 % tax-free bonds. Date June 1 1012.
SHARPSBURG GRADED COMMON SCHOOL DISTRICT NO. 2, Ky.
-Bond Sale.-Hoehler & Cummings of Toledo have purchased $10,000 8%
coup. bonds dated July 1 1912 and due $500 yearly July 1 1917 to 1936 incl.
SHELBY COUNTY (P.O. Sidney), Ohio.-Bond Offering.-Proposals will
be received until 10 a. m.June 29 by H.'1'. Ruese, County Aud., for $17,300
4 g % ditch bonds. Auth. Secs. 6489, 6490, 6492 and 6493, Gen. Code.
Denom. (2) $50, (14) $100, (11) $200, (7) $300, (5) $400 and (19) $500.
Date July 1 1912. Int. J. & J. at office of Treas. Due $1,700 Jan. 11913;
*5,100 July 1 1913; $3,000 Jan. 1 1914; $3,900 July 1 1914 and $3,600
Jan. 1 1915. Cert. check (or cash) for $200 required. Bonds to be delivered
within 5 days from time of award.
SHERIDAN SCHOOL DISTRICT (P. 0. Sheridan), Grant County, Ark.
-Bonds Voted.-Reports state that this district during May voted to issue
$12,000 building bonds.
SHERMAN, Grayson County, Tex.-Bond Offering.-Proposals will be
received until 7:30 p. m.June 27 by C.P. Gregory, City Sec., for the $33,000
water-works-system-impt. and $7,000 sewerage-system-impt. 5% bonds
voted Apr. 27 (V.94, p. 1267). Denom. $1,000. Date July 11912. Int.
J. & J. at Nat. Park Bank, New York. Water bonds are duo $1,000 yearly
from 1913 to 1945 incl. and sewer bonds $1,000 yearly 1913 to 1919 incl.
Cert. check for $1,000, payable to J. C. Wall, Mayor, required. Purchaser
to pay accrued interest.
SHERWOOD, Defiance County, Ohio.-Bond Sale.-On June 15 the
$1,000 5% elec.-light-plant-equip. bonds (V. 94, p. 1583) were awarded to
M.S. Pond of Somerset at 101.15. Other bids follow:
J. B. Sarvis, Sherwood_ ___$1,110 001 Dresden Nat. Bk., Dresden $1,002 50
SOMERVILLE. Middlesex County. Mass.-Bond Offering.-Proposals
wil be received until 11 a. in. June 25 by J. S. Pike, City Treas., for $164,000 4% coup. bonds. Denom. $1,000. Date July 1 1912. Int, J. 84 J.
at Nat. Security Bank of Boston. Due $11,000 on July 1 1913 and 1914;
$9,000 yearlyJuly 1 from 1915 to 1922 Inel. and *7,000 yearly on July 1
from 1923 to 1932 incl. Bonds wit be certified as to genuineness by the
Old Colony Trust Co., Boston, and the validity approved by Messrs. Storey.
Thorndike, Palmer & Dodge.
SOUTHAMPTON (TOWN) UNION FREE SCHOOL DISTRICT NO. 6,
N. Y.-Bond Sale.-On May 24 $15,000 4 34% reg. bonds were awarded
Date July 1 1912. Int. ann.
to the Southold Savings Bank at 101.21.
Due Jan. 1 1913 to 1927 incl. This sale was reported In some of the newspapers as Southold School District, N. Y.
SOUTH CAROLINA.-Temporary Loan -Dispatches state that a loan of
$400,000 at 3% has been made to the State by J. P. Matthews, Cashier of
the Palmetto National Bank of Columbia.
SOUTH CONNELLSVILLE, Fayette County. Pa.-Bond Election.-The
question of issuing $15,000 school bonds will, it Is stated, be submitted to
the voters of this borough on July 9.
SPOKANE, Wash.-Bond Sale.-An issue of $6,800 6% Freya St.-grade
assess. bonds was disposed of last month. Bonds are dated May 15 1912,
due 1922, subject to call at any interest date.
SPOKANE SCHOOL DISTRICT (P. 0. Spokane), Spokane County.
Wash.-Bonds Voted.-According to local papers, an issue of $250,000
yaoy
no
8sb
dt
se ofu
A 3m
mas.B
08
ortio
zed
2.04.The
bonds was authorized by the voters on June
SPRINGFIELD. Hampden County.
authorized
the
issuance, it is stated,
City Council at its meeting on June 17
of $426,243 bonds.
Temporary Loan.-This city has negotiated a temporary loan of $400,000,
New
York
at 3.43% discount.
It is stated, with Morgan & Bartlett of
Loan is dated June 14 1912 and matures Nov. 6 1912.
SPRINGFIELD, Clark County. Ohio.-Bonds Authorized.-Ordinances
have been passed providing for the issuance of the following bonds:
$9,085 20 4 g% coup. Henry St. sewer bonds. Denom. (8) 41,000 and
(1) $1,085 20. Date March 1 1912. lat. M. & S. at the
City Treas. office. Duo $1,000 yrly. Sept. 1 1920 to 1927
incl. and $1,085 20 Sept. 1 1928.
63,252 20 4 g% coup. Wheldon Ditch storm-sewer bonds. Denom. (62)
$1,000 and (1) $1,252 20. Date March 11912. Int. ann.
In Sept. at the City Treas. office. Due $15,000 on March 1
In 1935, 1936 and 1937 and $18,252 20 March 1 1938.
1,947 00 5% sewer const. assess. bonds. Denom. (3) $500 and (1)
$447 99. Date March 1 1912. Int. semi-ann. at the City
Treas. office. Duo $500 on March 1 In 1913, 1914 and
1915 and $447 99 March 1 1916.
161,228 15 4 g% coup. Indian Run storm-Water sewer construction bonds.
Denom. (160) $1,000 and (1) $1,228 15. Date March 1
1912. Int. M. & S. at the City Treas. office. Due $40,000 yearly March 1 1934, 1935 and 1936, and $41,228 15
March 11937.
560 00 5% assess. Columbia St. sewer bonds. Date March 1 1912.
Int.semi-ann. at the City Treas. office. Due one-fifth yly.
SPRING LAKE, Ottawa County. Mich.-Bonds Voted.-Bonds amounting to 46,000 have been voted, it is stated, for a new tannery.
STANTON COUNTY (P.O. Stanton), Neb.-Bond Election.-An election
will be held June 25 to vote on the proposition to issue- $75,000 5% 5-20year (opt.) court-house and Jail-construelton bonds. Denom. $1,000.
Interest F. & A.
• s •I •I • •
"• 'I '1 '1 .1
' '"
STOCKBRIDGE. Ingham County.-Mich.-Bonds1Voted.-T1115ivlilage,
according to reports, authorized the issuance of $20,000 water-works bonds
at an election held June 3
JiTivE 22 1912.]
THE CHRONICLE
SUTTER CITY HIGH SCHOOL DISTRICT (P. 0. Sutter City), Sutter
County, Cal,-Bond Election.-An election has been called for June 18, it
is stated, to vote on the issuance of $20,000 building bonds.
