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jinantial.
The
oninurcial
INCLUDING
liretude
Railway Sc Industrial Section
Bankers' Convention Section
Bank & Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, MARCH 2 1912
VOL. 94
`ITixt
hranicte:
PUBLISHED WEEKLY:
Terms of Subscription-Payable in Advance
NO. 2436
Week ending February 24.
Clearings at
1912.
1911.
Inc. or
Dec.
1910.
5;
$
+7.3 258,400,400
+3.9
20,565,750
+11.8
14,875,653
+8.1
14,021,315
+4.6
13,680,274
-14.2
8,514,171
-4.8
5,054,400
+4.0
3,438,358
+14.3
3,157,911
+24.7
2,037,053
-4.0
1,613,225
-13.0
1,841,751
517,724
+17.9
839,544
+37.6
697,736
-4.1
928,549
-8.4
804,687
+20.3
871,748
+7.9
774,524
+18.6
622,689
-0.2
+127.4
568,240
898,754
-9.5
+2.1
579,093
+2.6
468,506
419,035
-7.7
419,062
-1.3
338,215
-9.0
334,025
+16.7
+32.1
330,000
437,742
-9.4
-0.5
177,436
19,511
+78.6
+19.0
418,000
-1.6
+6.7 358,617,645
1909.
Chicago
246,336,704 229,608,803
237,319,368
Cincinnati
21,419,150
20,619,600
22,210,200
Cleveland
15,229,523
13,626,603
11,869,306
16,702,522
Detroit
15,450,887
10,684,359
Milwaukee
15,271,770
14,599,132
9,793,966
Indianapolis _ _ _
6,731,085
7,845,493
6,595,194
4,455,000
Columbus
4,681,600
4,935,600
3,585,078
Toledo
3,448,764
4,808,501
3,349,614
Peoria
2,912,044
2,929,346
1,833,972
2,743,485
Grand Rapids_ _
2,200,872
1,361,369
1,574,324
Dayton
1,639,958
1,593,096
Evansville _
1,666,980
1,916,371
464,680
623,482
Kalamazoo
528,645
838,286
Springfield,
1,115,659
810,587
Terms of Advertisind-Per Inch Space
497,208
Lexington
1,132,187
1,086,113
$4 20 Fort Wayne __ _ _
Transient matter per inch space(14 agate lines)
709,820
794,367
867,156
22 00 Youngstown _ _
(8 times)
Two Months
639,110'
874,034
1,051,474
29 00 Rockford
(13
mes)
Months
ti
Three
773,175
897,788
Standing Business Cards
831,939
50 00 Bloomington ___ _
(26 times)
Six Months
536,800
700,940
590,589
87 00 Quincy.
Twelve Months(52 times)
502,900
602,417
603,399
590,000
CHICAGO OFFICE-Pliny Bartlett,513 MonadnockBlock;Tel.Harrison 4012. Akron
1,651,000
726.600
Canton
492,476
877,936
969,954
LONDON OFFICE-Edwards (fa Smith,1 Drapers' Gardens, E. C.
Springfield, Ohio
475,140
487,348
477,861
WILLIAM 11. DANA COMPANY, Publishers,
Decatur
385,163
387,765
377,714
1
South Bend
343,054
403,437
437,245
New York.
P.0. Box 958. Front. Pine and Depeyster fits..
Mansfield
351,226
296,702
300,683
Danville
300,335
364,434
400,794
Published every Saturday morning by WILLIAM B. DANA COMPANY, Jacksonville, Ill_
225,087
318,117
272,591
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Jackson
320,213
440,371
333,000
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lima
262,838
269,074
296,894
122,860
Ann Arbor
124,277
124,931
12,540
Adrian
43,536
24,381
Lansing
350,000
294,229
CLEARING-HOUSE RETURNS.
Owensboro
410,165
416,853
The following table, made up by telegraph, dec., indicates that the total
Tot. Mid.West_ 352,360,637 330,159,695
324,759,886
bank clearings of all clearing houses of the United States for week ending
Meh. 2 have been $3,233,087,570, against $2,715,992,924 last week and
31,699,465
San Francisco_ _ _
36,874,022
44,732,553
38,241,520 +17.0
$3,379,468,418 the corresponding week last year.
Los Angeles
11,358,982
13,045,851
19,345,304
15,427,960 +25.6
Seattle
7,651,494
9,464,309
9,028,885
9,452,592 -4.5
Per
Portland _ _...
5,354,922
9,219,108
Clearings-Returns by Telegraph.
7,288,558
9,312,526 -1.0
.
1911.
Cent.
Salt Lake City_ _ _
1912.
4,864,009
Week ending Mardi 2.
5,000,901
7,404,532
5,161,796 +43.5
Spokane..
2,992,128
3,540,059
3,337,558
3,783,134 -11.8
$1,421,103,871 $1,619,435,531 -12.2 Tacoma
4,009,778
3,657,792
4,762,317
New York
3,577,651 +2.2
137,351,646 +24.4 Oakland
170,873,690
1,402,847
2,870,722
2,415,994
Boston
2,526,028 +13.6
140,617,842 -18.4 Sacramento
122,095,985
603,313
Philadelphia
1,383,468
1,066,481
1,106,815 +24.9
Diego
-6.1
San
30,532,861
28,659,125
700,000
2,165,555
980,000
Baltimore
1,236,821 +75.1
+1.2 Fresno
800,000
256,822,861
239,905,355
443,339
589,531
Chicago
760,632 +8.0
658,582
-3.8 Stockton
376,551
66,592,779
64,044,481
544,311
542,577 +21.4
St. Louis
.344,286
539,078
402,000
14,589,701 +53.8 San Jose
22,392,783
375,820 +43.6
New Orleans
Pasadena.
800,000
695,020
770,889 -9.7
260,429
309,616
310,799
-8.2 North Yakima
350,259 -11.3
Seven cities, five days •$2,089,075,290 $2,274,943,221
225,000
220,000
215,000
+2.8 Reno
520,418,964
215,000 -1.0
5.35,287,964
Other cities, five days
72,286,543
87,304,850
Total Pacific
106,361,746
92,842,020 +14.5
-6.1
$2,624,36.3,254 $2,795,362,185
Total all cities, five days
+4.2 Kansas City - - 584,106,233
All cities, one day
608,724,316
39,804,656
44,311,643
43,666,734
39,256,281 +11.2
14,172,036
16,129,274
16,135,975 -0.04 " 17,923,322
---4 A Minneapolis
Xft 2:r5 1157 A711 In 270 AAR 415
Total all cities for week
12,247,019
15,710,252
Omaha
14,304,514
11,967,604 +19.5
7,713,912
St. Paul
10,384,906
9,219,425
-0.4
9,256,481
The full details for the week covered by the above will be given next Sat- Denver
7,866,234
+22.9
8,568,040
9,007,804
7,330,790
urday. We cannot furnish them to-day, clearings being made up by the St. Joseph...
5,276,971
6,791,465
6,077,874
5,801,921 +22.0
clearing houses at noon on Saturday, and hence in the above the last day of Des Moines
2,947,682
3,523,150
3,787,353
3,401,098 +11.3
the week has to be in all cases estimated, as we go to press Friday night.
2,014,707
Sioux City
2,768,964
2,564,392
+29.6
1,978,934
We present below detailed figures for the week ending with Saturday, Duluth
2,709,483
2,161,234
2,828,819 -23.6
noon, Feb. 24 for four years.
1,712,158
Wichita
2,542,224
2,926,651
2,656,419 +10.2
1,195,506
Lincoln
1,295,035
1,411,678
1,101,345 +37.2
1,104,468
1,091,727
Topeka
1,326,673
1,301,506 +2.0
Week ending February 24.
1,156,236
-5.0
Davenport
1,279,028
1,059,539
1,115,253
Clearings at
836,227
1,035,248
Cedar Rapids _
990,622 -11.5
876,873
Inc. or
578,436
591,885
Colorado Springs
970,099 +11.9
525,852
1910.
Dec.
1009.
1911.
1912.
438,906
514,203
Pueblo
551,255 +7.7
593,974
422,013
605,716
Fargo
392,104 +25.0
491,552
$
$
• $
$
%
377,637
356,118
+32.1
Fremont
212,433
280,683
1,699,836,747
1,624,204,383
New York
1,532,188,377 1,568,728,209 -2.3
87,8974
Waterloo
1,166,009 -15.4
986,560
Philadelphia __
123,819,621 123,088,605 +0.6 127,771,763 110,904,922 Helena
752,438
687,253
688,401
653,222 +5.4
39,233,229
48,243,003
43,264,253 +7.3
Pittsburgh
46,414,188
138,777
125,522
+134.6
Billings
190,000
80,974
22,054,098
23,756,121
Baltimore
31,123,153
26,622,408 +16.9
120,000
Hastings
+8.5
158,698
146,222
7,286,678
7,883,927
8,143,239 +30.4
Buffalo
10,618,457
325,000
267,151
264,409 +1.0
5,625,691 Aberdeen
5,875,141
5,853,292 +0.7
Washington _
5,892,109
4,585,200
Tot. oth.West_ 118,702,889 109,059,775 +8.8 125,139,158 100,856,019
4,444,465
4,437,056 +34.6
Albany.
_
5,974,768
2,732,002 St. Louis
2,809,908
2,901,453 +16.5
3,380,419
Rochester
55,437,968
59,968,032
62,721,209
64,815,756 -3.2
2,307,552
+6.6
2,206,967
2,379,251
2,537,124
Scranton
12,947,439
New Orleans__ _ _
17,568,658
18,963,903
-17,206,453 +10.3
1,700,827 Louisville
2,104,925 -5.8
1,779,688
1,981,749
Syracuse
11,447,177
13,234,048
+15.3
13,962,639
12,108,924
1,322,273 Houston
1,257,830 +21.9
1,389,307
1,532,042
Reading
14,179,028
14,310,483
+16.8
10,675,331
12,466,706
1,097,681
1,201,638 +13.2
Wilmington 1,3150,058
1,434,538
6,145,000
6,477,000
+9.1
Galveston
8,974,500
8,200.000
1,005,403 Richmond
1,176.301 +14.3
1,344,517
Wilkes-Barre _
1,219,957
5,728,870
6,500,000
7,272,709
6,280,639 +12.6
1,351,038 Atlanta
1,446,094 +6.9
Wheeling
1,577,839
1,546,757
4,355,332
8,815,894
+9.5
10,438,720
11,434,533
1,363,395
1,124,200
1,029,810
29.3
Trenton
1,310,233
4,373,907
5,744,606
+43.6
Memphis
5,495,608
7,893,191
...
786,160
775,538 +1.4
621,169 Savannah
780,580
York ..
3,703,120
2,744,666
4,102,876 +42.0
5,826,000
519,376 Nashville
829,907
623,262 +ad
720,189
-Erie
3,278,095
3,130,362
3,554,757 +27.4
4,527,971
402,116 Fort Worth
507,200
464,591 +9.3
993,730
Chester
5,634,257
+19,8
5,640,801
4,861,408
5,825,900
416,200 +14.2
407,300 Norfolk
475,500
_
399,550
Binghamton
2,160,036
2,574,176
2,592,152 +28.4
3,329,332
495,021
468,121 +5.8
435,145 Birmingham
347,454
Greensburg 1,967,073
2,259,230
_
+18.6
2,474,050
2,934,913
391,187 +21.2
474,978
294,089 Augusta
Altoona
341,395
1,362,505
1,418,168
+20.8
2,359,264
1,953,004
951,008 +18.1
1,122,970
Lancaster
1,443,161
1,737,287
1,949,134
Knoxville
1,626,550 +19.2
1,331,780
1,548,111
1,899,318
Little Rock
1,765,800 +7.6
Total Middle__ 1,775,768,485 1,798,624,356 -1.3 1,857,190,723 1,904,747,051 Jacksonville
1,640,007
2,012,614
3,125,000
2,601,741 +20.1
1,090,081
1,287,207
-9.4
1,247,518
Mobile
1,376,867
145,599,585 125,354,007 +16.1 136,750,743 139,318,063
Boston
1,400,000
1,375,838
+27.5
2,039,426
1,599,235
--7,433,100 -1.4
7,331,000
5,910,000 Chattanooga
6,283,300
Providence
1,165,125
1,737,061
Charleston
1,909,438
1,621,785 +17.8
3,636,107
+26.4
3,732,391
3,037,015
3,551,946
Hartford
1,290,588
2,021,000
-30.1
..
Oklahoma
1,172,833
1,892,416
2,369,397 -0.4
2,360,262
2,404,284
2,344,459 'Macon
New Haven
577,564
1,000,000
+35.6
4,000,000
2,950.000
1,732,658 +28.3
2,187,956
1,767,950 Austin
1,900,000
Springfield
606,146
1,528,331
5,537,135
3,205,007 +72.8
1,526,195 +15.5
1,762,781
1,451,072 Vicksburg
1,576,757
Portland
294,951
294,078
+48.3
238,848
354,119
1,870,428 +6.5
1,902,303
1,668,892
1,292,210 Wilmington,N.C.
Worcester
303,125
469,687
654,264 +3.2
675,000
1,044,522 +7.9
1,001,113
1,118,063 Jackson
1,127,092
Fall River
301,000
400,000
+8.4
550,000
596,148
+27.0
805,453
918,524
688,150 Tulsa
New Bedford__ _
1,022,073
509,899 +2.5
522,773
542,132 +4.1
Holyoke
432,634
564,102
446,587
...
750,000 +0.8
756,221
458,799 +6.1
Lowell
386,825
370,513 Muskogee
486,888
Total Southern 194,276,833 175,882 090 +10.5 166,755,772 143,204.881
___
323,489 +9.9
Bangor
355,901
Total all
2,715.002,9241 2,653,664 203 +2.3 2,751.934.375 2,703,584,50
Total New Eng. 1115 599 514 147 (105.257 +14.5 185.075 701 157 75ri 190
Outside N.Y 1,183.801,54711,084,935,909 +9.1 1,127,729,992 1,003,747,76
Note.-For Canadian clearings see "Commercial and Miscellaneous News.",
$10 00
For One Year
6 00
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13 00
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7 50
European Subscription six months (including postage)
22 14s.
Annual Subscription in London (including pestage)
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Subscription includes following SupplementsAND QUOTATION (monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
BANKi
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RAILWAY EARNINGS(monthly)
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
5S4
THE CHRONICLE
THE FINANCIAL SITUATION.
The gravity of the situation produced by ex-President Roosevelt's announcement that he would accept
a nomination for the Presidency at this year's election
should not be underestimated. His declaration to
that effect has already been followed by the selection
of a campaign manager to secure for him the prize
which he so much covets. We do not pretend to be
able to say whether he will succeed in wresting the
nomination from Mr. Taft, to whom it rightfully belongs, and who certainly has not merited any such
treatment as he is now receiving at the hands of the
ex-President. Unquestionably, however, the action
of Mr. Roosevelt must result in causing more or less
of a split in the Republican Party, and engender much
bitterness between the adherents of the two factions.
But what to us furnishes occasion for the deepest
solicitude is that this action of Mr. Roosevelt in injecting himself into the canvass seems to commit the
Republican Party for the present year irretrievably
to radical policies--policies more extreme and more
dangerous than any to which either great political
party has ever previously been committed in the history of the country. If Mr. Roosevelt should be the
nominee, that would follow as a matter of course. It
does not seem to be recognized that almost the same
result seems likely to ensue even if Mr. Taft should get
the nomination. The latter certainly cannot lay
claim to being a conservative. In character the two
men are as wide apart as the poles, but they are both
radicals, though Mr. Taft is not prepared to go quite
as far as Mr. Roosevelt. But Mr. Taft, despite his
radicalism, and despite the fact that he has carried
out the Roosevelt policies (except the newly acquired
ones, just announced) more faithfully and more consistently than Mr. Roosevelt could ever have been
expected to do, has never been able to satisfy the radical elements in the party.
There is a certain calm and judicial poise about Mr.
Taft which to the so-called progressives looks like
weakness, though he is all the time showing that he is
possessed of uncommon fortitude and resolution.
These "progressives" love to hear themselves talk, and
they delight in making a lot of noise which they mistakenly assume betokens deep conviction. Therefore they can see no merit in any leader who does not
rant and shout like themselves. In their eyes a man
of juaicial mien like President Taft lacks the qualifications necessary to inaugurate a new line of policies.
On the other hand, Mr. Roosevelt is precisely to their
liking. His bellowings are incessant, and even if he
accomplishes nothing, his slap-dash manner and pungent oratory convey the idea of great zeal for the cause
and cf fervid devotion.
Now what may we suppose will happen if Mr. Taft
succeeds, after all, in getting the nomination as against
the efforts of Mr. Roosevelt to secure it for himself?
In that event, whom will Mr. Taft try to placate?
Whom will he have to placate? Not the conservative
element, but the radical wing of the party. Great
bodies of radicals and extremists will be sulking and
disinclined to vote for Mr. Taft. They will be in a
wrathful mood and disposed to make good the prediction they have all along been indulging in that Mr.
Taft could not be elected if nominated. Mr. Taft,
obviously, cannot win without the votes of considerable numbers of the disgruntled Republican radicals.
Tremendous efforts, therefore, we may be sure, will be
put forth to conciliate these radicals. Concessions
Lxxxxiv.
will be made in order to obtain their adherence to
party creeds.
Mr. Taft, notwithstanding his many excellent qualities, has shown over and over again that he is not
unwilling to defer to the radical sentiment in the party.
During his first year as President he tried exceedingly
hard to cultivate the good-will of the "progressives."
In the fall of that year '(1909), he traveled over the
country and engaged in his first speech-making tour.
In this he exploited his radical policies and declaimed against wealth and large aggregations of capital much in the same way as Mr. Roosevelt had been
doing.
After the elections of 1910, which stemed to come
as a complete surprise to him, with their overwhelming
defeat of the Republican Party all along the line, he
appeared for a time inclined to, heed the lesson which
these elections taught and to recognize that they were
a protest against the radicalism of the day. Accordingly, in his message to Congress the next month he
advised caution and expressed the opinion that "existing legislation with reference to the regulation of corporations and the restraint of their business has
reached a point where we can stop for a while and
witness the effect of the" laws already on the statute
books.
But the radicals remained obdurate and at the 1911
sessions of Congress they were merciless in their
criticism of him. Consequently, the well-meaning
Mr. Taft, with no lack of resolution, again veered
around and once more sought to gain the favor of the
radical wing who never can be got to believe in him
no matter what he may do. In the autumn of 1911
he entered upon another speech-making tour, and
his utterances became more radical the further West
he went. How disturbing this proved is still fresh in
mind.
Would not these performances be repeated if he
now should get the nomination, as against the opposition of Mr. Roosevelt and the "progressives."?
Would he not be inclined to make•a further advance
in radicalism in order to enlist the services of the
radicals, whose support he will so much need? We
may be certain that Mr. Taft will not accept the
doctrine of judicial recall, but everything else he
will be ready to concede. The Party must present
a united front, else it will be defeated. Thus we
are perforce driven to the conclusion that radicalism
rampant will be the key-note of the national Republican campaign.
In this state of things the voters of the country
will he entirely dependent upon the Democratic Party
for the presentation of a candidate who shall embody
views which will mean no departure from the basic
principles upon which the Republic is founded.
It would seem incumbent, too, upon that Party to
yield to wise councils, in order to deal effectively
with a situation fraught with such great danger to
the country. The Democrats, whatever the predilections of some of their leaders, cannot hope to
out-do the Republicans in radicalism, whether the
candidate be Mr. Taft or Mr. Roosevelt. We do
not feel so sanguine as most critics do that Mr.
Roosevelt can be defeated if he should he the nominee.
He has been appealing to class hatred and public
prejudices throughout his whole career and he enjoys
great popularity among the unthinking masses by
reason of that fact. Large numbers of Democrats
will vote for him. No extremist the Democratic
Party might present for the suffrages of the people
MAR. 2 1912.]
THE CHRONICLE
585
could possibly hope to attract the radical Democratic be guided aright in selecting a candidate for the
votes that will naturally gravitate to Mr. Roosevelt. Presidency in this year of grace.
The result will be much the same should Mr. Taft
The Secretary of the Railway Business Association,
be the nominee. He, too, as we have just shown,
will base his claim for support on the steps he has an organization already known to "Chronicle" readers, is sending out a pamphlet about the duty of the
taken in radicalism.
Demoroads to shippers and whether they shall be equipped
Thus, no prospect of success lies open to the
the
to perform it. The argument is that the increase in
of
mass
to
that
large
crats except by appeal
the
traffic facilities is much slower than in traffic deis
that
still
which
convinced
population
voting
best interests of the country demand adherence to mands, for reasons which the public knows or ought
the principles embodied in the Constitution, with its to know. The ton-miles in the year ending in June of
.system of checks and balances, as devised by the 1910 were over 255 billions, against 236 billions in
Fathers. For the Democratic Party to adopt such 1907; the number of passengers carried one mile was
a course would seem easy, for its political tenets almost 3% billions more in 1910 than in 1909. The
teach strict adherence to the Constitution. Such traffic never stops growing, because the country never
action, moreover, would be in accord with the early stops growing.
The increase in ton-miles in 1890-1900 was about
traditions of the Party, before Bryan and the Bryanites had begun to exercise their hoodoo over it. Polit- 86%; in 1900-1910, about 80%; the compiler supposes
a growth of 75% in the present decade, and that the
ical expediency, too, suggests such a course.
It is a mistake to suppose that the majority of the ratio in the first half will be 32%. He then figures
voters of this country are committed to the political that, in order to provide in 1915 a 32% increase in
fallacies and vagaries which are finding such favor locomotive power and freight-car capacity over 1910,
with the political leaders in both parties. It is the 18,633 locomotives and 586,529 cars will be required,
leaders that have been forcing these policies upon the which is about three times the increase in the former
two parties and thus fastening them upon the country, and more than twice the increase in the latter in the
since the voter had no alternative but to accept one of three years 1907-1910. As to passengers, a prospecthe two candidates, both of whom had been committed tive increase of 42% is taken, and if that is realized,
in advance to the same policies. But imagine the it will require nearly twice the actual increase in the
situation changed. Let either one party or the other number of cars that was made in 1907-10.
As to track construction, in which some large input up a determined and resolute man, not afraid to
so
being
might conceivably offset a low growth in engine
are
crease
that
policies
antagonize the vicious
noisily preached. Let him boldly proclaim his stand and car capacity as to moving freight, the investion such a platform and we think the politicians would gator finds that this construction is declining instead
be surprised at the number of votes such a candidate of raising its rate of increase. As to car surplus
would command. In our estimation he would sweep (that is, the working margin of cars ready for loading
but not loaded, on the date of report), the average
the country from end to end.
able
to
be
to
see
ought
the
of this surplus through 1911 was not quite 5% of
'Democrats
At all events
that they have nothing to gain by merely imitating the the total number of cars, so that a small increase in
Republicans in the proclamation of political and eco- demand would turn this into a shortage.
As a coincidence to this particular outlook, we hapnomic fallacies. They cannot hold the radicals within
the party fold as against either Roosevelt or Taft. pen to find in one of the daily journals on Feb. 28 a
On the other hand, there are hundreds of thousands statement by the manager of one of the large motorof Republican voters who are waiting to break away car concerns of Detroit that the worst present trouble
from their own party if the Democrats can only be is car-shortage. January and February (up to the
prevailed upon to put an acceptable candidate in the 25th, the date of speaking) have had a very large output, and winter buyers have been unusually insistent
field.
Apart from other considerations the fact should not on delivery, so that it has been necessary to route
be overlooked that the Democrats must make their whole train-loads by indirect ways,because some roads
appeal to the eastern half of the country. It is here could furnish the cars while others could not. One
where the conservative element overwhelmingly pre- instance mentioned was sending a train-load from Dedominates. The western half of the country contains troit to Boston around through Canada, by the Grand
a much smaller voting population, and this is made up Trunk, because that line could take the goods.
Looking forward, the pamphlet says that in the five
largely of agricultural communities, who are mainly
Republicans. The field which must be cultivated is years ending with 1910 it cost the roads, to keep their
the East,and the party which makes itself the slave property intact, 41.1% more than in the previous
five years, the amount being a little over 3 2 billions;
to destructive policies cannot hope to succeed.
Every one will remember what a hold the silver if this rate of increase remains stationary, the maintefallacy at one time had upon both parties because of nance in the five years ending in 1915 will take more
the mistaken notion that popular favor could only be than an additional billion, reaching 84,943,564,502.
gained in that way. When a straight-out contest, Putting the estimated demands together, as reached
however, on that issue was made in 1896, conclusive on the ratio of growth assumed, the inquirer figures
proof was furnished that a majority of the voters were, a requirement of 1,019 millions for engines and cars,
after all, opposed to the debasement of the standard of 1,240 millions for track, 875 millions for terminal favalues and could be depended on to give a correct cilities, 136 millions for increased taxes and 2903-f
verdict. So it will be on the present occasion if. the millions for return on new securities—about 3,562 milDemocrats put forward a man who by reason of his lions in all during the coming few years. And even
adherence to principles and an unflinching determina- this does not take into account some possible other
tion not to compromise with error shall enlist the sup- demands, as to which it is hinted that several bills report of the best element in both parties. Millions of lating to protection of employees and now vigorously
citizens are praying that the Democratic Party may pressed in Congress would, however meritorious or
586
THE CHRONICLE
necessary, involve an outlay of come 1,400 millions
in the next four years,
These figures are forecasts, and they may be too
large or too small. But we know that continued
growth of the country will require—and will compel,
in one or another manner—growth in its transportation
plant, and as the total investment increases the cost
of maintenance must increase. There is a story of a
ship suddenly brought in peril of sinking, in mid-ocean,
and of an excited passenger rushing to the captain
and demanding to be put ashore immediately, in pursuance of the contract by the ticket. Exaggerate to
any extent the public duty of the carrier, railway managers cannot be made to work any financial miracles
or to overcome the laws of physics.
While certain rioting and disorders which were to be
expected have taken place in China, the general progress of events this week seems to have been in the direction of the successful cperation of the new Republic as
a practical working proposition. The new Government has decided that its official title shall be the
Great Republic of China, the word "Great" being intended to include Thibet, Turkestan, Mongolia and
Manchuria. A Peking cable announces that Mongolia
has fallen into line and has accepted President Yuan.
It also states that a compact has been entered into
which nullifies the crowning of the so-called spiritual
kings of Mongolia, an act which was instigated, according to the advices in question, by Russian intrigue. The arrangement involves the acceptance of
a federation by the Mongol princes, who elected Yuan
Shi-Kai as President of what they described as the
Federated Empire. The agreement pledges the adhesion of the whole of Mongolia.
Of course the financial part of the reconstruction of
China and the preservation of peace must now be
seriously and promptly undertaken. The troops that
fought for the Republic have not been paid and new
troubles are not unlikely to arise if this condition is not
speedily rectified. Bankers, including the foreign
group of American, French, British and German
financiers, have now under discussion this important
question, and are especially considering the 'security,
which will necessarily entail to an important degree
foreign control over Chinese revenues. This is a particularly delicate matter, for it will be recalled that
foreign supervision of certain projects was one of the
causes of the revolution. It is stated in Peking that
the international bankers have definitely offered to
advance 20,000,000 taels (about $13,600,000) in order
to pay the Republican troops. Peking advices of
yesterday state that a revolt of importance has already
broken out among a portion of Yuan Shi-Kai's troops.
A crisis in Mexican affairs has fortunately been
averted this week. The Mexican border city of
Juarez was captured by the rebels on Feb. 27 practically without opposition, the defenders making a
perfunctory resistance. The latter feature was the
result of orders from the Madero Government, which
desired to avoid complications with the United States.
Had active fighting taken place,it is not unlikely that
injury to property and loss of life would have occurred
on the American side of the border line, which would
have compelled our own Government to send troops
into Mexican territory. As a matter of'fact, at the
time of the attack American troops filled all the business streets of El Paso, which is on the American side of the border almost opposite Juarez,
[VoL. Lxxxxiv.
ready to march into the latter city if bullets
began falling on American soil. The immediate necessity of intervention is now removed. No little
excitement was caused in Government circles by a
statement purporting to be an authorized interview
published in a Mexico City newspaper with Sanchez
Azcona, Private Secretary to President Madero. The
interview contained a warning to Americans not to
enter Mexico, prophesying that the arrival of the first
military force within that country would prove the
signal for the massacre of all the 40,000 American
men, women and children living in or visiting the
country. Secretary Azcona subsequently telegraphed
Washington repudiating the statement„ Of course,
the interesting point is not whether the interview was
authorized, but whether it represents the attitude of
the Mexican people. This country has no desire to
intervene, and will not do so so long as Americans and
foreigners and their property are not molested. It
has been suggested that neutral zone might be outlined within which, by agreement between the Federal
Mexican troops and the rebels, there shall be no fighting. As neither party to the Mexican contest desires
intervention, this plan may not be altogether impracticable.
President Madero still maintains that the situation
is not a serious one. The capture of Juarez has created
a diplomatic situation precisely the same as existed ten
months ago, when the Maderists held the town and the
Diaz Government besought the United States to prevent arms, ammunition and supplies of food to go
through the Custom House for aid of the insurrectos of
that time. But the position taken by our Government has not been changed. It will not prohibit exportations, including munitions of war, from El Paso,
Texas, into Juarez, Mexico. This conclusion was
reached on Thursday at conferences of officials of the
departments of State, Judiciary and Treasury. On the
other hand agents of the departments of Justice and
Treasury have been instructed to see that the neutrality of the United States is preserved; munitions
of war "which seem to be part of a conspiracy against
the recognized Government of Mexico will not be permitted to go out."
The strike of the British coal miners, despite
the active efforts by the Asquith Government to
secure a compromise, has taken place according to
schedule. It is now estimated that very close to one
million employees have laid down their tools for a
more or less protracted stoppage of work.
The
Government was unable before the strike occurred
to induce all the mine owners to agree to the demand for a minimum wage made by the miners,
and Premier Asquith declared on Thursday night
that if the principle of a minimum wage was not
secured by agreement, it would be secured by other
means—presumably by legislation.
The Prime
Minister, in a statement in the House of Commons
last evening, explained that the coal owners in practically the whole of England and in the North of
Wales had accepted the proposals of the Government; that in South Wales and in Scotland the owners
had declined the proposition, while the miners had
rejected it because they were unwilling to submit the
rates for a minimum wage to any form of revision.
Under these circumstances, the Government felt that
no useful purpose would be served by continuing the
conferences. The Premier hoped to be able to make
a further statement to the House on Monday. It has
MAR. 2 1912.]
THE CHRONICLE
587
A new stage in the Turko-Italian war was reached on
been officially announced that Chancellor Lloyd-George
is drafting a minimum-wage bill. In a speech to the Feb. 24,when two Turkish war vessels were attacked
members of the National Miners' Federation, Mr. and sunk in the harbor of Beirut, Syria. The signifiAsquith declared that the Government was "deter- cance, of course, is that the war has now been carried
mined that the minimum wage shall become part and into the Levant and is no longer a local matter conparcel of the organization and. working of the coal in- fined to Tripoli. This action followed closely the
dustry by whatever means the Government can com- passage on the night of Feb. 23 by the Italian Chammand." He added that, having given the fullest and ber of Deputies of the bill for the annexation of Tripoli
most careful consideration to the evidence the work- by Italy. The vote was 431 to 38. This action led
men had brought before them, the conclusion they to much popular enthusiasm in Rome. "Two hunhad unanimously come to was that a case had been dred thousand demonstrators," according to press dismade out for securing to the underground workers patches from Rome,"gathered in the square before the
in the coal industry, under,adequate safeguards, a Chamber of Deputies, many of them carrying flags,
reasonable minimum wage. Already a majority— and demanding that Premier Giolitti come forth.
certainly 60%—of the coal owners of the country had The Premier appeared on the balcony of the Parliaassented to the Government's proposals, and the Gov- ment Building, and in a speech thanked the Romans
ernment did not intend that the resistance of what he for their confidence." The immense throng then prohoped was a dwindling majority of the employers of ceeded to the palace and were saluted by the King. It
labor should unduly delay the attainment of an object is believed that the European Powers will endeavor
which "we have satisfied ourselves is consistent with to bring about a settlement of the war, as the conflict
justice and the best interests of the community."
has now reached a stage in which there is concededly
It will be observed that the Premier's remarks are danger of international complications.
quite in line with the well known Socialistic and paternal tendencies of the Government. The pressure
Japan suffered a moderate loss in the value of her
for compromise is being exerted upon the employers, foreign exports in the calendar year 1911, according
and the miners, under the circumstances, have had to the'official statement received this week; most of
slight inducement to refrain from striking. In fact, the leading commodities contributed to the decrease.
all interests seem to agree that at least a temporary In the imports a large gain occurred, and it was quite
suspension of work is the best way out of the diffi- generally shared in. The aggregate of the year's
culty, and will afford the most substantial foundation foreign trade was the heaviest on record, reaching
upon which to build a new industrial structure, im- 961,244,305 yen (the yen equaling 49.8 cents United
mune from disturbance for some time to come. "Both States currency), against 922,662,804 yen in 1910.
men and masters," to quote the London correspondent But in 1911 imports exceeded exports by no less than
of the "Journal of Commerce," "are in favor of a fort- 66,376,529 yen, whereas in the previous year the in
night's strike. This would permit the labor leaders ward balance was only 5,804,812 yen, and in 1909
to show that they have been energetic, while the mine there was an excess in the outward flow by nearly
owners argue that unless an actual stoppage of work 20 million yen. The exports were 447,433,888 yen,
takes place, any settlement would probably be tem- or 11 million yen less than in 1910; the decline is acporary and unsatisfactory. With the strike once counted for by smaller shipments of articles either
launched, the miners are determined to have at least partly or wholly manufactured. Cotton yarns, for ina fortnight's holiday from the strike funds. The stance, showed a falling off of 514 million yen, cotton
owners are equally pleased, because they will have op- goods 13 million, straw plaits and braids 25
% millions
portunity to sell their accumulated coal at high prices." and raw silk 2 million. Among the imports the only
The London markets have stood up very well against notable decreases revealed are in sugar, wool and raw
the possibilities that are in sight should the strike prove cotton, and in the latter case the shrinkage in value
to be a protracted one. The explanation of this was largely, if not wholly, due to the lower prices for
circumstance undoubtedly is the expectation that the the'staple prevailing during the closing months of the
differences will be promptly adjusted. This is indi- year. On the other hand, many large increases are
cated by the Premier's statement "that a majority— found. Iron in various partly manufactured states
certainly 60%—of the coal owners of the country have records an excess of 113-i million yen over 1910,
assented to the Government's proposals" for a rea- machinery 9% millions, locomotives and rolling stock
sonable minimum wage.
for railroads 3./
1
2 millions, oil-cake 9 1-3 millions and
The strike, if it continues for any protracted period— rice 9 millions. Altogether, the year's imports were
which, however, seems improbable—will mean the 513,810,417 yen, or 49K)
., million yen more than in
shutting down on a very large scale of British indus- 1910 and 19 million in excess of the previous record
try, as well as industries in other countries which are aggregate—that of 1907.
so largely dependent on British coal. Many British
manufacturers have already closed down, having given
In foreign open market discounts the feature of the
their employees "notices" in advance when the fact week has again been the strength shown in Berlin.
became apparent about a week ago that there would at Yesterday's cables quoted 43t% for spot at that cenleast be some stoppage of work at the mines. Press tre and 4%@43'% to arrive. This compares with
dispatches state that one hundred thousand .iron 3%% spot and 4% to arrive a week ago. To those
workers will be idle in Scotland alone to-day as a who have closely watched the foreign exchanges of
result of the strike. The Continent of Europe relies late, the demand for money in the German centre is
to a large extent on British coal, France having taken by no means surprising. It seems all part of a Govin the calendar year 1911 10,272,959 tons, Italy ernment plan to re-enforce the resources of the Ger9,223,081 tons, Germany 8,968,838 tons, Sweden man banking system, not alone of the Reichsbank, but
3,832,914 tons, Russia 3,439,256 tons, Denmark of the joint-stock banks as well. It may, in fact, be
2,846,011 tons, Holland 2,132,418 tons, Spain 3,- considered one of the developments of the recent in024,720 tons, tkc.
ternational political strain, in which Germany was
588
.
THE CHRONICLE
[VoL. Lxxxxiv.
so intimately concerned, and which, our readers will whereby they will refuse to permit accounts to be overrecall, was shown at the very beginning of the Mo- drawn except at a charge of 1-10 of 1% per week.
roccan crisis, when French bankers so abruptly called This is in accordance with the comparatively recent
in their German loans and caused wholesale liquida- regulations affecting the issue of notes by the Reichstion by the German borrowers in order to meet these bank, which has passed along the tax to the outside
unexpected demands of French lenders. This sudden banks. The Reichsbank .can issue notes over and
evidence of the dependence of Germany upon foreign above the `Baarvorrat' (which includes gold coin
capital set the German Government thinking, and and gold bars and also notes held by the Reichsbank
there are reports that the Kaiser himself took special issued by other issuing banks) to an extent not exinterest in investigating the financial end of what ceeding 550,000,000 marks, except at the end of every
might be called Germany's preparedness for war. quarter, when the note issues may extend to 750,000,The Kaiser had a number of conferences with the Presi- 000 marks above the `Baarvorrat.' The bank must
dent of the Reichsbank, Rudolf Havenstein, and with pay to the Government on any over-issue of notes a
a number of the executives of the large joint-stock tax of 1-10 of 1% a week, the year being divided into
banks, and, according to a statement in the "Journal 48 weeks for the purpose of ascertaining the tax that
of Commerce," he asked the direct question whether must be paid on such ovei•-issue of notes. Thus, at
Germany was itself prepared in case of necessity to the end of the year the Reichsbank itself is subject to a
finance a war with one of the first-class Powers. Re- tax which it is disinclined to pay, except the banks
ceiving a reply in the negative, the Kaiser's comment that are borrowing will themselves assume the tax.
is stated to have been, "I want a different answer the This, then, is an influence that has made Berlin recently such an active borrower in other money centres."
next time I ask that question."
It ]s, of course, highly significant that since the
The statement of the Imperial German Bank, pubMoroccan crisis a steady effort has been observable
in the direction of strengthening tbe German financial lished on last Monday, showed an increase from the
position. Had it not, fortunately for Germany, so preceding statement of 18,007,000 marks in the gold
happened that at the time French capital was•so sud- item and of 36,532,000 marks in the gold and silver
denly withdrawn from Berlin, American funds were items combined. Meanwhile the circulation decreased
available to take its place, it seems quite certain that 50,212,000 marks, treasury bills were lower by 20,the Moroccan incident would have left in its wake a 292,000 marks, deposits were reduced 29,305,000
financial upheaval that would have been long re- marks, loans were paid off to the extent of 31,935,000
membered. American funds, as a result of the con- marks and discounts were curtailed by 56,163,000
traction of home trade and manufacturing, proved, marks. The total stock of gold and silver was this
however, to be sufficiently available to prevent any week reported as 1,291,778,000 marks, comparing with
national distress, and the strengthening of the Ger- 1,212,380,000 marks one year ago and 1,081,500,000
man banking position was begun without having been marks at the corresponding date of 1910. Loans and
discounts show a rather startling increase, significant
predicated upon widespread financial disaster.
At first the Reichsbank was content, apparently, of the activity in German trade and industry; the
with suggesting to the joint-stock institutions that total, according to this week's statement, is 1,216,they should maintain a larger cash reserve than they 494,000 marks, and compares with 882,760;000 marks
had been doing, and also that greater care should .be at this date one year ago and 973,460,000 marks in
exercised in keeping their assets in more negotiable 1910. The note circulation is likewise higher, being
form, in case sudden necessity should arise for con- 1,587,847,000 marks, against 1,372,180,000 marks in
verting them into cash. These suggestions were not 1911 and 1,479,640,000 marks in 1910.
taken as seriously as was desired, and the Reichsbank,
Private London discounts, as reported by cable
we learn from a special cable to the New York "Times,"
under date of Feb. 25, being in a position to make its yesterday. were 33t%for 90 days' bankers' acceptances
wishes effective, "the past week or so has seen consid- and 3%7
0 for 60 days for both spot and to arrive.
4% for
erable curtailment of the funds which the official bank A week ago the quotations for 60 days' were 33
90
days
for
3
5-16%
and
arrive
Berlin
spot and 3 5-16% to
was willing to place at the disposal of the
quoted
3%
cables
for all
Paris
this
to
arrive.
and
chiefly
338%
to
which
of
due
was
Bourse, the stagnation
cause." The suggestion that Herr. Have11Stein has maturities, comparing with 2 15-16%@3% a week
urged upon the joint-stock banks, we also learn from ago. Berlin, as already noted, has advanced to 43.i%
the "Times" cable, is that they should maintain cash for spot (against 3 8%) and 4/s@4 % to arrive
reserves of 15% against all deposits, a margin of (against 4%) for all maturities. Brussels also is
50% on all speculative accounts and an increased com- firmer, closing at 3M(a)3%%,comparing with 3 7-16%,
4%.
mission on acceptances, all of which items the joint- and Amsterdam remains unchanged at 33
stock banks argue will involve the locking up of
The Bank of England purchased £1,000,000 of the
$250,000,000, which German industry cannot at pres- £1,200,000 South African gold offered at last Monday's
ent 'spare. The Reichsbank's President, however, auction, the remainder being taken for India. This
has the support of some of the more conservative purchase, it is understood, has not entered into this
and at the same thne some of the strongest of the week's bank statement, but will appear next week,
joint-stock institutions, and undoubtedly will have and should forecast, therefore, a still further strengthhis way, at least to some extent.
ening of the Bank's position. The disturbance caused
In explaining the sudden flurry in money rates in by the strike of the Scotch and Welsh miners unBerlin over the turn of the year, we took occasion to doubtedly deterred the Governors of the Bank from
explain the new regulations affecting the issue of reducing the official discount this week, but there is
notes by the Reichsbank, which it seems fair to assume every reason to believe that they will take this action
Are a part of the pending reforms in the German finan- as soon as conditions become more settled. The
cial situation. Thus we said in our issue of Dec. 30: Bank's gold coin and bullion holdings, as cabled by
banks of Berlin are now observing an arrangement ourspecial correspondent,show an increase of £166,154
MAIL 2 1912.1
THE CHRONICLE
for the week. The total reserve, however, decreased
£138,000, and the proportion of reserve to liabilities
declined from 48.64% last week to 45.97%. The
market was again a borrower on a large scale at the
Bank, as other securities registered an increase of
£3,517,000. Public deposits decreased £1,157,000 as
a result of the payment of £3,500,000 treasury bills
that matured last Saturday, thus releasing revenue
collections that are now actively being deposited. The
bullion holdings of the Bank now aggregate £40,071,123, comparing with £38,150,908 one year ago and
£35,950,565 at this date in 1910. Our special correspondent furnishes the following details of the gold
movements into and out of the Bank for the Bank
week: Imports, £607,000 (of which £5,000 from
France and £602,000 bought in the open market);
exports, £345,000 (of which £245,000 to India and
£100,000 to Argentina), and shipments of £96,000
net to the interior of Great Britain.
The weekly statement of the Bank of France on
Thursday indicated a reduction of 5,075,000 francs in
the gold holdings and of 6,775,000 francs in the silver
item. Notes in circulation increased 214,950,000
francs, while general deposits decreased 51,325,000
francs and bills discounted increased 246,250,000
francs. The gold stock is now 3,231,000,000 francs.
One year ago it was 3,244,475,000 francs, in 1910
3,475,925,000 francs and in 1909 3,639,667,822 francs.
Circulation is only 5,032,021,000 francs, against 5,313,115,325 francs a year ago, though discounts are
much higher, being 1,423,532,000 francs, as against
1,265,292,060 francs in 1911 and 1,040,715,952 francs
in 1910.
The local money situation still remains firm, though
the demand for banking accommodation of every description continues unsatisfactory. So long as the current inactivity of speculation on the Stock Exchange
exists, there will of course be no important demand for call loans. On the other hand, trade and
industrial requirements, in the opinion of representative bankers, do not promise to assume importance in
the near future. Therefore, lenders must continue to
look abroad for profitable uses for their reserves. The
National City Bank this week engaged an additional
$875,000 gold for prompt shipment to the Argentine
and have arranged for another shipment of $500,000
on March 20; and Heidelbach, Ickelheimer & Co.
engaged $300,000, also for the same destination.
It is expected in banking circles here that a steady
demand will continue on the New York market
for similar shipments. These will, of course, be
very largely on foreign account, since they are to settle balances due the Argentine in London and Paris.
The demand for New York funds by London has subsided for the present, largely as a result of the labor
troubles and the threat of industrial curtailment that
is contained in the coal strike. However, the Berlin
demand continues, at any rate to the extent of the
renewal of loans that are now about maturing. We
are informed that these loans are being extended at
moderate concessions from the original rates.
Call money this week has ranged between 2 and
23/2%, which were the extreme figures both last week
and the week preceding. The ruling rates have fractionally advanced, Monday's figures being 234%,
Tuesday's and Wednesday's 29/2%, Thursday's again
23/2% and Friday 2 8%. On Monday and Tuesday
4 and 23/2%, on Wednes/
the extreme figures were 21
589
day 2 and 2 1%, on Thursday 234 and 2% and on
Friday 234 and
Time money, from the lenders' standpoint, is also
fractionally higher, though still without noticeable
improvement in the demand. Closing quotations are
2%@3% for 60 days (an advance of 34% for the
week), 3@3V8% for 90 days (against 294@3%), four
months 3@334% (unchanged) and five and six months
4%). Mercantile paper re/
334@3M% (against 3@31
mains in restricted supply, neither merchants nor manufacturers evincing any disposition to enlarge their
operations from the day-to-day policy they have for
so long been pursuing. Closing quotations remain unchanged at 33/2@4% for 60 and 90-day's endorsed
bills receivable, and also for four to six months' singlename bills of choice character. Others are quoted
at
Sterling exchange has been affected. this week by
the coal labor situation in Scotland and Wales. There
has been a restriction, natural under the circumstances,
of offerings of cotton bills, as it is recognized that anything like a protracted suspension of work in the coal
districts must at once react upon the English industrial situation, and adversely affect not only commerce
but domestic trade and domestic industry in the
United Kingdom. There will consequently be a corresponding reduction in the demand for banking accommodation, which will in turn render unnecessary
for the time being additional borrowings by London
in the New York market. It is also not unlikely that
a general delay may occur in new capital applications
on the London market during the coal strike and the
widespread unsettlement resulting from it. The results of recent offerings in the British market have
already clearly suggested how disturbing an influence
the labor situation really may become, the underwriters having themselves been compelled to take a large
part of several of the recent offerings. The Tokyo
municipal loan was offered in New York, Paris and,
London. Here it was fully subscribed and in Paris
it was subscribed no less than seven fold; but in London the underwriters were called upon to themselves
take 52% of the offerings. A somewhat similar result
followed the offering of the Royal Mail Packet Company's debentures, issued in connection with the
South African steamship combination. The indications, therefore, are that the demand for remittances
to London will not be as active for some time as they
have recently been. On the other hand, Berlin will
undoubtedly continue to draw funds from London as.
well as from New York, as the exchanges are moving
in favor of such a result.
Compared with Friday of last week, sterling exchange on Saturday was weaker, with demand quoted
at 4 8720@4 8725, cable transfers at 4 8760@4 8765
and sixty days at 4 8425@4 8435. On Monday rates
eased off slightly at the opening, but rallied later on
continued borrowing by London; at the close demand
was 10 points up at 4 8730@4 8735, although cable
transfers and sixty days finished lower at 4 8755@,
4 8760 and 4 8420@,4 8430, respectively. Sterling
moved unsteadily on Tuesday on dull, professional
trading; after a weak opening, the tone became firmer,
though demand declined to 4 8725@4 8730 before the
close, while 60-day bills and cable transfers remained
unchanged. On Wednesday demand declined to
4 8720@,4 8725, cable transfers to 4 8750@4 8755 and
60 days to 4 8415@4 8425. The decline was resumed
on Thursday, trading being quiet and featureless; de-
590
THE CHRONICLE
mand fell to 4 8710@4 8715 and cable transfers to
4 8710@,4 8745, while 60 days showed no change.
On Friday the market ruled irregular. It opened
weak, but rallied and closed practically unchanged,
with 60 days unchanged at 4 8415@4 8425, demand at
4 8705@,4 8720 and cables at 4 8735@4 8745. The close
was 4 8415@4 8425 for 60 days,4 8710@4 8720 for demand and 4 8740@4 8745 for cables Commercial on
banks was quoted at4 829.'@4 839. and documentsfor
payment 4 83%@4 843i. Cotton for payment ranged
from 4 83% to 4 84, grain for payment from 4 84
to 4 84yl.
The following gives the week's movement of money
to and from the interior by the New York banks.
[Vol,.'many.
conclusion I would like to say this one word—the
corner-stone of sound finance is peace on earth and
good-will among men."
It was at once assumed in the city that this was a clear
declaration of a larger purposo in Lord Haldane's visit
to Berlin.
Several minor incidents since that time have shown
this view to be correct. In a guarded way, both the
English Premier and the German Chancellor have
stated officially that endeavors were under way to
reach a frank agreement on various essential public
questions between the two governments. No announcement has been made as to what has actually
'
Shipped by
Received by
Net Interior
been either proposed or accomplished; and, indeed,
Week ending March 11912.
N. y. Banks. N. Y. Banks.
Movement.
Mr. Asquith merely stated that the two governments
Currency
$4,290,000 Gain $6,978,000
$11,268,000
Gold
,
494,000 Gain 1,517,000
2,011,000
were "engaged in an effort" in such direction, though
Total gold and legal tenders
$4,784,000 Gain $8,495,000
$13,279,000
he assured the House of Commons that "there is unWith the Sub-Treasury operations and gold exports mistakable evidence of a sincere and resolute desire
on both sides to establish a better footing between us
the result is as follows:
without on either side in any way sacrificing or imOut of
Into
Net Change in
Week ending March 1 1912.
Banks.
Banks.
Bank Holdings.
pairing the special relationships in which each of us
Banks' Interior movement, as above_ $13,279,000
$4,784,000 Gain $8,495,000 stands
to other Powers." Therefore, the question is
Sub-Treas. oper. and gold exports__
22,300,000
32,500,000 Loss 10,200,000
very
much
in point, What could have been accomTotal gold and legal tenders
$35,579,000 $37,284,000 Loss $1,705,000
plished during Lord Haldane's Berlin visit or as a reThe following table indicates the amount of bullion sult of it, assuming a favorable disposition
on the part
in the principal European banks.
of both. Germany and England?
Feb. 29 1912.
March 2 1911.
The first purpose of this official visit unquestionably
Banks of
Gold.
Gold.
Silver.
Silver.
Total.
Total.
was to remove the highly serious misunderstandings
.£
I£
£
£
£
£
which arose last summer. It will be recalled that,
England.. 40,070,123
40,071,123 38,150,008
__
38,150,908
France __ 129,240,36 32.269,960i01,510.32 129,738,760 33.238.600162,977.360
Germany 46,420,80 17,004,50 63,425,3
41,476,051 15,465,000 50,941,050 after the German Ambassador at London had, on
Rue ila __ 143,755,00
6,395,000 150,150,000146,768,000 6,878,000 153,646,000
Aus.-Hun 53,677,00 12,809,000 66,486,00 55,253,000 12,757,000 68,010,000 July 1st, notified the English Government of the
Spain ____ 16,813,000 30,229,000 47,042,000 16,472,000 31,000,000 47,472,000
Italy _ __ 41,840,000 3,775,000 45,615,000 39,471,001 3,515,000 42,986,000 despatch of the German gunboat to
Morocco, two
Netherl'ds 12,140,000 1,194,800 13,334,800 10,846,000 2,465,000 13,311,000
Nat.Belg.
6,736,667 3,368,333 10,105,000 5,922,001 2,961,000 8,883,000 wholly conflicting versions existed as to the subsequent
Sweden __ 4,719,000
4,719,000 4,473,000
4,473,000
Switzerl'd. 6,551,00
Having replied that England could
6,551,000 6,215,000
6,215,000 British policy.
Norway __ 2,204,000
2,204,000 1,869,000
1,869,000
not
disinterested
take
a
view concerning Morocco, or
Total week 504,167,950 107,045,593611,213,543496,654,71' 108,279,600 604,934,318
Prey. week 503,532,779 106,596,890610,129,669498,783,409 108,098,623606,882,032 recognize any new treaty drawn up without its consent, the English Government did nothing further for
three weeks. In their subsequent explanations, that
ENGLAND AND GERMANY.
A few weeks ago, when London's financial market Government stated that it had been waiting for furhad been in the depths of despondency, under appre- ther light on the matter from the German authorities;
hensions regarding home politics and the home labor the German Cabinet, on the contrary, declared that
situation, it suddenly cheered up and recovered the British Ministry had left them, during all that
sharply, led by Consols. The well-understood reason period, without further light upon its purposes.
for this favorable reaction was the news that Lord When, therefore, on July 21, the famous Lloyd-George
Haldane, War Minister in the British Cabinet, was speech was made, announcing that if the Francoconferring with the German Government at Berlin, German difference could not be settled, England would
with a view to smoothing over the differences between be obliged to take some steps to protect her own
Germany and England. Lord Haldane's visit had people's interest, the English described the resultant
originally been assigned to a purely scientific purpose, situation as an unavoidable result of Germany's unbut attention was sharply called to its real nature in willingness to be frank, whereas Germany described it
a speech by the British Chancellor of the Exchequer in as a chapter of governmental dilatoriness in England,
the City of London on Feb. 3. Mr. Lloyd-George had followed by an act of international discourtesy. This
been advertised to speak on the question of the public misunderstanding was by no means removed through
credit and the market for British consols. What he the speeches of Sir Edward Gray and the German
had to say on these subjects seems to have been of no Chancellor to their respective parliaments last Novemgreat importance,Tand, therefore, highly disappointing ber, and it is possible that the bad feeling has rankled
to his audience. But at the conclusion of his speech further since that time.
Therefore,the purpose of Lord Haldane's visit unthe Chancellor made this positive and striking statedoubtedly is, first, to profess officially the British
ment:
"I believe it is in the interest of France, Germany, Government's absolute friendliness to Germany. It
Russia and ourselves that there should be a better must also have been his object to assure the German
understanding between the nations. I believe that Government that the other alliances of England with
with candor, frankness and boldness it is attainable. the French and Russian governments were in no
The world would be better and richer for it. Taxes respect anti-German.
It would naturally have been
may be reduced. All the money which would be
saved on armaments could be devoted to the develop- his duty likewise to remove the impression that
ment of the resources of the country, and the improve- England had the purpose of interfering in Germany's
ment of the conditions of the people. Money spent foreign affairs. Possibly he may have gone a step
upon education, upon housing, upon alleviating the lot further, assuring Germany of England's entire willingof the people is a better and more assured investment ness to countenance German colonial expansion where
than anything else that can be thought of; and in it did not directly clash with English colonial interests.
MAR. 2 1912.]
THE CHRONICLE
The paragraph from Lloyd-George's speech, cited
above,seemed on its face to indicate that the important
part of the Anglo-German conferences had to do with
something more—the question of restricting armaments. Whether this very delicate subject has or has
not been discussed, in the recent visit at Berlin or in
the subsequent communications between the governments, there has been no distinct intimation. It is
undoubtedly a troublesome matter for discussion;
yet, in large degree, it is the crux of the whole AngloGerman situation.
Both Germany and England are at the moment
undoubtedly disposed to go slow in the matter of further large plans and undertakings for the rapid expansion of their navies. But there has been strong evidence that Germany is not willing to bind herself to a
program of definite numerical inferiority to England in
its naval forces during the term of a long treaty or during all future time. This reluctance cannot wholly be
ascribed to naval enthusiasm or to political obstinacy in
Germany. One difficulty surrounding such a formal
pledge in the case of any first-class nation is, how to
avoid the semblance of something like humiliation in
the "smaller-navy" power. The London "Spectator"
points out that a demand by England for limitation of
Germany's armament, on exactly such a plan, would in
some ways be equivalent to Napoleon's demand on
Prussia after the Battle of Jena, that for the next ten
years the Prussian Government should not maintain
an army of more than 42,000 men. The case is not
wholly identical, since Napoleon made no agreement
as to limiting his own military forces, whereas England,
in a proposal of this sort, would, of course, begin by
promising restriction on its own account. Nevertheless, it is easy to see how suspicion and jealousy, not
to mention national pride, might be awkward obstacles
to the suggested agreement for the German navy.
Further than this, the difficulty of agreeing on the
basis of restricting armaments would be more or less
affected by the German feeling as to a possible change
in diplomatic conditions in the future. The mere fact
of German colonial expansion might of itself have
weight; so, very easily, would the recollection of what
was lately called the political isolation of Germany.
The chief hope for tangible results from this AngloGerman conference is, therefore, that it will be conducted in the light of a common-sense policy by both
governments. This is possible to-day, as it has not
been, perhaps, in many years, for three special reasons
—first, the plain and very serious lesson taught to the
German people and the German Government last
summer by the financial incidents which accompanied
the Morocco crisis; second, the removal, through this
conciliatory act of the British Ministry, of the particularly senseless jealousies and suspicions which had
prevailed between the two countries; but third, and
perhaps of equal importance, the very great power
achieved in the recent German elections by the
Socialists—a power which is clearly understood to
embody and represent popular protest against the
policy of indefinite expansion of naval armaments.
That England was willing to come to reasonable
terms regarding this matter of stopping the constant
increase in annual outlay on the warships, has all along
been recognized. All efforts at a formal understanding
have, however, hitherto been blockaded by the attitude
of Germany. It is by no means impossible that, in
the light of what happened in last summer's financial
markets, of what happened in the subsequent German
elections and of what has now occurred in the way
591
of friendly advances by the English Government,some:
thing at all events pointing in the direction of a
statesmanlike policy on the matter may be in sight.
Th'e salient fact, whose importance has hardly yet
been fully appreciated, is that when the German electorate, in the vote of January for a new Reichstag,
was urged to support the existing Ministry because of
the international crisis of last summer, it chose instead
to rebuke that Ministry with unmistakable emphasis,
for the belligerent policies which had made such a
crisis possible.
THE PREMIUM ON BUSINESS EDUCATION.
The Rectoral Address, delivered at the opening
this season of the High School of Business that was
established six years ago by the Merchants' Corporation of Berlin, is upon the theme that no one can
forecast the outcome of any new and genuine piece
of work. The speaker illustrates this by the story
of the results that have followed from the discovery
and development of analine colors from coal tar, as
these are shown in modern medicine within a single
generation.
Upon that original discovery, as its results have
been gathered up and applied by a series of highly
educated and gifted men, beginning with Koch in
Berlin in 1882, von Behring of Posen, and Ehrlich
of Frankfort, aided by the great color factory of
Meister, Lucius & Brunning in Hochst on the Main,
rests the series of remarkable discoveries of bacilli
that cause some of the most serious diseases, the
toxins that destroy them, and the latest and most
remarkable series of antiseptics that go under the
name of "Salversan."
The story now is only begun. The important fact is
that these results have been reached by the combination of minds, the most highly trained, in conjunction
with the opportunity and the stimulus which great
commercial and industrial interests create.
There is matter in this for the consideration of the
members of the New York Chamber of Commerce,
which has recognized the necessity of promoting
commercial education and last November appointed
a Committee to carry into effect plans to that end.
The scrutiny into the methods of various great
corporations and trusts by the Government is sure to
have one result. Business organizations are going
to be more elaborately and more carefully constructed
than in the past. They will not be hastily thrown
together to exploit natural monopolies, or to gather
the easy profits of valuable patents. Men without'
the training of the schools, but with great native
ability, of the Hill, Harriman, Carnegie, Corbin type,
will from time to time appear and find their opportunity; but the need is growing for large numbers of
men of broad intelligence and of scientific training.
This is everywhere recognized in the great industries.
There, already, the uneducated man, however gifted,
is heavily handicapped. Years ago, the writer knew
in a great wire mill an expert, whose knowledge of
iron was so remarkable that he was familiarly said to
know metal by taste and smell. He was thought
practically infallible. But long since he was replaced
by an elaborate testing department, equipped with
every scientific device.
The pressing question to-day is, What is the place
of highly educated men in business houses, and how
are they to be obtained? The old method of putting
a man in "at the bottom", and having him work
his way up, certainly operated well in• many Cases.
592
THE CHRONICLE
Many leading men in the business world have that
history, and many naturally think that is the best, if
not the only, method to insure success. But if "whatever can be learned, can be taught," that method is
hardly intelligent, and certainly is wasteful. It
hurries out of school youths who ought to secure a
broader culture and it repels older ones, who, having
gone further in their studies, see no reason why they
should go back and begin again as boys when they
are taken into an office or store. It would be easy to
instance many business men who, after a thorough,
general education, went into business on very different
terms, and are to-day the leaders they deserve to be.
The prejudice aroused here- and there by a college
graduate who proves a fool, or untrustworthy and
incompetent, ought not to weigh.
The question is, How can men who are in the way
of getting an education be better fitted for business
than they are to-day? And how can the business
world be brought to see that the value of any man
depends very largely upon his preliminary training?
And, more particularly, upon the liberal education
that shall put him in full possession of his mental
powers? The head of a great engineering and manufacturing concern was asked recently how many of the
dozen or two college men he takes into his employ
each year he expected to prove valuable. He replied
that if he got one or two, he was satisfied. That
seems to offer food for thought. The waste is far too
great.
Set over against it, the letter sent out a little
while ago by one of the largest retail establishments
of New England, seeking a man to occupy an important position in their house. After stating that it
was not at all a question of salary, and did not require
experience in their line, or, indeed, in any particular line, they went on to define their requirements,
as follows:
"He must be able to detect weak points in our
present methods. •He most be able to perceive the
limitations of men, and their possibilities. He must
be able to locate sources of supply so as to obtain a
better type of employee than we now have. He must
be able to secure harmonious co-operation between
the staff and himself, and one another. He must
know how to secure efficiency in employees, and at
the same time stimulate them to try to fit themselves
for better positions. He must, in short, be a trained
thinker, with personal potentiality."
These requirements are, of course, the result of
years of experience in that particular business. But
it is not necessary that the man who can meet those
requirements, has gone through the same experience.
We remember the remark of a great English schoolteacher, that "Experience is the teacher of fools,
those who are not willing to learn by a prior and more
legitimate teaching.". The time is come when that
legitimate, preliminary teaching is in demand. The
School of Experience is both slow and wasteful. A
sound, educational pyschycology which has already
resulted in the extension of school training to so many
departments of practical life, can certainly be applied
in the world of business; to trade as well as to manufacture, to finance as well as to railroading. The
movement which has gained such headway in Europe
ought certainly not to be hindered or disregarded in
America, because of our traditions or our prejudices.
The rule of thumb did very well a century ago where
its exercise to-day would be a disgrace, so far have
we advanced in the use of brains.
[VOL. Lxxxxiv.
Why should not men, both young and old, have the
joy of being engaged in business occupations which
have an intellectual horizon, which stand related in
their minds to great principles and laws, the meaning
of which they thoroughly understand, and which
demand the exercise and unfolding.of all their powers.
no less than the use of all their time? Why should
there continue in America and in England,the waste of
young life which ensues when the education of promising youths is stopped, that they may be started in
business at the bottom?
And, on the other hand, why should tradition and
prejudice in many older establishments prevent the
heads of those establishments discovering that they are
keeping college-educated young men in subordinate
and trivial positions, because they do not consider
that their academic education has fitted them for
undertaking the larger duties of the office or the
business?
When all is said, character is the main factor, and
character may be acquired quite independently of the
shop. There is no reason why the same may not be
true of intellect; and when both have been brought
to working efficiency, the possessor itj certainly more
valuable than the man in whom both are still only
possibilities.
A group of seven or eight college men was taken
into the employ of a great industrial firm some time
ago. They were set at the most menial service of the
establishment, working side by side with the cheapest
laborers. Soon they began to drop out, and at the
end of the year only one remained, and he was still
kept at much the same kind of work. One day he
was called to the office and notified that he was
advanced to a very much better position. Accepting
with thanks, he ventured to say "Will you allow me
to ask why you have kept me at such work as this for
more than a year? And the answer came "It is far
cheaper for us to find out what kind of man you are
while we are paying you ten cents an hour, than when
we are paying you ten thousand dollars a year."
This answer appears astute and axiomatic, but is
really quite the reverse. A man does not learn which
colt will win the Derby by hitching them to the
plough. The point one would make is that breed
counts in business, no less than on the turf, and that
to-day the educated young man in every department
of life ought to command a premium, and that
business men ought to be quick enough to recognize
his value. If, in order that this may be the case, the
curriculum of our academic education ought to be
modified, it is high time that this was done; for it is
certain that in the open markets of the business
world education is as truly to be reckoned with as it is
in the professions, and the country that does not
produce educated men for its business, as Europe is
now energetically doing, will soon find itself distanced
in the running.
RAIL SPECIFICATIONS AND THE RAILROAD
PROBLEM.
Executive heads of some eight companies making
steel rails have lately been in conference with the
executive heads of as many leading railroads over
the defects of rails and the possibility of raising
their factor of safety. The railway men, according
to the statement given out, think the quality of
the rail is not as good as it formerly was; the railmakers reply that the demand for longer wear under
MAR. 2 1912
THE CHRONICLE
593
superficial public opinion try
the conditions of heavier train-loads has been during statutes and at least
tight. Where shall the • money be
the last dozen years causing the proportion of carbon to make them
l betterment, not to mention railway
to be gradually increased, so that hardness to resist had for physica
ion? The companies cannot literally "make"
wear has been obtained at the expense of elasticity expans
is forbidden. The employees, the shippers,
to resist stresses. There is no present prospect of it; that
and the politicians with ears to the
improvement by modifying the shape of the rail in the commissions,
, agree that the companies must solve their
l
cross-section, and so it is suggested that more materia ground
own
problems; the owner of savings wants to see
ought to be used, the weight of the rail being carried
m settled before he decides.
the
proble
higher
beyond the present standard. This means a
s more tightly, and forcibly reducing
g
y
railway
Bindin
entirel
is
cost per rail, and the discussion, which
while demands of every nature upon
friendly, is still unfinished, a committee of both sides their rates,
are increased, may please the feeling of hostility,
being in charge of tabulating data, to report at a them
but it does not solve the problem nor surely defer it.
meeting to be called hereafter.
rails and other equipment,
The first T-rail, succeeding the flat strap rail, This does not supply better
More drastic penalties
better.
any
the
old
make
was, of course, iron, and whoever did any walking nor
hazards. Referreduce
or
cy
e
efficien
not
increas
will
on a track forty years ago will remember how that
or refusing to
roads,
the
to
ms
back
the
proble
ring
the
along
rail flattened out at the ends and split
them, will not solve them or mollify
edges. As strength and durability have been *in- think about
part is for specialists; the financial
creasingly demanded of the steel rail, it has been them. The physical
ely be taken up by the public.
made heavier and harder; this has prompted and part must positiv
permitted more load and more speed, until now the
RIGHTS OF BONA FIDE HOLDERS OF
margin for concessions may be nearly exhausted.
MUNICIPAL BONDS.
The problem is technical, and that sudden product
s necessary for a holder of municipal
become
It
yet
often
not
of the period, the efficiency engineer, has
the circumstances under which a
in
ascerta
sts.
to
bonds
speciali
of
sought to take it out of the hands
those in which he is not,
Yet there is one side of it upon which the general bona fide purchaser is, and
there may be some
public must be called in, namely the financial side. entitled to protection, though
him, might have
to
The railroad must fulfil all expanding require- irregularity which, if known
bonds against the
the
ng
enforci
from
ments as to ample, fast, and regular carrying service, prevented him
to have been
purport
they
which
by
this being its sole excuse for existence; the public municipality
are unanimously agreed about that. It must also issued.
As the rule in the adjudicated cases is that a negocarry the people and their goods safely; there is
municipal bond cannot be voided in the hands
tiable
two
the same unanimity about this. How these
for mere irregularities, it becomes
functions are to be reconciled to the financial limita- of a bona fide holder
what is an irregularity within the
tions which have become customary seems to be important to know
ns. The issuing of such
decisio
referred, by unanimous consent, to the roads them- meaning of these
ed to officers of the muniintrust
rily
necessa
is
bonds
selves as being their particular affair.
within the scope of their
acting
while
and,
,
Suppose railmakers and railroads decide, as may cipality
be regarded as agents
ss
doubtle
must
they
the
powers,
is
probably be correct, that a still heavier rail
of a purchaser or
than
rather
ality
municip
the
compof
better,
only improvement possible until some
He, therefore, is not affected
position is discovered: this means that more outlay is holder of the bonds.
ble with, knowledge possessed by them
the price of increasing, or even of maintaining effici- by, or chargea
icated to him. If they act fraduuency and safety. Putting aside all question of new •and not commun
so acting, are none the less the
lines and extensions of old ones, if the railroad must lently, they, while
ality, or, at least, not agents
the
municip
of
continue development by reconstruction on a still agents
the sense that the latter are
in
ders
bondhol
the
more massive scale., in order to do its work, this of
dge of the fraud, or exposed
knowle
with
ble
chargea
and
kers
means increased investment in it, Railma
others will not contribute anything without pay; to loss because of it.
In a leading case in the Supreme Court of the United
their own workmen would not permit that. The
shows that the plaintiff
employees of the roads will not concede a cent of States it was said: "The case
of the coupons sued
owner
fide
wages towards efficiency and safety; they are still below was the bona
or irregularity, or
merely,
form
of
ns
asking for more. If attempt is made to make the upon. Questio
the agents of the
of
part
the
on
uct,
miscond
or
fraud,
service itself supply the needed funds, the roads
red. Whether
be
conside
re,
therefo
cannot,
town
not
which
encounter the regulative commissions,
town signed the bonds during
only refuse the smallest increase in rates, but dis- the supervisor of the
r he delivered them
cover that they are excessive and should be reduced. the midnight hours, whethe
April 2, and whether
of
g
mornin
If issues of stocks or bonds are proposed, permission is about daylight on the
the service of an
avoid
to
town
the
required, and the current presumption views these he immediately left
to the owners
ble
chargea
not
matters
are
with suspicion as being an attempt to put more burdens injunction,
his agent, but
not
was
sor
supervi
The
bonds.
on the public; besides, the most aggressive of com- of the
been
has
misconduct
there
if
and
town,
the
of
agent
plaining citizens becomes cautiously selfish, in the the
r must
a
strange
than
rather
town,
the
part,
his
take
to
on
capacity of private investor, and is sure
ty in
authori
be
must
There
notice of the current feeling towards large aggre- bear the consequences.
the
s
of
statute
the
by
bonds
gations of capital. When he is asked to lend, he the town to issue the
fail;
must
holder
the
found,
be
cannot
begins to consider security and the prospect of re- State. If this
if it exists, he is entitled to recover."
turns.
If negotiable bonds have once been in the ownership
Admitting that the railroads must have more money,
er under such Circumstances
the usual means of getting it seem to be pretty sed- of a bona fide purchas
enforce them; his transfer
to
was
entitled
he
ely
that
ulously fenced off; that the fences must ultimat
purchaser clothes the latter with
yield is an irresistible deduction, but, at present of them to another
594
THE CHRONICLE
[VOL. =pay.
all the immunities of a bona fide purchaser, although yet held by the person to whom they were
issued.
before making his purchase he had full notice of the Nearly all the courts hold that the power of
a municifacts entitling the municipality to avoid them had pality to issue negotiable instrument
s must be exthey never been in the hands of a bona fide holder.
pressly conferred, or at least it cannot be implied from
As the authorities concede that a bona fide pur- the power to create indebtedne
ss or to borrow money.
chaser •of a municipal bond is entitled to enforce it,
The doubts existing as to whether there is any imnotwithstanding irregularities at or preceding its plied power on the part of a
municipality to borrow
issue, if there was power to issue it when it was in money, and, if so, whether it
also includes the power
fact issued, it becomes material to inquire when such to issue negotiable bonds, require
prudent investors to
power exists, for a purchaser cannot secure immunity decline to loan money or to deal
in bonds of a municifrom attack upon his bonds by his belief that there pality unless there is some statute
conferring the
was power to issue them, nor [from his failure to requisite authority and prescribing
the circumstances
discover the absence of such power.
under which it is to be exercised, except it be in States
The first prerequisite to the power to issue a muni- whose courts have already
determined that it is sufficipal bond is the existence of a law authorizing it. cient to rely upon an implied
grant of power. When.
It is not sufficient that what purports to be a statute a law is found either
constituting part of a charter
appears in the public archives. It must not so of a municipality or of some
general law of the State,
conflict with the Constitution, State or National, that and which controls the question,
it is especially imthe judiciary must deny its effect. Furthermore, it portant that such law be scrutinized with care,
for the
must have been enacted in a manner permitted by reason that every person is conclusivel
y presumed to
the State constitution. If, to be a valid enactment, be familiar with its provisions, and no one can
claim
certain precedent steps are necessary to be taken, it is exemption from them.
the duty of the person about to become a bondholder
If, from an examination of the law, it appears that
in reliance upon it to inquire whether they were taken, the bonds in question were not authorized
to be issued
for without them it is not a law. Therefore, a muni- at all, or,though authorized, to be
issued under some
cipality may successfully resist a proceeding to compel circumstances,and those
circumstances had not arisen
it to pay interest upon bonds purporting to be issued or had ceased to exist,or that
the contract or promise
by it, by proving that the election authorizing such contained therein was not the contract
or promise
bonds to issue was held before the statute under which which the municipality was authorized
to make, or
it was held and they were issued had taken effect.
that the purpose for which the bonds were issued was
If, before proceedings were taken under it to not an authorized purpose, no
person can entitle himauthorize the issuing of bonds, it had been repealed, self to protection or base his claims to
the enforcement
or some constitutional limitation had been adopted of his bonds upon the ground that he
is a bona fide
with which the statute was necessarily in conflict, so holder thereof without actual knowledge of
the conthat further proceedings under it were forbidden, the trolling statute fad that he acted upon the assumppurchaser cannot excuse himself by showing ignorance tion that the municipal officials would not have
issued
of any of these facts, and bonds issued after the the bonds in question except in pursuance
of an
statute had for any of these reasons become obsolete, existing law. The authority for issuing
every municiare void, even in the hands of bona fide purchasers.
pal obligation must be found in some law, and if any
After ascertaining that there is a municipality the bond, or what purports to be
a bond, has come into
existence of which cannot be questioned, at least existence not authorized by law, there
cannot, as to
collaterally, and that it has officers competent to act it, be any bona fide holder or purchaser,
for all persons
in its behalf, the next inquiry is whether it has author- are charged with knowledge of the law, and hence
with
ity to issue bonds. The issuing of bonds is usually, if notice that such bond is void.
not uniformly, preceded by, or coincident with, the
There may be certain departures from statutory
borrowing of money, and, therefore, if there is no requirements which the courts will determine
to be irauthority to borrow money, there can rarely or never regularities merely, and there may
be other deparbe any to issue bonds. The power to borrow money tures which, though in essential
matters,the municior issue bonds is not inferable from the mere existence pality may not urge, because
some person or tribunal
of a municipal corporation. These corporations expressly or impliedly authorized to make
inquiries
exercise a delegated authority which must appear in and to decide, has, in
effect, determined that the
their charters or in other statute law.
conditions precedent to the issuing of the bonds have
The existence of the power to purchase property or been complied with, and has, therefore, made
further
have work done upon credit, or to borrow money, does inquiry not permissible as against a bona
fide holder
not necessarily carry with it the power to issue bonds who has relied upon such determination.
or other negotiable instruments. There are many
cases which, while they concede the power of municiEXTENDING COTTON CULTIVATION.
palities to create debts, and even to borrow money,
That Russian effort to secure within her own terrimaintain that it, in the absence of express statutory tory a supply of
cotton sufficient to meet home mill
authority, extends no further than the giving of some requirements, and
thus render the country independent
evidence of such indebtedness. The issuing of nego- of the American
staple, has not been abandoned, is intiable instruments differs from the issuing of mere dicated by the developmen
ts of the last few clays.
evidence of indebtedness in this respect; the former, in For some
years past cultivation of cotton has been
the hands of bona fide holders, are payable absolutely, carried on upon
a gradually increasing scale in Turkesand are not subject to any set-off nor to equities tan, until at
present the supply secured from that
existing between the original parties, and, in many source approximat
es about one-half of the annual coninstances, are also exempt from all defenses whatever, sumptive
requirements of the Russian mills, and it is
while the latter do no more than to make out a case now
the aim of the Government to obtain from thence
prima facie against the maker, and are subject to the a quantity
ample.to meet all needs. The latest effort
same defenses in the hands of a bona fide holder as if (as
reported by cable) has taken the Awe of a bill in.
MAR. 2 1912.]
THE CHRONICLE
troduced in the Duma on Feb. 23 providing for large
expenditures for the irrigation of Turkestan, and current Russian opinion is that prevalent anti-American
feeling will insure the passage of the necessary legislation. Assuming that the required funds will be
speedily forthcoming, considerable time must, naturally, elapse before the full fruition of the scheme, and
even at that its success could not be looked upon as
other than a very satisfactory development in view
of the urgent necessity for extending the sources of
cotton supply, since only in that way can any check
be placed upon harmful manipulation of prices.
Aside from this Russian move there has been no
special activity reported in seeking new cotton fields
since we last referred to the subject on Dec. 3. At the
same time, increasing attention is being directed
toward the Sudan,from which it is stated some 30,000
bales of high-grade cotton were secured in the latest
season. It is believed in some quarters that eventually the Sudan will rival the Mississippi Valley
and Egypt in the production of the staple. As regards
Egypt, the current crop is turning out larger than at
first estimated, and the Department of Agriculture of
the country is making efforts to bring about improvement in the cultivation of cotton by what might be
termed an educational campaign. Latest advices from
Asiatic Turkey indicate that steps are being taken to
plant cotton in Palestine upon a fairly extensive scale.
A large increase in cotton-planting is expected in
Northern Mexico this spring.
The foregoing comprises practically all that has
come to our attention recently bearing upon the
extension of cotton-planting abroad. In the United
States, of course, much recent talk has had to do with
a possible decrease in acreage this year, but of its
probability there is much doubt. We note, moreover, that efforts are being made to bring about a
much larger planting in California.
595
The outbreak in July of 1863 was fomented by the
"peace" emissaries, who were an enemy in the rear.
It showed its original animus by attacking and burning
the drafting station on Third Avenue, stopping the
street cars,sacking a colored orphan asylum and raging
towards all who stood for prosecuting the war to an
end. Yet this rising also burned buildings which had
no relation to the draft, and took the usual course of
attack upon law and property. It turned quickly to
loot, and the report at the time was that piano stools
and other small articles of furniture were swept up
into the shanties which dotted the upper parts of the
city. As we remarked, the draft was only the occasion of start, and the riot followed usual lines by running beyond its occasion.
RAILROAD GROSS AND NET EARNINGS FOR
THE CALENDAR YEAR.
Three weeks ago we furnished elaborate compilations dealing with the gross earnings of.United States
railroads for the calendar year 1911. To-day we are
able to present complete tabulations covering both the
gross and the net results for the twelve months. In
our review of three weeks ago we found that, as compared with the calendar year preceding (1910) there
had been, as a result of the unfavorable conditions
experienced by the railroad industry throughout 1911,
a very material falling off in gross earnings; in a relative sense, however, the loss (by reason of the magnitude of the grand totals) was not very noteworthy,
though the general showing was, nevertheless, unsatisfactory,inasmuch as in the United States growth is the
normal course from year to year, unless extraneous
circumstances intervene to prevent the upward movement.
The showing in the case of the net is not nearly so
good as in the case of the gross. In other words, the
ratio of loss in net is much larger than in the gross.
ABANDONING GOVERNOR'S ISLAND.
The reason is that the roads, treating them collectively,
The following letter, which comes to us from 'the were not able to offset their losses in gross to any consenior Vice-President of the Omaha National Bank, siderable extent by reductions in expenses. As a
consequence, the greater part of the shrinkage in gross
is self-explanatory:
revenues counted as a loss in the net. The fact that
THE OMAHA NATIONAL BANK.
Omaha, Nebraska, Feb. 20 1912.
the railroads should have been able to effect comparaEditor The Commercial and Financial Chronicle, P.0.Box 958, tively so little saving in expenses may occasion surNew York City.
Dear Sir:—I fully agree with your article that it would not prise in view of the tremendous efforts put forth in
be wise to abandon Governor's Island, but the person who that direction. Conditions were such as to impose
wrote the article, it seems to me, does not understand the upon the managers the necessity of curtailing outlays
riots of 1863 when he says "The riots of 1863, called the in every direction_. Nor did they fail to recognize and
Draft Riots, but. having no relation to the draft except in
to yield to such necessity. On many roads maintenstarting."
I happen to know and remember all about those riots. I ance outlays were very heavily cut. Repairs and rebelonged. to an Ohio regiment which was sent up from the newals were deferred to a more favorable opportunity
Army of the Potomac to quell the riots. We were first wherever this could be done without detriment to the
landed on Governor's Island. The day of the draft we were property and without danger to the users of the roads
stationed at Jamaica, Long Island, and there was certainly
public.
need of troops there. I never saw the men load with more and the general
Our figures relate only,to the general totals, and do
satisfaction than they did the morning of the draft when the
command was given to load, and they loaded, with ball not show the details of the expenses. But when these
cartridge. They were no play soldiers; they crossed the Ohio details become available through the compilations of
River near. Wheeling; marched.across Virginia to Alexandria,
the Inter7-State Commerce Commission, there can be no
having been up and down the valley several times; had taken
aggregate maintenance
part in some of the hardest fought battles of the Civil War— doubt that it will be found that,
Fredericksburg, Chancellorsville and Gettysburg; and. the expenditures were materially, less than in the year
men that morning said that they would rather. fire on the preceding. But as against the savings in these groups,
rioters than any Confederate soldier. they had ever been little reduction could be effected in the other groups
opposed to, as they felt that they were doing more harm to
of expenditures, notwithstanding the shrinkage in
the Government in the rear than the Confederates were
many -cases in the volume of traffic and in the totals
at the front.
receipts. On certain roads and systems, where
ofgross
know
to
just what the party who wrote that
I would like
article means by. the paragraph I. have quoted:
gross 'earnings were maintained at the leyet of Ole
Very truly yours,
previous year,or, were inereasecr, it wa,s found possible,
I.
WALLACE.
, of Fourth Ohlo'Infantry, First Brigade,
'
Litt
Third Division; Second Cons Amy of the Potomac.
through savings and economies of one kind or anotherr,
596
THE CHRONICLE
[VoL. Lxxxxiv.
to bring about an important improvement in the net. Commerce Commission, and .thus getting the entire
This is particularly true of some of the larger East railroad mileage of the country, the increase in gross
and West trunk lines in the territory between Chicago was $282,453,959 and in net $151,040,332. For
and the seaboard. It is also true to a certain extent 1908 our tables showed very large losses in both gross
of Southern roads, where traffic conditions continued and net—$301,749,724 in the former and $53,371,196
favorable, and the remark likewise applies to a few in the net. But our compilations at that time were
companies in other parts of the country.
not so nearly complete as they are now. They covered
Contrariwise, in the western half of the United only 199,726 miles. Careful compilations which we
States results are quite generally unfavorable, with then made showed that if we could have returns for the
large losses the rule in both gross and net. In the case whole railroad mileage of the country, the decrease in
of these roads net earnings in 1910 had been maintained gross earnings for 1908 would have reached no less
at a high level at a time when very heavy losses were than $345,000,000 and the loss in net earnings about
being experienced by the roads in the great manufac- $60,000,000.
turing and mineral district of the East. In 1911 this
In the following we show the yearly comparison
situation was reversed. A number, at least, of the as to both gross and net for each year back to 1890.
roads in the eastern half of the country, through For 1910 and 1909 we take the aggregate of the monthly
various economies, were able to bring about an im- totals as given out by the Inter-State Commerce Comprovement in net, while, on the other hand, Western mission, but for preceding years we give the results
roads now sustained heavy losses in gross, first as a just as registered by our own tables each year—a porresult of business depression and later as a result of tion of the railroad mileage of the country being always
poor crops, and were unable to reduce expenses in unrepresented in the totals, owing to the refusal of
some of the roads to furnish monthly figures for pubcorresponding ratio.
Taking the railroad system of the United States as a lication.
'whole, gross earnings in 1911 decreased $30,024,816,
Gross Earnings.
Net Earnings.
which is only a little ov6r %— in exact figures Yr.
Year
Increase or
Year
Increase or
Year
Year
1.06%. But as against this loss expenses decreased
Decrease.
Given.
Preceding. Decrease.
Preceding.
Given.
$
$
$
$
$
$
only $5,736,428, leaving, therefore, a loss of $24,288,1890 995,911,844 923,921,519 +71,090.325325,070,666310,533,311 +14,537,355
1025,147,383 +43,186.080348,099,840327,648,764 +21,351,076
388 in the net, or 2.67%. The fact that the reduction 1891 1068,333,463
1892 1088,570,963 1013,500,67: +55,070,285341,021,517334,279,273 +6,742,244
950,257,148 966,601,520 —16,344,372292,489,300302,900,174 —10,410,874
in expenses should have been so slight is the more 1893
1894 930,303,005 1049,745,525 —119,442.520286,166,115325,605,016 —39,438,901
976,821,976
920,006,966 +56,815,010308,915,881 283,227,325 +25,688,556
1895
significant inasmuch as in the calendar year 1910 an 1896 070,867,270 972.173,71:
—1,306,448203,856,899299,037,327 —5,780,628
1050,003,222 998,025,924 +51,977,208341,280,498306,365,690 +34,914,802
1897
improvement of $239,011,258 in gross earnings brought 1898 1118,561,053 1050,691,611 +87,869,442364,203,858342,385,415 +21,908,241
1899 1209,137,161 1099,217,301 +109,919,860413,354,253 367,336,951 +46,017,302
an addition of only $8,996,848 in net earnings, expenses 1900
1374,123,161 1265,982,763 +108,140,398 461,790,985 432,565,578 +29,225,407
1522,309,165 1383,335,544 +138,073,821528,062,185464,161,655 +64,800,530
having risen in the prodigious amount of $230,014,410. 1901
1902 1528,344,977 1446,397,592 +81.947.385480,879.407493,045,517 —3,166,110
1733,784,055 1547,759,417 +186,024,638552,260,597 503,557,044 +48,703,553
While the loss in gross was relatively slight, the effect 1903
1904 1774,971,552 1766,512,970 +8,458,582553,586,219557,485,916 —3,899,697
1905 1895,473,120 1745,392,445 +150,080.675 591,875,952543,770,532 +48,105,420
of the unfavorable conditions prevailing can be seen in 190;2103,087,760 1894,068,617 +209,019,143 665,080.905592.170,002 +72,904,903
19072287,501,6052000,595.451 +196,906,154 660,753,545 665,280,191 —4,526,646
the circumstance that,as against the $30,024,816 loss in 1908 2235,164,8732536,914,507 —301.749,724 694,999,048 748,370,244 —53,371,196
1909 2605,003,302 2322,549,343 +282,45.3,951 )01,726,065750,685,733 +151040 332
2597,783,833 +239,011,258')09,470,059900,473,211 +8,996,848
gross earnings now recorded for 1911, the gain in 1910 19102836,795,091
1911 2805.084,7232835,109.539 —30.024,816883,620,478007,914,888-24,288,388
had been no less than $239,011,258. The extent of
number of roads Included was 202 In 1890, 214 In 1891 206 in 1892:
the loss sustained, therefore, is to be measured, not 192Note.—The
in 1893, 199 In 1894, 202 in 1895, 196 In 1896, 185 in 1807, 176 In 1898, 165 in
In
1900,
175
155 In 1901, 166 In 1902, 167 In 1003, 170 in 1904, 148 In 1905,
for
1911,
but
by
1899,
decrease
the
amount
of
the
by
alone
159 In 1906, 152 in 1907, 164 In 1908, 814 in 1909, 796 In 1910, 774 in 1911.
the amount of this decrease plus what the increase Neither the Mexican roads nor the coal-mining operations of the anthracite coal
would have been had satisfactory conditions prevailed roads are included in this table.
—say, plus the $239,011,258 increase established in
It is well enough to point out that in the latter half
1910.
•of 1911 comparisons were very much better than in
to gross and net. This is due
Increase or Decrease. the first half, both as
January 1 to December 31.
1911.
1910,
(774 roads.)
fact that in the last half of
the
to
however,
entirely,
Amount.
%
+3,142 1.30 1910 (with which the comparison is m'ade) the showMiles of road
242,887
239,745
$
$
$
2,805,084,723 2,835,109,539 —30,024,81 ; 1.06 ing had been very poor, particularly in the case of the
Gross earnings
1,921,458,245 1,927,194,673 —5,736,428 0.30
Operating expenses
net. In the following we give the figures for the first
883.026,478 907,914,866 —24,288,388 2.67
. Net earnings
half and the second half separately. It will be noticed
It is hardly necessary to say that in the calendar that of the $30,024,816 loss in gross:for the entire year,
year 1909, speaking of the roads collectively, there $28,958,798 occurred in the first half, and more than
had been very large gains in both gross and net the whole of the loss of $24,288,388 in net for the full
earnings. At that time the roads were still economiz- twelve months occurred in the first six months. In the
ing in every conceivable way, cutting down their last six months there was only $1,066,018 decrease in
outlays in all directions, and accordingly they were gross, with $1,428,989 increase in net, greater headable in their returns to show very substantial improve- way having been effected in reducing expenditures.
ment in net as well as in gross. It should be reLast Six Months.
First Six Month's.
membered, however, that the 1909 improvement
1910.
1911.
1910.
1911.
was deprived of a considerable part of its significance
1,310,580,765 1,339,5.39,563 1,494,503,058 1,495,569,976
Gross
931,728.712 934,970,133 989,729,533 992,224,540
through the fact that there had been such a tremendous Expenses
378,852,053 404,569,430 504,774,425 503,345,436
shrinkage in revenues, gross and net, in 1908,following Net
the panic of 1907. Hence this improvement repreIn the opening month of the year gross earnings
sented to a considerable extent merely a recovery
still recorded an increase, but thereafter there were
of what had been previously lost.
Our own compilations for 1909 registered $279,- losses month by month, except in September, October
070,031 increase in gross and $146,859,166 increase in and December, when there were slight increases. The
net. This covered 228,508 miles, or about 97% of the three months last mentioned also recorded increases
railroad • mileage of the country. Aggregating the in net; with that exception there were losses in net in
totals as compiled each month by the Inter-State all the months, as will be seen by the following table:
MAR. 2 1912.]
THE CHRONICLE
597
Decreases.
Decreases.'
b$9,081,619 Atch. Top. & S. Fe (11)_ $1,245,607
Pennsylvania (3)
Rio Grande__ _ 1,145,069*
do
Denver
8,026,010
Pacific)
Northern
M'izth
1,088;133
Inc. or Dec. Union Pacific (3)
1910.
1911.
7,388,054 Hocking Valley
Inc. or Dec.
1910.
1911.
Duluth Missabe & North 5,219,111 Lake Shore & Mich. Sou_ 1,059,212
943,847
$
(3)
Island
$
Rock
$
5,074,918
$
_
_
_
_
(9)
Southern Pacific
$
$
928,519
St. Paul M. & 0
53,800,659 57,373,968 -3,483,309
Jan _ 215,057.017 210,808,247 +4,248,770 49,888,584 56,920,786 -7,032,202 Chic. Burl. do Quincy.... 4,738,512 Chic.
802,663
Southern_ _ _
City
Kansas
3,658,536
-3,456,803
Paul__
St.
83
Milw.
Chic.
202,492,120
Feb__ 199,035,257
55
68,994,408 78,262,126 -9,267,718 Baltimore & Ohio
Vandalla 8,048
2,798,836
Mch ._ 226,997,481 238,336,609-11,339,128 64,459,713
556,767
66,646,373 -2,186,660
do Ohio
April 218,177,123 225,700,811 -7,623,688 69,848,750 71,843,544 -1,994,794 Colorado do Southern (3). 2,646,859 Chesapeake
831,286
Wabash
-4,697,104
1,991,865
Fe
North
Chic.
Western__
234,339,875
May _ 229,642,771
-4,393,452
77,157,584
72,764,132
-6,459,702
Pittsburgh & Lake Erie__ 1,744,138
June 231,697,053 238,156,755
73,671,604 73,993,983 -322,379 Duluth & Iron Range_ _ _ 1,413,123
Representing 49 roads
July _ 231,688,007 233,169,888 -1,481,881
89,589,530 -1,006,170 Great Northern
1,343,337 , in our compilation__$63,984,062
Aug _ 253,043,103 254,886,944 -1,843,841 88,583,351
Central
+807,984 92,882,796 91,592,947 +1,289,849
a These figures cover merely the operations of the New Yorklike the
Sept _ 257,250,762 258,748,778 +2,426,773
93,362,572 +2,723,291
96,085,803
auxiliary and controlled roads,
356
various
the
266,064,129
263,637,
itself. Including
Oct _
-3,018,869
82,060,166
79,050,299
Plate,'
"Nickel
the
-1,767,621
Four,"
Central, the Lake Shore, the "Big
Nov. 241,343,763 243,111,388
result is
73,361,664 68,908,388 +4,453,276 Michigan
&o., the whole going to form the New York Central System, the
Dec.. 233,614,912 232,276,177 +1,339,735
a gain of $2,365,271.
Pittsin gross for the above months as
b These figures cover the lines directly operated east and west of
Note.-Percentage of increase or decrease
and the
dec.; Mch., 4.76% dec.; April, 3.33% dec.; burgh and Erie. The gross on Eastern lines decreased $2,969,886,
controlled
been: Jan., 2.01% Inc.; Feb., 1.78%
lines
the
0.19%
Including
Sept.,
dec.;
0.72%
Aug.,
$6,111,733.
0.65% dec.;
gross on Western lines decreased
of
May, 2.00 dec.; June, 2.71%dec.; July,
dec.; Dec., 0.57% inc.
but operated separately, the aggregate decrease in gross east and west
inc.; Oct., 0.92% inc.; Nov., 0.73% in
net for the above months has been: Jan., Pittsburgh and Erie is $9,624,884.
Percentage of increase or decrease
of
number
the
indicate
2.77%
May,
dec.;
road
dec.; April, 3.28%
Note.-Figures in parenthesis after name of
6.07% dec.; Feb., 12.35 dec.; Mch., 11.84%
dec.; Aug., 1.12% dec.; Sept., 1.41% inc.; lines or companies for which separate returns are given in our compilations.
dec.; June, 5.69% dec.; July, 0.43%Dec.,
Inc.
MONTHS.
7.83%
Oct., 2.92% inc.; Nov., 3.68% dec.;
PRINCIPAL CHANGES IN NET EARNINGS IN 12
242,640; in Mch., 242,686:
Decreases.
In Jan. the mileage represented was 242,479; in Feb., in July, 244,508; in Aug.
Increases.
$4,733,308
In April, 242,933; in May, 243,170; in June, 243,732:
238,561.
Hud. River_a$3,585,927 Union Pacific (3)
Dec.,
in
N.Y.Cent.do
234,209;
4,640,395
244,531; in Sept., 245,494; in Oct., 245,633; in Nov.,
North..
&
Missabe
Duluth
Lake Shore & Mich. Sou_ 2,783,142
1,800,387 Southern Pacific (9)_ _ 3,882,089
Great Northern
3,678,808
Clev. Cin. Chic. & St. L. 1,265,137 Missouri Pacific (2)
2,764,201
1,171,639 Illinois Central
Michigan Central
62,459,323
Central of New Jersey_ -- 1,159,748 Pennsylvania (3)
1,776,608
Paul
St.
&
Milw.
Chic.
1,106,987
do
Ohio
Baltimore
St. Louis & San Fran.(4) 1,099,243 Pittsburgh & Lake Erie_ 1,754,905
1,600,221
933,641 Northern Pacific
San Pedro L. A. & S. L .
1,579,041
797,405 Wabash
Spok. Portl. & Seattle
740,485 Atch. Top. 8: S. Fe (11)_ 1,541,153
Southern
1,290,375
688,073 Boston & Maine
St. Louis South W. (2)
650,021 Denver do Rio Grande_ _ _ 1,238,829
Cincinnati Ham. & Day_
620,694 Del. Lack. & Western.._ 1,161,572
Internat. & Great North_
616,573 Duluth & Iron Range... 1,056,539
Elgin Joliet & Eastern
1,052,437
565,456 Chesapeake & Ohio
Virginian
911,046
Colorado do Southern (3)
907,094
Chic. St. Paul M. do
886,895
Pere Marquette_
812,164
Cincin. N.0. Fe Texas P.
592,551
Hocking Valley
x550,063
Philadelphia & Reading_
500,872
Kansas City Southern_ _ _
Gross Earnings.
Net Earnings.
For the separate roads or systems, there are some
noteworthy changes, both in the way of improved results and in the shape of heavy losses. The losses are
conspicuous mainly in the case of Western roads,
as already indicated.- The Union Pacific falls $7,388,054 behind in gross and $4,733,308 in net and the
Southern Pacific $5,074,918 in gross and $3,882,089
in net. The Northern Pacific has $8,026,010 loss in
gross but only $1,600,221 loss in. net. The Great
Northern, through savings in expenses, has converted
a loss of $1,343,337 in gross into a gain of $1,800,387 Representing 20 roads
Representing 48 roads
in our compilation_ _$41,370,489
in our compilation__$19,584,558
in net, and,similarly, the Chicago Burlington & Quincy, a These
Central
figures cover merely the operations of the New York
result is again of $7,505.678.
the
System
Central
York
inNew
the
For
$119,961
itself.
operations
with $4,738,512 decrease in gross, has
the
include
not
do
and
Co.
These figures are for the Railroad
Coal & Iron Co.
and west of
crease in net. The Atchison, on the other hand, has of bthe
These figures cover all the lines directly operated east
$1,385,652 and
Pittsburgh and Erie. The net on Eastern lines decreased
decrease
53
$1,541,1
with
the lines
in
gross
$1,245,607 decrease
the net on Western lines decreased $1,073,671. Including
In net
controlled but operated separately, there was an aggregate decrease
in net.
east and west of Pittsburgh and Erie of $2,862,219.
When the roads are arranged in groups and geographAmong the Eastern trunk lines the Baltimore &
Ohio, though having lost $2,798,836 in gross, has ical divisions in our usual form, the distinction between
enlarged its net by $1,106,987. The New York Cen- the results in the eastern half of the country and
tral has added $3,923,478 to gross and has managed those in the western half becomes clearly apparent.
to carry nearly the whole amount-or to be exact, In the light of what has already been said, the reader
$3,585,927-as a gain in net; this is for the Central will be able to interpret the figures for the different
proper. Including the various auxiliary and controlled groups for himself, and we accordingly present our
roads, the whole going to form the New York Central group table without further comment.
SUMMARY BY GROUPS.
System, the result is a gain of $2,365,271 in gross, with
Gross Earnings
Inc.(+)Or
the
Group.
or
year
Section
a gain of $7,505,678 in net. The previous
Dec.(-).
1910.
1911.
• %'
$
$
31Dec.
to
1
Jan.
730
$23,148,
of
New York Central System showed a gain
134,238,319 130,904,538 +3,333,781 2.55
Group 1(25 roads), New England
and Middle_686,857,866 682,111,241 +4,746,625 0 70
East
roads),
(136
2
Group
the
y
Evidentl
383,380,370 392,397,909 -9,017,539 2.30
in gross, with $5,262,221 loss in net.
Group 3(97 roads), Middle West.
+13,647,913 3.85
Groups 4 & 5(159 roads), Southern...365,560,1419 352,012,228
_617,640,639 649,130,884 -31,490,245 4.85
large augmentation in expenses in 1910 furnished the Groups
6 & 7(115 roads), Northwest _617,640,63
-5,594,487 1.22
456,414,584
450,820,097
Southwest
roads),
(180
8 &9
3.25
basis for the reduction in expenses in 1911. The Groups
Group 10 (62 roads), Pacific Coast.._166,587,291 172,138,155 -5,550,864
operated
1.09
directly
-30,024,816
lines
2835109,539
the
on
2805,084,723
this
time
ania
Pennsylv
Total (774 roads)
Net Earnings
Inc.(±)or
east and west of Pittsburgh records $9,081,619 de:
Dec.(-).
1910.
1911.
1911. 1910.
crease in gross and $2,459,323 decrease in net. In the
$
7,919 7,892 38,148,119 39,156,925 -1,008,806 2.87
1
No.
Group
inheavy
26,968 20,853 218,129,252 215,089,247 +3,040,005 1.41
New England States we find an example of
Group No. 2
-391,557 0.34
25,716 25,473 112,599,208 112,990,825
No. 3
+759,338 0.66
crease in expenses in the case of the Boston & Maine, Group
Grours Nos.4 and 5_ 41,602 41,159 115,841,654 115,082,316
Nos.6 and 7_ 66,611 65,654 207,119,262 221,516,592 -14,397,330 6.50
Groups
5.59
-7,378,151
transbeen
132,096,055
in
63
has
gross
124,717,904
$1,194,0
56,453
of
where a gain
Groups Nos.8 and 9_ 57,308
16,763 10,261 67,071,019 71,982,906 -4,911,887 6.82
Group No. 10
The
net.
of
in
off
75
falling
$1,290,3
a
formed into
242,887 239,745 883,626,478 907,914,866 -24,288,388 2.67
Total
all of the New England States.
New Haven road, on the other hand, with $773,390 NOTE -Group I includes
portion west
Group II. Includes all of New York and Pennsylvania except that
also all of New Jersey, Delaware and Maryland, and
gain in gross, has $161,557 gain in net. In the of Pittsburgh and Buffalo;
Virginia.
West
the extreme northern portion of
all of Ohio and Indiana; all of Michigan except the northern
following we show all changes for the separate roads Group III. includesportion
of New York and Pennsylvania west of Buffalo and
peninsula, and that
for
,
Pittsburgh.
and systems, whether increases or decreases
and
Groups IV. and V. combined Include the Southern States south of the Ohio
of the Mississippi River.
amounts in excess of $500,000. It will be noted that east
all
of
Michigan,
of
peninsula
Group? VI. and VII. combined include the northern
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota;
increases as a rule are confined to the Eastern trunk and
and
Wyoming
of
Montana,
all
also
City;
Kansas
and
Louis
St.
of
Missouri north
Nebraska, together with Colorado north of a line parallel to the State line passing
lines, Southern roads and the anthracite coal carriers. through
Denver.
and
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas
of
The San Pedro Los Angeles & Salt Lake is also found in Indian
Territory; Missouri south of St. Louts and Kansas City; Colorado south
and that portion of New
of
bulk
Louisiana;
the
and
of
Texas
whole
the
Denver;
this class, but in that case the increases mark a recovery Mexico north of a line running from the northwest corner of the State through
Fe and east of a line running from Santa Fe to El Paso.
mainly of the previous year's losses, when part of the Santa
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
Arizona, and the western part of New Mexico.
and
line was closed by floods.
We also repeat our group table for the month of
PRINCIPAL CHANGES IN GROSS EARNINGS IN 12 MONTHS.
Increases.
Increases.
$773.390 December, because an error crept into our tabulation
N.Y.Cent. & Hud. River.a$3,923,478 N. Y. N. H. & Hartford_
771,774
San Pedro Los Ang &S L. 2,586,346 Minn. St. P. do S. S. M__
738,638 for that month in our issue of Feb. 17. The error
Long
Island
2,440,005
Southern
734,076
2,159,651 Spok. Portl. do Seattle
Lehigh Valley
.719,112 consisted in reporting the comparative net earnings for
1,765,694 Chicago do Alton
Seaboard Air Line
677,417
1,736,445 Internat. & Great North_
Atlantic Coast Line
566,508 one line, namely that designated "Groups Nos. 6 and
Central of New Jersey_ _ _ 1,682,595 Caro. Clinchfield do Ohio_
533,031
Chic. Milw. & Puget Sd- 1,497,262 Delaware Lack. Fe West_
509,562
1,341,170 Maine Central
Virginian
too low. As a consequence of this error the grand
506,191 7,"
1,252,774 Mobile & Ohio
Erie (2)
1,194,063
Maine
Boston 6:
total of the net for that month was also lower than it
1,028,245
Delaware Fe Hudson
896,889
Representing 25 roads
Central of Georgia
been.
In our compilation...$30,854,813 should have
819,897
& Western
Norfolk
598
THE CHRONICLE
SUMMARY BY GROUPS FOR DECEMBER.
Gross Earnings
1911.
1910.
Inc.(+)orDec.(-)
December$
$
$
%
Group 1 (24 roads), New England__ 11,179,540 10,481,266 +698,274 6.66
Group 2(143 roads), East & Middle__ 56,704,159 55,086,381 +1,617,778 2.94
Group 3(94 roads), Middle West
29,711,647 29,278,347 +433,300 1.98
Groups 4 & 5(167 roads), Southern__
32,692,802 32,123,021 +569,781
Groups 6 & 7(123 roads), Northwest_ _ 49,712,302 50,411,571 -699,179 1.77
1.38
Groups 8 & 9(184 roads), Southwest_
39,777,420 41,334,791 -1,557,371 3.77
Group 10(65 roads), Pacific Coast
13,836,952 13,559,800 +277,152 2.04
Total (800 roads)
233,614,912 232,275,177 +1,339,735 0.57
Section or Group.
-Mileage-1911. 1910.
Group No. 1
7,769
Group No. 2
26,681
Group, No. 3
23,292
Groups Nos. 4 & 5... 41,579
Groups Nos. 6 & 7_
65,942
Groups Nos. 8 & 9_ _ 56,710
Group No. 10
16,588
Total
7,723
26,564
23,093
41,172
65,263
55,801
16,066
1911.
Net Earnings1910.
Inc.(+)orDec.(-)
3.144,723 2,190,584 +954,139 43.55
17,009,370 14,306,368 +2,703,012 18.89
8,755,161
6,836,646 +1,918,515 28.06
11,048,980 11,332,942 -283,962 2.51
16,270,207 16,348,607
-78,400 0.45
11,997,035 12,646,346 -649,311 5.14
5,136,188
5,246,905 -110,717 2.11
238.561 235.682 73,361,664
68,908,388 +4,453,276 6.46
We now insert our detailed statement for the last
two calendar years, classified in groups in the same
way as above, and giving the figures for each road
separately.
GrossGROUP III.
1911.
1910.
1911.
Middle West.
$
$
$
Ann Arbor
2,040,009
1,938,084
686,451
Bess & Lake Erie_ 7,950,668 7,602,132 3,214,506
Boyne City Gay&A
249,762
253,834
63,308
Chicago & Erie... 5,360,141
5,289,904
891,807
Chic Det & C Gr Tr
859,994
679,139
111,667
Chic Ind & Loulsv_ 6,343,263 6,172,722
1,967,050
Cin Ham & Dayton 9,901,312 9,473,468 2,455,541
236,881
Cinc Sag & Mac_
201,402 def.29,111
Detroit & Mack.... 1,197,708
1,227,646
312,488
Det & Tol Sh Line_ 1,064,184
933,124
554,064
Det Gr Hay & MIL 2,225,514
2,019,609
378,512
Dot Tol & Ironton_ 1,661,627
1,819,765
101,025
Grand Trunk West 0,666,437 6,250,039
1,809,056
Hocking Valley_
6,854,322 7,942,455 2,453,716
Lake Terminal__
514,448
527,134
85,204
Lorain & W Va...
147,249
220,050
131,574
Manistee & N E
582,883
486,552
174,060
NYC&H R-See Gimp II.
Chic Ind & So_ 3,822,612 3,739,666
906,521
Chic Hal & Sag_
197,617
221,123
65,869
Cincinnati North 1,248,676
1,294,276
181,874
Cloy Cin Ch&StL 30,431,914 30,423,003 8,192,521
Det& Charlevoix
100,680
84,32318:80
548
Dunk AllVal & P
319,843
315,242
39
Fulton Chain-See Group II.
Ind limb Belt-See Group VI.
Kanawha & Mich 3,146,342 3,078,581
1,190,745
Hank & Seneca-See Group VI.
Lake Erie&West 5,420,819 5,513,326 1,125,200
L E Alliance &W
688,587
684,614
116,137
Lake Sh & M S. 48,360,997 49,420,209 17,282,419
L Falls & Dolgev-See Group II.
Lou & Jeff ll'ge_
191,068
212,607
Michigan Central 30,164,488 29,694,815 9,237,550
Mt Gilead Sh L_
5,843
def.2,834
NY & Ottawa-See Group II.
N Y Chic & St L 11,258,008 11,235
88
:89
78
1
3,237,810
Peor1a,& Eastern 3,218,283 3,536,067
716,867
Pittsb & Lake E 15,308,558 17,052,696 7,351,725
Raquette Lake-See Group H.
Rutland-See Group I.
St Law & Adir-See Group II.
Tol & Ohio Cent 4,938,644
5,091,956
1,531,723
Zanesv & West_
435,093
478,213
75,605
Newb & So Show
518,301
521,380
118,324
Pere Marquette_
16,564,340 16,244,661
3,370,659
Pitts Char & Youg
287,395
386,472
107,389
Pa-Lines W of Pitts454,643
Cin Leb & Nor
444,369
130,408
Clev Akr & an_ 3,562,709 3,662,822
1,029,282
Or Rap & Ind_ 5,031,660 5,148,995
1,178,881
Penna Company- 50,110,587 54,170,879 15,684,789
38,549,932 40,601,378 11,048,537
Pitts C C & St
9,970,326 10,528,374 2,170,821
Vandal's
138,765
Waynesb& Wash
143,511
30,577
Wheeling Term_
53,198
43,929
14,561
250,112
Pontiac Oxf & Nor
226,832
21,531
306,830
St Clair Tunnel Co_
282,368
213,612
Tionesta Valley_
242,768
237,966
86,844
Toledo St L & W. 3,847,590 3,787,929
1,080,294
Toledo Terminal_
320,209
336,913
26,530
Wabash
29,295,289 29,826,575 6,665,215
Wabash-Pittsb Ter
626,699
711,987
76,390
Wheel & Lake Erie 7,111,681
6,989,353 2,303,394
Youngst & Ohio R
233,081
207,601
117,282
42 other roads__ _ _ • 2,716,971
2,843,876
432,886
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO DEC. 31.
Gross
Net
Group 1.
1911.
1911.
1910.
1910.
Inc. or Dec.
New England$
$
$
$
$
Atlantic & St Law_ 1,441,958
1,399,883 def.27,598
200,6.33
-228,231
Bangor & Aroost'k 3,344,093 3,073,362
1,260,783
1,168,882
+91,901
Boston & Maine__ 45.324,831 44,130,768 9,589,044 10,879,419 -1,290,375
Can Pac lines in Me 1,224,198
106,334
1,109,464
67,655
+38,679
Central Vermont__ 4,107,111
974,895
3,866,962
944,507
+30,388
Maine Central__ 9,940,285 9,430,723
2,863,911
2,613,716
+250,195
Montp & Wells Riv
249,082
258.685
06,635
87,751
+8,884
NY N H & Haar_ 62,751,213 61,977,823 21,753,039 21,591,482
+161,557
Newport & Richt_
215,532
206,801 def.11,013 def.16,998
+5,985
Rutland
3,416,713 3,339,833
948,597
983,577
-39,980
St Johnsb & L Ch_
392,567
373,306
94,384
100,924
-6,540
Sullivan County_ _
498,222
476,323
110,687
137,827
-27,140
Vermont Valley_
491,715
453,291
159,821
148,586
+11,235
12 other roads _ _ _ _
831,106
816,917
228,600
248,964
-20,364
Total (25 roads).134,238,319 130,004,538 38,148,119 39,156,925 -1,008,806
Gross
Net
Group II.
1911.
1910.
1911.
1910.
Inc. or Dec.
East & Middle$
8
5
Baltimore & Ohio_ 88,071,011 90,869,847 26,877,094 25,770,107 +1,106,987
Buffalo & Susque_ 2,454,587
2,149,001
284,501
105,880
+178,621
Buff Rod)& Pitts. 9,058,247 9,163,647
2,714,830 3,045,494
-330,664
Central New Eng
3,326,548 3,097,689
1,511,172
1,275,001
+236,171
Cumberland & Pa_
900,050
990,056
229,025
311,752
-82,727
Delaware & Hud__ 21,357,924 20,329,679 8,645,131
8,194,961
+450,170
Del Lack & West_ 36,586,562 36,052,931 14,267,910 15,429,482 -1,161,572
Lack & Montr _
30,184
31,789
3,512
-3,241
6,753
Sussex
173,606
187,116
29,941
57,408
-27,467
Syrac Bing &NY 1,125,190
1,070,230
469,542
480,416
-10,874
E Br Top RR & C.
278,245
246,879
149,297
+21,182
128.115
Erie
48,983,610 47,801,073 17,193,626 16,648,621
+545,005
Chicago & Erie-See Group III.
Fonda Johns & Gl_
948,829
996,984
506,712
503,017
+3,695
Total(97 roads).383,380,370 392,397,909
Hunt & Br Top Mt
536,319
671,271
227,314
294,890
-67,576
Ironton
275,706
312,377
110,707
117,057
-6,260
Lack & Wyom Val
-GNU
600,109
588,394
267,735
248,007
-1-19,728
Lake Champ & Mor
266,470
214,818
78,843
110,790
1911.
Groups IV. & V.
-31,947
1910.
Lehigh & Hud Riv 1,540,545
1,433,743
564,199
556,422
+7,777
Southern.
Lehigh & New Eng
864,029
311,899
027,473
363,868
-51,969 Ala & Vicksburg
1,661,309
Lehigh Valley__ _ _ 38,803,364 36,643,713 14,342,713 13,844,989
1,753,002
+497,724 Appalachlcola Nor
221,069
Maryland & Penn
441,395
154,960
422,528
132,344
141,355
-9,011 Atlanta & West Pt 1,254,392
Maryland Electric_
1,142,687
232,671
218,618
16,397
16,648
-251 Atlanta Birm & At' 3,078,533
McKeesport Conncc
2,701,569
182,795
228,484 def.22,623
9,388
-32,011 Atlantic
Line
Coast
Monongahela _ _ 1,176,996
1,456,084
620,642
720,748
-100,106 Birmingham South 32,496,051 30,759,606
720,545
Monongahela Conn
799,297
801,363
975,974
168,797
194,243
-25,446 Carolina & NoNVest
New Jersey & N Y
421,083
786,699
401,487
722,082
281.369
253,198
+28,171
NY Cent & Hud R 102,871,598 98,048,120 29,165,783 25,579,856 +3,585,927 Caro Clinch & 0_ _ 1,975,489 1,408,981
Central Georgia_
Fulton Chain_ __
11,128
7.965
4,479
4,451
+28 Chariestof& W Caro 13,422,476 12,525,587
Little F & Dolg_
1,099,816
92,640
84,230
1,708,689
32,170
27,966
+4,213
Herb & N
NY & Ottawa
220,808
192,354
175,575
82,339
14,154
2,692
+11,462 Charl
& Ohio 32,709,156 33,265,923
Raquette Lake_
37,941
39,502
18
6,278
-6,260 Chesapeake
Memph
&
Chic
Cu
227,411
St Law & Adiron
625,749
719,531
102,447
290,852
230,202
+54,650 Cin N 0 & Tex P..
For Lines west of Buffalo see Group III.
9,234,046 9,446,990
Coal & Coke
N Y Ont & West._ 9,095,635 9,106,924
786,773
766,851
2,510,277 2,885,263
-374,986 Colum
Newb & Lau
N Y Susq & NVest_ 3,041,656
332,831
317,546
2,808,985
1,298,206
1,125,535
+172,761 Dry Fork
Northamp & Bath
244,960
229,793
217,991
279,382
47,164
67,010
-19,846
Durham
&
Sou_
_
Penns-Lines East-:334,497
341,589
PennsylvaniaR11157,487,413 160,457,299 44,259,018 45,644,670 -1,385,652 E Tenn & W NoCar
245,466
219,344
Florida East Coast 4,351,172 3,933,211
Bait & Spar Pt_
83,488
131,321
22,516
61,882
-39,366
Georget'n
&
West_
322,121
Bait Ches & AU_
303,792
273,544
269,321
84,414
76,102
+8,312
3,342,818 3,073,885
Cornwall & Le1)_
Georgia
298,087
387,593
51,677
128,377
-76,700 Georgia
& Florida_
769,245
Cumberland Val 2,801,329 3,128,259
610,903
889,215
1,172,760
-283,545 Georgia Fla & Ala_
543,082
Long Island__ _. 10,517,751
440,349
9,779.113 2,613,972 2,358,507
+255,465
Northern_
Georgia
Md Del & Vs.
238,215
134,231
198.411
129,244
424
7,790
-7,366 Gulf & Ship Island 1.990,110
N Y Phila & Nor 3,326,456 3,466,616
2,019,936
827,577
1,078,227
-250,650
East_
Kentwood
Northern Central 12,745,866 12,798,627
&
221,935
232,904
2,019,522 2,017,159
+2,363 Lexington & East_
Phil"' Bait & W_ 18,914,244 19,021,708 4,495,017 4,408,935
557,665
515,053
+86,082 I.oulsv
Rosslyn Connec_
& Nashv
54,372,030 54,428,972
12,009
17,363
def.8,159
def.4,475
-3,684 Louisv Hend
StL
&
Union 'RR of Bal 1,485,554
1,223,546
1,561,953
1,224,815
1,254,387
1,344,455
-90,068 Macon Dublin&Sav
W Jersey & Sea S 6,247,666 5,981,673
502,856
438,381
1,454,577
1,450,957
+3,620 Mississippi Central
Lines West of Pittsburgh see Group III.
