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• financial
The
Ofllifli1tCjItl !r ljnitude
INCLUDING
NO. 2490
SATURDAY, MARCH 15 1913
VOL. 96
TVeek ending March 8.
Thranicle.
Clearings at1913.
-
PUBLISHED WEEKLY,
A'
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postage)
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Subscription includes following Supplements(3 times yearly)
RANK AND QUOTATION (monthly) RAILWAY AND INDUSTRIAL
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EA.itNiNos(monthly)
STATE AND CITY (semi-annually) BANKERS' CONVENTION (yearly)
t
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CHICAGO OFFICE-GCO. M.Shepherd,513 Monadnock Block;TeLliarrison 4012.
LONDON OFFICE-Edwards 86 Smith,1 Drapers' Gardens, E. C.
WILLIAM IL DANA COMPANY, Publishers,
New York.
P.0. Box 958. Front, Pine and Depeyster Sts.,
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office et the Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c., indicates that the
total bank clearings of all clearing houses of the United States for tho week
ending March 15 have been $3,492,11)6,778, against $3,660,492,423 last
week and $3,295,348,342 the corresponding week last year.
Clearings-Returns by Telegraph.
Week ending March 15.
'
Per
Cent.
1912.
1913.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,661,860,875
130,396,229
132,244,007
34,694,154
287,868,039
70,950,502
13,912,661
+9.2
$1,522,700,759
133,962,062-2.7
-3.8
137,485,862
29,290,175 +18.5
+16.8
246,562,828
+8.1
65,654,103
17,143,190 -18.8
Seven cities, 5 days
Other cities, 5 days
$2,331,926,467
592,341,369
$2,152,798,979
531,247,627
+8.3
+11.5
Total all cities, 5 days
All cities, 1 (lay
$2,924,267,836
667,928,942
$2,684,046,066
611,301,736
+8.9
-7.1
sn 402 IRA 77R
53.205.348.342
-I-0.0
Tntrd n11
Electric Railway Section
State and City Section
Railway 8c Industrial Section
Bankers' Convention Section
Bank Sc Quotation Section
Railway Earnings Section
pities for wPek__
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day, clearings being made up by the
clearing houses at noon on Saturday, and hence in the above the last day of
the week has to be in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week eliding with Saturday
noon, March 8, for four years.
Week ending March 8.
Clearings at1913.
1912.
Inc. or
Dec.
1911.
1
1910.
$
$
$
$
%
2,050,321,801 1,857,013,327 +10.4 1,695,535,873 2,026,163 519
New York
Philadelphia _ _ 174,609,112 160,065,754 +80.5 143,129,399 141,511,945
46,563,793
45,128,578
46,915,402 +18.9
55,759,391
Pittsburgh
34,103,075
30,986,143
Baltimore
35,928,013 +20.6
-13,315,192
8,827,212
8,700,356
12,143,174
Buffalo
10,530,706 +15.3
7,221,955
7,729,535
Washington _ _ _
7,653,588
7,845,183 -2.4
5,183,431
5,193,048
7,443,502
Albany
5,806,612 +28.2
3,451,572
3,601,050
5,156,234
Rochester
4,472,687 +15.3
2,516,050
2,656,511
3,349,009
Scranton
2,797,037 +19.8
1,842,696
3,528,029
2,335,868
2,610,952 +35.2
Syracuse
1,520,439
1,367,441
1,665,000
1,585,909 +5.0
Rending
1,618,236
1,371,419
1,746,538
1,464,035 +19.3
Wilmington
1,226,548
2,027,674
1,318,732
1,549,961 +30.9
Wilkes-Barrel__ _
1,641,152
2,262,796
1,597,868
1,821,641 +24.2
Wheeling
1,408,704
1,766,843
1,485,167
+2.4
1,724,087
Trenton
1,635,149
1,016,540
1,674,974 -2.3
Lancaster
948,977
960,939
853,317 +11.1
906,778
York
985,771
857,164 +14.9
772,263
814,088
Erie
650,000
474,154
692,132
605,876
+7.3
Greensburg ___ _
662,800 +12.1
742,400
460,700
508,500
Binghamton _ _ _ _
623,176 +12.5
451,543
701,862
652,840
Chester
391,002 +26.3
404,113
494,236
422,216
Altoona
included
in total
Not
402,085
Montclair
Total Middle_ 2,378,906,278 2,148,730,515 +10.7 1,061,859,085 2,283,645,936
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
F I River
New Bedford _ _ _
Lowell
Holyoke
Bangor
180,046,355
8,150,100
5,430,366
3,428,238
2,809,106
2,615,680
2,409,392
1,073,504
1,038,703
533,780
678,374
495,469
165,875,509
7,456,800
4,004,900
2,710,927
2,435,441
2,230,855
2,317,237
1,425,671
962,034
540,182
570,216
438,816
+8.5
+9.3
+10.7
+26.5
+15.3
+17.3
+4.0
24.7
+7.9
-1.2
+18.9
+13.0
145,689,965
7,664,400
4,060,243
3,107,626
1,953,929
1,98:3,517
2,097,545
1,176,959
960,432
535,104
467,409
496,079
160,673,769
8,091,200
4,751,450
2,618,232
1,800,000
1,807,634
2,287,362
1,056,910
998,508
400,140
468,618
Tot. New Eng_
9110,nn len
lnl ono coo
a o o
...,1 nnonne
,
10A nro .ynn
, •,
•
For Canadian Clearings see "Commercial and Miscellaneous News."
1912.
Inc. or
Dec.
1910.
1911.
$
3
$
$
%
369,331,671 321,659,643 +14.8 287,688,624 307,946,590
Chicago
23,812,450
23,236,700
27,080,650 +6.4
28,815,300
Cincinnati
16,574,938
16,133,399
17,883,350 +26.2
22,564.914
Cleveland
15,837,150
17,072,003
18,424,587 +25.9
23,190,196
Detroit
12,677,496
12,827,485
15,702,936 +2.8
16,135,872
Milwaukee
8,786,606
8,460,655
9,367,254 -1.4
9,238,994
Indianapolis _ _ _ _
5,992,900
5,966,300
6,326,200 +4.6
6,618,600
Columbus
4,485,998
4,972,686
5,031,155
4,796,889 +4.9
Toledo
3,577,097
3,550,132
5,144,530
4,425,985 +16.2
Peoria
2,545,398
2,431,983
2,997,769 +16.9
3,503,528
Gransiltapids__ _
2,182,396
2,095,889
2,143,178 +21.7
2,608,276
Dayton
2,212,987
2,428,379
2,239,068 +9.0
2,441,846
Evansville
644,390
755,256
787,897 +19.3
939,989
Kalamazoo
1,190,586
1,607,740
1,840,010 -1.4
1,813,486
Springfield, Ill _ _
1,120,472
1,073,343
909,330 +33.4
1,212,529
ltockford
1,020,749
1,278,692
1,498,190 -2.2
1,455,016
Lexington
1,02,322
959,996
1,860,137 +37.0
2,549,239
Youngstown _ _
1,123,346
1,228,935
1,365,292 +13.3
1,547,921
Fort Wayne _ _ _ _
929,929
1,158,300
1,130,634 +29.7
1,466,594
Quincy
872,300
814,500
+48.9
1,447,000
2,154,000
Akron
823,218
896,544
1,406,435 +67.3
2,352,423
Bloomington__ _ 542,089
622,011
636,004 +27.2
809,452
Springfield, 0__ _
515,165
438,336
+182.6
515,523
1,457,160
South Bend
962,837
1,009,197
1,100,330 +52.7
1,679,817
Canton
596,906
492,310
746,939
719,590 +3.8
Decatur
589,970
632,289
606,889 +23.6
750,092
Danville
330,000
345,000
553,144
625,677 -11.5
Jackson
402,733
541,499
656,297 +15.7
759,338
Mansfield
400,826
453,198
819,699
485,014 +68.9
Jacksonville, Ill_
292,501
480,8761 +6.2
510,772
454.0161
Lima
520,000
505,149
506,577 +3.6
524,921
Owensboro
384,571
394,178 +10.4
435,000
Lansing
223,831
181,275
232,767 +28.0
297,490
Ann Arbor
40,712
40,739
48,242 +65.0
79,577
Adrian
420,776,878
402,737,131
+14.9
452,294,398
519,539,480
Tot.itlid.West.
San Francisco_ _ _
Los Angeles
Seattle
Portland
Salt Lake City_ _
Spokane
Tacoma
Oakland
Sacramento
San Diego
Pasadena
Fresno
Stockton .
San lose
North Yakima
Reno
Total Pacific__
58,257,762 .53,306,695 +9.3
21,995,832 +33.3
29,425,345
11,626,164 +11.1
12,916,087
12,472,059 +10.6
13,800,874
7,008,080 -16.1
5,882,278
4,604,543 -5.9
4,334,070
4,367,924 -34.5
2,861,414
4,532,562 -5.9
4,265,463
1,593,914 +18.8
1,893,216
2,885,295 +8.8
3,138,597
864,674 +33.6
1,155,050
1,150,4141
700,000 +64.3
978,456 -7.5
904,740,
639,748 +12.7
720,0001
455,300 -0.7
451,877
297,763 +3.7
308,401
+10.2
128,329,014,
141,465,588,
45,442,889
40,613,489
17,371,649
17,000,000
12,891,412
10,677,134
10,824,454
11,602,500
5,623,345
5,308,707
4,842,494
4,619,227
6,222,229
4,438,123
3,444,623
3,569,869
1,293,321
1,384,926
1,194,171
1,433,769
800,000
843,700,
761,638
669,9981
528,347
522,184
456,709
436,377
500,000
487,728
249,634
267,798
103,875,529 112,446,915
60,103,535
53,891,154
51,319,040 +13.7
58,372,784
Kansas City__ _ _
20,620,083
18,583,920
20,375,791 +23.4
25,136,314
__
Minneapolis
21,452,917
18,664,104
20,742,943 +14.3
23,717,111
Omaha
11,637,231
11,882,314
12,376,674 +13.1
14,000,046
St. Paul
9,626,671
7,928,172
7,725,796 +40.3
10,838,831
Denver
10,445,855
11,396,363
10,768,248 +2.5
11,035,240
St. Joseph
6,011,237
6,234,251
+74.5
6,500,000
11,340,015
Des Moines
4,044,365
3,878,659
5,296,837.
3,762,104 +40.8
Sioux City
3,250,498
3,554,083
3,276,2481
3,344,267 +6.3
Wichita
2,845,796
2,176,996
2,984,601 +11.8
3,336,327
Duluth
2,075,790
1,932,456
2,964,311
2,419,772 +22.5
Lincoln
2,040,824
1,881,479
2,349,071 +27.7
3,000,000
Davenport
1,474,864
1,717,879
1,839,668
1,706,730 +7.8
Topeka
1,969,953
2,110,410
2,387,590 +81.8
3,863,288
Cedar Rapids- 750,008
713,802
+8.4
639,261
692,869
Colorado Springs.
639,352
637,393,
701,800 +7.1
751,548
Pueblo
1,050,158
719,2711
948,979 -41.4
555,055
Fargo
597,275
601,7691
738,386 -0.7
733,383
Fremont
1,500,000
1,575,0001
1,475,129 +66.4
2,455,502
Waterloo
1
1,064,590
942,181
+32.4
738,137
977,967
Helena
160,733
98,0841
295,7491 +23.3
364,609
Billings
225,0Q0
264,3961
272,526 +10.1
300,000
Hastings
400.000
372,207
252,642+58.1
399,754
Aberdeen
___
Tot. oth. West- 183,525,542 154,825,238 +18.5 152,362,508 163,986,735
79,279,026
71,866,663
78,132,412 +7.3
83,810,360
St. Louis
20,235,018
19,279,082
21,514,218 -12.8
18,756,849
New Orleans__ _ _
15,0,13,605
13,022,371
+11.3
14.933,869
16,620,586
Louisville
14,348,640
13,510,700
19,876,009 -45.7
.10„797,172
Houston
6,330,500
7,240,000
10,397,000 -6.6
9,715,000
Galveston
8,150,000
7,354,435
7,925,295 +4.7
8,300,000
Richmond
7,135,546
6,387,608
6,074,717 +30.9
7,952,714
Fort Worth
11,134,670
12,082,468
14,428,547
14,6134,590, -1.6
Atlanta
7,550,201
7,159,106
7,731,1601 +12.3
8,679,263
Memphis
3,897,761
3,813,512
5,718,263 -17.9
4,692,448
Savannah
3,780,747
4,186,948
+29.5
5,947,959
7,700,000
Nashville
3,010,639
3,102,699
3,742,373 +10.1
4,119,776
Norfolk
2,291,036
2,599,715
2,704,241 +32.7
3,588,374
Birmingham __2,279,021
2,143,549
+14.8
2,010,967
2,308,230
Augusta
2,622,973
2,977,751
3,575,0001 +10.8
3,962,959
Jacksonville _ _ _ _
1,884,503
1,929,901
-5.5
2,901,754
2,742,250
Chattanooga1,720,451
1,754,467
+0.7
1,947,529
1,961,890
Knoxville
1,496,139
1,497,782
1,562,375 -2.8
1,519,102
Mobile
1,978,725
1,946,100
+10.4
2,193,517
2,422,114
Rock
Little
1,950,000
2,498,963
+4.2
1,812,364
1,889,131
Charleston
2,298,581
2,294,876
1,567,918 +9.2
1,712,287
Oklahoma
1,000,000
-4.2
3,861,768
3,698,182
3,122,3681
Macon
3,057,777
5,105,730
7,655,588 -43.2
4,347,339
Austin
383,009
312,602
356,399 -2.2
348,706
Vicksburg
1,350,000
432,118
483,557 -33.7
320,760
Jackson
683,143
1,107,422
662,526 +67.2
Tulsa
853,883
750,283 +12.6
844'917
Muskogee
228,346,ii8 230,703,651 -1.0 199,260,096 200,107,112
Total Souther
3,660,492,423 3,306,751,402 +10.7 2,991,187,547 3:365,628,369
Total all
4T-ii'il i Qqn Alit,1 Sign
1 11 1 1 onk AAAll nno n.yr
Outside N. Y_ , nln 1,..n non 1
Now reported according to American Bankers' Association rules.
•
746
THE CHRONICLE
[VOL. xcvi.
formation to guide it in its task. Though it is only
too evident from what has already been done and
said that the efforts of these investigators) are misguided, every one will wish them God speed in their
undertaking. The matter that concerns the community most at the moment, from an economic and
business standpoint, is that the Commission has already reached certain definite conclusions, among
others (according to an announcement given] out by
Lieutenant-Governor O'Hara on Tuesday night) that
low wages are to blame for most of the immorality
among young girls, and that, accordingly, the Commission will recommend the fixing by the Illinois
Legislature of a minimum wage for female:employees.
Some of the suggestions fix $9 as a limit and-, others
$12 as the minimum. At all events, the purpose] is
THE FINANCIAL SITUATION.
to add a considerable sum—$5 or $6 a week—to the
There is one aspect of the proposition to compel present wages of female employees.
department stores and other employers of women
We take leave to doubt that there is extensive
and girls to pay a minimum wage deemed suffi- immorality of the kind alleged, but if it does
exist,
cient to prevent these girls from lapsing into im- we do not believe that the evil can be cured or even
morality which does not appear to be receiving any appreciably alleviated through the method
proposed.
consideration. How long will the assumed minimum Waiving that point, however, we ask again how long
be sufficient for the purpose—how long before it a minimum wage, even from a purely money
standwill have to be replaced by another but higher mini- point, would be sufficient to purchase the
morality
mum and how often will the process have to be re- which we are asked to believe has
a price. It does
peated? If we are to believe newspaper reports,there not seem to be demanding much
to insist that the
is a saturnalia of vice prevalent all over the country. pay of girls be raised from
$4 a week to $9, or from
The allegations have unfortunately brought with $7 to $12. But who is to foot
the bill? Is it not the
them a saturnalia of hysterical vice investigations. consuming public, including
those very same female
In the natural course of things these investigations employees? Some of these
department stores emare in the charge of politicians who, though unable ploy female help by the thousands, and
many facto eliminate graft and other iniquities in their own tories employ women and girls on a still larger
scale,
line of work, yet have no hestitation about rushing to all of whom a law fixing a minimum wage would apin with proposals for reforming mankind in other ply. The head of one large Chicago concern :was
fields of activity.
frank enough to say, when asked if it would not be
The proposal of a minimum wage for female em- possible to raise wages so as to place girls beyond the
ployees has been definitely put forward in Illinois assumed temptation of wrong-doing, that of course
the present week and seems to be finding quick favor wages could be raised by adding to the
price of the
with the legislators and politicians of other States. goods. That is, at any rate, the way the
matter will
Indeed, the propaganda is running like wildfire from work out in the end, if wages
are voluntarily put up or
one end of the country to the other. When one ob- are raised by statute, for
the amount involved in
serves the zeal displayed in attempting to eradicate any such increase is enormous. A
very simply
the so-called "white slave traffic," one is inclined to calculation will show that if an establish
ment has
wish that legislative fiats and decrees could be made 5,000 female employees and is obliged to
add an
really effective in removing evil from the world. The average of $5 a week to the stipend of these
employsorrowful fact is that evil has existed from the be- ees, that means increasing the weekly pay roll
of
ginning of the world and the legislator has been im- the establishment by $25,000, or at the rate of 134
potent against it. What has been accomplished has million dollars a year.
been by the moral teacher. This does not mean that
The cost of living is already high beyond endurance.
the legislator has no duty to perform in connection How much higher would it go if this movement
to
with the matter, and should not direct all his ener- fix a minimum wage for females, now spreading
all
gies towards wiping out every vestige of evil practices over the country, should succeed?
As female help
or fail to assail surroundings which promote the is largely employed in many
different industries,
growth of vice. It does mean that the legislator would not the effect be to bring
about another
should abate his confidence that crude and ill-con- very marked rise in prices? With
the cost of living
sidered propositions will suffice for the purpose. It is thus leaping higher and still
higher, advances in the
a well-known fact that through all the ages it has wages of men would quickly
follow the advances
been found impossible to reform mankind by statute. which girls and women are
to get through a miniThere is only one way of regenerating the race, and mum wage law. The labor unions, each in its own
that is by inculcating moral principles.
craft, would see to it that the men got more pay.
For some time a Senatorial Vice Commission has In fact they are doing this even now without
any such
been sitting in Illinois. Under the chairmanship of extraneous circumstances to stimulate them
in their
Lieutenant-Governor O'Hara, it has been making an endeavor. But these wage increases
would force
examination into the question of the morality of fe- still other advances in prices.
In the end the recipmale employees. It has had before it the managers ients of the minimum wage would find that
though
and owners of the leading department stores in Chi- they were getting more in dollars and cents,
the purcago and has now determined to take a trip to New chasing power had so shrunk that they were no
better
York and the East, with the view to enlisting addi- off than before. The result might not
be very long
tional interest in its work and acquiring further in- delayed, either. Then the Vice Commissi
on would
OUR RAILWAY EARNINGS ISSUE.
We send to our subscriber's to-day the March
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returna with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statements where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR.and others
MAR. 1$ 1913.]
THE CHRONICLE
747
managers positively
have to begin all over again and fix a new minimum sure they want it done. The
this alone is the
and
increase,
the
ability to pay
so as to prevent the girls from yielding to temptation. deny
Are not our vice investigators proceeding along issue.
Neither present wages nor higher wages can
wrong lines? Should not the effort be to improve
paid without funds in hand. Neither the managers
be
female
the
employees
the capability and efficiency of
the roads supply or can supply the funds. Only
nor
work?
and
work
better
more
so that they could do
But the
They would then get more money because they were the entire public does or can do that.
who
shippers
the
worth more and not because the legislator thought public is not willing; at least,
They
not.
are
instance
first
the
them a lot of helpless dependents with an evil ten- supply the funds in
rather,
dency. Girls are by nature brighter and cleverer say that no increase in rates is necessary;
is
increase
an
whether
consider
to
care
do
not
they
than men and by fitting them for higher grades of
frequently
are
and
decrease,
prefer
they
necessary;
work or by increasing their product in the same grades
of work, the problem of low wages iwould be placed calling for that to an evidently sympathetic regulative
and
in the way of a solution—and this, too, without Commission. The public at large want more
affair
no
is
it
better service, and very insistently;
disturbing our whole economic system.
It is also to be remembered that if wages are unduly of theirs how the roads manage with their men;
not
low in the lower grades, it is because those grades are but one thing is positively 'settled: they must
be
must
roads
the
because
strike
to
men
the
permit
overcrowded. By teaching the girls to fit themselves
for
money
the
get
shall
roads
the
How
operated.
lowthe
of
for better work and thus taking them out
seems to be left,
est grades, this overcrowding will be relieved. It more wages and increased facilities
roads.
the
o
consent—t
unanimous
by
those
to
occurred
not
has
it
that
is a surprise to us
The arithmetical problem is exactly the one
who profess to be so solicitous regarding the welfare
, yet will
of the other sex that any girl who seeks relief from which is not taken up by any arbitrators
someby
firmly
up
taken
being
on
oppressive conditions in the shop and the factory can inexorably insist
along
it
passing
or
by
it
putting
settled;
and
easily find it by entering domestic service. There body
railway
The
serve.
not
will
else
somebody
to
can
is a dearth of help there. Every householder
it. None
testify to the difficulty there is in obtaining help managers are to attend to it and settle
over
weighs
or
high
feet
seven
over
stands
them
of
imit
find
agencies
nt
Employme
for the family.
are
biggest
possible to supply the demand for maids of all kinds, 400 pounds, and perhaps the physically
cannot
they
Suppose
and for cooks, laundresses, etc. A girl can get two not the financially ablest.
is ready
to three times as much pay for service in the family do what they must do? Suppose nobody
with
deal
namely
not,
are
employees
the
what
do
to
departthe
as she does in the shop or the factory or in
therefore
that
,
and
generosity
of
a
basis
on
roads
the
besides.
lodging
ment stores and have free board and
kept up?
Why not seek relief in that direction? Transferring the roads are not improved or even fully
them, or
the girls in this way to their rightful sphere would Does shutting one's eyes to troubles avoid
also be helpful in another way. It would give them does that solve problems?
the benefit of the home influence, with its refined
The making of new records in gold production in
atmosphere, and would free them from many of the
Transvaal continues to be a feature of the times,
the
temptations to which they are subject when away
actual per diem yield from the mines in Febthe
from home.
1913, according to cable advices this week,
ruary
social
of
way
the
with
dealing
As to the proper
been 26,219 fine ounces, an advance of 755
having
their
methods
might
improve
reformers
evil, the
here too. The right course, it seems to us, would fine ounces over the average output in January.
be to attempt to reach and punish the men who The latest month's result is really the best ever- atfrequent the dens of vice rather than the unfortunate tained. For March 1912 theapparent average daily
total
creatures who occupy them. These dens could not production was 26,797 fine ounces, but the
from
taken
ounces
fine
52,533
included
yield
needed
reported
is
exist if they were not patronized. What
most of all in these degenerate days—and all that is the mines' reserves, so that the average per diem
needed in our estimation—is a moral law of chastity amount secured from the workings was only 25,103
the
and purity as rigid for the man as it is for the woman. fine ounces. A year ago (in February 1912)
was
it
1911
in
ounces;
daily average was 24,271 fine
Before the three arbitrators who were forced 21,815 fine ounces and in 1910 only 20,451 fine ounces':
upon the railways, the complaining firemen are Within the twelve months' period, therefore, the
following the line of their predecessors, the en- per diem output has risen 1,948 fine ounces, or over
gineers, by telling the tale of their hardships. It 8%, and since 1910 the augmentation has been
is always hard work to work hard. Whether in a nearly 29%. In other districts of Africa, too, we
jumper suit with a shovel in his hands or at an note an increasing production of gold this year; this
executive desk with a stenographer at his elbow, applies especially to West Africa, which,though yet
every man who really works experiences fatigue a small producer, shows a yield thus far in 1913 conand meets his troubles, coal is heavy, handling it siderably more than in 1912 and over double that
is grimy labor, and the cab of an engine is a warm for the like period of 1911. Altogether the outplace, as is the fireroom of any office building look, predicated upon developments thus far in
where there are boilers. All this is irrelevant 1913, is for a yield from the Transvaalimines for
because it is not contested. It was admitted from the full year of very little under 10 million fine ounces.
the start that the railway managers are in "sym- and for the whole of Africa of about 1134 million
pathy" and would gladly pay any increase desired; fine ounces, this latter nearly equaling the prothe question was solely that of financial ability. duction of the entire world in 1897.
On this the men can not assume to speak with
The official immigration bulletin for January 1913
authority; they only think the roads may be able
that the aggregate of arriving aliens was
indicates
because
be,
they
to
sure
"ought"
are
to do it, and
748
THE CHRONICLE
[VOL. xcvi.
greater than in the corresponding month of either by the publication in
the semi-official "Cologne
1912 or 1911, but also denotes that the departures, Gazette" of a very strong
leading article under the
owing chiefly to the flocking to the colors by Greeks, headline "The Peace
Disturber." The article avers
Italians, Bulgarians, &c., were considerably above that Germany would
have no difficulty in supplying
the normal. Consequently, instead of a gain in a motive for the necessit
y for the proposed military
foreign population as a.result of these opposing move- increases "if the
Government would only clearly,
ments there was a net outflow of 1,800. Specifically distinctly and without
mystery point out where the
the number of aliens who entered the country in danger is threatening
us, and that is France. Never
January this year was 55,235 (made up of 46,441 have our relations
with our Western neighbor been
immigrants and 8,794 non-immigrants), but the num- so tense as they
are to-day. Never has the spirit
ft
ber of those leaving the country was 57,035, quite of revenge there
shown itself so plainly. Never beequally divided between emigrants and non-emi- fore has the
French alliance with Russia and the
grants. In 1912, on the other hand, although the friendship
with England been so manifest. All this
arrivals were only 46,820, there was a net gain of is for
the sole purpose of re-conquering Alsace15,614, and in 1911 the net addition reached 12,829. Lorraine.
In whatever corner of the world the
For the seven months of the fiscal year 1912-13 flames
may begin, it is certain that we will have to
(July 1 to Jan. 31) the•arrivals were well in excess of cross swords with the
French. When that will occur
the similar period of any year since 1907-08, reaching no one knows."
696,303, against 483,413 in 1911-12 and 572,983 in
The fact that this article was printed on the same
1910-11. Departures, on the other hand, were less day that the Federal Council
met in Berlin with the
than a year ago, and therefore the net gain in leading Ministers from the German
States to confer
foreign-born population for the period was 311,426, on ways and means for raising the
required $250,against only 83,961 in .1911-12. In 1909-10, how- 000,000 for military purposes is declared
by Berlin
ever, this year's net was moderately exceeded and in cables to be significant. Another
influential paper,
1906-1907 the net inflow was 467,451.
the "Koelnische Zeitung," also printed a sharp attack
As regards the nationalities of the arriving aliens on France that was supposed
to have been inspired
it is to be noted that, as a consequence of the war in by the Government.
This was one of the prime
Southern Europe, the number coming from some causes of a severe break
in prices on the Berlin Bourse.
countries was exceedingly small in January and the However, an emphati
c official denial that the Govdepartures thither heavy. From Greece, for in- ernment was in any
way concerned or consulted in
stance, the arrivals during the month were only 502, the publication
of the article reassured operators on
and the departures 15,446; corresponding figures for the Bourse later
in the week.
Bulgaria, Montenegro and Servia are 205 and 2,079
In France popular sentiment does not appear to
and for Italy 8,346 and 10,746. Furthermore, for have been as effectively aroused
as in Germany,
the seven months 14,188 more Greeks left than came although the urgency of the French
Government's
and of Bulgarians, &c., the net outflow was 9,506 bills to increase the peace footing of
the army was
Arrivals of Hebrews, Poles, Germans and Russians on Thursday pointed out to the Finance
and Military
continue comparatively large.
committees of the Chamber of Deputies by Eugene
Efforts to change the immigration laws of the Etienne, Minister of War. A
sensational piece of
country do not seem to have been abandoned with alleged news was publishe
d in the Paris newspaper,
the vetoing by the President of the Dillingham- "L'Intransigeant," in
an article explaining the inBurnett bill--mainly on account of the literacy test-- creased military
activity in France. The paper in
and the upholding of his action in the House. Late question asserted
that, through an indiscretion of
reports from Washington intimate that the subject an eminent Italian politicia
n, the French Government
is to be brought up again in the next Congress.
learned on Jan. 13 that Germany had asked Italy
if she could be ready to join with Germany and
We refer in a subsequent column to the influence Austria in a campaign to begin in October
1913 to
on the European bourses of the particularly strained put an end by decisive action to the general
uneasipolitical situation throughout Europe that is so ness in Europe. The French Governm
ent, accordclearly indicated by the feverish haste of France and ing to the paper in question, made inquiries
which
Germany in increasing their military armaments. resulted in full confirmation of this informat
ion, and
Making full allowance for the fact that advantage then decided to proceed with
urgent military measis being taken of the present .situation by the two ures. Oppositi
on to the military expansion is apgovernments for the purpose of winning support pearing in influential circles
in both Germany and
for the policy of increased armaments, there can still France. Three
hundred and fifty professors of the
be no question that the Balkan War has opened up Sorbonne, the
foremost scholars in France, have,
a very serious new question in the European political for instance, accordin
g to cable advices from Paris,
situation. The Balkan League may be considered issued an appeal to the
people of France not to allow
to have developed into a new Slav nation with ideas themselves to
yield thoughtlessly to the military
of its own powers exaggerated by the completeness panic and to
the forces of reaction, which tend toward
of its victory over Turkey. Russian influence is desperate
adventures hostile to the republican form
very strong in this new nation, and both Germany and of governm
ent. The professors did not declare
Austria are recognizing in that fact the possibility themselves
opposed to the suggested three years'
of a new peril. Germany has apparently taken alarm period of
service in the active army, but asked for
and is making preparations to meet these new con- the fullest and
most thoughtful consideration of the
ditions by a tremendous military expansion. France, situation without
haste or excess of emotion. Analways on the lookout for German advances, pro- other declarat
ion, signed by Anatole France and other
poses corresponding military expansion, and the members of
the French Institute, including scienbitterness between the two nations seems to be re- tists, professor
s and members also of provincial
viving. Quite a sensation was produced on Monday universities and
colleges, was published on Wednes-
MAR. 15 1913,1
THE CHRONICLE
day, urging calm consideration of the proposed military measures, which,if adopted, it says, would profoundly affect the life of France, both intellectually
and economically. M. Briand, the Premier, is reported to have informed a number of members of
Parliament that it will not be necessary to pass the
military bills before Easter. It is pointed out that
in addition to raising the term of service with the
colors to three years, the new French army bill increases the period of service in three branches of
the reserves by two years. At present the French
soldier serves two years with the colors. He then
belongs for eleven years to the reserve of the actual
army, six years to the territorial army, and, finally,
six years to the reserve of the territorial army. When
the new bill becomes law he will serve three years
with the colors and belong for eleven years to the
reserve of the active army, seven years to the territorial army and a further seven years to the reserve
of the territorial army. His total period of liability
to service will thus be raised from twenty-five to
twenty-eight years.
No final step seems to have been taken this week
to bring about immediate peace in the Balkans.
The plan appears to be to permit Adrianople and
Scutari to be taken by the enemy before a peace
settlement is actually arranged. This would undoubtedly prove a more palatable step for the
Turkish Government in the control of its home affairs
than if the citidels in question were actually ceded.
It has been announced that Turkey, as a part of the
new peace proposal, was ready to cede Adrianople,
Scutari and Yanina; the last-named fortress, it will
be recalled, surrendered to the Greek army last week.
The position appears to be that Turkey has appealed
to the Powers for mediation and has agreed to accept
any terms that will be arranged on her behalf. The
ambassadors of the Powers have suggested that the
Allies also agree to arbitration. The reply of the
Allies was presented yesterday to the foreign legations
at Sophia, Bulgaria. It declares that mediation will
be accepted on the following terms:
1. As a basis of negotiations for the delimitation of the
territory between Turkey and the Balkan Allies a line shall
be drawn from Rhodosto on the Sea of Marmora to Cape
Malatra, seven miles south of Midia on the Black Sea.
Excluding the Peninsula of Gallipoli, which shall remain to
Turkey, all territories west of the line, including Adrianople
and Scutari, shall be ceded by Turkey to the Allies.
2. Turkey shall cede the islands in the Aegean Sea to the
Allies.
3. Turley shall renounce all her interests in the Island of
Crete.
4. The Porte shall consent in principle to the payment of a
war indemnity, the amount of which shall be fixed when
peace has been concluded, and also to the payment to private
individuals of compensation for damage caused prior to the
war. The Allies shall participate in the deliberations
regarding the indemnities.
5. The Allies reserve the right to settle by definite treaty
of peace the treatment to be accorded to their subjects and
to their trade in the Ottoman Empire, as well as the guaranties to be given regarding the privileges of the orthodox
churches and the legal standing of their racial brothers who
are Ottoman subjects.
749
pelled to assist her allies without regard to the future
of Scutari. Demobilization by Russia and AustriaHungary was announced on Tuesday in an official
communication issued by the two countries, but it is
stated that the agreement swill affect only the Russian
frontier. It makes no provision with respect to
Austria's Southeastern frontier.
King George on Monday opened the third session
of the present British Parliament after a prorogation
lasting only two days. The speech from the Throne
was devoted chiefly to outlining briefly the steps
which had been taken to bring the Balkan War to an
end, and to the expression of the desire of the European Powers to hasten the conclusion of peace. The
King emphasized the fact that all the Great Powers
earnestly desire to prevent hostilities from spreading
and to see the fighting terminated as soon as possible.
A large Measure of success had been achieved in
establishing an agreement among them in principle
on matters of the greatest importance. "I am
hopeful", the King said, "that the consultations
between the Powers will enable them not only to
secure a complete understanding among themselves,
but to exercise a beneficent influence in hastening
the conclusion of the war." Continuing, the King
made a pleasant reference to the aetion of the
British dominions which had contributed war vessels
to the British navy, and also to the visits of Robert
L. Borden, the Canadian Premier and other over-sea
ministers, to confer with the Imperial ministers—
acts, he said, which were calculated to promote the
solidarity of the Empire. The forthcoming estimates
were the subject of merely a passing 'mention and
the forecast of legislation to be introduced was
restricted to narrow limits. Apart from the re-introduction of the Home Rule and Welsh Disestablishment bills, the only important measures will be
additional facilitation of land purchase in Ireland,
the guaranty of a Sudan loan for the development
of cotton growing there, a bill to prevent plural
voting at elections and a measure for the development
of a national system of education.
The debate on the King's speech in the House of
Commons on Tuesday brought an important statement from Premier Asquith. Lord Hugh Cecil had
voiced the current rumors that the Government was
embarking on a dangerous foreign policy and had
entered into an engagement in certain contingencies
to throw a British expeditionary army across the
Channel. The Prime Minister suddenly jumped up
and said: "I ought to say at once that that is not
true." This explicit denial was received with loud
cheers. Premier Asquith also announced in the
House of Commons that he hoped to be able in a
short time to propose a plan for making the
House of Lords a true, impartial judicial authority.
Postmaster General Samuel said later that the Government did not mean to leave the reform to the
Unionists. If it did, the result would be the restoration of the veto power of the House of Lords. The
Government, he declared, intended to deal with the
question in the present Parliament. It would abolish
every vestige of the hereditary principle and under no
circumstances would allow the absolute veto power
of the House of Lords to be restored.
The Austrian Government, through its Minister
to Servia, on Tuesday informed the Servian Premier that his Government objected to the Servian
troops assisting in the seige of Scutari, which was to
become the capital of Albania, and he requested the
Friction has arisen between the United States •
recall of any Servian troops which have been dispatched there. The Servian Premier in reply said and the Cuban Government over the passage by
that under treaty arrangements Servia was com- the Cuban Legislature of what is known as the Am
750
THE CHRONICLE
nesty Bill, which would grant pardon to many prisoners, including well known criminals in the Cuban
jails. A note was sent to President Gomez of Cuba
by Secretary of State Bryan,and it was subsequently
reported that this note had been ignored and that
the bill had been signed by Gomez. This report
brought forth another note from Secretary Bryan.
The latest report is that Gomez will veto the Bill
and accompany his veto message to the Cuban Congress with eopies of all the American communications
on the subject. The United States is responsible under the terms of the Paris Treaty, the Platt amendment and the Treaty with Cuba for the financial stability of Cuba. It is owing to our obligations under
these treaties that the State Department has made
the protest. It is suggested in Washington that if the
amnesty measure should stand it would be impossible
for the Menocal Administration, which comes into
power on May 20, to punish either individuals or
officials who have robbed the Cuban Government,
and it might be impossible to undo the work of alleged
graft, which it is charged, has recently been flagrant
in the Island Republic. All this, it is argued,
would affect Cuban credit, for which the United
States is virtually responsible.
After a Cabinet meeting on Tuesday last, President
Wilson issued an important statement regarding
what may be termed the Latin-American policy of
the Administration. He points out that "one of
the chief objects of his administration will be to
cultivate the friendship and deserve the confidence
of our sister republics of Central and South America,
and to promote in every proper and honorable way
the interests which are common to the people of
the two continents." But he says, "co-operation
is possible only when supported at every turn by
the orderly processes of just government based upon
law,not upon arbitrary or irregular force." We discuss the significance of the statement in a subsequent
article.
It is evident that Mexico is still far removed from
being a pacified country. Officers of the Southern
Pacific Railroad report that 246 miles of the Sonora
branch of their road are in the hands of rebels, who
are using it for their own purposes. These rebels
call themselves constitutionalists, and are reported
to have captured El Tigre and Nacozari on Sunday.
The Southern Pacific Company has filed complaints
with the Government of this country and of Mexico.
Later on it was reported that the "constitutionalists,"
under General Juan Garcia,former popular candidate
for Governor, had captured Durango. The Carranza Party is said to have organized thus far in
nine States, all in the Northern section of the Republic, and the propaganda against the Huerta Government is being pushed into other States. The "constitutionalists" captured Nogales, on the Arizona
border line, on Thursday from the Federal troops,
and many bullets came over the line, but the United
States troops did not return the fire. The Federal
troops are expected to attempt to re-capture the city.
E. N. Brown, President of the National Railroads of
Mexico, has just arrived in this city from the Mexican
capital. Mr. Brown is optimistic as to the peace
prospects. In a prepared interview on Thursday
he said: "The Provisional President assumed the
duties of his office only after a thorough understanding with Felix Diaz thatithe former should serve
until an election could be held, and that Diaz should
[VoL. xcin.
be a candidate for the Presidency, and, as I understand, receive the support of General Huerta.
When I left Mexico it was the intention of the Government to call a general election for the earliest date
practicable, which is likely to be three or four months
hence. Huerta's Cabinet was selected by Diaz
with a view to harmonizing the various conflicting
elements. The selections are favorably regarded
in Mexico, and the belief is generally entertained
that the President and his associates will be able to
restore peace and order."
The week on the foreign stock exchanges has
been one of extreme nervousness and indecision. In
London on Monday and Tuesday there was such depression that usually conservative correspondents
spoke of it as a semi-panic, though this was undoubtedly an exaggeration, if the price level of securities
may be regarded as an accurate test. Consols on
Tuesday touched 73 1-16, which is within 9-16 of
723/
2, the low level reached in October of last year.
Berlin was an active seller on the British market,
especially of Canadian Pacific and Union Pacific, and
was also credited with being a free seller of these
stocks, as well as United States Steel and General
Electric, direct to the New York market. The Berlin Bourse was closed on Monday to commemorate
the one-hundredth anniversary of the deliverance of
Prussia from Napoleonic rule. On Tuesday morning the opening of business in that market was attended with many spectacular declines, the Vulcan
Shipbuilding Co. shares leading in this respect with
a decline from 169 to 133. This weakness, however,
had its own explanation, being due to a reduction in
the dividend from 11% to 6%. The shares of this
company (which last year had a deficit of $500,000
as a result of building German Dreadnoughts at a
loss) were offered in large blocks, some estimates of
the total offerings running as high as 100,000 shares.
General Electric shares in Berlin on the same day fell
6 points and Deutsche Bank,Phoenix Iron and similar
issues declined 2 to 3 points. As the week wore on
general improvement, though not at all spectacular, set in. Paris advices ascribed the returning
calmness in that market to optimistic advices from
St. Petersburg, where the reaction from depression
was so great that the condition was described by
some press correspondents as literally booming. The
occasion of this strength was the definite decision to
demobilize the Russian reservists and the similar
action of Austria with reference to its own reserves,
not including, however, the reserves along the Servian border. As Paris is the principal market for
Russian industrial shares, it was not surprising that
that centre should promptly participate in the better
feeling. The most probable explanation, however,
is that the European centres had finally gotten over
the hysteria into which they had been thrown by the
sudden demands, particularly in Germany and
France, for increased military armaments, and the
sacrifices that will be necessary by the French and
German populace in the way of increased taxation to
meet the army budgets. We referred in last week's
issue to the large amounts that would be required in
taxes. The present German proposal would tax
private fortunes for the provision of a war fund:as
follows, according to a dispatch from Berlin: Uplto
$50,000, $1 25 per $500; $50,000 to $125,000, $160;
$125,000 to $250,000, $2 50; $250,000 to $2,500,000,
$5 00; $2,500,000 to $5,000,000, $7 50; $5,000,000 to
MAR. 15 lt4
THE CHRONICLE
$12,000,000, $10;$12,500,000 to $20,000,000, $12 50;
$20,000,000 to $25,000,000, $15; more than $25,000,000, $20 in every $500. On this basis, quoting Berlin press cables, the Kaiser himself will contribute to
the war taxes for the army approximately $1,500,000.
This statement is based on figures from a well-known
German almanac of German millionaires, which
estimates the Emperor's fortune at $37,000,000,
which is classified as consisting of $32,000,000 of urban property and country estates, including forty
castles, and $5,000,000 in cash in banks. The Kaisers annual income, according to the Prussian civil
list, is $4,500,000. Frau Krupp von Bohlen's tax,
according to the same estimate, will be about $2,500,000 on $63,000,000. The Crown Prince will pay
$55,000 and Prince Henr? of Prussia $20,000. It
is desirable to keep clearly in mind that the proposed
tax is not one on the income from the principal but
on the principal itself.
The calmer feeling that prevailed towards the end of
the week at the European financial centres also undoubtedly reflected recognition of the fact that a considerable part of the political hysteria in both Germany
and France was of the character usually deliberately
manufactured when it is necessary to arouse public
opinion to force through tax legislation that, except
under periods of pronounced excitement,would probably be stubbornly fought. Of course the fact remains that the taxes themselves will have to be provided, and in Germany there will necessarily have
to be considerable liquidation by:owners of large fortunes to provide their share of the political sacrifice.
However, latest advices suggest a very distinct and
influential opposition to the new taxes, and some predictions are contained in European dispatches that
this opposition will be found sufficiently strong to
cause a modification of the army proposals.
The renewed strain in the European political situation has added greatly to the recurring quarterly disturbance in the Berlin money market. In turn, this
has caused Berlin bankers to become insistent borrowers in New York and also to bid for gold quite
freely at this centre. That the German situation
is being exaggerated there can be no reason to doubt.
This view finds corroboration in a statement issued
early in the week by Messrs. Speyer & Co. Referring to the fact that the underwriters were called
upon to take part of the recent combined German and
Prussian bond offerings, the bankers in question say:
"The fact that $37,500,000 of 4% bonds were taken by the
public at 98.60 and that the syndicate took $100,000,000
four-year 4% Treasury notes at 98.50(M% only below the
issue price) certainly must show that the financial situation
in Germany is not as bad as some newspaper reports or headlines would make it appear. and certainly compares favorably
with the market for similar securities in other countries. It
is a well-known fact that money rates are high all over the
world, which is partly due to large expenditures for the
Italian-Turkish and the Balkan wars, which have not yet
been permanently financed. The Balkan situation, with
its continuing uncertainties, has also resulted in a good deal
of hoarding by the European public, and in a general desire
of European banks to strengthen their gold reserves.
"Germany feels the general tightness of money more
acutely because, as is well known, German industry has been
extremely active and the German people have been doing
a very large business compared to their capital. In order to
do this large and profitable business, they have relied during
the last few years largely on foreign capital, a great deal—if
not all—of which has gradually been withdrawn, for the reasons stated above.
"According to advices received from our Berlin friends,
there is no overspeculation in stocks or real estate, and all
the great banks are sound. The stringency in the money
751
market is partly caused by industrial expansion, which, however, in a comparatively short time should rectify itself.
In fact, the whole financial situation in Germany will gradually readjust itself, especially if the pol tical uncertainties
connected with the Balkan situation disappear. There is
no foundation for alarming reports,and the situation in Germany is considered intrinsically sound."
Similar assurances are given by Mr. William Schall
of Muller, Schall & Co., who has recently returned
from Germany. In a prepared interview Mr. Schall
said:
"The only thing that is the matter with Germany," he
says, "is that she is suffering from great commercial prosperity. When I was over there a month ago I was impressed
with the splendid condition of business. Germany has not
been in such sound shape, commercially, in a number of
years. She owes much less to-day to outside countries than
was the case heretofore. Germany's trouble to-day is that
she has most of her money locked up in her business. But
the money is still there; in the country, in the shape of bricks
and mortar and other improvements. As regards the large
sums being spent, and to be spent, in military expansion and
armaments,it must not be forgotten that this money remains
in the country, only passing from one hand to the other, so
that Germany is none the poorer from it. It is at such times
as the present that the active employment of Germany's
capital becomes apparent, and I should not be surprised to
see the Reichsbank rate go to 7% now, although the incident
need not occasion alarm."
Notwithstanding the conceded approach of a
peace basis in the Balkan war, quotations of Balkan
State securities have not materially changed during
the week. Turkish issues were an exception and
were under pressure, the failure of the Turkish Government to redeem £1,600,000 treasury bills which
expired on Thursday having produced a bad impression. Turkish fours closed at 86, which compares
with 873/b a week ago, Greek Monopoly 4s are one
point lower at 54, and Bulgarian 6s remain at 102,
Servian Unified 4s at 80 and Russian 4s at 91.
Germall Imperial 3s closed without change from 76.
British Consols, after declining to 73 1-16 on Tuesday, recovered to 73 5-16 at the close, against 73%
a week ago; and French Rentes in Paris finished
at 89.023/ francs, against 89.17 a week ago. Dayto-day money in London was easier early in the
week,declining to 432%,but closes at a full recovery to
last week's final figures of4%@5%. In Berlin money
closed at 53/2@6%, against 6% a week ago, which
seems to bear out the suggestions that alarmist reports
contain a substantial amount of exaggeration. Notwithstanding the poor success of last week's combined
German and Prussian loan, the Prussian Government
on Tuesday introduced in the Diet a bill authorizing
additional loans to the amount of $135,630,000 for
State railway purposes. The principal items are as
follows: For new lines and additional tracks, $27,500,000; for buildings, $25,250,000; for rolling stock,
$47,500,000; for narrow-gauge tributary lines, $1,875,000. An indication of the condition of the London market was an attempt by the Swiss Government to obtain a loan at that centre. Switzerland
sought last week to place in London £400,000 for
twenty years at 432%,to be issued at 963/2, and
a £200,000 issue for twenty years at 414%,at 96.
The larger loan was definitely refused, but one
financier promised to try to find the money for the
smaller loan if the issue price were put at 94.
Private bank discounts in Lombard Street are still
maintained at close to the Bank rate. The Bank of
England did not change its official minimum,
Neither did the Imperial Bank of Germany. It was
quite generally feared early in the week that the
752
44
THE CHRONICLE
Reichsbank would be forced to go on a 7% basis.
This would concededly have compelled the Bank of
England to raise its own rate in self-defense, and
probably have still further increased the strain in the
general financial situation. Fortunately such a condition did not arise. Short bills in London yesterday closed at 5% and ninety-day bankers' accepfiances were quoted at 4 15-16%, which are virtually
last week's final quotations. These figures are, for
spot bills. Bills to arrive are quoted 1-16% lower. In
Paris the private bank rate remains without change at
3%, though in some instances 4% is demanded. In
Berlin, according to yesterday's cables, private bank
discounts are quoted at 6% for spot, all maturities,
and 63.4% for bills to arrive. A week ago 5%@6%
was the spot rate and as high as 63'% for bills to
arrive. In Brussels rates remain at 4 7-16%, in
Amsterdam the quotation still stands at 39'%, while
at Vienna an advance of WI% to 59% is indicated.
The official Bank rates at the leading foreign centres
are: London, 5%; Paris, 4%; Berlin, 6%; Vienna,
6%; Brussels, 5%, and Amsterdam, 4%.
The Bank of England reported a further reduction
in the proportion of reserve to liabilities to 41.47%,
comparing with 42.69% a week ago and 42.02% a
year ago. We have to go back as far as the year
1900 to obtain a lower level for the corresponding
week. In that year the proportion was 38.25%.
The reduction in "proportion" was in the face of an
increase in the total reserve of £104,000, and was
therefore due to an expansion of liabilities. Public
deposits registered a further increase of £2,129,000,
undoubtedly as a result very largely of tax collections. There was an increase of £2,113,000 in loans
(other securities) and a decrease of £167,000 in note
circulation. The bullion holdings decreased £63,279
during the week and now amount to £37,417,499;
a year ago they were £37,980,339 and in 1911 £40,150,757. The reserve registers a total of L27,918,000, comparing with £28,311,614 in 1912 and
£31,491,072 in 1911. In the comparison of loans,
which aggregate £44,642,000, the showing is not so
unfavorable when contrasted with 1912, as the Bank
then was unusually well loaned up. One year ago
the total was £43,055,918, but two years ago only
£35,605,813, while in 1910 the amount was no more
than £29,891,046. Our special correspondent furnishes the following details of the gold movement
into and out of the Bank for the Bank week: Imports, £164,000, wholly bought in the open market;
exports, nil, and shipments of £227,000 net to the
interior of Great Britain.
Again the Bank of France records a decrease in
both its gold and silver holdings. In the case of the
former the reduction is 5,044,000 francs and in the
latter it is 8,478,000 francs. Meanwhile there has
been a contraction of 83,125,000 francs in note circulation and of 8,175,000 francs in discounts and 12,125,000 francs in advances. General deposits increased 8,625,000 francs. The Bank's gold holdings
now aggregate 3,206,569,000 francs and compare with
3,217,872,000 francs in 1912 and 3,245,125,000 francs
in 1911. The aggregate of its silver supply is 609,284,000 francs, comparing with 801,650,000 francs
one year ago and 832,575,000 francs in 1911. Circulation is well ahead of last year. It amounts to
5,674,561,000 francs, comparing with 5,311,357,190
in 1912 and 5,194,811,745 francs in 1911. Discounts
[VOL. xavi.
are also a weak feature. They aggregate 1,673,912,000 francs. In 1912 the total was only 1,149,733,775 francs and in 1911 1,005,301,318 francs.
The statement of the Imperial Bank of Germany
which was issued on Monday was rather better than
those that have recently been published. It reported an increase of 2,823,000 marks in gold and of
11,329,000 marks in total cash. There was, furthermore, a contraction of 62,737,000 marks in outstanding note circulation and of 90,760,000 marks in loans.
Discounts, on the other hand, were increased 53,173,000 marks and there was a gain of 50,270,000
marks in deposits. The cash holdings of the Bank
now stand at 1,141,258,000 marks, and compare
with 1,218,240,000 marks one year ago and 1,136,540,000 marks in 1911. The loans and discounts
combined aggregate 1,330,198,000 marks. One year
ago the total was 1,131,860,000 marks and two years
ago 965,920,000 marks. Circulation outstanding is
1,875,944,000 marks and compares with 1,554,200,000 marks in 1912 and 1,439,660,000 marks in 1911.
The week has seen a distinct hardening in money
rates on the local market. Call money on the Stock
Exchange on Wednesday reached 6%,which is rather
significant in view of the dulness in speculation
and also in view of the fact that the banks have been
avoiding as far as possible time commitments,so as
to keep their resources mobile. Fixed maturities
are now on a 6% minimum basis for sixty and ninety
day loans, while 5%@6% is the range for longer
periods. Germany continues an insistent borrower
and that country's additional engagements of gold
for export as well as the shipments of the precious
metal to France have necessarily been an added burden since they have reduced to that extent the cash
reserve and correspondingly curtailed the credit
facilities of the banks. The April settlements are
now closely at hand and notwithstanding the sharp
reduction that has taken place in sterling exchange
rates from the high level of last week, there appears
a very general belief in foreign exchange circles that
additional gold engagements of considerable volume
will take place within the next week, in order that
the metal may reach the other side before the end
of the month. The situation in Berlin at the close
of each recurring quarter, during the last two years
at least, has shown acute strain, and the March
quarter this year is witnessing an exceptionally
severe condition, owing to the political uncertainties
that have become so disconcerting throughout
Europe. Our banks are very poorly prepared for
the active demands that are now being made upon
them. Last week's statement of the Clearing House
indicated a decrease of $4,367,000 in the cash item although reserve requirements were reduced $5,051,000
by the contraction of $23,546,000 in deposits. Thus
the cash surplus showed an increase, compared with
the preceding week, of $684,000 but amounted to
$3,374,250, which certainly represents a particularly
small margin when the current active demand for
money is taken into consideration. These figures
include the banks and trust companies that are
members of the Clearing House. A year ago the
cash surplus was $16,376,800. The question of
disposing of Union Pacific's holdings of Southern
Pacific stock, in accordance with the decree of the
United States Supreme Court, has taken on a new
phase. A modification of the original plan of dis-
MAR. 15 1913.]
THE CHRONICLE
solving the merger has been forwarded for the
approval of the California State Railway Commission
and is intended to meet the objections of that Commission so far as traffic conditions in California are
concerned. If the Commission approves the changes
and if the Circuit Court also approves them,then
the plan itself will be carried out and the underwriting syndicate will take up,as originally intended,
such part of the stock as is not subscribed for by
shareholders. The Union Pacific has until midnight to-day (Saturday) to secure the approval of
the modified plan by the Commission and by the
Court. Should these tribunals acquiesce, it will
mean that the market will be called upon to provide
by March 21 the first of the three installments to
be paid for the Southern Pacific stock in question.
It is not unnatural that under the current strained
condition of affairs the demands upon the capital
market in the form of offerings of securities should
be restricted.
The range for call money this week has been 23/2@6%. On Monday 43/2% was the highest, 23/2% the
lowest and 43/2% the ruling rate; Tuesday's extreme
figures were 33/2@432% with 4% the ruling quotation; on Wednesday 6% was the maximum, 44%
1
the minimum and ruling rate; Thursday's highest
was 53/2%, lowest 4% and renewal basis 5%; on
Friday53% was the highest,4% the lowest and 53'%
the renewal figure. Time money closed at 6% for
sixty and ninety days and 5%@6% for four, five
and six months. Commercial paper has advanced
still further, closing fully %% higher for the week
at 5%@6% for sixty and ninety day endorsed bills
receivable and also for four to six months names of
choice character; other are quoted at about M%
above these figures.
A good index of conditions in sterling exchange
this week is the fact that, notwithstanding a sharp
reduction in rates, there have been very large additional engagements of gold for export. This means
that France and Germany are buying gold by themselves, assuming the loss in exchange. The Bank
of France is again reported to be paying interest
during the time of ocean transit on the precious
metal that is consigned to Paris. At the close
last week, demand sterling was quoted at 4 8780@4 8790. It yesterday touched 4 8680. The gold
engagements of the week have included $950,000
for Germany and $4,000,000 for Paris and a small
amount, $100,000, was taken for Venezuela. These
figures bring the total engagements since January 1
up to $39,985,000,including $21,235,000to the Argentine $17,000,000 to Paris, $1,450,000 to Germany,
$200,000 to Brussels and $100,000 to Venezuela
Of the £850,000 of South African gold offered at the
weekly London auction, £350,000 was purchased for
Germany, while the disposition of the remainder
was not reported. Some part of it will, it is intimated, also go to Germany. In sterling exchange
circles here the developments in connection with the
acceptance of the modified plan of the Union Pacific
by the California Railway Commission and the Circuit Court at St. Louis are being awaited with much
interest. If the new plan is definitely accepted, it
will mean that preparations for subscriptions and
underwriting of the Southern Pacific stock to be sold
by the Union Pacific will be carried out as originally
intended on March 21. A substantial participation
in this underwriting has been arranged abroad.
753
Sterling exchange in Paris closed at 25.25 francs,
which compares with 25.253/ francs a week ago, and
the London check rate in Berlin finished at 20.444
1
marks against 20.433/i marks last week. Berlin
exchange in Paris closed at 123.52% francs,comparing
with 123.473, francs a week ago.
Compared with Friday of last week, sterling exchange on Saturday was weaker; demand declined
to 4 8775@4 8785 and sixty days to 4 8350@4 8360;
cable transfers, however, were firmer at 4 8850@4 8860. On Monday the market ruled strong on
the increasing firmness in European discounts, and
advanced to 4 8780@4 8790 for demand and 4 8855
@8865 for cable transfers; sixty days was easier at
4 8345@4 8355. The tone was weaker on Tuesday
and more or less unsteady; demand finished unchanged at 4 8780@4 8790, while sixty days declined
to 4 8330@4 8340; cable transfers were relatively
firmer, owing to the inquiry in connection with the
London fortnightly settlement now being effected,
advancing to 4 8860@4 8870. The sudden rise ix
call and time money here together, with expectations
of additional gold exports, caused a sharp break on
Wednesday, when sterling rates fell 50 points to
4 8730@4 8740 for demand, 4 8810@4 8820 for
cable transfers and 4 8280@4 8290 for sixty days.
There was a further heavy decline on Thursday, demand at one time going as low as 4 8680 and cables to
4 8775; the main influence was the stiffening in local
money rates; before the close a slight rally took place
and final quotations were 4 8685@4 8695 for demand,
4 8780@4 8790 for cable transfers and 4 8260@4 8270 for sixty days. On Friday the market continued easy and rates declined 5®10 points. Closing
quotations were 4 8250@4 8260 for sixty days,
4 8675®4 8690 for demand and 4 8775@4 8785 for
cables. Cemrciercial on banks closed at 4 80 3,4@,4 823/i and documents for payment at 4 814@4
82%
7
Cotton for payment ranged from 4 82@4 8214.
Grain for payment 4 823'@4 82,4.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $4,049,000 net in cash as a result of the currency movements for the week ending March 14.
Their receipts from the interior have aggregated
$12,649,000, while the shipments have reached
$8,600,000. Adding the Sub-Treasury operations
and gold exports, which together occasioned a loss of
$6,250,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a loss of $2,201,000, as follows:
Week ending March 14 1913.
Banks'interior movement as above__
Sub-Treas. oper. and gold exports_ _
Total
Into
Banks.
Out of
Banks.
Net Change In
Bank Holdings.
$12,649,000
21,400,000
$8,600,000 Gain $4,049,000
27,650,000 Loss 6,250,000
$34,049,000
$36,250,000 Loss $2,201,000
The following table indicates the amount of bullion
in the principal European banks.
March 14 1912.
March 13 1913.
Banks of
Gold.
Slicer.
Total.
Gold.
Silver.
Total.
i
£
2
i
37,417,49' 37,980,339
England_ _ 37,417,499
37,980,339
France --- 128,262,840, 24,370,920152,633,760 128,714,960 32,066,32 160,781,280
Germany.. 45,186,556 14,650,0001 59,836,550, 44,109,850 16,802,050 60,911,900
Russia __ _ 156,669,000 7,265,000 163,934,000,147,836,.
I:: 7,142,000 154,978,000
Aus.-Hun. 50,679,000 10,251,000 60,930,0W 53 415
12,854,000 66,269,000
Spain __ -- 17,769,00 29,759,000 47,528,... 16,858,001 30,086,000 46,944,000
4,000,000
46,306,000
50,306,000 41,805,000 3,690,000 45,495,000
Italy _ 804,900 14,227,900 12,140,000 1,051,700 13,191,700
Nethlands 13,423,000
5,616,00o 6,732,00
Nat. Bel.. 7,482,667 3,741,333 11,224,0*.
3,366,000 10,098,000
Sweden _. 5,616,00
4,719,000,
4,719,000
Switzerrd. 6,711,000,
6,711,00
6,532,000'
6,532,000
Norway- - 2,119,000
2,119 i 1: 1,992,I I I
1,992,000
Tot. week.517,641,556 94,842,153o 12,483,709602,834,149 107,058,070 •.892,219
Prey.week 517,714,111 95,436,757,613,150,8681500,356,099 106,230,68 i 06,586,786
754
44
THE CHRONICLE
THE PRESIDENT'S WORD TO THE SPANISHAMERICAN STATES.
Ever since the election of last November, it has
been evident that the relations of the United States
Government with the governments of the various
Spanish-American States to the South of us would be
an immediate problem for the consideration of our
new Administration. That such relations had in
many respects assumed an unfortunate and troublesome shape during the past few years has been visible
to every one. Numerous recent events had contributed to create among the Central and South American peoples a prejudice, largely unfounded, against
the United States.
The Panama episode of 1903, when our own Govermnent openly promoted the secession of Panama
from the Colombian Government, and did so for the
manifest purpose of obtaining the Canal strip for our
own uses, made a deep and abiding impression on
all these States. The Nicaragua episode of 1910 did
not help matters; since, whatever else might be said
for our Government's policy in that episode, it was
clear that through its support of Estrada the United
States helped to dislodge the existing Administration of Zelaya, and thereby intervened, as we remarked in these columns at the time, against what
was certainly a de facto and probably a de jure government, and in favor of a claimant whose power
rested at the moment wholly on a revolutionary
army. It is questionable whether the fact that
Madero in- 1911 organized his attack on the Diaz
Administration from within the State of Texas did
not greatly add to this ill-feeling.
Whatever may be said, and there is much that
may be said, as to the difficulties and complexities
surrounding each of these separate problems, and as
to the peculiar considerations created by our assertion of the Monroe Doctrine, the fact still remains
that our relations with the Spanish-American States
have become in recent years increasingly less agreeable. It is also a matter of common knowledge, in
both diplomatic and business circles, that the talk
of the day in Central and South America, after the
election of last November, was to the effect that some
sort of change of policy might be expected from the
new Administration. From most of these Southern
communities the word came with a curious unanimity
that they hoped for Mr. Wilson's success. Exactly
what the theory was on which they based this particular hope was not always easy to determine—
except that both the Roosevelt and Taft administrations had become unpopular with them—but evidently it was expected that the policy of hands-off
would in some way be adopted. Perhaps that fact,
combined with the hesitation which the Washington
authorities were bound to feel over aggressive measures at a moment when a change of Administration
was impending had to do with the date selected for
the Huerta-Diaz revolution in Mexico.
Now, there quite probably have been mistakes
and unfortunate policies in our past relations with
theselcommunities, the results of which the new Administration can and ought to repair. Yet the absolute:reversal of our recent policies would easily have
ereatedieven greater difficulties. If it has been impossible for any one Administration to pursue an
absolutely:consistent policy toward all these so-called
republics, what possible coherence in our national
attitude/couldithere be, if one Administration were
[VOL. xcw.
publicly and forcibly to depart from all the precedents established by its predecessors? Most of all
is it obvious that such an attitude would complicate enormously the already sufficiently great difficulties in which we are involved through our assertion of the Monroe Doctrine, which in effect means
that whatever happens in the Spanish-American
States, and however European interests may be
affected, it must not be Europe which moves in the
matter, but ourselves.
As was to be expected, the problem came to the
front at once after Inauguration Day. Much has
been made, in dispatches from Washington and
Mexico, of the formal or informal approval by Secretary Bryan of Ambassador Wilson's actions and
policies in the recent Mexican disturbance. The
fact that the Ambassador has been subjected to
widespread criticism on the ground of favoring, indirectly if not directly, the Huerta-Diaz revolution,
adds interest to the discussion of this action. We
are by no means sure, however, that our diplomatic
service made any mistake in this matter. The facts,
particularly of the Ambassador's position in the recent Mexican revolution, are not yet clear, and the
evidence is conflicting. It is fair at least to suspend
judgment and to base opinion for the present on the
fact that, up to the present date, the sequel in the
Mexican situation itself has been at least partial restoration of order in that country.
President Wilson, recognizing the propriety of
stating his Administration's general attitude on this
important question, gave out last Tuesday a personal
sleclaration regarding the policy which he intends to
pursue. The statement may be described as partly
reassurrance to the Spanish-American peoples and
partly warning. Washington's comment generally
was to the effect that the warnings were inspired
through suspicion that revolutionary agitators like
Castro, Zelaya and others were contemplating renewed attacks on the States which they once controlled. This may be so or it may not; but the real
significance of the statement is larger. Its essential
paragraphs read as follows:
"One of the chief objects of my Administration
will be to cultivate the friendship and deserve the
confidence of our sister republics of Central and
South America and to promote in every proper and
honorable way the interests which are common to
the peoples of the two continents. * * *
"Co-operation is possible only when supported
at every turn by the orderly processes of just government, based upon law and not upon arbitrary or
irregular force. We hold, as I am sure all thoughtful
leaders of republican government everywhere hold,
that just government rests always upon the consent
of the governed, and that there can be no freedom
without order, based upon law and upon the public
*
"
conscience and approval.
"We shall lend our influence of every kind to the
realization of these principles in fact and practice,
knowing that disorder, personal intrigue and defiance
of constitutional rights weaken and discredit government. * * *
"We can have no sympathy with those who seek
to seize the power of government to advance their
own personal interests or ambition. We are the
friends of peace, but we know that there can be no
lasting or stable peace in such circumstances.
"As friends, therefore, we shall prefer those who
act in the interest of peace,and honor, who protect
private rights and respect the restraints of constitutional provision."
MAR. 15 1.91 3 I
THE CHRONICLE
We think that the principles enunciated in this
speech will be generally approved, both in the
States to which the declaration is addressed and in
our own country. There is, in fact, no other legitimate basis for sustaining any position on our own
part toward the Spanish-American governments.
The President wisely indulges in no threats. That
the legitimacy of a given government will be tested
through its "protection of private rights", and that
a distinctly unfavorable view will be entertained at
Washington of those who "seize power to advance
their own personal interests," are, however, plain
and unmistakable declarations. The statement
closes with this emphatic declaration:
"The United States has nothing to seek in Central
and South America except the lasting interests of
the peoples of the two continents, the security of
governments intended for the people, and for no
special group or interest, and the development of
personal and trade relationships between the two
continents which shall redound to the profit and
advantage of both and interfere with the rights and
liberties of neither."
We are inclined to think that this last statement
will have excellent effect in the communities to which
it is addressed, especially in removing or diminishing
the rooted suspicions, prevalent in so many of those
communities, that the United States is looking forward to territorial aggrandizement in Central or
South America. However foolish such a presumption may have been, the fact remains that in many of
those communities all of the actions by the United
States have been thus interpreted. For that we
doubtless have to blame largely the manner of bringing to a climax the Panama affair, the impression
produced by which was so profound that all the subsequent official and personal efforts of Secretary Root
could not remove it. To us in America President
Wilson's words upon the subject merely renew assurance of the general policy pursued by his predecessors. They may impress the Spanish-American
peoples differently, in so far as they have mistakenly supposed the purpose of Mr. Wilson's predecessors in the White House to have been other
than that which he now declares. At any rate, it
is well to have had so definite and clear a statement
made, in exactly this form, at the outset of the new
administration.
We are not so sanguine as to expect that the general
policy outlined by President Wilson will smooth
away all difficulties. Cases will repeatedly arise
when the question as to which of two belligerent
claimants, in one of these areas of political confusion,
represents the consent of the governed and adherence
of constitutional rights, will not be easy of solution.
Frequently it will be found that neither does. In
Nicaragua, three years ago, Estrada probably represented defence of popular rights and Zelaya, at least
in form, was in power through consent of the governed.
Did Madero represent both constitutional rights and
the consent of the governed, and, if so, what should
have been, or should to-day be, our attitude toward
Huerta and Diaz? Perhaps the only possible rule
for consistent action will be, first, to insist on protection of American citizens and property; second,
to respect what is obviously a de facto government
when such government has actually been established;
but, third, to require that any government which
on such a basis wins our formal recognition must
conform to the republican and constitutional prin-
755
ciples clearly set forth in President Wilson's statement, under penalty of alienating the support of
our Government if such legitimate policies are
abandoned.
RAIL PRODUCTION AND THE ACTIVITY OF
THE STEEL TRADE.
It has been observed in more recent years that the
demand of the railroads for steel and its products is
playing a much less important part in the general
condition of the steel trade than was formerly the
case. Time was when the fluctuations in railroad
orders controlled absolutely the condition of the
trade. If the railroads were enjoying prosperity and were buying freely of the many things
needed in the conduct of their operations, the fact
would be at once reflected in the great activity in
the iron and steel industry, mills and furnaces being
quickly crowded to their full capacity. Vice versa,
if the railroads were depressed ;and could buy
only sparingly, the steel industry would pass through
one of its numerous cycles of prostration. Of late
years, however, the connection has been gradually
disappearing. It has happened several times that
trade revival of a most marked sort has been initiated
in the steel industry with little or no help from the
railroads—indeed at a time when the railroads, which
in the past were reckoned as the largest single consumer of iron and steel and their products in the
country, were still lagging far behind in their orders.
The year 1912 was an occasion of this kind. The
iron and steel trade had already gained great impetus
in its upward course, as far as prices and volume
of business is concerned, before the railroads began
to place orders for equipment and for rails on an
extensive scale.
As a matter of fact, the railroads did not act in
this regard until compelled to do so under the stress
of necessity. They have suffered so much as a result
of hostile Governmental policies, and confidence
in the stability of railroad investments has been so
seriously disturbed thereby, that the managements
found it necessary to proceed with the utmost caution
in any steps that would involve an appeal to the
investment and money markets. Thus it was that
the roads during the early part of 1912 continued
the course which they had previously pursued of
placing orders only to supply their most present and
urgent needs. The truth is they have not even now
abandoned this cautious policy, because their situaton has not at all improved and they find it exceedingly difficult to borrow for current needs on satisfactory terms. Nevertheless, as 1912 progressed,
they were forced very materially to enlarge their
orders, even though the money for the purpose could
only be obtained on costly terms. This they were
obliged to do, since it became certain that the demands upon their capacity as carriers would be on an
extraordinary scale in view of the widening circle
of business activity and the bounteous harvests
reaped. It, accordingly, happened that in the last
six or seven months of 1912 liberal orders from the
railroads served still further to stimulate activity in
the steel trade. But the initiative in the revival
of the steel trade did not come from that source.
Mills were crowded with business long before the
rail-carriers began to extend their orders.
These remarks are suggested by the appearance
of the statistics of rail production for the calendar
year. These show an output of rails only model..
756
44
THE CHRONICLE
[VoL. xcvi.
ately larger than the relatively small output of 1911 1911. As a matter of fact, the Bessemer make of
and far below the product of the best previous year. rails in 1912 was less than thirty years before,
In brief, the make of rails in 1912 reached 3,327,915 in 1882. On the other hand, open-hearth rails
tons, against 2,822,790 tons in 1911, but as against established another new record, greatly in advance
3,636,031 tons in 1910, 3,633,654 tons in 1907 and of anything reached before. It was only in 1911
a maximum of 3,977,887 tons in 1906. In other that the open-hearth rail product for the first time
words, while the make of rails in 1912 exceeded that surpassed the Bessemer product. In 1912 openof 1911 by 505,125 tons, it fell below that for the hearth rails so far advanced their lead that twice as
year preceding the panic in amount of 649,972 tons. much was made as of Bessemer rails. The openOf course, more rails were turned out in the last six hearth product was 2,105,144 tons and the Bessemer
months of 1912 than in the first six months, but rails 1,099,926 tons. From this the reader will get
even on the basis of the make for the last half of 1912, an idea of the marvelous rapidity with which the
the yearly rate falls much below the highest previous railroads have been turning from Bessemer rails to
total. The statistics, it is proper to say, are now open-hearth rails.
compiled by the Bureau of Statistics of the American
Up to within a very few years, as we have pointed
Iron & Steel Institute, under the direction of William out on previous occasions, nothing but Bessemer
G. Gray, who for so many years assisted Mr. James rails were made. As lately as the calendar year
M. Swank of the American Iron & Steel Association 1902—that is only a decade ago—the total product
in the work. The fact is important as showing of open-heqxth rails in the United States was no more
that the methods of preparing the statistics remain than 6,029 tons. From this to the 2,105,144 tons
unchanged. For the first six months of 1912 the of open-hearth rails produced in 1912 represents
production of rails was last August reported at prodigious strides. Whether the Bessemer rail has
1,466,565 tons. This leaves the output for the last been permanently relegated to second place remains
six months 1,861,350 tons, which is at the rate of for the future to determine. There is no absolute
3,722,700 tons a year and falls a quarter of a million agreement among railroad operating officials as to
tons below the 3,977,887 tons of rails produced in the relative merits of the two kinds of rails; but it is
1906, the year immediately before the 1907 panic. admitted that the open-hearth rail possesses an adThe significance of this comparison lies in the fact vantage because of the fact that open-hearth steel
that it indicates that the rail production even during contains a smaller percentage of phosphorus than
the last half of 1912 was on a restricted scale. In the Bessemer steel. It is argued from this that as a
interval since 1906 about 30,000 miles have been consequence rail breakages due to brittleness are
added to the railroad system of the'country and yet reduced. Of course there are other factors to be
the consumption of rails is on a smaller scale than in taken into consideration and the open-hearth rail
the earlier period, notwithstanding the railroads are has not been in use long enough to make it possible
supposed to have been buying very liberally.
to arrive at definite conclusions with .reference to the
Another fact is worth remembering. Not by any superiority claimed for it. The one fact established
means all the rails made in 1912 went into domestic by the statistics is that railroad officials continue
consumption. In face of the active home demand to show a decided preference for it.
for rails the export movement of rails to foreign
countries was maintained at the large figure of the
LARGE FARM RESERVES OF CEREALS.
The report on the reserves of cereals in farmers'
previous year and even slightly further increased.
This last means that our exports of rails in 1912 were hands in the United States on March 1 1913, issued
the largest on record. In a word, the export ship- by the Department of Agriculture on Monday last,
ments reached 446,473 tons in the late year and shows that stocks so held at that date were very much
420,874 tons in 1911. Allowing for a very small larger than at the same date of any recent year. It
amount of rails imported (3,780 tons) the home would seem to follow that we have an abundant
consumption of rails was only 2,885,222 tons, which supply to meet the probable requirements prior to
compares with 2,405,330 tons in 1911, but with no the movement of the next crop. While this is in
less than 3,654,794 tons in 1906. In brief, the home line with general expectations on the whole, it is to
consumption of rails in 1912 was over 9 of a million be noted, nevertheless, that the quantity of oats
tons less than in 1906. In the following we furnish disclosed as on hand exceeds all private estimates.
a comparative statement for the last six years,
Of wheat the amount in farmers' hands March 1
showing production, imports and exports and the is placed at about 21.4% of the 1912 crop, or 156,home consumption of rails,and also how much of the 483,000 bushels, with the reserves in such States as
product each year was made by each of the leading Iowa, Minnesota and Wisconsin approximating
processes—that is the Bessemer process and the one-third of the yield. This year's holdings are
open-hearth process.
363/ million bushels greater than at the correspondRAIL PRODUCTION AND CONSUMPTION.
ing time in 1912. A very large total of corn on hand
1908.
1911.
1912.
1909.
1910.
1907.
1906.
is revealed, a situation due not only to the great
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Tons.
Bessemer __1,099,926 1,138,633 1,884,442 1,767,171 1,349,153 3,380,025 3,791,459 yield of last year but,in an important measure also,
Open,hearth2,105,144 1,676,923 1,751,359 1,256,674 571,791 252,704 186,413
MIscellan's _ 122,845
925
71
7,234
230 None
15 to the open character of the past winter, which served
Tot. prod.3,327,915 2,822,790 3,636,031 3,023,845 1,921,015 3,633,654 3,977,887 to reduce farm consumptive requirements. The
Imports_._
3,780
3,752
1,719
7,861
3,414
4,943
1,542
amount of corn reported on farms March 1 this year,
3,331,695 2,826,204 3,643,892 3,025,387 1,922,734 3,637,406 3,982,830
stated
at approximately 41.3% of the 1912 product,
Exports—. 446,473 420,874 353,180 299,540 196,510 338,906 328,036
Home oon_2,885,222 2,405,330 3,290,712 2,725,847 1,726,224 3,298,500 3,654,794 was about 1,289,655,000 bushels. This contrasts
In the make by the different processes the feature with only 884 million bushels a year ago, 1,165
is the falling off in recent years in the Bessemer millions in 1911 and 97732 millions in 1910. With
product. A trifle more Bessemer rails was made in the exception of 1907, when the March 1 stock
1912 than in 1911, but only a trifle more, the amount reached 1,298 million bushels, the current total is
being 1,099,926 tons for 1912 and 1,053,420 tons for the heaviest-on-record.
MAR. 15 1913]
Reserves of oats,likewise, are of very large amount,
the mildness of the winter, as in the case of corn, as
well as the largeness of the growth of 1912, being
chiefly responsible for the result. The March 1
holdings are placed at 604,216,000 bushels, or 42.6%
of last year's crop, as against 289,988,000 bushels
2 millions
a year ago, 442% millions in 1911 and 3653/
in 1910. Of barley farmers held on March 1 about
62,283,000 bushels, or 27.8% of the 1912 record
crop, whereas a year ago the amount held was only
24% million bushels and in 1911 some 3332 millions.
The foregoing remarks apply, of course, only to
the stocks of grain held in farmers', or first, hands
at the date mentioned, not including the visible
supplies at reported points of accumulation, which
are greater than last year, and the amounts in country
elevators, &c., which it is to be presumed are heavier than usual. Consequently it is a practically
safe assumption that the combined stock of grain
in the country available for use is the greatest on
record for the date covered.
With the mind set at rest on this subject of available supplies, attention not unnaturally turns to the
present status of the winter-wheat crop. The
planting of last fall, according to the Department of
Agriculture, covered an area 2.5% less than in the
previous year, and nothing further of an official
nature about the crop will be promulgated until
early next month. Reliable private advices are
available, however, and they indicate a quite satisfactory current outlook. The plant seems to have
had, over much the greater part of the seeded area,
ample snow covering to protect it from the freezing
weather, and no specially mentionable complaints
of unfavorable developments have been received.
The "Cincinnati Price Current" remarks that recently there has been considerable precipitation in
the form of snow throughout the winter-wheat territory that has relieved, in a measure, the drought
condition and given protection against that thawing
and freezing condition that is often disastrous to the
wintering of the wheat plant. So far, therefore, as
it is now possible to judge, the winter-wheat crop
is in good condition, says the "Price Current," with
slightly unfavorable reports from Iowa and South
Dakota, where the acreage is not extensive.
temperatures. Thus, the contrast arising out of
difference in weather-conditions was marked beyond
the ordinary. When to this we add the further fact
that trade and industry all over the country were in
a state of great activity and that the railroads had a
grain movement of prodigious size as a result of the
unsurpassed harvests of 1912, we have all the elements going to produce highly favorable statements
of earnings. No repetition, however, of January's
exceptional improvement in earnings should be looked
for in subsequent months, for these subsequent
months will have no such advantages in the
way of differences in weather conditions as did
January.
That the weather the present year has been mild
almost beyond recall is,. of course, within the knowledge of everyone. As to the weather last year, it is
only necessary to remind the reader that in this city
the average temperature in January 1912 was the
lowest with a single exception (1893) in the forty-two
Januaries during which the Government Weather
Bureau had kept the records up to that time,
while in Chicago the month was the coldest without
any exception. Many of the Western roads found
it difficult to keep up:steam in the locomotive engines,
and outdoor work in connection with the running
of the trains was more or less interfered with by the
intensity of the cold. As a consequence, many of
the separate roads suffered losses in net earnings
which for amount have had few parallels.
Following such results and such conditions last
year the improvement the present year was bound
to be extremely marked. Stated in brief, our
tabulations show a gain in gross earnings of no less
than $38,128,677, or 18.28%, and a gain of $18,781,777, or 41.28% in net earnings. The extent and
ratio of these gains reveals very clearly the unusual
character of the conditions that prevailed. It is
almost supurfluous to add that the gains come from
all sections of the country and from all classes of
roads. In individual cases net earnings the present
year are double what they were last year.
January (441 roads —
Miles of road
Gross earnings
Operating expenses
Net earnings
RAILROAD GROSS AND NET EARNINGS FOR
JANUARY.
We have an extraordinarily favorable statement of
railroad earnings, gross and net, for the month of
January. But not too much significance should be
attached to the large gains disclosed. If in magnitude and ratio the improvement is of unusual proportions, on the other hand the conditions responsible
for the results were also unusual. One of the chief
reasons for the noteworthy betterment of both gross
and net is found in the striking difference in the
weather conditions in the two years. In 1912 the
winter was one of exceptional severity, particularly
in the intensity of the cold experienced; this had the
effect at once of reducing gross earnings and of
running up expenses to an extraordinary degree, the
two combined producing losses of tremendous
extent. Contrariwise, the winter the present year
was one of the very mildest on record, both in the
absence of any serious or general impeding snowfalls
and in the almost complete freedom from very low
757
TIIE CHRONICLE
1913.
1912.
235,607
232,179
$246,663,737 $208,535,060
182,386,573
163,039,673
864,277,164
845,495,387
Inc.(±)or Da.(—).
Amount.
%
1.47
+3,428
+838,128,677 18.28
+19,346,900 11.87
+518,781,777 41.28
From what has already been said, it is manifest
that this year's large gains are in part a recovery of
what was lost in January last year. In particular
this is true of the net. Speaking of the roads as a
whole, our compilation last year, covering 237,888
miles of road, showed a decrease of $2,440,307 in
gross, or 1.14%, and a decrease of $7,019,714 in the
net earnings, or 13.25%. The showing was unfavorable, too, in January of the previous year,
namely 1911,inasmuch as,though there was a gain in
the gross,it was very small, reaching only $4,248,770,
while in the net earnings there was an actual loss of
$3,483,309. In 1910 a gain of $27,776,971 in gross
yielded an addition of only $6,918,577 to net.
Below we furnish a summary of the January comparisons for each year back to 1896. For 1911, for
1910 and for 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 at that time of some of the roads to give
out monthly figures for publication.
758
THE CHRONICLE
Gross Earnings.
Year.
Year
Given.
Year
Preceding.
Increase Or
Decrease.
Net Earnings.
Year
Given.
Year
Increase or
Preceding. Decrease.
Jan.
1896- __ 63,316,855 48,726,980 +4,589,875
13,189,595 +2,304;568
1897-- 51,065,589 54,615,619 -3,550,030 15,494,163
14,277,924 15,394,495 -1,116,571
1898._ _ - 60,345,290 52,705,271 +7,640,019 17,833,662
14,601,313 +3,232,349
1899 _ _ - 63,149,988 58,753,141 +4,396,847 18,744,045 17,447,630
+1,296,415
1900_ _ - 78,264,483 66,312,140 +11,952,34
26,384,125
3
20,489,925
1901_ 90,514,376 81,878,382 +8,635,994 30,135,751 25,911,701 +5,894,200
1902___ 99,888,443 91,517,103 +8,371,340 32,993,376 30,441,463 +4,224,050
1903_ 100,840,997 92,230,740 +8,610,257 30,021,883 29,745,477 +2,551,913
+276,406
1904.- 101,839,230 106,687,145 -4,847,915 24,043,886
-8,095,639
1905_ 103,641,710 96,912,364 +6,729,346 26,583,361 32,139,525
+3,044,947
1906_ 128,566,968 106,741,980 +21,824,988 38,673,269 23,538,414
+11,676,497
1907___ 133,840,696 123,664,663 +10,176,033 36,287,044 26,996,772
37,096,918 -809,874
1908_ 135,127,093 155,152,717 -20,025,624 29,659,241 41,155,587
-11,496,34
6
1909._ 182,970,018 173,352,799 +9,617,219 50,295,374 41,036,612
+9,258,762
1910___ 211,041,034 183,264,063 +27,776,971 57,409,657
+6,918,577
1911._ _ 215,057,017 210,808,247 +4,248,770 53,890,659 50,491,080
57,373,968 -3,483,309
1912_ 210,704,771 213,146,078 -2,440,307 45,940,706 52,960,420
1913..__ 246,663,737 208,535,060 + 8,128,677 64,277,164 45,495,387 -7,019,714
+18,781,777
Note.-In 1896 the number of roads included in the month of January was
135; in
1897, 127; in 1898, 130; in 1899, 115; in 1900, 114; in 1901,
in 1902, 109; in
1903, 105; In 1904, 103; In 1905, 94; in 1906, 100; in 1907,97.130;
In
1908
the
were based on 157,629 miles of road; In 1909, 231,970; in 1910, 239,808; returns
In 1911,
242,479; in 1912, 237,888; in 1913, 235,607.
[VOL. xcvi.
net. The Baltimore & Ohio has $1,833,882 increase in gross and $801,786 increase in net, while
the New York Central has swelled its gross by
$890,862 and its net by $555,281. This last, howver, covers simply the Central proper. Including
the various auxiliary and controlled roads, the whole
going to form the New York Central System, the
result is a gain of $3,887,974 in gross and of $2,000,324
in net. In the following weIshow all changes for
the separate roads for amounts in excess of $100,000,
whether increases or decreases, both in the gross and
in the net. There are no losses for this amount in
the case of the gross and only two in the case of the
net, namely the New Haven road and the Boston
& Maine.
As far as the separate roads are concerned,the list PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Increases.
Increases.
of gains is an extensive one, and they are large in Pennsylvania
y$3,696,687 Pittp3& Lake Erie
$369,391
Chicago Milw & St Paul-- 2,095,565 Wabash
364,655
both gross and net. The Eastern roads share with Baltimore & Ohio
1,833,882 Seaboard Air Line
355,037
Atch Topeka & Santa Fe.. 1,525,689 Chesapeake & Ohio
Chicago& North Western_ 1.514,738 Elgin Joliet& Eastern__ _ _ 345,285
the Western roads in the magnitude of the increases, Northern
329,674
Pacific
1,315,645 Chicago Great Western
260,040
Central
but in ratio the gains on Western roads are much the Illinois
1,130,520 Pere Marquette
257,994
Chicago Burl& Quincy
1,114,087 New York Chic & St L._ 233,982
Missouri
Pacific
heaviest. This is due to the fact that last year the Lake Shore & Mich:So • 1,046,065 Chic St Paul Minn & 0.... 229,148
1,031,215 Phila Balto & Wash
198,700
Pacific
958,756 Spokane Port & Seattle.._
great East and West trunk lines between Chicago Union
198,319
N Y Central
a890,862 Kansas city Southern
195,917
& Western
885,308 St Louis Southwestern... c193,888
and the seaboard were able to make relatively good Norfolk
Great Northern
784,093
:8
08
40
9
Southern
695,462 Central
Virg
of New
exhibits, in part because net earnings at least had Philadelphia & Reading_ _ 687.005
inia
Jersey.._ _ _n9
186
1
Bessemer & Lake Erie_ _ _ _
174,209
Louisville & Nashville.._
682,033 Chicago & Alton
suffered heavy decreases in the year preceding. Erie
173,603
676,578 N Y Chicago & St Louis
164,566
Minneap St P & S S M.._ 670,176 Mobile
& Ohio
153,976
A few other roads then also presented satisfactory N
Y New Hay & Hartf
559,895 Cinc New On & Tex Pac. 152,714
Southern Pacific
522,159 San Pedro Los Ang & S L.: 149,131
returns-the Great Northern, for instance, reporting Atlantic
Coast Line
514,648 Chicago & Eastern Ill
137,975
Michigan Central
512,483 Denver & Rio Grande..
127,766
$520,574 increase in gross and $462,546 increase in Lehigh Valley
528,310 Western Maryland
125,777
Delaware Lacka & West.._ 519,973 Yazoo & Miss
Valley
124,529
net. Barring a few such exceptions, most of the larger Cleve Cinc Chic & St L_ _ 483,336 Colorado & Southern..
.. 113,551
Boston & Maine
477,382 Vandalia
101,114
Louis & San Fran
systems at that time sustained heavy losses, more St
Missouri Kansas & Texas.. 40
65
53
1,2
7
20
Representing 57 roads
particularly in net. The Harriman roads were the Delaware & Hudson
383,012
in our compilation.._$34,210,994
Note.-All the figures in the above are on the basis of the
worst sufferers at that time, because in addition to with
returns
the Inter-State Commerce Commission. Where, however, filed
the other drawbacks they were still feeling the effects returns do not show the total for any system, we have combined thethese
separate roads so as to make the results conform as nearly as possible to
those
of a shopmen's strike. As illustrating the nature given
in the statements furnished by the companies themselves.
and the extent of the losses then sustained, we may a These figures cover merely the operations of the New York Central
Itself. Including the various -auxiliary and controlled roads, like the
mention that the Illinois Central fell $1,151,393 Michigan Central, the Lake Shore, the "Big
Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the
result is
behind in gross and $1,747,838 in net, the Union a gain of $3,887,974.
figures are furnished by the company.
Pacific $539,092 behind in gross and $740,856 in net, cy These
These figures represent the lines directly
east and west o
the Southern Pacific $47,800 behind in gross and Pittsburgh, the Eastern lines showing $1,911,298operated
increase and the Western
lines $1,785,389 increase. For all lines owned, leased,
operated and con$249,716 in net-and the Yazoo & Mississippi Valley trolled, the result is a gain of $4,565,805.
$232,556 in gross and $370,539 in net. Other
PRINCIPAL CHANGES IN NET EARNINGS
IN JANUARY.
Western roads were very hard hit by the unfavorable
Increases.
Increases.
Chicago
Milw
&
St
Paul__$1,4
08,349
Cleve
weather conditions prevailing last year. Thus the Chicago& North Western._ 1,270,300
Cinc Chic & St L.._
227,912
Missouri Kansas & Texas_ $205,977
Illinois
Central
1,139,696
Kansas
City
Island
Southern_
Rock
had $623,417 loss in gross and $541,859 Pennsylvania
201,305
y1,128,505 Elgin Joliet & Eastern...._
191,308
Chicago Burl & Quincy._ 889,448 San Pedro Los Ang & S
L..
in net, the Chicago & North Western $533,379 loss Northern
Pacific
819,151 Louisville & Nashville... 179,914
176,293
Baltimore & Ohio
801,786 S okane Port & Seattle__
159,472
in gross and $794,505 in net, the Northern Pacific Norfolk
& Western
605,428 Yazoo& Miss Valley
157,161
N Y Central & Hud Riv__ a555,281 Lehigh Valley
156,307
$336,244 loss in gross and $300,933 in net and the Lake Shore & Mich So- 548,446 Chicago St Paul Minn & 0 144,303
Atch Topeka & Santa Fe.. 527,591 Bessemer & Lake Erie__ _
121,086
Atchison $200,306 loss in gross and $145,887 in net. Erie
498,632 Virginian
117,930
Missouri Pacific
482,638 Southern
111,837
This year's gains are in sharp contrast with these Union Pacific
481,453 N Y Chic & St Louis.... 111,465
Philadelphia & Reading.... 480,500 Cinc N 0 & Tex Pac
108,080
heavy losses last year. For instance, the Illinois Great Northern
364,636
Minneap St P & S S M
356,247
Representing 40 roads
Coast Line
In our compilation_ _317,109,913
356,178
Central now has $1,130,520 increase in gross and Atlantic
Delaware Lacka & West
349.491
St Louis & San Fran
326,189
$1,139,696 increase in net, the Union Pacific $958,756 Seaboard
Air Line
286,788 N Y New Haven & Hartf_ Decreases.
$238,887
& Lake Erie__ 269.335Boston & Maine
increase in gross and $481,453 in net, the Southern Pittsburgh
128,703
Delaware & Hudson
267.669
Pere
Marquette
204,182
Representing 2 roads in
Pacific $522,159 increase in gross but $8,530 decrease Chicago Great Western.._ 261,644
our compilation
$367,590
in net. The Chicago & North Western this time adds a These figures merely cover the operations of the
New York Central
itself. Including the various auxiliary and controlled
roads,
the
$1,514,738 to gross and $1,270,300 to net, the Atchi- Michigan Central the Lake Shore, the "Big Four," the "Nickellike
Plate,
the whole going to form the New York Central System, the result
is
son $1,525,689 to gross and $527,591 to net, the &c.,
a gain of $2,000,324.
y These figures represent the lines directly operated east and west
of
Burlington & Quincy $1,114,087 to gross and $889,- Pittsburgh
, the Eastern lines showing $750,027 increase and the Western
lines
increase. For all lines owned, leased, operated and con448 to net, the Milwaukee & St. Paul $2,095,565 trolled,$378,478
the result is a gain of $1,623,280.
to gross and $1,408,349 to net, the Great Northern
When the roads are arranged in groups or geo$784,093 to gross and $364,636 to net and the graphical division
s, the widespread nature of the imMissouri Pacific $1,046,065 to gross and $482,638 provement and its
striking character become very manto net.
ifest. Every division records improvement in the gross,
With reference to the Eastern trunk lines, these some in very notewor
thy ratios, while all the divisions
had moderate gains last year, which are followed by also record
gain in the net, with the single exception
very large gains the present year. The Pennsyl- of the New England group,
where there is a small
vania Railroad on the lines directly operated both loss in
net because of the large expense and diminished
East and West of Pittsburgh reports $3,696,687 net earnings
of the Boston & Maine and the New
improvement in gross and $1,128,505 improvement in Haven.
Our summary by groups is as follows:
MAR. 15 1913.]
THE CHRONICLE
759
SUMMARY BY GROUPS.
Gross Earnings
1912.
1913.
Inc.(+) or Dec.(-)•
I day which the month then contained (it being a
leap year, as already stated) was itself an important
11,354,061
10,165,513
+1,188,548 11.70 element in producing good comparisons between 1912
52,868,093
81,589,726
+8,721,633 16.62
35,387,574
29,197,255
+6,190,319 21.20 and 1911, besides which the grain movement in the
34,269,319
29,325,794
+4,943,525 16.86
51,760,194
41,054,103 +10,706,091 26.06 West and the cotton movement in the South both
38,662,210
33,588,854
+5,093,356 15.17
13,640,653
12,355,448
+1,285,205 10.40 ran
considerably heavier than in the earlier year.
Total (441 roads)
246.663,737 208,535,060 +38,128,677 18.28 Thus
it happened that our early statement for Feb-MileageNet Earnings
1913.
1912.
1913.
Inc.(+) or Dec.(-). ruary 1912 showed $6,221,900 increase in gross or
1912.
7,815
Group No. 1___ 7,821
1,968,185
2,290,133
-321,948 14.06 11.32%. The year before, however (1911), the
Group No. 2____ 26,271 26,253
16,399,726
11,859,560
+4,540,166 38.28
Group No. 3____ 25,706 25,534
8,020,574
5,744,817
+2,275,757 39.81 total registered only a slight increase, and if the CanaGroups Nos.4&5 39,762 39,195.
9,756,446
+2,377,787 32.22
7,378,659
Groups Nos.6& 7 65,149 63,966
14,679,364
+7,303,121 99.01 dian roads had been excluded the increase then would
7,376,243
Groups Nos.8& 9 53,607 52,498
+2,058,735 28.57
9,265,373
7,206,638
Group No. 10___ 17,291 18,918
+548,159 15.06 have been of mere trifling extent.
4,187,496
3,639,337
Prior to 1911,
Total
235,607 232,179
64,277,164
45,495,387 +18,781,777 41.28 of course, the returns were quite satisfactory as a
NOTE.-Group I. includes all of the New England States.
rule, though in 1908 there was a falling off because
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and of the business depression which followed the panic
the extreme northern portion of West Virginia
Group III. includes all of Ohio and Indiana: all of Michigan except the northern of 1907, and there were also losses in a few other years
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
arising generally out of bad weather conditions. In
Groups IV.and V.combined include the Southern States south of the Ohio and ea t
the
of the Mississippi River.
following we furnish a summary of our early
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 February totals for each year back to 1897:
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Section or Group.
JanuaryGroup 1 (17 roads), New England_
Group 2(81 roads), East & Middle
Group 3(63 roads), Middle West__
Groups 4 & 5(78 rds.), Southern__
Groups 6 & 7(67 rds.), Northwest_
Groups 8 & 9 (93 rds.(, Southwest_
Group 10(42 rds.), Pacific Coast_
Gross Earnings.
Increase(+)
Or
Year YearPre- InGiven, ceding. cese.
Jan. 1 to Feb
1897_ _ 125
1898_ _ 125
1899.... 117
1900_ _ 102
1901_ _ 104
1902_ _ 92
1903_ _ 78
1004.. _ 67
1905_ _ 60
1906 _ 1 57
1907_ _ 67
1908_ _ 59
1909 _ _ 53
1010.. _ 49
1911_ _
51
1912.._ 50
1913__ 48
woocno.0commoocco4
Year. Roads
1897 _ _ 125
1898_ 126
1899_ _ 118
1900_ 103
1901._ 105
1902 _ _ 92
1903.. _ 78
1904 _ 67
1905.. 61
1906_ _ 58
1907_ _ 67
1908.. _ 59
1909.._ 53
1910_ _ 49
191L_ 51
1912_. 50
1913 _ _ 48
ZOcc,
0000Woommcommo000ZO,
wyww...a..wwww=
RAILROAD GROSS EARNINGS FOR FEBRUARY.
In the previous article we have dealt with the
completed tabulations of railroad earnings, both
gross and net, for the month of January, and have
pointed out that the tabulations for subsequent
months are not likely to show improvement to anywhere near the same extent, inasmuch as there will
be no such striking contrast in the weather conditions
between 1913 and 1912 as existed in that month.
These remarks find confirmation in the early statements that have thus far come to hand for the month
of February; these statements cover simply the gross
earnings, since it is far too early yet to have any
figures of net. These early returns, which embrace
altogether 48 roads, comprising an aggregate of
88,333 miles of line, including three Canadian systems, show only $3,440,529 gain over February last
year, or no more than 5.56%. Moreover, of this
gain $1,481,820 is contributed by the three Canadian
roads referred to, namely the Canadian Pacific, the
Grand Trunk and the Canadian Northern, leaving
only $1,958,709 gain for the roads in the United States
or only 4.03%. The diminutive character of the
improvement attracts the more notice in view of
the fact that many of the roads represented in these
early returns are Western grain-carrying roads and
the Western grain movement the present year was
of huge magnitude. As against this advantage,
however, to the Western roads, the Southern roads,
which form the other class of roads most largely
represented in our early statements, suffered a very
severe shrinkage in their cotton traffic, and all the
roads everywhere suffered a distinct disadvantage
in the fact that February the present year had one
day less than the same month last year, when the
month contained 29 days by reason of its being a
leap year. As against the $3,440,529 increase, or
5.56%, shown in our present early statement for
February, the gain by the early statement for the
month of January,comprising substantially the same
roads was $9,913,520, or 17.44%, and the gain for
the month of December was $7,691,470, or 11.15%.
As modifying unfavorable conclusions, it should
be remembered that for February we are not comparing with diminished earnings last year. The extra
Mileage.
February.
WW9?wooQocomoomtoccommcco
go-4ww.-..wh2owcz.4.wwwc...t4
bemMOW.WOoT
1.,-;"co
.
o.
woov,,,avocowww.r>.wowoop
ww...coco-iromi.0410=1.
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 who!e of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest cornet 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.
Year
Given.
Year
!receding.
Decrease (-),
Miles.
91,177
94,571
91,211
91,829
95,283
93,269
94,496
80,691
80,429
81,405
91,740
83,328
80,308
80,622
86,351
86,159
86,054
%
0.86
0.99
1:18
2.41
2.93
1.76
2.27
2.71
2.19
2.28
1.91
1.29
1.29
1.89
2.66
2.00
2.58
91,177
94,427
91,174
91,556
95,246
93,269
94,496
80,691
78,369
80,928
91,740
83,328
80,308
80,622
88,351
88,159
88,054
0.86 67,321,230 70,779,471 -3,458,241 4.88
0.99 80,195,211 69,217,374 +10,977,837 15.86
1.16 79,001,425 76,844,948 +2,156,477 2.81
2.41 92,056,260 78,114,962 +13,941,298 1.78
2.98 106,690,137 98,151,022 +8,539,115 8.70
1.73 108,781,813 102,330,497 +6,451,316 6.30
2.27 117,867,542 105,478,219 +12,389,323 11.75
2.71 94,786,426 96,803,491 -2,017,065 2.08
2.19 92,756,575 91,098,787 +1,657,788 1.82
2.23 111,888,088 91,312,897 +20,575,191 22.53
1.91 136,240,193 133,124,581 +3,115,612 2.34
1.29 99,975,812 110,477,618-10,501,806 9.51
1.29 101,458,518 95,122,719 +6,335,799 6.66
1.89 108,400,071 94,482,570 +13,917,501 14.73
2.66 116,017,536 113,504,641 +2,512,895 2.21
2.00 119,646,338 112,969,100 +6,677,238 5.66
2.58 134,937,855 120,187,874 +14,749,981 12.27
$
33,393,769
39,207,730
37,059,046
43,739,672
50,430,204
50,301,694
55,694,648
45,889,825
43,651,281
53,838,807
65,168,022
47,582,490
49,515,764
52,393,827
56,078,284
61,178,619
65,275,208
$
$
%
34,087,463
-893,694 2.03
34,335,397 +4,872,333 14.19
37,580,536
-521,490 1.38
36,447,592 +7,292,080 20.01
46,733,346 +3,696,858 7.91
48,404,740 +1,898,964 3.76
48,912,743 +6,781,905 13.87
46,032,582
-142,737 0.31
44,914,739 -1,263,458 2.81
42,850,373 +10,988,234 25.64
63,850,213 +1,317,809 2.06
53,289,074 -5,706,584 10.71
45,382,258 +4,133,506 9.02
46,357,018 +6,036,809 13.02
55,363,388
+714,896 1.57
54,956,719 +6,221,900 11.32
61,834,679 +3,440,529 5.50
Note.-We do not include the Mexican roads in any of the years.
We have spoken above of the falling off in the cotton movement. This, however, applies only to the
movement at the Southern outports. The shipments overland by the various rail routes were heavier, aggregating 412,597 bales in February 1913,
against only 244,580 bales in 1912 and but 147,878
bales in 1911. At the Southern outports there was
a shrinkage of prodigious extent, the receipts in 1913
aggregating no more than 468,381 bales, against
1,244,629 bales in 1912 and 517,027 bales in 1911,
as appears by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN FEBRUARY AND
FROM JANUARY 1 TO FEBRUARY 28 1913, 1912 AND 1911.
February.
Since January 1.
Ports.
bales_
Galveston
Texas City, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown, &c
Wilmington
Norfolk
Newport News, &c....
Total
1913.
1912.
1911. ;
1913.
1912.
1911.
215,015
58,394
76,257
8,159
7,832
46,452
7,650
3,468
105
9,150
25,459
10,440
349,234
92,446
222,546
44,232
50,397
241,757
65,670
47,874
159,077,
77,316,
122,658i
10,740'
30,331;
54,793;
11,598'
11,575;
991
11,841
26,999
529,008
172,261
192,547
19,433
21,350
117,365
25,550
10,587
105
18,451
53,893
33,826
824,501
218,438
470,296
102,981
108,755
503,009
101,910
74,863
433,916
225,198
351,747
37,099
60,579
189,418
47,676
23,681
332
48,833
74,143
1,064
49,881
75,649
4,943
468,381 1,244,629
111,363
148,394
7,000
517,027 1,194,376 2,671,510 1,493,686
The Western grain movement, favored by good
weather and large crops, was of prodigious magnitude and far surpassed that of either of the two previous years. All the leading cereals were distinguished in the same way. Of wheat the receipts
760
44
THE CHRONICLE
for the four weeks ending March 1 in 1913 were
20,567,000 bushels, against only 12,726,255 bushels
in the corresponding four weeks of last year; of corn,
34,970,000 bushels, against 26,705,255 bushels;
of oats, 17,514,000 bushels, against 12,591,744; of
barley, 8,671,000 bushels, against 3,739,086 bushels,
and of rye, 960,000, against 558,972 bushels.
Combining the five cereals, aggregate deliveries in
the four weeks of 1913 were no less than 82,682,000
bushels, against only 56,321,711 bushels in 1912 and
but 37,737,322 bushels in 1911. We now furnish
the details of the Western grain movement in our
customary form:
EARNINGS OF SOUTHERN GROUP.
February.
1913,
1912.
$
412,944
$
385,305
Alabama Gt Sou_
Ala N 0 & T PNew On & N E_
330,479
Ala dr Vicksburg
143,852
Vicks Shrev & P
133,478
Cent of Georgia.. 1,090,100
Ches & Ohio_c _ _ 2,846,040
Clue N 0& T P..
882,733
Louisv & Nash_b 4,813,575
Mobile & Ohio__
955,296
Seab'd Air Line.. 2,082,502
Southern Ry____ 5,231,100
Yazoo & Miss Val
867,369
Total
1
1911.
1910.
$
378,378
$
329,195
281,813
243,391
334,589
297,472
140,141
138,310
128,979
112,404
1,222,500 1,119,929
2,666,019 2,409,195
781,081
759,004
4,687,043 4,151,881
908,593 843,088
1,970,456 1,965,195
5,167,0364,793,156
783,863
911,32
291,423
132,763
114,889
1,018,174
2,387,680
720,991
4,115,839
810,560
1,741,086
4,417,369
763,383
256,719
120,134
111,205
929,761
1,874,035
595,700
3,518,840
795,560
1,564,666
4,062,233
826,631
206,679
113,362
113,138
921,708
1,575,574
515,202
3,253,872
669,190
1,289,293
3,663,021
844,456
1909.
1908.
s
$
19,789,468 19,174,60517,879,332 16,843,352 14,937,30313,408,946
b Includes the Louisville dr Atlantic and the Frankfort dr Cincinnati in 1913,
1912, 1911, 1910 and 1909.
c Includes Chesapeake & Ohio of Indiana, beginning July 1 1910.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
WESTERN if
Four weeks endlug Mch. IChicago1913
1912
Milwaukee1913
1912
Louis1913
1912
ledo1913
1912
Detroit1913
1912
Cleveland1913
1912
Peoria-.
1913
1912
Duluth1913
1012
Minneapolis1913
1912
Kansas City1913
1912
Omaha1913
1912
Total of AU1913
1912
7UR AND GRAIN RECEIPTS.
Flour.
(bbls.
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
Rye.
(bush.)
21,202,000 8,992,000 3,368,000
13,993,300 6,836,100 1,362,500
221,000
199,000
105,000
122,600
1,669,000 1,059,000 2,270,000
963,000 1,109,000
1,711,000
284,000
203,500
236,000 2
240,220
3,226,000 2,040,000
2,991,600 1,396,000
663,000 2 143
1
541 74
0
216,000
12,800
16,000
3,300
73,000
299,000
579,000
452,600
333,000
254,550
28,000
19,891
20,000
105,228
336,000
360,944
280,000
138,854
41,000
2,043
126,000
16,630
377,000
130,315
455,000
172,774
18,000
1,630
1,000
178,000 2,941,000
66,000 2,222,116
814,000
504,575
277,000
192,400
61,000
28,070
143,000
304,591
243,000
18,976
39,000
15,142
691,000 1,278,000 2,279,000
911.480 1,405,700 1,041,780
339,000
107,960
February.
Canadian Pacific
Chicago dr Alton_
Chic Gt West._
Dul So Sh & Atl_
Great Northern.
Minneap dr St Li
Iowa Central_ _ f
Total
1913.
I
1912.
1911.
1910.
1909.
1908.
$
$
$
$
I
$
5
9,526,000 8,743,000 6,375,576 5,992,052 4,966,208 4,129,044
1,049,480 1,168,204 1,036,996 1,013,971
916,386
883,537
1,043,784 1,001,400 957,877
956,717
757,534
551,958
190,805
237,564, 218,915
213,703
195,621
186,934
4,581,109' 4,322,292 3,572,001 3 873,315 3,212,152 2,811,711
629,611 {321,093
754,4571 585,729
258,632
252,547
250,906
223,838
218,129
17,192,394 16,039,540 12,762,866 12,621,757 10,530,371 9,033,860
I
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota& Pacific.
1,000
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
196,000
178,300
20,000 2,304,000
45,550
507,516
8,345,000
7,400,830
19,000
February.
700,000
615,600
1,294,000 20,567,000 34,970,000 17,514,000 8,671,000
1,201,247 12,726,654 26,705,255 12,591,744 3,739,086
960,000
558,972
As far as the separate roads are concerned, there
are some important decreases on this occasion,
but they seem to be almost entirely ascribable to the
great shrinkage in the cotton movement; thus the
Central of Georgia falls 132,400 behind, the Chicago
& Alton $118,724 behind, the Texas & Pacific $93,256 behind and the International Great Northern
$42,000 behind, all being Southern roads except
the Alton. In the following we show all changes
for the separate roads for amounts in excess of $30,000, whether increases or decreases:
1911.
1910.
1909.
1908.
5
470,759
355,778
Duff Roch & Pit
897,227
466,589
Chic Ind & Lou...
484,073
317,370
Grand Trunk_
Or Trunk West 3,703,463 3,259,943 3,103,166i 2,965,729 2,529,471 2,357,767
Det G H & Mil
Canada All....,
1
I
Illinois Cent_c__ 4,854,573 4,742,580, 4,832,222b4,529,768 4,547,457 4,389,470
Tot Pee dr West_
102,465
109,832
100,972' 100,786
81,946
94,726
Tol St L & West. 360,077
283,4371 266,4321 267,328
238,701
263,602
Wabash
2,260,062 2,031,013, 2,091,079i 2,176,372 1,865,112 1,791,437
12,721,92 11,764,716 11,470,777 11,120,283 10,089,224 9,680,961
We now add our detailed statement, comprising
all the roads that have thus far furnished returns for
February.
GROSS EARNINGS AND MILEAGE IN FEBRUARY.
5
1,083,455
1,223,008
503,390
1,668,914
2,944,038
686,327
1,122,999
9,232,131
a Includes Texas Central in 1913. 1912. 1911 and 1910 and Wichita Falls Lines
fromiNov. 1 1912.
Gross Earnings.
Name of Road.
1913.
Alabama Great South
Ala N 0 & Texas PNew On & Nor E...
Alabama & Vicksb_
Vicks Shreve & Pac
Ann Arbor
Bellefonte Central_ _ _
Buffalo Roch & Pittsb
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great West
Chicago Ind & Louisv
PRINCIPAL CHANGES IN GROSS EARNINGS IN FEBRUARY. Din
WO & Texas Pac_
Increases.
Increases. Colorado & Southern_
Canadian Pacific
$783,000 Southern Ry
$64,064 Denver & Rio Grande
Western Pacific.. _ _ _
Grand Trunk
503,520 Colorado & Southern_ _ _ _
55,548
Great Northern
258;817 Buffalo Roch & Pittsb_ _ _
52,664 Detroit & Mackinac
Missouri Kansas & Texas.. 239,717 Mobile & Ohio
46,703 Dul Sou Shore & AtI
Wabash
229,049 Chicago Great Western.._
42,384 jeorgia South & Fla_
Canadian Northern
195,300 Norfolk Southern
31,613 3rand Trk of Canada
Grand Trk West__I
Chesapeake & Ohio
180,021
Dot Or Hay & Mil
Minneap & St Louis
168,728
Representing 24 roads
Canada Atlantic _
126,532
Louisville & Nashville_ _ _
in our compilation_ _$3,805,439
3reat Northern
Seaboard Air Line
112,046
Illinois Central
111,993
Decreases. filinois Central
101,800 Central of Georgia
Denver & Rio Grande_ _ _ _
$132,400 [nternat & Great Nor
Cinc New Orl & Tex Pac_
101,652 Chicago & Alton
118,724 Louisville & Nashville
88,000 Texas & Pacific
Missouri Pacific
93,256 14acon & Birmingham
'
. & Great North'n
Western Pacific
87,142 Internat
42,000 Wineral Range
VIinneap & St Louis_ I
Yazoo& Miss Valley
83,506
Iowa Central
Representing 4 roads in
f
Toledo St Louis & West_ _
76,640
St Louis Southwestern..
our compilation
65.000
$386,380 VEssouri Kan & Tex_a
Viissouri Pacific
gobile & Ohio
To complete our analysis, we furnish the following Vevada-Cal-Oregon _
corfolk Southern....
Elio Grande Southern..
six-year comparisons of the earnings of leading roads it
Louis Southwestern
3eaboard Air Line..
arranged in groups:
3outhern RailwayVenn Alabama & Ga..
EARNINGS OF SOUTHWESTERN GROUP.
Coxes & Pacific
Poled° Peoria & West
Poled° St L & West
February,
1908.
1913. 1 1912.
1909.
1911.
1910.
&abash
(azoo & Miss Valley_
1
b No longer includes receipts for hire of equipment, rentals anod other items.
c Includes earnings of the Indianapolis Southern beginning with July 1910.
1,557,000 2,196,000 1,420,000
$
$
1
S
$
3
Colorado & Sout i 1,110,086, 1,054,538 1,001,559 1,293,325 1,168,986
Denver &Rio Or 1,686,200, 1,584,400 1,445,736 1,681,881 1,340,473
Int & Gt North..
790,000; 832,000 652,969
637,198
622,826
Mo Kens & Tex., 2,424,20N 2,184,488 2,229,683 1,921,341 1,859,992
Missouri Pacific.. 4,501,000 4,413,000 3,933,895 4,111,208 3,559,885
St Louis & So W. 1,073,001 1,008,000 936,079
830,447
840,735
Texas & Pacific__ 1,278,689 1,371,945 1,159,412 1,185,533 1,090,438
8 Psi
12,863,181 12,448,371 11,359,333 11,671,221 10,473,047
; Total
1912.
EIS'S
844,563, 644,342655,634
493,348 433,5641 424,666
Total
1,900,000 1,735,000
1,503,600 3,931,900
1913.
Mileage.
Inc.(-F) or
1912.
Dec.(-).
1913. 1912.
8
412,944
$
385,305
330.479
143,852
133,478
156,405
6,450
897,227
1,398,700
9,526,000
1,090,100
2,846,040
1,049,480
1,043,784
484,073
882,733
1,110,086
1,686,200
413,800
87,421
237,564
217,504
334,589
140,141
128,979
170,918
5,674
844,563
1,203,400
8,743,000
1,222,500
2,666,019
1,168,204
1,001,400
493,348
781,081
1,054,538
1,584,400
326,658
87,121
218,915
210,534
-4,110
195
195
+3,711
142
142
+4,499
171
171
-14,513
292
292
+776
27
27
+52,664
573
573
+195,300 4,297 3,891
+783,000 11,458 10,832
-132,400 1,915 1,915
+180,021 2,324 2,280
-118,724 1,026 1,026
+42,384 1,498 1,496
-9,275
616
616
+101,652
336
336
+55,548 1,813 1,793
+101,800 2,598 2,555
+87,142
937
937
+300
411
358
+18,649
625
616
+6,970
395
395
3,763,463
3,259,943
+503,520 4,533 4,524
4,581,109
4,854,573
790,000
4,813,575
12,215
60,608
4,322,292
4,742.580
832,000
4,687,043
15,154
68,959
+258,817
+111,993
-42,000
+126,532
-2,939
-8,351
7,712
4,763
1,160
4,919
105
127
7,345
4,763
1,160
4,705
105
127
754,457
2,424,205
4,501,000
955,296
21,653
278,290
46,080
1,073,000
2,082,502
5.231,100
9,100
1,278,689
102,465
360,077
2,260,062
867,369
585,729
2,184,488
4,413,000
908,593
21,644
246,677
42,296
1,008,000
1,970,456
5,167,036
7,412
1,371,945
109,832
283,437
2,031,013
783,863
+168,728
+239,717
+88,000
+46,703
+9
+31,613
+3,784
+65.000
+112,046
+64,064
+1,688
-93,256
-7,367
+76,640
+229,049
+83,506
1,585
3,817
7,233
1,114
238
608
180
1,609
3,070
7,036
95
1,885
247
451
2,514
1,374
1,585
3,399
7,233
1,114
238
608
180
1,514
3,046
7,089
95
1,885
247
451
2,514
1,372
$
+27,639
309
309
Total (48 roads).._.. 65.275,208 61,834,679 +3,440,529 88,333 86,054
'et increase (5.56%)4exican Roads (not in eluded in to tal)nteroceanic of Mex_.
734,491
577,649
4exican Railway......
y531,400
y456,900
rational Rys of Mex z 4,213,685 4,604,383
-156,842 1,031 1,035
-74,500
395
361
-390,698 6,135 6,001
a Includes the Texas Central in both Years
x Now includes Mexican International in both years.
y These figures are for three weeks only in both years.
MAR. 15 1913.]
THE CHRONICLE
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
—The public sales of bank stocks this week aggregate 30
shares, of which 20 shares were sold at the Stock Exchange
and 10 shares at auction. Thirty shares of trust company
stock were also sold at auction.
Low. High. Close.
Shares. BANKS—New York.
190
190
*20 Commerce, Nat. Bank of_ _ _ _ 190
93
93
93
Nat
Bank,
10 Reserve
TRUST COMPANY—New York.
137
137
137
30 Hudson Trust Co
*Sold at the Stock Exchange.
Last previous sale.
Mar. 1913— 190
May 1912— 92
June 1912— 140%
761
has been presented to me I do not feel justified in assuming the responsibility of allowing it to become a law.
The bill would have abolished arrest and imprisonment as
a penalty for desertion, and directed the President to give
notice of the abrogation by the United States of all treaties
requiring such arrest and imprisonment. It would also have
required the establishment of the watch system,under which
sailors and firemen would work in watches of three shifts
a day. Each passenger vessel would have been called upon
under the bill to carry at least two efficient life-boat hands for
each life-boat.
—It was announced on the 2d inst. that the Senate Committee delegated to inquire into campaign contributions and
disbursements in 1904, 1908 and 1912, and into the relations
of John D. Archbold and the Standard Oil Co. with members
of Congress and Federal officers, would make no report to
the expiring Congress. The members of the special committee are said to have found it impossible to agree upon a
report and as a consequence the matter is carried over to
the new Congress. Senator Moses E. Clapp is Chairman of
the Committee, which was named under a resolution of the
Senate early in 1912.
—President Taft approved the bill which requires that
in the taking of testimony for use in any suit brought under
the Anti-Trust Law,the proceedings shall be open to the public
as are trials in open court. The bill passed the Senate on
Jan. 13 and was passed by the House of Representatives
on March 3. The introduction of the bill resulted from the
issuance of an order in a United States Court in Massachusetts to hear privately the Government case against the
United Shoe Machinery Co. •
—The following resolution, relative to the importation of
teas, was adopted by the House of Representatives on Feb.28:
—John Skelton Williams of Richmond was nominated
on the 13th inst. by President Wilson as Assistant Secretary
of the United States Treasury, to succeed Robert 0. Bailey.
Robert W. Wooley has also been selected as an Assistant
Secretary of the Treasury, to succeed Sherman Allen, in
charge of the miscellaneous bureaus of the Treasury. Mr.
Williams is one of the best known bankers in the South;
besides being a member of the banking firm of John L.
Williams & Sons, he is President of the Richmond Trust
and Savings Company, and was formerly President of the
Bank of Richmond before it was taken over by the National
Bank of Virginia in 1910; he was also Vice-President of the
latter, until its merger last August with the First National
Bank of Richmond. Mr. Williams' name is also inseparably
linked with the Seaboard Air Line Ry., of which he was for
many years President.
—The nominations of Franklin D. Roosevelt of New York,
to be Assistant Secretary of the Navy, and Edwin F. Sweet,
of Grand Rapids, to be Assistant Secretary of Commerce,
were also sent to the Senate by President Wilson on Thursday.
directed
Resolved, That the Secretary of the Treasury be and he is hereby
—Senator James P. Clarke of Arkansas was nominated on
reports
transmit to the Senate copies of all correspondence, rulings,
to
tom
pro
as
President
c
the
caucus
by
inst.
Democrati
7th
the
during the years
and orders to or from officials of the Treasury Department
green
a
of
by
country
on
Thursday
this
of the Senate, and elected to the office
of 1911 and 1912, relative to tho importation into
or papers relating thereto in the
vote of 41 against 18 for Senator Jacob M. Gallinger, the teas or colored teas and all documentsSecretary
of the Treasury,together
cf or under the control of the
nominee of the Republican caucus. The Democratic caucus possession
into this country
with a statement showing the importation of green teas
27
to
Senator
14
over
of
a
the amount so
vote
nominated Senator Clarke by
during the years 1911 and 1912, by whom imported, and
Augustus 0. Bacon, who during the last session alternated imported.
—Under a resolution agreed to by the House of Represenin the post with Senator Gallinger. Senator Bacon's defeat
furnish
created no little surprise, to himself perhaps most of all, tatives on Feb. 20, the President was requested to
extendsince he was unaware that there was another candidate in the to the House information as to the practicability of
field until Senator Clarke's nomination was offered by Sena- ing a two-cent letter postage rate similar to that enforced
tor O'Gorman of New York. Senator Bacon was nominatied with Great Britain and Germany, to Sweden, Denmark
by Senator Hoke Smith of Georgia.
and the Netherlands. Reports by the Secretary of State
transmitted by
—The resignation of Solicitor-General William M. Bullitt and ,the.Postmaster-General on the subject
it was not
of the Department of Justice at Washington, to take effect the President on the 1st inst. indicated that
t to conDepartmen
Office
Post
the
by
e
on
the
Wilson
practicabl
deemed
on the 11th inst., was accepted by President
clude agreements at this time for the extension of the two6th.
—John H. Marble of California was named by President cent rate.
—Under a provision in the General Deficiency Bill the
Wilson on the 5th inst. as a member of the Inter-State Comof the Secretary to the President is fixed at $7,500.
salary
merce Commission to succeed Franklin K. McLane, who has
allowed Charles D. Hilles, Secrebecome Secretary of the Interior. The Senate confirmed This compensation was
without special legislative probut
Taft,
President
to
tary
as
ion
a
The
member
renominat
10th.
the nomination on the
the statute,namely $6,000
under
payable
amount
the
of the Commission of Edgar E. Clark was also submitted with vision
prevail.
the
would
by
Senate
confirmed
was
and
Marble,
of
Mr.
the name
—It is understood that President Taft signed the Norris
on the 5th inst. Commissioner Clark's term expired on
intended to apDec. 31. He was renominated by President Taft, but the bill, containing certain anti-trust provisions
aimed at the
be
to
supposed
and
Mr.
trade,
on.
nal
confirmati
internatio
to
ply
the
in
delaying
Democrats succeeded
Government
the
by
action
Further
trust."
alleged "coffee
Clark has been made Chairman of the Commission.
n,proceedvalorizatio
Brazilian
the
from
resulting
suit
its
in
one
only
for
providing
—The Naval Appropriation Bill,
it is reJustice,
of
t
Departmen
the
by
delayed
being
is
ings
inst.
battleship, was signed by President Taft on the 4th
the
from
evidence
official
of
receipt
the
Provision for a single battleship was made in the bill as it ported, pending
the coffee.
of
sale
actual
the
of
Committee
on
Valorizati
battletwo
26;
on
Feb.
of
tives
House
the
Representa
passed
—Under a provision carried in the Post Office Appropriaships, however, were authorized under the bill as adopted
agree
House
the
to
but
refused
28th,
the
Bill the Postmaster-General is authorized, on account
on
tion
Senate
the
by
conthe
In
conference
t.