SWEETWATER INDEPENDENT SCHOOL DISTRICT (P. 0. Sweetwater), Nolan County, Tex.-Bonds Registered.-An issue of $50,000 5%
40-yr, bonds was registered by the State Comptroller on May 8.
TACOMA, Wash.-Bond Sales in Ma.-This city during last month
Issued the following 7% special improvement assessment bonds, aggregating $27,105 72:
AmountDate.
Due.
Purpose.
$2,602 15_ _ _ _Cement walks
May 13 1912 • May 13 1917
May 14 1912 May 14 1917
11,453 07_ _ _ _Sewer
May 14 1912 May 14 1922
10,483 39_ _ _ _Paving
2,125 70_ __ _Grading and cement walks_ _ _ _May 14 1912 May 14 1917
351 50 --May 29 1912 May 29 1917
_Sewer
ewer
• Bonds are subject to call part yearly.
Bonds Defeated.-According to reports propositions to issue $425,000
park-improvement and $75,000 road bonds were defeated at an election
held June 4 by a vote of 2,099 "for" to 2,145 "against" and 1,770 "for" to
2.348 "against", respectively.
TAYLOR COUNTY COMMON SCHOOL DISTRICT NO. 5. Texas.
Bonds Awarded in Part.-On June 10 the Comptroller registered $7,000 5%
40-year bonds. Of this issue $2,275 has been sold to the State School Fund
at par and interest.
TOISNOT TOWNSHIP (P. 0. Wendell). Halifax County. No. Caro.
Bonds Defeated.-The election held June 8 resulted in the defeat of the proposition to Issue road-impt. bonds by a vote of 198 "for" and 213 "against."
TOLEDO, Ohio.-Bonds Authorized.-Ordinances nave been passed
providing for the issuance of the following 5% coupon bonds:
$4,312 99 Albert Street No. 1 assess. Impt. bonds. Denom. (1) $132 90
and (19) $220. Date Mch. 25 1912. Due $132 90 Mch. 25 1913
and $220 each six months from Sept. 25 1913 to Sept. 25 1022 incl.
1,270 99 sewer No. 1122 assess. bonds. Denom.(1) $310 94 and (3)$320.
Date May 22 1912. Due $310 94 Mch. 22 1913 and $320 each
six months from Sept. 22 1913 to Sept. 22 1914 incl.
4,798 79 Michigan Ave. No. 1 assess. bonds. Denom. (9) $480, (1)
$478 74. Date Mch. 12 1912. Due $478 74 Mch, 12 1913 and
$480 yearly on bitch. 12 from 1914 to 1922, inclusive.
TOM GREEN COUNTY (P. 0. San Angelo), Texas.-Bond Election Proposed.-IS is reported that the voters of this county will shortly be given
an opportunity to vote on a proposition to issue $70,000 road and bridge
bonds.
TOM GREEN COUNTY COMMON SCHOOL DISTRICT NO. 5, Texas.
Bonds Awarded in Part.-On June 10 the State Comptroller registered
$7,000 5% 10-40-year (opt.) bonds. Of this issue $3,500 has been sold to
the State School Fund at par and interest.
t is reported in local
TOPEKA,Shawnee County, Kan.-Bond Election
papers that a proposition to issue $150,000 bridge bonds will be submitted
to the voters at an election to be held In August.
TRENTON, N. J.-Bonds Authorized.-An ordinance was passed June 12
providing fon the issuance of $10,000 4% 10-yr.reg. paving bonds. Denom.
$100 or multiples. Int. semi-ann.
•
TRES PIEDRAS. Taos County, N. Mex.-Bond Election.-A special
election has been ordered, It is reported, to vote on the issuance of schoolbuilding beads.
TROY, N. Y.-Bond Offering.-Proposals will be received until 10 a. m.
June 27 by W. H. Dennin, City Comptroller, for *300,000 5% tax-free
revenue bonds. Denom. $25,000. Date June 27 1912. Due Oct. 27
1912. Certified check for 1% of bonds, payable to City of Troy,
required,
Bonds to be delivered within 10 days from time of
notification of. award. Purchaser to pay accrued interest. Official circular stales that city has never defaulted on any of its obligations.
TULARE SCHOOL DISTRICT, Tulare County, Cal.-Bonds Defeated.The election held May 28 resulted in the defeat of the question of issuing
the $40,000 building bonds (V. 94, p. 1207).
TUPPERS PLAINS SCHOOL DISTRICT, Ohio.-Bond Offering.-Proposals will be received until 1 p. m.June 29 by the Bd. of Ed., H. H. Parrish, Clerk, for $1,500 bonds. Auth. Sec. 7629, School Laws of Ohio.
Denom. $100. Int. ann. Due $100 yearly from 1913 to 1927 inel.
TUSCALOOSA, Tuscaloosa County, Ala.-Bond Offering.-Proposale
will be received until July 30 for $35,000 5% school bonds. Auth. vote of
202 to 13 held Juno 10 (V. 94, p. 1583). Due Aug. 15 1942.
TYMOCHTEE TOWNSHIP (P. 0. McCutcherville). Wyandot County,
Ohio.-Bond Sale.-The $20,000 4 A% coup. turnpike-const. bonds offered.
on June 3 (V. 94, p. 1345) were awarded, it is stated, to the Security Savings Bank & Trust Co. of Toledo for $20,532 50-making the price 102.662.
Dueon Deo. 1 as follows: $1,000 yrly. from 1915 to 1918 incl., $2,000 In
1919, 1920 and 1921, $3,000 in 1922, $4,000 in 1923 and $3,000 in 1924.
UPPER SANDUSKY SCHOOL DISTRICT. Wyandot County, Ohio.Bond Offoring.-Proposals will be received until 12 in. July 6 by. F. J.
Walter, Clerk Bd. of Ed., for $2,500 5% impt. bonds. Auth. Sec. 7629,
Gen. Code. Denom. $500. Date June 1 1912. Int. J. ec D. at office of
VII. Treas. Due $500 July 1 1916 and $1,000 yrly. July 1 1917 and 1918.
Cert. check (or cash) for $100, payable to VII. Treas., required. Bonds
to be delivered within 5 days from day of sale.
VENICE. Los Angeles County, Cal.-Bond Offering.-Proposals will be
received until 7:30 p. in. July 8 by C. S. Thatcher, City Clerk, for $23,000
1-23-yr. (tier.) garbage-incinerating and $20,000 1-40-yr. (tier.) outfall
sewer 5% bonds. Denom. $500. Date Feb. 1 1912. Int. F. & A. at tile
City Treas. office. Cert. check on a bank in Cal. for 5% of bid, payable
to the City Treas.. Is required. Purchaser to pay accrue interest.
VICTORIA, Victoria County, Tex.-Bonds Defeated.-The election held
May 28 resulted In defeat of the proposition to issue the $40,000 city
Improvement bonds (V. 94, p. 1463.) The vote was 167 to 186.
VISALIA SCHOOL DISTRICT (P: 0. Visalia). Tulare County. Cal.Bond Election.--Reports state that a proposition to issue $19,000 highschool-bldg. bonds will be submitted to the voters of this district.
