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firtanttal
Die
OMinrrcVItl Ijtomde'
Bank & Quotation Section
Railway Earnings Section
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
NO. 2439
SATURDAY, MARCH 23 1912
VOL. 94
The Thranicle.
Week ending March 16.
Clearings at
1912.
..... PUBLISHED WEEKLY.
1911.
Inc. or
Dec.
1910.
1909.
$
Terms of SUbscription-Payable in Advance
292,245,748 272,321,595 +7.3 290,182,068 258,168,296
Chicago
$10 00
For One Year
26,444,700
25,469,750
25,131,350 +1.3
27,178,500
Cincinnati
6 00
For Six Months
13,719,609
18,609,450 +0.4
18,060,481
18,692,394
Cleveland
13 00
European Subscription (including postage)
13,090,345
18,171,010 +10.7
18,770,890
20,123,604
Detroit
50
7
European Subscription six months (including postage)
11,097,011
13,803,291 +6.7
12,698,525
14,725,460
Milwaukee
12 14s.
Annual Subscription in London (including pcstage)
7,454,752
8,674,711 -4.8
8,736,546
8,254,183
__
Indianapolis
21
118.
postage)
(including
London
Six Months Subscription in
5,486,600
5,274,200
6,953,100 -14.3
5,957,900
Columbus
$11 50
Canadian Subscription (including postage)
3,999,798
4,785,055
-9.2
5,628,120
5,109,519
Toledo
2,691,896
3,170,106
2,981,960 +29.9
3,872,925
Peoria
Subscription includes following Supplements2,590.707
2,827,666
+9.1
2,675,291
2,918,686
Grand Rapids_ _ _
1,991,571
2,208,561
+9.2
BANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly) Dayton
2,015,141
2,201,436
ELECTRIC RAILWAY(3 times yearly)
1,950,561
RAILWAY EARNINGS(monthly)
2,088,888
2,441,713 -7.1
2,268,413
Evansville
552,130
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
700,604
801,184 -12.0
705,401
Kalamazoo
1,261,519
1,214,519
1,290,332 +6.4
... _ _
1,372,912
Springfield,.
Terms of Advertising-Per Inch Space
827,251 '
1,043,169
931,926 +5.9
987,159
Fort Wayne __ _ _
$4 20 Lexington
648,349
800,563
1,513,232
1,232,629 +22.8
Transient matter per inch space(14 agate lines)
22 00 Rockford
789,445
(8 times)
919,091
Two Months
949,193 +35.8
1,289,456
29 00 Akron
675,000
Three Months (13 times)
1,008,000
+49.7
881,300
1,419,000
Standing Business Cards
50 00 Bloomington _
597,086
(26 times)
Six lAonths
690,987
794,754
747,863 +6.3
87 00 Quincy
558,982
744,011 +13.5
825,000
844,594
Twelve Months(52 times)
710,413
+52.4
1,104,475
1,521,279
_
1,683,802
Youngstown
4012.
Tel.Harrison
CHICAGO OFFICE-Pliny Bartlett,513 MonadnockBlock;
720,901
964,669
1,278,642
1,108,294 +15.4
Canton
C.
1
E.
ci6
Smith,
Gardens,
Drapers'
OFFICE-Edwards
LONDON
374,106
478,229
589,506 -5.5
556,989
Springfield, 0..
413,233
+11.7
468,453
563,034
570,036
Bend_
South
WILLIAM B. DANA COMPANY, Publishers,
374,152
420,932
394,228 +2.4
403,895
Mansfield
New York.
P.0. Box 058. Front, Pine and Depeyster Ste.,
418,345
558,283
372,762 +50.8
562,003
Decatur
435,279
469,569
481,584 +10.6
532,764
Danville
383,680
400,000
420,000 +42.9
600,000
Published every Saturday morning by WILLIAM B. DANA COMPANY, Jackson
261,912
321,892
333,813 +7.3
358,313
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Jacksonville, Ill_
238,619
260,423
346,187 +24.8
432,465
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lima
423,174 +26.0
533,037
Lansing
110,279
185,511
169,182
+5.3
178,196
Arbor
Ann
28,500
38,064
56,496 -52.3
28,836
Adrian
CLEARING-HOUSE RETURNS.
500,000
+7.0
442,920
473,689
Owensboro
&o., indicates that the
rr The following table, made up by telegraph,
359,065,117
+6.4
409.770,723
week
for
United
393,790,825
Mid.West.
the
418,957,187
States
Tot.
of
houses
clearing
all
of
clearings
bank
total
ending March 23 have been $3,233,430,478, against $3,296,225,981 last .San Francisco_
37,965,222
46,758,888
50,463,243
47,823,877 +5.5
week and $2,738,665,667 the corresponding week last year.
13,586,995.
16,553,562
23,343,741
Los Angeles
18,553,837 +24.7
10,310,671
13,362,481
14,253,542
12,311,103 +15.8
Seattle
9,000,000,
12,918,175
15,754,694
15,594,057 +15.9
Portland
Clearings-Returns by Telegraph.
5,330,997
6,453,531
Cent.
7,390,269
1911.
5,361,377 +37.8
Salt Lake City_ _
1912.
Week ending March 23.
3,571,911
4,765,503
4,751,427 -9.1
4,320,634
Spokane
5,321,296
5,350,127
5,256,086 -9.2
4,773,569
$1,532,327,706 $1,274,718,722 +20.2 Tacoma
New York
3,474,162
1,703,236
3,299,770 +10.7
3,651,313
144,025,908 • 120,945,153 +19.0 Oakland
Boston
1,215,446
945,733
1,494,247 +2.1
1,536,585
113,273,971 +16.0 Sacramento.
131,378,212
Philadelphia
849,066
1,481,573
1,705,854 +77.6
3,029,265
+9.7 San Diego
24,453,155
26,814,211
Baltimore
434,440
406,746
426,835 +31.7
562,036
218,720,439 +13.6 San Jose
248,401,075
Chicago
536,151
439,502
618,044 +14.7
708,948
+2.8 Stockton
62,082,873
63,823,104
St. Louis
457,165
689,797
745,314 +24.6
928,846
14,577,953 +11.7 Fresno
16,290,128
New Orleans
1,056,754
923,131 -5.8
869,510
Pasadena
550,000
442,350
470,022
476,293 -1.3
$2,163,060,344 $1,828,772,266 +18.3 North Yakima
Seven cities, 5 days
225.000
230,265
242,065 -7.9
222,842
465,439,289 +14.0 Reno
530,387,263
.....
Other cities, 5 days
90,583,586
Total Pacific.... 132,279,059 117,583,367 +12.5 115,803,161
$2,693,447,607 $2,294,211,555 +17.4
Total all cities, 5 days
45,377,644
54,030,330
442,454,112 +22.0 Kansas City __
50,797,756 -6.8
539,982,871
47,347,038
All cities, 1 day.
16,363,018
19,385,608
20,419,540
18,828,534 +8.5
Minneapolis.
15,776,718
18,964,587
$3233430478 '$2 738 665 667 +18.1 Omaha
15,664,911
16,486,930 -5.0
Total all cities for week
8,253,334
11,430,937
10,632,513
10,679,727 -0.4
St. Paul
9,232,350
10,340,765
8,850,358
8,369,026 +5.7
The full details for the week covered by the above will be given next Denver...
6,501,706
7,671,015
8,873,843 +5.6
9,370.585
Saturday. We cannot furnish them to-day, clearings being made up by the St. Joseph
3,860,532
4,604,656
4,400,000 +20.0
6,280,000
clearing houses at noon on Saturday, and hence in the above the last day of Des Moines _
3,000,404
3,713,227
3,241,064
3,024,657 +7.2
Sioux City
the week has to be in all cases estimated, as we go to press Friday night.
3,113,104
1,974,408
3,078,109 -2.1
3,013,220
We present below detailed figures for the week ending with Saturday, Wichita
2,752,085
2,141,004 +17.9
2,524,502
Duluth
noon,91arch 16 for four years.
1,751,461
1,855,690
1,679,797 -4.2
1,608,073
Lincoln
1,144,501
1,430,862
1,407,889 -0.6
1,398,573
Davenport
1,474,870
1,347,727
Week ending March 16.
1,560,969 ---6.7
1,455,893
Topeka
916,329
1,589,912
1,403,521 -1-3.3
1,450,000
Cedar Rapids _
Clearings at
755,407
1.073,870
Inc. or
869,289 +17.4
1,020,212
Fargo
887,567
737,552
1909.
1910.
Dec.
1911.
641,743 +13.8
730,577
Colorado Springs
1912.
518,048
702,968
649,662
Pueblo
608,788 +6.7
473,115
369,489
$
$
Fremont
317,390 +6.2
337,008
$
%
$
1,186,290
1,605,764 ---10.2
1,441,447
1,895,358,342 1,736,712,603 +9.2 2,146,677,342 1,644,786,337 Waterloo
New York
868,269
849,924
1,031,458 ---25.4
771,000
163,547,199 159,635,566 +2.5 175,720,228 114,618,092 Helena
Philadelphia __
170,653
36,578,028 Billings ..
182,504
45,458,184
101,686 +126.6
230,454
48,107,606 -1.6
47,315,225
Pittsburgh
..
24,032,083 Hastings
185,000
29,963,391
148,912
176,418 ---15.6
31,406,364 +9.7
34.435,028
Baltimore
376,612
7,511,895
-3.6
9,043,941
346,041
+1.6
333,577
Aberdeen
9,108,319
9,252,847
Buffalo
6,180,819
6,872,903
6,729,981 +10.3
7,422,298
Washington
Tot. oth.West_ 137,919,119 138,430,339 -0.4 146,894,714 119,298,334
4,506,971
6,109,138
5,216,540 -11.2
4,629,702
Albany
3,124,072 St. Louis
68,455,998
76,886,550
3,684,188
4,006,306 +1.8
74,403,445 +3.7
77,148,381
4,080,048
Rochester
16,270,302
2,003,988 New Orleans....
19,481,538
2,368,429
18,134,049 +10.9
2,512,524 +8.1
20,109,109
2,716.818
Scranton
1,759,452 Louisville
15,272,668 ,
12,991,389
2,302,229 -1.7
2,016,885
14,247,505 +0.8
...
2,262;894
14,355,091
Syracusej
15,025,959
13,180,866
1,295,988 Houston
1,479,683
11,899,492 +48.4
1,412,695 +16.9
Reading
17,654,503
1,651,554
6,638,000
6,220,500
1,167,712 Galveston
1,523,478
1,450,403 +12.1
6,856,500 +35.6
Wilmington
1,625,402
9,300,000
6,522,505
8,000,000
1,000,576 Richmond
1,217,230
7,356,428 +10.6
Wilkes-Barre _
1,570,190 -12.7
1,373,121
8,137,984
6,158,611
1,619,647 Fort Worth
1,868,498
6,549,539
1,842,307 +57.8
5,479,876 +2.9
Wheeling
2,907,366
5,638,738
4,969,827
1,376,936 Atlanta
11,072,819
1,437,344
1,778,122
1,380,303 +28.8
14,103,244
12,285,802 +14.8
Trenton
.
4,967,091
743,582 Memphis
8,325,989
843,789
985,172
883,353 +11.6
7,212,942 +5.6
7,615,013
York
3,003,071
654,804 Savannah
3,989,256
797,182
881,032
853,672 +3.2
3,973,358 +40.6
5,588,035
Erie
3,895,563
460,700 Nashville
4,026,899
430,500
625,500
644,700 -3.0
3,958,915 +34.8
Binghamton _
5,342,790
2,981,731
2,563,683
391,347 Norfolk
422,487
461,778
550,885 -23.2
2,820,580 +17.1
Greensburg
3,303,885
1,884,902
2,381,027
397,161 Birmingham ___
493,443
436,066
482,863 +2.2
2,457,213 +15.4
2,836,721
Altoona
1,459,663
388,212
1,928,849
485,181
509,622
-19.9
-14.5
567,486
2,175,717
Chester
1,741,191
Augusta
1,571,691 '
1,610,679
1,544,977
1,051,994 +48.9
1,761,255 +16.3
Lanca.stei
2,048,022
Knoxville
1,850,514
2,318,678
3,208,812 +10.1
3,534,411
Jacksonville _
1,541,151
1,779,433
2,438,919,799 1,854,598,902 Chattanooga 1,925,925 +21.4
2,338,491
F Total Middle._ 2,185,793,758 2,018,429,889
1,737,849
1,777,771
1,903,854 +13.8
2,166,145
Little Rock
1,365,000 174,819,199 166,353,351
1,259,492
166,483,924 151,145,560 Mobile
1,566,564 -8.5
1,432,940
Boston
1,350,000 ,
8,255,800
1,954,769
6,818,400 Charleston
8,270,820
7,642,500
1,532,577 +28.3
1,966,247
Providence
1,490,226
4,689,161
2,524,993
3,175,104 Oklahoma
4,533,164
5,325,938
2,223,282 --27.5
1,612,594
Hartford
692,328
1,044,456
3,335,128
2,540,628
2,180,066
2,453,152
+32.2
3,101,926
4,100,000
Haven
New
Macon
637,896
2,196,771
2,701,631
1,865,405 Austin
2,193,760
2,400,000
4,281,657
2,706,434 +58.2
Springfield
.....
250,601 t
1,717,679
374,708
1,908,986
1,593,615 Vicksburg
1,686,854
360,979
289,947 +24.5
Portland.
348,858
515,394
2,405,151
2,620,187
1,703,589
2,451,685
+22.7
790,397
644,034
Worcester
WIlmington,N.C
1,037,802
406,000 !
550,000
11241,583 Jackson
1,115,195
1,013,954
441,678
540,000 -18.2
Fall River
1,257,364
869,604 Tulsa
1,165,757
960,785
700,809 -7.6
647,790
New Bedford__
532,561
570,170
435,773 Muskogee
589,756
738,976 +12.9
833,575
Holyoke
564,353
490,878
479,545
638,515
Lowell _
Total Southern 219,429,611 196.106.217 +11.9 196,921,085 170,329,849
378,307
427,940
Bangor
3,296,225,981 3.056,343 624 +7.8 3,498,982.961 .765,385.16g
Total all
Total New Eng. 201.847.247 192.002.987 +5.1 191.673.470 171.810.377
+6.2 1,352,305.886 1,120,598.828
Outside N.Y__ 1,400,867,637 1,319,631,021
Note -For Canadian Clearings see I:Commercial and Miscellaneous News"
4.
kor.M.OrMOMD;
4_
I +4+
+++
•
786
THE CHRONICLE
OUR MONTHLY RAILWAY EARNINGS
SUPPLEMENT.
IV0L. Lxxxxiv.
THE FINANCIAL SITUATION.
In his Carnegie Hall speech of Wednesday evening
The elaborate statistical data contained in our Mr. Roosevelt showed himself at his worst. While he
may overestimate the relative voting weight of the
monthly "Railway Earnings Section," or Supplement, mob element, no one better understands its quick re:are presented to-day in an entirely new and greatly sponsiveness to masked inflammatory appeals, and
he p'ayed upon that responsiveness with amazing skill.
improved form.
He is a master in the misuse of language, and can
The figures are printed in larger type, and the re.
make it conceal not thought merely but the absence
turns of the separate roads are given in such a way of thought. In suppressing part of a case and misthat they stand out with great distinctness and promi- stating the remainder he has an unmatched adroitness. As witnesses in his own behalf, he cites the
nence.
Bar Association, a present Justice of the Supreme
As is known, in this publication we give the figures Court and Lincoln himself, and twists every citation
of earnings and expenses for the latest month (this out of shape. In picking out phrases from Mr. Taft,
disregarding the context and perverting the intended
time the month of January) of every operating steam
meaning, he is only playing his usual part.
railroad in the United States which is required to file
His cleverness at coining a vacuum into a specious
monthly returns with the Inter-State Commerce Com- proposition was shown anew, for his ostensible theme
mission at Washington. We are enabled to give the re- —that the people have full right and fitness to govern
themselves—merely affirms what has stood unchalturns in the present better shape because of the recent lenged for more than a century. "My opponents," he
action of the Commerce Commission in relieving roads says, "do not believe in the fitness of the people for
whose income falls below $100,000 per year from the self-government." No man anywhere has so much
as implied anything of the sort. At the beginning,
requirement to file returns, except where they are con- the people asserted this right
and fitness of selftrolled by other carriers. This eliminates a number government, under certain methods of deliberation
of minor companies and affords more room for the and restrictions imposed by themselves upon themRoosevelt's flow of rhetoric
remaining companies. These minor companies were selves; and now, if all Mr.
and juggling of phrases in the air is reducible to any
of very little consequence, anyway, and with them definite statement, it means that the people, or the
omitted we will still have 97% of the entire railroad most vociferous portion of them, should disregard the
methods so carefully established long ago and should
mileage of the country.
attempt to govern themselves by viva voce shouting,
Among the other improvements made, we discard
according to their varying impulses from time to time.
entirely the index to the roads that do not appear The one thing which Mr. Roosevelt has thoroughly
under their own name, which used to be given on the shown (if any doubt of it remained) is his own ack
last page of the "Railway Earnings Section." This of fitness to rule or even to advise.
Unhappily, there is small reason to hope that the
index is now strung along at the foot of each page. Democrats will
recover their sight and have the disThis is obviously a great advantage, for if a road does cernment to present a genuine issue; the course in Connot appear under its own name in proper alphabetical gress, where each side is trying to play the campaign
order,it is only necessary to glance at the bottom of game and wrest something from the other which will
serve as a successful lure for votes, seems to forbid
the page and see under what name the road can be faith that anything saner than a choice between radifound.
cal and more radical will be offered. Yet there is an
Perhaps the greatest improvement of all is that we interesting question of what effect all this will have
supplement the returns of the Inter-State Commerce upon Mr. Taft in his second term, assuming for the moment that he will succeed himself. His bent and trainCommission with the companies' own statements ing are judicial and his desire and ambition looked
where these differ from the Commerce returns or give towards the Supreme Court. Mr. Roosevelt interfixed charges in addition to earnings, or where they vened with a mingled persuasiveness and resistance,
turned him into other directions (notably to the Philhave a fiscal year different from the June 30 year, as
ippines administration, where he subordinated his own
is the case with the New York Central Lines, the Penn- wishes and comfort to public duty), and finally transferred to him the highest office on earth. Mr. Taft
sylvania RR., and others.
ILFrom the day of the appearance, in 1909,of the first took the Presidency in 1909 under the double disadvantage of a long and close association with Mr. Roosenumber, our "Railway Earnings" Section has been
velt (an association which inevitably tended to impair
unique. With the additions and changes now made, the soundness of any man's political understanding)
it becomes an absolutely complete compendium of and also of having incurred a political debt. We canthe monthly returns of earnings of steam carriers in not wonder that he looked upon Mr. Roosevelt as in a
sense his creator and patron, and that he conceived
the United States. No monthly report of any steam
himself bound to carry along the "policies" which
road, in whatever shape issued, will be found missing came with the office.
Now the "inheritance" is past and gone. Whatever
in it. In this respect,like so many ofithe "Chronicle"
publications, it is sui generis. Nothing to com- political debt existed is paid and canceled. From
this time forward Mr. Taft owes nothing to his politipare with it can be found anywhere in the world.
cal discoverer and patron; so far as that goes, he is free
MAR. 23 1912.]
THE CHRONICLE
787
ultimate yield the Census Bureau's report foreshadows
for 1911-12 is 16,050,819 running or standard bales,
this including linters, re-packs, &c., and also an estimate of 239,146 bales to cover the probable amount
ginned from March 1 (the date to which the report is
brought down) to the close of the season. The
average weight of the bales as marketed is stated,
moreover, as 504.8 pounds gross, or 3.1 pounds heavier
than in 1910-11. Bearing in mind the fact that
the Bureau's final report, as a rule, falls short of the
aggregates of what is termed the commercial crop
(i. e., the amounts marketed between September 1
and August 31) there is a disposition, of course, to
consider the total given as a minimum approximation. This view, furthermore, is strengthened by
the fact that considerable cotton is now, or was
quite recently, in the fields in Atlantic sections,
especially in North Carolina. Investigating this
phase of the season's developments we have learned
from a valued correspondent _within the last ten
There seems to be no positive limit to the number days that to his knowledge more cotton remained in
and reach of propositions for new tax subjects or for the fields at Christmas in his section of North Carolina
using taxation to promote objects outside of revenue than ever before known (from 5 to 15%,he estimates),
which are supposed to be desirable. One of the latest and up to the time of writing (March 13) no picking
is in the Massachusetts Legislature, and would impose had been done since.
The only further direct comment we have to make
on bachelors of more than 35 years an annual tax of
$5, the proceeds to be for the benefit of spinsters who upon this final ginning report is that it indicates a crop
are supposed to have drifted down the stream of time fully 4,000,000 bales greater than that of 1910-11,
beyond the hope of reaching the married state. Legis- about 2M millipn bales in excess of the previous record
latures sometimes have an hour of relaxation, in which yield (that of 1908-09) and approximately 13/ million
various extreme measures are brought forward satiri- bales larger than as estimated by the Department of
cally or jocosely. This one might be supposed to fall Agriculture last December. There is of course no
in that class, yet a serious hearing was actually held occasion now to doubt the adequacy of the year's
upon it before a legislative Committee on Taxation, yield, notwithstanding a shortage in the supply from
and it is not reported that any face relaxed its expres- India and Egypt (which, by the way, promises to be
sion of seriousness. It was urged on behalf of the much less than at first expected) to meet the increased
proposed tax that it would tend to equalize the pro- consumptive requirements of the world. On the
portion of the sexes in the State's 'population, would contrary, not only should all demands be satisfied, but
encourage home-making and aid real estate business, a considerable quantity remain to go to augment the
would reduce the number of women who must now .surplus stock as it stood on Aug.31 1911. This last
earn their own living and so forth, although there seems in itself is a very gratifying feature of the situation,
to be no mention of the possible influence towards as with consumption going on at the present rate, and
as probable further increase, and with the staple ruling
preventing race suicide.
on a fair basis of value, a large surplus to draw upon
inanybody
like
solemn
and
sounds
trifling,
this
If
quires what right has the State for attempting to in- is very necessary and desirable. As matters stand
terfere with individual freedom by a punitive tax, now the visible supply of cotton is 1,380,272 bales
it is hard to see how this proposition is intrinsically greater than at the same time a year ago and the exless defensible, or is a greater perversion of the tax- cess is more likely to increase than decrease as the
power from its original purpose of providing needed season progresses. Furthermore, English and Conrevenue, than some other propositions of the past, tinental mills, according to Mr. Ellison, held in stock
and even of the present, in this country. If a part of on the first of March 347,000 bales more than at date
the people can be selected for a tax, and if the plea of in 1911. It is therefore quite likely that at least 2,000,non-discrimination can be sustained because an entire 000 bales from the aggregate yield of the cotton-proclass and not a few individuals are selected, or if taxa- ducing countries of the world in 1911-12 will go to
tion can be used as a club by which people can be swell the previously existing surplus supply.
delicately persuaded towards a certain course which
Expansion in both the outward and inward flow of
is assumed to be for the general welfare, why might not
such a tax as this be deemed admissible? At least, it merchandise is indicated by the official statement of
serves as another hint of the current drift towards the foreign trade of the United States for February
the doctrine that the rights of the individual vanish 1912, and in each case new high records for the period
before and are all merged in the powers and' welfare are established. The gain shown, however, is maof the whole people. As we are vociferously entreated terially greater in exports than in imports, so that the
nowadays to observe, the People have the right to net result is a balance in our favor much above the
monthly average, and which has been exceeded but
rule.
once in February—in 1908, when there was a marked
Cotton-crop estimates that not long ago were shrinkage in imports due to the depression prevailing
received with incredulity, because of their great here.
The merchandise exports, at $198,875,428, are
magnitude, have been more than confirmed by the
final ginning report of the Census Bureau for the better by 23 million dollars than in 1911 and 74X
season of 1911-12, issued on Wednesday last. The millions better than in 1910, and indicate a noteworthy
and independent. Unembarrassed by others, he
tends to weigh cases, to balance considerations carefully, and to move with conservative slowness. That
he has not been conservative thus far is plain, but his
error has been in attempting to play the politician, a
part for which he was never designed.
It is a fair question now whether, under the widely
changed conditions in which he will find himself in a
second term, according to the signs of to-day, he may
not turn towards the conservative views which are
natural to him. The latest propositions of radicalism,
concerning judges and decisions, are unspeakably abhorrent to him, we know. May not the position of antagonism which is forced upon him more and more
savagely by his former intimate supporter, and his own
shrinking from what he sees would be the result of
adopting such thohstrosities of doctrine, tend naturally
to make Mr. Taft hold back from the radical rush and
try to restore the country to sobriety and peace?
'788
THE CHRONICLE
Lxxxxiv.
increase in the outflow of manufactures and other additional light on the recent financial developments in
commodities not covered by the advance statements the German Empire. Germany, the report says,
the Government issues from month to month. Of the made in 1911 steady advances in all branches of trade
February 1912 export aggregate, 96% million dollars and industry, but the money market and the Bourse
is accounted for by breadstuffs,. cotton, cotton-seed were disturbed by the necessity of "paying back foreign
oil, provisions, cattle and hogs and mineral oils, loans of large amounts at a.time when increased wages
leaving over 100 millions as the measure of the outflow and increased prices had already increased the autumn
of all other descriptions of merchandise. Cotton ship- demands." Therefore, the "German money market
ments, quantitatively stated, were more than 50% found itself to a larger degree than usual thrown upon
greater in the month this year than last, reaching its own resources." As a result there was great expan1,241,994 bales, against 790,131 bales; but as a conse- sion of the demands upon the Imperial Bank comparaquence of the materially lower prices,the values repre- able with the tension of 1907. The pressure at the
sented is only 73/ million dollars in excess of a year ends of quarters was even far greater than in 1907.
ago-653/ millions, against 58 millions.
The report states that there were large resources of
The other commodities sent out in February 1912 cash, and especially gold, at disposal, and that when
register 163. million dollars increase over 1911 and "the large foreign demands for payment had to be
much greater gains over earlier years. In fact, it is satisfied, it was found possible by the issue of foreign
the expansion in the outflow of these, and especially of bills to prevent an excessively sharp rise in the rates
manufactures, that constitutes the most encouraging for bills." A recent article • in the "North German
feature of our foreign trade. Ten years ago—in Feb- Gazette" observes that although the German Bank
ruary 1902—the aggregate shipments of these articles rate was altered only three times last year and did not
reached a value of only 453/ million dollars; now it is rise above 5%, there were only two occasions during
102 millions. For the eight months of the fiscal year the fourth quarter of the year when the issue of notes
1911-12 the exports of all kinds of merchandise at did not exceed the amount of the tax-free quota, al$1,506,027,907 also make a new high mark for the though the quota was much higher than the preceding
period, exceeding 1910-11 by 713/ millions.
year, the new bank law (which we explained in our
Imports of merchandise, at $134,217,910 in Feb- issue of Dec. 30 last) having come into force.
ruary 1912, exceeded 1911 by over 12 millions and
In characteristic way preparations are being made
were moderately above the total for the month in 1910. to see that Germany's banking position is strengthened
For the elapsed portion of the fiscal year 1911-12 the so that there shall not be a recurrence of the strain of
inward aggregate, at $1,047,159,706, is also a record, the closing months of last year. This necessarily inexceeding 1910-11 by 32 millions, 1909-10 by 25% volves a steady progress of reconstruction and of
millions and 1908-09 by no less than 231 millions. thorough work for which German temperament is so
The net result of our February foreign trade is a mer- admirably adapted. Germany, as the Imperial Bank
chandise export balance of $64,657,518, a total ex- so well says, has been making steady advances in all
ceeded on y in 1908, and comparing with a similar branches of trade and industry. But these advances
balance of 543/ millions in 1911 and an import balance have very largely been with the aid of foreign capital.
of 53 millions in 1910. The eight months' balance of It will necessarily be a difficult matter for the German
exports is $458,868,201, at which figure it stands 40 banks to themselves provide ample capital for the
millions above that of 1910-11, and has been exceeded continued progress of national activity and at the same
in only two years-1900-01 and 1907-08—the record time build up their own resources and curtail the volbalance of the last-named period (the time of re- ume of credit that has heretofore been granted to indusstricted imports) being only 57 millions above that trial and speculative enterprise.
of 1911-12.
New York banking interests are expecting, therefore,
Gold exports for February were much above the a sustained demand upon this centre by Germany for
recent average magnitude, the outflow being largely funds so long as the present abundance of money perirom New York and almost wholly to France and mits us to be the most advantageous market for GerSouth America. Imports, on the other hand, were of man borrowers. There is, however, a disposition to
only moderate proportions. The outcome of the view recent reports of the large amounts of American
movement, consequently, was a net efflux of $7,652,- money that:has been loaned in Germany as being active
021, making the balance of exports for the eight exaggerations. As we observed last week, the Prusmonths of the fiscal year $4,685,334, this contrast- sian loan of 80,000,000 marks, a large part of which
ing with net imports of $44,574,161 in the like period was placed here last October, will be paid off at
of 1910-11, and net exports of $49,000,903 in 1909-10 maturity on April 15, but it is considered probable that
and $13,558,627 in 1908-09.
new borrowings will more than use up the proceeds.
The references that are so frequently heard of a treBerlin seems the storm centre in the international mendous trade balance having grown up abroad in
money markets at the moment. Bankers at New York favor of our own country also undoubtedly contain a
are watching developments there with keen interest, and high degree of exaggeration. We,like Germany,have
the fact that German bankers have been bidding 6% developed our resources and our industrial activities
for New York funds to carry into the new quarter has very largely with the aid of foreign capital. This was
caused some fears here that there may be a repetition the case a few years ago much more than it is to-day;
of the conditions that attended the end of the Decem- but the old obligations still continue in the form of
ber quarter when, our readers will recall, 20% was in bonds and other securities and require the periodical
instances paid for short-term funds. We have recently transfer of large sums for dividend and coupon payreferred at some length to the attitude of the President ments. We are far from being a creditor nation. The
of the Imperial Bank of Germany in insisting on balance left over by the excess of our merchandise exstronger reserves and greater caution in the creation ports over our imports loses a great amount of its imof credit by the private banks. Copies of the report por ance in this and other charges; such as freight
of the Imperial Bank are now at hand, and contribute payments for transporting our exports, the sums paid
MAR. 23 1912.]
THE CHRONICLE
739
was a declaration that Britain is determined to maintain its naval supremacy at any cost. He laid down
a sixty per cent superiority in battleships and battle
cruisers of the Dreadnought type as compared with the
German Navy as a convenient basis for the next four
or five years. It would be necessary, Mr. Churchill
said, "to construct four and three Dreadnoughts
every year, alternately, for the next six years. If
we are now, as it seems, to be confronted with the
addition of two new German ships in these six years,
we propose to meet the addition upon the higher ratio
of superiority by laying down four additional ships in
the same period. Any retardation or reduction of
German construction would be promptly followed by
a proportionate measure of reduction in Great Britain."
Mr. Churchill illustrated this point by supposing that
both countries took a holiday in the year 1913. If
Germany did not build her proposed three ships, she
but
In a mild way European financial centres have would not only save $30,000,000 or $35,000,000,
fewer
no
out
again been disturbed by intimations of an inter- her action would automatically wipe
would
national political strain in Europe. Usually con- than five British super-Dreadnoughts, which
in
actual
do
to
could
hope
Germany
than
servative London press correspondents have sent be more
is our
cable dispatches saying that an acute crisis is engaging warfare. The First Lord continued: "This
in
gainers
be
not
will
Germans
the
on—that
posit
came
the attention of diplomatic circles. These cables
and
make,
may
they
increases
any
by
power
naval
to
failed
events
early in the week, but subsequent
down
show definite developments that could be associated will not be losers from the basis I have laid
plain plan
perfectly
a
is
Here
s.
any
diminution
by
enough,
singularly
and
affairs,
of
state
a
such
with
without definite explanation, a much improved and arrangement by which, without diplomatic nesituation appeared to be current in foreign diplomatic gotiations, without bargaining, without the slightest
circles at the close of the week. Under these cir- restriction of the sovereign freedom of either Power,
cumstances it is not worth while to more than briefly this keen and costly naval rivalry can at any time
epitomize the various disquieting rumors that were be abated."
Mr. Churchill's speech, we are told by press cables
current. These included,first, that friction had again
not receive a reception in Berlin favorable to
did
Germany;
and
Britain
broken out between Great
ing. Considersecond,that the relations between France and Spain an Anglo-German naval understand
operators
Berlin
Bourse,
the
had reached a point of high tension as a result of able weakness ensued on
unfriendly
extent
to
a
certain
as
speech
the
regarding
for
failure to agree upon Spain's claims for indemnity
damage to her rights entailed in the settlement of the to Germany. But it is difficult to see why Mr.
Moroccan dispute between France and Germany; Churchill's attitude should not be regarded in a
third, a renewal of border disputes between Turkey friendly light. Both Germany and Britain are
Churchill's statement
and Greece; fourth, complications resulting from the severely tax-ridden and Mr.
ready to join in a
is
t
Tripolitan war as a result of the decision of Russia that the British Governmen
on naval armaeconomy
to resist any blockade by Italy of the Dardanelles movement for world-wide
its present
increase
to
attempting
or any aggressive naval operations in the vicinity; ments without
official
Germany's
with
in
line
clearly
is
power
of
ratio
and,fifth, the concentration of Russian troops in the
1917
to
1912
from
that
required
which
of
1908,
Act
frontier,
Caucases and Turkish troops on the Persian
small
two
and
cruiser
one
and
battleship
one
only
PetersSt.
ons
between
which suggested complicati
burg and Constantinople on account of the Persian cruisers should be begun every year.
But as yet Germany has not any disposition to
question.
With one exception, all these reports which we have modify its own naval program in accordance with Mr.
bills
thus summarized failed, later, to show definite sub- Churchill's proposals. The new army and navy
yesat
Berlin
Council
Federal
the
to
stance. The exception concerned the naval jealousies were submitted
an
calls
for
bill
naval
The
alteration.
19,
without
terday
March
of Britain and Germany. On Tuesday,
batadditional
three
which
for
squadron,
of
the
extra
battle
Lord
First
Churchill,
the Right Hon. Winston
British Admiralty, introduced in the House of Com- tleships and two cruisers are to be constructed before
mons the naval estimates for the new fiscal year. 1920.
The new appropriations called for $220,427,000, a
Having been unsuccessful in securing a settlement
decrease of $1,535,000 from the amount spent last
year. Mr. Churchill accompanied the introduction of the British coal strike by means of compromise,
with an obviously frank notice to Germany that it Premier Asquith on Tuesday introduced into the House
would be the latter's own naval program that would of Commons his Minimum Wage bill. It was a
determine whether the British appropriations—and measure, he said, that would provide for the payment
consequently naval construction—would be aug- of a minimum wage to persons employed underground
mented or retarded. He regretted, he added, the and would include the arrangements incidental to the
necessity of referring to Germany, but said: 'Ile measure. It was read for the first time immediately
Germans are a people of robust minds, whose strong after introduction, for the second time on Thursday,
masculine good sense and high courage do not recoil and is now in committee stage with the probability
from, and are not offended by, plain, blunt state- that it will be passed to-day or on Monday. The
ments of facts if they are expressed with courtesy Miners' Federation insisted that specific figures be inand .sincerity." In brief, Mr. Churchill's statement corporated in the measure as the minimum wage. This
abroad by our tourists, and otheritems that will readily
occur to the thoughtful student. We undoubtedly
have a balance abroad subject to recall when interest
rates on this side justify the transfer. But this balance
certainly does not run into the hundreds of millions
of dollars—figures frequently stated in loose talk
concerning the influence of American banking abroad.
If all this be true, the fancied re-enforcement of the
local money situation through the return of the supposed extraordinary balances held abroad is correspondingly exaggerated. If money rates were to advance in New York, the effect would, no doubt, be to
draw back money that has been loaned to London and
Germany, but in the opinion of many of our banking
authorities, it would be found that these funds would
not return in anything like the volume that seems to
be popularly expected.
790
THE CHRONICLE
[VoL. Lxxxxiv
the Premier has refused, and President Edwards of the Government held an absolutely even balance between
Miners' Federation yesterday (Friday) notified Mr. the disputants. The Government, he said, had tried
Asquith that the bill would not be satisfactory and that by every form of persuasion and argument to negotiate
miners would not return to work on Monday in accord- to bring the parties to an agreement, but had failed;
ance with what seems to have been a tacit agreement and it could not allow the population and industries of
between the Government and the labor leaders. Wiser the country to starve. Sir Edward Grey, Secretary
counsels are expected to prevail, however, and the of State for Foreign Affairs, denied that the bill would
Government last evening renewed negotiations with the cause trouble in the future. It would not make trade
mine-owners and the miners to induce the latter to struggles easier to avoid by refusing to face the new
accept the specific wage they 'desired without having circumstances that had arisen. Within a few weeks,
it actually incorporated-in the bill. In other words perhaps days, they would be dealing, not with the
the Government's plan is to induce the owners to cause, but with the terrible consequences of the strike.
promise to pay 5 shillings a day minimum to adults That was why the Government had introduced the
and 2 shillings a day to boys, and then induce the bill.
workers to return to the mines on this basis. This,
obviously, would leave the bill, if enacted, of little
Outside interest in the affairs of China has now passpractical value. The House of Lords is expected ed very largelyfrom the military to the .financial stage.
to promptly endorse the bill as soon as it passes China, while negotiating with the so-called "Six
the Commons. The miners would apparently have Nation" group of bankers, accepted a loan of £1,000,been satisfied if the Government had inserted in 000 from the Anglo-Belgium syndicate. This "Six
the bill that the minimum wage should be 5 shillings Nation" agreement, it may be explained in passing, is
a day for an adult and 2 shillings a day for boys. the same as the "Four Nation" agreement, which
Meanwhile the , industrial situation in the United provided funds for China before the revolution. This
Kingdom is becoming increasingly strained and syndicate, as a result of protests by Japan and, supdepressed. Every day sees further curtailment of posedly, by Russia, admitted representatives of these
business and railway services. On some of the north- two countries into the syndicate on equal terms with
ern lines all freight trains have been abandoned. themselves. The "Six Nations" are the United States,
Latest cables contain the estimate that besides the one Great Britain, Germany, France, Russia and Japan,
ml lion miners on strike, nearly two million other and at a meeting of their representatives in Peking on
persons have been forced into idleness as a result of Thursday it was decided to obtain from President
the closing down of factories and other interference of Yuan Shi-Kai a definite statement as to China's finannational activities, due to the scarcity of fuel. At the cial policy, with a guaranty of good faith, before proSouthampton docks alone tonnage amounting to ceeding to make further loans. They also threatened
100,000 tons is lying idle, including the ocean liners to cancel all provisional arrangements regarding weekly
Oceanic, Majestic, St. Paul, New York and Phila- advances to the Peking Government unless the Anglodelphia.
Belgium loan were canceled. "It is understood,' says
The Government's bill on Thursday passed its second the Peking correspondent of the "London Daily Telereading by a vote of 348 to 225, the Laborites and graph," "that most of the latter loan, though nominNationalists voting with the Liberals. The Oppo- ally Belgian, is being advanced by a well-known
sition was under the leadership of the Right Honorable London house having great Eastern interests."
A. J. Balfour, former Unionist Premier, who, it was
stated, had consented to move the rejection of the
Mr. Knox, our Secretary of State, is continuing his
bill at the request of Mr. Bonar Law, the formal leader trip among Central American countries. Advices
of the Opposition. The opposition to the bill, from the Nicaraguan capital tell of an alleged elaborate
however, was obviously perfunctory and was de- plot to assassinate Mr. Knox and of two other alleged
signed primarily to decline responsibility for the plots, the details of which are rather hazy. The first
Government's measure. Mr. Balfour insisted that plot proposed the blowing up of Secretary Knox's
a dissolution of Parliament at the present time train. Thirteen dynamite bombs were, it is reported,
could serve no good purpose and would simply add placed beneath the roadbed over which the Secretary's
to the general confusion of an already critical situa- special train traveled from Corinto to Managua,and
tion. He declared, however, that the bill, as in- connected with an electric battery. These were distroduced, failed to meet the views of the operators covered by Government agents. Two-score Zelayistas,
or the miners, and that the Government erred g ea ly or "Liberals", were arrested, and it is reported that
in attempting to rush experimental law through many executions will take place. Secretary Knox is
without considering the effect it would have on the now in Laguayra, and will in all probability reach
country's prosperity. Mr. Balfour's speech, press Norfolk, Va., on April 17 on his return. Before leavcables say, is everywhere regarded as a notable one. ing Nicaragua Secretary Knox cabled to President
"The country," said the ex-Premier, "has never Taft urging that the Senate Foreign Relations Commitbefore been faced with a crisis such as this. We are tee give attention to the Nicaraguan loan treaty, which
witnessing the new, strange and portentous spectacle has been pending for more than a year. The Secretary
of a single organization, acting within its legal powers, cabled that the Nicaraguan Government and citizens
threatening to paralyze the whole trade of the coun- were anxious to have the United States Senate ratify
try. . . . There is no indication that the leaders the treaty. The only objectors in Nicaragua, he deof the movement desire to temper the use of their legal clared, represented the remnants of the Zelaya regime.
powers with any consideration of mercy. Was there The terms of the loan made to Nicaragua under the
ever an American trust at any period of its existence proposed convention were made public at Washington
which used or misused the powers given to it by the this week. Brown Brothers & Co. and J. & W.
law to the detriment of private interests and general Seligman, of New York, have proposed to loan $15,trade to the extent we are now witnessing"? Premier 000,000 at 5%, taking Nicaragua bonds at 90. This
Asquith, who followed Mr. Balfour, asserted that the money is to be used to reform Nicaragua's currency
MAR. 23 1912.]
THE CHRONICLE
and tax-collection systems. The convention and
terms of the loan have been approved by the Nicaraguan National Assembly. Terms of a new contract
between Honduras and the Whitney Savings Bank &
Trust Co., of New Orleans, have been submitted to the
State Department and will be published soon. The
Southern bankers have eliminated those features of
the proposed loan which were criticised in the so-called
Morgan loan contract, and have offered terms which
will be acceptable to Honduras.
Private foreign bank discounts, if we exclude Berlin,
do not indicate any further hardening in the money
situation abroad. The Berlin rate, as quoted by cable
4% for spot and 43'%to arrive for
yesterday, was 47
4% spot and
all maturities, which compares with 43
47
4@5 1-16% to arrive a week ago. The German
market is clearly approaching a period of strain during
the closing days of the current quarter, and it would
not be surprising if a still further strengthening of the
spot rate to 5%, the official Bank rate, should take
place during the coming week. The London open
market rate, as cabled yesterday, was 3 5-16% for 60
days' bankers' acceptances to arrive and 3%% for 90
days to arrive. The spot rate is 332%, which is the
same as the Bank rate. A week ago the closing
rate was 3%% spot for 90 and 60 days, 3 7-16%
for 90 days to arrive and 3/
8% for 60 days to arrive. Usually, after the first of April there is not
much difference in the British centre in the rate for
short and long bills. Paris closed yesterday unchanged
for the week at 331% for all maturities.
The Paris market is under some little strain at the
moment as a result of the preparations for the 300,000,000-franc State Railway loan which will be offered
to investors to-day (Saturday). This loan has been
commanding a premium all week, and it is evident
that there will be a lage oversubscription, which
means that funds have beent tied up and will be
promptly released next week and be available for other
foims of financing. Brussels also remains unchanged
for the week at 3M% and Amsterdam at 37
4%. The
official Bank rates at the centres named are: London,
33%; Paris, 332%; Berlin, 5%; Brussels, 432%, and
Amsterdam, 4%. The Bank of Bengal at Calcutta
reduced its rate to 6% from 7% on Thursday. This
suggests some relaxation in India's demand for gold.
The Bank of England this week made a more satisfactory statement than last. At Monday's auction it
purchased at the Mint price £600,000 out of the full
offering of £800,000 (India again taking the balance).
With other purchases in the open market the Bank
was able to show a net gain in gold coin and bullion
holdings of £357,220, notwithstanding further exports
to Egypt and Argentina. The total reserve increased
£425,000, making the proportion of reserve to liabilities 43.13%, which compares with 42.62% last week
and 44.26% on March 7, and with 52.94% (the highest
figure of the current year) on Feb.8. The market repaid
£1,157,000 to the Bank, as indicated by a decrease of
that amount in the item "other securities." Notes
reserved during the week increased £358,000; notes in
circulation declined £68,000; public deposits, representing revenue collections, were £1,226,000 higher,
while other deposits were £1,983,000 lower. Our
special correspondent furnishes the following details
of the gold movements into and out of the Bank for
the Bank week: Imports, £556,000 (of which £16,000
from Australia and £540,000 bought in the open
market); exports, £250,000 (of which £150,000 to
791
Egypt and £100,000 to Argentina), and receipts of
£51,000 net from the interior of Great Britain.
The weekly statement of the Bank of France seems
to confirm the view that the shipment of $4,000,000 of
gold from New York the week before last was for the
account of the Bank, as the gold holdings show an increase of 27,875,000 francs. This addition brings the
total up to within about 5,000,000 francs of the stock
of a year ago. This week's figures are 3,245,740,000
francs and last year's were 3,250,650,000 francs. In
1910 the total was 3,442,975,000 francs and 1909
3,599,664,421 francs. The silver holdings this week
are shown to have decreased 325,000 francs. Notes in
circulation were reduced by 50,250,000 francs, bills
discounted by 13,050,000 francs, treasury deposits by
2,275,000 francs, while general deposits were augmented by 117,150,000 francs and advances by
4,525,000 francs.
The weekly statement of the Imperial Bank of Germany, which was published on Monday, showed an
increase in the gold on hand of 15,992,000 marks and in
the gold and silver combined of 29,762,000 marks.
Deposits were 84,150,000 marks higher, while loans increased only 1,327,000 marks. Discounts were increased by 11,040,000 marks, but the note circulation
decreased 26,307,000 marks. The total gold and silver
holdings are now 1,260,075,000 marks, which compares
with 1,172,380,000 marks one year ago and 1,110,620,000 marks in 1910. Loans and discounts meanwhile
have advanced to 1,144,234,000 marks from 983,140,000 marks in 1911 and from 997,580,000 marks in 1910.
Circulation outstanding amounts to 1,527,987,000
marks, which compares with 1,397,500,000 marks in
1911 and 1,424,820,000 marks in 1910.
The local money market still continues firm from
the lender's standpoint. There is no unusual demand, however, in any quarter, and banks are looking
to foreign requirements for the chief stimulus for money
rates, if they are to show much improvement before the agricultural demands at home spring up in
the late summer and the autumn. Nevertheless,
banks throughout the country have their funds fairly
well loaned out, and there is a tendency to draw on deposits at the reserve centres. Wednesday's steamer
to the Argentine took out $1,650,000 in gold, which included the $300,000 engaged by Heidelbach, Ickelheimer & Co. last week and the $500,000 engaged by
the City Bank. This week's new engagements included an additional $250,000 by the National City
Bank, $250,000 by the Anglo-South American Bank,
$250,000 by Kidder, Peabody & Co. and $100,000 by
the National Bank of Commerce.
Call money rates reached 3% (on Thursday) for
the first time since the initial week of the year. The
ruling rate remained unchanged during the entire week
from last Friday's basis of 2 87
0 until yesterday, when
it was raised to 23%. On Monday, Tuesday and
Wednesday the extreme figures were on each day21
/
1®
23/2%,on Thursday 2%@3% and on Friday 214
Time money rates, as we have already noted, are
firmly held, but for early maturities have not been
actually advanced during the week. For 60 days the
range continues 3@33i% and for 90 days the rate is332%, wihch compares with a range of 44@334%
a week ago. For 4 and 5 months, 314@314% are the
closing quotations, and 3% is the final figure for
6 months, which compare with a single rate of 33%.
a week ago. Over-the-year funds are 4@43t%. For
7.92
THE CHRONICLE
[VOL.'Lxxxxiv.
Shipped by
Net Interior
Received by
mercantile paper the situation has not materially
N. Y. Banks. N. Y. Banks.
Movement.
Week ending Melt. 22 1912.
changed. Buyers are perhaps a little firmer in their Currency
$4,060,000 Gain $4,760,000
18,82.000
1,049,000 Gain
1,647,000
598,000
views, but they have very slight opportunity to refuse Gold
Gain
$5,109,000
$5,358,000
510,467,000
tenders
and
legal
gold
Total
bills, as the supply is still backward. Quotations show
no change for the week from 4(03'% for 60 and 90
With the Sub-Treasury operations ,and gold exporbN
days' endorsed bills receivable and also for 4 to 6
months' single-name bills of choice character. Others the result is as follows:
are quoted at 5%.
Sterling exchange has covered a very limited range
during the week. What little trend was discernible
was toward firmer figures, especially during the early
days of the week, owing to the demand for remittances
by Wednesday's fast steamer. The tendency during
the latter half of the week was a vacillating one. It
is evident that the April dividends and interest requirements that are payable in sterling have already been
rather fully provided for out of American balances held
abroad, for there has been no indication of the usual
remittances on this account during the•current week,
and mailing opportunities are ended for this purpose
with the possible exception of the Olympic, which sails
to-day. This special demand may stimulate cable
transfer rates during the coming week. During the
early days of April there will, of course, be the regular
quarterly demand for remittances on account of the
payments on American securities held abroad that are
payable on this side. Therefore, a steady market is in
sight for the next fortnight or so, notwithstanding
the smaller supply of bills that must necessarily result
from the state of paralysis into which the coal strike
abroad has thrown the industrial situation in Britain.
A feature of late, according to several foreign exchange
houses, has been the steady selling, in a quiet way, of
American securities by foreign holders. These transactions have required remittances.
Compared with Friday of last •week, sterling exchange on Saturday was, unchanged, with demand still
quoted at 4 8725@4 8730, cable transfers at 4 8760(4
4 8765 and sixty. days at 4 84(0 8410. There was a
sharp advance on Monday, on selling of stocks by Europeans and slightly firmer discounts at London, and
demand rose to 4'8740@4 8745, cable transfers to
48785@4 8790 and sixty days to 4 8410@4 8420.
Sterling showed an easier tendency on Tuesday, on
-lower discounts abroad and the engagement of gold
for shipment to South America; at the close cable
transfers declined to 4 8780@4 8785, although demand
remained unchanged, while sixty days advanced to
4 8415@4'8425. On 'Wednesday there was a decline
01 10 points in sterling quotations on-very dull, narrow
trading; closing rates were 4 8730@4 8735 for demand,
4 8775@4 8780 for cable transfers and 4 8410(0 8420
for sixty days. The market manifested little change
on Thursday; trading was quiet and featureless, with
(lemand unchanged at the close, while cable transfers
declined to 4 8770(0 8775 and sixty days advanced
to 4 8415@4 8425. On Friday the market was without important change, 60-day bills remaining unchanged at 4 8415(0 8425, demand ruling at 4 8725@
4 8735 and cables at 4 8770(0 8780. The closing
quotations were 4 8415(0 8425 for sixty days, 4 8725
(0 8735 for demand and 4'8770@4 8780 for cables.
3
Commercial on banks was quoted at 4 825A @4 83%
58(0 84%. Cotton
and documents for payment 4 83/
for payment ranged from 4 8334 to 4 83%; grain for
payment from 4 843.( to 4 8434.
Total gold and legal tenders
$31,867,000
Net Changepli
Bank Holding,.
Out of
Banks.
Into
Week endng Melt. 22 1912.
Banks.
,
Banks' interior movement,as above_ $10,467,000
Sub-Tress. oper. and gold exports....
21,400,000
$5,109,000 Clain $5,358,000
28,250,000 Loes 6,850,0011
$33,359,000 Loss $1,492,000
The following table indicates the amount of bullion
in the principal European banks.
March 23 1911.
March 22 1912.
Banks of
Gold.
£
England _. 38,337,559
Prance .129,829.061
_- 44,909,450
Germany.
Russia a__ 148,373,000
Aus.-Hun 53,307,60.
Spain ___ 16,882,111
Italy d.:. 41,905,000
Nethlands 12,136,001
Nat.Belg.d 6,703,333
Sweden ... 4,719,00
Switz'land 6,535,000
Norway.. 2,016,001
• Silver.
7'otal.
°Gold.
Silver.
Total.
£
£
38,337,55
161,883,28
61,959,8.51
155,579,00
66,173,001
47,050,00
45,621,001
13,186,50
10,055,00
4,719,001
6,535,00
2,016,i 1
e
.c
.£
40,319.05!
103,604,480
59,688,600
153,166,000
68,189,000
47,474,000
43,278,000
13,240,400
9,378,0011
4,470,001
0,200,001
1,854,000
32,053,32)
17,050,40
7,226,00
12,866,00(
30,168,00
3,716,00
1,050,50
3,351,66
40,319,99
130,025,92
43,563,60(
146,045,00
55,316,00
16,486,00(
39,703,00(
10,857,00(
6,252,00
4,470,00
6,200,00
1,854,00
33.578,56
16,125,00
7,121,00(
12,873,001
30,988,001
3,575,00
2,383,401
3,126,00(
Total week 505,653,302 107,481,88 13,135,189501,092,51 109,769,96 510,862.471
Prey.week 502,834,149 106,996,021 009,830,169 490,929,92.1 108,740,77: 608,670,691
a The total of gold In the Bank of Russia Includes the balance held abroad—
that Is, the amount held for Russian account In other Continental banks. The
proportion so held, and consequently duplicated in the above statement, is about
one-eighth of the total this year, against about one-seventh a year ago.
b The Austro-Hungarian Bank statement is now issued in Kronen and Heller
Instead of Gulden and Kreutzep. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As tba
Kronen has really no greater value than 20 cents, our cable correspondent In Lon.
don, In order to reduce Kronen to Pounds. has altered the basis of conversion by
dividing the amount of Kronen by 24 Instead of 20.
d The division between gold and silver given In our table of coin and bullion la
the Banks of Italy and Belgium is made from the best estimates we ,are able be
obtain: it Is not claimed to be accurate, as the banks make no distinction in thee
weekly returns, merely reporting the total gold and sliver; but we believe.Ike
division we make is a close approximation.
THE ARMAMENT PROBLEM AGAIN.
Speaking for the British Government last Monday,
and obviously addressing his remarks both to Germany
and to the English people, Mr. Winston Churchill,
member of the Asquith Ministry and First Lord of the
Admiralty, declared that the Government was willing
to reduce its program of naval construction whenever
Germany would do the same with its own, and in
proportion to the German reduction. England,
Mr. Churchill declared, must retain a 60 per cent
superiority over Germany in battleships and Dreadnought cruisers; that being the proportion fixed as
necessary in the so-called two-power basis, whereby
England undertakes to match in its naval armanent
the armanent of any two other European nations.
If, for example, ,Germany would consent to reduce
its program for a given year by three ships, England
would reduce its own by five. The scope of this
compromise is shown by the fact that the existing
British program contemplates the building, during the
next six years, of twenty-one new battleships of. the
Dreadnought type, the rate of construction alternating—four in one year and three in the next.
On its face it did not .appear as if this statement
from the British Ministry could go very far toward
solving the problem of excessive appropriations for
armament. It was received in England rather as a
matter of course, and not.as anything in the way of a
novel proposal. According to the cable dispatches,
the German response to Mr. Churchill's speech was
not favorable. Citations from the leading German
The following gives the week's movement of money newspapers used such phrases as British "arrogance"
and "gold brick", and generally referred to the futility
to and from the interior by the New York banks.
MAE. 23 1912.]
THE CHRONICLE
793
Ministry, or the equally experithe proposition.. Perhaps. the press view of the stitute the German
occupies the Imperial Throne,
who
an
politici
e",
enced:
matter was best summed up,by the Cologne "Gazett
will needlessly invite a contest of the sort. But on
which remarked that in all matters of this sort Gerthis assumption there would remain only one way out
many is likely to decide for herself, without reference
for them, and that is to restrict the Imperial proposals
to the propositions of any other nation.
for expenditure in general, and the naval proposals in
Thus the question which chiefly arises in relation
particular, to such lines as the Reichstag majority
to last Monday's speech is, what it really means. What
would approve. Naturally it is impossible at the
light, for instance, does Mr. Churchill's proposition
moment to say at what point the two discordant
throw on the recent communications between Lord
s could be brought together. It is, however,
opinion
the
upon
Haldane and the German Government, and
practically certain that a Parliamentary majority will
situation created in Germany by the recent sweeping
reject such proposals for new appropriations and new
Socialist victory at the polls? How much, if anytaxation as would presumably be involved in continuthing, was agreed upon during Lord Haldane's visit
ance of the naval-construction policy on its recent
to Berlin, nobody outside of the two governments
of annual increase. Supposing, then, that the
knows. It is impossible, however, to supppose that scale
Ministry were confronted with the necessity
German
Mr. Churchill did not have full personal knowledge,
and reducing those proposals, it would cerrevising
of
r
before he made last Monday's speech, of whateve
in line, both with diplomatic procedure and
• exchange of views or pledges there may have been. tainly be
ordinary common sense, that it should be done
Therefore, the speech must be accepted as a first step with
tion with a similar policy on the part of
toward whatever arrangement is regarded as possible in conjunc
England.
en the basis of that conference.
Whether Mr. Churchill's proposal offered in the
l
politica
home
own
y's
German
of
In the matter
opportunity for such arrangesituation, the case is somewhat more clear. The most tactful way the
Perhaps it would be diffiseen.
be
to
remains
ment,
majority in the Reichstag, which the Socialists conproposal in any case so as to avoid
trol, has set forth no definite program; but in advance cult to adjust the
sensitiveness on the part of the German
of any such declaration, the Chancellor has taken offending any
bald assertion that one nation
positive ground on his own account. He lately re- people. At best, the
a naval superiority over another
jected in a public speech the idea of a Chancellor and proposes to maintain
to that other nation.
Ministry responsible to the Reichstag, stating that "a must be more or less irritating
the world over are
people
Chancellor dependent upon the Emperor and upon But, on the other hand,
a peremptory
unless
that
to
waking up to the realization
the King of Prussia is the ncessary counterweight
onal naval
professi
the
by
stop is put to the requisitions of
the freest of all franchises, which was granted
in their
increase
Federal
cliques, there can be no end to the
Prince Bismarck only on condition that the
is not
It
on.
indetheir
feeds
retain
demands. It grows by what it
Gouncil and the Chancellor should
one
of
declarafurther
inciting
the
the
and
of
ion,
pendence." This declarat
merely a question, as in Europe,
have
d
to
the
reporte
were
through
it,
ture
upon
of
based
expendi
he
tions which
nation to greater increase
y
the
majorit
from
r
as
laughte
but,
ironical
nation,
by
another
against
greeted
n
been
instilling ,of suspicio
benches of the Reichstag, and the strength of that in the United States at the present time, one hears
majmity's position is indicated in a statement by its how each acquisition of outlying territory or possesthief newspaper organ, suggesting "that the Reichstag sions, assuming at the outset to make for peace, beshould not lose its head, but should agree to further comes in its turn an argument for increased armament.
taxes only when the necessity for them is proved Hawaii, the Philippines, the Panama strip, were each
beyond any doubt." This is, as usual, coupled with to guarantee peace through the mere fact of their
the statement that the Reichstag "has no intention of possession by the United States. Now, however,
refusing to do its duty in keeping the defenses of the
we hear that each of these three possessions is itself
limpire at a fitting level." But, on the other hand,
and separate argument for a larger naval
"it has duties toward the people, whose interests it a distinct
than would otherwise have been neceshas been called upon to protect." That is to say, armament
a point such a tendency becomes intolerthe Imperial Ministry's declaration that it does not sary. At
reached or passed that point
told itself responsible to the Reichstag is met by the able, and it has clearly
world. •
Reichstag majority with the assertion that it will in more than one nation of the
toward Engattitude
people's
As for the German
grant the Ministry the necessary tax appropriations
from a welllately
cited
been
has
there
land itself,
sally to the extent that it sees fit.
an
article by
er
newspap
bea
struggle
German
ative
for
s
conserv
known
Here are the obvious element
in which
nn,
Shiema
the
or
was
n,
as
Profess
which,
historia
in
ent,
eminent
the
tween Ministry and Parliam
d
taxes,
ed:
the
increase
dismiss
over
thus
is
the
matter
the
recent dispute
ease during
the Reichstag majority will have the advantage which
all believed that England was planning
always belongs to those who hold the purse-strings. "We hadand to this is due the deep feeling of bitteran attack,
What would naturally be inferred from this sharp ex- ness that has spread through the nation. To justify
l
Imperia
change of views is the probability that the
this belief we had the definite statements of English
Government will not yield in the matter of principle, officers, and the assertions of some important French •
but will have to concede in the matter of actual pol- newspapers, which dealt with England's army an I
force
icies. If it refuses any such concession, and proceeds navy as if they had command over Englishy of
th
publicit
great
the
in
Now,
sea.
to plan for extravagant armaments, a collision with by land and ent, before which they are responsibl
Parliam
British
the Reichstag majority will be inevitable, or else the for the truth of their assertions, both Asquith an
Government will again be forced into the money Grey have declared that this was a legend, and th
market, which at the present time is anything but the British Government had not for one mome
favorable to large borrowings of the sort at Berlin.
entertained any thought of an attack upon German
be
to
n
hardly
is
it
a
situatio
It would be completely unjust if on ourrside weco In the face of such
continned to adhere to the legend."Eiciat
who
ans
nced
politici
experie
supposed that the
794
THE CHRONICLE
Lxxxxiv..
repairs and renewals, which apparently were not only
THE STEEL CORPORATION IN A YEAR OF on an adequate but on a very liberal scale.
DEPRESSION.
The reduction in production was not so striking
Whether the times are good or are bad, each new as at one time seemed likely. This was owing to
the
annual report of the Steel Corporation reveals some fact that the latter part of the year,on account of
the
additional element of strength indicative of the low level of values prevailing, a rush of orders poured in,
sound basis on which the company was founded which served in a measure to off-set the deficiencies
and of the wise and far-sighted policy pursued in of the early part of the year. Chairman Gary in his
the conduct of its affairs. As is well known, the remarks points out that the output of finished
calendar year 1911, which is the period covered by products for sale was only about 67% of the full
the present report, was a time of unsatisfactory normal productive capacity of the plants.
But
conditions. It was, indeed,a period of very consider- productive capacity has been greatly enlarged in
able depression as far as the iron and steel industry is recent years and it would require
an extraordinary
concerned. When we say a period of depression, we revival of activity to ensure the employment of the
mean this in a double sense, first because the volume entire capacity of the plants. As showing how
of business was below the average and the product capacity has been extended, we need refer
only to the
as a consequence fell off, and,secondly (and still more output of that entirely new establishment, the
Gary
important), because prices were at a very low level, Steel plant of the Indiana Steel Co. The Gary
plant
thus bringing the margin of profits down to a narrow produced in 1911 707,273 tons of pig iron, 1,036,545
basis.
tons of open-hearth steel ingots, 281,980 tons of openThe two unfavorable influences combined—the hearth steel rails and 469,360 tons of various other
shrinkage in the volume of products turned out and rolled steel products. The By-Product Coke Plant
the decline in the prices commanded by these products produced 811,804 tons of coke.
—occasioned a tremendous contraction in profits.
Hence figures of capacity, if used alone, would
In face of it all the Steel Corporation was able to hardly furnish a correct idea of the influence
of deearn its dividends in full on both classes of shares pression in diminishing the Corporation's
business.
and carried forward a small balance to the credit of A better way is to compare the aggregate tonnage for
profit and loss. As indicating the loss sustained in 1911 with that for 1910 and see how much smaller is
profits it is only necessary to say that for the calendar the former. We notice that Judge Gary
in his reyear 1911 the net earnings of the Steel Corporation marks speaks of a "material slackening" in the
deand its subsidiary companies were only $104,305,465, mand rather than "depression". Perhaps this more
as against $141,054,754 in the calendar year 1910. qualified term answers as the best definition of the
The decrease, it will be seen, was roughly 36Y
4 million conditions prevailing. Mr. Gary says that the "madollars. Obviously a concern which can endure terial slackening" continued to a greater or less extent
such a tremendous loss in net income without en- until the closing weeks of the year. It was not until •
dangering its dividend record possesses elements November 1911 that a substantial buying movement
of strength of a degree and quality found in few other developed. It appears that the aggregate tonnage •
cases. Notwithstanding the loss of $36,749,289, a of rolled steel and other finished products shipped to
surplus remains on the operations of the twelve both domestic and export trade was 9,460,169 tons in
months in amount of $4,665,495 over and above the 1911, against 10,727,251 tons in 1910, the decrease
requirements for 7% dividends on the preferred thus being 1,267,582 tons, or 11.8 per cent.
stock and 5% on the common stock.
As regards prices, it is pointed out that in May
Perhaps it may be supposed that such a favorable 1911 a sharp break occurred in the selling prices of
outcome was made possible only by severe cuts in the nearly all steel products and it is furthermore obcontributions to the depreciation and extraordinary served that prices continued gradually to decline,
replacement funds and in other allowances for im- reaching in the latter part of the year the lowest
provements. These appropriations and allowances figures, in respect of most of the commodities, realized
were not quite on the scale of those of the previous since 1898. With both the volume of business smaller
year, and yet they were of very large extent. Thus and prices ruling extremely low, it is not surprising
$18,229,060 was contributed to the depreciation and to find that the combined gross sales and earnings for
extraordinary replacement funds. In addition $7,- 1911 equaled only $615,148,839, as against $703,750,965 was contributed for sinking fund allowances. 961,424 in the preceding calendar year, the decrease
The two together, it will be observed, make an aggre- hence being nearly $89,000,000.
gate 'exceeding $25,000,000. The surplus of $4,It is important to note that the comparison as to
665,495 on the year's operations remains after the tonnage would have been far less satisfactory except
making of these allowances and providing for seven for the development and further extension of the
per cent dividends on the preferred stock and five per company's export business. And this development
cent on the common stock. Furthermore, in the of the export trade is one of the distinctive features
expenditures (before arriving at the net) were in- of the year, indicating at once the resourcefulness
cluded $37,882,851 for ordinary maintenance and of the management and the prudent and far-sighted
repairs. It is obvious, therefore, that the various policy pursued in the conduct of the Corporation's
properties were not skimped for want of proper affairs. As the domestic demand for steel products
allowances for repairs, renewals and improvements. dwindled away, the managers extended the foreign
Of course,with only $4,665,495 remaining above the field for business. In 1911 the exports of rolled steel
dividend requirements in 1911, as against $36,772,383 and other finished products reached 1,719,272 tons,
remaining on the operations of 1910,it was not possible as against only 1,216,057 tons in 1910 and but 1,to set aside $26,000,000 more, as was done in that 001,157 tons in 1909. This is an increase of 41.4%,
year, on account of new plants and new construction as compared with 1910 and of over 70% as compared
work. But that is a wholly different matter and with 1909. The domestic trade took only 7,740,897
• as no bearing on the company's allowances for tons of rolled steel and other finished products in 1911,
MAR. 23 1912.)
•
THE CHRONICLE
795
The rights and remedies accruing to parties by
reason of the fact that the purchase and sale of stocks
has been on a margin is sometimes in doubt. The
definitions of a purchase on a margin and a sale on a
margin have been laid down by many decisions and law
writers. A purchase on a margin is one in which a
sum of money or its equivalent, called a margin, is
placed in the hands of a broker by the purchaser as a
security to the broker against any loss to which he
may be exposed by reason of a subsequent depression
in the market value of the stock. A sale on a margin
occurs where a seller orders a broker to sell stock or
other commodity for him; the seller not having the
stock to deliver, the broker must borrow the same
from other parties and deliver it to the purchaser;
the margin in such case is the sum of money deposited
with the broker to protect him from any loss he might
be subject to by reason of a subsequent rise in the
market value of the stock. In the case of a purchase
on margin, the broker keeps the margin only as
security against loss.
The relation that exists in such transactions between a customer and his broker is the relation of
pledgor and pledgee. The ordinary rights of a pledgor
and pledgee of stock are the same as those of any
pledgor and pledgee. The general rule is that a
pledgee cannot repledge the article pledged, but the
practical effect of the rule is largely obviated by the
character of the property which is the subject of the
pledge, and by the custom of dealing in particular
markets. Shares of stock have no earmarks, and
all that is required of a broker is that he shall have
shares of stock to deliver to his purchaser if they
should be called for, so there would seem to be no
reason why a particular share should not be repledged
for the broker's own debt if he retains sufficient shares
to answer all possible demands.
An early case before the Supreme Court of Connecticut says: "Courts have, therefore, said that no good •
reason existed for requiring that a pledgee of stocks
should at all times preserve a careful separation of
distinguishable certificates connected with each
transaction of pledge, and maintain the identity of
each certificate distinct and unbroken. They have
said that the essential thing was that he hold at all
times the required shares of stock ready to be delivered
when called for, and, in recognition of this fact and
of the right enjoyed by the pledgee to transfer the
stocks held by him in pledge in his own name, they
have held that the pledgee fully preserves the rights
of the pledgor if he at all times until the termination
of the pledge retains similar stock in amount equal to
that pledged." This rule has been followed by. many
other courts and there would seem to be no good
MARGIN PURCHASES AND SALES.
reason why a broker should not repledge shares of
even in the absence of an agreement or of a
stock
a
in
decision
Massachusetts,
of
Court
The Supreme
(Greene vs. Corey et al) January 3 (97 Northeastern customer to that effect, providing he has at all times
Reporter 207), hold that a broker who undertakes under his control sufficient shares to meet the demands
to purchase stock for a customer must have under of his customers. This would sufficiently protect the
his control the stocks which the customer is entitled purchaser. The cases, however, do not go to this
to receive upon payment, free from the demands of extent.
Where the contract between the broker and his
other customers, so that purchases and sales for
is entered into with knowledge of a custom
purchaser
each
against
cannot
be
set
off
customers
various
stock, this may be done, at least within
repledge
to
has
fulfilled
whether
the
broker
determining
other in
his agreement to purchase for a particular customer, certain limits. In such a case the custom enters into
unless both of the transactions set off are real. The and forms a part of the contract itself. In the case
Court also holds that where brokers agreed themselves quoted from the purchasers knew their orders for
to make purchases and sales of stock for a customer, stocks were to be executed in the New York Stock
they assumed the risk of having the purchases and Exchange, and the stocks purchased were repledged
by the broker. The Court said that "they must,theresales made through another for them.
against 9,511,694 tons in the preceding year, the falling
off here being 18.6%. It is noted that the decrease in
output was most marked in those classes of materials
used largely by railways, namely rails, track fittings,
and steel car building material. This last indicates
how the steel industry is suffering by reason of the
unwise Governmental policy which is being pursued
adverse to railroad interests.
Another feature of the year's results is the improved position of the employees, notwithstanding
the unsatisfactory condition of the steel trade in the
matter of volume of business and prices. Very
naturally the number of employees in the service of the
Corporation and the subsidiary companies was not up
to the maximum of previous years. The average for
1911 was 196,888, as against 218,435 for 1910, a
decrease of 21,547, or 9.86%. In the matter of money
paid, however, to the employees for their services,the
showing is much more favorable. The sum of $161,419,031 was paid to the employees in 1911, as against
$174,955,139 in 1910. This is a substantial reduction,
but the aggregate paid for wages was the largest in
the history of the company, with the single exception
of 1910. On the other hand there were at least three
previous years in which the number of employees
was larger than for 1911. The reason for the difference is found in the circumstance that the compensation of the employees has been steadily rising. For
1911 the average daily wage per employee shows
an increase of 4.23% over 1910. The report says the
increase follows principally from the advances made
on May 1 1910 in the wage rates paid to a large proportion of the employees of the subsidiary companies.
An increase of,roughly,24 millions dollars($23,917,640) occurred in the funded debt of the Corporation
and its subsidiaries during the twelve months. In the
main this followed from the purchase by the H. C.
Frick Coke Co., a subsidiary of the U. S. Steel, of
about 16,000 acres of coal and coke land from the
Pittsburgh Coal Co. and the Monongahela River
Consolidated Coal & Coke Co. In the development
of the various properties of the Steel Corporation large
amounts of money are required from year to year and
that necessarily means an addition to the new capital
obligations—more so in poor years than in good years,
owing to the smaller amount of surplus earnings left
over. In 1911 the capital expenditures aggregated
altogether almost $50,000,000—in exact figures $49,430,861. Of this, only $17,707,280 was for the
purchase of the coke and coal properties just referred
to.
796
THE CHRONICLE
fore, be held to have contemplated and authorized a
course of dealing in accordance with the rules and
customs of that market. The authorities are not
uniform as to the effect of trade usages upon the
contractual obligations of parties. We think, however,
that the better authority goes to this extent at least,
that when one employs another to deal in a particular
market, he will be held as intending that the mode
of performance should be in accordance with the
established customs and usages of that market, as long
as the custom is neither immoral, unlawful, unreasonable, contrary to the express agreement of the parties,
nor such as to change the intrinsic character of the
undertaking.
Courts have commonly sanctioned
The growing tendency seems to be to give a wider
scope to the customs of a particular market, and to
hold a customer bound by stockbrokers' customs even
though such customs were unknown to him. Conceding the right to pledge for an amount equal to the
broker's lien, that right ceases the instant the lien is
discharged by the tender or payment of the debt, or
the performance of the covenant or engagement for
which the security is given.
Most of the difficulties between brokers and their
customers have arisen when the margin deposited
by the purchaser has become exhausted, and the
necessity arises for immediate action in order to prevent loss to one or both of the parties. The question
as to what a broker shall do when the margin deposited
with him is exhausted by reason of a fall in the market
value of stocks may have been settled by the contract
itself or by some specific orders of the purchaser. In
such a case the broker has nothing to do but to follow
his instructions, which, if he does faithfully, will
protect him, but otherwise he will be liable for any
resulting loss. In the ease of Zimmerman vs. Heil,
reported in 156 New York Reports 703, the purchaser's
margin was exhausted; he could deposit no more, and
instructed the broker to sell, which he failed to do
until more than a month later. The Court,in holding
that the purchaser was not liable for the intervening
loss, and that the broker should have sold when so
instructed by his purchaser, said: "While the legal
relation between broker and client is that of pledgor
and pledgee, there exists likewise that other legal
relation of principal and agent. And we fail to see
why an agent in the purchase and sale of stocks is
not in the same position with respect to his principal as
any other agent would be. Until the transaction is
finally closed out and a profit or lobs results, the
relationship between the parties is undisturbed. It is
entirely within the broker's right at all times to
protect himself by requiring sufficient margin, which,
if not forthcoming, entitles him to sell, and thus
avoid a loss. If, on the other hand, he is careless
and unbusinesslike,and permits the margin to become
exhausted and a loss results, he cannot take the risk
of making this good by holding the property of his
principal after he is instructed to sell the same, and for
any additional loss occurring after such instruction
are given, hold his customer. We think, therefore,
that the customer has the right to direct the broker
to sell his stock at any time, and unless he does so
within a reasonable time thereafter, he is responsible
for any loss that may result from his failure to obey
his customer's instructions." The purchaser may
instruct his broker to act in his best judgment in
regard to a deal made on his account, and if the broker
does so act and loss results, he ig not liable. •
[VoL. Lxxxxtv.
A broker, being the agent of his purchaser, has no
right to sell the stock he has purchased for his principal
without a demand for additional margins and notice
that in default of sufficient margin being deposited,
he will be obliged to protect himself by a sale. In
every contract to buy or sell on margin there is an
implied agreement that if the purchaser or seller
should fail to maintain his margin, the broker may
sell for his reimbursement to protect himself from loss,
providing he make a demand for additional margin
and gives notice that if it is not furnished he will sell the
securities. Brokers are not required to carry stocks
indefinitely. The broker may close the transaction
at any time by tendering to the purchaser the stocks
held and demanding the balance due. Both demand
for additional margin, and, upon failure to furnish it,
notice that a sale will be made are requisite in order
that a broker may make a valid sale of stock purchased
on margin.
THE NEW YORK CENTRAL REPORT.
The first and most obvious comment regarding the
report of the New York Central for the calendar year
is that the income showing is a great deal better than
any one would have believed possible in the early
months of the year, after the Inter-State Commerce
Commission denied authority to the trunk lines to
make a moderate increase in freight rates as part compensation for the higher wage schedules that the railroads generally had been obliged to adopt. It was a'
year of reaction in general trade, and that fact is reflected in a falling off in certain items of traffic, and
yet the Central's aggregate freight tonnage in 1911 was
larger even than it had been in 1910; total gross revenues also show a substantial increase; while the net
earnings make the best comparison of all, owing not
merely to the rigid economy practiced in all departments of the service, but also to the better control
which the management succeeded in getting over the
expense accounts and the further advance made in
operating efficiency.
Stated in brief, gross earnings from rail operations
increased $4,046,384, while the addition to expenses was only $393,491, leaving, therefore, a gain in
net of $3,652,893, an improvement of over 13%.
These results are for the Central proper, and do not include the auxiliary system of roads west of Buffalo,
such as the Lake Shore & Michigan Southern, the
Michigan Central, the Pittsburgh & Lake Erie, the
Big Four,&c. And it is to be noted that for the Central
itself, the total of the gross revenues from rail operations passed the 100 million mark for the first time,
reaching, in fact, $103,954,863. The further increase
in the late year extended to both the freight and the
passenger departments,and,indeed,to all the different
sources'of revenue excepting only two very minor items
of revenue. It is pointed out in the report that the
freight traffic amounted to 48,250,535 tons, an increase of 1,183,696 tons over the calendar year 1910,
and an increase even of 888,381 tons over the calendar
year 1907, which previously held the highest record
as to tonnage.
The effect of business depression is shown in a decrease (compared with the year preceding) of 182,720
tons in the bituminous coal traffic, of 152,972 tons in
the coke traffic, of 216,804 tons in the ore traffic and
in a reduction of 81,795 tong in the lumber traffic,
and in larger or smaller decreases in half a dozen different items of manufacturing tonnage. On the other
hand, the road carried 644,310 tons more of anthracite
MAR. 23 1912.j
THE CHRONICLE
'797
coal, and as this followed an increase of 527,408 tons sylvania Division, economy in operation was proin the same item of traffic in 1910, we see here one di- moted by the installation of 26 Mallet articulated
rection in which the company's traffic is being steadily compound locomotives.
Examination of the train records furnishes conclusive
extended. In the grain tonnage there was an increase
of 457,939 tons, and most of the other, items of traffic evidence of greater efficiency in operations, for the
not already enumerated also record larger or smaller statistics show that while the number of tons of
increases. We have already noted that these figures freight moved one mile increased 400,133,286 over
are for the Central proper. In the case of most of 1910 and the freight-car mileage increased 50,855,079
the Western lines, more particularly the Lake Shore miles, the addition to the freight train mileage was
& Michigan Southern, and the Pittsburgh & Lake Erie, comparatively small, the aggregate number of miles
where there is less diversification of traffic, the effects run by the freight trains in 1911 having been 22,of business depression are much more marked, and on 418,433 miles and for 1910 22,167,573 miles. This
these roads neither the tonnage nor the gross revenue means, of course, that there was a further increase in
was equal to that of the preceding year. But this the train-load, which for 1911 averaged 488 tons,
makes the showing for the Central proper all the more against 475 tons in 1910 and 462 tons in 1909. On
significant. The Central lines in New York act as a the Western lines where savings in expenses were
sort of funnel for all these Western tributary lines, a still more striking feature, similar improvement in
and the fact that, though several of these tributary efficiency is to be noted. For instance, the Lake
sources of traffic were of smaller volume, the Central Shore, which has long been noted for its high trainnevertheless managed to bring the grand aggregate of load, increased its average from 633 tons to 665 tons.
These figures regarding the train records are imits tonnage to a new high plane, is a point on which
portant as demonstrating that on the Western lines
emphasis deserves to be laid.
The favorable comparison as to the expenses is the reduction in expenses is in part, at least, the result
perhaps yet more noteworthy. In the previous of greater efficiency of operation, and is not due alone
year there had been an augmentation in expenses for to a rigid cutting down of the maintenance outlays.
the Central proper in amount of $9,485,260, while As showing the extent to which expenses were dethe increase in gross earnings was only $6,736,617, creased on the Western liens, it may be pointed out
leaving, hence, a loss in net of $2,748,643. For 1911, that on the Lake Shore, with a decrease of $1,059,214
on the other hand, as already pointed out, with an in gross earnings, expenses were reduced in the sum of
increase of $4,046,384 in gross revenues, the augmen- $3,842,355, producing a gain of $2,783,141 in net; on
tation in expenses was only $393,491, leaving, hence, the Michigan Central, with an increase of $469,674 in
a gain in net of $3,652,893. In the "transportation" revenues, there was a saving of $882,675 in expenses,
expenses, owing to the higher wage schedules and causing $1,352,349 improvement in net; on the Cleveother causes, there was an increase of $996,504, land Cincinnati Chicago & St. Louis, with gross reveand in general expenses an increase of $65,584, this nues a trifle better (in amount of $8,910) than in the
latter following in part from the added amount paid preceding year, expenses were cut in the sum of $1,for pensions to retired employees. The report notes 256,228, giving $1,265,138 increase in net; on the other
that cost of transportation shows large increases in hand, on the Pittsburgh & Lake Erie, a decrease of
those items representing cost of labor, in consequence $1,744,137 in gross earnings was attended by a slight
of the higher rates of pay which went into effect in the increase in expenses ($10,768), thus leaving $1,754,905
spring of 1910 and the deferred arbitration award loss in net. Undoubtedly the liberal way in which all
effective January 1 1911. It is stated that the in-, the Central lines were maintained in previous years
creases of this class of expense amounted to the permitted a restriction of outlays in 1911; but, as alsum of $507,000 out of a total increase in transporta- ready shown, operating efficiency has also played its
part in producing improved results.
tion expenses of $996,504.
The New York Central managers reduced the divioutlays
find
that the maintenance
One is prepared to
were reduced, for under that head there is wide dend on Central stock just as soon as it became known
latitude for the exercise of discretion and great oppor- that no increase in freight rates would be permitted
tunity for retrenchment when the occasion demands by the Inter-State Commerce Commission, and only 5%
it; and yet in the case of the Central the reductions dividends had to be provided for in 1911, against 6%
under those heads were relatively small, all things in 1910. From the income account, it is apparent that
considered. For maintenance of equipment only the 6% rate might have been maintained, but it was
$25,106 less was spent than in the preceding year well, nevertheless, that the directors took time by the
and in maintenance of way there was a decrease forelock and reduced the rate, so as to remove occasion
of $336,469. There was also a reduction of $307,021 in for anxiety on that score, and also to leave a wider
the traffic expenses, though this followed in part margin of surplus. For it must be remembered that,
from a change in the method of treating some of the by reason of the new bond issues put out in 1911, the
items and in par, also as a result of decreased charges company had largely increased charges to meet. It
also had to pay $749,933 more for taxes, though $473,for advertising.
044
of this was due to the settlement of disputed special
the
in
In consequence of the small augmentation
taxes levied on property in this city.
franchise
the
of
considerable
the
of
total
face
expenses, in
grand
were
misgivings at one time lest the comThere
gross
operating
of
ratio
the
in
receipts,
increase
expenses (not including taxes) in 1911 was only pany's income from investments suffer a serious re71.63%, as compared with 74.15% in 1910 and duction, but there was no loss in this way, notwith69.33% in 1909. President William C. Brown in standing dividend reductions on some of the comhis remarks observes that the improvement in this pany's stock holdings in the controlled lines. The
respect reflects the enforcement of the most rigid Lake Shore paid 18% in both years, but the "Big Four"
economy in all departments, unremitting surveillance paid nothing in 1911, against 2% in 1910, and the
of all channels of expenditure and the use of improved Pittsburgh & Lake Erie paid only 35% against 50%,
appliances,especially in motive power. On the Penn- though in this case the fact that the amount of the
798
THE CHRONICLE
[VOL. Lxxxxiv.
company's stock outstanding was increased and the roads collectively) and their effect was still more
Central was obliged to add to its holdings proportion- marked in diminishing the net earnings, as the exceedately served to prevent a reduction in the amount re- ingly low temperatures served alike to impair the
ceived by the Central on its investment in that prop- efficiency of employees and of motive power.
erty. Nevertheless, though the Central was able to
Our compilations cover 527 lines or companies,
maintain its income from investments, the reduction operating 237,888 miles of road, and on this mileage
in the Central dividend was a wise precautionary there is a decrease of $2,440,307 in gross earnings
measure, in view of the great increase in taxes and attended by an augmentation of $4,579,407 in exfixed charges. We have already seen that r et earn- penses, thus producting a loss in net of $7,019,714,
ings from rail operations were $3,652,893 larger than or 13.25%.
in 1910, and there was also a further increase in the
-Increase or DecreaseJanuary (527 roads)1912.
1911.
Amount.
%
Miles of road
net revenues from outside operations in amount of Gross
237,888
234,402 Inc.
3,486
1.49
earnings
$210,704,771 $213,145,078 Dec $2,440,307
1.14
164,764,065
$440,254, making $4,093,147 together. Yet, after Operating expenses
160,184,658 Inc. 4,579,407
2.86
$45,940,706 $52,960,420 Dec.$7,019,714 13.25
deducting taxes and fixed charges, the increase was Net earnings
reduced to only $1,015,777.
The great East-and-West trunk lines between
As the income account now stands, the company Chicago and the seaboard constitute exceptions to the
had available for dividends $15,304,449; the 5% divi- rule in being able to make quite good exhibits, in
dends called for only $11,136,465, leaving a surplus part because net earnings at least had .suffered
for the year of $4,167,984. This latter is after a con- heavy decreases in the previous year. A few other
tribution of $1,227,624 to the equipment reserve. roads also present satisfactory returns-the Great
Out of the surplus of $4,167,984, $2,500,000 was ap- Northern, for instance, reporting $520,574 increase in
propriated to cover replacement value of abandoned gross and $462,546 increase in net. Barring such
property, including buildings at the Grand Central exceptions, most of the larger systems have sustained
Terminal, leaving $1,667,984. Of course, in dealing heavy losses, more particularly in the net. The
in any large sense with the matter of the Central's Harriman roads were the worst sufferers, because in
surplus above dividend requirements, the surpluses addition to the other drawbacks mentioned, they
shown by the auxiliary or controlled roads should also appear still to be feeling the effects of the shopmen's
be taken into consideration. This is especially true strike. The Illinois Central falls $1,151,393 behind in
now when arrangements are being made for the com- gross and $1,747,838 in net, the Union Pacific $539,092
plete absorption of the Lake Shore & Michigan South- in gross and $740,856 in net, the Southern Pacific
ern and the Michigan Central. The New York Cen- $47,800 in gross and $249,716 in net and the Yazoo
tral owns over 90% of the stock of both these 'roads. & Mississippi Valley $232,556 in gross and $370,539 in
The Lake Shore shows $5,269,365 surplus on the op- net. But other Western roads were also hard hit
erations of 1911 above the 18% dividends paid and the by the unfavorable conditions prevailing. Thus the
Michigan Central shows a surplus of $992,084 over Rock Island has $623,417 loss in gross and $541,859 in
the 6% paid in its case. The Central also owns over net, the Chicago & North Western $533,379 in gross
half the stock of the Pittsburgh & Lake Erie, which and $794,505 in net, the Northern Pacific $336,244 in
has a surplus for 1911 of $3,578,560 above the 10% gross and $300,933 in net, and the Atchison $200,306
dividends paid, though this does not allow for the in gross and $145,887 in net.
25% extra paid out of surplus and which called for
We have spoken of the relatively good showing
$5,250,000.
made by the trunk lines. The Baltimore & Ohio has
The New York Central during 1911 created an issue added $156,806 to gross and $160,947 to net. The
of $30,000,000 432% 3-year gold notes, the proceeds Pennsylvania on the lines directly operated, east
of which went to reimburse it for expenditures on im- and west of Pittsburgh, reports $981,323 increase in
provements and for advances for construction pur- gross and $24,836 increase in net. Last year in
poses to lessor companies and for work in connection January the Pennsylvania Lines reported $1,353,168
with the Grand Central Terminal improvements. decrease in gross and $1,638,355 decrease in net.
The company also entered into an agreement with the The New York Central this time has $353,479 inPullman Company, dated April 11911, under which crease in gross and $434,759 increase in net. This is
that company is to furnish cars of steel construction for the Central proper. Including the various auxiliary
to replace the wooden cars operating over the various and controlled roads, the whole going to form the
lines of the New York Central System, the delivery New York Central System, tile result is a gain of
to be at the rate of approximately 30 cars a month. $611,821 in gross and of $826,897 in net. In January
What this latter means and to what a high standard 1911 the result for the Central System was a gain
the arrangement will bring the passenger service of of $72,105 in gross, attended by a loss of no less than
the company is indicated by the statement that the $1,897,184 in net. In the following we show all the
effects of this agreement will be that by the end of changes for the separate roads for amounts in excess
July 1912 all sleeping cars on the New York Central of $100,000, whether increases or decreases, both in
Lines will be of steel construction.
the gross and in the net.
RAILROAD GROSS AND NET EARNINGS FOR
JANUARY.
The severity of the winter is responsible for a poor
statement of earnings for United States railroads for
the month of January. In the extreme cold experienced the month was one of the very worst on record,
both in the East and in the West. Some of the
Western roads also had trouble on account of snow,
though as a rule the fall of snow was less than the
normal.
The adverse meteorological conditions
caused:a- decrease in gross earnings (speaking of the
PRINCIPAL CHANGES IN GROSS EARNINGS IN JANUARY.
Decreases.
Increases.
Pennsylvania
y$981,323 Chicago & North West -- $533,379
Great Northern
520,574 Chicago Milw.& St Paul_ _
480,275
N Y Central do Hud Riv
338,244
a353,479 Northern Pacific
Pittsburgh 4c Lake Erie__
218,167 Wabash
307,130
Elgin Joliet & Eastern__ _
215,008 St Louis & San Francisco_
276,693
Baltimore & Ohio
232,556
156,808 Yazoo & Miss Valley
Internat & Great Northern
149,052 Missouri Pacific
220,946
Texas & Pacific
201,120
141,973 Chesapeake & Ohio
Lake Shore & Mich So_ __
131,370 Atch Topeka & Santa Fe_
200,306
Paul
&
88
Minn St
M____
125,808 Minneap & St Louis
191,273
Delaware & Hudson
124,557 Nashville Chatt & St L__
153,209
N Y New Haven & Hartt„
105,884 Chicago St P Minn & O.
132,533
Hocking Valley
102,045 Colorado & Southern_ _ _ _
127,638
Charlotte Harbor & Nor_
100,771 Kansas City Southern_ _ _ _
125,289
Chicago Burl & Quincy__
112.830
Representing 14 roads
St Louis Southwestern___
110,198
• in our compilation_ _ _$3,426,817 Chicago Great Western___
105,882
Decreases. Cleve Clno Ohio & St L.._ _
100,218
Illinois Central
$1,151,393
Rock Island
623,417
Representing 21 roads in
Union Pacific
539,092
our compilation
$6,261,621
Note -All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these returns do not show the total for any system, we have combined the separate
roads so as to make the results conform as nearly as possible to those given
in the statements furnished by the companies themselves.
a These figures cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c., the whole
going to form the New York Central System, the result is a gain of $611,821.
y These figures represent the lines directly operated east and west of
Pittsburgh, the Eastern lines showing $420,559 increase and the Western
lines $560,764 increase. For all lines owned,leased, operated and controlled,
the result is a gain of $912,384. The result for the net was a decrease of
$106,383 on the Eastern lines and an increase of $131,219 on the Western
lines. For all lines owned, leased, operated and controlled, the result is a
loss of $192,798 in net.
PRINCIPAL CHANGES IN NET EARNINGS IN JANUARY.
Decreases.
Increases.
$462,546 Delaware Lack & Western $225,000
Great Northern
205,726
N Y Central & Hud River.. a434,759 St Louis & San Fran_ _
202,471
245,536 Lehigh Valley
Michigan Central
193,924
244,062 Missouri Kansas & Texas_
Lake Shore & Mich South._
190,632
160,947 Seaboard Air Line
Baltimore & Ohio
189,582
123,475 Minneapolis & St Louis_ _
Hocking Valley
161,328
122,900 Chesapeake & Ohio
Elgin Joliet & Eastern _ _ _
154,617
116,398 Southern
Internat & Great Northern
150,805
Western...
Great
Chicago
&SSM
P
110,070
Minneap St
145,887
Atch Topeka & Santa Fe..
138,418
Representing 9 roads in
Chicago St Paul M & 0
134,270
$2,020,693 Chicago & Eastern Ill
our compilation
134,083
Decreases. Atlantic Coast Line
123,175
$1,747,838 Central of Georgia
Illinois Central
117,867
794,505 Colorado & Southern_ _ _ _
Chicago & North Western
117,659
740,856 Chicago & Alton
Union Pacific
113,307
541,859 Norfolk & Western
Rock Island
110,416
Yazoo & Mississippi Valley 370,539 Kansas City Southern_ _ _ _
300,933
Northern Pacific
roads
26
Representing
258,358
Erie
in our compilation__ ..$7,813,771
249,716
Southern Pacific
a These figures cover merely the operations of the New York Central itself.
Including the various auxiliary and controlled roads, like the Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c. the whole
going to form the N. Y. Central System, the result is a gain of $826,897.
When the roads are arranged in groups it is found
that all the groups show losses in net with only one
exception, while four of the groups have gains in gross
and three losses. Our summary by groups is as
follows:
SUMMARY BY GROUPS.
--Gross Earnings
1911. Inc.(+)or Dec.(-)
1912.
Section or Group-
JanuaryGroup 1(18 roads), New England__
Group 2(102 roads), East & Middle_
Group 3(67 roads),•Middle Western
Groups 4 & 5(98 roads), Southern__
Groups 6 & 7(82 roads), Northwest..
Groups 8 & 9(111 roads), Southwest
Group 10(49 roads), Pacific Coast__
Total (527 roads)
Group No. 1
Group No. 2
Group No. 3
Groups Nos. 4 & 5
Groups Nos. 6 & 7
Groups Nos. 8 & 9
Group No. 10
10,022,317
53,216,684
28,999,053
29,648,294
41.542,821
35,036,633
12,238,969
+32,543
9,089,774
51,993,842 +1,222,842
+623,691
28,375,362
-404,188
30,052,482
44,305,732 -2,762,911
36,401,566 -1,364,933
+212,649
12,026,320
0.30
2.35
2.20
1.34
6,23
3.75
1.77
1.14
210,701.771 213,145,078 -2.440,307
.Vet learnin7s-31ileage
Inc.(+)orDe.(--)
1012.
1911.
$
$
$
%
7,596 2,273,266 2,470,692 -197,426 7.99
7,639
26,826 26,622 11,931,517 12,330,851 -449,334 3.63
25,279 24,732 5.641,025 5,222,219 +418,808 8.02
40,190 39,812 7,444,948 9,193,292 -1,748,344 19.02
65,823 65,300 7,314,574 10,771,259 --3,456,685 32.09
55,510 54,502 7,582,987 9,139,487 -1,556,500 17.03
-30,231 0.80
16,521 15,838 3,752,389 3,782,620
237,888 234,402 45,940,706 52,960,420 -7,019,714 13.25
Total
NOTE.-Group I. includes all of the New England States.
Group II. includas all of New York and Pennsylvania except that porthn west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Groups
V and V.combined include the Southern States south of the Ohio and east
i I.
n
;
sobu
Pitar
of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory; Missouri south of St. Louis and Kansas City; Colorado south of
Denver, the whole of Texas and the bulk of Louisiana; and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe
and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona, and the western part of New Mexico.
- Speaking of the roads as a whole, the loss in net
the present year follows a loss in net in the same
month last year. According to our compilations for
that month in 1911, covering 225,862 miles of road,
there was an increase in gross at that time of $4,982,454, attended by a loss of $2,333,839 in net.
Somewhat later the Inter-State Commerce Commission presented totals covering 242,479 miles and these
showed $4,248,770 gain in gross, with $3,483,309
decrease in net. In 1910 a gain of $27,776,971 in
gross yielded an addition of only $6,918,577 to net.
Below we furnish a summary of the January comparisons for each year back to 1896. For 1911, for 1910
and for 1909 we use the Inter-State Commerce totals,
but for preceding years we give the results just as
registered by our own tables each year-a portion
of the railroad mileage of the country being always
unrepresented in the totals, owing to the refusal of
some of the roads to give out monthly figures for
publication.
799
THE CHRONICLE
MAR. 23 1932
gi
Year
Rum
Year
Given.
Net Earnings.
Gross Earnings.
Year
Preceding.
Increase or
Decrease.
Year
Given
Year
Preceding
Increase or
Decrease.
warp $
Jan.
$
-1$
s
8
rs
1896 __ _ 53,316,855 48,726,9
68
+4,589,875 15,494,163 13,189,595 +2,304,,
1897 _ 51,065,589 54,615,6.7, -3,550,030 14,277,924 15,394,495 -1,116,571
1898 _ 60,345,290 52,705,271 +7,640,019 17,833,662 14,601,313 +3,232,349
1899 _ _ 63,119,988 58,75.3,141 +4,396,847 18,744,045 17,447,630 +1,296,415
1990 __. 78,264,483 66,312,140 +11,952,343 26,384,125 20,489,925 +5,894,200
1901 _ _ _ 90,514,378 81,878,382 +8,635,994 30,135,751 25,911,701 +4,224,050
1902
99,888,443 91,517,103 +8,371,340 32,993,376 30,441,463 +2,551,913
1903
+276,406
100,840,997 92,230,740 +8,610,257 30.021,883 29,745,477
1904 _
101,839,230 106,587,145 -4,847,915 24,043,886 32,139,525 -8,095,639
1905 _
103,641,710 96,912,364 +6,729,346 26,583,361 23,538,414 +3,044,947
1906 _ _ 128,569,968 106,741,980 +21,824,988 38,673,269 26,996,772 +11,676,497
1907 __ _ 133,840,696 123,664,66.3 +10,176,03:3 36,287,044 37,096,918
-809,874
1908 _ _ _ 1.35,127,093 155,152,717 -20,025,624 29,659,241 41,155,587 -11,496,346
1909
182,970,018 173,352,799 +9,617,219 50,295,374 41,036,612 +9,258,762
1910 __ _ 211,041,034 183,264,063 4-27,776,971 57,409,657 50,491,080 +6,918,577
1911
215,057,017 210,808,247 +4,248,770 53,890,659 57,373,968 -3,483,309
1912
210,704,771 213,145,078 -2,440,307 45,940,706 52,960,420 -7,019,714
Note.-In 1896 the number of r )ads included n the month of January was 135; in
1897, 127; in 1898, 130; in 1899, 115; in 1900, 114; in 1901, 130; in 1902, 109; in
1003, 105; in 1904, 103; in 1905, 14: in 1906, 100; in 1007, 97. In 1908 the returns
were based on 157,629 miles of road: in 1909, 231,070: in 1910, 239,808; in 1911,
242,479; in 1912; 237,888.
BANKING, FINANCIAL AND LEGISLATIVE NEWS.
-The public sales of bank stocks this week aggregate 938
Shares, of which 841 shares were sold at the Stock Exchange
and 97 shares at auction. Only 10 shares of trust company
stock were sold. National Bank of Commerce stock was
dealt in at the Stock Exchange to the extent of 518 shares,
the price rising from 202 to 210. The close was at 206. National City Bank stock was also sold at the Stock Exchange,
the sales reaching a total of 152 shares, at prices ranging from
420 to 437. The close was at the latter figure, an advance of
7 points over last week's closing price. One share of Fifth
Avenue Bank stock was sold this week at auction at 4700.
This was the first public sale of the stock in over two years.
the last previous sale having been made in December 1909
at 4420.
Low. High. Close. Last previous Sale.
Shares. BANKS-New York.
614% 610
610
Jan 1912- 610
z30 America, Bank of
245
245
Mch 1912- 247
*22 Amer Exchange Nat Bank_ 245
440
440
June 1911- 450
440
*20 Chemical National Bank
Mob 1912- 430
437
437
420
•152 City Bank, National
Mch 1912- 201
206
210
y565 Commerce, Nat Bank of...._ 202
Apr 1911- 332
310
310
310
•120 Corn Exchange Bank
Dee 1909-4420
4700 4700 4700
1 Fifth Avenue Bank
Mch 1912-1000
1008 1008 1008
12 First National Bank
1911- 345
Nov
Bank
Nat
360
Gallatin
360
360
16
TRUST COMPANY-New York,
142 3,6 142H 142 3.i July 1911- 150
10 Hudson Trust Co
* Sold at the Stock Exchange.
x Of this amount, 9 shares were sold at the Stock Exchange.
11 Of this amount 518 shares were sold at the Stock Exchange.
-The House of Representatives will adjourn to-day (Saturday) in observance of the funeral services for the victims of the U. S. S. "Maine," whose bodies were brought
from Havana to Washington a week ago. These bodies
were recovered after the raising of the hulk, and will be
buried in the National Cemetery at Arlington. President
Taft, the Members of Congress, and the officials of the
State Departments, will participate in the exercises arranged
for to-day by the Navy Department. Final services over
the remains of the ship were held last Saturday, when it was
towed out to sea and sunk, with impressive ceremony.
-Mahlon Pitney took the oath of office as Associate Justice of the United States Supreme Court on Monday the 18th
inst. He fills the vacancy created by the death of Justice
John M. Harlan. A re-assignment of the Justices of the nine
circuits was made by Chief Justice White this week: Justice
Pitney was assigned to the third circuit, consisting of New
Jersey, Pennsylvania and Delaware; Justice Lurton was
transferred from the third to the seventh, consisting of Illinois, Indiana and Wisconsin, and Justice Day was given the
late Justice Harlan's circuit, consisting of Ohio, Michigan,
Kentucky and Tennessee.
Justice Pitney has been succeeded as Chancellor of the
State of New Jersey by Edwin Robert Walker. The latter
was named for the office by Gov. Wilson on the 18th inst.,
and the nomination was immediately confirmed by the State
Senate.
-A resolution directing the Attorney-General of the
United States, "if not incompatible with public interest," to
inform the House of Representatives whether the Department of Justice has in its possession any information touching the existence of a "smelter trust" in violation of the Sherman Anti-Trust Act, was adopted by the House on the 12th
inst. The resolution contained particular reference to the
American Smelting & Refining Co., and inquiry was made
of the Department as to whether it had any information
tending to establish that that company "constitutes in itself
trust or a part of any trust in violation of the said Act and
800
THE CHRONICLE
[VOL.
Lxxxxrv.
Acts amendatory thereof." A reply to the resolution wassent
to Congress by Attorney-General Wickersham this week; in
his answer he states that the Department has no evidence
that the company is a trust or part of a trust; he refers to
the investigation of a complaint which, he says, has not
disclosed evidence of violations of the law, but adds that
"it is not compatible with public interests to state what
other, if any, steps have been taken to investigate the existence of any smelting trust." Mr. Wickersham's remarks
are given as follows in the "New York Sun":
wood at from $50,00 € 000 to $60,000,000. Representativo
Longworth, one of the Republicans who voted against tho
bill, has declared it to be the opinion of the minority that
the annual revenue raised by the bill could not, under any
circumstances, exceed $20,000,000. In a debate on tho
bill last Saturday, Mr. Longworth took Mr. Underwood to
task on his stand with regard to placing sugar on the freo
list. His remarks on this point are quoted in part by the
New York "Tribune" as follows:
—The bill removing the duty on sugar was passed by
the House of Representatives on the 15th inst. by a vote.of
198 to 103. Twenty-five Republicans voted in favor of
the bill, while seven Democrats voted against it. The Republicans voting in the affirmative were Representatives
Akin, New York; Anderson, Davis, Nye, Lindbergh, Volstead, Miller and Steenerson of Minnesota; Dyer of Missouri;
Good, Kendall and Woods of Iowa; Murdock and Young of
Kansas; La Follette and Warburton of Washington; Hanna
and Helgesen of North Dakota; McKenzie and Prince of Illinois; Howland of Ohio; Kent of California; Lafferty of Oregon; Norris of Nebraska, and Sells of Tennessee. The seven
Democrats who voted in opposition to the bill were Martin
and Taylor of Colorado; Dupre, Broussard, Estopinal, Wickliffe and Ransdell of Louisiana. All amendments offered to
the bill were defeated; this, too, was the fate of a motion of
Representative Payne (offered before the final vote on the
bill was taken), "to recommit the bill to the Committee on
Ways and Means, with instructions to report the same back
to the House amended so as to eliminate from the sugar schedule the Dutch standard color test, the differential on refined
sugar, provide for a tariff on sugar that shall measure the
difference between the cost of production at home and abroad
and not in conflict with the terms of the treaty with Cuba,
such cost of production to be ascertained by scientific investigation, and report to be made by the Tariff Board or
some similar body." The principal provisions of the sugar
bill were indicated in our issue of March 9.
—The companion bill of the measure revising the sugar
schedules, namely, the bill imposing an excise tax of 1% on
all net incomes, including salaries, over $5,000 a year of persons, firms and copartnerships, passed the House of Representatives on the 19th inst. by a vote of 252 to 40. The
Democrats voted solidly for the measure, which also had tile
support of 79 Republicans. The latter were:
last year, was re-introduced by Representative Underwood
this week, the Democratic members of the Ways and Means
Committee having decided to adhere to the revisions aa
originally approved by them. The bill last year failed of
approval in the Senate, the latter, through a coalition botween the Democrats and the Republican insurgents, hating passed a bill drawn by Senator La Follette reducing tho
duty on raw wool to 35% ad valorem, and making proportionate reductions in the duties on manufactures of wool;
subsequently the Senate and House conferrees fixed upon,.
duty of 29% ad valorem on raw wool of all classes. no
bill as thus changed passed both branches of Congress, but
was vetoed by President Taft on Aug. 17. The President,
in setting out the reasons for his action, contended that
Congress should defer action in the matter until the conclusion of the labors of the Tariff Commission on the wool
schedule. The latter's report was presented to Congress
in December. With the introduction of the bill this week
Chairman Underwood said:
Never again can he (Mr. Underwood) maintain his former position. If
The Department of Justice has in its possession no evidence that the the duty on sugar is not a legitimate revenue duty, witat 1st If it is unjust
American Smelting & Refining Co. constitutes in itself a trust or any part to tax sugar for revenue purposes, where is the justice in taxing pepper
and spices and many other things that hold a place equal with sugar on Om
of a trust.
Some complaints have been made to the Department touching the opera- poor man's table?
The gentleman from Alabama stood for a 29% duty on raw wool. • If a
tion of the American Smelting & Refining Co. as the same might be affected
by the operation of the Anti-trust Law. One complaint bearing on that revenue duty on sugar cannot be justified, where is the justice in a duty oa
clothing?
Does the majority of the Ways and Means Committee intend to
subject was made some months ago and was referred to the United States
Attorney for the Southern District of New York for investigation. That put wool on the free list? If not, why not? If this bill is the panacea yo*
officer reported to the Department that he had conducted an investigation say it is, if it will pay for free sugar, why won't it pay for free wool? If this
before a Grand Jury in his district in June 1911 for the purpose of ascer- alleged excise income tax of 1% will raise $60,000,000 revenue, why net
taining whether there existed a combination between the American Smelting make it 2% and raise $120,000,000? Then .you could put wool on the fres
& Refining Co., the Federal Mining & Smelting Co. and the United Verde list, as well as many other articles of daily necessity, and perhaps you
Copper Co. in the form of an agreement between these companies made in might even be induced to take your tax off pepper. Why not make it
the latter part of 1910 providing for a limitation of their output or a fixing 3 or 4 or 5%,at which point you could afford to abolish the custom houses
of the price; that after examining the officers and books of these companies, altogether, which the gentleman from Alabama yesterday hinted might be
and other witnesses, he was unable to find evidence of the existence of such desirable?
an agreement.
—The bill lowering the duty on raw wool to 20%, widen
It is not compatible with the public interests to state what other, if any,
was passed by the House of Representatives on June 20 of
steps have been taken to investigate the existence of any smelting trust.
Ainey, Barchfeld, Bates, Bowman, Crago, Farr, Focht, Patton, Porter,
Pennsylvania; Akin, Mott. Simmons. New York; Anderson, Davis, Lindbergh, Miller, Nye, Steenerson, Stevens and Voistead, Minnesota; Austin,
Sells, Tennessee; Burke, South Dakota; Campbell, Murdock, Rees and
Young, Kansas; Catlin, Dyer, of Missouri; Cooper, Davidson, Esch, Kopp,
Lenroot, Morse and Nelson, of Wisconsin; Foss, McKinney, Madden,
Rodenberg and Wilson, of Illinois; French, of Idaho; Good, Green, Hattgee, Kendall, Kennedy, Pickett, Prouty and Woods, of Iowa; Hamilton,
McLaughlin. J. M. C. Smith, Wedemeyer and Young, of Michigan; Hanna
and Heigcsen, of North Dakota; Hawley and Lafferty, of Oregon; Hayes,
Kent and Stephens, of California; Howland, Switzer and Willis, of Ohio;
Hughes,of West Virginia; Sloan, Kinkead, Norris, of Nebraska; LaFollette
and Warburton, of Washington; Langley and Powers, of Kentucky;
McGuire, of Oklahoma; Parran, of Maryland; Pray, of Montana; Roberts,
of Massachusetts; Roberts, of Nevada; and Siemp, of Virginia.
The essential features of the bill were set out in this department March 9. It passed practically unamended, the
only change being in the provision with respect to those not
required to make a report, this being changed so as to apply
to those having net income of less than $4,500, instead of
gross income of that amount, as in the bill as originally
drafted. A rejected amendment would have exempted
from tile provisions of the Act the Chief Justices of the
United States, the Associate Justices of tile United States
Supreme Court, and the Judges of the inferior courts of the
United States. The bill is intended to make up tile loss of
some $52,000,000in customsreceipts which would result from
the removal of the duty on sugar, the yield under the proposed excise bill being estimated by Representative Under-
After careful consideration of the Tariff Board's report, it was determined
to introduce the bill just as we introduced it last summer, carrying a 20%
ad valorem duty on raw wool, a reduction of about 50% from the duties ef
the Payne-Aldrich law. We have introduced the same bill purely as a
revenue measure because it was necessary to provide the revenue. It WM
decided also to make the same report on the bill that was made last summer.
The committee could not find, after studying the report of the Tariff
Board, any reason to make any change in the measure. It was tho unanimous conclusion that no cause existed to frame any other bill, and we /41
endeavor to have the bill passed in the House as soon as possible.
The Republican members of the committee introduced a
minority bill yesterday revising the schedules on the basis
of tile findings of the Tariff Board. This bill reduces tin
duties on wool and manufactures of wool about 40%.
—Under an amendment made to the Panama Canal bill
by the House Committee on Inter-State and Foreign Commerce on the 15th inst., all railroad-owned ships are prohibited from using the canal. The provision originally adopted
had barred from the canal any vessel owned or controlled
by a railroad where there was,intent to restrain or prevent
competition. The new provision forbids in general any railroad company or other common carrier from holding stock
in or controlling by lease or otherwise a steamship line with
which it does or may compete. Another amendment
adopted on the 15th inst. requires a railroad operating with
a water carrier from a foreign country to provide joint
through rates upon the request of any water carrier engaged
in the domestic trade of the United States. The new matter in the bill is given in the New York "Times" as follows:
That Section 5 of the Act to Regulate Commerce, approved Feb. 4 188Y,
as heretofore amended, is hereby amended by adding thereto a new paragraph, at the end thereof, as follows:
"From and after the first day of July 1913 it shall be unlawful for any
railroad company or other common carrier subject to the Act to Regulate
Commerce to own, lease, operate, control, or have any interest whatseever (by stock ownership or otherwise, either directly, indirectly throuirk
any holding company, or in any manner) in any common carrier by water
with which said railroad or other carrier aforesaid does or may compete for
traffic; and in case of the violation of this provision each day in which suds
violation continues shall be deemed a separate offense."
That Section 6 of said Act to Regulate Commerce, as heretofore amended.
is hereby amended by adding a new paragraph at the end thereof, as follows:
"Within three months after the taking effect of this Act,any common
carrier subject to the provision of the Act to Regulate Commerce whiok,
alone or in competition with any other common carrier, transports passengers or property in connection with a water carrier to or from a foreign
country from or to any State or Territory of the United States or the District of Columbia,and makes or participates in joint through rates for S&SI.
transportation, shall, upon the request of any water carrier engaged is
MAR. 113 1912.]
THE CHRONICLE
801
Wie lake, river, or. coastwise trade of the United States, including. trade
*Tough the Panama Canal, provide like port facilities, connections and
•feint through rates from one State or Territory of the United States or the
District of Columbia, and in connection with such water carriers; and the
skarge for such share of such joint through rate shall be no greater sum of
money than such common carrier alone, or in connection with any other
elipmmon carrier, receives for the same service for transportation of passengers or property in connection with any water carrier to or from a foreign
*wintry from or to any State or Territory of the _United States or in the
District of Columbia.
Interest after interest engaged in what the Bureau of ghemistry found to
be the manufacture of misbranded or adulterated foods and drugs, made an
appeal to escape appearing in court to defend their practices. Various
methods were employed to secure this, many of which were successful. One
by one I found that the activities pertaining to the BUteall oX chemistry
were restricted and various forms of manipulated food products were withdrawn from its consideration and referred either to other bodies not contemplated by law or directly relieved from further control.
A few of the instances of this kind are well known. Among these may
be mentioned the manufacture of so-called whisky from alcohol, colors and
flavors; the addition to food products of benzoic acid and its salts; of sulA minority- report on the bill, signed by Representatives phurous acid and Its salts; of sulphate of copper; of saccharin and of alum:
'Broussard, Doremus, Knowland and Calder, was submitted the manufacture of so-called wines from pomace, chemicals and colors; the
floating of oysters often in polluted waters for the purpose of makipg them
to the House on the 20th inst. As noted last -week, the bill look
fatter and larger than really they are,for the purpose of sale; the selling
Imposes toll charges upon all vessels (American and foreign of mouldy, fermented, decomposed and misbranded grains; the (Waring to
the
,excanal;
minority
takes
report
pepple
of glucose under the name of "corn syrup," thus taking a name
the
using
the
'ships alike)
which rightfully belongs to another product made directly from Indian corn
oeption to the charges levied •against vessels of the United silks.
,111tates. In part it says:
The official toleration and validation of such practices have restricted the
The minority enters an emphatic protest against the abandonment in activities of the Bureau of Chemistry to a very narrow field. As a result of
this bill of the historic policy of free commercial intercourse between the these restrictions, I have been instructed to refrain from stating in any
States, when the only interests in this country that would applaud our public way my own opinion regarding the effect of these substances upon
action arc the transcontinental railroads. This great canal, built for the health and this restriction has conflicted with my academic freedom .of
-American people by American .money,, genius and enterprise, should be speech on matters relating directly to the public welfare.
These restrictions culminated in the summer of 1.911 with false charges of
lerever a free and untrammelled competing route with transportation
misconduct made against me by colleagues in the Department of Agriculby land.
strongly
the
that
too
emphasize
ture,
which, had it not been for the prompt interference on the part of the
proposition
supplementary.
We cannot
tells 'levied upon vessels engaged in commerce between our Eastern and President,of the United States, to -whom I am •profoundly grateful, would
Western seaboards increase the amount transcontinental railroads may have led to my forcible separation from the,public service. After the Presi*barge for the same service. If a vessel-en route from San Francisco to dent of the United States and a committee of Congress, as a result of inNew York through the canal were required to pay $10,000 in tolls, the vestigation, had completely exonerated me from any wrongdoing in this
transcontinental railroads would largely be the beneficiaries. This question .matter, I naturally expected that those who had made these -false charges
affects every ton of domestic freight that passes through the canal and every against me would no longer be continued in a position which would make a
repetition of such action possible. Tile outco:ne, however, has not susvan that is carried across the country by the railroads.
The talk of "subsidizing" the shipping interests at the expense of the tained my- expectations in this matter. I was still left to come into daily
American people is mere sophistry, and only befogs the issue. The tolls contact with the men who secretly plotted my destruction.
I am now convinced that the freedom which belongs to every private
Unposed at the canal would be added to the freight and paid by the Amerispan people who'consume the commodities. We hold this proposition to be American citizen can be used by me more fruitfully in rallying public opinion
fundamental; and, viewed in this light, free tolls to our coastwise trade to the support of the cause of pure food and drugs than I could with the
would not be a subsidy to the ship owners, but a concession to the Ameri- limited activity left to me in the position which I have just vacated. I
eon people. Free tolls at the Panama Canal to our coastwise trade would propose to devote the remainder of my life, with such ability as I may have
he the same kind of a "subsidy" that was granted to 41,000,000 tons of at my command and with such opportunities as may arise, to the promotion of the principles of civic righteousaess and industrial integrity which
*loping that passed through the Soo Canal in 1911.
underlie the Food and Drugs Act, in the hope that it may be administered
•
•
•
•
•
•
Under the treaty the United States enjoys all the rights incident to the in the interest of the people at large, instead of that of a comparatively few
• eenstruction as well as the exclusive right of providing for the regulation. mere manufacturers and dealers.
This hope.is heightened by my belief that a great majority of manufacand management of the canal, subject, however, to the rules therein provided for its regulation and management. Th.se rules, as we have already turers and dealers in foods and drugs are heartily in sympathy with the views
• Peen, provide that .the canal shall be free and open to the vessels of corn- I have held and that these views are indorsed by an overwhelming majority
• erce and of war, of all nations observing these rules,on terms of entire of the press and-the citizens,of tile country.
In severing my.official relations with the Secretary of Agriculture I take
• equality. If this language was intended to prevent preferring our own
'vessels, it.must apply equally to both vessels of commerce and vessels ol this opportunity of thanking him for the personal kindness and regard which
war. Such a construction is inconsistent with the very .purpose of the he has shown.me during his long connection-with the Department.
I cannot leave,the Bureau of Chemistry without expressing to my assist*anal, which was conceived primarily as a military necessity.
The Panama Canal is being built on territory which was purchased,by the ants of all grades my appreciation of their loyalty and devotion to me.
H. W. WILEY.
fovernment of the United States. We wili expend ,in its construction
upward of $400,000,000 and are obligated.by treaty to pay the Republic of
Mitchell,
Chief
S.
of
the
St.
Dr.
A.
Paul
Laboratory
of the
sum
perpetuity
the
of
$250,000
occupy
the
poannually. We
Panama in
sition, of sovereign proprietor of the canal and the canal zone, a relation Bureau of Chemistry, was installed on the 19th inst. as a
Slat none of the nine Powers signatory to the convention of Constantinople temporary member of the Pure Food Board to fill.the vacancy
sustained with reference to the Suez Canal. The Hay-Pauncefote Treaty
should. be construed in the light of these facts; and when so construed the caused by Dr. 'Wiley's resignation.
usinority cannot escape the conclusion that in signing, ratifying and pro—.Governor Dix on the 19th inst. signed the bill which
claiming this treaty to the world, we were merely ,agreeing to the terms as
venditlons upon which the United States, the sovereign owner of the canal, requires trust companies in villages and cities of the third
mould permit its use by the'other nations of the- world, its citizens or its class to hold but 30% of their 10% reserve in cash. Previously
seibiects.
they' had been called upon to carry as a cash reserve 50%
—Dr. Harvey W. -Wiley resigned on the 15th inst. as Chief
of the Bureau of Chemistry in the Department.of Agriculture.
Dr. Wiley .had been'at the head of the bureau for twentysine °years.. He labored indefatigably-in the interest of pure
'food, and to him is:due the credit for the enactment of legis:lotion governing•the purity • of'food products. The administration of his office was not without disturbing factors, and
these elements have more or less prompted -his withdrawal
from.the post. They are referred to in the following state'sent which he has given out concerning his action:
of the total 10% required to be maintained.
—The State Senate at Albany on the 20th inst. passed
a bill of Senator Sage, making it a misdemeanor to circulate
false statements or rumors derogatory to banking institutions.
---,The Governing Committee of the Philadelphia Stock
Exchange has refused to rescind its ruling of March 4 reducing the commission on the preferred and common stocks
of the Philadelphia Company from 123 cents to 6% cents
per share. The stock has a par value of $50. The request
On the 9th of April 1883 I took the oath of office and entered upon the for the restoration of the old rate was put before the comdischarge of my duties as Chief of the Bureau of Chemistry in the Departmittee by the members of the Exchange on the 12th inst.,
Anent of Agriculture.
For the past twenty-nine years / have endeavored to discharge these but action on the matter was withheld until Monday of this
duties according to the dictates of my conscience, the knowledge at y week, when it was
decided to adhere to the new ruling.
-•ammand, and the obligations of my oath.
4% rate is the same as that maintained on the New
In retiring from this position after so many years of service it seems The 61
atting that I should state briefly the causes which have led me to this step. York Stock Exchange, where the common stock of the comWithout going into detail respecting these causes, I desire to say that the
fundamental one is that I believe I can find opportunity for better and more pany is listed. Those opposed to the reduction on the Philaaffective service to the work which is nearest my heart, namely the pure food delphia Exchange contended that, notwithstanding the fact
and drug propaganda, as a private citizen than I could any longer do in that the lower rate was in operation on the New York Exsty late position.
Philadelphia continued as the market for the stock,
In this action I do. not intend in any way to reflect upon the position change,
which has been taken by my superior officers in regard to the same. prob- and that therefore there was no need of lowering the charge.
lems. I accord to them the same right to act in accordance with their con—The Board of Governors of the Philadelphia Stock
victions which I claim,for myself.
After a quarter of,a century of. constant discussion and effort, the bill Exchange elected William D. Grange as Vice-President of
and
foreign
-State
inter
commerce
in
was
segulating
foods and drugs
enacted
the Exchange on Monday. Mr. Grange is a member of the
Into law. Almost from the very beginning of the enforcement of this Act
I discovered that my point of,view in. regard to it wasfundamentally differ- firm of De Haven & Townsend.
ent from,that of any of my superiors,in office. For nearly six years there
—At the arraignment in Indianapolis on the 12th inst.
has been a growing feeling in my mind that these differences were irreconenable, and I have been conscious of an official environment which has been of forty-six of those indicted for complicity in the dynamite
vasentially inhospitable.
cases, Judge Anderson,ordered the consolidation of the thirtyI saw the fundamental principles of the Food and Drugs Act, as they
two indictments into one case. There are 54 defendants
paralyzed
and
one
by
appeared
one
discredited.
to
me,
.
It was the plain
provision.of the Act and was fully understood at the time of the enactment, and there will-be one indictment of 128 counts, 28 of which,
as stated in the law itself, that the Bureau of Chemistry was to examine all it is stated, charge conspiracy and 100 charge specific viosamples of suspected foods and drugs to determine whether they were
lations of the law regulating the safe transportation of exadulterated or misbranded,and that if this examination disclosed such facts,
plosives. Oct. 1 has been-set as the date for the trial. The
lite matter was to be referred to the courts for decision.
802
THE CHRONICLE
[VoL. Lxxxxiv.
accused will not have to defend against all the conspiracy dent of the Windsor Trust Co.; Arpad G. Gerster, Gustave
counts, the Indianapolis "News" says, as Judge Anderson Leve, Morris Zukor, Arnold Somlyo and Walter G. Oakman.
announced that after the evidence of the Government had
—The proposed consolidation of the Manhattan Trust Co.
been introduced, the Government would probably be comwith the Bankers Trust Co. of this city was authorized by
pelled to elect on what conspiracy count it would stand.
the stockholders of the two companies on Monday. The
The 46 men arraigned last week pleaded "not guilty."
stockholders of the Bankers Trust Co. also approved the
Judge Anderson overruled all demurrers of the defense, but
plans to increase the capital of that institution from $5,000,granted thirty days for the filing of exceptions to the ruling.
000 to $10,000,000. It is the intention to immediately issue
Clarence S. Darrow, who was indicted by the county grand
$1,000,000 of the new capital, this being exchanged share for
jury at Los Angeles on Jan. 29, will be placed on trial on
share for the $1,000,000 stock of the Manhattan Trust Co.
May 14.
The other $4,000,000 of capital will be sold to the present
--James B. Mabon of Mabon & Co. has been nominated shareholders of the Bankers
Trust Co. and will be issued
for President of the New York Stock Exchange; R. H. April 2. A dividend of
6% has been declared by the direcThomas, the present incumbent, who has served in the office tors of the Bankers Trust
Co., payable April 1 to stockholdsince 1907, declined to become a candidate the present year. ers of record March 29.
This distribution applies on the
—An arbitrage department, under the charge of William $6,000,000 capital.
Rosenbach, has been opened by the New York Stock Ex—The Chelsea Exchange Bank has concluded arrangechange house of Dominick & Dominick.
ments for the opening of a branch at the northeast corner of
—The question of increasing the capital of the National 135th Street and 7th Avenue, in response to a demand
Nassau Bank of this city from $500,000 to $1,000,000 will of the prominent business interests in that section. The
be submitted to the stockholders for approval on April 22. premises were formerly used as a branch by the failed
It is also proposed to change the par value of the shares from Northern Bank. The quarters will be opened by the
$50 to $100. The new stock will be issued at $150 per $100 Chelsea Exchange Bank about April 1. On the 4th inst.
share, to stockholders of record April 19, each holder of two the Chelsea established a branch at 97th Street and Broadshares of the present stock (par $50) being entitled to sub- way. The bank proposes to increase its capital from
scribe for one share of new stock (par $100) payment to $200,000 to $400,000.
be made by the 15th of May. The institution dates to 1852;
—The Harriman National Bank of this city celebrated on
it entered the National system a year ago, changing its name the 20th inst. its first anniversary under a national charter.
from the Nassau Bank to the National Nassau Bank. Ed- Its deposits are in excess of $10,500,000, as against deposits
ward Earl, its President, has been identified with it for of $4,100,000 twelve months ago. In the early part of the
twenty-five years.
year the bank's capital and surplus were increased to $1,—Charles H. Sabin, Vice-President of the Guaranty Trust 000,000 and its total resources now approximate $12,000,Co.; Albert H. Wiggin, President of the Chase National Bank, 000. The figures are taken as an indication of the excepand James M. Pratt have been elected directors of the Stand- tional growth of Fifth Avenue as a business and financial
ard Trust Co., 25 Broad St. Mr. Pratt was, as noted in the centre.
"Chronicle" March 9, formerly a Vice-President of the Guar—John B. Lunger was elected Vice-President of the
anty Trust Co. until his recent election as a Vice-President Equitable Life Assurance Society of this city on Thursday.
of the Standard Trust Co. The admission of these new in- The vacancy in the office had existed since the promotion
terests is the result of the desire of its President, William C. to the presidency of William A. Day in April last year. For
Lane, to strengthen the institution's connections in every the past few years Mr. Lunger has been Vice-President of
way. No merger with the Guaranty Trust Co.is contemplated. the Travelers' Insurance Co. of Hartford.
—Harry Munsell Gough, Secretary of the Empire Trust
—Col. Charles Ezra Sprague, President of the Union
Co. of this city, died suddenly on Thursday, after a short Dime Savings Bank of this city, died on the 21st inst in
illness caused by a throat affection. He was a native of his seventieth year. Col. Sprague had been connected
Jersey City and was born forty-one years ago. He joined with the institution since 1870 and had served in the presithe Empire State Trust Co. of this city at its inception, and dency since 1892. During 1904-05 he was President of the
upon its reorganization as the Empire Trust Co. in 1904 he Savings Bank Section of the American Bankers' Association,
was made its Secretary. He was also a director of the Cuban and he was also Professor of Accountancy in the School of
Land & Steamship Co., Hall Signal Co., Treasurer and direc- Commerce, Accounts and Finance of New York University.
tor of the Pittsburgh Shawmut & Northern RR. Co. and He was well known as a writer on financial subjects.
President of the Wallace L. Gough Co.
—Otis Everett, formerly Vice-President of the Industrial
—A certificate incorporating the Transatlantic Trust Co. Trust Co. of Providence, R. I., has been made Credit Manaof this city, with a capital of $700,000 and a surplus of $350,- ger of the Guaranty Trust Co. of New York. Mr. Everett's
000, has been filed with the State Banking Department. connection with the Industrial Trust Co. covered a period
The proposed organization of the institution was noted in of ten years, prior to which time he was for about ten years
these columns Feb. 17. Baron Paul Kornfeld of Budapest, associated with the Third National Bank of Boston.
Managing Director of the Hungarian General Credit Bank;
—James C. Colgate, of the banking firm of James B. ColOtto Conrad, representing the Hungarian Commercial Bank gate & Co., has been elected a director of the Merchants'
and the Hungarian Discount & Exchange Bank, all of Buda- National Bank of this city to succeed the late Donald Mackay.
pest, engineered the movement to effect the establishment
—Walter E. Frew, President of the Corn Exchange Bank
of the new trust company, and it is understood that, in addi- of this
city, has been elected Chairman of the Executive
tion to the Hungarian banks mentioned, the Hungarian Gov- Committee of the
Washington Trust Co.
ernment is in sympathy with the undertaking. The object
—Benjamin S. Guinness of the Stock Exchange house of
of this new organization is to provide and encourage a safe
Ladenburg, Thalmann & Co., has been elected a trustee of
and convenient deposit for the moneys of the Hungarians
New York Trust Co. of this city, succeeding the late
in and near this city, who have been in the past the easy prey the
Ernst Thalmann.
of fraudulent and irresponsible private bankers on the East
—R. Fulton Cutting has been elected a director of the
Side. The new trust company will cater particularly to them
as a class, and transact such business as they may have with American Exchange National Bank of this city, to succeed
their kinsfolk abroad. J. Pirnitzer, now in Europe, will be his brother, the late William Bayard Cutting, who died on
President of the new institution, which will probably estab- the 1st inst.