841,537
868,608
Nashv Chatt & StL 12,418,864 11,926,765
Reading Co-Atlantic City_ _ _ 2,073,745
1,928,368
486,272
427,459
+58,813 New Orleans & NE 3,576,260 3,570,675
Catasau & Fogle
218,462
252,013
119,190
168,345
-49,155 New On Gt Nor.. 1,701,489 1,663,149
Cent RR of N J 25,951,603 24,269,008 11,470,294 10,310,546 +1,159,748 New Oil Mob & Ch 1,875,731
1,793,692
Ches & Del Riv_
252,743
194,082
208,419
208,098
110,915
117,081
-6,166 N 0 Natalb &Natch
Gettysb & Harris
207,785
226,040
193,718
229,701
49,901
71,015
-21,114 Nor!& P Belt Line
Middlet & Hum_
15,794
2,814,839
22,066
1,385
6,473
-5,088 Norfolk Southern_ 3,117,601
Norfolk & Western 37,048,471 36,228,574
Northeast Penna
136,377
138,287
10,690
26,976
-16,286 Rich
Fred & Pot _ _ 2,463,037
Perklomen
656,251
2,405,489
642,506
338,391
421,275
-82,884 Seaboard
Air Line_ 22,630,424 20,864,730
Phila & Ches Val
84,622
82,463
32,242
30,938
+1,304
218,213
Phila & Reading 44,712,028 44,672,556 16,909,466 17,459,529
217,244
-550,063 South Georgia.. 61,592,940
Phila New & NY
59,152,935
154,447
152,286
33,491
28,860
-4,631 Southern
Ala Gt South_ _ _ 4,571,202
Pickering Valley
4,516,369
31,989
29,585
10,864
6,046 • +4,818
3,851
Port Reading_ _ 1,213,440
Ash & Crag Mt4,066
1,260,101
823,242
759,144
-64,098
194,782
Reading & Col_
Augusta South__
178,218
359,588
349,292
75,705
89,746
+14,041
174,066
Blue Ridge
Rupert & Bloom
166,559
27,105
30,011
10,342
16,579
-6,237
Stony Creek
Cumberland _
34,763
27,934
90,600
89,889
41,081
43,914
+2,833
Tamaq Haz&No
302,864
Danville & West
288,717
16,859
21,266
8,068
13,067
-4,999
Williams Valley_
Ga Sou & Fla
2,414,563 2,367,613
28,576
30,366
8,945
5,486
-3,459
Pitts Shaw & Nor_ 1,289,691
Hartwell
26,677
23,152
1,319,113
243.693
312,929
+69,236
Raritan River__
Mobile & Ohio.. 11,494,823 10,988,632
229,122
217,712
95,322
92,924
-2,398
St Clair Terminal_
Northern Ala...
463,663
216,242
584,324
173,496
99,794
28,449
+71,345
South Buffalo__ _ _
South Ry in Miss 1,141,428
617,483
1,084,180
849,372
195,998
270,822
-7-1,824
Staten Island.
123372
Tallulah Falls
254,839
110,232
247,706
63,555 def.36,431
+09,986
Va & Bouthw. _ 1,581,330
Staten Isld Rap Tr
788,625
1,256,981
783,400
292,327
229,925
+62,902
Susquehanna&NY.
Central_ 1,542,371
338,350
1,427,084
280,766
107,998
68,030
+39,968 Tennessee
Un
(Memphis)..
Ry
Ulster & Delaware 1,070,244
226,345
274,232
1,171,570
278,502
348,283
-60,761
Union RR Co, Pa_ 3,933,964 3.792,476
4,252,998 2,911,828
1,112,967
1,055,319
+57,608 Virginian
Waynesburg & Wash-See under Pennsylvania, Group III.
Washington South 1,156,643
1,106,821
West Side Belt__ _ _
391,597
417,118
1,219,220
120,613
165,238
-44,625 Western Ry of Ala 1,361,021
Wrightsv & Tenn_
Western Maryland 7,088,374 7,420,156 2,676,628 3,065,218
348,764
303,428
-388,590 Yazoo
Wilkes-Barro & E_
& Miss Val_ 10,442,379 10,412,102
753,248
644,864
317,087
192,740
+124,397
95 other roads__ _ 5,735,635 5,314,202
58 other roads _ 3,227,534 3,363,572
662,682
790,117
-133,435
Total(136 roads)686,857,866 682,111,241 218,129,252 215,089,247
+3,040,005
[VoL. Lxxxxiv.
Net
1910.
Inc. or Dec.
$
$
+91,175
595,276
+170,344
3,044,162
62,922
+386
1,025,272
-133,465
+100,321
11,346
1,963,216
. +3,834
1,805,520
+650,021
def.32.597
+3,486
412,986
-100,498
470,728
+83,336
394,589
-16,077
99,913
+3,112
1,720,216
+88,841
3,046,267
-592,551
113,122
-27,918
92,259
+39,315
90,806
+83,254
921,314
103,508
270,786
6,927,384
10,376
27,090
-14,793
-37,639
-88,912
+1,265,137
1,085,899
+104,846
1,218,239
84,105
14,499,277
-91,034
+32,032
+2,783,142
8,065,911 +.1,171,639
def.1,369
-1,465
3,409,222
-171,412
072,999
-256,082
9,106,630 -1,754,905
1,847,105
55,572
93,923
4,257,554
166,169
S
395,749
78,905
378,208
775,032
11,450,022
148,812
128,266
985,913
3,082,159
643,394
def.11,138
10,807,964
112,264
2,971,833
205,436
93,062
101,687
180,393
121,734
1,560,827
75,528
904,671
146,202
112,195
83,052
652,675
77,803
162,506
16,049,651
274,412
163,675
305,125
3,002,838
1,054,227
588,483
729,388
89,786
69,521
1,164,347
13,187,938
938,884
7,273,049
92,663
19,840,574
1,298,089
521
48,807
56,024
7,215
132,100
583,670
7,470
3,322,679
108,654
231,866
32,885
539,137
415,164
def.4,469
1,685,960
403,373
302,617
98,417
2,919,138
1,493,532
-315,382
+20,033
+24,401
-886,895
-58,780
134,893
-4,985
1,016,338
+12,044
997,688
+181,193
17,107,604 -1,422,816
10,699,393
+349,144
2,388,865
-218,044
34,984
-4,407
def.10,879
+25,440
18,958
+2,573
158,880
+54,732
79,794
+7,050
1,288,788
-208,494
def.9,517
+36,047
8,244,256 -1,579,041
129,203
-52,813
2,163,870
+199,524
100,513
+16,769
411,553
+21,333
112,599,268 112,990,825
1911.
+
+
18
2,7
17
72
4
Net
1910.
a
-391,557
Inc. or Dec.
$
555,214
-150,465
36,571
+42,334
337,589
+40,619
625,545
+149,487
11,135,104
+323,858
131,547
+17,265
118,476
+9,790
546,088
+439,825
3,554,060
+427,199
535,002
+108,392
def.33,029
+21,891
11,860,401 -1,052,937
33,289
+78,975
3,783,997
-812,164
176,709
+28,727
103,063
-10,001
102,079
-302
199,038
-18,645
101,880
+19,854
1,574.612
-13,785
66,275
+9,253
878,534
+26,137
108,093
+38,100
91,863
+20,332
59,754
+23,208
747,203
-94,528
84,114
-6,311
188,993
-26,487
15,737,484
+312,167
313,273
-38,801
130,803
+32,872
321,582
-16,457
3,196,558
-143,720
1,217,661
-163,434
674,089
-85,606
721,367
+8,021
53,225
+36,561
65,824
+3,697
1,092,068
+72,279
-971,912
13,659,850
959,037
-20,753
+265,101
7,007,948
+18,812
73,851
+790,485
19,100,089
-129,962
1,428,051
+134
387
-2,215
51,022
-5,374
61,308
+2,777
9,438
-7,827
140,017
500,695
+82,975
7,771
-301
3,275,528
+47,151
185,926
-77,272
248,834
-10,968
30.296
-3,411
368,492
+170,645
474,968
-59,804
30,735
-35,204
1,120,604
+565,456
451,650
-48,277
337,700
-35,083
108,093
-9,676
2,878,818
+40,320
1,392,600
+100,872
Total (159 rds).365,560,141 352,012,228 115,841,654 115,082,310
+759,338
Gross
1010.
1011.
Groups VI. ce VII.
Northwest.
1,472,689
B &0 Chic Ter Tr_ 1,467,122
Belt Ry of Chicago 2,573,616 2,400,008
1,189,715
Butte Anae dr Pao_ 1,040,682
Chicago & Alton __ 14,672,093 13,953,831
Chic & East ill....1 15,006,595 14,044,200
Evans & Ter
Chic & North West 73,508,434 75,590,299
Chic Burl & Quincy 85,981,648 90,720,160
833,870
805,211
Quincy OmdcK C
Chic Great West _ _ 12,813,556 12,700,449
294,682
338.536
Chic Milw & Gary_
Chic M dr Pug Sd_ 15,426,731 13,029,460
Chic Mil & St Paul 62,798,161 66,456,697
1,700,078
Chic Peo & St L__ 1,691,292
Chic St P M & Om 15,264,346 16,102,865
Chic TerHaute&SE 1,790,446 2,130,292
257,202
234,528
Chic W Pullm dc So
720,824
717,862
Copper Range__ _
Deny North & Pac 1,087,180 1,055,403
398,093
369,073
Des Moines Union_
Duluth & Iron R _ 6,713,222 8,126,345
Duluth Miss de Nor 7,258,444 12,477,555
517,880
677,891
Duluth R L & Win
Duluth So Sh & Atl 3,072,837 3,317,352
510,336
416,001
East St L Connect_
8,941,502
Elgin Joliet & East 8,730,591
356,105
346,275
Escanaba & Lake S
Great Northern.._ _ 63,028,669 64,372,006
638,645
660,483
Green Bay & West
Illinois Central__ .._ 60,328,796 60,631,224
273,657
264,986
Illinois Northern
473,832
463,524
Illinois Southern
192,155
207,207
Illinois Term RR
Indiana Harbor B. 2,452,468 2,380,532
3,553,510 3,418,311
Iowa Central
84,871
73,189
Kankakee de Seneca
222,548
132,506
Lake Sup dr Ishp..
277,659
195,761
Litchfield de Mad _
289,662
362,624
Macoupin County_
767,088
741,372
Mineral Range__ _
220,441
155,122
Minneap & By Rtv
4,685,539 5,050,360
Minneap dr St L
Minn St P & S SM1 23,689,364 22,917,500
Wisconsin Cent'
4,575
4,703
Morris Terminal _ _
507,920
465,792
Munls Mar & S E_
62,006,656 70,032,666
Northern Pacific
820,564
836,292
Minn & Internet
905,953
867,832
Peo & Pekin Union
511,833
386,258
Pierre Rap C&NW
236,000
234,201
St Louis & Hann_ _
301,451
202,142
St Louis Troy dr E
272,812
221,465
So Dakota Cent...
1,250,100
Tol Peo & West_ _. 1,260,886
48,327,223 53,510,659
Union Pacific
1,686,697
St Jo & Grand Tel 1,627,929
Oregon Short Line-See Group X.
Ore-Wash RR &.Nay-See Group X.
504,419
444,654
Wyoming dr Nor W
4,154,659
3,953,044
60 other roads__
599
THE CHRONICLE
MAR. 2 1912.]
Net
1010.
225,089
1,045,400
200,067
4,141,692
4,633,676
209,617
680,037
286,704
3,986,729
4,730,055
Inc. or Dec.
$
+16,372
+365,363
-85,737
+154,963
-97,279
21,748,191
28,366,426
def.61,402
3,238,724
19,622
6,197,499
17,249,515
223,185
4,822,737
563,599
56,285
222,457
301,813
135,921
3,743,773
3,632,614
202,997
792,567
118,063
3,444,044
110,423
26,445,822
207,201
13,921,833
69,695
65,852
48,998
591,711
845,619
def.2.819
def.58,818
53,827
250,891
113,113
61,525
1,303,806
8,533,495
22,039,672
28,246,465
def.15,216
3,037,455
def.62,713
6,614,397
19,026,123
196,961
5,729,831
677,145
62,548
242,257
253,776
130,062
4,800,312
8,273,009
157,751
1,064,091
155,731
2,827,471
113,070
24,645,435
197,531
16,686,034
83,410
113,225
79,196
340,050
753,507
13,650
def.11,301
76,081
172,048
18,406
60,134
1,454,712
8,645,047
-291,481
+119,961
-46,186
+201,269
+82,335
-416,898
-1,776,608
+26,224
-007,094
-113,546
-6,263
-10,800
+48,037
+4,959
-1,056,539
-4,640,395
+45,246
-271,524
-37,668
+616,573
-2,647
+1,800,387
+9,070
-2,764,201
-13,715
-47,373
-30,198
+251,661
+00,022
-16,469
-47,427
-23,154
+87,843
+94,707
+1,391
-150,906
-111,552
1911.
def.0£33
-495
def.1,478
195,530
192,563
-2,967
24,977,715 26,577,936 -1,600,221
328,800
290,038
+38,852
181,135
-3,041
184,176
118,870
189.884
-71,014
-11,868
2,351
def.9,517
16,633
106,378
-89,745
89,605
140,251
-50,646
225,271
254,531
-29,260
21,766,975 25,456,253 -3,689,278
5,651
232,026
+226,375
Groups VIII. db IX -Gross
1911.
1910.
Southwest.
South Pac (con.)$
3
Texas & New Orl 3,912,074 3,811,534
Arizona Eastern-See Group X.
Coos Bay Roseburg & E-See Group X.
37,812
34,000
Hearne & Bra V
303,971
Motes & Shreve.
.
Ter RR Assn 015th 2,590,368 2,685,218
16,139,028 16,375,805
Texas & Pacific
302,242
Texas Mexican
302,639
646,315
581,570
Texas Midland
188,552
238,894
Tremont & Gulf
339,843
374,668
Uintah
1,478,012
Vicks Shrev & Pac 1,401,121
948,413
772,073
Wichita F dr N W
5,691,140 5,864,892
101 other roads
1911.
Net
1010.
638,440
849,616
-191,167
10.733
159,557
866,812
3,891,008
49,494
06,693
18,901
152,738
327,904
292,703
1,272,462
14,992
171,536
1,043,065
4,102,962
47,682
59,633
62,193
148,512
432,823
456,907
992,594
-4,259
-11,979
-176,253
-211,954
+1,812
+37,060
-43,292
+4,226
-104,919
-164,204
+279,868
Inc. or Dec.
Total(180 roads) 450,820,097 456,414,584 124,717,904 132,096,055 -7,378,151
--Gross
Net
1911.
1910.
1910.
1911.
Inc. or Dec.
Group X.
Pacific Coast$
892,487
814,610
-55,030
521,181
466,151
Ariz & New Mex
+68,814
305,438
330,570
36,249
105,063
Bell Bay & Br C._
643,389
-35,175
547,061
247,805
212,630
Colum & Pug Sd
-230,985
El Paso & S W Co 7,128,153 7,516,739 2,824,529 3,055,514
-92,104
273,741 . 249,448 def-105,126 def.13,022
Grand Canyon
726,132
571,447
271,438
-172,650
98,788
Idaho & Wash Nor
511,250
389,359
-60,296
186,935
126,639
McCloud Riv RR_
387,415
73.568
-89,709
163,277
Nev-Calif-Oregon. • 329,677
1,528,425
881,693
681,318
-200,375
Nevada Northern_ 1,408,535
972,698
+10,032
3,469,240 3,306,887
962,666
Northwest Pao
257,847
79,225
+8,971
248,904
70,254
Pacific Coast
+933,641
1,495,803
6,105,628
562,162
San Ped LosA &SL 8,691,974
650,865
1,603,263
-14,485
665,350
S Fe Pres & Phoen 1,663,332
172,087
158,108
416,748
+13,979
424,657
Sierra By of Calif_
Southern Pacific89,841747 95,004,490 38,131,008 41,061,273 -2,930,265
Pacific System
25,021
21,097
114,208
-3,924
86,013
Coos Bay R & E
67,202
106,827
-39,625
348,505
332,089
Corvallis & East
856,627
-153,124
703,503
1,827,389
Arizona East_ _ _ 1,785,887
For remainder of system see groups VIII. and IX.
433,769
-200,345
233,424
813,669 1,123,793
Spokane Internat.
+707,405
1,803,737
4,283,478 2,601,142
Spok Port & Seattle 5,017,554
37,646
69,392
+31,746
220,516
254,540
Sumpter Valley...
-162,491
746,594
584,103
1,069,398
1,085,524
Sunset
-89,431
220,383
130,952
624,145
551,995
Tacoma Eastern__
+48,499
207,525
256,024
818,634
759,670
Tonopah de Goldf'd
-12,439
102,894
90,455
371,597
293,314
Tonopah & Tidew
Union Pacific-See Groups VI. and VII.
-866,063
Oregon Sh Line_ 19,646,742 21,387,870 9,717,113 10,583,176
-177,967
5,962,466 6,140,433
Ore-Wash RII&N 16,424,921 16,888,411
St Jos & Grand Isl-See Groups VI. and VII.
-32,269
• 9,264
41,533
291,571
253,169
United Verde & P.
+3,704
98,601
102,305
299,551
316,697
Va & Truckee....
-33,234
162,219
128,985
365,712
395,563
Mon
&
Idaho
Wash
+16,971
110,490
127,461
224,429
249,860
Yosemite Valley__
1,474,548 -1,193,663
280,885
2,423,382
31 other roads... 2,101,987
Total(62 roads)_166,587,291 172,138,155 67,071,019 71,982,906 -4,911,887
259,712
903,334
256,507
1,053,884
+3,205
-150,550
Grand total(774 roads). _2,805,084,723 2835109,539 883,626,478 907,914,866 -24,288,388
Total(115 roads) 617,640,639 649,130,884 207,119,262 221,516,502 -14,397,330
Gross
1911.
1910.
Groups VIII. & IX. 1911.
Southwest.
Atch Top & S Fe__ 88,437,857 80,261,251 30,840,259
de1.2,281
32,663
38,847
Concho SS&LV_
160,840
887,746
828,257
East of New Mex
31,028
250,952
254,850
Gulf & I-S of T.
Gulf Col & S Fe_ 11,951,160 12,204,297 2,404,124
438,012
1,652.767
Pecos & Nor Tex 1,722,518
63,375
43,587
def.9,713
Pecos River
S F Pres & Phoenix-See Group X.
1,505,405
308,902
1,392,144
Sou Kan of Tex
325,579
39,054
290,229
Texas & Gulf
46,023
8,866
36,157
Beaum Wh & T
Grand Canyon-See Group X.
Colorado & South_ 8,176,801 10,070,870 2,713,052
1,864,214
Ft W & Den City 4,851,085 5,407,768
148,843
822,435
620,328
Wichita Valley_
215,648
Trinity & Br V. 2,196,118 2,049,571
310,949
907,023
828,308
Colorado & Wyom
266,928
2,149,272
Colorado Midland_ 1,850,687
Deny dc Rio Grande 23,020,309 24,174,378 6,749,064
206,632
422,759
517,650
Flo & Cripple Crk
188,551
749,722
703,565
Ft Smith & West_
160,721
460,516 • 412,317
Galv Hous dc fiend
Internat & Gt Nor 0,738,803 '9,061,386 2,521,194
120,815
367,343
388,104
K C Clin & Springf
1,895,339 def.83,492
K C Mex & Orient_ 1,778,124
Kansas City South 9,504,836 10,307,490 3,244,201
15,005
340,430
356,489
Kansas City Term_
472,368
1,406,712
Louisiana & Ark _ _ 1,300,721
37,957
290,060
287,655
Louisiana & N W.
33,402
253,684
189,152
Louisiana & Pac _
10,133
244,871
160,400
Louisiana Central.
575,960
1,610,206
Louisiana By & N 1,821,129
76,320
222,358
240,685
Mfrs By of St L
33,008
202,774
206,023
Marshall & E Tex_
07,803
231,735
225,497
Midland Terminal.
388,644
1,338,879
1,457,598
Midland Valley
252,784
870,918
766,032
Miss ltiv & Bon T.
52,280
805,087
889,001
Mo & Nor Arkan.
5,843,469
16,008,185 17,056,393
Mo Kan & Texas
1,454,420
Mo K &Tex of T 10,831,129 10,713,777
244,564
Texas Central,.
1,015,637
956,478
141,276
564,098
865,153
Mo Okla dc Gulf
790,652
Mo Pac dr br lines_ 24,310,597 25,505,185
St L Iron MtdcSo 29,433,618 28,132,053 8,503,081
272,106
24,113
255,706
Oklahoma Central_
618,504
490,423
86,498
Rio Grande South_
Rock Island2,967,285
1,145,200
Chic R I & Gulf_ 2,042,584
Chic R I & Pao_ 63,162,790 64,082,154 16,838,042
Morris Terminal-See Groups VI. and VII.
St L & San Fran_ 40,164,092 40,134,449 13,982,332
933,386
1,017,705
102,029
Ft W & R Gr_ _
173,811
247,504
107,443
Paris & Gt Nor_
979,327
103,826
St L San Fr & T 1,238,239
Chic & East Illinois-See Groups VI. & VII.
1,003,037
105,429
New 011 Tex&M 1,282,038
504,981
585,602
101,148
Beau Sour L&W
172,445 def.22,190
105,587
Orange & N W _
8,963
def.5,621
11,355
Rio Grande__._
1,810,573
657,842
St L Brown&M. 2,153,386
1,845,667
243,422
St L Mer Bridge T_ 1,545,331
317,274 def.24,137
253,705
St L Rky Mtn & P
7,579,237 3,159,123
St Louis Southw__ 7,570,223
454,245
StLSWRyof T 4,214,378 4,070,746
372,478
93.194
365,606
St Louis Tranfer._
4,191,044
1,054,087
San Ant & Aran P 4,317,863
Southern PacificCorvallis dr East-See Group X.
duly liar & S A 10,812,757 10,876,856 2,081,060
1,350,070
Hous & Tex Cm 6,172,363 6,030,572
466,041
1,130,525
Hous E&W Tex 1,307,355
34,006
83,001
Iberia & Vermil.
80,500
26,229
135,118
118,320
Lake Charle.s &N
534,657
Louisiana West_ 2,018,335
1,996.183
1,340,316
Morgan's La&T. 4,853,193 4,014,281
Pacific System-See Group X.
Net
1910.
Inc. or Dec.
32,087,123 -1,246,864
-6,913
4,032
+10,492
159,357
63,208 . -32,180
+5,235
2,398,889
-82,864
520,876
-4,383
def.5,330
410,767
106,380
7,528
-101,865
-67,326
+1,338
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
-The public sales of bank stocks this week aggregated
152 shares, and were all made at the Stock Exchange. No
trust company stocks were sold. Extensive tables reporting
the bid and asked quotations, deposits, surplus, &c., of
banks and trust companies in all important cities in the
United States are published monthly in the "Bank and
Quotation" Section, the March issue of which accompanies
to-day's "Chronicle." Bid and asked quotations for alL
New York City bank and trust company stocks are also
published weekly in another department of the paper, and
will be found to-day on pages 610 and 611.
-524,341
3,238,203
-257,647
2,121,861
277,001
-129,058
23,951
+101,697
-78,057
389,906
Low. High. Close. Last previous sale.
337,194
-70,266 Shares. BANKS-New York.
Feb. 1912- 245
245
245
7,987,893 -1,238,829
10 Amer. Exchange Nat. Bank__ 245
+68,457 102 Commerce, Nat. Bank of _ _ 195
138,175
196
196
Feb. 1912- 196
158,733
+20,818
1912- 202
205
205
Jan.
_
205
__
Bank
National
Fourth
10
• 153,070
+7,642
Feb. 1912- 270
265
265
30 Mech. de Metals Nat. Bank -- 282
1,900,500
+620,694
108,589
+12,226
-John H. Marble, formerly Chief of the Division of Prose47,890
-131,382
3,745,073
-500,872
of the IntertState Commerce Commission, has been
cutions
3,556
+12,349
593,464
-71,096 appointed Secretary of the Commission, to succeed Edward
72,697
-34,740
118,184
-84.782 A. Mosely, who died on April 18 of last year.
62,869
-52,736
+197,692
-In line with the recommendation of President Taft for a
378,268
-3,611
79,931
+7,628 Congressional inquiry into the subject of industrial relations,
25,380
+13,632 a bill authorizing the
84,171
appointment of a commission to look
-8,356
307,000
-56,328 into the matter was introduced in the House on Thursday by
309,112
-30,881
83,161
+520,369 Representative Hughes of New Jersey. The bill is said to
5,323,100
-653,028
2,107,448
-00,348 be similar to one introduced in the Senate by Senator Borah.
313,912
+112,335 The Hughes bill calls for a commission of nine, to be ap28,941
4,365,350 -3,565.698
-113,110 pointed by the President, and not less than two of the mem8,617,091
-31,251
55,364
-128,018 bers are to be employers of labor, and two representatives
215,416
017,291
16,033,001
+227,009
-05,049
12,910,441 +1,071,891
-108,135
210,164
+39,105
68,338
+06,382
7,444
206,816
146,857
33,104
def.9,370
370,551
501,614
50,838
3,020,826
del.95,531
00,349
1,198,998
-11,387
-45,709
-55,294
+3,740
+287,291
-348,192
-74,975
+138,207
+549,776
+2,845
-144,911
3,086,475
1,515,686
447,319
39,070
54,472
699,231
1,652,583
-104,515
-165,616
+18,722
-4,164
-28,243
-164,574
-312,267
of organized labor. The commission would serve without
salary, and would be delegated, we learn, from the "Journal
of Commerce," to "inquire into the general conditions of labor in the principal industries in the United States; into existing relations between employers and employees; into the
effect of industrial conditions on the public welfare; into the
growth of associations of employees and wage earners; the
results of methods of collective bargaining, and into methods of avoiding and adjusting labor disputes through peaceful and conciliatory methods, together with an inquiry into
the methods employed in foreign countries for the maintenance of peace in the industrial world." Its findings would
be .reported to Congress from time to time, the final report
being made within three years.
-The strike at Lawrence, Mass., is to be the subject of an
inquiry by the Federal Bureau of Labor, a decision to this
effect having been reached at a.conference on Wednesday
600
THE CHRONICLE
between Secretary Nagel of the Department of Commerce
and Labor and Charles P. Neill, United States Commissioner
of Labor. Investigations, it is understood, are already under
way by A. P. French, United States District Attorney at
Boston, who is acting at the instance of Attorney-General
Wickersham, and by Attorney-General James M. Swift of
Massachusetts, who is proceeding in accordance with instructions from Governor Eugene N. Foss. A Congressional
inquiry into conditions at Lawrence is also proposed in several resolutions now awaiting action in Congress; Representatives Wilson and Berger and Senator Poindexter are
the sponsors for these resolutions.
An early settlement of the Lawrence strike seems likely in
view of the announcement of the American Woolen Company
to put into effect on the 4th inst. a new schedule of wages,
involving increases in the rates now paid by the hour and
piece. This affects not alone the company's establishments
in Lawrence, but all its factories throughout New England
and New York State; wages will be readjusted according to
classes and occupations, but in every case the increases will
amount to 5%. About 30,000 operatives will benefit in the
increase. Other mills have taken similar action, including
the Arlington Corporation, manufacturers of cotton and
worsted goods, and the Uswoco Mills, in South Lawrence.
—The House of Representatives on Saturday last(Feb. 24)
passed by a vote of 270 to 8 a compromise resolution, directing the Committee on Banking and Currency to proceed with
the proposed investigation into banking and currency conditions. While the resolution is broader than was the Pujo
resolution, favorably reported on the 15th ult. by the Rules
Committee of the House, in that it directs an investigation
into all matters "touched upon in House Resolution No. 405
within the jurisdiction of said committee," it does not require, as did Resolution No. 405 (known as the Henry resolution) that the inquiry be conducted by a special committee.
The Pujo resolution apparently left with the Banking and
Currency Committee discretion as to the scope of the investigation. The Henry resolution (No. 405) failed of approval in the Democratic caucus of Feb. 7, when the Underwood resolution, offered as a substitute, and delegating to
the standing committees of the House such aspects of the
inquiry as lay within their jurisdiction, was adopted. The
resolution as passed by the House last Saturday bears Mr.
Henry's name, and its text is as follows:
HOUSE RESOLUTION NO. 429.
Resolved, That in order to obtain full and complete information of the
banking and currency conditions of the United States, for the purpose of
determining what legislation is needed, the Committee on Banking and
Currency Is authorized and directed to make a full investigation thereof;
Including all matters touched upon in House Resolution No. 405, within
the jurisdiction of said committee; and the said committee is authorized
as a whole or by sub-committee to sit during sessions of the House and the
recess of Congress, to compel the attendance of witnesses, to send for persons and papers, to administer oaths to witnesses, and to employ experts,
counsel, accountants and clerical and other assistants. The Speaker shall
have authority to sign and the clerk to attest subpoenas during the sessions
or recess of Congress.
The eight who voted against the resolution are Republicans, namely, Representatives Austin, Cannon, Dalzell,
Henry of Connecticut, Gillett, Higgins, Thistlewood and
Tilson. We indicated in our issue of Feb. 10 the subjects
outlined for investigation under the Henry resolution No.
405. In line with the Underwood resolution, resolutions
have been introduced by Chairman Clayton of the Judiciary
Committee and Chairman Adamson of the Inter-State and
Foreign Commerce Committee, authorizing their committees
to act, the one to deal with violations of the Anti-Trust Law
and the other with an investigation into railroad monopolies.
—The Supreme Court of the United States in a case
against the First National Bank of Rapid City, S. D., has
decided that where a claim is brought for the collection of
usurious interest charged by a national bank, the time within
which suit may be brought by the borrower is to be calculated
from the date of the actual payment of the usury, and not
from the date on which the usury contract is made.
—William Temple Emmett, who succeeds William H.
Hotchkiss as New York State Superintendent of Insurance,
has formally entered upon the duties of his new post. He
took charge of the New York office on Saturday last.
—A petition for the rescinding of the New York Stock
Exchange ruling on arbitra,ga trading was presented to the
Governing Committee at its meeting this week;the Governors
have referred it to the Committee on Commissions, who have
been instructed to inquire into the matter and report their
conclusions.
—The formation of a national committee of investment
bankers, which will work in behalf of the movement to ef-
[VoL. Lxxxxiv.
fect the establishment of an investment bankers' section of
the American Bankers' Association, is announced from Chicago. George B. Caldwell, Vice-President of the Continental
& Commercial Trust & Savings Bank of Chicago, is chairman of the newly-created committee, which will hold a conference in Chicago on March 29. The movement was brought
before the American Bankers' Association at its November
convention in New Orleans, but action on the suggestion was
deferred until the next session. The committee which will
assist Mr. Caldwell in furthering the proposition includes
the following:
Howard W. Fenton, Vice-President of the Harris Trust FG Savings Bank;
Charles Schweppe, Manager of Lee, Higginson & Co.; Ferry W. Leach of
A. B. Leach & Co.; Charles Counselman, Manager of Spencer Trask & Co.;
C. H. Moore Jr. of Woodin, McNcar & Moore of Chicago; D. Arthur Bowman of D. Arthur Bowman & Co., St. Louis; Allen S. Hoyt, N. W. Halsey
& Co., New York; J. R. Swan, Kean, Taylor & Co., New York; H. W.
Smith, Harris, Forbes & Co., New York; Charming Rudd, Rhoades & Co.;
N. Y.; H. W. Briggs, E. H. Rollins & Sons, Boston; O. W. Hendrick, 3rd,
E. W. Clark & Co., Philadelphia; Harry E. Well, Well, Roth & Co.,
Cincinnati; E. M. Stevens, Stevens, Chapman & Co., Minneapolis; H.W.
Noble, Detroit, and John H.Porter, Denver.
—General Secretary Fred E. Faimsworth of the American
Bankers' Association is sending out the report covering the
1911 convention, held at New Orleans, on Nov. 20 to 24. The
book is in the usual complete style, and,besides containing a
review of the general organization, includes the proceedings
of the Trust Company, Savings Bank and Clearing House
sections. In accordance with the past custom, the volume
also embraces the constitution, by-laws, list of members, &c.
—The Executive Council of the American Bankers' Association will hold its spring meeting at Briarcliff Lodge, Briarcliff Manor, New York. The committee will meet on Monday, May 6, and the Council will hold its session on Tuesday
and Wednesday, May 7 and 8. As is customary, the meeting will be void of entertainment features. Briarcliff Manor
is about thirty miles from New York City on the New York
Central Lines. The railroad station is Scarborough, and
Briarcliff Lodge is about a mile from the station.
—The American Institute of Banking will hold its next
annual convention at Salt Lake City on Aug. 21 to 23.
Everything points to an increased attendance this year, and
the prospects are that all previous records will be broken.
B. W. Moser of St. Louis is Chairman of the Press and Publicity Committee.
—The completion this week of the proceedings under
which the Trust Company of America is merged with the
Equitable Trust Co. of this city was received with much favor
in banking circles. It had been understood for some time
that Mr. Krech's proposition to the stockholders of the Trust
Company of America was entirely satisfactory. The 'arrangements were ratified by the respective shareholders last
Saturday. In the case of this latest consolidation of trust
companies, there were special reasons for the union, as the
Equitable was practically without a home since the destruction of its offices at the corner of Pine and Nassau streets
in the great Equitable Life Assurance Building fire; it had
since been occupying temporary quarters at 115 Broadway.
The Equitable, in taking over the magnificent building of
the Trust Company of America at 37 Wall Street, has adequate and spacious quarters for the proper transaction of
its business, and it is also ideally located in the heart of the
financial district. This merger gives New York City another
powerful financial institution, and makes the Equitable one
of the strongest and largest trust companies in the country.
It has a capital of $3,000,000, surplus and profits of $10,366,000, deposits of $71,000,000 and aggregate resources of
close to $85,000,000. The company will maintain four
branches, namely, the "Fifth Avenue," at 618 Fifth Avenue;
the "Colonial," at 222 Broadway; in London, Eng., at 95
Gresham St., and in Paris, France, at 23 Rue de la Paix.
The complete official staff consists of: Alvin W. Krech,
President; Frederick W. Fulle, Heman Dowd and Lyman
Rhoades, Vice-Presidents; H. Mercer Walker, Treasurer;
Richard R. Hunter, Secretary; Herman J. Cook, Carleton
Bunce and George M. Stoll, Assistant Treasurers; William
J. Eck, Lawrence Slade and Duncan P. Squire, Assistant
Secretaries; Roland P. Jackson, Trust Officer; Edmund L.
Judson, Manager Colonial branch, and Ashbell Barney,
Manager Fifth Avenue branch.
—Seward Prosser yesterday assumed the presidency of the
Liberty National Bank of this city, following his election
co the office last month. He takes the place of Frederick B.
Schenck, who resigned to become Chairman of the Board.
Mr. Prosser was formerly Vice-President of the Astor Trust
......
Company.
MAR. 2 1912.
THE CHRONICLE
601
—One of the country's largest mercantile banks—the
—Ernst Thalmann, senior member of the banking firm of
Ladenburg, Thalmann & Co. of this city, died on Monday. Chemical National Bank, of which J. B. Martindale is PresiOn account of ill-health, he had not been active in the af- dent, has made an addition of $1,000,000 out of its undivided
fairs of the concern for some months. His death, it is an- profits to the surplus, increasing the same from $5,000,000
nounced, will cause no change in the business of the firm. to $6,000,000 at the close of 1911. In the last statement to
Mr. Ladenburg was born in 1851 at Mannheim, Germany, the Comptroller as of the 20th inst., the capital was $3,000,where his father was a prominent merchant. In 1867 the 000, surplus fund $6,000,000, undivided profits $1,077,993,
son located in the United States and became connected with deposits $33,077,103, aggregate resources $43,589,534. All
leading banking and export houses. About nine years of the present $10,077,993 capital, surplus and undivided
later he organized his own firm, and in 1879 he became a profits was earned out of profits with the exception of only
member of the New York Stock Exchange. Soon after the $300,000, which represents the original capital investment
formation of his firm, close relations were established be- made by the stockholders. Early in 1907 the capital was
tween it and the banking house of S. Bleichroder of Berlin. increased from $300,000 to $3,000,000 by the payment of
The members of that house became special partners in Mr. $2,700,000 out of surplus to enable the institution to enlarge
Thalmann's firm, this connection continuing until about its loaning power in compliance with the new loan law.
two years ago, when Hans von Bleichroder and Paul Schwa- Before the change in capital was made, the stockholders
bach retired from the New York house. George von Bleich- were paid for many years 150% in dividends, or $450,000
roder had,Awithdrawn a few years before that. Mr. Thal- per annum on their original capital investment of $300,000,
mann was one of the three receivers of the Knickerbocker and. are to-day receiving the same equivalent, 2% biTrust Co. during its temporary suspension in 1907-1908. monthly, or $450,000 per annum on the new capital of
In addition to having a membership in the New York Stock $3,000,000.
Exchange, he was a member of the New York Cotton and
—Orlando H. Harriman, William A. Burke and George
Produce exchanges, the Philadelphia Stock Exchange and W. Streeter have been appointed Assistant Cashiers of the
. the Chicago Board of Trade. He was Vice-President of the Harriman National Bank. Mr. Harriman comes from the
Alliance Realty Co., President of the Barney Estate Co., First National Bank, where he had been an Assistant Cashier
a director of the New York Trust Co., the Lawyers' Mortgage since 1904. Mr. Streeter and Mr. Burke started with the
Co., the Mortgage Bond Co., the National Railways of Harriman National when it began business.
Mexico, the United Railways Investment Co., the United
—The Fifth National Bank, now located on the corner of
States & Hayti Telegraph & Cable Co., the Northern 23d St. and 3d Ave., this city, has practically completed the
Alabama Coal, Iron.& Railway Co., the Omaha Water Co., erection of a bank and office building situated one square
a trustee of the Bavarian Mortgage & Exchange Bank of further west, on the corner of 23d St. and Lexington Ave.
Munich, the Munich Reinsurance Co., the Frankfort Trans- The bank expects to move into its new home in June.
port Glass & Accident Insurance Co., etc. Mr. Thalmann Stephen Kelly is President and W. S. Beckley Cashier.
was decorated by the German Emperor. His son, Edward
—Jordan J. Rollins, of the law firm of Rollins & Rollins,
E. Thalmann, is one of the partners in the firm.
which for several years prior to the present administration
—Donald Mackay, formerly head of the banking firm of served as counsel for the New York State Banking DepartMackay & Co. of this city, and also a former President of ment, died on the 25th ult. Mr. Rollins was a director of the
the New York Stock Exchange, died suddenly in a Hudson Windsor Trust Co. of this city; the board this week took ocTunnel train on Thursday. He was on his way to his home casion to inscribe on the minutes resolutions in his memory.
at Englewood at the time. Mr. Mackay, who was born in
—The Chelsea Exchange Bank, at 266 West 34th St., near
Port Chester, N. Y., was in his seventy-second year. He Eighth Ave., this city, will open its new Broadway branch,
had been identified with Wall Street interests since the close at 97th St. and Broadway, next Monday.
of the Civil War, in which he had served from its outbreak,
—The stockholders of the Jefferson Bank at a special
and his membership in the Stock Exchange dated from 1866. meeting yesterday authorized the merger of their institutiou
Mr. Mackay entered the employ of Carpenter & Vermilye, with the Century Bank, in pursuance of plans noted in our
and upon its reorganization in 1870.became a partner in the
issue of Feb. 17.
firm. When the partnership as it then existed expired in
—Beverly R. Robinson was this week elected trustee in
1905, he, with Latham A. Fish, George D. Mackay, G. T.
bankruptcy for the firm of Van Schaick & Co., which assigned
Hollister and F. W. Kendrick, formed the firm of Mackay
Sept. 12, and against which an involuntary petition in bank& Co. The personnel of the firm has since changed (Mr. ruptcy was filed Nov. 21.
Mackay himself retired in 1910), and now consists of Malcolm
—A reorganization has been effected of the First National
S. Mackay, a son, and Reginald Halliday. The late Mr. Bank of Jamaica, Long Island. With the resignation of
Mackay was a member of the Governing Committee of the David L. Van Nostrand as President and David D. Mallory
Exchange for twenty years. He was at the time of his death
as Cashier, the presidency has been filled by the election
a director of the Merchants' National Bank, the Harriman thereto of Starr Brinkerhoff, while Richard Van Siclen has
National Bank and the Fidelity-Phenix Fire Insurance Co.,
been chosen to the cashiership; the latter was previously
and President of the Citizens' National Bank of Englewood. Assistant Cashier. P. H. Woodward, Secretary to President
He was Treasurer of the Down Town Club. For two terms Peteis of the Long Island RR., and who had been Second
he was Mayor of Englewood, which was indebted to him for Vice-President of the bank, has been made First Vice-Presimany benefactions. In appreciation of his activity in behalf dent. The reorganization is the outcome of differences which
of the city, a public dinner and loving cup were tendered arose, it is understood, with respect to business conhim by the citizens on his seventieth birthday.
nections of the retiring officials. The objection so far as
—The following new members have been elected to the Mr. Mallory is concerned is said to have rested in the fact
board of the Washington Trust Co.: William A. Nash, Chair- that he was allied as President with the Manhattan Securities
man of the board of directors of the Corn Exchange Bank; Co. Speaking in behalf of the National Banking DepartWalter E. Frew, President of the Corn Exchange Bank; ment, which interested itself in the reorganization of the
George E. Ida, President of the Home Life Insurance Co.; bank, National Bank Examiner Rorebeck took occasion to
Roswell L. Eldridge, and Harry K. Knapp. These addi- say:
tions increase the membership of the board from twenty-one
The Manhattan Securities Co. never owed the bank a cent, so far as I
know. At any rate, there is none of the company's paper on band at
to twenty-six.
present, which is all that we have concerned ourselves about. We have
—The Coal & Iron National Bank of this city again shows not b thered with any past history. The paper in the bank at present Is
as clean as that held by the average country bank and there is a surplus
in its new statement for Feb. 20 a noteworthy increase in its on
hand of $25,000. The report that there has been a decrease in deposits
business. Deposits during the period from Dec. 5 1911 to during the last six months is not true. There has been an apparent deFeb. 20 advanced from $7,587,277 to $8,143,085, a gain crease, owing to the dropping of certain collection accounts; but no significance should be attached to that fact.
of over half a million dollars in two months' time. AggreVice-President Woodward is also quoted with the followgate resources have increased from $9,468,626 to $10,028,222.
ing statement anent the changes:
—March 18 has been fixed as the date when the stockIt is true that the Banking Department has looked into the affairs of
holders of the Bankers' Trust Co. and the Manhattan Trust the bank, but it was a routine matter. The Banking Department did agree
the directors of the institution that it would be best for Mr. Van
Co. will meet to authorize the consolidation which has been with
Nostrand to retire, but It was not because of the way he had handled the
arranged between the two institvtions. The proposition to bank's funds. It was simply that he was a resident of Flushing, some disincrease the capital of the Bankers Trust Co. from $5,000,- tance from Jamaica. and that his own private business took so much of his
that he could not give proper attention to the bank. We wanted a
000 to $10,000,000 will also be submitted for approval at time
resident of Jamaica as head of the bank, and got such an officer in Mr.
that time.
Brinkerhoff. Mr. Van Nostrand has never borrowed more than $12,500
602
THE CHRONICLE
from the bank at a time, the maximum allowed by law on the bank's
capitalization of $125,000.
Neither was Mr. Mallory involved in any unsatisfactory way with the
bank's own affairs. It was simply that he was connected with certain int crests In Manhattan that I did not care for; therefore I suggested that he
lye them up. But Mr. Mallory said his Interests outside the bank were
more important than those in the bank, so the result was that we obtained
his retirement. The bank is in perfect condition, and no one is to be
criticized.
[VOL. Lxxxxnr.
National were $3,121,952, deposits $27,089,576 and aggregate resources $31,211,526. The executives are: J. Tatnall
Lea, President; William A. Law, the New York and Philadelphia banker, is First Vice-President; Kenton Warne,
Second Vice-President; Thomas W. Andrew, Cashier, and
Freas B. Snyder, Charles H. James and Harry J. Haas,
Assistant Cashiers.
—A meeting of the stockholders of the Western National
Bank, Philadelphia, will be held, March 28 to ratify the
merger of that institution with the Girard National Bank,
which,as announced in our issue of last Saturday,took place
on the 23d ult. The election of George E. Shaw as a director
of the Girard and Charles F. Wignall as an Assistant Cashier
occurred this week. Mr. Shaw was President of the Western
National and Mr. Wignall was its Cashier.
—F. C. Hansel!, heretofore Assistant Cashier of the Union
National Bank of Philadelphia, has been elected Secretary
and Treasurer of the Mutual Trust Co. of Philadelphia, succeeding J. S. Truitt, resigned.
—Aggregate resources of the Corn Exchange National
Bank of Philadelphia have more than doubled during the
past twelve years. The annexed table indicates the growth:
The board of directors as reorganized is made up of the
following: Starr Brinckerhoff, K. M. Turner, Richard Van
Siclen, Wyckoff Van Siclen, John Elderton, William Callister, Warren B. Ashmead, Jeremiah Robbings, Ludwig
Nissen, Herbert A. O'Brien and Francis B. Mullen.
—The old building of the Hartford National Bank of Hartford, Conn., on State St., was sold on the 19th ult., the purchase price, it is stated, being in the neighborhood of $100,000. The institution has passed the century mark (it was
established in 1792) and the building has been its home
since Oct. 26 1811. On the occasion of the bank's 120th
anniversary, in fact, some few months previous to October
1912, the bank expects to be located in its new home, which
bids fair to be one of the finest bank and office buildings in
the New England States. During the period of nearly a
century and a quarter this memorable institution has deRESOURCES.
voted a great deal of its energy, enterprise and strength Feb. 13 1900
$22,513,000
$11,1O1.000 Jan. 31 1910
28,110,000
17,919,000 Feb. 20 1912
to aid Hartford and her citizens and the citizens of Con- Jan. 11 1905
It will thus be seen that since Feb. 13 1900 the resources
necticut as well. Having, through conservative management, become a bulwark of strength, it is therefore fitting of the bank have increased from $11,161,000 to $28,110,000.
that it should provide for future growth and the better ac- Charles S. Calwell is President and Merritt N. 'Willits Jr.,
commodation of its customers, as is planned in the new Cashier.
structure. The bank has a capital of $1,200,000, surplus
—For the business year ending Dec. 30 1911 the Mercanand profits of $1,100,000 and deposits of about $4,300,000. tile Trust & Deposit Co. of Baltimore, A. H. S. Post, PresiHarold W. Stevens is President, F. P. Furlong is Vice-Presi- dent, reports a total deposit line of $10,344,570, an increase
dent and Cashier, while W. S. Andrews and Addison G. of over 17% for 1911. Deposits Dec. 31 1910 were $8,809,Brainerd are Assistant Cashiers.
843 and $8,041,252 on Dec. 31 1909. The company's
—Action on the question of consolidating the American capital is $1,500,000, surplus $2,700,000, undivided profits
National Bank and the Phoenix National Bank of Hartford, $430,782 and aggregate resources $14,975,352. These
Conn., which was to have been taken by the stockholders on figures are independent of the trust department, which
Feb. 27, was deferred, the matter being laid over until handles $19,943,521 trust funds, of which only $216,960 of
April 9. An item concerning the contemplated merger deposits in trust are included in the total deposit line of
appeared in our issue of Feb. 3. According to the Hartford $10,344,540. The Mercantile Trust & Deposit Co. is trustee
"Courant," the Aetna Life Insurance Co. has bought within under corporate mortgages aggregating $146,377,592.
the past week the interest held in the Phoenix National by
—The Columbus Savings & Trust Co. of Columbus, Ohio,
the Travelers' Insurance Co., the Hartford Fire Insurance has closed its doors, the State Superintendent of Banks
Co. and the National Fire Insurance Co.; these holdings, the having taken charge of the institution on Monday. The
"Courant" announces, were, according to the report of the situation is the outcome of a "run" which began on the instiInsurance Commissioner for 1911, as follows: Travelers', tution at the time of the suspension in December of the Union
817 shares; Hartford Fire, 467 shares, and National Fire, National Bank. Advantage was then taken of the law
381 shares. The Aetna Life already had 918 of Phoenix calling for sixty days' notice for the withdrawal of savings
stock, and assuming that the present acquisition embraces deposits; this requirement could not be exercised so far as the
the 1,655 shares, as above, its holdings in the Phoenix Na- demand deposits were concerned, and these, it is stated, were
tional are increased to 2,583 shares. The capital of the steadily drawn out until but a small amount was left. With
Phoenix National is $1,000,000. Further developments, as the expiration of the sixty-day notice on Feb.5,the accounts
far as the public is concerned, are necessarily held in abey- in the savings department were subjected to large withance until the adjourned meeting April 9.
drawals. On Dec. 5 the institution reported deposits of
—The Bank of South Hudson, Bayonne, was incorporated $2,075,985, but it is stated that by Monday these had been
on the 15th ult., and will do business on Broadway between reduced to less than $1,500,000. The company was not a
40th and 46th Sts., Bayonne. It is intended to be an or- member of the Columbus Clearing-House Association, but a
ganization for the local people, and the incorporators are meeting of the latter was called on Monday, when the direcHerman B. Meersse, Dr. W. W. Brooks, Dr. Thomas H. tors offered to turn over to the associated banks all the assets
Reynolds, Judge Peter Stillwell, Edward S. Holman, Charles of the institution, on condition of a guaranty of its deposits;
A. Collier, David W. Holman and Samuel H. Guy.
the Association, it is stated, declined to take any steps in the
—Alvan C. Harlow severed his connection with the Fidel- matter and the Banking Department forthwith assumed
ity Trust Co. of Portland, Me., on the 21st ult., and the charge. An announcement issued by State Superintendent
company's investment department will hereafter be con- of Banks F. E. Baxter concerning the difficulties of the
ducted, under the supervision of the executive officers, by institution says:
The continued and constant heavy withdrawals of deposits since the
Walter S. Hammons, Arthur Sewall and Henry H. Hay.
failure of another banking institution In this city, early in December last
—The Bath Trust Co. of Bath, Me., receiver for the Peo- has reduced,the assets of this bank to a point where a possible sacrifice was
management to realize upon
ple's Safe Deposit & Savings Bank, has applied to the Su- imminent, and in view of the inability of thewere
objectionable to this Desecurities, which, although of value,
preme Court of the State of Maine for authority to pay on certain
of the bank's affairs to precharge
take
to
I
duty
partment, deemed It my
April 9 a second dividend of 33 1-3% to depositors. This serve intact the remaining assets for the benefit of creditors.
In justice to the officers and directors of this institution, it is but fair
dividend will make a distribution of 66 2-3%. The Peoto say that they have in every way co-operated with this Department in its
ble's Safe Deposit & Savings Bank was placed in receiver's endeavor to correct conditions for which they were not entirely responsible.
hands Dec. 27 1910.
I have always believed, and am still of the opinion, that the bank will evenpay Its depositors and other creditors in full. No other Columbus
—The First National Bank of Philadelphia, known as tually
banking institution Is Involved by the closing of this bank.
"the bank of personal service," has recently returned to its
The Columbus Savings & Trust Co. was established in
permanent banking house at 315 Chestnut St. This building
as the Columbus Savings Association, its name having
1883
was formerly the home of the First National Bank, but when
a capital
its consolidation with the Merchant's National Bank oc- been changed to the present one in 1901. It has
for the
authority
is
Journal"
State
The
"Ohio
$610,000.
of
should
building
the
curred,it was decided that the interior of
the
Columbus
of
bonds
of
its
that
consist
assets
be rebuilt and enlarged and equipped with new facilities. statement
telephone
While this was going on, the consolidated institution made Urbana & Western Ry., bonds of several Texas
at
and
Long
occupied
it
which
and
the
building
companies
Bank
National
its temporary quarters in the old Merchants'
carried on the books
offices across the street, corner of Third and Chestnut. High streets. The latter, it is stated, is
Western Ry.is said to
On the 20th inst. the capital, surplus and profits of the First at $1,050,000. The Columbus Urbana &
MAR. 2 19)2.1
THE CHRONICLE
have been practically owned by the bank, which holds its
bonds and stock as collateral for claims aggregating $290,000.
The Court, at the request of the State Banking Department
that a receiver for the road be named, appointed as such
L. P. Stephens, General Manager of the road.
—Harry E. Hayes, of the brokerage firm of W. J. Hayes
& Sons of Cleveland, who was sentenced to five years' imprisonment in December 1909, following his conviction on
charges of embezzling certain bonds placed in the .firm's
charge, has been granted a parole, to go into effect July 1.
—Edward F. Romer, for three years State bank examiner
for the Cincinnati district, has handed in his resignation to
the Ohio Banking Department, to take effect March 1. He
is then to become connected with the Cosmopolitan Bank
& Savings Co. of Cincinnati as Secretary-Treasurer and
General Manager. This institution has a capital of $250,000;
urplus, $150,000, and deposits of about $1,825,000.
--*-A first dividend of 40% was paid to the depositors of
the Metropolitan Bank & Trust Co. of Cincinnati on Feb. 10.
The institution closed its doors in September.
—The total deposits of the thirteen national and forty
State banks of Chicago, according to the reports made in
compliance with the last call (20th ult.), foot up nearly a
round billion dollars, very equally divided between the State
and national institutions. The State banks lead the national less than 10 million dollars. This, in both cases,
establishes a new high record. Among individual gains over
the last previous call, the Continental & Commercial National shows the greatest, $16,400,000. The First National
Bank increase is $11,000,000; the Corn Exchange National,
$7,300,000; the National City Bank of Chicago, nearly
$5,000,000; the National Bank of the Republic, $2,000,000;
the Drovers' Deposit National and the Live Stock Exchange
National, about a million and a quarter each. Of the
State banks, the Central Trust Co. shows the greatest gain
in deposits, $9,000,000, but this is largely accounted for by
its having absorbed the Monroe National and the Western
Trust & Savings bank since the statement of Dec-5 1911.
The Harris Trust & Savings Bank is u $4,000,000 and the
Merchants' Loan & Trust Co. $3,000,000. The Northern
Trust Co., Union Trust Co. and the State Bank of Chicago
alike show about lA million dollars increase.
—In the statement of the First National Bank of Chicago,
submitted under the new call of Feb. 20, deposits of $123,453,984 are shown, this amount representing an increase of
more than 13 million dollars over the figures of Jan. 2, when
they stood at $110,263,189. The First National's affiliated
institution, the First Trust & Savings Bank, has deposits of
$53,127,480 in the report presented in response to the State
call of Feb. 21, the combined deposits of the two thus aggregating $176,581,464 at the latest date and comparing with
$165,818,546 at the first of the year. The assets of the two
now amount to $207,496,435—those for the First National
being $147,762,767 and for the First Trust & Savings Bank
$59,733,668. Some statistics which President James B.
Forgan recently laid before the officers and employees gave
an interesting insight into the operations of the First National during the past ten years. In that period cash dividends of $10,960,000 have been paid to the shareholders
and there has been accumulated for them undivided earnings
of $10,079,170. These figures include the capital, surplus
and undivided profits of the First Trust & Savings Bank,
which aggregate $6,521,957, and which all represent accumulated earnings. Salaries of $7,249,859 have been paid
to employees during the decade, those figures being 66.1%
of the amount paid to shareholders in dividends and 34.4%
of the combined cash dividends and undivided profits. In
1902 the First National had 455 clerks; in 1911 the total
number of clerks in the First National and the First Trust
was 608. The creation of a pension fund of $1,000,000 was
one of the incidents of the ten-year period, and out of it
there has already been paid $156,879 in pensions.
—Isaac N. Perry, formerly prominent as a banker in
Chicago, died at his home in that city on Feb. 22. Mr.
Perry's affiliation with Chicago banking interests dates
from 1891. He was for eleven years a Vice-President of the
Continental National Bank of that city, and resigned in 1902
to become President of the Southern Trust & Banking Co. of
New Orleans. He never assumed that office, however, as
he was induced to remain in Chicago and take the presidency
of a new bank formed there in 1902 under the name of the
National Bank of North America. In October 1904 that
institution was taken over by the Continental National,
603
arrangements to this end having resulted from charges which
connected the name of Mr. Perry with the destruction by
fire of the buildings of the Chicago Car & Locomotive Works
at Hegeswisch. Mr. Perry was subsequently acquitted of
these charges. In 1905 he organized the Federal National
Bank, but this institution was placed in liquidation in 1907.
Mr. Perry was born in Oneida County, N. Y,in 1847.
—A new bank is to be established in Chicago under the
title of the Central Manufacturing District State Bank; it is
to have a capital of $200,000. Its name typifies the locality
in which it will operate—the central manufacturing district.
The bank will have ground-floor quarters in a building which
will be erected at 35th St. near Center Ave. The interests
which will be affiliated with the institution include J. A.
Spoor and Arthur G. Leonard, trustees of the Central Manufacturing District; Edward Morris, President of Morris &
Co.; W. A. Heath, President of the Live Stock Exchange
National Bank; A. Harris, President of the Chicago Wrecking
Co.; Arthur Spiegel, Sigmund Silberman, John Magnus,
Phillip L. Knoedler, David Straus, Harry S. Schrain and
H. E. Poronto.
—Rumors with regard to a proposed consolidation of the
Corn Exchange National Bank of Omaha and the Omaha
National Bank, current the present week, have been denied
by C. W. Erwin, Cashier of the first-named institution, in
the following communication to the Omaha "Bee":
The newspaper report that there would be a consolidation of the Corn
Exchange National Bank and the Omaha National Bank Is absolutely untrue
The Corn Exchange National Bank will continue in business at its present
location, and any report to the contrary is positively without foundation.
—Controlling interest in the Corn Exchange National
Bank of Omaha is said to have been purchased by W. T.
Auld, who, it is stated, will be elected President of the institution at the next meeting of the directors. Mr. Auld was
formerly President of the City National Bank of Lincoln,
Neb.
—To signalize the completion of the steel framework of
the new building which is in course of erection by Walker
Brothers, bankers, of Salt Lake City, a flag was raised on
Feb. 12 on the topmost pinnacle, 266 ft. above the ground,
almost over the spot where, 53 years ago, the firm first
opened a store and bank in the then struggling and isolated
village. The building is to be sixteen stories high, and it is
claimed that no other structure between the Mississippi River
and the Pacific Coast reaches the height of the new Walker
Bank Building. It is pointed out that the building typifies
the new Salt Lake City—a metropolis which E. H. Harriman
and many other far-seeing men have predicted would he
unrivaled between Chicago and San Francisco. It shows
the growth and progress of the bank, which has been identified with the community since the village days, and which
is determined to be a potent factor in the future of the
city and the entire inter-mountain region. Many years ago
the banking and mercantile interests of Walker Brothers
were segregated. The bank remained a private institution
until 1903, when it was incorporated. Matthew H. Walker,
the controlling factor, decided on this step in order to form
an organization which would not depend on any one man for
its strength and supremacy. The corporation of Walker
Brothers, Bankers, was created, and some of the solid business men of the city became shareholders and directors, with
Mr. Walker as President, which position he still holds.
• —Edward Hickey has been elected President of the State
Savings Bank of Butte, Mont., succeeding H. M. Raborg.
Mr. Hickey is a director and large stockholder in the American Savings Bank & Trust Co. of Seattle.
—An order authorizing the payment of a 20% dividend to
depositors of the defunct Night & Day Bank of Little Rock,
Ark., was made on the 14th ult. The approved claims
against the failed bank amounted to $56,826. The institution was placed in receiver's hands on September 26 1911.
—The Commerce Trust Co. of Kansas City was appointed
receiver on Jan. 31 for the American Union Trust Co. of
Kansas City, which was closed by the Banking Department,
on Dec. 30. The receiver's appointment followed the completion of arrangements whereby the Commerce Trust Co.
agreed to take over the assets of both the American Union
Trust Co. and the All Night & Day Bank of Kansas City,
Mo.,and to pay their depositors in full. The bank was acquired
by the American Union Trust shortly before the latter's
suspension. After its appointment as receiver, the Commerce
Trust Co. is said to have disposed of the assets of the two institutions to a syndicate for 8215,113—sufficient to pay all
604
THE CHRONICLE
VoL. Lxxxxxv.
depositors and creditors in full except the stockholders. The grew out of the consolidation in October 1910 of the Western
Commerce, it is understood, undertakes the task of liquida- National Bank and the Metropolis Trust & Savings Bank.
tion for a fee, and is guaranteed against loss by the syndicate.
-A bill incorporating the Bank of Saskatchewan, Canada,
A dividend of 75% has since been paid to the depositors of the with a capital of $1,000,000, was recently passed by the
American Union Trust Co.
Banking and Commerce Committee of the House of Com-The Executive Council of the Virginia Bankers' Associa- mons. The head office will be at Moosejaw. The organizers
tion has selected Old Point Comfort as the meeting place for are Henry Y. Smith, Richard H. Clarke,.Lewis M. Rosevear,
•the next annual convention, slated for June 20, 21 and 22. Harry F. Stirk, Richard Loney, Joseph A. Caulder, J. EdThe Hotel Chamberlin, where the convention of 1910 was ward Caldwell and J. Wright Sifton.
held, was considered as the most convenient of the several
places proposed. Complete details for the convention will
IMPORTS AND EXPORTS FOR JANUARY.
be arranged and made public at the next meeting of the
The Bureau of Statistics at Washington has issued the
• Executive Council.
statement of the country's foreign trade for January, and
-The American National Bank of Nashville and the from it and previous statements we have prepared the fol• Nashville Trust Co. have jointly purchased property which lowing interesting summaries:
lies between their present sites. The buildings of the two
FOREIGN TRADE MOVEMENT OF THE UNITED STATES.
(In the following tables three ciphers.(000) are In all cases omitted.)
institutions will both be rebuilt and enlarged,each concern
MERCHANDISE.
taking in half of the new property. The plans for the new
Exports
Importsquarters have not yet been perfected, but it is intended that
1912.
1911.
1912.
1910.
1911.
1910.
January __
$202,586 $197,083 $144,461 $143,558 $130,561 $133,671
the structures shall be among the handsomest in the South. February _
130.118
175,957
121,695
124,558
March
162,999
161,933
139,042
143,658
-In furtherance of the plans to increase the capital of the April
133,922
119,827
157,988
133,110
May
118,838
129,814
131,084
153,152
Third National Bank of Atlanta, Ga., from $500,000 to June
119,876
122,807
141,707
127,888
117,316
July
118,054
114,628
127,697
11,000,000, the stockholders on Feb. 15 voted to declare a August
138,358
125,945
144,185
134,666
117.265
125,172
168,874
195,799
cash dividend of 60%, payable out of the undivided profits September_
124,046
133,206
207,709
210,366
October
129,786
and convertible into stock at par; this action serves to make November _
126,162
206,620
201,753
136,709
140,782
224,907
229,003
the capital $800,000, the undivided profits, which had December _
$1,533,067 $1,562,904
52,092,527 51,863,259
Total _
previously stood at $323,455, becoming $23,000. It was
GOLD.
also voted to sell $200,000 of new stock at $200 per share,
Imports
Exports
1910.
1911.
1911.
1012.
1912.
1910.
the option of subscribing being first tendered to the existing.
82,131
January ____
$1,915
55,165
50,541
$6,163
$924
shareholders; the details will be accomplished on April 1, Februacv
3,063
425
2,937
5,806
March
4,374
1,816
4,119
505
when the capital will stand at $1,000,000, the surplus (now April 2,101
1,506
36,284
4,525
719
6,817
May
3,143
5,015
$500,000) at $700,000, while the undivided profits will be June
1,598
3,075
4,768
4,576
10,283
2,178
2,595
829
about $50,000. Thus far all the original shareholders re- July
12,819
4,105
August
481
3,150
porting have taken their full allotment of stock; the share- September_
3,192
4,704
1,823
2,353
4,250
4,102
.
3,984
750
holders' rights ceased on March 1. We learn that there have October
4,313
3,458
13,941
1,376
November
4,977
4,707
994
1,330
been received subscriptions from outside parties, largely in December _
$59,222
$57,445
537,183
excess of the $200,000 increase. The bank has recently
558,775
Total
SILVER.
moved into its magnificent new quarters-ranking among
ImportsExports
the handsomest banking offices in the Southern States and
1910.
1911.
1911.
1912.
1912.
1910.
$4,248
$5,651
$3,552
$6,028
$4,358
$4,498
January ____
admirably equipped for financial business.
3,155
3,898
4,583
4,453
February
3,995
3,197
5,857
4,553
March
-The Citizens' Trust Co. of Augusta, Ga., with a paid-in April
3,841
4,262
7,610
4,697
3,355
3,556
5,054
4,131
capital of $100,000, began operations on February 1 and May
3,308
3,506
5,778
4,587
June
3,795
3,921
took over the entire affairs of the Citizens' Bank of that city. July
5,124
5,275
4,119
3,653
4,756
4,870
August
The latter had a capital of $60,600, and the additional September..
3,442
4,162
4,830
4,041
3,305
3,404
5,087
4,270
amount represented in the !capital of the trust company October
4,827
3,339
5,052
5,265
November _
4,398
3,307
6,061
5,997
was sold at par. We are advised that the Citizens'Trust;Co. December _
$45,878
of Augusta and the Inter-State Trust Co. of Aikin, S. C., Total
343,747
$57,361
535,665
EXCESS OF EXPORTS OR IMPORTS.
have become affiliated in a measure, but are under different
Sitter
_Iferchandise
-Gold
and distinct management. The entire control of the Citizens'
1911.
1912.
1911.
1011.
1912.
1912.
1910.
$
$
$
S
$
s
$
Trust is with its officers and directors during the life of its January - +59,028
+66,522 +10,790 -3,250 -8,617 +1,670 +2,099
+555
-5,381
+54,262 -5,560
charter. The executive management of the latter consists February
+2,700
-3,614
+22,891 -19,341
March
+3,358
-3,019
of W. B. Pace, President; M. C.Dowling, Vice-President,and April .
-812
+38,161
+1,498
+1,802
+23,338 +12,246
May
C. A. McFarland, Assistant Treasurer.
+2,272
+8,012
-1,693
4-18,900
June
+1,354
-417
+9,613 -2,688
July
-Frank A. Lipscomb has been appointed temporary August
-3,624
+1,217
+18,240 -3,692
_
+779
-2,351
+70,627 +51,609
_
receiver for the Athens Trust & Banking Co. of Athens, Ga. September
+1,683
-118
+77,160 +83,663
October
4-1,713
+10,483
+75,591 +76,834
This action was taken as a result of a report made to Governor November +2,690
-3,713
+84,125 +92,293
December
Brown by State Treasurer, W. J. Speer, following an exam+21,918
-20,262
+559,459 +303,354
Total_
ination into the affairs of the bank, which was undertaken in
+ Exports. -Imports.
January. The report is said to show assets of $164,972 and
We subjoin the totals for merchandise, gold and silver for
liabilities of $184,737.
-Henry S. Fox Sr., President and one of the founders seven _months since July 1 for six years:
of the Houston National Exchange Bank of Houston, Texas,
Silver.
Gold.
Merchandise.
died on the 20th ult. Mr. Fox, who was born in Germany Seven
Excess
Excess
Excess
78 years ago, settled in Texas in 1851. In 1875 he founded Months. ExExof
Intof
InsExof
ports. Exports ports. ports. Exports ports, ports. Exports
the private bank of Henry S. Fox, and in 1889 established
ports.
the Houston National Bank, the name of which was changed
$
$
$
II
3
$
$
$
$
1911-12 1,307,292 912,879 194,413 25,847 28,838 12,991 37,249 26,144 11,105
in 1909 to the Houston Exchange National Bank. He was 1910-11
1,258,583 894.041364,542 10,182 49,375 /39,193 35,958 27,528 8,430
1,084,687 891,194 193,493 75,209 26,083 49,126 32,731 27,564 5,167
one of the organizers of the Houston Clearing House Asso- 1909-1 1,031,751
697.490334,252 35,563 27,289 8,274 30,865 24,747 6,118
1908-09
ciAtion, and was its President for twenty-one years. His 1907-0 1,189,091 956,880 132,202 19,359 132,729/113570 36,535 27,139 9,416
1906-07 1,129,698 809,729319,969 17,548 96,312 /78,764 32,287 24,268 8,079
son, Henry S. Fox Jr., is active Vice-President of the •
Houston Exchange National. The bank has moved to new
Excess of imports.
quarters at Franklin Avenue and Main Street in the building
Similar totals for the month of January for:six:Fyears make
which was previously occupied by the Union National. The the following exhibit:
new space affords the institution twice the room provided
Silver.
Merchandise.
Gold.
in its old quarters. The bank's business has increased
One
considerably in the past three years. It has a capital of Month,
Excess
Excess
Excess
of
Exports. Imports.
of Exports Imports of
Exports IM arts
1200,000 and an earned surplus of $150,000.
Exports
Exports
Exports
It is reported that the Western Metropolis Nationa
$
143,558 59,028 1,915 5,165 /3,250 6,028 4,358 1,670
Bank of San Francisco has arranged to take over the business 1912_ 202,58
1911_ 197,083 130,561 66,522
924 9,541 /8,617 5,651 3,551 2,100
of the City & County Bank. The latter has a capital of 1910_ 144,461 133,670 10,791 6,163 2,131 4,032 4,408 4,248 250
1909___ 156,713 103,577 53,13
7,865 3,421 4,444 4,542 3,665
877
1350,000 and deposits of over $1,900,000. The Western 1908__.
206,11
84,998 121,117
444 10,709 /10,355 4,148 3,622
526
Metropolis National Bank has a capital. of $1,500,000 and 1907_ 189,297 126,587 62,71 2,45 3,271 /821 9,767 3,657 4o1,110
pad
deposits of about 3h million dollars. This institution
/ Excess of imports.
Wouttarg3CommerciaMtglisitneurs
NI•AloVVIMAAINPN,A,N,N.NPVVNAIVVVWVVV,W.
(From our own correspondent.)
London,Saturday,February 17 1912.
The announcement made in the two Houses of Parliament
on Wednesday by the Prime Minister and the. Marquis of
Crewe that during Lord Haldane's visit to Berlin there had
been very frank conversations between him and the leading members of the Government, in which an earnest desire
was shown on both sides to find a way for bringing about
better relations between this country and Germany, has not
had the revivifying effect upon markets that might reasonably have been expected. There was a sharp advance for a
while in consols, and there is a good deal of vague talk of
the probability of an actual boom in consols. But markets
generally are without life, and there is little disposition outside the Stock Exchange to engage in new enterprise. The
announcement made in London on Wednesday was confirmed by a pretty similar announcement by the German
Chancellor in the Reichstag on Thursday. In both countries the news has been received favorably by all reasonable
people, and earnest hopes are entertained that better relations will be brought about. But there is much doubt
whether the hopes will be realized, for the bad relations are
due to the breathless haste with which Germany is building
a great navy, which excites a suspicion in this country
that the navy is intended against England, and unless some
means can be found of putting a stop to the mad competition in armaments, it is exceedingly difficult to believe that
good relations between the two countries can be brought
about. At the same time, there is undoubtedly a feeling
of relief. The announcement has been well received in
France likewise, for Mr. Asquith was careful to explain,
when making his statement, that it was expressly determined
on both sides that any improvement, in the relations between
the two Empires should not affect the alliances and ententes
already existing.
The unwillingness to engage in new enterprise is mainly
due to Paris. The great French banks, though they are engaged in arranging for new issues on a considerable scalefor example they are about to assist in making a large loan
to the City of Tokyo-yet they are by no means ready to give
the accommodation expected by their customers. Customers complain that the large French banks are quite indisposed to engage in new enterprise; that when approached
they declare that they are doing nothing, and are not inclined to do anything. It would be too much to say that
they are still hoarding, as they were during the scare in the
autumn. But they certainly are not affording the accommodation to their customers to which the latter have been
accustomed. This state of things has its influence upon all
the other European markets,for it is not quite clear what is
at the bottom of it. To a considerable extent it is due to the
fact that many of the new issues brought out in the early
part of last year have not yet been placed, and that the
banks that brought them out have to take care of them. To
a considerable extent, also, it is due to the fear of what may
happen in the Balkans in the spring. The French feel that
the Italian fleet is interfering more with their commerce
than with the commerce of either Germany or Austria-Hungary. Possibly that also has its influence upon the action
of the French banks. In any event, the course of the French
banks is exercising a very depressing influence all over
Europe.
The India.Council offered for tender on Wednesday 100
lacs of its bills and telegraphic transfers, and the applications exceeded 1,011 lacs,at prices ranging from is. 4 1-32d.
to is. 43'd. per rupee. Applicants for bills at is. 4 3-32d.
and for transfers at Is..43'd. per rupee were allotted 19%
of the amounts applied for.
The following returns show the position of the Bank of
rate of discount, the price of consols,
England, the Bank
&c., compared with the last four years:
1911.
1910
1909.
.
Feb. 14.
Feb. 17.
Feb. 16,
Feb. 15.
.£
Circulation
27,705,675 26,925,545 27,428,150 28,507,120
Public deposits
18,786,875 13,751,475
8,978,365 12,062,803
39,679,707 41,262,833 44,238,501 41,156,961
Other deposits
Governm't securities 15,151,287 14,830,493 14,013,424 14,731,155
Other securities.... 31,445,762 29,305,667 29,042,633 29,591,613
Reserve,notes&coin. 29,073,852 29,021,428 28,247,021 26,998,041
Coln&bull.,both dep. 39,229,527 37,496,973 37,325,171 37,005,161
Prop. reserve to liabilittes......p. c
524
53
514
5034
.33.6
13ank rate.
3
. ..P. c
334
3
80 5-16
82 1-16
Consols, 234 P. 0_ _
7834
84 9-16
274d. 23 13-16d. 23 15-16d. 23 11-168.
Sliver
returns
-house
284,881,000 315,971,000 318;190,000 272,448,000
Clear.
1908.
Feb. 19.
£
27,580,035
15,337,662
39,987,542
14,327,216
29,568,870
29,611,097
38,741,132
5334
4
8734
25 15-168.
252,897,000
* Feb. 16 1911.
have been as follows:
„,.., The rates for moneyFeb.
Feb. 9.
16.
Feb. 2.
334
Bank of England rate
334
Open market rate343034
Bank bills-60 days
340334
3 5-163@34 3 5-150334
-3 months
3 3-163©14 3 3-16034
-4 months
2 13-162034 2 15-1603
-8 months
33'43@34
334@33(
Trade bills-3 months....
3;4@j3%
34304
-4 months......
Interest allowed for deposits2
2
By joint-stock banks
By discount houses234
234
At call
24
7 to 14 days
23(
4
Jan. 28.
4
334 3 11-16034
3 7-16
3;4
35-16
3%
3
34
4044
44
4 •
4044
234
234
234
24
254
254
The bank rates of discount and open market rates at the
:•.,,:.-•
chief Continental cities have been as follows: •, :. i: ..... : ...
605
THE CHRONICLE
MAR. 2 1912
Rates of
Interest atParis..
Berlin
Hamburg
Frankfort
Amsterdam
Brussels
Vienna
St. Petersburg..
Madrid
Copenhagen.
Feb. 3.
Jan. 27.
Feb. 10,
Feb. 17.
Bank Open
Bank Open
Bank Open Bank Open
Rate. Market. Rate. Market. Rate. Market. Rate. Markd..
34.
3%
34
334
3%
3% 3
334
5
3%
34.
5
3%
5
5
334
34.
5
5
5
5
354
354
37.4
34
5
354
5
34
5
5
354
34.
4
334
4
334
4
4
4
434
35{
44 34
334
434
454 34
4
434
4 7-16 5
4 11-16 5
5
454
now.
5
nom.
5
nom.
5
nom.
5
454
4
4
434
434
4
434 4.
5
5
5
5
5
5
5
5
Messrs. Pixley & Abell write as follows under date of
Feb. 15:
GOLD.-The arrivals of bar gold, including £100,000 from Austria, have
amounted to £837,000 during the week and the whole, with the exception of£283,000
taken for India, is going into the Bank. This shipment of small bars to India la
the largest of which we have any record. India's demand for sovereigns this week
has been rather smaller and amounts to £200,000, whilst £100,000 for Egypt and
a similar amount for Brazil have been withdrawn from the Bank. Since the date of
our last circular the Bank has received £689,000 in bar gold. Next week we expect
£611,000 from South Africa and in the following week £1,111,500. Arrivals-South
Africa, £717,300; Brazil, £17,000; W. C. Africa, £2,700; Austria, £100,000; total;
£837,000. Shipments-Bombay, £219,000.
SILVER.-The advance in this market continued until the 13th inst., When
274d. was quoted for spot and 274d. for forward; but yesterday all buying orders
from India and the East ceased, and quotations, helped by some profit-taking by
bulls, fell to 274d. and 2730. This fall has been followed by a further decline
to-day to 27 7-168. for spot and 27 5-16d. for forward, at which quotations the
market is quiet at the close. Stocks In Bombay are 400 bars lower and now stead
at 11,600 bars. The currency return for India last week showed a further ION a
1 cram of rupees, making the total holdings about 19 crores. The formal abdication
of the Manchu dynasty in China has now been announced and a republic Is to be
established forthwith. It would appear, however, that there are many points oi
difference between Yuan Shi-Kal in Peking and the Provisional Government in
Nanking still to be settled, and it is to be hoped that these will be speedily arranged;
and that a period of prosperity for the Republic of China will follow. It Is probable
that the new Government will have soon to arrange for foreign loans with which to
carry on the administration of the country, and this should be a favorable point for
silver, whilst there is also the reform of the currency to be taken into account. For
some months this market will probably be largely dependent upon China. The
latest quotation from Bombay is Its. 6834 per 100 tolabs for the March settlement.
Arrivals-New York, £370,000; Australia, £5,000; total, £375,000. ShipmentsBombay, £116,500; Shanghai, £50,000; Colombo, £7,000; Port Said, £1,000; total;
';
•
£174,500.
The quotations for bullion are reported as follows.
GOLD.
Feb. 15. Feb. 8.
London Standard.
s. d. s. d.
Bar gold, fine, oz
77 9 77 9
U. S. gold coin, oz
76 4 76 4
German gold coin, oz __ ._ 76 4
76 4
French gold coin, oz _ _ __ 76 534 76 634
Japanese yen
76 4
76 4
'
SILVER.
London Standard.
Bar silver, fine, oz
" 2 mo. dellvery
Cake slitter, oz
Mexican dollars
Feb. I& Feb. 8:
d.
27 7-16
27 6-16
.2934
now.
d.
27 9-16
27 5-16
294
now.
The following shows the imports of cereal produce into
the United Kingdom during the season
date, compared
with previous seasons:
to
Twenty-three weeksImports of wheat
Barley
Oats
Peas
Beans
Indian corn
Flour
IMPORTS.
1911-12.
1910-11.
1909-10.
1908-09.
cwt_ 40,632,800 49,043,300 44,996,140 37,410,300
16,227,700 10,675,100 13,172,700 12,891,400
7,305,300
6,273,400 8,381,500 6,600,400
2,738,996
1,045,556
1,045,722
711,370
712,430446.637
1,567,588
755,070
11,380,400 * 21,376,000 18,069,900 16,876,900
4,636,400
4,866,100
6,279,500
6,046,300
Supplies available for consumption (exclusive of stock on
September 1):
Wheat imported
Imports of flour
Sales of home-grown
1909-10.
1911-12.
1910-11.
1908-09'.
cwt 40,632,800 44,043,300 44,996,190 37,410,300
4,636,400
4,866,100
6,279,500
6,046,300
15,020,734 13,274,802 14,117,939 16,912,905
Total
60,289,934 62,184,202 65,393,579 60,369,605.
Average price wheat, week
34s. Od.
308. 5d.
33s, 7d.
335. 4d.
Average price, season.,..32s. lid.
308. 6d.
335. 18.
31s. lid.
The following shows the quantities of wheat, flour and
maize afloat to the United Kingdom:
Wheat
Flour, equal to
Maize
This week.
qrs. 2,840,000
qrs_
150,000
qrs.
560,000
Last week.
2,585,000
125,000
565,000
1911.
2,820,000
145,000
555,000
1910.
3,225,000
125,000
360,000
English Financial Markets-Per Cable.
I
The daily closing quotations for securities &c., at London'
as reported by cable, have been as follows'
the past week:
London,
Week ending March 1.
Sat.
Mon. Tues.
Wed
Thurs.
Fri.
Silver, per oz
d 26 15-1626 15-16 26 16-162734
27 1-16
27
Consols, 234 per cents
784
78 13-16 78 11-16 78 7-16 77 15-16
7854
For account
784
78 13-16 78 15-16 78 11-16 78 3-16
784
French Renters (in Paris)_fr_ 94.90
94.80
94.7254 94.75
94.80
94-75
Amalgamated Copper Co_
674
6934 i
6834
6734
6834
6934
Amer. Smelt. & Refining Co_ 74
7234
73
74%
.',
71
7354
731
b Anaconda Mining Co
74
754
7%
7%
Atch. Topeka dr Santa Fe_ 106%
10654
107
10654
10654
10634
10634
Preferred
10634
1064
1063.4
10634
10634
10454
104
1044
1044
Baltimore & Ohio
1044
10434
91
91
91
91
91
91
Preferred
23454
.236
23554
Canadian Pacific
23534 c233%
23334
7354
7334
734
7334
Chesapeake & Ohio
7334
7334
18
18
18
18
18
18
Chicago Great western.
108
1074
Chicago Milw. & St. Paul_ ..i0754
1074
10854
10754
22
22
2254
224
Denver & Rio Grande
22
224
4254
4234
Preferred
43
4234
4234
4234
3154
314
3154
314
Erie _
3134
3134
524
First preferred
52
5234
5234
5234
5234
42
Second preferred
42
42
42
Illinois Central
139
139
139
1 .??3,4
139
lltii
156
Louisville & Nashville
155%
1
156
15554
274
Missouri Kansas & Texas_
27
274
2734
2754
273
Preferred
64
64
64
62
64
6334
41
Missouri Pacific
40
404
40
40
40
Nat. RR.of Mex., 1st pref._ 68
67
68
6734
68
68
Second preferred
3354
33
32
324
3234
3234
11334
N. Y. Central dr Hud. Riv1133,6
11334
11334
11334
11334
38
38
N. Y. Ontario dr Western
38
38
38
38
Norfolk & Western
11234
11334
1134 c11234
11334
11334
Preferred
94
94
93493%
Northern Pacific
liti120
1i6-11934
12034
12034
63
624
6.1
a Pennsylvania
63
624
6254
7954
a Reading Co
784
784
784
794
7931
47
47
47
a First preferred
47
47
47
_
_._
a Second preferred
49
4934
4954
4954,
2334
Rock Island
2331
2534 2334 2334
2334
110
1104 c10934
Southern Pacific
109%
11034
.11054
Southern Railway
%
288
284
2854
2834
2834
2834
Preferred
75
73
75
7434
7434
7454
1684
Union Pacific
16934
16754
16834 c168
1683k
Preferred
95
95
96
96
9434
c94
61%
604
6134
U. S. Steel Corporation
61%
cal%
6134
111
Preferred
111
1104
111
1114
1103
Wabash
734 •
754
74
734
74
754
Preferred
184
19
184
184
19
18341
Extended 4s
5834
58
584
5834_
58
18
a Price per share. b £ sterling. c Ex-dividend.'" La,
[VOL. Lxxxxiv.
THE CHRONICLE
606
goinumcialand Wiscellantaitsnew
Name of Company.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Miscellaneous.
134 April 1 Holders of rec. Mch. 16
Amer. Beet Sugar, pre/. (guar.)(No.51) _ _
134 April 1 Holders of rec. Mch.16a
American Can, preferred (guar.) _
April 1 Holders of rec. Feb.29a
3
American Express (guar.)
melt. 30 Holders of rec. Mob. 15
American Manufacturing (guar.)(No. 60)
Mch. 30 Holders of rec. Mch. 15
Extra
334 Mch. 30 Holders of rec. Ditch. 15
Amer. Pneumatic Service, first pref _
2
Mch, 30 Mch. 22 to Mch. 30
American Radiator, common (guar.)
2
Melt. 30 Mch. 22 to Mch. 30
Common (extra)
Mch. 30 Mch. 22 to Mch. 30
Common (payable in common stock)... 10g
Merchandise Movement to New York.
Customs Receipts
Amer.Sm.& Ref., corn.(special)(No.34) 2-3 e Melt. 15 Feb. 24 to Mch. 3
at New York.
13.1 April 2 Holders of rec. Mch. la
Amer. Sugar Ref., corn. & pref. (gnat.)
Exports.
Month.
Imports.
134 April 1 Feb. 22 to Bleb. 13
American Tobacco, pref. (quar.)
April 1 Holders of rec. Meh.15a
$1
American Writing Paper, preferred
1910-11.
1911-12.
1910-11.
1911-12.
1911-12.
1910-11.
Melt. 30 Mch. 3 to Mch. 31
Booth Fisheries, preferred
3
Bordens' Cond. Milk, pref.(qu.)(No. 41) 1K Mch. 15 Mch. 6 to Mch. 15
$
$
$
$ ,
$
$
134 April 1 Mch. 17 to Mch. 31
Brooklyn Union Gas (quar.) (No. 44).
July -----69,247,136 69,966,872 58,702,124 56,019,567 16,481,668 16,911,067 Buckeye Pipe Line
Mch. 15 Holders of rec. Feb.20a
$5
August_ _ _ 74,673,583 81.340,437 62,055,957 65,279,115 18,023,013 20,276,113 Buffalo General Electric (guar.)(No. 70).., 134 Melt. 30 Holders of rec. Mch. 20
September 73,313,594 68,590,619 70,132,541 66,183,119 15,834,097 17,699,966 Celluloid Company (guar.)
134 April 1 Mch. 6 to Mch. 31
October __ 77,295,842 70,317,977 65,514,265 61,166.95 16,968,775 14,381,800 Calumet & Hecla Mining (guar.)
$8 Mch. 22 Holders of rec. Feb.27a
November 76,462,095 75,083,744 67,843,513 60,821,02. 15,870,054 18,533,078 Central Leather, preferred (guar.)
April 1 Holders of rec. Mch. 11
December 81,713,427 76,681,915 77,965,832 63,598,538 15,249,906 14,487,755 Chesebrough Manufacturing (guar.)
$6 April 2 Mch. 15 to April 2
January _ 87,174,822 74,513,315 66,475,205 61,365,707 17,425,585 16,898,957
___
Extra
$4 April 2 Mch. 5 to April 2
2
Mch. 30 Holders of rec. Mch. 20 ,
Chicago Telephone (guar.)
Total__ 539,880,499 515,484,879 468,689,437 518,222,973 115,853,098 123,188,737 Childs Company, common (guar.)
234 Mch. 11 Mch. 3 to Melt. 11
13•4 meb. 11 Mch. 3 to Mch. 11.
Preferred (guar.)
13‘ April 1 Holders of rec. Meh.15a
Columbus (0.) Gas & Fuel, pref. (guar.) The imports and exports of gold and silver for the seven Consolidated Gas of New York (quar.)_ _ _ 134 Mch. 15 Holders of rec. Feb.14a
Consul.Gas,El.Lt.& Pow.,Balt.,corn.(q11.) 1y, April 1 Holders of rec. Mch. 25
months have been as follows:
3
April 1 Holders of rec. Mch. 25
Preferred
$1.60 Melt. 15 Feb. 22 to Mch. 15
Crescent Pipe Line
131 April 1 Holders of rec. MCII.16a
Cuban-American Sugar, pref. (guar.)._
Silver-New York.
Gold Movement at New York.
134 Mch. 15 Holders of roe. Feb.29a
Diamond Match (guar.)
Extra
1
Mch. 15 Holders of rec. Feb.20a
Imports. Exports.
Exports.
Imparts.
ll_ronth
du Pont Internat. Powder, pref. (guar.).
April 1 Holders of rec. Mch.22a
duPont(E. I.) de N01701173 Pow.,com.(gu.) 2
Moir. 15 Holders of rec. Mch. 5
1911-12. 1910-11. 1911-12. 1910-11. 1911-12. 1911-12.
Mch. 15 Mch. 6 to Mch. 15
Common (extra)
1
Preferred (guar.)
131 April 25 April 16 to April 25
$
$
$
$
$
$
April 1 Holders of rec. Mch.15a
234
Eastman
Kodak,
(quar.)
common
556,492
4,449,553
177,990
269,508
4,906,446
519,068
July
Common (extra)
644,005 3,920,270
7K April 1 Holders of rec. Mch.16a
276,000
84,400
1,873,940 9,335,389
august
134 April 1 Holders of rec.Mch.15a
Preferred (guar.)
532,385 3,774,911
134,500
179,027
431,581
.._ 1,661,591
September.
Mch. 15 Holders of tee. Feb.24a
(quar.)
pref.
&
Federal
855,434
Mining
Smelting,
132,185
4,182,162
2,816,299
689,290
2,045,191
October
$4
Mch. 30 MO. 1 to Mel'. 31
760,569 4,805,863 Galena-Signal 011, common
256,900
746,321 2,305,278
November _ _ _ _ 1,347,824
$2
Mch. 30 Mch. 1 to Mch. 31
Preferred (guar.)
679,821 5,282,376
678,172
387,610
December _ _ _ _ 1,764,901 1,881,121
April Id Holders of rec. Nich.21a
871,445 1,458,551 4,817,026 General Cheralcal, preferred (guar.)
1,894,791 1,325,148 1,751,573
January
2
April 15 Holders of rec. Mch. 2a
General Electric (guar.)
April 1
11,107,306 18,315,296 8,083,257 2,236,130 5,487,257 31,232,101 Guggenheim Exploration (guar.) (No. 37). 234 April 1 Mch. 16 to
Total _
1
April 1 Mch. 22 to Mch. 31
Indiana Lighting
(guar.)
13.1 April 1 Feb. 28 to April 1
International Silver, pref.
Preferred (extra)
511 April 1 Feb. 28 to April 1
National Banks.-The following information regarding
1! May 15 May 2 to May 15
Preferred (extra)
national banks is from the office of the Comptroller of the Inter. Smokeless Pow.&Chem., com.(qu.) 1 April 1 Holders of rec. Mch.22a
Preferred
May 15 Holders of rec. May 4a
4
Currency, Treasury Department:
April 1 Melt. 26 to Mch. 31
Kayser'(Julius) & Co., corn. (qu.)(No. 1) 1
APPLICATIONS TO CONVERT APPROVED.
Ice, preferred (No. 26)- -- 3
April 1 Holders of rec. Mch. 15
Knickerbocker
The State Bank of Silver Creek, N. Y., into "The First National Bank Laclede Gas Light, common (guar.)
13‘ Mch. 15 Holders of rec. Mch. 5
of Silver Creek." Capital, $50,000.
Liggett & Myers Tobacco, post
13( April 1 Feb. 16 to Mch. 11
354 Mob. 1
CHARTERS ISSUED TO NATIONAL BANKS FEB. 16 TO FEB. 20. MacArthur Bros., preferred (No. 18)
of
$100,Paso,
Companies,
Bank
El
Tex.
Capital,
corn.
27)
National
(guar.)
(No.
Mackay
154 April 1 Holders of rec. Mch. Pa
10.140-The Commercial
April 1 Holders of rec. Melt. 9a
1
Preferred (guar.)(No. 33)
000. C. B. Iludspeth, Pres.; J. D. Campbell, Vice-Pros,; Sidney
Mergenthaler Linotype (guar.)_
Mch. 30 Holders of rec. Mch. Oa
Turner, Cashier.
$25,Capital,
30 Holders of rec. Mch. Oa
Y.
East
N.
of
Rochester,
Bank
Mch.
Extra
10,141-The First National
Mch. 15 Holders of rec. Feb.29a
000. H. 0. Byer, Pres.; Andrew H. Brown, Vice-Pros.; Earl B. Muskogee Gas & Electric, pre/. (guar.). _
April 15 Holders of rec. Meh.28a
Nat. 131§cult, corn. (guar.)(No. 54)
Haas, Cashier.
Mch, 30 Mch. 9 to Bleb. 13
10,142-The National Bank of Westfield, N. J. Capital, $100,000. Theo- National Lead, common (guar.)
Mch. 15 Feb. 17 to Feb. 22
Preferred (guar.)
dore R. Harvey, Pres.•, Patrick Traynor and Robert I. Richardson,
Consolidated
_
Mch. 30 Melt. 0 to Melt. 11
Cashier.
Copper
Kitts.
(guar.)._
,T.
Thomas
Nevada
-Presidents;
Vice
Mch. 30 Holders of rec. Mch.15a
10,143-The American National Bank of Benton Harbor, Mich. Capital, New England Telep. & Teleg. (guar.)._
Mch. 20 Mch. 13 to Mch. 20
• $100,000. John E. Barnes. Pres.•, Humphrey S. Gray and A. II. Niles-Bement-Pond, common (guar.)._
,•
(guar.)
Kinney,
Co.
M.
P.
April 1 Holders of rec. Mch.21a
American
Cashier;
Avery,
S.
G.
North
Landon, Vice-Presidents;
•
Mch. 20 Feb. 25 to Mch. 10
Asst. Cashier. (Conversion of the State Savings Bank Of Benton Ohio Oil
Electric
(guar.)
Philadelphia
Mch,
15 IIolders of rec. reb.17a
Harbor.)
• • ••
April 1 Feb. 21 to Mch. 12
P. Lorillard, preferred
10,I14-The State National Bank of Mattoon. Ill. Capital, $100,000.
April 1 Holders of tea. April la
Frank T. Maloney, Pres.•, Robt. T. Holmes and Louis Katz, Vice- Quaker Oats, common (quar.)
May 31 Holders of rec. May la
Preferred (guat.)_
Presidents; A. H. Adams, Cashier; Chas. S. Hoots, Asst. Cashier.
Melt. 25 Holders of rec. Mch. la
Quincy Mining (guar.)
(Conversion of the Mattoon State Savings Bank.)
Mch. 20 Mch. 12 to Mch. 20
Railway Steel-Spring, pref. (quar.)_
VOLUNTARY LIQUIDATION.
April 1 Holders of rec. Mch.15a
Co.,
&
preferred
_
_
Roebuck
(guar.)_
Sears,
Feb. 16 1912.
7,074-The First National Bank of Kalida. Ohio.
Mob. 1 Holders of rec. Feb.29a
Standard Gas & Electric, preferred (guar.)_
Ab14
Ind.,
Feb.
1912.
Kokomo,
Bank,
National
Kokomo
6261-The
I Holders of rec. Mch. 15
April
Rico
Sugar,
common
_
Porto
(guar.)
South
Kokomo,
of
Savings
Bank
&
Trust
sorbed by the Farmers
April 1 Holders of tee. Mch. 15
2
Preferred (guar.)
Mch, 15 Holders of rec. Feb.19a
Standard Oil of N. J.(guar.)
$5
Swift & Company (guar.)(No. 102)
13S April 1 Holders of rec. Mch. 9
DIVIDENDS.
April 1 Holders of rec. Mch.20a
Underwood Typewriter, common (guar.) 1
154 April I Holders of rec. Mch.20a
Preferred (guar.)
The following shows all the dividends announced for the
April 1 Mch. 14 to Apr. 2
2
(quar.)
Carbide
Union
future by large or important corporations:
Mch. 3 Mch. 2 to Mch. 12
U. S. Steel Corp., cons.(qu.)(No. 33).
750. Mch. 3 Mch. 9 to Melt. 11
Dividends announced this week are printed in italics.
Utah Copper Co.(guar.)(No. 15)
134 Mch. 3 Mch. 13 to bleb. 30
Yukon Gold Co. (guar.) (NO. II)
Books Closed.
Per
When!
Days Inclusive.
Cent. Payable.
Name of Company
a Transfer books not closed for this div dead. b Less income tax. d Correction.
e Two months' dividend incident to change of dividend periods to Q.-M. 15 for the
Railroads (Steam)
Mch. 9 Feb. 28 to Mch. 8 comMon stock and Q.-M. 1 for pref. /On account of accumulated dividends.
3
Atlantic Coast Line Co., Conn. (quar.)
Mch. 31 Holders of rec. Feb.20a g Payable In common stock.
2
Boston & Albany (guar.)
1 Holders of rec. Mch. la
1
April
Boston dr Maine, common (quar.)
234 April 1 Holders of rec. Mch. la
Canadian Pacific, corn. (qu.)(No. 63)_
I Holders of rec. Mch. 1
April
2
Preferred
13.4 Mch. 30 Holders of tee. Mch. 8a
Chesapeake & Ohio (guar.)
134 Mch. 4 Feb. 21 to Mch, 3
Chestnut Hill (guar.)
Canadian Bank Clearings.-The clearings for the week endApril 1 Holders of rec. Mch.16a
Chicago de Eastern Illinois, pref. (guar.) _
with the same
Chicago & North Western, corn. (guar.). 13j April 1 Holders of rec. Mch. la ing Feb. 24 at Canadian cities, in comparison
2
April 1 Holders of rec. Mch. to
Preferred (quar.)
of 25.7%.
aggregate
the
in
increase
an
shows
1911,
of
rec.
of
23.4
week
Feb.26a
Mob.
Holders
20
Delaware & Hudson Co. (quar.)
2
Grand Trunk, guaranteed stock
234
preference
second
First and
Week ending February 24.
13,
Third preference
334 April 15 Holders of rec. Mch. 22
Clearings at
Minn.St. Paul & S. S. M.,corn. & pre,
Inc. or
9a
Mch.
rec.
of
Holders
30
2
Mch.
(qu.).
Hartford
&
Haven
New York New
1910.
1909.
Dec.
1911.
1912.
134 Mob. 18 Holders of tee. Feb.29a
Norfolk & Weatern, corn. (quar.)_
Mch. 4 Feb. 21 to Mch. 3
3
Phila. Germ. & Norristown (guar.)
rec.
of
Feb.26a
Holders
14
Melt.
1
Canada
(quar.)
Reading Co., 1st pref.
32,756,855
36,305,934
41,153,099 +14.5
47,117,000
April 11 Holders of rec. Mch. 26 Montreal _
1
Second preferred (guar.)
23,276,766
25,451,792
28,265,299 +20.7
34,110,157
Mch. 5 Mch. 1 to Mch.
5
Toronto
Rio Grande Junction (annual)
+49.9
9,599,519
12,518,718
16,583,517
24,863,000
Winnipeg
St. Louis & San Francisco-4,787,946
9,502,261 +17.8
7,916,775
April 1 Vancouver.
11,190,000
Chic. & East. 111. pref. trust als. (guar.) 134 April 1 Mch. 17 to
2,625,914
+23.9
3
April
to
3,817,645
3,211.144
6
9,731,936
Mch.
1
April
_
22)
(No.
Ottawa
(guar.)
Southern Pacific
1,522,469
2,265,459 -19.6
1,820.000
1,968,488
April 24 Holders of rec. Meh.30a Quebec
2
Southern Railway, preferred
1,478,775
1,510,620 +20.4
1,642,651
1,818,000
2K April 1 Holders of rec. Mch. 2a Halifax
Union Pacific, common (quar.)
1,271,552
+17.5
2,145,606
rec.
2a
Holders
of
2,521,152
Mch.
1,077,053
1
April
2
Hamilton
Preferred
1,186,822
+6
1,471,361
1,335,842
1,560,000
334 MO. 30 Holders of rec. Mch.15a St. John
Utica & Black River, guaranteed
1,022,941
1,063,158
1,148,617 +23.
1,420,38.
April 1 Holders of rec. Mch.12a London
2
Wisconsin Central, preferred
1,679,673
1,985,217
+51.6
3.009,034
4,561,148
Calgary ____
Street and Electric Railways.
1,186,751
1,629,561
2,248,084 +36.2
3,062,000
134 Melt. 15 Holders of rec. Mch. 1 Victoria
American Railways (quar.)
702,016
849,03;
2a
Mch.
rec.
of
+151.7
4,272,000
Holders
1,697,082
15
bitch.
3
Edmonton
6)
(No.
pref.
Ry.,
St.
Plymouth
&
Brock.
548,472
1,665,000
1,246,738 +33.6
134 April 1 Holders of rec. Mch. 9a Regina
Brooklyn Rapid Transit (quar.)
494,000
370,594 +33.4
234 Zilch. 30 Mch. 6 to Mch. 16 Brandon
Chicago City By. (guar.)
415,950 +59.2
662,000
Mch. I Holders of rec. Feb.24a Lethbridge
Connecticut Volley Street By., preferred_ _ _ 3
724,335 +128.7
13i April 1 Holders of rec. Meh.15a Saskatoon
Duluth-Superior Trae., corn.
L4
64
+6.9
419,429
6'001
58
April 1 Holders of rec. Mch.15a Brantford
1
Preferred (quar.)
1,021,000.
538,650 +89.7
Mob. 15 Holders of rec. Mch. 4a Moose Jaw
El Paso Electric Co., common (No. 5)- _ _ 3
472,000 Not included in total
Melt. 15 Holders of rec. Mch. 6a Fort William__
Galveston-Houston Elec. Co., corn. (No. 6)
Mch. 15 Holders of rec. Mob. 6a
3
Preferred (No. 10)
8:1,097,499
April 1 Mob. 11 to Mch. 15
1
Total Canada_ 198,992,779 118,533,380 +25.71 98,403,841
Louisville Traction, common (guar.)
2K April 1 Mch. 11 to Mch. 15
Preferred
Feb.29a
rec.
of
1
Holders
(qu.)
15
corn.
Mch.
Light,
&
Trae.
Northern Ohio
rec. Mch. 11
Sao Paulo Tram. .& P.,Ltd.(qu.)(N0.40) 234 April 1 Holders of
Auction Sales:-Among other securities, the following, not
Second & Third Sts. Pass., Phila. (guar.) $3 April 1 Holders of rec. Mch. 9a
April
rec.
Holders
I
of
Meh.11a usually dealt in at the Stock Exchanges, were
(quar.)
corn.
sold at
Minneap.,
Twin City R. T.,
13; April 1 Holders of rec. Mch.15a
Preferred (guar.)
1
Itch. 15 Holders of rec. Mch. 7 auction in New York, Boston and Philadelphia:
West Penn Traction, common (guar.)- _
FOREIGN TRADE OF NEW YORK.-MONTHLY
STATEMENT.--In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our New
York Custom House.
136
134
154
154
134
1 34
134
134
recently
DETAILED RETURNS OP TRUST COMPANIES.
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Shares.
150 The 111.&Colo. M.&M.Co_l
20 The Fisk Pav.&Flagg.Co_ }$7 lot
10 Union Gas Lt.Co. of N.Y.)
200 Atlantic Fruit & Steamship Co. (temp. certfs.)_ 25
5
10 A. B. Andrews Co
112,333 1-3 Pacific Smelting & Mg.
Co., corn.,$5 each. _29c. per sh
500 Mexican Milling & Transp.
Co., corn.. $10 each _821 lot
50 Mex. Mill. &Tr.Co., pref.$15 lot
Per cent.
Shares
10,000 Continental Mining Co. of
Silverton, Colo., $1 ea.$100 lot
65 Dibs-Saba Realty Co.,
$10 per sh
$50 each
Per cent.
7T4
Bonds.
$12,500 Meerschaum Co. of Amer.
1st 65, 1918. July 1911 cou8300 lot
pons attached
$60,000 Cent. Oil Co. of Boston
43%
cony. 65, 1925
By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh.1 Shares.
Shares.
285%1 3 Sealshipt Oyster System, corn.. 323
5 Pepperell Mfg. Co
16
100 Kinney Mfg Co
260
2 Bates Mfg. Co
1 Franklin Co., Lewiston, Nle102-1024 11 Mass. Lighting Cos., ex-rts_ _ _1243
5 Heywood Bros. & Wakefield
2 New Bedford Gas & Ed. Lt. Co.313
115Yo,
Co., common
10 Copley Square Trust, pref....100 & Int
10 Rights Mass. Lighting Cos__ _ 70c.
30 Converse Rubber Co., pref. ..100
147(
6 American Glue Co., pref
By Messrs. Francis Henshaw & Co., Boston:
Shares.
1 Bigelow Carpet Co
1 Tremont & Suffolk Mills_
4 Mass. Cotton Mills
63 Rights Mass. Lighting Cos
13 Wright Wire, pref
$ per sh.
$ per sh. Shares.
100
171
48 Ohio Match Co
1123( 20 Converse Rubber Shoe, pref....100
1223
Percent.
70c. Bonds.
113
$6,000 Boston & Maine RR.4%8'44102%
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
27c.
401 Atlantic Radiator Co
20 Phila. Bourse, corn., par $50_ 3X
300
10 Corn Exch. Nat. Bank
83
12 Morris Co. Trac. Co.. corn
2 St. Bernard Mining Co., Inc _.125
2 The Maidstone Club, East
90
Hampton, L. I
2 Nat. Bank of the Nor.Liberties 250
10 Farmers & Mech. Nat. Bank-143X
235%
18 First Nat. Bank, Phila
267
10 Ninth Nat. Bank
70
13 Southwark Nat. Bank
117
25 Tenth Nat. Bank
419
2 Girard Nat. Bank
100
28 Equitable Trust Co
1100
6 Fidelity Trust Co
20 Mutual Trust Co., par $5O... 42%
20 People's Trust Co., par $50... 96
25 Phila. & Grays Ferry Pass.Ry. 81
10 Phila. & Trenton RR. Co
250
8 Fire Assoc. of Philadelphia,
par $50
347X-347%
50 People's Nat. Fire Ins. Co.,
25X-25%
Par $25
$ per sh.
Shares.
50 Amer. Pipe & Constr. Co _ .90-90
468
9 John B. Stetson Co., corn
17 Bergner 4, Engel Brew. Co., Pf. 95
23 Bergner & Engel Brew.Co.,com 45
140 U. S. Loan Society, par $10..._ 15
310 Prudential Loan Society of
123
Phila., par $10
6 Phila. Bourse, pref., par $25._ 83(
18 Phila. Life Ins. Co., par $10_. 11)i
6 Internat. Lum. & Dev. Co.,
par $50
5 Victor Talking Mach. Co., com.200
10 American Gas
99%
73%
50 Independent Trust.
Bonds.
Per cent.
$3,000 Wilkes-Barre az Hazleton
RR. Co. 58, 1945
593'
$1,500 No. Spgfd. Wat. 5s, '28 99%-100
$500 Sunb. Has. & W.-B. fly. Co.
101%
5s, 1928
$1,000 Decatur Ity.&Lt.Co. 55, '33 95
89j
$1,000 N. J. Gas Co. 5s, 1940
$1,000 Spgfd. Water Co. 5s, 1926..100
By Messrs. Samuel T. Free man & Co., Philadelphia:
$ per sh.
Shares.
90
60 Amer. Pipe & Constr. Co
860
5 Prov. Life & Tr. Co
4 13th & 15th St. PASS. Ry.,par$50 258
12%
40 Prudential Loan Society
Per cent.
Bonds.
101g
$5,000 City of Phila. 4s, 1941.
$5,000 Phila. Sub. G. & El. 58, 1960 92%
$200 No. Spgfd.Wat. 1st 5s, 1928_100
$200 Spgfd. Wat. Co. Es, 1926._ ..100
Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Feb. 24. The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V. 92, p. 1607, in the case of the trust companies.
Trust Cos.
00s omitted.
NIanhattan ..'...
Brooklyn __
Bankers
U. S. Mtg.& Tr
Astor
Title Guar.4,Tr
Guaranty
Fidelity __ __
LawyersT.I.&T
Columbia
Standard
Peoples
New York
Franklin
Lincoln
Metropolitan
Net
On Dep.
Surplus. Loans. Specie. Legate. WAG.H Deposits. Reserve.
Average. Average. Average. Banks. Average,
$
$
4
$
%
$
$
2,252,1 16,251,0 1,800,0
100,0 2,103,0 12,504,0 15.1+14.4
460,0 1,994,0 15,354,0 15.0+11.4
2,4t4,7 20,184,0 1,843,0
13,518,4 125,110,0 14,313,0
228,0 14,666,0 96,911,0 15.0+13.1
620,0 6,555,0 26,310,0 15.0+ 9.7
4,502,2 42,518,0 3,333,0
44,0 1,738,0 11,352,0 14.7+ 9.4
L,139,4 15,884,0 1,626,0
1,714,4 34,152,0 1,504,0 1,457,0 3,667,0 19,530,0 15.1+15.5
2,888,1 172,442,0 14,079,0 1,442,0 12,625,0 103,952,0 14.9+10.8
239,0
778,0 5,653,0 15.5+10.0
641,0
1,283,4 7,656,0
784,0 1,683,0 15,065,0 15.2+10.0
6,171,5 19,768,0 1,508,0
100,0 1,579,0 13,134,0 15.0+10.7
1,893,6 21,334,0 1,865,0
43,0 2,567,0 13,452,0 15.3+16.0
1,411,2 15,320,0 2,022,0
538,0 3,083,0 14,391,0 15.1+17.3
1,696,7 16,449,0 1,635,0
185,0 3,735,0 33,109,0 16.4+10.1
11,572,3 47,299,0 5,247,0
355,0 1,227,0 10,956,0 15.5+10.1
1,360,8 11,726,0 1,274,0
226,0 1,260,0 9,996,0 15.0+11.1
550,1 10,870,0 1,273,0
6,122,3 25,718,0 2,779,0
14,0 2,583,0 17,977,0 15.5+12.5
Totals,Average 0,491,2 602,681,0 56,742,0 6,835,0 61,843,0 419,146,0 15.1+12.8
Actual figures
eb.24_ 600,164,0 55,491,0 7,103,0 62,197,0 415,632,0 15.0+13.0
The capital of the trust companies is as follows: Manhattan,$1,000,000; Brooklyn,
$1,000,000; Bankers, $5,000,000; United States Mortgage dc Trust, $2.000.000:
Astor, $1,250,000; Title Guarantee & Trust, $4,375,000; Guaranty, $5,000,C00:
Fidelity. $1,000,000; Lawyers' Title Insurance Sr Trust, $4,000,000; Columbia.
$1,000,000; Standard, $1,000,000; People's, $1,000,000; New York, $3,000,000:
Franklin, 21,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; total.
$34,625,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Feb. 24
Capital. Surplus.
Capital. Surplus.
Loans.
Average.
$
$
$
Bank of N. Y. 2,000,0 3,774,7 21,190,0
Manhattan Co. 2,050,0 4,697,1 33.600,0
Merchants' _ _. 2,000,0 1,970,4 21,655,0
Mech.& Metals 6,000,0 8,382,4 56,246,0
America
1,500,0 6,208,4 28,617,0
25,000.0 26,668,4 181,642,0
City
3,000,0 6,920,4 • 30,070,0
Chemical
600,0
Merchants' Ex
607,0
6,813,0
1,000,0 2,518,0
9,140,0
Gallatin
300,0
147,1
2,123,0
Butch.& Drov.
898,4
8,481,0
500,0
Greenwich _..
Amer. Exch.. 5,000,0 4,474,2 45,199,0
Commerce.... 25,000,0 15,893,4 146,896,0
Mercantile.... 3,000,0 2,754,4 14,387,0
4,199,0
042,3
500,0
Pacific
Chat. & Phen. 2,250,0 .1,232,1 16,569,0
1,904,0
463,6
People's
200,0
Hanover
3,000,0 12,952,4 77,499,0
Citizens' Cent. 2,550,0 1,914,6 22,726,0
Nassau
628,9 10,429,0
500,0
Market & Fult 1,000,0 1,808,5
9,277,0
Metropolitan _
2,000,0 1,645,6 10,726,0
Corn Exchange 3.000,0 5,494,2 48,609,0
Imp.& Traders 1,500,0 7,690,2 27,072,0
Park _ _ ..
5,000,0 12,990,0 90,724,0
East River...
250,0
96,7
1,485,0
Fourth
5,000,0 5,845,2 37,713,0
Second
1,000,0 2,329,4 14,459,0
First
10,000,0 21,984,4 123,907,0
Irving Exch
2,000,0 1,963,9 28,323,0
Bowery
250,0
3,395,0
803,6
N. Y. County_
500,0 1,781,0
8,416,0
German-Amer.
750,0
732,9
4,260,0
Chase
5,000,0 8,704,5 99,523,0
Fifth Avenue_
100,0 2,159,5 13,281,0
Exch.
German
200,0
887,9
3,289,0
Germania ......
200,0 1,042,9
5,586,0
1,000,0 1,663,6 14,226,0
Lincoln
1,000,0 1,252,6
Garfield
9,310,0
250,0
Fifth
538,6
3,499,0
Metropolis _
1,000,0 2,155,8 12,657,0
200,0 1,068,3
West Side_ ._
4,169,0
1,000,0 2,103,9 25,863,0
Seaboard
1,000,0 2,770,6 19,163,0
Liberty
1,000,0
801,6
N.Y. Prod. Ex
8,329,0
1,000,0
970,9 15,032,0
State
1,000,0
478,4 11,075,0
Security
1,000,0
464,0
Coal & Iron_
6,520,0
1,000,0
998,6
Union Exch
9,431,0
Nassau, liklyn 1,000,0 1,065,1
7,970,0
Specie. Legal:. Net Depos- ReAverage. Average. its, Aver. serve.
$
4,085,0
8,700,0
4,374,0
11,717,0
5,268,0
56,458,0
5,135,0
1,580,0
1,421,0
521,0
2,322,0
8,794,0
25,780,0
1,803,0
5.32,0
2,754,0
368,0
18,115,0
5,160,0
2,420,0
1,637,0
2,562,0
7,925,0
4,378,0
24,151,0
347,0
7,347,0
3,581,0
30,560,0
5,922,0
849,0
1,507,0
888,0
24,402,0
2,814,0
425,0
1,379,0
3,115,0
2,283,0
367,0
1,938,0
071,0
5,258,0
4,022,0
2,078,0
4,881,0
2,499,0
1,051,0
1,359,0
1,548,0
$
786,0
1,359,0
1,250,0
2,023,0
2,070,0
7,491,0
2,275,0
124,0
449,0
63,0
190,0
3,285,0
8,144,0
1,118,0
531,0
1,443,0
147,0
5,399,0
623,0
926,0
1,022,0
219,0
6,085,0
2,067,0
1,890,0
106,0
3,490,0
137,0
2,076,0
2,105,0
64,0
754,0
223,0
6,607,0
997,0
459,0
203,0
1,092,0
233,0
533,0
1,220,0
258,0
2,555,0
1,146,0
429,0
348,0
1,090,0
635,0
1,041,0
264,0
$
19,128,0
38,700,0
22,377,0
54,555,0
29,420,0
191,933,0
27,859,0
6,934,0
7,408,0
2,197,0
9,740,0
45,868,0
127,319,0
11,233,0
3,928,0
16,700,0
2,294,0
88,433,0
21,975,0
12,680,0
9,485,0
10,733,0
57,344,0
25,042,0
103,905,0
1,794,0
40,835,0
14,409,0
121,755,0
31,180,0
3,591,0
8,765,0
4,190,0
115,566,0
14,974,0
3,500,0
6,379,0
15,066,0
9,680,0
3,499,0
12,771,0
4,732,0
30,538,0
20,090,0
10,008,0
20,968,0
14,172,0
6,764,0
9,547,0
6,944,0
%
25.4
25.9
25.1
25.1
25.0
33.3
26.6
24.5
25.2
26.5
25.7
28.3
26.6
26.0
27.0
25.1
22.4
20.5
26.3
26.3
28.0
25.0
24.3
25.7
25.0
25.2
26.1
25.1
26.1
25.1
25.9
25.1
26.1
26./
25.9
25.:
24.1
27.1
25.1
25.1
24.1
25.1
25.1
25.1
25.1
25.1
25.:
25.1
25.
26.1
Totals, Avge__ 135,150,0 198,340,0 1422,683,0319,351,0 79,044,0 1478,007,0 26.,
Actual figures Feb.24_
1421,566,0 318,084,0 79,480,0 1978,256,0 26.
Eirculation.—On the basis of averages, circulation of national banks in the
Clearing House amounted to $51,099,000, and, according to actual figures was
$51,154,000.
Loans.
Specie.
On Dep.
Net
Legal , th C.H.
Tenders. Banks. Deposits.
$
$
Averages.
s
a
S
$
$
Banks _ _ _ 135,150,0198,340,61,422,683,0319,351,0 79,044,0
1,478,907,0
Trust cos_ 34,625,0 90,491,2 602,681,0 56,742,0 6,835,0 61,843,0 419,146.0
Total... 169,775,0288,831,82,025,364,1376,093,0 85,879,0 61,843,0 1,898,053,0
Actual.
1,478,256,0
1,421,566,0318,084,0 79,480,0
Banks
600,164,0 55,441,0 7,103,0 62,147,0 415,632.0
Trust cos_
2,021,730,0373,525,0 86,583,0 62,147,01,893,888,0
Total_
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 86, p. 316.
STATE BANKS AND TRUST COMPANIES.
Week ended Feb. 24.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
005 omitted.
607
THE CHRONICLE
Rem. 2 1.912.1
State Banks
Trust Cos.
Trust Cos.
State Banks
in
outside of
in
outside of
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y
Capital as of Dec. 21_ _.
Surplus as of Dec. 21 _ _ __
$
22,665.100
$
61,956,000
38,842,200
6
9,402,900
6
9,525.000
176,850,100
11,874,943
11,826,510
Loans and investments__
Change from last week_
286,973,800 1,138,594,400
—2,667,600 +1,624,400
104,148,200
+92,900
159,844,100
+299,400
Specie
Change from last week_
51,879,400
—1,181,300
115,451,200
+1,227,200
Legal-tenders & bk. note'
Change from last week_
22,470,600
—5,600
1.1,340,400
+131,000
111,655,800
+36,500
170,562,100
—478,700
Deposits
Change from last week_
341,541,800 1,279,116,200
—1,446,400 +4,386,200
Reserve on deposits
Change from last week_
95,397,900
—1,078,500
137,765,000
+1,177,800
22,779,800
—449,800
25,580,900
—546,600
28.8%
29.0%
17.0%
16.9%
21.8%
22.1%
16.1%
16.4%
P.C. reserve to deposits
Percentage last week
+ Increase over last week. — Decrease from last week.