WASHINGTON TOWNSHIP, Belmont County, Ohlo.-Bond Sale.-On
June 17 the $10,000 5% road-Impt. bonds (V. 94, p. 1524) were awarded to
Stacy & Braun of Toledo at 101.09 and int. Other bids follow:
Secur. 8.B. & Tr. Co.,Tol_$10,107 501Hayden, Miller&Co.,Clev_$10,101 00
Well, Roth & Co., Cin___ _ 10,107 001First Nat. Bank, Bellaire_ 10,100 00
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Arcadia),
Ohio.-Bond Sale.-On June 14 $5,000 6% bonds were awarded to Spitzer,
Rorick & Co. of Toledo at 105. Bids were also received from the First National Bank and Otis de Hough, Cleveland; the Arcadia Bank. & Say. Co..
Mrs. Maud Caruthers of Findlay and M. S. Pond of Somerset.
WAUKF.GAN SCHOOL DISTRICT (P. 0. Waukegan), Lake County.
In.-Bond Sale.-On June 18 the $20,000 4 A % 1-20-yr. (ser.) bldg. bonds
voted June 3 (V. 94, p. 1645) were awarded to the Security Savings Bank
•of Waukegan at 101.50. Date July 1 1912. Int. J. & J.
WAYNESBORO SCHOOL DISTRICT (P. 0. Waynesboro), Pa.-Bond
Offering.-Proposals will be received until July 1 for $50,000 4 A% 15-30yr. (opt.) school bonds authorized by the Board of Education on May 31.
Int. payable June 1 and Dec. 1.
WELCH, Craig County, Okla.-Bond Election.-Oklahoma papers state
that an election will shortly be held to vote on propositions providing for
the issuance of $15,000 water-works impt., $3,000 deep-well-drilling and
$2,000 city-hall and Jail bonds.
WELLSTON, Jackson County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. July 8 by F. W. Harrison, City Auditor, for $4,450
4).% refunding bonds. Auth. See. 4520 Gen. Code. Denom. (1)$450;
(8) $500. Date June 1 1912. Int. semi-ann.at First Nat.Bank in Wellston.
Due $450 in 1916 and $1,000 yrly from 1917 to 1920 incl. Cert. check for
5% of bonds bid for, payable to W.E. Braley, City Treas., required.
Purchaser to pay accured interest .
WELLSVILLE. Columbia County, Ohio.-Bond Election.-The City
Council, according to reports, has ordered an election for July 16 to vote on
the issuance of $60,000 municipal-light-plant-construction bonds.
WEST CAPE MAY, Cape May County, N. J.-Bonds Defeated.-At a
recent election the voters of this borough defeated a proposition to issue
$50,000 municipal water, light and sewer bonds, it is stated, by a vote of
44 "for" to 65 "against."
WEST ORANGE, Essex County. N. J.-Bonds Proposed.-The Town
Council, according to reports, has taken steps to issue $55,000 bonds.
1721
WEST ORANGE SCHOOL DISTRICT, Essex County, N. 1.-Bond
Offering.-Proposals will be received until 8 p.m.July 2 by Albert Wrensch,
Clerk (P. 0. Montclair), for $55,000 4% coup. school bonds. Denom.
$1,000. Date June 1 1912, Int. J. & D. at First Nat. Bank, West
Orange. Duo $5,000 yearly 1932 to 1942 incl. Bonds to be certified as to
genuineness by U. S. Mtge. & Tr. Co., N. Y., and their legality approved
by Hawkins, Delafield & Longfellow, N. Y., whose opinion or duplicate
thereof will be furnished to purchaser. Cert. check on a national bank or
trust company for 2% of bonds bid for, payable to the Clerk, required.
Blank forms for bids furnished by district.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WEST PLAINS ROAD DISTRICT (P. 0. West Plains), Howell County,
Mo.-Bond Election.-The voters of this district will be given an opportunity in the near future, it is stated, to decide whether or not they are in favor
of issuing $50,000 public-highway bonds.
WEST POINT, Clay County, Miss.-Bond Election.-An election will be
held in this city on July 2 for the purpose of obtaining the opinion of the
voters on the question of issuing sewer-extension bonds.
WHARTON, Texas.-Bonds Registered.-On June 13 $1,995 5% 10-40year (opt.) water-works-refund, bonds were registered by the State Comp.
WILKINS TOWNSHIP SCHOOL DISTRICT, Allegheny County. Pa.
Description of Bonds.-We are advised that the $37,000 4 A% tax-free
school bonds awarded recently to J. S. ttc W.S. Kuhn, Inc.,(V.94, p. 1645)
are dated April 1 1912. Int. A. & o. Due serially from 1920 to 1937.
WILLOW HIGH SCHOOL DISTRICT (P. 0. Willow), Glenn County.
Cal.-Bond Eledion.-It Is reported that the County Supervisors have
ordered an election to be held in this district July 16 to vote on the question of issuing $50,000 bonds.
WINNETKA PARK DISTRICT (P. 0. Winnetka), Cook County, 111.Bond Offering.-Proposals will be received until 8 p. m. June 27 by Mary
Busscher, Sec. for $14,000 5% coup. impt. bonds. Denom. $500 and
$1,000. Int.J. &J. Due $1,000 yearly on Jan. 1 from 1916 to 1929 incl.
Cert. cheek for $500, payable to District, required.
WOODBURY-MONONA DRAINAGE DISTRICT NO. 2, Iowa..-Bond
Sale.-On June 12 the $75,000 coup. drainage bonds (V. 94, p. 1525) were
awarded to the Security Savings Bank dc Tr. Co. for $75,101.50 (100.135)
for 5 As. Other bids, based on 6% bonds, as adversIsed, were as follows:
Hoehler & Cummings,Tol_$76,415 75 H.C.Speer & Sons Co.,Oh $75,850 00
S. A. Kean & Co., Chicago 75,975 00 Inv. Sec. Co., Des Moines_ 75,845 00
Farson. Son & Co., Chic__ 75,888 00 Geo. M. Bechtel&Co.,Dav. 75,786 50
Wm.R.Compton Co.,Chic.75,877 50 Bolger, Mosser & Willaman, Chicago
11.1377 50
A bid was also received from the Farmers' Loan & Trust Co.
WOOSTER. Wayne County, Ohio.-Bonds Authorized.-An ordinance
has been passed providing for the issuance of $76,000 4 A% 20-yr. coup.
refunding bonds. Denom. $500. Date Sept. 1 1912. Int. semi-ann.
WORCESTER. Mass.-Bond Sale.-On June 19 $175,000 water and $9,000 roller-house 3 A% reg. bonds and $60,000 sewer, $50,009 paving,
$50,000 grade-crossing and $30,000 playground 4% reg. bonds were
awarded to Kuhn, Fisher & Co. of Boston at 101.01-a basis of about
3.625%. Date Apr. 1 1912. Int. A. & 0. Due Apr. 1 1922. The other
bids received were as follows:
Estabrook & Co., Boston_ __ _100.659 Merrill, Oldham & Co., Bos_ _100.319
Adams & Co., Boston
100.337 Curtis & Sanger, Boston_ _ _ _100.26
100.32
Blodget & Co., Boston
YAZOO COUNTY (P. 0. Yazoo City), Miss.-Bond Sale.--Seesongood &
Mayer of Cincinnati are reported as having been awarded an Issue of $77,500 5% road bonds at 103.60. Denom. $500. Due 20 years.