Senate
of the increased weight of mails resulting from the adoption
to the Senate amendmen
5% to the
ferees finally yielded (on the 4th inst.) to the House pro- of the parcel-post system, to add not exceeding
routes.
railroad
on
tion
transporta
in
for
ly
concurred
paid
that
course.
subsequent
ion
compensat
Senate
the
gram and
saying
as
quoted
is
RR.
Island
Long
the
for
of
provided
but
one battle- President Peters
The Naval Bill last year also
that under the terms of the amendment the railroads will
ship.
0 additional at the outside,
—The bill designed to improve the conditions under which not be given more than $2,000,00
not certain, since under the
seamen labor and to prohibit the involuntary servitude of sea- and even this sum, he says, is
is
men,failed to become a law through President Taft's declina- phraseology of the amendment the Postmaster-General
5%.
not
pay
exceeding
railways'
the
to
add
to
tion to sign it on the 4th inst. As the Wilson Bill, the meas- authorized
—Application to restrain Postmaster General Burleson
ure passed the House of Representatives last August; as redrafted by the Senate Committee it was passed by the Senate from enforcing the newspaper publicity clause contained
on the 2d inst.,and on the following day the House concurred in the Post Office Appropriation bill of last year was made
in the Senate amendments. In signifying his disapproval of to the United States Supreme Court an the 11th inst. by
the bill President Taft in a message to Congress on the 4th Counsel for the New York Journal of Commerce & Commercial Bulletin Company. Two separate actions to test the
inst. said:
This bill is so important, and conflicts In its operation with the treaty Constitutionality of the law were instituted last year—one
obligations of the United States and in its possible friction with the comby the "Journal of Commerce" and the other by
erce of foreign countries, that in the short time that I have had since it brought
762
THE CHRONICLE
[VOL. xcw.
"The Morning Telegraph," and the matter is now before
—In response to the Difenderfer resolution adopted last
the Supreme Court for decision. Former Postmaster July by the House
of Representatives, directing the SecreGeneral Hitchcock is said to have agreed not to attempt to tary of Commerc
e and Labor to investigate the elements of
enforce the law until the Supreme Court had passed upon cost and profit
included in the increase last year in the price
it3 validity. Mr.Hitchcock's successor,Postmaster General of anthracit
e coal, a report in the matter was submitted by
Burleson, however, on the 8th inst. issued orders to the Secretary Nagel
on the 1st inst. According to the report,
postmasters, directing its enforcement, and the "Journal while the miners'
wages were increased only about $4,000,of Commerce" and other newspapers are reported to have 000, the advance served
to increase the gross profits of the
been notified that unless the required returns were filed anthracite coal
companies $13,450,000 over the receipts of
on or before March 11 the Penalties, which include dis- the previous year. A
statement issued by Secretary Nagel
barment from the mails, would be enforced. The law says:
requires newspapers to file with the Government and to
The report shows that the increase in wholesale prices, as
measured by
publish twice a year sworn statements regarding circulation the net receipts from sales of anthracite
coal by the operators since the
ail ownership, and to label as advertisements editorial or agreement of May 20 1912, amounted to an average of approximately
cents a ton, if the prices from June to September 1911 are
other reading matter for which money or other consideration 26
compared
with the prices realized in the same months of 1912. On this basis
of comis accepted. It is reported that approximately 91% of the parison the average increase in the price
of sizes of coal prepared for domestic
consumptio
n
amounted
to
newspapers affected have complied with the law.
31.23 cents a ton and the average increase
on pea coal and the smaller steam sizes amounted to 16.14 cents
a ton.
—In a majority report of the Committee on Inter-State
The discounts of 50 and 40 cents a ton customarily allowed on
sizes precommerce drafted by Senator Cummins, by whom it was pared for domestic consumption in April and May, respectively, were suspended in April and May 1912. As a result the operators
gained not only
presented to the Senate on Feb. 27, it is urged that the Anti- by
selling their domestic sizes of coal during the two months
at 40 or 50
Trust Law be amplified to the end that the United States cents more a ton than during the corresponding
months of 1911, but in
Supreme Court be curtailed of the discretionary power which addition the purchasers who were unable to secure their customary supply
of coal during April and May were forced to buy it either
during June,
it now exercises in deciding the applicability of the Sherman July or August,
when the discounts were smaller, or in September and
the
Act. The report points out the dangers of "uncontrolled
later months, when the full circular prices are charged.
As a result of these conditions in 1912 the coal companies
and unguided judicial discretion," and demands amendments through
received
the general increase in prices and through the suspension of disto the law to remove from the Court the power to determine counts about $13,450,00
0 more than they would have received for the same
what are "reasonable" restraints of trade. It recommends tonnage at the prices previously existing. Of this amount about $10,900,000 was derived from the general increases in prices and about
legislation to define exactly what combinations are lawful, so from
$2,550,000
the suspension of April and May discounts.
that both business interests and the courts will have a standIn addition, a limited number of operators received very large
sums
ard upon which to proceed. It furthermore recommends through the sale of coal at premiums made possible by the shortage
of
shipments.
a Federal inter-State corporate commission, with power to
These amounts, it should be understood, do not represent the
amount of
supervise corporations, pass on and approve combinations increases in net profits to the operators, because
out of these increased
and agreements and take over the work of dissolving such receipts had to be paid the cost of the six weeks' cessation of work in April
May and also the increase in the wages of employees resulting
corporations as the Standard Oil Co., the American Tobacco and
from the
settlement of May 20.
Co. or other trusts which may be found guilty of violating
The reasons presented by the anthracite operators for
the Sherman law. With reference to the decision of the
Supreme Court in the Standard Oil case, in which the "rule these increases in prices, the report says, are that they are
necessary to cover the advance of wages of their employees,
of reason" figured, the report says:
amounting to between 8 and 10 cents a ton, under the agreeThe committee has full confidence in the integrity, intelligence
and patriotism of the Supreme Court of the United States, but it is
unwilling to re- ment of May 20 1912, and also the various increases in the
pose in that Court, or any other court, the vast and undefined powers
which cost of production which have taken place between
it must exorcise in the administration of the statutes under
1902,the
the rule which date
of the general increase, and 1912. The report adds:
it has promulgated. It substitutes the Court in place
of Congress, for
whenever the rule is invoked the Court does not administer
the law, but "The advance of 5.6% in mine workers' wages represents an
makes the law. If it continues in force, the Federal
courts will,so far as increase of from 8 to 10 cents
a ton in the cost of producing
restraint of trade is concerned, make a common
law for the United States
coal, and on the basis of the shipments from June to Decemjust as the English courts have made a common law for
England.
The people of this country will not permit the courts to
declare a policy ber 1912 amounted in, round figures, to $4,000,000." It is
for them with respect to this subject. If we do not promptly
exercise our stated in the report that the mine workers
benefited not
legislative power, the courts will suffer immeasurable injury
in the loss
alone by the increase in their wages, but through the conof that respect and confidence so essential to their usefulness.
It is inconceivable that in a country that is governed by a written Constitutio
n and cession of certain working conditions which were considered
statute law that the courts can be permitted to test each restraint of
trade
by the economic standard which the inidividual members of the court of importance, although they cannot be measured in terms
of money, an additional item of importance to the miners
may happen to approve.
If we do not speedily prescribe, in so far as we can.a legislative rule by being the partial
recognition of their organization, both in
which to measure theforms of contract or combination in restraint of trade
the negotiations and in the form in which the agreement
with which we are familiar, or which we can anticipate, we cease to
be a
government of law and become a government of men, and, moreover,
of a was signed. The report shows that:all the operators, most
very few men, and they appointed by the President.
of the dealers, and the miners, all gained by the increase
In urging Congress to devise laws which shall specifically following the
wage agreement, and that the consuming
prescribe certain conditions upon which persons and corpora- public
alone paid higher prices without any compensation.
tions shall be permitted to engage in commerce, the commit—Secretary of the Treasury MacVeagh on the 4th inst.
tee says:
accepted $123,000 in settlement of the Government's reThese conditions should be of a character that will
tend to preserve
reasonable competition or substantially competitive
conditions and to ported claim of $1,000,000 against Chicago packers and
compel independence in both organization and conduct.
They should be others for taxes alleged to be due on colored oleomarg
so clear that the business world can understand them
arine
and go confidently
sold as uncolored. A grand jury investigation into the
forward, guided by them.
The committee recommends that certain definite forms of matter was started by Judge Landis in January, but was
combinations, agreements, contracts or pools now within the subsequently suspended pending the action of the Treasury
"twilight zone" be:definitely mentioned as unlawful.
Department. The concerns fined and the payments are
—As a result of the inquiry into the practices of the Board said to be as follows: Armour & Co.,$10,000; William J.Moxof United States General Appraisers directed by President ley Co.,$25,000; G.H.Hammond Co.,$20,000; United States
Taft last August, Thaddeus S. Sharretts and Roy H. Cham- Butterine Co.,$6,000; Friedman Manufacturing Co.,$7,500;
berlain, two members of the Board, were removed from office Capital City Dairy, 822,000; Blanton Manufacturing Co.,
by President Taft on the 3rd inst. Notice of their dis- $600, and the Ohio Butterine Co., $10,000.
With regard to the compromised cases,ex-Secretary Macmissal was conveyed in the following communication from
Veagh issued a statement on the 9th inst., saying:
President Taft.
Charges having been preferred against you and the matter having
been
by me referred to Winfred T. Denison, Esq., Assistant Attorney
-General;
William Loeb Jr., Esq., Collector of Customs, Port
of New York, and Felix
Frankfurter, Esq., law officer Bureau of Insular Affairs,
as a committee to
investigate the same, and a hearing having been accorded
you before that
committee with reference to such charges, and
the committee having
reported to me, under date of February 15 1913, that
the charges made
against you are sustained and advising your removal because
of malfeasance
in office, and such finding being approved by me;
Now, therefor, in the exercise of the authority vested in me by the Constitution and laws of the United States, you are hereby removed from
the
office of General Appraiser of merchandise, this removal
to take effect
forthwith.
These were not fraud cases. No fraud was charged by the Government.
No fraud was committed and no fraud, therefore, was compromised.
The manufacture of two kinds of oleomargarine is permitted by law.
One kind may be artificially colored as butter and cheese may.
This
kind must pay a tax of 10 cents a pound. The other and usual
kind is
taxed at a quarter of a cent a pound and must not be artificially
colored.
It may be naturally colored by the colors naturally in its
permitted ingredients.
The only point at issue was whether under a special proccs3
in the refining of cotton-seed oil, one of the chief ingredients
of oleomargarine, artificial coloring was used. The amount
of the Government's claims is reported to have been $1,It is reported that in response to a request made by Senators 200,000,
but Secretary Mac Vaegh is quoted as stating that
Lodge, Smoot and Stone, a rehearing will be accorded Mr.
there never was a $1,000,000 in the Bureau's mind in these
Sharr
by President Wilson.
eases.
MAR. 15 1913.
THE CHRONICLE
—Nine of the bills affecting the New York Stock Exchange
were favorably reported to the Assembly at Albany on Thursday. In the Senate five of the bills were reported favorably on the same day. While a favorable report on the bill
providing for the incorporation of the Stock Exchange was
made to the Assembly, the Senate committee declined to submit a similar report to the Senate on that piece of legislation.
The nine bills presented to the Assembly are those which
provide for the organization and regulation of exchange corporations through incorporation; prohibit the Stock Exchange
from preventing its members doing business with members
of the Consolidated Exchange; require brokers to deliver
to customers memoranda containing data of stocks bought
or sold; make it a felony to publish fictitious transactions in
securities; prohibit brokers from trading against customers'
orders; penalize brokers for doing business after insolvency;
make it a felony to publish false statements regarding the.
securities or condition of a financial corporation; make it a
felony to manipulate the price of securities, and the antibucket shop bill. The bills reported to the Senate are the
anti-bucket shop bill and those which make it a felony to
manipulate the price of stock; for brokers to transact business after insolvency, to report fictitious transactions in securities and to publish false statements regarding the securities or financial condition of a corporation. The Assembly Codes Committee announced on the 13th inst. that it
would hold for further consideration the amendment relative to call-loan rates. Objections to this bill and some of
the others are voiced in a memorandum prepared by John
G. Milburn and Walter F. Taylor, counsel for the Exchange,
and made public on Thursday. With regard to the measure
limiting the rates on call loans, the memorandum says:
763
ment, and was duly introduced in the Legislature on the recommenaation
of the Committee. We need more revenue, but we will get it without
menacing any business.
"It has aroused considerable opposition from sagacious business people
throughout the State, and I think much of this opposition is well founded,
and that the bill goes too far in placing too great a burden of taxation on a
single industry. After consultation with the Committee we have concluded
that its enactment may do more harm than good, and we prefer not to risk
any injury to the legitimate business of our State or divert its business to
other States.
"It is my purpose as Governor to do all in my power to promote the commercial supremacy of New York, and so excessive a step as doubling any
tax may have a tendency to work injury to trade and commerce and defeat
the very object desired. It is thought a hardship when real estate tax is
increased a few mills. In view of this, many citizens believe the doubling
of the transfer tax is unjust and discriminatory, and that a law should
ultimately be enacted for a graduated transfer tax on the intrinsic value
of the security and not on its face value.
"Another thing: I do not want the opposition to this transfer tax bill to
jeopardize the enactment of the legislation to regulate stock exchanges.
The latter legislation is the more important from a State and national
standpoint, and now that the transfer tax bill is out of the way. I trust
all friends of honest and above-board business methods in the purchase
and sale of securities will aid me in the enactment of the bills to regulate
trade and commerce on stock exchanges. The withdrawal of the transfer
tax bill shows that I want to be fair and just."
—The need for the enactment of amendments to the New
York State Banking Law affecting savings banks will be one
of the important discussions in the report to be made to the
Legislature this month by Superintendent George C. Van
Tuyl Jr.of the State Banking Department. Anannouncement
issued this week relative to the forthcoming report says:
With this report the Superintendent of Banks calls attention to an unfortunate situation prevailing in connection with savings banks. Competition
in these institutions has attained such proportions that they have almost outgrown the ideas of their originators, that savings banks should be institutions of a philanthropic or beneficent character. Advertising campaigns
among institutions have created conditions which have brought certain of
these institutions to a position where they have been obliged to pay excessive
dividends or lose so many deposits that they would be compelled to dispose
of their holdings of long-term bonds and mortgages. Savings banks officers
The effect of the proposed Act, in times of stringency, would be to give sometimes forget that they are officials of beneficent institutions, and soto London, Paris and other great money markets a groat advantage over
rightfully belong
New York in the competition for money. In times of stringency the con- licit deposits and cater to a class of accounts that do not
ditions which bring about a higher rate of interest would be aggravated, in savings banks, but should go to interest-paying institutions. A savings
because there would be less money to loan. The money lent at the rate of bank is not a depositary for capitalists or for persons who are well qualified
Interest fixed by law in times of crises would be lent to selected and favored
to invest their own money, and yet on the books
borrowers. Those compelled to have money could obtain it only by sacri- by training and experience
ficing their securities, and the sacrifice of securities would in turn intensify of almost every savings bank are found the names of persons who do not
the prevailing conditions.
rightfully belong in the class of savings bank depositors. They enter this
field for the purpose of evading taxation, of avoiding the risk of loss upon
the
rule
of
Exthe
Stock
nullify
would
which
bill
the
to
As
their investments, or of temporarily availing themselves of the advantages
change which prohibits its members from acting for members of the savings banks during periods when interest rates are low and prices
securities high, thus throwing an additional burden upon institutions
of the Consolidated Exchange, the memorandum sets out of
which, at such times, are already overburdened.
that:
The Stock Exchange and the Consolidated Exchange are rival markets.
Members of the Consolidated Exchange by carrying accounts with Stock
Exchange houses were enabled to use the facilities of the Exchange to supplement the facilities afforded by their own Exchange. By this means
they were enabled to hold customers who otherwise would have carried
their full business to Stock Exchange houses. This rule of the Exchange
was intended to prevent the use of its facilities by the members of a rival
organization for the purpose of building up their business at the expense
of the business of the members of the Exchange.
—The bill introduced at Albany last month under which it
was proposed to increase the tax on transfers of stock from
2 cents to 4 cents on each $100 of face value has been
allowed to die in committee. The decision to abandon action
on the measure was announced by Gov. Sulzer on Monday,
who, in referring to the antagonism it had aroused, admitted
that much of the opposition was well founded, and added
that "the bill goes too far in placing too great a burden
of taxation on a single industry." The bill was prepared at
the instance of the Governor in accordance:with ayecommendation made to him by his Committee of Inquiry. A hearing
on it was to have been had on the 12th inst. before the Senate
and Assembly Committees on Taxation and Retrenchment,
but with Gov.Sulzer's announcement of Monday the hearing
was not held. Senator Stilwell, who introduced the Senate
bill at the request of the Governor, criticised the procedure
of the latter in effecting the withdrawal of the bill without
first conferring with members of the Legislature in whose
hands the bill rested. While the Senator stated that he was
personally opposed to the proposed legislation, he declared
that if the Governor "can withdraw one bill he can
withdraw all." He added: "We must take a stand and let it
be known that we will not permit the Governor or any other
officer of the State to withdraw a bill that has been introduced
in this Legislature." It was announced this week that a bill
designed to repeal the stock transfer tax law has been introduced at Albany by Assemblyman Marx Eisner,who contends
that the action of Gov. Sulzer in withdrawing the bill which
would have doubled the tax is tantamount to an admission
that the principle of the stock transfer tax is erroneous.
The following is the Governor's statement regarding the
abandonment of the bill:
The Superintendent also states that from the semi-annual
reports to the savings banks to the Superintendent of Banks,
showing their condition on Jan. 1 1913, it appears that the
aggregate resources were $1,861,783,753, which is the highest total ever reached in the history of these institutions.
These figures indicate an increase in resources for the year
of $80,921,463. The total amount deposited during the
year was $435,015,119 and the aggregate of withdrawals
was $423,275,649. Both these figures show a material
gain over 1911, but the greater proportionate increase was
in the withdrawals. The preliminary announcement of
the Superintendent also says:
The effect of changes in the prices of bonds on the market value surplus
of savings banks is shown by the fact that while, during the first six months
of 1912, there was an increase in the percentage of surplus to aggregate deposits from 7.11% on Jan. 1 1912 to 7.22% on July 1 1912, with the decline
in the market value of bonds which occurred in the last six months of the
year, there was a decrease in the market value surplus which more than wiped
out the earlier gains,so that for the entire twelve months the ratio of surplus
to aggregate deposits is appreciably lower. The figures show a percentage
of surplus for the entire State on Jan. 1 1913 of 7.08%. In view of the depreciation since the first of the year, and the natural tendency to overvalue
bonds not frequently quoted, it may well be questioned whether, on an impartial valuation of their bonds,the savings banks would have at the date
of this report a market value surplus of 7% on deposits. The figures show
in surplus,figured on the marthat for the entire year there was an
ket value of securities held, of $2,132,432, and for the last six months of
of $1,514,118. There was
surplus
aggregate
the
in
decrease
a
there
was
1912
an increase in total deposits for the year of $70,337,520, the gain in deposits
for the last six months of 1912 being $28,888,978.
It is further stated that,"in connection with the bill pending in the Legislature, and urged by the Superintendent oj
Banks, to require the creation of reserve funds for savings
banks, the attention of the Legislature has been called to
the existing lack of any provision in the banking law of the
State requiring the maintenance of any reserve to protect
savings bank depositors against loss." As to the effect the
proposed law would have on the interest rates paid to depositors, we quote the following:
A careful application of the provisions of the pending bill carrying out
the recommendations of the Superintendent of Banks, according to the reports of savings banks as of Jan. 1 1913, indicates that 34 banks which
were paying 4% per annum to their depositors prior to that date could continue to do so if the bill recommended by Superintendent Van Tuyl to reshould become a law,
"After carefully considering the proposed legislation to double the tax quire the creation of reserve funds for savings banks
that rate. Nine banks
upon the purchase and sale of securities, I have concluded to withdraw the Forty-one banks paying 33% could continue at
of the account, could
bill from further consideration and let it die in the legislative committees. which pay 3%,3%% and 4%, according to the size
pays 3% would not be affected.
No hearing on the bill will, therefore, be necessary, and I say this now so continue to do so. One bank which now
would have
depositors
their
to
4%
Thirty banks which have been paying
as not to put anyone to the inconvenience of coming to Albany.
140 savings banks in the
"This bill was prepared by the Committee of Inquiry in order to increase to lower that rate to 3%% per annum. There are
would be compelled to reduce its
revenue to:meet the increasing and necessary expenses of the State Govern- State at this writing,. No savings bank
764
THE CHRONICLE
dividend to depositors below the rate of 3•6% per
annum prior to Nov.
1 1916, or within five years of its organization.
[VOL. xcvi.
as some of the European nations. Mr. Babson urged his
—A protest against the bill providing for the creation of Paris hearers to read American papers for American news
a reserve fund by savings banks, and two other bills pending and not Continental or English papers, which printed only
in the New York Legislature affecting these institutions,. our least important gossips and doings. "Also don't be
has been drawn up and signed by fourteen of the less promi- afraid of President Wilson. He will not make or unmake
conditions. The President is the effect and not the cause
nent savings banks operating in the boroughs of Manhatt
an, of affairs. When
Brooklyn and the Bronx. The two other measures at
a boil breaks the worst is over. Although
which we may have
some temporary unpleasantness during the
the protest is aimed are those which would permit the
con- Democratic administ
ration, yet the ultimate result will be
solidation of savings banks and the bill which would
enable good. Our system
will be 'cleaned out' so that the United
savings banks under certain conditions to operate
branches. States can
then enter the greatest period of prosperity ever
The protest, which has been forwarded to the Assembl
ymen witnessed. The
of the State, says:
American prople are all right and when
Primarily, these bills will not effect the result
claimed by their advocates. things look blackest, then is the time for you Frenchmen to
The interests favoring these bills attack the
savings bank system under the wade in and buy our merchandise, securities and
property".
color of necessity of greater surplus, which
necessity we do not combat; but On next
Wednesday Mr. Babson is to speak in Paris at the
the result of their proposed remedy means a monopoly
for themselves and
the crushing of their competitors. It is manifest that,
in place of building dinner of the "Societe Statistique" concerning his Composite
up surplus and making the depositors' money more
secure, this bill, No. 366, Plot for measuring and comparing the
real growth and
will have the reverse effect, as it will cause a
number of the savings banks progress
of different nations. From Paris Mr. Babson goes.
to reduce to 3% dividends, thereby bringing
about heavy withdrawals,
especially if other banks and trust companies arc
paying a higher interest to London in connection with his speaking dates with the
rate. Such withdrawals will make necessary the
sale of securities in large London School of Economics.
volume, thereby making lower a possible falling market,
with the consequence that the surplus will be greatly reduced. A
provision that post—The first volume to be issued by the Investment Bankpones the operation of the bill to a future date does not
alter the principle.
ers' Association of America has recently made its appearance.
We are opposed to any changes in the present law
governing savings
banks which favor the large and wealthy banks and
makes it impossible It has been compiled by Frederick R. Fenton, Secretary or
for the smaller and younger savings banks, although
perfectly solvent, to the Association, who has brought forth a
publication neat
continue to do business. Assembly bill No. 365, known as
the merger bill,
and attractive in its make-up. The book contains the prois unnecessary, as the benefit of merger has already been
used under the
present law and the other provisions of the bill are of use only
in connection ceedings of the organization meeting last August and of the
with the bills Nos. 366 and 364 to carry out the concentration,
absorption first annual convention of the Associat
and monopoly of the smaller savings banks by the large and
ion held in November.
wealthy group.
The banks signing the petition are the American Savings The constitution and by-laws are likewise presented, together
Bank,the Commonwealth Savings Bank, the Broadway Sav- with the lists of officers, committees and members of the Assoings Institution, the Irving Savings Bank, the Maiden Lane ciation. As has been indicated in previous issues of the
Savings Bank, the North River Savings Bank of Manhattan; "Chronicle," its President, George B. Caldwell of Chicago,
the Bronx Savings Bank and the North Side Savings Bank conceived and executed the plan of organization of this.
of the Bronx; the Bay Ridge Savings Bank, the Germani
association, whose membership includes
a leading investme
nt houses in all parts of America. It is.
Savings Bank, the Hamburg Savings Bank, the Home
Sav- designed primaril
y to improve the standard of those engaged
ings Bank, the Prudential Savings Bank of Brooklyn,
and in investment banking
and for the general protection of the
tie Home Savings Bank of White Plains.
—The right of a safe-deposit company to allow, without investing public.
—The Arkansas House of Representatives is said to have
the knowledge of the State Comptroller, free access to its
defeated on Feb.19,by a vote of 45 to 43,a bill with a bank
safe-deposit boxes by one of the survivors in a case where
two
persons had jointly rented a box, is upheld in a verdict deposit-guarantee feature.
rendered by a jury on the 7th inst. at the direction of
Justice
—In Iowa a bill for the State supervision of private banks.
Brady of the Supreme Court of New York. The action
is reported to have been killed in committee on Feb. 21.
was decided in favor of the Mercantile Safe Deposit Co.,
—The special committee on credit information of thewhich had been sued by Attorney-General Jackson because it
had permitted Charles W. Osborne, one of the executors American Association of Public Accountants, Robert H.
of the will of the late Russell Sage, to have access to the Montgomery, President, is sending out a letter to the bank
box rented by the company jointly to Messrs. Osborne and presidents of the country to learn their views upon the quesSage. It was claimed that the company in not preventing tion of the certification of borrowers' statements by public.
Vie opening of the box after the death of Mr. Sage had accountants.
violated a provision of the inheritance tax law,which denies
—With the arrival in Rome on Thursday of J. Pierpont
access to a deposit box of a decedent except
in the presence Morgan, the cables reported him to be in satisfactory conof a representative of the State Comptroller. Justice Brady dition, with his health practically restored.
concurred in the contention of the company's attorney that
—The New York Stock Exchange will be closed on Good
the law was meant to apply only to property received on Friday (the 21st inst.) and the
following Saturday, the Govstorage by safe-deposit companies and not to safes or vaults ernors having this week granted
the petition of the members
rented to customers and of which the latter retain the keys to suspend business on the two days.
The New York Cotor combination. He accordingly ordered a verdict in favor ton Exchange will likewise
be closed on both days, as will
of the company.
most of the out-of-town exchanges.
—The jury in the second trial of Clarence S. Darrow, after
The newly created Committee on Business Conduct, prodeliberating for thirty-eight hours, announced on the 8th vided for under the recent amendment to the
constitution
inst. that they were unable to agree; eight jurors were for of the Stock Exchange, was chosen on
Wednesday. It
conviction and four were for acquittal. A request for a new consists of Donald G. Geddes of Clark, Dodge
& Co., H.G.S.
trial has been granted and March 31 has been set as the date Noble of DeCoppet & Doremus, E. V. D.
Cox of Cox &
for the rehearing. The late trial had to do with an indict- Sharp, Charles M. Newcombe of T. Denny
& Co. and
ment which charged Darrow with having bribed Robert F. Winthrop Burr of Parkinson & Burr. The duties
of the comBain, a juror in the trial of J. B. McNamara, for whom mittee will include the making of inquiries into cases where
Darrow served as counsel. Another indictment, growing a member of the Exchange appears to have made improper
out of the same case, had also been returned against Darrow, use of his customer's securities; where there is reason to bethis charging him with bribing George N. Lockwood, a lieve that a member is taking and carrying speculative acvenireman; he was acquitted of this charge last August.
counts for customers without requiring a sufficient margin;
—Roger W. Babson, President of the Babson Statistical or where there is reason to believe that any member of the
Organization, addressed the American Chamber of Commerce Exchange is conducting his business in a reckless or unbusin Paris this week on "Business Conditions throughout nesslike manner. The amendment under which the ComEurope and America." Mr. Babson is reported to have mittee is created went into effect on the 6th inst.
rated that American conditions are about an average when
Along with the other changes recently adopted by the
compared to conditions in other countries. Greatest pros- Stock Exchange, it has been decided to provide a press room
perity—and consequently the greatest danger of trouble— for the convenience of the newspaper men. A room on the
he thought, to-day exists in Canada; while the greatest fifth floor has been set aside for the purpose and is being
depression is found in Austria and parts of Russia. Al- equipped with all the necessary paraphernalia.
though Mr. Babson believes that the entire world is entering
—William C. Lane, formerly President of the Standard
a period of re-adjustment which will be accompanied by Trust Co. of New
York, which was recently merged with the
lower prices and decreased activity, yet the United States, Guaranty
Trust Co. of New York, has been elected a direcwith a proper banking system, should not suffer so much tor of the latter.
MAR. 15 1913.]
THE CHRONICLE
765
—Following the plan originated by it of making known in
—The now statement—March 7— of the Empire Trust
its resources and liabilities, the Schenectady Savings
detail
merger
recent
the
since
issued
be
to
first
city—the
this
Co. of
Bank
of
trust
Schenectady, N. Y., submits in the Schenectady
Guardian
and
Windsor
the
of
with it of the business
of Feb. 26 a comprehensive report which occupies
re"Gazette"
total
companies—shows deposits of $25,160,493 and
of
that issue. In the resources is submitted an
pages
ten
31
Dec.
of
report
its
Under
5.
$28,614,26
of
sources
list
of
its bond holdings, together with a schedule
itemized
reand
22
$18,921,3
of
1912, the institution had deposits
of its real estate mortgages, while under the liabilities the
sources of $22,170,160.
balance to the credit of every individual account is listed
—The order issued last June by Judge Mayer of the by the number of the pass-book. This is the third statement
United States District Court discharging from bankruptcy of the sort published by the institution; the last previous
Albert 0. Brown and Lewis G. Young, two of the partners one appeared in Feb. 1910. It is declared to be the most
of the failed firm of A. 0. Brown & Co. of this city, was complete form of audit ever devised; the idea, as stated
affirmed on the 11th inst. by Judge Lacombe of the United above, originated with the Schenectady Savings Bank, and
States Circuit Court of Appeals. In appealing from Judge although the bank has not copyrighted the form, those makMayer's decision, Leonard A. Hochstadter, a creditor of ing use of it are asked to give the bank credit for the plan.
the firm, contended that the bankrupts had failed to keep The figures in the report just published are of date Jan. 1
proper books or records from which their true financial con- 1913. The bank was chartered in 1834. Its resources
dition might be ascertained. Judge Lacombe, who upheld amount to ,500,507, and there is due depositors, on 30,988
Judge Mayer's decision upon the recommendation of the open accounts, $8,145,878.
Special Master, decided that the contentions of Mr. Hoch—James J. Phelan, of the firm of Hornblower & Weeks,
stadter were not of sufficient importance to vacate the disBoston, has been elected to the directorate of the Lincoln
charge.
Trust Co. of Boston.
—Car11 H. De Silver, a member of the board of directors
—Stephen R. Dow, head of the former brokerage firm of
of the Nassau National Bank, Brooklyn, and a trustee of the
R. Dow & Co., Boston, who was indicted Oct. 25 on
S.
inst.
10th
the
South Brooklyn Savings Institution, died on
of misappropriating funds of the Algomah, Franklin
charges
Manin
business
the
in
brokerage
engaged
formerly
was
He
mining companies, as reported in our issue of
Indiana
and
the
of
member
a
ne
years
had
been
twenty-ni
hattan, and for
guilty on Feb. 26 on 24 of the 92 counts.
found
was
2,
Nov.
in
body
New York Stock Exchange. He retired from that
was continued pending sentence and apof
bail
$25,000
His
year.
his
in
th
was
sixty-eigh
Silver
De
Mr.
1900.
Court. The firm of Stephen R. Dow
Supreme
the
to
peal
—The new building of the North Side Bank of Brooklyn & Co. assigned last September.
for
opened
was
Borough at 225 and 227 Havemeyer Street
—William S. Felton & Co. of Salem have made their
public inspection last Saturday afternoon, and on Monday
quarcompilation of the statistics of the Salem (Mass.)
new
its
usual
in
began
institution
operations
the
of this week
institutions, the figures being those for Feb. 4, the
of
banking
office
main
ters. With the opening of the building, the
last return to the national and State officials.
the
of
new
the
date
to
from
33-35
Street
changed
Grand
is
bank
the
in the banking history of the city,it is stated,
ime
first
the
busiFor
the
r
time
same
At
the
Street.
premises on Havemeye
on the date of a
ness of the Broadway Branch, at Broadway and Lorimer the aggregate resources of the Salem banks
0, and for
streets has been transferred to the Havemeyer Street offices. published statement are in excess of $30,000,00
banks
Rational
the
of
surplus
aggregate
the
also
time
of
a
view
the
first
giving
the
a
folder
has
issued
The institution
ion. The
exterior of the structure and the entrance to the safe- and trust companies exceeds their total capitalizat
is $850,deposit vaults. The building, two stories in height, has capital of the national banks and trust companies a gain
$850,920,
profits
and
surplus
exundivided
the
the
bank;
and
the
000
ate
accommod
been erected solely to
of the previous return.
terior has been constructed of Indiana limestone, and of $6,547 since Nov. 26 1912, the date
banks
and trust companies
national
the
of
deposits
The
total
.
The
adornment
its
of
feature
a
are
two massive columns
04
since Nov. 26, and
of
$25,311
loss
a
36,
7
$6,453,21
Tiffany
are
the
at
bronze gates at the main entrance, made
banks $19,020,486 50, a gain of $317,savings
two
interior
the
of
The
attention.
particular
claim
also
studios,
two co-operative banks are
presents an equally pleasing appearance. Paul E. Bon- 074 16. The resources of the
28. The aggregate re$43,564
of
gain
a
and
82,
4
$1,235,97
ner is President of the institution; Culver Ferguson
city are $30,Henry Doscher are Vice-Presidents and Henry Billman is sources of all the banking institutions of the
34.
$452,257
of
gain
a
36,
367,089
Cashier.
—A. R. Hamilton has been elected Vice-President of the
—Clarence M. Lowes, Treasurer of the Dime Savings
Bank of Williamsburgh, has been elected President of the Third National Bank of Pittsburgh.
Flushing National Bank of Flushing, N. Y., succeeding
—William Montgomery, who was convicted on Oct. 26
Archibald Nesbet. Mr. Lowe will retain his post in the 1908 on the charge of misapplying the funds of the AlleWilliamsburg Bank. Harry N. Renner succeeds T. P. gheny National Bank of Pittsburgh, of which he was Cashier,
Brokaw Jr. as Cashier of the Flushing bank.
and sentenced to fifteen years imprisonment, had his senof
City
Jersey
Co.
Trust
Pavonia
tence commuted by President Taft on March 3. He will
the
—The business of
(capital $100,000) was merged with that of the Mercantile be freed on the 28th inst.
Trust Co. of the same place on Feb. 24. As a result of the
—Joseph P. Kennedy was elected a director of the Fidelmerger the deposits of the last-named institution are in- ity Trust Co. of Baltimore at a meeting of the directors on
creased to over $2,000,000—an addition of some $700,000 the 6th inst. Mr. Kennedy is President of the Kennedy
having been realized through the transfer of the Pavonia's Foundry Co. and of the Baltimore Malleable Iron & Steel
business. The Mercantile has a capital of $100,000 and Casting Co.
surplus of $67,000. The control of the institution lies in the
—Edward A. Vavrina was elected Assistant Cashier of
hands of people who are directors of the Second National
National City Bank of Baltimore on Feb. 19. Mr.
the
of
t
e-Presiden
C.
Jagels,Vic
C.
Henry
Bank of Hoboken.
had recently been serving as assistant to Cashier
Vavrina
the latter, and President of the Weehawken Trust Co., has
Mason.
M.
Harry
become President of the Mercantile Trust, succeeding John J.
his
by the Fidelity & Deposit Co. of Baltimore of
to
because
sale
relinquish
duties
—The
Treacy, who has been obliged
share holdings in the Fidelity Trust Co. of
its
Appeals.
of
and
Court
the
half
Errors
of
Judge
about
as
position
of his
announced. The stock disposed of
recently
as
nt
was
the
with
manageme
city
continues
however,
that
Mr. Tresky,
a
syndicate representing the Fidelity
by
the
over
has been taken
First Vice-President. Allen N. Terbell, Cashier of
others,H. Crawford Black,
among
Viceincluding,
been
has
and
made
Second
Co.
Hoboken,
Trust
of
Second National
Bladen Lowndes. The
W.
Col.
and
Black
Shannon,
Trust;
Lear
G.
Joseph
Van
Mercantile
Gen.
President of the
of the
Secretary and Treasurer of the Weehawken Trust Co., acts deposit company held about 5,200 of the 10,000 shares
rein a similar capacity for the Mercantile. William H. trust company (par $100) and it is understood that the
$250
and
$240
at
between
sold
been
has
,
and
the
of
stock
Mercantile
linquished
Browning Jr. is Assistant Treasurer
Michael F. Kalaher is Assistant Secretary.
a share. The interests which have taken over the stock are
identified both as stockholders and directors with the Fi
Naof
the
First
—Abram L. Beavers, formerly Cashier
Co. as well as with the trust company.
tional Bank of High Bridge, N. J., pleaded guilty in the delity & Deposit
understood to have ocdurred in part at the in
is
sale
The
indictan
to
inst.
at
3d
the
Court
on
Trenton
District
U. S.
the State Insurance Commissioners, who, it is
ment charging the misapplication and embezzlement of the stance of
expressed the opinion that the Deposit Company
had
stated,
n
on
defalcatio
Beavers
the
to
confessed
funds.
bank's
of its capital invested in a single corporation.
much
too
had
be
on
17.
sentenced
will
March
an. 23. He
766
THE CHRONICLE
[VOL. xcvi.
—The Kokomo Trust Co. of Kokomo, Ind., on the 10th on 5
counts charging violations of the banking law; S. H.
inst. moved into its handsome and completely equipped new Myers
was indicted on 5 counts, B. Sherwood Dunn, a direcbuilding. The new structure represents an investment of tor,
on one count, and D. H. Willard on two counts. Mr.
$50,000. The institution is under the management of Fred. Myers,
who has been referred to as a member of the finance
L. Trees, President; W. E. Blacklidge, Vice-President;
committee of the trust company, denies that he was ever
W. E. Sollenberger, Secretary and Treasurer; Leslie M. an
official of it, or a member of its directorate or finance
Springer, Cashier; Lora W. Sloan and W. F. Mitchell,
committee, and states that he had no connection with it
Assistant Cashiers. It was organized in 1902 and has
a in any way until February 1912, when he was engaged as
capital of $100,000.
counsel for the institution.
—At a meeting of the directors of the Chicago Savings
—An address on "Credit" delivered at Waco on Feb.
18
Bank & Trust Company on the 13th inst., Henry C. Burnett
by Beverly D. Harris, Vice-President of the South Texas
was elected Cashier and W. A. Nicol was made an additional
Commercial National Bank of Houston, Tex., has been reAssistant Cashier. As Cashier Mr. Burnett succeeds
printed in pamphlet form. The remarks were addressed
Houston Jones, who resigned some months ago to enter
the Fourth District Bankers' Association.
into other business. Mr. Burnett comes to the Chicago to
—The West Side Bank of Geo. W. Bates & Co. of PortSavings Bank & Trust Company from the National Bank
of Commerce, St. Louis, with which institution he had been land, Ore., was consolidated on the 4th inst. with the Lumconnected since 1897, starting as collector and gradually bermen's National Bank of that city. Mr. George W.Bates
advancing to the positions of manager of their exchange has been elected a director and Vice-President of the Lumdepartment and Assistant Cashier, which latter office he bermen's National and will be active in its management.
held for the past five years. He comes from a family of The consolidated institution on March 4 reported deposits
bankers, his father having been Cashier of the First National of $5,577,208 and total resources of $6,924,234. It has a
Bank of Richmond, Va., for twenty-five years, and Charles capital of $1,000,000 and surplus and undivided profits of
R. Burnett, his brother, being First Assistant Cashier of $115,348. G. K. Wentworth is President of the Lumberthat Bank at the present time. Mr. Nicol began his bank- men's National.
ing career in 1902 with the National Bank of North America,
—In accordance with the plans to change the name of the
later going to the Continental National, and from there to Merchants' Bank & Trust Co. of Los
Angeles to the Hellman
the Chicago Savings Bank in 1905; he is promoted from Chief Commercial Trust & Savings Bank, as
announced in these
Clerk to his present position.
columns Sept. 14, the interests in the institution have made
—The finger-print system of identification continues to application to the Superior Court for permission to adopt
have new advocates. Among the latest to use the system the proposed title. The change was approved by the direcare the Des Moines Savings Bank of Des Moines, Iowa, tors at a recent meeting. Action toward increasing the capiand six of the banking institutions of Spokane, Wash., viz.: tal of the institution from $300,000 to $1,000,000 was taken
the Old National Bank, the Union Trust & Savings Bank, by the stockholders in January, and it is reported that the
the Scandinavian-American Bank, the Exchange National Hellman interests have acquired more than two-thirds of
Bank, the Fidelity National Bank and the Spokane & East- the subscribed capital. Marco H. Hellman, it is understood, is to be President of the institution, while Irving H.
ern Trust Co.
Hellman will be Vice-President. W. H. Holliday will be
—The Mechanics-American National Bank of St. Louis identifie
d with the management as Chairman of the board.
announces the election of James R. Leaven as an Assistant
—The City & District Savings Bank of Montreal was subCashier and the resignation of Assistant Cashier C. L. Boye.
Mr. Leavell succeeds George M.Trumbo, deceased. He has jected to a "run" on the 4th inst., which continued for pracbeen in the employ of the bank since its organization, and tically three days, during which time, according to the Monduring the past few years has devoted his time to looking treal "Gazette," 83,400,000 was withdrawn. The bank
after the requirements of the institution's correspondents. met all demands without resorting to outside assistance,
Mr. Boye resigns to become an Assistant Cashier of the Fort and this notwithstanding the fact that other institutions
Dearborn National Bank of Chicago. He takes with him stood ready to aid it. It is stated that the management
the personal regard and best wishes of the officers of the is at a loss to account for the origin of the unexpected calls
upon it.
St. Louis bank.
—Frederick E. Nolting, who has been prominent in banking circles in Richmond Va., for a number of years, has
entered into a co-partnership with Rutherford Fleet under
TRADE AND TRAFFIC MOVEMENTS.
the firm name of Frederick E. Nolting & Co., and will transUNFILLED ORDERS OF STEEL CORPORATION.—
act a general investment banking business, dealing in highThe United States Steel Corporation on Monday, Feb. 10,
grade bonds and stocks. Mr. Nolting was formerly VicePresident of the Bank of Richmond and upon its merger issued its regular monthly statement showing the unfilled
with the National Bank of Virginia became a Vice-President orders on the books of the subsidiary corporations at the
of the First National Bank of Richmond. Mr. Fleet was close of February. From this statement it appears that the
formerly Treasurer of the Georgia & Florida Ry. The aggregate of the unfilled orders on Feb. 28 was 7,656,714
tons, 170,654 tons less than on Jan. 31. In the following
firm's offices are located at 903 East Main Street.
we give the comparisons with previous months:
—Depositors of the defunct Commercial Bank & Trust
Tons.
Tons.
Co. of Louisville received a dividend of 33 1-3% on Feb. 27, Feb. 28 1913____7,6Tons.
56,714 Mar.31 1912____5,304,841 Apr. 30 1911—.3,218,704
31 1913____7,827,368 Feb. 29 1912—.5,454,200 Mar.31 1911....3,447,301
the payment involving a distribution of over $200,000. Jan.
Dec. 31 1912___7,932,164 Jan. 31 1912—.5,379,721 Feb. 28 1911....3,4
Nov.30 1912____7,852,883 Dec. 31 1911—.5,084,761 Jan. 31 1911._-3,1100,543
Dr. Ben L. Bruner, President of the institution, which closed Oct.
0,919
31 1912____7,594,381 Nov.30 1911......4,
Dee. 31 1910____2,674,750
its doors Jan. 22, was named by Thomas J. Smith, State Sept.30 1912_6,551,507 Oct. 31 1911____3,6141,955
94,328 Nov.30 1910____2,760,413
Aug. 31 1912_6,163,375 Sept.30 1911____3,611,317 Oct. 31 1910____2,871,949
Bank Commissioner, as special deputy to wind up its affairs. July 31 1912__5,957,079 Aug.31 1911____3,695,985 Sept.30 1910.....3,158,106
June 30 1912____5,807,346 July 31 1911.-3,584,085 Aug. 31 1910___3,537,128
May 31 1912____5,750.983 June 30 1911....3,361,058 July 31 1910.-3,970,931
—Three of the officials of the Union Bank & Trust Co. of Apr.
30 1912____5.664,885 May 31 1911.-3,113,187
Meridian, Miss., which closed its doors in November 1912
Prior
to July 31 1910 reports of unfilled orders were issued
have been indicted on a charge of receiving deposits when the
Institution was known to be insolvent. Those named in only quarterly. In the following we show the totals at the
the indictment, it is stated, are W. H. Barnes, President; end of each quarter or period for which the figures were made
W. I. Cole, Cashier, and H.J. L.Barnes, Assistant Cashier. public, back to the organization of the Steel Company.
•,
—On Feb. 21 indictments embodying 35 counts were
handed down by the grand jury as a result of the investigation into the suspension in July 1912 of the Citizens'
Trust Co. of Augusta. The institution had succeeded to
the business of the Citizens'Bank in February 1912. According to the Augusta "Chronicle," W. B. Pace, President of
the trust company, has been indicted on nine counts charging violations of the State banking law; M. C. Dowling,
Vice-President, has been indicted on 13 counts, 9 charging
violations of the State banking law and 4 embezzlement;
C. A. McFarlane, Assistant Treasurer, has been indicted
Tons.
Tons.
Tons.
June 30 1910_ 4,257,794 June 30 1907_*7,603,878 June 30 1904_ 4'3,192,277
Mar.31 1910_ 5,402,514 Mar. 31 1907-4.8,043,858 Mar.31 1904—*4,13
6,961
Dec. 31 1909_ 5,927,031 Dec. 31 1908._*8,489,718 Dec. 31 1903_ 53,215,
123
Sept.31 1909— 4,796,838 Sept.30 1906__ _*7,936,884 Sept.30 1903_ _*3,728,742
June 30 1909_. 4,057,939 June 30 1906...*6,809,589 June 30 1903...+4,6
66,578
Mar.31 1909— 3,542,595 Mar.31 1906_*7,018,712 Mar.31 1903_05,410,719
Dec. 31 1908-- 3,603,527 Dec. 31 1905___*7,605,086 Dec. 81 1902..._*5,347,253
Sept.30 1908— 3,421,977 Sept.30 1905_*5,865,377 Sept.30 1902_04,843,007
June 30 1908... 3,313,876 June 30 1905...+4,829,655 June 30 1902___*4,791,993
Mar.31 1908— 3,765,343 Mar.31 1905—*5,597,560 Dee, 31 1901-04,497,749
Dec. 31 1907— 4,624,553 Dec. 31 1904...+4,696,203 Nov. 1 1901—.2,831,692
Sept.30 1907--$6,425,008 Sept.30 1904...3,027.436
* The figures:prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interests
are shown. The amount as of Sept. 30 1904, shown above as 3,027,436 tons, the
ormer basis, would, It is stated, be 2,434,736 tons on that noG employed.
THE CHRONICLE
MAR. 15 1.933.)
Ittonetargi'Tomincrcialguglislx4ms
767
Messrs. Pixley & Abell write as follows under date of
Feb. 27:
GOLD.-This week's arrivals amounted to £936,000. India has taken £275,350
and the balance goes to the Bank of England. Since our last the Bank has received
£549,000 in bar gold, while Argentina has taken £250,000 in sovereigns. Next week
we expect £1,037,000 from South Africa. Arrivals-South Africa, £853,500; West
Africa, £69,000; Brazil, £13,500; total, £936,000. Shipments-Bombay, £243,500.
SILVER.-A remarkable change has taken place during the past week and prices
have fallen from 28%d. for cash and 28 9-16 for forward to 27%d. and 27 13-16d.,
respectively. At the close of last week the market was inclined to ease off on some
bear selling, although some special buying was still in evidence. Since then the
China exchanges have weakened further, and some heavy selling has come from that
quarter, while speculators have shown little inclination to reduce what must amount
to a substantial bear account. The immediate future is uncertain, but the reduced
level of prices should attract buyers when the present selling has stopped. The
Bombay quotation is Rs. 71 per 100 tolahs. The Indian currency figures are:
Feb. 24 1912.
Feb. 25 1913.
14.50 Crores
12.10 Crores
Ordinary reserve
____ do
.90 do
Under coinage
do
.19 do
In transit
do
-2.55
6.00 do
Gold standard reserve
[From our own correspondent.)
London, Saturday, March 1 1913.
Feeling in the city has been growing more hopeful. The
improvement began with the statement of the Austrian
Premier at the end of last week that there is every reason
to hope for a favorable settlement of all the outstanding
international political questions, and it has gained ground
all through the present week. It has been increased, indeed,
by a discussion in one of the committees of the Austrian
Chamber in which there was a strong demonstration against
the article in the organ of the Austro-Hungarian Foreign
17.40 Crores
19.19 Crores
Office which practically contradicted the Austrian Prime
Arrivals-New York, £315,000; Australia, £5,000; total, £320,000. ShipmentsMinister's statement last week. Very strong language Port Said, £1,000; Bombay, £27,000; Colombo, £1,500; Hong Kong, £30,000(Mex.
was indulged in by the Deputies, and those who came from dol.); total, £59,500.
The quotations for bullion are reported as follows:
the manufacturing districts were most particularly earnest
Feb. 27. Feb. 20;
Feb. 27. Feb. 20.
SILVER.
in their condemnation of the Press Bureau of the Foreign
GOLD.
d.
d.
s. d.
s. d.
London Standard.
London Standard.
Office and the mischief it has done both at home and abroad. Bar,
28%
77 9
Bar silver, fine, oz---27%
gold, fine, oz.-- 77 9
9-16
28
13-16
oz_27
2
"
delivery,
me.
It is believed now that Austria-Hungary and Russia have
29 13-18 3034
Cake silver, oz
Russia
partial
demobilization.
a
for
come to an agreement
it is understood, would have demobilized altogether, but
English Financial Markets-Per Cable.
Austria is not prepared to go so far,since she is apprehensive
closing quotations for securities, &c., at London,
daily
The
that the great victories of the Balkan Allies may have a as reported by cable, have been as follows the past week:
disturbing effect among her Slav populations. Still, it is
London.
Fri.
Thurs.
Mon.
Tues.
Wed.
Sat.
believed that both Austria-Hungary and Russia will deWeek ending March 14.
26 3-16
26 13-16 26%
27
2634
d. 27
per oz
mobilize the forces facing one another on the Galacian Silver,
73 5-18
73 7-17 7334
73 3-16 7334
7354
dConsols, 254 per cents
73 9-16 7334
73 7-16 7354
frontier, while they wil not demobilize elsewhere.
7334
7354
d For account
89.0234
89.1754 89.1254 89.05
(in Paris), Ir. 89.1734 89.10
In addition to this, Bulgaria and Roumania have sub- dFrench RentesCopper
71%
713-4
72%
703-4
70
Co.__ 71%
Amalgamated
72
7034
71
mitted their differences to the mediation of the great Powers, Amer. Smelt. dc Refill. Co... 7134 70
6934
73.
754
734
7%
73-4
754
while it is understood that the Albanian question will be 8 Anaconda Mining Co
10434:.
1043-4
10334
104
_104%
10334
Fe_
Santa
&
Topeka
Atch.
satisfactorily settled as part of the agreement between Russia
103
10234
10331
10234
10234
10254
Preferred
103
103
10331
102%
102%
103
and Austria-Hungary. Lastly, it is announced from Baltimore & Ohio
8554
8634
8534
8534
8534
8534
Preferred
Constantinople that the Turkish Government has requested Canadian
22834
230
22934
23314
22834
22834
Pacific
74%
73%
75%
74%
7434
76
the Russian Government to use its good influence with Chesapake dc Ohio
15
14%
15
15
15
15
Chicago Great Western
Bulgaria to bring about peace between the belligerents.
112
112
11254
1113-4
110%
Chicago Milw.& St. Paul...112
2034
2034
A very large amount of money is still hoarded in France, Denver
2034
2034
2034
203-4
dc Rio Grande
3434
35
3554
35
35
35
Germany and Austria-Hungary. But it is hoped that once
28
28
28
2834
2827%
282734
45%
45
45
44%
the fear of war is removed this money will come out. HOW Erie
45
45%
First preferred
36
3554
36
35
36
36
preferred
very large the hoarding is will appear from an estimate re- Second
13034
130%
12954
1293-4
12934
Great Northern, preferred 129,4
12654
127
127
12734
ported to have been made to the Prussian and the German Illinois
12854
12634
Central
13754
136
13634
138
13654
13634
& Nashville
governments by the bankers who have just successfully Louisville
2554
2534
2534
2534
26
2534
Kansas & Texas
63
63
63
63
6254
carried through the loan operations of the two governments, Missouri
6234
Preferred
39
39
39
38
38
3854
namely that at the present time something between 22 and 23 Missouri Pacific
60
60
60
60
60
RR.of Mex., 1st pref._ 60
2434
2434
millions sterling in actual cash is hoarded in Germany alone. Nat.
24
2434
2334
2434
Second preferred
109
108
10834
108
10834
River_108A
It is believed that the hoarding in Austria-Hungary is even N.Y.Central & Hud.
31
3131
31
3034
Western_ 3134
3034
&
Ontario
Y.
N.
larger, while it is known that there is a very considerable Norfolk & Western
107
10734
10754
10734
108
108
89
____
88%
88
hoarding in France likewise.
I
Preferred
1-14-118%
118
11834
lig-119
In spite of the threatened strike upon the Midland railway Northern Pacific
61
61
61
6134
61
4
8051
79%
80%
79%
and other signs of labor unrest, the belief is general here that aa Pennsylvania615
78%
8054
Reading Company
4654
4654
46%
46
48
46%
a First preferred
trade will again become ecxeedingly active the instant the
4654
46
4854
a Second preferred
.i•i
danger of war is removed, and that money will become fairly Rock
iii;
2234
.
ii‘;i
2254
2234
Island
101
10334
10234
101%
10234
10134
easy in about a month's time or possibly somewhat earlier. Southern Pacific
25%
2554
26
25%
26
2534
Railway
Southern
82
At the end of March, it will be remembered, the large
82
82
82
82
83
Preferred
15334
151%
15454
15334
15334
accumulations of revenue come to an end, and usually ease Union Pacific
15234
8634
87
87
8634
8634
87
Preferred
sets in early in April. But while the belief is very general U.S. Steel Corporation
4
61,
6154
6134
61%
82
8034
11034
110%
110%
110%
110%
110%
that once the public is reassured regarding international
Preferred
4%
454
454
434
4
43-(
politics there will be a marked improvement in England Wabash
12
1154
1134
1154
12
1134
Preferred
59
59
59
59
59
and France, there are doubts respecting Germany and
60
Extended 4s
Austria-Hungary. Germany, it is thought, will have to be
here given are
per share. b sterling. c Ex-dividend. d Quotations
quiet for some time so as to recuperate, while it is feared that flata Price
prices.
some
Austria-Hungary will need to be exceedingly careful for
years.
The India Council offered for tender on Wednesday 80 lacs Cronitterciat autiVatscellantonsgews
of its bills and telegraphic transfers and the applications
amounted to nearly 638 lacs at prices ranging from is. 3
National Banks.-The following information regarding
31-32d. to is. 4 1-16d. per rupee. Applicants for bills at national banks is from the office of the Comptroller of the
is. 4d. were allotted 15 per cent of the amounts applied for,
Department:
whil-3 applicants for telegraphic transfers at is. 4 1-32d. Currency, Treasury
per rupee were allotted 15 per cent and above in full.
APPLICATION TO CONVERT APPROVED
The Pioneer Bank of West Palm Beach, Fla., into "The First Natlona
The following returns show the position of the Bank of
England, the Bank rate of discount, the price of consols, Bank of West Palm Beach." Capital, $75,000.
CHARTERS ISSUED TO NATIONAL BANKS.
&c., compared with the last four years:
1.
1913.
Feb. 26.
.£
1912.
Feb. 28.
1911.
March 1.
1910.
March 2.
11)09.
March 3.
27,707,990 27,988,795 27,520,270 28,264,500
Circulation
23,548,493 21,570,536 19,021,510 11,289,009
Public deposits_
41,867,026 44,629,649 39,240,544 40,252,432
Other deposits
Gov't securities_ _ _ 13,034,148 15,116,036 14,637,633 13,976,401
Other securities._ _ 41,869,871 38,860,739 32,706,480 29,634,807
Reserve,notes&coin 28,455,017 30,532,328 29,081,038 26,138,065
Coln&bull.,bothdep 37,713,007 40,071,123 38,150,008 35,950,565
Prop, reserve to lia49 13-16
46
503(
4334
p. c.
bilities
3%
334
3
5
Bank rate
p. c.
78 15-16 80 13-16 xd 81 7-16 xd
Consols, 234 p.
7434
24 5-16d. 23 5-16d.
2734d.
Silver
27 13-16d.
Clear -house returns279,149,000 275,392,000 349,257,000 347,074,000
29,055,970
16,794,151
40,705,386
15,141,108
32,020,473
27,605,341
38,211,311
48 13-16
3
8334
2354d.
320,209,000
The rates for money have been as follows:
Feb. 21. Feb. 14.
Feb. 28.
5
5
Bank of England rate
5
Open market rate4 13-16
Bank bills-3 months.... 4 11-186434 4 13-1668434
4%
-4 months
4 11-16
4 9-I654%
4 546
-6 months.... 4%044 3-16
4 5-16
Trade bills- 3 months._ _ _
50:41534
505%
50534
-4 months...
505q
5@5X
568534
Interest allowed for deposts334
y Joint-stock banks B
334
334
By discount housesAt call
334
334
334
7 to 14 days
334
334
334
Feb. 7.
5
434684 13-16
4 9-16©45i
4346845-16
505%
5@55.4
3%
3% II
February 21 to March
I0,335-The Orbisonia National Bank, Orbisonia, Pa. Capital, $25,000.
W. T. Bell, Pres. W. Bates Bell, Cashier. (Succeeds the Orbisonia Bank.)
10,336-The City National Bank of Decatur, Ala. Capital, $100,000
John D. Wyker, Pros. A E. Jackson, Cashier.
Chicago, Ill.)
10,337-The Austin National Bank, Austin, Ill. (Post Office, W. Swayne;
Capital, $100,000. Francis E. Pray. Pres.; Albert
Cashier.
Miss. Capital, $25,I0,338-The Progressive National Bank of Summit,
E. M. Cain, Cashier. (Succeeds the
000. Jno. B. Enos,
Pres.''
Summit.)
National Bank of
Capital, $25,000.
10,339-The First National Bank of Afton. Okla.
of
Carl W. Lehnhard, Pres.; E. L. Neff, Cashier. (Conversion
the Bank of Afton.)
CHANGE OF CORPORATE TITLE.
8,946-The Grange National Bank of Clarion County at Sligo, Pa.; to
"Sligo National Bank."
VOLUNTARY LIQUIDATIONS.
4,436-The Palestine National Bank, Palestine, Tex., Jan. 211913.
Absorbed by the Royal National Bank of Palestine. Liquidating
agent, A. L. Bowers, Palestine, Tex.
7,308-The American National Bank of Lynchburg, Va., Feb. 17 1913
To be succeeded by the United Loan dc Trust Co. of Lynchburg
Liquidating agents, James W.Gerow and R.F.Elopes, Lynchburg
Va.
7,825-The Farmers' National Bank of IIaskell, Tex., Feb. 12 1913.
Ab6,890-The First National Bank o • Wilburton, Okla., Dec. 14 1912.
sorbed by the Latimer County National Bank of Wilburton,
Liquidating agent, W. P. 51:Ginn's, Wilburton, Okla.
768
THE CHRONICLE
8,726-The First National Bank of Mahnomen, Minn., March 1 1913.
Succeeded by the State Bank of Mahnomen, which is to act as
liquidating agent.
9,753-The National Bank of Summit, Miss., March 1 1913. To be succeeded by the Progressive National Bank of Summit. Liquidating
agent, E. M. Cain, Summit, Miss.
8.809-The First National Bank of Warner, Olda., March 2 1913. Sueceeded by the First State Bank of Warner. Liquidating agents:
J. T. Arrington and E. H. Rose, Warner, Okla,
4.861-The Yough National Bank of Connellsville, Pa., March 3 1913.
Consolidated with the First National Bank of Connellsville. Liquidating committee: Board of directors, Yough National Bank.
Breadstuffs Figures brought from page 808.-The
statements 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 have been:
Receipts at-
Flour.
Wheat.
Corn.
Oats.
I
Barley.
Rye.
bbls.19815s. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.lbush.48lbs. bu.56 lbs.
ft Chicago -__
189,000
583,000 3,450,000 2,002,000
653,000
59,000
Milwaukee 21,000
120,000
256,000
211,000
378,000
62,000
Duluth
629,000
11,000
97,000
103,000
10,000
Minneapolis.
2,457,000
85,000
334,000
491,000
63,000
Toledo
9,000
188,000
112,000
1,000
Detroit
6,000
5,000
54,000
29,000
Cleveland
14,000
13,000
92,000
103,000
St. Louts- _ _
67,000
395,000
352,000
388,000
64,000
2,000
Peoria
38,000
52,000
401,000
167,000
92,000
17,000
Kansas City.
277,000
268,000
124,000
Omaha
201,000
236,000
172,000
Total wk.'13
Same wk.'12
Same wk.'11
335,000
276,692
282,065
4,741,000
2,342,295
2,176,370
5,393,000
3,947,239
4,118,876
3,739,000 1,781,000
2,760,658
674,913
2,481,260 1,133,288
214,000
114,289
96,852
[VoL. xcvi.
Canadian Bank Clearings.-The clearings for the week
ending March 8 at Canadian cities, in comparison with the
same week of 1912, shows an increase in the aggregate of
10.3%.
Week ending March 8.
Clearings at•
1913.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
5t. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Total Canada
1912.
Inc. or
Dec.
1911.
1910 .
$
8
%
$
$
53,206,481 46,733,538 +13.8 42,003,552 39,743,602
45,655,277 39,000,000 +17.1 35,270,098 28,920,915
25,688,732 25,478,253 +0.8 15,921,337 13,856,241
12,136,866 11,569,904 +4.9 10,299,939 7,921,015
4,129,863 5,449,656 -24.2 3,930,800 3,621,767
3,194,775 2,711,779 +17.8 2,650,173 2,380,248
2,260,569 1,814,601 +24.6 1,441,073 1,872,048
3,336,960 2,629,450 +26.9 1,856,469 1,781,540
1,546,960 1,356,733 +14.0 1,508,638 1,469,826
1,991,932 1,876,241
+6.1 1,442,011 1,310,004
4,446,847 4,710,866 -5.6 3,326,392 3,290,561
3,928,051 3,026,754 +29.8 2,868,085 1,795,527
4,147,009 4,462,893 -7.1 1,976,575 1,134,100
2,282,665 1,721,746 +32.6 1,528,487 1,152,069
646,043
516,493 +5.7
513,736
544,181
599,496 -9.2
447,197
2,152,412 1,962,897 +9.7
818,067
608,002
513,288 +6.1
560,486
1,195,894
993,712 +20.3
654,047
907,143
510,581 +77.5
592,203 Not include d in tot al
173,906,662 157,698,881 +10.3 129,017,162 109,098,294
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed in italics:
" Total receipts of flour and grain at the seaboard ports for
the week ended March 8 1913 follow:
Per
When
Since Aug. 1
1912-13
11,531,520 282,879,966 160,290,228 169,337,688 76,701,330 13496642
1911-12
7,792,905 191,078,660 135,037,173 99,627,982 54,119,353,6,750,952
1910-11._ 10.416.673 167.549.440 203.850.702 132.156.916 51.161.819:4.126.774
Flour,
Receipts atbbls.
New York
164,000
Boston
45,000
Portland, Me
29,000
Philadelphia
38,000
Baltimore
31,000
New Orleans *
68,000
Newport News ___
1,000
Galveston
Mobile
15,000
Montreal
4,000
St. John
17,000
Total week 1913.-. 412,000
Since Jan. 1 1913..4,284,000
Week 1912
354,449
Since Jan. 1 1912.3,155,752
Wheat,
Corn,
bush.
bush.
551,000
911,000
245,000
426,000
690,000
34,000
15,000
176,000
12,000 1,101,000
377,000
168,000
367,000
211,000
40,000
5,000
23,000
81,000
3,000
335,000
7,000
2,522,000
29,141,000
1,155,273
11,207,751
Oats, Barley,
bush.
bush.
328,000 143,000
66,000
1,000
111,000 504,000
169,000
3,000
70,000
48,000
320,000
Rye
bus h
35,000
1,000
19,000
3,000
16,000
24,000
38,000
1,000
3,256,000
870,000 972,000 58,000
28,510,000 11,057,000 6996,000 647,000
1,097,430
795,499
84,690
13,052
18,766,546 6,689,116 1990,327 123,481
* Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending March 8 are shown in the annexed statement:
Wheat,
Exports frombush,
New York
497,019
Portland, Me
690,000
Boston
17,302
Philadelphia
96,000
Baltimore
199,142
New Orleans__ 131,000
Newport News _
Galveston
248,000
Mobile
5,000
St. John
335,000
Corn,
bush.
424,795
34,000
312,376
108,000
840,493
270,000
367,000
Flour,
bbls.
94,223
29,000
25,744
36,000
27,651
44,000
500
22,000
23,000 15,000
7,000 17,000
Oats,
bush.
72,434
111,000
Total week____2,218,463 2,386,664 311,118
Week 1912
988,566 1,548,278 150,298
329,154
56,788
Rye, Barley,
bush.
bush.
8,458 122,074
.____ 504,000
Peas,
bush.
3,604
27,000
75,720
16,000
5,592
320,000
16,000
38,000
14,050 973,074
3,604
862
The destination of these exports for the week and since
July 1 1912 is as follows:
------Flour
Whea
Corn
Since
Since
Since
Week
July 1
Week
July 1
Week
July 1
Exportsfor week and Mch.8.
1912. Mch. 8.
1912. Mch.8.
1912.
since July 1 to-bush,
bbls.
bush.
bbls.
bush.
bush.
United Kingdom_..142,579 3,729,929 1,594,478 57,754,911 1,005,902 9,051,948
Continent
73,643 1,556,351 600,750 57,462,845 1,280,787 15,400,450
Sou. & Cent. Amer_ 40,605 881,398
9,850
719,783
10,250
489,535
West Indies
48,500 1,392,657
6,000
105,506
63,784 1,300,476
Brit. Nor. Am.Cols.
150
69,284
209
46,961
Other Countries_ _ _ _ 5,641 251,677
7,385 2,002,195
25,732
135,748
Total
Total 1911-12
311,118 7,881,296 2,218,463 118045,240 2,386,664 26,425,118
150,298 6,645,487 988,566 63.195,034 1,548,278 28,851,818
The world's shipments of wheat and corn for the week
ending Mar.8 1913 and since July 1 1912 and 1911 are shown
in the following:
Wheat.
Exports.
1912-13.
Week.
Mch. 8.
Corn.
I 1911-12.
Since
July 1.
Since
July 1.
1912-13.
Week.
Mch. 8.
Since
July 1.
1911-12.
Since
July 1.
Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 3,348,000 179,502,000 122,348,000 2,368,000 25,089,000 26,187,000
Russia
1,360,000 78,491,0001 60,854,000 128,000 7,025,000 32,039,000
Danube _
800,000 42,903,000 57,025,000 204,000 10,591,000 54,505,000
Argentina _ _ 5,372,000 69,118,000 32,074,000 1,335,000 167,794,000
60,000
Australia _ 2,560,000 25,736,000 38,324,000
India
112,000 43,736,000 31,754,000
0th. countr's 224,000 5,950,000 7,549,000
Total ____ 13776000 445,436,000349,028,000 4,035,d00 210,499,000 112,791,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels.
Bushels.
Bushels.
Mar. 81913._ 23,740,000 31,088,000 54,828,000
Mar. 1 1913__ 23,088,000 28,040,000 51,128,000
Mar. 91912.. 27,176,000 11,800,000 38,976,000
Mar. 111911._ 22.“4,
1 non 2g.n7n.n0n 51 224.09n
2•,'•••••!,
United
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
5,823,000 9,843,000 15,666,000
5,108,000 10,304,000 15,412,000
3,485,000 7,242,000 10,727,000
4 4c4 nnn 5.5ns:nno in ngq.nnn
Name of Company.
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Ashland Coal & Iron Ry. (guar.)
1
Mar. 20 Holders of rec. Marl9a
Beech Creek, guaranteed (guar.)
1
Apr. 1 Holders of rec. Mar. 21
Boston & Albany (quar.)
2
Mar. 31 Holders of rec. Feb.28a
Boston & Maine, common (quar.)
1
Apr. 1 Holders of rec. Mch. la
Boston Revere Beach & Lynn (guar.)
1% April 1 Holders of rec. Marl5a
Canadian Pacific, com.(quar.) (No.67)„ 23. April 1 Holders of rec. Mar. la
Preferred
April 1 Holders of rec. Mar. 1
Chesapeake & Ohio (guar.)
11. Mar. 31 Holders of rec. Mar. 7a
Chicago Burlington & Quincy (guar.)
2
Mar. 25 Holders of rec. Mar. 19a
Chicago & Eastern Illinois, pref. (quar.).. 1% Apr. 1 Holders of rec. Mar.17a
Chicago & North Western, corn. (quar.)_ _
April 1 Holders of rec. Mar.3a
Preferred (guar.)
April 1 Holders of rec. Mar. 3a
Chicago Rock Island & Pacific Ry. (guar.)_ _
Mar. 31 Holders of rec. Mar.21a
Cincinnati Northern
134 Mar. 15 Holders of rec. Mar.17a
Delaware & Hudson Co. (quar.)
234 Mch.20 Holders of rec. Feb.25a
Fonda Johnstown & Gloversville, pref. (qu.) 1% Mar. 15 Holders of rec. Marl5a
Grand Trunk, guaranteed
May
2
First and second preference
2% May
Third preference
2% May
Hocking Valley (quar.)
134 Mar. 31 Holders of rec. Mar.17a
Interborough Rapid Transit (guar.)
2% Apr. 1 Holders of ree. Mar.24a
Kansas City Southern, preferred (guar.)__
1
Apr. 15 Holders of rec. Mar.31a
Keokuk & Des Moines, preferred
3% Apr. 1 Holders of rec. Mar.14a
Lackawanna RR. of New Jersey (guar.)._
Apr. 1 Holders of rec. Mar.15a
1
Lake Shore & Michigan Southern (extra).. 6
Mch.31 Holders of rec. Mch.21a
Guaranteed stock (Mich.Sou.& N.Ind.) 6
Mch.31 Holders of rec. Mch.21a
Maine Central (guar.)
1% Apr. 1 Holders of rec. Mar.15a
Manhattan Ry., guar. (guar.) (No. 110)...
Apr. 1 Holders of rec. Mar. 15a
Meadville Conneaut Lake & Linesville
2
Apr. 10 Holders of rec. Mar. 31
Mimi.St.P.& S. S. M.,corn, and pref
Apr. 15 Holders of rec. Mch.20a
Newark & Bloomfield
3
Apr. 1 Holders of rec. Mar.22a
N. Y. Central & Hudson River (guar.)
Apr. 15 Mar. 21 to Apr. 16
New York de Harlem, common and preferred 2
Apr. 1 Holders of rec. Mar. 21a
N. Y. Lack. & Western., guar. (quar.).. 1X Apr. 1 Holders of rec. Mar.15a
N. Y. N. H.& Hartford (quar.)
2
Mch.31 Holders of rec. Mch.8a
Norfolk Southern (guar.)
April 1 Holders of rec. Mch.15a
Norfolk & Western, common (quar.)
1% Mob. 19 Holders of rec. Feb.280
Pittsburgh Bessemer & Lake Erie, common
1)4 Apr. 1 Holders of rec. Mar. 15
Pitts. Ft. Wayne & Chic., reg., guar. (guar.) 134 Apr. 8 Mar. 16 to Apr. 8
Special guaranteed (guar.)
134 Apr. 1 Mar. 16 to Apr. 1
Pittsburgh & Lake Erie (extra)
$2.50 Mch.31 Holders of rec. Meh.21a
Reading Company, 2d pref. (guar.)
1
April 10 Holders of rec. Mar.25a
St. Joseph South Bend & Southern, corn.. 1
Mar. 15 Mar. 11 to Mar. 16
Preferred
2% Mar. 15 Mar. 11 to Mar. 16
St. Louis & San FranciscoChic.& East Ill., pref. tr. etre. (quar.)_ _
Apr. 1 Mar. 18 to Apr. 1
K.C.Ft.S.& Mem., pf. tr. ctfs.(guar.) 1
Apr. 1 Mar. 18 to Apr. 1
Southern Pacific (quar.)(No. 26)
1)4 April 1 Holders of rec. Feb.28a
Southern Railway, preferred
2% Apr. 24 Holders of rec. Mar.29a
Southern Ry., M. & 0. stock trust Ws
Apr. 1 Holders of rec. Mar. 15a
2
Union Pacific, common (quar.)
2% Apr. 1 Mch. 1 to MO.16
Preferred
Apr. 1 Mch. 1 to Mch. 16
2
Utica dr Black River
Mar. 31 Holders of rec. Mar.14a
Warren, guaranteed
3),5 Apr. 15 Holders of rec. Apr. Sc
West Jersey & Seashore
$1 25 Apr. 1 Holders of rec. Mar. 14
Street and Electric Railways.
American Railways, common (quar.)
75 ots. Mar. 15 Holders of rec. Mar. la
Arkansas Val. Ry., L. & P., pref. (quar.) 134 Mch.15 Holders of reo. Feb. 28
Brockton & Plym. St. Ry.,pref.(No.8)
3
Mch. 15 Holders of rec. Mch la
Brooklyn Rapid Transit (quar.)
134 April 1 Holders of rec. Mch.10a
California Ry. de Power, prior pref.(No. 1) 134 April 1 Holders of rec. Mch. 22
Chicago City Railway (quar.)
2% Mar. 29 Mar. 5 to Mar. 17
Cleveland Ry.(guar.)
134 Apr. 1 Holders of rec. Mar. 12
Commonwealth Pow.,Ry.&L.,com.(No.1) 1
May 1 Holders of rec. Apr.10a
Duluth-Superior Traction, common (guar.). 134 Apr. 1 Holders of rec. Mar. 21
Preferred (guar.)
Apr. 1 Holders of rec. Mar. 21
1
El Paso Electric Co., common (No. 7)
334 Mar. 15 Holders of rec. Mar.88
Galveston Houston Elec. Co., com.(No.8) 234 Mch. 15 Holders of rec. Feb.20a
Preferred (No. 12)
Mch. 15 Holders of rec. Feb.20a
3
Halifax Electric Tramway, Ltd. (guar.)._
April
Houghton County Traction, com.(No.8). 2%
l 1 Holders of rec. Mch.22a
2
Preferred (No. 10)
April 1 Holders of rec. Mch.22a
3
Illinois Traction, preferred (guar.)
prrr
A pp
21
134
34 AA
Louisville Traction, common (guar.)
1 Holders of rec. Mar. 11
1 Holders of rec. Mar. 11
Preferred
Manila Elec. RR.& Ltg. Corp.(quar.)__ _
134 Apr. 1 Holders of rec. Mar.19a
Mohawk Valley Co. (guar.)
134 April 1 Holders of rec. Mar. 20
New York State Railways, common
13' Apr. 1 Holders of rec. Mar. 18
Preferred
131 Apr. 1 Holders of rec. Mar. 18
Northern Ohio Trac.& Light, corn.(quar.) 154 Mch.15 Holders of rec. Feb.28a
Philadelphia Company, cam. (gu.)(No.128) 134 May 1 Holders of rec. Apr. 1
Cumulative preferred stock
3
May 1 Holders of rec. Apr. 10
Philadelphia Traction
$2 Apr. 1 Holders of rec. Mar.100
St. Joseph Ry., L., H.& P., Pf.(Yu.)(1V042) 134 Apr. 1 Holders of rec. Mar. 15a
Second dr Third Sta. Pass. Phila.(quar.). $3
April 1 Holders of rec. Mch. 3a
Terre Haute Ind.& East. Tree., pl. (guar.). 1I4 Apr. 1 Mar. 23 to Apr. 1
Toronto Railway (guar.)
Apr. 1 Holders of rec. Mar. 15a
2
Twin City Rapid Tran., Minneap.,com.(gu.) 1% Apr. 1 Holders of rec. Mar. 21a
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 21a
Union Ry., Gas & Elec., com.(No. D.-- April 1 Holders of tee. Mch.11a
1
United Light & Rys., com.(quar.)(No. 1) lk
April 1 Holders of rec. Mar. 21
United Light & Rys., 1st pref. (guar.)
134 April 1 Mar. 22 to Mar. 31
Seernd nrePrred (guar.)
34 And' 1 Mar. 22 to Mar. 31
Name of Company.
769
THE CHRONICLE
Al AR, 15 1913.]
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Street & Flectrie Railways(Concluded)
134 Mar. 31 Holders of rec. Mar. 24
1X Apr. 1 Mar. 12 to Mar. 16 Lanston Monotype Machine (quar.)
United Trac. & Elec., Providence (quar.)_
234 April 20 April 1 to April 17
La
Rose
Mar.20a
Consolidated Mines (guar.)
10
rec.
of
April
1X
Holders
common
Virginia Ry.& Power,
Apr. 1 Holders of rec. Mar.21a
131
1
&
Liggett
Myers,
April
preferred (quay.)
$1 75 April 1 Mar. 23 to
West End Street Ry., Boston, common
April 1 Holders of rec. Mar. 21
1j Apr. 1 Mar. 24 to Apr. 1 Liggett & Myers Tobacco, common (extra)._
West India Elec. Co., Ltd.(guar. (No. 21 _
1 Mch. 21 to April 1
April
134
Loose-Wiles
16
Biscuit,
1st
Mar.
(quar.)-pref.
9
to
15
Mar.
134
Mar.
(guar.)
pref.
West Penn Tr.& Water Pow.,
131 May 1 April 16 to May 1
Second preferred (quar.)
Banks.
234 Apr. 1 Holders of rec. Mar.17a
12 Lorillard (P.), common (quar.)
Mar.
rec.
of
1
April
134
Holders
National
Iron
(guar.)
Coal er
Preferred (quar.)
131 Apr. 1 Holders of rec. Mar.17a
Mar. 31
April 1 Mar. 21 to
3
Mount Morris (guar.) (No. 53)
Mackay Companies, corn.(quay.)(No. 31) 1X April 1 Holders of rec. Meh.12a
Trust Companies.
April 1 Holders of rec. Meh.12a
1
(guar.)
Mar.254
Preferred
(No.
rec.
of
37)
Holders
31
Mar.
6
Guaranty (quar.)
2
Mar. 31 Holders of rec. Mar.250 Manhattan Shirt, pref. (quar.) (No. 3)...... 134 Apr. 1 Holders of roe. Mar. 17a
Extra
134 Apr. 1 Holders of ree.Mar.d19a
April 1 Mar. 16 to April 1 May Department Stores, pref. (quar.)..
Lawyers' Title Ins. & Trust (guar.)(No.58) 3
234 Mar. 31 Holders of rec. Mar.8a
134 April 1 Mar. 28 to Mar. 31 Mergenthaler Linotype (quar.)
Mutual Alliance (guar.)
Extra
3.4 Mar. 31 Holders of rec. Mar.8a
Miscellaneous.
April 20 Holders of rec. Mch.31a
25 Mexican Petroleum, preferred (quar.)-Mar.
rec.
of
(qu.)
Holders
31
14
Pianola,
&
Mar.
Piano
pref.
Weber
Aeolian,
April 1 Holders of rec. Mch.15a
24
134
Light,
Mar.
(quay.)
pref.
Michigan
rec.
of
Holders
April 15
Amer. Agricultural Chem.,corn. (qtr.)(No.6) 1
24
134 May 15 Holders of rec. Marl3a
Milwaukee & Chicago Breweries, Ltd
134 April 15 Holders of rec. Mar.
Preferred (guar.) (No. 31)
April I Holders of rec. Mar. 17
(guar.)
Montana
Power,
common
Mar.15a
3.4
rec.
of
Holders
1
pref.
(guar.)
Apr.
134
Note,
American Bank
Preferred (quar.)
131 April 1 Holders of roe. Mar. 17
1 A Apr. 1 Holders of rec. Mar.15a
Amer. Beet Sugar, pref. (quar.)(No.55)_ _
Mar. 15 Holders of rec. Mar. 5
20
1
Amer. Brake Shoe & Fdy., corn. (quar.)_
13 Mar. 31 Holders of rec. Mar.20 Montreal Cottons, Ltd., common (quar.)_
134 Mar. 15 Holders of rec. Mar. 5
Preferred (quar.)
Mar. 31 Holders of rec. Mar.
2
Preferred (quar.)
15 Holders of rec. Feb. 28
Mch.
31
IX
&
pref.
Elec.,
_
_
Gas
Mar.
(quar.)
Muskogee
13( April 1 Mar. 33 to
American Can Co., pref. (guar.)
Mar. 31 National Biscuit, corn. (quar.) (No. 59).... 134 Apr. 15 Holders of rec. Mch.28a
Preferred (acct. accumulated dividends) 24m April 1 Mar. 23 to
15 April 6 to April 15
April
(guar.)
134
common
Carbon,
Mar.11a
National
rec.
of
34 Apr. 1 Holders
Amer. Car & Fdy., corn.(quar.)(No.42)_
dr Stamp., pref. (q11.) o134 Mar. 31 Mar. 12 to Mar.31
1X Apr. I Holders of roe. Mar.11a National Enameling
Preferred (quar.) (No. 56)
Mar. 15 to Mar. 18
31
(quar.)
Mar.
common
Lead,
Mar.140
National
rec.
of
Holders
1
Apr.
134
American Cigar, preferred (guar.)
131 Mch. 15 Feb. 22 to Feb. 25
Preferred (quar.)
1X Mar. 31 Mar. 26 to Mar. 31
American Coal Products, coin. (guar.)
134 Mar. 31 Mar. 25 to Mar. 31
National Licorice, pref. (quar.) (No. 43)._
$3 Apr. 1 Holders of rec. Feb.28a
American Express (quar.)
154 Apr. 2 Holders of rec. Mar. 8
April 1 Mar. 21 to April 1 National Sugar Refining (guar.)
Amer. Gas & Elec., corn. (qu.) (No. 12)...... 2
3
Apr. 1 Mar. 21 to Mar.31
136 May 1 April 20 to May 1 National Surety (quar.)
Preferred (guar.) (No. 25)
75c. Mar. 15 Holders of rec. Feb.28a
Mar.200 National Transit (quay.)
rec.
of
1
Holders
Apr.
1x
pf.
(Tu.)
dr
corn.
Mfg.,
Amer. Iron & Steel
_
_
3734e.
May. 31 Mar. 8 to Mar. 12
(quar.)_
17
Mar.
Copper
Consolidated
Nevada
rec.
of
1
Holders
April
64)
134
American Manufacturing (quar.) (No.
134 Mar. 31 Holders of rec. Mar.15a
Apr. 1 Holders of rec. Mar. 15 New England Telep. & Teleg. (quar.)_ _ _ _
1
American Pipe & Construction (quar.).. _ _ _
134 Mar. 18 Holders of rec. Mar.4a
Mar. 31 New York Air Brake (quar.)
to
11
Mar.
31
pref.._
Mar.
first
335
Service,
American Pneumatic
10 April 15 Holders of rec. Mch. 25
134 Mar. 31 Mar. 11 to Mar.31 New York Transit (quar.)
Second preferred
134 Mch.21 Mch. 13 to Mch.21
A April 1 Mar. 21 to Mar. 31 Niles-Bement-Pond Co., common (quar.)_ 5
American Public Utilities, cons. (quar.)__
April 21 April 1 to April 17
Mar. 31 Nipissing Mines Co. (guar.)
to
21
Mar.
1
April
1A
Preferred (guar.)
April 17
234 April 21 April 1 to
Extra
2
Mch.31 Mch.22 to Mob. 31
American Radiator, common (quar.)
Mob. 31 North American Co. (quay.) (No. 36)___.. 13.1 Apr. 1 Holders of rec. Mch.20a
to
22
Mch.
2
31
Mob.
(extra)
Common
$1.25 Mar.20 Feb. 25 to Mar. 9
31
Mch.
Oil
Ohio
(quay.)
_
to
22
stock)._
Mch.
108
common
.31
Mch
in
Common (payable
$1 Mar. 20 Feb. 25 to Mar. 9
Extra
Mob. 15 Feb. 22 to Mob. 2
Amer. Smelt. & Ref., coin. (qu.) (No. 55) I
April 15 Holders of rec. Mar. 31
1
Mar. 30
common (guar.)
Amer. Smelters Sec. pf. A (qu.) (No. 33) 134 Apr. 1 Mar. 22 to Mar. 30 Otis Elevator,
134 April 15 Holders of rec. Mar.31
(guar.)
Preferred
to
22
Mar.
IX Apr. 1
Preferred B (guar)(No. 32)
134 Mar. 15 Mar. 8 to Mar. 16
Apr. 1 Holders of rec. Mar.15a Pabst Brewing, pref. (quar.)
3
American Snuff, common (guar.)
134 Mar. 15 Mar. 6 to Mar. 15
Packard Motor Car, preferred (quar.).__ _
134 Apr. 1 Holders of rec. Mar.15a
Preferred ((mar.)
234 Mar. 28 Holders of rec. Marl7a
Phelps, Dodge & Co., Inc. (guar.)
A Mch.31 Feb. 28 to Mch.20
American Steel Fonndrles
in Philadelphia Electric (guar.)
263(o. Mar. 15 Holders of rec. Feb.20a
American Sugar Refia., corn. & pref. (qu.) 13( April 2 Holders of rec. Mar.
131 April 1 Mar. 16 to April 1
234 Mar. 31 Mar. 16 to Mar. 31 Pittsburgh Plate Glass, common (quar.)_ _
American Surety (guar.) (No. 95)
12
April 1 Mar. 16 to April 1
Preferred (annual)
American Tobacco, preferred (quar.)
134 Apr. 1 Feb. 18 to Mch. 10
134 Mar. 31 Holders of rec. Mar. 15
April 15 Holders of rec Apr 10a Producers 011 (quar.)
1
American Type Founders, common (quar.)_
234
15 Holders of rec. April 1
April
(quar.)
10a
Apr
common
rec.
Oats,
of
Quaker
Holders
15
134 April
Preferred (guar.)
134 May 31 Holders of rec. May 1
Preferred (quar.)
Am. Water-Works & Cu., pf.(qu.)(No.4) 135 Apr. 1 Holders of rec. Mar. 15a
$1.50 Mch.24 Holders of rec. Mch. la
American Woolen, pref. ((uar.) (No. 56)
124 April 15 Mar. 25 to April 3 Quincy Mining (quar.)
131 Mch.20 Mch. 9 to Mch. 20
April 1 Holders of reo.Mar.15a Railway Steel-Spring, pref. (quar.)
American Writing Paper. preferred
1
Mch.15a
Republic Iron & Steel, pref. WO (No. 42) 131 Apr. 1 Holders of rec.
Associated Gas cfc Eke., pref.-See note (v).
Mar. 31 Holders of rec. Marl5a
3
134 April 25 Holders of rec. April 10 Royal Baking Powder, common (guar.)
Bethlehem Steel Corporation, pre!
Marl5a
rec.
of
31
Mar.
Holders
154
1
Apr.
4n
Preferred (guar.)
(n) Mar. 20 to
Booth Fisheries, commou
Mar. 15 Holders of rec. Mar. 10
13.1 April 1 Mar. 20 to Apr. I Rubber Goods Mfg., common (quer.)._ _ _ 6
First preferred (quar.)
Mar. 15 Holders of rec. Mar.10a
131
16
45)
Mob
to
134
(No.
56)
6
(qu.)
(No.
Mob.
pref.
15
(quar.)
Mch.
Milk,
Preferred
Cond.
Borden's
154 Meh.15 Feb. 21 to Mch. 4
234 Mar. 31
See Note h.
Rumeiy (M.) Co., common (No. 1)
British-American Tobacco, Ltd
134 Apr. 1 Mar. 20 to Mar. 30
134 April 1 Mar. 16 to Mar. 31 Rumely (M.) Co., preferred (guar.)
Brooklyn Union Gas (quar.) (21o. 48)....April 1 Holders of rec. Mar.14a
2
20
74)_
_
rec.
Mar.
of
(No.
134
Holders
(quar.)_
31
Mar.
(quar.)
Lighting
&
Safety Car Heating
Buffalo General Electric
134 April 1 Mar. 16 to Apr. 1 Sears, Roebuck & Co., preferred (guar.).134 Apr. 1 Holders of roe. Mar.15a
California Petroleum Corp., corn. (quara_
Apr. 1 Holders of rec. Mar.18a
1X
1
Apr.
_
_
to
16
4
,
13
(quar.)_
Mar.
1
pref.
&
April
Iron,
Steel
Sloss-Sheffield
(quar.)
Preferred
Mch.31 Holders of roe. Mch. 12
10
$10 Mar.20 Holders of rec. Feb. 21 South Penn 011 (quar.)
Calumet & Hee% Mining (quar.)
Apr. 1 Holders of rec. Mar.15a
2
Apr. 1 Holders of rec. Mar. 15 South Porto Rico Sugar, common (guar.). 1
Cambria Iron
1 Holders of rec. Mar.15a
Apr.
2
(quar.)
1
April
1
(guar.)
Preferred
corn.
Ltd.,
Canadian Con,I'd Rubber,
5
Apr. 1 Holders of rec. Mar. 15
South West Penn. Pipe Lines (quay.)
131 April 1
Preferred (guar.)
2
Mch.15 Holders of rec. Feb. 28
Holders of rec. Mar. 15 Standard Gas dr Electric, pref. (quar.)_
1
134
Apr.
com.(quar.)
Ltd.,
Elec.,
General
Canadian
231 April 15 April 6 to April 15
334 Apr. 1 Holders of rec. Mar. 15 Standard Milling, preferred (No. 20)
Preferred
234 Mch. 15 elders of rec. Feb.20a
of rec. Mar. 31
Oil of California
Canadian Westinghouse,Ltd.(qu.)(No.33) 134 Apr. 10 Holders of rec. Mar. 18 Standard 011
5
Mar. 17 Holders of rec. Feb.210
Jersey (quar.)
New
of
Standard
Holders
(qu.)_
1
pref.
April
114
Machine,
Threshing
Case (J. I.)
3
Mob.31 Mch. 1 to Mch.20
134 April 1 Holders of rec. Mch.10a Standard Oil of Ohio (quar.)
Central Leather ,pref. (quar.)
2
Mch.31 Mch. 1 to Mch.20
15
Extra
Cent. Mexico Lt. dr Pow., pf.(qu.)(No. 1) 134 Apr. 1 Holders of ree. Jan. 10
134 Apr. 1 Holders of rec. Mar.24a
Mar.
(quar.)
rec.
3)
of
Realty
(No.
Holders
(qu.)
1
Subway
pf.
Apr.
Corp.,
lat
Elec.
Cent. States
lat Apr. 1 Mar. 16 to Mar.31
6
Mar. 22 Mar. 5 to Mar. 23 Sulzberger & Sons Co., pref. (quar.)
Chesebrough Manufacturing (guar.)
Mar.31 Mar. 1 to Mar.31
5
4
Mar. 22 Mar. 5 to Mar. 23 Swan & Finch
Extra
131 April 1 Holders of rec. Mar. 10
12
Mar.
rec.
of
Holders
(qu)
2
1
corn.
(quar.)
105)
Yds.,
Apr.
&
Stk.
Un.
Swift
Co.
Chic. Juno. Ry.&
Mar.31 Holders of rec. Mar.15a
12
Mar.
rec.
134 Apr. 1 Holders of
Texas Company (quar.)
Preferred (guar.)
April 1 Holders of rec. Mar.20a
2
Mar. 31 Holders of rec. Mar.29a Underwood Typewriter,common (quar.)_
Chicago Telephone (quar.)
21
April 1 Holders of rec. Mar.20a
Mar.
131
to
15
Mar.
(quar.)
12
134 April
Preferred
Cincinnati Gas & Electric (guar.)
234 Apr. 1 Holders of red. Mar. 11
35m Mch. 20 Holders of rec. Mch.la Union Carbide (quar.)
Colorado Fuel & Iron, preferred
April 10 Holders of rec. Mar.31
Apr. 1 Holders of rec. Mar. 15 Union Switch & Signal, corn. & pref.(quar.) 3
Columbus(0.) Gas & Fuel, pref. (guar.)._
May. 18
Columbus (0.) Lt. Heat &Pow.,cam.(qu.) 131 April 1 Holders of rec. Marl5a United Cigar Stores of Amer., pref.(quar.) 131 Mar. 15 Mar. 4 of to
rec. Mar. 26
April 15 Holders
134 April 1 Holders of rec. Marl5a United Fruit (quar.) (No. 55)
Preferred (guar)
Mar. 31
to
13
1
Mar.31a
Mar.
Apr.
Prof
Corp.,
3
Electric
rec.
&
Gas
1).
of
(No.
United
Holders
(qu.)
Co.
1
-Record.
10
Apr.
Comput.-Tab.
April 15 Holders of rec. May. 31
$1
United Gas Improvement (quar.)
134 Mch. 15 Holders of reo. Feb.13a
Consolidated Gas (quar.)
50e. April 15 Holders of rec. Mar. 18
United Shoe Machinery, common (quar.)
Cons. Gas, El. Lt. &P., Balt., corn. (qu.) 134 Apr. 1 Holders of rec. Mch.20
373.4e. April 15 Holders of rec. Mar. 18
Preferred (guar.)
3
Apr. 1 Holders Of rec. Mch.31
Preferred
2 1-3s April 1 Holders of rec. Mar. 20 U.S. Printing & Lithograph, 1st pf.(qu.) 13( April 1 Holders of rect. Mch.20
Continental Can, pref. (No. 1)
April 1 Holders of rec. MO.20
16
Mch.
to
21
Feb.
preferred
(quar.)
15
$1.50
Mob.
Second
(quar.)
Line
Crescent Pipe
1 April 1 Holders of rec. Mar.15a U. B. Steel Corporation, common (gnu.). 13( Meh.29 Moll. 2 to Mch. 9
13,
Cuban-American Sugar, pref. (quar.)
750. Mar. 31 Mar. 8 to Mar. 11
134 Mob.15 Holden of roe. Feb.28a Utah Copper (quar.)(No. 19)
Diamond Match (quar.)
X April 15 Holders of rec. Mar20a
1
MO.15 Holders of roe. Feb.28a Western Union Telegraph (quar.) (No. 176)
Extra
2
April 15 Holders of rec. Mar. 31
17 to Mar. 31 Westinghouse Air Brake (guar.)
Dominion Canners, Ltd., common (quar.) 134 Apr. 1 Mar.
2
April 15 Holders of rec. Mar. 31
to Mar. 31
17
Mar.
13‘
1
Apr.
Extra
(quar.)
Preferred
15
Mar.
5r
April 15 Holders of rec. Mar. 31
rec.
of
Holders
1
April
354
Dividend
Stock
Dominion Iron & Steel, preferred
17
Apr. 1 Holders of rec. Mar.15a
234
rec.
Mar.
of
April 1 Holders
Weyman-Bruton, common (guar.)
Dominion Steel Corp.,Ltd.,com.(qu.)(No.8) 1
Mch.15a
Apr. 1 Holders of rec. Mar.15a
134
rec.
of
Holders
(quar.)
1
Preferred
April
134
(quar.)
common
Dominion Textile,
16
Mar.
Apr. 1 Holders of rec. Mar. 21
134
to
(qour.
6
Mar.
pref.
d,
Willys-Overlan
Mar. 15
duPont(E.I.) de Nemours Pow.,com.(qu.) 2
Apr. 16 to Apr. 25 Woolworth (F. NV.), pref. (auar.)(NO. 6). 134 Apr. 1 Holders of rec. Mch.10a
13.1 Apr. 25 Holders
Preferred (quar.)
Mar.22a YukonGold Co.(quar.)(No. 15)
Mar. 31 Mar. 15 to Mar. 19
rec.
734e.
of
1
(guar.)._
April
pref.
Powder,
du Pont Internat.
2
April 1 Holders of rec. Mar. 19
Eastern Light & Fuel (quay.)
a Transfer books not closed for this dividend. b Less income tax. d Correction.
234 April 1 Holders of reo. Feb.280
Eastman Kodak, corn. (quar.)
in London up to March 20 will be
134 April 1 Holders of rec. Feb.28a e Payable in common stock. h Transfers received
Preferred (quar.)
in time for (lividend. k Declared 4% payable in quarterly installments beginning
Federal Mining & Smelting. prof. (quay.).. 134 Mar. 15 Holders of rec. Feb.240
n Payable in first preferred
4
Mar. 31 Holders of rec. Feb. 28 April 1. m On account of accumulated dividends.
Galena Signal 011, common (quar.)
install2
Mar.31 Holders of rec. Feb. 28 stock between April 1 and Apr. 15. o Declared 7% payable in quarterly
Preferred (quay.)
stock.
in
22
Payable
r
Mar.
ments.
Apr 1 Holders of rec.
General Baking, pref. (quar.) (No. 5)___.. 1
s At rate of 7% per annum for period from Dec. 1 1912 to April 1 1913. f At
134 Apr. 1 Holders of recaVIch.203
General Chemical, preferred (quar.)
Mar. 21 rato of 7% per annum for period from Feb. 13 to April 1 1913. u Transfer books
General Chemical of Cal., 1st pref. (quar.) 134 April 1 Holders of rec. Mar. in closed from May 2 to May 15, both days included. v Associated Gas & Elec. Co
2
April 15 Holders of rec.
General Electric (quar.)
Mch.20 erroneously reported last week as having declared a dividend, was intended for the
____
rec.
(quar.)
of
1
Holders
common
April
13.(
Fireproofing,
General
134 April 1 Mar. 21 to April 1 General Gas & Electric Co.
General Gas & Electric, pref. (quar.)
30e. April 30 Holders of rec. Mar.31a
Goldfield Consolidated Mines (guar.)._
134 April 1 Holders of roe. Mar24a
preferred
Goodrich (B. F.) Co.,
Auction Sales.-Among other securities, the following
_
234 Apr. 1 Mar. 15 to Mar. 19
Guggenheim Exploration (quar.)(No.41)
Mar. 21 not 'usually dealt in at the Stock Exchange,were recently sold at
rec.
1
of
31
Mar.
Holders
common
Kilburn,
Hale &
134 Mar. 31 Holders of rec. Mar. 21 auction in New York, Boston and Philadelphia:
First and second preferred (guar.)
134 Mar. 31 Holders of rec. Mar. 17a
Hart, Schaffner & Marx, pref. (quar.)
By Messrs. Adrian H. Muller & Sons, New York:
Apr. 1 Holders of rec. Mar.15a
(quar.)
234
common
Heinle (Geo. W.),
Per Cent.
131 Apr. 1 Holders of rec. Mar.15a Shares.
Percent. Shares.
Preferred (quar.)
Homestake Mining (monthly)(No. 460)-- 650. Mch.25 Holders of rec. Meh.10a 210 Century Building Co.,Pref.$1,100 lot 25 Standard Oil Co. with all subrec.
Mch.10a
of
Holders
1065
Mch.25
15r
lot
sidiaries)
corn...3135
Extra (payable in stock)
365 Century Building Co.,
14234
150 Internat. Nickel Co., com
13.1 Mar. 31 Holders of rec. Mar.21a
Intercontinental Rubber, pref. Mara_ _ _ 10 United Cities Realty Corp.,com
93
June 2 May 15 to June 2
$16 lot 10 National Reserve Bank
International Nickel, common (quar.)_ _
$105 lot
500 Untie Co., 33 each
134 May 1 April 13 to May 1
Preferred (quar.)
United Cities Realty Corp.,
3d
10
1
April
to
$36 lot 10 N. Y. Buthers Calf-Skin Assn.,
International Silver, preferred (quara_ _ _
13.( April 1 Feb. 26
common
$25 each
$32 per sh
m April 1 Feb. 26 to April 1
Preferred (on account accum. divs.)_ _ _ _
10 2d United Cities Realty Corp..
137
$41 lot 30 Hudson Trust Co
m May 15 May 2 to May 15
Preferred (on account accum. divsa_ _ _ _
common
Warranty Corp
34 April 1 Holders of rec. Mar.22a
Harmon
Wood,
Int. Smokeless Powder & Chem.,corn.(qua
10
5a
May
of
rec.
Holders
Per
cent.
lot
Bonds.
$25
15
May
4
Preferred-common
$21 lot 35,000 Pere Marquette RR.deb. 13s
50e May 1 Holders of rec. April 26 150 Wollaston Realty Co
Island Creek Coal, ------ (guar.)
3234
1912
$1 50 April 1 Holders of rec. Mar. 25
Ind. Cons. Nat. & III.
it
Preferred (guar.)
Ohio
50
rec. Mar. 20
$3 lot $10,000 Hudson Co.6% notes, Oct.
Gas Co
Kaufmann Depart. Stores, Inc., Pi.(No. 1) (I) April 1 Holders of roe.
Mar.21a 100 Havana
98
1913
Tobacco Co., pref..- 6
Kayser (Julius) & Co.,common (guar.)... 134 Apr. 1 Holders of
13.1 May 1 Holders of rec. Apr.21a
First and second preferred (quar.)
By Messrs. Francis Henshaw & Co., Boston:
April 1 Holders of rec. Mar.17a
Kresge (S. S.), preferred (quar.)
Apr. 30 Holders of rec. Apr. 19 Shares.
$ per sh. Shares.
i per sh.
La Belle Iron Works,common
20
rec.
Mar.
of
Holders
9
2
31
Mar.
1 Central Vermont RR
235
Preferred
1 Draper Co., common
134 Mch.15 Mch. 2 to Mch.16 17
165
$60 Central Vermont HR.,scrip_ _ _ 734
Laclede Gas Light, corn. (quar.)
Lawrence Mfg. Co
770
THE CHRONICLE
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh.
25 First National Bank
485
2 Merchants' National Bank
302%
2 Lyman 14,11113
115
1 Mass. Mills in Georgia
99
2 Merrimack Mfg. Co., common_ 32%
' 5 Mass. Cotton Mills
115
1 Bates Mfg. Co
252%
35 Pacific Mills
120%
.3 Lancaster Mills
85
[VOL. xcvi.
DETAILED RETURNS OF' TRUST COMPANIES.
Shares.
8 per sh.
9 Con. & Mont. RR., class 4
(ex-dividend)
137
5 Lowell & Andover RR
200
11 Ireywood Bros. & Wakefield
Co., common
130
50 Mallory Steamship Co
21
10 Lawrence Gas Co
1993.4
5 N.Bedford Gas & Edison Lt.Co.305
5 Pepperell Mfg. Co
304
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh. Shares.
$ per sh.
130 R. G. Chase Co., Geneva,
50 Geo. B. Newton Coal Co.,
N. Y
$1,025 lot
2d pref
693.4
16 Central Trust Jc Savings
10 Geo. B. Newton Coal Co.,
Co., $50 each
65%
common
23%
4 Chelten Hills Cemetery Co.510 lot
1 DeLong Ifook & Eye Co.._ _ 96 ,
10 Internat. Text Book Co.,
25 Ches.& Delaware Canal Co. 2
Scranton
132
500 Nat. Oil Co., Tampico,
120 Manhattan Real Estate Co.,
Mex., 81 each
134
$10 each
156 Phila. Life Ins. Co
$3 lot
1034-1034
10,000 Phila. Zinc Co., 10c. each. _$1 lot
8 Phila. Bourse, corn., $50 ea 43.4
200 Douglass Copper Co., $5ea.$9 lot
7 Phila. Bourse, pref., $25ea. 16
28 Alton Mfg. Co., pref
10 People's Nat. Fire Ins. Co
$1 lot
20%
14 Alton Mfg. Co., corn
$1 lot
3,590 Bunker Hill Gold Miningl
Bonds.
Per cent.
Co.,$1 each
$3 lot $900 Springfield Vat. Co. 5s, 1926_ 94
5,000 Woodward Mining & Mfg.)
$10,000 Brooklyn Boro. Gas Co.
Co.,$2 each
1st 5s, 1938
07
100 Crown King Mines Co.,
6500 Hest. Man. & Fair. Pass. Ry.
pref., $10 each
cons. 5s, 1924
$1 lot
101%
375 Nat. Consol. Oil Co., pref.,
$500 Harrisburg Sch. Dist. 4s, 1921 9734
$1 each
$1 lot $7,700 Lancaster, Pa., 4s, 1925_ _ 99
375 Nat. Consol. Oil Co., corn.,
$45,400 Philadelphia City 3s, 1915_ 9634
$1 each
$10,000 Philadelphia City 3s 1922 89
1,000 Idaho Richmond Gold Mines
$3,800 Philadelphia City 3s, 1930.... 8634
Co., $1 each
$1 lot $200 Philadelphia City 334s, 1920_ 9434
184 Rights to subscribe to Fidel$5,800 Philadelphia City 334s, 1931 9234
ity Trust Co.(4 $100._505-509 87,100 Philadelphia City 334s, 1932 92
Penn.sy. Co. for Ins., &c_ _ _645
$1,000 Pittsburgh Pub.Safety Loan
16 Farmers'& Mech. Nat. Bk.140
4s, 1925
9734
5 First National Bank
228
$25,000 Pittsburgh Water Loan
25 Fourth Street Nat. Bank_ _320
4s, 1925
10 Penn Nat. Bank, $50 each..1903.4 $2,000 Buffalo & Lake Erie 'frac. 9834
25 Franklin Trust Co., $50 ea_ 55
Co. 55, 1936
50
5 Fire Assoc. of Phila.,$50 ea_350
$1,000 West. N.Y.& Pa. Trac. Co.
12 Pennsy. Fire Ins. Co
1st 5s, 1957
3973.(
90
43 United Firemen's Ins. Co.,
$1,000 Hudson Co. Gas Co. 1st 5s,
$10 each
14
1949
8 Frank. & Southw. Pass. Ry.362% $1,000 Pacific Lt. & Pow. Co. 1st103
9 Union Passenger Ry
193
5s, 1942
0534
8 Germantown Pass. Ry
1133.4 $500 Potts. & Phoenix Ry. 1st 5s,
5 Phila.&Gray'sFerryPass.Ry 793.4
1942
95%
27 Amer.Pipe & Construe. Co_ 60
$2,000 Phila. Bourse 1st 5s, 1913_ _100
Trust Cos.
00s omitted.
On Dep.
Net
Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.
$
$
$
$
$
$
%
Brooklyn
3,934,2 25,122,0 2,197,0
732,0 2,214,0 19,458,0 15.0+10.2
Bankers
16,256,9 123,800,0 14,675,0
52,0 10,856,0 98,055,0 15.0+ 10.0
U.S.Mtg.&T_ 4,554,6 36,838,0 4,004,0
395,0 4,009,0 29,270,0 15.0+11.8
Astor
1,325,5 20,304,0 1,796,0
31,0 1,560,0 13,595,0 13.4+ 9.8
Title Guar.&T. 11,797,7 34,568,0 2,165,0 1,179,0 2,161,0 22,331,0 15.0+ 8.7
Guaranty
24,350,2 173,219,0 16,889,0
871,0 13,933,0 122,556,0 14.4+10.2
Fidelity
1,326,1 7,375,0
036,0
237,0
745,0 5,732;0 15.0+ 10.8
LawyersTI&T 0,177,9 17,258,0 1,440,0
489,0 1,434,0 12,320,0 15.6+10.4
Col.-Knick
7,289,8 49,842,0 5,375,0
810,0 4,697,0 41,601,0 15.0+10.7
People's
1,680,6 16,245,0 1,835,0
394,0 1,814,0 14,819,0 15.7+10.5
New York
11,804,6 43,637,0 4,222,0
482,0 3,528,0 29,964,0 15.0+13.4
Franklin
1,244,9 9,282,0
975,0
149,0 1,165,0 7,457,0 15.0+11.1
Lincoln
558,8 10,721,0 1,158,0
216,0 1,142,0 9,137,0 15.0+12.4
Metropolitan _ 6,234,8 23,238,0 2,113,0
9,0 2,004,0 14,146,0 15.2+10.1
Broadway
597,5 8,895,0
987,0
361,0 1,037,0 8,821,0 14.8+10.1
Totals, Avge
09,134,1 600,344,0 60,467,0 0,407,0 52,299,0 449,265,0 14.8+10.4
Actual figures March 8 595,005,0 61,835,0 6,407,0 53,230,0 448,110,0 15.2+10.6
The capital of the trust compan es is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States Mortgage Sc Trust, $2,000,000; Astor, $1,250,000: Title
Guarantee Sc Trust, 55,000,000; Guaranty, 810,000,000; Fidelity, $1,000,000;
Lawyers' Title Insurance Sc Trust, $4,000,000; Columbia-Knickerbocker, $2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway,_$1,000,000L,total, $45,750,000.
SUMMARY COVERING BOTHIBANKS AND TRUST COMPANIES.
Week
ending
Mar. 8.
Capital. Surplus.
Loans.
Specie.
$
$
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
Averages.
s 1
Banks _ _ _ 133,650,0204,943,0 1,358,182,0268,717,0 75,450,0,
1,355,114,0
Trust cos_ 45,750,0, 99,134,1 600,344,0 60,467,0 6,407,0, 52,299,0 449,205,0
I
Total _ _ 179,400,0304,077,1 1,958,526,0 329,184,0 81,857,6 52,299,0 1,804,379,0
Actual.
Banks
1,360,341,0 264,261,0, 76,119,0,
1,352,125,0
Trust cos_
595,005,6, 61,835,0, 6,407,0, 53,236,0 448,110,0
Total
1,955,346,0:326,096,0, 82,526,0, 53,236,0 1,800,235,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
Shares.
8 per sh. Bonds.
Per cent. charge. These returns cover all the institutions of this class
1 Catawlssa RR., 2d pref
$600 No Springf. Water 1st 58_ _
55
9434
5 American Pipe & Construction_ 80
$1,000 Pittsburgh Sc Charleroi St.
in the whole State, but the figures are compiled so as to
10 East Penna. RR
66%
Ry. 5s, 1932
100
2 Public Service Corp. of N.J_ _ _ _1163.4 81,000 Public Service Corp. of N.J.
distinguish between the results for Now York City (Greater
2 Phila. Sc Trenton RR
240
6% perp. Int.-bearing coats
106
20 People's Nat. Fire Ins. Co
New York) and those for the rest of the State, as per the
1734 $1,000 Syracuse Lt. Sc Power coll.
7 13th Sc 15th Sts. Pass. Ity
245
tr. 5s, 1954
8234 following:
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS:AND TRUST COMPANIES.
members for the week ending Meh. 8. The figures for the
separate banks are the averages of the daily results. In
State Banks.
Trust Cos.
Trust Cos.
State Banks.
the case of totals, actual figures at the end of the week
Week ended March 8.
outside of
In
outside of
In
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. F.
are also given.
For definitions and rules under which the various items
$
$
are made up,see "Chronicle," V.85, p.836,in the case of the Capital as of Dec. 26._ _ _ 22,300,000 67,900,000 *9,458,000 *9,950,000
etri
banks, and V. 92,p. 1607,in the case of the trust companies. Surplus as of Dec. 26.... 39,042,900 172,713,300 *12,471,974
*12,508,781
By Messrs. Samuel T. Freeman & Co., Philadelphia:
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capilal. Surplus.
$
4,212,8
4,764,1
2,077,6
8,847,7
0,488,0
30,006,0
7,394,0
506,4
122,8
987,3
4,703,6
16,578,7
970,0
1,293,5
481,0
14,123,4
2,254,2
461,4
1,901,3
1,783,9
5,840,7
7,718,7
13,745,2
59,5
5,832,3
2,604,3
21,967,0
3,248,1
786,0
1,961,6
747,1
9,906,7
2,195,3
04817,4
1,053,0
1,710,2
1,261,4
481,7
2,250,8
1,013,0
2,356,3
2,782,9
883,0
676,7
450,1
537,4
960,0
1,138,0
Loans.
Average.
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
$
20,811,0
32,530,0
18,965,0
53,693,0
23,690,0
181,350,0
29,147,0
6,182,0
2,152,0
9,313,0
42,136,0
132,879,0
4,672,0
18,740,0
2,233,0
77,282,0
23,793,(1
11,245,0
9,759,0
12,937,0
49,149,0
25,569,0
84,658,0
1,530,0
30,378,0
13,675,0
116,358,0
36,917,0
3,433,0
8,678,0
4,288,0
93,889,0
13,806,0
3,379,0
5,193,0
14,898,0
9,263,0
3,776,0
13,028,0
4,219,0
24,906,0
22,189,0
8,940,0
17,408,0
11,873,0
6,500,0
9,211,0
7,562,0
$
$
Dank of N. Y. 2,000,0
4,286,0
745,0 18,325,0 27.4
Manhattan Co 2,050,0
7,782,0 1,455,0 36,500,0 25.3
Merchants'__ _
2,000,0
3,192,0 1,027,0 18,049,0 23.3
Mech. Sc Met_ 6,000,0
9,564,0 3,478,0 52,151,0 25.0
America
1,500,0
4,104,0 1,620,0 22,609,0 25.3
City
25,000,0
38,482,0 6,047,0 172,667,0 25.7
Chemical
__
3,000,0
4,615,0 1,949,0 25,791,0 25.4
Merchants' Ex
600,0
1,425,0
143,0
6,097,0 25.7
Butch.&Drov.
300,0
451,0
60,0
1,999,0 25.5
Greenwich._ _
500,0
2,458,0
210,0 10,602,0 25.1
Am. Exch..._ _
5,000,0
9,042,0 1,335,0 40,464,0 25.6
Commerce __ _ 25,000,0
17,625,0 10,958,0 109,346,0 26.1
Pacific
500,0
552,0
582,0
4,420,0 25.6
Chat. Sc Phen_
2,250,0
3,414,0 1,488,0 19,056,0 25.7
People's
200,0
402,0
151,0
2,398,0 23.0
Hanover
3,000,0
16,376,0 5,600,0 85,696,0 25.6
Citizens' Cent. 2,550,0
5,109,0
616,0 22,644,0 25.2
Nassau
1,000,0
1,513,0 1,752,0 12,933,0 25.2
Market& Fult. 1,000,0
1,660,0
888,0
9,773,0 26.0
Metropolitan _
2,000,0
3,224,0
251,0 13,462,0 25.8
Corn Exchange 3,000,0
8,137,0 0,534,0 58,112,0 25.2
Imp.Sc Trad_ _
1,500,0
3,826,0 1,941,0 22,723,0 25.3
Park
5,000,0
20,405,0 1,871,0 86,982,0 25.6
East River.
250,0
i302,0
117,0
1,756,0 23.8
ourth
5,000,0
5,851,0 1,900,0 30,571,0 25.3
Second
1,000,0
3,045,0
165,0 12,801,0 25.0
First
10,000,0
21,813,0 2,672,0 104,794,0 23.3
Irving
4,000,0
5,805,0 3,533,0 37,263,0 25.0
Bowery
250,0
91,0
3,631,0 25.2
825,0
N.Y.County_
500,0
1,344,0
8,611,0 23.4
672,0
German-Amer.
750,0
920,0
4,191,0 27.2
221,0
Chase
5,000,0
22,290,0 5,011,0 105,374,0 25.9
Fifth Avenue_
100,0
2,897,0 1,097,0 15,563,0 25.6
German Exch_
200,0
556,0
308,0
3,380,0 25.5
Germania ___
200,0
1,203,0
254,0
5,933,0 24.5
Lincoln
1,000,0
3,345,0
824,0 15,482,0 26.9
Garfield
1,000,0
2,170,0
270,0
9,534,0 25.5
Fifth
250,0
488,0
534,0
4,132,0 24.7
Metropolis _
1,000,0
1,787,0 1,277,0 12,809,0 23.9
West Side_
200,0
306,0
877,0
4,780,0 24.7
Seaboard
1,000,0
5,347,0 2,441,0 29,198,0 26.6
Liberty
1,000,0
503,0 23,946,0 25.3
5,563,0
N.Y.Prod.Ex 1,000,0
265,0 10,360,0 25.8
2,412,0
State
1,000,0
366,0 22,183,0 24.7
5,132,0
Security
1,000,0
095,0 14,326,0 25.6
2,683,0
1,000,0
Coal Sc Iron
6,479,0 25.0
392,0
1,228,0
Union Exch.. 1,000,0
350,0
9,033,0 23.8
1,806,0
Nassau, Bklyn 1,000,0
0,185,0 25.3
185,0
1,384,0
•
Totals, Avge_ 133,650,0 204,943,0 1358,182,0 268,717,0 75,450,0 1355,114,0 25.4
Actual figures_ March 8
1360,341,0 264,261,0 76,119,0 1352,125,0 25.1
Circulation.-On the basis of averages, circulation of national banks in the Clearing
-- , e amounted to $46,265,000, and according to actual figures was $40,332,000.
Loans and investments_.
Change from last week_
Nei: Re
297,685,400 1,101,489,300
+2,042,100 -2,215,200
115,612,800
-42,100
178,015,500
-326,000
340,775,400 1,155,222,600
+1,464,100 -13,089,700
122,539,900
+310,400
rw
185,164,600
-371,100
Specie
Change from last week_
54,070,500
+376,500
118,329,900
-1,093,000
Legal-tender Sc bk. notes_
Change from last week_
20,373,900
-070,200
9,796,700
-231,700
Deposits
Change from last week_
Reserve on deposits
Change from last week_
89,970,500
-245,600
135,010,100
-886,000
22,894,500
+5,800
P. C. reserve to deposits.
Percentagelast week__
27.2%
27.4%
16.2%
16.3%
19.8%
19.9%
23,021,300
--178,700
'
41
13.4%
13.5%
+ Increase over last week. -Decrease from last week. *As of Sept. 9 1912.
Note.-"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
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.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State 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 company or held in trust
for it by any public department.
-Trust Cos.- -State BanksReserve Required for Trust Companies
Of
Total
Total
Of
and Stale Banks.
Reserve which Reserve which
LocationRequired. in Cash. Required. in Cash.
Manhattan Borough
15%
%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs (without branches In Manhattan)15%
10%
15%
734%
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan
15%
15%
15%
15%
Cities of the first and second class
10%
5%
Cities of the third class and villages
10%
3%
Elsewhere in State
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater Now 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 Clew ing-
771
THE CHRONICLE
MAR. 15 1913]
Boston and Philadelphia Banks.-Below is a summary
House banks and trust companies. In addition, we have
of
weekly totals of the Clearing-House banks of Boston
combined each corresponding item in the two statements, andthe
Philadelphia:
and
banks
the
of
the
whole
for
aggregate
an
affording
thus
We omit two ciphers(00) in all these figures.
trust companies in the Greater New York.
Week ended March 8-
Clear.-House
Members.
ActualFigures
Total of all
Clear.-House State Banks and
Members. Trust Cos. Not Banks et Trust
Average. In C.-H. Aver. Cos. Average.
$
'Nat. Banks}
-Capital Feb. 4 and
State Banks
Surplus Dec. 26_ _ __ f
179,400,000
179,400,000
29,025,000
208,425,000
304,077,100
304,077,100
80,906,900
384,984,000
Loans and investments 1,955,346,000 1,958,526,000
Change from last week -23,510,000 --5,051,000
579,315,300 2,537,841,300
+135,000
+5,186,000
1,800,235,000 1,801,379,000
Deposits
Change from last week -23,546,000 --6,300,000
a580,003,300 2,384,382,300
-446,000
+5,854,000
lChange from last week
326,096,000
-4,662,000
329,184,000
-5,115,000
65,786,900
+356,100
394,970,900
-4,758,900
Legal-tenders
Change from last week
82,526,000
+295,000
81,857,0001
-131,000
b7,761,700
-17,800
89,618,700
-148,800
Banks: cash in vault_ _
Ratio to deposit& _
340,380,000
25.17%
344,167,000
25.43%
12,489,300
14.06%
356,656,300
'Specie
Trust cos.; cash in vault
68,242,000
66,874,000
61,059,300
127,933,300
Aggr'te money holdings
itChange from last week
408,622,000
-4,367,000
411,011,000
-5,246,000
73,548,600
+338,300
484,589,600
-4,907,700
Money on deposit with
other bks. Sr trust cos_
Change from last week
53,236,000
-238,000
52,299,000
-1,362,000
68,059,300
-1,347,500
Total reserve
Change from last week
461,858,000
-4,605,000
463,340,000'
-6,608,000
15,760,300,
+14,500'
1
89,308,900
+352,800
Surplus CASH reserve
Banks (above 25%)
Trust cos.(above15%)
2,348,750
1,025,500
5,388,500
def.515,750
Total
Change from last week
3,374,250
+684,000
4,872,750
-4,049,500
Boston.
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb 15
Feb. 21
Mch. 1
Mch. 8
Philadelphia
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb 15
Feb. 21
Mch. 1
Mch. 8
552,648,900
--6,255,200
15.68%
1.00%
25.83%
25.30%
16.68%
97,724,0
98,257,0
95,366,0
90,875,0
91,567,0
91,406,0
89,730,0
86,748,0
103,684,3 371,293,0
103,684,3 374,700,0
103,684,3 378,212,0
103.684,3 380,282,0
103,684,3 380,793,0
103,684,3 379,536,0
103,684,3 379,036,0
103,684,3 380,679,0
$
277,489,0
273,556,0
270,050,0
271,821,0
271,308,0
289,367,0
270,362,0
262,128,0
$
7,613,0 204,208,9
7,955,0 174,419,8
8,142,0 159,866,9
8,144,0 190,646,6
8,078,0,168.718,8
8,049,0,169,022,6
8,028,0:188,959,2
8,057,0,180,046,4
.424,774,0 15,001.0 185,702,0
.421,932,0 14,975,0 160.091,6
.424,710,0 14,952,0 173,618,1
416,803,0 14,928,0 173,755.2
.
*424,245,0 14.635,0 150,318,4
.422,174,0 14,106,0 142,569,2
.422,067,0 13,597,0 177,098,8
*415,430,0,13,293,01174,609,1
a Includes Government deposits and the item ',due to other banks." At Boston
Government deposits amounted to $1,002,000 on March 8, against $889,000 on
March 1.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on March 8 as $15,915,000.