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 loottion, the reserve being computed on the whole amount of deposits exclusive of UM
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 Banks—
Total
Of
Total
eserve Required for Trust Companies
Reserve
which Reserve
which
and State Banks.
Required. in Cash. Required. in Cash.
Location—
Manhattan Borough
20%
10%
10%
Brooklyn Borough (without branches in Manhat.) 154
10%
734%
Other Boroughs (without branches in Manhattan) 15%
15%
15%
Brooklyn Borough, with branches In Manhattan _15%
20%
20%
15%
15%
15%
Other Boroughs, with branches in Manhattan. ..15%
6%
5%
15%
Elsewhere in State
10%
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown ,in the table below, as are
alio the results (both actual and average) for the Clearing-
608
THE CHRONICLE
[voL. Lxxxxiv.
House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.-Becombined each corresponding item in the two statements, low is a summary of the weekly
totals of the Clearing-House
thus affording an aggregate for the whole of the banks and institutions of Boston and Philadelphia:
trust companies in the Greater New York.
We omit two ciphers (00) in all these figures.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended Feb. 24-
Clear.-House Clear.-House State Banks & Total of all
Members.
Members. Trust Cos. not Banks &Trust
ActualFigures
A verage. in C.-H. Aver. Cos. Average.
i Nat. Banksl
Capital )Dec. 5 and ) 169,775,000
'State Banks'
Surplus 1 Dec. 21..1 288,831,800
169,775,000
288,830.800
34,652,000
204,427,000
93,130.300
381,961,100
Loans and investments 2,021,730,000 2,025,369,000
Change from last week +2,688,000
+0,123,000
606,753,700 2,632,117,700
-748,600
+5,374,400
Deposits
1,893,888,000 1,808,053,000
Change from last week
-827,000
+446,000
a612,433,500 2,510,486,500
+3,595,600 i+4,041,600
Specie
Change from last week
373,525,000
-8,917,000
376,093,000
-5,741,000
63,758,000
+309,600
439,851,000
-5,431,400
Legal-tenders
Change from last week
86,583,000
+550,000
85,879,000
-601,000
511,062,000
• -27,600
96,941,000
-628,600
397,564,000
26.80%
308,395,000
26.93%
12,040,700
14.12%
410,435,700
Banks: cash in vault
Ratio to deposits__
Capital
and
Loans.
Surplus.
Banks.
Boston.
Jan. 0
Jan. 13
Jan. 20
Jan. 27
Feb. 3
Feb. 10
Feb. 17
Feb. 24
Philadelphia.
Jan. 6
Jan. 13_
Jan. 20
Jan. 27
Feb. 3
Feb. 10_
Feb. 17
Feb. 24
Specie. Legate. Deposits. Circua
lation.
Clearings
$
41,575.0 218,114,0 26,151,0 9,567,0 274,374,0
41,575,0 214,572,0 28,718,0 4,521,0 273,003,0
41,575,0 221.442,0 30,290,0 9,090,0 284,532,0
41,575.0 224,175,0 31,076,0 4,175,0 284.919,0
41,575,0 230,296,0 30,778,0 9.131,0 299,214,0
41,575,0 232,768,0 29,410,0 3,892,0 281,582,0
41,575,0 233,178,0 27,099,0 4,343,0 284.320,0
41,575,0 231,160,0 26,262,0 4,176,0 279,028,0
80,623,2 321,770,0
80,623,2 337,976,0
80,623.2 339,021,0
80.623,2 373,337,0
80,623,2 376.436,0
80,623,2 379,907,0
80,623,2 382,207,0
80,623,2 382,191,0
7,746,0 212,145.0
7,733,0 185,065,3
7,810,0 193,427,5
7,897,0 161,523,9
7,913,0 206,851,6
7,926,0 166,816,6
7,010,0 171,394,0
7,859,0 145,599,6
144131
376,055,0 15,474,0 179,321,1
383,010,0 15,432,0 152,890,8
388.866,0 15,930,0 162,929,0
417,710,0 15,404,0 149,652,6
424,523,0 15,408,0 170,130,6
421,047,0 15,400,0 146,303,6
427,493,0 15,488,0 137,499 5
923,857,0 15,377,0 123,819,5
88,596,0
91,491,0
93,396,0
104,294,0
106,911,0
102,404,0
102,315,0
100,407,0
a Includes Government deposits and the item "due to:other banks." At Boston
Government deposits amounted to $3,760,000 on February 24, against $3,500,000
on February 17.
Trust cos.:cash in vault
62,544,000
63,577,000
62,779,300
126,356,300
Aggete money holdings
Change from last week
469,108,000
-8,367,000
461,972,000
-6,342,000
74,820,000
+282,000
536,792,000
-6,060,000
Money on deposit with
other bks. & trust cos.
Change from last week
Imports and Exports for the Week.-The followingTare
the imports at New York for the week ending Feb. 24;101s°
totals since the beginning of the first week in January.
62,147,000
-1,903,000
61,843,000
-1,137,000
21,086,200
+103,300
82,929,200
-1,033,700
FOREIGN IMPORTS AT NEW YORK.
Total reserve
522,255,000
Change from last week -10,270,000
523,815,000
-7,479,000
95,906,200
+385,300
619,721,200
-7,093,700
Surplus CASH reserve
Banks (above 25%)_ _
Trust cos.(above15%)
28,000,000
199,200
28,668,250
705,100
Total
' 28,199,200
Change from last week -8,003,750
29,373,350
-6,051,600
% of cash reserves of tr ustcos-Cash in vault
15.04%
Cash on:dep. with bits.
13.00%
15.16%
12.85%
15.51%
1.58%
28.01%
17.09%
Total
28.04%
+ Increase over last week. -Decrease from last week.
RI a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies In New York City"; with this item
included,
deposits amounted to $717,032,100, an increase of $1,274,200 over last week.
In
the ease of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
For week.
Dee.
Dec.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
..,..,
23...
30._
6_
13._
20...
27..
3...
10._
17
0.-
Loans and
Investments.
$
2,473.850,8
2,481,588,2
2,492,990,3
2,531,983,6
2,557,285,9
2,570,217.2
2,586,925,1
2,607,204,4
2.626 743 3
0 nqn,11.7%,
Deposits.
5
2.319,737,2
2,337,100,4
2,371,283,7
2,416.299.8
2,456,409,0
2,475,673,5
2.488.372.8
2,497,993.9
2 506 449 9
o'Kin'tQa'm
Specie.
na 041 n
Kgrl'ino'n
$
548,801,5
561,446,3
583.433,9
621.969,4
643,176,8
652,940,6
653.852,1
645,004,1
626 814 9
ain,,
,,
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Feb. 24, based on average daily results:
We omit two ciphers (00)in all these figures.
Banks.
Cap:tat.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie, and
with
Net
InvestBank C.-H. Deposits.
ments.
Notes. Banks.
New York City.
Manhattan dc Bronx.
$
$
$
Aetna National
300,0
317,4 2,242,0
Washington Heights_ 100,0
307,7 1,352,0
Battery Park Nat__
200,0
142,0 1,334,0
Century
250,0
111,5 1,500,0
Colonial
400,0
477,6 5,968,0
Columbia
300,0
817,6 6,923,0
Fidelity
200,0
167,4 1,094,0
Gotham National__
200,0
123,7 1,220,0
Jefferson
500,0
529,5 3,754,0
Mount Morris
250,0
345,3 2,462,0
Mutual
200,0
400,8 3,371,0
New Netherland
200,0
280,0 2,724,0
Twenty-third Ward
200,0
100,4 1,847,0
Yorkville
100,0
531,9 4,131,0
Brooklyn.
Broadway
200,0
545,7 3,008,0
First National
300,0
670,8 3,619,0
Manufacturers' Nat__ 252,0
892,4 5,365,0
Mechanics'
1,000,0
898,2 10,564,0
National City
300,0
595,1 3,727,0
North Side
200,0
168,7 1,975,0
Jersey City.
First National
_ 400,0 1,306,6 4,989,0
Hudson County Nat__ 250,0
790,5 3,420.0
Third National
200,0
416,4 2,069,0
Hoboken,
220,0
First National
646,0 3,812,0
Second National
125,0
286,2 3,118,0
$
515,0
141,0
359,0
28,0
820,0
714,0
49,0
361,0
244,0
446,0
21,0
267,0
249,0
55,0
$
29,0
67,0
54,0
263,0
446,0
039,0
121,0
18,0
303,0
36,0
707,0
88,0
108,0
759,0
$
101,0
200,0
102,0
109,0
846,0
605,0
154,0
87,0
390,0
371,0
895,0
282,0
259,0
590,0
$
2,202,0
1,100,0
1,457,0
1,560,0
6,346,0
7,811,0
1,039,0
1,322,0
4,248,0
2,757,0
3,822,0
2,484,0
2,075,0
4,645,0
418,0 150,0
367,0 3,082,0
351,0
69,0
498,0 2,806,0
662,0 177,0
847,0 4,940,0
323,0 1,601,0 1,604,0 12,441,0
524,0 139,0
729,0 3,841,0
190,0
90,0
379,0 1,978,0
264,0
262,0
118,0
220,0
179,0
478,0 3,924,0
584,0
71,0
162,0
498,0
Total eight weeks
$147,368,013 $132,240,326 3149,853,668 $133,306,049
The following is a statement of the exports,(exclusive of
specie) from the port of New Yorki,to foreign:ports for Lthe
week ending Feb. 24 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1912.
1911.
1910.
1909.
For the week
Previously reported
517,165,073 $13,142,035 $12,409,315 $10,550,866
117,546,995 103,362,204 87,041,785 '.: 86,201,705
Total eight weeks
$134,712,068 $116,504,239 $99,451,100 $96,752,572
The following table shows the exports and imports of
specie at the port of New York for the week ending Feb.[,24
and since Jan. 1 1912, and for the corresponding periodkin
1911 and 1910:
•
Exports.
Gold.
48,0
55,0
310,0
354,0
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Imports.
Since Jan.1
Week.
Since Jana
$7,993,687
$5,100
62,100
1,950,730
6,329,098
2,250
•
Total 1912
Total 1911
Total 1910
$1,955,830 $12,084,366
46,900
986,745
1,075,000 4,727,463
Silver.
Great Britain _
France
Germany
West Indies
Mexico
South America
All other countries
Total 1912
Total 1911
Total 1910
$26,589
$172,111 $3,099,925
162,282 1,761,630
161,250 1,149,975
M
$695,524 $5,471,081
349,300 1,907,400
100
7,147
78
370
8,786
1,170
$1,095,372 $7,395,584
1,071,380 8,052,552
674,673 6,642,651
18,443
2,270.141
470,256
309,490
339,410
126,202
6,999
• $1,000
154,948
113,296
375
32,739
11,612
8,171
1,063,114
048,414
173,853
$269,619 $1,907,903
127,662 1,009,913
78,879
688,909
Of the above imports for the week in 1912,
American gold coin and $1,000 American silver coin.
were
•Naniting and Financial.
Railroad and Industrial Stocks
Write for our Circular No. 614, entitled "Railroad and Industrial
Stocks," which describes 126 Issues listed on the New York Stook
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.Ufalaj.A...
Chicago, Ill. Boston, Mass. Albany. N. V.
Members New York Stock Exchange.
4,218,0
2,162,0
1,778,0
1,706,0
1,904,0
Totals Feb. 24._ 6,847,0 11,869,4 85,673,0 7,780,0 6,678,0 15,085,0 83,224,0
Totals Feb. 17.__ 6,847,0 11,869,4 85.704,0 7,769,0 6,457,0 14,585,0 83,299,0
6,847,0 11,869,9 85,386,0 7,788,0 6,524,0 15,158,0 83,224,0
Totals Feb. 10.,
$3,779,908
15,198,893
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
$
$
8
382,221,8
94,909,7 477,131,5
389,565,5
95,746,3 485.311,8
403,477,0
98,301,6 501,778,6
417.597.3 101.403,7 519,001.0
434,904,4 103,276,0 538,180,4
448,680.5 102,417,7 551,098,2
454,180,5
99.921,0 554,101.5
451.204,5
98,317,6 549,522,1
445,282,4
97,569,6 542 852 0
n
1909.
52,951,822
12,547,389
$14,888,672 $15,678,202 $15,499,211 $18,973,801
Week.
Aq0 4c1
1910.
$3,158,026
12,520,176
$24,877,270 $26,661,329 $28,486,871 $30,116,001
122,490,743 105,578,997 121,366,797 103,190,048
Tot. Money Entire Res.
Holdings. on Deposit.
Legals.
1911.
32,349,469
12,539,203
Total
____
• V Since January 1.
Dry goods
General merchandise.,
We omit two ciphers in all these figures.
Week
Ended.
1912.
Dry goods
General merchandise
White, Weld & Co.
.1 •
:
1 Bonds and Investment Securities
5 NASSAU STREET.
NEW YORK
THE ROOKERY:
CHICAGO
Vaniltrs' Gazette.
•••••••• AAA...et
Wall Street, Friday Night, March 11912.
The Money Market and Financial Situation.-Evidently
there is not, in business circles at least, much fear that the
extreme Socialistic measures recently advocated by a prominent political aspirant will ever be adopted by the American people, otherwise we should not record, as we do this
week, a broader interest and a general tendency towards
higher prices in the security markets. This latter is the
more significant because of the fact that the most important
news of the week is of an unsatisfactory character. We refer
especially to the coal strike in Great Britain, involving, it is
said, 1,000,000 miners, uncertainty as to the result of negotions already begun between the operators and miners in our
own coal fields, to a suspension of dividends on Republic
Iron & Steel preferred shares and to the generally unfavorable reports of railway net earnings for January.
On the other hand, there has been an advance in the price
of copper metal based on a further reduction of the supply
and efforts on the part of some of the European Powers to
secure peace between Italy and Turkey.
Although the Bank of France reports a decrease in reserve,
the Paris allotment of Tokyo bonds was largely over-subscribed. Subscriptions in New York met expectations, but
in London, on account of the coal Strike, amounted to only
about one-half the offering. It is reported that there is a
movement on foot in Berlin to require the German banks to
carry a larger percentage of reserve than has been customary
in the past. This would, of course, have a tendency to relieve the strain upon the Imperial Bank in case of another
stringency like that of last autumn. Some further shipments
of gold have been made to South America from here this
week,and the steady lowering of surplus reserve held by local
banks has caused a slight advance in rates in this market.
The open market rate for call loans on the Stock Exchange
during the week on stock and bond collaterals has ranged
from 2 to 2M%. To-day's rates on call were 23.@2%%.
Commercial paper quoted at 33'@4% for 60 to 90-day
endorsements and for prime 4 to 6 months' single names,
and 4
for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £166,154 and the percentage of reserve to liabilities was 45.97, against 48.64 last week
The rate of discount remains unchanged at 31y% as fixed
Feb. 8. The Bank of France shows a decrease of 5,075,000
francs gold and 6,775,000 francs silver.
NEW YORK CITY CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1912.
Averages for
week ending
Feb. 24.
'
Differences
from
previous week.
1911.
Averages for
week ending
Feb. 25.
1910.
Averages for
week ending
Feb. 26.
$
'S
$
$
Capital
132,350,000 128,350,000
135,150,000
Surplus.
196,005,800 132,627,500
198,340,600
Loans and discounts... 1,422,683,000 Inc. 3,824,000 1,318,318,100 1,231,098,000
49,375,400
Circulation
46,656,800
51,009,000 Inc.
366,000
Net deposits
1,478,907,000 Dec. 3,573,000 1,359,862,400 1,242,333,400
Specie
319,351,000 Dec. 6,094,000 305,410,200 265,657,400
67,627,400
Legal tenders
79,044,000 Dec.
775,000
74,913,400
Reserve held
25% of deposits...
398,395,009 Dec. 6,869,000
369,726,750 Dec.
893,250
380,323,600
339,965,600
333,284,800
310,583,350
Surplus reserve.
28,668,250 Dec. 5,975,750
40,358,000
22,701,450
Note.-The Clearing House now issues a statement w,may show rig the actual
condition of the banks on Saturday morning as well as the above averages. These
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.-The market showed distinct irregularity during the week with the tendency downward.
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for
60-day and 4 88 for sight. To-day's actual rates for sterling exchange were
4 8415(04 8425 for 60 days, 4 8710@4 8720 tor cheques and 4 8740(04 8745
for cables. Commercial on banks 4 82 M ®4 83'% and documents for payment 4 83 M@4 845%. Cotton for payment 4 83 5%@4 84 and grain for
payment 4 84@4 8481.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 85 for 60 days and 4 88 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 20 %@
520 less 1-16 for long and 5 175% less 3-32@5 175% less 1-16 for short.
Germany bankers' marks were 94 9-16@94 M for long and 95 3-16@95 34
less 1-32 for short. Amsterdam bankers' guilders were 40 30 ®40 32 for short
Exchange at Paris on London, 25f. 23 Mc.; week's range, 25f. 25 Mo. high
and 25f. 233-10. low.
Exchange at Berlin on London, 20m. 47 WI.; week's range, 20m.49 UPt•
high and 20m. 47pf. low,
-The range for foreign exchange for the week follows:
Sterling, ActualSlay Days,
Cheques.
Cables.
High for the week-- -4 84 m
4 8735
4 8765
Low for the week__ -4 843-1
4 8705
4 8735
Paris Bankers' FrancsHigh for the week__ _5 20 less 1-16
5 175% less 1-16 5 175%
Low for the week...5 20 M less 1-32 5 18
less 1-32 5 17 % less 3-32
Germany Bankers Marks-the
week_-94
M
High for
955% less 1-32
95 5-16
Low for the week-- 94 %
95 3-16 less 1-32 055% less 1-32
Amsterdam Bankers' Guilders•
High for the week--- 40
40 5-16
40 % less 1-32
Low for the week___ 40 h less 1-16
40 11 plus 1-32
40 % less 3-32
Domestic Exchange.-Chicago 10c. per $1,000 premium. Boston, par.
St. Louis, 250. per $1,000 premium bid and 30c. premium asked. New
Orleans, commercial, 250. per $1,000 discount and bank $1 premium. San
Francisco, 40e. per $1,000 premium. Savannah, buying 3-16% discount
and selling par. St. Paul, 60e. per $1,000 premium. Montreal, par.
State and Railroad Bonds.--Sales of State bonds at the
Board include $30,000 New York Canal 4s 1961 at 1025
% to
1029, $17,000 New York 4s 1961 at 1023, to 102k and
6s
Virginia
deferred
trust
$10,000
receipts at 49%.
Sales of railway and industrial bonds at tile Exchange
little
over
a
have averaged
$2,000,000 per day, which is
609
THE CHRONICLE
MAR. 2 1912,1
somewhat in excess of last week, but prices have not been-as
well maintained as in the shares market.
United States Bonds.-Sales of Government bonds at the
Board are limited to $16,500 3s reg. at 1025
% to 10291 and
$33,000 Panama 3s at 1019 to 1019. Closing prices have
been as follows;for yearly range see third page following:
Interest
Periods
2s, 1030
.regLstered Q-Jan
2s, 1930
coupon Q-Jan
3s, 1908-18
registered Q-Feb
Is, 1008-18
coupon Q-Feb
4s, 1025
registered 0-Feb
4*, 1023
coupon Q-Feb
2s, 1936_Panama Canal regts Q-Feb
35, 1961 _Panama Canal coup Q-Meh
Feb.
24
Feb.
26
Feb.
27
Feb.
23
Feb.
29
Mch.
1
*100 *100 *1005% *1005% *1005% *1005%
*100 *100 *1005% *1005% *1005% *1005%
*10211 10234 1025% *1025% *10234 *10231
•102 *102 *102 *102 *102 *102 .3
*11311 *1135% *1135% *1135% *1135% *10331
*1135% *1135% *1135% .1135% *11311 *1135%
*100 *100 *1005% *1005% *10014 *1005%
*10114 *1015% 101% 1016% 1015% 101%
* This is the price bid at tl e morning beard: no sale was made.
Railroad and Miscellaneous Stocks.-The stock market,
although still very dull for the season, has been somewhat
more active than last week. In most cases fluctuations
have continued to be narrow, but a few issues are substantially higher and almost the entire active list has shown
a tendency to advance.
To-day's market was slightly more active than 3 or:4
weeks past and several issues advanced a point or more.
Louisville & Nashville has been the strong feature of the
railway list, closing 414 points higher than it sold on Tuesday. Lehigh Valley is up 23/2, Third Avenue 29-i and Great
Northern,_ Northern Pacific, Southern Pacific, Reading,
Pittsburgh C. C. & St. Louis and New York Central are
from 1 to over 2 points higher.
Sears, Roebuck & Co. is exceptional in an advance of
nearly 7 points and General Electric, ex-dividend to-day,
closes 4 points higher than on Tuesday. Republic Iron
& Steel preferred dropped 6 points on the announcement
of a passed dividend,a large part of which it has since recovered. Central Leather preferred has covered a range
of 7 points, with a net loss of 4.
For daily volume of business see page 617.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending March 1.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
100133 Mch 1 133 Mob 1 130
Am Brake Shoe & F, pfd
American Snuff, pref. _ _
2001075% Feb 2€ 107117Feb 27 1025%
350 1065% Feb 27 10731 Feb 24 10534
Assets Realization
100 834 Feb 28 81,4Feb 28 8
Brunsivick Terminal__ _
Cent & So Am Telt...g _ _ _ _
1012134 Feb 24 1215% Feb 24 11534
500 13e. Feb 27 13c. Feb 27 13c.
Comstock Tunnel
General Chemical
1001355% Feb 28 1355% Feb 28 128
Preferred
1251085% Feb 27 1085% Feb 27 1075%
1,170
14 Feb 23- 19-32 Feb 28
%
Preferred rights
G W Helme
23 155 Feb 27 155 Feb 27 155
Homestake Mining
210 87 Feb 29 87 Feb 29 87
Keokuk & Des M, pref
136 45 Mch 1 45 Mch 1 40
Norfolk Southern
368 465% Feb 29 46H Feb 29 465%
Norfolk & Western eta _
50011-64 Feb 26 1 1-16 Feb 2E
%
Ontario Silver_
200 114 Feb 28 114 Feb 28 1
Pittsburgh Steel, pref..
500101 Feb 28 10134'Feb 26 101
Quicksilver Mining.
100 334 Mch 1 3% Mob 1 3
Preferred
200 35% Feb 28 3% Feb 28 35%
St L & S F-C & E Ills
prof stock trust etfs_ _
200109 Feb 2.6 110 Mob 1 105%
Southern-M & 0 stock
trust certificates
100 82 Feb 24 82 Feb 24 82
Standard Milling
320 16% Feb 28 17% Feb 29 165%
Preferred
350 55 Feb 29 55 Feb 29 53
Texas Company (The)
500 93 Feb 28 94% Feb 26 81
Union Bag & Paper..
200 4% Feb 28 5 Feb 28 45%
Preferred
100 50 Feb 28 50 Feb 28 495%
United Dry Goods
400 97 Feb 27 98 Mch 1 97
100 1035% Feb 24 1035% Feb 24 10394
Preferred
100 '2734 Feb 28 2714 Feb 28 26
S Indus Alcohol
100 96% Feb 28 96% Feb 28 95
Preferred
Virginia Iron, C & C
400 55 Mch 1 55 Mob 1 55
Vulcan Detinning
230 26% Feb 27 26% Feb 27 15
Preferred
155 81 Feb 29 81 Feb 29 70
Highest.
Jan 138
Jan
Jan 111
Jan
Feb 108
Jan
Jan 914 Feb
Jan 1215% Jan
Jan 16e. Feb
Jan 13631 Feb
Jan 111
Feb
Feb 21-323 Feb
Feb 170 dJan
Feb 90
Jan
Jan 45
Jan
Feb 5234 Jan
Jan 11-16 Feb
Feb 134 Feb
Feb 103
Feb
Jan 35% Jan
Feb 45% Jan
tfiN4
Jan 109
Mch
Feb 82
Feb
Jan 175% Jan
Jan 565% Jan
Jar, 993:1 Feb
Jan 514 Feb
Feb 52
Jan
Feb 10014 Jan
Feb 106
Jan
Jan 305% Jan
Jan 9934 Jan
Mch 90-4 Jan
Jan 275% Feb
Jan 83 c, Feb
Outside Market.-Business in outside securities this week
was limited and the movement of prices irregular, changes
for the most part being small. Fluctuations in BritishAmer. Tobacco were narrow; it ranged between 193/i and
1934, with the close to-day at 199/8. Conley Foil sold up
from 265 to 270 and Johnson Tin Foil & Metal from 145 to
150. MacAndrews & Forbes improved a point to 175.
R. J. Reynolds Co. gained about 7 points to 205. A gain of
2 points to 187 was registered by United Cigar Stores. J. I.
Case Threshing Mach. preferred weakened from 100% to
1003- and finished to-day at 1003
%. Lehigh Valley Coal
Sales were heavily traded in and moved up from 203 to 210,
but reacted to 203. F. W. Woolworth com. declined from
7934 to 763-f and to-day advanced to 7834, closing at 77.
In bonds Norf. & West. cony. 4s were conspicuously active,
moving up from 108 to 1083% and down finally to 1085A•
Later dealings were transferred to the Exchange. Inspiration Con. Copper cony. 6s ran down from 1039( to 10234,
but to-day registered an advance to 105, the close being at
10434. Milw. Sparta & N. W. 4s were traded in at 9434
and 943-. N. Y. West. & Boston Ry. 43s opened at 99
and advanced to 9934. The new City of Tokyo 5s appeared
3 and recovered finally to 95.
at 9534, weakened to 94%
N. Y. City 434s improved from 102 13-16 to 102 15-16.
In copper shares British Columbia rose from 4 to 43-. Butte
Coalition fluctuated between 22 and 233 , resting finally
at 23. Greene Cananea advanced from 73
4 to 7 8, fell to
3
734 and ends the week at 7%.
Inspiration Con. Copper,
w. i., weakened from 18% to 18, recovered all the loss and
to-day jumped to 193%, the close being at 199/
8.
b::
fv*fral
Outside quotations will be found on page 617.-271
- 2 .
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 preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Feb 24
Monday
Feb 28
Tuesday
Feb 27
Wednesday
Feb 28
Thursday
Feb. 29
Friday
March 1
Sates at
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range sines January 1.
On basis ol 100-share lots.
Lowest.
Higirest.
Range for Previous
Year 1011.
Lowest.
Highest.
Railroads
104 10418 10334 104
10378 104
10378 10438 10414 10458 10418 10478 10,035 A tch Topeka & Santa Fe 10314 Feb 1 107 Jan 25 1974 Sep 11611 J'ne
101% Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
*10358 104
10312 10358 40313 10312 *10312 10334 10334 10334 *10312 10334
700 za. Do pref
*13534 13614 11534 13534 *13558 13614 13614 137 • 13612 13714 13714 13878 4,365 Atlantic Coast Line RR.._ 13318 Jan 10 13878 Mch 1 117 Jan 13914 Nov
9312 Sep 10934 Ply
210114 Feb 1 10678 Jan 20
10218 10218 10138 10134 10112 10134 10178 10214 102 10214 10212 10234 6,310 Daltimore & Ohio
91 Jan
8512 Aug
88 Feb 20 91 Jan 23
Do prof
8912 *88
*88
89
89
89
*88
8913
8912 8813 8812 *88
250 &
845s J'iy
72 Sep
7778 78
7778 78
*7778 7818 7818 7838 7838 7834 7878 8018 16,700 Brooklyn Rapid Transit._ 7634 Jan 2 8018 Mch 1
x22778 Mch 1 223534 Jan 3 1955$ Jan 247 J'1Y
22958 23014 22858 22918 22834 22978 22958 23014 230 23038 x22778 22812 9,500 f lanadian Pada:
305 Jan 9 380 Feb 7 260 Aug 320 Deo
*350 370 *350 370 *340 370 *340 370 *350 370 *350 370
k entral of New Jersey
6838 Sep
'6814 Feb 1 7412 Jan 2
8634 Feb
*7112 72
7118 7112 71
7138 7114 7178 7134 7218 7134 7258 7,650 Chesapeake & Ohio
3118 May
15 Aug
17 Jan 25 18 Jan 18
*17
Chicago
&
Alton
RR
20 *17
*17
20
20
20 *17
*17
17
20
17
100
53 Jan
37 Oct
35 Jan 5 35 Jan 15
1)o pref
*35
6612 *35
6612
6612 *35
6612 *35
6612 *35
6612 *35
2514 J'ne
17 Sep
1712 Jan 29 1938 Jan 2
1812
1712 1712 *1712 18
18
1758 1758 1778 1778 *1713 18
800 Chic Gt West trust ctfs
4914 Feb
3513 Dec
35 Jan 31 3718 Jan 3
Do pref trust °Us
3512 3512 *3434 3512 *35
3518 3558
35
3558 35118 3518 35
970
105 10538 105 10512 10518 10514 105 10512 10513 10558 10512 10678 19,215 Chicago Milw & St Paul ._ 210312 Feb 5 11138 Jan 3 10534 Oct 13312 Feb
144 Jan 12 146 Jan 2 141 Sep 15513 Feb
Do pref
514558 14558 145 145 *14312 14514 145 145 014312 14512 *144 14512
350
*14112 14212 14158 14158 *14113 14212 14134 14134 142 142 214014 14078 1,035 Chicago & North Western 214014 Mch 1 143 Jan 2 13818 Sep 150;3 Pile
194 Feb 29 §195 Feb 13 191 Nov §209 Jan
Do pref
*190 200 *190 200 *190 200 *190 200
194 194 *19112 200
100
Chia St P Minn & Omaha 139 Feb 20 144 Jan 30 13018 Apr 144 J'ne
*137 141 *137 141 *138 143 *137 141 *138 141 *138 140
153
Jan 30 4156 Feb 6 147 Nov §160 Meh
Do pref
*150 160 +150 160 *150 160 *150 160 *150 160 *150 160
333 Feb
158 Sep
2 Jan 2
118 Feb 16
Chic Un Trao ctfs stmpd
*114 218 *114 218 *114 218 *114 218 *114 218 *114 2
434 Sop
714 Feb
414 Feb 16
Do pref ctfs stmp8
518 Jan 16
6
*4
512
*4
*4
5 . *4
414 414
5
512 *4
210
66 Jan
4818 Sep
55 Jan 15 60 Jan 2
55
58
*52
55
58
*32
38
*52
*5212 55 *5412 55
100 Cleve Cm n Chic & St L.._ _
98 Feb
9414 J'iy
49578 Feb 24 96 Jan 31
Do pre(
*95 100
*95 100
*95 100
49578 9578 *95 100
*95 100
50
60 Jan
43 Sep
45 Feb 2 45 Feb
Colorado & Southern
45 *43
45 *43
45 *43
*43
45
45
*43
45
*43
82 .1 Ile
75 Mch 1 7678 Jan 15 270 Sop
Do 1st preferred
77
77 *76
*76
75
75
*7512 77
100
476
77
*75
77
7512 Mch
68 Mch 1 70 Jan 31 203 Sep
Do 28 preferred
70
70
*65
75
*6.5
*65
68
68
70
*65
70 *65
200
167 Jan 10 17512 Feb 6 151)12 Sep 17478 Joe
*170 172 *165 171 *187 170
170 171 *169 171
170 17018
700 nelaware & Hudson
eiaware Lack & West_ 540 Jan 16 569 Jan 29 505 Sep 570 Nov
*54014 564 *540 564 *54014 564 *540 564 *540 664 *54014 564
35 Feb
1758 Dec
1938 Jan 2 2234 Jan 23
Denver & Rio Grande
22 *21
22
22
22 *21
22
*21
*21
*21
74 Feb
3634 Dec
4034 Jan 2 4614 Jan 24
Do prof
42 *42
42
4212
*41
4112 4112 4112 4112 *41
200
4212 *41
1552 Mch
9 Nov
938 Jan 9
873 Feb 16
Duluth So Shore & Atlan
812 *8
834 *8
81.2
878 *8
834 *3
834 *8
*8
1718 Dec
3018 Mch
1614 Feb 10 18 Jan 22
Do pref
*18
*16
17
17
17
1712 *16
*16
17
*16
*16
17
3838 Ply
2714 Jan
3014 Jan 15 3212 Jan 2
3138 15,150
3058 3051, 3058 307s 3034 3114 3078 3114 31
3034 31
0114 J'iy
4558 Jan
rieDo 1st preferred__ _ 5018 Feb 3 5312 Jan 2
5114 5114 5112 2,570
51
51
5012 5017 5073 5114 5114 5112 51
33 Jan
4934 J'ly
Do 28 preferred
40 Feb 3 44 Jan 2
4112
41
100
*4034 4112 *41
*4034 4112 *4012 4112 *4034 4112 41
J'ne
Sep
119
140
13213
Jan
Great
126
Jan
16
23
Northern
pref
13038
12934
13038
13114
12958
14,650
12918
13012
12912
129 12912 129 12913
6334 Feb
3334 Deo
Iron Ore properties
36 Jan 31 447 Jan 2
4.3712 3812 3712 3712 2,200
3718 37
38
37
37
37
3658 37
1514 Jan
11 Aug
1078 Feb 27 .12 Jan 13
11
11
11
16 Green Bay & W.deb ctfB
1078 1078 *1012 1112 11
*1012 1114 *1073 11
98 Oct
9314 J'iy
avana Electric
. ...
9334 Jan 10258 Oct
Do preferred
110 Feb '20 110 Feb 23
*:::: 110
124 Nov 134 Apr
Hocking Valley
*120 12718 *120 12718
s120
*120
*120 ---- *120
213434 Feb 1 14118 Jan 23 132 Jan 147 Ply
13534 13534
*13512 13612 *13512 11613 13614 1-3-614 *13514 13614 13558 136
400 Illinois Central
1318 Sep
2033 Feb
177s 1814 1778 1838 18
1838 7,100 nterboro-Metrop v t ctfe 1638 Jan 3 1918 Jan 22
1734 1734 1758 1758 1758 18
3934 Sep
5638 Ply
5338 Jan 3 5914 Jan 22
Do pref
5714 5734 5712 5812 5718 5814 58
*5613 57
5834 26,840
5634 57
3912Sep
5512 Ply
5234 Jan 11 5738 Jan 22
Do pref vot tr ctfs
5484 5478
56
5638 2,600
6434 5514 5514 5534 5634 5513 58
15 May
22 Sep
1013 Feb 8 15 Jan 4
13 *10
1134 1134 *11
12
*10
13
13 *11
*1013 12
150 Iowa Central
42 Sep
23 Apr
2814 Jan 6 30 Jan 4
Do preferred
*25
30
29
*26
*25
29
*23
25
27 *23
*23
27
80 Deo
74 Apr
fr C Ft S & H tr etts,pref 7734 Jan 4 7734 Jan 4
*78
80
82 *78
*78
80
*78
80
80 *78
*78
80
3738 J'ne
2514 Sell
25 Feb 0 2834 Jan 2
2612 2534 2534 42512 2612 26
*25
28 *2512 26
26
26
600 11-ansas City Southern_ _
6112 Sep
6034 Poo
62 Feb 1 65 Jan 5
Do
preferred
*6173 64
*6178 6318 *6178 6318 *62
*6178 6318 *6173 64
6318
17 Nov
1112 Jan 26 13 Jan 31
10 Sep
eke Erie & Western
1412 *12
*12
1412 *12
1412 *12
14
1412 *12
1412 *12
40 Jan
25 Sep
30 Jan 8 34 Jan 31
34
34
34
34
32 *32
*32
34
*32
*32
10 LA Do preferred
*32
432
155% Feb 5 18534 Jan 15 151 Sep 18678 Deo
15734 158
157 15734 15738 15734 15778 15912 158 15914 15913 15978 15,895 Lehigh Valley
63 Jan
45 Nov
Long Island
4312 Feb 13 44 Jan 20
*43
48
*4312 48
50
*4313 48
50
*44
*44
*4312 48
14978 Feb 1 15614 Meh 1 13612 Sep 16034 Nov
162 15214 15134 15134 15114 152
15212 15312 153 15412 15412 15614 8,720 Louisville & Nashville
200 Manhattan Elevated_ 135 Jan 2 13814 Feb 27 13114 Sep 14212 Jan
*137 13812 *13713 13812 13814 13814 *13713 13812 13734 13734 *13712 13812
4212 Sep
2113 Apr
300 IT-Linneapolls & St Louis 23 Feb 27 2712 Jan 23
2314 2314
*18
23
25 *18
23
24
23
2312 2312 *18
6813 Sep
Do preferred
35 Mch
440 Feb 26 §57 Jan 15
54
17
*40
55
*40
50
*40
42 *____ 55
§40
55
13418 13418 *132 13414 *132 13414 13312 13312 13334 13414 13338 13334 2,065 Minn St P & S S Marie...._ 129 Feb 3 135 Jan 3 21243.1 Sep 15214 Mch
Do preferred
14714 Feb 1 151 Jan 10 146 Nov 160 Mch
*147 151 *147 150 *147 150 *147 150 *147 150 *147 150
9012 Mch
Do leased line cgs_ 48712 Jan 12 48878 Jan 17
8712 Ply
200
89
8918 *88
80 *8838 89
8812 8812 *86
8812 8812 *88
3818 J'ne
Mo
Kansas
&
27 Sep
Texas
2612 Feb 7 30 Jan 2
900
*2613
2714
27
2634
27
*2612 27
*2612 27
2634 2634 2634
Do preferred
70 Oct
6134 *5978 6134
61 Feb 29 65 Jan 25 ,6234 Sep
300
61
64
*60
64
64
*60
56
6414 *60
63 Feb
3314 Sep
3918 3834 3958 8,820 Missouri Pacific
3858 Feb 21 4112 Jan 18
3918 3873 3914 39
3858 3912 39
39
39
ash
Chatt
&
14014
160
J'ne
St
Jan
165
165
Jan
4
Louis
360
*165
173
169
16o
Mch
1
165
*160 170 *160 170 *165 175 4165
at Rys of Hex 1st pref 6678 Feb 10 71 Jan 4
68
00 Aug
7238 Jan
*65
*65
68
68
68
*65
68
68
*65
*65
*65
Do 2d preferred
3112 *3118 32
3838 Feb
2578 Aug
700
31 Feb 27 3678 Jan 20
3158 3113 3112 *31
*3212 33
3138 3138 31
10614 Jan
11238 Jan 30 29978 Sep 11512 Feb
*11012 11058 11014 11012 11038 11012 11014 11078 11012 11058 11058 11134 16,085 N Y Central & Hudson
6614 57
57
48 Sop
65 Jan
54
300 N Y Chic & St Louis
57
57
54 Feb 29 61 Jan 30
*54
*54
*64
57
57
*54
Do 1st preferred
*9712 110
49713 110
*9712 110
9813 Nov 10158 Mch
*971'2 110
*9713 110
*9712 110
Do 2d preferred
8213 Aug 90 Jan
8912
8712 *84
8712 *87
8712 *84
87 Jan 27 90 Jan 18
8712 *84
8712 *84
*84
600 NY NH & Hartford
136 Feb 1 139 Jan 18 12678 Sep 15113 Feb
*138 13834 *138 13834 *138 13834 4138 13834 *138 13834 13834 139
4678 J'ly
3734 Sep
37
37
37
600 N Y Ontario & Western_ 3614 Feb 1 3834 Jan 0
37
37
*3634 3734 *3634 3712 37
9934 Sep 11114 Nov
210734 Feb 1 11114 Feb 27
11012 11068 11038 11058 11012 11114 111 11114 210958 10958 10912 10934 11,380 Norfolk & Western
9114 Pile
8534 Apr
Do adjustment pref
92
02
100
*90
*91
92
92
*90
92
9012 Jan 4 92 Feb 17
92
*90
92 *90
11538 Jan 15 11934 Jan 22 11034 Sep 13778 Pile
117 11734 11712 11712 11712 11358 11,310 Northern Pacific
11658 11634 11634 117
117 117
-pacific Coast Co
9434 Dec 102 Jan
9912 *89
9912 *89
99
9912
*89
9912 *89
9912 *89
*89
_14
Do 1st preferred
*85 105
*85 105
*85 105
*85 105
*95 105
*85 105
9034 J'iy 102 Jan
Do 28 preferred
*90 105 *90 105
*90 105
*90 105
*90 105
*90 105
12212 Jan 9 12412 Jan 26 11834 Sep 13018 Feb
12258 12234 12212 12234 12212 12234 12212 12234 12258 12278 12234 12318 13,132 Pennsylvania
9018 Sep 100 Jan
12,100 Plttsb Cln Chlo & St L
9812 Jan 2 10712 Feb 27
10513 10558 10512 10718 10634 10712 107 10712 10612 10612 10613 107
Do preferred
600
115 115 *110 117 *105 11634 11613 11612
10812 Jan 2 117 Feb 20 10218 Sep 112 Feb
*105 117 *105 117
14813 Jan 11 15912 Jan 22 134 Sep 16178 Putt
16313 15458 15212 15312 15278 15312 15338 15558 15438 15512 15414 15578 293,300 D eadIng
88 Mch
92 Ply
1st preferred
9(312 Jan 11 92 Jan 17
*go 92 *89 92 *88 92 *8934 92 *8934 92 *8978 9118
9012 Sep 1)1 May
2d preferred
97
94 Jan 11 9834 Jan 20
96
9612
700
9634 9612 9612 9614 9614 9614 9612 *96
*96
3438 J'ne
2234 Sep
23
2224 Feb 26 2558 Jan 3
2338 23
2278 2334 4,600 Rook Island Company
23
23
2318 2234 2234 *2212 23
4334 Dec
6858 J'ne
Do preferred
48 Jan 3 5218 Jan 9
4914 4934 3,400
49
49
49
49
4834 4834 4834 4834 *4853 49
27 Oct
23
Dee
20
Jan
2634
t Louis & San Fran _
23 Jan 5
*25
*2512 27
2512 26
27
*25
27 *25
25
26
27
867
6914 Ply
59 Sep
Do 1st preferred... _
8712 *65
65 Jan 10 6712 Jan 31,
68
68
*65
6712 4.65
6712 *65
68
*65
*65
4912 Ply
31 Sep
Do 28 preferred
3813 Feb 5 42 Jan 18
3914 39
3912 1,300
3934 3914 3914 39
*3834 3912 39
39
39
34 Feb
24 Jan
St Louts Southwestern
*30
2034 Jan 22 33 Feb 19
31
33
33
33 *30
*30
*31
*30
33
33 *30
72 Poo
5934 Jan
Do preferred
71
71
*70
71
6312 Jan 17 71 Feb 19
71
71
*70
71
*69
*70
*70
*69
10512 Feb 1 11258 Jan 2 10412 Sep 12638 J'ne
10778 10814 10758 10734 10734 10734 10778 10834 10814 10858 10813 10914 11,460 Southern Pacific Co
2434 Sep
3338 J'iy
2938 Jan 3
2734 2838 11,310 Southern v tr ctfs stmpd _
2613 Jan 31
2734 2778 2738 2734 2753 2734 2712 2734 2734 28
6114 Jan
7514 Ply
7212 7258 7234 73
Do pref
do
7318 7234 73
72
6814 Feb 3 7338 Feb 13
7318 5,400
*73114 7338 73
1978 Dec
3014 Feb
*2112 2212 *2112 2212 *2112 2212 *2113 2212 22
22
*2113 2214
200 rIlexas & Pacific
2012 Jan 3 2258 Jan 22
I. bird Ave tr ctfs 2 paid
53
39 Jan 17 153 Mch 1 /12114 Dec 32134 Dec
1 53
31 Nov
41 Dco
"4112 "Tit; 411 4212 *42 -4-2-1-2 4213 -12-12 -9272 4338 4312 44
Now (when Issued)
3912 Feb 7 4934 Jan 9
5,700
*3
4 Nov
812 Jan
*3
4
*314 4
4
4 Jan 20
3 Jan 15
*314 4
312 312 *314 4
100 Toledo Railways & Lt
12 Dec
2434 Feb
*1234 13
13
14 Jan 20
13
*1234 1318 13
900 Toledo St L & Western... 13 Jan 4
*1234 1314 13
1318 13
3473 Deo
3212 3214 3214 3214 3214 *30
5378 Jan
32
Do pre:erred
3214 Feb 23 3478 Jan 2
400
*30
3238 3214 3214 *30
Twin City Rapid Transit_ 10412 Jan 5 10612 Feb 17 104 Sep 111 Feb
*10612 108 *10613 108 *106 108 *10612 108 *10612 10712 *106 108
llo
160 Feb 1 17414 Jan 2 15312 Sep 19238 Ply
16378 165
16358 16438 164 16478 16458 16638 16558 16634 x10378 16514 178,650
89 Sep
Do Pact
preferred
96 Ply
29138 Mch 1 9358 Feb 27
*9212 93
9312 9234 9314 x9138 9138 2,833 U
9258 9314 9318 9358 93
2812 Sep
35
35
49 Feb
35
36
34
300 Unit Rys Inv't of San Fr 3034 Jan 5 3714 Feb 14
*35
*3412 36
34
*33
3512 *33
52 Sep
*6112 63
Do preferred
*6112 63
7614 Mch
60
58 Jan 2 6512 Feb 14
*6112 83
*6213 6312 16113 6112 *6112 63
*45
37 Sep
YirginIA itv & Power
47
47
*45
41 Jan 4 4712 Jan 25
47
45 Apt
47
*44
47
*44
*45
*46
47
___ 8812 -- 8812
77 Sep §83 Apr
Do preferred
87 Jan 26 8812 Feb 15
8813 *____ 8812 *---- 8812
8812
*678 738 *658 738
738 Fob
200 Ill abash
6 Jan 4
7
7
1838 Feb
7
7
*678 738 *658 738
534 Dec
1812 1814 1812 *18
19
1834 19
Y
Do preferred
4038 Feb
1,000
1414 Deo
1678 Jan 2 1934 Jan
18
1838 1778 1814 *18
6014 *57
6014 58
58
5812 5812 5812
3712 5712 *57
400 Western Maryland By...... 5534 Jan 9 6034 Jan 3
*57
66 Ply
4873 Apr
Do preferred
8814 Ply
75 Jan 9 78 Feb
*7718 8018 *7718 8018 *7713 8018 *7718 8018 *7718 8018 *7718 8018
75 Jan
612 758
7
718 4,560 Wheeling & Lake Erie
8 Feb 26
614 Feb
718 8
4 Jan 10
7
714
212 Sep
714 758
718 714
1978 3,320
173s Feb
19
1978 21
2018 21
2012 2034 20
Do 1st preferred
1934 19
20
11 Jan 3 21 Feb 24
7 Sop
8 Feb
912 1034 1018 1078 41012 1012 1014 1014
Do 28 preferred
3 Aug
6 Jan 19 1078 Feb 26
953 958 *913 1012 2,220
*48
54
52
Wisconsin Central
52
*48
52 *48
52 *48
*48
7218 May
62 *48
48 Feb 5 64 Jan 5
48 Sep
E
H
S
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
Bid
New York
Aetna
18712
America 11- 605
Amer Exch.. 1245
Battery Pk_ 125
Boweryl
400
Bronxborol, 300
Bronx Nat., 175
Bryant Pk 1] 150
butch es Dr 130
_
tury 1).._
6-00
heae
Ask
1921
610
__
130
___
. _
18-0155
140
145
____
Ask
Banks
Bid
ChntscPberux 171
173
Chelsea Exli 195
200
455
Chemical __ 445
__
Citizens' CV 170
City
4'15
410
Coal & Iron 15212 15712
Colonial 11.... 425
__
Columbia 11. 335 3-5-0
Commerce.1195 1196
Corn Ex 1)... 300 310
East River- 105
115
Fidelity II
165
175
Bid
Bid
Banks
Ask
Ask
Banks
Fifth Avel 4100 4260 Harriman_ 300
__
300 325 Imp & Tra8 570
580
Filth
First
995 1010 Irving N Ex 227
235
Fourth ---- 1205
__ Jefferson11- - -- 135
Gallatin ___ 330 3-3-5 Liberty_- 611-5 580
Garfield --, 275
290 Lincoln__ 395
405
Germ-Am 11 140
_ _
.. _ lanhattaiill 335
Germ'a Sill 420
43-5- .lark't&Ful 255 2-65Germania 11 525
545 •dech&Met's 1262 1268
Gotham r __„ 150
155
Mercantile. 149
151
Merch Rich 16212 1071f
-Greenwichli 250
Hanover__ 630
_
derclaants'_ 180
18::
Banks
Metropolis 1,
Metropol 'nli
Alt slorrisll.
Mutual L.._
Nassau _ ..
New Neth4
NowYork0o
New York_
Oac111.
711---Park
People's 1_
Bid
375
197
250
290
300
210
875
310
270
370
240
Ask
390
200
260
295
___
220 _
3-1-g
280
374
250
Banks
Prod Exch 11
deserve __
eaboard_
,
e000a -,-,-ieourttriMierinauitatell ..„238 War011.
Union Exc.
Wash H'ts 11
West Side li
Yorkville ¶,
Bid
170
00
415
375
-13-5
175
163
275
____
000
*Bid and asked prices; no sales were mado on this day. I Ex-rights. 1 Less than 100 shares. 11 State banks. a Ex-dividend and rights. b New stock.
f Sale at Stock Exchange or at auction this week.
First Installment paid, ml Sold at private sale at this price. x Ex-dividend. 1Fu 1 paid.
Ask
175
_
4-00
145
_
260
1721
;
_
660
..--
New York Stock Record-Concluded--Page 2
MAR. 2 1912.1
611
For record of sales during the week of stocks usually inactive. -ee second pate Preceding
STOCKS-HIGHEST AND LOWEST SALE FRICES.
Saturday
Feb 24
Monday
Feb 20
Tuesday
Feb 27
Wednesday
Feb 28
Thursday
Feb. 29
Friday
March 1
Sales of
STOCKS
NEW YORK STOCK
ths
Week
EXCHANGE
Shares.
Range sines January 1.
On basis ol 100-share lots.
Lowest.
Lowest.
Highest.
Industrial&Miscellaneous
5192 Feb 28 202 Jan 18
*195 200 *195 201 *194 200 5192 192 *190 198 *190 198
19 A dams Express
*78 1
78
*78 1
78
*78 1
112Jan 2
158 Jan 11
78
78
*73 1
200
mch 1
8 Jan 2
Do pref
5
5
*512 7
4
*512 612
4
1,300
512 534
5
5
0718 6578 6838 8814 6678 6058 0712 67
66
68
6778 8812 126,575 Amalgamated Copper__ - 60 Feb 1 6813Mch 1
" 5812 5914 5914 5934 5914 5934 2,700 Amer Agrioultural Chem.. 5812 Feb 27 6312 Jan 2
5812 58
59
*5834 59 *58
101 Jan 13 10378 Feb 19
*102 101 *10212 10312 *102 10:112 *102 10312 *10212 10312 10212 10212
100 Do prof
5.314 5312 53
53 Feb 26 5834 Jan 3
5314 5313 5314 5314 5334 5312 5334 5334 5512 4,960 American Beet Sugar
Do prof
9712 Feb 28 10078 Jan 10
9834 *9712 99
9712 9712 98
400
*9712 99
9878 9878 *9712 99
1114 Feb 1 1278 Jan 23
1178 1178 1134 1134 1134 1134
*1112 12 *1112 12 *1112 12
410 American Can
Do prof
9058 Feb 1 9514 Jan 2
9218 9218 9134 9218 9112 9134 9158 9218 9158 9134 924 9218 2,350
51
5118 51
*51
5112 5078 5078 5038 5012 51
5118 5318 2,100 American Car & Foundry 49 Feb 5 5512 Jan 2
Do pref
11518 11518 *115 118 *115 118 *115 118 *115 118
115 Feb 14 11612 Jan 15
100
*115 116
50
49
4918 *4814 50
4512 Jan 19 51 Jan 26
4938 4912 4934 4934 1,200 American Cotton 011
4914 4914 *49
Do
95 Jan 19 9914 Feb 13
pref
*9814
---*9814
------*9814
*9814
---*9814
200 Feb 2 5220 Feb 13
1215 215 *212 217 *212 217 3215 215 x212 212 *210 215
219 American Express
3 Feb 19
4 Feb 5
3
314
*3
3
318 31s
300 American Elide & Leather
314 *3
314 *3
314 *3
2014 2014 2014 2014 2014 2018 2018 2038 2038 1,500
Do pref
20 Feb 26 2134 Jan 29
2014 2014 20
*2014 2012 *20
2034 2013 2018 204 2012 *2012 2034 2012 2012
400 American Ice Securities_ 18 Jan 2 2118 Feb 15
*912 1012 *914 1038 *912 1012 *912 1012
934 Feb 29 12 Jan 3
934 934 *914 1038
100 American Linseed
Do prof
*2978 32 *2978 3112 *2978 32 *2978 32 *2978 304 *2978 32
30 Feb 20 35 Jan 3
3214 3134 32
32
34
*32
32
3218 *32
3314 1,300 American Loeomotive_..- 3134 Feb 27 3658Jan 2
3234 33
*104 105
104 10458 1044 10418 10478 10478 *104 105 *10412 10512
Do prof
103 Jan 15 10478 Feb 28
450
*712 9
9
*8
434 Jan 10
1733 Feb 7
600 American Malt Corp,.__
812 9
*812 878 *814 878
48
48 *4712 4912 4814 4914 4812 49
Do pre
*4734 49
42 Jan 6 50 Feb 7
4934 1,800
49
87 18718 874 8638 8633 8612 8612
*8612 87 *8612 87 *86
230 Amer Smelters Sec pref B 8613 Jan 3 87 Jan 13
7078 71
7118 7258 7178 7258 7212 7334 15,900 Amer Smelting& Refining 6778 Feb 1 7412 Jan 2
7112 7038 71
71
Do pref
*10312 104
10238 Jan 2 10413 Jan 24
10334 10334 *10312 104 310378 10378 10334 10334 10334 10334
420
26 Jan 19 3512 Jan 4
2712 2712 *27
2812 23
*2712 28
2812 *28
28 *28
2812
250 Amer Steel Found (new)
11834 11912 11914 11938 11914 11914 11912 120
11918 11934 511814 11838 5,100 American Sugar Refining 11434 Jan 12 12038 Jan 30
11512 Jan 5 11912 Jan 29
*11712 11812 *11712 11812 *118 11812 11812 11812 *11712 11812 x117 117
200 Do pref
142 14214 14218 14318 14278 14338 14312 14434 14478 14578 42,380 American Telepti & Teleg 13738 Jan 2 14578 Mch 1
14178 142
248 248
248 252
24118 Feb 29 287 Jan 26
242 243 24118 246
255 255
246 247
3,700 American Tobacco
Do pref
102 Jan 9 10834 Jan 19
10312 10312 510333 10338 10333 10353 *103 104 *10312 10412 10312 10338 1,885
10438 10438 *10112 102 *104 105- *104 105 *103 104
10334 10334
300 Do prof certfs of dep_ 102 Jan 10 10814 Jan 18
10114 Jan 11 10638 Jan 19
10134 10238 10134 10214 10218 10214 102 10212 *102 10214 10178 10214 2,248
Preferred. new
*2612 2712 *2612 2712 2712 2712 *2612 2712 2734 2734 328
2514 Feb 6 30 Jan 11
28
210 American Woolen
8634 8714 8714 8734 8734 8734 *8614 88 *8614 8734
*8614 88
Do
86 Feb 7 8934 Jan 10
pref
600
31
3014 3014 31
*30
3014 3038 3012 3012 1,200 Amer Writing Paper, pd. 2518 Jan 25 31 Feb 26
3114 3078 31
3538 36
3538 3534 3534 36
3614 3538 3638 3614 3634 10,869 aAnacondaCopper Par$25 534 Feb 1 $3834 Jan 3
36
10338 10338 *10234 10312 310312 10312 10313 10338 10312 10312 10312 10312
a
elgivellaeLocomotive,
rnee
pf 10234 Feb 2 10334 Jan 2
630
*28
3012 28
29
2734 29
2778 2834 *2712 2834 2878 2978 2,545
2734 Feb 27 3238 Jan 2
*5012 58 *5812 574 5612 5778 5712 5818 *5612 58
Do pret
5612 Feb 27 62 Jan 2
5338 5978 1,200
*13812 140 513912 13912 *13812 140 *13812 140 *13812 140
138 Jan 25 14112 Jan 8
14018
40 Brooklyn Union Gas
4
*2914 2934 *2918 30 *294 2934 2934 2934 *2918 30 *2918 1403
2958 Jan 8 3012 Feb 0
30
100 B utteriek Co
1778 1818 17
1818 1612 18
1612 Feb 27 2112 Jan 2
1634 1758 1678 174 1738 1814 17,200 lentral Leather
8034 84
8412 85
80
83
82
80 Feb 27 9214 Jan 2
8214 8314 30,110 l/ Do pref
8018 8212 81
2538 2534 2512 2534 2514 254 2538 2512 2512 2534 2558 2578 8,780 dChino Copper., _Par $5 325 Jan 15 $2718 Jan 2
2438 2438 *2312 2512 2334 24
2318 Feb 28 2758 Jan 2
2318 2312 2412 2434 2434 2534 2.850 Colorado Fuel & Iron
*13918 13938 13914 13914 *139 13912 13912 13934 13934 14012 14012 14012 7,200 Consolidated Gas (N Y)- 13814 Feb 17 14312 Jan 5
1018 1018 10
10
10
10
101 104 *10
1014 10
1018 1,200 Corn Products Refining_
10 Jan 16 1118 Jan 17
77
Do pref
7714 7714 *7612 7812 577
*7612 7734 *7612 7734 7612 7634
57614 Jan 3 7934 Jan 17
310
29
29
2914 2914 2878 2878 29
2914 2914 2914 *2834 2914 1,900 Distillers' Securities Corp 28 Feb 5 3258 Jan 26
*11
15 *11
15
15 *11
1114 1114 *11
15 *11
15
100 Federal Mining & Smelt'it 1114 Feb 28 13 Jan 29
4512 4512 3934 3934 *37
40 *38
41
Do pref
3718 Jan 23 4512 Feb 24
38
38 *37
40
300
160 160
15812 160
15934 160
155 Jan 2z103 lich 1
15978 10014 15934 16114 x180 163
13,210 General Electric
*30 3212 30
30
:40
32
3012 3034 31
3012 3012 *30
1,300 Gen Motors vot tr etts_ 30 Feb 28 3514 Jan 19
74 Feb 28 7712 Jan 6
7412 7412 7412 75
Do prof vot tr
*7412 78
74
7412 7438 7438 7414 75
1,420
412 412
412 412
412 412
412 413
412 412
412 412 4,800 dGoldlield Con M Par $10 $414 Jan 3 $412 Jan 20
10534 10534 10538 10558 *10512 10612 *10558 10638 *10512 10313 10834 10814 2,300 at Harvester stk tr ofts 10514 Feb 1 10971 Jan 3
*11914 120 *11914 120 *11912 120 *11914 11934 11938 120 *11958 12012
600 I, Do pref stk tr otts_ _ 11612 Jan 26 121 Feb 8
*4
5 Jan 2
Int Mer Marine stk tr Otis
414 *4
414 Feb 17
414 *4
44 *4
412 *4
412 *4
412
*18
2014 1934 2014 1978 1978 *19
Do pref
1958 Feb 1 234 Jan 12
2012 *1912 2012 *19
2012
400
1012 *10
1012 *10
1012 1012 *10
938 Jan 17 1078 Feb 10
1012 1014 1014 1038 1034 1,200 International Paper
55 *53
5478 5478 *54
55
5412 54
55
Do pref
54
5414 55
54578 Jan 3 56 Feb 13
1,007
2812
*2712 30 *28 30 *2712 30 *2712 2812 *27
2812 *27
Internet Steam Pump
28 Feb 23 34 Jan 2
82
00 80 *79
81
Do pref
82 *80
*79
7912 80
8012 8012
79 Feb 1 8334 Jan 9
500
*10612 107 *10612 107 *10612 107 *10612 10714 *10612 107 *10612 107
Laclede Gas (St L) com
106 Feb 3 10834 Jan 4
*170 178
170 170
170 170 *113512 170
169 169
170 170
700 Liggett & Myers Tobacco 15678 Jan 15 185 Jan 26
10812 10812 10812 10812 10712 108 *10712 10812 10312 10812 *10712 108
Do preferred
800
10512Jan 12 11312 Jan 18
*8212 85
83
83 *8234 83
8212 8234 8234 8234 8234 83
7518 Jan 31 8314 Feb 19
600 Mackay Companies
7012 7012 704 7012 7012 7012 *7014 7034 *7014 7012 7012' 7012
Do prof
6812 Jan 11 7078Jan 23
600
*71
72 *71
72
72
72 *71
May
*71
*71
*71
72
72
Department Stores_ 7118 Jan 29 7412 Feb 7
*11112 112 *11112 112 *11112 113
Do pref
11112 11112 *11112 112 *11112
110 Jan 8 112 Jan 11
100
24
2438 2373 24
2414 24
24
2334 24
24
244 2418 3,250 dMiarni Copper___Par $5 $2318 Feb 14 $264 Jan 3
*145 14712 *145 14638 *145 14712 *145 14712 146 146
13912 Jan 2 150 Jan 30
147 14734
400 Mational Biscuit
312612 12612 *12612 129 *12612 130 *12658 129 *12658 129
129 129
356 LI Do prof
12634 Feb 20 129 Mob 1
*13
1334 *13
1334 *13
1334 1214 1312 *1212 1314
1334 *13
700 Nat Enamel'g & Stamp'g 1214 Feb 29 1412 Jan 4
Do prof
*88 924 *88 92
88 88 *85
9012 *84
92
100
91
*84
88 Feb 27 9512 Jan 2
5378 5378 54
54
*5314 54
54
54
*5334 54
5414 554 2,600 National Lead
5118 Jan 9 5518 Mch 1
*107 108
107 108 510712 10712 *107 110 *107 110 *107 110
10512 Feb 1 10934 Feb 15
325 Do prof
1914 1014 19
194 1918 1914 1914 1912 1914 1912 1912 1934 6,050 dNev Cons Copper_ Par $5 $1814 Jan 29 $2014 Jan 3
*50
53
50
50 *50
55 *50
55 *50
55
350
380 New York Air Brake_ _ 50 Feb 17 5612 Jan 19
50
*7738 78
7714 7712 7712 7712 78
7834 7834 7834 7814 7834 2,850 North American Co (new) 7413 Jan 3 7978 Jan 27
3214 3214 3114 3134 32
32
3213 3214 32
32
30 Jan 3 3314 Feb 3
3114 32
2,350 Duffle Mall
*47
47
4734 47
47
47
4714 9814 48
acitlo Teiep & Teleg
47 Feb 5 5138 Jan 4
4853 *4712 4812 2,600
*10512 106 *10534 10618 *10534 1064 106 10018 10578 10578 106 106
People's G L & C (Chic).. 103 Jan 8 107 Feb 2
*1612 18
181?
51612
*1612 18 *1612 1712 17
17
1634 Mch 1 1858 Jan ti
1634 1714
72g Pittsburgh Coal Co
*75 80 *75 80 *75
80 *76
80
77
77
79
77 Feb 8 8378 Jan 2
80
Do pref
500
170 170 *166 174
172 172
170 170 5170 170
170 170
168 Feb 9 189 Jan 26
980 P. Lorillard Co
*10934 11014 10934 10934 10914 10914 *109 110 *109 110 *109 110
Do preferred
10734 Jan 12 115 Jan 19
200
30 30
2978 2978 2834 2912 2878 2918 29
29
2978 30
2834 Feb 27 3114 Jan 4
2,100 Pressed Steel Car
98 98
97
97
97
96
96
597
96
96
96
97
Do ore(
96 Feb 28 102 Jan 2
700
10714 10714 10714 10714 *105 109
10712 10712 *106 109
10712 10712
Pub Service Corp of N J_ 10634 Feb 17 10814 Jan 19
400
*15812 15914 *15812 15914 15858 1583g 5159 159 *158 159
159 159
15812 Feb 2 161 Jan 23
30.5 Pullman Company
*2712 2812 *2712 2812 2712 2712 2734 2734 *2712 30 *274 284
ailvray Steel Spring__ _ 2712 Feb 8 32 Jan 2
300
*102 103 *102 103 *102 103 *102 103 *102 103
10212 10212
400 LL, Do pref
101 Jan 16 103 Feb 21
17
1738 17
1714 1718 1738 1714 1778 1734 1778 1778 18
25,409 dRay ConsCopper Par $10 $16 Jan 29 31938 Jan 2
16
1734 1534 1834 1534 1634 1614 1718 1714 1734 18
1914 22,600 Republic Iron & Steel..,.,. 1534 Feb 26 27 Jan 2
6734 6714 89
6778 7034 6512 6814 6412 6638 66
6812 7014 28,590
Do °ref
8412 Feb 27 8538 Jan 3
*15012 15112 15012 16618 15234 15312 15338 154
15414 157
157 15978 7,435 Sears, Roebuck & Co__- 140 Jan 15 15978 Mch 1
*40
424 *40
4112 *35
45 *35
45 *35
Sloss-Sheffield Steel & Ir.. 3914 Jan 30 44 Jan 2
45 *38
45
3012 3634 *3614 3612 *3614 37
3634 37
3618 3718 3718 3718 2,500 dTennessee Copp_ Par $25 $3412 Feb 1 $3812 Jan 18
*101 10512 *101 105 *103 105 *103 10412 104 104 *103 10412
110 Underwood Typewriter_ 101 Jan 3 10538 Feb 23
*112 11212 111. 112 *111 112
11112 11112 *111 1114 *111 1114
460 t-) Do pref
111 Feb 26 11234 Feb 13
*14
15 *14
15 514
14
1414 1414 51434 1434 1478 1478
285 S Cast I Pipe & Founcir 13 Feb 16 17 Jan 3
*50
55 1504 5018 51
51
51
50
Do pref
50 Jan 4 5114 Feb 29
5114 5114 *5012 53
490
9212 9212 *92
97
392
9212 *92 96 *9212 96
19212 9212
240 United States Express_ _ _ 84 Jan 31 59338 Feb 20
*4512 46 *4514 4578 4578 4578 46
4612 46
4618 40
4514 Feb 1 49 Jan 3
40
2,475 United States Rubber
*10912 110 *109 110 *10912 110
110 110 *10912 110
110 110
Do 1st pref
103 Jan 30 111 Jan 11
300
*73
75 *73
75 *73
75 *73
75 *73
75 *73
75
Do 2d prof
75 Jan 23 764 Jan 8
5933 6018 5918 5978 5912 6014 5978 6138 6058 6134 x60
6112 442,830 United States Steel
6814 Feb 13 6978 Jan 3
10818 10838 10818 10838 1084 10814 *10818 10812 10738 10314 108 10814 9,343
Do pref
10738 Feb 13 11112 Jan 2
5638 6718 56
5612 5612 6678 5634 5734 5714 5734 5734 5818 27,725 dUtah Copper.. _Par $10 $5212 Jan 20 55838 Jan 9
5314 5112 *5314 54
5314 5314 5312 5358 5314 5334 5334 54
2,200 Virginia-Carolina
- Chem .._
5218 Jan 9 5714 Jan 26
120 120 512012 12012 *11912 121
*120 121
120 120 *119 120
Do pref
350
119 Feb 14 12178 Jan 25
*143 147 *143 147 *143 147 1195 195 5135 195
132 Wells Fargo ec Co
144 3145
5142 Feb 7 151 Jan 3
8412 8458 8438 8412 8412 85
8434 8518 84
8434 8414 844 5•550
V estern Union Teleg
79 Jan 2 8614 Jan 18
73
73 *7112 73 *71
73
7314 7378 7312 7334 7378 7412 4,330 WeAtlngh'se 1:'1 &Mfg assen 6614 Jan 3 7412 Mch 1
*445 11978 *117 11978 *117 1107o *117 1 lAte *117 11Al. 11A 1 I AI.
220
11478 Jan 5 120 Feb 2
Do I stem(
R
Rattle for Previous
Year 1911.
Highest.
5198 Nov 1245 Apr
934 May
118 Dec
34 Feb
658 Dec
7158 .1'ne
4434 Sep
6312 Deo
4434 Sep
9912 Oct 105 Dec
3914 Jan
5934 Oct
9212 Jan 101 Oct
1212 May
878 Jan
77 Jan
9318 Dec
4218 Sep
5814 J'iy
113 Oct 120 May
4158 Nov 6238 Feb
92 Nov 1054 Feb
201 Sep $25.; Jihi
312 Sep
5 .I'oa
2653 J'no
18 Sep
1612 Aug 2534 J'IV
121,; Feb
Aug
3412 Dec
2618 Oct
3215 Oct
.3314 May
102 Oct 11034 Mch
3 Sep
58 Jan
3112 Mch
4358 J
8918 J'iy
82 Sep
8378 J'ne
5658 Sep
9834 Sep 1081.1 J'ne
5212 Feb
25 Sep
11214 Sep 12212 Feb
111 Jan 11912 Feb
13112 Aug 15318 J'ne
87 Aug 10514 Dec
9212 Sep 105 Deo
2512 Dec
8514 Oct
2412 Sep
529 Sep
10314 Dec
16 Sep
54 Sep
s129 Sep
28 Feb
1834 Sep
911a Dec
$1612 Sep
25 Sep
12834 Sep
958 Oct
73 Sep
29 Sep
13 Dec
37 Dec
142 Sep
35 Nov
7412 Dec
$312 Oct
9918 Sep
115 Sep
314 Sep
14 Aug
9 Sep
4458 May
23 Oct
80 Oct
10114 Sep
3012 Meta
9614 J'ne
3412 Feb
39118 J'ne
107 Deo
3815 Aug
6634 J'iy
14814 Nov
31 Mch
3338 Feb
105 Feb
32712 Dec
3638 Feb
14812 J ne
1534 May
85 May
3814 Mch
38 Feb
6612 May
10838 May
5134 Aug
8658 Aug
$778 Jan
12938 May
12814 May
578 Jan
2212 Dec
1338 Jan
5638 Jan
44 Feb
9012 J'ne
11412 Jan
95 Feb
7412 Dec
68 Dec
77 Mob
87 J'ne
70 Apr
10734 Sep 11314 J'ne
$1658 Sep $2412 Dec
11714 Jan 14334 Nov
124 Jan 130 Feb
1212 Dec
22 J'iy
85 Jan 10034 J'ly
4212 Sep
59 Feb
104 Sep 10934 Aug
$1518 Sep $2114 J'ne
45 Oct
70 Feb
64 Jan
7334 May
234 Apr
3338 Nov
35 Sep
544 Jan
10112 Aug 109 Jan
17 Dec
2314 J'ne
6734 Jan
9078 J'il
25 Sep
91 Sep
103 Oct
154 Sep
26 Oct
92 Jan
12 Sep
18 Oct
7413 Oct
12512 Sep
34 Sep
$3014 Sep
63 Mch
103 Mch
11 Sep
4012 Sep
84 Deo
3012 Set)
104 Sep
66 Sep
50 Oct
103 Oct
$38 Sep
4318 Sep
114 Sep
139 Sep
7158 Apr
5858 Sep
11013 Aug
3758 J'ne
10234 J'ne
120 Feb
163 Jan
39 .1'ne
103 .1'ne
519 Dec
3514 Feb
9338 Feb
192 Feb
5614 Feb
$44 J'ne
111 J'ne
11378 J'ly
19 Feb
x61 Feb
5105 Jan
4812 Dec
11512 J'ly
79 Mch
8218 Feb
12078 Feb
$5778 Dec
7038 Feb
12812 Mch
177 May
8412 Afity
79 May
123 Jan
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Broadway 1
Coney Isl'a
First
Elillsidell
Homesteadl.
klanutao'rs
Mechanics'$
Montauk 11.
Nassau
Nat City
Bid
Ask
390
__
275
.._
......
415
235
_
212
280
410
155
285
125
100
431
245
150
225
295
Banks
Brooklyn
North Side 11
People's _
1'rosp'etP10.!
Bid
Ask
150
150
140
170
160
153
31 Y City
Astor
358
Bankers' rr 805
(Sway Tr.._ 155
365
915
160
trust Co's
Trust Co's Bid Ask
N Y City
Central Tr.... 1010 1020
Columbia ...., 360 370
95 100
00mmerelal
Empire ..-- 300 310
Heuirble Tr 54212 ..-__
Farm Lo 51T 1400 1425
Fidelity ___ 220 224
("U!ton ....... 300
__
Guarly Ti_ 900 920
Guardian Tr 100 115
Bid Ask
Trust Co's
Hudson _ 140 150
Knicicerb'kr 290 295
Law T I&Tr 232 236
Lincoln Tr- 135 1421,
____
Manhattan 474
Metroport'n 410
___
Mutual All
/taco
125 130
Mut.( West•
chester).._ 140 150
NY Life&Tr 1000 1040
Trust Co's Bid
N Y Trust_ 625
Standard rr 345
inlet:ft& Tr 540
ft' Co of Am ____
Union Tr_ 1300
US Iftgec Tr 485
Unit States_ 1115
Washington 390
Westchester 150
Windsor -- 192
Ask
____
35212
550
__
____
500
1130
410
130
197
Trust Co's
Brooklyn
Brooklyn Ti
Citizens' ___
Vlatbush __
Franklin__
Hamilton _
Home
Kings Co
L Isl L & Ti
Nassau
Peoples'
jueens Co_
Bid
465
140
215
270
275
105
520
300
150
290
100
Ask
.....
230
280
285
115
315
160
300
110 '
*Bid and asked prices; no sales on this day. ;Less than 100 shares. t Ex-rights. b New stock. a Ex-div. and rights
d Quoted dollars per share.
311141.10 at Btook.Exohange or at auotion.tWo Week. s Ex stook dividend. 'Wanks marked with a paragraph (I1) _areAtate banks. _CEA-0,400nd.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
/an. 1 1909 the archantle method of quoting bonds was changed. and prices are nuw all—"and inlerest"—excep for income and defaulted bonds.
N.
'
BONDS
Y. STOCK EXCHANGE
Week Ending March 1.
Price
Friday
March 1.
Week's
Range or
Las: Sale
4',53
Range
Since
Jan, 1.
BONDS
,,I3
N. Y. STOCK EXCHANGE4.4:E
Week Ending March 1.
4s,
Price
Friday
March 1.
Week's
Range or
La.st Sale
Range
Since
Jan. 1.
--No, Low High
10312 10412
111 11134
11114 11114
21. 10114 103
2513
Bid
Bid
High
Ask Low
Ask Low
High No. Low High Chesapeake & Ohlo—
10018 10038 10014 Nov-11
Gen funding & lmpt 53_1929 J -J 10312 10112 10312 Feb '12
1939 11-N 111 11112 11112 11112
10018 101 10018 Dec '11
1st consol gold 58
_
Registered
1939 11-N ____ 11112 11114 Feb '12
10214 10278 10258
10234 11 165— 1E3-4
10134
1992 /11-S 10113 Sale 10112
10213 Feb '12
102
10112 10212 General gold 4 Ms
Registered
1992 11-S
9938 Noy'll
11314 11334 11314 Jan '12
11314 11314
1930 F-A 03 Sale 9253
Convertible 4 Ms
54 9255 9313
93
11314 11334
11314 114 11334 Jan '12
1944 J -D 8713 88 1)8
10 88 83
10018 _ _ _ _ 10012 J'ne'11
10112 10134
Big Sandy 1st 4s
83
Coal Inv By 1st gu 4s_
1945 J-D 8513 8912 8812J'ne'11
10134 Sale 10153 10131 26 10138 10178
-1940 J -J 10112 10412 10234 J'ly '11 ^
Craig Valley 1st g 5s
•
Potts Creek Br 1st 4s_
1946 J-J 83 87 8634 Jan '12
8634 -g63Foreign Government
4
94
97
R
&
A
Div
4)3_1989
J
-J
957
1st con g
8
9512 96
9578
1 97 9758
Argentine—Internal 5s of 1009_ iSt- S 5 97 9714 97
07
2d consol gold 45
9214 J'ne'll
Chinese (Hukuang) By 5s £____ J -D 5 9414 9512 9413
1989 J -J .8913
9412
5 9314 95
Imperial Japanese Government
Warm Spr Val 1st g Is._1941 11-S 105410812 11314 Feb '05
9358 21 9213 94
Greenbrier By 1st gu g 4s 1940 51-N 9113 ____ 95 Oct '10
9318
Sterling loan 4 Ms
1925 F- A 5 9314 94
Chic & Alt RR ref g 3s
7314 7078 Feb '12
2d Series 4 Ms
1949 A-0 71
7033 -f
9234 13 9178 93
1025 J -J j 9258 Sale 9212
Railway 1st lien 3 Ms__ _1950 J-J
8718 8178 8713
Sterling loan 43
2 8634 8818
6312 64
6312
8718
1031 J J
6334 17 0312 6518
2 9034 100
Republic of Cuba Is eaten debt_
10212 10338 Chic B & Q Denver Div 4s 1922 F-A 100
9034 100
5103 10318 1034 Feb '12
Illinois Div 334s
External loan 4 Ms
9818 Dec '11
1949 J-J
8758 Sale 8712
1949 F- A 5 9834
8734 32 8713 88
9715 98
Registered
San Paulo (Brazil) trust 53_1919 J -J 5 9713 9734 9714 Feb '12
1949 J-J
_ _ 8/12 88 Sep '10
10012
Illinois Div 4s
8 -5614 1661;
U Sot Mexico s f g 55 of
1949 J-J -9673 10018 10018
96
5 9612 97 06
3 96 9714
1899
90 9034
Registered
0013 9912
- Gold 43 of 1904
1949 J J
9812 9914 9912 Feb '12
9012 90 Feb '12
1954 -D
Iowa Div sink fund 5s
These are p rice: on the ba
1910 A-0 1047
o / $5 to £.
10434 Dec '11
9938
9914 -663;
Sinking fund 4s
• State and City Securities
1919 A-0 9914 9034 9938
Nebraska Extension 43 1927 11-N 9858 99 9834 Feb '12
N Y City-434s
9813 99
69 10218 103
1960 M-S 103 Sale 10234 103
10018 32 9973 10018
. 4% Corporate Stock
Registered
1927 m-N 9712 __ 9818 Mch'11
1919 11-N 100 Sale 100
9912 ____ 9918 Dec '11
4% Corporate Stock
20 9978 10018
1921 IM-S
Southwestern Div 4s
100
1958 M-N 9978 10018 100
t 4'; Corporate stock
Joint bonds See Great North.
7 9034 10014
10018
1057 M-N 100 Sale 100
10112 11 10078 10138
Debenture Is
1913 11-N 101 10112 10118
k New 4 Ms
1957 MN 10758 10734 10758
10734 35 10712 10778
General 45
10212.10234
1958 111-S 9612 Sale 9638
' New 414s
9834 22 9653 9714'
1917 M-N 103 103)2 10234 Feb .12
8012 Sale 8012
• 434% Corporate Stock 1957 11-N 10755 Sale 10758
8078 36 8014 8112
10734 38 10712 10778 Chic & E Ill ref & imp 4 gs_1955 J-J
124 125
1st consol gold 63
1934 A-0 12334121)34 12434 Feb '12
434% assessment bonds_1917 11-N 10278 _ _ _ _ 10278
1 10214 10278
10278
1 10914 11118
110
3m /
General consul lot 5s
0 Corporate Stock_ _1954 Al-N 8713 88 8712
1937 M-N 10014 110 110
8712 12 874 88
10914 10914
Registered
N Y State-4s
1937 St-N •108 ____ 10914 Feb '12
S 10234 Sale 10238
10234 17 10134 10278
1961
109 10912
Chic & Ind 0 Ry 1st 53_1936 J-J 10913 10978 10913 Feb '12
Canal Improvement 4s_1 961 J-J 10212 10234 10212 10234
1 10158 10278
8234 17 8213 83 •
Chic Gt Western 1st 4s_
1959 M-S 8238 8234 8213
I Canal Imp'ment (new) 4s 1961 J -J 10258 Sale 10238
10234 20 10134 103
12734 12912
---- Chic Ind & Louisv—Ref es_1947 J-J 128l12853 129 Feb '12
Canal Improvement 4s_1960 J-J 10212 10278 10112 Nov'1 1
Refunding gold Is
1047 J-J 10912_.,_ 109 Noy'll
So Carolina 4 Ms 20-40
---- ---1933 J -J ---- -- 10313 J'ly'
10
Refunding 45 Series C
7 0538 Apr '11
1917 J-J____
Tenn new settlement 3s
---1913 - J
0714 --- 98 Oct '11
Ind & Loutsy 1st gu 48_1956 J-J ____ ---___ 8812Jan '12
8813 881k
8612 Dec '11
Virginia fund debt 2-3s_ _ 1991 J-J
--NI;Sale 4918 4918 10 46 5214 Chic Ind & Sou 50-yr 4s_ _ ,, 1956 J J
002 Jan '12
• Os deferred Brown Bros ctfs_ _
Chic L 8 & East 1st 434s__ -1900 J-D --------___ 101 Dec '11
Chic Mil & St P terml g
10134
161371 1613-4
_1914 J-J 10153 10238 10134
Railroad
7913 8312 84 Feb '12
Gen'l gold 43 Series A__e1989
J-J
791g 8414
9813 9878 0812
9878 53 9812 9913.
A an Arbor 1st g 48
5sh1995 Q-J
Registered
9713 ____ 98 Jan '12
•L'a-tch Top & S Fe gen g 4s1995 A-0 9934 Sale 9958 100 -116 09 100
98 98
el989 Q-J
Gen't gold 334s Series B_e1989 J-J
8614
_ _ 99
8614 87 8614
16 98 99
99
Registered
86 867
1995 A -0 98
Registered
9112 92 9158
85
1 9114 0238
el989 J-J
9158
86 J'ne'll
! Adjustment gold 4s____h1995 Nov
25-year deben 4s
921g 80 92: 021
91 Feb '12
1934 J-J
92 9218 92
91
Registered
9014 91
•
h1995 Nov
Chic & L Sup Div g 5s
9178 Sale 9178
1921 J-J 10618 ____ 106 Dec '11
18 9113 9258
92
Stamped
••
h1095
Chic & Mo Illy Div 5s
lOS 10834
10834 Feb '12
1926 J -J .10812
Cony 45 issue of 1009____1955 J -D 10134 10613 11438 J'ne'11
-IL 168-371 1071-2 Chic & P W 1st g 5s
1921 J-J 10612 Sale 10633 10612 18 106 10612
Cony gold 45
106
1955 J -D 10534 Sale 10534
CM & Puget Sd 1st gu 46 1949 J -J ___ 9458 9433
Cony 45 (issue of 1910)1960 J -D 10153sale 1014
10158 206 10014 10178
9434 23 04 8 9514
Dak & Gt So gold 5s
10-year cony gold 5s
1910 J-J 103 10358 10318 Aug'11
41 105 109
108
1917 J -D 108 Sale 10734
113 1135$
Dubuque Div 1st s f 6s 1920 J-J 11314 11358 11358 Feb '12
! Debentures 4s Series J__ _1912
9878 Jan '10
- _
Far & Sou assum g 6s_ _ 11)24 J-J 115 ____ 11733 Aug'11
••
Series K
9914 Sly '11
1913 F -A
- -LaCrosse 63 D 1st 55
_ _ 96 Jan '12
East Okla Div 1st g 4s
1919 J-J 10334 ____ 10412 Dee '11
1928 M-S 06
-66 -661663-8 166-4
Wis & Minn Div g 5s
9318 Sale 9313
1021 J-J 10612 --- l063 Jan '12
Short Line 1st 43 gold_ _ _1958 J-J
0314 32 9234 9312
____
Wis Vail Div lot 8s
' S Fe Pres & Ph 1st g 5s1942 N1-S 10912
110
1920 J-J 11212 ____ 11238 Noy'll
_ --11012 13 110 11012
10134 Dec '11
Mil & No 1st cons 63
1913 J-1) 102 _
Chic & St L 1st 6s
51-S 10514 ____ 10638 J'ly '11
10014 Nov'11
Extended 454s
1013 J -D 10014
9618 40 -6E1Atl Coast L 1st gold 4s___h1
19
95
15
2 M-S 9534 Sale 9858
4
-667s
10718
164& N West cons 7s _1915 Q-F 10773 10338 10778 Feb '12
Registered
h1952 11-S 9413 _ _ 98 Oct '06
--- - nicago
Extension 4s
1886-1926 F-A 98 ____ 9714 Jan '12
Ala Mid 1st gu gold 5s_ __1
192
58
2 34-N 10734 10318 10858 Aug'11 _-_9714. 9714 .
Registered
F-A
Noy'll
1886-1926
973
4
____
'12
Brims & W 1st gu gold 4s 1038 J -J
9534
Jan
-68-3-4 -9E3-4 General gold 334s
9834 "
1987 3/- N 8634 Sale 8634
Charles ZG Say 1st gold 7s 1930 -J 128
8634 20 "i614
Registered
9.11-2 -5163-4
p1987 Q-1, 85 ____ 8634
8634 10
L & N col, gold 43
01952 SI-N 95 Sale 454
General 48
57 9734 9834
98
1987 Af-N 98 Sale 9773
Dec
'11
12514
_
12334
Say F & W 1st gold 6s___1934 A-0
12534
Sinking fund 6s___1870-1929 A-0 11118 ____ 11131Nov'11 .
1st gold Is
1934 A-0 10012 _ _ _ _ 11058 May'll
Registered
11114 Nov'09 .
1879-1929 A-0 11013 _
- - ---9713 9318 97 Jan '12 __
97 -HSil Sp Oca & G gu g 4s_ _ _1918 -J
Sinking fund 5s
9338 29 0134 93
_
1879-1929 A-0 10718 __ 10712 Oct '11 .
9338 Sale 9278
alt & Ohio Prior 334s __ _1925 J-J
Registered
9073 Jan '12
91
0078 0078
1879-1929 A-0 104I3,.__., 10373 Dec '11 .
Registered
h1025 Q
61 9734 9914
99
Debenture 5s
3
2 fail; 16E11921 A-0 10413 __ 10412 10514
Gold 4s
h1948 A-0 9873 Sale 9834
Registered
9818 J'ly '11
9713
1921 A-0 10310612Feb '10 .
Registered
h1948 QSinking fund deb 5s
1933 11-N 10812:::: 19413 Feb '12 .
Pitts June 1st gold
_ _1922 J-J 11218 ____ 112 Jan '12 --__ 112 - 112
8878
3 8814 8873
Registered
10734 Aug'11 .
1933 m-N 106
PJunc & IM Div 1st6s_g 3Ms1925 IM-N 8814 89 8878
Frem Elk & Ito V 1st 63_1933 A-0 12618 ____ 1274 Noy'll .
9178 24 91
92
PLE &W Va Sys ref 4s_1941 111- N 9158 92 9158
9112 16 91 9112
Mani GB & NW 1st 334s 1941 J -J ____ ____ 0012Sep '09 .
91 9112 9114
Southw Div 1st gold 334s 1925 J-J
Milw & S L 1st gu 3 Ms_1941 J -J
10014 103 103 Mch'10
------- •
Cen Ohio R 1st c g 4 34s,_1030
114 1l51
Mil L S & West 1st g 6s 1921 in-s 1 1314 1 1518 11518
11518
2 116.1-2
Cl Lor & W con 1st g 5s__1933 A-0 109 11112 11012 Feb '12 -- 1161110 110
10214 Dec '11
Ext & Imps f gold 5s 1929 F-A 10934___ 110 Feb '12 .
llonon Illy 1st gu g 5s_ _ _1919 F-A 10334 _
Ashland Div 1st g 6s_ _1925 11-S 1161.2 ____ 14212 Feb '02 .
8
- - - - - - -- ,
Ohio River RR 1st g 5s_ _1936 J -D 10933 11018 10918 Feb '12 ____ 1.661i 166111618 Oct '11 .
Mich Div 1st gold 6s 1924 J-J 11612
General gold 5s
1937 A -0 103 11018 106 J'ly '11
---- - --115 J'ly '11 .
11313if313 Northw Union 1st Is g__1917 St-S 112
Pitts Clev & Tol 1st g 63_1922 A-0 11313 _ _ _ _ 11312 Feb '12
Winona & St P 1st ext 75 1916 J-D 11112 11478 11334 Aug'11 . Pitts & West 1st g 4s
1917 J-J
9712-- 9712 Sep '11
--- - aticago
i667g 16678
-:
Rock Is 63 Pa gs _ _1917 J-J 10353 10834 10878 Feb '12
Stat Isl By 1st gu g 4 54s_1943 J -D 8912 96 95 Noy'll
- -Registered
11258 Noy'll
1917 J-J 10713 ____ 109 Aug'10
1037 St- S 11153
Buffalo It & P gen g 5s
General gold 48
9638
-6E572 -6673 '
06 Sale 9534
1988 J-J
1957 11-N 10533 10714 10713 Aug'11
Consol 4343
Registered
95 9614
9513 96 9534 Feb '12 .
1988 J -J
All 63 West 1st g 4s gu
1998 A-0 9812
- 97 Feb '11
Refunding gold 48
9014
8918 9034
1934 A-0 90 Sale 90
Ci & Mah 1st gu g 5s_ _ _1943 J -J 108 ____ 103 J'ly '08
Coll trust Series J 4s
1012 M-N 9734 ____ 9718 J'ly '10 .
Roch & Pitts 1st gold 13;_1921 F-A 11253 _ _ 11334 Nov'11
Series L
1914 11-N ____ ____ 9734 Sep '11 .
11673 Mch'll
-- - - '
Consol 1st g 6s
1922 J-D 11558 _
1915 /11-N ____ __ 0612 Noy'll .
• • 1M 45
Buff & Susq 1st ret g 4s___d1951 J-J _ _ _ 50 72 Mch'10
-• • N 4s
12 10113 1E1916 M-N ____ ____ 94 Dec '09 .
102
102
an So 1st ext es
1913 J-J 1013.110218 10134
9414 May'10 .
'
C Zd 5s
• • 0 48
10012 101
1917 411-N
10058 Feb '12
1913 11-S 10058
P 48
1918 /11-N 9514 9512 9434 J'ne'11 .
10033 Jan '11
Registered
1913
7113 7314
721s
Chic R 1 63 Pac RR 4s
2002 IM-N 7134 Sale 7134
11334Jan '12
Central of Ga 1st gold 5s__p1945 F-A 11258
11334 11334
7234 7254 •
10934
Registered
2002 SI-N ____ ____ 7234Jan '12 .
Consol gold 55
1945 11I-N 10034 Sale 10934
6 109 11012
9214 93 •
R / Ark & Louis 1st 434s 1934 M-S 9214 9234 9212 Feb '12 .
Registered
1045 111-N 107 ____ 10712 Noy'l
11078 11112
Bur C It & N-18t g 5s 1934 A-0 11114 ____ 11138 Feb '12 .
_ 103 Dec '11
1st pret income g 5s_ __p1945 Oct
12013 Mch'03 .
Registered
1934 A-0
Stamped
10613 May'll
105 Dec '11
C R I F & N W 1st gu Is '21 A-0 -------2d pret Income g 5s_ __..p1945 Oct
____ ____ 10514 Sep '11 .
—
96 Noy'll
M & St L 1st gu g 7s
1027 J -D
---2d pref income g Is stamped
---- •
-10234 Aug'11 .
107 Dec '11
_
Choc Ok & G gen g 53_01910 J -J 10233
3d pret income g 53____p1945 Oct
_ -Consol gold Is
8518 Oct '10
1952 m-N 10612 10778 10812 Sep '11 .
3d pret income g Is stamped_ _
100
100 101 •
Keok & 1)es M 1st 5s
1923 A-0 98 10014 100
-666-3 -61Chatt Div pur mon g 4s__1951 .1-15 91 9112 91 Feb '12
121
2 12314 124
10714 Jan '12
10714 1074 Thic St P Id & 0 con 6s_ __ _1030 J-D 12378 12412 124
Mac & Nor Div 1st g 5s_1946 J-J 107
Cons 6s reduced to 3 34s_1930 J-1) 91. ___ 93 Dec '03
_
_ 115 Nov'05
Mid Ga & At) Div 58____1947 J-J 10518
12338 Dec '11 .
10934 May 11
ch St P & Minn 1st g 68_1918 11-N __
Mobile Div 1st g Is
1946 J -J 10713
Nor Wisconsin 1st 68_
1930 J -J 123 ____ 12958 MaY'00 .
Cen RR & B of Ga col g 5s_1937 M-N 10278 10412 102 Noy'll
12231 12 filia 1553-4
111 11113
1919 A-0 11118 11134 11118 Feb '12 .
St P & S City 1st g 6s_
Cent of N J gen'l gold 53_1087 J-J 122 Sale 122
Superior Short L 1st 53 g _1930 SI-S 108 ___ ---.
9 12112 122
12112 12314 12112 12214
Registered
---- .
h1987
107 107
108 1- 6613
Dhic &West Ind gen g 6s_q1932 Q-M 10814 10914 10813 Feb '12 .
Am Dock & Imp gu 5s_ _ _1921
10634 ---- 107 Jan '12
1952 J-J
9218 - 6 9134 021$
Consol 50-year 4s
9134 92 9218
Le & Bud II gen gu g 5s..1920 J-J 102
166- 166- 3in H 63 D 2d gold 4345
166- F6-'1
1937 J-J __ 101 10038 Dec '11 .
•• Leh & Wilkes-B Coal 5s,..1912 St-N 10018
1950 J-J ____ 9112
___ .
1st & refunding 4s
N Y & Long Br gen g 43_1941 M-S 9914 - - 100 Dec '11
1st yuaranteed 4s
195e I-I
007o RA TaA.17'11
92
7 -66- -61
4
Cent Vermont lot gu g 4s e1920 9-F 92 Sale 92
U. S. Government.
U 3 Zs consol reg1stered_d1930 Q-J
U 5 23 consol coupon__d1930 Q-J
U S 35 registered
k1918 Q-F
U S 33 coupon
F
k1918
17 S 4$ registered
1925 8--F
S 4$ coupon
1925 Q-F
U S Pan Canal 10-30-yr 2s k1936 Q-N
S Panama Canal 35 g__ _ _1961 Q-S
ow, gola
B
jogli foil;
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
Brooklyn Rap 'Fran g 5s___1945 A-0
1st refund cony gold 4s_ _2002 J-J
Bk City 1st con Is 1916-1941 J
Bk Q Co & S con gu g 5s..1941 m-N
• Bklyn Q Co & S lst 5s ___1941 J-J
• Bklyn Un El 1st g 4-5s__1950 F- A
Stamped guar 4-5s____1950
Kings Co El 1st g 45
1949 F-A
Stamped guar 4s
1949 F-A
Nassau Elec guar gold 4s_1951 J-J
Conn Ry& Llst & ref 5 g 4 Ms_'51 J-J
Stamped guar 4 Ms
1951 - J
Denver Con Tram cons g 5s..1933 A-0
Det 'United 1st cons g 434s_1932 J -J
Grand Rapids Ry 1st g 5s 1916 J -D
Havana Elec consol g 5s._ _1952
Interbero-Metrop coil 4 34s1956 A-0
N
interboro Rap Tr 53 Ser A_1952
•No price Friday:latest this week.
Street Railway.
103 104
Manhat Ry(NY) cons g 4.1_1990 A-0
8378 Mg
Stamped tax-exempt_ ___1990 A-0
Bet sj 1-ty gen eon tr g 5s_ _1997 F-A
10112 102
Guaranty Trust Co certifs_ _
gold 43
Refunding (c
2002
karmers' oan 63 Tr ctf_
16f38 16614
10112 102
Stamped
8312 8614
Refunding 4s iwhen Issued).._
8412 86
Adlustrnt Inc Is (wh Issued)78 81
Bway & 7th Av Istc g 5s_1943
101 10178
Col 63 9th Ay 1st gu g 53_1993 xt-s
10178 10178
Lax Ay 63P F 1st gu g 5s1993 B-S
_
Third Av RR eons gu 433_2000 J-J
"fir "fi
Central Trust Co certa
79 Jan '12
Cent Tr Co ats stamped_
10014 _ _ 90 J'ly '10
998
993
4
'12
99
Feb
1st ref 4s when issued
---- 9934
929 8013 8412
Adjust Inc 58 when Issued 8312 Sale 8234
8348 40 1031g 105
10413 Sale 10412 10438
Third Axe By 1st g 5a___1937
9
10334 104
8513
8614 303
1
10134 10134
97 Nov'll
_
10234 --15
10233 §.UJ 10214
_ _ 10288 102 Jan '12 _
8513 _ _ _ _ 8514 Feb '12
13514 Sale 8514
8514
7934 80 80 Feb 'l' --10134
1017 Jan '12 -10112
10178 Feb '12 ----
104 Sale
8614 Sale
10134 102
- 97
d.,Due April. _• Duo May. b Duo July. • It Due Aug.
o Due Oct.
9713
9714 9734 9714
08
9713 98 9712
10078 9912 Feb '12
101
101 Sale 10014
59 Dec '11
6118
6034 6014
5918
____ 6018 8813
8118
81 Sale 8012
5618
8618 Sale 5438
104 10414 104 Feb '12
102 10278 10112 Jan '12
10234 10312 10258 Feb '12
80 Jan '12
8058Jan '12
7812
7812 &IC 7634
8538 Sale 85
8512
71358
7658 Sale 76
10812 110 109 Feb '12
p This Nov
5
15
9
999
8613
11 10
098
2
8111
1022.
.!
69 07 .
45 5712 52
20 8
8158
50
732 62
164
388
10
53
414 10
51
'
12
10112 10152
102 10238
80 80
7818 81181
2 7614 8114,1
172
222 84
754
7 80141
199 1104'
cDue_Do9. s Opt4io
MAR. 9 1912.]
-BONDS
N. Y. STOCK EXCHANGE
,...a.,
• Week Ending March 1.
,
613
New York Bond Record—Continued—Page 2
Price
Friday
March 1
Week's
Range or
Last Sale
.2..
.4
640
Range
Since
Jan. 1.
Price
BONDSTe',..."8
N. Y. STOCK EXCHANGE
'
Friday
E
Z
',t.
Week Ending March 1.
Marchl
Week's
Range or
Last Sale
1._
-3",
cc tZ,
Range
Since Jan. 1.
High No. Loto High
• • Bid
Ask Lou,
High No. Low High St P M dc M (Con(inued)—
Bid
Ask Low
Din Ham & Dayton (Continued)
Pacific Ext guar 48 X_ _ _1940 J-J
90158 Mch'll ---- --- - - -93 ___
_1941 M-N 104 10458 104 Feb '12 ____ 10312 10414
Cin D & I 1st gu g
E Minn Nor Div let i4s1948 A-0 97 9I-3-4 9812Jan '12 ____ 9612 9812
88 Mch'll
4sfr 1923 M-N
5s__1 C Find & Ft W 1st gu
Minn Union 1st g 6s___1922 J-J 113 116 116 Feb '12 ....„ 116 116
2 -8712 -'3712
8712
- 88 8712
8712
1 Cin I & W 1st gu g 4s___1953 J-J
Mont C 1st gu g 6s__1037 J-3 12734 __-- 12714 Nov'll ____ _-- --I Day & Mich 1st cons 4 Xs 1931 J -J 100 ____
Registered
1937 J-J ____
13614 May'06 ---_ -- -104 Feb '12 ____ 104 10412
1
; /nd Dec & W 1st g 5s____1935 J -J
1st guar gold 5s
1937 J-J 11114 113 11234 Sep '11 ____ ---- -1935 J -J -------- 10712Dec '02
1st guar gold 5s
'
Registered
1937 J-J —
92% _12 0212 iii1-4
Cleve Cin C & St L gen 4s 1993 J -D 923-4 03 9234
Will & S F 1st gold 56_1938 J-D 113 —:-: ii2-1-2Sep
_
_ __ _
--ii :--- --- ---1939 J -J 9212 9412 04 Dee '11
Cairo Div 1st gold 4s
Gulf & S I Ist ref & t g 53_01952 J -J 91 -44 95 Jan '12 _::: -,56.- -6S"
93 91 Feb '12 __„., 9014 61
91
; Cin W & M Div 1st g 48.._1991 J-J
Registered
01952 J -J
9314 25 9134 9312
1990 M-N 9112 95 93
i St L Div 1st col tr g 43
T_Tock Val 1st cons g 4
8 iii- idi_ 1 og9 J -3 i(ii;58 -"ii jai- i:6275;
1051990 M-N 89 ___ 01 Oct '0/
Registered
,
Li
Registered
1999 J-J
10012 Scp '08 ---_ ---1940 M-S 9112 ____ 90 Dec '11
1 §pr & Col Div 1st g 4s
Col & 11 V 1st ext g 4s
1048 A-0 943-4 957-8 9412 Dec '11 _.-- ---- - - -1940 J-3 9114 ___ 91 Dec '11 ___ ____
i W W Val Div 1st g 48
Col 60 Tol 1st cx 4s
_
9619 11619
1955 F-A
16 ____ 9618 Jan '12 __
1920 M-N 10558 ____ 10534 Dec '11
• 0 I St L & C consol 6s
i 6612 67
Hous Belt & Term 1st 5s_1937 J-J
9912
9912 10014 9912Feb '12 ____ 9112 9912
9718 9612
k1936 Q-F 96
1st gold 48
Illinois Central,
k1936 Q-F 0518 9718 9713 Dec '11
Registered
1051 J -J 102 ,.___ 104 Feb '12 ____ 1C4 104
- -1- 1st gold 4s
1o718 i(ifi8
i Gin S &(Icon 1st g 5s___1928 J -J 107 10714 l071 Feb '12 _Registered
10512 10512
1951 sf-J 100 ___ 100 Sep '11 ____ ---- --2 10512 1051z
1914 J-D 10513
1 C C C & I consol 78
1st gold 3h85
1951 3-J .90 ____ 91 Aug'11 ---- ---- --Consol sinking fund 78_1914 J -D
1
Registered
_
'11
____
Oct
12312
12134
J-J
J-J ---- ---_ 89 Apr '11 ____ ____ -1951
6s_1934
gold
'•• • General consol
Extended 1st g 3 ms___ _1951 A-0 _ --- —_- 93i,
1934 J-J
,. May'09 -_-. _ _— —
Registered
Registered
1951 A-0
___
____ ---- --1940 A-0 ____ ____ 94 J'ly '08 ____
Ind Ill & W 1st pref 43
__
____
___.
1st
gold
Is
__
1951
sterling
____
M-S
___
____
____
Q-J
J'iy '09 -_-- ---- ----------80
53_d1038
[fret
1st
: 0 Ind & W
Registered
1951 M-S ---- ---- __
1940 A-0 911-2 92 9112 Feb '12 ____ 9112
___ __-_ ---- --• Peo & East 1st con 4s
Coll trust gold 4s
1952 A-0 9914 ____ 100 Feb '12 ____ 100 100
35 37 38 Jan '12
38 40
1990 Apr
Income 4s
1952 A-0 _ _ 9812 6812 Aug'11
Registered
5014 16 4912 581,-.
— - -1947 J -J 4912 6012 50
Do) Midland 1st g 4s
1955 11- N 9614 Sale .9614
1st ref 4s
9612 -27 9614 965$
9758
2 06 9751929 F-A 9712 ____ 9758
Oolorado & Sou 1st g 4s
b6 ___ 5614
Purchased lines 3 4s _..1952 J-J
£614 10 8614; 8614
9:1
63 ff718 98'4
1935 M-N 9712 98 9712
Refund & ext 4)0
1953 ki-N 9813 Sale 9813
L N 0 & Tex gold 4s
9512
6 983s 9913
1921 J -D 11134 113 11178 11212 13 11118 11212
• Ft W & Den C 1st g 6s
1953 NI-N
_ 9812 9434 Jan '11 ____ ---- -Registered
Donn & Pas Rivs 1st g 43_1943 A-0
1950 J -D 9638 .._ _ _ 9712 Feb '11 ____.----Cairo Bridge gold 48
1952 J-J ---- ---- 100 mal'15 - Ouba RR 1st 50-yr 5 g
Litchfield Div 1st g Is _1951 J-J
7614 78 7518 Scp '11 ____ ____ _
no Lack & Western—
Louisv Div dc Term g 301953 J-3 8514 88 85 Feb '12 ____ 8412 8.5
106
1 106 106
,Morris & Essex 1st 78_1914 M-N 106 107 106
A84 ____ 8314 Nov'10 __ --- -1953 J-J
Registered
_. 10913 Feb '12 .___ 10918 10918
1915 J -D 1085,3
1st consol guar 78
1921 F-A 10534 _
Middle Div reg 5s
123 May'99 ____ ---1915 J-D 105
11133 Dec '10
Registered
1951 F-A 75 -..„- 7618J'ne'll ___ ---Omaha Div 1st g Is
2000 J-D 8512
91 Jan '11
1st ref gu g 3)s
,
3s_1951
-J
J
75
77
g
Div
term
Louis
&
St
7512Jan '11 ____ __ _ ____
4
-J
J
11334
11414
1921
____
'12
Jan
6s
1141
1st
W
&
Lack
r NY
7312 __ _
1951 J-J
Registered
1923 F-A 106
_
10633 Nov'll
Construction 55
---,*
86 8714 gib,Feb '12 7_1951 J-J
Gold 3 90
__ gd1-3 -g631923 M-N --_- 99 08 Deo '11 ___
4
i*: • Term & Improve 4s
1951 J-J 84 ____ 10118 Oct '99
_--- ---Registered
• Warren 1st ref gu g 3 H8_2000 F-A ___ __ 10218Feb '03
85 ____ 100 Nov'00 _—...._ __
1951 J-J
Spring Div 1st g 3)0
-- ---1917 M-S 11312 11512 11512 Aug'11 ___ ---____
Del & Hud 1st Pa Div 7s
1951 J-J 84
Registered
1917 M-S
149 Aug'01
Registered
-ii :___ iii ii6
'
1951 F-A 96 __:"dd- JaiiWestern lines 1st g 4s
1916 J -D 9812 Sale 9814
9
64 -11712
i 10-yr cony deb 45
1951 F-A
Registered
1922 J-J 10138 10134 10134 Feb '1
10138 10134
, 1st lien equip g 45s
991
Bellev & Car 1st 6s
1923 J -D iid ____ iifi2mii.lo ____ ____ ___ 50 9858 9912
1943 M-N 9938 Sale 9938
r. 1st & ref 48
0214 25 9114 93
_-__ --Carb & Shaw 1st g 4s__1932 M-S 9434._.. 9514 Oct '10 __
1946 A-0 9214 Sale 92
. Alb & Sus cony 3)0
Chic St L & N 0 g 5s
1951 J-D 11412 116 116 Jan '12 ___ 116 116
Rens dc Saratoga 1st 7s 1921 111-N 122 ___ 122 Dec '11 ___
1951 J-D 113 ____ 114 Feb '11 ___--- ---Registered
Denver & Rio Grande—
Gold 3 110
___ ____ 90 Oct '09 __ ---- -1951 J-D
00
3 8914 90
1936 J-J 00 03 90
• 1st consol gold 48
Os 98
Registered
1951 J-D --,--- ---- --93
98 Jan '12 -__
1936 J -J
• Consol gold 4 10
, -- ---- -- ---Memph Div 1st g 4s.1951 J-D *95 -- 971-2Mch-'10
__-- ---- -1928 J -D 9812 9878 9912 Feb '12 _ _ 90 9012
Improvement gold 5s
Registered
1051 J-D
8018 166 86 00
1
8812
1955 FA
. 1st & refunding 5s
St
L
Sou 1st gu g 4s
1931 11-S ig _ ei J'Iy
--i)f-3
-a-• Rio Or Juno 1st git g 58._1930 J -I) -------- 10434 Mehl'
95 9512 9513 Feb '12 __ 947; 96
1950 J -J
___ Ind III dc Ia 1st g 4s
.
• Rio Gr So 1st gold 4s_1940 J-J____ 60 6112 Apr '11
Oat & Great Nor 1st g 6s
_ 108 10812
1919 M-N 10812 109g 10812 Feb '1
1940 J-J ___ ____ 85 Mch'08 _ _ __Guaranteed
Iowa
Central 1st gold 5s
1938 J -I) 10112 10212 10112 Feb '12 ___ 10112 1021,
4 ii- -8833
8614
16 88 86
1939 J-J
Rio Or West 1st g 48
Refunding gold 4s_1951 3I-S 62 6212 63 Feb '12 ____ 63 6612
1 78 Jan •12 ____ 78 78
'. Mtge & col trust 48 A 1949 A-0 '
Tamestown
Franklin
---___ 97 Jan '02 ___ .._ — __
Utah Cent 1st gug 4s_a1917 A-0 -------•
1959 J-D 9414 9934 9412
911
1 9114 ,11112
110 Sep '04 ____ _ _ _ ____ to Clearfield 1st 4s
Des Mol Un By 1st g 5s19I7 M-N 99
7314 74
Kanielt
irs,Z?rue 1st gold 3s_1950
,
Det & Mack 1st lien g 4s_1995 3-D 9213 -95 92 Nov 11
4 --7
7g13 Oct '00 __,- .
..„ 6
--1995 J -D 9012 92 90 Jan '12
Gold 45
21 99% 10014
Ref & impt 5s
Apr 1950 J-J -fiti7g 14Le 9978 100
9934
5 9C34 1007
1 6s'81 M-N 9933 100 9934
Det Riv Tun Det Ter Tun 4 ,
0812
9838
Feb
__
____
Kansas
48.,_1960
'12
3-J
City
Termi
9812
1st
'12
9853
Feb
76
____
74
Al-S
481941
Det T & 1-08 Div 1st g
_
_ T ake Erie & W 1st g 5s___1937 J-J 109 110 110 Feb '12 ____ 10812 110
_
Dul Missabe & Nor gen 5s.._1941 J-J lo5 106 10412 Dec '11
1941 J-J 10414 10412 10414 Feb '12 ____ 10414 10414
I-4 2d gold 53
Dul & Iron Range 1st 55_1937 A-0 10614 109 106 Feb '12 ___ ioli
_ 10712 Oct '11
1945 A-0 105
--North Ohio 1st gu g 5s
1937 A-0 103 ____ 10612 lich'08
Registered
- 10514
1 10514 10514
10514
- --- Leh Vail N Y 1st gu g 4)48_1940 J-J 10514 16578
104 Feb '11
1918 J -J _• 2d 85
1840 J-J 10412_ 10412 Oct '11 .._ __ __
Registered
Dui So Shore & Atl g Os _.1937 J -,1 107 10712 107 Feb '12 __ idi- ifji M-N 9714 ____ 9738 Oct '11 ____ ___- --pigin Joi & East 1st g 5s 1941 M-N 110 ____ 11034 Feb '12 ____ 11034 11034 Lehigh Vail (Pa) cons g 48_2003
1920 11-S 118 Salo 118
1 118 11352 Lch V Ter By 1st gu g 55 1941 A-0 11318 11413 11378 Nov'll ___ ____ ___
118
1:2rie 1st consol gold 7s
1941 A-0 11158 112 11118 Dee '11 ___- --- — --Registered
N Y & Erie 1st ext g 4s 1947 M-N 10114 __ 10112J'ne'll -e F b '12..:: 10412 j041 Leh V Coal Co 1st gu g 5s_ _1933 J -J 10714 ____ 108 Nov'09 ____ -_-- ---1919 M-S 10412 -----10413
2d ext gold Os
1933 J-J
1923 M'S 10212
Registered
1021'2 Feb '12
10212 10234
3d ext gold 4)0
1st int reduced to 4s
1920 A-0 10412 __ 105 Feb '12 ____ 105 10514
4th eat gold 58
1933 J-J -,, ---- -,,,,
--,, ---- ---- -4 Oct '11 _______ -Leh & NY 1st guar g 4s
2--- 9:431945 M-S 9311928 J -D 98 100 100 Jan '12 ___ 100 100
5th eat gold 48
___
_ __ _
—
1945 M-S ___
Registered
119 118 Oct '10
N Y L E do W 1st g fd 7s_1920 1)i-S
____
1011
2FebC
1914
103
El
'11
A-0
N
&
J-J
1st
1908
pref
6s
891
2
Sale
prlor
4s
8834
8912
-9.5
g
con
-id
4
ii3
1st
Erie
1914 A-0 10014 ____ 10114 Sep '09
Gold guar 5s
88
1998 J -J
88 Feb '12
88 88
Registered
Long Island7818 Sale 778
7814 118 778 79
1st consol gen lien g 4s_1996 J -J
.
61931 Q-J 11014 112 10934Jan '12 ____ 10934 110
1st consol gold 158
i
1096 J-J
77 J'iy '11
Registered
1st consol gold Is
31931 Q-J
1951 F-A 89 Sale 8989
93 - -3 8818 89
g . Penn coil tr g 45
,---1938 J-D 9434 _-__ ---____ ---9413 Feb
'12 -9412-'
45
gold
General
87
86
86
A-0
1
114180
1953
23
8558
A
87
48
cony
-year
50
:
77
1922 31-S 9612 100 100 Aug'11 ...„ __- -Ferry gold 40
160 7514 77
1953 A-0 7613 77 761,
••
,.
Series 13
do
•
--J-D
1932
9118
9914 Oct '06 ___- ---- --Gold 48
• Buff N Y & Erie 1st 7s 1916 J-1) 110 11034 11034 Feb '12 .__.1083411034
2
92 Feb '12 __ 4)2 921•,....,8
1049 31-S 9218
_ 112Unified gold 4s
.4 ....,, Chic & Erie 1st gold 5s 1982 11-N 11318 _ _ 11318 Feb '12 ____
___- 10412 Dec '08 ____
1034 J-D 102 10412
'11
Debenture gold 58
_____ _
, Ciev & Mahon Val g 58_1938 J -J 10834 _ .._ Ill
1 93 967g
9658
____ Apr_ _
1949 31-S 97 — 0658
Guar ref gold 4s
1938 Q-J 103
Registered
•
95 Jan '11 ______ ____
1949
Registered
: Long Dock consol g 681935 A-() 123 126 12518 Nov-'11 __
_ 11014 Nov'06 ____ ____ ____
N V 11 & 11 B Ist con g Os 1935 A-0 10534
Coal & RR 1st cur gu 6s..1922 11-N 10434 107 111418 Oct '11 ___
NY & R B 1st g 58
1927 11-S 10375.___ 105 Apr '07 ___ ___ ____
Dock & Imp 1st cur 6s1913 J-J 10112__._ 10134 Deo '11
Nor Sh B 1st con g gu 53.01932 Q-J 10534 10714 10714 Jan '12 ____ 10612 10'714
N Y & Green L gu g 5s 1946 11-N 10212....,. 10212Sep '11
ig mg
Louisiana & Ark 1st g 53_1927 11-S ____ 96 9734 Sep '11
N Y Sus & W 1st ref 53_1937 J -J 103 105 10312Jan '12
Louisville SC Nashville—
1037 F-A 80 ____ 10014 Dec '06
2d gold 43s
L gil, ig
1930 J-D 11112 ____ 11612 Feb '1 ____ 1157 11612
8812
8612
General gold Os
1940 F-A 8812 91
General gold .58
1937 111-N 112 ____ 11112 Jan '12 ____ 11112 11112
Gold 5s
Terminal 1st gold 5s 1943 M-N 10934 ____ 10812 Deo '11 ____ ___ ___
958
9
991.
9914 Sale 9914
1940 J-J
Unified gold 4s
1940 A -0 11112 __ 11012 Oct '11
Mid of NJ 1st ext 5s_
_,98 988 9734 Nov'l r --------2
102
102
10014
1940 J-J
102
Registered
J
_1942
-D
5s_
10214 ..._
Wilk & Ea 1st gu g
_ 10912 11012
Collateral trust gold 5s 1931 11-N 11014 ---- 11012 Feb '1,
My & Ind 1st con gu g 68_1926 J-J 106___ 110 Aug'11
___ 11138 11138
115
11138
'12
11138Jan
1233
i11
H
E
Feb
J-D
&
___
_1919
'1::
6s_
g
1st
Nash
J
1921
-J
11238
11218
6s
cons
1st
Ovans h T H
L Cin & Lox gold 4 )0::_193i M-N 105 ____ 105 Feb '12 ____ 10,134 105
1942 A-0 10178 103 10178 Feb '12____ 10178 10212
1st general gold 55
1930 J-J 121 125 121 Sep'11__
N 0 & M 1st gold 6s
1923 A-0 10758 — 108 Nov'll __. _____ _
Mt 'Vernon 1st gold 8s
_ __ _
____
____
J'ae.08
1930 J-J 117 __ 11712 Jan '1 ___ 11712 11713
N 0 & hi 2d gold 6s
95
A-0
__
58_1930
95
g
1st
Branch
Co
Suit
49 97 9958
Paducah de Mem div 4s 1946 F-A 9534 9612 9514 Feb '1. . 9614 9514
08
plorida E Coast 1st 4 3..is_1059 J-D 9758 913-4 9758
__ __
1920 M-S 10534 109 10534 Mch'll
—
Pensacola Div gold 6s
90 .