YORK SCHOOL DISTRICT (P. 0. York), York County, Neb.-Bonds
Defeated.-The election held June 5 resulted In the defeat of the question
of issuing $80,000 bonds. The vote was 123 "for" to 586 "against."
.
YORK TOWNSHIP, Belmont County. Ohio.-Bond Offering.-Proposals
G.
L.
Bonar,
Twp.
Clerk
(P.
0.
will be received until 12 m. July 13 by
Powhattan Point, R. F. D.No. 1), for $14,000 5% bonds. Denom. $500.
Int. M. & S. Due part yearly from July 15 1912 to Sept. 1 1922. Cert.
check for 5% of bonds bld for, payable to Trustees, required. Bond to be
delivered within 5 days from time of award. successful bidder to furnish
blank bonds.
ZAVALLA COUNTY COMMON SCHOOL DISTRICT NO.4. Tex.-Bonds
flegistered.-On May 1 the State Comptroller registered the $12,000 5%
bonds awarded on April 10 to the State Permanent School Fund (V. 94
p. 1137).
Canada, its Provinces and Municipalities.
A1SLA CRAIG SCHOOL DISTRICT NO. 642, Sask.-Debenture Offering.-F. M. Fidler, Sec.-Treas. (P. 0. Piche), will receive proposals for
$2,000 6% debentures, repayable in 10 annual installments.
ALLAN, Sask.-Loan Proposed.-Reports state that this village will
borrow $5,000 for permanent improvements.
ALLISTON. Ontario.-Debenture Election.-On June 24 a vote will be
taken, it Is stated, on the question of Issuing $7,000 water-works-extension
and $5,000 bridge-building debentures.
ALVINSTON, Ont.-Debenture Election.-On June 29 the question of
issuing $3,900 town-hall debentures will be voted upon, It is reported.
ARTHUR, Ont.-Debenture Offering.-Proposals will be received up to
12 m. June 28 by D. T. Small, Clerk, for $2,400 5% impt. debentures.
Due In 20 annual installments.
BR ACM?I DOE. Ont.-Debentures Voted.-At a recent election propositions to issue $5,000 and $7,000 water debentures carried, reports state.
BRAMPTON. Ont.-Debenture Offering.-Proposals will be received until
8 p. m. June 24 by A. H. MIlnar, Chair. Finance Com., for $30,000 43i%
water-works-extenslon debentures.
BRANDON. Man.-Debentures Voted.-The proposition to issue $300,000
debentures for the municipal-construction and operation of theatreetrallway system carried on June 13 (V. 94, p. 1584) by a vote of 716 to 44.
BRIDGEWATER. N. S.-Debentures Voted.-The issuance of $15,000
street-impt. and $30,000 high-school debentures was voted recently, it Is
stated.
BROADVIEW. Sask.-Debenture Sale.-An Issue of $5,000 6% skating
and curling-rink debentures was sold on June 3 to M. Sellts of Broadview
at 98.50. Due in 20 annual installments of principal and Interest.
CALEDONIA. Ont.-Debentures Voted.-The election held June 6
(V. 94, p. 1525) resulted in favor of the issuance of the $4,600 hydroelectric debentures.
CALGARY. Alberta.-Debentures Voted.-The election held June 3
resulted in favor of the propositions to issue $130,000 building and $18,500
retaining-wall debentures. V. 94, p. 1525.
CAMPBELLFORD, Ont.-Loan Defeated.-A sidewalk debenture issue o
$25,000 was defeated on June 3,there being 76 votes"for"to 81 "against.."
COBURG, Ont.-Debentures Defeated.-The election held June 10 resuited in the defeat of the proposition to issue $7,000 school debentures.
The vote was 174 "for" and 184 "against". (V.94, p. 1584.)
COLDWATER, Ont.-Debentures Voted.-A recent election resulted in
favor of the issuance of $8,500 5 A % 30-yr. electric-lighting debentures.
The vote was 70 "for" to 1 "against."
COLLINGWOOD,Ont.-Debenture Election.-A vote will be taken July 3,
It is stated, on the question of issuing $30,000 hydro-electric debentures.
COLONSAY,Sask.-Loan Authorized.-This village, it is stated, has been
granted power to borrow $2,500 for permanent Improvements.
DAUPHIN, Man.-Debenture Sale.-On May 28 the $30,000 5% 20-installment reg. bridge debentures (V. 94, p. 1404) were awarded to B. K.
Thomson h Co. for $29,437 (96.123) int. and cost of preparing debentures.
Other bids follows:
Aemillus Jarvis &
Tor_ _529,442 W. A. Mackenzie & Co., Tor_$29,111
Co.'Tor_ _ _ 29,256 Goldman & Co., Toronto__ 28,953
Brent, Noxon & Co.,
28,789
Geo. R.Stimson & Co.. Tor_ _ 29,437 Murray, Mather & Co
Wood, Gundy & Co. Tor_ __ 29,283 C. H. Burgess & Co., Tor__ _ 28,708
28,200
Ont. Sec. Co.. Ltd.,'
Tor__ 29,157 R. C. Matthews & Co., Tor
THE CHRONICLE
1722
[VOL.
Lxxxxn ‘‘
LANDIS, Sask.-Loan Authorized.-A loan of $3,500 for permanent
DUVAL, Sask.-Loan Authorized.-Papers state that the Council Board
has been granted authority to borrow $3,000 for permanent improvements. improvements has been authorized, reports state.
Sask.-Loan Authorized.-For the purpose of making
election
will
be
Ont.-Debenture
Election.
-An
held
June
LASHBURN,
' EGANVILLE,
29, it is stated, to vote on the question of issuing $31,200 debentures to permanent improvements $2,500 will be borrowed, it is. stated.
acquire certain manufacturing sites.
LAWTON IA. Rural Municipality, Sask.-Debenture Offering.-Tenders
ELMIRA,Ont.-Debenture Election.-By-laws to issue $2,000 fire-hall and will be received by E. W. Grainger, Secy-Treas. (P. 0. HodgevIlle) for
$20,000 permanent-improvement debentures.
$2,000 sidewalk debentures will be voted upon on June 27.
MAPLE CREEK, Sask.-Debenture Election Proposed.-The ratepayers
FERNIE, B. C.-Debentures Voted.-The issuance of $5,000 storehouse
and $10;000 street-impt. debentures was authorized, it is reported, at a are about to vote, it is said, on the issuance of $25,000 town-hail debentures.
recent election.
MEDICINE HAT, Alberta.-Debentures Voted.-It is said that the voters
FORT QU' A PPELLE, Sask.-Loan Authorized.-According to reports recently authorized the issuance of $27,000 debentures for the purchase
of certain lands and $42,000 for industrial sites.
this village will borrow $2,500 for permanent improvements.