—Amory S. Carhart, a trustee of the Union Trust Co. of
lish a downtown headquarters as well as a branch in the Hungarian quarters of the city. The Transatlantic Trust Co. this city, and the People's Trust Co. of Brooklyn, died
has no connection in any way with the former Hungarian- on the 18th inst. He was sixty years of age. His father,
American Bank, a St ate institution now in liquidation. The George B. Carhart, was one.of the founders of the New York
incorporators of the company and its American affiliations Cotton Exchange and was President of the old National
are: H. Rieman Duval, President of the American Beet Su- Bank of the Republic.
gar Co.; James G. Cannon, President of the Fourth National
—Charles Hazen Russell of the law firm of Russell &
Bank; John W. Platten and Calvert Brewer, respectively Percy, a trustee of the Washington Trust Co. of this city,
President and Vice-President of the United States Mort- the Nassau Trust Co. of Brooklyn and the Mechanics' Bank
gage & Trust Co.; Richard Schuster of Speyer & Co.; Stuyve- of Brooklyn, died on the 14th inst. Mr. Russell was also a
sant Fish, Walther Luttgen of August Belmont & Co.; Henry director of the Federal Safe Deposit Co. and President of the
H. Wehrhane,roffHallgartel&ECo.; Clark Williams, Presi- Brooklyn Law School.
MAR. 23 1912.1
THE CHRONICLE
—Jeremiah T. Mahoney, attorney for the State Banking
Department, who conducted the recent inquiry into the
affairs of the failed Borough Bank of Brooklyn Borough,
presented his report to State Superintendent of Banks, George
C. Van Tuyl Jr., last week. The blame for the failure of the
bank is laid upon six men, whom Mr. Mahoney, according to
the "Brooklyn Eagle," names as follows: "William Gow,
Howard Maxwell, John Hill (who was used by Gow in some
of his transactions), John S. Jenkins (an attorney for Gow),
Arthur D. Campbell and Robert W. Haff, a friend of the
latter." Eight reasons for its failure are set forth by Mr.
Mahoney, namely:
1. Improper management and failure to place proper checks on the dongs of officials of the bank, in particular the President and Cashier.
2. The use of the funds of the bank by Maxwell and Campbell to support
stock gambling transactions.
3. Forgeries of Campbell amounting to $100,000.
4. Overdrafts permitted to Gow and Campbell, who were speculating in
real estate financed by the bank.
5. Diversion of the bank's funds into real estate schemes for the personal
benefit of Gow. Maxwell, Campbell, Haft' and Hill.
6. Discounting of notes signed by irresponsible employees of Gow, Haft
Hill and others, which notes were unendorsed and unaccompanied by
collateral.
7. Diversion of the bank's funds to other speculations.
8. Attempt to capitalize the International Trust Company by use of
the funds and credit of the bank.
The following extracts are also taken from the report:
The primary reason for the investigation by the Banking Department
was to obtain evidence that would aid in the speedy liquidation of the
bank. Incidental to this original purpose, it was thought there would
be produced evidences of criminal conduct which would be called to the
attention of the District Attorney's office. The hearings were held and
witnesses subpoenaed under powers believed to be reposed in the Superintendent of Banks under Section 8 of the Banking Law. That his powers
in this direction, pursuant to said section, are much more limited than it
was imagined they were has been recently determined by the Court of Appeals in the Grout case. As a result, it has been necessary to postpone any
further hearings until there has been further legislation that will remove any
doubt as to the powers of the Superintendent to hold a public investigation
of a closed bank and to subpoena witnesses to appear at such investigation.
It was fortunate that some of the hearings were held before this decision
was handed down, as the evidence produced has been valuable to depositors, the liquidation of the bank and the whole banking world in general.
Evidences of the possibility of wrong-doing of banking officials without adequate punishment being provided by statute, as developed at the hearings,
must lead to such legislation as will properly protect depositors and fully
punish criminal banking officials.
The hearings were 90% completed when the halt was called, and it is safe
to say that no story of the looting of a bank has ever been told or written
that at all compares with the evidence contained in the records of these
hearings. The former District Attorney of Kings County was supposed
to have made a full investigation into the wrongdoings of those connected
with the Borough Bank of Brooklyn prior to Oct 24 1907. I may be
wrong in my conclusion, but that investigation, It appears to me, in some
respects must have been superficial, because, in spite of the maladministration of the bank and of proved criminal acts on the part of its officials and
directors, not a single person was ever convicted or ever sent to jail therefor.
I believe it to be your duty, as State Superintendent of Banks, to find out
where the laxity was, whether in the prosecuting officials or in the law pursuant to which it was their duty to prosecute.
Much evidence was presented at the public hearings which should have
been obtained years ago,by both the prosecuting authorities and by the officials of the Banking Department, all of whom must be accused of at least
laxity in their official conduct. • • •
Directors of our State banks will probably never take a businesslike interest in banks organized under the State laws until the penalty for laxity
on their part is so severe as to compel due attention to the affairs of the
bank. Our State banking laws are inherently weak on just this point.
One great trouble with the penal law of the State, so far as it concerns
banks, Is that the punishment prescribed is either civil—forfeiture or fine—
or a penalty under a misdemeanor law. Most of the crimes under the Banking Law now laid down as misdemeanors should be felonies.
—A movement to organize the Fulton National Bank of
Brooklyn Borough has been instituted. It is proposed to
start with a capital of $200,000 in $100 shares, and to operate in the vicinity of Fulton St. and Washington Ave. The
plans are being developed by A. Howard Watson, late Cashier of the Hungarian-American Bank of Manhattan now
liquidating.
—An 80% dividend was paid to the depositors of the Sea
Cliff Bank of Sea Cliff, L. I., on the 14th inst. The institution was closed by the State Banking Department on Nov. 23
last.
—The Mutual Trust Co. of Westchester County, N. Y.
(Port Chester), has declared a quarterly dividend of 1U%,
payable April 1 to holders of record March 30. The institution has been paying 13/2% at each quarterly period. Extra payments of 1% each were also made on Dec. 31 1911 and
1909.
—The stockholders of the Real Estate Trust Co. of Philadelphia on Thursday authorized the directors to reduce the
capital to an amount not less than $3,000,000. As noted in
these columns February 9, under action taken by the stockholders in 1909, the directors were then instructed to reduce
the capital at their discretion to a sum not less than $4,000,000. The present capital consists of $2,680,400 of
preferred stock and $1,319,600 of common.
—John S. Bioren will retire from the banking firm of
Bioren & Co. of Philadelphia on the 31st inst. The business
803
will be continued under the same name by the remaining
partners, viz.: E. Clarence Miller, Walter H. Lippincott,
Edward C. Dale and Henry D. Wieand. The firm was
established in 1865 by Mr. Bioren's father, John Bioren,
and the latter's oldest son, Charles H. Bioren. John S.
Bioren became associated with it in 1879 and was admitted
as a partner in 1884. Mr. Bioren is President of the Merchants' Union Trust Co. of Philadelphia and the Delaware
Insurance Co., and is also interested in numerous other
enterprises.. It is stated that he intends to gradually withdraw from some of these affiliations to devote more attention
to personal affairs.
—George L. Harrison Jr. has been elected a director of the
Trust Co. of North America at Philadelphia.
—The Maryland Bankers' Association has selected Blue
Mountain, Md., for their annual convention on June 20 to 22.
The coming session will be the seventeenth annual gathering
of the Association.
—Charles D. Fenhagen, who has been Secretary and Treasurer of the Baltimore Trust Co. of Baltimore, Md., was
elected Third Vice-President of the institution on the 14th
inst. Edwin W. Poe has been chosen to the office which
Mr. Fenhagen vacates. The latter in his new post succeeds
Samuel C. Rowland, who was made Chairman of the executive committee in January.
—Robert Shriver, President of the First National Bank
of Cumberland, Md., died on the 18th inst. Mr. Shriver
entered the institution (originally the Cumberland Bank) in
1853 and had been its President since 1886. He was President of the Maryland Bankers' Association for a term and
was a member of its executive committee at the time of his
death. He was Treasurer of Allegany County from 1872
to 1878, and had also served as President of the City Council
and as President of the Board of School Commissioners for
Allegany County. Mr. Shriver was in his 75th year.
—C. F. McCombs has been elected Cashier of the Third
National Bank of Pittsburgh, succeeding the late Ogden
Russell. W. W. Ramsey has been elected Vice-President
of the institution.
—The deposits of the Mellon National Bank of Pittsburgh
on the date of the last statement to the Comptroller of the
Currency for Feb. 20 were $38,926,281; total cash and due
from banks, $13,797,434; capital, $6,000,000; surplus,
$1,600,000, in addition to $105,205 undivided profits, while
resources aggregated $50,256,683. A. W. Mellon is the wellknown executive of this bank and Walter S. Mitchell, Cashier.
—George C. Watt, formerly Vice-President of the Braddock Trust Co., Braddock, Pa., has been elected President
to succeed the late E. R. Dowler. Mr. Watt is Vice-President of the First National Bank of Braddock, which is
affiliated with the trust company. He was also recently
elected Chairman of the Executive Committee of Group
Eight of the Pennsylvania Bankers' Association.
—The indictments charging Morris L. Hartman, former
Cashier of the failed Farmers' National Bank of Boyerstown,
Pa., with aiding and abetting in the misapplication of the
funds of the instittition, were dismissed in the U. S. District
Court on the 11th inst. at the instance of District Attorney
Thompson. The defendant, it is stated, had been of material service to the Government in the prosecution of
another. The institution closed its doors on July 20 1907.
—The Cambria Trust Co., which was recently organized
in Johnstown, Pa., commenced business on the 4th inst.
with a capital of $125,000. The officers of the new institution are: John H. Waters, President; John W.Walters and
John Dowling, Vice-Presidents; William G. Hager, Secretary
and Treasurer, and I. E. Jendricks, Assistant Teasurer.
—The Executive Committee of the Ohio Bankers' Association has chosen Cedar Point as the meeting place for the
next annual convention to be held July 2 and 3.
—Permission to organize the State Bank of Oak Park,
Oak Park, Ill., has been granted to C. R. Belling, James
Harper and George F. Eissler. The new bank will have a
capital of $100,000 and surplus of $25,000.
—The People's Savings Bank of Grand Rapids on the 6th
inst. decided to pay dividends monthly in the future instead
of quarterly, as heretofore, and to increase the annual rate
from 10 to 12%. The institution has a capital of $100,000;
its deposits exceed $2,000,000.
—W.S. Fallis has been elected Vice-President of the Gate
City National Bank of Kansas City, Mo. He was President
of the Humboldt National Bank, Humboldt, Kan. Mr.
Fallis assumed his new duties on the 1st inst.
804
THE CHRONICLE
—The plans Proposed by the committee delegated in
January to work out a reorganization of the Miesouri LinCOln
Trust Co. of St. Louis Were ratified by the stockholders on
the 11th inst. The institutiOn has a capital of $3,000,000,
$500,000 of which is held in the treasury. The latter, under
the arrangements agreed on, will be canceled and the outstanding capital of $2,500,000 will be reduced to $500,000
through the exehange of five shares of old stock for one of
new. An additional $500,000 of new stock will be issued
and Sold at par to the present shareholders, thus-giving the
institution a capital of $1,000,000. The plan, it is stated,
also provides for the liquidation of the indebtedness to the
Mercantile Trust Co. of St. Louis incurred at the time the
latter in 1907 took over the safe deposit department of the
Missouri Lincoln and guaranteed the payment of its depositors. Besides the $1,000,000 capital which the reorganized
Missouri Lincoln Trust will have, its assets, estimated at
$493,000, will be utilized as a surplus.
—John 0. Ellington has been chosen for the presidency of
the proposed Anchor Trust Co. of Raleigh, N. C. He comes
from Fayetteville, where he had been Vice-President and
Cashier of the Fourth National Bank for the past seven years.
Mr. Ellington was also State bank examiner for a number of
years and is an ex-President of the North Carolina Bankers'
Association.
—Since the call of Dec. 5 1911, the deposits of the Fourth
National Bank of Nashville, Tenn., have increased by over
$600,000, being reported on Feb. 20 last at $6,661,403. This
institution, of which W. C. Dibrell is President and J. S. McHenry Cashier, has a capital of $600,000, surplus and profits of $758,714 and aggregate resources of $8,647,941.
—The Hillyer Trust Co. of Atlanta has been appointed
registrar and transfer agent for the $15,000,000 of common
stock, $2,000,000 of first preferred stock and $10,000,000 of
second preferred stock of the Georgia Railway & Power Co.,
making $27,000,000 .in all. Certificates representing the
various classes of stock which were delivered Monday bear
the counter-signature of the gillyer Trust Co, by William
Hurd Hillyer, Vice-President. This, it is claimed, is the
largest piece of trust business ever put through in Georgia,
and the fact that an Atlanta trust company was selected to
register the transfers of this large corporation, rather than an
Eastern institution, as has heretofore been the custom with
companies of this size, is regarded as a striking indication of
the esteem,in which Southern financial institutions are now
being held by Eastern and foreign capitalists.
—The Louisiana Bankers' Association has announced that
George H. Maxwell and Lewis E. Pierson of New York will
be the two principal speakers at the annual Convention to be
held in Covington April 26 and 27. Mr. Maxwell will talk
on "Drainage and Reclamation," while Mr. Pierson will deliver an address on "Necessary Legislation on Bills of
Lading." Mr. Pierson is President of the Irving National
Exchange Bank of this city and a former President of the
American Bankers' Association.
—F. Dietze Jr., an Assistant Cashier of the German-American National Bank of New Orleans, has been elected to the
cashiership, which became vacant through the resignation of
W. W. Bouden. An additional vice-presidency has been
created, and this office has been filled by the election
to it of James P. Butler Jr., Vice-President and Cashier of
the German-American Savings Bank & Trust Co. of New
Orleans. A. Breton, a Vice-President of the German-American National, will, it is understood, become a Vice-President
of the German-Ameriean Savings, these changes thus serving
to bring the two banks into closer relationship.
—The profits of the Standard Bank of Canada (head office
Toronto) for the year just closed—Jan. 31 1912—were the
largest in the bank's history. This is indicated in the annual report just issued by the institution. The net profits
amounted to $381,601, and were sufficient to admit—after
writing something off "premises account" and making contributions to the "pension fund," &c.,—of adding $100,000
to the reserve fund, Which now stands at $2,600,000, or 130%
of the paid-up capital of $2,000,000. The total assets are
now $37,117,317, having increased $3,833,985 during the
year, while the deposits in the new statement stand at $30,116,870, and compare 'with $26,413,503 in the report of a
year ago. It is proposed to change the Par value of the stock
from $50 per share to $100. At the annual meeting held
on Feb. 21 a by-law Was adopted authorizing the directors
to take the necessary action to acconiplish this. The dividend rate was increased with the February payment from
12 to 13% per annum.
[ V oL. Lx xs.xx .
MonetarifsToin inert:Ial ThIglisitn.exu6
------
•M1Inew•
(From our own correspondent.)
London, Saturday, Misrch 9 1912.
The great coal strike continues to weigh upon every branCh
of business. Indeed, almost everybody is working only
from hand to mOuth, as nobody can foresee how long the
strike will last. In spite Of the anxiety caused, there has
been surprisingly little fall upon the Stock Exchange. Partly,
no doubt, this is die to the fact that business had been utterly
stagnant ever since the alarm created by the Morocco incident in the autumn. Consequently, there was hardly any
speculation open for the rise, and although the railway companies have had to reduce seriously the number of trains
they run, and although if the strike lasts, they may have to
reduce them still more drastically by and by, yet it is surprising how little decline there has been in, the quotations
for British railway securities. What is perhaps more remarkable is that there has been little fall in any department,
while there has been a rise in some departments,like Nigerian
tin, copper, and a few others.
The production of coal throughout the whole of the United
Kingdom has been stopped since the middle of last week.
Day by day the consequences of the strike are making themselves more widely felt. Large numbers of workpeople are
being thrown out of employment. In several other cases
mills are working half-time. In still other cases employers
have been giving notice to their employees that they can only
ensure them employment from day to day. The distress
among the very poor is becoming serious. Happily, the
weather is mild, though wet, and therefore the suffering
from cold is not as great as it might otherwise have been.
But the distress is calamitous, and preparations in all directions are being made to mitigate it. The wealthy part of
the community is afraid to engage in new ventures. All sorts
of enterprises are being suspended, and insurance is being
taken out upon a great scale against, not only loss inflicted
directly by the strike, but against rioting also. At the same
time hopes are reviving that the very magnitude of the evil
will rapidly cure itself.
The number of people that are being thrown out of employment is compelling the leaders of the other trades unions
outside the coal trade to bestir themselves. It is known that
the Labor Members of Parliament have had several interviews
with the leaders of the miners, and that they are becoming
exceedingly anxious. It is also understood that capitalists
are putting pressure upon the mine owners, especially those
of South Wales and Scotland, who are holding out stubbornly
to adopt a more reasonable attitude. Naturally, public
opinion is, urging the Government not to allow the evil to
become too great, but to take what measures may be necessary to prevent real disaster following.
A section of the suffragettes have taken advantage of the
-anXieties felt this week to break windows, in the vain hope,
apparently, that they might thereby somewhat improve
their cause. As a matter of course, they have turned public
opinion more decidedly than ever against themselves, and
the magistrates before whom those arrested have been brought
have been inflicting far heavier sentences than ever before
were given. That, of course, is a very small matter. The
real anxiety is to bring the coal strike to an end without
avoidable delay.
Upon the Continent there is likewise a movement among
the miners—especially, there are grave apprehensions that
in the Ruhr district of Westpahlia there may be a very serious strike. Even if there is, the hope is very prevalent in
Germany that the strike will not become general. It will
be general, of course, in the Ruhr, or Westphalian, district,
but in the Silesia and Saar districts it is not likely to be so,
for they are far removed from the Ruhr, and there is no
federation as is the case in the United Kingdom. In France
there is also agitation among the miners. But it does not
look now as if there would be a serious strike there.
Upon the bourses business is languishing; especially there
is grave anxiety in Germany respecting the liquidation at
the end of this month. The liquidation is always a difficult
one at the end of March, and this year it is feared that it
will be exceptionally so, partly because the French banks
are still abstaining from employing money in Germany.
There is a good deal of American and British money employed
in Germany, but not much other foreign capital. And
France is almost entirely abstaining. Meantime, the President of the Reichsbank continues to urge upon the other
banks to compel their customers to reduce their accounts
in every direction. In consequence, prices have fallen
sharply this week. Indeed, at the beginning of the week
there was a very pessimistic feeling.
In Vienna, also, the money market is exceedingly tight,
and the supply of money is scarce. There have been violent
fluctuations In the exchange, and there is an uncomfortable
feeling both in Vienna and in Buda-Pesth, though it is not
thought that the liquidation at the end of the month will be
anything like so serious as in Berlin. In Paris, money likewise is scarce and dear. But there is' a good deal of specula-
MAR. 23 1912.]
THE CHRONICLE
805
DIVIDENDS.
in diation in Paris in Russian industrials, in tin, in copper,
all the dividends announced for the
g
shows
The
followin
mond shares and so on.
100
ay
nt corporations:
Wednesd
importa
or
large
on
by
future
tender
for
offered
The India Council
ions
week are printed in italics.
applicat
the
d
this
s
and
announce
,
Dividend
transfers
ic
telegraph
Iacs of its bills and
from
ranging
prices
at
lacs,
953M
amounted to nearly
Books Closed.
When
Per
ts for bills at
Days Inclusive.
is. 4 3-32d. to is. 4M. per rupee. Applican
Cent. Payable.
Name of Company
per
4Hd.
is.
at
transfers
ic
telegraph
for
is. 4 3-32d. and
Railroads (Steam)
rupee were allotted 10%, and above in full.
Mch. 25 Holders of rec. Mch.20a
1
Ashland Coal & Iron By. (guar.)
Mch. 31 Holders of rec. Feb.29a
2
Boston & Albany (guar.)
April 1 Holders of rec. Mch. la
1
Boston & Maine, common (quar.)
April 1 Holders of rec. Mch.15a
&
(quar.)___
Lynn
Revere
Beach
Boston
1 Holders of rec. Mch. la
April
234
Canadian Pacific, corn. (qu.)(No. 63)- _
April 1 Holders of rec. Mch. 1
2
Preferred
Holders of rec. Mch. 8a
30
Mch.
134
(guar.)
&
Ohio
Chesapeake
as
Mch. 25 Holders of rec. Mch.19a
Chicago Burlington & Quincy (guar.)... 2
London.
i.
April 1 Holders of rec. Mch.16a
Thurs.Fr
Wed
134
.
pref.
Illinois,
T
(guar.).
Eastern
.
&
M
Chicago
22.
Week ending March
rec. Mch. la
26 15-1626 15-16 26 13-1626 15-16 Chicago & North Western, corn. (guar.). 194 April 1 Holders of
d 26 13-16 26%
Silver, per oz
April 1 Holders of rec. Mch. la
77%
2
77%
Preferred (quar.)
77 7-16 77 11-1677%
7794
Consols, 2% per cents
3
%
77%
Mch. 30 Holders of rec. Mch.15a
77
& Pacific Ity.(guar.)._
Island
Rock
134
13-16
77
7731
Chic.
9-16
77
7731
For account
Mch. 25 Holders of rec. Mch.15a
93.85
3
94.0234 93.95
Cleveland Akron & Cincinnati
93.85
93.80
French rentes (in Paris) __fr.c93.95
April 15 April 2 to April 14
79
3
7831
7634
Georgia Railroad & Banking (guar.)
7834
74%
7494
Amalgamated Copper Co
82%
2
stock
guaranteed
81
Trunk,
79
Grand
79
78
American Smelt. & Ref. Co_ 78%
234
831
8%
834
First and second preference
831
834
834
b Anaconda Mining Co
134
111%
111%
109%
Third preference
108%
108%
Atch.Topeka & Santa Fe_ _108%
April 1 Holders of rec. Mch.23a
106
108
106
Interborough Rapid Transit (guar.) _ _
106
106
106
Preferred
1
April 15 Holders of rec. Mcb.30a
108
City Southern, preferred (guar.). _
10831
107
107
Kansas
I(
i
Baltimore & Ohio
1 Holders of rec. Mch.15a
April
pref.
91
Moines,
(annual)___
Des
&
234
91
Keokuk
91
91
Preferred
April 1 Holders of rec. Mch. 9a
1
23931
240%
Lackawanna RR. of N. J.(guar.)(No. 1)_
236i%
239%
23934
23834
Canadian Pacific
Mch. 29 Holders of rec. Mch.15a
7831
79
7831
Lake Shore & Michigan Southern (extra) 6
78
78%
78%
Chesapeake & Ohio
Mch. 29 Holders of rec. Mch.15a
19%
194
Guar. stock (Mich. Sou & Nor. Ind.). 6
18%
18
1831
18%
Chicago Great Western
1113(
134 April 1 Holders of rec. Mch.15a
11131
111
Maine Central (guar.)
110%
110%
Chicago Milw. dr St. Paul_ _ _110%
191 April 1 Holders of rec. M ch.15a
22%
22%
22%
Manhattan Railway (guar.)(No. 112)21%
2134
22
Denver dr Rio Grande
April 15 Holders of rec. Mch.22a
&
pref
corn.
42
M.,
S.
334
S.
42
&
Paul
41%
St.
Minn.
41
41
4154
Preferred
3
April 1 Holders of rec. Mch.22a
3734
Newark & Bloomfield
3734
3734
38%
38
3794
April 16
Erie _
1% April 15 Mch. 28 to
(quar.)
5731
River
&
Hud.
Cent.
5831
Y.
58
N.
5831
58
First preferred ______ __ _ _ E8
2
April 1 Holders of rec. Mch.22a
4734
4734
New York & Harlem, corn. and pref
48
48%
4731
4131
Mch.15a
rec.
of
Second preferred
Holders
1
April
134
137%
13731
137%
N. Y. Lack. & Western, guar. (quar.)_
136%
136 .
1.16%
Great Northern pref_
Mch. 30 Holders of rec. Mch. 9a
133%
133
New York New Haven & Hartford (qu.)- 2
131
131
131
134
of rec. Mch.15a
Illinois Central
181
3.6 April 1 Holders of
161
180
Norfolk Southern (guar.)
180
159%
100
rec Mch. 4a
Holders
Louisville & Nashville
1% April
3034
3031
Northern RR. of N. H.(quar.)
2931
2931
2931
Missouri Kansas & Texas. _ _ 29%
1 Mch. 17 to Mch. 31
April
2
65
65
pref.
&
(quar.)
Worcester,
65
Norwich
65
65%
April 10
6531
to
31
Mch.
Preferred
10
April
234
45
45
Philadelphia de Trenton (guar.)
45
4534
44
42
Missouri Pacific
1% April 1 Holders of rec. Mch. 15
67
67
Pittsb. Bessemer & Lake Erie, common
67
67
67
April 2
10 to
Mch.
Nat. RR.of Mex., 1st pref _. 67
2
April
31%
(qu.)
guar.
3131
reg.
&
Chic.,
3131
Pitts. Ft.Wayne
30%
314
3131
Second preferred
134 April 1 Mch. 16 to April 2
11635
11691
115%
Special guaranteed (guar.) _ ______
11534
115
N. Y. Central & Hud.Itiver_115
29 Holders of rec. Mch.15a
Mch.
3894
38%
56
(extra)
38
Erie
&
Lake
Pittsburgh
38
3734
38
N. Y. Ontario & Western
9 Holders of rec. Apr.23a
112%
112%
11134
134 May
111%
Reading Company, common (guar.)
111%
111%
Norfolk & Western
1
April 11 Holders of rec. Mch.26a
93
Reading Co., second preferred (quar.)_
9393
Preferred
125%
05
ji
124
San
Francisco
&
Louis
.
j4
St.
12331
12123
Northern Pacific
Mch. 17 to April 1
63%
64
6354
6334
Chic. & East. III. pref. trust ctfs. (qu.) 134 April
6331
634
a Pennsylvania
Mch. 17 to April 1
April
8131
80
8131
K.C Ft. S. & Mem. pf. tr. ctts. (guar.) 1
80
79%
7934
6 to April 3
a Reading Co
Mch.
April
___
22)
(No.
46%
4834
(quar.)
46%
Pacific
46%
Southern
4634
4631
a First preferred
April 24 Holders of rec. Mch.300
._ 2
_
4934
--------493-4
Southern Railway, preferred_
49%
49%
- - -a Second preferred
April 1 Mch. 16 to Mch. 31
2
27
e
& Ohio stock trust certificates__
'.i.3.,i
26
Mobile
25
2531
Rock Island
April 1 Holders of rec. Mch. 2a
114%
115%
114%
112%
Union Pacific, common (quar.)
111%
112%
Holders of rec. Mch. 2a
Southern Pacific
April
2
30%
30%
3034
Preferred
30
29%
2931
Southern Railway
April 10 Mch. 21 to Mch. 31
_
(guar.)
guar.
7754
234
Canal,
&
RR.
77%
77
J.
N.
76%
United
76%
76%
Preferred
Holders of rec. Mch.15a
30
Mch.
3%
173%
guaranteed
174
173%
172%
Utica & Black River,
171%
172%
Union Pacific
3% April 15 Holders of rec. April 5a
9334
9331
93%
93%
Warren
93%
93%
Holders of rec. Mch.15a
Preferred
1
April
Seashore
693-4
&
69%
Jersey
68%
West
68%
67%
6731
U. S. Steel Corporation
April 1 Holders of rec. Mch.12a
2
11534
11534
114
Wisconsin Central, preferred
11434
113%
11334
Preferred
Railways.
Electric
and
734
Street
754
7%
734
7%
734
Wabash
Mch. 30 Mch. 16 to Mch. 31
1834
18%
1831
Augusta-Aiken Ry. & Elec., pref. (guar.) 1%
19
19
1831
Preferred
% April 10 Mch. 24 to Mch. 25
58%
5831
5831
5834
Aurora Elgin & Chicago RR., cont. (yew.)
58%
5831
Extended is
April 10 Mch. 24 to Mch. 25
194
(guar.)
Preferred
April 1 Holders of rec. Mch.21a
Bangor Railway & Electric, pref. (guar.)
of rec. Mch. 9a
a Price per share. b sterling. c Ex-interest.
131 April 1 Holders
Brooklyn Rapid Transit (quar.)
April 1 Mch. 15 to Mch. 31
I%
(guar.)
C.
D.
n,
„Washingto
Capital Tract
to Mch. 31
24
Mch.
1
12)
April
194
Carolina Power & Light, Pt.(qu.)(No.
April 1 Mch. 22 to Mch. 31
3
Central Pennsylvan1a Traction
Holders of rec. Mch.15a
April
14
11)
(No.
(qu.)
Lt.
pf.
&
Ry.
a
Chattanoog
Mch. 30 Mch. 6 to Mch. 16
Chicago City Ry. (guar.)
% April 1 Meth 17 to Mch. 31
ilton Traction,cam.(qu.)
)
April 1 Mch. 17 to Mch. 31
1%
National Banks.-The following information regarding Cinpcirenfna
errt d (QH
fla
ant
r•
April I Mch. 17 to Mch. 31
ler of the Cincinnatiei &
Street By.(guar.)
national banks is from the office of the Comptrol
April 1 Holders of rec. Mc1.16a
•
Railway (guar.)
Cleveland
Meh. 24 to Mch. 31
Currency, Treasury Department:
Colunt. Newark & Zanesv. El.By., pf.(gu.) 154 April 1 Holders of rec. Mch.15a
Duluth-Superior Trac., corn. (guar.).- 134 April 1 Holders of rec. Mch.15a
APPLICATIONS TO CONVERT APPROVED.
1
April
1
National
Harbor
(guar.)
Indiana
Preferred
"The
of rec. Mch.15a
The Indiana Harbor State Bank into
& Southwark Pass., Phila.(iu.) $4.50 April 1 Holders
Harbor, Ind.). Capital,
Bank of East Chicago," Ind. (Post office, Indiana State Bank, Indiana Frankford n Pass. Ry., Philadelphia (qu.) $13131 April 2 Mch. 13 to April 1
GermantOw
Correspondent, The Indiana Harbor
April 1
Mch. 21 to
*100,000.
1
April
61)
(No.
2
(guar.)
Ltd.
Tram.
Halifax Elec.
rec. Mch.16a
Harbor, Ind.
First National Houghton County Traction, corn.(No. 6) 2% April 1 Holders of
The Ashton State Bank (Ltd.), Ashton, Idaho, into "The
1 Holders of rec. Mch.16a
April
,
3
McDonald
A.
J.
8)
ent,
(No.
Correspond
Preferred
flank of Ashton". Capital, *25,000,
Holders of rec. Mch.15a
April
Illinois Traction, pref. (guar.)
Ashton, Idaho.
April 1 Mch. 26 to April 1
3
Traction, pref
"The First
Holders of rec. Mch.21a
The Huntsville Banking Company, Huntsville, Tenn., into,dent, 'T. N. Kokomo Marion & Western
1
April
(guar.)
pref.
1%
first
By.,
Correspon
Electric
*25,000.
Lake Shore
to Mch. 31
National Bank of Huntsville", Capital,
91 April 1 Mch. 26 to Mch. 15
Louisville & Nor.By. & Ltg., A & B (qu.)
Scates, Huntsville, Tenn.
April 1 Mch. 11
13. Louisville Traction, common (guar.)._
1 Men 11 to Mch. 15
April
CHARTERS ISSUED TO NATIONAL BANKS MARCH 6 TO MARCH
2%
Preferred
Holders of rec. Mch.18a
10,156-The Virginia National Bank of Danville, Va. Capital, $100,000.
Elec. RR. dr Ltg. Corp. (guar.).- 1% April 1 Holders of rec. Mch.28a
W. W. Williamson, President; J. M. Ley, Cashier. (Conversion Manila Street By., preferred (quar.)__ _ _
134 Mob. 28
Memphis
of rec. Mch.27a
Holders
of The Virginia State Bank of Danville.)
28
Mch.
2)
(No.
2d
ct,
1st
pref.
, Milw. Northern By.,
Mch. 30
10,157-The Clark National Bank, Clark, W. Va. (Post office, Northford
1% Mch. 30 Mch. 18 to Bich.
By. & Light, pref. (quar.)18
1 Holders of rec.
W. Va.) Capital, $25,000. E. H. Evans, President; Tate L, New Orleans
April
(guar.)
corn.
Railways,
State
Bich.18a
rec.
of
Holders
Earnest, Cashier. (Conversion of The State Bank of Northfork, New York (guar.)
1
April
134
Preferred
15a
Mch.
rec.
of
Holders
1
W. Va.)
April
Northern Ohio Trac. & Light, pref.,(qu.)
April 1 Holders of rec. Aich.26a
VOLUNTARY LIQUIDATIONS.
common (guar.)
of rec. Mch.15a
Okla., January 17, Ohio Traction,
Electric, coin. (qu.) (No. 1) 134 April 15 Holders
&
Gas
9,947-The Exchange National Bank of Okmulgee,
Pacific
1 Holders of rec. April 1
•
134 May
(No. 122)
(guar.)
corn.
Co.,
1912. Consolidated with The First National Bank of Okmulgee.
a
Philadelphi
of rec. Mch. 9a
1912
29
Holders
1
February
of
Ind.,
Bank
April
Kewanna,
National
$2
Philadelphia Traction
8,192-The First
April 1 Holders of rec. Mcb. 22
1
Absorbed by The Farmers' & Merchants' Bank of Kewanna. Porto Rico Rys., Ltd., common (guar.)._ _ _
1% April 1 Holders of rec. Mch. 22
Daniel W.Sibert, liquidating agent.
Preferred (guar.) _ _ _
April 16 Holders of rec. Mch.29a
Puget Sd. Tr.,L. & P., corn. (qu.)(No. 1) 1
1% April 15 Holders of rec. Meh.2.9a
Preferred (guar.) (No. 1)
April 15 Holders of rec. MO.30
3)
(No.
(guar.)
pref.
Light,
&
R.
April 1
$3 April 1 Mch. 17 to
Canadian Bank Clearings.-The clearings for the week end- Republic
Ridge Avenue Passenger Ry.(guar.)
April 1 MO.28 to Mch. 31
(Ga.) By.& Light (guar.)
ing Mch. 16 at Canadian cities, in comparison with the same Rome
Holders of rec. Mch.15a
1
April
(No.38)
(On.)
H.&
P.,
L.,
P1.
St. Jos. Ry.,
April 1 Holders of rec. Bich. 11
week of 1911, shows an increase in the aggregate of 21.2%.
Sao Paulo Tram.,L.&P.,Ltd.(qu.)(No.40)
April 1 Holders 2f rec. Mch. 25
Scioto Valley Tr., 1st pl. cfc pref. (qu.)
Mch. 30 Holders of rec. Mch.23a
1
(quar.)
common
Week ending March 16.
Syracuse Rapid Transit,
Holders of rec. Meh.25a
April
Preferred (qua.)
Clearings al1 Mch. 22 to Mch. 31
Inc. or
Terre Haute Indianap. & East., pref. (qu.) $1.25 April
Holders of rec. Mch.15a
1
April
2
1909.
1911.
Dec.
Toronto Railway (guar.)
1910.
1912.
April 1 Holders of rec. Mch. 22
Tr -City Ry. dr Light, pref.(guar.)
April 1 Holders of rec. Mch.11a
(guar.)
134
corn
Minneap.,
T.,
R.
Twin City
Canada1% Apri. 1 Holders of rec. Mch.15a
Preferred (guar.)_
45,420,418 41,789,519 +8.7 39,214,300 27,238,900
Montreal
1% April 1 Holders of rec. Mch.22a
(quest.).. _
36,918,664 31,948,441 +15.6 28,955,342 23,751,172 Union By., Gas & Elec., pre;
Toronto
April I Mch. 26 to April 1
_
2%
preferred__
Indiana,
Mch. 31
23,855,386 16,304,648 +46.3 13,411,056 11,216,108 Union Traction of
Winnipeg
34 April 1 Mch. 21 to Mch. 31
W. Va., COM.(qu.)
4,425,457
9,724,194
Utilities,
+22.1
Union
8,934,996
11,871,411
Vancouver
3% April 1 Mch 21 to
Preferred
4,827,292 4,094,706 +13.0 3,540,208 3,334,730
13 to Mch. 17
Mch.
1
Ottawa
(guar.)
April
1%
Providence
2,194,305 2,129,927 +3.1 2,121,131 2,013,140 United Trac. & Elec.,
Quebec
_
Mch. 30 Holders of rec. Mch.23a
1
1,978,084 1,410,116 +4.7 1,725,695 1,773,707 Utica & Mohawk Valley, corn. (guar.)__
Halifax _
Mch. 30 Holders of rec. Dich.23a
Preferred (guar.)
2,818,958 1,880,784 +49.4 2,065,957 1,353,566
Hamilton
_
April 20 Holders of rec. April 6
2)
(No.
de Power, corn.
Railway
1,314,550
+13.5
1,008,784
Virginia
1,315,290
1,491,247
St. John
April 1 Holders of rec. Mch.loa
1,512,104 1,399,359 +8.1 1,314,685 1,171,845 Washington Water Pow.,Spokane (quar.) 2
April 1
London
April 1 Mch. 23 to
corn
51.75
(Boston)
3,958,149 3,184,134 +24.3 2,156,753 1,481,297 West End Street By,
Calgary
April 1 Holders of rec. Mch.28a
3,188,218 2,739,549 +15.6 1,680,036 1,294,474 Western Ohio By..1st pref. (guar.)
Victoria_
April 10 Holders of rec. Mch.28a
(guar.)
preferred
1,917,602
+119.4
862,327
Second
4,206,283
1,057,569
Avril 2
Edmonton
April 1 Mch. 23 to
West India Elec. Co., Ltd.(quar.)(No.17) ill April 1 Holders of rec. Mch. 21
2,290,095 1,164,668 +98.6
695,798
Regina
422,105 +20.7
509,621
Winnipeg Electric By. (guar.)
400,000
Brandon
Banks.
530,667
-3.7
511,193
April 1 Melt. 20 to Mch. 31
Lethbridge
4
831,865 +134.9
Broadway, Brooklyn (guar.)
1,950,168
Saskatoon
April 1 Holders of rec. Mch.30a
5
506,864
+0.3
Chase National (guar.)
508,454
Aprilld
Brantford
April 1 Mch. 24 to
2
(quar,)
National
Phenix
699,839 +44.2
Chatham &
1,009,394
Moose Jaw
April 1 Holders of rec. Mch. 28es
Citizens' Central Nat. (quest.).......
412,809 Not include d in tot al
April 1 Holders of rec. Mch. 13
Fort William
134
(guar.)
National
Iron
dr
-Coal
April 1 Mch. 21 to Mch. 31
150,295,422 123,999,535 +21.2 108,088,781 81,015,507 Colonial (guar.)
Total Canada
April 1 Mch. 23 to April 1
2
Commerce, Nat. Bank of (guar.)
English Financial Markets-Per Cable.
s &c., at London,
The daily closing quotations for securitie'
reported by cable, have been as follows the past week:
gourmetcial and trasictilantaxtsBtIVE
806
THE CHRONICLE
Name of Company.
Per
Cent.
When
Payable;
Books Closed.
Days Inaulive.
Name of Company.
Lxxxxlv.
Per
Cent.
When
Payable.
Books Closed.
Days Inclusive.
Banks (Concluded).
Miscellaneous (Concluded).
Fifth Avenue (guar.)
25
April 1 Holders of rec. Mch.30a Int. Button-Hole Sew. Mach.(qu.)(No.88) 1
April 15 Holders of rec. April 5First National (guar.)
7
April 1 Holders of rec. Mch.30a
Extra (No. 1)
April 15 Holders of rec. April 51
First National, Brooklyn (guar.)
2
April 1 Mch. 27 to Mch. 31 Internat. Harvester, corn.(quar.)(No.
134 April 15 Holders of rec. Meh.25er
First Security Co.(guar.)
3
April 1 Holders of rec. Mch.30a International Nickel, common (guar.)._ 9)
1 May 14 to June 2'
_
Jane
•
7
Garfield National (guar.)
3
Mch. 30 Mch. 21 to Mch. 31
Preferred (guar.)
1 April 14 to May 1
134 May
Hanover National (guar.)
4
April 1 Mch. 23 to Mch. 31 International Silver, pref. (quar.)
14 • April 1 Feb. 28 to
April 1.
Irving National Exchange (guar.)
2
April 1 Mch. 22 to Mch. 31
Preferred (extra)
e April 1 Feb. 28 to
April 1
Liberty National (guar.)
April 1 Holders of rec. Mch.30a
Preferred (extra)
May 15 May 2 to
Is
May 15.
Market Re Fulton National (guar.)
3
April 1 Itch. 20 to Mch. 31 Inter. Smokeless Pow AChem.. com.(qu.) 1
April I Holders of rec. Atch.22a•
Mercantile National (quar.)
115 April 1 Mch. 24 to
April I
Preferred
May 15 Holders of rec. May 4a4
Metropolitan (quar.)
2
April 1 Mch. 17 to
Mch. 31 Kansas Gas & Electric, pre/. (qu.)(No. 8) 14 April • 1 Mch. 24 to
Mch. 31
Mount Morris (quar.) (No. 49)
3
April 1 Mch. 21 to Mch. 31 Kayser (Julius) & Co., corn.(qu.)(No. 1) 1
April 1 Melt. 26 to Mch. 31
New Netherland
24 April 1 Holders of rec. Mch.30a Knickerbocker Ice. preferred (No. 26)._ 3
April 1 Holders of rec. Alch.15aPark, National (guar.)
4
April 1 Holders of rec. Melt. 22 La Belle Iron Works(guar.)
215 :deb. 30 Mch. 21 to Mch. 31
Prospect Park, Brooklyn (guar.)
115 April 1 Mch. 29 to Mch. 31 Lanston Monetype Machine (quar.)
115 Mch. 30 Holders of rec. Itch. 23
Second National (guar.)
3
April 1 Holders of rec. Mch.30a La Rose Consd. Mines (guar.)
24
pril 20 Mch. 31 to
April 17:
Washington Heights, Bank of (guar.)
2
April 1 Holders of rec. Mch.30a Lawyers' Mortgage (guar.)(No. 42)
3
April 1 Holders of rec. Mch. 25,
Trust Companies.
Liggett & Myers Tobacco, pref
14
April
Mch.
Feb.
to
16
11
1
Bankers (guar.)
April 1 Holders of rye. Mch.28a Mackay Companies, corn.(quar.)(No. 27) 114 Aprli 1 Holders of rec. Mch. 11a•
6
Central (guar.)
9
April 1 Holders of rec. Mch.23a
Preferred (quar.) (No. 33)..
1
April 1 Holders of rec. Melt. Pai
Columbia (guar.)
Mch. 30 Holders of rec. Mch.26a Massachusetts Gas Cos., common (guar.) _ _
3
May. 1 Holders of rec. April 15.
1
Empire (guar.)
215 Mch. 30 Holders of rec. Mch. 23 May Department Stores, pref. (quar.).
14 April 1 Holders of rec. Mch. 20.
Guaranty (quar.)
Mch. 30 Holders of rec. Mch. 30 Mergenthaler Linotype (quar.)
8
Mch, 30 Holders of rec. Mch. Ow
215
Extra
Melt. 30 Holders of rec. Melt. 30
2
Extra
A Mch. 30 Holders of rec. Mch. Ow
Lawyers Title Ins. & Tr.(quar.)(No. 54) 3
April 1 Mch. 16 to
April 1 Michigan Light, preferred (quar.)
115 April 1 Holders of rec. Mch.15w
Long Island Loan & Tr., Bklyn. (guar.)
April 1 Holders of rec. Mch.23a Milwaukee de Chicago Breweries, Ltd
3
14 May 15
Mechanics of New Jersey (guar.)(No. 61) 5
April 1 Mch. 30 to
April i
Mortgage-Bond Co. (guar.)
115 April • I Holders of rec. Melt. 25.
Metropolitan (guar.)(No. 61) _
Mch. 30 Melt. 22 to Mch. 31 Nat. Biscuit, corn. (quay.) (No.
6
14 April 15 Holders of rec. Mch.28a.
Mutual Alliance (guar.)
115 April 1 Mch. 26 to Men. 31 National Carbon, common (guar.)54)
April 15 Holders of tee. April 5.
14
Mutual of Westchester Co.(guar.)
14 April 1 Holders of rec. Mch. 30 Nat. Enamel & Stpg.. pref. ((mar.)
14 April 1 Mch. 13 to
April I
New York (guar.)
8
Mch. 30 Mch. 24 to Mch. 31 Nat. Gas, Elec. Lt. Re Pow. pref.
April
1 Mch. 28 to Mch. 31
135
(guar.)
Standard (guar.)
Mch. 30 Holders of rec. Mch.23a National Lead, common ?guar.)
4
34 Mch. 30 Mch. 0 to litch. 13
Title Guarantee & Trust (guar.)
Mch. 30 Holders of rec. Mch. 23 National Licorice, pref. (quar.)(No. 39). 115
5
Mch.
!itch. 26 to Mch. 31
Union (guar.)
12% April 10 April 6 to April 9 Nhtional Sugar Refining, pref. (quar.)... 4% April 30
2 Holders of rec. Melt. 16
Washington (guar.)
3
April 1 Holders of rec. Mch. 25 National Surety (quar.)
3
April 1 Mch. 21 to Bich. 31
Miscellaneous.
Nevada Consolidated Copper (quar.)
374e. Itch.' 30 Mch. 9 to Mch. 11
Aeolian, Weber Plano dz Planola, pf.(M1.) 131 Mch. 30 Holders of rec. Mch.23a New England Telep. & Teleg.
(guar.)._
114 Itch. 30 Holders of rec. Meh.15a
Amer. Agricultural Chem., corn. (quar.)_
April 15 Itch. 26 to
1
April 12 N. Y. Mortgage & Security (guar.)
April 1 Holders of rec. Melt. 25
3
Preferred (quar.)
115 April 15 Mch. 26 to
April 12 New York Transit..
510 April 15 Holders of rec. Alch.16a
American Bank Note, preferred (quar.)
154 April 1 Mch. 16 to
April 1 Niagara Falls Power (quar.)
April
2
15 Holders of rec. April 1
Amer. Beet Sugar, pref. (quar.)(No. 51). 14 April 1 Holders of rec. Mch.16a Nipe Bay Co., pref. (quay.)..
April 15 Holders of rec. Mch. 25
1
Amer. Brake Shoe & Fdy.,com.& pf.(qu.) 14 Mch. 30 Holders of rec. Mch.20a Nipissing Mines (guar.)
20
April
Itch. 31 to
April 17
5
American Can, preferred (quar.)
114 April 1 Holders of rec. Mcli.16a
Extra
214 April 20 itch. 31 to
April 17
2
American Caramel, preferred (quay.) _
April 1 Mch. 13 to
Melt. 31 North American
134 April 1 Holders of rec. Mch.21a
14 At r11 1 Holders of rec. Mch.11a Nova Scotia SteelCo.(quar.)..
Am. Car & Foundry, corn. (qu.)(No. 38)
& Coal, Ltd., corn. (qu.) 134 April 15 Holders of rec. Melt. 30
14 At NI 1 Holders of rec. Mch.1 la
Preferred (quar.) (No. 52)
Preferred (guar.)
2
April 15 Holders of rec. Mch. 30
American Express (quar.)
3
April 1 Holders of rec. Feb.29a Otis Elevator, common
(guar.)
1
April 15 Holders of rec. Mch. 30
Amer. Gas & Electric, corn. (quar.)
115 April 1 Mch. 22 to April 1
Preferred
(quar.)
134 April 15 Holders of rec. Melt. 30
Preferred (quar.)
135 May
1 April 16 to May 1 Phelps, Dodge & Co., Inc. (quar.)
24 Mch. 29 Holders of rec. Alch.18a
Amer. Iron & Steel Mfg., com.& pf. (qu.) 14 April 1 Holders of rec. Mch.23a Pittsburgh
Plate Glass, corn. (guar.)._ _
114 April 1 Melt. 16 to
April
•
Amer. Locomotive, pref. (guar.)
154 April 22 April 5 to
April 22
Preferred (annual)
12
April 1 Mch. 16 to
April I
American Malt Corporation, preferred_
2
May
2 Holders of rec. Apr.19a Prairie 011 & Gas.
S7
Mch. 30 Holders of rec. Feb. 29
American Malting, preferred
$1.24 May
1 Holders of rec. Apr.19a Procter de Gamble, pref.(guar.)
2
April 16 Holders of rec. Mch.23a
American Manufacturing (quay.)(No. 60) 115 Mch. 30 Holders of rec. Meh. 15 Producers Oil
14 Mch. 30 Holders of rec. lich.16a
Extra
2
Mch. 30 Holders of rec. Mch. 15
Lorillard, preferred
114 April 1 Feb. 21 to MO. 12
American Piano, pre/. (guar.)(No. 16)... 14 April 1 Mch. 22 to April 1 P.
Quaker Oats, common (quar.)
215
April 16 Holders of rec. April in
American Pipe & Construction (guar.)._
2
April 1 Holders of rec. Mch.15a
Preferred (quar.)
115 May 31 Holders of rec. May in
Amer. Pneumatic Service, first pref..... 314 bleb. 30 Holders of rec. Mch. 15 Quincy
Mining (quar.)
$1
Mel). 25 Holders of rec. Mch. in
Amer. Power & Light, pref. (qu.)(No. 10) 115 April 1 Mch. 24 to Mch. 31 Reece Button-Hole
Mach.(guar.)(No. 104) 3
April 15 Holders of rec. April 5.
American Radiator, common (quar.)_
2
Mch. 30 Mch. 22 to Mich. 30 Royal Baking Powder, common (guar.).
3
Mci. 30 Holders of rec. Mch.15a
Common (extra)
2
Mch. 30 Mch. 22 to
Preferred (quar.)
Mch. 30
114
30 Holders of rec. Atch.15a
Itch.
Common (payable In common stock).._ 10/
Mch. 30 Mch. 22 to Mch. 30 Rumely (M.) Co., preferred
52.34 April 1 itch. 21 to
Amer. Shipbuilding, pref.(guar.)
14 April 15 Holders of rec. Mch.30a Safety Car Heating & Ltg. (quar.)
April 1 Holders of rec. Alch.15a
2
Am. Smelters' Sec., pf. A (qu.)(No. 29). 115 April 1 Mch. 23 to bleb. 31 Scranton Electric Co.,
pr/erred (quay.)
114 April 1 itch. 23 to
April 1
Preferred B (quar.) (No. 28)
14 April 1 Mch. 23 to Mch. 31 Sears, Roebuck de Co., preferred
(guar.). 114 April 1 Holders of rec. Itch.15w
American Snuff, common (guar.) _
2
April 1 Holders of rec. Mch.16a Shawinigan Water & Power (guar.)
1! April 20 Holders of rec. April 8
Preferred (quar.)
1)4 April 1 Holders of rec. Mch.16a Sierra Pacific El. Co., pref. (qu.)(No.
11) $1 50 May • 1 Holders of rec. Apr.15a
Amer. Sugar Ref. corn. de pref.(quar.)
114 April 2 Holders of rec. Mch. la Sloss-Sheffield Steel & Iron, pref.
April 1 Holders of rec. Mch.18a
(quar.)
American Surety'
(quar.) (No. 91)
Melt. 30 MO. 17 to
3
Mch. 31 South Porto Rico Sugar, common (quar.) 114
Holders of rec. Alch.15a•
April
1
American Telephone & Telegraph (quar.) 2
April 15 Holders of rec. Meh.30a
Preferred (quar.)
April 1 Holders of rec. Meh.15a.
2
American Tobacco, pref. (quar.)
115 April 1 Feb. 22 to
Mch. 13 South West Pennsylvania Pipe Lines.. __
55 April 1 Mch. 16 to Mch. 31
American Type Founders, common (qu.) 1
April 15 Holders of rec. Apr.10a Spring Valley Water
(quar.)
50c. Melt. 31 /deb. 18 to
Mch. 31
Preferred (guar.)
114 April 15 Holders of rec. Apr.10a Standard Milling, preferred
(No. 18)
3
AprII 15 April 9 to April 15
American Woolen, pref. (qu.)(No. 52) _
14 April 15 Mch. 26 to
April 4 Standard Oil of Indiana
(h) May 15 April 2 to' May 14
American Writing Paper, preferred
$1
April 1 Holders of rec. Meh.15a Standard 011 of Nebraska
33 1-3g April 15 Mch. 16 to
April 14
Bell Telephone of Canada (guar.)
2
April 15 Holders of rec. Melt. 25 Subway Realty (quar.)
114 April
1 Holders of rec. Mch.23w
3
Booth Fisheries, preferred
Mch. 30 Mch: 3 to
Melt. 31 Sulzberger de Sons Co., pref. (guar.)._ _. 14
April
Melt. 31
1 Mch. 16 to
British-Amer. Tobacco, Ltd., ordinary
235 Mch. 30 Holders of rec. Itch. 30 Swift de Company (guar.)
14 April 1 Holders of rec. Itch. 9
Brooklyn Union Gas (quar.) (No. 44).
135 April 1 litch. 17 to Mch. 31 Texas Company (quar.) (No. 102)
114 Mch. 30 Holders of rec. Mch.16a
Brunnoicke-Balke-Collender, pre/. (guar.). 14 April 1 Holders of rec. Mch.20a Underwood
Typewriter, common (quar.) 1
April 1 Holders of rec. Mch.20a
Buffalo General Electric (quar.)(No. 70)_
14 Mch. 30 Holders of rec. Mch. 20
Preferred (quay.)
14 April 1 Holders of rec. Mch.20a
Butte Electric & Power, common (guar.). _. 14 April 1 Holders of rec. Apr.20a Union Bag & Paper
pref.
April 15 Mch. 20 to
(qu.)(No. 52). 1
April 9
California Elec. Generating, pref. (quar.) 114 April 1 Holders of rec. Mch.20a Union Carbide
(quay.)
April 1 Itch. 14 to Apr. 2'
2
Cambria Iron
2
April 1 Holders of rec. Alch.15a Union Switch &
Signal, corn. & pref. (qtr ) 3
A lid 1 10 April 1 to
April 10
Canadian Cans'd Rubber,Ltd., com. (gu.)_
1
April 1
Union Typewriter, first preferred..
1 Holders of rec. Melt. 23
335 • April
14 April 1
Preferred (guar.)
Second preferred
April
1 Holders of rec. Melt. 23
4
Canadian Cottons, Ltd., pref. (guar.).
14 April 4 Mch. 22 to April 3 United Cigar
Stores, Corp. of (qu.)(No
115 April 15 April 2 to
April 15
Canadian General Elec., Ltd., corn.(-qu.) 111 April 1 Ilch. 15 to Melt. 31
Extra
50c. April 15 April 2 to
April 15
Preferred
315 April 1 Mch. 15 to Mch. 31
Fruit (quar.) (No, 51)
April 15 Holders of rec. Itch.25a•
2
Canadian Westignh., Ltd. (qtr.) (No. 29) 134 April 10 Mch. 31 to April 9 United
United Gas
April 15 Holders of ree. Mch.30a
2
Case (J. I.) Threshing Machine, preferred
14
5
Apr11 1 Holders of tee. Mch. 18 United ShoeImprovement (quar.).
Machinery, common (guar.) 2
April 5 Holders of rec. Mch. 18
Celluloid Company ((Mar.)
...
134 April 1 Mich. 6 to Mch. 31
Preferred (quar.)
14 April ii Holders of rec. Mch. 18
Central Coal & Coke, corn. (guar)
115 April 15 April 1 to April 15 U. &Finishing,
corn. (guar.)(No. 13).-1
A prl I
1 Holders of rec. Mch. 21
Preferred (quar.)
14 April 15 April 1 to
April 15
Frderred (guar.)(No. 51)
1 Holders of rec. Mch. 21
14 April
Central Leather, preferred (quar.)
April 1 Holders of n c. Mch.1 la fl. S. Printing
1
of Ohio (guar.)
114 April
1 Itch. 21 to April 1
Chesebrough Manufacturing (guar.)._ __ $6
April 2 itch. 5 to
April 2 U. S. Smell., Re/g. & Min.,
1
April 15 Holders of rec. Itch. 30
corn.
Extra
April 2 Mch. 5 to
$4
April 2
(guar.)
(guar.)Pefd
114 April 15 Holders of rec. Mch. 30
Chic. Jct. Rys. & U. Stk. Yds.,com.(qu.) 2
April 1 Itch. 13 to
Mch. 31 U. S. Steel Corp., com.(qu.)
Mcli. 22
(No. 33). -154 Itch. 30 Mch. 2 to
Preferred (quar.)
115 April I Mch. 13 to Mch. 31 United Utilities,
pref. (quay.)(No. 5) - April 1
14
' April 1 Itch. 24 to
Chicago Telephone (guar.)
2
Mch. 30 Holders of rec. Mch.20a Utah Copper Co. (quar.)(No.
11
Melt'.
to
15)
9
Iich.
75c.
Itch.
30
Cities Service, common (monthly)
1-3 April 1 Holders of rec. Meh.20a Utah Gas dt Coke,
preferred (guar.)..
14 April 1 Holders of rec. Meh.20aPreferred (monthly)
34 April 1 Holders of rec. Mch.20a Va:Carolina Chem.,
April
14
pref.
(qu.)
to
(No.
Si
Mch.
2
66).
15
April
City Investing, pre/.(guar.) _
114 April 1 Holders of rec. Mch. 27 Vulcan Detinning,
preferred (guar.)..
14 April 20 Holders of rec. April 10
Columbus (0.) Gas Sc Fuel, pref. (quar.)_
134 April 1 Holders ef rec. Mch.15a 1Vistern
2 ' Itch. 30 Holders of rec. Mch.23a
Columbus (0.) Light, Heat & Pow.,corn_
14 April • 1 Holden; of rec. Mch.15a Western Electric(guar.)
Union Teleg. (quar.) (No. 172)
94 April 15 Holders of rec. Mch.20a
Preferred
115 April 1 Holdei s of roe. Mch.15a
April 10
235 April 10 April 1 to
Cons. Gas, EI.Lt.&Pow.,Balt.,com. (qu.) 14 April 1 Holders of rec. Mch. 25 WestinghouseAir Brake (quar.)..
Extra
134 April 10 April • 1 to April 10
Preferred
3
April 1 Holders of rec. Mch. 25
Special
April
_
.
1
to
April
10
1
10
April
Consumers' Power (Mich.), pref. (quar.)
135 April 1 Holders of rec. Atch.15a Weyman:Bruton Co.,
preferred (guar.)._
14 April 1 Holders of rec. Atch.16a
Corn Products Relining, preferred (guar.)_
2
April 15 Holders of rec. Mch. 30 Woolworth (F.NV.)
Co. pref. (No. 1)__
14 April 1 Holders of rec. Itch 1 la
Crucible Steel, pref. (guar.)(No. 34)-- -- 14 Melt. 30 Holders of rec. Mch.20a
'(No. 11)....... 115 Mch. 30 Mch. 13 to Mch. 31
Cuban-American Sugar, pref. (guar.)._
114 April 1 Holders of rec. Mch.15a Yukon Gold Co. (guar.)
Detroit Edison (guar.)
a Transfer books not closed for this dividend. b Lees Income tax. (I Correction.
14 April 15 Holders of rec. Mch.30a
Dominion Iron de Steel, Ltd., PM.(No.22) 34 April 1 Holders of rec. Mch. 18 e On account of accumulated divs. / Payable in common stk. g Payable in stock
Dominion Steel Corp., Ltd. (qu.)(No. 4)_. 1
April 1 Holders of rec. Arch 20 h Stock dividend of 2900%.
du Pont (El) de Nem. Pow., pref. (qu.) 114 April 25 Arril 16 to
April 25 ...du Pont Internat. Powder, pref. (guar.). 114 April 1 Holders of rec. Mch.22a
Auction Sales.-Among other securities, the following, not
Eastern Light & Fuel (quar.)
Mch. 30 Holders of rec. Mch.20a
2
Eastman Kodak,common (extra)
May
1 Holders of rec. Mch.30a usually dealt in at the Stock Exchanges, were recently sold at
10
Eastman Kodak, common (guar.)
215 April 1 Holders of rec. Mch.15a
York, Boston and Philadelphia:
Common (extra)
7)4 April 1 Holders of rec. Mch.15a auction in New
Preferred (quar.)
By Messrs. Adrian H. Muller & Sons, Now York:
1)4 April 1 Holders of rec. Mch.15a
Electrical Securities Corp.. cont. (quar.)- - 2
April 1 Holders of rec. Mch.29a
Per cent. Shares.
Per cent.
Preferred (guar.)
1 Holders of rec. Apr.27a Shares.
134 may
16 Northern Bank of N. Y...$145 lot
2 Continental Insurance Co__ _100235
Electric Storage Battery, corn. & pref. (qu.) 1
April 1 Holders of rec. Mch. 25
2 Pine For. Land & Imp. Co ,
230 Abendroth Bros., Portchester,
Galena-Signal 011, common
Mch. 30 Mch. I to Mch. 31
$4
common
$500 each
$17,039 2G
Preferred (quar.)
Mch. 30 Mch. 1 to
$2
Mch. 31 160 Standard Cons. Mg. Co., $10
10 Abendroth Bros., Portchester,
General Chemical, preferred (quar.)
155 April 1 Holders of rec. Mch.21a
each
common
General Chemical of Cal., 1st pref. (qu.)_
5740
14 April 1 Holders of rec. Mch. 21
18 Waunegan Realty Co
47 Natl. Bank of Commerce
General Electric (quar.)
20714
2
April 16 Holders of rec. Mch. 2s
5 U. S Silk Conditioning ca.,
12 First National Bank_
General Fireproofing, pref. (guar.)
1008
14 April 1 itch. 26 to
April 1
$25
each
Fifth
Avenue Bank
1
i$105
Goldfield Consolidated Mines (quar.)
4700
30e. April 30 Holders of rec. Mch.30a 404 New Aztec Mg.
16 Gallatin Nat. Bank
dc 11111. Co _ _ _Extra
.360
20c. April 30 Holders of rec. Mch.30a
58 1-3 Roman Soc. of Am., coM_
21 Bank of America
Gorham Mfg., pro. (quar.)
61415
134 April 1 Holders of rec. Mch.23a
80 Nat. Cotton Harvester Co..., __
495 Wm. Alten Co., Inc._
_$2,000 lot.
Great Lakes Towing, preferred (quar.) _
14 April 1 Holders of rec. Mch.15a $6,000 Va.
Fred. & West. RR. 1st
155 Allan. Fruit az SS. Co., temp.
Guggenheim Exploration (quar.)(Na. 37) 234 Aprll 1 Mch. 16 to
April 1
1925,
5s,
1896
certf
coupons
on
_
Hart, Schaffner & Marx, pref. (quar.)-- 114 Mch. 30 Holders Of rec. Mch.20a
2514
10 Hudson Trust Co
_14235
Heime (Geo. W.), preferred
114 April 1 Holders of rec. Atch.16a
Bonds.
Per cent.
Homestake Mining (monthly)(No. 448) 50c. Itch. 25 Mch. 21 to Mch.26d $2,287 Union Bk. of Bklyn. deposit
balance
$2,000 Home Construe. Co. of N. Y.
$465
Indiana Lighting
1
April 1 Mch. 22 to Mch. 31 422
Copper Co., pref
C. 1st coll. tr. 68, 1915
1411
85
Intercontinental Rubber. pref. (Omar.).
131 Ifeh. 30 Holders of rec. Mch. 20 210 United
Western Devel. Co., prof. _551 lot
200 Progress Club 2d 48
57
DETAILED RETURNS OF TRUST COMPANIES.
By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
176
10 State Nat. Bank, Boston
1 New Bedford S. D. & Tr. Co ._260 ,
1% Franklin Co., Lewiston, Me--1053i
86%
10 Hamilton Mfg. Co
2613i-262H
55 Bates Mfg. Co
124
5 Arlington Mills
4 Manchester & Law. RR. Co.,
22634-227%
20 Ginter Grocery Co., pref., $10
10
each
12 Regal Shoe Co., pref.,ex-div-97%-99
$ per Oz.
Shares.
4 New Bed. Gas & Ed. El. Co__ .3153
Per cent
Bonds.
$4,000 State of Mass. 334s, 1935_ 94
2,000 Cambridge, Street Loan 4s,
100.1
1927
5,000 Eastern SS. Corp. 1st & ref.
92
5s, 1941
10,000 Am. Writing Paper Co. 1st
88%
5s, 1919
500 Border City Mfg. Co.5s,'30 100
Messrs. Francis Henshaw & Co., Boston:
By
Per cent.
$ per sit. Bonds.
Shares.
90
$1,000 Boston Term. 3%s, 1947_
280
14 Pepperell Mfg. Co
3 Columbian Nat. Life Ins. Co. 125-126
-61c.
......60c.
rights
Cos.
Ltg.
Mass.
7
Philadelphia:
By Messrs. Barnes & Loffand
Shares.
$ per sh.
Shares.
10 Lansdowne & Darby S. F. & T.
145-145%
Co
3 Nat. Bank of Nor. Liberties_ __250
194%
4 Jenkintown Nat. Bank
20 Hensel Silk Mfg. Co., com.,
93
$50 each
325
17 Fourth Street Nat. Bank
$75
Bank,
Ave.
Germantown
10
75
paid
15 Nat. Bk. of Germantown, $50
145 •
each
8 Central'Fr. & Say. Co., $50 each 77
1 Philadelphia Tr. & S. D. Co_ _ _686M
41 Trust Co. of Nor. America_ _111
10 People's Nat. Fire Ins. Co.,
25
$25 each
5 Pennsylvania Fire Ins. Co__ _ .4C031
10 Frank. & Holmes. RR.Co.,$50
85 lot.
each... _
10 Hestonville M. & F. Pass. Ry., 65
pref •
2553.5
10 25 & 3d Sta. Pass. Ity
9 Harrisburg P. Mt. J. & L.
95
RR. Co
190
1 John B. Stetson Co., pref
490 .
6 John B. Stetson Co., corn
90
17 Am. Pipe & Constr. Co
5 Nor. Liberties Gas Co.,825 each 44%
220
5 Amer. Academy of Music
43 Phila. Life Ins. Co.,$10 each _11-113i
10 U. S. Loan Soc. of Phila., 810
153.6
each
2 Physicians & Dentists' Bldg. Co.90
12 Internat. Lum.& Dev. Co., 850
20
each
1 Library Co. of Philadelphia_ _ 15
$ per sit
120 Rights to subscribe to Camden
1
Fire Ins. Ass.;clatlon
Per cent.
Bonds.
$1,000 Phila. & W. Chester Trac.
1013
Co. 1st 5s, 1918.
1,000 Syracuse Gas Co.lst 5s,'46.10231,
6,500 Atlan. City Gas Co. 1st 5s,
931.1
1960
3,000 New Jersey Gas C2. 1st 5s,
893.i
1940
1,000 Bayano Riv. Lumber Co.
1st 6s, 1918..14
1,500 Springfield Water Co. 5s,
993--100
1926
1,000 No. Spring. Water Co. Is,
100
1928
100,000 Cirrus Coal & G. Co. 1st
52
6s, 1929
500 Eastern Pa. Rya. Co. let
5s, 1936..70
1,000 Allen. & Kutztown Tree.
773i
Co. 1st 5s, 1932
1,000 Grand Rap. Holland & L.
•M. Rap. Ry. Co. lst 5s,'20 8534
1,000 Ft. Wayne & W. V. Trac.
86!s
Co. 1st cons. 5s, 1934_
1,000 Pitta. & Westmoreland
04'1
Coal Co. let Is, 1925
1,000 Chattanooga Rya. Co. 1st
9531
cons. Is, 1966
1,000 Cumberland Vall, Teleph..,
Co. 1st Is, 1932 (certf. of
27
Sep.)
Property of Crucible Flake Graphite
Co., described in auctioneer's cir$7.50
cular
Net
On Dep.
Trust Cos. Surplus. Loans. Specie. Legate. lath C.H Deposits. Reserve.
Average. Average. Average. Banks. Average.
005 omitted.
$
$
$
150,0 1,501,0 12,293,0 15.1+10.9
2,252,1 15,980,0 1,717,0
Manhattan _ _
526,0 1,984,0 16,657,0 15.8+10.5
Brooklyn _
2,414,7 20,722,0 2,107,0
187,0 11,171,0 100,016,0 15.0+10.0
13,518,4 130,944,0 14,839,0
Bankers
499,0 5,674,0 23,968,0 15.0+18.8
U.S. M. & Tr. 4,502,2 44,047,0 3,090,0
32,0 2,297,0 14,141,0 14.5+12.3
Astor
1,139,4 18,132,0 2,027,0
Title Gu. & Tr_ 11,714,4 34,581,0 1,417,0 1,526,0 4,226,0 20,014,0 14.7+17.0
14,356,0 112,064,0 16.2+11.3
1,592,0
16,592,0
Guaranty..... 22,888,1 174,350,0
870,0 5,859,0 15.8+11.1
238,0
688,0
1,283,4 7,737,0
Fidelity
LawyersT.L&T 6,171,5 19,651,0 1,241,0 1,030,0 1,734,0 15,048,0 15.0+10.3
12,390,0 15.0+10.7
1,490,0
100,0
Columbia
1,893,6 20,386,0 1,754,0
60,0 2,493,0 13,726,0 15.1+15.3
1,411,2 15,532,0 2,021,0
Standard
456,0 2,649,0 14,400,0 15.0+15.2
People's
1,696,7 16,400,0 1,729,0
227,0 3,477,0 30,783,0 15.2+10.2
New York __ _ _ 11,572,3 45,507,0 4,475,0
324,0 1,250,0 9,030,0 15.8+11.9
Franklin
1,360,8 10,725,0 1,109,0
220,0 1,200,0 10,298,0 15.0+10.4
Lincoln
550,1 10,855,0 1,327,0
14,0 2,694,0 19,107,0 15.5+12.3
Metropolitan.. 6,122,3 26,605,0 2,957,0
433,0 1,167,0 8,354,0 15.9+12.2
896,0
554,3 8,398,0
Broadway._
Totals, Avge
The capital of the trust companies is as follows: Manhattan,$1,000.000; Brooklyn
$1,000,000; Bankers, $5,000.000: United States Mortgage & Trust, $2,000,000
Astor, $1.250,000; Title Guarantee & Trust, $4.375,000; Guaranty, $5,000.000;
Fidelity, $1,000,000; Lawyers' Title Insurance dr Trust, $4,000.000; Columbia,
81,000,000: Standard, $1,000,000; People's, $1,000,000; New York, $3,000,000:
Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway.
81,000,000; total, $35,625,000.
Per cent.
$ Per sit. Bonds.
237
$2,000 Springfield Wat. Co. Fs,
97M-100
1926
490
1,000 No. Springf. Wat. Co. Is,
100
1928
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 Mch. 16., 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.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all eases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
$
$
$
Bank of N. Y1 2,000,0 3,724,8 21,941,0
Manhattan Co. 2,050,0 4,697,1 34,500,0
2,000,0 1,949,6 21,028,0
Merchants' _
Mech.& Metals 6,000,0 8,497,5 55,180,0
1,500,0 6,208,4 28,665,0
America
25,000,0 27,824,4 196,363,0
City .. ...
3,000,0 7,078,0 28,835,0
Chemical__
600,0
551,1 ' 7,061,0
Merchants' -Ex
1,000,0 2,560,5
8,786,0
Gallatin
300,0
142,1
I3utch. & Drov
2,117,0
500,0
898,4
8,719,0
Greenwich _
5,000,0 4,672,3 44,734,0
Amer. Exch _
25,000,0 15,917,8 145,920,0
Commerce
3,000,0 2,775,4
14,540,0
Mercantile _ ,_
942,3
4,370,0
500,0
Pacific
Chath.& Phen. 2,250,0 1,239,0 17,161,0
463,6
1,997,0
200,0
People'a
3,000,0 13,105,5 75,651,0
Hanover
Citizens' Cent. 2,550,0 1,996,2 23,369,0
500,0 • 548,6 10,719,0
Nassau
9,113,0
1,000,0 1,831,2
Market & Fun
1,645,6 11,239,0
2,000,0
.
Metropolitan
Corn EXchange 3,000,0 '5,494,2 47,759,0
Imp.dt Traders 1,500,0 7,631,1 26,270,0
Park
5,000,0 13,075,7 91,495,0
1,439.0
62,9
250,0
East River_
Fourth
5,000,0 5,807,7 85,703,0
Second
1,000,0 2,391,3 14,597,0
10,000,0 21,270,7 126,928,0
First
Irving Each _ _
2,000,0 2,050,3 27,025,0
Bowery
3,340,0
250,0
80.3,6
8,764,0
500,0 1,673,8
N. Y. CountyGerman-Amer.
3,094,0
750,0
732,9
5,000,0 9,102,7 98,784,0
Chase
100,0 2,150,5 13,410,0
Fifth Avenae_
200,9, 887,0
German Each.
3,434,0
200;0 1,042,9
Germania _.
5,464,0
1,000,g 1,701,0 14,327,9
Lincoln
1,000,
1,249,5 ' 9,544,0
Garfield
250,0
533,6
3,370,0
Fifth
1,000,0 2,155,8 12,696,0
Metropolis _
200,0 1,068.3
4,151,0
West Side....
1,000,9 2,136,2 25,439,0
Seaboard
1,000,0 2,741,5 19,474,0
Liberty
801,6
1,000,0
8,339,0
N. Y. Prod.Ex
1,000,0 , 970,9 14,721,0
State
478,4 11,341,0
1,000,0
Security
479,2
6,326,0
Coal & Iron _. 1,000,0
964,6
9,258,0
Union Each.. 1,000,0
1,000,0 1,092,7
7,992,0
Nassau, 13klyn
Specie. Legals. Net Depos- ReAverage. Average. Us, Aver. serve.
$
$
%
$
741,0 19,998,0 25.0
4,270,0
8,926,0 1,411,0 39,800,0 25.9
4,151,0 1,320,0 21,561,0 25.3
11,834,0 2,021,0 53,577,0 25.8
5,816,0 2,058,0 29,992,0 26.2
52,624,0 6,722,0 202,630,0'29.2
5,161,0 2,114,0 26,631,0 27.3
7,452,0 25.9
177,0
1,758,0
6,985,0 25.8
406,0
1.402,0
2,074,0 25.8
58,0
478,0
9,944,0 25.0
190,0
2,303,0
8,358,0 2,800,0 44,444,0 25.1
22.727,0 8,200,0 122,616,0 25.2
1,776,0 1,165,0 11,394,0 25.8
4,067,0 24.8
552,0
459,0
3,034,0 1,423,0 17,533,0 25.4
469,0
2,256,0 27.3
148,0
15,782,0 5,473,0 84,338,0 25.2
5,209,0
620,0 22,613,0 25.7
2,174,0 1,154,0 13,013,0 25.5
1,513,0 1,000,0
9,173,0 27.3
2,605,0
241,0 11,295,0 25.1
7,625,0 6,434,0 56,406,0 25.0
3,956,0 2,055,0 23,781,0 25.2
22,856,0 1,852,0 97,267,0 25.4
103,0
387,0
1,794,0 27.3
6,101,0 3,490,0 37,503,0 25.5
153,0 14,468,0 25.3
3,516,0
27,158,0 2,120,0 121,393,0 24.1
5,511,0 2,000,0 29,409,0 25.5
3,630,0 25.8
57,0
854,0
8,977,0 23.8
714,0
1,429,0
3,010,0 27.0
213,0
846,0
21.734.0 . 6,776,9 112,236,0 25.4
2,877,0 1,025,0 15,230,0 25.6
3,564,0 25.0
465,0
426,0
6,392,0 25.3
204,0
1,419,0
895,0 15,167,0 27.1
3,341,0
9,889,0 25.4
201,0
2,313,0
3,545,0 26.1
536,0
390,0
1,585,0 1,640,0 12,882,0 25.0
4,893,0 25.7
260,0
098,0
5,707,0 2,324,0 30,320,0 26.4
981,0 20,772,0 26.6
4,659,0
457,0 • 9,967,0 25.2
2,058,0
347,0 20,809,0 25.0
4,852,0
984,0 14,433,0 25.4
2,554,0
6,581,0 25.8
473,0
1,231,0
9,329,0 25.3
1,175,0 1,193,0
7,013,0 25.0
275,0
1,479,0
Totals, Avge_. 135,150,0 199,829,9 1427,392,0 301,765,0 78,221,0 1464,936,0 25.9
Actual figures March 16 ..... __ 1420,997,0 298,650,0 78,106,0 1454,066,0 25.8
Cirotlatton.-On the basis of averages, circulation of national banks in the
Clearing House amounted to $51,064,000, and according to actual figures was
850;945,000 1,
91,045,5 620,552,0 59,986,0 7,624,0 60,233,0 438,148,0 15.4+12.0
Actual figures Mch. 16 622,779,0 62,488,0 7,638,0 60,982,0 440,t84,0 15.9+12.1
By Messrs. Samuel T. Freeman. & Co.., Philadelphia:
Shares.
1 First Nat. Bank
2 John B. Stetson Co., corn
807
1HE CHRONICLE
MAR. 23 1912.]
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
On Dep.
Week'
Net
Legal lwith C II.
Specie.
ending
Capital. Surplus. Loans.
Tenders. Banks. Deposits.
March 16
I
$
$
$
$
6
$
$
Averages.
1,464,936,1
Banks _ 135.150,' 199,829,9 1,427,392,0001,765,0 78,221,01
438,148,0
60,233,0
7,624,0
59,086,0
Trust cos_ 35,625,1 91,045,5 620,552,1
Total_ _ _ 170,775,0'90,875,4 2,047,944,1361,751,0 85,845,0 60,233,01,903.084,1
Actual.
_ _ __ 1,454,966,0
Banks
1,420,997,1298,650,0
7,631,0 60,982,0 440,984,0
622,779,0 62,488,0 78,106,0Trust cos_
".043,776,. 361,138,0 85,737,0 60,982,0 1,895,950,0
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 March 16.
Capital as of Dec. 21....
Surplus as of Dec. 21 __ __
Loans and investments__
Change from last week_
Trust Cos.
Slate Banks
State Banks
Trust Cos.
outside of
outside of
in
in
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
$
61,956,000
38,842,200
176,860,100
11,874,943
11,826,516
289,865,600 1,159,57..400
+710,500 +7,354,300
105,063,200
+239,900
161,009,400
+588,300
111,026,500
+691,800
170,699.800
-429,300
139,291,300 , 22,800,400
+345,800 ' +244.200
25,100,900
-827,800
21.6%
21.5%
15.8%
16.2%
Specie
Change from last week_
52,232,100
+687,500
118,097,800
+1,541,100
Legal-tenders & bk. notes
Change from last week_
23,165,200
-148,100
12,032,90e
+140,500
Deposits
Change from last week_
$
9,525,000
$
22,665,100
345,282,700 1,276,763,200
+1,323,700 -1,071,600
Reserve on deposits
Change from last week_
97,581,700
-481,500
P. C. reserve to deposits_
Percentage last week _.
29.1%
29.4%
16.8%
16.9%
6
9,402,900
+ Increase over last week. -Decrease from last week.
Note.-"Surplus" includes all undivided profits. "Reserve on deposits" ineludes
for both trust companies and State banks, not only cash items but amounts due
to
from reserve agents. Trust companies In New York State are required by law lokeep a reserve proportionate to their deposits, the ratio varying according to
cation as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days,
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910) and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for It by any public department.
-State Banks-Trust Cos.Of
Total
Of
Total
Reserve Required for Trust Companies
whirls
which Reserve
Reserve
and State Banks.
Required. in Cash. Required. in Cash.
Location25%
%
Manhattan Borough
10i
20%
10%
Brooklyn Borough (without branches in Manhat.) 157:
15%
10%
734%
Other Boroughs (without branches in Manhattan) 15%
20%
20%
15%
Brooklyn Borough, with branches in Manhattan_ _15%
15%
15%
15%
Other Boroughs, with branches in Manhattan__._15%
15%
5%
6%
10%
Elsewhere in State
The Banking Department also undertakes to present separate figures indicating the totals for the State banks and
trust companies in the Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
808
THE CHRONICLE
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 affordin 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 BANICS,AND ,TRUST COMPANIES.
Week ended March 16
1Nat. Banks
Capital iFeb. 20 and
State Banks
Dec. 21
Surplus
Clear.-House Clear.-House State Banks & Total cf all
Members.
Members. Trust Cos. not Banks &Trust
.ActualFigures
Average. in C.-H. Aver. Cos. Average.
170,775,000
170,775,000
34,652,000
205,427,000
290,875,100
290,875,400
93,130,300
384,005,700
Loans and investments 2,043,776.000 2,047,944,000
Change from last week -7,835,000
+5,601,000
602,851,600 2,650,795,600
-278,100
+5,322,900
Deposits
1,895,950,000 1,903,084,000
Change from last week -10,474,000
+799,000
a608,665,000 2,511,749,000
-1,262,100
-463,100
Specie
Change from last week
361,118,000
-1.751,000
361,751,000
-6,500,000
63,700,200
-231,500
425,451,200
-6,731,500
Legal-tenders
Change from last week
85,737,000
-834,000
85,845,000
+997.000
630,869,300
-700
96,714,300
+996.300
Banks: cash la vault _
Ratio to deposits _
376,756,000
25.89%
379,986,000
25.93%
12,022.600
13.73%
392,008,600
Trust cos.:cash in vault
70,119,000
67,610,000
62,546,900
130,156,900
Aggr'te money holdings
Change from last week
446,875,000
-2,585,000
447,596,000
-5,503,000
74,569,500
-232,200
522,165,500
-5,735,200
Money on deposit with
other bks. & trust cos.
Change from last week
60,982,000
-1,244,000
60,233,000
-1,731,000
20,630,100
-1,908,100
80,863,100
-3,639,100
Total reserve
Change from last week
507,857,000
-3,829,000
507,829,000
-7,234,000
Surplus CASH reserve
Banks (above 25%)..
Trust cos.(above15%)
13,014.500
3,971.400
• 13,752.000
1,887,800
Total
Change from last week
16,985,900
+609,100
15,639,800
-4,873,950
%'of cash reserves of tr ust cosCash in vault
15.90%
Cash On dep. with bks.
12.14%
15.43%
12.08%
15.49%
1.22%
27.51%
16.71%
Total
28.04%
95,199,600
-2,140,300
603,028,600
-9,374,300
------
Capital
and
Loans.
Surplus.
Banks.
Boston.
Jan. 27_
Feb. 3
Feb. 10
Feb. 17
Feb.24
Mch. 2
Mch. 9
Meh.16
Philadelphia.
Jan. 27
.
Feb. 3
Feb. 10
Feb. 17
Feb.24
Mch. 2
MO. 9
Mch.16
41,575,0 224,175,0 31,076,0 4,175,0 284.919,0
41,575,0 230,296,0 30,778,0 4.131,0 294,214,0
41,575,0 232,768,0 29,410,0 3,842,0 281,582,0
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
41,575,0 227,561,0 25,297,0 4,063,0 275,067,0
41,575,0 224,429,0 24,385.0 4,145,0 266,625,0
41,575,0 226,444,0 23,852,0 3,987,0 270,195,0
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
80,623,2 382,674,0
80,623,2 386,493,0
80,623,2 383,887,0
$
7,897,0 161,523,9
7,913,0 206,851,6
7,926,0 166,816,6
7,910,0 171,394,0
7,859,0 145,599,6
7,891,0 214,401,4
7,907,0 165,875,5
7,923,0 17,1,819,2
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
423,857,0 15,377,0 123,819,5
427,256,0 15,407,0 153,858,5
429,044,0 15,195,0 160,965,8
428,109,0 15,149,0 163,547,2
104,294,0
106,911,0
102,404,0
102,315,0
100,407,0
103,057,0
103,691,0
102,295,0
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to 32,687,000 on March 16, against $3,195,000
on
March 9.
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Mch. 16; also
totals since the beginning of the first week in January.
FOREIGN IMPORTS AT NEW YORK.
For Week.
1912.
Dry Goods
General Merchandise
83,010,974
13,744,741
Total
Since Jan. 1.
Dry Goods
General Merchandise
1911.
1910.
1909.
$3,185,036
18,129,665
$4,265,121
18,300,788
$3,231,285
14,317,949
816,755,715 $21,314,701 $22,565,909 $17,549,234
839,770,691 836,528,115 341,204,872 841,128,913
175,034,048 151,860,041 178,441,534 146,499,725
Total 11 weeks
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories and other banks and trust companies in New York City"; with this item included, deposits amounted to 3701.851,200, a decrease of 87,653,900 from last
week. In the case of the Clearing-House members, the deposits are "legal net deposits," both for the average and the actual figures. b Includes bank notes.
Specie. Legato. Deposits. Circu- Clearings
lation.
a
$209,804,739 $188,388,156 $219,646,406 $187,628,638
The following is a statemen of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch. 16 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1911.
1912.
1910.
1909.
$16,082,166 $17,804,245 $13,664,240 $13,032,394
167,573,933 150,696,348 122,323,720 124,086,873
For the week
Previously reported
-The averages of the New York City Clearing-House banks
8183,656,099 8168,500,593 $135.987,960 $137,119,267
Total 11 weeks
and trust companies, combined with those for the State banks
and trust companies in Greater New York outside of the
The following table 'shows the exports and imports of
Clearing House, compare as follows for a series of weeks past: specie
at the port of New York for the week ending Mch. 16
and since Jan. 1 1912, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1911 and 1910:
GREATER NEW YORK.
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
We omit two ciphers in all these figures.
Week
Ended.
•
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
Mch.
Mob.
atm,
1320._
27._
3.,.
10._
17_.
24.,
2._
9..
in
Loans and
Investments.
Deposits.
$
2,416.299.8
2,456,409,0
2,475,673,5
2.488.372,8
2,497,993,9
2,506,444,0
2,510,486,5
2,503,391,2
2,512,212,1
9 ARA 795 6 2 511 749 0
$
2,531,983,6
2,557,285,9
2,570,217,2
2,586,925,1
2,607,204,4
2,626,743,3
2,632,117,7
2,626,630,2
2,645,472,7
Specie.
Legato.
$
$
$
$
417,597.3 101,403,7 519,001.0 621.969,4
434,904,4 103,276,0 538,180,4 643,176,8
498,680,5 102,417,7 551,098,2 652,940,6
454,180,5 99,921,0 554,101.5 653.852,1
451,204,5 98,317,6 549,522,1 645,004,1
445,282,4
97,569,6 542,852,0 626,814,9
439,851,0 96,941,0 536,792,0 610,721,2
434,068,6 97,254,2 531,322,8 613,273,1
432,182,7 95,718,0 527,900,7 612,402,9
425.-151.2 96.714.3 522 165 5 611311)5 il
Reports of Clearing Non-Member Banks.-The following is
the statement of condition of the clearing non-member banks
for the week ending Mch. 16, based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Capitat.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
Specie, and
and
with
Net
InvestBank C.-H. Deposits.
MEWS.
Notes. Banks,
NJW York City.
Manhattan & Bronx.
$
$
$
Aetna National
322,8 2,281,0
300,0
Washington Heights., 100,0
307,7 1,412,0
Battery Park Nat..., 200,0
107,9 ,1,363,0
Century
514,7 5,393,0
500,0
Colonial
400,0
477,6 6,447,0
Columbia
. 300,0
817,6 6,924,0
Fidelity
200,0
167,4 1,106,0
Gotham National_ ..... 200,0
123,0 1,201,0
fount Morris
250,0
345,3 2,565,0
Ilutual
200,0
400,8 3,786,0
New Netherland
200,0
280,0 2,799,0
Twenty-third Ward
200,0
100,4 1,832,0
Yorkville
100,0
531,9 4,100,0
* Brooklyn.
•
Broadway
200,0
545,7 3,095,0
First National
300,0
664,8 3,586,0
Wantifacturers' Nat,, 252,0
877,0 5,481,0
ilechanics'
1,000,0
898,2 11,013,0
gational City
578,2 3,682,0
300,0
gorth Side
200,0
168,7 2,074,0
Jersey City.
First National
400,0 1,317,8 4,874,0
Hudson Co. National, 250,0
788,9 3,616,0
Third National
200,0
419,1 1,945,0
Hoboken.
rirsi National
220,0
633,3 3,715,0
;non(' National_ .... _. 125.0
272,3 3,198,0
,$
514,0
143,0
342,0
53,0
720,0
646,0
53,0
378,0
454,0
455,0
311,0
257,0
54,0
$
27,0
61,0
60,0
841,0
412,0
570,0
120,0
18,0
40,0
318,0
103,0
100,0
757,0
$
94,0
196,0
128,0
826,0
873,0
638,0
154,0
137,0
514,0
623,0
191,0
285,0
678,0
$
2,218,0
1,124,0
1,504,0
4,986,0
6,680,0
7,704,0
1,051,0
1,285,0
2,860,0
4,237,0
2,637,0
2,058,0
4,603,0
393,0 132,0
455,0 3,028,0
309,0
70,0
432,0 2,724,0
588,0 220,0
981,0 5,066,0
284,0 1,749,0 1,589,0 12,962,0
524,0 111,0
804,0 3,736,0
198,0 101,0
353,0 2,093,0
274,0
280,0
120,0
192,0
192,0
450,0 2,701,0
72,0
533,0
140,0
422,0
4,081,0
2,415,0
1,628,0
58,0
330,0 1,599,0
44,0
216,0 1,442,0
- Totals March 16_ 6,597,0 11:661,1 87.488,0 7,734,0 6,574,0 14,153,0 83,661,0
Totals March 9, 6,347,0 11,257,9 86,776,0 7,612,0 6,498,0 16,108,0 82,952,0
Totals March 2..._ 6,847,0 11,787,4 86.126,0 7,569,0 6,729,0 16,051,0 83,607,0
Exports.
Tot. Money Entire Res.
Holdings. on Deposit.
Imports.
Gold.
Week.
Great Britain.
France
Germany
West Indies
Mexico
South America
All other countries
Total 1912
Total 1911,...
Total 1910
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total. 1912
Total 1911
Total 1910
Since Jan 1
Week.
Since Jan.1
$12,030,487
$386,000
$414,506
331.900
525,200
975
14,625
5,222,304
17,375
49,023
275,439
61,490
14,273
68,232
3,280,690
587,949
402,531
847,500 $17,795,366
17,100 1,223,395
98,200 6,436,318
$786,225 $4,753,908
74,772 2,159,835
409,513 2,858,978
81,392,916 $8,650,292
1,907,400
$1,516
2,739
15,335
8,384
1,244,697
830,645
281,977
100
12,538
200
8,786
304,370
31,393,216 $10,883,386
828,784 10,299,377
822,739 9,290,561
164
57,598
19,400
31,783
8108;945 $2,385,293
127,981 1,539,200
68,970
832,134
Of the above imports for the week in 1912, $40,330 were
American gold coin and $830 American silver coin.
Manting and film/Ida
Railroad and Industrial Stocks
Write for our Circular No. 814, entitled "Railroad and Industrial
Stocks," which describes 128 Issues listed on the New York Stock
Exchange, and classified by us as follows: Investment Stocks, SemiInvestment Stocks, Speculative Stocks.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, III. Boston, Mass. Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities
5 NASSAU STREET,
NEW YORK
THE ROOKERY,
CHICAGO
MAR. 23 1912.]
vaulters'
THE CHRONICLE
809
azette.
Metropolitan Street Rys., and have been freely dealt in.
They found a weak market, however, the 5s losing 1% points.
United States Bonds. Sales of Government bonds at the
Wall Street, Friday Night, March 22 1912. Board are limited to $41,000 Panama 3s at 102 to 102 8.
The Money Market and Financial Situation.-Considerable Closing prices have been as follows: for yearly range see third
interest is manifested in the fact that the security markets page following.
continue to advance. For more than a month past the
Interest Mch. Meli. Melt. mch. Mch. mch.
tendency of prices at the Stock Exrhange has been upward.
18
22
16
19
21
20
Periods
There have, of course, been reactionary movements, but
*10034
*10034
2s,
generally
Efforts
1930
unimportant.
and
brief
Q-Jan
registered
*10034
*10034
*10034
been
*10034
have
they
2s, 1930
coupon Q-Jan *10034 *10034 *10034 *10034 *1004 *1003(
have been made to create the impression that the public is Is. 1908-18
registered Q-Feb *10234 *1023-i *10234 *10234 *1023.4 *10234
buying
such
far
been
thus
has
Manifestly,
3s, 1908-18_____
coupon Q-Feb .10234 *102% *10234
stocks.
buying
1925 ...___ registered Q-:-Feb .1133
4 *11334 *11334 *11334 *11334 *114
on a very limited scale: Apparently a group of operators 4s,
4s, 1925
coupon Q-Feb *11334 *11334 *11334 *11334 *11334 *114
is
view
the
in
in
engaged
promoting
purpose
2s,
1936_Panama
definite
canal
Q-Feb
regis
a
with
*10034 *10034 *10034 *10034 *1001-1 *100!.1
*10134 10234 10234 *102
rise, taking advantage of certain favorable factors in the 38, 1961_Panama Canal coup Q-3Ich 102 102 '
situation, such as the advance this week in price of copper to
_ This is the price bid at the morning board; no sale was made.
15 cents,the rise in lead and the improvement in steel prices.
Railroad and Miscellaneous Stocks.-The stock market
The coal strike in Great Britain continues, and as far as has been irregular
in movement. The reaction mentioned
known not much progress has been made towards a settle- at the close last week continued
through Saturday, at which
ment. At home neither the operators nor miners seem dis- time a long list of stocks showed
a decline of from 1 to 2
posed to make concessions and the prospect of a strike here is points. On Monday the market again
strong, and
still a serious matter. In financial circles both at home and so continued until late on Thursday. became
which
abroad there is a feeling, more or less vague, perhaps, that then set in was short-lived, however, andThe reaction
at the opening toin both cases a settlement will be reached before the conse- day prices again advanced. This advance
led to profitquences become serious, and security. values, in Wall Street taking sales and an irregular market for the remainder
of the
at least, have not been adversely affected.
day. As a result of the week's operations almost the entire
The political situation is increasing in importance, the active
list is 1% to 3 points higher than at last week's close.
activities of a well-known political aspirant having reached
range covered has, however, been wider, especially in
the mud-throwins.stage. It seems quite possible, however, theThe
of some of the industrials. American Sugar Refining
that these activities may act as a boomerang. Leastwise, soldcase
to-day 7% points higher than the low price on Monday
we can readily imagine that the number of voters who will be and several
other issues have covered between 5 and 6 points.
turned against Mr. Taft because he has been called a friend The copper stocks
have been notably strong on the advance in
of "the interests," and therefore not a friend of all classes of the metal to 15 cents. The American Can issuesshow a net gain
citizens, will be very few.
of 4 and 5% points for the common and preferred. The volThe open market rate for call loans on the Stock Exchange ume of business on Wednesday,
814,534 shares, was the
during the week on stock and bond collaterals has ranged largest since Feb. 1, when liquidation was pronounced.
from 23i to 3%. To-day's rates on call were 2YL@23/2%.
For daily volume of business see page 817.
Commercial paper quoted at 4(4)4%% for 60 to 90-day enThe following sales have occurred
week of shares not
dorsements and for prime 4 to 6 months' single names and represented in our detailed list on thethis
pages which follow:
5% for good single names.
The Bank of England weekly statement on Thursday
Range for Week.
Sales
Range Since Jan. 1.
STOCKS.
showed an increase in bullion of £357,220 and the percentage Week ending .ileh. 22. for
Lowest.
Lowest.
Highest.
Highest.
Week.
of reserve to liabilities was 43.13, against 42.02 last week.
The rate of discount remains unchanged at 3 2% as fixed Am Brake Shoe & Fdy__ 200 9534 Mch 21 9634 Mch 18 9134 Jan 963.1 Mch
Jan 138
Jan
100 132% Mch 2113234 Mcb 21130
Preferred
Feb. 8. The Bank of France shows an increase of 27,875,000 American
Mch 144% Jan
Snuff.
500125N :itch 18 12834 Mcb 22 123
• rancs gold and a decrease of 325,000 francs silver.
Jan
Preferred
10010534 Mch 1910534 Mch 1910234 Jan 111
850 109H Mch 16 111H Mch 22 10534 Feb 11134 Mch
Assets Realization
,1!!•,', Mch 21 8134 Mch 81% Jan
1,600 5134 3fch 22 !
Batopilas Mining
370 9 3fch 18 4 Mch 21 8
Jan 91.
Brunswick Terminal.... _ _
2 Feb
(
60 6734 3Ich 22 67H Mch 22 65
Canada S31It hem
Jan 67% Feb
17 122 Mch 21 122 Mch 21 115H Jan 122
Cent & So Am Teleg_
Mch
1910.
1911.
1912.
100. 15e. Mch 21 15c. Mch 21 12c. Meh 16c. Feb
Comstock Tunnel
A rerages for Averages for
DUlerences
Averages for
100. 9434 Mch 22 9434 Mch 22 94% Mch 96
otban-Arner Sugar. pref
Jan
week ending week ending
from
week ending
lien Chemical rights._
700. 234 Mch 19 23, Mch 19 2% Mch
Mch
March 19.
Maret 18.
March 16.
previous reek.
1001107 Mch 18,107 Alch 18 10634 Mch 111
Gen Chemical preferred_
Feb
',135I 8934 Mch 194'91
Mch 20 86% Mchz91H 31ch
Homestake Mining
2001 6 Itch 18 634 Mch 18 6
Mch 8
Jan
132,350,000 128,350,000 Keokuk & Des Moines
135,150,000
Capital
200! 29 3fch 21 30 Mch 18 29
Mch 30% Jan
201,782,500 182,627.500 Lackawanna Steel
199,829,900
Surplus
:30
21
21
Melt
Mobile
Mch
Mch
0
ch
N
3f
30
&Chic.
30
pref.
30
100
1,243,617,500
1,345,877,600
864,000
Loans and discounts_ _ 1,427,392,000 Dec.
500; 20 Mch 16 20H Mch 16 20
Jan 23
Jan
47,929,7(10 New York Dock
46.540,600
404,000
51,064,000 !Sec.
Circulation
3fch
Mch 50
Preferred
15' 50 Mch 16 .50. Mch 16 50
1,464,930,000 Dec. 7,489.000 1,384,376,100 1,241,012,700'
Net deposits
1,0331 48 Mch 22 50 Mch 19 4634 Feb 5234 Jan
301,765,000 Dec. 8.239,000 304,650,700 256,289,7(5) Norfolk Southern _ _
Specie
Mch 573i Nfch
125 5734 Mch 20 5734 Mch 2 56
63,412,900 Nor Ohio Trac & Lt _
823,000
72,818,600
78,221,000 Inc.
Legal-tenders
Feb 2
Ontario Silver Mining_
Mch
1,000 1 Mch 20 2 Mch 21 1
15010113i Mch 201.0914 Mch 20 108
Feb 09% Mch
379,080,000 Dee. 7.416.000 377,469,300 319,702,600 Pabst Brewing, pref
Reserve held
20d. 1434 Mch 20 1434 Mch 21 14% Meh 1434 Melt
366,234.000 Dee. 1,872,250 346,094,025 310,253,175 Peoria & Eastern
25% of deposits
1,20(11109 3Ich 1610934 Mch 16 104
Jan 11% Feb
Philadelphia Co
Jan 4% Mch
3001 4 Itch 16 4 Mch 18 3
9,449,425 Quicksilver Mining.
13.752,000 Dee. 5,543,750
Surplus reserve
31,375,275
Mch
200 434 Mch 20 434 Mch 21 334 Feb 5
Preferred
--St L &S F-C &E Ill new
Note.-The Clearing House now issues a statement weekly show ng the actual
Feb 57
54!4 Mch 19, 56 Mch 19 53
Feb
stock trust certfs
condition of the banks on Saturday morning as well as the above avreages. These So Porto Rico Sugar__
10, 80 Mch 181 80 Mch 18 80
Feb
Mch 88
figures, together with the returns of the separate banks and trust companies. also Standard Milling,
2001 21 Mel) 18 21 Mch 18 16% Jan 2134 Mch
State
the
Banking
Department,
by
issued
giving
summary
the
of
condition
the
State
210 61 Itch 20 61 Mch 20 53
Jan 6134 Mch
Preferred
banks and trust companies not reporting to the Clearing House, appear on the second Texas Company (The)._
Jan 9934 Feb
900, 9434 3fch 22 9534' Mch 16 81
page precedlng.
Jan
501144 Mch 19 144 Mch 19 144
Mch 145
Twin City It r, pref
& Paper_ _ 3,1501 6 3Ich 18 73i Mch 22 4% Jan 734 3fcb
114
Union
market
-The
has
Exchange.
ruled
Foreign
quiet and United Dry Goods
Feb 10034 Jan
700. 98 Mch 16 100 Mch 22 97
300;104 Mch 1910434 Mcb 19 10.3% Feb 106
Jan
Preferred
irregular, though with a firm undertone.
Mch
Jan 33
60(k 3134 Mch 16 33 Mch 22 26
To-day's (Friday's) nominal rates for sterling exchange were 4 85 for 60 U S Indus Alcohol__
Mch
Jan 102
700.100 Melt 22 102 Mch 22 95
_____
Preferred
days and 4 88 for sight. To-day's actual rates for sterling exchange were
Jan 7134 3Ich
2,100! 6934 Mch 18 7134 Mch 221 67
4 8415®4 8425 for 60 days, 4 8725@4 8735 for cheques and 4 8770®4 8780 U S llealty & Impt
Mch 90
Jan
7001 6034 Mch 22 6434 Mch 21 54
Iron, C C..
for cables. Commercial on banks 4 83 fil®4 8334 and documents for pay- Virginia
Jan 2734 Feb
3451 22 Mch 19 24 Mch 22 15
Cotton for payment 4 833 ®4 8334 and grain for Vulcan Detinning
ment 4 83 %P.4 84
Jan 83
Feb
Preferred
170; 83 Mch 18 83 3fch 181 70
payment 4 84 ®4 84 %.
Jan 19034 Mch
2001190 3Ich 19 1903i, Afell 19;1170
The posted rates for sterling, as quoted by a representative house, were Weyrnan-13ruton
not changed during the week from 4 85 for 60 days and 4 88 for sight.
5
were
francs
20
actual
for
rates
(Friday's)
bankers'
Paris
To-day's
Outside Market.-Business in outside securities in the fore
520 less 1-16 for long and 5 18 Ys@5 17 V2 less 3-32 for short. Germany
bankers' marks were 94 %®94 11-16 for long and 95.f®95 5-16 less 1-32 part of the week was quiet, hut later there was a general inor short. Amsterdam bankers' guilders were 40 5-16 less 3-32040 5-16
crease in activity and strength. Trading in Standard Oil seless 1-16 for short.
Exchange at Paris on London, 25f. 25c.; week's range, 25f. 25 c. high curities was quiet but firm. Anglo-American Oil weakened
23
;ie. low. Exchange at Berlin on London, 20m. 45pf.; week's
and 25f.
from 13:,344 to 13 and recovered to 133
4. Standard Oil "old
range, 20m. 47pf. high and 20m. 44 Ma. low.
The range for foreign exchange for the week follows:
down about 26 points to 825 and up to 835,
sold
stock"
Sterling, Ado 1Sixty Days.
Cables.
Cheques.
advancing to-day to 842. Standard Oil of N. J. dropped
4 8745
High for the week__ _4 8425
4 8790
4 8760
4 8725
from 36534 to 358. The subsidiaries "en bloc" started at
Low for the week__ _4 8410
Paris Bankers' Francs478 and sank to 470, but to-day sold up to 496, the close
5 17 H less 1-16 5 1634 less 1-10
High for the week__ _5 20 less 1-16
being at 485. British-Amer. Tobacco was conspicuous for its
Low for the week._ _5 2034 less 1-32 11834 less 1-64 5 1734 less 1-64
Germany Bankers' Marksstrength and activity; at first it weakened from 19% to 1934
95
less 1-32
95 7-16
High for the week__ _ 94 11-16
but soon moved upward, reaching 2234 to-day. The close
95
less 1-32
95 5-16
Low for the week-- 94 9-16
Amsterdam Bankers' Guilderswas at 22%. United Cigar Stores was a weak feature,and,
40
week___
the
High for
-10 5-16 less 1-16 4034 less 1-16
after losing about 4 points to 193, broke to-day to 188 and
.10 5-16 less 3-32 40 34 less 3-32
Low for the week___ 40 34 less 1-16
Domestic Exchange.____chicago, par. Boston, par. St. Louis, 10c. per finished at 190. Intercontinental Rubber corn, declined from
$1,000 premium bid and 15c. asked. New Orleans commercial, 50e. per 17 to 1634 and advanced to 1734. Exceptionally heavy
$1,000 discount, and bank, $1 premium. San Francisco, 40c. per $1,000
premium. Savannah, buying, 3-16% discount and selling par. Montreal, trading in Lehigh Valley Coal Sales was accompanied by an
4634c. premium. Charleston, buying, par; selling, 1-10% premium.
advance of 21 points to 216, to-day's business carrying the
NEW YORK CITY CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
State and Railroad Bonds.-Sales of State bonds at the
Board include $61,000 New York Canal 4s,'1960 and 1961,
at 102 to 102%, and $9,000 New York 4s, 1961, at 102%.
The market for railway and industrial bonds has been fairly
active and the transactions included a large number of
issues. New York Railways temporary refunding 4s and
temporary adjustment 5s appeared on Tuesday in place of
price up to 224. Following the loss of some 10 points to 40
last week, Studebaker Corp. coin, the present week sold down
to 39 and rested finally at 40. The pref. also after the brake
of 2 points to 98 last week dropped to 9634, _ Bonds were dull.
%and closed toMilw. Sparta & N. W.4s fell from 94% to 933
day at 93 8.
Outside quotations will be found on page 817.
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.
BTOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 16.
Monday
March 18.
Tuesday
March 19.
Wednesday
March 20.
Thursday
March 21.
Friday
March 22.
sales ol
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest.
Highest.
Range for Previous
Year 1011,
Lowest.
Highest.
Railroads
less J'ne
94 Sep
tch Topeka & Santa Fe 10314 Feb 1 10838 Mch 21
10512 10618 10573 10614 106 10678 10678 10813 10734 10853 10734 10814 60,945
10133 Jan 2 10414 Feb 10 10034 Jan 10512 J'ne
103 1031 10314 10314 10338 10338 10314 10312 10314 10312 10312 10358 1,539 -CM. Do prof
13318 Jan 10 13914 Mch22 117 Jan 13914 Nov
13814 1381 13818 1381, *13814 139
139 13914 1,150 Atlantic Coast Line RR
13812 13834 139 139
L0934 J'ly
3312 Sep
510114 Feb 1 10613 Jan 20
10378 10453 10378 10412 10414 10434 10412 10578 10533 10534 10533 10578 17,170 paltimore & Ohio
88 Feb 20 91 Jan 23
8512 Aug 01 Jan
8812 8812 *88
89 .*88
89 • 8834 8834 *88
347 L3 Do prof
89
90 *88
8453 ,Ply
72 Sep
8038 807
8012 scog 5934 8158 8114 8134 8114 8134 8114 8214 21,770 Brooklyn Rapid Transit_ 7634 Jan 2 8214 Mch 22
22612 inch 4 523534 Jan 3 19558 Jan '247 J'isr
232 23318 23212 23358 23212 23312 23312 23438 23373 23434 23313 234
16,670 lanadian Pacific..
*351) 375 *350 375 *350 375 *350 375 *355 375 *355 375
Vientral of New Jersey _ 305 Jan 9 380 Feb 7 200 Aug 320 Dee
8634 Feb
15838 Sep
6814 Feb 1 7838 Mch22
7578 71
7612. 7714 7678 7712 7673 7713 7634 7718 7673 7858 48,500 Chesapeake & Ohio
3118 May
15 Aug
17 Jan 25 1934 Mch 22
*17
20
*17
r934 1912 1912 1934 1934
1934 *1714 1934 *17
300 Chicago & Alton RR
53 Jan
37 Oct
35 Jan 5 35 Jan 15
Do pref
*35
60
*35 6612 *3514 65 *3512 3612
*3512 6612 *35
60
2514 J'ne
2
17
1933
Jan
Sep
Jan
29
1712
Chic
Gt
West
*18
181
trust
Ws
1813 1814 1812 1834 1858 19
19
1918 19
1914 3,400
4914 Feb
3512 Dec
35 Jan 31 3714 Mch 20
Do pref trust cas
*35
36
36
36
3573 3612 3633 3714 3718 3718 3673 3714 3,300
10734 10838 10773 10812 108 10834 10812 10914 10834 10912 109 10938 16,600 Chicago Milw & St Paul _ 510312 Feb 5 11138 Jan 3 10534 Oct 13312 Feb
Do prof
144 Jan 12 146 Jan 2 141 Sep 15512 Feb
*14412 145
14473 14438 *144 .145
14473 145 *144 145
145 145
600
14112 14214 14134 14214 14214 14212 4,985 Chicago & North Western 514014 Men 1 143 Jan '2 13813 Sep 150(2 J'11°
14014 14073 14014 141
141 141
194 Feb 29 1195 Feb 13 191 Nov ;209 Jan
Do pref
194 194 *192 200 *194 199 *194 200 *19312 200
*192 198
100
Chic St P Minn 34 Omaha 138 Mch 5 144 Jan 30 13018 Apr 144 J'ne
*135 190 *135 140 *135 140 *135 .138 *133 138 *133 138
155 Jan 30 4156 Feb 1, 147 Nov 4160 Mcli
Do pref
*150 160 *150 160 *150 160 *150 160 *150 160 *150 160
338 Feb
• 157 Sep
2 Jan 2
118 Feb 16
100 Chic Un Trao ()Us stmpd
112 112 *114 2
*114 134 *114 134 *112 134 *114 112
518 Jan.16
434 Sep
4 Mch21
Do pref ctfs stmpd_
4
100
714 Feb
4
*4
412
*334 414 *334 314 *334 412 *334 412
4818 Sep
66 Jan
55 Jan 15 60 Jan 2
5612 5812 5612 *53
58 *53
300 Cleve CM Chic & St L
58
5812 5652 5612 *53
*53
98 Feb
9414 J'iy
§9573 Feb 24 96 Jan 31
Do pref
*91 100
*91 100 *91 100
*91 100
*91 100
*92 100
43 Sep
60 Jan
42 Mch 15 45 Feb 2
*42
43
4212 4212 *4212 43
44
43
45 *43 -*42
420 Colorado & Southern
J'ne
7678 Jan 19 570 Sep•
75 Mch
*76
77
Do 1st preferred
77
77
*76
*76
7634 7634 *76
77 *76
200
77
7512 Mch
*68
Do 2d preferred
72
72
68 Mch 1 70 Jan 31 563 Sep
*68
70
*68
*68
*68
70
72 *68
72
& Iludson
16812 16914 ;16312 16812 170 17014 1170 17112 *130 172
, 187 Jan 10 17512 Feb 6 159(2 Sep 17478 J'ne
169 170
2,820
elaware Lack 36 West_ 540 Jan 16 569 Jan 29 505 Sep 570 Nov
*54014 564 *54014 564 *54014 560 *54012 564 *545 564 *545 564
1733 Dec
35 Feb
*29i2 2112 *2012 2112 2112 2112 2134 22
2214 2214 *2134 2212
1953 Jan 2 2234 Jan 23
600 Denver & Rio Grande
74 Feb
3634 Dec
41
Do prof
41
4033 4034 4034 *40
4034 41
4153 *41
4112 1,100
40 Mch 15 4614 Jan 24
40
1553 Mch
11 Nov
10
10
*914 1018 *934 1014
034 934 *934 10
*934 10
400 Duluth So Shore & Atlan
812 Mch 4 10 Mch 14
Dec
3018
1718
Mch
21
2018
2018
2018
Mch
prof
20
*20
16
alch
8
2018
Do
32018
20
*1938
21
250
*1938 1934 *19
3838 J'iy
27(4 Jan
3014 Jan 15 38 Meli 15
3612 3712 225,500 Vrie
3535 3334 3638 3753 3614 3733 3658 3714 3638 37
6114 J'iy
4558 Jan
5013 Feb 3 5733 Men 15
5534 5378 5018 5714 5612 5718 5612 5678 5618 5673 5618 5634 19,070 1.:1 Do 1st preferred
4934 J'iy
35 Jan
47
Do 2d preferred..... 40 Feb 3 4712 Mch 15
46
4612 *46
4714 47
4018 4612 '4634 4714 47
47
2,165
126 Jan 15 13.112 Men23 119 Sep 140 J'ne
13334 13412 13314 13418 13314 134
13213 13314 13234 13333 13234 134
24,802 Great Northern pref
30 Jan 31 4478 Jan 2
6334 VW?
3912 4034 3934 4112 18,595
333) Dec
Iron Ore properties..
3934 S 4014 4014 41
3612 3712 3712 38
1514 Jan '
1073 Feb 2/ 12 Jan 13
12
11 Aug
*11
11
11
11
11
1112 12
11
12
12
*10
55 Green Bay & W,deb otfB
98 Oct
93)4 J'iy
135'*____ 125 *110 125 *110 125
____ _3_7
avana Electric
*105 135
9334 Jan 10258 Oct
110 Feb 20 120 Inch16
___
140
*115 140 *115 140
Do preferred
120 120 *120
100
127 Mch22 127 Mch22 124 Nov 134 Apr
-7 *120 *120
___ *120
100 Hocking Valley
*120 12-714 3120 _ _ 127 127
12514 Mch 18 14113 Jan 24 132 Jan 147 J'ly
12514 12712 12712 12-814 12834 130
130 13012 130 I13118 11,901 Ilinois Central
12712 130
•
1318 Sep
2033 Feb
1833 1814 181, 1812 1878 1812 1912 1918 1938 1914 1932 27,220 interboro-lletrop v t otis 1633 Jan 3 1912 Mcn 20
18
5333 Jan 3 5933 Mch 11
3934 Sep
5838 J'iy
5733 .5814 5778 5858 5814 5938 5812 5914 5852 5914 23,750
5718 58.
Do pref
3912 Sep
5234 Jan 11 5834 Mch 11
5512 J'iy
Do prof vot Sr PHs
.. __
15 May
22 Sop
15 Jan 4
1012 Feb
-1-2--1-2 - *11
*111 13
13
100 Iowa Central
42 Sep
23 Apr
24 Mch it, 30 Jan 4
27
*25
*25
28
*24
27
26
26
Do preferred
*24
*25
27
27
100
30 Deo
74 Apr
*77
80 *78
82
*7714 79
*81
82
G Ft S & M tr ctfs,pref 7734 Jan 4 31 Meh21
81
81
7834 7834
200
3738 J'n0
2514 Sep
2718 2713 27
27
27
2734 2718 2713 2733 2758
1,300 1xansas City Southern.... 25 Feb 9 2834 Jan 2
6112 Sep
62 Feb 1 65 Jan 6
preferred
Do
*6273 6334 *6233 6334 6312 6312 *82
65 *62
6934 J'n0
65 *2
67
212
8 2
67412
300
17 Nov
10 Sop
*1112 14
*1112 14
*1112 14
*1112 14
*12
14
13
13
100 r ake Erie & Western_.. 1112 Jan 26 13 Jan 31
40 Jan
'25 Sep
30 Jan 8 34 Jan 31
*3112 3212 3134 3134 *3112 35
*3112 33
*3134 33
100 IA Do preferred
15573 Feb 5 18534 Jan 15 151 Set) 18673 Dec
16112 16312 163 164
16158 163
163 16438 16414 167
186 13412
16712 105,940 Lehigh Valley
63 Jan
45 Nov
4312 Feb 13 4414 Mch 8
*44
*44
*44
50 *44
50
58
*44
50
144
44
48
40 Long Island
14073 Feb 1 15712 Mch 11 13612 Sep 16034 Nov
15512 15618 15534 15618 15618 15618 15614 157
15612 157
15634 15712 7,300 Louisville & NashvIlle
3134 134 *134 138 *134 138 *134 138 *134 138 *134 138
20 rtil anhattan Elevated..- 135 Jan 2 13834 Meli 13 13114 Sep 14212 Jan
4212 Sep
2112 Apr
Minneapolis & St Louis 21, Mch 14 2712 Jan 23
*20
24
*21
23
*18
23
*18
23
*20
23 *20
33
35 Mehl 6812 Sep
Du preferred
;40 Feb 26 §57 Jan 15
50 *40 • 50
*40
*35
50
*40
50 *40
51
114
50
40 137
13812 13878 13834 13912 13958 13958 13913 13973 13973 14012 z13614
3,484 Minn St P 34 S S Marie__ _ 129 Feb 3 14012 Mch 21 5123,14 Sep 15214 Mch
Do preferred
14714 Feb 1 152 Mch 15 140 Nov 160 Mch
*151 153 4151 151
15112 15112 152 152 *15012 153 *14812 150
280
9012 Mch
8712 J'iy
Do leased line
38712 Jan 12 48878 Jan 17
*8612 89 *8612 89
89
*88
89
*8734 8914 *88
*86
89
3813 J'no
27 Sep
2612 Feb 7 30 Jan 2
2878 2913 2812 2914 2878 2933 2913 2912 2912 2978 2912 2973 5,900 Mo Kansas ec Texas
70 Oct
62:14
Sep
preferred
*6312 66
61
Do
25
Feb
65 *6358 66
*6353 66
Jan
29
65
6312 6373 *62
400
6353 6358
63 Feb
3314 Sep
3858 Feb 24 4473 Mch 19
4118 4318 4313 4412 4338 4478 4334 4412 4338 4438 4312 4412 81,860 Missouri Pacific
ash Chatt & St Louis.. 16o Mch 1 169 Jan 4 14014 Jan 160 J'ne
166 166 *183 168 *162 188
*155 170 *164 168 *164 168
100
7238 Jan
60 Aug
at'Rya of Mex 1st pref 6673 Feb 10 71 Jan 4
*6412 66
*6412 06
*6412 66
*6412 66 *8
*6412 66
30
412 6
30
612
Do 2d preferred.._ _ 29 Mch 7 3678 Jan 20
3833 Feb
25/3 Aug
3058 3058 3058 3053 3058
31
3012 3012 *30
31
650
113 114
11333 11334 11314 11378 17,520 N Y Central & Hudson.... 10614 Jan 9 114 Mch 20 39978 Set) 11512 Feb
11234 113
112 11212 11213 113
48 Sep, 65 Jan
54 Feb 29 61 Jan 30
*56
57
*55
57
§5612 5612 *55
5612 5634 5634 *54
57
150 N Y Chic 36 St Louts
Do 1st preferred
9812 Nov 10133 Mch
*9812'103 *102 103 *102 103 *102 103 *102 103
*102 103
87
*86
1/0 Jan
Do 2d preferred
87
8212 Aug
*86
87
87 *86
87
88
88
88
87 Jan 27 90 Jan 18
200
*86
13812 13812 13812313858 13834 13834 13873 13912 13912 13958 13912 13934 2,650 NY NH & Hartford__ _ 136 Feb I 140 Mch 4 12678 Sep 15113 Feb
4678 J ly
3734 Sep
3712 3734 3838
37
37
37
*3812 37
3634 37
5,600 N Y Ontario 34 Western.. 3578 Mcli 7 3012 Mch22
0934 Sep 11114 Nov
38
310734 Feb 1 11114 Feb 27
914
10918 110
2 10
10914 11014 10
39
93142 12,400 Norfolk 33 Western
10373 10914 10878 10918 10873 109
9114 J'ne
8534 Apr
Do adjustment pref_
*89
92 *88
92
92
92
*90
92
*88
*89
9012 Jan 4 02 Feb 17
92
*90
11533 Jan 15 12234 Mch20 11034 Sep 13733 J'no
11914 12014 11912 12053 120 12112 121 12234 12173 12258 122 12234 57,657 Northern Pacific
9434 Dec 102 Jan
"Pacific Coast Co
99
*89
99
*89
99
*90 100
*89
*90 100
99
*89
1.
Do 1st preferred
*85 105
*85 105
*85 105 *85 105
*85 105
*85 105
993.1,1'1y 102 Jan
Do 2d preferred
*90 105
*90 105
*90 105
*90 100
*90 100
*90 105
12212 Jan 0 125 Mch 21 11834 Sep 13018 Feb
12458 12478 31,009 Pennsylvania
12353 12378 12334 12418 124 12418 124 12473 12458 125
9018 Sep 100 Jan
10638 10634 *10513 10634 1,200 Pittsb Cin Chic 33 St L.._. 9817 Jan 2 10712 Feb 27
10518 10512 10534 10534 *10518 10612 106 106
Do preferred
10812 Jan 2 117 Feb 20 10218 Sep 112 Feb
*105 11834 *105 11634 *105 11634 *105 11634 *11.0 11634 *110 11634
134
Sep 16178 J'ne
Jan
22
D
eading
11
Jan
15812
14818
15778 15912 158 15913 506,500
15412 15553 15434 15612 15613 15718 156
'59 2
88 Met' 92 J'iy
8914 Mch 5 92 Jan 17
600 11., 1st preferred
8914 8912
9012 9012 *8914 90
*8912 9012 9012 9012 *8912 91
0012 Sep lul May
2d preferred
900
9812 9638 9638 9634 9834 9612 97
94 Jan 11 9834 Jan 20
*9612 97
9613 9613 *96
2234 Sep, 3433 J'ne
2612 27
59,330 Rook Island Company...... 2234 Feb 26 2718 Mch 20
2414 2473 2458 2512 2573 2634 2812 2713 2812 27
4334 DeVi 68% J'ne
Do preferred
48 Jan 3 53 Atch22
38,850
5258 5233 53
4034 4934 5012 5133 5114 5178 5138 5213 52
23 Dec
2/ Oct
t Louis & San Fran _
*281,1 29
2812 2914 29
*28
830
29
23 Jan 5 2914 Mch ii
29
29
29
29
29
59 Sep
6914 J'iy
Do 1st preferred
671,1 6712 *6012 68
65 Jan 19 6712 Jan 3u
*6612 6712 6812 67
520
*(j0
58 *__-- 6712
3/ Sep. 4912 J'iy
Do 2d preferred
3812 Feb 5 4214 Mcli 8
5,880
4034 4114 4073 4173 4134 4214 4134 42
4134 42
4112 42
:4 Jan • 34 Fob
*3()
33
3212 3212 33
33
*30
3312 33
1,700 St Louts Southwestern.... 2934 Jan 22 3312 Mch 20
3212 33
33
5934 Jan
J'ne
Do preferred
72
6817 Jan 17 75 Mch22
72
7212 *72
7212 7212 73
72
2,500
7334 7434
10512 Feb 1 11238Jan 2 30412 Sep 12633 J'ne
10878 10912 10873 10912 10938 11114 11114 11218 11112 11212 17
14
1313
2 17
12
514 98,540 Southern Pacific Co
3338 J'iy
243.1 Sep
2612 Jan 31 3038 Mch 21
2834 2914 2873 2938 2914 2938 2912 3018 2953 3033 2958 3013 30,610 Southern v tr etfs stmpd _
6114
Jan
1514 J'IY
Do prof
6814 Feb 3 7578 Mch 21
7412 7412 7412 7434 7434 7478 7.173 7512 7512 7578 7513 7553 5,300
do
1973 Dec
3014 Feb
2314 2353 2314 2312 2312 2312 2312 2334 2312 2312 2312 2312 1,900
2012 Jan 3 2334 fweii20
54
*50
55
*50
55
55
*50
*50
39 Jan 17 /53 Mch 1 h2114 Dec 3:2134 Dec
*51
54
53
full pd_
53
100
sl. Nov 41 Dec
4233 4212 43
43
Now (when Issued)
4312 42
4334 *42
3912 Feb 7 4934 Jan 9
42
43
43
44
4,120
4 Nov
4 Jan 20
312 312 *314 4
*3
4
*314 4
3 Jan 15
*314 4
*3
4
812 Jan
100 Toledo Railways & Lt.._
12 Dee
2434 Feb
*1212 1312 1314 1338 1312 1312 1334 1334 1373 1378 14
1234 Mcli 4 14 Jan 20
14
800 Toledo St L ec Western. _
3473 Dec
5378 Jan
3214 3238 3233 3212 3213 3234 33
3212 32
*30
32 Mch 5 3478 Jan 2
Do pre.erred
900
3314 3314
105 105 *10412 107 *105 107 *105 10512 *10434 106
10538 10533
200 Twin City Rapid Transit_ 10412 Jan 5 10612 Feb 17 104 •Sep ill Feb
17414 Jan 2 15312 Sep 19238 J'iy
16878 17018 16914 17034 264,812
167 15813 16714 16878 16734 16834 16833 170
nion Pacific
160 Feb
91
89 Sep
91
9114 9114 *91
96 J'iy
9114 9114 9112 9118 9158 91
Do preferred
91 Mch 5 9358 Feb 27
9238 5,128
2812 Sep
49 Feb
*3412 36
35
900 Unit Rys Inv't of San Fr 3034 Jan 5 3714 Feb 14
*3412 3534 3512 3512 3512 3512 *3412 3512 35
7614 Mch
Do preferred
63
52 Sep
63
6312 6312 6312 6312 6312 6334 6338 6334 1,050
'*6212 54
53 Jan 2 6512 Feb 14
3/ Sep
Virginia Sty & Power
45 Apr
*45
47
*46
47
*45
*44
47
47
47
*45
47
41 Jan 4 4712 Jan 25
*45
'I I
Do preferred
Sep §83 Apr
O.__ 8812 .__ 8812*-. 8812*- 8812*.- 88
87 Jan 26 8812 Feb 15
733 Feb 8
abash
1833 Feb
534 Dec
500
*538 7
*413 7
*6
7
634 7
7
7
6 Jan 4
*534 7
Do preferred
4038 Feb
1.114 Dec
. 1814 *1333 1834 1814 1838 1814 1814 1818 1838 1,750
1678 Jan 2 1934 Jan 8
41838 1833 1813
60
6014 6138 62
60
48/3 Apr. 66 J'iy
5534 Jan 9 6278 Mch 22
60
82
8233 6112 6212 6134 9278 5,400 Western Maryland By__
8814 J'iy
Do preferred
500
82
8018 *78
80
*78
8013 *78
8013 8018 8013 80
*78
75 Jan
76 Jan 9 8018 Mch 2O
614 Feb
*9
914 *9
914 Mch 13
9/4
812 812 1,100 Wheeling & Lake Erie
858 858
334 838 *812 9
4 Jan 10
312 Sep
1753 Feb
Do 1st preferred
22
22
1,050
22
2235 22
2158 22
- 7 Sep
2214 2214 2178 2214
22
11 Jan 3 2278 Inch 7
8 Feb
Do 2d preferred
900
3 Aug
1214 1234 1214 1234 1234 1234 *1134 1234 1134 1134
13
13
6 Jan 19 14 Mch13
7218 May
56
100 Wisconsin Central
*5512 57
44 Sep
*5512 5612 56
*5512 57
48 Feb 5 5612 Inch 13
*5512 5512 *5512 57
sr-
nelaware
H
tr
N
S
T`N,G„l'ilt•Ites
W
13ANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
Bid
Ask
MI Ask
Banks
Banks
1111
Ask
Banks
New York
C11-3&Pueth, 186
_7
arrima 1_
-- Filth Ave''' 34700 --El
ketna
_ Cheisea Eat 195
300 325 imp di Traci
2-0-0 Filth
tmerica II- 3819 3614
31003_ Irving N Ex
Chemical - 1149
_7 First
kmer Exch. 3245
Citizens' CV 174
7 - Fourth ____ 200 2-0-5- LibertY-3attery Pk_ 125
1-3-d- City
3 120 543-7- - Gallatin _ 3360... Lincoln___
Bowery11.- 400 - Coal 33 Iron 15212 15717 Garfield .3. 275 2-9-0
Manhattan3
3ronallor01., 300
_ Colonial II._ 421
_ Germ-Arn 31 149
_ _ Mark't&Ful
ironx Nat.. 175
1-8-0- Cblamula I. 335 3-5-0 Germ'n EV! 420
43-5
Mach 341Iet's
tryant Pk 31 150
155 I Commerce ,. 3202 3240 Germania 11 525
540 Ifereantile _
140 I Corn Ex 11.... 3310. Gotham
lutch & Dr 130
hierch Ekon
155 165
lentury 1.... 5230
East River. 103
1-1-5. Greenwich II 250
_7 Merchants'.
625Fidelity
II_ 165
Phase
176
_._
Hanover__ 645
___
•
.,_...4
Bid
290
567
230
595
395
335
255
284
149 •
16212
185
Ask
Banks
_ necropolis 1,
5157 II Metropol 'nII
235 Itt slorrislj..
605
Mutual TI....
405 N
Nassau ____
_ _ New Neth.1
26-5
NowYorkeo
266
New York_
152 S'acidell__
i6711 Park
190 People's 31....
111.1
375
197
250
288
300
210
875
325
280
372
240
Ask
400
202
260
292(2
_
2-ii)
____
._
25-5
374
250
Banks
,'rod Each 1,
,toierve ___
,eaboard __
iecorld ..,......
iecurity,
-,
,herinan.....,
itate 11 -3313(1 Wa13111.
Union Exc.
Wash li'te 11
Welt Side 11
Yorkville 1.
Bid
170
• 00
415
375
- 13-5_
1-71
165
60o
* Bid and asked prloes; no sales were made on tills day. 3 Ex-rights. 4 Less than 100 sharel. ii State banks, a Ex.dividend and MOM. b New stock, '
Sale at Stock Exchange or at auction this week. h First installment paid. n Sold at private sale at t1311/211Ct. ..4..V.A.7541,114end. 11' ull paid.
Ask
175
400 143
fir
170550
.
....
811
New York Stock Record-Concluded-Page 2
MAR. 23 1912 1
For record of Sales daring the week b? stocks usually inactive. ve second Pace'preceding
STOOKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 16.
Monday
March 18.
Tuesday
Mars.% 19.
Wednesday
March 20.
Thursday
March 21.
Friday
March 22.
Sales of
the
Weet
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since January 1.
On basis of 100-share lots.
Lowest.
Range for Previous
Year 1911.
Lowest.
Highest.