92 Aug'10 _ _ _-- -.1: ort St 11 D Co 1st g 4)0_1941 J -J
- 8112
St LOUIS Div 1st gold 63_1921 111-S 11314 -- 113 Oct '11 ____ ____ ___
1928 J -J ___ 807j; 811,Jan '12 ___ 8112
Ft W & Rio Or 1st g 4s
7112Feb '11 ____ _ _—
198t M-S 6918 71
2d gold 38
__. - —
raid H & H of 1882 1st 58_1913 A-0 9914 9934 9712 Oct '11
927
93
26 9258 93
AU Knox & Cin DINT 48_195E 3)-N 9212 9278
%Areal Northern—
Atl Knox & Nor 1st g 5s..1946 J-D 11278 115 112 Oct '11 ____ ____ __
1921 J-J
9738 Sale 9738
0733 281 96 985
GB & Q coil trust 95
5 9634 9838
9714
1921 Q-J ____ 9712 9714
Render Bdge 1st s f g 63_193i M-S 105 ___ 106 Apr '11
•Registered_h
9412 947; 95 Feb '12____ 9412 SR.
Kentucky Cent gold 4s 198; J-J
10138 27 10034 10158
1St & refund 4 941 scr A_ _1961 J• J 10114 Sale 10114
L & N de M & M 1st g 4 ;0104 zi 11-S 10512 ____ 103 Dec '10 ____ ___1961
Registered
•
:
1933 -J:
:
:J- -itil-2:::: -9
L & N-South hi joint 4s_ _195. J-J ____ 8912 8912 Feb '12 ___ 8912 8912
-li :::: :::::
'
8 DeC11.1St Paul M & Man 43
__ „..„.
61953 Q- J _—___ 95 Feb '0
1933 J-J 12518
Registered
12553 Oct '11
1st consol gold Os
4 11111 10134Jan '12 ____ 1093-4 1094
N Fla & S let gu g 5s_ ._ _193; F-A 1093Registered
132 Apr '09 _-- ,„-- „,,,..
1933 J-J ,-N & C Bdge gen gu g 4)0 104 z, J-J 10138______ __ __ __
Reduced to gold 4 1)01933 J-J 1051-2 ....._ 105l Feb '13 -- 19512 10012
4 Nov'll
Pens & Atl 1st gu g 6s___192 1 F-A 11013 112 11011933 J-J —_ ___ 10834 J'no'09 ---- - - - --- Registered
S 60 N Ala con gu g 5s1936 F-A 11118 112 11118 Feb '12 ____ Ill 11118
2 -9712 9814
98
Mont ext 1st gold 4s 1937 J -D 97 -9114 98
1 911s 911A
911s
164.- itt-s On, 911, 911s
i'.. /It .Tett liirInp Co nil n 45
1937 J -D __ __
,N :Pm,
.'1 1
neiyiR tered
i
1:8
Rid'
in-s 9618 _ _ _
G
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway.
—_
...... 9312Ply '06 —
Met W S El (Chic) 1st g 48_1938 F-A 85
10912 Dec '11 ___: :::: ___
Ifilw Elec By & Lt cons g 551926 P- A 10453.__94 ____ 9314 Dec '11 ____ ......
Refunding & exten 454s1931 J -J
--- -Minneap St 1st cons g 58_1919 J -J 10114 _ .10712Feb '06 -8514 gd
8812Feb '12 __—
2 -881-2
-- 841New Oil By & Lt gen 490_1935 J-J
1 99 09
99
Portland By 1st Fc ref 5s___1930 M-N 9914 _ 99
Pow—
&
Portland By,Light
__
Portland Gen Elec 1st 53_1935 J- J ____ ____ ___
St Jos Ry,L, H & P lstg 5s1937 M-N 98 101 98- No-ai::-: -_---- ____
106
4 106
-9 1051St Paul City Cab cons g 5s__1937 J-J 106 -_-_ 106
1937 J -J
Guaranteed 5s gold
9734
1 9'734 98
Tr -City By & Lt 1st s f 58_1923 A-0 975 97 9734
Underground of London 58_1920 M-N ---- ---- 08 Apr '08 ___. _— __
06 963-4 9614 Feb '12 __ 95 9614
1038 4 Ms
-85 76 Jan '12 .._ 7412 8212
_
1948 -------Income Os
__ ---- 84 Oct '08
-- ---Union Elec (Chic) 1st g 58 1945 A-0
United Rys Inv 1st Ilen coil
1026 M-N * 76 ___ _ 8414 Feb '12 ____ 5414 8514
trust 5s Pitts issue
No price Friday: latest bid and asked this week.
a Due Jan,
Due Feb.
Street Railways.
United Rys St L 1st g 4s___1934
St Louis Transit gu 58___1924
United RRs San Fr $ f 4s1927
Va By & Pwr lst& ref 5s___1934
7578 80
J-J
A-0 83 -___
A-0 ___. 70
96 9634
J -J
7714 Jan '12 __
85 Jan '12 __—_
6714
68
-2
9654Feb '12 __
Oas and Electric Light
Atlanta G L Co 1st g 5s ___1947 J-D 104 __
liklyn U Gas 1st con g 5s._1945 11-N 10712 10f7-9 ififi-2 i552 —5
1
1947 A-0 _ --- 63 6012
6012
Buffalo Gas 1st g 55
95
1932 J-J
Columbus Gas let g 5s
8 1(364 ---,-1
1923 J -J 10053 'Side 10155Detroit City Gas g 5s
1918 F-A 10038 __ _ 9558 Sep '08 _
Oct Gas Co con 1st g 5s
-2
102
1933 J -J 102 Sale 102
Det Edison 1st coll tr 5s
Eq G L N Y 1st con g 53_1932 111-S 106 10612 106 Jan '12 ____
6112 Oct '01 __-Gas & Elec Berg Co c g 5s 1949 J-D 101
Gr Rap G L Co 1st g 5s._1915 F-A 100 101 100 Oct '09
1949 31-N 105 10518 105 Feb '12 ____
Hudson Co Gas 1st g 58
Kan City(Mo)Gas 1st a 5s_1922 A-0 •.... 100 923g Jan '12 _-d Duo April.
is Due July.
k Due Aug. 0 Due Oct.
7714
85 6714
9
711
85
70
97'12
igii iff
60 - 60
iekiii MI
-- .....
10133102
108 106
---- -10914 105
9918 99
s Option sale.
614
New York Bond Record—Continued—Page 3
[VoL. Lxxxxa.
--a
BONDS
.E
I. Y. STOCK EXCHANGE '
.,a,
Week Ending March 1.
Price
Friday
March 1
Week's
Range or
Last Sale
.9
gA
aq
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE 1,*b2.1a.
Week Ending March 1.
Price
Friday
March 1
IN
Wcee3
Range org •A
al
Last Sal:
Range
Since
Jan. 1.
Bid
111d
High No. Low High N Y Cent & H R—(Con)
High No. Low Higl
Ask Low
Ask LOW
1 9978 10012
10038
___ ____ ___
N Y Chic & St L 1st g 4s_1937 A-0 100 101 10038
1Tanila RR—Sou lines 48_1936 M-N ____ 88 ___
9834 Noy'll -- ___ ---.
1937 A-0 9812 _
Registered
TA Wean Cent Inc g 35 tr mots_ _ _ ____ ___ 2513 Apr '09 ---- ___
1931 iM-N 9018 903-4 91 Jan '12 --- 897g 91
0
1917 A--Debenture 43
Equip 64 coil g 55
-1919 A-0
6 100 101
10034
West Shore 1st 4s guar 2361 J-J 10038 Sale 10038
___
____ ___ ___
2d series g is
9814 21 9'778 9812
9818 Sale 98
2361 J-J
Registered
lex Internet 1st con g 4s_1977 M-S ---------77 Mehl°
10012 J'ly '11 __-_ ____ _ _ - N Y Cent Lines eq tr 4 Ms 1923 J-J .___
1977 51-S ____ 80 79 Nov'10 ____ __-_- --_Stamped guaranteed_
!Inn & St List gold 7s_..1927 J -D ...:— 12912 129 Feb '12 __-- 129 - ii£1 - NY New Haven Fe Hartf—
9438 Aug'11 ____ ___ __—
1955 J-J
Non-conv deben 4s
11018 Aug'11 —_ 105 105
Pacific Eat 1st gold 6s...._1921 A-0 ___
9218 9334 93 Feb '12 -_-_ 9212 93
1956 M-N _____-•
Non-cony 45
1st consol gold 53
1934 M-N
- 10518 105
105
2 105 105
9214 Sale 92
7 90 - 9258
9214
Cony debenture 3 9.s__1956 J-J
1st and refund gold 4s__ _1949 M-S 65 Sale 65
65
2 65 6978
1948 J-J 132 Sale 132
13214 36 13158 13212
Cony debenture 83
7814 ___
Des M & Ft D 1st gu 4s_ _1935 J-J
7914 Feb '12 ____ 7914 81
Harlem R-Pt Ches 1st 4s_1954 M-N 9913 100 99 Oct '11
I StP&SSM con g 4s int gu.1938 J-J
9714 973-4 9714
1 97 9734
9714
93 .9312 93
93
Cent New Eng 1st gu 4s_1961 J-J
i o'i fii5i
9812Jan '1() ____ ___ ___
f SS M & A 1st g 4s Int gu_1926 J-J ___ _
114
Housatonic R cons g 5s_ _1937 M-N 116 _ _ 114
2 114 114
lississippi Central 1st 5s_ _1949 J-J
9934 _-___ 9812 Mch'ii
N H & Derby cons cy 5s_1918 -N 10213._ 10'7 Aug'09 ---_ ___ __
.
fissouri Kansas & Texas—
__ ___ _
1945 J-J 115 ____ __
New England cons 5s
1st gold 4s
9634
8 9614 97
1990 J D 9612Sa1e 9613
—
__ ..---_
9913___
Consol 43
1945 J-J
8418
9 8312 8418
_ __
2d gold 4s
01990 F-A 93 • 8418 84
Providence Secur deb 4s1957 M-N 8234 84 87 Ma-y'-ii.
2 10114 10212
1st ext gold 5s
1944 11-N 101 10212 10112 10112
0434
6 -9418 -06 1st & refund 4s
5 80 8112 NY 0 & W ref 1st g 4s_ _g1992 51-S 0458 Sale 9458
8078
2004 M-S 8014 8112 8078
Registered $5,000 only
- _g1992 51-S 9212 ___ 9314 Oct '11
1 8834 8914
8•114 8912 8014
8914
Gen sinking fund 4 Ms_._1936 J-J
General 4s
1955 J-D --8938 Feb '12 --- 8958 895;
St Louis Div 1st ref g 4s_2001 A-0 ____ 84 7834 Noy'll ___ ___ ___
__ 10538 Aug'11 ---- _____-_ Norf & South 1st gold 5s_ _1941 M-N 10314 — 10212 Jan '12 —. 10212 10212
1940 51-N 10518
Dal & Wa 1st gu g 5s
0012
2 9012 9012 Norf & West gen gold 6s_1931 MN 12334 124-12 12314 Noy'll ---- __ _ ___ _
• Kan C & Pao 1st g 4s___1990 F-A 9012 ____ 9012
Mo K & E 1st gu g 5s_ _ _1942 A-0 10958 ____ 10958 Feb '12 _--- 10912 110
Improvement & ext g 88_1934 F-A 12478 12718 124 Sep '11 ____
_
New River 1st gold 6s
M K & Ok 1st guar 5s_ _ _1942 MN 10612 110 10712Jan '12 ___ 10712 10712
1932 A-0 124 128 12313 Oct '11
10234 104 , N & W By 1st cons g 4s 1996 A-0 9858 Sale 0858
9878 23 -98 99
M K & T of T 1st gu g 5s_1942 M-S 10312 104 10312 Feb '12 _
Sher Sh & So 1st gu g 58_1943 J-D 1031.104 10334 Fab '12 --- 10334 10334 ,
1996 A-0 9612 ____ 98 Jan '11 -- ___
Registered
Dly'l 1st 1 & gen g 4s1944 3-J
Texas & Okla 1st gu g 5s 1943 M-S 1011* 193 nat Feb '12 _-__ 10514 10514
93
9334 11 9312 94
9312 9312
10778 22 107 108
10-25-year cony 4s_ _1932 J-1) 10113111) 10913 110
105 10713 11012
.% 108 10734
ilssourl Pao 1st cons g 8s....1920 115-N 10.:,
94
Pocah C & C joint 4:_194l J-D 9312 94 94
13 92 94
5 9978 10034
Trust gold 5s stamped_a1917 51-S 1 1
1 10012 10012
_ 99 Mehl° __ _
C C & T 1st guar gold 5s_1922 J-J 10034 ____ 10412 Oct '11 ___ _ _ ... .,
•
al917 11-S -------Registered
99 i6d uoo
Selo V & N E 1st gu g 45_1989 M-N 9712 0812 971k Feb '12„
iii12 iig12
locds
3 9612 10034
1st collateral gold 5s__1920 F-A
10018 1W 9934 1003
--__ --„ ___ _ _ Northern Pee prior 1 e 4s 1097 Q-J
9934 Sale 9934
•
_ - Registered
1920 F-A - 1997 Q-J
4
9834 9918 9834 Feb '12 ---- 9858 9911
40-year gold loan 4s
/414 67 '7053 1414
Registered
1945 ,n-s 7414 Sale i33_ 9434 9012 May'll __
70
48 69 7(208
_ _ _ _
General lien gold 3s_ _ _ _a2047 Q-F 6912 70 6958
3d 75 extended at 4%
A038 51-N _
a2047 Q-F 6734 6934 68 Dec '11 —... _ _ ___ _ _
1st & ref cony 53
Registered
8434 2.-̀i g12 gN
1959 51-s 8712 sale 8714
___
Sep
'11
913
4
92
___ _ _ __
Feb
'12
St
90
JD
4s_1996
Paul
---0614
913
4
92
Cent Br Ry 1st gu g 4s_ _1919 F-A
-Duluth Div g
__
____ __
1996 J-D
Registered
Cent Br U P 1st g 4s
,- -- ---- ---1948 J-D 78 8412 8312 Dec '11 ___ __ _
09 • Feb '10 -—
1916 111-5 99 _
Dul Short L 1st gu 5s
Leroy & OVAL 1st g 5..1925 J-J ____ 102 110 Meh'05
St P & N P gen gold 6s 1923 F-A 11558 _-___ 11532 Feb '12 --__ 11512 11512
2
Pao It of Illo 1st ext g 43_1938 F-A 9812 971* 0512Jan '12 --- 5S12 6.8-1
Registered certlfleates..1923 Q-F 11434 __ 11533 Aug 11
1938 J-J 104 '1091i 10812 May'll ____
2d extended gold 5s
St Paul & Duluth 1st 53_1931 F-A 109 ___ 107 Jan '12 -- 107 107
4 i(j618.
10638 16 1.6&3StL It- M&S gen con g 53_1931 A-0 10638 Sale 10618
..„
2d 55
1917 A-0 10218 _ _ 10234 J'ne'11 ____ _
Gen con stamp gu g 55_1931 A-0 ____ 10614 111 Sep '00 ____
1968 J -D 0234 553-4 9234 Feb '12.- _ _ 5214 9234
1st consol gold 4s
8214 8234 8234
Unified & ref gold 4s_1929 J-J
2 7912 833-4
83
9118 Apr '11 ____ ___ ____
Wash Cent 1st gold 4s...1948 Q-M 8912...
2 78 80
80
•
Registered
1929 J-J
80 Sale 80
Nor Pao Term Co 1st g 89.. _1933 J-J 11112
1113g Dec '11
•
fly & G Div 1st g 4s 1933 M-N 8312 8378 8334
1 8212 84
8334
9238 23 92 923_ Oregon-Wash 1st & ref 45 _1981 J -J
9214 Sale 9214
4
Verdi V I & W 1st g 5s_1023 M-S .,.„
102I2Jan '10 ____ ____
104
3 1031,104
Pacific Coast Co 1st g 5s 1046 JD 10312 10514 109
12014
12014
1 12014 iif
lob & Ohlo new gold 88_1927 J-D 12014:
1st extension gold 6s___h1927 Q-J 11514 11612 11534 Feb '12 ....-- 11534 11534 .- enna 11R 1st real estg 48_1923 M-N 101 102 101 Feb '12 —_ 101 - 102
'Consol gold 55
108
1919 M-S -___ 110 108
8 108 108
General gold 4s
1938 '11-S 8613 8734 87 - Nov'll ---Consol gold 4s
1943 11-N ,„- 10212 10234 Jan '12 -_,_ 102 10378
Montgom Div 1st g 5s_1947 F-A 11012 ..... 11014 Jan '12 __-- 11018 11014
1912 65-N 100 Sale 100
Convertible gold 35s
100
ls 9912 10018
St L & Cairo coil g 4s___e1930 Q-F 83 85 33 Dec '11 __ __ ___ _
Convertible gold 3 Ms
1915 JD 9734 Sale 9/13
9734 177 9654 9778
Guaranteed gold 4s_1931 J-J
9314 9.338 0312 Islch'll ___
9712 Feb '12 ____ 9712 9712
Registered
1915 J -D __
jashy Chatt & St Louls—
Consol gold 4s
103
10368
10358
103
5 103 104
1948 MN 183
1 10358 101
,11st 7s
1913 J-J 10334 _
Alleg Val gen guar g 4s_ _1942 M-S 9958 10014 9978 Apr '11 __ ___ __
4 10038 10958
1st consol gold 55
1928 A-0 10912 ____ 10912 10912
D R R R & Bge 1st gu 4sg1936 P-A 10012
—, --,, -- - —__
-Jasper Branch 1st g 8s 1923 J -J 11334,.._ 11578 Nov'19 ____
Phila Bait & W 1st g 4s 1943 51-N *1C12 __-_ 1017g
10178 12 1017-3 102
McM M W & Al 1st 6s_ 1917 J -J 10714 ____ 10812 Dec '10 __ _ ___ __
Sod Bay & Sou 1st g 5s.,,,1924 J-J ......
__ 102 Jan '03 ---_ ___ ___
T & P Branch 1st Gs
_1917 J-J 10714 __ _ 113 J'ly '04
92
Sunbury & Lewis 1st g 4s1936 J-J
10 611. 521.,
____
97 -_92 Sate 9112
fat flys of Mex pr lien 4 M-3.1957 J -J
8612
4 85 - 8612 'U NJ HR &Can gen 4s 1944 Al-S 10112 _--_-_ 101 Feb '12 ____ 101 1011t
• Guaranteed general 4s_ 1977 A-0 8612 Sale 35
4 10314 10378Penne Co guar 1st g4 Ms__ _1921 J-J 1031 115 10812 10334
fat of Mex prior lien 4 Ms_1926 J-J -„- 102 100 Jan '12 --.„ 100 100
Registered
__ 10278 WWII __ __ __
•
1921 J-J ---- ---1951 A-0 80 Sale 80
1st consol 43
3 7912 80
80
Guar 3 Ms coil trust reg._1937 5.1-S 88 _ 90 Aug'10 ---9378 Sale 9334
9418 56 9334 95
4 0 Mob &Chic 1st ref 5s 1980 J -J
__ ___ _
Guar 3 Ms coil trust set- B.1941 F-A 88 8834 88 Feb '12 --- 88 —88
10 &N E prlor lien g 6s_ _p1915 A-0 10418
Trust Co certfs gu g 3 5s_1910 51-N 9712 9758 9734 Dec '11 -- ____ _ _ _
.g1-3 Feb '12 ---- ili -ills
8812_.,__ -8
few Orleans Term 1st 4s 1953 J-J
1942 J -I) ---- 8812 87 Aug'10 —
Guar 3 Ms trust ctfs C
IA' Central & Bud River—'
Guar 3 93s trust etts D__ _1944 J-D 8712 8838 8784 Jan '12 -- 8734 8734
• Gold 3 Ms
26 87 8813
1997 J-J
88 Sale 8778
88
9814 28 98 984
Guar 15-25 year g 4s
1931 A-0 9813 Sale 9813
87 „_.., _ 87 Jan '12 --,, 87 87
Registered
1997 J-J
Cln Lob & Nor gu 4s g_ _ _1942 51-N 94 0634 9612 Dec '11 __ ____ _ _ _
9378 21 9214 9378
Debenture gold 4s
1934 M-N 9313 sale 9338
CI ‘& Mar 1st gu g 4 538 1935 Al-N 103 105 110 Jan '05 ---- ____ _ _ _ _
_
_
9234 Sep '11 ____ _
- Registered
1934 M-N 9213,,.
Cl & P gen gu g 4 Ms ser A 1942 J -J 10613 __ 10734 Dec '11 ____ __ __
8358 96 867; jig
Lake Shore colt g 3 s..., .1098 F-A 8314 Sale 8314
Series B
1942 A-0 10618
10934 J'ly '09 --Registered
1908 F-A 8114 8212 81 Feb '12 , 79 84
Int reduced to 3;0_1942 A-0 9114
81
10
7834
_ 9114
8212
9114
1 9114 9114
Mich Cent colt gold 3 Ms_1993 F-A 7834 8112 Si
Series C 333s
1948 51-N 9114 _ _ 90 Aug'09 —_ __
_• Registered
12 ---- 7912 7912
• 1998 F-A 78 79 7912 Feb'
Series D 353s
__
9858 Dec '10 ___ _
1950 F-A 0114 5a12 90 May'08 ____ ___-: __-_-.
1
Beech Creek 1st gu g 4s 1036 J-J
__
Erie
&
___
____
Pitts
gu
May'll
g
333s B..1940 J-J ___ ___ 9012 Apr '11
- Registered
•
_1936 J-J -------- 9-_
Series C
____
1940 J -J 1, 9118.._ 9834 Apr '04
---- ---__-2d _guar gold is
1936 J-J 1001-2 _
___ __ ____ ____
Gr R & I ex 1st gu g 4 53s_1941 J-J 10434,_ 10434 Feb '12 ____ 10434 10434
1936 .2_ j ____ ____ ____
Registered
Pitts
Ft
W
______
& C 1st 78_1912 J-J .101
_-__ _--101 Feb '12 ___ 101 10114
Beech Cr Ext 1st g 3 53s_51911 A-0
2d 78
1912 J-J *101 _ _ 10378 Feb '11 ___ ___ ___
09 ---- ____ ___
Cart & Ad 1st gu g 4s_ _ _1981 J-D 90 ____ 971-2 APr'
3d 7s
____
_ __ ____ ______
41912 A-0 .10034 _:__ 101 Dec 11 ___ ___ ___
Gouv & Oswe 1st gu g 53_1942 J -D 108
Pitts
Y
&
'11
Ash 1st con 5s_1927 51-N 10771_.,.., 109 May'10
Moh & Mal 1st gu g 4s__ _1091 M-S 9812 593-4 9918 MchTol WV & 0 gu 4,53s A__1931 J-J 10212 10312 10134
10134 ____ 1013; 10134
NJ Juno R guar 1st 4s 1986 F-A 0534 100 105 Oct '02 ____ ____
Series B 4 Ms
_., ____
1933 J-J 10212 ____ 100 J'ly '10
1988 F-A
•
Registered
_
Series C 9s
_ __
_
1942 51-5 95
2000 ,n-N 8858 ____ 8838 Fell'i'2 -_-_-_-. 8853 8858
NY & Harlem g 3 Ms
P 00 & St L gu 4 Ms A_ _1940 A-0 10513 iii61, i.561; iiia.12 H ig iciiii
____ __-- ____ ____
____
2000 M-N --Registered
10634
Jan
Series
13
10614
Oct
'09
'12
guar
108
__
__
1071
2
106
A-0
10634
A-0
1942
10034
N Y & Northern 1st g 53_1927
Series C guar
1942 M-N 10512 10378 106 J'ne'11
N Y & Pu 1st cons gu g 4s1993 A-0 97 9313 9778 Aug'11 ___ ____ ____
Series D 4s guar
99
i iii
--- ---1945 M-N 99 Sale 99
-- ____ ___
Nor & Mont 1st gu g 53_ _1916 A-0
____
2Jan
'09
Series
1311
12018
___
E
9312
____
9312
9312
2 9318 9312
1932 J-D
353s guar g__ _1949 F-A
Pine Creek reg guar 6s
Series F gu 45 g
9778 Aug'11 ___ __
1953 J-D 97
11 W & 0 con 1st ext 5e_h1922 A-0 107 1073-4 10714 Feb '12 __-- 10714 1013-4
Serles G 4s guar
19
13
812 O
Nc
otv:11 :::: ..-..: -_-_-_-_
Oswe & R 2c1 gu g 53_01915 F-A -._ 10512 105 Jan '08 __-- _______
10
10
8
3
5
8
—
J'ne'10
104
.._
_
_ ..
S11-(
)
N
C St L & P 1st con g 5s 195
32
7.
____ _ _ _
11*W- ec 0 T R 1st gu g as-1918 all-N -___
9814
6 5i12 9712 Peo & Pelt Un 1st g 135___ _1921 Q-F -------- 109 May'll __ _ _ _
9814 Sale 9712
Rutland 1st Con g 4 30_1941 J-J
84
1 84 86
81
811 91
2d gold 4 Ms
51921 51-N ____ 99 9312Jan '11 ___ ____ _—
Og&LChaM 1st gu 4s g 1948 J-J
____
___
Pere
'03
613 Dec '11
Marquette—ltd 45._ _1055 J-J ....- 65
-Rut-Canad 1st gu g 9s_1949 J-J ---- ----02 J'ne
0838 6834 Noy'll
Refunding guar 4s
1955 J -J —
St Lawr & Adir 1st g 5s 11898 J-J 10718 —.. 115 J'ne'09 __ _ ___ _
Ch & W M is
4 ____ 905 Feb '12 __ -955g -9558
125 Feb 'OS ___ ____ __
1921 J-D 9932d gold 63
. 1095 A-0
_
Flint & PM g 6s
9978 Nol'il
1920 A-0 _-- 11018 11018 Oct '11
9934 101
Utica & Blk Illy gu g 4s..1922 J -J
1st consol gold is
100
b 9938918
7 gag 8978
1939 11-N __ _ _ 101 100
4 15(1
Lake Shore gold 3 Ms_ _ _1997 J-1) 8812 8918 89
Pt Huron Div 1st g 53_1939 A-0 _ — 101 08 Aug'11 ____ ____ ...Registered
•
1997 J-1) 8712 8834 8812Feb '12 ._-, 8714 8834
Sag Tus & H 1st gu g 45_1931 F-A -------------- --------94
30 9314 9438
Debenture gold 4s__ _ _1928 51-S 94 Sale 9334
9.358 112 93 9378 Philippine By 1st 30-yr s f 4s _'37 J-J
s434 8734 8433
p 12 ---- 8414 -8453
25-year geld 45
1931 Al-N 9312 Sale 9312
1931 I11-N 9318 9312 9312 Feb '12 _-- 9313 9313 Pitts Sh & L E 1st g 5s__ _ _1940 A-0 113 • .._. 11214 Dec '11
•
Registered
-_ 11314 Nov'll _-- ____ _-_.
1st consol gold is
1943 J-J 11014
____ ___ ___—__
Ka A & G R 1st gu c 53.1938 J-J 10812 ____ ____
9812 Sale 9814
0834 152 98 9834
1997 J-J
Mahon C'l RIllst 5s_1934 J-J 11l12__ :11112 Nich'll __-_ __ ___ jop eading Co gen g 4s
984
981
9734 ____ 9814 Feb '12 ____
4
1997 J-3
Pitts & L Erie 2d g 5s_ _a1928 A-0 10358 ____ 100 Dec '00 __ ____ ____ 11-v Registered
9712Feb '12 _. 9713 9£3121
Jersey Cent con g 4s__ _ _1951 A-() ____ 98
Pitts Mel< & Y 1st gu 65_1032 J-J 121 ____ 130'8 Jan '09 ____ ____ ____
Atlan City gu 4s g
1951 J-J
123 Oct '11 _
1934 J-J 12314 _
•2a guaranteed Os
gi No-vii ......
igla
____c2.9 Jo & Cr Isl 1st g 4s___ _1947 J-J
McNees & B V 1st g 6s-1918 J-J 101 - -----_
ot L &San Fran gen g 65.1031 J-J 11914 12011 11912Feb '12
_ iii7g filli
1931 M11-S 11038 115 III Jan '12 ____ 111 111
Michigan Central 53
General gold is
_
1931 J-J 10712 10S1: 10758 1075s -1 10712 1084
1931 Q-M 109 112 119 J'ne'06 _ Registered
13818
86 9134 88
St L & S F RR cons g 4s_1996 J-J
0834 Nov'11 ___ ___ ____
1940 J-J
7 88 881i
•
45
8814 10 8818 881s
Gen 15-20 yr 15s
1927 /11-N 8818 Sale 8818
1940 J-J -------- 0813 Noy'll -- --- -Registered
Southw Div 1st g 5s 1947 A-0 9313,_... 100 Oct '11 ___
8818 90 J'ne'08 -J L & S 1st gold 3 Ms_ _1951 111-S _
4
8014 Sale 8014
81
2:1 813 - -i131 8634 86N
Refunding g 48 *
8634
.12 8834 8834
1951 J-J
1st gold 353s
1952 M-N g0
8 90 9152
9112
Registered
1951 J-J ____ __-- 8034 Meh'll ___ __ ____
20-year debenture 4s_ _1929 A-0 9055 9112 0138
3
s,aii
MISCELLANEOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kings Co El L & P g is _1937 A-0
• Purchase money 65
1997 A-0
1922 M-S
Convertible deb 63
Ed Bill Bkn 1st con g 4s-1939 J-J
Lae Gas L of St L 1st g 5s—e1919 Q-F
1934 A-0
Ref and ext 1st g is
Milwaukee Gas L 1st 4s.,_1927 Al-N
Newark Con Gas g is
1948 J-D
N Y G E L H & P g 5s____1948 J-D
Purchase money g 4s_ _ __1949 P-A
Ed El III 1st cons g 5s___1995 J-J
NY& Q El L&P 1st cong 59_1930 F-A
N Y & Rich Gas 1st g 5s_ _1921 M-N
Pacific G & El Co Cal G &-E
Corp unifying & ref 5s__1937 51-N
Pat & Passaic G & E 55____1949 ;-s
9518 Sale 95
__—
•No price Friday; latest bid and asked.
Gas and Electric Light
10518 10513 Peo Gas & C 1st con g 6s-__1943 A-0
11512 11'7
1947 M-S
Refunding gold is
Registered
1947 111-S
Ch G-L &Cke 1st gu g 5s_1937 J-J
10212 1027
Con G Co of Ch 1st gu g is 1936 J-D
101 10112
Ind Nat Gas & 011 30-yr is '30 114-N
8978 90
Mu Fuel Gas 1st gu g 5s__1947 51-N
Registered
1947 M-N
10258 10414 Philadelphia Co cony 5s
1919 F-A
8814 89 Syracuse Lighting 1st g 55..1951 J-D
1121311813 Syracuse L & P 55
1954 J-J
102 102
Trenton G & E 1st g 5s_ _ _ _1940 M-S
_--_ Union Elec L & P 1st g 55_ _1932 M-S
Ref & eat 55
1933 M-N
9512 110 94 9512 Utica El L & P 1st g 5s
1950 J -J
--_--- ---- --- Utica Gas & E ref is
1957 J-J
Westchester LIght'g g 5s
1950 J-D
10514
3
105 10512 10514
117 Feb '12
117
11818 Dec '11 _
120
8812 Dec '11
_
10278
5
10212 103 10278
101 10112 10114 Feb '12 __
90 911 90 Feb '12 ____
-------- 10478 Dec '11
45
104
104 Sale 10334
8834 Sale 8812
8834 105
11318
1
113 —.... 11318
10114 1C12 102 Feb '12 ____
_ 9212 J'ly '09
a Due Jan. 8 Due Feb.
e Due May
g Due June.
h Due July.
11758 ____ 11712 Feb '12 ___ 117 117
102 10214 102 Feb '12 ____ 102 10253
_•__ 10112 103 Feb '09 -- - -,- ,,110314 10414 10318 Jan '12 ____ 103 191is
10258 10312 102 Noy'll ____ - --- -,
,,
_-_ _ __ 90 Meli'll ..—
10114 _-___ 10038Jan '12 _--- 11/9.3 Ivo
____
____ ---_,-,„,
104 109 109 Feb '12 ....— 107 WV
10012 __ 101 Dec '11 ---- ---- --.
8212 ____ 81 J'ne'li _. ___ _
_ 109 Feb '01 ___ _ __
10214
100 __ 9812 Sep '11
96 ..— 9812Feb '12 ____ 9712 911
103 _— -----,, ---- ---- --.
10014 ____ 10014 Deo 'Li
1 10514 106
105 106 10512 10313
p Due Nov. 3 Option Sale.
•
MAR. 2 1912.1
BONDS
N. Y. STOCK EXCHANGE la
Week Ending March 1.
St L & San Fran (Con)
KG Ft S & M con g 68_1928 M-N
K 0 Ft S & M Ry ref g 413_1936 A-0
1936 A-0
Registered
KC&MR&Blstgu 58_1929 A-0
Ozark & Ch C 1st gu 55 g_1913 A-0
St I.. S W 1st g 4s bd ctts_ _1989 M-N
Ld g 49 Inc bond ctfs___p1989 J -J
1932 J -D
Consol gold 4s
Gray's Pt Ter 1st gu g 5s.,1947 J-D
SA &A Pass 1st gu g 45_ _1943 J-J
B F 54 N P 1st sink f g 5s_1910 J-J
1950 A-0
Seaboard Air Line g 4s
1950 A-0
Gold 4s stamped
1950 A-0
Registered
01949 F-A
Adjustment 5s
1959 A-0
Refunding 45
Atl-Birm 30-yr 1st g 4s_e1033 IM-S
1949 J-J
Car Cent 1st con g 4s_
19I8 J-J
Fla Cen dt Pen let g 5s
1930 J-3
1st land gr ext g 5s
1943 J -J
Consol gold 5s
()a & Ala By 1st con 5s_o1945 J-J
Ga Car & No 1st gu g 58_1920 J-J
1926 J-J
Scab & Boa 1st 53
Southern Pacific CoGold 4s (Cent Pac coil) _k1949 J -D
k1949 J -D
Registered
g1929•S
20-year cony 4s
Cent Pac 1st ref gu g 4s__1949 F-A
Registered
1949 F-A
Mort guar gold 3;is_ _k1929 J-D
Through St L 1st gu 45_ 1054 A-0
GH&SAM&Plet 58_1931 M-N
Gila V G & N 1st gu g 55_1924 M-N
Hous H & W T 1st g 5s_ _1933 M-N
1933 m-N
1st guar Os red
H & T C 1st g 5s int gu_ _1937 J-J
Consol g 65 lot guar_ _1912 A-0
Gen gold 4s int guar_ _1021 A-0
Waco dc NW div 1st g 6s'30 hi-N
A & N W 1st gu g 5s_ __ _1941 J -J
Morgan's La & T 1st 7s_ _1918 A-0
J-J
1st gold 6s
912
9 A-0
N Y Tex & M gu 4s g_ _ 192
A-0
No of Cal guar g 5s
03
28
7 J -J
Ore & Cal 1st guar g 5s _ 19
So Pac of Cal-Os E_
_1912 A-0
1st gold 6s F
1912 A-0
1st con guar g 5s
1937 11- N
So Pac Coast 1st gu 48 g_1937 J -J
San Fran Term' 1st 4s_1950 A-0
Tex & NO Sab Div 1st g Os '12•S
Con gold 5s
1943 J-J
J -J
So Pac Bit 1st ref 48
Southern 1st consol g Os__ _ 19
09
54
5 J -J
Registered
1094 J-J
Develop & gen 45 Ser A.1956 A-0
Mob & 01110 coil tr g 48 1938
Mem Div 1st g 4 !4-5s__ _1l196 J-J
St Louis div 1st g 43_1951 J-J
J-J
Ala Cen R 1st g Os
Atl & Danv 1st g 4s
04
18 J -J
19
2d 4s
JAtl & Yad 1st g guar 46_1
948
9 A-0
194
Col & Grecnv 1st 65
J-J
E T Va & Ga Div g 58_1
910
5 J
193
Con 1st gold Os
1958 1M-N
E Ten reor lien g Os
1038 11-S
Ga Midland 1st 3s
1946 A-0
J-J
Ga Pac By 1st g 6s
Knox & Ohio 1st g 6s_1
922
25 J-J
19
Mob & 13Ir prior Hen g 5s_1945 J -J
1945 J-J
Mortgage gold 4s
Rich & Dan con g 6s___ _191 5 J-J
Deb 5s stamped
1927 A-0
Rich & Meek 1st g 4s
1948 itf-N
So Car & Ga 1st g 5s
1919 M-N
Virginia Mid ser C
_1916 in-S
Series D 4-5s
1921 in-S
Series E 5s
1926 M-S
Series F 5s
1931 M-S
M-N
General Os
Va & so'w't 1st gu 5s_2
903
36 J-J
10
1st cons 50-year 5s 1958 A-0
W 0 & W 1st cy gu 4s
1924 F-A
West N C 1st con g 68_1914 J-J
Spokane Internat 1st g 5s_ _1955 J-J
r A ot St L 1st g 4;0_1939 A-()
1st con gold Os_ _1894-1944 F-A
Gen refund s f g 4s
1053 J-J
M Bge Ter gu g 5s 1930 A-0
2000 J-D
TOX & Pao 1st gold 5s
q2000 Mch
2d gold Inc 5s
1031 J -J
• La lily E L 1st g 5s
W Min W & N W 1st gu 5s_'30 F-A
1935 J-J
Tol & 0 C 1st g 5s
Western Div 1st g .5s_ _1935 A-0
1935 J -D
General gold 5s
1990 A-0
Kan &M 1st gu g 4s
1927 J-J
2d 20-year 5s
J-J
Tol P & W 1st gold 4s
1925
917 J -J
As..1
Tol St L & W or lien g 3
1950 A-0
60-year gold 45
Coll tr 9s g Ser A
941 J -D
Tor Ham & Buff let g 43_1;1
19
Ulster & Del 1st con g 5s 1928 J -D
k.; 1st retund g 4s
1952 A-0
Union PacificRR & land grant gold 4s_1947 J-J
Registered
1947 J -J
20-year cony 4s
1927 J -J
1st & ref 48
g2008 M-S
Ore By & Nay con g 48_1946 J-D
Ore Short Line 1st g 6s...1922 F-A
let consol g 5s
19413 J-J
Guar refund 98
1929 J -D
1926 J -J
Utah & Nor gold 5s
1933 J-J
1st extended 43
St
L
615
New York Bond Record-Concluded-Page 4
Pries
Friday
March 1.
Week's
Range or
Last Bab
91
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low High
7 117 118
11714 11734 11758 11758
8018 59 80 8012,
80 Sale 80
79 Sep '10
97 _ _ 10014 Dec '09
1 -66.14 jad
9978
9978 Sale 9978
9212
9214 Sale 9214
9212 15 91
11 8034 82
82
$1 83 8112
8134 Sale 8134
8178 101 79 82
9712
10118 Apr '07
24 865 8734
87 Site 8658
87
99
_ 104 Oct '00
_
-8
.8- 8734 Dec '11
11 -if34 90
if:it 8812 8734
88
- b 7938 8414
'fit;Sale -747153 -7977-8
_ 8238 82
8238 /2 81 83
8912 9018 90 Feb '12 -._ 88 90
9238 98 9134 Apr '11
10112 ____ 103 May'll
103
10612
16.534
10612 10714 10
105
065
1i i
l g6
55
34
8
05
65
38
4 Jan
10'12
10534
106
10618 Feb '12 -. 10618 10618
13
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 1.
jandalla cons g 4s Ser A..1955 F-A
v
Consol 45 Series B__1957 M- N
Vera Cruz & P 1st gu 4 503_1934 J-J
(7abash 1st gold 5s
1939 51-N
V
2d gold 5s
F-A
Debenture Series B
939 J- J
193
1st !len equip s fd g Os_ _ _1921 m- S
1st lien 50-yr g term 48_1954 J-J
1st ref and eat g 45
1956 J-J
Det & Ch Ext 1st g 5s__ _1941 J -J
Des Moin Div 1st g
939 J-J
Om Div 1st g 3 3is
A-0
Tol & Ch Div 1st g 4s._1931 M-S
Wab Pitts Term 1st g 48_ _.1954 J-D
Cent & Old Col Tr Co certfs_ _
Columbia Tr Co ctfs
Col Tr ctfs for Cent Tr ars_
2d gold 4s
1954
Trust Co certfe
Wash Term' 1st gu 3 34s___1945 F-A
1st 40-yr guar 4s
F-A
West Maryland 1st g 4s__ _1
945 A-0
1952
West NY & Pa 1st g 5s
1937 J -J
Gen gold 4s
1943 A-0
Income Os
Nov
Wheeling & L E 1st g 5s___9
46
3 A-0
5192
Wheel Div 1st gold Os.._ 1928 J-J
Eaten & Imp gold Os____1930 F-A
RR 1st consol 45
1949 1M- S
20-year equip s f 5s
1922 J-J
Winston-Salem S B 1st 48 1960 J-J
Wis Cent 50-yr 1st gen 4s 1949 J- J
1st & refunding 4s
A-0
Milw
L Winnebago 68_195
2 J-J
1919
Sup&Dul dIv & term 1st 46'36 191-N
v
Price
Friday
March 1.
Week's
Range or
Last Sate
High No.
id
Ask Low
94 965g 97 Oct '11
97 Jan '12
9538
9134 __9934 93 Nov'11 _
4
10712
107 10712 107
9834 10
98 09 9812
____ 105 98 Apr '11 ____
9912 Feb '12
99 _
70 85 83 Dec '10 _--5612 Sale 5638
5758 83
106
106 Jan '12
79 ____ 8112May'11
7018
3
7018 Sale 70
80 ___ 7934 Feb '12 -3812Feb '12
3834 16
38 Sale 3734
38
38
2
- 2l3Dec . i
ifs 238 238 Feb '12 -87 8.812 8738 Oct '11 -9718
_ 89 Dec '11 ---8818 27
8778 Sale 8778
4
10758_ 10734 10734
8712 8.8 88l Jan '12 ..-34 Feb '07 ---10434 1051 105 Feb '12
10212104 10218 Noy'll
103 102 J'ne'10 --7
84
3458 Sale 8458
9813,,_ 9812 Feb 'I i -9214 921 9214
921
20
93 Sale 93
9314 3
92 9214 92
9214 20 9134 9212
91
9112 Nov'11
140 9534 97
96
_„9578 Sale 9534
999s 9634 9658
9678 39 9612 97
9512 963, 97 Feb '10
-6692 -911;
9078 9134 9112 Feb '12
9278 9278Feb '12 ____ 9278 9278
5 107 107
108 107
107
__ 10434 Feb '12 _ 10434 10434
10410412 ____
041:
41
10418 Jan '12
92
.
104
04184 10
14 Feb-'19
10412
10414 Feb '12
110
110 110
110 Feb '12
Manufacturing and Industrial
- - 11018 10712 Sep '11
4 Allis-Chalmers 1st Os
9514 Jan '12
59
63
4 -9115834 591 5758
-9511936 J-J
6E14
Am Ag Chem 1st c 5s
11412 118 11914 Meh'10
1928 A-0 10258 Sale 10212 10234 27
1071-2 137-12 Am Cot 011 ext 4 jis
9818 985 9812 Feb '1' - -10712 10734 1071k Feb '12
11234 -- 11212 Sep '11
in
Debenture Os
15
951
95 95
Am Hide & L lst s fg 6s
11014
-NF
S 9912Sale 9914
13
991
19151
99311) 111 Mch'll
1
Amer Ice Secur deb g 6s1925 A-0 77 80 78
79
Am Smelt Securities s 1 (3s 1926 F-A 10312 Sale 10312 10358 46
- 1145-8 112 Felirti7
Am Spirits Mfg 1st g 6s
id
1915 M-S -1011 101 Feb '12
102 J'ly 'II
j
-,545
71g 1001 Am Thread 1st col tr 4s
_ 9234 Feo '12
._
1919 3-J
10018
10018
Am Tobacco 40-yr g 6s
46
120
1944 A-0 12058 Sale 12038
11412 Dec '04
-_
11073
Registered
12038
121,, 2
1944 A:0
116 May'07
3
Certificates of deposit
9112
12I
12053 §iiie 12014
90 J'ly '09
02
Gold 4s
951 110
91
oil, 91
9512 Sale 9538
9114 14 1)1
Registered
10034 10078 10034 10034 5 10034 10034
95 Feb '1
9538
Certificates of deposit 1199 5511 F-A 9558 Sale 9533
- 105 10158 May'll
P Lorillard Co 7s tem'pry bds_
122 Sale 12178 12218 35
9514 -191 9-17g 953
9513 Sale 95
5s temporary bonds
9618 173
10818 Sale 108
9578 Sale 0512
10818 65 10712 10838
Ligg & Myers Tob Co7s tpy bds
121 Sale 12034
12118 116
105 Sep '11
5s temporary bonds
9478 Sale 9453
65
95
1938 216
79'8 Sale 7918
8914 15
3
8714
8714 Am WrItg Paper 1st s f 5s.,1919 JJ 891s Sale 89
13114 Sale 8714
Baldw Loco Works 1st Os_.1940 MN 10358 104 104 Feb '12
10814 111
109 112 111 Feb '12
Beth Steel 1st ext s I 5s_ ___1926 J-J
94 9412 94
10 8858 00
9018 __ 90
'9414 18
90
Cent Leather 20-year g 5s__1925 A-0 9414 Sale 9312
9414 187
10758 _
10778 Noy'10
Consol
9538
9512 249
Tobacco
g
4s
953
'1
11
Nov
8
012
8714 8978 92
Registered
8214 823, 814
1951 FF_ 57 Nov'07
24 10 8214 8214
Corn Prod Ref s f g 5s
m-N 9518 jt2 9013 Feb '12
1931 hi-N
84 87
1st 5-year s f 5s
2
0512 97 96
98
10534- 1053-4 Dec'
- -1
Cuban-Amer Sugar coil tr 8811918
1
9714
934 A-0 97 _ _ _
9714
108 108 Sale 108
Distil Sec Cor cony 1st g 58_1927 A-0 7418 Sale. 7338
7414 42
11078 11114 11034 Feb '12
E I du Pont Powder 4;is....1936 JD 89 Sale 8534
82
90
10534- 108 Jan '12
Gen Electric deb g 3;is_ _1942 le-A 80
5
_ 8218
8218
65 61 67 Dec '11
10-yr g deb 5s
11212 _
159 Feb '12
11215 Jan '12
Gen't Motors 1st lien 65_ _ _ _ 19
991
40
911 j
A-1
-0
) 9912 Ktie 99
11312 116 115 Jan '12
Ill Steel non-cony deb 5s__ _1913 A-0 ____ 10034 101 J'ne'09
10418 _
_ 10512 Nov'10
Ingersoll-Rand 1st g Os_ _q1935 J-J
95 J'ne'07
7678 _ _ 78 Dec '11
lot Paper Co 1st con g 68_1918 F-A 104 10434 10418
4
10418
10458 10514 10458 Feb '12
Consol cony s f g 5s
-S
J
88 9034 91 Feb '12
104 Sale 104
55
J11
192
939
104
9312 33
Int St Pump 1st s f 5s
7214 _
93 Sale 93
71 Mch'll
2
Lackaw Steel 1st g Os
NI.
10378 155- 10358 Nov'11
A5-O
s
O 96 961 9612
1923 5
1
1st con 5s Series A
105
1950
112 Oct '05
7834
-,,-- 7834 7834
5-year convertible 5s_ __ _1915 M-S 9112 Sale 9112
9178 10
10358 __10414 J'ne'11
Nat Enam & Stpg 1st 5s__ _1929 J-D 93 9378 9358 Jan '12
10058 1()
7
106 Mch'll
ii
N Y Air Brake 1st cony 5s_ _1928 ,51-N 98 9834 98
991
10658
105 rne'10
10
Hy Steel Spgs lst s f 53_ _ _ _1921 J-J 9712 9814 98
98
10838 _ _ 10814
10814
Repub I & S lsteceol tr 5s_ _1934 A-0 1O358. _ 10278 Aug'11
10758
_ 10812,1'1y '11
10-30-year 5s s f
9112
1940 A-0 9014 911 9112
9712 Feb '12
Standard Milling 1st 5s_ _ 1930 SI-N
90 __ 96 Noy'll
8778 88 Feb '12
The Texas Co cony deb 68.1931 J -J
10312
3
973g
_- 98 9734
98
10314
10314
Union Bag & Paper 1st 5s_ _1930 J-3 _ _ 94 94 Feb '12
101
10212 Apr '11
Stamped
i-i
_ 941, Feb '12
1930
10478
10578 Noy'll
112 11-2
.12 11214 Feb '12
11214 12214 17 S Leath Co s deb g f3s__ _1913 11-N 10112 foi 10158 Feb '12
89 Sale 89
US Realty & I cony deb g 5s_'24 J-J
9512 _
89
9534
0412 06
9.534
1931 J-J
U S Red & Refg 1st g 68
ao
70 Apr '11
100
_
10812 Feb '11
11014 Sale 11018
42
11014 17 19612 11612 U S Rubber 10-yr coil tr 681918 J-D idi sale 10478 105
10333 Jan '1
40 59 70 Mch'1u
Registered
1918 J-D
235
(IS Steel Corp-Icoup _ _ .d1963 M-N Ric Ksie 10278
100 __ _ 9912 Apr 'I 1
103
1
10234
S I 10-60-yr 5s(reg ..__.d1963 34-N
_ 10234
10612 Nov'04
34
16614 10273-4
Va-Car Chem 1st 15-yr 15s_ _1923 J-D 16012'Safe 10012 1003
foil;
10891 10012 112
West Electric 1st Os Dec 1922 J-J 10234 103 10278
1031s 21
418 S
ja
en
p :0
19
2
28
103 104 103
947
Westinghouse E &Ms f 551931 J -J
9412 9434 9412
103 •
id:i" 104
9114 92 92 Feb '12 _-__ 92 0212
10-year coil tr notes 55.1917 A-0 0612 97 9612Feb '1
9838 9014 9878 Feb '12 __ 9814 9918
9418 95'9, 9418
I 9314 9418
0418
Telegraph & Telephone
9118 75
85 87
8712 8712 Am Telep & Tel coil tr 48_1929 J-J
8712Jan '12
9118 Sale 91
Convertible 48
11414 336
.6 0514 6958
6512
6514 651: 6514
1936 hi- S 11418 Sale 11114
Chicago Telephone 1st as. 1923 J-1)
_
75 75 Noy'll
8934 _ _ 8934
-841-2 5:112 Commercial Cable 1st g 4s_2397 Q-J
8234
81 ____ $3 Nov11
Registered
2307 Q-J
80
10578 106
8312 Nov'll
10578
106 Feb '12
8512
82 -8314
- 82 Feb '12
8512Dec '11
- Keystone Telephone 1st 53_1935 J -J
Nfetropol Tel 63 Tel 1st si 55 1918 M-N 10212 10312 103 Feb '12
1924 F- A 100 10012 10014 Feb
Mich State Telep 1st 5s..
10098 Sale 10012 10034 56 10034101
_ 10314 May'11
9912... _ 10014 Feb '12
0978 10178 N Y &NJ Telephone Os g_1920 M-N 10?
10034 giie 10033
10034 36
1021$ Sale 10178
10218 39 10112 10353 N Y Telep 1st & gen s(4 ).is 1939
1937 J -3 9974 100 9978
89
100
9734 Sale 9758
9778 68 97 9778 Paz Tel & Tel 1st Os
10312
_1938
1
_
10312
10312
cur
5s__
col
tr
J
-J
Union
West
9634 957t 9534
9618
9538
24
96
10038 68
led and real est g 4 84s__..1950 M-N 9914 100 9934
11318 113.34
11314 1131 11358 Feb '12
193 M-N 10478 ____ 105 Feb '12
11114 sak 11114
Cony 4s, series A
11114 10 111 112
1936
103 Feb '11
Registered
9514 Sale 9514
9534 53 9378 9534
.1941 m-N 10138
104 Jrne'11
10518
Mut Un Tel gu ext
108 May'll
935 ___ 103 J ly 04
92 ____
5s_g _1934 J -J
Northwest Te' gu 4 3.7
_
'
--63-4
7814 71(33
8512
-
Range sl
i
Since
Jan. 1.
Low
High
97
"if"
10412 10758
9696 9834
9913 991
5513 5858
106 107
881
7234
38
3712
3734
7018
90
39.1
4214
4112
2
258
8758 8814
10734 10734
8812 8812
105
105- .
Wes
__
84
-9212 9212
9212 9338
9158 9214
52 59 ;
10134 10284 '
98 9812
95 9512
99 100
7212 79 .1
10212 104
101 101
9258 9314
11878 12112
11878 12138
11878 1211_2
9178 957s ,
0214 9558
9178 96
11938 12334 !
9118 9653
11834 123
8934 96
8814 8963
10312 104
9312 9513'
9134 96
9554
9134
_
.9534 961g
94 9614 1
9614 9713 1
715g 7814
8478 90
82 82*,
15312 159 1
9812 9912 1
8413 9114
92 9312
9612 97
7834 8212
9138 9234
9334 9334
98 100
9734 9814
-if 9358
88 8834
9412 99
94 9412
9412 9412
10112 102
8712 90
10334 105
10134 10411
10158 104
100 101
10218 10318
93 95
9612 9712
90 9118
10834 11414
------_
82 -82-103 103
100 101
1001 1007$
9878 10018
101 10812
9714 10013
10458 108'
MISCELLANEOUS BONDS-Concluded.
Coal & Iron
Buff & Susq Iron s f 5s____1932 J -D
a1926•S
Debenture 5s
Col F &I Co gen s I ft 5s___1943 F-A
1919 M-N
Col Fuel gen Os
Col Indus 1st & coil 5s gu_1934 F-A
Cons Ind Coal Me 1st 58_1935 J -D
Cons Coal of Md 1st & ref 55 1950 J-D
Or Riv Coal & C 1st g Os_ _h1919 A-0
Kan & H C & C 1st s f g 5s1951 J-J
Pocah Con Collier 1st s I 5s_1957 J-J
1955 J-J
St L Rock Mt & P lot 5s
1951 J- J
Tenn Coal gun Os
Blrm Div 1st consol 6s 1917 J-J
a1917 A-0
Tenn Div 1st g 6s
• Cab C M Co 1st gu g 6s....1922 J-D
1931 M-S
Utah Fuel 1st g Os
1953 J-J
Victor Fuel 1st s f 58
Vs Iron Coal & Coke 1st g 5[11949 M-S
90
,
Miscellaneous
1948 M-S
___. ___. Adams Ex coil tr g 4s
Armour & Co 1st real est 4;is'39 J-D
1952 A-0
lad' 1a0-38 Bush Terminal 1st 4s
1955 J-J
Consol 5s
10734 10734
Chino Copper 1st cony Os_ _1921 J-J
7212 77
1919
Comstock Tunnel Inc 4s
---- ---- Irrigation Wks 5c D of A 4;is'43
..- -_-_.-. -_-__-.: Int Mercan Marine 4 s_.. _1922 A-0
1929 F-A
Int Navigation 1st s 1 5s
1966 A-0
2 -8:8?-4 N1ge Bond (N Y) ser 2-4s
-"
.111Morris & Co 1st s f 4 Vis_ _ _1939 J-J
_
10218 i031-2 N Y Dock 50-yr 1st g 4s__ _1951
1932 J -J
Niag Falls Pow 1st 58
104 104
Refunding ec gen U.__ _a1932 A-0
103 103
TranSMISSIOn
5:3_1945
M-N
Ontario
__.
--.
Pub Serv Corp N J gen 5s 1959 A-0
1930 J-J
86 8714 May'll ----------- St Jos Stk Yds g 43-is
9912 971. -9712
1 9612 9812 Wash Water Pow 1st 5s
1939 J-J
____ 97 Feb '11 .....
__._
91 Nov'll
idii :::: 100
3
100
10734 _
1073.1 Jan '12 ____
73 Sale 7212
7312 42
84 85 J'ne'11
04 Dec '11 ----i3i- Rif 10258 Apr '05 ---98 101
99 Oct '11 ---8812 Sale 8814
8834 14
78 8014 841. J'ne'll ___.
10312 10378 10312 Feb '12 ......
10414 105 104 Feb '12
_
104 106 103 Jan '12___
110 110 Jan '09 ......
96
8818
3 86 8818
92
218
92
4
15
0 9
9158 9
91
98
3 98 99
92'
212
0
12134 11 116 126
81 98
19
18
6 12
9
13
618 J
N
'
o
ne
v:11 :::: __ __
-ii- -9
.3-11
66 6714 6718
4 "67l;
6714 38 -66380 Sale 7934
80
4 7934 80
89 Apr '11 ____ _-__ __._
Febeoby:1
12
1 __ _
NF
89
4;2
2 9
- -.
.189
712 9
84
112
10012 ____ 102 Apr '11 ------------____
-"
4 -07g9234 Sale 03s'ir7 - ll.i
jai_ 10012Sep '05 ---------i 6
.
78 ai
.
1027
10278
10278
8814
8778 Sale 8778
92 Sale 9178
91
91
!No price Friday; latest bid and asked aDue Jan dDue April •Due May oDue June hDue July kDue Aug oDue Oct pDue Nov riDue Dec sOption sale
CX EXCHANGE-StOCk Record-Daily, Weekly and Yearly
CHICAGO STO
STOCKS-HIGHEST AND LOWEST SALE PRICES,
Saturday
Feb 24
Monday
Feb 26
Tuesday
Feb. 27
Wednesday
Feb 28
190 *170 190
170
*.._
*____ 2*___
3612 *34
*34
3-6
*34
93 *92
94
93
*92
*98 100
*98 100
*95
3412 3412 *3412 35
3412
*9
*912 1012 *912 1012
*5
534 *5
534
*5
*170
1134 1134 *1134 12
9214 9214 9218 9213
*335
_ *335
_
*130 1-3-3 *131 1-3-3
• 5014 5014 *48
4912
*102 104 *100 103
*141 142 *14112 19213
*4312 4412 *4312 4412
86-
"I"i6- 13-6-7g *48
50 *48
*1
118 *1
*6
*6
8
*4512 46 *45
-8-61-2
50
118
8
40
*iiii- fiii" *iio ill143
144
143
14312
iia- fili" iio' illi10158 10158 10114 10112
59
6918 6914 60
;ii- .-5-6- ;ii" "iii
38
38 -- 38
90
90 e____ 90
*145 147 *146 14712
*12612 128 *12612 12812
*100 105 *100 103
*115 11614 *115 11614
106 106
106 100
15012 15412
15058 151
*123 124
12312 12312
10238 10212 10212 10213
238 238
*230 240
10912 110 *109 110
*1
114
*34 114
5934 5978 5914 5958
13
*1312 15
13
Z1912
EXCHANGE CLOSED-ALDERMANTC PRIMARY ELECTION
;NC!! .-21-- ,
;1511 -21*50
52
*50
5112
*634 712
712 712
*35
37
*35
3714
*50
8
*36
Thursday
Feb 29
Friday
March 1
190
Last Sale 190 Apr'll
1
Last Sale Is Jan'12
2
Last Sale 1
Jan'12
36
Last Sole 3512 Feb'12
94
94
*92
94
*92
100
Last Sale 93 Feb'12
3412
35
35
-*9- 1-0-- 912
10
912
Last Sale 514 Feb'12
534
Dee'll
Last Sale 33
_
Jan'12
Last Sale 20
if
Last Sale 5012 Feb'12
5114
8
_ _ ____ ,
-- --3713 -Last Sale 35 Feb'12
Sates
of the
1Veek
Shares
Railroads
100
Chicago City Ity
Chicago & Oak Park_100
100
Do pref
Chic Eley itys coin
40 Do pref
Chic Rys part ctf "1"
47 Chic Rys part ctt "2"
100 Chic Rys part ctf "3"
Chic Rys part ctf "4"iiio
Chicago Subway
Hans City By do Lt_100
Do pref
100
30 Streets W Stable L_100
Do pref
C100
• •
Miscellaneous
200 American Can
*1112 12
100
*1113 12
1134 1134
9134 9218
92
Do pref
540
92
100
9158 92
Last Sale 325 Feb'12
American Radiator_ 100
*335
_ _
Last Sale 130 Feb'12
Do pref
*130 1-33100
5014
2 Amer Shipbuilding__ .100
5014 *49
5014 *49
*49
Last Sale 102 Feb'12
Do prer
*100 103
100
14458 14458
*143 144
o0 Amer Telep do Tele
,
4312 -------__ ____
*4312 4412 43
175 Booth Fisheries coin_
4313 431
25
Voting trust ctt
86
86 ----------------141
Do pref
*48
50
-Last Sale 50 Feb'12
Cal ec Chic Canal & D_100
118
Last Sale 118 Oct'll
*1
Chic Brew'g dc Malt'g.
*6
8
Last Sale 612 Noy'll
Do pref
*4512 46
46
46
46
46
135 Chic Pneumatic Tool_100
_
Last Sale 13712 Jan'12
Chicago Telephone__100
192 1-9-2_.
17 Chic Title ec Trust__100
14312 149
14312 143-5g 14358 1-41372Commonw'th-Edison _100
1014 1014 ---- ---20 Corn Prod Ref Co com_
pref.
__
Jan'll
Do
do
Last Sale 78
no no ___ _ _ 10734 10734
100
120 Diamond Match
198 Hart Snaftner do Marx pt_
*10118 10114 1011-8 16138 10112 10112
100
*5912 60
60
60
321 Illinois Brick
6018 6012
internat Harvester Co Last Sale 10578 Feb'12
*47
50 Last Sale 50 Aug'11
Masonic Temple.
*37
38 *37
38 *37
38
40 McCrum-Howell Co_100
*89
90
*89
90
*89
90
Do pret
63
*146 148
Last Salt 149 Feb'12
National Biscuit
100
*12612 129
Last Sale 128 Feb'12 ..._....._
Do pref
100
*100 105
Last Sale 105 Feb'12
Nat'onal Carbon
100
*115 11614
Last Sale 116 Feb'12
Do pre
100
106 100
100 10614 106 10614
300 People's Gas L&Coke_100
15312 15138
1 1577
1593
49 Sears-Roebuck com 100
123 12314 ---------------pret
100
70
Do
-- -- -10212 103
i(3278 1b3
914 Swift & Co
100
10278 16318
*235 238 *235 238 *235 238
10 The Quaker Oats Co 100
109 110
100
Do pref
75
1
114 -118
- --1-18- --i- --118
984 Unit Box Bd do P Co_100
5978 6114 6078 6112 6012 6114 1.300 United States Steel cons_
*13
15
*13
15 *13
6 Western Stone
15
100
Inter63/
Period
Price
Friday
March 1
Week's
Range or
Last Sate
Range ior Year 1912.
Range /or P:xvious
Year 1911.
L.nvest.
Lowest.
Highest
18 Jan 29
4 Jan 29
1 Jan 29
1 Jan 29
33 Jan 4 38 Jan 22
91 Jan 5 9334 Jan 20
93 Feb 20 10438 Jan 13
3412 Feb 17 38 Jan 9
912 Mch 1 41 Jan 12
678 Jan 13
514 Jan 9
Jan 17
Jan 4
Jan 4
Jan 30
2013 Jan 4
5012 Jan 19
8 Feb 28
38 Jan 2
1112 Jan 2
91 Feb 1
325 Feb 1
131 Jan 15
4812 Jan 5
100 Feb 6
139 Jan 11
43 Feb 29
4313 Feb 28
84 Jan 18
49 Feb 0
1278 Jan 23
95 Jan 2
325 Feb 1
133 Feb 6
5014 Jan 16
10418 Jan 18
14458 Feb 29
48 Jan 17
60 Jan 9
88 Jan 9
60 Feb 15
20
50
7
35
46 Feb 21 5012 Jan 26
13712 Jan 4 13712 Jan 4
184 Jan 4 19814 Jan 9
13514 Jan 4 144 Feb 28
10 Feb 13 1118 Jan 22
106 Jan '2 11134 Feb 5
10012 Jan 25 10134 Jan 31
56 Jan 9 6012 Mch 1
106 Feb 14 10778 Jan 15
35 Feb 2
8913 Feb 13
14312 Jan 15
126 Jan 15
107 Jan 24
115 Feb 16
10312 Jan 2
140 Jan 5
12112 Jan 11
9834 Jan 2
215 Jan 15
10512 Jan 2
1 Feb 20
5858 Feb 13
10 Jan 17
4012 Jan 4
92 Jan 6
150 Jan 30
128 Feb b
112 Jan 3
120 Jan 2
107 Feb 2
15934 Mch 1
12414 Feb 8
10318 Mch 1
238 Feb 26
110 Jan 15
178 Jan 18
653.Jan 3
1478 Feb 7
Higne3t.
185 Jan 190 Apr
11, J'ne
112 J'ne
6 Mch
3 J'ne
32 Dec
21 J'ly
94 Nov
85 Jny
80 Apr 101 Aug
2034 May 3778 Dec
8 May
1213 Aug
412 Mch
713 Aug
6 Mch
14 Nov
15 Sep
25 Feb
39 Sep
720, Feb
7 Dec
131,1 Feb
38 Nov
50 Jan
9 Jan
7678 Jan
165 Jan
12612 Mel)
48 Nov
10612 Sep
13158 Aug
35 Apr
38 J'ne
60 Sep
4912 Apr
1 J'ly
312 Mch
3912 Sep
115 Jan
15112 Jan
113 Jan
934 Oct
78 Jan
9212 Feb
100 Sep
4978 Sep
9914 Sep
47 Jan
3812 Nov
90 Oct
11714 Jan
123 Jan
100 Aug
117 Sep
101 Sep
12334 Sep
116 Sep
9734 Sep
165 Mch
10212 Feb
I Dec
5013 Oct
13 Dec
B'cls
Sold
Range
lor
Year 1912
Bid
Ask Gow
high No. Low
High
Amer Stra wb'd 1st 63_1911 F - A
10013 Jan'11
Armour & Co 4 Ms-1939 J -D 1 92 Sale
9178
92
"tig; 92
Booth Fish Co DebG 53'17 J - J
---- 100 11ch'll
1924 J
J
• Deb g 5s
100 Mcn'll
---• Sink Fd Deb 6s tr roe __ A 9812 Apr'll
Calumet & South Chicago
1927 F - A 19838
By 1st 55
9914 July'll
J
Cass Av & le (.1 (St L) Is '12 J
10114 Oct'09
_
Ohio Board of Trade 431927 J
97
98(2
100 May'07
987I
Chicago City Ity 5s
1927
- A 110278 Sale 10278
103
10212.103
J
Chic Consol Br & Mlt 63___ J
Apr'04
103
_
Chic Consol Trao 4 Ms 1930 J -I)
Apr'09
50
Chic Auditorium 1st5s1920 F - A
9834 Jan'06
J -508 gife 98,8
Chicago Eley fly 5s 1914 J
9858 -4 674 9'J
Ohio Jc lt it 1st Mg 55_1945 A 9412 Dec'09
Feb'06
Chic No Shore Mee 63.1912 A - 0
87
Vic 95 Feb'12
92
95
Chic Poe root 1st 5s-a1021 J - J 192
1027
Chic By Is
- A 10078 Sale 10034
101
b7 9978 101
ChM Rys 5s _series "A" A 9634 Sale
2 96
9678
9634
9834
9(138 Jan'12
Chic By 4s__serles "A" A 9614 9738
Chic itys 4s_serles "B" J - 1) 1-5618 giJ 9078
91
iE 9058 9158
Chic ttys 4s _series "C" F - A
94
95
94
Feb'12
9334 9412
-A
Chic itys coil 63_1917
Jan'12
100
100 100
Chic Rys Fund 6s-1013 F -A
Jan 11
103
Chic Itys 'fern Ctfs 1st Is
100 Dec'll
Chic By Pr m g 4s_c'27
82
8278 8214 Feb'12
7/34 85
Chic RyAdJ Inc 4s c1927 May) t 551S 5978 5958 Feb'12
48
60
Chic 1 1 2 1 itit 43_200 sl 6612 Aug'08
Collat trust g 53_11)13 A 6612 Jul y'08
Chic Tclenlione Is____1923
ti5ir2 103
103
Feb'12
for103
Chi City& ConRys 5.,d1927 A -0 9138 Sale
9114
9158 60 9114 9158
Cominua%v- u.,113011 63_1943
10312 Sale 10338
10358 29 103 10358
Chic Edison den 6s-1913 .1 - J
10078 Nov•10
1st g 5s___July 1926 A - 0
100
Feb•11
Debenture 5s___1920 A 10058 Aug'09
Commonw Elect 5301947
10212 f(178
IN% 1-63-- 10278 Feb'12
Cudahy Pack istM59_1924 M -N 1100 10014 10018 Feb'12
9978 10018
Din Match Con du 61_1020
110 Sale 110
110
107 11018
13
Illinois 'runnel 5s____1925
-13
80
Dec'08
Kan City By ec Light
Co Is
1917
N
91
94
9734 May'll
,KnIcieb'ker Ice 1st 53.192s A - ()
100 May'll
1928 J
Lake St El-lst 5s
J
Feb'12
88
-tig12
Income Is
192. Feb
16 May'03 13 _i8.1_3
lletr %V Side El 1st 45 1933
8512
8534
- A 1-isr2 gife 8612
Extension g 4s
1938 J - J
8234 12 82
8234
83
8234 Sale
Morris & Co. 4 54,,,,1919
8912 • 90(4
J t 8934 9018 9014 Feb'12
Nortn West El 1st 4.3._ 1311 St -S
100 July'l 1
-Northwestern Gas Light &
9978 Feb'12
Coke Co Is
1928 Q M
9934 997s
9534 Sale
Ogden Gos 5s
1943
953
-N
9534
9534 96
Pearsons-'raft Is
11)16
- 1) 9812
10033 bich'0,
---0612 Mch'10
4.40s
95
....
4.60s Series E
A- N
96
97
Feb1.0
4.803 Series
- iN
9814 Nov'll
9712
Peo Gas L 6: C 1st 6s..1943 A - 0 111758 1-1-ff - 11813 Jan'12
Hit; Nit;
10218
Refunding g 5s___1947
10218 Sale 10218
102 10214
Chic Gas L&C 1st 531937 J
J 1103 10318 10314 Feb'12 28 10314 10314
Jan'12
Consum Gas 1st 53_1936 J - 1) /10213 10313 103
10218 103
Mut'l Fuel Gas 1st5s1947 A - N 110078 10138 10112 Jan'12
10112 10112
South Side Elev 41s-1924 J
J t 9534 Sale
9534
9534
9534 9014
Swift & Co 1st g 53-1914 J - J 110012 Sale 10012 10012
10014 10034
Union El (Loop) 53_1045 A 1 89
Jan'12
89
88
89
83
United Box Board col 61'26
Apr'10
70
General rntge (3s
J - J
60 Mcif11
:WA 103
Western Elec Co 5s--_1922 J
faiii foil;
10212 Jan'12
Note.-Accr net' interest must beadded to all Chicago o ond
---- prices.
,
".
•
1212 May
93 Dec
304 0el;
133 Nov
79 Feb
113 May
15214 J'ne
5914 Mch
5734 Mch
8833 Dec
52 Feb
114 J'ne
7 Nov
5512 Feb
14114 Nov
180 Dec
13738 Jny
1538 J'ne
78 Jan
11034 Nov
10334 Dec
70 Jan
129 May
5018 Aug
67 Jan
98 Feb
14212 Dec
130 Mch
120 Mch
120 Mch
10858 Jan
19234 Jan
122 Mch
104 J'ne
212 Dec
10712 J'ly
7 Jan
8178 Feb
25 Jan
NAME
Outstandang
Stott
(5)
Surplus
and
Profits
(5)
Dividend Record
In Per- Last Paid.
1911 iod.
--- -American State
$203,000 23163,738 Org. A pit 3 1911 V.02, p.1004
An Jan '11, 6
6
Calumet National
100,000
6
y54,000
J-J Jan '12, 7
Chicago City
500,003 2299,239 10
10
Q-J Jan '12; 912
10
Conti'tal & Comm Nat_ 21,500,000 9,173,476
Jan '12; 4
16
16
Corn Exchange National 3,000,006,932,907
5
0:,
0
0:000
0ougla3 State
Beg. b usblay 31'1 V.92,p 1533
9
20(1
6
8
Drexel State
Q-J Jan '12, 112
65,034
Jan '12, 212
10
Drovers' Dep National 600,000
466,389 10
6
Englewood State
200,000
53,564
635 Q-3 Jan '12, 2
12 Q-M Dec30'11,3
First National
10,000,000 11,789,514 12
12 Q-M Dec30'11,412
150,000 y196,748 10
First Nat Englewood
Priv ate Ba ik
636,917
Foreman Bros ir leg Co _ 1,000,000
Q-3 Jan '12,2
8
Fort Dearborn National 2,000,000
8
637,830
(1)
(1)
Q-J
Ilibernian13'k'g Ass'n
1,500,000 1,335,692 8+2
J-J Dec30'11; 5
Kaspar State 13ank
132,123 10+15 10
400,000
V,92,p, 1001
us Apr
Lake View State
0:000
1.2
000
La Salle St National
) us. Ma y•l() V.90, p.1277
1.3eg.. lb
287,778 Be
10 Q-M 0ec31'11,212
10
Live Stock Exch'ge Nat 1,250,0(30
614,941
Q-J Jan '12, 2
8
8
Nat Bank of Republic
2,000,000 1,371,085
2,000.13130
Jan '12, 112 ,
National City
0
0
587,564
National Produce
6 (4-3 Jan '12, 112
250,000
4
97,958
200,000
7
6A
North Avenue State
72,250
Q-3 Jan '12, 134
50,000
North Side State Sargs
Q-3 Jan '12, 14
6
36,939
3
200:0
00
00
5
7
4
13
42
5:399
02
4
North West State
Q-J Jan '12, 112
People's Stk Yds State_
915 Q-J Jan '12, 212
Q-si Jan '12, 114
500,000
6
69,668
Prairie State
200,001)1, 145,097 Beg. b us.Nov 1 '11 V.93, p.1235
Second See arlty
0j
4)4
Q-3 Jan '12, 112
313
Security
2
400:00(010
Q-J Jan '12, 2
8
South Chicago Sayings_
7A
104,000
Q-3 Jan '12, 112
6
200,000
South Side State
6
15,345
Q-3 Jan '12,3
12
State Bank of Chicago_ 1,500,000 2,194,591 12
8 Q-51 Dee 30'11; 2
250,000
8
Stock Yards Savings
203,337
6 .51-18 Soy '11,3
6
500,00()
142,826
Union Bank of Chicago_
Q-J Jan '12, 112
6
y10,711
Washington Park Nat'l
100.000
Wendell State
19,678 None None 61-1.1 Dec31'08,112
50,000
1.4-3 Oco '11,2
8
3,500,000 1,524,579
xCentral Tr Co of 111
75
0
0
234,115
Q-3 Jan '12, 112
1,000,000
Chicago Say Bk & Tr
7M
8
1.1-J Jan '12, 2
Chicago Title do Trust
5,000,000 12,031,511
6
10
18,004
Q-3 Jan '12. 212
50,000
Citizens Trust & Sayings
490,855 8+2 8+2 (4-3 Jan '12; 212
Colonial Trust & Saving
600,000
Cent da Comm Tr & Say 3,000,000 1,222,180
8
835
159,583
Jon '12, 212
Droyers'Trust &Savings
200,000
10 (4-.M Dec30' 11,4 ,
First Trust do Savings _ 5,0
00
0 1,521,966 12
0:0
00
25
00
11,913 Beg, ii es.Apr 3' 11 V. 1)2, p, 929
Ft.Dearborn TrasSay Bk
235 Q-3 Jan '12, 212
91,486 -.
Greenbaum Sons Bk & Tr 1,500,000
234,628
J-J Jan '12, 3
Guarantee Trust & Say..
200,000
tieg.
12
Harris Trust & Savings., 1,3
50000
00:0
00 2,00321311+5
Q-J Jan '12.3
'1 1V.92.p.1004
us Apr
60,138
dome Bank do Trust
Feb 20'12, 4
Illinois Trust & Sayings 5,000,000 9,378,690 16+4 10+4
7
Q-J Dec30'11.134
75,440 7+134
200,001
Kenwood Trust 63 Savgs
Q-3 Jan '12, 112
59,287
53
200,000
Lake View TrustdoSavgs
15
Q-3 Jan '12, 4
Merchants' LoandoTr Co 3,000,000 (1,492,219 12
Q-3 Oct .11,11
0
6
rsietropolltaa Tr & Say
760.000
(x)
Michigan Ave Tr Co
59,982 Beg, b us. Oct 291 0V91,p.122I
200,000
r
10 11V92 p1004
us.
Ap
76,665 Corn, b
Mid-City Tr 63 Say Bk_
500,000
4./-3 Dec30'1112
8
8
Northern Trust Co
1,500,000 2,664,098
J-J Jan '12, 4
8
6
North-Western Tr&Say
117,744
250,000
250,:382 Beg. I us J'ne 111 V.92,p. 1531
200,000
Old Colony Tr do Say Bank
(1,1 1an '12, 2 ,
161,270
500,000
People's Tr & Say Bk__
8
Q-3 Jan '12, 2 •
Pullman Trust & Saygs _
30
200:0
000 2278,450 --ft32,502 Beg. b us. J'ly 120 3 V.89,p.141
Sheridan Tr & Say Bank
334,608 Comm enced bus. Sept 0 1910
Standard Tr do Savings_ 1,000,000
J-J Jan '12, 3 ;
246,358
535
200,000
Stockmen's Trust do Say
02 8+2 Q-51 Dec 30'11,2
1,200,000 1,428,025 58+
Union Trust Co
0
Q-3 Jan '12, 14
(r)
x Western Tr do Savings 1,250,000
0
8+2 (441 Dec30'11; 4
59,647
400,000
West Side Tr6:SayBank
OM Q-J Jan '12, 212
81,206
735
200,000
Woodlawn Tr&SayBanic
1910
14
*Bid and asked Prices: no sales were made on this day. 5 Feb.20(c ose of business) for national banks and Feb. 21(opening of business) for State nstitutlons. t NO
Sept. 1 1911. 11 Dividends not published. Stock all acquired by the Cont. et Comm. Nat. Bank. a Due Dec. 31. b Due June.
price Friday; latest price this week,
e Due Feb. dDueTan.I. k Also 20% In stock. q Dividends are paid Q-J, with extra payments Q-F. s A div, of 50% pald In 1911 on Security Bank stock, to provide
capital for the new Second Security Bank. V. 93, p 1235. t Dec. 30 1911. x Central Trust and Metropolitan Trust & Say. Bank consol.; V. 93, p. 1705, 1303. Central
5 1911, z Dee, 6 1911,
Trust also absorbed the Western Trust do Say. Bank In Dec. 1911. V. 93, D. 1760, 1705;
. _ _V. 94, p.
_ 323. _ y_ Dec.
.
Chicago Banks and Trust Companies
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending March 1.
STOCKS
CHICAGO STOCK
EXCHANGE
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad,
Stocks.
Week ending
March 1 1912.
Par value.
Shares.
Total
State
Bonds.
Bonds.
U. S.
Bonds.
8954,500
1,932,000
1,801,500
2,026,000
2,407,000
2,457,000
833,000
107,500
70,000
25,000
72,009
47,500
$10,009
6,500
5,000
15,000
13,000
1,745,911 8156,123,825 811,038,000
3355,000
S49.500
154,419:3 $12,149,300
211,558 18,936,700
16,358,709
173,722
424,073 37,374,800
355,039 32,412,225
425,926 38,892,100
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Week ending March 1.
Sales at
Neu) York Stock
Exchange.
1912.
1911.
Jan. 1 to March 1.
1911.
1912.
21,930,356
1,745,911
2,354,355
18,418,695
Stocks-No. shares..__
8156,123,825 8200,384,850 $1,531,472,925 $1,928,804,575
Par value
$281,100
815,200
$25,800
$71,300
Bank shares, par_
Bonds'.
S57,500
$49,500
3385,000
Government bonds__
32,100,000
355,000 $1 ,009,500
4,830,500
State bonds
140,888,500
11,638,000 12,758,500
162,904,000
RR. and misc. bonds_
Total bonds
812,042,500 313,768,000
_
3168,179,500
5173,046,000
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Philadelphia.
Boston.
Week ending
March 1 1912.
Unlisted
shares.
Listed
shares.
Bond
sales.
Listed
shares.
Bond
sales.
Unlisted
shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
10,266
27,077
19,619
30,839
31,41.5
31,76Z,
6,847
5,661
5,635
12,901
17,999
28,273
$26,000
156,000
55,000
76,500
75,000
53,600
5,199
12,073
8,792
11,006
9,220
10,830
1,905
989
3,229
6,953
4,318
7,429
$62,900
49,200
45,000
45,400
66,700
78,000
Total
151,579
77,456
S442,100
58,030
24,523
$347,200
Inactive and Unlisted Securities
All bond prices are now "and interest'. excedt where marked "L"
Street Railways
Bid
Ash
New York City
26
Bleeck St dr Ful Fy stk 101) 22
66
70
J-J
1st mtge 4s 1950
100 160 164
B'y & 7th Ave stk
0034 10012
J-J
2d mtge Is 1914
Con 55 131.-Sea Stock Exc list
B'way Surface 1st Is go 1924 10112 103
-- ..
Cent'! Crosstown stock.. 100
1st mtge (is 1922....._11-N / -8-5-- 91
10
18
Can Pk N & E Itly stock..100
Christopial & 10th St elk 100 120 140
001 & 0th Ave Is-See Stock Exe list
Dry Dock E 13 & BJ-D 100 10113
lot gold 55 1932
50
F-A / 40
Scrip 55 1914
Eighth Avenue stock_ _100 300 35,1
F-A / 90 10012
Scrip (is 1914
42d & Or St loy stock...100 280 310
420 St M & St N Ave_.100
2d income 0s 1915
J-J , -YiInter-Met-See Stock Exch ange 114-Lest Ay AG Pay F 53-See Stk Exe list
Metropol St lty-See Stk Exc list
Ninth Avenue stock......100 150 Ile
8
12
100
Second Avenue steck
F-A 1 45
48
Consol Is 1918
•Sixth Avenue stock-_100 113 125
65
75
Sou Boulev Is 1945_J-J
05
A-0 85
So Fer 1st Is 1019
Third Avenue RR-See Stk Exc list
80
Tarry W P & M Is 1928_ / 130
Y'kers St RR Is 1910 A-0 83
95
28th & 29th SW 55
/20
25
Twenty-third St stock_10)) 23)) L.50
Union lty 1st Is 1942_ F-A 10212 104
Westchester 1st Is '45 J-J
70
80
Brooklyn.
Atlan Avenue RRA-0 101 102
Con Is g 1931
B 13 ScW E 53 1933_ _ A-0 90 1,00
10 158 102
Brooklyn City Stock
Con 5s-See Stock Exch Lao list
Bklyn llgts 1st Is 1941 A-0 98 102
Bklyn Queens Co & Sub93 101
' is 1st g 53 '41 op 1916 _J -J
lot cou Is '41 op '16 SI-N
9512 9712
Bklyn Rap Trau-See Stec- Exe list
Coney Isl & Bklyn _-___ 10u
50
57
75
lot cons g 45 1948____J-J
82
J-3
Con g 93 1955
73
80
N bs 1939.__J-J
kirk
06 IOU
Kings Co El 45-Se0 Stock Exe list
Nassau Elea pret
IOU
.. .
Is 1944
A-0 1-61- iv.;
1st 45 1951-See Stock Exc .1st
N W'b'g & Flat 1st ex 4$s 90
94
Steinway 1st 6s 1922_ -J-J 103 105
Other Cities
Buffalo Street Itylst consol 55 11.131
P-A 105
Deb Os 1017
A-0 104
j Columbus (0) St Ity___100 75
80
Preferred
100 92
04
I Coltun By con Is 1932 J-J lot 101
Crosst'n 1st 53 1933 J-1) 100 102
1
•Conn ity Sc Ltg cons-100 'in --100 81 _
e Preferred
1st & ret 4$$s-See Stock Exc ils-t-Federal Light Sc Trac....100 39
40
Preferred
IOU x 79
81
Grand Rapids sty pref_100 82
85
1930..___
_J-J 10412 106
Louise St 53
, Lynn Sc 1303 1st 59 1924_J-D 10634 10612
100 35
e New On 1t75 & Lgt
3712
100 8014 -0 Preferred
Gen M 430 1935-See tk Ex list
Bost
KY
N Y Westch Sc
0918 0938
1st g 4129 19,16- - -J-J
Stk E t list
- ,Pub cry Corp otNJ-Set
Tr °Us 2% to 0% perpet 107 10712
00
North Jersey St sty.. 100 85
M-N
79
1st 45 1918
4
j Cons Tract of N 3-.10(1 7512 761'
.)-1) 10434 10514
1st 53 1933
1
103 10812
New'k Pas Re 54
......
i5E"
'Ter share. 1) bastS,
:_
'.. -______......,
_ .
A17
-THE CHRONICLE
31AB. 2 1912.]
Bid Ask
Street Railways
Pub Seri, Corp N J (ColoRapid Trait St Ity..__ 100 235 240
103
1st is 1921
J 0 Hob dr PatersonSt-N
7934
4s g 1949
70
100 130 133
So J Gas El &'Frac
9934
31-8 90
Go g 5.5 1953
No Bud Co sty Os 1914 J-J 102
A1,4..N
.3 103
Os 1928
100
Ext Is 1921
con
j
ik--D
O Ig 102
:
1:
P4111% nt 61391V2914 3014
Republio Ry & Llght.....109
71)
100 78
Preferred
3o Side El (Chic)-See Cl icago list
3yracuse R '1' Os 1946 __M-s 10214 103
Crent 1' & II Is 1913___J-1) 97
United Rys of St L1114 1158
Corn vol tr Ws
100
e Preferred
100 4234 4312
Gen 4s 1934-See Stock Exc list
Unit Rya San Fran-See Stk Exc ilot
Wash Ely & El Co
100 7278 7318
Preferred
100 9234 9314
45 1951
3-1) 8512 86
ai"
Gas Securities
New York
Cent Cu GM 5i 1027_
J-J 10212 10312
Con Gas (N Y)-See Stock Ex° list
c Mutual GA3
IOU 173 17/
Ne.v Amsterdam Gas1st consul 53 1018
J-J 1021 2 10312
N Y dr 13 It Gas 1st 55'44 J-J 10412 10512
Consol 55 1915
J-J 10112 103
N Y & Richmond Gas.
50
35
Nor Un 1st 5s 1927_.....51-N 10112 10,02
3 Standard Gas com
1(
0
)(0
) 63
C ereferrJ,1
05
1st Is 193))
M-N 10112
Oiler cities.
Ain Gas Sc Elea coin _____ 50 "86
88
Preferred
50 *4634 4714
Amer Eight & Tract____ 1(
10 295 303
Preferred _
107 10712
Amer Power Sc L. com_ 1
1.11)0 '7.312 75
Preferred
8012 8712
4,710
12
Bay State Gas
50
dingh'ton (N Y) Gas Wks
1st g bs 1938
07
100
A-0
Brooklyn Ca Gas-See Stk Exc list
3
4
Buffalo City Gas stock.._100
1st Is P.)17-See Stock Exc 1st
()Ries Service Co
90
100 88
Preferred
100 8214 8314
Con Gas of N J Is 1936 _J-J
90
Consumers' L II & PowIs 1038
J-1) 100
Denver Gas & Else
4
90
Gen g Is 1910 op___An 1°
Elizabeth (las Lt Co... 100 300
Essex & Hudson Gas_ .100 133 130
Gas & El Bergen Co.....,.100 8612 38
e Or Rap 1st 5s 1915
15-A 100 101
Hudson Co Gas
100 136 139
clot Is 1949
M-N 105 10518
Indiana Lighting Co.. _100 40
45
45 1953 op
F1t ,
7
26
1
Indianapolis Gas
20
1st g Is 1052
80
Jackson Gas Is g 1937_ A--0
° 73 100
e Laclede Gas-See StockE zch 11 st
e Preferred
100 • 9612 9712
Madison Gas Os 1926__ A-0 101 109
Newark Gas Os 11.144
Q-J 126 128
Newark Consol Gas
100 98 100
e Con g Is 1948
J-D 10538 10534
No Hudson L II Sc Pow
Is 1938
100
Pacific Gas Sc E, corn_ ,.100 59
5912
Preferred
92
00
Pat Sc Pas (las Sc Else....
9412 95
e Con g Is 1949
M -.*5 103 101
It Joieps Gas Os 1937-1-.1
90
01
StandardGas&Elec,(Del.)50 *2412 2512
Preferred
50 *x5212 5:312
0 Sells on Stook Exeriange;.1)3 not very active.
ad"
I
/lid
As/
Industrial and Miscel
e Diamond Match (o___100 10712 109
duPont(E 1) de Nem Po 100 HO 165
100 9034 95
e Preferred
J-1) 8518 90
e Gold 498s 1036
15
100 10
Empire Steel
3t, 4314
10t1 3:
Preferred
100 x13() 134
e,
Gep
ne
ref
raelrC
rehaemical
100 x107 110
Gold Hill Copper
772
20 *75s
Greene-Cananea
Guggenheim E'xplor'n_10U 180 188
e Hack/mock Water Co87
88
Ref g 4s '52 op 1012 __J-J
9
14
Hall Signal Co corn---101)
1
3
Havana Cobacco Co____ 101
12
0
109
Preferred
67
1st g 55 June 111)22 _J-1) , 62
Jet:ger-Jones-Jewell Milling
11-s 102 104
let 63 192:'
20
Elerr,ng-Hall-Mar new_100 10
Hoboken Land & loop
151 Is Nov 1930
M-N 103 105
1014 1034
flocking Val Pro:diets_ .1(10
50
62
J-J
1st g 5s 1061
Ferry Companies
13 & N Y 1st (is 1911___J-J
9
13
0 10
20
0
Houston 011 corn etrs _100 10 _1014
.
N Y & E It Ferry stk__ _IOU
6312
63
Pref ctfs _____.._
IOU
1st 55 1922
45
e Ien Lperre
sfoellr-iletaand com _ -.100 100
N Y Sc Hob Is Slay '46_J-D
99 ........_ ..:-__
106 07
-,ilob Fy 1st 5s 1916._M-N
Inspiration Consol Cop- 20 * 1919 -1934
N Y &NJ 5s 1910
........_ Intercontinental Rubber 1011
14
15
J-J
10th Sc 230 Sts Ferry...,_ 100 25
3a
91
Internat'l liankin; Co.. 100 88
1st intge 59 1919____J-1)
2
63
5
prrenfa
1(111 200 265
Inte
etriroen
dal Nickel
; Union Ferry stock
20712
100 5
_ 100 10112 103
e 1st 5s 1920
10012
M-N '3012 3812
1st g 5s 1932
A-0 9912
International Salt
Short-Term Notes
1st g 5s 1951
Anal Cop 55 1913
4°
5
2 14
0 f 8
00
4
812
A-0 10034 101
International Silver
A1(4)010
Bait & Ohio 4 985 1913_3-13 1003g 01038
_- -.
Preferred
detineh Steel 6s 1914 SI-N 10114 to158
1st 6s 1048
112
0012
093
4
Ches & Ohio 4129 1914-1-1)
internat Smelt Sc Itefg_31
11 111'0
5 125
1-0
01)
0 1
Ohio Sc Alton Is 1913_111-91 9912 9034 Jones Sc Laughlin Steel Co
0812 08,8
lots i g Is 1939
Chic Elev Rys 53 1914._J-J
Al-N 101 10112
Kayser (Jai I us) Sc Co _103 05 _ _
Cla Hain Sc D 95 1913___J-1
9934 100
Erle Os Apr 3 1914
1st preferred
4
_A-0 10114 10112
100 101 104-3Col 55 1914
A-0 100 10014 e Lackawanna Steel_ 100 23
30
99
9914
eGeneral Motors 63'15 A&O
c 1st con Is 1950
M-S
7834
e Deb Is 1915
6
5
; 9134
,liulson Companies
.91-8 -99934 100
(is Feb 1 1913
(Austen Monotype
100 9114 9134
P-A
Lawyers' Mtge Co
100 265 272
6s Oct 15 1)13_ A&015 9034 010
98
9834 Leh Sc Wilkes-B Coal__50 300
Int ScGtNo5s 1914_
Internat Harvester 5s_1915 10078 10118 Madison Sq Garden... .._100 52
t
2(1 *Pic -.,
LC 0 Sty Sc Lt 6s 191.2 M-S 96,4 9714 Manhattan Transit
1
115
96
e May Dept Stores-See Stk Exca list
Minn Sc St I. g Is 1913_F-A
9978 10018 e Miami Copper-Se, Stock 0:sell list
NI° Kan Sc 'fez Is 1913 M-N
96
9634 Slonongahela It Coal
11
50 *10
MoPacific Is 1914
Nat Rys of Mez 498s'13J-D
98
987g
Preferred
13
1)3
1
eN YC Linea Eq Is '12-'22 14.40 4.2u Mortgage Bond Co
10
50 *
'
IOU 102 106 :
49s Jan 1913-1925___J-3 54.40 4.15 Nat Bank of Cuba
100 250 260
N Y Cent 43is 1914
M-S 10,03 10034 e National Surety
St L Sc S F Is 1913
20
M-S 100 10013 e New Central Coal
9938 9934 ; New York Dock
100 -20 - - Hi
5s Juno 1 1913 opt_J-D
e Preferred
South Ry g Is 1913
F-A 10012 101
100 40
55
100 210 215 '
fidewater Os, 1913, gu J-D 10131 10134 N Y Mtge Sc Security
94
97
N Y Transportation
Wabash BO 1913_ _M-N
10112
102
Westingh'se El dr 1.1 Gs 1913
Niles-Bem-Pond corn...100
2°
5 :93
14
738 95
712
Mines
05% notes Oct 1917-A-0 9612 97
Ohio Copper Co
10 *1
Pig
Railroad
e
Ontario Silver
Chic Peor Sc St L
100
114
lei !
Otis Elevator corn
94
Prior lien g 498s '30_81-S 88
100 74
76 i
40
... 50
Preterred ______
Con mtge g Is 1930___J-J /..
100 101 102 1
812
04
;
7
sPp
itpits
trtes
:
bfeu
rrgrreg
hdti Brewing
Income Is, July 1930____
el pg
50 4.
Chicago Subway
100
50
394 i
Northern Securities Stubs_ g(i- 10512
ref __100 101 103 1
100 40
43 I
eOregon-Wash RR&Nav See Stk E x Ilst Pope Mfg Co corn
35
Pitts Bess Sc L E
Preferred
100 75
50 *30
77 j
70
Pratt Sc Whitney pref_ 10
00
24 i
Preferred
00 9
98
0 10
50 *63
e Railroad Securities CoProducers Oil
ln Cstk tr ctfs ser A..._52 8614 8712 may Consol Copper-Sec 6 tk Ex list
Realty Assoc (Bklyn)
100 114 116
-Seaboard Company-See Ba It Exc list
83
Royal Bak Powd com__ .100 195 200
West Pao 1st Is 1933__M-S 87
Preferred
100 110 112
Industrial and Miscel
Adams Exp g 4s 1947__J-D / 8534 8614 Itumely (M.) Co, pret-1110 9934 100
Safety Car Heat Sc Lt.._ _ WU 120 122
Atrneek Mining ______ __25 250 260
eSears, Roebuck & Co...100 159 15972 '
Alliance Realty
100 113 125
ePreferred
Amer Bank Note coin- 50 *4312 45
100 123 124
Seneca Mining_ _ ______ 25 4. 25
Preferred
60
10 *5112 53
American Book
Singer Mfg Co_
100 29312 296 100 170 180
eA n Brake Sti&Fdycom100 93
9513 South Iron Sc S corn......100 ..
1_ 82
772'
ePreferred
0)0
Preferred
2
100 131 13212
4 i
4
American Brass
1(1(1
100 125 130
Standard Cordage
Amerlcon Chicle corn_ 100 223 232
lot M g 5s '31 red.._ _A-0 / -1-0
- 14 ,
3 !
Preferred
100 103 107
Adjust AI 5.3 Apr 1 1931_ 1 1
10 -. -- Standard Coupler con)-10() 34
Am Graphophone corn....1011
374
Preferred
100 4912
IOU 105 110 ,
Preferred
155
7
5
17
712
10(1 131) rrd
c Sj
tapnrd
efae reSdlilling Co--1
16
Amer Hardware_
100 5
102
J-D IOU
Am Malting es 1914
85
Amer Press Assoc'n
100 82
(1st Is 1930_ ____ .M.-N
Standard Oh of N J(old) Rh' 795 805
IOU 110 130
cAiner Snuff corn
10
08
014 Standard Oil ex-sub:J:119,es 355 360 '
10 ;
e.Preferred
3tand ad Oil Subsidiaries _ 440 450 ,
c Preferred (new)
100 100
Studeba!:er Corp corn..101) 5014 511$
Ain St b'ounel new-Sce s tit
Preferred
10
10014 101 ,
(is 1935
A-0
65
62
891zosrger & Sous uo o t _103 08 101
Deb 45 1923
F-A
American Surety
50 26712 27212 Sorlft & Co-See Boston 5th Etc list
1st Is. See Calcar;o Stk Exc Ilst !
American Thread pre-f__ _ _5 *413 514
100 92
Amer Tobacco corn-See S tk Ex list
eTexas Company
94 !
52
Amer Typorders coin... _l00 48
c Texas Sc Pacific Coat_ 11/0 89
93
93 :
99 101
Preferred
IOU
erexas Pactilc Land Tr_ 1()(1 89
9913 102
IOU 120 12213
Del) g 03 1939
11-N
fltle Ins Co of N Y.._
112 214 Conopth Min (Nevada)__ _1 *Po 712
Amer Writing Paper....100
erreferred -See Stock Ex ch'ge 1Ist
Crenton Potteries corn...100
4
8 .
8813 8912
100
51)
55 i
clst s g 55 '19 red 135J-J
Preferred new
8
9
Crow Directory
100
25
40 !
AU Olt Sc %V I SS Lines_100
1712 1812 eUnion Bag Sc Paper.. 100
5
Preferred
IOU
6 1
67
63
103
Cot tr g 5.3 1959
J-J
40
ePreferrel
55
20
Barney Sc Smith Car_....100 15
Union Typewriter corn 100 31
33 '
Preferred _
15t preferced
100 104 10512
Bliss Company com
150
0(
100 9712 99
2d preferred
084,
50 188
2°0
212 199
Preferred
2°
0
7
55
312 154
u 10
United Cigar Mfrs
100
Bond Sc Mtge Guar
100 267 270
e Preferred
Borden's Cond
12712 12812 United Copper..
10
°
00
° 97
5
1
0
18
151S.
Preferred
100 109 Ill
Preferred
British Col Copper
*914 912 eUnited Dry Goods
100 10314 1044
ePreferred
Butte Coalition Mining_ 15 23
2312
100 215
214 234 U S Casualty
Casein Co of Am corn... _100
17
12
4 1154
IL
O
U .8 Envelopscoin
53
Preferred
100 52
Casualty Co of Amer... 100 125 14,1
U S finishing
100 8'3
Celluloid Co
1/5 ;
100 139 142
I
3
Preferred
IOU 103 108 i
Cent Fireworks corn..
100
13
10
1st g Is 1919
.1-J 100 105 1
Preferred
10(1
55
3 72
Con g Is 1929______ __J-3 05 100 :
50
Chesebrough Mfg Co._ 109 70
100
City Investing Co
3018i
Alcohol -.100 27
stj
e P8reinflte%
100 100 101
WO
95
9912
Preferred
100 90 102
U S Steel CorporationCiatlin (H B) corn
i
00
93
100
1st preferred
Col tr s f Is 1951 opt '11
112 11314
90
04
e 2d preferred
Col tr s f Is '51 not opt__ 112 1134
0° 57
Consol Car Heating....100
60
U S Tit Go Sc Indem._ __ 100 90
95 ,
0)
9i
-10
Consol Rubber Tire
638 678 Westchester Sc Bronx Title
Preferred
37
100 169 168 i
39& Mtge Guar
Debenture 45 1951 A-0 / 54
58
WestIngh'se Air Brake
50 *15914 160 i
109
e Crucible Steel
1014 103g .Voolworth (I? W) Co ev I). 7714 79 !
e Preferred
103 8034s.,row
Pr.eierred (w 0
11178 1121
8114 stock.
Davis-Daly Copper Co_ _10
*58 '
,I
orthiugt'n Pump pref_100 100 1081
W
Bid
Ask
Electric Companies
Gr't West Pow Is 1046__J-J 84
85
e Kings Co El L Sc P C6.100 127 128
Narragan (Pros') El Co.. _50 * 92
94
N Y & Q El L dr Pow Co_100 58
62
Preferred
85
100 75
United Electric of N J__ _100 90
95
1st g 4.4
80
79
31
Western
n le'ower coin_
29
100
Preferred
55
58
felezraph and Telepholne
oll
e Ainer 'releg Sc Cable_ _100 75
79
e Central .c7. So Amer
100 119 12112
Un Tel (N Y)___25 108 115
ScOlnpire Bay State Tel 100 (35
75
Franklin
50
100 40
e Gold Sc Stock Teieg_ _100 120 123
Northwestern Teleg----50 110 118
l'acide Sc Atlantic
70
25 65
Pac Telep Sc Teleg pref 100 9814 100
iouthern & Atlantic _
25 00 100
3outh Bell Telep Sc Teleg1st g Is '41 op '16
J-J 1,0
07
0134
5g .997s
iii-
10912
,,;,, az-
price,
No.nleal
s Sale price.
4
x Ex-dly.
y Ex-rIghla.
____j
BOSTON STOCK EXCHA.NGE-Stock Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
Feb. 24
Tuesday.
Feb. 27
Monday
Feb. 26
Wednesday
Feb. 28
Thursday
Feb 29
Friday
March 1
*104 10414 *10334 104 *10373 10418 *10378 10488 104 10458 10413 10418
*104 10414 *10312 10334 10334 10334 *10338 10314 *10358 104 *10312 10378
22112 22112 222 222
222 222 x220 220
221 221
222 222
*132 13234 132 132
13212 133
13213 13212 13213 133
13234 13278
218 *____ 218
215 215 *...._ 215 *__ 215 *___ 215
9978 9978 9912 9978 9914 9912 9912 9912 99
99
8914 9914
_ 299 299 *298
*298-- 299 29934 *298
*13
1-5 *13
Jan'12
*I3 -13 *298*13 -13
Last Sas 13
15
_
*76
- *76
Last Sale 7712 1"eb'12
__
__ *76
*___ 152 *.
e 1238 Jan'12
Last
*76-1212 *_ _ )112
56
EL72 55/8 *3-6 56 *a 56 54 54 *54 56
*16912 171
*176 171
16013 16912 *16913 171 *16912 171 *I691
*11312 11334 11312 11312
112 112 *11212 113
11312 113 113
*271
*271
..
Last Sale 272 Feb'I2
128 128
12712 128
12734 118-- *iii- 128
*12712 113 *12712 128
165 165
*166 168
165 165
165 165 *163 165 *163 165
8781
8712
87
*8634 8814 *---- 8712 87
87
88
139- *143 145
*143 145
145
145 145 *143 145
2112 22
2012 2012 *_2112 2112 2212 -2212
*2014 2114 21
21
8212
8234 83
82
8053 81
81
81
81
8234 8212 83
13858 13878 13812 13834 138 13834 138 13812 *11348512
- 139 13914
Last Sale 143 Feb'12
Last Sale 21312 Jan'12
*1831-4 1111-- *18514 186 *13512 I-16'- 18514 18513 18513 18512 18614 18614
*___ 56
55
55
55 60 *56 60 *56 58 55 56
_
11512 117 *11712
*11713
11312 11812
10234 10234 10234 1-0234 10314 1-03-12 10314 10314
61-2 16.6-3-2 z164 184
16438 16458 *164 16414 *16438 16458 16514 16614 1.15.
9312 *9338 9334 *9313 9312 9212 9312 *9114 9112
*9214 9234 *93
Last Sale 164 Feb'12
*8812 8834 8833 888 8812 8878
8834 8813 8834 8814 8834
102 102
102 102
*10113 102
10112 102 *10112 102
102 102
60
5814 5812 59
5912 5934
10234 103
103 103
103 103
4
4
4
418
*334 4
15
15
*1412 1518 *14
1181-4 11812
11914 120 x11712 118
11812 11834 x11838 11634 11613 117
143 14358 14313 14434 145 146
Jan'12
Last Sale 25
87
8714 87 -17-1; 871 87-4 8714 871-2 87
8734 8713 8713
78
*7812. 79
• 78
78
78
79
7834 79
79
79 . 79
*10012 101
101 101
101 10113 10112 102
101 101
101 101
*812 9
*812 9
818 818
813 812
812 812 *812 g
18
18
18
*1712 1312 18
18
18
18
18
18
18
_
*16013
*16012 161 *16012 16114 *16012 16114 10013 1601_2 *16012
8
1534 1412 1434 1413 1478 1478 1471514 -1-514 1514 151: 15
295 295
298 298
298 293
298 298 *294 299
*294 299
15912 161 x161 163
15914 16014 15914 160
159 160
160 160
9114 9114 9114 2114 9114 9114 9133 9112 9138 9134 9134 9134
9814 9812 9812
98
98
98
98
98
98
98
9812 97
221 22112
221 221
221 221 *220 221
221 221
222 222
*312 4
*312 4
*312 4
*312 4
*3i3 4
312 312
105 105
10478 10478 104 104 *103 105 *103 .105
105 10512 *104 106
105 105
105 105 *101 106
• 16014 16014 161 162
16112 16112 16112 16112 *16112 16214 16113 162
Last Sale 118 Jan'12
*125
-- *125---- *125 - *128
*75 VO
85 -83- *86
*75
90
---- 158 159
15812 15812 15312 159
15812 15872 15814 15834 153 15878
4,4334
15
15
15
15
15
_
15
*1334
*133410212 1-02-34 10213 1-0-24 10212 1-023
103 10314
; 10213 10234 10258 103
30
30
*2912 3012 30
3012 31
30
30 *2912 30
30
*29
20
29
29
29
29
2913
*2813 29
29
2912 *29
18412 185
184 185
18414 185
13434 18512 184. 185
18413 185
4934 4834 49
4912 50
4913 50
4914 4934
4934 4934 49
2814 2814 2814 2812 2314 2814 2814 2814 2814 2814 2814 2814
5918 6013 5938 5958 5958 6014 5973 6138 5914 6038 6013 6138
*10818 10858 108 10838 108 10838 108 103
10713 10838 10778 10814
59
59
10234 103
414 414
1512
*15
119 11958
11812 11812
142 14214
5834 59
10213 10278
418 418
1518 1518
11933 11912
11812 11812
142 14218
5838 5858
10212 10218
4
4
*15
1512
119 11912
11813 11812
142 143
4
8314 714
7
714
7
7
714 712
712
7
714
6
638
8
6
6
6
6
6
6
411, 41
4112 4134 4212
41
41
41
4034 4012 41
6618 6638 6678 6034 6712 6678 68
6773 6812
6678 66
2514 23
25
2514 2514 2514 2514 2538 2518 2513 2514
4148 414
434.3 412
4
4
4
414 414
418
414
.42 .42
.42
.43 .42
.48 .43
.48 *.42
.48 *.42
7
712 734
7
7
7
7
712 712
7
712
414 414 4he 411e
418 414
414 414 *433 412
434
2214 23
23
2258 2258 2234 2278 2234 23
62
I8112
6034 6012 6112 61
60
6012 61
W2 61
454 460 *450 458 *452 455
440 444
442 456 r450 454
2112
21
_. 21
2012 2012
21
2112 21
2012 2012 21
.08
0.66
.08 *.07
9.143
.06 .05
.05
5312 54
81 54 51 5434 55 5612 x30 5612
54
54
514 5': *5
538
5
5
512 *5
514 514
514 514
1234 1318
1212 1234 1234 1234 1212 123: 1234 1234 1234 13
1234 123: 13
13
1314
1234 1234 13
13
1314 1314 13
414 45e
45e 438
413 414
414 414
414 438
414 438
33
35
36
3512 37
36
36
36
36
36
35
36
712 758 771,3
734 734
778 778
734 734
7345
733 734
3412 34
3412 34
35
8412 3412 3412 3412 31
34
31
138 *I
112
114 *1
113 *1
114 114 *I
114 *1
1434 15 *1413 1434 *1412 1434 1412 1412 14 141 1412 16
1858 1878 18.1 1834 18
1812 1814 1834 1814 1871 1818 1978
914
45 *44
4414 45
44
44
45
45 *44
87
7 87
87
87
87
87
87
*3612 87
814 2534 2514 2534 2512 2514 2514 2614 2534 20
28
2678
*3
31,
0
311
.
*3
318
3
318.3
3
313 x278 278
*118 138 *114 138
114
138 *118 138 *118 133 *113 138
3614 3612 36
3612 3618 3612 35
37
3638 36
3678 3734
*412 5
6
5
5
5
5
518
*5
518
5
5
Last Sale 4112 Jan'12
g
2-:34 171.- 1212 123.j -12; 1253 1253 12/8 1234 1338
1234
Ps 838
8
8
778 8
813 812
8
878
814 814
1134 1114 1153 11.
1114 103,8 1118
_934 _93
.4
934 1114 11
24
24
2413 2418 2414 2412 21
2414
a414 z4.4 24 24
314 312
312 *3
314 *314 334
314 314 *3
312 *3
57
56
56
57
56
05 55
56
53
5512 5514 50
*19
19
19
19
19
1914 1918 1912 1953 1958 1913 1958
37$ 378
4116 412
378 378
378 378
312 414
312 312
75te 738
'
0738 712
714 738 *714 712
714 714 *738 758
2534 26
2614 2634
2513 26
26
26
2613 2634 26 26
613 678
614 614
613 658
6
612
*6
612
6
612
6
513 534
514 512
612 512
512 512
512 512
773 814
753 8
7
718
714 8
673 734
714 758
4758 48
50
47
4614 4614 4614 4612 4614 4614 4633 47
11412 117
115 115
113 113
11513 11534 *114 115
11312 116
16
1014 16
1618 1613 1614 1614 1614 1614 1614 16
16
*79
80
79
77
77
79
77
7712 77
78
7812 78
1634 17
1714 1738 1712 1734 1778 1773 18
17
1714 17
*138 158 *114 112 *138 134 *114 134 *114 1.34
114 114
1034 1118
10
10
10
. 978 1018 1013 11
10
934 10
9.65
.70 *.65
.75
.75 *.65
.75 *.60
.70 .70
.70 .70
26
2612 2612 2612 2612 2012 2613 23
28
2834 2958
28
314 312
334 334
358 353
358 334
334 378
334 334
2812 2812 23
2912 2914 3112
29
28
30
28
2814 28
512 513
578 573
512 512
513 538
0
6
513 534
334 3131e *334 378
334 378 *334 378 *334 31he 3"te 33t
36
3614 36
3678
3638 3578 3638 3558 30
3614 36
36
48
48
48
4713 48
• 48
48
4734 43
48
4734 48
273 2151G 213t3 215te
921he 3116 21he 2151e 21545 3
15 0
*15
- 4
13
1512 1434 15
1434 1434 1134 1514 15
58
• 5612 5612 5614 5614 5653 5658 57
5758 3712 5712 58
413 434
434 478
413 412 *413 473
453 458
413 412
714 738
718 722
• 718 718
712 712
714 712
712 734
234 101 105
10414 105
103 11012
105 103
101 101
100 101
*238 213
258 234
234 3
21546 3
*212 234 *212
Bid and asked prieea 42(8w steam. s Asa t paid. 0 als-stoo.t div.
712
6
034
614
5
414
9.42
7
*414
2212
1
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On basis ol 100-share Ins
Lowest.
Highest.
Railroads
Atch Top & Santa Fe_100 10378 Feb 10 10658 Jan 25
100 10112 Jan 12 10114 Feb 7
Do pre(
100 220 Jan 3 22214 Jan 30
Boston & Aloany
100 13014 Jan 2 13413 Jan 29
Boston Elevated
100 215 Feb 16 218 Jan 4
Boston & Lowell
100 99 Jan 2/ 10012 Jan 3
Boston do Maine
Boston & Providenoe_100 299 Jan 3 29934 Feb 29
Boston Suburban El CO3. 13 Jan 24 • 13 Jan 24
75 Jan 25 7712 Feb 20
Do pref
12 Jan 6 1212 Jan 6
Boston & Woro Elea Cos_
prat
54 Jan 5 57 Jan 8
Do
40
Juno Ry do US Y.100 16912 Feb 26 170 Jan 19
50
•10812Jan 2 114 Feb 19
Do prof
86
Connecticut River_ _10t) 271 Jan 3 272 Jan 18
100 126 Jan :3 123 Jan 25
290 Fitchburg, prof
90 Ga By do Electric.,100 14912 jan 4 17513 Feb 1
Do prat
100 86 Jan 30 9112Jan 6
53
100 14a Feb 27'145 Feb 27
20 ...Ialne Central
100 20 Feb 8 2313 Jan
•740 Mass Electric Cos
Do pre! Stamped..100 7973 Feb 13 83 Feb 28
1,669
995 NYNHdo Hartford_100 136 Feb 2 13914 Men 1
Northern N H
100 14218 Jan 19 143 Jan 24
Norwich .53 Wor pref _100 211 Jan 8 21212 Jan 29
100 18514 Jan 3 187 Jan 31
10 Old Colony
100 41 Jan 2 70 Jan 24
29 Rutland pref
100 109 Jan 10 11812 Feb 28
60 Seattle Electric
prof
100 10114 Jan 8 10312 Feb 21
143 •
o ce
a flo
100 16012 Feb 1 17312 Jan 2
200 (gon
100 91 Jan 26 9212 Feb 8
15 • Do prof
Vermont & Mass,._,. 100 164 Jan 5 164 Jan 16
West
End
St
50 8612 Jan 2 8878 Feb 26
395
Do pre
30 10114 Jan 2 10212 Feb 7
160
.
Miscellaneous
1,680 Amer Agricul Chom_100 5814 Feb 28 6312 Jan 2
2
18
3 10313 Feb 17
D., prof
100 1041434
636
Jan
518 Jan 15
437 Amer Pneu Service_ 50
Do prat
•
50 51434 Feb 2 1714 Jan 16
10
100 11434 Jan 10 12012 Jan 30
1,019 Amer Sugar fialln
Do prat
100 11512 Jan 4 11912 Jan 30
825
13,769 Amer Telop & Telog_101) 13713 Jan 2 146 Mch 1
Amer.oan Woolen____100 25 Jan 31 28 Jan 8
Do - pref
100 86 Feb 5 8973 Jan 10
600
341 Amoskeag Manufacturing 77 Jan 3 7912 Feb 15
Do prof
100 Jan 2 102 Mch 1
361
0 Feb 14
7 Jan 4
• 91 Atl Gulf 436 W I SS L_100
Do pref
100 16 Jan 4 20 Jan 18
407
29 Climb Telep do Teleg..100 157 Jan 2 16012 Feb 288
10 1034 Jan 2 1014 Jan 2/
1,950 East Boston Land
95 Edison Elect Illum_100 295 Jan 2 29913 Feb 1
100 155 Jan 2 x163 Mch 1
624 General Electric
714 Massachusetts Gas Cos100 9014 Jan 2 92 Jan 20
Do 83.:ef
100 9312 Jan 5 9878 Feb It,
391
186 Mergenthaler Lino__ _100 218 Feb 1 225 Jan 18
4 Jan 20
3 Jan 4
20 Mexican Telephone_ 10
100 104 Jan 29 105 Jan 18
19 N E Cotton Yarn
Do prof
106 40312 Jan 15 10512 Jan 31
30
100 152 Jan 2 162 Feb 21
155 NE Telephone
Paolflo Coast Power_ _100 116 Jan 22 118 Jan :II
15 Portland (Me) Elec_1J0 7212 Jan 17 85 Feb 28
100 158 Feb 1 162 Jan 30
538 Pullman Co
285 Reeoe Button-Hole__ 10 1334 Jan 2 15. Feb 19
100 9812 Jan 2 10314 Meh 1
932 Swift & Co
25 30 Feb 20 32 Jan 10
267 Torrington
Do pref
25 28 Jan 5 30 Jan 13
336
100 178 Jan 29 187 Jan 6
658 United Fruit
863
818
4J
Fa
en
b 15
3 50 Feb 24
25 4
6,692 (In Shoe Mach Corp
Do prof
25 2758 Jan 10 29, Feb
500
6934 Jan 3
100
11,521 U S Steel Corp
Do prat
100 10718 Feb 13 11134 Jan 3
229
Mining
553 Feb 13
773 Jan 2
25
835 Adventure Con
458 Jan 4
25
e7 Jan 27
2,825 Algomah Mining
23 3814 Feb 1 4412 Jan 2
735 Allouez
Feb
1
6812 Alch 1
9,523 Amalgamated Copper 100 60
1,480 Am Zino Load do Stn_ 23 2412 Feb 15 2634 Jan 8
e413 Feb b
2 Jan 2
2,045 Arizona Com'l otts dep.