MIDDLESEX COUNTY, Ont.-Debentures Authorized.-A by-law to
FORT WILLIAM, Ont.-Debenture Election.-On July 10 the ratepayers
will vote, it is stated, on by-laws to raise $20,500 for a public-market, raise $80,000 for current expenditures has been passed, it is stated.
$21,000 to buy land for a public-park and $250,000 to carry out the city's
MILLINGTON, Rural Municpiality, Sask.-Loan Offering.-Bids will
agreement with the Canadian Car & Foundry Co. It is reported that the be received, it is stated, by W. Hamilton, Secy.-Treas. (P. 0. Semans), for
question of raising $200,000 for street-railway extensions and equipment a permanent-Improvement loan of $15,000.
will also be submitted.
MONO TOWNSHIP. Ont.-Debenture Election.-On June 28 the question
GALT, Ont.-Debenture Election.-On June 29 an election will be held to of issuing $13,000 bridge-bldg. debentures will be decided by the voters,
vote on the issuance of $45,000 debentures to complete the hydro-electric it is stated.
system.
NELSON, B. C.-Loan Election Proposed.-An election will probably be
Loan Voted.-It is reported that a loan of $18,714 65 for sewers and held in the near future, reports state, to submit to the ratepayers a by-law
storm drains was endorsed at a recent election.
authorizing the Council to acquire the Nelson Gas & Coke Co. at $75,000.
NEWCOMBE,RURAL MUNICIPAL MUNICIPALITY NO. 260, Sask.GUELPH, Ont.-Debenture Offering.-Proposals will be received until
July 1 by J. E. 141cEiderry, Chairman of Separate School Board, for $9,000 Debenture Sale.-On June 3 the $12,500 6% 15-year road debentures (V. 94,
5% 20-install, debentures to erect a school In St. Patrick's Ward.
p. 1465) were awarded to Brent, Noxon & Co. of Toronto at 103.852.
Debenture Election Proposed.-Reports state that by-laws for loans of Other bids follow:
$12,9901B.H.Thompson & Co.,Winn_$12,805
$5,000 and $20,000 to two industries and $20,000 for school purposes will Nay SG James, Regina
Wood,Gundy &Co.,Saskat'n_ 12,8301H. O'Hara & Co., Winnipeg_ 12,680
shortly be submitted to the ratepayers.
NEW LISKEARD, Ont.-Debenture Election Proposed.-An election will
• HALIFAX, N. S.-Debenture Election Proposed.-An election will be
held, reports state, to vote on raising $11,000 for afire
-engine, $100,000 for be held, it is thought likely, to vote on the issuance of $7,000 sewer debs.
reservoir, $50,000 for sewers, $50,000 for market-building and $45,000 for
NORTH BATTLEFORD SEPARATE SCHOOL DISTRICT, Sask.an incinerator.
Debenture Sale.-C. H. Burgess & Co. of Toronto recently purchased
$16,000 6% 30-year debentures.
HALK1RK, Alberta.-Debenture Sale.-Nay & James of Regina have
NORTH BAY, Ont.-Bids Refected.-The tenders received on June 15 for
purchased $2,000 7% 10-yr. debentures of this village.
$80,000 5% street debentures offered on that day were rejected.
HEARTS HILL, Rural Municipality, Sask.-Loan Offering.-F. W.
NORTH
TORONTO, Ont.-Loan Voted.-A by-law providing $55,000
A. Hilton, Secretary-Treas. (P. 0. Leross), will receive bids, reports state, for a high-school
is reported to have carried.
for a $8,000 loan for permanent improvements.
OCHRE RIVER (Rural Mun), Man.-Debenture Offering.-Proposals will
HIBBERT. Ont.-Debentures Voted.-Reports state that the voters of be received up to 6 p. m. June 29 by W. H. Johnson, Secy.-Treas. (P. 0,
this township have ratified the issuance of $15,000 bridge debentures.
Ochre River) for $12,500 5% local-drainage district, Township 23, Range 17,
debentures. Due in 20 annual installments.
HILLSBURGH, Rural Municipality, Sask.-Debenture 0ftering.OTTAWA, Ont.-Debenture Election.-There is talk of holding an elecProposals will be received, It is stated, by J. L. MeCosh, Secy.-Treas. (P. 0.
tion to vote on the question of issuing $66,500 water-works and $40,000
Brock), for $20,000 permanent-Improvement debentures.
public-bath debentures.
HUMBOLDT. Sask.-Bonus Election.-It is stated that on June 24 the
PARIS, Ont.-Debenture Election Proposed.-Some time In July a vote
ratepayers will have an opportunity to endorse the raising of $8,000 as a
will be taken, it is expected, on the issuance of $25,000 debentures in conloan to parties erecting a planing mill.
nection with the Lake Erie & Northern By. project.
INGERSOLL, Ont.-Debenrure Election Proposed.-An election will be
PARRY SOUND, Ont.-Debenture Sale.-On June 18 the $5,750 5%
held in the near future, it is reported, to vote on the issuance of $60,000 30-yr. debentures (V. 94, p. 1346) were awarded to tile Ontario Securities
sewer debentures.
Co. of Toronto at 98.382. The bids follow:
$5,464
KINCARDINE, Ont.-Debenture Election.-According to reports, the Ontario Securities Co. Tor_ __$5,6571Goldman & Co., Toronto
National Finance Co.,'
Toronto 5,6281
•.
question of Issuing $2,700 bridge debentures will be voted upon June 28.
NEW LOANS.
$50,000
City of Danville, Virginia, School
•
CA% 30-YEAR BONDS
NEW LOANS.
NEW LOANS.
$55,000
$135,000
District, Town of West Orange, Oak Park and River Forest High Sch.Distritt
4% SERIAL BONDS
Essex County, N. J.,
4%% SCHOOL BONDS
'• Sealed proposals will be received by
W. T. Swann, Chairman of the Finance
Committee, until July 8, 1912, at 12
o'clock M. for the purchase of $50,000
Refunding Bonds, dated August 1,
1912, maturing August 1, 1942, and
bearing interest at 43-%, payable
semi-annually.
Each proposal to be accompanied by
a certified check for $500, payable to
the Treasurer of the City of Danville,
Va., as a guarantee for the purchase
of the bonds within ten days from date
of acceptance of the bid.
The right is reserved to reject any
or all bids.
ROBERT BRYDON,
Auditor.
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
HODENPYL, HARDY & CO.
Sealed proposals will be received by the Clerk
of the Board of Education of the Town of West
Orange, N. J., at West Orange, N. J., until
8 P. M., JULY 2ND, 1912,
for the purchase of all or any part of $55,000
coupon School Bonds of the Town of West
4
Orange, N. J. Bonds to be of the denomination
of $1,000 each, to be dated June 1st, 1912, and
to mature $5,000 in 20 years and $5,000 annually
thereafter for the next 10 years. Interest payable semi-annually on December 1st and June 1st.
Both principal and interest payable at the First
National Bank of West Orange, N. J.