Imports and Exports for the week.-The following are
the imports at New York for the week ending Mch.8; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
For Week.
$3,175,034
19,789,685
1910.
I
1911.
1912.
1913.
$3,700,949
20,352,851
Dry Goods
General Merchandise
$3,363,6981
14,294,5201
$4,364,592
19,939,135
$24,053,800 $22,964,719 $17,658,218 $24,303,727
34,705,415 31,759,717 33,343,079 36,939,751
173,855,781 161,289,307 133,730,276 160,140,746
$208,561,196 $193,049,024 $167,073,45518197,080,497
Total 10 Weeks
14.88%
10.42%
Circu- Clearings
lation.
Specie. Legate. Deposits.
a
$
60,735,4 216,575,0 30,627,0 4,867,0
60,735,4 218,950,0 28,715,0 4,495,0
60,735,4 223,021,0 25,982,0 4,095,0
60,735,4 227,424,0 24,415,0 3,861,0
60,735,4 234,657,0 22,979,0 4,006,0
60,735,4238,613,0 24,733,0 3,676,0
60,735,4 224,826,0 24,768,0 3,554,0
60,735,4 225,870,0 24,294,013,159,0
Total
Since January 1.
Dry Goods
General Merchandise
% of cash reserves of tr usteos-15.22%
Cash in vault
10.61%
Cash on dep. with bks
Total
Capital
Loans.
and
Surplus.
Banks.
NEW YORK CITY BANKS AND TRUST COMPANIES.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch.8 and from Jan. 1 to date:
+ Increase over last week. -Decrease front last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
And other banks and trust companies In New York City"; with this item included,
deposits amounted to $632,614,800, a decrease of $526,100 front last week. In the
for
case of the Clearing-House members, the deposits are "legal net deposits" both
the average and the actual figures. b Includes bank notes.
EXPORTS FROM NEW YORK FOR THE WEEK.
1911.
1912.
1913.
1910.
$19,904,088 $15,626,358 $15,909,629 $10,468,303
176,070,144 151,947,575 134,786,719 111,855,417
For the Week
Previously reported
8195,974,232 $167,573,933 $150,698,348 $122,323,720
Total 10 Weeks
The averages of the Now York City Clearing-House banks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Mch. 8
past:
of
Clearing-IIouse, compare as follows for a series weeks
and sipce Jan. 1 1913 and for the corresponding periods in
1912 and 1911:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
GREATER NEW YORK.
We omit two ciphers in all these figures.
Imports.
Exports.
Veek EndedJan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb.21
Mch. 1
Mch.8
Loans and
Investments Deposits.
I
Specie.
2,422,034,5 2,254,436,0 370,460,9
2,451,667,0 2,304,529,5 385,497,7
2,496,319.8 2,376,124,0 406,900,4
2.5t7,393,42,396,487,3 414,841,6
2,533,418,31 2,398,302,9 416,961,1
2 564 228 6 2,419,986,9,412,466,4
2,571,113,0 2.424,340,1404,821.2
2,555,845,1 2,404,481,0 403,299,8
2,537,706,3 2,384,828,3 399,729,8
2,537,841,3 2,384,382,3 394,970,9
TotIoney EntireRes
Lego's, Holdings.li onDeposit
Gold.
1
$
91,310,9 461,771,8,526,344,7
94,048.8 479,546,5',546,728,7
94,688,0 501,488,4'568,163.6
92,842,8 507,684,41580,518,7
Q1.799,41608.760.5 587,223,9
89,653,6 502,120,0 577,993,2
90,272,9 495,094,1 563,805,8
89,929,41493,229,2 560,069,5
89,767,5,489,497,3 558.904,1
89,618,71484,589,6 552,648,9
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing-non-member
banks for week ending Mch.8,based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Cardtat.
Surplus.
On
Legal
Loans,
Tender Deposit
Disc'ts
Net
with
Specie, and
and
C.-II. Deposits.
Bank
InvestNotes. Banks.
meets.
$
5
$
$
New York City
Manhattan and Bronx.
545,1 2,976,0 615,0
500,0
Aetna National
344,2 1,605,0 155,0
Washington Heights_ 100,0
108,3 1,641,0 342,0
200,0
/3attery Park Nat
511,6 5,737,0 492,0
500,0
Century
6,553,0 900,0
592,2
400,0
Colonial
815,1 6,788,0 615,0
300,0
Columbia
57,0
1,093,0
172,5
200,0
Fidelity
360,7 2,356,0 398,0
250,0
Mount Morris
445,6 5,493,0 539,0
200,0
Mutual
288,3 3,298,0 335,0
200,0
New Netherland
106,6 1,948,0 244,0
200,0
Twenty-third Ward
543,9 4,448,0 630,0
100,0
Yorkville
Brooklyn694,3 3,725,0 327,0
300,0
First National
916,8 5,927,0 526,0
252,0
Manufacturers' Nat
Mechanics'
710,1 10,777,0 1,395,0
1,000,0
300,0 '572,9 4,502,0 528,0
National City
200,0
177,0 2,322,0 200,0
Side
North
Jersey City.
400,0 1,362,9 4,709,0 289,0
First National
816,1 3,000,0 155,0
Hudson County Nat_ 250,0
200,0
425,4 2,524,0 102,0
Third National
Hoboken.
220,0
657,4
4,415,0 248,0
First National
125,0
277,8 3,354,0 191,0
Second National
Totals Mar. 8
Totals Mar. 1
Totals Feb. 21_
$
59,0
79,0
65,0
520,0
360,0
543,0
118,0
35,0
365,0
111,0
85,0
228,0
$
135,0
201,0
58,0
540,0
971,0
651,0
134,0
257,0
500,0
238,0
263,0
577,0
8
2,625,0
1,353,0
1,666,0
6,741,0
6,790,0
7,539,0
1,036,0
2,597,0
5,569,0
3,148,0
2,115,0
4,940,0
81,0
485,0 3,004,0
212,0
584,0 5,347,0
573,0 1,468,0 12,887,0
127,0
762,0 4,466,0
98,0
295,0 2,330,0
299,0 2,587,0
69,0
371,0
146,0
520,0
3,490,0
1,427,0
1,501,0
326,0
312,0
1,806,0
1,522,0
49,0
49,0
6,597,0 11,144,8 89,191,0 9,283,0 4,271,0 12,235,0 83,899,0
6,597,0 11,444,8 89,342,0 9,601,0 4,156,0 11,691,0 83,862,0
6,597,0 11,444,0 89,367,0 9,397,0 4,160,0 13,365,0 83,972,0
Week.
Since Jan. 1
Week.
Since Jan.l.
$46,692
135
$2,045,617 $13,233,945
111,851
3,124
580,000 18,333,879
Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
$40,672
33,028
17,644
$2,625,617 $31,682,799
5,294,800 17,741,866
29,725 1,206,295
$91,344 $2,978,449
816,754 3,967,683
169,335 2,085,063
$1,211,907 $8,856,214
56,828 1,251,949
$13,279
4,720
4,088
66,310
1,198,551
455,494
208,345
2,523
$57
149,635
12,920
16,374
4,665
600
$178,986 $1,950,787
209,476 2,276,348
243,533 1,411,219
$1,271,258 $10,113,428
1,037,891 9,490,170
653,560 9,470,593
Total 1913
Total 1912
Total 1911
157,836
1,819,708
591,992
362,086
Of the above imports for the week in 1913, $
American gold coin and $57 American silver coin.
were
Vanking and Financial.
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled k' Railroad and Industrial
Stocks," which describes 124 issues listed on the New York Stock
Exchange, and classified by us as followas: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YOR C.
Chicago. III. Boston, Mass. Albany, N. Y.
fembers New York Stock Exchange.
White, Weld & Co.
Bonds andlInvestment Securities.
14 WALL STREET
NEW YORK
THEjltOOKERY
CHICAGO
111 DEVONSHIRE STREET
BOSTON
772
THE CHRONICLE
glankers' Gaztite.
- -Wall Street, Friday Night, Ilarch 14 1913.
The Money Market and Financial Situation.-The
foreign political and financial situation, especially the latter,
has again dominated the security markets this week on both
sides of the Atlantic. Foreign bankers have steadily in-.
creased their bids for our gold and $5,050,000 has been
shipped or engaged for shipment within the week. This
brings the total of the current movement up to about 0,000000, and has resulted in raising our local rates for both call
and time loans nearly up to the prevailing rates at Berlin,
and therefore higher than London or Paris rates. It is
possible, however, that this gold movement has practically
completed its course and a return to normal conditions about
to begin. There is, moreover, new evidence that the war
in Eastern Europe is nearing an end and thus the chief
cause of disturbance at financial centers seems likely to be
removed. The Bank of England in its statement given out
on Thursday shows a percentage of reserve only fractionally
above 41, which is the lowest at this date in recent years,
and the Bank of France reports a falling off in its holdings
of both gold and silver.
Commercial and industrial affairs in this country continue,
for the most part,in a favorable condition, a fact which is
illustrated by the weekly statements of railway earnings and
by reports of heavy orders for railway equipments. It is
stated also that mercantile houses are in some cases handling
more business this month thus far than had been expected.
If American politics or national affairs under the new
Administration have had any influence in Wall Street or in
business circles generally the effect is not readily discernible.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 23/2@6%. To-day's rates on call were 4(4)53"2%•
Commercial paper to-day quoted at 5%@6% for 60 to
90-day endorsements and for prime 4 to 6 months' single
names and 63@632% and above for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £63,279 and the percentage
of reserve to liabilities was 41.47, against 42.70 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. The Bank of France shows a decrease of 5,044,000
francs gold and 8,478,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
March 8.
Differences
from
previous week.
1912.
Averages for
week ending
March 9.
S
$
$
1911.
Averages for
week ending
March 11.
$
Capital
133,650,000
135,150,000 132,350,000
Surplus
204,943,000
199,829,900 196,091,500
Loans and discounts___ 1,358,182,000 Inc. 1,459,000 1,428,256,000 1,334,446,80
0
Circulation
46,265,000 Dec.
176,000
51,468,000
46,605,400
Net deposits
1,355,114,000 Dec. 2,515,000 1,472,425,000 1,374,140,100
Specie
268,717,000 Dec. 3,399,000 310,004,000 306,521,700
Legal tenders
75,450,000 Inc.
39,000
77,398,000
71,642,700
Reserve held
25% of deposits
Surplus reserve
344,167,000 Dec. 3,360,000
338,778,500 Dec.
628,750
387,402,000
368,106,250
378,164,400
343,535,025
5,388,500 Dec. 2,731,250
19,295,750
34,629,375
Note.-Tho Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above
averages. The
figures, together with the returns of the separate banks and trust companies,
the summary issued by the State Banking Department, giving the condition of also
State
banks and trust companies not reporting to the Clearing House, appear on
the second
page preceding.
Foreign Exchange.-The market for sterling exchange
has ruled weak and closing quotations indicate on the basis
of demand bills a loss of 120 points from the high price of
4 88 touched last week. The week's gold engagements include $4,000,000 for Paris, $950,000 for Germany and $100,000 to Venezuela.
To-day's (Friday's) nominal rates for sterling exchange were 4 84 for
60 days and 4 88 for sight. To-day's actual rates for sterling exchange were
4 825004 8260 for 60 days,4 8680464 8690 for cheques and 4 877504 8785
for cables. Commercial on banks 4 803404 8234 and documents
for payment 4 813464 8234
Cotton for payment 4 8204 8234 and grain for
payment 4 823404 8234.
The posted rates for sterling, as quoted by a representative house,
were
not changed during the week until Thursday,when they declined
34c. to
4 84 for 60 days and 4 88 for sight.
To-day's (Friday's) actual rates for Paris bankers francs were 5 21%
®
5 21% plus 1-32 for long and 5 1834 less 1-16Q5 1834 less 1-32 for
short.
Germany bankers' marks were 94 5-1609434 for long and 95 5-16
less
1-32
095 5-16 for short. Amsterdam bankers' guilders were 4034 less 1-16
4034 less 1-32 for short.
Exchange at Paris on London, 25f. 25c.; week's range, 25f. 26c. high and
25f. 2434c. low.
Exchange at Berlin on London.20m.4434pf.; week's range, 20m.4534pf.
high and 20m. 4434pf. low.
The range for foreign exchange for the week follows:
Sterling ActualSixty Days.
Cheques.
Cables.
High for the week_ _..4 8360
4 8790
4 8870
Low for the week ___4 8250
4 8680
4 8775
Paris Bankers' Francs
High for the week___5 20% less 1-32 5 16% less 1-16 5
1634 less 1-16
Low for the week__ -5 21%
5 1834 less 5-64 5 1734 less 1-16
Germany Bankers' MarksHigh for the week_ _ _ 94 9-16
95 7-16 plus 1-32 95%
Low for the week__ 94 5-16
9534
95 1-16 less 1-32
Amsterdam Bankers' GuildersHigh for the week_ _ _ 40
4034 less 1-32
40 5-16 less 1-16
Low for the week___ 3934 less 1-16
4034 less 1-16
403-16 less 3-32
Domestic Excliange.-Chicago, par. Boston, par. St. Louis, 15c. per
$1,000 premium bid and 20c. premium asked. San Francisco, 40c.
per
1,000 premium. St. Paul, 45c. per $1,000 premium. Montreal, 3134c.
premium
Minneapolis. 40c. per $1.000 premium. Cincinnati. par.
[VoL xcvi,
State and Railroad Bonds.-Sales of State bonds at
the Board include
,000 New York 48, 1961, at 1013,
$2,000 N. Y. Canal 4s, 1961,at 101% and $42,000
Virginia
6s deferred trust receipts at 549' to 56k.
The market for railway and industrial bonds has been
less active than last week, sales have included a small
number of issues,and prices have declined. To the latter
statement there is no exception in a list of 25 most
active
issues.
Erie cony. 4s, series B, declined 33 points and recovered
feebly. Brooklyn Rapid Transit ref. cony.4s lost
and a
considerable list closes from 1 to 2 points lower 23/b
than last
week. Reading 4s and Steel 5s are without net change.
United States Bonds.-Sales of Governm
bonds are
limited to $12,000 4s coup. at 1133% to 114 ent
and $1,000 4s
reg. at 1133/2. For to-day's prices of all the different issues
and or yearly range see third page following.
Railroad and Miscellaneous Stocks.-The stock
was decidedly weak on Monday, practically all activemarket
issues
then showing a decline from last week's closing prices
of
from 1 to 4 points and reaching the lowest level of the year.
Since Monday the market has responded to more hopeful
conditions abroad and the decline mentioned has been
largely recovered. To-day's market was the dullest
of the
week, only about 265,000 shares having I een
in.
Prices declined early in the day but recovered traded
later and
net changes are g enerally unimportant.
Among the exceptiona4 features of the week
Haven
is conspicuous for having added 53 points to New
the decline
noted last week. Canadian Pacific dropped
points on
urgent sales for foreign account but recovered93
over
loss. Reading covered a range of over 4 points,half the
Union
Pacific nearly 5, Goodrich 8 and American Tobacco
As a result of the week's operations, of a list of 26 prominen 7.
tly
active issues,8 are higher and 18 are lower than last week.
For daily volume of business see page 782.
The following sales have occurred this week of
not
represented in our detailed list en the pages whichshares
follow:
STOCKS.
Sales
Week ending March 14. for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest,
Adams Express
231 13934 Mar 13 140 Mar 10 13934 Mar 160
Jan
Allis-Chal rcts, 3d paid_
401 334 Mar 11 334 Mar 12 234 Feb
434 Feb
Pref rcts, 3d paid_ _ _ _
2001 834 Mar 11 9 Mar 12 834 Mar 1234
Jan
Am Brake Shoe & F, pf100113134 Mar 10131g Mar 10 130
Jan 13634 Jan
Am Coal Products
5i 88 Mar 11 88 Mar 11 87
Mar 94
Jan
American Express
41 160 Mar 8 170 Mar 13 160
Jan 170
Feb
Am Wat Wks & Gu, pf_
7001 9734 Mar 12 9834 Mar 11 9634 Feb 99
Jan
Associated Oil
501 4634 Mar 11 4634 Mar 11 4234 Jan 4634 Mar
Itatopilas Mining
8
$1 Mar 11 $134 Mar 14 $1
Jan $134 Jan
Canadian Pac subscrip
rcts, 1st paid
86021534 Mar 1121034 Mar 8: 21534 Ma 226% Feb
Chicago & Alton
100 11 Mar 12 11 Mar 12 1034 Feb 18
Jan
Chic St P M & Omaha
100 125 Mar 8 125 Mar 8 125
Mar 125
Mar
Colorado & Southern
600 26 Mar 8 2734 Mar 12 26
Feb 33
Jan
Comstock Tunnel
300 8c. Mar 10 80. Mar 10 8c. Jan 13c.
Deere & Co, pref
55 98 Mar 12 0834 Mar 8 0734 Feb 100% Feb
Jan
Detroit United
120 75 Mar 11 75 Mar 10 75
Marl 8034 Feb
General Chemical
12 185 Mar 11 185 Mar
Jan 185
Mar
111 175
Gt Nor sub rets 40% pd..
605 122 Mar 812234 Mar 14
121
Feb 123% Feb
Green Bay & W deb B
7 14 Mar 8 15 Mar 8 14
Feb 1734 Jan
Helme Co (G W)
10 170 Mar 11 170 Mar 11 170
Mar 180
Jan
Preferred
4z105% Mar14 x105% Mar14 105% Mar 10.5% Mar
Int Ag Corp, pref v t c
2031 78 Mar 14 79 Mar 11 76
Feb
90
Jan
Long Island_
20 41 Mar 8 41 Mar 8 4034 Mar
4334 Jan
Mackay Companies
1001 81 Mar 10 81 Mar 101 81
Mar 87
Jan
Preferred
320 67 Mar 12 6734 Mar 12 6634 Jan
6834 Jan
N Y Chic & St Louis
2101. 56 Mar 12 5634 Mar 11 56
Mar 6334 Jan
Norfolk Southern
1001 4234 Mar 12 4234 Mar 12 4234 Feb 4
334 Feb
Pettibone-Mulliken
200 23 Mar 14 24 Mar 14 23
Mar 2834 Feb
RR Securities Series A
10, 79 Mar 14 79 Mar LI 79
Mar 81
Jan
St Jos dr Grand Isl 1st pf
201 48 Mar 8 48 Mar 8 48
Mar 48
Mar
St L dr S F-C & E III new
stock trust Ws
lSj 47 Mar : 47 Mar 13 45
Feb 5434 Jan
Southern Pacific rights_ 18,7151 1-32 Mar 13
% Mar 8 1-32 Mar
% Feb
Southern-M dr 0 stock
trust ctfs
1001 7234 Mar 12 7234 Mar 12 65
Mar 7234 Mar
Union Pacific rights
48,1001 1-64 Mar 11 334 Mar 12 1-64 Mar 334 Mar
United Dry Goods
150! 9734 Mar 11 9734 Mar 11 97
Feb 101
Jan
Preferred
100102 Mar 8 102 Mar 8 102
Mar 10534 Jan
U S Express
100 51 Mar 12 51 Mar 12 50
Feb
66
Jan
U S Indus Alcohol, pref..
2001 89 Mar 13 00 Mar 8 89
Mar 97
Mar
Virginia Iron Coal & C.._
2001 48 Mar 10 50 Mar 13 4434 Feb 54
Jan
Virginia Ry dr Power--100 55 Mar 13 55 Mar 13 51
Tan 58
Feb
Vulcan Detinning
1001 19 Mar 8 19 Mar 8 16
Feb 2134 Jan
Wells, Fargo &Co
50,11234 Mar 11 11234 Mar 11 110
Jan 123
Jan
NVest,Maryland, met
3O059 Mar 12 60 Mar 857
Jan 67% Jan
ItttslIne• A I. A...U..
1 nn.10t1
Mar .1 1 am
Man 11 00A
T ... n n et
v--
Outside Market.-Movements in Tobacco and Oil shares
were the features of the market for outside securities this
week, trading elsewhere being small and price changes of
little moment. The weakness in Oil stocks last' week was
continued for a time as witnessed by the break in Standard
Oil of N. J. on Saturday last from 355 to 328. A reaction
following, the price rose to 361 and the close to-day was at
359. United Cigar Stores corn. eased offfrom 100 to 97%,
then ran up to 103%, moving downward thereafter and resting finally at 1003. British-Amer. Tobacco weakened
from 223% to 223/s, advanced to 233/2 and ends the week
23. In bonds interest was directed to Western Pacific at
and while few sales were reported, to-day's transacti 5s
ons
showed a break of over 2 points to 843 from last
close. Bklyn. Rap. Tran. 5% notes fell off from Friday's
to
95%. N. Y. City 43s of 1960 declined from 99 to 963
98 7-16
and closed to-day at 9832. The 43s of 1962 sold up
from
98% to 98% and down, finally, to 983/
2. There was little
change in copper shares. Braden c9pper weakened from,
83% to 8%, but recovered to 8%. British Columbia Copper
improved from 3% to 3% and ends the week at 3%.
3
Greene
Cananea moved up from 8% to 8% and down to
to-day at 8%. Mason Valley fell from 73% to 73i. 8, closing
Outside quotations will be found on page 782.i
773
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see precedinr: page
.._
STOCKS-HIGHEST AND LOWEST SALE PRICES.
saturday
March 8
Ifondac,
March 10
Tuesday
March 11
•Vednesday
March 12
Thursday
.Ilarch 13.
Friday
larch 14.
Sales 01
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis 01 )00-share tots.
Lowest.
Highest.
Range lor Previous
Year 1912.
Lowest.
Railroads
Topeka Ez. S F__ 100 Feb 25 10638 Jan 6 10314 Feb
10058 10112 10038 10114 101 10112 10078 10134 10078 10112 10114 10112 19,460 Atchison
Do pref
9978 Feb 26 10214 Jan 29 10138 Jan
1001 1001 10038 10038 10018 10012 1,100
*9978 101
9978 100
100 100
Atlantic
Coast
Line RR_ z12278 Arch 14 13338 Jan 9 al3034 Deo
1,105
12334
124
124
124
124
312278
125
1124
124
12334
124
*12312
9918 Feb 25 10638 Jan 22 z10114 Feb
10018 10014 100 10014 100 10058 10014 10078 100 10058 10014 10012 7.600 Baltimore & Ohio
86% Aug
Do pref
83 Mch 7 88 Jan 10
8312
8312 *82
8312 *82
8312 *82
8373 *82
*8212 8334 *82
7634 Jan
38618
Brooklyn
Mch 10 9258 Jan 9
Rapid
Transit_
8658
873
3
13,50
0
87
8712
8834 8914 x86% 8712
8634 8712 8634 8712
21812 Mch 10 26634 Jan 9 22612',deb
22512 22678 21812 22378 22012 22334 22258 22434 221 22414 223 22514 72,550 Canadian Pacific
650 Central of New Jersey... 330 Mch 11 362 Jan 13 305 Jan
340 345
330 335 *335 350 *335 350 *335 350
*345 355
6814 Feb
7012 Feb 19 80 Jan 2
7112 72
7212 7,400 Chesapeake & Ohio
7112 7234 7078 72
7134 7212 7134 7214 72
1558 Dec
13 Feb 25 1778 Jan 9
1412 1413 1,800 Chicago Gt West tr ctfs
1412 1412 1378 1412 *14
15
1514 1412 1458 *14
Do pref trust ctfs
3012 Dec
28 Mch 10 35 Jan 9
29
2918 28
29
2858 2912 1,400
*28
29
*2418 25
28
30
Chicago
9938
J'ly
Milw
9
&
St
Paul_
106
Jan
Feb
25
11614
15,500
10958
10858
10734 109
10712 109
10878 10912 10834 10978 108 10912
Do pref
13612 Feb 25 145 Jan 30 13914 Dec
370
•1367139 *13612 139 1139 139 *138 141
13834 13834
139 139
2,600 Chicago & North Western 132 Feb 25 138 Jan 11 13418 Dec
13338 13338 13312 13412 *13334 1341.. 134 13412 13414 1344 133 134
Do pref
1182 Feb 7 1189 Jan 6 188 Nov
*181 187 *181 187 *181 187 *181 187 *181 187 *181 187
52 Feb 25 54 Jan 21
4514 Dec
800 Cleve Cin Chic & St L
*53
57
*53
53
54
53
53
53
53
53
*53
66
9012 Feb 25 9434 Jan 16
95 Dec
Do pref
95
*90
95
•90
95
*90
*90
95
95
*90
95
*90
Delaware
&
15914
Feb
Hudson
27
Dec
167
162
Jan
8
600
162
160 1601 *158
---- ---- *16012 163
160 16058 •160 162
395 Feb 25 445 Jan 13 630 Aug
1,000 Delaware Lack & West
*400 410
397 400
396 403 *390 410 *390 410 *396 410
1834 Feb 25 2318 Jan 9
1812 J'ly
200, Denver & Rio Grande
1912 1912 *1912 2112
*19
2014 *19
21
1934 1934 *19 21
334 Mch 13 41 Jan 10
Do pref
3414 J'ne
400
34
3312 334 *32
34
34
35
*33
*33
36
34
34
6 Feb 24
812 Jan 2
8 Sep
Duluth So Shore & Atlan
*434 8
•431 8
*412 8
*412 8
7
*5
8
_!.6.
13 Feb 19 1614 Jan 2
14 Dec
Do prof
14
*1112
14
*1112
14
*11
*1112 14
14
*12
14
11
'
30
2512
Feb
25
Dec
3212
Jan
6
Erie
2712
17,700
2738 2678
2658 271
2578 2634 2678 2712 2634 2734 27
42 Feb 25 494 Jan 30, 4712 Dec
Do 1st preferred
*4212 45
1,800
44
44
4334 44
44
44
44
4258 4312 44
38 Dec
35 Feb 21 41 Jan 30
Do
2d
preferred
35
*33
100
35
35
*3314
35
3578
*3312 2612 *34
*3312 37
124 Feb 25 13253 Jan 9 126 Jan
12612 127% 8,000 Great Northern pref
126 12658 12578 1264 12614 12714 12612 12714 12612 127
36 Jan
33 Feb 25 4114 Jan 3
Iron Ore properties
3512 36
4,900
3434 35
35
3512 3334 3438 3414 3412 35
35
121 Jan 24 12878 Feb 5 12058 May
Illinois
Central
124
12378
12378
400
*123
*12313
12412
123 123
12234 12234 *12212 126
30
1614 Dec
Feb
26
1958
Jan
161
1714 10,800 Interboro-Metrop v t ctf_
1634 1738 17
1634 1738 1658 17
1612 171
1658 17
6388 Jan
Do pref
5612 Feb 26 6538Jan 30
5938 5312 5914 9,700
5812 5878 5914 5734 594 58
58% 5914 58
May
2212
9
7
25
2714
Jan
Feb
Kansas
City
23
Southern
2414
*24
25
*2414
243
2414
4
300
2414 2414
2438 2438 •2313 24
68 May
Do pref
5914 Mch 10 6112 Jan 7
60
*594 60
600
5914 5914 *59
60
60
5914 5934 *5914 60
1112 Jan
Lake Erie & Western
9 Feb 26 1112 Feb 5
13
.0
13
*9
13
• 12
*9
13
1134 *9
*9
30 Jan
Do pref
2734 Mch 4 3,5 Jan 6
30
30 •25
30 •25
•25
*25
30
30
*25
*25
30
15212 Mch 10 16838 Jan 2 15578 Feb
29,300 Lehigh Valley
15414 155
15378 155
15312 15458 15212 15412 15314 15414 15358 155
12912 Feb 25 14214 Jan 10 138 Dec
13312 13312 4,000 Louisville & Nashville
13278 133
13278 13378 133 134
132 13314 13212 134
720 Manhattan Elevated_ _ 512814 Mch 14 13258 Feb 7 12878 Dec
130 130 312814 12814
129 129
130 130
130 130 *129 131
1812 J'ly
1712 Feb 25 2314 Jan 2
130 Minneapolis & St Louis
1834 1834 1812 1812
Do prof
42 M01114 47 Jan 29 140 Feb
42
125
40
42
140
Minn
129
Feb
St
P
&
S
Jan
9
S
14214
13258
Mch
10
Marie
13512
1,450
13512
13512
13512
*1334
11412 13-512 132E8 Ili 1323, fii *133
Do preferred
14112 Mch 11 1150 Jan 22 146 Dec
400
*142 148
14112 141 •140 146 *140 146 41140 146
142 143
2512 Dec
2414 Meh 10 2918 Jan 7
2538 2538 2414 2412 *2478 2513 2514 254 25
25
*2412 2534 1,400 Missouri Kan & Texas
Do preferred
6738 May
4934 Jan 14 6314 Jan 7
200
61
63
*60
63
*60
63
61
*60
61
61
*60
63
36 Feb 26 4358 Jan 0
35 J'ly
3612 374 3813 3718 3712 38
374 3814 3713 38
3713 38
6,500 Missouri Pacific
Nat Rys of Mes 1st pref_ s 6634 Feb 10 59 Mch 3
6218 Oct
60
*56
60
*5512 60
*56
60
*5512 60
*56
*55
60
2258 Feb 18 2713 Jan 2
Do 2d preferred
2638 Oct
2234 2314 23
2314 2312 2312 1,200
*2312 2412 *23
*23
24
24
10412 Feb 13 10934Jan 30 1064 Dec
10514 10534 10434 10512 10514 10514 10534 10638 10534 106
10534 10614 6,000 N Y Central & H It
11834 Mch 14 12978 Jan 10 126 Deo
12318 1237 1204 123
11834 121
12212 12378 *123 125
6,075 N Y N H & Hartford
123 123
2073 J'ne
301 3018 2934 30
3012 1,800 N Y Ontario & Western.. 2913 Feb 25 3378 Jan 11
30% 3018 3014 3014 3012 3012 30
104 Mch l3 11312 Jan 3 110734 Feb
104781054 10438 105
10478 1047 104 10458 *10334 10434 2,950 Norfolk & Western
10434 105
88 J'ne
Do adjustment pref
84 Mch 4 87 Feb 13
92
__
*82
-- ---- ---11378 Feb 26 12258 Jan 6 11538 Jan
11533 11534 18,785 Northern Paciiic
Mit iiiii 11718 fl-51-2 1.1/51-8 171558 11511 11614 11538 1-1-6
11712 Feb 19 12334 Jan 7 11978 Dec
11814 11918 21,700 Pennsylvania
11914 11012 1187 11912 11838 11912 11834 11933 11814 119
9813 Jan
Pittsb
Cin
Chic
&
96 Feb 25 104 Jan 11
St
L
98
964
*964
97
1,000
9812
98
98
*9814 98
4612
*9614 97
Do preferred
10812 Jan
*100 120 *100 120 *100 120 *100 120 *100 120 *100 120
15212 Bach 10 16878 Jan 2 1484 Jan
1537 156
15212 15434 15414 15534 155 15634 15413 15634 15538 15714 369,900 Re 10Z
8712.1'ne
1st preferred
x 8954 Feb 25 9i1 Jan 27
92
1,200
90
90
90
9013 9012 9012 0012 *90
90
90
90
92 Dec
2d preferred
8773 Feb 25 93 Jan 2
92
9114 *89
800
90
*8812 91% *89
9012 .8812 92
*8812 92
2238 Dec
2058 Mch 10 2478 Feb 4
2112 12,350 Rock Island Company
2158 2134 2058 2112 2118 2112 2114 2112 214 2158 21
4214 Dec
Jan
2
Do
4434
10
preferred
3514
Mch
1
3,400
3612
3614 3634 3512 3612 313
36
3634 3514 3613 3513 30
1712 Dec
17 •14
4,14
17
14
*14
17
100 St Louis So San Francisco 14 Mch 11 1934 Jan 11
*14
17
443
15
14
6812 Dec
55 Alch 8 59 Feb 11
Do 1st preferred
*53
5318 *53
58
*64
58
60
149
*52
67
•150
55
55
11
2612
Dec
Do
2334
Feb
26
29
Jan
2d
preferred
2458
2418
2458
25
2412
25
1,349
*24
25
24
2412 '2.'I 25
2934 Jan
3014 Mch 10 3512 Jan 13
600 St Louis Southwestern
*30
•303* 33 •3018 33 •3018 33
3312 3014 3014 *2, , 22
Do preferred
6812 Jan
73'z Jan 14 75 Jan 9
•7312 75
*734 76
*7312 75
*72 2, 75
*7312 75
*7314 75
18 Dec
1814 Jan 22 2058 Jan 30
700 Seaboard Air Line
194 1014 1914
*1834 1912 19
19 •19
1914 1913 1933 19
Do preferred
427 Feb 26 4838 Jan 20
4378 44
44
44
4434 Dec
4414 4414 4438 4334 44
950
4334 4334 *44
9813 Mch 14 110 Jan 30 10312 Deo
99
9934 9838 9912 9834 10038 0958 10134 9958 10034 981 9938 64,450 Southern Pacific Co
2612 Jan
2533 2518 2412 25
23
2514 6,500 Southern v tr ars atmpd_ 2412 Feb 25 2858 Jan 2
2558 247 2538 2538 2538 25
Do preferred
6814 Feb
7778 Feb 25 8118 Aleh 7
do
80
8038 7912 7934 794 80
81
2,500
8018 *80
80
8038 80
2O1 Jan
1',12 Mch 10 2258 Jan 8
' 18
1814 1713 1734 *1734 19
19
1878 181
600 Texas az Pacific
*1713 1912 *18
334 Dec
3412 Feb 24 4012 Jan 2
3512 3512 3458 35
*35
37
*3512 3712 35
3512 36
2.200 Third Avenue (s/ Y)
35
1012 Dec
Toledo St L & Western
11 Jan 21 13 Jan 9
*10
13
*9
13
*9
12
13
12
1110
*9
13
*9
25 Mch 5 2934 Jan 9
28 J'ne
Do preferred
*25
2834 25
25 •__ 25
*20
27 .22
28 •20
28
110
*105 108
10514 10514 114 10412 *103 106 *102 10512 1105 105
310 Twin City Rapid Transit 104 Mch 11 10814 Jan 23 103 Deo
14678 lich 10 16234 Jan 6 15034 Dec
14938 15078 14678 150
14758 14912 14712 14978 14714 15014 14834 15034 309,15( Union Pacific
83 Mch 13 9313 Jan 6
Do preferred
844 8412 8414 8414 8312 84
8312 8358 84
8312 8313 83
8814 Oct
1,87(
28 J'ly
26
20
20
*25
26
274 *25
2618 *25
2713
2712 26
700 United Rys Inv't of S F.._ 24 Feb 26 3512 Jan 3
48 Feb 20 6312 Jan 2
57 J'ly
Do preferred
49
49
4912 *4812 52
4812 50
49
*4812 50
49
40
600
4 Feb 3
3 Feb 17
334 J'ne
4
*334 4
4
*358 4
•363 4
100 Wabash
*37
414 *334 4
1238 J'ne
9 Feb 21 1314 Jan 14
Do preferred
*1012 1112 *1114 12 •1018 1112 *10
*11
1112
13
11
11
20(
4334 4213 4212 42
45 Dee
42
42
42
3738 Jan 7 46 Jan 2
*41
Western Maryland
42
423* 43 .42
70<
.51, 7
.512 7
*54 7
*512 74 •512 7
4 Jan
8 Jan 3
6
*5
Wheeling & Lake Erie...
514 Feb 27
11 Jan
25
*20
25
Do 1st preferred..
22 •20
*20
25
19 Feb 21 2818 Jan 13
2013 2012 201 2018 *19
000
6 Jan
*9
12
Do 2d preferred
.9
11
9 Feb 26 14 Jan 3
*9
11
11
*8
.600
10
1012
9
9
50
*47
48 Feb
50
*4713 50
413 Jan 15 53 Feb 8
48 •45
200 Wisconsin Central
48
4.812 4812 *4712 50
Industrial & Miscell.
60 Feb
6858 6934 6734 6914 6914 7014 6834 7114 6812 7014 6813 7012 166,750 Amalgamated Copper... 6634 Feb 25 8038 Jan 2
53
*63
5334
40( American Agricul Chem_ 4614 Jan 17 57 Jan 3
6412 Dec
53
53 •53
64
53
64
*50
53
03
Do preferred
.9714 085,4 49714 9888 «9714 99
99
*974 99
*07
98 J'IY
9978 Jan 15 99 Jan 2
*97
09
20
28
2834 6,971 American Beet Sugar-. 27 Moh 13 5012 Jan 2
304 2034 3078 27
31
34
4812 Dec
2978 3012 30
Do preferred
834 Meh 10 86 Aich 6
90
10(
90 Nov
*80
90 *____ 90
90
*80
8312 8312 *80
*8313 90
11/
1
4 Feb
2512 Jan 14 4678 Jan 31
3214 334 3112 3212 3158 3234 38,80( American Can
33
3138 32
31
3238 32
Do preferred
11312 Jan 14 l291 Jan 30
121 12112 12078 1214 12012 122
9058 Feb
121 12214 12138 12112 12112 12134 5,50(
49 Feb
5034 51
4012 4978 x50
50
5014 5012 4912 4912 4914 4912 1,42( American Car & Foundry 4712 Feb 25 5638 Jan 2
*116 1174 *11614 11712 z115 115 *11412 120
112 Feb 25 117 Mch 5 115 Feb
Do preferred
351
1144 114 *11412 116
43 Mch 14 4334 Jan 6
48
48 .4713 50
3034 Oct
*4734 59
4713 4712 4712 474 43
4713 2,804 American Cities
7512 Feb 24 7812 Jan 2
178% 781 *7634 8112 47714 7714 71378 7678 70
Do preferred
7514 Aug
76
*7534 781
231
45
47
44 Mch 10 5738 Jan 2
44
45
45
4514 45
45
45% 468 3,131 American Cotton Oil
45
45
45'2 Jan
96
96 •
196
116 Mch 8 9634 Jan 10
96
90
*9312 06
95 Jan
*90
96
Do preferred
*90
98
131
4,458 48 4,412 478 *458 478 . *458 478
3 Feb
4 Jan 14
458 458
434 434
518 Jan 8
10; American Hide & Leather
2212 Feb 25 2814 Feb 10
27
*25
27
20 Feb
*2412 26
*24
2613 *25
*2412 27
*25
27
Do preferred
25
18 Jan
25
2434 2518 26
2412 2412 2414 2434 2434 23
25
3,554 American Ice Securities... 20 Jan 2 2612 Mat 5
*934 10
9 Mch
058 938 10
1018 10
*912 1012 *94 1012
9 Feb 25 1112 Jan 31
10
601 American Linseed
30 Feb
26
2638 2634 *2512 30
*2512 2612 26
2512 Feb 26 314Jan 31
*2512 29
Do preferred
26
26
704
3134 Feb
35
3638 3612 3612 3612 1,201 American Locomotive
334 Feb 26 444 Jan 6
3518 3518 3514 3514 35
3513 361
10478 Feb 6 10634 Jan 2 103 Jan
Do preferred
221
10514 1064 *104 106 *104 106 1105 105 *103 NS
11104 100
77 Feb 18 13 Jan 3
91* 91
434 Jan
11
912 94 *9
11
9
912 *9
912 10
1,001 American Malt Corp
47 Feb 18 6112 Jan 3
52 *5014 55
42 Jan
Do preferred
4914 5014 5014 *50
*5014 55
831
60
50
49
813
84
84 Dec
*84
84
*8212 85
86
201 Amer Smelters Sec pref B 84 Mch 12 86 Jan 9
86
*84
*8412 86
*84
6612 Feb 24 748 Jan 30
6612 Dec
6978 12,801 Amer Smelting dc Refin'
68
69
6712 6812 6812 6918 6858 6934 6814 6978 69
1034 Mch 11 107 Feb 7 1023 Jan
Do preferred
10338 10312 10312 10312 10318 10312 1031 10318 *10212 1034 *10234 10312
754
171 Mch 8 193 Jan 22 123 Mch
173 173 *172 180 *170 180
501 American Snuff
171 17513 171 171 *170 183
Do preferred, new
104 Jan 6 105 Jan 21
' 11103 105 *103 105 *103 105 *103 105 *103 105 *103 105
99 Feb
3312 3312 .3312 33 34 34 34 35 3312 3312 33 3312
26 Jan
931 Amer Steel Found (new). 33 Mch 14 4012 Feb 3
Highest,
11134 Oct
10414 Feb
14812 Aug
11178 Apt'
91 Jan
9412 J'ly
283 Aug
395 Apr
8514 Oct
2034 Oct
3912 Apr
11758 Nov
146 Jan
145 Apr
198 Mch
6212 Apr
1014 Apr
17512 Feb
607 Dec
24 Mch
4614 Jan
1134 May
23 May
3918 Apr
577_ Apr
48 Apr
14334 Aug
53 Sep
14118 Jan
22 J'ly
6738 Oct
3114 Sep
6553 Molt
18 Apr
40 May
18534 Jan
170 Aug
13834 Mch
2713 Jan
157 Jan
15412 Aug
158 Aug
3158 Mch
66 Apr
4734 Itch
71 Jan
3678 Jan
12112 Apr
14214 Apr
4138 Apr
11914 Aug
92 Feb
13112 Aug
1214 May
11112 Sep
117 Feb
17914 Apr
9314 Apr
10112 Apr
3012 Apr
5958 Apr
2912 Mch
6912 Jan
4334 Apr
4038 Oct
8053 Oct
2712 Apr
5612 J'ne
11512 Apr
32 Sep
8678 Oct
264 Nov
4934 Jan
1638 Mch
36 Apr
11118 Sep
17634 Sep
964 Dec
3978 Dec
6918 Dec
954 May
2278 Apr
6414 Mch
1134 Oct
8612 Oct
1712 Oct
6212 Aug
0234 Oct
6358 Mch
10414 Itch
71 Sep
10114 J'ne
4738 Oct
12614 Sep
6353 Sep
120 May
6018 Dec
8314 Dec
60/4 Nov
9914 Feb
714 Sep
34 Sep
3034 May
177s'Apr
43 Apr
4712 Nov
11012 Aug
19% Aug
6914 Aug
8912 J'ne
91 Sep
10038 Sep
20314 Dec
105 Aug
4438 Oct
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
A.merles 11
Amer Each_
, Battery Pk_
Bo wery6,13rouxBoroli
Bronx Nat_
i Bryant Pk I]
'Butch as Elf
Century 1
Chase
1114
Ast
195
600
233
130
425
300
180
150
130
220
690
200
810
237
140
193
140
230
715
Bid
Banks
Chat&Phonix 176
Chelsea EMI 150
Chemical - 430
Citizens' Ctl 190
City
390
Coat & Iron 160
Colonial lb_ 425
Columbia 6.
Commerce _ t1765Corn Ex
320
East River., 75
Fidelity 6._ 165
Ask
182
153
435
200
400
165
325
325
ifi
Eta Ask
Banks
Filth Avel- 4500
FIlth
300 325
First
990 1005
Fourth
194
198
Garfield
265
275
Germ-Am 11 140
(ierm'n Es 400
Germania 0_
:cif"
Gotham _ 170
Greenwich 0 250 280
Hanover
700 710
Banks
Harriman..
imp J. Trad
Irving
Liberty...._
Lincoln......
Manhattanli
Nlarke tacioul
Mecheafet's
Merch Each
Merchants'_
Bid
290
544
197
630
iid_
250
240
153
190
Ask
300
550
200
640
375
360
255
248
160
200
Banks
Metropolis 1,
Metropol '11$
Mt Morris0.
Mutual ¶....,.
Nassau
New Neth..1
New YorkCo
New York_
Pacifict. Park
People's 11_
1414
350
190
200
290
ifci_
850
338
255
367
240
Ask.
Banks
360 Prod Each
197 tteserve
250 seaboard -.
Second
215 Securityl
225 Sherman.....
8/5 State I
395 23d Wardll _
U rEon Exc.
265
Wash WU;I
372
West Side gt:
250
Yorkville 11.
13,4
168
t93
450
375
133
135
200
175
160
275
490
500
Ask,
173
*Bid and asked prices; no sales were made on this day. t10x-rights. 'Less than 100 shares. 0State banks. a Ex-dividend & rights. b New stock.
fSale at Stock Exchange or at auction this week. c First installment paid. n Sold at private sale at this price. x Ex-dividend. 9 Full paid.
774
New York Stock Record-Concluded-Page 2
For record of sales during the week of stocks usually inactive
, see second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 8
monday
lfarch 10
Tuesday
March 1.1
Wednesday
March 12
Thursday
March 13
Friday
March 14
Salei ci
th
Week
Shares
STOC VS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis of 100-share lots.
Lowest
Highest
Range jot Previous
Year 11)12.
Lowest
Highest.
Industrial & Misc (Con)
*112 114
113 113 *11312 116
111 114
11112 113
11312 114
5,300 American Sugar Refining 111 Mch 12 118 San 31 11312 Dec
*112 118
114 114
13312 MaY
11418 11413 11312 114 *111 115 *111 11
Do preferred 13
300 51
12 Mch 12 11658 Jan 28 11512Jan
13212 133
13214 13252 13233 13258 13234 i3832 13278 13272 13234 133
Sep
el
3,750 Amer Telephone & Teieg 131 Feb 26 140 Jan 3 137% Jan 124
23212 238
234 236
14918 Alcb.
235 238
23512 23814 236 24034 1241 241
America
4,775
n
Tobacco
"3213
Mch
29414
Jan 10 24113 Feb 32413 J'iy
8
9102 102
10134 10238 102 102
101 101 *MI 102 .101 103550 Preferred, new
101 Mch 12 10813 Jan 27 10114 Jan 10638 Jan
*17
18
1834 17
*1873 18
*16
*1678 19
19
*1634 19
300 American Woolen
1834 Mch 10 1834 Jan 11
7914 7914 *78
18 Nov
7912 79
31 May
79
7914 7914 7913 7913 79 79
77
_preferred 12
500 Do
Feb 3 81 Jan 3
2712 2713 *27
79 Dec
9412 Itch
2818 *27
2812 27
28
*27
28
*2512 2812
500
AmerWri
ting Paper, pref 2612 Feb 28 321
Jan
/
4
2
2518
3573 3653 3512 3573 30
Jan
4138 May
3613 36
37
3612 3614 3673 9,709 aAnaconda Cop Par $25 3378 Feb 25 4112 Jan
*105 109 *104 109 *105 109 *105 109
2
$34
Feb
$48 Oct
_____
357_ *105 109
Assets Realization
104 Feb 28 120 Jan 7 10512 Feb 12712 Oat
.47
1814 4612 4734 *4714 48
*4711 52
*4714 4814 *4714 48
400 Baldwin Locomotive_
4612 Feb 25 5312 Jan 8
10334 10334 10334 104 *10358 105 *10358 105 *104 10e *10312 1053
49 Dec
6034 Aug
Do preferred
00
Feb
1035
8
17
1043
Mch
4
3512 88
4
10214 Feb 10818 J'ne
35
37
3512 3853 3534 3634 3614 3014 3553 3534 4,200 Bethlehem Steel
35 Fob 18 4113 Jan 9
66
63
2734 Feb
6613 69
515
3 Oct
6812 698 69
70
6933 6912 89
69
Do preferred
8,000
8358 Feb 26 71 Jan 9
4129 133 .128 131 *128 133 *130 131
5612 Feb
80 Sep
130 130 *128 133
100 Brooklyn Union Gas
128 Feb 25 13778 Jan 27 13712 Alch 119 Aug
.2818 31
*281
/
4 31
*2818 31
*2818 31
*2813 31
*2813 31
I3utteric
Co
k
2814 Feb 26 31 Feb 8
48
49-3, 48
28 Nov
4334 4834 4914 4938 4934 4834 4934 24812 4912 12,600 Californi
4018 Apr
a Petrol v t cm_
4714 Feb 24 5612 Feb 3
4914 Deo
7912 8012 *79
7212 Oct
*79
81
81
*7812 81
*7812 80
57813 7812
400
Do preforred
37853 Itch 14 86 Jan 30
100 1001
9512 Oct
84 Dec
/
4 100 100
*9814 10012 101 101 .101 10112 *101 105
Case(J1)
700
ThreshAl
Jan 16 10358 Feb 6
27
27' 2614 2613 2612 2634 2012 27
998 Dec 10112 Deo
2812 2612 2614 2638 4,100 Central Leather pftr cfs 0912
2534 Fob 25 3018 Feb 5
9512 96
30314 9312 *9312 9412 9312 9313 9312 938 94
1012 Feb
3353 Sep
9414 1,175
93e Jan 2 9714 Alch 3
Do preferred
3913 393
80 Feb 1001? Oct
3758 3913 3853 391 3834 40
383 3912 17,700 dChino Oepper-Par $5 357 Feb 27 4758
3918
3853
Jan 2 525 Jan 35038 Nov
3234 33
32
*3314 3412 134
33
34
3214 3312 3312 3312 3,125 Colorado Fuel & Iron
31 Jan 14 411
/
4 Feb 3
2313 Feb
12953 13012 129 130
4334 Sep
13013 131
13012 13112 18012 13034 *13012 133
3,700 Consolidated Gas(N y)._ 127 Feb 25 142% Jan 9 13534 Dec
105 11
108 11
1034 11
14912 AUR
1058 1118 1014 11
11
11
3,700 Corn Products Refining_
10 Mch 4 1718 Jan 31
10 Jan
69
69
2218 Oct
6814 0834 6734 6734 0514 6753 6312 6614 6678 67
Do preferred
2,800
8312 Mch 13 7914 Jan 31
75 Dec
17
8912 Oct
17
17
1634 17
17
17
17
*1612 1712 17
17
1,600 Distillers' Securities Corp 1634 Mehl° 2134 Jan 22
210114 De
Dee
*12
2
18
3113144
1534 1534 *12
18
*12
18
*12
18
*12
18
Federal
100
Mining & Sectelt'g 1314 Jan 13 18 Jan
Feb
*87
40
*37
40 .37
Sep
40
37
37
*33
37
*33
37100 Do preferred
23834 Feb 24 44 Jan 3
:3718 Jan
138 13853 13713 13814 13758 13734 138 13814 13734 138
5234 Sep
138 13812 3,105 General Electric
213412 Jan 24 187 Jan 2 155 Jan 14
*3014 33
8
8
v
18
3
s
J
'
ell)
y
3014 3014 3014 3014 *2978 33
30
30
*2912 3012
400 Gen Motors vot tr ctfs
39% Feb 21 3
79
413 j
Jan 7
30 Feb
771
/
4 7712 77
7712 7713 77
77
7712 *76
78
*78
8,8 F.88
78
1,000
Do prof v t ctfs
)27
'an 7
7014 May 8.234 See
23
2%
273 273
21*
21
28 273
27
8
2%
dGoldfie
7,200
21
8
ld
3
Con
El
2 Jan 3
Par $10
3 Mch 3
5138 Deo
40
35 Meh
4034 397 4018 3973 4114 32
40
3112 34
33
3312 25,525 Goodrich Co(B V)
3112 Mch 13 68 Jan 2
804 Dec
81 Sep
*0012 10012 .9812 100
*9712 1.00
94
97
95
95
*9412 9712
0112 Feb 18 1051
600 Do preferred
/
4 Jan
4813 45/
105 Dee 10912 Sep
1
4 *45
*45
46
47
4512 4034 4512 4512 54514 4514
dGuggenn Explor Par 325 4312 Feb 25 53% Jan 7
910
1) 347 Dec r46238 J'n4
*1013 17
1814 1614
Ms 1853 1612 1612 1612 1813 *1612 1634 1,000 d Insp'n Con Cop
Par$20 1553 Feb 19 2038 Jan 3
Dec $2118 Oct
108 107 .____ 107 •10434 10834 1064 10834 10412 105 *10434 106
700 Internet Harvester (old) 10413 Mch 13 11553 Jan 30 81658
10514 Feb 12073
11112 11112 11112 11112 *11013 112 *11012 11112 11112 11112 *11012 112
400
Do preferred
11112
8./ch 8 116 Jan 28 11312 Nov 12134 Sep
4107
Apr
10712 107 107
10614 10814 *10553 108 *105
-- *1055 10012
Internet
300
Harvester of N j 10014 Mch 11 108 Mch 7
*108 116 .108 116 nos 1-16 "11073 113
Do preferred
*10612161- *10512 16712 410513 1071
/
4 *10653 108
10558 10553 *10512 10614
100 Internal Harvester Corp_ 105588,1ch 13 107 Mch
7
.11112 118 *113 116 *113 118 *113 116
113 113 *11073 118
100 Do preferred
113 Mch 13 113 5fc1113 .
*4
434 *4
434 *4
112 *4
5
*4
414 *4
Int Mer Marine stk tr cts1 Feb 13
412
453 Jan 2
*17
18
17
4 Mel)
17
*18
1712 *1813 17
718 Mal
1634 1834 *1612 17
Do
300
pref stk tr ctfs___
1634 Mob 13 1912 Jan 7
1114 1114 1012 11
*1012 111
1534 Jle
/
4 *1013 1112 1112 1112 1112 1112
26 bich
700 International Paper
913 Jan 21 1258 Jan 30
46
45
4413 4413 46
938 Jan
45 .44
1934 May
46
46
46
45
45
preferred
500
Do
42 Jut 21 4812 Jan 30 x458 Jan
10
10
10
10
10
10
6278 May
10
1014 1058 1032
97 1053 2,000 Internet Steam Pump
91 Mch 7 1813 Jan 9
040
49
43
12 Dec
438 4323 4358 4312 4358 4313 4312 41
34 Ian
43
1,460 Do preferred
41 5leb14 70 Jan 9
O87
93
*85
83 Dec
93
*87
93
8453 Apr
*88
93
88
88
.85
93
Keyser
Co
&
220
(Jullus)
8514 Jan 18 94 Feb 3
*102 110 *102 110 .102 110 *10212 10912 *102 110 *102
00
Dec
9534
Oct
119
Do 1st preferred__ 10734 Jan 22 110 Jan 2 107 Dec
.
70
75
70
70
71
103 Oct
71
71
71
8912 6912 *6312 72000 Kresge Co (S S)
6912 Mch 13 81 Feb 5
*100 102
71 Sep
99 100
995 9952 *9814 100
8912 Oct
*99 100
*99 102525 Do preferred
99 Moh 10 102 Jan 4 100 Oct 10512 Oct
*44
45
*43
45
45
43
*44
45
44
44
*44
43
400 Lackawanna Steel
43 Jan 21 4078 Feb 4
99
29 etch
09
1)9
*97 100
99
5512 e81
*98 100
100 190 .98 100
400 Laclede Gas (St 14 coin
98 yob 25 10412 Jan 8 10213 Deo 10834 eAn
220 220
222 22214 222 233
22712 228
225 225
22712
2293
4
2,100
Liggett
&
Myers Tobacco 213 Jan 2 235 Etch 8 15673 an 225 Oct
*112 115 *112 115 1114 114 .112 114 *112 114 *112 114
Do _preferred
10
113
etch
8
11612
Jan
23
3334 3373 3234 3318 33
10512
Jan
33
118 Aos
32
3313 *3113 _ - *32
33
1,400 Loose-Wiles Ills tr co Ws 33 Feb 20 39% Jan 0
100 10034 998 100
8613 Dec
*9934 ---- 100 10014 9984100 *no ____
4713 J'iy
Do 188 preferred
*9413 9412 *911
/
4 0412 *9113 9412 *9113 9412 *9173 9212 *917s 9212 1,500
tri 1.1
8c8h ig 1sis
Do 341 preferred
175 17912 178 178 *173 195
185 185 *178 184 *178 190
Lorillard
p
llarp
475
d
re
C
red
o
ur
(
P)
175
Mch
200
8
5'an 28 167 mob 21513 oct
*108 113 *____ 11312.
-- 11312 *____ 11318 *_ __ ii3t2 *_ _ _ _ 11312
113 Feb 25 11612 Jan 22 10734 San 118 Aug
73
73
*70
72
7013 71
72
73/
1
4 *70
74 .70
75
1,360 May Department Stores_ 69 Feb 20 7673 Jan 2
60 Apr
*100 104 *100 104 .10Q 104 *100 104 .100 104 *100 104
88 Oct
Do preferred
1007
8
Feb
20
Jan
105
/
1
4
2 105 Deo 112 Jan
6818 69
87
63
6814 69
6818 6834
934 0912 169
5,850 Mexican Petroleum
69
86 Feb 24 781
/
4 Feb 4
6231
Apr
.2234 23
231.1 2212 23
2258 2258 23
Oct
1012
2214 2212 *2214 23
1,500 dNliami Copper_Par $5 2133 Feb 19 2612 Jan 4 82318
111412 120
Feb $3014 Sep
11412 11412 115 115 *11512 117
115 11512 11512 11912
800 National Biscuit
112 Feb 21 1281i Jan 3 114 Dec 161 Apr
*119 121 *119 121
119 119 *117 121 *118 121
11818 11813
200
Do
preferred
11318 Mch 14 12478 Jan 8 122 Dec 131 J'ne
*14
15
1373 14
1414 1414 1414 1412 14
1412 *14
1412 1,000 Nat Enamerg & Stemp4 1378 Mch 10 1014 Jan 30
1214 Feb
26 Oct
*87
*83
93
87
87
92 .83
02
*34
93
*84
93
100
Do preferred
87 Feb 14 9214 Jan 30
88 Fob
*49
5234 *4914 5234 *4914 5234 *4812 5234
0512 3e24
5234 491 1 5014 *50
National
300
Lead
471
/
4 Feb 25 5614 Jan 2
110114 107
8113
Jan
10112 10412 *10413 107
105 105
6814 Oct
10412 10412 101 104
400
Do
.
.
preferred
104
Mch
14
1075g
Jan
17
1718
27 10512 Feb 11078 Nov
1673 17
1718 1714 17
174 *17
18
1718 1714 3,000 dNevada Cons Cop Par $5 16 Feb 18
20 Jan 2 $1814 Jan 82418 Sep
*7012 76
*7012 77
74
*70
*7012 78
72
72
73
73
200 New York Air Brake
73 Aich 13 82/
1
4 Jan 8
50 Feb
80
375
177
80
7713 7712 *73
85 Noe'
77
*75
79
*7712 79
North
180
America
n
Co
(new)
/
1
4
77
Mch 10 Silt Jan 11
*28
/877 Aug
2812 *25
*25
28
7412 Jan
23
825
281
/
4 *25
28
*2512 28acific Mail
2434 Fob 28 3j1 Jan 22
3614 3612 38
*36
2834 Dec
39
36
38 Sep
38/
1
4 3638 3814 3814 .38
33
acific
880
Telep
&
Teleg
Mch
36
10
43
.3111 113
Jan
4
45 Dcc
110 110
10958 1101
109/
/
4 110 110 *10912 112
1
4 110
553 Apr
feople's
2,000
Q1
8
L
&
(Chic)..
0
109 Feb 24 116 Jan 8 103 Jan 13212 Oct
21
/
4 2112 20
21
1
4 2012 211
20/
201
/
4 1934 2014 20
20
1,200 Pittsburgh Coal
1934 Mch 13 2438 Jan 2
O83
1634 Mch
89
*88
*83
90
89
2714 Aug
83
8$
82
8334 83
8412 8,300 Do preferred
32 Mch 13 95 Jan 0
27
27
77 Feb 10034 Aug
2612 2612 26
*26
27
2634 20
28
*28
2812 1,100 Pressed Steel Car
25 Fob 20 36 Jan 7
*98 100
2834
Feb
*97 100
*97 100
407
8 Sep
*95
*95
99
99
*95
09
Do preferred
97 Feb 28 10112 Jan 7
.1118 11714 *116 11714 111573 11578 *115 11714 *115 11714 *115 11714
00 Feb 10334 Aug
20 Pub Serv Corp of N J
11614 Feb 28 118 Jan 21 10834 Feb 12078 Aug
15912 15912 159 159
15853 15853 *153 159
15712 158 *15712 158
Pullman
810
15012
Compan
y
Feb 25 165 Jan 2 15812 Feb 175
*28
2934 2773 2773 2734 2734 2714 28
*27
*27
28
29
Aug
400 Railway Steel Spring- _
2434 Feb 25 35 Jan 0
271., Feb
098 101
*98 101
*98 101
4034 Sep
*98 101
*93 101
*98 101
Do preferred
9853 Jan 10 100 Jan 13
9814 Dec 105 Aug
1838 1758 18
18
1818 1833 1832 1834
1818 1833 188 19
9,983 dRay Cons CopperPar$10 1634 Feb 19 22 Jan 2 $16 Jan
2458 25
2412 24% 25
$2
3,5
118 Sep
25
*2412 25
2412 2474 2412 24'2 2,000 Republic Iron &
2314 Fob 26 29% Jan 31
Steel
1534 Feb
8512 8534 8534 8554 87
87
*86
87
286
8712 87
8614
800 Do preferred
8218 Jan 14 8914 Feb 1
6412 Feb
67
0333 Oct
68
6714 *86
66
67
60
6612
84
66
64
04
1,450
Rumely
Co (AI)
84 Feb 24 9214 Jan 7
8914 Deo 101 Nov
9212 91
*91
91
91
91
91
91
*90
9212 90
90
400 Do _preferred
90 etch 14 9934 Jan 4
9912 Dec 10
42:9131
:
1 1A
10212 19212 100 195
iboutvg
191 193
1888 192
19013 191
19114 19114 2,200 Sears, Roebuck & Co
187 Feb 20 21312 Jan 2 140 Jan 221
'34
*31
39
39
3412 3412 *35
37
*34
38
*34
36
100 Sloss-Sheffield Steel & Jr 351
/
4 MO 11 4512.18n 28
3914
Jan
5934
341
Sep
/
4 3418 *3313 38
*341
/
4 39
37
39
*38,3 3312 * o
400 Standard Milling
33
3413 Mch 8 4Q13 Jan 31
1614 Jan
38 Dec
83
63
*61
65
82
62
621
/
4 6213 6258 64 '63
65
600
Do preferred
62 Mch 11 6673 Fob 4
53 Jan
*28
66 Oct
2814 2818 2818 .28
2912 28
30
2873 2912 *28
30
750 Studebaker Corp (The)
20 Feb 20 36 Feb 0
:30
J'ly
087
*83
91
*88
91
91
*80
03
*88
91
*86
91
Do preferred
28812 Feb 20 9314 Jan 13
0012 J'ne 13908183
38
3612 35
3553 36
38
*3512 37
3$12 3512 1,900 dTennessee
36
36
9t4 Jan 27 3912 Jan 4 $3412Feb 34714 May
Cop__Pqr 325
11212 113
110 111
110 11034 10012 11112 10914 10914 *1081
/
4 11012 2,250 Texas Company (Teo_ 11914 Mch 13 1224 Jan 10
81
Jan
9412 9412 93
95
9478 9478 92
Sep
93
9218 94
*9214 95
1,750 Underwood Typewrite..'.., 9112 Fob 18 99/
1
4 Jan 3
96 Doc 11534 J'ne
112 112
112 112 *112 113
112 112 ....8.;
; 113 *____ 113
300 Do _preferred
112 Mch 4 113 Jan 21 110 J'ne 11413 Sep
513 513
5,8 512 *583 534
512 512
(3
514 514
900 Union Bag_St Paper
734 Jan 3
0 Mei 6
30
453 Jan
31
3013 3112 2973 3014 130
177 May
30
2934 30 .29/
1
4 32
2,280 Do preferred
2034 Mch 13 4134 an 3
.1334 13
351
/
4 Dec
*1333 143 .1333 1414 *Wit 1412 *1312 1412 *13/
(3734 May
1
4 1412
US Oast Iron Pipe& Fdy 1353 Feb 27 i64 Jan 30
*
13
53
5612 2
*53
561 *53
Feb
2212 May
5612 53
5312 *53
50
*52
38
200 D9_ preferred
etch
563
12
83
4
Jan
31
69
89
50 Jan
8438 Oct
6314 0814 *88
69
*68
6912 69
69
*68
...
UntlitItea
lty&IRmupbrboger'!
6814 Mch 10 77 Jan 9
5934 0(112 5913 60
67 Jan
5973 6012 5912 61/
8612 aly
80
81
0014 690
6112 17,4
100
0 United States
571
/
4 Fob 24 88% Jan 10
10573 1057
7
4514 Fob
5
105 10573 10473 103
6773 May
1041
/
4 103134 104/
1
4 10412 1,400
Eon
d
a
t
25
Feb
104
/
1
4
109
Jan
10553
J'iy
8
*71
81 ---------'71
110 May
81
*71
81
2d
763
783s
preferred
3 Jen 3 8112 Jan 9
6912 6014 5814 5934 5912 00% 59% 6058 -EV -6-65; -.
76 Jan
85,2 MeV
56i4 -61-1-3 3.8,8-7-0 a AA United States Steel
5814 Mch 10 891
108 108
/
4 Jan 2
5814 Feb
10734 108
10734 10778 10734 103
10712 10734 10758 108
8034 beP
7,040 Do preferred
10738 Feb 24 11034 Jan 30 1071
53
/
4 Dec 117 Sep
5153 5214 52% 53
52/3 5334 6214 5313 521
/
4 53
13,000
dUtah
Copper-Par 310 4912 Feb 18 8053 Jan 2 $5212 Jan $8712 Sep
8353 34
3314 8312 3312 3358 3273 3384 3234 3313 3.355 335
2,400 'Virginia-Carolina 0180W_
3012 Feb 25 43/
108 10814 103 108
27
614 J
Aang
1
4 Jan 3
4014 Deo 15
10712 108
1071
/
4 10712 *10712 10212 10812 10812 1,300 Do
10712 Feb 27 114
6784 8812 07
an 3 11478 Dec 12814 Itch
6712 87
ek
8712 887 8738 8834 6678 84178 6678 3,210 Westernpreferred
Union Teleg
6878 Feb 25 Ws an 9
8 Dee
68
6914 6712 6838 88/
1
4 6812 6812 69
71
68
6814 002 67
80
4,800 Westinghouse El Sp Mfg.. 68l Mob 14
*117 11934 *117 11934 *116 11934 *117 1193
63
614 Jan 1819
14
3 Aug
7914 an 2
7 11834
4 *116 119
Do
1st
preferred
11
9014 9134 90
Feb 14 119% an 17 114% Jan
9112 9134 93/
91
1
4 93/
9
1
1
4 88/
4 88
92
11,500 Woolworth (F W)
•
11212 *___ 111
/
4 Feb 26 112 Jan 2 1 212 Jly 11778 Oct
861
110 110
10914 1091
/
4 *108 ......
110 110
890 Do preferred
931 fly
10914 Mch 13 11812 Jan 8
iti, 13, igi..?..ci,, 1.021414,:i.r
5;
*11g
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS
.
Bank
prookiLin
I
0 b,ney IstedT
let
kltbush__ _
eeppolut
illsidelf __ _
etlestead1
antifee'rs
ottau1051.1
Ontauic e.
aSSau
Rid
Ask
135
280
150
156
300
105
160
125
100
430
223
130
220
86
405
210
206
Banks
Brooklyn
Nat
City. .North Side ii
People's
Ilia
Ask
,276
175
115
295
200
153
Trust Co s
N Y City
Astor
350
Bankers' 'Jr 430
13.way Tr._ 165
375
490
175
Bid
Trust Cal
Ask
N YGIMI
Ceetral Tr_ 1015 1030
ColumbiaKnickerb 540 550
Commercial
00
93
Empire __- 300
equitible Tr 495
500
Farm Le del 1280 1285
Fidelity
223 227
Fulton
_ 295
318
(luarly Tr_ 580 688.
Trust Co'
Ilia
N Y City
Guarelan Jr 80
lillgsea
t137
Law T I&Tr 203
Lincoln "fr. 125
Metropoe
440
Mutual Aill
°nee
135
Mut.8 WestChester) _.. 140
Ask
tifd
133
450
145
150
Trus. Co 3 Ilid
N Y Oily
NY Life&er 1040
N Y Trust.. 820
TitleGuds Tr 475
1280
Union Tr_
US Mtg& Tr 460
Unit States_ 1100
Washington 378
Westchester 150
Windsor -. 195
Ask
1003
830
480
1290
470
1113
395
100
200
[rust Co's
Brooklyn
Brooklyn Tr
Citizens. _
Franklin
Hamilton _
Home
Mega Co __
4 1st L 43 Tr
Nassau ,__
Peoplee' __
Queens do-
Bid
Ask
498
150
306
156
'250
285
125
270
110
520
880
130
296
100
ffi"
'Bid and asked prices; no sales on this day. Mess than 100 shares.
:Ex-rights. a Ex-div. and rights. b Now stock. d Quoted
Male at Stock Exchange Or at auction this Week. s
dollase pier skare.
Ex- stook dividend. e Banks marked with a paragrap
h (1i) are State banks. x
775
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. I 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and interest"—except for income and defaulted bonds.
t
BONDS
Ss
N. Y. STOCK EXCHANGE A
.f„0„,
Ending
March
14.
Week
Price
Friday
Wards 14
Week's
Range or
Last Sala
.1
4
al OS
Range
Since
Jan. 1
P. V.
BONDS
N. Y. STOCK EXCHANGE l''`E'
Week Ending March 14.
.34 a_
Price
Friaay
ilarch 14
1
Week's
Range or
Last Sale
v.
al
Range
Since
Jan. 1 '
Bid
Ask Low
High No Low High
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
100 102
1011
Gen funding & impt 5s_ __1929 J -.I 1011
/
4 Sale 101
10058 101 10012 Mch'13 __ 10012 10114
1 10812 110
1
4 10
1st consol gold 5s
10058 101% 10114Jan '13
1939 31-N 10812 Sale 108/
10114 10114
10938 Nov'12 _ _•
Registered
1939 M-N
10212 10314 10258 Feb '13
10258 10274
10014 26 -9378 1-01
General gold 43is
10212 10314 103 Feb '13
1992 M-S 987 Sale 987
10258 103
Registered
113/
1
4114 113/
1992 M-S -- 9912 9932 Nov•11
1
4 11312
1 11312 11312
2:15;
901
39 oiii.4 -IConvertible 4;is
1930 F- A 9012 Sale 9014
11334 11438 11378
114
12 11378 11414
Big Sandy 1st 4s
10058 101 10012 J'ne'11 ......
1944 J -D 87 8734 8518 Feb '1 _ _ 8513 1513
_
Coal River By 1st gu 4s,1945 J-D 8314 _ 8812 Oet 1 •
10212 103 102's Feb '13 ____ 102- 1027-3
Craig Valley 1st g 5s
1940 J -J 99 ____ 10134 Mch'l .,-,I100'2 1-014
Potts Creek Br 1st 4s
814
81,4 8434
1946 J-J 80 ____ 8434 Jan '1 -.Foreign Govern,ent.
R & A Div 1st con g 4s
9134 94 93 Jan '1 - - - 9234 9312
Argentine—Internal 5s of 1909_ M-S:98 9812 9812
1989 J -J
9834 13 9834 9913
2d
89
87 ES
87
Mch'l
consol
-gold
-J
4s
J
1989
92
(Hukuang)
Ry
86
86
90
5s
2
.C____ J -D 1
86
86
Chinese
isGreenbrier Ry lst gu g 43_1940 51-N U ____ 98 Oct
Imperial Japanese Government
'1a 68
Sterling loan 4%s
51 8712 9032 Chic & Alton RR ref g 3s_1949 A-0 67 _ _ 67 Feb
88
1925 F- A I 88 Sale 8712
601
2 5512 6312
Railway 1st lien 3 s_ _ _ _1950 J-J 56 603; 5512
2d Series 43-is
1925 J -J I 8634 89 8878 Mch'13 ___ 867 8914
Sterling loan 4s
1931 J J I 8018 8212 8058 Mch 13 ___ 80 83 Chic B & Q Denver uiv 4s_1922 F-A 98 9912 100 Mch'13 .._ _ _ 99 100
847
14 84 8558
Illinois Div *is
1949 J -J 84 84 841
Republic of Cuba 5s exten debt_ M-S :10012 Sale 10012 10118 10 10012 10212
Registered
1949 J-J --- - ---- 8614 Aug'! • -----------External loan 4i6s
9658
4 95/
97 9614
1
4 9714
1949 F- A I
1949 J-J 9512 961 9714 Mch'l ,_--- 97 983-4
San Paulo (Brazil) trust 58_1919 J -J t- — 9634 9078 Feb '13 _ 96% 971: Illinois Div 4s
___ ____
Registered
_ 97 Sep 'I _
..
1949 J J ------8634 47 8014 8912
Tokyo City loan of 1912 5s____ itt-s 8634 Sale 8614
Iowa Div sink fund 5s
_ 10334 10358
1919 A-0 10314 104 103% Feb '1
U S of Mexico s f g 5s of_1899 Q..) 1 91 93 92 Feb '13 ____ 92 9518
Sinking fund 4s
/
4
981
1 9815 991
/
4 9834 9818
1919 A-0 981
841
/
4 8412
84 8414 Jan '13
Gold 4s of 1904
1954 J-D
Nebraska Extension 4s
961
4 9614 97
1927 411.-N 91'314 Sale 9614
2 These are p rices on the b ails of $5 to £
Registered
9658 Sep '12 __.... ___ ____
1927 M-N _
State and City Securities.
_
•
Southwestern Div 4s
102111-S 9712 _-_- 9834 Nov'1 __
9978 62 99%10034
N Y City-43's
1960 M-S 9934 Sale 9934
Joint bonds. See Great North
96
17 95 9758
1959 ,11-N 95 Sale 95
4% Corporate stock
995 100/
100
Debenture 5s
1
4
1913 81-N 100 ____ 100
5 9434 9734
9434
1958 m-N 943 Sale 9434
; 4
Corporate stock
9312 9614
General 4s
1958 M-S 9312 Sale 9312
945
3 95 9734
9514
1957 m-N 95 Sale 9514
4% Corporate stock
75 80
4 10334 10512 Chic & E Ill ref 8c imp 4s g_1955 J -3 --, 75 75
75
1957 14 N 10334 101 10334 10378
New 43-s
;120 119 Jan '1. ____ 119 119
1st consol gold 6s
1934 A-0 1171
3 10112 102
/
4 102
1917 Ii-N 101 10158 1011
New 43
-is
10718 Feb '1 _ _ 1013 108
1937 M-N
General consol 1st Ss
29 10334 10512
1957 31-N 10334 Sale 10334 104
Corporate stook
43-I
1937 M-N ---- ----10012Jan '1' ___ 10612 10812
Registered
4 10034 10134
10158
assessment bonds 1917 31-N 101 Sale 101
43-I
Fur money 1st coal 5s
F-A --t.. 97 0784 Fob '1 __ .1 9734 98
8878 14 83 86
1942
83
84
83
M-N
1954
stock
Corporate
_3 7:
Registered
4 101 10111
10114
1961 11-5 101 10114 10114
State-48
1
,
4
;_ .. _ 10514 Mch'l _ __ 110514 10514
Chic & Ind 0 By 1st 5s___1936 J -J 1041
/
4 10134
2 1011
1961 j-j 101 102 10112 1011
Canal Improvement 4s
76 Sale 75
171 75 7758
76
Canal Improv't (new) 48_1981 j• j 101 ____ 10112 Feb '13 ___ 10112 1011: Chic Great West 1st 4s____1959 NI---_
12234 124 Feb '1 ...
124 125
Chic
J1013
Ind
&
Louisv—Ref
6s_1947
4
____
1013
'13
..
_
4
10134
Jan
Improvement
4s
10114
1960
J
j
Canal
10414 10814 10514 Feb '1
Refunding gold 55
1947 J:11051
/
4 105/
1
4
South Carolina 4 Ms 20-40_ _1933 j-.) 98 — - 10312 J ly '10 .._ ----Refunding 4s Series0
1917 J-J ---- 9012 958 Apr '11 —.I ____ ......
99 991
/
4 99 Mch'13 ____ 99 -99
1913 J-J
Tenn now settlement 3s
_—_ _ _
Ind & Loulsv lst gu 4s
1956 J-J ---- 85 86 J'ly '1' ___ ;
Virginia funded debt 2-38_1991 j-J _ _ __ 8612 Dec '11
::-.
.
87
___
.-__
9014
Aug
'1
5634 42 51 -59- Chic Ind& Sou 50-year 45._1956 I j
Os deferred Brown Bros ctfs___ ____ 5312 65 5434
Dec '1 __ I_7_
Chjc L S & East lst 4;0-1969 4-D --------1041001
/
4 1-0058
Chic Mil& St P terml g 5s 1914 J -J 10058._10058 Feb '1 '
•
Railroad.
i 1 96 99
971,
5 7412 797,
7112
Gen'l gold 4s Series A--_e1989 J-4 95 983-4 96
1
4
A an Arbor 1st g 4s
h1995 Q.-j 7414 76 74/
9814 9812 Feb '1'
0.989 Q-J ..
97 9814
0678 64 96 981,
Registered
titch Top & S Fe gong 4s_1995 A,-() 90 Sale 96
; 8414 8334 Mch'18 81 8334 8.5
e1989 J- J 821
Registered
Gen'l gold $3-f* Ser /3
1995 A-0 .— 9712 9734 Feb '13 --; 9,515 98
81989 J- - -------86 J'ne'll ____ ____
Registered
Adjustment gold 4s
h1995 Nov ---- 87 881
1 80'4 8814
8614
/
4
3 89 -ii-7-8
89
8912 iqj
J
,..
,
1934
J
8712
/etch
'13
25-year
Registered
86
deben
4s
h1905 Nov
1932 J-D 1021-e Sale 10158 102 114 10114 1013%
871: 17 8618 88
• Stamped
Convertible 4tts
h1I195 111-N ..... 87 8612
102 47 10034 10412
10134 Sale 10114
-2..Sep '1'
Convertible 4 s(wh issued)__
Cony 4s issue of 1909____1955 J -D
---10818
53 10014 foss,
1955 J -D 101 g100% 1011
Chic & I, Sup iv g 5s......1921 4--J 103 - — 10458 Jai '1 — -- 10412 104%
Cony gold 4s
e 99
998 576 981 10351
1926 J -J 105 ,— 106 Feb '1 • . 100 10814
1984 J -D 9934
Chic & Mo Riv Div 5s
Cony 45 (issue of 1910)
1041; 104
1 104 10514
1017, 63 10012 10551
191 1,-D 101.14 Sale 101
Chic & P W 1st g Ss
1921 J -J 10324104
10-year cony gold 5s
3 93 94
931
1913 -A -- -- -,, 9914 J'ly
Sd lit gu 44.1949 2-I ..„-- 93144 93
Debentures 45 Series K
o M & Puget
_
4 92 -08.
92
ak & Grt Sou gold 5s__1916 J-1 101 _ — 19214 Oct '1 -• ____
'East Okla Div 1st g 48_1928 -S - -; "fI2 02
110..
11012111 11054
2 11038 11054
g8
.12 Sale 8812
11 8812 92
90
1920 JDubuque Div 1st at 6s
1958 J.
Short Line 1st 4s gold_
7
113
____
____
-100t1
99
--1173
9934
9912
11Aufi'l
__
Mch'l
•
J
100
1924
g
6s
Far & Sou ass_um
1962 MCal-Ariz 1st & ref 4;is
Feb '1 ____ 107 107
1910 J-J 1022.._ 10434 J'ee'l
La Crosse & D lst 5s
8 Fe Pros & Ph 1st g 5s 1942 M-$ ----------107
1
4 --- 1045s Feb '1 ___ 1045 1-043
1921 J-J 103/
/
4 1031,
Wls & Minn Div g 5s
1
4 ____10318 Fob '1 ..... 1031
;
Chic & St Louis 1st 6s-1915 M-S 103/
J-J 109 11284 10934 Feb '1 ____ 10934 10934
1920
2
6s
4
Wis Vail Div 1st
9134 9514
44.t1 Coast L 1st gold 4s......h195-- M-S ---. 9184 0134 Oct913
1913 J -1) 10018 ____ 1001
/
4 Mehl____ 100 10014
Mil & No 1st cons 6s
00 —_ 95 95
121925 m-S --------98
Registered
1913 -p *9934 _,__ 10018 Aug'1.
Extended 4;is
1
4 _ __08% Fob '13 ___ 105 1083,
Ala Mid 1st gu gold 5s,..192 M-N 105/
105
8 151 fa;
-.1 91 —. 95 Aug '1 -__ --_ _. Chic & Nor West cons 7s 1915 -F 104 105 104
Bruns & W 1st gu gold _193
_
...,_
_
-A 96 -_-. 96 Feb '1 __ _ 96 96
__„
1886-1920
_
128
Extension
4s
-J
78_1936
gold
Say
1st
Charles &
96 96
-.gz 98 Jail'1
1880-1925 P'00/
1
4 28 8934 -921;
Registered
o1952 -N --- - 9018 igii
148c N cell gold 4s
10
Rs
83
8212 8513
04
0.34
1987 Id- m -,;,;•_. General gold 33-18
SaV F & W 1st gold 6s........1934 A..0 11812 1241212314 J'ae -18 ....---81 8134
—
'1'
4Jan
1
543
---p1987
Q-F,,,
___
...
Mity'll
Registered
----1105
4
10513
A-0
1934
1st gold 5s
79
97
975
8
9_7 081
Sale
-97
/
4
198711-N
'1
Oct
oneral 4s
---- ___
' SU Sp Oca & G gu g 45_1918 J-1 gi 100 97
_
4 Noy'll ____
3 8978 918
9014
in ing fund 6s____1879-1929 A-0 10834 _ _ _ 1113
k
0 Sale 89%
. .
Vealt & Ohio prior 3%s_ 0.925 ..1___ 10934 Aug,22
108
9014
Feb
'1.
A-0
_
90
gm;
8612
1879-1929
Registered
Q.
2
a
, Registered
-h1925
Sinking fund 5s__1879-3929 A-0 104 r _ 104 Feb '1 ____ 104 105
957
, iii 0434 9771
Gold 4s
h1943 A-0 94% ''Etle 9134
97
1879-1929 A-0 104 1041-2 10458 Oct '1
Registered
•
Registered
h1948 Q-J -,._. 9612 97 Feb '13 __ 97 9711
.. 103 103
94 159g 93
1921 A-0 - — 103 103 Jan '1
Debenture 5s
94% Sale 9334
20-yr cony 43-s (wh iss)__1933 _
_ _
1921 A-0 --------101 Dec '12
Registered
itte June 1st gold 6s____1922 .1---J- ____ ..„„..112 Jan '1 ___ ____ _
1933 M-N ___ 107 107/
1
4 Mch'13 ___ 10'7 1074
Sinking fund deb 5s
June 8c M Div lst g 3021925 M-N -, 8712 8712Jan '1 ____ 8712 -891,
Aug'11_
4
1078
105
—
•
0014
-N
833
4
Registered
193$
8
,
89
I. L it & W Va Sys ref 42..0941 31-N ;58'4 --_,. 89
1 12114 III%
411-4 ____ 12114 12114
From Elk & Mo V lst 05-1938 A89
3 15* 001,
outhw Div 1st gold 3;45_1925 J,..„- 883-4 89
75 -___ 9012 Sep '09 __-_
mu - - 101 Jan '13 ____ 101 101
Man G B & N W 1st 3;is 1941 J-.
Cent Ohio R 1st c g 430_1930 M,..
J'ne'l
Milw&
S
L
1st
gu
3;0_1941
J10e12
___.
A---107
1 Lor & W con 1st g 5s__1933
NO- 11112 1111* afa'rfi ____ Hi' fail
,
MU L S & West 1st 8s 1921 MDilonon River 1st gu g 55_1911) F-A 10212 - - - - 10214 Inc'12
-----------Ext & imp. s f gold 5s 1929 -A 10014 - - __ 10714 Feb '13 ..... 10714 10714
--1
4 _,,, - 10834 Nov'12 ......
• Ohio River RR 1st g 5s___1936 J -D 100/
__ 1141
/
4 Feb '13 ___ 11418 11414
114
-S
6s-192
Ashland Div 1st
1937 A-0 ---- 10412 10512 Apr '12 ____ ____ ___.
Qeneral gold 58
_-192 J - J lips -___ 1168 May'12 _. _
Mich Div 1st gol 6s
Pitts Cloy & Tol 1st g 66-1922 A11112
93
93
Sale
- i -94
033
8
__
___
M-S
0713
.
—
0612
Oct
'12
421_1947
ls
gu
JW
Spar
&
N
—1917
Mil
1st
g
4sPitts & West
__
:'
1917 M. 109 _ _. 115 J'ly '11. ..........__
91 - - - - 91 J'ne'12
Northw Union_ 1st 7s g
Kat Isl Ry 1st gu g 4 Ws.._1943 J /
4 10914 109 Sep '12
10934 110i
Winona & St P list ext 73_1916 I-I) 10$1
Buffalo R & P gen g Os —193 M-A 108 110% 10934 Feb '13 _
I 10638 1061,
1031
/
4.— - 10414 Moh'13 __ 10414 1043 Chicago Rock Isl & Pac 86_1017 J-J 10018 10812 10612 10612
1057 MConsol 4;is
1 9534 953
9534
1917 J -J 10412 ___ 109 Aug '1U ___
Registered
1998 A-0 05 ---- 95%
All & West lst g 46 gu
02'2
W
1 9212 -I
.
Sale 9212
____
921
/
4
___
'Ob
J'ly
-J
------103
J
1988
General
gold
4s
.1-J
524_1043
g
CI & Mah 1st gu
__.
/
4 fuji
11058 1107811038 Feb '13 __ 1101
1988 J -J .„... 9314 91 Dec '12 ____
Registered
Roch & Pitts 1st gold 68_1921 I—A 11112
31
85 89
8612
._ _11178 Feb '13 _ 11178 1117
1934 A-0 86 Sale 85
Refunding gold 45
1922 J -D
Consol 1st g 68
9 86 90
8634
86
Sale
Feb
'1
48
49
88
46
38
461.
J
1932
J
20-year
--debenture_
5.13
4s___d1951
J-J
& Susq 1st reg g
___
Dec '12
Cell trust Series L 4s
1914 M-N 93 ____ 9734 Sep '11 _______ ___.
rafnada South 1st ext 6s 1913 J-J ---------100 Feb '1 ____ 100 fon
P 45
191881-N ____ 95 9434J'ne'11
191$ M-8 ---------100
2d 5s
_
__
6358 98 -6214 -663,
_
'11
-----1004Jan
Chic
2002 M-N 621 Sale 6212
R
I
&
Pac
RR
4s
,
31-S
1913
Registered
1 110 11-05
Registered
2002 31-N ------- -035 Jan '13 -___ 6358 843i
Central of Ga 1st gold 5s.._p1945 F-A 1110; 1111058 110
5 10614 109
RIJ
Liouis 1st 43s194 M-S ....: 8734 8734 Feb '13 ...... 86 873,
/
410108/
1
4 1061
• Consol gold 58
1945 M-N 1061
1
4 Feb '13 ____ 10812 1083,
Bur0 R & N—lit g 53_1934 A-0 --- 110 08/
•
Registered
1945 31-IN .10614 ..... 10614 Mch'l._ 10614 1061
— — 12012 Mch'03
1934 A-0 Registered
1st prof income g 5s____p1945 Oct --.---- 103 Deo '11 ___ __ _
- -. ---- -_-_-..:
____ ___
0 R I F & N W 1st gu5s_1921 A-0 1011; 106 10514 Sep '11 :L.
• 21 pref income g 5s....—p1945 Oct ----..— 105 Dec '11
__ ___ ___,
M& St L lstgug 78-1927 J -D .._ —.....____
. 2d prof income g 5s stamped__ _
---- ---- 98 Nov'11 ____ _____
;---- 102 Sep '12 _..... __ __.
_._ _
Choc Okla & G gen g 5s__°1919 J-.T 1001
3d prof income g 5s____p1945 dc-t- ---- ---- 107 Dec '11
195: 31-N 10058 - —. 100 Jan '13 ___106 Roo
Consol gold 5s
• 3d prof income g 5s stamped__ _ „„,...... 8518 Oat '10 _
i 98 gg
98
- s- 6
K439k & Des Moines 1st 55.1923 A-0 97 100 9$
Chatt Div pur mon g 4s1951 i -b '90 .- - - 90 Feb '13
/
4
. 1071g Jan '12 --------St Paul& K C Sh L 1st 4;01'41 F-A -___ 89 89 Feb '13.— 89 89
Mac & Nor Div lst g 5s1946 -J 1001
12114
120
119
12071
Mch'l
-----------D
66-1930
-J
J
—..........
115
Nov
'05
___
__
St
P
M
5s__..1947
Chic
&
0
con
Div
---Atl
&
Ga
Mid
_
...
/
4 Dec '12 --------_ 891
1946 J -J ---- ,,„ 10934May 11 _--- ---- --Cons 13s reduced to 3;02_1930 J -D
Mobile Div 1st g 55
4 .iiie 10012 10072 1.8 io0 2 16/7;
1030 M-S ideuDebenture 56
Oen RR & B of Ga col g 5s_1937 M-N „--- 10158 10112 Nov'12
1
4 11814 11818
1987 J-J 117/
11818
5 11818 1193
Oh St P & Minn 1st g 63_191 M-N 119 .... 11312 Feb '1 . - — 119 120i;
Cent of N J gen'l gold 5s
/
4 11734 11718 teb 12
h1987 Q-j 1181
North Wisconsin 1st 621_1930 J -J 119 ___ 12958 May'09 __— __ _
,
Registered
''' 11712 118
t-- ____
/
4 '451) '13
105 10512
St P & S City 1st g 6/2_ _1919 A-0 10812 109 um Feb '13 __ 10812 1-091,
Am Dock & Imp gu 5s _1921 J-J —._ 10512 1051
,.
,- -102
.-__
Superior Short L 1st 55-g_1930 M-S 10933 -----------------J-J
1
0
2
2
5s_1920
5y'12
Leh & Hud R gen gu g
Q-M 107 _ _ _ _ 1117 2Ich-'13 ____ 10658 107
N Y & Long 13r gong 4s__1941 M-S 98 ._,.. 10012 Jan '13 ____ 1,072 fdijI2 Chic& West Ind gong 6s_q1932
1952 J-J __ 87 8812Mch'l —__ 83 891
(Immo' 50-year 45
Clan.. Varmrali.lat. cm Et AR_ _A1920 Cl-F --- 8712 88 /doh'13 ____ sa on
U. S. Government.
TJ S 25 consol registered__d1930 Q - J
d1930 Q-J
if S 25 consol coupon
k1918 Q-F
U S 38 registered
k1918 Q-F
U S 35 coupon
1925 Q-F
U S 4s registered
1925 Q-F
coupon
48
US
U S Pan Canal 10-30-yr 28 k1938 Q-N
1961 Q-S
U 8 Panama Canal Is g
•
-...
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Intaboro Rap Pr 58 Ser A.1952 11-N 10258 Sale 10234 10314 22 1028 10458
9334 95
Mablhat Ry(NY)cons g 46..1990 A-0 „„ 941 9334 Mch'13
1990 A-0 -°434
- ___.
4 9454 Mch'13 --ai 94 951$
Stamped tax-exempt
Metropolitan Street Ry—
7.2
2002 A-0 -------- 04 May'12
.0_.
2.12;
Refunding gold 4s
.621*Jan '13
Farmers Loan & Tr ctf
5934 Mch'12
Stamped
103'if 12 iiii as;
Bway & 7th Ay 1st c g 55_1943 1-1) 102 Sale 102
7)
4
.12
le
y:1:
2 jD.e
98 1004 10
Ool & 9th Av lit gu g 5s_ _ 993 U6.
i
:
T4.
1.
.
Ii.
3o.
...... 100% 101 reb '18
Lox Av Sr r lit gu g 5s_1993
Third Ay Itlt cons gu 4s.2000 J-J ---- ---- 74 J'iy '12
Central Trust Co certifs
74 Nov'12
Cent Tr Co ctfs stamped.._
iiiiii
.i?-143.4 107 107
Third Ave Ry 1st g 5s____1937 "i-U Mi
9312,117 '06
.......El
(Chic)
4s_1938
1st
g
S
F-A
W
Met
.12
1
(3I
1. 8
O4:
1-04 g
Milw Bloc Ry & Lt cons g 531926
Refunding & exten 4;-i s__1931 J-J
—_ ---- 102 Nov'12
Alinneap St lit cons g 5s_ _1919 J -J ---.13 No price Friday', latest this wee1c. d De April. e Due May. It Due July. k Due Aug. o Due Oct. p Due Nov. q Due Dee. s Option sale.
Street Railway
Brooklyn Rapid Tran g 55_1045 A-0 11)1 10212 10212 Mch'13
11)214 10314
881 223 8812 9238
1
4
8678 Sale 80/
1st refund cony gold 4s_ _ _2002
_ 10214 10113 Feb '13
101 19212
Bk City 1st con 58.. A916-1941
9812 98 Jan '13
Bk Q Co & S con gu g 53_1941 M-N
98 08
98/
1
4Dec '12
Bklyn Q Co & S 1st 5s__1941 J-J
Bklyn Un El lit g 4-53_1950 F-A iOö
100
ioF Riff:
100%
Stamped guar 4-55
10054
10058 10154
1950 F-A 100 10034 100%
Kings County El 1st g 48-1949 F-A
3/
1
4 — 8312 Dec '12
81
Stamped guar 48
84
"Or 80
1949 F-A
Nassau Klee guar gold 48_1951 J -J
77
77
77 78
258 10178 J'ne'12
Conn Ry & L lst&ref 5g 4jis '51 J -J _ _ 117
9914 997
1951 j
9914 Feb '13
99 —
Stamped guar 4303
74
78 7814
3 73
et United 1st cons e 410-1932 J -J
g
'12
1st
M-S
Tr
Apr
&
Lt
93
Smith
1z
Ft
J-D 9812 _ 100 Sep '12
Rapids Ry 1st g 58-1916
5s._1936rand
98 98
avana Bloc coosol g 5s_ _1952 F-A —
98 98 Feb '13
nterboro-Metcop coil 4A s_ 1956 A-0 78 Sale 7712
79 406 7712 8114
1
1
;
....
92 1
"
1
4
....
,
..1•411
i ioi7
2
.....1.
776
New York Bond Record—Continued—Page 2
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 14
Price
Friday
larch 14
reek's
Range or
Last Sale
Range
Since
Jan. 1
bl
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 14
14
51
.4,
xcm
Price
Friday
Ifarch 14
feet's
Range or
Two Sale
Range
Since
Jan. 1
Bid
Ask Low
111gh No. Lew High St P M & M (Continucd)—
Bid
A 3A Low
IIigh No. Low Illgh
Cin II & D 2d gold 4%s..___1937 J -J
9612 10114 10034 Oct '12
-- —
Mont ext 1st gold 4s_ _ __1937 J -D 90 07 96
06
1 951/8 96
1st & refunding 4s
1959 J -J
td12 _
Registered
1937 J -D_ _._ 9534 98 J'ne'11
1st guaranteed 4s
1959 J -J _01 864 J'ne'12
Pacific eat guar 4s L
1940 J -J _ _ ..
Mch '11
023
8
Cin D & I 1st gu g 5s_ _1941 11-N 6i14
9934 Feb '13
6634 1631-8
E Minn Nor Div let g 481048 A-0 92 97 97 Sep '12
C Find& Ft W 1st gu 4s g_1923 Al- N
88 Itch'!)
Minn Union 1st g Gs_ __ _1922 J -J 111 .... _ 11414 Sep '12
Cin I & W 1st, gu g 4s_ _ _ _1953 J - J
8834 -__ 8634Feb '13
8634 -g63-4
Mont C 1st gu g Gs
1937 J-J 123 _ ._ 12412 Feb '13
Day& Mich 1st cons 4 A s_1931 J J 084
Registered
1937 J-J 12113 __ '13614 Alay'06
---Ind Dec & W 1st g 5s_ _1935 .1 •.1
_ _ 104 ioi1st guar gold is
-___
1937 J -J 10813 10912 109 Dec '12
1st guar gold 5s
10712 Dec '02
1935 J
Registered
1937 J -J 107 111
Cleve Cin C & St L gen 4s_ _1993 J
0014 924 901.1
1 0014 9233
Will & S I.' 1st gold 5s__ _1938 J-D 10812 _ _ __ 110 - Feb
9014
- -;13
- :::-.. HO'- fir
20-yr deb 43s
____ 90 9113 Mch'13
1031
9118 9p8 Gulf& 8 I 1st ref& t g 55._b1952 J -J 9112 03 9334 Jan '13 ___ 92 95111
Cairo Div 1st gold 4s
90 Sale 90
1039 J J
110
3 90 90
Registered
b 1952 J -J
Cin NV & M Div 1st g 4s.1991 J
- owl 8914 Feb '13
8914 89.4 fib& Val lst cons g 4%s 10
99
00
9 .J.1.
-1
1
St L Divlst coil tr g 4s
1990
90 91
N 00 01 90 Mch'13
li Registered
i
l6
06
--..--_:..-- 9-10 - 10
60 2Sep
iii
'
5
08 -27.1. ..6_6_-_ 1_6_1.
.-8.--4
Registered
01 Oet '07
1900 Ai- N
Col & 11 V 1st eat g 4s_ _ 1948 A-0 92 ___ 92 Feb '13 ...____ 92 92
Spr & Col Div 1st g 4s_ _ _1940
88 90 Deo 11
S
_
COI& Tel 1st ext 95
1955 F-A --------923
..
4 Mch'13 ........- iio
9iii
2
:
:
3:844 i..92733:4
4
W W Val Div 1st g 45_ ....1940 J -3
91 Apr '12 _.
Hopus Belt & Term 1st 5s__ _1937 J -J
10014 Dee '12
C I Sta.& C censor Gs_ __ _1920 11-N 10478
10514
1 1E6; iogI4 I /11nois Central 1st gold 45_1951 J -J -0.97-13 ---___ 11000234 p
10514
n 13
1
lat gold 4s
k1936 Q- F 90 ___ 9712 N.ov 12
I Registered
Sep
1951 J - J .___ ._..
Registered
_
k1936 Q-F
96 J'ly '12
lsitegi
t golst3
r3i
eds
8878 Feb '13 ____
1951 J-J
Cin S & Cl con 1st g 5s_..1923 -3
10718 J'ly '12
- 11:
__... 8
2 Feb '13 ..:______:
08
3,
12
.
1951 J-J .
— .--_-..:
..88:
:
1 3_.
87
0 C C & I eonsol 7s
1914 J-D _— 105 105 J'ne'12
Extended 1st g 3Jis
1951 A-0
Consol sinking fund 75.._1014 -D
Registered
.-.. ---- --1951
A-0
General consol gold 6s 1934 J -J 120 KIJ 120
120 120
120
1st gold 3s sterling
1051 ni-s ;6412:;;- -io - J.Ii-o5
1934 J-J
Registered
Registered
Ind B & W 1st pref 4s
1940 A-0 t5E
94 J'ly '08
Cell trust gold 4s
-661;
1952
1M
A-O
S *-0412
- _ 9334- -tiliii Mch'13
0 Ind & W 1st pref 5s___d1938 Q-J
Registered
1952 A-0 _ __ 953-4 9514 Sep '12
Peo & East 1st con 4s___ _1040 A-0 _ _ 92 8814 Jan -i5
-lig); -ill
1st ref 4s
64 04 06
1955 14-N 94 Sale 94
9414
Ineome 4s
1990 Apr --__ 45 434
7 4314 4934 Purchased lines 3Jis
44
83 83
19
105
53
2 .1J
84
m.- N - .
841 0
378 Feb ;13
_ - 0
3
Col Mid and 1st g 4s
4 29 3614
1947 J -3 29 Sale 29
29
L N 0& rex gold 4s
___ _
0178 0614
Colorado& Sou lst g 4s_ __ _1929 F -A .---03 , 93
9 9234 9178
93
R egistered
1953 NI- N _ _ _ 93 0484 Jan '11
Refund & eat 43is
1935 51-N 9112 Sale 9112
Cairo Bridge gold 4s
9234 15 0112 914
1950 J -I)
9478 J'ly '12
Ft W & Den C 1st g 6s_ _ _1921 J 10614 10712 108 Mch'13
10712 103
Litchfield Div 1st g 3s
1951 J -J -_ T:.: -ii1-8 7518 Nov '12
Conn & Pas Rive 1st g 4s.._1943 A-0
- ---Loutev
rteguterd
Div&
e Term g 3As 1953 J-J
74 84 85 Oct '12
Cuba
1st 50-yr is g 1952 J -J ---id(T - M
1953 J-J ____ 84 83 Aug'I2
-el Lack & Western—
Middle Div reg 5s
1021 F-A --------123 May'99
I,
el Morris & Essex lst7s..1914 31-N 10234 -- 10278 Feb '13
10234 10313
Omaha Div 1st g 3s
1951 F- A 68 - _ . 7513 Aug 12
1st consol guar 7s.__ _1015 J-1) 10512 Sale 10513 1054
10814 10512
St Louis Div & term g 3s_1951 J-J 68 77 7512 Mch'12
Registered
11138 Dec '1 —
1915 J-1) - Registered
1951 J-3 . . 72
lst ref gu g ”is
90 Mch'12 - -2000 J -D
Gold 3-s
1951 J-J 'ii .- -- -t181-30ci-'1'2
N Y Lack & W 1st Gs_ _ _ _1021 J -3 110 ii67-8 11038 -11034
2 6103811138
Registered
1951 J-J ---- --- 10118Oct '99
_
Construction 5s
1923 F- A 102 105 10138 Feb '13 --- 104410818
Spring Div lst g 3Ms
1951 J -J ___ -- 100 Nov'00
9634 9714 9634 Feb '13
Term & Improve 4s.. _ _ _1923
9018 0631
Registered
1051 J -J
Warren 1st ref gu g 3 As 2000 F- A
10218 Feb '03 _
Western lines 1st g 4s_ _ 1951 F-A -di - -(4
- -1.
'
12 -67
3
i - Fe1)'
-64
Del & Hud 1st Pa Div 7s1917 11-S 11038 h105 11(134
11038 Mch'13
Registered
1951 F-A
01
...._
Registered
1917
149 Aug'01
Bellev & Car 1st Gs
.....—.
-------'10
111ay
.
11712
10-yr cony deb 4s
1916 J -D 07 Wale 9638
4 98
32 -66197
Carb & Shaw 1st g 4s_
23
2 11.11-1
9412J'iy '12
19
93
let lien equip g 43.s
9978 100 Mch'13
1922 J -J
9934 10113
Chic St L & N 0 g 5s
i111314 N o v.12
- Sale 9734
1st & ref 4s
1943 :11-N 9734
9818 41 9734 9913
Registered
llil 114 I'e b'
-:i
---D
1
J
1
9
9
11
5
Alb & Sus cony 3Y6s
. 8838 8778
1946 A-0
8778
2 8778 8834
Gold 3Ais
1951 J-D -------- _52.1i0
90 Ac
u..g
t..:1
0:
_ 12112 May'12
Rene& Saratoga 186 7s.._1921
_
Regiqtesecl
1951 J-D
Deny & R Or 1st con g 4s_1936 J-J 111128538 k
8534
Memph Div 1st g 4s_
8612
1951 J -I)
7 -tiE3-4 89)
Consol gold 43is
92 9538 93 Feb '13
1936 J -J
93 9578
Registered
1951 J-D - --- -Improvement gold Os..
1928 J -1) 95 9812 9714 Feb '13
St L Son lst gu g 4s
9714 99
1931 NI- S -_----: -di1-2 -ii- J'Iiiiii
1st & refunding 5s
1955 F-A 80 814 8078
8114 12 8073 8414 Ind Ill& la 1st g 4s
1950 J -J 01 9434 9378 Mch •13
038 937
Rio Or June 1st gu g 5s......1939 J -0
- - 109 Dec '12 _ -.
hit & Great Nor 1st g Cs__ _1919 NI-N ..... 107 10633 10633
10638 107
7712 6112 Apr '11 _
Rio Or So 1st gold 4s....,,_1940 J -J
Iowa Central 1st gold 5s
97 9938
1938 J -I) 94 96 97
97
Guaranteed
85 Meh'08
1040 J -J
Refunding gold 43
1951 11-S 8012 Sale 60
6034 12 00 644
Rio Or West 1st g 4s
1039 J - 3 -654 8511 8334
5334
2 834 -8-51-4 1 amestown Franklin &
_ 80 80 Feb '13
Mtge& col trust 4s A_ 1949 A-0
80 81
*3 Clearfield 1st 4s
93 94
1959 J-D _ _-. 9378 93 Feb '13
Utah Cent 1st gu g 4s_a1917 A-0
Van City Sou 1st gold 3s_ _1
97 Jan '08 -7112 7113
10
950 A
.
-0 ---- 71 7112 Feb '13
Des Mel Un Ry let g 5s_ _ _1017 14-N
110 Sep '04 ---13.- Registered
63 Oct '00
Det & Mack 1st lien g 4s_.._1995 J -D 88 00 92 Nov'll _- ---- ---Ref & impt Os
10 0713 99
Apr 1950 J-J -di1-2 -Iii- 9734
98
Gold 4s
1995 J -I)
87 Dec '12
ICansas City Term 1st 4s
0334 9614
1960 J-J 93 9312 9334 Feb '13
Det Riv Tun-Ter Tun 4As_1961 M-N ___ di 094 Feb '13 _- -013-4 -663; I ak
105 10813
2e
dEgro
lm
10413 10512 105 Jan '13
e &OW
s 1st g 581937
—
J4
Det Tar I-0 S Div 1st g 4s 1941 31-S __ 0212 75 Feb '12.100 10234
1941 i:•,11
8 Feb '13
01:4
3142 102
10414 105 Sep '12 ._
Dul Missabe & Nor gen 5s..1941 J -J
North Ohio 1st gu g 5s_ _ _1945 A-0 __ __ 102 10414 J'ne'12
Dul & Iron Range 1st 5s_ 1937 A-() idd 10112 100 Feb '13
idd 100
3 idi7-8 10414
Leh 'Vail N Y 1st gu g 43-s_1040
:: 173
J..
J.-J
1040 .
J
Registered
1937 A-0 - - - - - - 10612 Mch'08 Registered
1044 May'12
_
2d is
- _
104 Feb '11
1916 J -J
_ _ . -tif - 95)3 Fob '13
Lehigh Vail (Pa) cons g 4s_2003 AlDu So Shore& At g 55_
-10338 Feb '13 _ _ 1.616-3 10338 Leh V Ter Ry 1st gu g 5s_,.1041 A-il 1091 ___ - 110'8 Feb '13
1937 J -J
Vigin Jot & East ls; r: 5s 1941 M-N
110 Aug'12
Registered
1941 A--- -_ ----11118 Dec '11
Kdrie let consol gold
11314
11314
J:j 10512
4 113'* 115
_j
933 J
Lek Val Coal 001st gu g 5s..1
11-S
-...—
10
Mch'13
N Y& Erie 1st ext g 4s...._1947 111-N
10112 J'ne'11 -_ 1—2__
05—
2d eat gold 5s
1919 Ni-S -_-_-_-_ 103 103 Feb '13
idi 103
1st intte;eluced to 4e
1933 J-J 924 --- __
3d eat gold 40
9934 Oct '12 __ _ _
1923 31-S
Leh & N Y 1st guar g 4s
1945 NI-S 85 - --- -03- J'n-e-'15
4th ext gold 5s
1920 A-0 102 104 103
103
2 103 i31
Itmlstered
1045 NI- S
5th eat gold 45
1928 J -1) 92
100 Jan '12 _
El0 & N 1st prof 65
Hifi F6-'10
1914 A-0
*113
NY LE& Wletgfd 7s 1920
J'ne
11534
'12
Os
Geld guar
S
1914 A-0
103 Men'12
Erie let con g 9s prior
1996 I - J 85 Sale 85
85
2 8434 -if - Long leld let cons gold 5a_h1931 Q-J _ _ 112 107 Mch'13
- 8512 85 Sep '12
Registered
1996 J -J
let consol gold 4s
6612
31031 Q-J
9614 51eh 12
1st consol gen lion g 4s_ _ _1998 J -3 74 Sale 74
74
General gold 4s
3 74 70
1938 J -D *9112_ 03 Feb '13
.. 74 77 Apr '12 _
Registered
1996 J J
Ferry gold 434s
idd 9614 Nov'12
1022 31-S _
Penn coil tr g 45
1951
_ 97 0914 Oct '06
8914 29 894 90
004 4s
A id 8914 894
1932 J-D
50-year cony 4s A
1953 A-0 76 78 7934 Mch'13 _
Unified gold 4s
79 8214
1949 M-S 89 oo 89 Peb '13
do
Series B
1053 A-0 7012 Sale 6938
72 178 6918 771
Debenture gold 5s
10412 Dec '08
—
Buff N Y& Erie 1st 7s
1916 J -D -- 10934 110 Apr '12 __..
Guar ref gold 4s
39
4 M-S
j-1-1
194
- - 9312 9434 Mch'13
, Chic & Erie 1st gold 5s.._ _1982 14-N ____ 10912 1104 Fob '13
Registered
95 Jan '11
1940 111-S
111 1101k
10912 109 May'12
. CleV & Mahon Val g 5s_1938 J -J
N Y B & M B 1st con g 55_1935 A-0
_
11014 Nov '08
' Long Doc,k consol g 6s_ 1035 A-0 1E3; _ _ _ 12238 Mch'13 _- iii5NY&RB Istg 5s
192714-S 10313 idd3-4 103 Jan 13
8 123
Co & RR 1st cur gu 6s1922 31-N
106 Deo '12
Nor Sh 13 let con g gu 58_01932 Q-J 103
10414 Deo '12
101 10012 Jan '13
Doc & Imp 1st cur 6s
1913 J-J
1927 M-S 03 941; 03 Feb '13
i(561-2 Louisiana & Ark 1131. g 5s
N Y & Green L gu g 5s
1946 MN 103)2 109 10312 Aug'12
Louisville & Nashville—
_
NY Sus & W 1st ref 5s__ _1937 J -J
10034 10038 Feb '13
112 112
112
1930 J-D
General gold 13s
id6- 10112
2d gold 4As
1937 12-A 8212 90 10014 Dec '06 _
111
111
1,937 M-N 10713
Gold 5s
General gold Os
-- 87 85 Feb '13 _
1940 F-A
913-4 9534
0534
1940 J-J
Unified gold 4s
85 —8634
Terminal 1st gold 55
10312 10738 Feb '13 ____ 10738 108
964 Sep '12
,1943 31-N
1940 J-J
Registered
, Mid of N J 1st ext 5s
10638
1940 A-0
10633
Collateral th
gold 5s-1931 NI- N 10514
trusttg
Ei
---- 11112 May'12
Milk & Ea 1st gu g 5s_ _1942 J -D --- 9812 99 Feb '13
_
11012
11.1.1-2
Deo '12
1919 J-I)
ikNash
-id- -di_ 108 106 May'12
By & Ind 1st con gu g 6s _1926 J-J
10434 May'12
Evans & T H 1st cons 6s_1921 J -J 107 i.66 110 Jan '13
12014 Mch'13
J1'N
30 f%.
J
1931
idi 110
gold
1d4as
exg;o
1st general gold Os
1144 Feb '13
1942 A-0
,4
1930 3
9873
N 0& M 2d gold 6s
ova 9873
0873
Mt Vernon 1st gold 6s
1923 A-0 - - - 04 Oct '12
108 Nov'll _- - - Paducah& Mem div 4s__ _1946 I- -4_
Still Co Branch 1st g 5s
1930 A-0
10534 Mobil
95 J'ne'12
Pensacola Div gold 6s_
1920 M-S
-ski- )55- 94
'Merida E Coast let 4 Ms_1959 J
94
4 -94 9634
St Louis Div let gold 6s 1921 31-S
11212
'12
-I- ort StU D Co lstg 43,0_1941 J-J
92 Aug'10.— 6938 Sep '12
2d old 3s
1080 111-S
-fi 74
Pt W & Rio Or 1st g 4s...
74
1 74 76lj AU
1928 J-J
1055 31-N
ox & Cin Div 4s
9114
9114
_ 100 Mch'13
al II & /I of 1882 1st 5s 1913 A-0 166Imo loola
Atl
111 Jan '1)
ox & Nor let g 5e 194 J-D
rest NorthernHeader Bdge lets f g Gs 1931 NI-S
196 Apr '11
0413 Sale 934
0 B & Q coil trust 9s
9433 367 931a 9614
1921 J-J
1987 J-J
Kentucky Cent gold 42;
91 Mch'13
9312 Salo 934
Registered h
0312
8 9312 06
1921
10314 Fob '13
1,83 N 83 NI & M 1st g 4j-is 1945 NI- S
1st & refunding 43., is ser A 1961 971 9918 Sale 994 100
4 9913 10013 Lk N-South 31 joint 4s 1052 J-J
8734 Fob '13
Registered
_
1952 Q-J
1961
Registered
05 Feb '05
0612 -- 98 Mch'13
St Paul M & Man 4s
1033 J-J
98 9814
1037 F-A
100l Oct '12
N Fla & S 1st gu g 5s
let consol gold 6s
3 12114 12413
1933 J-J 12112 Sale 12113 12112
N & 0 Edge gen gu g 4 Me 1945 J- J
1011i Jan '13
1194 Sale 11914 1194
Registered
1 11914 11914
11014 Oct '12
1933
1921 F-A
Pens & Atl let gu g 8s
101 10484 104'z Jan '13
Reduced to gold 4 is_1933
10913 J'ly '12
S & N Ala con gu g 5s
1036 F-A
103410412
Registered
10834 J ne 09
1933 J-J
_ L & Jeff Bdge Co gu g 4s...._1045 31-S 8514 -- 9114 Men'12
MISCELLANEOUS BONDS—Continued on Next Page.
-•
• _
BR
D
n-N
-
li-73.'neMist
LI
G
Street Railway
New On Ry & Lt gen 4 148_1935 J -J ___ 8712 8534 Feb '13 __
NY Rye let.E& ref 4s temp J -J
7533 136
7514 Salo 75
3o-year adj Inc 55
5812 707
1942 A-0 5778 Sale 5753
Portland fly 1st & ref 5s
1930 M-N *101 ---- 101 Jan '13 —__
Portland fly Lt & Pow 1st
& ref cony s f 5s
1942 F.A _
95 96 Feb '13
Portland Gen Elec 1st 5s..1035 J J
St Jos Ry L.II& P 1st g 5s 1937 11I-N
98 No-livoi
St Paul City Cab cons g 5s_1937 J -J •iOdfs
10312 Feb '13
Third Ave 1st ref 4s
1960 J- J 8018 Sale 80
8012 88
Ad) Inc 5s
algae A-0 71 Sale 7013
7314 146
Tr -City Ry & Lt let s f 5s_1923 A-0 974 98 98
1
98
Underground of London4lie
1933 J -J 034 Sale 9313
0312
Income Os
1948
88 90 91 Mch'13
Union Elec (Chic) 1st g 5s_1945 A-0
-- 84 Oct '08
United Rye Inv let lien cold
trust Os Pitts issue
1928 111-N 7313 7412 73
75
2
*No price Friday:latest bid and asked this week. a Due Jan.
Street Railways
85 8534 United Rys St L 1st g 4s..._1934
75 79
St Louis Transit gu 5s_ _1924
57 6018 United RRs San In s f 4s_11127
101 101.
Va Ry & Pow 1st & ref 5s__1934
J -J
A-0
A-0
J-J
7312
73)2
- 83 Nov'12
6314
6212 Sale (3212
90 95 Jan '13
2 7314 7334
12 C2' 67Eli 95
Gas and Electric Light
96
_ Atlanta G L Co. 1st g 5s___1047 J -D
i661-2
Bkiyn U Gas 1st con g 55_1945 31-N
103)2 1(35.12 Buffalo Gas 1st It Is
51 Oct '12
1947 A-0
80 8233 Columbus Gas 1st g 5s
7 J -J
1932
7012 7673 Detroit City Gas g 55
100
loci 1923 J -J
0712 9912 Det Gas Co. con 1st g 5s
9558 Sep 08
3 14- A
1918
Det Edison 1st coll tr 5s
10114
10114
1033 J -J
9318 9534 Eq GLNY 1st con g 5s-1932 31- S
10612Oct • 12
90 9312 Gas & Elec Berg(Joe g 5s,.1940 -D
100 Feb '13
12- A
- Or Rap G L Co lst g
100 Oct '00
Hudson Co Gas let g 5s
1949 31-N
10313 Mch'13
Kan City(Mo) Gas 1st g 5s 1922 A-0
76 83
0812 Sep '12
5 Due Fob. d Due April. /1 Duo July. k Due Aug. o Duo Oct. 3 Option sale. •
95
3IAR. 15 1913
777
New York Bond Record—Continued—Page 3
_
t'13
BONDS
N. Y. STOCK EXCHANGE ..esi:
Week Ending March 14
Price
Friday
Warch14
Week's
Range or
Last Sale
1
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 14
41.
Price
Friday
farch 14
V eck s
Range or
Last Sole
Range
Since
Jan. I
cot%
A sA Low
Big No. Low High
Bid
High No. Low High NYC& H 11—(Con)—
Ask Low
Bid
9714 16 9712 9814
4
/
4 9712 971
/
951
__ __
West Shore 1st 4s guar_ __2361 J -J
__
_ _
___ ____
__
111-N
4s_1936
lines
RR—Sou
95
9512 26 95 9712
93
anila
J-J
9512
2361
1%11
,
Registered
___ 2612 Apr-'09 —
—
10012,1'1y '11 ....•
-J
lei oilcan Cent inc g 3s tr rects_
J
e6s
1932
4
tr
eg
Lines
Cent
Y
N
-, ----. ------- ----0
1917 A--Equip Ss coil g 5s
&
Rant—
Haven
N Y New
___ .... 7 Meh-'10
11-S ---------7
8714 891s
1955 J-J ___ 8818 5878 Feb '13
Mex Internet 1st con g 4s 1977
deben 48
Non-eonv
79
—...
Nov10
—
881:
1977
S
618814
_ 8634 23,114 Feb '13
hi
Stamped guarenteed
Non-cony 4s
;2412
1927 J-D
8334 15 83 87
man & et L 1st gold 7s
82 83 83
11995566
onv debenture 3%8
_
11012
108
_
'11
Aug
___
A-0
1921
6s
126
120
67
gold
120
122
1st
120
Sale
Hit
Pacific
1948 J -J
Cony debmtUre 6s
15 94 100
95
98 94
1934 M-N
9914 Nov 12
1st consolgeld Ss
Harlem R-Pt Ches 1st 4s_1954 M-N
6012 10 5912 6278
t Si- S 0012 Sale 5912
9912 J'ne '12
lst and refund gold 4s.._ _ _194
& N Y Air Line lst 4s_ _1955 F.-A
____
____
Dee
____
7914
'12
81
___
_
J-J
1935
_
4s_
gu
1st
4
D
9014 9014 Mch.1%
61-4 -91117
J-J
Dee M & Ft
4s_1961
gu
1st
Eng
New
gent
97
95
951s
---9512
9614 MOIA'18
110 110
1938 J -J
110 Feb .13
14
116
11-N
_1937
_
M StP&SSM con g 48 int gu 1941
Os_
g
cons
R
cnisatonlc
9814
953
N1- l's, *95 _...__ 971411W12 ____ ---4
15
Sale
8
957
4
4
953
953
1st Ohl° Terml s f 4s
-J
1
NYW'ches&B lst ser I 4%s'46
_ 0114 Mar12
1
107 Aug '09
M S S & A lat g 4s int gu..1926 J -J
N H & Derby cons cy 5s_1918 M-N
Mississippi Central 1st 5s_ _1949 J -J -------. 98111feh'1l 15 90
New England cons 5s_ __ _1945 J -J
0214
9514
_
-gal; Mcli 12
Mo Kan& Tex 1st gold 4s_ _1990 J D 9114 Sale 00
Consol 4s
2 7812 8114
7812
8178 8314
8314 Feb '13
0990 F- A 7814 79 7812
j
2d gold 48
947 MN
1955
Providence Secur deb 4s.. _1
90 9212
'13
1944 II- N 9712 100 9858 Feb '13 __ 98 99
Alch
90
90
1st eat gold 5s
88
81-S
1 7412 7712 NY 08c W ref lstg 9s____p1992
7412
2004 II- S -_,... 76 7412
9212J 'Ile'12
1st & refund 45
Registered 85,000 only_p1992 M-S
84 85 8514 Feb '13—_ 84, 87
87 -668-2 8958 Feb '12
Gee sinking fund 4%s__ _ _ 193 i J -J
General 4s
-_
4
4 -0919814 20 0819812
St Louis Div 1st ref g 4s...2001 A-0 -_.- 7712 77 Dec '12 —. _.—
9844
Sale
j
F
1
965
195
_ fi
. Norfolk Sou lst& ref A 58_ _1
1940 M-N 97 ___ 10478 Sep '12
Dal& Wa 1st gu g 5s
1941 M-N 10212 _ _ 10214 Apr '12
Norf& Sou 1st gold 5s
"if7; a
8778 Feb 13
119 120119
1990 P-A
119
Kan0& Pac 1st g 4s
Sale
119
M-N
1931
6s_
gold
gen
West
Norf&
123 123
123, Jan 13
Mo K & E 1st gu g 5s__1942 A-0 10312 10414 106 Feb '13 __ 106 108
Improvement& ext g es_ _1934 F- A
12034 12034
M K & Ok 1st guar Ss__ A942 111-N -,— 10e14 104 Jan '13 ____ 104 10412
1st gold 68_ _ _11132 A-0 11a - 12134 12034 Feb '13 15 9512 99
9912 10114 New River
9558
9512
M K & T of T 1st gu g 5s_1942 11-S 98 10014 100 Feb '13 ____ 103
9512
Sale
A-0
4s_1996
g
By
1st
cons
W
&
103
N
- 102 103 Jan '13W'11
Jan
98
Sher,Sh & So 1st gu g 5s 1942 S-i)
Registered
Loli2Mch'13 .__. 10112 10112
3 91 9234
91
J -91 - gale 91
J:O
4A
96
Texas& Okla 1st gu g 5s_ _1943 11-A jai 10112
Div'l 1st 1 & gen g 4s_ _ _ _199 4
:
10518 16 10e 1061
10414 Sale 104
10512 26 105 11278
Missouri Pac 1st cons g 6s_ _1920 M1932 J-D
- 105
10-25-year cony 4s
9834 15 9814 100
9814
10912 11112
'13
Feb
10913
foi
10412
11.Trust gold 5s stamped...a1917 M-S 9812 9912 07
1932
10-20-year cony 4s
May'12
a1917 lke-S -,..,- - - -,_
10278 Sale 10234 10312 330 10234 107
Registered
Convertible 4 Ms(wh.ls.)1938
9712 28 97 668;
8912
5 88 92
88
8912
1920 F-A 97 9718 97
88
J-D
1st collateral gold 5s
_1991
4s_
joint
0
0
&
Pocah
.