014 Jan 4
1
12 Jan 19
10 .42
200 Bonanza Dev Co
Feb
9 Jan 16
950 Bos doCorbeop &SliMg
b Feb 23
312Jan 22
325 Butte-Balaklava Cop.. 10
13 28713142 FebJan 181 2333 Jan 3
4,874 Butte CoalltIon
63 Jan • 2
2,732 Calumet & Arizona_ 10
1712 J
Feen
b 8
1 460 Feb 28
261 Calumet 53 Heela___ 25 405
23 Jan 18
25
280 Centennial
1,000 Cons Merour Gold__ 1 .04 Jan 13 .09 Jan 15
2,106 Copper Range Con Co 100 50 Jan 31 5613 Jan 2
638 Jan • 6
20
142 Daly-Wes';
514 j
Jan 19
5 14 Jan 20
2,035 East Butte Cop Min_ 10 12
23 1112 Jan 15 1312 Feb
1,368 Franklin
418 Feb 27
434 Jan 5
1,535 Giroux Consolidated_ 5
Feb
3912 Jan 3
471 Granby Consolidated_100
.713 eb 25
20 35
9 911,, Jan 22
1,535 Greene Cananea
1,266 Hancock Consolidated 25 29 Jan 5 3534 Feb 14
112 Jan 15
25
1 Jan 3
300 Helvetia Copper
25 1133 Jan 16 16 Mch 1
2,720 Indiana Mining
5.152 Inspiration Consol C., 20 18 Feb 6 2153 Jan 21
1 4012 Jan 17 45 Feb 21
45 Island Creek Coal
Do prat
1 85 Jan 13 8714 Feb 21
119
4,750 Isle Royale Copper__ 25 2034 Jan 15 2678 Itch 1
313 Feb 13
5
234 Jan 2
2,230 Kerr Lake
134 Jan 10
2.5 .80 Jan 2
600 Kevreenaw Copper
Jan 2
1
38
Feb
Lake
3212
Copper
Co
25
3,747
413 Feb 15
23
534 Jan 9
615 La Salle Copper
71742
Live Oak Developm't_10 4
1038
0 Jan 15 4312 Jail 18
1338 Mch 1
Feb
4.130 Mason Valley Mines. ..5
984 .1381 4
13
8
Feb'
23
1,310 Mass Consol
1134 Feb 27
17,691 Mayflower
23
jail 3
26
29
3
Miami
j
J
a
n
Copper
5 23
2'333
4
535
312 Jan 20
2
JFaen 288
23 138
2:44 Jan
250 Michigan
25 5012 Jan 30 5812 Jan 9
380 Mohawk
2018 Jan 2
765 Nevada Consolidated_ 5
412 Meh 1
Feb
3,620 Now Arcadian Copper 25
734 Jan 30
3
534 Jan 3
402 Nipissing Mines
3,492 North Butte
15 2234 Feb 1 2912 Jan 2
714 Jan 2
25
614 Jan 30
1,882 North Lake
95
412 Jan 5 e034 Jan 11
575 011bway Mining
814 Feb 29
23
258 Jan 2
22,600 Old Colony
2,790 Old Dominion Co____ 25 44 Jan 31 50 Meh 1
25 106 Jan 16 117 Mch 1
586 Osceola
1612 Feb to
2,217 Pond Creek Coal ....- 10 16 Feb 21
25 7312 Jan 29 79 Feb 2/
812 Quincy
10 1618 Jan 213 1912 Jan 2
2,515 Ray Consol Copper
50 Santa Fe Gold 53 Cop.. 10
1 Jan 31
178 Jan 11
10
1113 Mch 1
6,565 Shannon
9 Jan 31
5 .60 Feb 1 .85 Jan 17
150 South Utah XI Jo S
25 21 Feb 1 3012 Jan '2
1,450 Superior
1,533 Superior & Boston lin It)
273 Feb 21
473 Jan 13
95 26 Jan 31 3273 Jan 2
1,365 Tatnaraok
95
777 Trinity
5 Jan 15
638 Jan 17
414 Feb 17
770 Tuolumne Copper __ 1
312 Jan 2
5,097 U S Smelt Ref & Slin_ 5e 34 Jan 31 3613 Mch 1
904
pref
D
30 47 Jan 10 48 Jan 3
820 Utah-Apex MinIng___ 5
213 Jan 2 3118e Feb 0
1712 Jan 2
1,570 Utah Consolidated__ 5
1,274 Utah Copper Co
1 5814 Jan 9
10 5
z 29
43
14
2J
Faelb
12
93
415 Vlo orla
573 Jan 20
438 Jau 4
915 Winona
25
512 Jan 25
734 MO 1
778 Wolverine
3 04
.17a
ar8
t 29 11012 Meh 1
134 .
3 Mch I
0,670 Wvan 'ott ---------- 2
- 5
Es-riga8..3.
30
10
155
517
26
189
7
Range for Precious
Year 1911.
Lowest.
Highest.
10053 Sep 11614 J'ne
101 Sep 105 Pile
219 Apr 226 Feb
12412 Sep 13012 Aug
207 Feb 218 Sep
9612 Oct 12238 Feb
292 MO 300 Mch
12 Sep
16 Mch
7014 Pile
70 Oct
6 Feb
13 Ply
3812 Jan
38 Ply
156 Apr 171 Dec
107 Meh 11512 Ply
265 Jan 272 Pao
125 Apr 130 Jan
11712 Jan 164 Oct
86 Feb
9312 J'ne
135 Sep 215 Jan
111 Apr
24 Pao
12714 Sep
1311 Jan
210 Jan
183 Mch
32 Jan
10513 Apr
59712 Mch
15312 Sep
Mch
156 Mob
85 Sep
10) Aug
•
46 Sep
99 Jan
312 Aug
1218 Aug
112 Sep
11134 Jan
13158 Aug
2613 Dec
8512 Oct
7/12 Dec
99 Dec
738 Deo
1412 Nov
14514 Jan
714 Jan
275 Sep
142 Sep
8734 Jan
93 Dec
211 Jan
3 Oct
103 Oct
101 Nov
13/ Jan
00 Jan
6234 Ply
153 Sep
x12 Jan
0734 Sep
29 Sep
27 Mch
/1178 Dec
404 Aug
2612 ScP
50 Oct
10312 Sep
6334 Deo
10314 Slat
612 Jan
1914 Jan
122 Feb
12013 May
15314 J'no
3014 Mch
9512 J'ne
81 Nov
10012 Dec
11 May
26 Jan
15012 J'ne
12 May
297 Dec
16734 May
9634 Aug
0812 Oct
233 Aug
473 Jan
119 Mch
11612 Meh
16512 Dec
105 J'ne
7334 Nov
163 Jan
15 May
104 J'ne
3,8 Jan
J•ly
19712 Ply
5878 Feb
2914 Jan
82J Feb
12012 Feb
4 Seri
212 Oct
21 Aug
44,34 Sep:
1934 Oct
133 Dec
.30 Oct
334•Aug
3 Nov
19 Aug
45 Sep
360 Sep
8 Aug
.03 Nov
4634 Sep
3 Feb
878 Aug
512 Aug
338 Sep
Aug
5984 Oct
17 Sep
34 Sep
514 Oct
718 J'ne
II Pao
4114 Deo
703 J'ne
3058 Pao
21he Deo
.75 May
1512 May
012 Jan
2313 Dec
6334 Deo
345 Jan
19 Deo
.15 J'ne
6934 Feb
7 Dec
1,134 Pas
14 Pile
818 Feb
4312 J'no
858 Dec
3113 Dec
2 Feb
16 J'ne
2914 May
8218 Sep
1119 Aug
253 Oct
12 Nov
22 Aug
3 Aug
2014 Nov
012 Apr
.112 Aeti
.20 Feb
11378 Sop
114 Nov
36 Apr
15 Sep
2 Aug
5612 Deo
20 Sep
334 Aug
358 Dec
.50 Jan
3414 Sep
81 Sep
44 Dec
91 J'ne
23 Dec
1/8 Jan
334 J'ne
40 J'ao
6 Jan
4214 Dec
1178 Deo
At) J'ne
3188 Dec
2438 Dec
383 Jan
57 Dec
2114 Pm)
414 Aor
Feb
3
16
1313
8 jo
55 Sep
12 Sep
34 Apr
7 Oct
12 De0
20 Oct
e218 Oct
Sep
278 Oct
134 Sep
308 Sep
4514 Aug
178 Nov
934 Jan
/6 Dec
19 Deo
134 J'ne
1214 Fob
1116 May
4212 Jan
814 J'ne
52 Jan
512 Deo
478 May
4018 J'ne
4912 J'ne
312Pno
20 J'ne
15738 Dee
418 flea
912 Feb
122 Feb
3 Feb
38 Sep
1 Allg
334 Nov
74 Nov
,30 Nov
15138 Feb
142 Meli
214 Nov
190 Nov
45 Deo
114 Deo
104 Aug
19213 J'iy
9518 May
16418 Dec
1(3 Meh
105 Jan
934 J'ne
.;13
318 XIV
49 J'ne
124 Jan
MAR. 2 1912.]
Boston Bond Record
Price
Friday
March 1
BONDS
MOSTON STOCK EXCHANGE
BA Week Ending March 1
Week's
Rangier
Last Saie
Range
Since
Jan, 1.
15
BONDS
BOSTON STOCK EXCHANGE Is
Week Ending March 1
Price
Friday
Marchl
or
Last Sais
Lange
Since
Jan, 1.
-High No Low Moir
Bid
Ask Low
High Na Low 11:g;.
Bid
Ask Lou,
18 10018 10034
1913 A-0 10034 Sale 10058 1003
Agrioul Chem 1st lis__ _1928 A-0 10234 Sale 10212 10234 61 10114 10234 Illinois Steel deben 5s
117 Apr '08
91i8 115 991$ ¶11.17 In Falls dr Sioux C 1st 7s__ _1917 A-0
Am Telop ds Tel coil tr 4s_ _1029 J-J
91 Sale 91
97 .97
Kan
0
Olin
97
Feb
'12
10334
&
1123
4
Spr
1st
5s__1925
3
Convertible
48
A-0
11134
11234
1930
fl-S
11312
11412
.
Kan C Ft Scott de Mem 6s 1928 51-N Iif1-2 fi75 11712 1171, 1 117 11712
9834 Oct '11
m Writ Paper 1st s f Is g 1919 J-J
9212 Feb '12
92 9212
1934 31-S 9212
6 1-63-- 1-65- - Kan C M & B gen 4s
103
1915 51-N roi(;103 103
Vs Zino L de S deb 8s
85 89
Assented income 5s
51 60
89
1934 31-S
Corn Cop let Os Ws of den_
54 58 55 Feb '12
10212 10212
82
612 c
ob
b
8 99 9934 Kan 0 & M fly & Br 1st 5s_1929 A-0 i6F8 103 10
993,
toh Top al S Fe gen g 48_1995
9934 Sale 0919
10014 Dec '11
1912 A-0
_ 9114 9218 Maine Cent cons 1st 7s
Adjustment g 4s___ _July 1995 Nov 9112 0212 92 -Feb '12
---Cons 1st 48
10114 Sep '05
____
9153 9158
1912 A-0
Stamped
July 1995 01-N 9112 9212 9153 Jan '12
Marq Hough & Ont 1st 63_1925 A-0
115 J'ne'os
50-year oonv 48
107 Dec '11
1955 J-1)
_ Mass Gas 4 Es
1929 J-J "65 Sale 98 . 91314 23 98 9914
11053 Meh'11
10-year cony Is
1917 J -D
42 6612 6814 Mich Telephone 1st Is
9912 May'li
08
1917 J -J
Alt Gulf & W I SS Lines 58_1959 J -3 68 Sale 6758
New Eng Cotton Yarn Is. 1929 F-A 9713 98 9712
1 97712 6834
9712
10014 Meh'09
esion &Lowell 4s
1916 J -3
New Eng Tel:ph 5s
104120et 'OS
10138 Mehl)
1915 A-0
oston 63 Maine 4 Es
1944 J -J
5s
10234 Dec '11
10012 Sep '06
1916 A-0
ur 63 M0 lily cons 6s
1018 J-J
9973 Jan '12
New England cons g 5s
-9-914 -9-97i-4
11153 Sep '11
1043 J-J
edar Rap & Mo It 1st 78_1916 11-N
9214
2 8912 -9-214
Boston Term 1st 45
1939 A-0
(Int Vermt 1st g 4s._ ..May 1920 Q-F -5214 .."/11(; 9214
New River (The) cony 5s 1934 J-J
1103 Oct '0/
11
1919 A -0
B 63 Q Iowa Div 1st 5s
-91;
NY N II & H con deb 3 Es..1956 J -J
4 rl
are;
-aj
03 Feb '11
1919 A -()
Iowa Div 1st 4s
101 1-0112
Cony deb Gs
131l 13212
10114 Feb '12
1948 J -J -------- 13218 Feb '12
1913 11-N
Debenture Is
Old Colony gold 4s
9978 100
2 9973 100
1924 F-A
101 Apr '09
1922 V- A 99%
Denver Exten 4s
Oregon Fly & Nov con g 4s_1946 J -I) -------- 9878 Sep '09 ____
1927 ‘1-N
_ 9912 May'll
Nebraska Exton 95
Oreg Sh Line 1st g 6s
1922 F- A
9918 Feb '11
11334 11334
1921 11- S 9914 _
11334 Feb '12
• B FeSWst 43
Pore Marquette deb g 63__ _1912 J-J
1940 J
95 95
8712 83 8712 Nov'11
95 Jan '12
. Illinois Div 3 Es
160Y4 1-654 Repub Valley 1st s f 6s._1919 J-J
J 10112 10134 10153 10158
103 Jan '11
Ohio Jot fly & Stk Yds 5s,_1915
Savannah Sloe 1st cons 52._1952 3-3
8073 91
9018
7014 Dec '10
_
• Coll trust refunding g 45_1040 A -0 1.3013 91 0018
Seattle Elec 1st g 5s
114 Jan '11
1930 F- A 10414 idE18 183
104 10412
_
04313
2 Feb
10.
4132
tillw Fe St P Dub D (38_1920 J-J
Shannon-Ariz 1st g Os
1919 M-N
11353 Feb '11
St P Wis V div Os_ _1020 J J
8312 85
---- '31 Apr '01
Terre Haute Mee g Is
-9-91929 J -J ---de No Mich 1st gu 5s_ _ _ _1931 ,11-N 99 103 99 Jan '12
Torrington 1st g 5s
1918
101 101
1021 J-1) 100 102 101 Feb '12
S
9934 Feb '12 ____ Vtii
Ohio Fa W Mich gen Is
4 0934
Union Pao RR & 1 gr g 4s 1947 J -J
1921) J-1)
9712Sep '11
10073 Oct '11
concord Fc Mont cons 4s
---20-year cony 4s
1927 J-J
10014 Aug'00
10313 Dec '11
dahy Pack (The) 1st g 53 1924 .11-N
9914 1-63- - United Fruit gen s f 4 hs_1923 J-J -ge11;S'We 9614
102 Feb '12
9612 13 955 965
1926 A-0
Qurrent River 1st 5s
11125 J. J 06 Sale 96
Debenture 4 3-is
8614 Feb '12
96
3 9534 9O12
1946 A-0 8512 _
8614 8614
et Gr Rap & W let 4s
10318 Feb '12
10153 104
9834
99
20 0834 9914 U S Steel Co 10-60-yr 5s Apr 1953 51-N
Dom 1nion Coal 1st s I Is___ _1940 11-N 99 111 10313
1915 F-A
9913 Sep '11
Apr '05
1915 11-S
------ West End Street fly 4s
Fitchburg 4s
1014
10014 Feb '12
Gold 4 Es
S 10014 1-(c0ig
93 Apr '08
1927 51-S
---40
1916 11-N
Gold debenture 4s
9812 Apr '113
_
128 J'ly '11
Fremt Elk & 5,Io V 1st Os__ _1933 A-0
1917 F-A
9812 N ov'1 1
Gold 4s
2712
12712 Feb '12
1933 A-0
Unstamped 1st Os
.
2 1.6612
Western Teleph & 'fel 5s
1932 J -J lOOl2Sale 10018 1001: 1.0 61T1
General Motors 1st 5-yr 6s_1915 A -0 9.) 100 9144 Feb '12
935 Feb '12
935s 9358
Wisconsin Cent 1st gen 4s 1949 J-J
9738 17
0714 Sale 9713
GS Nor 0 B do Q con tr 4s_1921 J-J
1921 Q 9718 _
9714
9714 66 9658 9753
Registered 45
ill
Flat
price.
all
Boston
Bonds
•
N)
price
Friday;
lato:t
old
and
asked.
NOTE.-Buyer pays accrued inOrost in addition to the purchasi, prica ,or
lift
l
i
ph m ,s,
-0.4
0.4
003, ,si,
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share Nicai-Not ('or Ceaturn Prices
,Saturday
Feb. 24
*10812
10934
*1015
63
2912
8813
*7878
10
*2614
615te
5334
1814
2312
7675
714
6012
8778
Wednesday
Feb. 28
Tuesday
Feb. 27
____ 10812 10812
110
10934
10(4
1038 1038 10;4 *11)
6314 63 63 *6118 611:
12758 *12712 1273 12712 1271:
;1512 -1-4/8
212
*45
4212
*1178
4,532,
*32
*72
Monday
Felt. 26
19(2 .8917 -151-4
10812
10912
10
*6213
121
*110
111
*10
*62
012712
112
11212
1017
6214
128
0::::
;i51.4
1913
-i?Wi -ITC!
Ask
Friday
March 1
10812 10812 109
110 110
110
10
10
10
6214
6212 62
127
212 21: *2
212 *2
451; 45 -114514 4514 4514 45
4214 42
42
4213
4234 4214 4215
12
1218 *1173 1218 *1178 1218 12
5912 5112 5412 5 112 5112 5412 5111
32
3214 *32.
3:1
33
33 *32
72 *7134 721: *7131 721:
7234 72
712.
712
712
2912 2834 2914 2873 2914 25
2914
8814 88
8814 8813 8818 *8814 8834
79
7834 7918
7918 7878 7878 79
*9153 10
*973 10
*973 10
10
2634 2612 2634 2612 2612 2612 2612
611: 6114 6138 91510 61718 61518 617t6
53
5414 '
4 5312 54
5312 5312 53
1818 13
18
18
1818
1814 18
2312 2314 2314 2318 2314 2313 2314
7734
77518 7612 7658 7658 7634 77
712 7918
733 712
738
714
5018 4934 50
8034 6014 5014 50
8734 8778
8775 8734 8734 8734 88
PHILADELPHIA
Thursday
Feb. 29
Sala
ACTIVE STOCKS
ot the
Week (For Bonds and Inactive
Stocks see below)
Shares
Baltimore
230 Con Gas El L & Pow_100
pref
100
Do
598
225 Houston Olt tr ctfs_100
Do
pre: tr ctts_100
636
50
31 Northern Central
Seaboard Company..100
Do
1st pro,:
_100
Do
100
2d pret
......
260 United Sty & Electric. 50
Range Since
January 1
Lowest
Highest
90 Jan 3 109 Feb 0
101 Jan 2 11212 Mch 1
814 Jan 3 10,5 Feb 14
5334 Jan 25 6375 Feb 14
127 Feb 28 12812 Jan 17
2512 Jan 27 2512 Jan 27
6012 Feb 13
1814 Jan 2
6412 Jan 5
21 Feb 1
Range jor Previous
Year (1911)
Lowest
JIi,hssl
64 Jan
89 Jan
7 Mch
45 Feb
121 Jan
21 Jan
80 Jan
4314 Jan
1612 Jan
9512 Deo
101 Sep
10 Aug
79 J'iy
13034 J'ne
2838 J'ne
11978 Dec
65 Nov
194 J'ly
Philadelphia
2 Feb 0
*2
212
1713 Jan
5 Nov
2
7 Jan 10
2
328 American Cement.... 50
42 Jan
45 Feb 2 4512 Feb 1
4612, Nov
437 American Railways_ 50
45
45
45
45
4834 Feb
4075 Sep
4134 Feb 29 4412 Feb 2
50
2,021 Cambria Steel
4134 42
4134 42
1112 Jan
1217 Jan
1175 Feb 2 1214 Jan 29
36 Electric Co of America 10
1214
*1175 • 1218 *12
5618 J'ne
5234 Jan 16 5555 Mch 1
4812 Jan
*5414 5112 5112 5558 1,995 Wee Storage Battery_100
2812
Aug
3014
3314
Jan
3
Feb
1
ctfs
100
Gen
Asphalt
tr
*3214 33
3214 3212
86
31114 Oct
68 Aug 8373 Jan
Do
pref tr ctfs_100
69 Feb 15 73 Jan 3
*7134 7211 713.1 7214
414
918 Jan
655 Dec
612 Mch 1 8144 Jan 8
20 Keystone Telephone_ 50
7
7
612 612
32 Feb
2112 Sep
2714 Jan S 3(7 Feb 23
*2878 2914 2914 2914 3,720 Lake Superior Corp 100
98 Jan
8312 J'ne
387 Leh C & Nay tr cgs_ 50 88 Feb 5 1)014 Jan 3
88
8833 8838 88
7534 Sep 937/8 Dec
50
7815 Feb 5 6278 Jan 16
7914 7912 7958 80
363 Lehigh Valley
078 Oct
1012 1012 1073 1,830 Lehigh Valley Transit 50
614 Jan
10
8'2 Jan 3 1075 Mch 1
2533 Oct
23 Jan 12 28 Mch 1
50
2658 2712 2734 23
1812 Jan
2,935 Do pref
50 61146 Jan 27 6214 Fcb 2
5938 Set/
05 Feb
61518 6112 6133 6178 1,593 Pennsylvania ItR
5914 J'ne
4814 Sep
5012 Jan 11 5614 Feb 16
5314 5314 5313 5312 1,518 Philadel Co(PIttsb).... 50
25
18 J'ly
1512 Nov
1675 Jan 2 1834 Jan 25
1818 1818 18
1818 4,738 Philadelphia Elea
2418 Aug
17 Apr
2315 Jan 2 2435 Jan 262318 2318 2318 2312 3,422 Phil It T vol tr Ws_ 50
50
7414 Jan 11 79'j6 Jan 22 66,,28 Sep
7714 77018 7712 77,518 12,950 Reading
3034 Feb
1
634 Jan 11 7510 Feb 27
898 Jan
512 Jily
738 7710
733 7718 1,712 Tonopah Mining
50
50
5234 Aug
4934 Feb 28 5214 Jan 26
5018 5014 6034 3,275 Union Traction
43 Jan
8734 8773 8734 88
51.)
8614 Jail 9 8834 Jan 26
8414 Sep
8938 Jan
818 Union Gas Impt
PHILADELPHIA
Bid
Ask
PHILADELPHIA
LIU
As?:
BALTIMORE
Bid
Ark
Bonds
C Ity Ext&Imp Is '32 51-8
Ph & Read 2(1.5s 1933 A-0
Prices ars all "and
Chas City Fly 1,t 5s'23 J-J
Ex Imp M 4s 1947_A-0
'interest"
Termln..1 Is g 1941.Q-F
-.. Chas fly 0 & El 5s'99 51-S
Alt & L V Elec 4 Es'33F-A
90 92 P W & 11 col tr 4s '21__J-J -665; _ City Fc Sub 1st 5s 1922 J-D ijr;
Mn Gas & Mee Is '07_F-A
87 8714 Read Trao 1st 6s '33__J-J
125 dIty & Sub(Was)1st 5s '48
Ain flys 5s 1917
A-0 95 96 Roch fly & L con 5s'54 J-J i66/ 10114 Coal & C fly 1st 58'19 A-0
05
Elec ref 58 1038_M-S
10114
Spanish-Am It 6s '27__J-J 10158 10154 Coal & 1 fly 1st ,
1 ti
Berg&EBrew 1st 0821 J-J ____
Stan'd Gas & Ill 8s'25 M-N
ColdeGrny 1st 6s 1916 J-J
ilethleli Steel Os l998.Q-F' ____ iigi2 Stand Stl Wks lst5s'28 J-J Consoi Gas 55 1939___J-D 10933 fir
1J Tom Ind gen 5s '19_J-J
Choc & Mc 181 55 1949.J-J
Gen 4Es 19o4.___A-0 9712 98
_
Ch Ole & 0 gen 55 1919 J-J Iiii 10312 Un Itys Tr ctfs 4s'49__J-J 77 7712 Cons GE 63 P 4 Es '35 J-J 9018 5035
Con 'frac of N J 1st 58 '33 10412 ___ United Rys Inv 1st coil ti
Fair & Cl Tr 1st 5s'38 A-0 100 10014
s f 5s 192051,-N 83 8312 Ga & Ala 1st con 58'45 J-J
Del Co Itys tr ctfs 45'491-J ________
-iiii- Welsbach s f 53 1930 __J-D 0014
Elec & Peoples Tr tr etfs__
Ga Car&N 1st 55 g '29_J-J 15E14 Wil-B G&E con 53'55..J-J
Fr Tac&Il 1st 53 1940.J-J
Georgia P 1st Os
111
Gen Asphalt Is 1916_51-S ---- -gill; York Itys 1st 5s 1937_J-D
Ga So & Fla 1st 58 '45.J-J 107 10712
"
63
Indianan ay 43 1033__J-J -6-- 8338
G-B-S Brew 3-45 '51_M-S 381 39
62 ____
BALTIMORE
Interstate 48 1943___F-A
Knoxy Trac 1st 53'28 A-0 106
82 83
Keystone Tel 53 1935.J-J
Inactive Stocks
MaconRy&Lt 1st 53'53 J-J 10134
Lake Sup Corp Inc 5s'24_0 -__ 71
Ma Cons Coal & Iron_100 38 41 Md Elec fly 1st 55'31_A-0 _
100 50 60 Memphis St 1st 55 '45_J-J
Preferred
Lehigh Nay 4 Es '14_ _Q-J
-- -7678 7714
Gen Ai 4 Es g 1924_Q-F 11(V3-4 _. Mien Coast L (Conn)_100 26012 263 Mt Vet Cot Duck 1st
100 14712
Leh V C 1st Is g 1933.44 10314 10812 Canton Co
Npt N & 0 P 1st 58'3851-N 08 0812
100 35 37
Leh V ext 4s 1st 1948 J-D ____ _ ___ Georgia Sou & Fla_
Nor&Port Tr 1st 58'36 J-D 8938
100
2
Conso• 6s 1923
J-D ____, 118(
North Cent 4 Es 1925_A-0
1st preferred
100
Series A 5s 1926_ ___J-J
Cousol 4 Es 1923_ _J-D
2d preferred
100 -11-2 -21-2
Series B Is 1926_ _ _J-J 109
Annuity Os
J-D
146-1-2 G-B-J Brewing
100 22 24 P.tt Un Trac Is 1997._J-J
98 0833 Seab
Gen cons
pre
2003_ _M-N
oraerrdreA
dir Line
100 45 50 Poto Val 1st 5.e 1941__J-J
Leh V Tran con 48 '35 J-D
---Say Fla & West 5s '34 A-0
1st series A 48 1935.M-S
---Scab Air L 45 1950___A-U gif27 85
1st series B Is 1935 3/1-S iiii Bonds
Adjust 5s 1949____F-A
MarketStEl 1st 4s'55 154-N
9712 -,5i"
Prices are all "and
Seab & Roan 5s 1926__J-J 1.5E3-4
NatLII &P set 11 5s'10 J-J ---- 100
interest"
New Con Gas 5s 1948_J-D
95 South Bound 1st 5s_A-0 108
____ Balt City 3 Es 1930.....J-.1
N Y Ph & No 1st 48'39 J-J
U El L&P 1st 4 Es'29 M-N 9458
t: 1198514 955--Vatu4
Income 45 1939_
Un Ry & El 1st 4s '49 M-S 8538 8512
6
--l'a & N Y Can Is '39 _A-0 Income 45 1949___J-D 6434 65
--_---- -.._ Anacostia & Potom 5s A-0
Penn Steel 1st 5s '17_M-N
Funding Is 1936___J-D 87 8734
......._ All Coast L(Ct)etts 55 J-D fa"
Ptople's Tr tr etts 45 1943 92 93
Va Mid 3d set 8s '18_ _11A-S
Ctis of indebt 4s__J-J
P Co Ist&coll tr 5349 M-S
J-J 92
4th set 3-4-53 1921.11-S
8
311: ---__ _
5-20-yr 4s 1925
Con & coil tr Is '51 141-N
5111 series Is 1926.._M-S
9734 _B S P & C lst 4 30'
9712
53 F-A
Phil Elec gold tr etfs_A-0 103 1033-4 Bait Trae 1st 5s '29__M-N
Va (State) 3s new '32_J-J
Trust etts 4s 1949 J-J 8112 82
8818
No Ball Div Ss 1942 J-D
Fund debt 2-35 1991 J-J
P & E gen M Is g '2O_A-0
_ 1071: Car Pow & Lt Is 1938 F-A
--._ West N C con 62 1914.J-J
Gen NI 48 g 1920
A-0 .._ 10014 Cent fly cons 55 '32__M-N
Wit & Weld 55 1935___J-J
V Ex-div.d. rights.
!Bid and asked: no 34103 on this day
N $15 paid. *S13 9 paid.
Inactive Stocks
115 114
10
AInerican Milling
50
Cambria Iron
Central Coal & Coke_100 77 78
100 7812 7912
Preferred
100 7612
Gonsol 'frac of N J
Germantown Pass
50
Huntington & B
Preferred
50
Indiana Union Tr....._11J0
Insurance Co of N A
10 "if
Inter Sin Pow & Chem_5() 20
Interstate Itys, pref
10
Kentucky Securities..100 16
100
• Preferred
Keystone Telep v t et__ 50 _
Preferred
50 30 3212
Keystone Watch Case-100 95 100
10 17
Lit Brothers
18
50 5712
Little Schuylkill
MInehill Fe Schuyi H-50 60
Nat Gas Elec Lt & P0_100 20
10u 70
l'referred
North Pennsylvania...50
Pennsylvania Salt
125
Pennsylvania Steel.. _100
100 100 fo'612
Preferred
4412
Phila Co (Pitts) pref.._5o 44
Phil German & Norris..50
50 8413 "tiE"
Phila Traction
10
Railways General
978 10
Tonopah Belmont Dev_l
240
United Cos of N
United Trac Pitts pref..50 39
Virginia fly & Pow_. 100 46
100 87
Preferred
Warwick Iron & Steel._10 101: 11
511: 5214
Washington-Va
100 72 73
Preferred
100
Weisbach Co
West Jersey de Sea Sh_50
Westmoreland Coal____ 50
Wilkes Gas &
50
"id"
York Hallway
50 301 311::
Preferred
"2112
1:
2::
[VOL. Lxxxxiv.
THE CHRONICLE
620
kwestnxetxt and alattroad latettigence.
RAILROAD GROSS EARNINGS
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns'
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month,. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other'
period. The returns of the electric railways are brought together separately on a subsegueat page.
Latest Gross Earnings,
ROADS.
Current
Year.
Week or
Month.
Previous
Year.
Current
Year.
Previous
Year.
Ala N 0 & Tex PaoN 0 & Nor East_ January __ 320,322 314,823 2,216,365 2,160,376
Ala & Vicksburg_ January __ 149,061 154,959 1,022,415 1,108.836
890,085
949,320
Vicks Shrev& Pac January -- 128,154 135,585
81,977
11,830
57,740
18,675
Ala Tenn 63 North.. December..
37,254 1,508,992 1,376,785
38,803
3d wk Feb
Ann Arbor
Atch Topeka & S Fe January -- 8,333,262 8,528,246 83,270,046 64,204,572
59,518 2,147,955 1,839,406
64.553
Atlanta Birm 63 Ati 3d wk Feb
Atlantic Coast Line December _ 3.256,760 3,114,245 15,796,586 14 922,984
3,570,122 3,413,316 33,492,506 53,409,693
g Baltimore & Ohio. January
924,120
110,121 106,213
904,192
B & 00 Ter It January __
Bangor & Aroostook December.. 246,032 256,088 1,669,486 1,498,504
Boston & Maine__ January __ 3,297,744 3.370,566 27,337,275 26,900,348
3,336
3.517
32,221
28,185
Bridgeton & Saco R December
Buff Roch & Pittsb 3d wk Feb 208,204 180,130 1,897.647 6,185,289
Buffalo & Susq____ December.. 211.661 199,185 1,264,788 1.194,988
Canadian Northern_ 3d wk Feb 323,500 224,200 12,425,200 9,456,700
Canadian Pacific___ 3d wk Feb 2,127,000 1,681.000 76,044,366 65,887,651
Central of Georgia_ _ 3d wk Feb 288,900 289,100 9,260.178 8,720,755
Central of New Jer_ December.. 3,001,111 2,957,045 15.842,705 15,050,516
322.608 312,744 2.145,251 2.044,572
Central Vermont__ December
Ches & Ohio Lines_ 3d wk Feb 708,782 583,567 21,638,150 21,553,247
Chicago & Alton___ 3d wk Feb 332,296 291,212 9,856,186 9,787,218
Chic Burl & Quincy December.. 3,942,257 7,451,014 45,970,700 48,261,260
Chic Great West_ _ 3d wk Feb 299,194 285,759 8.378,196 8,336,927
Chic Ind & Louisv_ 3d wk Feb 114,332 104,855 4,150,042 3,968,554
142.541
17,325
78.095
23,058
Chic Memph & Gulf December
Chic Milw & St Paul December.. 5.298,589 5,407.238 33.344.555 35,522,390
Ch Mil & Pug Sd_ December.. 1,370,707 1.226,120 8,423,888 7,513,501
oChio & North West January __ 5,007,161 5,528,612 45,851,088 47,273,594
'Chic St Paul M &0 January __ 1,109,296 1,239,412 0,242,953 10,102,844
958,206 1,162,815
Ohio T H & S E____ December.. 181,868 171,834
720.428 758,517 6,056,347 5,761,403
Cin Ham de Dayton January _ _
133,974 162,932 1,061,596 1,116,567
Colorado Midland_ _ December
b Colorado & south. 3d wk Feb 250,480 258,729 9,641,721 11,225,863
12,28
98,520
112,653
16,470
January
Cornwall
28,306 '180,687
189,235
22.284
Cornwall & Lebanon December..
January __ 308,472 315.784 1,951,137 1,577.719
Cuba Railroad
• Delaware & Hudson December.. 1,753,629 1,695,840 11,133,907 10,762,068
. Del Lack & West- iecember.. 3,027,925 3,033,375 19,174,318 18,534,818
: Deny & Rio Grande 3d wk Feb 386,200 331.700 15,431,358 15,681,118
2,934,172
Western Pacific
•
December.. 402,155
650.658
610,517
24,065
19,099
Denver N W & Pao_ 3d wk Dec
45,672
25,405 1,136,270 1,236,578
Detroit Tel & front 2d wk Feb
756,505
760,522
18,628
23,480
Detroit & Mackinac 3(1 wk Feb
4.530,703
5,227,488
• Dul 63 Iron Range_ _ January _- 107,301 154,909
48,897 2,038,341 2,115,282
54,885
• Dul Sou Shore & Atl 3d wk Feb
El Paso & S u Wes December.. 668,112 643,304 3,585,225 3,652,957
Erie
January -- 4,215,898 4,206.553 34,235,491 33,802,949
15,012
14,044
1,909
2,172
Fairchild & N E.._ _ January -564,047
564,338
67,541
68,651
• Fonda Johns & Glov January __
273,087 302,390 2,049,209 1,940,118
January _ _
Georgia Raliroad
Grand Trunk Syst _ 3d wk Feb 818,729 748,988 31,666,811 28,695,994
Grand Trk West 2d wk Feb 113.998 119,400 • 4.174,801 3,842,432
37,745 1,464,314 1.308,434
35,151
Det Gr Hay & Mil 2d wk Feb
31,073 1,318,205 1,181,722
32,148
Canada Atlantic_ 2d wk Feb
•
Great Northern Syst January -- 3,797,532 3,285,815 40.415,608 38,109,412
995,897 1,012,576
168.258 180.173
• Gulf & Ship Island. Decemoer
Hocking Valley
December.. 547,718 583,563 3,886.203 4,204,611
4,186,988 5,487,348 34,680,327 37,718,834
Illinois Central _ _ January
, Internet & Grt Nor_ 3d wk Feb 204,000 152,000 7.063,893 6,220,524
a Interoceanic Mex_ 3d wk Feb 182,517 209.638 5,429,978 5.866,066
• Kanawha & Mich__ December.. 250.821 252,480 1.730,856 1,695,567
714.989 837,506 5,603,864 6,220,499
Kansas City South.. January
58,323 1,090,008 1,169,028
53.348
K C Mex 63 Orient_ _ 4th wk Jan
2.868,305 2,906,730 22,898,302 21,620,766
January
Lehigh Valley
43,734
279,782
254,965
40.948
December..
• Lexington & East
881,119
723,035
. Louisiana 63 Arkan_ December.. 116,889 122,526
651.507
642.653
101.576 107.016
Loulsv Rend & St L December
3d wk Feb 1,123,950 1,022,080 36.091.744 35,558,779
Louisv & Nashv
99,323
94,573
12,544
11,466
Macon 63 BIrm'nam January -_
December.. 789,542 743,628 5,599,603 5,178,625
:Maine Central
29,968
261,892
262,002
26,611
; Maryland & Penna. January
a Mexican Railway_ 1st wk Feb 160,800 179,700 4,940,300 5.116,000
15,296
483,445
490,019
15,509
3d wk Feb
, Mineral Range
Minn & St Louis- 3d wk Feb 168,684 169,670 5,165,127 5,800,536
t• Iowa Central....Minn St P &SSM 3d wk Feb 464,673 376,129 18,870,970 14,442,379
Chicago Division
468.214
452,913
73,732
81,699
. Mississippi Central.. December..
Mo Kan & Texas_ 3d wk Feb 503,526 502,446 19,396,527 19,838,811
: Missouri Pacific_ _ _ _ 3d wk Feb 1,047,000 948,000 35,956,230 35,031,566
Nashv Chatt 63 St L December.. 959,195 1,064,643 6,083,110 5,988,110
a Nat Rys of Mex _t _ 3d wk Feb 862,365 1,263,330 40,973,305 41,198,542
4,026
221,461
228,820
5,976
• Nevada-Cal-Oregon. 3d wk Feb
33,953
43,626
9.282
4,737
. Nevada Central..... December..
839,232
838.965
N 0 Great Northern December.. 131,544 132,868
962,426
913,790
178,571 175,006
N 0 Mobile 63 Chic_ December
*NYC& flud lily_ January __ 8,147.264 7,787,084 63,293,463 60,724,783
S January __ 3,847,877 3,716,506 29,463,831 29,423,589
Lake Shore &
425,785 450,609 3,322,417 3,393,052
n Lake Erie & W.January
328,184 310,642 2,277,949 2,124,551
Chic Ind 63 South January
2,388,902 2,384,920 18,493,977 18,072,331
Michigan Central. January
2,244,664 2,344,881 18,250,694 18,586,817
Cleve C C & St L. January
230,053 306,128 1,884,958 2,250,438
Peoria 63 Eastern January
800,207
803,918
92,215
99.608
Cincinnati North_ January
1,232,883 1,014,696 9,604,126 0,783,772
Pitts 63 Lake Erie January
883,694 891,009 8,749,896 6,680,362
'• N Y Chic & St L. January
397,520 338,879 3,227,893 3,263,179
Tol & Ohio Cent_ January
20219901 19624 962 157369 414 155106 576
Tot all lines above January
July 1 to Latest Date.:
Latest Gross Earnings.
July 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
3
4,883,604 4,777,720 37,846,605 37,142,941
N Y N Ii & H rtt__ January
4,977,401
N Y Oat & West _.... Oeeem cr.. is., ,422 734,160 4,177,33
N Y Susq & West... January -- 319,062 315,310 2,322,012 2,205,602
233,349 225,960 1,827,633 1,658,312
Nortek Sou t•iern_ _ January
3,257,244 2,035,533 19,985,571 18,494,622
Norfolk & Western.. Docein
3,981,672 4,254,916 38,398,442 40,733,467
Norte rn Pacific__ January
Pacific Coast Co..__ December.. 588,9136 605,683 4,074,787 4,370,717
12780,390 12359,831 94,942,121 94,268,256
Pennsylvania RR_ _ January
9,526
177,813 . 177,659'
12,914
Bait Ches & Atlan January
231,980 232,945 1,731,528 1,869,460
Cumberland Vail.. January
6,102,181
668,358
8,500,713
637,069
January
Island
Long
87,884
4,817
6,224
90,074
Maryi'd Del 63 Va January
225,254 239,612 1,953,283 2,013,651
N Y Phlia & Nor; January
955,598 1,034,674 7,493,662 7,695,032
Northern Central. January
1,436,741 1,441,442 11,231,646 11,400,580
Phila Balt& Wash January
319,687 316,926 3,979,967 3,874,105'
W Jersey & Seash January
3,886,505 3,683,507 31,357,685 32,086,539
Pennsylvania Co.... January
358,949 395,477 3,045,454 3,121,448
Grand Rap 63 Ina January
3,204,825 3,112,714 23,703,145 23,985,417
Pitts Gin en &St L January
Vendetta
848,990 824,524 6,049,321 6,476,969
January
Total lines741 5,239 7101,108 138485,154 36026,250
East Pitt; & E_ January
West Pitts & E Jauuary
8,390,717 8,099,171 60,783,324 68,068,037
All East& West January
25805 957 25200 278 203268 481 204094290
January
1,157,198 1,198,750 10,250,024 9,712,934
Pere Marquette
80,208
14,099
14,641
87,516
Raleigh & Southp't December..
Reading CompanyPhila 81 Reading_ January -- 3,762,591 3,710,073 27,043,278 26,783,370
.1,235,708 3,418,577 22,066,194 20,182,750
January
Coal & Iron Co
7,998,389 7,126,650 49.111,472 46,946,119
Total both cos__.. January
Rich Fred 83 Potom Decem uer.. 210,213 187,424 1,169,402 1,092,979
77,774
75,930
December..
562,141
Rio Grande June_
554,000
7,927
3d wk Feb
11,811
330,877
384,078
Rio Grande South
January __ 4,703,629 5,328,807 38,839,411 41,844,690
Rock Island Lines
Decem uer.. 264,966 264,272 1,842,884 1,863,490
Rutland
843,166
919,553
St Jos & Grand Isl.. December.. 114,063 141,527
St Louis & San Fran December.. 3,889,504 3,914,985 22,197,221 22,770,519
I Chic & East Ill_ December.. 1,354,079 1,414,046 8,155,206 8,029,019
Total all lines_ ___ December.. 5,043,583 5,329,032 30,352,427 30,799,530
913,774 1,119,393
St L Rock Mt & P__ December.. 183,268 220,357
St Louis Southwest_ 3d wk Feb 249,851 212,256 8,021,119 8,226.956
December.. 694,351 763,276 4,382,428 4,113,650
San PedLA
Seaboard Air Line_ _ 3d wk Feb 451,308 497,075 14,301,584 13,610,062
10005151 9.989,086 79,074,516 81,126,809
Southern Pacific Co January
Southern Hallway.. 3d wk Feb 1,216,901 1,222,827 40,848,152 39,636,786
Mobile & Ohio..... 3d wk Feb 194,707 197,589 7,387.837 7,140,118
Cm N 0 & Tex P.. 3d wk Feb 179,701 191,688 6,172,087 6,154,098 ,
84,877 3,056,637 2,971,456'
88,250
Ala Great South.. 3d wk Feb
52,344 1,500,107 1,585,572
50,391
Georgia Sou 63 Fla 3d wk Feb
1,724
69,128
60,450
1,959
Tenn Ala & Georgia 3d wk Feb
Texas & Pacific__ _ 3d wk Feb 305,166 272,751 11,504,112 11,114,173,
7,303
.57,451
6,696
49,735
Tidewater & West. January _27,602
22,564
842,420
858,582
Toledo Pear & Watt 3d wk Feb
77,374
81,782 2,595,192 2,491,988
Toledo St L & West 3d wk Feb
8,935
8,246
50,487
43,484
Tombigbee Valley__ December.
5.781.538 6,309,716 52,826,083 56,135,133
Union Pacific Syst_ January
136,495 124,1,4
805,260
677,378
Virginia & So West_
December.. 371.781 303,267 2,350,409 1.774.634
Virginian
December.. 2,426,283 2,597,821 15,282,521 15,871,269
Wabash
Western Maryland., 1)ecember.. 568,225 553,417 3,603,533 3,778,091
Wheel & Lake Erie_ January _ 581,987 462,754 4,558,761 4,152,626
25,706
28,918
216,104
197,864
Wrightsv & Tennille January _784,809 1,050,183 6,050.826 6,681.340
Yazoo &Miss Valley January
Period.
Various Fiscal Years.
Jan
Delaware 63 Hudson
N Y Central 63 Hudson River_e_ Jan
Lake Shore & Michigan South Jan
Jan
Lake Erie & Western_n
Chicago Indiana 63 Southern_ Jan
Jan
Michigan Central
Cleve Cln Chicago & St Louis Jan
Jan
Peoria & Eastern
Jan
Cincinnati Northern
Jan
Pittsburgh do Lake Erie
New York Chicago & St Louis Jan
Jan
Toledo & Ohio Central
Jan
Total all lines
Jan
Pennsylvania It si.road
Baltimore Chesap & Atlantic_ Jan
Jan
Cumberiand Valley
Jan
Long Island
Maryland Delaw 63 VirgInia..- Jan
N Y Philadelphia & Norfolk_ Jan
Jan
Northern Centrat
Jan
Philade phla Bait & Wash
Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan
Grind Rapids &
Plttsb Cincln Chic & St Louis Jan
Jaa
Vandalia
Total lines-East Pitt ea Erie Jan
West Pitt & Erie Jan
All lines B & W.. Jan
Dec
Rio Grande Junction
Jan
Rutland
Jan
Texas & Pacific
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
oo
t
Dec
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
tJan
an
o
to
Jan
to j
to Jan
to Jan
to Jan
to Jan
to Jan
to Jan
to Jan
to Jan
to Deo
to Deo
to Feb
Current
Year.
Previous
Year.
5
3
31 21,357,924 20,320,870
31 8,147,284 7,787,084
31 3,847,877 3,716,506
31
425,765
450,609
31
310,642
328,184
31 2,388,902 2,364,920
31 2,244,664 2,344,881
306,128
31
230,953
99,608
92,215
31
31 1,232,863 1,014,696
891,009
883,894
31
338,879
397,520
31
31 20,219,901 19,624,963
1 12,780,390 12,359,831
31
3
9,526
12,914
231,480
31
31
232,946
688,358
637,067
4,817
8,224
31
225,254
239,612
955,598 1,034,674'
31 1,436,741 1,441,442
31
319.637
316,928
31 3,886,505 3,683,507
31
358.949
395,477
31 3,204,825 3,112,714
31
848,090
824,524
31 17,415,239 17,101,106
31 8,390,717 8,099.171
31 25,805,957 25,200,278
31
75,930
.77,774
31 3,410,713 3,339,834
21 2,282,296 2,109,932
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
I
Cuent Year Prev's Year Inc. or Dec.
%
Monthly Summaries,
Cuent Year Prev's Year Inc. or Dec.
Mileage. Cur.Yr. Preir.Yr.
242,933 239,132 218,177,123 225,700,811 --7,523,688 3.33
15.343,409 14,035,136 +1,308,273 9.32 April
week Deo (42 roads)
+485,600 3.38 May
243,170 239,357 220,042,771 234,339,874 --4,697,103 2.00
:3d week Dec (45 roads).._.... 15,360,303 14,880,703
--555,066 2.80 June
943,732 240.012 231,807,033 238,158,755 ---6,450,702 2.71
14thweek Dec (42 coeds)---- 10,416.818 19,971,884
+119,058 1.04 July
244,508 240,088 231,688,006 233,169,887 ---1,481,881 0.55
,1St week Jan (42 roads)...... 11,753,095 11,634,037
-803,950 6.44 August
244,531 240,170 253.043,102 254,888,944 --1,843,842 0.72
11.097.198 11,903,148
Id week Jan (42 roads) _
A-507,987 0.19
-466,387 3.89 September-245,494 240,825 257,256,782 250,748,775
;3d week Jan (37 roads)-__ 11,570,415 12,036,782
4th week Jan (44 roads)____ 20,138,140 17,930,265 +2,200,875 12.27 October _215,633 241,321 266,084,129 263,637,353 -1,2.426,773 0.92
November _234,209 231,56:1 241,343,783 243,111,388 --1,767,625 0.73
!let week Feb (39 roads)....... 13,109,182 11,938,471 +1,170,711 9.81
+603,327 4.78
December ....238,581 235,835 233,614,012 232,275,177 A-1,339,735 0.57
2d week Feb (40 roads)---- 13,233,848 12,830,319
•
--103,181
87,407
85,984 57,898,284 58,001,445
3d week Feb (42 roads)---- 13,450,409 12,651,965 +798,444 8.31 January
of
Colorado
earnings
Springs & Cripple Creek District Ely. from Nov 1 1911: in 1010 these returna
a Mexican currency. I Dees not Include
are included. e Includes the Boston 83 Albany, the New York & Ottawa, the St. Lawrence 63 Adirondack and the Ottawa & N. Y. fly., the latter
of which, being a Canadian road, does not make returns to the Inter State Commerce Commission. f Includes Evansville 33 Terre Haute and Evans..
'villa 63 Indiana RR. g Includes the Cleveland Lorain & Wheeling By. in both years. n Includes the Northern Ohio RR. p Includes earnings of
,Mason City & Ft. Dodge and Wisconsin Minnesota 83 pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. 8 Includes the
_ all_ other recelPts.
Mexican International from July 1910. u Includes the Texas Central. v Includes not only operating revenues,_but also
MAR. 2 193 2.1
THE CHRONICLE
Latest Gross Earnings by Week.-In the table which follows we sum up separately the earnings for the third week of
February. The table covers 42 roads and shows 6.31% increase in the aggregate over the same week last year.
Third week of February.
1912.
1911.
Increase. Decrease.
3,373
84,877
88,250
Alabama Great Southern
1,549
37,254
38,803
Ann Arbor
5,035
59,518
64,553
Atlanta Birm & Atlantic
26,074
180.130
206,204
Buffalo Rochester & Pittsburgh
224,200
99,300
323,500
Canadian Northern
2,127,000 1,681,000 446,000
Canadian Pacific
288,900
289,100
Central of Georgia
583,567 125,195
708,762
Chesapeake & Ohio
291,212
41,084
332,296
Chicago & Alton
13,435
299,194
285,759
Chicago Great Western
114,332
104,855
9,477
Chicago Indianapolis & Louisv_
179,701
191,688
Cin New Orleans & Tex Pacific_
258,729
250.480
Colorado & Southern
331,700
54,500
386,200
Denver & Rio Grande
4,852
23,480
18,628
Detroit & Mackinac
5,768
54,665
48,897
Duluth South Shore & Atlantic
50,391
52,344
Georgia Southern & Florida__ _
Grand Trunk of Canada
748,988
69,741
818,729
Grand Trunk Western_
Detroit Grand Haven & MIL
Canada Atlantic
209,638
162,517
Interoceanic of Mexico
52,000
152,000
204,000
International & Great Northern
1,123,950 1,022,680 101,270
Louisville & Nashville
213
15,296 •
15,509
Mineral Range
169,670
168,684
Minneapolis & St Louis
Iowa Central
88,544
376,129
464,673
Minneapolis St Paul & S S M_ _
Chicago Division
1,080
502,446
503,526
Missouri Kansas & Texas
99,000
948,000
1,047,000
Missouri Pacific
197,589
194,707
Mobile & Ohio
862,365 1,263,339
National Rys of Mexico
4,026
1,950
5,976
Nevada-California-Oregon
3,884
7,927
11,811
Rio Grande Southern
37,595
249,851
212,256
Southwestern
Louis
St
497,075
451,308
Seaboard Air Line
1,216,991 1,222,627
Southern Railway
235
1,959
1,724
Tennessee Alabama & Georgia_
305,166
272,751
32,415
Texas & Pacific
27,602
22,564
5,038
Toledo Peoria & Western
77,374
81,782
Toledo St Louis & Western_ _ _ _
Total (42 roads)
Net increase (6.31%)
13,450,409 12,651,965 1,328,607
798,444
200
11,987
8,249
1,953
47,121
981;
2,882
400,974
45,767
5,636
4,408
530,163
Net Mailings Monthly to Latest Dates.-The table following shows the gross and net earnings of STEAM railroads
will industrial companies reported this week:
Roads.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Atoll Topeka & San Fe b Jan 8,333,262 8,528,246 52,177,343 52,316,716
63,270,046 64,204,572520,751,950522,791,910
July 1 to Jan 31
685,704
607,839
Jan 3,297,744 3,370.566
Boston & Maine_b
27,337,275 26,900,348 6,561,168 6,716,459
July 1 to Jan 31
229,316
746,252
707,660
225.081
Buffalo Roch & Pitts_b_Jan
5,607.337 5,644,900 1,821,639 2,098.691
July 1 to Jan 31
Jan 1,228,100
101,700
223,700
822.600
Canadian Northern
11,562,800 8,869,200 3,168.800 2,592,700
July 1 to Jan 31
656,118
Jan 7,328,782 5,740,206 1,802,858
Canadian Pacifica
69,895,148 61,527,857 25,553,106 23,272,826
July 1 to Jan 31
c319,007
c195.832
Central of Georgia_ _ _ _b_Jan 1,112,005 1,105,472
8,300,478 7,869,255 c2,543,419 c2,572,128
July 1 to Jan 31
3,145
4,825
5,860
1,559
_Dec
Lancas__
&
Chesterfield
17,905
35,619
13,072
32,016
July 1 to Dec 31
3207,140
1,065,366
1,144,504
390,481
Jan
Chicago & Alton _a
8,941,100 8,939.814 31,992,687 32,117,937
July 1 to Jan 31
219,730 1,015,307
Chicago & North West a _Jan f5,007,161 f5,526,613
/45,651,088447,273,594 12,309,780 13,074,048
July 1 to Jan 31
165.016
304,765
Chic St Paul M & 0_a__ _Jan f1,109.296 f1,239,412
/9,242,953/10,192.844 2,514,366 3,306,177
July 1 to Jan 31
290,550
428,226
Colorado & Southern_b__Jan 1,154,333 1,335,752
8,888,994 10,459,894 3,133.740 3,802,203
July 1 to Jan 31
192,255
148,893
315,784
368,472
Jan
Cuba Railroad
669,096
876,567
1,951,137 1,577,719
July 1 to Jan 31
Delaware Lackawanna & Western_ b9,578,564 9,398,291 3,883.018 3,907,071
Oct 1 to Dec 31
19,174,316 18,534,818 7,590,602 7,641,815
July 1 to Dec 31
36,586,563 36,052.931 14,267,911 15,420,483
Jan 1 to Dec 31
Syracuse Bing & N Y_b126.825
112,106
277,032
293,703
Oct 1 to Dee 31
248,832
245.779
579.655
601,747
July 1 to Dec 31
380,416
469,539
Jan 1 to Deo 31
1,125,190 1,070,231
def6,601
19,128
84,701
92,886
Detroit & Macklnao_a__ _Jan
118,340
185,260
702,724
690,300
July 1 to Jan 31
916,440
609,105
Jan 4,215,898 4,206.553
Erie_a
34,235,491 33,802.949 0,133,000 9,463,027
July 1 to Jan 31
719
def5,537
1,909
2,172
Fairchild & Northeast_ b_Jan
2,545 def13,182
14,044
15,012
July 1 to Jan 31
67,541
28,025
66,651
33,270
Fonda Johns & Glov____jan
564,338
298,245
564,047
300,294
July 1 to Jan 31
273,087
302,390
55,075
80,708
Jan
Georgia Railroad_ b
604,437
2,049,209 1,946,118
517,407
July 1 to Jan 31
783,211
786,054
288,561
305,742
gInteroceanic of Mexico_Jan
4,974,003 5,083,990 1,690,859 1,881,133
July 1 to Jan 31
gNational Rys of Mexlco_Jan 5,750,406 5,483,283 2,512,177 2,206,437
38,002,283 37,427,472 17,390,488 15,446,354
July 1 to Jan 31
NYNH& Hartford_b_ _Jan 4,883,604 • 4,777,720 1,372.981 1,380.554
31
Jan
to
37,846,605 37,142.941 13,592.661 13,110,988
July 1
106,130
77,359
315,310
319,062
N Y Susq & Western_a_ _Jan
31
690,496
742,686
2,322,011 2,205,602
July 1 to Jan
Riv_
b_Jan
8,147,264 7,787,084 1,606,919 1,179,571
qN Y Cent & Hud
801,262
Lake Shore & M S_b_ _Jan 3,847,877 3,716,506 1,045,324
73,775
425,765
50,985
450,609
eLako Erie & West_b_ _Jan
32,512
328,184
21,545
310.642
Chic Ind & South_ b_ __Jan
338,536
584,072
Michigan Central_b__ _Jan 2,388,902 2,364,920
328,534
240,344
Clev CM Chic & StL_b_Jan 2,244,644 2,344,881
230,953
29,407
306.128
55.387
Peoria & Eastern_b__ _Jan
92,215
99,608 def.3,880
10,060
Cincinnati Northern_b_Jan
_Jan
1,232,863
_
Erie_b_
1,014,606
441,633
498,618
Pitts &Lake
883,694
StLouls_b_Jan
891,009
178,377
153,585
&
NY Chic
397,520
338,879
79,504
44,389
Toledo & Ohio Cent_b_Jan
Jan20,219,901 19,624,962 4,306,423 3,484,036
Total all Ilnes_b
Jan 3,918,672 4,254,916 • 917,724 1,218,657
Northern Pacific_b
38,398,442 40,733,468 16,025,611 16,524,507
• July 1 to Jan 31
Roads.
621
--NetEarnings
-GrossEarnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
Pennsylvania linesPenna Railroad _a_ _ _ _Jan_12.780,390
Balto Ches & Atl_a__Jan
9,526
Cumberland Valley_a_Jan
231.480
Long Island_a
666,358
Jan
Maryland Del & Va_a_Jan
4,817
N Y PhIla & Norf_a Jan
225,254
Northern Central_a_ _Jan
955,598
Phila Balto & Wash a Jan 1,436,741
West Jer & Seashore a Jan
319,687
Penna Company _a__ _Jan 3,886,505
Grand Rapids & Ind a Jan
358,949
Pitts Cinc Ch & St L a Jan 3,204,825
Vandalic' a
Jan
848,990
Total East of P & E a_Jan17,415.239
Total West of P & E a Jan 8.390,717
Total all lines_a___Jan 25,805,957
Reading CompanyPhila & Reading_b__ _Jan 3,762,591
July 1 to Jan 31
27,045,278
Coal & Iron Co_ b
Jan 4,235,798
July 1 to Jan 31
22,066,194
Total both cos_b
Jan 7,998,389
July 1 to Jan 31
49,111,472
Reading Company_ _Jan
July 1 to Jan31
Jan
Total all cos
July 1 to Jan 31
Rock Island Lines_ b_ _ _ _Jan 4,703,629
38,839,411
July 1 to Jan 31
Jan10.005,151
Southern Pacifica
79,074.516
July 1 to Jan 31
Southern Railway_b_ _ _ _Jan 4,852,377
37,199,614
July 1 to Jan 31
195,096
Georgia South & Fla _ b Jan
1,441.264
July 1 to Jan 31
Jan 899,101
Mobile & Ohlo-b
6,763,195
July 1 to Jan 31
209,078
Toledo St L & West_a__Jan
2,360,158
31
Jan
to
July 1
Jan 5,781,538
Union Pacifica
52,826,083
July 1 to Jan 31
151,674
Virginia & Southwest_b_.Tan
July 1 to Jan 31
1,016,934
25,706
WrIghtsv & Tennille_ b_ _Jan
216,104
July 1 to Jan 31
12,359,831 1,756,460
12,914
def4,952
232,945
47,837
637,069 def28,398
6,224
def3,877
239,612
26,298
1,034,674 def63.242
104,297
1,441,442
316,926 def118,916
511,547
3,683,507
395,477 def10,438
609,065
3,112,714
149,025
824,524
17,101,106 1,646,520
8,099,171 1,278,000
25,200,278 2,924,521
1.952,862
def 807
80,685
def47,165
def1,502
43,843
14,124
155.301
dcf61,749
421,872
26.791
592,195
126,646
2,078.536
1,189,612
3,268,149
3,710,073 1,253,220
26,763,370 9,630,257
3.416,577
346,632
664.967
20,182,750
7,126,650 1,599.852
46,946,119 10,295,223
151,564
1,146,381
1,751,416
11,441,604
5,326,807
735,250
41,844.600 10.460,629
9.989,086 2,010,008
81,126,809 25,244,824
4,878,866 1,215,856
36,021,587 12,183,136
197,533
36,361
1,428,536
358,910
206,306
935.488
6,508.651 1,907,261
281,697
p63,656
2,276,862 p565,820
6,309,716 1,268,694
56,135,133 20,631,112
136,075
48,138
813,451
354,116
28,918
4,316
197,664
70,409
1.359,195
9,628,525
102,744
311,867
1,461,939
9,940,393
148,695
1,031,281
1,610,634
10,971,674
1,276,874
12,450,805
2,331,647
27,804,013
1,370,473
11,948,814
38.301
347,485
263,071
1,951,254
p43,539
p638,020
2,060,237
23,947,957
44,119
266,268
9,521
78,129
INDUSTRIAL COMPANIES.
-GrossEarnings- -NetEarnings
Current
Previous
Current
Previous
Year.
Year.Year.
Companies.
Year.
$
Nov 1,464,059 1,382,108
194,487
131,616
Adams Express_b
6.893.916 6,618,745
727,487
808,373
July 1 to Nov 30
456,159
375,145
American Express_b_ _ _ _Nov 2,157.176 1,886,918
9,840.064 9,302,635 1,521,776 1,456,730
July 1 to Nov 30
96,091
48,697
97,913
47,756
Keystone Tel & Tel_a_ _ _Jan
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for outside operations and taxes, operating income for
Jan. 1912 was $149,519. against $278,730; from July 1 to Jan. 31 was
$2,236,957 in 1911. against $2.294,629 last year.
e Includes the Northern Ohio RR.
f Includes not only operating revenue, but also all other receipts.
g These results are in Mexican currency.
The company now includes the earnings of the Atch. Top. & Santa Fe
Ry., Gulf Colo. & Santa Fe Ry., Eastern Ry. of New Mexico System,
Santa Fe Prescott & Phoenix Ry., Southern Kansas Ry. of Texas. Texas
& Gulf Ry., G. & I. Ry. of T., C. S. S. & L. V. RR. and R. G. & E. P.
RR. In both years. tor January taxes amounted to $355,550, against
$307,814 In 1911: after deducting which, net for January 1912 was $1,821,793, against $2,008,902 last year. From July 1 to Jan. 31 taxes were
$2,459,373 in 1912. against $1,979,461 last year.
p For J'anuary miscellaneous charges to income were $11,201. against
$4,267 In 1911; for period from July 1 to Jan. 31 were $100,551 in 1912,
against a credit of $95.133 In 1911.
g Includes the Boston dt Albany, the N.Y. & Ottawa, the St. Lawrence &
Adirondack and the Ottawa & N. Y. Ry., the latter of which, being a Canadian road, does not make returns to the Inter-State Commerce Commission.
s After allowing for miscellaneous charges to income for the month of
January 1912, total net earnings were $48,261, against $150,930 last year;
for period from July 1 to Jan. 31 were $1,550,237 this year, against $1,608,366.
Interest Charges and Surplus.
Roads.
-Int , Rentals. &c.- -Rat. of Net Evens.Current
Previous
Current
Previous
Year.Year.
Year.
.
Yesar.
174,748
172,798
117,959
130,982
Buffalo Roch & PittsbJan
1,208,087 1,230,558 1,021,682 1,373,613
July 1 to Jan 31
225,004
790,303 def.587,469
Chicago & Northwestern_Jan 807,198
5,228.134 5,408,767 7,080,646 7,666,181
July 1 to Jan 31
138,873
176.052
165,891 df.11,036
Chicago St Paul M & 0__Jan
1,223,464 1.181,703 1.290,902 2,127,473
July 1 to Jan 31
c52.861
272,638
c131,127
270,010
Jan
Colorado & Southern_
1.922.693 1,897.015 c1,458,405 c1,877.913
July 1 to Jan 31
127,130
59.625
89,268
65.125
Jan
Cuba RR
279,625
450,692
425,875
389,471
31
July 1 to Jan
Delaware Lackawanna & Western2,665.626 2,480,262 z2.739,442 z2,993,650
Oct 1 to Dec 31
4,990,940 4,965,932 z5,211,947 z4,899,110
July 1 to Dec 31
9,625.422
9,466,251 29,632,043z10,721,983
31
Dec
to
Jan 1
Syracuse BIng & N Y67,372
31
76,556 z120,581
z90,547
Oct 1 to Dec
104,389
110,673 x263,141
x246,921
July 1 to Dec 31
179,927
190,785 x543,032 z558,925
Jan 1 to Dec 31
Jan
73.939
82,068 zdef10.002
z8,771
Georgia RR
488.127
533,917 z183.632
z47,950
July 1 to Jan 31
Jan
868.250
Company
888,660
883.166
721,974
Reading
6,077,750 6,220,624 5,363,854 4,751,050
July 1 to Jan 31
INDUSTRIAL COMPANIES.
-Int., Rentals. &c.- -Bat, of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Companies.
Year.
Year.
• .
$
$
$
$
Jan
25,132
24.438
23,565
23,318
Keystone Tel & Tel
miscellaneous
charges and credits to Income.
•c After allowing for
z After allowing for other income received.
•
THE CHRONICLE
622
ELECTRIC RAILWAY AND TRACTION COMPANIES.
(Vol, Lxxxxiv.
-Gross Earnings- --Net Earnings-Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
310,380
279,183
635,312
San
of
Fran_Jan
671,393
United RRs
296,481
293,669
920,910
932,895
United Rys of St L_a___Jan
Utica & Mohawk Valley _ b142,999
166,905
315,266
Oct 1 ta Dec 30
338,581
316,651
342,958
July 1 to Dec 31
708,858
669,426
550,056
019,713
1,336,148 1,257,620
Jan 1 to Dec 31
Roads.
Latest Gross Earnings.
•
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
.Previous
Year.
$
$
$
3
351,274
373,510
American Rys Co__ __ January __ 373,510 351,274
17,592
20,120
17,592
20,120
Atlantic Shore By.... January __
121,196
cAur Elgin & Chic /ty January -- 125,717 121,196
125,717
a Net earnings here given are after deducting taxes.
45,176
53,448
Bangor By & Elec Co January __
53,448 45,176
b Net earnings here given are before •deducting taxes.
119.476
110.174
Baton Rouge Elec Co December.. 12,453 11,003
28,499
31,964
Binghamton Railway January __
28,499
31,964
Interest- Charges and Surplus.
119,626
Brock & Piym St ity_ December .
8,040
7,672
119,201
Bklyn Rap Tran Syst November_ 1871,329 1764,648 21,313,325 20,004,850
-Int., Rentals, &c.- -Bat. of Net Earns.326,010
337,555
Cape Breton Elec Co_ December.. 31,418 29,520
Current
Previous
Current
Previous
31,032
36,914
31,032
Carolina Pow & Lt Co anuary __
36,914
Year.
Year.
Year.
Year.
Roads.
385,086
585,035
53,022 53,201
Cent Park N & E Riv November_
$
$
$
$
66,884
70,269
70,269 66,884
Central Penn Trac__ _ anuary __
11,693
10,800
15,762
12,116
Jan
73,533 Bangor By & Elect
81,004
81,004 73,533
Chattanooga By & Lt January __
113,442
84,206
118,838
95,919
Jan
to
1
31
July
355,469
366,143
27,234
28,173
December..
Cleve Painesv & East
85.950 1,128,622 1,054,089 Binghamton Railway.._Jan
2,608
1,693
9,528
9,902
Clev Southw & Colum ,December.. 93,414
492,325
428,154
Columbus (Ga) El Co December.. 46,318 40,834
dcf3,818
14,344
def8,775
14,221
& Sub Elm Cos_ _Jan
99,939 104,157 1.306,083 1,392,878 Boston
Coney Island & Bklyn November_
47,636
51,105
99,201
99,914
1
31
July
Jan
to
Dallas Electric Corp_ December.. 152.926 139,291 1,632,291 1,469,318
11,644
11,011
19,113
21,269
768,420
686,893 Chattanooga By & Lt__ _Jan
Detroit United By... 4th wk Jan 257,604 221,621
564,094
53,166 51,082
559,073 East St Louis 6: Sub..._Jan
DDEB & Batt(Rec) November_
40,478
35,027
48,055
45,236
87,844
87,844 84,196
84,196
Duluth-Superior Trac January __
20,929
15,588
12,827
18,266
188,724 Fairmount & Clarksb__ _Jan
191,036
East St Louis & Sub_ January __ 191,036 188,724
.25,930
15,102
27,998
14,790
Jan
691,607
640,658 Grand Rapids By
December.. 73,494 65,168
El Paso Electric
58,700 52,363
58,700
52,363 Honolulu Rap Tr & Land Jan
Fairm & Clarks Tr Co anuary __
x10,407
x15,048
6,593
6,612
42dStM&SNAv (Bee) November_ 138,027 124,449 1,472,339 1,320,076
90,986
104,828
45,764
39.155
Jan
December.. 137,103 115,123 1,523,169 1,312,986 Montreal Street By
Galy-flous Elec Co
450,992
524,454
140,809
158,840
Oct 1 to Jan 31
97,448 92,067
92,067
97,448
Grand Rapids By Co_ January __
35,755
46,775
32,092
25
360,812 Nashville By & Lt
44,145
371,148
34,721
33,300
Wk Jan
Jan
Havana Elec By Co
Honolulu Rapid Tran
York State Rys45,486
38,921 New Oct
anuary __
45,436 38,921
& Land Co
x372,174
x382,882
205,941
212,665
31
Dec
to
1
311,475
25,032
300,963
Houghton Co Trac Co December.. 24,814
410,883 x795,559 z687,156
427,438
July 1 to Dec 31
Hudson & Manhattan November_ 406.133 362,793 4,187,100 3,616,087
764,070 z1,379,573 x1,163,710
841,351
Jan 1 to Dec 31
Illinois Traction Co_ _ December.. 637.492 620,403 6.902,221 6,100,250
120,557
117,502
123,509
136,695
Interboro Rap Tran_ November_ 2690,886 2558,279 27,486,486 26,589,136 Port (Ore) Ry,L&Pow__Jan
576,081 Schenectady Railway567,548
December.. 51,090 55,397
Jacksonville 'l're Co
1,110,541
1,165.685
33,718
z76,319
x75,562
37,462
91,802
95.828
Lake Shore Eleo fly _ November_
Oct 1 to Deo 31
194,336
195,186
13,930
x203,069
75,507
72,272 z197,997
13,838
Long Island Electric_ November_
July 1 to Dec 31
x337,504
145,965 z347,938
150,723
Metropolitan St (Bee )November 1144,966 1143,149 12,508,039 12213,320
Jan 1 to Dec 31
4,694,392
5,038.691
423,524
Milw El Ry & Lt Co_ December,. 466,546
225,546
231,560
z74,334
_Jan
x66,236
Louis_
St
of
Rys
United
Milw Lt, lit & Tr Co_ December.. 90.333 80,894 1,121,205 1,056,750
370,125 Utica & Mohawk Valley417,962
Montreal Street Ry January __ 417,962 370,125
75,194
31
73,250
Dec
x90,895
to
1
z70,163
Oct
161,903
168,135
Nashville By & Light January __ 166,135 161,903
149,727
147,209 z164,337 x170,602
Jan 1 to Dec 31
6,380,909 6,099,234
New Orleans By & Lt December.
296,733
294,483 r324,861
x258,058
July 1 to Dec 31
211,806
280,368
31,648 21,001
N Y City Interboro__ November_
27,447
361,037
345,882
28,014
NY & Long 1st Trac_ November_
96,775 88,652 1,155,022 1,036,527
x After allowing for other income received.
N Y & Queens County November_
14,012 13,046
172,920
164,965
Northam Easton & W December
252,174
217,315
No Caro Pub Serv Co December.. 24,124 20,873
209,388
186,271
North Ohio Trac & Lt January .._ 209,388 186,271
North Texas Elec Co_ December.. 143,155 127,969 1,622,875 1,442.807
4,122
3,383
118,834
Ocean Electric (L I). November_
107,469
265,296
Paducah Trac&Lt Co December.. 26,835 24,296
249,746
273,103
286.715
Pensacola Electric Co December.. 24,307 25,561
Annual Reports.-An index to annual reports of steam
Phila. Rapid Trans Co January __ 1808,472 1716,946 1,808,472 1,716,946
511,624 railroads, street railways and miscellaneous companies which
531,213
Port(Ore)Ry,L&PCo. January __ 531,213 511,624
Puget Sound Elee Co_ December.. 147.788 157,981 1,766,742 1,915,289 have been published during the preceding month will be
317,085
336,253
25,407 23,683
Richmond Lt & RR_ November_
given on the last Saturday of each inonth. This index will
Rio de Janeiro Tram
Light & Power Co_ December 1173,566 997,007 12,951,050 10,942,047 not include reports in the issue of tile "Chronicle" in which
St Joseph (Mo) Ry.L1
it is published. The latest index will be found in the issue
96.048 1,099,285 1,038,056
Heat & Power Co_ December.. 101,401
282,356 of Feb. 24. The next will appear in that of March 30.
363,510
Sao Paulo Tr, L & P. January __ 363,510 282,356
696,668
632,356
53,515
Savannah Elec Co___ December.. 62.079
Chicago Terre Haute & Southeastern Ry.
Seattle Electric Co__ December.. 467,907 493.842 5,440,055 5,588,188
860,206
781,047
76.119 69,503
Second Ave (Bee)... November_
(Results for Year ending June 30 1911.)
115.810
102,548
8,856
9,977
November
Southern Boulevard_
18,000
14,584
18,000 14,584
Sou Wisconsin By Co January __
This company on Jan. 1 1911 succeeded to the properties
261,704
18,472 16,683
245,484
Staten Isl'd Midland_ November_
691,323
592,964 of the Southern Indiana Ry. and Chicago Southern RR.,
Tampa Electric Co._ 1)ccember.. 66.390 47,254
Third Avenue (Bee). November_ 304,882 283,368 3,363,780 3,140,597
4,851,541 4,377,116 both foreclosed. The following statement has been furnished
Toronto Railway Co_ December.
Tri-City By & Lt Co_ December_ 264,993 240,614 2,707,472 2,513,487 to the "Chronicle", showing the results for the entire year
Twin City Rap Tran_ 3d wk Feb 151,087 144,571 1,071,212 1,033,912 ending June 30 1911, covering for the first six months tile
,
Underground El By
results under the receiver of the two roads and for the halfof LondonThree tube lines.... Wk Feb 24 £14,850 £13,920 £120,015 £113,700 year ended June 30 the earnings of the new corporation:
£94,309
£101,547
£11,781
£12,905
24
Feb
Wk
Metropolitan Dist_
£41,503
£42,323
United Tramway__ Wk Feb 24 £5,406 £5,372
STATISTICS OF TRAIN MILEAGE, ETC.
November_ 193,424 173,023 2,271,183 2,052,518
Union (Bee)
Sou. Indiana. Chicago Sou. C. T. 11.&S.
Unionny,G&ECo(111) December.. 325,314 294,154 3,190,110 2,981.711
148,026
152,388
train
Passenger
mileage
920,919
932,895
United Rys of St L January __ 932,895 920,919
143,587
205,840
224,525
671,393
635,312 Freight train mileage
United RRs of San Fr January __ 671,393 635,312
15,723
1,266
13,044
mileage...
Mixed
and
train
special
556,052
42,073
490,484
45,685
Westchester El (Bee) November_
388.374
411,160
Whatcom Co Ry & Lt December.. 39,233 39,084
__
370,189
144,853
389,957
Total train mileage
52,848
56,281
621,391
Yonkers RR (Bee).. November_
333,152
310,295
208626 Passengers carried
254.45%
Vnuncrat A. (Thin Ilv Ileeemlier.. 18.935 17.340
5,832,357
4,862,950
Passengers carried one mile
1,879,767
1,364,889
929,358
Freight moved (tons)
c These figures are for consolidated company.
90,433,771
08,470,734 111,791,166
Freight moved one mile (tons) _ _
Electric Railway Net Earnings.-The following table gives
GENERAL INCOME ACCOUNT, YEAR ENDED JUNE 30 1911.
-Six Months Ending- SixMos.End.
the returns of ELECTRIC railway gross and net earnings
Total
June 30 '11.
Dec. 31 1910.
reported this week.
Year.
Chic. Sou. C.T.H.&S.
Sou. Ind.
Earnings- Passenger
$106,261
-GrossEarnings- -NetEarnings
$230,805
$124,544
$281,694
Previous
715,727
Current
Previous
Current
1,748,491
751,070
Freight
1,362
10,252
Year.
Year.
Year.
Year.
Roads.
14,684
3,070
Miscellaneous
ANNUAL REPORTS,
390,530
Amerlean Light & Trac_Jan
53,448
Bangor By & Elect_a__ _Jan
384,913
July 1 to Jan 31
_Jan
_
31,964
Binghamton Railway_
60,404
Boston Sub Elec Cos_a_ _Jan
523,248
July 1 to Jan 31
36,914
Carolina Power & Light_ _Jan
70,269
Jan
Central Penna Trac
81,004
Lt_a_Jan
&
By
Chattanooga
191,036
East St Louis & Sub_a_ _Jan
58,700
Fairmount & Clarksb_ b_Jan
97,448
Grand Rapids Ry_.a__ _ _Jan
45,486
Honolulu Rap Tr & L_b_Jan
417,961
Montreal Street Ry_ b_ _ _Jan
1,711,770,
Oct.1 to Jan 31
166,135
Nashville By & Lt_a_ _ _ _Jan
New York State Rys_b910,087
Oct 1 to. Dec 31
1,938,923
July 1' to Dec 31
3,665,845
Jan 1 to Dec 31
531,213
Port (Ore) Ry,L&Pow a_Jan
Philadelphia Co (Pittt)_ _Jan 2,079,543
17,137,160
April 1 to Jan 31
363,510
Sao Paulo Tram, L & P..Jan
Schenectady By_ lipOct 1 to Dec 31
285,923
July 1 to Deo 31
621,694
Jan Ito Deg 31
1,188,003
Undergronnd Bleetrio Rys, London66,517
Metropolitan District _Jan
71,991.
Jan
London Etectric Ry
24,283
London United Tram_Jan
401,325
45,176
355,508
28,499
59,313
514,076
31,032
66,884
73,533
188,724
52,363
92,067
38,921
370,125
1,500,185
161,903
386,361
27,455
214,757
12,136
5,446
147,550
14,771
16,323
32,913
83,082
33,854
42,788
21,315
150,592
683,294
66,813
878,374
1,825,630
3,421,791
511,624
2,004,306
17,200,207
282,356
337,503
736,955
1,444,073
258,252
972,255
6,719,310
221,332
270,226
622,703
1,168,774
110,503
267,348
486,586
63,210
66,021
23,684
33,801
39,408
5,196
$283,056
$832,240 $1,993,980
$878,684
391,584
Totals
22,916 ! Expenses$24,040
$89,474
$209,115
$95,601
structures....
and
Way
197,648
28,503
162,618
430,098
238,977
Equipment
85,428
668,327
289,254
11,595 Traffic and transporta'n
293,645
13,616
83,636
46,260
23,760
10,526 General
150,306
$151,587
$587,606 $1,391,176
$651,983
Totals
13,033
$131,469
$602,804
$244,634
Net operating revenue.. $226,701
5,100
222,205
18,715 Other Income
89,136
127,969
30,724
$825,009
$136,569
$354,670
$333,770
_
_
_
income_
Total net
85,714 Deduct-Taxes
$12,375
$52,200
$41,571
0,760
2,344
22,798
33,756
Rents paid
See
1,950
11,770
127,094
Interest
41,032
below.
16,626
$76,139
$21,085
$181,638
Totals
$152,132
$115,484
$278,531
130,142 Balance for year
591,801
Present annual fixed charges include taxes, $106,000; bond interest (in69,145 cluding $3,350,000 1st & ref. 5s), $486,480, and about $4,500 for rentals
(Bedford Belt Ry., formerly a leased line, being now owned in fee); total,
of 1% on the $6,500,000 incomes,calling
392,405 $597,000. A first interest payment
1 1911. The independent properties under the
779,943 for $65,000, was paid Sept.1909-10,
gross, $1,899,409; net earnings. $714,year
for
reported
receiver
1,358,146
040; other income, $242,746; taxes, $108,542.
241,011
GENERAL BALANCE SHEET JUNE 80 1911.
972,185
Liabilities ($14,690.989).
Assets ($14,590,989).
7,533,970
$4,300,000
Capital stock
investment____313,710,701
!Property
179,956
9,888,750
166,470 Funded debt
, Materials and fuels
14,281
713,818 Accrued interest
Cash and current acc'ts__
106,072
106,465 •
Accrued taxes
129,550
269,679
Current account9
152,336
472,039
Profit and loss
The present funded debt as per reorganization plan (V. 91, p. 333. 337)
32,521 • aggregates'$17.737,000, consisting of $3,350,000 first and refunding 5s.
36,618 ,m500,000 income bonds, $7,537.000 Southern Indiana lot 48 and $360,001)
Belt lot 5s.-V. 93, p; 409.
5,098 Bedford
.
• •
MAR. 2 191 2
THE CHRONICLE
Toledo (0.) Railways & Light Company.
(Report for Fiscal Year ending Dec. 31 1911.)
The report dated at Toledo Jan. 19 says in substance:
623
CONDENSED GENERAL BALANCE SHEET
DEC. 31.
1911.
1910.
1911.
Assets1910.
$
LiabilitiesRoad, equip., &c_18,501,357 18,152,6
$
60 Preferred stock_ _ _ 3,862,500 3,862,50
Material & supplies
98,685
90,001 Common stock_ _ _19,952,400 19,952,4 0.
Cash
00,
89,213
41,264
Funded
debt--p8,
.y8,876,
_
876,500
500 8,876,500
Bills receivable_ _ _ 1,269,634
2,980,634 Taxes accrued
25.46
Accts. receivable_
115,0
99
41,352
40,915 Interest accrued ._
117,335
Other client assets
112,673
2,504
2,500 Bills payable_ _ _ 9C8,000
Investments-Rome
648,000
Accts. payable_ _ _
106,420
City St. Ry. bds. 200,000
124,340
200,000 Other unfund.debt 448,965
Stocks owned_ _ _x16,062,670
41,500
14,480,770 Other cur'nt liabiLs
Special deposits..
34,253
84,735
5,115
4,425 Reserves
27,541
Prepayments
369,743
4,014
5,964
Suspens
e
account.
.
Suspense accounts
4,186
2,079
Accrued amortizeRe-acquired securs
6,400
5,635
tion of capital
Accr'd amor. of cap
48,473
51,083 Surplus
1,785,175 1,965,075.
Total _
36,283,023 36,056,751
Total
36,283,023 36,056,751
x See list on page 110 of "Elec.
Rs,. Sec." y As stated In p. 110 of "Elec.
Sec.," except that the real estate
Ry
mortgages are now only $1,500.-V. 94,
p. 68.
Improvements.-In addition to maintaining
the properties, $350,773 was
spent for improvements and betterm
ents.
Franchises.-Under a temporary arrange
ment,the company is now offering a five-cent cash fare or sells tickets
at the rate of six for 25 cents, with
universal transfers, and betwee the hours
of 5:30 and 7:30 in the morning
and 4:30 and 6:30 in the eveningnpasseng
transfers, Children under eight years ers are carried for 3 cents an I given
of
age
arc carried for 1 cent during
all hours of the day. It is quite probabl
e that no permanent contract will
be made with the city until
a 90-day trial of the above rates of fare
has been made. (V. 94, p. after
69, 209.)
Indebtedness.-The bonded debt
of Toledo Traction Co. 6%
bonds, $6,000,000; Toledo Railwaysconsists
& Light Co. 4% bonds, $4,866,000;
Toledo Gas Light & Coke Co.4% bonds,
$150,000; Toledo Heating & Lighting Co. 5% bonds, $336,000; Toledo Gas, Electric
& Heating Co. 5%
bonds, $1905,000; total, $13,257,000.
In addition to the foregoing there are owned by the compan
y but pledged
to secure floating debt $2,192,000 bonds as follows
: Toledo Railways &
Light Co. 4% bonds (issued for 75% of actual cost of
betterm
ents and extensions), $1,134,000; Toledo Gas, Electric & Heating
Co. 55, $108,000;
Maumee Valley Railways & Light Co. 4;0, $500,00
0; Toledo Ottawa Beach
Mohawk Valley Company.
& Northern Ry. Co. 5s, $450.000.
Arrangements were made to exchange the outstanding
(Report for Fiscal Year ending Dec.
bonds of the Toledo
31 1911.)
Consolidated Street By. Co. ($87,000 due Jan.
1 1912) and the bonds of the
The Mohawk Valley Company
Toledo Electric Street Ry. Co. ($700,000 due Feb.
1 19121 for bonds of the
is a holding company conToledo Traction Co., and for the then extension
trolled
by the N. Y. Central & Hudson
000) of the bonds of the Toledo Traction Co. of the entire issue ($6,000,River RR. Co.,which
(due Jan. 1 1912) to Jan. 1 owns some $4,500
1913, with interest at 6% per annum, the right
,000 of the $7,500,000
being reserved to call the
l stock. (The
bonds for payment on July 1 1912 should the
report
of
the P. S. Commission states thecapita
consummated by that time. (Compare V. plans for reorganization be
amount of
stock
94, p. 125.) The extension held by the Central
was on a basis of 98 %% and interest
on June 30 1910 as $5,114,315the
net to the company, the cost of such
at par,
extension being a commission of 1
including possibly some amount
p 1727.)
owned
Stockholders.-On Jan. 6 1912 there(V.93,
indirectly.-Ed.)
were 2:096 shareholders, living
The company owns the securities
chiefly as follows: 816 in Ohio, with 47,684
indicated below, chief
31,045 shares; 336 in Kentucky, with 20,265shares; 498 in Canada, with among which are $6,495
,700
shares;
of
239
the
in
N.
with
Y.,
$6,500
,000 common stock
23,867 shares.
and $1,143,200 of the $3,000,000 5%
cumulative pref. stock
EARNINGS FOR CAL. YEAR 1911 BY DEPAR
of the Rochester Ry. & Lt. Co. a light
TMENTS.
Ry. Dept. Gas,Elec..&e.
and
power companyTotal.
Gross earnings
$1,920,698 *$1,478,674 $3,399,372 which does the entire gas and electric light
and power busia Operating expenses
1,366,737
866;923
2,233,660 ness of the city of Rochester and suppli
Taxes
es
power
to the New75,589
75,580
151,178 York State Rys. for
the operation of all its lines under a longNet earnings
$478,372
$536,162 $1,014,534 term contract. See that company in V.
92,
p. 730.
President Horace Andrews in the report says:
'Electric, gas and heating department
gross earnings include $250,732
charged railway dept. for power at lc.
Following is a statement of the combined
per k.w.
a Includes maintenance of railway dept.
earnings
and
expenses of the Mohawk
Valley Co. and subsidiary compani
at 6 cents per car mile.
years ending Dec. 31 1911-10 (exclusi
the Mohawk Valley Co's proportionesoffor
COMPARATIVE INCOME ACCO UNT
ve of
an extra 15% dividend on the common
.
of the Rochester Railway & Light
stocZ
1911.
1910.
Co.
1009.
paid
out
1908.
surplus, the proceeds of which
Gross earnings
$3,399,372 $2,985,382 $2,733,177 $2,541,511 were used in payment of an assessment of S15 per of
share on the common stock of theOper. exp., main., reRailway & Light Co.), together
newals and depree'n_ 2,233,660
hawk Valley Co. Dec. 31 1911. with a statement of assets and liabilities of the Mo1,868,6001 1,627,337
1,440,918
Taxes
151,178
INCOME ACCOUNT YEARS ENDING
111,9541
DEC. 31.
Net earnings
1911.
1910.
$1,014,534 $1,004,828 $1,105,840 $1,091,593 Earnings
Deduct1910.
from
Interest charges
op.$3,1
59,278 52,950,624 Interest & rentals. 1911.
820,424
814,427
778,286
755,425 Expenses
1,581,887 1,521,653 Divs. on sub. stks. $872,212 $946,270
Balance, surplus
$194,110
not
owned_
$100,401
5327,554
92,905
$336,168
Net earnings __51,577,391 $1,428,9
92,896
71 Proportion undiBALANCE SHEET DECEMBER 31:
Taxes
255,222
212,777
vided surplus of
Uncollectible bills_
1911.
6,585
1910.
4,230
subsid'y
1911.
1910.
co's* _
628
Assets1,427
Liabilities(6%)449,806(43i)337253
Cost of road and
Net income....$l,315,584 $1,211,964 Dividends
Capital
13,875,000 13,875,000 Non-ope
equipment __ _30,556,095 30,226,767 Funded stock
r.
revenues
315,542
416,111
debt
13,257,000 13,257,000
Total deductions$1,415,551 51,377,846.
Other permanent
Treasur
_ _ 1,242,000 1,242,000 Gross
Balance surplus $215,575 $250,229
investments__ __a2,585,312 2,625,312 Deferredy bonds_
income
$1,631,126 $1,628,075
payment
Cash
def.9,257
42,586
on real estate._
99,500
99,500
Accts. receivable
*Anplica
ble
40,456
to stock of subsidiary co's not owned by Mohawk
29,594 Real estate sales
33,671
33,671
Valley Co.
City of Toledo__ _
139,015
33,246 Notes payable.... 1,680,093 1,659,406
CONDENSED GENERAL BALANCE SHEET
Private consumers'
DEC. 31 1911.
Accounts payable_
79,379
124,393
Assets
($10,806
bills collectible_
,910)
121,874
90,312 Other curr. liabils.
45,512
42,029 Investments(Canandaigua Gas Light Co
Materials and supstock, par $20,550, book value,
Taxes accrued _ _,
42,832
24,453
$8,220; Eastern Monroe Mee. Lt. & Gas
plies
177,340
183,823 Int. &e.,accrued: 1,210,671 1,012,82
Co. stock, par, $250,000,
2
book value, $98,726; Rochester Ry. & Lt. Co.
Ticket etcek
81,545
Tickets
stock, 51,143,200
81,545
at
par;
Miscellaneous
Rochester Ry. & Lt. Co. common stock,pref.
_
1,643
3,245 Profit and loss
par, $6,495,700, book
2,016,830 1,873,612
value, $9,108,207; N. Y. State Rys. common stock,
par $2,000,
value,
Total
$1,482;
Rochester Elec. Ry.stock, par $300, book value, book
.33,694,033 33,243,886
Total
$751;
33,694,033 33,243.886
Canandaigua Elec. Lt. & RR. Co. bonds,
Oneida Ry. bonds,
810,000; Ontario Lt. & Traction Co. bends,$6,500;
a Permanent investments in 1911 include the
$2,500;
Utica
Belt
followin
Line
g;
Bonds
St.
owned
(see
Ry.
text
bonds,
above), $1,242,000; L. E. Bellstein,
$145,000; kf. V. Rys. & Light Co. Bills receivab $1,500); total book Value...$10,381,086,
bonds, $434,626; Toledo & Western trustee,
stock, $224,278; Ottawa Park Street Ry. Cash ($2,130)le accounts
419,500
stock, $40,427; Interurban Station RR.
;
rec., $819; accrued bond int., $175; re-acquired
Co. stock, $1,000; Toledo Beach Co. stock,
securities, $33,200; total
$171,000; Tol. 0. B. & Nor. Ry. bonds, 5326,98
2.-V. 94, p. 561, 209.
6,324
Liabilities ($10 806,910)Capital stock
West Penn Traction Co.
$7,500,000.
Bills payable
(Earnings, including Subsidiaries,for Year end. Dec.
1,690,000
311911.) Taxes accrued, $13,125; int. accrued, $487; accts. payable.
$57; total...
Surplus
13.669
1911.
1910.
Gross receipts
1,603,241
-V.
90,
p.
1296.
$2,260,287 $2,042,002
Operating expenses and taxes
1,112.281
987,642
Dominion Power & Transmission Co., Limit
Net earnings
ed.
$1,148,006 $1,054,360
Fixed Charges(Report for Fiscal Year ending Dec. 31 1911.)
Int. on West Penn 'Fraction 5% bends
$56,651
y$9,149
Interest on bonds of sub. cos. of W.P. Trite. Co_
The report, signed by J. R. Moodie, President, and Win
___
x10,000
C.
Int, on bonds of West Penn Rys. and its subsidia
ries 461,625
461,355 Hawkins, Secretary, says:
Divs. on 5% pref, stock of West Penn Rys
137,500
137.500
Results.-The.growth of the various lines of busines
s continues in satisfactory volume. The cost of,operation is affected
Surplus after fixed charges
by the general increase
$446,356 In the cost of labor and materia
Amount required to pay 6% dlvs. on $1,625,000 $482,230
l to about the extent that might be expected;
at the same time showing no abnorm
West Penn Trac. Co. 6% cum. pref. stock
al increase.
97,500
97,500
The earnings were adversely affected
Divs. on $6,500,000 West Penn Tr. Co. corn. stock_(4)260,
by the extraordinary electrical
000
(1)65,000 experiences at the power house
during February, and the compan
y was
also
subsequ
Final surplus
ently called upon to resist an unwarranted attack
$124,730
$283.856 ness in the shape of a civic)
the busiby-law providing for competitionon
in lighting
and power by the city and the submiss
x For six months only. V For seven months only.-V.
94. p. 561.
payers. [In February 1912 $505,16 ion of same to the vote of the rate0 bonds of city of Hamilton were sold
to provide for hydro-electric power system;
New York State Railways.
V.94, p. 230, 371; V.93, p.407.1
Dividend -The payment of dividend No.
19, being one of the arrears ot
prefere
nce
(Report for Fiscal Year ending Dec. 31 1911.)
cumulative dividends, should afford
the shareholders a measure
of satisfaction. [In all dividends aggrega
ting 10% were declared during
This company, $13,604,900 of whose comm
the year on the $3,873,100 (first) preference
stock.
on
stock
No. 19 (due Jan. 1
is
1909), 3%; No, 24, July 1 1911, 3
owned by the N. Y. Central & Hudson River
and No. 25,
viz.'*Jan. 1 1912, 3
'RR. Co., re- There are still overdue dividen
•
ds Nos. 20 and 21, 3% each,
Co., reports through President Horace E. Andre
and No. 22
of
3
14%. For the first 3 years the stock was entitled
ws (1) the annum;
to only 6% per
following summary 'of its operations for
thereafter to 7% yearly.-Ed
Plant.-DurIng the year important additions were
years, including therein its own road the last two calendar tion
of a new sub-station, located at Cannon St. and made in the Installaand its subsidiaries, generat
Stirton Ave., and two
the Utica & Mohawk Valley Ry, Co,
ing units of 6,400 k.w. capacity at Power Glen.
Much was done in
Oneid
a
Ry.
Co.,
the
betterm
ent of the street railway, and its rolling stock
Schenectady Ry. Co., Syracuse Rapid
was largely imTransit Ry. Co., proved and added to. The power plant for the street railway
was InRochester & Suburban Ry. Co. and Ontari
creased by 50%. These improvements, while costly,
are
well made and
o
Light
&
Tracwell
warrant
ed. Three cars were added to the interurban equipm
tion Co.; (2) its balance sheet of Dec.31 1911(comp
ent and
three more have been ordered.
are
map
and data on pages 109 to 111 of "Electric Ry.
Sec,"-Ed.). COMBINED INCOME ACCOUNT. INCLUDING SUBSIDIARIES.FOR
INCOME ACCOUNT YEARS
YEARS ENDING DEC. 31. •
ENDING DEC. 31.
1011.
1010.
1911.
1910.
Dedua1909.
1908.
1911.
1010.
Earnings from op..$8,384,434 $7,932,957 Interest
Gross
income
$2,252,883 51,922.398 51,691,696 $1,600,
312
Exp. (Incl. depr'n) 4,918,830 4,785,236 Divs. on& rentals.$1,376,741 $1,374,809 Operating expenses_ _ _ 1,232,240
1.061.075
963.949
subsid'y
974,641
stocks not
183,209
Net earnings
Net earnings...53,465,604 $3,147,721 Proportion owned 195,882
$1,020,643
$861,323
$727,747
undiv.
$825,671
Taxes
Interest
443,517
' 467,613
$3.155.
Burp. sub. cos *
$10,395
73,500
45,182 Bond interest
$335,758
Pref. divs.(5%)_
324,411
322,379
193,125
$323,04
193,104
7
earnings
Dividen
Net
...52,097,991 $2,704,204 Div. on 2d pref.
ds
358,263
124,521
-240
133,792
Non-oper. revs.(net) 176,048
Adjust.,sundry exp.,&c.
166,246
stock (retired)
189.165
(114)56
,250
COmmon, diva. (6)1,196,820(414
)897,517
Total deductions
.Gross income_ __$3,174,039 52,870,450
$694,022
$452.087
$422,179
$456,839
Balance, surplus
$326,621
Total deductions$3.036,077 $2,750,0
$409,236
$305,568
$168,832
71
Balance, surplus..- $137.962 $120,37
9
-*Applicable to stock of subsidiary companies not owned
x Includes adjustments, sundry expenses, write-of
by N. Y. State Railways. negotia
fs, water rentals under
tion
other
and
charges
Incurred prior to Dee.. 81.1908.
•• -
•
•••-•••
•
• ••
•
•
••
••.4.
•
•
•-•••
THE CHRONICLE
624
BALANCE SHEET DECEMBER 31.
1910.
1911.
1910.
1911.
Liabilities$
!AssetsProperties accts _ J9,713,987 18,976,065 Capital stock_ ___*11,395,600 11,381,100
6,867,000 6,488,000
176,523 Bonds
163,344
Accts. receivable_
208,578
102,232
92,563 Accounts payable_
117,602
Stores on hand_ _
35,000
_
_
payable__
Notes
and
cash
General
82,072
02,146
63,357 Int., &c., accrued
bank account
121,280
26,560 Olvidends unpaid.. 125,788
50,018
Trustees of bonds_
and
cash
Jeneral
20,17t,
account_
Suspense
112,609
bank account
54,527
Lteplacement acct_
550,000
.teserve account
a764,606 1,019,630
!refit and loss__
20,045,041 19,355,24.
Total
Total
20,045.041 19,355,247
Capital stock includes $3,673,100 preference, $5,100,000 limited preference and $2,622,500 ordinary. a After deducting $18,883 for adjustments
and transferring $12,822 to replacement and $550,000 to reserve account.
-V. 93, p. 407.
Du Pont de Nemours Powder Co.
(Report for Fiscal Year ending Dec. 31 1911.)
The report of the company for the calendar year 1911
will be found at length on previous pages, including the remarks of Pierre S. du Pont, Acting President, the income
account for each year since 1904 and the successive yearly
balance sheets since 1906; also the first balance sheet after
consolidation in August 1903. The business was established
in 1802.
The report states that the amount of new capital put into
the business since the reorganization in 1903 from accumulated earnings and recent sales of securities aggregates
$25,269,796. This large investment has produced an increase in earnings of $2,106,008 (8.33%) only: a condition,
it is stated, that warrants expectation of greater returns
in more prosperous times. The gross sales and the net profits have been the greatest in the company's history (notwithstanding generally adverse business conditions due to
the wider use of explosives during the past ten years) and
the increase in sales of special products developed by the
company.-V.94, p. 413.
Midvale Steel Co., Philadelphia.
(Report for Fiscal Year ending Oct. 31 1911.)
RESULTS FOR YEARS ENDING OCT. 31.
1908-09.
1909-10.
1910-11.
Profits over all costs,
charges and expenses,
including depreciation
Deduct-Dividends _ _ _ _
Fire insurance fund_ _
Adjusting value of bar
steel
' ILD
Bal.,-sur for year _ _
1907-08.
$816,518
$487,500
100.000
$1,411,181
•$367,500
100,000
$555,347
$150,000
$306,272
$75,000
$229,018
$943,681
$405,347
*08,521
162,751
• Asito 1,200% stock dividend, see below.
BALANCE SHEET OCTOBER 31,
1911.
1910.
1011.
4i
LiabilitiesAssets9,750,000
Prop. & equipm1_10,560,531 10,488,534 Capital stock
1,350,000
200,000 Bills payable
100,000
Patterns
worked materials_ 1,744,872 1,551,825 Accounts payable_ 296,119
8,562
822,474 Miscellaneous
890,884
Raw materials_
300,000
444,115 ,'ire insur. fund
Mdse., coal, &c_ _ 479,745
3,052,200
Bills & accts. recle 1,180,601 1,151,27t surplus
200,001.
Investm'ts in bds_ 300,000
383,89,,
100.248
Cash
.15,356,882
Total
15,356,882 15,242,11k
Total
1910.
0
9,750,0(0
1,250,000
432,626
4,372
200,000
x3,605,120
15,242,11)
x After deducting stock dividend of 1,200% paid to stockholders of record Feb. 23
'tan
1910, calling for $9,000,000.-V. 94, p. 565, 212.
United Box Board Company, New York and Chicago.
(Report for Calendar Year 1911.)
The reorganization plan cited on a subsequent page reports:
EARNINGS ("PROFIT AND LOSS" ACCOUNT) OF UNITED BOX
PAPER CO. AND UNITED BOX BOARD CO.
BOARD
1910.
1911.
09
$435,398 $407,172 $438,7.25 $450,9.
Gross earnings
129,496 140,509 127,565 152,391
Deduct-Maintenance
54,462
46,957
41,390
90.325
Idle mill charges
41,786
36,625
35,817
38,224
Taxes and insurance
90,966
67,786
73,975
Administration expense__ _ 71,121
$272,830 $293,034 $278,933 $339,605
Total deductions
$162,568 $114,138 $159,792 $111,359
Net earnings
13,407
9.352
30,616
19,806
outright_
owned
Net of sub. cos. now
$182,374 $123,490 $190,408 $124,706
Profit_
1905.
1904.
1903.
1900.
1907.
$853,713 *658,904 $360,138 $476,512 $585,486
Gross earnings
61,566
88,618
103,752
144,251 103,773
Deduct-Maintenance
50,412
53,514
28,782
51,959
Idle mill charges_ 27.206
34,635
31,167
23,418
37,897
34,362
Taxes and insur
125,059 168,229 165,293 147,512 221,769
Administration
Total deduc'ns.$334,415 $358,323 $308,389 $324,279 $375,721
$519,298 $300,581 *51,749 $152,233 -209,765
Net earnings
14,598
12,595
24,437
Net of sub.cos. owned ou't 27,137
$546,435 $325,018 $64,344 $166.831 $209,765
Profit
CONDENSED BALANCE SHEET.
Dec.301911. Apr.1 1911. Mch.26 1910.
AssetsPlants, equip., good-will and shares
of Am. Staw Bd. CO. (46,280 in
Dec. and April 1911, against 42,$15,804,862 *15,818,519 $15,458,520
980 In March 1910)
31,717
31,064
31,560
Personal prop, at gen. office & mills..
1,000,000
1,000,000
1,000,000
Treasury stock
1,219,687
1,507,789
a1,364,494
Stocks and bonds
0,425
Sinking funds
84,071
109,881
68,397
Cash
3,035
2,906
2,108
Bills receivable
291,839
208,499
420,944
Accounts receivable
516,745
543,885
485,682
Merchandise, material and supplies
16,175
1;579
39,338
..
charges
Deferred
9,855
34,913*
Deficit
Total
$19,217,335 $18,997.104 $18,889,949
Lxxxxiv.
Dec.30 1911. Apr.1 1911. Mch.26 1910.
LiabilitiesCap.stk. ($1,000,000 of this in treas.)$15,000,000 $15,000,000 $15,000,000
Gen. M. & coll. tr. bonds & sundry
3,564,990
3,442,990
bonds & mtges. (not liabils. of co.) 3,562,990
266,035
496,472
919,1061
Bills payable
161,1031
Accounts payable
58,924
57,642
41,006
lies, for accr. int., taxes & sundries_
33,130 .
Surplus
Total
$19,217,335 $18,097,104 $18,889,949
a Stocks and bonds in 1911 include $572,500 United Box Board FG Paper
Co. gcn. M. Os and $10,000 coll. trust Os of the United Box Board & Paper
Co., 6,959 shares American Straw Board Co. held by trustee, valued at
$565,187, and miscellaneous stocks and bonds. $210,757.-V. 93, p. 1729.
Central Leather Company, New York.
(Report for Fiscal Year ending Dec. 31 1911.)
President Edward C. Hoyt, Feb. 28, wrote in substance:
Results.-Thc business for the year 1911, and especially for the first six
months of that year, was even more unsatisfactory than that of 1910. An
estimate as accurate as possible shows for the first six months a loss of
$502,647; for the third quarter a profit of $1,289,036 and for the fourth
quarter a profit of $1,518,260. The prospect of improvement with which
the year opened was not realized until towards its close. In the meantime,
afdemand for leather slackened, prices fell oil and the conditions which
fected the business were unsatisfactory, with the very unfavorable result
here shown for the first six months of the yeer. The better demand for
leather and better prices with which the year ended have continued thus
far into 1912.
Owing to tile general depression, there was also some reduction during
the past year in the earnings of the incidental business of the company,
namely, the lumber, glue and transportation departments. strong. Bills
Financial Status.-Our financial position is exceptionally
to
payable haye been reduced by $10,435,500, namely, from $15,955,000 by
5,519,500, and the current assets are In excess of the current liabilities
48,425,972, being $8,799,822 in excess of all liabilities. including the bonds
but exclusive of capital stock.
The property account remains without material change apart from the
reduction due to stumpage cut and bark peeled. All repairs and improvements have been charged to operating expenses, as usual. There are no
abandoned tannery plants to be charged oil this year, although some have
not been in operation. The estimated percentage of bad debts was only
1-24th of 1% of the sales.
Quarterly Reports.-At the request of a large number of stockholders, and
notwithstanding a doubt whether in the leather business such reports might
not at times be misleading, the directors have decided to begin publishing
quarterly reports of estimated earnings this year.
Eamotnies.-The management has been mindful of the low percentage
of earnings, and has made every effort to bring about economics. A gendown,
eral reduction of salaries has been made from the executive officers
impairment of service.
to an extent as great as was deemed prudent without
Status.-While the earnings during the past two years have been unsatisfactory, the company is in fact In excellent financial condition. That porforest
tion Of the property account consisting of lands and timber aand
products, if marketed to-day at current prices, would realize sum very
this
when
taken
were
assets
at
these
which
value
the
of
excess
in
largely
company was formed, and at which they are now carried on the books.
Change in Report.-The comparative financial statements as given below
have been prepared by a committee of the board of directors to conform as
nearly as possible to the resolution passed at the last annual meeting.
Data from Pamphlet Report Dated Feb. 28 1912.
Fluctuations in Business.-From the comparative profit and loss account
between the
It will be observed that there have been wide fluctuations as
tile same and kinresults of different years. Other companies engaged inand
a study of the
dred businesses have experienced similar conditions,
charachistory of the company and its predecessors shows that it has been
teristic of the leather trade for many years.
Your board deems it proper to impress on the stockholders the imporstatetance of bearing these facts in mind in considering future quarterly
ments, and also to point out that the effect of wide fluctuations to which
tile trade is subject Is naturally liable to be more pronounced In a statement covering a short period than in a statement covering tile full year.
Maintenance and Replacements.-The expenditures by all companies in
1911 show a net decrease of $210,773, or 17%, viz.:
1911.
1910. -Inc. or Dec.-ordinary maintenance 8: repaIrs_$826,848 $1,093,038 Deo. $266,190 25%
55,417 45%
123,802 Inc.
179,220
Replacements
Sales.-By Central Leather Co. and subsidiaries:
1910.
1911.
10,054,439
Sides 9,794,812
Sole, belting and harness leather
Ft 163,474,256 185,472,785
Hemlock lumber
17,654,691
Ft 16,535,920
Hardwood and miscellaneous lumber
2,977,730
3,805,738
Lbs
Glue
2,743,852
2,100,451
Lbs
Grease
2,4 71,120
2,360,420
Lbs
Tankage
The voluine of business done by all companies during the year as represented by their combined gloss sales and earnings equaled $52,991,240,
year.
as compared with a total of $55,640,383 in the preceding
Employees.-The average number of employees In the service of all com10,468 in 1910, and the total
panies during the year was 9,054, against contrasting
with 56,554,192.
annual salaries and wages was $5,817,269,
6% gold debentures of
Debentures of U. S. Leather Co.-The outstanding
of Central Leather Co. in
the U. S. Leather Co. at time of organization
on Aug. 1 of each year
1905 aggregated $5,280,000, redeemable $400,000 April
1 1905, securing
at 110. The Central Leather Co. indenture dated
of bonds to the amount of
its 5% first lien gold bonds, provides for issue
Co.
Since
Leather
debentures.
S.
U.
the
of
redemption
for
$5,808,000
retired by use of current
that time $2,200,000 of the debentures have been
In the sinking fund (for retirefunds of the company, and $298,000 are now outstanding
$2,782,000. The
ment Aug. 1 1912), making the amount still
date of final retirement of the debentures Is May 1 1913.
Property Account.-This account, aggregating $66,178,192, embraces:
Real estate situated in N. Y. City, Boston, Elizabeth, N../., and
___ - ____ ___ - _______ $1,404,250
_
elsewhere
Ninety-live tannery plants and extract works and 1-2- saw mill
plants In various States, glue factories, warehouses, machine
20,393,800
shops, wood-working shops and laboratories
233.42 miles of railroads and sidings and 68.72 miles of tram
3,508,693
roads, with equipment
rs
property, such as locomotives, log cars,
Miscellaneous personal
400,732
service cars, teams, &c., not considered as quick assets
Balance of property account, including bark and timber lands.
fee,
In
tons
owned
1,761,029
comprising 550,486 acres of land
growing hemlock and oak bark, 2,737,650,620 feet growing
sawing timber; also sundry chestnut wood for extract purposes.
pulp-wood, railroad ties, cedar posts and poles and other valua90,968,661.
ble forest products
comThese physical properties are carried on the books of the several
timber lands
panies at figures based on actual cost, except a portion of thestumpage
cut
re-valued In 1903, proper allowance having been made forlast few years,
and property abandoned from year to year. During the of the timber
however, there has been a marked enhancement In value
your
lands and forest products, and, having regard to tills enhancement,
directors believe that the present value of the physical properties is In tile
aggregate fully equal to the total property account without regard to any
Intangible values.
Capital Expenditures During 1011.-The additions to manufacturing
tannery
properties, comprising expenditures on account of the Riverside
in 1910, and comat Petersburg, W. Va., erection of which was commenced
pleted in 1911, and the glue works at Milwaukee, still in course of construction, $181,038; railroad and other properties, $9,626; total, $190,662.
0R.
1A
10 END. DEC. 31.
CONSOLIDATED PROFIT 8.; LOSS ACCOUNT YEAR
1909.
1911.
Earnings of all props, after oper.
exps., incl. repairs and maint. (approx. $1,008,068), allowance for
Not
Not
$5,437,811
corporate and other taxes
THE CHRONICLE
MAR. 2 19 2]
1911.
3,159,322
1910.
stated.
1909.
stated.
$2,278,489
26,160
$3,403,680
144,210
$6,774,769
107,596
$2,304,649
•'
Deduct-Int. on bonds & debentures_ $2,009,467
Central Leather preferred dividends 2,330,930
Divs. on U. S. Leather preferred
outstanding to Oct. 1 1909
$3,547,890
$2,053,387
2,330,930
$6,882,365
$1,964,429
2,213,461
Expenses and JOSSES of all oos., Incl.
Interest (except on bonds)
Net profits
Income from Investments
Balance, surplus or deficit
Surplus beginning of year
201,379
def.$2,035,748 def.$836,427sr.$2503,095
2,139,538
4,642,633
3,806,206
Total stir, as per balance sheet_ __ _ *1,770,458 $3,806,206 $4,642,633
CONSOLIDATED BALANCE SHEET.
1911.
1910.
1910.
1911.
.1.13C1S*Property acc't 66.176,142 67,154,412 Preferred stock_ _ _33,299,050 33,299,050
391,145
950,228 Common stock _39,701,030 39,701,0.10
Investments
1st M. 5% bonds_36,764,150 36,764,150
I,eather in stores,
U.S. Leather deb_ 2,782,000 3,401,000
other
lumber &
100,000
80,1)00
finished prod_ _ _12,223,321 17,353,347 Real estate mtge_ _
Bills payable _
5,519,500 15,955,000
Hides & leather,
585,006
Foreign drafts.._ _ _ 1,202,240
raw and in proAcc'ts payable__ 830,715 1,149,085
other
cess and o
materials _ _33,452,157 36,588,336 Accrued int, on
493,562
bonds and debs. 487,372
Accts. receivable_ 6,851,837 8,790,850
582,733
582,732
992,081 Pref. div. Jan. 1_ _
784,144
131113 receivable_ _
123,034
132,885
Cash in banks, &c_ 3,737,072 4,325,983 Fire Ins. reserve_
501,786
306,405 Miseell. reserves__ 669,747
Deferred charges_ 206,061
1,770,458 3,806,206
Surplus
Total
123,821,879 136,461,642
Total
123,821,879 136,461,642
• Property account includes timber lands, railroads and plants engaged
n lumber, glue and other allied industrial operations.-V. 04, p. 564, 35
Union Oil Company of California.
(Report for Fiscal Year ending Dec. 311911.)
Pres. Lyman Stewart, Los Angeles, Jan. 31 1912, wrote:
625
The production of both fuel and refining oils from your company's wells
has been most satisfactory. The development made on your Bell tract,
in the Santa Maria district, for the year has been gratifying; well No. 5
has been flowing vigorously for several months, making from 3,000 to
5,000 bbls. of oil daily. The gas pressure Is heavy. Some new developments on the Newlovc tract and on the Santa Marta Oil & Gas Co. property have also been satisfactory, materially increasing the crude for refining purposes. The work of developing the 761-acre tract acquired by your
company in the Fullerton district in 1910 has progressed satisfactorily, and
two producing wells are now in operation.
RESUME OF ACREAGE CONTROLLED-TOTAL, 231,489 ACRES.
Fee Simple. Min.Rts.Fee.LeaseContet.Min.Loca'as. Total.
Contra Costa
116
116
Fresno
941
541
400
3,168
Humboldt
3,168
Kern
16,315
11,856
3,841
618
Kings
80
80
Los Angeles
11,017
428
1,096
9,493
Monterey
23,800
23,800
Orange
8,810
4,253
4,471
86
3,526
6:510206
San Benito
- i46
2,455
San Luis Obispo_ _ 1,780
4,320
1,7
48
30
1
Santa Barbara.._ _ 17,245
80,888
55.421.
8,220
Ventura
76,693
6,204
8,006
61,626
36
Distribut'g sta'ns_
37
1
Total Dec. 31 '11 26,249
231,489
132,249
56,189
16,801
Total Dec. 31 '10 36.231
130,410
229,804
51,702
11,462
The lands added to your holdings during 1911 are very valuable and in
excess of depletion.
Extracts from Report of W.G. Tubby, Manager Marine Department.
The tank steamship Oleum has been added to our fleet, which now consists of 12 tankships, four tank barges, one tug and one utility barge, with
total capacity of 502,950 bbis. A new modern tank steamer of 65,000 bbls.
capacity is also being built for delivery June next. The quantity of oil
transported exceeded 1910 by 2,138,757 bbls., and the east per bbl, on the
long runs has been materially reduced. The year 1911 was the largest in
our history, and the outlook for 1912 for a largo Increase In our marine
transportation is very bright.
Extracts from Report of Alex Sclater, Manager Sales Dept. Sas Francisco.
Our sales of fuel oil show an increase of 30% over last year's sales. The
market is still widening for the products of our refineries. Our foreign
trade is in a very satisfactory condition, and a number of large contracts
have been closed, which will show results in next year's reports. The outlook on the whole Is good.
• Results.-The business done shows a marked increase over any previous
year,and were it not for the low prices obtained for fuel oil, the net earnings,
RESULTS OF OPERATIONS FOR CALENDAR YEAR.
which show an increase over 1910 of $226,654, would have been much
1910,
1908.
1911.
1909.
greater. The prices have ruled approximately 10 cents per bbl. less than
Cap,stk. out Dec. 31_ _ _530.604,600 $29,609,700 $25,130,600 $23,982,200
last year, owing to keen competition.
$15,974,259 $12,828,679 $9,687,339 $9,197,251
Notwithstanding that the California oil fields have yielded approximately Gross earnings
436,471
619,253
495,375
805,659
78,000,000 bbis. during 1911, the consumption has made a growth even Depreciation charged off
5,737,847
11,679,383
8,946,863
6,536,788
more remarkable, and bids fair within the comparatively near future to All other expenses
require an annual yield greatly in excess of the present maximum produc$3,489,217 $3,262,563 $2,653.177 $3,022,933
Net earnings
tion, especially when the Isthmian waterway, now nearing completion,
124,305
quickens existing industries and brings a great part of the commercial Bond interest
1,240,178
Dividends
(7.2)2,181,049(6.2)1703617 (6)1,477.763
world far nearer to California and its natural and artificial products.
During 1911 we largely,extended our foreign markets, notably in Chile
Balance,
$1,183,863
$1,558,948
$1,782,755
surplus
$1.177.409
Columbia.
We
have
also
obtained
Alaska
new contracts in
and British
and the Hawaiian Islands.
BALANCE SHEET DEC. 31 1911.
Bonds.-The board of directors recommended that the company should
Assets ($78,319,119)Liabilities ($78,319,119)bonds,
$5,000,000 of which were sold,and
authorize an issue of $20,000,000
$589,389 Capital stock
$50,000,000
$15,000,000 held In trust for future use as our needs may demand, and thus Cash
2,047,174 Bills payable
700,174
substitute, for the uncertain temporary loans which it had formerly con- Accounts receivable
4,138,026 Vouchers
808,717
tracted,an indebtedness of a fixed amount, with definite dates of maturity. Merchandise
Due from affiliated cos
6,653,418 Miscellaneous Items
86,683
(See bond offering. V. 93,p. 109.)