The bonds will be engraved under the supervision of and certified as to genuineness by the
United States Mortgage & Trust Company, and
the legality approved by Messrs. Hawkins, Delafield & Longfellow of New York City, whose
opinion as to legality or duplicate thereof will be
delivered to the purchaser.
The proceedings relative to the issue of the
bonds have been approved by the Hon. Edmund
Wilson, Attorney-General of the State of New
Jersey.
Bids must be on forms furnished by the Board.
A oertifiel check on a National Bank or Trust
Company, payable to the order of Albert Wrensch,
Clerk,for 2% of the amount of the bonds bid for,
must accompany each bid.
Bids will be opened in a public meeting of the
Board of Education at the High School, Gaston
Street, West Orange, N. J., at 8:30 P. M. July
2nd, 1912.
The right is reserved to reject any or all bids.
For blank form of bid and circular of information, address Albert Wrensch, District Clerk,
West Orange, N. J., P. 0. Address Montclair,
N. J., or United States Mortgage & Trust Company, 55 Cedar Street, New York.
FINANCE COMMITTEE OF THE
BOARD OF EDUCATION
Town of West Orange, N. J.
STEPHEN D. RIDDLE,
J. FRED LANG,
ANDREW W. ALLEN,
FINANCIAL STATEMENT.
$10,396,125 00
Assessed Valuation, 1911
652,000 00
Present Bonded Debt
School District Bonds not included
152.500 00
in above
Population, 1910, 10,980: est., 12,000.
F. WM. KRAFT
Specializing In Examination of
Municipal
and Corporation Bonds
Railropd, Street XV.; Gas & Elea. Light
1037-9 FIRST NATIONAL BANK BI,D0.,
SECURITIES
CHICAGO, ILL.
'is, 7.c:
BLODGET & CO.
BONDS
60 STATE STREET,BOSTON
80 PINE STREET,NEW YORK
STATE, CITY & RAILROAD BONDS
$50,000
• •
CITY OF DOUGLAS, GEORGIA,
•
30-Year 5% Bonds
104.75 and Interest. Yielding 4.70%.
STACY & BRAUN
Toledo, 0.
Cincinnati, 0.
Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
LAWYER.
14 Wail St., New York
Sealed proposals will be received by the High
School Board of Education, East Avenue and
Ontario Streets, Oak Park, /111nols, until 7:30
o'clock P. M. JULY 3, 1912, for the purchase of
High School District Bonds, matur$135,000 4%'
ing as follows:
$3,000 due July 1, 1924
$2,000 due July 1, 1914
3,000 " " " 1925
2,000 " " " 1915
15,000 " " " 1926
2,000 " " " 1916
15,000 " " " 1927
2,000 " " " 1917
2,000 " " " 1918
15,000 " " " 1928
2,000 " " " 1919
15,000 " " " 1929
3,000 " " " 1920
15,000 " " " 1930
3,
15,000 " " " 1931
"
" 1921
3,000 " " " 1922
15,000 " " " 1932
3,000 " " " 1923
A deposit, either in currency or certified check,
must accompany each proposal as a guaranty of
the good faith of the bidder, for the sum of $5,000.
The Board of Education reserves the right to
reject any or all bids.
Full information may be obtained upon application.
MINNA FE BELL JOHNSON,
Secretary.
Sutherlin & Company
MUNICIPAL BONDS
•
Commerce puilding
MISSOURI
KANSAS CITY
•
'• •L•
;•?
- •,Z,j,;,
LEgtt•i.34'k
;
Juru 22 1912.]
THE CHRONICLE
1723
ST. TIMOTHY, Que.-Loan Authortzed.-A loan of $75,000 for 'roads
PETERBOROUGH, Ont.-Debenture Offering.-Proposals will be received until 4 p. m.June 28 by F. Adams, City Treasurer, for $76,000 4)4% has been endorsed. It is stated.
coup. debentures. Auth., By-law No. 1632. Denom. *1,000. Date
SASKATOON PUBLIC SCHOOL DISTRICT. Sask.-Debenture Offering.
Jan. 1 1912. Int. J. & D. Due Dec. 31 1941.
-Proposals will be received until 12 m. June 24 by W.P. Bate, Treasurer,
for
30
6%
$25,000
$550,000 4 )4% 40-yr. Installment debentures.
-The
Sale
-Debenture
PINCHER CREEK. Alberta.
installment debentures (V. 94, p. 1526) were awarded on June 10 to the
SEMANS Sask.-Debenture Election Proposed.-The question of raising
follow:
bids
The
98.432.
at
Toronto
of
$3,000
Co.
for civic purposes will be voted upon, it is expected.
National Finance
Nat. Finance Co., Toronto_ _524,6081C. H. Burgess & Co., Toronto$24,340
SHERBROOKE. Que.-Debenture Election Proposed.-Reports state that
24,53710nt. Securities Co., Toronto_ 24,137 a by-law
Nay & James, Regina
to borrow $600,000 may shortly be voted upon.
held
PORCUPINE. Ont.-Debentures Voted and Sold.-The election
SOUTHWOLD TOWNSHIP, Ont.-Debentures Voted.-The question of
June 1 (V. 94, p. 1465) resulted in favor of issuing $20,000 4% 20-year issuing $9,300 school debentures carried, It Is stated, at a recent election.
vote was
Installment water-works and fire-protection debentures. The
STAMFORD TOWNSHIP. Ont.-Debenture Sale.-On June 3 the
82 to 8. We are advised that these debentures have been purchased by $1,638
46 5% 20-installment-Improvement debentures dated May 15 1912
the Government.
(V. 94, p. 1526) were awarded to J. Hopper of Coatsworth for $1,618.
held
-An election will be
Other bids follow:
PRINCE ALBERT, Sask.-Debenture Election.
June 28, It is stated to vote on the question of issuing 510.000 debentures Brent, Noxon & Co., Tor_ _ _ _51,6131Nat. Finance Co., Toronto_ __ _51,588
as a bonus to the Prince Albert Foundry Co.
STELLARTON, N. S.-Debenture Offering.-Proposals will be received
-An election held June 11 until June 24 for $35,000 5% water debentures due Jul: 2 1942.
RED DEER. Alberta.-Debentures Votedfollowing debentures:
resulted in favor of propositions to issue the
SUDBURY.
Ont.-Debenture Election.-On June 28 the question of
$15,000 for election of exhibition bidgs. Vote 76 to 15.
issuing the $32,000 school-bldg. debentures (V. 94, p. 1585) will be sub1,000 park-improvement. Vote 77 to 14.
to
voters.
mitted
the
7,500 for concrete bridge on Gaetz Ave. Vote 85 to 6.
THORNBURY, Ont.-Debenture Election.-On July 4 a vote will be
15,000 for additions to memorial hospital. Vote 85 to 8.
taken, It is stated, on the issuance of $5,000 street-Improvement debentures.
10,000 for grading and graveling streets. Vote 92 to 2.