-id. --- 10514 10534
10524 Jan '13
1920 F-A Registered
66.3- 13
00& T lst guar gold 58_ _1922 J-J _ _ 106
7
7 'gale 64;
94 9538
_ . 95 Feb '13
1945 se.s 61;
40-year gold loan 48
Selo V & NE 1st gu g 48_ _1939 M-N
9612 9612 May'll ------------_
8 97 983s
9714
97
97
0613
Q-J
4s
1997
ad7s extended at 4%___.1938 111-N -„.
g
1
prior
88 Northern Pacific
5 i
8614
86
Sate
97
973s
s
M
'13
11-S
97
Feb
1959
1997 Q- J.
1st & ref cony 58
Registered
10 91 9184
91
91 Sale 91
6034 23 6618 6814
-661-2Sale 6618
a2047
Cent Br Ry 1st gu g 4s_ _ _1919 F-A
General lien gold Is
81 Dee '12
68 68
-,—
661,
---____
13
J-D
68
Jan
1948
4s
g
1st
P
Cent Br U
Registered
-110 Mott'lit
9214 9212
_ 9ais 9212 Mch'13
J
7Q
46
09
1°
Leroy & 0 V A L 1st g 5s_1926 J -J ------St Paul-Duluth Div g 4s_a_2
9212 938 0318 Mch'13 ___ 9212 03.12
10112 Oct '12
Pac R of Mo 1st ext g 4s_ _1938 F-A 1031s
Dul Short L 1st gu 5s_ _ _ _1916 M-S 11112 lid. 113
113
103 Nee '13 ____ 103 103
__
113
9
J-J
113
58_1938
gold
2d extended
St I'& N P gen gold 6s___1923 I,- A
26 103 106
104
103 Salt 103
11034 _ _ 116321Aug
Bt L Jr M & 8 gen con g 5s_1931 A-0 --------104 Oct '12 _ _ __
_
Registered certifica tes _ 1923 Q-F *109
12
Jan
107
_
_
_
F-A
Gen con stamp gu g 5s_ _1931 A-0 81 Sale 81
5s__1931
1st
gess
St Paul & Duluth
2 231
81
Lail; faili;
— _ 1021 Jan '13
1917 A-0
Unified & ref gold 4s__ _ _1929 J-J
_
2d 5s
'12 ____
94 Joe .2
1929 J-J_ 8014 - _.•. 8078 Oct
Registered
1st consol gold 4s
8214 Mob'13 ____ Et, 831,
'1
Apr
111N
93
88
Riv & G Div 1st g 48_.__1933 M-N 8272; 8312
D
M
:
J.
()
8
_1919
_
_
Wash Cent 1st gold 48_
96 Jan '13 ___ 90 96
11
Verdi V I & W 1st g 5s.1026 M-S' ---- - - _;117 Mch'13 ___ 11633 11714 Nor Pae Term Co lst g 6s_ _1933 J-J 11078 11214 11138 Feb '13 _
15814
9034 27
90 9034 9014
Mob & -Ohio new gold 6s__ _1927 J -1) -- -- 1165
Jan '13 ____ 11234 11234 Oregon-Wash 1st & ref 4s 1961 J -J ____
101
90i1f41143
1
i
1U08
9912
'13
Feb
10012
1st extension gold 6s___h1927 Q-J*-_,„- 11212 11284
8
J-D
957
5s_
_1946
g
pacific Coast Co lst
4 Feb '13 ____ 54.434
843
-„
tics
2.1-$
1938
General gold 4s
ennsylvania ER____ 10812 Hoz
10114 10114
1947 FA 108 , 110 10813 Fob '13
m-s ____ 101 10114 10114
Montgom Div 1st g 5s
3 ht-N
19
192
1st real est g 4s
8578 Dec '12 81 ____ _ __ _
8784...,
—__ 107 110 Mee '12
St L & Cairo coll g 4s_—_e1930 Q-F 1
Consol gold 5s
ch
25,N
mo
y12 ___ _
90
8 10
234
005
19
8
j3
6
2 1661-2
-J
16612
J
1931
10012
4s
10012
gold
Guarante..ed
1943 et- N
Consol gold 4s
'13 ._ ._ 10012 101
9678 121 003 9712
ki ashville Ch & St L 1st 78 1913 J -j 107 10712 107 Mch'13 ____ 107 108141 Convertible gold 3Ms_ _01915 J-D 9658 Salt 9858
97
_
._••
97
1928 A-0
MO
'13
N
J81-D
Al 1st consol gold 5s
5
8
1
19
0194
Registered
11114... 111 Jan '13 ___ Ill III
37 4.
214
114 19
09
9
09
10134 21 19
Hi- hill; 10134
Jasper Branch lst g es_ 1923 4-J --.._s_11J
..
5
,.,
Consol gold 4s
10
1.
051
1.
Jan13
_ . _ 10512l144:::
2
.
... . _ i51294
8i12
1,I011
1917J-4_
J -J
917 J-J.:_
McM M W& Al 1st 61- .1
1942 M-S 9914 10018 9914 Feb '13
Alb3g Val gen guar g 4s
'12
Sep
100
—
—
T & P Branch 1st 6s
F-A
D It It It & 13'g.o 1st gu 45 g '36
:Nat
iaa- far
Jan '13
RysofMexprlien43,e s 1957
Phila Balt & W 1st g 4s_ _1943 MN ;Kis - _ - IOU
_
1977 A-0 ---- 82 77 Feb '13 —. 7814 78
- -- 10:4 Jan '03
Guaranteed general 4s
1924
Sod Bay & Son 1st g 5s
WA Feb '13 ---- 9878 1/678
_
9812
Nat of Mex prior lien 43.s..1926 J -.I ---- 99
'13 ____ 7612 7012 Sunbury & Lewis 1st g 48_1936 J-J
_
1951 A-0 --- Ms 76'2 Jan
99 __ 1511-2 stEiVqi
1st consol 4s
,11-S
1944
4s
gen
Can
&
J
RR
N
U
87
85
'13
---_
Feb
85
85
,-N 0 Mob & Chic 1st ref 5s_1960 .1-J
Pennsylvania Co—
_
103
10018
104
.0.
10238
103
103
Sale
103
N 0& NE prior lien g
1921 J-J
10214 10234
15 --- - iwa ii13' Guar 1st g 43-is
'
)
88111 Fel
4s 1053 J -J -fr.. 86'8 84
1921 J-J 102 _ 10234 Jan '1
New•Orleans Term 1stes_p191+.
Registered
8414 65 84 87
14415 85
89 Sep 12
N Y Central & H R g 33s_1997 J -J 831
3gs coil trust reg 1937 M-S *rustc
Guar
8312
Sale
41
El; 86
80
Ms
1
8311
:
'13
Feb
J-J
86
1997
Registered
1 89 9121 Guar 3 s coil trust ser B_1941 F-A
89
9758 Dec '12
1934 411-N ---- 89 30 May
1918 14-N
Debenture gold 4s
o ctfs gu g 330
12 --------- 'Is
----93„
'12
Meh
M-N
88
1934
J-D
1942
Registered
Guar 3 s trust cas C
7 ifa
7714
87114Jan '12
1993 13-A 77 Sale 77
1944 J-D
Lake Shore coil g 334s
3 761
Guar 3}is trust ctfs D
: 77
764
781k Sale 7612
4 -663-4
65Iair; 9514 Mch'13
1093 F-A
1931 A-0
Registered
75 Mch'13 ____ 78 7812 Guar 15-25-year g 4s
76
6212 6212
--t)2'3 Feb '13
,
'
1/312
0212
F-A
Ms_1998
3
gold
1942 M-N
Mich Cent coil
__
Gin Leb & Nor gu 4s g
110 Jan '05
10012 _
1998 11-A -,.. 7712 78 Sep '12 - — 98 -98
Registered
M-N
e6s_1935
4
g
gu
1st
Mar
&
01
'13
Feb
98 ---- 98
10784 Dec '11
Beech Creek 1st gu g 4s 1936 J-J
Ol& Pgengug 93•isserA 1942 J-J
1936 J-.1--------99 May'11 _______
10934 J'ly *Os
Registered
1942 A-0
Series B
1114 Feb '12
1936 J-1 d ------- ---- ---- ---2d guar gold Os
Int reduced to 3As_1942 A-0 87 _ _ _ ,018 Oct '12
1936
Registered
1948
Series 0 $3,es
--__ .... ____
----",A-0
91) May 08
87
3
1st
g
As_b1951
Ext
Cr
Beech
1950 F-A
Series D 3%s
---- t '_12 .___ --- ____
9.612 9112 May'12
1981 J-D 55. __88Oc
Cart & Ad 1st gu g 48
Erie & Pitts gu g 3yis B 1990 J-J
18 J'ly '12
Gouv & Oswe 1st gu g 58_1942 J -D 108
0
JJ-1
0
1
4
94
19
430
Series02
-983-3 Jaa-'15 --- 98311 911/3/1
,
1991 M-S ------Lai ia211 10112 Feb 13
Moh & Mal 1st gu g 4s
Or it & lox 1st gu. g
____ __-199 May'10
NJ Junc It guar 1st 4s_....1986 F-A 94 --__ 05 Oct '02
81-N
5s_1927
cons
1st
Ash
&
Y
Pitts
4.111e'12
/
1021
1986 P-A --------------------------19011 _
Registered
Tol W V& 0gu 4MsA1931 J-J 10012
12Deii.1
Ntw'12
2000 51-N 85 -___
N Y & Harlem g 3M s
1933 J-J
Series B 4 Ms
98 95,
2 Oct '1'
94
2000 M-N ---- - L- Registered
4s
C
Series
'13 -___ 10512 107
10313 Nit;
10312
'13
Feb
10313
N Y & Northern 1st g 5s_ _1927 A-0 105 10712 107 8 Feb
---()
1-5
1
2
0
4
99
9
1
____' 1'0 C & St L gu 4 Ms A
N Y& Pu 1st cons gu g 4s_1993 A-0 ---- 9438 9/7 Aug'11
1942 A-0 ---- 10314 10484 J'ly '12
106 J'ne '11
Nor& Mont 1st gu g 5s_1916 A-0 M-N
1042
11-3
-- -_ -.. -. -.. i3
- -1/9
Ser
- -- -- -_ - :-- -- -- -- '
-11-2, Jan
.
dees )3 guaarr
eies0gu
97 Dec '12
Pine Creek reg guar es_ _1932 J-D
1945 NI-N
4
Series D 9s guar
a 10'1 - 113(11104
10312 10512 104
9514 Sep '12
-66 _
R W & 0 con lst ext 58_ _h1922 A-0 --__
J
3F
49
98
19
101 101 Mch'12 _.__—___
Series E 3Ms guar g
9514 9514
9514 Jan '1
Oswe & It 2d gu g 5s----e1915 F-A 10112 _ _ 104 J'ne.10 ---- ---- --Series F gu 4s g
9712 9712
972 Jan 13
R W & CT It 1st gu g 58_1918 51-N
1957 M-N
Series G 4s guar
-- ati 96 Oct '12
11312Nov'11
Rutland 1st con g ,04s_ _1941 J -J
p
:
A
Q
9
9
_192
5s_
84,
con
g
P
L
1st
&
St
8314
C
8314 8314 Feb '13---166- jai'13
Feb
106
Og & L Cham lst gu 48-g 1948 J -J 81
_
Peo & Bak Un 1st g es
-------- -94 J no 09 -__ ___ _
9312 Jan '11
Rut-Caned1st gu g 9s_ _194 J-J -921 ei-le
_______
2d gold 4Xs1
08 Sep 12
11012 -'
-64 -Ei1996 J-J
5912 54 Jan '13
__ Pare Marquette—Ref 4s
St Lawr& Adir 1st g 5s
1955 J-J
11912 MCIV12 -____
A-0
-------1996
5612 Nov 12
8
547
51
J-J
es
2d gold
guar 481955
Refunding
-------11
'
Nov
8
907
-'12
-Oct
98
Utica & Blk Ely gu g 9s 1922 J-J ---1921 J-D
Ch & W M 5s
---- 8734 8738 Fob '13 ___ 8738 8812
'12
Oct
103
for104
Lake Shore gold ”es___ _1997 J -D ------8
g
68
M
&
P
Flint
014 Feb '13 —__ 8614 88
95 96
1997 J-D
98 90 Feb '13
192
39 hiRegistered
1st consol gold 5s
9034 14 9058 9234
9613 9612
1928 11-S 9038 Sale 9038
Debenture gold 48
Pt Huron Div 1st g 5s 1939 A-0 -95 97 9612 Feb '13
70 0014 921a
91
1931 Al-N 9078 Sale 9014
25-yijold 4s
g
F-A
98_
_1931
gu
H
1st
___
&
Sag Tus
____ _ _
'12
Oct
3
83 33314
--------9
'15
Fel)
3331
M-N
1931
tered
It
94
8'
7 .1
30
-J
A0
Philippine Ry 1st 30-yr s f 91
--..- ---- --- -,•-•
- ,,
,
:_ _ 113 fly '12
1151.31Ka & G R lstgu c 5s 1938 J-J
Pitts Sh & L E 1st g 58
.12 1.1912 ii1i2 Mch 11 --__ -- -'11
Nov
11314
Mahon 0'1 RR 1st 5s_ _ _1939 J -J 103
J-J
1993
5s
gold
1st consol
-___ __-_ 9614 45 9538 9713
96 Sale 9558
Pitts & L Erie 2d g es_ _ _a1928 A-0 106 ---- 105 Apr '12 --1997 JJIM '09 - — -- -- ---- I)ceding Co gen g 4s
3 9512 9613
951
9513
Pitts McK & Y 1st gu 68_1932 J-J ---- _-. 13018
1 .J.
J1957
199
1-1, Registered
1 95 9634
1934 J-J --------12114 Mch'12
9634
9634
767;
2d guaranteed es
-66
A-0
1951
Jersey Cent coil g 4s
-McKees& B V 1st g 6s 1918 J-J .2.,_
i -- ---- -- Atian City u 4s g
8312 84
1931 111-S 10012 112 - Ill - Jan '12
'13
Feb
-gal;
Michigan Central 5s
J-J
1947
llstg4s
QtJo&GrTh
1931 Q-M 104 ---- 119 J'ne'06
Registered
t Louis& San Francisco-1199331
'12 -._ ___ ___
Apr
98
------11414
J-J
11414
_
1940
'13
_
Jan
11414
11212
48
General gold es
3 10213 10434
1940 J-J ---- ---- 9812 Nov'll
Registered
10213 1043-4 10212 10212
General gold 5s
'1'
1951 11-S ------90 J'ne'OS -___
Dec
87
50
J L & 8 1st gold 3is
8612
86 861-2
St L & S F RR cons g 4s 1996 J-J
1962 m_N 81% 13812 86 Feb '13 _
4 -01;
7914 3 "7831st gold 3;is
1927 M-N 7814 7912 7834
Gen 15-20-yr 5s
i 8784 SO
8734
911, 8714
100 • 100
'13
20-year debenture 4s.....1929 A-0 ---1947 A-0 9913 _ 100 Jan7412
Southw Div 1st g 5s
97 98 9812 Mch'13 _— 98 9912
704
74
A-0
913_1937
18
74
g
lst
L
7412
74
St
1951 J-J
N Y Chic&
Refunding g4s
97t2 9712
1Jan '13.
1937 A-0 --------975
t034 Mch'II
Registered
1 87 89
1951 J-J
87
Registered
1931 M-N ..... 871 87
Debenture 9s
Page.
MISCELLANEOUS BONDS—Continued on Next
J-1
-
8538 _
Gas and Electric Light
Gas and Electric Light
11618
3 11512 11612
117 11618
A-0
10412 10434 Fob '13
10434 10434 Peo Gas & 1st con g es___1943
Kings Co El L & P g 5s____1937 A-0
1947 14-S U503.8 101 10012 1011: 25 10012 Lora
gold 5s
Refunding
114
113
114
115
'13
Feb
1997 A-0
103 Feb '09
Purchase money es
Of1947
Registered
12112 12212 Dcc '12
1922 hi-s
8 1025; fail;
Convertible deb es
lois; Ware 10258 10278
Ch G-L & Cke 1st gu g 53_1937
8s14
8818
Ed El Ill Bkn 1st con g 48-19
"la 8812
_3
9 J-J 8813 Sale
_,
Con 000 of Ch 1st gu g 5s1936 J-I) Loci 1031g 10314 Oct '12
a 1913: 10212
_
Lac Gas Lot St L 1st g 58-elele Q-F 10112 102 10115 10112
'12
Mch
93
11s
'36
897
5s
30-yr
_
Oil
&
Ind Nat Gas
10114 102
Ref and eat 1st ass
1934 A-0 10114 Sale Hu% 10114
10114 Aug'12
2
9:7
19
Mu Fuel Gas 1st gu g 5s_1
8912 90
_ 9112 8934 Feb '13
_
Milwaukee Gas L 1st 4s
1927 M-N
_ _ 104 100 Nov'12
1919
5s
A
Fcony
Co
Philadelphia
10614 Apr '12
9712 98
Newark Con Gas g 55
1948 J-D
4 -9812 9712 Feb '13
,
5—)
11
Oony deben g 5s
8 10114 i6:112
10214
9934
10018
NYGELH&Pg 5s
1948 J-D 16232 104 102
100
- 100 9914
8884
4
s f 6s_195
1926
85
27 84 8612 Stan Gas & El cony
Purchase money g 4s
1949 F-A 85 86 8434
101 101 Dec '11
10812 1081: Syracuse Lighting 1st g 5s_ _1951 J-J
Ed El Ill 1st cons g 5s- —1995 J-J 107 10712 1081 Feb '13
—
8512 J'ne'12
10118 10113 Syracuse L & P 58
NY&QEIL & P 1st con g 5s 1930 F- A 10118 Sale 1011s 10118
109 Feb '01
1st
g
5s_.,..1949
E
hi-S
&
0
Trenton
_- 9212 rly '09
Y & Rich Gas 1st g
jai- far
'13
!an
102
_
98
S
2
3
3
9
1
&
L
P
5s-1
Elec
g
181
Union
Pacific G & El Co Cal G & 81
61-N 93 _. 07 Dec '12
Ref & ext 5s
7 9434 96
9518
1937 51-N 9514 Sale 9514
Corp unifying& ref 58
102 __ _
1950
Utica, El L & P 1st g 5s
Pac Pow & Lt 1st& ref 20-yr
4 De•-3..'ii
98_ 16611957
5s
ref
E
&
9412 0412 Utica Gas
0412
1930 F -A
4
16i1• 5s Internet Series
-- 9412 9412
.12 10912 Mch'13
104
1950 J5s
Westchester
Legg
'12
J'ly
_1949
5s.,..
10258
103
E
&
10012
M-S
Pat & Passaic0
Nov. s Option sale.
Due
p
Oct.
Due
o
July.
h
Due
June.
Due
g
May.
* No price Friday; latest bid and asked. a Duo Jan. 8 Duo Feb. e Due
J-E
778
New York Bond Record—Concluded—Page 4
BONDS
IN. Y. STOCK EXCHANGE
Week Ending March 14.
Price
Friday
;larch 14
Veers
Range or
Last Sale
al
Range
Since
Jan. 1
N
BONDS
Y. STOCK EXCHANGE
• Week Ending March 14.
13
[voL. xcvi.
Price
Friday
'larch 14
,Veek's
Range or
Last Sale
Range
Since
Jan. 1
Sb L & San Fran (Con)
BM
Ask Low
High No. Low High
Bid
V" 1.< C Ft S & M con g 6s_1928 ,11-N -,-112 11112
Ask Low
High No. Low Highs
11.112
1 11112 11314 AA/abash 1st gold 5s
1939
'K C Ft S & M By ref g 4s_1936 A-0 747- Sa
103 Sale 103
104
7478
76
18 7478 78
9712 70 103 10012
VT 2d gold 58
, Registered
1939 F-A 954 --- • 9612
1936 A-0 ---- ---89 9612 9912
__ 772
1 J'ly '12
Debenture Series B
KC&MR&Blstgu5s_1929 A-0 ------ 10312 J'ly '12 —
1939 J-J
90 J'ne•12
_-1st lien equip s fd g 5s
Ozark & Ch C 1st gu 5s g_1912 A-()
1921
97
9918
100
Dec '12
S
65i 678 9052
---9034
6
-sigli
1st
lien
50-yr
g
term 4s_1954 j- J
St L S W 1st g 48 bd ctfs_1980
80 _ _ _ _ 83 Dec '10
N ____ 8878 8812
8812
79
6
1 88
78 9
1st rot and ext g 4s
110
0
, 2d g 4s inc bond ctfs_p1080 j-j 79 Sale 79
1956 J-J
5612 5/12 57
5358
97
5612
047
,
Cent Trust Co ctfs
Consol gold 4s
6378 Oct '12
1932 J-D 79 7912 7912
7919
3 7912 81
Do Stamped
, Gray's Pt Ter lstsu g 5s_1947 J_D ___ ____
____ 59 6312 Oct '12
10118 Apr 0, __._
Equit Trust Co ctfs
A•& A Pass 1st gu g 4s
64
Nov'12
1943 i-j __._ 83 83
8318 23 -ii- "g18-4
Do Stamped
5312 5512 5312
SF'S: N P 1st sink f g 5s_1919 j-j 05 _ __ _ 101 Oct V. _ _ _.
55
46 5353 -8134
Det & Ch Ext 1st g 5s___1941 J 105 10712 107
Seaboard Air Line g 4s __,A950 A-0 -,,- 8618 8512 Feb '13
'13
107 107
_
Des Mein Div 1st g 411- —1939 J-J - - - - --- 80 Feb
Gold 4s stamped
Aug'12
1950 A-0 63 85 8358
8358 —1 8353 88
Urn
Div
1st
g
1941
33-s
A-0
\ Registered
69 Dec '12
- -1050
Tol & Ch Div 1st g 4s
1041
Adjustment 5s
S 8018 ---- 80 Feb '13
A-0-if---id 80
Sale il e1949 P-A
-fii
,--2-id-Wab Pitts Term 1st g 4s 1954 J-D
2412
• Refunding 4s
2412
1 2412 2612
1950 A-0 ____ 7778 7712 Mch 13 ____ 7714 79
Cent
and
Old
Col
24
Tr
Co
cartsSale
2334
Atl-Birm 30-yr 1st g 4s_.c1933 M-S 8414 - ___ 88 Feb '13 _--2412 34 2334 2712
87
88
Columbia
Tr Co ctfs
24
2014 _
Car Cent 1st con g 4s
24
1 24 28
9178 Feb '13 __-_
1949 4_ j 9178 -2d gold 48
1
1954 J-D
2
1
Fla Cent & Pen 1st g 5s_1918 3_ j 10214 ____ 10314 Jan '13 ___- 9134 9178
1
1
1
2
10314
Trust Co certfs
112 2
2 Nich'13
1st land gr ext g 5s
134 '214
104 Nov'12 _ _ _ _--- 10314
1930 J- J __—
_ _ _ _ Wash Term' 1st gu 33s,.1945 F-A 8352
8738 Oct '11
Consol gold 5s
1943 j_ j 10314 _— _ 107 J'ne'12
1st 40
-year guar 4s
1045 F-A
100 Sep '12
Ga & Ala By 1st con 5s__o1045 j_ j 10314 105 105 Feb '13
0
105
3 16
03
g,
,
- West Maryland 1st g 4s.. 1952 A-0 -;/471Ga Car & No 1st gu g 5s 1929 j_ j ___ 10318 10318
4 Sale 7914
80
26 7914 -g37;
10318
i
18
West N Y & Pa 1st g 5s1937 J-J
, Scab & Boa 1st 5s
10612 10634 Feb '13
10633 10714
1026 j_ j ____ 1064 10..) May'12 ___ ---Gen gold 4s
1943 A-0
86 86 Oct '12
Southern Pacific Co—
Income
5s
d1943 Nov
34 Feb '07
Gold 4s (Cent Pac coll)_k1949
J
:
Wheeling & L E 1st g 5s___1926 A-0 99 ____ 11)112 Feb '13
D ,,
,__9 ...! 1
S9
9:8
55112 94
101's 10113
Registered
5
1:
:
12 J
k1949
Feb
ly9
'
,412
3 _ _.
6
.'! 995112 998512
Wheel Div 1st gold 5s___1928 J-J
09 ____ 100 Feb '13
20-year cony 4s
100 100
g1929 m_s 8914 Sale 89
8934 146 8878 933
4
Eaten & Impt gold 5s____1930 F-A ____ 99 09 Feb '13
Cent Pac 1st ref gu g 4s__1949 F-A 9212 95 9212
99 1014
04
13 921z 9612
RR 1st consol 48
1949 M-S 8018 81
80
8014
Registered
80 8058
1949 F-A
--20-year equip s f 5s
1922 J-J
— 9812 Feb *11
Mort guar gold 330_k1929 J-D ---- 9014 904 Feb '13 ____
-6614
Winston-S
-tic.
alem
S B 1st 4s 1960 J-J ____ 89 8958 Feb '13
Through St L 1st gu 4s_1954 A-0 --- 92 9112 Feb '13
8958 91
Wis Cent 50-yr 1st gen 4s 1949 J-J
90 Sale 00
G II &SAM& P 1st 5s_1931
9018 17 90 0152
104 Mch'13 -_-- ---- 119
)112 1S-V4
Sup&Dul div & term 1st 4s '36 1$1-N
_ 8934 8934 Mch'13
• Gila V G & N 1st gu g 55_1924 .n..N ....... ---_ 10218 J'ly '12 ___ --- __
894 9012
lions E & W T 1st g 5s 1933 m_N *103 _„_ 103 Dec '12 .___
Manufacturing & Industrial
1st guar 5s red
1033 Ai_N _..105 10414 May'12 .___
Allis-Chalmers 1st Is
66 67 Dec '12
1936 J-J
& T 0 1st g 5s int gu 1937 j-j - _ 110 10914 Sep '12
-Trust Co ctfs deposit
-65 584 5612
WI; 63
5812
Gen gold 4s int guar_
1921 A-0 15212 9312 93 Mch'13 —__ -iii - -63 - Am Ag Chem 1st c 55
10018
Sale
1028
10018
101
21 10012 10172
A-0
m_N
Waco& NW div 1st g6s
*113
-11914 Mch'io
- 1930
Am Cot Oil ext 430
1015 Q-F 9612 9634 0612 Mch'13
9014 9714
A & N W 1st gu g 5s
..0
.... 105
07718 106 Jan '13 .___ Rid" 1664
1941 J_ j 10
Debentur
e
5s
93 9312 9312 Mch'13
1931
9312 05
Morgan's La & T 1st 7s 1918 A-0 --.... - - - - 11134 Aug'12 - - - Am Hide & L 1st s f g 6s
10012 Sale
1919
10012 11 10012 1034
1st gold 6s
107 Jan '13
itii - joY - Amer Ice Secur deb g 6, 1925 IM-S 7512 7612 10012
1920 J-J
76
bich
A-0
74
'13
7884
No of Cal guar g 5s
1938 A-0 - _ -- 112 Feb '07 --- ---Am Smelt Securities s f 68_1926 F-A 10458 Sale 10412
10478 77 10334 105
idi ._ 101 Oct '12 -...---_-.... --Ore & Cal 1st guar g 5s1927
Am Spirits Mfg g 6s
1915 M-S ____ 100 9012 Jan '13
So Pac of Cal—Gu g 5s1937 M-N 103 ____ 110 May'07
9912
9912
1919 J-J .9212 93 9212
9212
4 021'2 9324
So Pac Coast 1st gu 4s g_1037 j_ j 94 _ _ 9112 Sep '12 ..........._ ---- -- Am Thread 1st col tr 4s
Am Tobacco 40-yr g 6s
1944 A-0 120 12112 11912
11012
1 11912 12058
San Fran Terml 1st 4s 1950 A-0
- gat 8858 Feb '13
iti5; -6,5 Registered
-- 120 Nov'12
1944 A-0
Tex & N 0 con gold 5s 1943 J.j idti'14101 10154 MaY'll
Gold 4s
1951 F-A 9612 98 0634
So Pac RR 1st ref 4s
92 9238 9238
9634
2 -6j12
0314 --iiii 1-923 1-9418
1955 .1-.1
4731-84
Registered
053s J'no'12
Southern1951 F-A
_
Am Writg Paper 1st a f 5s-1919 J-J .
8
2 -88-7; Ws
.811st consol g 5s
8914 10 89 903,4
10518 36 04,
1994 j_ j 10434 Sale 10438
8
0
Baldw
Loco
Works
1st 5s1940 M-N 10338_ 103 Sep '12
Registered
1994 j_ j --------105 Sep '11
10 4 10
Beth Steel 1st ext s f 5s
9512 Sale 9514
1926 J -J
9512 16 -di- 0634
Develop & gen 4s Ser A1956 A-0 7714 Sale 77
78
139 77 7812
1st & ref 5s guar A
84 Sale 84
1942
8512 28 84 8634
Mob & Ohio coll tr g 4s 1938 N,f_s
84 864 8514
8514
9 8434 8612 Cent Leather 20-yeats g
5s..1925 A-0 9414 Sale 0334
Mom Div 1st g 43,6-5s
9558 64 9384 97
1996 J-J 107 108 10718 Dec '12
Consol Tobacco g 4s
__-97
98
Mch'13
1951
FSt Louis div 1st g 4s
A
j
_
j
8412
904 9714
8614
85
1951
85
Corn Prod Bets f g 5s__1031 N1-N _
9618 0614 Feb '13
Ala Con It 1st g 66
9534 0614
43
1918 J -J 105 ..— 180571144
2
1st 25-year s f Is
1934 h1-N 90 93 110
00
1 90 9312
Atl & Danv 1st g 4s
8814 ---Jan
_ _ __ 8.6.
1948 J -J
----i12 -8
88121
74 Cuban-Amer Sugar coil tr 6s1915 A-0
__ 96 9434 Feb '13
9434 96
2d 4s
8214 Feb '12 __. ---- _
1948 J-J83
_ Distil Sec Cor cony 1st g 5s_1927 A-0 66 Sale 66
68
23 04 70
Atl & Yad 1st g guar 4s_1949 A-0 8112
it I du Pont Powder 430_1036 J -D 8614 8678 86
87
Col & Greenv 1st 6s
86 90
'
-11 ---- 1
-0
-8
-;
- 9'
58 Gen Electric deb g 33s__19
1916 J -J 1034 — _ 1663-4 DeC42 F-A _
7812
4 7712 82
7812
ET Va & Ga Div g 5s
100 Fe b'
13 .::- idd" jod 1930 J-J
10-year g deb 5s
141 Jan '13
1917 J-1)
141 141
Con 1st gold 5s
l08
1056 M-N iEri- 1.01.4 108
i
Debenture 5s (recta)
1952 M- S 10234 ioi 10278
10314 26 1027.3 10512
E Ten reor lien g 58
1938 m-S 10038 ..„, 10518 J'ly '12 _. i
..
.66
_7.
,
.. i_i_0_ Gen'l Motors 1st lien 6s
9914 24 9834 100
09
1915 A-0
Ga Midland 1st Is
1946 A-0 634 1343-4 64 Dec '12
Ill
Steel
deb
4
30
86
_
86
86 8913
4
1940
87
A-0
Ga Pac By 1st g 58
1922 J -J .,.,.,,.11038 110
110
Indiana Steel 1st 5s
012 S
09
'
a'lle
e 10012
1952 M11-N 19
10034 61 100 10114
Knox & Ohio 1st g 6s
12 11312 112 Feb '13, _ _i_i 112 112
1025 J-J
Int Paper Co 1st con g 8s 1918 F-A 103 10312 10312
10382
1 102 196
Mob & Bir prior lien g 5s_1945 J -J --------10511 Nov'12
Consol cony s f g 5s
87 8812 8812 Mch'13
1935 J-J
8718. 9134
Mortgage gold 4s
1945 J -J *76 79 79 Mch'13 ____ -fi
l - -fi- Int St Pump 1st s f 5s
82
83
14 82 8834
1929 M-S
Rich & Dan con g 6s
10212
6 102 10212 Lackaw Steel 1st g 5s
1015 J-3 102 10234 102
96
96
1923
95 9812
6
A-0
Deb 5s stamped
1927 A-0 - - 16412 10312 Jan '13 _._ 10,312 10312
1st con 5s Series A
7634
32 7012 8014
1950 h1- S
77
Rich & Meck 1st g 4s
il.12 iai.14_ 73 Sep '12
1948 M-N 98
5-year convertible 5s
8
9
.8
7:
94
6:1
26 4
2S
SS9
9
9:14
:
411131e4 0412
1915 A1-S .
0434 19 94 95%
So Car & Ga 1st g 5s
;
1
6
:
:00:34
3:44
1
i
84
___
6
00
:::::
31
....
.
100
:1
11
i.
84
c
1
.
.
n
.
3
b
3
luu
N
s
j
....
1919
Ligg&Myers Tob Co 7s tpy bds_ - - 12034 Sale 12014
12054 32 11978 12212
Virginia Mid ser 0 6s
03 Oct '06 ....._-_- _-_—_- ____ _
1916
S 10212 ---- 1121,
bs temporary bonds
9818
9858 40 9612 993,
Series D 4-5s
1921
Mexican Petrol Ltd cnv 6s A_'21 A-0
9712
9734
0712 100
Jan
Series E 5s
1026 hi- S
Nat Enam & Stpg 1st 5s_1920 J -D 9
9
1
7
'2
91
Sale
10 91 9512
91
Mch'13
--_-. 105
Series F 58
____ 105 105
1031
Nat Starch 20-yr deb 5s___1930 J -J
8812 Feb '13
8812 8812
4 i g5371 10814 Jan '13
, General 55
1936 fl-11
9712 Sale 9712
1952 111-N
9778 24 9714 9912
108 Feb '13 ---- 108 10858 National Tube 1st 58
Va & So'w'n 1st gu 5s 2003
N It Air Brake 1st cony 65_1928 111-N 9978 Sale 9978
3 0072 103
100
95 Mch'13 __. 95 9622 P
1st cons 50-year 5s
1958 A-0
Lorillard Co 78 temp'ry bds__
12014
12034 13 12014 12212
W 0 & W 1st cy gu 48_1024 F-A --- —__ 9312 Sep '12
5s temporary bonds
9312
22
983
4
0714 9978;
West N 0 lst con g 63-1914
1.01 Feb '13
HIT" W- Ry Steel Spgs 1st s f 5s____1921 J -J
9813 Mch'13
Spokane Internat 1st g 5s 1955 I1 ---: iiii 102 Apr '11 -9714 9812
Repub I & S 1st & col tr 58_1034 A-0 - 1-0
8
2-2
98
50-7
:
18
2s
S98
_ 10278 1027s
. „.„... 104 Feb '13 --- iiii1a881
.
1:- 10273 Mch'13
rrer A of St L 1st g 43's 1039 A-0 lE12
2 i.e4 10-30-year 5s s f
1940 A-0 9034 Nile 0034
20 9034 9218
01
-1.` 1st con gold 5s_1894-1944 F-A ---- 10012 111 Aug'12 -_-..---- ---- ___ Standard
Milling 1st 5s
8812
1930 M- N
8834
7 88 • 8912.
Gen refund s f g 4s
. 8878 9458 Oct '12
1953 J - J
The Texas Co cony deb 68_1931 J -J
9814 Sale 9712
84 9712 1007s
09
St L M Bge Ter gu g 5s1930 A-0 *Nils _ — _ 10618 Sep '12 .___
Union Bag & Paper 1st Ss 1930 J -J
87
90
Feb
j_D
'13
--00 92
Tex & Pac 1st gold 5s
105
1064
Mch'13
2000
idi;
3 foi;
Stamped
1930
_ 87 0114 Jan '13
1
8982 0114
2d gold inc 5s
q2000 Nich --------51 Nov'12
U El Leath Co s f deb g 6s 1913
1,6618 10038 10018
10018
10018 10014
La Div B L 1st g 5s
1931
U S Realty & I cony deb g 5s_'24 J-J 8812 8014
1 86 89
8614
W Min W& NW 1st gu 54_1930 j
j ------ 11
F:A
0 14
2A
N
m°
P:
h
v
:
,
°
1
4
3
1
-_-_--_--..-3212
;
25
.06
,----1
:
.
25
:
-1_
i.:
4
1931
6
Refg
.
a
.
1st
Red
6s
&
S
U
g
J-J
Jan
'13
25 25
iddi"
4 iof
Tol & 00 1st g 5s
1935
10218 80 100 10334
.100
US Rubber 10-yr coll tr 6s_1918 J -D 10018 Sf_tle
, Western Div 1st g bs
1935 --8 - -.. 10012 10734 J'ne'12 ___ ---- ___ _
1918 J -D
Registered
1034 Jan '10
\ General gold 5s
1035 j_D _ - 100 103 Nov'12
1665-8 Sale 10038
Corp—lco
U
__d1963
Steel
S
111-N
644
1003
up
4
id6
4 102
' Han & M 1st gu g 4s
1990 A -0 1514 - — - 9112 Feb
-i11-2 -9112
_
10038 Mch'13
S f 10-60-yr bstreg ___d1963 M-N
10034 102
974 99 98
2d 20-year bs
98
'1398 99
-.
2
1927
0512 (47 9512
J
Va-Car
bs_1923
33
Chem
J
-D
15-yr
063
1st
4
9512
J
08
90 92 90 Feb '13 ____ 90 9112 West
Tol P & W 1st gold 4s
1917 J-J
19114 12 101 10234
Electric 1st 55 Dec 1022 J-J 10114 Sale 101
Tol St L & W pr lien g 330_1925 j_ j _ - 83 84 Dec '12
91 Sale 91
Westinghouse E& Msf 5s_1931 J -J
27 91
02
94
; 50-year gold 45
ii12
Sale
55
56
1950 A-0
12 -ii- W1; 10-year coil tr notes 58_1917 A-0
0712 0678 Feb '13
0658 967s
• Coll tr 4s g Ser A
1917 F-A
- 60 68 Dee'
12 -Telegraph & Telephone
Tor Ham & Buff 1st g 4s__h1946 J -D -IN
8934 89
89
i -8.£1 - -tii - Am Teiep & Tel coil tr 4s.._1929 J-J
86 Sale 86
8714 27 86 90
,fllster & Del 1st con g 5s_1928 J -D *103111 - - 103
10318
2 IT
._ 1_0
Convertible 4s
..
.
412
1936 hi- S 10314 Sale 108
10314 16 103 11078
lat refund g 48
8512 J'ne'12
1952 A-0
20-yr conv 430(when iss) 1933
10318 Sale 10234
10338 142 10258 1037
;
•Vision PacificChicago Telephone 1st 5s 1923
101 _
1st RR & land grant g 4s_1947 j-j 9734 Sale 9712
9812 78 9712 9938 Commercial Cable 1st g 4s_2397
82z Dec '12
Registered
1947 J-J ----9553Feb '13
Registered
9812 9812
2397
8312 Nov'll
-—
, 20-year cony 48
1927 J -J iWare 9238
94
120 9238 97
Ounib'd T & T 1st & gen 5s_1937
9912 9914
1 991.4 10054
0914
;1st & ref 4s
g2008 m-s 9214 Sale 9134
9212 22 9134 9512 Keystone Telephone 1st 5s_1935 J-J
00 9014 85 Aug'12
Ore Ry & Nay con g 4s_1946 J-D 93 9314 9312
9312
2 931s 9384 Metropol Tel&Tel 1st sf58_1918 M-N 100 10212 101 Mch'13
- ION
Ore Short Line 1st g 6s....1922 F_A 10912 Sale 10912 III
6 10912 11218 Mich State Telep 1st Ss_,._ 1024 F- A 9912 100 100 Mch'13
99 10114
1st consol g 5s
1946 j_ j 10512 Sale 10513 10512
6 1064 109
NY& NJ Telephone 5s g_1920 111-N 100 -- _ _ 10314 May'll
Cluar refund 4s..
1929 J-D _...... 89 89
8938 32 89 9318 NY Telep 1st & gen s f 4 As 1939 M-N 9634 97 9634
9718 28 -06.3-4 -gUtah & Nor gold 5s......_1926 J-J -- — 108 May'll _. ___ ____ Pac Tel & Tel 1st 5s
9958 Sale 99
1937 J -J
34 ill) 101
100
9314 99
1st extended 48
1933 J -J
South Bell Tel& T 1st s f 5s 1941 J -J
9938 Sale 9918
26 00 101
100
Vandal's cons g 40 Ser A_1955 F-A92 9378 -94- Feb 13 -27_ 94 94
West Union col tr cur 5s
1938 J-J 101 Sale 10012
10 10038 10212
10113
I V Consul 4s Series B
943*Nov'1
9253
04
1957 M-N
2 ___ ---- --Fd and real eat g 43.0
1950 St-N __ 04 94 Mch'13
94 0612
Vera Cruz & P 1st gu 00..1934 J-J
94 Oct '12 _ I
Met Un Tel gu ext 5s,._ 1941 111-N 4_ _ 10314 104 J
'11
Northwest Tel gu 43's g_1034 J-J
93 93
93 Jan '13
MISCELLANEOUS BONDS—Concluded.
1061-,
It_
-a- -giti
7714-
---
igifi::—
A
8--JJ
Coal & Iron
,Buff & Susq Iron at 5s...„__1932 J-D
I Debenture 5s
a1926 M-S
F & I Co gen s f g 5s-1943 F-A
, Col Fuel gen 6s
1919 M-N
'Col Indus 1st & colt 55 gu 1934 F-A
Cons Ind Coal Me 1st 5s
1035 J-D
'Cons Coal of Md lst&ref Ss 1950 J-D
Or Riv Coal & C 1st g 6s__h1919 A-0
;Kan& 110&01stsfg 55_1951 J-J
1Poc,ah Con Corner 19151 58..1957 JSt L Rock Mt& P 1st 5s_1955 J-J
Tenn Coal gen 5s
1951 J-J
Birm Div 1st consol 6s
1917 J-J
Tenn Div 1st g 6s
a1917 A-0
Cah
M Co 1st gu g 6s__1022 J -D
:Utah Fuel 1st g Ss
1931 M-S
Victor Fuel 1st a f ris
1953 J-J
'Va Iron Coal&Coke 1st g 58 1949 M-S
Miscellaneous
Adams Ex coll tr g 4s
1948 h1-S
Armour & Co 1st real est4 s'
39 J-D
Bush Terminal lst 4s
1952 A-0
Consol bs
1955 J-J
llidgs bs guar tax ex
1060 A-0
Chino Copper 1st cony 6s.._1921 J -J
Inspir Cons Cop 1st 68 (rects)__
Int Mercan Marine 43's
1922
let Navigation 1st s f 5s_1029 F-A
Mge Bond (N Y 4s see 2 1966 A-0
10-20 yr 5s series 3
1932 .1 - J
Morris & Co 1st s f 430_1939 J-J
N Y Dock 50-yr 1st g 413.-1951 F- A
Niag Falls Pow 1st 5s
1932 J -J
Ontario Transmission 5s
1045 11-N
Pub Serv Corp N J gen 5s 1059 A-0
"id54 RayConsCopper 1st cony 551921 J -J
Wash Water Pow 1st 5s
2 9514 98
1939 J-J
97 J'ly '22 ____
a
91 Nov'll
98
99 98
98 991
10714 J'ne'12
81
7814 85
7812 Sale 7814
—_
-- 80 85 J'ne'11
94 93 Oct '12
06 10212 10248 Apr '06
98 Jan '13 .--- 98 98
8758 13 8712 8778
87's 878 87%
75 774 7813 Feb '13 --, 7612 80
100 102 10018
10012
4 10018 103
10118 10234 10112
10118 10 10118 103
101 10334 102 Feb '13
102 102
--- 110 Jan '09 -----------95
85
98
98
-
96
9712 9614
9612
7912 80
9014 Sale
____ 89
94 96
_
90
155 160
10012 Sale
6312 Sale
78 7014
-9912
8012 Mch'13
9038
00
80 Feb '13
06 Jan '13
97 Nov'12
161 Mch'13
10034
100
6314
6378
7812 Feb 13
0913 Dec '12
8012 Feb '13
83 Mch'13
10034 10214 10218
10218
0153 92 Dec '12
02 9212 9214
0212
110 112 112
112
102 ___. 102 Dec '12
8012
65 90
89
95
82%
92
8912
06
fig-
lid 90 ID° 10812
19 03,4 6616
7812 79%
_
8912 8954
83 84
4 102 102%.
4 917 93
3 110 121
\ *No price Friday;latest bid and asked aDue Jan dDue April eDue May gDue June
hDue July k Due Aug oDue Oct p0110 Nov qDue Dec sOption sale ,
779
CHICAGO STOCK EXCHANGE-Stock Record.
Sates
of the
Week
Friday
March 14. Shares.
STOCKS-HIOHEST AND LOWEST SALE PRICES
Itagstrday
Monday
March 8. March 10.
•25
1000
*91
2334
*972
*312
•15
•30
*8
•45
30
91
93
2334
712
4
17
35
812
50
•27
*88
*91
23
613
*312
*15
*30
8
*45
3112
3158 32
121
121 121
'500__-- *500
•133 136 *133
.50
51
60
100
*100 101
13212
133 133
64
64
*6312
85
85
83
*53
57
*53
4914 4912 50
35
90
93
234
678
4
17
35
8
50
Thursday
Tuesday
Wednesday
Ifarch 11, March 12. March 13.
*27
*88
*90
*2213
6
*312
*15
*30
*8
.45
35
90
93
23
6
4
17
35
812
50
*27
*88
*90
2213
*6
*313
*15
*3112
*8
*45
3214 3214
121
121
_- *500
136
-- *133
50
*45
100
*99
13212 *13212
64
64
84
*83
67
*53
50
*49
3234
122
__
13.
6
50
100
133
64
85
67
50
33
122
*500
*133
*45
*99
13234
*64
.83
*53
4934
35
00
93
23
612
4
17
40
812
50
Jan'13
Last Sale 30
Jan'13
Last Sale 91
Last Sale 92 Mch'13
2218 2212 2212 2212
612
*6
612 *6
Last Sale 312 Feb'13
Last Salt 18 Nov'12
Last Salt 41 Nov'12
418
812
*8
812
Last Salt 50 Dec'12
3122 321! 3134 3212
12138 12133 12112 12134
Last Salt 500 Feb'13
Last Salt 134 Feb'13
*45
50
*45
50
*99 100
*99 109
133 133
133 133
63
63
63
63
83
83
Jan'13
Last Salt 55
4014 491: 4938 4938
142 May'12
Rt 'Hi"Tiic *Hi- i(N- RI- icd
*204 206
*20e2r'Hi
i-I
14013 142
141 141
141 141
141 141 *141 1411: 141 141
11
11
1034 1034 *11
1112 1118 1118 1014 11
11
11
77 Feb'13
10:1
.:74 iliE- MI- fOi- 154 iiii- 15I foT 10V4st1=4
*97
98
98
98 .97
98 .97
98
*97
98 ;5/ 93
*71
72
71
71
69
70
6913 6912 6912 70
_
. 107 107
10614 10612
- ;if.
) -fi *76
Last Sale 7638 -Au-'
g-12
78
*76
78
;Fti "ii
*114 116 *114 116 *114 116 *114 116 .114 116
11512 11512
*117 121 *117 121 *117 121
119 119 *117 121 *117 121
116 116 *115 118
11512 11512
11814 11814 116 117 *115 125
•-___ 116
114 114
11412 11412 *114 11512 *114 1151: 11412 11412
*60
61
61
*60
61
61
61
*5913 6014 61
.60
*60
Last Salt .60 May'12
-7- ;9112 --„._ .0112 _. *9112
;5112TT: ;Oir2 --,:: ;5112
110 1-1-012 110 110
11014 11038
110 1-1-u
10934 1-10
112 11-2
*79
80 .79
80
80
80
80
*79
80
*79
80
80
9812 9812
9834 9834 9812 9812 9812 9812 *9812 99
*9834 99
*66
68 .66
68
•66
68
.68
70
Last Salt 69 Feb'13
93
93
*00
*90
*90
93
*90
93
Last Solt 9314 Feb'13
19012 195
183 19212 190 19312 19012 197
190 1921: 18913 19134
1234 12312 12312 12358 *123 12358 *123 12358 *12212 123 *12213 123
29
*28
29
*28
*28
*30
31
29
Last Salt 30 Mar'13
*S9
91
.89
•89
91
91
*89
91
Last Sale 92 Dec'12
107 10738 10512 10512 10533 10512 105 1054 105 10514 105 10518
*260 270 *260 270 •260 270 *260 270
Last Sale 26912Mch13
*107 108 *167 108 *107 108 *107 108
Last Salt 106 Mch'12
187 187 *183 186 *178 182
180 180
179 180
180 18018
•118 134 *118 134 *118 134 *118 134
Last Sale 112 Feb'13
60 6014 5812 5958 60
60
6014 6038 5912 604 60
6118
10778 108
10714 108
10713 108
10634 107
10612 1061 2 107 107
*1134 13
*1134 13
*1134 13
*1134 13
Last Salt 13
Jan'13
Last Sale 94 Mch'13
3312
122
__
116
50
100
13284
66
85
57
4934
Railroads
Chicago Elev Rys nom 100
Do prof
100
Chic Rys part otf "1"___
1,130 Chia Rys part Ott
50 Chia Rys part Ott "3" __Chic Rys part ctf "4"___
Kansas City By & Lt_100
Do pref
100
10 Streets W Stable C L..100
Do pref
100
sceraneou s
1,850 American Can
100
Do pref
475
100
American Radiator,,..100
Do pref
100
Amer
ShipbuildIng
17
100
Do pref
25
100
200 Amer Telep & Teleg_100
Booth
Fisheries com_100
198
Do 1st prof
218
100
Cal & Chic Canal & D..100
474 Chic Pneumatic Tool...100
Chicago Telephone _100
100 Chicago Title & Trumt.100
270 Cominonsv'th-Edison.100
310 Corn Prod Ref Co corn 100
Do
do
prof 100
100
168 Diamond Match
2 Hart Shaft & Marx 9%100
100
115 Illinola Brick
75 Internal Harvester Co 100
Knickerbocker Ice pet 100
100
50 National Biscuit
100
26
Do prof
443 National Carbon
100
100
208
Do pref
15 P.:.clac Gas dc El Co 100
Do
rights
Do
preferred __100
---5'th People's Gas L&Coke_ 100
252 Pub Serv of No Ill corn 100
135
Do preferred _ ..100
Itumely Common___100
Do preferred
100
5,236 Sears-Roebuck corn_ 100
Do prof
100
50
Studebaker Corp corn 100
Do preferred
100
100
1,037 Swift & Co
The Quaker Oats Co_ _100
Do pref
100
325 Union Carbide Co.. .,_i00
Unit Box 13d & P Co_100
100
1,350 U. S. Steel corn
448 Ward.Montg'y & Co pref
Western Stone
100
Woolworth, corn
100
Interest
period
Price
Friday
March 14
Week's
Range or
Last Sale
Range for Year 1913
Range for Precious
Year 1912.
Lowest.
Lowest.
30 Jan 3
90 Jan 6
88 Jan 14
22 Jan 8
6 Mch 11
318 Jan 7
Highest.
30 Jan
91 Jan
9814 Jan
2618 Jan
812 Jan
414 Jan
3
20
30
13
2
16
Highest.
25 Nov
90 May
83 Dec
1934 Noy
6 J'ne
3 Oct
1414 Aug
40 Oct
6 Mch
35 Jan
40 Apr
933, Jan
10438 Jan
38 Jan
11 Jan
us Jan
25 Sep
5012 Jan
1178 Apr
52 J'ne
1112 Jan
91 Feb
325 Feb
131 Jan
45 Aug
100 Feb
138 Dec
39 Mch
77 Mch
49 Feb
44 Mch
13712 Jan
184 Jan
13514 Jan
10 Feb
87 Oct
103 J'iy
97 Dec
56 Jan
10512 Dec
67 May
114 Dec
12214 Oct
103 Mch
115 Feb
z 61 J'ly
z.60 May
47 Oct
126 Sep
405 J'1F
135 Apr
61 Oct
10638 Oct
19878 Mch
70 Dec
95 J'ne
6558 May
6512 Oct
145 Mch
222 J'ner
150 Mch
214 Oct
87 Oct
11134 Feb
10212 Mat
7312 Sep
12678 Sep
7638 Aug
16112 Apr
13034 May
135 Sep
120 Jan
r 67 Apr
z.65 Apr
8 Itch 1
912 Jan 3
26 Jan 14
11312 Jan 14
470 Jan 3
13318 Jan 21
50 Jan 22
100 Feb 8
13038 Feb 26
63 Feb 24
83 Mch 13
53 Jan 29
4914 Feb 21
4612 Jan 31
12914 Jan 30
500 Feb 11
13428 Jan 6
55 Jan 13
10312 Jan 2
13934 Jan 3
71 Jan 3
8978 Jan 6
55 Jan 29
52 Jan 10
204 Feb 24
140 Feb 26
1014 Mch 13
77 Feb 11
104 Mch 10
97 Jan 28
68 Jan 13
10614 Feb 24
212 Jan 7
145 Jan 5
1612 Jan 31
77 Feb 11
11014 Feb 3
9812 Jan 14
7612 Jan 31
115 Jan 29
112 Feb 24
11834 Feb 17
11512 Mch 14
114 Mch 10
58 Feb 26
12813 Jan 3
123 Jan 14
12212 Feb 17
118 Jan 25
63 Jan 27
10938 Feb 24
79 Mch 6
98 Feb 13
69 Feb 21
9314 Feb 13
18712 Feb 20
12314 Feb 26
27 Feb 21
116 Jan 9 10313 Jan 12238 Oa8212 Jan 25 z 80 Dec r 9412 Apr
10158 Jan 13 z 98 Dec 210712 Apr
9413 Dec
60 Feb 21
9878 Nov
9738 Feb 6 z 9912 Apr 210312 Oct
21434 Jan 2 140 Jan 22112 Nov
12434 Feb 17 12113 Jan 12534 J'ne
34 Feb 13
49 Aug
3078 J'iy
92 Dec
974 Aug
10778 Mch 6
9834 Jan 10914 Apr
280 Feb 15 215 Jan 397 Nov
10812 Feb 15 10512 Jan 110 Jan
20612 Jan 10 313534 May 234 Nov
3s May
178 Jan
112 Feb 10
6834 Jan 2
8co2 Sap
5858 Feb
10834 Mch 5
9 Sep
15 Nov
1412 Jan 2
112 Jan 3
105 Feb 28
235 Jan 22
106 Mch 5
179 Melt 13
1 Jan 17
5813 Mch 10
10512 Feb 19
12 Jan 14
94 Mch 6
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCIIANGE
Week ending liarch 14
STOCKS
CHICAGO STOOK
EXCHANGE
Bids
Sold
Range
for
Year 1913
NAME.
Outstanding
Stock.f
Surplus
and
Profits.t
Dividend Record.
In
In
Per1911. 1912. lad,
Last Patch
%
$200,000 $188,816 ____
American State
215 ___ Jan '13, 134
High No. Lou
Ind
Ask Low
High Calumet National
100,000
y69,084
6
None An Jan '13, 8
_
91 Feb '13- 91
1929 J - .1
91
'250,000
14,427 Beg. b us.Oct 7'12 V. 95,p. 94*
Central Mfg District Bk..
Am Tel & Tel coil 48
9034 Mch'13 ___
9058 914 Continental & Comm Nat 21,600,000 9,656,716 10
1939 J -. I 1011 -91
Armour & Co 415s
10
Q-J Apr '13, 3
8214 April'12
16
Auto Elec 1st 51 as
1928.
Corn Exchange National_ 3,000,000 6,255,731 16
Q-J Jan '13, 4
8
_
May'12
200,000
100,365
6
Q-J Jan '13, 134
Drexel State ..
Cal Gas Sr El unit & ref 58 1937 M-.\ ---- ---9618
10
355,277
10
Q-J Jan '13. 234
1927 F - A 1014 Sale 10118
10112 18 10078 10178 Drovers' Dep National750,000
Chicago City Ry bs
8
Q-J Jan '13. 2
Chic City & Con Rys 6s-d1927 A -0 84 Sale
84
85
10 84
200,000
t61,431
89
Englewood State
63-4
Chicago Eley Sty Ss
1914 J - J:9714 9858 97
97
17 Q-M Dec31'12,434
10 97
10,000,000 11.897,4/7 12
9814 First National
Chia Pneu Tool 1st 5s__a1921 J - J 6____ 9412 94 Mch'13 ____
1255 Q-M Dec31'12,5
94
94
150,000 y209,125 12
First Nat Englewood..
Chicago Rys 58
1927 F - A 9914 Sale 99
9938 63 99 10014 Foreman Bros Bank'g Co. 1,000,000
Priv ate Ba nit
531,301
Chic Rys 58
series 'A" A -0 t_.-- 9578
8
Q-J Jan '13, 2
9438 Jan '13....... 9468 904 Fort Dearborn National- 2,000,000
730.178
8
Chic Rys 48
series "A" A -0
0638Jan '12
Halsted St State Bank_
200,000
42.210 Org. N oy 25 1912
Chic Rys 4s
series "B" J -D 8318 Sale
82
834 67 32
8634 Hibernian Banking Assn_ 1,500,000 1,611,957 Not pu blished -see note (¶)
Chic Rys 4s
series "C" F - A 0
9413 03 Jan '13
200,000
93
93
Hyde Park State
33,884 Beg, b us Aug 12. V.95, P. 273,
Chic Rys coil Os
1913 F - A
100 Jan '12
400,000
Kalmar State Bank
174,155 10
10
J-J Jan '13, 6
Chic Ry Pr m M g 48..c1997 J - J 2 72 Sale 72,•,.. 72
5 72
200,000
75
Lake View State
5,304 Beg. 1) us.Apr 811 V.92, p. 100*
Chic Ry Ad] Inc 4s_c1927 Mayl t 53 Sale
63
53
200.000
5 50
58
Lawndale State
68,637
_
Q-J Apr '13, 2
55_1923
J
-D
Telephone
Chicago
:10114 Sale 10114
10114 10 101 10134 Live Stock Exchange Nat 1,250,000
579,387 10 10&2e Q-M Apr '13, 3
Cicero Gas Co ref G m 1932 J - J L._ 98
9618 Dec '12
200,000
z52,853 Beg. b u.s.Aug 26'1 2 V 05, p 598
Mech & Traders State
1943 11- S 110212 Sale 10212
Commonw-Edison 55
10258 15 10218 10318 Nat Bank of Republic
2,000,000 1,441,175
8
8
Q-J Apr' 13, 2
MS
110178 Sale 10178
Commonw Flee 5s..-b1943
10178
5 10112 10212 National City
2,000,000
686,127
6
6
Q-J Jan '13, 134
1924 M-N 610012 ..--_
0934 Dec '12
Cudahy Pack 1st M 5s
6
Q-J Dec31 12, 134
250,000
108,866
6
National Produce
106 Sale 106
106
1920
Dia Match Con deb 6s
2 106 10813 North Avenue State
80,634
7
7
200.000
Q-J Apr '13, 1)(
_
0984 April'12
Gen Mot 6% 1st L notes_1915 A -0 - -------6,342
6
86
Q-J Oct '12, 134
200,000
North Side State Savings
--------10114 Ma'12 _
1952 6
Q-J Jan '13, 1)(
Ind Steel 1st g Ss
5
45,327
200,000
North West State
-------------------------1928
Do
1st g 6s
105,558
Q-J Jan '13, 234
People's Slit Yards State..
500,000
93.4 10
----- Second Security
Int liar 3-yr 5% g notes_1915 F - A _.- -_ 10058 May'12 _._ _
26,024 Beg. b us Nov 1'11 V.93. p. 1236
200,000
1054 April'12
6
Q-J Apr 13, 2
Inland Steel 1st NI g 65_1928
6
Security
400,000 2160,729
Kan City fly & Light Co
South Chicago Savings
117,500
8
8
Q-J Jan '13, 4
200,000
5.5
90 Oct '12
1913 M-N
6
South Side State
Q-J Jan '13. 1)4
18,794
6
200,000
87
Lake St El-lst 55
1928 J - J L.-- 88
87 Jan '13 ._
State Bank of Chicago
87
(3-1 Jan '13, 3
12
1.500,000 2,477,759 12
79
80
Metr W Side El 1st 45_....1938 F - A
7914 Sale
24 79
82
State Bank of Italy
200,000
56,357 Beg, b us-Aug 19'1 2 V.95,9.62)
1938 J - J 1 79
Extension g 4s
8112 8012 Feb '13
774 81
Stock Yards Sayings
250,000
10 (3-M Dec31 12,3
237,903
8
Mil El Ity & Lt Isr g 55_1926 F - A 1103 10412 10478 AprIP12
6 NI-N Nov'12, 3
Union Bank of Chicago
500,000
168,594
6
do
ref & ext 4%8_1931 J - J t 94
9412 95 April'12 ____
..... Washington Park Nat_....
618 Q-J Jan '13, 234
100,000
17,991
6
do
ten & ref 5s
1951 J - D
g
Q-J Jan '13, 2
Central Tr Co of Illinois_ 4,500,000 1,960,253
8
Milw Gas Lt 1st g 43
1027 SI-N 1 8913 01
004 May'12
I0&2e J-J Jan '13, 7
Chicago City Ilk & 'Fr Co
500,000 :356,967 10
Morris & Co 4%s
1939 J - J 88 Sale
88
88
1 88
89
Chicago Say Bank de Tr_ 1,000,000
290,996
6
6
Q-J Jan '13. lyf
Nat Tube 1st g 6.t
1952 M-N
10034 May'12
...
Chicago Title & Trust
8
8
Q-J Jan '13, 2
5,600.000 12,263,235
Nor Shore El 1st g 5a___ _1922 A -0 21027
___ 10314 April'122
Colonial Trust & Sayings_
600,000
488,230 8&2e 8&2e Q-J Apr'13, 234
do
let & ref g 55_1940 A -08 904
a10013 100 Jan '13 ___ 100 100
Cont & Comm Tr & Say_ 3,000,000 1,883,289
9513 Sept '12
Nor Sh GAS 01 111 1st 55_1937 F - A ____
Drovers Trust de Sayings_
250.000
143,724
855
10
Q-J Jan '13, 234
1911 Si- S:9978 -- 10014 July '11
North West El 1st 4s
First Trust & Sayings_ _ _ _ 5,000,000 2,644,849 16
None Q-M Dec30'11,4
9934
0934
N W G L &Coke Co 63-1928 Q -M __..
1 9934 10018 Ft Dearborn Tr de Say Bk
250,000
17,812 Beg. b us.Apr 3'11 V.92,9.929
1945 /11-N 96 Sale 06
96
Ogden Gas 58
3 98
97
w Franklin Tr & Say Bk
200.000 033,673 Beg. b us.Apr 8'12 V.94, p. 1080
Pas Gas & El ref g 5s__-1942 J - J .._ ____ 02 May'12
Greenebaum Sons Bk&Tr 1,500,000
254,676
235 10
Q-J Jan '13, 234
100 May'12
Pac T & T 1st coiltr 6E3_1937 J - J
200,000
Guarantee Trust & Say
J-J Jan '13, 3
8
u43,000 ____
1916 J - D 1 9712 -- 10038 Mch '09
Pearsons-Taft bs
Harris Trust & Sayings
1,500,000 2,203,224 12
Q-J Apr '13, 8
12
MS
:
94
__
9613
Mch '10
4.40s
Home Bank & Trust
300,000
z73,853 Beg, b us.Apr 10,1 1.V.92,p.1003
M-N 105 _
97 Feb '10
4.60s Series F
_
Illinois Trust & Savings
5,000,000 10,188,503 16&4e 16&4e q Jan '13, 4
SI-N 6 9614 -___
0814 Nov '11
4.80s Series F
7&2e Q-J Dec.31'12,13(
7
Kenwood Trust & Sayings
z86,526
200.000
11512 Sept '12
Peop Gas I. & C 1st 8s__1943 A -0 --_
6
Q-J Dec31'12, 134
6
I.ake View Trust & Say
r74,355
200,000
1947 M- S :10078 Sale 10078
10078
Refunding gold 58
5 10078 10218 La Salle St Tr & Sav Bk
256,508 Beg. b UP. Ma y'10
1,000,000
21 Sale 10213
Chic Gas L & C 1st 55_1937 J - J
1024
z41,522 Beg. b us.J'ly 1'12 V. 94, p. 484;
Mercantile Trust & Say__
250,000
5 10213 103
-------10134
Sept '12
Consum Gas 1st 5s_ _1936 J -D
16
Merchants' Loan dr Tr Co 3,000,000 6,988,640 15
Q-J Jan '13, 4
Mutual Fuel Gas 1st-68,009 __
58 1947 M-N --------10014 Jan '13 .___ 18014 1004 Michigan Ave Trust Co__
200,000
__- Q-J Apr'13. 1i(
Pub Serv Co 1st ref g 5s.1956
t
- 97
9714 Feb' 13 ____ 97
500,000
117,754 Com.b us. Ap 10,1 1.V.92,9.1004
9738 Mid-City Tr & Say Bank
Sou Bell T & T 18t, I 58_1941 .1 - J --------10014 May'12
1,500.000 2,857,380
Northern Trust Co
8
8
Q-1 Dec.31•12, 2
South Side Elev 415s____1924 J - .1 t 91
92
92
92
250,000
139,141
8
1 92
8
J-J Jan '13, 4
9314 North-Western Tr & Say_
Swift dt Co 1st g bs
200,000
1914 J - J i 9912 __ 10018 Mch'13 __ 100 1004 Old Colony Tr & Say Bk_
252,026 Beg. b us.J'ne 111 V.92. p.153T
Fri-City Ry & Lt coil
500,000
People's Tr & Say Bank
209,665 ____
8
Q-J
Jan '13. 4
trust lien s f 55
1923 A -0--------9814 April'12
300,000
Pullman Trust &Savings_
280,151
8
8
Q-J Jan '13. 2
Union Elm (Loop) 55-.1945 A -0 ___ -- 85 April'12
200,000
47,677 __
Sheridan Tr & Say Bank_
3
Q-J Jan '13. 114
U S Gypsum 1st g 55_1922 NI- S __
100 May'12
Standard Trust & Savings 1.000,000
410,122
___ Q-M Mch10•13,119
U S Steel 10-60-yr s t g5s._.
.
_ 10213 April'12
Stockmen's Trust & Say_
200,000
n50,000
J-J Jan '13, 3
6
6
Western Elec Co 58
1922 J - J
10078 Oct '12
Union Trust Co
1,200,000 1,548,645 8&2e
8 Q m Jan 16 '13 Is
West Side Tr &Say Bank
400,000
Q-M Apr '13. 3
113,139
8&2e
8&2e
Note-Accrued interest m ust
be nddzsd t o all Ch'earzo bon d prices.
Woodiawn Tr & Say Bank
200,000
96.020
Q-J Jan '13. 334
914 10
•Bid and asked prices; no sales were made on
this day. 1' Feb• 4 (close of bu
No pr;ce Friday; latest price this week
5 Sept. 1 1911. 411 Dividends not published: stock all acquired by the Continental & Commercial Nat. Bank. a Due Dee.31.
Due
June.
c
Feb.
d
D Duo
Due Jan. 1. e Extra dividend, x Sales reported beginning April 18. n Jan. 16 1913. e Dividends are paid Q.-J. with extra payment*
Q.-F. r Jan. 2 1913. I Dec. 311912. u Jan. 3 1913. w Douglas State Dank absorbed by Franklin Trust & Say.
Bank,
of latter being inc. to $300,000; Y.94,,
p, 1511; V. 96, p. 250; figures here given aro as of Des. 2 1912 and are for consol. institution. y Nov. 26. 1912. s Nov. 27.capital
1912.
BOSTON STOCK EXCHANGE—Stock Record.
780
SMARR PRICES—NOT Pn.le CR:VT U31 PRIcES
Saturday
March 8
tt
Monday
March 10
Tuesday
March 11
1Vednesday
.1farch 12
Thursday
.1.tarch 13
Friday
larch 14
*101 10113 10013 101.14 10114 10138 10138 10138 *10138 10153 *10138 10158
*100 10014 *9978 10018 *9978 10014 *100 10014
Last Sale 10138 Feb'13
210 21012 *
209 • 211
210 211
211
210 210
208 208
103 10812 10812 10812 11-1514 10812 108 10312 107 108
10812 109
203
*200 203 *____ 203
Last Sale 203 Meh'13
8• - 202t2
89
00
90
91
91
8914 5
89
72
83
70
70
*270 280 *270 280 *270 280 *270 280
265 265 *260 ____
*71, ____
*71,
*712
_
.712
_
Last Sale 712 Feb'18
65
*65
65
065
68
68
*(33
65
*83
65 *____ 66
*714 8
.711 8
Lest Sale 7
*7,4 8
Mch'13
*7,4 8
*43
4512 *43 • 4512 *43
4513 *43
Last Sale 43 Mch'13
4512
*167 163 *1137 168 *167 163 *166 163
Last Sale 166 Feb'f3
10614 10614 10314 10634 103 106 *____ 105 *103 105
101 10112
260 • __ 200 * ,_ 260 *260
Last Sale 255 Feb'13
119 119
118 119
118 118 *11i1.2 118
117 117
114 117
12212 121 121 *120 12034 *120 121 3120 121 *12012 121
*84
84
8412 84
8414 8414 84
84
*8334 8434 *8334 8434
*10712 ___ *109
*110
*110
10712 110 *106
1613 1612 1612 1612 1613 -1-613 1634 1684 *1612
*1613
*___ 76
7512 7518 75
75
7512 75
75
75
7512 7512
12214 124
123 12334 123 12334 123 12414 12018 123
11813 12114
*126
Last Sale 129 Mch'13
Last Sale
Dee'12
*Fri" 1i4 173 fii- 173 173 *:::: 173 *____ 173 20J
*____ 173
'---- 45
____ 45
Last Sale 49 Dee'12
45 ▪ ___ 49
*150 15014 14778 143
14853 14834 14838 14978 14738 14814 14958 14958
*8413 81
*34
84
85
Last Sale 9018 Feb'13
*83
*8314 84
*150 155 *140
*140
*140
Last Sale 150 Mc1'13
7814 7834 7734 78
7712 -77-3-4 7713 7812 78
78
78
78
96
*95
96
97
96
*95
90
97
96
90 *____ 97
53
5314 53
5314 5238 5314 *5214 5314 *5234 53
*5212 5234
9738 971.2 9714 9712 9714 9712 9714 9738 97
9712 97
9714
4,
*414 412
A 418
414 414
418 414
4
4
378 378
*2012 2112 x20
*1912 20
20
20
20
1912 20
1938 1958
11314 115
11314 11412 11413 11478 11112 11414 112 11278 113 11312
114 114
11334 11414 114 11413 11134 11412 11212 113
11314 11314
13253 133
13212 13234 13212 13278 13234 13318 13258 133
13234 133
*1713-*17
*17
13 *17Last Sale 18 Mch'13
79
7914 79
7938 7914 7914 7914 -79'3-4 70
79
1
4 79
79
68
63
66
66
613
*65
68
*65
65
63
68
68
9812 *____ 93
98
93 *___
98
9812 9312 9812 98
---*584
558 578 *534 ----*534
*534
*534 ---_._ *11
*11 -111112 12
_
1038 11
12
12
12
1212 1212 -1212 1212 312
*1113 1213 *II13
1212
- *12
13
279 279
27934 27034 27934 27934 27913 280
278 278
278 27812
13813 139
138 13814 133 13812
13734 13812 138 13814 138 138
8912 8034 8912 5912 80
8014 8914 8914 88
8834 8813 8812
94
94
*93
94
94
0334 94
9312 91,4 94
9334 9334
*213 21434 *213 21378 *212 21378 21.8 213 *213 21314 213 213
*314 312
314 3,4 *3,4 313
314 3,4 *314 312 *314 312
70 *____ 70 • _ 70 *____ 65
Last Sale 93 Dee'12
8018 8618 *8612 8712 8618 8638 .86
87
*3638 87
.;-*Ss
87
15313 15384 153 15334 153 15313 153 153
15213 15212 214912 150
Last Sale 90 Meh'12
ii5- 15918 i;o- 1501 158 159 1-51 1-683-4 15712 15812 15714 15713
*15
16
*1518 1534 *1512 16lr 1538 1558 16
1534 16
10478 10512 105 10533
107,4 1-0712 310518 10538 105 10512 105 105
2713 2712 2734 2734 *2712 2734 2712 2713 2734 2734 2712 2712
*2712 28
*3713 28
*2712 23
*27
28
*2713 23
2712 2712
1.33 13, *114 158
112
.
114 112 *114 112 *114
114 114
16013 170
170 173
169 17018 168 170
16913 17012 150 170
50
50
50
50
50
5018 5014 4912 50
5018 50
5014
2712 2772 *2713 2778 2734 2778 2734 2734
28
2734 28
28
5934 60,4 5818 5934 5012 CI!' 5933 6034 5938 6012 5934 01
10734
10752 10752 *10738 10734 10734 10714
108 108
10738 108
Nate;
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range Since Jan. 1.
04 basis of 100-share lots
Lowest.
51190002moti s
4714 Jan 17,
292 Amer Agrieul Chem _ 10u
D- pre( ,
36,2
100 00 Jan 17
1,089 Amer Pnen 8ervie5_ 60
378 Feb 14
370 Do pret..._„
60 1912 Feb 13
1,858 Amer Sugar Rehx
100 11112 lich 12
Do prot
450
100 11134 Mch 12
6,293 Amer. Tel.w. (13 Teleg_100 13118 Feb 26
Amer,oan Woolen..
1614 Feb 28
1)0 prof
849
100 78 Feb 3
88 Amoskeag Mann!actur ng 65 Mch 14
Do f7ref.„,
125
98 Jan 10
5 All Gulf 14 W I SS L_100
5 Jan 10
Do pref____ _100 10 Jan 7
38
East
Boitton Land__ 10 11 Jan 14
335
418 Edison Eleo
278 Mch 13
395 General Electric
100 135 Feb 25
823 Massachusetts Gas Cos100 88 Mch 13
102 Do pret,
100 9112 Jan 31
55 Mergenthaler Lino
100 213 Mch 12
3 Jan 16
150 Mexican Telepkose_ 10
_ N 5 Cotton Yarn____100
25 Do pret
5K1i 13
100
370 N E Telepbane,
100 314912 Mch 14
Portland (Me) Mac _IGO
521 Pullman Co__ _
100 157 Feb 26
266 Reece Button-Flole_ 10 15 Jan 20
580 Swift & Co
100 10478 Mch 13
70 'Farrington.
25 2714 Jan 28
Do prot..
45
25 2712 Feb 26
1n Unkni Copper L 43 hi 25
114 Feb 25
United Fruit
1,
100 157 Feb 25
212 Un Oboe Matt Corp_ 25 4812 Jan 14
Do prat
461
25 27 Jan 20
8,081 (I S Steel Oorp
101 5818 Mch 10
Do pref..
150
100 10738 Fels 24
Mining
031, 4
313 312
314 313
314 314
1,925 Adventure Oen
3
3
234 3
25
834 Mch 14
114 112
114
114
114 114
1
114 *118 138
1,410 Algomati Minim!:
1 Feb 20
25
_
25 32 Feb 18
3713 37
37
37
37
37
37
3713 *3612 3712 -5-7- -i7 360 Illouez
6834 6958 68 (19
6914 7014 69
71
6878 70
6914 7018 12,895 Amalgamated'Copper 100 6578 Feb 26
29
29
29
2912 .2913 2912 2834 29
*29
1,540 .011 Zino Lead & Sm.. 25 253 Jan 15
2914 283.1 29
213 Feb 18
3% 4
334 41
4
338 334
378 4
4
4
878 878 2,810 Arizona Wail ctts deP '.40 .45 '0.49 .45 '3.40 .45 •.40 .50 .43 .43
1,150 tionanza Dev Co....... 10 .31 Jan 18
.40
.40
6
614
6
614
6,8 618
61, 612 *614 7
__.2.
.
38 i3_8
200
66 esu
4
os
ttCo
u nr
aro
tuda
pvleaSiclhi
op
.
g 1
5 Jan 15
212 212
*212 3
212 212
*213 3
238 212
10
238 Mch 13
3,076 Butte43SupCop(Ltd) 10 29 Feb 25
3014 3014 30
3014 3014 3012 3013 3112 3014 3012 3014 31
6314 6334 6412 63
63
6234 63
62
63
6334 03 6334 2,045 Calumet 84 Arizona_ 10 59 Feb 18
463 463
462 466
455 460 *455 460
461 461
450 455
25 3435 Feb 21
38 Calumet 44 Heola
*15
16
*15
16
*15
Last Sale 1513
1512 *15
23 1314 Feb 25
16
40
Mar'13
een
3912 3012 3914
'...4.1lito Go
3018 3918 3734 3918 3878 3914 30
3914 1,140tenn
ial
fWer
1 3534 Feb 27
Last Sale .01 Nov'12
_
*.02 .04 *.02 .04 *.02 .04
Cons liercUr Gold_
1
4438 45
44
45
44
3 4312 44
711 -44144
44
44
1,008 Copper flange Con Co 100 4213 Feb 19
*313 4
312 313 *312 4
*312 4
*312 4
*313 4
20
312Jan 13
13
1233 1234 1238 1234 1233 13
13
1212 1258 12
st
7 rui
Eai
7j
19
1212 2,21
tte
t Cop 1:41n__ 10 1114 Feb 24
7
634 7
7
7
7
*634 7
7
7
*634 7
25
IA Feb 25
160 Franklin
318
318
313
3
4
3
3t2
313
3
3
213 Feb 21
3
*3
312
670 G ouz. (.5311solidated
5
5778 6112 58
5934 5814 5934 5812 6012 5818 5918 58
59
5,331 Granby Oonsolldated_100 55 Feb 18
733 Feb 19
818 818
8
818 812
VA 814 *8
814
814
911 Greene Cananea.
WA WA
20
1814 1812 21
2014 2118 1,155 H
18
18
ite
arvecotota
1734 1734 *1734 1812 18
kC
cl
os
j
o
elrldated 25 1612Feb 10
Last Sale 34
34
304
Feb'13
34
34 *---25
81 Jan 3
1558 1312 1212 1212 *13
1312 1313 1312 13
400 ;ndlana Mining
1312
1314 13
25 10,2 Feb 20
*1614 1634 ' Last Sale 1673 Mar'13
*164 17
Insplration Consol C. 20 15l Feb 19
*10
1612 *1614 17
*5112 5212 *50
20 Island Creek Coal-- 1 50 Feb 18
5113 5112 *50
52 .50
52
52
*50
52
8614 8614
*85
86
86
8.512 88
*3534 86
20
Do pret_.
*84
1 84 Jan 23
86
24
25
24
2412 *2412 2434 25
25
24
24
2412 2412 1,370 Isle RoyaleCopper
25 22 Feb 19
3
3
3
318
4 31,f,
31
3
3
5
3
31,4
233Jan 14
705 Kerr Lake
354 3514
*213 234 *212 238
213 212 *212 234
27
,4 212 4.24 213
175 Iteweenaw Copper— 25
112 Jan 7
16
16
17
1614 16
1612 1512 153,
1513 16
2,905 Lake Copper Oo
15
25 12 Feb 18
16
*412 478 *412 478
412 412
418 412 *4
414 *4
25
412
334 Itch 1
220 La Salle 00PPer
*784 ---712 713
712 712
712 712 *718 712
714 7.5s
825 gason Valley Mines_ __5
7 Feb 25
413 412 *414 434 *414 434 *414 434 *414 434
412 412
'
25
00 Alass Consot
412J3n 21
812 0
8s8 012
012 934 10
10
0
912
9
9
875 slayllower.
25
8 Feb 18
*2234 2314 2212 2212 *23
2312 2234 2234 *2212 23
*2212 23
45 Miami Copper
5 2134 Feb 19
*112 2
*112 2
*112 2
Last sale 134 Mar'13
0113 2
Michigan
113 Feb 6
'5
50
51
491g 4914 4912 50
4812 50
4818 4834 *4812 4912
473 Mohawk
25 47 Feb 24
1718 1718 1673 17
1714
17
17
17
17
17
17
367 Nevada Consolidated.. b 1618 Feb 18
17
*214 213
214 238 *214 212
214 214
214 238 *214 212
350 New Arc:Whin Copper 25
2 Jan 14
834 834
834 878 *873 9
349 Niplseing Minos •
578 6
873 0
9
9
813 Itch 4
5
27
2712 27
2734 2853 2714 2734 27
2712 2758 23
North
2778 3,
15 2414 Feb 19
2
2
.1% 178 *1% 2
134 134 *1% 218 *115(4 218
25
8,10
114 Feb 24
*24 212 *2
214 214 *2
234 *214 212
212
011bway Mining
214 213
25
2 Feb 17
513 012
512
5
514
512 512
5
553
514 514
25
'880 Old Colony
5
5
412 Feb 19
4814 4814 4713 48
48
4814 48
4313 48
4812 4812
43
25 44 Feb 26
245 Old Dominion Co
8634 8634 88
8634 87
83
88
88
83
88
*86 ....
213 Osoeola
25 85 Feb 25
2314 2334 2212 23
2234 2278 227g 23
2234 2234 1,362 Pond Creek Coal
2213 23
10 22 Feb 18
68
68
67
6712 68
67
*67
13
1ws
,
18% IL .514
4
1813 1838 18
18
178 2
*131 2 . •178 2144 •134 213
2
2
.178 2
000 Santa Fe Gold & Cop- 10
Ds Feb 27
1118 1114
11
1058 11
11
11
1112 11
11
10 1018 Feb 27
11
553 Shannon
11
0..._
25
25
2413 2413 24
25
25
25
020 Shattuck-Arizona __ 10 21 Feb 19
2413 2334 24
.3-0 .30 •.25 .32
.25 .23 •.25 .30 '.25 .30 '.25
.30
850 South Utah 1,1 63 S.— 5 .20 Jan 8
2914 2914 2934 203
3012 303, 30
3114 2913 2034 30
1,097 SuPerier
30
25 2412Feb 18
313 358
358 334
313 3i2
338 334
312 312
3*,(8 3%3 1,391 Superior& Boston 111n 10
13,f4 Jan ..
29
30
23
29
2934 30
29
289 Faluarack
30
*28
29
2834 29
25 28 Feb 19
*4
434
414 414
4
418 *4
414
142 Milky• _
414 414
4
4
25
4 Feb 19
278 278 *234 3
278 278
273 278 *2% 3
300 Tuolumne Copper ....„ I 24 Feb 15
*234 3
4012 4012 40
4012 *40
4012 4014 4014 4014 4014 4012 4013 2,412 U S Smelt Ref 43 Min_ 50 3814 Feb 25
4814 4812 43
4834 4814 4814 4818 4/318 4818 4812 4813 4812
710
D.
L., 50 48 Feb 14
prat
*178 218
2
2
2
2
.134 2
178
525 Utah-Apex Mining__ /
178 '
lb Feb 13
31,73 2
912 912
912 958 .014 012
053 034
3636
75
7U
v
utettat
atxhirc,)
013 014
878 Feb 25
C
iaop
913 913
ted..... 6
us
vo
.or
lid
c.
a
o
3152
5212 52
52
*5278 53
*521.4 5254 5212 5213 '35258 5278
10 50 Feb 17
*113 152
112 112 *112 132
153 1513 *112 15r
25
*113 158
112Jan 31
*234 3
*234 3
*234 3
*234 ,
278 3
75 Winona .
213 Feb 19
25
*234 272
6213 6212 61 -61-- *6112 63
6213 63
61
61
110 Wolverizro
6114 6114
• 25 61 Mch 10
1
..95 114 '
1%90 114 *.90 114 •.90
1
114 '.00
118
150 Wyandott
25
34 Feb 20
!. Sid anu asked prices. a L‘tuvv stook.
Asst 1 paid. o Ez-stook dtv.
Ex-rigats. a Ma-d1v. Lnd rights. .c
Iuiqilesi.
*nitres s
51 Atch Top & Santa Fe_100 10038 Feb 26 10614 Jan 2
Do pre,f,
100 10138 Feb 4 10138 Feb 4
Boston
&
Alkarty
220
100 208 Mch S 215 Jan 2
438 Boston Elevated
100 107 Melt 14 11414 Jan 30
goston Lowell
100 203 Jan 3 205 Jan 27
2,673 13oeton &
70 Mc)314 07 Jan 3
Boston A PrOvIdenco_100 265 litch 13 290 Jan 3
Boston Suburban El Cos_
713 Feb 10
712 Feb 19
Do
pret,
•
33
65 hIch 7 65 Men 7
Boston & Woro Eieo Cos.
5 Feb 25
714 Itch 6
lb
prei.......
43 Mch 6 45 Jan 24
Chic June By & US1.100 166 Feb 14 160 Feb 14
Do prof
104 Jan 13 107 Mch 6
168
Connecticut Itiver
100 255 Feb 19 260 Jan 13
123 Fitchburg, peel
100 114 Mch 14 122 Feb 8
24 Ga By & Elect atmpd_100 121 Mch 10 126 Feb 10
130 Do prat
100 3278 Feb 4 8414 Meh 11
25 Ilaine Central
100 102 Jan 25 110 Meh 13
260 Maas Electric Cos...._ 100 164 Jan 9 1933 Feb 4
Do pret Stamped_100 75 Mch 11 79 Feb 5
644
3,635 NYNH& Hartford_100 11812 NIch 14 130 Jan 9
Northern N H
100 128 Jan 22 130 Feb 21
Norwich & War pret_100
72 Ola Colony
150 -Hi- Feb 28 -17
.
6-12
Rutland prat
100
545 Union Pacific
100 14738 Mch 13 16214 Jan Ii
Do pre,:__
100 00 Jan 21 0012 Jan 0
Vermont & Mass100 150 Fe( 27 150 Feb 27
50 76 Fe1116 8112 Feb 8
686 West 4-:..1 5
Do prof
84
50 9512 Mch
100 Jan 3
1.3.tletc
g1,24 .14, r914 Bgllualyneinwi Copper_ i8 65 Feb
Range we Previous
Year 1912.
Lowest
10378 Feb 11114 Oct
10114 Nov 10414 Feb
21113 Sep 22212Apr
112 Dec 13434 Mch
202 Nov 218 Jan
04 Dec 10013 Jan
200 Dec 300 Apr,
1i May
10 Dec
70 Dec
80 J'ne
1215 Jan
7 Dec
50 Aug
57 Jan
105 May 170 Jan
10713 Oct 112 J'ne
260 J'ly 272 Jan
110 Dec 128 Jan
124 J'
D enc
e 317412 ja
Apr
83
125 Dec 14738 MaP
10 Dec
2318 Jan
7238 Dec
83 Feb
126 Dec 14238 Apr
12312 Oct 143
200 Oct 21213 Jan
a74 J'ne187 Jan
41 Jan
70 Jan
152 Dec 17614 Sep
8018 Sep
9378 Deo
1E0 Dec 104 Jan
80 Oct
8878 Feb
96 Nov 10312 Melt
54 Dec
57 Jan 11
98 Dec
9914 Jan 2
413 Jan 3
3 Aug
14 151ch
2334 Jan 11
11812 Jan 3 11334 De0
11714 Feb 1 11414 Deb
14012Jan 3 137'2 Jan
13 Jan 14
22 Nov
8113 Jan 7
7914 Nov
75 Jan 14
75 Nov
100 Jan 23 x9014 J'ne
5 Aug
578 Jan 23
12 Jan 3
1013 Aug
16 Feb 8
1034 Jan
28812Jan 10 27212 Sep
18634Jan 2 155 Jan
9313 Jan 22 38813 J'iy
953 Jan 10
93 Deo
219 Jan 2 21413 Deo
312 Feb 8
212 Itch
CO Dec
9112 Jan 11
00 Dec
160 Jan 11 10.14 Oct
7212 Jan
16512 Jan 2 153 Feb
16 Mch 13
1334 Jan
108 Itch 5
9813 Jan
:./ May
2812 Jan 15
28 Jan
2814 Jan 20
2 Jan 4 .85 Jan
182 Jan 3 5171 Sep
5534 Feb 4
4614 Jan
2713 Dec
2812 Feb 3
5838 Feb
69 Jan 2
111 Jan 30 10718 Feb
6 Jan 4
214 Jan 3
3
8014 Jab 2
3278 Feb 10
412 Mch 6
.43 Mch 13
7 Feb 3
4 Jan 4
45 Jan 2
7213 Jan 2
555 Jan 2
18 Jan 6
4712Jan 2
4214 Jan
53 Jan 2
4 Jan 27
1518 Jan 2
9 Jan 2
3% Jan 2
7312 Jan 2
013 Jan 2
25 Jan 2
84 Jan 3
17 Jan 2
1812Jan 8
59 Jan 4
8712 Jan 10
337 Jan 2
37
,f8 Feb 15
388 Feb 4
2612 Jan 3
514 Jan 3
1012 Jan 2
513 Jan 2
1514 Jan 2
2612 Jan 3
134 Jan 2
65 Jan 7
1034 Jan 4
213 Jan 2
0 Jan 18
341a Jan 2
234 Jan 2
314 Jan 4
832 Jan 2
50 Jan 2
107 Jan 2
2814 Jan 2
g
g?3 hai,2,
Jan 2
1312 Jan 2
2812 Jan 3
.35 Jan 18
4012Jan 2
e43, Feb 4
38 Jan 3
6 Jan 9
312Jan 28
4312 Jan 2
80 Jan 0
238Jan 3
2114 Jan 2
60 Jan 2
2 Jan 2
413 Jan 2
76 Jan 3
112 Jan 0
Unstamped.
Highest.
6334 Itch
105 htch
514 J'ne
2413 Nov
13358 MaP
12334 Aug
149 Mch
30 Mch
9414 Mch
84 May
105 Mch
9 Feb
20 Jan
1714 May
300 Mch
189 Deo
95 Oct
9878 Feb
229 Aug
412 J'ne
105 Jan
107 Itch
104 Meli
10 Itch
184 Aug
1738 Apr
10918'Sep
32 Jan
i Apr
334 Apr
20812 J'ne
5712 Aug
2934 Sep
8038 Sep
11038 Oct
5 Dec
1114 Apr
2 Dec
814 May
35 Dec
5018 J'ne
60 Feb
0238 Oct
2412 Feb
35 Oct
2 Jan
678 Apr
.25 Nov ,55 Apr
412 Dec
014 J'ne
21540 J'ly
534 Apr
6134 J'ne
1912 Feb
5712 Feb
8312 Aug
405 Feb 615 Sep
1513 Dec
2713 Apr
2514 Feb
5014 Nov
.01 Nov .09 Jan
4812Dec
6613 Apr
312 Oct
712 Meh
1214 Jan
1034 Sep
1614 Apr
078 Sep
3 Dec
Vile Apr
33 Feb
7734 Nov
712 Feb
1118 Oct
22 Oct
37 J'no
.70 Dec
2 May
1118 Sep
23 Apr
1638 Dec
2158 Jan
4012 Jan
6534 J'ne
9114 Aug
85 Jan
2034 Jan
3714 Nov
2 Apr
318 Feb
.80 Jan
3 May
2234 Dec
49 Apr
412 Feb
8 Apr
1014 Dec
1412 rims
5 Dec
914 Jan
234 Jan
1812 Apr
2338 Jan
3038 Sep
158 Dec
513 Apr
5012 Jan
73 J'no
1814 Jan
2438 Sep
2 Dec
014 Apr
014 Deo
534 Jan
2234 Feb
3938 Oct
218 Deo
834 Apr
1836.1144 Jan
112 Dec
May
258 Jan
04 Oct
44 Jan
ico
nv
o
100 Dec3tc, l'a13
15
A'en
:
i
7
1(2:
311 Yaen
1R18
°
1 Jan
478 May
0
3
1717
18
2 Aug
17 Feb
14 Dee
114 Apr
24 Feb
4878 J'ly
1 Dec
478 Jan
20 Jan
61 Apr
4 Dec
013 Apr
212De0
41118 Itch
24 Jan z5058 Sep
5234 Sep
47 Jan
1 Nov 31148 Feb
012 J'ly
2018 Apr
6212 Jan
6738 Sep
134 Dec
578 Jan
31/1 Dec
734 Mob
05 Dec
1334 Apr
1 Dec 17 Mch
78 I
Boston Bond Record
NIA-R, 15 1913.)
••••••••••
BONDS
BOSTON STOCK E'XCH A NCI.
Wock Ending March 14.
Price
Friaay
larch 14
ti
-
Ranee
Since
Jan. 1.
.Veelc's
Runse or
Last Sale
BONDS
BOSTON STOCK EXCHANGE
Week Ending March 14.
Price
Friday
larch 14
Feet's
Renew or
Last Sate
g
lenae
Since
Jan. 1.
Ilia No •.
As,'‘ Low
Bld
r.oto 11014
Oi112 09,4
General Motors 1st 5-yr 63_1915 A-0 0912 111014 l)93 Feb '13
10038 102
9452 52 33313 0614
9312
Sale
8
935
0
Nor
7.4
13
-J
J
893,
&
4s__1921
tr
coil
Q
86
9533 9578
9312 - _ 9538 Pet)'13
Registered 4s
1921 Q-J
10212101
90a4100
1913 A-0 9978 100 0973 Feb '13
102:,8 1033., Harlots Steel deben Os
-----117 Apr '08
Is Falls & Sioux 0 1st 7s _1917 A-0
92 32
_- 92 Feb '13
Ran C ClIn 4 Spr 1st Os
1025 A-0
111 113
1111. 11112 Itch '13
Kan C Ft Scott & Mem 83_1928 51-N
0013 901
Kan 0 M & B gen 43
1034 .14-S 89 03 9012 Feb '13
96:48 93
83 8338 Nov'12
Assented income Os
1034 88- S
101's iU1(
_ lot 10118 Feb '13
Ran C & M Ity ec Br 1st 55_1029 A-0
__-• 115 ,Dne'08
_ Ilarq Hough & Ont 1st Gs_ 1523 A -0
9512
9412 20 01
04
Mass Gas 4 ;is
1925 J -J
LAIL _
10018 Apr '12
5,238 5251 Mich Telephone 1st Os
1917 J
93
13)
6
8
917
0131
Oils le- - New Eng Cotton Yarn 53_1323 F- A
10138 Meh'll
New Eng Tel .pli Os
1313 A-0
10012 Sep '08
1910 A-0
5s
____ _
New England cons g 5s
1845 J -J
Boston Term 1st 45
1555 A-0
'11
Dec
75
(The)
River
5s_1034
cony
J-J
New
102 102
102 Jan '13
9214 Men'12
NY N H & H eon deb 3 3e_1536 j-j
8 Sep 'ii
111,
125'* 12512
12518 Feb '13
1345 J -J
Cony deb Cs
89 89i
SO Feb '13
85
__Apr '0'.;
101
1.324
45
A
Egold
Colony
010
1103 Oct '07
____
0878 Sep
Oregon Sty & Nay con g 45_1245 J-1)
08
98 OS
08
15122 F - A
11138 Oct '12
Oreg Sh Line let g 63
9(05 Feb '12
1312 J-J
95 Jan '12
Pere Marquette deb g es
0812MchT,
103 Jan '11
Repub Valley 1st 3 f 6s_11319 J-J
9812 Dec '12
7014 Dec '10
83,8 8518 Savannah Elea 1st cons 5s 1052 J -J
8378 Steh'13
ioit; 1631;
1930 F- A _
10358 10312 Mch'13
0918 13 935310035 Seattle Elec let g Is
0858 99 9833
2 92 96
1019 51-N
93
92 Sate 92
1 8612 8612 Shannon-Arts 1st g Os
8012
8612 8612
'07
Apr
97
J-J
1929
Os
g
Elec
Haute
Terre
1103811038
110 Feb '13
101 Sep '12
1918 NI- S
Torrington let g 53
113'3Feb 'li
10018,1'1y '12
Union Pao RR & 1 gr g 45_1947 J -J
il May'12
01 01
May'12
10178
1927
4s
J-J
cony
20-year
'28 98
95 9712 98 Jan '13
17 0514 9614
96
96 --- 96
United Fruit gen s f 4 as.,. _1923 J-J
—
9438
2 9-138 9553
0438 9412 9433
1925 J _ J
Debenture 43e
A upg
7 114 Se
'
')0
10
1 1001210134
10058
10053
St-N
1533
Apr
Is
10-60-yr
Co
Steel
8
U
_
100 Aug'12
---99 May'12
1915 F-A
West End Street lty 45
80 84 8014 Sep '12
993s Oct '12
____ „....
1314
M-S
34s
4
Gold
-6612
"6699 Feb '13
1)718
971
Feb
'13
SL-N
1918
(told debenture 4s
103'3 Apr '05
0812 N ov'11
1917 F-A
Gold 48
95 Oct '12
;
-09 - 16(55
9912
'JO
-J
J
Sale
99
_1932
_
5s_
l
Western
'I'd
&
Teleph
122
122
122 Feb '13
935 Feb '12
Wisconsin Cent 1st gen 4s_1949 J -J
'12
122 \h'h'12
Fiat price
NOTE.-Buyer pays accrued interest in addition to the purchase price for all Boston Bonds. .No price Friday: atest bid and asked.
1110 No.
Asl row
3
10013 10034
s638 8,3 le 86
8714 107
1
1027810318 10213 1021.
1031.1 88
10253
8978 J n.'12
131 J'ne'12 •__
2
258 Jily ;113
06
8
Feb
8753 Nov '12
8012J'ly '12
"-OH% Sep '12
110'"A
4
59131351 Feb '12
_ 10014 Itch'014
1134120et
8(3
Am Agrloul (Them lst 53_1928 A-()
Am Tolep & Tel coil tr 4s__1026 J -J
1936 .111- S
Convertible 45
1033
20-year cony 4i(3
Ani Writ Paper 1st 3 f 5s ir 191P J- J
1913
Am Zino L & S deb Os
Arts Cam Cop 1st 65 otfs of dep_
Mob Top & S Fe gen g 43 1095
Adjustment g 4s___JuLy 1905 Nov
Stamped
July 1995 31-N
1955 J -D
50-year cony 45
1917 J -I)
10-year cony 53
At! Gott & W 1 SS Lines 5s_1959 J -.1
Boston Elev 30-yr g 4s
1035 ,11-N
Boston & Lowell 4s
1916 J -J
Boston 4 Maine 4 ;is
1944 J -J
Improvement 43______.._193, F-A
13142 ,
Plain 43
1 -A
1918 J-j
Bur & Mo Itly cons 6s
Cedar Rap 63 Me 11 let 73_1915 ,)1-N
1920
Cent Vermt 1st e• 4s___May
0 B & Q Iowa Div let 6s...._1913 -0
1915 A-0
Iowa Div 1st 4s
1922
Denver Exten 4s
1927 31-N
Nebraska Exton 4s
1021 81-S
B 46SWet 4s
1940 J -J
Illinois Dtv 3 3e
Ohio Jot Hy 4 Stk Yds Gs_ _1015 J J
CoU trust refunding g 45_1940 A-0
Oh Mliw 63 St P Dub D 63_192( J-J
Oh hi as St P Wls V div 63_1920 J J
Oh & No Mich 1st int 53..
1931 31-N
Ohio 4 W Mioh gen Os
1921 J -D
Concord & Mont cons 45
1020 J-1)
Cudahy Pack (The) 1st ir Os 1024 ,31-N
1926 A-()
Current River let Os
1940 A-0
Dot (Jr Rap & W let 4s
1940 31-N
Dominion Coal 1st 21 55
1915 ,n-s
Fitchburg 4s
1927 11-S
42
1833 A-0
Frent$ Elk & Mo V let Os
1933 A-0
Unstamped 13t es
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Thekly, Yearly
ii,ar, Prize;-Not Per f.",e-Lter: Prie:s
..
Saturday
.1farch S.
.1fonday
blare?, 1.0.
Tuesday
larch 11.
111 111 .110
0111_
•_ ___ 1-1-9 - _ ___ __ _ *___
1812
1834 19-18
1918 1914
6212 6212 •____ 6312 *__ _
____
122 122 *____ 122
1812 1812 1914
24
24
2314 2358 *23
*2_ _
_
*2
*3912 -4-0
3938 -3 5-8
5012 5012 50
5038
*1178 __ _
•1178 _
8 5112 51-12
5138 -51-3•3712 3812 37
37
73' 73
*7212 7212
•12
1212 12
12
*2612 2712 2634 27
8712
8814 87
88
7712 7853 77
77
1812 19
19
19
3434 304 3334 31
50%59% 5978 5934
4534
4534 4534 45
2213 2212 2218 2253
2434 2434 2414 2458
7734 7612 7714
77
5% 533
534 534
4934 4934 *4912 4934
8714 8614 87
87
Vednesday
lfarch 12.
Inactive Stocks
10
American Milling
100
Amer Itys prof
50
Cambrla Iron
Central Coal & Coke_100
Preferred
100
Consol 'rrae of N J
100
Germantown Pans
50
Harwood Electric
100
Huntington 33 1.3 T____50
50
Preferred
Insurance Co of N A___10
Inter Sni Pow & Chem -50
Interstate Itys, pref- -10
Kentucky SectIrltle3-10u
100
l'reterred
Keystone Tele p. pref_ _ 50
Keystone Watch Case_100
10
Lit Brothers
50
Little Schuylkill
MInehill & Schuyl H-50
Nat (las Elec Lt & P0_100
100
Preferred
North Pennsylvania__50
50
Pennsylvania Salt
Pennsylvania Steel,,..100
100
Preferred
Plata Co (Pitts) pref___5 /
Phll German Is Norrls_59
Phlia Traction
50
Railways' General
10
Tonopah Belmont Dev_.1
United CO3 of N J_ __lie)
United 'Frac Pitts p-ret..50
Virginia By Is Pow__ _100
Preferred
100
Warwick Iron Is Steel_10
Washington-Va Hy
10,,
.
Preferred
100
Weisbach Co
100
West Jersey Is Sea SIL _ 50
Westmoreland Coal-50
ioo
Wilkes Gas Jo Eicc
York Railway
5:
50
.Preferred
Ell
112 2
102 ---44 45
92 03
8112 8212
_
-_-_-_ :T.__
-3112 3212
___ 10
_
2178 2218
___ _.
____ __..
____ ____
43 41
__
_
1'712 -1812
__ _
30
80
____
105
____
___
___
_....
___
106
•_ _ _
39 40 ___.
80 8012
___738 712
_. _ _ _
_-__
_.
.__ ___
_
_
joi-4 -ii
-__ _-_
____ 78
____ ____
_
-ir; - s6
_ -_. _ _ _.
12
35
1212
36
Sales
ACTIVE STOCKS
.1 0.,
reek (For Bonds and lnact::re
Stocks ses below)
Shares
Baltimore
- _
1-1419
63
122
1012
2312
127 Con Gas 151 L & Pow-100
pre:
100
Do
2,057 Houston 011 t r ctf2_100
prs: tr ctts ,100
Do
45
50
61 Northern Central
100
152 Seaboard Al: Line
Ka.:
100
Do
1,133 United Ry & Elec;trle. 50
Philadelphil
American Gement— 50
212
*2
___
•2
50
96.,'Imerlean Railways
3834 -39
*30
3912
60
3,156 Cambria Steel
501., 5012 *5012 51
Electric Co of America 10
•1173 _ _ *1113 12
223 Eicc Storage BiLttery..100
52
*5112 -52-12 52
465 Gen Asphalt tr etts___100
*3314 39
3778 33
Do
pre( tr etts_100
223
7212 7212
*7212 73
126 1Ceystone Telephone_ 60
1412
*113.1 1214 •12
49 Lake Superior Corp__100
*2012 2712 *2012 2712
377 Leh C & Nay tr ctts_ 60
8718 8713 *8713 8812
509 Lehigh Valley
. 50
77
7714 77
*77
955 Lehigh Valley Transit 50
1914 1014
1914 191 1
50
Do pref
6:30
3412
3412 *34
*34
50
6 5912 59'/4 5912 5,735 Pennsylvania RR
/
593
50
1,660 Philadel Co(Pittsb)
45
45
45
45
2238 2212 2238 2278 11,689 Philadelphia Elec4_ 25
50
2434 2434 *2434 25
1,324 Phil It T vot tr ctfs
50
7738 7838 7718 7858 10,126 Reading
1
518 5 a538 512 4,820 Tonopah Mining
50
4958 4934 4934 4934
585 Union Traction
50
8738 2,885 United Gas Impt
8738 8738 87
PHI LA DELPHI A
Alk
Rid
Ask
PHILADELPHIA
Ph & Rea° 20548 1933 A-0
13onJ:
Ex Imp St 45 1947_A-0
Prices ars a/1 -and
inlarasr
'rennin. l Is o• 1941_Q-F
Alt & L V Elec 4 343'33F-A __ _. __ _ P W Is B col Or 4' '21.....J-J
86 8614 Read Trac lit Cs '33J-J
Am (1133 & Elec 58 '07-F-A
A-0 96 ____ Roch Ry & Loon 58'54 J-J
Am Itys 6s 1917
Atl C 055 1st s t 58 '130_J-J ___ _ .___ Spanish-Am Ir 8s '27_ 5-0
Bergh /4:Brew 1st 63'21 .1-.1 ___ ____ Stan'd Gas & E 6s'26_J-D
Stand Stl Wks lst5s'28 J-J
Ilethleh Steel 65 1903-Q-1'
(:13 Ok & 0 gen 55 1919 J-J ___ 10114 (.1 Trac Ind gen 53 '19 _J-J
Un Itys Tr etre 4s'49__J-'
Con Tree of N J let 6s '33
1)el Co Itys tr ars 43'49J-J -------_ United Itys Inv 1st cell t-L
e t 53 1026_
__M-N
EdLson Eleo 5s 1040_,A-o --_-_,- -Elec & Peoples Tr tr etts__ -841-2 -gr; weisbach s C Is 1-93-0 J-D
D'r Tachll 1st 53 1940-J-J ____ __ __ WIl-13 (I&E con 53'55_J-J
Gen Asphalt 5s 1910_M-S _
____ York Itys 1st 51 1937_J-D
Han/ Elea 1st Os 1042 _ St-S
-_ -_ i 10014
Interstate 43 1943___F-A -53 59
BALTIMORE
Keystone Tel Os 1935..J-.1
en
Inactive Stocks
Lake Sup Corp ine 53'24-0
Atlan Coast L (Conn) _100
Lehigh Nay 4 34s '14-(1-.1 -'-i4•
100
_ 75_ Canton Co
_
Gen M 4 345 g 1924-Q-F ____
Consolidation Coal...100
Leh V (2 1st Is g 1933.J-J 1(16 10612 Georgia Sou 6c Fla
10u
Leh V ext 43 list 1048_J-D
100
_
1st preferred
Consot 135 1923
IOU
J-1.)
2d preferred
Cousol 43-45 1023
100
J-D
101 (3-B-S Brewing
Annuity 63
5-1) _
Bonds
G en cons ‘.3 2003__5t-N
141-2 -66Prices ars all "and
Leh V Tran con 42 '35 J-1)
interest"
1st fierle8 A 43 1035_M-5:17 -_-_-_ i Halt City 3 3-is 1930....-J-J
1st series 13 53 1935 M-S 10218 10314
4s 1054-1955__Varlous
Market3tEl 1st 4e'55 M-N _ _ _ 9638
St-N
6s 1910
NatLII&P ser 13 Is '10 J-.1 _ Anacostla Is Potent Is A-0
New Con Gas Is 1948 _J-1)
— --__ AtCoast L eons' deb 43:31-N
N Y Ph Is No 1st 4s'30 .1-J ---- AU Coast L(COctts Is 5-1)
J-J
5-2(1-yr 43 1925
Income 43 1931)_M-N _
Pa Ss N Y Can 53 '39_A-0
— -- B 5 P & C 1st 4 345'58 F-A
l'enti Steel lit 53 '17-II-N _
.. _ _ halt True lit 55 '29__M-N
No halt DIV 53 1342 J-D
-- - -80
People's Tr tr etts 4s 194"
P Co lat&eoll tr 53'49 51-S - — 10012 Cent Ity cons Is '52 _M-N
- _II-S
Ext & Imp Is 1932
92 9212
Con Is coil tr 53 '51 SI-N
pint telec gold tr ctti_A-0 10234 iO3i4 Chas City Sty lit 53'23 J -J
Chas Sty 0 Is El 55 '00 It-S
Trust etts 43 1049 .....J-J
8078 81
P & le gen M 55 g'20_A-0City & Sub 1st 5s 1922 J-1)
Gen NI 4s g 1920
A-0 ---_ ____ City 44 Sub(Was)lst 53 '43
• 1310 and asked: no sale.; on th,s day.
Friday
'larch 14
___ IF) .____ 110 110812
112
119 .__ 1'' .____ 119 *112
1834
1734 19
1812 1,
___ _ *61
6312 1,2
_ ____ ____ .121 122 *121
191 1 *19
19
1.,,
914 .19
1-2312 *23
2312 2314 2312 *23
__
*2
__
.2
39 -39
*3912 10
5912 511,
5012 503.1
_
*1178 __ _ *1173
51
51-12 5131 -5-1-34
3812 3312
3712 38
73
73
*7212 73
113.1 1134 1112 1112
*2612 2712 *2(312 2712
87
87
88
88
7678 7714 7714 7712
1834 1914
1038 1934
3.114 3438 3438
34
5938 5914 5983 5052
4514 4133 45
45
2218 2234 2214 2238
2412 2112 *2414 2412
7714 7734 78
7814
512 534
5°X6 5%
4934 4934 4934 4934
8735 8714 8734
87
PHI LA DE LPH IA
Thursday
Ifarch 13.
11 Ex-dtv. & rIghts.
I 315 paid.
4 13 35
paid.
Dance Since Jan. 1,
Lotocst
Highest
1 anod ,or Irevious
Year (1912).
--------litplieSt
Lowest
_--- --- --- ---- -----
105 Jan 13 12') Jan 16 96 Jan
110 Jan 13 120,4 Jan 31 121 Jan
814 Jan
1734 Jan 2 2214 Feb 11
4 Jan
62 Mch 12 63 Jan 9 53,
120 Jan 2 12212 Jan 13 121 Dec
1312 Sten 10 21 Jan 30 18 Dec
4312 Feb 28 473 Jan 24 4512 Itch
2434 Feb 10 1814 Jan
23 Jan 6
117 May
116 Apr
2518 Nov
7210 Jily
1.10 Apr
2714 May
5534 J'ne
2658 Sep
2 Feb 6
1 J'ne
4012 Oct
34913 Feb 21
535 Jan 9 4112 Mob
1112.1'1y
1218 Jan U
5414 Jan 0 5244 Jan
4278 Feb 4 18 Apr
7712 Feb 4 5934 Apr
6 Apr
1258 Feb 8
3112 Jan 9 27 Feb
931 Jams 3 8778 :Bch
84',f, Jan 3 7818 Feb
812 Jan
1934 Sich 12
3512 Feb 8 23 Jan
61" 6 Jan 9 60 Dec
561 Jan 8 4934 Dec
2434 Feb 14 111078 Jan
2812 Jan 3 2218 May
7414 Jan
84/
8 0 Jan 2
6 Dec
613 Jan 13
5112 Jan 0 4934 Feb
9112 Feb 3 8614 Jan
7 Jan
47 Sep
5518 Oct
1212 Jily
5838 Aug
3912 Dec
7312 Dec
13 Sep
3514 Sep
100 Sep
0278 Jan
1678 Sep
3312 Dec
6:W6 Apr
5614 Feb
2434 Sep
29 Sep
8914 Apr
814 Apr
53 Sep
9238 Aug
2 Feb 11
3834 Meta 13
4912 Feb 24
1178 Jan 29
51 Feb 19
37 lIch 10
7112 Feb 25
1118 Jan 14
26 Feb 28
87 Feb 26
7638 /deb 10
153 Jan 4
32 Jan 13
5878 Feb 19
4418 Feb 24
2218 Stehle
2414 lIch10
7612 Mob 10
518 Itch13
4958 Mob 13
8614 Mob 10
SU Ask
BALI'MORE
..Isk
-- —
9412 _ _
A-0
'19
5s
1..t
Sty
C
h
Coai
__ ... ___.
Coal & I Ity 1st 5s '20_F-A 9912 ___.
114 -_--__ Col&Grny 1st 6s 1916 J-3 103
9938 ____ Consul Gas 53 1939___J-D 107 108
hen 43.4s 1954_ _A-ei 9412
__
__
88,,
-35 5-.1 87
_-_-_ 101 - Cons (315 & P4 ;62'
901:
101 10112 Consol Coal 53 1950_ _J-D 89
10018 Fair & CI Tr 1st 5s'38 A-0 100 1001.
10212 __Ga & Ala let con 55 '45 J-J 104 _ _.
. Ga Car&N 1st Is g '29_J-., ___ 1031;
0512 __-_.
7412 Georgia 1' let 68 1922 __J-J 10912
74
Cia So & Fla 1st Lis '45_J-J ___ i-c-31-1,
73
7338 (1-13-S Brew 3-4J '51-M-S ____ 43
81
___ 93 Houston Oil div ctfs -F-A F30
10212 ___. Knoxv 'frac 1st Is '28 A-0 _ _ _.
_ • ____ Itacontly&Lt 1st 55'53 J-.,
Mel Elec Sty 1st Is '31 _A-0 9634 ---.
Memphis St 1st Sc '45..J -.1 _ _._ - _ _ .
Monon V Trac 53'42_J-D
Mt Ver Cot Duck let 5s__ -7454 -751;
___ 254
98 --.
___ . ____ Npt N &0P 1st 53.38M-N
N h. A Terml 5s '29_ I1-5 93 ____
99 100
_ Nor&Port Tr 1st 53'36 J-D ___ 91
28
90 —
__ Norf lty & L 5s '40_ -M-N 9912 - - 8012 ____ North Cent 4 3.43 1923-A-0 100 ___.
__.
Series A 57 1926___J-J 106
__- _-_
Series B 55 1926____J-., 106 ....
P:tt Un Trau 53 11197__J-3
Poto Val 1st 5.1 1941__J-u 104 _
—
9112 _ _ Say Fla & West 5.3'34 A-0 109 .__.
83
96 ____ Scab Air L 43 1050___A-U 81
10234 ___. Scab Is Roan 53 1920__J-J --- - 1041.
9912 ____ South Bound 1st 63__A-U 10412 107
___ 9712 U El L&P 1st 4 346'29 Ei-N _
923,
102 _ _ _ • Un Hy Is El 1st 43 '49 11-5 833-4 84
8912 90,4
Income 43 1341).__J-D 6212 623,
95
6
Funding Is 1936__J-D 8714 ---•
10412 ----Cony notes 5s 1014_ J-J 101 102
10512 ___ Va Mid 3d ser 65 '113....1.1-6
105 __
4th ser 3-4-5s 1921_M-S 10234 - --.
105 ___
5th series Is 1920__M-:, 10412 -.-.
8412 —.
10214 1033-4 Vu (State) Is new '32 -J-J
9(3
Fund debt 2-3s 1991 J-J 9712
103 10312 West N C con 63 1914_J-J 101 - -_-_-'
____ 10312 WI! & Weld 5s 1035.....J-J .. _ 10571
Bil
I $1735 paid.
782
THE CT-IRONICLE
Volume of Business at Stock Exchanges
Telegraph and Telephone
e Amer Teieg & Cable ___100
e Central Sc South Amer_100
Coming Un Tel(N Y)___25
Empire Sc 13ay State Tel_100
Franklin
100
e Gold Sc Stock Teleg_100
e Mackay Cos corn
100
e Preferred
100
e Northwestern Teleg....50
Paciflc Sc Atlantic
25
e Pac Telep & Teleg pre1.100
Southern Sc Atlantic
25
[VOL. xcvi.
1114
59
105
98
60
40
115
79
65
115
65
90
85
.4 ck
64
112
110
72
50
122
81
674
120
74
100
95
Indust and Wu:ell-Won.) /lid isle
American Thread pref__5 .4
5
Amer Ty pei()tinders com 100 46
49
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Preferred
100 100 103
DAILY, WEEKLY AND YEARLY
Deb g 65 1939
M-N
99 101
Amer Writing Paper._ ._101)
112 2
Barney Sc Smith Car comlOu
- 12
Stocks.
Railroad,
Preferred
100 70
82
Week ending
etc.,
State
U.S.
Bliss (E NV) Co coin
61 75
80
March 14 1913.
Shares.
Par value.
Bonds.
Bonds.
Bonds.
Preferred
50 122 130
Bond Sc Mtge Guar..
100 288 293
Saturday
302,368 $26,136,800 $1,355,000
$56,000
Borden's Cond Milk com.100 11414 115
Monday....
467,879 42,127,900
2,025,000
51,000 $10,000
Preferred
IOU 106 10712
Tuesday
3.50,858 30,598,300
1,722,500
37,000
2,000
British Col Copper Co__
*358 373
Wednesday
357,775 31,947,500
2,137,000
Short-Term Notes
54,500
Brown Shoe corn
100 63
5512
Thursday
300,883 26,903,300
1,403,500
37,500
1,000 Amal Copper 55 1913 __A-0 0972 10012
Preferred
100 95
97
Friday
284,394 25,419,400
Bait Sc Ohio 43is 1913.J-D 9934 100 Casein Co of Amer corn...100
1,399,500
88,500
2
Bklyn RaP Tr 5s 1918 -J-J 9514 9534
Preferred.
1110
40
Total
2,064,157 $183,133,200 $10,592,500
$324,500 $13,000 Chat Sc Ohio 4;0 1914 __J-D 9814 9834 Casualty Co of Amerlea_100 110 120
Chic Elev flys 613 1914__J-J 96 97 Cellulold Co
SRI 133 138
Cln Ham Sc D 43 1913___J-J 9914 9934 City Investing Co
Sales at
Week ending March 14.
100 43
Jan. 1 to March 14.
48
Erie (Is April 8 1914A-013 100 10012
New York Stock
Preferred
100 100 101
5s
Oct
Coll
1 1914_ A-0 9914 100 6 Clallin (H 13) Co com__100 80
Exchange.
1913.
1912.
1913
85
1912.
(,oll 55 April 1 1915....A-0 98 9334
e 1st preferred.
100 85
88
Gent Motors Gs'15-See N Y StkEx list.
Stooks-No.shares__
e 2d preferred
2,084,1571
2,534,299
19,260,193
10i., 83 91
23,641,439
Par value
Cluett Peabody Sc Co corn 100 58
$183,133,200 $236,421,925 $1,758,803,200 $2,016,309,800 Hudson Companies61
63 Oct 15 1913 _A&015 96
98
Bank shares, par
Preferred
$61,500
$2,000,
100 98 100
$27,000
$133,800 III Cent
43,is 1914JdcJ 994 9934 Con.sol Car Heating...JR) 70
Bonds.
de Gt Nor bs 1914__F-A
9714 08 Como( Rubber TIre
Government bonds._..
213,0001
$106,000
$298,500
1(hr 12
18
$513,000 Int
State bonds
Preferred
385,000
324,500
4,412,000
100 65
75
5,514,500 Inter Harvester 55 '15_FdcA 9912 100
C RY & Lt 6s 1912._ M-S ---RR.and misc. bonds_
Debenture Is 1951._ _ A-0 GO
10,042,5001 15,232,000
119,709,500
66
191,103,000 K
Minn & St L g bs 1914...F-A 98
9834 Continental Can corn.....100 52
64
Han Sc Tex bs 1913.M-N 99% 100
Preferred
Total bonds
$10,380,000! $15,723,000
$124,420,000
100 04
9712
$197,130,500 Mo
Missouri Pacific Si 1914_J-D 9854 974 a Crucible Stew corn... IOU
16
15%
Nat Rys of Max 4 As'13.J-D 98 99
a Preferred
DAILY TRANSACTIONS AT niE BOSTON AND PHILADELPHIA
IOU 9414 95
eNYC Lines Eq 5s 1913-22 6 5% 4.90 Davis-Daly Copper Co...10 *118 13s
EXCHANGES
434s Jan 1914-1925__J-J 6 5% 4.90 duPont(I) de Nem Pow 100 180 185
43-is Jan 1914-1927_
6 5% 4.90 • Preferred
IOU 0012 95
Boston.
Philadelphia.
N Y Cent 43s 1914_ M-8 9914 9934 Emerson-Brantingham _100 50 56
Week ending
N Y N H&Hartford 5s'13J-D 9912 9934
Preferred
92
115
95
March 14 1913,
Listed Unlisted
Bond
Listed
Unlisted
Bond
St L Sc S F 53 1913 opt J-D 9914 100 Empire Steel Sc Iron corn 100 10
13
shares shares
sales.
sales.
shores.
shares.
6s Sept 1 1914 opt _M-S 9912 100
Preferred
.100 40
45
Seaboard Air L Ry 5E1'16 31-S
_
6 General Chemical corn 100 170 185
Saturday
$53,200
12,826
6,577
3,893
8,748
$15,306 Southern 5s 1916
e Preferred
P&A 9834 9914
100 105 110
58,000
13,222
11,374
Monday
10,925
15,521
46,900 Wabash 4 54s 1913 __ __M-N
_ - k Hackensack Water Co6,612
Tuesday
44,000
9,520
13,617
10,969
62,700 West Maryland bs 1915_ J-J 97 99
Ref g 4s '52 op 1912_ __J-J 85
Wednesday
9,634
8,991
51,000
6,901
6,733
89,400 WestIngh•se El & 51 fis 1913 loo 10012 Hale Sc Kilburn van
-__100 58 65
Thursday
11,354
4,451
67,000
9,889
6,191
08,000
5% notesOct'17-See NY Stk E x list
let preferred
100 9712 09
10,667
3,947
'Friday
66,000
6,058
8,011
15,700
2d preferred
100 90
98
Railroad
Havana
Tobacco
Co..
4
..100
7
67,223
Total
41,952 $336,200
52,183
56,173 $328,606 •Chia Sc Alton coin..100 10 20
Preferred
100
8
15
a Preferred
40
.101, 25
let g bs June 1 1922_,J-D 82
6218
Chic St P M Sc Om....100 125 140
Hecker-Jones-Jewell Minn.:
a Preferred
101. 140 150
let 6s 1022
10112 10212
e Colo Sc South corn.. 100 2612 28
Herring-Hall-Marvin __100 10
20
All bond prices are now "and interest" except where marked "f."
a 1st preferred
100 68
70 Hoboken Land Sc Improve't
•2d preferred
70
let bs Nov 1930
100 60
M-N 102 105
Street Rail ways-(Con.)
Hid
Ask
N Y Chic Sc St L corn -100 55
67 Hocking Vol Products_100
4
a
Street Railways
Sid Ask United Lt & Rye com-I00 79
81
•let preferred....100 90
1st g Ss 1961
42
38
.J-J
First preferred
100 7912 81
a 2d preferred
100 8014 90 a Ingersoil-Itand com....10C 10.5
New York City
Second preferred
100 72
79
Northern Securities Stubs_
105 110
Preferred
100 92
Bleeek St & Ful Fy stk_100 15
22 United Rys of St LPitts Bess Sc Lake Erie_50 •29
32 Intercontin Rub corn.. 101
8
10
1st mtge 4s 1950
J-J 65
75
Com vot tr ctfs
1378 1414
100
Preferred
65 Internet Banking Co. 100 100 110
51 .60
fry & 7th Ave elk.