,
.
industrialEc Miscellaneous
A dams Express
1191 Mch12 202 Jan 18
*190 198 *190 198 *190 198 *190 198 *190 198 *190 198
112 Jan • 2
58 Jan 11
34
78 1
s;. t, 34
78 2,430 2xllis-Chalmer3
58
78 1
34 72
7S
78
Do pref
8 Jan 2
334 Mch 14
414 414
4
414 3,800
378 414
5
412 412 *418 5
r *4
60 Feb 1 7834 Mcha,
; 7178 7313 7233 7412 7413 75
7478 7612 7614 7734 7718 7834 378,50') Amalgamated Copper
6238 6218 6353 4,503 Amer Agricultural Chem_
5813 Feb 27 6353 Mch 22
5934 5978 601g 6034 607g 6158 6178 6238 62
Do pref
400
101 Jan 13 10414 Mch20
104 10414 *10334 106 *10373 105
10334 10334 *10312 102 *10338 104
53 Feb 28 018 Mch22
5714 58
587s 5818 591$ 26,934 American Beet Sugar
5633 57
5712 5734 5712 5812 68
Do pref
*95
99
20
198
98
*9812 99
*9712 99
9712 Feb 28 10073 Jan 10
9912 *9814 99
*99
1114 Feb 1 1833 Mch 22
1438 1434 1473 1878 1613 1634 1672 1773 1712 1812 1712 1858 116,265 American Can
Do prof
90.8 Feb 1 10053 Mch 22
9773 9634 9814 9712 9938 9914 10018 9914 10058 28,4; i
9458 9553 95
5534 5614 5534 5614 6614 5718 13,750 American Car is Foundry 49 Feb 5 b718 Mch22
5158 5514 5414 5534 5512 56
Do prof
530
11714 11714 *11678 11734
115 Feb 14 118 Mch18
*11513 118
118 118 *11533 120 *11533 118
511$ 5212 3,600 American Cotton 011
5013 51
4512 Jan 19 5212 Mc1i22
50
5012 *5014 507s *5013 5078 5014 51
Do pret
*97 100
*97 100
95 Jan 19 9914 Feb 13
07 100
- *97 100
- *97
*97
40 American Express
200 Feb 2 4220 Feb 13
*213 /1-8- *214 21-8 *215 220 4218 218 *215 220 1219 219
414
414 *4
200 American Hide & Leather
3 Feb 19
414 Mch 15
414 414 *4
414 414 *4
414 *4
414
Do pref
20 Feb 26 2358 Mch 21
2313 1,100
2312 2312 235s *23
*2212 2334 *2212 2312 23
2318 23
2253 2233 23
9,440 American Ice Securities, 18 Jan 2 2314 !deb 9
2134 2212 22
*22
2212 2214 223s 2173 22
1113 12
1,740 American Linseed
11
*11
9 Mcb 8 12 Jan 3
12
*10
*10
11
*10
11
1114 *10
30 Feb 20 35 Jan 3
Do pret
3353 *3112 3212
500
3314 33
*30
*31
3313 *30
33
3312 *30
8,800 American Locomotive._ 3134 Feb 27 39 Mch22
3712 3834 3734 39
3638 3612 3673 3758 37313 3753 3713 38
Do pref
103 Jan 15 108 Mch21
300
107 10712 108 108 *108 110
*106 108 *105 108 *106 108
434 Jan 10 12 Mch 14
1,100 American Mast Corp
1173 12
1134 1134 *1153 1218 1133 1134 1134 1134 *1112 12
42 Jan 6 5713 Mch 15
56
56
Do pref.
56
5612 57
5333 5612 57 ' 2,795
25658 57
5634 57
87
*8623 88
100 Amer Smelters See prof 13 86 Mch22 8714 Mch II
86
86
*8514 8614 *8512 8612 *8512 87 *86
7614 77
76
7614 7634 7714 7733 7878 7823 807.3 8012 8313 109,710 Amer Smelting& Refining 6778 Feb 1 8313 Mch22
Do pret
10238 Jan 2 10712 Mch 22
105 10538 10512 10553 107 10712 1,000
10412 10412 10453 10434 010412 105
26 Jan 19
*31
32
1,500 Amer Steel Found (new) _
*2912 30
2934 2934 2934 301_2 3012 3012 3014 31
52 Jan 4
12014 12114 121 12278 12233 1227,3 12253 12512 125 12712 127 1287s 29,660 American Sugar Relining 11434 Jan 12 12873 Mch 22
11933 11978 120 12014 121 12214 2,700
11512 Jan 5 12214 Mch22
Do prof
11873 11873 11834 11912 *11813 120
14733 14812 1477$ 14833 14778 14833 17,143 American Teleph & Teleg 13733 Jan 2 14812 Sich20
14738 147323 14758 148
1475g 148
24113 Feb 29 287 Jan 26
256 263
262 26434 26014 26312 3,980 American Tobacco
255 255 *250 257 *250 260
102 Jan 9 10834 Jan 11
Do pref
700
1051$ 10518 *10434 106
10412 10412 *10412 10512 10412 10478 *10453 106
102 Jan 10 10814 Jan 18
*106
108
Do
pref
certts
of
1071.
dep..
300
*106
106
106
10612
106
1061
*105 10612 *105
2
10114 Jan 11 10638 Jan 19
Preferred, new
10212 10258 102 10258 10234 10234 103 10312 103 10314 10314 10333 4,600
2514 Feb 6 30 Jan 11
30
100 American Woolen
297$ 2978 *29
*29
*2834 30
*2834 30
*2834 30
30
9212
93
86 Feb 7 9412 Mch21
9134
94
Do
91
1,950
9312
9312 9412
9112 9112 91
9312
2813 2813 *2813 2914 *2814 2914
29
Writing Paper, prt. 2518 Jan 25 31 Feb 26
400 AmerWriting
*28
2914 212 2812 *28
4114 4014 4073 4014 4034 44,256 aAnacondaCopper Par225 $34 Feb 1 24078 Mch 14
3958 4012 3973 4073 40
3958 40
*10418 10414 10414 10414 10414 10414 10433 10433 10412 10412 10434 10434 1,000 naldwin Locomotive, pt 10234 Feb 2 10434 Mch22
*30
2734 Feb 27 3253 Jan 2
3012 *2913 3018 3013 3013 3013 3158 3114 3134 31
3158 3,680 122ethlehem Steel
5612 Feb 27 62 Jan 2
Do pret
*5813 6012 *5812 6012 5934 5934 60
8013 6013 6033 *60
8073 1,300
140 140
13912 13912 *13812 140
*139 141
13712 Mch21 14112Jan 8
300 Brooklyn Union Gas
13712 13712 *13712 140
2913 2912 *2912 30
550 Butterlck Co
2912 Mch 18 3013 Feb 9
30
*2912 30
30
30
30
30
30
2238 2212 2338 2333 24
2413 2438 2333 2414 2312 2334 24,350(lentral Leather
1812 Feb 27 2438 Mch 20
22
8812 8814 8914 89
88
89
8014 8914 8914 8914 1,900 k i Do pref
8734 88
80 Feb 27 9214 Jan 2
2578 2613 2614 2678 2612 2714 2612 2714 16,400 dChlno Copper_ _ _ _Par *5 $25 Jan 15 $2714 Mch21
2512 2573 2533 26
27
*2634 2714 27
2318 Feb 28 2953 Mch 22
2612 2612 27
28
2712 28
2712 2953 4,100 Colorado Fuel & Iron
14012 14034 141 14133 141 14114 14114 14214 141 14133 14114 14134 7,900 Consolidated Gas (N Y)_ 13814 Feb 17 14312 Jan 5
1134 1173 1153 1214 1213 1238 1214 14
1334 1438 1312 1414 19,300 Corn Products Refining.... 10 Jan 16 1433 Mch 21
80
80
Do pref
57614 Jan 3 82 Mch21
80
8012 8134 8113 82
8112 8112 3,350
7834 7834 *78
3014 3012 3014 31
31
3113 31
3112 3118 3153 3113 3238 8,490 Distillers' Securities Corp 28 Feb 5 3253 Jan 26
Federal Mining & Smeit'g 1114 Feb 28 15 Mch 14
*12
*12
18
1812 *12
1834 *12
1812 *15
1812 *1212 1834
3713 Jan 23 4512 Feb 24
*37
48
Do prof
40
40
*40
*4012 45
45
600
40
40
4014 40
155 Jan 2 16734 Mch 15
16412 16512 165 16614 16513 1136
166 16614 166 167
16314 16612 5,000 General Electric
30 Feb 26 3514 Jan 19
1,412 Gen Motors vot tr ctts
3312 3014 3034 30
*31
3012 30
3013 3013 3014 3014 31
Do pret vot tr ctts
24 Feb 28 7818 Mch 15
*76
78
*76
78
74
47 7712 77
76
7612
77
7712 7734 1,000
473 473
47,3 5
473 5
47,3 478
3 5
478 478 11,000 dOoldfleld Con M Par $10 5414 Jan 3 $5 Mch 18
8,800 f nt Harvester stk tr efts 10514 Feb 1 11734 Mch 14
11412 11614 1141$ 11512 11434 11578 115 11514 11513 117
11312 116
L Do pref stk tr ctfs__ 11612 Jan 26 121 Feb 8
o__ 12112 *____ 12112 *____ 12114 *____ 121 *___ 12014 *...-- 12014
1,200 Int Mer Marine stk It ctls
4 Mch 7
5 Jan 2
434 5
5
478 478
*453 473
5
5
5
5
5
6,635
Do pret
22
2134 2234 22
1918 Mch 12 231$ Jan 12
2112 23
2014 2012 20
2038 2073 21
14,100 International Paper
1238 1214 1212 1212 1312 1312 14
938 Jan 17 14 Mch22
*11
1112 11
1214 12
5812 5712 5912 6,300
Do pre!
24573Jan 3 5912 Mch 22
5612 5812 5673 5678 5678 5678 67
57
*55
30
28 Feb 23 34 Jan 2
30
3013 31
2912 2912 30
30
30
*30
31
3114 2,700 Internet Steam Pump
82
pret
8112
82
8153
8214
Do
79 Feb 1 8334 Jan 9
8112
823
3
700
*80
82
*80
82
*80
10514 10512 10512 10512 1,100 Laclede Gas (St L) coin_ 104 /deb 16 10834 Jan 4
104 10478 *10414 10434 10414 10414 10412 105
17713 17812 178 180
175 175 *170 180
2,200 Liggett is Myers Tobacco 15678 Jan 15 185 Jan 26
*170 175 *170 175
Do preferred
10512 Jan 12 11312 Jan 18
10912 110
10953 10978 11013 11018 1,282
*109 10912 10938 10938 *109 110
7518 Jan 31 8314 Feb 19
7912 7912 *7914 80
80
700 Mackay Companies
8012 80
7912 2912
• *8012 8178 80
Do prof
6812 Jan 11 7078 Jan 23
*69
7014 *69
700
6912 6933 6933 6912 70
70
70 *69
*69
7012 7114
72
*71
77
*71
72
300 May Department; Stores.. 7012 Mch22 7412 Feb 7
7313 *7112 7213 72
*71
Do pret
110 Jan 8 112 Jan II
P11112 11318 *11112 11213 *11112 11213 *10834 10938 *10934 11013 *10934 11033
24
2412 2412 2434 2433 2434 5,850 dMiami Copper.....Par ;5 $2318 Feb 14 $2618 Jan 3
24
2334 24
24
2312 24
13912 Jan 2 15414 Mch22
153 15378 120 15414 5,400 National Biscuit
14912 15078 15034 15173 15114 15114 15114 153
Do prof
12634 Feb 20 129 Mch 1
*127 12912 *127 1291 *12712 1291 *12712 12912 *12712 12912 *12712 12912
16
1512 1534 1512 1512 *1412 1534 *1412 1512 1512 17
1612 1,500 Nat Enaine0g & Stamp'g 1214 Feb 29 17 Mch21
Do prof
88 Feb 27 9512 Jan 2
500
*86
95
94
90
*85
95
*85
91
90
9212 93
93
5118 Jan 9 5873 Mch22
5578 5614 5514 5534 5538 6578 5514 5634 5612 5878 18,060 National Lead
5458 66
Do pref
10513 Feb 1 10934 Feb 15
3107 109 *107 109 *10712 109 *10712 109 *10712 109 *107 109
1912 1934 1934 20
20
1938 1912 1933 1912 1912 193.
2014 13,845 dNey Cons Copper_Par 25 $1214 Jan 29 $2014 Jan 3
5512 3,480 New York Air Brake_ ... 50 Feb 17 5653 Jan 19
5214 5214 *5012 52
52
52
52
52
52
*5012 52
7912 80
7912 7853 7914. 4,410 North American Co (new) 7412 Jan 3 8073 Mch 15
7953 8034 80
8034 8033 8034 x79
30 Jan 3 3314 Feb 3
32
3238 32
3258 3134 3213 3,200 13acific Mall
*3114 32
3112 32
32
32
4814 48
49
47 Feb 5 5133 Jan 4
4812 4913 *4818 4918 2,600 I- acino Telep & Teleg
4812 4812 *4813 4878 48
107 10714 10714 10733 10738 10738 1,025 People's G L & C (Chic) _ 103 Jan 8 10734 Mch 15
10738 10712 *107 10712 107 107
*1854 19
187$ 1938 *19
1634 Mch 1
1913 *1812 1912 *1812 1913 19
1978 Mch 11
2,000 Pittsburgh Coal Co
19
79
8012 80
8012 8014 8014 *79
77 Feb 8 8378 Jan 2
Do pref •
81
28
2,40i
7933 80
*78
167 Mch 11 189 Jan 26
1;173 17612 *172 17612 *172 17612 *172 17012 177 17812 180 134
1,450 P. Lorillard Co
110
1101
110
*10234 11034 10914 11034
• 10734Jan 1'2 115 Jan 19
Do preferred
500
310912 110 *10933 110 *10934
3312 3414 3334 3412 3412 3538 3,060 Pressed Steel Car
34
2834 Feb 27 3538 Mch 22
*33
33
33
3314 33
Do ore.
96 Feb 28 102 Jan 2
10114 10124
3100 102 *100 102 *100 102 *100 102 *100 102
111
111
11012
111
11114 *10812 11112
500 Pub Service Corp of N J_ 10634 Feb 17 11114 Mch21
11014 11014 *10812 11112 11012
15812 Feb 2 16112 Mch 14
160 16012 2,100 Pullman Company
160 16014 15934 15934 ;15914 15914 15973 160
160 160
3112 3112 3113 3138 3218 2,200 21 allway Steel Spring
2712 Feb 8 321$ Mch 22
31
31
2912 2912 3012 3078 31
10018 10018 *99 102 1101 101
*99 102
Do pref
170ta:
._
100 Mch12 103 Feb 21
*99 102
*9012 102
1735 1718 1733 1738 1734 1712 18
1753 18 ' 19,445 allay ConsCopper Par ;10 $16 Jan 29 $1938 Jan 2
1673 1718 17
211$ 2273 2233 2234 2113 2214 9,250 Republic Iron & Steel
2112 22
1534 Feb 23 27 Jan 2
20
2012 2012 21
7353 7312 74
7312 73
7314 7334 4,750
73
Do pre
6412 Feb 27 13513 Jan 3
7273 73
7218 73
15412 15412 1,512 Sears, Roebuck & Co...... 143 Jan 15 16014 M211 4
153 153
15412 15514 15312 15412 15412 15412 151 155
4918 2,000 Sloss-Sheffleld Steel is Sr.I
49
96
45
4712 4734 40
45
3914 Jan 30 4913 Mch 22
44
4173 4312 44
*3813 3812 3812 381. 3814 3812 3833 3878 3834 3873 3812 4014 16,000 dTennessce Copp _ Par 525 83413 Feb 1 54914 Mch 22
10018 10018
200 I fnderwood Typewriter_ 10013 Mch22 10513 Feb 23
1;10112 104 *10112 104 *101 104 *10012 104 *100 103
50" Do prof
III Feb 26 11234 Feb 13
*112 113 *112 113 411233 11258 *10912 11313 *103 114 7109 113
1531 16
540 U S Cast I Pipe is Founar
16
13 Feb 16 17 Jan 3
*1412 16
1614 1614 1612 1612 *10
15
15
Do prct
745
53
50 Jan 4 5373 Nich 20
5234 5234 5312 5334 5373 5178 53
52
*51
53
52
97
498
*93 100
*93 100
*9.3 100
35 United States Express
84 Jan 31 497 Mch 22
*93 100
*93 100
4514 Feb 1 5373 Mch21
5212 5318 5233 5318 21,300 United States Rubber
5134 525s 52 . 63
52
50
5134 51
DO 1St pret
108 Jan 30 114 Me1322
1,535
112 11212 11153 112 *11212 11412 1131a 11352 11312 11334 11373 114
78
78
Do 2d pre
75 Jan 23 7834 Mch 22
78
850
*76
78
7734 7734 *7612 7812 78
7814 7834
5814 Feb 13 6373 Jan 3
(1514 6638 6513 673. 6618 6714 6612 68
6712 6838 6714 6838 184,175 United States Steel..
Do pret
10733 Feb 13 11314 Mch21
11034 1111 11113 11112 11173 11234 11234 11314 113 11314 12,644
11031 111
59
5818 5933 5814 5912 57,310 diltah Copper_ _ _Par $10 $5213 Jan 29 85912 Mch 22
5738 5733 5734 58
5013 5714 57
5312 5312
, 535; 5312 55
5233 Jan 9 5714 Jan 26
5355 53
5,910 Virginia-Carolina Chem
5312 5413 5312 537. 53
119 Feb 14 12178 Jan 25
Do pret
12173 12178
700
*11912 122 *120 12212 *12013 12212 12012 12238 119.3 120
1142 Feb 7 151 Jan 3
62 Wells Fargo is Co
3143 146 *144 147 4143 143 *143 146 *144 147 414413 14412
841$ 8434 x8312 84
831g 8334 8312 8473 7,867 22.estern Union Teleg_
79 Jan 2 8614 Jan 18
8412 8412 8434 843
7413 7412 7414 7414 7412 7434 75
7412 741
75
75
7578 4,300 VirestIngh'seEl &Mfg assen 6614 Jan 3 7614 Mch 15
_
Do Istoret
11472 Jan 5 12011 Mch 12
me1. 122 *1171A 122 *11714 122 *11714 122 *116 122
119 122
Highest. -
1198 Nov ;245 .A.137
112 Dec
934 May
653 Dec • 34 P'eb
7153J'ne
4434 S213
.0312 Dec
4434 Sep
9913 Oct 105 Dec
- 3914 Jan
5934 Oct •
9212 Jan 101 Oct
1212 May
873 Jan
1313 Dec
77 Jan
42323 Sep
5814 J'ly
113 Oct 120 May
4158 Nov
6238 Feb
92 Nov 10512 Feb
201 Sep s255 Jan
5 J'ne
312 SP
263g J'ne
18 Sep
2534 J'iy
1212 Aug
2 Aug
1233 Feb
3412 Dec
2618 Oct
4314 May
2243 Oct
102 Oct 11034 Mch
538 Jan
3 Sep
4358 J'ly
3112 Mch
8918 J'ly'
82 Sep
8373 J'ne
• 5633 Sep
0834 Sep 10812 J'ne
23 Sep
5212 reb
11214 Sep 12212 Feb
111 Jan 11913 Feb
13112 Aug 15313 J'ne
87 Aug
9212 Sep
10514 Dec
105 Dec
2513 Dec
3612 Mch
8514 (Jet
9614 J'ne
2413 Sep
3412 Feb
329 Sep 3411$ J'ne
10314 Dec 107 Deo
3813 Aug
16 Sep
6834 J'ly
54 Sep
3129 Sep 14814 Nov
31 Mch
28 Feb
3338 Feb
1834 Sep
0118 Dec 105 Feb
81612 Sep $2712 Dec
25 Sep
363s Feb
12834 Sep 14812 J'ne
958 Oct
1534 May
73 Sep
85 May
29 Sep
3814 Molt
13 Dec
36 Feb
37 Dec
6612 May
142 Sep 16838 May
35 Nov
5134 Aug
7412 Dec
8658 Aug
$313 Oct
3778 Jan
0958 Sep 12938 May
115 Sep 12814 May
314 Sep
578 Jan
14 Aug
2212 pee
Sep
135$ Jan
4453 May 5633 Jan
23 Oct
44 Feb
80 Oct
9012 J'ne
10114 Sep 11412 Jan
7412 Dec
68 Dec
70 Apr
10734 Sep
51653 Sep
11714 Jan
124 Jan
1212 Dec
85 Jan
4212 Sep
104 Sep
$1513 Sep
45 Oct
64 Jan
2318 Apr
35 Sep
10113 Aug
17 Dec
(1734 Jan
95 Feb
77 Mob
87 J'ne
11314 J'ne
22413 Dec
14334 Nov
130 Feb
22 ‘Ply
10034 J
59 Feb
10934 Aug
52114 J'ne
72 Feb
734 May
3338 Nov
5453 Jan
109 Jan
2314 J'ne
9078 J'ly
25 Sep
91 Sep
108 Oct
154 Sep
26 Oct
92 Jan
412 Sep
18 Oct
7413 Oct
12513 Sep
3.1 Sep
23014 Sep
63 Mch
103 Mob
11 Sep
4013 Sep
84 Dec
2012 Sep
114 Sep
60 Sep
50 Oct
103 Oct
$38 Sep
4313 Sep
114 Sep
139 Sep
7158 Apr.
5838 Sep
11013 Aug
3758 J'ne
10234 J'ne
120 Feb
163 Jan
39 J'ne
103 J'ne
519 Dec
3514 Feb
9933 Feb
192 Feb
5614 Feb
$44 J'ne
111 J'ne
11378 J'17
19 Feb
261 Feb
1105 Jan
4813 Dec
11512 .7'17
8
72
918 Feb
e
1207g Feb
$577,3 Dec
7038 Feb
12812 Mch
177 May
8412 May
79 May
123 Jan
BANKS AND TRUST COMPANIES-BANXERS' QUOTATIONS.
Banks
Brooklyn
Broadway ;
Coney Isl'd
First
1111131d el; _ _ ..
Homesteadi
Manufaa'rs
Mechanic:a''t
Montauk li.
Nassau ......
Nat City-
Banks
• Brooklyn
390 410 INorth Side 2
. 155 ticople's ___
Prosp'ctP10,1
2-15 - 285
___ 125
Trust Co's
. 100
4-1-5- 43 )
N Y Call
245
235
Astor
_ . 150
Bankers' ft
2-1/ 225
289 295 13'way Tr-.
Bid
Ask
Bid
Ask
100
150
140
170
160
155
359
850
155
365
875
180
Trust Co'I
N Y City
Central 2r_
Columbia _
CommercialEmpire ....
Ilquit'bie-Tt
Farm Lois'!
Fidelity _
522ton ___
Guar ty Tr..
Guardian Tr
Sid
Ask
1030 1050
360 370
95
100
300 310
550
555
1400 1425
218
223
31212 2___
____
940
____ 105
Bid
Ask
Bid Ask II Trust Co's
Trust Co's
NY Lite &Tr 1040
Hudson -.t1421
--____
KnIckerbkr 290 I 2-9-5 IN I Trust_ 635
____
Law T lacTr 238
243 Standard Tr 385
____
1421 IttleGuh Tr 555
Lincoln Tr_ 135
____ Union Tr_.... 1300
500
__
Manhattan
____ US attg& Tr 475 415
MetropolTn 415
Unit States_ 1120 1130
Mutual A111125
130 II Washington 390
410
ance
Westchester 150
150
atut.( Westchester)._ 140
150 II Windsor .. 192
196
trust Co's
Brosklyn
Brooklyn 'rr
Citizens' ___
Franklin__
Hamilton _
Home
Kings Co _
L 1st L is Tr
Nassau ......
Peoples'
Jueens Co..
Bid
Ask
465
140
260
275
105
520
295
150
290
100
_...
....
27-5
285
115
3-10.
160
300
110
Mess than 100 Mimes. *Ex-rights. S New stock. a Ex-dly, and rights. d Quoted dollars per share.
•Bid and asked prince; no sales on this day
t Sale at Stook ichange or at auction this week. s Ex stock dividend. ¶Banks marked with a paragraph (9) are State banks. z Itx-dlylde*d.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Fir
in.
JAM 1 19O$ the Hxclsange method of quoting hostas was changed. and prices are now all—"and interesr—excep for income and defaulted bonds.
BONDS
Y. STOCK EXCHANGE
Week Ending March 22.
Price
Friday
March 22.
Week's
Range or
Lau Sale
344
Range
Since
Jan. 1,
tl
.v'
Price
BONDS
Friday
N. Y. STOCK EXCHANGE i
Week Ending March 22.
.05. March 22.
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
10012101 10014 Noy'll
Gen funding & impt 5s_ _1929 J-J
10034 10112 10114 Mch'12
1st consol gold Is
1939 81-N
16114 1611-4
Registered
1939 81-N
10212 102 10258 Feb '12
102 10234
General gold 4 Hs
1992 M-S
10218 10212 Feb '12
10112 10212
Registered
1.992 M-S
114 11484 11314 Jan '12
11314 11314
1930 F-A
Convertible 4 Hs
114
1.1314 Mch'12
11314 11334
10014
_ _ 10012 J'ne'11
Big Sandy 1st 45
1944 J-D
10112 10134
Coal Riv y 1st gu 4s_ _ _1945 J-D
102 10218 102
10218 38 10138 10218
Craig Valley 1st g 5s__1940 3-i
Potts Creek Br 1st 4s_ _ _ _1946 J-J
Foreign Government
R & A Div 1st con g 4s...1989 J-J
Argentine—Internal 55 of 1909.. 11-S 0758 98 98 Mch'12
97 98
1989 J-J
2d conso! gold 4s
Chinese (Hukuang) By 5s Z.._ _ J -D 9434 9512 95 Mch'12
9314 95
Warm Spr Val 1st g 58_1941 M-S
'Imperial Japanese GovernmentGreenbrier By 1st go g 48 1940 M-N
Sterling loan 4 Hs
1925 F- A 9314 Sale 93
9314 10 9212 94
Chic & Alt RR ref g Is
1949 A-0
2d Series 4 Hs
9214 Sale 9238
9214
2 0178 93
1925 J-J
Railway 1st lien 3 .1 4s_ _ 1950 J-J
Sterling loan 45
8614 8813
1931 J J t 8614 8714 8614 Mch'12
10358 17 10212 10358 Chic B & Q Denver Div 45_ _1922 F-A
Republic of Cuba 55 eaten debt_ M-S 810314 Sale 10314
Illinois Div 334s
1949. J-J
9818 Dec '11
External loan 43.s
1949 F- A 90
Registered
1949 J-J
9734 16 9718 98
9734 9812 9734
Ban Paulo (Brazil) trust 5s_1919 J-J
Illinois 1:* 4s
1949 J-J
7 96 9714
9612
U S of Mexico s f g 55 of_ _ _ _1899 Q-J I 9612 9658 9612
Registered
88 0034
1949 J J
Gold 4s a 1904
88 88 Mch'12
1954 J-D
Iowa Div sink fund 5s_ _ _1919,,A-0
These are p rices onzheba <as o / $5 toL.
Sinking fund 4s
19193A-0
State and City Securities
10211
Nebraska
1024
10214
10218
-4
Us
76
Sale
103
Extension 4s_ _1927 MIf Y City
1960 M-S
10018 29 9978 10018
Registered
1927 Al4% Corporate Stock_ _ _ 1059 M-N 10018 Sale 100
10018 49 9978 10018
• 4% Corporate Stock_ __ _1958 M-N 100 Sale 9978
Southwestern Div 48_ _ _1921 M-S
100
Joint bonds See Great- North.
1 9934 10014
4% Corporate stock
1057 M-N 9978 100 100
10738
Debenture 53
1913 81-N
9 10714 10778
New 4 Ms
1957 MN 10734 Sale 10714
General 48
10212 10234
• New 4 Hs
1958 M-S
1917 M-N 102 103 10234 Feb ,12
10712 16 10712 10778 Chic & E Ill ref & imp 4 {0_1955 J-J
434% Corporate Stock_ _1957 M-N 10718 Sale 1074
10214
1st consol gold 6s
1934 A-0
5 102 10278
434% assessment bonds_1917 M-N 10214 Sale 102
87
General consol 1st 5s_ _ ....1937 11-N
1 87 88
334% Corporate Stock_ _1954 M-N 8678 8712 87
10238 10 10134 10278
1937 M-N
Registered
N Y State-4s
1961 M-S 10238 Sale 1023g
Chic & Ind C By 1st 5s1936 J-J
2 10158 10278
Canal Improvement 45_ _1961 J -J 10218 10212 10212 10212
Chic Gt Western 1st 4s_1959 M-S
Canal Imp'ment (new) 4s 1961 J-J 10218 10212 10212 10212 27 10134 103
Chic Ind & Loulsv—Ref 68_1947 J-J
Canal Improvement 4s_ _1960 J-J 10278 __ 10112 Nov'll
_ 10312fly '10 :-_-_-_
1947 J-J
Refunding gold 55
Bo Carolina 434s 20-40....1933 J -J
98 Oct '11
1917 J-J
Refunding 4s Series C
9714
Tenn new settlement 3s__ _ _1913 J-J
Ind & Loulsv 1st gu 4s....1956 J-J
8612 Dec '11
Virginia fund debt 2-3s__ _ _1991 J-J
481 50 49 Mch'12
46 5214 Chic Ind & Sou 50-yr 4s_ _ _ _1956 J J
as deferred Brown Bros ctfs_ _
Chic L S & East 1st 4 Hs_ _ _1969 J-D
Chic Mil & St P term! g 5s_ _1914 J-J
Railroad
Gem'! gold 4s Series A.. _e1989 J-J
80
3 7918 8414
h1995 Q-J 80 Sale 80
An Arbor 1st g 4s
9958 157 99 100
Registered
zl.tch Top & S Fe gen g 4s_1995 A-0 9912 Sale 9938
e1989 Q-J
9938
9958
Gen'l gold 3 Hs Series B_e1989 J-J
9912 Mch'12
98 9912
Registered
1995 A-0
9118 Sale 91
Registered
9158
e1989 J-J
91 9238
Adjustment gold 4s____111.995 Nov
25-year deben 48
91 Feb '12
9014 91
Registered
h1995 Nov 89
1934 J-4
Chic & L Sup Div g 5s
1921 J-.2
9178 22 9112 9258
Stamped
61995 M-N 9112 9178 9158
Chic & Mo Riv Div 5s_ _ _1926 J-J
10614
10612
1 10614 10612
Cony 45 issue of 1909...._ _1955 J-D —
Chic & P W 1st g 5s
1921 J -J
10814 131 10534 10814
1955 J-D 10814 Sale 10614
Cony gold 4s
CM & Puget Sd 1st gu 45 1949 J-J
10312 1116 10014 10312
Cony 45 (issue of 1010)_l960 J-D 10314 Sale 102
flak & Gt So gold 5s.......1916 J-J
10-year cony gold 5s_ _ _ _1917 J -D 10938 Sale 10734 10912 256 105 10912
987 Jan '10
Dubuque Div 1st s 1 6s_ _1920 J-J
1912 F-A
Debentures 9s Series J
-- - Far & Sou assum g 6s_ _ _ _1924 J -J
9914 J'ly '11
Series K
1913 F-A
1919 3-.1
East Okla Div 1st g 4s......1928
S 9634 97 9612 Mch'12
-6612 LaCrosse & D 1st 55
"66"
Wis & Minn Div g 5s.. 1921 J-J
9312 94 9312
Short Line 1st 45 gold_ _ _1958
9312
9234 9312
1920 J-J
Wis Vail Div 1st 65
110 Sale 110
110
S Fe Pres & Ph 1st g 5s_ _1942
1 110 11012
Mil & No 1st cons 6s__1913 J-D
Chic & St L 1st 65
1915 M-S 10512 _ _ _ 1063s J'ly '11
Extended 4348
1913 J-D
9538 51
8
Atl Coast L 1st gold 4s___h1952 hf-S 95 9514 9518
-667hicago & N West cons 75 _1915 Q-F
98 Oct '06
Registered
61952 M-S
--- -- - 1886-1926 F-A
Extension 48
8 10858 Aug'11
Ala Mid 1st gu gold 5s_ _ _1928 201-N 10784 1091Registered
1886-1926
F-A
Bruns & W 1st gu gold 48 1938 J -J 9534 ---- 9534Jan '12
414 "6E3-4
General gold 334s
1987 M-N
' Charles & Say 1st gold 75 1936 -J 128 _ _ _
Registered
p1987 Q-F
L & N coil gold 4s
o1952 M-N 9458 Sale -6i5808 67 -641-2 -5E3-4
General 48
1987 M-N
• Say F & W 1st gold 6s___1934 A-0 32378 12534 12514 Dec '11
Sinking fund ts_ _ _1879-1929 A-0
1st gold 5s
1934 A-0 10958 11118 11058 May'll _ 9712 100 97 Jan '12
Registered
Sil Sp Oca & G gu g 4s_ 1918 J -J
1879-1929 A-0
- -67'Sinking
9238
9258
9238
Sale
J-J
fund
5s
1879-1929 A-0
131 9134 93
& Ohio Prior 3 Hs _ _1925
Registered
92
9078 Jan '12
:.9.3 Registered
61925 Q-J
1879-1929 A-0
9078 9078
Debenture 53
Gold 4s
61948 A-0 98 Sale 98
1921 A-0
9814 111 9734 9914
9734
Registered
9818
9818 9818
2 94318 9818
Registered
61948
1921 A-0
Sinking fund deb 5s
1933 111-N
112 Jan '12
,Pitts June lit gold
_ _1922 51-"j
-J 11214
112 112
_ 88
Registered
88
2 88 8878
1933 M-N
• P June & M Div 1st68_g 3H81925 M-N 88
Frem Elk & Mo V 1st 68_1933 A-0
9178 9158
9158 15 91
92
PLE &W Va Sys ref 48_1941 M- N
Mani G B & NW 1st 3 Hs 1941 J -J
9118 32 91
9112
9118 Sale 9118
' Southw Div 1st gold 3 Hs 1925 J-J
Milw &S L 1st gu 3 Hs1941 J-J
Cen Ohio R 1st c g 4 Hs_ _1930 11-S 10012 103 103 Mch'10
MB L S & West 1st g 6s 1921 M-S
CI Lor & W con 1st g 5s__1933 A-0 11012 Sale 11012 11012 sO 11012 11012
Eat & imp s f gold 5s_ _1929 F-A
'Monon Riv 1st gu g 5s_ _ _19 19 F-A 10212 _ 1037 Mch'12
10378 104
Ashland Div 1st g 6s 1925 M-S
10938 Mch'12
-01ilo River RR 151 g 5s__1936 J -D 110
10918 10938
Mich Div 1st gold 6s 1924 J-J
General gold 5s
1937 A-0 104 108 106 J'ly '11 ---'
Northw Union 1st 7s g1917 M-S
Pitts Clev & Tot 1st g 68_1922 A-0 11'J12. _ _ _ 11312 Feb '12 -__- 11312 11312
Winona & St P 1st ext 7s 1916 J-D
Pitts & West 1st g 4s_ _ _ _1917 J-J
9712
- 9712 Mch'12 _-_- 9712 9712
Stat 1st Ry 1st gu g 4 34s_1943 J -D 85 96 95 Noy'll _-_- - - _ .:1hicago Rock Is & Pa 6s _ _1917 J-J
Registered
11258 Noy'll ___.
1917 J-J
Buffalo R & P gen g 5s___ _1937 51-S 11178
General gold 45
1957 M-N 10512 10712 10714 Mch'12
Consol 4345
10714 10714
Registered
1988 j
J -1
All & West 1st g 4s gu_ _ _1998 A-0 9512 _ _ 97 Feb '11 _-_Refunding gold 45
1934 A-0
CI & Mali 1st gu g 55_ _ _1943 J -J 108 _ _ 103 J'ly '08 _-_Coll trust Series J 48
1912 M-N
Roch & Pitts 1st gold 68_1921 F-A 11278 ____ 11334 Noy'll _-_Series L
_ 11678 Itch'11
1922 J-D 11558
1914 81-N
Consol 1st g Os
M 48
72 Mch'10
1915 M-N
Buff & Susq 1st ref g 4s__ _d1951 J-J
N 48
1913 J-J 10158 102 10158
1916 M-N
10134 11 16638 162 etan So 1st ext 6s
0 48
1913 B-s 10012 Sale 10012 10058
10012 101
1917 M-N
%, 2d 58
P 4s
10034 Jan '11
1913 M-S
Registered
191881-N
Chic R I & Pac RR 4s__ _2002 M-N
Central of Ga 1st gold 58_ _p1945 F-A 11258 -- 11334 Jan '12
11334 11334
Registered
1945 M- N 10934 Sale 10934
10934
2002 M-N
Consol gold 5s
109 11012
R 1 Ark & Louis 1st 434s 1934 R-S
1945 M-N *107 _
10712 Noy'll --Registered
-Bur C It & N—lst g 5s 1934 A-0
103 Dec '11 ---1st pre income g 5s_ _p1945 Oct
10612 May'll
Registered
Stamped
1934 A-0
C R I F & NW lst gu 53'21 A-0
105 Dec '11
2d pref Income g 5s_ __p1945 Oct
M & St L 1st gu g 7s__ _1927 J -D
96 Noy'll
2d pref income g 58 stamped.._
107 Dec '31
3d pref income g 5s_ ___p1945 Oct
Choc Ok & G gong 3s_ _01919 J-J
Consol gold 84
854 Oct '10
3d pref income g 5s stamped_ _
1952 Iii-N
-91 9112 91 Feb '12
Keok & Des M 1st 5s
Chatt Div per moo g 4s_ _1951
1923 A-0
8938 -61
Mac & Nor Div 1st g 5s_ _1946 J-J 108 ____ 10714 Jan '12
1930 J-D
10714 10714 Dhic St P M & 0 con 6s
10512
_
115
Mid Ga & Ati Div 5s___ _1947 J-J
Cons 6s reduced to 3 Hs_ _1930 .1-D
Nov'05
_
Mobile Div 1st g 58
1946 J-J 10712 _ _ _ _ 10934 May 11
Ch St P & Minn 1st g 6s,.1918 111-N
_ 10278 Mch'12
Con RR & B of Ga col g 58_1937 M-N 10278
Nor Wisconsin 1st 6s___ _1930 .1-J
16278
- 16273
12218
12158
122 Mch'12
St P & S City 1st g 68.. _.1919 A-0
Cent of N J gen'i gold 5s_ 1987 J-J
12134 12234
Registered
61987 Q-J 120 12314 12214 Feb '12
Superior Short L 1st 5s-g _1930 31-S
12112 12214
Am Dock & Imp gu 5s_ _ _1921 J-J 1064 107 107 Jan '12
107 107
3hic &West Ind gen g 6s—q1932 Q-M
• Le & Hud R gen gu g 58_1920 J-J 102 __
Consol 50-year 48
1952 J-J
• Leh & Wilkes-B Coal 55.._1912 M-N 100 .._ — 100"
100 100
.;in H & D 2d gold 4 Hs__ _1937 J-J
N Y & Long Br gen g 48_1941 M-S 9914-- 100 Dec '11
1st & refunding 4s
1959 J-J
1st rtiArytnterd 4.:
195c1 .3- 1
9218
-66 9214
Cent Vermont 1st gu g 4s_ _e1920 Q-F 9114 92 9134
U. S. Government.
as consol registered_d1930 Q-J
consol coupon____d1930 Q- J
k1918 Q-F
38 registered
k1918 Q-F
S 33 coupon
1925 Q-F
U 8 45 registered
1925 Q-F
.11 S 45 coupon
28 k1936 Q-N
LU S Pan Canal
10-30-yr
S Panama Canal
3g._1961 Q-s
g
g
Week's
Range or
Last Sale
Range
Since
Jan. 1.
High No. Low High
Bid
• Ask Low
10312 10412
___ 10312 10312 Mch'12 _
11034 11134
11034 11114 11118 Mob'12
11114 11114
109 ____ 11114 Feb '12
10112
36
1014 103
101 Sale 101
_
_9038 Noy'll
93 Sale 9234
9314 80 9258 9312
88 88
8718 88 88 Feb '12
8518 8958 8812 J'ne'11
10134 10412 10234 J'ly '11
863-4 -8634
8178 87 8634 Jan '12
ow?, 96
9412 9712 9578 Feb '12
*8912 _
_ 9214 J'ne'11
105 168-12 11314 Feb '05
9118 _
_ 95 Oct '10
6 7034 72
72 Sale 72 • 82
23 6212 6512
63 Sale 6212
63
1 9914 100
100 ___ 100
100
4 8714 88
87 8714 8714
8714
8512
_ 88 Sep '10
1.661;
9912 Sale 9912
903, 50
9914 9912
9812 994 9914 Mch'12
10478 10178
1047 .._.... 10478 Mch'12
9912 Sale 9912
9912
9914 9912
2 9812 99
9858 99 9834
9834
_
9712
9818 Mch'11
_
9958 ____ 9918 Dec '11
10114 15 1007s 10153
101 Sale 101
9578 Sale 9534
0638 176 9534 9714
lu 80 8112
80
80 Sale 80
124 125
12412 126 12434 Feb •12
10914 11118
10914 11018 10934 Mch'12
10914 10914
10014 Feb '12 _
408
109 10912
_10912109
78 10912 Feb '12
8114 Sale 8114
8178 22 8114 83
5 12734 12912
128
128 12878 128
..109 Nov '11
10912......
____ 9378 9558 Apr '11
8812Jan '12
___
8812 881k
9012 9012
91 - -90-4 9012 Jan '12
_ _ 103 104 Dec '11
16134 161316158 10238 10134 Mch'12
4
9878 37 9812 9918
9834 Sale 9834
9712 _ — 98 Jan '12 .
98 98
8578
861
26 8578 8678
8578 8612
8586 J'ne'll .
9218 12 -6178 -014
9178
1064 ____ 106 Dec '11
10812
. 10834 Feb '12
i6i 10834
10918 10638
--- 10618
10658 27 106106 10658
94 Sale 94
62 94 954
94
10271034 103 Mch'12 .
103 103
11314 11312 11314
113 11358
11314
115 ____ 11738 Aug'11 .
10412 10412
10334 ____ 10.112 Mch'12 .
10638 10638
10612 ____ 10638 Jan '12 .
11238..___ 11234 Mch'12.
11234 11234
102 -___ 10134 Dec '11.
- -10014 - __ 10014 Noy'll.
[0712 108
10734 10838 10734 10734
_56_ 98 98 Mch'12.
9714 98
_
9734 Nov'll .
-8614 87
_- 8614
8614 i612
8612
*858634 Feb '12 .
8631 8834
-Li
98 .ali
- 9734
98
9734 9834
--- —
11118 ---_ 11134 Nov'11 .
110i2..._ 11114 Nov'09 - - -10552 107 10712 Oct '11..
10378 Dec '11 .
10412
10413 105I
10412 1043-4 10412 Feb '12.
103 ____ 10612 Feb '10.
108 ____ 10812 Mch'12.
1:6812 10812
105 ____ 10734 Aug'11.
12718
12718 12738
12618 __ 12718
9(02 Sep '0!.
silo- 9178
114
WI;
110 110
--- - -- -- -
ifil4 __-_-_ 1158
1 MC11-.12 10934 ___ 110 Feb '12.
11612 ____ 14212 Feb '02.
11812... 11618 Oct '11 .
115 J'ly '11 .
112 _
4 Aug'11 .
11112 114781133
_10834 ____ 10858 Mch'12.
10712 __109 Aug'10.
1087;
-9-612 -dila
9514 0
9f
8 9
95 9614
.1 M c
95.
5134
eh
il:122:
8934 109 89 9034
8934 Sale 8912
_
974
J'ly
'10
9734 ____
___ ____ 9'734Sep '11 _
,
9612 Nov'll.
-------- 04 Dec '09.
-------____ -3414 May'lo _
..__
9434J'ne'11 _
-7212 Lao 7112 734
fi3- Sate 7134
---- -----7134 Mch'12 _
7134 721
/
4
9214 Sale 9214
2 92 93
9214
11034 ____ 11138 Feb '12.
110%1111
____ 2012Meh'03 _
---- -104 - 106 10514 Sep '11 ..
--- ---_4 Au-g-ii _
ioil8 ____ Hii310612 - - - - 10814 Mch'12 _
10814 10834
98 10014 100 Feb '12 _
100 101
12234 124 12314
4 12314 124
12314
91 ____ 93 Dec '03 _
12312 12313
____ --__ 12310 Mch'12.
123 ___ 1295i May'09 _
111 11114 111
111
3 111 1111$
108 .._ _
.
_.
108 10813
10818 10918 10812 Feb '12.
__ 915s, 9134 Mch'12.
9134 9218
101 101
____ 10114 101 Mch'12..
9112 _
.
007. sia - m.v.ii _
---- -
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
. Brooklyn Rap Tran g 5s__ _1945 A-0
1st refund cony gold 4s_ _2002 J-i
Bk City 1st con 5s 1916-1941 J J
, Bk Q Co & S con gu g 58_1941 M-N
Bklyn Q Co & S 1st 5s ___1941 J-J
Bklyn Un El 1st g 4-58_ _1950 F-A
•
Stamped guar 4-55_ _ _1950 F-A
Kings Co El 1st g 4s
1949 F-A
Stamped guar 48
1949 F-A
Nassau Mee guar gold 4s.1951 J-J
Conn Ry& List & ref 5 g 4 Hs_'51 J-J
' Stamped guar 4 Hs
1951 J-J
Del United 1st cons g 434s1932 J -J
, FtSmith Lt & Trac 1st g 58_1936
S
i Grand Rapids By 1st g 5s__1916 J-D
,Havana Lice consol g 5s.. .1952 F-A
l Interboro-Metrop coll 4 Hi..1956 A-0
Rap Tr 5s Ser A1952 M-N
'.nterboro
s
..
•No price Friday; latest this week.
Street Railway.
6 103 10512 Manhat By(NY) cons g 48_1990 A-0 9614 9834 97 Mch'12
10412 106 10512 10614
Stamped tax-exempt.. _ _ _1990 A-0 97 9712 9712 Mch'12
8718 398 8378 8718
8718 Sale 8658
Met St By gen coil tr g 5s_ _1997 F-A *102
102
10112 102
10112 102 102 Mch'12
102
Guaranty Trust Co certifs_ _ _
97 Noy'll
102131031; 103 • 1033
Refunding gold 4s
5812 Mch'12
2002 -A---15
Farmers' Loan & Tr ctf_ _
6214
10138 10314
6214
10214 10212 ioi38
Stamped
61
10112 102
10214 10318 102 Jan '12
6614 61
104
Bway & 7th Av late g 58_1943 J--D lox% Sale 10334
8312 8512
8412 &98 8512 Mch'12
103
Col & 9th Av 1st gu g 58_1993 M-S 103 104 103
8412 85 8618 Mch'12
8412 86
Lox Av & P F 1st gu g 58_1993 M-S 10258 10318 10234 Mch'12
78 81
8010
7934 8018 8012
Third Av RR cons gu 48_2000 J-J
80 Jan '12
10134 ---- 10178Jan '12 __. 101 101%
Central Trust Co certs
79
7912
5 10134 10178
10134-- 10134
10134
7714 •Sale 7714
Cent Tr Co cts stamped_ _ _ _
78
7858 _
_ 79
794 31 7858 7938
Third Ave Ry 1st g 5s___1937
10914 11034 10914 Mch'12
_
_ 95 95 Mch'12
93 95
Met W S El (Chic) 1st g 48_1938 F-A *85
10014 _ _ _ _ 90 J'ly '10
- 9312 J'ly '06
_ _ _ 9938 9938
10412 Deo '11
9938
7 -66 - -663-4 Milw Elec By & Lt cons g 5s1926 F-A
8318 Sale 8278
8338 453 8012 8412
Refunding & exten 4j481931 J -J
94 — 9314 Dec '11
10414 10438 10438 10438 27 1034 105
d Due April.
e Due May. 6 Due July.
k Due Aug. o Due Oct.
p Due Nov
q Due Dec.
62
3
10
13
13
12
9614 98 •
9634 9814
9912 102
97 10354
5812 5811
5712 6214
5758 62 •
103 10418
10112 1031g
102 103
80 80
7818 8118
7614 8114
109 1101g
s Option sale.
813
New York Bond Record—Continued—Page 2
liAR. 23 1912.
Pried
Friday
March 22
BONDS
Y. STOCK EXCHANGE
Week Ending March 22.
Week's
Range or
Last Sale
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 22.
Price
Friday
March 22
Week's
Range or
Last Sale
Range
Since
Jan. 1.-7.
4
High No. Low Ma
Ask Low
Bid
High No. Low High St P M & M (Continued)—
Ask Low
Bid
Ham & Dayton (Continued)
9258 Mch'll
9214 __
Pacific Ext guar 4s £___1040 1-J
4 10312 10414
104
_1941 M-N 104 Sale 104
,. Din D & I 1st gu g
9052 08121
0812Jan '12
E Minn Nor Div 1st g4811)48 A-0 9738 6814
88 Mch'11
4sg 1923 M-N
•- V Find & Ft W 1st gu
5s__11478 116
Mtnn Union 1st g 6s__ _1922 J-J 115 116 11478 Mch'12
8712 8712
- 8712 Feb '12
8712
' .ieln I & W 1st gu g 4s___ _1953 J -J
_
_
12734
12714
Nov'll
C
Mont
J-J
_1937
1st
gu
_
g
Cs__
'Day & Mich 1st cons 4 Ms 1931 J -J 100 -1937 J-J
Registered
104 10412
104 Feb '12
- 13614 May'06
10412
ind Dec ec W 1st g 5s--- _1935 J 1st guar gold 5s
1937 J-J 11138 114 11234 Sep '11
10712 Dee '02
1935 J -J
1st guar gold lis
9212
Registered
9314
8
1937 J -J
927
9212
101eve Cln C 60 St L gen 4$_ _1903 J -D -92- -93
2 Sep '11
ii1Will & S F 1st gold 55_1938 J -I) ifa0212 9412 94 Dee '11
Cairo Div 1st gold 4s___ _1939 J -J
95 96 i
9134 di 95 Jan '12
1 -6614 -di - Gult ec I 1st ref & t g 58_ _31952 J-J
91
91 Sale 91
'Cln W & M Div 1st g 45_1901 J -J
Registered
4 9134 9312
51952 J-J
9134
9112 9218 9134
St L Div 1st col tr g dm__ _1000 M-N
idd - link
4 1.63- 10252 Mch'12
ock Vol 1st cons g 4;48_1099 J - J 162:1'07
Oct
91
_89
1900
Registered
10012 Sep '08
1. Registered
1999 J-J
S 92 fig 00 Dec '11
Spr & Col Div 1st g 48_1940
_
8 9412 Dec '11
4 -6E7Col & 11 V let emt g 4s_ _ _1948 A-0 -9439114 ---- 91 Dec '11
--'IN W Val Div 1st g 4s__1940 J-J
9618 9613
Col & Tol 1st ex 49
9434 __ 9618 Jan '12
1955 F-A
'11
' 0 / St L & C consol 6s__ _1920 M-N 1055s --,- 10534 Dec97
9912
'12
9912
Feb
9912
Nous
&
Belt
Term
9912
1st
5s__
J-J
_1937
9718
97
15614
97
-dd97
k1936 Q-F
1st gold 4s
ilinots Central—
95 9718 9718 Dec '11
k1936
Registered
104 104 1
104 Feb '12
ist gold 4s
1951 J -J
'12
Feb
10718
8
i6i1-10614
10713
_1928
J
F
5s
g
1st
Cin S & Ci con
100 Sep '11
1951 J-J loci _
Registered
10512 10517
1914 J-1) 10512 ---- 10512 Mch'12
000 & I consol 78
4-612 91 Aug'11
SO
1951 J -J
1st gold 3183
-Consol sinkIng fund 7s_1914 J -D
8912 891
89 8914 8912 Mch'12
1051 J-J
Registered
'11
Oct
12134
-_-_-_-_
2
iiS1-J
J
6s1934
gold
General consol
__—
Extended 1st g 33s_,1951 A-0 *90 ____ 9312 May'09
1934 J-J
-- - - - Registered
____
__1951
Registered
A-0
899 -_:-_-_ 114 J'ly 'OS
• /nd Bi & W 1st pret O.__ _1940 A-0
1951
1st gold Sc sterling
-id ---5s__d1938
Q-J
pret
0 Ind & W 1st
1051
S
AIRegistered
9114
4
-5f1WWJ
4
-611-di
Peo & East 1st con 45_1940 A-0
100 100
1952 A-0 99 __ tOO Feb '12
Coll trust gold 45
15 37 40
38
37 Sale 37
1990 Apr
Income 4s
1052 A-0 _ _ _
5i12 9812 Aug'11
Registered
2 4912 5812
4912
4712 4912 4912
1947 J-J
1001 Midland 1st g 4s
1.1-N
1955
9578
45
96
Sale
ref
9578
1st
4 -jos
3-6g
10
98
9712
97
96
9758
1929 F-A
9712
:Colorado (10 Sou 1st g 4s
8612 8614
Purchased lines 3 p;s_ _ _ _1932 J -3 86 __ 8614 Feb '12
6 9718 9818
1935 31-N 9718 9714 9714
9714
& ext 4.4s
_1953 51-N 9878 514 9814 Mch'12
L N 0 & Tex gold 4s_
• Refund
9912
9814
11131
11134
8
3
1113
112
1921
4
-I)
.1
11118
11212
6s
ir
lst
C
Den
• Ft W &
1953 M-N _9812 9434Jan '11
Registered
---- -:Conn & Pas Itivs 1st g 4s_1043 A-0
;__ 9712 Feb '11
6'631
1950 J-D
Cairo Bridge gold 45
100 Ma-s7.-15
1952 J -J *1.551-2
Cuba RR 1st 50-yr 5 g
i87518 Sep '11
Litchfield Div 1st g 3s_ _ _1051 J-J. 74
el Lack & Western—
,
8412 86
851
4 88
86
SO
Loultiv Div h Term g 3 3is1953 .8-.1
5 10578 106
10578
Morris & Essex 1st 7s 1914 M-N 10534107 10578
8412 ____ 8314 Nov'10
1953 J-J
Registered
10812 10853 i853 Mch'12 -- 10853 10918
-.
1915 J
1st consol guar 7s
1921 F-A 10534
123 May'99
reg 3s
Div
Middle
____
11138
Dec
103
'10
J-1)
1915
.-Registered
7.5
77
1051 F-A
7618 J'ne'11
Omaha Div 1st g 3s
91 Jan '11
2000 J -D 8512
1st ref cur 3 Ms
71
75
Mch'12
51
7512
J-J
St Louis Div & term g 3s _19
2
-iE12 11334 11414
11334
1921 J -J 11334 Sale 1133f
, N Y Lack 40 W lat 6s
_
74
1951 J-J
_
Registered
1023 F-A 106 __ 10712 Mch'12
10712 10712
Construction 5s
- 8612 Feb '12
8512 8612
8612 8638
1951 J-J
Gold 3 Ms
ai 98 Dec '11 _
1923 M-N _ _
Term & Improve 4s
'09
_
_
8512
10118
Oct
1901
Registered
10218 Feb '03 -• Warren 1st ref gu g 3 Ms_2000 F-A
85 ____ 100 Nov'00
1951 J-.1
Spring Div 1st g 3 Ms
11512 11512 Aug'11
:Del 80 Hud 1st Pa Div 7s_ _ _1917 If-S
_
84
1951 J-J
Registered
149 Aug'01 ---1917 If-S
Registered
'
OOlgl
96
96 _'612 9654 Mci).-'1
Western lines 1st g 4s_ _ _ _1951 F-A
-6§ Sale 98
9814 62 9712 99
1010 J
',.' 10-yr cony deb 48
F-A
1951
10158
Registered
Mch'12
10138
10114
J-J
2
192
10114
10134
, 1st lien equip g 4 Ms
May'10
11717
-D
J
1923
Belley & Car 1st 6s
9938 Sale 9914
9938 30 9858 9912
1943 11-N
•- 1st & ref 4s
1932 H-S 95 9712 9514 Oct '10
Carb & Shaw 1st g .1s
9218 10 9114 03
1046 A-0 0112 0238 9218
Alb & Sus cony 3 Ms
Hi- 116
Chic St L & N 0 g 56_ _ _ _1951 J-D 11412 116 116 Jan '12
122 Dec '11 ---_
• Rens & Saratoga 1st 7s_ _1921 11-N 121
114 Feb '11
1951 J-D 113
Registered
iDenver & Rio Grande—
_
1051 J-D 84 ____ 90 Oct '09
891.
Gold 3 Ms
6 89
85 Sale 89
1036 J-J
9034
- 1st consol gold 4s
1951 J-D
Registered
9818 ___ 98 Jan '12
1936 - J
98 08
Consol gold 4 Ms
.3712 Itch'10
Memph Div 1st g 4s_ _ _1951 J-D -011;---- (
- 9912 Feb '12
9873
9912
96
Improvement gold 5s___ _1928 J -1) _ _ _
1951 J-D ____
3 Sale 8858
887188 86
Registered
89
1055 F-A
90
1st & refunding 55
1931 M-S 01 _ _ _
St L Sou 1st gu g 4s
_ 10434 Mch'11
Rio Gr June 1st gu g 58_ _1039 J
8 96
-94795 0512 95 Mch'12
1950 J -J
Ind Ill & Ia 1st g 4s
46 ___- 6112 Apr '11
• Rio Gr So 1st gold 48_ _ _1940, J-J
108 10813
10812 109 10812 Feb '12
Int & Great Nor 1st g 6s__ _1919
1040 J -J
85 Mch'08
Guaranteed
2
10112
10213 ,
10112
10112
-D
J
1938
10112
5s
gold
1st
10212
Central
Iowa
7
8612
1939 J-J -g61-2 -861
85 8858
4 86
• Rio Or West 1st g 4s_
6418 11 63
6612
6312 Sale 0312
1951,
Refunding gold 45
_ 80 81 Mch'12
78 81
Mtge & col trust 4s A_ _1949 A-0 _
_ 97 Jan '02
Utah Cent 1st gu g 4s_a10 17 A-0
- _ Tamestown Franklin &
•
_
9412
J-D
9414
'12
9414
Mch
1959
9434
Clearfield
4s
1st
0
110 Sep '04
M-N 99 _
7314 74
4 Said 7331
Tran City Sou 1st gold 3s_ _1950 A-0 7337.334
92 Nov'11
A O% J -D 9212 95
8:-.. 4trnk illt Illengg53
u
‘
t
63 Oct '00
IV Registered
1950 A-0
90
90
90
Sale
90
90
1995 J -D
Gold 45
0958 33 9912 10014
Ref & impt 5s
Apr 1050 J-J -663; Sate 9914
0978
7 9934 19978
100
9912 100
Det Illy Tun Det Ter Tun 4 Ms'61 31-N
9812 988s
9634 983.1 985,Feb '12
Kansas City Termi 1st 4s. _1960 J-J
75
75
75 Feb '12 _
Dot T & 1-0 3 Div let g 4111941 M •S
10812 110 ,
T aim Erie & W 1st g 53_ _ _1937 J-J 10958 10978 10978 Mch'12
'11
Dec
10411
iod
105
Dui Missabe & Nor gen 55.._1941 J -J
Mch'12
10414
10414
10414
ly5
10114
1041
-11-4
2(1
5s
J-J
gold
'12
Mch
4
106 i661Dui as Iron Range 1st 55_1937 A-0 107 109 10614
10512 10512'
10512 Itch'12
North Ohio 1st gu g 5s__ _ 1945 A-0 10512 _ _
1937 A-0 103 _ - _ 10612 Mch'08
- Registered
3 10514 106
106
- 10534
Leh Vail NY 1st gu g 4 m8_1940 J-J 10514 10E58
'11
Feb
104
-J
J
1916
• • 2d 6s
10412 Oct '11
1940 J-J 10412 _
Registered
,
107 Wiz 107 Feb '12 _ idi iai Lehigh
1937
nt So Shore 80 Atl g 58_
9738Oct '11
Vali (Pa) cons g 43_2003 M-N
11034 11034
11018 _ _ _ 11034 Feb '12
'
iglu Jot & East 1st g 58_ _1941 M-N
_ 11378 Nov'11
Leh 'V Ter Ry 1st gu g 5s 1941 A-0 11...
2
118
118
11712
8
1183
118
11712
rie 1st consoi gold 78___ _1930
1941 A-0 11118 113 11118 Dec '11
Registered
10112 J'ne'11
N Y & Erie 1st ext g 4s 1947 M-N 100
108 Nov'09
1041.3 10112 Leh V Coal Co 1st gu g 5s_ _1933 J-J 109 __
1019 M-S 101 ......_ 10414 Mch'12
2d oat gold 5s
.
_
193$ J-J
_ 10212 Mch'12
Registered
10212
19234
19212
M-S
1923
3‘.1 ext gold 4 WO
1st
let
J-J
reduced
to
'12
4s_
_ _ 1933
105 10514
1920 A-0 10458_ 105 Feb
4th ext gold 5s
4 Oct '11
-913Leh & NY 1st guar g 43_1945
-9334
100 100
96 ji 100 Jan '12 _
1928 J -D
5th ext gold 48
1945 M-S
Registered
119 118 Oct '1
NYLE&W 1stgtd 7s_1920
10112 Feb '1
1914 A-0
El 0 10 N 1st pref 6s
8918 69 8812 90
4 Sale 8858
883, • Erie let con g 48 prior.. 1996 J-J
1914 A-0 19914 _ _ _ _ 10114 Sep '09
Gold guar Os
3 88 88
88
85 88 88
1995 J -J
Registered
Island
Long
56
7912
Sale
7914
7773
8
79
787
1st consol gee lien g 45_1998 J -J
19934 11032
81931 Q- J 10934 11012 11014
11054
1st consol gold 5s
77 J'ly '11
1996 J
Registered
95 _ _ _
81931 Q-J
1st consol gold is
8912
8813 8912
8938 Salo 8933
1958 F-A
Penn coil tr g 4s
2 -di-di
-di_
94
J-D
1938
gold
48
General
131
9012
8558 0012
1953 A-0 8912 9012 00
50-year cony 45 A
1922 M- S 9778 10912 100 Aug'11
Ferry gold 43s
7958 578 7514 7978
1953 A-0 7914 Sale 783i
Series B
do
9914 Oct '0
9118 97
1932 J -D
Gold 45
10834 11034
Buff N Y & Erie 1st 7s....1916 J -D 110 11034 11034 Feb '12
-di- -dr
_ 93 Mch'12
S 93
1949
45
Unified
gold
11338
11214 11338
Chic & Erie 1st gold 53_1982 Al-N 11258 114 11338
1934 J-D 102 104 1041e Dec '0
Os
Debenture
gold
'11
Apr
111
_
_
__
109
----J
J
1938
5s
g
Val
Mahon
&
Olev
9 93 "iira
97
9658
Sale
9658
31-S
1949
ref
43
Guar
gold
108
1938 Q-J
Registered
1949 M-S 9618 ____ 95 Jan '11
Registered
1935 A-0 12334 12512 12518 Nov'11
• Long Dock consol g 6s
NYB&MBlstcong531935 A-0 10534-- 11014 Nov'06
107 - idi
Coal ec RR 1st cur gu 65_1922 31-N 10434 107 107 Mch'12
_ 105 Apr '07
1927 M-S 10378
Y
N
B
II
&
1st
g
Mch'12
5s
10112
10134
• Dock & Imp 1st cur 6s_1913 J-J
10652 10754
_ 10212 Sep '11 _Nor Sh B 1st eon g gu 5s.o1932 Q-J 10534 10714 10714 Jan '12
- NY & Green L gu g 5s 1946 M-N 10212 _
9734 Sep '11
104
Louisiana & Ark 1st g 5s__ _1927 td-S ____ 96
6 103 105
N Y Sus & W 1st ref 5s 1937 J -J 103 104 10312
&
Nashville—
Louisville
'06
Dec
10014
80 _o.c
1937 F-A
,_
2d gold 4 Ms
•
6 11578 11712
117
1030 J-D 11514 11612 117
8812 Feb '12
General gold as
8812 89
1940 F-A
General gold 5s
11112 11112
11112Jan '12
1937 M-N 112
Gold 58
Terminal 1st gold 5s 1043 31-N 1034 _ _ _ 10812 Dec '11
39 9834 9933
9918
9878
Sale
8
987
J-J
1940
4s
gold
'11
Unified
11112
Oct
11012
Mid of N J 1st ext 5s___ _1940 A-0
98 9878 9734 Nov'10
1940 J-J
Registered
5 10614 102
.1-2
10012
Will: & Ea 1st gu g 5s__ _1942 J -D 100 15(112 10012
2
idd1Collateral trust gold 5s 1931 II-N 11013 _ 11018 Mch'12
110 Aug'11
1926 J -J 106
illv & Ind 1st con gu g 6s
11138 11132
13 It ec Nash 1st g 68..._1919 J-D 111 113- 11138Jan '12
11238 11238
11233 Feb '12
Evans & T II 1st cons Bs__ _1921 J -J 11218
19434 105
L Cln & Lox gold 4 s__ _1931 M-N 105_ 105 Feb '12
10173 10212
1942 A-0 102 10212 10173 Feb '12
1st general gold 5s
121 121
N 0 ez M 1st gold 6s__1930 J-J 121 Hi 121 Meh'12
_
108 Noy'll
• Mt Vernon 1st gold 6s_ _ _1923 A-0 10753 _
11712 11713
11712Jan '12
N () & M 24 gold 6s19$0 J-J 117
_ 95 J'ne'08
Sull Co Branch 1st g 5s_1930 A-0 95
9514 954
Paducah & Mom dly 4s_ _1946 F-A
9534 9614 9514 Feb '12
8
9712 Sale 9112
9712 19 -67 - -d65iorida E Coast 1st 4 Ms_ _1959 .1-D
____ 10514 Itch'11
10534
1020
es_
M-S
gold
Div
__
00
Pensacola
Aug
92
'10
J-J
_
;48_1941
ort St U D Co 1st g 4
'11
Oct
11338
113
11358
68_1921
M-S
St Louis Div 1st gold
- 811'Jan '12
8112 8112
_ 8078
It W ec Rio Or 1st g 4s_ _ 1928 J -J _
6934 Mch'12
4
-614-6131980 M-S 6913 73
al gold Is
9912 9912
9012
_ 0912
312
'
('lal H & It ot 1882 1st 53_1913 A-0
9234 50 9258 93
Atl Knox & Cln Div 4s.._1955 /11-N 921. 9234 9234
,Treat Northern- 115 112 Oct '11
J-D 11278
5s_1946
&
g
1st
Knox
Nor
AU
9718 295 06 0858
0634 Sale 0658
0B & Q coil trust 4s_1921 J-J
106 Apr '11
Slender Bdge 1st s f g 68_1931 II-S 105 _
3 0612 9838
9712 9612
904
1921
Registered -if
.414 -.5E8 9414
5 -9
9418 9479414
Kentucky Cent gold 4$._ _1987 J-J
10113 26 10034 10158
J 101 19138 101
j
1st & refund 4 ks ser A_ _1961
10414 10414
L & N & M & M 1st g 4 Ms1045 M-S 104 __ 10414 Mch'12
1061
Registered
8912 8912
- 8912 Mch'12
8058 5112
L & N-South Al Joint 4s_ _1952 J-J
7
2 -01(
1(18
-9812
-_
9812
1933
48
Man
&
M
St Paul
81952 Q-J 86_ 95 Feb '05
Registered
- 12558 Oct '11
1933 J-J 12518
1st consol gold Os
4 155315634
_1937 F-A 10934 1E12 10934 Jan '12
N Fla & S 1st gu g 58_
132 Apr '09
1933 J -J
Registered
N & C lidge gen gu g4 Ms 1945 J-J 10158 _ _ _ _
.UW1-2
---5
Ia
105
10514
2
1051J-J
4)451933
gold
to
Reduced
112 Maci
lid- Hi"
_
112
0s__1921
g
gu
F-A
1st
Atl
&
Pens
'09
J'ne
10834
_
103
J -J
Registered
11078
11072 11118
S & N Ala con gu g 5s _1036 F-A 11034 11114 11078
2 0814
-6/1933 J -D 9718 0818 9753 Mch'12
Mont ext 1st gold 4s..
. 1937
9114
5 9114 9114
- - L & Jeff 13dge Co gu g 48 _1945 M-S 9114 Sale 9114
- 1937 J -D *96 ____ 98 J'ne'11
Registered
MISCELLANEOUS BONDS—Continued on Next Page,
4
-
p
T
---L
•
''I)
lili
i
t
I
F
Street Railway.
Feb '06
brinneap St 1st cons g 58-__1910 J-J 10114 _,_ _ 10712
154
86
8
:3,
J-J
New Orl fly & Lt gee 4;0_1935 J
390
-3
80
86
2
Sale
14
temp
63
8
8
4s
ref
&
E
N Y ltys 1st 11
58
939
5618
Sale
A-0
5618
_
Temporary adj Inc as ___
9914 --- 09 Feb '12 ____
Portland By 1st & ret 5s___1930 M- N
J
_1935
Portland Gen Elec 1st
5s 1937 SI-N -68" idi - -di- No-Vvoi
5s_•St Jos Ry, L, It & P Istg
'12 _i .
8$ Paul City Cab coils g 52-1937 J -J 5106 __ 106 Feb543.
8452 Sale 841.
173
&is
Third Ave 1st ref 48
7614 149
76 Sale 76
- Adj Inc 5s interim offs
9778 24
Tri-City fly & Lt 1st 5 t 5s_1923 A-0 9734 Sale 9763
98 Apr '09
Underground of London 5s_1920
9618 11
9514 9614 9512
1938 J -J
4 Ms
82
'7
82 Sale 82
1948
Income 6s
'08 ___
Oct
84
anion Eice (Chic) 1st g 55_1045
runited Rys Inv 1st lien coil
8414 Feb '12
8012 89
- trust 5s Pitts issue
1926 m-N
price Friday; latest bid and asked this week.
is Due Jan.
Street Railways.
United Rys St L 1st g 4s___1934 J-J
Louis
St
Transit gu 5s-1924 A-0
8412 8812
80 8158 United RRs San Fr s f 4s__1927 A-0
5414 5912 Va By & Pwr 1st& ref 5c___1934 '8-i
09 99
Gas and Electric Light
Atlanta G L Co 1st g Os__ _1947 J-D
Bklyn U Gas 1st con g 5s__1945 31-N
4 16_
idi11947 A-0
Buffalo Gas 1st g Os
8412 86
1932 J-J
7512 8014 Columbus Gas 1st g 5s
1923 J -J
9758 98
Detroit City Gas g 55
1918 F-A
Del Gas Co con 1st g 5s
1933 J -J
-95 - -9654 Del Edison 1st coil tr 5s
1932 M-S
7412 8212 Eq GLNY 1st con g 5s
_—__ Gas & Elm Berg Co c g 5s 1949 J -D
F- A
1915
5s
g
1st
Or Rap G L Co
1949 M-N
8414 8514 Hudson Co Gas 1st g 5s
Kan City(Mo)Gas 1st g 5s 1922 A-0
8 Due Feb.
d Due Apr11.
le Duo July.
78 80
82 87
6612 Sale
9514 9634
80 Mch'12
85 Jan '12
6634
6612
9634 Feb '12
27
7714
85
6612
96 _
106 108
1673-4
10734 - - - - 10712
6012 Feb '12
____ 64
_
95
10058 101 idi9558 Sep '08
i6f3-4 Sale 10134
10218
105 10634 106 Jan '12
101 ___ _ 6112 Oct '01
100 110 100 Oct '09
10458
10518 Mch'12
9914 Jan '12
k Due Aug.
o Duo Oct.
a Option sale.
80
85
70
9712
814
NPw York Bond Record-Continued-Page 3
.6.8
BONDS
Pries
N. Y. STOCK EXCHANGE !at
Friday
Week Ending March 22.
...e a, March 22
Week's
Range or
Last Sal.
.1
,54
co-
Lxxxxiv.
.
,
Week':
Range'
Range or
Since
Last Sale
Jan. 1.
--High No. Low High
Ask Low
Bid
9812 9958 09
99
99 99
901.! 60 8973 91
90 Sale 90
10018 37 100 1(11
100 Sale 100
9818 13 9734 9812
9818 Sale 9734
10012.ily '11
Range
Since
Jan. 1.
BONDS
Price
N. Y. STOCK EXCHANGE tr•
Friday
c March 22
Week Ending March 22.
Bid
Ask Low
High No. Low High NYC& H R-(Con)NYC&St
%Tenth' RR-Sou lines 43_1936 M-N ____ 88
_
_ __
1st g 45 RegIstered____1937 A-0
J.T-I-exican Cent Inc g 35 tr rects_- ____ ____ 2512 Apr
____
Debenture 45
1031 M-N
, • Equip & colt g 55
1917 A--0 ---- -___ ____
____ ___ __ ____
West Shore 1st 45 guar.,,,2361 J-J
2d series g Is
1919 A-0
Registered
2361 J-J
Mex Internet 1st con g 4s_ _1977 M-S______ 77 moil°
.NY Cent Lines eq tr 4 Hs 1923 J-J
Stamped guaranteed1977 M-S ___ ____ 79 Nov.10
N Y New Haven & HeraMinn al St L 1st gold 75
1927 J-D ____ 12912 129 Feb '12 __ 129 - 129 Non-cony deben 43
1955 J-J
9438 Aug'11
Pada° Ext 1st gold 6s
1921 A-0
11018 Aug'11- 105 105
Non-conv 4s
1 -El;
1956 M-N 51
93
278
93274 Sale 9
8 2
923
278
lit consol gold 55
1934 5I-N 10112 Safe 10112 10112
L 10112105
Cony debenture 3;is_ __ _1956 J-J
238 90 • 9314
Sale
1st and refund gold 4s
1949 M-S ___ 65 6112
62
18 6112 6978
Cony debenture 6s
1948 J-J 13112 132 13134 132
40 13158 13212
Des M & Ft D 1st gu 4s_ _1935 J-J ___ 7812 7818
7818
Harlem Ft-Pt Ches 1st 43_1954 M-N 9913 ____ 99 Oct '11
4 7818 81
M StP &SSX1 con g 4s int gu.1938 J-J
9714 9734 9734
Cent New Eng• 1st gu 4s_1961 J- J
9734
1 97 9'734
93 9338 9338 Mch'12
93 035
MSSM &A 1st g 4s int gu_1926 J-J __ 97 9812
Jan '10 ___ _
Housatonic, R cons g 191..,1937 5f-N 115
114 115
_ 115 Mch'12
Mississippi Central 1st 5s 1941 J-J
8434 __ 0812 Mch'll
-_ - --- NYW'ches&BlstserI 4 Hs..1946 J -J
9914 isle 9913
9914 114 9918 9914
Missouri Kansas 6: TexasN H & Derby cons cy 5s_1918 11-N 10212:I
.:: 107 Aug'09
1st gold 4s
1991 J D 9518 9612 9512
New England cons 53_•.1945 J-J 113
96
16 9512 97
2d gold 4s
91990 F-A 8112Sale 8113
8212
7 82 8118
Consol 43
9913 -9913
1945 J- J
99
___ -01112
5612
1st eat gold '5s
1944 11-N 10078 10.38 101
10114
Providence
2
101
_
10
_
Scour
_
4s.1957
8518
deb
11-N
912
87 May'll
1st & refund 4s
2004 M-S ___ 7913 7878
7878
4 7378 8112 N Y 0 63 W ref Ist g
_0992 M-S 94-38 95 1438
9 -94.1; -9'6 9458
Gen sinking fund 4 Hs_ _ _1936 J-J
8812 89 8812
8834
Registered 55.000 only.0992
8 8812 8914
M-S 9212 ____ 9314 001 '11
4s_St Louis Div 1st ref g 4s..2001 A-0 _ __ 84 7834 Nov'll __
___ __ _
General 4s
1955 J-D
8958Feb '12
-1;65-8 864
Dal & Wa 1st gu g 5s_
1940 M-N 16518 ____ 10538
10538
2 10538
Nor! &
10213 10212
• Kan C & Pao 1st g 4s_ _ _1990 F-A 9012 -- 9012Mch'12 _ 9012 1053; Nod & South 1st gold 53 1941 51-N 10312 __ 10212 Jan '12
West gen gold 6s_ .1931 M-N 12334 12412 12314 Nov'11
9012
Mo K 63 E 1st gu g 55_1942 A-0 10958 110 10958
---10958
7 10912 110
Improvemen
t & ext g 6s_1934 F-A 125 12718 124 Sep '11
_--M K & Olr 1st guar 5s
1942 MN 106 10612 10612 Mch 12 ____ 10612 10712
New River 1st gold Os_ _1932 A-0 12478 128 12312 Oct '11
, M K & T of T 1st gu g 5s_1942 M-'S ---- 10:112 103 Mch'12 ___- 10234 104
NW By 1st cons g 4s.._1990 A-0
35
98 -9.0""
Sher Sh & So 1st gu g 5s-1943 J-D 10313 104 10378 Feb '12 _--- 10334 10334
Registered
1996 A-0 .
85
03
4 9:
7
9
38 9
8
:
61 Jmaenh9'
i
96
12
_Texas & Okla 1st gu g 5s 1943 M-S
-- 10514 10378 Mch'12..__ 10378
Div
'
. 1st 1 8: gen g 43_1944 J-J
10514
03 94
Missouri Pao 1st cons g 6s 1920 131-N 108 10312 108
108
6 107 108
10-25-year
10918
1.9:4
Sale
cony
J-D
11014
,..1932
4s_
100
10712 11014
Trust gold 5s stamped_ _a1917 131-S 1061 Sale 100
10018
C 9978 10034
10-20-yr
10814 Sale 10814
cony 45 full pd retz10858 49 108 10858
Registered
a1917 51-S
99 Mehl°
Pocah C & C joint 4s_ _1941 1-b 93 9334 94 Feb '12
92 94
1st collateral gold 5s____1920 F-A 90 - -9912 9914
100 _ 3 -991C C & T let guar gold 5s_1922 J-J ,
4 i06.3:1
107
9813
.
32 M
574 7:: 106
me
cn
h:12
2
10633 10638
_
Registered
1920 F-A _
Selo V & N E 1st gu g 49..1989 M-N
9712 9812
40-year gold loan 4s
1945 M-S 'ii34.-iii '74-12
fg14 ri5 -f658 -7614 Northern l'ac prior I g 45_ _1997 Q-J
9934 Silo 9958
129 9958 10034
100
3d 7s extended at 4%__1938 5I-N 9213 9434 9612 May'll
Registered
9812 9918 9834 Mch'12
1997
9858 9912
1st & ref cony 5s
1950 51-5 8734 Sale 8712
88
94 -8
.61General
3
-3-0
.5-8
lien gold 3s_ __ _a2047 24
87 69 7018
70
70 Sale 6934
-'
1
Cent Br Ry 1st gu g 4s_ _1919 F-A 9013 9112 9112
9112
1 92 92
Registered
a2047 Q-F 6734 6934 68 Dec '11
Cent Br U P 1st g 4s___ .1948 J-D 78 841., 8312 Deo '11 ____
St Paul-Duluth Div g 43_1996 J -D
9612 9614 Mch'12
_
-1361614 -1, Leroy & C V A L 1st g 53_1926 J-J___ 102 110 Mch'05 __
4
)
Dul Short L 1st gu 5s___1916 51-S 1501-2____ 99 Feb '10
, Pao Ft of Mo 1st ext g 43_1938 F-A -96 Sale 96
96
St P & N P gen gold 6(._ _1923 F-A 11512 __ 11512 Feb '12
2 -951;-96
11512 1'1E1;
2d extended gold 5s
1938 J-J 104 10914 10812 May'il
Registered certlficates_1923 Q-F 11458_ 11538 Aug'11 • 5th Ir M 6.s gen con g 5s_1931 A-0
le 10534
7
10578
St Paul & Duluth 1st 5s_1931 F-A 109
2 10534 1063-8
_ 107 Jan *12
iol ioi
•
Gen con stamp go g 53_1931 A-0 --------111 Sep '09
_
2d 5s
1917 A-0 10212
_ 10234 J'ne'11
Unified & ref gold 4s 1920 J-J
1 82 81
82
ii
7612
833.,
1st consol gold 45
1968 J-D 9234 Sale 9234 • 9234
9234 6i3•
Registered
4
----80 Mch'12 ---- 78 80
1929 J-J
Wash Cent 1st gold 4s1948
8958
9118 Apr '11
Illy & G Div 1st g 4.9_ _1933 M-N $33 11334 8314
- --- - - - 8334
Nor Pac Term Co 1st g 98_ _1933 T-M
4 8212 84
,
12
1118
28
J 1
_a
_
10
12
113: Dec
,
'
2114
1
Verdi V I & W 1st g 53_1926 111-S ...._
----10212Jan '10
Oregon-Wash 1st & ref 45 _1961
J
31 92 9234
Mob & Ohio new gold 6s._ _1927 J -D 12014 121 12034 19034
/ 12014 121
Coast Co 1st g Is._1940 J -D 10312 Sale 10312 • 10312
4 10312 104
1st extension gold 63_111927 Q-J 115 11638 11534 Feb '12 ---f 11534 115
34 L onna RR 1st real estg4s_1923 M-N 101 102 102 Mch'12
101 102
General gold 43
1938 51-S 86783 8734 8734
8734
Consol gold 5s
7 8678 8678
110
1919
131-S
110 Mch'12
108 110
Mentgom Div 1st g 5s
1947 F-A 110 11012 11034
11034
2 11018 11034
Consol gold 4s
1943 11-N
10234 10212 Mch'12
102 10378
St L & Cairo coil g 4s_ _ _e1930 (.1-F 83 85 33 Dec '11 --- 8678 8078
Convertible gold 33.s_,,1912 5I-N 997; Sale 9978
100
78 9912 10018
Guaranteed gold 4s
93114 9334 9312 Mch'11
1931 J-J
Convertible gold 3 s.,_1915 J-D 9712 Sale 9712
0758 113 9634 977s
, Washy Ch & St L 1st 7s 1931 J -J 10312 10378 10312 Mch'12 _-_ 10'112 104
Registered
1915
J
-D
9712 9712
Feb
9712
.
12
96
ill 1st consol gold 53
10958
-- 10913 Feb '12 ____ 10938 10958
1998 A-0
Consol gold 4s
1948 M-N 10234 Sale 10212
29 10213 104
103
' Jasper Branch 1st g 6s_1993 J -J 114 ____ 11578 Nov'10
Aileg Val gen guar g 4s_1942 M-S 9958 1.0014 9973 Apr
'11
WM M W & Al 1st es
1917 J-J 10714-- 10734 Mch'12 ...-- 10734 10734
DRRRh Bge 1st gu 4sg1936 F-A 10012• T & P Branch 1st 6s__ _1917 J- J 10714 _ _ 113 J'ly '04
Phila Salt & W 1st g 4s_ _1943 51- N ____ 162 i6i"
102
1617-8 1(32
Nat Rys of Mex pr lien 4 H-s.1957 J-J - _ - gil4 9034
11114 ii
Sod Bay & Sou 1st g 5s_ _11)24 J-J
102 Jan '03 _
-Guaranteed general 43_1977 A-0 8412 86 8514 Mch'IL -, 9031621;
8612
Sunbury & Lewis 1st g 4s 1936 J-J
85
97
Nat of Mex prior lien 4 0_1996 J-J - _ 10138 09
99
U NJ RR & Can gen 45_ _1944
1 99 100
S
(01 i6i);
1 1st consol 4s
1951 A-0 7938 8034 7912 Mch'12 ---, 7912 80
Penns Co guar 1st g4
J-J 10
°3
14
16
03
i11 10
63
11:
3;s 21 10318 10378
iN 0 Mob &Chic 1st ref 5s 1960 J-J - - 93 93
Registered
9312 18 93 95
1921 J-J 103 Sale 103
103 103
103
NO 63 N E pd.:or lien g es_ _p191.5 A-0 164-18 ___ _ __ _
_
Guar 3 34s coil trust reg 1937 51-S
8812.__. 90 Aug'10
• New Orleans Term 1st 4s 1953 J-J
8813._ -811-2Feb-'12 _-__ isi gaig
Guar 3 Hs coil trust ser B.1941 F-A
2
88 88
lii:12
Fe
89 0
88
mc.
712
,N Y Central & ilud RiverTrust Co certfs go g 3 Hs_1916 5I-N
• 9712 9713
' Gold 3 149
8734 Sale 8712
1997 J-J
Guar 3 Hs trust ctts C__ _1942 J -D
8734 57 87 8812
8814 8814
14 88783144 Jan11,1ch ;122
8 885
Registered
-H51997 J-J
8612 8714 87 Jan '12 --- 87 87
Guar 3 Hs trust ctfs D
1944 J-1)
_
8734 8734
Debenture gold 4s
1934 M-N 9313 Sale 9312
Guar 15-25 year g 48
9312
5 9214 9378
1931 A-0 9734 Sale 9734
3 9734 9812
0778
Registered
1934 M-N _
9234 Sep '11
Cln Leb & Nor gu 48 g_ _ _1942 5I-N 04 9634 9612
'11
Deo
• Lake Shore colt g 3;is__ _1998 F-A 83 Sale 83
8314 56 8078
CI & Mar 1st
- 85
g 4 5,55_1935 11-N 1(01(3105
Jan '05
•
Registered
1998 F-A 81 8134 8158
8158
Cl & P gen gu g 4 ;is ser A 1942 J-J 10613 __ 110
1 79 84
10734 Dec '11
, Mich Cent coil gold 3 3.0_1998 F-A 79 80 7034 Mch'12 ---, 7834 821:
Series II
1942
A-0 10618 ____ 10934 J'ly '09
Registered
'
1998 F-A 78 7834 7818
Int reduced to 3 yis_1942 A-0 9114
7815
1 78 7912
9114 Feb '12
9114 -6114
• Beech Creek 1st gu g 4s 1936 J-J
9918 ___ _ 0858 Dec '10
Series C 3 Hs
1948 M-N 9114 ____ 96 Aug'09
- ___ 99 May'll ____ __ ____
Registered
97
1936 J-J
Series D 3 Hs
1950
0114 ____ 90 May'08
2d guar gold 5s
____ ___
Erie & Pitts gu g 3 Hs 13_1940 F-A
1936 J-J 10658 ____ ____
J-J
9138 94
9012 Apr '11
•
Registered
1936 J-J
Series C
--- -- - ---- ---- --- 1940 J -J .
.
9.
1.
14 _9_4_ 9834 Apr '04
Beech Cr Ext 1st g 3 5.0_01951 A-0 _-_ ___
---- ---- ___-__ _
Grit & I ex 1st gu g 4 Hs_1941 J-J
511
ec b
:
bb '12
111()41i3
io,f3; 10434
74
3 e
Cart & Ad 1st gu g 4s
_ _
Pitts Ft W & C 1st 7s
1981 J-D 90 ____ 971-2 Apr '09
1912 J-J
(01 101%
Gouv&Oswelstgug5s,i942J-D 108
2d 7s
1912 J-J
_ 4'618 Mch-ii ____ _ _ _ _ _
Moh & Mal 1st gu g 43
3d 7s
1091 m_s _
81912 A-0
101 Dcc •11
NJ Juno R guar 1st 4s_ _1986 F-A
1
Oct '02
3Pitts Y & Ash 1st con 58_1027 11-N
___
109 Ma''10
Registered
1986 F-A -------------------Tol W V & 0 gu 4;is A_ _1931 J-J
10134 Feb '12
1013-4 10134
Y & Harlem g 3 Hs
8 __ 8838 Feb '12 --_
2006 51-N 885_____
Series
885
8
8858
B
4
;is
____
_
1933 J-J 10212 ___ 100 J'ly '10
_
_
2000411-N ___
Registered
Series C 4s
11-s
1942
95
_
N Y & Northern 1st g 5s_1927 A-0 ___ 'of iiii Oct 'TA
P CC & St Lgu 4 ;is
1.65T
_
1940 1-0 10512
itW1-2
NY & Pu 1st cons gu g 4s1993 A-0 .--- 9813 9778 Aug'11
Series B guar
t0634Jan
_1942 A-0 1(16 1()i
10644 10634
Nor & Mont lst gu g 5s_ _1916 A-0
Series C guar
10513
10378.
106
.11-N
J'ne
'11
1942
Pine Creek reg guar 6s__ _1932 J-D 12018
13112 Jan'09
Series D 4s guar
99 Mch'12
99
1945
97 91)
R W & 0 con 1st ext 5c_h10.22 A-0 10634 ___ 10718 Dich'12 ....-- 10718 10734
Series E 3;is guar g_ i949 F-A (08
:121
93% 9313
• Oswe & R 2d gu g 5s
51915 F-A ---- 10512 101 Mch•12 ---- 101 191
Series F gu 45 g
1953
J-D
- -- - - R W & 0 T R 1st gu g Is_1918 11-N
104 J'no'113
• Series G 4s guar
98
___.
98
Oet
58
51-N
'11
1957
Rutland 1st con g 4 3s 1941 J-J
- -- - -96 ___ 9814 Mch'12 _-__ 9712 971:
C St L & P 1st con g
11312Nov'll
2 A-0 11012
Og&LCham 1st gu 4s g 1948 J -J
843
8 84 Feb '12 -- 84 86
--- --Peo & Pelt Un 1st g Os_58_193
109 May'll
1021 Q-F 105
Rut-Canad 1st gu g 45_1949 J-J --------92
_
J'ne'00 -. _-_ __ _
2d gold 4 Hs
9312Jan
09
NE-N
'11
01921
St Lawr & Atilt* 1st g 5s_ _1996 J-J 10718
115 J'ne.09Pere Marquette-Ref 43._ _1055 - •
_ 65 66 Dec '11
2d gold as
1996 A-0 118
11912 11912
Refunding guar 4s
2 11912 1161:
6338 6834 Nov'11
1955 - u
Utica & Blk Inv gu g 48_1922 J-J
9934 101
9978 Nov'll
Ch &
8
M 5s
_ ()9 8 Feb '12
005 6651921 J-D
Lake Shore gold 3 Hs_ .._ _1997 J-1) 88 8812 8814
8814
8 8814 897-8
Flint & P It g es
1081.
_
108 Itch'12
_
1920
A-0
108 108
Registered
1997 J-D 879; 8318 88
88
1st consol gold 55
10 8714 8834
_
9834
100
'12
Feb
11-N
1939
004 100
Debenture gold 43_ _ _1928 114-S 9358 94
9358
94
67 9314 9438
Pt Huron 1)1v 1st g 5s_1939 A-0
_ 101
98 Aug '1,1
25-year gold 4s
1931 M-N 9338 Sale 9314
9312 49 93 9378
Sag Tus & ii 1st gu g 4s_1931
•
Registered
1931 111-N 93 9338 9312 Feb '12 ---- 9312 039 Philippine Ry 1st 30-yr s f 4s_'37 F-A
J
J
8414 845
Ka A & G R 1st guc 5s.1038 J-J 10858 ___ ____
____ ____ ___ _ Pitts Sh & L E 1st g 53_ _ _1940 A-0 251-1 D
Fc
2-1_ -1 4.
_6
iI
e
-3-1
1
Mahon C'l RR 1st 5s_ _1934 J -J 11112 __ 11112 Mch-'11 -__ __ ___.
1st consol gold Is
11314 Nov '11
1943 J-J 11014 _
Pats & L Erie 2d g 55_ _a1928 A-0 104 ____ 100 Dec '09 ---Deeding Co gen g 4s
J
-J
9818
Side
.
9813
083
8
1997
108 -1/8i 9834
Pitts Moli do Y 1st gu 63_1932 J-J 121 ___ 130l .Jan '09 ____ ____._ _ _ LI, Registered
9734
1997 J -J
9814 Feb '12 _
9814 9814
2d guaranteed Os
1934 J-J 12314 1243-4 123 Oct '11
Jersey Cent coil g 4s._..11)51 A-0 ---- ___9734 (1712
971:
97 9813
McKees & B V 1st g 6s_1918 J-J 108
Atian City gu 4s g
1951
J
-J
Michigan Central Is
1931 51-S 111 115 - Ill - Jan '12 ___ iff ili - Qt Jo & Gr 1st 1st g 4s_ _ _1947
85
J -J
8614 8614
Registered
1931 Q-M 109 112 119 J'ne'06 -. ____ _ _
L & San Fran gen g 6s ..1931 J-J 119 --j
11$78 11912
111
)3
1781 1196 4
1 Mc-htt;1
12
44s
1940 J-J
9834 Nov'11
General gold 58
•
1931 -J 107 103 0712
10712
1 10712 10812
Registered
---- 9812 Nov'll
1940 J-J ---- ....
St L & S F RR cons g 4s_1006 J -J
8618 9134 8818 Feb '12
88 8814
1 L & 8 1st gold 3;is_ _1951 111-S ____ 885-8 90 J'ne'08
Gen 15-20 yr 5s
1027 51-N 8818 Sale 88
8318 52 88 8812
1st gold 3 Hs
1952 51-N 8612 ...... 8612 Mch'12 .._ _ 8612 -ga-,,
Southw Div 1st g 5s....1947 A-0 11813
100 Oct '11
20-year debenture 4s,,1929 A-0 9034 9118 9112 Meh'12 ____ 9() 9158
Refunding g 45
80 Sale 703,1
1951 J-J
80
26 7934 8134
7k1 v Chin &St 7.1qt o• dm 1927 A-0 9979 100 9978
9978
8 997. 1005%
Registered
1951 J-J
80.34 Mch'll
MISCELLANEOUS BONDS-Continued on Next Page.
P
-_
N
•
Gas and Electric Light
Kings Co El L & P g 5s._,_1937 A-0
Purchase money 6s
1997 A-0
• Convertible deb 6s
1922 M-S
Ed El Il Bkn 1st con g 4s_1939 J-J
Lac Gas L of St L 1st g 5s_e1919 Q-F
Ref and ext 1st g 55
1934 A-0
Milwaukee Gas L 1st 4s
1927 11-N
Newark Con Gas g 5s
1948 J-D
N Y G E L H & P g 5s
1948 J-D
Purchase money g 4s
1949 F-A
Ed El Ill 1st cons g 5s_1995 J-J
Y& Q El L&P 1st con g 5s_1930 F-A
Y & Rich Gas 1st g 5s_ _1921 M-N
acific G & El Co Cal G 6:-E
Corp unifying & ref 58_1937 I31-N
PIS & Passaic Cit 63 E 53
1949 M-S
F
•
96 Sale 9534
100 ___ _-
. *No price Friday: latest bid and asked.
• Gas and Electric Light
Pee Gas ee c 1st con g es...AC.43 A-0 .116 11/78 11712Feb '12 _-__
Refunding gold 55
1947 M-S 10178 10218 10178
1
1017s
Registered
1947 M-S ___ _ 103 Feb 'Ou ____
Ch G-L & Cke 1st gu g 58.1937 J-J 1033-8 10378
- 10378 Mch'12 -Con G Co of Ch 1st gug 55 1936 J-D 10214 104 102 Nov'll ---Ind Nat Gas 6: 011 30-yr Is '36 M-N _ _ _ go Mch'll
Mu Fuel Gas 1st gu g 5s_1947 M-N 10114 _-_..1301 Mch'12 ____
Registered
1947 51-N ___
___
,...,...
Philadelphia Co cony 5s
1919 F-A 106 - ---: 09 FeD 'I? ---Syracuse Lighting 1st g 53..1951 J -D 100i3_,,,, 101 Deo '11 ____
Syracuse L & P Is
1954 J-J .85 __ _ 31 J'ne'll ___
Trenton G & E 1st g 5s_
1949 M-S 10214 __-__ 109 Feb '01 ___
Union Elea L &,P 1st g 5s 1932 M-S 100 ___ 9812 Sep '11
Ref & ext Is
1933 M-N 96 11714 97 Mch'12
96
58 94 96
Utica El L & P 1st g 5s
1950 J-J um - ------- --__
------ -- _ _ Utica Gas di E ref 5s
1957 J-J 10014 _....: 10014 Deo '11
Westchester Lighteg g 5s
1950 J -D 105 Sale 105
105
5
10412 105 105 Mch'12 ___ 105 10512
117 11713 117 Mch'12
11512 117
_ 11818 Dec '11
1213
_
8812 Dec '11 ___ ____ ____
102 ___ 10234
10234
2 10212 103
8 101
101 1013191
10 101 10112
90 9113 90 Feb '12 ___ • 8978 90
106
_ 10478 Dec '11
104 Sale 10334
10414 17 102581011 1
8812 38 8814 89
1 ale 8838
--------11318 Mch'12 ____ 11212 11318
10212
4 ,:- 10212
10115 102 10212
9212J'IY '09 ----
a Due Jan. 8 Due Feb. e Due May
g Due Juno. 8 Due July.
p Due Nov. s Option sale.
117 11711
10178 10211
103 10411
-__
1005817
10
107 109
___ ___
____ __,.
_ _ __
_
_,._
97 - -9811
____ _ -.•
105 - 1054
MAR. 23 1 01 `.!
BONDS
It Y. STOCK EXCHANGE
Week Ending March 22.
815
New York Bond Record-Concluded-Page 4
z-6
Pried
Friday
March 22.
Week's
Range or
Last Sofa
Range
Since
Jan. 1.
High No. Low High
Ask Low
Bid
117 118
KO Ft S & M con g 68_1928 M-N 117 11714 11714 Mch'1?
8018 35 80 8012
K 0 Ft S & M Ry ref g 48_1936 A-0 80 Sale 80
70 Sep '10
1936 A-0
Registered
ICC&MR&131stgu 58_1929 A-0 97 ____ 10014 Dec '09
-461-4 idd
Ozark & Ch C 1st gu 55 g_1913 A-0 9978 100 9978 Mch'12
9238
u 91 9212
St L 8 W 1st g 4s bd ctfs_ _1989 lvf-N 92 9211 9238
8034 82
81 8212 8178 Meh'12
2d g 48 Inc bond ctfs_ _p1980 J -J
8178 -iLi 79 82
1932 J -I) 8112 8134 8112
Consol gold 48
Gray's Pt Ter 1st gu g 58_1947 J -D 9734_ 10118 Apr '07
15
8612
8634
-3;618612 81
4 8734
S A & A Pass 1st gu g 4s.._1943 J-J
99 ____ 104 Oct '09
SF &NP 1st sink f g 5s 1919 J -J
8734 Dec '11
Seaboard Air Line g 4s_ _ _ _1950 A-0
88
88
Mch'12
758
8734 -dd 1950 A-0 -8'Gold 45 stamped
1950 A-0
Registered
--56 7918 84-1-4
8
o1949 F-A 7914 Sale f51Adjustment 5s
82 8178 Mch'12
81 83
1959 A-0
Refunding 4s
89
-10 88 90
Atl-Birm 30-yr 1st g 4s_e1933 111- S 8818 89 89
1:234 Sale 9234
1 9234 9234
0234
Car Cent 1st con g 45__....l940 J-J
10134
____ 103 May'll
- - -Fla Cen & Pen 1st g 5s_ _ _1918 J-J
1st land gr ext g 5s___ _1930 J-j 103
i5j34
1943 J-J 107
Consol gold is
4 10714 Mch'12
Ga & Ala By 1st con 5s_o1945 J-J 10612 106365
11 1005
Ga Car & No 1st gu g 53_1929 J-J 10534 10718 10534 Feb '12 - 25
7814
4
1926 J-J 106 ___ 10018 Feb '12
10618 10618
Scab & Boa 1st Si
Southern Pacific Co9?
78 9134 9212
Gold 46 (Cent Pac coil) k1049 J -D 0218 Sale 9134
96
9 s98.111e4 91
612Nov'll
k1949 J -D 8
Registered
0929 M-S
4 -di 20-year cony 45
9688 455 9E39612
ii 9618 97
Cent Pac 1st ref gu g 48_ _1949 F-A 9614 0633 9614
1949 F-A 9534 0618 97 Feb '10
Registered
-9612 9112
Mort guar gold 3 Ms_ _k1929 J-D 9034 9112 91 Mch'12
9278 9278Feb '12
9278 9278
Through St L 1st gu 4s_ 1954 A-0
___- 10678 107 Mch'12
10634 107
GH&SAM&Plst 5s_1931 M-N 10612
10434 10434
Gila VG & N 1st gu g 58_1924 al-N 104 ____ 10434 Feu '12
10414 10514 10418 Jan '12
4
04118
104
lions E & W T 1st g 5s_ _1933
10414 10514 10414 Feb '12 :7.. 1
1933
094
4184
1st guar 5s red
110 110
H /lc T C 1st g Os int gu_ _1937 J-J 10958 110 110 Mch...2
Consol g Os Int guar _1912 A-0 _ 11018 10712 Sep '11
9514
Gen gold 45 int guar_ 1921 A-0 64 ____ 9514
Waco & N W dIv 1st g Gs '30 M-N 11412 118 .11014 Mch.10
1941 -J 107 10734 10712 Feb '12
;6
t1i
A & N W 1st gu g 5s
8-112;
66i
8-11:12
-- - - Morgan's La,& T 1st 78_1918 A-0 11234 ____ 11212Sep '11
11014 ____ 111 Mch'Il
1920 J -- - 1st gold 65
1912 A-0
-N Y Tex & M gu 4s g
-- - _
1938 A-0
- Feb '07
No of Cal guar g 5s
Ore & Cal 1st guar g 58_1927 J-J 10114__.._ 102 J'ly '11
_
10018 Feb '12
06-8 19-618
So Pac of Cal-6s E___ _1912 A-0
11412 Dec '04
1st gold 6s F
1912 A-0
---_- 116 May'07
1st con guar g 58
1937 M-N
90 J'iy '09
9112 _
So Pac Coast 1st gu 45 g_1937 J - J
6
- -di'
0118
- 91
San. Fran Term' 1st 48_ _1950 A-0 9034 9112
10034 10034
Tex & NO Sob Div 1st g Os'12 M-S 1003410034 Mch'12 _
156. 10158 May'll
Con gold 58
1943 J-J
9434
9518
100
Sale
9434 -654
9518
So Pao RR 1st ref 48
1955 J -J
/3 10712 10838
108
Southern 1st consol g 5s_.1994 J-J 10734 108 10734
105 Sep '11
Registered
1994 J-J
Sale
242
7918
7038
-534 -7911
Develop & gen 45 Ser A_1956 A-0 7914
Mob & Ohio coil tr g 4s_ _1938 M-S 8118 8712 8712
8712
7 8512 8712
10814 111
Mem Div 1st g 4 9-5s_ _1996 J-J 10918 112 Ill Feb '12
Mch'12
9014 9114 90
8858 90
St Louts div 1st g 48
1951 J-J
1918 J-J 10734 110 10778 Nov'10
Ala Cen R 1st g Os
8712 8978 9012Nov'11
Atl & Danv 1st g 4s
1948 J-J
id_
8234
8214 Feb '12
8214 8214
1948 J-J
2d 48
89
Atl & Yad 1st g guar 48.._1949 A-0
1918 J-J 10534 ____
Col & Greenv 1st Os
10734
108
108 Mch'12
108 10814
E T Va & Ga DP/ g 5s......1930
1956 MC- N 11034 11112 III Mch'12
11034 11158
Con 1st gold 58
1938 61- S 10534 ___ 106 Jan '12
106 106
Ten reor lien g Os
1946 A-0 66 72 67 Dec '11
Ga Midland 1st Its
lE58 11278
1922 J-J 11212 ____ 11278 Mch'12
Ga Pac Il.y lit g 6s
115 Jan '12
116 115
Knox & Ohio 1st g 6s...1925 J-j 114
Mob & Sir prior lien g 5s_1945 J -J 10418 _ 10512 Nov'10
-7678 ____ 78 Dec '11
1945
Mortgage gold 48
ijit; 10458
Rich & Dan con g 69._ 1915 J-3 10434 10514 10458 Mch'12 _
104 Mch'12_.... 104 104
Deb 5s stamped
1927 A-0 10412
1948 M- N 7258_.._71 Meh'll
Rich & Meek 1st g 4s
4 104
1 id5110314
So Car & Ga 1st g 5s
1919 M-N 10314 Sale 10314
Virginia Mid ser C (Ss___ _1918 M-S 105 _ _ 112 Oct '06
-10414 J'ne'11
Series D 4-5s
1921 M-S 10334
_
Series E Ss
1926 M-S 10618 10758 106 Mch'll
1931 M-S 106
Series F 55
105 J'ne'10
1936 M-N 10814 __ 10814 Feb '12
idd 16514
General 58
10812J'iy '11
Va & So'iv't 1st gu 55_2003 j-J 108
9712
1st cons 50-year Os _1058 A-0 9712Sale 9712
-651-2 -673-4
90 90
W 0 & W 1st cy gu 4s
1924 F-A 91 ___ 90 Mch'12
West N C 1st con g 6s__ _1914 J-j 10314 -- -- 10314 Mch'12
10314 10312
okane Internet 1st g 55_1955 J-J 10012 103 10212 Apr '11
er A of St List g 4 Ms_ _1939 A-0 10478__. 105 Mch'12
106 idd
11214Feb .12
1st con gold 5s_ _ _1894-1944 F-A
11214 11214
Gen refund s f g 4s
95 Sale 95
05
1953 J -J
9412 06
10812 Feb '11
St L M Bge Ter gu g 55.._1930 A-0 10618 _
- 10934 10934
Tex 63 Pee 1st gold 55
2000 J-D 10934 11-538
1551-2 11012
50
gv000 Mch 50 Sale 50
2 50 50
2d gold Inc 5s
100 __ _
9912 Apr '11
1931
La Div B L 1st g 5s
10612 Nov.04
W Min W & N W 1st gu 5s_'30 F-A
10912 Mch'12
1935 J-J 10918
10813 109l
TO1 & 0 C 1st g 5s
1935 A-0 10878 10912 112 Sep '09
Western Div 1st g 55
1935 j-D 103 10312 /03 Feb '12
- id
General gold 88
9134
9134
1990 A-0 9134
Kan & M 1st gu g 4s
9134 9212
0814 ___9551 0834
9834
1927 J-J
9814 9918
2d 20-year Os
1917 J-j 9418 9518 0418 Mch'12
9314 9418
Tol P & W 1st gold 45
8614 da_ 86 Mch'12
86 8712
Tol St L & W pr lien g 3Ms..1925 J -J
65
1950 A-0 63
63
6 63 695s
50-year gold 4s
1917 F-A
75 75 Nov'11
Coll tr 4s g Ser A
-- -- -- 8912 9312
Tor Ham & Buff 1st g 48_31946 J -D 897; ____ 8034 Mch 12
10578 106
'Ulster & Del 1st con g 5s 1928 J -D 106 _ 106 Feb '12
1952 A-0 8512 __. 8512 Dec '11
- -- - - IJ 1st refund g 4s
Union PacificRR & land grant gold 48_1047 J-J 10058 Sale 10058 10078 85 10038 101
0934 10018 9958
9951
1 9912 10178
Registered
1947 J-J
103 • 446 10112 10368
20-year cony 48
1927 J-J 103 Sale 10238
9712 51 97 9778
g2008 M-S 0718 Sale 9718
1st & ref 45
9514
Oro By & Nov con g 4s. _1946 J -D 9514 Sale 0514
2 9514 961s
11314 113
11318 10 113 11334
Ore Short Line 1st g 6s_ _1922 F-A
111
1 111 112
1st consol g Os,
1946 J-j 11 .53-4 11114 111
Guar refund 48
9478 Sale 9434
1920 J
9478 23 9378 9534
Utah & Nor gold 53_1926 J -J 10518 ___ 108 May'll
- 1st extended 4s
1933 J-J
- - ---
31 L & San Fran (Con)
n-N
E
y
BONDS
N. Y. STOCK EXCHANGE
Week Ending March 22.
Price
Friday
.hfarch 22.
Week's
Range or
Last Sale
3
Jan,
Range41.
High No. Low High
Bid
Ask Low
-if17andalla cons g 4s Ser A1955 F-A 94 0658 97 Oct '11
97
v
97 Jan '12
Consol 4s Series B___ 1957_
N 9538 _ _
V
vera
vs0
Caru
s0z1le
9134 9934
_- 93 Nov.11
stP
goils
0
t5
J-J
gsu 4 1_1934
0
1073s
1939 M-N 107 Sale 107
: 64.;
1- 96.
2d gold 5s
459
9914 1:414
6i14
.
4
F-A 904 ____ 9878
Debenture Series B
- 105 98 Apr '11
39 J-J
1939
1st lien equip s Id g 5s
100
1921 M-S 99 _ _. 100
1st lien 50-yr g term 4s_1954 J-J
70 85 83 Dec '10
5714 144
1st ref and ext g 48
5718 Sale 57
1956 J-J
Dot & Ch Ext 1st g 5s_1941 J-J 10612 Sale 10612 1061,
105 107
Des Motu. Div 1st g 4s
8112 May'll
1939 J-J 79 _ _
6812 -7:(:;11_;.
Om Div 1st g 3 Ms
_- 7013 Mch'i2
A-0 70 7178
Tol & Ch Div 1st g 4s _
8.
76
213-42 :
941 M-S 80 83 8312 Mch'12
1941
88 413'
3815f5'12
Wab Pitts Term 1st g 4s__ _1954 J -D
Cent & Old Col Tr Co certfs__
-3
- ;
3
38
712 3
49214
39 -2
38- -383-4 3813
.
_
373
4
4112
Columbia Tr Co ctfs
39 Mch'12
Col Tr ctfs for Cent Tr ctfs_ _
2d gold 45
&!-tie
1954
17 212 178
Trust Co certfs
178 10
Wash Termi 1st gu 3 Ms__ _1945 F-A - - 8738 Oet '11
1st 40-yr guar 4s
__ 89 Dec '11
1945 F-A 9718
West Maryland 1st g 4s
60
1
1952 A-0 88 Sale 88
if5;1
-1111
8818 10 :
3
7:8413 :
60. 2311
West N Y & Pa 1st g 5s
1937 J-J 10712 _ _ ,. 108 Mch 12
Gen gold 4s
1943 A-0 8714 88 8714
8714
2 8714 8812
Income 5s
d1943 Nov
88 34 Feb '07
Wheeling & L H 1st g 5s..__1926 A-0 .-18434 10512 10478 Mch'12
Wheel Div 1st geld 5s___1923 J-J 100 10312 10218 Nov '11
Exten & Imp gold 5s........1930 F-A 100 103 102 J'ne'10
1949 li-S
RR 1st consol 48
8458 Sale 8458
8458
20-year equip s f 53_1922 J -J 9812
9812 Feb '11
9214 _9234 93 Mch'12
Winston-Salem S B 1st 4s_ _1960 J-J
9314 32 94
g 1;1 i943-588
Wig Cent 50-yr 1st gets 4s 1949 J-J 93 .9318 93
A-0
1st & refunding 45
- - -- 912
9 J-j
Milw & L Winnebago 68_1
195
-951-2-621-2me-1s-i.
Sup &Dui div & term 1st 4s'36 M-N
9158 9253
Manufacturing and Industrial
6418 373 52 6418
1936 J-J 64 Sale 61
Allis-Chalmers 1st 5s
10212 16 10134 10234
Am Ag Chem 1st c 5
,
3 6s„.11992198 -A-0 10214 10258 10214
9818
3 98 9812
Am Cot 011 ext 43.s1915 Q-K 98 9812 98
6 9412 9512
95 9478
9478
Debenture 5s
Am Hide &L lst s g
9934 10 99 100
9934 Sale 9913
2 7212 79
Amer Ice Secur deb g 68_1
7712
A-O
NS 7612 79 7712
25
1M
93
19
Am Smelt Securities s I 6s_ _1926 F-A 10358 Sale 10358
10334 115 10212 104
Am Spirits Mfg 1st g 6s
101 101 Feb.12 _- 101 101
1915 M-S
Am Tfiread lst col tr 48__1919 J-J 931-2 9334 9234 Feo '12 ____ 9258 9514
Am Tobacco 40-yr g
18 11878 12112
A-0 12013 Sale 12012 121
Registered
1944 A-0
12014 Feb '12 --- 11878 12138
11878 12112
Certificates of deposit
12112 12058 Mch'12 _
Gold 48
1951 F-A 9514 9512. 9538
OA
6 9178 9578
Registered
95 Feb '12 --- 9214
9558
Certificates of deposit 1951 F-A ,
4 9178 96
9538
9514
•P Lorillard Co 7s tem'pry
51 11938 12334
-- 1217 Sale12134 122
Os temporary bonds
9514 Sale 9518
9512 183 9118 9658
Ltgg & Myers Tob Co7s tpy bds- 12078 Sale 12058 121
82 11834 123
5s temporary bonds
9458 Sale 9412
9478 170 8934 96
Am Writg Paper 1st 81 5s_ _1919 -J---.1- 8834 Sale 8814
8834 21 8814 8958
Baldw Loco Works 1st 5s_ _1940 M-N 10334 104 104 Feb '12
10312 104
Beth Steel 1st ext s I 5s_ _ _ _1926 J-J
0312 Sale 9312
9314 88 0312 9512
Cent Leather 20-year g 5s__1925 A-0 0538 Sale 95
9134 96
Consol Tobacco g 45
_ --.
9534 5
1951 F-A
95
712 Mch'12
N0v9501
9134 9558
Registered
1951 F-A
Corn Prod Ref a I g 5s
1931 M-N 5614 di 9612
9611 15 5E3-4 9612
1st 25-year s £5s
9638 9612 Mch'12 --- 94 9612
Cuban-Amer Sugar coil tr 6511918
97
1 9614 9712
934 MN
A-O 97 Sale 97
Distil Sec Cor cony 1st g 53_1927 A-0 7478 Sale 7458
7514 138 7158 781.4
E I du Pont Powder 4 Ms_1936 J-D 91 Sale 91
8478 9212
Gen Electric deb g 3 us.,.. 1942 F-A 83 _
2_
9 • 82 83
83 Mch9'12
2 _2
10-yr g deb 5s
1917 J-D
189 Feb '12
15312 189
Gen'l Motors 1st lien Os__ _1915 A-0 10014 Sale 1.0014
10058 --7
76 9812 10078
Ill Steel non-cony deb Os__ _1913 A-0
101 J'ne'09 -Ingersoll-Rand 1st g 5s_g1935 J-J 90
95 J'ne'07 .-Int Paper Co 1st con g 6s_ _1918 F-A 104 '10414 10412 10134
4 16142 154-3-4
Consol cony a I g 58
1935 J-J 8814 90 8814
9114
3 841'2 9134
Int St Pump 1st s f 53
1929 NI-S 9214 93 9212
9258 12 .9134 9312
Lackaw Steel 1st g 5s
9112 12 95 97
1923 A-0 9512 Sale 9512
1st con 68 Series A
77 78347.8
78
3 77 8212
5-year convertible 58_ __ _1
9138 15 91 9234
AS
l-S 91 Sale 91
955 h1919
Nat Enam & Stpg 1st 58_1929 J-D 93 9438 9358Jan '12
9334 9384
N Y Air Brake 1st cony 6s 1928 115-N 98 Sale 97
98
4 97 100
Ry Steel Spgs 1st 51 5s
1921 J-J 9712 98 98 Feb '12 : 9734 9814
I
Repub Fe S lst&col tr 15s_ _1934 A-0 1027810278 Aug'11 ._
10-30-year Os s f
1940 A-0 9038 903-4 9078
9114 34 9034 933
Standard Milling 1st 5s_ _ _ _1930 SI-N 88 8811 83
88 ' 1 .8778 8854
The Texas Co cony deb 6s_ _1931 J-J
9814 Sale 98
0814 14 9412 99
Union Bag & Paper 1st Gs_ _1930 J-J
9412
2 94 9412
95 9658 9412
Stamped
•
9412
2 9412 9413
_ 9712 9412
_
U S Leath Co s f deb g 8s_1913
1930M-N 114 10138 10138
10138
6 10138 102
U S Realty & I cony deb g 58224 J-J
8812 89 88 . 89
2 8712 90
U S Red & Refg 1st g 65_1931 J-J
50 70 Apr '11.
.
a
.
l.
e 103
U S Rubber 10-yr coil tr 88_1918 J-D 10458S
04118
2Ja0.
104158
0 39 10334 105
Registered
1918 J-I)
8 Sale 30278
U S Steel Corp-lcoup _ .41983 M-N 1527103 405 10134 16411-1
5 f 10-80-yr 5s1reg
_d1963 td-N
.103
103 ' 2 10158 104
Va-Car Chem 1st 1 5-yr 5s_1923 J -D 1014 Sale 10018
10058 64 100 101
103
36 102111 10318
West Electric 18t 5s Dee 1922 J-J 103 Sale :103
Westinghouse E & M s I 5s_1931 J-J
9434 32 93 98
9412 Sale 9414
10-year coil tr notes 5s_ _1917 A-0 96 ___ 9613 Feb '12
9612 9712
--
Telegraph & Telephone
Am Telep & Tel coil tr 4s 1929 J-J
Convertible 48
1936 M-S
Chicago Telephone 1st 5s...1923 J-D
Commercial Cable 1st g 43_2397 Q-J
Registered
2397 Q-J
Keystone Telephone 1st 58_1935 J -J
Metropol Tel & Tel 1st s f 5s 1918 411-N
Mich State Telep 1st
,1924 F-A
NY &NJ Telephone
Os__5s g.1920 M-N
Y Telep 1st & pen s f 4 jis 1939 M-N
Tel
&
Tel
Pac
1st 5s
1937 J-j
West Union col tr cur 5s__ _1938 j-J
Fel and real est g 4 Ms
1950
1936 M-N
Cony 4s, series A
1936 Sf-N
Registered
1941 M-N
Mtit Uzi Tel gu ext 5s
Northwest Tel gu 4 Ms i_1934 J-J
91 Sale 9078
11558 Sale 11514
9118 22 90 9118
116 273 10831116
_
Nov'11
.:-_ -_ -_83
8313 Nevii
-82 8314 82 Feb '12 1827- -82
.10212 103 103 Feb '12
103 103
100 10012 100
1 100 101
100
102
._ 10314 May'll
10058 Sale 10038
10058 66 15518 (jai
10014 Sale 10014
10038 13 9878 10012
10278 Sale 10212 1027s 20 101 10312
9918 Sale 9918
9912 22 9714 10015
_ 105 105 Feb '12 __
10453 105
_ 103 Feb '11
10138 _ 104 J'ne'll
95 ____ '103 J'ly '04
MISCELLANEOUS BONDS-Concluded.
Coal & Iron
Buff & Susq Iron s f Os__ _1932 J-D
a1926 NIDebenture Os
Col F & I Co gen s f g 58-.1943 F-A
__.
.1019 M-N
Col Fuel pen
Col Indus 1st & coil Os gu 1034 F-A
Cons Ind Coal Me 1st 5s _1935
Os 1950 J -I)
Cons Coal of Md 1st &
Gr Riv Coal & C 1st g 68_1;1919 A-0
Kan & 11 C & C 1st s I g 5s-1951 J-j
Pocah Con Collier 1st s f 55_1957 J-j
St L Rock Mt & P 1st 5s___1955 J 1951 J- J
Tenn Coal pen Os
Birm Div 1st consol 65_1917 J-J
a1917 A-0
Tenn Div 1st g 88
Cab C M Co-1st gu g 65_1922 J-D
1931 M-S
Utah Fuel 1st g 55
1953 J-J
Victor. Fuel Isis f 51
Va Iron Coal & Coke 1st g 581949 M-S
ref
____ 97 Feb '11
01 Nov'll
100
2 bid- 16.638
Rid Kale 100
10734 Jan '1210734 10734
10734
74
3; 7212 77
7312 Sale 7314
_ __
___ 84 85 J'ne'll
96 94 Dec '11
_
• 0812 101 10258 Apr '06
98 -di
98 99 98 Mch'12
8814 8812 8814 Feb '12 ,___ 8112 8834
8018 33 7934 8018
7934 8014 80
1 10218 10312
10312 Sale 10312 10312
104 Sale 104
104
1 104 10418
104 106 10334 10334
1 103 10384
-__ 110 110 Jan
_
'08
-diCi
96 Sale 06
08
115 96 9812
97
Miscellaneous
1948 11-S
Adams Ex coil tr g 4s
Armour & Co 1st real est 4 Ms'39 J -D
1952 A-0
Bush Terminal 1st 4s
1955 j-J
Consol 5s
Chino"Copper .1st cony 68_1921 J-J
1919
Comstock Tudnel Inc 4s
Irrigation Wks & D of A 413s '43
Int Mercan Marine 4 Ms__ _1922 A-0
lot Navigation 1st s f 5s__ _1929 F-A
Mge Bond (N Y) ser 2-4s__ _1960 A-0
Morris & Co 1st s f 4 Ms__ _ _1939 J- J
N Y Dock 50-yr 1st g 4s_.....1951 F-A
1932
Meg Falls Pow 1st Os
Refunding & pen 6s_ _ _ _a1932 -0
Ontario Transmission 55_1945 M-N
Pub Serv Corp N J pen 5s...1959 A-0
1930 J-J
St Jos Stk Yds g 4 Ms
1939 J-J
Wash Water Pow 1st 5s
3 86 8818
87
87 8778 87
9218 86 9158 9218
9178 Sale 0178
8914
2 8914 92
____ 90 8914
_ .._ 99 98 Feb '12 ____ 98 99
122 Sale 12012 12214 11 116 128
16 J'ne'll
-oi 9318 Nov'll
6734 135 g1-2 673*
4 Sale 67
-6738012 Sale 8014
8012 12 7934 8088,
_ 89 Apr '11
8912 9012 9112Nov'll
84 87 8512 Mch'12 _
4 ill;
10012
102 Apr '11
_
0414 sale 654 -414
88 _
10012 Sep '05
10278 _.103 Mch'12
die-8 -944
id57-8
!No price Friday: latest bid and asked aDue Jan dDue April eDue May gDue June hDue July kDueAug oDue Oct pDue Nov gDue Dec sOptIon sale
CHICAGO STOCK EXCHANGE-Stock Record-Daily, Weekly and Yearly
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Mardi 18
Monday
March 18
Tuesday
March 19
Wednesday
March 20
Thursday
March 21
Friday
March 22
Sales
of the
Week
Shares
STOCKS _
CHICAGO STOCK
EXCHANGE
Range for Year 1912.
Lowest.
Last Sale 190 Apr'll
*170 100 *170 - 190 *170 190 *170 190
*12 1
*12 1
*12 1
*12 1
Last Sale la
Jan'12
*.,_ _
2 *___
2
*2
3
*2
3
Last Sale 1
Jan'12
32
--- --- 32
*30
33
36
*33
33
33
__ ___
- 9212 9212 *90
*92
93
94
9134 9134
*95 loo
*95 loo ;ii foli *os loo
Last Sate 9612 -mciai
34
*33
34
*33
*33
34
*33
34
3314 3512 3512 36
*812 912 *812 912 *812 912 *812 912
914 914
9
9
,
4 131 512 *412 5
*412 5
*412 5
5
5
---- --- ---- --- ---- ---- --- --__
Last Sale 3; -Dec'll
*19
20
*19
20
19
19 *......... 20
*19
20
*19
20
*50
51
*50
51
*51
52 *___ 50
Last Sale 5012 Mch'12
*7
778 *7
778
7
7
7
7
*612 7
*612 7
*35
37
*35
37
*3512 37
*3512 37
Last Sate 37 Mch'12
Railroads
Chicago City By
100
Chicago de Oak Park_100
Do pref
100
li Chicago Elev Rys corn__ _
Do pref
51
Chic Rys part et!"V_
40E Chic Rys part ctf "2".._
71 Chic Rys part ctf "3"
11 Chic Rys part ctf "4"
Chicago Subway
100
a, Kansas City Ry & Lt_100
Do prof
100
206 Streets W Stable C L_100
Do pret
100
1438 1478 1478 1612 1614 1678 17
1778 1712 1812 1734 1775
95
95
9514 9712 97
9914 10014
9814 9714 9958 9912 100
*375 __
*375 --- *375 _
Last Sale 325 Feb'12
*132 .. - *375*131 135
- *132
-*132Last Sale 130 Feb'12
4712 4-74 *47
48 *47
48
47 li *4612 -4778
48
- *47
103 103 *102 105
104 104 *10312 105 *10312 105
10378 10378
*14712 148 *147 148
148 143 *14734 14812 *14712 14812 *14712 14812
4112 4212 4212 4212 4212 4212 4312 4312 4412 4638 45
4612
Last Sale 4312 Feb'12
*7!4
80
81
78
80
7812 7912 80
78
7912 s____ 78
*is
50
Last Sale 50 Feb'12
*48
50
50
*48
50 *48
..i
212 *1
112 *1
lig *1
118
Last &de 1
Mch'12
*),
8
Last Sale 612 Nov'll
*6
8
3
*6
8
*6
*1411 4412
4658 47
441
47
4612 4612
451
____ ---- ---------------------145
145
---_- ---_
*193 194
193 193
191 191 *191 192 *191 192
191 191
148 148
148 148 *147 148
147 147 *146 147
4
--- ---- ------ 1214 1214 ---- ---- *1312 1412 ---- -----Last Sale 78
Jan'll
loii., 10
.
8 *10712 10812 10812 10858 *10858 10914 10914 10912 -_-102 - 102
102 102 *102 10214 10012 10012 *10014 10012 10038 10033
6214 *61
*62
63
62
6212 *6112 6214 *131
6214 *61
6214
_
..
_ _ .
115 11614 115 115
,-Pii 16 *47
50
:1,4i -50
50
*47
Last Sale 56 -Aug'ii
2
212 258
212
218 212
212 3
3
318
212 234
1514 16
1334 15
1412 16
1414 16
14
15
1412 16
15114 153
15014 15014 15134 15134 *151 152
15334 15334 153 154
*127 129
129 120 *12712 129 *12712 129 *12712 129 *12712 129
*105 107
107 107 *105 107 *105 107 *105 107
107 107
*11614 117 *11612 11712 *11612 118 *11612 118
Last Sale 116 Meh'12
107 107 *107 10712 107 10712 10712 10714 *107 10712 10714 10714
15514
15312 154
153 15314 15314
154 154
154 15414
154 155
*12131 12212 *122 123 *122 123 *12214 124 *122 124
123 123
10134 102
10178 102
10178 10178 10134 102
102 10214
10134 102
240 250 *245 250 *245 250 *245 250 *245 250
*240 248
10838 10834 10812 10812 10812 109
10834 10834 *10834 109
109 109
1
*34
34
34
34
34
31
34
34
*34
1
34
6634 68
6514 861
6534 6612 6853 67
8778 13778 6738 6811
*12
14
1212 13
*1212 1412 *1212 1412 *12
14
*12
14
Miscellaneous
5,949 American Can
100
1,516
Do prof
100
American Radiator_100
Do pref
100
71 Amer Shipbuilding _100
46
Do pref
100
19 Amer Telep & Teleg
755 Booth Fisheries com
Voting trust ctf
599
Do prof
Cal & Chic Canal de D_100
Chic Brew'g & Malt'g___ _
Do pref
989 Chic Pneumatic Tool_100
10_ Chicago Telephone.. _100
58 Chicago Title do Trult.100
91 Commonw'th-Edlson_100
-25 Corn Prod Ref Co coin _
Do
do
pref
26`J Diamond Match
100
180 Hart Shaffner & Marx pt..
116 Illinois Brick
100
300 Internal Harvester Co___
Masonic Temple
757 McCrum-Howell Co_ _100
1,522
Do pref
695 National Biscuit
100
100
Do prof
100
18 National Carbon
100
Do prof
100
143 People's Gas L&Coke_100
1,251 Sears-Roebuck corn_ _100
15
Do prof
100
586 Swift do Co
100
The Quaker Oats Co_ _100
Do prof
100
230 Unit Box Bd & P Co_100
1,350 United States Steel com_
90 Western Stone
100
72
Chicago Bond Record
BONDS
0 CHICAGO STOCK
EXCHANGE
Week ending March 22.
Interest
Period
Price
Friday
March 22
Bid
Week's
Range or
Last .Sale
Highest.
18 Jan 29
18 Jan 29
1 Jan 29
1 Jan 29
32 Mch19 38 Jan 22
91 Jan 5 9334 Jan 20
96 Mch 5 10438 Jan 13
3318 Mch 9 38 Jan 9
9 Mch22 11 Jan 12
412 Mch 11
578 Jan 13
19 Mchll
50 Jan 4
7 Jan 4
35 Jan 30
1112 Jan 2
91 Feb 1
325 Feb 1
131 Jan 15
47 Mch 19
100 Feb 6
139 Jan 11
39 Mch 14
4312 Feb 28
77 Mch14
49 Feb 9
1 Mch 11
2012 Jan 4
5012 Jan 19
8 Feb 28
38 Jan 2
1812 Mch21
10014 Mch22
325 Feb 1
133 Feb 6
5014 Jan 16
10418 Jan 18
143 Mch 19
48 Jan 17
50 Jan 9
88 Jan 9
50 Feb 15 •
1 Mch 11
44 lich15 5012Jan 26
13712 Jan 4 145 Mch 9
184 Jan 4 19814 Jan 9
13514 Jan 4 150 Mch 7
10 Feb 13 1214 Mehl°
106 Jan 2 11134 Feb 5
10038 Mch22 10212 Mch 8
56 Jan 9 6312 Mch 4
106 Feb 14 117 Mch 13
2 Mch15
11 Mch15
14312 Jan 15
126 Jan 15
103 Mch 5
115 Feb 10
10312 Jan 2
140 Jan 5
12112 Jan 11
9834 Jan 2
215 Jan 15
10512 Jan 2
58 Mch 12
5858 Feb 13
10 Jan 17
4012Jan 4
92 Jan 6
154 Mch22
129 Mch 0
112 Jan 3
120 Jan 2
10712 Mch 19
100 Mch 4
12414 Feb 8
10314 Mch 4
250 Mch18
110 Jan 15
178 Jan 18
6912 Jan 3
1478 Feb 7
Range for Previous
Year 1911,
Lowest,
185 Jan
112 J'ne
3 J'ne
21 J'ly
85 J'ly
80 Apr
2034 May
8 May
412 Mch
14 Nov
15 Sep
39 Sep
7 Dec
38 Nov
9 Jan
7678 Jan
165 Jan
12612 Mob
48 Nov
10612 Sep
13158 Aug
35 Apr
36 J'ne
60 Sep
4912 Apr
1 J'iy
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
1 Dec
6012 Oct
13 Dec
Highest. .