499,322
"Union Oil Building."-An undivided half ownership having been Due from property sales, &c_ 1,109,048 Due stockholders
217,701
acquired in the property located on the northwest corner of 7th and Spring Real estate & fixed investm'ts 23,208,651 Due affiliated soli
898,984
streets, Los Angeles, a modern high-class 13-story fire-proof building has Stock In other corporations__ 21,178,013 Def. payments on properties.
19,395,400 Deb. notes(V.90,p.714, 1177) 1,000,000
been erected thereon, which will henceforth be our local headquarters. It Treasury stock
Bonds - 5,000,000
is believed that this investment will prove to be quite profitable.
Depreciation account
3,075,116,
Outer Harbor Dock and Wharf Co.-Marked progress has been made in the
Surplus
16,032,422.
construction of the outer harbor, which is now 75% finished. When it
was proposed to annex San Pedro to Los Angeles, we supported the plan, -V. 94, p. 420.
and have at all times desired the completion of both the inner and the outer
harbors In a purely public spirited manner, to which end we have expended
Underwood Typewriter Co., New York.
considerably more than $1,000,000. The municipality of Los Angeles
has instituted a suit of ejectment against the Outer Harbor Dock & Wharf
(Report for Fiscal Year ending Dec. 31 1911.)
Co. We shall exhaust our legal resources if necessary to avert this atPres. John T. Underwood, N. Y., Feb. 23, wrote in brief::
tempted confiscation. The franchise of the Outer Harbor Dock & Wharf
Co. Is a leasehold interest and runs for 50 years from Feb. 14 1906, so
The year 1911 was the most successful in our history. The predictions.
that in 1056 the whole property, will revert to the city of Los Angeles; this In the report for 1910 have been more than realized. At that time we had
In itself is sufficient to completely refute the city's contention that the just completed an extensive enlargement to our plant at Ilartford, but no,
tidelands are being alienated by the grant of the lease in question.
sooner had we received the benefit of the increased production when it
Before the Panama Canal is opened to traffic, the Outer Harbor Dock became apparent that a still further enlargement was imperative.
There& Wharf Co.should be able to accommodate all the ships that may require upon, your board authorized the construction of two additional five-story
berths in the outer harbor, and It will be the policy of that company to buildings designated as buildings J and M. These are now nearly comencourage the shipping industry and serve the best interests of the com- pleted. We will receive the benefit of
the increased production this spring.
munity at large. (Compare V. 90, p. 1484.)
popularity of the Underwood Typewriter continues in such measure at.
Additions.-Our acquirements of prospectively valuable oil lands by The
home and abroad that we fully expect to dispose of our largely Increased
patent, leasehold or purchage, have far more than kept pace with the area factory
production during the year 1912.
of depletion consequent on extraction of oil front wells old and new.
During the year we have opened new branch offices at various Important
The unparalleled gain in the sales of refined product has necessitated the
United States, and others will be opened as the exigencies of enlargement of existing refineries and of the construction of a new one in centres in thejustify.
The use of our machines in the commercial schools
the business
the Fullerton field.
has been further increased and continues in the lead of all other snakes.
102;
v.
V.89,
p.2799;
V.83,
Bonds
p.
(V.
79,
48,
Guaranteed
290,850).
The occupancy of the Underwood Building as our some office has proven,
Issued,
Redeemed. U.O.Owns. Outstanding a decided advavtage.
$21,000
$679,000
Mission Transp. & Ref. Co__ _51,000,000 $300,000
450,000
71,000
2,40
700
9:000
LVCOME ACCOUNT YEARS ENDING DO. 31.
Union Transportation Co_ _ _ _ 3,000,000
600,000
1,000,000
Union Steamship Co
1911.
Deduct1910.
1911.
1910.
694,000
3,500,000
2,806,000 Net earning&
Producers' Transp Co
$1,375,599
Special surp. eaPi'
} • The United SS. Co. has outstanding $150,000 bonds not guaranteed.
Other net income_ .71,571
tal reserve,.
Not
$176,357 $142,406
stated. Pref. diva.(7%)._ 350,000
262,500,
Extracts from Report of W.L. Stewart, Mgr. Field and Executive Department
Total net inc. _.$1,447,170
Coin. diva.(3%) _ 255,000
Mr. E. W. Clark, in charge of the Producers' Line, has put in shape.
__
169,573
for storing oil our two (defective) concrete reservoirs, built in 1910, and has Depreciation
Total deductions /781,357 $404.906,
also about completed a million-barrel clay-lined reservoir. These, with
Net prof. for yr.$1,277,597 $1,007,824 Balance, surplus__ $496,240 $602,918
the few additional steel tanks constructed will give us some 3,000,000 odd
barrels aduitIonal storage over what we had last year.
* Includes interest, $23.264: dividends on preferred stook of ramping held In,
Report of W. IV. Orcutt, Manager Geological and Land Department.
During 1911 a great deal of development has taken place in the Lost special capital reserve fund, 522,573, and miscellaneous, *25,734.
111118 district. The field is now proven for a distance of several miles; the
BALANCE SHEET DEC. 31.
width of this field is as yet undetermined, but will apparently be narrow.
1011.
1910.
While there has been considerable production from this district, It has not
1911.
1910.
AssetsLiabilitiesbeen any considerable factor in the market as yet; pipe-line connection
has now been made with tidewater, but another year will be required to Capital invest's_ _x10,521,207 10,010,620 Preferred stock_ __ 5,000,000 5,000,000.
determine the real merit of this district. The territory south and east from Inventories
2,171,865 1,556,663 Common stock
8,500,000 8,500,000
Coalinga has not yet been thoroughly tested. A dew district has been Accts. & notes rec.,
Accounts payable_ 386,364
288,775
discovered six miles northwest of Meliittrick, and some good producers were
less reserves,,,,2,039,617 1,810,100 Divs. pay'le Jan. 1 172,500
87,500.
424,834 1,031,027 Special sum. capi"brought in" at a shallow depth; it will require another year to demon- Cash
Furn., fixts., &c... 257,351
152,289
strate the real value of this field.
tal reserve acct_ 318,764
142,408
61,911
60,900 Surplus
The most important new work of the year was the development on the Prepaid Maur., &c.
802,918
1,099,157
eastern end of the Coyote Hills Anticline, In the Fullerton district in Orange
,,15,476,785 14,621,599
County. Some very strohg producers of good fuel and refining oils have
Total
Total
15,476,785 14,621,599
been "Isrought in." These wells Indicate that a large area of territory,purchased a few years ago at farm-land prices was wisely selected. In the
x Includes patents, trade-marks and good-will, $7,995,720: real estate, buildings,
Fullerton district the company has secured, by lease, the Graham and plant, machinery, tools, &c., $1,880,794: stock in other cos. at cost or less, 1:325,929,
Loftus tract of 1,315 acres. Immediately adjoining these new wells, and and investments special surplus capital reserve fund, $318,764.-V. 94, p. 566.
the Arroucs tract of 100 acres, which is on the strike-of-oil formation. We
Commonwealth Edison Co., Chicago.
are already beginning the active development of this land. Your company
has secured a lease of 2,080 acres in the Lost Hills district and will begin
(Reportfor the 15 Months ending Dec. 311911.)
development of it at an early date.
Production.-The total production of oil in California ,exclusive of fuel
President Samuel Insull says in substance:
used, for the year 1910 was 73,010,560 bbis., and for 1911 approximately
78,000,000 bbIS. The surplus oil In storage on Dec. 311011 was approxiBonds.-The present report covers 15 months on account of a change in
mately 11,000,000 bbis. The smallest monthly production was In Febru- the fiscal year to the year ending Dec. 31, as required for returns under the
ary, 5,426,812 bbis.; the largest in October, 6,900,750 bbls. The monthly Corporation Tax Law. During these 15 months all the remaining bonds,
production has decreased slightly since October, and for December was of the Chicago Edison Co. have been retired and the mortgage canceled and
6,800,000 bbls. While the demand for crude oil has been growing steadily, released of record, so that except a $130,000 real estate mortgage,this comthe supply has been more than ample to meet the requirements, and there pany now has no outstanding bonded or mortgage debt other than the
is now In storage in the State a total of 44,000,000 bbls. (Compare V. 92, general mortgage of June 1 1898, which, accordingly, Is now a first mortp. 1373.) The output of petroleum in California for 1911 has exceeded in gage on practically the entire property. In addition to the bonds issued
volume all former records, and the State will rank "first" of all the produc- for refunding, bonds secured by this general mortgage to the amount of ing States of the Union. On account of the Increased output, prices for $4,365,000 have been Issued and sold during the above period covered by
crude have not been satisfactory.
this report. (V. 91, p. 40; V. 92, p. 1704.)
626
[VoL. Lxxxxiv.
THE CHRONICLE
Stock.--In the same period an additional 15% stock was offered for sale to Results from Operation of the Various Companies, Now United, for 20 Months
stockholders at par, payable Nov. 1 1911 and Feb. 1, May 1 and Aug. 1
ended Dec. 311911.
1912. The aggregate alnount of the subscriptions was $4,799,280. (V. Net earnings
$1,563,000
93, p. 798.)
All interest charges
347,000
New Piant.-Reference was made in the last annual report to the company's acquisition of a large tract of land on the North Branch of the ChiBalance (from which $540,000 has been reserved for deprec'n) _$1,216,000
cago River north of Belmont Ave., on which to erect a large powernt. The first section of the building has been practically Results from Operation Of Booth Fisheries Co. for the 20 Months and of the
generatin,
Northwestern Fisheries Co. for the 9 Months Since Its Acquisition.
complet
d a portion of the machinery has been Installed. The work
$1,115,944
contemplated is expected to be finished in ample time for the Net earnings
at prese
Total Interest charges, including interest oh debenture bonds_ _
339.665
compan
1.r quirements.
Anna
stem.-A service annuity system to make provision for faithful
Balance,
surplus
(of
which $473,678 has been reserved for dep'n) _ $776,278
employ,
as ad:Tted in Nov. 1911, to become effective Jan. 1 1912.
[Dividends on the $2,000,000 pref. stock have been as follows:
The ar ern proposed to be paid each year to a retired employee is 2% of
the average annual pay of the employee during the particular consecutive March 31 1911, 3%;Sept. 1911, none; March 31 1912, 3%.]
five years of service when the average pay was the highest, multiplied by
CONSOLIDATED BALANCE SHEET DEC. 31 1911.
the number of years of service,but the annuity in no case to be less than $240.
Assets ($13,196,827)Change in Accounting.-The previous practice has been to include income Real estate, buildings, machinery and
equipment, cold-storage
from the sales of merchandise in "gross earnings," and the cost of this
plants, trap locations, vessels, investments, trade-marks and
merchandise business in "expenses." The present report gives only the
trade names, franchises, good-will, &a., less depreciation_ __ _$9,234,860
net profit from the sales of merchandise, after deducting expenses, this item Merchandise
and supplies valued at or below cost
1,627,293
being Included as a part of "other income."
Accounts
bills receivable, less reserve for doubtful items__ _ 1,565,395
•[As to purchase of office building in Jan. 1912, subject to $1,800,000 Insuranceand
and expenses paid in advance
42,717
bonds, see V. 94, p. 210.-Ed.]
Cash on hand and in banks
726,583
Liabilities ($13,196,827)INCOME ACCOUNT.
Capital stock (V. 93, p. 1729), pref. 6% non-cum. (see V. 94, P.
15 Mos.end.
Years ending Sept. 30----489, 125), $2,000,000: common, $5,000,000
$7,000,000
1910.
1909.
Dec. 31 '11.
1908.
Current liabilities, including reserve for taxes and interest and
.
Connected business, 16all other liabilities
1,396,677
C. p. equivalent•____ 7,212,504
5,915,622
4,920,800
4,137,650 Debenture 6% bonds ($5,000,000 auth., dated April 1 1911,
due April 1 1926, callable at 101)
Gross earns. (see note) _$17,336,836 $13,083,724 $10,639,447 $9,500,907
4,000,000
Expenses (incl. deprec'n) 9,594,6061 8,441,883
6,642,694
6,374,578 Bonds on cold-storage plants
300,000
Surplus
Taxes & munic. comp'n 1,316,703f
500,150
Directors, &c., see V 92, p. 797, 1180, 1502; V. 93, p. 1603.1-V. 94.
Operating income____ $6,425,527 $4,641,841 $3,996,753 $3,126,329 p. 4E9.
192,026
Other income
(See note below.)
$6,617,553
Total
Interest on bonds
$1,919,944
Depreciation reserve__ _
680,000
$4,641,841
$1,266.918
532,089
$3,996,753
$1,182,507
427,250
$3,126,329
$1,032,626
236,000
Balance for dividends $4,017,609 $2,842,834 $2,386,996 $1,857,703
Dividends
(8 %)2,712,315 (6)1,847,244 (6)1,800,000 (5)1,372,035
Balance, surplus
$1,305,294
$995,590
$586,996
$485,668
• Exclusive of electrical energy supplied to other public service corp'ns.
Note.-Gross earnings for the present period do not Include,as formerly,
the income from sales of merchandise, nor Is the cost of this merchandise
business included under expenses. The present report gives only the net
profits from the sale of merchandise, after deducting expenses, this item
Wing Included as part of the other income. See text above.
CONDENSED BALANCE SHEE7'.
Dec.31,'11. Sep.30,10.
Assetss
s
Plant, real estate,
itc
69,566,782 63,643,076
Open accounts _
127,146
55,007
Material
645,574
700,135
Coal in storage_ _ _ 270,787
122,012
Accounts and bills
2,075,962 1,771,023
receivable
Cash
4,996,114 1,196,184
Total
77,682,365 67,487,438
-V. 94, p. 210.
Dec.31,'11. Sep.30,'10.
LiabilitiesCapital stock
32,064,800 32,721,897
Payments on stock
subscriptions_ 2,944,236
Funded debt (see
"R. & I. Sec.")_32,130,000 27,765,000
Depree'n reserve__ 3,433,839 2,753,839
953,199
Accounts payable_ 418,249
146,877
Municipal comp'n_ 281,310
621,219
Int. & taxes acer'd 1,179,230
Balance,surplus__ 4,330,701 3,025,407
Total
77,682,365 67,487,438
American Strawboard Co.
(Statement for Calendar Years 1908 to 1911.)
The reorganization plan of the United Box Board Co.
(see a subsequent page) shows:
1911.
$115,070
59,567
46,696
18,995
51,490
1910.
$206,242
67,130
50,819
22,318
53,263
$176,748
Total
def$61,678
Net earnings
9,402
Net earnings of subsidiary co's..
$193,530
$12,712
30,893
Gross earnings
Deduct-Maintenance
Idle mill charges
Taxes and insurance_
Administration expense
Total net income
Interest charge
def$52,276
13,364
Balance, loss or surplus_
$93,605
10,481
. 1909.
$170,206
56,070
41,333
14,787
45,580
1908.
$121,018
57,994
40,962
12,712
42,373
• $157,770
8154,091
$12,436 det$32,963
38,731
def21,984
$51,167
5,987
def$54,948
9,511
108365,640 sur$33,124 sur$95,180 loss$64,459
BALANCE SHEET DECEMBER 31.
1911.
Assets1910.
Liabilities1911.
1910.
Mill property, goodCapital stock.
86,000,000 $6,000,000
$5,325,990 $5,340,051 Bond account
will, &c.
200,000
200,000
100,000
694,000 Bills payable
Stocks and bonds_
227,892
265,000
Inventories
220,559
260,374 Accounts payable_
125,830
45,257
Bills reeeivable.. _ _
2,150
Reserve account..
20,026
31,098
Accts. receivable_ 254,613
238,336 Surplus _
10,791
85,534
46,808
95,027
Cash
24,419
Deferred charges_
$6,589,539 $6,627,789
Total
-V. 92, p. 459.
Total
$6,584,539 $6,627.789
Booth Fisheries Co., Chicago.
(Reportfor the 20 Months ending Dec. 311911.)
President. A.B.Carpenter, Chicago,yeb. 13, wrote in subst.:
Results.-The Booth Fisheries Co. acquired the Northwestern Fisheries
Co. April 1 1911. This statement covers the operations of the combined
companies for the period May 1 1910 to Dec. 31 1911, twenty months.
Change In the fiscal year facilitates preparation of reports required under
the Federal Corporation Act.
This has been a period of adjustment to new conditions. The sum of
$473,678 set aside for depreciation is heavy, particularly when it is considered that approximately $300,000 additional was expended for maintenance and repairs. Mortgages on various properties have been reduced
from $365,000 to $300,000. The present management has been in control
only a brief period and It is believed experience will prove that a much lower
rate of depreciation will be sufficient.
The expenditures for additional plants and facilities have amounted to
practically $2,000,000. (See V. 92, P. 797.) Much the larger part of
this outlay is represented by the fleet and plants of the recently acquired
salmon canneries, but the equipment used on the Great Lakes and in the
distributing houses has also been largely improved and increased to meet
present requirements. This is in line with our policy to provide ample
facilities for the production and distribution of an article of food the present
consumption of which in this country is far below the average of other
countries.
• The current liabilities on Dec. 31 1911 amounted to $1,396,677, while
current assets, with inventories at or below cost and ample reserves against
contingencies, amounted to $3,961,968, leaving net quick assets of $2,565,291. The cash, $726,563, is equal to 52% of all current liabilities.
. • [For offering of $4,000,000 debenture bonds of 1911,(see V. 92, p. 797.
As to the increase in Feb. 1912 in the auth. common stock from $5,000,000
to $10,000,000 and the authorization of $8,000,000 7% cum. 1st ,pref.
stock, also the right to exchange present prof stock and debentures therefor, see V. 94, p. 125. 489.]
Quaker Oats Co., Chicago.
(Report for Fiscal Year ended Dec. 31 1911.)
Pres. H. P. Crowell, Chicago, Feb. 21, wrote in substance:
Results.-The past year has been much the best in the history of the
company. The gross earnings are $1,977,973, out of which a provision for
depreciation of buildings and machinery of $197,878 has been taken and
dividends have been paid on the pref. and the common stook amounting to
*1,040,000. There is left a net surplus of $740,095, which we have carried
to surplus account, making the latter $3,526,154.
A handsome gain of about 40% has been made in the sale of puffed rice
and puffed wheat, the advertising methods employed being unique.
Acquisition.-There has been adaed to our 'real estate, plants, trademarks, trade-rights, patents and good-will account" $1,000,000 to cover
the amount paid for the mills at Fort Dodge, Ia., and Joliet, Ill., and the
Mother's Oats trade-marks purchased last July from the Great Western
Cereal Co. (V. 92. p. 1705; V. 93, p. 289).
New Product.-For people who like toasted corn flakes we have a new
product, the most delicious, we believe, ever made from corn. An entirely
new process is used in making this product, machinery for each step having
been invented and thoroughly covered by patents. We expect to have this
addition to our business in working order and be prepared to place packages upon the market in the early fall.
1111
Anothlr department in which there has been an exceptional development, aiding largely in securing our splendid earnings, is the specially prepared feeds for horses, cattle, dairy cows, calves, chickens, ducks, &c.
New Mill.-Our new wheat flour mill at Akron, Ohio, completed late in
1910. Is fireproof (construction reinforced concrete) and it contains the
latest improvements in machinery. We are already selling more flour
than we did from the old Stone mill, which was torn down to make way for it.
Foreign Mill.-Our mill in Hamburg, Germany, has also had a prosperous season; with it we have been able not only to hold our Quaker Oats
business, but also to increase it throughout the Empire. We now compete on equal terms on all grades of oatmeal with the German millers all
over Northern Europe.
INCOME ACCOUNT.
1911.
1910.
1908.
1909.
Profits for year
$1,977,973 $1,401,117 $1,537,105 $1,125,748
Dividend on pref.. 6%. $540,000
$524,205
$540,000
$511,974
Dividend on common (10)500,000(9 %)440,000 (8)357,600 (8)357,436
Depreciation
197,878
176,779
162,028
154,610
Surplus for year
$740,095
$244,343
$493,272
BALANCE SHEET DECEMBER 31.
1911.
1911.
1910.
AssetsLiabilities$
S
5
Plants, &c
12,628,592 11,698,268 Preferred stock_ _ _ 9,000,000
&cur. of sub. cos_ 663,730
826,730 Common stock_ _ _ 5,000,000
Due from sub. cos_ 499,208
571,757 Due to subsid. cos.
9,886
Grain
1,610,111 1,724,656 Bills payable
1,825,000
Manufact'd goods_ 1,706,589 1,818,794 Accounts payable_ 354,211
623,468 Reserves
Materials & supp- 789,025
072,673
Accts. receivable__ 2,322,329 2,020,981 Surplus
3,526,154
202,135
Cash
__ 378,340
20,687,924 19,486,789
Total _
-V. 99, p. 666.
Total _
$101,728
1010.
$
9,000,000
5,000,000
5,634
1,615,000
322,584
757,613
2,786,058
20,687,924 19,486.789
Kansas City Breweries Co.
(Report for Fiscal Year ending Dec. 31 1911.)
RESULTS FOR CALENDAR YEARS.
1911.
1910.
1911.
1910.
Deductions (Con.)329,096
Barrels sold
338,332
$25,000
Total income
$2,613,449 $2,547,712 Sinking fund_ .._
$25,000
Div. on pt. stock.(6%)87,960 (6)87,060
DeductPurchases & exp_.$2,186,473 82,111,400
Total deduc__ ..$2,582,494 $2,505,236
Depreciation _._.
82,274
84,581
Interest on bonds_
198.593 Bal.,surp. for year $30,955
198,480
$42,476
BALANCE SHEET DEC. 31.
1911.
1911.
1910.
1910.
LiabilitiesAssets$
3
$
$
Brewery plants, &c.a6,491,443 6,387,016 Common stock
1,557,000 1,557,000
stock
.1,466,000
3,639 Preferred
Furniture & fixtures
3,943
66,
First mtge. bonds. c3,106,000 3,149,000
Outside real estate,
114,419 148,490 Accounts payable &
agencies, &c
accrued taxes _ _ 184,664
301st M. bds.(cost)_
19,430
19,430
85,566
Mat'is,supp.,mtgs.,&c. 625,778 591,804 Total surplus
d750,035 805,118
123,624
84,262 Sinking fund reserve 214,938 171,957
Cash
Total
7,278,637 7,239,641
Total
_ 7,278,637 7,234,641
a Brewery plants, properties and good-will include value prior to 1906, $5,743,634;
additions and improvements, 1906, $226,599; 1907, $285,879; 1908, $258,006; 1909,
$195,015; 1910,$180,345; 1911, $256,503; total, $7,145,982; less depreciation reserve,
$654,538; bal., $6,491,443.
b Includes $6.073 sinking fund reserves and $17,550 general funds.
c After deducting $202,000 bonds in sinking fund.
d After deducting $86,038 for adjustment of book value of outside real estate and
ice houses.-V.94, p. 419, 355.
Belding Bros. & Co. N. Y. City and Rockville. Conn.
BALANCE SHEET DEC. 30 1911.
1911. 1910.
1911,
1910.
ResourcesLiabilities$
8
3,000,0003,000,000
Real est., mach., &c.*1,390,213 1,371,066 Capital stock
1,755,691 1,409,991
Cash
405,756 300,762 Surplus
95,681
Bills & accts. ree'bie.1,033.476 942,711 Reserve
62,753
Inventories
1,851,802 1,925,162 Bills & accts. pay'bie 772,780 1,050,260
Invests. In sub. cos_ 948,915 898,915 Pay roll
6,010
5,612
Total
5,630,162 5,528,616
Total
5,630,162 5,528,616
'Includes in 1911, real estate, $761,714; machinery $524,328; and
supplies, tools, fixtures, dcc., $104,170. •,
•
MAR 2 19121
THE CHRONICLE
The Connecticut River Power Co., Boston, Mass.
(Report for Fiscal Year ending Dec. 31 1911.)
General Manager H. I. Harriman, Boston, Feb. 1, wrote
in substance:
627
The United States Light & Heating Co. of Maine.
(Report for Fiscal Year ending Dec. 31 1911.)
President D. W. Pye, New York, Feb. 15 1912, wrote:
Your company has made splendid progress in the introduction of its
U. S. Bliss axle device & National Storage batteries. Over 2.000 cars
The gross income has equaled the amount predicted in the last annual were equipped
during the year, making a total of over 4,500 cars now
anticireport, and with normal water conditions during the year 1912 it is
lighted by this system. We have enjoyed a volume of business attesting
pated that the gross income will be about 5500,000 and the net earnings the rapid increase
in popularity of electricity for car lighting. The facilities
equal t,, at least twice the amount of the bond interest.
at our
plant arc unexcelled to meet the increasing requirements of
During the past year no extensive additions or enlargements have been storage new
batteries for Centr, 1 st tions, power plants, automobile, sparking
made to the plant, the endeavor having been to round out our system in the and lighting,
telegraph and telephone, railway signal and electric vehicle
territory already served. This has included the construction of additional service and
special attention is being given to promote the demand for our
local distribution lines, the adding of transformers in our various sub- output.
"Bankers' Home Magazine" for January had an article
stations and the addition of one transformer at the power-house. The regarding(The
the new plant.-Ed.]
power station at Vernon and all of the sub-stations have now their complete
equipment of machinery covering the entire installation.
The
profit
for the year ending Dec. 31 1911 was $327,859,
Large power contracts have been made with several additional customers, from
which were deducted dividends on the preferred stock
some of which have been connected to our system and are now receiving
Dower. Others will be served in the near future. A contract has been (7%), $175,000, leaving a surplus for the year of $152,859.
made with the Metropolitan Water & Sewerage Board, which controls the
large storage reservoir at Clinton, Mass., by which the company receives
GENERAL BALANCE SHEET DECEMBER 31 1911.
all of the electrical energy generated at that plant. This contract is adAssets-($15,512,675)vantageous to the company in that water is drawn from this reservoir in
Liabilities ($15,512,675)•
arge quantities during the summer season, When the supply on the Con- Property account
z$14,659,704 Preferred stock
$2,500,000
necticut River is low, whereas during our high water season the amount of Materials and finished
Common stock
12,600,150
reservoir
is
much
power
reduced.
is
This
Clinton
product at cost
water drawn from the
435,093 Accounts payable
53,037
used instead of steam reserve to supply deficiencies in primary power during Accounts receivable___
213,607 Div. (pay. Jan. 22)_ _ _
87,500
the low water season, and for the remainder of the year is sold as secondary Other current assets_ __ _
24,236 Res. for taxes & invent'i
power. The steam plant of one of our large customers in Fitchburg has Cash
180,035
Adjustments, &c
45,755
also been leased for a term of years, and the two give the company a reserve
Surplus
226,233
capacity of about 6,000 h.p., in addition to our other steam reserves.
x Property account includes patents, real estate, Niagara Falls plant.
One of the interesting developments of our system has been the furnishing of electricity for street lighting to small towns along our lines, including (building, equipment, machinery, laborateities and land), securities and
towns which, because of their small size, could not have afforded to install assets of companies owned, &c.-V.94, p. 491.
lighting plants of their own. Nearly all of the towns between Vernon, Vt.,
and Worcester, Mass., are thus supplied with electric lights.
Pittsburgh Plate Glass Company.
In general the year has been satisfactory, the service rendered by the
company has been of excellent character, and, despite the fact that the
(Report for Fiscal Year ending Dec. 31 1911.)
river was exceedingly low during July and August, the earnings have satisChairman John Pitcairn, Pittsburgh, Feb. 17, wrote:
fied the expectations of the management.
(The company recently asked permission to enter Providence and to
supply electricity there. As to sale of $314,000 6% 5-year notes dated of Additions.-The improvements that have been made include an extension
our
fire protection throughout all the works and the adoption of apparatus
April 1 1910, 5500,000 auth., see V. 93. p. 410, There are also out $2,for improved methods of manufacture which have already shown very
000,000 1st M.bendi, 5500,000 pref. stock and $1,500,000 common stock
gratifying
results. The greater part of the increase, however, in investment
See V. 89, P. 165, 350.1
acct. represents the unpaid balance of cost of No. 4 works, which had just
been
completed
at the beginning of 1911, and balances for completion of new
RESULTS FOR CALENDAR YEARS.
construction at works Nos. 8 and 9. Practically all accounts for construction and equipment have been paid, so that no great outlay will be required
1910.
1911.
1911.
1910.
Gross income__ _$405,206 $270,202 Bond interest --$160,000 $160,000 in 1912 for last yera's improvements. New branch houses have been
Oper. exp. & taxes 154,223 109,068 'Note interest _ _ 21,594
7,826 established at New Orleans, La., and Toledo, Ohio.
Results.-The total sales for the year amounted to $21,136,170. The
Net earnings_ __$250,983 $161,134
$69,389 df.$6,692 profits for the year are regarded as satisfactory,consIderIng the condition
Balance, surp
of the plate and window glass markets and the general situation. Owing to
• Notes principally issued latter part 1910 for plant enlargements and the large overproduction of plate glass, our Creighton and Charleroi plants
have not been operated since last July. Nevertheless, the prices of plate
now being retired from surplus earnings.-V.93. p. 410.
glass have declined steadily, until now they arc practically the lowest on
record. The fear of a tariff reduction and the general feeling of uncertainty
Shawinigan Water & Power Co.
prevailing in the business world also have affected the market for our products, and the outlook for the current year is not very encouraging. The
(Report for Fiscal Year ending Dec. 31 1911.)
sale of the production of our operating plate glass factories for the next six
months is practically assured, at current prices, through our usual trade
President J. E. Aldred says in brief:
channels. The prevailing low prices should tend to stimulate the demand
Results.-The gross income shows a gain of $358,685, the net revenue and we believe will counteract the declining tendency to such extent that
a gain of $345,257.
the consumption for 1912 should equal that of 1911. Depreciation charges
New Development.-In the last annual report your directors stated that have been made as usual.
the company would proceed to install a new hydro-electric development,
development
OPERATIONS AND FISCAL RESULTS.
is
now
comcapable of delivering 75,000 h. p. This new
pleted up to a capacity of 30,000 h. p. giving us, with the present installa1911.
1910.
1909.
1908.
capacity of 85,000 b. p. Two units Profits
tion in station No. 1 a total electrical'
$1,942,647 $2,540,167 $1,913,036 $1,313,275
are complete and three additional units of 15,000 h. p. each will be in- Divs. on pref. (12%).,..18,000
18,000
18,000
18,000
stance as required. We have followed the policy of covering at the outset Divs. on common (7%)
1,560,578
1,284,232
1,214,500
1,214,500
all heavy work necessary for the complete development. The new work Depreciation
303,265
713,835
594,506
610,811
includes a second and complete transmission line about 87 miles in length, Fire loss Nov.4
379,230
•consisting of duplicate lines carried on steel towers erected on an independent right-of-way 100 feet wide. The delivery of power in Montreal over
Balance, sur. or det_sur.$60,804 sur.5144,870 sur.$86,030 def.$530,036
the new system commenced in October and the new plant is in every way
satisfactory. (Compare V. 94, p.488.)
BALANCE SHEET DEC. 31.
Contracts.-As the new contract with the Montreal Light, Heat & Power
Assets1911.
1910.
1209.
1908,
Co. (V. 92, p. 1496) provides that such company shall in future take its Investment
521.117,430 520,599,800 $18,887,139 $17,057,972
entire requirements up to the amount of 40,000 ii. p.from your company, Treasury stock
182,700
179,200
we anticipate from this source a large demand for power during the com- Plate glass, &c
2,860,344
3,005,736
2,939,439
2,923,255
'lug years. The operation of the new plant releases for use elsewhere tne Materials, &c., accounts 1,764,874
1,814,201
1,766,103
1,507,003
greater part of the capacity of the company's original station at Shawinigan Cash
584,286
1,098,8571 5,590,363
4,650,531
Falls, and already upwards of 10,000 h. p. of this capacity has been dis- Bills & acc'ts receivable_ 4,884,804
5,369,8051
posed of through the extension of the operations of the Canada Carbide Co. Bal. stock subscriptions
416,200
and by contracts made with the Weyagamac Pulp Co. and the Union Bag
& Paper Co. for the operation of their mills at Three Rivers.
Total
531,536,330 532,341,907 $28,923,944 $26,397,861
Water Storane.-The last report stated that systematic efforts would be
Liabilitiesmade to develop storage through the operation of the St. Maurice Hydraulic Common stock
$22,600,000 $22,600,000 $17,350,000 $17,350,000
Co. Dams have now made available the storage capacity of two lakes in Preferred stock
150,000
150,000
150,000
150,000
the Manouan district, with an area of 100 square miles. This work will Bills & acc'ts payable
3,400,487
4,276,868
6,132,842
3,646,793
go on year by year, to the end that there may be a perfect control at all Insurance reserve
105,000
100,000
225,932
275,829
stages of the flow of the St. Maurice River. There is no known watershed Sinking fund-buildings
55,649
50,650
45,650
41,750
which presents superior advantages, as the whole territory abounds in Surplus
5,225,194
5,164,390
5,019,520
4,933,489
'large lakes.
outlook,-During the past year the development of business throughout
$31,536,330 $32,341,907 $28,923,944 $26,397,861
Total
the territory served by the company has been very satisfactory, especially -V.94, p. 566.
In the St. Maurice district, including the town of Shawinigan Falls and the
city of Three Rivers, where all plants operated by Shawinigan power have
Ball Telephone Co. of Pennsylvania.
been using their full capacity. During the year 1912 increased demand
-will result from the completion of various plants now in process of construe
(Report for Fiscal Year ending Dec. 31 1911.)
:tion, all of which have contracted with your company for current.
RESULTS FOR CALENDAR YEARS (INCL. ASSOCIATED COS.).
INCOME ACCOUNT FOR CALENDAR YEARS.
1911.
1910.
1909.
Total stations Dec. 31
191 .
1910.
635,689
1909.
576,206
1908.
491,099
Earnings-Gross earnings, all sources
Exchange revenue
(incl. int. from sub. cos.'
$16,123,587 $14,727,133
51,219,857
5991,029
bonds, &e.)
5819,171
$706,244 Toll revenue
3,705,858
3,535,930 $16,171,839
127,386
118,048
,Op.exp.,gen.exp.&maint. 160,452
97,360 Dividends and interest
32,550
76,770
Miscellaneous
388
9,592
31,059,405
5863,643
5701,123
Net earnings
5608,884
Gross earnings
Deduct$19,862,382 $18,349,425 $16,171,839
bonds
$250,000
M.
consol.
Expenses
$250,000
5250,000
int. on
$250,000
182,983
.
139,201
108,660
Int. on debenture stock_
$1,305,958 $1,331,359
52,763 General expenses and taxes
3,767
67,187
Interest, general
21,157
5,629,428
36,702 Procuring and handling traffic
5,089,490 $11,690,058
(5)456,250
(4)286,378
:
(4)260,000 (4)260,000 Maintenance and replacement
. Dividends
7,134,622
6,618,183
Instrument rental
863,514
774,486
$893,000
$742,766
Total deductions_ _
5639,817
5599,465
$166,405
$120,877
'Balance, surplus
561,306
$14,933,521 $13,813,518 $11,690,058
$9,419 Total expenses
Surplus as above, 5166,405; premium received on new stock issues, Net earnings
$4,928,861 $4,535,907 $4,481,781
-3129,858; balance carried forward from 1910, 323,147; total, 5319,410; Interest
$235,973
$245,886
$304,280
'transferred to reserve and sinking funds, 5249,637; to contingent fund Dividends declared
3,600,046
3,550,784
3,500,500
$10,000; to depreciation reserve, $50,000; bal. at credit of profit and loss
59,772.
1911,
'Dec. 31
Balance, surplus
$739,237 $677 ,001
$1,092,842
BALANCE SHEET DECEMBER 31,
BALANCE SHEET DECEMBER 31.
1911.
1910.
1911.
1911.
1911.
1910.
1910.
1910.
LiabilitiesAssetsAssets$
Liabilities$
$
13
$
Capital stock
fReal est., prep. &
6,962,246 6,573,141 Capital stock
10,000,000 8,500,000 Real estate
60,000,000 60,000,000
power develop't 11,352,402 10,677,321 5% cons. M. bonds 4,790,000 4,846,500 Construction
68,717,139 63,906,923 Surplus
5,672,268
4,579,426
2,401,496 1,681,699 434% deb. stock
Machinery
280,440 Bonds
5,000,000 3,500,000 Office fum.& lixt. 295,213
2,059,000 2,605,500
914,102 Bills dc acc'ts pay.. 280,123
Transmission lines 2,061,773
993,782 Real est. M.notes_
209,038 Supply account.,. 999,622
60,000
60.000
Accr'd bond int.
- Securities of sub189,293 Bills payable
225,154
Tools and teams
3,930,500 1,005,500
due Jan. 1
sidiary & other
80,483
125,758 Accounts payable_ 1,067,562 1,119,643
125,000
125,000 Sinking fund
companies __ __ 4,805,518 3,920,739 Div. pay. Jan. 20_
2,700,058
rec.
accts.
1,730,803
Bills
&
125,000
Reserve
for div.... 000,011
85,000
900,011
44,994 Contingent fund
'Mat'ls, supp., &c.
53,686
1,161,364 1,199,940 Reserve for maint_ 6,871,860 4,372,309
33,823
35,131 Cash
239,986 Res've & sink. fd_ 600,000
Acc'ts & bilLs reele 254,568
48,088
14,536 Other reserves__
342,575 Stocks and bends_
628,166
372,177
Deprec., &c., fund 100,000
Prepaid charges__
16,249
50,000
237,460 Profit & loss acc't_
'Cash & bills rule_ 118,026
81,189,367 75,014,566
Total
9,772
Total
81,189,367 75,014,566
23,147
The additions to real estate and construction in 1911 aggregated $5,199,322, viz.:
Total
Total
21,063,718 17,716,391
21,063,718 17,716,391 real estate, $363,987; underground plant, $1,279,265: aerial and ether plant,
--V.04. p. 568.
$1,579,179; equipment, 31,958,891.-V. 94, p. 582.
I
628
THE CHRONICLE
(The) Mountain States Telephone & Telegraph Co.
(Report for Fiscal Year ending Dec. 311911.)
President E. B. Field, Denver, Feb. 6 1912, wrote in brief:
On Dec. 31 1911 we had in Coldrado, New Mexico, Arizona, Idaho, Montana, Utah and Wyoming 324 exchanges, furnishing service to 161,000
exchange stations, including 903 toll stations; and there were also 11,803
stations on the lines of connecting companies, making a total of 172,803
subscribers' stations in service. The total miles of exchange lines were
336.690, of which there were underground 111,011 miles.
The company had its inception July 21 1911, and the balance sheet of
Jan. 1 1912 is bunt up from the consolidated figures of the merged companies at the time of the merger, plus any additions made during the life
of The Mountain States Co. The revenue and expense accounts are built
up in a similar manner; that is, both the revenue and expense figures are
arrived at by using the individual earnings and expenses of the three merged
companies prior to their consolidation in order to show the results for the
entire calendar year.
To-day The Mountain States Co. shows actual property in excess of capital liabilities to the amount of $3,341,262, or some 15%. The figures submitted herewith are those which any public service corporation might be
proud to exhibit. Safe, sure and strong as regards the investor; clean, fair
and just as regards the public it serves. More than 71% of our large list
of stockholders are residents of the territory we serve.
Combined Statistics (Tri-State 7'. & T. Co. incl. only in 1910 and 1911).
Number of Number of Exchange Toll Wire. Tot.Miles
Wire.
lexchanges. Subscribers. Wire. Miles. Miles.
336,690
64,097
161,000
400,787
Dec. 31 1911
324
273,922
59,220
141,114
333,142
Dee. 31 1910
290
110,861
34,467
77,962
145,329
Dec. 31 1903
236
21,92o
14,231
15,838
36,156
Dee. 31 1400._ __
102
REVEN UR AND EXPENSES FOR CALENDAR YEAR.
ExpensesRevenue$4,327,376 Operation
Exchange service
$2,489,855
1,460,127 Maint. and depreciation_ _ 1,729,642
Toll service
Dividends and Interest _ 307,349
77.713 Taxes
4,936 Interest
Miscellaneous
277,181
$5,870,152
Revenue balance
$1,066,125
Total
[An initial dividend of $1 36 per share (1.36%), covering 2 1-3 months,
o at the rate of 7% per annum, was paid Oct. 15 1911.-Ed.)
BALANCE SHEET JANUARY 1 1912.
Liabilities ($27,646,843)Resources (327,646,843)$1,764,499 Capital stock
estate
$20,364,300
Real
14,854,968 Capital stock subscrip'ns 1,363,082
Exchanges
5,814,106 Surplus Jan. 11012
761,875
Toll lines
Construction In prooess
1,507,900 Reserve for depreciation.. 3,147,879
Supplies, tools, &o
729,886 Accrued liabilities not due
-taxes, Interest, &o_ _
842,045
208,018
Stocks and bonds
356,375
796,034 Div. payable Jan. 151012
Bills & accounts reed*._
1,337,405 Bills payable
262,600
Cash
Accounts payable
1,182,713
See also V. 92, p. 1195, 942, 474.
Library Bureau, Cambridge, Mass.
(Report for Fiscal Year ending Dec. 31 1911.)
The report, signed by Samuel T. Russell, President, and
N. B. H. Parker, Secretary, Jan. 31, says in substance:
In a letter of Aug. 1 1911 it was stated that until a second physical inventory had been taken at the close of the year, the directors-deemed it unwise
to make a financial statement in detail. This inventory has been accomplished and it will be seen by the accompanying statement, certified by
public accountants, that the result of the year's work shows the entire
Impairment of ts, Mal restored, and in addition a surplus on hand Dec. 30
1911. The directors confidently expect in the near future to resume payment of dividends on the preferred stock.
The volume of business in filing cabinets, office and library furniture,
cards, supplies and other regular Library Bureau material has been largely
in excess of that of any previous year, and, while the margin of profit is
generally closer than heretofore, the increased volume of business together
with reduced expense well covers this difference. The work of reorganization and consolidation has been followed with satisfactory results, and while
not'fully complete to-day, practically every branch of the business is on a
paying basis. The indebtedness to the banks has been steadily reduced
and our cash balances are ample. New sales offices have recently been
opened in Vancouver, Can., Toledo and Cincinnati, O., and Richmond, Va.
Our London and Paris organizations have done their part and we are
justly proud of the work they have accomplished. The Canadian company
has largely increased its sales, and with the great development of that country will soon be a profitable branch. On account of the curtailment in the
Contract denartment the business of our Illinois corporation has been less
than that of last year; nevertheless, its net earnings have been considerably
increased.
We were successful in purchasing the minority holdings in the stock of the
Cornell Art Metal Co. and on Sept. 30 that company with Its business was
merged with Library Bureau of New Jersey, thereby enabling us to combine
the management with the wood-working factory in Ilion, making considerable saving in operating expense. We are now the sole owners of a fine
plant, well organized for the manufacture of steel filing cases, library, office
and bank furniture, with new and up-to-date buildings, machinery and
equipment.
All of our factories have been well filled with work during the year and
have contributed their full share toward bringing about the present satisfactory conditions.
Net profits for year ending Dec. 30 1911 were $168,437.
BALANCE SHEET DEC. 31.
1911.
1911.
1910.
1910.
LiabilitiesAssetsPreferred stock._ _ _ _1,499,800 1,409,800
Real estate, machinery, fixtures, &c__ 4821,108 838,847 Mortgage bonds__ _ 167,800 186,500
350,000
b158,958 252,567 Debenture bonds_
Investments
15,473
14,816
16,010 Mortgages
13,490
Patents
70,747 127,231
84,745 173,809 Accounts payable_
Cash
Accts. & notes reels 537,225 608,465 Notes payable_..... 306,000 1,004,780
22,180
26,103
824,385 818,470 Accrued liabilities
Inventories
15,455
21,926 Due outside st'kh'rs.. 15,774
Advanced expenses_ 31,709
23,846
144,591 Profit and loss
Profit and loss
Total
2,471,620 2,874,685
Total
2,471,620 2,87,1,685
*The company states that as the common stock is offset by good-will, both have
been eliminated from the balance sheet.
a Real estate, machinery, &c., includes in 1911: Real estate and bides. (less
deprec'n), $431,151; factory machinery and equip. (less deprec'n), 3284,320; office
furniture and fixtures (less (Ieprec'n), $70,383; catalogues, $9,320; leasehold property, cost of alterations and improvements, less rentals received, $25,934.
b Investments include in 1911 investments in other companies, $1,338, and value
of interest in Library Bureau of Canada, Ltd., $157,619. The assets of the Cornell
Art Metal Co., which were acquired on Sept. 30 1911 by Library Bureau, have since
been Incorporated in the accounts. See remarks above.-V. 92, p. 1246.
Cleveland & Sandhsky Brewing Co.
(Report for Fiscal Year ending Dec. 311911.)
RESULTS FOR CALENDAR YEARS.
1911.
1911.
Expenses1910.
1010.
Barrels sold
493,392 478,246 General charges ____ $160,490 $161,303
EarningsBad debts and depre177,096 211,649
elation
Earnings from brew3859,056 $963,909
cries
Net profit
$608,058 3657,293
Income from corn48,556 Bond interest
8384,081 3385,007
56,068
pany's properties_
17,870 Sinking fund
50,000
50,000
Interest account__ 30,620
Total earnings.... 3945,64431,030,335
Balance, surplus__ $173,977 $222,286
[Vols. Lxxxxiv.
BALANCE SHEEP DEC. 31.
1911.
1911.
1910.
$
A ssetiLiabilities$
Plants. fixtures,
•
Preferred stock_ . _ 2,502,000
good-will, &c _ _11,338,694 11,314,797 Common stock_ _ _ 2,38(1,500
Saloon and other
First mtge. bonds_ 6,016,000
properties
884,892
520,000
825,705 Underlying mtges_
Sinking fund, first
171,246
Bills & accts. pay_
mortgage
1,170,323 1,038,602 Conting. liabilities. 137,085
Merchandise stock 379,867
347,048 Cash acct.o/cr draft 14,900
Sundry assets__
25,443
24,423, Deferred dividend
61,395
Cash
42,359 Sink. Id. reServe
1,170,323
Loans & accounts
Working capital__ 1,000,000
receivable.
1,310,858 1,2'39,35e Profit & lose azet.. 1,136,628
Total
.15,116,077 14,892,284
1910.
$
2,502,000
2,386,500
6,021,000
530,000
280,202
109,935
01,395
1,038,002
1,000,000
962,650
Total ---------35,116,077 14,892,284
'Notes of customers, secured by mortgage, which have been sold by the company, and on which it is liable only as endorser.-V. 94, p 563.
lid
GENERAL INVESTMENT NEWS,
RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama New Orleans Texas & Pacific Junction Railways
Ltd.-Earnings.--This English company reports:
Calendar
Total Gen.Exp.& Deben. .9.F.tOExt. Peel. A
Balance,
Income. Inc.Tax. Interest. Deb.Diset, Die,
YearSur. orDi
.C204,918 £15,861 £122,789
£4,600 £63,562 def..£1,894
1911
15,553 122,789
4,600 . 63,562 def. 1,657
1910_
_ 204,848
Adding the surplus (£3,239) carried forward from 1910, the total surplus
Dec. 31 1911 was .C1,345.
The first dividend on the 6°,'• cumuatIve "A" Shares, 3 4%, was paid In
March 1908, leaving about 150% accrued dividends due. The payment of
the second dividend of 2;4% in March 1910 and the third and fourth of
434% each In March 1911 and 1912 will apparently leave about 168%
accrued dividends still due thereon.-V. 92, D. 460.
Alabama Traction, Light & Power
Ltd.--Advdnce Offering.-Parr's Bank, Ltd., London,Co.,
it is understood, is
receiving advance applications on behalf of the purchasing
syndicate, represented by Sperling Sr Co,for $6,000,000 5%
50-year gold bonds at the price of 1'90% per bond of $500.
A proof of the prospectus shows:
CapitalizationAuthorised.
Issued.
Preferred stock 6% cumulative
$5,000,000
$1,000,000
Common stock in shares of $100 each
25,000,000
12,000,000.
First mortgage 5% 50-year gold bonds
25,000,000
10,000,000.
Of these bonds, $10,000,000 are now being issued, of which $4,000,000.
are reserved for sale in New York and Montreal and the remaining $15,000,000 will be issued as and when required for the future developments
referred to within.
Par $500 and $100 (e). Coupons payable M. & S. Principal and interest payable in London. Montreal and New York at $4 86 2-3 to .E1, or in
Paris at fixed rate of exchange. All bonds callable at 105 on 60 days'
notice. Annual sinking fund of 1% per annum on all bonds from time to.
time outstanding, commencing in 1920.
Extracts from Letter of James Mitchell, Director and Consulting Engineer,
Jan. 10 1912.
Organized in Canada [Jan. 5 19121 to acquire and operate hydro-clectrie
power plants and to supply electric energy for light, power and heat to.
Birmingham, Montgomery, Mobile and other Important places in Alabama,
and to build, acquire and operate lighting and tramway systems as occasion may offer.
Owns over 99% of the bonds and capital stock of the Birmingham Montgotnery & Gulf Power Co., which possesses a charter granted In 1900 by the
State of Alabama, unlimited In time and not forfeitable for non-use, giving
the right: (a) To build dams and reservoirs on the Tallapoosa River or its
tributaries. (b) Of eminent domain. (c) To distribute electricity In all.
towns and cities in Alabama. (d) To acquire by purchase oreontract the
stock, bonds, &c., of any electric railway or electric light company in
Alabama. (e) To exercise all powers belonging to manufacturing companies under the Alabama law. (f) To exemption from taxation for 10"
years from commencement of its works.
The company controls water powers on the Taliapoosa, Coosa and Tennessee rivers capable of developing about 400,000 primary h. p. for 10 hours
daily during the driest season on record for 50 years. The U. S. Government has projected important storage reservoirs on the water heads of theserivers for the purpose of regulating floods and improving navigation.
These works will be done without expense to tile company and will greatly
increase the above amount of power. The company controls all the power
possibilities on the Tallepoosa River except two small plants near the lower
end, which are now fully utilized. No other water powers of importanceare operating within the proposed field.
It Is proposed to make the first development at Cherokee Bluffs, on theTallapoosa River, where there is a favorable site for the development of.
100,000 printery h. p. for 10 hours daily. The proceeds of the present issue
are sufficient for the initial development of 60,000 h. p. Estimates by experienced engineers figure the cost of the first development as only $83
per h. p., including a masonry dam 850 feet long and 130 feet high, creating
a storage reservoir with a capacity of 65,000,000,000 cu. It.
Our power site on the Coosa River is located within a short distance of the
proposed transmission line between Cherokee Bluffs and Birmingham,
and can be connected with It whenever the capacity of tile Taliapoosa River.
development is exhausted. The development at Mussel Shoals, on the
Tennessee River, has potential power far In excess of any present demand.
Owing to the magnitude of the development and the length of dams necessary, the total cost of construction will be considerable. As the U. S.
Government has under consideration extensive improvetnents on this portion of the river, It is not now proposed to proceed with this development.
Within a radius of 200 miles of the company's powers are to be found
the most important industrial cities of tile Southeastern United States, but
it is estimated that the total capacity of the Cherokee Bluffs development
can be marketed within 100 miles of the power plant. The city of Birmingham had a population of 3,086 In 1880, 38,415 in 1900 and 132,685 In 1910.
this great increase being due principally to the development of the steel
industry. The industrial growth of the State has been remarkable, while
Central Alabama possesses natural resources which should make it eventually the greatest steel-producing district in the whole world.
In 1908 an actual canvass found a total of over 65,000 horse power
already Installed in Birmingham, Montgomery and the vicinity, and BC)
great has been the increase In the amount of power required for both industrial purposes and the public utilities service that there is now,I believe,
at least 150,000 h. p. Installed in the district to be served by the company.
The President of an Important chemical industry has approached us with
a view to establishing works in Alabama, taking 15,000 h. p. An offer has
also been made by accepting which the company could close contracts in
the city of Birmingham to yield a gross income of over $440,000 per annum.
When in Montgomery I was informed that the Montgomery Traction Co.
Is purchasing Its power at $33 per h. p and the Birmingham Ensley &
' needs at practically same price.
Bessemer Co. is ready to contract for its
For the purpose of estimating the earnings of the company, I have taken
$20 per h. p. per year as the minimum average selling price of power to the
largest users, and a maximum average of $30 to the small users.
The plant (60,000 h, p.) should be completed not later than Oct. 1 1913,
and arrangements are contemplated by which it should be possible for the
company to deliver about 15,000 h. p.from other sources before Jan. 11913.
Of the total present issue of $10,000,000 bonds, $6,000,000 is destined for
the construction of the hydro-electric power plant at Cherokee Bluffs and
its transmission lines; the balance $4,000,000, will be reserved for America.
for the purpose of acquiring public utility companies on a basis of earnings
at least sufficient to guarantee all fixed charges on this part of the issue,
and for the purposes of the company in accordance with the trust deed.
MAR. 2 1912.1
THE CHRONICLE
Estimated Earnings from Plant at Cherokee Bluffs.
60,000 h. p. 100,000 h. p.
;2,025,000
$1,425,000
cross revenue from hydro-electric plant
1,675,000
_
_
1,200,000
Net revenue after oper. exp. and maintenance_
Net revenue from public-service oompanies to be
400,000
200,000
bonds_
$4.000,000
of
sale
the
acquired from
$2,075,000
$1,400,000
Total net revenue
Deduct 5% on bonds ($10,000,000 and $12,000,$600,000
;500,000
000, respectively)
120,000
Sinking fund, 1% on $12,000,000
60,000
60,000
stock
8% on $1,000,000 preferred
629 •
Bay of Quinte Ry.-Sale.-See Canadian Northern Ontario Ry. below.-V.94, p. 205.
Calumet & South Chicago Ry.-Listed.-The Chicago
Stock Exchange has listed $75,000 additional first M. 5%
gold bonds making the total amount listed $4,075,000NT. 93, p. 1599.
Canadian Northern Ontario Ry.-Extension of TorontoOttawa Line to Bay of Quinte.-The Toronto-Ottawa line;
which was opened as far as Trenton, 110 miles, in Oct. 1911,
has been further completed to Deseronto, where connection
is made with the Bay of Quinte Ry., which, it is stated, has
been taken over by the Canadian Northern system (V. 93,
p. 668; V. 94, p. 205.)
$1,295,000
Surplus, equivalent to 7% on common stock $840,000
In view of the phenomenal industrial growth of this entire section of
Alabama. I think this result should be realized within three years from commencement of operations.
of
Among those asked to become directors arc three representatives
Lt. & P.
Sperling & Co.; also James Mitchell, late of Sao Paulo Tramway,
WorthingS.
J.
Montreal;
Macfarlane,
Lawrence
Co.; W. D. Ross, Toronto;
Freight service from Toronto along the new road as far as Sydenham:
& Co.,
ton, Pres. Sheffield (Ala.) Nat. Bank; John B. White of J. G. White are
re- the eastern terminus of the Bay of Quinte By., will be inauguratcd on
and John F. Wallace. [Large financial interests In this project
Wednesday
next. Passenger service is not likely to be extended beyond
Montof
Wilson
.
II
Massey
C.
Johes
and
Pinokard,
ported as held by J. S.
Trenton for several months.-V. 94, p. 349.
gomery.]
the
originally
was
&
Co.
Gulf
Montgomery
Power
Birmingham
Central RR. of New Jersey.-Suit Over Lease.-See Lehigh
[The
Cherokee Development & Mfg. Co.. and its charter, granted by the Alabama
W. W. Coal & Navigation Co. below.-V. 93, p. 869.
State Legislature in 1900, was on Jan. 20 1912 held valid by JudgeThomas
Pearson in the Circuit Court at Montgomery, Ala., In the case of
Chesapeake & Ohio Ry.-Listed.-The N. Y. Stock Exch.
C. Russell against the corporation.-Ed.1-V. 94, p. 277.
Atchison Topeka & Santa Fe Ry.-Bonds Offered.-J. P.
Morgan & Co., the First National Bank and the National
City Bank, all of New York, are offering at 102 and
int. $9,394,000 "California-Arizona Lines first and refunding
mortgage"4% h0-year gold bonds of which a simultaneous
by Morgan, Grenfell
issue of £1,830,000 is made in London
& Co. Bonds dated March 11912, due March 11962, but
redeemable at option of The California Arizona & Santa Fe
Ry. Co. at 110 on any int. date on 3 mos.' notice. Par
$1,000 (c*), $1,000 (r*) and $10,000. Trustee, Guaranty
Trust Co. of New York. See advertisement on another page.
Abstract of Letter from E. P. Ripley, Pres. Atchison System, Chicago,
Feb. 26 1912.
[Addressed to J. P. Morgan & Co.]
'rue Atchison'Topeka do Santa Fe By. Co. has agreed to sell to your firm
$18,300,000 of its California-Arizona Lines "first and refunding mortgage"
4 A% 50-year gold bonds, being part of a total auth. Issue of not exceeding
$50,000,000. Of the bondssoid to you, £1,830,000 are payable both as to
principal and interest, In sterling, in London. Sterling bonds in the prinexchanged for $1,000 bonds at any time at
cipal amount of £200 may
the fixed rate of exchange of $4 85 per
The bonds will be the direct obligation of The Atch. Topeka & Santa Fe
By. Co. and will be secured by a mortgage upon the properties of one of Its
subsidiary companies, 'rho California Arizona & Santa Fe By. Co. The
this
bonds will be issued under an indenture dated March 1 1912 between
Trust
Company, The California Arizona 8: Santa Fe By. Co. and Guaranty
directors'
except
stock,
Co. of New York, as trustee. The entire capital
qualifying shares, of The California Arizona & Santa Fe By. Co., is owned
by The Atchison Topeka & Santa Fe Ry. Co.
The bonds thus sold to you will be issued, part in settlement of indebtedand part in
IICS8 due this company by The Cal. Arizona & Santa Fe. By. Co.
retirement of underlying bonds.
$26,533,000 are
Of the remaining bonds authorized under the mortgageexpenditures
for
cash
to be issued in amounts not exceeding the actual
premises on and
betterments, improvements and additions to the mortgaged
bonds in
after Jan. 1 1912 and $5,167,000 arc reserved to refund underlying
the hands of the public.
Chief Lines.
Mortgage Covers 834.66 Miles [a First Lien on 325 A Miles],.242.19 miles
Needles, Cal.. to Mojave, Cal
190.31 "
Cadiz, Cal., to A. & 0 Junction, Ariz
195.35 "
Ash Pork, Ariz., to Phoenix, Ariz
Underlying Liens Aggregate Only $5,167,000, Aside from Certain So, P.Bas
of Its bonds.]
account
on
claim
any
[So.Pao.Co.agrees to indemnify against
(1) The line from Needles to Mojave will be subject to two Southern Pac.
Pacific
Southern
the
issues! (a) $5,111,000 bonds due April 1 1912 which
undertakes to pay at maturity; (b) $4,127,500 bonds due Nov. 1 1937 which
a
and
second
By.
Pacific
Southern
of
miles
600
are also a first lien on about
lien on over 1,000 miles of Southern Pacific By. The Southern Pacific CO.
has agreed to Indemnify The Cal. Arizona & Santa Fe. By. Co. against any
claim on account of either of these Southern Pacific mortgages.
(2) The line from Ash Fork to Phoenix will be subject to a first mortgage
to secure $4,940,000 Santa Fe Prescott & Phoenix bonds.
of
(3) The only other outstanding prior lien bonds will be $224,000
bonds secured by mortgage on the line from Prescott and Eastern Junction,
mortby
secured
bonds
of
$3,000
and
26.40
Ariz.,
miles,
Ariz., to Mayer,
gage on the lino from Golfs, Cal., to Ivanpah, Cal., 45.21 miles. All other
prior lien bonds in existence at execution of the mortgage will be retired
prior to the sale of the said bonds to you through deposit under the refunding
provision of the mortgage in exchange for bonds Issued thereunder and
Included In tho amount sold you.
Description of Lines.-The line from Needles to Mojave was until recently
leased by this company from the Southern Pacific RR. Co., but has been
purchased by The California Arizona ec Santa Fe By. Co. This line is a
part of the trans-continental line of the Atchison System and is the only
connecting link between the Atch. lines in California and rest of the system.
The line from A. & 0. Junction to Cadiz is a new, low-grade line, with
ruling grade of approximately 6-10 of 1%. This line crosses the Colorado
River at l'arker and will share very largely in the development which may
River for Irrigaconic from projects for utilizing tho waters of the Colorado
a through line from
tion in the territory adjacent to Parker. It affords It
been opened
has
Arizona.
Central
through
Phoenix to Los Angeles
rapidly.
within a year, is of great value to Arizona. and its traffic is increasing
The line from Ash Fork south to Phoenix, in conjunction with the line
an
serves
Cadiz,
to
River
Colorado
the
from A. & C. Junction west across
important mining territory, and also affords an additional outlet to the Salt
River Valley. which is developing very rapidly now that it is assured an
ample supply of water for irrigation through the completion of the Roosevelt
the
dam. A number of the shorter lines serve rich agricultural districts inwith
San Joaquin Valley and have already developed a very large tonnage,
(from
lines
shorter
the
of
One
the promise of a rapid and steady increase.
Richmond, Cal., to Oakland) affords entrance into a city having a population of over 150,000 people, has grown very rapidly in the last few years
and gives promise of continuing growth.
Earnings of the Atchison System for Years ending June 30.
("Fixed charges" hero Include the interest on adjustment income bonds.]
Balance.
Years ending June 30- Net Oper. Rev. Fixed Charges.
$21,168,723
$11,487,935
$32,656,658
1907
13,678,886
12,579,302
26,258,188
1908
20,417.991
13,548,082
33,966,073
1909 _
20,425,784
11,984,151
1910
21,371,068
12,712,319
1911
3342:048039:398375
Thus the earnings for 1911, after paying 5% on $114,173,800 pref. stock,
amounted to over 9% on $168,430,500 common stock.-V,94, p. 486, 67.
Favorable Decision.-The U. S. Supreme Court on Feb. 19,
reversing the decision of the U. S. Circuit Court for the District of Colorado,held unconstitutional the State Corporation's
license tax law of Colorado of 1907 as an interference with
inter-State Commerce. Case is remanded to the lower Court.
The Court says that the company is a Kansas corporation, and the greater
part of Its business Is inter-State outside of Colorado, only a small part of
the business Is local, and that the tax ($7,630) was paid to the State Treasurer under duress, for If under the law the tax was not paid, the company
was liable to have its right to do business in the State forfeited. It was held
that ills obvious that the tax Is of the kind decided by the Supreme Court
as unconstitutional, even If the temporary forfeiture of the right to do
business, as declared by the State law, be confined to business wholly
within the State.-V. 94, p. 484, 67.
has listed $374,000 additional gen. M.4% bonds due 1992
[issued at $25,000 per mile on account of double-tracking],
with authority to add $1,126,000 bonds on notice of sale,
making total authorized to be listed $49,255,000.
Earnings-For 5 months ending Nov. 30:
Balance.
Net
Fixed
Operating
Taxes
Other
Five
Surplus.
Earnings. Paid.
Income. Charges.
Mos. Revenues.
1911_414,248,634 $4,986,616 $440,483 $676,073 $3,465,260 81,756,947
1910_ 14,274.146 5,087,782 402,700
-V. 94, p. 487
Chicago City Ry.-Acquisition-Extensions.-See Chicago
& Southern Traction Co. below.
Listed.-The Chicago Stock Exchange has listed $200,000
additional 1st M. 5% gold bonds, making the total amount
listed $25,200,000.-V. 94, p. 349.
Chicago & Eastern Illinois RR.-Sale of Bonds to Finance
Purchase of Coal Properties.-Kuhn, Loeb & Co., N. Y. City,
announced on Wednesday the sale of $2,680,000 Chicago &
Eastern Illinois RR. Co. 5% "purchase money first lien coal
bonds" of 1912, due Feb. 1 1942, being the entire present
issue under a new $7,000,000 mortgage which it is propcsed
shall cover 27,000 acres of coal property and future acquisitions, &c., as required.
Digest of Statement by Vice-Pres. C. W. Hillard, New York, Feb. 3 1912.
These bonds will be the direct obligation of the railroad, specifically
secured by purchase-money first lien on coal properties to be acquired by
the company for its present and future requirements. Part of an authorized
$7,000,000 bond issue, of which the $2,680,000 bonds to be presently issued
have been sold for the purpose of acquiring four separate parcels of valuable
coal properties In Illinois and Indiana aggregating about 27,000 acres of
coal in fee, and Including four developed mines. The remaining $4,320,000
bonds are to be reserved Under restrictions in the mortgage for the purchase
of additional coal properties, and, to the extent of $1,500.00 bonds, may
be used for developments, improvements, equipment, &e. The mortgage
will _provide that no bonds shall be issued in addition to said $2,680,000,
unless the surplus earnings of the company from all sources, after deducting
all charges for last previous fiscal year, shall have been at least $1,000,000.
Cumulative sinking fund, commencing May 1 1913. of 2e. per net ton of
coal mined during the five years beginning April 1 1912. 30. during the
next ten years, and 4c. every year thereafter.
Pending the executioner the mortgage, temporary bonds will be issued,
entitling the holder to receive on Aug. 1 1912 the definitive bonds secured
by a mortgage covering at least 17,000 acres of coal property, including 3
mines, and also covering cash representing the agreed purchase price of the
remaining properties, which cash, if not eventually used for the aforesaid
acquisition, may be used for any of the purposes for which the balance
of the bonds is reserved.
These bonds will be dated Feb. 1 1912 and will mature Feb. 1 1942; prin.
and int. payable in U. S. gold coin, without deduction for any taxes which
the company may be required to pay or to retain therefrom. All or any
part of the bonds will be subject to redemption, at option of company, on
any int, day on 60 days' previous notice, at 105% and int. or at 102 A%
and lot, for the sinking fund. Trustee, Central Trust CO. Application
will be made to list these bonds on the New York Stook Exchange.
Digest of Report of Allen & Garcia Co. of Chicago. Engineers.
The properties in question are all located on the Ohio. & Eastern Illinois
200
RR.; the Montgomery County, Ill., mines, on the St. Louis Division,
Divimiles from Chicago, and the West Jackson acreage on the Evansville
Chicago.
from
distance
same
Ind.,
approximately
County,
sion in Sullivan
Output
No. Acres Worked Tons Coal
Remaining. Tons(1911)
Mines. Min.Rts. Out.
652,000
400 116,800,000
15,000,
2
Burnwell Coal Co
287,000
15,200,000
100
2,000
1
Kortkamp Coal Co
400,000
64.000,000
7,000 None
1
Montgomery Co. Coal Co
West Jackson Hill Coal
None
83,009.000
3,000 None
Mining & Transport Co_ None
500 221.000.000 1,339,000
27,000
4
Total
The aforesaid 221,000,000 tons at 1 Ac, a ton is worth $3.315,000 and
;885.000 (13urimell,
aggregate
the existing improvements and developments
$420,000; Kortkamp. $160,000; Montgomery, $270,000, and surface, 500
mining conditions
The
$4,200,000.
total,
$35,000];
about
acres,
in Montgomery County field are excellent, as good as, if not better than,
any field in the State; the coal is good steam quality, and. If washed, would
find ready domestic market. The mining conditions In West Jackson territoryr are equally as good in No.5 scam, but conditions in No.6 seam are not
so favorable but preferable on account of the better quality of coal.
If all mines are operated under one management, the coal should not
cost more than 820. with present mining rate, day wage scale and Material
b.,
costs, and should bring a better average revenue, probably $1 05 f. o.estimines for mine run coal. Estimated revenue, 1912, II 02 per ton;
mated cost, 82c.• estimated profit, 20c., which, on an output of 1,339,000
tons (same as 1611), equals gross profit of $267,800.
The capacity of the' mines In 1911 was 8,000 tons per day (ICortkamp,
year.
1,600; Burnwell, 4,100; Montgomery, 2,300), or 2,000,000 tons perequipIf mines could have operated 250 working days. With the additional
installed the capacities should be increased during 1912 to
ment being installed,
2,000; Burnwell, 5,500;. Montgomery
11,500 tons daily
County, 4,000], which, with 250 working days per year, would make
(allowing for lost time incident to daily operation) 10,000 tons per day, or
2,500,000 tons per year. On this tonnage a net profit of 15e. per ton would
make the total profit for 1912 $375,000. This could be materially increased
by expending approximately $100,000 for a new mine on West Jackson
property in Sullivan County, Ind.-V. 94, p. 487, 206.
Chicago Indianapolis & Louisville Ry.-Offering of Coal
Bonds.-Redmond & Co. and Equitable Trust Co. both of
New York,are offering by advertisement on another page, at
94 and mt., netting about 532%, $2,500,000 1st M. sinking
fund gold bonds of the Monon Coal Co., dated June 1 1911
and due June 11936, but callable as in entirety at 110 and
int. on any interest date and at 100 and bit. for sinking fund.
630
THE CHRONICLE
[VoL. Lxxxxiv.
Total authorized, $3,000,000; issued, $2,500,000. Interest
Delaware & Hudson Co.-Indictment.-The company was
guaranteed unconditionally by endorsement by the railway indicted by the Federal Grand Jury
company. See further particulars in the advertisement, the U. S. District Court in this city before Judge Martin in
on Feb. 21 on 30 counts
also in V. 93, p. 50.-V. 93, p. 1105, 1021, 1017.
alleging violation of the Inter-State Commerce Act.
Chicago & Milwaukee Electric RR,.-Plan.-The official
The case is based upon the transporta;tion by the company of hay from
plan of reorganization proposed by the new protective com- points in Northern New Yorlc to Wilkes-Barre and Plymouth Junction
for
use by the mules employed in the mines of the Hudson Coal Co., which in
mittee, George M. Reynolds of Chicago, Chairman (see V. 94, June 1909 agreed to purchase the entire present and future coal output
of
the D. & H. (V. 88, p. 1499). Inasmuch as the hay is not used In the
p. 206), provides substantially as follows:
company's business as a
Proposed Securities of New Compang to Be Organized Following
First mortgage 5% Bonds, covering entire property and all fu- Foreclosure.
ture acquisitions, not over
$10,000,000
Present issue, to provide for cash requirements of
reorganization at discretion of committee, not
over
$4,500,000
Reserved for future requirements under conditions in mortgage
5,500,000
First 4% non-cumulative Incomes (a second mtge. on the Illinois
division and on the net earns, of the new co.), not over
Second 4% non-cumulative Incomes (a 2d M. on the 16 miles of x4,500,000
Wisconsin division and a 3d M. on the Illinois division and
on the income of the new company), not over
x6,000,000
Capital stock, not over
x6,000,000
Such amount as shall not be required to carry out the exchange shown
below may beased by the committee for other reorganization purposes.
Terms of Exchange for Principal of Old Bonds.
Holders of Existing
-Receive in ExchangeSecurities1st Incomes.
2d Incomes.
Stock.
Ill. (Hy. 5s 1902..44,000,000 100%44,000,000
_
Wis. dlv. 5% bds_10,000,000
86%;,-i5;66;660 80z/045:0-6,665
The plan empowers the committee to use the $4,500,000 1st M. bonds
now issuable and any income bonds and stock not needed for purposes of
the aforesaid exchange as may seem desirable In carrying out the reorganization. The committee is also authorized: (1) To buy in the existing
properties (also the $100,000 stock of the Ch. & Mil. El. By. of Wisconsin,
now pledged as part security for the Wisconsin bonds). (2) To take up
tie $1,036,000 6% receivers'certificates and to pay or acquire the $1,080,000
(underlying) Ch. & Mil. El. By. 1st M. 5s of 1899, due July 1 1919 but
callable on any int. day at 105 and int. (3) To assume or discharge the
obligations, &o., of the Wisconsin committee, the Illinois committee or
the protective committee. (4) To acquire additional properties (if any)
or stocks or bonds thereon; also to make necessary improvements and
to remove existing liens. (5) To settle litigation. (6) By vote of seven of
the ten members to declare the plan operative. (7) To settle the controversy between the Illinois bondholders and Wisconsin bondholders, and
to that end to increase the rate of interest on the 2d incomes and the 3(1
Incomes or either of them. (8) To make any settlement with the Investment Registry, Ltd., of London as to the Wisconsin bonds held by it,
with the Sovereign Bank of Canada as to coupons held by it, and with
holders of coupons due Jan. 1 1908 of either issue,as the committee may
deem advisable. Depositaries under plan, Chicago Title & Trust Co.,
Chicago, and National Trust Co. Ltd. Toronto. The plan may be modified by holders of 75% in amount
t '
of
each class of certificates of deposit
Outstanding.-V.94, p. 558.
Chicago & Southern Traction.-Foreclosure Sale.-The
property of the company has been sold at auction under foreclosure of the mortgage to the Western Trust & Savings
Bank, as trustee, for $200,000. The Chicago City Ry. will
take over the portion within the city limits, while the outside lines will be operated by a new company with $1,000,000
capitalization, to be known as the Chicago & Interurban
Traction Co., in the interest of the Hammond Whiting &
East Chicago Electric Ry. of the Chicago City Ry. system.
The new interurban line will operate its cars to a terminal at Harrison St.
The purchase price was scaled to $100,000 for the portion within the city
limits and the same amount for the part outside.
The new owners plan extensions of the present Chicago City By. system
to embrace the entire steel belt from Joliet to Gary. To complete the scheme
extensions are proposed that will connect Hammond and Indiana Harbor
by way of Forsythe Ave. and 141st St., Indiana Harbor and Whiting,
Indiana Harbor and Gary, Hammond and Harvey and Hammond, Hegewisch and South Chicago. After the Hammond-Harvey extension has
been completed residents of the Calumet district will be able to ride to
St. Louis via the interurban read.-V.94, p. 350.
common carrier, but as a miner, It is claimed that
the indictment will hold.
There is also another indictment against the company and its Albany
agent for alleged false billing of rails and scrap iron from Albany to Syracuse, when in reality they were shipped from Carbondale to Syracuse. The
rate from Carbondale would have been $1 10, whereas from Albany It is
40 cents.-V. 92, p. 950. •
Easton (Pa.) Consolidated Electric Co.-Report.-Calendar Gross Earn. Net Inc. Net Inc. Total E. Bd.Int. Divs.
Bal.,
YearE.Tran.E.Tr.Co.Ed.I11.Co. Con.El. Taxes,&c.(2%). Surp.
1911
$401,736 $87,479 $27,886 $115,365 $69,692 $15,000 $30,673
1910
381,492 96,661 28,145 124,800 70,309
.54,497
-V. 93, p. 1024.
Erie RR.-Notes for Double-Tracking.-The directors on
Thursday authorized an issue of $10,000,0005%3-year notes,
subject to the approval of the Public Service Commissions
with regard to the convertible basis of the convertible bond,
to be deposited as collateral and other details, the proceeds
to be used for double-tracking the main line.
About $20,000,000, it is stated, will be required to complete the work
but the remainder will be raised from current earnings and funds already in
hand. When the work is completed, the company will have 6 tracks to
Ridgewood, N. J., 4 tracks to Port Jervis and 2 tracks for the rest of the
way to Chicago, with intermediate stretches of third and fourth tracks.
The double-tracking will, it is stated, amount to 330 miles, Including sections of between 3 and 30 miles each at about 30 points along the line.V. 94, p. 487
Galveston Harrisburg & San Antonio Ry.-Decision.-The
United States Supreme Court on Dec. 19, for the second time,
declared Constitutional the "Carmack amendment" to the
inter-State Commerce Law passed by Congress in 1906, making railroads on which shipments originate liable for loss or
damages to goods on any portion of the route.
The decision concerned a shipment of mohair from Uvalde, Texas, to
Lowell, Mass., over the G. H. & S. A. RR. The Texas State courts not
only upheld the law but declared that State as well as Federal courts
would
enforce it. Compare Atlantic Coast Line RR. item, V. 92, p. 116.V. 92, p. 1701.
Georgia & Florida Ry.-New Bonds.-The shareholders
will vote March 19 on authorizing an issue of $2,000,000 6%
general mortgage bonds dated Feb. 1 1912 and due Feb. 1
1932, with interest for the first 10 years dependent on income
(but cumulative), and payable either in cash or in certificates
of debt bearing interest at 5%;after ten years the payment
of interest becomes obligatory.
The bonds are being underwritten by a syndicate headed by Middendorf,
Williams & Co. and the Baltimore Trust Co. of Baltimore, and John L.
Williams & Sons of Richmond, at 52 less a commission of 134%. The
proceeds (about $1,000,000) will be used to retire the floating debt incurred
in completing the property, to redeem equipment obligations and to provide
working capital. By this plan $640,000 1st M. 5% bonds now pledged as
collateral will be returned to the treasury. The underwriting syndicate, it
Is stated, is composed of Influential banking interests in Baltimore, Richmond and other Southern cities, and New York and Europe. See annual
report in V. 94, p. 203.
Georgia Light, Power & Railways Co.-Listed.-The Chicago Stock Exchange has listed $2,500,000 first lien 30-year
5% gold bonds.-V.93, p. 1668.
Green Bay (Wisc.) Traction Co.-Merger.-See Wisconsin
Chicago & Western Indiana RR.-Listed.-The N. Y.
Stock Exchange has listed $1,365,000 additional consolidated Public Service Co. below.-V.94, p. 68.
Honolulu Rapid Transit & Land Co.-Report.-For year:
mtge. 50-year 4% bonds due 1952, making the total amount
Calendar Gross
Other
listed $39,034,000.
Int., Pt. Div.
Net
ComMon
Bal.,
Purposes for which $1,365,000 Bonds Listed Were Issued.
Bridge over Calumet River, track elevation and additions to Belt
By. Division
$540,100
Repayment to proprietary lessee cos. and Belt By. Co. the par
value of gen. mtge. bonds canceled Mch. 1911 by sinking fund
398,000
To be expended for construction and real estate accounts
426,900
Year- Earns.
Earns.
Inc. Taxes&c. (6%). Dividend. Surp.
1911 ___$500,276 $233,727 $6,837 $79,188 $21,000 (6%)$48,000 $92,376
1910 ___ 453,853 222,738 6,854 75,920 21,000 (4%) 32,000 100,663
-V.92, p. 881.
Hudson & Manhattan RR. Co.-New Officers.-L. R.
Thurlow has been elected Secretary, vice William R. Everdell Jr., who resigned. R. B. Kay becomes Assistant
Year- Revenue.
Bond Int.
Taxes.
Divs. Oth.Deduc. Bal.,sur
1911 ___ _$2,594,256 $1,946,439 $145,492 $300,000 $85,869 $16,456 Secretary.-V. 93, p. 1462.
1910
_ 2,528,152
1,897,423
134,209
300,000 162,432
34,088
-V._-94, p. 487.
Illinois Tunnel Co.-Foreclosure Sale.-The foreclosure
Cincinnati Northern EL-Dividend Reduced.-A dividend sale will take place on March 25 (not March 19) at the
of 13/2% has been declared, payable March 1 on the $3,000,- County Court House, Chicago, by Charles B. Morrison,
000 stock (of which $1,707,400 is owned by the Cleveland Special Master Commissioner.
Cincinnati Chicago & St. Louis) to stock of record Feb. 23,
The sale will be made subject to the lien of receiver's certificates amounting, with interest, on Feb. 14 to $3,577,583, and to promissory notes issued
comparing with 3% each in 1910 and 1911.-V. 92, p. 794.
by the receivers amounting, with interest, on Feb. 14 to $1,007,167; also
to a lien for the payment of certain expenses, costs, &c., set forth In the
Cleveland Painesville & Eastern RR.-Report.decree entered on
the amended decree
Report.-For calendar year 1911:
Calendar
Gross
Operating
Net
YearEarnings. Expenses. Earnings. Interest.
1911
$366,143 $189,195 $176,948 $100,357
1910
355,469
180,300
175,169
96,585
-V. 93, p. 1785.
Balance,
Taxes. Surplus.
$12,688 $63,903
10,033
73,682
Feb. 14 and
entered Feb. 23.
The purchaser is to pay all claims flied, or which may hereafter be
for materials, labor or injuries to persons or property which may not be
met out of the cash funds remaining in the hands of the receivers.
No upset price is named in the decree, the Court reserving the right t
reject any and all bids.-V. 94, p. 487.
Columbus (0.) Urbana & Western (Electric) Ry.Interborough Rapid Transit Co.-New Offer to City.-The
Receivership.-Judge Evans at Columbus, 0., on Feb. 27, on
application of the Columbus Ry. & Light Co., which has an company on Feb. 28, as the result of the recent renewal
unpaid bill for $480 for current, appointed L. P. Stephens, of negotiations,conducted with the assistance of the Pennsylvania RR.,submitted a new offer to the city for the operation
who has been General Manager, as receiver.
The action was concurred in by the Ohio State Banking Department, the and contribution toward construction of practically the same
bonds and stock of the company being held, it is stated, as collateral for subway lines as were embraced in its offer of last July (comclaims aggregating about $290,000 by the Columbus Savings & Trust Co.,
pare V. 92, p. 1314; V. 93, p. 44).
which recently failed. See item on "Banking, Financial and
Legislative
News" on a preceding page.
The Ohio Public Service Commission on Jan. 4 denied the application
to issue $5,500,000 bonds and $50,000 additional stock, to extend its lines
to Wapakoneta and Findlay.-V.93, p. 1785.
County Traction Co., Chicago.-Acquisition.-See Suburban RR. below.-V. 92, p. 1435.
Dayton Lebanon & Cincinnati Railroad & Terminal Co.Denied.-In response to our letter of the 21st inst. we are
informed by Edward B. Taylor, 3d V.-Pres. of the Pennsylvania Lines west of Pittsburgh, that there is no truth in the
report emanating from Philadelphia that the control of the
company has been purchas3d by the Pennsylvania interests.-V. 88, p. 374.
The main difference between the new offer and the one which was rejected
by tee Board of Estimate and Apportionment last year, Chairman Willcox
of the Pub. Serv. Comm. points out, Iles in the fact that the percentage of
return on the whole investment of the company named in the earlier proposal was 9%, whereas It the same method of cumputation were followed In
the new proposal,the rate would be 8.76%, the income of the city on its
investment being at the same time reduced from 9 to 8.76%.
If the offer is accepted,the Broadway-Lexington Avenue (Manhattan)
subway, which is now largely under construction above 32d St., would
become part of the Interborough system, while the Broadway lino, with Its
various extensions, could, with the Fourth Avenue (Brooklyn) subway and
the Centre St. loop, be operated as one system, and would constitute a
system such as the Brooklyn Rapid Transit Co. has stated It is willing to
operate in connection with its present lines.
The new oiler, therefore, again brings before the Pub. Serv. Comm. and
the Board of Estimate and Apportionment a dual system of subway development. The present subway has 73 miles of track; the additions proposed
aggregate 147 miles.
• • • • • • • • • • • • • • • • • •
•
MAR. 2 1912:i
THE CHRONICLE
The company's estimated investment in subway construction and equipment would be *77,000,000, and the city's investment toward construction
about $56,000,000. The company also proposes to invest about $30,000,000 of private capital in the third-tracking and extension of the elevated
oads, making its total Investment $107,000,000.
The Belmont tunnel, which cost about $8,000,000 to build, is to be
turned over to the city for $3,000,000. Connections would be made from
Times Square with the tunnel, and this line would be operated in connection
with the whole system. The fare over the entire system operated by the
Interborough Co., old and new, Is to be 5 cents.
The proposal is that the company's own capital shall have a preference
as to carrying charges and sinking fund, aggregating 6%, ahead of the
Interest and sinking fund on the city's investment, and in this respect the
offer is the same as the one made on Dec. 5 1910 and that submitted last
July, and the same as that made by the Brooklyn Rapid Transit Co. in
the spring of last year.
Before the company receives any additional Profit on its new investment,
the city will receive not only its interest and sinking fund but an additional
amount which will raise its share to 8 U% on its investment of $56,000,000.
Before the plan is carried out it will be necessary to obtain certain
amendments to the law to allow of the "leveling of leases" of the present
subway to the term covered by the new arrangement, and the question of
preferential payments must be settled by the courts.
Several suits for the last-named purpose which have been brought by
tax-payers are pending, the last by john J. Hopper (a friend of William R.
Hearst), which, It is stated, brings up in a broader way than the others
the questions to be decided.—V. 94, p. 559.
631
Decision.—The company on Feb. 23 reduced to 5 cents the rate of fare
from Trenton to Yardley, in accordance with the decision of Vice-Chancellor
Walker on Feb. 17, dismissing the injunction obtained by the company.
The Court says that the comapny had no right under its charter to charge
10 cents, or two fares.—V. 94, p. 417.
Ottawa (Can.) Electric Ry.—No Amalgamation.—The proposed amalgamation with the Ottawa Light & Power Co.,
and, possibly, the Ottawa Car Co., is stated by the Montreal
papers to have been called off, owing to a final hitch as to the
terms of the union.—V. 94, p. 417.
Pacific Power & Light Co.—Bonds Called.—The unredeemed portion of the $457,000 1st consolidated 6s, dated
Sept. 15 1905, of the Northwestern Gas & Elec. Co., will be
paid on March 15 at 110 and interest at the Real Estate
Trust Co., Phila., trustee. Compare V. 94, p. 278, 208.
Pere Marquette RR.—Mr.Erb as Managing Director—Outlook.—It was announced on Feb. 24 that Newman Erb, who
owns a large amount of the preferred stock, had been elected
a director and Chairman of the executive committee, with
supervising control of the executive and administrative afTraction
&
Sold.—
Kentucky
Terminal Co.—Bonds
fairs of the company, both as to the financial and operating
Chandler Bros. & Co., Philadelphia, announce that the $1,- departments. Whether this change is the result of any opfirst
and
refunding
(V.
871,000 5%
bonds due Feb. 1 1951
tion or other agreement through which Mr. Erb and asso92, p. 1564) have all been sold.
ciates may eventually take over the $11,000,000 common
It is understood that the improvements at Lexington, costing $750,000. stock now held by J. P.
Morgan & Co. is not announced.
will be completed in the next 60 days, except the large central power sta-
Statement put out by Mr. Erb.
Until 1911 the Pere Marquette was endeavoring to meet about 25% traffic expansion without any corresponding increase of its facilities or any
adequate improvements for such economical operation as was required to
meet the gradual reduction of rates and increase of wages of recent years.
During the last calendar year, however, the company expended upward of
$2,000,000 in revision of grades. double-tracking 47 miles of the main line.
adding
25 miles of siding and passing tracks, new round houses, enlargeThe road is now being built from Laton to Lanares, 20 miles of which, ment of machine shops, many new steel
bridges and other important im15 M miles from Laton, has been graded. Bonds are dated Jan. 1 1911 and provements. It also bought 60 locomotives
and added to its passenger
mature Jan. 1 1941; present issue $149,000; interest payable Jan. 1 and equipment, involving a total for
improvements
and equipment of upward
July 1 at office of trustee. Sinking fund begins with sixth year. Mortgage of $3,000,000.
covers all property except rolling stock. Stock, $300,000, all of one class;
This
development
work
has
only
just
been
completed.
During the imPres.,
L.
A.
Smith.
A. Nares; Sec., R. M. Bostwick; Treas., C.
par $100.
provement work, traffic moyed under difficulties, involving expensive deOffice, Fresno. Cal.
lays and added transportation cost. Indeed, for considerable periods.
Louisville & Nashville RR.—Earnings.—For the half-year embargoes were placed on through business. From now on It may be confidently expected that the results of operation will approach the normal opending Dec. 31:
erating ratio, with a corresponding surplus In line with the showing of neighSix Mos.— Gross,
Other Income. Charges.
Balance.
Net.
boring roads. (See "Annual Reports," V. 94, p. 484.)
1911
$28,323,140 $8,385,900 $1,260,713 $3,934,659 $5,711,954
The interest due March 1 on the $8,000,000 6% collateral
1910
1,047,844
3,637,267
5,327,645
7,917,088
27,944,849
Dividends of 3%% in each of the 6 months call for $2,100,000, leaving a notes of 1911 was paid through J. P. Morgan & Co.
1 alance of $3,611 954 in 1911. against $3,227,645 in 1910.
Equipment Notes.—J. P. Morgan & Co. are purchasing for
tion, which will be finished about May 15.—V. 92, p. 1564.
Laton & Western RR.—Mortgage.—The company, incorporated in California Aug. 8 1910, has filed a mortgage to
the Southern Trust Co. of Los Angeles, as trustee, to secure
$200,000 30-year 5% bonds to provide for construction.
Important Rate Decision.—The U. S. Commerce Court on
Feb. 28 made an order annulling that of the Inter-State Commerce Commission readjusting (in effect reducing) rates from
New Orleans, La., to Mobile, Ala., and Pensacola, Fla., and
New Orleans to Montgomery, Ala. The grounds of the
decision are deemed to be of great general interest. The
opinion by Judge Archbald (Judge Mack dissents) says:
There was no attempt to meet the case made out for the company, either
by argument or otherwise. Counsel for the Commission and for the Government simply rely on the authority of the Commission to determine what is
a reasonable rate and the conclusiveness of its judgment where it has done
so, against which, It was argued, the courts can afford no relief unless the
rate which has been fixed is shown to be confiscatory.
But this contention, as presented and sought to be applied in the case at
bar, must be rejected. In our judgment, it was never intended to confer
n the Commission any such unrestrained and undirected power. As already pointed out, the law provides for a hearing and it must be more than
a shadow. Both parties are entitled to be confronted with the evidence
on which the case is to be determined, and the conclusion reached must be
a reasonable inference from the facts disclosed by the investigation
•
The order must be held invalid as exceeding the delegated powers• of•the
Commission, because there was no substantial evidence to sustain it. . . .
Having regard to the undisputed evidence adduced at the hearing, the
existing rates were not shown to be unjust or unreasonable, and there was,
therefore, no valid basis for the Commission's conclusion.—V. 93, p. 1532.
account of the Guaranty Trust Co. the $650,000 6% equipment notes due March 1 (the remainder of the issue of 1908),
for the purpose of extending the same for six months at 6%
interest (V. 86, p. 548, 721, 920.)—V.94, p. 488, 484.
Philadelphia Rapid Transit Co.—Sale of Bonds.—Authorized.—The boards of directors of the company and of the
Union Traction Co. at special meetings on Thursday formally
authorized the issue of $10,000,000 bonds, to be guaranteed
by the Union Traction Co., authority for which was given
at the stockholders' meetings of both companies on Feb. 28
1911 as an essential part of the rehabilitation plan of the
property under the Stotesbury management.
The original plan had been to Issue $2,000,000 of these bonds July 1 1911
and $2,000,000 on July 1 of each succeeding year during the 5-year period.
Authority was, however, given by the companies' directors to issue the
first installment of $2,000,000 March 1 1912; the second $2,000,000 on
Oct. 1 1912 and the third $2,000,000 on Jan. 11913, the change being necessary because the company is purchasing new equipment at a faster rate
than originally contemplated.
An extension of the company's pension scheme was also announced.
—V. 94, p. 209.
Portland (Ore.) Railway, Light & Power Co.—New Bonds
Offered.—Drexel & Co., Phila., and Lee, Higginson & Co.,
N. Y., Boston and Chicago, are offering, by advertisement
on another page, at 96 and int., yielding over 5% income,
the unsold portion of their block of $16,000,000 'first and
refunding mortgage" 5% sinking fund gold bonds(convertible issue). Dated Feb. 1 1912 and due Feb. 1 1942, but
callable as a whole on or after Feb. 1 1922, or for sinking
In presenting the application it was set forth that the new company fund on any int. date at 105 and int. Present $16,000,000
wished to take over the Michigan United Rys. property on a lease running issue is at any time convertible at holders' option into capital
999 years. This formal purchase, it is said, was provided to finance the
stock of the company at a price equal to the amount paid in
deal in accordance with the new company's plan.
The representatives explained to the Commission that the idea was to on such stock, now $65 a share, plus $10 premium per $100
transfer the common stock of the Mich. United Rys., $ for $, for an equal
amount, or $6,000,000, of the common stock of the new company. In addi- share. Par (c*) $100, $500 and $1,000; r*, $1,000, $5,000,
tion to this, it was explained, the balance of the $10,000,000 total capital $10,000, $50,000. Prin. and int. also payable at fixed rates
of the United Traction Co. is to be devoted to extensions and betterments.
[It has recently been reported that E. W. Clark & Co., Phila., and Hoden- in sterling, francs and guilders. Fidelity Trust Co., Philapyl, Hardy & Co. N. Y., are negotiating to acquire an interest in the Michi- delphia, trustee. Interest F. & A.
gan United Itys.'
of Jackson. See also V. 94, p. 207, 68.J
It was announced on Thursday that the bonds had all been
Minneapolis & St. Louis RR.—New Mortgage Trustee.— sold. The advertisement, however, appears for record purThe Guaranty Trust Co. of New York, having resigned as poses on another page.
trustee of the Pacific extension mortgage dated June 11881,
Total Authorized Issue, $75,000,000—Amounts Reserved, Etc.
(now offered—application will be made to list these
the bondholders will meet on March 27 at the company's Outstanding
bonds on New York Stock Exchange)
$16,000,000
office to elect a successor thereunder.—V. 94, p. 487, 351.
Reserved on account of underlying bonds (closed mortgages)._ 18,000,000
Reserved for not exceeding 80% of cash cost of additions and
Missouri Pacific Ry.—Equipment Refunding Bonds.—The
improvements under careful restrictions
41,000,000
Nebraska Railway Commission has authorized the company
The company does practically all the street railway and electric-light and
in
and
about
business
Portland.
populaOre.,
power
serving
about
300,000
to issue $2,415,000 of a new issue of $6,415,000 equipment tion. See map of system on pare 103 of "Electric Railway Section."
refunding bonds. The "Omaha Bee" says:
Digest of Letter from C. M. Clark, Chairman of Executive Committee,
Michigan United Traction Co.—New Company.—George
C. Moore, Chairman of the board of this new company, appeared for the Mich. State RR. Commission on or about
Feb. 15, asking that their approval be given to an increase
in the auth. cap. stock from $100,000 to $10,000,000, divided
into $6,000,000 common and $4,000,000 pref. A press
dispatch from Kalamazoo to the "Grand Rapids Post" says:
The company sets out that it at one time issued $6,415,000 of equipment
bonds and that of this issue $2,415,000 have been paid out of funds obtained
by means other than bond issues, and it is this amount which the company
is authorized to reissue. The remainder of the original issue, $4,085,000,
can only be issued as rapidly as their predecessors are paid and retired. It
is set out that the money derived from the bonds is to be used for the purchase of equipment and to reimburse the company for money paid for
equipment out of funds derived from other sources than bond issues.—
V. 94. D. 560.
New Jersey it Pennsylvania Traction Co.—Receivership.-Judge Rellstab in the U. S. District Court at Trenton on
Feb. 29;on application of Battles & Co.,W.Frederick Snyder,
S. L. Wright and William R. Wright, all of Philadelphia, and
John Barbey of Reading, Pa.(who, it is said, own nearly all
the stock and the greater part of the bonds), appointed exSupreme Court Justice Alfred Reed of Trenton and Sydney
L. Wright of Philadelphia, receivers. The company admitted its insolvency. Compare V. 94, p. 417.
Philadelphia, Feb. 16 1912.
Incorporated in Oregon in 1906. Owns in fee all the properties and
franchises formerly of the Portland By. Co., Portland General Electric Co.
and Oregon Water Power & By. Co., and thus owns (a) Practically all the
street railways (except two interurban lines entering the city) in Portland
and vicinity; (5) Practically all the plants supplying electric light and power
commercially in Portland and Oregon City, Ore.. and Vancouver, Wash.;
(c) Street railway, gas and electric plants in Salem, Ore.; (a) three interurban lines (handling freight and express as well as passengers) from Portland
to Oregon City. Troutdale and Cazadero, Ore., and Vancouver, Wash.
Also supplies with electric power the other two interurban lines entering
Portland and the street railway of Vancouver, Wash., and supplies direct
water power to several large mills at Oregon City, and owns and operates
the locks and canals in the Willamette River at Oregon City and the ferry
across the Columbia River at Vancouver.
Capitalization after Issuance of These $16,000,000 Bonds.
Capital stock (of which 65%—that is, $65 per $100 share, is paid
in and the remainder, $8,750,000, may be called for when
$25,000,000
needed by the company)
First & ref. M. 5% bonds due 1942 (this issue)
16,000,000
Portland By. Co. 1st & ref. M. 5s due 1930, and underlying divisional issues (of which $211,000 are in sinking fund)
10,000,000
Portland General Electric Co. 1st M. 5s, due 1935
8,000,000
632
THE CHRONICLE
Total funded debt, as above, $34,000,000; annual int. thereon, $1,688,970
The proceeds of these $16,000,000 bonds will be used to retire $11,673,000
existing funded debt and all the $1,000,000 floating debt; also for additions
and improvements. Prior to the delivery of these bonds, all the said
$12,673,000 debt will have been retired or called for early retirement.
Funds will be placed In escrow to pay all such called bonds and thus Insure
their retirement at the date of call.
The total amount of these bonds authorized is $75,000,000, of which
$16,000,000 are the present issue; $18,000,000 are reserved on account of an
equal amount of underlying bonds, and the remaining $41,000,000 can be
issued only for 80% of the cash cost of future additions, extensions or acquisitions, and only when net earnings (after allowing for maintenance
15% of gross earnings) are at least 1 3 times interest charges on all obligations equal or senior to these bonds, including bonds sought to be Issued.
Cumulative cash sinking fund, 1% annually on total amount of these
bonds issued 1915 to 1926, Inclusive, and 1 3i7
0 annually,1927 to 1941, inclusive. The sinking funds on this issue and on the underlying bonds will
retire by maturity an amount of bonds equal to nearly 50% of the present
$34,000,000 funded debt, and in addition will retire a substantial part of
the bonds which may he issued in the future.
•
Earnings of the System for the Last Five Calendar Years, as Audited.
Gross
Interest
Net Times Balance
Net
YearsEarnings. Earnings. Charges. Charges.
Surplus.
1907
1.4
$3,982,657 $1,632,375 $1,139,677
$492,698
1908
1.7
1,214,369
844,648
4,351,676
2,059,017
1909
1.9
1,270,625
4,818,022
1,128,487
2,399,112
1,398,029
1910
2.1
5,638,895
2,914,518
1,516,489
1911
1,510,280
2.1
1,756,526
6,336,703 '3,266,806
Equal to 1.9 times interest charges on $34,000,000 funded debt.
Dividends at the rate of $4 per share per annum are being paid upon the
capital stock ($25,000,000).
Properties (all in excellent condition).-271.3 miles of track, of which
175.4 miles are city lines and 95.9 miles Interurban; (2) 637 passenger, 361
freight and work cars and 11 electric and steam freight locomotives. A large
proportion of the city cars are pre-payment cars; (3) 8 generating plants,
total capacity 63,800 h. p.(4 steam stations, capacity 19,000 h. p.; 4 hydroelectric plants, capaolty 44,800 h. p.), and at least an equal amount of
water rights in reserve; (4) Valuable tracts of land in Portland, near the
business centre, fronting for about 4 miles along the east side of the Willamette River, suitable for railroad and steamship terminals, and many other
parcels of real estate, a new 9-story office-building,amusement parks, &c.
Figures Showing She Steady and Rapid Growth of Business.
Passengers Average Customers Electricity, Produced Oper. to
per day. Lt.oe P. k. w. hours, by water. Gross.
Carried,
Year72,849,141 75.3% 55.5%
60,115,222 164,699 12,294
1907
86,711,949 86.4% 48.87
65,196,914 178,133 15,881
1908
98,154,374 91.9% 45.67:
77,019,803 211,013 20,503
1909
88,310,850 241,947 26,413 120,703,715 84.4% 43.3%
1910
91,600,993 250,961 33,192 152,244,267 86.3% 43.1%
1911
Property on which this New Bond Issue will be a First Lien.
(1) 111 miles of track (including 40 miles in City of Portland) formerly
owned by Oregon Wate? Power & fly. Co., of which 85 miles are on private
right of way and 26 miles are subject to franchises expiring 1921 to 1942.
(2) All the equipment for the above lines, including rolling stock, car
barns,shops,sub-stations, new steam station In Portland, capacity 8,050 h.p
(3) Water powers on the Clackamas River, including (a) Present completed developmdflt at Cazadero, with 26,800 h. p. of turbine wheels and
19,100 h. p. of generating machinery; (b) Newly completed development at
Estacada, now In operation, consisting of 18,000 h. p. of turbine wheels
and 13,300 h. p. of generating machinery, which development Is to be increased by 10,000 h. p. of turbines and suitable generators; (c) High-tension
transmission lines from the above plants to Portland; (d) A third development higher up the river, upon which $200,000 has been expended and
all rights therefor; (s) Water rights on Upper Clackamas River on which it
Is estimated 40,000 h. p. of continuous power can be developed at low cost.
(4) Said terminal property extending for over 4 miles along the Willamette River, in the City of Portland.
This mortgage will also cover the remainder of the company's property
now owned or hereafter acquired subject to the $18,000,000 bonds specified
above, for which these bonds are reserved. The underlying bonds cannot
be extended, so that these bonds will ultimately be a first mortgage on the
entire present system.
Franchises.-The principal street railway franchises (which expire Dec. al
1932) contain valuable preferential rights to the company to accept any new
franchise which may be offered by the city; or to receive the appraised value
of that portion of its properties on, in and above public streets and public
places, in case at the expiration of the present franchises the city either
elects to purchase the property or grants a new franchise which the company
declines to take. No time limit is specified in the principal light and power
franchises. The high-tension transmission lines and a large part of the
interurban railways are owned in fee and are not subject to franchise
expirations. The last Oregon Legislature enacted a statute establishing a
Public Utilities Commission, which will become operative If accepted at the
State election next November. As such State commissions universally
recognize that rates must permit a reasonable income,the Oregon statute,
If accepted, should keep the franchise rights on a satisfactory basis.
Importance of City.-Portland is the fourth largest city on the Pacific
Coast, and one of the wealthiest cities of its size In the country. It Is an
Important commercial and manufacturing centre and shipping point, being
served by four trans-continental railroads and having one of the largest
tresh-water harbors In the world. Steamships drawing up to 25 J. feet of
water leave here for China, Japan, the Philippines, Hawaii, &c. Through
the Columbia River Valley it affords the only water-grade railroad outlet
to the Pacific Coast for Eastern Oregon, Eastern Washington, Idaho and
Western Montana.
Population; 90,420 in 1900, 207,214 in 1910; increase, 129%* bank
clearings, $106,918,027 in 1900, $557,464,848 in 1911; assessed valuation,
$131,197,561 In 1905, $274,396,620 In 1910.
Abstract of Statement by Stone & Webster. Jan. 19 1912.
We have estimated the cost of reproducing tile property as a going concern, and have estimated the value of the company's water rights. As a
result, we and the total value to be $47,199,519, ex6lusive of franchise
valuation. The officers of the company have Informed us that the "first
cover substantially all this property, and will
.and refunding mortgage"
cover as a first lien the following properties, which we value at $20,441,584,
being over 43% of tho total valuation. Practically all of the physical property Is in excellent condition, and is being exceptionally well maintained.
The company has an efficient management and Is being operated under
highly advantageous conditions. The company has ample power at the
present time and owns large undeveloped water lights sufficient to supply
1:s requirements for many years to come.-V. 92, p. 1437.
Puget Sound Traction, Light & Power Co.-Officer.-Jacob Furth, Pres. of the Seattle Electric Co., has been elected President, and R. T. Laffin, district manager of Stone &
Webster, Vice-Pros.-Y. 91, P. 560, 279.
Rapid Transit in New York City.-New Offer.-See Interborough Rapid Transit Co. above.-V. 93, p. 209, 68.
Reading & Columbia RR.-Bonds Authorized.-The stockholders on Feb. 28 authorized $850,000 new 1st M. 50-year
4s, to be guaranteed by the Reading Co. and used to refund
the $650,000 1st M. 4s due Mch. 1 and $200,000 of the $350,000 2d 5s due Sept. 1 1912. Present bondholders are offered
through Drexel & Co. the new bonds in exchange for their
holdings at par. Compare V. 93, p. 1789.
St. Lords Southwestern Ry.-Guaranteed Bonds Offered.The Guaranty Trust Co. of New York is offering at 97M and
int. Stephenville North & South Texas Ry. Co. 1st M. 5%
gold bonds, dated July 1 1910 and due July 11940, but subject to redemption on any interest date on 90 days' notice
at 105. Interest J. & J. in N. Y.and St. Louis. Authorized,
$10,000,000; outstanding,$2,423,000. Par $1,000 c*. Commonwealth Trust Co., St. Louis, trustee. Guar., prin. and
[VOL. Lxxxxrv.
int., by endorsement, by the St. Louis SouthwestCrn Ry.Co.
A circular says:
Secured by a first mortgage on a standard-gauge railroad extending from
Gatesville to Stephenville, with a branch from Hamilton to Comanche,
Texas, a total of 105.13 miles, traversing "a beautiful country, in which
crops and fruits of all kinds are raised.
This mileage is in effect an
extension of the line of the St. Louis Southwestern Hy, from Gatesville
northward and westward and is operated as a part of that system. The
bonds now out represent less than actual cost of construction. Additional
bonds can be issued only for cash expended for extensions and improvements, the total amount outstanding never to exceed $25,000 per mile of
road. The St. Louis Southwestern Railway Co. owns the entire capital
stock. [See other earnings of the St. Louis Southwestern for the six
months ended Dee. 31 1911 in V. 94, is. 417..1-V. 94, p. 560. 488.
Stephenville North & South Texas Ry.-Bonds Offered.See St. Louis Southwestern Ry. above.-V. 92, P. 1110.
Suburban RR., Chicago.-Sale of Securities.-Judge
Cutting in the Probate Court on Feb. 27 entered an order
accepting the offer' of Emil G. Schmidt, President of the
County Traction Co., for the purchase of bonds, stocks and
notes of the Suburban Company and the Chicago Riverside
& LaGrange RR. held by the estate of the late Charles T.
Yerkes for $300,000. No other bids were received.
The estate was the owner of 1,224 first M. 5% bonds and all of the $1,250,000 stock. The estate also was the owner of notes of various dates
prior to 1903, and of 50 shares of the stock of the Chjcago Riverside & La
Grange RR. and of several notes amounting to $14,000 dated in 1903.
-V. 75, p. 241.
Third Avenue Ry., New York.-Listed.-The N. Y. Stock
Exchange has authorized to be listed Central Trust Co. of
New York interim certificates for first refunding 50-year
4% bonds up to $15,790,000 and for adjustment mortgage
50-year income 5% bonds up to $22,536,000, with authority
to substitute the permanent engraved bonds on notice of
issuance in exchange for interim certificates; also $16,590,000
stock as issued in accordance with the amended reorganization. (V. 90, p. 168.)
Earnshgs.-As reported by receivers:
Years ending June 30 1910 and 1911 and Half-Year ending Dec. 31 1911;
Gross
Net, after --Interest Paid--- Balance,
Revenue. Tax&Reizt. xOn Bds. Ree.elfs. Misc. Surplus.
$
Year 1910-11_9,459,679 2,897,525 x557,000 109,606 20,197 1,920,722
Year 1909-10__8,670,845 2,448,171 x557,000 165,276 10,063 1,706,032
Last half 1911......5,131,865 1,488,330 x278,500 87,153 01808 1,116,414
x Includes interest on $5,000,000 Third Ave. 1st M. 5s, $1,200,000 42d
St. Al. & St. N. Ave. 1st M. 6s, $950,000 D. D. B. B. & B. gen. M. 5s,
82.000.000 Union Ry, 1st M. 5s, $250,000 Sou. Boulevard 1st M. Is, $1,000,000 Yonkers RR. 1st M. 5s and $500,000 Westchester Elec. 1st M. 58.
-V. 94, p. 417, 280.
United Railroads of San Francisco.-Sale of Bonds.-The
company has sold for delivery next month $700,000 Market
St. Ry. consolidated M. 5% gold bonds due Sept. 1 1924 to
retire the $700,000 Powell St. 1st M.6% bonds which mature
March 1 1912.-V. 93, p. 873.
Wabash RR.-Listed.-The N. Y. Stock Exchange has
listed $10,000,000 Equitable Trust Co. stamped and unstamped certificates of deposit for "first ref. and extensions"
50-year 4% bonds, with authority to add $22,102,000 additional on issuance in exchange for listed bonds, making the
total certificates authorized to be listed $32,102,000.-V. 94,
p. 561, 353.
Wisconsin Public Service Co.--Consolidation-Increase of
Stock.-The company, having merged the Green Bay Traction Co. (V. 94, p. 68) and the Northern Hydro-Electric
Power Co. (V. 93, p. 563), late in January filed notice of
an increase of capital stock from $1,000,000 to $1,600,000, of
which $600,000 is preferred. The Wisconsin Securities Co.
owns all of the stock (see that company below).
The Wisconsin Public Service Co. owns all of the stook of the Green Bay
Gas & Electric Co., put the last-named company is operated separately.
Wisconsin Securities Co.-New Holding Co,--The com-
pany was incorporated in Wisconsin on Dec. 12 last with
$1,000,000 authorized stock to control and assist in the financing of the Wisconsin Public Service Co. (see above) and probably other corporations. Directors and officers:
clement C. Smith (Pres.), Oliver C. Fuller and William Bigelow (VicePresidents), Howard Greene (Sec. & Treas`!,. Ludington Patton, J. W.
P. Lombard, L. J. Petit, John I. Beggs, Charles B. Albright, Gustave
Pabst, Robert Camp, Charles F. Pfister, George P. Miller, Fred Vogel Jr.,
all of Milwaukee, and J. H. Emmert, Detroit.
INDUSTRIAL, GAS AND MISCELLANEOUS.
American Agricultural Chemical Co., New York.-New
Stock.-The stockholders will vote March 28 on increasing
the authorized capital stock from $52,000,000 to $100,000,000 by raising the limit of common stock from $20,000,000
($17,114,100 outstanding) to $50,000,000 and the preferred
also to $50,000,000, as against a present $32,000,000, of
which only $20,354,500 is outstanding, the remainder being
either in treasury or reserved for conversion of bonds,$ for $.
[Bonds originally $12,000,000; converted and retired by
sinking fund, $1,359,000;- outstanding, $10,641,000. The
amounts of stock and bonds outstanding as shown above are
official as of March 1 1912, though not agreeing with the
amounts reported by the N. Y. Stock Exchange.-Ed.]
Of the new stock, it is proposed to issue at present $6,000,000 preferred, and this amount, already underwritten
by Lee. Higginson & Co., will be offered to all shareholders of
record 'March 25 for subscription at par on or before April 12
(by which date full payment must be made) to the extent
of 15% of their respective holdings. Subscription warrants
will be distributed after March 28.
Condensed Extracts from Official Circular, dated Feb. 27. 1912.
During the past seven years to June 30 1011 our merchandise sales have
increased over 110%.
During the past 18 months the company has expended In the purchase of
three manufacturing plants. In the construction of three entirely new plants,
THE CHRONICLE
MAR. 2 1.912,1
633
In the purchase of phosphate properties and in the acquisition of sundry & Power Co.
and the Sha,winigan Water & Power Co.
other investments,$2,457,838 In cash, $1,670,300 In preferred stock taken
dt par and $1,339,600 in common stock at par, aggregating *5,467,738 in Press reports state:
324.)
92,
p.
V.
209;
cash and stock. (V. 94, p.
D. Lorne McGibbon retains a substantial Interest and, with H.Holgate,
In order to place your company in a position to finance its increasing will remain on the board. Authorized
bond Issue, $10,000,000; capital
business by the issue of its stock, your directors have unanimously recom- stock, $10,000,000. Construction of the
Initial development, capacity
capital
authorized
of
$18,000,000 preferred and 25,900 to
mended an increase In the
50,000 h.p., will begin in the spring. See also V.94. p. 562.
$30.000,000 common stock, to be Issued at not less than par, at such times
the
admay,
in
discretion
of
seem
your
as
directors,
Central
amounts
Leather
Co.,
New
York.
In
such
-See "Annual Reports."
and
visable. The present authorized capital is $32,000,000 preferred ($20,000,New Director.-At the annual meeting, Leopold Rossbach
000 of original stock and $12,000,000 additional, authorized for the conVersion of an equal amount of the oompany's bonds) and $20,000,000 corn- was elected a director to succeed Nathan Allen, resigned.
Mon stock. The proposed increase will make the authorized capital $50,At the aforesaid meeting representatives of the management voted some
000,000 preferred and $50,000,000 common, none of which can be issued 381,000 out of the 406,335 shares which were represented, and no measures
of interest were carried. L. C. Krauthoff, General (3ounsel and an acting
at less than par for cash or its equivalent.
To replenish the working capital expended on the above-mentioned plants Vice-President, who presided, said: "The President, E. C. Hoyt, until reand acquisitions and to finance their output, the directors have recom- cently received $40,000 a year, and four other executive officers, who hapmended the sale of $6,000,000 of preferred stock as soon as the proposed pened to be members of the eXecutive committee, received *30,000 a year
increase in the capital stock of the company shall have been authorized by each, but this has been reduced to $30,000 a year for the President and
the stockholders. The entire issue has been underwritten by bank- $25,000 each for the other officers."-V.94, p. 563, 354.
ers on favorable terms.
Citizens' Gas Co. of Indianapolis.-Proposed Financial
Since the organization of your company, there has been expended on
piants for betterments and renewals,and charged to profit& loss, $5,248,768. Plan.-The company proposes to make an issue of about$600,During the past three years there has been charged off for depreciation
and for losses incurred in the sale and dismantling of various properties, 000 5% bonds to pay for 80% of the cost of contemplated imIn whole or in part, and for the depreciation of other investments, $2,669,- provements and $150,000 additional stock. An amended
871, and for discounts and other expenses incurred in the sale of bonds,
franchise permitting the same is pending before the City
$880,964, these deductions aggregating $3,550,835.
By order of the directors, the books and accounts were audited In Janu- Council.
ary 1910 and again in June 1911, by Marwick, Mitchell & Co. A year ago
Report.-For calendar years:
your directors also decided to have an independent appraisal of the real
estate and plants made by Westinghouse, Church, Herr & Co. To date Cal. Yr. Net,aftillaint, Bond Int. Reserves.
$136,063
al
$.5
'9
,0u
9r4
$35,109
B
a
,7411
$29,112
(8
DM
Ilikj$616"
they have made an exhaustive examination of 41 [of the 48] properties, 1911
92,014
32,155
and have reported an aggregate appraisal on same of $11,617,248, which
(?)
compares with the book values of these properties June 30 1911 of $9,355.- "I
!
V 93, P. 1107.
898.
Clifton Forge (Va.) Light & Water Co.-Proposed Sale to
The company owns in Florida 91,a95 acres of land heretofore found by
experts to contain not less than 75,000,000'tons of phosphate rock; there City -See Clifton Forge (Va.) in "State and City" Depart't.
is reason to believe from subsequent prospecting that the amount UltiConsolidated Gas, Electric Light & Power Co., Baltimore.
matelY found will exceed this total. From numerous borings on every acre
prospected, the phosphate is extracted, washed, dried, weighed and -Stock Offered.-The directors on Feb. 28 decided to offer
analyzed; thus the extent of the deposit, the tonnage per acre and the to common and preferred stockholders of reword March 25
analyses of the phosphate are easily comptited. These properties, with
their plants, now stand on the company's books at $6,479,261, after de- $700,000 additional common stock at par on the basis of
ducting $678,700 written off for depreciation to date. (This depreciation 5% of their present holdings. This will increase the amount
is not included In any of the items of depreciation mentioned above.)
These properties have enhanced Its market value since their acquisition, outstanding to $7,800,054. The proceeds, it is stated, are
and If appraised at a valuation of 20 cents per ton for the rock in the ground, to be for extensions and improvements.
on which basis one of the largest phosphate prOpertiea In Florida recently
Subscriptions are payable between Mch. 25 and Apr. 25.
changed hands, their total value, including the plants, would be $16,507,149. This does not, however, Include the timber and turpentine, a large
Redemption of Notes.-The company will on April 1 reamount of which is located on the properties, nor the land on which no
deem by lot $500,000 of the total issue of $4,000,000 3-year
phosphate has been found, which Is valuable for farming, etc.
Report of Westinghouse, Church, Kerr & Co. as to Appraisal,,Feb. 23 1912. 5% collateral trust gold notes due July 1 1913, at par
In accordance with your instructions of Feb. 28 1911, we are appraising and accrued interest, namely 101g.-V.
94, p. 563, 418.
the physical value of 48 of your plants. This appraisal covers real estate
and physical property, but excludes good-will, value as a going concern and
Denver Gas & Electric Co.-Bonds Called.-Fifty-seven
other intangible values. . To date we have completed the appraisal of 41
of the plants, located in 16 States, viz.: N. J., N. Y., Conn., Mass., Maine, general mortgage 5% gold bonds dated May 11903, of $1,000
Penna., Md., Va., N. C., S. C., Fla., Ala., Ohio, Ill., Mich. and Cal. We each, one of $500 and two of $100, an aggregate of $57,700,
are at present engaged In appraising other plants, located in N. It., Mass.,
for payment on May 1 at 104 and interest at the office of the
Md., Ga., N. C., S. C. and Fla.
The value of real estate and physical property of the plants on which our Trust Co. of America, N. Y., trustee.-V.92, p. 959.
appraisal is completed totals $11,617,248, being equivalent to a replacement
Des Moines (Iowa) Water Co.--Decision.-The opinion
cost, less depreciation. We find that the plants are in a generally high
state of efficiency and that the local management is almost without ex- of Judge McPherson in the U. S. District Court, accompanyception good. The evident spirit of loyalty among the men In a large organization like yours Is, we believe, an asset of no Inconsiderable importance ing the decision enjoining the city from putting into effect
[See also annual report. June 30 1911, V. 03, p. 524.1-V. 94, p. 200, 69.
the ordinance passed July 1 1908, was given at some length
American Manufacturing Co. (Bagging for Baling Cotton in the "Water & Gas Review" for Feb. 1912. Compare
and Cordage).-Extra Dividend.-In addition to the 60th V. 93, p. 799.-V. 93, p. 1326.
on the stock, an
consecutive quarterly dividend of 1
Federal Telephone & Telegraph Co., Buffalo, N.
extra dividend of 2% has been declared, payable March 30 Years end.