100 160 170
a Preferred
100 3878 39
a Railroad Securities CeInternatfonai NIckel
100 139 143
2d mtge 53 1914
JdeJ 99 100 Wash Ry it El Co
100 8534 8714
lli C ilk tr ctIs Ser A_
79
84
Preferred
101.. 10434 10512
Broadway Surface RRPreferred
100 8734 8834 West Pao let 55 1933 M-S 83,
4 8414 International Salt
10(
112 3
lit bs 1924
48 1951
J
100 103
34
J-D 83
Standard Oil Stocks
lit g bs 1951
/ 60 52
A-0
Cent Crosstown stock __100
10 West l'enn Tr& Wat Pow 100 33
3314 Anglo-American 011
19 International Sliver pref 100 132 136
£1 *18
1st mtgo 6$
1
_M-N 15i"
_
Preferred
79
100 78
Atlantic
Refining
615
620
1st 63 1948
100
110 111
stock_100
Can Pk N & E Riv
1022__.
Borne-Scrymser Co
100 315 330 Internet Smelt Sc Rag_ :'.00 120 124
CluiatopherdclOth St elk 100 125 136 Electric, Gas & Power Cos
Buckeye Pipe Line Co_ _50 181 1133
Lanston Monotype
100 8534 87
Dry Dock E 13 Sc BNew York City
Cheaebrough
660
Mfg Cons_200
670 Lawyers' Mtge Co
100 215 219
J-D 100 105 Cent Un Gas bs 192L.3-J 102 103
1st gold 5s 1932
Colonial 011
100 120 130 Lehigh Vol Coal Sales..50 185 195 '
Scrip Ss 1914
F-A /30 40 e Kings Co El L & P Co _100 120 122
Continental Oil
100 1700 1800 Manhattan Shirt
100 50 60
F,Ighth Avenue stock
100 300
New Amsterdam GasCrescent
*
61
Line
Pipe
Co___50
63
1
referred
100 100 1031,
Scrip 59 1914
F-A 1 99 151"
. 1st comet be 1948_..._J-J 10112 102
Cumberland Pipe Line 100 76
80 Manhattan Transit
20 •134 174
12d Sc (Jr St Fy stock. 100 260 285 N Y & E It Gas let 58'44 J-J 104 106
Eureka Pipe Line Co
100 366 370
Mortgage Bond (to..
100 103 106
49d St MI & St X Aye.. J00
Consol 55 1945
J-J 101 103
Galena-Signal 011 cora _100 293 297 e National Surety
1110 190 108
lit 6.5 1910
M-S 1e N Y Mutual Gas L
100 160 170
Preferred
100 140 143 3 New York Dock corn 100
19
Ninth Avenue stock... 100 160 180 NY & Q NIL Sc Pow Co 100 50
55
Indiana Pipe Line Co....50 •128 131
e Preferred
100 30
92
illocond Avenue stock. 100
1
Preferred
3
85
100 78
National Transit Co
25 • 47 48
Y Mtge Sc Security.. 100 198 205
38 N Y & Richmond Gas ___100 57 62
Consol Is 1948 etts_F-A
25
New York Transit Co....100 328 332
Y Title Ina Co
100 103 115
• Sixth Avenue stock_ 100 115 124 North'n Un 1st 55 1927 31-N 100 102
Northern Pipe Line Co_100 110 115
4 Y Transportation
'JO *5
6
J-J 8912 100 Standard G I. 1st 531930 hl-N 103 105
Bon Boulev bs 1945.
Ohio Oil Co
25 *123 125 :tiles-nem-Pond com...100 84
88
A-0 9712
Bo Fer let bs 1910
Prairie Oil Sc Gas
322
324
100
Ohio
Copper
Co
10
M&S
'28
SI
/76 80
Tarry WP & 55
Other Cities.
Solar Refining__.
620
(330
100
e
Ontario
Silver
100
212 3
20 Am Gas & Elec corn
28 & 29th Sts 55 '96 ctfsA-0
60 *80 83
Southern Pipe Line Co 100 250 255 Otis Elevator corn
100 8012 811s
Twenty-third St stock...l00 240 2r35
Preferred
50 *4412 46
South Penn 011
100 900 925
Preferred
99
10, 97
Union Ry 1st 5s 1942_F-A 104 107 Am Lt & 'Frac corn.
100 365 373
Sou West Pa Pipe Lines 100 160 163 ePettibone -Muillken Co100 22
23
Westchester 1st 5s '43.J-J 98 100
Preferred
100 107 109
Standard 011 of Calif_ _100 171 173
e
1st
preferred
92
96
100
Yonkers St RR 5.3 1046_ A-0 88 95 Amer Power Sc Lt com _100 73
74
Stand 011 of Indiana__ _1(X) 320 323 Pittsburgh Brewing
6U •10
10%
Brooklyn
Preferred
85
100 84
Standard
Oil
of
645
Kansas_100
555
Preferred
50 • 3012 3634
Allan Ave lilt con 53'31A-0 102 104 Bay State Gas
13 Stand
50
•38
011 of Kentucky_.100 410 425 6 Pittsburgh Steel pref__100 9(3 100
BB&W E bs 1933 __A-0 97 101 Buffalo City Gas stock _100
4
6
Stand 011 of Nebraska. 100 320 330 Pope Mfg Co corn
101/ 22
25
Brooklyn City RR
_10 158 160 Cities Service Co cons......100 115 125
Stand 011 of N J (old). __100 1055 1080
Preferred
101
70
Bklyn Hgta 1st 53 1941..A-0 101 103
Preferred
8812 Stand Oil of N J__
100 87
357 360 Pratt Sc Whitney pref. _ 101 1611 103 '
100
Coney 181 & 13klyn
100 98 101 Columbia Gas & Elea_..100 1234 1314 Standard Olt subsidiaries
720
700
Producers
011
130
let cons g 4s 1948____J-J 80 85
1st 5.9 1927
7314 70
J-J
Standard 011 of N Y
Realty Assoc (liklyn) _100 110 116
100 617 622
Con g 4s 1955
83 Con Gas of NJ Ss 1936...J4 98 100
78
J-J
Standard 011 of Ohio..j00 270 280
Royal Bak Powd com___10U 200 205
Brk C & N 5.1 1939
J-J 99 101 Consumers' L H Sc PowSwan Sc Finch
Preferred
215
200
100 105 108
100
Saimaa Elec 1st Ss 1944.A-0 102 10314
5s 1938
J-D 100 ._ _ _
Union Tank LineCo ___100 67
69 a Iturnely (M) Co cons-See Stkl.!N list
Wmsburg & FiatbushConsumers Power (M)nn )Vacuum Oil
172
Car
3afety
174
Heat
_100
11412 11512
Lt.
Sc
100
1941_F&A
July
95
92
1st 430
1st&ref 5s 1929op'14_1d-N
8712 89
Washington 011
32 .3ears,Roebuck&Co-SeeN Y ids E x list
10 .28
Steinway 1st 63 1922
J-J 100 102 Denver G & El bs 1949_M-IN 03 95
Waters-Pierce 011
ePreferred--See Chic Stk
its t.
100 1480 1520
Other Otte:
Elizabeth Gas Lt Co.._.100
Tobacco Stocks
Singer Mfg Co
100 301 304
Buff St Hy 1st con 53'31F-A 10312 105 Essex & Hudson Gas. 100 322
135 1-3
-1
Standard Coupler corn l01 35
(See also Stock ExchangeLfst)
40
Deb fis 1917...A-0 10412 Gas Sc El Bergen Co_
89
100 87
Amer Cigar corn
Preferred
100 135 142
IOU 105 111
Com'w'Ith Pow Ry & L_100 68 69 Get West Pow bs 1946...J-J 86
8712
Preferred
05 Stern Bros pref
100 85
IOU 74
78
91 Hudson County Gas_ _100 129 130
Preferred
100 89
Amer
Machine
50
45
Sulzberger
_100
Fdy
Sc
Sc
Sons Co p1_100 9312 941g
75 Indiana Lighting Co._JUU 40 45
•Conn Ry Sc Ltg com.100 72
British-American Tobac_41 • 227a 3313 l'exa.s Sc Pacific) Coal_ _100 95 100
Preferred
100 75
80
4s 1958 opt
69
F-A
Conley Foil
100 275 295 e Texas Punic Land Tr_100 91
95
7412 7512 Indianapolis Gas
•Detroit United Ry
70
50 67
75
9
e
Heime
com_100
ronopah
185
W)
((leo
x16712
Min(Nev)-Seeph II a itk E x liii
Federal Light & Trac_100 2912 31
1st g 55 1952
A-0 88
90
e Preferred
100 x100 118
rrenton Potteries corn..100
4
7
Preferred
100 7912 82 Jackson Gas be g 1937 A-0 97 100
Johnson Tin Foil &Metal 100 180 190
Preferred new
101 50
56
0 Havana Elec Hy L &P 100
eLaciede Gas preferred._101 __-- 100
MacAndrews Sc Forbes_100 195 205 Trow Directory
100 20
s Preferred
100 9212 9912, Madison Gas 6.1 1926.__ A-0 103 105
Porto-Rican-Amer Tob_100 230 260
Union Typewriter com__100 3212 "ii"
Loulsv St bs 1930
_J-J 105 1064 Narragan (Prov) El Co _50 * 0012 93
Reynolds(R J)Tobacco.100 260 270
1st preferred
100 102 105
•New On Rys & Lt corn 100 3112 -- Newark Gas Os Apr'44_Q-J 12612 127
Tobacco Products com.100 110 130
99
2d preferred
100 07
s Preferred
100 7212
Newark Coast)! Gas
100 9712 9812
Preferred
100 92 93
United Copper.
101
N Y State Rys com____I00 ..-__ 901 No lIud L 1.1 &P 5s 1938 A-0 100
e United Cigar Mu corn 100 45 60
Preferred
100
Nor Ohio Tr & L com_100
Pacific Gas Sc E corn.._..J00 z58 -6'e Preferred
100
104
100
98
Dry Goods ____10t, or
Pub Serv Corp of N J -Set 51k N x list
Preferred
1013 9012 Opt UnitedCigarStoresofAm corn 100 10012 e United
100 100 105
e I'referred
Tr ctfs 6% perpetual
10512 1061 Pat Sc Pas Gas Sc Eleo_ 100 0212 95
Preferred
113 115
100 190 200
U S Casualty
No Jer St 1st 4s 1948 M-N
7812 7912 St Joseph Gas be 1937___J-J 90
95
a We yman-Bruton Co..__100 x245 300 U 8 Envelope corn
100 120 130
Cons Tract of N J
17
634 4
100 7312 741 Standard Gas Sc Elec(Del) 50 :4
17
71:
e Preferred
103 108
125
x105
10U
100
Preferred
1st 58 1933
J-D 102 103
50
Preferred
Young (J 13) Co
100 50
100 170 180 6 U S Express
55
New'k Pass Ry
'30_J-J 105 108 United Electric) of N J..100 85 90
industrial and Miscellaneous
100
60
Finishing
8
U
Rapid 'Fran St Ry.._100 230 340
81
82
J-D
1949
1st g 4s
e Adams Express
_
100
143
80
133
100
Preferred
1st 5s 1921
21
A 0 103
Western Power cora ____100 20
Col tr g 4s 1947 .....J-D / 79
J-J 90 100
80
let g 541 1919
J C Hob & Pat 43 1949-31-N
7812 791
52
100 60
Preferred
Alliance Realty
J-.'
05
Con g 53 1929
100 105 110
So J Gas El & Trao
100 124 126 Western States Gas&ElecAmer Bank Note corn
2512 35
50
*48
Alcohol-__100
Indus
S
54)
e
U
g Eis 1953
m-s 99
993
1st &ref g 551941 op_J-D 9212 95
Preferred
50 *53 54
100 8814 94
• Preferred
No Ilud Co Ry 6a 1914 J-J 101 102
American Book
100 170 175
U S Steel CorporationCon 111 53 1928
J-J 10314
Ferry Companies
American Brass
100 138 142
Col el Apr 6s 1961 op 1911 114
Ext bs 1924_
_M-N 98
90
B & N Y 1st Gs 191I__J-J 85
American Chicle corn..100 195 200
Cole f Apr 61 1961 not opt 114
Pat Ry con 65.
1.
931....1-D 112 1131 N Y Sc E It Ferry stock.101
9
12
Preferred
99
100
101
TR Gu Sc Indem____100
S
U
2d 51 1914
_ _A-0 100 103
50
60
1st bs 1922
31-N
eAmerican Express_ __100 162 170 a Virginia Iron C Sc C-100 47
aoll
Republic Ry & Light
opt.
O° 25
28 N Y Sc Hob 5s May'46J4) 9914 100
Am Graphophone eom_100 43 63 6 NVella Fargo Sc Co-- 100 110 115
Preferred
100 76
771
Hob Fy 1st 5s1946_ M-N 103
_
Preferred
100
Westchester Sc Bronx Title
80
Tennessee Hy L&P com 100 20 21 NY &Nj bs 1946.__J-J 97 _
American Hardware...JO° 130 138
100 105
Sc Mtge Guar
Preferred
100 7514 7612 10th Sc 23d Ste Ferry_ _100 25
35
Amer Malting (Is 1914 1-1.) 10012 10114 eWeatingh'se Air Brake ..50 •14238 144
Toledo Rys & Light--100
232
1st mtge ba 1919
85
J-D 55
Amer Press Assoe'n___100 48
Willys-Overland
-coin
100
62
62
Trent P Sc H Ss 1943 j-D 96 _
ea
Union Ferry stock
17
100 15
Am Steel Fdy 6s 1935._A-0 9912 101
Preferred
100 93 98
Onion By Gas & El com_ 100 26034 32
1st be 1920
92
31-N 89
Deb 45 1923
F-A 7114 7312 oWoolworth (F W)-See NY StkE x lies
Preferred
100 8712 89
American Surety
Worthincton(IIRICo p1.100 101 102
50 200 205
•Per share a And accrued dividend. b Basis. It Listed on Stock Exchange but
usually inactive. .1 Flat price. n Nominal. a Sale price. I New stock, a Ex
g Ex-rights z Includes all new stock dividends and subscriptions. a Listed
on Stock Exchange but infrequeatly dealt In; record of sales. If any, will be found -411•4.1
mill
'needing P34e•
Inactive and Unlisted Securities
--
THE CHRONICLE
MAIL 15 1913.1
783
lnuestiment and Alti'road intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAH 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 brought together separately on a subse?uent page.
Latest Gross Earnings.
ROADS.
Week or
Ifonth.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year
X
$
$
$
$
Ala N 0& Tex PacN 0 & Nor East.. February_ 330,479 334,589 2,592,696 2,550,954
i
140,141 1,263,725 1,162,556
Ala & Vicksburg_ February _ 143,52
Vicks Slimy & P_ February _ 133,7
128,979 1,581,730 1,572,244
1st, wk Mar
41, 0
40,014 1,568,01 1,506 559
Ann Arbor
9,
Atch Topeka & S lie January
0 8, 3,262 70,027,24. 63,270,046
Atlanta -13irm & Atl January __
r,113
2
1,932,11' 1,956,948
98,084
Atlantic Coast Line January
, 5,13 2,740,489 20,23:3,589 18,553,302
Chariest & W Car January'.... 1 3,819 144,427 1,097,430 1,139,110
Lou Bend & St L January __
758,505
731,470
93,598 106,999
g Baltimore & Ohio_ January .... 8,404,15 6,570.122 60,853,343 53,492,506
924,120
B.& 0 Ch Tor RR January __ 1311 9 110,121 1,082,246
Bangor & Aroostook January __ 213, 7 283,135 1,810,398 1,952,621
Bessem & Lake Erie January __ 464,316 290,107 5,495,181 5,116,490
Birmingham South_ January __ 113,143
485,986
095,280
69,746
Boston & Maine
January __ 3,775,126 3,297,745 29,389,405 27,337,276
Buff Roch & Pitts_ 1st wk Mar 17,395 201,399 7,580,705 6,053,299
Buffalo & Susq_
January __ 2 1,277 201,130 1,430,089 1,465,925
Canadian Northern 1st wk Mar 3 4,500 312,800 15,476,200 13,079,000
Canadian Pacific
let wk Mai 2,378,000 2,144,000 95,109,709 80,782,148
Central of Georgia.. 1st wk Mar 298,500 307,000 9,861,183 0,910,978
Cent of Now Jersey January __ 2,459,301 2,303,370 19,631,052 17,946,076
Cent New England.. January __ 305.531 275,105 2,225,902 1,993,978
January __ 315,383 236,014 2,503,732 2,431,265
Central Vermont
Chas & Ohio Lines_ 1st wk Mar 652,879 615,005 24,442,521 22,94,933
1st wk Mar 2
Chicago
293,025 1741,9/35 10,4 ,230
Pea - January __ 7,623,1. 1 6,509,074 5 136,846 52,47 ,773
ChJ
p Chic Groat West,, 1st wk Mar 252,838 248,503 , 81,458 8,873,163
Chic Ind & Loulsv_ 1st wk Mar 125,884 126,560 4, 81,730 4,477,643
Chic Milw & $t P_1 January __ 7,283.152 5,187,586 57,785,910 46,956,010
Chic Mil & Pugs
tiChic & North West January -_ 6.485490 5,028,793 52,149,506 45,836,026
tChic St Paul M40 January -_ 1,34,681 1,109,296 10,629,784 9,242,053
Chicago T II & SE., Jatittary __ 166.120 177.955 1,200,003 1,136,161
Cin liam & Dayton January __ 769,883 720, 28 0,339,218 6,056,346
Colorado Midland.. January __ 137,142 135, 38 1,252,622 1,197,334
b Colorado & South. let wk Mar 243,835 233, 50 10,6465 03 10,170,582
January __
20,143
16,470
Cornwall
112,653
141,907
183,618
22,931
89,921
Cornwell & Leban_ January __
247,350
January __ 460,323 368,472 2,409,274 1,951,137
Cuba Railroad
Delaware & Hudson January __ 2,080,181 1,697,169 14,388,241 12,831,086
Dela Lack & West_ January __ 3,342,887 2,82894 29,589,166 21,997,210
Deny & Rio Grande let wk Mar 401,100 378,800 17,450,233 10,261,015
Western Pacific_ _ Februa y _ 413,800
,(358 4,137,140 3,588,027
& Pac- Januai __
Denver N
785,315
745,426
70,934 107.631
Detroit Tol & Iront Januar
0 5 1,002,536
129,598 142,062 1,r9,9
Detroit & Mackinac ist wk ar
812,984
25,9 1
23,139
23,589
Dul & Iron Range January -- 110,221 107,301 4, 47, 8 4,10,703
Dul Son Sh & Atl lst wk Mar
55,395 2,273,702 2,1 3,624
56,263
lea Joliet & East_ January __ 1,091,445 761,771 7,739,183 5,7 8,455
el Paso 'Sou West January __ 767,082 685,225 4,987,998 4,270,450
Erie
January __ 4,908,731 4,215,897 37,654,701 34,235,491
Farichild & N 11...... January __
2,172
15,013
2,303
16,654
Florida East Coast_ January - 520,140 423,304 2,419,685 1,993, 05
Fonds Johns & 0olv December
71,703
510,152
497, 90
74,341
Georgia Railroad _ _ January -- 274,315 273,086 1,880,10 2,04 919
Grand Trunk Syst_ 4th wk Feb 1,084,033 582,71 36,5,
1?, 3 32,s4:16
Grand Trk West_ 3d wk Fea 133,396 116,99 4,7 ,3 3 4,20 11
Dot Gr If & Milw 3d wk F
36,65 1,6 ,8 1 1,60 , 04
41,882
Canada Atlantic_ 11(1 wk lies
35,151 1,567,225 1,35 , 0C
42.558
40reat North System February _ 4.581,109 4,322,292 53,282,318 44,740,75i
Gulf & Ship Island.. January __ 197,524 177,807 1,204,935 1,107,807
Hocking Valley
January __ 528,885 0661,89 1,709,779 4,453,012
Illinois Central_ _ _ _ February - 4,854,573 4,742.580 4 ,648,12 39,488.5a
Internist & Oct Nor ist wk Mar 153,000 163.000 ,281,7 5 7,468,091
a Interoceanic Mex_ 4th wk Feb 193,632 227,934 6,732,8 0 5,708,491
ICaniswha & Mich_ _ January __ 266,162 231.529 1,967,473 1,962,138C
Kansas City South_ January __ 893,765 697,848 6,4H,485 5,519,11
January __ 3,396,615 2,868,306 25,9 ,294 22,695,30
Lehigh Valley
9 ,536
Louisiana & Arkan_ January __ 149,550 125,246
500,30
sLoulsv & Nashv 1st wk Mar 1,203,700 1,145,335 41,161,168 38,891,06
12,215
15,154
110,143
15,761
Macon & Birm'harn February _
Maine Central.... January __ 816,251 731,021 8.729,068 6,330,224
26,611
39,128
303,178
61,894
Maryland & l'enna_ January __
5,479,800
188,800
wk
Feb
146,600
3d
Mexican
a
5,355,300
Railway,.
570,532
15,773
16,645
521,370
Mineral Range_ _ let wk Mar
Mimi & St Louis__1 1st wk Mar 183,485 150,413 6,916,739 5,330,522
Central___
f
Iowa
Minn St P & S S M.. January -_ 1,572,125 1,069,061 13,274,389 10,254,505
Chicago Division. January __ 863,003 672,609 6,384,069 5,458,820
524,450
71,537
613,627
105,086
Mississippi Central.. January __
u Mo Kan & Texas.. 1st wk Mar 537,020 447,090 23,243,060 20,442,495
x Missouri Pacific 1st wk Mar 1,060,000 1,002,000 43,535,125 38,162,282
Nashv Chatt & St L January __ 1,139,167 974,601 7,769,687 7,057,71'
aNat Rys of Mex_t_ 4th wk Feb 1,073,702 1,110,102 41,857,734 42,600,66o
Nevada-Cal-Oregon 4th wk Feb
228,030
284,330
6,989
5,140
N 0 Great Northern January ._ 158,196 125,526
065,251
980,191
N 0 Mobile & Chic January --108,594 163,446 1,479,370 1,125,871
.17 1r & Mid My: January __ 8,953,599 8,147,265 68,291,218 63,293,485
Lake Shore & M s January --4,879.092 3,847,877 34,116,787 29,463,83
n Lake Erie & W_ January --478,779 425,705 3,664,847 3,322,410
Chic Intl & South January __ 397,109 328,184 2,607,136 2,277.941
Michigan Central January __ 2,901,335 2,388,902 20,575,745 18,493,978
Cleve 0 0 & St L January __ 2,728,000 2,244,664 20,747,422 18,250,691.
Peoria & Eastern January __ 291,105 230,953 2,214,623 1,884,960
96,857
Cincinnati North January __
92,214
898,747
800,201
Pitts & Lake Erie January __ 1,61,254 1,232,803 11,693,938 9,604,121
N Y Chic & St L_ January __ 1.11 ,676 883,695 7,616,849 6,749,891
Tol & Ohio Cent_ January __ 42 ,7Q8 397,620 3,367,671 3,227,894
Tot all linos above January __ 23889884 20219 902 175794 776 15736941,
:1
41 !/92 it'7,1
N YN H4 Hartf- January __ 5.443.498 4.M_003
-.95,
July Ito Latest Date.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Preyjou.:
Year.
A
S
3
N Y Ont & West___ January _ . 709,125 649,183 5,755,486 5,426,517
N Y Susq & West__ January __ 324,343 319,062 2,184,185 2,322,011
Norfolk Southern.._ 4th wk Feb 101,088
87,541 2,310,361 2,074,311
Norfolk & Western_ January __ 3,823.572 2,938,264 25,962,508 22,923,835
Northern Pacific___ January __ 5,234,317 3,918,672 44,956,055 38,398,442
Northwe.stern Pac _ January __ 216,329 203,467 2,266,748 2,186,391
Pacific Coast Co___ January__
640,638 530,849 4,700,012 4,605,637
Pennsylvania RR__ January __ 14691688 12780390 107269170 94,942,121
Bait Chas & Atl_ January __
14,345
9,526
177,816
201,179
Cumberland Vail January __ 280,201 231,480 2,037,257 1,731,527
Long Island
January __ 727,523 666,358 6,996,112 6,500,714
Maryl'd Del & Va January __
8,866
4,817
90,073
101.501
N Y Philo, & Norf January __ 273,731 225,254 2,143,776 1,953,263
Northern Central January __ 1,048,457 955,598 7,882,571 7,493,663
Phil Bait & Wash January __ 1,635,441 1,436,741 12,412,886 11,231,647
W Jersey & Seash January __ 359,703 319,687 4,064,122 3,979,968
Pennsylvania Co_
January __ 5,042,347 3,886,505 40,493,050 33,296,298
Grand Rap & Ind January __ 4
,94.) 3,370,395 3,045,453
Pitts C 0 & St L_ January __ 3,834:373,3,204,825 27,180,074 23,703,144
January __ 950,1041 848,990 6,879,104 6,049,321
Vandalla
Total Lines__
January __ 20018231' 17416049 152 606144 136 498231
East Pitts & E _
West Pitts & E.._ January __ 10379478 8,403,729 78,799,537 66,880,255
All East &West January __ 30397709 25818779 231405682 203378486
Pere Marquette,,,,.. January __ 1.415,192 1,157,198 10,665,041 10,250,924
Reading CompanyPhila & Reading_ January __ 4,475,012 3,762,591 30,880,424 27,045,278
Coal & Iron Co January -- 3.080,573 4,235,798 26,776,879 22,066,194
Total
January _ 8,15 ,585 7.998.389 57,657,303 49,111,472
Rich Prod & Potom January __ 25 .405 197,440 1,609,038 1,366,842
665,902
562,141
Rio Grando June
December
9587
77,774
455,559
354,200
Rio Grande South_ let wk Mar
7,375
1 :831
Rock Island Lines_ January __ 5,39 .749 4,703,629 43,619,673 38,839.411
Rutland
January __ 269,259 235,757 2,264,495 2,078,642
St Jos & Or Island_ January __ 117,180 118,448
961,614
979,379
St L Iron Mtn & So January __ 2,928,999 2,329,111 20,6019,643 17,927,475
St L Rocky Mt & P January __ 2113,600 22 ,714,'
1,134,487
St Louis & San Fran January __ 3,802,378 3,337,276 28,002,091 25,534,497
fehic & East Ill.._ January __ 1,364,292 1,226,227 9,788,282 9,381,434
Total all lines
Janu
__ 5,766,580 4,563,50 37,770,373 34,915,931
StLouts Southwest.. 1st w Mar
42,000 235,000 9,535,429 8,542,148
San P40L A& S L_ January __
39,844 690,713 6,020,591 5,073,140
Seaboard Air Line 4th wk Feb
19,336 493,564 15,902,282 14,931,616
Southern Pacific Co January ___ 10769 696 10005 151 85,417,801 79.074.510
Southern Railway let wk Mar 1,424,597 1,307,212 47,453,554 43,673,862
Mobile 4 Ohio 1st wk Mar 228,092 215,127 8,372,557 7,836,914
0in N 0& Tex P.. 4th wk Feb 252,014 227,377 6,995,03 6,399,464
Ala Great South_ 4th wk Feb 122.386 126,019 3,482,09 3.182,656
58,566 1,709,077 1,651,792
Georgia Sou& Fla 4th wk•Feb
67,453
,13pok Port & Seattle January __ 498,613 295,294 3,297,418 2,919,989
86,553
70,870
1,856
_Fenn Ala & Georgia 4th wk Feb
2,480
900,039
984,048
Tennessee Central _ January _ 1213.970 104.782
Texas & Pacific
1st wk Mar 288,954 285,842 12,963,019 12,328,096
Tidewater & West_ January __
61,897
57,451
6,696
9,349
Toledo Peor & West 1st wk Mar
898,110
964,514
19,001
18,536
Toledo St L & West let wk Mar
83,207
68,438 2,946,508 2,712,031
Union Pacific Syst_ January __ 6,738.231 5,781,5 58,318,507 52,826,083
Virginia & So West_ January __ 153,72
151,67 1,044,266 1,016,934
Virginian
January
3,473,282
631,49
February _ 2,260,062 2,031,013 21,565,026 19,373,899
Wabash
Western Maryland_ January __ 649,141 523,314 4,441,436 4,180,847
Wheel & Lake Erie_ January __ 575,325 561,987 9,943,063 9,558,761
24,542
25,706
Wrightsv & Tennille January __
185,866
216,104
Vail.. February - 867,369 783,863 7,502,623 6,867,683
Yazoo & Miss
,
Current
Previous
Period.
Year.
Year.
Various Fiscal Years,
S
Delaware & Hudson
Jan 1
N Y Central & Itudson River_e_ Jan 1
Lake Shore & Michigan South Jan 1
Lake Erie & Western_n
Jan 1
Chicago Indiana & Southern_ Jan 1
Michigan Central
Jan 1
Cleve Cin Chic & St Louis__ _ Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
New York Chicago & St Louis Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan I
Pennsylvania Railroad
Jan 1
1.3althnore Chesap & Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Deiaw & Virginia Jan 1
N Y Philadelphia & Norfac_ Jan 1
Jan 1
Northern Central
Philadelphia Ball & Wasa..„ Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Jan 1
Pitts Cincin Chic & St Louis_ Jan 1
Vandalla
Jan 1
Total lines-East l'itts & Eriejan 1
-West Pitts& ErleiJan 1
-All lines IL & W_ 1Jan 1
1 Deal
Rio Grande Junction
t_Tsan
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
s
Jan 31 2,080,181 1,697,169
Jan 31 8,953,599 8.147,265
Jan 31 4,879,092 3,847,877
478,779
425.766
Jan 31
379,109
328,184
Jan 31
Jan 31 2,091,385 2,388,902
Jan 31 2,728,006 2,244,664
291,105
230,953
Jan 31
92,214
96,857
Jan 31
Jan. 31 1,602,254 1,232,863
883,695
Jan 31 1,117,676
Jan 31
397,520
423,708
Jan 31 23,869.664 20,219,902
Jan 31 14,691,688 12,780,390
Jan 31
9,526
14,345
Jan 31
280,201
231,480
Jan 31
666,358
727,523
Jan 31
5,886
4,817
Jan 31
225,254
273,731
Jan 31 1,045,457
955,598
Jan 31 1,635,441 1,436,741
Jan 31
359,703
319.687
Jan 31 5,042,347 3.886.505
358,949
430,843
Jan 31
Jan 31 3,834,373 3,204,825
950,104
Jan 31
818,990
Jan 31 20,018,231 17,415,049
Jan 31 10,379,475 8,403,729
Jan 31 30,397,709 25,818,779
93,867
Dec 31
77,774
CA .Tan
31
9i10 9M1
93A •'7n1
AGGREGATE t OF GROSS 'EARNINGS-Weekly and Monthly.
Current
Year.
Previous
Year.
Current
Previous
Increase cr
Year.
Year.
lonthly Summarie..
Decrease.
%
,
$
8
3
$
3
iReap. Cur. Yr. Prev. Yr.
$
4th week Dec (39 roads)---- 20,809,397 18,309.553 +2,550.844 13.03
May
235,410 231,597 232,229,304 226,184,666 +8,044,693 2.67
1st week an rt) roads
12,470,178 11,142,109 +1,328,069 11.9%
235,385 230,894 243,226,498 228,647,383 +14,579,115 6.38
Juno
2c1 week Jan 40 roads
12,631,763 10,981.115 +1,650,648 15.03
230,712 227,194 245,595,032 222,587,872 +23,007,660 10.34
July
110 week Jan 40 roads
13,572,942 11,016,351 +1,956,591 16,64
239,230 285,404 276,927.416 251,067,032 +25,860,384 10.30
August
4th week Jan (36 toads
19,776,977 17,986,901 +1,790,976 9.9
235,140 272,209,629 252,318,597 +19.891,032 7.88
237,591
SeptQmber
let week Feb(38 roads
12,305,913 11,735,576
+570,337 4.8
October -237,217 233.545 293,738,091 258,473,408 +35,264.683 13.04
24 week Peb 40 roads
13,540,008 13.143,890
Noverdber_237,376 233,305 276,439,010 244,161,845 +31,968,171 13.07
+396,110 2.9
Sd wank Feb 40 roads
14,066,724 13,205,501
61,223 652
December ....238,072 234,148 263.768,603 234,087,361 +29,681.242 12.88
4th weekFeb
0 roads
+
15,306,955 14,761,047
142.911 3.68
January _235,607 232,179 246.803,737 208,535,080 +38,128.677 18.2
let week ar
5 roads
, 9 975 081
Fnbruarv
88.333
86.054 65.275.208 51.834.879 +3.440.529 5.5e
+ 51.771 6.54
a Mexican currency. b Does not include earnings of Colorado Springs It-dapple Creek District Railway from Nov. 1 1911. e Includes the Boston & Albany. the IN ow York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which,
being a Canadian
foad.(1088 filety
to the Inter-State Commerce Commission. f Includes Evansville & Terra Haute and Evansville &ItidlanaRit.0 In.,
?ides the clev
LOrilin 4 Wheeling Ry. to both years. n Includes the Northern Ohio R,R. p Includes earnings of Mason City & Ft. Dodge aliC1 I
ia M
lscOOsloo
a & .Psettle. II Ineludes Louisville dc Atlantic add the FrankfOrt & Cincinna
Cincinnati. t Includes the Mexican International. ft Includes I
Teitas Contra in both ,years
_years and the Wichita Falls Lin6i in 1912, beginning Nov. 1. a Includes not only operating revenues, but also all ()the,/
OS!. x Ineludes St.
Is
Mountain & Sonthern.
IVeekly Summaries.
returns
Increase or
Decrease.
784
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of March. The table covers 25 roads and shows 6.54%
increase in the aggregate over the same week last year.
First week of March.
1913.
Increase. Decrease.
1912.
$
$
$
Ann Arbor
41,802
46,044
Buffalo Rochester & Pittsburgh
201,399
197,395
Canadian Northern
312,800
11,700
324,500
Canadian Pacific
2.378,000 2,144,000 234,000
Central of Georgia
307,000
298,500
Chesapeake & Ohio
615,005
37,867
652,872
Chicago & Alton
293,925
248,650
Chicago Great Western
252,838
248,503
4,335
Chicago Ind & Louisville
125,384
126,550
Colorado & Southern
243,835
233,050
10,785
Denver & Rio Grande
378,800
404,100
25,300
Detroit & Mackinac
23,589
23,139
450
International & Great Northern
153,000
163,000
Louisville & Nashville
1,203,700 1,145,335
58,365
}
Minneapolis & St Louis
183,485
150,413
33,072
Iowa Central
Missouri Kansas & Texas
537,020
447,090
89,930
Missouri Pacific
1,060,000 1,002,000
58,000
Mobile & Ohio
228,092
215,127
12,965
Rio Grande Southern
12,831
7,375
5,456
St Louis Southwestern
242,000
235,000
7,000
Southern Railway
1,424,597 1,307,212 117,385
Texas & Pacific
288,954
285,842
3,112
Toledo Peoria & Western
19,001
18,536
465
Toledo St Louis & Western_ _ _ _
83,207
68,436
14,771
Total (25 roads)
Net increase (6.54%)
10,627,352 9,975,581
724,958
651,771
$
4,242
4,004
8,500
45,275
1,166
10,000
1913.
1912.
824,519
Total (40 roads)
Net increase (3.68%)
902,830
542,911
15,306,958 14,764,047
73,187
289,854
3,633
60,000
13,547
25,772
624
359,919
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 January 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 January 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.
-Gross Earnings--NetEarnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Bellefonte Central_b_ __Feb
6,450
5.674
2,004
879
Jan 1 to Feb 28
12,674
10,776
2,406
1,664
Boston & Albany_bOct 1 to Dec 31
4,377,703 3,966,780 1,451,782 1,187.633
July 1 to Dec 31
8,778,443 8,147,254 2,838,656 2,731,339
Grand Trunk of CanadaGrand Trunk Ry
Jan 3,095,581 2,579.732
400,026
309,023
Grand Trunk Western_Jan 589,820
519,255
42,258
41,365
Det Or Hay & Milw_ _Jan 185,901
162,541 def.27,252 def.28,225
Canada Atlantic
Jan 176,654
160,838 def.9,733
243
Pacific Coast
Jan 542,639
37,142
530,849
33,394
July 1 to Jan 31
4,790,012 4,605,637
793,651
802,014
Toledo Peoria & West..b_Feb 102.465
10,491
109,832
22.624
July 1 to Feb 28
196,452
949,934
879,575
175,941
INDUSTRIAL COMPANIES.
American Pub Utilities_ _Feb 210,529
181,200
99,358
73,093
Oct 1 to Feb 28
948,076
535,524
1,075,045
465,360
Edison Elec Ill (Boston)_Feb 608,396
559,037
386,995
362,929
July 1 to Feb 28
4,271,615 3,924,696 2,473,495 2,367,261
Keystone Telephone_ a_ _Feb 102,886
97,102
52,512
48,912
Jan 1 to Feb 28
102,126
195,017
97,609
206,913
Pennsylvania Lighting_ _Feb
10,365
7,459
6,025
11,178
Jan 1 to Feb 28
21,682
15,839
12,983
23,867
Interest Charges and Surplus.
240,392
24,748
992,511
120,000
895,210'
98,961
349,154
215,644
872,511
796,248:
Latest Gross Earnings.
Name of
Road.
1,113
4,470
849
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
379,154
30,000
ELECTRIC RAILWAY AND TRACTION COMPANIES.
24,637
13,731
Roads.
October
July 1 to Oct. 311912.
1912.
1911.
1913.
Wells, Fargo & Co.$
$
3
$
Gross receipts from operation 3,333,075 2,842,520 12,189,197 10,327,989
Express privileges-10r
1,567,588 1,391,198 5,875,439 5,875,078
Total operating revenues.. 1,765,487. 1,451,322 6,313,757 5,452,919
Total operating expenses_ _ _ _ 1,386,332- 1,210,929 5,321,246 4,557,706
Operating income
Increase. Decrease.
Previously reported (30 roads)_ 13,869.353 13,334,688
Alabama Great Southern
122,386
126,019
Central of Georgia
293,900
353,900
Cin New Orleans & Texas Pac_ _
252,014
227,377
Duluth South Shore & Atl
66,009
52,278
Georgia Southern & Fla
57,453
58,566
Mineral Range
17,799
22,269
Nevada-California-Oregon
5,140
5,989
Norfolk Southern
101,088
87,541
Seaboard Air Line
519,336
493,564
Tenn Ala & Georgia
2,480
1,856
EXPRESS COMPANIES.
November
July 1 to Nov. 301912.
1911.
1912.
1911.
Great Northern Express Co.- $
$
Gross receipts from operation 306,617
253,885 1,586,106 1,275,125
Express privileges-Dr
184,062
153,626
768,198
950,761
Total operating revenues_
122,555
100,259
506,927
635,345
Total operating expenses_ _ _ _
88,043
76,253
378,027
433,946
Net operating revenue_ _ _ _
34,511
24,005
201,398
128,899
One-twelfth of annual taxes..
4,375
2,819
23,760
16,865
Operating income
30,136
21,186
177,638
112,034
Net operating revenue_ __ _
One-twelfth of annual taxes..
For' the fourth week of February our final statement
covers 40 roads and shows 3.68% increase in the aggregate
over the same week last year.
Fourth Week of February.
[VOL. xcvi.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
American Rys Co___ February _ 367,118 350,002
772,884
23,438.
Atlantic Shore Ry___ January __ 22,292 20,120
22,292
20,120
cAur Elgin & Chic Ry January _ _ 140,578 125,716
140,578
125.716.
Bangor By & Eiec Co January _ _ 58,793 53.448
53,448
58,793
Baton Rouge Elec Co January _ _
13,427 12,161
12,161
13,427
Binghamton Railway December
37,094 33,785
425,028
386,631
Brazilian Trac, L & P January _ _ 1912,955
1,912,955
Brock & Plym St Ry January
7,873
7,163
7,873
7,163
Bklyn Rap Tran Syst December 2005,538 1920,274 24,353,298 23,233,599
Cape Breton Elec Ry January _ _ 31,835 28,327
31,835
28,327
Cent Park N & E Riv December
44,824 53,028
638,532
638,063;
Chattanooga Ry Sr Lt January _ _ 95,633 81,004
95,633
81,004
Cleve Painesv & East January _ _
28,095 23,901
28,095
23,901
Clev Southw& Colurn January _ _ 91,543 79,570
91,543
79,570.Columbus (Ga) El Co December
48,278 46,318
540,465
492,325
Commonw Pity & Lt January _ _ 618,105 535,906
618,105
535,906
Coney 1st & Bklyn_ _ _ December 111,529 103,190 1,590,039 1,409,273:
Dallas Electric Corp_ December 174,240 152,926 1,821,562 1,632.291
Detroit United Ry__ 4th wk Feb 211,830 202,246 1,830,430 1,545.182
DDEB& Bat (Rec) December
49,393 52,940
612,000
617,034
Duluth-Superior Trac January _ _ 93,356 87,844
87,844
93,356
East St Louis & Sub_ January _ _ 21:3,214 191,036
191,036213,214
El Paso Electric Cos.. January _ _ 80,921 69,775
80,921
69,775
42d St M & St N Ave December 149,939 134,053 1,806,674 1,606,382
Galv-Hous Elec Co.._ January _ _ 169,615 146,007
169.615
146,007
Grand Rapids Ry Co January _ _ 103,986 97,448
103,986
97,448
Harrisburg Railways January _ _ 73,788 70,269
73,788
70,269.
Havana Electric Ry_ Wk Mar 9 55,140 51,297
524,122
470.829
Honolulu Rapid Tran
December
& Land Co
52,336 48,129
500,279
564,723
Houghton Co Tr Co_ January _ _ 24,379 22,125
22,1,25
24,379
Hudson & Manhattan December 339,203 315,467 3,630,060 3,044,755January _ _ 653,790 615,029
Illinois Traction
615,029
653,970
Interboro Rap Tran.. January __ 2903,343 2834,135 2,903,343 2,834,135
Jacksonville Trac Co January __ 49,823 49,878
49,878,
49,823
Lake Shore Elec By.. January __ 100,373 87,153
100,353
87,153
Lehigh Valley Transit January _ _ 125,886 102,542
102,542'
125,886
Long Island Electric_ December
15,411 14,070
220.900
209,256Milw El By & Lt Co_ January _ _ 521,210 482,927
521,210
482,927
Milw Lt, lit & Tr Co January _ _ 96,449 83,532
96,449
83,532
Monongahela Vail Tr February _ 65,748 56,086
134,384
114,826
N Y City Interboro December
46,230 33,733
466,743
314,101
N Y & Long 1st Trac_ December
28,819 28,131
391,999
389,168.
N Y & Queens Co_ _ _ December 104,607 98,959 1,331,318 1,253,981
New York Railways_ January __ 1160,813 1083,670 1,160,813 1,083,679
Northam Easton & W January _ _
13,841 11,503
11,503
13,841
North Ohio Trac & Lt January _ _ 237,465 209,388
209,388237,465
North Texas Elec Co January__ 157,047 114,695
114,695.
157,047
Ocean Electric (L I).. December
5,426
4,253
124,107
142,020
Paducah Trac& Lt Co December
27,878 26.835
265,296
286,537
Pensacola Electric Co January _ _ 26,317 22,261
22,261
26,317
Phila Rapid Trans Co December 2065,830 1964,271 23,282,304 22,141,338
Port(Ore)Ry,L&PCo. January _ _ 553,598 531,213
553,598
531.213
Puget Sd Trac,Lt &P December 725.642
8,313,848
25,464 25,780
Richmond Lt & RR_ December
375,374 - 362,033St Joseph(Mo)Ry,Lt,
Heat & Power Co.. January __ 107,323 102,541
107,323
102,541
76,420
64.841
Santiago Elec Lt & Tr February _ 37,052 30,791
58,358
67,383
Savannah Electric Co January _ _ 67,383 58,358
82,922 77,260
December
980,209
937,466.
Second Ave (Rec)
December
9,853
125,663
.14,123
153,243
Southern Boulevard..
18,468 18,026
279,730.
289,374
Staten Isl Midland December
68,157
60,751
Tampa Electric Co January __ 68,157 60,751
December 334,501 316,629 3,840,569 3,680,409,
Third Avenue
Twin City Rap Tran_ 4th wk Feb 154,759 168,340 1,319,339 1,245,857
Underground Elec By
of LondonThree tube lines Wk Mar 8 £14,255 £14,595 £147,355 £149,165
Metropolitan Dist_ Wk Mar 8 £12,925 £12,752 £132,257 £127,224
London Gen'l Bus_ Wk Mar 8 £56,106 £40,799 £539,548 £383,510
Union Ry Co ofNYC December 207,138 199,850 2,540,138 2,471,023UnionRyG&ECo(I11). January _ _ 419,759 313,721
313,721
419,759
United Rys of St L.._ January _ _ 997,195 932,395
932,395
997,195
United RRs of San Fr December 759,198 701,004 8,471,617 7,886,136
601.798.
Westchester Electric_ December
42,117 45,746
579,925
678,427Yonkers Railroad_ _ _ December
60,108 57,036
734,446
57,486.
York Railways
January _ _ 58,950 57,486
58,950
17,258
Youngst & Ohio Riv_ January _ _
18,141 17,258
18,141
134,594
Youngstown & South November
152,851
13,543 11,757
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:
-Int., Rentals, &c.- -Bat. of Net Earns.Previous
Current
Current
Previous
-Gross Earnings--Net Earnings
Year.
Year.
Year.
Year.
Previous
Current
Current
Previous
$
3
$
Year.
Year.
Roads.
'
Year.
Year.
Bellefonte Central
635
Feb
240
244
• 1,764
Jan 1 to Feb 28
1,176
480
1,926
488
53,448
58,793
29,860
27,455
Toledo Peoria & West_ _ _Feb
z6,512 Bangor Ry & Elec_a_ __ _Jan
24,781
23,157 zdef.7,290
81,004
July 1 to Feb 28
95,633
36,392
32,913
z14,481 Chattanooga Ry & Lt_a_Jan
194,447
z35,005
191,3
249,648
Cons= Pow (Mich)_a_ _Jan 298.549
164,635
121,623.
z After allowing for other income received.
East St L & Suburban_a_Jan 213,214
191,036
83,082'
90,716
INDUSTRIAL COMPANIRS.
Federal Light & Trac_ __Jan 164,635
146,738
68,191
73.191
Grand Rapids Ry_a _ _ _Jan 103,986
97,448
American Pub Utli.ties_ _Feb
44,632
42,788.
47,535
x52,382
Oct 1 to Feb 28 .__ ."37,677z301,23
Monongahela Vail Tra b Feb
65,747
56,086
44,152
32,934
Jan 1 to Feb 28
134,384
Kastotie TereThp --oritrn_'--ttr 'MDT TIT7gri
114,826
87,759
66,828
)27, 09
"MOM
Jan 1 to :Peb 28
„LS1778
,50.120 _
51,348,
47.489 Nashville Ry & Elec_ a_ _Jan 186,999
166,135
66,813.
75,123
Pennsylvania uighting_ _Feb -4 3:coaltrI r.,,237., . r1.059
n (48 Philadelphia Co (Pitts)_ _Dec 2,262,299 1,979,950 1,117,577
884,
torre11128
April 1 to Dec 31
16,220,416 15,057,626 6,178,093 5,747,0L
17.000
R.308
rA.677.1....1ie 8,839
Roads.
MAR,. 15 1913]
THE CHRONICLE
785
INCOME ACCOUNT.
-Gross Earnings- -Net Earningsfor purposes of
Previous
Current
Previous
Note.-The items marked a in 1911 having been changed
Current
Year.
Year.
Year.
the comparisons of those items with earlier
figures,
1912
with
Year.
comparison
Roads.
unchanged.
remain
however,
results,
years is inaccurate. The general
258,252
283,389
531.213
1909.
1910.
1911.
1912.
Portland (Ore) R,L&P a Jan 553,598
Revenues46,561 Freight
48,501
102,541
$36,371,244 $31,101,334 $32,646,536 $29,735,277
St Jo(Mo) B. L,H & P a Jan 107,323
10,154,220
11,130,125
11,350,096
11,835,199
Passenger
128.737
182,371
313,721
Union Ry Gas & El (111)a Jan 419,759
5,142,630 4,868,315
express and misc_ 5,586,702 5,408,156
295.982 Mail,
244,028
932,395
353.185
500,920
501,411
490,471
Other than transport'n_
United Rys of St La_ _ _Jan 997,195
60,362
72,171
178,088
Western Rys & Light_ _ _Jan 211,301
$48,360.997 $49,420,211 $45,110,997
Total
rev_
operating
454,283,616
taxes.
deducting
after
are
given
a Net earnings here
Expensestaxes.'
Maint. of way & struc
b Net earnings here given are before deducting
$6,516,212 $6,178,623 $7,549,661 $5,468,363
of equipment..
9,283,833 a8,069,393 a7,873,217 a6,811,551
Maint.
Surplus.
and
Interest Charges
1,101,596
1,153,165
1.026,317
961,762
Traffic expenses
Earns.
of
Net
-Bat,
on
&c.Transportati expenses 17,797,334 16,245,052 17,442,858 13,914,957
-Int., Rentals,
727.194
902,032
Previous
924,489
Current
Previous
975,503
General expenses
Current
.
Year.
Year.
Year.
Year.
Roads.
$28,023.661
$34,920.933a
Total operating exp..435.534.644 $32,443,875a
$
$
$
(62.12)
11,693 P. c. of exp. to revenues
(70.66)
(67.09)
12,520
15,762
17,340
(65.46)
Jan
By & Elec
087.336
11,644 Net rev, from rail oper_318,748.972415,917,122a$14.499.278a$17,
11,993
21,269
24,399
Chattanooga By & Lt_ Jan
Net rev.-outside oper-sur.115,405 def.31,077 def.49,716 def.78,907
73,211 Taxes accrued
102,982
1,458,905
48,412
61,653
1,720,182
1,673,940
1,771,098
Consumers Pow.(Mich)_Jan
35,028
42,360
48,055
48,356
East St L & Suburban_ _Jan
_ _ _317,093,279a$14,212,105a$12,729,380a$15,549,524
income_
Operating
27,999
29,895
4,790
Jan
14,737
Other IncomeGrand Rapids By
14,677 Hire of equipment
$383,818
20,050
$157,556
18,256
3551,998
24.102
Monongahela Vail Trac_Feb
30,305 Joint facilities rents_ .._ _
381.596
350,447
336,427
39,554
357,851
36,522
48,205
Jan 1 to Feb 28
43.070
70,209
_
_
s
103,394
137,904
rents__
Miscellaneou
32,091
38,129
34,722
Jan
36,994
Nashville Ry & Lt
4,550,206
7,878,680 7,755,014
6,904.181
Dividends on stocks_
480,086
620,922
404,254
557,041
-profit
1,272,125
cos.
Philadelphia Co (Pitts)_Dec 496,655
oper.
Sep.
231,310
164,947
3,766,849 3,390,350 2.411,244 2,356,709 Int. on funded debt
288,624
_
488.311
April 1 to Dec 31
121,554 Int. on unfunded securi130,368
136,695
Portland(Ore)R, L & P_ _Jan 53,021
1,268,721
1005,914
845,556
_
....
663,001
accounts_
and
ties
26,935
28,319
19,626
20,182
al1.984
a721,738
a82,80()
St Jo (Mo) R,L, H & P_Jan
7,914
s income
63,157 Miscellaneou
89.083
65,583
93,288
Union By,Gas & El (Iii)..Jan
22,036,411
3,181.467a$
4.496,69442
z73,836
corp.
7,442,05542
Gross
income.._32
z58,013
225,546
United Rys of St Louis_ _Jan 223,212
Deductionsz21,364
z24,188
40,797
50,270
Western Rys & Light,_ _Jan
Rentals of leased lines__ $2,663,239 $2,531,082 $2,268,573 $1,858,691
272.621
received.
Hire of equipment
income
z After allowing for other
a309.332
a542,596
(a)
Int. on equip. trust carts
New York Street Railways
.277,237
336.968
449,679
774,144
rents.._....
facilities
Joint
109,625
-Gross Earnings- -Net Earnings
178,694
&par.oper. cos.-loss....
Previous
Current
5.051
Previous
8.123
5,174
Current
8,029
Miscellaneous rents_ _ _ _
Year.
Year.
Year.
Year.
6,678,440 a6,567,806 a5,454,783 a5,920,000
on
debt..
Roads.
funded
Interest
$
75,182
$
410,223
$
563,963
$
549,177
Other interest
64,020
315,467 c201,148 c184,380 Dividend on guar. stock
96.030
96,030
96,030
Hudson & Manhattan_a _Dec 339,203 3,044,755
2,112,483 1,662,941 Additional equipment
1,263,186
3,630,060
Jan 1 to Dec 31
848,334
950,637
1,471,010
1910 installments equipInterboro R T (Sub)_a _Dec 1,573,931 14,878,582
1,365,297
9.491,325 8,212.403
ment trusts
16.474,294
Jan 1 to Dec 31
a336.729
a277,136
(a)
5,948
656,143 Other deductions
646,883
Interboro R T (Elev)_a_Dec 1,388,898 1,373,186 7,386,018
(18%)8,903,970(18)8903970(18)8903970(12)5,935980
Dividends
7,305,395
15.453,000
15,678,397
31
Jan 1 to Dec
1,503,477
1,597,520
2,845,096
Total Interb R T_a_ _ _Dec 2,962,829
Total deductions _ _ _ _$19.857,671 419,227,329419.663,699416,318,029
32,132,692 30,331,583 16,877,343 15,517,799 Surplus
Jan 1 to Dec 31
for the year_ _ _ _ $7,584,384 $5,269.365 $3,517,768 $5,718,382
657,145
697,945
Brooklyn Rap Trans_ a _ _Dec 2,005,538 1,920,274
8,088,514
8,819,385
23,233,599
24,353,298
31
Dec
to
1
Jan
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
285,378
358,482
New York Railways_ a _ _Dec 1,172,263 1,148,685 4,575,427
1911.
1912.
1911.
1912.
3,622,021
13,656,723
13,763,018
Jan 1 to Dec 31
$
$
Assets8,394 def.3,928 Road
53,028
44,824
66,749 131,078,914 Common stock_ 49,466,500 49,466,500
Cent Park N & E Riv_a_Dec
equIp't_135,7
&
def.8,969
39,294
533,500
638,063
533,500
638,532
Guaranteed stk..
Jan 1 to Dec 31
Secure. of prop.,
Funded debt.....J50,400,000 150,400,000
8,743
10,420
77,260
82,922
a Dec
&c., cos.-unSecond Avenue
19,006,167 17,772,483
181,599
166,492
937,466
989,209
18,963,019 12,751,222 Equipm't trusts.
pledged
Jan 1 to Dec 31
128,921 Loans&bills pay. 11,647,788 13,014,290
99,351
117,049 Misc. investm'ts
131,224
316,629
Dec 334,501
Third Avenue_a
6,235,387 12,063,013 Vouch.& wages. 6,059,286 4,819,417
3,840,569 3,680,409 1,636,335 1,682,317 Cash
117,401
80,197
Jan 1 to Dec 31
Matured int.,&c
107,689,832
72
secs.107,118,6
Marketable
9,504 def.3,200 Loans & bills rec 9,328,678 8,008,121 Miscellaneous __ 1,128,812 1,860,804
52,940
49,393
D D E 13 & Battery_ a_ _ _Dec
40,502
128,033
617,034
Int.,
Unmatured
612,000
815,868 1,060,735
Traffic,&c.,bals_
Jan 1 to Dec 31
29,119 Agts. & conduc_ 1,689,394 1,009,980 divs. & rents_ 4,427,220 4,407,073
38,287
134,053
161,826
42d St M & St N Ave_a_Dec 149,939 1,606,382
537,405 Material & supp 3,684,883 3,519,173 Def.credit items 1,120,727
547,693
1,806,674
Jan 1 to Dec 31
7,285,407 '8,027,655 Add'ns through
9,559 def.3,136 Miscellaneous
33,733
46,230
9,556,801 8,845,323
income
1,247,385
1,862,869
Advances
N Y City Interboro_a_ __Dec
44,019
102,317
314,101
466,743
Profit and loss 41,187,168 36,154,623
Other deferred
Jan 1 to Dec 31
2,177
968,289
9,853 def.5,254
debit Items __ 1,763,890
14,123
Southern Boulevard_a_ _Dec
33,749
7,549
125,663
153,243
31
Jan 1 to Dec
294,614,166 287,553,240
Total_ _294,614,166 287,553,240 Total
31,352
38,326
199,850
Union By of NY City_a_Dec 207,138
-and loss account in 1912 see a subsequent page.-V.96,P.716.
For profit
603,057
607,263
2,540,138 2,471,023
Jan 1 to Dec 31
10,223 553.
3,091
45,746
42,117
Westchester Electric_a_ _Dec
127,459
85,081
601,798
579,925
Jan 1 to Dec 31
Michigan Central RR.
6,805
57,036
16,311
60,108
Yonkers Railroad_a__ __Dec
106,079
128,500
678,427
734,446
Jan 1 to Dec 31
(Report for Fiscal Year ending Dec. 311912.)
14.070 def.1,496 def.2,298
15,411
Long Island Electric_ a _ _D ec
14,587
On subsequent pages is published the report at length and
23,840
209,256
220,900
Jan 1 to Dec 31
2,243 various tables of interest.
28,131 def.1,712
28,819
N Y & Long Isl Trac_a_ _Dec
108,174
63,213
389,168
391,999
Statistics.-Operations, earnings, charges, &c., and the
Jan 1 to Dec 31
5,955 def.14,950 comparative balance sheets were as follows:
98,959
N Y & Queens Co_a_ __ _Dec 104,607
def.16,919
23,980
1,253,981
1,331,318
Jan 1 to Dec 31
210 def.1,475
4,253
5,426
OPERATING STATISTICS.
Ocean Electric (L I)_ a _ _Dec
33,357
62,739
124,107
142,020
1910.
Jan 1 to Dec 31
1909.
1911.
1912.
20,783
24,350
103,190
1,746
1,803
1,817
1,817
operated
Coney Isl & Bklyn_a_ - _Dec 111,529 1,409,273
441,247
348,964 Miles
1,590,039
EquipmentJan 1 to Dec 31
637
585
651
703
3,144 Locomotives
25,780 def.13.296
25,464
Richmond Lt & RR_a_ _Dec
446
473
487
482
30,362
35,170 Passenger equipment.._ _
362,033
375,374
Jan 1 to Dec 31
24,993
22,048
24,496
26,559
equipment
Freight
2,871
18,026 def.2,084
18,468
Staten IsI'd Midland_a_Dec 289,374
Operations55,519
66,965
279,730
5.435,632
5,792,247
6,935,586
6,000,251
Jan 1 to Dec 31
Passengers carried
taxes.
deducting
after
are
Pass. carried 1 mile_ _ _ _407,473,834 383,674,618 373,462,351 341,347,490
a Not earnings here given
1911.
in
$81,983
1.950 cts.
against
1.983 cts. 1.983 cts.
Dec. 1912,
Rev, per pass, per mile_ 2.025 ate.
c Other inc. amounted to $74,382 in .....-Revenue tons moved.._ _ 21,001.128 18,728,753 18.376,478 16.818.554
_____-....
Rev,tons carried 1 mile_3212612390 304,1621396 3065015640 2917241949
Revenue per ton per mile 0.664 cts. 0.642 cts. 0.629 cts. 0.626 cts.
ANNUAL REPORTS.
406
419
424
453
Tons rev.fgt. per tr. m_
$15,698
$16,467
$16,603
Oper. revenue per mile_
$18,116
steam
of
reports
annual
to
index
-An
Reports.
Annual
INCOME ACCOUNT.
railroads, street railways and miscellaneous companies which
Note.-The items marked a having been changed in 1911 for purposes
be
will
month
with
figures, the comparisons of those items with earlier
1912
comparison
preceding
the
of
during
published
been
have
are inaccurate.
1909.
given on the last Saturday of each. month. This index will years
1910,
1911.
1912.
Operating Revenues$21.318,204 $19,538,684 $19,282,288 $18,267,00
not include reports in the issue of the "Chronicle" in which it Freight
6,655.699
7,404,476
7,607,052
8,250,336
is published. The latest index will be found in the issue of Passenger
Mall, express and raise_ 3,012,313 2,726,830 2,685,429 2,299,448
192,790
322.622
291,924
330,900
Other then transportat'n
Feb. 22. The next will appear in that of March 29.
Lake Shore & Michigan Southern Ry.
(Report for Fiscal Year ending Dec. 31 1912.)
the report at length,
On subsequent pages is publishedfor
two years &c.
also the comparative income account
Below are given comparative statistics and income account
for four years and balance sheets for ,two years:
OPERATING STATISTICS.
1910.
1911.
1912.
1,775
1,663
1,872
949
1,001
961
695
672
713
50,816
51,046
55,390
Total oper. revenue_ _332,911,753 $30,164,490
Expenses$33,629,732 $3,549,205
Maint. of way & struc
4.711,843 4,400,296
Maint. of equipment
783.599
764,733
Traffic expenses
Transportation expenses 13,313,059 12,049,103
563.552
589.388
General expenses
$29,694,815 $27,415,467
$44,035,261 $3,458,165
a4,124,366 a3,756,582
882,151
777,668
12,023,589 10,050,690
563,539
456.423
Total expenses
523,008,756421,345.755421,628,906418.499,528
a(67.48)
(69.91)
a(70.76)
a(72.84)
P.c.expenses to revenue
9,902,997 8,818,735 8,065,909 8,915,939
Net rev,from rail oper
sur.8,909 def.56,315 def.51,152
Outside operations-net sur.28,099
1909.
1,663
Miles operated
Total net revenue__ -- $9,931,096 48,827,644 48,009,594 48,864,787
Equipment893 Taxes accrued
1,121,532
1,357,020
1,366,985
1,322,621
Locomotives
658
Passenger cars
39,937
Operating income........ $8,564.111 a$7,505,023 46,652,574 47.743.255
Freight cars
PM
OperationsIncome9,486,792 8,984,781 KrOther
9,596,853
$185.158
$229,290
$236,403
passengers carried (No.) 9,648,153
facilities rents_ _ _ _ $207,114
558,647,351 Joint
696,583,766
601,792,335
.)
(No
mile
_
_
3,011
-610,378,781
1
2,676
rents....
3,260
s
carr.
2,094
Miscellaneou
Pass.
1.866 as. 1.818 cts. Dividends on stocks_
1.886 cts.
248.154
287,241
347,242
618,557
Rev. per pass. per mile.- 1.939 cts.
$1.67
$1.58
$1.66
$1.71
33,760
46,880
46,880
on funded debt_
46,880
Pass. rev. per train mile
33.080,566 Interest
37,114,174
(rov.)_
34.887,697
41,081,573
carr.
freight
Interest on other securiTons
5736452739
6243183597
m.(rev)
5841012416
6874015071
471,398
440,969
525,154
&
loans
accounts
186,018
Tons fgt. carr. 1
ties,
cts.
0.518
cts. 0.532 cts. 0.523 cts.
86,624
12,018
Revenue per ton per mile 0.529
$3.24 Miscellaneous
$3.10
$3.67
$3.38
Fght. rev, per train mile
624.2
593.6
692.8
634.6
48,684,736
47,746,254
48.675,980
No.(rev) tons per tr. mile
corp.
$9,624,774
income_.._
Gross
$29,121
$29,719
$27,239
$28,993
Oper. revenues per mile..
786
THE CHRONICLE
Deductions1912.
1911.
1910.
1909.
Rentals of leased lines.... $1,794.951 $1,605,444
$585,310
$510,310
Hire of equipment
1,099.647
652,736
1,073,983
714,641
Int. on equip. trust ctfs_
a261,524
a180,128
Joint facilities rents_ _ _ _
560,795
583,552
620,569
516,401
Miscellaneous rents..
3,013 .
6,816
6,069
5,960
Interest on funded debt_ 2,989,956 a2.911,716
a2,535,398 a2,451,584
Other interest
192,989
624,465
746,368
747.290
Additional equipment.._
548,925
Other deductions
257,090
174,887
199,702
137,000
Divs.(2) aggregating 6% 1,124,280
1.124,280
1,124,280
1,124,280
1910 propor. N.Y. Cent.
Lines equip. trusts.. _ _
250,000
Total deductions.. _
$8,022,721 a$7,683,896 07,403,203 a$6,936,519
Surplus
$1,602,053
$992,084
$343,051 $1,748,217
CONDENSED GENERAL BALANCE SHEET DECEMBER
31.
1912.
1911.
1912.
1911.
AssetsLiabilities-Road & equipm't_67,174,116 65,527,985 Capital stock
18,738,000 18,738,000
Can.So. Ry.stock 5,444,000 5,444,000 Funded debt
33,652,000 33,657,000
Securs. OHL, &c.,
Equipment trusts..
7,612,055
cos.-unpledged 1,639,192 1,595,192 Loans & bills pay.. 9,664,174
Other investments. 3,080,758 2,920,876 Vouchers & wages.. 4,500,000 4,509,000
5,249,178 3,582,664
Cash
3,200,879 3,311,257 Matured divid'ds,
Treasury stock_._
1,600
1,600 interest, &c_ _
28,792
42,878
Marketable securs.
15,025
18,130 Miscellaneous
693,941
880,854
Net traffic,&c.,bals 199,380
184,111 Unmatured int'st,
Agents & conduc 2,750,456 1,818,609
dive, and rents_
Material & supp 2,424,011 2,531,254 Replacem't reserve 1,146,451 1,096,349
635,021
Miscellaneous........ 1,874,973 1,331,555 Other def'd credit 891,123
Accrued int., &c.... 363,531
258,619 Items
87,773
460,367
Advances, &c_ _
3,286,765 1,192,913 Additions through
Other deferred debIncome
3,871,762 3,756,123
it items
297,051
53,269 Profit and loss_ .... _13,228,542 11,228,059
[VoL. xcvi.
Underground Electric Railways Co. of London, Ltd.
(Report of Chairman at Half-Yearly Meeting Feb. 24 1913.)
The text from the annual report and various
important
tables will be found on a following page.
Comparative earnings and balance sheet are given below.
At the half-yearly meeting in London on Feb. 24
Sir Edgar
Speyer, Bart., said in substance:
Results.-Therevenue account shows total receipts of
£279,220, as against
£156,549 for the corresponding half-year of 1911. The
latter item, however, includes £45,918 income from
operation of the power house then
owned by your company (V. 92, p. the
1637).
Deducting
this
item there remains an increase of £1b8,589, of which 2154,540
is due to our holdings in
London General Omnibus ordinary
shares and Associated Equipment Co.
shares acquired in 1912. This increase enables
company to pay for
the first time the full half-year's interest (3% onyour
6% income bonds of
1948, comparing with 1% (2% per annum) a yearthe
ago.
The total net revenue available for
n among the income bondholders for the whole year of 1912 wasdistributio
£328,251, as compared with £93,511
in 1911, and the rate of interest paid on
the
income
bonds in the two years
was 5% and 1%%, respectively.
Unfounded Fears.-The fear has been expressed in some quarters
that
the concentration of the transport facilities
of London
tend towards
an increase in fares and a reduction service. My replywill
to this suggestion
is that a true safeguard against anyin
possible
is to be found in the fact
that the interests of the shareholders and theabuse
traveling public are identical.
It is only by giving a thoroughly satisfactor
y service at reasonable fares
that we can hope to retain the good-will
of the public and to make this great
undertaking a success.
Importance of the Combined Undertakings
Identified with the Underground Company.-The total capital of all Now
companies is £48,550,000,
divided as follows: Railways, £39,700,000'the
£5,700,000; omnibuses, £3,150.000. The total mileage is 520,tramways,
made up of 60 miles of underground railways, 112 miles of tramways and 348
Total
91,751,737 86,189,370 Total
miles
of
omnibus
91,751,737 86,189,370
For the cal. year 1912 the combined undertakings carried routes.
For profit and loss statement in 1912 see a subsequent page.-V.96,p.653.
a total of
893.000,000 passengers, of which the railways carried
247,000,000, tramways 153,000,000 and the omnibuses 493,000,000. The
combined propCleveland Cincinnati Chicago & St.'Louis Ry.
erties employ a staff of nearly 25,000 men.
City 80 South London Ry.-We cannot hope for much better showings
(Report for Fiscal Year ending Dec. 31 1912.)
on
this line until the tunnels have been enlarged
to a diameter similar to that
of our other tube railways, thus greatly increasing
On subsequent pages is published the report at length.
its capacity and efficiency. This will take at least two years after the necessary
Parliamentary
Statistics.-Operations, earnings, charges, &c., and the powers have been obtained.
Central London Ry.-This railway is benefiting from its Liverpool
comparative balance sheets were as follows:
St.
f rtension, and when the Ealing extension
is opened, further increases in
earnings should be shown. These factors, together
OPERATING STATISTICS.
with economies, should
substantial
ly
reduce
the
apparent
deficiency upon the guaranteed stock.
1912.
1911.
1910.
1909.
London United-Metropolitan Electric Tramways.
Miles operated
-The fusion of the inter2,012
2,012
1,982
1,982 ests of the London United Tramways and
Tons rev. fr't carried...... 25,816,649 23,339,590 22,929,632
Metropolitan Electric Tramways,
20,663,329
and
the
motor
'bus
service
which will be run in conjunction with them,
Tons carried 1 mile
4084231208 3625367676 3650745652 3305984820 should prove
a source of considerable profit to the London & Suburban
Rev, per ton per mile...... 0.543 cts. 0.550 cts. 0.546
cts. 0.544 cts. Traction Co., Ltd., although
Fr't earns, per train mile
the best
will not be obtained until the
$2.57
$2.45
$2.35
$2.34 full number of new 'buses is running.results
Tons rev.fr't per tr. mile
474
445
431
430 and the number will be rapidly increased.Several 'buses are now in service.
Passengers carried
7,505,305
7,627,989
7,680,336
7,134,685
London General Omnibus Co.-In view of the considerable increase
Pass. carried 1 mile__ _ _408,992,707 428,525,51
of the
0 435,177,884 401,419,496 fleet and the inauguration of new routes, which
Rev, per pass. per mile_ 1.902 cts.
it takes some time to de1.825 cts.
1.795 cts.
1.786 cts. velop, it is natural that the earnings per 'bus in the
Pass. rev, per train mile
interim should show a
$1.33
$1.29
$1.18
$1.20
decrease,
but
there
is
nothing
discouragin
g in this. On the contrary, the
Oper. revenues per mlle_
$16,262
$15,128
$15,348
$13,953 business stands on a very sound basis.
Parliamentary Bills.-The London Electric Ry. bill provides for a
INCOME ACCOUNT.
physical
Junction
(a)
with
the
City
&
South London Ry. at Euston, so as to permit
Note.-The items marked a having been changed in 1911
purposes through train service from the North
to the South of London via the City.
of comparison with 1912 figures, the comparisons of those itemsfor
with earlier (b) with the London & S.-W. Ry. at
Hammersmi
years are inaccurate.
for through train
service to Richmond. The Central London Railwayth
1912.
provides for an
1911.
1910.
extension from Shepherd's Bush to Gunnersbury, bill
1909.
Operating Revenuesthrough a thickly$
$
$
populated
district.
The
District
Ry.
Freight
bill provides both for widening a
22.168,002 19,933,296 19,922,901 17,975,353 section of
the
Putney line, which will a.ssist in dealing with its rapidly growPassengers
7,778,136
7,819,255 7,812,012 7,169,670 ing traffic, and
for agreements with the Wimbledon & Sutton Ry.
Mall, express & miscell_ 2,446,745
2,424,641
2,460,233
The Metropolitan Electric Tramways, Ltd., in which
2,257,171
Other than transporta'n
your company now
321,355
254,723
227,859
has
an
interest
through its holdings of the shares in the London
255,547
& Suburban
Traction Co.,is promoting a bill to provide for railless traction in
Total operating rev.... 32,714,238 30.431,915 30,423,005
the urban
districts
Wood
of
Green,
27,657,741
Tottenham
and
Walthamstow, connecting with
ExpensesWalthamst
the
ow Tramway system.
Maint. way & structures 3,915,421
3,370,476
Security Holdings.-Your company during the last six months sold
3,934,281
3,159,609
Maintenance of equip't_ 5,872,422 a5,418,645
a5,177,765 a4,652,610 £250,000 London Electric pref. stock, £9,460 District
guaranteed stock,
Traffic expenses
860,666
912,751
998,697
914,505 £6,000 District assented 1st pref. stock and £20,000 consols.
Transporta'n expenses
13,033,333 12,293,691 12,724,100 10,434,270
We acquired 15,000 London United Tramways pref.
General expenses
shares, 50,000 Asso677,902
690,144
660,777
550,501 ciated Equipment Co.shares, £14,574 London General
Omnibus ord. stock
and £23,670
Elec. Ry. pref. stock in exchange for 2,367 Edgware
Total expenses
24,359,744 a22,685,708 a23,495,620 a19,711,495 & HampsteadLondon
shares.
P. c. exp. to revenue...._
(74.46)
a(74.55)
a(77.23
a(71.27)
The Associated Equipment Co., whose
Net operating revenue
£500,000 share capital is owned by
8,354,494 a7,746,207 a6,927,385 a7,946,246 your company, owns
large works at Walthamstow, of modern design,
Outside oper.-net def
28,482
for
46,087
98,182
56,538 the manufacture of chassis, and also
for certain repair parts required by the
Taxes accrued
1,190,243
1,062,512
949,548
878,328 several companies. It also owns
the Metropolitan Steam Omnibus Co.
which is now running a fleet of 100
Operating income......_ 7,135,769 a6,637,608 a5,879,655 a7.011.380 should
modern
petrol 'buses. Its revenue
prove a source of continuing profit.
Other IncomeJoint facilities rents__ _
341,589
319,640
329,15
309,155
REVENUE
ACCOUNT
,
HALF
-YEARS ENDING DEC. 31.
Miscellaneous rents.... _ _
219,017
207,988
203,603
132,490
Dividends on stocks_ _ _ _
40,967
Receipts72,765
1912.
141,504
98,275
1911.
1910.
1909.
Interest on funded debt..
35,040
Inc.from investmls,&c. £279,220
46,120
45,160
£110,631
44,260
£101,304
£88,152
Int. on other securities,
Net; power house
45,918
44,715
40,241
loans and accounts.._ _
73,645
52,769
91,690
36,178
Int. on sk. fd.
12,060
Total receipts
£279,220
£156,549
£146,019
£128,393
Miscellaneous income__
34,490
Expenditure
8,449
s
, 9,707
2,875
General expenses
£3,889
£3,281
£4,580
£5,252
Gross corporate income 7,892,577 a7,345,340 a6,700,469
870
870
a7,634,613 Commis'n, disc. & exp.. _
435
DeductionsInt. on bonds & debens_
79,526
97,764
113,898
112,296
Rentals of leased lines__
301,362
132,500
120,000
a195,485
b52,333
c26,166
120,000 Int. on income bonds
Hire of equipment
505,122
Payment under guaranty
763,307
680,210
482,157
Int. on equip. tr. ctfs_ _ _
a
on Met. Dist. Ry. asa213,8761 a636,479
Other interest
154.439
sented exten. pref. stk.
80.324
240,8751
9,404
Joint facilities rents_ _
482,921
Rents,
526,794
etc
533.661
619
499,007
243
539
Miscellaneous rents__ _ _
140,961
141,711
142,869
142,109
Int. on funded debt.. _ _ _ 3,820,899 a3,747,348 a3,187,575
Total expenditures __
£278,900
£154,867
a2,925,848
£145,757
£127,926
Propor'n loss oper. Cent.
Balance, surplus
£320
£1,682
£262
£466
Ind. Ry
54,245
56,300
62,465
52,641
Disc't on deb. bonds
53,425
a At rate of 6% per annum. b At rate of 2% per annum. c At rate of
43,441
App. to sink. fund
12,060
1% per annum.
Miscellaneous
76,217
42.015
BALANCE SHEET DEC. 31.
Pref. dividend (5%)__ -500,000
500,000
500,000
500,000
AssetsCommon div. (2%)
1910.
1911.
941,126
941,126 Power house, &c., sold (see V. 92, 1912.
p. 1637)
Total deductions..___ 6,048,225 a6,043,724 a6,666,098 a6,299,367 Stocks
£1,489,084 £1,473,468
shares and other property_....£13,502,622 10,988,685 12,015,636
Surplus for the year__ -- 1,844,352
1,301,616
34,371
1.335,246 Preliminary and other expenses
104,865
104,865
Corn. & disc. on 5% prior lien bonds_
CONDENSED GENERAL BALANCE SHEET DECEI1BER 31.
818,700
818,700
474,000
Corn., disc., &c.,on 1st pow. h. debs_
48,586
50,326
1912.
1911.
1912.
1911.
Sundry debtors, debit bal. and stores
214,585
378,079 . 242,834
AssetsS
Liabilities$
Power-house depreciation fund
$
174,773
159,999
Road & equip't_ 103,505,865 139,584,863 Common stock.. 47,056,300
Notes duo
30,7'74
&curs. owned.... 37,731,265 4,824,024 Preferred stock_ 10,000,000 47,056,300
10,000,000 Pow. h. spec. maint.fd. held by true...
...
3,091
Other investm'ts 2,876,609 2,543,810 C. S. & C. RR.
2,020
Cash at bankers and on hand
95,416
-0-,618
2
2
Cash
114,664
3,537,399 2,789,131
pref. stock
428,997 Debit revenue account
25,106
&curs. in tress_
27,034
608,100
29,100 Funded debt__ 80,275,336 81,849,336
Marketable stks.
114,551
122,851 EquIpm't trusts 7,460,387 5,508,349
Total
£14,805,490 £13,991,140 £14,981,297
Loans & bills rec
276,789
323,899 Vouchs.& wages 4,698,938 4,014,267
LiabilitiesTraffic,&c.,bale
739,486
414,343 Loans&bilis pay. 2,745,000 3,000,000 Share capital issued
£5,000,000 £4,888,522 £4,888,522
Agents&conduc. 1,085,381
721,688 Matured divs.,
"A" ordinary shares
57,524
Unmat.int.,div.
Interest, &c....
752,181
793,339
Prior
5
lien
bonds
and rents__ _
1,000,000
5,208
Miscellaneous..
49,670
42,651 4% bonds of 1933
y1,730,000 2,818.700
Miscellaneous.._ 2,334,793 2,458,974 Unmatured
2,818,700
int.,
6 income bonds
6,136,050 4,928.050 4,928,050
Material & supp 1,876,301 1,724,179
divs. & rents..
809,360
644,064
6
0
cum.
debenture
stock
1,273,000
Advances..
1,573,659
389,433 Taxes accrued_
9,065
Power-house debentures
Sinking funds....
1,000,000
1,000,000
616,857
590,761 Deferred credit
Sundry creditors, credit balance, &c_
172,246
Other deferred
159,366
128,724
items
1,005,142
668,178
Int.
payable
on debenture stock
38,190
debit items....
538,892
362,808 Add'ns through
Int. payment on income bonds
195,485
49,280
24,640
income
705,230
705,230 Dpnree. r,
,
erve(Theises power house..
159,999
174,773
Sk.&inv.fds.,&o
356,607
Power-house special maint'co fund_
3,091
2,020
Profit and loss
1,497,940 2,169,153 Credit revenue account
2.996
Total
157,421,155 156,879,864
Total
157,421,155 156,879,864
Total
£14,605,490 £13,991,140 £14,981,297
For profit and loss statementAn 1912; see a subsequent page.-V.
For earnings of operating companies for half-year
95,
ending Dec. 31 1912.
p. 1541.
see V. 96, p. 420.-V. 96. p. 555.
MAR. 15 1913]
787
THE CHRONICLE
such
figure. Following this crop shortage, production was increased to
an extent that prices of raw sugar have fallen to an abnormally low figure.
The difference in the earnings of the two years consists largely in the difference betWeen the profits made upon stocks of merchandise on hand. Be
a
cause of the magnitude of our business, it is always necessary to carryin
considerable supply of both raw and refined sugars, and a rise or fall
the world's prices, therefore, affects materially our earnings. The prices
have now declined to a low and safe basis, and further shrinkage inhalues
is not likely to occur.
Balance Sheet.-The increase in "cash" and "investments" largely represents an accumulation to pay for raw sugar and other supplies clue and to
RESULTS FOR CALENDAR YEARS.
arrive. These items at the time of issuing this report have been considerably reduced.
(Lackawanna Steel Co. and Subsidiary Companies.)
World's Crop of Sugar.-Following the shortage in 1911of about 1,500,000
1909.
1910.
1912.
1911.
tons, there was an estimated increase in 1912 in the world's crop of sugar
of about 2,000,000 tons, as shown in Willett & Gray's "Sugar Trade Jour25,296,661
Gross sales and earnings 27,266,377 21,040,387 31,302,760
nal Jan, 2 1913:
Less-Mfg.cost&op.exp. 22,296,738 17,394,307 24,972,290 20,586,838
1911-12. 1912-13 (est.) Changes
Sugar Crop (tons)6,346,000 8,420,000 +2.074,000
Europe beet sugar crops
Total income from
+83,899
625,000
crops
541,101
sugar
beet
S.
U.
mfg. & operating__ 4,969,639 3,646,080 6,330,470 4,709,823 Total cane sugar crops
-6,216
9,023,216 9,017,000
Other IncomeDivs. on invest's in cos.
15,910,317 18,062.000 +2,151,683
Total
not controlled-income
The same authority gives the average difference between raw and refined
451,430
940,062
526,637
707,305
from prop. rented,&c_
sugars for the year 1912 as 87.9 per 100 lbs., against 89.2 for 1911.
58,276
45,997
36,464
Comm. disc. & int
Price of Sugar in Last Decade.-Bulletin No. 110 of the U. S. Bureau of
15 1912 for each of 15
5,713,408 4,230,993 7,316,529 5,161,253 Labor contains a table comparing the prices on Oct.
Total income
articles of food [including potatoes, flour, milk, rib roast, corn meal, eggs.
Deduct&c.] with the average price for the ten-year period 1890 to 1899, and says.
Adminis., selling & gen.
663,683 "Sugar made the least change and pork chops made the greatent change,
754,713
expenses, incl. taxes
807,965
739,515
with advances of 5.2% and 118.67ii, respectively. Ten of the 15 articles
Expenses issuing 1st cons.
advanced in price more than 50%•
b119,468
55, Series A,and debs.
29,194
Comm. disc, and int_ _ _
PROFIT AND LOSS ACCOUNT.
Net earns, over ord.
1911.
1910.
1909:1611
1912.
repairs and maint__ 4,905,443 3,491,478 6,442,348 4,468,375 Profit from operation.. _ _ $4,432,262 $8,834,201 $3.077,143 $6,269,698
Deductions per "Income Account"451,642
520,396
398,862
584,707
deposits..
&
loans
on
Int.
Sink,fund on bonds and
2,273,473 3,144,039
406,916 Int. & div. on invest'ts_ 2,422,084 3,241,106
432,378
260,056
577,833
exh'n of minerals_a__
958,490
1,487,351
630,824
49,077
invest'ts__
on
profit
Net
1,119,941
1,254,524
942,183
Deprec. & accr'g renew.. 1,135,950
1,606,250
1,729,229
1,750,000
Int. Lack. St. bds.&debs 1,749,958
$7.488,131 $14,083,054 $6,380,302 $10,823,869
Net income
453,087
377,815
354,900
331,000
Int. bds. of sub. cos_ _ _ 104,072 Former approp.for imp.. a1,816,651
115,297
101,536
101,890
Rentals and royalties_ _ _
349,780
Div. on com.stk., 1% _ _
Total net income_ _ $9,304,782 $14,083,054 $6,380,302 $10,283,860
$6.299,965 $6,299,958 $6,299,958 $6,299,951
778,109 Dividends 7%
82,803 2,533,105
659,031
Surplus
1,284.282
807,967
Depr. on plant & equip_ 1,937,855 2,419,483
4,635,486
700,000
688,932 4,190,272
b
deductions
Other
off.
written
mines
at
expenditure
capital
1912
a Includes in
connected
expenses
b Includes N.Y. State tax on 1st cons.M.and other
Balance, sur. or def..- S.$378,030S.$1.173,341D.$1,427,624D.$1,395,850
with the issue of these bonds and of debentures.
21,047,590 19,874,249 21,301,873 22,697,723
Previous surplus
31.
DECEMBER
SHEET
BALANCE
CONSOLIDATED
221,425,620 $21,047,590 $19,874,249 $21,301,873
Total surplus
(Lackawanna Steel Co. and Subsidiary Companies.)
of plants
a This is the amount of former appropriation for improvements
1911.
1912.
1912.
1911.
expended in new construction during 1912, and offset in depreciation.:on
Assets3
$388,932 apinclude
in
1912
deductions"
"Other
b
equipment.
and
plant
Stock outat _ _ _ _x34,728,000 x34,728,000
Cost of real estate,
and repropriated for improvement of plants, $300,000 for pension fund
66,308,314 65,187,132 Lack. I. & S. Co.
plants, eze
for improvement of plants.
22,000 servo; in 1911 include $3,450,627 appropriated
stock not owned
22,900
Investments in ore
reserve;
fund
pension
and
for
reserve
$300,000
insurance
fire
for
M.
5s cony. g_15 000 000 15,000,000 1439.645
companies, &e 6,765,863 6,403,667 1st
U. S. Govt.;
lateens M ger.A 5s10,000,000 10,000,000 In 1910 consist of amounts paid in settlement for drawbacks to$500,000
Deferred chges. to
(no
reserve for contingencies,
172,089 Subsid. cos. bonds 6,620,000 7,058,000 in 1909 ($4,635,486) it includes
315,224
operations
years);
earlier
in
been
made
having
apparently
deductions
corresponding
5-yr.5% cony. debs9,999,000 10,000,000
Bond sink. fundalso charges in respect of settlements made in the year 1909 in suits and pro438,000 Current accounts
170,025
cash
as follows: With U. S. Govt. in re. underweighed invoices, $2,135,8,530,026 9,970,140 and pay-rolls. _ _ 2,256,509 1,486,144 ceedings
Inventories
424,532 486, and with receivers of Pennsylvania Sugar Refinery Co., $2,000,000.
317,697
Bills payable
Miscellaneous ac674,100
312,461 Taxes &I.accr'd 631,995
counts receiv__ _ 499,793
CONDENSED GENERAL BALANCE SHEET DEC. 31.
Mines extIngulsh.&
Customers' accts.
bond sink.fund_ 3,230,481 2,660,865
5,666,681 3,448,944
1912.
1911.
(less reserve)_
1911.
1912.
re&
Depreciation
337,782
578,142
$
LiabilitiesNotes receivable
Assetsplacement funds 5,687,693 4,751,786 Real
_90,000,000 90,000,000
stock....
Cash in bank and
Capital
49,320,017
plants_49,884,627
&
est.
257,512
3,846,555 4,023,225 Cont.&misc.funds. 331,385
on hand
21,986,211 Reserves-Fire ins. 8,000,000
,185
,433
.&stocks23
ts,bds
Inv'
3,830,507
accta4,839,319
Profit & loss
Marketable stocks
Inv'ts, fire ins. fd_x8,000000 x8,000,000 Impt. of plants.. 1,491,749 12,260,131
990,356
and bonds
Pension fund_ __ 600,000
588,743
Inv'ts, pension fd
Contingencies__ 1,139,546
Merch.& supplies 10,248,941 20,806,715
90,893,446
93,670,979
93,670,979 90,893,446 Total
Total
178,048 Accounts payable.. 2,051,594 3,414,982
Prepaid accounts.. 272,805
1,416,500 1,597,464 Divs. payable...... 1,592,829 1,593,587
Loans
stock
in
trustees.
hands
of
$250,000
x After deducting
receivable_ 3,450,357 4,109,968 Profit and loss_ _ _21,425,620 21,047,590
div. on common stock ($349,780 paid Jan. 31 Acc'ts
y Before deducting 1
555,282
598,025
Accrued income
1913.-V. 96, p. 492, 206,
28,408,155 21,762,586
Cash
Lackawanna Steel Co.
(Report for Fiscal Year ending Dec. 311912.)
The report is given on subsequent pages, including the
remarks of President E. A. S. Clarke, income account, balance sheet, &c. The usual comparative tables for several
years are given below.
(P.) Lorillard Company.
(Report for Fiscal Year ending Dec. 31 1912.)
Treasurer Wm. B. Rhett, March 11, wrote in substance:
126,301,338 128316,290 Total
Total
x See list of investments.-V.94, p 764.
Out
126,301,338 128316,290
& Gray's "Sugar Trade Journal" of this
the following estimate:
We have exchanged the $403,900 outstanding pref. stock of tho old city on Jan. 9 gave
P. Lorillard Co. for our now pref. stock on the basis fixed in the decree, so
SUGAR IN THE UNITED STATES.
REFINED
that our outstanding pref. stock is now 611,307,600. There was deposited CONSUMPTION OF
with the trustee in January 1912 $100,000 for the purchase of 7% gold bonds
-Calendar Year
for the sinking fund and $81,050 have been purchased and canceled, the
-Per Cent
1911.
1912.
cost being $99,990; the difference between par value and cost has been
Tons.
1912.
1911.
Tons.
byProduced
written off as an expense.
42.12
38.48
1,324,221 1,376,466
American Sugar Refining Co
46.09 41.91
1,586,120 1,369,741
Independent refiners
RESULTS FOR FISCAL YEAR ENDING DEC. 31 1912.
15.51
15.01
506,825
516,575
Beet sugar factories
$5,305,574 Hawaiian
.46
.42
Not income, after all charges and expenses of operation
15,306
14,251
and
foreign
refiners'
Deduct-Premium on 7% gold bonds purchased and canceled,
100.00 100.00
$18,940; int. on $10,852,450 7% gold bonds, $759,671; int. on
3,268,338
Total
3,441,167
consumed
$81,050 7% gold bonds purchased and canceled, $536; int. on
Average Price1912. 1911. 1910. 1909. 1908. 1907. 1906. 1905.
1,310,020
5% gold bonds, $530,873; total
Granulated sugar _cts 5.041 5.345 4.972 4.7135 4.957 4.649 4.515 5.256
Dividends on pref. stock (7%), $791,532; dividends on common 2,307,092 Raw sugar
4.162
4.453 4.188 4 007 4.073 3.756 3.686 4.278
stock (10%), $1,515,560; total
----0.879
0.892 0.784 0.758 0.884 0.893 0.829 0.978
Difference
$1,688,462
Balance,surplus for year
Granulated sugar opened Jan. 4 1912 at 5.537c. and dropped gradually
BALANCE SHEET DEC. 31.
to 5.194c. on Jan. 25, remaining at that figure until Feb. 1, then rose to
1911.
1912.
5.684c. on Feb. 25, the highest point in the year, remaining at that point
1912.
1911.
S.
Assetsuntil March 7, and then declined, closing the year at. 4.802c. Raw sugar
Liabilities10,846,000
maestate,
Real
Preferred stock_ _ _11,307,600
opened the year at 4.42c. and closed at 3.92c., the highest price for the
chinery, do--- 4,797,829 4,738,583 Common stock...._15,155,600 15,155,600 year being 4.80c. on Feb. 21.-V. 96, p. 362.
Leaf tob.,mfdstk.,
7% gold bonds--10,852,450 10,933,600
oper. supp., &c_14,328,163 7,710,476 5% gold bonds.....10,617,450 10,617,450
The American Tobacco Co., New York.
108,018
Stock other cos.__ 6,668,116 0,668,116 Accr.Int. on bds__ 411,115
Tr.-mks.& brands 19,460,752 19,460,752 Prov.for comm'ns,
advertising, &c- 486,109
149,191
2,783,031 2,159,454
(Report for Fiscal Year ended Dec. 31 1912.)
Cash
Accts.& bills ree'le 3,501,104 8,916,497 Accts. & bills pay.. 971,551 1,797,641
Profit and loss__ _ 1,734,920
46,459
Treasurer J. M. W. Hicks, March 12, wrote in subst.:
Securities Retired.-The disintegration decree (of Oct. 1911, V. 93,p.
Total
51,536,795 49,653,858
51,538,795 49,653,858
Total
years aáU
1122, 1325, 1603. 1670) called for the retirement within three
Consol. Tobacco
-V. 95, p. 1545.
the 6% bonds. $52,882.650; all of the 4% bonds (incl. the
4s), $51,354,100, and $26,229.700. being one-third, of our $78,689,100
Co.
1912 the Guaranty Trust Co.
The American Sugar Refining Co., New York.
6% pref. stock, and from Jan. 1 to Dec. 31
had acquired thesamefor cancellation the bonds, partly for cash and partly
(Report for Fiscal Year ending Dec. 31 1912.)
for bonds of Liggett & Myers Tobacco Co. and I'. Lorillard Co., and the
for pref. shares of those cos., as follows:
Sec. Joseph E. Freeman, Mar. 12 1913, wrote in subst.: pref. stock In exchange Total Iss'd. Retired. To be Rerd. Out Dec.31.
$52,882,650 $50,311,900 $2,570,750 $2,570,750
Results.-The financial statement shows that the items interest and divi- 6 bonds
51,354.100 48,992,950
2,361,150
2,361,150
dends on investments and net profits from investments were much larger 4% bonds
78,689.100 25,751,900
477.800 52,937,200
during 1911 than similar items for this past year. In former years the com- Preferred stock
pany sold substantial amounts of stocks in other companies, which is now
Our pref. and common stockholders number 5,959 and the pref. stockreflected in smaller dividend receipts. These sales also showed a profit holders now have equal voting rights with the common stockholders.
over their book value. During last year no substantial sale of such stocks
Investment Holdings Disposed of.-The decree ordered the disposition
was made. Since the close of the year, however, the company has offered on or before Jan. 1 1915 of certain stocks and bonds, which had a value on
for sale 35,000000 stock of the National Sugar Refining Co. of N. J., the our books of $14,661,394. The bonds and certain of the stocks, having an
proceeds of which will appear in the next annual report(V.96, p. 362).
aggregate book value of $12,029913, have been sold, leaving the book value
Fund for Improvements.-To the sum of $3,450,627 set aside during 1911 of the stocks, of which disposition has not yet been made, $2,631,481.
there was added during 1912 $650,932 for further improvements and the [Compare V.93, p. 1122, 1603; V.95, p. 362; 17. 96, p. 421.
purchase of real estate. There still remains of these appropriations an
The F. F. Adams Tobacco Co., R. A. Patterson Tobacco Co. and F. R.
unexpended balance of 11,491,749.
Penn Tobacco Co. have been wound up as separate corporations and their
Pensions.-An additional $300,000 was appropriated for the pension fund, property, brands, trade-marks, patents, good-will, &c., are now included
bringing it up to $600,000. So far 96 pensions have been granted, with an among the assets of this company, which formerly owned the capitalstock.
average yearly payment of $356 to each person.
Results.-The statement of earnings includes only the dividends received
The surplus earnings for the year 1912[3378,0301, after paying dividends from those companies a part of whose stock Is owned by this company, but
were not as largo Iby 3795,3111 as in 1911. That year was one of short it includes the total sales and net profits for the year of companies all_a
crops, and the prices of raw material advanced to an abnormally high whose stock is owned by or held in trust for this company.
'7SS
ela
THE CHRONICLE
[VoL. xcvi.
RESULTS FOR YEAR ENDING DEC.31 1912.
the directors being of opinion that the actual earnings and prospects would
Sales, including companies all of whose stock is owned
$67,950,257 justify the fixing of that rate for regular dividends. Such further distriNet earnings, after charges, expenses for management, &c
$10,123,885 bution as may be made will be in the form of an extra dividend payable on
Add-Dividends from companies partly owned, $1,626,223;
April 1 following each annual meeting.
int. on bonds,loans, deposits, &c., net, $727,449; total
Pursuant to this policy, the directors have declared an extra dividend of
Income from other sources, incl. income from securities which, 2,353,672 4% _upon the common stock, payable April 1 1913
to stockholders of record
under decree of Court, have been sold or are yet to be sold
on March 21 1913. The statement herewith submitted
that the
or distributed, profit from those sold and income from secash balance Dec. 31 was $6,284,107, from which it might shows
be inferred that
curities of Liggett & Myers Tobacco Co. and P. Lorillard
a larger distribution could safely be made. The heaviest purchases
of leaf
Co., held for account of the company pending exchange as
tobacco,however,come during the early part of each year, and the securing
ordered by Court
3,453,106 of adequate supplies of leaf and other material for the increasing business
requires a large amount of liquid working capital. The business interests
Total net income
of the company, therefore, are subserved by the making of a moderate
Deduct-Interest on 6% bonds, $154,245; int. on 6% bonds$15,930,663 extra dividend at the present time.
retired, $140,788; int. on 4% bonds outstanding, 394,446;
RESULTS FOR FISCAL YEAR ENDING DEC. 31 1912.
nt. on 4% bonds retired, $97,223; total
Preferred dividends (6%), $3,176,232; common dividends $486,702 Net profits on direct business, $8,575,192; dividends
from sub(7%%) $3,018,180; diva. on pref.stock retired, $25,066; total 6,219,478
sidiary companies, $452,500; total profits
Less-Difference between purchase price and par of 7% gold$9,027,692
Surplus transferred to profit and loss
bonds (par value, $120,850) purchased and canceled during
$9,224,482
Surplus as of Dec. 31 1911
the year as required by trust indenture
40,095,048
29,145
Interest on 7% bonds, $1.076,381; interest on 5% bonds, $752,Total
980; total
1,829,360
Deduct-20% cash dividend paid Sept. 3 1912 to common stock-$49,319,530 Dividends on pref. stock (7%),
$1,076,866; dividends on common
holders from disposition of securities as ordered by Court,
stock (10%),$2,149,640; total
3,226,506
$8,048,480; dividend (2.986%) in Amer. Machine & Foundry
Co. stock, $1,200,000
Balance,
surplus for year
9,248,480
$3,942,680
Total surplus Dec. 31 1912
$49,071,050
BALANCE SHEET DEC. 31.
1912.
BALANCE SHEET DEC. 31 1912.
1911.
1912.
1911.
Assets
Assets ($144,910,094)Liabilities$
Real est., mach.,
Real estate, machinery, fixtures, &c., $5,216,243; leaf tobacco,
Preferred stock__.15,383,800 15,383,800
fixtures, pat'nts,
manufactured stock, operating supplies, &c., $30,657,035;
Common stock__21,498,400 21,496,400
good-will, &c___41,196,071 41,459,026 7% gold bonds.....15,388,950 15,507.800
brands, trade-marks, patents, good-will, &c., $47,259,106;
total
5% gold bonds...._15,059,600 15,059,600
$83,132,384 Leaf tobacco, mid.
stock, &c
Stocks and bonds, $28,673,690; cash, $6.466,149; bills and ac20,011,638 17,174,091 Accr.int. 7% bds.,
Stock other cos.._ _ 4,238,195 4,678,195
counts receivable. $12,731,357; amounts owing to this co. by
payable April 1_ 269,272
90,462
companies in which it owns stock. $8,331,209; total
6,284,107 2,593,316 Accr.int.5% bds.,
56,202,403 Cash
Securities ordered to be disposed of before Jan. 1 1915
payable Feb. 1.. 313,742
2,631,481 Bills & accts. rec.. 5,582,028 3,319,093
62,748
Bonds and stocks of Liggett & Myers Tobacco Co. and P. LorilAccts. & bills pay.. 821,079 1,265,288
lard Co.(see above)
Reserve for adver2,943,825
Liabilities ($144.910,094)
tising,&c
2,778,147
Preferred stock. $52,937,200; common stock, $40,242,400; total 1593,179,600
Profit and loss._.a5,803,051
355,623
6% gold bonds. 32,570,750; 4% gold bonds and 4% ConseilTotal
77,312,040 89,221,721
dated Tobacco Co. bonds not yet exchanged, $2,361,150;
Total
77,312,040 69,221,721
provision for premium on 6% bonds to be retired,less discount
Before deducting regular dividend of 3% on the common stock paid
on 4% bonds to be retired, $209,852; total
5,141,752 Mch. 1 1913 and the extra dividend on common of 4% payable
April 1,
Pref. stock div. payable Jan. 2, $794,168; accrued int.6% bds.,
together calling for 31,504,748.-V. 95, p. 1211.
$38.561; accr'd int. on 4% bonds,$39,352; total
872,081
Provisions for commissions, allowances, advertising funds, &c.,
$2,758.709; acc'ts and bills - payable, $2,773,704; amounts
National Lead Company, New York.
owing to companies in which stock is owned,3113,198; total
5,645,611
(Report for Fiscal Year ending Dec. 31 1912.)
Profit and loss surplus Dec. 31 1912
40,071,050
-V.96. p. 421.
Corn Products Refining Co., New York.
(Report for 10 Months Ending Dec. 31 1912.)
INCOME ACCOUNT YEAR ENDING DEC. 31.
10 dos.end -Years ending Feb. 28
am
1910.
1911.
Dec.31 '12.
1912.
Profits from operation.. _ $2,692,915 $3,326,170 $3,300,859 $3,437,318
Int. on deposits & loans_
74,843
38,918
32,643
15,225
Int.,&c, on. secur. owned
16,681
45,071
52,023
114,362
Rents real est. not used
in operation
7,158
8,467
10,850
10,297
Total income
$2,829,660 $3,390,236 $3,389,423 $3,574,481
DeductInterest on bonds
$308,307
$356,013
$373,707
$374,303
Int. on borrowed capital
22,095
Taxes
119,124
149,026
141,864
102,879
Insurance
126,810
158,820
159,237
103,145
Miscellaneous expenses_
22,576
Profit-sharing reserve_ _
175,000
Div. on pref. stock(5%) *1,250,000
1,500,000
1,500,000
1,500,000
Depreciation
359,028
415,156
421,538
382,547
Repairs & replacements..
201,556
200,569
190,405
Discount on bonds sold..
250,000
60,000
Res've for gen. State &
corporate taxes
70.000
Total deductions..___ $2,364,825 32.839,584 $2.786,812 $3,002,545
x$464.835 x$550,652 4602,611 4571,936
Surplus
From the surpluses as above
* At 5% rate for 10 months, or 4.166%.
for the 10 months ending Dec. 31 1912 and the years ending Feb. 28 in the
three earlier years there was deducted $204,880, $317,626, $303,517 and
$305,500, respectively, used for payment of bond sinking fund requirements,leaving $259,955 for the 10 mos., against $233,026 for the year ending Feb. 28 1912 and $299,094 and $266,436 for the years 1911 and 1910,
respectively.
CORN PRODUCTS REFINING CO.--GENERAL BALANCE SHEET.
10 Mos.end. Year end'g
10 Mos.end. Year end'g
Dec. 31 '12. Feb. 29 '12.
Dec. 31 '12. Feb. 29 '12.
AssetsLiabilities$
Plants & securs_a90,105,083 89,969,817 Pref. stk. outst'g_29,826,867 29,818,533
Furniture, &c____
84,379
47,907 Corn. stk. outst'g_49,777,333 49,756,533
Cash
315,662 let M.5% gold bds. 5,749,000 5,749,000
557,158
Bond, &c., Inter1st M.Os (Granite
24,498
64,424
est accrued._ _
City plant)._ _ _ 300,000
300,000
Notes & acc'ts rec. 1,776,934 2,792,234 25-yr. 5% deb. bds.1,461,000 1,575,000
Due from affil. cos. 1,588,802 1,067,241 N.Y.Glue. lst 6s. 1,363,200 1,454,080
Merchandise
2,943,716 3,514,530 Vouchers payable_ 1,087,922 1,088,025
30,725 Acc'ts payable _ _ 238,020
Prepaid expenses.. 174,465
344,296
Insur. prems. (unAccr'd int. on bds_
88,839
125,583
44,694 Div. payable
80,032
expired propor.)
600,000
375,000
926,070 Outstanding stock
Nat'l Starch Co._ 839,575
Cash. adv. on unof merged cos.... 615,149
459,841
Demand loans
175,000
finished contr.... 307,514
384,047
Reserves
847,014
c7,080,505 6,615,870
Surplus
Total
98,501,883 98,733.376
Total
98,501,883 98,733,378
Pres. William W. Lawrence says in substance:
Results.-The net earnings were 344885 more than in 1911. There has
been an increased volume of business in almost every department. After
paying 7% on the pref. stock and 3% on common, the sum of $166,839 has
been added to surplus account, making the total surplus $5,068,420.
Despite severe competition encountered in all departments, the profits
would have shown quite a considerable increase over recent years, were
it
not for two important conditions: (1) A steady decline during the year
the price of flaxseed. At the end of the year our inventory was taken atin
a
rate that might be called drastic,so that this situation, we trust, is at an end.
(2) Heavy and repeated declines in the price of pig lead late in 1912 which
made it prudent to apply the usual conservative treatment In taking our
inventory of lead and its products. As we have on hand each Dec. 31, in
one form or another, perhaps one-seventh or one-eighth of this country's
total annual production of lead, it will be easy to understand what it means
to write down to a conservative figure such an immense stock.
Plant, etc.-The plant account shows a net increase of $224,165, due to
the fact that the model plant for the manufacture of steel packages, which
had been kept in a separate account, the profits accruing from its operation
being charged against its cost until the same had been entirely paid for by
its own operations, has,after writing off a conservative amount, boon added
to plant investment.
The increase in "other investments" is for the most part accounted for
by the completion of our payments on account of the increase in the capital
stock of the U. S. Cartridge Co., to which reference was made last year
(V. 94, p. 824).
Notes Payable.-This item has increased $1,450,000. Our policy regarding maintenance, concentration of plants and extraordinary re-construction,
as explained last year, taken together with the increasing business of its
subsidiary companies, constantly makes necessary additional working capital. We believe that the policy of not employing new issues of stock or
other similar financing should continue at least until such time as the
demands become greater than may be easily met by temporary loans from
the company's bankers.
Maintenance, &c.-There has been charged to maintenance and repairs
for the year the following: Maintenance. $424,100; machinery repairs.
$148,099; building repairs, 341,773; total, $613,972 [against $627,916 in
19111. The charge to maintenance, as heretofore, for the most part relates
to the new plants, either now completed, or under construction, which we
are thus writing off gradually as earnings permit, instead of charging to
plant account. Important re-construction is now under way at the Carter
Plant, Chicago; the Lewis plant, Philadelphia, and the Jewett plant, N. Y.
Matheson Lead Co.-In June 1912, at a time when the demand for white
lead was far beyond your capacity, the owners of the Matheson Load Co.
offered us their modern plant and business on favorable terms. The plant
Is situated at Long Island City, N. Y., and has a valuable water-front.
The offer involving no cash outlay and no allowance for good will, being
based entirely on appraised and inventoried values, seemed to bring relief
to the situation and was accepted.
Other Sub-Companies.-The operations of the Si. Louis Smelting &
Refining Co. and Heath & Milligan Mfg. Co. show satisfactory results,
while the Magnus Metal Co., owing to the increase of purchases by railroad
and car building companies, has enjoyed one of the most prosperous years
In its history. The U. S. Cartridge Co. is now in the market with its
complete line, and In recent competitive trials, under Governmental supervision, outranked all competitors. The United Lead Co., despite severe
competition, has secured substantial increases both in business done and
in profits.
Stockholders of Record on Dec. 31.-6,534 [against 7,281 on Dec. 31 19111•
There are no exceptionally large holdings.
[The report explains the extreme care taken to safeguard the health ofthe
workmen, and contains pictures to show tho welfare work undertaken.)
RESULTS FOR CALENDAR YEARS.
1912.
8
9,7
.60
13
910
Net before maintenance $3,106,205 $3,
10
97151,263 $3,
0,244 $3,
10
9017
325,340
Maintenance & repairs409,041
627,916
613,972
a Includes $3,620,140 miscellaneous securities for the 10 months (including $1,890,500 _pledged under the mtge.securing the Corn Products Ref.Co.
1st M. 5% gold bonds) for both periods. b Reserves for the 10 months
include $6,830 for bad debts;$94,200 for general. State and corporate taxes;
350,000 for personal injuries,and $233,017for accounts in course of adjustment. c The surplus as above for the 10 months, 37,080.505, includes
$3.055,307 proportion represented by investments in plants and stocks of
Balance
$2,492,233 $2,447,347 $2,598,203 $2,993,420
merged companies; 31.772,640 proportion represented by investments in
Deductmiscellaneous securities; 31,632,164 proportion used for payment of bond Div. on prof. (7%)_
$1,705,732 $1,705,732 $1,705,732 $1,705,732
sinking fund requirements, and $620,394 proportion reserved for working Div. on common
(6%)619,662 (3)619,662 (4)826,216 (5)1,032,770
capital
Note.-The company,in addition to its own bonded debt, also guarantees
366,255
Surplus
$254,918
$121,953
$166,839
the principal and interest of the $5,166,000 National Starch Co.5% deben- Previous surplus
4,713,373 4,458,455
4,779,628
4,901,581
ture bonds of 1930, which were issued in exchange for National Starch Co.
debenture 1st M.of 1921 and National Starch Mfg. Co. 1st M. 6% bonds.
Remaining surplus..._ $5,068,420 $4,901,581 $4,779,628 $4,713,373
-V.96, p.718,205.
GENERAL.BALANCE SHEET DEC. 31.
Liggett & Myers Tobacco Company, St. Louis, Mo.
1912.
1911.
1911.
1912.
$
AssetsLiabilities$
3
$
(Report for Fiscal Year ending Dec. 311912.)
855,600400
Plant Investment_24,551,637 24,327,472 Common stock...20,655,400
In connection with the annual statement, covering the Other investments 14,578,601 14,365,277 Preferred stock. 24,387,800 24
20,367,
'
5,068,420 4,901,581
Stock on hand__ 7,679,812 7,173,439 Surplus
first completed year, President Dula says in substance:
Cash in bank
700,958 1,057,222 Notes payable_ __ _ 1,460,000
payable.
322,810
The company commenced business on Dec. 1 1911 with an amount of Notes receivable._ 158,382
Accounts
104,555
245,640
cash which seemed hardly sufficient to provide for the growing business. Accts. receivable.. 4,294,840 3,142,258
Accordingly the payment of dividends on common stock was deferred in
order that additional funds might be accumulated. In December 1912
51,864,230
Total
Total
50,170,221
51,864,230 50,170,221
the company paid its first quarterly dividend of 3% upon the common stock, -V. 95. p• 115.
MAR. 15 1913.]
THE CHRONICLE
7S9
thst
Railway Steel-Spring Co., New York.
(Report for Fiscal Year ending Dec. 31 1912.)
EARNINGS, EXPENSES, CHARGES, &c.
1909.
1910.
1911.
1912.
$9,041,079 $6,160,496 $10,035,435 $7,843,293
Gross earnings
$7,734,535 $5,782,754
Mfg., oper., maint., &c_ k 6,959,926 554,793,481
194,078
350,000
1 150.000
Charged off for deprec 5
Chicago Indiana & Southern RR.-Earnings.-----
Bal., Surp.
Interest &
Other
Calendar
Operating Net (after
or Def.
Rents.
Year.
Revenues. Taxes,&c.) Income.
1912
54,235,820 5710,707 5631,011 51.283,934 sur.$57,784
1,236,541 def.346,554
503,959
1911
386,028
3.822,612
-V.94, p. 826, 1380.
Chicago Milwaukee & St. Paul Ry.-Stibscriptions.bonds
The subscriptions to the $13,957,400 convertible 4
recently offered, including foreign subscriptions, amounted,
it is announced, to 95.5% of the issue, making it necessary
for the underwriters to take only the remaining 4.5%. Compare V. 96, p. 715, 284.
Cincinnati Northern RR.-Earnings.-
$2,081,153 $1,217,015 $1,950,900 $1.866,461
Net earnings
$202,702
$195,823
$188,964
$182,175
Int. on Latrobe bonds
43,264
175,000
bds_
Int. on Inter-Ocean
945,000
945,000
945,000
945,000
Dividends on pref.(7%)
5748,759
$810,077
$39,787
$778,978
Balance, surplus
Divs. Pal'nce.
Etml
Operating Net (after ()flu,*
Calendar
BALANCE SHEET DEC. 31.
Revenues.
Year.
Taxes). Incoml. Charges. (134%) Surplus.
1911.
1912.
1911.
1912.
$2 ,450
51,418,645 5161,071 $22,386 $163,006
1912
LiabfittlesAssets2 836
95,012 45,000
1,248,676
118,583
24,265
1911
13,500,000 13,500,000 -V.05.
33,373,197 33,745,839 Preferred stock
Plants
480.
P.
1,926,839 1,621,953 Common stock_13,500,000 13,500,000
Merchandise
3,672,000
th
3,537,000
-Of
_
_
399,491
bonds_
Latrobe
(Electric)
Cleveland
Ry.-Stock Subscriptions.
Stocks, bonds,&c. 703,690
Accts. receivable_ 1,986,099 1,148,047 Inter-Ocean bonds 3,500,000 3,500,000 $3,600,000 new stock recently offered to stockholders at par,
147,917
28,125 Accounts payable_ 349,709
41,252
Other items
all but about $180,000 were subscribed for by stockholders.
1,225,213 1,484,396 Resented for diviCash
268,369
dends,taxes,&c_ 251,038
The latter will be retained in the treasury. although applications for about
4,618,543 3,839,565 $1,000,000 more stock than they were entitled to under the terms cf the
Surplus
subscription offer were made by various stockholders.-V.96, p. 419, 284.
39,256,290 38,427,851
Total
39,256,290 38,427,851
Total
Denver Laramie & Northwestern Ry.-Receiver's Cer-V. 96, p. 731.
tificates.-It was announced in Denver on March 4 that some
200 of the bondholders had refused to assent to the acceptance
of the offer of Morris,Imbrie & Co. to purchase the proposed
$550,000 of receivers'certificates,and that the offer had been
ROADS.
ELECTRIC
INCLUDING
RAILROADS,
withdrawn. The receivers, therefore, gave notice in Judge
Atlantic Coast Line RR.-Bonds Offered.-Potter,Choate Allen's division of the U. S. Dstriet Court that they would
& Prentice, White Weld & Co. and Kissel, Kinnicutt & make application for a new issue of receivers' certificates, the
of which, it was said, would probably be $420,000.
Co. are offering at: 87 and int. yielding 4.70%, $3,500,000 amount
The $550,000 issue was intended to provide for $419,000 of pref. and
' dated 1909 and due Dec. 1
unified mortgage 4% gold bonds
floating debt and to extend the line from Greeley to Severance,
secured
1959, int. J. &D. Authorized issue, $200,000,000; issued, 12 miles. Compare V. 96, p. 201.
$20,144,000; outstanding, $9,667,000. Par $1,000 e* & r*.
Foreclosure Suit, &c.-The Bankers Trust Co. of N. Y.,
The bankers say in substance: outstanding,
mort. trustee, has brought suit in the U. S. Dis. Court at
as
now
those
including
are
Of the issued bonds, $9,667,000
offered, and $10,477,000 are held in the treasury. The outstanding bonds Denver to foreclose the 1st M. of 1910, under which some
$3,098,000 which were
bonds have been issued (including about $692,000
include $150,000 held in the fire insurance fund and
by it under a long-term $1,500,000
sold to the Atlantic Coast Line Co. and pledged retire
all prior liens and, pledged as collateral), $175,000 interest being in default.
agreement. The unissued bonds are reserved to
under carefully guarded restrictions, for future construction, improvements The plaintiff also asks the appointment of its own receiver.
GENERAL INVESTMENT NEWS.
and similar purposes.
Secured by mortgage on 4,221 miles of railway owned in fee, being a first
The $20,144,000 unilien on 274 miles and a general lien on the balance.
all prior liens (closed mortfied mortgage bonds now issued, together with
per
mile
of
than
$24,000
mortgaged road.
less
of
rate
the
at
are
gages),
In addition to paying regular cash dividends on its common stock, totalits profit and loss surplus
ing 63% since 1901, the company has increased
is now outstanding $67,557,200
in the same period by $22,870,894. There
common stock, paying 7% dividends and at the present market price
representing an equity of more than 583,000,000.-V. 96, p. 715.
The Electric Properties Co. of N. Y.(V. 95, p. 238) is advertising for
sale at auction in Denver on March 19 the following obligations of the railway company pledged as collateral for $34,187 of defaulted 7r promissory
notes of the railway, dated March, April and May 1912: (a $25,000 7%
, uipment mtge. note dated Jan. 14 1910; (b) $254,000 1st I. 6% bonds
c,q
of 1010. These $254,000 bonds are also pledged along with other collateral
(also advertised for sale) to secure a $6,000 promissory note of the Denver
Laramie Realty Co.-V.96, p. 201.
Detroit Grand Haven & Milwaukee Ry.-Tax Decision.
Judge Tuttle in the U. S. District Court at Detroit on Feb. 22 held that
Act No. 95 of 1911 taxing bonds of the company held by parties outside
of Michigan is unconstitutional because it violates the Fourteenth Amendment of the U. S. Constitution. The suit was brought in June 1912 to
restrain the collection of the tax to the State amounting to $42.193. The
company is the only one in Michigan operating under a special charter, and
a law passed in 1910 makes it illegal to grant any more special charters.
Act No. 95 applies only to railroads so operating,and so in levying taxes
Capitalization: First 13ref. stock, $2,748,600; common stock, $20,517,200;
Massa- against this road and no others, the State is held to be guilty of class legisfunded debt and notes,$24,128,500. The operating company of the
which is forbidden by the Constitutional Amendment. It is further
lation,
world
the
in
system
railway
street
largest
the
chusetts Electric Cos., being
times decided that property not
lines extending stated that the Supreme Court has many
in point of mileage. Serves 22 cities and 70 towns, itsNewport,
I., held in the State cannot be taxed by it, and that such collateral as was inR.
to
H.,
N.
Nashua,
from
Massachusetts
Eastern
through
only wherever its owner resides.taxable
suit
is
present
the
in
volved
For
Boston.
of
exclusive
representing a population of over 2,000,000,
V. 92, p. 1374.
the year ending June 30 1912 the surplus applicable to dividends on stock
was $1,469,463 Dividend requirement on present outstanding first pref.
Easton (Pa.) Consolidated Electric Co.-Earuings.-net
the
1913
31
stock is $164,416. For the seven months ending Jan.
Bal.,
Net Inc. Net Inc. Tot. E. Bd.Int. Dividends
earnings increased 25% over the same period of 1911-12. Company is Cal. Gross Earn.E.Tr.Co.Ed.I11.Co.
Surp.
Paid.
Con.E1. Tax..&c.
E.Tran.
Year.
stock.
-V.
common
96,
its
p.
on
200.
yearly
5%
paying
$94,336 $24,78.3 $119,119 $75,739 (4%)$30,000 $13,380
1912_5427,536
Belt Line Ry. Corporation.-Authorized.-The Pub.Ser. 1911__ 401,736 87,479 27,886 115,365 69,692 (2%) 15,000 30,673
Commission on March 12 authorized the company to in- -V. 94, p. 630.
Bay State Street Railway (Massachusetts Electric
Cos.).-First Preferred Stock.-Hayden, Stone & Co. have
placed at 120 and div., yielding 5% $660,000 6% cum. first
pref. (p. & d.) stock. Divs. F. & A. (See map, &c., pages
17, 18, 19 of "El. Ry. Sec.") The bankers report:
crease its stock from $200,000 to $600,000.-V. 96, p. 284.
Boston & Maine RR.-Dividend Outlook.See Now York New Haven & Hartford RR. below.-V.96, p. 715, 651.
Canada Southern Ry.-Listed.-The N. Y. Stock Exch.
has listed $22,500,000 consol. guar. 50-year 5% bonds, Ser.
95,p. 1607, 1744;
A,due 1962, guar. by Mich. Cent.
V. 96, p. 134, 200.
Central Arkansas Railway & Light Corp., Hot Springs
and N. Y. City.-Offering of Guar. Stock.-Bodell & Co.,
Providence, and associates have purchased the $1,200,00
7% cum. pref. stock (dividends guaranteed by Federal
Light & Trac. Co. by endorsement),and are offering the same
at par and int. See advance statement in last week's
"Chronicle," p. 715.
Richter
Associated in the offering are Richardson, Hill & Co., Boston;
& Co., Hartford; H.0. Warren& Co., New Haven; Middendorf, Williams
& Co., Baltimore; and Wm. E. Hutton & Co., Cincinnati. The final
circular contains a letter from Pres. Wm.L. McKee, which shows the consolidated earnings of the constituent companies, eliminating all intercompany charges for the calendar year 1912, per certificate of certified
public accountants, as follows: Gross, $476,249;net earnings (after taxes),
$211,457; interest on first lien 5s, $100,000; surplus of the corporation
also the surplus
alone, applicable to this pref. stock, $111,457. Includingtotal
earnings in
Traction, the
earnings of the guarantor, Federal Light & against
of $84,000 on
charge
a
was
5473,975,
dividends
for
availabie
1912
account of this pref. stock. See also V. 96, P. 715.
Chicago & Alton RR.-Payment of Notes.-The $2,500,000 3-year 5% notes maturing to-day will be paid at the U.S.
Mortgage & Trust Co.-V. 96, p. 651.
Chicago & North Western Ry.-Subsidiary Merged.A deed has been filed transferring to the company the property of the Des Plaines Valley Ry.,a subsidiary whose bonds
have been guaranteed (V. 96, p. 200; V. 95, p. 1403).V. 96, p. 359, 201.
Chicago Burlington & Quincy RR.-ale of Bonds.The company has sold $5,000,000 of its general mortgage 4%
bonds to the First National Bank of New York, thus increasing the amount outstanding to $57,637,000. The proceeds
will be used, with treasury funds, to retire the 5% debentures
of 1883, due May 1 1913.
On June 30 1912 there were outstanding $7,162,000 of the aforesaid debentures, and this amount, it is stated, has now been reduced to about
56,336,000, the company redeeming them as presented at par and int.V. 96. h. 651, 359.
Fries Mfg. & Power Co., Winston-Salem, N.C.-Cordrol
President II. E. Fries on Mar. 7 said: "Certain changes have been made
In the holdings of the capital stock, but no changes in tke management or
organization will be made for the present." The Richmond "TimesDespatch" says that the Southern Power Co. or interests connected therewith have purchased the street railway and electric-light plants of WinstonSalem, and that the new owners will take charge within the next week or
two.-V. 74, p. 1088.
1912:
Georgia Ry. & Power Co.-Earnings.---Cal. year
-
Deductions(Continued)
$5,218,913
$2,442,093 Sinking fund paymentS__- $84,326
77,278 Div. paid (Atl.W.&El.P.Co) 30,000
94,000
1st pf. div.(G.Ry.&P.Co.)
Total income
$2,519,371
51,768,681
Total deductions
Deduct-Int.on bds.¬es $759,187
$750,690
Balance, surplus
Georgia By. & Elec. and
Atl. Gas L. rental divs_ 801,168
-V. 94, p. 716.
Gross earnings
Net (after taxes
Other income
Grand Trunk Pacific Ry.-New Debenture Stock.-The
shareholders will vote in Montreal on April 11 and in London
on April 10 on "authorizing the further issue of (not over
$25,000,000) debenture stock created by The Grand Trunk
Pacific Act, 1913." Compare V.95, p. 1207.