190 Apr
112 J'ne
6 Mch
32 Dec
04 Nov
101 Aug
3778 Dec
1212 Aug
712 Aug
6 Mch
25 Feb
7212 Feb
1314 Feb
50 Jan
I
1212 May
93 Dec
304 Oc
133 Nov
79 Feb
113 May'
15214 J'ne
5914 Mch
5734 Mch
8838 Dec
52 Feb
114 J'ne
7 Nov
5512 Feb
14114 Nov
180 Dec
13738 J'iy
1538 J'ne
78 Jan
11034 Nov
10334 Dcc ,
70 Jan
129 May
5018 Aug
67 Jan
98 Feb
14212 Dec
130 Mch '
120 Mch
120 Mch
10858 Jan
19234 Jan
122 Meh
104 J'ne
212 Dec
10712 J'ly
7 Jan
8178 Feb
95 Jan
Chicago Banks and Trust 'Companies
B'ds
Sold
Range
NAME
for
Year 1912
Ask Low
High No. Low
High
10012 Jan'll
gife 92
9218 12 615;9213
100
100
Mch'll
9812 Apr'll
Amer Strawb'd lst 63_1911 F -A
Armour di Co 4 Hs__1939 J -D 92
Booth Fish Co DebG 53'17 J - J
• Deb g 5s
1924 J
J
• Sink Fd Deb 6s tr roo
A- 0
Calumet es South Chicago
By lit 5s
1927 F - A 92812
9914 July'll
Cass As' & F G (St L) 5s •12 J - J
10114 Oct'09
9812
Ohio Board ot Trade 4s1927 J
D 97
100 May'07
987
Chicago City By 53_1927 F - A 10278 Sale 10278
30 102(2 idi
103
Ohio Consol Br & Mit Ss_._ J
J
AprO4
103
Ohio Consol Trao 43s 1939 J ao Apr'09
9834 Jan'OC
Ohio Auditorium 1st5s1929 F - A 992 94
9878 36 -6732; "sk
Ohloago Elev By 5s _ _1914 J -J 9983s 9812 9812
9412 Doe'09
Ohio Jo RR 1st Et g 55_1945
-87
Feb'013
Ohio No Shore Elect 54.1912 A 2 92
93
Ohio Poe Tool 1st 53-a1921 J - J 993 146" 93
W1927 P - A 9101 Sale 10078
101
9 9978 101
Ohio Ry 55
Chia Rys 53 __series "A" A-Cl 99658 9634 965s
9678
9634 10 96
"A"
A
43_series
9633 Jan'12
Chic By
9614 9738
9-4E4 giti
9012 11 9012 9158
9012
-Chic i-tys 4s-series "13" J
95
Feb'12
94
Ohio Rys 48 _series "C' F -A 994
9334 9412
A
1913
Jan'12
Ohio Rys coil 6s
100 100
100
-A
Chic Rya Fund 8s 1913
Jan'll
100
-Chic R3rs Tom Ctfs 1st 5s
100 Deo'll
81
Chio Ry Pr na Mg 4s_c'27 J -J 980
8214 Feb'12
7734 85
'Chio Ry Adj/no 43c1927 Sfayl 9 5518 56
5938 Feb'12
60
48
- N
Ohio 14 I 63 F HR 43_2002
6612 Aug'0€
Coliat trust is 5s___1913
6612 July'OE
- I, 9103 16312 103
Chic Telephone 5s_,,__1923
10314 21 103 Mit;
9 9078 Sale
Ohl City& ConRys 53.41927 A 3 9078 9158
9078
907s
10312 Sale 10312
• Commonw- Edison 5s_1943
10334 52 103 10334
Chic Edison deb 63_1913 J - J
10078 Nov'10
1926
1st
g
A -0
100
Feb'll
• Debenture 5s___1920 M 10058 Aug'09
Commonw Elect 5301943 18 - S 1631-4 gife 10314
10312 17
10334
-N loott Sale 10012
Cudahy' Pack lstM5s_1924
10034 21 9973 10034
flit Match Con db 89_1920
910934 11014 10938
11014
107 11014
Illinois Tunnel 5s____1925
-93
so
Dec'08
Kan City Sty & Light
N
Co 5s
1913
9734 May'll
Knick'b'ker Ice 1st 5s 1928 A 100 May'll
89
Lake St E1-1st
J
8815
J 988
8812 10 8714 8812
Income 5s_
16 May'05
1925 Feb
8478
Mete W Side El 1st 481938 F - A 9 84t
8514 164
SSI.i 8478
Extension g 4s____1938 J -J 9 8212 8312 823j Mch'12
82
83
90 Sale
10 8912 9014
90
Morris do Co. 4 3,,_.._1039 J -J
90
North West El lst 43
1911
100 Jul y'11
Northwestern Gas Light &
10 9934 100
• Coke Co 5s
1928 Q - M 9 9934 9978 9978 . 100
____ 96 Meh'12
1945 M - N 9 96
Qgden Gos 53
9534 9614
1916 J -I) 9819 ___ 10038 Mcll'09
Pearsons-Taft 5s
9612 Mch'10
S 95
4.403
- ---97
4.80s Series E
N
Feb'10
96
---ItL- N
4.80s Series F
9814 Nov'll
_
9712
11912 Jan'12
Peo Gas L & 0 1st 83-1943 A - 0
11812 11815
Refunding g 5s____1947
7 102 10214
0
2214
0
1013
1771 1--10218
*T1
10218
Chic Gas L&C 1st 531937 J
J 910338 10418 10334 Mch'12
10314 10334
Consura Gas 1st 53_1936 J -I) t10212 10312 103
Jan'12
10218 103
Muri Fuel Gas Ist531947
10112 10112
- N 9101 10138 10112 .fan'12
South Side Elev 43-s_1924 J - J 9 9512 9578 9534 Mch'12
9534 9614
Swift & Co 1st g 53_1914
-J 910012 -- 1003. Mch'12
10014 10034
Union El (Loop) 5.1_1045 A - 0 9 82
Jan'12
89
89
87
89
• United Box Board col 67'26
70 Apr"10
General mtge 6s
J
60 Mch'll
Western Eleo Co 5s__1922 J -J 9104 10314 103
18 10214 idi
103
Note.-Accrued interest must be added to all Chicago b ond prices.
American State
Calumet National
Chicago City
Conti'tal & Comm Nat_
Corn Exchange Nationat
Douglas State_
Drexel State
Drovers' Dep National_
Englewood State
First National
First Nat Englewood
Foreman Bros B'k'g Co..
Fort Dearborn National
Hibernian B'k'g Aas'n _ _
Kaspar State Bank
Lake View State
La Salle St National__
Live Stock Exch'ge Nat
Nat Bank of Republic,_
National City
National Produce
North Avenue State..
North Side State Sav'gs
-North West State
People's Stk Yds State_
Prairie State
Second Secrity
Security'
South Chloago Savings_
South Side State
State Bank of Chicago_
Stock Yards Savings _
Union Bank of Chicago..
Washington Park Nat'l
Wendell State
xCentral Tr Co of 111
Chicago Say Bk & Tr
Chicago Title & Trust _ _
Citizens Trust & Savings
Colonial Trust & Saving
Cont & Comm Tr 52 Say
Drovers'Trust&Savings
First Trust & Savings _
Ft.Dearborn TrdcSay Ilk
Greenbaum Sons Bk do Tr
Guarantee Trust & Say _
Harris Trust & Savings..
Home Bank & Trust___
Illinois Trust do Savingi
Kenwood Trust & Savo
Lake View Trust&Savgs
Merchants' Loan&Tr Co
xMetropolitan Tr di Say
Michigan Ave Tr Co__ _
Mid-City Tr & Say Bk..
Northern Trust Co
North-Western Tr&Sav
Old Colony Tr & Say Bank
People's Tr & Say Bk
Pullman Trust & Savgs _
Sheridan Tr & Say Bank
Standard Tr & Savings..
Stockmen's Trust & Say
Union Trust Co
xWestern Tr & Savings
West Side Tr&SavBank
Woodiawn Tr&SavBank
Ousstanalag
Stool
(()
Dividend Record
-In Per- Last Paid.
In
1910 1911 (ad.
--- --- -$200,000 z$163,738 Org. A pril 3 1011 V.92, p.1004
100,000
An Jan '11, 6
a
y54,000
500,000 499,239 10
J-J Jan '12, 7
10
21,500,000 9,173,476
Q-J Mch30'12 212
10
3,000,000 5,932,967 10
Q-J Apr '12,4
16
200,00))
V.92.0538
Beg. b US May 311
200,000
Q-J Apr '12, 112
6
8
55,034
600,000
10 (.1-) Apr '12, 212
466,389 10
200,001
6
63,6 Q-J Apr '12. 2
53,564
10,000,000 11,789,514 12
12 Q-M Dec 30'11,3
150,000 y196,748 10
12 Q-M Dec30*11,44
1.000,000
Priv ate Be nk
536,917
2,000,000
Q-1 Apr 12, 2
8
8
637,830
(1)
1,500,000 1,335,692 8+2
Q-J
(1)
J-J Dec30'11; 5
400.000
132,123 10+15 10
200,000
15,441 Beg. ia us Apr 811 4/,1)'4,p, 1001
1,000,000
287,778 Beg. b us. Ma y'10 V.90, p.1277
10 Q-M Moh30'11.212
1,250,000
614,941 10
8
2,000,000 1,371,085
Q-J Mch30'12,2
8
Q-J Jan •12, 112
6
2,000,000
6
587,564
4
6
Q-J Apr '12, 112
250.000
07,95£
Q-J Apr '12, 134
7
200.000
(33i
72,250
50,000
6
Q-J Apr '12, 112
36,930
6
200,000
5
Q-J Apr '12, 112
4
32,304
300,000
7
145,992
955 Q-1 Jail '12. 212
500,000
0 Q-M Apr '12, 112,
6
69,668
200,000
145,097 Beg. b us Nov 1'11 V.93, p.1235
Q-J Apr '12. 112
400,000
434
sO
Q-J Apr '12,3
200,000
8
7%
104,000
Q-J Apr '12j 112
200,000
6
a
15,395
Q-J Apr '12, 3
1,500,000 2,194,591
12
12
250,000
8 Q-M Mch 30'11, 2
8
203,337
500,000
6 39-N 0;o1., '11,3
142,826
6
q-j Apr '12, 112
6
20,820
100,000
19,678 None None Q-111 Dec31'08,112
50,000
Q-J Oc. '11, 2
8
73-6
3,500,000 1,524,579
Q-J Jan '12, 112
6
0
234,115
1,000.000
Q-J Apr •12, 2
8
7;4
5,000,000 12,031,511
Q-J Apr '12, 3
10
13
50,000
18,004
600,000
490,855 8+2 8+2 Q-J Apr '12, 212
3,000,000 1,222,180
834 (.4-4 Apr 12, 212
8
159,583
200,000
16 Q-M Dec30' 11,4
5,000,000 1,521,966 12
250,000
11,913 Beg, b us,Apr 3' 11 V, 92, p. 929
234 Q-J Apr '12, 212
1,500,000
91,486
J-J Jan '12, 3
31,222
200,000
12
1,500.000 2,003,213 11:4:g
Q-J Apr '12, 3
300,000
60,138 Beg. b us Apr 1,,'1 1 V.92,p.1004
5,000,000 0,378,690 18+4 16+4
q Feb20'12, 4
1414
2
7
:'
11
2
2;
1
. 13
75,440 7 -I-134
lc.,ill,30
200,000
Q
J J jjbaa
6
536
59,287
200,000
15
3,000,000 6,492,219 12
Q-J Apr '12; 4
6
750.000
(x)
6
O
"
V91;pi.ii2121
59,982 Beg, b us. Oct 291 0
200,000
32
0.
p11
004
4
76,605 Corn, b us. Ap r,2
12; loVh9
500,000
8
8
1,500,000 2,604,098
117,744
250,000
8
z50,382 Beg.
200,000
us J'ne 111 V.92.p. 1537
161,270 -- -- Q-J Apr '12. 2
500,000
Q-J Apr '12,2
273,729
300,000
8
8
32,502 Beg, b us. J'ly 120 0 Y.89,p.141
200,000
B
D epht36
0.117
b.
us.
id ;
;2
0
334,608 Comm cooed Q
1,000,000
J-J Jan '121 3
45,455
6
200,000
534
1,200,000 1,428,925 k8+2 8+2
Q
.
-.1
11 Jpaencur
•112,
6 Q
3..14
12
(x)
1,250,000
6
8+2
400,000
59,647
200,000
034 Q-J Jan; '12212
81,206
734
Surptus
and
Profits
(r)
Bid and asked prices; no sales were made on this day. tFeb. 20 (close Of business) for national banks and Feb. 21 (opening of business) for State aStittitions. I No
price Friday; latest price this week. 5 Sept. 1 1911. s Dividends not published. Stock all acquired by the Cont. & Comm. Nat. Bank. a Duo Deo 31. b Due June.
e Due Feb. d Due Jan. 1. k Also 20% In stock. q Dividends are paid Q-J, with extra payments Q-F. s A div. of 50% paid in 1911 on Security Bank stock, to provide
capital for the new Second Security Bank, V.93, p. 1235. 8 Dec. 30 1911. u March 19 1912. x Central Trust and Metropolitan Trust & Say. Bank consol.;
y.
4 bsorbed the Western Trust 4, Bay. Bank In Dee, 1911, V. 93. P. 1760; 1705; V. 94; p.323. y Dec. 5 1911. z Dec. 6 1911.
• 1706; 1383. Central Trust also'
Volume of Business at Stook Exchanges
TRANSACTIONS AT THE NEW YORK STD= EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week ending
March 221912.
Par Vallee.
Shares.
Total
Sales at
New York Stock
Exchange.
Railroad;
&c..
Bonds.
U.S.
Bonds.
State
Bonds.
$1,217.000
2,494,000
2,399,000
3,959,000
3,427,500
2,298,500
$33,000
86,000
61,000
30,000
79,000
00,000
3,691,069 $338,620,250 $15,795,000
2349,000
360,816 $33,765,100
528,725 48,451,250
517,357 47,410,400
814,534 73,875,900
758,493 68,094,900
711,144 67,022,700
Saturday
Monday
Tuesday
Wednesday
Thursday..
Friday
Week ending March 22.
1911.
1912.
$1,000
7,000
30,000
3,000
$41,000
Jan. 1 to March 22.
1911.
1912.
26,102,514
27,332,508
1,326,395
3,691,009
Stocks-No. shares__
$338,620,250 $121,428,500 $2,354,930,050 $2,307,093,850
Par value
$528,800
2216,300
$217,900
$131,100
Bank shares, par.
Bonds.
$57,500
$559,000
$11,000
Government bonds_
35,135,500
$925,500
5,863,500
399,000
State bonds
181,130,500
206,898,000
11,170,000
15,795,000
RR.and misc. bonds__
$216,323,500
$213,315,500
216,185,000 312,095,500
Total bonds
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Philadelphia.
Boston.
Week ending
March '22 1912.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Listed Unlisted
shares, shares,
Bond
sales,
Listed
shares,
Unlisted
shares.
Bond
sales.
13,570
16,353
18,069
49,872
47,383
36,589
7,519
9,444
12,780
21,973
22,921
23,203
826,000
118,500
80,000
84,500
85,500
140,500
0,808
7,444
10,289
9,988
7,831
11,824
6,310
8,578
7,442
14,634
6,980
8,379
$47,700
56,400
62,600
105,700
106,200
59.600
181,836
97,84'J
2535,000
67,184
52,323
$438,200
Inactive and Unlisted Securities
All bond prices are now "and Interest" except where marked "f."
Street Railways
817
THE CHRONICLE
MAR. 23 19124
Bitt
Ask
Street Ralf ways-(Con.)
100 7812
New York City
100 9212 9312
26
Bleeck St & Ful Fy stk_100 22
8618
J-D 86
70
66
J-J
1050
1st mtge 4s
100 160 170
13'y az 7th Ave stk
J&J 9934 10012 Electric, Gas & Power Cos
2d mtge Is 1914
New York City
Broadway Surface 1111J-J 10212 104
Gas Is 1927
1st 58 1921...J&J 102 101 Cent UnCo
Di L & P Co__100 128 129
Kings
10
5
Cent Crosstown stock __100
GasAmsterdam
New
91
85
_M-N
1922_
1st mtge 6,9
1st consol Is 1948_ _J-J 10212 10312
10
10
leen Pk N & E Itiv stock_100
Y & Ii It Gas 1st 5694 J-J 10412 10(3
'Christopher&lOth St stk 100 125 140 N Consol
J-J 102 10312
Is 1995
B&
,Dry Dock E B
Y Mutual GELS L__ _100 173 177
N
10112
e
100
J-D
: 1st gold Is 1932
58
51 N Y & Q El L & Pow Co_100 55
F-A .17
Scrip 53 1914.
85
100 75
Preferred
Eighth Avenue stock_ _..100 300 350
38
Gas...._100
Richmond
&
Y
N
F-A f 99 1001
Scrip (is 1914
M-N 101 idS
42d & Cr St Fy stock_ 100 285 310 Nortlen Un 1st Is 1927.100
60 _Standard Gas L corn
42d St Al & St N Ave_ _100
100 95
Preferred
2,1 income 6s 1915___J-J
M-N 10412 106
1st Ss 1930
65Ninth Avenue stock _ _100 150
Other Cities.
12
7
Second Avenue stock.. j00
50 *82
49 Am Gas & Elec corn
F-A f 45
Consol bs 1948
50 *4634 4812
Preferred
130
120
_100
stook_
Avenue
Sixth
298 302
100
corn
Trac
80 Am Lt &
J-J 75
Sou Boulev 53 1995
100 107 10812
Preferred
95
A-0 90
So Fer 1st Is 1919.
76
73
corn...100
Lt
&
Power
Amer
80
70
__M&S
'28
Is
M
&
Tarry %VP
88
100 86
Preferred
25
28th & 29th Ste 58 '96__A-0 20
...50
*12 91s
Twenty-third St stock _100 230 250 Bay State Gas.,
Union Sty 1st Is 1942 __F-A 10212 104 Bingh'ton (N Y) Gas Wk
A-0 07 100
1st g Is 1038
80
Westchester 1st 5s '43_J-J 70
212 4
93 Buffalo City Gas stock __100
Yonkers St lilt Is 1946_ A-0 85
9112
Cities Service Co com_100 87
Brooklyn
100 8234 85
Preferred
Atlan Ave ltlt con Is'31A-0 101 102
B & W E 5s 1933 _ __A-0 96 100 Con Gas of N J 5a 1936 J-J 90 100
10 160 165 Consumers' L II az PowBrooklyn City Stock
J-D 100
bs 1938
Bklyn Ilgts 1st 56 1941_A-0 98 102
Denver G & El 58 1949_M-N 9512 9614
Bklyn Queens Co & Sub..100
Lt
Co...
Gas
300
Elizabeth
101
98
op1916_J-J
'41
e 1st g 5s
96 98 Essex & Hudson Gas_ 100 138
e 1st con 58'41 op '16
9()
_ _100 85
80 Gas & El Bergen
75
61-NConey
Isl & Bklyn_____100
'15_F-A
Co_5s
100
1st
L
101
G
Rap
Gr
e
85
80
__J-J
1st cons g 48 1048_
85
82 Gr't West Pow Is 1946 J-J 84
77
J-J
Con g 48 1955
138 140
Brk C & N 53 1939_ __J-J 96 100 Hudson County Gas__ _100
10958
10512
M-N
_
1999
5s
1st
e
.100
Nassau Elec pest
45
_A-0 101 103 Indiana Lighting Co..__100 38
1st Is 1944.
75
F-A 72
4s 1958 opt
N Wmsburg & Flatb-ush15
25
Gas
50
Indianapolis
99
1st 430 July 1941 F&A 90
80
A-0 70
1st g bs 1952
Steinway 1st 68 1922_ __J-J 103 105
Jackson Gas Is g 1937 __A-0 97 100
Other Cities
eLaclede Gas preferred 100 9612 s98
Buffalo Street Hy434 --Madison Gas 65 1926_ _A-0 104 109
0538
1st con.sol bs 1931_ __F-A 10
93
. _50 *x90
Narragan (Prov) El Co
A-0
1917
Deb 6s
Newark Gas 6s Apr'44_Q-J 126 128
e Conn lty & Ltg corn..100 7712
100 98
Newark Consol Gas
100 81
e Preferred
J-D 106
e Con g Is
39
Federal Light & Trite _100 37
81 No Hudson L H & Pow100 79
Preferred
A-0 100
J-J 105 1051, 58 1938
e Loulsv St be 1930
6612
e New Oil ltys & Lt corn 100 3412 37 Pacific Gas & E corn....100 66
100 90
92
Preferred
e Preferred
100 78
95
Pat az Pas Gas & Elec_ _100 93
sN Y %Vestch & Bost RyAt-S 103 109
j-j 9918 9914
e Con g bs 1949
ist g 45s 1946
94
e Pub Serv Corp of N J-See Stk E x list St Joseph Gas 53 1937.... _J-J 00
Tr ctfs 2% to 0% Perpet 110 111 Standard Gas & Elec(Del).50 *2412 2512
5314
50
*5214
St
Ry-100
Preferred
85
90
Jersey
North
95
1st 45 1948_..M-N 82 83 United Electric of N J.. 100 90
J-D 82
8212
100 16
77
1st g 48 1949
Cons Tract of N J
100 30
32
J-D 104 105 Western Power corn
1st Is 1933
59
100 56
New'k Pass Sly Is '30_J-J 10712 1081, Preferred
Rapid Tran St Ry_ _100 235 240
A.0 102 _
Telegraph and Telephone
1st 5s 1921
75
C Amer Teleg az Cable... _100
8014
J C Hob & Patersonlif-N 8012 81 e Central & South Amer_100 121 12214
48 g 1049
108 115
So 3 Gas E1& Trac_ _100 125 130 Comml Un Tel(N Y)
75
9034 Empire & Bay State Tel_100 65
M-S 99
Gu g 5s 1953
100 40
50
No Hud Co fly 65 1914 J-J 102 ____ Franklin
J-3 103 -- e Gold & Stock Teleg_ _100 11518
Con M Is 1928
e Northwestern Teleg. _50 no 115
Ext be 1924.... _M-N 98 75
_ _ Pacific & Atlantic
25 65
Pat fly con 66 1931- J-D 114
_100 9814
_A-0 100 102 e Pac Telco & Teleg pref.
2d 63 1914
30 Southern & Atlantic
25 uo 100
28
opt..
Republic Ity & Light..JO°
100 7712 79 South Bell Teiep & TelegPreferred
1st g 58 1941 op 1916_J-J 9944 100
bs 1943 ___J-D 97 ____
Trent P &
United Rys of St L-.
Ferry Companies
135
13
100
ctts
Corn vot tr
46 II & N Y lst 6s 1911_ _J-J 94 100
s Preferred..100
Wash ity & El Co
Preferred
98 1951
7lnduet and Atisec11-(Con.) Bid Ask
139 130
0 115
00
10
Casualty Co of America-1
142
Celluloid Co
54 .
100 51
City Investing Co
100 100 101
Preferred
a Clain (H B) Co nom _100 90 102
93 '
..100 90
a 1st preferred
94
100 90
s 2d preferred
Consol Car Heating._ 100 57 , 60
Consol Rubber Tire....100 1012 1112
50
Preferred
59
58
0 /4
0
8
A1Debenture 48 1951
10012 10034
10014 10012 e Crucible Steel corn_ 100 1114 1138
8314
.1
d8234
Preferre
a
101
10058
113
99,4 9912 Davis-Daly Copper Co....
9912 9978 e Diamond Match Co. 100 10912 110
9812 9834 duPont(I) de Nem Pow 100 158 162
100 9034 95
e Preferred
9912 100
9058 91
e Gold 4 Yis 1936_ J-D
10114 10112
15
6
10
00 3
100 10014 Empire Steel & Iron corn 100
43
10014 10058
Preferred
e General Chemical com_100 130 135
100 105 107
e Preferred
9934 100
20 *838 8521
9958 9978 Greene-Cananea
9778 9818 Guggenheim Explor'n_100 200 207
10058 10078 e Hackensgek Water Co9912 9712
Ref g 4s'52 op 1912- _J-.1 86 _
12
8
100
95 96
Hall Signal Co corn
7
3
9912 9978 Havana Tobacco Co__ _100
12
6
100
9534 9614
Preferred
67
9712 9812
1st g Is June 1 1922_ ..J-D 1 64
69.40 4.20 Hecker-Jones-Jewell Milling
b4 40 4.15
M-6 102 104
1st 65 1922
20
10014 10012 Herring-Hall-Marvin ......100 10
9978 10018 Hoboken Land & Improve't
_ M-N 103 105
1st 5s Nov 1930
9912 9978
10012 101
Hocking Val Products__100
934 1012
J-J
59
1st g Is 1961
62
10114 10112
Houston 011 corn ctfs
100 10
1012
97
94
100 6312 64
Pref ctfs
10114 10134
100 100
96 -- a Ingersoll-Rand com
100 97
a Preferred
Inspiration Consol Cop. ..20 *1812 1834
Railroad
100 l758 18
Intercontin Rub com
Chic Subway 3d asst pd_100
Northern Securities Stubs__ fg' idi- Internet Banking Co.. _100 6312 90
0014 291
19
0 2
0
0
35 International Nickel.....A1Pitts Bess & Lake Erie..60 *30
100 10112 103
Preferred
rr
50 *63
70
Preferred
10034
1932
Is
g
1st
CoSecurities
Railroad
e
4
0f
00
1A
8612 8814 International Salt
il! C stk tr ctfs Ser A
9812
2
96
1st g bs 1951
88
West Pae 1st Is 1933__M-S 87
100
0
00
0
1
85
120
corn
Silver
International
Stocks
Oil
Standard
130
Preferred
1312
El *13
Anglo-American 011
J-D ,110 112
1st (is 1948
100 420 930
Atlantic Refining
128
123
Refg_100
&
Smelt
Internal
250
100
225
Co
Borne-Scrym.ser
Buckeye Pipe Line Co_ „50 *145 150 Jones & Laughlin Steel Co
M-N 101 10112
1st s f g Is 1939..
Chesebrough Mfg cons__100 680 710
04 68
) 1&5
100 118 128 Kayser (Julius) & Co_ ...1g?
Colonial Oil
107
1st preferred
100 800 900
Continental Oil
30
100 29
75 e Lackawanna Steel
Crescent Pipe Line Co ___50 *65
77
7858
M-S
1950
bs
con
1st
e
105
100
95
Pipe
Line
Cumberland
M-S 9114 9138
e Deb Is 1915
Eureka Pipe Line Co_..100 300 320
100 90
91 .
Lanston Monotype _
Galena-Sigma 011 corn _100 195 205
212 220
12
00 25
10
100 134 140 Lawyers Mtge Co
Preferred _
_50 300 _ _Indiana Pipe Line Co..__50 *130 140 Leh & Wilkes-B Coal
5712
40 Madison Sq Garden
25 *37
National Transit Co
20
5
32
'
:
134 178
New York Transit Co_ _100 325 390 IManhattan Transit
ela Con C&C_50 *10
MenongahR
Northern ripe Line Co _100 134 149
Preferred
*02 04
OhIO Oil CO
08 ifi'
115
100 12
Mortgage Bond Co _
Prairie 011 & Gas _____ __100 287 297
225
100 590 625 e National Surety
Solar Refining
20
______
Coal
New
Central
e
205
195
_
Co
_100
Line
Pipe
Southern
.
100 525 535 e New York Dock com 100 20 "2012
South Penn Oil
55
100 45
c Preferred
Sou West Pa Pipe Lines_100 150 180
N Y Mtge az Security_ 100 210 215
Standard 011 of Calif_ ....100 190 200
20 *8
8
100 6100 6900 N Y Transportation..
Stand Oil of Indiana_
92
Niles-Bem-Pond corn_ __100 88
Standard 011 of Kansas_100 235 255
812
5
*838
Mines
Nipissing
925
100
900
Kentucky
of
011
Stand
110 *1714 112
Stand Oil of Nebraska 100 x225 22701110 Copper Co
212
ri Silver
a Ontario
Stand Oil of N J (old)_ 100 840.
88 7f1334 7812
362 365 Otis Elevator corn
Stand 011 of N J
100 10112 103
Preferred
460 980
Standard 011 subsidiaries
50 *912 10
100 350 358 Pittsburgh Brewing
Standard 011 of N Y
50 *39
3934
Preferred
Standard Oil of Ohio_..100 180 190
114 102
406
0
0 17
000
0
100 800 1000 e Pittsburgh Steel pref....10
Swan & Finch
43
corn
co
Co
Mfg
Pope
P
70
100
69
Tank
LineCo_
Union
79
Preferred
100 145 155
Vacuum 011
5 10212
100 98
10 20 30 Pratt & Whitney pref.-1
Washington 011
100
Producers Oil
100 1600
Waters-Pierce 011
312 115
00 110
10
Realty Assoc (Bklyn)._1
100 195 203
Royal Bak Powd com
Tobacco Stocks
112
Preferred
(See also Stock ExchangeList)
100 x9912 10012
Rumely (21) Co pref
e American Snuff com_.100 125 130
100 104 108 Safety Car Heat & Lt....JO° 118 120
e Preferred
0 15
00
123
21142 15412
100 9812 102 e Sears, Roebuck & Co...110
c Preferred (new)
e l'referred
British-American Tobac.£1 *2214 2238
100 296 299
100 285 290 Singer Mfg Co
Conley Foil
1
2
0
00
2
e Helme (Geo W) corn...100 165 175 South Iron & S corn-10
4
Preferred
100 106 112
a Preferred
4
05
3712
13
com
_600
Coupler
Standard
175
165
100
&Metal
Fon
Tin
Johnson
110
Preferred
MacAndrews & Forbes _100 185 190
12
0
0
2
21
0 6
00
Porto-Rican-Amer Tob_100 295 250 e Standard Milling Co_ 10
62
e Preferred
Reynolds (it J)Tobacco_100 220 225
86812 8812
0N0 0
M1e let 58 1930...
United Cigar Stores Corp100 189 191
e Weyman-Bruton Co_ _. 100 185 19318 Studebaker Corp corn..J00 3912 41
97
Preferred
100 106 114
e Preferred
91978 100
100 x9
100 170 180 Sulzberger & Sons Co
Young (J E3) Co
pf-as
e Tex Company
9834
9 102
90
00 12
100
Texas & Pacific Coal...100
Industrial and Miscellaneous
93
Texas Pacific Land Tr_100 89
e Tex
Adams Exp g 48 1947__J-D f 8434
123
100 11712 12212 Title Ins Co of N Y
Alliance Realty
*738
....1
8
(Nevada)
Min
47
*49
Note
com_50
Tonopah
Bank
Amer
5
8
50 *51
59 Trenton Potteries coin. 00 24
Preferred
55
100 60
100 170 180
Preferred new
American Book
40
eAm Brake Sh&Fdycom.100 9334 96 Trow Directory
r,‘
_100 13212 13414 e Union Bag & Paper_
834
e Preferred
5612
e Preferred
100 126 12712
American Brass
0712 90
00 138
Union Typewriter com 10
American Chicle corn. _.100 225 230
110
1st preferred
100 103 107
Preferred
100 105 107
2d preferred
Am Graphophone corn 100 12
I00 45
60 United Cigar Mfrs com -100 5912 5534
Preferred
0 10.?14 107
130
e Preferred
American Hardware_..100 130 135
134
United Copper
Amer Malting 68 1914_J-D 100 102
12
8
100
85
Preferred
Amer Press Assoc'n____100 80
9912
Am Steel Fdy 6$ 1935__A-0 99 10012 e United Dry
100 10412 10434
e Preferred
64
F-A 60
Deb 4s 1923
° 29
°0
10
08012
50 28212
U S Casualty C.e°69-- --1
American Surety
eldope corn
rvre
American Thread pref ____5
°0
1
00
15
8
1
4
n
fe
E
Sre
P
U
14
5
4112
52
com.100
Typefounders
Amer
100 89
95
U S Finishing
100 99 101
Preferred
100 103 108
Preferred
M-N 100 102
Deb g Cs 1939
105
3-.1
1919
100
bs
g
1st
214
112
..100
Amer Writing Paper__
J-J 95 100
Con g 5s 1929
elst f g Es'19 red 105_3-J 8834 89
36
738 8 s U S Indust Alcohol_ _100 30
Atl Gulf & WI SS Lines_ 100
9712 10012
100
e
Preferred
17
15
_100
Preferred
U S Steel Corporation63
Coll Cr e 58 1939
.114 67
Col s 1 Apr ber 1951 op 1911 112 11314
20
Barney & Smith Car com100 15
Col s f Apr 56 1951 not opt 112 11314
100 80 90
Preferred
95
100 90
U 13 Tit Cu & Indem
50 80
90
BiLss (E W) Co corn
Westchester & Bronx Title
50 12212 127
Preferred
166
100
160
Guar
&
285
Mtge
100
27712
Guar.
Bond & Mtge
514 Wes
fegrr
'se Air Brake_ __50 *113-n? 163
5 125
prtein
hed
Borden's Cond Milk com.100 123
7813
100 108 109
Woolworth (F W)Co.... 100 78
Preferred
100 110 11014
British Col Copper Co....5
214 234 Worthington(HR)Co p1_100 107 110
Casein Co of Amer corn _100
100 50 53
Preferred
Ferry Companles-(Con.)
NY &ER Ferry stock-100
M.N
let as 1922
N Y & Hob be May'46__J-D
Hob Fy 1st 5s1946 M-N
NY&NJ 581946.....J-J
10th & 23d Sts Ferry.,..100
1st mtge 56 1919
J-D
Union Ferry stock ___100
1st bs 1920
M-N
Short-Term Notes
Amal Copper Is 1913 A-0
Balt & Ohio 40 1913J-I)
Bethleh Steel 6s 1914_ M-N
Ches & Ohio 4s 1914....J-D
Chic & Alton Is 1913
M-S
Chic Elev Rys be 1914 __J-J
CM Ham & D 45 1913._ _J-J
Erie 65 April 3
A-0
Coll5s1914 191_4___ A-0
eGeneral Motors lis '15.A&O
Hudson CompaniesF-A
68 Feb 1 1913
66 Oct 15 1913_ __A&015
Int & Gt Nor 5s 1914 F-A
Inter Harvester 5s '15_F&A
K C Ry & Lt 68 1912 M-S
Minn & St L g 56 1913 F-A
Mo Kan az Tex 58 1913.M-N
Missouri Pacific be 1914_J-D
Nat Rys of Mex 4;is '13.J-D
N Y 0 Lines Eq bs 1912-22
43s Jan 1913-1925___J-J
M-S
N Y Cent 430 1914
St L & S F bs 1913 _ _M-S
J-D
bs June 1 1913 opt
South Sly g Es 1913 __ F-A
Tidewater 6.s 1913 guar_J-D
M-N
Wabash 4;is 1913
Westingh'se El & M 6s 1913
e 5% notes Oct 1917_A-0
Bid Ask
lb
8
45
55
99 ---10434 ......97 -_-_
25 35
65
57
2112 24
97
99
8e0
•Par onare. k Bids. B Sells on 3w:A Ecchange; see saies-reoard on a preceding page. / Flat price. n Nominal. s Sale price. I New
...12
stock. =
if Ex-rights.
BOSTON STOCK
KCHANGE-Stook Record, Daily, Weekly and Yearly
SHARE PRICES-NOT PER CENTUM PRICES
Saturday
March 16
=16
7'itesday.
March 19
Wednesday
March 20
Thursday
March 21
Friday
March 22
*10553 10534 10614 10014 10613 10333 107 108
10814 10814 *10734 108
*103 10312 10313 10312 *10333 1031 10314 10353 10314 10314 10312 10312
_- 222 22214 222 222
22134 222
222 222
22178 222
*222133 1-3318 13273 133
133 13314 133 13312 13312 13334 134 13414
215
*_285
214 214
214 214
214 214
214
*65 9912. 99 WI_ • 99 9012 9912 9912 9934 9978 214
9934 10012
29912 29912 *299 300 *299 300 *297 299 *295 299
293 298
*13
13 *1:3
15 *13
15
*13
Last Sale 13
15
Jan'12
*771,
_ *771.2
_ *7712
*7712 ___
Last Sale 7713 Feb'12
*- - 13 *___ _ 13 4.__-- 13
Last Sale 8238 Jan'12
; *54 - 55
*8i
*54
56 *54
Last Sale 56 Mch'12
56
*167 169 *187 169 *167 169 *167 168
Last Sale 167 Meh'12
111 111
111 111
111 111
111 111
111 111
111 113
Last Sale 272 Feb'12
128 ffi- 128 128
iii
127 123
128
127
128 128
fiT
•185 165 165 155 183 172 172 172 172 '172 172
173'
87
*86
8614
8513 8513 *84
86
88
86
86
8614 801
*19112
_ *14112 _.__ *14112
Last Sale 143 Meh'12
*14112 -2114 21
21
_2212 22
21
2112 2134 2178 2212 22
2214
82
82.13 8218 33
8213 8234 8234 8234 8212 8234 8258 8234
13812 13S31 13813 13834 13812 13834 13813 13912 13958 140
13912 13934
14012 14012 ---Last Sale 21312 Jan'12
185 185
1335 $85
1833 18334 18358 fa; 18513 18538 18334 18334
*__ 57 1.---- 58
57
57
*5612 _
16714 1-6-87 1677$ 16318 16812 16834 16934 18978 17012 17012
16712 168
9112 *91
*91
9138 9133 9112 9112
9112 *9114 92
9112 *91
Last Sale 164 Feb'12
-88- 7i:3-- -88- 8813 8814 -881-2 -88
88 z8G
7
4 -8-8F1-2 88
8614
0O3 10314 103 103
10312 10234 10234
10313 10313 *103 10312
Sales
of the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
Range since January 1
On* &iris of 100-share Ott
Lowest.
Railroads
•
297 Atch Top & Santa Fe.100 103:8 Feb 10
100 10113 Jan 12
Do prat
70
100 220 Jan 3
•406 Boston & Albany
100 13014 Jan 2
558 Boston. Enevated
100 214 Mch19
15 Boston ee Lowell
104 £9813 Mch 2
372 Boston & Maine
10 Boston & Provi3enoc_100 293 Mch 22
Boston Suburban El Cos.. 13 Jan 21
Do pref
73 Jan 25
Boston & Wore Elena Cos_
12 Jan 6
Da pre(
54 Jan 5
Chic Juno fly & 1351.100 £167 Moll 14
10812 Jan 2
195 • Do pref
Connecticut River__100 271 Jan 3
100 126 Jan 3
207 Fitchburg, prof
100 14913 Jan 4
1,569 Ga Ry & Electric
Do pre(
276
100 8512 Mch 21
..lainc Central
100 143 Men 7
3,755 Mass Electric Cos
100 20 Feb 8
Do pref Stamped _100 7978 Feb 13
1,901
2,138 N I N It & Hartford_100 136 Feb 2
1 Northern N H
100 14012 bleb 19
Norwich & Wor pref _100 211 Jan 8
51 Old Colony
100 18358 Mai 18
5 Rutland pref
100 41 Jan 2
100 16012 Feb 1
756 Union Pacific
Do pref
100 91 Jan 24
75
Vermont & Mass.
100 164 Jan 5
345 West L.o.ti St
50 x86 Moh22
Do pref
50 10114 Jan 2
31
Range lot
Year 1911.
II Wiese.
highest.
Larval',
10314 Mch 21
10414 Feb 7
22214 Jan 3U
13412 Jan 29
218 Jan 4
10083 Jan. 3
299/4 Feb,
13 Jan. 21
7713 Feb 20
1212 Jan
57 Jan 8
170 Jan 19
111 Feb 19
272 Jan 18
128 Jan 26
17512 Feb 1
9112 Jan 6
145 Feb 27
2318 Jan b
83 Feb 28
14014 Mch 6
143 Jan 24
21213 Jan 29
187 Jan 31
70 Jan 24
17312 Jan 2
9212 Feb 8
164 Jan 16
88'8 Feb 233
10312 Meh 19
10013 Sep
101 Sep
219 Apr
12412 Se d
207 Feb
9612 Oct
202 11th
12 Sep
70 Oct
6 Feb
3812 Jan
156 Apr
107 ticii
205 Jan
125 Apr
11713 Jan
83 Feb
133 Sep
13 Apr
*"
11 14 J'ne
105
'no
126 . Feb
13
Aut..
214 Sep,
12233 Feb
30•J WI)
13 Aich
7614 J'ne
13 J'iv
84
171 Dee
11512 .1'ly
272 0 no
130 Jan
164 Oct
0312 j'LW
215 Jan
2-1 J'ne
42/4 Sep
139 Jan
210 Jan
183 Mch'
32 Jan
15312 Sep ,
3)0 Mch
150 Alch
83 Sep
10) Aug
131 is Feb
142 Aleh
211 Nov
190 Nov
45 Dec
19213 J'ly
9318 May
16418 Dec
1/3 SloB
103 Jan
Miscellaneous
6238 6312 3,370 Amer A.Tricui Chem__ 1011
D, prof
100
10114 105
698
_ 50
,
334 334
235 Amer Pneu Servic
Do pref
1434 1478
50
210
12712 12873 2,971 Amer Sugar liellu_.100
Do prof
121 12212 1,359
103
14773 14833 9,324 Amer 'role;) es, Teleg_100
.30
30
100
10 Anierican Woolon
"ii 92 912 92 92 03 9234 94 -53i2 94- 94 94 1,209
DO prof
100
*78
7812 *70 -___ 80
8114 8134 8134 81.
81
8012 8012
516 A.moskeag Manutacturinz
102 102
102 102
Do pre
102 10212 *102 10212 102 10212 10214 10212
521
*738 8
738 733 *733 8
733 733
738 738 *738 8 ' 230 All Gulf & W I sS 1..I0u
*15
16
Do prof
15
15 *15
17
15
15
15
1518 15
15
680
100
Cumb Telep & Teieg_100
Last Sale 16012 Feb'12
-1.914 1414 -14 -1-4-3-16-* 14 Yi- 15 1514 1412 1434 1,432 East Boston Land
4
10
29812 299
209 299
293 299
298 298
298 293
100
351 Edison Elea Illum
293 299
16412 166
16414 16612 165 16534 16534 16613 16612 167
100
16312 16314
587 General Electric
9314 94
9334 9334 94
Massachusetts
94
Gas
94
Cog100
94
94
91
9358 94
639
*93
9818 93
9818 9818 981
Do p:et
100
9838 9833 9833 033
9812 0812
403
*220 221
220 220
221 221
220 220 4220 221
221 221
14 Morgenthaler Lino_ _ I 00
*312 4
312 *3
10
212 212 *3
312 *3
312 *3
2 Mexican Telephone
312 •
*101
____ *10114 ____ *10114 ___ 102 102 *10114 103 *10114 104
100
6 N E Cotton Yarn
*105.34___ *10531 ____ *10534
Do pret
100
_ *106
106 106 *106
-161 161 *160 161
161 161
100
161 161
161 161
160 ilo ---250 N E Telephone
*91
92 *91
92
*90
92
90
90 *_ - 91
_
80 Portland (Me) Elec_100
160 161
15978 160
160 113012 15934 160
115 16033 160 16058 1,531 Pullman Co
100
16
17
*16
17
17
17
17
17
17
17
17
17
322 fleece 13utton-Hole_ 10
10158 102
102 102
10134 102
102 102
10134 10214 102 10214
100
593 Swift & Co
3014 3013 3014 3014 *2912 3014 *2912 3012 30
25
3014 3012 3012
314 Torrington
*29
293 *29
30
*29
293 *29
Do pref
Last Sale 29 Mch'12
25
2944
18978 18478 18478 185
183 184
188 18718 18513 181313 18512 18612
100
613 United Fruit
5214 5212 x5112 52
5112 5134 51
61
25
5012 5112 5013 5013 1,879 On Shoe Mach Corp
2814 2834 x2814 2814 2833 285
2814 2812 2853 29
Do pref
2878 29
25
1,328
6514 6618 6534 6738 6614 6714 6513 68
6712 6814 6738 6814 17,386 U S Steel Corp
100
11034 11034 11073 11113 11114 11119 11134 11212 11234 11314 11314 11314
Do prof
_. 100
503
5814 Feb 28
10034 Jan 13
312 Itch 13
£1434 Feb 2
11434 Jan 10
11312Jan 4
13713 Jan 2
23 Jan 31
80 Feb 5
77 Jan 3
100 Jan 2
7 Jan 4
15 MO 15
157 Jan 2
1034 Jan 2
293 Jan 2
155 Jan 2
9014 Jan 2
0343 Jan 5
218 Fob 1
213 bids 14
102 Mch20
r10313 Jan 15
152 Jan 2
7212 Jan 17
158 Feb 1
1334 Jan 2
9813 Jan 2
30 Feb 20
28 Jan
178 Jan 29
4614 Jan 15
2758 Jan 1
5838 Feb 13
10718 Feb 13
6312 Jan 2
105 Alchl2
518 Jan 15
1714 Jan 16
12878 Mch 22
12213 Mch 22
14813 Mch 20
30 Alch 22.
94 Mch 2O
8134 Mch 20
10212 Alch 19
9 Feb 14
20 Jan 18
16012 Feb 29
1614 Jan 27
29012 Feb 1
16712 Alch 15
94 Mch 16
9873 Feb IL
225 Jan 18
4 Jan 20
105 Jan 18
106 Mch 21
164 Mch 14
90 Mch20
162 Jan 30
17 Mehl°
10312 Alch 6
32 Jan 10
30 Jan 13
18713 Mch 20
5314 Mch 13
29 Feb 'd
6934 Jan 3
11314 Mch 21
43 Sep
00 Jan
3!2 AU4
1212 Aug
112 Sep
11134 Jan
13133 Aug
2112 Dec
8512 Oct
7712 Dec
119 Dec
738 Dec
1412 Nov
14514 Jan
714 Jan
275 Sep
142 Sep
8734 Jan
93 Dec
211 Jan
3 Oct
103 Oct
101 Nov
13/ Jan
6234 J'iy
153 Sep
x12 Jan
0734 Sep
29 Sep
'27 Mch
4178 Dec
4014 Aug
2612 Sep
50 Oct
10312 Sep
6334 Dec
10514 Mch
610 Jan
1304 Jan
122 Feb
12018 Slav
15314 J'ne
3614 Mch
9612 J'ne
SI Nov
10013 Deo
11 May
26 Jan
15912 J'ne
12 May
297 Dee
16734 May
9634 Aug
9812 Oct
235 Aug
478 Jan
119 Alai
11612 Mch
16512 Dec
7334 Nov
163 Jan
15 May
104 J'ne
30 Jan
31 J'iy
10712 J'iy
5878 Feb
2914 Jan
8213 Feb
12013 Feb
Mining
712 734 1,335 Adventure Con
25
734 734
613 1.538 Algomala Mining
6
6
614
25
4212 4219 4214 4412 1,120 Aliouez
23
7613 7734 7713 7853 18,066 Amalgamated Copper 100
2638 2678 5,222 Am Zino Lead 63 3m_ 25
2634 27
412 434 2,016 Arizona Com'l ctts dep_
413 478
Bonanza Dev Co
10
Last Sale .40 Mch'12
bl
3
935 B os&CorbCope,Silg
734 8
734 734
398 373
4
4
430 Butte-Balalciava Cop. 10
Butte. Coalition
15
Last Sal3 '23 Feb'12
28
2812 2814 2834 8,593 Butte& Sup Cop(Ltd) 10
10
6718 6814 6714 6773 20,489 Calumet 4,.. Arizona
465 470
25
465 470
301 Calumet 5: Ilecla
21
2134 1,440 Centennial
2012 21
25
27
3,623 Chtno Copper
5
2714 2634 27
Cons Mercur Gold__
Last Sale .06 Mch'12
1
58
5831 60
60
3,814 Copper Range Con Co-100
90
614 634
200 Daly-West
614 612
East
1334
1313
Butte
Cop Min
9,437
1314 1358
10
1334 14
1312 1412 4,643 Franklin
25
412 412 2,820 Giroux Consolidated_ 5,
412 458
Granby
Consolidated_ IOU
38
38
3934 1,572
36
90
838 812 85ts 8gte 4,795 Greene 8,ananea
3114 3134 *3013 31
3,004 Hancock Consolidated 25
Helvetia Copper
Last Sale 114 Mch'12
25
1518 1612 1534 16
25
4,385 Indiana Mining
1878. 1878 1814 1878
944 Inspiration Consol C. 20
1
4312 4312 *4334 44
212 Island Creek Coal
Do prat
*8612 87
1
x8518 8513
294
2813 2914 28
25
2834 7,345 Isle Royale Copper
2 15-16 3
5
3
3
765 Kerr Lake
118
23
114
410 Kewecno.w Copper
38
25
3834 3734 3812 4,611 Lake Copper Co
25
00 La Salle Copper
514 514 *514 512
*1213 1312 1212 1213 1,160 Mazon Valley Mines. _5
8
8
8
8
1,020 Mass Consol
25
1038 11
1953 1078 3,815 Mayflower •
25
*2412 26
2412 2434
5
850 Miami Copper
Last Sale 3
Mch'12
Michigan
25
5778 60
5934 61
1,630 Mohawk
25
1973 20
20
2014 3,352 Nevada Consolidated.. 5
414
438
438 432 1,485 New Arcadian Copper 25
812 814 1,217 NipIssing Alines
86-16 814
5
12 3012 2978 3118 18,732 North Butte
2,
15
673
634 7
613
25
1,415 North Lake
6
614 1,265 0,11bway Mining
25
14 614
678 7
673
2,490 Old Colony
25
491, 5912 4934 501. 2,362 Old Dominion Co
25
114 118 744 Osceola
1161-3 117
23
612 Pond Creek Coal ....... 10
1538 1518 1512 1512
82
1,371 Qu :Icy
25
8912 8313 81
10
1738 .18
1734 1734 2,808 Ray Crnisol Copper
*112 173 *112 178
50 ianta, Fe Gold & Cs):
)
. 10
1213 1278 1213 1234 3,248 ihannon
10
1,200 iouth Utah AI & S...... 5
.65 .65
875 inperior
25
2912 29
2912
29
313
3uper3ont
Boston
1,660
:lin 10
314
314 312
470 raiaarack
2933 291. 2913 2912
25
1,644 Veln;ty
6
6
6
6
25
rtloluinne
660
4
*378 4
Copper
4
1
3918 4014 40
4014 13,473 U :1 -illicit [let it Alin_ 50
'wet
4313 481., 4853 4878 1,930
1)
50
318 318' 11-103 1-16 2,067 Uta 1-A.2ex Mining
3
17
1714 1713 171. 2,230 Utah Consolidated._ 3
5813 5938 59
593i 2,033 litatt Ccoper Co
10
413
413
425 Vie ()eta
418 412
25
823 iVinons.
25
7
714 *634 7
11114 11214 11134 112
499 %Volved=
25
212
212
212 212
625 'vVc n.-1 tot': .....__ ._
23
:1 .4:'3;J.;
65;.•:.;1,;:. a
sit r&;.sta.
558 Feb 13
458 Jan 4
3814 Feb 1
60 Feb 1
2412 Feb 15
2 Jan 2
.40 Meh 9
614 Feb 1
312 Jan 22
2134-Jan 1
1912 Feb 7
5712 Feb 1
405 Feb 1
1712 Jan 5
2514 Feb 28
.04 Jan 13
30 Jan 31
5 Jan 19
1214 Jan 15
1112 Jan 15
413 Feb 27
33 Feb 5
712 Feb 29
29 Jan
1 Jan 3
1138 Jan 16
18 Feb 6
4012 Jan 17
85 Jan 13
2034 Jan 15
234 Jan 2
.80 Jan 2
3212 Feb 1
419 Feb 15
107i Feb 8
714 Feb 13
234 Jan 3
2338 Jan 29
2 Jan 2
5012 Jan 30
1814 Jan 29
314 Feb 8
534 Jan 3
2234 Feb 1
519 Jan 30
42 Jan 5
213 Jan 2
44 Jan 31
105 Jan 15
1512 Mch 211
7313 Jan 29
1618 Jan 29
1 Jan 31
9 Jan 31
.60 Feb 1
24 Feb 1
278 Feb 21
213 Jan 31
5 Jan 15
312 Jan 2
24 Jan 31
47 Jan 10
212 Jan 2
1434 Feb 21
5212 Jan 29
41$ Mch21
512 Jan 23
9434 Jan 29
134 Jan 5
8 Mch 5
e7 Jan 27
4412 Jan 2
7833 Aich22
2814 Alch15
Mch
12 Jan 19
9 Jan 16
5 Feb 23
2333 Jan 3
2834 Alch 22
6814 Mch 21
470 Mch 21
23 Jan 18
2714 Jan 23
.09 Jan 15
60 Mch 21
612 Alch 22
14 Jan 20
1412 Mch 7
434 Jan 5
3934 Mch 22
911.3 Jan 22
3534 Feb 14
133 Mch 7
1612 Arch 5
2188 Jan 21
45 Feb 21
8712 Aids 6
2938 Itch I
318 Feb 13
134 Jan 10
3834 Niels 21
534 Jan 11
1338 Steil 1
014 Jan 4
1134 Feb 27
26 clan 3312 jan 20
61 Mch 22
2014 Mch 22
534 Mch 6
814 Mch 18
3113 Melt 22
714 Jan 2
e634 Jan 11
814 Feb 29
5133 Mch 6
118 Mch 22
'1612 Feb lu
82 Mch 22
1912 Jan 2
2 Melt
1273 Melt 7
.85 Jan 17
3112 Arch 5
478 -Jan •13
3278 Jan 2
613 Jan 17
414 Feb 17
401,1 Men 21
4873 Atch 22
314.)'Feb hi
1713 Jan 2
6033 Mch 21
578 Jan 20
734 Merl I
110 Mch
314 Mots 4.
9 Sep
212 Oct
21 Aug
4434 Sep
1934 Oct
133 Deo
.30 Oct
334 Aug
3 Nov
14 Aug
718 J'ne
11 J'ne
4414 Dec
7153 J'ne
3053 J'ne
21144 Dec
.75 May
1513 May
612 Jan
2312 Dec
95 Sep
360 Sep
8 Aug
1638 Sep
.03 Nov
4634 Sep
3 Feb
873 Aug
512 Aug
338 Sep
3.6 Aug
buo Oct
17 Sep
33 Sep
514 Oct
6334 Dee
645 Jan
19 Dec
2712 Dec
.15 J'ne
69:34 Feb
7 Dec
1434 Joe
14 J'ne
818 Feb
4312 ,J'ne
853-Dec
3112 Dec
2 Feb
18 J'ne
5934 69
10334 104
*334 4
*1434 15
12013 12112
11812 11852
14733 14734
60
6034
10334 104
*334 4
*1478 15
12114 12212
11813 119
14758 198
712 773
712 712
578 57
512 534
41
41
*41
42
72
73
7273 7418
27
2714 27
2738
453 434
412 412
*.90 .42 *.40 .42
*738 8
734 734
4
4
*334 418
25 /51, 25 /6c1-3
6218 6173 6234
444 446
445 445
1912 1912 1914 1914
2558 253
2578 2578
*.08 .03
5534 36
58
50
6
6
*578 6
1278 1273 1234 1313
1314 131
13
1314
4118 912
412 41.
36
36
3512 37
8118 814
8
8-346
29
30
29
32
. *1
11
11
*114
1434 1434n *1414 15
*1813 1873 *1853 183
*4:114 44
, *4314 44
8614 8614 87
87
L 2713 28
2753 23
21518 2150
:3
3
114
6078 615
104 10414
*334 4
1478 15
12213 123
11834 119
14734 148
6134 6258
10414 10414
334 334
*1434 1473
12212 12514
119 120
14773 14812
713
512
4112
7414
27
434
*.40
734
4
714 714
512 514
42
42
75
7638
2613 2738
412 434
*.40 .42
712 8
4
4
712
51
4112
747e.
2714
434
.4
73
4144
24- 277; 2734 2812
631
62
64
67
450 450
455 465
21
1914 1914 20
2573 26
2614 27
*.06 .0
5612 3612 -5t-312 -5.7-73
6
6
*6
612
1278 1318 13
1353
*1313 1333 1338 1358
*438 412
412 438
3613 37
30
37
831a 83te
814 812
3113 3213 3112 3134
134 *114 133
*114
*1412 1312 1518 1513
1812 1813 19
1914
*43
44
4312 4334
87
*8612 87
87
23
2814 28
2914
*231 3
278 21514
114
114
114
114
114
33
3512 3612 361, 36.7.14 3613 3612 37
514 514
51
51,i 514 *5
51
1218 1218 1233 12
1213 121. 1214 1253
*7
734
712 712
713 713
734 734
! 1034 1114 1073 11
1078 11
1078 11
24
24
2413 2418 2373 2113 2418 2414
*234 312 *234 314 *212 314 *3
31.
*55. 56 *51
53
54
53
5713
57
L 1934 1938 1912 1912 1934 1934 1914 1978
433 41
*413 5
414
4
4
413
, 71518 831
8
814
773 8318
8
814
2734 281
2814 287
2313 2878 2812 2912
638 63
634 67
*614 1312
613 634
6
613
6
6
6
6318 0 614
614
673 7
*63t 7 641s 6131e
678 7
*48
49
*4812 49
49
49
x48
4912
11213 113
112 1121. *112 11212 11212 115
1534 1534 *1512 1578 *1513 1578 1512 1534
*79
791 *78
79
30
79
79
8012
17
1714 17
1713 17
1714 17
1753
*153 178
134 134 *112 178 *112 178
12
1214 12
1258 1214 1238 1212 1234
3.60 .65
.65 .65
.60 .65 *.6., .70
27
27
27
2731 2734 2734 28
2834
*338 334
358 334 39te 334 3913 318
29
20
29
29
*28
29
2812 2912
6
6
61
6
6
6
6
•6
*4
4114
434
4
4
4
4
38
3814 38
3333 3312 39
40
39
4838 4812 4314 4812 4813 481. 4314 4812
273 3 2181.6 2134i
*273 3
234 3
*16
1634 1614 1612 1813 17
16
16
59
5714 5714 5714 5734 58
5634 57
*412 934 *4
4l2 912 *438 412
41
7
7
634 63
634 7
634 634
108 109
108 107
109 111
103 108
*212 234
212 212 *214 212 *238 212
st.).
e Ant ,1
:Fall and aainsti pr333. 3
'•
L *5
62
6258
104 10414
*334 378
*1434 16
125 127
120 12053
1477$ 14812
2914 may 44 Dec
8213 Sep
91 J'ne
1110 Auk
23 Dec
25.3 Oct
778 Jan
13. Nov
334 J'ne
22 Aug
40 J'no
3 Au2
6 Jan
612 Apr
1173 Dec
.312 Aug c10 J'ne
3111 Dec
.20 Feb
1678 Sep
24.13 Dee
352 Jan
114 Nov
36 Apr
57 Dec
16 Sep
2114 J'Iso
414 Aor
Aug
1138 Feb
£813 Dec
20 Sep
::014 J'no
934.me
33.1 Aug
02 Jno
353 Dec
318 J'Iv
.50 Jan
49 J'ne
3414 Sec.
sl Sep 124 Jan
70 Dec
55 SeP
19 Dec
12 Sep
134 J'ne
34 Apr
7 Oct
12(4 Feb
12 Deo
l it, May
4213 Jan
2,) Oct
c213 Oct
314 J'ne
20 Sep
12 Jan
273 Oct
512 Dec
134 Sep
478 May
30:13 Sep •
4013 J'ne
4514 Au9: 4912 J'ne
173 Nov
,312J'no
034 Jan
20 J'ne
33 Sep
5758 Dee
1 Aug
418 Dec
33.1 Nov
912 Feb
74 Nov 122 Feb
AO Nov
3 Fab
819
Boston Bond Record
MAE. 23 1912.1
__EONDS
BOSTON STOOK EXCHANGE
Week Ending March 22
•
11 g
G
411.1.•
Am Agricul Chem 1st 5s__1928 A-0
Am Telap 63 Tel ooll tr 4s.....1929 J-1
1936 VI-S
Convertible 45
,
J-J
. Am Writ Pager 1st a 1 Si g —1918 td-N
1915'
S deb Os
, Am Zino L
Ariz Corn Cop 1st 63 otts of dep. _ -Atch Top & S Fe gen g 4s.._1995 A-0
Adlustment g 4s____July 1995 Nov
July 1995 11-N
Stamped
1955 J -D
50-year oonv 49
1917 J -D
10-year cony 55
J-.1
Atl Gulf & W I SS Lines 5s_1959 M-N
Boston Elev 30-yr g 45—‘_1935 J -J
1916
Boston & Lowell 48
1944 J -J
Boston & Maine 4 ;is
1937 P-A
Improvement 4s_
1942 F-A
Plain 4s
1918 J-J
Os
cons
Illv
Mo
&
Bur
Cedar Rap & Mo R 1st 7s_1916 ,11-N
Cent Vermt 1st g 4s__ _ May 1920
1919
0 B & Q Iowa Div 1st 3s
1919 A-41
Iowa Div 1st 43
1913 M-N
Debenture Is
1922 F- A
Denver Exten 45
1927 11-N
Nebraska Exten 48
1921 M-S
13430SWst 4s
1949 J -J
Illinois Div 3 343
Chic Jct Ry ic Stk Yds 55_1915 J J
Coll trust refunding g 43_1940 A-0
Oh Milw & St P Dub D Si...,1920 J-1
Oh M 63 St P Wis V div 63 1920 J J
Oh & No Mich 1st gu 5s.......1931 M-N
1921 J -D
Ohio & W Mich gen Si
1920 J-D
Concord & Mont cons 4s
Oudahy Pack (The) 1st g 5s 1924 11-N
1926 A-0
Current River 1st 55
1948 A-0
Dot Or Rap & W let 9s
Dominion Coal 1st s t 5s,....- _1940 11-N
1913 11-S
Fitchburg 43
1927 M-S
4s
1933 A-0
Fremt Elk & Mo V 1st Os
1933
A-0
Unstamped 1st Os
WseFs
84
Rasige or
Last Sale
--High No
Ask Low
Bid
10258 Sale 10238 10238 42
91 Sale 9078. 9118 153
2
115,
11514 11614 11514
9834 Oct '11
5
109
109 Sale 109
1
5912
5912 Sale 5912
2
9912
9914 Sale 9914
91 9134 9118 Mch'12
91 9134 9114 Mch'12
107 Deo '11
11058 Mch'll
67117
67
!He_ 9
65
6138
4 Fob 71
—_
10014 Mch'09 --10912Oct '08
Pries
Friday
March 22
Range
Since
Jan. 1.
BONDS
BOSTON STOCK EXCHANGE .4
vt
Week Ending March 22
Price
Friday,
March 22
Range
Since
.Tan. 1.
Ra7278 CT
Last Sets
High No
Ask Low
041
Low
10114 10234 General Motors 1st 5-yr 63_1915 A-0 10012 Sale 9914 Feb '1
71
97
9634 Sale 9634
9018 9114 (it Nor Oil & Q coil tr 4s__1921 J-J
9678 38
9634 Sale 9613
Registered 43 '
1921 QJ
1083411538
,01 • 5
10014 ip1r00
117
_ Illinois Steel deben 53
1913 A -0
fo-i IOW la Falls & Sioux C 1st 7s 1917 4-0
Kan C Olin & Spr 1st 5s1923 A -0 97 99 97 Feb '12
54 61
8
11718
99 9934 Kan C Ft Scott & Mem Os 1928 11-N 117 11714 117
9212 Mch'12
1934 11- S 9212 _
9118 9218 Kan 0 M & B gen 4s
3
86
Assented Income 5s
86 Sale 85
1934 119114 9158
4
012
02
212svnle
15
Kan C & M Ry & Br 1st 53_1929 A.0 10212 Sale 10
Marq Hough & Ont 1st Os....1925 A -0
987 --1
-i
Mass Gas 4;is
1929 j-J -61 "9114 9812
-14 Mich
-a;18
9912 May'li
Telephone 1st 53__ _1917 J • J
95 9513
97113 18
---- New Eng Cotton Yarn 5s1929 F-A 9634 Sale 96-58
10138 Mch'1).
1915 A -0
New Eng Tel.ph 5s
10012 Sep '0
1916 4-0
58
9978Jan '12 ---New England cons g 5s.......1945 J -J
98 95
95 Feb '12
19310 4-0
Boston Term 1st 4s
iojis --- 10234 Dec '11
New River (The) cony 5s 1934 J-J
11153 Sep '11
i
5Ch-;112
21-4 iM
93
-1
ill; -9-214 NY N H & H con deb 3;0_195u J -J
-9112 92 9178Mch'12
132
132
1948
Cony deb 6s
1103 Oct '07 —.
1924 1-A
101 Apr '09
-j
Old Colony gold 48
99 Feb '11
9878 Sep '01 -1003410114 101
3 101 10112 Oregon Ry de Nay con a 4s_1946 .1)
101
1922 F -A
4Feb '1
1
113/
Oreg Sh Line 1st g 6s
9014 _,, 9978Feb '12
9978100
1912 J-J
93 J'an 12 __-_
_
985811ch'12
9838 9838 Pere Marquette deb g 6s
103 Jan '11
Repub Valley 1st s 1 6s__1919
1;0.14 _ _ 99l Feb '11
70141.)ce 'I()
3 If 8734 Savannah Elec 1st cons 5s 1952 -j
87
87 Sire 87
193u F- A
1051- 10414 Itch'12 ____
8 10034 10134 Seattle Elec 1st Fr 5s
10138 Sale 10118 101
1919
.11-N
681
90
10
g
8934
1st
Shannon-Arlz
91
2
8913
8912
39 9014 8912
1929 J-J
97 Apr '07 __
Terre Haute Elec g 5s
114 Jan '11
1018
S
12
o038
Feih'
Torrington 1st g 5s
11358Feb '11 ___
Union Pac RR & I gr g 4s.._1947 J-J
19-- -91
-65" -66 99 Jan '12
1927 J-J
4*'Dec '11
0798
19
0
20-year cony 4s
100
2 100 101
99 10012 100
7
931,
9638 9658 9578
United Fruit gen s f 4;0_1923 J-J
9712Sep '11 -5
961
9612
1925
9578
9618
J
J
;is
4
Debenture
10014 Aug'02
7
10234
10234
U S Steel Co 10-60-yr 5s Apr 1953 Ai-N
icia" 7_7._ 102 Feb '12
-9:9-1.; 103
9918 Sep '11
F-A
85l3__,... 8614 Feb '12
14 West End Street Ry 4s,„ _1915
86.
10014 Feb '12
1914 .18-S
Gold 4 ;is
4 9834 99.4
99
09
9812Apr '10
1916 11-N
Gold debenture 43
10313 Apr '05
9812 Nov'11
1917 F-A
Gold 45
96 Apr 'OS _ .
thais 37
Western Teleph & Tel Is__ _1932 J -J 10014 Sale 100
128 J'ly '11
9338Feb 12 ___
1 127 CZ/12 Wisconsin Cent 1st gen 4s_ _1949 J -J
127
127.
NOTE.—Buyer pays accrued interest In addition to the purchase price for all Boston Bonds.
• No price Friday: late:t old and asked.
Low High
9914 9954
9634 9812
9612 9758
10018 10034
97 97
117 11713
92 9212
85 89
10212 10212
-913- -99-1;
4
-965; -9-8-39934 997
9214
1/4
13134 13213
1-1-3-341-1-3-34
95 95
--2
104 114-18312 90
V13-4 9934
1001210058
953
9534 9612
10138 104
1-0014 10014
1-6/12
9358 9358
IL Flat price
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Share Prices—Not Per Confirm Prices
----Friday
Wednesday Thursday I
Tuesday
Monday
Saturday
March 21; March 22.
March 20
March 19
March 18
March 16
4,.._ 109 *108 109
11434 11434 *11412 115
1014 1038 1033 1012
6314 6314
6234 63
1,12714 12812 *__ 128
23
23
23
23
4512 4534 *4514 46
*1914 1938 *1938 1934
Sales
ACTIVE STOCKS
ol the
Week (For Bonds and Inactive
Stocks see below)
Shares
10834 10834 *10812 109
109 109
0..._ 110
11484 11434 11412 11412 *114 115 *114 11434
*1014 1038 1038 1012 *-- 1012 1014 1014
6378
6212 6212 63
63
63
63
63
128 128 *128 12812 128 12812 *128 12812
2412
8
243
2412
2314
2314
*23
23
23
4612 9014 4634
4513 4512 9512 4512 46
*1914 1958 *1914 1912 *1914 1912 1912 1912
Baltimore
200 Con Gas El L & Pow_100
100
prof
Do
108
2,020 Houston 011 tr ctfs 100
Do
pref tr etts_100
1,522
50
234 Northern Central
100
2,083 Seaboard Air Line
100
pret
Do
1,520
300 United Ry & Electric_ 50
Philadelphia
15 American Cement__ 50
212
*2
2
2
2 *___
47 American Railways_ 50
*4912
- 904 *4414 4434
4914
50
Steel
42 -4214 4218 4213 42
4214 2,118 CambriaCo
of America 10
10 Electric
1214
1218 1218 *1218 1238 *12
_100
Battery
Storage
Bice
9,420
5612
5558 5638 5614 6634 56
3,610 Gen Asphalt tr ctts__ _100
22
22
2112 22
2112 22
Do
pret tr etts_100
1,915
6213 0314 6212 6212 6234 63
35 Keystone Telephone.. 50
612 612 *612 7
---441 Lake Superior Corp.._100
291c 2912 2912
2812 /812 *29
50
557 Leh C & Nay tr ars
8778 88
8778'877i 8778 8814
50
8158 82 1-16 8214 83
83346 8358 1,030 Lehigh Valley
2,005 Lehigh Valley Transit 50
1118 1114 1138 1112 1114 12
50
Do pret
2012
935
29
2812 29
29
29
30
62 62 7-16 6214 6212 6214 6212 1,870 Pennsylvania RR
50
820 Philadel Co(PIttsb)
*5414, 5412 5438 5432 5414 5438
1814 1814 1814 1814 1813 1814 2,604 Philadelphia Elecii_ 25
23
2314 *23
2314 2234 23
2,809 Phil R T vot tr ctts_. 50
50
10,631 Reading
1
775
3,784 Tonopah Mining
8
"
8 799
145
312 7Te2 7i58
7?.7
5 792
71 797
:
18 718
7/7
50
50
5018 60
50
50
5014 2,851 Union Traction
50
50
50
8818 8813 8814 8812 8858 8834 8812 8858 1,138 Union Gas Impt
2
2
2
*__
*4914 4434 *4414 4434
2(,_4413 4412
4178 4214
4214 4134 42
42
1214
1214 *12
1214 *12
*12
56
56
5531 5534 5534 5534
22
2312 2012 2214 22
22
278 63
62
64
62
*612 714 -------613 612
*2834 2912
29
29
29
29
88
88
88
8834 88
88
8114 8114 8158 815s 81582 1-16
1112 1158 1114 1114 1114 1114
2834 2878
2878 29
29
29
6178 62
81134a 611534 611140 62
5412
5412 5434 5414 5412 *54
1838 1838 1814 1838 1814 1838
23
2318 23
2318 23
• 23
'52g
778434771N 777813-76
5014 5014 4978 5014
8814
8812 8812 88
PHILADELPHIA
Inactive Stocks
10
American Milling
50
Cambria Iron
Central Coal & Coke,._100
100
Preferred
Consol Tree of N J......109
50
Germantown Pass
Huntington & B T---50
5
Preferred
Indiana Union Tr---_100
Insurance Co of N A.....10
Inter Sin Pow & Chem_50
Interstate Rys. pret.. 10
Kentucky Securities_ _100
100
• Preferred
Keystone Telep v t c .50
50
Preferred
Keystone Watch Case-100
10
Lit Brothers
50
Little Schuylkill
Minehill & Schuyl 11_50
Nat Gas Eieo Lt & Po-100
100
Preferred
North Pennsylvania-50
50
Pennsylvania Salt
Pennsylvania Steel_ l00
100
Preferred
Phila Co (Pitts) pref —50
Phil German & Norris. 50
50
Phila Traction
Railways General.....10
Tonopah Belmont Dev_l
United Cos of N J____100
United 'mac Pitts pret_50
Virginia Ry & Pow__100
100
Preferred
Warwick Iron & Steel__10
Washington-Va
100
Preferred
100
Welsbaoh Co
West Jersey.& Sea Sh_50
Westmoreland Coal_ _50
Wilkes Gas &
50
York Railway
50
Preferred
1112
Aids
Bid
Ask
PHILADELPHIA
Lowest
118 .
11 Ex-div.& rights.
I'lipoid.
t 31334 paid.
Highest
LOWCJI
Highest
64 Jan
89 Jan
7 Itch
95 Feb
121 Jan
20 Jan
33 Jan
1012 Jan
9512 Dec
101 Sep
10 Aug
79 J'ly
13034 J'ne
27 J'ne
60 Nov
1978 J'ly
5 Nov
2 Feb 9
7 Jan 10
42 Jan
4414 Mch 7 4512 Feb 1
4078 Sep
4112 Mch 2 4412 Feb 2
1112 Jan
1178 Feb 2 1214 Jan 29
4813 Jan
5234 Jan 16 5634 Mch21
2812 Aug
20 Mch 9 3314 Jan 3
68 Aug
GO Melt 9 73 Jan 3
653 Dec
612 Mch 1 fl'is Jan 8
2112 Sep
2714 Jan 3 30 Feb 23
8312 J'ne
8778 Mch 20 9014 Jan 3
7534 Sep
7818 Feb 5 9278 Jan 16
614 Jan
812Jan 3 12 Mch 13
1812 Jan
23 Jan 12 2912 Meh 22
5938 Sep
61114 Jan 27 6212 Mch 21
4814 Sep
5012 Jan 11 5614 Feb 16
1512 Nov
1678 Jan 2 1834 Jan 25
17 Apr
2234 Mch 22 2433Jan 25
7414 Jan 11 79540 Jan 22 601514 Sep
512 J'iy
8 Mch 18
634 Jan 11
43 Jan
4934 Feb 28 5214 Jan 26
8414 Sep
8614 Jan 9 89 Men 15
1712 Jan
4612 Nov
4834 Feb
1213 Jan
5618 J'ne
3914 Oct
8378 Jan
912 Jan
32 Feb
98 Jan
93748 Dec
978 Oot
2533 Oct
65 Feb
5914 Jlis
18 J'17
2418 Aug
8034 Feb
838 Jan
5234 Aug
8938 Jan
96 Jan 3 111 Mch 4
101 Jan 2 115 Mch 7
814 Jan 3. 1078 Feb 14
5334 Jan 25 64 Mch 5
127 Feb 28 12812 Jan 17
25 Jan 26
2212 Mch
9512 Mch 14 49 Jan 9
1814 Jan 2 21 Feb 1
Bid
Ask
Bond;
Ph de Reacl 2d Is 1933 A-0
4
Ex Imp M 4s 1947_A-0 1661Prices are all "and
Interest'
Terminal 53 g 1941-Q-F
02 P W & B col tr 43 '21....J-J
9984
-7917 -go— Alt & L V Elec 4 335.33F-A
8634 87
125
Read Trac let 6s '33__J-J
79 - 80 Am Gas & Elec 5s '07_F-A
A-0 9512 ____ foci Ry & Loon 5s'54 J-J 16634 10114
Am Itys 58 1917
12
102
Spanish-.Am Ir Os '27__J-J
ALI C Elec ref 5s 1938_11-S
0:i 6"
:
7
_:
Stan'd Gas & E 63'25 31-N
13erg&EBrew 1st 63'21 J-J
--_-_-..
_ _ 11612 Stand St1 Wks lst55'28 J-J
Heti:Ben Steel 6s 1998..Q-F U'
Trac Ind gen 55 '19_J-J 95 -(751-2
— Choc & Me 1st 5s 1949_J-J
8 ____ Un Itys Tr Ws 413'49__J-J 77 7712
8 -215g Ch ok do G gen 58 1919 J-J 1031
2213:
United Rya Inv let coil tr
_ __ Con Trac of N J 1st 53 '33
.... j
..... ;
e t Si 1926__11-N 8234 83
3 2 ____ Del Co figs tr ctts 46'49J-J 8814
1:9
-. -- Weisbach s t 5s 1930__J-D 9014 9012
....-__
Elec & Peoples Tr tr ctts„ :
Wil-B G&E con 5s'55_J-J
Fr Tac&H 1st 55 1940.J-J
,.__ -fir York figs 1st 5s 1937_J-D 941
..... ___ Gen Asphalt 59 1910_11-S
flyy 45 1933__J-J
BALTIMORE
388
45
83
438 6
83
-gri- .11.1„, Interstate 45 1943_F-A 0
Inactive Stocks
Keystone Tel 5s 1935_J-J
__. Lake Sup Corp Inc 5s'24.0 -76- 761-2 Ala Cons Coal & Iron_100
100
Preferred
130
Lehigh Nay 4;is '14 Q-J
20
Gen M 4 40 g 1924_Q-F —... ior Atlan Coast L (Conn)_100 287 lid100 ._ 150
10914 Canton Co
70 iiivi Leh V C 1st 5s g 1933..J-J
100
Georgia Sou do Fla
Leh V ext 4s 1st 1948_J-D
100
124
J-D
1st preferred
ii6-1-4
Conso* Os 1923
100
2d preferred
Consol 4 ;is 1923.. J-D
.
100
21,
1
idd
J-D
- 0-13-..1 Brewing
Annuity 68
100 2914 2434
94
9814 981-2 Seaboard Air Line
4412
..s 2003....31-N
Gen cons ,
Bonds
100 46
4614
15_0.1 ._-- Leh V Tran con 45'35 J-D
Preferred
1st series A 48 1935_11-S
9..4 8334
Prices are all "and
1st series 13 5s 1935 M-S
-1-151
4 -10
interest"
8 MarketStEl 1st 4s'55 M-N
.3(0..".. Balt City 3;is 1930. J-J
.
---NatLII&P ser 13 Is '19 J-J :7-- 1(5
45 1954-1955___Varlous
:1 - New Con Gas Si 1948_J-D —__
---- -ii.
1.1-N
46 ---- 3 Y Ph & No 1st 4s'39 J-J
Si 1916
9814 ____
87
Anacostia & Potom Is A-0
M-N
Income 4s 1930
10 -if - Pa & N Y Can Is '39..A-0 ......_
AtCoast L cony deb 4511-N 103 10314
Atl Coast L(Ct)etts 53 J-D
5114 5434 Penn Steel 1st 5s '17-M-N
CUs ot indebt 4s____J-J
Ptople's.Tr tr ctts 43 1943 92 -921-2
J-J
5-20-yr 48 1925
1031
104
tici-S
Co
5W49
tr
P
75-iii8
-lst&col!
9719
9712 0778 B S p & 0 1st 4 ;i5'53 F-A 97
Con & coil tr Is '51 M-N
Phil Eleo gold tr etts_A-0 10312 10334 Bait Trac 1st 55'29__M-N
J-D
1942
53
Div
Bait
No
--82
Trust ars 4s 1949 _J-J
813
8 P & E gen 1.1 5s g '20.A-0
-1(1110612 Oar Pow & Lt Is 1938 F-A
32 3234
Gen M 4s g 1920_.A-0
10014 Cent fly cons 5s '32_11-N
1
!Bid and asked: no sales on this day.
PHILADELPHIA
Range for Previous
Year (1911)
Range Since
January 1
BALTIMORE
C Ry Ext&Imp 5.3 '32 1.1-S
Chas City Ry lA 53'23 J-J
Chas Ry G & El 5s'99 M-S
City & Sub 1st 58 1922 J-D
City & Sub(Was)1st Si '48
Coal & C Hy lst Is'19 ACoal & I Ry 1st rs'20_F-A
Col&Grnv lit Os 1916 J-J
Consol Gas 55 1939......J-D
Gen 434s 19o9___A-0
Cons GE & P 434s '35 J-J
Fair & CI Tr let 53'38 A-0
Ga de Ala let con 53'45 J-J
Ga Car&N 1st 55 g '29_J-J
Georgia P 1st Os 1922J-J
Ga So & Fla 1st Is '45..J-J
G-B-S Brew 3-4s '51_M-S
Knoxv Trac 1st 5s '28 A-0
MaconRy&Lt 1st 58'53 .1-.J
Md Bice Ry let 55'31..A-0
Memphis St 1st Is '45_J-J
Mt Ver Cot Duck lit 5s__
Npt N &0P 1st 513'3811-3
Nor&Port Tr 1st 55'36 J-D
North Cent.4;is 1925-A-0
Series A 53 1926____J-J
Series B 55 1926____J-J
P.tt Un Trac 53 1997....J-J
Poto Val 1st 54 1941__J-3
Say Fla & West 5s '34 A-0
Scab Air L 4s 1950__A-0
Adjust Is 1949____F-A
Scab & Roan 5s 1926....J-J
South Bound lit 5s _A-0
U El L&P let 434s'29 M-N
Un By & El 1st 4$ '49 M-S
Income 4s 1949J-D
Funding 5s 1936___J-D
Va Mtd 3d ser as '16_ _51-S
4th set' 3-4-53 1921_M-S
bth series 53 1926_ _11-S
Va (State) Si new '32_J-J
Fund debt 2-3s 1991 J-J
West N C con Os 1914_J-J
Wil & Weld 5s 1935_ _J-J
Bid
fig
106
103
93
-6S1011:
109
98 9814
8978 90
10112
108" 10613
_
"iti"
10712
10114
_
_
761
76
99
-g61-2
104
8734 88
05 -1-1.g373
8514 8512
6438 3438
87
820
THE CHRONICLE
[Vol, Lxxxxiv.
Investment and Igaitroact Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly return
cin be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last tirgli
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementaryi
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 subsequent page.
Latest Gross Earnings.
ROADS.
Week or 'Curren!
Month.
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Ala N 0 & Tex PacN 0 & Nor East_ February _ 334,589 297,472 2,550,954 2,457,848
Al & Vicksburg__ February _ 140,141
138,310 1,162,556 1,247,146
VIcks Shrev& Pac February _
128,979 112,404 1,019,064 1,061,724
Ala Tenn & North.._ January _ _
96,836
14,858
12,277
70,017
Ann Arbor
1st wk Mch
34,773 1,477,464 1,362,406
39,965
Atch Topeka & S 1,
( January _ _ 8,333,262 8,528,246 63.270,040 64,204,572
Atlanta Birm & Atl 1st wk Itch
61,959 2,291.877 1,969,387
66,326
Atlantic Coast Line January _ _ 2,737,997 2,700,486 18,534,583 17,623,470
g Baltimore & Ohio_ February _ 6,802,614 5,913,433 60,295,120 59,323,126
11 0 C.) Ter R
January __ 110,121
106,213
924,020
904,192
Bangor & Aroostook January __ 283,135 278,256 1,776,760 1,952,621
Boston &
_ January
3,297,744 3,370,566 27,337,275 26,900,348
Bridgeton &
Maine_SacoR January __
.3,888
3,284
35,504
32,072
Butt'loch & Pittsb_ 2d wk Itch 212,805 174,988 6,846,196 6,715,396
Buffalo & Susq_ _ _ _ January _ _
201,136 178,971 1,465,924 1,373.959
Canadian Northern_ 2d wk Itch 336,500 253,900 13,415,500 10,159,600
Canadian Pacific...... 2d wk Mch 2,333,000 1,899,000 83,095,148 71,312,857
Central of Georgia_ _ 2d wk Itch 302,400 298,600 10,224,278 9,572,055
Central of New Jer_ January _ _ 2,303,370 2,294,549 17,946,076 17,345,065
Central Vermont_ _ _ January _ _
286,014 301,251 2.431,265 2,345,823
Ches & Ohio Lines_ 2d wk Mob 705,081 544,231 23,707,056 23,279,425
Chicago & Alton__ _ 2(1 wk Mch 332,882 282,331 10,701,339 10,505,831
Chic Burl & Quincy January _ _ 6,509,074 6,621,904 52,479,774 54,883.165
p Chic Great West.. 2(1 wk Mch 278,711 281,561 9,119,979 9,020,040
Chic Ind 63 Louisv_ 2d wk Mch 111,152 116,763 4,510,578 4,314,230
Chic Memph & Gull January -19,765
19,135
162,306
97,230
Chic Milw & St Paul January __ 4,256,349 4,738,.624 37,600,903 40,259,014
Ch Mil 63 Pug Sd_ January -- 931,238 991,071 9,355,106 8,504,572
cChic & North West January __ 5,007,101 5,528,612 45,651,088 47,273,594
,Chic St Paul M & January
1,109,296 1,230,412 9,242,953 10,192.844
Chic T H & S E
January __
177,955 146,919 1,136,161 1,309,534
Cin Ham & Daytor. January __
720,428 756,517 6,056,347 5,761,403
- Colorado Midland.._ January
135,738 139,996 1,197,:334 1,256,563
S Colorado & South 2(1 wk /Joh 249,670 271,235 10,396,305 11,982,006
Cornwall
January
16,470
12,20.
112,653
98,520
Cornwall & Lebanon January _22,931
20
20,907
183,618
210,142
Cuba Railroad
fanuary
368,472 315,784 1,951,137 1,577,719
Delaware & Hudson January -_ 1,697,169 1,572,611 12,831,086 12,334,677
'Del Lack & West
January _ _ 2,822,894 2,877,512 21,997,210 21,412,330
, Deny & Rio Grande 2d wk Mch 362,700 375,600 16,623,715 16,821,103
Western Pacific.._ January _- 327,197
3,261,369
, Denver N W es Pac _ 2d wk Feb
19,935
818,024
13,406
731 208
Detroit Tot 63 Iront 2d wk Mch
44,213
27,578 1,319,988 1,349,688
Detroit & Mackinac 2d wk Mch
25,305
26,328
825,865
838,637
Dul 63 Iron Range_ _ January
107,301 154,900 4,530,703 5,227,488
Dul Sou Sh & Atl_ _ 2(1 wk Mob
59,697
52,182 2,193,321 2,222,473
El Paso & Sou West January -- 685,226 638,381 4,270,450 4,291,337
Erie
January -- 4,215,898 4,206,553 34,235.491 33,802,949
'Fairchild & N E__ _ January __
2,172
1,900
15,012
14,044
Fonda Johns & Glov January __
66,651
67,541
564,047
584,338
1Georgia Railroad_ _ January __
273,087 302,390 2,049,209 1,946,118
Grand Trunk Syst_ _ 2d wk Itch 901,358 865,280 34,289,930 31,242,891
Grand Trk 'West _ 1st wk Mch 121,496 129.993 4,546,299 4,235,235
33,749
' Det Gr Hay & MI1 1st wk Mch
35,910 1,579,482 1,425,444
38,367
I Canada Atlantic_ 1st wk Mob
37,949 1,424,090 1,285,918
Great Northern Syst February _ 4,216,452 3,572,001 44,640,917 41,681,413
January
Gulf 63,Ship
177,833 176,676 1,173,730 1,189.252
Hocking
566,839 464,794 4,453,042 4,669,405
January
Illinois Central___ _ February _ 4,681,091 4,832,222 39,427,038 42,548,857
Internat & Grt Nor.. 2(1 wk Mch 160,000 152,000 7,608,710 6,716,289
a InteroceanIc Mex.. 2(1 wk Mch 141,957 204,127 5,989,278 6,253,447
'Kanawha SG bitch_ _ January
231,529 233,930 1,962,386 1,929,497
Kansas City South.. February _ 791,361 749,938 6,395,225 6,970,437
'KOMex 4. Orient
53,346
4th wk Jan
58,323 1,090,008 1,169,028
February
_ 2,968,954 2,626,36: 25,667,256 24,247,129
Lehigh Valley
Lexington & East January -37,720
37,760
317,501
292,725
,Louisiana & Arkan_ January
125,246 121,394
806,365
844,429
Loulsv Hand ,S3 St L January
106,999
98,926
758.506
741,580
/3 Louisv & Nashv_ _
w Mai 1,12 ,330 1,065,770 39,685,954 38,701,070
Macon & Birm'harn February..
14,179
14,552
113,502
109,125
January __ 731,622 741,033 6,331,225 5,919,658
,Maine Central
Maryland & Penna.. January _ _
261,892
26,611
29,968
262,002
a Mexican Railway.. 3d wk Feb 102,200 176,000 5,281,100 5,491,100
Mineral Range
2(1 wk Mob
538,244
15,410
536,446
16,868
Minn & St Louis__ 1st wk Mch 143,063 161,383 5,428,002 6,071,037
Iowa Central__
MinnStP &SSM 2d wk Mob 461,290 389,509 18,440,568 15,685,647
Chicago Division
Mississippi Central_ January __
71,537
546.270
78,056
524,451
U Mo Han & Texas.. 2(1 wk Mch 447,071 486 147 20 877,474 21,460,506
Missouri Pacific........ 1st wk Mch 994,000 973,000 38,044,857 36,896,567
Nashv Chatt & StL January -- 974,602 1,127,811 7,057,712 7,115,921
a Nat Rys of Mex_t_ 2(1 wk Mch 890,774 1,312,590 43,933,597 44,933,949
Nevada-Cal-Oregon. 2d wk Itch
6,100
3,198
236,514
242,074
Nevada Central
December..
4,737
9,282
33,953
43,626
N 0 Great Northern January __ 125,526 136,987
965,257
973,953
N 0 Mobile & Chic_ January _- 163,446 170,630 1,125,873 1,084,420
itud
Riv_ January __ 8,147,264 7,787,084 63,293,463 60,724.763
INYC &
Lake Shore & M
January -- 3,847,877 3,716,506 29,463,831 29,423,589
n Lake Erie & W_ January __ 425,765 450,609 3,322,417 3,393,052
Chic Ind & South January __ 328,184 310,642 2,277,949 2,124,551
• Michigan Central. January _- 2,388,902 2,364,920 18,493,977 18,072,331
Cleve C C & St L.. January -- 2,244,664 2,344,881 18,250,694 18,586,617
peoria & Eastern January -_ 230,953 306,128 1,884,958 2,250,438
- Cincinnati North_ January .._
92,215
800,207
99,608
803,918
Pitts & Lake Erie January -- 1,232,863 1,014,696 9,604,126 9,783,772
N Y Chia & St L. January __ 883,694 891,009 6,749,896 6,680,362
'• Tol & Ohio Cent.. January - 397,520 338,879 3,227,893 3,263,179
f Tot all lines above January - 20219901 10624 962 157369 414 155106 576
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
•
Previous
Year,
ulY 1 to Latest Date.
Current
Year.
Previous
Year.
N Y N II & 11 rtf__ January _ 4,883,604 1,777.720 37,846,605 37,142,941
N Y Ont & West__ January __ 649,183 681,841 5,426,517 5,659,242
N Y Susq & West.... January
319,062 315,316 2,322,012 2,205,602
Norfolk Southern.... January -- 233,349 225,960 1,827,633 1,658,312
Norfolk & Western_ January -- 2,938,264 2,931,038 22,923,835 21,425,659
North rn Pacific__ January _ _ 3,918,672 4,254,916 8,398,442 40,733,467
530,848 587,135 4,605,636 4,907,852
Pacific Coast Co.__ January _ _
Pennsylvania RR__ January _ _ 12780,390 12359,831 94,942,121 94,268,250
9,526
Balt Ches & Atlan January -12,914
177,659
177,818
231,480 232,945 1,731,528 1,869,460
Cumberland Vail.. January _ _
666,358 637,069 6,500,713 6,102,181
Long Island
January
6,224
Ilaryi'd Del & Va January __
4,8.17
00,074
87,884
N Y Phila. & Norf January _ _
225,254 230,612 1,95:1,203 2,013,651
Northern Central. January __ 955,508 1,034,674 7,493,662 7,695,032
Mita Balt& Wash January __ 1,436,741 1,441,442 11,231,646 11,400,580
W Jersey & Seash January -- 319,687 316,926 3,979,907 3,874,105
Pennsylvania Co__ _ January _ _ 3,886,505 3,683,507 31,357,685 32,086,539
Grand Rap & Ind January __ 358,949 395,477 3,045,454 3,121,448
Pitts Cln Ch &St L January _ _ 3,204,825 3,112,714 23,703,145 23,985,417
Vandalla •
January
848,990 824,524 6,049,321 6,476,969
Total linesEast Pitts 63 E.. January __ 17415.239 17101,106 136485,154 36026,250
West Pitts & E January __ 8,390,717 8,099,171 66,783,324 68,068,037
All East& West January __ 25805 957 25200 278 03268 481 204094290
Pere Marquette
February _ 1,048,236 1,103,331 11,299,160 10,816 265
Raleigh & Southp't December..
14,094
14,641
87,516
80,208
Reading CompanyPhila & Reading_ January _ _ 3,762,591 3,710,073 27,045,278 26,763,370
Coal & Iron Co
January __ 4,235,798 3,416,577 22,066,194 20,182,750
fotal both cos
January _ 7,908,389 7,126,650 49,111,472 46,946,119
Rich Fred & Potom January
197,440 181,401 1,366,842 1,274,380
Rio Grande June_
December..
75,930
562,141
77,774
554,060
Rio Grande South
2d wit Mai
360,433
1..757
410,300
Rock Island Lines
January _ _ 4,703,629 5,326,807 38,839,411 41,844,690
Rutland
January __ 235,756 228,841 2,078,640 2,092,331
St Jos & Grand Isl.. January __
118,175 137,762
961,341 1,057,313
St Louis & San Fran January -- 3,337,276 3,612,999 25,534,497 26,383,518
f Chic & East III_ January __ 1,226,227 1,258,024 9,381,434 9,287,942
Total all lines
January __ 4,563,503 4,871.923 34,915,931 35,671,462
St L Rock Mt & P
January
220,714 197,833 1,134,488 1,317,226
St Louis Southwest.. 2d wk Mch 227,000 234,000 8,771,149 8,905,770
San Ped LA & S L.. January __ 690,713 647,421 5,073,140 4,761,071
Seaboard Air Line__ 2d wk Itch 503,511 501,818 15,842,656 15,151.965
Southern Paciflo Co January -- 10005151 9,989,086 79,074,516 81,126,809
Southern Railway__ 2d wk Mob 1,251,834 1,184,778 47,756,773 43,225,781
Mobile & Ohio...... 2d wk Mch 216,775 234,020 8,038,787 7,792,652
Cin N 0 & Tex P.. 2d wk Mch 167,586 112,176 6,747,977 6,642,423
Ala Great South.. 2(1 wk Mob
72,220 3,353,727 3,238,058
85,218
Georgia Sou& Fla 1st wk Mch
44,094
46,977 1,690,950 1,684.891
Tenn Ala & Georgia 2d wk Mch
2,327
74,735
67,107
1,944
Texas & Pacific__ 2d wk Mob 278,170 260,050 12,539,181 11,932,617
Tidewater & West.. January __
7,303
57,451
49,735
6,696
Toledo Poor & West 2d wk Mch
929,271
21,978
920,039
23,669
Toledo St L & West 2d wk Itch
81,517 2,810,923 2,685,460
89,677
Tombigbee Valley.... January - _
8,640
7,228
50,712
59,128
Union Pacific Syst_ January - 5,781,538 6.309.716 52,826,083 56,135,133
Virginia & So West.. January -- 151,674 136,075 1,016,934
813,451
Virginian
January __ 411,319 316,234 2,767,728 2,090,867
Wabash
January __ 2,060,365 2,367,495 17,342,886 18,238,764
Western Maryland_ l'anuary _ _
523,364 568,318 4,186,897 4,344,709
Wheel & Lake Erie.. February - 577,138 947,229 5,135,809 4,595,784
1,Vrightsv & Tennille January -216,104
28,918
25,706
197,664
Yazoo & Miss Valley February.. 771,472 911,321 6,855,292 7,592,661
Various Fiscal Years.
Period.
Delaware & Hudson
Jan
N Y Central & Hudson River_e_ Jan
Lake Shore & Michigan South Jan 1
Lake Erie & Western..n
Jan
Chicago Indiana & Southern_ Jan 1
Michigan Central
Jan
Cleve Cin Chicago & St Louis Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
Jan 1
New York Chicago & St Louis Jan 1
Toledo & Ohio Central
Jan 1
Total al lines
Jan 1
Pennsylvania Railroad
Jan
Baltimore Chesap & Atlantic.. Jan
Cumberland Valley
Jan
Long Island
Jan 1
Maryland Delaw & Virginia... Jan 1
N Y Philadelphia & Norfolk.. Jan
Northern Central
Jan 1
Philadelphia Ball & Wash.. Jan
West Jersey & Seashore
Jan
Pennsylvania Company
Jan 1
Grand Rapids 63 Indiana......_ Jan, 1
Pittsb Cincin Chin & St Louis Jan 1
Vandalla
Jna 1
Total lines-East Pitts & Erie Jan 1
West Pitts & Erie Jan 1
All lines E & W_ Jan 1
Rio Grande Junction
Deo
Rutland
Jan 1
Texas & Pacine
Jan 1
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan
Mch
Current
Year.
Previous
Year.
3
31 1,697,169 1,572,611
31 8,147,264 7,787,084
31 3,847,877 3,716,506
31
425,765
450,609
31
328,184
310,643
31 2,388,902 2,304,920
31 2,244,664 2,344,881
230,953
306,128
31
02,215
99,608
31
31 1,232,863 1,014,690
883,694
891,009
31
897,520
338,879
31
31 20.210,901 19,624,962
31 12,780,390 12,359,831
9,526
31
12,914
231,480
31
232,945
606,358
31
637,067
31
4,817
6,224
225,254
31
239,813
955,598 1,034.674
31
31 1,436,741 1,441,443
31
319,687
316,926
31 3,886,505 3,683,507
31
358,949
395,477
31 3,204,825 3,112,714
31
848,900
824.524
31 17,415,239 17,101,106
31 8,390,717 8,099,171
31 25,805,957 25,200,278
31
77,774
75,930
31
228,841.
235,756
14 3,333,506 2,987,489
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries,
Cuent Year Preo's Year Inc. or Dec.
Monthly StimMaries,
Cuent Year Prep's Year Inc. or Dec.
%
$
4
$
Mileage, Our.Yr. Prev.Yr.
let week Jan (42 roads)____ 11,753,095 11.634,037
May
+119.058 1.04
243,170 239,357 229,042,771 234,339,874 --4,697,103 3.00
id week Jan (42 roads)....... 11,097,198 11,903,148
-805,950 0.44 June
943,732 240,012 231.697,053 238.156,755 ---0.459.702 2.71
3c1 week Jan (37 roads)___ 11,570,415 12.036,782
-466,367 3.89
July
244.508 240,088 231,688,006 233,169,887 --1.481.881 0.65
(Rh week Jan (44 roads)...._ 20,138,140 17,936,265 +2,200,875 12.27 August
244,531 340,170 253,043,102 254,886,044 --1,843,842 0.72
let week Feb (39 roads)........ 13,109,182 11,938,471 +1,170,711 9.81 September 245,494 240,825 257.256,762 256,748.775
1-507,987 0.19
id week Feb (40 roads)____ 13,233,646 12,630,319
+603,327 4.78
October _245.533 241,321 266,004,129 263,637,356 4-2,426,773 0.92
id week Feb (42 roads)_-_ 13,450,409 12,851,965
+798,444 6.31
November _234,209 231.563 241,343,763 243,111,388 --1,767,625 0.73
4th week Feb (43 roads)-- 14,943,017 12,852,001 +2,001,016 16.27
December _238,561 235,685 233,614,912 232,275,177 +1.330.735 0.57
jet week Mob (43 roads)____ 13,281,812 12,534,803
+747,009 5.08 January _237,888 234,402 210,704,771 213,145,078 --2,440,307 1.14
Id week Mch (37 roads)..__ 12.351.489 11,811,975
+539.514 4.44
February _ 87,883
80,159 61,178,819 54,050,719 1-8,221,900 11.33
a Mexican currency. b Does not Include earnings of Colorado Springs & Cripple Creek District By.'
Nov 1 1911; in 1910 these returns
ere included. e Includes the Boston & AlbanY, the New York & Ottawa, the St. Lawrence 63 Adirondack from
and the Ottawa & N. Y.
the latter
of which, being a Canadian road, does not maim returns to the Inter-State Commerce Commission, / Includes
Evansville & Terre Haute and Evan'.
Ville & Indiana RR. ft Includes the Cleveland Lorain & Wheeling By. In both years. n Includes the Northern Ohio RR. p Includes earnings
et'
Mason City & Ft. Dodge and Wisconsin Minnesota & Pacific. s Includes LoUlsyllle & Atlantic and the Frankfort & Cincinnati. t Included Oa
piteliCan
_ _ International from July_1910. u Includes the Texas Central.
Includes not only operating
. _ _revenues
_ but also all other receipts.
the table which
Latest Gross Earnings by Weeks.-In
the second week
for
s
earning
the
ely
separat
up
sum
follows we
shows 4.44%
and
roads
37
covers
table
The
of March.
last year.
week
same
the
over
te
aggrega
the
increase in
Second week of March.
821
THE CHRONICLE
MAR. 23 1912.
1912.
1911.
Increase. Decrease.
$
8
12,992
85,218
Alabama Great Southern
37,817
212,805
gh
Pittsbur
Buffalo Rochester &
82,600
336,500
Canadian Northern
434,000
2,333,000
Canadian Pacific
3,800
302,400
Central of Georgia
160,850
705,081
Chesapeake & Ohio
50,551
332,882
Chicago & Alton
278,711
Chicago Great Western
111,152
lis & Loulsv_
Chicago Indianapo
55,410
167,586
Pacific
Chic New Orl & Texas
249,670
Colorado & Southern
362,700
Grande
Rio
Denver &
25,305
Detroit & Mackinac
16,634
44,212
Detroit Toledo & Ironton
7,515
.
59,697
Atlantic.
&
Shore
Duluth South
Grand Trunk of Canada
36,078
865,280
901,358
Grand Trunk Western Milw
Detroit Grand Haven&
Canada Atlantic
8,000
152,000
160,000
International & Great Northern
204,127
141,957
IntoroceanIc of Mexico
54,560
1,120,330 1,065,770
Louisville & Nashville
1,458
15,410
16,868
Mineral Range
71,781
389,509
Minneapolis St Paul & S S M__) 461,290
Chicago Division
486,147
447,071
Missouri Kansas & Texas
234,020
216,775
Mobile & Ohio
0
1,312,59
890,774
Mexico
of
Rys
National
2,902
3,198
6,100
a-Oregon
Nevada-Callforni
8,757
6,233
Rio Grande Southern
234,000
227,000
tern
Southwes
St Louis
1,693
501,818
503,511
Seaboard Air Line
67,056
1,251,834 1,184,778
Southern Railway
2,327
1,944
&
Georgia
Tenn Alabama
18,129
260,050
278,179
Texas & Pacific
1,691
21,978
23,669
Toledo Peoria & Western
8,160
81,517
89,677
&
Western_
Toledo St Louis
12,351.48911,811,975 1,133,677
Total (37 roads)
539,514
Net increase (4.44%)
$
72,226
174,988
253,900
1,899.000
298,600
544,231
282,331
281,561
116,763
112,176
271,235
375,600
26,328
27,578
52,182
$
2,850
5,611
21,565
12,900
1,023
INDUSTRIAL- COMPANIES.
Barns.-Int.,Rentals. tte.- -Bat, of NetPrevious
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
3
4
$
$
2,711
4,201
6,830
8,800
Atlantic City Electric__ _Feb
8,476
10,557
13,467
17,565
Jan 1 to Feb 29
11,207
11.116
4,293
4,757
Feb
Canton Electric
22,332
27,488
8,637
9,513
Jan 1 to Feb 29
23,559
23,924
24,267
24,988
Feb
Keystone Tel & Tel
46,877
47.489
98,705
50,120
Jan 1 to Feb 29
z94.754
64,736 x111,385
72,236
Kings Co Elec Lt & Pow_Feb
129,473 x262,246 x229,619
144,472
Jan 1 to Feb 29
.4.859
7,374
4,929
6,333
Feb
Muncie Electric
9,763
15,205
9,949
12,631
Jan 1 to Feb 29
6,187
9.432
7.014
7,841
Feb
Rockford Electric
14,335
21,399
14.027
15,683
Jan 1 to Feb 29
24.916
26.528
11,506
12.317
Feb
Scranton Electric
x After allowing for other income received.
y After allowing for outside oper., hire of equip, and other income.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
62,170
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
672,879
724,045
American Rys Co_ _ _ February - 350,535 321,600
34,269
39,954
16,677
19,834
Atlantic Shore Ry__ _ February 233,492
112,296
246,357
120.640
February
By
Chic
cAur Elgin &
45,176
53,448
53,448 45,176
Bangor Ry & Elec Co January _ _
9,836
12,161
9,836
12.161
Baton Rouge Elm Co January _ _
28,499
31.964
28,499
31,964
January
2,524 Binghamton Railway
7,471
7.471
7.163
7.163
__
January
StRy_
Plym
&
Brock
7,000
1804,037 23,233.599 21.808,887
Bklyn Rap Tran Syst December 1920,274
28.327
27,443
27,443
28,327
Cape Breton Eleo Co.. January
70.341
59,966
33,427 28,934
383 Carolina Pow & Lt Co February 638,063
435,266
53,028 50,180
Cent Park N & E Riv December
137.345
127.758
67,076 60,874
Central Penn Trac__ _ February _
81,004
73,533
81,004 73,533
Chattanooga By & Lt January
22.907
23.114
22,907 23,114
Clev Paincsv & E'n_ _ January __
79,570
80,107
79,570 80,107
594,163 Clev Southw & Colum January
44,316
39.038
44,316 39,038
Columbus (Ga) El Co January
103,190 103,508 1,409,273 1,496.386
Coney Island & Bklyn December
135,180
135,170
135.170 135.180
Dallas Elect Corp....- January
2 1,367,444
Detroit United Ry__ _ 4th wk Feb 197,674 164,097 1,545,18
606,785
covers 43 DDEB
617,034
52,940 47,712
& Bat (Bee) December
For the first week of March our final statement
84,196
87.844
84,196
87,844
__
the
January
Trac
over
rior
te
Duluth-Supe
188,724
191,036
188,724
191,036
roads and shows 5.96% increase in the aggrega
_
_
East St Louis & Sub.. January
61,769
69,775
69,775 61,769
January _ _
El Paso Electric
same week last year.
52,363
58,700
58,700 52.363
Fairm & Clarks Tr Co January __
2
4
1,606,38
1,433,28
113,208
134,043
r
Decembe
&SNAv (Bee)
Inrcease. Decrease. 42dStM s Eeo Co
146,007
111,166
1911.
1912.
January _ 196,007 111,166
Galv-Hou
First week of March.
189,075
1,836
173,903
91,627
_
February
Co_
By
Rapids
Grand
$
519,931
505,204
$
8
$
Havana Electric By.. Wk Mch 17 49,102 46,785
79 12,017,491 1,010,037 310,754 Honolulu Rapid Tran
Previously reported (37 roads)._ 12,716,7
45,486
38,921
39,153
•
38,921
45,486
246,696
January
285,849
& Land Co
Chicago & Alton
2,883
22.125
23,256
46,977
22,125 23,256
44,094
Houghton Co Trac Co January _ _
Georgia Southern & Florida__ _
2,000
455,208
386,397
386,397
154,000
455,208
156,000
January
an
Northern
Manhatt
Great
&
do
Hudson
International
4,556
616,704
573,971
2,376
573,971
_
_
6,932
616,704
January_
Nevada-California-Oregon
541 Illinois Traction Co_ _ December 2845,096 2760,389 30,331,582 29,349,525
2,327
1,786
Interboro Rap Tran _
Tennessee Alabama & Georgia_
5,441
52, 765
64,936
49,878
70,377
49,878 52,765
Jacksonville Trac Co_ January -- 87,153
Toledo St Louis & Western_ __ _
87.153
84,569
84,569
Lake Shore Elec By.. January -314,178
187
031,081,
207,547
209,256
13,211
13,281,812 12,534,8
14,070
December
Electric_
Island
Long
Total (43 roads)
747,009
39
23
13,330,2
13,656,7
1116,919
1148,685
r
Decembe
Metropolitan St(Bee)
Net increase (5.96%)
5,038,691 4.694,392
Milw El By & Lt Co.. December.. 466,546 423,524
90,333 80,894 1,121,205 1,056,750
Milw Lt, lit &'Tr Co.. December
417,962
370.125
417,962 370.125
By.... January
"Railway Montreal Street
166.135
161,903
166,135 161,903
Net Earnings Monthly to Latest Dates.-In our anies
Nashville By & Light January
9 6,099,234
to6,380.90
accomp
which
r.
ment
Lt
&
Decembe
By
supple
Orleans
New
Earnings" Section or
314,101
233,258
21,452
33,733
y figures N Y City Interboro_ _ Decemberr
389,168
370,677
24,795
28,131
day's issue of the "Chronicle," we give the Januar
Y & Long Isl Trac_ Decembe
a practice to N
98,959 85,605 1,253,981 1,122,132
N Y & Queens Couny December
of earnings of all steam railroads which makesoitby
23,473
22,790
10,868
11,969
_
erW
February
the,Int
&
Easton
Northam
do
to
d
require
252,174
217.315
issue monthly returns or are
No Caro Pub Serv Co December.. 24,124 20,873
to
d
referre
407.598
358,684
is
172,413
reader
-198,209
The
_
February
North Ohio Trac & Lt
State Commerce Commission.
124,009
114.695
114,695 124,009
y results North Texas Elec Co.. January
123,087
3,101
110,570
4,253
that Supplement for full details regarding the Januar
Ocean Electric (L 1).. December
265.296
249.746
24,296
26,835
Trac&Lt Co December..
for all the separate companies.
22,369
22,261
22,369
22,261
come in Paducah
Pensacola Electric Co January
2 1.716.946
In the following we give all statements that have
Phila Rapid Trans Co January __ 1808,472 1716,946 1,808,47
from
period
t
differen
511,624
531,213
a
or
later
a
531,213 511,624
Port(Ore)Ry,L&PCo. January
the present week covering
142.251
135,075
"
135,075 142,251
Sound Elec Co.. January
that to which the issue of the "Railway Earnings Section Puget
340,485
362,033
25,780 23,900
Richmond Lt & RR.. December
is devoted. We also add the returns of the industrial com- Rio de Janeiro Tram
999.575
1109,019 999,575 1,109,019
Light & Power Co.. January
panies received this week.
- St Joseph (Mo) Ry.LI
194,242
174,114
83,126
-Gross Earnings- -Net Earnings
91,701
_
Co_
February
Power
&
Heat
Previous
Current
Previous
363,510
282.356
Current
282,356
Year.
Sao Paulo Tr. L & P_ January _ _ 363,510 53,801
Year
Year.
58,359
Year.
53,801
Roads.
58,359
.Savannah Eleo Co__ January
449,816
478.728
478,728
Seattle Electric Co--- January __ 449,816
6
937,466
845,062
1,465,75
64,015
3
1,573,69
77,260
3
r
5,913,43
4
Feb
Decembe
6,802,61
Second Ave (Rec)-_ Baltimore & Ohio
111,145
125,663
8,597
9,853
60,295,120 59,323,126 17,735,515 15,968,474 Southern Boulevard.. December
July 1 to Feb 29
28,641
34,926
14,057
16,926
Sou Wisconsin By Co February
261,276
279,730
Greenwich & Johnsonville- b15,789
18,026
14,923 Staten IsI'd Midland_ December
19,962
25,253
34,234
53,224
60,751
Oct 1 to Dec 31
53,224
60,751
33,744
January
Co__
26,005
Electric
58,533
56,094
Tampa
31
July 1 to Dec
316,629 291,416 3,680,409 3,432,013
65,071 Third Avenue (Rec) _ December
53,465
120,853
115,045
6
1
4.377,11
4,851,54
Jan 1 to Dec 31
228,307 Toronto Railway Co_ December.
265,709
791,361
749,938
242,461
264,843
264,843 242,461
Kansas City Southern _b_Feb
& Lt Co_ January
5
6
1,328,61
6,395,225 6,970,437 2,123,090 2,532,042 Tr -City By
1,392,31
140,878
146,459
July 1 to Feb 29 •
Mch
wk
Rap Tran.. 1st
772,629 Twin Cityund
8476,716
Feb 2,968,954 2,626,363
El By
Undergro
Lehigh Valley_b
25,667,256 24,247,129 8,418,374 8,484,129
of LondonJuly 1 to Feb 29
£163,365 £156,280
31,197
Three tube lines__ _ Wk Itch 16 £14,200 £14,240
Feb 1,048,236 1,103,331 def59,446
Pere Marquette_ b
£139,561 £130,782
Metropolitan Dist_ Wk Mch 16 £12,347 £12,051
11,299,160 10,816,265 2,326,324. 2,248,932
£57,886
July 1 to Feb 29
£58,937
£5,301
£5,584
16
Mch
Wk
_
Tramway
United
£29,844
£42,549
London Gen'l Bus.. Wk Mch 16
a Net earnings here given are after deducting taxes.
199,850 172.758 2,471,033 2,225.276
r
Decembe
(Bee)
Union
g
before
taxes.
deductin
276,382
b Net earnings here given are
313,721
UnionRy,G &ECo(Ill) January _ _ 313,721 276,382 1,826,81
4 1,784,909
United Rys of St L_ February _ 893,919 863,990
INDUSTRIAL COMPANIES.
635,312
671,393
671,393 635,312
January
Fr
of
San
RRs
United
9,541
532,425
13,001
601.898
25,377
30,596
45,746 41,941
Feb
El (Bee) December
Atlantic City Elect
21,943 Westchester
33,437
28,122
35,509
53,522
61,516
35.509 33,437
Jan 1 to Feb 29
Whatcom Co Ry & Lt January _ _
678,427
52,375
_
_
r
57,036
(Rex)
15,500
Decembe
27,055
15,873
RR
Yonkers
30,495
Feb
Canton Electric
16,921
17,258
16,921
__
17,258
30,989 Youngst & Ohio Riv January
55,289
37,001
66,341
Jan 1 to Feb 29
47,826
94,484
48,912
97,103
are for consolidated company.
Keystone Tel & Tel_a__ _Feb
figures
These
c
95,582
190,575
97,609
195,017
Jan 1 to Feb 29
.
153,864
386,373
178,995
447,070
Kings Co El Lt & Pow _a _Feb
Electric Railway Net Earnings.-The following table gives
343,182
828,797
397,280
29
946,048
Jan 1 to Feb
-9,1788 the returns of ELECTRIC railway gross and net earnings
13,707
28,343
Feb
32,044
Electric
Muncie
19,712
27,836
56,920
65,869
Jan 1 to Feb-29
reported this week.
13,201
17,273
33,825
Feb
37,722
-Gross Earnings- -Net Earnings
Rockford Electric
28,362
37,082
Previous
71,281
Current
77,544
Previous
Curent,
Jan 1 to Feb 29
Year.
Year.
Year.
35,922
Year.
38,845
63,598
Roads.
Feb
70,089
Scranton Electric
$
$
$
$
780
1,065
16,677
Interest Charges and Surplus.
19,834
Atlantic Shore Ry_b_ _ _ _Feb
1,662
954
34,269
39,954
Feb
to
29
1
Earns.
Net
of
-Bat.
Jan
-Int., Rentals, eec.36,385
43,947
Previous
Current
112,296
120,640
Previous
Current
Aurora Elgin & Chic_b_ _Feb
498.712
Year.
542,771
Year.
Year,
1,229,302 1,167,950
Year.
Roads.
July 1 to Feb 29
$
$
$
6,176
•8
11.896
53,621
58,989
b
Cos_a_Fe
Sub
Elect
Boston
156,482
159,446
567,698
582,217
July 1 to Feb 29
Greenwich & Johnsonvillex2,424
x12,053
12,646
11.289
8,619
12,025
28,934
Oct 1 to Dec 31
33,427
x9,248 Carolina Power & Light_Feb
z12,662
24,322
25,157
15,759
26,796
59.966
July 1 to Dec 31
70,341
Jan 1 to Feb 29
x15,289
z17,068
51,338
39,468
Jan 1 to Dec 31
11,678
19,325
60,874
67,076
_Feb
Tract......
Penna
Central
Feb
30.393
394,909
35,648
367,504ydef520,714ydef446,267
127,758
Pere Marquette
137,345
Jan 1 to Feb 29
3,134,765 2,899,7619df1239,838ydf1081,738
July 1 to Feb 29
39,076
17,245
421,816
822
THE CHRONICLE
Lxxxxiv.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
$
$
Com monw PR &L(Mich)a Jan 535,906
473,115
233,609
217,064
Grand Rapids & Ind_a_ Feb
91,627
81,836
37,628
33,149
Jan 1 to Feb 29
189,075
173,903
80,416
74,180
Illinois Traction
Jan
616,704
573,971
257,743
226,062
Northern Ohio Tr & Lt _a Feb 198,209
172,413
78,654
67,545
Jan 1 to Feb 29
407,598
358,684
165,507
146,912
Republic By & Light_a_Jan
201,082
186,980
78,482
71,649
St Jos By Lt Ht & Pa _ _Feb
91,701
83,126
39,856
34,491
Jan 1 to Feb 29
194,242
174,114
86,417
74,253
Union Ry Gas & El (Ill) a Jan 313,721
267,382
128,737
114,009
United Rys of St Louisa Feb 893,919
863,990
280,105
264,128
Jan 1 to Feb 29
1,826,814 1,784,909
576,587
557,799
Virginia By ec Power Co_Fcb
352,728
322,263
164,382
141,287
July 1 to Feb 29
3,052,647 2,888,121 1,431,553 1,354,101
a Net earnings here given arc after deducting taxes.
b Net earnings here given are before deducting taxes.
OPERATING STATISTICS.
1911.
1910.
1909.
1908.
Miles operated
3,790
3,785
3,782
3,781
*EquipmentLocomotives
2,381
2,311
2,305
2,361
Passenger cars
2,464
2,442
2,453
2,414
Freight cars_ -------69,182
72,134
65,8/8
66,832
Working cars
4,294
3,909
3,670
3,505
OperationsPass. carried (No.)_ __
49,313,107 48,364,945 45,845,068 42,549,753
Pass. car'd 1 mile (No.)_1795954782 17706675
50 1658878092 1526259276
Rev. per pass. per mile_ 1.768 cts.
1.750 cts.
1.748 cts.
1.743 cts.
Pass. rev, per train mile
$1.51
$1.45
$1.44
$1.39
Tons carried (revenue)_ 48,250,535 47,066,83
9 44,171,954 39,078,162
Tons car'd 1 mile (rev.) _9660523688 92767105
84 8629952658 7784641505
Rev. per ton per mile_
0.633 cts.
0.630 cts.
0.631 cts.
0.624 cts.
Frt. rev. per train mile_
$2.72
$2.63
$2.55
$2.40
Tons of rev. frt. per tr. m.
430
417
404
384
Oper. rev. per mile __
$27,427
$26,396
$24,637
$22,198
'Sec details of equipment owned and leased
on a subsequent page.
INCOME ACCOUNT.
Operating revenues1911.
1910.
1909.
1908.
Freight
-$61,133,310 $58,411,234 $54,449,281 $48,561,1
Interest Charges and Surplus.
81
Passenger
31,759,238 30,992,856 29,001.911 26,608,76
6
-Int., Rentals, &c.
-Bat, of Net Earns.- Mail, express and misc
9,658,350
9,281,655
8,787,331
7,893,873
Other
than
Current
Previous
transp.
Current
rev_ 1,403,965
Previous
1,222,733
933,337
863,534
Roads.
Year.
Year.
Year.
Year.
Total operating revs_$103,954,863 $90,908,478
$
$
$93.171,860 $83,927,354
Operating expensesAurora Elgin & Chicago_Feb
36,934,
35,834
7,013
551 Malnt. of way & structs_$13,723,70
July 1 to Feb 29
9 $14,060,178 $11,494,023 $10,807,335
293,403
272,745
249,368
225,967 Maint. of equipment_
16,911.14
6 16,936,253 15,421,648 12,991,416
Boston Sub Elect Co's__ _Feb
13,992
14,342
def2,096
def8,166 Traffic expenses_ _
2,180,207
2,487,228
2,273,828
July 1 to Feb 29
2,088,691
113,906
113,543
45,540
42,939 Transportation expenses 38,935,031 37,938,527 33,309,315 33,456,74
3
Commonw PR &L (Mich) Jan
General
expenses
115,651.
2,722,485
100,112
2,656,901
117,958
116,952
2,095,012
1,965,118
Grand Rapids & Ind_ __ _Feb
14,727
15,121
22,901
18,028
Total operating exp _ _$74,472,578 $74,079,087 $64,593,8
Jan 1 to Feb 29
26 $61,289,304
29,518
30,222
50,898
43,958 P. c. of exp. to revenues
(71.63)
(74.15)
(69.33)
Northern Ohio Tr & Lt_ _Feb
(73.03)
43,821
44,357
34,833
23,188 Net rev,from rail oper _ _$29,482,285 $25,829,391 $28,578,034 $22,638,0
Jan 1 to Feb 29
50
87,646
88,786
77,861
58,126 Outside operations-net sur.321,476 def.118,778 sur.205,968 sur.136,121
Republic By & Light__ _Jan
44,424
42,340
34,058
29,309
Total net revenue__ -$20,803,760 $25,710,613
St Jos By Lt Ht & Pow_ _Feb
$28,784,0
02 $22,774,171
19,710
19.276
20,146
15,215 Taxes accrued
5,447,759
4,097,826
Jan 1 to Feb 29
4,434,504
4,253,087
39,335
38,569
47,082
35,084
Union By Gas & El (Ill) _Jan
Operating income__ _.$24,356,001 $21,012,7
65,583
63,154
59,395
54,614
87
$24,349,498 $18,521,084
Other
income
United Bye of St Louis_ _Feb
225,652
230.689
x57,791
z36,732 Joint facilities
Jan 1 to Feb 29
$1,754,125 $1,451,212 $1,274,627 $1,160,38
451,198
462,249 z132,125
x102,969 Miscellaneous rents
0
rents
309,580
319,528
Virginia By & Power_ _ _ _Feb
506,612
118,558
880,223
113,340
z50,445
z30,440 Divs. on stocks owned
July 1 to Feb 29
945,239
934,279
x533,738 z439,460
or controlled _ _ _____ _ 11,649,589 11,150,91
6
7,692,498
7,968,786
Int. on fund. debt owned
489,987
573,755
577,901
499,493
x After allowing for other income received.
Int, on other securities,
loans and accounts_
1,616,737
1,595,601
1,080,595
1,352,401
New York Street Railways.
Miscellaneous income_ _
416,162
355,321
260,626
750,713
----Gross Earnings--NetEarnings
Gross corporate Inc _ _$40,592,181 $36,459,120
Current
Previous
Current
$35,742,357 $31,133,080
Previous
Deduction
Roads.
s
Year
Year.
Year.
Year.
Rentals of leased lines _$10,036,832 $10,058,291
$9,943,577 $9,708,045
Hire of equipment_
1,151,065
Hudson & Manhattan_a _Dec 315,467
972,557
959,084
1,473,505
261,859
c184,380
Int. on equip. trust ctfs.
c134,530
742,980
July 1 to Dec 31
630,097
548,948
1,537,061 1,294,631
586,545
853,438
661,270 Joint facilities rents__
556,026
538,132
449,442
Interboro R T (Sub)_a _ _Dec 1,471,910 1,381,493
404,479
Miscellaneous ret
_
848,334
565,594
748,922
' 504,396
83,057
6,159
July 1 to Dec 31
7,178,647 6,653,276 3,851,065 3,794,365 Interest on bonds
9,162,020
9,162,020
8,913,652
8,501,964
Int. on 3-yr. notes
Interboro R T (Eicv)_a-Dec 1,373,186 1,378,896
655,143
640,344 Other int. and miscell _ 1,085,040
July 1 to Dec 31
760,551
7,672,273 7,633,418 3,629,315 3,642,284 Equipme
--364:955 1,11-8,577 1,376,416
reserve
1,227,624
Total Interboro R T_a_Dec 2,845,096 2,760,389 1,503,477 1,389,206 Dividendnt
s_
(5)11,136,465(6)13,363,758 (5)8,931,600(5)8,931,600
July 1 to Dec 31
14,850,920 14,287,244 7,480,980 7,436,649 Approp. for add'ns&bett.
924,914
Brooklyn Rap Trans _a_ _Dec 1,920,274 1,804,037
account Grand
657,145
576,586 Approp..
Cent. Terminal, &c__ a2,500,000
Ju y 1 to Dec 31
12,120,552 11,428,481 4,470,215 4,262,171
Metropolitan Street _a_ _ _Dec 1,148,685 1,116,919
285,378
267,742
Total deductions
_ $38,924,197
July 1 to Dec 31
6,969,816 6,913,408 2,220,071 2,139,813 Surplus for
20 $30,978,537 $30,988,203
the year__ __ $1,667,984 $36,459,1
_____ _
$4,763,820
Cent Pk N & E River_a_Dec
$144,877
55,028
50,180 Edef3.928
def2,322
July 1 to Dec 31
331,586
a Appropriation to cover replacement
334,578
12,877
29,449
value of abandoned property, including
Second Avenue_a
buildings
at
77,260
Dec
Grand
64,015
8,743MA def7,521
Central Terminal, dee.
July 1 to Deo 31
512,798
465,394
127,133
61,067
CONDENSED GENERAL BALANCE SHEET
Third Avenue_a
DEC. 31.
Dec 316,629
291,416
117,049
122,208
(For details of 1911 balance sheet
July 1 to Dec 31
1,901,440 1,784,195
878,587
779,991
see a subsequent page.)
Dry Dk E Bwy & Bat_a_Dec
1911.
52,940
49,712
1910.
def3,200
7,136
1911.
1010.
AssetsJuly 1 to Dec 31
$
318,210
309,961
S
10.142
I:M.:titles66,772 Road & equipl_26
$
$
1,883,863 255,315,444 Capital stock__222,721,4
42d St Man & St N Av_a_Dec
134,043
00 222,724,400
113,208
28,119
controlled
Stock
29,891
Consolidat
July 1 to Dec 31
'n
ctfs
4,900
853,594,
4,900
768,881
283,658,
263,362
cos., pledged 110.295,970 109,920,970 Funded debt(see
N Y City Interboro _a_ __Dec
33,733
21,452
def3,136
2,820 Stock prop.,&c.,
"By. & Ind."
July 1 to Dec 31
MS., unpledged11,490,538 11,865,413
176,291
129,465
20,697
Section) __ _255,064,845 255,064,845
25,251
Fund. debt prop,
Southern Boulevard _a_ _Dec
9,853
Equip. trusts_ __ 14,805,763 16,033,388
8,597
2,117
528
&c., cos., unJuly 1 to Dec 31
68,398
3-yr. gold notes_ 30,000,00
61,174
21,577
16,454
Pledged
9,835,220 9,771,328 Loans Zir bills pay 1,390,0000
Uillon_a
Dec
199,850.
80,000
172,758
31,352
investm.ts
Other
11,742
52,696,848
49,674,553 Net traffic, car
July 1 to Dec 31
1,299,668 1,187,431
318,160
304,575 Cash
10,714,189 6,777,901
mileage, 41E0.,
Westchester Elect _a _ __ _Dec
Secur.
trea.s
in
45,746
41,941
10,223
303
balance
2,446 Marketable
July 1 to Dec 31
sec_ 28,831,273 27,681,683 Audited vouchers 4,085,260 5,381,212
326,928
302,323
85,215
71,053 Loans bills
rec 33,684,177 24,724,472
&
Yonkers a
57,036
Dec
and wages_ _. 6,470,977 9,026,899
52,375
6,805
1,773 Car mileage, &c.
July 1 to Dec 31
351,383
Matured interest,
345,975
71,004
54,104
(net)
4,143,761
3,226,410
dive. & lents_
Long Island Electric_a_ _Dec
14,070
13,211
def2,298
def2,475 Ag'ts & conduce 3,660,794 3,439,086 Working adv'ces 3,722,185 3,883,890
July 1 to Dec 31
117,109
121,920
accounts_
Misc.
16,216
6,739,9421
28,965
8,171,738
due
other cos_ 2,745,174
4,705,060
NY & Long Isl Tract_a_Dec
Unmatured lat.,
24,795
28,131
2,243
)
9,191
_
32,554
24,761
July 1 to Dec 31
divs. rents_ 3,056,442)
221,980
210,711
54,223
Divs.
Miscellane
declared
74,582 Mat'l &&
ous-&
supplies
N Y & Queens a
Dec
Int.,&c., acced 6,266,210 6,311,598
98,959
85,605 def14,950 def19,872 Working funds & 8,713,818 9,144,317
July 1 to Dec 31
Taxes
666,384
accrued_
615,316 clef17,862
491,387
1,800,258
_
26,334
0th. advances 19,301,324 17,396,767 Add'ns
Ocean Electric (L I)..a_Dee
through
4,253
3,101
def1,475
def2,481 Special deposits
1,908 3,228,667
income
4,857,367
July 1.• to Dec 31
4,857,367
87,318
76,282
35,821
35,561 Items in sus- .
Other
reserves_
112,670
Coney Island & Bklyn_a_Dec
pense. &c._ __ 1,177,793
103,190
103,508
1,896,595 Profit and loss
20,783
13,448,668 12,337,616
19,226
July 1 to Dec 31
699,295
828,025
172,435
286,894
Total
assets _566,222.360 542,236.144
Richmond Lt & RR _a__Dec
Tot. liabilitles566,222,360 542,236,144
25,780
23,400
3,144
20,900
-V.
94,
p.
768,
698.
July 1 to Dec 31
202,285
193,803
53,299
80,118
Staten Island Mid a._ _ _Dec
18,026
15,789
2,871
3,113
July 1 to Dec 31
162,302
Lake Shore 8; Michigan Southern Ry.
153,044
52,960
49,724
a Net earnings here given are after deducting taxes.
(Report for Fiscal Year ending Dec. 31 1911.)
c Other inc. amounted to $81,983 in Dec. 1911. against $68,695 in
On subsequent pages is publish
1910.
the report
ed
also the comparative income account for two at length,
years, and
the
balance
sheet,
&c.
ANNUAL REPORTS.
Below are given comparative statistics and
income account
Annual Reports.-An index to annual reports of steam for four years and balance sheets for two years:
railroads, street railways and miscellaneous companies which
OPERATING STATISTICS.
have been published during the preceding month will be
1911,
1910.
1909.
1908.
Mlles
operated
7
1,75
given on the last Saturday of each month. This index will
j
11.663
11,063
1,511
'Equipmentnot include reports in the issue of the "Chronicle" in which Locomotives
i
1,001
[949
893
921
Passenge
r
cars
it is published. The latest index will be found in the issue Freight cars
706
672 • •
• 643
6581
50,816
51,046
• 39,937 •
40,561
Working cars
of Feb. 24. The next will appear in that of March 30.
2,173
2,143
1,799 •' • • 1,687
OperationsPassengers carried (No.) 9,598,853
New York Central & Hudson River Railroad.
9,486,792
8,984,781
8,558,345
Pass. carried 1 mile(No).601,792,3
35 596,583,766 558,047,351 491,518,018
Rev. per pass. per mile_
(Report= for Fiscal Year ending Dec. 31 1911.)
cts.
1.866 cts.
1.818 as.
1.846 cts.
Pass. rev, per train mile 1.886
$1.66
$1.58
$1.67
$1.64
Tons freight carried(rev) 34,887,69
On subsequent pages there is published the report at Tons
fgt. carr. 1 m.(rev.)58410124167 37,114,174 33,080,566 26,218,378
length and also the balance sheet.
Rev,per ton per mile_ _ _ 0.532 cts. 6243183597 5730452739 4851840036
0.523 cts.