Gross
Deprec. Balance,
Expenses
Net
Int. on
Dec.
31Earnings. c.e, Taxes. Earns, Bonds,&c. Reserve. Surplus.
to holders of record March 15.
1911
$1,074,770 $474,265 $600,505 $295,294 $100,000 $205,211
An extra payment of 1% was made on Jan. 1 1910 and several other
"extras" have been paid.-V. 93, p. 1615.
American Smelting & Refining Co.-New Director.Leopold Friedrich, Asst. Treas. of the company and of the
Amer. Smelters' Securities Co., has been elected a director
to fill a vacancy.-V. 94, p. 418.
American Sugar Refining Co.-Report of Congressional
Investigating Committee.-See item under "Banking, Finanbial & Legislative News"on page 525 last week.-V.93, p.1670
AmeriCan Tube & Stamping Co.-Bonds Called.-Ten
($10,000) 5% 1st M. bonds dated 1902, for payment on
April 1 at 105 and interest, at Equitable Trust Co., trustee,
37 Wall St.-V. 93, P. 351.
Atlanta (Ga.) Telephone & Telegraph Co.-Possible Use
of Conduits by City.-See "Atlanta" in "State and City"
Department.-V.85, p. 923.
Bayless Pulp dz. Paper Co., Binghamton, N. Y.-Foreclosure Sale.-The property was sold for $50,000 at foreclosure
sate at Coudersport, Pa.., on Feb. 17 to W.G.Phelps, the
mortgage trustee.
•
The new mill, In course of construction, and which it Is said will be in
operation by May, is included. Prior to the sale, notice was served on behalf of 95 of the Austin And Costello flood sufferers of claims for damages
which they state rank ahead of the mortgage as a lien on the property,
and that they will attack the sale thereunder in the courts-the "pretended
mortgage • • * now being foreclosed for the purpose of dissipating
said property and putting it beyond the reach of such judgments as we may
obtain Upon our claims."-V. 93, p. 1603.
tell Telephone Co. of Canada.-Report.-For cal. years:
,calendar Year-Gross Earns.
$6,476,819
1911
5,510,686
1010
-V. 93, p.874.
Net Earns.
$1,425,836
1,547,126
Divs.(8%).
$1,000,000
1,000,000
Bal., Sur.
$425,836
547,128
Calumet & Reda Mining Co.-Dividend Increased.-The
directors have declared a quarterly dividend of $8 per share
(32%) on the $2,500,000 stock, payable March 22 to holders
of record March 10, comparing with $6 for the four quarters
of 1911 and $7 for the preceding three quarters.
Previous Die. Record-Stock Now $2.500,000 in $25 Shares ($12 Paid in).
'98. '99. '00. '01. '02. '03. '04. '05. '06. '07. '08. '09. '10. '11.
Year
Per cent_ _ 200 400 280 180 100 140 160 200 280 260 80 108 116 96
-V.94, p. 125.
Canadian Cottons, Ltd.--Payment of Bonds.-Arrangements having been made for the retirement of the 6% 1st Al.
bonds of the Canadian Colored Cotton Mills Co., Ltd., maturing on April 2, bondholders are requested to send their
names and addresses and the value of the bonds held by them
to A. Bruce, Sec.-Treas. Compare V. 93, p. 531.
Cedar Rapids Manufacturing & Power Co., Montreal.Sale of New Project.-The control of this company has been
purchased by or in the interest of the Montreal Light Heat
889,061
1910
-V.93, p. 411.
371,866
517,195
249,756
100,000
167,439
Green Bay Gas & Electric Co.-Control.-See Wisconsin
Public Service Co. under "Railroads" above.-V.92, p.1702.
Indiana Lighting Co.-First Dividend.-An initial semiannual dividend of 1% has been declared on the $4,500,000
stock, payable April 1 to holders of record March 21.V. 87, p. 1423.
International Silver Co.-Bonds Called.-Fifty-three ($53,000) 1st M.6% gold bonds dated Nov. 22 1898, for payment
at 110 and int. June 1 at N.Y.Trust Co., trustee.-V.94,p.564.
Julius Kayser & CO.-First Dividend on Common.-An
initial quarterly dividend of 1% has been declared on the
$6,000,000 common stock, payable April 1 to holders of
record March 25.-V. 93, p. 232.
Laclede Gas Light Co., St. Leuis.--Liitted.-The New
York Stock Exchange has listed $818,000 additional refunding and extension M. 5% bonds due 1934, making the
total amount listed $10,000,000.
The proceeds of the bonds were used on account of 85% (825,497) of
the approximate expenditures ($972,349) between .Nov. 1 1910 and Dec. 1
1911. See report,-V. 94, p. 414, 213.
(W.. H.) McElwain Co., Boston.-Acquisition-New
Stock.-This company has acquired (a) the remainder of
the $500,000 capital stock of the Clark-Hutchison Co.. large
wholesale dealers in shoes, with stores in Boston and New
York;(b) all the $600,000 capital stock of Winch Bros. Co.,
wholesale shoe distributor of Boston. To finance .these
acquisitions, the company has sold to its stockholders $500,000 additional seeond pref. stock, making the entire auth.
stock outstanding, viz., $2,500,000 first pref., $1,500,000
2d pref. and $1,500,000 common stock. Compare V. 93,
p. 42, 411; V. 92, p. 600, 729, 1036, 1314.
(Robert) MacKinnon & Co., Little Falls,,N. V.-Bankruntcy Sale.-John E. McLoughlin, as trustee in bankruptcy,
will on April 2 at the office of the Robert MacKinnon & Co.
mills at Little Falls, N. Y., sell the property under the
order of the U. S. District Court for the Northern District of
N. Y., dated Feb. 24. See proposed reorganization plan,
V. 93, p. 50.
Massachusetts Lighting Cos., Boston.-New Stock.Stockholders of record Feb. 20 are offered the right to subscribe at $110 per share at the Treasurer's office, 131 State
St., Boston, on or before March 25, for one additional share
for each 20 shares held by them, respectively.
Subscriptions are to be paid In full March 25; or may be paid, $25 per
share at once and $85 per share and accrued div. not later than June 25.
provided notice of desire so to do be given by March 25. Shares paid for In
634
THE CHRONICLE
full March 25 will be issued as soon as possible after March 30, and divs.
thereon will accrue from April 1 1912, exclusive of div. payable April 15.
On Dec. 31 1911 the share capital outstanding was $3,954,500; notes and
accounts payable, $21,640. An increase of $785,200 in the stock was
authorized this week.
Consolidated Operating Accountfor Year ending Dec. 31.Calendar
Net
XII year- Income.
1911 _
__$1,218,743
1910
1,166,606
-V. -94, p. 565.
Oper.Exp.ct
Net
Management. Earnings.
$802,399
$416,344
759,033407,576
Interest
Charges.
$111,866
96,177
Net
Profits.
$304,478
311,399
Missouri River Electric & Power Co.-Successor Co.-See
United Missouri River Power Co. below.
Montreal Light Heat & Power Co.-Purchase.-See Cedar
Rapids Mfg. & Power Co. above.-V.93, p. 412.
New England Power Co., Boston.-Construction Being
Pushed.-We have been favored with the following:
The New England power Co.is now building four hydro-electric developments on the Deerfield River, in Massachusetts, with a storage reservoir
In Southern Vermont, representing a present investment of about $4,000,000, the annual production from which will be about 70,000,000 kilowatthours. The present work includes four generating plants near Shelburne
Falls, Mass. and a storage reservoir in Somersett, Vt., with a capacity of
about 2,500:000,000 Cu. ft. Further developments will be made from time
to time, as the company owns about 1,000 feet of fall on the river. As the
company's system of transmission lines will be inter-connected with that
of the Connecticut River Transmission Co., it will have the advantage of
the market which the latter company has developed, as well as that of
Central and Western Massachusetts. A large amount of the power has already been sold, and it is expected that the entire output of the present
development will be sold before the plant Is ready for operation, during
the coming fall. Construction work is being pushed with great energy.V. 94, p. 565.
Northern Hydro-Electric Power Co.-Merger.-See Wisconsin Public Service Co. under "Railroads"-V.93, p.563.
Pacific Light & Power Corporation, Los Angeles.-Bonds
Offered.-Wm.Salomon & Co.offered Feb. 27 at 93 and int.,
yielding about 5.45%, the unsold portion of their block of
$10,000,000 "first and refunding mortgage 5% 40-year sinking fund gold bonds," dated Sept. 1 1911, which were fully
described in the "Chronicle" of Feb. 3 1912, p. 356. The
company, which is controlled by H. E. Huntington, sells
electricity for lighting, power and street railways in Los
Angeles, Cal., and vicinity, and controls the Southern California Gas Co., which supplies gas in the same territory.
'•The firm on Thursday closed out the last of the issue, but
for record the advertisement appears in to-day's "Chronicle."
A new circular shows revised figures as follows:
[VOL. Lxxxxxv.
Statement by John A. Topping. Chairman of the Board of Directors. Feb.26.
At a meeting of the executive committee held Feb.26 1912, it was unanimously decided to defer payment of the quarterly dividend of 1 X% on
the preferred stock, due and payable April 1, as present and prospective
earnings are not sufficient to warrant full payment, and It was the judgment of the committee that,under existing conditions of business, tariff uncertainties and political agitation, that it was to the interest of the stockholders to conserve the company's cash assets.
The company is operating at approximately 90% of capacity, and if current prices are maintained will insure a profit, The net quick assets are
approximately $12,500,000, which places the company in a strong position.
and will enable It to carry through such Improvements as are necessary.
and when normal conditions of business return, the earning power of the
property will be sufficient to discharge its dividend obligations. See
V.94, D. 275.
Riker it Hegeman Co. of New York City.-Merger.-This
company was incorporated at Albany, N. Y., on Feb. 8,
with $15,000,000 of authorized capital stock (of which
$5,000,000, it is understood, is 6% cum. pref.), as a merger
of Riker's Drug Stores and Hegeman & Co.(V. 90, p. 630).
The new company embraces, it is said, 37 stores In Manhattan and 6 in
Brooklyn, and is supposed to have close affiliation if not actual control of
the United Drug Co., now a Massachusetts corporation, with $1,500,000
auth. capital stock (one-half cum. pref.), of which $1,276,600 is outstanding. The United Drug Co. Is currently reported to have 30 stores in as
many cities and, through a subsidiary, controls some 20 stores on the Pacific
Coast; also, Is said to operate on a profit-sharing basis some 3,000 more.
Officers.-President, John H. Flagler (Pres. of Hegeman & Co.); 1st
V.-Pres. and Gen. Mgr., Alfred H. Cosden (Pres. of Bikers); 2d V.-Pres.,
George Ramsey (1st V.-Pres. Hegeman & Co.); Treas., F. H. Pouch (Treas.
Hegeman & Co.); Sec., William B. Glenn (Secretary of Bikers).
Directors at Incorporation: Jerome A. Crane, Matthew G. Hepworth,
Frank Henderson. Albert J. Atkinson, William Wood, John W. Berwick
and George Ramsey, Brooklyn; Edward 0. Ladd, William B. Glenn, Frederick Trube, Greville Bacon Jr., Joseph D. Jamison, James W. Kerbin;
Carl L. Nelson, Edward S. G. Berwick and Charles N. Harlow, New York;
George F. Platt, Rutherford, N. J.; Louis W. Halk, Hackensack, N. J.
Sherwin-Williams Co. of Canada, Ltd. (Manufacturers of
Paint and Varnish).-Bonds Offered.-Spencer Trask & Co.,
N. Y., &c. are offering, by advertisement on another page,
at a price'
to yield about 6%, the unsold portion of their
block of $1,200,000 "first and refunding mortgage" 6%
bonds of July 11911, described last week. The bankers say:
A consolidation of three well-knOwn companies of long-standing and
successful operation, with plants at Montreal, Toronto and Winnipeg, Can.,
and at London, Eng., and branches and warehouses in important cities in
Canada and foreign countries. The company is the largest manufacturer of
paints and varnishes in Canada and London, and there is a wide and
steadily increasing demand for its output in domestic and foreign markets.
CapitalizationAuthorized. Outstanding
First and refunding mortgage 6% bonds
$4,000,000 $1,083,700
Existing bonds to retire which $466,300 "1st and
466,300
ref." bonds are reserved
3,000,000
Pref. stock (7% cum.) paying regularly 7% per an 4,000,000
4,000,000
4,000,000
Common stock
Income Statement for Year ended Dec. 31 1911 (Actual Results).
The aforesaid underlying bonds are: $340,700 1st M. 5s of Canada Paint
[Excluding int. on $2,388,000 coll. 6s, which is provided by Sou. Cal. Gas Co. Co., due Jan. 11930, callable after Jan. 1 1920 at 105 and int., and $125,Gross earnings
$2,255,277 Available for fixed chges_$1,065,976 600 Lewis Berger & Sons, Ltd., debs., due by Dec. 1 1914. There are also
Net (after taxes)
$1,026,578 Bond and other interest__
471,342 £134,000 Lewis Berger & Sons, Ltd., debs. pledged as collateral under the
Other income
39,398
"first and refunding" mortgage.
Balance, surplus.
$594,634
Of the 53,000,000 pref. stock outstanding, $1,500,000 is owned by The
The foregoing substantially covers interest and sinking fund on the new Sherwin-Williams Co. of America (V. 94, p. 127) and its directors.
Issue, new bonds being reserved for sink, fund payments on old bonds.
Condensed Extracts from Letter of Pres. Walter H. Cottingham (Pres
Estimate upon Completion, Late in 1913, of the Two New Hydro-Electric
Sherwin-Williams Co. of America). Feb. 5 1912.
Plants, Capacity 26,500 H..R. Each.
The company has brought under one management (a) Canada Paint Co.;
(partly
(b)
saving
est.), $1,065,976;
Net income:(a) As for 1911
organized 18 years ago, with factories at Montreal and Toronto and modern
M rn paint and linseed oil works at Winnipeg; also a valuable oxide mine at
• by substituting hydro-electric for steam power, $455,700; (c)
2
• estimated additional sales of power (already largely contracted
St. Malo. Que. (b) Lewis Berger & Sons, Ltd.,founded over 150 years ago,
for), $650,000; total
$2,171,676 with paint, varnish and dry-color works covering about 4 acres, within the
Int. charges ($1,008,600); sinking fund new bonds ($191,700)_ _ _ 2,200,300 Metropolitan District of London, and offices and warehouses at Paris,
Bombay, Sydney, Australia, and Wellington, New Zealand. (c) Canadian
3alance. surplus
$971,376 business of The Sherwin-Williams Co. of America, established in 1896 as the
The net income should thus approximate 2 X times total interest charges, result of a merger with The Waiter H. Cottingham Co., Ltd., of Montreal,
Including interest on the new bonds. Omitting entirely the earnings from with an extensive plant In Montreal, offices and warehouses in Winnipeg,
additional sales, the present earnings and the reduction In operating ex- and branches In Toronto and Vancouver.
penses will show net Income of over 1 X times the total new interest charges.
The company can only issue additional "first and refunding mortgage'
(See also V. 94, p. 356.)
6% bonds at the rate of 75% of the actual cash expenditure made for extenand additions when the net earnings for 12 months are three times the
sions
Penn. Central Light & Power Co.-Report.-For cal. years: interest
charge, including the bonds proposed to be issued. The mortgage,
Gross. Expenses. Taxes.
YearsNet.
Deduc. Rat.,Sur. In accordance with Canadian custom, gives to the bondholders broad
$534,179 $292,983 $10,932 $230,264 $110,448 $119,816 powers, which, however, may be exercised only with the concurrence of the
1911
441,324 246,223
9,999 185,102
1910
86,950 • 98,152 company and by a vote of two-thirds of the outstanding bonds,or in certain
-V. 90, p. 1300. • • • • • • •
Instances by Vote of 90% of the bonds represented at a meeting at which
of the total bonds is represented. The annual sinking fund, comPittsburgh Steel Co.-New Stock.-The shareholders will 75%
mencing July 1 1915, equal to 2% of the bonds outstanding plus interest
by purchase or drawings (at
vote May 2 on increasing the capital stock from $14,000,000 on all bonds redeemed, will, it is estimated,
and int.), retire all bonds now outstanding before maturity.
(one-half being 7% cum. pref.) to $17,500,000,by an issue of 110
On the basis of expert reports and valuations, the not assets amounted
be added the profits to date
$3,500,000 of additional 7% cum. pref. stock. The new on June 15 1911 to $3,635,013, to which must
the combined companies as estimated by the managing director, $370,000,
stock has been underwritten by Speyer & Co.(who took the aoftotal
of $4,005,013, or nearly twice the outstanding bonds. The formulae,
original issue, V. 91, p. 1388, 1451) subject to the right of the trade-marks, patent rights and good-will are valued at over $3,000,000 more.
combined net earnings for the year 1910, as certified to in respect to
shareholders to subscribe therefor at par to the extent of 25% theThe
Canadian companies by chartered accountants, after allowing for
of their holdings. An authoritative statement says in part: depreciation,
amounted to $537,808, or over 3;,5 times the interest charge
With the proceeds it is intended to erect two blast furnaces at the principal on bonds now outstanding, See also V. 92, p. 1705; V. 94, p. 491.
plant at Monessen, Pa and also provide funds for building additional openStandard Cordage Co.-Foreclosure Sales.-The foreclosure
hearth furnaces, so as to permit the company to make its steel out of hot
metal and enlarge its output of finished products. The proposed blast sales of properties under the first M. of 1906 are advertised
furnaces will increase the capacity of the mills by from 900 to 1,000 tons to take place as follows:
per day, and, together with other contemplated improvements, it Is ex1. Of properties at Elizabeth, N. J., on March 10 at Sheriff's office.
pected that the cost of production will be decreased at the same time that
Whittemore, special master, under decree of
the company's output is considerably enlarged. The company's products Elizabeth, by Clarence WK. Feb. 13.
Court of N. J., dated
Chancery
are of a staple character, embracing besides open-hearth basic steel, blooms,
2. Of Boston properties, on March 21 at the Sewall & Day mill by Clarence
billets and bars, wire rods, bright annealed and galvanized plain wire,
r eme Judicial Court, Sufdecree of Sup
barbed wire, wire nails, fence staples, coiled spring wire, steel hoops, bands H. Cooper, special master, under
folk County, Mass. Upset price, $150,000. (V. 92. p. 1570.)
and cotton ties, &c (see V. 91, p. 1451].
3. Of the Brooklyn properties, on March 23 at the Brooklyn Real Estate
For the seven months ended Jan. 31 1912 net earnings show an increase
decree of Supreme Court, by Augustus
of more than $350,000 over the corresponding period last year. As the Exchange, 189 Montague St., under
$100,000.-V. 92, p. 1570.
company has no bonds outstanding the earnings available for dividends on Van Wyck, trustee. Upset price,
the preferred stock are about three times the requirements. The common
Standard Oil of Indiana.-Closing of Books.-Ackermann
stock, on which dividends of 8% per annum are being paid, is all held by
specialists in stock of the Standard Oil
Interests closely identified with the company. The pref. stock is listed on & Coles, New York,
the New York Stock Exchange and is quoted at 10134. See annual report. Co. and its former subsidiaries, advise us:
V. 93, p. 939.
The stock books of the Standard Oil of Indiana were closed on Feb. 27
on account of the annual meeting and will be reopened March 8. If the
Providence (R. I.) Telephone Co.-Correction-Stock Divi- stockholders
ratify the increase of capital stock as proposed, and when
dend.-The company, we learn, is distributing the $500,000 directors have made distribution of same, stockholders will receive due
new stock recently authorized by the stockholders as a stock notice of final book closing before stock Is distributed. See V. 94, p. 491.
Standard Oil Co. of N. Y.-New Director.-Charles F.
dividend of 14 2-7% (one-seventh) out of surplus profits without cost to holders of record Feb. 21. Certificates for the Meyer has been elected a director to fill a vacancy.-V. 94,
new stock will be ready for delivery on March 14.-V. 94, p. 284.
Union Switch & Signal Co.-Report.--For calendar year: .1
p. 566, 491.
1910.
1911.
1908.
1909.
Republic Iron it Steel Co.-No Dividend Declared.-The Gross receipts
$4,139,902 $6,259,093 $2,625,133 $2,123,543
826,172 1,231,093
77,849
325,983
directors on Monday decided not to declare a dividend at Surp. over int. & depreo'n
-V. 93, p. 414.
this time on the $25,000,000 7% cumulative pref. stock.
.-Report.-For
Co
years:
Typewriter
calendar
Union
Dividend Record of Preferred Stock.
'99. '00-'03. '04. '05. '06. '07. '08. '09. '10. '11. 1912.
' '
7
7 3X 3X 7
7 •Jan.,1 X
Regular ____
1
1
---- --- --- 7 X 6 ___ 1
_
On accumula's -----The directors in 1909 declared a dividend of X of 1%, payable In July,
on account of the accumulations, and voted to discharge all the remaining
accumulated dividends by annual payments on Oct. 1, X% In- 1909 and
1% yearly 1910 to 1915.
1st Pf. Div. 2d Pf. Div.
Profits.
Bal., Sur.
Year$659,000
$1,339,000
$280,000
$400,000
1911
450,762
1,130,762
280,000
400,000
1910
The company announces the consolidation of the Remington, Smith
Premier and Monarch sales forces into a new sales and service organization,
preparatory to a more aggressive campaign.-V. 02, p. 793.
For other Investment News see pages 636 and 637. • _:•"1"•
rzym
MAR. 2 1932,1
THE CHRONICLE
fellorts anti
635
Documents.
E. I. DU PONT DE NEMOURS POWDER COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1911.
The year 1911, though not one of generally active business situation continues to be a source of gratification
to the
throughout the United States, has brought to this company directors.
the greatest year in its history, both in gross sales and in net
1907- 809, of whom 218, or 27%, are employees.
1908- 955, of whom 200, or 26%, are employees.
profits. This situation does not warrant the supposition
1909-1,335, of whom 524, or 39%, are employees.
that our business is independent of general conditions; in
1910-1,695, of whom 764, or 45%, are employees.
1911-2,163, of whom 990, or 45%, are employees.
fact, during the year some of our factories have been closed,
The company is continuing the plan of offering subscripand others operated at reduced capacity. As an offset, the
wider use of explosives developed during the past ten years tions of its stock to employees and also the plan of distributand the increase in sales of special products developed by ing a number of shares of common stock in the way of bonus
the company have maintained earnings under otherwise to those of the employees who have earned additional comadverse circumstances. A comparatively high level of cost pensation through exceptional effort and attainment. Under
of essential raw materials still exists and the slight increase this plan, since its inception, there have been distributed as
in the selling price of some of our principal products has not bonus 8,308 shares of common stock, while under the stock
offset this cost, so that our earnings cannot be attributed subscription plan there have been purchased by employees:
to an increase in the margin of profit per unit. In fact,
6,910 shares of preferred stock, and
1,031 shares of common stock.
had our laboratories not developed many of the economical
The pension plan of the company remains in force as
processes now in use, the financial record of the two years
just passed would have been very different from the results heretofore and we believe that the total expenditure for
actually shown. In short, we believe the business con- pensions has now reached a maximum ($121,530 97 during
dition of the company extremely healthy, notwithstanding the year 1911). A definite pension system has been in force
the fact that our factories are not fully occupied. Should for a few years only. At the beginning the annual increase
business actively resume in this country,our showing should in pensioners was large, but at present a balance between the
be still more satisfactory, though-following the policy annually added pensioners and those who fall from the list
adopted by your directors-a considerable measure of the seems to be established.
The company has continued throughout the year a regular
increased profit will be given to our customers through
dividend of 2% quarterly on the common stock and, in addireductions in prices.
On account of the extremely slow growth in ,general tion, an extra quarterly dividend of 1%, making a total of
business during the past four years, the company has not 12% paid during the year. Our dividend record to date is
needed for the extension of business funds in addition to as follows:
Preferred Stock.
those already provided through sale of securities and investment of surplus earnings. This condition cannot last indefi- Annually since organization in 1903
Common Stock.
nitely and it seems reasonable to expect a further offering of 1904
;5%11906
65%11908
7%11910
12%
3 5%11907
new stock, though probably not within the next twelve 1905
7%11909
7%%11911
12%
months. The new money invested from accumulated earnFollowing our usual custom, the books and records of the
ings and recent sales of securities for cash at the time of our company have been audited by Certified Public Accountants,
last annual report amounted to
$23,758,066 62 whose report is attached hereto. This audit is independent
to which has been added this year
1,511,729 25 of and additional to the daily examination of vouchers peror a total new cash investment since August 1 1903 of
$25,289,795 87 formed by the Auditing Department of the company.
Respectfully submitted,
While a large part of this investment has been used in providing additional working capital, the value of our factories
PIERRE S. DU PONT,
(exclusive of real estate) has been exactly doubled during
Acting President.
the past eight years. It is to be noted that this large investment of $25,269,795 87 has produced an increase in earnings
THE AUDIT COMPANY OF NEW YORK.
of $2,106,007 87 (8.33%) only; a condition that warrants To the Stockholders of the E. I. du Pont de Nemours Powder Co.,
expectation of greater returns in more prosperous times.
Wilmington, Delaware:
Our Experimental Laboratories and our Technical DiDear Sirs: We have made a general audit of the
and
vision, which are engaged in discovering new uses for ex- accounts of the E. I. du Pont de Nemours Powderbooks
Company
plosives and in recommending more economical methods to and its subsidiary companies for the year ending December 31
our customers, have continued their efforts in a satisfactory 1911.
manner throughout the year and we believe that no, small
The results of this audit are presented, attached hereto,
part of our success is due to the operations of these two in two Exhibits as follows:
divisions of the industry.
Balance Sheet as of December 31 1911.
As the stockholders have already learned from the daily
Income Account for the Year ending December 31 1911.
journals, an interlocutory decree was issued by the U. S.
We find that during the .period under review only actual
Circuit Court in the suit of the U. S. Government versus additions have been charged to the Property Accounts;
that
this company. October 15th last was fixed by the Court as the inventories of the stock on hand, as certified
by officials
the date for the hearing to determine the exact nature of of the Company, have been priced at approximate
cost.
the final decree, but this date was postponed and is now fixed Also that full provision has been made for
and doubtful
for March 4th. The officers and directors of the company accounts and Notes Receivable and for bad
all ascertainable
have experienced great difficulty in learning in what ways liabilities, subject only to our not having inspected the
or particulars our operations have violated or are violating Minutes of the Stockholders,' Directors' and Committee
the Anti-Trust Law, and, therefore, it has been difficult to meetings, at the wish of the Company. The Cash and
determine what steps should be taken in order that we should Securities on hand have been confirmed by actual inspection
fully comply with this law. However, a suggestion as to the or by certificates from the depositories.
character of a final decree has been elaborated for subWe certify that the Balance Sheet and related Income
mission to the Court, and we trust that this vexatious matter Account, presented herewith, are true Exhibits
of the acwill, in the near future, be finally disposed of. The expen- counts,and that, in our opinion,
they correctly set forth the
diture of money and time which this litigation has imposed financial condition of the Company
as of December 31 1911,
upon the company has been very heavy, so that the injurious and the results from operation for the
period stated.
effects of an adverse decree will, to a material extent, be
Very truly yours,
offset by a cessation of these expenditures, which have
THE AUDIT COMPANY OF NEW YORK.
already covered a period of more than four years.
(Signed) A. W. DUNNING,
(Signed) G. H. BOWERS.
We repeat our usual record in the number and per cent of
President.
Secretary.
our-stockholders who are employees of the company. The
New York, February 14 1912.
E. I. DU PONT DE NEMOURS POWDER CO. WITH SUBSIDIARY COMPANIES.
INCOME ACCOUNT, YEARS ENDED DECEMBER 31ST.
1905.
1904.
1909.
1906.
1907.
1908.
1910.
Gross-Receipts
$26,103,868 77 $27,655,380 90 $30,751,725 92 $31,661,938 56 $28,027,094 11 $30,805,916 33 $33,240,790 92
Net Earnings
$4,438,701 11 $5,063,611 69 $5,332,802 08 33,929,508 66 $4,929.250 58 $5,984,158 82 $6,270,015 18
Extraordinary Adjustments and Profit and
Loss onliSale of Real
Estate, Securities, etc. •109,939 37
129,312 49
387,816 01
*07,258 72
. 68,109 80
251,715 74
78,485 47
Interest on Outstanding
Bonds
307,245 30
676,427 40
729,265 81
266,669 68
535,819 29
863,360 04
739,377 06
Preferred Stock Dividends
988,715 92
735,637 22
1,138,801 25
771,078 40
989,236 40
699,923 75
683,317 50
Common Stock Dividends
112,081 50
1,786,737 75
1,741,391 75
1,533,825 75
821,390 00
2,170,395 50
3.410,030 00
Interest Adjustments and
Dividends on Subsidiary Company Stocks
194,957 84
*68,006 16
42,287 50
74.971 41
240,144 79
10,595 16
19,687 84
Total Deductions from
Earnings
$1,493,061 19 $2,169,889.71 $3,365,136 03 $3,473,268 22 $3,491,365 86 $3,995,990 19 $4,930,897 87
Net
Surplus Carried Forward_ $2,945,839 92 $2,893,721 98 $1,987,666 05
$456,242 44 $1,437,884 72 $1,988,168 63 $1,339,117 31
AccumulatedaSurplus to
$5,088,225 03 $7,961,947 01 $9,929,613 06 $10,385,855.50 $11,823,740 21 $13,R11.908 85 $15,151,026:16
Date
Indicate Credits to Profit and Loss.
L'
1911.
$34,389,560 40
$6,544,708 98
039,420 50
762,552 59
775,962 81
3,527,019 83
6.865 00
35,032,979 73
$1,511,729 25
$16,662,755 41
[Vol, Lxxxxiv.
THE CHRONICLE
636
E. I. DU PONT DE NEMOURS POWDER CO. WITH SUBSIDIARY COMPANIES.
COMPARATIVE BALANCE SHEET DECEMBER 31ST.
1911.
1908.
1909.
1910.
1907.
1906.
1903.z
ASSET.
Cash Accounts Receivable, Materials and
82
321,365,158
43
09
$20,010,021
74
$22,947,529
$17,626,842
49
$18,298,799
20
66
$15,453,946
513,508,258
Finished Product
4,804,912 51
3,407,292 60
4,208,200 50
4,829,022 76 86,414,224 84
5,807,462 25
4,305,365 16
Investment Securities
879,181 40
934,352 34
859.637 94
844,601 23
865,000 71
851,687 74
939,478 92
Realty not Including Plant Real Estate
38,482,529 52 44,503,731 10 46,876,110 03 49,173,568 01 50,403,252 89 53,099,577 03 56,180,008 85
Permanent Investment in Manufacture
Total Assets
LIABILITIES-Accounts and Bills Payable
Miscellaneous Deferred Liabilities
$57,235,632 26 566,616,827 29 :570,868,932 99 $74,074,272 88 574,755,519 26 $81,099,908 55 $83,238,261 38
51.734,412 06 31,790,875 97 $4,921,760 27
152,929 86
43,844 72
199,768 66
$494,142 11
115,603 70
3859,655.51 $1,434,425 57
13,829 40
1,527 21
$1,595,521 56
$5,074,690 13
$609,745 81
$873,485 91
51 595,521 56
$1,778,256 78
CAPITALIZATIONFunded Debt
Capital Stock Preferred Issued
Capital Stock Preferred Held in Reserve
Capital Stock Common Issued
Capital Stock Common Held in Reserve
51,990,644 63
$1,435,952 78
$5,088,400 00 514,274,000 00 514,432,000 00 $16,879,000 00 $16,420,000 00 $16,548,000 08 $16,674,000 00
17,038,660 00 14,866,141 67 14,670,351 29 15,589,401 34 13,469,401 34 15,841,401 34 15,841,401 34
.51,847 0?
*51,847 07
•51,847 07
•53,043 05
*77,651 41
*125,179 93
*7,242,357 89
13,925,310,00 24,962,526 73 25,771,009,88 27,868,565 05 28,033,682 55 20.382,082 55 29,382,082 55
*44,465 90
*44,465 90
*44,682 46
*46,386 87
*61,913 54
*118,340 95
•9,948,067 33
$33,242,795 22 554,346,189 28 $55,012,926 12 $60,436,396 31 $58,019,613 42 $61,867,706 84 $61,993,796 89
FUNDS
Reserve and Accident Funds and Contin$395,461 24 $1,204,390 54 $2,050,511 08 $2,645,132 76 $2,986,187 55
$91,995 15
$350,380 32
gent Liabilities
2,122,585 11
9,929,613 06 10,385,855 50 11,823,740 22 13,811,908 85 15,151,026 18 16,662,755 41
PROFIT AND LOSS
$57,235,632 26 $66,616,827 29 $70,868,932 99 $74,074,272 88 $74,755,519 26 $81,099,903 55 583,238,261 38
Total Liabilities
11 Includes $3,055,000 par value Treasury Bonds.
F,. I. du Pont de Nemours
'• • The Consolidated Balance Sheet, as given above, assumes that all shares of the Subsidiary Companies are owned by
rePowder Company, and the preferred and common stock shown as "held In reserve" on the Balance Sheet represent the estimated valve of the few
maining shares not actually owned.
x First Balance Sneut after consolidation in August 1903.
or permit them to remain indefinitely Idle. Thd Arneriean Strawboard Co.
is controlled by the United Boxboard Co. throegh the ownership f 53,249
shares of its capital stock, 46,280 shares of whlith are depoeited under the
trust mortgage agreement as collateral to secure the payment of
collateral
Charles 0. AdSit. Chairman, banker and broker, Chicago' Luther W.
of collateral trust mortgage bonds of. the United Box Board &
liodman, Chicago; A. Albert Sack, Lymansville Co., Providence, R. I.; $1,190,050
upon which a sinking fund amounting to 550,000 matures anCo.,
Paper
Paper
Co.,
Boxboard
J.;
W. H.
Newark, N.
Matthias Plum Jr., Waverly
thereto, the interest, amounting to $72,000 anBinnian, Boston, and George J. Marrott, Marrott Department Store, In- aually, and in addition
a total charge upon the United lioxboard Co. of $122,000
nually,
making
Bldg.,
Trust
1421
Secretary,
Harris
as
Zepherin
Ptilmer
with
dianapolis,
which the United 13oxboard Co. can receive by
benefit
only
The
year.
a
Bldg.,
Chicago.
Chicago. Depositary, Union Trust Co., Tribune
owning this stock is that derived front possible dividends, and as the Ameriany earnings during the past four years,
have sent a circular dated at ChicagQ, Feb. 26 1912 to the can Strawboard Co. has not shown
to pay dividends, the ownership of this at ok has been a direct loss
stockholders of the United Boxboard Co. and the owners of sufficient
to the United of $330,575 for the past three-year period (viz., sinking fund
and interest, $180,the general mortgage bonds of the United Boxboard & Paper on collateral trust bonds, $50,000 yearly, or $150,000,
575, as follows: 1908, 537,530; 1909, 572,606; 1910, s7o,tato. The AmerCo., requesting immediate deposit of said stock and bonds ican
Company's mills, also, are old and dilapidated, the large amount of
with the Union Trust Co. of Chicago, under a plan of re- wood construction necessitating large expenditures for repairs. 1:3ce also
statement of earnings under "Annual Reperts."-Ed.}-V.03, p. 1729.
in substance:
United Boxboard Co., New York and Chicago.-Plan
Dated Feb. 26 1912.-The reorganization comtnittee-
organization. The Committee says
United Gas Improvement Co., Phila.-Report.-For cal. yr.
The situation in our judgment demands that a reorganization be effected,
by the substitution of a non-cumulative 6% preferred stock for the mortDios.(8%). Rat. Surp.
Gross.
Yeargage Indebtedness and a cash subscription by the holders of the capital 1911
4.491 5740,500 54,440 ,236 $2,0•42,735
2e
$8,308,347 57,2N
2,014,681
stock of the United Boxboard Co., In order that the assets may be preserved 1910
4,333,872
725,500
7,079,053
8,150,530
and the business continued. All the current assets of the United Boxboard -V. 94, p. 71.
Co. are owned by its stockholders. The holders of the general mortgage
United States Express CO.-Decision.L-Justice Kellogg,
bonds of the United Boxboard a:, Paper Co. have a lien on the mills of the
United only, while the holders of the coeateral trust mortgage bonds have in the Supreme Court at Gloversville, N. Y., on Feb. 28,
a lien on 46.780 shares of the capital stock of the American Strawboard Co.
The plan is to form a company, free from mortgages (except as to under- in the suit brought in 1907 by a committee of the minority
lying liens on certain mills, amounting to $581.000), with common and pre- shareholders, handed down a. decision compelling the direcferred stock as the sole issues, and with sufficient funds to improve its
a stipulated
mills, pay off its current debts and leave cash and other assets on hand tors to call a meeting of the shareholders within
sufficient to guarantee the stability of the company. This plan eliminates time to elect, a board of seven directors. (V. 87, p. 756;
sinking funds and bonded Indebtedess, and will remove the constant men- V. 89, p. 49; V. 92, p. 1041.)
ace which mortgages always carry to the stockholders of ei company in times
of business stagnation. Under conditions that have existed during the last
The committee has been dissatisfied with the management and with the
three years, the United Boxboard Co. has been unable to meet its interest failure to hold a shareholders' meeting since 1862. As 4 of the 7 directors
charges and sinking funds upon the bonded indebtedness as they have be- were on Feb. 8 elected by the Harriman estate, which holds a large amount
come due, and at the same time make the necessary improvements in its of the stock, the effect of the decision may be slight, simee the main momills. In 1908 the stockholders raised approximately $1,000,000 In cash tive for brIngIng the suit was, as alleged, the perpetuation of the control of
to liquidate the floating debt. Since that time the company has been the board in behalf of a minority of the stock.
burdened with sinking funds and interest charges amounting to about 427,Van Camp Products Co., Indianapolis, Ind.-Pref. Stock
000 a year. The needed Improvements had to be met from current fends,
and with tho falling prices for boxboard products, the company could not Offered.-The Indiana Trust Co., Indianapolis, and Hollingsmeet these charges without disaster. The underlying mortgages on the
Peoria and Wabash mills, two of our best properties, amounting to $213,000, head & Campbell, N. Y., Chic., Boston and San Fran., are
are now past due, and the trustees are threatening foreclosures.
placing at 102 and accrued dividend $600,000 7% cumulative
Summary of Annual Earnings, Excluding Interest.
first pref. shares (pref. D. & d.). Par $100. Dividends
(See "Annual Reports" on a preceding page.-Ed.)
Q.-J. The company is the sole distributer of the products
1008. 1909. 1910.
1911.
1903. 1904. 1005. 1906. 1907.
$
$
$
$
$
$
$
$
of the Vari Camp Packing Co., which includes Van Camp's
$
209,765 166,832 44,344 325,018 546,435 124,766 190,409 123,490 182,374 pork and beans, milk,- soup, catsup, peas, &c., and are
Average earnings for the nine years, $214,826.
handled by over 300,000 grocers. A circular shows:
New Company-Capitalization.
This stock is redeemable oil any dividend date up to July, 1 1928 at 115%
It is contemplated that a new corporation, to be known as tile United
divs.• thereafter up to July 1 1933 at 110% and accumuPaperboard CO.. shall be organized With a capital stock of $18,750,000, of and accumulated
divs., and thereafter up to maturity at 105% and aocumulated diva.
lated
which $15,000,000 shall be common stock of the par value of $100 per share
dissolution, redeemable at 115%.
and $3.750,000 of 6% non-cumulative preferred stock of the par value of In case of voluntary
Capitalization (The Company has No Liability, Direct Or Indirect.)
$100 per share, redeemable at $110; containing the proviso that the Issue
,000
shall not be increased and no lien placed on the assets without the consent 1st pref. shares, 7% cumulative
all held by directors__
400,000
of the holders of 75% of said, preferred shares, said new corporation to ac- 2d pref. shares, fi''; cum., practically
quire the assets Of the United Boxboard. Co. Of the new pref. stock, Common shares (all except $5,000 held by Van Oamp Packing Co.) 500,000
$1,166,840 will be retained In the treasury, limited to the use of so much
All of the $1,000,000 1st and 25 pref.:Mama have been sold to syndicates
thereof as shall be necessary in the judgment of the committee to acquire of underwriters.
the properties of the American Strawboard Co., provided It can be purStatements by Frank Van_ Camp. Pros. Van Camp Packing Co.,
chased on such terms as may seem to be advantageous by your committee;
Feb. 16 1912.
otherwise, to be retired and canceled. This plan contemplates that 80%
Van Camp packing business was founded in 1861 and Moorporated in
The
only of one year's accrued Interest on the general mortgage bonds shall be 1882. The sales for 1911 were the largest In, its history. exceeding $7,exchangeable for preferred stock In the new company.
has just been incorporatedThe
250,000. The Van Camp Products Co.
Terms of Exchange.
writer Is Pres. of both concerns; each has substantially Lite same board.
to the Van Camp Products Co.
guarantees
Co.
Packing
The Van Camp
Pay -And will receive new stock-Amount
Holders of
dividends which should At all times equal
. Out. . Assess. -8% non-cu. pfd.--Common- net cotnmisions applicable to tile
Existingrequirements, or eonieWhat in excess of
tilv.
pref.
first
times
hive
least
at
80%
$786,000
None
Gen. H. boeds__ z$982,500
5200,000. This contract, with rights of renewal; gives the Products Co. an
47,160
80%
de 1 yets. Int. . 58,950 None
aggregating 50 years for the sale of the total output
Stock (par $100) 14,000,000 10% 12% 1,750,000 100% 1.1,000,000 exclusive monopoly,
of the Van Camp Packing CO., whose sales In 1911 exceeded 2,600,000 cases,
1,000,000
1,166,840
Bal. of new stook (see below)
ivith an average for past three years of 2,541,000 eases per year.
The quick assets. back of this first pref. Issue exceed 100% of the par value
53,750,000
515,000,000
Total
thereof. No dividends can be paid on the common or second pref. shares
equal 125% of tliel first Prof. plus such dividend.
x Total issued, $1,557,000; deduct held In treasury, $572,500, and held unless the net quick aseets
At least 10% of the net earnings after the first pref, dividends are paid must
by company as collateral. $2,000; balance, $982,500.
pref. shares if they can bo purchased up to 110
first
aside to redeem
The ,as,sessment on the stock must be paid In four equal Installments be Set
per share, the balance to go Into a permanent surplus fund, no part of which
52 50 Per share on or before March 26 and the other three installments shall be paid In dividends on the common shares until the fund exceeds the
May 27, July 29 and Sept. 30. Interest at 6% per annum will be paid par value of the first pref. The Products Co. is prohibited from investing
upon all deferred subscriptions paid on or before March 28 1912.
plants or equipment, unless the not quick assets equal 110%
The average earnings of the United Boxboard Co. and its predecessor in real estate,
of the par value of the tirst and second pref. shares then out, plus the
since 1903 (shown under "Annual Reports") were $214,825, and under this amount
purchases. No additional first pref. can be Issued until
such
of
than
meet
more
the
would
company
interest
new
the
plan the earnings of
nor thereafter in excess of 5400,000, and then only for cash and at
on the 5581,000 of underlying liens, amounting to $32,510, and pay tie' 1917,provided
(1) that the quick assets equal 125% of the first pref., includ, par,
'
dividends on 52,583,160 pref. stock, which would amount to 5134,989
ing that then to be issued; (2) that the common steel( Is increased to the
malting a total of $187,499 necessary to pay interest and dividend on pref. extent of 50% of such additional first preferred.
Upon the completion of the contemplated changes and improvements at
the mills, we look for an increase In earnings and believe the new company
Waters-Pierce Oil Co.-Decision in Suit Involving Control.
will earn without difficulty the dividend on its preferred stock, and when
-The tellers having refused at the recent election to countconditions are favorable, substantial results on the common as well.
formerly owned by the
Contemplated Elimination of the American Strawboard Co.-Reasons Therefor. the vote east in behalf of the stock
The tonnage of the American Strawboard Co. Is largely strawboard, and Standard Oil Co. of New Jersey and recently. distributed
strawboard product has been largely replaced by other board In the manudisintegration plan (V. 93,'p. 1390) in favor of
facture of paper boxel.. The entire consumption of strawboard by all the under the
boxmakers In the United States to-day would be Insufficient to operate Robert W. Stewart, Geo. \V. Mayer arid Charles H. Adams,
all the strawboard mills Of the American Strawboard Co.. even if all com- an aPPlication was made td the Circuit Court at St. Louis
petition were eliminated. It therefore follows that It will become necessary
either to convert strawboard mills so as to manufacture other products, to compel the counting of tilt! same.
Ni.AR. 2 1V12,1
Judge Kinsey, In setting aside CommissionenfeDonald's ruling sustaining
an objection to the Pierce interests inquiring Into the relations;of sAhe
Standard Oil Co. to the three Men named,pupheld the contention of the
Pierce interests that the Issue in litigation is whether the Standard Oil Co.,
in attempting to elect three employees as directors, is not continuing the
same oil trust in a new disguise. The Court said in part: "There is attached
to every right, enjoyment of which is guaranteed by law, a condition that it
shall not be used for a criminal or otherwise illegal purpose. No court will
lend its aid to enforcement of a right claimed by an individual or combinais
tion of individuals when the right so claimed, although fair on its face,
the
intended to be used as colorable authority for an Illegal act, provided
Court May lawfully inquire into motives of those who ask its judgment in
their 'Avon"
The decision Is regarded by sonic as opening the way to a judicial inquiry
into the control of the oil business throughout the country.—V.91, p. 158.
WesteriarElectric Co., New York and Chicago.—Present
Holdings of Amer. Telephone & Telegraph Co.—The American
Telephone & Telegraph Co., it is stated, recently purchased
for $250 per share the $500,000 holdings of an estate and
now owns approximately 90% of the $15,000,000 stock.
Np formal offer kali been made to purchase the minority stock, but the
parent company, in pursuance of its policy to effect a closer consolidation
of its various subsidiaries, has been securing all the Western Electric stock
obtainable.—V. 92, p. 1042.
—The Girard Trust Co., Philadelphia, gives notice that
the following bonds, having been drawn for redemption,
are still outstanding, drawing no interest, and should
be presented to the trust company for payment, viz.:
(1) Pennsylvania Company 33% gold loan of 1901, Nos.
5920, 5922, 18514, 5919, 7990, 11447, 14611, 11372, 11493,
17419, 7727, 7982, 7986, 11369, 12198, 12244, 13469, 13494,
14613, 15283, 16682, 16684, 18818. (2) American Pipe Mfg.
Co. 5% coll, trust, series "B," NQS. 304 and 1051. (3) Cambridge & Muskingum Valley Coal Co. 1st M. 5s, Nos. 187,
228, 444, 677, 678, 911. (4) Depew & Lake Erie Water
Co. 2d 55, Nos. 111, 207. (5)'Spanish-American Iron Co.
1st M. 6s, Nos. 784, 2393, 3536, 98, 939, 1031, 2591, 2994,
3166; 3282, 3314, 3762, 4634, 4642, 4751, 4813.
—Thomas W.Simmons became a partner in the New York
Stock Exchange firm of C. E. Welles & Co., 71 Broadway,
this city, yesterday. Mr. Simmons was for four years associated with the old New York firm of N. W. Harris & Co.
(now Harris, Forbes & Co.) and for three years with Bertron,
.Griscom & Jenks, public service investments, at 40 Wall St.
Following Mr. Simmons's connection with them, C. E.
Welles & Co. announce that they have established a bond
department through which they are prepared to offer carefully selected bonds to investors.
—Howard H. Zigler & Co. have opened a bankers' and
brokers' office at 721 Railway Exchange Bldg., Chicago, to
deal in investment securities of high grade. They will specialize in first-class unlisted stocks and bonds particularly
electric railway securities. Mr. Zigler was ior ten years
President of the Cincinnati Construction Co., and his partner,
Franklyn F. Gruninger, is Secretary of the American Lumber Co.
—Carl Bonney and Edward B. Moor have formed a partnership under the firm name of Bonney & Moor, for the
transaction of a general investment business, with offices in
the Mutual Building, 340 Main St., Worcester, Mass. The
two were formerly managers of the Worcester office of Lee,
Higginson & Co., Mr. Bonney for nine years and Mr. Moor
for two years.
—The retirement of Mr. Lucien H. Tyng from the firm of
Fuqua, Tyng & Co., Philadelphia, is announced, and a
change in the firm name to W. F. Fuqua & Co., incorporated under the laws of Pennsylvania, with a capital of
1)1,000, fully paid. The firm has offices in the Land
Ie Bldg.,and will deal in bonds and investment securities.
—William Salomon & Co., bankers, 25 Broad St., this
city, are advertising in this issue their offering (already sold)
of $10,000,000 Pacific Light & Power first and refunding 5%
bonds. This advertisement is inserted in the "Chronicle" as
a permanent record.
—To yield 6%, Spencer Trask & Co., of 43 Exchange
Place, this city, Albany, Boston and Chicago, offer for investment, by advertisement in our columns to-day, $1,200,000 Sherwin-Williams Co. of Canada, Ltd., first and refunding mortgage 6% sinking fund bonds.
—John M. Criley, for many years Cashier of the Wayne
County National Bank of Wooster, Ohio, has associated
himself with the firm of C. E. Denison & Co. of Cleveland
and will represent it in the State of Ohio.
—Attention is called to the advertisement of A. C. Frost
&-Co. Chicago, offering tracts of timber in British Columbia, either for sale or loans. Interviews and correspondence
invited.
—The Continental & Commercial Trust & Savings Bank,
Chicago, bond department, is offering a number of Western
tovvn:bonds. Descriptive circulars will be sent on request.
In—Williams, McConnell & Coleman, 60 Wall St., this city,
have issued for free distribution "McConnell's Hand-Book
of/Public Securities."
—Colston, Boyce & Co., Baltimore, are offering PortlandOregon Ry. 5% bonds at 10034 and interest. These are an
underlying bond.
—"The Truth about Mr. Rockefeller and the Merritts" is
the title of a 32-page pamphlet by Frederick T. Gates.
—Douglas Kent has become a member in the firm of
Coggeshall & Hicks of 115 Broadway, this city. if_ El ‘;
637
THE CHRONICLE
Touxutercial
im
COMMERCIAL EPITOME.
Friday Night, March 11912. '
Trade continues in much the same condition as heretofore.
There are some signs, however, that in parts of the country
it is beginning to shake off a little of the lethargy resulting
from the severest winter seen, perhaps, for a generation.
Though rather quiet, iron and steel are being produced at a
high percentage of capacity and while prices cannot be called
very firm, the outlook, with the approach of spring,is expected to improve. The copper trade is in some respects looking
rather better, though the disturbed foreign labor situation is
a drawback. Cold weather and severe snow-storms at West
and Southwest have tended to delay expected revival of trade.
LARD on the spot has been quiet and easier; prime
Western 9.10c.; Middle Western 8.90c. and City steam 8Yt@
$%c. Refined lard has been dull at some decline in prices.
Continent 9.35c., South Am.9.90c.and Brazil in kegs 10.90c.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May delivery
9.13
9.20
9.25
9.34
9.30
9.35
July delivery
9.35
9.35
9.40
0.53
9.50
9.55
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon.
Tues.
Wed. Thurs.
Fri.
May delivery
9.00
9.07
Holl9.17 h 9.22 3
9.30
Ju;y delivery
9.15
9.25
day.
9.35
9.3734
,
9.47
PORK on the spot has been steady,with a good export
demand. Mess, $17 25©$17 50, clear $I50@$17 75 and
family $20(021. Beef has been steady; mess $12, packet
$13. Family $14 50 and extra India mess $21 50@$22.
Tallow has been quiet and steady at 6c. for City. Stearines
have been dull at 8@83c. for oleo and 04(4410c. for New
York lard. Butter has advanced; creamery extras 30c.
Cheese has been firm; State, whole milk, colored, average
fancy 18c. Eggs have been easier, owing to increased
receipts; Western first 27(4,28c.
i441141 .
OIL.—Linseed has been quiet and steady. Consumption
has been light; seed prices at the Northwest have been easier;
City, raw, American seed, 75@76c.; boiled 76a,77c.; Calcutta, raw, 85c. Cotton seed has been steady and in light
demand at 5.75@6c. for winter, 5.65@6c. for summer white
and 4.40@4.60c. for crude. Cocoanut has been easier;
Cochin 93 ®9%c., Ceylon 8%@)9c. Chinawood has been
quiet and steady at 11@14c. Corn easy, with a fair demand
at 5.20@5.25c. Lard has been quiet and steady; prime
75@85c. Cod in fair demand and steady; domestic 52@53c.
COFFEE on the spot has been quiet. Prices hold steady
as supplies are still in strong hands. Rio No. 7, 143Ac.;
Santos No. 4, 15%®153/
2c. West India growths have been
quiet; fair to good Cucuta 1634A1632c. Speculation in futures has been fairly active, with prices at times showing considerable strength. Estimates of the Santos crop are still
being reduced. However, receipts at the Brazilian primary
ports are liberal and many are sceptical as to the permanence
of present prices. Robusta coffee has, by a ballot at the
Exchange, been excluded from delivery on future contracts.
Closing prices were as follows:
13.24®13.25 November 13.29 ® 13.31
March __ _ 13.10 ®13.11 July
3:2
38
_13.13@13.15 August _13
:
2 13:3
33
0 j
Daencu
ea
mrbye_r__1
April
13:2
28
9:13
3.1
.
0
13.15 ® 13.16 Sept
May
13 20 ® 13.22 October _ _13.29 ® 13.31 February _13.28 ® 13.30
June
SUGAR.—Raw has been active at lower prices. Centrifugal, 96-degrees test, 4.67c.; muscovado, 89-degrees test,
4.17c.; molasses, 89-degrees test, 3.92c. The stocks of
sugar now held in the United Kingdom are 145,000 tons,
against 39,000 tons a year ago. Refined in light demand,
with prices somewhat easier at 5.80c. for granulated.
PETROLEUM.—Refined has ruled steady, with a fairly
active demand; barrels 8.10c., bulk 4.60c. and cases 9.90c.
Gasoline has been firm and active; 86 degrees, in 100-gallon
drums, 21c.; drums $7 50 extra. Naphtha has been firm;
73@,76 degrees, in 100-gallon drums, 183'-c.; drums $7 50
extra. Spirits of turpentine quiet and steady at 4934()50c.
Common to good strained rosin steady at $6.75.
TOBACCO.—Binder tobacco in particular has been quite
steady and prices of other descriptions have also been
easily sustained. But as a rule trade has been slow. It is
true that there has been some demand for Wisconsin and
Connecticut, but nothing like the old-time activity can
be reported. Only a sluggish trade is in progress in Ohio
1911. Much hinges on the Amsterdam inscription. The
first sale has drawn a good many buyers, attracted not
a little by reports that the quality of the tobacco is better
than that of a year ago. Of Cuban leaf the sales are merely
enough to supply passing wants.
COPPER on the spot has been unsettled at times and in
poor demand, but closes with a somewhat more hopeful
/
3@l4Mc.; electrolytic 14h@14.40c. There
tone; Lake 143
has been no great improvement in the consumption of the
metal in this country. The English coal strike and labor
unrest throughout the world have caused considerable
uneasiness. 'Tin has been easier, owing to the largeness
of the stocks in this country; spot 4334c. Spelter has been
steady at 6.70c. for spot. Lead has been quiet and steady
at 4.10c. for spot. Iron has been steady and in better
demand. Pittsburgh blast furnace interests • expect a
good buying movement in pig iron in the near future.
No. 1 Northern $14 95@$15 25; No. 2 foundry Southern
$14 50(0114 75.
• • •
•
638
THE CHRONICLE
COTTON.
IL Receipts at-
Sat.
Mon. Tues.
Wed. Thurs. Fri.
Total.
Galveston
9,474 9,195 21,711 10,203 9,335 7,994 67,912
Texas City
1,824 2,235
576
1,092
755
285 6,787
Port Arthur, &o_
5,000
___ 19,068 24,068
New Orleans_ _ _ _
4,771-3:1 10,5£45 8,800 11,817 17,393
5.
1,527
Gulfport
Mobile
2:121 2-.656 1-,551. -572 2;458 '275
Pensacola
8,500
__
13,500 22,000
Jacksonville, &c.
80
___
118
:4.-8
84
327
Savannah
7,940 7,618 12,861 8:525 6,487 7,901 51,330
Brunswick
Charleston
-iii firia 1;028 1.642 -558 1-,6615 6-,526
Georgetown _ _ _ _
Wilmington _ _ _ _
1-.555 fiii 1-,455 -.652
10,-567
Norfolk
3,041
1,869 3,190 1,428 2,661
2,648 14,837
Newp'tNews,&o.
------------_
____
3,214 3,214
New York
Boston
260
--56
---5 -Hi -iii --56 -77:6.
Baltimore
6,986
____
6,986
Philadelphia
_
-Totals this week_ 31.785 38.342 51.090 50.375 48.383 85.812 283.887
4,87,8
9:VS
1.-J56 3-,564
The following shows the week's total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:
,
1911-12.
1910-11.
This Since Sep This Since Sep
week. 1 1911. week. 1 1910,
Stock.
1912.
1911,
405,295
30,188
121,305
275,605
18,000
70,497
__ ....
151,942
4,587
17,785
208,716
23,197
43,463
71,322
4,931
22,754
22,306
51,686
13,735
21,544
173,500
8,946
15,120
1,650
266,730
4,919
4,581
2,683
283.887 9.846.088 91.599 7.813.994 1.348.189
708.818
Galveston
67,912 3,088,592 33,197 2,520,078
Texas City
6,767 561,292 17,923 297,982
Port Arthur, &c_ 24,068 212,825
426 226,874
New Orleans
54,527 1,327,978 20,241 1,330,314
Gulfport --- -4,000
54,678
568
33,128
Mobile --_ __•--- 9,439 335,138
900 229,477
Pensacola
22,000 178,051
103,312
Jacksonville, &c_
327
47,439
417
22,893
Savannah
51,330 2,076,704 7,627 1,309,288
Brunswick
344,198
1,047 218,173
Charleston
'320
650 271,675
Georgetown ------------480
__ __
1,030
Wilmington __ __ 10,507 471,882 3,295 386,273
Norfolk_
14,837 611,962 3,755 520,515
N'port News, &c_
3,214
20,724
__ __
3,848
New York------------4,248
6,845
50
Boston
__ _
743
42,745
554
32,584
Baltimore
6,986
91,676
949
99,390
Philadelphia __ __
104
154
____ '
315
mow
In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
Receipts at-
1912.
Galveston _ _ _
Texaseity,&c.
New Orleans_
Mobile
Savannah _ _ _
Brunswick
Charleston,&c
Wilmington_ _
Norfolk
N'port N., &c
All others_ _ _ _
6,926
10,507
14,837
3,214
34,160
Total this wk_
283,687
67,912
30,835
54,527
9,439
51,330
1911.
33,197
18,349
20,241
900
7,627
1,047
650
3,295
3,755
1910.
30,066
12,671
24,527
3,053
8,258
2,538
862
487
3,308
491
2,044
91,599
85,767
1909. 1
47,519
10,284
40,655
3,788
12,998,
1,3081
1,399,
2,500
4,4241
1,972;
23,2271
150,074
1908.
1907.
39,487
4,145
26,565
4,175
9,558
109
1,036
1,861
5,494
128
5,054
84,247
4,652
38,828
2,779
16,345
1,796
1,560
2,957
10,072
986
7,601
97,612
171,823
*Since Sept. 1_ 9.846,086 7,613,994 6,050,193 8,190,699 6,937,324 8,346,086
The exports for the week ending this evening reach a total
of 378,622 bales, ot which 159,882 were to Great Britain,
50,515 to France and 168,225 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week ending March 1 1912. From Sept. 1 1911 to March 1 1912.
I Extorted toExported £o
Exports
Irma-
ContiGreat
Gceat
ContiBritain.Fr.nce. nent. Total.' Britain. France. nent.
Galveston __
Texas City__ _
Pt. Arthur, eic.
New Orleans__
Mobile
Pensacola, , _
Gulfport
Savannah _._ _
Brunswick __ __
Charleston
Wilmington _
Norfolk
Newport News
New York__
Boston
Baltimore
Philadelphia
Portland, Me
San Francisco_
Seattle
Tacoma
Portland, Ore_
Pembina,
Detroit
Total
Total.
25,93813,459 21,754 61,1511,116,024245,5361,009,4222,370,982
400 13,723, 368,569 92,658 69,533 530,760
___ 13,323
19,988 62,5091 b1,931 164,428
6,352 7,000 10,500 23,852
60,987 ___ 32,178 93,165, 574,326121,457 359,1601,054,943
5,093 7,998 8,160 22,1511 63,498 45,7111 100,845 210,054
4,200 8,500 9,300 22,000 49,978 49,137
80,529 179,644
21,232
15,446 36,678
25,018 _ _ __ 53,973 78,991 387,535160,17 886,2941,434,005
151,262
147,230 298,492
_ .
•
15100 15,100 29,186 _____ 191,208 220,394
14,608 ---- -----14,608 126,440105,545 190,736 422,721
223, 12,888
__
_ 23
2,805
15,693
_I
6,745 235 11,061 18,040 182,994 65,00 220,365. 468,365
7,641 ____
5,160 128,246
_ 7,641 123,086
15,563 4,870 79,320 99,753
200
200 ____ _
2,200 ____
324 2,524 47,714_
13,917 61,631
I
2,800
____ _
2,800
162,038 162,038
4,298 4,298
_
955
79,835 79,835
__
95.
1
_ ____
38,952 38,952
____ ____ __. _
,
I
4,818
On Shipboard, Not Cleared forLeaving
Great
GerOther CoastStock
Britain. France many. :Foreign wise. Total.
New Orleans __ 15,028 8,675 12,993 22,386
379 59,411 216,194
Galveston __
87,204 4,131 60,579 27,140 2,740 181,794
223,501
Savannah __
5,000
2,000
7,000 201,716
Charleston __
4,000
•
4,000
39,463
Mobile
12,156 10,83.4
. 11,56i
2,980 37,038
33,459
Norfolk ______
16,000 16,000
35,686
New York__ -- 3:656
-goo 2-,656 5-,666
10,800 1'62,700
Other ports_ __ 13,000
12,000 1,500
26,500
92,907
Total 1912. 139,388 24,140 100,890 56,026 22,099
1,005,626
Total 1911.. 42,328 12,787 33,556 27,002 10,706 342,543
126,379 582,439
Total 1910... 23,673 10,051 25,485 39,080 16,213 114,502
536,493
Mch. 1 at
Friday Night, March 1 1912.
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
283,687 bales, against 288,510 bales last week and 303,385
bales the previous week, making the total receipts since
Sept. 1 1911 9,846,086 bales, against 7,613,994 bales for
the same period of 1910-11, showing an increase since
Sept. 1 1911 of 2,232,092 bales.
Receipts to
March 1.
Speculation in. cotton for future delivery has been on a
moderate scale. At times, indeed, it has been very small.
Prices have been unsettled. They advanced in the fore part
of the week and receded later. It was rumored early in the
week that a national coal strike in Great Britain had been
averted by the efforts of English statesmen. Bad weather
at the South coming at the same time, the effect was a sudden and sharp advance. The local short interest had become
rather large. Long liquidation, which had been in progress
for a couple of weeks, seemed to have run its course. Large
interests identified with the bull side thereupon took hold
and with the aid of heavy buying by Waldorf-Astoria bulls
drove in the shorts. The advance, however, was shortlived. It js a narrow market. The outside public is not in
it. That means that, so far as the speculation is concerned,
it is largely a "professional" affair. When the professional
operators on the short side had been frightened into covering, the market seemed to recede of its own volition. The
spot demand at the South has been reported less active.
The receipts at the ports have been large. The quantity
brought into sight encourages some to believe that the crop
may yet turn out to be rather more than less than 16,000,000
bales. Very few seem to believe that there will be any serious reduction in the acreage anywhere. On the contrary,
many believe that there will actually be some increase in the
area in the Southwest. As for boll-weevil, this pest is less
feared than formerly, owing to the severity of the winter.
At the same time the South as a whole is said to have the
best "season" in the ground known for many years. Meantime the visible American supply is the largest on record.
New England spinners are still buying on a restricted scale.
Europe is said to be buying less freely. Yet prices after all
have shown a suggestive steadiness. Some attribute this
fact largely to bull support. Others think there are factors
in the situation which give the market a certain inherent
strength. For one thing, the spinners' takings are large.
The world's consumption of American cotton this season, it
is suggested, may approximate 13,500,000 bales, to say nothing of the quantity taken for delivery some years ahead,
estimated at 1,000,000 bales and upward, which must be
kept hedged by the sellers in this and following crops. The
exports this season are of noteworthy size. As for the next
crop, the weather as well as the acreage must play a large
part in it. And the season, owing to severe cold or heavy
rains, is declared to be some two or three weeks late. The
March notices, which some predicted would run as high as
75,000 bales, proved to be 20,000 bales and were promptly
disposed of. To-day prices advanced, owing to unexpectedly
strong quotations in Liverpool, where the market was buoyed
up by a growing hope that the strike of a million coal workers
in Great Britain now on may through the efforts of British
statesmen, be of very short duration. Large spot interests
bought here. March export engagements are said to be
large. Spot cotton closed at 10.40c. for middling uplands,
a decline for the week of 5 points.
The rates on and off middling, as established Nov. 15 1911
by the Revision Committee, at which grades other than
middling may be delivered on contract, are as follows:
Fair
c 1.75 on Middling
Basis I Good mid. tinged_c_ Even
c
Strict mid. fair_ _1.50 on I Strict low mid
0.35 oft'Strict mid. tinged._0.15 off
Middling fair
1.30 on!Low middling
0.80 oft I Middling tinged_ _0.30 off
Strict good mid_-_0.80 on I Strict good ord-_1.40 off I Strict low mid. ting.0.80 on
2.15 off I Low mid. tinged_ _.1.90 oft
Good middling_ _ _ _0.56 on I Good ordinary
Strict middling__ _0.30 on!Strict g'd mid. tgd.0.43 on I Middling stained_ _0.90 oft
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Feb. 24 to Mch. 1Middling uplands
10.40
14.60
14.85
9.70
11.45
11.25
10.95
7.75
1912_o
1911
1910
1909
1908
1907
1906
1905
VIIn 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.
Wed. Thurs. Fri.
10.45 10.90 10.40
1904_0
1003
1902
1901
1900
1899
1898
1897
15.60
10.25
8.88
9.19
9.44
6.56
6.31
7.44
1896_c
1895
1894
1893
1892
1891
1890
1889
7.81
5.58
7.62
9.19
7.06
9.00
11.31
10.19
1888_0
1887
1886
1885
1884
1883
1882
1881
10.50
9.62
8.88
11.44
10.88
10.19
11.69
11.56
MARKET AND SALES AT NEW YORK.
4,818
mntal 1910-11_ 19.368 11.901 83.854 115.1232.938.189811.8852.512.874 6.262.948
Sat. Mon. Tues.
10.40 10.35 10.45
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York on
March 1 for each of the past 32 years have been as follows:
Spot Market
Closed.
159,88250,515168,225378,6223,276,669973,8373,734,7267,985,232
[VoL. Lxxxxiv.
Saturday_ _ _
Monday.._ _
Tuesday
_
Wednesday_
Thursday -Friday _ _ _ _
Total
Quiet, 5 pts. deo__ _
Quiet, 5 pts. deo_
Quiet, 10 pts. adv._
Quiet
Quiet, 5 pts. deo
Quiet
Futures
Market
Closed.
Steady
Steady
Steady
Quiet
Quiet
Quiet
SALES.
Spot. Contr rt. Total.
110
2,600
110
2,600
300
300
33,500 33,500
2,7101 33.800 36,510
MAR. 2 1912.]
THE CHRONICLE
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March 1.
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Feb. 28.
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Movement to March 1 1912.
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FUTURES.-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments
New York the past week have been as follows:
for the week and the stocks to-night, and the same items
o cn
c., c..
. c., t,
for the corresponding period for the previous year-is set
pn R R o2. Q a a a
out in detail below.
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THE VISIBLE SUPPLY OF COTTON to-night, as made
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
The above totals show that the interior stocks have defor to-night (Friday), we add the item of exports from the creased during the week 44,819 bales and are to-night 18,632
United States, including in it the exports of Friday only.
bales more than at the same time last year. The receipts
1912.
March 11911,
1910.
1909.
at all towns have been 89,750 bales more than the same
bales.1,102,000 1,299,000 934,000 1,431,000
Stock at Liverpool
Stock at London
3,000
.3,000
9,000
9,000 week last year.
Stock at Manchester
92,000 114,000
63,000
87,000
OVERLAND MOVEMENT FOR THE WEEK AND
Total Great Britain stock
1,197,000 1,422,000 1,002,000 1,527,000 SINCE SEPT. 1.-We give below a statement
showing the
Stock at Hamburg
8,000
4,000
6,000
14,000
Stock at Bremen
526,000 271,000 292,000
500,000 overland movement for the week and since Sept. 1, as made
Stock at Havre
340,000 326,000 414,000 345,000 up from telegraphic reports Friday night. The results for
3,000
Stock at Marseilles
2,000
3,000
4,000
17,000
Stock at Barcelona
20,000
8,000
51,000 the week and since Sept. 1 in the last two years are as follows:
Stook at Genoa
Stock at Trieste
Total Continental stocks
32,000
2,000
70,000
2,000
70,000
4,000
58,000
2,000
928,000
695,000
797,000
974,000
Total European stocks
2,125,000 2,117,000 1,799,000 2,501,000
India cotton afloat for Europe... 83,000
177,000
173,000 245,000
Amer. cotton afloat for Europe__ 904,257
503,819
250 217 435,345
Egypt,i3razil,&c..aflt.for Europe_
53,000
43,000
37,000
43,000
Stock in Alexandria, Egypt
274,000 243,000
172,000 309,000
Stock in Bombay, India
589,000 476,000 697,000 454,000
Stock in U. S. ports
1,348,169
708,818
650,995 758,630
595,089
Stock in U. S. interior towns..
576,457 618,973 737,618
62,266
19,966
U. S. exports to-day
13,397
37,927
6,033,781 4,861,060 4,483,582 5,453,520
Total visible supply
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 993,000 1,181,000 864,000 1,325,000
Manchester stock
70,000
91,000
51,000
70,000
Continental stock
902,000 665,000 748,000 935,000
American afloat for Europe
503,819
904,257
250,217 435,345
U. S. port stocks
1,348,169
708,818
050,995 758,630
U. S. Interior stocks
595,089
576,457 618,973 737,618
U. S. exports to-day
82,266
13,397
19,966
37,927
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, Egypt
Total East India, eco
Total American
4,874,781 3,748,080 3,194,582 4,299,520
109,000
3,000
22,000
26,000
83,000
53,000
274,000
589,000
118,000
9,000
23,000
30,000
173,000
43,000
243,000
476,000
70,000
5,000
12,000
51,000
245,000
37,000
172,000
697,000
106,000
9,000
17,000
39,000
177,000
43,000
309,000
454,000
1,159,000 1,115,000 1,289,000 1,154,000
4,874,781 3,746,060 3,194,582 4,299,520
Total visible supply
6,033,781 4,861,060 4,483,582 5,453,520
Middling Upland, Liverpool
5.91d.
7.64d,
8.07d.
5.14d.
Middling Upland, New York- _ _ _ 10.40c,
14.90c.
14.55e.
9.850
9 ud.
Egypt, Good Brown, Liverpool...
10 %d.
16 %d. 8 9-16d.
Peruvian, Rough Good, Liverpool
9.10d.
10.25d.
7.75d.
11.30d.
Broach, 'Inc, Liverpool
5% d. 7 7-16d.
7 Md. 4 15-16d.
Tinnevelly, Good, Liverpool_ _ _ _ 5 11-16d. 7 5-16d. 7 7-16d.
5%d.
-1911-12-- -1910-11
Since
Since
Week. Sept. I.
Week. Sept. 1,
23,987 451,745
7,081 409,328
1,606
42,784
3,950
172,053
277
3,273
25,708
25
4,715
112,213
2,315
104,964
4,376
79,883
1,936
57,162
11,013
148,069
10,426
139,553
21,049
291,423
7,942
139,756
March 1ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total gross overland
Deduct shipmentsOverland to N. Y., Boston, &c
.Between Interior towns
Inland, &c., from South
Total to be deducted
Leaving total net overland •
67,023
1,129,390
7,833
12,755
2,030
138,823
55,942
27,274
22,618
222,039
11,651
207,210
44,405
907,351
22,024
841,314
33,675 1,048,524
1,553
8,682
1,416
139,134
36,297
31,779
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 44,405 bales, against 22,024 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase over a year ago of 66,037 bales.
-----1911-12----
In Sight and Spinners'
Takings.
Receipts at ports to Mch 1
Net overland to March 1
Southern consumption to Mch. 1
Week.
283,687
44,405
55,000
Week.
91,599
22,024
50,000
Since
Sept. 1.
7,613,994
841,314
1,218,000
Total marketed
Interior stocks in excess
383,092 12,040,437 163,623
044,819
494,652 '28,888
9,673,308
525,679
Since
Sept. 1,
9,846,086
907,351
1,287,000
Came into sight during week_ _ _338,273
Total in sight March 1
12-;5-3-5-,61-311
North. spinners' takings to Mch. 1 74,098
134,935
1,618.540
10,198,987
30,370
1,672,748
• Decrease during week.
Movement into sight in previous years:
Week1910-Mch. 4
1909-Mch. 5
1008-Mch. 7
Bales.
Since Sept. 1102,060 1909-10-Mch. 4
Bales,
8,632,060
198,741 1908-09-Mch. 5
Continental imports for the past week have been 161,000
11,141,544
167,740 1907-08-Mch. 7
9,264,739
bales.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
The above figures for 1912 show an increase over last week
of 555 bales, a gain of 1,172,721 bales over 1911, an ex- MARKETS.-Below are the closing quotations of middling
cess of 1,550,199 bales over 1910 and a gain of 580,261 bales cotton at Southern and other principal cotton markets for
each day of the week.
over 1909,
640
'THE CHRONICLE
[VOL. rxxxxr v.
Little Rock, Ark.-We have had rain on two days during
the week, the precipitation being one inch and fifty-seven
hundredths. The thermometer has averaged 41, the highest
10 13-16 10 13-16 10%
Galveston
110%
1034
10%
being 57 and the lowest 25.
110 7-18 10 7-16 10 7-16 10 7-16 10 7-16 10 7-16
New Orleans
Helena, Ark.-We have had rain on three days of the week,
101
Mobile
10 X
101
105
1014
103-4
103
10
110,
Savannah
t0>
1034
10'
to the extent. of one inch and sixty-eight hundredths. The
10%
10%
10%
Charleston
10
108'@ % 10J
thermometer has averaged 34, ranging from 28 to 67.
10)4
Wilmington_
10 14
lox
10
10)4
10',
1014
10'%
Norfolk
10)4
10
108$
10)4
" Memphis, Tenn.-It has, rained on three days of the week,
10%
10 %
Baltimore
10%
108$'
108$
109-,
the precipitation reaching one inch and eighteen hundredths.
10.65
Philadelphia
10.60
10.70
10.70
10.65
10.65
10)4
Augusta
10 X
10A@ % 10)4@ 34 10A@% 10%
The.thermometer has averaged 42, ranging
r
fromm 27 to 67.
Memphis
10 84
108$
103$.
10'%
103$
103$
Mobile, Ala.-There has been rain on four days during the
10 A
St. Louis
108$
103$
103$
103$
1034
Houston
10 X
10 13-16 10 13-16 10 13-16 10-13 10
1034
week, the rainfall being one inch and sixty-eight hundredths.
Little Rook.__.. IOM
10 %
1034
1034
1034
103.4
The thermometer has ranged froth 36 to 71, averaging 54.
•
Selma, Ala.-It has rained on four days during the week,
NEW ORLEANS OPTION MARKET.-The highest, to the extent of two inches and thirteen. hundredths. The
lowest and closing quotations for leading options in the New thermometer has averaged 49.5, the highest being 70 and
Orleans cotton market for the past week have been as follows: the lowest 28.
Madison, Fla.--==-We have had rain on one day during the
BaCtictu. Monday, Tuesday, Wed'day, Thurstry, Friday,
week to the extent of forty hundredths of an inch. The
Feb. 24. Feb, 28. Feb. 27. Feb. 28. Feb. 29. Mch. 1.
thermometer has ranged from 38 to 77, averaging 57.
February2(ivqnnah, Ga.-Rain has fallen on two days during the
Range ------10.40
10.42 -- @ -- @ -- @ -- @ week, the precipitation reaching sixty-five hundredths of an
Closing
_. 10.54 -10.43 -10.55 -10.51 Marc?,-'
inch. The thermometer has averaged 55, the highest being
ange
_, 10.40-.52 10.30-.49 10.42-.58 10.50-.53 10.42-.51 10.54-.57
Closing
10.50-.52 10.43-.44 10.55 -10.51 -10.43-.40 10.55-.56 79 and the lowest 37.
A yrtiCharlotte, N.C.-There has been rain during the week, the
_ fp
_ ® _ _ ® _ _ ® _ _ ® _ _ ® _Range
precipitation reaching one inch and thirty-three hundredths.
-J 10.53 -10.44 -10.56 - 10.01 -10.49 -10.57 Closing
MayThe therthometer has averaged 46, the highest being 65,
Range
10.45-.55 10.38-.50 10.44-.58 10.49-.54 10.43-.54 10.53-.60
Closing
_ 10.54-.55 10.45-.46 10.56-.57 10.52-.53 10,50-.51 10.58-.59 and the lowest 28.
JuneCharleston, S. C.-It has rained on three days of the week,
_,...._ @ ___ ____ €;,, _ _ ,G _ _...... @ _ _ @ .._... ___ @ _
Range
hundredths of an inch.
Closing
10.51 -10.47 -10.59 -10.54 -10.52 -10.60 - the precipitation being fifty-one
Average thermometer 52, highest 68, lowest 35.
July10.43-.55
10.49-.65
10.53-.60
10.49-.59
10.51-.65
Range
10.49-.60
The following Statement we have also received by teleClosing
-, 10.59-.60 10.50-.51 10.62-.63 10.57-.58 10.54-.55 10.62-.63
graph, showing the height of rivers at the points named at
August,
.10.45-.49- @ -- @ -- @ -10.43-.47- ® - 8 a. in. of the dates given.
Range
Closing
10.54-.56 10.46-.47 10.56-.58 10.51-.53 10.46-.48 10.54-.56
cdosftig Quotations for Middling Cotton onWeek ending I
,
March 1„
Sat dal,. Monday. Tuesday. Wed'day. Thursd'y Friday-.1
SeptemberMc!,. 1 1912. Mc!,. 3 1911.
1O.41-.4.-- @ -10.45 -- @ -10.40 -- ® Range
Feet.
Feet.
10.50-.51 10.44-.45 10.51-.43 10.47-.48 10.44-.45 10.51-.53 New Orleans
Closing
Above zero of gauge_
7.2
11.8
OctoberMemphis
Above zero of gauge_
26.9
36.9
Range
'10.39-.48 10.35-.45 10.39-.71 10.40-.46 10.37-.45 10.44-.51 Nashville
Above zero of gauge_
34.6
10.6
110,47,48 10.41-.42 10.48-.49 10.44-.45 10.42-.43 10.48-.49 Shreveport_
Closing
Above zero of gauge4.1
*3.3
December-Vicksburg
Above zero of gauge_
20.11
33.8
-- ® -- @ - 10.50-.52 10.46 -10.38-.42 10.47 Range
Below.
*
50- 51 10.44-.45 10.50-.51 10.46-.47 10.49-.50 10.50-.51
Closing10"
January,,.._ 0
_ ® __ ® __ ® __ ® __ ® Range
INDIA COTTON MOVEMENT FROM ALL PORTS.Closing
_, 10.54-.56 10.48-.50 10.55-.56 10.51-.53 10.49-.50 10.55-.56
ToneThe receipt of cotton fromm Bombay and the shipments front
.., Steady.
Spot
Easy. Steady. Steady. Quiet.
Firm.
all India ports for the week and for the season from Sept. 1
Options
• Steady. Steady. Steady. Steady. V'y sty.. Quiet.
for three years have been as follows:
RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Feb. 20.
Receipts atBombay
1911-12.
1910-11.
Since
Week. Sept. 1.
Since
Week. 'Sept. 1.
Jan.
"
"
Feb.
"
"
"
Meh.
12 334,41 239,335
19 285,43 223,121
26 319,52 207,800
2 318,21 184,875
9364,041 173,669
16 303,38 134,382
23,288,51 101,224
1283,087 91,599
Stock at Interior Towns. Receipts from Plantations
1912,
1911.
1910.
1912.
1911.
Exports
from-
1910.
159,414 908,927 795,345 771,436 278,118 199,459 136,643
131,913 861,570 756,825 744,871 238,074 184,601 105,348
108,863 829,576 707,535 731,941 287,532 158,510 95,933
69,282 806,329 668,147 720,743 294,968 145,487 58,084
81,326 768,794 625,509 708,751 327,109 131,031 69,334
101,339 726,985 616,803 690,302 261,576 125,676 82,890
85,129 639,908 605,145 672,108 255,055 89,566 66,035
238,868 62,911 32,632
85.767 595,039 O1u,'so
Bombay41911-12._
Since
Week. 'Sept. 1
121,000 1,387,000 62.000 1,296,000 107,000 1,971,000
For the Week.
Receipts at 1 orts.
1
Week
ending. 1 1912. f 1911. 1910.
1909-10.
Since September 1.
Great
Great Conti- Japan
ritain. nent. &China Total. Britctin.
1,000 14,00 13,000 28,000
7,000 50,000i
1,000 42,00
8,000 59,00
9.000 76,000
1910-11___
1909-10
Caldutta200
1911-12_
200
1910-11__
1,661,000
1909-10_
Madras1911-12._
100
100
1910-11_
1909-10..
1,000
1:66o
All others1911-12_
1.000 1,000
1910-11__ 05645 18-,666
19,000
1909-10_ _
____ 17,000
17,000
CanaJapan
nent. & China. Total.
3,000 120,00
18,000 458.00
49,000 525,00
400,000 529,000
280,000 756,000
424,000 998,000
2,000
2,000
3,000
6,000
11,000
16,000
1,500
6,000
14,000
9,500
19,000
33,000
2,000
5,000
800
7,800
8,000
16,000
24,005
5
The above statement shows: 1.-That the total receipts
4,000
8,00'0
1,000
13,000
from the plantations since Sept. 1 1911 are 10,340,738 bales;
4,000 44,000
11,000 59,000
in 1910-11 were 8,139,673 bales; in 1909-10 were 6.586,003
27,000 120,000
1,300 148,300
bales.
1,000 101,000
16,000 87,000
2.-That although the receipts at the outports the past
allweek were 283,687 bales, the actual movement from planta- Total
1911-12_ 1,000 14,000 14,300 29,300
11,000 175,000 419,300 605,300
tions was 238,868 bales, the balance being taken from
1910-11__ 2,000 61,000 7,000 70,000 55,000 605,000 287,305 947,305
1909-10__
636,000 440,0001.148,900
9.000
93,000
72,000
8,000
76,000
receipts
from
the
towns.
Last
year
plantations
interior
for the week 62,911 were bales and for 1910 they were
According to the foregoing, Bombay appears to show an
32,632 bales.
increase compared with last year in the week's receipts of
59,000 bales. Exports fromm all India ports record a loss of
WEATHER REPORTS BY TELEGRAPH.-Our reports 40,700 bales during
the week and since Sept. 1 show a
by telegraph from the South this evening denote that rain docrease of 342,005 bales.
has been quite general during the week, but as a rule light or
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
moderate. The temperature has been higher.
Galveston, Tex.-There has been rain on one day of the COTTON.-Through arrangements made with Messrs.
and Alexandria, we now
past week, the rainfall reaching ninety-four hundredths of an Choremi, Benachi & Co. of Boston
receive a weekly cable of the movements of cotton at Alexinch. The thermometer has averaged 52.
Abilene, Tex.-We have had rain on one day during the andria, Egypt. The following are the receipts and shipweek, to the extent of two hundredths of an inch. Minimum ments for the past week and for the corresponding week of
the previous two years:
thermometer 28.
Palestine, Tex.-We have had rain on two days of the week,
Elexandria, Egypt,
to the extent of seventy-two hundredths of an inch. Lowest
1909-10.
1910-11.
February 29.
1911-12.
thermometer 32.
(cantars)San Antonio, Tex.-We have had rain on three days during Receiptsweek
28,000
135,000
This
105,000
the week, to the extent of two inches and sixty-eight hun4,767,443
6,537,880
Since Sept. 1
7,022,464
dredths. Minimum thermometer 34.
Taylor, Tex.-It has rained on two days of the week, the
This Since
This Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
precipitation reaching two inches and ten hundredths. Exports (bales)Lowest thermometer 36.
,. To Liverpool
4,250 146,728 2,750 172,378 8,250 122,909
97,258
To Manchester
171,008 7,500 171,359
New Orleans, La.-We have had rain on two days during
Continent and India.. 5,000 238,058 9,500 276,760 6,500 221,117
To
the week, to the extent of one inch and thirty-five hundredths.
To America
3,500 61,222 1,250 $8,157 1,500 52,449
The thermometer has averaged 57.
12.750 617,616 21,000 708,654 16.350 493,823
Vicksburg, Miss.-We have had rain on three days during '. Total exports
Nrite.-A canter is 99 lbs. Egyptian bales weigh1 about 750 lbs.
the week, the precipitation being seventy-seven hundredths
of an inch. The thermometer has ranged from 30 to 74, T1TheTstatement shows that the receipts for the week were
135,000 cantars and the foreign shipments 12,750 bales.131
averaging SO.
•
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1910-11.
1911-13.
Cotton Takings.
Week and Season.
Week.
Week.
Season.
Season.
4,085,417
6,033,226
Visible supply Feb. 23
1,495,514
1,603,418
Visible supply Sept. 1
338,273 12,535,089 134.935 10.108,987
American in sight Mgrch 1 _
62,000 1,296,000
Bombay receipts to Feb. 29_ _ - - 121,000 1,387,000
191,305
20,000
76,300
1,300
Other India ship'ts to Feb. 29_ _
936,000
14,000
871,700
18,000
Alexandria receipts to Feb. 23_ _
194,000
5,000
171,000
7.000
Other supply to Feb. 28*
Total supply
DeductVisible supply March 1
6,516,709 16,644,507 5,221,352 14,311,806
6,033,781 6,033,781 4,861,060 4,861,360
Total takings to Mch 1
Of which American
Of which other
483.018 10,610,726
327,718 8,512,726
155,300 2,098,000
360,292 9,450,740
271,292 7,246,441
89,000 2,204,305
-Our report received by cable
MANCHESTER MARKET.
to-night from Manchester states that the market continues
Manufacturers are
steady for both yarns and shirtings.
generally well under contract. We give the prices for to-day
below and leave those for previous weeks of this and last
year for comparison.
1911.
1912.
32s Cop
Twist.
84 lbs. Shirt- Corn
legs, common Mid.
Upl's
to finest.
•.d.
d. s. d.
d.
'ran.
5 @105
65 94
12 84
19 8
@95‘5 434010 6
26 84 65 9% 5 5 010 '134
Feb.
2 811-160 9% 5 54010 8
0913-16 5 64011 0
9 84
10 5 734011 1
16 9
10 5 74011 1
23 9
Mch
10 5714(1511 1
1 8 15-160
32s Cop
Twist.
d. d.
814 lbs. Shirt- Cot's
legs, common Mid
Upt's
to finest.
d. a. d.
e. d. d.
8.07
8.05
8.02
6.37 1151 0 1251 5 9 011 3
5.40 1151 0 1251 5 9 011 3
5.50 114 0 12 5 9 @113
0
5.77 11
5.90 1051 65
5.85 104 0
5.93 10 7-160
124 5
1151 5
114 5
114 5
9 011 3
8 kill 1
74011 0
7 6510 1034
7.88
7.77
7.56
7.51
5.91 10 7-160 11% 5 7 (10 104 7.64
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 378,622 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
5,241
NEW YORK-To Liverpool-Feb. 28-Ceitic, 5,241
1,504
To Manchester-Feb. 23-Titian, 1,504
2,501
To Bremen-Feb. 24-George Washington, 2,501
235
To Marseilles-Feb. 28-Germanta, 235
1,901
To Genoa-Feb. 22-Hamburg, 1.001
998
To Naples-Feb. 22-Hamburg, 998
2,000
To Japan-Feb. 26-Bramlcy, 2,000
3,660
To Bombay-Feb. 27-Pagenturm, 3,660
GALVESTON-To Liverpool-Feb. 23-Polycarp, 7,077......Feb.
25,938
24-Indore, 18,261
To Havre-Feb. 26-Indianola, 2,460. Feb. 28-Mattea13.459
wan, 10,999
8,619
To Bremen-Feb. 22-King Robert, 8,619
13,135
13,135
To Genoa-Feb. 24-Monginevro,
PORT ARTHUR-To Liverpool-Feb. 27-Alexandrian, 6,352._ 6,352
7,000
To Havre-hIch. 1-Geo. Pyman, 7,000
10.500
To Bremen-Feb. 20-Ada, 10,500
13,323
TEXAS CITY-To Havre-Feb 26-Indianola, 13,323
400
To Mexico-Feb. 24-City of Tampico, 400
NEW ORLEANS-To Liverpool-Feb. 24-Statesman, 14,040_
Feb. 26-Politician, 9,947_ _ _Feb. 28-Armenian, 21,00-0;
57,987
Sachem, 8,500_ _hich. 1-Alexandrian. 4,500
3,000
To Belfast-Feb. 29-Torr Head, 3,000
5,673
To Bremen-Feb. 28-131shopsgate, 5,673
1,383
To Hamburg-Feb. 24-Salamanca, 1,383
481
To Christiania-Feb. 27-Norucga, 481
_Feb.
4,000_
20-Treganthe,
26-Bradley,
Antwerp-Feb.
To
5,636
1,630
643
To Gothenburg-Feb. 27-Noruega, 643
2,279
To Barcelona-Feb. 23-Hermine, 2,279
To Genoa-Feb.24-Dinnamare,4,885 _ _ _Feb.27-Cerea,7,057 11,942
1,150
To Naples-Feb. 24-Dinnamare, 1,150
2,272
To Venice-Feb. 24-11ermine, 2,272
719
'To Trieste-Feb. 24-11ermine, 719
5,993
MOBILE-To Liverpool-Feb. 23-Madrlieno, 5,993
7,098
To Havre-Feb. 29-Waverley, 7,098
1156
To Rotterdam-Feb. 24-Aladdin, 556
7,604
To Bremen-Feb. 27-Elswick Park, 7,604
PENSACOLA-To Liverpool-Meh. 1-Ida. 4,200
4,200
8,500
• To Havre-Feb. 27-Californian, 8,500
9,300
To Bremen-Mch. 1-Cadigan, 9,300
SAVANNAH-To Liverpool-Feb. 24-Dinsdalehall, 5,682; Nor15,377
manby, 9,695
9,641
To Manchester-Feb. 24-Hesperides, 9,641
To Bremen-Feb. 24-Quanteck, 13,824 _ _ _Feb. 28-Ardanmohr, 9,955; Thisticban, 12,879._ -Feb. 29-Polamhall,
47,323
10,665
4,100
I'l To Hamburg-Feb. 29-Lord Dufferin, 4,100
2,550
To India-Feb. 24-Dinsdalehall, 1,250; Normanby, 1,300
CHARLESTON-To Bremen-Feb. 24-Glenbridge, 11,500 .
15,100
Feb. 28-Glenaen, 3,600
14,608
WILMINGTON-To Liverpool-Feb. 28-Chatham, 14,608
223
NORFOLK-To Hamburg-Feb. 28-Alesia, 223
130STON-To Liverpool-Feb. 24-Canadian, 3,682__ _Feb. 277,641
'
is,
Ivernia, 3.959
200
BALTIMORE-To Leith-Feb. 24--Snowden Range, 200
PHILADELPHIA-To Manchester-Feb. 21-Manchester Corpo2,200
ration, 2,200
324
To Rotterdam-Feb. 23-Lord Downshirc, 324
4,298
SAN FRANCISCO-To Japan-Feb. 28-Shinyo Afar% 4,298
SEATTLE-To Japan-Feb. 27-Sanuki, 743
743
212
To China-Feb. 27-Sanuld, 212
Total
The particulars of the foregoing shipments for the
arranged in our usual form, are as follows:
Great French Ger- -Oth.Eurnpe,- Mex.,
Britain. ports. many. North. South. &c. Japan.
0,745
235 2,501
2,899 3,660 2,000
New York
25,938 13,459 8,619
Galveston
13,135
13,323
400
Texas City
6,352 7,000 10,500
--Port Arthur
7,056 6,760 18,51-3i
New Orleans.- _60,987
7,998
5,993
7,604
558 • ____
Mobile
4,200 8,500 9,300
_
Pensacola
51,423
25,018
___
2,550
Savannah
15,100
- Charleston
Wilmington..-14,608
_
Norfolk
7,6;ii
Boston
200
Baltimore
324
2,206
Philadelphia
__
4,298
San Francisco
212
743
Seattle
Total
150,662 59,5151112326
641
THE CHRONICLE
MAR. 2 19)2
378,622
week,
Total.
18,040
01,151
13,723
23,852
93,165
22,151
22,000
78,991
15,100
14,608
223
7,641
200
2,524
4,298
955
7,640 34,396 6,822 7,041 378,622
The exports to Japan since Sept. 1 have been 267,557balse
from Pacific ports, 17,548 bales from Galveston, 28,975
bales from Savannah and 16,609 bales from New York.
Cotton freights at New York the past week have been_as
follows, quotations being in cents per 100 lbs.:
Thurs. Fri.
__ed.
Tues,
Mon.
Sat.
40
Liverpool _ _
40
40
40
40
40
40
40
Manchester
40
40
40
40
35
Havre
35
35
35
35
35
45
Bremen
45
45
45
45
45
Hamburg
40
40
40
40
40
40
Antwerp
45
45
45
45
45
45
51
• 51
51
51
Ghent, via Antwerp.
51
51
Revel
60
60
60
60 • • 60
60
Bombay
• • 70
70
70
70
70
70
• 50
Barcelona
50
50
50
50
50
50
50 • • • 50
Genoa
50
50
50
55 ;,:.] • 55
Trieste
55
55
55
55
Japan
70
70
70
70
70
70
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Mch. 1.
Feb. 23.
Feb. 16.
Feb. 9.
Sales of the week
48,000
Dales_
57,000
83,000
82,000
Of which speculators took__
1,000
6.000
3.000
5,000
Of which exporters took__ _
2,000
3,000
3,000
1,000
Sales, American
43,000
51,000
72,000
53.000
Actual export
27,000
13.000
6,000
13,000
Forwarded
84.000
116,000
90,000
120,000
Total stock-Estimated
1,027,000 1,110,000 1,112,000 1,102,000
Of which American
993,000
988,000
915.000 1,000,000
Total imports of the week
102,000
134,000
133,000
195,000
Of which American
92,000
106,000
103,000
167,000
Amount afloat
486,000
410,000
409,000
356,000
Of which American_ __ 415,000
362,000
302.000
349,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Spot.
Market, 1
12;15 1
P. M. J
Quiet.
Monday.
Tuesday. Wednesday. Thursday.
Friday,
Good
inquiry,
Fair
business
doing.
Quiet.
Quieter.
Quiet.
Mid, Upl'd -
5.89
5.91
5.90
5.92
5.88
5.91
Sales
Spec.43,exp.
8,000
1,000
10,000
500
7,000
500
8,000
500
6,000
500
6,000
500
Futures.
Quiet,
Market 1 2 points
j decline,
opened
Quiet at
203 pts.
advance.
Quiet, Barely sty. Quiet,
generally, 203 pts. 1(152 pts.
advance.
X pt. dec. decline.
Quiet at
102 pts.
advance.
Quiet at
Firm at
Very sty,
Quiet,
Easy at
Market, 1 Easy at
4
1 304 pts. 403 pts. 5084 pts. unch. to 3405 pts. 508 pts.
advanep
doeHni,
1 nt dpn
ft/limner
derUne,
decline.
I
P. XL
The prices for futures at. Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus: 5 64 means 5 64-1004.
Mon. I Tues.
Sat.
Feb. 26
to
Mch. 1. 12'4 1214 1251 4 1251i 4
p.m. P.m. p.m. P.m.
Wed.
Fri.
Thurs.
1251 4 1231
P.m. p.m. P.m.
4 1251 4
m. P.m. P.m.
5 64 0654 61 '66 695468 68516434
February
5 6351 66 60;4 65 684 67 68 64 6334673471
Feb.-hich.
5 64 0634 61 65 683467 68 84 63 674 71
hich.-Apr.
5 65 0751 62 66 695468 69 6434i64 684 72
Apr.-May
5 66 6851 63 67 705169 69 ;4 6534 65 695173
May-June
;4 65 6934 73
June-July5 66 6851 63 67 705169
5 0551 68 63 665170 6851 69 65;4 65 69 7234
July-Aug_
Aug.-Sep_
5 61 4 6451 80 635166516551 66 '63 62 65;4 69
Sept.-Oc5 5951 62 58 61 ;4 64 6351 64 160 34 60 625166
64
Oct.-Nov------ 5 5754 60 57 6054625162 6234.5934585161
Nov.-Dec.
5 5651 59 56 59 61 61 61345834 5734 69540234
58 57 5934 62 X
Dec.-Jan_5 5051 59 56 59 61 6034 61
Jan.-Feb ---- 5 5051 59 56 59 61 6034 61 5834575459346234
Feb.-Mch.5 5'74 60 57 60 62 6134 62 5951583460516351
604 59;4,614 644
Mch.7Apr. ..__ ......
BREADSTUFFS.
Friday Night, March
7.Flom: has been in fair demand and firm.
in wheat on
11912.
The sharp rise
Wednesday, following the announcement of
small farm reserves, injected more snap
the market.
has developed.
into
Yet it cannot be said that any lasting activity
Recently large sales were made at New York to a prominent
baking company at, it is said, very low prices, a fact which
has given rise to sharp criticism at the Northwest.
As a
rule mills there have sold only 60 to 75% of their output.
Shipping
directions
there
were
only
fairly
satisfactory.
Fancy and first clears seem to be sold ahead by the large
Northwestern mills and they are firm in value.
little or no export trade.
Duluth and Milwaukee last week
327,615 in
the
There is
The total output at Minneapolis,
was 331,645 bbls., against
previous week and 307,285 last year.
At
Kansas City there has been a fair business at an unusually
wide range of prices. Towards the close of the week flour
sales became larger at the West and Northwest. On the
whole, with the increased firmness of wheat at home and
abroad, the tendency of the flour market now seems towards
somewhat better prices.
Wheat fluctuations kept within a narrow
range until
Wednesday, when prices suddenly advanced more than two
cents.
This was due to an estimate by a private statistician
putting the farm reserves at only 98,346,000 bushels, or
17.9% of the crop, as against 173,000,000 bushels a year
ago. This statement found the market peculiarly suacepti-
642
THE CHRONICLE
ble to bullish news. It had become largely sold out. Too
many had ventured to sell wheat short under the impression
that it could be done with comparative impunity. Wednesday's sudden advance was a sharp reminder that there may
be two sides to the market. Furthermore, the season of
crop "scares" is about to open. It matters little for the
time being whether these scares are due to deliberate exaggeration of anything in the slightest degree unfavorable in
the weather or in the appearance of the plant or not. They
are bound to have some momentary effect. Then, again,
the world's shipments continued comparatively small, i. e.,
8,624,000 bushels, against 8,720,000 in the previous week
and 12,206,000 in the same week last year. On the other
hand, the domestic and foreign crop news has been in the
main favorable. The following is a summary of foreign
crop conditions-United Kingdom: The crop outlook is
generally favorable, although dry weather would be beneficial
for the spring seedings. France: Crop conditions are generally satisfactory, although there are some complaints of
weeds as a result of the mild wet weather. Weather continues very mild. Germany: There are occasional complaints of damage to the crop by frost. There are moderate
offerings of native wheat and the foreign trade is very dull.
The weather is unsettled. Russia: The Volga region continues to draw supplies from the other sections of the country
where the crop was good. Roumania: Crop outlook favorable; the weather is fine and mild. Hungary: Crop conditions favorable with the weather seasonable. Italy: There
are no complaints heard regarding the crop outlook. India:
The outlook for the wheat crop is good, with offerings of new
crop wheat increasing slowly. Australia: A further slight
reduction in the wheat crop. The Argentina shipments are
expected to increase shortly. Yet the statement of farm
reserves induced buying. Later in the week came a setback
when it was found that the statistician had made an error in
putting the farm reserves at 98,000,000 bushels; he changed
the figures to 118,000,000 bushels. A grain firm put them at
144,000,000 bushels. To-day prices suddenly advanced
again sharply in New York, Chicago, Liverpool and Paris.
Liverpool's stocks are comparatively small. A Western
statistician put the farm roserves at only 114,947,000 bushels,
against 163,861,000, his figure of a year ago. A growing
belief that American farm reserves are •small is the basis of
the rise.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
10234 10234 10234 104
1037% 1043%
May delivery in elevator
104% 104 % 10434 106
1053% 107
July delivery in elevator
10134 10034 100% 102
10134 1023%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed, Thurs. Fri.
May delivery in elevator
10034 10034 Holt- 102 % 10234 1037%
July delivery in elevator
9534 95% day. 967% 9634 97
September delivery in elevator_ _ _ _ 9434 94
94 % 953%
95
[Vol, Lxxxxxv.
GRAIN.
Wheat, per bushel-f. o. b.
Cents.
Corn, per bushelN. Spring, No. 1
$1 23
74
f.o.b.
No. 2
N. Spring, No. 2
1 20
Steamer ____ elevator
nom.
Red winter, No.2
nom.
elevator
1 0534
No. 3
Hard winter, No.2
1 14
Rye, per bushelOats, per bushel, newCents.
96
No. 2 Western
Standards
6034
State & Pennsylvania Nominal
No. 2 white
61
Barley-Malting
$1 22®$1 32
No. 3 white
6034
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts at-
Flour.
I
Wheat.
Corn.
Oats.
Rye.
Barley.
bbls.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. bu.56 lbs.
Chicago __
156,673
407,600 3,722,550 1,932,200
329,200
51,500
Milwaukee._
14,200
156,400
500,080
241,200
266,600
53,900
Duluth
146,078
65,669
2,354
5,624
Minneapolis_
2,130,560
401,840
379,020
267,530
43,230
Toledo
69,000
119,200
74,550
Detroit
3,546
28,063
60,064
40,878
Cleveland
715
4,690
35,661
45,110
380
St. Louis..,
57,2401
193,200
556,800
357,000
1,600
Peoria
54,300
16,000
570,367
146,200
38,800
9,600
Kansas City.
1
396,000 1,147,200
149,600
Total wk.'12
Same wk.'11
Same wk.'10
286,674 3,547,591
237,935 2,007,599
378,496; 3,899,463
7,113,762
3,164,607
5,084,094
3,431,427
900,464
2,551,667
893,848
3,559,234 1,706,246
163,854
84,185
110,619
Since Aug. 1
1
1911-12... 7,243,906 186,241,431 126,305,919 93,679,221 52,745,308 6,543,779
1910-11._ 9,858,108 163,579,855 125,791,400 127,297,986 49,157,768 3,933,802
1909-W_ 13,212,993 190,328,357 112,245,593 30,756,576 56,077,973 5,101,399
Total receipts of flour and grain at the seaboard ports for
the week ended Feb. 24 1912 follow:
1:stl
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore_
New Orleans
Newport News__ _ _
Norfolk
Galveston
Mobile
Montreal
Flour,
bbls.
153,704
28,365
2,000
49,162
26,855
29,524
357
120
Wheat,
bush.
242,400
167,775
Corn,
bush.
385,875
127,903
Oats,
bush,
378,200
40,870
58,835
7,561
2,400
8,000
105,055
770,797
391,100
176,769
52,598
69,500
34,000
4,000
2,000
5,600
35,862
1,000
20,676
33,330
Total week 1912._ 312,263
642,301 1.792,330
753,799
Since Jan. 1 1912,2,442,717 8,614,984 10,169,010 5,085,938
Week 1911
359,547
929,404 2,897,682
622,979
Since Jan. 1 1911..2,805,030 6,772,105 24,892,256 7,769,794
Barley,
bush.
91,486
Rye.
bush.
3,450
1,000
6,674
23,775
115,261
4,124
1737,185 89,993
126,433
15,130
980,887 121,291
* 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 Feb. 24 are shown in the annexed statement:
Wheat,
Corn,
Exports frombush,
bush,
New York
178,571 395,959
Portland, Me
Boston
119,327 291,298
Philadelphia
202,000
Baltimore
16,000 197,405
New Orleans__
38,000 289,000
Newport News...
8,000
Galveston
Mobile
2,000
Flour,
bbls.
51,771
2,000
24,770
20,000
785
7,536
357
9,223
1,000
Oats,
bush.
15,364
Rye,
bush.
Barley, Peas,
bush.
bush.
1,765
Indian corn has advanced, owing to the smallness of the
farm reserves, reports of bad weather at the West, light in100
terior offerings and a good cash demand. The farm reserves
1,000
100
are placed at only 780,471,000 bushels, or 29.3% of the crop,
against 1,218,000,000 a year ago. On the other hand, the
receipts have continued large, and latterly the weather has
Total week ___ _ 649,898 1,175,662 118,062
16,464
been more favorable. But the smallness of the farm re- Week
1,865
1911
927,475 1,814,325 169,065
12,300
70
serves has recruited the ranks of the bulls, especially as it is
very generally predicted that the receipts will soon fall off
The destination of these exports for the week and since
sharply. To-day prices advanced very noticeably both in July 1 1911 is as below:
American markets and Liverpool. There is an excellent
-Flour----Wheat
-Corn
Since
cash demand at the West, and the market is also affected by
Since
Since
Week
July 1
Week
July 1
Week
July 1
the firmness of wheat. Moreover, continued cold weather Exports for week and Feb.24.
1911. Feb. 24.
1911. Feb. 24.
1911,
Since July 1 toat the West tends to cause increased purchases for feeding
bbls.
bbls.
bush.
bush.
bush.
bush.
United Kingdom... 54,093 3,147,949 275,313 36,456,166 444,640 11,438,375
purposes. Cash prices at Chicago advanced 1Mc. to-day. Continent
19,780 1,313,081 325,535 23,890,340 651,468 12,656,019
The cash position is the sheet anchor of the market.
Sou. & Cent. Amer_ 15,485 692,367
49,050
517,922
29,202
747,103
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
Cash corn
nom. nom. nam. nom. nom. nom .
May delivery in elevator
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
68 % 68 % Holl- 69
693% 7034
July delivery in elevator
67 % 68
day. 69
69 % 70 %
September delivery in elevator_ _ _ _ 87% 677%
69 % 70%
69
Oats have felt the spur of an advance in other grain, as
well as a bullish statement of its own farm reserves, i. e.,
222,366,000 bushels, or 27.8% of the crop, against 407,000,000 a year ago. The cash demand has been good. The general situation is by many considered bullish, despite the fact
that prices are already relatively high. To-day prices advanced partly in response to a rise in corn. Cash prices advanced at Chicago. The buying of July there was a feature.
It is believed that oats will follow corn either upward or
downward, but at the present time the whole grain market
is considered strong.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
60
60
60
60
60
6034
No. 2 white
60
60
60
60
60 % 61
llIDAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
. 4 •
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
52 % 52 % Holl52% 52% 53 g
July delivery in elevator
48 % 4834 49 %
477% 4734 day.
September delivery in elevator
41 % 41
41 % 41 % 41 %
Vi
The following are closing quotations:
FLOUR.
Winter. low grades____$3 50®$3 75 Kansasstraights, sacks $4 90 $5 10
5 00@ 5 15 Kansas clears, sacks___ 4 40
Winter patents
4 60
4 35@ 4 50 City patents
Winter straights
6 30
6 60
4 00
Winter clears
4 25 Rye flour
4 50
5 20
Springlpatents.
5 25® 5 50 Graham flour
4 15
4 60
Sprinestraights
4 80(i 5 10 Corn meal, kiln dried_ _ 3 65
3 70
4 10@ 4 75 Buckwheat. owt
Spring clears
2 75
2 85
West Indies
28,704
Brit. Nor. Am,Cols.
Other Countries_
Total
Total 1910.11.,
856,377
36,046
219,430
118,062 6,265,250
169,065 5,911,822
11,088
50,352 1,324,218
12,878
23,672
23,000
649,898 60,899,516 1,175,662 25,202,265
927,475 36,840,903 1,814,325 29,430,354
The world's shipments of wheat and corn for the week
ending Feb. 24 1912 and since July 1 1911 and 1910 are shown
in the following:
Wheat.
Exports.
1911-12.
Week
Feb. 24.
Corn.
I 1910-11.
Since
July 1.
Since
July 1.
1911-12.
1Veek
Feb. 24.
Since
July 1.
1910-11.
Since
July 1.
Bushels. Bushels.
Bushels. Bushels. Bushels.
Bushels.
North Amer 2,368,000 116,468,000 82,809,000 1,275,000 22,910,000 27,159,000
980,000 58,502,000 149,712,000 876,000 29,463,000 0,837,000
Russia
360,000 55,577,000 71,064,000 1,258,000 52,074,000 18,619,000
Danube _ _
Argentina
2,408,000 27,714,000 40,898,000
60,000 88,382,000
Australia _ _ 1,704,000 35,084,000 31,120,000
752,000 29,930,000 30,686,000
India
52,000 7,277,000 6,080,000
0th. countr's
Total
8,624,000 330,552,000 412,369,000 3,409,000 104,507,000 143,997,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total.
Bushels. Bushels. Bushels.
Feb.241912.. 22,656,000 10,000,000 32,656,000
Feb. 17 1912., 23,072,000 9,680,000 32,752,000
Feb. 25 1911.. 20,744,000 27,608,000 48,352,000
Feb. 26 1910.. 27,680,000 14,000,000 41,680,000
Feb. 271009_ 31,440,000 21,920,000 53.360.000
United
Kingdom. Continent.
Bushels.
5,202,000
6,163,000
4,181,000
2,805,000
2.465.000
Total.
Bushels. Bushels.
5,559,000 10,761,000
7,174,000 13,337,000
6,026,000 10,207,000
4,080,000 6,885,000
2,125,000 4,590,000
MAR. 2 1912.1
THE CHRONICLE
643
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Feb. 24 were 3,019
packages, valued at $262,435, their destination being to the
points specified in the tables below:
---1912
-1911-Since
Since
Week, Jan, 1.
Week. Jan. 1.
53
530
16
105
9
112
8
101
250
9,745
4,900
9,503
51
1,797
20
2,807
5,001
___
5,256
139
2,114442
1,022
9,027
2l-313
5,818
64
567
38
277
182
2,625
488
3,047
223
10,922
1,433
9,837
1,026
8,026
216
6,086
New York to Feb. 24Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
50,466
7,405
43,279
pua
ribeenso
lin
bc-hased
ware
Bautiys,.nrlgeasps
firm
qubspots
ieral
in
eband
THE DRY GOODS TRADE.
3,019
The value of these New York exports since Jan. 1 has been
$3,913,385 in 1912, against $3,224,044 in 1911.
A steady call is noted for domestic cottons, with the general undertone firm. In addition to a good demand for
spot goods, mills have booked liberal orders for deliveries
through April and May. It is also stated that many have
refused business beyond June and that some are even holding back on any sales on contract but are willing to accept,
business in spots at the highest prices. Prints and percales
are firmly held, with a good demand from Western jobbers,
while staple ginghams are well under order for the next two
to three months. Quick shipments of sheetings are hard to
obtain, and deliveries of many brands of wide sheetings are
so far behiudhand that buyers are complaining. Considerable improvement is noted in the demand for wash fabrics,
particularly from retailers, as many of the latter have refrained from making purchases so long that they now feel
the time has come when they must cover their summer requirements. Fine and fancy cottons are in better request
as recent purchases were small and it is now found that additional supplies are needed. Export business continues of
fair volume, with many mills well supplied with orders for
shipments to Red Sea and Indian ports. Printed cloths
and convertibles are steady and in moderate demand for
March, April and May delivery. Gray goods, 383'-inch
standard, are quoted unchanged at 4 7-16c.
FOREIGN DRY GOODS.-Demand for linens continues
to broaden, with the tendency of values upward. Colored
dress linens, notably goods in heavy and medium weights,
are in active request, while housekeeping goods, plain and
fancy towels and crashes have also been purchased in a liberal way. Burlaps are firm and quiet, business in spots being
restricted by the limited supplies. Futures are more active.
Lightweights are quoted 5c. higher at 5.50c. and 1034-ounce
30c. higher at 6.30c.
Importations and Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Feb. 24 1912 and since
Jan. 1 1912 and for the corresponding per a la
4year:
tot
1=1
4
4
4
.ii rf2 el
4,
r -3 Tto)r)*P4
H g%.if:
2,
7=0,, ,
0 .0
F. no 2v-g oo
A>
E..
5
..0
F..,.. 2.,
4 gm°,7 E g.E Imlag E
0
L
I
a
1P
:05
.r
4
cv
,
.
*I
t0
w
a
•
o
0
o
0
•iii
1:$
0
5
o
H
ko
"
w
a
i
ahrdmpeaohwrtluasieons
wiand
tThe
dryof
goods
this
the
week
Feat
bnfor.ding
24
and
1912
sinceport
and
fornr.espondi g
ca1
o1912
per
a
laJthe
4year:
tot
1=1
4
i
i
el
4
,
Trf2
t-3
P
o.
)r
r)*
H
,
=.0-g0g%.if:
,4
no0
oo
2v
A>2,7
E. F.5
.
0
g.E
Imlag
E
F..
..
,
2.
4
,
gm°
,7
0
I.tamhrpdoerhatwoulsieons
Dry
Gof
oWdisand
quoted
at
5hL.areic0-g.hogtuwnhecieghrts
and
1034
at
63h.0ci.gher
riFvesby
the
pliset.ureiscted
acmoretare
.ulimited
New York, Friday Night, March 1 1912.
Conditions in the local drygoods market have continued
satisfactory during the past week, with a considerable broadening of demand noticeable in most departments. While
the labor situation at Lawrence is still a disturbing factor,
reports from that center state that the number of operatives
returning to work is daily increasing and that mills are becoming active. In staple cotton goods the volume of business at first hands has steadily increased and buyers appear
to be more anxious to cover future requirements. The
steady advances in gray goods and cotton yarns have left
manufacturers of finished goods a very narrow margin of
1:$
0 a
profit at the prevailing market price for their products. 5
o
H
Both commission houses and jobbers have been in receipt ko "
w
i
of fair mail orders, together with requests for additional
shipments of sheetings, prints and ginghams. Print cloths
L a .1
I
Pr
are firmly held at the recent advances, and although buyers :05
4
cv
.0
,0
*I
t
w
hesitate in meeting prices except when short of supplies,
•a
a
o
O
0
iii
o
•0
the volume of business is of fair proportions. The steady
W
t:1
1'
DJ
advance in the price of yarns still continues and commission
w. N .ti .4o
• -1
:- .
....„
... ...
houses accuse spinners of unreasonably forcing values. -ii ri 0
.
Pi lo Tp.es .
-5,.....,,,,...
0.0.N.I•P
2
La .N.4002.
a
• 0..
0.4
Orders running well into the thousands of pounds are being
A9,
C.,..ING.2 H N 4,... Oca..N
m 2 grDt2.1840
refused by spinners, who are endeavoring to bring about
•N (A.0
tot
further advances. The result is that such business as is
cA
.
•
M
..
N
.000
0.11‘..4.
11...0.4. W '-' Q" WCOM... .1-4 IS gz,utgg.a.B..4
4s.:: .....
k .0.
transacted is entirely against immediate requirements, manu- .
facturers refusing to contract against the future at the high ... .61., .....11,. .4 ;E:r..
,iP.zt
o Noo.c. .ocno W.emeno-4.
levels. Inquiries for export account continue good, though g 2g gntIgg 0 w .. Mil
W
0
the actual amount of business put through has shown a
..
falling off during the past week. Some disappointment is A. 0. 03
t VO4 'Cl...4.
•F.' 01VgLI O 'VC°
L' 0
*47. 14
felt over the slow demand from Manila, while trade with ,,, W W1"OD 1,,
a"
1.2 ,,,
•cip .61.14 L' :4 1..
,.
-st 41. 7
CO "
1914
WaNa.
W y ,......,;i:Cj.
.4.4
?, F4 8
.00.
South America has also been on a moderate scale. Reports
<,
H
Z
EZ .3
from China hold forth encouragement as to improvement in
0
0 v.
w o
ts. CA
•
tv
WWIP..4. • Z
the near future, and a fair business is being done with India,
O
Ix .
...P. .500o -o0000
I.,...61
4.
6
rn
,m-aco
Red Sea and Mediterranean ports. Demand for dress goods
0,1 ..
.0. ot.c...v.
Q. ,
WA. OP0:0C4 t.1 m t.,..4 e4t4.- oi 0, *1 0 otA-405.
4,.04:.tv,-,t,..a,
0
...
is satisfactory, particularly for serges for the coming fall.
,,, 1. 4.iv;...tv ,.., 10 .
....W.