Listed in London.-An additional £1,136,980 4% debenture
stock, making total listed £.5,136,980.-V. 96, p. 285.
Grand Trunk Ry.-Listed in London.-
Further issue of £425,544 guaranteed 4% stock and £850,590 perpetual
4% consolidated debenture stock, making the totals listed £12,215.555
and £21,222,442, respectively (V. 95, p. 1684).-V. 96, p. 716, 652.
Green Bay & Western RR.-New Officers.-J. A. Jordan of Green Bay, Wis. has been elected President of the
' Kewaunee & Green Bay WestGreen Bay & Western RR.,
ern and Iola & Northern RR., to succeed S. S. Palmer,
deceased. Edgar Palmer, son of the late President, has
been chosen Vice-President.-V. 96, p. 359.
Ry.-New Officer.Houston & Brazos Valleyhas
been elected President and TreasTex.,
s. M. Swenson of Freeport.
-V.95, p. 1403.
resigned.
Kerr, who
urer to succeed D. J.
Kansas City (Mo.) Ry. & Light Co.-Status.-The report some time since that Henry C. Flower and the New York
Trust Co., as trustees for the $10,200,000 first lien refunding
bonds of the company, due May 15 1913, had made demand
for the payment of the principal,and began foreclosure prothe facts being:
ceedings was, we are informed, erroneous,
Metropolitan Street TRy.,
The company, as the holder of notes of, the
deposited as part security under the bonds of the Kansas City company.
790
THE CHRONICLE
[VOL. xcvi.
demanded payment of the notes and filed a bill of foreclosure
of the mortgage securing the notes. No proceedings, however,
been taken to
enforce the bonds of the Kansas City RT. & Light have
Co. which mature
May 15. No definite information is available as to what
will then
be taken. The Metropolitan Co. was placed in the handsaction
of a receiver in.
June 1911,the sole reason being its Inability to come
satisfactory arrangements with the city authorities for a now franchiseto
so that it might be in
a position to finance the improvements and es.tensions
which the city was
insisting upon. Negotiations have since been entered into
by the receivers
with the city administration for a new franchise. These negotiatio
held up for some time pending a physical valuation of the railway ns were
properties. The reports of the appraisers were filed about two weeks ago,
and
negotiations have since been resumed, but no definite arrangeme
nts
have
as yet been made.
It is hoped that by May 15, when the Kansas City Co. bonds
mature,
arrangements will have been made with the city so that the indebtedne
ss of
the Kansas City By.& Light Co. may be re-financed.---V.
96, p.653, 553.
•
Years end. Sept. 30 1911 and Jan. 31 1913—
1910-11.
1912-13.
Gross receipts
$5,318,619 $6,378,213
Net earnings, after operating expenses and
taxes_ _ _51,824,838 $2,091,695
Present int. on these 5s and all underlying
bonds
z865,566
Balance, surplus [for debentures and capital
stock.—Ed.)_ _ _41,226,135
x The interest charge will be reduced by
$51,525 as soon as $1,145,000
of the $4,418,000 underlying bonds
are
cash for this purpose has
been deposited with the trustee. In theretired;
interim the interest charge will be
reduced by the income received from the $1,145,000
Gross Earns.—Years end. Sept. 30 1908 to 1912, and while on deposit.
Year end. Jan. 311913.
1907-08.
1908-09.
1909-10.
1910-11.
1911-12.
1912-13.
$4,056,101 $4,272,683 $4,832,688 $5,318,620
(See also V. 95, p. 1684, 1608; V. 93. p. 1463). $6,047,351 $6,378,213
Cal.
Operating Net (after
Other
Interest. Add'ns,& Balance.
Year.
Revenues.
Taxes).
Income. Rents.&c.
Surer Def.
1912 ___ -$5.839.630 $1,141.397 $113.037 $1,041,753 Betterm'ts.
$209,442 sur.$3.239
1911 ___ 5,420,821
893,668 119.471 1.025.363
def.12,224
—V.95,p. 361.
0now money would be needed, of which part
would
be raised by sale of bonds (see above
offering) and part by sale of stock.
—V.96, p. 653.
Perry, Coffin & Burr offer the bonds in Boston.
New Stock.—The shareholders on Mar. 7 authorized
Kansas City Terminal Ry.—Listed.---The N. Y. Stock
the
Exchange has listed $10,000,000 1st M.4% bonds, due 1960, directors to issue the remainder of the capital stock from
making the total to be listed $30,094,000.—V.96, p.203, 135. to time as required, for improvements and extensions. time
The total auth. stock is stated as
0; outstanding,$2,000,000
Pres. Roberts was quoted on Mar. 8$20,000,00
Lake Erie & Western RR.—Earnings.—
as saying that probably between $3,-.
000,000 and $4,000,00
Lake Superior & Ishpeming Ry.—Bonds Called.—
Ninety 1st M.Serial 6s,dated
Feb. 1 1911, Nos. 2411 to 2500, both incl.,
for payment at 101 and int. on March 1 at the
Citizens' Savings & Trust
Co., Cleveland.—V. 93, p. 229.
Long Island RR.—Earnings.—
Calendar
Year—
1912
1911
Operating
Net (after
Revenue.
Taxes).
$11,186,656 $3,016,521
10,517,751
2,701,859
Other
Interest,
Balance,
Income. Rents, &c. Deficit.
$590,658 $3,889,869 $282,690
536,180
3,695.994
457,956
Jamaica Station Opened.—The new station at Jamaica was
opened to passengers on Sunday last.
The work in connection with the new terminal and the
elimination of
grade crossings involved in the so-called "Jamaica improvem
ent" has been
carried on for several years, and while the service will be greatly
improved
at once, the completion of t,he work is expected to further
increase its efficiency and enable the company to proceed with the
tion of the
Montauk division between jamaica and Babylon, and electrifica
other improvements.
Compare V. 94, p. 1116; V. 92, p. 1024. The opening
necessitate a new tariff of passenger rates for suburban of the station will
under which
there will be both reductions and increases.—V. 95. p. traffic
1040.
Louisville & Interurban Ry.—Increase of Stock.—
The company, whose stock is all owned by the Louisville
has filed
a certificate ofincrease of stock from $3,476,000 to $4,000,000.By.,
—V.93,p.408.
Maine Central RR.—Payment of Notes.—The $12,000,000
one-year 4% notes duo to-day will be paid at the office of
J.P. Morgan & Co.
Nearly all of the $10,000,000 new stock offered to stockholde
rs in Janary last, is, it is stated, now full paid under the option
pay therefor
either in full on March 1 or to make a payment of a firsttoinstallmen
t of
per
$50
share.—V.06, p. 136.
Manhattan & Queens Traction Corporation.—Application.—The P. S. Commission will hold a hearing on March
24, on application of the company, to issue $1,500,000 stock
and $1,500,000 1st M.5% bonds and for the approval of a
first mortgage on all its property to secure an authorized issue
of $10,000,000 bonds.
The MacArthur Bros. Co. who are constructing the road,
to receive
$1.480,000 of the stock and $:1,500,000 of the bonds, of which are
at once,
on approval of the issue, and the remainder in 3 installments as35%
the road and
car barns and repair shops are built. The application states that
it
is estimated that in the fourth year of operation enough will be earned to
pay
interest on the issue and a dividend on the stock. The company
is now
operating a local service over the Quoensborough Bridge and
for
about
two
miles beyond on the road to Jamaica. Compare V. 96, p. 360.
Meadville Conneaut Lake & Linesville RR.—Dividend.
A dividend of 2% has been declared on the $200,000
stock, payable
April 10 to holders of record March 31.
Milwaukee Electric Railway & Light Co.—Bonds.—A
block of $877,000 new "general and refunding mtge." 5%
gold bonds of 1911 are being offered at 96% and int. by the
same bankers that placed the original $3,621,000 (see V. 94,
p. 1787; V.95, p. 481), there being $4,498,000 now outstanding. Reserved to retire underlying bonds, $13,228,000.
The bankers offering the
bonds are Harris Forbes & Co., N. Y.; N. W.
Harris, Inc., Boston; Harris Trust & Savings Bank,
Chicago; Spencer
Trask & Co.. N. Y., and Perry, Coffin & Burr of Boston.—
V.96, p. 487.
Missouri Kansas & Texas Ry.—Sale of Notes.—The
company has sold to Speyer & Co. $19,000,000 2-year 5%
secured gold notes, dated May 1 1913, due May 1 1915,
redeemable at par and int. on 30 days' notice, part of a total
auth. issue limited to $25,000,000. The $19,000,000 notes
will be secured by deposit of $24,500,000, par value, consol.
mtge.5% gold bonds due 1940, and the proceeds of the notes
will be used to take up $17,500,000 notes due or called for
payment May 1 1913, and for other corporate purposes.
The issue of the notes is subject to the approval of public
utilities commissions.
Passed Over Veto.—The Texas Legislature has passed over
the Governor's veto the bill authorizing the Mo. Kan.
& Tex. Ry. of Texas, to take over the following subsidiary
roads under leases running for a term of not less than 25 years
(such lease is all that is contemplated), with option to complete, extend and purchase, and to assume their bonded or
other indebtedness and to give its own stock and bonds in
exchange for their stock and bonds, with the approval of the
Texas Railroad Commission:
National Railways of Mexico.—Status—Effect
tions.—Pres. E. N. Brown on March 13, in a long of Revolu(see "Financial America" of March 13), said in part:interview
The fact that our line all the way from the capital
to El Paso—more than
1,200 miles—is open after more or less interrupti
on for a year, is significant.
The other main line northward from Mexico City,
namely to Laredo, was
to have been opened this afternoon. It is expected
that the Eagle Pass
route will be ready for operation its entire length. shortly.
Most of the line
Is ready now. South ofMexico Cityrallroad traffic
has not been resumed
on all of our lines. The Cuernavaca division will be
for operation
soon. Most of the Interoceanic By. Is already open. ready
Our
property losses
since Jan. 1 have not ox ceeded $100,000. Our losses in earnings
have not
been so much from the destruction of property as from the
necessity of
using circuitous routes in order to keep traffic moving. Our figures
show
only a slight increase in the receipts for the handling of Governme
nt traffic
(for troops, provisions, &c.. The local traffic at Mexico is excellent.
The
closing of the northern gateways temporarily has interrupte
d the movement
of foreign business, but that is not large in proportion te the
local.
Business in Mexico has by no means stopped because of the
various revolutions.
In spitp of all the traffic we moved during
periods of greatest trouble
there is now a considerable accumulation the
of
loaded
freight
cars at the
principal centres in the recently disturbed districts.
An examination of our earnings for the seven
from July 1 1912 to
Jan. 31 1913 will show that we earned the fullmonths
seven months' proportion
both of interest charges and of the first pref.
rate of 4% a year, and a handsome surplus dividend requirements, at the
oven after charging
against earnings each month what we believedbesides,
to be a fair estimate of our
losses on account of the revolution. We expect
that our claims for these
losses will be paid by the Mexican Governmen
t. Given no worse conditions
for the remaining five months of the fiscal year
than we have had, the earnings should be at about the same proportion
ate rate. If the conditions improve materially, the gain in the earnings should
be proportionate.—V. 96,
p. 716. 67.
New York New 113,ven & Hartford RR.—DividendOu
look.—The following deductions by the "Boston News t;,
reau" of March 14 are probably not far from the truth: Bu-
So clearly do the signs point to th3 pasiing of the
next dividend on the
Boston & Maine, and so clo3ely are its finances
intertwined with those of the
N. Y. N.H.& Hartford, that one is forced to the
conclusion
of the Boston & Mains dividend, in connection with other that the passing
heavy financial
necessities, would imperil New Haven's
lished 8% dividend.
The loss of Boston & Maine's 4% dividendlong-estab
would be a matter of $875.000
to the Boston Holding Co., and, of course, indirectly to the
New Haven.
The management had confidently expected,
as late as last November, that the great financial resources of the N.even
Y.
N.
H.
&
Hartford
would
be able to ea-ry the burdens of the Boston & Maine through
Us rehabillstation period, pledging New Haven credit, and continuing
on Boston & Amine and the 8% dividend on its own sharesthe 4% dividend
cess. But the extraordinary increases in operating costs, during the prothe inability to
raise rates, the disclosures of the need of such a vast expenditur
e to put the
Boston & Maine into efficient operating condition,
and the business outlook in general, have all conspired to aggravate New
Haven's position.
It is officially estimated that Boston & Maine needs
$50.000,000 additional
money spent on it. New Haven already has spent $15,000,00
0 for improvements alone on the road and $10,000,000 more
remains
appropriated but
unexpended as yet.
Then, again, the money market looms up ominously.
Last November
Now Haven sold $40,000,000 5% notes on a 5% basis. This
issue was to
re-finance in the main $30,000,000 notes sold
on a 4% basis in 1912. In
other words, New Haven must pay over $1,000,000
more during the calendar year of 1913 than during 1912 on account of its short-term
borrowings.
The campaign of abuse and vilification has not been
without effect,
and, with the tremendous financial problems now
confrontin
g
the directors, it would be strange Indeed if they did not decide to make Now
Haven's
dividend 6%. New Haven paid on March 31 its regular
quarterly 2%
dividend, and it is more than likely that the same rate
will be paid for the
closing quarter of the year. Unless, however, there is a miraculous
improvement in the Boston & Maine situation and in the general business outlook, it is difficult to see how the directors can avoid serious considerat
ion
of the advisability of dropping New Haven to a 6% basis with the first
dividend of the new fiscal year. Incidentally, 60% of the stock is owned
trustees,
by
women and children.—V. 96, p. 653, 554.
New York Railways.-2Yi% Interest April 1.—The directors declared on Feb. 19 a second semi-annual interest distribution, 23%%, payable April 1, on the $30,629,177 5%
adjustment income bonds,for the six months ended Dec. 31
1912. The first payment—$7 71 (about %
3 of 1%)—was
made Oct. 1 1912 (V. 95, p. 544).—V. 96, p. 716, 653.
New York State Railways.—Bonds.—The P. S. Commission has authorized the sale of $2,748,000 first consols at
not less than 91%%,to provide for the discharge of notes and
matured bonds outstanding of the company and its constituent roads.
The bonds are additional to the $6,925,000 listed on the N. Y. Stock Ex
change. Compare V. 95, p. 1208.—V. 96, p. 483, 653.
North Carolina Public Service Co.—Earnings, &c.—
See Salisbury & Spencer fly. below.—IT. 95, P. 361.
Northern Texas Electric Co., Fort Worth.—Stock.—
Dividends.—Holders of the existing stock ($4,000,000 pref.,
$2,500,000 common) as of record March 7 have the right to
subscribe at par for $650,000 new common stock to the extent
of one share for every ten shares of present holdings.
The proceeds of this
used for double
Texas Central RR.
I Wichita Falls By.
Wichita Falls & Northwestern By. I Denison Bonham
& New Orleans RR.
Wichita Falls & Southern By.
I Dallas Cleburne & South West. fly.
Wichita Falls & Wellington Ry.
'Beaumont & Great Northern RR.
will be
On March 5 B. F. Looney, State Attorney-General
-tracking a portion of
, obtained from the the 106-mile interurban issue
line between Fort Worth and Dallas, the purchase
District Court at Austin a temporary injunction restrainin
g_consununation of additional cars, and to
make other extensions and improvements. The
of the plan pending a hearing of tho case.—V. 95, p. 1403; V.
96, IP• 487.
management believe that, if earnings continue to increase as expected,
an
Montreal Tramways Co.—Bonds Offered.—Harris, Forbes advance in the
annual dividend rate from 6% to 7% on the common stock
& Co. N. Y.; Harris Trust & Say. Bank (the trustee) Chic., will be warranted this year.
Texas Electric Co.—Years Ending Jan. 31.
and N. W. Harris & Co., Bos., are placing, at 99 and int., an Jan. 31Earnings Northern
Net(after Int. and Pf.Divs.
Gross
Balance,
additional $2,000,000 "first and refunding" mortgage 30-year
Year—
Earnings. Taxes). Sink.Fd. (6%). Com.Divs.
(6%). Surplue•
31,833,115 $868,294 $270,064 $240,000 $189,000 $169,230
1912-13
5s of 1911, making $13,335,000 out. See adv. pages.
1911-12
1,613,560
726,279
251,037
—Not
Owns and controls the entire street railway system of
reported— 475,241
For further particulars seep. 54 of "Electric By.Sec."—V.
Montreal and the
suburbs on the Island of Montreal, except about one mile
96, p. 654,488.
of interurban line
entering the city. Total mileage operated measured as single
Ocean Shore RR., California.—Collateral Notes—Earntrack,
237.
Population served, over 500,000.
ings.—The company on March
14 applied to the California
THE CHRONICLE
MAR. 15 1913 J
791
reserve
with new'steam boilers and electric generators, but holds same in 10-year
and supplies hydro-electric current obtained under advantageous
contract from the Southern Power Co.
Co., which
The control is vested in the North Carolina Public ServiceGreensboro.
owns and operates similar properties in High Point and innorth
of SalisN. C., situated approximately 15 and 30 miles, respectively, the famous
bury, making the total population served about 100,000 in
of land for right-of-wa
The proceeds would be used for the purchaseupon
Carolina.
of
North
at
Section
Piedmont
company
the
which
poses (incl. that at 12th and Mission streets,
-Salisbury & Spencer Ry.- -N.C.Pub. S. Co.(all prop.)
including storage
1913 est. 1914 est.
1912.
present has only a leasehold), the purchase of equipment
1912.
1911.
Earnings-1909.
were recently placed
$483,000 $554,450
battery cars for experimental purposes, &c. Orders
$400,225
$115,667
$91,924
said,
$77,988
Gross
is
it
company,
and 40 freight cars. The
241,725
209,000
136,863
for two mogul locomotives
53,073
39,736
32,143
completion of the 26-mile gap between Net
125.000
105,000
75,690
has decided to defer for a time the
25,800
25,800
18,000
from San Francisco and the 16-mile strip Interest _ _ _North
Co., V.94, p.699.-V.93,p.1325.
the lino extending 38 miles south
Service
Public
Carolina
Compare
extending north from Santa Cruz.
Predecessor (Ry.) Co.
Seattle Renton & Southern Ry.-Electors Ratify.Earnings of Ocean Shore RR.(incorp. Oct. 91911)and Its
Balance.
Tot.Exp.
Gross. Oper.Exp. OtherExp
See Seattle in "State and City" department.-V.96, p. 555.
Yeardef.$61,788
$267,549
$49,760
$217,789
$205,759
1910
Southern New England Railroad Corporation.265,719 def. 46,697
28,511
237,208
219,022
1911
253,380 sur. 18_,782
The special advisory committee of business men and financiers appointed
28,406
224,974
272,162
1912
to recommend
1403.
p.
95,
-V.
Section."
&
by Gov. Pothier of Rhode Island on March 10 decided notconstructio
See statement on p. 104 of "Ry. Indus.
n of
joint guaranty by the State of $6,000,000 bonds for the
Authorized.- the
Palmer, Mass., to Providence, R. I. Compare V. 96, p. 654.
from
Otsego & Herkimer (Electric) RR.-Bonds
road
the
a
make
to
company
the
authorized
11
on
March
The P. S. Commission
bonds
Temple Northwestern Ry.-Sale to Local Interests.
mortgage to secure $2,500,000 bonds and to issue $1,200,000 5%
the
associates have, it is reported,
W. S. McGregor, of Temple, Tex., and
thereunder. Of the bonds $1,036,000 are to be issued for propertyfor
been
has
which
line,
the
to
cash.
extend
preparing
are
and
road
for
the
at
sold
80
to
be
purchased
remainder
cancellation of liabilities at par, the
have
graded from Temple to Gatesville. 35 miles (on which 4 miles of track
V. 95, p. 1473.
been laid) to Smithville, about 35 miles. The name, it is stated, will be
Pennsylvania Company.-Earnings.- Dividends Balance, changed to Temple Northwestern & Gulf.-V.91. p. 590.
Fixed
Other
Operating Net (after
Cal.
Income. Charges,&c. (7). Surglus.
Taxes).
Toledo & Ohio Central Ry.-EarninysYear. Revenues.
Corn. * Balance.
Co.
PreJ.*
Fixed
Other
Net (after
Gross
7,102,639 Cal.
Surplus.
Div.
Div.
Taxes). Income. Chges.
1912 _62,050,425 15,536,788 13,975,754 16,809,903 5,600,000 6,044,480 Year. Revenue.
5,600,000
3381.046
16,122,841
$292.315
$185,070
$615,419
$258,010
13,518,136
$1,215.840
2
14,249,185
,018
1911 _53,673,30
was appro- 1912.15,363
1,0:36,906 186,104 613,796 185,070 292.315 131,829
From the surplus in 1912, $7,102,639 as above, $3,286,139
4,938,646
1911_
and
additions
priated for sinking and other reserve funds, $3,000,000 for
* 5%. V. 94, p. 828, 978.
trust obligations,
betterments, and $84,132 for principal of equipment
"Union Pacific RR.-Modifications of Plan.-Chairman.
leaving $732,368.-V. 95, p. 1208.
of 6% 3-year
RR. Comm. for authority to issue $700,000 as
to
bonds, maturing in 1916,and to use the same collateral
the
secure a $250,000 loan to be negotiated with or under
trusteeship of the Union Trust Co. of San Francisco. y pur-
Ry.-Earnings.-
Peoria & Eastern
Balance,
Fixed Improve- 4% on
Operating Net (aft. Other
Cal.
Charges. ments. Inc.Bds. Sur. orDef
Year. Revenues. Taxes). Inc. $578,617
sur.$59.455
$160,000
$36,646
$26,922
1912_ _$3,429,867 $807,796
def. 77,929
1911__ 3,218,284 601,664 28,966 622,257 86,302
-V.96, p. 554.
Pere Marquette RR.-Collateral at Auction.-The Guaranty Trust Co.of N.Y. as trustee under the collateral indenture dated March 11911, gives notice that in exercise of its
rights under said indenture, it will, on March 20, offer for
sale in one parcel, at public auction, through Adrian H.
Muller & Sons, auctioneers, at Nos. 14 and 16 Vesey St.,
N. Y., at 12:30 p. m., $16,000,000 improvement and refunde
ing gen. mtge. 50-year 5% gold bonds of Pere Marquett
RR., dated March 1 1911, together with the interest obligations thereon due on and after Sept. 1 1913.-V. 96, p. 63.
Philadelphia Baltimore & Washington RR.-Earnings.
Balance,
Fixed
Dividends
Other
Operating Net (after
Cal.
Surplus.
(4%).
Charges.
Year. Revenues. Tax. &c.) Income.
$1,005,520 $1,017,659
1912.420,280,042 $3,54,199 $1,344.863 82,887,883
2.980.991 1,005,520 1.275,795
1911_ 18,914,244 3,917,679 1.344,626
$1,017,659, there was deducted
From the surplus as above in 1912,
$200,000.-V. 95, p. 680.
leaving
,
betterments
and
additions
for
3817,659
Co.-Dividend on New Pref.-
Philadelphia
declared on the new 6%
An initial semi-annual dividend of 3% has been Apr. 10.-V.96, p.361.
cum.pref. stock, payable May 1 to holders of record
& St. Louis Ry.-Earnings.
Pittsburgh Cincin. Chic.
Dividends Balance,
Fixed
Other
Calendar
Year-
Operating Net (after
kevenua. Taxes,&c.) Income. Charges.
Paid.
Surplus.
43,604,082 10,307,349 053,260 5.074,359 3,232,469 2,953,781
1912
2,034,619
38,549,933 9.467,810 805,206 5,043,412 3,194,985
1911
stock, calling for
Dividends as above include 5% yearly on both classes of
on
$1,858,650
and
1911
in
$1,373.785
against
in
1912,
$1.373,819 on pref.
$2,953,781 as
common, against $1,821,200. From tho surplus in 1912, reserve
funds,
above, $765.645 was appropriated to sinking and other
$1,400,000 for additions and betterments, and also $725,164 on account
of principal of equipment trust obligations, leaving a balance transferred
to profit and loss of 362,972.-V. 96, p. 488.
Pittsburgh & Lake Erie RR.-Earnings.-
Dicierds Balance,
Other
Fixed
Operating Net (after
Cal.
Surplus
Charges.
(10%)
Revenues. Tax.,&c.) Income.
Year.
1912---$18,162,119 $8,627,085 $741,451 $2,045,444 $2,998,800 $4,324,292
2,520,000 3,578,560
1911.-- 15,308,561 6,990,448 384,245 1,276.133
deducting an extra
The total accumulated surplus Dec. 31 1912, after
1912. was $9,256,998. An exdividend of 12% ($3.024,000) paid in Marchpayable
31 1913 on the
March
declared
been
also
has
5%
of
tra dividend
654.
$29,988,000 stock, calling for $1,499,900.-V. 95, p.
Puget Sound Traction, Light & Power Co.-Favorable
Decision.Court, sitting en bane on March 5, af-
The Washington State Supreme
County holding void Secfirmed the decision of the Superior Court of King
purports to give to the
tion 20 of Article 4 of the Seattle city charter, which
or regulate franchises
grant
to
voters the right, by initiative and referendum,
voted in favor of an
or to sot them aside. The electors under this section
which procompany,
the
to
granted
previously
amendment of the franchise
only under cerexorcised
vided that the right to build extensions should be
particutain conditions named in the amendment. The company objected
larly to the provision which would permit the city to take over the property
value.
at any time at its physical valuation, allowing nothing for franchise
cities to
The city contended that the Gandy, Act of 1911, authorizing
powers
the
all
voters
,
the
gives
referendum
and
the
initiative
by
legislate
"die
heretofore held by the City Council. The Supreme Court holds that
be delegated by the
power to grant franchises is a sovereign right. It may
by
delegated
expresly
unless
of
cities
the
powers
within
not
is
State, but it
has been granted to city
tho State." This sovereign power, it is stated,
or
to
pass
the
right
and
vote,
direct
by
people
the
to
never
but
councils,
vote cannot be acquired unless specificancel or regulate franchises 1..)3,dircot
Extensions into the suburbs of Seattle
cally given by the Legislature.
two years will, it is said, now be underwhich have been held up for about
U. S. Supreme Court in Feb. 1912 in Pacific
taken. Cornpare decision of
V. 94, p. 566.-V. 95, P. 1040.
case.
Co.
Telegraph
&
Telephone
Julius Kruttschnitt announced on Wednesday that the directors of the company and of the Southern Pacific had agreed
to modifications of the plan of separation of the two
companies (V. 96, p. 420), which although not formally
approved, are, it is reported, favored by Attorney-General McReynolds, and that the same will be presented
to the Federal Court at St. Louis at noon to-day for approval.
The arrangement with the underwriting syndicate for the sale
of the $126,650,000 So. Pac. stock held by the U. P. expires
at midnight, and it is hoped to obtain the approval of the
Court and of the California Commission (the latter of which
has been advised by telegraph) before that time,in order to
make the same effective. The stockholders of the two companies received yesterday their subscription warrants for
the stock.
of a traffic arrangement between
The changes consist of the substitution
for the use of the Benicia cutthe two companies for a trackage agreementterminals
in California by the
off and other Southern l'acific lines and
Commission
Union Pacific, thus avoiding the objection of the California
use of the same by
to the feature in the original plan of the exclusive jointwould
a division
be
there
t
arrangemen
an
such
Under
the two companies.
of rates on the basis of traffic handled, without throwing open parts of the
system to other lines except as may be desired by the Southern Pacific Co.
Compare V. 96, p. 654. 555.
Vandalia RR.-Earnings.-For calendar years:
Dividends Balance,
Fixed
Operating Net (after Other
Surplus.
Paid.
Revenues. Taxes,&c) Income. Charges.
$
$
10,748,709 2,221,040 112.748 1,298,545 (4%)584,556 450.687
1912
9,970,327 1.838.364 123,238 1,378,517 (2%)401,684 181,401
1911
to
The entire surplus, $450.687 as above, in 1912 was appropriated .
sinking and other reserve funds and for additions and betterments
V. 95, p. 1474.
Calendar
Year-
Wabash Pittsburgh Terminal Ry.-Receiver's Certificates Plan.-Receiver Horace F. Baker has been authorized by the Court to extend, for the third time, for one year
the $433,772 receiver's certificates due March 11 (V. 92, p.
1033).-V. 96, p. 421, 362.
for the reorDaniel B. Ely & Co., New York, announce that their plan &
Lake Erie
ganization and consolidation of this company,athe Wheeling
upon somewhat different basis
and West Side Bolt is being worked out
Mr. Ely
time.
extra
required
has
which
proposed,
originally
from that
of the protective committees
has been in communication with members
has received assurances that a
of the W. P. T. and the W.& L. E., and necessary
new capital will meet
practical working plan that will attract the
with their hearty co-operation.
year
The total gross earnings of the three propertles, which for the
$9,400,1904-05 were $5,086,570, will, it is believed, for 1912-13 aggregate
being estimated.
000, the earnings from the present date to July nextfrom
the coal sales
These earnings are exclusive of $2,400,000 gross income
from the mines owned by the W.P. T. Compare V.96, p.64,287,362,421,1
Walla Walla Valley Ry.-Bond Issue.-
&
This company, whose entire capital stock is owned by the Pacific Power
refunding" mtge.
Light Co.(see "Industrials" below), ha.s made a "first andto
an
issue
secure
trustee,
as
to the U. S. Mortgage & Trust Co. of N. Y.,
bonds as issued, it
of $10,000,000 57 gold bonds due July 11930. These
& Li;ht Co. (see "Inis understood, will be acquired by the Pacific Power
dustrials" below) and by it pledged for its own 1st & ref. 5s. (Compare
V. 93, p. 168, 536; V. 94, p. 279.)-V. 89, p. 349.
Western Maryland Ry.-Terminals.-Application.-This
company and the Western Maryland Ry. Terminal Co. have
applied to the Maryland P. S. Commission for permission to
the Terminal Co. to issue $700,000 stock and for purchase
of the same by the Railway Co., making a total of $1,000,000.
secured by
The stock is to be issued for the purchase of land recentlyRailroad
Co.
the Western Maryland for terminals at Port Covington. The
Port Covington. hayis making rapid progress with its development work atnew
at
pier
that
open
the
on
tracks
the
three
of
City.-Agreement.
ing already put in use one
Rapid Transit in New York
by the opening of spring.
on Thursday acceded to the request point, and officials say that the others will be ready
The Interborough Rapid Transit Co.
the cast of handling the heavy
latter $25,000 a year for 20 years in The improvements, it is stated, will reduce
enabling the comof the Manhattan By. to allow the by
besides
one-half,
the lease to the Interborough Co., traffic at this transfer point by nearly
addition to the $10,000 provided for
pany to take care of a large volume of freight in less time. Compare V. 96,
in order to moot the additional expense to be incurred by the Manhattan
The Man- p. 421, 362.
By. through the acceptance of the third-tracking certificates.
its objection to
d substantially correct:
The following is pronounce96,
hattan By. thereupon announced that it would withdraw
hearing set for to-day
p. 711) indicates that the company
The January report of earnings(V.
the acceptance of the certificates, and the public
Estimate and Apportion- has
of its recent difficulties. The open winter has been
corner
the
will not be held. It is probable that the Board ofcontracts
turned
for
n work and the management
the
new
constructio
dual
of
operating
prosecution
the
,
the
early
next week,approve
ment will,
great help in
all of the necessary improvey.- a
believes that by the end of May practically
eystem and also the third-tracking certificates to the Manhattan
June 1 all construction gangs can be
by
that
and
654.
completed
be
will
710.
ments
p.
V. 96.
taken off and everything cleaned up.
track at points where new
Enlarged terminal facilities and new second
Salisbury & Spencer Ry.-Bonds Offered.-N. W. Color
company to take advantage of the large
traffic is congested will enable the
with the Pittsburgh
its
through
connection
extension
& Co., New York, and Corkill & Co., Chicago, are placing tonnage
over the new
is now waiting upon the company's ability to handle it
at 92 and int. a further $250,000 1st M. gold 5s, dated & Lake Erie which
is not turning any
lines.
company
The
other
with
basis
competitive
on a
com1905 and duo May 11945.
of this business away, but neither is it soliciting it. Officials of the
'-"Total auth., $1.000,000; outstanding, $516,000; in treasury, $29,000; pany and New York Central officials as well, say there will be plenty of
reserved for extensions under restrictions, $455,000. and 3% miles of traffic when the Western Maryland is ready of rit.
Operates 0% miles of track in Salisbury and Spencer
In the meantime the company is handling about 3,200 tons of coal a day
track in Concord,and supplies as and electric light and power to Salisbury, under its 20-year conttact with the Bethlehem Steel Co. which became
Spencer and East Spencer, owning a gas plant with a capacity,of 50,000,000 operative July last. The minimum requirements under this contract calls
cu...ft. (three times quantity now consumed); also an electric power plan
792
THE CHRONICLE
[VOL. xcvz.
for 2,000 tons per day, and the maximum
for 6,000 tons. At
Lehigh Coke Co., which cokes
the
The annual interest and dividends
coal for the steel co., haspresent
on the above collateral at the present
only three time aggregates
batteries of ovens completed andthis
an amount largely in excess
in
service
.
A fourth battery of 75 ovens quireme
of the annual interest reis now under construction. These four
nts on the 6% bonds, i. e., $390,00
batteries will bring the steel company's daily requirements up to about
The
coal
company will have the privilege0.at any
4,500 tons, or about 1,500,000 yearly.' of the
-V.96, p. 421, 362.
time to deposit
shares named our "first and ref.
lieu
M.
'5% bonds, equal to 111in1-9%
of the par value of the shares withdr
awn,
Wheeling .& Lake Erie RR.-Reorganization.
or
on
and
after Feb. 1 1916 may
withdr
aw said shares on payment to the trustee
See Wabash-Pittsburgh Terminal Ry.
of
an
amount in cash equal
to 80% of their par value for use in
redeeming bonds of this issue
Receiver's Certificates.-Otis & above.
Properties.-Operates 82 bituminous
at 10 %•
coal mines, the Maryland
Co., Cleveland, are placing produci
mines
ng the noted Georges Creek coal for
their block of $2,019,000 5% receiv
smithin
g, &c., used extensively
In
the
U.
er's
S.
equip
navy;
ment
Pennsyl
the
vania
certifi
mines,a smokeless steam coal;
- Virginia mines, a gas
cates of $1,000 each, dated March 1 1913 (not
the West
and coking coal (metallurgical
Feb.
1).
fuel);
mines (Millers Creek),block coal, particul
the Kentuoky
These certificates were authorized last
arly applicable to domesti
December to provide in part for poses in
the purchase of 1,500 standar
purthe Middle West and Northw
steel gondola cars and 20 consolidation
The coal of the Elkhorncfield,
motives, the remainder of thedcost,
loco- where we have 14 mines in operation,est.
$273,72
has
being
7.
proved
met
in
to
be the highest grade
cash. The cer- of coking, gas-producing, by-prod
tificates mature 2101,000 semi-annually from
uct
coal. To reach this field the L.& N.
Sept. 1 1913 to Sept. 11922, RR. has constructed
incl., and $100,000 March 11923. They
an extension from Jackson, Ky.,
are now offered at prices ranging
to McRoberts, 150
from par for the 1913
miles, and the Sandy Valley
maturity
& Elkhorn By.(ownership acquire
96.19 for those due 1923, yielding
RR.
d by B.& 0.
Oct.
% for the 1916 and 5% fortothe
aboul
11912)
has
constru
cted a 32-mile road from Shelby on
1921 maturity.
The gross earnings have increased from
&
Ohio
the Ches.
Ry.
to
Jenkins, and has purchased 2,000 steel
001 in 1908 to $7,498,146 lbs. capacity, at
coal cars of 120,000
in 1912, and the necessity for this purchase$5,397,
an
aggrega
te
cost
is
shown
for
road
and
by
the fact that in the Both roads are in operati
equipment of 85.500,000.
six months ending Dec.31 1912 $166,979 was paid
on
and well equipped for handling traffic.
for rental of hired equip- present output should
ment.-V. 96, p. 137, 64.
Our
be materially increased by
application of a portion
of the proceeds of this issue.
Upon an estimated annual production
supply of coal is sufficient to last 100 of 15,000,000 tpns, the available
INDUSTRIAL, CAS AND MISCELLA
years, and almost 200 years on the
estimated tonnage available and prospec
NEOUS.
tive.
Total Outstanding Bonded Debt of the Compan
Amer. Brake Shoe & Foundry Co.-Pref.
First & ref. M.5% bonds outstanding (V. y $28,613,000, incl. this Issue.
on 8% Basis.- Prior
As approved by the stockholders at their annual
92,,p. 464, 529)
lien
$11,645,000
bonds
(to retire which "1st ref.
meeting on Dec. 10 last,
a quarterly div. of 2% has been declared on the
5s are
Congo'. Coal Co. 1st M. 434s and &
d):
ref. M. 43,6s, reserve
with the regular distribution of 13% on the $5,000,000 pref. stock,along Coal
Fairmo
nt
Co.
1st
M.
5s,
Briar
24,600,
Hill
Coal
000
corn, stock, both
& Coke 1st.
payable March 31 to holders of record March 20.
5s
10,468,000
Compare V. 95, p. 1609. Ten-year 6% convertible secured gold bonds (thisM.
-V.96, p. 655, 197.
issue)
The capital stock is $31,190,500, including
6,500,000
$6,190,500 additional stock
authorized Feb. 18 1913 for use in the
American Cement Co., Phila.-Successor
ion of the bonds of the present issue. [Dividends have been paid convers
Co.See Giant Portland Cement Co. below.-V.
on
the
stock
for
26 years past, the
rate since 1905 being 6% yearly.]
96, p. 655,
American Coal Products Co.-Earnings.287.
Results for Cal. Years (Production, 1912, 10,347,
416 net tons '11, 8,231,903).
Gross
Cal.
Total
Gross
Net
All
(after
-All Companies- Dividends
Bond Pf Divs.Com.Divs. Bal.,
Cal.&Sales.
Balance,
Year. Earnings. Taxes,
Income. Expenses. Int.,
BondInt. SicYds.
c. (7%).
) (7k
(6%).
)
.
Year.
Sur. 1912_514,520,417 $3,746,&c.)
Surplus.
890 $974,083 $269,450 $1,358,865 $1,144,
1912_19,751.905 3,574,919 2,021,318
492
1911___
11.732,
125
2,505,069 873,010 248,223 1,201,513
273,972 167,708 737,751 374,170
1911.. _17,645.837 3,783,570 2,254,458 466,781
182,323
[The 1911
inserted by "Chronicle" from report
734,553 327,777 -V. 96, p. figures
-v.66. P. 717, 655.
in V.04, p. 1053.;
556. 491.1
American Gas & Electric
Co.-Com. Div. Increased.A quarterly dividend of 2% has
declared on the $3,000,
stock, payable Apr. 1 to holders ofbeen
common
record March 20, comparing000
quarterly from July 1912 to Jan. 1913,
with 4%
inclusive, and 134% quarterly13
Oct. 1910 to April 1911 incl. An initial
from
dividen
d of 1% was paid in July
1910.-V. 96, p. 555.
Consumers Co., Chicago.
-Consolidation Effective.The consolidation under this
Ice Co., both of Chicago, wastitle of the City Fuel Co. and knickerbocker
mated Feb. 22 at Springfield, Ill.
The exchange of certificates is consum
now being made in Chicag
o at the First
Trust & Savings Bank (now Transfe
r Agent), and at Contine
mercial Trust St Savings Bank (the Registr
& Comar). In New Yorkntal
the Transfer
Agent is the Bankers Trust Co. and the Registr
American Graphophone Co.-Earn
ar
the
Guaranty Trust Co.
adjustment of dividends to Feb. 20 the old pref.
In
ings.
Calendar
shareho
Gross
receive upon
Bond
Maine.,
Special Pref. Divs. Balance surrender of certificates: Knickerbocker, 2.351% cash; lders
Year- Earnings.
City Fuel, 69e. a
Interest
&c. Depen. (434 %). Surplus., share. The Chicago office will, from about May 1,
1912__.$1,227,772 $108,390. Depr'n,
be located in the new
Consum
ers'
Co.
Buildin
$114,18
g,
State
4
$710,08
and Quincy streets. Soo V.96, p. 288,
0 $94,321 $200,796
1911---_
702.981
118,116
556.
101,378
346,534
136,953
-V. 96, p. 137.
Continental Can Co.-First Preferred
An
initial
dividend of 2 1-3% has been declare Dividend.
American Radiator Co.-New Directors.d
on
the $5,500,000 7%
cum. pref. stock for the 4 mos. from
The board of directors having
increased from 13 to 15, Charles
April 1 to holders of record March Dec. 1 1912 to April 11913, payable
Foster and William H.Hill, both been
20.-V. 96, p. 363, 205.
of Chicago, have been elected directorK.
Charles M.Parker also succeed
ing his father, George W.Parker, deceases,
Crex Carpet Co., New York.-Repo
d
as a director.-V. 96, p. 717, 421.
rt.-Calendar years:
Calendar
Gross
Net
Extraor
Deprec. Divs.Paid Balance,
191YearAmerican Telephone & Telegraph Co.-Synd
Earnings. Earnings. Exp.d. Charges
icate
Surplus.
Dis8575,744 $440,920 $6,237 $80,603. (6%).
solved.-The syndicate which underwrote the
$180,000 $174,081
1911
534,513 386,141
$66,997,000 -V.
6,759
70.610
180,000
128,772
American Telephone & Telegraph
94, p. 1311, 985.
Co.
tible 4M%
bonds has been dissolved, all the bonds conver
having been sold,
chiefly to stockholders, their right to subscr
ibe to which
expired Feb. 17.-V. 96, p. 362, 287.
American Tube & Stamping Co.-First M.Bonds
Called.
Ten ($10,000)5% 1st M.bonds
1902,for payment on April 1 at 105
and int., at Equitable Trust Co.,dated
New York.-V. 95, p. 620.
Bethlehem Steel Corp.-Dividends Resumed.-The directors have declared a dividend of 5% on the $14,908,000
non-cum. pref. stock, payable 1 WI% quarterly, as follows7%
:.
On April 25 to holders of record Apr. 10; on July
June 16; on Oct. 1 1913 to holders of Sept. 15 and 1 to holders of record
Jan. 2 1914 to holders
of Dec. 15. This is the first declaration since
Feb. 1907, when Yi % was
paid, a similar distribution having been made in Nov.
1906; 1 % quarterly
was paid from Aug. 1905 to Aug. 1906,inclusive.
-V.96, p. 287,204.
Cambridge & Muskingum
stock, payable April 1 to holders of record March declared on the preferred
1.-V. 96, p. 490.
(J. I.) Case Threshing Machine Co.-Earn
ings.-For the year ending Dec. 31 1912:
Gross sales
Other income
$14,026,634
Deductions (continued):
828.311 Interest paid
$200,482
Depreci
ation reserve..___
119,006
Total income
$14,854.945 Reserve for cont. losses_
200,000
DeductPref. dividends (7%)..-813,167
Cost mfg., selling, &c_ _ _311,606,183
Repairs maint. & renew_
158,984
Total deductions
$13,403,677
Gen. exp., incl. taxes-.-._
305,856 Balance, surplus _
_ $1,451,268
The gross sales for 1911 were $9,163,749. against
$6.9-4-6,994 in 1910;
net, after depreciation, $1,509,191, against $1,133,062;
taxes, $97,605,
against $85,666.-V. 95. p. 1610, 1210.
Chalmers Motor Co., Detroit.-Preferred
Stock.Spencer Trask & Co., Eastman, Dillon & Co. and A. G.
Edwards & Son
are making an advance offering at 10234 and divs.
from Jan. 1 of $1,500,000
of the new $2,000,000 7% cum. pref.
stock issue of the Chalmers Motor
Co.of Detroit.-V.94, p. 1766.
Consolidation Coal Co., Baltimore.-Offering of 10Year 6% Convertible Secured Bonds.-Spencer Trask &
Co.,
William Salomon & Co. and Kissel, Kinnicutt &
are
offering at a price to net 6%, by adv. on anotheCo.
r page,
the small unsold balance of the total authorized issue
of
$6,500,000 10-year 6% convertible secured bonds dated
Feb. 1 1913 and due Feb. 11923. Int. F. & A. Par $500
and $1,000c* & r* and $5,000r. Trustee, Equitable Trust
Co. of New York.
Subject to redemption after Feb. 1 1916
on any interest date at 105 and
int. an 12 weeks' notce. Convert
ible into capital stock at rate of
$105 per
share at any time prior to Feb. 1 1922,interest
and dividends to be adjusted.
If bonds are called for payment prior to Feb.1
1922. holders will have the
privilege of conversion up to 30 days prior
to date of redemption.
Digest of Letter from President J. H. Wheelw
Par Value of Collateral Pledged for These Bonds right. Feb. 27 1913.
Estimated Over $8,125,000. -Total Actual Value
Consol. Coal Co. first & ref. M. 5%
bonds (or their equiv. in
cash, pending deposit of bonds)
$6.500,000
Northwestern Fuel Co. common stock (Co. has paid
dividends
fel. past 10 years, V.96, p.493)
1,800,000
Metropolitan Coal Co. stock (Co. has paid dividen
ds for past
10 years; see V.95,P.683)
500.000
Gross
Net (after Deprec'
ds Balance, Total
Earnings. Deprec.&c.)&G.Res.n Dividen
Paid.
Surplus. Surplus.
$2,505,192 $2,120,103 $400,000 $1,125,
$594,868 $614,951
2,406,444 2,024,013 150,000 (6)960,235
000 914,013 520,082
1199T
1121otal surplus Dec. 31 1912 after charging
out $500,000 for patents,
rights, trade-marks, &c.-V. 95, p. 178.
(E. I.) du Pont de Nemou
rs Powder Co.-Earnings.-Calendar
Gross
Net Applic. Pf.Divs.
Corn.Divs.
YearBalance,
Earnings.
to Divs.
(5%).
(12%).
Surplus.
1912
$36,524,623 $5,215,964 $791,807
1911
34,389,560 5,814,712 775,963 $3,525,860 $1,898,297
3,527,020
See also advertisement on a previous page.
1,511,729
Further data from the report
and comparative statistics will be given another
week.-V.96, p. 718, 556.
Duquesne Light Co., Pittsburgh
Valley Coal Co.-Call.Forty-nine ($49,000) 1st M. 5%
bonds, dated March 1
payment on April 1 at Girard Trustgold
Co., Phila.-V. 94, p. 1629.1905, for
Canada Interlake Line.-First Preferred Divide
nd.An initial quarterly dividend of 1U% has been
Diamond Match Co.-Earnings.--
Calendar
Year.
, Pa.-First Dividend.
This subsidiary of the Philadelphia Co.
has declared an initial dividend
of 1'4% covering the first quarter
of 1913, payable March 25 to holders
record on that date.-V.95, p. 1478.
of
Gas Securities Co., New York.-Convertible
6% Notes
Offered.-Henry L. Doherty & Co., New York,
are offering
at par and int., by adv. on another page, $3,500,000
6% convertible coupon gold notes dated March 10 one-yeat
1913 and
due March 10 1914.
The notes are redeemable any time on 30 days
at 101 and int., and
each carries a coupon Which, whether attached notice
or detached, entitles the
holder to purchase from the Gas Securities Co. $1,000
pref. stock of Utilities Improvement Co. on the basis of par (optionally paying
for the same
with these 6% notes at face value in lieu of cash).
receiving therewith a
"bonus" of 30% in Utilities common,if the privilegand
e is
ed before May
10 1913, and thereafter a "bonus" less by 1% for each exercis
month until the date
of maturity. Par $1,000, $500 and $100. Interest M.
Gas Securities Co. is a securities holding company & S. at office.
organized in 1906
under the laws of New York and is paying 6% dividen
ds on both its $487,80
pref. and $365,000 common stock.
0
Assets Dec. 31 1912, as per Balance Sheet,
Aggregating $3,276,654.
(Offsets, $852,800 stock. $232,903 bills,
&c., pay.;
$2,190,951.1
Stks. owned(mkt. val.). $2,075,401;
(mkt. val.),surp.
$202,414_$2,277,815
Bills and acc'ts receivable (advances bds.
to sub. cos.)
364,056
Cash, $292,752; accr'd int. receivable, $7,167
323949:198963
Value of interest in pools
The company also now owns $3,500,000 pref.
stock and $1,750,000 common stock of Utilities Improvement Co.,
market value
of 77 for the pref. and 71 for the commo which at present
n,are wortia $3,973,500,rnaldng
total assets of $7,250,154.
Holdings of Utilities Improvement Co. (1) Recent Acquisit
ions (Par Valtue).
Interest-bearing 5% bonds on propert
each of which earns
net more than twice the bond interesties,
on all properties owned
or controlled by Cities Service Co.,or
Consolidated Cities
Light Power & Traction Co., par value
$15,550,000
Stock of Cities Service Co. $2,500,
000 6% cum. pref. stock
(out of $12,695,360); $2,32b,000 common (out of $8,051,430)Common stock of Consol. Cities Light Power & Traction Co. 4,820,000
.41
(out of $6,500,000)
1,600,000
99% of the common stock of City Light & Water
Co.,Over
Amarillo, Tex.; Manufacturers' Natural Gas Co., Produc
ers' Natural Gas Co., Ltd., and Wa,ines & Root Gas
Ltd. all of Canada; (contract for) Spokane Gas & Fuel Co.,
Co.,
Spokane, Wash.; over 92% of Citizens' Gas,
Elec. & Htg. Co.
ofMt Vernon, Ill., and over 66% of Bristol (Tenn.
) Gas dc
Electric Co
See below
(2) Original Holdings Retained by UAilities Imp. Co.,
with $1,000,000 Cash.
Stock of Toledo Traction Light & Power Co.,
pref.
6%
cum.,
$300.000; common, $3,200,000---$3,500,000
7% notes of Reserve Gas
Co., guaranteed bi----- District
Gas Co
2,800,000
Over 98% of corn. stk. of Athens(Ga.) By.& Lt.
of Bartlesville (Okla.) Gas & El. Co. and over Co.; over 99%
Gas & Fuel Co.(owns entire stock of Southwe54% of Empire
stern
Reserve
Gas Co.)
See below
The outstanding stock of Utilities Improvement
Co. will now be: 6%
um. pref., $17,000,900, and common
stock, 113.500,000, and its holding
s
793
THE CHRONICLE
MAR. 15 1913.]
Traction Light & Power
making no allowance for common stocks of Toledo
$29,374,081, as follows: 5%
Co. and Empire Gas & Fuel Co., aggregate
$2,800,000; pref. stocks, $2,800,bonds,$15,550,000; 7% guaranteed notes,
000; common stocks, $3,820,000; cash, $1,000,000; interests in other properties at actual cost, $3,404,081.
investments alone sufficient to
These holdings furnish an income from stock
and more than 2% on all
prof.
pay 6% dividends on all outstanding
year 1912 the surplus earnings
cal.
the
for
while
stock,
outstanding common
from investments, agof the other properties named, added to the income
pref. stock,
gregated net for stock, $1,720,400; 6% on $17,000,000
$700,400. Comstock,
common
on
$1,020,000; balance, equal to 5.18'%
pare Cities Service Co. in V.96, p. 118,656.-V. 95, p. 1042.
Northwestern Gas Light & Coke Co.-Sale.-
See Public Service Corp. of Northern Illinois below.-V.96, p.656,557.
Osage & Oklahoma Co.-Earnings.-
Divs. Balance;
DepreBond
Over.
Cal.
Gas
Gross
Burp.
Paid.
Interest. dation.
Exp.
Year. Earns.
Purch.
1912_ -$198,740 $19,221 $70,850 $6,264 $30,400 $45,000 $27,004
53,883
7,500
26,215
7,567
1911_ _ 161,798
49,380
17,253
Operating expenses include taxes, rentals, bad accounts charged off and
drilling wells.
General Railway Signal Co.-Earnings..Divs.
Balance,
Interest Deprecia- Pref
Net
Gross
Calendar
Surplus.
Earnings. Charges. tion,&c. (6%).
Profits.
Year$306,405
$240,000
$74,992
$1,027,755 $647,737 $26,340
1912
222,402
120,000
815,620 473,287 38,604 92,281
1911
Prom the surplus as above in 1912 $40,883 was transferred to reserve
account, against $37,207 in 1911, leaving $265,222 in 1912, against $185,195.-V. 94, p. 354. 558.
Portland Cement Co.-Reorganized Company.-
Giant
about March 5 with
This company was incorporated in Delaware on orCement
Co., per plan
of American
$4,000,000( prof.) stock as successor
Y. is the new comN.
of
Co.
Trust
in V. 95, p. 1124. The Corporation
pany's agent in Delaware. (V, 96, p. 655, 287.)
(B. F.) Goodrich Co., Akron, Ohio.-Common Div. to Be
said:
Omitted.-Pres. Work at the annual meeting March 12
conditions
It is unnecessary for me to comment on the disturbed labor
which have existed among the rubber industries of Akron during the past
month, as you are all undoubtedly familiar with them. In reference to the
future, I believe that it should be the policy of the company to husband its
resources and accumulate a substantial surplus, and I shall not recommend
to the directors the payment of a dividend on the common stock for the
current period nor until such substantial surplus over and above the pref.
dividend and amortization requirements shall have been accumulated from
the earnings. (Compare annual report, V. 96, p. 649.)
Quarterly dividends of 1% each were paid in Aug. and Nov. 1912 and
Feb. 1913 on the $60,000,000 common stock. The regular dividend of
1%% has been declared on the $30,000,000 prof. stock, payable April 1.a.-V.96, p. 649.
Pacific Power & Light Co.-Listed.-The N. Y. Stock
Exchange has listed $299,000 additional first and refunding
mtge. 20-year 5% bonds, International Series, due 1930,
making the total amount listed $5,904,000.
Earnings.-For calendar year (incl. Walla Walla Val.Ry.):
Calendar
Gross
Net (after Bond,&c. Dividends Balance.
Surplus.
Paid.
YearInterest.
Earnings,
Taxes.
1912
$1,234,152 $606,952 $286,461 $215,000 $105.489
125,246
91,375
1911
556.954 339,833
1,196,190
Compare Walla Walla Valley Ry. Co. under "lilts," above.-V.95,p.822.
Philadelphia Suburban Gas & Elec. Co.-Bonds Called.
All of the outstanding $40,000 20-year 4% gold bonds of the Pottstown
Light, Heat & Power Co.,issued under mortgage dated March 1 1899, were
called for payment at par and int. on March 1 at Security Co., Pottstown,
Pa.-V. 93, p. 563.
Pittsburgh Coal Co., Pittsburgh, Pa.-Earnings.Net
Calendar
Profits.
Year$4.42'7,063
1912
4,044,504
1911
-V.95, p. 1406.
Depletion Deprcc.
Pref. Div. Balance,
Bond
Surplus.
(5%).
Coal Lds, Plant &c. Interest.
'
$876,024 $1,353,590 $671,898
$714,306 $811,251
696,181 867,595 1,088,791 1,353,590 38.347
Portales [N. M.] Irrigation Co.-Default-Meeting.
The company having defaulted on the coupons due Jan. 1 1913 on its
1st M.6s, a meeting of the bondholders has been called for April 8 at the
Grand Pacific Hotel, Chicago by the mortgage trustees, the Chicago Title
M.,
& Trust Co. and Harrison B. Riley. Owns one mile from Portales, N.proa central power station, which in April 1911 contained two 750 h. p.being
the electricity
generators,
electric
to
connected
engines
gas
ducer
Homestake Mining Co.-Listed.transmitted over 73% miles of transmission lines to 69 electrically driven
The N. Y. Stock Exchange has authorized to be listed on and after Pumps which were located at wells scattered over the 10,000 scree of irriMarch 25 the $3,276,000 stock declared payable as a 15% stock dividend, gated land (owned by the stockholders). The project was developed in
making the total to be listed $25,116,000. Compare V.96, p.719,205, 138. 1910 by the Western Construction Co. of Wichita, Kan. See "Engineering
Record" of New York. April 29 1911.
Hudson Coal Co.-Increase of Stock.The company, whose stock is owned by the Delaware & Hudson Co.,
Prairie Oil & Gas Co.-Temporary Injunction.recently filed in the office of the Secretary of State of Pennsylvania a notice
The Commerce Court on March 12 granted an injunction temposarily
of increase of stock from 92,500,000 to $3,500,000. Compare D. & II.,
restraining the enforcement of the order of the Inter-State Commerce ComV. 88, p. 1499; V. 86, p. 913.-V. 93, p. 1163.
mission of June 13 last directing pipe line companies to file schedules of
Kaufmann Dept. Stores, Inc., Pittsburgh.-First Dir.
rates and comply with the provisions of the Inter-State Commerce Act
the
on
has
been
7%
rate
declared
per
of
annum
the
at
(V. 94, p. 1630). The Court holds that Congress lacks the Constitutional
An initial dividend
as com$2,500,000 7% cum. pref. stock for the period from Feb. 13 (the date of the authority to designate pipe-line companies doing private business
20.
March
1,
record
to
April
1
of
payable
holders
April
to
stock)
mon carriers. Judge Mack, while joining with the Majority in granting
the
issue of
the injunction, says that Congress has the power to regulate pipe-line comCompare V. 96. p• 139panies by prohibiting them from doing an inter-State business unless they
(S. S.) Kresge Co.-Total Sales.permit a like use to the public generally on payment of reasonable compenIncrease. sation.
Increased 1913-2 Mos.-1912.
1913-Feb.-1912.
-V. 96. p. 494.
35.32%
$1,132,887
30.08%131,533,086
$605,970
$788,267
-V.96, P. 656.492.
Public Service Corp. of Northern Illinois.-Purchase.
W. Va.-Earnings. -Pres. Samuel Insull on March 7 said in substance:
La Belle Iron Works Co., Wheeling,
Balance,
Cash
Light & Coke Co. was
Bond
Deprec.,
Net
Interest. Divs. Sur. or Def.
&c.
Earnings.
For PeriodYear end. Dec.31 1912 31,249,502 $71,522 $122,715 $991,530 sur.$63,735
64,103 495,765 def.175,095
21,340
405,214
6 mos. end. Dec. 31 '11
Year end. June 30 1911 1,460,513 36,405 131,955 991,515 sur.300,638
on the
Dividends as above shown were at the rate of 10% per annum
outstanding capital stock until Oct. 15 1912, when the stock was readjusted, and at the rate of 8% on the preferred and 2% on the common since
that date. In addition a stock dividend of 100% was paid ($9,915,400) on
Oct. 15 1912. The total surplus Dec. 31 1912 was $29'73,548. that
At the annual meeting on March 11 the shareholders were informed
two weeks before the parties who had sought an option on the property at
$20,000,000 requested the management not to bring the matter up at this
time, as they were not prepared to go ahead with the deal.-V.96, p. 492.
Lackawanna Steel Co.-Report.-See"Annual Reports."
0. Dalton has been elected a director to succeed Stephen S. Palmer,
deceased.-V. 96, p. 492. 206.
•
Liggett & Myers Tobacco Co., St. Louis.-Extra Annual
Dividend of 4% Payable on Common Stock April 1.See "Annual Reports' on a preceding page.-V.95, p. 1211.
Manufacturers' Light & Heat Co., Pittsburgh.-
The $1,500,000 stock recently offered to stockholders was,it is announced,
oversubscribed.-V.96, p. 650, 492.
Montana Power Co.-First Common Dividend.-
on the $27,134,000
A quarterly dividend of 34 of 1% has been declared
quarterly disbursement of
oommon stock, payable along with the regular
% on the $4,700,000 pref. stock, both payable April 1 to holders of
record March 17.-V. 95, p. 1687.
(Bell) Tel. ez Tel. Co.-New Stock.
Mountain States
Shareholders of record Mar. 20 are entitled to subscribe at parofuntil
now
3 p. rn. that day for $2,699,400 new stock to the extent of one share
full
for each 10 shares of present stock. Subscriptions must be paid in
April 15. See V. 96, p. 557.
Virtually all of the stock of the Northwestern Gas
purchased on a basis that placed a value of $10,090,000 on the $5,000,000
outstanding. Against this purchase there wore issued last September
83,500,000 of 5% notes of the Northwestern, which are due in Sept. 1917
and which become a second mortgage on the gas property (V. 95, p. 893.
821). The only other obligation in connection with the purchase is the payment of $1,500,000 on or before Oct.3 1913 and to provide for that our stockholders recently authorized the issue of $2,000,000 of common stock.
How that stock is jo be offered has not been decided. The $3,500,000 note
stock
issue and the $1,500,000 to be paid in October (provided for by the it,
or
rest of
issue) account for $5,000,000 of the purchase price. All the
of
the
resources
current
the
of
out
raised
been
had
$5,000,000,
virtually
Public Service Co. before the close of the last fiscal year. Compare V. 96,
P.654.
San Angelo (Tex.) Water, Light & Power Co.-Status.
Consulting engineers report to A. E. Fitkin & Co., N. Y., who p laced
the $470,000 1st M.6s, that the property is in excellent physical condition.
"During the year ending Feb. 1 19 13," the engineers say,"there was expended for additions, betterments and extensions $22,376, against which no
securities have been issued." Compare V. 94, p. 1387.
Sloss-Sheffield Steel & Iron Co.-Earnings.Balance,
Expenses, Bond
Net
Gross
Fiscal
Earnings. Income. Taxes,&c. Interest.
Year1912-13- -85,299,719 $871,328 $108,073 $210,000
4,521,360 733,510 118,861 210,000
1911-12
-V. 94, p. 988. 979.
Prej.Div.
(7%). Sur. or Def
$469,000 sur.$84,255
469,000 def. 64,351
Southern Power Co.-Reported Aacguisition.-
See Fries Mfg. & Power Co. under'Railroads,"-V. 95. p. 1625.
Tamarack Mining Co.-Earnings.-
Bal., Sur.
New
Net
Total
Calendar
Mine
or Def.
Constr.
Earnings.
YearExpenses.
Receipts.
sur.$271,626
1912
$1,300,238 $1,028,613 stm$271,626
1,146,876 def. 188,960 $4,239 def.$193,199
1911
957.916
1,544,615 def. 109,580 62,667 def. 172,247
1910
1,435,035
44,614 def. 77,122
1.839,386 def. 32,508
1,806,878
National Steel & Wire Co.-Suit Dismissed.- dismissed 1909
for cliff explorations.
b
$49,538
Includes
Judge Ward in the U.S. District Court in this city on March 11
From the net loss as above in 1912 there was deducted for balance of inthe equity suit for damages brought in Jan. 1911 by Wentworth Watson
$11,581 and added a credit by sale of stock in Hancock Chemiand fifteen other residents of En gland,who,in 1904, invested in the stock terest paid,
Tamarack-Osceola Copper Mfg. Co., $14,333, less real estate
of the company, against Henry E. Huntington, the Knickerbocker Trust cal Co. and$4,765,
making a net increase in a.ssets for the year of $269.613.
purchased,
&
Wire
the
National
of
the
bondholders
for
Consolidated
trustee
as
Co.
produced, 7,908,745 lbs. in 1912 (of which 7,298,205 lbs.
copper
Fine
Cable Co, and depositary under a trust agreement of the certificates of
1912), against 7,491.077 lbs. in 1911, 11,063,606 lbs. in 1910 and
stock of the Steel & Wire Co. The Court holds that it has no jurisdiction, sold during lbs.
in 1909; average price received, 16.44 cents in 1912, against
as the complainants have an adequate remedy at law, and that its decision 13,533,207
cts. in 1910 and 13.32 cts. in 1909.-V. 94, p. 987
cannot be altered on the ground that the causes of action will be subject 12.77 cts. in 1911, 12.94
-V.
of
p.
1007.
85,
limitations.
statute
the
of
to a plea
Louis, Mo.-
Union Electric Light & Power Co. of St.
Co. (Rubber.)-Committee.- Bonds Offered.-Harris, Forbes & Co., N. Y., the Harris
New York Commercial
of
Gates
W.
consisting
McGarrah (Chairman),
W. Harris & Co.,
A creditors' committee,
James G. Cannon and Wallace B. Trust & Savings Bank, Chicago, and N.
Walter E. Frew, Robert M. Gallaway,
or other evidences of debt against the Inc., Boston, are offering at 96M and int. $692,000 25-year
Denham, requests deposits of notesA.
Alden & Co.with either the Bankers
N. Y. Commercial Co. and George Trust
"refunding and extension" mtge.5% bonds dated May 1 1908.
Co. of
Trust Co. of N. Y. or the Old Colony
Boston.
Present Interest Charge).
Earnings for Calendar Years (1912 Showing
Int. on Dividends Balance,
Net (after
Gross
Surplus.
Taxes,&c.) Bonds, &c. (6%).
Income.
$13,663,822 31,720,175 $859,550 $593,100 $267,525
1912
851,848
593,100
205,018
1.649,966
3,605.515
1911
J. D. Mortimer. St. Louis, Mar. 3 1913.
Data from Letter of President
Controls the entire central station light and power business of the city,
Oth.Inc. Interest. Divid'ds. Bal.,Sur.
Gross.
Net,
except the electric business of Laclede Gas Light Co., which is relatively
Year.
$
served, about 700,000.
1912 ---43,223,623 11,947,415 5,365,755 2,951,845 10,000,000 4,361,325 unimportant. Population
Gross Earnings by Calendar Years.
1911 _39,189,966 10,176,778 5,046,242 2,395,826 10,000,000 2,827,194
1912.
1911.
1910.
1908.
Total surplus Dec. 311912,after deducting $1,267,503 for bond discount,
1906.
$3,663,821
$3,605,515
$3,013,297
83,371.519
$2,000,000 reserve for employees' benefit fund and $732,497 for contin- $2,242,482
gencies reserve, was $14,666,003.-V. 95, P. 1334, 753.
The capital stock,$9.685,000,is receiving regular dividends at rate of6%.
There are outstanding, including the present issue, $7.071,000 ref. and ext.
North American Sugar Co.-Bonds Called.mtge. bonds' an additional $10,000,000 are reserved to retire underlying
not
Thirty-four mortgage bonds of the sugar factory Central Narcisa, for bonds, and the remaining $32,929,000 can only be issued to an amount
when the
payment Mar. 31 at company's office, Auguacate St., No. 128 (Entresol). exceeding 85% of the cost of future extensions and improvements,
then
laonds
proposed.
incl.
interest,
all
50%
by
exceed
annual net earnings
-V. 86, p. 859.
Has two modern electrical generating stations on the Mississippi Rivet
capacity of 91,000 h. p., which can be
North Platte Valley Irrigation Co.-Defaulted Bonds.- (ono with a present rated generating
h.p.,the other with a capacity of 7,500
At auction in N. Y. on March 5 $16,800 1st M.& coll. trust 6s of 1919. Increased to an ultimate 100.000
for 25,000 electrical h. p. from the
contract
long-time
has
Also
V.
1477.
95,
p..
p.
h.
Compare
on,
coupons
sold
5%.
1012
at
with July
New York State Steel Co., Buffalo,-New Head.Frederick Davidson, formerly Vice-Pres., has been elected President,to
succeed F. E. Porter.-V. 94, p. 702.
New York Telephone Co.-Earnings.--For cal. year:
94
THE CHRONICLE
[VOL. XCVI.
Keokuk hydro-electric development of the Mississippi River Power Co.,
which should be available on or about July 1 1913, an appreciable part of
it having already been contracted for with consumers.—V. 95, p. 549.
The Financial Review for 1913, issued by the publishers
of the "Commercial and Financial Chronicle," is now ready.
It
is an invaluable book (350 pages) for reference throughout
Union Natural Gas Corporation, Pittsburgh.—New
Bonds and Stock.—Tho shareholders will vote March 20 upon the year.
Some
of the contents are as follows:
a proposed new bond issue of $6,000,000, to be secured by a
Retrospect of 1912, giving a comprehensive review of the business of tha
mortgage upon all the company's property and also upen year,
with statistics in each department,financial and,commercial.
changing the present amount of authorized capital stock
Bank Clearings in 1912. with comparative statistics for 20 years.
Number of shares sold on the New York Stock Exchange
from $9,000,000 to $10,000,000.
in each of the
past 20 years.
ft
Condensed Circular Signed by V.-Pres. E. P. Whitcomb, Mar. 1913.
5
The gross earnings for 1912 were largely in excess of former years
(as
shown in V. 96. p. 404). During the past two
years
so
or
valuable
properties have been acquired and developed,
largely, in excess of
the cost, to the value of the company's holdings.adding
together with main
lines and other construction, is the direct cause of This,
increased obligations.
There are not, however; sufficient markets withinits
the present system for
the gas produced, although additional transportati
lines have been laid
from the West Virginia fields to Sugar Grove, 0., on
and a contract has recently been entered into by which largely increased
deliveries of gas at
Sugar Grove have been provided for.
Your board, therefore, recommends that linos be laid and our surplus
gas taken to the Indiana markets, where favorable prices
can be obtained.
The board estimates that for (a) the installation of the transportati
on lines,
compressing stations and other equipment necessary to reach the proposed
new markets, (b) the payment of unsecured indebtedness, and
(c)
retirement of the present $1,200,000 bonds, there will be necessary the
an increase of the capital stock to the extent of $1,000,000 and an
issue of $6,
000,000 bonds. The stock will be sold to the stockholders
at par pro rata.
Of the bonds, $1,200,000 will be deposited with the trustee
to redeem the
present bonds, and the remainder will be sold to pay the floating
debt of
this company and of its underlying companies, and to pay
for the construction of the lines, compressing statlons and equipment necessary
reach the Indiana markets and for general corporate purposes. The to
will be fully explained at the stockholders' meeting.—'V. 96, p. 404. plan
United Public Utilities Co., Operating in Ohio.—
Crawford, Patton & Cannon, New York and Phila., are placing
par and
Int. $657,000 of first lien 6% collateral gold bonds dated Jan. 1at
and
due Jan. 1 1943. but callable on any int. date at 110 and int. on 1013
90
days'
notice. Par $500 and $1,000 c*. Interest J. & J. in N. Y. Trustee,
Guaranty Trust Co. of N. Y. Total auth., $5,000,000; issued, $657,000,
in effect, by deposit of collateral, a first lien on properties valued
at over
$1.000,000 (exclusive of intangibles), subject only to $177,000 Maumee
Valley Electric Co. bonds. Stock auth. and issued, $1,000,000, par $100.
Incorporated in Delaware in December 1912.
These $657.000 bonds were issued:(1) To purchase (a) 90% of the capital
stock of the Maumee Valley Electric Co.; (10 entire capital
less directors' shares, and all the let M. bonds of the Defiance Gas stock,
entire capital stock, less directors' shares, and all the 1st M.& El. Co.;(c)
of the
Suburban Light & Power Co. (2) To fund floating debt of bonds
all said cos.
(3) To provide for extensions and improvements. The remaining
$4,343,000 bonds can only be issued under carefully guarded
restrictions for additional properties or their securities, and for extensions
and betterments.
Estimated earnings for cal. year 1913 under concentrated
management:
Gross, $170,765; oper. exp., incl. int. on underlying
bonds, $90,000; net.
$80.765; interest on this issue of bonds, $39.420; bal., surplus,
$41,345.
Subsidiary Companies.—The subsidiary companies
the entire gas
business In Defiance, the entire electric lighting businessdo
in Defiance, Maumee and Perrysburg and wholesale power under contract
to Toledo Railways & Light Co. in Toledo. The Defiance Gas & Electric
Co.(V. 91, p.
1330) has over 19 miles of gas mains and
miles of electric pole line, a
gas plant with a daily capacity of 125,00022
cu. ft. and an electric plant.
capacity 450 k. w., supplemented by power from Auglaize Power
Co.
(hydro-electric, V. 94, p. 562). under contract. The
Suburban Light &
Power Co. has 53 miles of pole lino and an electric plant
of 225 k. w.,
and it purchases hydro-electric power from tho Maumee Valley
Electric
Co. Extensions into profitable territory are proposed. The Maumee
Valley Electric Co. owns a hydro-electric plant with an electric rating of
2,300 KVA, located about eight miles from Toledo. All of the subsidiary
companies are now managed by Day & Zimmerman, engineers, of Phila.
Securities listed on the New York Stock Exchange in 1912,
with statistics for a series of years.
Call money rates daily in 1912.
Money rates by weeks for past three years on all classes of loans.
Weekly statements in 1912 for Banks and Trust Companies.
Crop Statistics for a series of years.
Iron and Coal—Production for a series of years.
Gold and Silver—Production for a series of years and Monthly
Range
of Price of Silver in London from 1837 to 1912, inclusive.
Copper production and prices.
Exports and Imports for a series of years.
Comparative prices of Merchandise for a series of years.
Foreign Exchange—Daily prices in New York in 1912.
Great Britain—Review of commercial and financial affairs, with
comparative statistics.
Bank of England Weekly Statements in 1912, and the changes
Bank rate for a series of years; also money rates in Continental cities.in the
Government Bonds—Monthly Range since 1860 and Debt Statement for
each year since 1793.
State Bonds—Record of prices since 1860.
Foreign Government Securities—Range of Prices monthly on Now York
Stock Exchange for five years.
Railroad and Miscellaneous Bonds and Stocks—Monthly Range of Prices
for five years in New York and for one year in Boston, Philadelphia and
Baltimore.
Railroad and Industrial Dividends, 1903-1912.
Description of Railroad and Industrial Securities, Record of Earnings,
Dividends, Railroad Construction,Total Milegae, Capitalization,Passenger
and Freight and other statistics for a series of years.
The price of the review is $2 25. Publishers, William B.
Dana Co., 138 Front Street, New York. Copies may also
be had from G. W. Shepherd, 513 Monadnock Block, Chicago; Edwards & Smith, 1 Drapers Gardens, London.
—Edward B. Smith & Co., 27 Pine St., this city, and
Broad and Chestnut sts., Philadelphia, have issued a booklet
descriptive of the Philadelphia Equipment Securities Co.,
in the organization of which Drexel & Co. and Brown Bros.
& Co. of Philadelphia are also interested. The equipment
company has been organized to provide a medium through
which the issue and sale of car trust certificates by electric
railway companies may be more readily effected than at
present. Although this method of financing the purchase
of cars has been extensively used by steam railroads for many
years, few electric railways have been able to avail themselves of the plan. The Philadelphia Equipment Securities
Co. will be in the market to buy small issues and will deposit
these issues with a trustee and then sell to investors its own
serial bonds. During 1912 orders were placed for about
$30,000,000 worth of electric cars, being 50% above 1911.
Copies of this descriptive booklet will be mailed on request
United States Finishing Co.—Extension Asked.—The to Edward B.Smith & Co.
company has requested banks holding its paper for a 6
—Four public utility bonds which White, Weld (t Co. of
months' extension of credit.
All of the New York banks have,it is stated, consented, and it is expected this city, Chicago and Boston recommend for investment
that the remaining banks will do likewise. A committee of three,
repre- are advertised to-day opposite our statement of "Clearingsenting the creditor New York, Boston and Providence banks will,
it is
said, shortly be formed to safeguard the creditors. It
said that a House Returns." The income yield to the investor ranges
re-financing plan will shortly be arranged and submitted is
to
stockholders
, from 5.35 to 6%. The bankers state that "all the properties
to permanently finance the company's needs.
on which these bonds are secured have been examined thorPreliminary figures of condition show, it is
current liabilities
of about $2,300,000 and current assets well inreported,
excess of $2,500,000. An oughly by our experts and we have satisfied ourselves that
auditor's report will be completed within a few days.
The
main
causes
of
the temporary embarrassment are said to be poor business and the conver- the present asset security is ample. The prospects for develtion of liquid assets into improvements.—V. 95, p. 1205.
opment arc good, the present earnings are largely in excess
United States Steel Corporation.—Unfilled Orders of interest requirements and the management is in the hands
Jan. 31.—See "Trade and Traffic Movements" on page 766. of capable and experienced men." For details of these
bonds see the advertisement.
—V. 96, p. 494.
—The firm of William R. Craig & Co. started business on
Universal Caster & Foundry Co.—Called Bonds.—
Fourteen mortgage 6% bonds secured by mortgage Dec. 14 1903, for March 1 at 25 Broad St. The firm is composed of W. R.
payment at par and int. at Fidelity Trust Co. of Newark
on April 1.— Craig, formerly of the firm of Craig & Jenks; R. M. Stuart
V. 92, p. 799.
Wortley, who was Treasurer of the United Metals Selling
Utilities Improvement Co., N. Y.—Stock, Holdings, &c. Co. for five years; R. E. Bonner, member of the New York
See Gas Securities Co. above.—V. 95. p. 1688.
Stock Exchange, and T. P. Flaherty, member of the New
Warren Bros. Co. (Bitulithic Pavements), Boston.— York Cotton Exchange. The firm does a general banking
This prosperous company, which sells bitulIthic
throughout and commission business.
the U. S. and Canada, reports profits for the cal. yearpavement
1912 of $655,276, its
sales having increased 13% and the net earnings 22% over
—Having sold the greater portion of $6,500,000 Consoli1911. To conserve the cash working capital, the directors have voted to give
holders dation Coal Co. 10-year
of the $2,000,000 common stock on April 1, as their share of the
5% convertible secured bonds,
the
profits
of 1912 a 20% dividend ($400,000) in 1st pref. 6% stock, increasing the Spencer Trask & Co., William
Salomon & Co. and Kissel,
outstanding 1st prof. to $1,900,000. There is also outstanding $500,000
Kinnicutt
&ro.of this city are jointly offering the remainder,
7% 2nd pref., of which $400,000 was similarly issued in former years to
the common shareholders in place of cash. The limit of stock issues is subject to sale, to yield about
6%. See to-day's advertisecommon,$2,000,000; 1st 6% pref., $2,000,000; 2d 7% pref., 3500,000.
ment in our advertising columns and also the 'General InBalance Sheet Dec. 31 1912 (Total Each Side $7,663,688).
vestment
News" department for particulars.
Cash
$280,083
Accounts receivable, $1,217,324; notes receivable, $980,664..
2,197,988
—Harris, Forbes & Co. of this city are advertising elseRetained money,$43,134; city securities, $88,532; &c.,
143,604
811.938
.
Material and reserves on contracts
390,210 where in this issue of the "Chronicle' $2,000,000 Montreal
Plant, $472,642; real estate ($98,784, less mtge.,
$28,449),
Tramways Co. first and refunding mortgage 5% bonds at
$70.335
542,977
es
Invtments
2.108,826 99 and accrued interest. The firm states that the not earnPatent rights
2,000,000 ings are practically 2M times the annual
bond interest
Offsets—Accounts payable, $158,181; dividends payable,
$31,250;
charge. Complete circular upon request. See advertisenotes, $1,222.245
$1,411,676
Funded debt:(a) Bonds,5% deb. 1922($500,000; less paid
ment
for
details.
and
canceled, $475,000). $25,000;
coll, trust notes,6% 10-yr.
sinking fund ($500,000, less (b)
paid off, $150,500). $349,500;
—"Moody's Manual" will be issued in two volumes this
(c) accrued int.. $4,040
378,541 year, owing to the increased
Reserves for depreciation, maintenance, &c
number of corporations to be
520,249
Capital stock: 1st pref., $1,500,000 (now $2,000,000,
covered. The first volume is now ready and includes
incl.
those
$100,000 in treas.); 2d pref., $500,000; common,
$2,000,000- 4,000,000 corporations whose reports
Surplus
for 1912 were available at the
1t____353,222 time of going
Pres., George 0. Warren; Treas., John Dearborn; Sec., Albert 0.
to
press.
The second volume, to be issued in
Warren;
Asst. Treas., Perry B. Howard.—V.93, p. 538.
June,will include the corporations not appearing in the first
Westinghouse Air Brake Co.-5% Stock Dividend.—
volume.
A stock dividend of 5% (about $900,000) has been declared,
along with a
quarterly dividend of 2% and 2% extra, payable Apr.
—Wm. Morris Imbrie & Co. announce the opening of a
15 to holders of
record March 31. This compares with regular cash dividends
of 2% with Chicago office in the Harris Trust Bldg. Mr.John
extra
2%
in Jan. 1913 and Oct. 1912, a stock dividend of 33 1-3%
F. Trow,
having
also been Paid in Oct. 1912. This Increases the outstanding stock
to about who has been connected with the New York office of this
$19.300,000. Compare V.95, D. 685.—V. 96, D. 140.
firm for several years, will be in charge.
795
THE CHRONICLE
31 AR. 15 1.U) 3.j
vt.Tarts and gacuutents.
THE LAKE SHORE & MICHIGAN SOUTHERN RAILWAY COMPANY
FORTY-THIRD ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1912.
To the Stockholders of The Lake Shore cfc Michigan Southern
Railway Company:
The Board of Directors herewith submits its report for
the year ended December 31 1912, with statements showing
results for the year and the financial condition of the company.
The mileage embraced in the operation of the road is as
follows:
Miles.
871.00
289.32
521.90
190.08
Main line and branches
Proprietary lines
Leased lines
Trackage rights
1,872.30
Total road operated
An increase of 97.23 miles in road operated is due to the
acquisition through lease of the Lake Erie Alliance & Wheeling
RR.and to the opening for operation of 9.56 additional miles
of the Cleveland Short Line Railroad extending from Marcy,
Ohio, to Collinwood, Ohio. There is a reduction of .36
miles due to remeasurement and adjustment of mileage of
the Lake Erie & Pittsburgh Railway. The net total increase in miles operated over 1911 is 96.87 miles. A statement showing in detail the miles of road and track operated
will be found upon another page.
There was no change in capital stock during the year, the
amount authorized and outstanding December 31 1912
being $50,000,000.
Amount to credit of profit and loss (free surplus) Decem$36,154.623 35
ber 31 1911
7,584,384 06
Balance to credit of profit and loss for the year 1912
$43,739,007 41
DeductInitial payment of ten per cent on New York
$330,551 25
Central Lines equipment trust of 1912
New equipment purchased from the company's
proportion of profit from operations of the
Pittsburgh McKeesport & Youghiogheny
777,311 07
Railroad
Expenditures for additions and betterments,
equipment, &c., on account the Lake Erie
582,594 75
Alliance & Wheeling Railroad Company
Value of property at Ashtabula Harbor and other
408,939 39
locations abandoned during the year
Commissions and expenses on sterling and franc
80,108 44
notes
Commission and expenses (net) on New York
Central Lines equipment trust certificates of
48,545 87
1912
For adjustment of sundry accounts,including un323,788 75
collectible items
2,551,839 52
The mortgage, bonded and secured debt outstanding on
$168,172,482 57
December 31 1911 was
It has been increased during the year by pro rata liability
for certificates under the New York Central Lines Equip2,974.961 25
ment Trust agreement of 1912
$171,147,443 82
It has been decreased during the year as follows:
January 1, pro rata of second installment
$918,071 04
1910 equipment trust
November 1, pro rata of fifth installment
447,226 18
1907 equipment trust
By reduction of liability for certificates outstanding under 1910 trust, account transfer
of 25 locomotives to Michigan Central Rail375,979 50
road Company
1.741,276 72
Total mortgage, bonded and secured debt outstanding$169.406,167 10
December 31 1912
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
Inc.(+) or
1911.
1912.
Dec. (--)•
1,872.30 miles 1,775.43 miles
+96.87 miles
operated.
operated.
Operating Income$
$
$
Rail operationsRevenues
54,283,616 52 48,360.997 13 +5,922,619 39
27
+3,090,769
09
362'32,443,875
Expenses
35,534,644
Net Revenue-Rail Op18,748,972 16 15,917,122 04 +2,831,850 12
erations
(65.46%)
Percentage of expenses to rev_
Auxiliary Operations1,206,895 79
Revenues
1,091,491 27
Expenses
Net Revenue-Auxiliary
Operations
115,404 52
(67.09%)
(-1.63%)
577,657.87
608,734 97
+629,237 92
+482.756 30
*31,077 10
+146,481 62
94 +2,978,331 74
Net Operating Revenue 18,864,376 68 15,886,044 54
+97,158 34
1,771,097 88 1,673,939
Railway Tax Accruals
40
+2,881,173
40
14,212,105
80
17,093,278
Operating Income
Other Income5,000 00
5,000 00
From lease of road
Hire of equipment credit bal157,555 78
551,998 49
ance
336,426 83
357,851 47
Joint facility rents
132,904 57
98,394 37
Miscellaneous rents
Net profit from miscellaneous
1,211 26
physical property
Separately operated properties
557,040 96
1,272,125 22
-profit
6,904,180 66 7,878,679 77
Dividend income
288,623 75
Income from funded securities 488,311 26
Income from unfunded securi845,556 19
663,001 23
ties and accounts
82,800 43
6,702 73
Miscellaneous income
Total Other Income
Gross Income
10,348,776 68 10,284,588 28
+394,442 71
+21,424 64
-34,510 20
Balance to credit of profit and loss (free surplus) December 31 1912
* Deficit.
z Revised for purposes of comparison.
The revenues from rail operations for the-year were the
largest in the history of the road, amounting to $54,283,616 52, an increase of $5,922,619 39, or 12.25%, as compared with the previous year
Freight revenue was $36,371,244 49, an increase of $5,269,909 87. The revenue freight carried amounted to 41,081,573 tons, or 6,193,876 tons more than last year. With
the exception of products of animals, each group of commodities shows a greater tonnage carried than in 1911.
The notable increases are, anthracite and bituminous coal,
2,218,874 tons; ores, 916,501 tons; stone, sand and other
like articles, 890,269 tons; other castings and machinery,
296,208 tons; bar and sheet metal, 263,226 tons, and other
manufactures, 490,393 tons. There was a slight decrease
in the average rate per ton mile due to reduction in lake
coal rates effective May 11912.
Passenger revenue amounted to $11,835,198 83, an increase of $485,103 16 over last year, attributable to additional 'business. There was an increase in local passengers
carried of 144,232, a decrease in interline passengers carried
of 92,932, resulting in a net increase of 51,300 passengers.
Revenue from transportation of mails was $1,974,227 76, a
decrease of $204,405 87, being the result of a re-weighing of
mails commencing September 1 1911, when the United
States Post Office Department inaugurated the transportation of magazines and periodicals by freight service at freight
tariff rates, since which time the earnings from that class of
matter have accrued to freight revenue.
Revenue from express traffic was $1,985,690 32, an increase of $239,754 48, attributable to the additional business
handled during the year.
Other transportation revenues amounted to $1,626,784,
an increase of $143,197 60, principally due to larger revenue
derived from switching service.
Revenues other than from transportation were $490,471 12, a decrease of $10,939 85. The principal decrease
is in rents of buildings and other properties, due to cancellation of leases of the company's coal and ore-unloading machinery at Ashtabula Harbor, which have been taken over
for direct.operation by the company.
Operating expenses for the year, by groups, were:
+1,211 26
+715,084 26
-974,499 11
+199,687 50
-182,554 96
-76,097 70
+64,188 40
27,442.055 48 24,496,693 68 +2.945,361 80
Deductionsfrom Gross Income2,663,239 19 2,531,081 50
For lease of other roads
774,143 47
449.678 61
Joint facility rents
5,173 90
8,029 45
Miscellaneous rents
5,948 22
Miscellaneous tax accruals..
Separately operated proper109,624 81
178,693 51
tles-loss
6,678,440 31 6,567.806 05
Interest for funded debt
563,963 49
549,177 27
Interest for unfunded debt_ _ _
Total Deductions from Gross
Income
10,857,671 42z10,227,328 36
+132,157 69
+324.464 86
+2,855 55
+5,948 22
+69.068 70
+110,634 26
-14,786 22
+630,343 06
16,584,384 06 14,269,365 32 +2,315,018 74
Net Income
Dividend Appropriations of
Income96,030 00
96,030 00
On guaranteed stock (18%)..
8,903.970 00 8,903,970 00
On common stock (18%)
Total Dividend Appropriations
9,000,000 00 9,000,000 00
of income
Income Balance Transferred to
Credit of Profit and Loss_-- 7,584.384 06 5.269,365 32 +2,315,018 74
$41,187,167 89
Maintenance of way and structures.. $6,516,211 90
9,283,832 83
Maintenance of equipment
961,761 66
Traffic expenses
17,797,334 45
Transportation expenses
975,503 52
General expenses
Total
* Decrease.
Increase. Per Ct.
$337,588 59 5.46
1,214.439 89 15.05
*64,555 63 6.29
1,552,282 23 9.55
5.52
51,014 19
$35,534,644 36 $3,090,769 27
9.53
The increase in maintenance of way and structures was
occasioned largely by the very heavy volume of traffic
moved over the road during the year. To maintain the roadbed and track in first-class condition, additional track men
were employed,and,owing to the scarcity of laborers of that
class, it was necessary, in order to secure and hold a sufficient force, to grant a higher scale of pay, which in itself
added $95,000 to roadway and track expense. Severe
weather conditions during the first three months of the year
caused a large expense for removal of snow, sand and ice.
Several large bridges were renewed during the year. There
were increased payments for the use of other companies'
tracks under trackage right agreements. The expense for
maintenance of signals and interlockers was not so large as in
1911, owing to unusually heavy expenditures in that year
for renewal of various interlocking plants.
The great demand on the company's equipment to transport the large volume of traffic moved during the year
made necessary increased charges to maintenance of equipment expenses. In order to keep equipment in service and
up to standard, 199 more locomotives received general re-
796
THE CHRONICLE
WoL. xcvx.
pairs than in the previous year and 85,615 more freight cars
The company, as owner of the
were repaired than in 1911. Additional charges
outstanding capital
renewal stock of the Lake Erie Alliance &entire
of equipment were occasioned by a larger number to
Wheeling Railroad Comof
old
and
pany,
entered
into
an
.
agreement and lease effective July 1
obsolete locomotives and freight cars having been
disposed 1912, whereby it acquired the right to use
of and dismantled during the year.
for the term of its
coryorat
e
existenc
e
the
railroad and properties of the Lake
Traffic expenses indicate a decrease as compared with
the
Erie
Alliance
&
Wheelin
g
Railroad
previous year. Participation of the company in the
Company, extending
expenses from Phalanx,Ohio, to Dillonvale, Ohio,
of fast freight lihes was considerably diminis
a distance of 87.67
hed,
owing
miles.
to
The
Lake
Shore
&
Michiga
n Southern Railway Comsome withdrawals and reductions in assessments.
pany
will
keep
and
maintai
n
at its own expense the railroad
In transportation expenses practically all items
affected and properties leased, and is to receive all
by the volume of traffic handled show increase
revenues derived
s.
This
is
from
the
operatio
n
thereof.
As rental it agrees to pay an.
clearly attributable to the fact that the company transpor
ted
amount
equivale
nt
to
four
per cent per annum on the out6,193,876 more tons of freight than in 1911. Althoug
h standing capital stock, interest on the
increased expenses are shown, there was a considerable
outstanding obligasaytions
and
all
taxes
and
assessme
nts of that company.
Mg in the cost of road service, particularly in the
consump
The
opening
for
operatio
n
on July 1 1912 of that part of
tion of fuel. Tonnage moved during the • year increase
d the Cleveland Short Line Railway between
17.75 per cent over the previous year, while freight
Marcy, Ohio,
train
and
Collinw
ood,
Ohio,
a
distance
of 9.56 miles, has placed
miles increased only 7.81 per cent and freight locomot
ive
in
operatio
n
the
entire
belt
line
around the city of Cleveland,
miles 6.7 per cent. Demand made upon the compan
y by Ohio, extending from Rockport on the west,
enginemen for increased scale of wages was submitted
to Collinwood
to
on
the
east,
a
distance
of
19.64
miles.
arbitration, resulting in an award granted to this class of
The
compan
y
issued
on
March
2 1912
labor, which added to the cost of transportation
payable
s February 24 1913, for 25,000,000 francs, notes
subsequent to May 1 1912. Expenses growing outexpense
equivalent to
of
per$4,827,
898
55,
and
sterling
notes
payable March 2 1913,
sonal injury claims were large, there having
serious for £1,400,000, or $6,819,889 50, making a total
crossing accidents at 105th Street, Cleveland, been
of $11,647,and Ashta- 788 05, from the proceeds of which the compan
bula, Ohio. Furthermore, the personal injury compensation
y retired its
one-year
franc
notes
that
matured
March
4
1912, amounting
laws passed in various States through which the company to
60,000,000 francs.
operates has materially affected this item of expense.
The
comp
ny
purchas
ed
from
the
Michiga
n Central RailGeneral expenses show an increase of $51,014 19. Of this road Compan
y 30,000 shares of the common stock, par value
increase $15,408 88 represents additional disbursements to $3,000,0
00, of the Chicago Indiana & Southern Railroad
retired employees for pensions.
Company, and also demand promissory notes issued
by the
Net revenue from auxiliary operations for the year in- latter compan
y; amounting to $495,000. Through the accreased $146,481 62, through the taking over for direct quisitio
n
of
this
stock
the
compan
y
became
possesse
operation by the company of the unloading machinery on
d of all of
the outstanding capital stock of the Chicago Indiana
its docks at Ashtabula Harbor, Ohio.
&
Souther
n
Railroad
Compan
y.
In
the
consumm
Railway tax accruals amounted to $1,771,097
ation of this
an in- transaction it was stipulated that the Michiga
crease of $97,158 34 over the previous year, and 88,
is attribu- Railroad Company would be released from its n Central
table to higher valuations placed upon the company
on
's prop- under a contract dated January 15 1908, by which obligati
erty by various State Tax Commissions.
that comOther income for the year amounted to $10,348,776 68, pany agreed to hold the Lake Shore & Michigan Southern
an increase of $64,188 40 as compared with the previous Railway Company harmless from liability on its guaranty
of $3,825,000 of the fifty-year gold mortgage bonds of the
year. Additional income was derived from
of equip- Chicago Indiana & Southern Railroad Compan
ment and separately operated properties duehire
y.
to
greater
a
There were also acquired during the year, by purchase,
excess of the company's equipment having been in use on
foreign lines and to the larger surplus for the year of the 27,998 shares of stock, par value $1,399,900, of the Pittsburgh McKeesport & Youghiogheny Railroad Company,
Pittsburgh McKeesport & Youghiogheny Railroad,in which 47,881
the company has a one-half interest. The increase shown burgh shares of stock, par value $2,394,050, of the Pittsin income from funded securities is accounted for by the par & Lake Erie Railroad Company; 25 shares of stock,
value $2,500, of the Kanawha & Michigan Railroad
full year's interest received on bonds of the Cleveland, Compan
y; $1,000,000 of the Cleveland Cincinnati Chicago
Short Line Railway Company and the Lake Erie & PittsSt. Louis Railway Company general mortgage four per
burgh Railway Company, acquired by the Lake Shore & &
bonds and $97,000 of the Toledo & Ohio Central RailMichigan Southern Railway Company last year in reim- cent
way Company, St. Mary's Division, first preference income
bursement of notes of those companies. The retirement of bonds.
the notes • mentioned caused a decrease in the
d
The Board has authorized the cancellation of the agreesecurities which practically offset the increase inunfunde
ment dated November 1 1907, between the Merchants'
from funded securities. Income from dividends on income
Despatch Transportation Company, the New York Central
owned by the company decreased $974,499 11, due stocks
re- & Hudson River Railroad Company, the Lake
Shore &
duction of extra dividends by the Pittsburgh & LaketoErie
Michigan Southern Railway Company, the Michiga
n CenRailroad and the Mahoning Coal Railroad Companies.
tral
Railroad
Compan
y, the Cleveland Cincinnati Chicago
Deductions from gross income for the year were $10,857,- & St. Louis
Railway
Compan
y, the Pittsburgh & Lake Erie
671 42, an increase of $630,343 06, due to following causes.
Railroad Company,the Peoria & Eastern Railway Company,
(1) Deductions for lease of other roads increased $132,- Rutland
Railroad
Compan
y, the Lake Erie & Western Rail157 69, due to a full year's rental paid to the Cleveland Short road
Company and the Chicago Indiana & Southern RailLine Railway Co. as compared with nine months last year, road
Compan
y,
covering the use of the Merchants' Despatch
and to rental paid through lease of the Lake Erie Alliance & Transpor
tation Company refrigerator cars by those comWheeling Railroad, effective July 1 1912.
panies,
to
effective
be
January 1 1913, and has further
(2) Joint facility rents increased $324,464 86, principally authoriz
ed the purchase,in conjunction with the New York
due to payments covering the entire year for trackage rights
Central
&
Hudson
River
Railroad Company, at its present
acquired over the Pennsylvania and Baltimore & Ohio value,
Railroads in connection with operation of the Lake Erie & pany's of the Merchants' DespatchTransportation Comrefrigerator equipment, consisting of 5,388 owned cars
Pittsburgh Railway.
1,000 leased cars covered by Merchants' Despatch
(3) Separately operated properties—loss increased $69,- and
tation Company Equipment Trust of 1911. Ap068 70, owing to participation by the company in the guar- Transpor
anty in connection with the Merchants' Despatch Transporta- portionment between the purchasers is to be on the basis of
their respective stock ownership in the Merchants' Despatch
tion Company.
Transportation Company. Through this division of the
(4) Interest for funded debt increased $110,634 26, due to equipme
a full year's interest having been accrued on $5,720,000 of Compannt, the Lake Shore & Michigan Southern Railway
y will acquire 2,520 of the owned cars and an equity
gold bonds of 1906 issued in 1911, as against a partial year's
468 of the equipment trust cars. The Board has also on
accrual for that year, and also to interest accrued on the in
behalf of the company given consent to a reduction of the
company's pro-rata of equipment trust certificates of 1912, capital
stock of the Merchants' Despatch Transportation
there being no corresponding charge in 1911
Compan from $5,000,000 to $1,200,000, under which
From the net income of the company for the year, amount- authority
y this company will sell, at par, 17,772 shares of
ing to 16,584,384 06 there were paid three dividends on its present
holding in that comp fly.
both the guaranteed and common capital stock, aggregating
agreements with various dock companies for the lease
18 per cent, or $9,000,000,leaving a balance of $7,584,384 06, of All
ore docks owned by the company at Ashtabula Harbor,
which was transferred to the credit of profit and loss.
for the handling of ore at that point were terminated
There was expended during the year for additions and im- and
as of May 1 1912, and new agreements were made providing
provements to the property $3,238,615 21, all of which was for
the handling of ore from vessels to cars by the company
charged direet to capital account. For the increased train through
movement on the Sandusky Division, additional main companythe agency of contractors. In this connection, the
purchased the machinery owned by the Pittsburgh
tracks have been provided. To facilitate the movement of
Conneaut Dock Company located on the company's
traffic and to meet municipal requirements, it has been &
y at Ashtabula Harbor, agreeing to pay therefor the
necessary and desirable to extend the work of grade separa- propert
of $775,672 61 in five equal installments.
tion, upon which substantial progress has been made during sum
During the year the company acquye.d under contract
the year, particularly in the Chicago territory and in con- about
76,000 acres of coal lands in Christian, Montgomery,
nection with the change of line at Port Clinton. The
com- Fayette, Saline, Franklin and Williamson counties, Illinois,
pany has also provided additional yard, station, enginehouse and shop facilities to meet the requirements of the in- at a cost of, approximately, $2,500,000. Deeds for 16,300
acres have already been delivered and $728,309
paid by
crease in business. Details of such expenditures will
be this company therefor. These coal lands are on 98
or near the
found'on a following page.
line of the Cleveland Cincinnati Chicago & St. Louis Rail
797
THE CHRONICLE
MAR. 15 1913 W]
way Company, the majority of whose stock is owned by
this company, and the said lands are tributary to the Cleveland Cincinnati Chicago & St. Louis Railway and the Chicago Indiana & Southern Railroad, which latter is subsidiary of this company. Contracts have been entered
into by the Cleveland Cincinnati Chicago & St. Louis Railway Company for the purchase of these lands from this
company at cost, plus 5% interest, payable July 1 1917,
and it has made an initial payment of $150,000 on account
thereof. The Guaranty Trust Company of New York has
acted as agent for the Lake Shore & Michigan Southern.
Railway Company in the making of these purchases and contracts.
Under an agreement dated February 1 1912 the company
has granted to the Bessemer & Lake Erie Railroad Company
the right to use the tracks of the Lake Shore & Michigan
Southern Railway Company between Dock Junction and
Wesleyville, Pennsylvania. The company has also, as
lessee of the Jamestown Franklin & Clearfield Railroad
Company, granted to the Pennsylvania Southern Railroad
Company, under an agreement dated December 30 1912,
the right to run over the tracks of the Jamestown Franklin.
& Clearfield Railroad Company between Sutton and Franklin, Pennsylvania, one passenger train each way per day.
Under date of August 22 1912,this company, in conjunction with the New York Central & Hudson River Railroad
Company, entered into an agreement with the Lehigh Valley
Railroad Company for a share in its purchase from the City
of Buffalo of a tract of land known as the "Hamburg Canal
Strip," for enlargement of terminal facilities, at a cost of
$500,000, of which the Lake Shore & Michigan Southern
Railway Company's proportion will approximate $150,000.
In the operation of the Pension Department 61 employees
were retired and placed upon the pension rolls. Of these
retirements, 34 were authorized because o the attainment
of seventy. years of age and 27 because of total and permanent physical disability. Twenty-four pensioners died during 1912 and at the close of the year 346 retired employees
were carried upon the pension rolls. The average monthly
pension allowance to these men was $23 33 and the total
amount paid in pension allowances during the year was
$99,528 28.
By an arrangement made with the Guaranty Trust Company, Trustee of the New York Central Lines Equipment
Trust of 1910, the company assigned and delivered during
the year to the Michigan Central Railroad Company twentyfive class G-6 locomotives acquired by the company under
the terms of that trust. The Michigan Central Railroad
Company assuming payment of the remaining unpaid installments applicable to the locomotives so assigned.
On November 20 1912 the Board of Directors authorized
the Lake Shore & Michigan Southern Railway Company,
together with the New York Central & Hudson River Railroad Company, the Michigan Central Railroad Company,
the Cleveland Cincinnati Chicago & St. Louis Railway Company, the Pittsburgh & Lake Erie Railroad Company and
the Toledo & Ohio Central Railway Company to enter into
an equipment trust agreement, to be dated January 1 1913,
for the purpose of establishing the New York Central Lines
Equipment Trust of 1913. This agreement will provide for
an issue of $24,000,000 of equipment trust certificates,
bearing interest at the rate of 432% per annum; being not
to exceed 90% of the total cost of the equipment to be furnished under the terms of the said agreement. The certificates are to be paid in fifteen annual installments, the first
installment being payable January 1 1914. Out of the
$24,000,000 of certificates authorized there will be issued
early in 1913 $12,540,000. The cost of the equipment to be
assigned to this company in connection with the issue of
these latter certificates will be approximately $1,006,000,
and the pro rata amount of the certificates, representing
not to exceed 90% of the cost, will be approximately
000. Full particulars as to the character of the equipment
to be acquired will be set forth in the report to the stockholders for 1913.
On another page will be found details with respect to the
New York Central Lines Equipment Trust of 1912, showing
the locomotives and cars acquired thereunder and the certificates outstanding.
Cost of road and equipment on December 31 1911 was..---$131,078,914 00
It has been increased during the year as follows:
Expenditures for additions and betterments
to the property as shown in detail elsewhere
$3,238,615 21
Cost of equipment received during the year
under the equipment trust of 1912
3,305,512 50
Cost of 1,000 box cars purchased from the
company's proportion of profit from
operation of Pittsburgh McKeesport &
Youghiogheny Railroad for years 1909,
777,311 07
1910 and 1911
7,321,438 78
$138,400.352 78
Value of equipment retired from service during the year
$866,253 67
Less amount charged for new equipment acquired, consisting of 7 passenger cars, 3
dining cars, 10 steel smoking cars, 1 pile
dri ver, 1 coaling machine, 5 steam shovels
and cost of applying superheaters to 41
locomotives
444,726 90
$421,526 77
Credit adjustment in connection with trust
equipment to cover profit on parts and accessories,freight and inspection charges,&c.
Value of twenty-five class 0-6 locomotives acquired under 1910 equipment trust and
transferred to the Michigan Central Railroad Company
222,767 30
483,524 95
1,127,819 02
$137,272,533 76
Amount credited in 1912 for account of 1907, 1910 and 1912
1,505,784 97
equipment trust installments
Cost of road and equipment December 311912:
$135,766,748 79
Grateful acknowledgement is made of the faithful, efficient performance of duty by employees in every department
of the service during the year.
WILLIAM C. BROWN,
President.
[For tables of comparative statistics see preceding pages under
"Annual Reports."]
THE MICHIGAN CENTRAL RAILROAD COMPANY
SIXTY-SEVENTH ANNUAL REPORT—FOR THE YEAR ENDED DECEMBER 311912.
The changes in the road and equipment account during the
To the Stockholders of The Michigan Central Railroad Company:
The Board of Directors herewith submits its report for year were as follows:
line to December 31 1911_ _ _ _$48,361,257 59
the year ended December 31 1912, with statements showing Amount charged against main
for additions and betterments in 1912, as shown in
the results for the year and the financial condition of the Charged
detail on another page—
Against capital account:
company.
For road
$325,054 78
The report covers the operation of the same, mileage as
For equipment
2,475,653 36 $2,800,708 14
the previous year, as follows:
Miles.
270.07
343.31
1,110.20
93.18
Main line
Proprietary lines
Leased lines
Lines operated under trackage rights
Total road operated (as shown in detail on another page)
1,816.76
There was no change in capital stock during the year, the
amount authorized and outstanding being $18,738,000 00.
$41,269,055 01
The funded debt outstanding December 31 1911 was
It has been increased during the year as follows:
Pro rata liability for certificates under New
York Central Lines Equipment Trust
$2,275,663 50
agreement of 1912
Additional liability for certificates outstanding under 1910 trust, account transfer of 25 locomotives from Lake Shore &
375,979 50 2,651,643 00
Michigan Southern Railway Company__
It has been decreased during the year as
follows:
Pro rata of installment on New York Central
lines equipment trust certificates of 1910,
paid January 1 1912
Pro rata of installment on New York Central
lines equipment trust certificates of 1907,
paid November 1 1912
Michigan Central-Jackson Lansing & Saginaw
three and one-half per cent gold bonds of
1951 purchased and canceled bythe Trustees of the Land Grant Fund of the Jackson
Lansing & Saginaw Railroad Company_
Total funded debt December 31 1912
$43,920,698 01
$339,098 22
260,425 45
5,000 00
604,523 67
$43,316,174 34
Against income account (appropriated surplus):
For equipment
$482,909 55
Less: For road (adjustment)
482,737 85
171 70
$3,283,445 99
Less: Equipment replacement fund
• $309,042 31
Equipment trust installm'ts 780,156 07 1,089,198 38 2,194,247 61
Total main line
$50,555,505 20
Amount charged against leased lines to December 31 1911
$17,166,727 53
Credited for additions and betterments in
1912, as shown in detail on another page—
To capital account:
$181,018 15
For road
To income account (appropriated surplus):
548,117 09
For road
367,098 94
Total leased lines
Total December 31 1912
16,618,610 44
$67,174,115 64
On June 19 1912 this company purchased the entire railroad and property of the Buchanan & St. Joseph River Railroad Company for a nominal consideration, all of the stock
of the latter company being owned by The Michigan Central
Railroad Company, the railroad purchased consisting of a
spur line 1.77 lines in length, situated in Buchanan, Berrien
County, Michigan.
On November 1 1912 this company subscribed to 1,785.6
shares of the increased capital stock of the Toronto Hamilton
& Buffalo Railway Company and paid for the same at par.
798
THE CHRONICLE
[VOL. xcm
The Toronto Hamilton & Buffalo Railway Company also
1912.
Increase (+)
1911.
1,816.76 miles 1,816.76 miles
or
liquidated its indebtedness to this company, amounting to
operated.
(-).
Decrease
operated.
$24,986 78.
Other Income
Joint
facility
income
207,114 02
Under an indenture dated October 1 1912 between The Miscellaneousrent
236,403 38
-29,289 36
rent income_ --2,093 84
3,259 77
-1,165 93
Michigan Central Railroad Company, The Canada Southern Dividend income
618,556 67
347,241 50 +271,315 17
Railway Company and the Guaranty Trust Company of Income from funded securities 46,880 00
46,880 00
from unfunded securiNew York,this company guarantees the payment of the prin- Income
ties and accounts
186,018 65
525,154 01 -339,135 36
cipal and interest of $40,000,000 00 of Canada Southern Miscellaneous income
-12,018 43
12,018 43
fifty-year five per cent gold bonds, of which $22,500,000 00
Total other income
1,060,663 18 1,170,957 09 -110,293 91
have been issued and sold, the proceeds to be used in the reGross income
9,624,774 25 8,675,980 44
+948,793 81
demption of $14,000,000 00 of first mortgage bonds of The
Canada Southern Railway Company maturing January 1
Deductionsfrom Gross IncomeDeductions
lease
for
of
other
.1913; $6,000,000 00 of its second mortgage bonds maturing
roads
1,794,951 00 1,605,443 67 +189,507 33
March 1 1913, and to pay for improvements to the property Hire of equipment, debit bal. 1,099,646
52
652,736 44
+446,910 08
facility rent deductions_
Joint
560,795 72
°Mlle Canada Southern Railway Company made and con- Miscellaneous
583,551 98
-22,756 26
rent deductions
3,013
41
6,816 35
-3,802 94
templated.
Miscellaneous tax accruals__ _
11,286 84
+11,286 84
Separately
operated
properOn November 20 1912 the Board of Directors authorized
ties-loss
245,802 66
174,887 13
+70,915 53
The Michigan Central Railroad Company, together with Interest
deductions for funded
debt
The New York Central & Hudson River Railroad Company,
2,989,956 28 2,911,715 81
+78,240
47
deductions for unThe Lake Shore & Michigan Southern Railway Company, Interest
funded debt
192,988 94
624,464 64 -431,475 70
The Cleveland Cincinnati Chicago & St. Louis Railway ComTotal deductions
6,898,441 37 *6,559,616 02 +338,825 35
pany, The Pittsburgh & Lake Erie Railroad Company and
The Toledo & Ohio Central Railway Company to enter into
Net income
2,726,332 88 2,116,364 42 +609,968 46
an equipment trust agreement, to be dated January 1 1913, Dividends, 2, aggregating 6% 1,124,280 00 1,124,280 00
for the purpose of establishing the New York Central Lines
Surplus
1.602,052 88
992,084 42 +609,968 46
equipment trust of 1913. This agreement will provide for
*Revised for purposes of comparison.
an issue of $24,000,000 00 of equipment trust certificates,
bearing interest at the rate of 4 2% per annum, being not to Amount to credit of profit and loss (free surplus) December 31 1911
$11,228,059 49
exceed 90% of the total cost of the equipment to be furnished Surplus
for the year 1912
1,602,052 88
under the terms of the said agreement. The certificates are
Addto be paid in fifteen annual installments, the first installment Advances for improvements
312,830,112 37
charged to income,
being payable January 1 1914. Out of the $24,000,000 00
now to be covered by capital of The Detroit
Delray & Dearborn Railroad and The Canada
of certificates authorized there will be issued, early in 1913,
Southern Railway companies
$740,353 77
$12,540,000 00. The cost of the equipment to be assigned Sundry
adjustments and cancellations (net)
70,951 54
811,305 31
to this company in connection with the issue of these latter
Deduct$13,641,417 68
certificates will be approximately $1,099,000 00, and the pro Ten
per cent payments account equipment trust
rata amount of the certificates, representing not to exceed
of 1912
$252,851 50
abandoned property
107,972 09
90% of the cost, will be approximately $960,000 00. Full For
Discount, commission and expenses equipment
particulars as to the character of the equipment to be actrust certificates of 1912 and one-year four
per cent notes
quired will be set forth in the report to the stockholders
52,051 81
412,875 40
for 1913.
Balance to credit of profit and loss (free surplus) December 31 1912
On another page will be found details with respect to the
$13,228,542 28
New York Central Lines equipment trust.of 1912, showing
The total operating revenues were $32,911,753 07, an inthe locomotives and cars acquired thereunder and the cercrease of $2,747,262 91 as compared with the previous year.
tificates outstanding.
The freight revenue was $21,318,204 50, an increase of
On October 21 1912, and in accordance with agreement
dated October 1 1912, supplemental to lease dated February $1,779,520 50. This was due to the increased movement of
15 1912 establishing the New York Central Lines Equipment nearly all commodities, the largest increases being in the
Trust of 1910, the Lake Shore & Michigan Southern Railway tonnage of grain, fruit,. bituminous coal, stone, lumber, bar
Company transferred to this company twenty-five freight and sheet metal and miscellaneous commodities.
The passenger revenue was $8,250,336 10, an increase of
locomotives, in consideration of which this company assumed
the remaining indebtedness on these locomotives amounting $643,284 14. A large increase in the number of immigrant
to $375,979 50, and made a cash payment of $103,679 75 and other interline passengers more than offset the decrease
for the value of the Lake Shore Company's equity in the equip- in the number of local passengers carried, and is reflected in
ment, less depreciation while in the service of the latter_ the increase in the average distance each passenger was carried. This additional interline business, together with the
company.
The Detroit Delray & Dearborn Railroad Company De- discontinuance, to a large extent, of the low-rate excursion
cember 5 1912 increased its capital stock from 850,000 00 to travel, caused a slight increase in the average revenue per
$375,000 00. The unissued portion of the original amount passenger per mile.
The express revenue was $1,610,393 82, an increase of
authorized and such amount of the additional issue as may
be necessary to be issued and sold, will be used to pay for $131,944 67 compared with the previous year, due to an enlarged volume of business.
extensions and improvements to the property.
The revenue from the transportation of mails was $434,On December 17 1912 this company disposed of its holdings of 30,000 shares of the common stock, and a promissory 330 74,an increase of $22,630 19, due to an under-estimate of
note amounting to $495,000 00 of the Chicago Indiana & $16,586 00 in 1911, and additional compensation effective
Southern Railroad Company to The Lake Shore & Michigan July 1 1911 of $6,044 19 allowed by the United States GovSouthern Railway Company for a consideration of $1,000,- ernment, based on re-weighing of mails.
The operating revenue from all other sources increased
000 00. As part consideration the Lake Shore Company
also released this company from its guaranty of the principal $169,883 41 over the previous year; the principal items of
and interest of $3,825,000 00 of fifty-year gold bonds of the such increase being in switching, $103,105 09, car service,
830,676 76,other passenger train,$20,899 95,excess baggage,
Chicago Indiana & Southern Railroad Company.
The sale of two of the three Detroit River ferry boats $6,941 83,storage freight,$6,106 01, and milk (on passenger
belonging to The Canada Southern Railway Company, and trains) $2,506 52, partly offset by a decrease in rents of
the one ferry boat belonging to this company to the Wabash buildings and other property, $4,579 08.
The total expenses of operation were $23,008,755 63, an
Railroad Company for a consideration of $200,000 00 was
consummated November 15 1912, the proceeds being appor- increase of $1,663,000 78, as per detail on following pages.
tioned between the two companies on basis of an impartial By groups and principal fluctuations they were as follows:
(1) Maintenance of way and structures $3,629,732 27, an
appraisal.
•
Under date of June 12 1912 this company authorized a increase of $80,527 60, caused principally by larger force emcontribution of $82,000 00 to the Mackinac Transportation ployed at higher rate of wages in maintenance of roadway,
Company for its one-third proportion of the estimated cost and removal of snow and ice; increased expenditure for track
of a new steel car ferry, the advances made on this account material, and for renewal of signals and buildings,.offset by
from time to time to be covered by the promissory notes of decreased prices in rails and ties, and decrease in bridge work
caused by delay in obtaining material.
Mackinac Transportation Company.
(2) Maintenance of equipment $4,711,843 11., an increase
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME. of $311,547 10,caused principally by heavy repairs to.locomoIncrease(+) fives, partly offset by decreased charges in car repairs.
1912.
1911.
1,816.76 miles 1,816.76 miles
or
(3) Traffic expenses $764,733 21, a decrease of $18,865 93,
liaihvay Operating Income- operated.
Decrease (-). due
operated.
principally to decreased charges account of Fast Freight
Rail operations:
$
$
$
Revenues
32.911,753 07 30,164,490 16 +2,747,262 91 Lines, and in the cost of advertising; offset by increased cost
Expenses
23,008,755 63*21,345.754 85 +1,663,000 78 of supervision
and maintenance of outside agencies, and by
Net revenue rail operations_ 9,902.997 44 8,818,735 31 +1,084,262 13 large increase in expenditures for stationery and printing,
due to tariff requirements.
Percentage of expenses to rev_
(69.91%)
(-.85%)
(70.76%)
Auxiliary operations:
(4) Transportation expenses $13,313,058 72, an increase of
Revenues
663,850 55
+55,556 31 $1,263,955 38, principally due to handling increased business
608,294 24
Expenses
635,752 02
+36,366 64
599,385 38
and to higher wages paid to station employees, telegraphers
Net revenue auxiliary oper_
28,098 53
+19,189 67 and towerrnen. Expenses were abnormally large during the
8,908 86
Net railway operating revenue 9,931,095 97 8,827,644 17 +1,103,451 80 first four months of the year,owing to unusual weather conRailway tax accruals
1,366,984 90 1,322,620 82
+44,364 08 ditions and inadequate facilities at important terminals,
Railway operating income
8,564,111 07 7,505,023 35 +1.059,087 72 which brought about a conjested condition of transportation
that lasted into the middle of the year.
MAR. 15 1913.]
(5) General expenses $589,388 32, an increase of $25,836 63.
There was an increase in the revenue from outside operations of $19,189 67 over the previous year, derived principally from dining oar sefvice and restaurants and operation
of stock yards.
The operating income was ,564,111 07, an increase of
$1,059,087 72.
Other income was $1,060,663 18, a decrease of $110,293 91 as compared with the previous year, of which $339,135 36 was due to a smaller return in interest on unfunded
securities, caused principally by the liquidation of promissory
notes of The Detroit River Tunnel Company, and also to a
decrease in rentals of $30,455 29 and in miscellaneous income of $12,018 43, offset by an increase of $271,315 17
in dividends on stocks owned.
Deductions from income amounted to $6,898,441 37, an
i- ncrease of $338,825 35. The principal fluctuations were,
increases of $189,507 33 in rental of the Detroit River Tunnel, $446,910 08 in hire of equipment, $76,250 89 in interest
on equipment trust certificates, $72,838 39 in operating
guarantee of Merchants' Despatch Transportation Company,
$11,286 84 in miscellaneous taxes, partly offset by decreases
of $431,475 70 in interest on unfunded debt and $26,559 20
in rentals.
The profit from operation for the year, after payment of
six per cent in dividends upon the capital stock, was $1,602,052 88, which has been carried to the credit of profit and loss.
The credits for retired equipment during the year amounted to_3367,745 00
The charges against this account for cost of one cafe coach, new
bridge derrick,0110 caboose car and superheaters, betterments,
&c., aggregated--------------------------------------- 58,702 69
Credit balance equipment replacement fund Dec. 31 1911
Total credit balance December 31 1912
799
THE CHRONICLE
$309,042 31
32,194 36
3341,236 67
During the year $1,067,500 was expended for the increase
and improvement of terminal facilities in and about Detroit.
The tunnel under the Detroit River has been in constant
use during the year, and has proved to be an unqualified
success from every point of view.
The work upon the extensive terminal station has progressed rapidly and favorably, and unless some unforeseen
obstacle prevents, it is expected that it will be completed and
ready for occupancy before January 1 1914.
During the year this company issued its one-year promissory notes due March 1 1913 for $4,000,000 00, bearing interest at the rate of four per cent per annum.
An arrangement was made with the Lake Shore & Michigan
Southern Railway Company, effective November 24 1912,
for the reciprocal grant of running rights over the single track
railroads of the two companies between Detroit and Toledo,
whereby the two roads will be operated separately and independently as before, but with the greater safety, efficiency
and convenience of double-track operation.
In the operation of the Pension Department 44 employees
were retired and placed upon the pension rolls. Of these
retirements 30 were authorized because of the attainment of
seventy years of age and 14 because of total and permanent
physical disability4 Twelve pensioners died during 1912 and
at the close of the year 194 retired employees were carried
upon the pension rolls. The average monthly pension allowance to these men was $22 37 and the total amount paid in
pension allowances during the year was $50,953 53.
Grateful acknowledgment is made of the faithful, efficient
performance of duty by employees in every department of
the service during the year.
WILLIAM C. BROWN,
President.
THE CLEVELAND CINCINNATI CHICAGO & ST. LOUIS RAILWAY COMPANY
TWENTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 311912.
On Nov. 20 1912 the Board of Directors authorized the
Cleveland Cincinnati Chicago & St. Louis Railway Company,
together with the New York Central & Hudson River Railroad Company, the Lake Shore & Michigan Southern Railway Company, the Michigan Central Railroad Company,
the Pittsburgh & Lake Erie Railroad Company and the
Toledo Sc Ohio Central Railway Company to enter into an
equipment trust agreement, to be dated Jan. 1 1913, for the
purpose of establishing the New York Central Lines equipMiles.
634.86 ment trust of 1913. This agreement will provide for an issue
Main line and branches owned
994.49 of $24,000,000 of equipment trust certificates, bearing inProprietary lines
248.27
Leased lines
134.02 terest at the rate of 43-% per annum; being not to exceed
Trackage rights
90% of the total cost of the equipment to be furnished under
2,011.64 the terms of the said agreement. The certificates are to be
Total road operated
paid in fifteen annual installments, the first installment beA statement showing in detail the mileage of road operated ing payable Jan. 1 1914. Out of the $24,000,000 of certifiwill be found on another page.
cates authorized, there will be issued early in 1913 $12,540,There was no change in the capital stock during the year, 000. The cost of the equipment to be assigned to this comthe amounts authorized and outstanding on Dec. 31 1912 panyin connection with the issue of these latter certificates
being as follows:
will be approximately $1,258,000, and the pro rata amount
$10,000,000 00 of the certificates, representing not to exceed 90% of the cost,
Preferred stock authorized
50,000,000 00 will be approximately $1,098,000. Full partieulars as to
Common stock authorized
Total preferred and common stock authorized_ _ _ _ -----360,000,000 00 the character of the equipment to be acquired will be set
$10,000,000 00
Preferred stock issued and outstanding
forth in the report to the stockholders for 1913.
47,056,300 00
and outstanding
To the Stockholders of the Cleveland Cincinnati Chicago &
St. Louis Railway Company:
The Board of Directors herewith submits its report for
the year ended Dec. 311912, with statements showing the
'results for the year and the financial condition of the coraTany.
The mileage embraced in the operation of the road is as
follows:
Common stock issued
57,056,300 00
alance common stock authorized but not issued, Dec. 31
1912
$2,943,700 00
'The funded debt outstanding Dec. 31 1911 was
$87,357,685 34
It lila been increased during the year as follows:
C. C. C. & St. L. Ry. general mortgage
for
additions, improvebonds issued
ments, double-tracking, equipment, &c_ $1,000,000 00
C. C. C. & St. L. Ry. general mortgage
bonds issued for retirement of prior lien
579,000 00
bonds
To place upon the general books of the Company its pro rata liability in connection
with the certificates issued under the New
York Central Lines Equipment Trust
2,398,353 00
Agreement of 1912
Real Estate mortgage, Cincinnati, Ohio,
9,000 00
Rachel G. Holmes
3,986,353 00
SUMMARY OF FINANCIAL OPERATIONS AFFEOTING INCOME.