0.518 cts.
0.516 cts
Below is given a four-year comparison of the traffic sta- Freight rev, per train m_
$3.38
$3.10
$3.24
$3.03
No.(rev.) tons per tr. in.
tistics, earnings, expenses, charges, operations, &c., and
634,5
593.6
624.2
586.7
Oper. revenues per mile_
$27,239
$29,710
$29,121
balance sheets for two years:
$25,853
14.4.4:1
• See details of equipment leased and owned
on a subseque
nt page.
INCOME ACCOUNT.
1908.
1909.
1910
1911.
Revenues$25,038,109
$31,101,334 $32,646,536 $29,735,277
Freight
9,073,669
11,130,125 10,154,220
6
11,350,09
Passenger
4 868,315
4,646,586
5,142,630
5,408,156
Mall, express and misc
308,482
353,185
500,920
501,411
Other than transport'n_
41
539,066.9
97
11
$45,110,9
$49,420,2
Total operating rev $48,360,997
Expenses
$6,178,623 $7,549,661 $5,468,363 $4,796,284
Maint. of way & struc
5,452,822
6,811,551
7,873,217
6,704,096
Maint. of equipment
978,540
1,101,596
1,153,165
1,026,317
Traffic expenses
13,280,087
7
8
13,914,95
2
17,442,85
16,245,05
Transportation expenses
698,771
727,194
902,032
924,489
General expenses
$25,206,504
61
33
$28,023,6
$34,920,9
578
_531,078,
(64.52)
'• Total operating exp.
(62.12)
(70.66)
(64.26)
P.0. of exp. to revenues 17,282,919 14,499,278 17,087,336 13,860,437
7,810
Net rev,from rail oper_ _
78,907
49,716
31,077
1,433,647
Outside oper.-net def_ 1,673,940
1,458,905
1,720,182
Taxes accrued
402 $12,729,380 $15,549,524 $12,418,980
Operating income_ _ _$15,577,
Other Income$157,556
Hire of equipment
336,427
Joint facilities rents_ _ 137,904
Miscellaneous rents_
7,878,680
_
_
_
stocks_
Dividends on
288,624
Int on funded debt_ __ _,
Int. on other securities
895,556
loans and accounts
579,469
Miscellaneous income
$383,818
350,447
70,209
7,755,014
164,947
381,596
43,070
4,550,206
231,310
289,976
114,439
3,120,758
241,091
1,005,014
721,738
1,268,721
11,984
1,321,966
2,851
1911.
Deductions-Rentals 9f leased lines_ _ 1,605,444
599,524
Equipment reserve
652,736
Hire of equipment
367,717
Int. on equip. tr. etfs__ _
583,552
Joint facilities rents_ __ _
6,816
Miscellaneous rents_ __ _
Int. on funded debt_ _ _ _ 2,543,999
624,465
Other interest
Add'ns & betterments_ _
Additional equipment_ _
174,887
Other deductions
1,124,280
Divs. (2), aggregat'g
1910 propor. N. Y. Cent.
Lines equip. trusts__ _
$25,801,618 $23,181,467 $22,036,411 $17,510,061
Gross corp. Income
Deductions$2,531,082 $2,268,573 $1,858,691 $1,100,382
Rentals of leased lines
272,621
Hire of equipment
289,225
309,332
542,596
842,994
Int. on equip. trust certs
245,348
277,237
336,968
449,079
_
rents_
facilities
6,702
Joint
5,051
8,123
5,174
Miscellaneous rents
5,920,000
5,920,000
5,454,783
Interest on funded debt_ 5,724,812
179,413
75,182
910,223
563,963
Other interest
64,020
64,020
96,030
_
96,030
Div. on guar. stock_ __
1,365,297
Equipment reserve
1,433,568
_
betterm'ts
Additions &
1,263,186
Additional equipment
1910 installments equip1,365,297
ment trusts
336,729
277,136
49,252
Other deductions
80
(18)8,903,970 (18)8903970 (12)5935980 (12)59359
Dividends
Michigan Central RR.
(Report for Fiscal Year ending Dec. 31 1911.)
at length,
On subsequent pages is published the report
interest.
also the balance sheet and various tables of &c.,
and the
Statistics.-Operations, earnings, charges,
comparative balance sheets were as follows:
OPERATING STATISTICS.
1909.
1910.
1911.
1,746
1,803
1,817
1908.
1,746
Mlles operated
t
Equipmen
•
544
585
637
651
Locomotives
438
446
473
497
Passenger equipment.... _
22,366
22,048
24,993
24,525
t
equipmen
Freight
980
987
1,0311,006
Working equipment.. _
Operations5,792,247
5,435,632
5,150.871
5,935,586
Passengers carried
,618 373,462,351 341,347,490 309,184,971
Pass. carried 1 mi1e_ _ ..383,874
1.950 cts.
1.983 cts.
1.950 cts
Toy, per pass. per mile_ 1.983 as.
4
8
14,347,46
4
3 18,376,47
16,818,55
Revenue tons moved._ _ 18,728,75
49 2634120,022
40
2917241,9
3065015,6
621,396
m11e_3044
1
carried
Rev. tons
cts.
0.608
cts.
0.626
cts.
9.629
cts.
_
0.642
Rev, per ton per mile__
380
406
419
424
Tons of rev. fr't per tr.m.
$13,869
$15,698
$16,467
$16,603
Open rev, per mile
see a subsequent page.
• For details Of equipment owned and leased
INCOME ACCOUNT.
1908.
1909.
1910.
1911.
$
5
1
Operating Revenues19,538,684 19,282,288 18,267,530 16,020,759
Freight
0,030,419
6,655,699
7,404,476
7,607,052
Passenger
1,994,168
2,299,448
2,685,429
_ 2,726,830
Mall, exp. & miscell_
170,793
192,790
322,622
291,924
Other than transporta'n
9
Total open revenue_ _ 30,164,490 29,694,815 27,415,467 24,222,13
Expenses3,549,205
Maint. of way & struc_ __ 3,800,772
Maint. of equipment__
783,599
Traffic expenses
Transportation expenses 12,049,103
563,552
General expenses
4,035,261
4,124,366
882,151
12,023,589
563.539
3,458,165
3,756,582
777,668
10,050,090
450,423
2,781,814
3,009,143
694,001
9,844,525
454,285
20,740,231
Total expenses
(68.78)
P. O. exp. to revenue_ _ _ 9,418,259
_
oper_
rail
from
rev,
Net
sur.8,909
Outside oper.-net
21,628,906
(72.84)
8,065,909
(let.56,315
18,499,528
(67.48)
8,915,939
def.51,152
16,783,768
(69.29)
7,438,371
dcf.19,033
9,427,168
1,322,621
8,009,594
1,357,020
8,864,787
1,121,532
7,419,338
1,105,694
Operating income_ _ _ _ 8,104,547
Other Income236,403
Joint facilities rents_
3,260
Miscellaneous rents_
347,242
Dividends on stocks_ _ _
46,880
debt_
on
funded
Interest
Int. on other securs.,
525,154
loans and accounts__ _
12,018
Miscellaneous
6,652,574
7,743,255
6,313,644
229,290
2,676
287,241
46,880
185,158
3,011
248,154
33,760
185,020
3,139
239,066
23,439
949.969
86,624
971,398
392,795
Gross corporate income 9,275,504
7,748,254
8,684,736
7,157,163
Total net revenue_ __ _
Taxes accrued
1910.
1908.
1909.
585,310
510,310
510,310
1,073,983
261,524
620,569
6,069
2,535,398
746,368
714,641
180,128
516,401
5,960
2,451,584
747,290
803,910
214,402
488,739
6,712
2,268,938
841,896
395,135
199,702
1,129,280
548,925
137,000
1,129,280
1,124,280
250,000
6,654,322
6,936,519
7,403,203
8,283,420
Total deductions
502,890
1,748,217
343,051
992,084
Surplus
R
31.
DECEMBE
SHEET
CONDENSED GENERAL BALANCE
'3
[For further details of 1911 balance sheet see a subsequent page.]
1911.
1910.
1910.
1911.
$
$
Liabilities
$
$
AssetsRoad & equipm't _65,527,985 64,807,028 Capital stock __ _ _18,738,000 18,738,000
33,657,000 33,659,000
Can. So. Ry.stock 5,444,000 5,444,000 Funded debt
Equipment trusts_ 7,612,055 8,211,579
Securs. Mill., &c.,
cos.-unpledged 1,595,192 1,595,192 Loans & bills pay_ 4,500,000 18,115,384
4,459,501
Other investments 2,920,876 3,570,755 Vouchers & wages 3,582,664
3,31.,257 3,528,716 Matured dividends,
Cash
60,391
42,878
interest, &c_._
1,600
Treasury stock_
766,730
880,854
17,272 Miscellaneous __ _
18,130
Marketable securs_
799,318 Unmatured inter't,
Net traffic,&c.,bals 184,111
divs. & rents__ 1,096,349 1,026,946
Agents & conduc_ 1,818,609 1,546,954
289,447
Material & supplies 2,531,254 2,546,728 Replace't reserves_ 635,021
1,331,555 1,734,078 Other def'd credit
Miscellaneous __
112,508
960,367
items
258,619
1,024,494
&c
Accrued int.,
Advances, &c__ __ 1,192,913 9,459,372 Additions through
3,756,123 3,668,846
income
Other deferred deb.11,228,059 9,051,952
53,269 2,086,377 Profit and loss
it items
Total
86,189,370 98,160.284
98,160,284
86,189,370
Total
•
-V. 93, p. 1787.
$16,318,029 $15,775,841
Total deductions ____$20,532,253 $19,663,699
$5,269,365 $3,517,768 $5,718,382 $1,740,220
Surplus for the year _
CONDENSED GENERAL BALANCE SHEET DECEMBER 31.
[For further details of 1911 balance sheet see a subsequent page.1
1910:
1911.
1910.
1911.
LiabilitiesAssets49,466,500 49,466,500
Road & equip't _131,078,914 127,212,137 Common stock_
533,500
533,500
Guaranteed at k _
Secure. of prop.,
Funded debt_ _150,400,000 144,680,000
&c.,cos.-untrusts. 17,772,483 19,137,780
Equipm't
6,976,222
12,751,222
pledged
192,488 Loans& bills pay 13,014,290 10,207,669
128,921
Misc. Investm'ts
6,446,876
4,290,339 youchs.& wages 4,819,417
12,063,013
Cash
88,959
117,401
Matured Int.,&c.
97,632,374
89.822
Marketable secs.107,6
273,424
1,860,804
_
us
Miscellaneo
6,627,000
Loans & bills rec 8,008,121
Unmatured Int.,
2,663,283
1,060,735
,baLs_
Trafflc,&c.
4,171,608
divs. & rents.. 4,407,073
971,022
Agents & conduc 1,009,980 4,280,203 Def. credit items
364,134
161,826
Material & supp. 3,519,173 8,064,806 Add'ns through
8,027,655
Miscellaneous
8,845,323 8,845,323
Income
13,78.3,205
1,247,385
Advances. _
Profit and loss_ 36,154,623 29,721,219
Other deferred
1,271,913
968,289
debit items
.287,553,240 273,934,992
Total
Total -------287,553,240 273,934,992
-V. 94, p. 768, 698.
823
THE CHRONICLE
MAR. 23 1912d
Cleveland Cincinnati Chicago & St. Louis Railway.
(Report for Fiscal Year ending Dec. 31 1911.)
On subsequent pages is published the report at length and
also the balance sheet.
Statistics.-Operations, earnings, charges, &c., and the
comparative balance sheets were as follows:
OPERATING STATISTICS.
1908. ri
1909.
1910.
1911.
1,982
1,982
1,982
2,011
operated
Miles
6
9
2
17,343,22
20,663,32
0
22,929,63
23,339,59
Tons rev. fr't carried
3625367676 3650745652 3305984820 2693648455
Tons carried 1 mile
0.544
eta.
cts.
0.566
cts.
0.546
cts.
0.550
_
mile__
per
ton
Rev, per
$234
$217
$235
$2 45
Fr't earns, per train mile
383
430
431
445
Tons rev. fr't per tr.mile
7,680,336
7,134,685
6,686,809
7,627,989
Passengers carried
84 401,419,496 361,597,348
Pass. carried 1 mile_ __ _428,525,510 435,177,8
1.837 as.
1.786 cts.
cts.
Rev, per pass. per mile.. 1.825 eta. 1.795
$118
$120
$118
$1 29
Pass. rev, per train mile
$12,230
$13,953
$15,348
$15,128
Oper. revenues per mile_
T.
INCOME ACCOUN
1908.
1909.
1910.
1911.
$
$
$
$
Operating Revenues3
1
1
17,975,35
15,250,36
19,922,90
6
19.933,29
Freight
6,643,072
7,169.670
7,812,012
7,819,255
Passengers
2,136,172
2,257,171
2,460,233
Mail, express & miscell_ 2,424,691
213,012
227,859
255,547
254,723
Other than transporta'n
Total operating rev__ 30,431,915 30,423,005 27,657,741 24,242,617
Expenses2,817,641
3,934,281
3,159,609
Maint. way & structures 3.370,476
4,652,610
3,848,424
5,177,765
Maintenance of equipl_ 4,972,330
914,505
825,258
998,697
912,751
Traffic expenses
0
10,307,969
12,293,691 12,724,100 10,434,27
Transporta'n expenses
550,501
534,658
660,777
690,144
General expenses
23,495,620 19,711,495 18,333,451
2
22,239,39
expenses
Total
(76.52)
(71.27)
(77.23)
(73.08)
P. c. exp. to revenue_ _
5,909,166
'
7,946,246
6,927,385
Net operating revenue_ _ 8,192,523
17,474
56,538
98,182
46,087
der.t
Outside oper.-ne
878,328
829,008
949,548
1,062.512
Taxes accrued
Operating income_ _ _ _
Other IncomeJoint facilities rents_ _ _ _
Miscellaneous rents_ __ _
Dividends on stocks_ _
Interest on funded debt_
Int. on oth. securs.,loans
and accounts
Miscellaneous income__ _
7,083,924
5,879,655
319,640
207,988
72,765
96,120
329,150
203.603
141,504
45,160
52,769
8,449
•
7.011,380
5,062,684
309,155 '" 290,920
132,4901111E125.700
57,333
98,275
43,420
44,260
91,690326:788175
9,707
.-.
36,653
'
7,634,613
5,616,710
6,700,469
Gross corporate income 7,791,655
Deductions120,000
120,000
120,000
132,500
Rentals of leased lines__
482,157
717,437
680,210
763,307
Hire of equipment
636,479
587,606
213,8761
271,722
Int. on equip. tr. ctfs
(240,875
80,324
Other interest
446,316
Equipment reserve
499,007
428,470
533,661
526,794 ,
Joint facilities rents__ _ _
142,109
143,482
142,869
141,7111
Miscellaneous rents_ _
2,910,936
.
2,925,848
3,187,575
3,475,625
_
Int. on funded debt__
Propor'n loss open Cent.
52,641
62,465
56,300
Ind. fly
43,441
53,425
DIsc't on deb. bonds__ _
42,015
Miscellaneous
500,000
500,000
500,000
500,000
Pref. dividend (5%)_
941,126
1)41,126
Common div. (2%)_ _
5,407,931
6,299,367
6,666,098
Total deductions_ ___ 6,490,039
208,779
1,335,246
34,371
Surplus for the year.. _ __ 1,301,616
R
31.
DECEMBE
SHEET
BALANCE
ED
GENERAL
CONDENS
[For further details 01 1911 balance sheet see a subsequent page.]
1910.
1911.
1910.
1911.
$
$
Liabilities$
$
Assets47,056,300
stock_
47,056,300
Common
3
Road & eqUip't _139,584,863 135,894,78 Preferred stock_ 10,000,000 10,000,000
1,978.577
Secure. owned__ 9,824,029
1,126,555 C. 8. & C. RR.
Other investm'ts 2,543,810
428,997
428,997
pref. stock. __
2,866,045
2,789,131
Cash
86,555 Funded debt. _ _ 81,849,336 80,937,336
29,100
Secure. in treas
trusts.
5,954,665
Equipm't
5,508,349
110,001
122,851
Marketable stks.
4,947,663
320,632 Vouchs. & wages 4,014,267
323,899
Loans & bills rec
963,688 Loans&bills pay. 3,000,000
414-.343
Traffic,&c.,bals_
diva.,
Matured
Agents and con678,905
793,339
interest, &c _ ..
865,547
721,688
ductors
140,349
42,651
2,240,207 Miscellaneous __
Miscellaneous _. 2,458,974
1,593,432 Uninatured int.,
Material & supp. 1,724,179
823,472
644,064
diva. & rents..
389,433 3,437,902
Advances
Deferred credit
Unextinguished
13,982
668,178
items
825,075
disc. on secure.
Add'ns through
586,201
590,761
funds..
Sinking
705,230
705,230
income
Other deferred
2,169,153 2,192,736
904,435 Profit and loss
362,808
debit items__
156,879,864 153,779,635
Total.
.
-V. 93, p. 1785.
Total ___
156,879,864 153.979,635
824
THE CHRONICLE
Texas & Pacific Ry.
(Report for Fiscal Year ending Dec. 31 1911.)
Below we give a condensed comparative statement
for
four years. Further details will be given another week.
Year ending Dec. 311911.
1910.
Gross earnings
$16,139,029 $16,375,805
Net earnings
$3,891,010 $4,102,964
Other income
250,729
107,060
Total net income__ _ $4,141,739 $4,210,0
24
Int, on first mortgage
$1,498,400 $1,498,350
Taxes
664,815
596,636
Improv'ts, equip% int.,
discount. &o.______ _ 1,791,548
1,667,660
Balance, surplus _____ $186,976
$447,378
-V.93, p. 1535.
[VoL. Lxxxxxv.
National Lead Company, New York,
(Report for Fiscal Year ending Dec. 31 1911.)
Pres. Wm. W.Lawrence as of April 18 reports in
substan
ce:
Balance Sheet.-The balance sheet shows
of $63,146 in "other
investments," of $842,867 in cash in banks,increases
$1,202 in accounts receivab
le
and $121,953 In surplus, and decreases as 1)1lows:
Plant investment, $267,527; stock on hand, $78,857; notes receivable, $488,122
,and accounts payable, $49,245.
Results.-The net earnings were $150,855 less
$4,109,569 $3,756,325
than in 1910. The regular
div. was paid on pref. stook and the dividend
$1,498,500 $1,498,500 7%
gated 3%. leaving $121,953 for surplus account. s on common stock aggre535,576
558,429
The company has not escaped the effects of
the general depression. The
volume of business has been less, but the
1,387,130
percentage of decrease, compar1,434,381 atively speaking
, is so small that we may congratulate ourselve
s on so well
maintain
ing
our
position in the various branches. Last
$688,363
$265,015 made to
year allusion was
the shrinkage In white lead sales, Influenc
ed by the largely increased cost of linseed oil. Below Is reviewed
the result of the plans then
formulated. Outside of these influences
Public Service Corporation of New Jersey.
the volume of business has decreased particularly because of lessened
consumption throughout the coun(Report for Fiscal Year ending Dec. 31 1911.)
try. We have also encountered competit
ion in a severe form which your
s did not think it wise to meet.
Below we give figures taken from the report. Further manager
Maintenance, New Plants, &c.-Before the
foregoing results were reached,
details will be published another week.
the following items, aggregating
$627,916, were deducted: Maintenance,
$480,905; machinery repairs. $114,744
EARNINGS OF PUBLIC SERVICE CORPORATION
; building repairs, $32,268. The
OF N. J. AND charge to "maintenance"
SUBSIDIARY COS. FOR YEARS ENDING DEC.
for the most part relates to the new plants
31.
at
St. Louis and Chicago, now practical
ly completed, and follows our
1911.
1910.
of putting under this head such reconstr
policy
Gross earnings of leased and controlled companies_$30,12
uction, writing it oft graduall
5,508 $27,654,552 earnings permit,
y
as
Public Service Corp. of N. J. Income from securities
instead of charging
same to plant account.
During the past 20 years there hasthe
pledged and from miscellaneous sources
been charged to mainten
1,890,513
1,532,348 756. The policy of concentr
ation is being followed and all ance $2,350,extraord
inary
Total income
repairs are of the most approved concrete replacement or
$32,016,021 $29,186,900 Gradually the older
, fireproof type.
plants, small in capacity and more or less
EXPENSES, CHARGES, DIVIDENDS, ETC.,
costly to maintain
FOR
and
1911.
run,
are
being replaced by new plants of modern
Total income
$32,016,021 Bond int. & rentals of
construc
tion, with
large
capacity and greater efficiency. In this manner
Expenseswe now have in
leased & controlled cos.11,066,651 Chicago one plant
where we had two, at St. Louis two plants
Operating exp. & taxes_;15,941,691 Fixed charges
where
we had
of
Public
three
and
at
Pittsbur
gh by June of this year, at the newly
Amortization charges__ _
672,654
Service Corp. of N. J__ 2,540,243 Sterling Works, will be
ucted
manufactured enough white lead to reconstr
Dividends (6%)
supply a demand
which
in
1,500,00
our
0
early
history
was
met
Total expenses
by no less than six separate
$16,614,345
factories
.
Other
important work on similar lines has been
Net earnings
$15,401,676
Balance', surplus
planned.
Plant account shows a net decrease of
$294,782
-V. 94, p. 699, 68.
, due to sale of Shipman
Works, Chicago, for (net) $282,027, less $267,527
additions of $14,500. The Shipman Works ceased operations during
1911, all the business at Chicago havAmerican Smelting & Refining Co.
ing been concentrated at the new Southern
Works, Chicago. The increase
In "other investments" is partly for
(Report for Fiscal Year ending Dec. 31 1911.)
further payments on account of the
interest acquired in the business of the
U. S. Cartridge Co.
Insurance Fund.-This fund, invested
The report will be found at length on subsequent pages,
amounts to $627,953. As it is kept separate in interest-bearing securities,
including the remarks of President Daniel Guggenheim
, It is not shown in the bal. sheet.
the All new construction is made practically fireproof
.
consolidated income account and the consolidated balanc
Flaxseed and Linseed 011.-The lessening
of flaxseed during seve
eral
years caused a continuance during 1911 supplies
sheet and condensed profit and loss account.
of high-cost linseed oil. However, the trend of prices has been downwar
As explained in the report, the figures now include
proximately 20% below the average of thatd, and the present level is apyear.
the
Owing to early droughts and untimely rains,
American Smelters Securities Co., the entire commo
a partial failure of the 1911
n stock flaxseed crops of North America
, Russia and Argentina is to be
of which is owned and to the earnings of which, therefo
recorded;
still,
moderate
ly increased supplies are obtained from
re,
good-sized areas.
Our campaign for the proper culture and rotation
after charges and preferred dividends, the stockholders
of flaxseed cropping has
of
met, even under the adverse weather conditions of
the past season, with
the American Smelting & Refining 'Co. are entitled.-V. Initial success and affords much encoura
gement.
St. Louis Smelting & Refining Co.-This mining
94, p. 633, 418.
property, acquired by one
of your constituent companies In 1897, and
which became productive in
1899, has been continuously operated
American (Bell) Telephone & Telegraph Co.
advisable to reconstruct in part the to advantage. It has been found
concentrating plant at the mines in
St. Francois Co., Mo., which has all been
(Report for Fiscal Year ending Dec. 31 1911.)
paid for
of earnings. A modem smelter
been constructed at Collinsvi out
Ill. (14 miles from St.
The report of the company, containing extended excerpts Louis), wherehas
the concentrates are treated. Inlle,
connecti
on with the smelter
there
has
also
been erected and is now in successful operatio
from the remarks of President Theodore N. Vail, and the manufact
n a plant for the
ure of basic sulphate of lead, a white pigment
income account and balance sheet, and many tables giving erties of value;
with certain propwe are conservatively building up a business
directors
valuable information, will be found on subsequent pages
confidently expect at no distant date that the St. for it. Your
Louts
of & Refining Co. will
commence to contribute directly and regularlSmelting
to-day's "Chronicle." Below are the comparative income
y to the
profits of the National Lead Co.
accounts of the parent company for four years and compar
United States Cartridge Co.-During the year
the new plant commenced
athe
producti
on
loaded
of
shells
for shotguns. The "black shells," as they
tive balance sheets. In the report on a following page will
known, have met with a gratifying receptio
be are
n, and we expect to find a
found the income account and comparative balanc
market for the entire output during 1912.
To take care of the increased
e
sheets
plant
investme
nt
and
larger
business, It was decided to increase
of the entire Bell System in the United States.
the capital
stock from $400,000 to $800,000, National Lead
Co. to take its proportion.
INCOME ACCOUNT OF AMERICAN TELEPHONE
Heath & Milligan [Paint] Mfg. Co.-Your compan
y became the owner
COMPANY FOR CALENDAR YEARS.ee TELEGRAPH of this business following the panic of 1907. It
Is the largest paint-manufacturing business in the West,established by
1911.
1910.
1909.
half a century's growth. The
1908.
plant is new, of concrete, fireproof construction,
$
well adapted for a large
Dividends
20,844,399 19,205,494 15,949,214 13,280,128 output. This company has passed successfully through
reorganization
Int. and other Tevenue
and should in the near future be a source of profit.
Metallic
from associated cos- 10,462,787 10,838,443 10,661,431
Interests
.
-Those
companies whose business lies almost wholly
9,720,466 In metallic
Telephone traffic (net)
4,979,232
4,893,513
4,360,105
3,976,512 shot, &c., manufactures, such as lead pipe, sheet lead, plumbers' articles,
Real estate, 5cc
683,812
have felt the depressed business, more particularly
420,878
1,790,591
921,864 consumers,
such as railways. They have, however, taken with the large
as a whole, reTotal
ceived their fair share of the business and contribu
36,970,230 35,358,328 32,761,341 27,898,9
ted materially to revenues.
70
Expenses
Stockhold
3,668,984
ers
3,425,114
of Record.-The total number Dec. 31 1911 was
2,570,575
2,003,956 being
7,281, 45%
women. • There are no stockholders with exceptio
nally large holdings
.
Net earnings _ _______ 33,301,246 31,933.214 30,190,765 25,895,0
.
• RESULTS FOR CALENDAR YEARS.
14
Interest
5,567,980
5,077,321
7,095,377
7,773,307
1911.
1910.
1909.
1908.
Net
earnings
Balance
$2,947,347 $2,598,203 $2,993,420 $2,902,7
27,733,266 26,855,893 23,095,388 18,121,7
53
Deduct07
Dividends -------------22,169,450 20,776,822 17,036,2
75 12,459,156 Div. on pref.(7%)
$1,705,732 $1,705,732 $1,705,732 $1,705,7
32
Div.
on
common
Surplus ------------5,563,816
(3)619,662 (4)826,216 (5)1,032,770 (5)1,032,770
6,079.071
6.059412
5,662,551
BALANCE SHEET OF AMERICAN TELEP. & TELEG.
Surplus
$121,953
CO. DEC. 31, Previous
$66,255
$254,918
$164,251
surplus
1911.
4,779,628
1910.
4,713,373
4,458,455
1911.
4,294,204
1910.
Assets$
Liabilities$
$
$
Remaini
ng
Stocks assoc. cos_405,859,400 356662,338 Capital stock__ _
surplus__ _ $4,901,581 $4,779,628 $4,713,373
_318,427,500 263335,600
$4,458,455
Bds. assoc. cos.._ _ 1,689,000 2,885,000 Cap. stk. install'ts
GENERAL BALANCE SHEET DECEMBER 31111 •
2,522,210
Advances to asso4% coll. tr. bonds
1911.
1910.
elated cos
52,737,804 34,165,499
1911.
1929
1910.
Assets0 78,000,000
Liabilities$
Telephones
$
12,334,256 11.568,966 Cony. 4s. 1936___278,000,00
$
$
0,459,000 38,941,000 Plant investment_24,327,472 24,504,99
9 Common stock_._20,655,400 20,655,400
Real estate
2,188,240 2,184,730 Notes, 1907
5,000
Other
investmen
5,000
ts.14,365
,277 14,302,131 Preferred stock_ __24,367,600 24,367,600
Long-distance teleNotes, 1910
4,000
22,000 Stock on hand..
7,173,439 7,252,297 Surplus
phone plant_ ___48,155,893 45,948,392 0th. notes payable10,600,000
4,901,581
4,779,628
13,150,000 Cash in bank
1,057,222
214,354 Accounts payable_ 245,690
Cash & deposits_29,635,036 13,109,340 Due W.U. T. Co.*16,50
294,885
0,000 16,500,000 Notes receivable
104,555
592,678
Temporary
cash
Undertaking ace't
Accts. receivable 3,142,256 3,141,054
loans
1,107,000
Cumb. stock_ _x12,617,760
Short-term notes_
175,000
627,467 Divs. pay. Jan. 15
Total
50,170,221 50,097,513
Total
Acc'ts receivable__ 4,959,946 6,093,416 Div-adjust.new stk.6,368,550 5,266,712
50,170,221 50,097,513
328,273
-V. 02, p. 722.
Sp6cial demand
Int. & taxes accr_ 2,132,324 2,163,659
notes
6,681,614 16,970,229 Acc'ts payable_ __ 748,625
North
Americ
Compa
an
ny.
593,895
Treasury bonds_
17,300,000 Unearned rev. res_
2.346
2,759
(Report for Fiscal Year ending Dec. 311911.)
Deprec. reserve_ _ _40,383,162 37,425,08
0
Surplus
56,424,439 52,109,672
Below we give comparative tables for several years.
Total
565,523,189 507515,377
Total
565,523,189 507515,377 Further data will be given another week.
INCOME ACCOUNT FOR C1A
• Indebtedness to Western Union Telegraph Co. for New
9LE
10.NDAR YEARS.
York Telephone
Co. stock, payable 1912 to 1915. x Underta
Receipts-_1911.
to deliver $12,617,760
1908.
Cumberland 'rel. & Tel. Co. 5% 25-yr. bondsking
Interest
exchang
----------in
e for $7,886,100
-$659,994
$712,902
$5
15
929.
$409,541
,842
Cumberland stock.-V.93, p. 1791.
Dividends
,392,448
1,357,304
1,153,539
1,287,539
Other
profits
53,551
313,036
34,797
George W. Reline Company.
26,106
Total _
_52,105,993 $2,105,003 $2,023,4113
. $1,723,186
(Balance Sheet Dec. 30 1911.)
DeductSalaries, legal exp., &c- 1.4
Assets ($8,162,891)58
87
665
9:3
1
$8
$91,962
Liabilities ($8,162,891)$
Taxes
13,234
Real estate, mach.,fixtures,
Preferred stock
5,261
4.000,000 Interest
107,477
142,923
trade-marks, pats., good
176,800
Common stock
1,489,665
1,489,665
will, ece
_3,780,861 Provision for advertising,4,000,000 Dividends (5%)
-------Leaf, mid. stock,supp., &c.2,257,579
Total
insurance, discounts, &c_
58,501 Balance,_surplus __ .._ __ __ $1,733,183 $1,683,346 $1,727,128 ' $274,023
Additional assets to be
$421,657
Accounts payable
$372,810
$296,290 $1,449,163
48,796 Sundry accounts, written
taken over
•1,882,354 Total surplus
55,594
Cash
off, and reserves_ _____
71,714
5,609
57,937
Bills & accounts receivable 170,383
Change in value of assets
as readjusted Dec. 31
D.79,079
• Additional assets to be taken over from American Snuff
Surplus ---------L$367,201
Co., consisting
$363,720
$217,211 $1,449,163
of leaf tobacco, cash, supplies, &c.-V. 94, p. 701, 282.
Tot.undiv.profits Dec. 31.54,393,909 $4,026,708
$3,662,988 $3,445,777'
1909.
1908.
$14,960,653 $13,917,315
;4,052,334 $3,628,507
57,235
127,818
(Ng $1120p192143
lVfAR. 23 1912:j
THE CHRONICLE
825
were $35,000,a The expenditures for ordinary repairs and maintenance 1910 and $38,BALANCE SHEET DECEMBER 31.
000 (approximate) in 1909, $41,000,000 (approximate) in
1910.
1911.
1910.
000,000 (approximate) In 1911.
1911.
and services
4
Liabilitiesc Profits earned by subsidiary companies are sales made
$
$
Assets----29,793,300 29,793,300 rendered account of materials on hand in purchasing companies' inventories.
22,132,031 22,029,054 Capital stockStocks
realized
been
1,021,000
since
1,010,000
have
notea.
shows the profits which
5,621,005 5,085,106 Collat. trust
Bonds
16,008 The amount above for 1911 t of a combined statement of the U. S. Steel
16,767
do int. accrued
In cash from the standpoin
not
Loans&advancea.a10,520,048 7,430,673 Notes
had
profits
1909
and
payable__ __b3,157,765
1910
in
;
companies
Office and miscel372,416 Corporation and subsidiary
1 Dividends accrued 372,416
1
laneous property
6,803 yet been realized.
6,341
_
unclaimed_
Divs.
869,531
Accts. receivable.. 785,857
156,313 INCOME ACCOUNT OF UNITED STATES STEEL CORPORATION.
902,425 Funds constit. cos. 346,004
967,140
Cash
24,242
30,480
Accounts payable_
1909.
1910.
1911.
Undivided profits_ 4,393,009 4,026,708
104,305,466 141,054,754 131,491,414
Total net earnings
40,026,082 36,316,790
Deduct Charges, &c.Total _
40,026,082 36,316,700
Total
Depree.and exting. and extraor. repl.
18,229,060 22,140,555 21,994,054
funds (reg. provision)
b Reduced to $1,101,072 on March 20
201912.
March
on
98,904,037
to
a Reduced
Expenditures made and to be made
15,000,000 10,000,000
1912.-V. 94, 1). 419.
on add'l property & constr'n, &c_
Set aside for acct. of construction exOtis Elevator Co., New York.
5,000,000
10,000,000
plant
at
Gary,
Ind.,
s
penditure
)
3,200,000
1,000,000
(Report for Fiscal Year ending Dec. 311911.
Reserve to cover advanced royalties..
5
Cr.548,44
83,123
Cr.81,780
e:
Charged off for adjustments
23,106,923 23,366,761 23,617,293
President W. D. Baldwin, March 13, wrote in substanc
S. Steel Corp. bonds
falling off Interest on U.
5,630,557
le
a
5,881,089
considerab
1911
showed
of
months
few
.
,
on_
Staking fund U.S.Steel Corporati
Results.-The first
1,724,260
2,176,041
together with the nature of the unfinished
In the volume of business. This, 1910, covering largely the smaller types Sinking fund subsidiary companies.... 1,610,0397 25.219,677 25,219,677
25,219,67
contracts on hand at the close of
months Preferred dividend (7%)
32.100
few
a
for
125(1)203
our
left
factories
(5)25415,
red,
manufactu
5,125
(5%)25,41
of elevators, readily considerably below the average. This condition has Common dividend
operating at a point
116,169,496
the latter
71
during
in
sales
increase
130,282,3
the
to
owing
1
99,639,97
changed,
s
deduction
Total
been materially
the factories are being operated at about Undivided profits for year
4,665,495 10,772,383 15,321.918
part of the year, and at this time
80% of their capacity. last year's business the directors have declared the
STATES STEEL CORPOof
OF
E
UNITED
SHEET
earnings
BALANC
GENERAL
Out of the
dividend of 1% on the common
RATION AND ITS SUBSIDIARY COMPANIES DEC. 31.
usual preferred dividends, also a quarterly
reserved from past earnings a fund
stock, payable April 15 1912, and thave
1909.
1910.
on the common
1911.
sufficient to provide for subsequen 1% quarterly dividends
5
Asset
stock during the current year.
the growing Properties owned & operated
an
and
shows
1911
increase,
year
the
for
trade
foreign
The
1,479,998,275
has led us to make further substantial
by the several companies.. _
demand for our elevators in Europe in
countries, especially Europe. Expenditures for stripping & e1,460,303,983 1,430.212,861
expenditures for exploiting business weforeign
patents on
( 20,093,860
Reno
the
have
secured
year
past
&c_
the
at
mines,
ent
-During
developm
.
Escalators
6,763,191
8,331,705
9,208,582
already acquired, gives the oppor- Def.
. charges to operations_e__ _
traveling stairways, which, with those
and traveling stairway business, with Cash held by trustees on acct. of
tunity of exploiting our escalator
work.
of
and
volume
profitable
1911.
(in
increasing
funds
sink.
an
bond
every prospect of
permanent quarters
$58,908,500), par value of red.
• New Offices.-We have deemed it wise to arrange for and other departbonds held by trustees not
inl•New York City and Chicago, in which the executive
shall
we
699,631
City
856,519
York
New
974,651
In
be
ated.
may
accommod
treated as an asset
ments in those cities
27th streets, which was Investments outside real estate
use the property on 11th Ave. between 26th and and
2,353,110
in Chicago a most
2,369,394
2,383,885
by
company,
ago
your
years
owned_
several
property
and other
purchased
6,143,794
centrally located plot of land, recently acquired.City and Chicago for the Insurance fund assets (at cost..
• •
11,915,921
68,523,603
depreciation
Buildings are being erected in both New York
12,909.254
I
pay the cost Investments for
will
company
the
nts
whereby
arrangeme
under
company,
eating.funds (at cost) _ _
and
79
and
163,811,2
of
years,
term
24
a
for
176,537,8
z153,483,589
thereof in annual installments equivalent to rental These arrangements are Inventories
56,421,438
44,603,273
48,325,473
whereby it will ultimately acquire full ownership. for the company.
Accounts receivable
6,711,427
5,540,181
ous
advantage
your
very
6,100,879
directors
considered by
788,654
•
of "Otis Bills receivable
696,834
786,759
Business.-The business is conducted exclusively under the name
Co., Ltd.," Agents' balances
9,410,793 • • 4,764.255
2,047,100
Elevator Co." in the United States,and "Otis-Fensom Elevator
Sundry stocks and bonds
3
58,521,11
,
•
indirectly
4
or
directly
56,953,51
control,
8
or
43,499,12
in Canada,and your company does not own
1,986,274
licenses or Cash
3,295,465
3,650,907
any;shares of the capital stock of, nor has it any agreements,
Contingent fund and miscell
elevator
the
In
engaged
name
other
any
any
with
of
s
company
affiliation
• • • • •
1,739,288,534 1,745,724,284 1,821,965,555
business in this country or in Canada. • , • an.140. ,nould •
Total assets
RESULTS FOR CALENDAR YEARS.
Liabilities
1908.
1909.
1910.
1911.
508,302,500
508,302.500
508,302,500
Common stock
Net earns.,after all chges.,
360,281,100
360,281,100
360,281,100
$832,773 Preferred stock
repairs and renewals..31,082,116 $1,157,372 $1,048,689
19
606,384,1
•
67
620,501,377 506,351,8
Bonds held by public
Deduct• • 1,200,055
784,792
•
552,923
$378,375
_
cos....
$378,600
of
subsidiary
Mortgages
$381,109
$385,975
Pref. dividends(6%) _
1,563,731
•
•
2,313.000
•
9
600.000
(3)191,25
cos.
9
Purch. money oblig. of sub.
Common dividends _ ___(4)255,012 (4)255.012 (3)191,25
29,734.951
23,695,264
213,139 Current accounts & pay-rolls. _
22,938.621
362,845
191,124
151,019
827,000
Depreciation
813,500
•
41,744
Bills payable
862,767
Reserved for depreciation
886,122
911,580
200,000
Employees' deposits, &c
180,000
5,937,244
and contingencies
6,789,827
6,712,858
Accrued taxes not due
8,582,550
7,991,373
$50,000 Accrued int. & unpres'd coupons
8,372,556
$115,985
$130,126
9110,110
Pr Surplus
• 6,304,919
• 6,304,919
1,861,934 Preferred stock dividend
6,304.919
1,884,424
2,000,409
2,130.535
Previous surplus
• 6,353.781 • • 8,895,294
6,353,781
Common stock dividend
92,240,695 $2,130,535 $2,000,409 •$1,884,424 Accrued bond, sinking, deprec.
53,828,284
Total surplus __
-See faot-note I belowand replacement funds
6,379,808
4,796,811
Spec.cons.fd.for acct.Gary,Ind_
• After deducting adjustments aggregating $27,510.
9,070,734
9
11,689.72
6
11,937,33
Contingent and miscell.funds__
GENERAL BALANCE SHEET DECEMBER 31.
10,000,000
35,203,189
0
40,000,00
construe_
&
add'ns
for
Approp.
1010.
1911.
7.080.969
8,402.999
1910.
1911.
10,189,341
Insurance funds
3
$
Liabilities1,500,000
$
Assets6,358,600 Pension fund
Plant account_ __ _12,801,970 12,373,275 Capital (preferred) 6,463,700
accretions
with
fd.
sink.
Bond
• •
657,633 Capital (common). 6,375,300 6,375,300
785,624
Cash
represented by cash and by
160,000
172.158 Mtg. 11th Av. prop 160,000
140,900
Notes receivable _ _
redeemed bonds not treated
44,756.001
3,500,000 3,500,000
below
I
te
foot-no
-Sec
Accts. receivable._ 3,118,895 3,369,108 Debentures
contra)
as assets (see
1,000,000 1,190,000
4,312,018 4,720,684 Notes payable_
Inventories
surplus of U.S. Steel •
151,354,528
164,143,158
Accounts payable_ 1,004,179 1,234,002 Undivided
4133,691,195
Corp. and subsidiary cos_
95,409
619,002
96,956
620,353
Preferred diva__
596,703
255,012 Stock subsid. cos. not owned_
__ 318,727
Common diva
2,240,645 2,130,535
,284 1,821.965,555
Surplus
1.745,724
,288,534a
____1.739
liabilities
Total
Total
21,159,507 21,298,858
obligations of subsidiary
'21,159,507 21298,85S
Total
a In addition there are $1,326,000 capital
res made-held in
-V.02, p. 793.
.iMIAIMiltritiligad companies authorized or created for capital expenditu
assets.
in
included
the treasury subject to sale, but not
United States Steel Corporation.
assets (securities at cost.
b Includes insurance and depreciation funds'
$6,633,000 represented
7, and cash. 85,892,586), $15,156,603; less
(Report for Fiscal Year ending Dec. 31 1911.) • • Ezi $9,264,01
s authorized or created for
by capital obligations of subsidiary companie
H.
n
made.
Gary,
Elbert
by
res
Chairma
signed
expenditu
report,
capital
pr. The annual
bond sinking, depreciation and
c After.deducting $71,734,410 for accrued
funds with accretions,
ofithe Board, will be found substantially in full on subsequent replaceme
nt funds, and $59,238,053 for bond sinking
on and invested in redepreciati
it
are
general
with
hnGiven
many
for
ted
le."
appropria
"Chronic
being income
pages of to-day's
is currently added
which
on
interest
(but
deemed bonds not treated as assets further details see a subsequent page.
portant tables of operations, balance sheet, &c.
to sinking funds) and in cash. For
ion, $25,000,organizat
in
for
the
provided
income
total
gross
stock
the
capital
show
of
d As follows: Proceeds
The following tables
195-3133,691,195. As to surplus of
in order 000: accumulated surplus, $108,691,
other sub. cos., &c., see
to
&c.,
materials,
calendar years and the deductions which are made
of
sale
on
companies
y
to subsidiar
z below.
explanations on a subsequent page and foot-note
tordetermine the net earnings; also the amOunts appliedion
n expene Consists of paythents for advanced mining royalties, exploratio
.
the payment of interest, dividends, &c., of the Corporat
e to future operations of the properties
chargeabl
items
ous
miscellane
ses
and
advanced
ns:
realize
to
operatio
3year's
failure
fromIthe
possible
surplus
he
less fund reserved from surplus to cover
itself, and finally;t
in
1909).
0
royalties ($7,000,000 in 1911 and 1910 and $6,000,00
before arriving at the
T OF THE CORPORATION AND ITS • •
, GENERAL ACCOUN
f These items were deducted in 1911 and 1910c above.
SUBSIDIARY COMPANIES.
figures shown for property account-see foot-notededucting
$22,583,600 for
1009.
1910.
1911.
• •
z Inventory valuations are shown in 1911 after
accrued on materials
$
$
surplus of subsidiary companies representing profits
d of by the
undispose
and
51
615,148,840 703,961,424 646,382,2
sold to other subsidiary companies
Gross sales and earnings
2 and products
carried in the balance sheet as a
Manufacturing cost & oper. exp.- _ _a488,134,474a529,215,788a483,417,84
latter. This surplus was in previous yearsp.
357.
491,
94,
-V.
part of the consolidated surplus.
Admin., selling & general exp., excl.
3 17,155,807 15,460,614
gen. exp. of transportation cos_ _ _ _ 16,554,15
8,704,193
9,622,347
9,161,437
Taxes
3,621,613
3,545,811
Weyman-Bruton Company.
Comm'i discounts & interest & misc. 3,378,134
517,689,108 559,078,843
Total expenses
97,459,732 144,882,581
Balance
364,151
1,931,328
gains_
&C.,
ring.
Misc. net manufactu
593,500
797,020
Rentals received
3
29
08,417,38
147,610,9
. Total net income
of properties
Proportion of net profits
&e.,
revenue,
gross
. owned whose
369,207
338,232
are not included
investInterest and dividends on
2,435,642
2,786,589
&c
deposits,
ments and on
101,222,322 150,735,750
• Total income
Sub. Company Int. charges, &c.
7,124,073
cos.._ _ 7,921,247
sub.
mtges.
and
bonds
on
Tat.
Int. on purch. money oblig's & special
116,448
139,381
deposits or loans of sub. cos
511,204,282
135,177,989
2,424,787
960,595
(Financial Statement Dec. 311911.)
r
Treasure H. Brooke, March 19, says:
has been made
1 1911. Provision
The company began business as of Dec.
on profits. After this and all other
out of the earnings for the Federal tax
of management, the net earning's:of,the
deductions for charges and expenses
were 977,454.
company [for the month of Dec. 1911.-Ed.)
672,647
BALANCE SHEET DECEMBER 31 1911.
$
Liabilities ($8,528,479)$
Assets ($8,528,479)2,759,970
_ 4,000,000
Preferred stock
Real est., mach., fixtures,
_ _4,000,000
stock _ _ _ _
Common
good
pat'ts.,
-marks,
trade
141,995,988
for advertising,
will, &c..4,928.622 Provision
insur., disets.. real estate,
supplies.&el,471,414
7,728,823 Leaf, mfd. stk.,
&
fixtures, &c...... 312,867
mach.
168,516
cos
other
of
Securities
113,261 Bills & accounts payable.... b138,158
158,355 Cash
77,454
Bills & accts. receivable_ a1,846.666 1Surplus
7,887,178
and
Co.
Snuff
8,037,695
7,283,454
_
American
charges_
the
from
r• Total underlying interest
a Of this amount $1,653,498 was due
93,184,627 143,472,296 134,108,810
in the shape of various supplies and cash.
Balance
96 has since been received
wa
and
r.2,617,3
Co.
,417,542D
Snuff
0,839Dr.2
American
cos_
the
_Cr.11,12
due
was
amount
subsidiary
this
of
b The larger part
c Profits earned by
final settlement.-V. 94, p. 703, 285.
66 141,054,754 131,491,414 paid in making
104,305,4
earnings
Net
138,563,371
S26
GENERAL
"111E CHRONICLE
[VOL. Lxxxxiv.
NVESTMENT NEWS
to Soldiers' Home at Togus; also owns electric power
plants at Lewiston_
Brunswick and Hallowell, combined generating
capacity 1,866 11, p. (see
"El. By. Sec.") The charters and franchis
do not contain any objectionable restrictions and are either perpetual ores
extend beyond 1938.
Combined Earnings of Company and its Subsidia
ries 1911-Estimated
s 11
99112i
:
1911.
Est.
1912.
Total receipts --1
-$921,945 Int. on coll. tr. bonds
list.
$2,019,619 $2,253,172 Fixed charges
- _$250,000 Gross
Operating expenses ________ 14,286 Preferre
d dividends (3%)
Net
734,084 1,002,5
615,426
on pref. stock
*1
63
98
7:0
10
5a
Balance, estimated surplus for 8516%
Net earnings
1912
_____ _ _5907,659
167,429
Balance, surplus ___ _ __ _ _
The above earnings were derived through
233
• The combined income statemen
t of the constituent companies for $42
Independ
the
ent
operation of
the
'
cal- the companies and therefore show none
ender year 1911 was given in the "Chronicle"
of the benefits made possible byof Feb. 24, page 558.-V. 94, the merger and the larger
p. 696. 558.
income to be produced through operation of the
hydro-electric plant of the Cumberl
and County Power & Light Co. The
• Boston & Lowell RR.-Additional Stock Authori
Portland
RR.
alone
expende
d
$140,000 in 1911 for the production of
zed.-The power by steam and it
Massachusetts Railroad Commission has
is expected that practically all of this powerelectric
can be
zed the com- furnished from the hydro
-electric plants of the Cumberland County Company to issue $280,000 additional stock.authori
pany
with
very
a
small
addition
The new stock will
to the expense of operation.
Director
s-Chas. 0. Bancroft, Chas. F. Libby, Fred.
be sold at public auction. Compare V. 94, p.
E. Richards, Harry
349, 67.
Butler, Alpheus G. Rogers, Ammt
Whitney, Walter G. Davis, and Wm. M.
Cape May (N. J.) Delaware Bay & Sewell' Point
Bradley, all of Portland, Me.•, Albert
Strauss,
s
(ElecPhilip
Gossler and Wilbur
G.
Tusch, New York; Herbert Clark and
tric) RR.-Sale.--Nelson Z. Graves of Philadelphia has,
Frank Stillman Jr., Philadelphia,
it is C. S. Erswell. Brunswick.-V.
94, p. 701.
reported, purchased
RAILROADS, INCLUDING ELECTRIC
ROADS.
American Cities Co.-Earnings.-Six mos. to
Dec. 311911
I.
from the Reading Co. the trolley system
of Cape May, consisting of the Cape May Delaware & Sewell'
Point RR. and Ocean St. Passenger Ry.-V. 72, p. 532. s
Central of Canada Ry.-Construetion Co.-A certific
of
incorporation of the Canada Central Construction Co., ate
with $300,000 authorized stock in shares of $100 each,Ltd.,
filed in the office of the Secretary of State of Canadawas
March 5, with authority, among other things, to build on
railways, for the purpose, no doubt, of taking over the contrac
for the construction of this projected road.-V.94, p. 278. t
Chicago & Alton RR.-Status.-The road and its
stock is reported to be in excellent physical conditi rolling
on, less
than 3% of the freight equipment awaiting repairs
. An
authoritative statement says:
1.;,During the extremely hard weather of January
the company was called
upon to handle the passenger traffic and part of the
freight traffic of one
or two other roads in its vicinity, and was able to
take care of the additional
business and, with few exceptions, bring its trains
In on time. The heavy
expenditures during the past two years for bringing
shape to operate with maximum efficiency have been the property into
concluded, and with
the prospective growth of business during
spring the road may be
able to resume dividends on the pref. stock the
Incidentally, this would improve the status within the next six months.
of
stockhol
ders of the Toledo
St. Louis & Western, which has depended for
dividends largely upon
distributions heretofore received on its holdings its
of Chicago & Alton stock'
The only dark cloud for the Alton at this time is
the
threatened repetition
of the 1910 coal strike, which would cut into the traffic.
-V. 94, p. 416.
Chicago City Ry.-New Directors.-The followi
ng is announced:
H. B. Fleming and F. D. IIoffmann have
been elected directors, to succeed
T. E. Mitten and R. B. Hamilton. Mr. Fleming
also becomes Vice-President in place of R. B. Hamilton, who resigned
.
Chicago Great Western RR.-Listed.--The
Exchange has listed $2,000,000 additional firstN. Y. Stock
M. 50-year
4% bonds, due 1959, making the total listed $22,50
0,000.
The proceeds were used for improvements.-V.
93, p. 1382.
Chicago Indiana & Southern RR.-Earnings.Calendar
Operating Net (after
Other
Year.
Revenues. Taxeso&c.). Income.
1911
$3,822,612 $747,267 $503,959
1910
3,739,668
760,266
660,860
-V. 92, p. 875.
Interest &
Bal.,
DS
elu.rp.
Rents.
or
$1,597,780 def.$346,554
1,106,328 sur. 314,798
Chicago & Western Indiana RR.-Bonds Sold.
gements, it is stated, have been made for the sale of-Arran
$1,365,000
consolidated mortgage 4% bonds.
Detroit Toledo & Ironton Ry.-Sale to
Adjourned.The foreclosure sale which has been adjourbe
ned to April 9
will, it is expected, be further postponed 60 or
90 days.
The sale has been advertised under the
lien and divisional and
consolidated mortgages. On March 1 1912general
default was made on the OhioSouehern Division bonds.-V. 94, p. 697, 350.
Fairmont(W. Va.) & Clarksburg Traction Co.-Consolidation-Re-capitalization-See Monongahela Traction Co.
below.-V. 92, p. 526.
Fort Wayne & Northern Indiana Traction Co.-Liste
The Philadelphia Stock Exchange has listed $2,350,500d.6%
cumulative pref. and $3,812,900 common stock.-V.92,p.704.
Georgia & Florida Ry.-Bonds Authorized.-The stockholders on March 20 authorized the new issue of $2,000,000
6% income bonds, which have been underwritten.-V. 94,
p. 630, 203.
Indiana Union Traction Co., Anderson, Ind.-Meeting to
Be Adjourned.-Secretary W.H.Forse Jr., in a circular dated
March 19, says:
At the meeting of stockholders of Indiana Union.
Traction Co. held
March 5, the directors were instructed to
consider a consolidation between
Indiana Union Traction Co., Union Traction
of Indiana and the Muncie
Hartford & Fort Wayne By. Co., directors toCo.
report to an adjourned meeting of stockholders on March 28. It will be impossib
le to make a report on
such consolidation in time to give the desired
notice to stockholders before the adjourned meeting on March 28,
a resolution will be presented
for a further adjournment to April 9:-V.and
94, p. 767.
Jonesboro Lake City & Eastern RR.-Acquisition
company, it is stated,recently purchased the Wilson & .-The
Northern My., extending from Wilson to Ross, Ark., 18 miles,
formerly leased.-V. 93, p. 1022.N .
• •
Kentucky Traction & Terminal Co.-Bonds Offered.-The
London & South Western Bank recently received applications for $1,000,000 5% first and refunding M. sinking fund
gold bonds at 92 and interest. The amount issued, including
the bonds lately offered, is $1,991,000.
The estimated net earnings for the year ending
June 30 1912 are $270,000
the actual net earnings for the 7 months ending
Jan. 31 1912 were $179,475.
or nearly twice the amount of the interest requirem
ents. The bonds are
part of the original block offered
Chandler Bros. & Co. of Phila. last year.
Compare V. 92, p. 1564; V. 94, by
p. 631. •
Lake Erie & Western RR.-Earnings.--
Cal.
Operating Net (after
Other
Interest,
Add'ns & Balance,
Year.
Of the proceeds $540,000 will be used for a bridge over
Revenues.
Taxes).
Income.
Rents, &c. Betterrn'ts. Deficit.
the Calumet 1911 __ _$5,420,821
River, track elevation and additions to the belt line, $398,000
$893,668 $119,471 $1,025,363
$12,224
to repay 1910
proprietary companies' bonds canceled in March 1911, and
5,513,326
991,751
108,063
988,859 $136,764
remainder for -V._-25,809
improvements.-V. 94, p. 630, 487.
92, p. 875.
Cincinnati Hamilton & Dayton Ry_.-Payment of Notes.-
The company announces that funds have been depasite
d with the Central Trust Co. to pay the prineptal and accrued interest
on all the outstandng $18,000 4)4% collsteral trust notes, and also the coupons
issued under
the agreement dated March 1 1905. The notes will cease
to bear interest
after June 1. Holders are requested to present the
notes
for
payment at
the trust company on and after March 21.-V. 94, p. 206.
,
Cincinnati Northern RR.-Earnings.-
•
Cal.
Operating Net (after Other
Fixed ImproveDiviBal.,
Year. Revenues, Taxes).
Inc.
Chges,
derlds.
Surp.
1911 _$1,248,676 $118,583 $24,265 $95,012 ments.
(1 %)$45,000 $2,836
1910 _ 1,294,277 214,683 37,866 102,981
29,716 (3%) 90,000 29,852
-V.94, p. 630.
Lakeside & Marblehead RR.-Bonds Called.-Three($3,000) 1st M.6% gold bonds dated April 11892, for payment
at par and interest on April 1 at International Trust Co.,
trustee, Boston.-V. 82, p. 751.
Lehighy& Hudson River Ry.-Payment of Bonds.-The
$240,000 Warwick Valley 2d M. Os will be paid atImaturity
April 1 at the Central Trust Co., New York, interestithereon
ceasing from said date.
•
The coupon due that date should be detached
presented to the Irving •
National Exchange Bank, N. Y., or the First and
National Bank, Warwick,
N. Y. Compare V. 92, p. 595,
1701 -V. 94, p. 416.
• "
Connecticut and Passurapsic Rivers RR.
Lewiston (Me.) Augusta & Waterville Street Ry.-New
President.
-Harley E. Folsom of Lyndonville, Vt., -New
Control.-See Cumberland County Power & Light Co. above.
has
been
elected
President, succeeding the late H. N.Turner.-V.
48,p.854. -V.93, p. 1787.
Cumberland County (Me.) Power & Light
Ry.s---Earnings..L-For year ending Dec. 31:
Stock.-Status.-A circular issued by A. B. Leach 0o.-Pref. Cal. Gross
Net •ik0 Other
Int. &71Pref.Div. Common Balance,
&
Co.
offerYear.
Revenue.
Earnings. Income. Taxes. (5%).
ing $100,000 of 6% cumulative pref. stock (pref.
Div.
Surplus.
1911 $3,030,598 $1,287,773 $210,000 $704,416 $125,000
p.
&
d.),
$122,707
says in substance:
1910 2,943,081 1,250,790 178,256 658,649 125,000 $545,650
545,650,
*99,747
Dividends Q.-J. Redeemable at option
and accrued dividend. Par $100 a share. of company at any time at 120
This Maine corporation, whose capitalization
consists of common stock,
$2,700,000, preferred stock, $2,300,000 and bonds,
$947,000, has acquired
practically all of the common stock of the
Portland
Electric Co. (V. 9 ,
p. 213; V. 93, p. 536; V. 90, p. 1243); practical
ly all of the common
stock of the Lewiston Augusta & Watervil
le St. By, and has leased the
Portland RR. Co. It thus owns or controls
electric light and power business In the City of the entire street railway,
Portland and controls the
Interurban lines extending from Portland to South
brook and towns of Cape Elizabeth, Falmouth, Portland, Saco, WestGorham, Old Orchard,
Scarboro, South Windham and Yartmouth, and
Waterville) and interurban lines from the City the local (excepting In
of
Lisbon, Lewiston and Auburn and from Lewiston Bath to, Brunswick,
Gardiner, Hallowell, Augusta and Waterville. The through Sabatus to
estimated population
of the district served is about 70,000.
Property (1)-Owns a hydro-electric plant on Saco
River about 25 miles
from Portland, generating capacity
8,000 k. w. (10,666 h. p.) (2) leases the
highly successful Portland RR. Co.(orga
nIzed In 1863) operating 103 miles
of track comprising the entire
street
railway
of
Portland and Interurban
lineS from Portland to Westbrook, Yartmou
Biddeford, also a steam power plant generatith. Old Orchard, Saco and
ng capacity 6,000 h. p. (see
"El. By. Sec." and V. 91, p. 352)
controls Portland Electric Co., which
(3)
owns and controls two water power plants on the
Saco and Presumpscot
Rivers within 20 miles of Portland and steam power
a
plant In Portland.
combined generating capacity
8,070 k. w. (10,760 h. p.) with transmis
sion
lines to Portland, covering the
entire city and suburbs, also to Sanford,
Me. (4) also controls Lewiston Augusta & Waterville
St. By. operating
about 140 miles of track extending from
Bath to Brunswiels, Lisbon,
Lewiston, Sabatts to Gardiner Hallowell, Augusta
and Waterville, Including tho local service in the cities and towns
mentioned, excepting WaterVille, and also OWDS a line from Auburn to Mechanics Falls
and from Augusta
From the surplus as above in 1911 (5122,707), $20.000 was
for depreciation fund, $25,000 for accident fund, $20,000 appropriated
fund, $24,886 for battery renewals and $17,861 for expense for insurance
of bond issue,
a total of $107,747, leaving $14,060,-v194, p. 351.
Wq.444
Maritime Coal, Railway Power Co., Ltd.-Proposed
Moth"fications.-Notice is given that in accordance with
the terms
of trust deed in favor of National Trust' Co., Ltd.,
dated March 7 1908, the stockholders will on March trustee,
28 vote
on the following proposition:
On assenting to certain proposed modifications
of the rights of the bondholders and of the said trust deed, the principal
enable the company to issue $1,000,000 furtherobject of the same being to
ranking part passu
bonds,
in point of security with
existing $1,000,000 bond issue, and on empowering the National Trust the
Co., Ltd., the
such modifications, to concur with thetrustee, with a view to effectuating
company in executing a supplementary trust deed in the terms_of:the'draft
,lawhich will be submitted to
the meeting.-V. 94, p. 698.
• • '''
• • •
Mercer County Traction Co., Trenton, N. J.-Bonds 0
fered.-C. E. Mitchell & Co. and W. E. R. Smith SACo.r
of
New York, having sold the greater part of the entire issued
$300,000 1st M. 40-year 5% gold bonds due July
1 1944,
guaranteed principal and interest by the Trenton
Streetlity.,
last week offered the remainder at/97 and'interest.
•
The road is
leased to the Trenton
Traction'Co. along.
with other properties. The surplus & Mercer County
from the systems operated by
the latter over bond interest ($164,01earnings
$160,209. See "Electric Ranwas
4)
way" Section, page 96, Further Nets will be given
another week..
MAR. 23 1912.1
THE CHRONICLE
.827
new stock at par, payable 25% each on April 1, May 1, June 1
Mexico Tramways Co.-Contract.-A special dispatch to and July 1 1912, or optionally in full on any of said dates.
15
says:
March
dated
the "New York Times"
for dividends from the date of full
of the proposed trolley line from The new stock will rank
The company has let the first section
of nearly 1,114 miles. The entire line is payment.-V. 94, p. 699.
Mexico City to Puebla, a distance pass
between the two famous volcanoes
to cost $5,500,000 gold and will
Pacific Gas & Electric Co.-Bonds Called.-All the outof 14,000 feet. The new line will
near this city and will reach an elevation
City and Puebla from 5 to standing $4,000,000 6% gold debentures dated Dec. 15 1907
Mexico
between
time
running
the
reduce
also
2 Yi hours.-V. 93, p. 1387.
have been called for payment at par and interest on June 15.
Milwaukee Electric Ry. & Light 00.-Earnings.the Equitable Trust Co., New York.
at
Balance,
Pref. Div.
Fixed
Net (after
Gross
Calendar
Sale of Large Block of Stock.-A syndicate consisting of
surplus
(6%).
Charges.
cfec.).
Taxes,
Revenue.
ear1
$558,227 Samuel Insull, H. M. Byllesby, and Chicago and New York
1911$6,907,383 $2,207,466 $1,379,239 $270,000
497,380
270,000
1,278,719
2,046,099
6,428,710
friends, have purchased from the estate of N. W. Halsey, a
1910
-V 93, p. 1787.
block of $4,000,000 coin, stock at a price stated as about 62%.
Minneapolis & St. Louis RR.-New Mortgage Trustee.Acquisition.-The company, it is stated, has acquired
The Union Trust Co. of New York has been appointed trustee the South San Francisco Light & Power Co., which, in
1901,
1
March
M.
dated
refunding
and
1st
of the Iowa Central
addition to supplying power to South San Francisco and the
in place of the Guaranty Trust Co., which resigned.- small towns in the vicinity, furnished electricity for many
V. 94, p. 631, 487.
of the large factories near the Bay.
The property will be operated as a new district to include all the power
Missouri Pacific Ry.-Sale of $5,000,000 Notes.-The
line.
&
lines
between Millbrae and the San Francisco-San Mateo county
Speyer
comexecutive committee has authorized the sale to
made by W. J. Martin and others, who organized the
unsold The sale was
secured franchises to operate in the entire north end of the
Co. of $5,000,000 3-year 5% notes, representing the(V. 92, pany and
county in June 1910.-V. 94, p. 699, 351. (See also page 830.)
balance of the $25,000,000 authorized in May 1911
Peoria & Eastern Ry.-Interest on Income Bonds Omitted.p. 1636).
includes No interest will be paid on April 1 on the $4,000,000 4% nonThe bankers are offering the notes. The security
cumulative income bonds from the earnings of 1911,as the
-all par values.
from
5s series B (non-convertible) and the same has not been earned. In 1911 and 1910, and also
$13,272,000 Mo. Pac. 1st and ref. p.
1436, and in addition $15,000,000 1902 to 1903, 4% was paid, but no distribution was made in
V. 92,
other securities mentioned in
By.
Pacific
&
Texas
$5,000,000
Denver & Rio Grande RR.common stock; By. 5% gold note, due June 1 1909.
Padifio
common stock; $828,380 Texas & 1st
M.5% bonds; $150,000 Baring Cross ?lEarnings.-For calendar year:
1914; $550,000 Concordia Coal Co.
Yards Co. stook; $1,000,000
Bridge Co. 7(7 stock; $125,000 Pueblo Stock
Wabash RR. Co. pref.
Western Coal °& Mining Co. stock, and $7.000,000
stock.
Fixed Improve- 4% on Balance
Operating Net (after Other
Cal.
Taxes). Income. Charges. ments. Inc.Bds. Surp,
Revenues.
Year.
$8,373
1911 ____$3,218,284 $601,664 $28,966 $622,257
___ 3,536,068 859,870 28,011 623,752 $81,040 $160,000 23,089
1910-92, p. 874.
-V.
President Bush says that he believes this is the last shortem,
term financing for the Missouri Pacific-Iron Mountain sys
Spe
Philadelphia Rapid Transit Co.-Offering of Guaranteed
as the directors have concluded arrangements with
& Co. to formulate a refunding mtge. for the Iron Mou tal Bonds.-Drexel & Co., Philadelphia, placed last week
road and counsel are now at work on the details.
the new 50-year 5% sinking fund gold bonds. Principal
The amount of the new Iron Mountain mortgage has not yet been deterinterest guaranteed by Union Traction Co. of Phila.
and
to
mined. A meeting of Iron Mountain stockholders will shortly be called
Dated March 1 1912 and due March 11962, but callable on
authorize the mortgage.-V. 94, p. 768, 698.
a whole, or for sinking fund at 105
Monongahela Traction Co.-New Company.-The com- or after March 1 1917 ased,
$10,000,000; outstanding, $2,Authoriz
interest.
and
with
Virginia,
West
of
laws
the
under
been
organized
has
pany
fund $35,000 annually, besinking
ve
Cumulati
000,000.
common
is
00
of
$5,000,0
which
d
stock,
00
$7,500,0 authorize
Tax-free in Pa. Commercial Trust
11917.
March
ginning
d
authorize
an
and
pref.,
ve
5%
00
cumulati
and $2,500,0
A circular shows:
bond issue of $15,000,000, to take over the Fairmont & Co., Phila., trustee.
in
(1) All of the Phila. Rapid Transit Co. leasehold interests
Security:
Tract.
Northern
&
Fairmont
the
and
Co.
1903, amended
Clarksburg Traction
the Market:Street Elevated Passenger Ry., dated Jan. 19
made to
are
hereafter
stocks
or
whose
heretofore
Ry.,
for
advances
claims
All
(b)
Weston
1907.
1
&
July
Co. and the Clarksburg
Co. (c)
company by the Phila. Rabid Transit Co. or Union Traction Elevated
Street
owned by the Fairmont & Clarksburg Traction Co. The that
All the $2,300,000 (full-paid) capital stock of Market
there
tion.
property
consolida
the
whose
on
each),
ratifying
$50
par
shares,
on
16
(56,000
Co.
By.
May
Passenger
latter will vote on
4% bonds, dated May 1 1905.
Clarksburg Traction Co. will
Holders of pref. stook of the Fairmontin&the
new company and holders
receive share for share of the same class
share of their present holdings.
one
for
common
of
shares
two
common
of the
for the retirement of
provide
to
sold
be
will
Of the bonds, $2,500,000
Traction notes, $1,500,000 will be
$1,000,000 Fairmount & Clarksburg
W. Va., and other additional
Weston,
to
lines
branch
construct
to
used
the present Fairmount &
lines, and $2,500,000 will be reserved to retire
Clarksburg Traction Co. bonds.
Nashville (Tenn.) By. & Light Co.-Further Particulars.The option on the controlling interest obtained by H. M.
Byllesby & Co. of Chicago, Hodenpyl, Hardy & Co. and
Wm. P. Bonbright & Co. of N. Y. and E. W. Clark & Co. of
Philadelphia, is upon the following terms:
until
The option is given in consideration of $120,000 cash and runsof the
May 30, when holders of the property are to surrender *3,000,000
for their stock.
$4,000,000 stock. Stockholders are to receive $114 a share
of 11%, payable in
The company is to be allowed to declare a dividend Byllesby
& Co., and
bonda of the company at par or In cash, optional with Extensive developthen the stock is to be taken at par. making In all 114.
through
Louisville,
and
a
Chattanoog
at
Nashville,
ment of properties
is contemwater power located at Ocoee, Halesbur and Great Falls, Tenn.,
plated, which will proiuce 600.000,000 horse power each year. Compare
V. 94, p. 768. 351.
F. C. Watts, President of the First Nat. Bank of Nashville, who negotiated the option, says:
"The project contemplates the combining of properties in Nashville,
Louisville and Chattanooga with the marvelous water powers of Tennsessee
at Ocoee, Hale's Bar, and Great Falls, representing when harnessed
together, 600,000,000 h. p. per annum to be carried over all the developed
erritory within a radius of 200 miles.
$15,000,000. The plant at
The total capital investment will be aboutand
power to Chattanooga,
Ocoee is in full operation, furnishing light
via Great Falls into Nashlines
build
rapidly
to
ed
cl,atemplat
is
it
nd
will be supplied
country
immediate
the
and
ville, so taat our Industries
be placed in
with power much before the Great Falls power station could
operation."
ng
to
the
underwriti
subscribe
to
allowed
be
Mr. Watts and associates will
"and certain
which will follow the acquisition of an interest in the company
351.
788,
p.
94,
-V
other properties.'
is outstanding $10,000.000 1st M.
temThe bankers were prepared to accept payment March 18, delivering
porary receipts pending issue of the permanent bonds.
Year 1911,
Earnings of Market Street Elevated Passenger Ry. Co.-Calendar $409,575
_$1,677,578 Fixed charges_
Gross earnings _
$577,001
_ _ ____ $986,5761Balance, surplus
Net earnings
- -V. 94, p. 768, 699.
Pittsburgh & Lake Erie RR.-Earnings.-
Balance,
Divid'ds
Fixed
Other
Operating Net (after
Cal.
Surplus.
(10%).
Revenues. Taxes,etec.) Income. Charges.
Year.
$3,578.560
$2,520,000
$1,276,133
$384,245
1911.....$i5,308,561 $6,990,448
888,945 2,100.000 6,089.907
1910___ 17,052,698 8,779,628 299,224
there was deducted
From the balance as above In 1911, $3,578,561, for
additional equip$535,793
and
$958,323 for additions and betterments
p. 768, 699.
ment, leaving a surplus for the year of $2,084,444.-V. 94,
Portland (Me.) RR.-Lessor Co.-See Cumberland County
Power & Light Co. above.--V. 94, p. 352, 209.
Puget Sound Traction Light & Power Co.-First Distributions.-Initial quarterly dividends of 31 50 and $1 per
share have been declared on the $6,968,333 preferred and
$16,546,360 common stock, respectively, payable April 15
to holders of record March 28.
Bonds Called.-All the outstanding $1,963,000 SeattleTacoma Power Co. 1st M. 5% gold bonds dated June 1 1905
have been called for payment at 105 and int. on June 1 at the
the
Northern Trust Co., Chicago, trustee. By inadvertence last
words "Seattle-Tacoma Power Co." were omitted from
week's item.-V. 94, p. 768; 124.
Quebec Railway, Light & Power Co.-No Common Dividend.-Montreal dispatches state that the company will not
on the
pay the usual 1% quarterly dividend next month for
im00 common stock, owing to heavy expenses
$9,999,5
New York Railways.-Bonds Listed.-The N. Y. Stock provements. Distributions at that rate were begun in
Exchange has authorized to be listed $16,768,000 temporary April 1911.
are 4874.764 (an
30-year first real estate and refunding 4% bonds and $31,The gross earnings for the 7 months ending Jan. 31earnings,
$451,000
over the same period last year); net
933,000 temporary 30-year adjustment M. 5% bonds, as Increase of 12.32%
earnings were
net
1911
of
months
6
last
the
For
17.20%).
of
increase
over 4%
well
be
to
reported,
issued in accordance with the plan of reorganization of the (an
arc
about 3.82% on the common stock, but
be opmonths of this year. All of the properties are said to
Metropolitan St. Ry.(V. 93, p. 1533), and the substitution for the first 2profit
a loss,
at
operated
been
had
previously
which
some,
and
at a
erating
ready.
when
bonds
94.
-V.
Invested.
engraved
t
the
money
permanen
of
to be in shape to make a good return on the
Earnings.-Of the Metropolitan System as reported by p. 203, 209.
tile receivers:
Rochester Syracuse & Eastern (Electric) RR.-Notes
Dec.31 1911. Authorized.-The Pub. Serv. Comm. on Feb. 24 authorized
Years ending June 30 1910 and 1911 and lIalf-Yeare nding
Balance,
t--Other -Interes
Net, after
Operating
the company to issue $1,137,114 in short-term notes, bearing
Revenue. Tax. & Rent. Income. On Bonds. Misc, Surplus.
$246,250 $22,364 $1,015,312 not exceeding 6% interest, payable in 3 years with an opLast half'11 $6,069,817 $1,184,849 $99,077
1,138,155
shorter time at a
Yr.1910-11 13,600,317 1,476,360 201,795 492,500 47,500
334,412 tion, if desired, to pay the principal on
687,742 186,670 492,500 47,500
Yr.1909-10 13,363,204
of the premium of 1% and accrued interest.
Interest on bonds includes interest on 1st M. 5% underlying bonds
$5,000,000
Ave. RR.
Street By., viz.: On $3,000,000 Columbus & Ninth
RR. and
Lex. Ave. & Pavonia Ferry RR., $1,500,000 Broadway Surface
and receivers'
$350,000 South Ferry RR. Interest on defaulted bonds
certificates is excluded.
to
The item of rent for lease of other roads and equipment, amounting
previous
$905,470 for the last half of 1911 and about twice that sum for the $212,000
includes
yearly periods, which was deducted from the earnings,
for dividends on securities of other cos. now owned by the N. Y. Railways,
The forewhich will be received by that company beginning Jan. 1 1912.
when
going figures of net Income should therefore be increased accordingly 698.
768.
94,
p.
-V.
to
securities,
the
new
applicable
considering the amount
incurred for
The proceeds of the notes are to be used to pay obligations
construction.-V. 91, p. 1711.
St. Albans (Vt.) Street Ry.-Foreclosure.-The property,
with the exception of the portion known as Rocky Point,
Will be sold by the receivers at public auction on April 10
at the City Hall, St. Albans, Vt., under the amended decree
of foreclosure entered Mch. 4 by the U. S. District Court for
Vermont. Upset price4150,000.-V..91, p. 1096.
Ottawa"(Can.) Electric Ry.-Subscription Rights.-ShareSao Paulo (Brazil) Tramway Light & Power Co.-Adto
right
the
31
holders of record Mch. 1 are offered .to Mck,
Debenture Stock.-The companyihas made a further
ditional
$623,900
for
subscribe to the extent of 50% of their holdings
828
THE CHRONICLE
Lxxxxiv.
issue of $150,000 5% perpetual consolidated stock, making
INDUSTRIAL, GAS AND MISCELLANEOUS.
total amount outstanding £600,000.-V. 93, p. 1325.
Allis-Chalmers Co.-Plan.-The reorganization plp,n which
Syracuse Binghamton & New York RR.-Lease.-The was agreed upon by the bondholders and
s' comP. S. Commission will hold a hearing on Mch. 25 on the joint mittees on Wednesday, and which will bestockholder
announced in depetition of the company and the Delaware Lackawanna & tail within a few days, provides:
Western RR. Co. for permission to lease the road to the
A new company is to be formed with $26,000,000 common and 516,500,D. L. & W. for the period of its corporate existence ending 000 7% pref. stock (cumulative as to 5% from Jan. 1 1913, 6%
from 1915
and
7% from 1917), to be preferred also as to assets in case of liquidation
2006 at 12% on the stock.
and redeemable at 110 and, if practicable, to have power
elect a
A small amount of minority stockholders oppose the lease,
been ratified by over two-thirds of the stock.-V. 93, P. 1601. which ha-
Tidewater Co.-Sale of Bonds-Notes Called.-See Virginian Ry. below.-V. 86, p. 1531.
Toledo & Ohio Central Ry.-Earnings.-Cal.
Year.
Gross
Revenue.
Net(after
Taxes).
Other
Fixed
Pref.
Corn. Balance,
Inc.
Chges.
Div.
Div.
Surp.
5
5
1911 _4,938,646 1,276,906 189,688 857,380 185,070* 292,315z
131,829
1910 ___5,089,986 1,644,325 235,181 548,921 277,605" 438,472x
614,508
• Pref.(Mrs.: 1911,5%; 1910, 7)%. x Corn.(this.: 1911,
5%; 1910,7j..
The entire surplus as above in 1911, $131,829, was appropriated
for
tions and betterments. In 1910, $632,256 was set aside for similar addipurposes, leaving a deficit of $17,748.--V. 92, p. 1369.
Toledo Railways & Light Co.-Meeting Postponed.-The
joint meeting of the bondholders' and stockholders' protective committee for the consideration of reorganization plans
was postponed from Mch. 20 to Mak. 27. See V.94,p.768, 623.
Trenton & - Mercer County Traction Corporation.-See
Mercer County Traction Co. above.-V. 93, p. 797, 1260.
Trenton (N. J.) Street Ry.-Guaranteed Bonds Offered.See Mercer County Traction Co. below.-V. 93, p. 797.
Utica & Mohawk Valley (Electric) Ry.-New Officer.
B. T. Tilton of Rochester has been chosen Vice-President&
Gen. Mgr. to succeed C. . Loomis Allen, who resigned.V. 93, p. 1727.
Virginian Ry.-Bonds Sold.-The Tidewater Co., the construction company which built the Virginian Ry. and controls it in the interest of the H. H. Rogers estate, has sold
$25,000,000 1st M.5% 50-year gold bonds dated May 1 1907
of the railway company to a syndicate including the National City Bank,.Lee, Higginson & Co. and Kissel, Kinnicutt
& Co. The Tidewater Co. has called for payment at 101
and interest on June 1 the entire issue of $17,000,000 first
lien 6% 5-year notes, which are secured by deposit of the
railway bonds, of which $34,800,000 are owned by the construction company. The latter will exchange the $9,800,000
bonds not sold (which will be canceled) for new preferred
stock, part of the $29,000,000 authorized Jan. 27 1912
(V. 94, p. 209, 353).
to
majority
of the board. Both classes are to be held In a voting trust for 5 years. The
assessment of 20% on the present pref. stock ($3,210,000) and 10% on the
cimmon ($1,982,000) will provide $5,192,000 cash.
Present bondholders will receive par In new pref stock, 35% in new common and cash($25 per bond) for Jan. 1 1912 coupon; pref. stockholders, upon
payment of 20% in cash, 20% in new pref. and 90% in new common stook;
and common stockholders, upon payment of 10% in cash, 10% in new pref.
and 35% in new common stock.
To carry out the plan both committees will unite In asking for the appointment of D. W. Call, President of the company, probably early next
month.-V. 94, p. 700, 69.
Amalgamated Asbestos Corp.-Reorganization Plan.Bondholders representing $6,037,500 of the total issue of
$8,000,000 unanimously voted March 1 in favor of the reorganization plan drawn up by Aldred, Fuller and Carter.
An appeal on behalf of the preferred shareholders, who urged that some
plan should be devised whereby they might participate in the future possibilities of the company, was ignored.
The old directors have been re-elected, with the addition of Messrs.
Douchet and Cook. The board will serve until March 31, when the company, it is stated, will be taken over by the Royal Trust Co., acting as
trustee for the bondholders, to reorganize it for the benefit of the latter.V. 94, p. 561.
Amalgamated Copper Co.-Dividend Prospects.-Owing to
the great demand for copper metal, resulting in 15-cent
copper, it is thought likely that the directors next Monday may declare a quarterly dividend at an increased rate
from the M of 1%(2% yearly) now being paid.-V.94,p.418.
American Cement Co.-Time Extended.-The bondholders'
protective committee has extended the time for deposits
to April 15.
More than a majority of the outstanding bonds have been deposited. It
Is expected that default will be made on payment of coupons due April 1.
Compare V. 94, p. 489, 418.
American Gas & Electric Co., New York.-Expiration of
Voting Trust.-Henry L. Doherty, who has been one of the
three members of the voting trust (which expired March 1)
says in an advertisement on another page:
A determined effort is being made to create another voting trust.
There
is no warrant for denying the right of voting to the stockholders
for another
long period of time. I advise you to demand delivery of your
steck.V. 94, p. 700, 561.
American Light & Traction Co.-New Directors.-
Franklin Q. Brown and C. N. Jelltfie have been elected directors
to succeed William L. Bull and J. M. McCarthy.-V.94, p. 348.
American Smelting & Refining Co.-Investigation as to
Alleged Smelter Trust.-See item in "Banking, Financial and
This will leave the $25,000,000 issue a first mortgage on all the property Legislative News" on a preceding page.
Report.-See "Annual Reports."-V. 94, p. 633, 418.
and equipment of the Virginian Ry., including the Virginian Terminal Ry.
The Virginian Ry. acquires tho Virginian Terminal Ry. bonds ($3,000,000)
American Sugar Refining Co.-Free Sugar Bill Passes
in connection with tho present financing.
Preferred Stock Offered.-The railway company also offers House.-See item in "Banking, Financial and Legislative
common stockholders of record March 18 the right to sub- News" on a preceding page.-V.94, p. 764, 633.
American Wringer Co., Providence.-Report.
scribe between March 18 and 25, inclusive, to the extent of
YearGross.
Net.
80% of their holdings, for pref. stock at par.
Pref. Div.
Corn. Div. Deprec. Bal.,sur.
1911 ____$316,690 $186,445
Payment will be required, $20 a share at the time of making subscription 1910 ____ 326,119 200,949 (7%)$59,500 (6%)$54,000 $22,945 $50,000
(7%) 59,500 (6%) 54,000 37,449 50,000
and $80 a share on or before April 1. The subscription privilege is consid- -V. 93, p. 107.
ered largely a formality, as the Tidewater Co. owns the greater part of the
American Zinc, Lead & Smelting
534,245,000 railway common stock outstanding, and will acquire a portion
Joplin, Mo.-Inof the pref. stock in connection with the bond retirement.-V.94, p.417,353. crease of Stock-Subsc
ription Rights.-The
Co.,
directors have
West Jersey & Seashore RR.-Earnings.-Calendar
Operating Net, after
Other
Fixed
DiviYearRevenues. Taxes, 6bc. Income. Charges. dends. Balance,
Surp.
1911
$6,247,667 $1,044,686 $101,777 $436,528 $488,320 $221,615
1910
5,981,673 1,101,219
65,681 434,062 488,320 244,518
Dividends as above include yearly $482,080 (5%) on the commonstock
and $6,240 (6%) on the special guaranteed stock.
The entire surplus as above in 1911 (5221,615) was appropriated for
reserve for additions and betterments.-V. 92, p. 1702.
;Winnipeg Electric Ry.-New Stock.-An increase of $4,000,000 in the stock having been authorized Feb. 14, shareholders of record March 30 have the right to subscribe at
par ($100 a share) on or. before April 15 for $3,000,000
thereof to the extent of 50% of their respective holdings.
Subscriptions are payable 25% down, 25% July 15 1912, 25% Oct. 15
1912 and 25% Jan. 2 1913, or may be prepaycd in full at any
company will pay interest at 5% per ann. on amounts paid fromtime. The
until Jan. 2 1913. Stock fully paid Jan. 2 1913 will receive the payments
quarterly
dividend of April 1 1913. Overdue installments will be charged
interest at
6% per annum until paid, and any stock not fully paid by Jan.
2 1913
may be declared forfeited.
The new money is needed to provide for the erection of a
office building and for extensions and improvements of the street car,new
gas and electric
light and power system,In order to keep pace with the extraordinary
growth
of Winnipeg, St. Bonlface and their suburbs.
2b..irIA..11104...hquia
voted to recommend to stockholders that the authorized
capital stock be increased from $150,000 shares ($3,750,000)
to 300,000 shares ($7,500,000) and to offer stockholders of
record April 6 the right to subscribe pro rata for 70,000
shares ($1,750,000) at $26 50 per share (par $25).
Of the stock about $2,100.000 is outstanding, about $1.150,000 being
reserved for the conversion of bonds outstanding.
About $500,000 stock remains In the treasury. The proceeds will be used
to finance the new smelter being erected at Hillsboro, and a 1,000-ton
mill
for the new Tennessee property. Full payment
is to be made April 24.
The exact ratio of subscription cannot be determined
until April 6, owing
to the convertible bonds.
The entire issue has been underwritten
banking house for a commission of $1 50 per share. The completion by a
tile financing will, it is stated.
leave the company without debt (except of
and substantially $1,000,000 of net quick bonds) with its plant completed
assets.-V.91, p. 1027.
Arizona Commercial Copper Co.-Foreclosure.-Judge
Morrow in the U. S. District Court at Phoenix, Ariz., on
March 15 appointed Charles Rawlins receiver on application
of the American Trust Co., of Boston, trustee of the 1st M.
6% convertible bond issue of 1910.-V. 93, p. 1107.
Assets Realization Co.-Earnings.Cal,
Gross
Year- Income.
Ex- Transf'd to Interest
penses. Reserve. ec. Taxes.
DIN-
Balance,
dends.
Surplus.
$701,938
Denial.-Sir William Mackenzie denies the reports of a 1911__52,052,255 $249,141 5376,140 $164,169 5560,867
1910____ 1,256,291
9
--- -106,734
02,9
53
ck
s63
347,157
sale to the Manitoba Power Co. or to a New York syndicate. -V.
93, p. 1670.
There seems, however, to be a basis for the belief that negoAtlantic City Gas 0o.-Listed.-The Philadelphia
tiations with that purpose in view are still pending with Exchange
has listed $3,374,000 1st M. 5% sinking fund gold
unknown parties,
bonds.-V. 94, p. 210.
The Manitoba "Free Press" last week said: "Some
speculation is going
on as to the meaning of two joetitions
Brier Hill Steel Co., Youngstown, 0.-First Dipidend.presented to the Manitoba Legislature
last week
One is by the Winnipeg Electric Ry. Co. and asks for power to An initial
quarterly dividend of 13% has been declared on
sell some of its assets and for
powers; the other asks for the incorporation of the Winnipeg Electric;other
Co., the promoters being the solicitors of the the $1,835,000 7% cumulative pref. stock, payable April 1.
WInnilleg Electric By. The capital of proposed company
is $30,000,000." -V. 94, p. 562, 418.
Canadian papers regard
step as the first one towards the sale of the
plant to the new interests, the
which have been negotiating for months for the,
British-American Tobacco Co., Ltd.-Interim Dividend.purchase of the system, stating that
the prospective buyers plan a wide ex- An interim
pansion of operations throughout Manitoba.
dividend of 2
has been declared on the ordin[This
is
no
doubt
the
as
result of a recent favorable decisiontby the PrIv
Council-Ed.1-V 94,p.692. ary shares free of income tax, payable March 30 1912 to
holders
of
record
on
Inrcester bonsolisfireiiMMT-Ity7"
that date.
--Notereatte
-d.-rAll
Increase of Stock.-The stockholders on Feb. 27 1912 inthe outstanding $45,000 Leominster & Clinton St. Ry. 6%
creased
the authorized capital stock from £6,100,000 shares
15-year coupon notes have been called for payment at par
on April 1 at Fitchburg Safe Deposit & Trust Co., Fitch- to £6,600,000 shares.
Whether
the additional stock has been sold for cash or property or whether
burg, Mass.-V. 92, p. 1254,
it has been or is to be offered to stockholders of record has not been
stated.
829
THE CHRONICLE
MAR. 23 1912.]
and £2,100,000 5%
The stock now consists of £4,500,000 ordinary shares
cumulative pref.-V. 94, p. 489.
as a whole at 105 and
Callable for sinking fund at 102 3 and interest or
tions, $1,000 and $500.
interest. Authorized issue, $2.000,000. Denomina
outstanding bonds,
only
The
trustee.
Bait.,
Safe Deposit & Trust Co. of
46), have been called
viz., the $300,000 1st 6s dated May 1 1909 (V. 89, p.
Baltimore, trustee.
Co.,
Trust
&
Deposit
Safe
the
at
1
May
for payment on
Further facts another week.-V.89, p. 46.
Ga.-Bonds
Broad River Granite Corporation, Atlanta,
offer for
Offered.-The Hillyer Trust Co. of Atlanta will $150,000
e
public subscription in a few days, at 95 and int.,The bonds
Dayton (0.) Globe Iron Works Co.-Receivership.-Judg
6% sinking fund gold bonds, due April 11952.
Pleas Court at Dayton 0. on Mch. 16,
n
Commo
in
.
the
Brown
offering
public
the
of
have been underwritten in advance
& karshall, rel, of Graves'
and $250,000 common appointed George L. Marshal
The bonds are followed by $100,000 pref. stock
monumental granite busi- ceiver, on petition of R. R. Dickey, former President.
stock, representing a practical monopoly of the
Atlanta
100 miles from
ness in Georgia. The quarries are situated about 12 years.
and have been in successful operation for the past
Brooks
Brooklyn Borough Gas Co.-Bonds Offered.-P.0W.
M.
of N.Y.having sold nearly all the $500,00 general
&
whole
40-year gold bonds due June 1 1945(but callable in ),last
5%Co.,
or part by lot on any interest date at 105 and interest
.
week offered the remainder at 98 and interest
Brooklyn
g gas in the 31st Ward of
The company is the only one furnishin
n, according to the latest Census figures
and serves a permanent populatio
is largely increased during the summer.
which
35,000,
about
of
,
available
twice the interest charges. Further facts
Earnings in 1911 and 1910 were
p. 530.
will be given another week.-V. 93,
olders
Butte Coalition Mining Co.-Distribution.-Stockh zed a
have received notice that the directors have authori
distribution of assets on the basis of $4 46 a share, against
$4 41 as previously estimated, in addition to the 52-100 of a
share of Anaconda stock for each share of Butte Co. stock.
Compare V. 94, p. 281.
Butterick Co.-Earnings.-For calendar year:
Balance,
Dividends
Ridgway
Surplus.
Profits. Divs. Received. (3%).
Calendar Year$300,000
$439,416
$44,120
$695,296
1911
207,790
438,025
559,00286,814
1910
$126,431,
The profits of the Ridgway Co. were $91,923 in 1911, against
paid in 1911,
out of which dividends amounting to $50,000 (5%) were
against $100,000 (10%) in 1910.-V. 92, p. 1031.
bonded debt.
The secured debts are said to be in excess of $90,000; ures turbine$75,000; capital stock, $200,000. The company manufact
water wheels and hydraulic machinery.
Dominion Canners, Ltd.-Earnings.-
Net Profits. Pf.Div.(7%). Ins. Res've. Bal-Sur.
Cal. Year$161,118
$50,000
$151,752
$362,870
1911
167,437
50,000
121,389
338,826
1910
amountbonds
on
interest
g
deductin
after
Net profits as above are shown
ing to $59,875 in 1911.-V. 91, p. 1772.
Eagle Oil Transport Co., Ltd.-New Subsidiary.-SeeMexican Eagle Oil Co., Ltd., below.
Electric Bond & Share Co., New York.-New Officers.-
been elected
Benj. Strong Jr. Vice-Pres. of the Bankers Trust Co., has members of
e. Other
a director and a member of the executive committeJ.
C. A. Coffin,
Perry,
Marsden
just
e
are:
elected
committe
executive
the
p. 564, 282.
A. C. Bedford, Hinsdill Parsons and S. Z. Mitchell.-V.94,
Electric Storage Battery Co.-Earnings.-Cal years:
1908.
1909.
1911.
1910.
Year ending Dec. 31$636,580.
$933,492
_ $1,263,608 81,120,012
Total net income
28,093
093(334)5
4(3)0528,
964
(4)649,96
stock
...(4)649,
pref.
&
Less divs. on corn.
8108,487
$405,399
$470,048
8613,644
Surplus
-V. 92, p. 722.
Esperanza Consolidated Oil Co., San Francisco.-New
Subsidiary.-The General Pipe Line Co. was incorporated
in Maine as a subsidiary early in March, with $7,500,000
zed capital stock in $100 shares, to build a pipe lineh & authori
fields to harbor at San Pedro,about 200 miles.
Midway
Canadian Cottons, Ltd.-Bonds Offered.-C. Meredit
from
and
a franchise for a
Co. of Montreal offer at 86 and interest $400,000 first1940,
An application has been made to the Supervisors for
and the War DepartJuly 2
double pipe line system through Los Angeles County,
p. 419, 211.
94,
refunding 5% sinking fund 5% bonds maturing days'
-V.
on.
propositi
the
notice. mantis expected to act favorable on
but red. at 105 and interest on any int. day on 60 this 5% bond
el Instill
-Samu
York.
New
c),
(Electri
System
Sign
82;
Federal
$10,531,4
s
books,
Valuation of property on company'
6% bonds, a prior lien on part of the has been elected Chairman of the Board.-V.92, p. 465.
issue, $3,800,000. The $1,850,000 10
.n15s ifAr
.ezz3i
ee 2als1091?r..
t maturity April
bgeSept.rede
property,
94, p.
General Pipe Line Co., California.-New Company.-See
ending
half
-p.
531.
Esperanza Consolidated Oil Co. above.
of
Canadian General Electric Co.-New Stock.-The stock(The B. F.) Goodrich Co., Akron, 0. (Manufacturers
holders will vote on April 25 on increasing the authorized Automobile Tires, &c.).-Re-ineorporation.- The shareissue of common stock by $4,300,000, making a total au- holders will vote March 27 on adopting an agreement, authorized capital of $12,000,000, of which $2,000,000 is 7% thorized by the board on March 16, providing for (1) a sale
y as of
preferred stock.
of all the assets, business and good-will of the compan
the right to subscribe for
sums provided to be recertain
only
Stockholders of record April 20 will be offered of one-third
(except
1912
1
April
holdtheir
of
$1,900,000 of the new stock at 103 to the extent
be issued in the near tained), subject to all the liabilities (which are to be assumed),
ings. $1,900,000 par value of the new stock is to
some
as expansion of business
future, the rest of the authorized issue to be sold
to a new corporation to be incorporated in New York or ,000,
In future warrants.
with an authorized capital stock of $45,000
State,
other
$15,000,000 will be 7%
Earnings.-For year ending Dec. 31:
Balance, in shares of $100 each, of which
Pref. Div.
Deprec'n and Corn. Div.
Operating
Calendar
Surplus. cumulative pref. stock with dividends cumulative from
•
(7%)
(7%).
Interest.
Profits.
Year$364,636
$140,000
$385,109
and $30,000,000 will be common stock. (2)
$516,144
$1,405,890
1911
151,675 April 1 1912,
140,000
354,625
264,908
911,208
1910
to the holders of the present $10,000,000
tion
distribu
The
-V.93, p. 467.
each $100 share thereof of $270 new comfor
stock
common
be
Subscri
to
Stock-Offer
of
Chino Copper Co.-Increase
and to the holders of the present $6,000,cash,
$78
and
mon
inon
2
April
vote
will
Underwriting.-The stockholders
per share in new preferred or at their
$120
of
d
preferre
000
$5)
(par
000
$4,000,
from
creasing the authorized capital stock
The sale to a syndicate consisting of
(3)
cash.
$120
option
stock.
common
be
to $4,500,000, all of the stock to
Lehman Bros. of New York and
and
Co.
&
Sachs
n,
Goldma
9
says:
Mch.
dated
circular
a
Pres. Charles M. MacNeill in
of London of $7,800,000 new pref.
Co.
&
Sons
rt
Kleinwo
0)
of
the
($350,00
shares
The directors have determined to offer 70,000 ers pro rata at $25 per and $3,000,000 new common for the sum of $7,800,000 and
proposed increase, if authorized, to the sharehold
development, equipment and accrued pref. dividend from April 1 1912, with an agreement
share to provide for further requirements forcapital
stock be authorized at
of
d all or any part of
other purposes. If the proposed increase
at the close of business on also to take at par and accrued dividen
of
er
record
stockhold
each
meeting,
the special
share of said now the remaining $7,200,000 pref. and at 673/i any part of
rata
pro
his
for
March 21 will be entitled to subscribe
stock
of
shares
for each ten
y may elect to sell.
stock on the basis of one share of new stock ions
will be permitted to and $6,666,700 common that the compan
on March 21. Subscript
in his
name
standing
Mch. 16 1912.
and 50% to be paid
Further Particulars from Circulars Datedin
including April 20, 50% to accompany the subscription
each year after July
d, there will be issued
(a) At least 3% of the pref. stock will be retired
on or before June 20. If the increase be authorize
be paid on the common
warrants
may
s
er
dividend
stockhold
before
profits
to
each
meeting
surplus
the
net
after
1913 from
and mailed immediately
or its stockcompany
to
as
s
the
by
direction
received
full
stock
stock. (b) None of the new
representing rights to subscribe to said stock giving
six months
of stock has been
be sold, distributed or otherwise disposed of during
remittances. The purchase of the entire 70,000 shares
with the consent
. It holders shall
except
Co.-Ed.l
bankers,
&
the
to
Stone
stock
of
Hayden,
by
delivery
headed
of
from the time
underwritten (by a syndicate
each class
of
interest
in
s
present.
of
two-third
at
shares
holders
of the bankers. (c) Until the
is not the intention to issue the remaining 30,000
company shall pay such taxes in
of stock shall otherwise direct, the new
V. 93, p. 1193.
in Ohio.
taxes
from
exempt
stock
new
the
render
to
quarterly Ohio as may be required
, as above stated, "are inCleveland Stone Co.-Dividend Increase.-A 000
(d) The moneys to be retained by the company
and also the dividend on
stock,
expenses,
necessary
$3,000,
the
of
its
on
d
payment
declare
the
for
tended
3 % has been
dividend of 14
the quarter ending March 311912, and dividend
e the present pref. stock for (e)
the
The holders of a controlling interest in new
payable April 1 to holders of record March 21. Compar
on the common stock."
the holders of a controlling interest in the ent.
become
will
stock
present
managem
V. 94, p. 701.
present
the
under
continued
stock, and the business will be
to any of the officers or direcConsolidation Coal Co., Baltimore.-Earnings
(1) The proposed sale involves no commission
have reserved.
Dividends Balance, tors. (g) The three stockholders, parties to the agreement, to join therein.
Interest,
Other
Net (after
Gross
Cal.
stock desiring
common
Surplus. on behalf of all holders of the present
(6%).
.
Taxes,&c
.
Income.
shares of
Deprec'n)
28,000
Earnings.
of
Year.
3 $182,322 the right to purchase from the bankers all or any part
thereon
1911_411,420,694 $2,652,414 $311,431 $1,580,010 $1,201,51
1,141,552 571,024 the new pref. stock at the par value thereof and accrued dividends
1910___ 12,712,256 3,215,226 197,848 1,700.498
from April 1 1912.-V. 94, p. 211
-V.93. D. 410.
($3,000)
s
Greenville Water Co.-Bonds Called.-Three
Corn Products Refining Co.-Dividends.-The director
Oct. 1
stock,
d
preferre
refunding 5% bonds (Nos. 12, 14 and 43) dated at
the
on
1st
2%
of
d
a
dividen
d
yesterday declare
the
interest on April 1
and
par
at
t
from
paymen
playable
for
ds
1908,
dividen
total
the
making
payable April 15,
79, p. 2799.
-V.
trustee.
Co.,
the
same
5'%,
Trust
29
last
Lincoln
Feb.
ending
year
the
the earnings of
ref. Stock
Harvey Knitting Co. Ltd., Woodstock, Ont.-P
as in 5 years last past.
offering
are
,
unihereafter
Toronto
Co.,
&
payments
on
quarterly
four
Thomps
the
ell,
make
-Campb
to
Offered.
It was also voted
par
action, instead of 1% each in the
formly 13.1% if earnings warranted such
7% cumulative convertible preference shares at
0
$300,00
93, p. 1604.
-V.
last.
the
in
2%
and
quarters
3
first
stock.
n
commo
of
40%
of
bonus
a
with
Cumberland Telephone & Telegraph Co.-Mortgage Filed. ($100)stock auth., $500,000; issued, $300,000. Common stock auth.,
Pref.
refunding"
debt. Pre f. divs. F. & A. 15
-This company on March 14 filed its "first and
$1,000,000; issued, $400,000. No bonded net
profits following extensions,
Co. and (afterwar
ds quarterly). Estimated annual
5% mortgage for $15,000,000 to the Columbia Trust
M.P.
Nesbit.
W.
E.
Pres.,
210.
p.
$60,000.
94,
e
V.
Compar
.
as
trustees
Conn
W.
n
Frank
(Geo. W.)Helme Co.-New By-Law.-See Weyman-Bruto
year:
Cuyahoga Telephone 0o.-Earnings.-For calendar Bal.,
below.
Co.
Pfd.Divs.
282.
Bond
Net
Gross Exp..Taxes
Calendar
Report.-See "Annual Reports."-V. 94, p. 701,
(6%) Surplus
Interest.
Earns. et. Deprec. Earns.
Year$24,498
c Light & Power Co.Electri
Queens•
&
„$917,486 $844,260 $273,226 $162,486 $86,241
York
New
1911 _
19,637
86,241
887,617
1910
-V. 93, p. 107.
614,045
273,117
167,238
Cale
-r
Gross
Net (afterr
Taxes).
Interest
Charges.
Amortization.
Balance‘
Surplus.
Earnings.
Year
$149,697
$83,325
54
6 561
81
39:0
13
$372,583
1911 __ _ _4777,642
Davison Chemical Co. (Manufacturers of Sulphuric Acid),
140.403
78,793
355,250
687,226
Balti1910
Sons,
&
t
Garrett
-Rober
Baltimore.-Bonds Offered.
212.
p.
94,
issue
present
entire
the
of
d
dispose
lly
N.18.more, having practica
Nova Scotia Steel & Coal Co., Ltd., New Glasgow,
gold bonds
of $1,400,000 1st M.;.sinking fund 20-year g% par and int. Earnings.-For calendar years:
due May 11932, last weekloffered remainderlat
830
THE CHRONICLE
Calendar
Profits
Int. on Depr-Sk. Pf.Div.
Common
Balance,
Year- for Year. Bds.,&c. Fd.,&c. (8%)
Dividend. Surplus.
1911
$1,019,393 $351,169 $217,882 $82,400 (6%)$36
0,000 $7,942
1910
1,140,504 308,000 316,309 82,400 (4 ji) 270,000
163,795
-V. 92, p. 1027.
International Nickel Co.-Dividend Again
Increased.-A
dividend of 7% has been declared on the $11,58
2,626 common stock, payable June 1 to holders of
comparing with 5% in March last and 4% record May 13,
in Sept. and June 1911, 1% and A in Dec. and 23/2%
terly from Dec. 1909 to March 1911 andof 1% extra quar1% in Sept. 1909.
An extra div. of 25% was paid in July
1910.
It is announced that the 7% dividen
d for the next quarter does not mean
a fixed dividend at that rate,
policy being to declare dividends from
time to time at such rates as thethe
earnings justify.-V.93, p. 1728.1
International Paper 00.-Wages
d.-The company
has made a voluntary advance of Raise
1 cent an hour to all
employees paid on an hourly basis, effecti
ve May 1, amounting, it is stated, to approximately $150,0
00 a year.V.94, p. 414.
La France Copper Co.-Plan-Timefor Deposi
ts Extended.
-Holders of first mortgage 6% bonds are notifie
d that
a plan of reorganization has been formul
that the financial requirements of the plan have ated and
been underwritten by responsible bankers. Bondholders who
deposited their bonds under the agreement dated have not
Dec. 15
1911 may do so without penalty on or before
March 28.
The plan provides for the formation of a
new company to be called the
Lexington Mines Co. with $1,000,
000 authorized (par $10). Of the new
stock,$250,000 will be issued
In payment for the property to be acquire
at foreclosure sale, $250,000 will
d
raised through sale at par of 25,000
shares and $500,000 will be reservebein
the treasury. Present bondholders
($2,000,000 in amount) will received10%
in
new
stock for their bonds and
10% for past-due coupons ($500,000 in
)
The $250,000 stock to be sold at par for amount
cash has been underwritten for
5% commission, on following conditi
ons:
(a)
shall be issued at present; (b) all proceeds fromNo more than $500,000 par
stock sale shall go in treasury; (c) bondholders shall have privileg
pro rata; (d) bankers shall have option toe of subscribing for $250,000 stock
purchase unissued stock as follows:
10,000 within 12 mos. at $14 a share, 10,000
al within 18 mos. at
$18 a share, and 10,000 within 24 mos. at $22addition
of bondholders accept plan.-V. 93, p. 1728. a share; also that majority
•
b,„Li,n
[VoL. Lxxxxiv.
The pref. stock is callable at
and accrued dividends and Is to be redeemed out of fund established 110
by setting aside a sum equal to 50%
dividends pald on common. No
of all
ds can be paid on common
the net working capital equals the dividen
pref. stock outstanding. After andunless
7% is due and unpaid on the pref.,
while
the
holders
thereot
can
elect a majerity
of directors.
Net earnings, 1911, $140,000; average
last 10 years, $136,000. Balance
sheet Jan. 1 1912, after adjustments
for
subsequ
ent
transactions: Lands,
buildings and machinery, $975,949; net
quick assets (equal to 140% on
pref.), $701,383; total, $1,677,332.
Offsets: common stock, $637,500;
pref. stock (above described), 3500,000;
mortgage debt can never exceed $175,00real estate mortgage notes (total
pref.), $164,375; balance, surplus, $375,40 without consent of '66 2-3% of
57.-V. 77, p. 454.
Oahu Sugar Co.-Stock Dividend.-A
stock dividend of
$1,400,000 has been declared on the
$3,600,000, stock payable April 1, making the amount outsta
nding $5,000,000.
The director
s have decided upon
W. F. Dillingham has been electeda amonthly dividend rate of 25c. a share.
director to succeed F. Lewis.
crop of 32,855 tons was raised last
A.
year, which was Increased by purchased cane to a total of 33,243, handled
over the estimate given in the last annual by the plantation, or about 5,000
report.-V. 93, p. 536.
Ohio Seamless Tube Co. Shelby, 0.
-Stock Increase.The stockholders last month
'authorized an increase in stock
for $432,000, to $3,000,000, a stock
divide
$1,296,000 to be issued to stockholders. nd of 300%, or
No announcementis made regarding the issue of any of
the remaining stock.
Orange & Rockland Electric Co., Monroe,
N. Y.-Notes
Authorized.-The Pub. Serv. Comm. on
the company to acquire the entire capitalMarch 9 authorized
of the Warwick Valley Light, Heat & Power Co. and stock
to issue $37,000
5-year promissory notes to purchase the same,
struct a new transmission line from the centraland to constation at
Monroe to Warwick.
Bonds, $500,000 1st and refunding $500 5s dated
May 1 1911, due May 1
1931, redeemable at par and Interest, beginni
ng May 1 1916; outstanding
$49,000; Int. payable M. & N. at Columbus Trust
Co., Newburgh, N. Y
trustee. Stock $100,000; all issued; par, $100.
Owns through controlling
interest, Goshen Light ec Power Co., Warwic
k Valley Light & Power Co.
President, Roscoe W. Smith; Secretary,
Joel Paddieford; Treas., Frank
Durland.-V. 93, p. 168.
Ontario Pulp & Paper Co., Ltd.,-Bond
s Offered.-The
Dominion Bond Co., Ltd., of Canada,
this week, offered at
par and interest, accompanied by a bonus
Lake Superior Iron & Chemical Co.-New Directo
25% in common
rs.- stock, the $100,000 unsold balance of $1,500of
F. W. Hutchins has been elected a director
,000 1st. mortgage
to succeed Thomas Mc .6% sinking fund 20-yr.
Dougall, who resigned, andlHarry Moore
bonds,
due
Dec. 1 1931.
has been added to the board
-V. 94, p. 419.
A sinking fund of 3% is expected to
retire the whole issue before maturit
The property is operated in conjunc
Lanyon Zinc Smelting Co., New York.-Redu
tion with the Spanish River Pulp y.
Paper
&
Co.
which will take over 8,000 tons of sulphite
ction of plant
Stock.-The stockholders will vote on April
and
' mills, excluding standing timber, $2,500,annually. Value of
12:
000, but including
$400,000 for working capital. Authori
On reducing the capital stock from $250,00
0, consisting of 2,500 shares of
the par value of $100 each, to $100,00
0, consisting of 1,000 shares of the
par value of $100 each, and of determining
over and above the amount of the reduced whether the amount of capital
capital shall be returned to the
stockholders, as authorized by law.
President, Lowell M. Palmer,80 Beckman
St., N. Y.;Sec., Chas. G. Myer.
bond issue, $2,500,000, additional bonds being limited to 75% of zed
cost of additions and extensions.
Estimated earnings are over twice bond
$3,000,000; issue, 51,500,000. Further factsinterest. Stoat, authorized,
another week.
Pacific Gas & Electric Co.-Common Stock Offered.-Hold
ers of common stock are notified by advertisement on
another
Massachusetts Lighting Companies.-Annual
page that,to pay a portion of the cost of new proper
Meetin
g
ty,
reChanged.-The stockholders on March 20 voted
duce the funded debt and for other purposes, the compa
ny
the date of the annual meeting to the first Tuesd to change has sold to an underwriting syndic
ate 30,000 shares ($3,000,ay
follow
ing
Oct. 15 of each year, beginning in 1912.-V. 94,
commo
000)
of
n
stock
at $60 per share.
p. 633, 565.
Holders of common stock of record at
Mexican Eagle Oil Co., Ltd., London.-Tan
close ,of business April 5 will
be allowed to purchase such stock from the
Subsidiary.-The Eagle Oil Transport Co., Ltd.,k Steamer of
one share for each ten shares of old stock.the syndicate in the proportion
As soon thereafter as possible.
formed, with £1,000,000 capital, to build a suffici has been circulars will be mailed to common stockho
lders of record on that day,showent number •Ing the number of shares each stockholder
will be entitled to purchase at
of tank steamers by which the products of the Oil
above price. The first installment of
Co. can the
20% will be payable on or before
May
1912,
20
the
be carried from Mexico to the various markets of the world.
balance in 4 equal installments approxi
mately three
• months apart. Holders of common stock not of
Contracts have
been given out for a fleet of nearly 20 tank steamer
s,
varying in sleze, having a total carrying capacity of nearly
250,000 tons,
the whole being fitted for consumption of oil fuel. The
size
of
the
largest
tank steamers ordered will be greater than any
tank steamer
afloat and the capacity of the fleet will be such as existing
enable it to convey
to distant markets considerably more than 1,000,000 to
tons
per
annum.
The
directors of the Transport Co. are: Lord Cowdray, Mr.
Thomas B. Bowring, Major W A. Adam, Hon. B. Clive Pearson, Mr.
Clive Bowring and
Mr. John Purdy.-V. 94, p. 355.
Mexican Petroleum Co., Ltd., Los Angeles.-Application
to List.-The company has applied to the New York Stock
Exchange to list:
$12,000,000 preferred stock, $32,000
common stock,-$1,300,000
temporary 6% Convertible first lien and ,000
refunding series H bonds of 1912
and $200,000 10-year 6% convertible first
lien
and refunding series C
bonds of 1921.-V. 94, p. 355
National Telephone Corporation, Wheeling, W.
Receiver.-Judge A. G. Dayton in the U. S. Distric Va.-New
t Court for
Northern West Virginia has removed W. C. Handl
an as
receiver and appointed Arnold C. Schorr of Charle
ston.
record in their own names
who desire to receive such circular
s should have such stock transferred in
their own names on or before
April 5, (See also pegs 827.)
People's Natural Gas & Pipeage Co.-Opti
on to Subscribe.
-Stockholders of record May 1 will
entitled to subscribe
pro rata at par ($25 per share), in be
the propor
twelfth of their holdings for $50,000 n -mt stock. tion of onePaymen
ts to be made
the Safe Deposit & Trust Co. of Pittsburgh between May 2 and May 15,at
inclusiv
Under the contract with the Allegheny
Heating Co., the latter operates e.
pipe lines and property and has the
power to make necessary improvethe
ments. An additional natural gas tank
is to be built, and In order to maintai
n
of earnings, It is necessa to contrib the People's Company's proportion
ute to its cost. Part of the
ture has been made fromry
earning and the remainder will be paid expendi
through
the sale of the stock.-V. 90, p. s,
1106.
Pittsburgh Brewing Co.-New Officers.-
William Ruske, Secretary, has been elected Preside
nt to succeed the late
F. W. Mueller. W. P. Heckman, Asst.
Secy. b3comes Secretary. John
Mueller, son of the late President
has been made a director in his father's
place.-V. 93, p. 1389.
Platteville (Wis.) Gas Co.-Bankruptcy Sale.-The
property will be sold on April 10 at Platteville, Wis.
at bankruptcy sale by order of the U. S. District Court,
'
Western
District of "Wisconsin.
Natomas Consolidated of California.-Report.-For
Pope
Mfg.
Co.
-Note
s Sold.-The company
calendar year 1911:
Boston syndicate headed by Bond & Goodwinhas sold to a
an issue of
AU Departments-Gold DreAling, Rock Crusleg, Orchard
$1,0Q0
,000
2
-year
6%
notes. The bankers have disposed of
, Vineu'd, Water,&c.
Gross.
Op.Exp.&Txs.
the
greate
r
Net.
part
All
Int.
at
par
Bal.,
and interest.
Sur.
1911
$2,399,458 $1,145,
The step was taken as the result of a report that
Mr. Handian was working with others to dispose of the property to a
would bring the stockholders out whole, but syndicate at a price which
which, it Is claimed, would
have meant a considerable surplus sum for the
promoters of the deal.V.94, p. 127.
651 $1,253,807 $832,323 $421,484
1910
1,894,882
970,575
924,107
Three new dredges in operation hi 1911; reclama
Capitalization Jan. 11912: Stock out, $15,167,300; tion work satisfactory.
1st M. Os of 1910 ($15,000,000 auth.), $12,300,000; 2d M. Os
0,000 auth.), $2,467,000;
underlying bonds to retire which 1st M. 6s($10,00
are reserved (Natoma. Devel. Co.,
$600,000; Natoma Land & Mining Co.
$398,000; Clark & Cox Farms Co.,
*100,000), $1,098,000. Louis Sloss &'
Co., San Francisco, are placing part
(lithe aforesaid 1st M. s. See V 92,
p. 150.-V. 93, p.669. .
New Haven (Conn.) Gas Light Co.-New Directo
r.-
James T. Moran has been elected a director
to succeed the late Prof. Geo.
J. Brush.-V.91. p. 1516.
The proceeds of the notes will be
used to take up a floating debt of about
$250,000 and leave a substantial
provide for a considerably increase balance to increase working capital to
d output of cars In 1913. The new money
will enable the company to continu
e its custom of paying for all materials
at discount rates. A portion will be
used to defray cost of plant additions
at the Hartford works.
Notes are Issued under a trust agreeme
nt that the company shall maintain at all times during the life
Indebtedness of at least $500,00of the Issue a surplus of quick assets over all
and that no mortgage shall be placed on
any property while the notes are0,
ding.
Shipments for the five monthsoutstan
ending Jan. 31 were *350,000 1 nexcess %
of
the same period last year. The compan
y has sold all of its 1912 output of
cars and has already begun work on
its 1913 production.-V.93, p. 1729.
Norcross Brothers Co., General Contra
Portland (Me.) Electric Co.-New
Mass.-Pref. Stock.-This company has ctors, Worcester,
Cumberissued $500,000 7% land County Power & Light CD. above.Control.-See
cuin. pref. stock (pref. p. & d.-dividends
-V.94, p. 213.
Q.
-J.)
retire
to
its
Pure
Oil
Co.,
first and refunding mortgage Gs and to provid workin
Philadelphia.-Change in Control.-Robert
e
tal. Arthur Esheville, Boston, is placing $200,000 gofcapi- C. Hall of Pittsburgh in his weekly market letter recently said:
the
The
election
of
officers
at the annual meeting indicates a change
new issue at 1033-, yielding 63
4%. The cominon stook also control that is likely to affect
the market value of the stock. The personnin
has recently been increased from $500,000 to .$637,50
of the new board indicates the
el
elimination of the Jennings interests and
0
by
the
complet
e
dominat
ion of the Murphy-McBride-Titusville
sale of 1,375 shares at par.
If past opinions expressed
interests.
Buildings constructed include N. Y. Public Library
, cost $3,400,000:
South Terminal Station, Boston, $2,800,
000; R. I. State House, $2,200,000.
as to dividend policy hold good, the new
ment's policy will be decidedly
against any extra dividend disbursmanage
ements.
Of course, just now it Is all a matter
time looks to many good judges likeof guesswork, but the future for some
a steady 10% a year dividend rate,
831
THE CHRONICLE
MAR. 23 1912.]
to List.United States Light & Heating Co.-ApplicationExchange
Stock
York
New
the
to
made
been
has
ation
Applic
n stock.
$2,500,000 preferred and $12,600,000 commo
gs of to list94,
Earnin
d
lidate
-Conso
Co.
Light
491.
627,
&
p.
y
-V.
Republic Railwa
telephone Co.-Earnings.
Subsidiaries.-12 Mos. end. Jan. 31- • United States
cash surplus being held for extensions
with no likelihood of extras, the big case $8 seems a very fair price for the
And working capital. If this is the
stook.-V. 94, p. 694.
January
1911.
1912.
1911.
1912.
$2,258,873
$2,389,203
$186,980
$201,082
1,331,331
Gross
1,416,397
115,331
122,600
taxes_
927,542
Oper. exp. and
972,806
71,648
78,482
508,129
Net
531,375
42,339
44,424
419,412
Interest charges
441,432
29,308
34,058
Surplus
of new
ion
installat
has been now increased by
for
The power-house capacity
units. In February immediate expendituresIt is
6,000 h.p steam turbinents
ed.
authoriz
were
0
to
$200,00
ng
amounti
interest
extensions and betterme
the
tion will earn more than twice
believed that the new construcin the territory covered shows increased
charges incurred. Business
of operation in January by various steel and
activity, du.. to resumption
industry is now reported to be operating at 85%
tin-plate mills. The steel
of capacity.-V. 93. P. 1028.
Bond Pf. Div. Bal.,
Other
Net
Gross Exp.,Taxes,
Calendar
(6%). Sur.
Int.
Inc.
Revenue. Depr.,&c. Earns.
Year0 $65,700 $6.553
$107,80
4
$25,179
$154,87
7
$452,021 $297,14
1911
65,700 37,236
107,800
468,525 282,995 185,530 25,206
1910
ng discount amountThe item of gross revenue is arrived at after deducti
110.
p.
93,
ing in 1911 to $186,093.-V.
360,000 shares
Rhode Island Coal Co.-Deposits.-About Beacon Trust
with the
of stock had been deposited this week
Co., Boston.
is in process. As the committee desires to
ation
to
An exhaustive investig
support of all the stockholders, it was decidedThe
receive the organizedreceivin
g deposits for one week to March 22.
for
time
the
extend
p. 356.
94,
-V.
curb.
the
on
Boston
listed
been
have
negotiable receipts
gage.(C. A.) Smith Timber Co., Placerville, Cal.-Mort Loan &
nts'
the
Mercha
to
ge
a
mortga
filed
has
ny
compa
The
issue of $6,Trust Co. of Chicago, as trustee, to secure an
bonds.
gold
6%
-year
15
0
000,00
County and
for
United Wireless Telegraph Co.-Extension.-The time has
participation in the reorganization plan (V. 94, p. 703)
rebeen extended to April 15 to those who claim not to have
ceived their notices in time.
sent in their subUpward of 300,000 shares of stock have, it is stated,
signified their
scriptions of 50 cents per share and an equal number have
willingness to do so.
(the 13th granted
The suit of the Marconi Co. for infringement of patents
Court in this city late
to Marconi) is expected to come up in the Federal
s claim, relates to details
this month. This patent, the United Co. InterestAmerica
n company, but
of apparatus which are not employed by any
like the one originally
which "is asserted by Marconi to be a basic patent
was not granted
patent
Invalidated by the United States courts. This the United Wireless .Co.
until several years after the system now used by
bad been In public service."
of the suit, filed
The Marconi Co. on Tuesday, in order to facilitate trial
for profits and damin Court a waiver of its claim against the United Co.and
however,
release,
waiver
ages for infringement of letters patent. The
have accrued
do not operate as a waiver of the claims for profits which
Co.
ip
to the Clyde Steamsh
been abanThe negotiations for consolidation with the Marconi Co. have
doned, for the time being, at least.-V.94. p. 703. 491.
acres in El Dorado
in
The company, it is stated, owns 60,000
County, and will also develop 379,000 acres
43,000 acres in Humboldt
, Oregon. and build a railroad from Sacracounties
Douglas
and
Curry
Coos.
The lumber will be
miles.
80
El
Dorado
County,
in
holdings
mento to its
loaded on
the lumber lands to the river, there to be Presiden
t.
carried direct from the
company. C. H.Smith of Minneapolis is
vessels operated by
Welsbach Co.-Report.-For cal. year 1911, 8 mos. end.
Dec. 31 1910 and years end. April 30 1910 and 1909: Bal.,
Corn.
Gross Depre- Bond • Sinking Pref.
Surp.
Div.
Profits. elation. Interest. Fund. Div.
4
135,240
00
(1)35,0
85,750
105,360
328,914
y,
1911__750,611 60,347
129,492
Standard Gas & Electric Co.-Bonds Sold.-Montgomersed 8Year
1910_504,161 42,353 219,200 70,240 42,875 (2)70,000 124,051
mos.
105,360
purcha
Year 1909-10_ _687,775 59,564 328,800 105,360
Clothier & Tyler and White, Weld & Co., have
(2)70,000 82,641
g Year 1908-09_642,883 58,277 326,605
purchased since the last report for
have
e
$1,300,000 Standard Gas & Electric convertible 6% sinkin
mortgag
the
under
trustees
The
1 1912, $246.100
the
of
March
e
0,000
purchas
$10,30
g
makes
includin
account of the sinking fund,
fund gold bonds of 1926. This
total purchase of the bonds to
of the collateral trust 5% bonds, making a
issue outstanding.
1184.
p.
92,
400.-V.
and betterment date of $2,582,
The bonds will finanee the parent company's addition
uit.Westchester Kennett & Wilmington Electric Ry.-S
requirements for 12 months.-V.93, p. 1489.
Standard Oil of Indiana.-Stock Dividend.-A stock
,000
dividend of 2,900% has been declared on the $1,000
s of record
outstanding stock, payable May 15 to holder
$30,000,000.
April 1, increasing the amount outstandingofto
change of address or
all notices
Secretary Geo. W. Stahl, requests that
Adams Street, Chicago, not later
otherwise, be sent to him at 72p.West
420
834,
702,
94,
V.
than May 5. Compare
entent in Regard to
Standard Oil CO. of New Jersey.-Stat
following was issued March 15:
-The
ies.
Compan
ted
Segrega
are appearing in the
that many injurious articles
In view of the fact
ions, increasing
manner of making dividend declaratnt
parts of the
press attacking theby
various companies once compone
on
so
and
capital
to warn the public against taking them
well
be
would
it
Co.,
Standard 011
believed In brokerwas
it
ed,
segregat
were
es
compani
seriously. When the
Standard Oil subsidresult would be a great business ined,
this has proved a
age circles that the
volume and value is concern
iary shares. So far as al amounts of shares were necessarily issued, and a
delusion. Many fraction
has been found to furnish the bulk of
s
fraction
these
of
y
quantit
limited
Naturally, the brokerage world would
whatever business has been done. active.
however that may be, nany
like to see this market broaden and
prospects have been printed.
and
n
conditio
of
nts
stateme
111-founded
many problems that will
involves
es
• The segregation of the companident operation for their solution, and
require at least a year of indepen
or earnings, must
business
to
as
ons
and
predicti
,
statements as to holdings
entitled to belief. The Standard
meanwhile be mere guesswork, and not for itself, leaving the other comanswer
only
can
Jersey
Oil Co. of New
es. The officers cannot supply informapanies to do likewise for themselv
and manipulation.
tion merely to promote sharedtrading
the larger shareholders will recklessly
that
expecte
It is hardly to be
of speculation-a course against Standard
make their holdings the football94,
p. 491.
Oil practice and tradition.-V.
Studebaker Corporation, South Bend, Ind.-Notes Offered.
-Lehman Brothers, N. Y. City, Goldman, Sachs & Co.,
N. Y. City, Chicago and Boston, and Icleinwort, Sons & Co.,
London, Eng., having sold the greater portion of the issue,
are/offering by advertisement on another page, at 98 and
interest, yielding better than 5.40%, the remainder of the
and
$8,000,000 5% serial gold notes, dated March 1 1912
ing Sept. 1 1912
maturing $400,000 each six months, beginn
able as a whole, but not
and ending March 1 1922, but redeem
days' notice, at 101% and
inipart, on any interest date on 30Int.
M. & S. Each buyer
int. Par $500 and $1,000 (c*).
ty. Parkinmust purchase an equal amount of each maturi
son & Burr, Boston, are also receiving applications.
South Bend, Mch.161912.
Digest of Letter from V.-Pres. C. Studebaker Jr..
le to interest charges, were in
The-earnings for the year 1911, applicab
y since Jan. 1 1912 has
the
compan
of
cxcesslof $2,500,000. The business
actual orders in hand point to
beenigreatly in excess of that of 1911 and
materially increased profits.
ing the floating
The proceeds of these notes will be used towards liquidat
these notes. The note
debt. The company has no funded debt other than
the company
that
provides
trustee)
Y.,
agreement (Columbia Trust Co.. N.
to 175% of indebtedness, secured
shall maintain cash and quick assets equal
the company
ing,
and
that
outstand
then
issue
and unsecured,including this
e money mortgages and pledges
will not create any mortgage (except purchas
of business) unless there be
course
usual
the
or
in
s
assets
securitie
current
of
notes or obligations
provision secured thereunder ratably with all bonds,
outstanding.-V.94, p. 566.
secured thereby, all notes of this issue then
Period
Covered-
B. Atlee &
The bondholders' committee formed by George
n Pleas
Co., Phila., has begun suit in the Court of Commo
s
to compel the payment of interest on the Dec. 1911 coupon
of the 5% bonds.
who participate under
Interest at the rate of 4% is being paid bondholders
Integrity Title & Trust Co. Is dethe protective committee, of which therefused
syndicate bondAtlee
the
to
been
has
but
positary (V. 91, p. 1631),
under the trust company's
holders unless they would deposit their bonds
1712.
p.
91,
-V.
nt.
agreeme
Western Electric Co., New York and Chicago.-Earnings.
Total
Income.
Period CoveredYear end. Dec. 31 1911.. _866,549,268
13 mos. end. Dec. 31 1910_ 68,861,455
Yearend. Nov.30 1909_ _. 45,575,138
Net
Earnings.
$4,135,201
5,419,169
2,404,010
*MidInterest
dends.
Charges.
$854,909 $1,500,000
884.893 1,700,000
313,746 1,200,000
Balance,
Surplus.
81,780,292
2,834,276
890,264
* 10% In 1911, 11 1-3% In 1910 and 8% in 1909.
was transferred to reserves
From the surplus as above in 1911, 81,780,292, there
in 1911, against $1,684,276 In
$809,000, against 81,150,000 in 1910, leaving $980,292
1909.-V. 94, p. 637.
Western Steel Co., Seattle, Wash.-Bankruptcy Sale.
bankruptcy
The company's assets were sold by tile referee in
New York for
on March 19 to the Metropolitan Trust Co. of the latter for
$720,000, which is said to be the amount due
money loaned.-V. 94, p. 1602, 1108.
s."
Weyman-Bruton Co.-Report.-See "Annual Report
March 20
Amendment of By-Laws.-The stockholders ones that the
provid
approved the change in the by-laws which -Presidents 2%
Vice
President shall receive 5% and the twothose
for 1911, similar
each of the profits in excess of 10% of olders of the Liggett
to those recently adopted by the shareh r action was taken
& Myers Co. (V. 94, p. 770). Simila
olders.-V. 94,
this week by the Geo. W. Helme Co. stockh
•
p.' 703, 285.
d.Offere
Stock
Pref.
Mass.ter,
Worces
Co.
Wire
Wright
Boston, is placing at 114% and int. (from
Rolla W. Bartlett,'
-J.15) $100,000 of the total outstanding
Q.
ds
Feb. 1-dividen
7% cumulative pref. stock, series A,
new
00
issue of $150,0
at 120 and accrued dividends.
notice
days'
30
on
callable
at Worces-
Palmer and one
Incorp. in Mass. in 1885. Has two plants at
0;7% pref., $250,000;
ter, Mass. Stock auth. and issued; common,$250,00 power, except and
7% pref. A, $150,000; par $100. Pref. A has no voting
the original pref.
with
parity
a
on
is
e
otherwis
s:
on
dividend
during default
31 1911, $42,708.
No mortgage bonds; real estate (bank) mortgage Aug.
Sales year end. Aug. 31
Products: wire, wire netting, cables, screens, &c.
after interest, $160.1911, $1,704,151 (increase over 1909-10 $256,571); net d, $70,697. Sales
dividen
201; depreciation charge. $89,504; bal. for pref.
d $154,048. Dividends on common.
for 5 mos. end. Feb. 1 1912 increase
8%;1906 to 1909,7% yriy.;
1889 to 1903, 6 to 12% yearly; 1904, 3%; 1905,
00. Pres., George
1910, 6%; 1911, 7%. Properties insured for $1,400,6
468.
p.
92.
-V.