..0.
..C. Z Ca IrAlit, 5,3 7; M
0
OW
v
.4
=a
C0.4
WaN.ia.
Considerable interest is shown in cream serges, and the popuM
e., COO c.x m o. o co •
C4'4 w.-Neons
02,10,402
Cq
larity of cream-colored dress goods is likely to continue .
.
through the fall. Broadcloths, kerseys, rough cheviots and
N 0.N.0
7-i I.WN
,
.
, 1.....103
Scotch effects are all in good demand. Business has pro- a OCCO .0.''.0°
I-4.004, o 0
0.01.4. H :C:
0.=
a .40.40.4
0a. 4.
!*
t::r
i:Iw
t:j
gressed favorably in all lines of men's wear. There have NI a0 NW... W .0 tv 00000 (1
Pt
N 4W..
03 N
101
been advances of five cents or more on wool suitings and 0.19 . ,.. •
14
0
m
i..,
'oo
..
N
..6Z
atb....
.
T0.t:.
overcoatings and several lines have been sold up and with- CO 0....) .2.03.4
CO W. ...CNN. 4 co to .-. ...1 co op
a wen o,r.vice t ...4 we. womoo-4 ::.. N .00,..40....3.
drawn.
P I.., ....0
..0.0.
0 M .
0 :D... U.
0.
0,1014 g:-..->
,1.
0,1.-0 W ',F. 1,4.
N
....1
WOOLEN GOODS.-In markets for men's wear and dress .0. 0 OD..0 Vi ..,
w 0-4
c'w f....,','!..°V,gro r4 g gggtg •
z
8
goods optimism prevails, although some manufacturers ap- -.
:-3 0 ...N
.
a
5'
ri
pear disappointed with the way business for the fall season g 000'ge.!...w
h
,
AW. 04,..YN
...?Wa Zl'ri'l
1.,
-,..,:,:. 0.4.o.0
,..0,-,01.:4
is,
is coming forward. Orders placed, however, are much ahead
0.6.10
.
.
0
rott'Ll
g
.
Ca
(0.0.0
'
WyCOM.
CO ..
N.4 AN.O.a
N. .
N .00.
Ca Ifill
of those of the corresponding period of a year ago, and buyers il
,.,A
show more confidence in the future. Many of the mills out19
19
.
N
Not.
NUO....1.
side of Lawrence are said to be very busy, and those engaged
0
N0
1900
in making the better grades of dress goods are doing a better
a co
0 WWM0A.
..
business than for several seasons past. Prices are very firm
1100
.
0.191900.5.
10
a
AOC
00
N OAC
and in a number of instances have been advanced.
00 c.N00
g 17, 1.,...
Q....
0
00
W.eD00
0
NIWOWN
W
i,,
M.40.7..CA
N.„."
is
1161 CENV Z16T 1
Tft
,,,
6ZE.199'9Z
M
[V
OWSSIVLZ
OLVZ,L8'12
I-.
644
THE CHRONICLE
[VoL. Lxxxxiv.
Hot Springs, Fall River County, So. Dak.—Commissies
of Government Defeated.—The election held Feb. 20 to
CITY DEPMITMEVT, Form
vote on the adoption of the commission form of government
MO
(V.94, p. 502), resulted in a vote of 73 "for" to 230 "against.'
Jackson County (P. 0. Jacksonville), Ore.—Road Bond
Atlanta, Ga.—Municipal Light and Power Plant Proposed. Case.—The Portland "Oregonian" of Feb. 24 prints the
—On Feb. 20 the City Council adopted a resolution naming following concerning the recent ruling of the Supreme Court
a special committee to investigate the feasibility of a munici- declaring invalid $1,500,000 good roads bonds (V.94, p. 365):
amended Section 10 of Article II of the State Constitution, as passed
pal light and power plant and the question of calling an elec- byThe
the people of the State at the last general election in 1910, is sufficient
tion to vote bonds for the same. The city will advertise for in
itself to allow counties to vote on the question of bonding for good roads
that Jackson County failed in bonding for $1,500,000 through the form
bids from experts on the cost of establishing such a system. andprocedure,
rather than from the necessity of further legislation, are some
The matter of acquiring the use of the conduits of the Atlanta of
discoveries that have been made at this late day in connection with the
Telephone & Telegraph Co. in distributing the electric current opinion of the Supreme Court in the famous Andrews vs. Neil case.
Tacked at the end of Justice Burnett's extensive opinion in that case were
which the city's plant will generate will also be investigated. three
very brief specially concurring opinions from Justices Bean and MeBride and Chief Justice Eakin, or the majority of the Court.
Augusta, Ga.—Commission Form of Government Defeated.
In these specially concurring opinions, It is held that Justice Burnett
—An election held Feb. 21 resulted in the defeat of the plan reached the right conclusion in holding that the Jackson County road bond
vote was ineffective, but at the same time they express the opinion that
to establish a commission form of government.
the county can, by a local law submitted at a regular election, provide for
creating an indebtedness and the issuance of bonds for the purpose of buildAustin, Texas.—Tenders of Bonds Requested.—A. P. Wool- ing permanent roads.
These opinions verbatim are as follows:
dridge, Mayor, advises us that the city is in the market to
Bean, J. (concurring): "I concur in the result of this opinion, but do not
purchase $28,000 of its refunding 4% to 5% bonds, due give
my assent to the following expressions, namely: 'It is clear, however,
that until the legislative power of the State has declared that an election
July 1 1931.
shall be held on a particular kind of question, no decision of such a question
Boise City, Idaho.—Commission Form of Government can be worked out in that manner.' This would appear to assume that
enabling Act has been passed.
Approved.—Bv a vote of 2,625 to 2,424, the question of no"And,
further, 'the legislative power of the State has prescribed with
establishing the commission form of government was adopted great detail a manner of electing public officers and by the initiative and
referendum
system and legislation in pursuance thereof It has provided a
p.
148.)
at the election held Feb. 23(V. 94,
manner of voting upon legislative questions by the people, but it has not in
any manner established a method of taking a vote upon the question of
Purchase
to
Water
Va.—City
Forge,
Rights.—
Clifton
incurring Indebtedness by counties in excess of the original constitutional
According to the Richmond "Times Dispatch," arrange- limit. For the reason that the authority to declare the time and manner
conducting such election upon such a question is vested In the law-making
for
the
26
purchase
by
Feb.
the
completed
city of
ments were
power of the State, either In the legislative assembly or In the people at
1 •
of Clifton Forge of the pipe lines, riparian rights and rights large, and that no such action has been taken. • • • And ''
yet, because the amendment did not provide a means of ascertaining the
of way of the Clifton Forge Light & Water Co. for $180,000. will
of the majority of those voting on the question and none has been
consideration
under
for
a
number of otherwise authorized by legislation.' • • •
The matter has been
"My views upon a kindred question are expressed in an opinion this day
years, the company having originally asked $400,000 for its rendered
In the case of Schubel vs. Olcott, and it is unnecessary further th
take
$278,500
and
consenting
to
now
$180,000. indicate them here."
plant, later
Eakin.
C.J. and McBride, J.:"We concur in the result reached by Justice
subject
however,
is
to
ratification
by
the
The agreement,
Burnett, but are of the opinion that the county can by a local law submitted
stockholders of the water company and by the City Council.
to the voters at a regular election, provide for creating an indebtedness and
the issuance of bonds for the purpose of building permanent roads."
Denver,Colo.—Supreme Court Decides Commission GovernThese specially concurring opinions, by a majority of the Court, plainly
say
that counties do have the power to bond for roads without the necessity
the
21
State
Supreme
Feb.
Court
Case.—On
rendered
ment
of any enabling Act and consequently apparently makes unnecessary any
its decision in the suit to compel the city authorities to call county road legislation, or any road legislation whatsoever, as far as providing for the expenditure of money for good roads through the medium of
an election on the question of establishing the commission creating
county indebtedness.
form of government. The following statement made by
Liberty County (P. 0. Liberty), Tex.—Application for
Lindsley,
court'sfindings:
H.
A.
explains
the
Attorney,
City
Mandamus to Compel Approval of Road Bonds.—The Houston
The judgment of the Court is as follows, says Mr. Lindsley:
"Forasmuch as this Court is equally divided in opinion as to the affirm- !Post" says that in the Supreme Court on Feb. 20 permission
ance or reversal of the judgment of the District Court, that judgment stands was given to file a petition for mandamus in a case involving
affirmed by force of the statute in such cases made and provided.
"The case was not remanded to the District Court for further proceed- the right of overlapping drainage, road, navigation and other
ings. The District Court had entered final judgment, and that judgment, districts to issue bonds for more than 25% of the real estate
District Court
the Court being unable to agree, Is affirmed. Neither the
nor the Supreme Court has any further control over the judgment. The value of the property within the district.
News Items.
judgment of the District Court mandamused the Council to hold a special
election on or before Jan. 20. That time having expired, and the Supreme
Court not having fixed any later date, or not having remanded the case to
Judge Teller, with proper instructions to him to fix a later date, It is manifest that the judgment of Judge Teller is functus officio.
"Much misapprehension seems to exist as to the effect of these decisions.
an opinion upTwo Judges—Justices Gabbert and Garrigues—joined inevery
particular,
holding the contention of the Mayor and City Council in
was
in
effect a new
amendment
commission
proposed
the
deciding that
charter and could not be submitted as an amendment, and further holding
one amendment and could not
than an amendment to the charter must be
different and unrelated matters,
be a hodgepodge embracing a Variety ofproposed
commission amendment.
the
such as was attempted to be done in
Under their decision the proposed amendment is Illegal and void, and the
Council is upheld in its refusal to submit it.
should be decided now—
"Justice Hill in his opinion said that the matter
of the Supreme Court to decide it at this time.
that it was within the power
Gabbert and Garrigues in some of their conclusions,
He agreed with Justices
at this time, but disagreed in
while upon others he expressed no opinion
White and Bailey.
toto with the opinion written by Justices
Judges, namely, Musser, White
"In Justice Musser's opinion, the three
and Bailey, take the position that the validity of the proposed commission
amendment ought not to be passed upon by the Supreme Court until after
expressly say, at least three times in
the people vote thereon, and they they
express no opinion at this time.
their opinion, that as to its validity
of the six hold the proposed
"So, as matters now stand, three Judges
commission amendment illegal and are in favor of so declaring at this time.
pass
upon
its
legality until after election,
to
refuse
Judges
The other three
reserving the right to express their views on its validity thereafter in the
appropriate prooeedings. There is not a single intimation in any of the
opinions upholding the proposed scheme of the commission 'mess.'
"The results of the decision can give no solace to the adherents of commission rule, but can only tend to make confusion worse confounded.
"In my opinion, and in the opinion of the members of the bar whom I
have seen since the decision was handed down, It is most unfortunate and
to be greatly regretted that a majority of the Supreme Court did not see
its way clear to pass upon the matter at this time.
"I shall file a petition for rehearing and do my utmost to get the matter
decided one way or the other now."
Ellensburg, Wash.—Court Denies Application for Injunction to Restrain Erection of Municipal Plant.—On Feb. 19
Judge Kauffman decided in favor of the city the suit brought
by J. D. Mathews to restrain the erection of a $150,000
municipal water-works and distributing system. Mr.
Mathews, it is said, represents Mayor W. W. Seymour of
Tacoma,the owner of the existing plant, which was offered to
the city for $150.000 but rejected. V. 94, p. 502.
Everett, Wash.—Election on Commission Form of Government.—An election will be held April 16 to vote on the question of adopting a new charter providing for the commission
form of government, the commission to consist of 3 members.
Honduras.—Congress of Honduras Ratifies $500,000 Loan.
—Newspaper dispatches from Tegucigalpa state that the
Hoduran Congress on Feb. 28 ratified by a vote of 24 to 6 a
loan of $500,000 for ten years in 5% bonds issued recently
at 90 by the Honduras Government to the Whitney-Central
Bank & Trust Co. of New Orleans. As stated in the "Chronicle" of Feb. 10, page 427, the syndicate of New York
bankers which had arranged to advance $10,000.000 to
refund the public debt of the Republic announced its withdrawal from the agreement, the time stipulated in the
contract having expired.
The case is styled I. B. Simmons et al vs. Jewel P. Lightfoot, AttorneyGeneral. The application is for mandamus to have the Attorney-General
certify to the Comptroller the approval of $275,000 road bonds for Road
District No. 2 of Liberty County, the Attorney-General having refused to
certify to the bonds because there is included within Road District No. 2
a drainage district with an outstanding Issue of $85,000 drainage district
bonds, and the drainage bonds, together with the road bonds, exceed In
value 25% of the real estate within both or either the road district or
drainage district. The Attorney-General bases his refusal to certify to the
road bonds for Road District No.2 on tile ground that to do so would permit
the debt against the real estate of the drainage district or the road district
to be an amount in excess of one-fourth of the value of the real estate of
either district. The State Constitution in Article 3, Sec. 52, as amended,
limits the amount of bonds that may be issued for drainage, levee Improvement. Irrigation, navigation and road districts to an amount of not more
than one-fourth of the value of the real estate against which such bonds
are issued. This provision must be construed.
See V. 93, p. 1736.
Lincoln County (P. 0. Libby), Mont.—Temporary Injunction.—A temporary injunction has been granted restraining
the issuance of the $125,000 road and bridge bonds awarded
on Jan. 4 to N. W. Halsey & Co. of Chicago. V. 94, p. 151.
The case will be heard, it is stated, on March 4.
Long Branch, Monmouth County, N. J.—Election on Commission Form of Government.—Reports state that the question of adopting the commission form of government will be
submitted to the voters on March 12.
Louisiana.—Supreme Court Decides Drainage Bond Cases.—
The Louisiana Supreme Court on Feb. 26 rendered decisions
which are considered of great benefit to drainage and reclamation projects in this State.
In the case of Coguenham vs. Avoca Drainage District
(appealed from the 23d Judicial District Court, St. Mary's
Parish) it was sought to enjoin the issuance of $300,000
bonds and the levy of an acreage tax of $1 15 per acre. Mr.
Coguenham alleged that in the formation of the district and
the proceedings for the issuance of bonds and levying of a
tax, the forms prescribed by law were not observed. Associate Justice Provosty says in the decree of the Court:
"The judgment appealed from dismissing the suit of the
plaintiff and affirming the regularity of all the proceedings
by which the said drainage district and sub-drainage district
were organized, and the said bonds authorized to be issued,
and the said tax levied, and affirming the validity of the
said bonds and tax, is affirmed."
In the case of the St. Charles Municipal Drainage District
vs. Edward P. Cousins (appealed from the Civil District
Court), it was sought to compel Mr. Cousins, as representative of a local bank, to comply with his contract to purchase $50,000 in drainage bonds. This action,a ccording to a
New Orleans newspaper, was decided in favor of Mr. Cousins,
the Court holding that:
"A petition by property taxpayers for the establishment of a drainage
district, which specifies the amount of the acreage tax, or forced contribution, to be levied is unauthorized, as the Constitution fixes the limit and
the law provides that the tax may be increased or diminished within that
MAR. 2 1912.
THE CHRONICLE
645
limit as tho needs of the district may require; and the Board of Commis- the official printing of the city. The City Council is authorized to fix the
rate for publication of matter therein and the subscription price of the paper.
sioners Is without power to act upon such petition.
No. 15. Abolishing Veto Power of Mayor. Present charter provides
"The Board of Commissioners of a drainage district is without power to
levy an acreage tax or forced contribution for any indefinite period, or for that legislative power shall be vested in the Mayor and Council. Amenda term of, say, 40 years, since the Constitution and the law requires that ment eliminates the Mayor.
No. 16. Amendment Providing for Ordlnanoes Becoming Effective
such tax shall be levied annually, and may be Increased or diminished as
without Mayor's Signature. This amendment provides that a bill, having
the needs of the district may require.
""I'he Constitution and the statute provide for the establishment of sub- received the necessary number of Councilmen, shall become effective acdrainage districts and make them autonomous, and there is no more au- cording to Its provisions; that Is, Immediately if an emergency ordinance,
thority or reason for confusing their interests and averaging the cost of or thirty days after its passage if a regular ordinance.
No. 18. Amendment Exempting Certain Industrial Property from Taxathe work to be done In them than for confusing the affairs of drainage distion and Repealing Limit of Annual Levy for Specific Purposes. Present
tries or school districts.
"The prescription of sixty days, established by Section 28 of Act 317 of charter has complicated provision limiting levy for certain properties te
• 1910, has no application to proceedings which arc not only unauthorized certain percentages and permitting poll tax of not to exceed $4. Amendment omits all this and gives power to exempt from taxation for not more
by, but in contravention of the law, constitutional and statutory."
than ten years "all machinery and equipment of dry docks, shipyards,
Mississipri.—House Passes Bill Taxing Incomes.—By a foundries,
machine shops and canneries; also of all factories engaged in the
vote of 84 "yeas" to 8"nays," the lower house of the Legisla- manufacture of fabrics of cotton, wool, Iron, wood or any other material
whatever. But subsequent to the first year after erection the exemption
ture on Feb.23 passed a bill providing for a graduated tax on all does
not apply unless the plant has been operated "during the preceding
incomes of $2,500 a year or over. The tax on incomes frotn year."
No. 25. Public Utility Amendment. Present charter provides for
$2,500 to $5,000 is fixed, it is said, at 5 mills, from $5,000 to conduct
of lighting plant by municipality for sale of light and regulation of
$10,000 7M mills, $10,000 to $15,000 10 mills, $15,000 to use and price of light supplied by others; also for construction, purchase,
and appropriation of cable, electric and other railways,
$25,000 15 mills, and 20 mills on all incomes over $25,000. condemnation
within the corporate limits of the city and for the regulation and control of
The measure now goes to the Senate.
rates of other companies of like nature within city.
The amendment greatly enlarges and strengthens the power of the Council.
New York City.—Assessed Valuations for 1912.—On
1 It expressly gives power to sell the electricity or gas for heating, fuel
March 1 the Board of Tax Commissioners sent to the Board and power purposes.
2. It expressly gives power to handle, lease or sell motors, lamps, meters,
approval
the
real
their
for
assessment
rolls
of
Aldermen
of
transformers and equipment of every kind.
3. It gives power to purchase such power or light from others within or
and personal property for 1912. The total assessed valuation
the city for sale.
for the five boroughs is $8,204,862,430, of which $7,861,- without
4. It gives power to acquire all kinds of railways, cables, electric, steam,
898,890 consists of real estate (including real estate of cor- elevated or subway within or without
the city.
5. Gives power to construct or acquire a telephone system for local and
porations and special franchise assessments) and $342,963,- long-distance
service to people within or without the city.
540 in personal property. There is an increase of $3,058,726
6. Gives power to construct or acquire ferries, ferry slips, docks, rail
in the real estate values, while personal property is assessed and water transfer and terminal facilities within or without the limits of
at $14,959,583 less than last year. It is estimated that the the7.city.
Gives power to acquire water-power site.
8. Fixes maximum rate of interest on power and light bonds at 5%.
tax rate in Manhattan and the Bronx will be $1.83 on the
Provides for sale to highest bidder, for not less than par, principal payable
year
it
last
valuation;
was
Brooklyn,
$1.87
$1.727.
$100
serially in such amounts and at such times as may be agreed upon between
against $1.75 for 1911. [The usual table presenting by bor- the 10th and 40th years after their date of issuance, or by any other lawful
oughs the assessment of each separate class of property means.
9. No public utility may be acquired or extensions be made for which a
will be given later.]
general indebtedness will be incurred unless Council shall so provide by
ordinance, which shall specify and adopt the system and declare the estiNew York State.—Legislature to Adjourn March 29.—Both mated cost.
10. Nor shall any public utility be sold unless Council so provide by ordihouses of the Legislature on Feb. 27 adopted a concurrent
nance specifying terms and conditions. Both purchase and sale must be
resolution providing for adjournment at noon March 29.
submitted to electors and carried
..12L1hree-fifths of the vote cast. • • •
City of Omaha, Neb., Bonds Not Legal Investments for
Savings Banks in this State.—See item below under "Omaha,
Neb."
Omaha, Neb.—Bonds Not Legal Investments for New York
Savings Banks.—We print below an opinion rendered by
Attorney-General Carmody in December to the Superintendent of Banks holding that bonds of the city of Omaha
are not legal investments for savings banks in New York
State as the bonded debt of that city now exceeds7% of its
assessed valuation.
The facts as set forth In your communication are as follows: The statute
if Nebraska relating to the taxation of property provides as follows:
"Section 12 (Property Taxable—Actual Value—Taxable Value). All
property in tills State not expressly exempt therefrom shall be subject to
taxation, and shall be valued at its actual value, which shall be entered
opposite each item and shall be assessed at 20% of such actual value.
Such assessed value shall be entered in a separate column opposite each
item, and shall be taken and considered as the taxable value of such property, and the value at which it shall be listed and upon which tile levy
shall be made. Actual value as used In this Act shall mean its value in
the market in the ordinary course of trade."
The assessed valuation of the property of the City of Omaha, which is
inc-fifth of the alleged actual valuation, is $30,276,000. The bonds already issued by the City of Omaha exceed 7% of this amount. (It is
assumed, though not stated in your communication, that the water debt
and sinking funds have been deducted from the total Indebtedness and
that the balance exceeds 7% of the sum above mentioned.)
Section 146 of the Banking Law provides:
"The trustees of any savings bank may Invest the moneys deposited
therein and the income derived therefrom only as follows: • • • • •
"5. In the stocks or bonds of any incorporated city situated in one of
the States of the United States • • • . If at any time tile Indebtedness of any such city, together with the indebtedness of any district, or
other municipal corporation or subdivision except a county, which is
wholly or in part Included within the bounds or limits of said city, less its
water debt and sinking funds, shall exceed 7% of the valuation of said city
for purposes of taxation, its bonds and stocks shall thereafter, and until
such indebtedness shall be reduced to 7% of the valuation for the purposes of
taxation, cease to be an authorized Investment for the moneys of savings
• • ."
banks,
am of opinion that "the valuation of said city for the purposes of
taxation" means the sum at which the property Is assessed, and that, therefore, the bonds of the City of Omaha are not legal investments for savings
banks of tills State.
Dated Dec. 13 1911.
THOMAS CARMODY, Attorney-General.
To Hon. George C. Van Tuyl Jr., Superintendent of Banks,
Albany, N. Y.
South Carolina.—Legislature Passes Brown Consol B7712
Bill over Governor's Veto.—Charleston papers state that the
Legislature has passed over the Governor's veto the bill providing for the refunding of the present 43,6% Brown Consol
bonds on a 4% basis.
Cotton Warehouse Act Signed by Governor.—The Cotton
Warehouse Act, referred to in last week's "Chronicle," p. 576,
has been signed by the Governor.
Bill to Exempt Municipal Bonds from Taxation.—Another
bill which has received the Governor's approval exempts all
school and municipal bonds from taxation. Heretofore the
only bonds which were non-taxable were those specifically
exempted under the Acts authorizing their issuance.
Resolution Providing Election on Insane Asylum Bonds.—
The Governor has allowed to become a law without his signature joint resolution No. 294 submitting to the qualified electors of the State the question of issuing not exceeding
$1,000.000 bonds,to carry out plans to relieve the congested
conditions at the State Hospital for the Insane.
Tokyo, Japan.—Result of Bond Offering.—Subscription
lists for the allotment of £2,000,000 of the £9,175,000 5%
loan of 1912 offered in New York by Kuhn, Loeb & Co.,
closed at 3 p. m. Feb. 27. While no definite figures are
obtainable, it is understood that the offering was
successful. The £4,000,000 bonds offered in Paris were oversubscribed seven times, it is said. Owing to the threatened
coal strike in England, the underwriters were compelled, it is
stated, to take about 52% of the £3,175,000 bonds offered in
London.
'Bond Calls and Redemptions.
Holden, Johnson County, Mo.—Bond Call.—This city has
called for payment April 1 at the National Bank of Commerce in St. Louis electric-light bonds Nos. 12 and 13 of,the
issue of 1897. • • • • • • • • • ..
• • • • ..•.
Missouri.—Bond Calls.—Whitaker & Co. of St. Louis, in
their quotation pamphlet dated Feb. 15, report the following
Seattle, Wash.—Proposed Charter Amendments.—The municipal bonds as having been called for redemption:
Seattle "Post-Intelligencer" of Feb. 23 prints a digest of the
Dade County, Mo., 4% refunding bonds Nos. 21 to 50, both inclusive,
dated June 1 1904, for $1,000 each, have been called and will be paid Feb. 20
27 proposed amendments to the City Charter to be submitted 1912.
the
electors
on
to
March 5. Below we make reference to those
Grant City, Worth County, Mo., 5% water-works bond No. 5, for $500,
dated April 1 1907, has been called and will be paid Jan. 12 1912.
amendments which might prove of interest to our readers:
No. 1. Griffith's Single Tax Amendment provides for gradual exemption from taxation of improvements upon land; 25% in 1912 and 1913,
50% in 1914 and 1915, 75% in 1916 and 100% thereafter. Applies only
to oity taxes, not to county or State.
No. 2. Erickson's Single Tax Amendment provides for exemption from
taxation for city purposes, after July 1 1912, of all improvements on land
and all personal property except leasehold interests In land and public
service corporation franchises. No tax or fee may be placed on any trade
or business except for the avowed purpose of discouraging that trade or
business.
No. 4. Grant of Land to Port of Seattle gives to Port of Seattle within
thirty days after people vote to accept any comprehensive scheme of harbor
Improvement, title to any city land falling within proposed improvement.
No. 5. Amendment Permitting Vacation of Streets Projecting into
Tidewater. The amendment omits and by the omission repeals tile second
paragraph of the same subdivision in the present charter which provides
that no street extending into tidewater may be vacated except In exchange
for other land equally or better adapted to the uses of the city for street
er municipal purposes. This amendment is probably necessary If amendment No. 4, granting title to certain city property to the Port Commission
under certain conditions, is adopted. It is also considered necessary for
the proper development of terminal facilities on Harbor Island.
No. 10. Long Term Bond Amendment. The present amendment limits
the term for which bonds of the city may be Issued to twenty years. This
amendment, by omission, removes all limitation.
No. 14. Municipal Newspaper Amendment. Provides for an official
sitygpapor, printed, published and circulated by the city and to carry all
Harrisonville. Cass County, electric-light 4% bonds, Nos. 12 to 19, both
Inclusive, for $500 each, dated Sept. 1 1901 have been called and will be
paid March 1 1912.
Memphis, Scotland County, Mo., 5% water-works bonds. Nos. 25 and 26,
for $500 each, dated Feb. 15 1895, have been called and will be paid Feb. 15
1912.
Monroe County, Mo., 4% bonds. Nos. 7, 8 and 9, for $500 each, dated
March 1 1909, have been called and will be paid March 1 1912. •
Plummer School District No. 70 (formerly No. 3) Green County, Mo.,
54% building bond, No. 4, for $150, dated Feb. 1 11100, has been called
and will be paid Feb. 1 1912.
Vernon County, Mo.,44% refunding bonds, Nos. 22 to 26, both inclusive, dated Sept. 1 1901, have been called and will be paid March 1 1912.
Weaubleau School District, Hickory County, Mo., 5 A% building bond.
No. 8, for $300, dated June 1 1903, has been called aid will be pald_March 1
WSpokane, Wash.-1-Bond Call.---The following special
irnpt. bonds are called for payment on March 15 at the City
.
Treasurer's office:
• ••
.•...
GRADE BONDS.
• Wall District No. 500—Bonds Nos. 4 to 12, laelesIve.
Eighteenth District No. 537—Bond No. 4.
SEWER BONDS.
McClellan District No. 162—Bond No. 30.
Sherman District No. 556—Bond No. 5.
646
THE CHRONICLE
Tacoma, Wash.-Bond Call.-The following bonds are
called for payment:
DistrictLocal Improvement District No. 770
Local improvement District No. 758
No of Bonds.
Int. Ceases.
1-4 inclusive Feb. 21 1912
1-21 inclusive Feb. 21 1912
Bond Proposals and Nedotiations this week
kayo been as follows:
ADAMS. Robertson County. Tenn.-Description of Bonds.-We are
advised that the $6,000 5% coup. tax-free school building bonds that S. S.
Farmer, Mayor, is offering at private sale (V. 94, p. 576) are in denom.
of $100 and $500 each. Date "day of sale". Due 20 years. Auth.
Chap. 513 Acts of 1911. No debt at present. Assess val. 1911 $180,000.
ADAMS COUNTY (P. 0. Natchez), Miss.-Bonds Proposed.-Reports
state that the Board of Supervisors have under consideration a proposition
to issue $100,000 road bonds.
AFTON SCHOOL DISTRICT (P. 0. Afton), Union County. Iowa.-Bond
Election Proposed.-Reports state that a proposition to issue high-schoolbldg. bonds will be voted upon at an election to be held in the spring.
AINSWORTH, Brown County, Neb.-Bond Offering.-Proposals will be
received until 7 p. m.March 20 for $21,000 5% 5-20-yr.(opt.) water-works
ext. bonds. Authority vote of 178 to 32 at an election held Feb. 20.
ALAMEDA, Alameda County, Cal.-Bond Election Proposed.-According
to reports this city will vote sometime in May on propositions to issue
$150,000 electric-light-plant and $50,000 fire department bonds.
ALMA, Gratiot County, Mich.-Bond Sale.-On Feb. 27 the $30,000 5%
coup. street-impt. and water bonds dated April 1 1912 (V. 94, p. 577) were
awarded to the Harris Trust & Say Bank of Chicago at 104.40 and int.
Other bids follow:
Devitt,Tremble & Co.,Chic.$31,269 00 c Hoehler & Cummings,T0l_$31,037 50
McCoy &
Chicago __ 31,220 00 H. C. Speer do Sons Co.,Chic 30,925 00
E. H. Rollins
Co.,& Sons, Chic. 31,203 00 Seasongood do Mayer, Ctn. 30,910 00
Detroit Tr. Co., Detroit _ 31,200 00 S. A. Kean & Co., Chic...._ 30,750 00
AMERICUS, Sumter County, Ga.-Bond Election.-An election will be
held March 20, it is reported, to vote on a proposition to issue $60,000 bond
for an electric-light plant and the installation of water meters throughout
the city.
ANDERSON. Anderson County, So. Caro.-Bond Election Proposed.It is stated that petitions are being presented to the City Council asking
for an election to vote on a proposition to Issue $25,000 sewerage extension
bonds.
ANDERSON COUNTY (P. 0. Palestine), Texas.-Bond Sale.-H. C.
Speer & Sons Co. of Chicago were awarded at par and Int. $150,000 5%
20-40-yr. (opt.) road bonds. Denom. $1,000. Date Jan. 1 1912. Int.
ann. in April. These securities were awarded on Jan. 1 to S. A. Kean do
Co. of Chicago at par and int. (V. 94, p. 149), but that bid was later rejected, as It was discovered that it did not comply with the notice of sale.
ARTESIA. Eddy County. N. Mex.-Bond Election Proposed.-A vote
will be taken within the next few weeks, it is reported, on the question of
Issuing $25,000 sewer-system-construction bonds.
ATCHISON. Atchison County, Kans.-Bond Election.-A proposition to
Issue $25,000 electric-light-plant bonds will be submitted to a vote In April,
it Is stated.
AUBURN. Cayuga County, N. Y.-Bond Sale.-ThIs city, we are advised, has sold the following 4 g% reg, tax-free bonds: $8,129 34 subway
bonds; denom. (9) $812 and (1) $821 34. $22,331 20 paving bonds; denom.
(19) $1,120 and (1) $1,051 20. Date Dec. 6 1911. Int. J. & D. at the
City Treas. office. Due part yearly Dec. 6 1912 to 1931.
BAD AXE SCHOOL DISTRICT (P.O. Bad Axe). Huron County, Mich.Bond Offering.-Proposals will be received at any time for $35,000 15-yr.bldg. bonds. Authority vote of 122 to 10 at an election held Feb. 13.
BALDWIN. Douglass County, Kan.-Bond Election.-An election will
be held March 11 to vote on the question of issuing $18,000 5% 20-yr. water-works-ext. bonds.
BARTLESVILLE. Washington County, Okla.-Bond Election.-AccordIng to reports, a proposition to issue $100,000 water-works bonds will be
submitted to the voters at the spring election.
.
BATAVIA SCHOOL DISTRICT (P. 0. Batavia), Kane County, Ill.Bonds Voted.-Reports state that the question of Issuing $45,000 highschool-bldg. bonds was favorably voted upon at an election held Feb. 17.
BAYVIEW, Kootenai County, Idaho.-Bond Sale.-Reports state that
the $3,500 5% school-building bonds voted in Nov. 1911 have been purchased by the State.
BEAVER TOWNSHIP. Mahoning County, Ohio.-Bond Offering.-Proposals will be received until 1 p. m. March 22 by H.E. Mentzer, Twp. Clerk
(P. 0. North Lima), for $7,000 5% road-impt. bonds. Auth. Sec. 6976
to 7032, Incl., Gen. Code. Denom.$500. Date May 1 1912. Int. M. & N.
at Treasurer's office. Due $1,000 yrly. on May 1 from 1914 to 1920 incl.
Cert, cheek for $300 on a bank in Mahoning County, payable to J. J, Marks,
Twp. Treas., required. Purchaser must be prepared to take bonds not
later than May 1 1912, money to be delivered at First Nat. Bank, Youngstown.
BELGRADE. Gallatin County, Mont.-Bond Sale.-On Feb. 20 the
$11,500 6% 10-20-yr. (opt.) coup. town-hall-bldg. bonds dated Jan. 1 1912
(V. 94, p. 386) were awarded to Wm. E. Sweet do Co. of Denver at 101.75
and int.
BELLAIRE CITY SCHOOL DISTRICT (P.O. Bellaire), Belmont County,
Ohio.-Bond Sale.-On Feb. 21 the $100,000 4% bonds (V. 94, p. 366) were
awarded, according to Bellaire papers, to Well, Roth & Co. of Cin. at 100.68.
BIRMINGHAM. Oakland County, Mich.-Bond Sale.-On Feb. 26 the
$25,000 4 A% 15-yr. coup. sanitary sewer bonds (V. 94, p. 503) were
awarded to the Union Trust Co. of Detroit at 103.52-a basis of about
4.182%. Other bids follow:
Devitt,Trembledo Co.,Chle.$25,837 50 First Nat.Bk., Detrolt____$25,531 25
G. D. Coaney
25.714 00 Sec. Tr. Co.. Detroit
25,443 00
Harris Tr. & Say.Bk., Chic. 25,691 00 E. H. Rollins do Sons. Chic. 25,320 00
First State Say.Bk., Birm. 25,690 00 Seasongood & Mayer, Cin_ 25,255 00
Detroit Trust Co., Detroit. 25,625 00 H.C.Speer & Sons Co.,Ohlo. 25,173 00
S. A. Kean & Co., Chic__ 25,552 50 Hanchett Bd.Co.,Chic
25,027 00
BOISE CITY, Ada County. Idaho.-Bond Sales.-The $1,600 7% 1-10year (serial) District No. 16 paving bonds offered on Feb. 20 (V. 94, p. 428)
and the $4,400 7% 1-10-year (serial) District No. 33 sidewalk and curbing
bonds offered on Feb. 23 (V. 94, 13. 503) were awarded to the First National
Bank of Cleveland at par and interest.
BOWLING GREEN, Wood County, Ohio.-Bond Sale.-An issue of
313,500 4% refunding bonds has been awarded to the Security Savings
Bank & Trust Co. of Toledo at par and int. Denom. $500. Date Feb. 1
1912. Int. M. & S. Due $7,000 Sept. 1 1920 and $6,500 Sept. 1 1921.
BRAZOS COUNTY (P. 0. Bryan), Texas.-Bonds Defeated.-The question of issuing $200,000 road bonds failed to carry, reports state, at an election held Feb. 8. The vote was 394 "for" and 582 "against."
BREWSTER IRRIGATION DISTRICT. Wash.-Band Election Proposed.
-The organization of this district was authorized by a vote of 123 to 9 at
a recent election. We are advised that it Is expected to bond for $1,000,000,
the election for this purpose to be held early in April.
BRONSON TOWNSHIP, Huron County, Ohlo.-Band Offering.-Proposals will be received until 12 m. March 23 by A. E. Ward, Clerk (P. 0.
Alena) for $12,000 5% coupon Bronson Road District bonds. Authority
Sec. 7033 to 7052 incl. General Code. Denom. $500. Date March 15
1912. Int. M. & S. at Township Treasurer's office. Due $500 yearly on
Sept. 15 from 1913 to 1920 incl., $500 each six months from March 15 1921
to Sept: 15 1925 and $500 yearly on Sept. 15 from 1926 to 1931, incl.
Certified check (unconditional) for 5% of bid, payable to Clerk, required.
Bonds to be delivered and paid for within 10 days after time of award.
Purchaser to pay accrued interest.
BUFFALO, N. V.-Bonds Authorized.-An ordinance has been passed
providing for the issuance of $150,000 4% school bonds. Date April 1
1912. Int. A. & 0. at the City Comptroller's office or at the Gallatin
Nat. Bank in New York, as purchaser may elect. Duo one-twentieth
yearly. April 1 1913 to 1932 Inchnive.
[VoL. wcxxxiv.
CALHOUN INCORPORATED SCHOOL DISTRICT (P. 0. Calhoun),
Henry County, Mo.-Bond Offering.-L. R. Simpson, Clerk, advises us
under date of Feb. 28 that he will receive proposals in 10 days for $5,000
5% bldg. bonds. Denom. $500. Date about April 1 1912. Int. annually
at the Calhoun Bank. Cert, check for $100, payable to "Calhoun School
Board," required. No debt at present. Assess. val. 1911 $160,000.
CAMDEN, Kershaw County, So, Caro.-Bond Election Proposed.-An
election will be held in April to vote on the. question of issuing $100,000
water-system and electrio-light-plant-construction bonds.
CHAMBERS COUNTY COMMON SCHOOL DISTRICT NO. 3, Tex.
Bonds Registered.-An issue of $6,500 5% 10-40-year (opt.) bonds was
registered by the State Comptroller on February 20.
CHARLESTON, Coles County, III.-Bond Election Proposed.-Reports
state that an election will be held to vote on a question of issuing $35,000
water-works-impt. bonds.
CHEHALIS COUNTY (P. 0. Montesano), Wash.-Bond Offering.-Proposals will be received, it is stated, until 10 a. m. March 18 by R. T. Trask,
County Auditor, for $150,000 1-10-yr. (ser.) refunding bonds at not exceeding 6% int. Int. semi-ann. Cert. check for 2% required.
CHICAGO, Ill.-Description of Bonds.-We referred last week (V.94,
p. 577) to the various bond issues to be voted upon at the April 2 election.
These bonds are described as follows in the ordinances providing for their
Issuance:
$380,000 health-department-building bonds. Denom. $1,000. Due $19,000 yearly Jan. 1 1914 to 1932, Incl., and $19,000 July 1 1932.
1,814,000 fire-department-building bonds. Denom. $1,000. Due $19,000
yearly Jan. 1 1914 to 1932, Incl., and $104,000 July 1 1932.
2,245,000 police-department-building bonds. Denom.$1,000. Due $112,000 yearly Jan. 1 1914 to 1932,incl., and $117,000 July 1 1932.
250,000 bathing-beach-improvement bonds. Denom.$1,000. Due $12,- •
000 yearly Jan. 1 1914 to 1932, Incl., and $22,000 July 1 1932.
5,000,000 harbor-construction bonds. Denom. (4,900) $1,000 and (1,000) •
$100. Due $250,000 yearly Jan.1 1914 to 1932,incl., and $250,000 July 1 1932.
The above bonds will be dated July 1 1912 and have 4% Interest coupons,
payable J. & J. at the City Treasurer's office.
CHILLICOTHE, Livingston County, Mo.-Bond Sale.-Local papers
state that the $10,000 electric-light-plant ext. bonds recently voted were
purchased by the W. R. Compton Co., of St. Louis.
CHIP LEY, Washington County, Fla.-Bond Offering,-Proposals will
be received until March 11 by W. Cook, City Clerk, for 422,000 5% gold
coup. tax-free water-works bonds. Denom. $1,000. Date Nov. 1 1911
Int. ann. on Nov. 1 at the Nat. City Bank, New York, or at the Clerk's
office. Due Nov. 1 1931. No. deposit required. Bonded debt (includ-'
hag this Issue), $32,000. No floating debt. Asses. val., $280,930.
COLFAX, Whittflan County, Vash.-Bond Offering.-Proposals will be
received until 12 m. March 23, it is stated, by S. M. McCroskey, City
Attorney, for $77,000 20-yr. refunding bonds at not exceeding 6% Int.
COLUMBUS, Ohlo.-Descrtption of Bonds.-The $50,000 motor-driven
fire-apparatus and $10,000 fire-plugs-ext. 4% coup. bonds authorized Feb.
19 (V. 94, p. 577) are In the denom. of $1,000 each and will be dated not
later than Sept. 1 1912. Int. M. & S. at the agency of the city in New
York. Due Sept. 1 1932.
COPIAH COUNTY (P. 0. Hazlehurst). Miss.-Bonds to Be Offered
About May.-We arc advised that the $75,000 Road District No. 1 bonds
(V. 94, p. 150) will be offered for sale about May.
COUNCIL BLUFFS INDEPENDENT SCHOOL DISTRICT (P. 0. Council Bluffs), Pottawattamie County. lowa.-Bonds Proposed.-We are advised that this district will refund on or before July 1 $82,000 4% bonds.
The new bonds will be dated any time between now and July 1. Denom.
$1,000. Int. payable at the option of purchaser. The original Issue,
which is to be refunded, was $102,000, $20,000 of which has been paid off.
COWDEN SCHOOL DISTRICT (P. 0. Cowden), Shelby County, III.Bond Sale.-According to reports, 0. E. Matheney of Springfield was
awarded at 101.12 an issue of $10,000 5% 15-yr. school bonds.
CRAVEN COUNTY (P.O. New Bern), N. C.-Bond Offering.-Proposals
will be received until 10 a. m. March 4 by S. H. Fowler, Clerk Bd. of County
Commissioners,for $10,000 5% refunding bonds. Due May 1 1927. Denom.
and form of bond optional with purchaser. Cert, check for $250, payable
to the County Treas.. B B. Hurst, required.
CRAWFORD, Dawes County, Neb.-Bonds Voted.-We are advised that
a proposition to issue 5% sewer bonds carried by a vote of 178 to 90 at an
election held Feb. 12. Due 1932, optional after 5 years.
CUERO, De Witt County, Texas.-Bond Election.-Local papers state
that a proposition to issue $25,000 sewerage-system bonds will be submitted to a vote at the regular city election.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-Bond Sale.-On
Feb. 28 the $500,000 4% coupon improvement bonds (V. 94, p. 367) were
awarded to Otis & Hough and Hayden, Miller & Co. of Cleveland at their
joint bid of 100.891.
Other bids follow:
Seasongood & Mayer; Well, Roth & Co. and Davies-Bertram
Co. of Cincinnati
$503,434 00
Tillotson & Wolcott Co., Cleveland
502,850 00
C. E. Denison & Co. of Cleveland and Breed do Harrison and 502,155 00
Mayer, Walter & Co. of Cincinnati
Cleveland Trust Co. of Cleveland and Provident Say. Bank SO
502,151 50
Trust Co. and Field, Longstreth & Co. of Cincinnati
DALLAS, Texas.-Bond Sale.-On Feb. 26 the $100,000 4 g% 20 g-yr.
(aver.) gold coup, hospital-bldg. bonds (V. 94, p. 428) were awarded to the
Fifth-Third Nat. Bank of Cin. at 101.41 and int.-a basis of about 4.395%
Other bids follow:
J. B. Oldham, Dallas_ __$101,029 00 Corn. Tr. Co., Kan. City.$100,556 65
Dallas Tr.& Say.B., Dallas 100,920 00 A. B. Leach & Co., Chic_ 100,530 00
Seasongood & Mayer,Cin. 100,910 00 John Nickerson,Jr., St.L. 100,430 00
John H. Wood, Dallas__ 100,842 00 Nelson, Cook & Co., Balt. 100,393 00
W. N. Color & Co., N. Y. 100,840 00 N. W.Halsey & Co., Chic. 100,065 00
Wm.R.Compton Co.,St.L. 100,780 00 Breed & Harrison, Chi_ 100,023 43
Mayer, Walter & Co., Cin. 100,570 00 Farson, Son & Co., Chic_ 100,000 00
Western Germ. Bk., Cin_ 100,563 00 C. H.Venner do Co., N.Y. 99,514 00
97.510 00
S A. Kean & Co., Chic
Bonds Registered.-On Feb. 19 the bonds referred tojabove werelireglstered by the State Comptroller.
DALLAS SCHOOL DISTRICT (P. 0. Dallas), Dallas County, Tex.Bond Election Proposed.-The Board of Education has filed with the City
Commissioners a petition for an election to vote on a proposition to issue
$600,000 bonds.
• DAVENPORT SCHOOL DISTRICT (P. 0. Davenport), Scott County
Iowa.-Bond Election.-Local papers state that an election will be held
March 11 to vote on a proposition to issue $80,000 impt. bonds.
DEER WOOD,Crow Wing County, Minn.-Bond Election.-An election
will be held March 12, It is stated, to vote on the question of issuing$10,000
bonds for streets, sidewalks and other improvements.
DELPHOS CITY SCHOOL DISTRICT (P. 0. Delphos). Allen and Van
Wert Counties, Ohio.-Bond Offering.-Further details are at hand relative to the offering on March 20 of the $25,000 431% coup. tax-free bldg.
bonds (V. 94, p. 577). Proposals will be received until 12 in, on that day
by Geo. S. Wager, Clerk Board of Education. Authority, See. 7625 and
7626, General Code. Denom. $500. Date Mch. 20 1912. Interest semiannually at the Fourth National Bank of New York. Due $500 yearly
from 3 to 32 years Incl. and $10,000 In 33 years from date. Certified check
for $250, payable to the Board of Education, is requried.
DEPUE, Bureau County, III.-Bond Election.-An election will be held
March 4, it is stated, to vote on a proposition to issue $2,400 5% street
Improvement bonds. Denom. $400, Due $400 annually.
DES MOINES, Polk County. Iowa,-Bond Sale.-On Feb. 26 $41,000
park and playrgound-site-purchase bonds were awarded, reports state, to
the Valley Nat. Bank of Des Moines at par for 5s. Denom. $500. Due
$20,500 in 1914 and 1915.
DES MOINES INDEPENDENT SCHOOL DISTRICT (P.O. Des Moines),
Polk County. Iowa.-Bond Election.-An election will be hell March 11 to
vote on a proposition to issue $79,000 (not $135,000, as at first reported)
4% 20-year building, equipment and site-purchase bonds.
DUENWEG SCHOOL DISTRICT (P.O. Duenweg). Jasper County, Mo.
-Bond Election Proposed.-According to reports, a proppsition to Issue ,
bldg. bonds will be submitted to the voters at the sprin election.
MAR. 2 1912.1
THE CHRONICLE
DUNDEE INDEPENDENT SCHOOL. DISTRICT (P. 0. Dundee), Delaware County, lowa.-Bonds Voted.-The election held Feb. 14 resulted,
we are advised, In favor of the proposition to issue $10,000 (not $12,000, as
10-year,bonds. • • • . • • . •
at first reported-V. 94, p. 295)L4
DURHAM, Durham County, No. Car.-Bond Offering.-Proposals will
be received until 9 p.• in. March 18 for the $25,000 5% 10-yr. and $25,000
4 3'5% 15-yr. school-bldg. bonds voted Jan. 16 (V. 94, p. 225.) • Cert.
.
check for $500, payable to G. W. Woodward, City Clerk, required. •
EL RENO, Canadian County, Okla.-Bonds Authorized.-Reports state
that this city has authorized the issuance of $35,000 deep-well-drilling bonds.
EMPORIA SCHOOL DISTRICT (P.0. Emporia), Lyon County, Kans.Bond Election.-An election will be held April 2 to vote on a proposition to
issue $100,000 high-school-building bonds (V. 94, p. 225). Interest not to
• • . . . . ..
exceed 5%. Due 20 years, optional after 10 years.
FRANKLIN COUNTY (P. 0. Malone), N. Y.-Bond Sale.-On Feb. 21
$100,000 43.6% road bonds were awarded to R. L. Day & Co. of N. Y. at
105.531 and Int.-a basis of about 4.131%. Denom. $1,000. Date
March 11912. Int. M. &S. Due $10,000 yearly March 1 1931 to 1940 incl.
FRANKLIN COUNTY (P.O. Columbus),Ohio.-Bond Sale.-On Feb. 23
the $6,360 5% 2-year (average) ditch bonds (V. 94, p. 429) were awarded
to the First National Bank of Barnesville for $6,461 50 (101.59)-a basis
of about 4.184%. Other bids follow:
Barto, Scott & Co., Columbus_$6,4511Stacy & Braun, Toledo_ _ _ _$6,446 71
Madison Nat. Bank, London.._ 6,451 Breed & Harrison, Cinein__ 6,439 50
FRUITA SCHOOL DISTRICT (P. 0. Fruita), Mesa County, Colo.
Bond Election.-It Is stated that an election will be held March 11 to vote
on a proposition to issue $25,000 building bonds.
FULTON SCHOOL DISTRICT (P. 0. Fulton). Fulton County, KY.
Bond Election.-According to reports an election will be held March 10 to
vote on a proposition to Issue $15,000 improvement bonds.
GALLIPOLIS, Gallia County, Ohio.-Bond Sale.-On Feb. 26 the $18,000
4% 10-yr. refunding bonds (V. 94, p. 429) were awarded to Seasongood &
Mayer of CM.for $18,094 (100.522)-a basis of about 3.936%, It is stated.
GALLUP, McKinley County, N. Mex.-Bond Election.-Reports state
that an election will be held to vote on the question of issuing $75,000 bonds
for sewers, water and light-system and other improvements.
GALVA, Ida County, lowa.-Bond Sale.-On Dec. 15 1911 the $8,500
5 3,6% electric-light bonds (V. 93, p. 1549) were awarded to the Ida County
Bank in Galva at par. Denom. $500. Date Jan. 1 1912. Interest J. & J.
Duo 20 years, optional $500, $1,000 or $1,500 any Jan. 1 after 5 years, and
any amount in even multiples after 10 years. • •
GLENCOE. Cook County, III.-Bonds Voted.-At an election held
Feb. 20, a proposition to issue $10,000 5% sidewalk assessment bonds was
carried by a vote of 96 to 85. We are informed that only $5,000 of these
bonds will be Issued at present.
GLENDALE. Los Angeles County, Cal.-Bond Offering.-Local papers
state that this city is now offering for sale the $40,000 bonds voted Feb. 2
for the purpose of extending the electric-lighting system in West Glendale
(V. 94, p. 504).
GOWRIE, Webster County, Iowa.-Bond Sale.-On Feb. 12 $3,900 5%
10-20-year (optional) funding bonds were awarded to C. H. Coffin of Chicago
at 98. Denom. $500 and $400. Date March 1 1912. Interest M. & S.
GRAND RAPIDS. Itasca County. Minn.-Bond Offering.-Proposals
will be received until 3 p. m. March 5 by the Board of Supervisors for
$10,000 road and bridge bonds. Authority Chapter 64, Laws of 1905,
and amendments thereto, also vote of 173 to 4 at election Feb. 5. Denom.
$500. Date Feb. 1 1912. Interest (rate not to exceed 6%) F. & A. at
place selected by purchaser. Due Feb. 1 1927. Certified check for 5%
of bid, payable to Town Treasurer, required. Total debt at present,
$38,338 64. Assessed valuation, $1,096,256. Jos. H. McMahon is Town
„
„
, ,
. • . . . . . .J . .
Clerk. .
GRANDVIEW. Yakima County, Wash.-Bond Offering.-Proposals will
be received until 7:30 p. m. March 11 by the Town Council for the $18,000
20-year water-works bonds. Int. (rate not to exceed 6%) semi-ann. at the
Treasurer's office. Certified check for 5% of bid, payable to the Treasurer,
required. Bidders to satisfy themselves as to the legality of bonds before
the date of sale, as all offers must be unconditional. Abstract of laws of the
State and proceedings relative to the issuance of the bonds will be furnished
upon request. A. E. Fisk Is Town Clerk. These bonds were previously
offered on Jan. 22 (V. 94, p. 150). • • • • • • . • .
. • • .
GREENE COUNTY (P. 0. Eutaw),71a.-Bond Election Proposed.-Reports state that an election will probably be held about April 1 to vote on
the question of issuing $120.000 road bonds.
GROTON, Tompkins County, N. Y.-Bond Offering.-Proposals will be
received until 9 p. m. March 5 by the Board of Trustees, for $6,000 coup.
electric-light bonds. Auth. Sec. 128 and 129 VII. Law. Denom. $300.
Date April 1 1912. Int. A. & 0. at the. First Nat. Bank, Groton. Due
$300 yearly on April 1 from 1913 to 1932 incl. Cert. check for 10%,
payable to "Village orGroton". required.10E. R. Hayden is Clerk. ;I: .
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Oklahoma City was awarded at par $100,000 5% 25-year park-improvement bonds (V. 93, p. 1415). Denom. $1,000. Date Dec. 15 1911. Int.
J. & D.
HAMLET, Richmond County, No. Car.-Bond Sale.-We have just been
advised that Cutter, May & Co. of Chicago were awarded Sept. 1 1911 at
par and int. for (3s the $5,000 30-year street-improvement bonds offered
as 5s on June 30 1911 (V. 92, p. 1583). Denom. $1,000. Date Oct. 1
1911. Interest A. & 0.
HARDIN COUNTY (P.O. Kountze), Texas.-Bonds Voted.-An election
held Feb. 15 resulted, according to reports, in favor of a proposition to issue
road bonds.
HARNETT COUNTY (P. 0. Lillington), No. Car.-Bonds Defeated.
The proposition to issue the $100,000 road bonds (V. 94, p. 504) failed to
carry at the election held Feb. 27.
HARRISBURG, Pa.-Bond Sale.-We are advised that $20,800 pavlia
bonds have been awarded to contractors at par.
HASTINGS. SCHOOL DISTRICT (P.O. Hastings), Barry County, Mich.
-Bond Election.-An election will be held March 6 to re-submit to the voters
a proposition to issue $60,000 bldg. bonds which was defeated by a vote of
151 "for" to 261 "against" at an election held Feb. 20. •j,..:j
• „L•A
HAYS CREEK SWAMP LAND DRAINAGE DISTRICT, Carroll and
Montgomery Counties, Miss.-Bids Rejected.-Ail bids received on Feb. 26
for the $28,800 6% coup. tax-free bonds (V. 94, p. 504) were rejected.
HAYWARDS UNION-HIGH!SCHOOL DISTRICT NO. 31(P. 0.THaYwards), Alameda County, Cal.-Bond Election Proposed.-Reports state
that an election will be held in March (not in February, as first reported)
to vote on a proposition to issue $80,000 school bonds.
LIELBIG SCHOOL DISTRICT (P. 0. Beaumont). Jefferson County,
Texas.-Bond Sale.-AccordIng to reports arrangements have been made
for the sale of the $25,000 building bonds voted Feb. 1 (V. 94, p. 578) to
the County School Fund at par and interest.
HETTINGER COUNTY (P.O. Mott), No. Dak.-Bond Sale.-On Jan. 31
the $35,000 5-year coupon seed-grain bonds dated Mch. 1 1912 (V. 94,
p. 295) were awarded to the Minneapolis Trust Co. of Minneapolis at 101.61
for 65.
HEYWORTH, McLean County. 111.-Bond Election Proposed.-There is
talk of calling an election to vote on a proposition to issue bonds for fire
protection.
HOLYOKE, Hampden County, Mass.-Bond Offering.-Proposals will
be received until 11 a. m. March 5 by P. Bonvouloir, City Treasurer, for the
following 4% gold tax-free bonds:
$140,000 registered gas and electric-light bonds. Date Feb. 11912. Int.
F. & A. Due on Feb. 1 as follows: $2,000 yearly from 1913 to
1917 Incl. $3,000 yearly from 1918 to 1922 Incl., $4,000 yearly
from 1923 to 1927 Incl., $5,000 yearly from 1928 to 1931 Incl.,
$6,000 yearly from 1932 to 1935 incl., *7,000 yearly from 1936 to
1940 Incl. and $8,000 in 1941 and 1942.
16,000 coupon or registered water bonds. Date July 1 1910. Int. J. &
J. Due $8,000 July 1 1936 and 1937.
Certified check for $1,000 and $500, respectively, drawn on a national
bank or trust company, and made payable to the "City of Holyoke," required. The opinion of Storey, Thorndike, Palmer & Dodge as to legality
will be delivered to purchaser. Purchaser to pay accrued interest.
647
HOOD RIVER. Hood River County, Ore.-Bond Offering.-Proposals
will be received, it is stated, until 12 in. Mch. 9 by H. L. Howe, City Recorder, for $10,492 30 6% impt. bonds. Int. semi-ann.
• HOPEWELL TOWNSHIP (P. 0. Hopewell Center). Seneca County,
Ohio.-Bond Offering.-Proposals will be received until 10 a. m. March 26
by the Board of Trustees for $20,000 4 li% road bonds. Denom. $500.
Due $500 each six months from April 1 1913 to Oct. 1 1932 inclusive.
• HUNTSVILLE. Madison County, Ala.-Description of Bonds.-The
$130,000 5% gold coupon bonds awarded on Feb. 17 to the American Trust
& Savings Bank of Birmingham at par (V. 94, p. 578) are Issued to fund
outstanding floating debt. Denom. $500. Date March 1 1912. Interest
M. & S. at the Mechanics & Metals National Bank In New York. Due
March 1 1942, optional at any interest-paying date after 20 years.
JAMESTOWN.Chautauqua County. N. Y.-Sale.-On Feb. 17 Adams &
Co. of N. Y. were awarded $36,655 98 1-10-year (serial) paving certificates
at par for 4.40s and $30,339 95 1-10-year (serial) paving bonds at 100.24
for 4.40s. V. 94, p. 429. Other bids follow:
John J. Hart, Albany-100.95 for bonds at 4 A% and 100.19 for certificates
at 5%.
Farson, Son & Co., N.Y.-Par and $35 premium for bonds and certificates,
both to bear 4 %% interest.
Union Trust Co.,Jamestown-Par for bonds at 4;i% and par for certificates
at 5%.
JASPER COUNTY (P. 0. Rensselaer), Ind.-Bond Sale.-On Feb. 25
an issue of $26,075 4 M % Wheatfield Twp. road bonds were awarded to
Payne, Bush & Co., of Indianapolis at par and int. Denom. $1,075 and
$1,000. Date March 1 1912. Int. M. & N. Due from 1 to 13 years.
JEFFERSON COUNTY (P. 0. Madison), Ind.-Bond Sale.-Local
papers state that an issue of $5,048 Monroe Twp, gravel road bonds was
purchased by C. Bader of Republican Twp. at 101.287 and int.
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.-Bond Sale.-On
Feb. 26 $37,500 4 M% Adena, York and Smithfield road bonds were
awarded, reports state, to the First Nat. Bank in Smithfield for $38,300
making the price 102.13.
JOHNSON CITY, Washington County, Tenn.-Bond Offering.-Proposals will be received until 7 p. m. March 21 by Wm.R. Ponder, City Treas.,
for $212,000 5% coup. water-works bonds as a whole or in groups of
$53,000. Denom. $1,000. Date June 1 1910. Int. J. & D. at City
Treasurers' office. Due 30 years. Certified check for 2 M% of bid,
payable to the City Treasurer, required. These bonds will be certified
as to genuineness by U. S. M. & Tr. Co., N. Y., and legal opinion of validity
will be furnished. Purchaser to pay accrued interest. Official advertisement states this issue is secured by first mtge. on city's water plant in
addition to the usual pledge of city's credit.
The official nottce of this bond offering will be found among the advertisements elsewhere in this Department.
JOHNSTOWN. Fulton County, N. Y.-Bond Offering.-Proposals will be
received until 10 a. m. March 9 by W. J. Eldridge, City Chamberlain, for
$21,000 5% coupon street-paving bonds. Authority Chapter 671, Sec. 136,
Laws 1907. Denom. $1,000. Date March 1 1912. Int. M. & S. at the
Johnstown Bank. Due $5,000 March 1 1913, 1914 and 1915 and $6,000
March 1 1916. No deposit required. Purchaser to pay accrued interest.
JONESBORO, Craighead County, Ark.-Bonds Proposed.-This place
it is stated, proposes to issue $40,000 school bonds.
IM
KEARNEY, Hudson County, N. J.-Bond Sale.-On Feb. 28 the four
issues of 434% bonds, aggregating $324,000 (V. 94, p. 368) were awarded
to Harris, Forbes & Co. of N. Y. at 102.192 and int. Other bids follow:
John D.Everitt & Co.,N.Y.$325,696 801R. M. Grant & Co., N.Y.$325,360 80
Date April 1 1912. Interest April and October.
KEARNEY SCHOOL DISTRICT (P. 0. Kearney), Buffalo County. Neb.
-Bond Offering.-We are advised, under date of Feb. 23, that this district
will refund bonds in the sum of $50,000 within 15 days. The new bon
will bear 5% semi-annual Interest. Due 20 years, opt. after 10 years
Bids will be received by If. A. Hoover, Secretary of the Board.
KELLOGG, Shoshone County, Idaho.-Bonds Defeated.-According to
reports, the election held Feb. 15 (V. 94, p. 151) resulted in the defeat of
the proposition to issue $25,000 sewer bonds.
KUNKLE SPECIAL SCHOOL DISTRICT (P. 0. Kunkle), Williams
County. Ohio.-Bids.-The other bids received on Feb. 17 for the $5,000
4 li% 1-10-year (serial) coupon building bonds awarded to M. S. Pond of
Somerset at 103.03 (V. 94, p. 578) were as follows:
First Nat. Bk. GaInesvIlle_$5 090 90 1 Secur. S. B. & Tr. Co. Tol_$5,035 35
Hayden, Miller & Co., Clev. 5,054 00 Davies-Bertram Co., Cin__ 5,027 00
Stacy & Braun, Toledo____ 5,051 60 Kunkle State Bank, Kunkle 5,026 00
LAUDERDALE COUNTY (P. 0. Meridian), Miss.-Bond Offering.Proposals will be received until 2 p. m. March 5 by W. R. Pistole, Chancey/
Clerk, for $50,000 5% District No. 5 road bonds. Authority Chap. 149,
Laws 1910. Denom. $500. Date April 1 1912. Interest A. & 0. at
Meridian. Due $3,000 yearly on April 1 from 1923 to 1927 Incl. and $3,500
yearly from 1928 to 1937 incl. Certified check for $500, payable to President Board of Supervisors, required. Bonds are tax-free. Official circular
states there has never been any default in principal or interest and that no
previous issue of bonds has ever been contested. This district has no debt
at present; the county, however, has Issued $90,000 court-house bonds for
which this district is liable for its pro rata share. Assessed value 1911,
$845,697; true value (est.), $1,691,394.
LEWIS COUNTY (P. 0. Chehalis). Wash.-Bond Offering.-Proposa Is
will be renelved. it is stated, until 2 p. m. March 4 by the County Treasuer.
for $300,000 5% bonds.
LEWISTON. Nez Perce County, Idaho.-Bond Sale.-On Feb. 19 the
$8,000 water and $17.500 street-impt. 5% 10-20-yr. (opt.) bonds voted
Dee, 30 1911 (V. 94, p. 151) were awarded to E. H. Rollins di Sons of Denver for $23,895 (101.68) and blank bonds. Other bids follow:
Dexter-Horton Nat. Bank,
C. F.Child & Co., Chicago $23,817 50
Seattle
$23,972 35 S. A. Kean & Co., Chicago 23,525 50
Union Trust & Say. Bank,
Bolger, Mosser & WillaSpokane
23,518 00
a23,811 50
man, Chicago
Devitt, Tremble & Co.,Chic23,762 00 Spokane & Eastern Trust
Hall & Lewis, Portland__ 23,730 33
Co., Spokane
23,500 00
Seasongood & Mayer, Cin., 23,681 00 Parson, Son & Co.. Chic
23,400 00
Well, Roth & Co., Chic_ _ _ 23,675 00 John Nuveen & Co., Chic_ 23,833,00
A. B. Leach & Co., Chic__ 23.637 00 J. N. Wright & Co., Deny. 23,350 00
L. D. Lanning, Kan. City_ 23,635 00 C. H. Coffin. Chicago- _ 22,500 00
a And blank bonds free of cost to c ty.
Bids were also received from Otis & Hough of Cleveland and Hoehler &
Cummings of Toledo.
LICKING COUNTY (P. 0. Newark), Ohio.-Bond Offering.-Proposals
will be received until 12 in. March 20 by C. L. Riley, Co. Aud., for the following 4 ;i% pike road bonds:
$30,000 Newark & Linnville road bonds. Due $1,000 each 6 months from
Oct. 1 1912 to April 1 1927, Incl.
15,000 road-impt. bonds. Due $500 each 6 months from Oct. 1 1912 to
April 11927, incl.
60,000 State road bonds. Due $2,000 each 6 months from Oct. 1 1912
to April 1 1927, incl.
45,000 road-impt. bonds. Due $1,500 each 6 months from Oct. 1 1912
to April 1 1927, incl.
60,000 Newark and Columbus road bonds. Due $2,000 each 6 months
from Oct. 1 1912 to April 1 1927 inclusive.
Authority Secs. 7407 to 7463. Incl., Gen, Code. Denom. $500: Date
April 1 1912. Int. A. & 0.. beginning Oct. 1 1912, payable at the Co.
Treas. Bonds to be delivered on or before May 1 1912 al the Auditor's
office. Cert. check for 10% of bid, payable to the Pres. Bn. of Co. Comms.,
required. Purch. to pay accrued int. Bids must be unconditional. Bid
ders will be required to satisfy themselves of the legality of the bonds.
LIMESTONE COUNTY COMMON SCHOOL DISTRICT NO.73, Texas.
Bonds Registered.-The State Comptroller registered an issue of $4,000
5% 10-40-yr. (opt.) bonds on February 21,
LITTLETON. Halifax County, No. Car.-Bond Sale.-On Feb. 15 the
$10,000 6% 20-yr. coup. electric-light-plant-const. bonds (V. 94, p. 226)
were awarded to Ulen & Co. of Chicago at 102.88. Date March 1 1912.
LOGAN COUNTY (P.O. Bellefontaine), Ohio.-Bond Offering.-Further
details are at hand relative to the offering at public auction on March 6
of the $16,000 4 % coup, tax-free ditch bonds (V. 94, p. 578). J. S
648
THE CHRONICLE
Van 'Ilse, County And., will receive bids at 1 p. m. on that day. Auth.
Sec. 6489 and 6490, Gen. Code. Denom. $500, Date March 6 1912. Int.
J. & J. at the County Treas. office. Due $2,000 each six months from
Jan. 1 1913 to July 1 1916 incl. Purchaser must deposit 10% of his purchase with the Treas. Bidders must satisfy themselves of legality of bonds
before bidding. Official circular states that the county has never defaulted
•
in the payment of principal or interest.
LONG BEACH, Los Angeles County, Cal.-Bond Electfon.-An election
vote
2,
it
Is
stated,
to
on
the
held
April
be
question of issuing $162,000
will
(not $158,500 as at first reported) 5% 1-40-year (serial) pier-construction
bonds. V. 94, p. 296.
LONGVIEW.Oktibbeha County,Miss.-Bonds Not Sold-Bond Offering.
-No award was made on Feb. 15 of the $10,000 6% 20-year bonds (V. 94,
p. 368). The issue has been reduced to $6,000 and proposals for this
amount will be received until 12:30 p. m. March 15.
LORAIN. Lorain County, Ohlo.-Bond Offering.-Proposals will be received until 12 m. March 22 by E. P. Keating, City Auditor, for the following 4 M% coup. refunding bonds:
$14,446 25 sewer bonds. • Denom.(28) $500 and (1) $446 25. Due Sept. 15
as follows: $1,446 25 In 1913, $2,000 yearly 1914 to 1917 incl.
and $1,000 yearly 1918 to 1922 incl. Cert. cheek for $300 is
required.
44,362153 paving bonds. Denom. (88) $500 and (1) $362 53. Due
$3,862 53 Sept. 15 1913 and $4,500 yearly Sept. 15 1914 to
1922 incl. Cert. check for $1,000 is required.
Authority Sec. 3916, Gen. Code. Date March 15 19.12. Int. M. & S.
beginning March 15 1913 at the Sinking Fund Trustees' office. Cert.
checks to be drawn on a bank In Lorain or on a national bank outside of
the city, payable t)the City Treas. Bonds to be delivered and paid for
within 10 days after award.
Bonds Authorized.-Accord big to reports,an ordinance was passed Feb. 19
providing for the issuace of $18,500 city's portion paving bonds.
•
LOUISVILLE. Cass County, Neb.-Bond Sale.-The $16,000 water
bonds voted June 14 1911 (V. 92, p. 1716) have been purchased by the
State of 'Nebraska with school funds. We are advised that the State
Auditor at first refused to register these bonds for the reason that the law
under which they were voted says "The bonds shall become due in twenty
years from the date of issue, but payable any time after five years," while
these bonds were drawn to mature $1,000 yearly, beginning five years after
date, the last bond being the only one running the full twenty years, each
bond containing an option to pay after five years. The bonds were subsequently registered, however,on the strength of an opinion of the Attorney•
•
General, and bought by the State as mentioned above.
MADISON COUNTY SCHOOL DISTRICT NO. 7 (P. 0. Twin Bridges).
m.
March
9
Mont.-Bond Offering.-Proposals will be received until 12
by the Bd. of Trustees at the office of B. F. Yerkes, Clerk, for $9,500 bldg.
coup. bonds. Auth. vote of 96 to 4 at election held Feb. 3 (V. 94, p. 368).
& D.
Denom. $500. Date June 1 1912. Int. (rate not to exceed 6%)
at County Treas. office. Due 15 years, optional after 5 years. . . . .
MALVERN. Carroll County, Ohio.-Bond Sale.-On Feb. 26 the $18,500
43% 12-year (aver.) coup. tax-tree water-works bonds (V. 94, p. 296)
were awarded to the First Nat. Bank of Cleveland for $19,233 75 (103.96)
and int.- basis of about 4.08%.
Ten other bids were received, among them the following:
$19,129 90 Tillotson & Wol.Co., Clev.$18,964 35
Stacy & Braun, Tel
New First Nat Bk., Col
19,067 00 Hoehler & Cummings, Tol. 18,939 50
Otis ec Hough, Clew
19 056 00 Minerva Saw. ec Trust Co.
Hayden, Miller 86 Co., Clev. 19,055 001 Minerva
18,922 50
MAR I NETTE,Wis.-ME NO 1,11N FE, Mich.-Bridge Bonds.-An election
held in Marinette recently Is said to have resulted In favor of a proposition
to Issue $50,000 bonds to construct a $100,000 bridge between the twin cities
and the electors of Menominee may vote on a similar proposition in April. •
MASSENA scumoCIAsTRIct (P.-6-7Massena), Cass County,
Bond Election.-An election will be held March 11 to vote on the question
of issuing not exceeding $16,000 school bonds, It is stated.
1,1EDFORD. Middlesex County, Mass.-Temporary Loan.-On Feb. 27
a loan of $50,000 due Nov. 18 (V. 94, p. 578) was negotiated with R. L.
Day & Co. of Boston at 2.78% discount and 25 cents premium.
MENDHAM, Morris County, N. J.-Bonds Proposed.-AccordIng to reports this place is considering the issuance of $30,000 school-building bonds.
„
'
,
MERCER COUNTY (P. 0. Trenton), N. J.-Band Sale.-The Sinking
Fund Commissioners have been awarded at par $15,500 4% 30-yr. Pennington-Harbourton road-impt. bonds. Denom. (15) $1,000 and (1) $500.
Date Jan. 1 1912. Int. J. & J.
'MERIDIAN. Lauderdale County. Miss.-Bonds Voted.-The election
held Feb. 27 resulted, it is stated, in a vote of 520 to 34 in favor of the
question of issuing the $50,000 5% 30-year bonds (V. 94, p. 505) In aid of
the Meridian & Memphis
payable when the road Is completed to Union
.
on the New Orleans Mobile
RR.,
& Chicago RR.
MILTON, Cabell County, W. Va.-Bonds Voted.-The election held Feb.
22 resulted in favor of the proposition to issue the $10,500 water-workssystem bonds (V. 94, p. 227).
I* MIDDLESEX COUNTY (P.O. New Brunswick). N.J.-Bond Offering.Proposals will be received until 2 p. m. March 4 by the Board of Chosen
Freeholders and T. H. Hagerty, County Collector, for $10,000 4% reg.
tax-exempt bonds. Denom. $1,000. Date Feb. 15 1912. Int. F. & A.
at County Collector's office. Due $1,000 yriy. on Feb. 15 from 1921 to
1930 Incl. . Cert. check for $200 required. ,
.
17'MISHAWA KA,Saint Joseph County, Ind.-Bonds Proposed.-According
• •
to-reports this place will issue $70,000 water-works-impt. bonds. •
▪• MOLINE. Rock Island County, 111.-Bond Sale.-On Feb. 22 the
5% coup. city-hall-building bonds (V. 94, p. 506) were awarded to
Geo. M. Bechtel & Co. of Davenport at 104.844 and int. Other bids follow:
H.T. Holtz & Co , Chicago_ _104.677 N. W. Halsey & Co., Chic_ _103.92
Merrill, Oldham & Co., Bos_104.639 Wm. A. Read & Co., Chic_ _103.86
E. H. Rollins & Sons, Chic_ _104.509 Cont. & Comm'i Trust & Saw.
Emery, Peck & Rockwood,
Bank, Chicago
103.83
• Chicago
104.472 Estabrook & Co., Chicago_..103.39
Bolger, !dosser & Wiliaman,
S. A. Kean & Co., Chicago_ _103.25
Chicago
104.26 H. C. Speer & Sons Co., C11[0.103.157
P•
Well, Roth & Co.. Chicago_ _104.13 John Nuveen & Co., Chicago 102.60
A. B. Leach & Co.. Chicago_104.029
A bid was also received from the Harris Trust ec Savings Bank, Chicago.
• MONROE, Monroe County, Mich.-Bonds Voted.-A favorable vote was
cast on Feb. 27 we learn on the proposition to Issue the $25,000 4 WA
paving bonds (V. 94, p. 579), the vote being 437 to 76. Denom. $500.
Due $3,000 Jan. 1 1916 and $2,000 yearly thereafter.
•
• MONROEVILLE. Huron County, Ohio.-Bond Sale.-On Feb. 26 the
two issues 015% 1-10-yr. (serial) impt. assess. bonds, aggregating $8,439 45
(V. 94, p. 296) were awarded to Hayden, Miller & Co. of Cleveland for
$8,724 95, making the mice 103.39-a basis of about 4.30%.
MOUND CITY, Holt County, Mo.-Bonds Voted.-Reports state that a
proposition to Issue $15,000 sewer and water-works-ext. bonds carried at
anlelection held Feb. 20,
MT. CORY. Hancock County. Ohio.-Bond'Election.-Reports state that
an election to decide whether or not this village shall issue $1,200 electric
street light system bonds will be held March 23.
MT. MORRIS. Livingston County, N. Y.-Loans Voted.-An election
held Feb. 27 resulted, it is stated, in favor of appropriations of $140,000
for a water-works-system and $45,000 for a sewerage-system.
Pi' MURRAY, Callaway County, Ky.-Bond Sale.-The $23,000-watir
and light plant construction bonds validated Jan. 10 (V. 94, p. 223) have
been sold. • •
•
• • •
I" NAVARRE. Stark County, Ohio.-Bond Offering.-Proposals will be
received until 12 m. March 19 by E.II. Garver, VIII. Clerk, for the $25,000
4 3,6% coup, bonds, to purchase lands and rights-of-way and to construct a
water-works system (V. 94, p. 152). Authority Sec. 3939, Gen. Code
Denom. $1,000. Date April 1 1912. Int. A. & 0. at the VIII. Treas.
office. Due $1.000 yearly April 1 from 1913 to 1937 incl. Bonds are taxexempt in Ohio. Cert. check for 2%, payable to the Viii. Treas., required.
No debt at present. Assess, val. for 1912, $718,000.
-7-NEWARK SCHOOL DISTRICT (P. 0. Newark), Licking County. Ohio.
-Bond Election.-An election will bp held March 11 to vote on the question
of issuing $98.000 building bonds.
NEWTON FALLS. Trumbull County, Ohlo.-Bonds Voted.-A vote of
180 to 9 was oast on Feb. 21 on the proposition to Issue the $15,000 streetImprovement _bonds (V. 94, p. 369).
•
[VoL. Lxxxxxv.
NILES. Trumbull County, Ohio.-Bond Offering.-Proposals will be
received until 2 p. m. March 20 by H. Thomas, City Auditor, for $8,200
4 3i% coup. sewer assess. bonds. Authority Sec. 3888, Gen. Code. Denom.
(16) $500 and (1) $200. Date March 1 1912. Interest M. & S. at Treasurer's office. Due $1,500 Sept. 1 1913, 1914 and 1915, $2,000 Sept. 1 1916
and $1.700 Sept. 1 1917. Certified check on a bank in Niles for 2% of
bonds bid for, payable to Treasurer, required. Bonds to be delivered
and paid for within 10 days after time of award. Purchaser to pay
accrued interest.
NORTH TARRYTOWN, Westchester County, N. Y.-Bond Sale.-On
Feb. 27 the $72,000 2134-year (ay.) reg. strect-impt. bonds (V. 94. 13• 579)
were awarded to Wm.P. Bonbright & Co. of New York at 100.078 and Int.
for 4.20s. Other bids follow:
For 43.4s.
E.H Rollins& Sons, N.Y.$72,086 40
R. M. Grant & Co., N. Y_$72,394 56 A. B. Leach & Co., N. Y_ 72,020 00
Harris, Forbes &Co., N.Y_ 72,303 12
For 4.80s.
Estabrook & Co., N. Y__ 72,267 84 N. W.Halsey &
N.Y. 72,158 40
Douglas Fenwick & Co.,
Spitzer,' BolickCo.,
8c Co..
72,231 12
New York
New York
72,125 00
72,154 72 W. N. Coler & Co., N. Y. 72,060 00
Curtis & Sanger, N. Y
Kissel, Kinnicutt & Co.,
Parson, Son & Co., N. Y.. 72,040 00
New York72,131 76
For 4.35s.
R. L. Day & Co., N. Y
72,110 16 Isaac W. Sherrill. Pough72,150 00
Watson & Pressprich,N,Y, 72,099 36
keepsie
NORWOOD CITY SCHOOL DISTRICT (P. 0. Norwood). Hamilton
County, Ohio.-Band Offering.-Proposals will be received until 12 m.
March 4 by G. W.Swormstedt, Clerk Board'ot Education, for $20,000 4%
high-school-building bonds. Authority Sec. 7828, 7629 and 7630, General
Code. Denom. $500. Date Dec. 1 1911. Interest J. Fe D. at the First
National Bank, Norwood. Due $500 yearly on Dec. 1 and $500 additional
each third year from 1921 to 1950 inclusive. Bonds to be delivered and
paid for within 10 days after time of award. Certified check for 5% of bid,
payable to Clerk, required. Purchaser to pay accrued interest.
OKLAHOMA CITY, Okla.-Bond Election Proposed.-According to
reports petitions are being circulated asking that the question of issuing
$125,000 well-drilling bonds be submitted at the regular April election.
OLNEY, Young County, Tex.-Bonds Registered.-The State Comptroller
registered on Feb. 20 the $12,500 5% 20-40-yr. (opt.) water-works bonds
voted in June 1911 (V. 92, p. 1586.)
OMAHA, Neb.-Bond Election.-An election has been authorized, it Is
stated, to vote on the question of issuing $300,000 auditorium bonds.
ONEIDA, Madison County, N. Y.-Bonds Not to be Issued at Present.
We are advised that no action will be taken before May or June looking
towards the issuance of the $6,500 Washington Ave. school-bldg.-impt.
bonds voted Jan. 19 (V. 94, p. 296.)
OPELOUSAS. Saint Landry Parish, La.-Bond Offering.-Proposals
will be received until March 30, it is stated, by the Secretary Board of
Sewerage Commissioners, for the $40,000 5% sewerage bonds voted Aug. 24
1911 (V. 93, p. 611.)
OSAGE COUNTY (P. 0. Pawhuska). Okla.-Bonds Approved.-Reports
state that the District Court, Judge Wilson of Chandler presiding, has approved the issuance of $75,000 bonds to pay off the county's warrant indebtedness.
PADUCAH, Cottle County, Tex.-Bonds Registered.-The $27,000 5%
10-40-yr. (opt.) water-works bonds sold to Cutter, May dc Co., of Chicago
(V. 94, p. 579), were registered by the State Comptroller on Feb. 20.
PARKTON GRADED SCHOOL DISTRICT, Robeson County. No. Caro.
-Bonds Offered by Bankers.-H. T. Holtz & Co. of Chicago are offering to
Investors $12,500 6% bldg. bonds. Denom. $500. Date Nov. 1 1911.
Int. M. & N. at the Fort Dearborn Trust & Savings Bank, Chicago. Due
$2,500 Nov. 1 In 1921, 1926, 1931, 1936 and 1941, Bonded debt, this
Issue. Assess. val., $480,000; actual val. (est.), $1,000,000.
PEND OREILLE COUNTY SCHOOL DISTRICT NO. 5, Wash.-Bond
Offering.-Proposals will be received until 1:30 p. m. March 23 by E. E.
Reid, Co. Treas. (P. 0. Newport), for $20,000 bonds at not exceeding 6%
int. Int. annually at the Co. Treas, office or at the fiscal agency of the
State of Washington in New York. Due $5,000 in 5 and 10 years and
$10,000 in 20 years, unpaid bonds opt. after 10 years.
PINEVILLE, Rapides Parish, La.-Price Paid for Bonds.-The price
paid for the $9,000 5% 40-yr. street-impt. bonds awarded on Feb. 16 to the
New First Nat. Bank of Columbus,0.(V. 94, p. 579), was par. Denom.$100.
PLAIN CITY VILLAGE SCHOOL DISTRICT (P. 0. Plain City,
Madison County, Ohio.-Bond Sale.-On Feb. 26 the $2,500 4 3,6% funding
bonds (V. 94, p. 579) were awarded to the First Nat. Bank of Cleve. at
105.67 and int. Other bids follow:
Mayer, Walter ec Co., Cin_$2,626 75I Farmers' Nat. Bank
$2,554 25
Seasongood & Mayer. Cin.. 2,615 00 Hayden, Miller & Co..
New First Nat. Bk., Colum, 2,562 50
2,551 00
Cleveland
PLAINFIELD, Waushara County, Wis.-Bond Sale.-On Feb. 26 the
$2,900 1)i-year (ay.) coup, refunding bonds (V. 94, p. 506) were awarded
to the Waushara County Bank in Plainfield at par for 4.49s. Bids were
also received from Mary E. Coon of Plainfield at par for 4 3.s and C. S.
Pickering of Plainfield at par for 4 is.
PONTIAC SCHOOL DISTRICT (P. 0. Pontiac), Oakland County, Mich.
-Bond Offering.-Proposals will be received until 2 p. m. March 4 by
E. R. Webster, Secretary Board of Education, for $175,000 4 Ii% bonds.
Bids will also be received based on 4% bonds. Date April 11912. Interest
A. & 0. at First National Bank, New York. Due $15,000 April 1 1926 and
$160,000 Anril 1 1927. Certified check for $2,500 required.
PORTER COUNTY (P. 0. Valparaiso), Ind.-Bond Sale.-On Feb. 25
$5,800 43,6% Westchester Twp. gravel road bonds were awarded to Payne.
Bush & Co. of Indianapolis, at par and int. Denom. $290. Date Sept. 16
1911. Int. M. & N. Due from 1 to 10 years.
RACINE, Racine County, Wis.-Bond Offering.-A. J. Eisenhut, City
Treasurer, will sell at public auction $40,000 4 A% coup. refunding bonds.
Denom. $1,000. Date March 1 1912. Int. M. & S. at City Treasurer's
office. Cash or cert. check for $2,000, payable to Treasurer, required.
RENSSELAER COUNTY (P. 0. Troy), N. Y.-Bond Offering.-Proposals will be received until 12 m. March 15 by F. Riley, Co. Treas.. for
$45,000 4 M% reg. court-house-ext. bonds. Denom. $3,000. Date April 1
1912. Int. A. & 0. at the Co. Treas. office. Due $3,000 each six months
from April 1 1913 to April 1 1920 incl. Cert. check on a N. Y. State bank
or national bank In said State for $600, payable to Treas., required. Purchaser to pay accrued int. Bonds to be delivered and paid for April 1 1912.
They will be certified as to genuineness by U.S. Mtge. & Trust Co. of N. Y.,
and their legality approved by Caldwell, Masslich & Reed of N. Y.. whose
opinion will be delivered to the purchaser. Proposals to be made on blanks
furnished by the county or by the above-mentioned trust company.
RICHMOND INDEPENDENT SCHOOL DISTRICT (P. 0. Richmond),
Fort Bend County, Tex.-Bonds Voted.-An election held Feb. 20 resulted
It Is stated, In fayor of a proposition to issue $20,000 high-school-bldg. bonds
RIDDLE. Douglass County, Ore.-Bond Sale.-The $15,000 water and
$13,000 sewer 6% 20-yr. bonds dated Dec. 1 1911 and offered on Jan. 24
(V.94, p. 228) have been awarded to Bolger, Messer & Willaman of Chicago.
RIPLEY, Jackson County, W. Va.-Bond Sale.-According to reports,
an issue of water-works-impt. bonds was recently awarded to the New First
Nat. Bank of Columbus, Ohio, for $11,339.
ROBERTSON COUNTY (P. 0. Franklin), Tex.-Band Election.-Newspaper dispatches report that an election will be called at Calvert March 15
to vote on a proposition to issue $150,000 road-construction bonds.
Bonds Defeated.-We are advised that the proposition to issue the $25,000
bonds was defeated at the election held Jan. 20. Local papers stated the
question had been favorably voted upon. V. 94, p. 369.
ROCHESTER, N. Y.-Note Offertng.-Proposals will be received until
2 p. m. March 6 by E.S. Osborne, City Comptroller, for $391,000 3-months'
revenue notes and $126,724 78 8-months' over-due tax notes dated Mch. 11
1912. Denom. of notes and rate of interest desired to be named in bid.
Principal and interest will be payable at the Union Trust Co. In New York.
Note Sale.-On Feb. 27 the $100,000 8-month refuse-disposal notes
(V. 94, p. 580) were awarded to the Security Trust Co. of Rochester at
314% int. and $54 premium. Other bids follow:
Bank for Savings, N. Y
3.50% int. and $12 premium
Bond & Goodwin. N. Y
3.875% int. & $11 premium
On Feb. 29 the $160,000
$64,500 park-impt., $100,000
sewage-disposal and $10,000 park-impt.
local-impt.'8-month notes (V. 94, p. 580
were awarded to H. Lee Anstey of N. Y. at 3.40% int. and $5 premium.
Other bids ollow
MAR. 2 1912]
THE CHRONICLE
649
Goldman Sachs do Co., N. Y.-$160,000 local impt. notes at 3.50% and
569 85 Sewer No. 1123 construction bonds. Denom. (1) $119 85 and
$26 premium; $,64,500 park-impt. notes at 3.50% and $30 premium;
(3) $150. Date Feb. 14 1912. Due $119 85 March 14 1913 and
$10,000 park-impt. notes at 3.50% and $35 premium; $100,000 sewage$150 each 6 months from Sept. 14 1913 to Sept. 14 1914 inclusive.
disposal notes at 3.475% and $25 premium.
Interest semi-annually at the Second National Bank In New York.
Bank for Savings, N. Y.-$160,000 local-impt. notes at 3.50% int. and
TONOPAH, Nye County, Nev.-Bonds Voted.-An election held Feb. 20
$18 premium; $64,500 park-impt. notes at 3.50% and $7 premium; $10,000 resulted
in favor of a proposition to issue $50,000 school-building bonds.
park-impt. notes at 3.50% and $3 premium; and $100,000 sewage-disposal reports state.
notes at 3.50% and $13 premium.
TREGO COUNTY (P. 0. Wakeeney). Kan.-Bonds Voted.-It is stated
Bonbright & Hibbard, Rochester-all notes at 3.825% and $89 premium.
that a proposition to issue $20,000 high-school-bldg. bonds carried at an
Bond do Goodwin, N. Y.-all notes at 4% and $11 premium.
election held Feb. 13.
Luther Robbins, Rochester-4% Interest.
TROY, N. Y,-Certificate Sale.-On Feb. 23 $100,000 5% certificates of
ROSEAU SCHOOL DISTRICT (P. 0. Roseau), Roseau County, Minn.
Bonds Voted.-The proposition to issue $12,000 4% building bonds received indebtedness dated Feb. 23 1912 and due Oct. 23 1912 were awarded to
a favorable vote at an election held Feb. 14, the vote being 181 to 47. Due Goldman, Sachs eiG Co. of New York at 100.98219. Other bids follow:
Manufacturers N. Bk., Troy_100.8201Albany Say. Bank, Albany_ _100.487
on July 1 as follows: $2,000 in 1929 and $5,000 in 1930 and In 1931.
TULSA COUNTY (P. 0. Tulsa), Okla.-Bonds Re-Awarded.-The
ROSWELL SCHOOL DISTRICT NO. 1 (P.O. Roswell), Chaves County,
New Mex.-Bond Election.-An election will be held April 9,1ocal papers $667,667 5% road bonds awarded in Sept. 1911 to Spitzer, Rorick & Co. of
Toledo (V. 93, p. 973) were recently re-awarded to A. J. McMahan of Oklastate, to vote on the question of issuing $35,000 5% bonds.
homa City at par. Denom. $1,000. Date of bonds and maturity not yet
ROUNDUP, Fergus County, Mont.-Bond Election.-We learn that an fixed.
election will be held March 12 to vote on a proposition to issue $15,000
UNION COUNTY (P. 0. Monroe), No Caro.-Bond Election.-Reports
10-20-yr. (opt.) sewer bonds at not exceeding 6% int.
state that an election will
SAC COUNTY (P. 0. Sac City). lowa.-Descriptton of Bonds.-The $200,000 40-year 4% roadbe held May 23 to vote on a proposition to issue
-construction bonds.
$18,000 4 A% funding bonds awarded on Feb. 1 to Geo. M. Bechtel & Co.
VAN BUREN COUNTY (P. 0. Spencer). Tenn.-Bonds Voted.-At a
of Davenport at par, less $180 expenses (making the price 99), are in the
denom. of $1,000 each and dated Feb. 1 1912. Int. F. & A. Due 1923. recent election the proposition to issue $50,000 road bonds carried. it Is
V. 94. p. 580.
• VAN ZANDT COUNTY (P. 0. Canton), Tex.-Bond Election.-Reports
• ST. JOHNS, Multnomah County, Ore.-Bond Sale.-On Feb. 8 $25,500
6% improvement bonds were awarded to the First National Bank of St. state that an election will be held on April 6 In Grand Saline District to
a proposition
Johns for $25,600 (100.392) and interest. Denom. $500. Date Dec. 1 vote
_ .on..,
.
_
_to issue $50,000 road bonds. __.• • , • • • • • •
1911. • Interest J. do D. Due 10 years, optional at any time. • • • • •
• VERMILLION. Clay County, So. Dak.-Bond Sale.-Geo, M. Bechtel',33
MSALEM, Essex County, Mass.-Loan Offering.-proposals will be re- Co. of Davenport have been awarded at private sale $32,500 5% 5-20-year
ceived, it is stated, until 7 p. m. Mch. 4 by the Treasurer for a loan of (optional) water-works bonds. The price paid was par less $500 for expenses-98.46. Denom. $500. Date Feb. 1 1912. Interest semi-annual.
$200,000, maturing Oct. 21 1912.
These securities were sold on Aug. 28 1911 to the Investors Securities Co.,
SAN DIEGO. San Diego County, Cal.-Bond Ordinance Vetoed.-The Des Moines
(V. 93, p. 612). That sale was not consummated, however, as
Mayor, it is stated, has vetoed the ordinance calling for an election to vote the
bonds had to be re-voted, only 12 days' notice having been given at the
on the issuance of $600,000 sewer and water extension bonds.
first election instead of 20 days, as required by taw.
SANTA CLARA SCHOOL DISTRICT (P. 0. Santa Clara), Santa Clara
• VIRGINIA SCHOOL DISTRICT (P. 0. Virginia), Cass County, Ill.County,Cal.-Bond Election.-According to reports, an election will be held Bonds
Voted.-The election held Feb. 17 resulted in a vote of 224 to 19 in
April 1 to vote on a proposition to Issue $90,000 building bonds.
favor of the question of issuing the $20,000 5% building bonds (V. 94
SANTA CRUZ SCHOOL DISTRICT (P. 0. Santa Cruz), Santa Cruz p. 507). Due $1,000 yearly July 1 from 1913 to 1932, inclusive. •
County, Cal.-Bond Election.-An election will be held March 23, it is
• WARREN, Trumbull County, Ohlo.-Bond Sale.-On Feb. 27 the
stated, to vote on a proposition to issue $120,000 20-year 5% school-impt.
$15,000 43% coup. tax-free Packard Park impt. bonds (V. 94, p. 371)
bonds.
were awarded to the Western Reserve Nat. Bank for $16,400 (109.33) and
SEA ISLE CITY, Cape May County, N. J.-Bond Offerino.-Proposals int. Other bids follow:
will be received until 9 p. m. March 11 by F. W. Fowkes, City Clerk. fo- Hayden Miller & Co. Clev.$16,254 00 Well, Roth dc Co. Cln____$16,126 50
$60,000 5% impt. bonds. Denom. $500. Int. semi-annual. Duo Dec. 1 Mayer, Walter & Co., Cin. 16.252 50 New First Nat. Bk., Col__ 16,061 00
1941. A deposit of 2% of bonds purchased, payable to the City Treasurer, Seasongood & Mayer Cin. 16,227 00 Prov,Say. Bk.& Tr.Co. Cin. 16,000 50
required on day of award and the balance within 30 days. Purchaser to C. E. Denison & Co., Clev. 16,130 60 Otis & Hough, Cloy
15.755,00
pay accrued int. The bonds will be sold either in blocks of $1.000 or more.
WARREN COUNTY. N. Y.-Bonds Refused.-We are advised that the
or in one block as a whole, at the option of the Common Council at time '
$50,000
.)%
road
bonds
awarded
on
Co.
of
N. Y.
Jan.
20
to
Farson.
Son
&
of sale. • ,
•l
sal (V. 94. p. 298) have been refused as their attorneys, Hawkins, Del/Weld
&
., • Bag
1.:seLMA. Fresno County. Cal.-Bond Election Proposed.-Local papers Longfellow of N. Y. were unable to approve their legality.
state that an election will be called to vote on propositions to issue kirk
WASECA. Waseca County, Minn.-Bond Sale.-.T. E. Child has been
and fire-department bonds.
awarded $8,500 water and light bonds, reports state. Denom. $500.
SCOTLAND NECK GRADED SCHOOL DISTRICT (P. 0. Scotland,
Codington County. So. Dak.-Bond Sale.-On Feb. 26
Neck), Halifax County. No. Car.-Bonds Offered by Bankers.-C. S. Kidder theWATERTOWN,
$11,000 5% 1-20-yr. (ser.) sewer bonds (V. 94, p. 431) were awarded
do Co., of Chicago are offering to investors an issue of $3,000 6% bonds.
Enkemo & Co. of Minneapolis for $11,251 50 (102.286)-a basis
Denom. $500. Date Oct. 12 1911. Int. ann. in October in Chicago. Due to C. B. 4.721%.
Sixteen bids were received.
•
$500 yrly. Oct. 12 from 1921 to 1926 Incl. Total val. $1,001,100. • Real of about
• WELDON, Halifax County, No. Car.-Bond Sale.-On Feb. 26 the
val. (est.) $1,500,000. •
• • • • • • • • • • •
• • • • ...;/ • . • •
$40,000 6% water-works and sewerage bonds (V. 94, p. 371) were awarded
neOliCOUNTY
Forest), Miss.:
-Bonds Proposed.-This county,
McNear & Moore of Chicago at 106.0375. There were 22
according to reports, is considering the issuance of $75,000 6% Road to Woodin,
other bidders.
District No. 1 bonds.
WHITAKERS, Edgecombe County, No. Car.-Bond Offering.-ProSHELBY COUNTY (P. 0. Memphis), Tenn.-Bond Sale.-On Feb. 22 posals will be received until 12 m. April 6 it Is stated by J. White, Mayor,
the $100,000 4 A% 25-year State Normal School-aid bonds (V. 94. p. 430) for
$10,000 6% 20-yr. electric-light-plant bonds. Int. seml-ann. Cert.
were awarded to C. H. Venncr & Co. of N. Y. at 101.59 and int.-a basis of check
• •
• •
for $500 required.
• •
• • • • • • • • • • •
about 4.39%. There were 15 other bidders, the offers ranging from 100.652
WICHITA, SedgwIck County, Kan.-Bond Electien.-Local papers state
that an election will be held in April to vote on a proposition to issue
SIDNEY. Cheyenne County, Neb.-Bond Election.-An election will be $20,000 bridge bonds.
held March 25 to vote on the question of issuing $20,000 6% 5-20-yr. (opt.)
WOODLAND HIGH SCHOOL DISTRICT. Yolo County, Cal.-Bond
sower bonds.
•
Sale.-On Feb. 19 the $90,000 5% 22 1-6-year (average) gold coupon siteSILVIS. Rock Island County, III.-Bond Election Proposed.-It is stated purchase and building bonds (V. 94, p. 432) were awarded to the Bank of
that a proposition to issue $20,000 village-hall bonds will probably be sub- Yolo in Woodland at 105.16 and Interest-a basis of about 4.683%. Other
mitted at an election to be held April 16.
bids follow:
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City), Woodbury First Nat. Bank, San Fran_ $04,617 Harris Tr. & Say. Bk., Chfc_$94,122
County, Iowa.-Bond Election.-An election will be held March 11 to vote N. W.Halsey & Co..San Fran 94.527 J. H.Adams & Co., Los Ang_ 94,111
on the question of issuing $135,000 10-year building bonds at not exceeding
WOOSTER. Wayne County, Ohio.-Bond Sale.-On Feb. 24 the $1,500
5% interest.
• • • • • •
• • • • • • • • • • • • • • • • • • • 4 ;•6% 1-5-yr. (ser.) coup. Henry St. sewer assess, bonds dated Dec. 1 1911
grrt Ili COUNTY (P. 0. Marion), Va.-Bond Sale.-On Feb.919 the (V. 94, p. 371) were awarded to M. S. Pond of Somerset at 100.36, it,is
$50,000 6% 15-30-yr. (opt.) coup. road and bridge bonds (V. 94, p. 297),
were awarded to Breed do Harrison of Cincinnati at 109 and int.
stated.WORCESTER, Worcester County, Mass,-Bids..--The other bids reSPENCERVILLE. Allen County. Ohio.-Bond Offerino.-Proposals will ceived on Feb. 21 for the $200,000 3 A% 10-year municipal bonds awarded
be received until 12 m. March 23 by J. W. Berry, Village Clerk, for the to Merrill,Oldham do Co. of Boston at 100.082(V.94 p. 582) were as follows:
100.0391Curtls do Sanger, Boston_ _100.0251
Adams & Co., Boston
following 4% bonds:
Denom. to suit purchaser. Date Jan. 1 1912. Interest J. do- J.
$3,000 Armory bonds. Due $500 yearly on Feb. 25 from 1919 to 1924 Incl.
3,000 municipal electric-light-plant bonds. Due $500 yearly on Feb. 25
WORTHINGTON. Franklin County, Ohio.-Bond Offering.-Proposals
from 1913 to 1918 incl.
will be received until 12 m. March 29 by W. P. Vest, Village Clerk, It is
Authority See. 3939, General Code. Denom. $500. Date Feb. 25 1912. stated, for the $20,000 5-24-yr. (ser.) water-works bonds (V. 93, p. 1740).
Interest F. & A. No deposit required. Purchaser to pay accrued interest. Cert. check for 2% required.
YOUNGSTOWN. Ohlo.-Bond Offering.-Proposals will be received
ir• SPRINGFIELD, Lane County, Ore.-Bond Sale.-Aceording to reports,
on Feb. 17 the $50,000 impt. bonds (V. 94, p. 228) were awarded to Causey. until 2 p. m. March 25 by D.J. Jones, City Auditor, for the following bonds
$1,000 5% bridge-repair bond. Due Oct. 1 1913.
•
•1
Foster & Co. of Denver at 102.02.
50,000 4% water-works-extension bonds. Due $5,000 yearly on Oct. 1
STEPHENVILLE, Era th County, Texas.-Bonds Registered.-On Feb. 23
an issue of $18,000 5% 10-40-yr. (opt.) water-works bonds was registered 12,000 5% from 1913 to 1922 inclusive.
Spring Common grade-crossing bonds. Due $2,000 yearly on
by tho State Comptroller.
Oct. 1 from 1913 to 1918 inclusive.
3,000 5% Madison Avenue extension bonds. Due $1,000 Oct. 1 1913,
STEVENS COUNTY DRAINAGE DISTRICT NO. 2 (P. 0. Colville).
Wash.-Descrtptton of Bonds.-The $31,000 7% (not 8%, as at first re1914 and 1915.
ported) funding bonds awarded to Foley & Gleason at par (V. 94, p. 507) 36,260 5% Glenwood Avenue paying bonds. Due $3,626 yearly on Oct. 1
are In the denomination of $500 each and dated Jan. 1 1912. Interest
from 1913 to 1922 Inclusive,
annually In January. Due Jan. 1 1917, optional at any time.
8,250 5% Warren Avenue paving bonds. Due $1,650 yriy. on Oct. 1
1913 to 1917 incl.
STITES. Idaho County. Idaho.-Bonds Not Sold.-No bids were received
It is stated, for the $5,000 water-works bonds voted Jan. 10 (V. 94, p. 228) 10,610 5% Dewey Avenue paving bonds. Due $2,122 yearly on Oct. 1
from 1913 to 1917 inclusive.
and offered on Feb. 19.
1,420 5% Albert Street sewer bonds. Due $284 yearly on Oct. 1 from
SUMMERVILLE UNION HIGH SCHOOL DISTRICT, Tuolumne County
1913 to 1917 inclusive.
Cal.-Bond Offerino.-Proposals will be received until 2 p. in. March 4 by
820 5% West Avenue sewer bonds. Due $164 yearly on Oct. 1 from
the Board of Supervisors (P. 0. Sonora) for $20,000 5% bonds, it is stated.
1913 to 1917 inclusive.
SWAINSBORO. Emanuel County. Ga.-Bonds Voted.-It is stated that
815 5% Albert Street sewer bonds. Due $163 yearly on Oct. 1 from
an election held recently resulted In favor of a proposition to Issue electric1913 to 1917 inclusive.
light-plant bonds-vote 136 to 7.
1,370 5% Fleming Street grade and sewer bonds. Due $274 yearly:on
• "1
Oct. 1 from 1913 to 1917 Inclusive.
SYLVESTER, Worth County, Ga.-Bond Sale.-The $20,000 5% 30-year
Date April 1 1912. Interest A. & 0. at Treasurer's office. Each issue
school, water and sewer bonds offered on Feb. 12 (V. 94, p. 370) were
awarded to the Hillyer Trust Co. of Atlanta at 100.71 and interest. Other to be bid for separately. Certified check for 2% of bonds bid for, payable
to Auditor, required. Purchaser must be prepared to take the bondsnot
bids follow:
L.B.Maghl & Co.,Atianta_$20,066 751Hoehler & Cummings,T0l_$19,855 00 later than AprIll 1912, the money to be delivered at a bank in Youngstown
South.Dev.Co.,Sylvester__ 20,060 001J. H. Hillsman do Co., Atl_ 19,601 00 or at the office of the City Treasurer.
0. II. Coffin, Chicago_ ___ 20,020 001H. C. Speer & Sons Co.,
Seasongood & Mayer, Cin_ 19,700 001 Chicago
19,600 00
• Denom. $1,000. Date Jan. 1 1912, Interest J. do J. • • • • • • • •
• TAMPICO, Whiteside County. III.-Bond Sale.-A. F. Glassburn of
AURORA. Ont.-Loan Election.-An election will be held March 11 to
Tampico was awarded on Feb. 20 $11,800 (not $12,000, as reported in vote on a by-law providing for a loan to assist In the establishment of a
V. 94. p. 228) 5% water-works bonds. Authority vote of 123 to 41 at an tannery at this place, it is stated.
• • • • • • • •"
• •"• ,
election held Jan. 30. Denom. $2,360. Due $2,360 yearly on April 1
• CALGARY. Alta.-Loan Election Proposed.-A by-law providing for a
,
• • • • • .. • „ ,
from 1913 to 1917 inclusive.
Center
Street bridge will be submitted
loan of $5,300 for the purchase of the
•
County.election will to the ratepayers, it is stated, in the near future.
• TAYLORT-Will -ani
• • • -11
be held March 19 to vote on a proposition to issue $25,000 5% permanent
CA NORA. Sask.-Debentures Proposed,-This town proposes to offer for
street-Improvement bonds. Denom. $1,000. • .....•...., sale within the next few months $10,000 fire-protection, $22.000 town-hall,
electric-light, $15,000 sidewalk and $70,000 water and sewer deben• TOLEDO, Ohio.-Bonds Auttiorized.-Ordinances were passed Feb. 12 $30,000
tures. We arc advised that some smaller issues for cemetery, &o., may
providing for the issuance of the following 5% coupon improvement assess- also
offered.
be
ment bonds:
• COPPERFIELD SCHOOL DISTRICT (Pilot 'Mound), Man.-Loan
111,414 20 Huron St. No. 8 bonds. Denom. (1) $264 20 and (9) $350.
Proposed.-AccordIng
to reports, this district has been authorized to,borrow
$264
20 March 15 1913 and $350 each
Date Jan. 15 1012. Due
• • • • • •
$2,500 for school purposes. • • • • • • •
6 months from Sept. 15 1913 to Sept. 15 1917 Inclusive.
639 14 Sewer No. 1121 construction bonds. Denom. (1) $159 14 and
• DAUPHIN, Man.-Debenture Sale.-Reports state that $200,00015%'30(3) $160. Date Feb. 28 1912. Due $159 14 March 28 1913 and
nstalltnent water-works and sewerage-system debentures were _awarded
$160 each 6 months from Sept. VI 1913 to Sept. 28 1914 inclusive, to Wood, Gundy & Co. of Toronto.
Canada, its Provinces and Municipalities.
650
THE CHRONICLE
DOMINION OF CANADA.-New Loan.-A dispatch from Ottawa to
the Toronto "Globe" says that the Minister of Finance is arranging for the
flotation In London of a Canadian loan of nearly $23,000,000 to replace the
loan of £5,000,000, bearing interest at 3 h %, negotiated in 1907, and
falling due on May 1 next. The new loan will, it is understood, bear 3M%
interest, and the Dominion stock issue is to be put on the market at 98.
The Bank of Montreal is making arrangements for the flotation.
ENDERBY. B. C.-Debenture Offering.-Proposals will be received until
7:30 p. m. March 25 by G. Rosoman, City Clerk, for $3,500 6% 20-year
local-Improvement debentures. Interest semi-annual.
FORT FRANCES, Ont.-Debenture Offering.-Proposals will be received
until 12 m. March 11 by J. W. Walker, Town Treasurer, for $9,000 5%
electric-light debentures, payable in 30 annual installments of principal and
int. on April 18 each year at the Canadian Bank of Commerce. Fort Frances.
GRANUM. Alta.-Debenture Sale.-The $2,500 street-impt. and $1,500
fire-dept. 5% 20-installment debentures offered without success on Oct, 31
1911 (V. 93, p. 1418) have been awarded, It is stated, to Nay & James of
Regina.
HUMBOLDT, Sask.-Debenture Offering.-Proposals will be received
until 12 m.April 1 by W.H. Stiles, Sec.-Treas.,for the following debentures:
$7,600 6% 20-year cement-sidewalk debentures.
2,500 5% 30-year hospital grant debentures.
Payable In annual installments of principal and Interest at the Union
Bank of Canada, Humboldt.
INGERSOLL, Ont.-Loan Election-Proposed.-An election will probably
be held, it is stated, to vote on a loan of $10,000 as a bonus to the Motor
Truck Co.
KINGSTON, Ont.-Loan Election.-A vote will be cast on March 11 on a
by-law providing for a loan to purchase the Cataraqul bridge.
LESLIE. Sask.-Debenture Sale.-Thls village awarded an issue of $1,500
7% 15-year debentures to Nay & James of Regina.
LUSELA ND SCHOOL DISTRICT, Sask.-Debenture Sale.-The National
Finance Co. of Toronto was awarded an Issue of $8,500 6% 20-year debentures, it Is reported.
•
MAGRATH, Alta.- Debenture Sale.-An issue of $11,000 5% 20-year
debentures has been awarded to Nay & James of Regina.
MERRITT, B. C.-Debenture Sale.-On Feb. 15 the $20,000 4 3i% 20year debentures (V. 94, p. 372) were awarded to Aemllius Jarvis & Co. of
Toronto at 90.17 and interest. Other bids follow:
Goldman & Co., Toronto
90.111DomInton See. Corp., Ltd., Tor.86.50
NEEPAWA. Man.-Debenture Offering.-Proposals will be received until
5 p. m. March 15 by J. W. Bradley, Secretary-Treasurer, for the following
debentures (V. 93, p. 1342):
$100,000 43i% water-works and sewer debentures. Denom. $1,000. Date
Jan. 1 1912. Int. J. & J. Due July 1 1941.
2,693 24 5% local-impt. debentures. Denom. $2,693 24. Interest
annually in November. Due 20 years.
OSBORNE SCHOOL DISTRICT NO. 2520 (P. 0. Carlstadt), Alta.Debenture Sale.-On Feb. 22 $1,500 6% 10-Installment school-bldg. debentures were awarded to the Alberta School Supply Co. In Edmonton for $1,517, making the price 101.133. Date Feb. 22 1912. Int. ann. In Feb.
M PORT ARTHUR. Ont.-Debenture Sale.-Reports state that $300,000
4 A% 20-year debentures were purchased at private sale by the Dominion
Securities Corp., Ltd., Toronto.
Debentures Voted.-The election held Feb. 20 resulted in favor of 13
issues of debentures, aggregating $149,900, the vote being as follows:
For. Against.
$6,000 Soldiers' Institute debentures
675
281
11,000 Arthur St. double-tracking debentures
788
173
155
2,300 Isolation Hospital debentures
783
1,800 Pearl St. sewer debentures
776
166
2,500 Waverly Park lookout-construction debentures
476
446
675
261
8,000 Current River bridge-completion debentures
114
6,000 Current River power-house elec.-pump Instal. deben_845
168
58,000 Bay and Algoma streets double-tracking debentures...807
5,500 fire-department debentures
865
99
190
759
13,000 Current River dam debentures
149
23,700 storm-sewer-construction debentures
734
313
614
5,600 fair-ground-siding-construction debentures
189
765
6,500 street-railway-extension debentures
PORT STANLEY, Ont.-Loan Election.-A by-law providing for a loan
of $22,000 to construct a water-works system will be submitted to the ratepayers, reports state, on March 11.
PRICE SCHOOL DISTRICT (Gull Lake), Sask.-Debenture Sale.
Nay & James of Regina have purchased $4,000 53i% 20-year debentures.
PRINCE ALBERT, Sask.-Debenture Sale.-The $8,000 debentures
voted on Jan. 1 (V. 94, p. 155) have been awarded to the city's Sink. Fund.
RURAL MUNICIPALITY OF ST. PAUL. Man.-Debenture Offering.Proposals will be received until 12 m. March 15 by W. Gorham, SecretaryTreasurer (P. 0. Bird's Hill), for $5,000 5% debentures. Int. M. & S.
Due March 1 1931.
ST. BONIFACE. Man.-Debenture Sale.-The Dominion Securities
Corp., Ltd., of Toronto, is reported as having purchased at private sale
$657,678 debentures.
STETTLER, Alta.-Loan Proposed.-Reports state that this place is
contemplating the Issuance of a loan of $1,107,280 for a sewerage system.
TEULON SCHOOL DISTRICT NO. 1093, Man.-Debenture Election.-It
Is reported that an election will be held March 9 to vote on a proposition to
Issue $5,000 6% 20-year debentures. V. W. McFarlane (P. 0. Stonewall)
Is Secretary-Treasurer.
TILLSONBURG, Ont.-Debenture Sale.-On Feb. 19 the $9,000 5%
20-installment local impt. debentures (V. 94, p. 509) were awarded to
V. A. Sinclair for $9,055, making the price 100.61. Other bids follow:
Wood, Gundy & Co., Tor__$9,049 00 W.A. Mackenzie & Co., Tor_ _$8,951
Brent, Noxon & Co., Tor__ 9,011 00 Goldman & Co., Toronto____ 8,934
C. H. Burgess & Co., Tor__ 9,007 00 Dom. Sec. Corp. Ltd. Tor__ 8,922
C. G.Leach
9,000 00 Canadian Deb.Corp. Ltd. Tor.8,910
R. C. Matthews & Co., Tor_ 8,952 00 Ont. Sec. Co., Ltd., Tor
G. A.Stlmson & Co., Tor__ 8,951 50 National Finance Co., Regina. 8%
87
2
38
Debenture Offering.-Proposals wIl be received until 8 p. m. March 4
for $25,000 5% 30-Installment public-school debentures. These securities
were offered on Feb. 19 as 4 Hs(V. 94, p. 509.)
TORONTO TOWNSHIP(P.O. Dixie), Ont.-Debenture Sale.-The $7,500
5% 30-Installment electric-light-plant debentures (V. 94, p. 299) have been
awarded to G. A. Stimson & Co. of Toronto.
TRAIL, B. C.-Debenture Offering.-Proposals will be received until
8 p. m. March 18 by W. E. B. Monypenny, City Clerk, for the $25,000 6%
school debentures offered without success July 17 1911 (V. 93, p. 975).
Interest semi-annual. Due July 3 1931.
VANCOUVER, B. C.-New Loan.-Newspapers state that the Vanco tt
ver City Council decided to sell f om $3.000,000 to $5,000,000 inscribed
stock on the London market at a gross price of 98.
INVESTMENTS.
NEW LOANS.
[VoL. Lxxxxiv.
MISCELLANEOUS.
$212,000
-CITY OF JOHNSON CITY, TENN.,
NATIONAL LIGHT.
HEAT & POWER COMPANY
30-Year 5% Water Works Bonds
Sealed bids will be received by the undersigned
until 7 p. m.,
MARCH 21ST, 1912.
for the purchase of $212,000 30-year 5% Waterworks Bonds, as a whole or in groups of $53,000.
These bonds are in $1,000 denomination; dated
June 1st, 1910; semi-annual interest; coupons;
first mortgage.
Certified check for 2 3,6% of bid required, payable to undersigned. Accrued interest to date
of delivery to be added to all bids. Right reserved to reject any or all bids.
Ask for financial statement.
WM. R. POUDER, City Treasurer.
GUARANTEED
BONDS All Issues
A. H. Bickmore SE Co.,
BANKERS
110 Pins Street,
Now York
$200,000
Charles M. Smith & Co.
Naugatuck, New Haven
County, Conn,
4% REFUNDING BONDS
CORPORATION AND
MUNICIPAL BONDS
Sealed proposals will be received until 8 P. M.
MARCH 5, 1912, by the Board of Warden and
Burgesses, for the whole or any part of $200,000
4% Refunding Bonds. Dated February 1, 1912.
Interest February and August. Due $10,000
annually on February 1st. from 1913 to 1932,
Inclusive. Bonds to
delivered and paid for
within twenty days from date of award. Certified check for 2% of bid required. Purchaser
to pay accrued interest. Right reserved to reject
any and all bids.
Full particulars may be obtained by addressing
Borough Treasurer, Naugatuck, Conn.
G. T. WIGMORE, Treasurer.
Bolger, Mosser & Willaman
MUNICIPAL. BONDS
Legal by Savings Banks,
Portal Savings and Trust Funds
81ND PDX
'Jar
19 South La Salle St.,
CHICAGO
ESTABLISH ED 1885
H. C. SPEER & SONS CO.
First Nat Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BOND9
nasT NATIONAL BANK BUILDING
CHICAGO
HODENPYL, HARDY & CO.
7 Well St New York
Railroad, Street Ry., Gas & Elec. Light
SECURITIES
ASSETS
REALIZATION
COMPANY
Capital $10,000,000
Will loan on security requiring special investigation
or close supervision, and
not available for bank loans.
Large enterprises financed.
Prompt investigation of
security offered, whatever
its character or location.
Correspondence Invited
NEW YORK
PHILADELPHIA
SS Broad St.
Lafayette Bldg.
CHICAGO
First National Bank Building
BLODGET SE CO.
BONDS
60 STATE STREET. BOSTON
BO PINE STREET. NEW YORK
STATE, CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD
BON DS
THE AMERICAN MFG. CO.
LIST ON APPLICATION
SEASONGOOD & MAYER
MANILA SISAL AND JUTR
Ingalls Building
CINCINNATI
CORDAGE
F. WM. KRAFT
65 Wall Street
-
New York
LAWYER
Specializing in Examination of
Municipal and Corporation Bonds
1311 FIRST NATIONAL BANK BLD0.1
CHICAGO, ILL.
Sutherlin & Company
MUNICIPAL BONDS
Commerce Building,
KANSAS CITY,
MISSOURI
@FedFRASER