1911.
1912.
2,011.64 miles 2,011.64 miles Increase(+)or
Decrease.(-).
operated.
operated.
Operating incomeRail operationsRevenues
32,714.238 27 30.431,914 86 +2,282,323 41
Expenses
24.359,744 53 22.685,707 81 +1,674,036 72
Not revenue rail oper_
Per cent of revenue
Auxiliary operationsRevenues
Expenses
8,354,493 74 7,746,207 05
+608,286 69
(74.46%)
(74.55%)
(-0.09%)
378,302 75
406,785 17
355,626 95
401,713 41
+22.675 80
+5,071 76
28,482 42
46.086 46
+17.604 04
8,326,011 32 7,700,120 59
1,190,242 60 1,062.512 28
+625.890 73
+127,73032
It has been decreased during the year as follows:
7,135,768 72 6,637,608 31
Operating income
$500,000 00
I. & St. L. Ry. 1st mtge bonds retired
Pro rata equipment trust certificates due
199,625 82
Other incomeJan. 1 1912
Pro rata equipment trust certificates due
341,589 44
319,639 86
Joint facility rent income
246,689 81
Nov. 1 1912
219,016 81
rent income_
207,988 31
Miscellaneous
0. I. St. L. & C. Ry. Co. 1st mtge. bonds
40,967 17
72,764 90
Dividends on stocks owned_ _ _
6,000 00
retired
35,040 00
46,120 00
Interest on bonds owned
C. I. St. L. & 0, Ry. Co. general 1st mtge.
52,769 25
73,645 08
Interest on notes, loans, &c_
73.000 00
bonds retired
8,44894
Miscellaneous income
34,49J00
C. C. C. & $t. L. Ry. Co. 5% Gold Notes
Interest on sinking fund bonds
12,000 00
retired
12,060 00
owned
0. 8. & 0. RR. Co. bonds eliminated from
funded debt, the interest thereon being
707,731 26
756,808 50
Total other income
treated as rent paid for lease of that
property
2.57i,00000 3,608,315 63
Gross income
7,892,577 22 7,345.339 57
Total funded debt outstanding Dec. 31 1912
387.735,722 71
+498,160 41
Net deficit auxiliary oper
Net operating revenue_
Railway tax accruals
$91,344,038 34
+21,949 58
+11.028 50
-31.797 73
-11.08000
+20,875 83
+26.041 06
+12,06000
+49,077 24
+547,237 65
800
THE CHRONICLE
1912.
1911.
Increase(+)
2,011.64 miles 2,011.64 miles
or
operated.
operated.
Decrease(-).
Deductionsfrom gross income$
$
For lease of other roads
301,362 02
132,400 00 +168,862 02
Hire of equipment-debit bal_
505,122 44
763,307 31 -258,184 87
Joint facility rent payable_ __ _ 482,920 65
526,794 42
-43,873 77
Miscellaneous rent payable_
140,960 66
141,710 61
-749 95
Miscellaneous tax accruals..
2,970 00
+2,970 00
Separately operated properties-loss
71,710 76
42,014 85
+29,695 91
Cenn
Indian
tralng
da Ry.-deficit_
54,245 00
56,300 00
-2,055 00
Interest on funded debt
3,820,898 87 3,747,347 55
+73,551
32
Interest on unfunded debt..
154,439 39
80,324 24
+74,115 15
Amortization of discount on
funded debt
53,425 00
-53,425 00
Miscellaneous deductions..
1,535 68
+1,535 68
Appropriatio
oi
n f ncome to
12,060 00
+12,060 00
Total deductions from gross
Income
5,548,225 47 5,543,723 98
+4,501 49
Net income
+542,736 16
Dividends on preferred, four,2,344,351 75 1,801,615 59
aggregating 5%
500,000 00
500,000 00
Surplus for the year
1,844,351 75 1,301,615 59 +542,736 16
ft
[VOL. xcvi.
The increase in maintenance of equipment repairs is distributed to substantially all of the accounts, pay rolls of this
department increasing $281,252 94.
Of the increase in charges to renewals of equipment,
amounting to $133,026 85, $30,171 05 is in passenger cars,
of which there were 10 retired this year against 8 last year;
$198,546 05 in freight cars, of which there were 901 retired
this year,against 642 last year,and $18,047 04 in work equipment, of which there were 65 units retired in 1912 against
57 in 1911. These amounts are partially offset by a decrease
of $113,737 29 for locomotive retirements, there having been
retired but 13 locomotives this year, as compared with 39
in the preceding year.
The decrease in traffic expenses was $52,084 89, the important decreases being superintendence, advertising, fast
freight lines and stationery and printing.
Transportation expenses increased $739,641 38, of which
$394,513 49 was in pay-rolls and is due to increased force in
this department, together with increased compensation paid
certain classes of labor due to changes in rates of pay. The
Amount to credit of profit and loss (free surplus) Dec.
31 1911 $2,169,152 60 increases extend to practically all of the accounts in this
Surplus for year 1912
1,844,351 75 group and reflect the increases in tonnage, locomotive, car
and train mileage. The principal item of decrease, $88,$4,013,504 35
Deduct602 18, is in injuries to persons, due to abnormal payments
Discount on C. C. C. & St. L. By. Co. general
in the preceding year.
mortgage bonds
Commissions on 1910 and 1911 gold debenture $100,000 00
General expenses decreased $12,241 92, the principal items
bonds
273,371
53
of decrease being law expenses, $17,173 11; salaries and exIncome November 1890 to May 1912, inclusive,
from St. Louis Division sinking fund bonds
penses of general officers, $5,635 94; stationery and printing,
(adjustment)
$4,460 05, partially offset by increase in pensions, $10,Interest Jan. 1 1883 to July 1 1888 on Kankakee 341,500 00
& Seneca RR. Co. 1st mtge. bonds (uncollec684 73; insurance, $10,464 80, and salaries of clerks and attible)
tendants, $5,112 51.
Accumulated advances to Mt. Gilead Short 117,000 00
Line By. Co. (uncollectible)
The net deficit from auxiliary operations decreased $17,26,864 29
Adjustment of Chicago Indianapolis & St. Louis
604 04, practically all of which is in the dining car service,
Short Line Ry.-advance account_
167,624
89
from which the revenues increased $25,514 65, while exValue of property abandoned 1905 to 1912 incl_ 1,385,110 00
Adjustment of sundry accounts
penses increased but $7,540 14.
104,093 67
2,515,564 38
Taxes increased $127,730 32, of which $64,619 40 is on
Balance to credit of profit and loss (free surplus) Dec.31 1912-$1,497,939 97 real estate in Ohio, $27,565 19 on
real estate in Indiana,
$31,970
13 on real estate in Illinois, the balance being flucThe gross operating revenues for the year, $32,714,238 27,
tuations
in taxes of other character.
were the largest in the history of the company, showing an
Operating income for the year was $7,135,768 72, an inincrease over the preceding year of $2,282,323 41, of which
crease
of
$498,160 41 over the preceding year. Other income
amount $2,215,691 44 was in transportation revenue and
$66,631 97 in revenue from operations other than transporta- was $756,808 50, an increase of $49,077 24, due to increased
joint
-facility and miscellaneous rent income and increased
tion.
The freight revenue for the year was $22,168,002 10, an interest on deposits, partially offset by decrease of $31,797 73
in
dividends on stocks owned. Gross income was $7,892,increase of $2,234,706 23, or 11.21%. There was moved an
aggregate of 25,816,649 tons of revenue-producing freight, 577 22; an increase of $547,237 65 over previous year.
Deductions from gross income increased $4,501 49, of
an increase of 2,477,059 tons over the previous year, of which
1,594,932 tons was in the products of mines, 181,829 in the which the more important items are: Increased interest on
general
mortgage bonds,$43,152 99;on gold debenture bonds,
products of forests, the remainder of the increase being distrilmted among the other commodities. The average re- $105,625; interest on equipment trust certificates, 1912,
$106,726
70; increase in interest on notes, $74,115 15; parceTts.per ton per mile were 5.43 mills, as compared with 5.50
mills in the previous year, a decrease of .07 mills. The aver- tially offset by decrease of $258,184 87 in hire of equipment
age haul per ton increased 2.9 miles and the average number debit balance and decrease of $43,873 77 in joint-facility
payable.
of tons of revenue freight per train mile increased 29 tons, rent
The surplus for the year, after paying a dividend of $500,while the average number of freight cars per train mile de- 000,
representing 5% on the preferred stock, was $1,844,creased 1.7 cars.
75, an increase of $542,736 16.
Passenger revenue decreased $41,119 12, there being a 351
There was expended during the year for additions to the
decrease in inter-line business of $44,868 34 and an increase property,
improvements, double-tracking, equipment, &c.,
in local business of $3,749 22. The average amount received and
charged to cost of road and equipment, the sum of
from each passenger increased 1.1 cents, and the average
3 13, a detailed statement of which will be found
receipts per passenger mile increased from 1.825 cents to $3,048,57
1.902 cents, or .077 cents. There were 122,684 less passen- upon another page.
There was advanced during the year $3,738 55 for construcgers carried in 1912; the average distance decreased 1.7 miles
and there was a decrease of 19,532,803 in passengers earned tion on the Saline Valley Railway, of which company the
Cleveland Cincinnati Chicago & St. Louis Railway Company
one mile.
all the capital stock and funded debt.
Of the decrease of $67,128 25 in mail revenue, $32,070 11 owns
There was advanced during the year on account of the St.
was the result of decrease in mail compensation allowed by Louis
Short Line division for construction and improvements
the Government, the balance of the decrease resulting from
71,which was more than offset by: an adjustment of
adjustment made in the mail revenue accounts for the pre- $147,424
$167,624 89 in charges to the account in prior years.
vious year.
The increase in express revenue, $63,583 84, represents theThis company's proportion of the deficit in operation of
Central Indiana Railway for the year amounted to
this company's proportion of the earnings from increased $54,245,
a decrease of $2,055, and has been charged off as a
express traffic as compared with the preceding year.
Revenue fron milk traffic carried on passenger trains in- "Deduction from income."
The operation of the Kankakee & Seneca Railroad (for
creased $16,880 14 and reflects the efforts made to develop
this character of traffic during the year, together with the which separate accounts are maintained) shows revenues for
improved facilities for handling the same afforded by the the year $78,206 02; operating expenses, taxes and additions
and betterments, $94,206 80; deficit, $16,000 78.
new baggage cars received during the year.
The Mt. Gilead Short Line (for which separate accounts
Revenues from operations other than transportation increased $66,631 97, of which $34,250 94 is from car service are maintained) shows revenues for the year $5,414 98
operating expenses and taxes, $7,912 71; deficit, $2,497 73,
(demurrage) and $30,777 56 in miscellaneous revenue.
which amount, with accumulated deficits from prior years,
The operating expenses for the year aggregate $24,359,- has
been charged to "Profit and Loss" in 1912.
744 53, an increase of $1,674,036 72, detail of which by
Separate reports have been issued showing the financial
groups is as follows:
condition and results from operation of the Peoria & Eastern
Maintenance of way and structures-increase
$544,944 96
Maintenance of equipment repairs-increase
320,750 34 Railway and the Cincinnati Northern Railroad for the year.
Maintenance of equipment renewals-increase
133,026 85
The sinking fund of the Cleveland Cincinnati Chicago &
Traffic expenses-decrease
52,084 89
Transportation expenses-increase
739,641 38 St. Louis Railway Company's St.Louis Division first collateral
General expenses-decrease
12,241 92 trust bonds has been increased during the year by the purNet increase
81,674,03672 chase of 26 bonds, par value $26,000, making a total of 616
The increase in maintenance of way and structures, while bonds, par value $616,000, in the hands of the Central Trust
general through all of the accounts, results principally Company, trustee of this fund.
credit balance in equipment replacement fund on Dec. 31
from the increased expenditures for rails, ties and other track The
1911 was
$974,130 83
material, and in roadway and track, the latter account In- There
was added during the year 1912, representing the value of equipment retired
creasing $261,828 62. Included in this amount is an .in$735,711 70
was charged against this fund the following:
crease of nearly $180,000 in the pay rolls of the various divi- There
Locomotives
$117,896 24
Passenger cars
sions and approximately $59,800 covering abnormal expen38,307 36
Freight cars
49,139 18
ditures for labor and material growing out of flood conditions
Work cars
7,375 00 212,717 78 522,993 92
in the vicinity of Cairo. The aggregate increase in pay rolls
Balance Dec. 31 1912
of this department was $373,495 25.
$1,497.124j75
THE CHRONICLE
MAR. 15 19134
801
or deeds of such lands
Action was taken during the year by the stockholders and July 11917, at which time the deed
Preliminary exCompany.
Trust
are
to
the
be
by
condelivered
the
authorizing
companies
several
the
of
directors
the
to the amount of $54,243 84 have been made for
veyance to this company, under the Ohio statutes, of the en- penditures
tire properties of the Cincinnati & Sprinfgield Railway Com- drilling, &c.
On March 12 1912 this company entered into an agreement
pany, Columbus Springfield & Cincinnati Railway Company,
uses the
Harrison Branch Railroad Company and Findlay Belt with the Erie RR. Co., whereby each company
0., and Cold
Railway Company; also the conveyance to this company, main track of the other between Dayton,thereby
making
miles,
under the laws of Illinois and of Indiana, of the entire prop- Springs, 0., a distance of about 19.5
arrangement which became operative Oct. 15.
erties of the Cairo Vincennes & Chicago Railway'Company a double-track
To enable the passenger trains of this company to reach a
and the Chicago Indianapolis & St. Louis Short Line Railconnection with the tracks of the Cincinnati Hamilton &
way Company.
Upon the execution of the several deeds of conveyance so Dayton Ry. Co., and to operate such trains to and from the
authorized, the properties of the six companies mentioned ymon Depot at Toledo, this company on April8 1912 entered
Central Ry.,
above will become a part of the property of this company as into an agreement with the Toledo & Ohio tenant
of the
completely and effectually as if the several companies had providing for the use by this company as a
become merged with this company,but subject,nevertheless, latter company of about 3,700 feet of the main track of the
to the lions upon said property severally at the time of such Pennsylvania Company.
A careful analysis of the Property Investment account of
conveyances.
affecting
At the annual meeting of the stockholders of the company, this company has.resulted in several adjustmentsaccounts,
held at Cincinnati, Ohio, Oct. 30 1912, a resolution provid- the Road and Equipment, Securities and Advances
Inter-State
ing for the guarantee by the Cleveland Cincinnati Chicago to conform to the accounting requirements of the
and involving the charging off
& St. Louis Railway Company of the payment of principal Commerce Commission,
abanof five million ($5,000,000) dollars, par value, of the fifty- against profit and loss of the value of certain property
are reflected in the balance
year first mortgage gold bonds of the Evansville Mt. Carmel doned, all of which adjustments
in this report.
& Northern Railway Company, and interest thereon, to be sheet, shown elsewhere
In the operation of the Pension Department, 44 employees
issued from time to time under the mortgage executed by
pension rolls. Of these
that company to the Guaranty Trust Company of New York, were retired and placed upon the
because of the attainment of
Trustee, dated Nov. 1 1910, maturing July 1 1960, and bear- retirements, 25 were authorized
of total and permanent
ing interest at the rate of four and one-half per cent (432%) seventy years of age and 19 because
pensioners died during 112
per annum, received an affirmative vote of more than two- physical disability. Nineteen
were carried
thirds of the entire capital stock of the company, issued and and at the close of the year 197 retired employees
pension allowoutstanding, and, having been consented to by more than upon the pension rolls. The average monthlyamount
paid m
total
a majority interest of the holders of the preferred stock, was ance to these men was $20 32 and the
pension allowances during the year was $46,617 28.
duly adopted.
During the year an agreement was entered into with the
Grateful acknowledgement is made of the faithful, effiGuaranty Trust Company of New York providing for the
purchase by the Trust Company,for the benefit of this com- cient performance of duty by employees in every department
pany, of approximately 76,000 acres of coal lands in the State of the service duting the year.
WILLIAM C. BROWN
of Illinois, upon which advance payments of $150,000 were
President.
made by this company, the balance of the cost to be paid
THE UNDERGROUND ELECTRIC RAILWAYS COMPANY OF LONDON, LIMITED
REPORT FOR THE SIX MONTHS ENDING DECEMBER 31 1912.
London General Omnibus Company, Limited.
The Directors herewith present their report and audited
This Company has substantially increased its fleet of
balance sheet of your company at the 31st December 1912.
Motor Omnibuses, and shows a satisfactory expansion in
The results of the past half-year are as follows:
earnings.
REVENUE ACCOUNT.
Associated Equipment Company, Limited.
s. d.
£
The net revenue from investments and properties (including
This Company has been formed for the purpose of manngeneral interest), after deducting general expenses and in278,006 16 5 facturing equipment and repair parts for the various undercluding balance brought forward, amounted to
Interest charges on £1,730,000 4 % Bonds of 1933, abfactory
41,336 5 5 takings allied with your Company. It owns a large
sorbed
at Walthamstow, to which extensive additions are being
£236,670 11 0 made.
Leaving a surplus of
Which amount will be applied as follows:
It also owns all the Debenture Stock and Ordinary Shares
In payment on 1st March 1913 of—
Interest at the rate of 6% per annum on £1,273,000 6%
of the Metropolitan Steam Omnibus Company, Limited.
First Cumulative Income Debenture Stock for six months
38,190 0
ending 31st December 1912
London United Tramways, Limited.
Interest at the rate of 6% per annum plus Income Tax on
£6,136,050 6% Income Bonds of 1948 for six months
Report and Statements of Account of this
Annual
The
195,484 15 6
ending 31st December 1912
2,995 15
Company for the year 1912 are not yet published, but it is
Balance carried forward
that the results of the year's working will show
£236,670 11 0 not expected
much, if any, improvement over the previous year.
£122,671
of
increase
The income for the half-year shows an
PARLIAMENTARY BILLS.
over that for the corresponding half-year of 1911, but a true
Metropolitan District Railway Comapny's Bill.—The main
comparison is not possible on account of the substantial
provisions of the Bill are:
alteration in your Company's investments.
Power to construct two widenings of the Company's Fulham Extension
Under the terms of the respective Trust Deeds, the Audi- Railway
Munster Road and Eel Brook Common. Power to the
tors. have certified that the profits of the Company are Companybetween
and (or) the Metropolitan Railway Company to acquire certain
soil
sub
and
under the Whitechapel High Street for the enlarging
December
easements
sufficient to pay,for the six months ended the 31st
improving of the Aldgate East Station on the City Lines Railway, and
1912, the full interest at the rate of 6 per cent per annum and
power to the Company and the Metropolitan Railway Company to enter
in regard thereto. To extend the time granted to the Wimon the 6 per pent First Cumulative Income Debenture into Agreements
& Sutton Railway Company by the Wimbledon & Sutton Railway
Stock, and full interest at the rate of 6 per cent per annum bledon
Act, 1910, for the construction of the Wimbledon & Sutton Railway, and
the time limited by the same Act for the compulsory purchase
plus income tax on the 6 per cent Income Bonds of 1948. also to extend
lands for that Railway. Power to the District Company and the WimCheques in respect of the interest on the 6 per cent First of
bledon Company to enter into Agreements with regard to the working of the
Cumulative Income Debenture Stock and Coupon No. 10 Wimbledon & Sutton Railway, and for other purposes in connection with the
off the 6 per cent Income Bonds will be payable on and after undertakings of either Company.
London Electric Railway Company's Bill.—The main prothe 1st March 1913.
visions of the Bill are:
ASSOCIATED COMPANIES.
Metropolitan District Railway Company.
This Company continues to show a steady expansion in
receipts, with a slight increase in working expenses, due
largely to the increased price of coal and to increases in the
wages of the staff.
London Electric Railway Company.
This Company shows an increase in earnings and also in
yvorking expenses, the latter due to higher prices of coal and
increase in the wages of the staff.
The construction of the Charing Cross and Paddington
Extensions is progressing rapidly, and it is expected that
both will be opened for traffic in the autumn. Work has
also been commenced on the Queen's Park Extension, and
on the installation of escalators at Oxford Circus Station.
Power to enable the Company to construct junction railways at or near
Euston Station to connect the Company's Hampstead and Highgate Lines
with the City & South London Railway, and at Hammersmith to connect
the Company's Great Northern Piccadilly & lyompton Railway with the
London & South Western Railway Company s Kensington Sc Richmond
Line. Powers are also sought by the Bill to obtain running powers over th
City & South London Railway.
LONDON UNITED TRAMWAYS, LIMITED, METROPOLITAN
ELECTRIC TRAMWAYS, LIMITED, AND THE TRAMWAYS
(M. E. T.) OMNIBUS COMPANY, LIMITED.
In November last the Directors of the London United
Tramways, Limited, the Metropolitan Electric Tramways,
Limited, and the Tramways(M. E. T.) Omnibus Company,
Limited, formulated a scheme for the consolidation of the
interests of the shareholders of those Companies. The
scheme provided that the shareholders in the respective
Compatues could exchange their holdings for fully-paid
shares in the London and Suburban Traction Company,
802
THE CHRONICLE
Limited, which was formed for the purposes of the scheme.
Your Directors had no hesitation in agreeing to the
and deposited the Company's holding of fully-paidscheme,
shares
in the London.United Tramways, Limited, and will in
due
course receive in exchange 5 per cent Cumulative Preferen
ce
and Ordinary Shares of the London and Suburban Traction
Company, Limited.
CENTRAL LONDON RAILWAY COMPANY.
[VoL. xcw.
the hands of the Board of Directors residing in
Britain. They have therefore resigned their seats, and Great
Mr. W.M.
Acworth and the Right Hon. C. B. Stuart-Wortley
, K.C.,
M.P., have been elected to the Board, and in accordan
ce
with the Articles of Association of the Compan
y
they
offer
themselves for re-election.
In parting from their American colleagues,
Directors
desire to express their high appreciation of theyour
valuable services rendered by them to your Company in the
The Directors retiring by rotation are Mr. past.
Albert H.
Stanley, Mr. William C. Burton, the Hon. Sydney
Jonkheer Henry Teixeira de Mattos, and Mr. Holland,
Vernet, and, being eligible, they offer themselvHenry A.
es for reelection.
In December last a scheme was submitted by your Company to the Central London Railway Compan
y, which the
Directors of the latter recommended to their Stockhol
This scheme, which has been accepted by the holders ders.
of a
large majority of the Stocks, and has, in conseque
nce,
become binding, entitles the holders of the Central London
AUDITORS.
Railway Ordinary, Preferred Ordinary and Deferred
The Auditors retiring are Messrs. Deloitte, Plender,
ary Stocks to deposit their stocks with Messrs. Glyn,OrdinGriffiths & Co., and, being eligible, they offer themselv
Currie & Company, as Trustees under a Trust Deed Mills,
es
dated for re-election.
the 13th December 1912, in exchange for equal
nominal
amounts of guaranteed stocks constituted by that Deed.
EDGAR SPEYER,
These stocks carry dividend, guaranteed by your Company,
Chairman.
London, 31st January 1913.
at the rate of 4 per cent per annum, and entitle the
in certain events to participate in any excess aboveholders
4 per SCHEDULE OF STOCKS, SHARES AND OTHER
cent per annum of the dividend on the Central London
PROPERTY.
(Book Value £13,502,622 0 11) as per Balance
Railway Stocks.
Sheet [see above.
CITY & SOUTH LONDON RAILWAY COMPAN
Y.
In November last your Company submitted a scheme of
exchange to the Ordinary Stockholders of the City & South
London Railway Company. This scheme has been accepted by the holders of a large majority of the Stock, and
has,
in consequence, become binding. It entitled each holder
of <£1.00 of City & South London Railway Stock to exchange
his holding for £40 in Preference Stock and £25 in Ordinary
Shares of the London Electric Railway Company.
This Company is promoting a bill in Parliament providin
for the enlargement of its tunnels so that the trains of theg
London Electric Railway Company can be run as a through
service from the Hampstead and Highgagte Lines to the City
and the southern districts of London.
EDGWARE & HAMPSTEAD RAILWAY COMPANY.
By the London Electric Railway Act, 1912, the authorized
Edgware & Hampstead Railway Company has been amalgamated with the London Electric Railway Company.
In exchange for its holding of Edgware & Hampstead
Railway shares, your Company has received £23,670 4 per
cent Preference Stock of the London Electric Railway Company.
•
BALANCEISHEET.
Stocks, Shares and Other Property.
This item stands in the books at £13,502,622 Os. 11d., and
consists of stocks and shares in associated companies, as well
as lands and buildings. Details of the stocks and shares
given in the schedule on page 10 [see pamphlet report]. are
The item "Calls unpaid," which formerly appeared in the
Balance Sheet, has been eliminated, as all of the capital
has been paid up.
DIRECTORS.
Most of the securities and shares of your Company are
now held by British investors. In view of this fact, the
American Directors have come to the conclusion that the
management of the Company should in future be wholly in
Deposited with
Trustees under Amount of
Various Trust
Free
ParticularsDeeds.
Assets.
London Electric Railway Co.£
£
47 Perpetual Debenture Stock_ _ __
220,956
4% Preference Stock
63,197
Ordinary Shares of £10 each, fully 1,034,610
paid
'8,265,110
1,062,830
Metropolitan District Railway Co.
Assented First Preference Stock_ __ _
90,000
5% Second Preference Stock
1,470,000
Ordinary Stock
1,781,500
London United Tramways, Ltd.
5% Cumulative Preference Shares of
£10 each, fully paid
153,770
150,000
Ordinary Shares of £10 each, fully
paid
378,700
London General Omnibus Co.,Ltd.- 500,000
Ordinary Shares of £10 each, fully
paid
1,150,480
Union Construction Co., Ltd.
Shares of £20 each, fully paid
140
Shares of £20 each, £2 paid
300
Metropolitan Railway CompanyConsolidated Ordinary Stock
20,000
Associated Equipment Co., Ltd.
Ordinary Shares of £10 each, fully
paid
500,000
Total
Amount
Owned.
£
220,956
1,097,807
9,327,940
90,000
1,470,000
1,781,500
*303,770
*878,700
1.150,480
140
300
*20,000
500,C00
£14,445,470
2,396,123 16,84 1,593
Tho "Other Property" referred to consists of Land
and Buildings and is
a free asset.
* The value of these assets at market quotations shows a depreciati
on
against cost.
SCHEDULE OF INCOME FROM INVESTMENTS, &O.,
FOR
HALF-YEAR.
Amount.
Particulars£
s. d.
London Electric Railway Company
*70,166 14 4
Metropolitan District Railway Company
*17,952 7 6
London General Omnibus Company, Ltd
92,040 0 0
Metropolitan Railway Company
164 15 10
Associated Equipment Company, Ltd. (Walthamstow
Works and Metropolitan Steam Omnibus Company)
62,500 0 0
Sundry Receipts, including Rents, Interest, etc
30,980 0 5
Income Tax deducted and recoverable
5,416 0 6
£279,219 18 7
* These items include interest accrued to date of sale
on Stocks sold during
the half-year.
[For Comparative Balance Sheet see a preceeding page
under AnnualReports)
STATEMENT OF PASSENGERS CARRIED AND OF PASSENGER RECEIPT
S EARNED ON
OMNIBUSES OF THE ASSOCIATED COMPANIES. THE RAILWAYS, TRAMWAYS
London Electric
Railway.
Half-Year ending30th June 1907
31st December
30th June 1908
31st December
30th June 1909
31st December
30th June 1910
31st December
30th June 1911
31st December
30th June 1912
31st December
Passengers.
21,890.754
34,459,012
42.519,917
43.342,990
48.343,830
46,783,143
50,045,140
*46,665.279
52,548,384
48,666,842
51.691,661
49,190,925
1907
1908
1909
1910
1911
1912
Metropolitan District
Railway.
Receipts. Passengers. Receipts.
164,337
251,816
306,628
309,465
338,721
328,566
343,604
332,563
369,326
342,451
363,325
350,304
25,426,825
25,808,732
29,626,586
31,503,722
32,949,895
33,902,406
36,180,308
36.552,304
41,503,831
39,897,061
42.910,560
43,092,589
202,099
204.882
229,532
243,117
254,020
260,767
280.483
280,051
313,572
300,625
325,434
327,236
London United
Tramways.
Passengers. Receipts.
27,804,517
30,921,463
28,817,473
30,438.446
27,202,055
29.675,506
29,489,514
30,642.937
30,567.073
31,980,055
30,292,747
30,846,538
London General
Omnibus.
Passengers.
AND
TOTAL.
Receipts.
Passengers.
Receipts.
£
E
159,408
182,849
165,475
180,469
150,604
164,092
158,554
166,538
163,028
173,101---_,
160,826 221,032,378. f,217,207
162,108 266,169,251 1,467,122
75,122.096
91,189,207
100,963,976
105,285,158
108,495,780
110,361,055
115,714,962
113,860,520
124,619,288
120,543,958
345,927,346
389,299,303
E
525.844
639,547
701,635
733,051
743,345
753,425
782,641
779,152
845,926
816,177
2.066,792
2,306,770
*Prior to July 1st 1910 a through passenger was counted as one passenger on each of the
Company's lines used, whereas since that date a through passenger
is counted as one passenger only.
LACKAWANNA STEEL COMPANY
AND SUBSIDIARY COMPANIES
ANNUAL REPORT-FOR THE FISCAL YEAR ENDED DECEMBER 31 1912.
City of Lackawanna, Erie County,
New York, March 12 1913.
To the Stockholders:
In the report sent you under date of March 13 1912 it
was stated that orders on hand had increased since January
1st of that year and the hope was expressed that, with .the
removal of existing political uncertainties, better prices
would obtain and general business conditions be more satsatisfactory.I'll() demand for your Company's productsincreas9d rapidly after March 13th, with a gradual increase
in prices, so that operations during the second half of the
year were more satisfactory, as evidenced by. the shipments
of the year and by the fact that the net profit for the whole
year shows nearly three per cent earned on your Company's
outstanding Common Stock, although .the operations of
the first half of the year showed a deficit, and the average
price of $27 72 per gross ton received by your Company for
its products in 1912 is only five cents per ton greater than
the corresponding price for 1911.
Your Company received during 1912 from mines which
t owns, or is interested in, and from other sources, 1,851,562
sross tons o iron ore, and produced a total of 1,040,430
gross tons of coke and 1,009,253 gross tons of pig iron. It
also produced 502,981 gross tons of Bessemer ingots and
555,129 gross tons of Open Hearth ingots, a total of 1,058,110
gross tons of steel ingots of all kinds.
Shipments of products were as follows, all in gross tons,
the figures for the years 1908, 1909, 1910 and 1911 being
given for comparison:
1912. 1911.
303,100 225,699
Standard Rails
Rails
14,499
18,521
Light
68,782 35,424
Anglo Bars, Fittings, &c
Structural Shapes
116,201 116,581
Plates
64,570 52,756
Merchant Steel Products
148,454 77,010
Sheet Bars, Slabs, Billets and
Blooms
99,445 92,967
Pig Iron and Miscellaneous_ _ _168,495 141,405
1910.
363,577
26,288
60,071
146,641
87,469
67.150
1909.
278,885
33,787
43,901
138,021
60,953
41,607
1908.
190,763
20,253
16,719
72,816
33,832
17,921
159,761 201,455 104,108
171,558 115,044 20,438
983,546 760,363 1,082,515 913,653 476,850
Total
Attention is called to the very considerable increase in
shipments of Merchant Steel products, confirming the judgment of your Directors in choosing this particular line when
planning for greater diversification of your Company's
products.
Your properties have, during the past year, been maintained in high physical condition.
The two sixty-ton Open Hearth Furnaces, which were
authorized by your Directors during the latter part of 1911
became operative during the third quarter of 1912 and the
Hot Metal Mixer in the Open Hearth Department was put
in operation during the last quarter of 1912.
Further additions to your Open Hearth ingot capacity,
estimated to increaee the same approximately two-thirds,
were authorized by your Directors during 1912. About
one-half of this additional capacity is expected to become
operative during the second quarter and the balance during
the third and fourth quarters of 1913.
Your Directors also authorized during 1912 the construction of a Spike and Bolt Factory,which is expected to become
operative during the second quarter of 1913, providing a
forther diversification of your Company's products.
During the year $438,000 face value of bonds of Subsidiary
Companies were redeemed and canceled.
Appended hereto are the Balance Sheet, Profit and Loss
and Income Accounts, duly certified by Messrs. Price,
Waterhouse & Company, Chartered Accountants. These
statements show that your Company's working capital, as
represented by the surplus of current assets over current
liabilities, has increased $797,569 03 and amounts to $16,905,352 16. Attention is called to the reduction in Inventory of $1,448,692 60, to the increase in Sinking and Reserve
Funds of $1,585,395 96, and to the increase in Surplus of
$1,008,811 44. During 1912 your Directors authorized the
purchase in the market of $1,000,000 face value of your
Company's Five-Year, Five Per Cent Convertible Gold
Debentures, which mature March 1 1915 and these are now
held in your treasury. Cash on hand and in banks amounts
to $3,846,555 04.
Orders on hand are sufficient to keep your Works fully
employed through the third quarter of the current year and
the outlook is favorable for the balance of the year.
In view of your Company's satisfactory financial position
and of the favorable outlook for the current year, your
Directors on January 14 1913 declared from the net earnings
of the Company for the year 1912 a dividend of One Per Cent
(1%)upon the outstanding Common Stook of your Company,
which was paid on January 31 1913.
Your Board of Directors takes pleasure in acknowledging
the loyal and efficient services of the officers and employees
of Lackawanna Steel Company and its several Subsidiary
Companies.
By order of the Board of Directors,
E. A. S. CLARKE,
President.
CJERTIFICATE OF CHARTERED ACCOUNTANTS.
To the Directors of the Lackawanna Steel Company:
We have examined the books of the Lackawanna Steel
Company and its Subsidiary Companies for the year ending
December 31 1912 and certify that the Balance Sheet at that
date and the relative Income Account are correctly prepared
therefrom.
We have satisfied ourselves that during the year only
actual additions and extensions have been charged to Property
Account; that full provision has been made for depreciation
and extinguishment in accordance with the definite plan
adopted by the Directors and approved by ourselves; and
that the treatment of deferred charges is fair and reasonable.
The valuations of the inventories of stocks on hand, as
certified by the responsible officials, have been carefully and
accurately made at cost; and full provision has been made for
bad and doubtful accounts receivable and for all ascertainable
liabilities.
We have verified the cash and securities by actual inspection or by certificates from the depositaries, and
803
THE CHRONICLE
MAR. 15 1913.1
We certify that in our opinion the Balance Sheet is properly
drawn up so as to show the true financial position of the
combined Companies on December 31 1912 and thatYthe
relative Income Account is a fair and correct statement of.the
net earnings for the fiscal year ending at that date.
PRICE, WATERHOUSE & CO.
Chartered Accountants.
54 William St., N. Y., February 13 1913.
LACKAWANNA STEEL COMPANY AND SUBSIDIARY COMPANIES.
PROFIT AND LOSS ACCOUNT FOR YEAR ENDING DEC.31 1912.
Gross Sales and Earnings
$27.266,376 38
Less-Manufacturing and Producing Costs and Operating
Expenses
22,296,737 69
Total Net Income from Manufacturing amd Operating_ _ _ $4,969,638 67
Dividends on Investments in Companies not controlled, net
income from property rented, &c
707,305 45
Commercial Discount and Interest
36,463 57
TotalIncome
$5,713,407 69
Deduct-Administrative, Selling and General Expenses,
including Taxes
807,965 06
Net Earnings for the year 1912, per Income Account
$4,905,442 63
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1912.
Total Net Earnings of all properties after deducting all expenses, including ordinary repairs and maintenance, but
not Renewal expenditures and other appropriations for
the current year, which are deducted below
$4,905,442 63
Deduct-Interest on Bonds and DebenturesCompany
Lackawanna Steel
$1,749,958 32
331,000 00
Subsidiary Companies
$2,080,958 32
101,890 15
Rentals and Royalties
2,182,848 47
$2,722,594 19
Balance
Less-AppropriationsFor Sinking Funds on Bonds and Exhaustion
of Minerals, including Capital Expenditure
at Mines written off
$577.833 09
For Depreciation and Accruing Renewals.._ _ 1,135,949 63
1,713,782 72
Profit for the year
Surplus at January 1 1912
$1,008.811 44
3.830,507 21
Net Surplus at December 31 1912
$4,839,318 65
We have audited the books and accounts of the Lackawanna Steel Company and its Subsidiary Companies for the year ending December 31 1912
and we certify that the above Income Account correctly sets forth the results of the operations of the combined Companies for the year ending at
that date.
PRICE, WATERHOUSE & CO.
Chartered Accountants.
54 William Street, New York, February 13, 1913.
CONSOLIDATED BALANCE SHEET DECEMBER 31 1912.
ASSETS.
Cost of Property, Real Estate, Buildings,
Plant, Machinery, &c.
As at December 31 1911
$65,187,132 39
Additions during 1912
1,121.181 59
$66,308,313 98
Investments in Ore Companies, &c
6,765,863 06
170,025 10
Cash in Hands of Trustees Account of Bond Sinking Fund_
Stock of Lackawanna Steel Company in Hands
$250,000 00
of Trustees at Par (Deducted Contra)
Current AssetsInventories
Miscellaneous Accounts Receivable
Customers' Accounts (less Reserve)
Notes Receivable
Cash in Banks and on Hand
Marketable Stocks and Bonds
Deferred Charges
$8,530,025 62
499,793 04
5,666,681 31
578,141 90
3,846,555 04
990,356 26
20,111,553 17
315,223 78
$93,670,979 09
LIABILITIES.
Common Stock$34,978,000 00
Issued-349,780 shares of $100 each
250,000 00
Less-Amount of stock in hands of trustee
$34.728,000 00
Capital Stock of the Lackawanna Iron & Steel Company and
other Subsidiary Companies not held by Lackawanna Steel
Company,229 shares of $100 each
22,900 00
Bonded DebtLackawanna Steel CompanyFirst Mortgage 5% Convertible Gold
Bonds due 1923
$15,000,000 00
First Consolidated Mortgage Gold Bonds
due 1950-Series A,5% Convertible
10,000,000 00
25,000,000 00
Subsidiary Companies' Bonds
6,620,000 00
Debentures-Five-year 5% Convertible Gold Debentures due
1915
9,999,000 00
Current LiabilitiesCurrent Accounts Payable and Pay-roils _ _ $2,256,508 60
Bills Payable
317,697 53
Taxes and Interest Accrued
631,994 88
3,206,201 01
Sinking and Reserve FundsDepreciation and Replacement Funds
$5,687,692 89
Mines Extinguishment and Bond Sinking
3,236,481 39
Funds
Contingent and Miscellaneous Operating
331,385 15
Funds
9,255,559 43
Surplus$3,830,507 21
Balance as at December 31 1911
Add-Profits for year 1912 as per Income
1,008,811 44
Account
4,839,318 65
$93,670,979 09
We have examined the books and accounts of the Lackawanna Stee
Company and its Subsiduary Companies for the year ending December 31
1912 and we certify that the above Balance Sheet correctly sets forth the
financial position of the combined Companies at that date.
PRICE, WATERHOUSE & COMPANY,
Chartered Accountants
54 William Street, New York, February 13 1913.
804
THE CHRONICLE
The Tomutercial
Times.
COTTON.
COMMERCIAL EPITOME.
44
Friday Night, March 14 1913.
Trade continues brisk and spring trade is good. The fact
that Easter comes at an earlier date than usual has a somewhat stimulating effect on business. The fact that tariff
revision is near at hand affects trade in textile goods somewhat unfavorably. Crop reports from the winter-wheat belt
are cheerful. Building is active. Exports of grain are large.
Iron and steel continue active. Speculation is still in abeyance. The tightness of money in Europe, the sharp break
in coffee, the Mexican and Balkan situations and the near
approach of tariff revision are drawbacks, yet the feeling is
well-nigh universal that business conditions are in the main
sound.
LARD has declined; prime Western $11, refined Continent $11 40, South America $12 05 and Brazil $13 05. Lard
futures declined for a time but of late have shown more
steadiness. Packers have to all appearances given support.
Higher prices for hogs have latterly been a factor, though
early in the week a decline in hogs and liberal receipts at the
stock yards brought about lower prices. To-day prices declined, partly owing to the weakness in corn and in other
provisions.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
So.
Mon. Tues.
Wed. Thurs.
Fri.
May delivery
cts_10.80
10.77% 10.4734 10.673i 10.7734 10.70
July delivery
10.70
10.70
10.473i 10.65
10.7234 10.6734
September delivery_ _ _ _10.70
10.70
10.4734 10.6234 10.75
10.6734
[VOL. xcvi.
Friday Night, March 14 1913.
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
108,387 bales, against 110,183 bales last week and 117,320
bales the previous week, making the total receipts since
Sept. 1 1912 8,424,695 bales, against 10,233,300bales for the
same period of 1911-12, showing a decrease since Sept. 1
1912 of 1,808,605 bales.
Receipts at-
Sat.
Galveston
Texas City
Port Arthur _ _ _ _
Aransas Pass,&c.
New Orleans__ _ _
Gulfport
Mobile
Pensacola
Jacksonville,&c_
Savannah
Brunswick
Charleston
Georgetown _ _ _ _
Wilmington _ _ _ _
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia.. _
Man.
7,500
6,033
525
Tues.
7,861
1,492
Wed. 1 Thurs.
Fri.
5,834
479
5,896 39,815
29 2,978
6,691
453
Total.
---------------- 167,56 16,204
37,6i3 2,352 6:46
5,407 37,611 2,497 22,926
213
97
-5e5 --Ad --Ai -iirr -959
_
100
---250
350
2r,491 2F,O68 3,151 1-,842 1-,628
11g- g 121g
300
471
2'51
944
-566
1,259
145
5
177
807
----
ii(3,
1,094
---75
678
2
--------I
oi 1,674
808 5,590
2,438 2,438
2550
--rrd --io --id
13
97
367
794
'794
75
75
Totals this week_ 15,443 13,145 19,229! 15,471 13,470 31,639 108,397
25
131
The following shows the weeks total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
1912-13.
1911-12.
Stock.
PORK firmer; mess $21 75@$22, clear $21@$22 50,
family $22 50@$24 50. Beef firm; mess $19@$20, packet
This 'Since Sep This Since Sep
Week.
11912.
Week. 11911.
$21 @$22, family $22@$24, extra India mess $37@$38.
1913.
1912.
Cut meats stronger; pickled hams,10 to 20lbs., 133'@143'c.; Galveston
39,8153,475,170 41,590 3,185,611 246,134 279,883
Texas
City
2,978
649,317 4,121 570,018
bellies, clear, f.o.b. New York, 6 to 12 lbs., 15@,15ho.
21,898
26,264
Arthur
108,153 1 473 218,209
Butter, creamery extras, 36@363'c. Cheese, State, whole Port
Aransas Pass,&c _ 16,204 114,531 f
(
351
New
Orleans
_
_
22,926
1,182,862
46,474
1,429,892 103,825 229,482
milk, colored specials, 17%@173
40.
Gulfport
3.000
60,434
18,000
OILS.-Linseed steady and in fair demand; City, raw, Mobile
939 176,932 5,666 345,975
17,904
40,216
Pensacola
106,622
350
179,144
American seed, 47@48c.; boiled 48@49c.; Calcutta 65c. Jacksonville, &c..
14,166
245
48,826
1,710
Cottonseed oil strong; winter 6.40@7c. summer white Savannah
12-,885 1,115,255 32,542 2,148,681
88,495 194,280
___ __
155 216,075 16,372 360,570
1,612
20,710
6.55@7c. Cocoanut oil firm; Cochin 11611%c., Ceylon Brunswick_
Char eston
279,963 5,001 386,010
26,769
38,259
10@103c. Chinawood fairly active at 73/2@8c. Corn Georgetown _ _ _ _ 1,152
5
110
239
819
WI mington
1,674 3 7,881 10,510 493,804
firm at 5.50@5.55c. Cod steady at 42@43c.
23,318
19,591
Norfo'k
5,590 458,533 11,756 631,016
COFFEE has been dull and weak; No.7 Rio 123/8@12343.; N'port News, &c_ 2,438 92,556 1,507 24,672 61,693 43,363
New York
50
13,035
145
4,528 114,092 166,830
mild grades quiet; fair to good Cucuta 14@143'c. Specu- Boston
367
40,213 1,650
44,655
8,425
10,659
lation in coffee futures has been rather more active at lower Baltimore
794
60,935 2,285
99,803
10,498
9,235
75
2,386
479
1,983
633
2,164
prices. The price is over 2 cents lower than a year ago. Philadelphia _ _ _ _
The short interest at home and abroad is believed to be large
Total
108,397 8,424,695 184,055 10233300 729,859 1,097,784
Yet of late support has been lacking from bulls; it has only
Note.-Correction of receipts since Sept. 1: at Savannah, 6 193 bales
come from covering. And the continued tightness of money deducted, and at Charleston 11,000 bales added.
in Europe and the aloofness of buyers of actual coffee still
In order that comparison may be made with other years,
militates against a permanent improvement, though some we give below the totals at leading ports for six seasons:
Hamburg advices assert that the worst is over. The total
of Brazilian coffee in sight is 2,392,840 bags, against 2,363,- Receipts at- 1913.
1912. I 1911.
1910.
1909. I 1908.
751 bags a year ago. To-day prices broke to a new low Galveston ___
41,590
20,376
21,620
33,140
36,133
record, showing a decline of 23/i to 2% cents since January. TexasCity;&c. 39,815
19,182
4,594
6,625
6,181
6,818
5,363
New Orleans_
22,926
46,474
14,406
22,613
Foreign markets were lower, both European and Brazilian. Mobile
22,827
21,695
939
5,666
1,200
4,608
4,124
2,331
Closing quotations were as follows:
Savannah
12,885
32,542
5,863
6,795
13,762
12,465
zfregtf40.1
Jan
11.68(511.70
Feb
11.68 11.70
March _11.25 11.26
April
11.351511.36
May
June
July
Aug
11.48@11.49
11.531511.54
11.551511.56
11.64(511.65
Sept
Oct
Nov
Dee
11.7211.73
11.675J11,68
11.671511.68
11.68(511.70
SUGAR.-Raw higher. Atlantic port receipts for the
week were 71,536 tons, against 55,397 in the previous week,
48,479 last year and 81,676 two years ago. Centrifugal,
96-degrees test, 3.58c.; muscovado, 89-degrees test, 3.080.;
molasses, 89-degrees test, 2.83c. Refined quiet and steady;
granulated 4.30o.
p PETROLEUM.-Steady; barrels 8.50@9.50c.; bulk 4.80
@5.80c. and cases 10.80@11.80c. Naphtha firm; 73 to 76
degrees in 100-gallon drums,25c.; drums $8 50 extra. Gasoline, 86 degrees, 293'c.; 74 to 76 degrees, 253c.; 68 to 70
degrees, 221/0., and stove 21c. Spirits of turpentine 43c.
Common to good strained rosin $6 50.
hr TOBACCO has been quiet but generally firm. Not but
but that there is a pretty good demand for binder:
Manufacturers are doing a good business and they are not
believed to be any too well supplied. In old Sumatra there
is little trade. The assortment is in the main. not very
attractive. Certainly that seems to be the opinion of the
average buyer. He is waiting for samples of new Sumatra.
Cuban leaf of attractive quality sells readily enough; otherwise Cuban tobacco is neglected.
COPPER has been steady, though the tightness of money
in Europe has been a drawback. Yet finished products
have been in good demand; Lake 143/
8 ®15%c.; electrolytic
14%c. Tin lower at home and abroad, with less demand;
spot here 46.40o. Lead 4.35.; spelter 6.35c. Pig iron has
been more active at the West, though dull at the East;
No. 2Joundry East $16.75@$17. Easier prices have been
notedinow and then for plates and shapes, i. e. for axles,
track fastenings, tie plates etc., but contract prices are
firm and the Central West is buying structural material on
a larger scale than at any time since last summer. Merchant
bars are scarce and higher. Southern foundry iron in some
cases is 25 cents lower. Basic in thokPittsburgh district
sol&at $17.
Brunswick_ _ _
Charleston,&c
Wilmington.. _
Norfolk
N'port N.,&c
All others_ .
155
1,157
1,674
5,590
2,438
1,636
Total this wk.
108,397
16,372
5,240
10,510
11,756
1,507
7,804
409
373
2,147
2,682
4,163
5,795
925
2,056
4,893
148
1,407
1,110
1,565
3,044
7,118
397
1,290
1,067
2.868
6,723
48
2,345
58,244
77,041
95,195
90,038
Since Sept. 1_ 8,424,695 10233300 7,743,600 6,209,167 8,412,653 7,136,851
184,055
The exports for the week ending this evening reach a total
of 90,936 bales, of which 23,682 were to Great Britain,
2.185 to France and 65,069 to the rest of the Continent.
Below are the exports for the week and since Sept. 11912:
Exports
from-
Week ending March 14 1913. From Sept. 1 1912 to March 14 1913.
Exported toExported toGreat
Great
ContiBritain. France. neat. Total. Britain. Fiance.
Contineat.
Total.
Galveston._ 10,142
27,685 37,827 1,168,417 370,640 1,194,652 2,733,709
Texas City_
-- -- 383,901 146,793 77,907 608,601
- --Port Arthur - -- 30,78
24,892 52,473 108,153
Ar.Pass,&c. ---------------5,191 34,160
12,912 16,048
-NewOrleans 10-,ig-ii 2-,o4i 15,5iii 21,9
.62 590,804 127,614 313,549 1,031,967
Mobile-----------3,374 3,374 47,172 25,502 29,978 102,712
--3,374
Pensacola__
__ _ _
077
63 104
80
9:0
06:4
60
20
2
35
350 21,758 34,791 5
Savannah.._
118,724 62,869 514,035 695,628
Brunswick _
____1800305,:442289362
------------_ -----_
Charleston_
,000 132,559 197,851
____
-- -55
9,673 129,137 282,276
Wilmington
500 53,220 68,716
Norfolk ___
"i65 14,996
-_-_-_-_
-ioi
291
N'portNews
291
New York_ 1,66 'a./ 4",e8i 6-,iii 184,779 39,757 112,293 336,829
Boston ____ 1,612,
---- 1,612 123:StOil
7,731 137,371
Baltimore_ _
1,850 27,860 33,704
-Ai- 33,276
Philadel'a_
-54iii
5,640 38,916
Porti'd, Me. ____I
472
472
2-Ail 2-,ad
San Fran__
-._ _
164,448 164,448
1,391
Seattle
1,391
6,9479%09137
--- Total_ -- 23,682 2,1851 65,069 90,936 3,001,114 915,98913,07321,099107
Tot. '11-'12 182,927 28,2081 88,990 300,1253,542,709 i,018,4153,909,8848,560,808
Note.-N Y.exports since Sept. 1 include 18,443 bales Peru, &o., to Liverpool.
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.
On Shipboard, Not Cleared forOther CoastGerGreat
March 14 at- Britain. France. many. Foreign wise.
To al.
88,726
150,708
88,495
25,269
10,104
40,693
111,692
51,947
48,172 6,484 52,084 30,840 24,645 162,225
77,761 19,422 48,316 52,713 19,393 227,605
9R.ARR IR AnA RR Am 9i1 Q0/ In ASIA 110 400
567,634
870,179
1,522 1,138 6,712
4,662 24,746 23,228
FUTURES.-The highest, lowest and closing priees at
New York the past week have been as follows:
A10 eng
---8g-
3.800
1,500
3,800
58
_
- 615
100
1,658
-isfiti
..122
4,100 5,758
i74
3k
i7.
II eA'4.' :t,';4t II ca.gt kit tt il:1; CO kt tl .
II = = 11 = = = = ZI = ZI ZZ
i-k iia
O 4it, :4t kil 60 .
itti4 itS
I
Is
lo lo To
To .
To ..
To ..
lo.
Tv ..
To 10 ..
..
..
.- ..
II
11
Wit
il.?;
II
.= = II
, Wig
C.15,
61
08 '
.1!'l it 4
inii% "
liS ;91
i t
O
= = ::+1
= ZI
Zal
= ZI
0303 it
art
CO
ki7;
14 ; :4 iSO°
10
lo.
lo ..,
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lo ..
To ..
10 ..
To lo ..
To ..
Is Tv ..
..
11 iit it;t, 11 000i COO tag lot agl
.--.1 = rd m.
11 .- . ;. = 11 = --11 = =
00 '." iek :9 i''''E..
1
4 It
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10.
To.
To ..
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To.
Ig lo To lo ..
.
.. w. ..
ii t., kt il is-,. .ti., :.11 -!ag 7,.a,A .31 isi., iaig
= II = = = = '41 = Z1
II =
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II 1..7: lz 11 kt.a,, 1.-1CO Ihtg. ht.i:n 1..1.1. lz;.;41 -11 ip
CO
53
Friday,
March 14
Total.____
1,500
;'''
iSCil
4W i* 4t 44 il
I0
TO ..
lo.
Iv
To
10 ..
10 ..
To
lo
10 ..
To
..
.
..
-----------1,2ba
....
Thursday,
March 1.3.
uiet, 10 pts. dee__ Barely steady-uiet, 10 pts. dee_ Stpady
uiet
Very steady-- uiet
Steady
uiet, ICI pts. adv..- Very steady..- uiet
Steady
SALES.
Spot. Contr'ct. Total.
CO CO a.*
10
Wednesday,
March 12.
Saturday___
Monday __ _
Tuesday _
_WednesdayThursday __
Friday
Futures
Market
Closed.
II = Z.: 11 = = = = :I = Z1
,
Spot Market
Closed.
-PWIThel6 zt,LEIF,419gTaglEagiag,
OU
0
0IA0
---.,
.
Ao
II = = II ..= = ..1.: ..= = = .-..,1
coca .g
--4 :a.
,1
::e
g J :g isg
44
ftft
IC.
10 ..
IC 10 10 10 10 10 10 10 10 10
..
. ...
.
...
i
t
i II
it ti1 ,t
...
1 .41tt
j_COI tt
_ 11
Monday. 1 Tuesday.
March 10. March 11.
Speculation in cotton for future delivery has continued
dull, and the fluctuations have likewise kept within very
narrow limits. There has been at times a slight drift towards
lower prices. This was attributable to some sympathy with
the stock market, dulness of spot markets for a time, at any
rate in most parts of the South, the ample existing stocks,
decreasing spinners' takings and the widely prevalent belief
that the next acreage will be very large and that, under ordinary circumstances,the next crop will also be of liberal size.
Of late the Continental demand in Liverpool, which at one
time was quite brisk, has fallen off. Bar silver has declined
in London about 2d. in something over a month. The tightness of money on the Continent and the high rates in England,
together with the disturbed political situation in Southeastern
Europe, have all militated against bull speculation, even if
they have not been powerful enough to bring about any material decline in prices. Though the visible supply is much
smaller than a year ago, the price, on the other hand, is
nearly 2c. higher than then. There is an idea, too, that the
South is holding something like 2,500,000 bales, and that
unless the weather is Very bad and crop preparations are much
delayed,or something else occurs to give a fillip to a rather
listless market, there is nothing for it but a gradual decline
to possibly a considerably lower level. That there will be
a considerable increase in the area planted if the price continues at anything like $60 a bale,is accepted as a foregone
conclusion. Some Alabama advices have indicated that if
the weather is favorable, planting will begin in about
ten days, which would be something like a month
in
preparations
Crop
season.
last
of
ahead
best
be
the
to
are
said
Mississippi Delta
the
for years past. The Texas advices are pretty generally
agreed that there is a good "season" in the ground. A decline in coffee and at times the depression in the stock market
have not been without their influence. On the other hand,
as already intimated, the price of cotton has not been depressed much; latterly, indeed, it has rallied. Although
Wall Street and the South, as well as some other sections of
the country, have sold to some extent, the market, after all,
has absorbed offerings in a manner to encourage some who
believe that prices are at or near the bottom. Liverpool has
been uniformly better than expected. Good•buying orders
have come from that market in undoing straddles. At times
New Orleans and the South generally have bought. The
March premium has held up well at about 30 to 33
points. Some reports from spot markets have been more
encouraging. They have indicated a better demand and
. better basis. Latterly there has been a good deal
also a
of rain at the South and crop work has been impefled in parts of Texas and also in some sections east of the
Mississippi. Moreover, Western Texas, it is feared, needs
.o,.that bearish sentiment is so unirain. The very fact, to
versal has led to the building up of a large short interest at
times, and this of itself has caused rallies. Wall Street, the
Waldorf and the West have covered. Large trade interests
appear to be buying on good setbacks. Liverpool "is long"
and is therefore quite bullish. T9-day prices were irregular
within narrow limits. Heavy rains had little or no effect
in the end, though at first they caused some covering. It
is believed to be too early to lay much stress on the weather
at this time. Spot cotton closed at 12.50c. for middling
uplands, showing a decline for the week of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat. Mon. Tues. Wed. Thurs. Fri.
Mch.8 to Mch. 1412.50 12.40 12.40 12.40 12.50 12.50
Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
7.25 1889_0
8.20 1897_c
10.25
12.50 1905_c
1913_c
16.35 1896
7.69 1888
10.12
10.70 1904
1912
10.00 1895
6.00 1887
9.88
14.65 1903
1911
7.50 1886
9.12 1894
9.12
15.20 1902
1910
1893
9.00
8.75
1885
11.25
1901
9.85
1909
6.81 1884
9.75 1892
10.94
11.20 1900
1908
9.06 1883
6.38 1891
10.19
11.20 1899
1907
11.44 1882
6.12 1890
12.06
10.95 1898
1906
AT
NEW
YORK.
SALES
MARKET AND
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
, nmtowg
ne.
(14(10!'nwownwgowi-ow.o:,A
4
Satavg:
Total 1913_
Total 1912
Total 1011
Leaving
Stock.
50 15,099
3,095 95,426
--_
--_- 1,500
--------------------___500 7,800
____
_-_- 5,800
21,000 21,000
---- 2,400
900
400
300
19,000
__
____ 10,000
New Orleans__ 5,677
Galveston ____ 29,695
Savannah
Charleston ___ 1.500
1,500
Mobile
Norfolk
800
New York.._....
9,000
Other ports
805
THE CHRONICLE
MAR. 1$ 1913
8
CO
=. k
IS IS IS
IC IP 10 IS IS IS 10 114
....
.
.
c, H 1:!1 I 17 l'66' IS H 18 H I is
1 I I it I;,
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
1910.
1911.
1912.
1913.
March 14bales..1.375,000 1,166,000 1,268.000 861,000
Stock at Liverpool
4,000
6,000
2,000
5,000
Stock at London
61.000
97,000 116,000
102,000
Stock at Manchester
1,482.000 1,265,000 1,390,000 926,000
Total Great Britain stock
6,000
4.000
7.000
11.000
Stock at Hamburg
528,000 536.000 279,000 302,000
Stock at Bremen
422,000 336,000 323,000 390,000
Stock at Havre
2,000
2,000
4,000
2,000
Stock at Marseilles
9,000
24,000
22,000
36,000
Stock at Barcelona
52,000
46.000
38.000
34,000
Genoa
at
Stock
4,000
4.000
5,000
31,000
Stock at Trieste
Total Continental stocks
1,064,000
948,000
682,000
765,000
2,546,000 2,313,000 2,072,000 1,691,000
Total European stocks
82,000 151,000 268,000
India cotton afloat for Europe__ _ 93,000
254,927 962,260 400,457 225,418
Amer. cotton afloat for Europe
30,000
64,000
43,000
Europe
49,000
&c.aflt.for
Brazil,
Egypt,
260,000 256.000 226,000 157,000
Stock in Alexandria. Egypt
840,000 637,000 511.000 748,000
Stock in Bombay, India
729,859 1,097,784 592.679 598,595
Stock in U. S. ports
658.8 0 537,288 524.674 562.125
Stock in U. S. interior towus..
14.627
24,866
42,517
7,500
U. S. exports to-day
5,439,176 5.891.849 4.535,437 4.305.004
Total visible supply
Of the above, totals of American and other descriptions are as follows:
Americanbales_1,214,000 1,055,000 1,150,000 788,000
Liverpool stock
51.000
80,000
67,000
-73,000
Manchester stock
1.028,000 922,000 647,000 723.000
Continental stock
2 4,92 7 962.260 400,457 225,418
American afloat for Europe
729,8.19 1,097,784 592,679 598,595
U. S. port stocks
0i18,890 537,288 524,674 562,125
U.S.interior stocks
24,866
14,627
42.517
7,500
U. S. exports to-day
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India,&c
Total American
3,9(36.176 4.683,849 3,419,437 2,973,004
161,000
5.000
29,000
36,000
93,000
49,000
260,000
840,000
111,000
2,000
30,000
26,000
82,000
64,000
256,000
637,000
118,000
6,000
26,000
35,000
151.000
43,000
226,000
511,000
73,000
4,000
10,000
42,000
268,000
30,000
157,000
748,000
1,473.000 1,208,000 1,116,000 1,332,000
3,966,176 4,683,849 3.419,437 2,973,004
5.439.176 5,891.849 4.535,437 4,305,004
Total visible supply
6.18d.
8.17d.
6.85d.
7.75d.
Middling Upland, Liverpool__ _
12.50c. 10.75c. 14.65c. 15.20c.
_
_
_
York_
New
Upland,
Middling
164d.
103Id.
Egypt, Got d Brown, Liverpool.._ 10.40d. 9 11-16d.
9.104. 11.25d. 10.50d.
Peruvian, ho igh Good,Liverpool 10.004.
7%d.
5%d. 7 7-16d.
6%d.
Broach, Fine, Liverpool
6%d. 5 11-16d. 7 5-16d. 7 1-16d
Tinnevelly, Good, Liverpool..-..Continental imports for the past week have been 98,000
bales.
The above figures for 1913 show a decrease from last week
of 52,776 bales, a loss of 452,673 bales from 1912, an excess
of 903,739 bales over 1911 and a gain of 1,134,172 bales over
1910.
806
THE CHRONICLE
[VOL. xcvi.
Movement to March 14 1913.
Movement to March 15 1912.
AT THE INTERIOR TOWNS the movement-that is 1 NEW ORLEANS OPTION MARKET.-The highest,
the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options
for the week and the stocks to-night, and the same items Orleans cotton market for the past week have beeninasthe New
follows:
for the corresponding period for the previous year-is set
• out in detail below.
Sat'day. Monday, Tuesday, Wed'day,I Thursday Friday,
8.o
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Mch. 8. Mch. 10. Mch. 11. Mch 12. Mch. 13. Mch. 14.
MarchRange
Closing
MayRange
Closing
JulyRange
Closing
AugustRange
Closing
Oct.Range
Closing
Dec.
Range
Closing
ToneSpot
i
12.13-.18 12.11-.23 12.21-.30 12.22-.24 12.28-.34 12.28-.35
12.17-.19 12.18-.20 12.29-.30 12.24-.26 12.31-.33 12.30-.32
i
12.02-.09 11.98-.08 12.06-.16 12.07-.18 12.10-.19 12.11-.20
12.05-.06 12.06-.07 12.15-.16 12.10-.11 12.17-.18 12.15-.16
12.02-.07 11.96-.04 12.03-.11 12.02-.131 12.05-.14 12.06-.15
12.02-.03 12.02-.03 12.10-.11 12.05-.06 12.12-.13 12.10-.11
- 0-- 0 -.11.83 - 11.80-.89 11.90-.92 11.82-.89
11.80-.82 11.80-.82'11.88-.89 11.83-.84 11.91-.93 11.89-.90
11.39-.45 11.37-.44 11.42-.50 11.41-.51 11.42-.48 11.41-.47
11.41-.42 11.42-.43 11.49-.50 11.42-.43 11.46-.47 11.44-.45
11.41-.43 11.40-.45 11.44-.50 11.44-.50 11.45-.46 11.41-.45
11.42-.43 11.43-.44 11.49-.50 11.43-.45 11.47-.48 11.44-.45
Quiet
Steady
Firm
Quiet
Steady Quiet
Steady Steady Steady Steady Steady Steady
Ontiong
RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations.
Week
ending.
Receipts at Ports.
1913
1912
Stock as Interior Towns. Receiptsfrom Plantations.
1911
1912
1913
1911
1913 1912
1911
24 159,990 319,526 207,800 798,641 829,576 707,535 136,797 287,532 158,510
31 160,209 318,215 184,875 776,217 806,329 668,147 137,485 294,968 145,487
7 133,427 364,644 173,669 758,816 768,794 625,500 116,026 327,109 131,031
14
109,474 303,385 134,382 752,636 726,985 616,803 103,294 261,576
" 21 114,107 288,510 101,224 721,689 639,908 605,145 83,160 255,055 125.676
89,566
" 28 117,320 283,687 91,599 706,377 595,089 576,457 102,008 238,868 62,911
Mch. 7 110,183 203,159 72,362 674,428 573,122 552,964 78,234 181,192 48,869
" 14 108,397 184,055 58,244 658,890 537,288 524,674 92,859 148,221 29,954
Jan.
"
Feb.
1111
The above statement shows: 1.-That the total receipta
from the plantations since Sept. 1 1912 are 8,986,549 bales
in 1911-12 were 10,670,151 bales; in 1910-11 were 8,218,496
ad
cig4 4
bales.
2.-That although the receipts at the outports the past
I 1-004A7,Vtd N4.0 §a.d gg
OMTA.5
r=1(13i.A.4.44'-o.gmucbc>431g
oml5z4g3a)mm
week were 108,397 bales, the actual movementfrom plantaare
for
figures
Louisville,
Ky.
year's
*Last
tions was 92,859 bales, the balance being taken from stocks
OVERLAND MOVEMENT FOR THE WEEK AND at interior towns. Last year receipts from the plantations
for the week were 148,221 bales, and for 1911 they were
SINCE SEPT. 1.-We give below a statement showing the 29,954
bales.
overland movement for the week and Once Sept. 1, as made
up from telegraphic reports Friday night. The results for
WEATHER REPORTS BY TELEGRAPH.-Our telethe week and since Sept. 1 in the last two years are as follows: graphic advices from the South this evening denote that
-1912-13--1911-12- rain has been general during the week, and that in some
March 14Since
Since
Week. Sept. 1.
ShippedWeek. Sept. 1. portions of the Gulf States heavy precipitation has interVia St. Louis
9,303 444,200
18,122 488,770 fered materially with crop preparations.
Via Cairo
3,638 209,262
a4,589 a211,189
Galveston, Tex.-There has been rain on three days during
348
Via Rock Island
17,352
671
4,568
1,529
Via Louisville
66,117
3,462 120,799 the week,the rainfall being one inch and fourteen hundredths.
2,168 119,150
6,287
Via Cincinnati
94,154
1,269 109,315
4,268 160,661 The thermometer has ranged from 46 to 70, averaging 58.
Via Virginia points
3,427 282,142
15,023 325,553
Via other routes, &c
Abilene, Tex.-We have had light rain on three days of the
21,682 1,247,538
52,422 1,405,694 week,the precipitation reaching thirty-three hundredths of an
Total gross overland
Deduct Shipmentsinch. Minimum thermometer 42.
1,286 116,569
Overland to N.Y.,Boston. &c
4,559 149,619
Palestine, Tex.-We have had rain on three days during
2,492
88,747
Between interior towns
513
68,331
1,312
Inland, &c., from South
67,735
798
29,061 the week, the rainfall reaching eighty-eight hundredths of an
5,090 273,051
Total to be deducted
5,870 247,011 inch. Minimum thermometer 42.
San Antonio, Tex.-It has rained on three days of the week,
net
overland*___16,592 974,487
Leaving total
46,552 1,158,683 the precipitation reaching ninety-eight
hundredths of an inch.
Lowest thermometer 42.
*Including movement by rail to Canada. a Revised.
Taylor,
Tex.
-There
has
been rain on two days during
The foregoing shows the week's net overland movement
week, the rainfall being forty-eight hundredths of an
has been 16,592 bales, against 46,552 bales for the week last the
inch.
thermometer
Minimum
44.
year, and that for the season to date the aggregate net overNew Orleans, La.-We have had rain on each day of the
land exhibits a decrease from a year ago of 184,196 bales.
week, the rainfall reaching four inches and sixty-eight
-1912-13
-1911 12
/n Sight and Spinners'
Since
Since hundredths. The thermometer has averaged 65.
Week.
Takings.
Sept. 1.
Week.
Sept. 1.
Little Rock, Ark.-We have had rain on three days of the
108,397 8,424,695 184,055 10,233,300
Receipts at ports to Mar. 14
16,592
974,487 46,552 1,158,683 week to the extent of ninety-eight hundredths of an inch.
Net overland to Mar. 14
- Southern consumption to Mar. 14 56,000 1,560,000
55,000 1,397,000 The thermometer has averaged 55, ranging from 38 to 72.
Vicksburg, Miss.-We have had rain on six days of the
180,989 10,959,182 285,607 12,788,983
Total marketed
Interior stocks in excess
*15,538
561,854 *35,834
436,851 week, to the extent of four inches and fifty-seven hundredths.
The thermometer has averaged 56, ranging from 47 to 74.
Came into sight during week_ -_165,451
249,773
Total in sight Mar. 14
11.521,036
Helena, Ark.-The river is falling, rain has fallen on
id:2W,A51
North. spinners' tak'gs toMar. 14 47,151 2,038,451
73,119 1.922,713 two days of the week, to the extent of one inch and thirteen
hundredths. Average thermometer 51.4,highest70,lowest 35.
*Decrease during week.
Memphis, Tenn.-We have had rain on two days during
Movement into sight in previous years.
the week, the rainfall reaching one inch and one hundredth.
Bales.
Since Sept. 1WeekBales.
The thermometer has averaged 52, ranging from 30 to 69.
101,132 1910-11-March 17
10,412,542
1911-March 17
• Mobile, Ala.-Excessive rains greatly retard farm work.
110,749 1909-10-March 18
1910-March 18
8,852,068
143,415 1908-09-March 19
11,474,539 There has been rain on four days during the week, to the ex1909-March 19
QUOTATIONS FOR MIDDLING COTTON AT tent of four inches and ninety-three hundredths. The therOTHER MARKETS.-Below are the closing quotations mometer has ranged from 42 to 72, averaging 59.
Selma, Ala.-This week's rains have paralyzed farming
of middling cotton at Southern and other principal cotton
operations. Rainfall for the week four inches and sixty-one
markets for each day of the week.
hundredths, on four days. Average thermometer 55.5,
highest 76, lowest 32.
Closing Quotations for Middling Cotton onWeek ending
Madison, Fla.-We have had rain on two days of the week,
Sat'day. Monday. Tuesday. Til'ed'day. Thursd 'y Friday.
March 14.
the precipitation being sixty hundredths of an inch. AverGalveston
12%
12 9-16 12
12
age thermometer 70, highest 83, lowest 47.
12
12%
• New Orleans
12
12%
12
123
12
12%
Savannah, Ga.-We have had rain on one day of the past
• Mobile
12
12
121-16 12
12 1-16 12 1-16
Savannah
•
12%
12%
12
12
12%
week, the rainfall being seventeen hundredths of an inch.
1291
• Charleston
12q
12%
12
12
12%,
120
Average thermometer 61, highest 79, lowest 38.
Wilmington
12%
12
12%
12
12%
12
Norfolk
12%
12%
12
12%
12%
Charlotte, N. C.-We have had rain during the week,
12 4
Baltimore
12%
12%
12%
12,
4
12%
12%
the rainfall reaching two inches and nine hundredths. The
Philadelphia
12.75
12.65
12.65
12.65
12.75
12.75
Augusta
123
12%
12%
thermometer has ranged from 33 to 68, averaging 50.
123'
12
12%
Memphis
12
12 7-16 12 7-16 12 7-16 12
12%
Charleston, S. C.-There has been rain on two days during
St, Louis
12,8
12%
12
12%
12
12%
Houston
12 7-16 12 7-16 12%
the week, to the extent of sixteen hundredths of an inch.
12
1234
12%
Little Rock
1231
12%
12%
12%
12%
12%
Average thermometer 60, highest 75, lowest 44.
A
-
t.. 6. :4
ogr
p4...lago.„g..911831wr.
8
co
THE CHRONICLE
MAR. 15 1913.]
807
WORLD'S SUPPLY AND TAKINGS OF COTTON.
SHIPPING NEWS.-As shown on a previous page, the
The following brief but comprehensive statement indicates exports of cotton from the United States the past week have
at a glance the world-s supply of cotton for the week and since reached 90,936 bales. The shipments in detail, as made
Sept. 1 for the last two seasons, from all sources from which up from mail and telegraphic returns, are as follows:
Total bales.
statistics are obtainable; also the takings, or amounts gone NEW YORK-To Liverpool-Mch. 11-Franconia, 900
900
out of sight, for the like period:
200
To Hull-Mch. 12-Marengo, 200
137
To
Sea
Island
8-Rochambeau,
137
Havre-Mch.
- -To Marseilles-Mch. 7-Germania,50
50
f911-12.
Cotton Takings.
1912-13.
250
To Rotterdam-Mch.8-Czar,250
Week and Season.
To Barcelona-Mch. 7-River Orontes, 100__-Mch. 12-Co950
lomba, 850
To Genoa-Mch. 7-Italia, 253____Mch. 10-Cincinnati, 599.. 852
5,964,842
Visible supply March 7
5,491,952
To Naples-Mch.7-Italia,47; River Orontes, 50..__Mch. 101,603,418
Visible supply Sept. 1
2,135,485
Cindnnati, 102
199
American in sight to March 14
165,451 11,521,036 249,773 13,225,834
To Japan-Mch. 10-Indrakula, 2,700
2,700
Bombay receipts to March 13_ _
74,000 1,561,000 GALVESTON-To Liverpool-Mch. 10
94,000 1,589,000
4,985
-Heinz,
4,985
ship'ts
to
81,800
India
Other
Mar. 13..
5,500
126,000
3,000
To Manchester--Mch 12-Ramon de Larrinaga, 5,157
5,157
907,500
Alexandria receipts to Mar. 12_
15,300
967,000
7,000
To Bremen-Mch. 7-Breslau, 9,200Mch. 12-Sandefjord,
178,000
Other supply to Mar. 12 *
4,000
207,000
5,000
• 13,675
22,875
To Genoa-Mch. 10-Italia, 4,810
4,810
Total supply
5.766,403 16,545,521 6,313,415 17,557,552 NEW ORLEANS-To Liverpool-Mch. 7-Custodian, 10,285..
10,285
DeductTo Havre-Mch. 8-Hudson, 2,048
2,048
Visible supply to March 14
5,439,176 5,439,176 5,891,849 5,891,849
To Bremen-Mch. 8-Meltonian, 7,829..__Mch. 13-Afghan
ce„
15,329
Tota takings to Mar. 14 a_ _ 327,227 11,106,345 421,566 11,665,703 MOBILE-To Bremen-Mch. 12-Meltonian, 3,374
3,374
Of which American
265,227 8,920,345 336,766 9,394,403 PENSACOLA-To Trieste-Mch. 11-Maria, 350
350
84,800 2,271,300 SAVANNAH-To Bremen-Mch. 8-Erroll, 9,333
Of which other
62,000 2,186,000
9,333
NORFOLK
-To
203
Liverpool-Mch.
8
-North
Point,
203
Indies,
&c.
West
Smyrna,
* Embraces receipts in Europe from Brazil,
Liverpool-Mch. 10-Michigan, 805---Mch. 7a This total embraces the estimated consumption by Southern mills BOSTON-To
Devonian,202___Mch. 10-Arabic,605
1,612
1,560,000 bales in 1912-13 and 1,397,000 bales in 1911-12-takings not PHILADELPHIA-To
Manchester-Mch. 3-Manchester Merhaing available-and the aggregate amounts taken by Northern and
chant,340
340
foreign spinners, 9,546,345 bales in 1912-13 and 10,268,703 bales in SAN FRANCISCO-To
Japan-Mch.
8-Persia, 2,656
2,656
American.
bales
and
7,997.403
bales
1911-12. of which 7,360,345
PORT TOWNSEND-To Japan-Mch.11-Yokohama Maru,1,391 1,391
Week.
Season.
Week.
Season.
- Total
INDIA COTTON MOVEMENT FROM ALL PORTS.
90,936
The receipts of India cotton at Bombay and the shipments
The particulars of the foregoing shipments for the week,
from all India ports for the week and for the season from arranged in our usual form, are as follows:
Sept. 1 for three years have been as follows:
Great French Ger- -Oth.Europe-- Mex..
March 13.
Receipt? al-
1912-13.
1911-12.
1910-11.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
94,000 1,589,000 74,000 1,581,000 75,000 1,442,000
Bombay
Since September 1.
For the Week.
Exports
fromBombay1912-13__
1911-12__
1910-11._
Calcutta1912-13
1911-12._
1910-11
Madras1912-13_
1911-12
1910-11
All othe
1912-13
1911-12
1910-11
Total all1912-13._
1911-12._
1910-11._
Great iConti- Japan 1
Great
Britain. neat. &China Total. Britain.
Japan
Continent. & China. Total.
Britain. ports. many. North. South. &c. Japan. Total.
250 2,001 --- 2,70C1 6,188
New York
1,100
137 ---37,827
4
Galveston
10,142 __-- 22,875
New Orleans.....10,285 2,048 15,329 -------------- 27,662
Mobile
3,374 ---------------3,374
---- -----------350
Pensacola
--__
-__- ---_
Savannah
9,333
---------9,333
--- --Norfolk
.-- 455 ____
____
203
------ --Boston
1,612
1,612 ____
____
--- --Philadelphia _
___
__ _
340
San Francisco-- -----------_______
2,656
2,656
____
Port Townsend_
1,391
1,391
_.
Total
9,000 3,000 12,000
1,000 3,000 45,000 49,000
1,000 21,000 36,000 58,000
1,000
......
3,000
12,000
500
1,500
3,000
4,000 4,000
12,000
12,000 3,500 15,000
1,000 4,000 49,500 54,500
1,000 33,000 36,000 70,000
14,000 182,000 418,000 614,000
4,000 138,000 464,000 606,000
21,000 499,000 316,000 836,000
3,000
2,000
2,000
8,000
7,000
11,000
4,000
2,000
8,000
13,000
5,000
18,000
6,000
2,000
13,000
17,000
11,000
26,000
800
5
17,000
7,800
26,005
16,000 92,000
15,000 63,000
13,000 175,300
8,000 68,000
4,000 44,000
27,000 147,000
29,000 271,000 440,000 740,000
12,000 194,000, 481,800 687,800
58,000 675,0001 330,3051,063,305
23,682 2,185 50,911
250 7.161
--- 6.747 90,936
The exports to Japan since Sept. 1 have been 236,446 bales
from Pacific ports, and 5,200 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Tues.
Wed. Thurs.
Fri.
Sat.
Mon.
Liverpool
30
30
30
30
30
30
Manchester
30
30
30
30
30
30
Havre
35
35
35
35
35
35
Bremen
35
35
35
35
35
35
Hamburg
60
60
60
60
60
60
Antwerp
354040 35©40 354040 35040 3540 354040
Ghent, via Antwerp 41046 41046 41046 41046 41@46 41046
Reval
60
50
50
o
50
50
Barcelona
65
65
65
65
65
65
40
40
Genoa
40
40
40
40
50
50
50
50
50
50
Trieste
65
65
65
65
65
Japan
65
70
70
70
70
Bombay
70
70
LIVERPOOL.-By cable from Liverpool we have the folAccording to the foregoing, Bombay appears to show an increase compared with last year in the week's receipts of 20,000 lowing statement of the week's sales, stocks, &e., at that
bales. Exports from all India ports record a loss of 39,500 port: .
Mch. 7. Mch. 14.
Feb. 21.
Feb. 28.
bales during the week and since Sept. 1 show an increase Sales of the week
44,000
bales.. 47,000
42,000
53,000
Of which speculators took__
4,000
3,000
3,000
7,000
of 52,200 bales.
Of which exporters took ___
2,000
1,000
1,000
660
American
40
:
39,000
41,000
46,000
ALEXANDRIA RECEIPTS AND SHIPMENTS OF Sales,
11,000
Actual export
13,000
14,000
3,000
COTTON.-Through arrangements made with Messrs. Forwarded
89,000
85,000
103,000
81,000
1,434,000 1,414,000 1,399,000 1,375,000
Choremi, Benachi & Co., of Boston and Alexandria, we Total stock-Estimated
Of which American
1,254,000 1,249,000 1,231,000 1,214,000
now receive a weekly cable of the movement of cotton at Total
75.000
imports of the week
96,000
79,000
78,000
53,000
60.000
Of which American
54,000
77,000
Alexandria, Egypt. The following are the receipts and
118,000
Amount
afloat
181,000
149,000
229,000
shipments for the past week and for the corresponding
75,000
Of which American
106,000
131,000
180,000
week of the two previous years:
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
1910-11.
1911-12.
1912-13.
Alexandria, Egypt,
spot cotton have been as follows:
March 12.
Receipts (cantars)This week
Since Sept. 1
50,000
7,249,523
65,000
7,162,976
115,000
6,806,555
This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
Exports (bales)-
To Liverpool
2,250 170,536 2,000 157,528 2,250 178,359
To Manchester
172,039 5,500 184,870
____ 179,309
To Continent and India_ 7,500 272,994 11,000 263,299 11,500 299,981
1,500 100,286 2,000 70,331 2,000 92,507
To America
11.250 715.855 20.500 674.028 15.750 750.156
Total exports
Note.-A canter is 99 lbs. Egyptian ba es weigh about 750 lbs.
Spot.
Saturday.
Monday.
Market, {
12:15
P.M.
Quiet.
Moderate
demand,
Tuesday. Wednesday. Thursday.
Friday.
Moderate
demand.
Quiet.
Quiet.
Moderate
demand.
Mid.Uprd
6.76
6.74
6.78
6.82
6.78
6.85
Sales
Spec.&exp.
5,000
300
8,000
800
6,000
700
8,000
1,000
8,000
1,000
9,000
700
Futures. Barely sty. Steady,
Steady,
Steady,
1H points 102 ins. 13402 pts. 2346354
Market
opened I decline,
decline,
advance. pta. adv.
Market,
Quiet,
Steady,
Steady,
Quiet,
Quiet,
340134
pta. dec.
Steady.
35444454
pta. adv.
Steady,
Steady,
MANCHESTER MARKET,-Our report received by
4
1(4)13-4 pta 13444234 3(03-4 pta. 3 pta.dec.to % pt. dec. 13-4©534
cable to-night from Manchester states that the market con- P.M. decline. ntki. dec. advance k4 nt adv tn 1 nt arty ota_ adv.
tinues quiet for both yarns and shirqngs. Merchants are not
The prices of futures at Liverpool for each day are given
willing to pay present prices. We give the prices for to-day below. Prices are on the basis of upland, good ordinary
below and leave those for previous weeks of this and last clause, unless otherwise stated.
year for comparison.
The prices are given in pence and 100ths. Thus: 6 50 means 6 50-100d.
1912.
1913.
32: Cop
Twist.
d.
Jan.
24 10
31 10
Feb.
7 10
14 10Si
21 10
28 10
Mch
91
14
83( lbs. Shirt- Cot's
legs, common Mid.
Uprt
to finest.
a. e. cl.
e. d. 6. d.
10% 6 3 ©11 6
10N • 3 011 6
10% • 3 ©II 6
11 6 4 ©11 6
10%• 334011 6
10% 6 3%©11
ION 6 334@11 6
ION 6 3 ©11 6
32s Cop
Twist.
834 Mc Shirt- Cot'n
legs, common Atm.
to finest.
Uvi's
d. e. d.
6.69 8% @ 934 5
6.8481H644 934 ii
1
6.84 834 09 13 16 5
©40
6.93 9
5
®10
5
6.77 9
6.895 15-1644 10 5
1
6.81 9 1-16 44 1034 5
6.85 9 3-16 44103-16 5
s.d.
5 @10734 5.50
5.77
534010 8
634011 0
734011 1
7344411 1
7N©11 I
4.90
$85
8.93
5.91
9 @11 234 6.03
1034@11 234 6.18
Wed.
Tues.
Thurs.
Fri.
Mon.
Mch. 8
Sat.
to
Mch. 14. 1234 123.4 1234 4 1234 4 1231 4 1234 4 1234 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.
d.
d. d. d. d. d. d. d. d. d. d.
d.
March___ __ 6 50 4734 48 5134 5234 56 53 52 54 594 5934
Mar.-Apr. _ _ _ _ 6 50 47 4734 51 52 55 5134 5034 5234 58 5734
Apr.-May _ ___ 6 50 47 4734 5034 52 544 51 50 52 57 5634
May-June ____ 6 4934 47 4734 5034 514 5434 51 4934 51 56 5534
June-Jul
_ _ _ 6 48 4534 4534 49 494 5234 49 474 49 54 53
6 4434 42 42 454 46 49 4534 4334 45 494 484
July
6 36 34 34 37 374 3934 36 34 3534 394 38
-Aug-------Sep_
Aug.
Sept.-Oct. ____ 6 234 2134 22 2434 2534 26 23 21 2334 2634 2534
Oct.-Nov. ____ 6 1634 144 15 17 18 18 15 13 1534 1834 17
Nov.-Dec --__ 6 14 12 124 1434 1534 15 1234 10 13 16 1434
6 13 11 11341334 1434 14 113409 12 15 1334
Dec.-Jan
Tan -Pen6 12 In 1nt2 12th 1au 12 1n&4 OR 11
14 1234
808
THE CHRONICLE
BREADSTUFFS.
Friday Night, March 14, 1913.
Flour has been quiet and latterly more or less depressed.
Also the reports from the Northwest have not been very
encouraging; quite the contrary. Sales at Minneapolis
have been small. Bookings, as a rule, have fallen far short
of the output. Shipping directions are not freely forthcoming. On the contrary there is a noticeable disposition to
withhold them. Export business has been small. The
output at Minneapolis, Duluth and Milwaukee last week
was 373,986 bbls., against 332,736 in the previous week and
341,183 last year.
Wheat has declined. The reasons are to be sought in the
Government report on farm reserves, liquidation of May,
favorable crop reports, large stocks at the Northwest, depression in prices there and general liquidation. Moreover,
the world's shipments, though somewhat smaller than those
or the previous week, were much larger than those for the
same week of last year. They reached a total of 13,776,000
bushels, against 14,352,000 in the previous week but only
9,169,000 in the same week last year. The world's stock in
Europe and afloat for Europe increased last week 4,300,000
bushels, against an increase in the same week last year of
900,000 bushels. The world's stock is 206,983,000 bushels,
against 194,615,000 a year ago and 183,615,000 two years
ago. The weather of late has been very favorable in the
American wheat belt. Flour has been dull. Speculation
has not been active. - The depression in the stock market
has at times had a more or less indirect effect on speculative
sentiment. On the other hand, export trade has increased.
Last Tuesday there were rumors of 800,000 bushels sold for
export. On Wednesday there was also quite a good business
for foreign account reported. Towards the close of the week
there was some recovery in prices on reports of political complications in Southeastern Europe. The Balkan situation
has been a fruitful source of all sorts of rumors during the
week, coincident with continued tightness of money on the
Continent of Europe, due, it is supposed, to the uncertainties incident to the Balkan situation. At times, too, commission houses have been good buyers on declines. The
shorts have now and then found it difficult to cover without
putting up prices rather sharply. It is a fact, too, that the
world's stock of wheat during the week has increased about
a million bushels less than in the same week last year. That
is to say, there was an increase of only 3,500,000 bushels,
against an increase in the same week last year of 4,522,000
bushels. In Canada there was an actual decrease of 119,000
bushels, in sharp contrast with an increase in the same week
last year of 5,092,000 bushels.
It is of interest to observe, moreover, that the distribution
of foreign wheat in Europe during February was far larger
than in the same month in recent years. It is believed that
for a month European millers have been drawing largely on
invisible reserves, as importers' stocks in Europe wer light
nearly everywhere. The indications, it is said, point to a,
ready European demand for all available wheat. A noticeable feature has been the fact thet July-August wheat in
Paris was only 1 cent per bushel below the old-crop months.
In Hungary, too, the new-crop months have actually been
9 cents above the old-crop option. This is taken as emphasizing the possibility of a scarcity later in the year. The Continental demand has been one of the chief features of the
European market.
The fact remains, however, that farm reserves amount to
156,483,000 bushels, against 122,025,000 a year ago. Yet,
while these figures show considerable increase over those of
last year, it is also true that those of the present year are
considerably smaller than in 1911, when they were 179,690,000 bushels, and in 1910 when they were 173,344,000 bushels. Still, it is none the less true that the trend of prices
has been downward on this side of the water. To-day wheat
prices were slightly lower.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fr
cts_111
110
110
110
111
No.2 red
111
97 I 97% 96% 96% 96% 96
May delivery in elevator
97
991/, __-- 96% 96% 95%
July delivery in elevator
96
95% ____ 95% 953 95X
Sept. delivery in elevator
DAILY CLOSING PRICES OF WHEAT FUTURES IN CH 1CA(10.
Sal. Mon. Tues. Wed. Thurs. Fri.
89% 89
893.1
cts_ 91% 91% 891
May delivery in elevator
88% 89g 88% 88 X
89% 90
July delivery in elevator
Sept. delivery in elevator
88% 88% 88
881'i 883i 88
[VOL. xi,svi
a considerable consumption of corn. Large New York
operators are trading on the bull side. These are said to be
already heavily long. Some large Chicago interests and a
number of commission houses have at times been good buyers. Within a day or two the tone has weakened somewhat,
however, partly owing to predictions of an increase in the
movement. It has actually increased and seems likely to
increase further. To-day prices were weaker, owing to lower
cables and heavy liquidation, partly for Wall Street account.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 52% 52% 52% 521
52% 51%
July delivery in elevator
53% 53% 53U 53% 53% 53
Sept. delivery in elevator
54% 541
54M, 54% 54% 543i
Oats have .declined with other grain. Liquidation has
been very manifest. Some large Chicago interests have sold
freely. The farm reserves are very big, reaching a total of
604,216,000 bushels or far the largest on record. Last year
they were only 289,988,000 bushels at this time. Two years
ago they were 421,535,000 bushels. The cash demand has
been of only fair volume. Contract stocks at Chicago are
now 884,000 bushels, against 284,000 bushels a year ago.
The distant futures of late have shown more strength than
the nearer months, but the rallies have been due more to
covering of shorts than to anything else. To-day prices
declined..
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Man. Tues. IVed. Thurs. Fri.
Standards
cts_ 383-i 38% 38
38
38
38
No. 2 white
40% 40
nom. nom.
403. 41
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 34
34% 32W4 33
32% 32%
July delivery in elevator
343 343
33
333 33Y 32
Sept. delivery in e.evator
34
34% 33Yg 33X 33 N. 33
The following are closing quotations:
FLOUR.
Winter. low grades... _63 6O($3 95 gyring clears
$4 00@$4 20
Winter patents
5 25 5 75 Kansas straights,sacks_ 4 150 4 35
Winter straights
4 60(0 4 80 Kansas clears, sacks- 3 75@ 4 00
Winter clears
4 25(4 4 30 City patents
5 951 6 25
Spring patents
4 50(4) 4 75 Rye flour
3 65 3 90
Spring straights
4 40(0 4 60 Graham flour
4 00 4 75
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelN. Spring. No. 1.
No. 2
elevator Nominal
$0 983.
N. Spring. No. 2,
nom
Steamer
elevator
55i
Red winter, No. 2,
1 11
No.3
c.i.f. Nominal
Hard winter, No.2
981 Rye, per bushelOats, per bushel, newCents.
No. 2
65
Standards
State & Pennsylvania__ Nominal
38
No. 2, white
nom Barley-Malting
55©60
No. 3
373i
AGRICULTURAL DEPARTMENT'S REPORT ON
CEREAL STOCKS.-The Agricultural Department's report
on cereal stocks, &c., was issued on March 10 as follows:
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates,from reports of correspondents
and agents, that the quantity of wheat on farms on March 1 was about
156,483,000 bushels, or 21.4% of the 1912 crop, against 122,025,000 bushels,
or 99.6( of the 1911 crop on farms on NIarch 1 1912 and 162,705,000 bush.,
or 25.6 of the 1910 crop on farms on March 1 1911. About 61.6% of the
crop will be shipped out of the counties where grown, against 56.1% of the
1911 crop and 55.6% of the 1910 crop so shipped.
The amount of corn on farms on March 1 was about 1,289,655,000 bush.,
or 41.3% of the 1912 crop, against 884,069,000 bush., or 34.9% of the 1911
crop on farms on March 1 1912 and 1,165,378,000 bush., or 40.4% of the
1910 crop on farms March 11911. About 21.8% of the crop will be shipped
out of the counties where grown, against 20.5% of the 1911 crop and 22.9%
of the 1910 crop so shipped. The proportion fo the total 1912 crop which
is merchantable is about 85%, against 80.1% of the 1911 crop and 86.4%
of the 1910 crop.
The amount of oats on farms on March 1 was about 604,216,000 bush.,
or 42.6% of the 1912 crop, against 289,988,000 bush., or 31.4% of the 1911
crop on farms on March 1 1912 and 442,665,000 bush., or 37.37 of the 1910
crop on farms March 1 1911. About 30.97 of the crop will be shipped
out of the counties where grownjagainst 28.8% of the 1911 crop and 30.6%
of the 1910 crop so shipped.
The amount of barley on farms on March 1 was about 62,283,000 bush.,
or 27.87 of the 1912 crop against 24,760,000 bush., or 15.5% of the 1911
crop on farms on March 1 '1912 and 33,498,000 bush. or 19.3% of the 1910
crop on farms on March 11911. About 53.7% will
shipped out of the
counties where grown, against 57.2% of the 1911 crop and 50% of the 1910
crop so shipped.
As of interest in connection with this report, we give below
a statement covering the stock of corn on March 1 for a
series of years, as made up by us from the Agricultural Department's figures.
Corn.
March 1902
1903
"
"
1904
1905
"
1906
"
1907
""
1908
1909
"
1910
"
"
1911
1912
"
"
1913
Products of
On Hand
Previous Year.
March 1.
Bushels.
Bushels.
1,522,519,591
443,457,000
2,523,648,312 1,050,600,000
2,244,176.925
839,053,000
2,467,480,934
954,268,000
2,707,993,540 1,108.000,000
2,927,416,091 1,298,000,000
2,592,320,000
962,429,000
2,668,651,000 1,047,763,000
2,552,190,000
977,561,000
2,886,260,000 1,165,378,000
884,069,000
2,531,488,000
3,124,746,000 1,289,655,000
•
Per
Cent.
29.2
41.6
37.4
38.7
40.9
44.3
37.1
39.3
38.3
40.4
34.9
41.3
Consumed or
Distributed,
Bushels.
1,079,062,801
1,473,048,312
1,405,123,925
1,513,212,934
1,599,993,540
1,629,416,091
1,629,891,000
1,620,888,000
1,574,629,000
1,720,882,000
1,647,419,000
1,835,091,000
Indian corn has shown no marked net changes for the week.
In other words, while it has declined, the loss has been only
fractional. It has shown greater strength than other grain.
The stock of wheat on March 1 for 12 years is shown in the
The movement has at times been small and primary receipts
early in the week fell below those of the corresponding day subjoined table: Product of
On Hand
Consumed or
last year, which was something new. Furthermore, the
Previous Year. March 1.
Per
Distributed.
Bushels.
Bushels.
Cent,
Wheat.
Bushels.
farm reserves have turned out to be smaller than was expected. March
748,460,218
173,700,000
23.2
1902
574,760,218
Yet the Government places the total at 1,289,655,000 bushels, " 1903
670,063,008
164,000,000 24.5
506,063,008
637,821,835
132,608,000 20.8
505,213,835
against 884,069,000 bushels last year and 1,265,634,000 in " 1904
552,399,517
441,344,517
111,655,000 20.1
1905
1911. As a matter of fact, these reserves are the largest on "
692,979,489
534,576,489
158,403,000 22.9
"
1906
735,260,970
206,644,000 28.1
528,616,970
record, with the exception of those of 1907, when they were " 1907
634,087,000
"
485,346,000
148,721,000
23.5
1908
only a little larger, or 1,298,000,000. Recent private esti- " 1909
664,602,000
143,692,000 21.6
520,910,000
mates by Chicago people put the farm reserves at 1,240,000,- " 1910
683,350,000
160„ 00 23.4
523,136,000
635,121,000
162,705,000 25.6
"
1911
472,416,000
000 bushels. Yet since that time expectations had been
621,338,000
"
1912
122,025,000 19.6
499,313,000
raised somewhat which were not fully realized by the Gov- " 1913
156,483,000 21.0
730,267,000
573,784,000
ernment total, large as it was. Moreover, there is evidently
For other tables usually given here, see page 768.
809
THE CHRONICLE
MAR. 15 1913.]
orders for future requirements.
The visible supply of grain, comprising the stocks in ing buyers from placing however,
is very large, and in fact
granary at principal points of accumulation at lake and Business already booked,
larger than for some years past, but with the unsettled
seaboard ports March 8 1913, was as follows:
condition of affairs, cancellations are feared.
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
DOMESTIC COTTON GOODS.-The exports of cotton
Barley.
Barley.
Rye.
Wheat. Wheat. Corn. Oats. Oats.
the week ending March 8 were 6,823
bush. bush. bush, bush. bush. bush. bush. bush. goods from this port for
In Thousands68 packages, valued at $562,559, their destination being to the
313
37
22
629 1,034
296
1,467
New York
a
2
1
31
506
160
470
Boston
points specified in the table below:
325
140
367
127
Philadelphia
".8fi -_-_-_-_
"iii "iii8
---8
690
312
366
91
---::::
--
15
7,452 4,834
205
274
__
877 "ii5
442
31
13,416 1,664
268
3,458
ii5 1,210
20,910
459
519
2,672
69
929
4,279
426
485
4
106
684
341
2,095 1,434
876
-_-_-_-_
-iii
-7
-4
-iiii
--iii
121
"Rio
-iii.
213
1,035
70
"i5i 550
14
13
--__
----------_--
-iii
____
--75
•
198
21 9,369
18 9,300
2 8,040
SUMMARY.
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush, bush. bush.
464
63,231 2,905 20,055 12,835
21 9,369
____
25,135
___
In ThousandsAmerican
Canadian
Total Mar. 8 1913_88,366 2,905 20,076 22,204
Total Mar. 1 1013_88,563 2,776 17,936 21,643
Total Mar. 9 1912_82,609 4,087 15,156 22,275
464
326
1,760
--if)
51
Si
93
Bonded
Rye. Barley. Barley.
bush. bush. bush.
266
1,168 2,516
51
1,168 2,567
1,202 2,386
984 2,745
New York to March 8Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other Countries
110
1
318
6,823
266
205
551
68,140
16.620
81.308
The value of these New York exports since Jan. 1 has been
$5,283,036 in 1913, against $5,880,497 in 1912.
.Domestic cotton markets display a fair amount of activity,
with the general undertone firm. Deliveries of goods ordered are wanted promptly, and in many instances shipments are long overdue, owing to the shortage of supplies in
the hands of mills. A fairly large duplicate business is being
received from jobbers, with prices well maintained, and no
appreciable softening is expected for some time, this being
particularly true as regards the heavier grades of goods. A
very satisfactory demand is reported for dress fabrics, with
novelties of all kinds in the lead. It is becoming evident,
however, that the high point of the season's activities has
passed. A very satisfactory business is noted in all kinds
of wash fabrics, merchants buying finer and higher priced
goods than for a number of seasons past. As regards ginghams,.many re-orders are being received, which are taken
to indicate that these goods will continue in popularity.
Demand for tickings, denims and duck continues in excess of
spot supplies, and orders are steadily increasing. Brown
drills rule steady, sheetings are well maintained, while sw h
cloths as cords, poplins, ratines and crepes continue in steady
request. Print cloths hold steady, with demand moderate.
Gray goods, 38 V2-inch standard, are quoted 53 to 5%e.
FOREIGN DRY GOODS.-Linen markets remain firm
and, despite the fact that there are complaints of the high
prices, most every class of goods is selling well. Some lines,
however, have sold better than others, crashes being among
these. Stocks of low-priced goods are rapidly decreasing,
and as a result purchasers are seeking the higher-priced goods.
The trade in household lines is active for both prompt and
future delivery. Burlap markets are steady, with business
of moderate proportions. Arrivals during the week have bey n
liberal but have been readily absorbed and stocks show little
accumulation. Lightweights are quoted at 6.10c. and heav:i weights at 9 c. to arrive.
Importations & Warehouse Withdrawals of Dry Goodr.
..3
THE DRY GOODS TRADE.
New York, Friday Night, March 14 1913.
The week in dry goods passed without special feature, with
the volume of trade satisfactory. Labor troubles continue
to overshadow the market, and while the garment workers'
strike is less acute, with operatives gradually returning to the
shops, further trouble has developed in other quarters.
Consequently Easter trade will be greatly restricted and
severe losses incurred by both retailers and manufacturers
of clothing and gowns. As the time approaches for the
special session of Congress and the revision of the tariff,
manufacturers become more concerned over the future, and
buyers more inclined to restrict their purchases against future
needs. As the reductions to be made will probably be in
force by the.comin fall, buyers feel that there may be considerable revision in
n prices in their favor before the end of
that season. The cotton goods market has been quieter,
but firm, with spot supplies scarce and mills still behind on
deliveries. The dulness in the market for the staple is regarded favorably by buyers, but has not had any effect
upon the price of finished goods. Jobbers and commission
houses are in steady receipt of mail orders covering general
lines, together with urgent requests for the delivery of goods
overdue, and badly needed to meet the spring demand which
is expected to start up early this season. There is a good inquiry for staple cotton goods, and while supplies are scarce,
buyers are inclined to expect more attractive offers, owing to
the easier tone in yarns and cotton. No export business of
consequence is reported, but a good business is expected to
come forward from China at any time, should the financial
situation clear in that quarter. India was counted on to
take more drills for midsummer delivery, but high prices are
evidently restraining buyers in that market. In dress goods
the effects of the strike are severely felt. Garment manufacturers have been unable to complete their spring and summer
lines and will consequently be very much delayed in getting
started on their fall business. The strike of 10,000 dressmaking operatives has further complicated the situation, and
shipments of spring goods are held up until manufacturers are
able to use the materials ordered. Such light additional business for spring and summer as is coming through is mostly
for cream serges, and supplies of these seem to be scarce.
Purchases against next fall are about equally distributed,
with broadcloths and smooth finishes more popular than last
year. Whipcords, Bedford cords, poplins and sponges are
also good property. In men's wear a satisfactory business
has been put through for fall account, and, owing to a weakenirlg of the garment workers' strike, a better movement
against standing orders is reported. Prices are attracting
considerable attention, and worsteds are thought to be entirely too high compared with woolens. The result is that
cutters-up and clothiers are turning out very little in fancy
worsteds, and lines of new fall suitings will consist chiefly
of fancy woolens.
WOOLEN GOODS.-While the woolen trade situation
has improved, the atmosphere is not altogether clear. The
strike troubles among clothing trades are not over and men's
wear houses complain of the slow movement of spring goods.
The prospective tariff revision is having its effect in restrict-
Week.
25
14
Total
266
464 1,168 2,516
Total Mar. 8 1913_ _63,231 2,905 20,055 12,835
205
326 1,202 2,335
Total Mar. 1 1913__63,786 2,776 17,918 12,343
551
2,652
984
Total Mar. 9 1912_55,748 4,087 15,154 14,235 1,760
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush.
bush.
bush.
bush.
bush. bush. bush.
In Thousands51
21 1,668
296____
Montreal
----4,765
Ft.William & Pt.Arthur13,109
440
7,398 ____
afloat
"
2,496
____
4,332
Other Canadian
Total Mar. 8 1913 25,135
Total Mar. 1 1913_ _24,777
Total Mar, 9 1912_26,861
---1912
1913
Since
Since
Week. Jan. 1.
Jan. 1.
747
30
259
165118
;
5,372
10,989
5.349
1,097
5,072
8,233
1,553
5,579
923
11,238
500
8,912
935
648
51
692
52
3,283
254
3,464
98
14,902
2,490
11,338
574
13,919
3,061
13,439
2,649
-
99
18
18
18
1
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2,14 Vga,'V
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108 2,740
774
222
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978
695
1,330
3,214
887
265
141
7,197
LIV69L'TE
Baltimore
New Orleans
Galveston
Buffalo
afloat
Toledo
Detroit
afloat
Chicago
afloat
"
Milwaukee
Duluth
"
afloat
Minneapolis
St. Louis
Kansas City
Peoria
Indianapolis
Omaha
810
THE CHRONICLE
SThT
CmDEliAliTinisii.
^
News Items.
[VOL. xcvi.
eleven proposed charter amendments submitted. Of the
nine "propositions" voted on, only three were adopted (see
V. 96, p. 580). The vote, according to the Seattle "PostIntelligencer,' was as follows:
Vote on Amendments.
Chehalis, Wash.—City Denied Right to Issue Bonds For
1. Creating a board of public welfare: "For," 9,815; "against," 20,271.
Gravity Water System.—On Feb. 28 Judge Wright of Pacific
2. Single tax: "For," 10,539; "against," 21,241.
3.
Reducing
time limit for submitting charter amendments and reducing
County, acting judge of the Superior Court of Lewis County, number of
signatures necessary to an initiative petition from 20 to 10%:
decided that the city has no right to issue $70,000 general "For,"
7,259; "against,' 18,718.
4. Providing for sworn declaration of candidacy and filing of 1% fee
bonds and $115,000 special water bonds for the construction
annual salary: "For," 20,092; "against," 9,638.
of a gravity-water-system. The temporary restraining of5.
Providing that City Council meet each Monday: "For," 16,199;
order previously granted by Judge Wright preventing the "against, 11,076.
Providing
6.
for filing of sworn statement of campaign expenses: "For,"
city from entering into a contract for a new system or issuing 22,722; "against,"
6.500.
bonds for the same is made permanent. The Washington7. Repealing existing power of referendum and authorizing City Council
to act on all public franchises without submitting same to the people.
41Dregon Corporation, originally brought suit before Judge "For,"
12,893; "against," 13,844.
Cushman in the Federal Court but that application was
8. Giving City Council power to invest surplus city funds. "For,"
8,909; "against," 18,890.
denied on Jan. 27. V. 96, P. 431.
9. Providing that all local improvement work nyty be done either by
Cleveland, Ohio.—Appellate Court Upholds Validity of contract or by day labor: "For, 13,963; "against, 13,217.
10. Transfering jurisdiction over Cedar River water-shed from Superin'
Library and Light Bonds.—On March 10 Appellate Court tendent
of Buildings to Superintendent of Water: "For," 20,140; "against,'Judges decided in favor of the validity of the $2,000,000
'ii. Taking jurisdiction of water-shed from Superintendent of Buildings
municipal-electric-light-plant and $2,000,000 library bonds. and
placing it under Superintendent of Water: "For,' 17,222; "against,
According to the Cleveland "Plain Dealer" the Court in 8,17.
Vote on Propositions.
waiving aside legal technicalities employed to restrain and
A. Proposed agreement between city and S. R.& S. Railway Co., giving
question the sale of the bonds, summed up the issues as city half of net
profits, and providing for extensions: "For," 18,167;
18,065.
measures the public voted upon, knew what they were voting "against,"
B. Giving 8,0power to establisha
22,656.municipal bank and invest city
for and showed by their votes that the proposals met with funds: "For,"city
95; "against,"
C. Providing for bond issue of ,$150,000 for extending old Pike Place
their approval. See V.96, p. 432 and V.95, p. 64.
market: "For," 6,842; "against,' 23,108.
D. Initiative ordinance providing for extending market: "For," 5,895;
Fort Smith, Ark.—Commissiom Form of Government
"against,"
23,625.
Adopted.—By a vote of 1,679 to 461 the charter providing for
E. In effect the same as 0 and D: "For," 5,839; "against," 22,779.
a commission form of government carried, it is stated, at an
F. Griffiths Police Bill, limiting powers of police to make arrests only
when warrants are first procured: "For," 16,255; "against," 17,095.
election held March 5.
G. Providing for
"For,.
bond issue of $425,000 to build steam auxiliary to
system:
'20,524; "against," 10,307.
Indiana.—Direct Election of U. S. Senators Ratified— lighting
H. Providing for bond issue of $1,600,000 for bridges over water-ways
Legislature Adjourns.—A resolution ratifying the proposed and Government canal: "For," 8,331; against," 19,802.
I. Providing for bond issue of $300,000 for constructing subway beneath
Amendment to the Federal Constitution providing for the
Government canal to carry water, light and sewer and other public service
direct election of U. S. Senators was passed by the Legisla- conduits.
"For," 20,630; "against," 10,034.
ture which adjourned on March 11.
Decision Holding Invalid Initiative and Referendum CharMarlin Texas.—Commission Form of Government Rejected. ter Provision Concerning Franchises.—See Puget Sound Trac—An election
'
held March 6 resulted, reports state, in the tion, Light & Power Co. in our "Investment News" departdefeat of the commission form of government.
ment on a preceding page.
Missouri.—Legislature Favors Direct Election of U. S.
Somerville, Tex.—Commission Form of Government ApSenators.—A resolution has been passed by the Missouri proved.—A vote of 179 to 59
was cast on March 4, it is
Legislature ratifying the proposed amendment to the Federal stated, on the question of establishing
a commission form of
Constitution providing for the direct election of U. S. Sena, government.
tors by the people.
South Carolina.—Legislature Adjourns.—The 1912 LegisMontana.—Legislature Adjourns—Important Acts Passed. lature of this State adjourned sine die on March 7.
—The Thirteenth Legislative Assembly adjourned sine die
Taylorville, Ill.—Commission Form of Government De-,
on March 7. Prior to adjournment a resolution was adopted feated.—The election
held Feb. 18 resulted, reports state, in
ratifying the proposed amendment to the Federal Constitu- the defeat of the proposition
to adopt a commission form of
tion providing for the direct election of U,S. Senators by the government.
people. Among other important Acts passed at this session
Tennessee.—Chancellor Holds that State May Exempt its
were the following:
Nine-hour work-day for women in every industry, regulation of public Bonds from Taxation.—Chancellor Allison on March 6 deutilities, grain inspection and elevator regulation, blue-sky law to control cided that the State has the power to exempt from taxation
investment companies, submission of questions of increasing the tax levy bonds issued by it. The
decision was rendered in the suit
for 10 years to provide for direct support of State educational institutions,
regulation of weights and measures with a net content clause fixing 12 per brought to test the exemption feature of a bill recently passed
cent as the minimum legal rate of interest, providing that injunctions can by the Legislature to refund the
$11,000,000 bonds of the
be issued in labor disputes only upon the same grounds as in actions in
State due July 1 and Oct. 1 1913 by the issuance of new bonds.
which labor is not involved.
Murphysboro, Ill.—Commission Form of Government The Chancellor said in substance:
The State, acting in its sovereign capacity, has power outside of the
Approved.—An election held Feb. 18 resulted in a vote of constitution
to contract with its citizens that it will not itself nor permit its
738 to 385 in favor of a commission form of government, re- creatures to assess
for taxation its obligations held by its citizens, agreeing
to repay them with interest. Many such citizens loan the State to pay off
ports state.
certain other of its obligations.
This
is
not
exempting
New York City.—Act Creating Bronx County Upheld by
from taxation any property, bond or chose in
Court of Appeals.—The Appellate Division of the Supreme action already in existence, and being held by any of its citizens."
case
The
will
be
carried
to the Supreme Court.
Court is reversed and the Act creating "Bronx County' held
constitutional in a decision rendered yesterday (March 14)
Vermont. —Constitutional Amendments Adopted.—Inby the Court of Appeals. The opinion is written by Judge complete returns from the election held March 4,indicate the
Hiscock and concurred in by Judges Miller, Hogan and adoption of eight proposed constitutional amendments.
Cuddeback. Chief Judge Cullom and Judges Gray and One of these changes Article 24, Sec. 1, so as to provide for
Bartlett dissented. See V. 96, p. 299.
the convening of the Legislature in odd years on the first
North Dakota.—Equal Suffrage Amendment Passes.— Wednesday after the first Monday in January. The
The Legislature has passed a resolution providing for the Legislature now meets on the first Wednesday in October in
submission to the voters of a constitutional amendment even years. The date for holding State elections is also
changed from the first Tuesday of September to the first
granting to women the right to vote.
Oregon.—Legislature Adjourns.—The twenty-seventh Ore- Tuesday after the first Monday in November. The other
gon Legislative Assembly adjourned at 11:40 p. m.on Mar.4. amendments adopted are as follows:
To require a two-thirds vote instead of a majority vote of the Legislature
Pensacola, Fla.—Voters Decide on New Charter.—At an to override a veto.
To give the Legislature equal power with the Governor in granting
election held March 4 the voters decided in favor of what is pardons.
known as the "Semmes" Charter, providing a new form of
To grant the Legislature authority to pass a workingmen's compensation
government with three commissioners. The measure will Act.
To change the title of Supreme Court judges to justices.
now be sent to the Legislature for passage. .See V.96, p. 149.
To require a request from five members for a roll call in either branch
the Legislature.
Pineville, Ky.—Bond Issue Declared Void.—Newspaper ofTo
provide for the incorporation of
charitable, educational and
despatches from Frankfort state that the Court of Appeals penal institutions without special Act religious,
of the Legislature.
To revise the constitution on the basis of the Acts accepted at this year's
has declared void $30,000 school bonds on the ground that town
meetings.
if the issue was made the city's debt would exceed the
Vineland, N. j.—Commission Form of Government Adopconstitutional limit.
ted.—An election held March 11 resulted, it is said, in favor
Pontiac, 111.—Commission Form of Government Rejected.— of the commission form of government,
the vote being 440
The question of establishing a commission form of govern- to 175.
ment failed to carry,reports state, at an election held Feb. 18.
Raleigh, No. Car.—Election on Commission Form of
Bond Calls and Redemptions.
Government.—A vote will be taken on April 1 on the
Arizona.—Bond Call.—Territorial Funding bonds Nos. 1
question of establishing the commission form of government.
Sabetha, Nemaha County, Kan.—Commission Form of to 2,000 incl., dated July 15 1892, are called for payment
Government Adopted.—An election held Feb. 20 resulted, it April 15 at the office of the Guaranty Trust Co. (formerly
is stated, in a vote of 310 to 86 in favor of the commission known as the New York Guaranty & Indemnity Co.), 30
form of government.
I Nassau St., New York.
Seattle, Wash.—Result of Charter Election.—The election I The official notice of this bond call will be found among the
held in this city on March 4 resulted in favor of six of the advertisements elsewhere in this Department.
MAR. 15 1913 1
THE CHRONICLE
811
from date. Cert. check for 10% of bid, required. Bonded debt .(this issue)
$65,000. Assess. val. 1912 $2,016,271. Actual val. $10,081,355.
BROKEN BOW, McCurtain County, Okla.-BONDS VOTED.-At
a recent election the question of issuing $60,000 water-works system
bonds received a favorable vote, according to reports.
CALIFORNIA.-BOND SALE.-On March 4 the $800,000 4% statehighway bonds (V. 96, p. 432) were awarded as follows:
Bonds Purchased at Par and Interest.
$175,000 to the San Bernardino Nat. Bank, San Bernardino.
100,000 to the Citizens Nat. Bank of Riverside.
50,000 to the German Say.& Loan Society, San Francisco.
50,000 to the Bank of Italy, San Francisco.
150,000 to A. Mierson Banking House of Placerville and Associated Banks
of Sacramento.
100,000 to the Hibernia Say.& Loan Society, San Francisco.
75,000 to the Union Savings Bank of Modesto.
Bonds Purchased at 100.01 and Interest.
100,000 to the Anglo & London Paris Nat. Bank of San Francisco for the
Associated Banks of Humboldt County.
Denom. $1,000. Date July 3 1911. Int. J.& J. Due $400,000 July 3
1923 and $400.000 July 3 1924.
SEWER.
I
GRADE.
Washington County, Pa.-BOND SALE.-On
CANONSBURG,
Dist. No. of Bds. March 3 the $12,000
Name% 12-year tax-free funding bonds (V. 96, p. 581)
Dist. No. of Bds.I Name478
18th Avenue
7-10, incl. McClellan Street__182 21-28, incl. were awarded to J. S. & W. S. Kuhn, Inc., of Pittsburgh.
6
_556
_
_
Street_
Sherman
18th Avenue
537
5
CARY, MONTREAL AND VAUGHN JOINT SCHOOL DISTRICT
11th Avenue
3
754
NO. 1, Iron County, Wis.-BOND OFFERING.-Proposals will be reuntil 10 a. m. Mar. 17 by T. F. Egan, Clerk of School Dist.(P. 0.
The following special improvement bonds are called for ceived
Hurley), for $26.000 5% tax-free school bonds. Denom. $1,000. Date
payment on April 1 at the City Treasurer's office.
Feb. 1 1913. Int. at Iron Ex. Bank, Hurley. Due $4,000 yrly. on Feb. 1
from 1914 to 1919 incl. and $2,000 on Feb. 1 1920. A deposit of $300,
SEWER.
GRADE.
Dist. Bds. called. payable to M. J. Connor, required. Bonded debt, $19,000. No floating
Name.
Name.
Dist. No. of Bds.
5
427
debt. Assess. val. 1912. $3,580,396.
Alley
Bernard Street
__ 33 10-11
5454
Twenty-third Ave.. 896 2-4 incl. Broadway Ave
CASS COUNTY(P.O. Fargo), No. Dak.-BOND SALE.-On March 5
incl.
25
4
96
9
Ward
First
433 3
Woodfern Ave
$19,500 6% 3-11-yr. (ser.) coupon Jim Hill Drain No. 30 bonds(V. 96,
11 13- 21 incl. the
First Ward Ext
504) were awarded to the State School Fund at par and int.for 5s. Other
p.
Hamilton Street.. __ ..783 5-8, incl.
WALK.
bidders follow:
Sixteenth Avenue__ _240 2
$19,700.
178 11-12
Eighth Avenue
H.C. Speer & Sons, Chicago.$19,780 Pearson & Taft
Twenty-fifth and
19,550
Twelfth Avenue.._ _ _276 5
A. J. Hood & Co., Detroit__ 19,721 Burgess & Lukyn
Twenty-sixth Ave.933 3-5, incl.
19,50019.721 Northern Say. Bank
C. H. Coffin, Chicago
A bid was also received from the ells & Dickey Co. of Minneapolis.
COUNTY, No. Dak.-BONDS NOT SOLD.-The $6,900
this week 6%CAVALIER
Hunters Lake Drain No. 1 drainage bonds offered on Jan. 8(V. 96. P•
80) have not been sold. We are advised by the County Auditor that
follows:
as
have been
it is not expected that any bonds will be sold, as "the farmers interested in.
AKRON, Ohio.-BOND OFFERING.-Proposals will be received until the above drain are paying up."
12 m. April 4 by J. McCausland, City Auditor, for the following 45i%
CEDARBURG,Ozaukee County, Wis.-PRICE PAID FOR BONDS.
bonds:
The price paid for the $12,000 5% electric-light-plant-impt. bonds awarded
$40,000 Bowery St.-sewer bonds. Denom. $1,000. Date July 15 1912. on Feb. 26 to the Cedarburg State Bank of Cedarburg (V. 96, p. 665) was
Due 5 years from date.
$12,252 50 (102.104). Denom. $100. Date March 11913. Int. ann. in
37,000 Sewer, bridge and street-impt. bonds. Denom. $1,000. Date March. Due $1,000 in 1917 and 1918 and $2,000 yearly from 1919 to 1923
Jan. 11913. Due 5 years from date.
inclusive.
4,500 Jefferson Ave.-impt. bonds. Denom. $500. Date Jan. 1 1913.
CENTRAL CITY SCHOOL DISTRICT (P. 0. Central City), Merrick
Due $500 yearly from 1914 to 1922 incl.
County, Neb.-BOND OFFERING.-Proposals will be received until
65,000 Fire-apparatus bonds. Denom. $1.000. Date March 1 1913. March
20 for the $55,000 4I % high-school and Ward building bonds voted
Due 10 years from date.
Due 3938, opt. after 1923.
Int.semi-ann. Cert. check for 1% of bonds bid for, payable to City Treas., March 1 (V.96, p.739),
CENTRAL CLAY DRAINAGE DISTRICT (P. 0. Piggott), Clay
required. Bonds to be delivered and paid for within 10 days from time of
-On March 4 $500,000 554% drainageSALE.
-BOND
Ark.
pay
interest.
County,
accrued
to
award. Purchaser
were awarded to the Lewis W.Thomson Securities
ALBION, Orleans County, N. Y.-BOND OFFERING.-Proposals system-impt. bonds
Cotton Co., of Little Rock.
Lesser-Goldman
the
and
Louis
St.
for
of
Clerk,
Co.
Village
Eaton,
S.
will be received until 7 p. m. March 24 by E.
the following:
$150,000 5% coupon sower bonds voted Aug. 1. Denom. $1,000. Int. Bids were also received from
Paragould Trust Co.,Paragould,Ark.
ann. on Aug. 10. Due $6,000 yearly Aug. 10 from 1918 to 1942 incl. Wm. R. Compton Co., St. Louis.
Trust Company & State
Bonds to be delivered and paid for within ten days from time of award. Spitzer, Rorick & Co., Toledo, 0. Southern
National Bank. Little Rock.
Cert. check (or cash) for 5% of bonds bid for, payable to Village Treas., New First Nat. Bk.,Columbus,0.
OFFERING.-Pro-BOND
Wash.
_
required. Purchaser to furnish printed bonds and to pay own attorney's
County,
CENTRALIA, Lewis
Clerk,
fees.
posals will be received until 2 p. m. March 18 by J. Mabel Lee, City
and gravity-purchase
water-plant
reg.
or
coupon
gold
6%
be
for
will
the
OFFERING.
-Proposals
$300,000
-BOND
Ore.
BAKER, Baker County,
4, of
Sec.
150
Chap.
Auth.
1696).
received until 5 p. m.March 24 for $8,826 36 5% 20-yr. street-impt. bonds. system bonds voted Dec. 10 (V. 95, p.J. & J. at New York or Centralia.
Laws of 1909. Denom. $500. Int.
Auth. vote of 310 "for" to 201 "against" at an election held Feb. 21.
required.
Treas.,
City
to
check
for
Cert,
payable
bonds
$5,000,
water
issuing
$165,000
BONDS DEFEATED.-The question of
CHERRYVILLE, Gaston County, No. Car.-BOND ELECTION.
was defeated at an election held Feb. 21.
- An election will be held May 5 to submit to a vote the proposition to issue
BARNESVILLE, Belmont County, Ohio.-BOND OFFERING.
bonds.
and
water-works
school-bldg.
for
30-yr.
Clerk,
5%
$60,000
Hilles,
W.
F.
by
7
April
m.