M. Wright.
er & Co.
-The well-known banking firm of Sutton, Stroth
Eben Sutton will
1.
April
Gear,
e
on
sident
lar
dissolv
will
ore
.--Pre
-Circu
Baltim
Co.
of
United Copper Securities
pref. stock, says: organize the new firm of Sutton dr Co., while T. Nelson
in awcircular to holders of 'United Copper Co.
rship
you
d
provide
share,
per
cents
25
of
Strother and John G. Brogden will from the new partne
to
willing
waive the penalty
p.We areyour
le
stock on or before Mch. 31 1912. It seems to us Incredib
Co.
&
en
.Brogd
er,
deposit
of
Stroth
his
pref. stock to fall to join
folly for any holder of the United Copper
John
efforts to ours.
d OD
• -Frank W. Moore, who has been associated with
of, the United Copper Co. has been declared forfeite
II. The oharter
is said by W. Dickey, the well-known Augusta, Ga., stock and bond
this
but
1909,
since
of
year
a
taxes
$6,000
unpaid
account of
an oversight, which will be
business
President F. Augustus Heinze to be due to
broker, for the past thirteen years, has commenced
Moore
remedied.-V. 94, p. 127.
Mr.
city.
that
in
ng
Buildi
d
Leonar
the
In
f
for himsel
real
United Gas Improvement Co.-New Officers.- succeed will make a specialty a high-grade investments and
President to
Samuel T. Bodine, 1st V.-Pres., has been elected'
of the board, a estate.
Thomas • Dolan, resigned, who becomes Chairman
n State
, is now 1st V.-Pres.•,
newlyiereated position; Handal Morgan, Zd V.-Pres.
-Fred A. Cuscaden, formerly Cashier of the Ericso
4th V.-Pres., was
Lillie,
Lewis
;
,
is
now
V.-Pres.
V.-Pres.
3d
Clark,
of the mortgage decharge
d
Walton
assume
Neb.,
4th
n,
chosen
Ericso
was
y,
of
Secretar
Bank
y
,
F.
Douthirt formerl
res.: W.
elected 3d V.-Pres.•V.-P'
inst.
Curran, formerly Compt., was made Secretary. partment of Burns, Brinker & Co. of Omaha on the 10th
V.-Pres.; George
-V. 94, P. 636,71.
tlt!..1.1.,
832
THE CHRONICLE
[VOL..Lxxxxiv.
Atports anti Documents.
THE NEW YORK CENTRAL & HUDSON RIV
ER RAILROAD COMPANY
FORTY-THIRD ANNUAL REPORT-FOR
THE YEAR ENDED DECE
MBER 31 1911.
To the Stockholders of the New York Centra
l ct• Hudson River
1911.
Railroad Company:
1910.
e (+) or
3,790.23 miles 3,785.03 miles Increas
The Board of Directors herewith submi
Decrease (-).
operated.
ts its report for the
operated. ' +5.20 miles.
year ended December 311911, with state
$
Brought Forward$
$
ments showing the
results for the year and the financial condi
924,914 07 +3.243,069 97
riation for additions 4,167,984 04
tion of the com- Approp
and betterments
pany.
924,914 Ot -924,914 07
Appropriation to cover replaceThe mileage embraced in the operation of
ment value of abandoned
the
road
is
as
proper
ty,
Includi
follows:
ng buildings
at Grand
Central Terminal,
etc
2,500,000 00
Miles.
+2,500,000 00
805.49 Balance for year
carried to
3.06
profit and loss
1,667,984 04
2,626.31
+1,667,984 00
81.70 Balance to credit of
profit and loss (free surplus) Dec. 31
273.67 Surplus for the year
1910
$12,33
7,616 37
1911
Total road operated
1,667,984 04
,
3,790.23 Additions for the year:
Interest on investment in Rutlan
d stock
to December 31 1910
The increase of 5.20 miles in road milea
$355,845 72
New York & Putnam Railroad
to the construction of a branch line on the ge operated is due
Compa
ny
first
consolidated mortgage bonds
Rome Watertown
38,000 00
Refund of deposits account New
& Ogdensburg Railroad, running from Sanfo
York &
Northern Railway Company
on the Cape Vincent branch, forming a new rds to a point
1,007 61
395,753 33
route for freight
Main line and branches owned
Proprietary lines
Lines leased*
Lines operated under contract
Trackage rights
traffic between Watertown and Sanfords.
The capital stock authorized is
Of which there is issued and outstanding
$250,000,000 00
222,729,300 00
Leaving a balance authorized but not issued
of
$27,270,700 00
The mortgage, bonded and secured debt
outstanding on
December 31 1910 was
$271,098,232 72
This has been added to by the issue of three-y
due March 1 1914, bearing interest at the ear gold notes
rate of four and
one-half per cent per annum
30,000,000 00
$301,098,232 72
And has been decreased by the paymen
t of installments
falling due during the year on this compan
y's pro rata
liability in connection with the certific
equipment trust agreements, as followsates issued under
:
Trust of 1907, installment due Nov. 1911_
_$793,660 12
Trust of 1910, installment due Jan.
1911_ _ 433,964 42
1,227,624 54
Outstanding, as shown in the balance sheet
of Dec. 31 1911_$299,870,608 18
Deductions for the year:
Commission and discount, three-year
gold
notes
Adjustments Western Union Telegraph $349,500 00
Company accounts prior to 1911
147,014 79
Adjustments Pullman Company accoun
ts
prior to 1911
33,404 03
Clearfield Bituminous Coal Corpor
ation
advances, Interest, deficit, etc
254,91
2 75
Settlement Canadian Pacific Ry.
for St. L.
dc A. Ry. proportion
property and
facilities at Montreal, of
prior to March 1 1910 twenty months
90,000 00
Sundry uncolleotible accoun
ts and adjustments
77,853 84
Balance to credit of profit and
loss (free
surplus) December 31 1911
$14,401,353 74
952,685 41
$13,448,668 33
For the year covered by
report the revenue from
transportation was $102,550,8this
98
153 51; revenue from operations 26, an increase of $3,865,was $1,403,964 55, an increa of other than transportation
SUMMARY OF FINANCIAL OPERA
$181,231 13; revenue from,
TIONS AFFECTING INCOME
outside operations (connectedsewith,
but in addit
1911.
porta
1910.
tion
Increas +)or
by rail) was $5,202,572 62, an ion to trans3,790.23 miles 3,785.03 miles Decrease(
increase of
e
(-).
Operating Income$411,
542
32.
operated.
operated.
+5.20 miles
Rail Operations:
$
The total gross revenue from all
$
Revenues
103,954,862 81 99,908,478 17 +4,046$
opera
tions
was $109,157,,384 64 435 43, an increa
Expenses
74,472,578 24 74,079,086 58
se of $4,457,926
+393,491 66
Revenues from transportati 96.
Net Revenue from Rail
on
from
all the principal
Operations
29,482,284 57 25,829,391 59 +3,652,892 98 sources have shown an increase.
Freight revenue was $61,133,30
9
92,
Percentage of expenses to
an
increase of $2,722,075 78. The revenue freight
revenues
carried amounted to 48,(71.63%)
(74.15%)
(-2.52%)
250,535 tons, an increase of 1,183
Outside Operations:
,696
tons
over last year
Revenues
5,202,572 62 4,791,030 30
+411,542 32 and 828,381 tons over 1907, which had
Expenses
the highest previous
4,881,096 79 4,909,808 90
-28,712 11 record as to
tonnage. Twenty-four commodities named
Net Revenue from Outin
the classified list show increases, and
side Operations
fifteen show decreases;
321,475 83
+440,254 43 the tonnage for each
Net Loss on Outside Opgroup
excep
,
t
produ
cts
of
forests, is
erations
greater than it was in 1910. The notab
118,778 60
grain, 457,939 tons; hay, 113,895 tons; le increases are in
Net Revenue from all Operafruit
and
vegetables,
tions
29,803,760 40 25,710,612 99 +4,093,147 41 142,202 tons; dressed meats and
other packing-house and
Taxes accrued
5,447,759 13 4,697,826 30
+749,932 83 dairy products, 214,379 tons;
anthr
acite
coal,
644,3
10 tons,
Operating Income
24,356,001 27 21,012,786 69 +3,343,214 58 and manufactured articles, 115,792 tons.
The commodities
which have been moved in smaller
Other incomequanti
ties
than in the
previous year are bituminous coal,
Joint facilities rents
1,754,125 34 1,451,212 04
182,720 tons; coke,
4-302,913 30 152,9
Miscellaneous rents
72 tons; ores, 216,804 tons; castin
309,579 61
319,527 90
--9,948 29
Dividends on stocks owned or
machinery,
gs
and
142,331 tons, and bar and sheet
controlled
11,649,589 23 11,150,915 74
metal, 78,371 tons. The
+498,673 49 average
Interest on funded debt owned
489,986 73
reven
ue per ton of all freight carried is $1 27, an in573,754 67
-83,767 94
Interest on other securities,
crease of three cents per ton, due
loans and accounts
to the greater quantities of
1,616,736 54 1,595,601 41
+21,135 13 hlgh-class freigh
Miscellaneous income
416,162 50
t and the smaller tonnage of medium and
355,321 51
+60,840 99
low-cla
ss
commodities.
Total Other Income
16,236,179 95 15,446,333 27
+789,846 68
The revenue from passengers amoun
ted to $31,759,237 98,
Gross Corporate Income_ _ _40,592,181 22
36,459,119 96 +4,133,061 26 an increase of $766,382 27. There
was an increase in the
number of local and commutation passe
Deductions from Gross Corngers carried, and
porate Incomein the average amount received from each passenger
Rentals of leased lines
and the
10,036,832 20 10,058,290 85
-21,458 65 average revenue per passe
Hire of equipment
nger per mile.
1,151,064 87
972,557 08
+178,507 79
Joint facilities rents
The
556,026 51
total
reven
538,13
ue of all passenger-train transportation was
1 73
+17,894 78
Miscellaneous rents
565,593 96
504,395 88
+61,198 08 $39,638,528 43, an increase
Separately operated properties
of $1,056,976 12 over the year
--loss
1910.
Of
210,693 02
this
amou
nt the revenue from express traffic was
+210,693 02
Interest on bonds
9,162,019 58 9,162,019 59
--01 $4,202,777 42, an increase of $80,493 91 over
Interest on three-year gold
the year 1910,
notes of 1911
1,085,039 99
+1,085,039 99 due to an enlarged volume of business.
Interest on equipment trust
The
expen
ses
of
rail operations amounted to $74,472,certificates
742,979 81
630,097 20
+112,882 61 578 24, an increa
Other interest
se of $393,491 66, equal to fifty-three one76,749 96
80,848 89
-4,098 93
Equipment reserve
1,227,624 54
hundr
edths
of
one
+1,227
,624
54
per cent, while the
St, L. & A. Railway: interest,
from rail operations was over four per increase in revenues
rental, eco
74,000 00
cent.
+64,400 00
N. Y. & Ottawa Railway: int- 138,600 00
The
opera
ting
expen
ses by groups were:
erest on bonds
58,240 00
58,240 00
Mainte
Other deductions
276,267 74
91,800,67
+184,401 07
Total deductions from gross
corporate income
25,287,732 18 22,170,447 89 +3,117,284 29
Net corporate income
Dividends, four each year: 5%15,304,449 04 14,288,672 07 +1,015,776 97
In 1911; 6% in 1910
11,136,46500 13,383,758 00 -2,227,293 00
Surplus for the year
4,167,984 04
924,914 07 +3,243,069 97
• The Dunkirk Allegheny Valley & Pittsburgh Railro
ad, 90.51 miles, is
also leased by this company, but its mileag
e and operations are not included
In this report. Separate accounts are kept
and independent returns prepared in its behalf.
nance of way and structures
$13,723,709 20, a decrease of $336,468 63
Maintenance of equipm
ent
16,911,146 39, a decrease of
25,106 85
Traffic expenses
2,180,206 49, a decrease of 307,021 25
Transportation expenses
38,935
,030 94, an increase of 996,504 19
General expenses
2,722,485 22, an increase of 65,584 20
Outside operations
4,881,096 79, a decrease of
28,712 11
The
ratio of rail operating expenses to the total
revenues
for the year was 71.63%, as compared with
a ratio
in the year 1910, due to the enforcement of the of 74.15%
most rigid
economy in all departments, unremittin
g surveillance of all
channels of expenditure, and to improved
appliances,especially in motive power. Economy in
operation has been
MAR. 23 1912.]
THE CHRONICLE
833
effected on the Pennsylvania division by the installation of against 6% for the year 1910, the decrease in the amount
twenty-six Mallet articulated compound locomotives. The paid being $2,227,293.
The surplus for the year, after paying dividends, amounted
Improved character of the equipment in service is indicated
to $4,167,984 04, an increase of $3,243,069 97 over last
by the following figures:
71,764 miles year. Of this surplus the sum of $2,500,000 was set aside
Freight locomotive mileage increased
250,860 miles by the Directors as a fund to cover the replacement value of
Freight train mileage increased
miles
50,855,079
Freight car mileage increased
property abandoned prior to 1911, mainly in connection with
of which 16,735,072 was the increase in loaded freight car the improvements at the Grand Central Terminal.
mileage.
Expenditures for additions and betterments to the prop743,326 miles
Passenger locomotive mileage decreased
348,800 miles erty of this company,during the year were:
Passenger train mileage decreased
Passenger oar mileage increased
2,123,790 miles
Expenditures on road account
$5,851,806 23
3,714,648 51
Additional trust equipment
The latter item represents a decrease of 1,132,042 in the
$9,566,454 74
mileage of ordinary passenger-train cars, due to the annul- Credit value of
$3,333,827 47
retired
ment of unremunerative trains: an increase of 560,360 Pull- Expenditures onequipment
1,563,415 99
equipment account
man car miles, due to the increase in through business: and an
balance
to
replacement
Credit
equipment
by
and
made
express
miles
principally
increase of 2,695,472
$1,770,411 48
fund
milk train cars, caused by the greater volume of such Amount to equal equipment trust installments 1,227,624 54 2,998,036 02
business.
Making a net addition to this company's property account of $6,568,418 72
In addition to the current requirements for maintenance Expenditures on account of construction work on leased lines
$10,068,342 11
amounted to the sum of
'of way,a large amount of renewal and improvement work has Less
valuation of abandoned property
2,264,328 30
been done. Creosoted ties, mostly of yellow pine, expected
$7,804,013 81
to give much longer service than the ordinary untreated A net charge to leased lines construction of
ties, have been laid for the first time, during the year 1911, Making a grand total of extraordinary expenditures during
$14,372,432 53
the year of
to the number of 710,570. The average price of ties this
year was 77.3 cents, as against 68.4 cents last year. There
Details of which are shown on subsequent pages.
were 49,317 tons of 100-lb. new steel rail, at an average price
The operation by electricity of multiple unit trains was
of $30 59 per ton and 27,951 tons of new 80-lb. rail, at an extehded in November to Tarrytown on the Hudson River
329 95 per ton, laid during the year; an
average price of'
division.
excess of 5,000 tons over 1910, the price in each case being
The Grand Central Terminal improvements have, on the
higher than that of the previous year. The installation of whole, progressed satisfactorily, although delays
in receipt
the most modern type of automatic signal apparatus has of structural steel and a strike in the marble trade have
resulted in a decreased cost of up-keep.
somewhat retarded the completion of the work. The office
In the maintenance of equipment group, notwithstanding
immediately to the north of the concourse is
.an increase of $121,775 87 to cover retirements, a total de- building
completed and the majority of the offices are
crease of $25,106 85 is shown. This is partly due to a practically The Merchants' & Manufacturers' loft building
• change in the method of accounting for improvements, and occupied.
and occupied since the early part of the
partly to the fact that the equipment has been kept at a has been completed
new building for the Adams Express Comhigh standard of efficiency, resulting in a decrease in chvges year. The
pany is nearly finished and will be ready for occupancy
for repairs.
1 1912. All the buildings on the site of the old
Traffic expenses, being those charges incurred in soliciting by March
Central Station and the temporary building erected
and procuring traffic, outside of its actual movement by Grand
use of the Post Office Department between 43rd
rail, amounted to $2,180,206 49, a reduction of $307,021 25, for the
44th Streets and Madison and Vanderbilt Avenues have
.due to a change in the method of treating the deficit of the and
Some of the cross streets have been
Merchants' Despatch Transportation Company and to de- been demolished.
opened for traffic and all of them are expected to be in use
-creased charges for advertising.
end of the year 1912. The Grand Central Terminal is
The cost of transportation shows large increases in those by the to be finished and the waiting rooms, ticket
offices
items representing cost of labor, in consequence of the higher expected
concourse opened to the use of the public by the end of
rates of pay which went into effect in the spring of 1910 and and
Arrangements have been completed with the City of
the deferred arbitration award effective January 1 1911. 1912.
for the alteration of Vanderbilt Avenue and the
Increases of this class of expense amounted to the sum of New York
closing of Depew Place as a public street. During the year
$507,000, out of a total increase in transportation expenses several
tracks on the main level of the Terminal have been
of $996,504 19.
and the entire mail business has been transGeneral expenses show an increase of $65,584 20, of which placed in service
lower, or suburban, level. Nearly all of the
$26,531 72 represents the increased amount paid for pen- ferred to the
American Express business has been removed from the Tersions to retired employees.
and is being handled in the new premises on
In outside operations there was a net revenue of $321,- initial territory
Avenue.
Eleventh
dining
harbor
and
transfers
lines,
terminal
Ferry
83.
475
There was issued, by consent of the Public Service Com•and special car service showed a diminution in the deficits
of the Second District of the State of New York,
mission
power
and
light
electric
25;
$198,976
and
of
year
-of last
gold notes due March 1 1914, bearing interest at
$30,000,000
stock
elevators,
restaurants,
yards,
station
grain
'plants,
and one-half per cent per annum, the pro-and freight storage plants produced an increased surplus of the rate of four
ceeds to be used for reimbursement of expenditures already
$251,600 55.
Taxes have increased $749,932 83, of which $473,044 67 is made on improvements to property of this company and
construction purposes to lessor companies;
due to the settlement of disputed special franchise taxes for advances for
'levied on property in the city of New York, mostly in con- for acquisition of lands and for additions and betterments to
nection with the use of Park Avenue. The Federal tax on property of this company and several of its leased lines,
the income of corporations amounted to $129,183 23, as and for work in connection with the Grand Central Terminal
• against $150,564 54 in 1910, but a large amount of the pay- improvements.this company's holding of the
capital stock of
One-half of
ments in both years was made under protest, and suits have
was sold to the New York
been brought to recover the amounts paid on account of the Rutland Railroad Company
Company (or associated
leased lines under the claim that they are not liable to this New Hayen & Hartford Railroad
interests), and an agreement made for the sale to it of the
tax.
In deductions from gross corporate income, rentals of other half, subject to the approval of the Public Service
'leased lines show a decrease of $21,458 65. There was an Commission of the State of New York, which has not yet
increase in the rental of the Boston & Albany Railroad, due been given.
Application has been made to the Public Service Comto the inclusion in this year's accounts of a full year's interest
of New York for leave to purchase
on the improvement bonds of 1910, as against two months' mission of the StateNew
York Ontario & Western Railway
charges in last year. There was a decrease of $66,458 32 capital stock of the
application is still pending.
• in the rental of the Dunkirk Allegheny Valley & Pittsburgh Company, but that
1 1911 The New York Central &
December
Under date of
Railroad, due to the substitution, on February 1 1911 of a
first mortgage bond for $2,900,000, bearing interest at Hudson River Railroad Company, together with The Lake
the rate of 414%,for a like amount of bonds of various kinds Shore & Michigan Southern Railway Company, The Michi• on which 7% interest was paid. Interest on obligations of gan Central Railroad Company and The Cleveland Cincinthis company increased $1,085,039 99, being the amount nati Chicago & St. Louis Railway Company, became parties
of interest on three-year gold notes amounting to $30,000,- to an equipment trust agreement for the purpose of estab000, issued March 1 1911. Loss on separately operated lishing the New York Central Lines Equipment Trust of
properties caused an increase in deductions from income of 1912. Subsequently the Chicago Indiana & Southern
also became a party thereto. This
$210,693 02, being the amount of this company's proportion Railroad Company for
an issue of $15,000,000 of equipment
of the annual guaranty to the Merchants Despatch Trans- agreement provides
portation Company and the loss on the operation of the trust certificates bearing interest at four and a half per cent
Dunkirk Allegheny Valley & Pittsburgh Railroad for the per annum, being ninety per cent of the total cost of the
year. An amount of $1,227,624 54 has been charged equipment to be furnished under the terms of said agreement.
against income for the year, covering the amount of in- The certificates are to be paid in fifteen annual installments
stallments paid on equipment trust certificates of 1907 and of $1,000,000 each, the first installment being payable
'1910. A dividend of 4% was paid on the capital stock of the January 1 1913. The cost of the equipment to be assigned
St. Lawrence & Adirondack Railway Company, accounting to this company will be approximately $7,950,000, and the
for an increase in deductions from income of $64,600, which pro rata amount of certificates representing ninety per cent
amount, however, is included in this company's income as of the cost will be approximately $7,155,000. Full particudividend on stocks owned,and does not affect the final result. lars as to the character of the equipment to be acquired will
The ,rate of dividend for the year amounted to 5%, as be set forth in the report to the stockholders for 1912.
834
THE CHRONICLE
An agreement was made between this Company and the
New York New Haven & Hartford Railroad Company for
the establishment of through routes via the Boston &
Albany Railroad and whereby, the companies agreed to cooperate in building up and increasing the business over that
line. The two companies are to share equally in the ,net
results of the operation of the Boston & Albany while the
agreement remains in force. This arrangement became effective on July 1 1911 and is to continue for a period of ten
years, and thereafter subject to termination by either party
on one year's notice.
Trackage rights have been granted to the New York New
Haven & Hartford Railroad Company between Pittsfield
and North Adams and between Boston and Ashland, South
Framingham and Newton ,Highlands, with the use of station facilities at Trinity Place and Huntington Avenue.
The Public Service Commission of the State of New York
granted this company permission to purchase, the whole or
any part of the capital stock of the New York & Harlem
Railroad Company amounting to $10,000,000, for $175 a
share of the par value of $50,and to issue for the purpose of
such acquisition $35,000,000 in thirty-year four per cent
debentures, and to use, for the same purpose, $5,000,000 of
the money received from the issue of the gold notes of March 1
1911. Pending the advantageous sale of these debentures
this company,received permission to issue four and one-half
per gent notes maturing in not more than three years from
their respective dates, not to exceed at any one time the
sum of $30,000,000, o be redeemed at or before maturity
out of the proceeds of the thirty-year debentures above mentioned, the intention being that not more than $35,000,000 of
Lxxxxrv.
the par value,of the debentures and notes shall be outstanding at any one time.
By the action of the Board of Directors on December. 6,
1911, the holders of this company's I.ake Shore Collateral
bonds and Michigan Central Collateral bonds have been
requested to consent to the consolidation of the Lake Shore
& Michigan Southern Railway Company with The New York
Central & Hudson River Railroad Company.
This company together with The Lake Shore & Michigan
Southern, Railway Company, The Michigan Central Railroad Company, The Cleveland Cincinnati Chicago and
St. Louis. Railway. Company, The Pittsburgh & Lake Erie
Railroad Company, The Lake Erie & Western Railroad
Company, Chicago Indiana & Southern Railroad Company, Rutland, Railroad Company, The New York Chicago.
& St. Louis Railroad Company, The Toledo & Ohio Central
Railway Company and The Zanesville & Western Railway
Company entered into an agreement with the Pullman Company dated April 1 1911, under which that company is to
furnish cars of steel construction to replace the wooden cars
operating over the lines of the companies named, the delivery
to be at the rate of approximately thirty cars a month. The
effect of this agreement will be that by the end of July 1912,
all sleeping cars on the New York Central Lines will be of
steel construction.
Appreciative acknowledgement is made of the faithful,
efficient performance of duty of employees in every department of the service during the year.
WILLIAM C. BROWN,
President.
CONDENSED GENERAL BALANCE SHEET, DECEMBER 31 1911.
ASSETS.
Property owned as investment—
Physical property owned—
Road and equipment to
June 30 1907:
$155,206,678 71
Road
Equipment
59,106,588 77
3214,313,267 48
Road and equipment since
June 30 1907:
Road
$20,847,231 19
Equipment
8,746,516 62
General expendititres.._ _
387,237 78
Trust equipment
20,587,650 16
Less
u equipment replacement
Stock—
Capital stock, common
Consolidation certificates
$50,568,631 75
$1,770,411 48
Amount equaling
installments
trust
1,227,624 54
$2,998,036 02-47,570,595 73
$261,883,863 21
Securities owned—
Securities of controlled companies, pledged:
stock
$110,295,970 00
Security of proprietary, affiliated and concompanies, unpiedged:
311,490,538 21
Stock
Funded debt
9,835,219 61
$21,325,757 82
Other permanent investments—
Physical property
Grand Central Terminal Improvement__ _ _
New York & Harlem Railroad Company_ _
Securities
131,621,727_82
$222,724,400 00
4,900 00
$222,729.300 00-
Mort3age, bonded and secured debt—
Funded debt:
Mortgage bonds:
Gold mortgage bonds
389,800,000 00
Collateral trust bonds:
Lake Shore collateral_ $90,578,400 00
Michigan Central collateral
10,336,445 00
109,914,845 00
Debentures and notes:
Debentures of 1900_
$5,500,000 00
Gold debentures of 1904
- 48,000,000 00
Three-year gold notes
of 1911
30,000,000 00
88,500,000 00
Equipment trust obligations:
Equipment trust certificates 1907
38,730,261 30
Equipment trust certificates 1910
6,075,501 88
14,805,763 18
Miscellaneous:
Spuyten Duyvil & Port
Morris RR. mortgage
bonds
32,500,000 00
Mortgage on real estate
150,000 00
2,650,000 00
209:870,608 IF
$3,861,471 50
22,840,840 41
19,361,763 90
6,632,772 18-52;696.847 99
Total intoperty owned as Investment
$446,202,439 02
Working assets—
Cash
$10,714,180 19
Marketable securities:
326,698,616 81
Stock
Funded debt
2,132,655 86-28,831,272 67
Loans and bills receivable:
•
New York State Realty
& Terminal Co
$21,820,000 00
Cleve. Cinc. Chic. & St.
Louis By. Co
3,000,000 00
Michigan Central RR.Co. 3,000,000 00
Mohawk Valley Company
1,540,000 00
Terminal Ry.of Buffalo_
870,000 00
Clearfield BituminousCoal
CorporatiOn
570,000 ob
New Jersey Shore Line
Railroad CO
491,000 00
New York State Rys__ _
400,000 00
Rutland Railroad Co_ _ _
373,000 00
Merchants' Despatch
Transportation Co
350,000 00
New York & Ottawa
Railway Co
347,120 00
Rochester Railway &
Lighting Co
• 325,000 00
Syracuse Rapid Tran. Co.
150,000 00
Fair Land Realty Co__ _
150,000 00
Mutual Terminal Co. of
Buffald
145,000,00
Miscellaneous
153,057 07-33,684,177 07
Neetraffic, car mileage and per diem balance 4,143,760 53
Net balance due from agents and conductors
3,660,793 73
Miscellaneous accounts receivable
6,734,442 45
Materials and supplies
8,713,817 86
Unmatured interest, dividends and rents
receivable
3,056,441 58-99,538,895 08
Deferred debit items—
Advances:.
Temporary advances to affiliated cos__ _
$2,511 16
Working funds
183,232 34
Other advances:
West Shore RR. Co__ $10,447,494 48
Geneva Corning
&
Southern RR. Co_ _
2,953,947 45
Rome Watertown &
OgdensburgRR. Co. 2,492,304 33
Beech Creek RR. Co_
1,151,425 11
Other companies
2,070,409 59
19,115,580 96
Insurance premiums paid in advance
8,794 09
Special deposits
1,907 01
Cash in redemption fund
2,000 00
Items in suspense
1,168,999 33-20,481,025 49
LIABILITIES.
$566,222,359 59
• Working tiaoitities—
Loans and bills payable
*1,390,000 00
Net traffic, car mileage and per diem balance 4,085,259 57
Audited vouchers and wages unpaid
6,470,977 14
Matured dividends, interest and rents unpaid 3,722,185 22
Matured mortgage, bonded and Secured
debts unpaid
11.790 00
Working advances du,- to other companies:
Boston & Albany 101.C°. $1,911,214 92
Rome Watertown & Ogdensburg RR. Co__
112,999 39
Geneva Corning & Southern Railroad Co
544,542 92
West Shore Railroad Co_
91,664 97
Carthage & Adirondack
Railway Co
25,402 44
Wallkill Valley RR. Co
59,349 37
2,745,174 Ot
17,835 60
Other working liabilities
— 18,443,221 54
Accrued liabilities not due—
Dividends declared and interest and rents
$6,266,21031
accrued, not due
Taxes accrued
491.386 56
8,757,596 87"
Deferred credit items-1
Operating reserves:
Reserves for replacement of property
Appropriated surplus—
Additions to property through income since
June 30 1907
Invested in other reserve funds
2,928 00
$4,957,366 90
112,669 68
Free surplus—
Profit and loss ____________________________________ _ __
4,970,038 67
13,448,668 33
5566,222,389 09.
835
THE CHRONICLE
MAR. 23 1912.1
THE LAKE SHORE & MICHIGAN SOUTHERN RAILWAY COMPANY
FORTY-SECOND ANNUAL REPORT-FOR THE YEAR ENDED DECEMBER 31 1911.
$34,590,584 37
hrought Forward
AddTo tlw Stockholders of The Lake Shore & Michigan Southern
North
West&
Chicago
Amount
from
received
Railway Conipany:
ern and Chicago Milwaukee & St. Paul Railway Companies account proportion deficit of
The Board of Directors herewith submits its report for the
results
Indiana Harbor Belt Railroad Co. to Dec. 31
showing
year ended Dec. 31 1911, with statements
$245,145 73
1910
the.company.
of
Increasing value of Indiana Harbor Belt Raifor the year and the financial condition
1,224,998 00
road Co. stock at par
The mileage embraced in the operation of the road is as Adjustment
with Pittsburgh & Lake Erie Railfollows:
road Co. account one-half operating profit of
Miles
871.00
289,32
424.67
190.44
Main line and branches
Proprietary lines
Leased lines _____________________
Trackage rights __________________
1,775.43
Total road operated _______________________________________
The increase of 112.55 miles in mileage operated is caused
by the acquisition of rights over the Lake Erie & Pittsburgh
Railway, Pennsylvania and Baltimore & Ohio Railroad
Companies' tracks, and by the use of the Cleveland Short
Line Railway. There is a decrease of mileage in Main line
and branches of .03 miles, due to elimination of curves. The
net total increase hi mileage over 1910 is 112.52 miles.
There was no change in capital stock during the year, the
amount authorized and outstanding Dec. 31 1911 being
$50,000,000.
79
The funded debt outstanding on December 31 1910 was.. _ _$163,817,779
It has been increased during the year by the
issue and sale of 25-year 4% gold bonds of
1906, being the remainder of the total auth5,720,000 00
orized issue of $50,000,000
$169,537,779 79
It has been decreased during the year by the
payment of the company's pro rata of installments on equipment trust certificates
as follows:
Jan 1, First installment of 1910 trust__ _ $918,071 04
447,226 18
Nov. 1, Fourth installment 1907 trust__
1,365,297 22
$168,172,482 57
Total funded debt December 31 1911
SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.
Inc. (-I=) or
1910..
1911.
Dec.,(-).
1,775.43 miles 1,662.91 miles
Operating Income+112.52 miles
operated.
operated.
$
5
$
Rail Operations42,360,997 13 49,420,210 99 -1,059,213 86
Revenues
31,078,577 87 34,920,932 90 -3,842,355 03
Expenses •
Net Revenue from Rail
17,282,419 26 14,499,278 09
Operations
+2,783,141 17
Percentage of Exp. to Fier_ _
Outside OperationsRevenues
Expenses
(64.26%)
(70.65%)
-(6.40%)
577,657 87
608,734 97
559,376 73
609,092 28
+18,281 14
-357 31
Net Deficit from Outside
Operations
31,077 10
49,715 55
-18,638 45
.
Net R.evenue from All
17,251.342 16 14,449,562 54
Operations
1,673,939 54 1,720,182 33
Taxes Accrued
+2,801,779 62
-46,242 79
15,577.402 62 12,729.380 21
+2,848,022 41
Operating Income
Other Inca me157,555 78
litre of equipment.
336,426 83
Joint facilities rents
137,904 57
Miscellaneous rents
Dividends on stocks owned or
7,878,679 77
controlled
Interest on funded debt owned 288,623 75
Interest on other securities.
845,556 19
loans and accounts
579,468 76
Miscellaneous income
383,818 19
350,446 54
70,209 43
-226,262 41
-14,019 71
+67,695 14
7,755,013 50
164,946 87
+123.666 27
+123,676 88
1.005.914 11
721,738 05
-160,357 92
-142,269 29
10,224,215 65 10,452,086 69
--227,871 04
Gross Corporate Inconic_25,801,618 27 23,181,466 90
+2,620.151 37
Total Other Income
Deduction fro m Gross Corporate Income2,531,081 50 2,268,573 56
Rentals of leased lines
449,678 61
336,96781
Joint facilities rents
5,173 90
8,122 88
Miscellaneous rents
Interest on bonded debt__ - - 5,724,812 45 5,454,783 05
Interest on equipment trust
842,903 60
542.595 54
certificates
410 222 83
563,963 49
Other interest
96,03C 00
96,030 00
Dividend on guaranteed stook
1,365,297 22
Equipment reserve
18
80
277,135
deductions
49,252
Other
Total Deductions fromGross
11,628,282 95
Corporate Income
+262,507.94
+112,710 80
-2,948 98
+270,029 40
+300,398 06
+153,740 66
+1,365,297 22
-227,883 62
9,394,431 47
+2,233,851 48
Net Corporate Income__ _14,173,335 32 13,787,035 43
Dividends(18% in each year) 8,903,970 00 8,903.970 00
+386,299 89
Surplus for the Year _ _ _ 5,269,365 32
1910 installments on 1907 and
1910 trust equipment '
+386,R19 89
Balance to Credit of Profit
5,269,365 32
and Loss
4,883,065 43
1.365,297 22 -1.365,297 22
3,517,768 21
+1,751,597 11
Amount to credit of profit and loss (free surplus) Dec. 31 1910529,721,219 05
5,269.365 32
Balance to credit of profit and loss for the year 1911
$34,990,584 37
Pittsburgh McKeesport & Youghiogheny
Railroad for years 1909 and 1910
438,092 79
1,908,636 52
$36,899,220 89
DeductDiscount on 55,720.000 gold bonds of 1906_ _ _ $457,157 50
Value of property at Ashtabula and other locations abandoned during the year
209,538 45
77,901 69
Net loss in adjustment of sundry accounts_ _ _ _
744,597 54
Balance to credit of profit and loss (free surplus) Dec 31
1911
$36,154,623 35
The operating revenues for the year were $48,360,997 13,
a decrease of $1,059,213 86 as compared with the previous
year.
Revenue derived,from the transportation of freight
62, a decrease of $1,545,200 90,
amounted to $31,10,334
almost wholly attributable to unsettled businesS conditions.
Among the commodities carried, bituminous coal shows a
decrease of 576,594 tons, coke 438,965 tons, ores 1,673,771
tons and bar and sheet metal 128,671 tons.
Passenger revenue was $11,350,095 67, an increase of
$219,970 89. There were 110,061 more local and inter-line
passengers carried, and the revenue per passenger was one
cent greater than in the previous year.
Revenue from transportation of mails was $2,178,633 63,
an increase of $54,419 52. Contracts regulating the compensation allowed for the transportation of mails for the past
four years expired on June 30 last, at which time the. Post
Office Department completed a re-weighing of the mails,
resulting in an increased compensation to the company'.
Subsequently the Pest Office Department inaugurated the
transportation of magazines and periodicals by freight, and
on September 1 withdrew from mail service and transferred
to freight service a heavy tonnage of these magazines and
periodicals and on that date started another re-weighing of
the mails, the result of which was a reduction in the compensation to be allowed, to an amount about equal to that
which existed prior to June 30; hence, the company received
the increased compensation for only two months, viz.: July
and August.
Revenue from express traffic was $1,745,935 84, an increase of $96,593 01.
Revenue from excess baggage and milk was $210,556.49,
an increase of $6,398.12.
Other passenger train revenue amounted to $555,262 27,
an increase of $69,995'34, due principally to greater patronage of limited trains, resulting in a larger collection of excess
fares.
.
.
Switching, special service train and miscellaneous transportation revenues amounted to $717,767 64, an increase of
$38
other,than from transportation were $501,410 97,
an increase of $490 85.
The operating expenses for the year amounted to $31,078,577 87, a decrease of $3,842,355 03. By groups they.
were as follows:
Maintenance of way and structures_ _56,178,623 31
6,704,096 73
Maintenance of equipment
1,026,317 29
Traffic expenses
16,245,052 22
Transportation expenses
924,489 33
General expenses
• Increase
Decrease,
Peret
$1,371,038 09 18.03
1,169,121 34 14.85
126,847 81 11.00
1,197,805 58
6.87
*22,457 79
2.93
Retrenchments in expenditures for maintenance of way
and structures were made during the latter half of the year;
by curtailing the work of re-ballasting main line track with
stone and by reduction in outlay for repairs and renewals of
bridge structures and buildings and fixtures. There was a
heavy charge to maintenance during 1910 in completing'
change of line from left to right-hand running, with no
corresponding expense during the year 1911.
There was a decrease in practically all maintenance of
equipment items, principally due to the lar,ge amount of
equipment out of service during the year, with a consequent
reduction in charges for repairs, and to a lesser number of
old locomotives and cars retired from service.
The decrease in traffic expenses is due to a reduction in
freight tariff publications and elimination of the charge to
"Fast freight lines" of the company's proportion of the
deficit of the Merchants' Despatch Transportation Co., which
this year is shown under "Deductions from income."
In trangportation expenses there are decreases in nearly
all items affected by the volume of train service, by reason of
a falling off in freight traffic and a greater number of tons
.
hauled per train, resulting in a reduced train mileage.
The increase in general expenses is due to payments made
by the company during the year to a larger number Of super
annnated employees under the pension rules,and to increased
legal expenses.
836
THE CHRONICLE
Outside operations show a decreased loss for the year of
$18,638 45, principally due to increased revenues derived
from dining-car service and commercial ice-supply plants.
Taxes accrued amounted to $1,673,939 54, a decrease of
$46,242 79.
Other income for the year was $10,224,215 65, a decrease
of $227,871 04 as compared with the previous year, caused
by changing the method of settlement between system lines
for freight-car hire from a per diem to a mileage basis,
effective January 1, resulting in less revenue; and also a
smaller return in interest on notes, owing to liquidation of
promissory notes of The Cleveland Short Line Railway Company and The Lake Erie & Pittsburgh Railway Company.
Deductions from gross corporate income were $11,628,282 95, an increase of $2,233,851 48 as compared with the
previous year, attributable to the following causes:
Rental of leased lines increased $262,507 94, owing to the
terms of the agreement for the use of the Cleveland Short Line
Railway.
Joint facilities and miscellaneous rents increased $109,761 82 on account of payments for additional trackage
acquired during the year, as more fully referred to hereinafter.
Interest on equipment trust certificates increased $300,398 06, a full year's interest having been accrued on the
company's pro rata of the equipment trust certificates of
1910, as against a partial year's accrual in the previous year.
Interest on bonded debt increased $270,029 40, through the
issuance during the year of $5,720,000 gold bonds of 1906,
with attending accrual of interest thereon.
Other interest increased $153,740 66, principally due to
additional one-year French notes issued by the company
oduring the year.
Equipment reserves increased $1,365,297 22, being the
amount equivalent to the year's installments on account of
1907 and 1910 equipment trusts and included as a deduction
from income, whereas in 1910 the same amount was deduectd
from surplus.
Other deductions decreased $227,883 62. There was a
reduction of $277,135 80, caused by the discontinuance on
Dec. 31 1910 of contributions by the company toward the
deficit of the Indiana Harbor Belt Railroad Co. This reduction was partially offset by an increase of $49,252 18 in
"Separately operated properties—loss," due to the transfer
to that account of the company's proportion of Merchants'
Despatch Transportation Co. deficit heretofore included in
traffic expenses.
From the net corporate income of the company for the
year, amounting to $14,173,335 32, there were paid three
'dividends, aggregating 18% or $8,903,970, leaving a surplus
for the year of $5,269,365 32.
Additions and betterments to the property during the year
-were $2,722,976 80, the full amount of which was charged
'direct to capital account.
The company, as owner of the entire outstanding capital
stock of The Cleveland Short Line Railway Company,entered
into an agreement and lease on April 1 1911 whereby it acquired the right to use the railroad and properties of The
Short Line Company, extending from Rockport to Collinwood,'Ohio, forming a belt line around the City of Cleveland.
'That part of the line from Rockport to Marcy, Ohio, a distance of 10.08 miles, is being operated in connection with the
Lake Erie & Pittsburgh Railway, while the line from Marcy
to Collinwood, Ohio, is still under construction. As rental,
'The Lake Shore & Michigan Southern Railway Company
agrees to pay an amount equivalent to 5% per annum on
outstanding capital stock and interest on outstanding obligations of that company. Further, it is to pay all taxes and
assessments and to keep and maintain, at its own expense,
the railroad and properties leased, and is to receive all
revenues derived from the operation thereof.
. The Lake Erie & Pittsburgh Railway, extending from
Marcy to Brady's Lake Junction, Ohio, a distance of 27.84
miles, was opened for operation on Oct. 15 1911, at which
time through freight service was established by The Lake
Shore & Michigan Southern Railway Company over that
road. The Lake Erie dr Pittsburgh Railway was constructed
under an agreement dated Jan. 10 1908 between The Lake
Shore & Michigan Southern Railway Company, the Pennsylvania Company and The Lake Erie & Pittsburgh Railway.
Company, under the terms of which the two former companies agreed to advance funds for construction in equal proportions. Upon completion of the road, The Lake Erie &
Pittsburgh Railway Company issued its securities in reimbursement for the advances made, and control of the property is now held equally by The Lake Shore & Michigan
Southern and Pennsylvania Companies through ownership of
stock. Under the conditions of the agreement hereinbefore
referred to, the two owning companies will each pay one-half
of an amount equivalent to 5% per annum on the outstanding
stock, and interest on outstanding obligations of The Lake
Erie & Pittsburgh Railway Company, in consideration of
which The Lake Shore & Michigan Southern Railway Company and The Pennsylvania Company have equal rights for
the operation of their trains over the tracks of The LakeErie
& Pittsburgh Railway.
In connection with the opening of The Lake Erie & Pitts'burgh Railway, trackage rights were acquired over the
tracks of the Pennsylvania Company between Brady's Lake
.JunctionTandjMinerva, Ohio, which gives the company a
Lxxxxiv.
direct connection with the Lake Erie Alliance & Wheeling
Railroad and access to the coal fields located along that line.
Running rights were also acquired over the tracks of the
Baltimore & Ohio Railroad Company between Ravenna and
Haselton, Ohio, at which point connection is made with the
Pittsburgh & Lake Erie Railroad, thus opening up a new
short route for traffic between the company's territory west
of Cleveland, Ohio, and points on the Pittsburgh Sz Lake
Erie Railroad and also in the Mahoning and Shenango Valley
district.
The company issued on March 4 1911 its one-year notes,
payable March 4 1912, to the extent of 60,000,000 francs,
equivalent to $11,538,461 53, and from the proceeds retired
its one-year franc notes falling due March 15 1911, amounting
to 44,000,000 francs. The balance remaining was applied
to general purposes of the company.
In accordance with an agreement dated April 13 1911
between the Chicago Milwaukee & St. Paul Railway Company, Chicago & North Western Railway Company, The
Michigan Central Railroad Company and The Lake Shore &
Michigan Southern Railway Company, the latter two companies sold in equal proportions to the Chicago Milwaukee &
St. Paul Railway Company and the Chicago & North Western
Railway Company forty per cent of their entire holdings in
the capital stock and a like interest in certain other obligations of the Indiana Harbor Belt Railroad Company. The
Lake Shore & Michigan Southern Railway Company,through
this transaction, disposed of 4,900 shares of the capital stock
and $447,538 65 of promissory notes of the Indiana Harbor
Belt Railroad Company. The Lake Shore & Michigan Southern Railway Company and The Michigan Central Railroad
Company have guaranteed the principal and interest of an
issue of $6,725,000 of bonds of the Indiana Harbor Belt
Railroad Company. To the extent of 20% each, the Chicago
Milwaukee & St. Paul Railway Company and the Chicago et
North Western Railway Company further agree to protect
the guarantors of the Belt Company's bonds on their guaranty.
The company received during the year, as reimbursement
for advances made for construction purposes,35,250shares of
preferred stock, par value $3,525,000, and $7,000,000 first
mortgage bonds of The Cleveland Short Line Railway Company. For the same purpose it received 21,450 shares of
stock, par value $2,145,000, and $2,150,000 first mortgage
bonds of The Lake Erie & Pittsburgh Railway Company.
There were acquired by purchase 42,000 shares of stock,
par value $2,100,000, of The Pittsburgh & Lake Erie Railroad Company, and $25,000 of The Toledo & Ohio Central
Railway Company, St. Mary's Division, first preference income bonds.
Under date of Dec. 1 1911 The Lake Shore & Michigan
Southern Railway Company, together with The New York
Central & Hudson River Railroad Company, The Michigan
Central Railroad Company and The Cleveland Cincinnati
Chicago & St. Louis Railway Company, became parties to
an equipment trust agreement for the purpose of establishing
the New York Central Lines Equipment Trust of 1912. Subsequently, the Chicago Indiana & Southern Railroad Company also became a party thereto. This agreement provides
for an issue of $15,000,000 of equipment trust certificates
bearing interest at 43/% per annum, being 90% of the total
cost of the equipment to be furnished under the terms of
said agreement. The certificates are to be paid in fifteen
annual installments of $1,000,000 each; the first installment
being payable Jan. 1 1913. The cost of the equipment to be
assigned to this company will be approximately $3,305,000
and the pro rata amount of certificates representing 90% of
the cost will be approximately $2,974,500. Full particulars
as to the character of the equipment to be acquired will be
set forth in the report to the stockholders for 1912.
Cost of road and equipment on Dec. 31 1910 was
$128,198,961 b'It has been increased during the year as follows:
Expenditures for additions and betterments to the property as shown In detail
elsewhere
$2,722,976 80
Cost of equipment received during the year
under the equipment trust of 1910
535,123 89
Adjustment
account
transferring from
"Physical property owned" the value of
the warehouse, which was until Feb. 1911
leased to The Taylor Street Warehouse
Co., now used by the company as an adjunct to its Chicago freight station
100,000 00
3,358,100 69
$131,557,062 03
Amount to credit of equipment replacement
fund. Dec. 31 1910
$986,824 51
To which there was added value of equipment
retired from service during the year
828,468 00
$1,815,292 51
Amount charged for new equipment acquired
during the year, consisting of 10 passenger,
40 freight and 25 switching locomotives, 15
steel mall cars, 1,000 box cars, 12 caboose
cars and miscellaneous work equipment__ 2,702,441 70
I ,caving expended for additional equipment In excess of the
replacement fund
887,149 19
$132,444,211 22
Amount credited In 1911 for account of 1907 and 1910
equipment trust Installments provided for through
_____________
Income
1,365,297 22
Cost of road and equipment Dec. 31 1911
$131,078,914 00
Appreciative acknowledgment is made of the faithful,
efficient performance of duty by employees in every department of the service during the year.
WILLIAM C. BROWN, President.
837
THE CHRONICLE
MAR. 23 1912.]
•
CONDENSED
GENERAL BALANCE SHEET DECEMBER 31 1911.
LIABILITIES.
ASSETS.
Property in vestnnt•
Road and equipment:
Investment to June 30 1907:
$67,060,000 00
Road
24,800,000 00
Equipment
$01,860,000 00
Investment since June 30 1907:
$16,341,435 17
Road
35
Owned equipment____ $1,487,822
22,754,953 70
Trust equipment
Stockock:
almsotn
Cagn
$49,466,500 00
533,500 00
Guaranteed
o50,000,000 IS
Mortgage. bonded and secured debtFunded debt:
Mortgage bonds:
First general mortgage 33i% bonds
$50,000,000 00
of 1897
Kalamazoo & White Pigeon first
400,000 00
mortgage bonds
$24,242,778 05
Trust installments-r. 1,365,297 22 22,877,478 30
nt
equipme
Net total
$39,218,914 00
Securities:
Securities of proprietary, affiliated and_
controlled companies_unpledged__ 12,751,221 87
,
Other investments:
Miscellaneous Investments:
128,920 73
property
Physical
$143,956,056 60
Working assetsCab$10,895,916 74
Treasurer
526,867 17
Local treasurerin
540,756 44
ces
transit
remittan
Station agents'
Lincoln National Bank for payment of
99,472 50
Interest
112,063,012 85
Securities issued or assumed-held in treasury:
$3,900 00
Lake Shore & Michigan Sou. Ry.stock_
5107,689,832 01
Marketable securities
e:
receivabl
Loans and bills
Chicago Indiana & Southern RR. Co_.._ $2,600,469 05
671,307 94
Indiana Harbor Belt RR. Co
Jamestown Franklin & Clearfield BR.Co 1,143,000 00
490,168 95
Lake Erie Alliance & Wheeling RR. Co..
1,679,075 17
Lake Erie & Western RR. Co
350,000 00
Merchants' Despatch Transportation Co
870,000 00
Terminal By. of Buaaio
200,000 00
Co
Hy.
Central
Ohio
ec
Toledo
4,100 00
Sundry bills receivable
550,400,000 00
Plain bonds, debentures and notes:
Gold bonds of 1903 (4%)
Gold bonds of 1906 (4%)
$100,000,000 00
Equipment trust obligations:
$4,919,488 01
1907_
of
es
Equipment trust certificat
Equipment trust certificates of 1910_ 12,852,994 56
317,772,482 57
168,177.12 57
Working liabilitiesLoans and bills payable:
$1.475,828 20
Mahoning Coal RR Co
One year franc notes due March 4 1912_ 11,538,461 53
$13,014,289 73
Traffic and car service balances due to
$5,510 55
other companies
Audited vouchers and wages unpaid:
$3,147,434 18
Audited vouchers
1,671,983 26
Audited pay rolls
14.819,417 44
Miscellaneous accounts payable:
$1,301,980 33
'Cleveland Short Line By. Co
74,342. 54
Lake Erie & Pittsburgh By. Co
384,003 68
Miscellaheous
$8,008,121 13
Traffic and car service balances due from
;1,060,734 89
other companies
Net balance due from agents and conduc1,009,980 23
tors
6,342,688 32
Miscellaneous accounts receivable
3,510,173 46
Materials and supplies
150,820 83
Other working assets
$50,000,000 00
50,000,000 00
$1,760,326 55
'Matured interest, dividends and rents unpaid
Other working liabilities
$117,401 17
94,967 57
19.811.91361
Accrued liabilities, not due4,407,072-61
Unmatured interest, dividends and rents payable
Deferred credit items161,825 73
Other deferred credit items
Appropriated surplus3 05
6,845,32
1907
30
June
since
income
through
property
Additions to
Profit and loss.36,154,623 35
Balance
139,848,263 72
Accrued income, not duee_ __
, Unmatured interest, dividends and rents receivabl
"Dbferred debit itemsAdvances:
and conTemporary advances to proprietary, affiliated
trolled companies:
$181,939 99
Lake Erie Alliance & Wheeling RR __
781,217 16
Jamestown Franklin & Clearfield RR_
$963,157 15
67,087 89
Working funds
217,139 80
Other advances
1,530,246 46
$1,247,384 84
Cash and securities in sinking and redemption funds
Other deferred debit items
5,000 00
963,288 69
2,215,673 53
.
$287,553,240 31
$287,553,240 31
THE MICHIGAN CENTRAL RAILROAD COMPANY
ENDED DECEMBER 31 1911.
SIXTY-SIXTH ANNUAL REPORT-FOR THE YEAR
d Company:
T. the Stockholders of the M.ichigcsn Central Railroa
for the
report
s
its
The Board of Directors herewith submit nts showing the
stateme
with
,
311911
er
Decemb
ended
year
of the company
results for the year and the financial condition
ng mileage:
followi
the
of
on
operati
The report covers the
Main line
Proprietary lines
Leased lines
Linea operated under trackage rights
Total road operated
Miles.
270.07
343.31
1,110.20
93.18
1,816.76
Brought forward
Agaimic capital accountFor road
For equipment
148,184,E03 07
$123,406 53
597,789 00
$721,195 53
Against income account (appropriated surplus)- 87,277 02
For equipment
2808,472 55
Less: Equip,replacement fund_ 02,194 36
631,71803
Equip, trust installments 599,523 67
176,754 52
$48,361,257 59
Total main line
Amount charged account leased lines to De$16,622,525 25
cember 31 1910
There was charged for additions and betterments in 1911 against capital account for
544,202 28
road, as shown in detail elsewhere
17,166,727 53
Total leased lines
The total road operated as shown in the report for 1910
for
265,527,985 12
was 1,803.29.miles. The increase of 13.47 miles shown t.
Grand total
this year is on account of corrections due to re-measuremen
The double-tube tunnel under the Detroit River, including
There was no change in capital stock during the year, the interlocking system, electrical sub-stations and equipment,
the year, and in its
amount authorized and'outstanding being $18,738,000 00.
was fully completed in the early part of The
earnings of the
tion.
expecta
68
578
every
$41,870,
met
has
on
was
operati
1910
31
r
Decembe
The funded debt outstanding
were sufficient
Detroit River Tunnel Company for the year s,
taxes, interIt has been decreased during the year ended
to defray maintenance and operatingd expense
two per cent on its
December 31 1911, as follows:
est on bonds, and to pay a dividen of 52
date
capital stock, with a surplus of $159,1 33. Under
Installment on New York Central lines equip10 1911 an agreement, supplemental to the lease of
ment trust certificates of 1910, paid Janu- 5339,008 22
May
of
ary 1 1911
December 19 1906, was made with the Detroit River Tunnel
Installment on New York bentral lines equipCompany, whereby that company is now proceeding with
ment trust certificates of 1907, paid No260,425 45
and
vember 1 1911
the construction of a passenger station, terminal yards
-Jackson
Saginaw
&
Lansing
Michigan Central
of 1951 purchased and
accommodations in the City of Detroit, which facilities, when
33% gold bonds
canceled by the Trustees of the Land Grant
completed, will be operated by the Michigan Central RailFund of tho Jackson Lansing & Saginaw
601,523,67
2,000 00
road Company. This company has agreed to guarantee the
Railroad Company
principal and interest on thirty million dollars of Detroit
01
055
$41,269,
Total funded debt December 31 1911
River 'Tunnel Company Terminal and Tunnel Gold Bonds,
The total amount charged to road and equipbearing date May 1 1911, as issued. There were issued-and
ment on December 31 1911 was $65,527,985 12,
sold during the year fourteen millions of such bonds, bearas follows:
ing interest at the rate of 4% per annum.
r 31 1010_ _ _648,184,503 07
In accordance with an agreement dated April i3 1911 beAmount charged against main line to Decembe
the Chicago Milwaukee & St. Paul Railway Company,
tween
betterand
ns
There was charged for additio
& North Western Railway Company, the Michigan
Chicago
ments in 1911:
838
THE CHRONICLE[VOL.Lxxxxiv.
Central Railroad Company and the Lake Shore & Michigan Brought forward
$10,044,036 53
Southern Railway Company, the two latter companies sold
Adaincrease ledger value Indiana Harbor Belt
in equal proportions to the Chicago Milwaukee & St. Paul ToRailroad
Company's stock to par
$1,224,998 00
Railway Company and the Chicago & North Western Rail- From C. & N. W. By. and C. M. & St. P.
fly.
account proportion I. II. 13. deficit to Deway Company forty per cent of their entire holdings in the
cember 31 1910
122,961 09
capital stock and a like interest in certain other obligations Proceeds sale ot Toledo property
21,079 54
of the Indiana Harbor Belt Railroad Company. The Michi- Adjustment sundry items
54,375 57 1,423,414 20
gan Central Railroad Company, through this transaction,
$11,467,450 73
disposed of 4,900 shares of the capital stock and $447,538 65
DeductFor abandoned property
of promissory notes of the Indiana Harbor Belt Railroad Balance
3105,054 42
10%
payment
s account trust equipCompany. The Lake Shore & Michigan Southern Railwa
ment of 1910
y Exchang
83,356 70
Company and the Michigan Central Railroad Company have
e on French notes
50,980 12
239,391 24
guaranteed the principal and interest of an issue of $6,725,
Balance to credit of profit and loss (free
surplus) Decem000 00 of bonds of the Indiana Harbor Belt Railroad Com-ber 31 1911
$11,228,059 49
pany. To the extent of twenty per cent each the Chicago
The total operating revenues were $30,164,490
Milwaukee & St. Paul Railway Company and the Chicago
16, an in-& North Western Railway Company further agree to protect crease of $469,674 45 as compared with the previous
year.
The freight revenue was $19,538,684 00, an
the guarantors of the Belt Company's bonds on their guarincrease of
$256,395 55. This was due to the increased movem
anty.
ent of
Under date of December 1 1911 the Michigan Central flour, dressed meats, coke, stone and miscellaneous comRailroad Company, together with the New York Central & modities.
The passenger revenue was $7,607,051 96, an increas
Hudson River Railroad Company, the Lake Shore & Michie of
gan Southern Railway Company and the Cleveland Cincin- $202,576 30, due to increased train service and general imnati Chicago SZ St. Louis Railway Company, became parties provement in excursion travel and local business.
The express revenue was $1,478,449 15, a decreas
to an equipment trust agreement for the purpose of estabe of $41,lishing the New York Central Lines Equipment Trust of 1912. 500 52, compared with the previous year.
The revenue from the transportation of mails was
Subsequently the Chicago Indiana & Southern Railroad Company also became a party thereto. This agreement provides 700 55, a decrease of $19,924 77. This is an appare$411,nt decrease only, due to the fact that mail revenues for
for an issue of $15,000,000 of equipment trust certificates
1910 were
bearing interest at four and a half per cent per annum, being overestimated in advance of actual figures not received until
ninety per cent of the total cost of the equipment to be fur- too late to revise the 1910 statements.
The operating revenue from all other sources
nished under the terms of said agreement. The certificates
increased
are to be paid in fifteen annual installments of $1,000,000 $72,127 89 over the previous year.
The total expenses of operation were
each; the first installment being payable January 1 1913.
$20,746,231 18, a
The cost of the equipment to be assigned to this company decrease of $882,675 08.
By groups and principal fluctuations
will be approximately $2,528,000 and the pro rata amount
they were as follows:
of certificates representing ninety per cent of the cost will
Maintenance of way and structures $3,549,204 67,
be approximately $2,275,200. Full particulars as to
a decharacter of the equipment to be acquired will be set the crease of $486,056 11, caused principally by reduction in outforth
lay
for
stone
ballast
ing,
fencing, crossing
in the report to the stockholders for 1912.
etc., fewer
bridges and buildings needing replacement,gates,
less snow and ice
to contend with, and a considerable reducti
SUMMARY OF FINANCIAL OPERATIONS
on in force.
AFFECTING INCOME.
Maintenance of equipment, $3,800,772 34,
1911.
a decrease of
1910.
Increase( +) or $323,593 26, princip
1,816.76 miles 1,803.29 miles
ally
caused
by reduced charges for
Decrease(-).
Operating incomeoperated.
repairs.
operated.
+13.47 miles.
Rail operations:
Traffic expenses, $783,599 14, a decreas
Revenues
e of $98,551 94,
$30,164,490 16 529,694,815 71
+5469,674 45 principally due to decreas
Expenses
ed charges account of fast freight
20,746,231 18 21,628,006 26
-882,675 08
lines through a different method of treatin
Net revenue from rail
g deficit account
Merchants' Despatch Transportation Compa
operations
59,418,258 98 58,065,909 45 +51,352,349 53
ny and large
reduction in cost of tariffs included in station
ery and printing.
Percentage of expenses to
Transp
ortati
on
expens
revenue
es,
$12,04
9,103
(68.78%)
34, an increase of
(72.84%)
(4.06%)
$25,514 19, notwithstanding the discontinuance
Outside operations-.
of operation
of
the
Detroit
River
ferry
boats,
and
Revenues
is largely due to in5608,294 24
5543,636 69
+564,657 55 creased train
Expenses
mileage
599,385 38
,
cost
of
fuel and increased pay of
599,951 82
-566 44
train and engine crews.
Net revenue froin outGeneral expenses, $563,551 69, an increase of
side operations
$8,908 86
$12 04.
+$65,223 99
Net deficit from outside
operations
There was an increase in the revenue from
556,315 13
outside
tions of $65,223 99 over the previous year, derived operaNet revenue from all operations
pally
from dining car service and operation of stockprinci59,427,167 84 $8,009,594 32 +51,417,573
52
Taxes accrued
yards
1,322,620 82
1,357,019 92
-$34,309 10 and restaurants.
The operating income was $8,104,547 02, an
Operating Income
$8,104,547 02 56,652,574 40 +51,451,972 62
increase of
$1,451,972 62.
Other income was $1,170,957 09,an increase of
Other income$77,277 17,
of which $60,000 was due to additional
Joint facilities rents
$236,403 38
amounts received
$229,289 51
+57,113 87 from interes
Miscellaneous rents
t
3,259 77
and
divide
2,676
nds on securities,
02
+583 75
Dividends on stocks owned
additional interest on notes, loans, etc., and$84,184 99 to
or controlled
347,241 50
$7,697 62 to
287,241 50
+60,000 00 rentals partially
Interest on funded debt
offset
by
a decrease of $73,363 61 in profit
owned
46,880 00
46,880 00
on trust equipment material.
Interest on other securities,
loans and accounts
Deductions from income amounted to $7,159,139
525,154 01
440,969 02
+84,184 99
69, an
Miscellaneous income
12,018 43
86,623 87
-74,605 44 increase of $1,130,216 21. The principal fluctua
tions were
an increase of $1,001,383 67, due to rental of the
Total other income
51,170,957 09 $1,093,679 92
+77,277 17
River Tunnel, an increase of $599,523 67, due to a Detroit
Gross corporate income_ $9,275,504 11 57,746,2
charge
54 32 +51,529,249 79 against income
of an amount equivalent to the installments
on account of the 1907 and 1910 equipment trusts,
Deductions from gross corcrease of $106,192 94 in interest on equipment trust an inporate incomecertificates, a decrease of $421,246 74 in hire of equipm
Rentals of leased lines____ $1,605,443 67
ent and a
$585,310 00 +$1,020,133 67 decreas
Equipment reserve
e
of
$121,9
599,523 67
03
31
in
general interes
+599,523 67
Hire of equipment
652,736 44
The profit from operation for the year,t.after
1,073,983 18
-421,246 74
Interest on equipment
payment of
six
per
cent
trust certificates
in
divide
nds
367,716 93
upon
the capital stock, was $992,261,523 99
+106,192 94
Joint facilities rents
084
583,551 98
42,
which
620,568
has
83
been
-37,016
85
carried
to the credit of profit and loss.
Miscellaneous rents
8,816 35
6,069 24
+747 11 The credits to retired
Interest on
funded debt__ _
Other interest
Other deductions
2,543,998 88
624,464 84
174,887 13
2,535,398 33
746,367 95
199,701 96
+8,600 55
-121,903 31
-24,814 83
Total deductions from
gross corporate income $7,159,139
69 56,028,923 48 +51,130,216 21
Net corporate income_ $2,116,364 42
$1,717,330 84
+5309,033 58
Dividends, two, aggregating 8%
1,124,280 00
1,124,280 00
Surplus
$992,084 42
$593,050 84
+$399,033 58
Additional equipmentOn account 1910 proportion
of New York Central
Lines 1907 and 1910
equipment trusts
Balance to profit and loss
$992,084 42
5250,000 00
-$250,000 00
$343,050 84
+5649,033 58
Amount to credit of profit and loss (free surplus)
December 31 1910
$9,051,952 11
Balance to profit and loss for year 1911
992,084 42
$10,044,036 53
amounted to
equipment account during the year
The charges against this account for cost
of
new equipment and betterments were
as follows:
10 locomotines
5209,628 40
8 steel postal cars
93,295 83
3 cafe coaches
23,455 60
1-3 interest in joint equipment,consis
ting of 1 firstclass coach and 2 smoking
and baggage cars
7,870 91
19 caboose cars
18,107 60
Miscellaneous charges covering
United States
duty on six Canada Southern engines
and application of sundry betterments
to equipment.. 22,540 30
Credit balance December 31 1911
5407,093 00
374,808 64
$32,194 36
Appreciative acknowledgment is made
of the faithful,
efficient performance of duty by employees in
every department of the service during the year.
WILLIAM C. BROWN,
President.
839
THE CHRONICLE
MAR. 23 19)2 I
ER 31 1911.
CONDENSED GENERAL BALANCE SHEET DECEMB
ASSETS.
Property InvestmentRoad and equipment:
Investment to June 30 1907Michigan Central Railroad
Leased and proprietary lines
$35,213,257 09
14,216,143 27
$49,429,400 36
• Investment since June 30 1907Road:
20 54
Michigan Central RR_ _ _ _ $1,303,5 26 $4,254,104 80
Leased&proprietary lines_ 2,950,584
Equipment:
06 53
Michigan Central RR.. _ _ _ $2,480,2
9,995,981 46
Trust equipment
$12,476,197 99
Credit:
Equipment replacem't fund $32,194 36
'I rust install631,718 03 11,844,479 96 16,098,584 76
599,523 67
ments
LIABILITIES.
Stock$18,738,000 00
Capital stock-common
mortgaged, bonded and secured debtFunded debt:
Mortgage bonds:
$14,000,000 00
Michigan Central first mortgage
1,500,000 00
Grand River Valley first mortgage
4,000,000 00
Detroit & Bay City first mortgage
_
700,000 00
first
Haven
mtge__
South
&
oo
Kalamaz
2,600,000 00
Michigan Air Line first mortgage
Jackson Lansing & Saginaw first mtge_ _ 1,723,000 00
1,500,000 00
Joliet & Northern Indiana first mtge
Plain bonds, debentures and notes:
7,634,000 00
Gold debentures
2,864,679 93
Equipment trust certificates, 1907
4,747,375 08 41,269,055 01
Equipment trust certificates, 1910
$60,007,055 01
Total capitalization
$65,527,985 12
Total cost of road and equipment
Securitiesd companiescontrolle
and
affiliated
ry,
proprieta
Securities of
-stock. $5,444,000 00
Pledged, Canada Southern fly. Co
1,595,192 50 7,039,192 50
Unpledged
Other 'investmentsaffiliated and controlled companies
Advances to proprietary,
and betterments:
for construction, equipment
$100,698 68
Detroit Terminal Railroad Company
nts:
investme
eous
Miscellan
485,650 45
Physical property
2,334,527 00
Securities-unpledged
2,020,876 13
$75,488,053 75
nt
Total property owned as investme
Working assets$3,311,25702
Cash
1,60000
Michigan Central Railroad stock
18,13028
Marketable securities
97
balance_
184,110
diem
per
and
Net traffic, car mileageagents and conductors_ 1,818,608 98
Net balance due from
5 16
1,331,55
e
receivabl
accounts
Miscellaneous
2,531,254 35 9,198,516 76
Materials and supplies
Working Liabilities$4,500,000 00
Loans and bills payable
3,582,664 34
Audited vouchers and wages unpaid
283,400 12
Miscellaneous accounts payable
42,877 50
unpaid
rents
and
interest
Matured dividends,
2,000 00
Matured M., bonded & secured debt unpaid_
595,453 34
liabilities
working
Other
Accrued Income not duerents
Unmatured interest, dividends and
258,618 65
receivable.
Deferred debit itemsAdvancesChicago Indiana & SouthernRR$345,000 00
671,307 96
Indiana Harbor Belt RR
81,000 00
Toledo Terminal Railroad
41,644 64 $1,138,952 60
Ry.
Buffalo
&
Toronto Hamilton
53,960 25
funds
Working
53,268 54 1,246,181 30
Other deferred debit items
$86,189,370 55
Accrued liabilities not dueUnmatured interest, dividends and rents payable
Deferred credit itemsOperating reserves-Reserves for replacement of property
Other deferred credit items
9,006,395 30
1,096,349 36
$635,020 92
460,367 33
1,095,388 25
Appropriated surplus_ 3,756,123 14
Additions to property through income since June 30 1907_ _
Free surplus11,228,059 49
e
loss-balanc
Profit and
$8(3,189,370 55
ST. LOUIS RAILWAY COMPANY
THE CLEVELAND CINCINNATI CHICAGO &
ENDED DECEMBER 31 1911.
TWENTY-THIRD ANNUAL REPORT-FOR THE YEAR
ent provides
ati Chicago & St. pany also became a party thereto. This agreem
To the Stockholders of the Cleveland Cincinn
an issue of $15,000,000 of equipment trust certificates
for
y:
Compan
y
Railwa
Louis
bearing interest at 4% per annum, being 90% of the total
6,
The Board of Directors herewith submits its report for
recost of the equipment to be furnished under the terms
the
g
showin
nts
,
with
stateme
311911
Dec.
ended
the year
ent. The certificates are to be paid in fifteen
agreem
y.
said
compan
the
of
on
l
conditi
financia
the
and
year
sults for the
as annual installments of $1,000,000 each; the first installment
The mileage embraced in the operation of the road is
being payable Jan. 1 1913. The cost of the equipment to
follows:
Miles. be assigned to this company will be approximately $2,664,000,
1,676.33
amount of certificates representing 90% of
Main line
201.29 and the pro rata
lars
Branches
134.02 the cost will be approximately $2,398,320. Full particu
rights
Trackage
as to the character of the equipment to be acquired will be
2,011.64
Total length of road operated
in the report to the stockholders for 1912.
miles, set forth was
expended during the year for additions to the
There was a decrease in the main line mileage of 4.62
There
re
and
accounted for by changes in alignment, re-locations
y, improvements, double-tracking, equipment, &c.,
propert
mileline
measurements. There was an increase in branch and two and charged to cost of road and equipment, the sum of
lle branch
age of 34.65, due to opening the Evansvi
$3,690,080 24.
with slight changes on SUMMA
.
RY OF FINANCIAL OPERATIONS AFFECTING INCOME
miles of the Saline Valley Railway,
in
miles
.60
of
e
Increase (+) or
1910.
1911.
account of re-measurements. A decreas
(-).
Decrease
miles
the
of
on
1,982.21
miles
operati
the
2,011.64
+29.43 miles.
trackage rights is accounted for byvia Berwick, Ohio, inoperated.
operated.
Operating IncomeRail Operations:
trains of this company into Toledo
of
n
+8,910 08
78
additio
04
the
by
30,423,0
86
14
30,431,9
Revenues
stead of via Carey, Ohio, nearly offset
22,239,392 18 23,495,620 12 -1,256,227 94
Expenses
Louisville & Nashthe
over
lle,
Evansvi
at
rights
e
trackag
Net Revenue from Rail
ville Railroad.
8,192,522 68 6,927,384 66 +1,265,138 02
Operations
the year.
There was no change in the capital stock during
$86,792,000 97
1910 was
The funded debt outstanding Dec. 31 as
follows:
In has been increased during the yearmortgage
C. C. C. ec St. L. By. general, improvebonds, issued for additions
00 00
ments, double-tracking, equipment, &c_ $1,000,0
20-year debenC. C. C. & St. L. fly. 4;i%
ture bonds, dated Jan. 11911. maturing
Jan. 1 1931, issued for purpose of fundingfloating indebtedness and for construc
5,000,000 00
tion and improvements
C. C. C. & St. L. fly. general mortgage
bonds, issued for retirement of prior lien
28,000 00
bonds
6,028,000 00
$92,820,000 97
Retired during the year:
Equipment trust certificates due Jan. 1 1911 $199,625 82
Equipment trust certificates due Nov. 1
246,689 81
--------------1911 ---------------6,000 00
St. L. & C. Ry. Co. first mtge. bonds_
I.st.
C. 1.
2200 00
c.
L. & C. 13,_.v. general first mtge. bds.
0 00
5%
4,988,00
Gold
Co.
Notes__
L.
By.
St.
C. C. C. &
ing Dec. 31 1911
Total funded debt outstand
5,462,315 63
$87,357,685 34
ChiUnder date of Dec. 1 1911 the Cleveland Cincinnati New
cago & St. Louis Railway Company, together with the
York Central & Hudson River Railroad Company, the
Lake Shore & Michigan.Southern Railway Company and
parties to
the Michigan Central Railroad Company, became
the purpose of establishan equipment trust agreement forEquipm
ent Trust of 1912.
ing the New York Central Lines
Subsequently the Chicago Indiana & Southern Railroad Corn
Percentage of expenses to
Revenue
Outside Operations:
Revenues
Expenses
Net Deficit from Outside
Operations
(73.08%)
(77.23%)
-(4.15%)
355,626 95
401,713 41
335,702 20
433,883 69
+19,924 75
-32,170 28
46,086 46
98,181 49
-52,095 03
Net Revenue from all Opera8,146,436 22
tions
1,062,512 28
Taxes Accrued
7,083,923 94
Operating Income
Other IncomeJoint facilities rents
Miscellaneous rents
Dividends on stocks owned or
controlled
Interest on funded debt owned
Interest on other securities,
loans and accounts
Miscellaneous income
Total Other Income
6,829,203 17 +1,317,233 05
+112,96428
949,548 00
5,879,655 17 +1,204,268 77
319,639 86
207,988 31
329,149 90
203,803 48
-9,510 04
+4,384 83
72,764 90
46,120 00
141,503 90
45,160 00
-68,739 00
+960 00
52,769 25
8,448 94
91,689 56
9,706 68
-38,920 31
-1,257 74
707,731 26
820,813 52
-113,082 26
+1.091,18651
8
Gross Corporate Income_ _ _ _ 7,791,655 20 6,700.46 69
CorDeductions from Cross
porate Income+12,500 00
120,000 00
132,500 00
Rentals of leased lines
Hire of equipment, car mileage
+83,097 37
680,209 94
763,307 31
and per dlem balances
Interest on equipment trust
+57,846 46
94
213,875
271,722 40
certificates
+446,315 63
446,315 63
Equipment reserve
18
-6,866 76
533,661
42
526,794
Joint facilities rents
840
THE CHRONICLE
1911.
1910.
Increase(+) or
2,011.64 miles 1,982.21 miles Decrease
(-).
operated.
operated.
+29.43 miles.
Brought forward
$2,140,639 76 $1.547,747 06 +1592,892 70
Miscellaneous rents
$141,710 61
$142,868 82
-11,158 21
Interest on funded debt
3,475.625 15 3,187,574 66
+288,050 49
Other interest
80,324 24
240,874 86 -160,550 42
Proportion loss operation Central Indiana By
56,300 00
62,465 00
-6,165 00
Discount on debenture bonds_
53,425 00
43,441 20
+0,983 71
Separately operated properties
-loss
42,014 85
+42,014 85
Total Deductions from Gross
Corporate Income
6,990,039 61 5,224,971 49
+765,068 12
Net Corporate Income
1,801,615 59 1,475,497 20
+326,118 39
[VOL. Lxxxxiv
approximately $163,103 49 was due to decrease in average
cost per ton from $1 54 to $1 45, and $105,046 55 duo to
decreased consumption. Incident to the general policy of
retrenchment, there was a reduction of 1,452,728 miles in
revenue locomotive mileage for the year, and a reduction
of 978,594 miles in revenue train mileage. There was an
increase of $38,754 18 in payments made for personal injuries, on account of increased number of settlements due
to casualties.
General expenses increased $29,366 92, principally in the
items of pensions, insurance, law expenses and other expenses; the expenses of general administration being naturDividends, preferred, four, agally enhanced by the exacting requirements of various State
gregating 5%
500,000 00
500,000 00
Dividends, common, one,2% _
941,126 00 -941,126 00 and Federal commissions, which require elaboration of details in reports and other general work for which no adequate
500,000 00 1,441,126 00 -941,126 00
provision could be made in former years.
Surplus for the Year
1,301,615 59
34,371 20 +1,267,244 39
Taxes have increased $112,964 28, of which $78,362 80
is due to increased taxes on intra-State earnings in Ohio and
Amount to credit of profit and loss (free surplus) Dec. 31 1910_12,192,
735
68
Surplus for the year 1911
1,301,615 59 $39,123 26 to increase of other taxes in Ohio, the balance
being fluctuations in taxes in other States and in the Federal
$3,494,351
27
DeductIncome Tax.
Discount on C. C. C. & St. L. By. Co. debenture
In other income a decrease is shown of $113,082 26, which
bonds of 1910 and 1911
$971,650 00
Discount on C. C. C. & St. L. By. Co. general
is on account of decreased dividends on securities owned in
mortgage bonds
94,010 00
subsidiary companies, $68,739, and decreased interest on
Old Central Indiana Railway advances
153,756 70
Adjustment of sundry accounts
bank balances, notes and loans.
105,781 97
1,325,198 67
The important items in increase in deductions from income,
Balance to the Credit of Profit and Loss (Free Surplus)
which amounted to $765,068 12, are: Increased intereston
Dec. 31 1911
$2,169,152 60 bonds, $288,050 49, due to the issue during 1911 of $5,000,The total operating revenues for the year showed a slight 000 twenty-year gold debenture bonds, maturing
increase of $8,910 08 over the preceding year. For the most and of $1,000,000 additional general mortgagein 1931,
bonds;
part, the detailed accounts show only minor variations from charges representing the 1911 proportion of installmen
ts on
last year, the only important exceptions being decreases in 1907 and 1910 equipment trust certificates, $446,3156
3,
express revenue of $18,667 58; in switching revenue of $26,- against which there was no corresponding charge in
821 84, and in special service train revenue of $13,767 95, count in 1910; increased interest on equipment trustthis accertifithe latter on account of military encampment at Fort Benja- cates, $57,846 46; increase in hire of equipment $83,097
37,
min Harrison in 1910; with increases in other passenger train and increase account of discount on debentures ,
, $9,983 71.
revenue of $30,192 18, and in miscellaneous revenue, other
The surplus for the year, after paying a dividend of $500,than transportation, of $25,946 35.
000, representing 5% on the preferred stock, was $1,301,Freight revenue for the year was $19,933 295 87, an in- 615 59.
crease of $10,395 30. The average revenue per ton mile
During the year the constructi
showed but a slight variation from the preceding year, being Carmel & Northern Railway wason of the Evansville Mt.
completed and it was
5.50 mills in 1911, as compared with 5.46 mills in 1910. The opened for traffic on July 1 1911 as the
"Evansville branch"
volume of freight moved was 23,339,590 tons, an increase of of this road. The line extends from Mt.
Carmel, Illinois, to
409,958 tons over last year. The movement of individual Evansville, Indiana, entrance into Evansville
being secured
commodities shows the largest increase in bituminous coal, by trackage rights over the Louisville & Nashville
Railroad,
which was 818,807 tons in excess of last year; the most with joint use of its terminal facilities at that point.
The
marked decreases were in coke, which decreased 234,376 cost of construction of the road to Dec. 31 1911 was $2,193,tons, and in lumber, which decreased 181,199 tons. The 417 95, for which the Cleveland Cincinnati Chicago &
St.
average number of tons of revenue freight per train Mile in- Louis Railway Company has ,acquired all the capital stock
creased 14 tons, and the average number of freight cars per of the road and $2,082,000 of its funded debt. The outlook
train mile increased 3 cars.
for business on this branch is very satisfactory.
Passenger revenue was $7,819,254 70, an increase of $7,There has been advanced during the year, for construction
242 59, which slight variation is altogether attributable to on the Saline Valley Railway, $16,857
11, and two miles
increase in the average revenue per passenger per mile from of this road are being operated,from Harrisburg
1.795 cents to 1.825 cents, there being a decrease of 52,347 in the vicinity. The Saline Valley Railway to coal mines
orin the total number of revenue passengers carried and a de- ganized under the laws of the State of Illinois Company,
April 6 1907,
orease of 6,652,374 in revenue passengers carried one mile. will ultimately extend from Harrisburg, Saline
County,
Local revenue increased $23,480 94 and interline revenue Illinois, to this company's coal properties in the eastern
part
decreased $16,238 35.
of Williamson County, Illinois, a distance of about 12 miles.
The operating expenses for the-year amounted to $22,239,- The total expenditures for construction to date have been
.392 18, a decrease of $1,256,227 94. The fluctuations by $50,531 01. The Cleveland Cincinnati Chicago & St. Louis
groups were as follows:
Railway Company owns all the capital stock and funded debt
Maintenance of way and structures-decrease
$563,804 77 of this road.
Maintenance of equipment iepairs-decrease
441,121 44
Maintenance of equipment renewals-increase
There has been advanced on account of the St. Louis Short
235,685 93
Traffic expenses-decrease
85,945 59 Line division, for construction and improvements
during the
Transportation expenses-decrease
430,408 99 year,
General expenses-Increase
$48,584 67.
29,366 92
This
company's
proportion
of
thedeficit
in operation of the
Net decrease
$1,256,227 94 Central
Railway for the ?rear 1911, amounting te
It will be •noted that the foregoing shows in a marked de- $56,300,Indiana
has
been
charged
a
as
off
"Deductio
n from Income."
gree a retrenchment of expenses wherever possible; as a reThe sinking fund of the Cleveland Cincinnati Chicago'&
sult, the ratio of operating expenses to operating revenues St. Louis Railway
Company's
St.
Louis
Division
first colwas reduced from 77.23% to 73.08% (4.15%).
lateral trust bonds has been increased during the year by the
The decrease in maintenance of way and structures is dis- purchase
of
24
$24,000,
bonds,
value
par
making
a
total of
tributed through practically all the accounts, the pay-rolls of 590 bonds,
par value $590,000, in the hands of the Central
this department showing a decrease of $278,844 43 from the Trust Company,
trustee
fund.
this
of
preceding year. As exceptions to the general decrease, ties
credit balance in equipment replacement fund on Dee. 31
show an increase of $42,934 52, due to the fact that track The
1910 was
conditions necessitated the laying of 93,908 ties in excess of There was added during the year 1911, representing the value *504,407 74
of equipment retired
last year, and telegraph and telephone lines increased $20,732,032 65
401 47, principally on account of installation of despatchers'
$1,236,440
31
telephone circuits on the Cleveland and Cincinnati divisions. There were charged against this fund the following:
Locomotives
$62,158 76
The decrease in maintenance of equipment repairs will be
Passenger cars
147,257 61
Freight cars
found to cover repairs of all classes of equipment, the pay52,678 45
Work cars
114 74
rolls of this department showing a reduction of $156,543 86
262,309 56
from the preceding year.
Balance
Dec.
31 1911 _______________________________ $974,130 83
The increase in renewals of equipment, amounting to
Separate reports have been issued showing the financial
$235,685 93, is principally accounted for by the retirement
from service this year of 39 locomotives, costing $282,927 91; condition and results from operation of the Peoria & Eastern
only/8 being retired last year, costing $38,922 97; there were Railway and the Cincinnati Northern Railroad for the year.
The operation of the Kankakee & Seneca Railroad (for
also 81passenger cars retired this year, costing $26,353 15, as
compared with 3 last year, at a cost of $14,327 67, retire- which separate accounts are kept) shows earnings for the
ments of/equipment of other classes not materially varying year, $73,661k-21; operating expenses and taxes, $94,680 23;
additionsTandibetterments, $9 86; defleit,"$21,028 88.
from therpreceding year.
The Mt. Gilead Short Line (for which separate accounts are
Conducting transportation expenses deereased $430,408 99.
The decrease in pay-rolls on account of decreased force in kept) shows earnings for the year, $6,044 25; operating exthistdepartment amounted to $403,155 71, partially offset penses and taxes, $9,124 37;.deficit1.$3,080 12.
Appreciative acknowledgement is made of the faithful,
by increase in rates of pay during early part of the year,
amounting to $296,249 82. An important item of decrease efficient performance of duty by employees in every departin transportation expenses was in fuel for locomotives, ment Of the service during the year.
'which showed a decrease of $268,150 04, of which amount
WILLIAM O. BROWN, Prosidan4.
THE CHRONICLE
MAIL SPIL lai2
841
CE SHEET DECEMBER 31 1911.
CONDENSED GENERAL BALAN
LIABILITIES.
ASSETS.
Stock—
Capital stock:
Property Investment:
$47.056,300 00
Common stock
Road and Equipment—
$114,393,891 04
10.000.000 00
Preferred stock
Investment to June 30 1907
428,997 45
ed
stock
preferr
RR.
&
C.
S.
C.
Investment since June 30 1907:
30
984
17,370,
ding
outstan
of
ion
y
for
convers
liabilit
Stock
Road
10,717 01
ies
securities of constituent compan
Equip.owned$1,070,349 32
$57,496,014 48
Trust equip.
50
71
Debt—
Secured
4,118,6
and
e,
Bonded
Mortgag
1901
Funded debt:
Trust equip.
$57,183,730 00
3,337,317 48
Mortgage bonds
1910
10,000,000 00
$8,516,338 36
Colla,teral trust bonds
14,665,605 94
Plain bonds, debentures and notes
Replacement
2,713,587 92
83
1907
ates,
,130
certific
Cr.$974
ent
trust
Equipm
fund
2,794,761 48
1910
Equipment trust certificates,
Trust install87,357,685 34
ments__ Cr.446,315 83 1,440,446 46
7,095,891 90
718,095 72
General expenditures
$139,584,862 96
Securities Owned—
afsecurities of proprietary,
filiated and controlled companies—pledged:
5786,925 92
Stock
894,000 00
Funded debt
$1,680,925 92
Securities of proprietary, affiliated and controlled corapanies—unpledged:
$1,005,268 50
Stock
2,137,830 00
Funded debt
3,143,098 50
4,824,024 42
Other Investments—
conAdvances to proprietary, affiliated and
trolled companies for construction,equip- $1,420,393 86
ment and betterments
Miscellaneous Investments—
1,122,565 25
Physical property
751 00
Securities unpiedged
2,543,810 11
$146,952,697 49
Working Assets:
$2,789,131 46
Cash
Securities issued or asaumed held in treasury:
29,100 00
Stock
Marketable securities:
122,851 00
Stook
323,899 15
Loans and bills receivable
Traffic and car service balances due from
414,342 91
Other companies
721,687 95
conductors
Net balance due from agents andble
2,458,973 59
Mine laneous accounts receiva
78 73
1,724,1
s
Mate lais and supplie
8,584,164 79
l
o Deferred Debit Items:
Advances:
Temporary advances to proprietary, affiliated and controlled companies: 67 48
Kankakee & Seneca RR_ .5224,3
10,498 10
Peoria & Eastern Ry
114,025 51 '
Other items
Working funds, fast freight lines
Other advances:
Oar demurrage bureaus and traffic, associations
Taxes paid in advance
securities in sinking and redempand
Cash
tion funds
Other. deferred debit items
Working Liabilities—
*3,000,000 00
Loans and bills payable
4,014,267 14
Audited vouchers and wages unpaid
31,933 99
s
payable
Miscellaneous account
793,339 48
Matured dividends, interest and rents unpaid
7,839,540 61
Accrued Liabilities, Not Due—
Unmatured interest, dividends and rents payable
641,053 79
IETPDeferred Credit Items—
Other deferred credit items
Appropriated Surplus—
30 1007_ _
Additions to property through lissome slain isms
Free Surplus—
Profit and loss—balance
668,178 34
705,229 53
2,169,152 60
$348,891 09
34,160 52
6,381 65
6,336 53
590,760 68
356,471 92
1,343,002 39
$156.879,804 67
$156,879,864 07
UNITED STATES STEEL CORPORATION
1911.
FISCAL YEAR ENDED DECEMBER 31
TENTH ANNUAL REPORT—FOR THE
Office of United States Steel Corporation,
,
51 Newark Street, Hoboken, New Jersey
March 12 1912.
—.
s
r
e
d
l
o
h
United States Steel
re theStock
ned report of the operations and affairs of the with
a statement of
The Board of Directors submits herewith a combi
ber 31st 1911, together
Decem
ended
which
year
fiscal
the
for
Corporation and Subsidiary Companies
year.
that
of
close
the
at
ty
the condition of the finances and proper
FISCAL YEARS
FOR THE
COMPARATIVE INCOME ACCOUNT
ENDED DEC. 31 1911 AND 1910.
INCOME ACCOUNT FOR THE YEAR 1911.
Increase (-1-) or
ng all exafter
deducti
ies
propert
all
of
s
The total earning operations, including those for ordinary
Decrease (—).
1910.
1911.
penses incident to
$
,000),
$
(approximately $38,000
$
repairs and maintenance ation under bonus plan, al,754 51 —36,749,288 64
141,054
87
.465
compens
104,305
Earningb
employees' special
and
in
1912,
payable
Tax,
Less, Charges and Allowlowance for Federal Excise
charges of the subsidiary
ances for Depreciation,
also interest on bonds and fixed
$104,305,465 87
viz.:
companies, amounted to
viz.:
ation,
Depreci
Sinking Funds on Bonds
Loss, Charges and Allowances for Subsidiary
—566,002 19
2,176,041 18
of Subsidiary Cos_ _ _ _ 1,610,038 91
Sinking Funds on Bonds of
$1,610,038 99
and Extraation
Companies
Depreci
ordinary Replacement
Depreciation and Extraordinary Replace 18,229,059 76
,495 77
18,229,059 76 22,140,555 53 --3,911
Funds
ment Funds
19,839,098 75
68
1,790
--32.27
0
Net Earnings in the year 84,466,387 12 116,738,1578
$84,466,367 12
Deduct—
Not earnings in the year 1911
Interest on U. S. Steel CorDeduct:
outstanding, viz.:
poration Bonds outstandInterest on U.S. Steel Corporation Bonds $13,613,064 64
--259,837 41
23,106.023 12 23.366.76053
ing
Fifty-Year 5% Gold Bonds
48
58
9,493,8
Sinking Funds on U. S.
Ten-Sixty-Year 5% Gold Bonds tion
Corpora
S.
U.
on
Bonds.
Steel
tion
Funds
Corpora
Steel
Sinking
Bonds, viz.: (Representing an allowviz.:
4,050.000 00
4,050,000 09
Installments
ance for depreciation in addition to the
$19,839,098 75 deducted above):
Interest on Bonds in
+259,837 41
1,831,089 47
,
88
26
50-Year
2,090,9
Installment on
Sinking Funds
$3,040,000 00
5% Gold Bonds
80 --32,271,790 68
307
87,490,
r
12
517
10-60-Yea
on
55,218,
ment
Install
1,010,000 00
5% Gold Bonds
Add—
Interest on above Bonds
Net Balance of sundry cred26 88
Funds
2,090.9
in Sinking
its and charges, including
6,140,926 88
adjustments of various
+164,902 64
29,247,850 00
Dr.83,122 93
Cr.81,779 66
accounts
6,888 04
12
517
—32,10
82
184
5,218,
----55
87,407,
-----------55,300,296 78
Balance
Balance -----------------------cares, including
o sundry creditsa
66 Dividends on U. S. Steel
Add: Net Baancevarious
81,779
s
account
Corporation stooks. viz.:
adjustments of
25,219,677 00 25,219,677 00
Preferred, 7%
$55,300,396 78
25,415,125 00 25.415,125 00
Common, 5%
Total-------------S.
-------year
'for
Dividends --Surplus Net Income for
Stocks, viz.:
$25,219,677 00
4,663,494 78 36,772,382 82 —32.106,880 91
Preferred, 7%
the year
. 'l
25,415,125 00
iated from Surplus
Common, 5%
Appropr
00
50,634,802
folthe
for
Income
Net
lowing purposes, viz.:
$4,665,494 78
Surplus Not Income for the year
‘.1
842
THE CHRONICLE
Increase(+) or
Decrease (-).1
1911.
1910.
Brought forward
4,665,494 78 36,772,332 82-32,1
03,888 04
On account of expenditures made on authorized appropriations for
additional
property,
new plants and construction, and for discharge of capital obligations
15,000,000 00 -15,000,000 00
Specifically set aside for
account of construction
expenditures at Gary,
Indiana, Plant
10,000,000 00 -10,000,000 00
For Reserve Fund to
cover advanced mining
royalties
1,000,000 00 -1,000,000 00
Balance of Surplus for year
4,665,494 78 10,772,382 82 -6,106,888
04
UNDIVIDED SURPLUS OF U.
S. STEEL CORPORATION AND
SUBSIDIARY COMPANIES.
(Since April 1 1901.)
Surplus or Working Capital provide
Balance of Surplus accumulated by d in organization_ ___ _ _ 535, 00 000 00
all companies fr An April 1 1901 to Dec. 31
1910,
exclusive of subsidiary companies'
intercompany profits in inventories, per
Annual Report for year 1910
Less, Charges to and Appropriations from$105,438,718 67
the foregoing balance during the year
1911, viz.:
Discount in sale of subsidiary companies' bonds_ _5750,000 00
Appropriation for permanent Pension Fund
663,018 37- 1,413,018 37
Surplus Net Income for the year 1911, a $104,025,7o0 30
above
4,665,494 78
108,691,195 08
Total Undivided Surplus Dec. 31 1911,
exclusive of Profits earned by subsidiary companies on
Inter-company
sales of products on hand in inventories
(see note below)5133.691,195 08
[VoL. Lxxxxiv.
Note.-The Surplus of Subsidiary
es representing Profits accrued on sales of materials and productCompani
on hand in latter's Inventories, which s to other subsidiary companies and
part of the Surplus, is now stated as a in previous years was carried as a
deduction from the amount of Inventories included under Current Assets-S
ee Consolidated General Balance Sheet on a subsequent page.
MAINTENANCE, RENEWALS AND
EXTRAORDINARY
REPLACEMENTS.
The expenditures made by all companies during
1911 for maintenance and renewals, including the the year
of blast furnaces, and for extraordinary replac relining
comparison with expenditures for the same purposements, in
es during
the preceding year, were as follows:
1911.
1910.
Per Ct.
Ordinary Maintenance
and Repairs
37,882,850 77 40,818,899 32 2,936,048 55 -7.2
Extraordinary Replacements
7,077,414 37 8,489,285 64 1,411,871 27 -16.6
Total
44,960,265 14 49,308,184 96 4,347,919 82
-8.8
The entire amount of the foregoing expenditures was
charged to current operating expenses and to depreciation
and replacement funds reserved from earnings. A summary
showing the particulars of the principal expenditures for
replacement and betterment comprehended in the above
total outlays for extraordinary replacements is included in
the statistical tables in pamphlet report.
The following table shows the amount of the expenditures
made during the year for above purposes on the respective
groups of operating properties:
EXPENDITURES DURING THE YEAR 1911.
Extraordinary
Replacements.•
Total.
Total
Expenditures
in Previous
Year.
$23,933,416 50
1,541,354 38
2,016,308 09
754,693 37
54,690,322 87
575,872 46
98,628 25
$28,623,739 37
1,541,354 38
2,502,180 55
853,321 62
$30,228,391 73
2,046,019 10
2,908,180 30
1,249,911 07
51,604,652 36
504,664 72
315,999 75
396,589 45
8,703,071 66
623,777 89
310,228 88
1,176,35373
527,702 91
8,534 15
9,879,42539
1,151,48080
318,78303
10,993,184 28
1,468,952 84
413,545 64
1,113,758 89
317,472 04
94,782 61
$37,882,850 77
40,818,899 32
$7,077,414 37
8,489,285 64
$44,960,265 14
$2,936,048 55
$1,411,871 27
Ordinary Maintenance and Repairs, including
Blast Furhace
Re-linings.
EXPENDED ON-
Manufacturing PropertiesTotal, except Blast Furnace Relining and
Renewals
Blast Furnace Relining and Renewals
Coal and Coke Properties
Iron Ore Properties
Transportation PropertiesRailroads
Steamships and Docks
Miscellaneous Properties
Total expended in 1911
Total expended in 1910
Decrease in 1911
Decrease.
;-:
$49,308,184 96
$4,347,919 82
• These expenditures were paid from
funds provided from earnings to cover requirements of the characte
r included herein, as see below.
BOND SINKING, DEPRECIATION AND
EXTRAORDINARY REPLACEMENT FUNDS.
by the funds from other sources; also the payme
nts and
expenditures made therefrom and the charges made theret
o
during the year, together with the balances to credit of
the
funds at December 31 1911 are shown in the subjoined table:
The allowances made during the year ending
December 31
1911 from earnings and through charges to curren
t operating
expenses, for account of these funds, the
income received
CREDITS TO FUNDS.
FUNDS.
Balances
Dec. 31
1910.
Accrued Sinking Funds on U.S.Steel Corpora
Bonds_ _ _
Accrued Sinking Funds on Bonds of Subsidiarytion
Companies_ _ _
Total of foregoing
Depreciation and Extraordinary Replacement
Blast Furnace Relining and Renewal Funds Funds
Grand Total
iSet Aside ,fur- Other Income •
ing 1911 from
and
Income and by
Credits.
Charges to Curl including
rent Expenses.
Salvage.
l
Total.
Payments
from and
Charges
to Funds
in 1911.
Balances to
Credit of
Funds
Dec. 31
1911.
53,052,880 54 $6,140,926 88
407,791 83 1,610,038 99
$6,214 93 $9,200,022 35 c$6,075,592 26
43009
a889,779 40 2,907,61022 c2,490,808 57 $3,124,
416,801 65
53,460,672 371 $7,750,965 87
$895,994 33 $12,107,632 57 $8,566,40083 $3,541,2
56,649,652 58 18,229,059 76
31 74
5,692,498 821 1,813,184 58 bdeb399,884 70 74.478,82764 d12,249,978 37 62,228,84927
7,505,683 40 e1,541,354 38
5,964,329 02
,
$65,802,823 77,$27,793,210 21
5496,109 63 $94,092,143 61 522,357,733 58 571,734
,410 03
a, b, These totals Include, respecti
applied account Bond Sinking Funds. vely, a credit and charge of $885,460 00 for Depreciation and Extraor
dinary Replacement Funds transferred and
• c Payments to Trustees of Bond Sinking
Funds.
d, This total covers expenditures and charges
made,
viz.:
i
Expenditures made during 1911 for Extraor
Amounts charged off (and credited Propert dinary Replacements (see page 39 of pamphlet report)
Account) for payments from these funds
57,077,414 37
Expenditures for Additional Property yand
for:
Construc
tion
Bonds, Mortgages and Purchase Obligati
ons retired
$1,989,887 51
2,997,860 20
Write-off to credit of Property Account
of sundry depreciation
4,987,747 71
184,816 29
e, Expenditures made during 1911 for
relining and renewals at blast furnaces
$12,249,978 37
.
SUMMARY OF DEPRECIATION PROVI
DED FROM GROSS INCOME
FOR THE YEAR 1911.
Brought forward
$38 154,680 97
Allowances made from Earnings and Income for bond sinkThe aggregate amount of charges to and allowa
nces from
ing and for depreciation and replaceinent funds
gross earnings during the year to cover deterio
25,980,025 63
ration arising
from wear and tear of improvement-3, exhaustion
Total
$64,134,706 60
of minerals
and for obsolescence, was as follows:
Outlays for repairs and renewals
than blast furnace
relinings and renewals) charged(other
to current operating expenses and deducted before stating
$36,341,496 39
Allowances for blast furnace reliningsEarnings
to current operating expenses and and renewals charged
deducted before stating
Earnings_
1,813,184 58
Cash
Resources
in Hands of Installments
Trustees
Received.
Dec. 31
191o.
FUNDS.
U. S. Steel Coporratirm Po 8
Subsidiary Companies' Bonds
Total
TRUSTEES OF BOND SINKING FUNDS.
The Trustees' transactions for accoun of the Bond Sinking
Funds of the United States Steel Corportation
and Subsidiary
Companies for the year, and the condition of the funds
on
December 311911, are shown in the following table:
_
Interest
Accretions
and Other
Receipts.
BONDS REDEEMED AND
OTHER PAYMENTS
Total.
Par
Value
of
of Bonds.
52.2,817 08 $4,051,000 00 52,025,592 26
56,278,399 34 55,566,000 03
853,7 1 92 1,850,473 28
740,057 23 3,244,242 43 2,185,0
00 00
$856,519 00 $5,900,473 28 32,765,649 49
39,1L2, 41 77 7,751,; 0 GO
Net Premium Paid
on Bonds
Redeemed.
$352,1(1i2
104,424 51
Cash
Resources
in Hands of
Trustees
Dec. 31
1911. v",1
19,833 09
954,817 92
$735,%0 76 $1,71,651 01
Note.-The installments received by the Trustees
include a cash
Interest Accretions and Other Wcelpts
e-nbraces $2,748,347 99 of deposit of $72,400 00 not paid from funds provided from In ,ctne,
Tac item
Interest accretions (of which 310,020
Income) and $17,301 50 of proceeds from sale
44 were not paidegfromVunds provided fro
of property.
MAR. 23 1912.]
843
THE CHRONICLE
3630,456,659 OS
Brought forward
SINKING FUNDS
Subsidiary Companies' Bonds sold to Trustees of Sinking
REDEEMED BONDS HELD BY TRUSTEES OF
Funds:
Subsidiary
U. S. Steel
Total.
Tennessee Coal, Iron & RR. Co. GenCorp'n Bonds. Co's Bonds.
---$71,000 00
eral Mortgage Bonds .._ - _
Youghgahela Water Co. First Mortgage
Total Redeemed Bonds at par, held by
$51,641,500
$12,874,000
$38,767,500
25,000 00
1910
31
Bonds
the Trustees on December
7,751,000
2,185,000
96.000 00
5,566,000
Redeemed in 1911 as above.........
the year, viz.:
during
acquired
or
retired
and
Bonds
Mortgages
$44,333,500 $15,059,000 $59,392,500
First
Lorain Steel Co.-The Johnson Co.
$105,000 00
__
________ _
Mortgage Bonds
Less, Canceled by the Trustees during
Am. Steel & Wire Co.-Allegheny Furthe year and returned to the Com484,000
484,000
...
78,000 00
___
nace Co. Mortgage_ _______
panies
Illinois Steel Co.-Five per cent Debenby
held
15,000 00
Bonds
Redeemed
tures of 1910_
Leaving
Clairton Steel Co.the Trustees of Sinking Funds
$44,333,500 $14,575,000 $58,908,500
499,000 00
Five per cent Mortgage Bonds
December 31 1911 _
100,000 00
St. Clair Furnace Co. First Mtge. Bonds
100,000 00
above
St. Clair Steel Co. First Mtge. Bonds
An amount equal to the annual interest on the
Co.
Steel
Union
54,000 00
redeemed bonds held by the Trustees is currently paid into
Sharon Steel Co. First Mortgage Bonds
Sharon Steel Co. Collateral Trust and
the sinking funds in addition to the fixed installments pro239,000 00
_
Bonds
Mortgage
1,000 00
vided by the respective mortgages.
Sharon Coke Co. First Mortgage Bonds
T. C., I. ec RR. Co.-De Bardeleben Coal
00
7,000
& I. Co. First Mortgage Bonds
CAPITAL STOCK.
H. C. Frick Coke Co.
00
100,000
First
Bonds_
Mortgage
United
The amount of outstanding capital stock of thewas the
Continental Coke Co. Purchase Money
37,000 00
Mortgage Bonds_
States Steel Corporation on December 31 1911
38,950 00
Penn. & Lake Erie Dock Co. Mtge. Bonds
follows:
as
year,
fiscal
preceding
the
of
close
the
at
as
same
Bessemer & Lake Erie RR. National
40,000 00
0 00
Equipment Trust Bonds
_$508,302,50
Common Stock
Pittsburgh Bessemer & Lake Erie RR. Co.360,281,100 00
Preferred Stock
Shenango Equip. Tr. Bonds $73,000 00
Greenville Equip. Tr. Bonds 100,000 00
BONDED, DEBENTURE AND MORTGAGE DEBT.
$173,000 00
and mortgage debt of the
Less, Proportion account of
The total bonded, debenture
and Subsidiary Comminority interest in stock
United States Steel Corporation
08
9
_$597,136,65
was____
of P.B.&L.E. RR. Co_ __ 82,730 33
panies outstanding on January 1 1911
90,269 67
as follows, viz.:
270 20
Issues were made during the year
Illinois Steel Co. Debenture Scrip_
exchange:
for
surrendered
bonds
other
In lieu of
of various
Mortgages
Estate
Real
Sundry
Coland
Mortgage
59
Union Steel Co. First
231,869
companies_
lateral Trust Bonds (issued in exchange for Sharon Steel and Sharon
46
$1,736,359
00
$172,000
Coke Co. Bonds retired) _
Bonds purchased by Trustees of Sinking Funds, viz.:
Tennessee Coal, Iron & RR. Co. General
U. S. Steel Corporation 50Mortgage Bonds (Issued in lieu of De
$4,135,000 00
Year 5% Bonds_
Bardeleben Coal & Iron Co. First Mort7,0000 I
U. S. Steel Corporation 10gage Bonds retired)
1,431,000 00
179,000 00
60-Year 5% Bonds
Sundry Bonds of Subsidiary
Bonds issued or assumed by Subsidiary Companies 11
2,185,000 00
Companies
of
property:
purchase
with
connection
7,751,000 00
By H. C. Frick Coke Co.-PittsburghMonongahela First Lien Purchase
$9,487,359 46
00
.$17,712,000
Bonds_
Money
Potter Oro Co. First Mortgage Bonds reBy U. S. Steel Products Co.-Risdon
tired by that company (T. C., I. 6c RR.
Iron & Locomotive Works First
11,000 00
Co's proportion)
00
600,000
Mortgage Bonds
9,498,359 46
18,312,000 00
for
and
sold
account
issued
Bonds
Companies'
Subsidiary
Debt Dec. 31 1911_3621,054,299 62
Mortgage
and
Debenture
Bonded,
of construction expenditures and in refunding ma54
tured bonds:
Net increase during the year ending December 31 1911 __ $23,917,640
Illinois Steel Co. Debenture Gold Bonds
$10,000,000 00
of 1940
Union RR. Co. Mifflin Equipment Trust
A detailed schedule of the various issues of bonds out700,000 00
Bonds
standing OD December 31 1911,also of bonds held by Trustees
• Bessemer & Lake Erie RR. Co. Meadville
550,000 00
of Sinking Funds the interest on which is currently paid into
Equipment Trust Bonds _
Duluth & Iron Range RR. Co. First 1,419,000 00
the sinking funds will be found on page 36 of pamphlet
_ _ _ __
Mortgage Bonds
•
report. The following is a summary by general classes of
Duluth Missabe & Northr. 2,160,000 00
debt:
General Mortgage Bonds
314,829.000 00 the total bonded, debenture and mortgage
Total, Including
Bonds in
Sinking Funds.
Less Redeemed and
Held by Trustees
of Sinking Funds.
Balance
Outstanding.
United States Steel Corporation 50-Year Five Per Cent Bonds
United States Steel Corporation 10-60-Year Five Per Cent Bonds
$303,957.000 00
200,000,000 00
$33,680,000 00
10,653,500 00
$270,277,000 00
189,346,500 00
Total United States Steel Corporation Bonds
Subsidiary Companies' Bonds-Guaranteed by United States Steel Corporation
Subsidiary Companies' Bonds-Not Guaranteed by United States Steel Corporation
Debenture Scrip, Illinois Steel Company
$503,957,000 00
88,130,000 00
87,291,441 84
31,434 99
$44,333,500 00
9,227,000 00
5,348,000 00
$459,623,500 00
78,903,000 00
*81,943,441 84
31,434 99
$175,452,876 83
$14,575,000 00
$160,877.876 83
$679,409,87683
552,922 79
$58,908,500 00
$620,501,376 83
552,922 79
$679,962,799 62
$58,908,500 00
$621,054,299 62
Total Subsidiary Companies' Bonds and Debentures
Total Bonded and Debenture Debt
Sundry Real Estate Mortgages
Grand Total Bonded, Debenture and Mortgage Debt
interest in stock of that company owned by
• Includes only the proportion of bonds of P. B. & L. E. RR. Co. outstanding account of the majority
U. S. Steel Corporation.
a subsidiary company of
of $964,000, as listed on page
From April 1 1901 to December 31 1911 the amount of companies of the par value
The foregoing bonds were issued by
bonds and mortgages paid and retired by all companies 37 of pamphlet report. to provide funds for construction
subsidiary companies
was as follows:
and in lieu of bonds redeemed at maturity. The bonds have
Defrom
moneys
with
retired
the
Bonds and Mortgages paid and
$21,593,657 78 been purchased from the subsidiary companies issuing
preciation Funds and Surplus Income
same by the U. S. Steel Corporation or by other subsidiary
Bonds purchased and retired with Bond Sinking Funds pro15
62,274,284
vided from Earnings
companies, and are not, therefore, included in the schedule
$83,867,941 03 of outstanding bonds, nor in the assets of the organization
Total
as shown by the General Balance Sheet.
There may also be issued at any time to cover capital
During the same period there were issued, sold and
Mortgage and
assumed by subsidiary companies bonds and mortgages to expenditures made, Union Steel Co.ofFirst
provide funds for new property and construction work and Collateral Trust Bonds to the amount $362,000.
for refunding maturing bonds, as follows, viz.:
PAYABLE AND
$17,712,000700
IrOrPlttsburgh-Monongahela coal purchase
By Union Steel Co. to provide funds for part payment of cost
of completing construction work at Donora and South
Sharon under way when U. S. Steel Corporation acquired
9,168,727 79
that company's stock
47,253,138 41
By sundry subsidiary companies
Total _______________________ _ ____ $74,133,866 20
____
companies_
Bonds have also been issue-d--tiy"
funding unsecured indebtedness and for working capital
985,70500
to the amount of
There were also issued and sold during the period named
Steel
10-60-Year
bonds
Corporation
5%
(1901-1911) U. S.
as follows:
For account construction and capital ex$20,000,000 00
- _______
penditures
Foi account purchase of stock of Tennessee
30,000,000 00
Coal. Iron .10 Railroad Co
850,000,000 00
PURCHASE MONEY OBLIGATIONS, BILLS
SPECIAL DEPOSITS OR LOANS.
During the year 1911 payments were made in the discharge
of Purchase Money Obligations and Bills Payable, as follows,
viz.:
Purchase Money Obligations
Bills Payable
•
$1,713,000 00
771,756 41
$2,484,756 41
And there was an increase during the year in the liability
account for Special Deposits or Loans of
25,457 98
Net reduction during the year in amount of above-named
$2,459,298 43
liabilities
The outstanding liabilities of the above classes at Decem31 1911, in comparison with amounts outstanding at
ber
Treasthe
in
year
the
of
close
the
at
There were on hand
of the preceding year, were as follows:
close
I
subsidiary
s
of
and
bonds
debenture
ury, available for sale,
TREASURY BONDS SUBJECTiTO SALE.
844
THE CHRONICLE
Outstanding
Outstanding
Increase or
Dec. 31 1911. Dec. 31 1910.
Decrease.
Purchase-Money Obliga'ns $600,000 00 ;2,313,00
0 00 ;1,713,000 00 Dee.
Bills Payable
41,743 59
813,500 00
771,756 41 Dec.
Special Deposits or Loans_
911,580 14
886,122 16
25,457 98 Inc.
Total
$1,553,323 73 $4,012,622 16 $2,459,29
8 43 Dec.
Since April 1 1901 there has been paid off an amount
of
liabilities of the above character of $49,293,744 86.
During
the same period Purchase Obligations to the amount
of
$5,403,528 20 were issued in connection with
the acquirement of additional fixed property and other investm
ents.
Of the total amount paid off as aforesaid,
214,745 98 represents moneys originallythe sum of $11,subsidiary companies, or received, and used borrowed by
as working
capital; the balance, $38,078,998 88, represen
ts specific
obligations originally incurred in the acquire
ment
,
or for moneys used for the purchase of propertyoforproperty
the discharge of capital liabilities.
[VoL, Lxxxxiv.
CAPITAL EXPENDITURES.
The expenditures made during the year by all
companies,
and chargeable to capital account, for the acquisit
additional property and for additions and extensions ion of
to the
plants and properties, less credits for property, sold, equaled
the aggregate sum of $47,815,419 75. In addition
there
was expended the net sum of $1,615,441 37 for strippin
the overburden from ore bodies preliminary to mining fromg
open pits, for development work at mines, and for additional logging and structural erection equipment,
thus
making a total expenditure on property account of $49,430,861 12. The capital expenditures are classifie
d by
property groups as follows:
For purchase of additional coking coal properties in
the Connellsville, Pa., region, incl. mine imp'ts.,
beehive coke
plants. &c. (for further description see -ubsequen
t Page). _$17,707,280 79
Gary, Indiana, Properties, including the Indiana
Steel Plant,
the City of Gary, Bridge and Structural
Plant of American
INVENTORIES OF MANUFACTURING AND
Bridge Co., Sheet Plant of American Sheet
OPERATING MA& Tin Plate
TERIALS AND SUPPLIES AND SEMI-FINISHE
Co.
and
terminal
railroad
D AND
work adjacent to foregoing
FINISHED PRODUCTS, INCLUDING NET ADproperties
7,939,813 46
VANCES ON CONTRACT WORK. &c.
Other Properties, exclusive of Tennessee
Coal, Iron & RR.
The total book valuation of the inventories
of the above
Manufacturing Properties
classes of assets for all of the properties equaled at Decem$10,077,605 08
Coal and Coke Properties
1,194,957 44
ber 31 1911 the sum of $176,067,189, a decrease in compari
Iron Ore Properties
1,220,437 26
Transportation Properties
son with the total at the close of the preceding year of
4,472,583 86
Miscellaneous Properties
132,758 01
$470,635.
17,098,341 65
Tennessee Coal, Iron & RR. Co.'s properties, viz.:
Inventory valuations as above stated are on the
basis
Manufacturing Plants
" ;4,097,656 96
of the actual purchase or production cost of the material
Ore, Coal and Limestone Properties
345,655 24
s
Birmingham Southern Railroad
to the respective subsidiary companies holding the same,
294,019 05
Additional Plant, Real Estate and Mineral
unless such cost was above the market value on December 31
Property
332,652 60
1911, in which case the market price was used. But
5,069,983 85
as
stated in previous annual reports, the valuations on
basis
indicated include, in respect of such commodities the
in stock
at the close of the year as had been purchased by one subsidiary company from another, an amount of profits accrued
thereon to the subsidiaries selling the same or furnishing
service in connection therewith. These profits are not,
however, carried into the currently reported earnings of the
entire- organization until converted into cash or a cash
asset to it, being meanwhile segregated and carried
specific surplus account, which is practically a guaranty in a
for these profits so locked up in inventories pending fund
realization in cash. In order to present the accounttheir
s on
even a more conservative basis than heretofore
It was decided in this year's Consolidated Generalobserved,
Sheet to state the amount of the specific surplus Balance
referred to as a reduction in the total valuation ataccount
which
all inventories are carried in current assets (see Balance
Sheet). Accordingly, in the subjoined table the surplus
account in question is likewise shown. This plan results
inithere being carried in the combined assets for all of the
companies the inventories of those materials and products
on hand which have been transferred and sold from one
subsidiary company to another, at net values which are
Substantially the production cost to the respective subsidiary companies furnishing tile same. The net valuation
thus obtained and shown for the total inventories of all
materials and products is largely below the market value
of the same.
$47,815,419 75
Total expenditures during the year for stripping and development work at mines and
for additional logging and structural erection equipment
Less, Credit for expenditures of this character $5,138,691 60
absorbed during gill in operating expenses 3,523,250
23
1,615,441 37
Total net expenditure in the year 1911 on
property account$49.430,861 12
The total amount expended since April
1 1901 (the date of
organization of United Stated Steel Corporati
on) to Jan. 1
1912, including expenditures by T. C. I. & RR.
Co. from
Nov. 1 1007 only, for additional property and construction, and for net unabsorbed outlays for stripping
and
development work at mines, &c., equaled
$410,465,265 71
Reference is made to a statement on a subsequent page
showing the sources from 'which were provided the funds
for payment of the foregoing total of capital expenditures made since April 1 1001; also for the payment
since same date of capital liabilities (bonds, mortgagsesmade
purchase obligations), together with the disposition and
in the accounts of the organization of the chargesmade
and
payments named.
VOLUME OF BUSINESS.
The volume of business done by all companies during
year, as represented by their combined gross sales the
and
earnings, equaled the sum of $615,148,839 79, as
compared
with a total of $703,961,424 41 in the preceding year.
This amount represents the aggregate gross value of the
commercial transactions conducted by the several subsidia
ry
PRODUCTION.
The production of the subsidiary companies for tile year companies, and includes sales made between the subsidiary
compani
es
and
the
gross
receipts
of
the
transpor
tation com1911, compared with the year 1910, was as follows:
panies for services rendered both to subsidiary companies
Products1911.
1910.
Iron Ore Minedand
to
the
public.
Tons.
Tons.
In the Lake Superior Ore Region:
The earnings for the year resulting from the above gross
Marquette Range
560,685
830,004
Menominee Range
1,105,044
1,384,465 business represent the combined profits accruing to the
Gogebtc Range
1,264,734
1,801,480 several corporate interests on the respective sales
Vermilion Range
and
1,182,075
1,338,110
Missabe Range
14,581,530 17,910,366 services rendered, each of which is in itself a complete comIn the Southern Ore Region:
mercial
transact
ion.
Tennessee Coal, Iron & RR. Co.'s Alines
1,239,563
1,981,301
Total
19,933,631
25,245,816
9,491,206
2,629,006
11,641,105
2,008,473
Total
12,120,212
Coal Mined, not including that used in making
coke
5,290,671
Limestone Quarried
4,835,703
Blast Furnace ProductionPlr Iron
10,593.726
Spiegel
60,435
Ferro-Manganese and Silicon
84,736
13,649,578
Coke ManufacturedIn Bee-Hive Ovens
In By-Product Ovens
Total
Sleet Ingot Production'Bessemer Ingots
Open Hearth Ingots
Total
Rolled and Other Finished Steel Products for SaleSteel Rails (Heavy and Light Tee and Girder) _
Blooms, Billets, Slabs, Sheet and Tin Plate Bars_
Plates
Heavy Structural Shapes
Merchant Steel, Bars, Hoops, Bands, Skelp, &c
Tubing and Pipe
Wire Rods
Wire and Products of Wire
Sheets (Black and Galvanized) and Tin Plate_ _ _ _
Finished Structural Work
Angle Splice Bars and All Other Rail Joints
Spikes, Bolts, Nuts and Rivets
Axles
Steel Car Wheels
Sundry Steel and Iron Products
Total
Spelter
Sulphate of Iron
Universal Portland Cement
10.744,897
4,850,111
5,005,087
11,645,510
102,260
83,628
11,831,398
5,055,696
7,697,674
5,796,223
8,383,146
12,753,370
14,179,369
1,568,028
874,474
630,512
547,186
1,221,606
863.670
118,302
1,613,754
1,079,046
518,399
160,855
60,386
52,046
36,652
131,332
2,118,473
682,364
929,020
656,797
1,527,506
868,550
133,722
1,490,318
1,082,787
589,228
235,998
71,326
101,066
98,105
148,735
9,476,248
10,733,995
28,333
28,381
Bbls.
7,737,500
26,777
33,684
Bbls.
7,001,500
EMPLOYEES AND PAY-ROLLS.
The average number of employees in the service of all
companies during the fiscal year of 1911, in comparison with
the fiscal year of 1910, was as follows:
Employees ofManufacturing Properties ___
Coal and Coke Properties
Iron Ore Properties
_ _ __ -- _
Transportation Properties _
Miscellaneous Properties.........- -...
Total _
Total annual salaries and wages
1911.
Number.
140,118
21,723
14,445
17,963
2,639
1910.
Number.
154,563
23,528
18,956
20,758
2,630
196,888
;161,419,031
218,435
$174,955,139
__
__
EMPLOYEES' STOCK SUBSCRIPTIONS.
In continuance of the plan observed in previous years,
beginning with 1903, the employees of the United States
Steel Corporation and the Subsidiary Companies were in
January 1912 offered the privilege of subscribing for Preferred or Common Stock.
The subscription price was fixed at $110 per share for the
Preferred and $65 per share for the Common Stock. The
allowances for special compensation or bonus to be paid
subscribers who retain their stock were fixed at $5 per share
per year for the Preferred and $3 50 per share annually for
the Common Stock. The conditions attached to the offer
and subscription, aside from the features of subscription
price and the amount of special compensation or bonus to
be paid, were substantially the same as those under which
stock has been offered to employees in each of the previous
nine years.
Subscriptions were received from 36,946 employees for an
aggregate of 30,619 shares of Preferred and 30,735 shores
of Common Stock.
845
THE CHRONICLE
MAR. 23 19121
ADDITIONAL PROPERTY
SUMMARY OF EXPENDITURES FOR:
NT OF CAPITAL
AND CONSTRUCTION AND FOR PAYME
OBLIGATIONS.
1911.
From April 1 1901 to December 31
nts which have
The following is a summary of the payme
1 1901 (the date
been made by all companies since April
, for the above
of organization of U. S. Steel Corporation)
named purposes, viz.:
1911.
Tons.
ExportRolled Steel and Other Fin1,719,272
ished Products
26,728
Pig Iron and Scrap
Sundry Materials and By-Pro492
ducts
1910.
Tons.
Inc.( +)orDec.(-)
Per Ct.
Tons,
1,216,057
6,974
+503,215 +41.4
+19,754 +283.3
Total tons all kinds of materials, except Cement__ 1,746,492
110,364
Cement (bbis.)
1,223,498
ction, including unabFor additional property and constru
g and development
sorbed net expenditures for strippin
_5410,465,265 71
_
mines
at
work, etc.,
exged,
dischar
For Bonds and Mortgages
Sinking
clusive of bonds redeemed with
$21,593,657 78
• Fund moneys
For Bonds redeemed with Bond Sinking 62,274,284 15
Funds
off,
For Purchase Money Obligations paid
of
originally issued for acquirement
38,078,998 88
property
$121,946,940 81
included In this
Less, Amount of securities were originally
total of payments which
in financing
1901
1
April
Issued after
expenditures
property and constructiondate--------6,610,582 02
made subsequent to that
115,336,358 79
2525.801,624 50
account
Total payments on capital tures
and payments there
expendi
Of the foregoing total
of
es
sale
securiti
and
issue
have been financed by the
the following amounts, viz.: -Year
By U. S. Steel Corporation, 10-60
$20,000,000 00
5% Bonds _
e and CollatBy Union Steel Co. Mortgagand
for
sold
eral Trust Bonds issued expenditures
account of constnictIon
es made
on that company's properti
9,168,727 79
-----since December I 1902Co., PittsburghCoke
Frick
C.
By H.
Bonds
Money
e
Purchas
Monongahela
of coal and
issued in payment of cost
17.712,000 00
d In 1911 _
coke properties acquire
various other
By Bonds and Mortgages of
47,253,138 41
subsidiary companies
5,403,528 20
ons issued _
By Purchase Money Obligati
$99,537,394 40
ng securities
Less, Amount of the foregoi
up to Dewhich have been retired 6,6
10,58202
1-191
31
cember
92,926,812 38
has been paid with funds
T If balance of capital expenditures
wit:
derived from the following sources, to
set aside from income $62,274,284 15
funds
sinking
bond
Bonds paid from
tion and
,
deprecia
Bxpendltures paid from bond 'inking net Income, and
replacement funds, and from surplus ty of the Board
authori
by
thereto
formally written off
t being
of Directors, the Property Investment Accoun
correspondingly reduced, viz.:
Paid
Paid from sinking
depreciation and re- from surplus
placement funds. net income.
Expended forAdditional Property
2 582147,847,237 12
and Construction -.227,628,71
Payment of Capital
14,076,204 79 15,847,186 43
Obligations ----92
$41,704,917 37 $16$,694,423 55 205,399,340
and Surplus Net
Total of payments made from Funds
3267.673,625 07
Income and charged oil thereto_
_.
the outlays
of
balance
of
the
t
paymen
the
for
And the funds
April 1 1901 have
made for capital expenditures since
, to wit:
been advanced from the following sources
1 1908) to
Prom Surplus appropriated (since January
tures made _ - 40.000,000 00
Cover payment of capital expendier
to credit
1911
31
From unapplied balances at Decemb
ation and Replaceof Accrued Bond Sinking, Depreci
date
at
same
Surplus
ed
Undivid
from
ment Funds, and
Companies.... 125,201,187 05
of U. S. Steel Corporation and Subsidiary
+5.8
+522,996
110,364
+42.7
10,727,751-1,267,582 -11.8
Decrease. P. C.
1910.
1911.
7.2
Ordinary repairs and mainte048
$2,936,
,899
$37,882,851 $40,818
nance
Extraordinary replacements
72 16.6
1,411,8
86
8,489,2
14
7,077,4
and general rehabilitation
8.8
$44,960,265 849.308,185 $4,347,920
Total
mainThe properties of the several companies have been
ate sum
tained in excellent physical condition. The aggreg
the
of charges to and allowances from gross earnings for
of
year to cover deterioration arising from wear and tear
sence,
improvements, exhaustion of minerals, and for obsole
the
amounted to $64,134,706. Included in this total are
s and
above expenditures of $44,960,265 for ordinary repair
extraordinary replacements.
se money
The amount of bonds, mortgages and purchacompa
nies
iary
obligations of the Corporation and subsid
Of this total,
paid off during the year was $11,021,359 46.
the sinking fund
$7,751,000 represents bonds retired under
During
provisions of the mortgages securing the same.
amount of
the year bonds of subsidiary companies to the
outlays for
$14,854,000 were issued and sold for account ofof maturing
construction expenditures and in the refunding subsidiary
bonds. There were also issued $17,712,000 of ngahela
company bonds in payment for the Pittsburgh-Mono$600,000
coal property purchased, and there were assumed
in
of outstanding bonds on warehouse property purchased
San Francisco.
ation
There was expended during the year by the Corpor ty,
proper
and the subsidiary companies for additional
developextensions and construction and for stripping and
viz.:
ment work at mines, the net sum of $49,430,861 12,
$432,874,812 12
Total -
+27
.
The material slackening in the domestic demand for the
products of the subsidiary companies, which became apparent in the fall of 1910, continued in a marked degree until
the early part of 1911 and to a greater or less extenta until
the closing weeks of that year. In November 1911 substantial buying movement developed, the subsidiary companies' unfilled orders on hand rising to a total of 5,084,761
ss
tons at December 31 1911. This improvement in busine
and to
has maintained fairly well since the first of the year
the
the date of writing this report. At February 29 1912
unfilled order tonnage equaled 5,454,200 tons. In May
all
1911 a sharp break occurred in selling prices of nearly
decline,
steel products, and prices continued to gradually
in
reaching in the latter part of the year the lowest figures, d
respect of most of the commodities, which have been realize
since 1898.
s, main
The expenditures made during the year for repair
comparison
tenance and general up-keep of the properties, in
with similar outlays in 1910, were as follows:
-2432,874,812 12
Balance of expenditures and payments
Aggregate tonnage of Rolled
Steel and Other Finished
Products shipped to both
Domestic and Export trade 9,460,169
465
GENERAL.
properties in the ConFor purchase of additional coking coal
$17,707,280 79
Pa., region, more fully described below
nellsville, Pa.
7,939,813 46
ons
extensi
Gary,
For the
5,069.98$ 85
ons
extensi
Co.
For Tennessee Coal, Iron .53 RR.ons
and betterments, includFor all other properties, extensi
stripping and deing net additional expenditures for mine
18,713,783 02
velopment
$49,430,861 12
the
The production by the subsidiary companies during
construction
of rolled
ed
and
als,
-finish
materi
semi
basic
of
The more important items of additions and
1911
year
to customers outside for which the foregoing outlays were made are set forth in
sale
for
ts
produc
d
finishe
other
and
with similar results in the the several statements and tables printed in this report.
of the organization, in comparison
approAt the close of the year the amount of unexpended ements,
preceding year, was as'follows:
y replac
-Decrease- priations for construction and extraordinar
1911.
1910.
Tons. P. Ct.
Tons.
Tons.
am for stripping and development
•
.
9.2 including the 1912 progr
10,744,897 11,831,398 1,086,501
Ferro
was approximately $20,000,000,
Pig Iron, Spiegel andSteel
mines,
ore
iron
10.1
99
at
1,425,9
work
369
14,179,
370
12,753,
H.
Ingots_
Bessemer and O.
of this amount will be expended
all
not
that
le
probab
is
it
but
Finished Products for sale, except
9,476.248 10,733,905 1,257,747 11.7
ns cover a wide range of
Cement
-Increase- during 1912. These authorizatio
Bbls. P. Ct. miscellaneous additions and improvements at various points,
nbls.
736,000 10.5
steel plant at
7,001.500
7,737,500
Cement
but none of them, aside from that for the newoned
total in-menti
before
The
ude.
magnit
of
is
h,
Dulut
about
only
was
sale
The output of finished products for
additional work at Gary in
for
,000
$5,500
about
the
of
ty
cludes
capaci
tive
upon.
67 per cent of the full normal produc
ng the improvements heretofore determined
plants. The decrease in output was most marked in those finishiorder
iary companies operating
subsid
the
to
insure
to
In
rails,
viz.:
ys,
by
railwa
and Cleveland
classes of materials used largely
se blast furnaces in the Pittsburgh Valley
track fittings and steel car building material. Theedecrea
period of years more nearly
a
for
coke
of
supply
a
ts
Distric
output
tonnag
total
in furnaces and
in business done as represented by
ison equal to that which the large investment
of finished steel products was 11.7 per cent insecompar
there were acquired from the
es,
requir
mills
ent
howdepend
was,
decrea
the
with 1910. In the domestic trade
and the Monongahela Ricer
cent, while in Pittsburgh Coal CompanyCompa
ny on July 1 1911, by the
ever, considerably greater, namely 18.6 per
Cake
&
Coal
idated
cent.
Consol
per
41.4
of
se
the export business there was an increa
ny, a subsidiary of the Corporation,
Compa
Coke
Frick
to
C.
1911
H.
in
made
nts
ent
of
shipme
15,943 acres of
The following is a statem
with the following coking coal properties, eviz.:
oustomers outside of the organization in comparison
1,408 acres of surfac situated in Fayette,
and
coal
ed
unmin
1910 shipments:
Washington Counties, Pennsylvania. On
Inc.( -1-)orDeC.(-) Greene and
1910.