TYVAN SCHOOL DISTRICT NO. 1,269, Sask.-Debenture Sale.1,000 to assist in building overhead bridge. Vote 78 to 10. streets and
This district has sold to Nay & James of Regina $2,000 6% 20-yr. debs.
5,000 to provide for purchase of certain properties for public
parks. Vote 76 to 14.
WAPPELA. Sask.-Debenture Sale.-On June 10 the $10,000 6% 3012.
to
83
Vote
offices.
town
to
addition
13,000 for
pur- installment street debentures (V. 94, p. 1465) were awarded to C. H.
Debentures Defeated.-A proposition to issue $7,000 debentures for same
& Co. of Toronto.
Burgess
chase of motor combination wagon, fire-hose, &o., was defeated at the
WEST CALGARY SCHOOL DISTRICT NO. 209, Alberta.-Debenturs
election (June 11) by a vote of 33 "for" to 60 "against."
iSe James of Regina have been awarded $5,000 6% 10-yr. debs.
-Nay
Sale.
ROSEDALE (Rural Mun. No. 283), Sask.-Debenture Oftering.-ProWEST VANCOUVER, B. C.-Debentures Voted.-The voters recently
posals will be received up to 6 p. m. June 29 by A. Holm, Secy-.Treas.
approved the issuance of $30,000 ferry, $75,000 road and $25,000 school
(P. 0. Hanley), for $15,000 4% 20-yr. debentures.
debentures.
RUSSELL. Ont.-Loan Election.-On June 25 the question of raising
upon.
voted
WOOD CREEK. Rurual Municiality. Sask.-Debenture
be
will
school-house
a
of
erection
the
for
$1.400
it is
Offering.
W. Bowley, Secy.-Treas. (P. 0. Simpson), will receive proposals,
J.
SAANICH. B. C.-Debenture Election Proposed.-There is talk of voting stated, for $6,000 permanent-improvement debentures.
purposes.
school
for
debentures
on the question of issuing $30,000
WINDSOR. Ont.-Debenture 0ffering.-Proposals will be received until
ST. CECI LLE. Que.-Debentures Voted.-It is stated that the voters have 12 m.June 28 by Stephen Lusted, City Clerk,for the following coupon debs.:
endorsed the issuance of $35,000 road debentures.
$69,500 00 4 3i% 30-instaliment public school debentures.
is reported that a
30,000 00 5% 10-installment concrete sidewalk debentures.
ST. LOUIS DE GONZAGUE. Que.-Loan Voted.-It
the rate1,700 00 5% 10-installment public-lavatory debentures.
by-law to raise $100,090 for good roads has received the assent of
25,253 48 4 M% local-impt. debentures, being the unntatured portion
payers.
report that
.-Newspapers
of $72,690 50 issued in 1905. Due June 1 '13-'14-'15.
Authorized
Que.-Loan
ST. STANISLAS,
68,801 41 5% 10 installment local-improvement debentures.
140.000 has been voted for road improvement.
NEW LOANS.
$100,000.00
SOUTH NORWALK, CONN.
43i% STREET PAVING BONDS
MISCELLANEOUS,
OFFICE OF THB
ATLANTIC MUTUAL INSURANCE COMPANY.
New York. January 23d, 1912.
The Trustees, in conformity With the Charter of the Company, submit the following statement of its affairs on the
.31st of December, 1911,
The Company's business has been confined to marine and inland transportation insurance,
Sealed proposals will be received until eight Premiums on such risks from the 1st January, 1911, to the 31st December, 1911
$3,653.325 18
o'clock p. m. JULY 11. 1912, by the undersigned Premiums on Policies not marked oft 1st January, 1911
873,68037
for the Mayor and Council of said city, for the
Cent
per
04
$4.527.003 55
whole or any part of $100,000 00
Total Premiums
Street Paving Bonds to be dated August 1, 1912.
$3.773,578 22
due August 1, 1922. Interest payable February Premiums marked off from January 1st, 1911, to December 314. 1911
and August. Bonds to be delivered and paid for
33,897 03
August 1, 1912. Certified check for 2 per cent of Interest on the investments of the Company received during the year----$339,628
24
bid required. Right rer erved to reject any or all Interest on Deposits In Banks and Trust Companies, etc
153.167 66 526,692 93
bids. Full partioularr may be obtained by ad- Rent received less Taxes and Expenses
dressing the underslr.ed.
31,385,386 46
Losses paid during the year
WILLIAM MILLER.
5220,704 52
Less Salvages
Commttee on Finance.
205,151 34 425,855 86
Re-Insurances
South Norwalk, Conn.
$959,530 60
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
$196,936 89
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationely, advertise570,472 18
ments,etc
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
A dividend of interest of Fix per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the sixth of February next. The outstanding certificates of the issue of 1906 will be redeemed and paid to the holders thereof, or theis
legal representatives, on and after Tuesday the sixth of February next, from which date all interest thereon
will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Compeny for the year ending uss
December, 1911, which are entitled to participate in dividend, for which, upon application, certificates will be
issued on and after Tuesday the seventh of May next.
G. STANTON FLOYD-JONES, Secretary.
By order of the Board,
TRUSTEES.
GRIGGS,
CHARLES If. PRATT,
L.
HERBERT
FRANCIS M. BACON,
Tribune Building, NEW YORK, N. V.
DALLAS B. PRATT,
CLEMENT A. GRISCOM,
JOHN N. BEACH,
GEORGE W. QUINTARD;
Good References ERNEST C. BLISS,
ANSON W. HARD,
Tel. 4218 Beekman.
ANTON A. RAVEN,
HUBBARD,
H.
THOMAS
VERNON
H.
BROWN,_
Negotiations,Inyestigations,Settlementt, WALDRON P. BROWN,
JOHN J. RIKER,
LEWIS CASS LEDYARD,
DOUGLAS ROBINSON. •
JOHN CLAFLIN
CHARLES D. LEVERICH.
Purchases of Property, Information
GUSTAV H. SCHWAB,
GEORGE C. CLARK,
LEANDER N. LOVELL.
WILLIAM SLOANE,
GEORGE H. MACY.
CLEVELAND H. DODGE,
In New York City or anywhere.
LOUIS STERN
CHARLES H. MARSHALL;
CORNELIUS ELDERT,
WILLIAM A. STREET;
NICHOLAS F. PALMER,
RICHARD H. EWART,
GEORGE B. TURNURE.
HENRY PARISH,
PHILIP A. S. FRANKLIN;
ADOLF PAVENSTEDT,
A. A. RAVEN, President.
CORNELIUS ELDERT, Vice-President,
WALTER WOOD PARSONS, 2d vice-President.
CHARLES E. FAY L 3d Vice-President.
JOHN H. JONES STEWART,41h Vice-President.
GEO. B. EDWARDS
Ax.countauts.
LYB RAN D,
ROSS BROS &
MONTGOMERY
Certified Public Accountants
(Pennsylvania)
NEW YORK. 55 Liberty St.
PHILADELPHIA, Morris Bldg.
PITTSBURGH. Union Bank Bldg.
CHICAGO, First Nat. Bank Bldg.
SAN FRANCISCO, Kohl Bldg.