12
until
received
will
be
Proposals
Denom. (9) $700
CINCINNATI, Ohio.-BOND SALES.-The Sinking Fund Trustees
$6,485 80 5% East Main St. paving assessment bonds.
yearly have purchased at par since Jan. 1 1913 the following five issues of4%bonds.
and (1) $185 80. Date Jan. 21 1913. Int. J. & J. Due $700
Certified
211923.
$368.000:
Jan.
on
aggregating
80
$185
and
incl.,
on Jan. 21 from 1914 to 1922,
Date of Issue.
Due.
Purpose.
check for 5% of bonds bid for, payable to Village Treasurer, required. Amount.
Jan. 27 1913
20-years
Street
Bonds to be delivered and paid for within 10 days from time of award. $54,500
27 1913
Jan.
-years
20
Street
45,500
Purchaser to pay accrued interest.
Feb. 17 1913
25-years
Refuge
80,000
DESCRIPTION OF BONDS.-The $30,000 water-works-ext. bonds
Feb. 12 1912
40-years
Park
authorized on Feb. 19 (V. 96, p. 666) bear interest at the rate of 434%
75000
Mch. 6 1913
20-years
Street
and are coupon in form. Denom. $500. Date March 1 1913. Int. M. 113,000
& S. Due March 11928.
All the aboveb9nds are in the denom. of $500 each and dated Feb. 1 1913.
&.A.
F.
BARRY SCHOOL DISTRICT (P. 0. Barry), Pike County, Ill.- Int.
-The
BONDS VOTED.-The question of issuing $9.000school-bldg.&impt.bonds
CLARK COUNTY (P. 0. Quitman), Miss.-BOND SALE.
offered without
carried, it is stated, at an election held March 1 by a vote of 200 to 136.
$50,000 5% 5-20-yr. (opt.) court-house and jail bonds 4,
on Mar. reports state.
BEARDSLEY SCHOOL DISTRICT (P. 0. Bakersfield), Kern success on Nov.4 1912 (V. 95, p. 1696) were sold
CLINTON COUNTY (P. 0. Albany), Ky.-BOND ELECTION.-On
County, Cal.-BONDS VOTED.-The question of issuing $8,000 bonds
March 29 an election will be held to submit to the voters the proposition
carried, it is stated, at a recent election.
issue $50,000 4% 10-30-year (opt.) road bonds(V. 95, p. 1696). Interto
BEAVERHEAD COUNTY (P. 0. Dillon), Mont.-BOND SALE.On March 5 the $30,000 5% 20-year county free high-school bonds (V. 96, est semi-annual.
int.
COBLESK/LL UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
p. 375) were awarded to the First Nat. Bank of Dillon at 101 and
The purchaser is to pay for bonds in installments of $5,000 or more,as money Cobleskill), Scoharie County, N. Y.-BOND OFFERING.-Attention
may be required. Other bids follow:
Is called to the official advertisement elsewhere in this Department of the,
First Nat. Bank, Butte.. _$30,710 001Harris Tr.& Say. Bk.,Ch_$30,401 00 offering on April 8 of the $68,000 4% coupon high-school-construction
Cha man,Mills&Co.,Chic.a30 660 00 A. J. Hood & Co., Detroit 30,306 00 bonds. For details and terms of offering, see V. 96, P. 739.
,
30,610 00 C. H.Coffin, Chicago_ _ _ _ 30,306 00
Wel s& Dickey Co.Minn.
COFFEYVILLE, Montgomery County, Kan.-BOND SALE NOT
30,607 00 E.H.Rollins&Sons,Denver 30,187 00 CONSUMMATED.-We are advised that the $35,000 hospital bonds
Well, Roth & Co.,
Wm.R.ComptonCo.,St.L_ 30,558 25 Sidney Spitzer & Co.,Tol_ 30,150 00 awarded in September to Spitzer, Rorick & Co. of Toledo (V. 96, p. 917)
00
John Nuveen & Co., Chic_ 30,501 00 Union Tr.& S. Bk.,Spok_ 30,093
were not approved by the State Auditor on the ground that the notice given
A. B.Leach & Co., Chic__ 30,456 00 State Bank of Dilllon_ _ _ _*30,000 00 prior to the election was Insufficient.
All bidders offered accrued interest in addition to their bid, with the
BOND ELECTION.-An election will be held April 1, reports state, to
the
exception of the First Nat. Bank of Butte, they agreeing to furnish
vote on the proposition to issue $30,000 bonds to aid in the construction
lithographing.
of the Kansas-Oklahoma Traction Co.'s line from this city to Nowata.
a Delivery July 1 1913. * Delivery June 1 1913.
COLFAX COUNTY SCHOOL DISTRICT NO. 11 (P. 0. Raton),
BENTON COUNTY (P. 0. Camden), Tenn.-BOND ELECTION.- N. Mex.-BONDS VOTED.-The question of issuing $60,000 20-to-30-yr.
the question (opt.) high-school-constr. bonds at not exceeding 6% int. (V. 96, p. 432)
An election will be held March 15, reports state, to vote onin
15, 20, 25 carried at an election held Feb. 25 by a vote of 834 "for" to 31 "against".
of issuing $200,000 4(% road-impt. 13onds. Due $50,000
and 30 yearsWe are advised that these bonds will be offered for sale about April 1.
BERNALILLO COUNTY SCHOOL DISCTICT NO. 6, New Mex.CONNELL SCHOOL DISTRICT (P. 0. Connell), Franklin County,
$2,000 6% 10-20-yr.(opt.) building bonds were Wash.
BOND SALE.-On Feb. 28&
-BONDS VOTED.-The question of issuing $18,000 building bonds
Co. of Denver at 99 and int. Denom. $500. carried,
awarded to Wm. E. Sweet J.
it is stated, by a vote of 105 to 33 at an election held March 1.
Date July 1 1913. Int. J. &
CORRECTIONVILLE SCHOOL DISTRICT (P. 0. Correctionville),
BINGHAMTON, Broome County, N. Y.-BOND ELECTION.-An
Woodbury County, Iowa.-BONDS VOTED.-The election held Feb. 24
election will be held March 21 to vote on the proposition to issue $80,000 resulted
in favor of the proposition to issue the $18,000 high-school-bldg
street bonds.
bonds
(V. 96, p. 375). The vote was 208 to 112.
Bloomville), Seneca County Ohio.BLOOM TOWNSHIP (P. 0.
be received until 12 m.April"! by A. A.
CRAFTON SCHOOL DISTRICT (P. 0. Craton), Allegheny
BOND OFFERING.-Proposals will
until
$18,000 5% road-impt. bonds. Auth. County, Pa.-BOND OFFERING.-Proposals will be received
Watson, Township Clerk, for
highDenom. $500. Date April 4 1913. 8 p. m. Mar. 26 by L. F. Wentz, Sec., for $110,000 43,6% tax-free
Secs. 7004 and 7005, Gen. Code.
300). Auth. vote of 371 to 250
p.
96,
(V.
bonds
and
equip.
months
constr,
from
six
school
Sept.
1
1
Mch.
every
1924
to
$3,000
Int. M. & S. Due
at an election held Mar. 1. Denom. $1,000. DateApril 7 1913. Int.
1927 incl. Purchaser to Day accrued interest.
J.& J. at First Nat. Bank, Crafton. Due $1,000 yrly. on Jan. 1 from 1916
Ala.-BOND ELECTION.
- to 1923 incl. and $1.000 on Jan. 1 1925, $2,000 on Jan. 1 1924 and $2,000
BLOUNT COUNTY (P. 0. Oneonta),
Jan. 1 1931, 1932, 1934
On April 3, the voters will have submitted to them the question of issuing yrly. on Jan. 1 from 1926 to 1930 incl., $3,000 onon
Jan. 1 1937, and $10,and 1935 $4,000 on Jan. 1 1933 and 1936, $9,000
$150,000 5% 30-year road-construction bonds.
incl. Bonds may be registered as to
1943
to
1938
from
1
Jan.
on
yrly.
000
Mahoning County
circular states
required.
$1,000
Official
for
BOARDMAN TOWNSHIP SCHOOL DISTRICT,
check
Cert.
only.
principal
Ohio.-BOND OFFERING.-Proposals will be received until 7.30 p. m. that there is no litigation pending or threatened affecting the validity of
March 25 by G. II. Davidson, Clerk (P. 0. Boardman), for $4,500 5%% these bonds, and there has never been one day's default in the payment
school-sanitary-water-system-Installation bonds. Auth. Sec, 7629 School of the school obligations. Bonded debt. $120,000: no floating debt.
Laws. Denom. $500. Date March 25 1913. Int. M.& S. at City Sav(actual) 1912, $6,261,500 (est.) $9,000,000.
ings Bank, Youngstown. Due $500 yearly on March 15 from 1915 to Assess. val.
CRANFORD SCHOOL DISTRICT (P. 0. Cranford), Union County
1923 incl. Cert. check on some Mahoning Co. bank for $500, payable to
have been awarded
Clerk, required. Bonds to be delivered and paid for on April 1 at above N. J.-BOND SALE.-R. M. Grant & Co. of N. Y.
were originally
$98,000 bonds as 5s for $99,800 (101.836). These bonds
bank.
are reived,
March 8 as 4%s(V.96, p.665), but no hi ,
on
sale
for
offered
BOX BUTTE COUNTY (P. 0. Alliance), Neb.-BOND OFFERING.
FERING.-YroCRESTLINE,F Crawford'County, Ohio.-BONDIOF
-Proposals will be received until 10 a. m. March 31 (time extended from
March 10) by M. S. Hargraves, County Clerk, for the $65,000 5% coupon posals will be received until 12 m. April 7 by M.J. Strauch, Village Clerk,
court-house bonds voted Feb. 18 (V. 96, V. 665). Denom. $1,()00. Int. for the $14,500 assess. and $8,000 village's portion 5% Columbus St.-impt.
semi-ann, at fiscal agency of the State of Nebraska in N.Y. Due 20 years bonds. Auth. Secs. 3914,3820 and 3821 Gen. Code. Denom.$(10);1,450
Ellwood City, Pa.-Bond Call.-Payment will be made
April 1 at the First National Bank of Ellwood City of sewer
bonds, Series of 1899, Nos. 9 to 16 incl., dated April 1 1899;
also electric-light bonds, Series of 1900, Nos. 11 to 20 incl.,
dated Oct. 1 1900.
Sheboygan, Wis.-Bond Call.-Call has been made for
payment March 15 of pavement-impt. bonds Nos. 1 to 6
mcl., aggregating $3,000,and sewerage-impt. bond No.1 for
$500. all bearing date of March 15 1908, due 7 years after
date, but payable after 5 years under the city's option,
which is now exercised.
•
Spokane, Wash.-Bond Calls.-The following special improvement bonds are called for payment on March 15 at the
City Treasurer's office:
Bond Proposals and Negotiations
812
THE CHRONICLE
[VOL. xcvi.
and (10) 3800. Date April 10 1913. Int. A.& 0. Due one bond
on each
FLUSHING SCHOOL DISTRICT (P. 0. Flushing), Belmont
Issue yearly on April 10 from 1914 to 1923 incl. Cert.
check for $500, County, Ohio.-BOND SALE.-The $1,200
payable to Village Treas., required. Bonds to be delivered
5% 12-yr. (aver.) bonds
and
paid
for offered on Feb. 22 (V. 96, p. 582) have been awarded
within ten days from time of award. Purchaser to pay accrued interest.
to M. A. Klemm
of Flushing at par.
CRESTON SCHOOL DISTRICT (P. 0.
Union County,
FOREST, Hardin County, Ohio.-BOND OFFERING.-Proposals
Iowa.-BONDS DEFEATED.-The election Creston),
held March 10 resulted in will be received until 12 m. April 7 by R. R. Edwards,
defeat of the proposition to issue $20,000 high-school
Village Clerk, for
bonds by a vote of the following 5% bonds:
136 "for" to 155 "against."
$600 Lima St. paving bond. Date April 11913. Due Feb. 11923.
CITLLMAN COUNTY (P. 0. Cullman), Ala.-BOND ELECTION.
- 1,665 Lima St.funding bonds. Denom.$555. Date Apr. 1 1913.Due 11 yrs.
An election will be held March 17, reports state,
500 Lima St. refunding bond. Date April 1 1913. Due 10 yrs.
to vote on the proposition to issue $200,000 good-road-constr. bonds.
Auth. Secs. 3939 and 3916, Gen. Code. Interest semi-annual. Bonds
(V. 96, p. 375.)
CUMBERLAND COUNTY (P. 0. Fayetteville), No. Caro.-BOND to be delivered and paid for within 10 days of award. Cert. check for 5%
of bonds bid for, payable to Village Treas., required. Purchaser to pay
OFFERING.-Proposals will be received until 10 a. m., April 7, by A.
B.
Smith, Chairman Bd. of Co. Comm'rs,for $25,000 5% 20-yr.
coup. bonds. accrued interest.
Cert. check for $500 required.
FORT SMITH,Sebastian County, Ark.-DESCRIPTION OF BONDS.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-BOND OFFER- -The $4,200 6% 1-6-yr. (ser.) paving Dist. No. 7 paving bonds awarded
on Feb. 15 to I H. Nokdimen of Oklahoma City, Okla., at par (V. 96.
INGS.-Proposals will be received until 11 a.m.April 19 by
the
Board
of
p. 666) are in the denom. of $100 each and bear date of Jan. 1 913. Int.
Co. Comm's.,J. F.Goldenbogen, Clerk,for $6,461 454% coupon
Creek Bridge bonds. Auth. Secs. 2434, 2435, 2438, 5638 and Chippewa J. & j.
5644, Gen.
Code. Denom.(12) 3500 and (1) 3461. Date April 11913.
FORT WAYNE, Allen County, Ind.-BONDS NOT TO BE ISSUED
Int.
A.& 0.
Due $461 on Oct. 11914,$500 on Oct. 1 from 1915 to 1920 incl.
and $1,000 AT PRESENT.-We are advised by the City Comptroller under date of
yearly on Oct. 1 from 1921 to 1923 incl. Cert. check on a bank
March 12 that the $15,000 park-site-purchase bonds authorized on Feb. 13
other
than the one making the bid for 10% of bonds bid for,payable to
County (V.96, p. 582) will not be issued for some time to come.
Treas., required. Bonds to be delivered and paid for
FORT WORTH, Tarrant County, Texas.-BOND ELECTION.
time of award. Purchaser to pay accrued interest. within 10 days from
An election will be held April 8(date changed from March 14) reports state,
Proposals will also be received until 11 a. m. April 12 by the Board of to
submit to the voters the proposition to issue $300,000 water-worksCounty Commrs., J. F. Goldenbogen, Clerk, for $11,223
45
coupon
,
6%
completion
bonds
(V.
96,
666).
question
The
p.
of issuing $175,000 schoolStone road impt. (county's portion) bonds. Auth. Secs.
2295, 6912, constr. bonds will be voted upon on the same day, according to reports.
6912-1 and 6913, Gen. Code. Denom. (11) $1,000 and2294,
(1) $223. Date
April 11913. Int. A. and 0. at County Tresurer's office.
FRAMINGHAM, Mass.-BONDS NOT SOLD.-Reports state that no
on
$223
Due
April 11915. 31,000 yearly on April 1 from 1916 to 1920, incl., and $2,000 bids were received on March 5 for the following 4% coup. bonds offered on
that day:
yearly on April 1 from 1921 to 1923, inclusive. An
unconditional certified $30,000
check on a bank other than the one making the bid,
sewer bonds. Due on Sept. 16 as follows: 31,000 1913, $12,000
for 1% of bonds bid
for, payable to the County Treasurer, required. Bonds
1914 and $1,000 yearly from 1915 to 1931 incl.
be delivered
65,000 grade-school loan bonds. Due $4,000 yearly for 5 years and $3,000
and paid for within 10 days from time of award. Purchaserto
accrued
pay
to
yearly for 15 years.
Interest.
Denom.$1,000. Date Sept. 16 1912. Int. M.& S.
BOND SALE.-On Mar. 12 the $6,400 4)
,6% Solan Road ext. (county's
portion) bonds (V. 96, p. 504) were awarded to Sidney
FRANKLIN COUNTY (P. 0. Meadville), Miss.-BONDS VOTED.
Spitzer & Co. of
Toledo for $6,414 (100.218) and int. There were no other bidders.
The election held March 7 resulted, reports state, in favor of the proposiDAIRYVILLE SCHOOL DISTRICT, Tehama County, Cal.-BOND tion to issue the 340,000 20-year court-house bonds (V. 96, p. 301)•
SALE.-On March 5 $2,000 bldg. bonds were awarded to the Bank of
FREDONIA, Chatauqua County, N. Y.-BONDS VOTED.-The
Tehama County at 102. Date Feb. 17 1913.
question of issuing $16,7010 East Main St.-paving bonds (V.96, p.740) at
DALLAS, Dallas County, Tex.-BOND ELECTION.-An election not exceeding 5% int. carried at an election held March 10 by a vote of
.will be held April 1 to submit to a vote propositions to issue $500,000 park- 131 to 15. Denom. $1,670. Date July 11913. Int. J. & J. Due $1,670
and-playground. $400,000 municipal-lighting-plant and $250,000 school-. yearly on July 1 from 1914 to 1923 incl.
site-purchase-and-constr. bonds.
GALLIPOLIS, Gallia County, Ohio.-BOND SALE.-On March 12
DALLAS SCHOOL DISTRICT(P.O. Dallas), Dallas County, Texas. $3,000 5% 5-yr. (ay.) redemption bonds were awarded, it is stated, to the
Commercial & Saving Bank of Gallipolis at 100.95.
-BOND ELECTION.-Local papers state that the proposition
to
issue
$250,000 site-purchase and school-constr. bonds will be voted
GARDNER, Worcester County, Mass.-LOAN OFFERING.-Proupon on
April 1
posals will be received until 6 p in. March 18 by J. D.Edgell, Town Treas.,
DAVENPORT SCHOOL DISTRICT NO. 14 (P. 0.
for
a temporary loan of $50,000, in anticipation of taxes, dated March 17
Lincoln County, Wash.-BOND ELECTION.-An electionDavenport),
1913. Due $10,000 Oct. 6 $10,000 Oct. 13, $10,000 Oct. 20, 310,000 Oct.
will be held 27
to-day (March 15) reports state, to vote on the propostilon
and
$10,000 Nov. 3 1913. The loan is tax-exempt in Massachusetts
to
issue $40.000 and payable
school-construction bonds.
at the Nat. Shawmut Bank, Boston.
DAYTON, Ohio.-BOND SALE.-The following premiums were
GENEVA,
Ashtabula County, Ohio.-BOND OFFERING.-Proposals
on March 10 for the three issues of 5% coupon street-impt. assess. offered
bonds, will be received until 12 m. March 27 by W.E. Morgan, VII. Clerk, for the
aggregating $21,600(V.96, p. 739).
following 5% coupon street-impt. bonds.
.
$9.000
$7,500
35,100 $12,000 Walnut St.-paving (assess.) bonds. Date Sept. 11912. Denom,
Issue.
Issue. Issue.
3500.
Due
$1,000
yearly
Sept.
on
1 from 1913 to 1918 incl.
Atlas Nat. Bank, Cincinnati
*227.70 *189.75 *129.03
and 31,500 yrly. on Sept. 1 from 1919 to 1922 incl.
Well, Roth & Co., Cincinnati
226.00
189.00
1,500 Walnut St.-paving (village's portion) bonds. Date Sept. 1 1912.
90.00
W. E. Fox & Co., Cincinnati
209.70
174.74
Denom. (10) $100 and (1) $500. Due part yearly on Sept. 1
56.25
Mayer, Deppe & Walter, Cincinnati
190.80
165.75
108.12
from 1913 to 1923 incl.
B Ted, Elliott & Harrison, Cincinnati
189.00
St.-sanitary-sewer-constr. (assess.) bonds. Date Mar. 1
163.00
2,200
Chestnut
102.00
S -asongood & Mayer, Cincinnati
183.60
163.00
1913. Denom. (4) 3500 and (1) $200. Due part yearly on
102.60
Prov. Say. Bk.& Tr. Co., Cincinnati
160.20
183.50
Sept. 1 from 1913 to 1917 incl.
90.78
A. E. Aub & Co., Cincinnati
109.80
102.75
1,200 Eastwood St.-sanitary-sewer-constr. (assess.) bonds. Date Mar. 1
60.00
Sidney Spitzer & Co., Toledo
108.60
114.00
1913. Denom. (4) $200 and (1) $400. Due part yearly on
55.60
City Trust & Say. Bank, Dayton
108.00
96.75
60.00
Sept. 1 from 1913 to 1917 incl.
Third National Bank. Dayton
Vine
900
St.-sanitary-sewer-constr. (assess.) bonds. Date Mar. 1
76.00
M. S. Pond_, Somerset
1913. Denom. (4) $200 and (1) 3100. Due part yearly on
31.00
New First National Bank,Columbus (all issues)
321,950Sept. 1 from 1913 to 1917 incl.
ott,
: Cr, '"land (all issues)
$21,950
2,630 Sanitary-sewer-constr. (village's portion) bonds. Date Mar. 1
*Successful bids.
1913. Denom. (4) $500 and (1) $630. Due part yearly on
DENISON SCHOOL DISTRICT (P.O. Denison), Grayson County,
Sept. 1 from 1913 to 1917 incl.
Auth. Secs. 95. 96 and 97 Ohio Municipal Code. Int. M. & S. Cert.
Tex.-BOND OFFERING.-Proposals will be received until 8 p. m.,
Mar. 26. by J. D. Yocom, City Secy. for the $100,000 5% I-20-yr. check on a Geneva bank for $500. payable to VII. Treas., required. Bonds
(ser.) high school constr. bonds voted Dec. 6 (V. 95,p. 1635). Denom. to be delivered and paid for within 5 days from tine of award. Purchaser
$500. Date, Jan. 11913. Int. J and J. at Hanover Nat. Bank, N. Y. C. to pay accrued interest.
DENVER, Colo.-BOND OFFERING.-Proposals will be received until
GLOVERSVILLE, Fulton County, N. Y.-BOND OFFERING.
11 a. m. March 18, according to reports, by S.B.Bradley, Prest. Board of 0. L. Everest, City Chamberlain, will offer for sale at public auction,at
Public Works, for 344,000 6% 13-yr. impt. bonds. Int. ann. Cert. check
2 p. m. April 8. $20,000
% reg. tax-free funding bonds. Auth. Sec. 8,
for $500 required.
Chap. 29, Laws 1909. Denom. $250. Date April 11913. Int. ann. on
DES MOINES SCHOOL DISTRICT, Iowa.-BOND OFFERING. April 1 at office of City Chamberlain or Fourth Nat. Bank, N. Y. City.
POSTPONED.-The sale of the 3326,500 4 % school bonds which was to Due $5,000 on April 11915, 1917. 1919 and 1921. No deposit required.
have taken place March 6 was postponed to a later date. Denom. $1,000.
HAMMONDSPORT UNION SCHOOL DISTRICT(P.O. HammondsInt. semi-ann. Due March 11933.
port), Steuben County, N. Y.-BONDS VOTED.-An election held
DULUTH, Minn.-CERTIFICATE SALE.-Local papers state that on March 6 resulted in favor of the proposition to issue $20,000school-add.and
March 3 the First National, American Exchange National and the Northern alteration bonds at not exceeding 5% int. Date May 11913. Due $1,000
National banks of Duluth were awarded $124,000 5% certs. of indebtedness. yearly on Nov. 1 from 1914 to 1933 incl.
BOND SALE.-On Mar. 3 the $100,000 43,5% 30-yr. gold coup, water
HARD WICK SCHOOL DISTRICT(P.O. Hardwick), Kings County,
and light-plant-ext. bonds (V. 96, p. 376) were awarded to N. J. Upham
Cal.-BOND ELECTION.-Local papers state that an election will be
Co. of Duluth at par and int. Other bids follow:
held March 15 to vote on the question of Issuing $10,0006% school-constr.W. M. Prindle & Co., Duluth, par and int., less $575 expenses.
and-equipment bonds.
Seasongood & Mayer, Cincinnati, par and int., less $1,950 expenses.
HARRIS COUNTY (P. 0. Houston), Tex.-BIDS REJECTED.-All
N. W. Halsey & Co., Chicago, par and int., less $2,440 expenses.
bids received on March 10 for the $1,000,000
% 30-40-year (opt.) road
Commercial Inv. Co., Duluth, par and int., less $5,725 expenses.
bonds offered on that day (V. 96, p. 740) were rejected, according to reDUVAL COUNTY (P. 0. Jacksonville), Fla.-BOND OFFERING.
- ports.
Proposals will be received on or before 12 m. April 3 by Frank Brown,
HAXTUM, Phillips County, Colo.-BOND SALE.-We are advised
Clerk Bd. of Commrs.. for the 3250,000 5% gold coup. road bonds. De- that the $30,000 water-works-constr. bonds recently voted (V. 9(), p. 740)
nom. $1,000. Date Dec. 1 1909. Int. J. & D. at Jacksonville. Due have been sold.
HILTON, Monroe County, N. Y.-BOND ELECTION.-An election
Dec. 1 1939. Each bidder must give as security a bond for 5% of bid.
to a vote the proposition to Issue $9,000
Official circular states that the county has never defaulted and that there will be held Mar. I8.to submit
bonds. Due in 10 annual installments of principal and interest.
is no litigation threatened whatever affecting in any manner this issue, which
HONEOYE FALLS, Monroe County, N. Y.-BOND OFFERING.has been approved by Storey, Thorndike, Palmer & Dodge, Boston. Bonds
Proposals will be received until 6 p. in. March 24 by Levi Hall, VII.Pres.,
will be certified as to genuineness by the U. S. Mtge. & Trust Co., N. Y.C. for
the $42.000 water bonds at not exceeding 5% int. (V. 95, p. 845)• DeThese bonds are the last installment of the issue of $1,000,000 voted Oct. 26 nom. 3500. Int. F. & A. Due 34,500 in 5 yrs. from
date and $1,500
1909. They were sold on Oct. 11912, as stated in V. 95, p. 918, to E. H. yrly. thereafter. Cert. check for 5% of bid, payable to VII. Treas., reRollins & Sons of Boston, but the sale was not consummated as the Supreme quired. No other bonds outstanding. Assess. val. 1912 $646.900.
Court of Florida on Feb. 18 held that the Bd. of County Commrs. had no
HOBBY COUNTY SCHOOL DISTRICT NO. 80 (P. 0. Norton),
So. Car.-BOND OFFERING.-This district is offering for sale 33,000
power to dispose of the bonds until after Dec. 11912.
20-yr. coup. school bonds. Denom. $500. Date Feb. 19 1913. Int.
The official notice of this bond offering will be found among the advertise- 6%
F. & A.
ments elsewhere in this Department.
HORSE CAVE SCHOOL DISTRICT (P. 0. Horse Cave), Hart
EAST BRIDGEWATER, Plymouth County, Mass.-BONDS NOT County,
SALE.-On March 4 the $12,000 5% bldg. bonds
SOLD.-No award was made on March 11 of an issue of $105,000 4% (V. 96, p.Ky.-BOND
666) were awarded to the Farmers' Deposit Bank, Horse Cave,
water bonds offered on that day.
at par. Denom. $100 and 3500, to suit purchaser. Due 1937.
ELDORA, Hardin County, Iowa.-BOND ELECTION PROPOSED.
HUGHSON SCHOOL DISTRICT, Stanislaus County, Cal.-BOND
According to reports, a petition is being circulated asking an election to
vote on the proposition to issue about $18,000 sewer and water-main ELECTION.-According to reports, the question of issuing $25,000 schoolconstr. bonds will be submitted to the voters on Mar. 21.
extension bonds (V. 96, p. 582)•
FARIBAULT, Rice County, Minn.-BOND OFFERING.-Proposals
'BEDELL COUNTY (P. 0. Statesboro), No. Car.-BOND OFFERwill be received until 9 a. m. Mar. 25 by D. F. MacKenzie, City Recorder, ING.-Further details are
at hand relative to the offering on April 7 of
for $25,000
% water-works-ext. and impt. bonds. Denom. $1,000. the
$125,000 5% 30-year road-Impt. bonds, Series "0" (V. 96, P• 740).
Date July 1 1913. Int. semi-ann. at City Treas. office. Due $10,000
Proposals for these bonds will be received until 11 a. m. on that day by
on July 1 in 1930 and 1931 and $5,000 in 1932.
FELLOWS SCHOOL DISTRICT (P. 0. Fellows), Kern County, Cal. M. A. Feimster, Chairman Bd. of Co. Comm'rs. Auth. vote of 2664 to
-BOND ELECTION.-An election will be held March 21, reports state, 660 at an election held May 9 1911. Denom. $1,000. Date May 11913.
to vote on the question of issuing school-impt. bonds.
Int. M.& N.at Hanover Nat. Bank, N. Y. City. Cert. check or draft for
FERGUS COUNTY SCHOOL DISTRICT NO. 80, Mont.-BOND $2,000, payable to the Co. Treas., required. Official circular states
that
SALE.-On Feb. 22 this district disposed of $1,500 school-bldg. bonds.
there is no litigation pending or threatened affecting this issue of bonds and
FLORENCE SCHOOL DISTRICT (P. 0. Florence), Florence that the county has
payment
of
either
never
defaulted
the
principal
In
or
County, So, Caro.-BOND OFFERING.-Proposals will be received
until 4 p. m., Mar. 31, by H. K. Gilbert, Chairman Bd. of Trustees, for interest of any indebtedness.
The official notice of this bond offering will be found among the advertise$13.000 5% coup. school bonds. Due May 1 1928. Cert. check for
$300 required. Ea Ag
ments elsewhere in this Department.
MAR. 15 1913.]
THE CHRONICLE
813
60
Hoehler& Cummings,Tol_ _n10,222 First Nat. Bk., Cleve_ _ _$10,073 00
10,125 Bellevue Say. Bk., Bellev. 10,050
New First Nat.Bk.,Col
Spitzer Rorick & Co.,
Well, Roth & Co., Cin
10,011 00
Toledo
1100.'112125
Sidney Spitzer & Co., Tol
We are advised that this bid was conditional.
ELECTION.
LYON COUNTY (P. 0. Rock Rapids), Iowa.-BOND
An election will be held March 15 to vote on the proposition to issue $140,semi-ann.
Int.
bonds.
000 5% court-house-constr.
MADISON COUNTY (P. 0. London), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. March 24 by the Bd.of Co. Comm'rs,
H. M. Chaney, Co. Aud.,for the following 5% coup. bridge-constr. bonds:
1 in
$14,500 Deer Creek bridge bonds. Due $500 on May 1 and on Nov.incl.
1914; $500 on May 1 and $1,000 on Nov. 1 from 1915 to 1923
from
months
six
each
Due
bonds.
$500
bridge
Creek
Darley
4,500
Nov. 1 1914 to Nov. 1 1918 incl.
'
Auth. Secs. 2434 and 2435, Gen. Code, and amendations thereof.
at Co. Treas. office.
Denom. $500. Date May 1 1913. Int. M. & N.
Deposit of $500 required with bids. Bonds to be delivered and paid for at
Co. Treas. office. Purchaser to pay accrued interest.
MARSHALLTOWN SCHOOL DISTRICT (P. 0. Marshalltown),
March 10
Marshall County, Iowa.-BONDS VOTED.-An election held
(opt.) schoolresulted in favor of the question of issuing $15,000 10-20-year
bldg. and equip. bonds. V. 96, p. 666. The vote was 780 to 163.
VOTED.
MATAGORDA COUNTY (P.O. Bay City), Tex.-BONDS
The election held Mar. 1 resulted, it is stated, in favor of the proposition
to issue the $300.000 road bonds in Precinct No. 1 (V• 96, 13• 377).1
of
BONDS AWARDED IN PART.-It is further stated that $100,000
ago at
the above bonds were contracted for by a Chicago firm some weeks
expenses.
102 and
MATTAPOISETT, Plymouth County, Mass.-BONDS NOT SOLD.
water-loan bonds
-No bids were received on Mar.8 for $65,000 4% coup.Date
Jan. 11913.
offered on that day. Denom.(50) S1,000, (25) $600.
$2,600 yrly.
Due
Boston.
of
Co.
Trust
Colony
Old
the
at
J.
&
J.
Int.
Jan. 1 from 1918 to 1942 incl.
MAXWELL GRAMMAR SCHOOL DISTRICT, Colusa County,
(serial)
Cal.-BOND SALE.-On March 4 the $24,000 57 1-24-yearMarshall
coupon building bonds (V.96,p.584) were awarded to Torrance,
realso
was
$24,010
of
bid
A
hit.
and
& Co. of Los Angeles at 100.0625
ceived from the Colusa County Bank.
ques-The
ELECTION.
MEDFORD, Jackson County, Ore.-BOND
tion of issuing $20,000 armory bonds will be submitted to a vote on Mar.22.
MEDINA, N. Y.-BOND ELECTION.-On March 18 a vote will be
taken on the question of issuing $12,000 West Center St. paving bonds.
METUCHEN, Middlesex County, N. J.-BOND ELECTION.-It is
reported that the Borough Council is considering holding an election for the
purpose of having the voters decide whether or not they are in favor of
issuing from $125,000 to $150.000 sewer-system and street-paving bonds.
MEXICO SCHOOL DISTRICT (P. 0. Mexico), Audrain County,
Mo.-BOND SALE.-On Mar. 4 the 525,000 school-impt. bonds voted
Feb. 15 (V. 96, p. 584) were awarded, it is stated, to the Wm. R. Compton
KENTON, Hardin County, Ohio.-BOND OFFERING.-Proposals Co. of St. Louis at par for 4%s.
will be received until 12 m. April 8 by W. F. Alt, City Aud., for the followMIDDLESEX COUNTY (P. 0. Cambridge), Mass.-NOTES NOT
ing 5% coup. bonds
-No bids were received on Mar. 8, for $50,000 4% coup.
$4,400 water-main bonds. Denom. $550. Date July 1 1912. Due SOLD.
building notes offered on that day. Date Mar. 1 1913. Int.
tax-free
$1.100 yrly. on Apr. 1 from 1914 to 1917 incl.
at the Beacon Trust Co. of Boston. Due $5,000 yrly. Dec. 1 from
D.
&
J.
1,300 water-main-ext. bonds. Denom. $650. Date Jan. 1 1913. Due
1913 to 1922 incl.
Apr. 11918.
6.
TEMPORARY LOAN.-We are advised that a loan of$50,000,due Nov.
4,500 air-compressor-purchase bonds. Denom.$500. Date Jan. 1 1913. was
awarded on March 13 to the Cambridge Savings Bank at 4.49% disc t.
Due $500 yearly from April 1 1914 to 1922 incl.
State
the
two
months
past
the
-During
SALES.
-BOND
Date
Apr.
1
1
Due
$500.
1912.
Oct.
bonds.
Denom.
MINNESOTA.
1,000 sidewalk
purchased at par the following eleven issues of 4% bonds, aggregating
1914.
Int. A. & 0. at office of City Treas. Cert. check for 5% of bonds bid $98,000 at par.
te.
Amount. Purpose.
5
for
of
days
within
from
paid
time
and
delivered
be
Name ofPlace.Da
for required. Bonds to
Feb. 7 1913
Beltrami County Jud. Ditch No. 13.. _ _823.000 Ditch
award.
Feb. 1 1913
School
10,000
County
48
No.
Clay
District
KING COUNTY(P.O. Seattle), Wash.-BOND SALE.-The $950,000 Hector, Renville County
1 1913
Feb.
Municipal
6,000
gold court-house bonds offered on March 5 (V. 96, p. 505) have been Isanti County Cons. Ditch No. 10
Feb. 1 1913
10,000 Ditch
awarded to A. B. Lecah & Co.and E. II. Rollins & Sons of Chicago,jointly, Millward, Aitkin County
7 1913
Feb.
Municipal
500
at 101.31 for 5s. Delivery $450.000 May 1 and $450,000 July 1.
Feb. 1 1913
4,000 Municipal
Monticello, Wright County
Feb. 1 1913
1,500 School
LAUREL, Jones County, Miss.-BOND OFFERING.-Proposals will Nobles County District No. 12
Feb. 1 1913
20,000 Municipal
be received umtil 2 p. m. April 1 by the Mayor and Bd. of Commrs.for $15- Pine City, Pine County
Feb. 1 1913
8,000 School
000 water, $30,000 sewer and $25,000 school bonds. Cert. check for Pope County Cons. District No. 64
Feb. 1 1913
11,000 Municipal
St. Peter, Nicolett County
$1,000 required. D. A. Scarborough is City Clerk.
Feb. 7 1913
4,000 Municipal
LAWRENCE, Essex County, Mass.-TEMPORARY LOAN.-On Viding, Clay County
MOLINE, Elk County, Kans.-BOND ELECTION.-AccordIng to
March 7 a loan of $100,000, due Oct. 15 1913 was awarded to Blake Bros.
& Co. of Boston at 4.64% discount.
local papers, an election will be held March 25 to vote on the proposition
electric-light-plant bonds.
LINCOLN COUNTY (P. 0. Lincolnton), No. Caro.-BONDS to issue $40,000 water-works and
VOTED.-The voters of this county on March 4 authorized the issuance of
MONROE COUNTY (P. 0. Aberdeen), Miss.-BOND OFFERING.7 by G. G.
$200,000 road-improvement bonds. It is stated.
Reports state that proposals will be received until 2 p. m. April
road bonds.
LINCOLN COUNTY SCHOOL DISTRICT NO. 31, Wash.-BOND Ray, Clerk Board of Supervisors, for $35,000 5%%
REJECTED.
Dak.-BIDS
So.
Flandreau),
0.
(P.
OFFERING.-Proposals will be received until 1 p. m. March 29 by A. 0.
MOODY COUNTY
Mitchum, County Treas. (P. 0. Davenport), it is reported, for $40,000 -All bids received on Mar. 3 for the $85,000 5% 5-20-yr. (opt.) coup.
10-20-vr. (opt.) bldg. bonds at not exceeding 6% int. Int. annual.
court-house-constr. bonds (V. 96, p. 433) were rejected. The laonds, we
LORAIN, Lorain County, Ohio.-BOND OFFERING.-Proposals are informed, will be re-advertised. E. H. Rollins & Sons of Chicago subwill be received until 12 m. March 31 by E. P. ICeating, City Aud., for mitted a bid of 100.27 and int.
S75,000 4%% coupon subway-constr. (city's portion) bonds. Auth.
MOUNT HOPE (P. 0. Otisville), Orange County, N. Y.-BOND
Sec. 3039-1 Gen. Code. Denom. $1,000. Date Dec. 15 1912. Int. SALE.-On March 1 $7.000 6% bonds were awarded to the Orange Co.
M.& S. at office of Sinking Fund Trustees. Due $5,000 yearly on Sept. 15 Trust Co. of Middletown. Denom. $1,000. Dated March 11913.
from 1937 to 1951 incl. Cert. check on a Lorain bank or any national bank
MUNCIE, Delaware County, Ind.-BOND SALE.-On Feb. 25
for $2,500, payable to City Treasury, required. Bonds to be delivered and
4% coup. funding bonds were awarded to the Delaware County
paid for within 10 days from time of award. A complete transcript or $10.000
Bank of Muncie at 101.58. Denom. $500. Date Mar. 1 1913.
Nat.
proceedings had relative to the issuance of the above bonds will be furnished Int. M.
& S. at the Delaware Co. Nat. Bank, Muncie. Due $5,000 Mar. 1
the successful bidder together with a printed sample copy of the bond on 1931 and
1932.
day of sale.
NEBRASKA.-BONDS PURCHASED BY STATE.-The State has
BOND SALE.-On Mar. 7 the $12,132 97 4%% coup. Black River
the following bonds at par.
purchased
Bank
Nat.
the
to
Atlas
awarded
were
505)
p.
96,
impt. funding bonds (V.
Three Issues, Aggregating $58,000, Purchased in January.
of Cincinnati for $12,239 22(100.875) and int. Other bids follow:
of Fremont School District. Date July 1
Spitzer,Rorick& Co.,Toledo_ $12,206 I Prov.Say.Bk.& Tr.Co,Cin.$12,165 $25,000 4%% school-house bonds
1912. Due July 1 1942, opt. beginning July 11922.
LOS ANGELES, Cal.-BOND ELECTION AGAIN POSTPONED.
Howard County. Date July 1 1912.
of
bonds
25,000 4%% court-house
The election to vote on propositions to issue bonds aggregating $17,600,000
Due July 1 1927, opt. beginning July 11912.
will be held April 15, an ordinance to that effect having been passed by
Date
Oct. 1 1912. Due Oct. 11932.
Mitchell.
of
bonds
5%
8,000
City Council on March 4. (V. 96, p. 506). The various issues are as
opt. beginning Oct. 1 1917.
follows:
Purchased in February.
$124.000,
Aggregating
Issues,
Four
$2,000,000 for the Fernando-Chatsworth water-distribution-system.
75,000 434% school-house bonds of Fremont School District. Date July 1
1,500,000 for main-trunk-line through Franklin Canyon,to bring aqueduct
1912. Due July 11942. opt. beginning July 11922.
waters to Los Angeles.
25,000 4%% court-house and jail bonds of Greely County. Date Jan. 1
6,500,000 for constructing or acquiring a distributing system for electric1913. Due Jan. 1 1933, opt. beginning Jan. 11923.
power from the aqueduct power project.
15,000 5% water bonds of Gretna. Date July 1 1912. Due July 1
harbor.
and
of
outer
inner
continued
improvement
for
2,500,000
1932. opt. beginning July 11917.
1,000,000 for erection of new city-hall.
9,000 5% water bonds of Snyder. Date Jan. 1 1909. Due Jan. 1
1,000,000 for beginning of new municipal railroad between Los Angeles
1929, opt. beginning Jan. 1 1914.
harbor.
and the
NELIGH SCHOOL DISTRICT (P. 0. Neligh), Antelope County,
600,000 for purchase of Normal school site.
-Reports state that the election held Mar.'11
VOTED.
Neb.-BONDS
high
Dimas
Glendora-San
line.
on
work
beginning
for
2,500,000
the proposition to issue $30,000 high school constr.
An attempt was made to have included a proposition to issue $1,000,000 resulted in favor of
bonds. The vote was 228 to 168.
bonds for the extension of water mains but this failed.
NELSONVILLE, Athens County, Ohio.-BOND OFFERING.-ProBOND OFFERING.-Proposals will be received until 11 a. m. March 17,
for $2,800
It is stated, by C. H. Hance, City Treas., for $16,8047% street impt. bonds. posals will be received until 12 m. April 5 by the City Auditor1913.
Int.
water-works-impt. bonds. Denom. $700. Date April 1
5%
LOUISIANA.-BOND OFFERING.-Proposals will be received until semi-ann. Due $700 yrly. on Mar. 1 from 1914 to 1917 incl. Bonds must
of award. Cert. check
12 m. April 2 by L. E. Hall, Governor, for $11,108,300 4% tax-free coup. be delivered and paid for within ten days from timerequired.
Purchaser to
bid for, payable to City Treas.,
refunding bonds. Denom.$100. $500 or $1,000 (to suit purchaser). Date for 2% of bonds
accrued interest.
July 1 1913., Int. J. and J. at Louisiana's fiscal agencies in New York, pay
Newark), Licking County,
0.
(P.
DISTRICT
SCHOOL
NEWARK
Baton Rouge and New Orleans. Due 50 yrs. from date. Cert. check on Ohio.-BOND OFFERING.-Proposals will be received until 12 m. April 1
% school bonds. Auth.
a bank or trust company in New York, New Orleans or Chicago for 1%, by S. W. Haight, Clerk Bd.of Ed.,for $30,000
0.
of bonds bid for, payable to Governor, required. These bonds will be cer- Sec. 7629 Gen. Code. Denom. $1,000. Date April 11913. Int.}.&
Due $1.000 yearly on April 1 from 1914 to 1921 incl.
tified as to genuineness by the Columbia-Knickerbocker Tr. Co. or the at Treas. office.
April 1 from 1922 to 1932 incl. Cert. check for $300.
on
yearly
and
$2,000
U. S. Mtge. & Tr. Co., and their legality approved by Caldwell, Masslich payable to Clerk Bd. of Ed,. required. Bonds to be delivered and paid for
& Reed of N. Y. City, whose opinion will be furnished to successful bidder within 10 days from time of award.
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.-BONDS
or bidders. Delivery any time prior to Jan. 1 1914, at option of buyer.
NOT SOLD.-We are advised under date of March 7 that no award has
Purchaser to pay accrued interest.
made of the $13,000 43% 8(-yr. (aver.) coupon street-impt. bonds
been
The official notice of this bond offering will be found among the advertise- offered on Feb. 25(V.96, p.
506).
ments elsewhere in this Department.
NEWTON, Middlesex County, Mass.-BOND SALE.-On Mar. 7
fire-protection bonds were awarded to the
LYME TOWNSHIP (P. 0. Bellevue), Huron County, Ohio.-BOND $11,000 4% 1-10-yr. (ser.)
Trust Co. at par and int. Denom. $1.000. Date
SALE.-On March 3 the $10,000 5% 9U-yr. (aver.) Lyme Road Dist. Boston Safe Deposit &M.
S. Due $2,000 in 1914 and $1,000 yearly
&
March 1 1913. Int.
impt. bonds (V. 96, p. 506) were awarded to Hayden, Miller & Co.
from 1915 to 1923 inclusive.
Cleveland at 101.81 and int.
$3,000
IRETON,Sioux County,Iowa.-BOND SALE.-On Mar.'4 the
4(V. 96, p. 301) were
4%% reg. water-system-impt. bonds offered on Feb.
awarded to Geo. M. Bechtel & Co. of Davenport at par. Denom. $500.
Date April 11913. Int. ann. in April. Due on any interest-paying date
after 1923 to 1933.
ITAWAMBA COUNTY (P. 0. Tupelo), Miss.-BOND OFFERING.
Bids for $65,000 road bonds will be received until April 7. Int. not to
6%.
exceed
JERSEY CITY, Hudson County, N. J.-BOND OFFERING.-Proposals will be received until 3 p. m. Mar.21 by the Board of Finance, R. J.
Vreeland, Clerk, for $95,000 4%% gold coup, or reg. tax-free school-sitepurchase bonds. Denom. $1,000. Date April 1 1913. Int. A. & 0.
at office of City Treas. Due April 1 1963. Cert. check on an incorporated
bank or trust co. for 2% of bonds bid for, payable to City Treas., required.
These bonds will be certified as to genuineness by the U.S. Mtge. & Tr.Co.
and their legality approved by Hawkins, De!afield & Longfellow of N. Y.
City, whose opinion will be furnished to successful bidder. Purchaser
to pay accrued interest. Bonds to be delivered April 1, unless a subsequent date shall be mutually agreed upon. Bids to be made on blank
forms furnished by the city.
The official notice of this bond offering will be found among the advertisements elsewhere in this department.
JORDAN SCHOOL DISTRCIT (P. 0. Midvale), Salt Lake County,
Utah.-BOND ELECTION.-Local papers state that an election will be
held March 22 to vote on the question of issuing high-school -constr. bonds.
KANSAS.-BONDS PURCHASED BY STATE.-The following bonds
were purchased by the State of Kansas at par:
Eight Issues, aggregating $135,236.10, purchased in January:
Due.
Purpose.Date.
Place.
Amount. Int,
Water & light Aug. 1 1912 Aug. 1 '10-30
$18,000 00 5 Clearwater
1,20000 5 Cloud County S.D No.70School house Jan. 1 1913 July 1 '14-16
Jan. 1 1913 Jan. 1 '14-23
Drainage
45,000 00 5 Doniphan County
20,000 00 5 Franklin Co. S.D. No. l_School house Jan. 1 1913 Jan. 1 '17-28
Storm sewer Aug. 1 1912 Aug. 11042
38,536 10 5 Lawrence
Jan. 1 1913 July 1 1923
5,500 00 5 Leavenw'hCo.9.D.No.28Exchange
Light extenten Dec. 6 1912 Nov. 1 1927
4,000 00 5 Quenemo
3,000 00 5 Rawlins Co. S.D. No.75.School house Jan. 1 1913 Jan. 1 '14-28
Seven issues, aggregating $106,801.17, purchased in February:
Jan. 1 1913 Jan. 1 1943
Water
$56,000 00 5 Burlingame
July 1 1912 July 1 '13-30
Water
18,000 00 5 Bucklin
Street impt___Feb. 1 1913 Feb. 1 '14-23
5,301 17 5 Chanute
1 1913 Jan. 1 '14-23
Jan.
Light
4,500 00 6 De Soto
Oct. 1 1912 Oct. 1 1922
Light
12,000 00 5 Hope
July 1 1912 July 1 1932
Sewer
8,000 00 5 Mulane
July 1 1910 July 1 1925
Light _
3.000 00 5 &very
The above bonds are all subject to call at any interest paying period.
814
THE CHRONICLE
[VoL. xcvi.
NILES, Trumbull County, Ohio.-BOND SALE.-The following
$3,685 50-making the price 101.247. Denom. $182. Date Feb. 24
bids were received on Feb. 27 for the two issues of 5% coupon
bonds aggre- 1913. Interest M.& N. Due Nov. 15 1923.
gating $10,000, offered on that day (V. 96, p. 506):
RAYMOND SCHOOL DISTRICT (P. 0. Raymond), Union County,
35,000
$5,000
Ohio.-BOND ELECTION.-An election will be held March 20, reports
17-year
16-year
Water bds. elect.-11. bds. state, to vote on the proposition to issue $15,000 school-constr. bonds.
W.E. Fox & Co., Cincinnati
REED CITY, Osceola County, Mich.-BONDS VOTED.-The pro*$5,301 50 *$5,284 50
Seasongood & Mayer, Cincinnati
5,235 00 5,225 00 position to issue $3,000 water-mains ext. bonds carried, according to
Provident Savings Bank & Trust Co., Cincinnati_ ___ 6,228
reports, at an election held recently.
00
5,210
00
Breed, Elliott & Harrison, Cincinnati
5,212 50
5,212 50
ROCHESTER, N. Y.-NOTE SALE.-On March 10 the $200,000
Sidney, Spitzer & Co., Toledo
5,205 00
5,185 00 sewage-disposal notes (V. 96, p. 741) were awarded, $100,000
Mayer, Deppe & Walter, Cincinnati
to W. N.
5,201 00
5,201 00 Coler & Co., N. Y., at 4.85% int. and $100,000 to the Alliance
Hayden, Miller & Co., Cleveland
5,169 00 5,160 00 Rochester, at 4.70% int. and $10 premium. Other bidders were: Bank,
Wm. R. Compton Co., St. Louis
5,139
50
5,139
50
Well. Roth & Co., Cincinnati
Int. Premium.
5,127 00
5,127 00 Security Trust Co., Rochester
Nies Trust Co. Niles
5.00
$67 00
5,115 50
5,111 10 Parkinson & Burr, New York
Fifth-Third National Bank, Cincinnati
5.00
37 75
5,113
25
5,113
25
Harris,
Forbes
&
Co.
New York
'Spitzer, Rorick & Co., Toledo
5.05
9 00
5.109
00
5,109 00 Luther Robbins, Rochester
New First Nat. Bank, Columbus
5.25
11 00
5,062 50
5,062 50 Estabrook & Co., New York
Dollar Savings Bank Co.. Niles
5
:3
2
5
7
5
26
00
5.000 00
Bond
Goodwin,
&
New York
* These bids. it is said, were successful.
National Bank of Commerce, Rochester
5.40
28 00
Daniel A. Moran & Co., New York
NORFOLK, Madison County, Neb.-BOND ELECTION
5.50
13 00
.-An elec- H. Lee Anstey, New York
tion will be held March 24, reports state, to vote on
5.50
12 00
the question of issuing
$33,000 paving bonds. An election will also be held,
ROSEBUD COUNTY (P. 0. Forsyth), Mont.-BOND SALE.-The
it
is
stated,
to
submit to a vote the question of issuing $10,000 water-exten
following bids were received on March 4 for the
sion bonds.
5% 10-20-year
(opt.) coup. bonds offered on that day (V. 96. p.$123,000
NORTH ENGLISH SCHOOL DISTRICT (P. 0.
377):
North English), John Nuveen & Co., Chicago
Iowa County, Iowa.-PURCHASER
$124,760 00, int. and blank bonds
OF BONDS.-We are advised that W. R.
Compton Co., St. Louis
the purchaser of the $25,000 6% bldg. bonds sold on
124,451 40, int. and blank bonds
Feb. 21 at 100.80 Wells & Dickey Co., Minneapolis
(V. 96, p. 667) was Geo. M. Becht d & Co. of Davenport.
124,415 00, int. and blank bonds
Denom. $500. Minn. Loan & Trust Co., Minneapolis
Date April 11913. Int. J. & D. Due 1923, subject
124,250 00, int. and blank bonds
to call $3,000 yearly Keeler Bro., Denver
beginning 1918.5
124,075 00, int. and blank bonds
Chapman, Mills & Co., Chicago
124,003 00, int. and blank bonds
NORWOOD, Hamilton County, Ohio.-DESCRIPTION OF BONDS. Harris Trust & Savings Bank,
Chicago
123,705 00, int. and blank bonds
-The $26,000 5% street-impt. bonds awarded on Feb. 24 to
W. E. Fox E. H. Rollins & Sons, Chicago
123,676 50, int. and blank bonds
dr Co. of Cin. at 107.60 (V. 96, p. 667) are in the denom. of $500
each and New First National Bank, Columbus
123,000 00, less $4,625 and no
bear date of Feb. 241913. Int. F.& A. Due Feb. 241933.
blank bonds.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
A. J. Hood & Co.. netroit, also submitted a bid, but the same was not
County, Cal.-BONDS AWARDED IN PART.-On Feb.
considered as no certified check was enclosed.
$250,000
4
of
the $400,000 5% 20-30-year (serial) irrigation-system inpt. bonds
ROSEBURG, Douglas County, Ore.-BOND ELECTION.-An elec(V. 96,
p. 224) were awarded to W. L. Watts of Ogden, Utah,
at par and int. tion will be held Mch. 31 to submit to a vote the proposition to issue
Denom. $500. Date Jan. 1 1913. Int. J. & J.
$15,000 gold coup. fire-apparatus bonds at not exceecing 6% interest.
OBION DRAINAGE DISTRICT (P. 0. Union City), Tenn.
ROY SCHOOL DISTRICT (P. 0. Roy), Pierce County, Wash.
BOND SALE.-On Feb. 21 $62,000 3-20
-year (ser.) bonds were awarded BONDS VOTED.-The question of issuing $5.500 high-schoo -constr.
to the New First Nat. Bank of Columbus,
t
bo n9d5s
.carried, reports state, at an election held Mch. 1 by a vote of 122
Ohio,
at
par.
Denom.
$500.
Date May 1 1913. Interest annual in May. gi
OMA , Okanogan County, Wash.-BONDS VOTED-BOND OFSACRAMENTO, Cal.-BOND ELECTION.-An election will be held
FERING.-The question of issuing $8,600 6% 10-year
bonds reports state, to vote on the proposition to issue $700,000 4%% 1-40-year
(V. 96, p. 506) carried at an election held Feb. 28 by water-works
(ser.) State-bldg.-ext. bonds (V. 95, p. 1562). Denom. $500. Date Jan.
a
vote
of
90
to
3.
We are advised that these bonds will be offered for sale on April 15.
1 1914.
ORANGE, Orange County, Tex.-BONDS VOTED.-According to
ST. JOHNS, Multnomah County, Ore.-BOND OFFERING.-Aclocal papers the proposition to issue $20,000 street-impt
cording
to reports, proposals will be received until p. m. March 18 by
.
bonds
(V. 96.P•
-302) carried at an election held March 3 by a vote of 232 to 11
F. A. Rico, City Recorder,for $21,591 6% 1-10-year 6
(opt.) street-improveORANGE COUNTY (P. 0. Orlando), Fla.-BOND SALE.-The ment bonds. Certified check for 2% required.
$200,000 507 30-yr. Dist. No. 1 road and bridge bonds offered on Feb.
ST. LOUIS PARK, Hennepin County, Minn.-BONDS VOTED.4
(V. 96. p. 224) have been awarded to Mayer, Deppe & Walter of Cin.
The voters of this place on March 8 authorized the issuance,
it is stated.
of $60,000 high-school and auditorium bonds.
ORANGE COUNTY (P. 0. Hillsboro), No. Caro.-BOND SALE.
On Feb. 24 the $230,000 5% 40-year road-impt. bonds,
ST. PARIS, Champaign County, Ohio.-BONDS AUTHORIZED.
dated April 1 1913,
(V. 96, ID. 506) were awarded to P. C. Collins of Hillsboro
at an uncondi- Reports state that the Council recently authorized the issuance of Springtional bid of 102.05 and int.-a basis of about 4.881%. The
above bid field Street paving bonds.
was submitted for the joint account of E. H. Rollins & Sons
of Chicago and
ST. PAUL, Minn.-BOND OFFERING.-Proposals will be received
Seasongood & Mayer of Cincinnati. We are advised, however,
that Mr. until 12 m. Mch. 19 by W.0
Collins was not authorized to make his offer uncondition
City Compt.,for $150,000 4% wateral, and the firms works-impt. and ext. bonds. Handy,
mentioned have refused to take the bonds.
Denom. $500 or $1,000, as purchaser
sires. Date Mch. 1 1913. Int. payable in N. Y. Due 370,000 in de20
ORLAND UNION HIGH SCHOOL DISTRICT (P.
0. Orland), yrs. and $80,000 in 30 yrs. Cert. check for 2% of bid required. Official
Glenn County, Cal.-BONDS VOTED.-Reports state
that this district circular states that this city has never defaulted on any of its obligations
'recently voted to issue $40,000 high-school-con
and
principal
or
struction
interest on its bonds previously issued have always been
bonds. The vote
was 326 to 454
paid promptly at maturity.
ORRVILLE SCHOOL DISTRICT (P. 0. Orrville),
SAN FRANCISCO, Cal.-BOND OFFERING.-Proposals will be reWayne County,
Ohio.-BONDS VOTED.-Reports state
the Board of Education has ceived until 3 p. m. March 31 by the Board of Supervisors, J. S. Dunnigan,
voted to issue $30,000 school-constructionthat
Clerk, for the following tax-free bonds:
bonds.
$400,000 5% sewer bonds dated July 1 1908 and comprising 10 bonds of
PALMER, Hampden County, Mass.-DESCRIPTION OF BONDS
-7
2
The $21,000 4(% funding bonds awarded on March
each year's maturity from 1915 to 1954 inclusive.
10 to Blake Bros. &
300,000 5% school bonds dated July 1 1908 and comprising 12 bonds of
'Co. of Boston at 100.16(V.96, p. 741) are in the denom.
of $1,000 each and
bear date of Dec. 1 1912. Int. J. & D. Due $3,000 yearly
each year's maturity from 1914 to 1938 inclusive.
Dec.
from
1
300,000 5% hospital bonds dated July 1 1908 and comprising 15 bonds of
1913 to 1919 inclusive.
each year's maturity from 1913 to 1932 inclusive.
PARK COUNTY (P. 0. Livingston) Mont.-BOND OFFERING
144,000 5% garbage-system bonds dated July 1 1908 and comprising
.Proposals will be received until 2 p. m.April 19(date changed
from
bonds of each year's maturity from 1913 to 1930 inclusive.
Mch.
8
15,
V. 96, p. 584) by John O'Leary, County Clerk, for $65,000
4% refunding 3,960,0005% city-hall bonds dated July 1 1912 and comprising 90 bonds of
bonds. Denom. $1,000. Date July
1913. Int. J. & J. at office of
each year's maturity from 1917 to 1960 inclusive.
'County Treas. or at some bank in New1York
at option of purchaser.
144,000 4%% Polytechnic high-school bonds dated Jan. 1 1910 and comDue 20 years, opt. after 15 yrs. Cert. checkCity,
for $500, payable to Frank
prising 6 bonds of each year's maturity from 1914 to 1937 incl.
Betsy. Chairman, required.
Denom. $1,000. Int. J. & J. at City Treas. office or fiscal
agency In
Pt PASADENA, Los Angeles County, Cal.-BOND
N. Y. City. Cert. check (or cash) for 5% of bid, payable
ELECTION.
to
S. Dunni- gan,
According to local papers, the election to vote on
required, provided that no deposit need exceed the sum ofJ.
the
five
propositions
$10,000
and
aggregating $307,000(V. 96, p. 667) will be held March 20.
that no deposit need be given by the State of California. The opinion
of
Dillon, Thompson dc Clay of N. Y. City stating that the issue of 1908 and
PEEKSKILL, Westchester County, N. Y.-BOND OFFERING
.
- city-hall bonds offered for sale
Proposals will be received until 8 p. m. March 18 by Albert E.
in all respects legal will be furnished to
Cruger, purchaser. Bids to be made onare
Village Clerk, it Is stated, for $14,238 20-yr. paving bonds.
blank
forms furnished by the city and must
Cert. check include the payment of accrued interest.
for $500. required.
These bonds were offered on
March 3 and the following bids were received:
PENELLAS COUNTY (P. 0. Clearwater), Fla.-BOND OFFERING
N.
Halsey
W.
&
Co.,
H.
E.
Rollins
.
&
Sons
of San Fran. and Harris Trust &
-Proposals will be received until 12 m.April 15, it is stated, for
Say. Bank of Chicago at their joint bid of $5,301,632
the $370.all issues.
'ON road bonds voted Dec. 3(V. 95, p. 1637)•
The Anglo & London Paris Nat. Bank of San Fran. bid for
$405,700 for the
PIONEER DRAINAGE DISTRICT (P. 0. Chino), San Bernardin
$400,000 sewer bonds.
o
Metropolis
County, Cal.-BOND SALE.-On Feb. 7 the $12,500 5% 10-20-yr.
Trust & Say. Bank bid 101 for $10,000 school bonds.
(ser.)
We are advised that the above bids were rejected as the city thought a
drainage-system-impt. bonds (V. 96, p. 377) were awarded
to J. McAlister higher
-at par. Denom. $100. Int. J. & J.
price could be obtained. See V. 96, p. 742.
SEATTLE, Wash.-BOND SALES.-This city issued the following
PITTSBURGH, Pa.-BOND OFFERING.-Proposals will be
received
sintil 3 p. in. Mar. 27 by E. S. Morrow, City Comptroller
1-10-yr. (opt.) special-improvement bonds during the months of
, for the following 6%
04% coup, or reg. tax-free bonds:
January and February:
$80,000 st.-impt., series B, 1912. Due $4,000 ann. on
Eight Issues, Aggregating $102,694 57 Issued in January.
Dec.
1.
130,000 bridge, series D, 1912. Due $5,000 ann.
Amount.
Purpose.
Date.
Amount.
on Dec. 1.
Purpose.
Date.
90,000 municipal bldg., 1912. Due $3,000 ann. on
$412 10_Grade and
$6,169 81..Paving
Dec. 1.
Jan. 21 1913
390,000 playground, 1912 (V. 96, p. 152).
planking ___Jan. 3 1913 51,778 08_Grade&trestleJan. 23 1912
Due
$13,000
ann.
on
Dec.
1.
210,000 st.-impt., series E, 1912. Due $7,000 ann.
2,147
42_Grado
Jan.
4 1913 17,375 77_Water main_Jan. 30 1913
5,000 st.-impt.,ser. D.1912(V.96, p. 152). Due on Dec. 1.
Jan. 6 1913 20,404 36_Sewer and
$1,000 ann. on Dec.1. 1,044 10_Hydrants ..
9,000 bridge, series 0, 1912. Due $1,000
3,362 93_Walks
ann. on Dec. 1.
Jan. 13 1913
water mains.Jan. 30 1913
210,000 water, series B, 1912. Due $7,000
ann.
on Dec. 1.
Nine Issues, Aggregating $52,420 78, Issued in February.
90,000 hospital. 1912. Due $3,000 ann. on Dec.
1.
Amount.
Purpose.
Date.
Amount.
Purpose.
44,000 st.-Impt. series C, 1912. Due $2,000 ann.
Date.
$13,323 32_Paving
on Dec. 1.
Feb. 3 1913 $2,362 13_Planking_ _ __Feb. 14 1913
420,000 grade-crossing, 1912. Due $14,000
on Dec. 1.
4,667 43..Grades
Feb. 3 1913 1,875 83_Water main_Feb. 20 1913
'1,320,000 water, series 0, 1912. Due $44,000 ann.
ann.
on
6,983
57_Sewer
Dec.
1.
Feb.
3
1913
33_Walks
Feb. 20 1913
2,313
120,000 fire apparatus, 1912. Due $4,000 ann. on
17,085 48_Sewers __ __Feb. 5 1913 1,846 52_Paving
Dec. 1.
Feb.28 1913
480,000 poor home, 1912. Due $16,000 ann.
on Dec. 1.
1,963 17-Grade&curb Feb. 6 1913
362,500 water bonds, series F, 1912. Due $12,500
ann.
on
Dec.
1.
SEVIER COUNTY (P. 0. Sevierville), Tenn.-BOND OFFERING.
1,350.000 funding, 1912 (V. 96, p. 152). Due $45,000
ann. on Dec. 1.
Proposals will be
Denom. $100 or $1,000 (or reg. bonds in amounts desired
until 12 m.. April 5, by H. D. Bailey, Chairman
by purchaser). County Court, forreceived
Int. J. dc D. at office of City Treas. Cert.
$185,000 5% 20-yr. road impt. bonds. Denom. $1,000.
check on a national bank for Date April
2% of bonds bid for, payable to City Treas.,
1 1913. Int. annual on April 1. Cert. check for $2,500
required.
Bids to be made on required.
blank forms furnished by the City. The legality
of these bonds will be
approved by Hawkins, I.Delafield & Longfellow
SHREVEPORT, Caddo Parish, La.-RESULT OF BOND ELECTION.
of N. Y. City. Official
-circular states that there is no litigation
or controversy pending or threat- According to reports, of the nine bond propositions submitted to the people
ened concerning the validity of these bonds,
on March 4 (V. 96, p. 507) the following carried:.$11,500 Cross Lake
the
boundaries
of
the
city
or
the titles of the officials or their respective offices.
land-purchase. $10,000 street-graveling, $60,000 street-graveling (city's
portion)'and $20,000 storm-sewer-construction.
V PORT CHESTER, Westchester County,
N. Y.-BOND OFFERING
-Proposals will be received until 8 p. in. March
SIOUX CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sioux
Clerk, for $15,000 5% 1912-1913 tax-relief 20 by C. 0. Derby, VII. City), Woodbury
County, Iowa.-DESCRIPTION OF BONDS.-The
bonds. Denom. $1,000.
Date April 1 1913. Int. semi-ann. at
10-yr. high-school-bldg. bonds (V. 96, p. 742) bear int. at the
3135,000
the
First
National
Bank,
Port
Chester. Due $5,000 on April in 1914,
1915 and 1916. Cert. check for 5% rate of 4%%, coup. in form and in the denom. of $1,000 each. Date
of bonds bid for, payable to1 VII.
Mar. 1 1913. Int. M. & S. at Chicago.
Treas., required.,
141 PORTSMOUTH, Scioto
SMYTH COUNTY (P. 0. Marion), Va.-DESCRIPTION OF BONDS.
Ohio.-BOND OFFERING.-Proposals will be received until County,
7 road and bridge
-The
50
12
m.,
April
15,
W.
by
N.
-constr. bonds awarded on Feb. 19 to
Gableman,
City Breed,$90,000
Aud., for $42,000 4%% coup. Kendall
Elliott & Harrison of Cincinaati at 100,055(V. 96, p. 742) are in
the
Date Mar. 1 1913. Int. M and S. .Ave. subway bonds. Denom. $500. denom. of $500
and $1,000 and bear date of March 1 1913. Int. M. &IS.
at City Treas. office. Due $2,000 on
Mar. 1 1914 and $4,000 yrly.
on Mar. 1 from 1915 to 1924 incl. Cert Due $45.000 in 10 years and $45,000 In 30 years.
..heck for 2% of bonds bid for, payable
to City And.. required. Bids must
SUFFOLK COUNTY(P. 0.Riverhead), N. Y.-BOND OFFERING.
be unconditional.
Proposals will be received until 2 p. m. March 31 by Chas. R. Fitz,
PUTNAM COUNTY (P. 0. Greencastle),
Co.
Ind.
-BOND
SALE.
-On
Treas.,
for $55,000 4%% reg. highway-impt. (county's portion) bonds.
Feb. 24$3,640.4% %,.road_bonds were awarded..to
Chas. A. Dobbs for Denom.
$1.000. Date April 11913. Int. A. & 0. at office of Co. Trees
MAR. 15 1913.)
Due $5,000 on April 1 1924 and $10,000 yearly on April 1 from 1925 tb 1929
incl. Cert. check for 2% of bonds bid for, payable to Co. Treas., required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
TACOMA, Wash.-BIDS.-The following bids were received on Feb. 24
for the $125,000 paving and $35,000 bridge bonds awarded to the State of
Washington (V. 96, io. 668):
Farson Son & Co., Chicago,
prem. $355 and accrued int.
$35,000 Bridge,
125,000 Paving .5%, prem. $555 and accrued int.
R. M.Grant & Co., New York.
$160,000 Bridge & Pavin ,5% prem., $4,448 and accruedlint.
35,000 Bridge 4%%
Premium $2,684 and accrued int.
125,000 Paving 5%
Dexter, Horton National ank, Seattle.
$35,000 Bridge
125,000 Paving 5% v)Premium 33,424 and accrued interest.
N. W. Halsey & Co. and .R.Compton & Co.
$160,000 Bridge & Pay. bonds, 5%, premium $3,840 & accrued int.
and a premium of $3,200 and accrued int. unconditional.
E. H. Rollins & Sons and A. B. Leach & Co.
$35,000 Bridge 4%% 1
I-Premium $1,800 and accruedlinterest.
125,000 Paving 5%
W. N. Coler & Co.
$160,000 Bridge & Paving, 5%, premium $1,648 and accrued interest.
Seasongood & Mayer and Weil,Roth & Co.
$160,000 Bridge & Paving, 5%, premium $1,770 and accrued int.
Spitzer, Rorick & Co.
ts. $35,000 Bridge 43, %,premium $493 50 and accrued interest.
125,000 Paving 4)(%.premium $387 50 and accrued interest.
State of Washington.
$160,000 Paving and Bridge,4%% par, bonds to be dated upon delivery.
BOND SALE.-This city during January issued the following 7% specia
Improvement assessment bonds, aggregating $12,997 95:
Due.
Date.
PurposeAmount.
Jan. 2 1918
Jan. 2 1913
$7,356 65 Grading
2 1918
Jan.
1913
2
Jan.
1,525 85 Cement walks
Jan. 9 1923
Jan. 9 1913
1,702 25 Paving
1918
21
Jan.
1913
21
Jan.
Grading
1 737 95
Jan. 15 1918
Jan. 15 1913
1,075 10 Water-main
Jan. 15 1918
Jan. 15 1913
600 15 Grading
'F The following was issued during February:
Due.
Date.
Purpose.
Amount.
Feb. 13 1918
Feb. 13 1913
$2,829 40 Water-main
Bonds are subject to call part yearly.
the
TAFT, Kern County, Cal.-BOND SALE.-Reports state that
offered without success
$25,000 67 1034-yr. (ay.) sewer-system bonds
of
Co.
&
G.
G.
Blymyer
to
awarded
been
have
onlJan. 6 (V. 96, p. 304)
San Francisco.
TILDEN SCHOOL D STRICT (P. 0. Tilden), Madison County,
Neb.-BONDS VOTED.-Local papers state that the election held Feb. 21
resulted in favor of the proposition to issue $20,000 school-building-construction bonds.
II TOLEDO, Ohio.-BOND OFFERINGS.-Proposals will be received
until 7.30 p. m. April 16 by J. J. Lynch, City Auditor, for the $150,000 4
coupon water-works-ext. bonds. Denom. $1,000. Date Dec. 1 1912.
Int. J. & D.at U. S. Mortgage & Trust Co., N.Y. Due $50,000 on Dec. 1
NEW LOANS.
$90,000
Borough of Caldwell, New Jersey,
SEWER BONDS
Notice is hereby given that the Mayor and
Council of the Borough of Caldwell,Essex County,
New Jersey, will receive sealed proposals until
8 P. M. on the 17TH DAY OF MARCH, 1913,
for an issue of coupon bonds in the sum of $90,000
to be issued under an Act of the Legislature of
New Jersey, entitled "A General Act relating to
Boroughs (Revision 1897)." approved April 24.
1897, and the Acts amendatory thereof and supplemental thereto. Said bonds will be of denomination of $1,000 each, numbered from one (1) to
ninety 1(90), inclusive, dated April 1, 1913; three
of said bonds in order as numbered to be payable
on the first day of April in each of the years 1914
to 1943. Inclusive, bearing interest at the rate of
five per centum (5%) per annum, payable semiannually on the first days of April and October
In each year. Both principal and interest of said
bonds will be payable in lawful money of the
United States of America, at the Caldwell National Bank, Caldwell, New Jersey, and will be
prepared and certified as to genuineness by the
United States Mortgage & Trust Company, New
York City, New York. Said bonds may be registered as to principal only,or, at the option of the
holder, as to both prindpal and interest. The
purpose of said issue is to provide funds for the
construction of a system of sewerage and drainage,
with sewerage disposal works, and the purchase of
land necessary for the purpose..
l'roposals should be addressed to John J. Van
Order, Borough Clerk Caldwell, N. J.
All bids shall provide for the payment of seemed interest from the date of the bonds, April 1.
1913, to the date of delivery. Each bid shall be
accompanied by a certified chock upon an inoorporated bank or trust company, to the order
of the Collector of the Borough of Caldwell, for
two per centum (2%)of the par value of the bonds
bid for.
The validity of said bonds will be approved
by Messrs. Hawkins, Delafield & Longfellow,
Attorneys, of New York City, whose opinion
will be furnished to the successful bidder.
The right to reject any or all bids is reserved.
Dated, March 3rd, 1913.
JOHN J. VAN ORDER,
Borough Clerk.
Adrian H. Muller & Son,
AUCTIONEERS.
Regular Weekly Sales
or
STOCKS and BONDS
EVERY WEDNESDAY
Office, No. 55 WILLIAM SWEET!
Corner Pine Street.
815
THE CHRONICLE
in 1929, 1930 and 1931. Purchaser to pay accrued interest. Cert. check
on a Toledo national bank for 5% of bonds, payable to City Auditor,
required.
Proposals will be received until May 5, it is stated, for the $750.000 4%
31 1-16-yr. (ay.) coup. city hall const. bonds offered without success on
March 5(V. 96, p. 743)•
TOPASHAW SWAMP LAND DISTRICT (P. 0. State Springs),
Miss.-BOND SALE.-On Mch. 3 the $42,500 6% 1-30-yr (see.) bonds
(V. 96. p. 507) were awarded to the Bank of Derma, Derma
TOWNSEND TOWNSHIP SCHOOL DISTRICT (P. 0. East Townsend), Huron County, Ohio.-BOND OFFERING.-Proposals will be
received until 1 p.m.Mch. 26 by the Board of Ed.,C.B.Canfield,Clerk,for
$3,000 5% school property impt. bonds. Auth. Sees. 7629-7630. Gen.
Code. Denom.$500. Date April 1 1912. Int. A.& 0.at Huron County
Bank. Co.. Norwalk. Due $500 each six months from April 1 1915 to
Oct. 1 1917 inc. Conditional cert. check on a bank other than the one
making the bid for $200 required. Bonds to be delivered and paid for
within 10 days from time of award.
TULSA, Tulsa County, Okla.-BOND OFFERING.-Proposals will
be received until 9:30 a. m. Mar. 18 by E. B. Cline, City Aud.,for the following 5% tax-free bonds, aggregating $182,000:
$7,000 public library bonds. Denom. $500. Date Nov. 15 1912. Due
1511
15
.and $500 every other year until 1936 and $1.000
3174
99
ovoy.
nOONN
05
$
100,000 convention-hall bonds. Denom. $1,000. Date Feb. 1 1913. Due
$20,000 on Feb. 1 1918 and $4,000 yrly. on Feb. 1 from 1919 to
1938 incl.
40,000 public parks bonds.
Denom. $500. Date Feb. 1 1913. Due
$8,000 on Feb. 1 1918, $1,500 yrly. on Feb. 1 from 1919 to 1922
incl. $1,500 yrly. on Feb. 1 from 1924 to 1927 incl., $1,500 yrly.
on Feb. 1 from 1929 to 1932 incl. and $1,500 yrly. on Feb. I from
1934 to 1937 incl., $2,000 on Feb. 1 1923, 1928, 1933 and 1938.
25,000 public market bonds. Denom. $1,000. Date Feb. 1 1913. Due
$5,000 on Feb. 1 1918 and $1,000 yrly. on Feb. 1 from 1919 to
1938 hid.
10.000 public boulevard bonds. Denom. $500. Date Feb. 1 1913. Due
$2,000 on Feb. 11918, $500 on Feb. 1 from 1919 to 1923 hid,$500
on Feb. 1 from 1925 to 1928 incl. and $500 on Feb. 1 from 1930
to 1933 incl.
Auth. vote of 908 to 309 at an election held Jan. 21. Int. semi-ann. at
Okla. fiscal agency in N. Y. City. Cert, check for 5% of bid required.
Official circular states that there is no controversy or litigation pending or
threatened affecting the corporate existence or boundaries of the municipality, or the title of its present officials to their respective offices, or the
validity of these bonds, and that no previous issue has ever been contested
the principal and interest ofall bonds previously issued having been promptly
paid at maturity.
ULtiTA COUNTY SCHOOL DISTRICT NO.21, Wyo.-BOND SALE.
-The $2,500 10-20-yr. (opt.) coup. bldg. bonds offered on Jan. 11 (V. 95.
p. 1765) have been awarded to the Cheyenne Banking & Trust Co. at
101.20 as 6s.
UNION CITY, Branch County, Mich.-BONDS VOTED.-At an
election held March 10 the proposition to issue $10.000 sewer-constr. bonds
(V. 96, p. 585) was defeated by a vote of 106 'for" to 162 "against". A
two-thirds majority was necessary to carry.
UNION COUNTY (P. 0. Creston), Iowa.-BOND OFFERING.
Proposals will be received until April 7, it is stated, for $50.000 refunding
bonds. Denom. $1.000. Due $5000 yrly. from 1923 to 1932 incl.
NEW LOANS.
$190,000
TOWN OF BLOOMFIELD,
Essex County, New Jersey,
FUNDING BONDS
REDEMPTION CALL
To the Holders of
Territory of Arizona
FUNDING BONDS
of July 15, 1892.
Issue
SEALED PROPOSALS will be received by
the Town Council of the Town of Bloomfield
is
hereby given that by
NOTICE
up to 8 P. M. on MONDAY, MARCH 24, 1913,
for all or any part of an issue of $190,000 of fund- authority of an Act of the Legislature
payable
and
due
1913,
ing bonds, dated April 1.
of the State of Arizona and pursuant to
April 1, 1943.
The above-stated issue of bonds will be coupon resolution of the Board of Loan Combear
will
and
bonds for one thousand dollars each
missioners of said State, the State of
interest from April 1st, 1913. the day of their
date, at the rate of four and one-half per cent per Arizona will, on the 15th Day of April,
annum, payable semi-annually April 1st and 1913, at the office of the Guaranty Trust
October 1st; both principal and interest payable
in lawful money of the United States, at the Company of New York (formerly known
United States Mortgage & Trust Co., New York as the New York Guaranty & Indemnity
City. Said bonds are registerable at the option
Co.) No. 30 Nassau Street, City of
of the holder thereof, or may be registered in the
first instance at the option of the purchaser. as New York, N. Y.(the place of payment
Proposals must be accompanied by a certified designated in the bonds), pay and recheck payable to the order of the Town of Bloomfield,for five per cent of the par value of the bonds deem Territorial Funding Bonds Nos. 1
bid for, and should be addressed to Raymond F. to 2,000, inclusive, dated July 15, 1892,
Davis, Town Clerk, Bloomfield, Essex County,
New Jersey, and endorsed,"Proposals for bonds." which bonds were issued by the Loan
Bids will be opened at 8 o'clock P. M., at the Commissioners of the Territory of
Town Council Chamber, Bloomfield National
Bank Building, Bloomfield, Essex County, New Arizona pursuant to Act of Congress,
Jersey Monday, March 24. 1913. The Town approved June 25, 1890, entitled 'An
Council reserves the right to reject any or all
Act approving, with amendments, the
proposals.
The validity of said issue of bonds will be cer- Funding Act of Arizona," and Acts of
tified to by Dillon, Thompson & Clay, 195 BroadArizona
way New York City, and. a copy of their opinion Congress and of the Territory of
furnished to the purchaser.
amendatory thereof and supplemental
The bonds will be ready for delivery at the Town thereto. The said payment and reCouncil Chambers, Bloomfield National Bank
Building, Bloomfield, Essex County, New Jersey, demption will be made by virtue of the
on Tuesday, April 1st, 1913, at Twelve o'clock provision of the said Act of Congress
noon, or upon some later date to be mutually
GEORGE HUMMEL,
of June 25, 1890, that "Said Territory
agreed upon.
Chairman of Finance Committee.
reserves the right to redeem at par any
RAYMOND F. DAVIS, Town Clerk.
of said bonds in their numerical order
Dated, March 4. 1913.
at any time after twenty years from the
date thereof," which right of redemption
is also expressly reserved by the terms
F. WM. KRAFT
of said bonds. Upon presentation of the
LAWYER.
said bonds with all unpaid coupons
of
Specializing in Examination
attached, payment will be made at the
place of the principal of said bonds
said
Bonds
Corporation
and
Municipal
and of all accrued interest thereon to
1037-9 FIRST NATIONAL BANK BLDG..
the said 15th day of April, 1913. InCHICAGO, ILL.
terest upon said bonds will cease from
and after the said 15th day of April,
1913.
Phoenix, Arizona, March 11, 1913.
By order of
BONDS
The Loan Commissioners of the
BOSTON
STREET,
STATE
60
State of Arizona,
30 PINE STREET, NE V YORK
D. F. JOHNSON,
State Treasurer.
STATE, CITY & RAILROAD BONDS
BLODGET & CO.
816
THE CHRONICLE
UNION HIGH SCHOOL DISTRICT (P. 0. Venice), Los Angeles
County, Cal.-BOND ELECTION PROPOSED.-According
to local
papers an election will be held within the next six months to submit to
a vote
the question of issuing $200,000 polytechnic high-school construction bonds.
UNIVERSITY PLACE, Lancaster County, Neb.-BOND
ELECTION
-Local papers state that an election will be held April 1 to vote
on the
proposition to issue $6,000 city-hall-construction bonds.
VILLISCA INDEPENDENT SCHOOL DISTRICT (P.
0. Villisca),
Montgomery County, Iowa.-BOND ELECTION.
-An election will be
held March 25, reports state, to submit to a vote the
proposition to issue
$45,000 high-school construction and equipment
bonds.
VINELAND, Cumberland County, N. J.-BOND
SALE.-On
March 3 $5,000 5% 5-yr. refunding bonds were awarded to the
Vineland
Nat. Bank. Denom.$1,000. Date March 1 1913.
Int. ann. on March 1.
VISALIA, Tulare County, Cal.-BOND ELECTION
PROPOSED.
According to reports, an election will be held to vote
on the question to
Issuing $19,000 sewer-extension bonds.
WACO, McLennan County, Tex.-BOND SALE.-On March
11 the
three issues of 57 30-yr. bonds, aggregating $245,000
(V.96, p.743) were
awarded to A. G.Edwards & Sons of St. Louis at
102.
WAHOO SCHOOL DISTRICT (P. 0. Wahoo), Saunders
County,
Neb.-BONDS VOTED.-Reports state that the question
of issuing 860,000 school-constr. bonds carried at an election
held Mch. 4 by a vote of
447 to 128.
WALNUT SPRINGS, Bosque County, Tex.-BOND ELECTION.
Local papers state that an election will be held April
the proposition to issue $10,000 street-impt. bonds.15 to submit to a vote
WARREN, Trumbull County, Ohio.-BOND SALE.-On
28
$9.250 4% State Armory site-purchase bonds were awarded to the Feb.
Reserve Nat. Bank of Warren at 100.04 and int. Date Oct, Western
1
1912.
Int. A. & 0. Denom. $250.
WASHINGTON, Wilkes County, Ga.-BOND OFFERING.-Pro
posals will be received until 12 m. Mch. 17 by A. G. Cozart,
City Clerk,
for $30,000 5% coup. paving bonds. Denom. $1,000. Date Jan.
Int. J. & J. at Washington or N. Y.(at option of purchaser). Due11913.
July 1
1942. Cert. check for $500, payable to the "City of Washington,"
required.
WASHINGTON COUNTY (P. 0. Marietta), Ohio.-BONDS AUTHORIZED.-The Board of Co. Commrs., on March 4, adopted resolution, according to reports, authorizing the issuance of $20,000 53-6%acountyfarm-experiment bonds. Denom. $1,000. Date April 1 1913. Int. ann.
Due $2,000 yearly on April 1 from 1914 to 1923 incl.
WATERTOWN, Middlesex County, Mass.-LOAN OFFERING.
Proposals will be received until 3:30 p. m. March 17 by H.
Brigham,
Treasurer, for a loan of $150,000. Due $100,000 on Sept. W.
23
1913
and
$50,000 on Oct. 10 1913.
WATERVLIET, Albany County, N. Y.-BOND ELECTION.-A t
an election to be held in this city on March 25 the question of issuing
$9,400 funding bonds will be submitted to the voters.
WAYNE TOWNSHIP, Clinton County, Ohio.-BONDS VOTED.The question of issuing bonds to erect a new high-school at Lees Creek
carried, according to reports, at an election held March 1.
WELLSVILLE, Columbiana County, Ohio.-BOND ISSUE ENJOINED.-Reports state that the $60,000 43 % 20-yr. municipal electriclight-plant bonds offered for sale on Mar. 5 (V. 96, p. 508) were not sold
NEW LOANS
$11,108,300.00
STATE OF LOUISIANA,
FOUR PER CENT
CONSTITUTIONAL BONDS
Sealed bids will be received until Noon,
WEDNESDAY, APRIL 2, 1913, for the purchase of all or any part of the above bonds.
Bonds dated July 1, 1913; deliverable at the
option of the purchaser at any time prior to
January 1, 1914. purchaser to pay in addition to
the amount of his bid an amount equal to the
accrued interest on the bonds up to the date of
delivery. Bonds are payable fifty years from
date, denominations $100, $500. or $1,000, to
suit purchaser, to bear interest at four per cent
per annum represented by semi-annual coupons
payable July 1st and January 1st, of each year
at the office of the State's Fiscal Agencies,in the
cities of Baton Rouge, New Orleans and New
York.
These bonds are authorized by Article 46 of the
Constitution of the State, as amended by a vote
of the people at the general election in November,
1910, and are issued for the purpose of refunding
a similar amount of outstanding bonds that
mature January 1st, 1914.
They are exempt from taxation in Louisiana
and are legal investments for Guardians and
Trustees and can be used as security for deposits
of the State, its several Parishes, municipalities
and sub-divisions and are acceptable as security
for postal savings funds.
As a guaranty of good faith all bids must be
accompanied by a certified check upon a solvent
bank or trust company of the cities of New
Orleans, New York, or Chicago, payable to the
order of L. E. Hall, Governor of the State of
Louisiana, for at least one per cent of the par
value of the bonds bid for, and all proposals,
together with the certified check above referred to,
must be enclosed in a sealed envelope addressed
to the undersigned, Baton Rouge, Louisiana.
The right is reserved to reject any and all bids.
The bonds will be engraved suitably for listing
on New York Stock Exchange, and certified as to
genuineness by Columbia-Knickerbocker Trust
Company or United States Mortgage & Trust
Company.
Bonds will be approved as to legality by Caldwell, Masslich & Reed, New York, whose opinion
will be furnished purchaser or purchasers without
charge.
Further information regarding these bonds or
the affairs of the State of Louisiana may be bad
from said attorneys or from.
L. E. HALL,GOVERNOR,
and Chairman of the Board of Liquidation of
the State Debt of the State of Louisiana.
•
VICKERS & PHELPS
29 Wall Street, New York City.
Members of New York Stock Exchange,
BONDS
Cash orders only in stocks accepted
[VoL. xcvi.
on that day, a permanent injunction having been granted
by the courts.
See V. 96, p. 580.
WISNER Cuming County, Neb.-BOND
OFFERING.-Proposals
will be received until 8 p. m. Mch. 17 for $7,000
% 5-20-yr. (opt.
water-works bonds. Deposit of $100 required.
WOODLAND, Yolo County, Cal.-BOND ELECTION
There is talk of calling an election to vote on the issuance ofPROPOSED.
$50,000 bonds
for various improvements.
WOODRIDGE (P. 0. Rutherford), Bergen County, N.
NOT SOLD.-No bids were received on Feb.25for the $20,000 4J.-BONDS
% 30-year
registered or coupon bonds offered on that day (V. 96,
advised that the bonds will be re-advertised as 5s. p. 585). We are
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 33 (P.
0.
Action), Mont.-BOND SALE.-On Mar. $2,000
10-yr. bldg. bonds
were awarded to the State Land Commrs. at 1
par for 6s. Denom. $200.
YOLO COUNTY (P. 0. Woodland), Cal.-BOND
SALE.-On
March 3 the $340,000 6% Reclamation District
No. 900 bonds (V. 96,
p. 585) were awarded to the West Sacramento Co.
of
Sacramento
at par
and int.
YONKERS, Westchester County, N. Y.-BOND
OFFERING.
-Proposals will be received until 12 m. March 18 by Joseph Miller,
Comptroller,
for the following 4%% registered bonds:
$50,000 refunding water. Date April 1 1913. Due
$2,000 yearly on
April 1 from 1914 to 1938, inclusive.
100,000 water. Date March 1 1913. Due $5,000 yearly
on March 1 from
1914 to 1933, inclusive.
24,000 fire bureau equipment. Date March 11913. Due
$2,000 yearly
on March 1 from 1914 to 1925, inclusive.
126,000 school. Date March 1 1913. Due $7,000 yearly
on March I
from 1914 to 1931, inclusive.
5,000 hospital. Date March 1 1913. Due $1,000 yearly on
March 1
from 1914 to 1918, inclusive.
20,000 public building. Date March 1 1913. Due $1,000 yearly
on
March 1 from 1914 to 1933, inclusive.
72,000 assessment. Date March 11913. Due $12,000 yearly on March
1
from 1914 to 1919 inclusive.
Int. A.& 0.at office of City Treasurer in New York exchange. Certified
check for 2% of bonds bid for, payable to above Comptroller, required.
The legality of these bonds will be approved by Hawkins, Delafield &
Longfellow of New York City a copy of whose opinion will be furnished
successful bidders. Accrued interest to be paid by purchaser. Water
refunding bonds will be ready for delivery April 1: other issues March 25.
YOUNGSTOWN SCHOOL DISTRICT (P.O. Youngstown), Mahon
ing County, Ohio.-BOND OFFERING.-Proposals will be received until•
12 m. Mch. 27 by the Clerk Bd. of Ed. for $100,000
% coup. bonds.
Auth. Sec. 7629, Gen. Code. Denom. $1,000.
Int.
at office
of City Treas. Due $25.000 yrly. on Sept. 1 from semi-ann.
Cert. check for 10% of bonds bid for required. Bids1921 to 1924 incl.
must be unconditional. W. N. Ashbaugh is Director of Schools.
YOUNGSVILLE TOWNSHIP, Franklin
OFFERING.-Proposals will be received untilCounty, No. Car.-BOND
12 m. March 28 by C. C.
Winston, Secretary, for $15,000 6% road
bonds. Int. semi-ann.at Chase
Nat. Bank, N. Y. Due May 1 1953.
ZANESVILLE, Muskingum County, Ohio.-BOND OFFERING.Prpposals will be received until 12 m.
for the following street-impt. bonds: April 1 by F. II. Bolin, City Aud.,
NEW LOANS.
NEW LOANS
$55,000
$68,000
Suffolk County, New York, Village of Cobleskill, N. Y.,
Highway Improvement Bonds.
Sealed proposals will be received by the County
Treasurer of Suffolk County at his office in Riverhead, Suffolk County, New York, up to two
o'clock P. M., on MONDAY, THE 31ST DAY
OF MARCH, 1913, for the purchase of the whole
or any part of Fifty-five Thousand Dollars
($55,000) of Suffolk County registered bonds of
the denomination of One Thousand Dollars
($1,000), each of which will bear interest at the
rate of Four and One-Half (4%%) Per Cent per
annum, payable semi-annually on the first days
of April and October in each year.
All said bonds will be dated April 1. 1913, and
numbered from one to fifty-five inclusive and
five of said bonds in order as numbered will
become due and payable on the first day of April,
1924, and ten of said bonds in order as numbered
will become due and payable on the first day
of April In each and every year thereafter until all
of said bonds are fully paid. The principal and
interest of said bonds will be payable at the office,
of the County Treasurer of Suffolk County at
Riverhead, Suffolk County, New York.
The bonds are issued to raise money to pay the
County's share of the cost of the improvement of
highways within the County pursuant to the
authority of a Resolution duly adopted on the
18th day of February. 1913, by the Board of
Supervisors
Suffolk County.
gegarndtindebtedness of Suffolk
County, In addition to this issue, is $230,000.
The assessed aggregate valuation of the real
property within Suffolk County for the year 1912
was $82,621,182.
Each proposal must be accompanied by a
certified check to the order of the County Treasurer of Suffolk County for Two Per Cent of the
par value of the number of bonds bid for, proposals to be endorsed "Proposals for Bonds" and
addressed to the undersigned at Riverhead,
Suffolk County, New York.
The County Treasurer reserves the right to
reject any and all bids.
Dated March 10, 1913.
CHARLES R. FITZ,
County Treasurer of Suffolk County.
HIGH SCHOOL BONDS.
Sealed proposals will be received by the undersigned Treasurer of the Village of Cobleskill,
N. Y., at his office until twelve o'clock noon on
the 8TH DAY OF APRIL. 1913, for the whole
or any part of $68,000 High School Bonds of Union
Free School District No. 1, Village of Cobleskill,
N. Y., dated February 1st, 1913, and bearing
interest at 4% per annum, payable semi-annually
on the first days of February and August of each
year, principal and interest payable at the office
of the Treasurer of the Village of Cobleskill,
N.Y.
No proposals will be entertained for less than
the par value of said Bonds and accrued interest
nor unless accompanied by a certified check on'
an incorporated bank or trust company, payable
to the order of the "Treasurer of the Village of
Cobleskill, N. Y.," for 5% of the par value of
the bonds bid for,and full settlement for all bonds
awarded must be made on or before the 11th day
of April, 1913.
Said bonds will be issued in coupon form in
denominations of $1,000 and maturef as ollows:
one bond February 1st, 1914, and one bond In
each and every year thereafter for the ensuing
nine years, and thereafter two bonds in each and
every year until all of said bonds are paid.
The right is reserved to reject any or all proposa's as may be deemed best for the interests
of said School District.
All proposals to be directed to the Treasurer
of the Village of Cobleskill, N. Y., and endorsed
"Proposal for High School Bonds".
ARCHIE C. KILMER, Treasurer,
Village of Cobleskill, N. Y.
Financial Statement.
Bonded indebtedness
$55,200
Assessed valuation, 1912
1,526,239
The Village of Cobleskill owns its Water-Works
System, free from debt, from which it derives an
annual net income of over $5,000.
AMERICAN MFG. CO.
MANILA, SISAL AND JUTE
NATIONAL LIGHT,
SEAT &POWER COMPANN
GUARANTEED
BONDS
Sales Office:
All Istuts1
A. H. Bickmore & CO.,
BAN KERS
aO Mose Street.
CORDAGE
New Yerk
Noble & West Sts., Brooklyn N. Y.
GEO. B. EDWARDS
Tribune Building, NEW YORK, N. Y.
FOR SALE.-Timber, Coal, Iron, Ranch and
other properties.
Negotiations, Investigations, Settlements,
Purchases of Property, Information
THE CHRONICLE
MAR. 15 1913]
$1,509 5% Ohio St. impt. (assess.) bonds. Auth. Sec. 3845, Gen. Code.
Denom. $150 90. Date Feb. 71913. Due $150 90 on Mch. 1
from 1914 to 1923 incl.
3.500 4% Wheeling Ave. (city's portion) bonds. Auth. Sec. 3821, Gen.
Code. Denom.$500. Date Dec. 15 1912. Due Dec. 15 1922.
2,225 5% Sunset Ave. (assess.) bonds. Auth. Sec. 3845, Gen. Code.
Denom. $445. Date Feb. 7 1913. Due $445 yrly. on Mch. 1
from 1914 to 1918 incl.
586 5% street-impt. (assess.) bonds. Auth. Sec. 3865, Gen. Code.
Denom. $195 33. Date Feb. 7 1913. Due $195 33 on Mch. 1
from 1914 to 1916 incl.
2,500 5% Elberon Ave. (assess.) bonds. Auth. Sec. 3845, Gen. Code.
Denom. $500. Date Feb. 7 1913. Due $500 yrly. on Mch. 1
from 1914 to 1918 incl.
Int. semi-ann. Cert. check for 10% of bonds bid for, payable to City
Treas., required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
BONDS AUTHORIZED.-An ordinance was passed Feb. 24 providing
for the issuance of $9,300 4%% street-impt.(city's portion) bonds. Denom.
(18) $500 and (1) $300. Date May 11913. Int. M.and N. Due May 1
1928.
Canada, its Provinces and Municipalities.
DOMINION OF CANADA.-DEBENTURE SALES.-The Alberta
School Supply Co. of Edmonton was awarded the following school-building
debentures:
28 ISSUES AGGREGATING $46,245 PURCHASED IN JANUARY.
Districts in Province of Alberta.
Name.
Due. Price.
Date.
Amount. Int.
Breedford S. D. No. 2792_ _ _$1,000 7
Jan. 27 1913 10-install. 100
Blackie S. D. No. 2823
4,000 6% Jan. 2 1913 10-install. 95
Caledonia S. D. No.398_ _ _ _ 2,845 64 Jan. 4 1913 10-install.
97
Diamond City S. D. No. 184 2,600 6% Jan. 10 1913 20-install. 100
Dover S. D. No. 2725
Jan. 2 1913 10-install.
98
800 63
Jan. 16 1913 10-Install. 100
Dufferin S. D. No. 2806-- - 1,500 7
Dusseldor S. D. No. 2669_ - 800 6% Jan. 23 1913 10-Install. 100
Jan. 7 1913 10-install. 100
Education Pt. S.D. No. 2849 1,200 7
Jan. 6 1913 10-install. 100
Kleskun Lake S.D.No. 2743.. 1,200 7
96
Longsdale S.D. No.2553- _ -- 2,500 63,4 Jan. 2 1913 10-install.
New Bridgen S.D. No. 2751_ 1,500 6% Jan. 23 1913 10-install. 100
Newtral Hills S.D.No. 2791_ 1,000 6% Jan. 23 1913 10-install. 100
Jan. 30 1913 10-Install. 100
Pearsonville S.D. No. 2879_ _ 1,900 7
Jan. 16 1913 10-install. 100
Prospect Slope S.D.No.2649_ 1,600 7
Red Rock S. D. No. 2686-- _ 1,400 634 Jan. 18 1913 10-install. 100
Jan.
9 1913 10-install. 100
Rush Centre S.D. No. 2769.. 1,200 634
Jan. 28 1913 10-install. 100
StJean BaptisteS D.No.2828 1,600 7
Jan. 15 1913 10-install. 100
Setting Sun S. D. No.2858_ _ 1,600 7
Springside S. D. No. 1148.._ 1,000 634 Jan. 13 1913 10-install. 100
Jan. 16 1913 10-install. 100
Sutherland S. D. No. 2832_ - 1,700 7
Trocher Valley S.D. No. 1742 1,500 634 Jan. 14 1913 10-Install. 100
Waddington S. D. No. 2774_ 1,500 634 Jan. 23 1913 10-install. 100
Districts in Province of Saskatchewan.
Arrat Springs S.D. No. 1064_$2,000 634 Jan. 31 1913 10-install. 100
Jan. 17 1913 10-install. 100
Dominion S. D. No. 279____ 1,200 7
96
Hepburn S. D. No. 1059-- 1,500 634 Jan. 6 1913 10-install.
Midnight Lake S.D. No. 893 1,500 6
Jan. 6 1913 10-instail. 100
Jan. 28 1913 10-install. 100
1,800 7
Mikado S. D. No. 086
2,300 634 Jan. 4 1913 10-install.
Victory S. D. No. 852
98
817
18 ISSUES AGGREGATING $31,400 PURCHASED IN FEBRUARY.
Districts in Province of Alberta.
Price.
Due.
Date.
Name.
Amount. Int.
Benton Valley S.D.No.2876_31,500 7
Feb. 13 1913 10-install. 100
Blairgowrie S. D. No. 2864_ _ 1,200 7
Feb. 18 1913 10-install. 100
Blumenau S. D. No. 2294_ _ _ 1,500 634 Feb. 25 1913 10-install. 100
Bowling Green S.D.No. 2808 1,700 634 Feb. 25 1913 20-install. 100
Burns S. D.No.2569
1,600 654 Feb. 26 1913 10-install. 100
Chin S. D.No.2556
2,500 654 Feb. 6 1913 10-install. 100
Cop Hill S. D. No. 2701.._.._ 2,000 7
Feb. 12 1913 10-install. 100
Cosmo S. D. No. 2820
1,000 654 Feb. 12 1913 10-install. 100
Dowker S. D. No. 2873
97
2,000 654 Feb. 13 1913 10-install.
Riddellvale S. D. No.2700_ 1,600 7
Feb. 13 1913 10-install. 100
Lothian S. D. No. 2622
1.500 634 Feb 25 1913 10-install. 100
Farming Valley S.D.No.2796 1,200 7
Feb. 13 1913 10-install. 100
Rose Green S. D. No.2767_ - 1,800 7
Feb. 17 1913 10-install. 100
Webbs S. D. No. 2871
1,600 7
Feb. 13 1913 10-install. 100
Wilmott S. D.No.2844
2,000 7
Feb. 17 1913 10-install. 100
Districts in Province of Saskatchewan.
Buchanan S. D. No. 1556_ $2,500 634 Feb. 28 1913 10-install. 100
3,000 634 Feb. 28 1913 10-install. 100
Edam S. D.No.2256
1,200 634 Feb. 18 1913 10-install.
Harty S. D. No. 861
98
BRANDON, Man.-DEBENTURE OFFERING.-This place will offer
for sale $125,000 debentures for school purposes, it is stated.
CAMROSE, Alta.-DEBENTURE SALE.-Wood, Gundy & Co. of
Toronto purchased $11,831 55 20-install. and $1,040 7-install. 6% debentures during February.
CAMROSE SCHOOL DISTRICT, Alta.-DEBENTURE SALE.
An issue of $10,000 6% 10-installment school debentures was purchased
during February by Wood, Gundy & Co. of Toronto.
CHATHAM, Ont.-DEBENTURE ELECTION PROPOSED.-This
place is considering holding an election to vote on the question of issuing
$2,500 bonus and $42,000 school purposes debentures.
DRYDEN, Ont.-DEBENTURE ELECTION PROPOSED.-An election
will be held shortly ,it is stated, to submit to a vote the proposition to
issue $12,000 debentures for public-utilities-purposes.
DUFFERIN COUNTY (P. 0. Orangeville), Ont.-DEBENTURE
SALE.-An issue of $13,000 5% 15-Installment debentures was purchased
during February by Wood. Gundy & Co. of Toronto.
EAST KILDONAN SCHOOL DISTRICT, Man.-DEBENTURE
ELECTION.-An election will be held March 20, it is stated, to vote on a
by-law to raise $22,000 for new school-site.
ESTEVAN, Sask.-DEBENTURE OFFERING.-Proposals will be received until 8 p. m. Mar. 26 by L. A. Duncan, Sec., for $30,000 30-installment water-works-ext., $50,000 30-installment high-school and $25,000
25-installment manufacturing-establishment and $25,000 30-installment
sewer 5% debentures. Interest annual.
GIMLI, Man.-DEBENTURES VOTED.-The issuance of $20,000
high-school-constr. debentures was recently authorized by the voters,
reports state.
HUMBOLDT,Sask.-DEBENTURE ELECTION PROPOSED.-According to reports an election will be held shortly to vote on a by-law to raise
$165,000 for a water-works and sewerage-system.
KILDONAN (Rural Municipality), Man.-DEBENTURES NOT
SOLD.-No award was made on Mar. 1 of an issue of $2,000 5% debentures
NEW LOANS
NEW LOANS.
$125,000.00
$95,000
CITY OF JERSEY CITY, N. J.
IREDELL COUNTY, NO. CAROLINA
ROAD IMPROVEMENT BONDS
Statesville, N. C., March 12, 1913.
Sealed bids will be received by the undersigned
at the office of the Board of Commissioners of
Iredell County, in the City of Statesville, N. C.,
until 11:00 A. 1\4., MONDAY, APRIL 7TH, 1913
for One Hundred and Twenty-Five Thousand
($125,000.00) Dollars Series "C",5% thirty-year
Road Improvement Bonds, in denominations of
$1,000 each and dated May 1, 1913 and due May
1, 1943, interest payable semi-annually and
interest and principal payable at the HANOVER
NATIONAL BANK,in New York City.
These bonds are issued by authority of an Act
of the General Assembly of North Carolina,
ratified March 3rd, 1911, and an election held
under and by authority of said Act on the 9th
day of May 1911, which was duly carried.
There is no litigation pending or threatened
affecting this issue. Assessed value of property,
In the county for 1912 was 312,110000. Total
bonded indebtedness, including thisissue, $445,000. Tax rate for all purposes 93 cents on $100
. No floating indebtedness, and tax
property,
rate will not have to be increased to pay the
interest on this issue and create a sinking fund
to pay bonds offat maturity,as the present rate is
sufficient. Population 1910 census, 35,314.
Certified check or bank draft for $2,000 must
accompany all bids, same to be made payable to
the Treasurer of Iredell County. No bids will
be considered for less than par and accrued interest
The Commissioners reserve the right to accept
or reject any or all bids. Full information will
be furnished upon application.
M. A. FEIMSTER, Chairman
Board of Commissioners Iredell Co.
J. E. BOYD,
Clerk to the Board.
2% GOLD SCHOOL BONDS
FIFTY-YEAR 41/
Sealed imoposals will be received by the Board of Finance at its meeting to be held in the City Hall
on MARCH 21ST, 1913, AT THREE O'CLOCK P. M. for an issue of $95.000 Gold School Bonds.
Said bonds are to be issued under the authority of an Act of the Legislature of the State of New
Jersey, entitled "An Act to establish a thorough and efficient system of free public schools, and to provide for the maintenance, support and management thereof," approved October 19. 1903. and the
Acts amendatory thereof and supplemental thereto, for the purpose of acquiring a site in the Bergen
Section for a school for the deaf, and to acquire a site for a new school to relieve School No. 9.
Said bonds will be dated April 1, 1913, will be payable April 1, 1963, and will be of the denomination of One Thousand ($1,000) Dollars each, bearing interest at the rate of 434% per annum, payable
semi-annually on the first days of April and October in each year. Both principal and interest will
be payable in gold coin of the United States of America of the present standard of weight and fineness,
or its equivalent, at the office of the City Treasurer. Said bonds will be coupon bonds with the
privilege to the holder of registering the same as to principal only, or as to both principal and interest.
Said bonds are exempt from taxation by the laws of the State of New Jersey.
All bids must provide for the payment of accrued interest from the date of said bonds, April 1.
1913, to the date of delivery. Each bid must be accompanied by a certified check upon an incorporated bank or trust company, payable to the order of the City Treasurer of Jersey City for 2% of
the par value of the Bonds bid for, the amount of said check to be credited upon said bid if accepted
and to be returned forthwith if not accepted.
Said bonds will be prepared and certified as to genuineness by the United States Mortgage & Trust
Company and will be approved as to legality by Messrs. Hawkins, Delafield & Longfellow, attorneys,
New York City, N. Y., whose opinion will be furnished to the suecessful bidder.
The Board reserves the right to reject any or all bids.
RICHARD J. VREELAND:
Clerk of the Board of Finance.
Dated March 7th, 1913.
MUNICIPAL AND RAILROAD
$250,000
BONDS
DUVAL COUNTY, FLORIDA,
LIST ON APPLIOATION
SEASONGOOD & MAYER
5% BONDS
STACY & BRAUN
Ingalls Building
CINCINNATI
Investment Bonds
ESTABLISHED 1885.
The Board of County Commissioners of Duval
County. Florida, will receive bids for the purchase
of the last installment of $250.000 of the issue of
$1,000,000 of Duval County, Florida, five per
cent bonds at the Clerk's office in the Court House
at Jacksonville, Duval County, Florida, on or
before 12 o'clock noon, THURSDAY, THE 3D
DAY OF APRIL, A. D. 1918.
The principal of said bonds shall be due and
payable on the first day of December, 1939.
Interest on said bonds at the rate of five per
centum per annum shall be due and payable on
the first day of June and December in each year.
Any and all bids may be rejected if the County
Commissioners deem it to the interest of the
county so to do.
Address all bids to the County Commissioners
of Duval County, Florida, care Frank Brown,
Clerk, Jacksonville, Florida.
The County Commissioners require of all
bidders for said bonds that they give security by
bond in the sum of five per cent of the amount of
the bid, running to the County Treasurer, with
sureties, that the bidder will comply with the
terms of the bid.
FRANK BROWN,
Clerk Board of County Commissioners, Duval
County, Florida.
March 4, 1913.
Toledo
Cincinnat
H. C. SPEER & SONS CO.
First Nat. Bank Bldg.. Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDI
Charles M. Smith & Co Bolger, Mosser & Willaman
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BUILDING
CHICAGO
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
BEND FOR L187.
South La Balls at.;
CHICAGO
818
THE CHRONICLE
offered on that day. We are advised that the debentures will be
readvertised.
KINGSVILLE, Ont.-DEBENTURES VOTED.-The question
Issuing $10.000 bonus and $2,500 site-purchase 6% debentures carried of
at
an election held Mch. 3 by a vote of 239 to 31. We are advised that
these
debentures will be offered for sale about Mch.
25.
LONDON, Ont.-DEBENTURE ELECTION PROPOSED.-According
to reports,an election may be held to vote on the question of raising
$75,000
for a London West breakwater.
MARMORA, Ont.-DEBENTURE OFFERING.-This village is offering
for sale $6,000
20-ann. installment town-hall-constr. debentures(V.95,
p. 1229). H. W. Sabine is Clerk.
MEDICINE HAT, Alta.-DEBENTURE ELECTION PROPOSED.An election will be held shortly, reports state, to submit to a vote the
proposition to raise $500,000 for ext. of sewers, gas and water mains.
MONTREAL, Que.--LOAN FULLY SUBSCRIBED.-It is announced
that the £1,438,300 434% registered stock recently underwritten by
the
Bank of Montreal (V. 96, p. 744) has been fully subscribed.
The issue
was made at par. Int. M&N at Bank of Montreal,London. Due
Nov.
1 1951.
MOORE TOWNSHIP (P. 0. Brigden), Ont.-DEBENTURES
AWARDED IN PART.-Of the $32,000 5% telephonesystem
debentures offered on Jan. 14 (V. 95. P. 1766), $19,700 have -purchase
been disposed of.
OWEN SOUND, Ont.-DEBENTURE SALE.-During the month of
February Wood, Gundy & Co. of Toronto purchased the following 5% debentures, 364,000 due Jan. 2 1933 and $20,000 July 22 1932.
PERTH,Ont.-DEBENTURE SALE.-Wood,Gundy & Co. of Toronto
have been awarded $23,429 5% 11-installment debentures.
PORT STANLEY, Ont.-DEBENTURE ELECTION PROPOSED.An election will possibly be held, according to reports, to vote on
position to issue $10,000 debentures to provide railway terminals. the pro-
5%
ST. AGNES ROMAN CATHOLIC SCHOOL DISTRICT, Sask.-
DEBENTURE SALE.-0.H.Burgess & Co.of Toronto have been awarded
$30.000 5% 40-Installment debentures.
ST. CATHERINES, Ont.-DEBENTURE ELECTION.-The question
of issuing $250,000 King St.-bridge debentures will be submitted to a vote
on or about March 28, according to reports.
DEBENTURES VOTED,-An election recently held resulted in favor o
the proposition to issue $24,000 bonus debentures.
SALMON ARM, B. C.-DEBENTURE ELECTION PROPOSED.-Bylaws will be submitted to the voters in the near future, reports state, authorizing the issuance of $45,000 sewer and $20,000 road debentures.
SARNIA, Ont.-LOAN PROPOSED.-The Provincial Legislature has
empowered the city to raise $240.000 for waterworks-ext. and $40,000 for
a new school building, according to reports.
[VOL. xcvx.
SASKATOON, Sask.-DEBENTURES VOTED.-The election held
Feb. 28 resulted in favor of 11 by-laws providing for the issuance
of the
following debentures:
For.
Against.
$100,000 street and park land purchase
430
82
150.000 winter fair buildings
310
208
20,000 pumping station improvement
465
52
150,000 electric-light and power system
500
20
70,000 house, sewer and water connections
12
507
100,000 street railway extension
22
498
70,000 incinerator
50
462
50.000 fire department
108
401
20,000 municipal store-house construction
76
433
40,000 building extensions
433
77
12,000 children's aid
463
53
SELKIRK, Man.-DEBENTURE SALE.-During
ruary $15,000 5% 20-installment debentures were the month of Febawarded to Wood.
Gundy & Co. of Toronto.
STEELTON, Ont.-DEBENTURE
-Proposals will be
received until Mar. 25 by J. Robinson,OFFERING.
Town
and $60.000 20-yr. 5% local inapt. debentures. Clerk, for $40,000 10-Yr.
TOLFIELD, Alta.-DEBENTURE SALE.-An
issue of $45,000 6%
20-installment debentures has been purchased by C.
H. Burgess & Co.
of Toronto.
TRENTON,
Ont.-DEBENTURE ELECTION.-An election
will be
held March 25, it is stated, to submit to a vote the
proposition to issue
$6.000 armory debentures.
VIRDEN, Man.-DEBENTURE ELECTION.-The
question of issuing
$10,000 local-impt. debentures will be submitted to a vote
on March 20.
reports state .
WAINWRIGHT, Alta.-DEBENTURES VOTED.-Reports
statelthat
the election held Feb.24 resulted in favor of the questions of
sidewalk, $5,500 rink. $4,000 fire-hall and $2,000 street issuing $2,000
debenturesj(V.
96, p. 509).
WALKERTON, Ont.-LOAAT ELECTION.-An election will be
held
March 26, reports state, to vote on a by-law to raise $8,000 to
the bonds of Canada Saddlery, Hardware & Steel Goods Co. guarantee
WELLAND, Ont.-DEBENTURE OFFERING.-Proposals will be received until 12 m. Mar.31 by J. H.Burger, Town Treas.,for $75,000
water-works, $45,000 30-yr. hydro-electric, $17,489 37 10-yr. local 30-yr.
and $12,109 26 10-yr. local impt. 5% coup. debentures. Denom. impt.
$1,000.
Interest semi-annual.
WILKIE SCHOOL DISTRICT (P. 0. Wilkie), Sask.-DEBENTURE
OFFERING.-Proposals will be received
April 14 by T. A. Dinsley,
Sec.-Treas., for 312,000 6% debentures, until
due in 30 annual
YORKTON, Sask.-DEBENTURES VOTED.-Reportsinstallments.
state thatithe
following by-laws were recently passed: r$75,000
re-water works eats. and $10,000 overflow sewers re-electric light, $45,000
debentures.
4
MISCELLANEOUS.
MISCELLANEOUS.
OFFICE OF THE
& TI LTON BANK
ATLANTIC MUTUAL INSURANCE COMPANY. LADDPORTLAND,
- OREGON
New York; January 22d, 1913.
Established 1859
The Trustees, in conformity with the Charter of the Company, submit the following
statement of its affairs on tht
313t of December, 1912,
Capital Fully Paid - - - $1,000,000
The Company's business has been confined to marine and inland transportation insurance.
Surplus and Undivided Profits $800,000
Premiums on such risks from the 1st January, 1912, to the 31st December, 1912
$4,069,457 66
Premiums on Policies not marked eft 1st January, 1912
OFFICERS.
753,427 33
W.111. Ladd, President.
R. S. Howard, Asst, Cask,
Total Premiums
84,822,8879 B. Cookingham, V.-Pres, J. W. Ladd, Ant. C.ashiss.
W.
Duskier.
H
Cashier,
Walter M.Cook, Asst.Cask.
Premiums marked off from January 1st, 1912, to December 31st, 1912
$4.055,834 06
tatareet paid en Time Deposits and Savings Accounts
Interest on the investments of the Company received during the year-- _3302,088 79
-5
Interest on Deposits in Banks and Trust Companies, etc
Rent received less Taxes and Expenses
Losses paid during the year
Less Salvages
Re-insurances
Discount
42,787 34
130,987 28
475,863 41
$2,104,257 48
$197,204 74
544,016 02
195.79 741,416 55
$1,362,840 93
Returns of Premiums
Expenses, including officers' salaries and clerks' compensation, stationery, advertisements,etc
$91,649 80
563,285 21
Aacounts of Banks,Firms,Corporations and Indlvidmda
solicited. We are prepared to furnish depositors
*very facility consistent with good banking.
tin Government Eccountant
P. 0. BOX 27. MAIN OFFICE,
WASHINGTON. D. C.
agFFICIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS
A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holders
thereof, or their legal representatives, on and after Tuesday the fourth of February
A MONTHLY MAGAZINE OF INTEREST TO
next.
The outstanding certificates of the issue or 1907 will be redeemed and paid to the
holders thereof, or the]. VOOGUNTING AND FINANCIAL OFFICERS
legal representatives,on and after Tuesday the fourth of February next, from which date
all
Interest
thereon
MUN/CIPALITDDS, BANKS, RAILWAYS
certificates
to be produced at the time of payment
will cease. The
canceled.
“D OTHER PUBLIC SERWOE CORPORA.
A dividend of Forty per cent is declared on the earned premiumsand
of the Company for the year ending 31st TIONS.
December, 1912, which are entitled to participate in dividend, for which,
upon application, certificates will be
Issued on and after Tuesday the sixth or May next.
14RE FOUND /N ALL LEADING CERTIFIED
By order of the Board,
O. STANTON FLOYD-JONES, Secretary.
PUBLIC! ACCOUNTANTS* OFFICES.
TRUSTEES.
JOHN N. BEACH,
HERBERT L. GRIGGS,
CHARLES
M.
PRATT,
ERNEST C. BLISS,
ANSON W. HARD,
DALLAS B. PRATT,
'VERNON H. BROWN,_
WALDRON P. BROWN.
JOHN CLAFLIN
GEORGE C. CLARK,
CLEVELAND H. DODGE;
CORNELIUS ELDERT,
RICHARD H. EWART,
PHILIP A. S. FRANKLIN:
ASSETS.
United States and State of New York
Bonds
New York City and New York Trust
THOMAS H. HUBBARD;
GEORGE W. QUINTARD:
ANTON A. RA.VEN,
1630
1911
JOHN J. RIKER,
GEORGE H. MACY,____•
DOUGLAS ROBINSON,
NICHOLAS F. PALMER:
WILLIAM J. SCHIEFFEL1N,
HENRY PARISH,
WILLIAM SLOANE,
ADOLF PAVENSTEDT,
LOUIS STERN,
JAMES H.POST,
WILLIAM A. STREET,
GEORGE E. TURNURE.
IN THE CITY OF NEW YOR
A. A. RAVEbT, President,
CORNELIUS ELDERT, Vice-President.
Issues Guaranteed Contracts.
WALTER WOOD PARSONS, 2d Vice-President,
CHARLES E. FAY, 3d Vice-President,
JOHN
P. MUNN, M. D., President,
JONES
H.
JOHN
STEWART,4th Vice-President.
Finance Committee,
BALANCE SHEET.
CLARENCE H.
LEWIS CABS LEDYARD;
CHARLES D. LEVERICH;
The United States Life
Insurance Co.
LIABILITIES.
$670,000 00
Companies and Bank Stocks
1,777,900 00
2,716,537 00
Stocks and Bonds of Railroads
Other Securities
282,520 00
Special Deposits In Banks and Trust
Companies
900.000 00
Real Estate col% Wall and William Streets
and Exchange Place, containing offices 4,299,426 04
Real Estate on Staten Island (held under
provisions or Chapter 481,Laws or 1887)
75,000 00
Premium Notes
592.766 69
Bills Receivable
615,303 18
Cash in hands of European Bankers to
pay losses under policies payable In
foreign countries
298,641 20
994,882 29
Cash in Bank
Temporary Investments (payable Janu400,875 00
ary 1913)
T, .73
Estimated Losses and Losses Unsettled
in process or Adjustment
32,174,058 00
Premiums on 17nterminated Risks
787,050 94
Certificates of Profits and Interest Un262,924 05
paid
Return Premiums Unpaid
104,322 76
Reserve for Taxes
110,026 19
Re-insurance Premiums
203.735 55
Claims not Settled, including Compensation, etc
82,698 09
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,556 09
Certificates of Profits Outstanding
7,293,220 00
623 -51 38
•
Thus leaving a balance of
Accrued Interest on Bonds on the 31st day of December, 1912. amounted to
KELSEY,Pres. Title Gu.&Tr.Co.
WILLIAM H. PORTER, Banker.
ED.TOWNSEND,Pres. Imp.cfs Trod. Nat.Bank.
Good:men, whether experienced in life insurance
or not, may make direct contracts with this Com,ny, for a limited territory, if desired, and secure
for themselves, in addition to first year's commission, a renewal interest insuring an income for the
future. Address the Company at its Home
Office, No. 277 Broadway, New YorkICIty.
ACCOUNTANTS.
$11,020,590 67
$2,603,260 71
PARK, POTTER di, CO.
CERTIFIED PUBLIC ACCOUNTANTS,
$40,804 99
Rents due and accrued on the 31st day or December, 1912, amounted to
in companies authorized in New York,on the 31st day of December, 26.696 99
Re-insurance due or accrued,
1912, amounted to--------------------------------------------257,330 00 New York, Chicago, Cincinnati and
Unexpired re-insurance premiums on the 31st day of December 1912, amounted to
47.650 39
London, England.
Note: The Insurance Department has estimated the value of the Real Estate corner Wall and
William Streets and Exchange Place in excess of the Book Value given above, at
450,573 96 AUDITORS FOR FINANCIAL INSTITUAnd the property,at Staten Island in excess or the Book Value, at
63,700
00
TIONS,INDUSTRIAL AND
The Market Value of Stocks, Bonds and other Securities on the 31st day of December, 1912, exMINING COMPANIES,
ceeded the Company's valuation by
1,695,027 24
Investigations,
Financial Statements,
On the basis of these increased valuations the balance would be
35,185,044 28
Periodica Audits and Accounting
@FedFRASER