1911.
ing
Per Ct. this property there are three developed and operat
Tons.
Tons.
Tons.
.
icDomest
d
coal plants, comprising 986 Beehive
coking
three
mines,
Roiled Steel and Other Finishe 7,740,897
coal
-18.6
0,797
9,511,694-1,77
&c., fot
Products
and
ovens, necessary tenements, equipment, tools,
Pig Iron, Spiegel, Ferro
+2.8
+11,063
388,872
399,935
of the mines and ovens. A large part
ion
operat
te
comple
Scrap
+16.7
2
1,587,322
1,360,090 +227,23
in the 3rd, 4th and
Iron Ore, Coal and Coke
of the coal acreage acquired is located thus
Sundry Materials and By-Propermitting the
-1.8
77,223 -14,017
63,206
5th Pools of the Monongahela River,by river. A portion
ducts
shipped
iently
conven
be
to
output
maof
front of
Total tons all kinds
9,791,360 11,337,879-1,546,519 -13.5 of the acquired property also lies Immediately in
terials, except Cement
Gement (bblig.)
7,580,758
6,679,415
+901,343
+13.6
846
THE CHRONICLE
[VOL. Lxxxxiv.
the extensive Mingo tract of coal (owne
Company) in Washington County, thusd by Carnegie Steel ore-carrying trade on the Great Lakes; and there
was acproviding a prac- quired one additi
tical means for a large part of the Mingo
onal ocean-going freight steamer for
worked to the river. The entire acreage property to be service in the export trade.
All of the other important construction work
tioned has been conveyed,but the titles to as above mennew
have not yet been perfected and full andsome small parcels extensions and additions to which reference was for
comple
te
mining
last
year's report has either been completed and made in
rights secured for other parcels. Theref
placed in
sideration, payable the vendors, has notore, the gross con- operation or was nearing completion at the close of the
year.
yet been exactly
The average number of employees in
determined. It will, however, be
the service of the
The property has been paid for by the about $17,712,000. Corporation and the subsidiary companies during
issue to the vendors entire year 1911 was
the
of H. C. Frick Coke Company, Pittsb
196,888, as compared with
5 in
First Lien 5 per cent Purchase Money urgh-Monongahela 1910, a decrease of 21,547, or 9.86 per cent. The218,43
aggregate
July 1 1911, payable $600,000 annually Gold Bonds dated amount of the pay rolls for the year 1911 for all employ
ees
each July 1st begin- was $161,419,031, as agains
ning in 1915, and secured on the
t
$174,9
55,139
in the previous
issue is limited to $18,000,000. property acquired. The year. The average daily salary and wage earnin
gs per
$16,500,000 in bonds had been To the close of the year employee for the year 1911 shows an increase of 4.23 per
cent
retained pending examination anddelivered and the balance over 1910. This increase is due principally to the advanc
es
ance of all titles.
made on May 1 1910 in the wage rates paid
At the close of the year nearly accept
to
a
large proall of the manufacturing portion of the employees
plant construction heretofore author
of
the
subsid
iary
compan
ies.
ized for the Gary,
There was set aside from the accumu
Indiana, District has been comple
lated undivided
At the steel plant surplus the sum of $663,018
of the Indiana Steel Company the ted.
37
for
perma
nent
pension fund,
Bar Mill was com- reference to which
pleted and put in operation on June Sheet
29, 1911; the two 12-inch Of the foregoing was made in last year's annual report.
and the 10-inch Merchant Bar Mills
amoun
t
8163,0
18
37
was
paid over in
1911; the 60-inch Plate Mill on Novem about September 1 cash to the Board of Trustees of the United States Steel
battery of the By-Product Coke Plant,ber 4 1911. The first and Carnegie Pension Fund for use by the Board as cash
consisting of 70 ovens, working fund. A like
went into operation on April 12 1911
amount for similar purpose was also
and 4 additional contributed by the Carneg
batteries at various later dates in 1911.
ie Relief Fund. The balance
The
full
capaci
of
ty
the
appropriation first mentioned, together with
of this plant, comprising eight batteri
the
es
of
70
ovens
each,
$1,000
,000
set aside
will be completed by April 11912.
previous years for pension purposes,is
The third unit of open- carried to credit of in
Pension Fund in general balance sheet.
hearth furnaces, consisting of fourteen
capacity each, was placed in operationfurnances of 65 tons During the year the Corporation also paid over to the
An addition to the electric power statio in February 1912. Board of Trustees $156,301 70, which was charged to current
n, consisting of six operations. This amount, together
generators of 3,000 k. w. each, driven
with the $200,000 of
by gas engines, was income received by the Trustees from
completed during the year.
Carnegie Relief Fund
(being
the
incom
e on the $4,000,000 fund created by Mr.
The several units of the Sheet Plant
of
the
Ameri
Carneg
can
ie),
and
making a total of $356,301 70, was disSheet & Tin Plate Company, and of the Bridge
and Struc- bursed by the Trustees during the
tural Plant of the American Bridge Compa
year for pensio and
ny,
both
at
Gary,
relief
purpos
es.
At the close of the year there were n1,606
were completed, and commenced operations
at
variou
s
dates
ex-e
mploye
es on the pension rolls.
during the year.
A change has been made in the manner
The output of the Gary Steel Plant of
of stating in
the
Indian
Steel
a
the
Consol
idated General Balance Sheet the amount
Company during 1911 was as follows:
of
707,27
3
tons
profits
of
pig
earned
by subsidiary companies on inter-company
iron, 1,036,545 tons of open-hearth
steel ingots, 281,980 products on hand in inventories
tons of open-hearth steel rails and 469,36
on
Decem
ber
31
1911.
0 tons of various These profits, instead of being carried
other rolled steel products. The By-Produ
separately in the
cts Coke Plant balance sheet as subsidiary compan
produced 811,804 tons of coke. The
production of the inventories, have been stated as a ies' surplus locked up in
deduct
Sheet Plant was 24,556 tons of Black and Galvanized
from the amount
Sheets, of valuation. at which inventories are ion
and at the Bridge Plant there were produced 27,371
included in current
tons
assets.
of
A
furthe
r
and detailed explanation of this change
fabricated steel work.
is included in the inventory statement,
During the year the Gary Land Company
on a preceding
constr
page.
ucted
While
in
this
change reduces the amount specifically
the city of Gary 261 dwellings and apart
ment
shown
houses
in
.
the
balanc
e sheet as Surplus, such reduction does
Considerable work was also done in
streets, laying not mean a corresponding loss of
sidewalks, sewers, gas and water pipe paving
value in assets, but merely
and
electri
transf
c
wire
ers
lines
the
profits
in question to another location in the
to serve the increasing population of the city.
balanc
e
sheet,
namely, as a deduction from gross values to
The total amount expended to December
by the several subsidiary companies for 31 1911 at Gary the subsidiary companies of inventories on hand. Neither
acquir
ement
does
the
of
change
affect in any way the currently reported
real estate, development and construction, was
as_follows:
earnings as heretofore compiled nor as they
ForTreal estate (exclusive of that occupied
will hereafter
by the manufacbe
made
turing plants) and for development and constru
up.
ction work
in the City of Gary, less credits for lands, lots and
In
the
annual
report
for 1906 reference was made to the
houses
sold
$9,966,520 16 arrangement which had been consummated for
For'constniction of the manufacturing plants,
a lease of
together with
cost of land occupied by same
so-call
the
ed
Great
Northe
rn Railway ore properties by the
62,719,664 75
For terminal railroad work
5,572,323 70 Great Western Mining Company, a subsidiary company
Total
of this corporation. In accordance with an option reserv
$78,258,508 61
ed
The funds for the payment of the foregoing have
been proto the lessee to cancel the lease on January 1 1915, the
vided from the following sources, viz.:
Great
From surplus specially appropriated
Wester
n
Mining
Compa
ny on October 26 1911 formally
From depreciation allowances raised by subsidiary com-$65,000,000 00 notified the
lessors that the Company elected to cancel the
panies on other of their properties and invested In
the
lease. To December 31 1911, there had been
Gary property
mined and
1,510,000 00
ByWhicago Lake Shore & Eastern Ry. Co. through
shipped under this lease 7,832,137 gross tons of
issue
and sale of its bonds
ore; and
5,258,405 32 royalties had been prepai
And the balance has been provided by subsidiary compan
d on account of minimum tonnages
y les Interested from their surplus and working capital_ for
years
prior
to
1911,
_ 6,490,103 29
covering an additional 2,892,183
tons. It is expected this prepai
d tonnage, as well as the
;78,258,508 61 minimums called
for
by
the lease for years 1912, 1913 and
In addition to the outlays made as above for
1914, namely 15,750,000 tons, will
capita
l
be mined and shipped
expenditures at Gary, the companies have
prior to 1915,
also
a considerable amount in inventories and workinginvested of ore, which itthus making an aggregate of 26,474,320 tons
is
capita
l
expect
ed will be shippe under the lease
required for the operation of the plants.
prior to its relinquishment on January 1 d1915.
This total
There was purchased in May 1911 for warehouse
tonnage is equal to about one-year's ore
purpos
es
requirements of
theproperty of the Risdon Iron & Locomotive
the blast furnaces of the subsidiary companies (exclusive
Works
in
San Francisco, California. The plant has
usly been of those of T. C. I. dr RR. Co.) on the basis of the furnaces
operated in the ship and engine buildingprevio
and repairing operating normally full throughout the year.
business, and had for a long time been offered
On October 26 1911 the United States Government filed
for sale.
The property consists of about 20 acres of land, with
con- a Petition in the Circuit Court of the United States for the
siderable water front, is well located, and has
on it several District of New Jersey against the Corporation and a numbuildings especially adapted for the storage and
warehous- ber of its subsidiary companies, alleging that the Corporation
ing of steel products. It is believed that by carryi
and its co-defendants are in violation of the Act of Congre
ng
ss
the Pacific Coast large and varied stocks of the producon
ts of July 2 1890, and asking that they be adjudged to be
of the subsidiary companies,their distribution will be materi
illegal and that they be dissolved. On October 27 1911
ally expanded.
an official statement with reference to this proceeding was
Substantial progress was made during the
on the issued on behalf of the Corporation by its Chairman. This
construction of the new;Steel Plant at Duluth,year
Minnesota. statement is given below for the information of all stockThe expenditures for the plant and the terminal
railroads holders.
serving the same amounted for the year to $1,437,518.
"I think it would be improper for me
An additional outlay of $1,037,969 was made in payme
at this time to maxe any comments
concerning the suit which has
brought against the United States
for coal property in Illinois and Indiana, the purchase nt Steel
Corporation, except to say Ibeen
of
regret exceedingly that tho Department
which" had been contracted for in previous year, and for
of Justice felt called upon to institut
proceedings. If any harm results,
the it will fall upon the stockholders and eemploye
development of the properties.
es, aggregating a
large
number, and any
to them must be deplored. It is a time forvery
everyone
There were purchased by the subsidiary/transportatio to keep cool, withloss
a
disposition to patiently await results, knowing
n
that in
the end Justice will be done to all Interests.
companies during the year additional railroad equip
"I believe a disclosure of all the facts applicable to
ment,
the allegations contained in the Government's bill of
as follows: 41 locomotives, 893 freight cars and 71 road
complai as a ground for relief will show
that the suit ought to be decided in favor nt
service cars. There were also purchased and placedand and
of the Corporation on the merits;
that the following facts will be establis
in
commission 3 12,000-ton steamships for service in
1. That in the organization of the Unitedhed:
States Steel Corporation those
the in charge
had no intention
of forming:a monopoly or of restraining trade.
MAR. 23 1912.]
THE CHRONICLE
attempted to exercise, a
"2. That the Corporation never has had, or
monopoly or to restrain trade.
Corporation has clearly and
"3. That the conduct of the affairs of the
to violate any provision of the
positively negatived any effort or intention
Sherman Law.
on has been of benefit and not of
"4. That the existence of the Corporati
, its competitors and the general public.
injury to its employees,its customers
to the President relative to
made
'5. That no misrepresentation was
that the motive of those conthe Tennessee Coal, & Iron properties, and
d general financial disthreatene
a
prevent
to
was
nected with the purchase
Corporation as well as
would have adversely affected the
.
aster which
others.'
dants was
The answer of the Corporation and co-defen
and a summary
filed with the Court on February 1 1912with
this annual
of it is being sent to each stockholder
report.
loyal and
The Board takes pleasure in acknowledging the
of the Corefficient services of the officers and employees
poration and the several subsidiary companies.
By order of the Board of Directors
ELBERT H. GARY, Chairman.
31 1911.
T
PROPERTY INVESTMENT ACCOUN DEC.
31 1910, per Annual
Balance of this account as of Dec.
$1,524,780,669 02
Report
Cr.453,232 78
balance
Adjustments during 1911 in the foregoing
l Property and ConExpended during 1911 for Additiona
47,815,419 75
struction
$1,572,142,855 99
viz.:
Less, Charged off to the following accounts, $413,000 00
To Bond Sinking Funds
Funds 5,172,564 00
To Depreciation and Replacement
5,585,564 00
847
31 1911.
CONSOLIDATED GENERAL BALANCE SHEET, DEC
ASSETS.
Property Account—
Properties Owned and Operated by the Several Companies.
$1,591,276.145 57
Balance of this account as of December 31 1911
Less, Balances at December 31 1911 to credit of:
Accrued Bond Sinking, Depreciation
$71,734,410 03
and Replacement Funds
Bond Sinking Funds with Accretions,
being income appropriated for general depreciation and invested In
redeemed bonds not treated as
assets (but interest on which is
currently added to the sinking
59,238,052 70— 130,972,462 73
funds) and in cash as below
$1,460,303,982 84
Deferred Charges to Operations—
Payments for Advanced Mining Royalties, Exploration expenses and
Miscellaneous charges, chargeable to
future operations of the properties.. $16,208,581 99
Less, Fund reserved from Surplus to
cover possible failure to realize
9,208,581 99
7,000,000 00—
Advanced Mining Royalties_
Investments—
Outside Real Estate and Investments in sundry securities, including Real Estate Mortgages and Land Sales
2,363,885 06
Contracts
Sinking and Reserve Fund Assets—
account
by
Trustees
held
Cash resources
$974,651 01
of Bond Sinking Funds
(In addition Trustees hold $58,908,500 of redeemed bonds, which
are not treated as an asset.)
Contingent Fund and Miscellaneous
3,650,906 83
Assets
Insurance and Depreciation Funds'
viz:
cash),
and
cost,
at
s
(Securitie
Assets
$9,264,017 29
Securities
5,892,586 20
Cash
$1,566,557,201 99
Development at Mines
Expenditures for Stripping and Erection and Logging
and Investment in Structural
Plants, viz.:
$23,103,712 21
Balance at Dec. 31 1910 _$5,138,691 60
Expended during 1911_ _
Less, Charged off to Op- 3,523,250 23
erating Expenses
1,615,441 37
24,719,153 58
$15,156,603 49
Less, Amount of foregoing represented
by obligations of
Subsidiary Companies issued for capexpenditures
ital
6,633,000 00
made
8,523,603 49— 18.149.161 38
Current Assets— '
55
188
$176,067,
Inventories
Dec. 31
Less, Surplus repreBalance of Property Investment Account
$1,591,276,445 57
sentingProllts earned
1911, per Consolidated General Balance Sheet
by subsidiary comAPPROPRIATED SURPLUS TO COVER CAPITAL EXPENDITURES
panies on InterDEC. 31 1911.
Company sales of
1
prior to January
products on hand in.
All appropriations made from Surplus Net Income
ng the
Inventories, Decem1908 applied in payment of capital expenditures, and aggregati
written off to the credit
ber 31 1911 (See
total sum of $163,694,423 55, have been formally General
Balance Sheet.
22,583,599 89
note opposite) __
of Property Investment Account in Consolidated
$153,483,588 66
from Surplus Net Income
The appropriations made since January 1 1908$40,000,0
48,325,472 88
00, are carried in
Accounts Receivable _____________ _
for above mentioned purpose, and totaling
6,100,874 27
December 31
at
ed
e
represent
is
Receivabl
Bills
which
account,
Surplus"
"Appropriated
786,758 59
Balances_
Agents'
1911, by the following
2,047,100 18
Marketable Bonds and Stocks_
Sundry
other
s,
Companie
y
Subsidiar
by
deposit with
Capital Expenditures made
on
and
hand
00
00
(In
Cash
$25,000,0
properties
than for account of the Gary, Indiana, Properties
Banks, Bankers and Trust Compa15,000,000 00
254.242.922 36
43,499,127 78
Capital Expenditures made for the Gary
nies subject to cheque)
$1,739,288,533 58
repAccount
t
Investmen
Total assets carried in Property
$40,000,000 00
LIABILITIES.
resenting Appropriated Surplus Account
CORPORATION AND SUBSIDIARY COM- Capital Stock of U. S. Steel Corporation—
UNITED STATES STEELGENERA
T
ACCOUN
L PROFIT AND LOSS
___________________ _$508,302,500 00
Common _
PANIES CONDENSED
360,281,100 00
FOR YEAR ENDING DECEMBER 31 1911.
Preferred
$868,583,600 00
Gross Receipts—
Not Held by
s
Companie
y
70
839
Subsidiar
of
$615,148,
Stocks
a
Capital
page)
(see
preceding
596,702 50
_
Gross Sales and Earnings
___
Value)
(Par
on
U. S. Steel Corporati
Operating Charges, viz.:
Bonded and Debenture Debt Outstanding—
Manufacturing and Producing Cost and
000 00
$270,277,
Bonds
5%
50-year
Corp.
Steel
S.
U.
Operating Expenses, including ordi00 00—
U. S. Steel Corp. 10-60-year 5% Bonds 189,346,5
nary maintenance and repairs and pro$459,623,500 00
visional charges for depreciation_ ___$507,973,572 86.
guarans'
Bonds,
Companie
y
Subsidiar
Administrative, Selling and General Ex78,903,000 00
teed by U. S. Steel Corporation....
penses, employees' special compensaSubsidiary Companies' Bonds, not guarpay1 84
tion under bonus plan and pension
on_
81,943,44
Corporati
Steel
S.
U.
by
anteed
ments (not including general expenses
31,434 99— 620,501,376 83
16,554,152 67
Debenture Scrip, Illinois Steel Co_
...
of transportation companies) _ _
Comy
Subsidiar
of
ns
Obligatio
Federal
Capital
for
Taxes (including allowance
9.622,347 23
panies Authorized or Created for Capiexcise tax)
3,378,133 86
tal Expenditures Made (held in Mote
Commercial Discounts and Interest_ __ __
treasury subject to sale, but not in- $1,326,000 00—
$537,528,206 62
cluded in assets or liabilities) _
charges
Mortgages and Purchase Money ObligaLess, Amount included in above
f Subsidiary Companies—
nasgo
es
depreciamotritog
for provisional reserves for
$522,922 79
of
1,152,922 79
tion now deducted for purpose
600,000 00—
Money Obligations
Purchase
item
separate)
in
showing the same
75
8
19,839,00
Current Liabilities—
87
of charge, as see below _
20
$22,938,6
517,689,107 87
t ya
lsep
Abcicels Payable and Pay-Rolls
na
Carr
41,743 59
$97,459,231 92
Special Deposits or Loans due emBalance _ __________
911,580 14
ployees and others _
Operating
and
ring
Manufactu
Sundry Net
Accrued Taxes not yet due, including
idle plant
Gains and Losses, includingadjustmen
6,712,858 36
provision for Federal excise tax....
ts
expenses. Royalties received,
..
Accrued Interest and Unpresented
364,151 20
.........
etc
,
valuations
73
8,372,555
in inventory
_
_
_
_
_
55
Coupons
593,499
...
........
Rentals received
957,650 75
Preferred Stock Dividend No. 43. pay6,304,919 25
_
able February 28, 1912 _
Common Stock Dividend No. ____ payProducing and Operating InTotal Net Manufacturing,provisiona
6,353,781 25— 51.636.059 19
___
l charges for depreable March 30 1912
come before deducting
31
82
67
3
$98,417,
Total Capital and Current Liabilities _- — - - ______ 31,542,470,661
ciation .
Sundry Reserve Funds—
Other Income—
but
Miscellaneous Operatand
owned,
t
properties
Contingen
of
Profits
Net
$11,437,335 90
cost
ing Funds
whose operations (gross revenue,
1,500,000 00
are not
Pension Fund
of product, expenses, etc.)
.
10,189,341 29— 23,126,677 19
13
.........
$369,297.
Funds_
statement
this
Insurance
in
included
ures—
Expendit
and
ts
Appropriated Surplus to Cover Capital
Income from sundry investmen
2,435,641 83
Invested in Property Account—Additions and Coninterest on deposits, etc
40,000.000 00
2,804,938 96
struction
Surplus of U. S. Steel Corporation and SubUndivided
_$101,222,321 63
sidiary Companies—
Total
00 00
Capital Sur. provided in organization $25,000,0
Interest Charges—
all
of the
Balance of Surplus accumulated byDeInterest on Bonds and Mortgages
6 81
to
$7,921,24
1901
1
.
s
April
from
s
Companie
companie
y
Subsidiar
108,691,195 08—
Obligations
cember 31 1911
Interest on Purchase Money
by Subsidi- 133,691,195 0
the
Total Surplus exclusive of Profits earned
and Special Depositssor Loans of
38
-Company sales of products
116,448
Inter
on
s
Companie
Companie
ary
Subsidiary
1911 (see
31
December
es
8,037,695 19
on hand in Inventori
note below) _
the
of
several
earnings
aggregate
Balance, being the
deducting provisional
s representing Profits ac• companies for the year before
Note.—The Surplus of Subsidiary Companie
26 44
to other subsidiary companies
charges for depreciation earned by subsidiary com- $93,184,6
crued on sales of materials and products
Add, Net Balance of Profits service rendered account
latter's Inventories, which in previous years was carried
in
hand
on
and
as a part of the Surplus, has in this
panies on sales made and
in Consolidated General Balance Sheet
at first of year in
es included
of materials which were on hands, and which profits
balance sheet been deducted from the amount of Inventori
purchasing companies' inventoriefrom the standpoint
Assets.
Current
under
have since been realized in cash business of the U. S.
of a combined statement of the
We have audited the above Balance Sheet and certify that
11,120,839 43
Steel Corporation and subsidiary companies
Earnings for the year 1911, per Income Account
Less, Allowances for Depreciation
Net earnings in the year 1911.
_$104,305,465 87
19,839,098 75
$84,466,367 12
repalm, approximately
• Includes charges for ordinary maintenance and
$38.000,000. 0
in our opinion it is properly drawn up so as to show the true
financial position of the United States Steel Corporation and
Subsidiary Companies on December 31 1911.
.,rs
ito.
AudO
PRICE, WATERHOUSE dcC
New York, March 4 1912.
844
THE CHRONICLE
[VOL. Lxxxxiv.
AMERICAN TELEPHONE & TELEGRAPH COMPANY
ANNUAL REPORT FOR THE YEAR ENDING DECEMBER 31 1911 (CONDEN
SED),
New York, March 20 1912.
To the Stockholders:
.....
Herewith is respectfully submitted a general statement
covering the business of the Bell System as a whole, followed
by the report of the American Telephone dr Telegraph Company for the year 1911.
BELL TELEPHONE SYSTEM IN UNITED STATES.
expenditures are working in complete understanding:of these,
estimates and the limits set on their expenditures.
MAINTENANCE AND RECONSTRUCTION.
During the year $58,840,000 was applied out of revenue to
maintenance and reconstruction purposes; of this, over
$12,000,000 was unexpended for those purposes.
K:jg
The total provision for maintenance and reconstruction
SUBSCRIBER STATIONS.
At the end of the year the number of stations which charged against revenue for the last nine years was over
constituted our system in the United States was 6,632,625, $342,300,000.
RESERVES AND DEPRECIATION.
an increase of 749,906, including 306,403 connecting sta-.
While Commissions and all thorough investigators are
tions. 2,158,454 of these were operated by local, co-operative and rural independent companies or associations hav- agreed that provision must be made out of current revenue
ing sub-license or connection contracts, so-called connecting for depreciation and future 'replacement of plant, there seems
companies.
to be some tendency on the part of others to question any
TELEPHONE TOLL STATIONS.
accumulation of reserves.
The Bell telephone toll lines of the United States now
To make adequate provision for future contingencies, it
reach 70,000 places, from many of which a telegraph message would seem to be plain that in an increasing business there
can be sent. The extent of the system is best realized by must also be an increasing reserve.
comparison with less than 65,000 post offices, 60,000 railThere seems to be a tendency to insist that "betterment"
road stations and regular telegraph offices at about 25,000 of every character shall be represented by capital issue, and
places.
that depreciation reserve should be determined with preciWIRE MILEAGE.
sion, and that it, and all reserves beyond it, represent ex•
The total mileage of wire in use for exchange and toll ser- cessive gross charges; that is, gross charges greater than are
vice was 12,932,615 miles, of which 1,290,403 were added necessary for the legitimate purposes of the company.
during the year. Of the total mileage, nearly 11,000,000
Reserves are a provision for deterioration and obsolescence
miles were exchange wires and 2,000,000 toll wires. These of plant beyond that which can be covered by current mainfigures do. not include the mileage of wire operated by con- tenance and current replacements, and also for deterioration
necting companies. Of this total wire mileage, 6,831,667 is of assets and for fluctuations in gross and net revenue caused
underground, including 411,406 miles of toll wires in under- by varied business conditions. If there were
exactly asground cables. The most important development is in the certainable condition, with which all practicean
is in accord,
Boston-Washington Subway, now completed with
many
the
of
difficulties and differences of opinion connected
. exseption of drawing the cable into the Providence-New
with this question would disappear.
section. This subway will be about 450 miles
the
If
plant
were kept in the highest possible state of
contain about 2,100 miles of single duct and in len
efficiency by the expenditure of current revenue for repairs,
79,000
wire in the first cable.
maintenance and replacements, sufficient to maintain the
plant at the highest possible efficiency, it could be operated
TRAFFIC
Including the traffic over the long-distance lines,
perpetually and would never have to be replaced. Between
but
not
including connecting companies, the daily average
of toll this and maintenance which barely keeps the plant in servic3
connections was about 645,000 and of exchange
connectio
ns there is a wide margin, and in this margin is the origin of
about 23,484,000, as against corresponding figures in
1910 of nearly all the differences as to cost of service, and in it is
802,500.and 21,681,500; the total daily average
for 1911 the opportunity to show large apparent profits at the cost
reaching 24,129,000, or at_the rate of about
7,770,000,000 of the future of the plant.
per;year.
There are, however, in the conduct of business many conTRAFFIC OF THE UNITED STATES
ditions and possibilities which cannot be met out of current
AND EUROPE.
Instructive as it would be to compare the
net revenue and should not be met out of
but which,
other two branches of transmission of intelligetraffic of the if not provided for in some way,would put capital,
all industrial comnce—the
mail
and the telegraph—with the telephone traffic of the
panies
upon
a
speculati
ve basis.
world,
such a comparison would only be speculative on
There is that obsolescence which comes from revolutionary
the lack of statistical material. There is, howeveraccount of improvements necessitating wholesale replacements of obsostatistical information to permit a comparison of sufficient lete apparatus or plant, such as the replacement of overhead
the traffic
a these three services both in the United States
and in Eu- systems by underground systems, or such as took place
rope, during the year 1909. The result is as follows:
when the present method of operating was introduced.
There are those fluctuations in net revenue caused by busiEUROPE
-Nu
—UNITED
N n STANg
me
:
e
—
'
If,
"
Per
PE-ness depression which cannot be overcome by immediate reCent
Number
During
of Total.
During
of Total. duction of fixed charges overhead
T58 01
expenses or operating
oPe.
1909.
U
3.
let 6ass Mall Matter 15,387,005,000
74.4%
8,703,000,000
40.9% costs. There is That constant tendency to increase in wages
Telegrams
345,000,000
1.7%
98,000,000
0.4% and cost of material, that tendency to increase
Telephone Conversain operating
tions
4,937,000,000
23.9%
12,617,000,000
58.7% expenses and capital charges caused by the constant demand
for
increased
efficiency
Total
or service, that demand for exten20,669,000,000 100.0%
21,508,000,000 100.0%
sions, productive and unproductive, and that call for imIn other words, although Europe has about three
and
a
provemen
ts
in
plant,
equipment
apparatus. There is
half times the telegraph traffic of the
States, and that increase in costs of operatingand
nearly twice the first-class mail traffic, itUnited
, in greater ratio than the
has
only
one-third
increase
in
business,
peculiar to some branches of the telethe telephone traffic of the United States.
phone service.
The use of the telegraph in Europe was about 2%
of
the
These
and
many
other
possibilities always confronting in-.
mails, while in the United States it was but 1.2%,
the greater dustrial and public service undertakings must be provided
efficiency and distribution of the telephone
causing
the
They.
for.
are
not
the
subject
of capital expenditures, and
difference.
can only be provided for by an accumulating surplus and reIli • • •1•44
•'-•' • •
PLANT ADDITIONS, • • • •"
CI
serves invested in productive plant or securities. If these
The amount added to plant and real estate by all
the com- are not provided for, trouble,
panies, excluding connecting companies, constituti
if not disaster or destruction,
our is inevitable.
system in the United States during the year 1911 wasng$55,Any practice which does not, at the cost of revenue, pass
660;738, distributed as follows:
the property on from the present to the future in at least as
Real Estate
53,411,992
Equipment
18,282,765 good a condition as received from the past is a mistaken
Exchange Lines
20,548,080 practice; it is using capital for the benefit
Toll Lines
of the present at
11,624,173
Construction Work in Process
1,793,728 the expense of the future.
The main objections urged against an accumulating sur;55,660,738
PLANT ADDITIONS OF. PREVIOUS YEARS.;43.
plus are the following:
,
. m.,....
The amounts added in twelve years haver.been as follows:
1. That it is provided out of excessive charges to the publie
190
$31,619,100 1906
579,366,900 for service.
10
31.005,400 1907
52.921,400
2. That it tends to extravagance of operation on the theory
10
37,336,500 1908
26,637,200
10
35.368,700 1909
28,700,100 that close margins tend to greater economies.
10
33,436,700 1910
53,582,800
3. That it affords a way of giving exorbitant and unreason1905
50,780,900 1911
55,660,700 able dividends
to the shareholders by some form of distrimaking d_total for the twelve years of $516,416,400.:•;i.• .•
bution of the surplus from time to time.
CONSTRUCTION FOR THE CURRENT YEAR.' 0
1 l'.: •
The answer to the third objection depends somewhat on
I) Estimates of all the associated operating companies and
of the American Telephone tic Telegraph Company for all new the treatment and ultimate disposition of the unappropriated
construction requirements in 1912 have been prepared. It surplus reserves.
If these reserves are to remain as assets of the company;
illestimated that about $56,000,000 will be required for cure, inviolable and inalienable, except for the purposes
rent additions to plant in 1912, of which amount some $30,- indivisibl
mentioned, invested in productive property, it re000,000 will be provided by the existing and current re- above
moves the strongest and only really tangible objection to
sources of the companies. All,who are responsible_Tor:these surplus
of the character herein advocated.?
MLR. l1. 2
TIIE CHRONICLE
89
be providec
ph Company the problem is, that ample reserves should e happenings,
So far as the American Telephone & Telegra
possibl
but
ings
happen
e
probabl
only
not
meet
the
concerned,
d that whatever
and associated controlled companies are
ent of their and that such reserves should be so investethe,am
ounts unfrom
third objection can be dismissed with the statem
derived
be
to
is
e
revenu
or
ent
increm
go to the
will
d
intende
s
.policy, which .is as follows:
purpose
the
for
used
or
ed
not
risks
expend
extraordinary
of,
ement
improv
in
Except where in the extension of business profit
or
for
charges
of
on
in
reducti
rapublic
in conside
extra
should be
plant
utility
are taken which entitle them to some have
public
a
of
value
the
,
that
and
to
service
nt
not been sufficie
age of outstanding
tion of such risks, or the net returns
the capital, the American. represented by a relatively smalls.percent
make an adequate return, if any,y on
.charge
fixed
for
es
calling
consecuriti
and associated utilities
'Telephone & Telegraph Compan d with reasonable average reNo expenditure which does not produce increased net
trolled by it are and will be satisfie
should be capitalized.
revenue
obligations, which, comturns on their outstanding capital
Any public service plant which is represented by relaper
8
about
be
should
ents,
investm
s
busines
obligations is stronger,
pared with other
ge any expectation of more tively small outstanding capital ions, and so long as the
obligat
sent, and will not expect or encoura
public
its
meet
better
can
d instances above referred to they
able, as above defined, and
than this; and in those excepte
ble return .which any equitable surplus is inviolable and inalien
will only ask for that reasona
the company under government control and regulation,
them.
award
would
court
commission or
and reserves to plant, the
The most important and the greater the ratio of surplus advant
ages of public ownerAs to the second objection. for
charges nearer we get to all the supposed
fixed
are
service
charges
all
of
factors
controlling
ship without any of its risks, while retaining all the advannot
ies
compan
All
public
service
s.
expense
and operating
ment control and regulation, tages of private management.
now,will soon be, under Govern
OPERATING RESULTS FOR THE YEAR.
will be under the close
tures
expendi
and
and all charges
ng tables show the business for the year
does
followi
The
this
If
uted
bodies.
ly
constit
regular
these
scrutiny of
one System including the American
Bell
Teleph
the
of
will.
gance,
nothing
extrava
against
not protect
Telegraph Company and its associated holding
&
one
marked
Teleph
and
the
on,
many
first
objecti
the
to
In answer
and operating companies in the Unted States, but not inpeculiarities of the telephone and telegraph as distinguished
s.
cluding connecting independent or sub-licensee companies,
reserve
ample
justify
surplus
utilities
public
from other
nor the Western Electric Company and Western Union
comrtation
of
plant
local
transpo
or
railroad
Any new
ph Company except as investments in and dividend&
Telegra
least
at
cted
be
must
constru
mains
light
electric
pany, gas or
companies are included respectively in assets and
those
from
cost
the
as
and
y,
d
or
capacit
m
standar
minimu
of a certain
inter-company duplications are eliminated in
All
.
as
revenue
ratio
e
the
in
same
nearly
not
increas
does
of construction
tables so that the figures represent the busithese
up
making
always
is
s
e
of
a
large
busines
y,
increas
capacit
the increase in
as,a whole in its relations to the public.
system
the
of
r
ness
Anothe
g
of
plant.
new
any
the
buildin
in
provided for
is
cted
constru
the
HONE SYSTEM IN UNITED STATES.
plant
in
size
of
ration
TELEP
conside
BELL
Important
AND 1011.
COMPARISON OF EARNINGS AND EXPENSES, 1910
that in emergencies large overloads can be carried on plants
to Americas
and
including interest • ditidends and other payments
these
ons,
For
.
duplicati
rable
periods
for
er
(All
conside
charact
and Operaljn.
of this
Telephone & Telegraph Company by Associated Holding
not
is
continu
ture
expendi
capital
nal
,
additio
..other reasons
Companies, excluded).
Increase.
1911.
1910.
ements
ous, seldom, if ever is imperative, financing arrang
$165,612,881 5179,477.996 $13,865,117
Gross'Earnings
d
adapte
and
for
periods
long
ated
anticip
'
ly
definite
can be
$5,949,979
$60,085.425
and times.
$54,235,449
Expenses—Operation
4,421.440
to the most favorable conditions ph the
30,1522
.25,763,082
Current maintenance
dify
entirel
is
case
and
telegra
ne
2,390,909
telepho
32
the
28,655,8
With
26,264,927
Depreciation
610,907
the
units,
m
small
8,965,922
8,355,015
minimu
ly
relative
Taxes
below
Except
ferent.
is ex$114,618,473 $127,891,701 413,273.2211
telephone plant is built according to the business that ry
Expenses
Total
for
pected in. the immediate future, and :the plant necessaand to Net Earnings
$591,881
$51,586,297
$50,994,408
,
13.610,860
2,053.099
11.556,864
he development of business can he added asisneeded
'Deduct Interest
admes
someti
It
is
done.
this
plant
ave charges on idle
$37,975,437 '41.462,710
$39.437,544
Net Profits
only
806,090
25,966.876
25,160,786
antageous to anticipate growth, and it is often but ges Balance
Dedu...t Dividends Paid
advanta
other,
and
costs
tion
construc
one when the saving in
$12,008,561 •$2,26097
$14,276,758
There
Earnings
idle
plant.
the
g
Surplus
carryin
of
cost
the
more than balance
ne business, the capacity
•Decrease.
can be no overload in the telepho
the peak of the business and to
of the plant must be equal to
COMBINED BALANCE SHEETS, 1910 AND 1911.
calls
s
e
in
busines
Each
increas
cies.
emergen
(Duplications Excluded.)
'11 possible
telephone circuit
increase.
Dec. 311910. Dec. 311911.
Assets—
for an additional telephone circuit and each
$2.943,381
the
re$2,943,381
under
and
iture,
and
Licenses
s
.expend
Contract
capital
nal
additio
731
calls for
$55,660,
702
666,660,
964
610,999,
Plant
e
Telephon
•237,982
30,749,568
'20,987,551
quirements of the business all demands for extension of serv- Supplies, Tools, etc
6,838.325
32,916,127
802
.26,077,
once.
at
met
be
les
must
Receivab
and
ive
ice are Imperat
14,329,207
41,878,140
27 548,933
for Cash
2,011.142
66,777,231
64,766,089
This makes necessary regular periodical provisionsbusiStocks and Bonds
general
the
of
ess
regardl
met
be
must
. financing, which.
421
$78,601.
,149
.720
$231,925
$753,323
Total
ness conditions.
,
reserve
surplus
nded
an
of
unexpe
es—
ages
Liabiliti
All the advant
$344,645,430 $379,727,832 $35,082.409
the com- Capital Stock
16,241.129
241,032,822
224,791,696
which remains invested in an inalienable asset of public
Funded Debts
by
'1,368,512
41,198,431
the
to
accrue
42,566,943
plant,
ive
product
Bills Payable
pany, namely in
1,661,311
23,382,438
21,721.125
Payable
earn
to
ry
Accounts
not
is
it
necessa
which
revenue
the reduction of
320
conis
551,616.
,523
which
the
plant
as
.194
,
$685,341
ns
4633,725
charges
Obligatio
ing
capital
Total Outstand
to meet the
26,985,100
146,583,626
119,598,526
structed out of these, surplus reserves does not represent Surplus and Reserves
4753,323,720 5831,925,149 478,601.421
capitalization.
Total
Among the more important advantages to a company
• Decrease.
of a large surplus represented in the fixed assets are the
The gross revenue collected from the public in 1911
following:
telephone service by the Bell System—not including
for
g
enablin
the
credit,
y's
comcompan
the
It .strengthens
connected independent companies—was $179,500,000;
the
d
ts
dividen
uniform
paymen
and
interest
its
pany to make
increase of nearly $14,000,000 over last year. Of this,
an
,000; taxes, $9,000,000 or one
and dependable.
strength of this credit to operation consumed $60,000
It enables the company on the the
one-half per cent on the outstanding capital; current
and
le
terms.
favorab
on
most
ments
require
obtain Its capital
maintenance, $30,200,000; and provision for depreciation,
It enables the company to ride out commercial and $28,700,000.
or
se
might
cripple
otherwi
which
ances
financial disturb
The surplus available for charges, etc. was $51,600,000,
destroy it.
t and nearly $26,'
which $13,600,000 was paid in interes
of
all
at
n
highest
the
maintai
times
to
y
compan
It enables the
000,000 was paid in dividends.
which
ble
be
on,
would
impossi
operati
its
in
cy
state of efficien
The total capitalization, including inter-company items
for any company which is obliged to adjust its more or less and duplications, of the companies of the Bell System is
t
and
ble
the
constan
to
inevita
s
expense
ng
Inflexible operati
$1,186,639,036. Of this $524,679,951 is owned and in
fluctuations of business.
treasury of the companies of the Bell System.inThe
the
It is a reservoir, as it were, which, supplied by a fluctu- the
stock, bonds and notes payable outstanding
capital
the
y
to
mainenables
compan
,
revenue
of
gross
stream
0,000.
ating
were
$662,00
year
the
of
close
the
at
public
the
hands of
tain even and uniform disbursement for service, maintain a If to this be added the current accounts payable,$23,400,000,
uniform operating organization, and that high state of the total outstanding obligations of every kind were $685,efficiency which can result only from a permanent operating 400,000, as against which there were liquid assets, cash and
force.
current accounts receivable of $74,800,000, leaving 3610,To reduce rates as fast as any surplus is created, to forbid 600,000 as the net permanent capital obligations of the whole
any application of revenue to the betterment of plant, to system outstanding in the hands of the public.
insist that new capital shall be provided for such purposes,
Against these obligations, the companies had actual,
would never be thought of in any private business and should tangible property, not including franchises, patents or
,
arly
public
utilities
particul
s,
te
busines
corpora
cent
not in any
good-will, which cost $754,200,000, an excess of 23 per
subject to other regulation and control than that of actual over the obligations.
s
all
ship
revebusines
or
ual
partner
individ
In
ownership.
For the year there was an increase in assets of $78,600,000,
nue beyond stipulated amounts is left in the business, is a of which $55,600,000 represented current additions to plant,
of
ing
the
consist
is
n
reserve
that
there
additio
in
$78,reserve, and
including the necessary real estate. This increase of
entire.assets of the Individual. This is the basis of business 600,000 is represented by $51,600,000 increase in outstandcredits.
obligations for the whole system, and an increase in surf.. The only sound conclusion that can be reached after ing of $27,000,000. Of this $27,000.000 surplus, about
plus
of
the
and
factors
all
phases
various
of
ration
full conside
850
THE CHRONICLE
$4,500,000 represents premiums on capital stock received
through conversion of bonds.
This surplus, which does not include any of the
le,
though necessary and valuable, assets, is invested intangib
in productive property not represented by any capital charges,
the
revenue from which enables the company to maintai
n its efficiency and at the same time make concessions
to the public
in the way of gross charges.
REPORT OF THE AMERICAN TELEPHONE
&
TELEGRAPH COMPANY.
For the $318,427,500 capital stock $339,633,235 has been
paid into the treasury of the company; the $21,205
,735 in
excess of par value represents premiums. All discount
the bond issues have been charged off. The outstans on
capital obligations therefore represent over $21,200,000 ding
more
than their par value.
LEGAL.
The Legal Department reports that the relation of the
company and its associated companies with thes Public
Service Commissions of the several States have continu
ed
EARNINGS.
to be of a very satisfactory character. Our compani have
The net earnings of the American Telephone & Telegra
co-operated with the Commissions in the endeavor to es
ph
provide
Company for the year were $33,301,245 77,
increase of the best possible service. There are now Commissions with
$1,368,031 28 over 1910. The interest chargesan
were $5,567,- jurisdiction over telephone companies in twenty-eight States.
980 30, and the dividends at the regular rate of 8%
Some of the decisions of these Commissions are illumina
ting
$22,169,449 79. Of the balance, $5,563,815 68, there were
and support what we consider to be the soundes
policy.
carried to reserves $2,800,000 and to surplus $2,763,815 was
In a recent case before the Board of Public tUtility
68.
ComNo dividend on the stocks of the associated companies missioners of the State of
New Jersey, that Commission
was increased during the year excepting the increase from
stated:
6% to 7% in the rate on the stock of the New England Tele"Assuming that adequate regulation in the public interest
phone & Telegraph Company, made in the second quarter is provided, this Board
avows its conviction that unified
of the year.
and exclusive control and operation of telephones within a
During 1910 and 1911 over $23,000,000 of capital
given area is preferable to a competing telephone system
vances to associated companies were exchanged for ad- with its inevitab
le disadvantages, of divided service and
stock
of those companies. This exchange was for the most
part duplicate cost."
in non-dividend paying companies that the Parent Compan
The Nebraska Commission has appi oved our plan for coy
had been obliged to finance and build up from the
depressed operating with the independent interests in giving universal
condition resulting from causes which were prevalen
in service, and the legislatures of Ohio and•Michigan have passed
the early days of the business, companies in which there twas
laws providing for the consolidation and merger of competing
only a small percentage of the stock outstanding.
These telephone companies under proper regulation.
companies either now are, or soon will be, upon a secure,
In the so-called Rate Case, the Maryland Commission
conservative, dividend-paying basis. The resulting decrease
stated that every one sees at once that the rule of fairness
from this cause in the American Telephone & Telegraph requires that every consumer should
pay for his own actual
Company's revenue is at the rate of over $825,000 per year, use, and it is not easy to
a reason that would justify a
that amount additional remaining in the surplus of companies different rule in the case find
of telephone service. The Comin which this company has about 95% interest.
mission thus sustained our position in regard
to measured
ISSUES OF CAPITAL STOCK AND BONDS. •
service in large cities as against flat rates.
On June 20 1911 the stockholders were given an opporThe Board of Public Utility Commissioners of the State
tunity to subscribe at par for new stock in the proporti
on of of New Jersey in the Camden Rate Case decided that it is
one new share for every five shares of record June
30, and not practicable at all, or would involve undue and unnecesit was provided that the payments in settlement of subscrip
- sary delay, to segregate and isolate services and cost within
tions might be made either in full Nov. 11911, or
in four restricted municipal areas. The Board is of the opinion
equal installments at the following dates: Nov. 11911,
Feb. 1 that to reach a proper basis on which a reasonable return
1912, May 1 1912 and Aug. 11912; or in full on any installmay be earned the entire property of the
of the telement date; adjustments of interest and dividends being made phone ,company inventoried will suffice. systeiii
This decision is in
so that the net charges to be borne by the company will be line with our conception of a universal system
at the rate of 4% up to installment dates, and thereafter at our position that a basis of rates should not beand sustains
confined to
the company's dividend rate.
an exchange area.
Practically all of the $55,086,500 stock offered was subWe have not carried into the courts a large number
of
scribed for and $41,200,700 was paid for and issued under cases, but it has been our good fortune to
date of Nov. 11911. In addition, payments of $2,522,209 52 successful in those which have been be almost uniformly
submitt
ed
to
their
on installments were received and are shown in the balance decision.
sheet under Capital Stock Installments.
ENGINEERING.
The conversion rate of the convertible bonds was reduced
The year 1911 has as usual, been an active
one for the
at July 1 1911, by reason of the new stock offered to stock- general engineering staff maintained at headqua
holders, and under the terms of the Trust Indenture, from benefit of the associated companies throughoutrters for the
United
133.7374 to 126.4391. At the close of business Dec. 311911, States. For every one of these companies a largethe
number of
$129,541,000 of the $150,000,000 convertible bonds sold had important problems have been studied and solved
and
been handed in for conversion, leaving outstanding at that substantial progress has been made in the improvifurther
and
date $20,459,000, a reduction in 1911 of $18,482,000.
standardizing of apparatus and in the development ng
of imDue to the conversion of the bonds and the stock taken on proved methods of rendering the telephone service to
the
subscriptions, there has been an increase of $55,091,900 in public.
In improving the transmission of speech a most importa
the outstanding share capital. The number of shareholders,
47,341 on Dec. 311911, shows an increase of 6,960 during work has been the development of methods whereby nt
the
the year, and increased to 49,011 on March 1 1912. The loading coil invention can be applied to the
gauge
distribution is general, there being 41,016 shareholders who wires and whereby such wires, when equippeheaviest
d
loading
hold less than 100 shares each, 5,971 who hold from 100 to coils, can be operated on the phantom principlwith
e. By this
1,000 shares each, 324 who hold from 1,000 to 5,000 shares means telephone service is now successfully accompl
ished
each and 30 who each hold 5,000 shares or more. The aver- between New York and Denver and the transmission of speech
age number of shares held was 67. A majority of the com- between cities less far apart has been greatly improved. By
pany's stockholders are women. Less than 8% of the stock the application of the phantom principle to such circuits
was at Dec. 31 in the names of brokers.
the available facilities have been largely increased, so that
The remaining $17,300,000 of 4% Collateral Trust Bonds between the important telephone centers notable improve
have been used during the year, together with other assets ments in service have been accomplished.
of the company, to carry out the policies of the compan
In
long
undergr
ound cables improvements have also
y in
the acquisition of independent or opposition telephone commade,so that the phantom principle may be employebeen
d in
panies, and in the acquisition of minority interests in the
them,
and
the
range over which speech may be transmit
associated companies, as a part of the plan for the re-arrangehas been so far increased that when this type of cable is ted
inment of their territories.
stalled between Boston and WashinFton, it will be possible
Of the $49,000,000 increase in the shares of our associated to talk underground between those cities and all of the
intercompanies shown in the balance sheet, less than $1,500,000 mediate points, which would have been impossible under
the
represents new issues for current construction purposes. previous state of the art.
The balance was acquired by purchase or exchange, or was
Engineering supervision has been given to the testing and
new stock received in payment for notes held by the company. inspection of construction material for the associated comTherevenues of the company will not be affected, except panies, amounting in value to $20,000,000.
favorably, by these exchanges or purchases, as they were
Fundamental plans have been made for the associated
substantially all made on the basis of present revenues, while companies in twenty cities. These provide for the proper
they give the company a larger interest, about 87 per cent, location of subways and central offices so as to insure the
in the divisible surplus earnings of the associated companies, mostrefficient groi,vtlil'of the plant. The construction conand it is upon their earnings that the whole prosperity of templated in these plans amounts to more than $100,000,000.
the company7depends. The dividends from the shares of
RE-ARRANGEMENT OF TERRITORY.
these'companies constitute a large part of the revenue of the
There has been some misunderstanding in connecti
American Telephone & Telegraph Company.
on
with the acquisition of the minority interests of
The total outstanding capitalfstock and bonds of
certain
the
associat
ed
companies. In every one of these
American Telephone & Telegraph.Company at Decembe
r 31 American Telephone & Telegraph Company companies the
1911Twere7asifollows:
already owned
controll
ing
a
interest, in fact, held about 70 per cent of the
CapltalTStock
$318,427,500 whole, which
4 Per Cent Collateral Trust Bonds
has been increased to over 95 per cent by the
78,000,000
4 Per CentrConvertlble Bonds
20,450,000 recent acquisitions. Each of the companies was an integral
Total
$418,885,500 part of the Bell System. Each of the companies was con-
MAR. 23 1912.]
THE CHRONICLE
851
set forth in detail in the announcement made early in the
present year, but which has been in effect to a considerable
:
extent for a long time.
Rightly or wrongly—whether through ignorance or for
other purposes—franchises for opposition exchanges were
optained on the promise of low rates and improved service,
and capital was obtained on promises of large profits.
These opposition exchanges were established as a rule in the
cream of the territory and took in little or no unproductive
territory, and built up no outside connections except where
a profitable business could be obtained. The financial results are well known—few, if any, of the inducements held
out were realized or promises made fulfilled. Increases in
rates fixed in the franchise were applied for on the ground
that without an increase the companies could not continue
operation—many could not and did not continue.
In the face of these conditions, and excepting a few places
where competitive conditions made it impossible, the Bell
System has substantially maintained standard rates, averaging considerably higher than the opposition rates, and,
notwithstanding the higher average rate, the Bell gain in
places where there was opposition was much greater than
the opposition gain in stations.
Wherever these combinations have taken place, the rates
not standard have been made standard, and frequently no
increases in rates took place except such as were consequent
upon the increase in the size of the exchange, and in no case
have the rates even approximated the combined rates of the
two exchanges.
Wherever these rates have been increased, it has been done
by and with the consent of the subscribers to the exchanges,
and with the direct authority or acquiescence of the public
authorities.
It does seem as though through the open public knowledge of so many failures on the part of opposition telephone companies to give lower rates and better service
with profit, and the open acknowledgement of the impossibility of doing this, there might be a cessation of the
assertions so freely and so often made that the Bell System
is making unreasonable dividends out of excessive profits,
ORGANIZATION OF THE BELL SYSTEM.
derived from exorbitant charges for service, particularly
Under this re-arrangement of territory the American those assertions originating, as most of them do, at places
Telephone & Telegraph Company, controlling the entire in territory in which the service of the Bell System has been
Bell System, will,as it has in the past, exercise the functions operated without any profit for years.
of a "centralized general administration." All questions of
There is no way of getting the profits out of the company
policy common to all, all common matters which may have except through dividends and interest, as all surplus has
an effect upon the system as a whole, will be settled by the been put back into the plant, and the average dividends paid
Central Administration. As one administration will do for on the outstanding stock of the associated Bell companies
all what each would have to do for itself, it has the advantage for 1911 were 6.3%, while the average profits were 7.93%,
of economy and will maintain uniformity.
as shown on previous pages. The correctness of these stateFor operating purposes there will be eight or ten divisions, ments has been verified many times by the examinations
condiwith boundaries determined by present commercial
made by official bodies of control and regulation.
tions, instead of a much larger number of divisions with
The telephone-using public is willing to pay sufficient in
conother
by
or
boundaries fixed more or less accidentally
the way of charges to maintain such a system as the Bell
Each
ago.
thirty
years
or
siderations prevailing twenty-five
System, as against a cheaper but less efficient or less univerdivision, whether operated directly or through corporate sal service, and the telephone-using public is willing that
organizations, will have a responsible local administration, fair and reasonable dividends should be paid.
supreme in the "intra-division' operations. Each division
What possible good can come from these mistaken assern turn will be divided into districts, with a subordinate but tions of conditions is hard to understand, and why they should
responsible local administration, and in many cases these be made when it is so easy to ascertain the facts is even
districts will be divided into sub-districts. In each district harder.
or sub-district there will be a subordinate but responsible
PUBLIC RELATIONS.
local representative, who will in all local routine matters be
Our views on the relations between industrial or utility
to the public the representative of the whole system.
All lines of responsibility and suggestion will go up, corporations and the public, particularly our own relafrom the local representatives to the Central Administra- tions, are so simple and direct as to seem almost commontion. All lines of authority down, from the Central Admin- place and to make reference to them seem like repetition.
istration to the local chief.
It is;however, only through repetition that we can be sure
Under the Bell organization each associated company or of a thorough understanding, and it is only by a thorough
each
and
now,
is
division
companies
will
hereafter
understanding that we can get that well-informed, intelligroup of
become, an autonomous whole, with its own local control gent public opinion that we desire.
of
the
limits
the
general
within
policy
and
We believe that our company has a most vital interest
and identity, and
authority, absolute on matters pertaining to or which affect in, and that our future success and prosperity depend upon,
the working out of the telephone and telegraph problem
only that territory.
Such an organization avoids that general tendency in all in a way that meets with the approval of the public as a whole.
to
or
unmuch,
become
too
We believe, and we think the public is fast coming to becombinations to concentrate
wieldy and unmanageable, and thus lose all the economical lieve:
That the telephone service, to be perfect, must be unior effective operating advantages.
There are limits of active usefulness beyond which the versal, intercommunicating, interdependent under one control, and that no isolated section can be considered indephysical or mental capacity of individuals will not extend.
The organization as constituted will be flexible enough to pendently of any other or of the whole system, and that rates
enable any re-arrangement to be made of the whole or any must be so adjusted as to make it possible for everyone to be
part, in any way which may be found necessary or advan- connected who will add to the value of the system to others.
tageous from reasons of policy or from business or legal
That the highest commercial value of the telephone serreasons, without affecting the business.
vice depends on its completeness, on the extent and comFuture financing may be done locally, by the divisions prehensiveness of its possibilities of intercommunication,
or districts, or it may be done by the Central Administra- not only between individuals but between aggregations of
tion, or partly by each, as best will meet commercial or individuals, i. e., communities.
business conditions at the moment. It will be necessary
We believe that we are working this problem out on the
only to consult expediency.
broad lines of the greatest benefit to the public, and that
this is evidenced by the fact that our standards and lines of
INDEPENDENT AND OPPOSITION COMPANIES.
organization and operation are the standards the world over.
As a corollary to this—we recognize a "responsibility"
We have, wherever we could do so legally and upon satisfactory terms, and acting with the acquiescence and consent and "accountability" to the public on our part, which is
of the local public and local authorities, purchased, merged something different from and something more than the oblior made connectinF contracts with a large number of inde- gation of other public service companies not so closely interpendent or opposition companies. Wherever these arrange- woven with the daily life of the whole community.
But, in admitting this responsibility and accountability
ments have been completed and put into operation there
on our part, we must insist that the measure of it shall not
seems to be general satisfaction with the result.
Our policy in relation to independent companies was be determined by impossible standards,that equity and fairness
nected with the others by the long-distance lines of the
American Telephone & Telegraph Company, and each of the
companies under license contract with that company.
The company is now in a position to carry out its policy
of "re-arrangement of territory," as outlined in previous
reports, and, without raising questions of conflicting interests, so to arrange the territory that it will conform to commercial and natural lines. In the few cases covering small
areas not embraced in this control, the working arrangements
are harmonious and the operations in perfect accord with
the whole system.
The ultimate object and the reasons for this re-arrangement
are briefly as follows:
Any telephonic connection must be continuous from any
point of communication, as a centre, to any point to be
communicated with, even to the utmost speaking distance.
To obtain continuous speaking circuits there must be uniformity of practice and equipment and perfect co-operation
in "operation" over the whole circuit. Therefore, there can
be no restrictive or interfering boundaries between exchanges
of a telephone system, and any system should be co-extensive
with any territory naturally intercommunicating from
national, geographical, or racial reasons.
To have this uniformity and co-operation there must be
common interest, under common control, either through
ownership of property, ownership of controlling interest,
combination, or agreement; whichever way it is, it must be
sufficiently strong to constitute practically one system,
intercommunicating, interdependent, universal.
(See discussion of relations and object of re-arrangement
in previous reports, particularly 1909, 1910.)
So long as each State retains control of its intra-State
affairs and its corporate creations, and so long as interState traffic and inter-State service corporations cannot
be detained by State boundaries, so long will some sort of
State recognition of the corporations of other States or some
corporate machinery be necessary in each State to bring all
service corporations doing an inter-State business under
State control and operative conditions within each State.
THE CHRONICLE
18.42
shall be, and personal and political exigencies or partisan
advantages shall not be, the basis of judgments and requirem
We cannot conceive of ,anything more unfair than was
the spirit which actuated a minority—small, it is to be
hoped—of a political club which stands for high purposes,
when it was proposed to pass a resolution recommending,
"such action with regard to telephone rates and service as
shall strengthen the party before the people of this State."
The same spirit actuates bodies or committees undertaking to legislate on service corporations when report after report of independent experts employed by those bodies to examine and report conditions on which to base action is objected to and rejected because the reports do not conform
to their preconceived ideas of political desires or interests,
and at the same time these bodies openly demand a report
that does conform to their ideas.
This is only illustrative of the tendency on the part of individuals or temporary bodies, without any, or at the best
with a very superficial or partisan, knowledge, often prejudiced by their own interests, to attempt,to pass on complex
business questions.
In our relations with permanent bodies of control and regulation during the past year, we have had so little in the way of
difference or difficulty as to be almost negligible. In presenting or defending our cases, we have tried to be governed
by equity to ourselves and consideration to the public in
every way, and have given such full reasons and such full
facts to substantiate our cases that the only particular differences were those bound to exist between a public commission and.a corporation, each trying to do what was best
from its point of view.
Wherever we have had serious difficulties with representative bodies or the public, it has almost always been because
those representing the public or legislative bodies , were of
temporary nature.
Temporary committees of bodies legislative in their functions, though trying to assume a judicial attitude, do act
from an entirely legislative and sometimes political standpoint. Their decisions are frequently contradictory, irreconcilable and impossible, even when these committees are composed of fairly disposed men. Nor is this any reflection upon
such committees. Their inability arises from the manner
of their selection, the temporary nature and selfish interests
of their positions, the engrossing nature of their many other
duties and the lack of time to familiarize themselves with
questions involving years of practice and experience.
GOVERNMENT OWNERSHIP.
r The discussion of the Government ownership of the wire
companies is not likely to become anything more than acedemic, at least for the present.
Even if the final conclusion should favor Government
purchase of all wire plants, there would be no unfavorable
consequences to the shareholders of the wire companies other
than the obligatory liquidation. Any possible award for
the property which the security holders would be. obliged to
accept would give them better than current prices for their
securities.
pIt is, however, highly desirable that if there is to be dis.cussion, it should be on the right lines and that whatever
be the conclusion it should be reached after a full consideration of conditions as they exist, and of the practical experience of other countries, and not be based upon theories,
expectations, prophecies, promises with no power to flail,
or wrong ideas of existing conditions.
r It is only in comparatively recent years that the present
prevailing theories of mail service have been evolved, and
the free interchange of communication, of intelligence, ideas
and personal information has become a fundamental necessity to our modern civilization, with its scattered and widespread family and racial interests; it is now established as one
of the obligations of modern government. Expense is the
last consideration, while uniformity, extent of service, absence of discrimination and equal facilities for every one
and every place are over and above every other consideration. No matter how much the costs in any particular service may vary, charges for the same classes of service must
be uniform, moderate and within reach of all. Every one
and every place must be on a plane of equality, regardless of
varying conditions.
The use of the mail service is so widespread and general,
and its availability of such national importance, that
whether it should be at the expense of the general revenue
of the nation or of the specific revenue of the service is immaterial; even economy and efficiency are secondary to the
inviolability, the freedom from espionage, from suspicion
of private gain or benefit, from restrictions tending to limit
its use.
It is a service that must be maintained by the whole for
the common benefit of the whole.
Quite a different proposition would be the Government
operation of the telegraph.
Instantaneous and immediate transmission of communications is as yet a convenience or luxury, although under
modern methods of business and commerce it is an economical alternative to the cheaper mail service in business operations. The use of the telegraph may be a popular convenience, but it is not a necessity and is still confined to the comparatively few, and for that reason should be at the cost of
VOL. Lxxxxxv.
the few that find benefit and profit in that use. The .ratio
of the use of the mails to the telegraph is nearly 100 to 1,
and less than 5 per cent of the whole population use the
telegraph.
The Post Office Department is an organization for the
operation of the mail service over and through transportation facilities under private ownership and operation. The
mails are taken from and delivered at the post office by the
transportation companies and dispatched on trains over
which the Post Office Department has no control or concern
whatever. The Post Office Department has its own problems peculiar to its service, many of them intricate and vexatious, but none suali as are connected with the operations
of a transportation company. There is no capital investment for transportation plant and relatively little for equipment. In the few instances in other countries where there
is government ownership of transportation facilities, it is
not because of or on account of the mail service.
Government operation of the telegraph would .necessarily
require the ownership, maintenance and operation of the
transmission facilities and equipment, as well as the solution
of many complex problems incident thereto, including that
of profit and loss, all new to our form of government. Hundreds of millions must be invested in purchase or reproduction of facilities, all the charges on which, together with other
costs, must be met out of the revenue from the service ,or
become a charge on the general public revenue—all for the
benefit of the comparatively few who would directly or indirectly profit by the use of the service.
The question of success or failure in any enterprise rests
almost entirely with the organization. To create any new
organization of such magnitude would be most difficult udder
favorable conditions, but the conditions which must control
under Government ownership would make doubtful the creation of an efficient and economical organization, or the
profitable operation of a business which even under private
operation has such a small margin of profit.
If the telegraph could take the place of the mails in popular
use, all considerations other than public convenience might
be brushed aside, but this it can never do; the great part of
ordinary correspondence must be secret, it must be the written
personal communication that is transmitted. The correspondence must not be limited in length or restricted i
vocabulary, and in the ordinary affairs of life the time of
transmission is relatively unimportant. The telegram may
be used as an alternative but never as a substitute for the
mails in the uses peculiar to them.
Immediate or instantaneous transmission of communication will always be relatively expensive, in that transmission
facilities must be adequate to the maximum requirements
at any time, with idle, unused facilities most of the time as
a consequence. Overloads can only be taken care of by
delay, which takes away all there is of value in immediate
transmission.
The only possible way in which a telegraph service intermediate in value and cost between the mail and the telegraph
can be given is by maintaining rates on instantaneous business at a point which will meet the entire fixed charges of the
plant, in addition to the other costs of that particular service.
All who make use of such service can well afford such charges;
dispatch and efficiency are the only considerations. The
idle intervals can then be employed for particular services
at popular rates, based on operating costs and a small margin
of profit.
The inevitable tendency under Government ownership
towards reduction of rates and uniform charges for all classes
of service would be destructive of profit in operation and
would make possible any popular services only at the cost
of the general revenue.
In the arguments and prophecies that are being used in
support of Government ownership, history is but repeating
itself. The same undervaluation of existing plants, the
same exaggeration of the profits, the same optimistic and
exaggerated statements of what would be the results of
Government operation that were made in favor of Government ownership in other countries are now being made.
The facts are that there is hardly a telegraph or telephone
system in the world now operated by any government which
shows a profit, even under accounting methods employed,
and not one that would not show a deficit under accounting
methods obligatory upon private enterprise. For authority
see any department report of any government telegraph
system.
Another consideration, much misunderstood and often
misstated, is the supposed superiority and cheapness of
service in other countries.
Taking the kind and quality of service, the extent of territory covered and the wages to employees, there is no service
in the world cheaper than the telegraph and telephone service
of the United States. For authority see statements made
by departmental heads and reports of commissions of the
various governments of Europe and more recently of Manitoba, and the experience of travelers and business men the
world over, and the statement of the Postmaster-General
of Great Britain, who said in Parliament that if he could
have the charges made in the United States he could give
as g,00d service.
There is not a single instance of telegraph or telephone
companies operated by private corporations in competition
853
THE CHRONICLE
MAR. 23 1912.
with government operation, where the private service is not
better than the government and profitable, against unproft
itable government operation, if untrammeled by governmen
interference.
TELEPHONE AND TELEGRAPH.
sysThe inter-operations of the telegraph and telephone
delivery
tems are improving rapidly. The collection and popular.
of telegraph messages by telephone is becoming and will
Telegraph facilities have been largely extended,
offices
soon be much further extended, by agencybytelegraph
the connection
established at telephone toll stations and
"all-night" offices.
of the telephone system with telegraph
advanAll these innovations have been of conveniencetoand
the public;
tage, and in case of emergency a great benefit,
in opbut they have not as yet been productive of economy
eration or of profit.
The Western Union system is to the telegraph situation
in that
what the Bell System is to the telephone situation, but
the
each tries to give a comprehensive universal service,
comparison ends there.
The Western Union has over 25,000 offices in over 21,000
places, and in addition many thousand agency offices at the
toll stations of the Bell System. From less than 2,000 of
the 21,000 places, with an aggregate population of about
40,000,000, over 90 per cent of its entire revenue is obtained.
Nearly 17,000 of the 21,000 places have an average revenue
of but slightly above $10 a month, with a maximum of $50
a month. Some joint operating arrangement, generally
with the railroad telegraph service, has been made for these
and many other places where the revenue is insufficient to
maintain an exclusive Western Union office. The increasing
demand of the railroad telegraph service upon its operators,
and because their first duty is to the railroad service, places
the commercial telegraph service in a secondary place,
which, with the best of intentions, is not conducive either
to promptness or efficiency.
The Bell Telephone System has scattered over the whole
territory exchanges or toll line centres from which radiate
subscribers' circuits and branch toll line circuits. These
centres are connected with each other by toll or long-distance
circuits and constitute the telephone system. The toll circuits of the telephone system reach 70,000 places. At most
of these places and upon substantially all of these branch
toll circuits, and on many circuits connecting into the intermediate stations on trunk lines, there is not enough business
to occupy fully either operators or wire facilities; were it not
for the indirect advantage to the whole system, few, if any,
of them would have been established. While the telephone
cannot be used interchangeably with the telegraph instruments in the transmission of messages over busy circuits by
busy operatives, the "not-busy" operatives and circuits
could be used for telephone and telegraph service "alternately" instead of "simultaneously," as there is not enough
business to justify such circuits being "composited"-i. e.,
arranged for simultaneous use of telegraph and telephone.
The joint use of such lines and operatives would be a source
of economy. At busy offices and on busy circuits the circuits could be "composited" for the simultaneous use for
telegraph and telephone purposes. Each service would require its distinct operating force and its distinct offices, as
the services rendered by the telegraph and the telephone are
functionally and fundamentally different, although both use
wire circuits. The telephone makes up a circuit and places
it at the use of the customers, who do the communicating:
i. e., it leases its circuits to others for personal communication. The telegraph by its own operators performs all the
services of collecting, transmitting and delivering messages;
i. e., it transmits over its circuits, for others, personal communications.
The great economy and advantage would come from the
"compositing" or simultaneous use of one system of circuits
for the two services, eliminating entirely one of the wire systems. The advance in the state of the art of "compositing"
lines for joint use of the telephone and telegraph has been
very marked in the very recent past.
A diagram in the report shows that the existing wire mileage of the present telephone toll circuits and telegraph plants
brought up to standard construction with some provision
for deficiencies or extensions, if "composited" or used jointly,
would for all practical purposes be the equivalent of two
plants each of the same mileage, one for telephone and one
for telegraph; or, to put it another way, the wire mileage
necessary to give the same service need be about half the
combined wire mileage of the two systems separately operated as now.
For the Directors,
THEODORE N. VAIL, President.
BELL TELEPHONE SYSTEM IN THE UNITED STATES
Dec. 31 1895. Dec. 31 1900. Dec. 31 1905.
Dec 31 1910.
Dec.31 1911.
Inc. 1911.
25,330
52,873
78,203
30,451
101,087
131,538
67,698
145,535
213,233
120,175
162,702
282,877
131,379
163,351
294.730
11.204
649
11,853
Miles of Underground Wire
Mlles of Submarine Wire
Miles of Aerial Wire
Total Miles of Wire
184,515
2,028
488,872
675,415
705,269
4,203
1,252,329
1,961,801
2,345,742
9,373
3,424,803
5,779,918
5,992,303
24,636
5,625,273
11,642.212
6,831,667
26,936
6,074,012
12,932,615
839,384
2,300
448,739
1,290,403
Comprising Toll Wire
Comprising Exchange Wire
Total
215,687
459,728
675,415
607,599
1,354,202
1,961,801
1,265,236
4,514,682
5,779,918
1,963,994
9,678,218
11,642,212
2,060,514
10,872,101
12,932,615
96,520
1,193,883
1,290,403
Total Exchange Circuits
Number of Central Offices
237,1337
1,613
508,262
2,775
1,135,449
4,532
2,082,960
4,933
2,306,360
5,014
223,400
81
Number of Bell Stations
Number of Bell Connected Stations*
Total Stations
Number of Employees
Number of Connecting Companies, Lines and Systems
Exchange Connections Daily
Toll Connections Daily
• Includes Private Line Stations.
281,695
27,807
309,502
14,517
800,880
55,031
855,911
37.067
2.351,420
5,668,986
2,241,367
287.348
2.528,715
89,661
,------13,543,468
1AR n9R
ARA (IRS
4,030,668
1,852,051
5 882,719
120,311
17,845
21,681,471
sten
4,474,171
2,158,454
6,632,625
128,439
21,454
770
23,483,
443,503
306,403
749,906
8,128
3,609
299
AO
1,802,
Miles of Exchange Pole Lines
•Miles of Toll Pole Lines
Total Miles of Pole Lines
K1 192
RA,
•
dtAAn4o
AMERICAN TELEPHONE & TELEGRAPH COMPANY
BALANCE SHEET DECEMBER 311911.
Assets$405,859,400 00
Stocks of Associated Companies
1,689,000 00
Bonds of Associated Companies
Capital Advances to Associated Companies 52,737,803 83
$460,286,203 83
$12,334,255 96
Telephones
2,188,239 85
Real Estate
48,155,893 26-62,678,389 07
Long Distance Telephone Plant
$29,635,036 24
Cash and Deposits
175,000 00
Short-Term Notes
1,107,000 00-30,917,036 24
Temporary Cash Loans
6,681,613 71
Special Demand Notes
4,959,946 10
Current Accounts Receivable
$565,523,188 95
LiabilitiesCapital Stock
Capital Stock Statements
$318,427,500 00
2,522,209 52
$320,949,709 52
00
Trust
$78,000,000
Bonds,
Collateral
1929
4%
00
Bonds,
20,459,000
1936
Convertible
4%
5,000 00
5% Coupon Notes, 1907
4,000 00
5% Coupon Notes, 1910
10,600,000 00
Other Notes Payable
Indebtedness to Western Union Telegraph
Co. for New York Telephone Co. Stock,
16,500,000 00
payable 1912 to 1915
Undertaking to deliver ($12,617,760) 5%
25-year bonds of Cumberland Tel. & Tel.
Co. in exchange for 78,861 shares Cum12,617,760 00
berland Stock
138,185,760 00
$6,368,550 00
Dividend Payable Jan. 15
48
on
New
328,273
Stock
Adjustments
Dividend
2,132,324 49
Interest and Taxes Accrued, but not due
748,624 76
Current Accounts Payable
9,580,118 72
2,345 99
Revenue
Unearned
for
Reserve
$40,383,161 80
Depreciation Reserve
56,424,438 9i-96,807,600 71
Surplus
t
COMPARATIVE STATEMENT OF EARNINGS AND EXPENSES FOR
THE YEARS 1910 AND 1911.
•
1911.
1910.
Earnings$19,205,494 35 $20,844,398 53
Dividends
Interest and other revenue from Associated
10,462,786 70
10,838,442 84
Companies
4,893,513 39
4,979,231 92
Telephone Traffic (net)
92,854 41
95,119 69
Real Estate
590,958 21
325,758 44
Other Sources
Total
Expenses
$35,358,328 71
3,425,114 22
$36,970,229 77
3,868,984 00
Net Earnings
Deduct Interest
$31,933,214 49
5,077,321 33
$33,301,245 77
5,567,980 30
Balance
Dividends Paid
$26,855,893 16
20,776,822 12
$27,733,285 47
22,189,449 79
$6,079,071 04
$3,000,000 00
3,079,071 04
$5,563,815 88
$2,800,000 00
2,763,815 68
$6,079,071 04
$5,563,815 88
Balance
Carried to Reserves
Carried to Surplus
Year1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
95
$565,523,188
1911
CHARLES G. DuBOIS, Comptroller.
CHARLES G. DuBOIS, Comptroller.
ANNUAL EARNINGS AND DIVIDENDS.
Added to
Added to
Dividends
Net
Reserves.
Paid.
Surplus.
Revenue.
$4,078,601
$937,258
$470,198
$5.486,058
5,050,024
1,377,851
970,611
7.398,286
6.584.404
522,247
728,622
7.835,272
8.619,151
1,217,374
10,564,865
728,140
890,435
11,275,702
9,799,117
586,149
13,034,038
1,424,388
1,743,295
9,866,355
1,001,967
12,970.937
1.773,737
10,195,233
1,825,744
3,500,000
16,269,388
10,943,644
2,662,551
18,121,707
3,000,000
12,459,156
3,059,113
3,000,000
23,095,389
17,036,276
3,079,071
3,000,000
20,778,822
26.855,893
2,763,815
2,800,000
22,169,450
27,733,285
CHARLES G. DuBOIS. Comptroller.
851
THE CHRONICLE
[VOL. Lxxxxiv.
AMERICAN SMELTING & REFINING CO.
THIRTEENTH ANNUAL REPORT—FOR THE CALENDAR YEAR ENDED
DECEMBER 31 1911.
To the Stockholders:
Securities Company appearing as a liability on its books,
The Board of Directors herewith submit the Thirteenth
the appraised value thereof appearing as an asset on the
Annual Report of the business and operations of the Ameri- and
books of the American Smelting & Refining Company.
Smelting
can
& Refining Company for the calendar year
1911, together with a statement of the financial condition of
INVESTMENT ACCOUNT.
Company
the
December 31 1911.
The total book value as of December 31 1911 of all of the
stocks of other companies carried in the investment accounts
CONSOLIDATED BALANCE SHEET AND INCOME
ACCOUNT.
of the Smelting Company and Securities Company is $1,In the last annual report the stockholders were informed 585,670 36, being a reduction
that the Company owned the entire common stock of the valuation of these securities asof $900,210 00 from the book
reported in the last annual
American Smelters' Securities Company. Since the Coni- reports.
pany is the owner of such stock, and as such stockholder is
INCOME ACCOUNT.
entitled to all the earnings of that company after the payThe operation of the mines ind smelting works located in
ment of its interest charges and dividends on its preferred Mexico
were interfered with during the period covered by
stock, it has seemed to your Directors that the stockholders this report
by strikes and demoralization of traffic arrangewould receive a better understanding of the affairs of the ments
Company from a consolidated report of the Income Account changedue to the disturbances which resulted in a complete
in the National and State political organizations.
and from a consolidated statement of the assets and lia- The Company,
however, was most fortunate in suffering no
bilities of the two companies, from which all intercompany loss to
balances are eliminated. The Directors have, therefore, largely its property, except to a minor extent. Due very,
to the diversity of interests and the broadening of
decided that the annual reports shall be so prepared and
the sphere of business activities of the Company, the income
presented to the stockholders.
for the period of twelve months ended December 31 1911 is
FISCAL YEAR.
substantially the same as the earnings reported in the last
At the last annual meeting of the stockholders it was voted annual reports of the Smelting Company and the Securities
to begin the fiscal year of the Company hereafter on January Company for the twelve months covered by such reports,
1st of each year and to close the current year on the 31st of notwithstanding the fact that, due to the closing of the ChiDecember 1911. As explained in the preceding paragraph, huahua Plant for several months and the curtailment of
the Income Account which is submitted herewith is a con- operations of all other smelting and mining properties of the
solidated income account of the American Smelting & Re- Company in Mexico, the earnings from these sources were
fining Company and the American Smelters' Securities Com- largely reduced.
pany. Inasmuch as the fiscal period not heretofore reported
Attention was called in the last annual report to the stacovers eight months for the American Smelting & Refining bility of earnings during the past six years
and to the fact
Company and seven months for the American Smelters' Se- that ordinary depressions, which so seriously
affected other
curities Company, a consolidated statement of the earnings industries, were only of minor consequence in the
operations
up to December 31 1911 not heretofore reported would be of your Company. To overcome so entirely, however,
the
misleading, could not be compared with the earnings of pre- demoralizing effect of labor and political situations
ceding 12 months periods, and could not be used as a basis as is shown by this report, is certainly a further in Mexico,
illustration
of comparison with future reports. For these reasons it has of this stability.
been thought best that the Income Account reported this
INVENTORIES.
year should cover the transactions of the calendar year 1911.
Although the price of silver and of copper has advanced
The balance in the profit and loss account as of January 1 largely during the period covered
by this report, yet, fol1911, shown on the statement, is not, therefore, the bal- lowing the practice of the
since 1906, the inventory
ance in the profit and loss accounts at the close of the last value of silver remains atCompany
50
cents
per oz. and of copper at
fiscal periods as shown in the annual reports, but has been 12 cents per lb., and no portion
of the Income Account hereadjusted by deducting from the published balances, April with reported is due to enhanceme
nt in the value of metals.
30th and May 31st 1911, the earnings for the calendar year
PROPERTIES.
included therein and other profit and loss items directly
The expenditure of nearly two million dollars in connection
applicable to the period prior to January 11911.
with ordinary repairs and replacements has, in the opinion of
PROPERTY ACCOUNT.
your Directors, maintained
efficiency and value of the
The amount expended by the two companies during the smelting and refining plants the
of the Company, and the total
period of eight months' business on the part of the American smelting and refining capacity of
the Company's plants has
Smelting & Refining Company and seven months' business been materially increased by the introductio
n of more efficient
on the part of the American Smelters' Securities Company methods and through the Capital Expenditur
es heretofore
for new properties and construction has aggregated $2,131,- reported.
692 37, which amount, following the plan outlined in the
The officers and employees of the Company have given
last annual report, has been added to the Property Account. most efficient and loyal service to your Directors,
which is
The expenditures include about $600,000 00 for the still un- appreciatively acknowledged.
completed construction of a new smelting plant located at
DANIEL GUGGENHEIM,
Hayden, Arizona., which is being built by the American
President. .
Smelting & Refining Company pursuant to a contract made
New
York,
March
15
1912.
with the Ray Consolidated Copper Company for the smelting
of the products of that company's mines. It is believed by CONSOLIDATED GENERAL
BALANCE SHEET DEC. 31 1911
the Directors that this plant will be in position to not only
ASSETS.
smelt the ores of the Ray Consolidated Copper Company's Property A ccount—
Cost of the property of all the companies the ownership
mines, but also, to a large extent,the ores produced by other
of which rests with the American Smelting do. Refining
mines in that locality, thus giving to the Company a further
Co. and the American Smelters' Securities Co
$178,152,497 50
Less—Amounts written off to Profit and
substantial addition to both its products and its profits.
Loss for Depreciation or New ConstrucThe amount also includes the sum of $550,000 00, representtion
___________ $26,188,764 35
Di.ference between par value of American
ing the cost of the Tiro General Mine which was purchased
Smelters' Securities Co. Corn. Sto ;lc, all
by the National Metallurgical Company. The reports of
of which is owned by the American
Smelting & Refining Co. and the book
the engineers of the Company with reference to this mine,
value of same on the American Smeltwhich lies adjacent to the smelting plant of the Company
ing & Refining Co. books
12,000,000 00 38,188,764 35
at Matehuala,, Mexico, are most encouraging; in fact, the
$139,063,733 15
profits to be derived from the ores in sight will, it is believed, Investments—
considerably more than pay the purchase price.
Book value of securities of companies in which a contraling interest is not owned
1,585,670 35
During the same period there has been credited to the Deferred
Charges—
Property Account $791,666 74, representing the regular apBalance of Discount on American Smelters' Securities Co.
Debenture Bonds to be charged out during life of bonds
704,166 66
propriation from the Income Account for depreciation of Reserve
Fund A sets—
property; and a further credit was made of $637,398 99,
Securities In Insurance Fund at cost
232,554 84
Stocks—
representing special appropriations for adjustments of prop- Metal
'Book value of metals when refined and
erty values, making a total credit of $1,429,065 73.
ready for delivery
$32,473,186 24
Less Unearned Treatment Charges
5,980,205 54 26,492,980 70
A reference to the consolidated general balance sheet will
show a further deduction from Property Account of $12,- Working Assets—
Material and Supplies
000,000 00. Since on the books of the American Smelters'
$2,566,872 59
Prepaid Expenses
400,148 70
Securities Company the common stock is carried as a
2,967,021 29
in the amount of its par value, namely $30,000,000 00, Current Assets—
Accounts
Collectible
$4,236.518
75
and since on the books of the American Smelting &
Loans to affiliated Companies
333,704 91
fining Company the same stock is carried, as stated in ReDemand Loans (secured by
the
copper
in
process
last annual report, as an asset of the appraised value of
of smelting and refining)
$3,192,049 59
$18,000,000 00, it is necessary in the consolidated general
Cash on Hand and in Banks 5,890,707 63 9,082,757 22 13,652,980
88
balance sheet to omit both of these intercompany items
and
$185,599,107 87
to reduce the Property Account by the difference between
• Does not include value of metals purchased and on hand but payable
the par value of the common stock of the American Smelters'
In
refinedimetals and not in cash (approximate value. $7,981,840).1/1
MAR. 23 !92
THE CHRONICLE
LIABILITIES.
Refining Co.
pital Stock of the American Smelting do
•;50,000,000 00
Common
50,000,000 00 $100,000,000 00
Preferred
Securities Co., not
Capital Stock of the American Smel'ers'
Co.owned by American Smelting & Refining ;17,000,000 00
Preferred A
30,000,000 00 47,000,000 00
Preferred B
Debenture Bonds15,000,000 00
American Smelters' Securities Co. 6%
Current Liabilities;1,555,043 65
Drafts in transit
116,404 31
Employees' Savings Deposits
CorporaAccrued Taxes (including 1911
198,493 25
_
_
Tax)
Excise
tion
379,125 00
Accrued Bond Interest (due Feb. 1st)- 15,760 00
Dividends-Unclaimed Refining Co.:
&
Smelting
American
00
875,000
1912
2
Jan.
Preferred, payable
583,333 33
payable March 1 1912__ _
Co.:
Refining
&
Smelting
American
500,000 00
1912.._ _ _
Common, payable Jan. 1515
333,333 34
1912_ _
payable March
Pref.
Co.
Securities
Smelters'
American
210,000 00
A. & B., payable Feb. 1 1912
subCurrent Accounts and Wages, payable
8,810,109 90
4,043,617 02
31st
Dec.
to
sequent
Reserve FundsEmployees' Benefit Funds
Operating Suspense Accounts
Insurance Fund
Profit and Loss
$394,435 51
335,948 03
358,888 12
1,089,271 66
13,699,726 31
;185,599,107 87
possession of Trus• $15,000,000 00 additional Common Capital Stock inSecurities Co.'s 6%
tee for purpose of conversion of American Smelters'
Debenture Bonds.
FOR THE
CONSOLIDATED STATEMENT OF INCOME ACCOUNT
CALENDAR YEAR 1911.
Industries
and
Plants
and
Refining
Smelting
Earnings of
immediately dependent on their operationsts$14,045,334 56
Total before deducting Ordinary Repairs and Replacemen
1,944,573 38
Less Ordinary Repairs and Replacements
$12,100,761 18
2,000,186 79
Earnings from Mining Properties
1,011,177 33
Other Earnings and Income
$15,112,125 30
Gross Income_
Deduct114,198 06
Corporate and Excise Taxes
767,982 19
Administrative Expense
of
on
Amortizati
and
on
Depreciati
for
ion
Appropriat
1,887,399 07
Property
32
;2,769,579
Deduction
Total
Net Income before deducting Fixed Charges and Dividends$12,342,545 98
Deduct Fixed Charges and Preferred Stock DividendsSecurities
Interest and Discount on American Smelters'
;870,833 34
__
Co. 6% Debenture Bonds (Feb. 1 to Dec. 31 1911)_ _
Dividend American Smelting de Refining Co. Preferred 3,500,000 00
Stook, 7%
Dividend American Smelters' Securities Co. Preferred 1,020,000 00
A Stock, 6%
Dividend American Smelters' Securities Co. Preferred 1,500,000 00
B Stock, 5%
;6,890,833 34
•
855
Win Tounntrtial 'giants.
COMMERCIAL EPITOME.
Friday Night, March 22 1912.
General trade shows a tendency to increase in important
lines of industry. Bank clearings show a noteworthy gain
for the week over those of the same time last year and also
some increase as compared with the corresponding week
in 1910. The coal strike in England and some disagreement among coal mine owners and workers in this country
are drawbacks, but on the other hand, labor troubles in
the cotton manufacturing districts of New England have
been, for the most part, composed. 35,000 operatives at
Fall River have been granted an increase in wages of 10%.
LARD on the spot has advanced, owing to a rise in the
market for futures; the demand has been moderate; prime
Western 9.60c.; Middle Western 9.40c.; City steam ni©
9%c. Refined lard has been quiet and firm; Continent 10c.;
South American 10.50c.; Brazil in kegs 11.50c. The
speculation in lard futures has been more active and prices
have advanced, owing to lighter receipts of live hogs and
buying by packers and commission houses.
DAILY CLOSING PRICES OF LARD FUTURES IN NEW YORK.
Fri.
Wed. Thurs.
Tues.
Mon.
Sat.
9.70
9.75
9.75
9.62
9.55
9.50
May delivery
9.90
9.93
9.94
9.82
9.75
9.70
July delivery
.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO
Fri.
Wed, Thurs.
Tues,
Mon.
Sat,
9.55
9.52
9.4234 9.47
9.52.1.4 9.60
May delivery
9.75
9.72
9.80
9.57 3.4 9.6734 9.70
July delivery
PORK on the spot has been stronger on light receipts of
hogs and the strength of futures; mess $18(018 50; clear
$17 25@)$18 25; family $19 50@$20 50. Beef has been in
moderate demand and firm; mess $12; packet $13; family
$15@$15 50; extra India mess $23 50©$24. Cut meats have
been quiet and steady; pickled hams, regular, loose 10@20
lbs., 11M1g12%c.; pickled bellies, 6(4)12 lbs., 9Y2@10 8c.
Butter has been more active and firmer; creamery, extras,
31c. Cheese quiet and firm; State white, special, 19c.
Eggs moderately active and steady; Western firsts 2234c.
COFFEE on the spot has been more active and firmer;
30.; Santos No. 4, 15%@)16c. West
Rio No. 7, 14%@14/
CuIndia growths have been quiet and steady; fair to good
been on
cuta 6).4@)163/2c. The speculation in futures has of
prices
a moderate scale. Early in the week the tendency
cost
was upward, owing to higher cables from Europe,strong the
and freight offers from Brazil and bullish estimates oflarge
next Brazilian crop. Of late prices have receded on
receipts and liquidation.
13.60c. I September 13.82c. December 13.74c.
March_ _ _ _13.38c.'June
13,66c. October _ _13.77c. January _ _13.70c.
13.450. July
April
13.54c. August __13.73c. November 13.760. February _13.65c.
May
OILS.-Linseed has been quiet but firm, owing to a strong
market at the Northwest for the seed; City, raw, American
seed, 72@73c.; boiled, 73@)74c.; Western raw, 71@72c.
Cottonseed firm; winter 6.10(4)6.35c.; summer white 5.75c.•
crude 4.54@4.67c. Cocoanut quiet and firm; Cochin 9M6
%@9c. Corn has been stronger on an inCeylon 83
Surplus Income for the year carried to Profit and Loss $3.451.712 64 9Uc.;
Account
creased domestic and foreign demand; car-loads 5.55c.;
PROFIT AND LOSS AO 20UNT.
smaller lots 5.60c. Lard steady; prime 75@)85c. Cod
Surplus at January 1 1911, adjusted as to changes made in;11,148,223 67 quiet; domestic 52@)53c.
1911 directly applicable to prior period
PETROLEUM.-Refined has been in active demand and
Surplus Income for calendar year 1911, as shown on state- 3,451,712 64
ment of Income Account
firm; barrels 8.20c.; bulk 4.60c.; cases 10.10c. Gasolne
$14,590,936 31 has been firm with an active trade; 86 degrees in 100-gallon
Deductdrums 21c.- drums $7 50 extra. Naphtha firm with a
Special Appropriation for Depreciation in value of $900,210 00
' 73@76 degrees in 100-gallon drums 183,4c.;
brisk request;
Investments
drums $7 50 extra. Spirits of turpentine firm at 533c.
General
ed
Consolidat
per
as
31
1911,
December
Surplus at
$13,609,726 31 Rosin firmer at $6 85@$6 90 for common to good strained.
Balance Sheet
SUGAR.-Raw has been quiet and easier; centrifugal,
The Financial Review for 1912, issued by the publishers of 96-degrees test, 4.42c.; muscovado, 89-degrees test, 3.92c.;
the "Commercial and Financial Chronicle,' is now ready. It molasses, 89-degrees test, 3.67c. Refined has been dull and
raw
is an invaluable book (336 pages) for reference throughout easier; granulated 5.55(0.60c. The visible supply of
in world is estimated at 2,780,000 tons.
the year.
Some of the contents are as follows:
TOBACCO.-Binder tobacco has met with a fair demand
of that
Retrospect of 1911, giving a comprehensive review of the business
steady prices. It is none the less a fact, however, that
l.
at
commercia
and
year, with statistics in each department, financial
for 20 years.
urers are buying only sufficient to meet immediate
manufact
Bank Clearings in 1911, with comparative statistics
each of the
Number of shares said on the New York Stock Exchange in
is quiet on the whole, though Ohio has met
Filler
needs.
Past 20 years.
in 1911, Ix ith sta- with rather more inquiry. The excellent quality of the
Securities listed on the New York Stock Exchange
tistics for a series of years.
Sumatra samples has elicited more attention, but it is reCall money rates daily In 1911.
of loans.
all
classes
on
years
three
past
marked that the prices demanded for this tobacco are rather
for
weeks
by
rates
Money
.
Weekly statements in 1911 for Banks and Trust Companies
The same thing happened at the last inscription.
high.
Crop Statistics for a series of years.
words, European competition has driven up the
years.
of
other
In
series
a
for
roduction
Iron and Coal-P
and Monthly Range
Gold and Silver-Production for a series of years
point which makes American buyers rather wary.
to
a
price
of Price of Silver in London from 1837 to 1911, inclusive.
Cuban leaf have been comparatively small. In
of
sales
The
years.
of
series
a
Exports and Imports for
of years.
be said that on the whole the average buyer is
may
it
fact,
Comparative prices of Merchandise for a series
in 1911.
Foreign Exchange-Daily Prices in New York
to keep close to shore, taking only such quanticominclined
with
affairs,
still
financial
and
l
commercia
Great Britain-Review of
ly necessary to meet engagements immeabsolute
are
as
ties
parative statistics.
and the changes in the
Bank of England Weekly Statements In 1911,
sight.
in
diately
l
cities.
Continenta
in
rates
Bank rate for a series of years; also money
Debt Statement for
Government Bonds-Monthly Range since 1860 and
COPPER has advanced under the stimulus of an active
each year since 1793.
demand, foreign and domestic. Sales of electrolytic have
State Bonds-Record of prices since 1860.
some
York
Foreign Government Securities-Range of Prices monthly on New
been made at 15c. cash New York for export in June;
demand is
Stock Exchange for five years.
Range of Prices offerings are still reported at 14%c. An active
Railroad and Miscellaneous Bonds and Stocks-Monthly
ia and reported for copper wire and other manufactured material.
for live years in New York, and for one year in Boston, Philadelph
Baltimore.
Tin easier, owing to an absence of demand and free offerings;
Railroad and Industrial Dividends, 1902-1911.
of Earnings, spot 423'c. Spelter quiet and easier at 6.75c. Lead quiet
Description of Railroad and Industrial Securities, Record
tion,
Passenger
Capitaliza
Dividends, Railroad Construction, Total Mileage,
but firmer at 4.25c. -Pig iron steady at $15 25(015 50 for
and Freight and other statistics for a series of years.
Northern and $14 50@$15 for No. 2 Southern. Sharp
The price of the review is $2. Publishers, William B. No. 1in ore prices by Cleveland interests who have made large
Dana Co., 138 Front Street, New York. Copies may also cuts are reported. Finished material more active and firmer
be had from P. Bartlett, 513 Monadnock Block, Chicago; sales
Higher prices asked for plates and structural shapes.
Edwards & Smith, 1 Drapers Gardens, London.
Net Income In excess of Fixed Charges and Preferred ;5,451,712 64
Stock Div.dends
DeductComDividend on American Smelting dc Refining Co.
2,000,000 00
mon Stock, 4%
856
THE CHRONICLE
COTTON.
On Shipboard, Not Cleared for-
Friday Night, Mar. 22 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
175,215 bales, against 184,055 bales last week and 203,159
bales the previous week, making the total receipts
Sept. 1 1911 10,408,515 bales, against 7,793,370 balessince
for
the same period of 1910-11,showing an increase since Sept.
1
1911 of 2,615,145 bales.
Receipts at-
•
Mon.
Sat.
Tues,
Wed,
[VoL.Lxxxxiv.
Thurs,
Fri.
Total.
Great
GerOther
March 22 at- Britain. France many. Foreign
New Orleans.. 14,345 3,072 10,251 20,377
Galveston
46,163 7,089 15,677 22,259
Savannah _ _ _ _
5,000
8,000 2,000
Charleston_
7,000
Mobile
5,871
308
5,821
1,100
Norfolk
New York_
3,000
500 1,800 2,500
Other ports... 14,000
12,000 3,000
Total 1912._ 88,379 10,969 60,549 51,236
Total 1911.. 33,107 10,258 21,335 28,717
Total 1910.._ 20,213 12,111 15,695 15,428
Coastwise.
Total.
Leaving
Stock.
2,1661 50,211
2,760 93,948
15,000
7,000
2,800 15,900
17,000 17,000
7,800
29,000
157,599
177,042
171,497
30,134
14,523
24,637
151,663
83,957
24,726235,859
9,446 102,863
15,355 78,799
811,052
457,341
445,988
Speculation in cotton for future delivery has latterly been
quiet and prices have shown a certain lack of definite trend.
Yet the net result for the week is a moderate decline. The
2-,5.72 2:046 5:776 1:22: 2:564 12:21
102; news on some
important questions has been contradictory.
"iii -6-66 "irii -iii "iii
.° 2,1N For instance, the English coal strike. One day it seemed on
9,
00
the
eve
of
immediate settlement. The next day the prospect
92
-----------------------92
4,297 4,562 4,565 2,403 4,443 4,732 25,002
looked dubious again. Finally Prime Minister Asquith introduces
his minimum-wage bill and it looks as though it
-i(ii -965 1:445 "iici -iia 17.18? 1.
.223
would go through Parliament with a rush and settle the whole
5,108 1:927 1:721
1;7
7
56
1:651
1,520
13
,463
matter
at
once. Then we are told that the bill fails to give
1,930 3,007 2,286 1,285
504 2,054 11,066
_
_
1,246 1,246 satisfaction to either side in the controversy. Still later it is
i'i
--------175
___
379 announced that the miners are getting sick
237
108
of the strike and
310
259
542
49-647 2,103
are about to return to work, urged by the necessity of earning
____
1,438
1,438
74
iti
84 regular wages and by what looks like broad hints, or
someTotals this week_ 21.2131 20.319 32.310 15.840 17.204 68.320
175.215 thing more, from outside unions disgruntled at the rapid
disappearance of their relief funds. At times the weather
The following shows the week's total receipts, the total has been more favorable. Farm work
in the Southwest has
since Sept. 1 1911, and the stocks to-night, compared with been vigorously pushed and
also in parts of the Eastern belt
last year:
whenever weather permitted. The sales of fertilizers have
been increasing. In Texas the testimony would seem to show
1911-12.
1910-11.
clearly enough that the acreage will be increased. The
Stock.
Receipts to
price of $50 to $55 a bale is considered a strong incentive to
March 22.
This Since Sep This Since Sep
Week. 1 1911. Week. 11910.
plant another big acreage,'indeed, pretty much over the
1912.
1911.
whole cotton territory. Sometimes, it is true, a big acreage
Galveston
46,004 3,231,615 22,057 2,587,925 270,990
91,9-15
Texas City
3,697 573,715
306,692
does not mean a big crop. Sometimes a relatively small acre17,346
Port Arthur, &c. 11,637 229,846
327 233,974
age has produced a larger crop than a big planted area. The
New Orleans_ _ _ _ 23,758 1,453,850 13,532 1,373,424
207,810 118,866
Gulfport
600
61,034
102
34,211
16,500
2,149 weather must determine what the next yield of cotton in the
Mobile
2,466 348,441
692 232,319
31,423
12,883 United States is to be. The ginning returns of
Pensacola
9,000 188,144
the Census Bu107,647
Jacksonville, &c
92
reau put the total for the season 16,050,819 bales, against 11,48,918
245
21,976
Savannah
25,002 2,173,683 5,860 1,331,216 186,947
965,962
last
year,
81,909
10,386,2
09
two years ago. These figures were
Brunswick
17,500 378,070
317 219,308
22,787
5,552 somewhat larger than
Charleston
5,680 391,690
many of trade had expected and
544 273,003
37,134
21,326
Georgetown
819
1,112
certain
caused
a
amount
of
selling.
Bombay receipts have also
Wilmington
13,463 507,267 1,237 393,891
32,804
2,477 been large, and the total
Norfolk
11,066 642,082 2,230 528,383
arrivals at that market thus far
41,637 .17,312
N'port News, &c_
1,246
25,918
78 . 3,924
season
this
have
reached
1,649,000 bales, or 134,000 more
New York
379
4,907
487
7,362 159,463 213,178 than up to the
same time last season, although at one time
Boston
2,103
46,758
142
34,242
8,559
7,732
Baltimore
1 A38 101,241
942 102,446
this
season,
it
will
8,479
be
3,013
recalled,
there was quite a marketd
Philadelphia
84
717
315
6,482
2,792 deficit. Liverpool spot
sales have latterly been small. The
Total
speculation here, too, has dwindled, owing to a very genIn order that comparison may be made with other years, eral desire to wait further light on the whole situation, especially as regards the weather and the English coal
we give below the totals at leading ports for six seasons:
Some apprehensions were entertained, too, that there strike.
might
be a strike of 20,000 hands at Fall River,owing to a demand
Receipts at-1 1912.
1911.
1910.
1909. I 1908.
1907.
for increased wages amounting to 15%; but M. C. D. Borden
Galveston _ _ _
46,004
22,057
28,205
40,300
36,384
67 247 granted an increase on Wednesday of 10%, and the ManuTexaselty,&o.
15,334
327
8,396
5,416
236 facturers' Associati
New Orleans_
on made a tender of the same to-day. At
23,758
13,532
32,011
18,613
26,981
38,070
Mobile
2,466
692
3,039
2,257
2,642
3,385 times Liverpool, New Orleans, Memphis, Philadelphia,
Savannah __ _
25,002
5,860
14,093
11,624
16,102
12,717 Wall Street and Waldorf-A
storia interests have sold. SouthBrunswick_ _ _
3,0061
17,500
317
1,267
Charleston,&o
5,880
544
3,231
2,4881
790
748 ern hedge-selling has been noted. But there is undoubtedly
Wilmington_ _
13,463
1,237
2,918
2,376
2,146
1,198 an undercurrent of bullish sentiment in spite
Norfolk
11,066
of all draw2,230
4,853
5,2621
5,575
6,548
N'port N., &o
1,246
76
176
204.
378 backs. The larger demand for dry goods at an advance in
All others_ _ _ _
13,696
1,898
2,250
2,5041
2,374
4,910 prices encourages believers in higher market for
the raw
Total this wk. 175,215
48,770
99,172
94,029
92,994 136,702 material. Fall River sales of print cloth last week were
largest
the
for
many
weeks
past.
Manchester's trade is acSince Sept! 1_
tive at strong prices. Spot markets of the South are strong.
The exports for the week ending this evening reach a total Spinners' takings are large. Interior stocks are rapidly
disof 233,034 bales, of which 89,694 were to Great Britain, appearing. Crop preparations are late and many insist
23,463 to France and 119,877 to the rest of the Continent. that it is highly improbable that the South will be able
to
Below are the exports for the week and since Sept. 1 1911:
raise 16,000,000 bales again for some years to come. To-day
prices advanced slightly and then reacted on very small
Week ending Mch. 22 1912. From Sept. 1 1911 to Mch. 22 1912. trading. The prediction was for fair and warm
weather
Exported toExported toin the Southwest but cold with rain or snow in the Eastern
Exports
fromGreat
Contibelt.
Gcecit
The
coal
seemed
strike
rather
Continews
unfavorable, and
Britain. Fence. nent. Total. Britain. France. nest.
Total.
the disposition was quite general to await further developGalveston
26,233
22,885 49,1181,223,760 253,588 1,145,668 2,623,014 ments in regard to this matter and also as regards the
Texas City.... 11,313
1,302 12,615 392,431 92,817
70,835 556,083 weather. Spot cotton has dropped to 10.55c. for middling
Pt. Arthur, &c
11,273 11,273 20,121 61,971
94,449 176,541
New Orleans
9,10412,50 19,290 40,894 669,252 145,99 424,103 1,239,353 uplands, a decline for the week of 20 points.
Mobile
4,155 6,887
11,042 85,354 82,423 109,776 257,853
The official quotation for middling upland cotton in the
Pensacola
9,000 9,000 50,551 49,137 88,844 188,532
Gulfport
100
100
21,232 23,302 44,534 New York market each day for the past week has been:
Savannah .._
Mch. 16
Galveston
Texas City _____
Port Arthur, &c_
New Ores
Gulfport........______
Mobile
_
Pensacola
Jacksonville, ece.
Savannah
_
Brunswick _
Charleston _
Georgetown __
Wilmington _ _
Norfolk
Newp't News, Foe
New York
_
Boston ______
Baltimore _
Philadelphia _
3,822
1,853
7,097 14,559
__ __
882
1,
12 012 1AAA0212
5,445
186
A2 ',In ,
..1 '702 g'in 1
p
p
111.411d1 M4M ft met., onn 0 0,10 .20n 0
Kiln
6,245 ____ 18,081 24,326
Brunswick
14,958
14,958
Charleston
5,200
5,200
Wilmington
Norfolk
51
51
Newport News
New York.... 7,343 4,026 2,252 13,621
Boston
3,592
848 4,440
Baltimore __
1,500 1,550
Philadelphia
1,509 _
1,421 2,9211
Portland, Me..
1
San Francisco
_
Seattle
13,118 13,118
Tacoma
18,807 18,807
Portland, Ore
Pembina
Detroit
Total
6,013
562
9,068 46,004
214 3,697
nAa nil
KRA OAA
AOR n, 202 OAK 4 011 .1 ,.
/.1
420,556 164,298 934,685 1,519,539
178,335
152,151 330,486
191,208 234,838
43,630
126,440 115,441 203,819 445,700
12,939
3,098
16,037
201,530 69,039 240,614 511,183
133,910
6,969 140,874
15,963 5,920 83,329 105,212
50,321
16,949 67,270
2,800
2,800
172,219 172,219
99,173 99,173
57,759 57,759
4,868
4,868
89,69423,463119,877233,0343,632,76110418624,118,9458,793,568
Total 1910-11_ 25,854 6,13
39.970 71,9543,031.936853,9792.680,4486,566,363
to Mch. 22Middling uplands
Mon. Tues.
10.60 10.60
Wed. Thurs. Fri.
10.65 10.55 10.55
NEW YORK QUOTATIONS FOR 32 YEARS.
1912_0
1911
1910
1909
1908
1907
1906
1905
10.55
14.50
15.10
9.60
10.55
11.10
11.55
8.15
1904_0
1903
1902
1901
1900
1899
1898_
1897
14.00
10.15
9.00
8.44
9.88
6.31
6.12
7.38
1896_0
1895
1894
1893
1892
1891
1890
1889
7.94 1888_0
6.31 1887
7.56 1886
2:27. 12:2
a IM
10.00
10.12
9.25
11.31
11.12
10.12
12.1%
10.81
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Futures
Market
Closed.
Saturday... Quiet, 10 pts. dec.. Steady
Monday.... Quiet, 5 pts. dec. __ Barely steady.
-Very steady _ -Steady _
Steady.
Barely steady-.
_
Quiet
Fr,In addition to above exports, our telegrams to-night also Tuesday
Wednesday. Quiet, 5 pts. adv.
give us the following amounts of cotton on shipboard, not Thursday
__ Quiet, 10 pts. dee
cleared, at the ports named. We add similar figures for Friday -- Quiet,
New York.
IF Total
Sat.
10.65
SALES.
Spot. Confect Total.
1,000
200
400
34
1;i5o
200
400
1,134
834
2,100
2,734
857
THE CHRONICLE
MAR. 23 1912.
AT THE INTERIOR TOWNS the movement-that is,
FUTURES.-The highest, lowest and closing prices at
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
z;.
for the corresponding period for the previous year-is set
out in detail below.
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Ship- Stocks
ments.1 Mch.
24.
Week.
1*2
04
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Movement to March 24 1911.)
004
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Receipts.
WW
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2-
8
11
00
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Week. I Season.
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Movement to March 22 1912.
• 81
0001
NW 00
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00
00
THE VISIBLE SUPPLY OF COTTON to-night, as made
W,
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 ThursThe above totals show that the interior stocks have deday evening. But to make the total the complete figures
for to-night (Friday), we add the item of exports from the creased during the week 48,596 bales and are to-night 16,944
bales less than at the same time last year. The receipts
United States, including in it the exports of Friday only.
at all towns have been 47,999 bales more than the same
1909.
1910.
1911
1912.
March 221,411,000
851,000
bales.1,196,000 1,222,000
Stock at Liverpool
week last year.
8,000
4,000
7,000
3,000
Stock at London
92,000
56,000
111,000
97,000
Stock at Manchester
OVERLAND MOVEMENT FOR THE WEEK AND
1,296,000 1,340,000 911,000 1,511,000, SINCE SEPT. 1.-We give below a statement showing the
Total Great Britain stock
14,000'
6,000
4,000
7,000
Stock at Hamburg
overland movement for the week and since Sept. 1, as made
560,000 295,000 285,000 450,000
Stock at Bremen
335,000 325,000 376,000 363,000 up from telegraphic reports Friday night. The results for
Stock at Havre
4,000 the week and since Sept. 1 in the last two years are as follows:
3,000
2,000
4,000
Stock at Marseilles
43,000
8,000
23,000
22,000
Stock at Barcelona
-1911-12- ----1910-11---38,000
53,000
48,000
41,000
Stock at Genoa
Stock at Trieste
Total Continental stocks
5,000
4,000
4,000
2,000
974,000
701,000
733,000
914,000
2.270,000 2,041,000 1,644,000 2,425,000
Total European stocks
152,000
140,000 238,000
India cotton afloat for Europe... 79,000
868,078
307,773 325,195 343,011
Amer. cotton afloat for Europe
52,000
41,000
19,000
42,000
Egypt,Brazil,&c.,aflt.for Europe_
250,000 225,000
152,000 293,000
Stock in Alexandria, Egypt
652,000 545,000 781,000 405,000
Stock in Bombay, India
560,204
1,046,911
524,787 676,270
Stock in U. S. ports
505,636 531,121
679,522
Stock in U. S. interior towns_ __ _ 488,692
1,603
40,807
268
9,787
U. S. exports to-day
5,747,488 4,367,216 4,224,890 5,106,071
Total visible supply
Of the above, totals of American and other descriptions arc as follows:
Americanbales.1,902,000 1,104,000 784,000 1,289,000
Liver ool stook
76,000
46,000
87,000
66,000
Manchester stook
942,000 660,000 679,000 876,000
Continental stock
868,078 307,773 325,195 343,011
American afloat for Europe
524,487 676,270
560,204
1,046,911
U. S. port stocks
679,522
531,121
505,636
488,692
U. S. interior stocks
268
9,787
1,603
40,807
U. S. exports to-day
Total American
East Indian, Brazil, etc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock In Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
4,544,488 3,226,216 2,899,890 3,940,071
104,000
3,000
31,000
' 32,000
79,000
52,000
250,000
652,000
118,000
7,000
24,000
41,000
140,000
41,000
225,000
545,000
67,000
4,000
10,000
54,000
238,000
19,000
152,000
781,000
122,000
8,000
16,000
38,000
152,000
42,000
293,000
495,000
1,203,000 1,141,000 1,325,000 1,166,000
4,544,488 3,226,216 2,899,890 3,940,071
5,747,488 4,367,216 4,2?4,890 5,106,071
Total visible supply
4.94d.
8.15d.
6.11d.
7.73d.
Middling Upland, Liverpool
9.700.
15.150,
14.600.
Middling Upland, New York- -- _ 10.55e.
Liverpool-9
5-16d.
11-16d,
8
Brown,
16
%d.
10
Md.
Good
Egypt,
7.75d.
9.10d,
11.00d.
11.25d.
Peruvian, Rough Good, Liverpool
5,i d. 7 7-16d.
7 Md. 4 15-16d.
Broach, Fine, Liverpool
5 11-16d, 7 5-16d, 7 1-16d.
43d.
Thinevelly, Good, Liverpool
March 22Week.
ShippedVia St. Louis._________________ 14,320
Via Cairo2,404
365
Via Rock Island_
5,638
Via Louisville
4,177
Via Cincinnati _
4,926
Via Virginia points
_24,542
Via other routes, &c_
Since
Sept. 1.
503,090
51,278
4,933
126.437
100,331
165,587
348,095
Week.
9,614
3,434
201
2,308
974
2,384
2,178
Since
Sept. 1.
434,561
182,080
25,984
111,253
60,761
153,295
151,374
21,093 1,119,308
------56,372 1,299,751
Total gross overland
Deduct Shipments153,623
Overland to N. Y., Boston, &c_ .._ 4,004
68,707
376
Between interior towns
29,800
739
Inland, &c., from South..
1,551
4,382
2,918
144,365
50,624
36,031
252,130
8,851
231,020
Leaving total net overland0___51,253 1,047,621
12,242
888,288
Total to be deducted _________ 5,119
• Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 51,253 bales, against 12,242 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 159,333 bales.
1911 12
Since
In Sight and Spinners'
Takings.
Sept. 1.
Week.
Receipts at ports to Mch. 22_ ____175,215 10,408,515
51,253 1,047,621
Net overland to Mch. 22._
Southern consumption to Mch. 22 55,000 1,452,000
Total marketed
Interior stocks in excess _____ _
Came into sight during week_
Total In sight Mch. 22
281,468 12,908,316
388,255
*48,596
232,872
North.spinners' takings to Mch.22 57,488
13,296,391
1,817,886
1910-11
Week.
48,770
12,242
50,000
Since
Sept. 1.
7,793,370
888,288
1,368,000
111,012 10,049,658
*19,038
454,858
91 974
_____ 10,504,516
14,708
1,741,570
'Decrease during the week.
Movement into sight in previous years:
Week--;
1910-Mch. 25
1909--Mch. 26
1908-Mch. 28
Bales.
Since Sept. 1128,781 1909-10-Mch, 25
Bales.
8,980,849
11,618,222
143,683 1908-09-Mch, 26
Continental imports for the past week have been 161,000
9,746,957
153,729 1907-08-Mch. 28
bales.
AT
OTHER
COTTON
FOR
QUOTATIONS
MIDDLING
1912
for
show
a
week
figures
last
decrease from
The above
of 144,361 bales,a gain of 1,380,272 bales over 1911,an in- MARKETS.-Below are the closing quotations of middling
over
1910
bales
and a gain of 641,417 cotton at Southern and other principal cotton markets for
crease of 1,522,598
each day of the week.11
bales over 1909.
858
[VOL. Lxxxxxv.
THE CHRONICLE
Taylor, Tex.-We have had no rain during the week.
Lowest thermometer 32.
New Orleans, La.-It has rained on one day of the week,
Galveston -----11 1-16 10 15-16 11
10 15-16 10 15-16
11
precipitation reaching four hundredths of an inch. The
the
10'%
New Orleans_ __ 10 11-16 10'4
10'%
1031
10'4
thermometer has averaged 67.
10%
10'4
10 9-16 10 9-16 10 9-16 10 7-16
Mobile
10 5-16 10 5-16 10 5-16 10 5-16 10 5-16 10 5-16
Savannah
Shreveport, La.-We have had rain on two days during
10 34
10'4
Charleston
10'4
1031
104
1O'4
the week, the rainfall reaching eighty-two hundredths of an
Wilmington__
10 5-16 10 5-16 10 5-16 10 5-16 10 5-18 10 5-16
___ _ 10%
Norfolk _
i0'%
10'4
10%
10'%
1O'4
inch. The thermometer has ranged from 31 to 82.
Baltimore _
10%
10%
10%
1031
1031
10'%
Vicksburg, Miss.-There has been rain on one day during
Philadelphia _
10.90
10.85
10.85
10.80
10.90
10.80
Augusta_
10',I
the week, to the extent of six hundredths of an inch. The
10%@% 10'4
10'4
1031
Memphis
10%
10%
10'4
10'4
1031 1031
1031
thermometer has ranged from 37 to 80, averaging 61.
St. Louis
10'4
103'i
1031
10'4
10'4
Houston
11
11
Helena, Ark.-Farming made little progress the past week.
11
10%
10'4
103
Little Rock__
10%
10 %
10% 10%
10'4
10'4
Cold wave to-day. It has rained on one day of the week,
NEW ORLEANS OPTION MARKET.-The highest, the precipitation being fifty'hundredths of an inch. Average
lowest and closing quotations for leading options in the New thermometer 56.1, highest 77, lowest 31.
Little Rock, Arkansas.-We have had rain on two days
Orleans cotton market for the past week have been as follows:
during the week, the precipitation being twenty-nine hunSat'day, Monday, Tuesday, TVed'day, Thursd'y, Friday,
dredths of an inch. The thermometer has averaged 56, the
Mch. 16. Mch. 18. Mch. 19. Mch. 20. Mch. 21. Mch. 22. highest being 79 and the
lowest 33.
Memphis, Tenn.-It has rained on one day of the week,
March10.76-.86 10.66-.80 10.70-.80 10.83-.89 10.75-.82 10.76-.81 the precipitation being twenty hundredths of an inch. AverRange
10.84-.86 10.66-.68 10.80-.82 10.85-.87 10.77-.79 10.77-.78
Closing
age thermometer 56, highest 76, lowest 34.
April--®-- 0 -- ® -- @ -Range
Mobile Ala.-We have had rain on one day during the
Closing
10.85 -10.69 -- 10.79 -10.85 - 10.76 -10.78 week, to'
the extent of two hundredths of an inch. Average
May10.68-.79 10.61-.74 10.62-.74 10.73-.82 10.65-.76 10.71-.77 thermometer 62, highest 77, lowest 39.
Range
Closing
10.78-.79 10.61-.62 10.72-.74 10.77-.78 10.70-.71 10.72-.73
Montgomery, Ala.-Rain has fallen on one day during the
JuneRange
-@-week, the rainfall reaching two inches and fifty-three hunClosing
10.80 -10.63 -10.74 - 10.79 -10-.71 - 10.73 dredths. The thermometer has ranged from 40 to 82,
JulyRange
10.74-.82 10.63-.77 10.67-.77 10.76-.84 10.66-.79 10.73-.78 averaging 63.
10.64-.65
10.80-.81
10.76-.77
10.72-.73
Closing
10.74-.75
10.82-.83
Selma, Ala.-The thermometer has ranged from 34 to 82,
Augustaveraging 59.5.
-@Range
10.63
-,10.64
10.68-.69
10.65
10.71-.72 10.54
Closing
Savannah, Ga.-We have had rain on one day during the
SeptemberI
- week, the rainfall reaching eighty-two hundredths of an inch.
- ® --®-_
Range
-.65-.67
-10.61
1010.62
10.60
- The thermometer has averaged 65, ranging from 44 to 83.
10.68-.69 10.51 Closing
I
OctoberCharleston, S. C.-We have had rain on two days of the
10.58-.67 10.47-.61 10.53-.61 10.60-.68 10.50-.64 10.56-.61
Range
10.66-.67 10.49-.50 10.60-.61 10.83-.64 10.56-.5710.57-.58 week, the precipitation being seventy-four hundredths of an
Closing
December10.61-.68 10.50-.63 10.55-.63 10.61-.70 10.55-.65 10.58-.63 inch. Average thermometer 63, highest 80, lowest 46.
Range
10.68-.69 10.51-.52 10.62-.83 10.65-.67 10.57-.58 10.58-.59
Closing
Charlotte, N. C.-We have had rain during the week, the
January10.66-.70 10.54-.60 10.50-.64- ® -- @ _L ® - rainfall reaching one inch and fifty hundredths. The therRange
10.70-.72 10.53-.55 10.64-.68 10.68-.70 10.60-.62 10.80-.62 pometer has ranged from 40 to 80, averaging 60.
Closing
ToneSteady.
Spot
Easy.
Easy. Steady. Steady. Steady.
INDIA COTTON MOVEMENT FROM ALL PORTS.
Steady. Steady. Steady. Steady.
'Options
Closing Quotations for Middling Cotton onWeek endingSat'day. Monday. Tuesday., Wed'day. Thursd'y. Friday.
March 22.
Steady. Steady.
NEW ENGLAND MILL SITUATION.-With the labor
difficulty at Lawrence largely a thing of the past, attention
now is directed towards other sections of New England,
particularly Fall River. As noted by us last week, the operatives refused the offer of a 5% increase in wages tendered
by the manufacturers, and made demands ranging all the
way from 10% to 173/2%. The mills controlled by Mr.
M. C. D. Borden (the Fall River Iron Works mills) have
since increased the tender to 10%, and it was reported early
in the week that other manufacturers would follow suit.
Nothing authentic to that effect was announced, however,
until to-day; but advices from Fall River to-night state
that the Manufacturers' Association have decided to offer the
operatives a 10% increase. At Clinton, Mass., demands
have been made for an increase of 15% and the- abolition
of the fine system.
CENSUS BUREAU'S REPORT ON COTTON GINNING.
-The Division of Manufactures in the Census Bureau completed and issued on March 20 the final report on cottonginning the present season as follows:
Cotton crops grown in 1911, 1910 and 1909, expressed in running bales.
Running Bales (Counting Round as Half Bales and Including Linters.)
1911.
1910.
1909.
United States
16,050,819 11,965,962 10,386,209
Alabama
1,727,586
1,221,225
1,065,377
Arkansas
938,796
718,117
824,228
South Carolina
1,722,094
1,240,540
1,164,309
Oklahoma
1,043,803
573,786
955,951
North Carolina
1,152,459
649,886
774,752
Mississippi
1,109,580
1,254,419
1,212,046
Louisiana
256,375
395,603
269,573
Georgia
1,867,915
2,867,471
1,901,830
Florida
96,146
68,437
62,936
Tennessee
337,596
457,957
253,397
Texas
3,072,932
4,288,510
2,554,520
Others
91,592
148,348
Included in the figures for 1911 are 239,146 bales which ginners and delinters estimated would be turned out after the time of the March canvass.
Round bales included are 100,439 for 1911, 112,887 for 1910 and 150.690
for 1909. Sea Island bales included are 90,368 for 1910 and 94,791 for 1909.
Linter bales included are 546,769 for 1911, 397,628 for 1910 and 313,478
for 1909. The average gross weight of the bale for the crop, counting round
as half bales and including linters, is 504.8 lbs. for 1911, compared with
501.7 for 1910 and 496.6 for 1909. The number of ginneries operated for
the crop of 1911 1s26,340, compared with 26,234 for 1910. The 1911 figures
are subject to slight corrections in the full report to be published about May!
WEATHER REPORTS BY TELEGRAPH.-Reports to
us by telegraph from the South this evening denote that
the weather has been more favorable during the week. The
rainfall has been light or moderate as a rule. The work
of preparing for the new crop is now making better progress
as a rule, although backward.
Galveston, Tex.-There has been light rain on three days
during the week, to the extent of eleven hundredths of an
inch. The thermometer has ranged from 42 to 70, averaging 56.
Abilene, Tex.-It has rained on two days during the week,
the rainfall reaching one inch and twenty-six hundredths.
Minimum thermometer 28.
San Antonio, Tex.-There has been rain on one day of the
week, the precipitation being seventy-two hundredths of an
inch. Minimum thermometer 34,
Mch, 21.
Receipts at-
1911-12.
1910-11.
1909-10.
Since
Week. 1Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
88,000 1,649,000 73,000 1,515,000 84.000 2,285.000
Bombay
Since September 1.
For the Week.
Exports
frontBombay1911-12_
1910-11_ _
1909-10__
Calcutta1911-12__
1910-11_
1909-10_
Madras1911-12_
1910-11_
1909-10_ _
All others1911-12_
1910-11_ _
1909-10_
Total all1911-12_
1910-11_
1900-10-
Great Conti- Javan
Great
Britain. nent. &China Total. Britain.
8.000 55,000 e3,000
2,(16
" - 20,000
____ 22,000
1,000 36,000 37,000
1,000
1,000
5,000
6,000
10,000
4,000 140,000 519,000 669,000
23,000 519,000 316,000 858,000
53,000 596,000 515,000 1,164,000
1,000
9,000
3,000
9
2:0 011
1,000
7,000
6,000
10,000
1,000 14,000 56,000 71,000
.
37,000
5,000
----- -13,00037,000,
Japan
Continent. &China. Total.
2,000
2,000
3,000
8,000
20,000
22,000
2,000
13,000
25,000
1 2,000
35,000
50,000
2,000
8,000
4,000
5,000
18,000
9,000
800
5
1,000
7,800
26,005
14,000
5,000 49,000
27,000 153,000
17,000 122,000
16,000 70,000
1,300 181,300
2,000 141,000
13,000 208,000 537,800 758,800
60,000 710,000 330,3051,100,300
77,000 749,000 543,0001,369,005
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
March 20.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)-
1911-12.
1910-11.
1909-10.
90,000
6,897,871
85,000
7,248,807
13,000
4,835,379
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
This Since
Week. Sept. 1.
2,500 17
80:3
9 70
67
4
2;7
05
00 129,008
109,383
4,250 238,122
1,250 55,386
5,000 160,623
To Liverpool
184,961
To Manchester
To Continent and India_ _
66
99
1,
26
74
To America
50 27
8
400
,0
3-,/80 303,811
1,000 93,612
Total exports
17,500 691,549 7,250 757,497 12,250 531,899
Note.-A cantar is 99 lbs. Egyptian ba es weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by cable
to-night from Manchester states that the market is strong for
yarns and firm for shirtings. The demand for both India
and China is improving. 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.
831 lbs. Shirt- Cot-n
tags, common Mid.
Upl-s
to finest.
s. d.
d. s. d.
d.
Feb.
2 8 11 160 931 5 5%010 8
09 13-16 5 6)401i 0
9
9
9410 5 7%011 1
239
@10 5 7%®11 1
Mar_
1 8 15-1694 10 5 749411 1
8 9 1-160 1031 5 9 011-23-9
15 9 3-16010 3-16 5 1031011 231
22 9 3-16010 3-16 5 1049411 234
831
32s Cop
Twist.
d. d.
83-1 lbs. Shirt- Cot-n.
Lags, common Mid
to finest.
opt-4
d. s. d.
s. d
d.
5.77 11
0
5.90 Lo%91
5.85 tioig
5.93 10 7-1694
1234 5
11315
1139 5
113115
9 011 3
8 011 1
734011 0
7 @101031
7.88
7.77
7.56
7,51
5.91 107-1694
6,01 10% 0
6,18 10% 0
6.11 10% 0
119-9 5 7 0101031
1131 5 63101010
1131 5 11 011 0
11315 11 @110
7.64
7.66
7.75
7,73
WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable, also the takings or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1910-11.
1911-12.
Week.
Season.
Week.
Season.
Visible supply March 15------- 5,891,849 1,603,418 4535,437 1,495,514
Visible supply Sept. 1
91,974 10,504,516
American in sig/t to March 22- 232,872 13,296,391
73,000 1,515,000
88.000 1,649,000
Bombay receipts to March 21 _242,305
89,800
15,000
8,000
_
21
March
to
ship'ts
India
Other
966,000
11,000
919,700
12,200
Alexandria receipts to March 20.
212,000
183,000
8,000
5,000
Other supply to March 20*
Total supply-- -------DeductVisible supply March 22
8,237,921 17 741 309 4,734,411 14,935,335
Spot,
SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 233,034 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Total bales.
NEW YORK-To Liverpool-Mch. 14-Boh mian, 4,381; upland.
4,488
107 for !gm
To Manchester-Mch. 16-Thespis, 2,800 upland, 55 Sea Island 2,855
To Havre-Mch. 16-Thyra, 3,923 upland, 103 Sea esland _ _ _ 4,026
800
To Antwerp-Mch. 16-Michigan, 800
225
To Gcnoa-Mch. 18-San Giovanni, 225
To Naples-Mch. 16-Prinzess Irene, 600.....Mch. 18-San
750
Giovanni, 150
298
To Trieste-Mch. 18-Guilia, 298
179
To Piraeus-Mch. 18-Patrls, 179
19
4,949___Mch.
18-Yucatan,
GALVESTON-To Liverpool-Mch.
13,739
-Monarch, 8,790
To Manchester-Mch. 14-Asuncion de Larrinaga, 12,494_ _ _ _ 12,494
To Bremen-Mch. 19-Bampton, 12,928.. Mch. 20-Aister,
17,016
4,088
2,26
To Hamburg-Mch. 19-Hoerde, 2,264
3,605
To Barcelona-Mch. 19-Balmes, 3,605
11,313
TEXAS CITY-To Liverpool-Mch. 14-Meitonlan,11,313
1,302
To Mexico-Mch. 15-City of Mexico, 1,302
10,223
PORT ARTHUR-To Bremen-Mch. 22-Bertholey, 10,223
1,050
To Hamburg-Mch. 20-Cayo Manzanillo, 1,050
1,400
NEW ORLEANS-To London-Mch. 22-Kingstonlan, 1,400
7,704
To Manchester-Mch. 20-Belgian, 7,704
12,500
To Havre-Mch. 21-Ormiston, 12,500
To Genoa-Mch. 16-Sicilia, 8.568_ Mch. 18-I1 Piemonte,
18,742
10,174
548
To Mexico-Mch. 16-City of Tampico, 548
4,155
MOBILE-To Liverpool-Mch. 21-Wm. Cliff, 4,155
6,887
To Havre-Mch. 20-Corby, 6,887
PENSACOLA-To Bremen-Mch. 22-Calliope, 9,000
'
100
GULFPORT-To Rotterdam-Mch. 16-Adelheid Menzell, 100
6,245
SAVANNAH-To Liverpool-Mch. 19-Whateley Hall, 6,245_
4,173
Regina,
5,783;
To Bremen-Mch. 16-Friederike,
Mch. 19-Borgestad, 4,313___Mch. 20-Emmi Arp, 3,200_ 17,46,1
412
To Rotterdam-Mch. 19-Borgestad, 412
200
To Bombay-Mch. 19-Whateley Hall, 200
14,958
BRUNSWICK-To Liverpool-Mch. 21-Colonlan, 14,958
5,200
CHARLESTON-To Liverpool-Mch. 19-Clumberhall, 5,200
51
NORFOLK-To Liverpool-Mch. 20-North Point, 51
BOSTON-To Liverpool-Mch. 14-Sagamore, 3,092... _Mch. 183,592
Megantic, 500
848
To Genoa-Mch. 18-Canople, 848
50
BALTIMORE-To Havre-Mch. 16-Columbian, 50
500
500
To Bremen-Mch. 16-Rhein,
1,000
To Hamburg-Mch. 15-Bethania, 1,000
PHILADELPHIA-To Manchester-Mch. 18-Manchester Im1,500
porter, 1,500
350
To Antwerp-Mch. 14-Manitou, 350
521
521
19-Sloterdyk,
To Rotterdam-Mch.
550
To Genoa-Mch. 20-Ancona, 550
10
SEATTLE-To China-Mch 20-Panama Maru, 10
Mch.
20-Panama
8,100....
To Japan-Mch. 16-Minnesota,
13,108
Maru, 4,728; Protesilaus, 280
TACOMA-To Japan-Mch. 16-Robert Dollar, 9,313_ _ _Mch. 20
-Protesilaus, 1,466___Mch. 8-Harpagus (not before re18,347
ported). 7,568
460
To China-Mch. 20-Protesilaus, 460
Quiet,
Mid .Upl'ds
6.13
Sales
Spec.&exp.
Market,
4
P If
Mch. 15.
52,000
3,000
1,000
49,000
12,000
82,000
1,166,000
1,055,000
141,000
68,000
457,000
409,000
6.03
6.12
6.09
6.11
8,000
1,000
5,000
500
7,000
500
6.11
10,000
500
8,000
500
Quiet at
4 points
decline,
Firm at
234 pts.
advance,
1 ply st'y at Quiet at St'y at 234 Quiet at
to 234@334
534@634
2@334 pt, dec.
nta nfiv
1., r* arias
rtta flan
I nta dpi'
Quiet at
1 point
decline.