SEATTLE, Central Bldg.
LONDON, 58 Coleman St
JAMES PARK & CO.
CERTIFIED PUBLIC ACCOUNTANTS
New York, Chicago, Cincinnati and
London, England.
FINANCIAL TNSTITIJ
AUDITORS FOR
TIONS, INDUSTRIAL AND
MINING COMPANIES
Investigations, Ft/medal Statements,
Periodical Audits and Accounting
BALANCE SHEET.
LIABILITIES.
ASSETS.
Estimated Leases and Losses Unsettled
United States and State of New York
in process of Adjustment
$2,310,027 00
$700,000 00
Bonds
Risks
753,427 33
Unterminated
Premiums
on
Co
New York City and New York Trust
1,777,900 00 Certificates of Profits and Interest Unand Bank Stocks
paid
267,092 05
2,742,162 00
Stocks and Bonds of Railroads
109,742 16
220,020 00 Return Premiums Unpaid
Other Securities
57,512 16
Reserve for Taxes
Special Deposits in Banks and Trust
183,599 07
1,000.000 00 Re-insurance Premiums
Companies
Claims not Settled, including CompenReal Estate eor. Wall and William Streets
69,104 08
sation, etc
and Exchange Place, containing offices 4,299,426 04 Certificates
of Profits Ordered Redeemed,'
Real Estate on Staten Island (held under
Withheld for Unpaid Premiums
22,471 29
75,000 00
provisions of Chapter 481,Laws of 1887)
7,401,39000
618.136 00 Certificate;of Profits Outstanding
Premium Notes
449,354 23
Bills Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
203,603 36
foreign countries
930,321 99
Cash in Bank
450.000 00
New York City Revenue Bonds
511,174.365 14
513,465,923 62
52,291.558 48
Thus leaving a balance of
$41,878 80
1911, amounted to
Accrued Interest on Bonds on the 31st day ef December,
21,970 46
to
amounted
1911,
Itents due on the 31st day of December, authorized in New York,on the 31st day of December.
lie-insurance due or accrued, In companies
214,367 00
1911, amounted to
83,096 43
Unexpired re-Insurance premiums on the 31st day of December, 1911. amounted to
corner Wall and
Note: The assurance Department has estimated the value of the Real Estateabove,
450.573 96
at
William Streets and Exchange Place in excess of the Book Value given
63,700 00
And the property at Staten Island In excess of the Book Value. at
The Market Value of Stocks. Bonds and other Securities on the 31st day of December. 1911, ex- 1,588.635 62
ceeded the Company's valuation by
$4,755,780 75
On the basis of these increased valuations the balance would be
1724
THE CHRONICLE
[voL. Lxxxxiv.
gialst
gvust 0.T.1mpanie5.
oilitoo states Trusi00ifinflil or jiew YOri,
mpanies.
CENTRAL
TRUST COMPANY
OF ILLINOIS
Chartered
.
45 and 47 WALL STREET
CAPITAL,
. $2,000,000.00
SURPLUS AND UNDIVIDED PROFITS
13,877,034.29
•
This Company acts as Executor, Administrator, Guardian, Trustee, Court Depositary and in
125 West Monroe St., CHICAGO
other recognized trust capacities.
It allows Interest at current rates on deposits.
/t holds, manages and invests money, securities and other property, real or personal, for estates,
corporations and individuals.
Capital,Surplus & Profits $6,000,000
EDWARD W. SHELDON, President.
42,000,000
Deposits = = =
WILLIAM M. KINGSLEY, V.-Pres.
HENRY E. AHERN, Secretary.
WILFRED J. WORCESTER, Asst. Sec. CHARLES A. EDWARDS,2d Asst. Sec,
TRUSTEES.
Accounts of banks and bankers
JOHN A. STEWART, Chairman of the Board.
William Rockefeller,
James Stillman,
Payne Whitney,William M. Kingsley,
terms
upon favorable
received
Alexander E. Orr,
John Clatlin,
Edward W. Shelon,
William Stewart Tod.
William H. Macy Jr..
John J. Phelps,
Chauncey Keep,
Ogden Mills,
William D. Sloane,
Lewis Cass Ledyard,
George L. Rives,
Egerton L. Winthrop.
Gustav H. Schwab,
Lyman J. Gage,
Arthur C. James,
Cornelius N. Bliss Jr. Thoroughly equipped to handle all business perFrank Lyman,
taining to banking, and invites the accounts of
banks. corporations, firms and individuals.
Largest Institution of its kind in New Jersey
FIDELITY TRUST COMPANY
gughteevs.
J. G. WHITE & CO.,Inc.
Prudential Bldg., NEWARK, N. J.
Engineers, Contractors
Resources Over $29,000,000
Capital, Surplus and Undivided Profits, Over $9,500,000
Title, Banking, Savings, Bond, Mortgage,
Trust:and Safe Deposit Departments.
Investigations and Reports on Electric
Railway, Gas. Electric Light and Power
Properties, &c., for Financial Institutions and Investors.
Electric Railways, Electric
Light and
Power Plants, Gas Plants, Financed,
Designed and Built.
London Correspondents:
J. G. WHITE & CO., Limited,
9 Cloak Lane. Cannon St.. E. C.
Correspondence Invited
43 Exchange Place, - NEW YORK
-.4.111,14,04V
More and more people are finding it convenient to keep, their
Securities and other Valuables uptown instead of downtown.
The Union Trust Company of New York offers unexcelled
facilities at moderate prices in the uptown vaults of the Lenox
Safe Deposit Company.
At Fifth Avenue and Sixtieth Street they are very near the
"social centre" of New York, and convenient for most people
who live uptown.
Chicago
San Francisco
w.S.BARsTow
Incorporated
co.
CONSULTING and
CONSTRUCTION ENGINEERS
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
50 Pine Street
New York
Inspection and patronage are invited.
C. G. YOUNG
IffinoisTrust&SavingsBank
CHICAGO
Capital, Surplus and Undivided Profits, $14,300,000
Pays Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.
Engineering and Construction
Plans, Methods, Operation
Public Utilities and Industrials
Reports for Financing
14
WALL ST.,
NEW YORK
Established 1889.
A. L. REGISTER & CO.
ENGINEERS —CONTRACTORS
Philadelphia
CORRESPONDENCE INVITED
PA bang
Mellon National Bank
PITTSBURGH, PA.
8=26
Assurance of safety, perfect service and 3%
interest on reserve accounts arc offered to correspondents of this bank. Your account is invited.
RESOURCES OVER 50 MILLIONS
egngtixters.
MINES MANAGEMENT CO.
CONSULTING MINING ENGINEERS
Managers of Mining Properties
NEW YORK
60 BROADWAY,
28 and 29 St. Swithins Lane,
LONDON. E C., ENGLAND.
Avenida 16 De Septlembre, Num. 48.
MEXICO. D. F., MEXICO.
H. M. CHANCE & CO.
Mining Engineers and Geologists
COAL AND MINERAL PROPERTIES
Examined, Developed, Managed
PHILADELPHIA. PA,
Drexel Bldg.,
@FedFRASER