Steady at
3 points
advance.
Quiet at Quiet at A
2@3 pts. pt. dec. to
flanlina
1 Unto nth,
BREADSTUFFS.
Mch. 22.
43,000
1,000
3,000
40,000
15,000
98,000
1,196,000
1,092,000
141,000
125,000
413,000
374,000
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:
Moderate
demand.
Quiet.
--
6,455 2,520 31,455 233,034
Mch. 8.
44,000
1,000
3,000
38,000
22,000
92,000
1,174,000
1,067,000
175,000
157,000
338,000
292,000
Good
demand,
Fair
business
doing.
March ___ _ _ 5 87 A 87 84 7834 84 88 87 A 85 84 A 86 A 86
Mch.-Apr. _ _ 5 8734 87 84 7834 84 88 87 A 85 84 A 86 A 86
Apr.-May __ _ 5 87 87 83% 78 A 83 34 8734 86 A 84 84 8554 85%
May-June _ _ 5 87 87 83% 7854 8334 8734 86 A 84 84 8534 85
June-July ____ 5 86 8534 8334 78 8234 87 85 % 83 83 8434 84
____ 5 85 8534 83 77 8134 86 84 A 82 82 8334 8234
July
78 34 78 34 80 79
-Aug-Sep_ ____ 5 81 8134 78 7334 78 82 81
Aug.
5 7634 7734 74 % 70 7436 78 77 75 75 76 75
Sep.-Oct
----- 5 7334 7434 7154 67 7134 75 74 72 72 73 72
Oct.-Nov_
6934
Nov.-Deo. ___ _ 5 71 72 69 65 6934 73 72 69 % 70 71
5 7054 7134 68 34 6454 69 7234 71 34 69 69 M 7034 69
Dec.-Jan_ _
5 7054 7134 6854 64 A 89 7234 71 % 69 69% 703i 69
Jan.-Feb_
5 7134 7234 5934 6554 70 7334 72 A 70 7034 71 % 70
Feb.-Mch. _ _
72 7034
Mch.-Apr. ____ 5 72 73 70 66 7054 74 73 70 A 71
LIVERPOOL.-By cable from Liverpool we have the following statement of the week's sales, stocks, &c., at that port:
Mch. 1.
bales_
48,000
Sales of the week
1.000
Of which speculators took__
2.000
Of which exporters took-_
43,000
Sales, American
27,000
Actual export
116,000
Forwarded
1,102,000
Total stock-Estimated
993,000
Of which American
Total imports of the week_ __ _ 134,000
106,000
Of which American
410,000
Amount afloat
362,000
Of which American
Friday.
Fair
business
doing,
Fri.
Thurs.
Sat,
Wed.
Mon.
Tues.
Mch. 16
to
4 1234 4 1234 4 12 Si 4 1234 4
Mai. 22. 1234 1234 123
p.m. P.m. p m. p.m. .m 13 m. .m• p.m. p.m. P.m. p.m. .m.
Great French Ger- -Oth.Europe- Mex.,
Britain. Ports. many. North. South. eec. Japan. Total.
13,621
800 1,452
New York
7,343 4,026
49,118
____ 3,6(95
____ 19,2go
26,233
Galveston
12,615
1,3-(52.
___..
Texas City
11,313
11,273
_ __ _
11,275
Port Arthur_ _ _ _
40,894
-iiii
___
9,104 12,500 18,74,2
New Orleans
1,042
4,155 6,887
Mobile
---- -----9,000
---Pensaco
oo
100l
Gulfport---------------24,326
6,24
Savannah
14,958
-------- - --14,958----------Brunswick
5,200
5,200
_ _ -Charleston
51
Norfolk
51
---4,440
-gig
3,592
Boston
1,550
e____ ____
-i
Baltimor
2,921
---------871 -i8o
Philadelphia _ _ 1,500
---ia 13-Jog 13,118
Seattle
46018,347 18,807
Tacoma
2,183
Tuesday, Wednesday. Thursday.
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 particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
89,694 23,463 77,264
5,000
500
Monday.
Futures. Barely st'y Quiet at
1 point
1 at 7@8
Market
1 pts. dec. advance,
opened
233,034
Total
Saturday.
Market, 1
12:15 1
P.M. 1
5,747,488 5,747,488 4,387,216 4,367,216
Total takings to March 22 ----- 490,433 11,993,821 367 195 10,568,119
372,233 9,604,321 285,195 8,071,814
Of which American
82,000 2,496,305
118,000 2,389,500
Of which other -----from
Brazil, Smyrna, West Indies, 400.
Europe
. • Embraces receipts in
Total
859
THE CHRONICLE
MAR. 23 1912]
I
Friday Night, March 22 1912.
Flour has met with a fair demand at generally firm prices,
partly under the stimulus of some advance in wheat. The
production at Minneapolis, Duluth and Milwaukee for the
week was 346,535 bbls., against 341,183 in the previous week
and 317,385 last year. At Minneapolis trade has been less
active in some cases. Increased business has been the exception, in fact, rather than the rule, though in some instances increased interest has been manifested. Directions
on old orders, it is pointed out, have ranged from good to
poor. Clears have been strong at Minneapolis, with a fair
demand, and first clear has sold to some extent to London;
fancy clear at Minneapolis has been in only moderate supply.
Prices of patents have placed them beyond the reach of
export trade for the present. At St. Louis and Kansas City
trade has been quiet. On Wednesday a report was current
that sales of 100,000 bbls. of flour had been made at Minneapolis. This report is here given for what it is worth. It
caused, at any rate, a sudden rise of wheat in Chicago of
1 cent a bushel.
Wheat on the whole has been stronger. Early in the week
there was some talk of strained political relations on the
Continent of Europe, and it helped to cause a sharp advance
in Liverpool and Paris, which naturally had a stimulating
effect on American quotations. A Government report stated
the stocks of our American interior elevators and mills at
95,710,000 bushels, or 3,000,000 less than at the same time
last year. This difference of itself would not have signified
so much, but the impression heretofore that these stocks
were larger than last year gave the statement a certain significance. This, together with a reduction in the visible supply,
caused some buying on last Monday. On Tuesday a mistake in regard to the world's visible supply, whereby it was
made to appear to show a decrease of 2,709,000 bushels,
caused further buying. It may be added here that this mistake was corrected the next day. The right figures showed
an increase in the world's stock of 351,000 bushels. But
on the same day came reports of sales of flour at Minneapolis
of 100,000 barrels. This caused a sudden upshoot of
prices at Chicago, in spite of the fact that the foreign
markets that day were lower. Also, there has been a
decrease in the receipts at the Northwest. The Southwest,
too, has been getting small receipts and shipping largely.
Attempts at times have been made to start a weather scare.
This sort of thing must be expected at this time of the year.
On the other hand, the world's shipments have increased,
the total reaching 10,768,000 bu., against 9,168,000 in the
previous week. Liquidation has been noticed on all bulges,
and these have brought the usual reactions, so that prices
have sagged noticeably at times. March wheat in Liverpool
has latterly shown pronounced weakness. Larger shipments from Argentina are expected. Continental markets
have occasionally shown more or less weakness and irregularity. The crop news has been on the whole favorable. Yet
many favor the buying side of wheat, encouraged partly by
the reports of increased flour sales at Minneapolis and the better cash demand there. At Minneapolis, too, the stock of
wheat in five days decreased 230,000 bu. A cold wave has
invaded the Southwest, giving rise to fears of winter killing
after the recent mild spell.: but there is no pronounced activity on the bull side. The disposition of many is to await further developments both at home and abroad before entering
into further important engagements. A large line of wheat is
held at Chicago by prominent interests. What will be done
with it is problematical. To-day prices, after some'hesitation,
advanced, owing to an increased cash demand at Winnipeg,
decreased Northwestern receipts and the firmness of corn.
860
THE CHRONICLE
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No. 2 red
105
106
106% 106% 107% 107
May delivery In elevator
105% 106% 106% 106% 107% 107%
July delivery in elevator
103% 104
104% 104% 104% 103%
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery In elevator
101 A 101 % 102
101 % 101% 102
July delivery in elevator
97% 98 A 98 % 98 A 98 A 98%
September delivery in elevator__ _ _ 95% 95% 96% 96% 99
96%
Lxxxxiv.
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years has been:
Receipts atChicago __ __
Milwaukee_
Duluth
Minneapolis_
Toledo
Detroit
Cleveland .._
St. Louis...
Peoria
Kansas City.
Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
bbls.196lbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
142,036
409,700 3,150,700 1,900,800
246,001
38,000
16,800
112,700
94,120
196,200
172,900
45,100
14,765
180,526
155,392
5,053
303
1,713,010
62,340
205,900
135,960
41,610
52,000
124,300
28,500
4,920
22,100
57,022
31,350
519
4,185
31,460
41,900
410
47,850
181,200 '529,200
8,000
423,300
2,200
18,300
21,000
434,200
218,900
56,600
7,200
80,400
370,800
134,300
Indian corn has advanced on decreasing receipts and bad
weather at the West, which holds out the hope that the
demand for feeding purposes may continue some time longer.
In the middle of the week there was a big snow-storm over
Illinois and Iowa. Large interests have been buying to
cover shorts and at the same time have been selling July.
Total wk.'12
245,100 2,776,821 4,854,142 3,336,542
624,923 134,413
Professional operators at the West have inclined to the buy- Same
wk.'11
245,038 2,588,810 2,931,074 2,257,075 1,023,558 107,189
ing side. Cash prices coincident with lighter country offer- Same wk.'10 573,827 4,174,483 3,608,608 3,985,442 2,103,104 124,887
ings have been advancing. Though contract stocks at Chi- Since Aug. 1
1911-12_ 8,038,095 193,855,481 139,891,315 102,964,524 54,744,276 6,885,365
cago increased 260,000 bushels for the week, they are even
1910-11... 10,661,711 170,138,250 206,781,776 134,413,991 52,185,377 4,233,963
now only 818,000 bushels, against 2,146,000 a year ago. On
1909-10_
14.672.933 203.528.348 124.674.772 41.807.463 61.642.125 5.543.041
the other hand, however, the visible supply of American
corn increased for the week 467,000 bushels, against a decTotal receipts of flour and grain at the seaboard ports for
crease in the same week last year of 373,000 bushels. Argen- the week ended Mar. 16 1912 follow:
tina, according to present indications, has raised the largest
Flour,
Wheal,
Corn,
Oats, Barley,
Rye
Receipts albbls.
crop in its history. The world's shipments were 4,728,000
bush.
bush. '
bush.
bush.
bush.
York
New
172,111
339,600
199,000
452,925
183,785
3,450
bushels, against 4,085,000 in the previous week. The crop Boston
46,233
146,480
56,154
127,842
3,332
movement decreased very noticeably, however, and what, Portland, Me
4,000
Philadelphia
39,628
42,797
35,932
121,782
with a larger cash demand and very cold weather in the Baltimore
32,599
4,799
191,632
84,034
1,247
8,060
Southwest, the tone of the Western markets has latterly been Richmond
28,816
3,600
168,500
67,500
News....
2,321
firm. It is believed that the big run of receipts is over for Newport
Norfolk
2,357
the season. To-day prices were higher, owing partly to an Galveston
20,000
6,000
Moblle
4,000
20,000
increased Southwestern demand for futures at Chicago and Montreal
_
17,479
57,424
14,993
72,255
6,121
a better cash trade at the Southwest. Easier cables were
Total week 1912_ 360,524n 860,700
692,211
926,338 194,485
12,410
ignored.
Since Jan.
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. Week 191111912_3,516,276 12,068,451 19,458,757 7,615,454 2184,812 135,891
381,632 1,396,980 2,029,982
660,651 176,370
19,500
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom. Since Jan. 11911_3,932,476 10,225,164 31,380,938 9,693,863 1264,906 160,873
May delivery in elevator
nom. nom. nom. nom. nom. nom.
The
exports from the several seaboard ports for the week
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
ending Mar. 16 are shown in the annexed statement:
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
71
71 % 71 y, 71%
69% 70%
Wheal.
Corn, Flour,
Oats,
Rye, Bartell, Peas,
July delivery in elevator
70% 71
Exports from71 % 72
bush.
71% 72
bush.
bush,
bbls.
bush. bush.
bush.
September delivery in elevator_
70
71
71 % 72
71 A 71m New York
290,695 215,136 43,699
4,375
16,923 5,169
Me
4,000
Oats, like other grain, have advanced. Bad weather Portland,
Boston
143,879 103,827 31,434
18,721
over a large area has tended to delay seeding. Cash prices, Philadelphia
43,000 17,000
40
64,000 331,725 8,686
moreover, have advanced. Big people at Chicago have Baltimore
Orleans
66,000
92,500 8,712
100
been buying, followed by the rank and file of professionals. New
Newport News_
2,321
20,000 4,000
Minneapolis early in the week reported the sale of 1,000,000 Mobile
Montreal..
bushels of cash oats to New England for March-April shipTotal week
810,574 806,188 133,209
35,644
ments. The visible American supply fell off 1,302,000
4,515
5,169
1,693,867 2,042,198 219,070
55,439
___
29,000
5,385
bushels, against 1,485,000 for the same week last year. Week 1911
The
destination of these exports for the week and since
The oats market, on the whole, has not developed any
particular individual features aside from the fact that cold, July 1 1911 is as below:
-Flour
Wheat-Corn
stormy weather has put back field work. In the main, it
Since
Since
Since
is under the domination of corn prices, though at the same
Week
July 1
Week
July 1
Week
July 1
for week and Mch.16.
1911. Mch. 16.
1911. Mch. 16.
1911.
time it is contended that, apart from this, the oats situation Exports
Since July 1 tobbls.
bbls.
bush.
bush.
bush.
bush.
is in reality strong of itself, partly because of the decrease United
Kingdom... 66,939 3,397,190 189,228 38,369,760 180,989 11,863,673
32,729 1,397,541 552,346 24,998,038 500,075 15,481,391
in the last crop and the unusually severe winter, which has Continent
& Cent. Amer_ 16,552 790,610
69,000
601,022
88,500
853,812
stimulated the feeding demand. To-day prices advanced Sou.
West Indies
16,887 921,435
13,788
36,512 1,418,078
Brit. Nor. Am.Cols_
in sympathy with those for corn.
75
36,121
112
13,390
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
59
60
60
59%
59% 60
No. 2 white
59
60
60
60
60
60
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat
Mon. Tues. Wed. Thurs. Frt.
May delivery in etc% ator
52% 52% 53
53% 52% 53%
July delivery in elevator
48% 48% 49'% 49% 49% 49%
September delivery In elevator_ __ _ 41 % 41% 42 % 42% 41 % 42
Other Countries____
Total
Total 1910-11
27
Wheat.
EXPORTS OF WHEAT AND FLOUR FROM UNITED
STATES PORTS.-We give below a compilation showing the
exports of wheat and flour from United States ports during
the month of February and the eight months of the fiscal
years 1911-12 and 1910-11.
February 1912.
8 Months 1911-1912. 8 Months 1910-1911,
Ports.
New York _ _
Baltimore ...._.
Philadelphia __
Boston
Other Atlantic
New Orleans
Other Gulf _
Portland, Ore_
Puget Sound _
San Francisco_
Chicago
Other border _ _
Total all__
138,175
56,704
15,065
8,027
58,625
11,584
612,133
256,523
107
1,156,943
Flour,
Barrels.
Wheat,
Bushels.
Flour,
Barrels.
Wheat,
Bushels.
Flour,
Barrels.
5,819,888 2,293,484 1,289,792 2,179,488
637,023 2,883,860
4,575,124
574,764
712,201 1,655,822
2,792,227
704,899
206,649
541,824
1,306,744
269,191
168,615
185,809
174,351
429,110
85,555
611,887
444,566
651,136
86,389
370,023
479,893
501,322 6,053,393
5,695.183
317,420
2,734,740 1,788,058 3,437,796 1,268,170
230,619
510,433
289,676
148,129
15,826
588,032
879,700
15,346
2,087
69,181
53,537 1,437,063
91,074
234,146
26,320
53,927
5,836
9,867
44,981
71,270
50,478
306,144
35,506
840,562 25,623,745 7,704,774 18,349,202 6,667,291
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
23,000
27,662
The world's shipments of wheat and corn for the week
ending Mar. 16 1912 and since July 1 1911 and 1910 are shown
in the following:
The following ire closing quotations:
FLOUR.
Winter, low grades.....$3 50@$3 75 Kansasstralghts, sacks ;4 90@$5 10
Winter patents5 00
5 15 Kansas clears, sacks__ 4 40® 4 60
Winter straights_
35
4 50 City patents
6 40® 6 70
Winter clears _____
4 00® 4 25 Rye flour
4 SO® 5 05
Boring patents
_
5 25
5 40 Graham flour
4 15
4 60
Spring straights
4 70@ 5 10 Corn meal, kiln dried___ 3 75
_
Spring clears.
4 40® 4 60 Buckwheat, owt
2 75® 2 85
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelCents.
N. Spring, No. 1
No. 2
$1 18%
f.o.b.
75
N. Spring, No. 2
1 13
Steamer .....elevator
73
Red winter, No. 2
1 07
No. 3
elevator
74
Hard winter, No. 2
1 12
Rye, per bushelOats, per bushel, newCents.
No. 2 Western
95
Standards
State & Pennsylvania Nominal
60
No. 2 white
60
Barley-Malting
;1 22®$1 37
No. 3 white
59%
Wheat,
Bushels.
235,799
..133,209 6,778,696 810,674 64,005,608 806,188 29,658,006
219,070 6,433,101 1,693,86740,272,443 2,042,198 36,508,705
Exports.
1911-12.
Week
Mch. 16.
Bushels.
North Amer. 2,272,000
1,336,000
Russia
Danube
672,000
Argentina
3,712,000
Australia
1,624,000
India
1,000,000
0th. count's 152,000
Total __
Since
July 1.
Corn.
1910-11.
Since
July 1.
1911-12.
Week
Mch. 16.
Since
July 1.
1910-11.
Since
July 1.
Bushels. Busdels. Bushels.
Bushels.
Bushels.
124,620,000 91,017,000 646,000 26,833,000 33,160,000
62,190,000 159,016,000 642,000 32,681,000 12,820,000
57,697,000 73,632,000 3,431,000 57,936,000 20,200,000
35,786,000 40,562,000
9,000
69,000 88,458,000
39,948,000 36,512,000
32,754,000 33,310,000
7,701,000 6,280,000
10768000 360,696,000 449,329,000 1,728,000 117,519,000 154,638,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
Corn.
Total,
Bushels. Bushels. Bushels.
Mch. 16 1912 __ 28,888,000 14,240,000 43,628,000
Mch. 91912.. 27,176,000 11,800,000 38,9711,000
Mch. 18 1911_ _ 24,088,000 30,312,000 54,400,000
Mch. 19 1910.. 31,760,000 15,440,000 47,200,000
Itch. 20 1909.. 34,960,000 23,520,000 58,480,000
United
Kingdom. Continent.
Bushels.
2,881,000
3,485,000
4,182,000
2,720,000
2,295,000
Total.
Bushels. Bushels.
7,327,000 10,208,000
7,242,000 10,727,000
5,669,000 9,851,000
2,975,000 5,695,000
2,465,000 4,760.000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Mar. 16 1912, was as follows:
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn, Oats. Oats.
In Thousands
bush
bush
bush, bush. bush.
Montreal
24
____
_270
5
Fort William _____
10,795
1,303 ..-.
afloat
5,330 ......
____ 1,488
-------_Port Arthur
____
__
82
5,333 _ __
Other Canadian
3,257 -- -6,079
Total Mch. 16 1912_27,561
Total Mch. 9 1912__26,861
Total Mch. 18 1911..10,131
Total Mch. 19 1910_10,378
5 6,400
2 8,040
5 6,563
29
289
__
____
__ _
__
Canadian Bonded
Rye. Barley. Barley.
bush. bush. bush.
_
96
06
93
82
____
MAR. 23 1912.]
861
THE CHRONICLE
light. Also, that, owing to the scarcity of goods, caused by
recent high prices and curtailment of production, the
In Thousands.
distribution from first hands will be active. Prices are
New York
being steadily-marked up as a result of the increase in the
Boston
cost of production brought about by the wage advances
Philadelphia
B
Baltimore
which manufacturers are forced to pay. The Census report,
New Orleans
issued by the Government during the week, showing the
Galveston
Buffalo
total cotton crop to have reached the unprecedented,size
afloat
141.44."
of 16,050,819 running bales, had little effect upon sentiToledo
Detroit
ment, as the estimate was little different from the one
afloat
"
merchants had expected. While the crop is a large one,
Chicago
afloat_
spinners claim that it does not represent as much good
"
Milwaukee
spinning cotton as the previous large yield, which totaled
Duluth
13,800,000 bales. Demand for goods covers most all lines,
"
afloat _
Minneapolis
with gmghams, prints, colored and bleached cottons well
St. Louis
sold ahead for some time to come. In fact such a large
Kansas City.
Peoria
volume of staple merchandise has been booked for delivery
Indianapolis
during the next two or three months, there is little doubt
Omaha
of the recent
498 that prices will be maintained. As a result
939 2,619
Total Mch. 16 1912_54,380 5,081 15,638 13,719 2,130
551 storm, there has been a subsidence in the Western trade,
984 2,652
Total Mch. 9 1912_55,748 4,087 15,154 14,235 1,760
____ 12,535 14,500
160 1,361
Total Mch. 18 1911_36,562
but these conditions are only expected to be temporary.
__ 14.456 9.372
703 2,815
Total Mch. 19 1910__26.798
Export demand for domestic cottons is improving, many
SUMMARY.
Bonded varied lines of goods having been sold in quantities. Print
Bonded
Bonded
Rye. Barley. Barley. cloths and convertibles are very firm at advanced prices.
Wheat. Wheat. Corn. Oats. Oats
bush.
bush.
bush,
bush,
bush.
bush.
bush,
bush,
In Thousands,
496 Grayg oods 383 -inch standard,are now quoted at 4 13-16c.
939 2,819
54,380 5,081 15,638 13,719 2,130
American
96
5 6,400
___
____
27,561
Canadian
to 4Y8c., and while buyers are willing to pay these prices
496 mills are cautious about accepting business, owing to the
939 2,715
Total Mch. 16 1912_81,941 5,081 15,843 20,119 2,130
551 wage situation and the uncertainties affecting cost of pro984 2,745
Total Mch. 9 1912_82,609 4,087 15,156 22,275 1,700
_ 12,549 21,063
160 1,443
Total Mch. 18 1911_46,603
duction in other ways. Gray goods, 383i-inch standard,
____ 14.485 9.661
703• 2.868
Total Mch. 19 1910..37.176
are quoted firm at 4 13-16 to 4X3c. WOOLEN GOODS.-An improved general demand is
THE DRY GOODS TRADE.
reported for men's wear and dress goods, with the tendency
New York,Friday Night, March 22 1912.
of prices upward. Staple dress goods, notably serges, are
As a result of the wage increases which are being granted said by large manufacturers to be well ordered. Forced
by mills, together with the improved demand on the part of increased wages and the firmness of yarn markets are conretailers for spring and summer supplies, a firmer undertone ditions which manufacturers did not count upon developing
prevails in dry goods markets. While the labor situation is when prices were named at the opening of the fall 1912
much improved since the recent concessions on the part of season. Producers state that in order to maintain quality,
mill owners, much discontent and unsettlement is still higher prices must be obtained for their goods or else mills
prevalent and is likely to seriously handicap deliveries. In will have to cease running. Fancy dress fabrics are in
cotton goods, supplies for near-by deliveries are becoming good demand, particularly the higher-priced qualities.
FOREIGN DRY GOODS.-Merchants report a good
decidedly short and selling agents are being compelled to
constantly place their lines at higher levels. Mail orders and trade for linens and it is stated that the demand for coarse
store trade are reported as having been better this past goods, such as crashes and certain lines of dress linens, has
week than at any time since the beginning of the year. been of such large proportions that many producers are
The increased retail demand has been severely felt by diverting attention from the finer varieties .to this class of
jobbers, who, despite their knowledge that retail stocks goods. Merchants are very anxious about getting shipwere low, neglected to cover their requirements early. ments from abroad, owing to interrupted transportation,
• They now find that mills are well booked ahead and short due to the coal strike. It is also stated that a number of
of supplies for immediate delivery, which leaves them poorly mills have been forced to close. Orders for goods for next
situated to meet requirements of consumers. Print cloth fall season have been received in good volume. The market
manufacturers are becoming very conservative regarding for burlaps has been less active during the past week, with
forward contracts, owing to the uncertainty of future cost little change in prices. Supplies are scarce. Light weights
of production, resulting from the wage situation. There are firm at 6.75c. and 103 -ounce at 7.50c.
have been further announcements of advances on prints Importations and Warehouse Withdrawals of Dry Goods.
beginning next week, which is making buyers still more anxK
g
g
Pi
1-4
tii
14
ious to cover their near-by requirements. Percales, bleached
)
.3 tr'iirnOfj
.-3 !?.
°
)fy
. 10
)
1 .-3 P
4
staple
of
*I:g0 a
aZio
g
0 .1 0 Miloge.,D0
0
goods, ginghams, and in fact all descriptions
eD re If..
.00
cases
many
in
saiz
e..07" gag
0
iii
cotton goods are in a strong position, mills
8
i4 0
•
a . -, 'a
a
being well sold up to June. In the export division orders
03
8'
2, aa ..
•
0
a
:
down,
;
g
R
cc
a
for standard drills beyond July first are being turned
m
lc. 8 0.
'
'
8
conaccept
tel
o
0
as mills are sold up to that date and refuse to
a Ca
R
:4
i
advance
to
i
tracts at current prices. Cotton yarns continue
.3
tel
and buyers are doubtful whether they will be able to obtain
t : 74"
•
sufficient supplies to carry them through April. In spring
XI
a
Z .
and summer underwear retailers are beginning to replenCT1
•' :
ishTtheir extremely low stocks and jobbers are unable to .4.
Z .•
C0 .0. 1 ti.
a.
.4 te CA
no en Ce I. no
C)
Co te CA
CA
the
in
dress
goods
demand.
Conditions
the
fully care for
0
.0CA
.
010
.CA..IN
M 0 00 .
O O
'e.4 ;-,
. ;7; ;4
cc 0 te OD 4a 0 ea
a ,, ;E: 2: ';.1 !.:
Co .4 CO 0 CA
le
C4 N
market are satisfactory from sellers' point of view, about c.
A CA C4 0
C4 ,
0
0
OD
CO
0
CA
ea
CO
ea
.4
a.'-'
CA
CD
OD
c. C.
PI
.3
the
being
labor
at
situation
anxiety
of
the only source
tri
ea
na
W
Lawrence, Mass., and Passaic, New Jersey. Serges remain a. 04.
CA CA
.
tel
is
also
improvement
toW
N00
considerable
in chief request and
a.
ti a. 0.4
04a
The
worsteds.
grade
high
for
CA
.
noticeable in the demand
a.".
el a.
'Ii
NO
Na'
for
request
urgent
the
is
market
a. .0e
o °°
ec, .W
feature of the dress goods
w
w
cream colored fabrics of all descriptions. There is no
.
. a.N
.
,„
Ce
.
e.....,
season
CA
.
CA
summer
and
spring
coming
longer any doubt that the
OD ..4D.
WON04.
Ce CA 0. 00., *1
". N
C
.
D.
CA 70..0
0.. "Co0"
will be an unusually good one for white and cream colored 0
W 0 I
CO
7
0
Co
4%
"c7,,net
r
COOlg ggle":12tcics,c0 CO te 0. 00 CA .4
fabrics.
DOMESTIC COTTON GOODS.-The exports of cotton
oo
W0
goods from this port for the week ending March 16 were
a.
a.;o.
00
3,561'packages, valued at $232,170, their destination being
020
below:
points
the
table
specified in the
to
44
0
14.
-- -- suoduzi leioi,
UNITED STATES GRAIN STOCKS.
Amer.Bonded Amer. Amer.Bonded Amer. Amer. Bonded
Wheat. Wheal. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush, bush, bush. bush. bush, bush. bush.
150 -10
108
380
463
612
803
2.
2
62
1
228
346
1
53
144
146
3
-Oa
241
58 1,747
921
122
568
et
16
167
io 517 177
81
212 -Hi
1,261
275
393
129
80
180
1,348 --ii
2
89
-ii8
1,251
26
112
151
364
126
119
115
7,i ii 2-,Ofig
13,604
3,212
999
-Ho -HO
"iMi 195
-__
939
44
268
125
____ 1,710 1,750
7,880 3,828
244
189 -.
738 ---ii‘i 1,510
-566
18,373
22 -7
247
505
1,973
-223
1,501
.
.
3,434
-3
402
390
1
-41
255
454
27 "-Oa
1,464 1,520
472
66,082
1
I6VOLV te
a.
a.
N
7.10Ny.
WOW..1
W.00N
cD CA I. 00 OD
OD C).4 CA Ce
a.
c▪ia'
'
00 0
AC
00
a.
a.
co
x
tl
a.
OW
ti
14
a.
00
tri
z
z
X
.CO
5,
.. 6
n.1.
Ce 00 01
.
.4
Cn
Oo .
CA 10 co
...
0 0;0 0"
.co c4111.W0U
0
.
4
'
4 C.
'
.no
no
a, to e.
a.
oo
00
O• W
no.
Ce 00
no
4, OD C3
.00 000
as ,4. 0V
a.
caconomea
es00'op0
.o. C0NO.N
ea
0.4
00
0.
Go 14
CO CA
i_a.
tl
:"3
a.
00
ea
4 C4
CA NI 1,
CA 0
04
7-• no
ea loo
0 4a 0. CA CD
A Ce CO CO a.
,
NO011,00W
•TI6I CINV ZI61 1
10,626
I.I.The value of these New York exports since Jan.' lthas been
$6,112,667 in 1912, against $4,793,723 in 1911.
The markets for domestic cottons have displayed a very
firm undertone during the past week and trading has continued on much broader lines. Reports received from
retail centres indicate very precisely that consumption is
steadily increasing and that stocks in first hands are very
00
Ay
Ifig.69V Og
84,869
Since
Week. Jan. 1.
15
176
158
12
6,237 15,740
4,978
250
41
7,758
1,156
130
8,504
936
432
62
3,891
48
2,158 14,012
9,277
739
ateine'Le
Total ---------------------------- 3,561
---1911
e I I•8ZC'9S
-1912
Since
Week. Jan. 1.
New York to March 16.
763
16
Britain
Great
160
42
Other Europe
15,117
China
5,349
India
12,524
Arabia
3,743
280
-Africa
864 12,102
West Indies
697
49
Mexico - - --- - ----------------------3,577
294
Central America --------------------South America---------------------- 1,536 16,438
480 14,399
Other countries---------------------
a
862
STATE MO
THE CHRONICLE
[VoL. Lxxxxi v.
C. Trujillo Manuel Cordova and Luis R. Montoya-were
being charged with accepting bribes to vote for
CITY DEPATITIVIEDIT. arrested,
certain candidates for the U. S. Senate. The accused men
resigned, but later withdrew their resignations, asserting
that the smile had been obtained through coercion. The
Legislature on March 19 appointed a committee of fifteen
Arizona.-Governor Urges Submission of Constitutional to make an inquiry, and the four members
were suspended.
Amendments Providing for Recall of Judges and for Equal
New York State.-Legislature Passes Bronx County Bill.Suffrage.-On March 18 Governor W.P. Hunt in his message
to Arizona's first State Legislature urged the submission to The Stilwell bill creating the County of The Bronx, adopted
by the Senate on March 13(V. 94, p. 778), was passed by the
the people at the next regular election of amendments to the
Constitution providing for equal suffrage and the recall of House on March 20, there being 120 'ayes" and only 6 "nays.'
If the bill is signed by the Governor, it will be submitted to
judicial officers. The Constitution originally adopted
by the voters of Bronx Borough next fall.
the voters contained a provision for the recall of judges but,
as previously stated, this feature was eliminated at the first
Nicaragua.-Bill Relating to Supplementary Loan Passed
State election held Dec. 12 1911, Congress having stipulated by Nicaraguan Congress.-A dispatch from Managua
to the
that this action would have to be taken before Statehood "New York Times" says that the bill relating to a supplewas granted. Newspaper dispatches from Phoenix state mentary loan of $750,000, which failed of approval
in the
that a resolution for the submission of the proposed amend- Nicaraguan Congress on March 14, was passed March
19,
ment providing for the recall of the judiciary passed first with some amendments, by a vote of 17 to 4.
This bill rereading in both branches of the Legislature on March 21.
lates also to the reform of the currency.
Resolution Ratifying Income Tax Amendment.-On March 21
Secretary of State Philander C. Knox, who is visiting the
both houses of the Legislature also passed on first reading a South American republics, has cabled President
Taft, in reresolution ratifying the proposed Income Tax Amendment sponse to an appeal from the people of Nicaragua
, urging
to the Federal Constitution.
consideration of the Nicaraguan loan convention which has
been
pending
for
some
months
in the Senate Committee on
Dallas, Texas.-Supreme Court Denies Motions For
Rehearing in Suit Attacking Recall Provision ofCity Charter.- Foreign Relations.
Oklahoma.-Supreme Court Declares Guthrie's Charter
Motions for rehearing in the cases of Bonner vs. Belsterling
and Lefevre vs. Belsterling from Dallas County were over- Legal.-In a decision rendered March 12 by the Oklahoma
ruled by the Texas Supreme Court on March 13. The Court Supreme Court affirming the judgment of District Judge
in deciding these cases on June 23 1911 sustained the recall A. H. Huston, the validity of Guthrie's new charter ic•roviding for the commission form of government is upheld.
provision of the Dallas City charter. V. 93, p. 63.
The "Daily Oklahoman" of March 13, which gives the opinIdaho.-Supreme Court Defines Power of Municipalities ion
full, says: "The grounds upon which the Oklahoma
to Issue Bonds for Paving.-The State Supreme Court on Cityincharter,
March 13 decided the suit brought by Bayard T. Byrns were attackedas well as those of other cities of the State,
were the same as those brought up in the
to prevent the city of Moscow from creating an improve- Guthrie
case, and the final outcome has been awaited with
ment district and issuing bonds to provide funds to pave intense interest
streets in this district. The Court allows a writ of pro- government is in every city where the commission form of
in effect." See Guthrie, V. 93, p. 822.
hibition restraining the Mayor and Council of Moscow from
Ridgefield Park, Bergen County, N. J.-Election on
passing an ordinance for the purpose referred to, but, under
stipulation of counsel, the writ will not be issued. According Commission Form of Government.-The question of adopting
to the Boise "Idaho Statesman,"the abstract of the Court's the commission form of government will be submitted to a
vote on April 2.
ruling is in effect as follows:
Sections land 2, Article 12, of the Constitution of this State
San Jose, Cal.-Bonds Declared Valid.-The $377,000
grant to the
Legislature power and authority to provide for the
incorporation, organiza- 43'% improvement bonds awarded
tion and classification of cities and towns, and such
on Feb. 5 to the Garden
cities
and
towns have
such power and authority as are provided by the laws
enacted by the City Bank & Trust Co. (V. 94, p. 506) were declared valid
Legislature.
on
March
15, it is stated, by Judge J. E. Richards.
The only limitation upon the power of the Legislature
Is that it cannot
authorize cities or villages to incur any indebtednes
or liability in any manner or for any purpose exceeding in that year thesincome
Seattle, Wash.-Suit to Test Legality of Municipal Car
and
revenue
for
it for such year without the assent of two-thirds of the
qualified electors Line Bonds.-A friendly suit was filed in the Superior Court
thereof voting at an election.
It is within the power and authority of the Legislature
March 12 to test the legality of the $800,000 bonds voted
to provide for the on
incorporation and organization of cities and villages,
to make public improve- March 7 1911 for a municipal railway system. The comments such as paving, grading and guttering streets,
and
the
building
of
plaint,
it is said, attacks the issue on the following grounds:
sidewalks,and the construction of curbing, and providing that
the cost
News Items.
of such improvements may be paid from the general levy of taxes,
or by
means of special assessments made against the property specially benefited,
and that municipal bonds may be issued for
the purpose of raising such
revenue with which to pay for such improvemen
ts, and that all such regulations and matters are entirely within the power of the
Legislature and
may be provided for by proper legislation.
Revised Codes, Section 2238, grants full power to cities and villages organized under the general law of the State to make contracts
the construction and building of such public improvements enumeratedfor
In such Act
and to levy special assessments within an improvement district formed,
for
the full debt thereof, in proportion to the benefits derived, to said property
by said improvements, sufficient to cover the total cost and expenses of
the work to the center of the street, and includes the constructio
n of sidewalks, curbs, pavings and gutters.
This same Section, however, In Paragraph 2 of subdivision 8, requires that
expense
the
of all improvements In the space formed by
junction of one
or more streets, or wherein one main street terminates inthe
or crosses another
main street, and also all street crossings and cross-walks, shall
paid by
the city of village, and the latter is a city or village indebtednesbe
s and must
be paid by the city or village.
Where streets are paved and the assessments are made against the
abutting property, according to the benefits, improvement district bonds
may be issued by the city upon the council passing proper ordinances authorizing the same, without submitting the question of issuing
the bonds to
the electors or taxpayers of either the improvement district or the
city, but
where the cost and expenses are to be paid by the city and bonds are
for the purpose of raising revenue to pay the same, then such questionissued
must
be submitted to the electors and taxapyers of the city and must be
by
them authorized by proper votes. Revised codes, Sections
2515,
2316
and
subsequent Sections, as amended by Laws of 1909, page 174.
Where several propositions with reference to the issuing of municipal
bonds are to be submitted to the electors for vote, the same may
be done
In a single ordinance for that purpose, by stating
such propositions separately, so that the electors may express their desire and
vote upon each singly.
Where, however, the propositions to be determined are
distinct and different propositions and are to be determined under different
the statute, then there should be a separate ordinance withprovisions of
reference to
each proposition.
Revised Codes, Section 2323, and the subsequent Sections,
which were
originally adopted as the Act of March 5 1895, are repealed
by the Act of
March 13 1911.
Kentucky.-Legislature Adjourns.-The Legislature of this
State adjourned March 13.
That the Mayor failed to proclaim the adoption of the ordinance
within
the five days provided by law; that the ordinance
does not submit to the
voters a definite, well-considered, specified, itemized
and practicable
scheme for their adoption or rejection; that under one general
and title
are grouped and combined many propositions without any head
Inter-relation
or orderly arrangement, but which are inharmoniou
disconnecte
s,
d and
foreign to each other; that subsequent ordinances passed by the Council,
in
which it is attempted to raise the interest
said bonds from 4
to 5%
annually,are illegal; and that the attempt on
by ordinance, to discount the
same so that the amount of interest on the face value at 43,
6% will be
equivalent to 5% on the actual cash invested is illegal in that it attempts
to
do by indirection what the law would not permit to be done
directly.
Wisconsin.-Special Session of Legislature.-The Governor
has issued a proclamation convening the Legislature in
special session April 30 for the following purposes:
To make an appropriation and grant relief to the city
of Black River
Falls, its citizens and others in the immediate
vicinity thereof, who suffered
loss in the flood of Oct. 6 1911, to permit a dam
to be built across Black
River at this point, and to make provision for the constructio
n of a retaining
wall that will protect the city from further injury.
To appropriate money or make other provision for the improvement of
the levee system In and about the city of Portage, in
the counties of Columbia and Sauk, to protect life and property in the valleys
of the Fox and
Wisconsin rivers.
To enact laws for the construction of dams and the regulation and development of waterpowers.
To amend Sections 1668 and 4432 of the statutes relating to weights
and measures.
To amend Chapter 452 of the Laws of 1911 pertaining to public lands.
To validate elections held on April 2 1912 and to amend the primary and
general election laws.
To enact laws relating to associations transacting insurance on the
Lloyds plan.
To enact legislation relating to home rule for cities.
To enact legislation relative to the protection of fish and game.
To make an appropriation to cover expenses incurred by the legislative
reference department in preparation and during such special
session.
Bond Calls and Redemptions.
Missouri.-Bond Calls.-Whitaker & Co., of St. Louis, in
Michigan.-Second Special Session of Legislature.-The their
quotation pamphlet dated March 15, report the followMichigan Legislature, which convened in special session on ing
municipal bonds as having been called for redemption:
Feb. 26 (V. 94, p. 502), adjourned March 20, and on the
Austin Twp., Cass Co., 5% bonds, Nos. 44, 45 and 46, $1,000 each, dated
same day commenced a second extra session.
Jan. 1 1893, have been called and will be paid
March 16 1912.
Mississippi.-Legislature Adjourns.-The 1912 session of
the Mississippi Legislature ended shortly after midnight on
March 16.
Income Tax Bill.-The bill passed by the Legislature taxing
all incomes over and above $2,500 per year was signed by
Governor Brewer on March 16.
New Mexico.-Four Members of Legislature Arrested on
Bribery Charges.-On March 18 four members of the Lower
House of the first State Legislature-Jose P. Lucero, Julian
Butler Co. School Dist. No. 5, 25, 7,
bonds Nos. 1 to 5, incl., dated
June 1 1906, have been called and will be 6%
paid April 5 1912. Denom. $100.
Camp Branch Twp., Cass Co., 5% bonds Nos. 45 to 50, Incl. $1,000
dated Nov. 19 1887, have been called and will be paid March 16 1912.each,
Cape Girardeau Twp., Cape Girardeau Co., 4 % refunding bonds
Nos.
41 to 48 incl., $1,000 each, dated April 2 1900, have been called
and will
be paid April 2 1912.
Centralia, Boone Co., 5% Sewer Bond No. 2, dated Feb. 11910,
for
$1,000, has been called and was paid Feb. 1 1912.
Cole Co. 4% Court House bonds Nos. 56 to 68 incl., $500 each, dated
June 1 1896, have been called and will be paid June 11912.
Columbia, Boone Co., 4 M % water and electric light bonds, Nos. 28 to 45,
incl., for $1,000, dated April 1 1904, have been called
and will be paid
April 1 1912.
Everett Twp., Cass Co., 5% bonds, Nos. 15, 16 and 17, $1,000 each.
dated March 1 1888, have been called and will be paid March 16 1912.
MAR. 23 1912.
THE CHRONICLE
863
BENOMINE INDEPENDENT SCHOOL DISTRICT (P. 0. Benomine),
Grand River Twp., Cass Co., 5% bonds, Nos. 80 and 89 to 97, incl., and
116 and 117, $1,000 each, dated Nov. 19 1887, have been called and will be Wheeler County, Texas.-Bond Sale.-On March 11 the State Permanent
School Fund was awarded at par and int. $2,000 5% 5-40-yr (opt.) bonds.
paid March 16 1912.
Grant City School District 5% bonds Nos. 20, 21, 22 and 23, $500 each,
BERGENFIELD, Bergen County, N. J.-Bond Offering.-Further dedated April 1 1903, have been called and will be paid April 1 1912.
Grant City, Worth Co., 5% bond No. 6, issued for water-works purposes, tails are at hand relative to the offering on April 3 of the $10,500 5% coupon
or registered tax-free floating-Indebtedness bonds (V. 94, p. 779). Pro$500, dated April 1 1897, has been called and will be paid March 7 1912.
Boro.
Ozark, Christian Co., 5% Water-works bond No. 1, $500, dated July 1 posals will be received until 8 p. m. on that day by L. C. Jablesink,
Clerk. Authority Chap. 110, Laws of 1899. Denom. $500. Date April 1
1905, has been called and will be paid April 1 1912.
Englewood.
of
Co.
$500
Guaranty
incl.,
37,
to
&
1912.
Trust
&
Int.
33
A.
0.
the
Nos.
at
Palisade
A,
Series
bonds,
Perry County 5% court-house
$100 each, all dated April 1 1904, Due $500 yearly April 1 1913 to 1933 incl. Certified check for 2% of bid.
n
each, and series B, Nos. 30 to 39, Icl.
payable to the Borough Collector, required.
have been called and will be paid April '1 1912.
bonds, Nos. 1 and 2, $500
refunding
Pierce Twp., Lawrence Co., 4%
BERKS COUNTY (P. 0. Reading), Pa.-Bond Offering.-Proposals will
each, dated October 11899, have been called and will be paid April 1 1912.
be received at the Reading Nat. Bank in Reading for the sale at par of the
Pleasant Hill Twp., Cass Co., 5% bonds, Nos. 64, 65 and 66, for $1,000 $475,000 33.6% coup- tax-free Penn St. bridge bonds (V. 94, p. 224).
1912.
16
March
paid
be
each, dated Jan. 1 1893, have been called and will
Denom. $100 and $500.
Polk County 4% bonds, Nos. 21 to 30, incl., $500 each, dated Oct. 2 1905,
and issued for court-house purposes, have been called and will be paid on
BEXAR COUNTY COMMON SCHOOL DISTRICT NO. 43, Texas.
Bonds Registered.-An issue of $25,000 5% 20-year bonds was registered
or before March 121912.
5% bonds, Nos. 45, 46 and 47, $1,000 each, dated by the State Comptroller on March 14.
Polk Twp., Cass
Co.,called and will be paid March 16 1912.
Jan. 1 1893. have been
BILOXI. Harrison County, Miss.-Description of Bonds.-The $50,000
school bonds awarded on Feb. 21 to the Inter-State Trust ec Banking
Tacoma, Wash.-Bond Call.-The following bonds are 5%
Co. of New Orleans at par and int. are in the denom. of $500 each and dated
called for payment:
March 1 1912. Int. M. & S. Due $1,000 yearly for 19 years; balance due
Int. Ceases. In 20 years.
No. of Bonds.
District20 to 24 incl. March 14 1912
Bond Sale.-On March 8 the $70,000 5% water-works bonds(V.94, p.149)
Local Improvement District No. 391
1 and 2
March 14 1912 were awarded, It is stated, to the Inter-State Bank & Trust Co. of New
Local Improvement District No. 685
357 to 417 Incl. March 15 1912 Orleans for $70,400 (100.57) and int.
Local Improvement District No. 263_
_ 65 to 120 incl. March 15 1912
Local Improvement District No. 42_ __
BOSTON. Mass.-Loans Authorized.-Local papers state that the City
34 to 56 incl. March 15 1912
Local Improvement District No. 541
extend402_
119 to 153 incl. March 18 1912 Council passed on March 11 loan orders appropriating $364,000 for sewerNo.
District
Improvement
Local
ing Arlington St., $50,000 for a children's hospital and $400,000 for
Basin.
River
age works within the watershed of the Charles
BOWIE COUNTY (P. 0. Boston), Tex.-Bond Election.-An election
will be held March 28 to vote on a proposition to issue $50,000 Red River
this
Levee Dist. No. 1 bonds. it is stated.
save been as follows:
BOX ELDER COUNTY (P. 0. Brigham), Utah.-Bond Election.-An
election will be held April 9 to vote on a proposition to Issue *175,000 road
ALABAMA CITY, Etowah County Ala.-Bonds Proposed.-According bonds. it is stated.
to
water-works
decided
issue
has
and
sewer
$75,000
to reports, the Council
BRISTOW. Creek County, Okla.-Bonds to be Offered Shortly.-This
extension bonds.
city will sell within 30 days the $15,000 funding and $5,000 water-worksALEXANDRIA, Douglass County, Minn.-Bonds Voted.-The election extension bonds voted In October 1911 (V. 93, p. 970.)
held March 12 resulted in favor of the proposition to issue the $30,000 5%
BROAD BAY TOWNSHIP, Forsyth County, No. Car.-Bonds Voted.building bonds (V. 94, p. 719), the vote being 564 to 118.
The election held March 11 resulted in favor of the proposition to issue
ALLIANCE, Stark County, Ohlo.-Bond Offering.-Proposals will be the $30,000 30-yr. bonds to aid the Randolph & Cumberland fly., the
received until 12 m. April 5 by the Trustees of the Sinking Fund, C. 0. amount to be paid upon the completion of the road to Winston-Salem
Silver, Sec.,for the following grade-crossing-abolition (city's portion) bonds: (V. 94, p. 428.) The vote was 328 to 66.
$31,000 4% bonds dated Dec. 31 1909. Denom. *1,000. Due $15,000
Dec. 31 1932 and $16,000 Dec. 31 1933.
BRYAN, Williams County, Ohio.-Bond Sale.-The Citizens Bank of
3,800 4 1-3% bonds dated May 15 1911. Denom. $500. Due May 15 Pioneer was, it Is stated, awarded at 101 and int. the $7,000 4%% coupon
1918.
water-works and electric-light impt. bonds auth. Feb. 19 (V. 94, p. 719)•
Int. semi-ann. at the City Treas. office. Cert. check on a national bank
BUCYRUS. Crawford County, Ohio.-Bands Voted.-An election held
for 3% of bonds bid for, payable to the "City of Alliance," required.
March 8 resulted In favor of the question of issuing bonds by a vote reported
ALMONT, Lapeer County, Mich.-Bonds Defeated.-The question of as 574 "for" to 335 "against."
issuing $15,000 water and sewer bonds failed to carry at an election held
• BUCYRUS CITY SCHOOL DISTRICT (P. 0. Bucyrus), Crawford
March 11. The vote was 98 "for" to 118 "against."
County, Ohio.-Bond Offering.-Proposals will be received until 12 m.
ANDERSON. Anderson County, So. Car.-No Bond Election at Present.- April 5 by W. H. Miller, Clerk Bd. of Ed., for $30,000 434% coup. bldg.
We are advised that there will be no election in this city at present to vote bonds. Authority Sec. 7625 (as amended in 102 O. L. 419) et seq. and
on the proposition to Issue the $25.000 sewer extension bonds (V.94, p. 646.) Secs., 2294 et seq. and 7626, Gen. Code: also vote of 574 to 335 at the
election held March 8. Denom. $500. Date "day of sale.' Int. A. & 0.
ANDOVER, Ashtabula County, Ohio.-Bond Offering.-Proposals will at the Bd. of Ed. office. Due $500 each six months from April 1 1914 to
be received until 12 m. April 16 by F. A. Woodard, Village Clerk, for the Oct. 1 1916, incl $1,000 each six months from April 1 1917 to Oct. 1 1921,
7,000 434% (village's portion) street-lmpt. bonds(V. 94, p. 577). Denom. incl.•, $2,000 each six months from April 1 1922 to Oct. 1 1924, Incl.; and
250. Date April 11912. Int. semi-ann. at the Andover Bank in Andover. $2,500 April 1 and Oct. 1 in 1925. Bonds to be delivered and paid for on
ue $250 each six months from March 1 1916 to Sept. 1 1929 incl. Cert. April 15 1912. Cert. check for $100, payable to the Clerk Bd. of Ed..
check for 1% of bonds bid for, payable to the Village Treas.required. required.
Purchaser to pay accrued int. and take up bonds within 10 days'from date
BURKHART SPECIAL SCHOOL DISTRICT (P. 0. Burkhart), Logan
of award.
will be received until 12 m.
- County, Ohio.-Bond Offering.-Proposals
ANDREWS COUNTY COMMON SCHOOL DISTRICT NO. 2, Tex.
March 15 by J. S. Detrick, Clerk Bd. of Ed., for $1,800 45% coup. bldg.
11
March
on
was
awarded
Fund
School
Permanent
State
Bond Sale.-The
Gen. Code; also election
7630.
and
Sec.
7591,
7592,
7629
Auth.
bonds.
an Issue of $1.500 5% 30-year bonds at par and interest.
Feb. 14. Denom. $225. Date March 1 1912. Int. M. & S. at Treasurer's
- office. Due $225 on March 1 from 1913 to 1920 inclusive. Bonds to be
ANDREWS COUNTY COMMON SCHOOL DISTRICT NO. 28, Tex.
al
Bond Sale.-The State Permanent School Fund was awarded on March 11 delivered at Treasurer's office March 15 1912. 0
an issue of $1,500 5% 10-20-year (opt.) bonds at par and interest.
BURLINGAME SCHOOL DISTRICT (P. 0. Burlingame), San Mateo
on
vote
to
5
April
be
held
will
will
election
County, Cal.-Bond Election.-An
ARLINGTON, Hancock County, Ohio.-Bond Offering.-Proposals
bonds. Denom. $1,000. Int.
be received until 12 m. April 1 by C. J. Orwick, VII. Clerk, for $2,500 5% a proposition to issue $50,000 5% bldg.
,Sec. 3939, Gen. Code. Denom. semi-ann. Due $2,000 yriy. from 5 yrs. to 29 yrs. after date. The
electric-light-plant-impt. bonds.
M. &S. at the Farmers' & Merchants' proposition to issue these bonds was defeated at the election held March 1
$500. Date Mch. 15 1912. Int. Auth..
two-thirds majorBank Co., Arlington. Due $500 yrly. on Mch. 15 from 1916 to 1920 Inc. (V. 94, p. 294) by a vote of 394 "for" to 287 "against", a
Cert. check for 5% of bonds bid for, payable to Treas., required. Bonds ILK being necessary to carry. II
to be delivered and paid for within 10 days after time of award.
BYE107INDEPENDENTrSCHOOL DISTRICT (P"0. Byers),'Clay
11$6,000 5% 10-40-year(opt.) bonds
ASH GROVE, Greene County, Mo.-Bonds Defeated.-An election held County.Texas.-Bond Sale.-On March School
Fund at par and interest.
Feb. 27 resulted In the defeat of a proposition to issue $14,000 water bonds. were awarded to the State Permanent
CALHOUN COUNTY (P.O. Port Lavaca). Tex.-Bonds Voted.-Reports
AUGUSTA, Me.-Bond Sale.-On Jan. 20 $15,000 4% 25-year refunding
bonds were awarded to the Augusta Trust Co. In Augusta. Denom. $1,000. state that an election held recently resulted in favor of a proposition to issue
$100,000 bonds to construct a road from San Antonio to Port O'Connor.
Date Feb. 15 1912. Interest F. & A.
AUSTIN, Travis County, Tex.-Bond Election.-An election will be held 'CALIFORNIA SCHOOL DISTRICT (P. 0. California), Washington
in April (either the 20th or the 30th) to vote on propositions to issue $250,- County, Pa.-Bonds to be Sold Shortly.-We are advised that the $25,000
000 street, $250,000 sewer, $150,000 school, $50,000 cemetery and $50,000 bldg. bonds voted Nov. 7 1911 (V. 93, p. 1620) will not be disposed of until
•
April or May.
•'• 4i • :•A
•
hospital bonds.
CAMBRIDGE. Guernsey County, Ohio.-Bend Election.-An election
BABYLON, Suffolk County, N. Y.-Bonds Voted.-A favorable vote was
to issue $60,000 4 3% sewage
proposition
a
and
on
vote
to
26
road-impt.
will be held March
cast on March 19 on propositions to expend $20,000 for
disposal-plant bonds. •
$5,000 for the fire-department.
BAKERSFIELD. Kern County, Cal.-Bond Election Proposed.-Pro- MCAMERON COUNTY (P. 0. Brownsville), Texas.-Bonds Registered.positions to issue $225,000 sewer and $75,000 flre-dept.bonds will be sub- Time State Comptroller registered on March 14 the $200,000 5% 10-40-year
mitted to the voters. We are advised, however, that the date of the (opt.) court-house and jail bonds awarded on Jan. 15 to N. W. Halsey &
election has not yet been decided.
Co. of Chicago (V. 94. p. 225).
BALDWIN, Douglas County. Kan.-Purchaser of Bonds.-The purCARBON COUNTY SCHOOL DISTRICT NO. 3 (P. 0. Bowler), Mont.
chaser of the $18,000 5% 20-year water-works-ext. bonds recently sold Bond Sale.-On March 2 the $2,000 6% 5-10-year (opt.) coup. school bonds
Board
the
to
awarded
were
294)
p.
94,
(V.
Denom.
6
Mo.
Jan.
was
City,
779)
on
the
Kansas
of
p.
success
Co.
without
Trust
Commerce
offered
94.
(V.
$500. Date March 15 1912. Interest M. & S.
of State Land Commissioners at par. Denom.$2,000. Date March 2 1912.
BASTROP COUNTY (P. 0. Bastrop), Texas.-Bond Election.-It is
CARLTON, Yamhill Lounty, Ore.-Bond Offering.-Further details are
stated that an election will be held April 2 to vote on a proposition to issue at hand relative to the offering on April 1 of the $35,000 6% gold coupon
$100.000 Road District No. 1 bonds.
water-works bonds (V. 94, p. 719). Proposals will be received until 8 p. m.
that day by U. Kutch, City Recorder. Denom. $1,000. Date May 1
,26'U - on
BASTROP COUNTY COMMON SCHOOL DISTRICT NO.
1912. Int. M. & N. In Chic. or N. Y. Due May 1 1937 opt. after 10 yrs.
Bond Sale.-The $1,500 5% bonds (V.94, p. 577) were awarded on March 11 Cert. check for 10% of bid, payable to the City Recorder, is required.SNo
interest.
to the State Permanent School Fund at par and
other bonded debt. Floating debt $500.91rAssess. val. $230,550.
-MBATAVIA, Kane County III.-Bonds Offered by Bankers.-The Mer
rrCARR IZO SPRINGS. Dimmit County, Tex.-Description of Bonds.-The
tile Trust Co. of St. Louis a offering to investors $6,400 of an Issue of $24,- $6,000 street-Impt. bonds voted Feb. 23 (V. 94, p. 719) bear Interest at 5%
000 5% assessment paving bonds. Denom. $200, $300 and $500. Date and are in denom. of $1,000. Int. annually at CarrIzo Springs. Due 40
June 12 1911. Interest at the City Treasurer's office.
years, opt. after 20 years. No bonded debt at present. Floating debt
BATESVILLE, Panola County, Miss.-Bonds Not Yet Sold.-No award about $300. Assess. val. for 1911. $333,930.
has yet been made of the $2,000 (the unsold portion of $6,000) 6% 20-year
CELINA, Mercer County, Ohio.-Bond Election.-An election will be held
concrete-walk bonds (V. 94. p. 428).
May 21 to vote on a proposition to issue sewer bonds.
BATH. Sten ben County, N. Y.-Bonds Defeated.-We are advised that a
CHANUTE SCHOOL DISTRICT (P. 0. Chanute), Neosho County, Kan.
proposition to issue $3,500 paving bonds was defeated at an election held
-Bond Election.-On April 2 the question of issuing $75,000 high-schoolrecently.
upon, it is reported.
BEDFORD. Lawrence County, Ind.-Bond Sale.-On March 15 $13,- bldg. bonds will be voted
886 30 6% Lincoln St. impt. assess. bonds were awarded to Ewing Shields
Hamilton County. Tenn.-Bond Election.-We learn
CHATTANOOGA.
$500
Int.
and
(10) $388 60. Date Dec. 19 1911,
at par. Denom. (20)
that an election will be held March 26 to vote on a proposition to issue
J. & D. Due $1,388 63 yearly June 1 from 1912 to 1921 inclusive.
$250,000 4 ki% 30-year park bonds.
BEE COUNTY (P. O. Beeville), Tex.-Bond Election.-An election will
CHEHALIS, Lewis County, Wash.-Bond Election.-Accordlng to rebe held March 30 to vote on a proposition to Issue $15,000 5% 5-10-year ports,
an election will be held April 29 to vote on the question of issuing
(opt.) bridge bonds.
water-works-system bonds.
BEE COUNTY COMMON SCHOOL DISTRICT NO. 14, Texas.-Bond
• CHEHALISYCOUNTY -(P.-0.1rMontesano), Wash.-Bond Sale.-On
Sale.-An issue of $3,000 5% 10-40-year (opt.) bonds was awarded on
March 18 the $150,000 1-10-year (ser.) refunding bonds dated April 1 1912
March 11 to the State Permanent School Fund at par and interest.
(V. 94, p. 646) were awarded to E. H. Rollins & Sons of Denver at 101.77
BELLEVUE SCHOOL DISTRICT (P. 0. Bellevue), Sarby County, Neb. for 5s-a basis:otabout 4.63%.lad, • Itaka fj0311L13
htlfejale •_au • •
:1'
-Bond Election.-On April 26 an election will be held, it Is stated, to vote
FrCHERAW, Chesterfield County, So. Car.-Bond Election.-Proposltions
on the question of issuing $25,000 school-improvement bonds.
water, $30,000 sewer and $8,000 light 20-40-yr. (opt.)
BELTRAMI COUNTY (P. 0. Bemidji), Minn.-Bond Sale.-On Mch. 7 to issue $47,000
submitted to a vote on April:11. • The interest rate, we are
$220,000 5% 1334-yr. (ay.) bonds were awarded to the Security Trust Co. bonds will beprobably
r.4.2.1 • • •
04.0 :.;ail • - ..:j
be 5%.
will
advised,
&D.
J.
Int.
Denom.
int.
11911.
and
Dec.
$1,000.
Date
par
at
offSt.iPaul
Bond Proposals and Negotiations
1)
week
864
THE CHRONICLE
CHESANING, Saginaw County, Mich.-Bonds Defeated.-A proposition
to issue $5,000 water-impt. bonds was defeated at an election held March 12.
The vote, it is stated, was 111 "for" to 108 "against", a two-thirds majority
being required to authorize.
CINCINNATI, Ohio.-Bonds Authorized.-An ordinance was passed
Feb. 20 providing for the issuance of $250,000 4% coup. hospital bonds.
Denom. $500. Date May 1 1912. Int. M. & N. Due May 1 1962.
An ordinance was also passed March 5 providing for the issuance of
$199,500 4% water-works-impt. and ext. bonds. Denom. $500 or multiples thereof, as may be determined by the City Auditor. Date March 1
1912. Due 40 years, opt. after 20 years.
CLARENDON INDEPENDENT SCHOOL DISTRICT (P. 0. Clarendon),
Donley County, Tex.-Bond Election.-An election will be held March 30
to vote on the question of issuing $25,000 building bonds, it is stated.
CLAY JOINT SCHOOL DISTRICT, Fresno and Tulare Counties, Cal.Bond Sale.-Reports state that E. Bradley of Los Angeles was recently
awarded $6,400 bonds at 102.125.
CLEBURNE, Johnson County, Tex.-Bonds Registered.-On March 5
the State Comptroller registered the $178,000 5% 20-40-year (opt.) waterworks bonds awarded on Feb. 10 to the Harris Trust & Savings Bank of
Chicago (V. 94, p. 720).
CLEVELAND. Ohio.-Bond Sale.-On March 18 the following bids were
received for the $18,000 4% 243i-yr. park; $180,000 4% 35.6-yr. sewer
and $145,000 4.10% 24.6-yr. park coup. bonds (V. 94, p. 577.)
$18,000
$180,000 $145,000
Issue.
Issue.
Issue.
C. E. Denison & Co., Cleveland -'$18,755----00 $180,831 $146,975 00
Cleveland Trust Co., Cleveland ------- 18,745 20
181,494
147,392 50
A. E. Aub & Co., Cin
18,726 00
-------Bud. Kleyboite Co., Inc.
18,707 40
------- _
Hayden, Miller .So do., Cleve
,eve
Otis & Hough, Cleveland
__ _ _
18,665 00
180,918 *147,769 50
Seasongood do Mayer, Cincinnati__
Tillotson & Wolcott Co., Cleve
18,633 60 •181,512
146,841 50
First National Bank _ - -- _ --18,615 75
146,579 75
Provident Say. Bank do Trust Co., Cin_ 18,608 40
180,846
146,754 50
Well, Roth & Co., Cin
18,567 00
146,595 00
*Successful bids.
Bond Election.-Local papers state that an election will be held May 21
to vote on the question of issuing *1,000,000 playground bonds.
CLYDE INDEPENDENT SCHOOL DISTRICT (P. 0. Clyde), Callahan
County, Texas.-Bonds Voted.-It is stated that a proposition to issue
$7,000 bonds carried by a vote of 77 to 43 at an election held March 9,
IF COCHRAN, Pulaski County, Oa.-Bond Offering.-Proposals will be
received at once for $20,000 5% school bonds (V. 93, p. 1489). Auth. vote
of 118 to 5 at election held March 13. Due 30 yrs., opt. after 5 years at
5% premium.
COLLEGEPORT SCHOOL DISTRICT NO. 17 (P. 0. Collegeport), Matagorda County Texas.-Bonds Voted.-Reports state that at a recent election the question of issuing $12,000 building bonds carried. Vote 39 "for"
to none "against."
Lxxxxiv.
ditional certified check on some bank other than the one making the bid,
for 1% 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. Each issue to be bid for separately.
DAVENPORT SCHOOL DISTRICT (P. 0. Davenport), Scott County,
Ia.-Bonds Defeated.-Reports state that the proposition to issue
the
$80,000 bonds was defeated by a vote of 187 "for" to $3,150 "against" at
the election held March 11 (V. 94, p. 646).
'DAYTON t Ohio.-Bond Offering.-Proposals will be received until 12 m.
April 9 by G. W. Bish, City Auditor, for the *8,000 4 3i% coupon Forest
Avenue paying (city's portion) bonds (V. 94, p. 367). Denom. $1,000.
Date April 1 1912, Interest A. & 0. In Now York. Due $2,000 yearly
April 1 from 1919 to 1922 incl. Bonds to be delivered on April 9 1912 at
the City Treasurer's office. Certified check on a national bank for $400,
payable to the City Auditor, required.
DAYTON, Columbia County, Wash.-Bond Offering.-Proposals will be
received until 8,p. m. April 2, it is stated, by J. L. Wallace, City Clerk, for
$14,000 14-20-year (sm.) funding bonds at not exceeding 6% interest.
Interest semi-annual. • Certiftedeheck for 10% required.
DECATUR. De Kalb County, Oa.-Bond Election.-An election to 'vote
on the question of issuing $35,000 school bonds will be held April 24, according to local papers.
•,
• . •
DEERWOOD, Crow Wing County, Minn.-Bonds Voted.-The election
held March 12 resulted in favor of the propositions to issue the $3,000
refunding, $3,000 street-construction, and $4,000 permanent improvement
bonds (V. 94, p. 646). The vote was 120 to 29, 112 to 28 and 109 to 31,
respectively. We are advised that application has been made to the State
of Minnesota for the above loans.
DE KALB, De Kalb County,'Ill.-Bond Election Proposed.-According
to reports, a proposition to issue $17,000 bonds for a well, pump and other
water-works improvements will be submitted to a vote in the near future.
DELPHOS CITY'SCHOOL DISTRICT (P. O. Delphos), Allen and Van
Wert Counties, Ohio.-Bond Sale.-On March 20 the $25,000 43j%
23.7-year (ay.) coup. tax-free bldg. bonds (V. 94, p. 646) were awarded to
Rudolph Kleyboite Co. Inc. of Cincinnati at 103.72 and int.-a basis of
about 4.249%. Other bids follow:
Nat. Bk. of Delphos, Del_$25,792 50 Atlas Nat. Bank, On- _425,627150
New First Nat. Bk., Col _. 25,717 70 Seasongood & Mayer, Cin_ 25,580 00
A. E. Aub & Co.. Cin__ __ 25,712 15 First Nat. Bank, Cleve- _ 25,451 50
Mayer,Deppe&Walter,Cin. 25,702 50 Hayden, Miller & Co.,Clev. 25,395 00
Breed do Harrison, Cin ___ 25,700 00 J. A. Brotherton, Delphos
Well, Roth & Co., Ctn.. __ 25,690 00
1,001 00
(for $1,000)
Pr• DES MOINES INDEPENDENT SCHOOL DISTRICT (P.O. Des Moines).
Polk County, lowa.-Bonds Voted.-The proposition to issue the $79,000
4% 20-year building, equipment and site-purchase bonds (V. 94, p. 646)
carried by a vote of 6,697 to 3,814 at the election held March 11.
et=-Y3Wira-a-ir===W
P • DILLON COUNTY (15
0Thillo=g7",
:
-.
vlsed that this county has awarded $85,000 highway and $15,000 funding
bonds to W. N. Coler & Co. of N. Y. City. Denom. $1,000. Date Jan. 1
1912. Int. J. & J. Due Jan. 1 1942.
DIMMIT COUNTY COMMON SC
ICT NO2, Texas.
Bond Sale.-The State Permanent School Fund was awarded at par and
COLLINGSWORTH COUNTY COMMON SCHOOL DISTRICT NO, 4, interest $5,000 10-20-year (opt.) bonds on March 11. •
•
"1
•
Tex.-Bonds Registered.-On March 6 an issue of $1,200 5% 20-year bonds
was registered by the State Comptroller.
•ThOBBS-FERR YTWestchester Coun t7171777.7girDefeated.-Reports
state that propositions to expend $75,000 for a town hall, $6,000 for an
COLUMBUS. Muscogee County, Oa,-Bonds Voted.-An election held auto fire-engine and $2,500 for a free library failed to carry at an election
Mob. 16 is said to have resulted in favor of the proposition to issue $50,000 held March 19.
• • • • • • • • • • • • • • • • • • • • •"
4% bridge bonds. Due $5,000 yearly.
DOVER. Strafford County, N. H.-Bond Offering.-Proposals will be
COLUMBUS, Ohio.-Bonds Authorized.-Ordinances were passed received until 11 a. m. March 27 by W. K. Chadwick, City Treasurer, for
March 11 providing for the issuance of the following 4% coupon bonds:
$75,000 34% coup. city-hall refund. bonds. Denom. $1,000. Date
*10,000 Board of Health bonds. Denom. $2,000. Date not later than April 1 1912.
Int. J. & D. at the First Nat. Bank, Boston. Due $15 000
Sept. 1 1912. Due Sept. 1 1914.
yearly on Dec. 1 from 1928 to 1931 incl. and $15,000 April 1 1932. These
2,000 Hildreth Ave. Impt. assess. bonds. Denom. $1,000. Date not bonds are exempt from taxation when held by citizens of Dover. They
later than Dec. 1 1912. Due Sept. 1 1922; opt. after Sept. 1 1913. will be certified as to genuineness by the First Nat. Bank, Boston, and
Int. M. & S. at City Treasurer's office.
their legality approved by Ropes, Gray & Gorham, whose opinion will be
F An ordinance was passed on March 4 providing for the Issuance of $200,delivered to purchaser.
be delivered April 1 at the First
000 4% coup. improvement bonds. Denom. $1,000. Date not later than National Bank. Boston. Bonds to
Dec. 31 1912. Int. M. & S. at the agency of Columbus in N. Y. Due
Sept. 1 1923.
DUNMORE, Lackawanna County, Pa.-Bond Offering.-Proposals will
be received until 8 p. m. March
Marsh, Sec, Boro. Council, for
CORONADO SCHOOL DISTRICT (P. 0. Coronado), San Diego County, $45,000 43i% coup. general impt.,25 by L.No.
2," bonds. Denom. $1,000.
Cal.-Bond Election Proposed.-This district will probably hold an election, Date April 1 1912. Int. A. & 0. "Series
at
Treasurer's
office or at such place as
it is stated, to vote on a proposition to issue about $85,000 building bonds.
may be agreed upon between Boro, and buyer. Due $1,000 on April 1
CORPUS CHRISTI, Nueces County, Tex.-Bond Election.-We are ad- 1918, 1921, 1922, 1925 and 1926; $2,000 April 1 1927 and 1928 and $3,000
vised that an election will be held March 25 to vote on a proposition to issue yearly on April 1 from 1929 to 1940 incl. Cert, check for $500 on an incorporated bank or trust company, payable to the "Borough of Dunmore,"
*150,000 5% 10-40-year (opt.) paving bonds.
required. Bonds will be ready for delivery about April 15. Purchaser to
CORTLANDT UNION FREE SCHOOL DISTRICT NO. 8, Westchester pay accrued interest. Bids must be made on blank forms furnished by
County, N. Y.-Bond Sale.-On March 21 the $70,000 27.6-year (ay.) the borough
• • • •
• •
bonds (V. 94, p. 779) were awarded to R. M. Grant & Co. of N. Y. for $70,DURHAM, Durham County, No. Caro.-Bond Sale.-On Mch. 18 the
231 10 (100.33) ior 4 ns. Other bids fo:low:
$25,000 5% 10-yr. and $25,000 4% 15-yr. school bonds (V. 94, p. 720)
E. H. Rollins & Sons New York
$104 30 premium for 4 Yis
were awarded to N. W. Halsey 6: Co. of New York for $51,336 87 (102.673)
Adams & Co., New York
____________
71 00 premium for 4 Ms
Harris, Forbes &
ew -York
280 70 premium for 4.30s and interest. Other bids follow:
Co.,do., New York
Douglas Fenwick &
225 00 premium for 4.30s John Nuveen & Co., Chic __•$51,410 Townsend Scott & Son and
•
51,126
W. N. Coler 6: Co., New York
Hambieton & Co., Bait _ _450,345
150 00 premium for 4.30s Kean, Taylor & Co., N. Y
Estabrook lc Co., New York
O'Connor & Kohler, N. Y
286 00 premium for 4.35s Nelson, Cook de Co. and Ba50,330
51,059
Well,
Spitzer, Rorick & Co., New York _________ _
Roth
Bl
& Co., Cincinnati 50,325
43 50 premium for 4.35s
ker, Watts & Co.,
Farson, Son & Co., New York
87 00 premium for 4.40s Estabrook & Co., N. Y----- 50,760 Wm. R. Compton Co., St. L.. 50,295
Curtis & Sanger, New York_
76 25 premium for 4.405 Western German Bank, Cin_ 50,755 R. M. Grant & Co., N. Y __ 50,265
50,688 Hayden, Miller & Co., Cleve_ 50,260
Peekskill Savings Bank, Peekskill
Bid for $40,000 as 4.495
Seasongood do Mayer, Cin_
R. L. Day & Co., New York
1,855 70 premium for 43,
50,200
0 Harris, Forbes & Co., N. Y __ 50,640 Fidelity Bank, Durham
J. H. Hilsman & Co., Atlanta 50,186
Woodin, MeNear do Moore.
CRAWFORD, Dawes County, Neb.-Bond Offering.-Proposals will be
________ 50,635 C. E. Denison & Co., Cleve__ 50,136
Chicago
received at any time by J. E. Porter, Mayor, for the $12,500 5% 5-20-year C. H.
& Co., N. Y..-- 50,516 Prov.Say.Bk.&Tr.Co., Cin _ _ 50,085
(opt.) coup. sewer system bonds voted Feb. 12 (V. 94, p. 646). Auth. E. H. Venner
& Sons, Boston 50,445 Bolger, MosserdoWillaman,Cht 50,051
Sec. 8872 to 8880, Cobby Statutes of 1911. Denom. $500. Date March 1 Mayer,Rollins
• •
Deppe
do Walter, CM_ 50,380 Wachovia Loan & Trust Co.
1912. Int. In March at the State fiscal agency in New York. Bonds are Geo. W. Watts,
and Dur.L.doTr.Co., Dur __ 50,000
Durham.._ __ 50,375
not taxable if held by non-residents. Bonded debt, including this issue,
$47,500. Assess. val. for 1911, $204,803.
*This offer appears to be higher than the successful bid, but it'Is so
• '
• • • •
• • • • • •
CRYSTAL FALLS, Iron County, Mich.-Bonds Voted.-An election held reported to us by the City Clerk.
recently resulted, reports state, in favor of a proposition to issue $40,000
All bidders agreed to pay accrued interest in addition to their bid, exChicago.
of
Willaman
city-hall and opera-house bonds.
cept Bolger, Mosser do
CUCAMONGA SCHOOL DISTRICT (P.O. Cucamonga), San Bernardino
County, Cal.-Bonds Defeated.-An election held March 5 resulted in the
defeat of the proposition to issue the $40,000 building bonds (V. 94, p. 295).
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.-Bond Offering.-Proposals will be received until 11 a. m. April 10 by the Board of County
Commissioners for the following 4 3 7
0 coup. Center-Ridge road No. 2-Impt.
bonds:
$26,500 assess. bonds. Denom. (1) $500 (26) $1,000. Due $500 Oct. 1
1912, $1,000 each six months from April 1 1913 to Oct. 1 1918 incl.
and $2,000 each six months from April 1 1919 to April 1 1922 incl.
115,618 county's portion bonds. Denom. (1) $618 and (115) $1,000. Due
$618 Oct. 1 1912; $5,000 (each six months from April 1 1913 to
Oct. 1 1914, incl.); $6,000 each six months from April 1 1915 to
Oct. 1 1919 incl. and $7,000 each six months from April 1 1920 to
April 1 1922 incl.
Authority Sec. 2294, 2295, 6912, 6912-1 and 6913 Gen. Code. Date
April 1 1912. Int. A. do 0. at Treasurer's office. Cert. check on some
bank other than the one making the bid, for 1% of bonds bid for, payable to
Treasurer, required. Bonds to be delivered and paid for within 10 days
after time of award. Purch. to pay accrued int. Bids to be unconditional.
stating separately the amount offered for each issue.
Proposals will also be received until 11 a. m. April 13 for the following
4 3i% coupon Green Road improvement bonds:
*12,253 assessment bonds. Denom. (1) $253 and (24) $500. Due $253
Oct. 11912, $500 each six months from April 1 1913 to Oct. 1 1919
incl. and $1,000 each six months from April 1 1920 to April 1
1922 incl.
54,523 county's portion bonds. Denom.(1) $523 and (54) $1,000. Due
$523 Oct. 1 1912, $2,000 each six months from April 1 1913 to
April 1 1914 incl. and $3,000 each six months from Oct. 1 1914 to
April 1 1922 incl. ,
Authority Sections 2294, 2295, 6912, 6912-1 and 6913, General Code.
Date April 1 1912. Interest A. & 0. at County Treasurer's office. Uncon-
PrEAST CLEVELAND CITY SCHOOL DISTRICT, Cuyahoga County,
Ohlo.-Bond Sale.-On March 19 the bids received for the $16,000_4%
1934-year refunding bonds (V. 94, p. 577) were as follows:
Cleveland Tr. Co., Cleve '$16,068 801R.Kleybolte Co.,Inc.,Cin_$16,049 60
Mayer,Deppe&Walter,Cin. 16,060 0010tis & Hough, Cleveland_ 16,007 00
• This bid is said to have been successful.
v• EAST FOXBORO, Norfolk County, Mass.-Bond Offering.-Proposals
will be received until 7:30 p. m. March 26, it is stated, for $12,000 4% coup,
water bonds dated April 1 1912. Due $500 yearly from 1913 to,1936_inclu.
EDGERTON SCHOOL DISTRICT (P.O. Edgerton). Pipestone County,
Minn.-Bonds Voted.-By a vote of 140 to 14 the question of issuing $16,000
4% building bonds carried at an election held March 12. Wo are advised
that these bonds will be sold to the State of Minnesota.
ELECTRA INDEPENDENT SCHOOL DISTRICT (P. 0. Electra),
Wichita County, Texas.-Bond Sale.-On March 11 the State Permanent
School Fund was awarded an issue of $3,000 5% 15-40-year (opt) bonds
at par and interest.
ELLSWORTH TOWNSHIP (P. 0. Ellsworth), Mahoning County, Ohio.
-Bond Offering.-Proposals will be received until 1:30 p. m. April 2 by
F. C. Allen, Two, Clerk, for $8,000 4% coup. tax-free road-impt. bonds.
Denom. $500. Date May 1 1912. Int. M. & N. at the Treas. office. Due
$1,500 yearly May 1 from 1920 to 1923 incl. and $2,000 May 1 1924. Cert.
check for $500, payable to the Treas., required. Total debt, not incl, this
issue, $10,500. Assess. val. for 1912, $1,288,890.
-•
'
PASO COUNTY P. O. El Paso), Tex.-Bond Election Rescinded.'EL
We are advised that the election which was to have been held March312 to
vote on the question of issuing the $200,000 roadway and levee erection
bonds (V. 94, p 428) was called off.
ERIE TOWNSHIP (P. 0. Monroe), Mich.-Bond Election.-An election
will be held April 1 to vote on the proposition to issue road bonds. A similar
proposition was defeated at an election_held Feb. 11)_(V. 94. p. 780).
MAR. 23 1912.1
THE. CHRONICLE
papers state
Ir• ESCANABA,-,Delta County, Mich.-Bond Election.-Local issue $80,000
that an election will be held April 1 to vote on a proposition to
ewer lbonds.
0. Estherville), Emmet
In ESTHERVILLE vSCHOOL DISTRICT (P.that
an election will be held
County, la.-Bond Election.-We are informed
bldg. bonds to take tile
$85,000
issuing
of
April 5 to vote on the question
Feb.2 (V.94,p.780).
held
place of the $65,000 bonds authorized at the election
Sale.-On March 19 the
-Bond
Mass.
'County.
Bristol
1.-• FALL RIVER, sewer bonds (V. 94, p. 780) were awarded to Blodgct &
$70,000 4% 30-year
3.625%. Other bids follow:
Co. of Boston at 106.84-a basis of about
106.77 Blake Bros. & Co., Boston_ _ _106.53
Adams'& Co., Boston
106.33
& Sanger, Boston
Curtis
R. L. Day & Co., Boston_ _ _ _106.569
• • 0.,:j
ii.%DenomlnatIon $1,000. Interest March and September. 1 •
DISTRICT NO. 68, Mont.-Bond OffertnO.
FERGUS COUNTY SCHOOL
until 2 p. in. March 25 by Mrs. M. Snyder, Clerk
-Proposals will be receivedMoore),
for $1,500 6% coupon building bonds.
Board of Trustees (P. 0.
Interest annual. Due 20 years,
Denom. $1,500. Date April 1 1912.
for 5%,payable to the Clerk Board
check
optional after 10 years. Certified
:4
valuation,_$84,000._.
of'Trustees, required. No debt at present. • Assessed
$2,500 5%
of
issue
-An
Sale.
-Bond
Tex.
County,
FLATONIA. Fayette
bonds was purchased on March 11 by the
10-40-year (opt.) school-building
• '
,and_interest. .1
State Permanent School Fund for,par
Sale.-On March 18 the following
IPAFOREST, Hardin County.'Ohio.-Bond
$5,000
and
St.
Paterson
(serial)
1-8-year
bids were received for the $4,000
t (village's portion) bond
1-10-year (serial) JLitna ,St. 5% improvemen
•
(V. 94, p. 504).
$5,000
$4,000
Issue.
Issue.
Irl
00
$5,196
00
$4,126
Barto, Scott & Co., Columbus
5,196 00
*4,126 00
Hardin County Bank Co., Forest
5,182 50
40
4,122
Somerset
Pond,
M. S.
5,182 50
4,122 00
Rudolph Kleybolte Co., Inc., Cincinnati
5,188 50
4,121 00
Seasongood & Mayer, Cincinnati
85
5,184
25
4,115
Cleveland
Bank,
First National
5,127 00
4,105 20
Mayer, Deppe & Walter, Cincinnati
5,170 65
4,104 75
Stacy & Braun, Toledo
*5,207 00
4,101 00
New First National Bank, Columbus
5,110 00
4,084 00
Well Roth & Co., Cincinnati
5,060 00
00
4,040
Forest
Bank,
National
First
Security
the
from
received
also
was
issues
for
both
A bid of $9,237 50
Savings Bank & Trust Co. of Toledo.
'
r•-,••-•:•?wr'''.--t-'-',
865
GrayGUNTER INDEPENDENT SCHOOL DISTRICT (P. 0. Gunter),
Fund was
sson County, Tex.-Bond Sale.-The State Permanent School
par
int.
and
at
bonds
(out.)
awarded on Mch• 11 $4,200 5% 5-40-year
HALE COUNTY (P. 0. Greensboro), Ala.-Bond Offering.-Proposals
will be received until 12 m. April 8 by W. C. Christian, Probate Judge, for
the $100,000 5% coupon tax-free road improvement bonds (V. 94, p. 721).
Denom. $1,000. Date July 11912. Interest J. & J. at the County Treasurer's office. Due 30 years. Certified check for 1%, payable to the
Probate Judge, required.
HANCOCK SCHOOL DISTRICT (P. 0. Hancock), Stevens County,
the
Minn.-Bonds Voted.-An election held March 12 resulted in favor of was
proposition to issue $16,200 4% 20-year building bonds. The rote
158 to 27.
HARTFORD, Van Buren County, Mich.-Bonds Voted.-An election
held March 11 resulted in a vote of 144 to 96 in favor of the question of
issuing $4,500 water-works bonds. The interest rate will probably be 5%,
we are advised.
HASTINGS, Oswego County, N. Y.-Loan Defeated.-A proposal to buy
a $5,000 automobile for the fire department was defeated, it is said, at an
election held March 19.
HASTINGS-ON-HUDSON, Westchester County, N. Y.-Bond Offering.
-Proposals will be received until 5 p. m. April 2, it is stated, by J. C.
Murphy, Village Clerk, for $18,000 5% 8'4-yr. (ay.) park bonds. Int.
semi-annual. Cert. check for $1,000 required.
HAYES CENTER -SCHOOL DISTRICT (P. 0. Hayes Center), Hayes Co.
Neb.-Bond Offering.-Proposals will be received at any time for an issue of
$2.000 5% building bonds. Authority vote of 46 to 5 at an election held
March 12. Date April 1 1912. Interest A.& 0. Due April 1 1922,optional
after April 1 1917. J. B. Cruzen is Treasurer.
HAZLETON. LuzernelCounty. Pa.-Bonds Authorized.-An ordinance
has been passed providing for the issuance of $50,000 4% coupon tax-free
bonds. Denom. $500. Date April 1 1912, Interest A. & 0. at the City
Treasurer's office. Due in not less than 5 nor more than 30 years.
HERMOSA BEACH, Los Angeles County. Cal.-Bond Election Proposed.
-According to reports, this city has decided to hold an election to vote
on the question of issuing $60,000 pleasure-pier bonds.
HIGHLAND PARK, Wayne County, Mich.-Bonds Not Sold.-The
$12,000 4% fire-dept. bonds which this village was offering for sale (V. 94
p. 505) have not been disposed of.
Bonds Defeated.-The proposition to issue the $10,000 4% 20-yr. playground bonds (V. 94, p. 505) failed to carry at the election held Mch.
the vote being 329 "for" to 662 "against.' •
• HILLSBORO, Washington County, Ore.-Bonds Voted.-The election
held March 16 resulted in favor of the proposition to issue the $115,000
road and $15,000 fire-dept. bonds (V. 94, p. 367). The vote is reported as
86 to 4.
are advised
HONEY GROVE. Fannin County, Tex.-Bond Election.-Wewill be subthat a proposition to issue $19,000 5% high-sch.-bldg. bonds
opt.
mitted to the voters at an election to be held April 12. Due 1952,
after 1932.
award
-No
Sold.
Not
-Bonds
HOOD RIVER Hood River County, Ore.
was made on March 9 of the $10,492 30 6% improvement bonds offered on
that day (V. 94, p. 647).
HOWARD SCHOOL DISCRICT (P, 0. Waxahachie), Tex.-Bonde
Voted.-A proposition to issue $3,325 building bonds received a favorable
vote, reports state, at an election held March 9. The vote was 26 to 5.
- ----* It is stated that these bids were successful.-I ----"--'
-An election
Voted.
-Bonds
Y.
N.
County.
Herkimer
.
FRANKFORT
question of issuing
held .March 19 resulted, it is stated, in favor of the
$2,0301street bonds.
Texas.-Bond
'FRANKFORT INDEPENDENT SCHOOL DISTRICT.
10-40-year
Sale.-The State Permanent School Fund purchased $2,000 5%
11.
March
'
Z.: AllAa.::.i
',i
•
on
•,'1
•
interest
and
par
(opt.) bonds at
March 16
-On
Sale.
-Bond
(P. 0. Malone), N. Y.
'. FRANKLIN COUNTY
bonds (V 94, p.
the $33,000 434% 19-year (average) registered highway
and
interest
104.362
at
York
New
of
Sanger
&
Curtis
to
720) were awarded
-a basis of about 4.166%. • Other bidders follow:
_103.30
Co.,N.Y
&
Fenwick
1
Douglas
Adams & Co., New York__ _ _104.000
_103.069
R. L. Day & Co., New York_103.931 Farson, Sons & Co., N. Y.._ 102.075
Harris, Forbes & Co., N. Y_ _103.411 John J. Har. 'any
Colo.
County,
Mesa
r-FRUITA'SCHOOL DISTRICT NO. 2 (P. 0.-Fruita).
m. April 1 for the
-Bond Offertng.-Proposals will be received until 7:30 p. ar
building
(opt.)
20-30-ye
$25,500
and
refunding
$11,500 10-20-year (opt.)
held March 11 (V.94
HUTCHINSON. Reno County, Kan.-Purchaser of Bonds.-We are ad5% bonds. Authority vote of 76 to 66 at tile election
Secretary.
vised that the Fidelity Trust Co. of Kansas City, Mo., was the purchaser of
p. 720). Interest semi-annual. • A. J. Lee is District
$30,900 5% 1-10-year (ser.) Main St. paving bonds. The price paid
the
Offertng.-Proposals will be rewas par, int. and blank bonds (V. 94, p. 780). Denom. $1,000 and $1,090.
r. FULTON. Fulton County. Ky.-Bond
Clerk, for $25,000 5% 20-year Interest
F. & A.
ceived until 12 m. April 1 by J. P. Tyler, City
0.
April 1 1912. Interest A. &
refunding bonds. Denom. $500. Date
City Treasurer, required.
JACKSON COUNTY (P. 0. Gainesboro), Tenn.-Bonds Not Sold.-No
Certified check for $1,000, payable to the
award was made on March 16 of the $150,000 20-30-year (opt.) coupon road
(P. 0. Wauseon), Ohio.-Bond Offertng.-Proposals
✓ FULTON COUNTY10
for the bonds (V. 94, p. 226).
a. in. April 9 by C. J. Ives, County Auditor,
will be received until
•
• • • • • • • • •
•
bonds:
provement
road-im
434%
JEFFERSON COUNTY SCHOOL DISTRICT NO. 25, Wash.-Bond Sale.
following
Jan. 1 and $500 -On Feb. 3 $1,500 6% 1-5-year (opt.) building bonds were awarded to the
$7,500 Road No. 56 bonds. Denom. $500. Due $1,000
Bank of Port Townsend at 100.10. Denom. $500. Date
Merchants'
inclusive.
1917
to
1013
from
July 1
1 and $1,500 March 1 1912. Interest annually in March.
17,500 Road No. 60 bonds. Denom. $500. Due $2,000 Jan.
will
July 1 from 1913 to 1917 inclusive.
JONESBORO. Craighead County, Ark.-Bond Offering,-Proposalsit is
months from
6,000 Road No 78 bonds. Denotn. $600. Due $600 each 6
be received until 1 p. m. March 27 by H. H. Houghton, Secretary,
.
Jan. 1 1913 to July 1 1917 Inclusive.
Interest
semi-annual
bonds.
•
school
(ay.)
each six months stated, for $40,000 5% 22-year
15,000 Road No. 81 bonds. Denom. $500. Due $1,500
Certified.check for $2,000 required.
•
• • •
• • •
• g from 'Jan. 1 j1913 Ito'July .1 1917 inclusive.
-On March 8 the
office. Certified check
KANKAKEE. Kankakee County, III.-Bond Sale.
' • Date June 11912. • Interest J. & J. at Treasurer'sto
required. $45,000 5% bonds to purchase a site and build a police and fire station
or bank certificate of deposit for $200, payableafterTreasurer,
& Co. of Chicago at 102.811,
Each w
Halsey
W.
sale.
N.
to
of
date
stated,
days
is
15
.
it
7
80
e
7
for
er
within
.
p
arded,
paid
and
delivered
Bonds to be
upon
it"
• interest and legal service and lithographing. This sale is conditional
issue to .be bid Or...separately.
of issue by the voters at the election to be held April 2(V. 94,
NO. 12, Tex.- the approval
GALVESTON COUNTY COMMON SCHOOL DISTRICT
building bonds were
Bond Sale.-On March 11 $2,400 5% 5-20-year (opt.)
• • *,.•
KEYPORT SCHOOL DISTRICT (P. 0. Keyport). Monmouth County.
awarded to the State Permanent School Fund at par and interest.
N. J.-Bonds Voted.-A proposition to issue $40,000 school-bldg. and impt.
r • GARDEN CITY, Finney County. Kan.-Bonds Authorized.=An ordin- bonds carried at an election held March 19 by a vote of 288 to 57.
ance was passed on March 8, reports state, providing for the issuance of the
KING COUNTY (P. 0. Seattle), Wash.-Bond Election Proposed.-Local
*40,000 electric-light bonds:(V. 03, p. 824),
papers state that an election will be held to vote on a proposition to issue
GARDNE,R. Worcester County, Mass.-Loan Offering.-Proposals will $1,500.000 court-house bonds.
be received until 6 p. in. March 26 by J. D. Edgell, Town Treasurer, for the
Offering.
city
KLAMATH FALLS, Klamath County, Ore.-Bond $8,000 -This
discount of $90,000 tax-free notes issued in anticipation of taxes. Denorn.
10-year fire
April 1 the $30,000 20-year city-hall,
$10,000. Date March 26 1012. Due $10,000 on tile following dates' in will offer for sale on garbage-plant 6% bonds (V. 94, p 780).
20-year
2
at
the
National
18,
Dec.
$2,500
4,
11,
25,_and
Nov.
28;
and
21,
14,
7,
Oct.
1912:
will be
Shawmut Bank, Boston.
LACKAWANNA, Erie County, N. Y.-Bond Offering.-Proposals
for $75,000
g.-Proposals will received until April 1 by J. J. Monaghan, City Clerk, it is stated,
IFY GLENDALE, Los Angeles County, Cal.-Bond'Offertn
city-hail bonds. Int. semi-annual.
by
from
18)
(ser.)
March
changed
((late
r
25
March
p.
1-15-yea
In.
7:30
434%
until
received
be
gold
-Proposals wilt
G. B. Woodbcrry, City Clerk, for $30,000 of the issue of $40,000 5% Date
LAKEWOOD, Cuyahoga County,I0hio.-Bond Offering.
coupon tax-free electric-light bonds voted Feb. 2. Denom. $1,000.
be received until 12 m. April 15 by 13. M .Cook, City Clerk,for the following
March 1 1912. Int. M. & S. at the City Treasurer's office. Due $1,000 5% assessment bonds:
on
or
about
delivered
be
to
Bonds
yearly March 1 from 1915 to 1044 incl.
Denom. $1,625. Due
for $16,250 Larchmont Avenue improvement bonds.
March 25 1912. Certified check on a bank in the State of California
$1,625 yearly on Oct. 1 from 1913 to 1922 inclusive.
Official circular states
$500, payable to the City Treasurer, required. affecting
t bonds. Denom. $1,548 60. Due
improvemen
Avenue
Cordova
15,486
its
or
the
city
that there is no litigation pending or threatened any payment of city's
$1,548 60 yearly on Oct. 1 from 1913 to 1922 inclusive.
officers and there has never been any default in
Date, "day of sale." Interest semi-annually at the Cleveland Trust CO..
obligations.1
Cleveland. Certified check for 5% of bonds required.
18
GLEN RIDGE SCHOOL DISTRICT (P. 0. Glen Ridge). Essex County,
LANCASTER. Lancaster County, Pa.-Bond Sale.-On March
coupon
N. J.-Bond Sale.-On March 18 the $35,000 4;4% 20-year gold
$30,000 4% 10-20-year (opt.) coupon (with privilege of registration) tax-free
(with priv. of reg.) school bonds (V. 94, p. 720) were awarded to Bond & water-works-impt. bonds were disposed of to W. U. Hensel of Lancaster
Goodwin of New York at $36,235 88 (103.531) and int.-a basis of about at 102.19. Denom. $1,000. Date April 1 1912. Interest A. & 0. at the
• • • •
4.237%. Among the other bids received were the follow( 1g:
City Treasurer's office.
50
R. M. Grant 8c Co., N. Y$35,90 50J. S. Rippel, Newark_$35,808 05
Laclede County, Mo.35,799
Y__
LEBANON SCHOOL DISTRICT (P.0. Lebanon),
Y.
N.
&
N.
Co.,
50
Co.,
35,829
&
Rhoades
N. W. Halsey
Bonds
Voted.-An election held March 15 resulted in favor of a proposition
John D.Everitt&Co.,N.Y_ 35,822 50
to to issue $20,000 bonds. The vote, according to reports, was 375 to 79.
Denom. $1,000. Date March 1 1912. Bonds will be certified as by
Offering.genuineness,by the Columbia Trust Co., N. Y. Legality approved
LIBERTY TOWNSHIP, Van Wert County, Ohio.-Bond
Hawkins, Delatield.,& Longfellow, N. Y.
Proposals will be received until 2 p. m. April 13 by the Twp. Trustees at the
Road
4;4%
Liberty
coup.
$6,000
for
Wert
Van
in
LE, Fulton County, N:9'.-Bond Offering.-Proposals office of Blachly & Kerns
firG LOVEIRSVIL
, District bonds. Auth., Secs. 7033 to 7052 incl., Gen. Code. Denom. $500.
will be received until 2 p. m. April 9 by 0. L. Everest, City Chamberlain
the
at
payable
15
1912,
Sept.
S.,
beginning
&
M.
Int.
1912.
annual.
1
Date May
itis stated, for $38,300 435% 3-yr. (ay.) street-impt. bonds. Int.
Twp. Treas. office. Due Sept. 15 1927. Bids must be unconditional.
Ill.- An unconditional cert. check for $500, payable to the Twp. Trustees, relw:(10DFREY SCHOOL DISTRICT (P.O. Godfrey), Madison County,
Bond Electton Proposed.-According to reports an election will be held to quired. Purchaser to furnish blank bonds at his own expense.
•
vote on A, proposition ,to issue school bonds. •_j
LICKING COUNTY (P. 0. Newark), Ohio.-Bond Sale.-On Mch."20
the five issues of 4 A% 7 34-yr. (ay.) pike road bonds aggregating $210,000
GORDONSVILLE.'Orange -County. Va.-Bonds Voted.-It is stated that
at
carried
bonds
$10,000
water-works-improvement
issue
to
(V. 94, p. 647) were awarded to Seasongood & Mayer of Cin. for $214,857
a proposition
(102.314) and int.
an jelection held March 8;
GRAN/Ern:Benton Couni;7Ark.-B-Ond Offering.-Proposals will be
LISBON. Columbiana County, Ohio.-Bond Offering.-Proposals will be
bonds.
20-year
for
5%
1
$19,000
light
May
until
$5,000
water
and
received
received until 12 m. April 13 by H. E. Marsden, VIII. Clerk, for the $10.000
Denom. $1,000. Date July 1 1912. Interest annually at place to suit 4% coup. water-works-impt. bonds voted March 1 (V. 94, p. 721). Auth.
Denom. *1,000. Date April 15
purchaser. C. F. Jay is City Recorder,
Sec. 3939 and 3942, incl., Gen. Code.
1912. Int. annually. Due $1,000 yrly. from 5 to 14 years. Cert. check
GREEN BAY, Brown County Wis.-Bond -Sale.-On Feb. 6 $8,500 for 10% of bonds bid for, payable to Treasurer, required. Bonds to be
4;4% sewer bonds were awarded 'to the Citizens' Nat. Bank of Green Bay delivered and paid for within 10 days after time of award. Purchaser to
at par. Denom. $250 and $500. Date Jan, 1 1912, Int. J. & J. Due pay accrued interest.
Jan.11 from 1913 to 1926.
prl
866
THE CHRONICLE
[VoL. Lxxxxiv.
LOCKLAND VILLAGE SCHOOL DISTRICT (P 0. Lockland), Hamilton County, Ohio.-Bond Sale.-On March 18 the $150,000 4% 40-year
bonds (V. 94, p. 781) were awarded, it is stated, to Seasongood & Mayer
of Cincinnati at 101.008-a basis of about 3.95%.
LOGAN, Hocking County. Ohio.-Bond Sale.-On March 18 the $4,100
4 3,6% 4.8-year (ay.) coup. Main St. assess. impt. bonds (V. 94,
were awarded, It is stated, to J. W. Jones of Logan for $4,165 p. 781)
(101.585)
and Int.-a basis of about 4.131%.
LORAIN, Lorain County, Ohio.-Bond Sale.-On March 19 the following bids were received for the $25,000 “i% 203-yr. coup. river-impt.
bonds (V. 94, p. 8).
R.KleybolteCo.,Inc., Cin_$26,632 00 First National Bank
$26,493 50
New First Nat. Bank, Col. 26,631 50 Well, Roth & Co., Cln
26,485 00
Tillotson & Wolcott Co.,C1 26,557 50 C. E. Denison & Co., Clev. 26,445
Cleveland Trust Co., Cle_ 26,535 00 Hayden, Miller & Co., Cle. 26,437 00
50
Seasongood & Mayer, Cin_ 26,520 00 Breed & Harrison, Cin__
_ 26,437 50
Mayer.Deppe&Walter, Cin 26,500 00 Otis & Hough, Cleveland.. 26,365 00
LOUISVILLE, Jefferson County, Ky.-Bids.-The other bids received
on March 14 for the $500,000 4)i% 39-year gold coup,
bonds,
awarded to R. L. Day & Co. and Estabrook & Co. of N.hospital
(V. 94. p. 781), were as follows, according to local papers: Y. at 108.141
1$50,000 _108.32 Wm. A. Read & Co., Chicago__ _ _107.33
Henning, Chambers &I 50,000 _ _108.02 Adams & Co., Boston
107.27
Co., Louisville
; 50,000_107.76 Well, Roth & Co., CM.; Curtis &
1100,000107.26
Sanger, Boston, and O'Connor
1250,000_ _107.02
& Kahier of New York
107.15
Nat. Bank of Commmerce, Louls.108.00 W. N. Coler & Co., New York__ _107.13
Fifth-Third Nat. Bank, Cln.; Wm.
Livingston & Co. and R. M.
R. Compton Co., St. Louis, and
Grant & Co., New York
.x107.13
Kissel, Kinnicutt & Co., N. Y...107.66 Rhoades dr Co., New York_
106.90
Rodgers dc Co., Boston
107.55 A. B Leach & Co., Chicago.
x106.54
Bond & Goodwin, Boston
x107.53 Watson & Pressprich
106.32
Lee, Higginson & Co., Chicago_ __107.53 Harris Trust & Say. Bank, ChIc108.31
Fidelity Trust Co., Louisville __107.38 Harvey, Fisk & Co., New York
106.11
kfL• Bid for $50,000. z These bids, it is stated, were made in improper form.
LOWELL, Middlesex County, Mass.-Temporary Loan.-On March 22 a
loan of $200,000, due Nov. 15, was negotiated with Blake Bros. & Co.of
Boston at 3.44% discount, it is stated.
LOWVILLE. Lewis County, N. Y.-Bonds Voted.-An election held
March 19 resulted In favor of the proposition to issue $15,000 street-impt.
bonds. The vote, it is stated, was 354 to 63.
McALESTER, Pittsburgh Co.. Okla.-Bond Offering.-Proposals will be
received until 10 a. m. March 28 for $50,000 5% water-works supply and
extension bonds (V. 94, p. 429). Authority Article 10, Sec. 27, of Oklahoma constitution. Denom. $1,000. Date Feb. 1 1912. Int. F. & A.
at County Treasurer's office. Due Feb. 1 1937. Certified check for 5%
of bonds required. Official circular states that all previous issues have been
paid promptly and have never been contested, and there is no litigation or
controversy pending or threatened concerning the validity of these bonds,
the boundaries of the municipality or the titles of the officials to their respective offices; also that the "city will furnish approval of a reputable attorney." W. Bond is Commissioner of Finance.
MACON, Ga.-Bond Offering.-Proposals will be received until 12 m.
April 8 by the Bd. of Water Comm'rs, W. H. Fetner, Chairman, for $50,coup. water-works bonds. Denom. $1,000. Date July 1 1911.
000 4
Int. J. & J. Due $15,000 Jan. 1 1937 and $35,000 Jan. 1 1938. Cert.
check for $500 required. These securities are part of an issue of $900,000
bonds voted March 18 1911 to purchase the plant of the Macon Gas Light
& Water Co., of which $735,000 has already been disposed of. V. 94,p.505.
MANCHESTER, Washtenaw County, Mich.-Bonds Voted.-Reports
state that a proposition to issue $27,000 water-works-construction bonds
carried by a two-thirds majority at an election held recently.
MARIETTA. Washington County
Ohio.-Bonds Authorized.-An
ordinance was passed March 7 providing for the issuance of $5,500 4%
Glendale St. (city's portion) impt. bonds. Denom. $500. Date May 1
1912. Int. M. ec N. Due May 1 1922.
MARIETTA SCHOOL DISTRICT (P. 0. Marietta), Cobb County, Ga.Bond Election.-An election will be held May 15 to vote on the question of
Issuing $20,000 5% 20-year bldg. bonds. Interest semi-annual.
MARSHALL COUNTY (P. 0. Warren), Minn.-Bond Offertng.-Proposals will be received until 11 a. m. April 2, it is stated, by A. G. Lundgren, Co. Aud. for $247,000 5% 1-20-year (ser.) ditch bonds. Interest
annual. Certified check for $10,000 required.
MATTOON SCHOOL DISTRICT NO. 100(P.O. Mattoon).(Coles County.
111.-Bond Offering -Proposals will be received until 12 m. June 3 by E. Andrews,Sec. Bd. of Ed.,for the $60,000 4% bldg. bonds voted Dec. 20 (V.93.
p. 1805). These bonds may be registered with the Township Treasurer
as to both prin. and int. Denom. $1,000. Date July 1 1912. Int. J. ec J.
at the National Bank of Mattoon. Due $6,000 yearly on July 1 1922 to
1931 incl. Cert. check for $500, payable to Sec. Bd. of Ed., required.
Official circular states that no issue of bonds has ever been contested, principal and interest having been promptly paid; also that there is no controversy or litigation pending or threatened affecting the corporate existence
or boundaries of the district, or the title of its present officials to their respective offices, or the validity of these bonds.
MELROSE, Middlesex County, Mass.-Temporary Loan.-On March 19
the loan of $30,000 due March 20 1913 (V. 94, p. 781) was negotiated with
Blake Bros. & Co. of Boston at 3.58% discount.
MIDLAND, Midland County, Mich.-Bond Election Proposed.-Thls city
will probably hold antelection in April, we are advised, to vote on the question of issuing water-works bonds.
MILLERSBURG. Holmes County. Ohio.-Bond Sale.-On March 18 the
$5,827 04 South Clay St. and $2,242 13 Mad Anthony St. 43% 1-10-year
(ser.) coup. street-impt. assess. bonds (V.94, p 578) were awarded to W. G.
Rudy of Millersburg for $8,186 26 (101.451j, a basis of about 4.20%.
Other bids follow:
Premium.
Premium.
New First Nat. Bank, Col __$117 00 Hayden, Miller ec Co., Clev _$72 00
M. S. Pond,Somerset .._. 90 06 Comm'l Say. Bank, -Millersb'g 56 55
First Nat. Bank, Cleveland__ 81 08 Mayer, Deppe& Walter, Cin- 26 22
MILLVILLE. Cumberland County. N. J.-Bond Sale.-Local investors
have been awarded at par $5,200 4)% school-building bonds, we are advised. Denom. $1,000 and $100. Date July 1 1911. Interest J. & J.
MILTON, Umatilla County, Ore.-Bonds Defeated.-A proposition to
Issue $10,000 school bonds was defeated, it is said, at an election held
March 8.
MODESTO, Stanislaus County, Cal.-Bonds Voted.-Local papers state
that a proposition to issue water-works-constr. bonds carried at a recent
election. The vote was 523 to 235.
MORAVIA. Cayuga County, N. Y.-Bond Sale.-On March 15 the
510,000 4% 1-20-year (serial) coupon tax-free paving bonds (V. 94, p. 722)
were awarded to the First National Bank of Moravia at par and int. Other
bids were received from Adams & Co. and Curtis & Sanger of New York,
John J. Hart of Albany, all for 430, and Dalton & Co. for 5 %s.
MOUNTRAIL COUNTY (P. 0. Stanley), No. Dak.-Bond Offering.Proposals will be received until 2 p. m. March 27 by W. C. Gibb, Co. Aud.,
for $20,000 7% 2-year seed-grain bonds. Denom. $500. Cert. check for
*1,000, payable to the Chairman Bd. of Co. Commissioners, required.
MURPHY TOWNSHIP (P. 0. Murphy), No. Car.-Bond Sale.-On
March 4 the $50,000 30-yr. coup. road bonds were sold at private sale to the
New First Nat. Bank of Columbus, Ohio, at par and int. for 5s. Denom.
$1,000. Date April 1 1912. Int. A. & 0. These bonds were to be offered
at public sale April 1 (V. 94, p. 579).
MUSSELSHELL COUNTY SCHOOL DISTRICT NO.6 (P. 0. RYegate),
Mont.-Band Offering.-Proposals will be received until 2 p. m. March 25
by H. Henton, Clerk, for 518,000 6% coup. bldg. bonds. Denom. $1,000.
Int. semi-ann. in New York. Due 20 yrs., opt. after 15 yrs. Cert. check
for 5%, payable to Co. Treas., required. These bonds were offered but not
awarded on Feb. 9 (V. 94, p. 781).
NATCHITOCHES, Natchitoches Parish, La.-Bond Sale.
to
reports, the $50,000 5% school bonds voted Feb. 8 (V. 94, p.-According
506) have been
sold to the Inter-State Trust & Banking Co. of New Orleans.
NAVARRE. Stark County, Ohio.-Bond Sale.-On March 19 the $25,000
43% 1-25-year (ser.) coup. water bonds (V. 94, p. 648) were
awarded to
Rud. Kleybolte Co., Inc., of Cin. at 104.62 and int.-a basis
of about
4.04%. Other bids follow:
Navarre Dep. Bank, Nav_$26,075 001First Nat. Bank, Cleve_ _ _$25,887
75
New First Nat. Bank, Col. 26,026 001
NEW BERN,Craven County, No. Caro.-Bond Offering.-Proposals will
be received until 12 m. April 2 by F. T. Patterson, City Clerk, for 550,000
5% coup. funding bonds (V. 94, p. 781). Denom. not less than $10
or
more than $1,000, as may be determined by the Aldermen. Int. M. & N.
at such place as may be agreed upon between the Board of Aldermen
and
purchasers. Due May 1 1932. Cert. check for $250 required. Bidders
are invited to submit form of bids to be used.
NEWPORT. Newport County, R. I.-Temporary Loan.-On March 21 a
loan of $50,000, due Sept. 5, was negotiated, it Is stated,
with Curtis &
Sanger of Boston at 3.65% discount and $1 premium.
NIAGARA FALLS, Niagara County, N. V.-Bond Offering.-Proposals
will be received until 3 p. m. March 27 by the Bd. of
and Apportionment for $17,000 4% water bonds, Series "A". Estimate
$1,000. Int.
J. ec J. In New York exchange. Due Jan. 1 1930. Denom.
Bonds to be delivered
within three weeks from date of award. Cert. check on
a banking corporation for $1,500, payable to T. H. Hogan, City Clerk, required.
NORTH FORK SCHOOL DISTRICT, Madero County, Cal.-Price Paid
for Bonds.-The price paid for the $5,000 6% 1-5-yr. (ser.) bldg. bonds
awarded on March 4 to the First Nat. Bank of Madero (V. 94,
p. 781), was
par. Denom. $1,000. Date March 4 1912. Int. M. & S.
NORTH PELHAM, Westchester County, N. V.-Bonds Voted.-The
question of issuing $30,000 street-impt. bonds received'a favorable vote, It
Is stated, at an election held March 19.
OKLAHOMA CITY. Okla.-Bond Sale.-The 5100,000 water-works
5250,000 park 5% 10-25-year (opt.) coup, bonds offered on March 12 (V.and
94.
p 722) have been awarded to M. L. Turner, Pres. of the Western Nat.
flank of Oklahoma City. at 100.76 and int.
OWEN. Clark County, Wis.-Bond Sale.-On March 12 the $12,000
water and 56,000 sewer 6% 5-10-yr. (ser.) bonds (V. 94, p. 722) were
awarded to H. C. Speer & Sons Co. of Chicago at 105.77-a basis of about
5.066%. Denom. $1,000. Date Mch. 1 1912. Int. ann. In March.
OZARK, Dale County, Ala.-Bond Sale.-The Mayor advises us that the
$15,000 5% 20-year coupon sewer bonds offered without success on Sept.
7 1911 (V. 93, p. 1682) were awarded in February to Farson, Son & Co.
of Chicago at par. Denom. $1,000. Date July 15 1911. Int. J. & J.
PALOUSE, Whitman County, Wash.-Bond Offering.-Further
are at hand relative to the offering on May 6 of the $17,000 10-20-yr.details
coup. refunding bonds at not exceeding 5% int. (V. 94, p. 722). (opt.)
Proposals will be received until 2 p m. on that day by the City Treasurer.
Denom. *1,000 or $100. Date Sept. 1 1912. Int.
& S. Cert. check
for 5% of bid, is required. Purchaser to furnish M.
blank bonds. E. A.
Cruver is City Clerk.
PARIS TOWNSHIP SCHOOL DISTRICT, Ohio.-Bond Sale.-On
March 11 $7,000 43i% school bonds were awarded to the First Nat.
Bank
of Garrettsville for $7,110, making the price 101.57. Denom. $500.
April 11912. Int. A. & 0. Due $500 each six months. from Oct. 1 Date
1912
to April 1 1919 incl.
PELHAM MANOR. Westchester County, N. Y.-Bonds Voted.-According to reports; the voters of this village approved a proposition to issue
$16,000 road-impt. bonds at an election held March 19.
PHILADELPHIA. Pa.-Bond Sale.-On March 18 $700,000 4% 30-year
grade-crossing bonds were purchased by the Sinking Fund Commission at
101.25. These securities are part of an issue of $4,000,000 authorized by
the City Council on Oct. 1 1906, of which $2,575,000 was disposed of as
follows: $75,000 in 1907. $1,000,000 in 1908 and $1,500,000 in 1909.
PITTSFIELD, Berkshire County, Mass.-Bond Sale.-On March
the
$300,000 1-30-yr. (ser.) water and $50,000 1-10-yr. (ser.) sewer 4% 18
coup.
bonds (V. 94, p. 782) were awarded to Adams & Co. and Blake Bros. &
Co.
of Boston at 104.633 and int. Other bids follow:
Merrill, Oldham & Co., Bost_104.319 Curtis ec Sanger, Boston _103.641
Kuhn, Fisher & Co., Boston_103.916 C. H. Venner
Co., N. Y...103.53
E. H. Rollins ec Sons, Boston.103.856 Blodget & Co.,&Boston
103.53
A. B. Leach & Co., Boston _103.77 11. L. Day & Co., Boston__ _103.239
PORT ARTHUR SCHOOL DISTRICT (P. 0. Port Arthur), Jefferson
County, Tex.-Bonds Voted.-According to reports,
$35,000 bonds carried at an election held March 12. a proposition to issue
PORT CHESTER, Westchester County, N. Y.-Bond Sale.-On
20
the $26,000 4% 1-26-yr. (ser.) gold reg. coup. sewer constr. bondsMch.
94.
p. 782) were awarded to Estabrook & Co. of N. Y. at 102.632 and(V.
int.a basis of about 4.243%. Other bids follow:
Ferris & White, New York_ _526,676 Douglas FenwIck & Co., N.Y.$26,554
R. L. Day & Co.N Y
26,626 Watson & Pressprich, N. Y.. 26,540
Curtis &Sanger, N. Y
26,619 W. N. Colcr & Co., N. Y____ 260
6:4
458
5
Chisholm & Chapman, N. Y. 26.585 Geo. M. Hahn, N Y
Harris, Forbes & Co., N. Y__ 26,567 Farson, Son & Co., N. Y
26,407
Adams & Co., New York_ __ _ 26,565 Bond ec Goodwin, New York 26,398
PORTLAND. Ore.-Bond Offering.-Proposals will be received
March 25 by A. L. Barbur, City Auditor, It is stated, for $464,498 76until
6%
improvement bonds.
PRINCE WILLIAM COUNTY (P. 0. Manassas), Va.-Bond Election
Proposed.-An election will be held In about 60 days to vote on the question
of bonding the following districts for road improvements: Brentsville,
$15,000; Gainesville, $45,000; Manassas, $25,000, and Occoquau $50,000.
PROSPERINE INDEPENDENT SCHOOL DISTRICT (P. O. Prosper),
Collin County. Tex.-Bonds Awarded in Part.-On March 11 $2,000 of the
Issue of $8,000 5% 20-40-yr. (opt.) bldg. bonds registered on Feb. 14 by the
State Comptroller (V. 94, p. 5,s0) was awarded to the State Permanent
School Fund at par and int.
QUINCY. Norfolk County, Mass.-Temporary Loan.-The loan of
$100,000 due March 21 1913 (V. 94, p. 782) was negotiated on March 19
with Blake Bros. & Co. of Boston at 3.61% discount.
RACINE. Racine County, Wis.-Bond Election Ordinance Vetoed.-The
Common Council by a vote of 7 to 4 sustained the Mayor's veto of the ordinance providing for an election to be held April 2 to vote on the question of
Issuing the $185,000 sewer bonds (V. 94, p. 369).
Bond Sale.-The sealed bids received for the $40,000 4 5i% 1-20-yr. (ser.)
refunding bonds offered on Mob. 20 V. 94. p. 782) were as follows:
Adams & Co., N. Y
$41,015 911 Devitt, Tremble&Co.,Cht.$40,620 00
First Say.&Tr.Co., Mliw_ 40,830 001 Bolger,Mosser &Willaman,Ch40,445 00
Spitzer, Rorick & Co.,Tol. 40,708 75(John Nuveen & Co., Chic_ 40,352 00
Seasongood & Mayer, Cin_ 40,620 001
Open bids were submitted as follows: Manufacturers' National Bank,
Racine, $41,200, $41,175, $41,150 and $41,050; McCoy & Co., Chicago.
$41,180, $41,160, $41,075 and $41,025; First National Bank, Racine, $41,125 and $41,040. We are not informed as to which bid was successful.
RACINE COUNTY (P. 0. Racine). Wis.-Bonds Authorized.-Reports
state that the County Board has authorized the issuance of $165.000 courthouse-construction bonds.
READING. Middlesex County, Mass.-Temporary Loan.-A loan of
$60,000, due 530,000 Oct. 2 and $30,000 Nov. 5, was negotiated, it is reported, with Bond & Goodwin of Boston at 3.45 + discount.
RENSSELAER COUNTY (P.O. Troy), N. Y.-Bids.-The following bids
were also received on March 15 for the 545,000 4 A% 4 a-year (average)
registered court-house-extension bonds awarded to Sutro Bros. & Co. of
New York at 102.281 (V. 94, p. 782 :
Estabrook & Co., N. Y
$46,021 45 Watson&Press rich ,N.Y445,770 00
Chisholm &Chapman,N.Y_ 46,013 00 A. B. Leach & Co., N. Y__ 45,765 00
R. L. Day & Co., N. Y
45,985 95 Dominick&Dominick,N.Y. 45,765 00
Curtis ec Sanger, N. Y
45,981 45 Harris, Forbes & Co.,N.Y. 45,760 95
Blodget & Co., N. Y
45,971 55 B. H. Rollins & Sons,N.Y. 45,760 05
Bond & Goodwin, N. Y.. 45,951 11 Parkinson & Burr, N. Y__ 45,653 09
R. M. Grant & Co., N. Y.. 45,949 50 Douglas, Fenwick & CO.,
Livingston & Co.. N. Y
45,855 00
New York
45.630
Adams & Co., N. Y
45,801 00 Farson, Son & Co., N. Y. 456612 090
0
MAR. 23 1912
THE CHRONICLE
N. J.-Bond Offering.-ProRIDGEFIELD PARK. Bergen
posals will be received until 8:30 p.County.
m. Mch. 26 by the Board of Trustees
for $42,000 5% coup. (with privilege of registration) funding bonds.
Denom. $1,000. Date Jan. 1 1912. Int. J. & J. at the First Nat. Bank,
Ridgefield Park. Due July 1 1932. The bonds will be delivered on Mch. 29
1912 at the First Nat. Bank, Ridgefield Park, unless a different place and
time shall be mutually agreed upon. Cert. check for $1,000, payable to
the "Village of Ridgefield Park," required. Bids to be made on blank forms
furnished by the village. The bonds will be certified as to their genuineness by the Columbia Trust Co. of New York and their legality approved
by Hawkins, Delafield & Longfellow of New York,whose opinion will be
furnished to the purchaser. Cecil P. Beach is Village Clerk.
RIO VISTA. Solano County. Cal.-Bonds Voted.-Propositions to issue
$20,000 sewer bonds and $5,000 water-works-impt. bonds carried at an
election held March 5. The vote,it is stated. was 155 to 7 and 151 to 11,
respectively.
RIPON, Fond du Lac County, Wis.-Bonds Voted.-A favorable vote
was cast on March 14, it is stated, on the question of issuing $50,000 highschool-building bonds.
ROCHESTER, N. Y.-Note Sale.-On March 19 the $170,000 8-months
water-works-impt. notes (V. 94, p. 782) were awarded to Luther Robbins
of Rochester at 3 A% int. and $13 premium. Other bids follow:
_4%
int. and $100 premium
First Trust & Say. Bank, Ch!cago
4% int. and $35 premium
Bond & Goodwin, N. Y
_4%
int. and $10 premium
Watson & Pressprich, N. Y
_4 % int. and $7 premium
Goldman, Sachs & Co., N. Y
- -- 1% int.
-43,
Alliance Bank, Rochester _ _
- 10-30-yr. (opt.) coup. (with priviBond Sale.-On Mch. 20 $70,000--lege of reg.) water-works-1mM. bonds were awarded to the Security Trust
Co. of Rochester. This is the last installment of an issue of $1,000,000
bonds which has been sold from time to time (V. 94, p. 782). Denom.
$5,000. Date Jan. 1 1912. Int. J. & J. at the Union Tr. Co. In N. Y.
Note Offering.-Proposals will be received until 2 p. m. Mch. 27 by E. S.
Osborne, City Comptroller, for $150,000 notes, due 8 months from April 2
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.
ROCKAWAY TOWNSHIP. Morris County, N. J.-Bonds Defeated.Local papers state that a proposition to issue $22,000 bonds failed to carry
at an election held March 19.
ROSSVILLE SPECIAL SCHOOL DISTRICT (P. 0. Rossburg), Darke
County. Ohio.-Bond Sale.-On March 15 the $6,135 5% 7.1-year (ay.)
coupon building bonds (V. 94, p. 723) were awarded to Hayden, Miller &
Co. of Cleveland for $6,393 (104.205) and interest-a basis of about 4.307%
Other bids follow:
Security S. B. & Tr. Co., Tol_$6,267 I First Nat. Bank, Ansonta_$6,170 20
ROWE SCHOOL DISTRICT. Stanislaus County, Cal.-Bond Sale.
On Feb. 13 $3,000 5% bonds were awarded to Chas. B. Youngee for $3,011
(100.366) and int. Denom. $500. Date Feb. 13 1912. Int. ann. In Feb.
Due $500 yearly Feb. 13 1917 to 1922 incl.
ST. ALBANS, Franklin County, Vt.-Bond Sale.-On Mch. 20 the
$60,000 4% 16-10-yr. (ser.) coup. water bonds (V. 94, p. 782) were awarded
to E. H. Rollins & Sons of Boston at 100.25 and int. Other bids follow:
Estabrook & Co., Boston_ _ _ _•99.001Blake Bros. & Co., Boston__ _•98.65
1Curtis & Sanger, Boston_ _ *98.031
• And interest.
Interest payable In March and September.
ST. ANTHONY INDEPENDENT SCHOOL DISTRICT NO. 2 (P. 0.
St. Anthony), Fremont County, Idaho.-Bond Offering.-Proposals will
be received until 8 p. m. April 2 by the Board of School Trustees, J. W.
Miller, Clerk, for $50,000 20-yr. coup. school bonds at not exceeding 6%
int. Denom. to suit purchaser. Date June 1 1912. Int. J. & D.
867
STAFFORD COUNTY (P. 0. Stafford), Va.-Bond Election.-Reports
state that the election to vote on the proposition to issue the $100,000 (not
0108.as first reported) road-impt. bonds (V. 94, p. 723) will be held
April
STANTON SCHOOL DISTRICT (P. 0. Stanton), Montgomery County.
la.-Bonds Voted.-According to reports, a proposition to issue $7,500
school-bldg. bonds carried at a recent election.
TARRANT COUNTY (P. 0. Fort Worth), Texas.-Bond Sale.-The
$1,000,000 road and $600,000 bridge 5% bonds, bids for which were rejected on March 11 (V. 94, p. 783) were awarded at private sale on March 15
to Bolger, Mosser & Willaman of Chicago for $1,644,950 (102.809) and
interest, it is stated.
TAYLOR. Williamson County. Tex.-Bond Election Postponed.-Local
papers state that on March 13 the City Council postponed indefinitely the
election which was to have been held March 19 to vote on the question of
issuing the $25.000 5% permanent street-impt. bonds (V. 94, p. 649.)
TEXAS CITY INDEPENDENT SCHOOL DISTRICT (P.O. Texas City).
Galveston County, Tex.-Bond Sale.-An issue of $10,000 5% 10-40-yr.
(opt.) bldg. bonds was awarded on March 11 to the State Permanent School
Fund at par and interest.
TI TON COUNTY (P. 0. Tipton), Ind.-Bond Sale.-According to reports, the following road bonds have been disposed of: $3,360 of Cicero and
Madison Twps. $11.360 Jefferson Twp., $6,260 Liberty Twp., $2,400
Prairie Twp. arid $11,280 Wildcat Twp.
TOLEDO, Ohio.-Bonds Anthorized.-An ordinance was passed March 11
providing for the issuance of not exceeding $1,576 14 5% coup. Kelsey
Ave. No. 1 paving assess. bonds. Denom. (1) $136 14 and (9) $160.
Date Dec. 15 1911. Int. M. & S. at the Second Nat. Bank, Toledo. Due
$136 14 March 15 1913 and $160 each six months from Sept. 15 1913 to
March 15 1917 incl.
TROY INDEPENDENT SCHOOL DISTRICT (P.O. Troy), Bell County,
Tex.-Bonds Registered.-On March 15 the $20,000 5% 10-40-yr. (opt.)
bldg. bonds voted recently (V. 94, p. 153) were registered by the State
Comptroller.
TROY SCHOOL DISTRICT (P. 0. Troy). Montgomery County, No. Car.
-Bond Offering.-Proposals will be received until 1 p. m. April 15 by J. G.
Tomlinson, Chairman of Bond Commissioners, for $20,000 6% coup. bldg.
bonds. Auth. Chap. 69, Laws 1911. Denom. $500. Date May 16 1912.
Int. J. & J. at the Bank of Montgomery, or its northern correspondent.
Due 1942, optional after 1932. Cert. check for 5%, payable to J. G.
Tomlinson, Chairman Bond Commissioners, required. Bonded debt at
present $500. No floating debt. Assess. val. 1911 $604,000.
TURTLE CREEK DRAINAGE DISTRICT NO. 1, Walworth County.
Wis.-Bond Sale.-On March 14 the $22,760 6% constr. assess. bonds
dated March 14 1912 (V. 94, p. 581) were awarded to the State Bank of
Elkhorn In Elkhorn for $22,910 (100.659) and int. Other bids follow:
Farson, Son & Co., Chic_ „$22,8741Cutter, May & Co., Chic-422,815
Nat. Exch. Bk., Waukesha
es
22,8601
A bid was also received from Ulen
Co. of Chicago.
UNION INDEPENDENT SCHOOL DISTRICT (P. 0. Fairmont),
Marion County, W. Va.-Bond Offering.-Proposals will be received until
8 p. m. Mch. 25 by H. J. McElfresh, Pres., or V. H. Cornell, Sec., Bd. of
Education,for $25,000 5% coup. bldg. bonds. Auth., Chap. 27, Acts 1908.
Denom. $500. Date Jan. 1 1912. Int. ann. on Dec. 31 at the National
Bank of Fairmont. Due Dee. 31 1945, opt. after 10 yrs. Cash or certified check for 10% of bid, payable to Board of Education, required. Bids
tt. be unconditional. Copies of the bonds and transcript of the proceedings
of the Board and the holding of the election may be seen at the Home SavBank, Fairmont. or on application to the Pres. or Sec. Bond debt.
ST. JOSEPH, Stearns County, Minn.-Bonds Voted.-Reports state that ings
at a recent election in this village the question of issuing $4,000 sewer Incl. this issue, $45,000. No floating debt. Assess. val. 1912, $2,671,524.
bonds carried by a vote of 61 to 31.
VAN BUREN COUNTY (P. 0. Spencer), Tenn.-Bond Offering.-ProSALEM (P. 0. Winston-Salem), No. Caro.-Bond Sale.-On Mch. 6 posals will be received until 1 p. m. March 30 by E. N. Heston. County
Baker, Watts ec Co. of Baltimore were awarded $65,000 5% school, street Clerk, for $50.000 5% coup. pike bonds(V.94, p.649). Denom.$500. Date
and sewer bonds. Denom. $1,000. Date Jan. 1 1912. Int. J. & J. May 1 1912. Int. ann. May 1 at County Trustee's office. Due $2,000
yearly from 5 to 29 years after date. Cert. check for 5% of bonds bid for,
Duo Jan. 1 1942.
payable to I. S. Shockley, Co. Trustee, required. No debt at present.
- Assessed val. $674,000.
SALEM SCHOOL DISTRICT, Harrison County, Ohio.-Bond Election.
An election will be held April 2 to vote on the question of issuing $20,000
5% gold coup. bonds. Denom. $100. Date June 1 1912. Int. J. & D.
WALTHAM, Middlesex County, Mass.-Bond Offering.-Proposals will
Due June 1 1932, opt. at any Interest-paying period.
be received until 10 a. m. March 28 by the Treasurer, it is stated,for $20,000
SALINA SCHOOL DISTRICT (P. 0. Salina), Saline County, Kan.
- 20-year (ser.) school and $12,000 10-year (ser.) street 4% bonds, dated
April
1 1912.
Bond Election.-On April 2, according to local papers, the voters will
determine whether or not this district shall issue $20,000 20-yr. school-bldg.
WATERVLIET, Albany County, N. Y.-Certificate Sale.-On Feb. 28
semi-annual.
impt.
exceeding
bonds at not
Int.
4 5 % int.
and
$7,465 45 434% Broadway-impt. assess, certificates were awarded to the
SAN ANTONIO SCHOOL DISTRICT, Los Angeles County, Cal.-Bond Nat. Bank of Watervliet for $7,470 45, making the price 100.066. Denom.
Election.-An election will be held April 8 to submit to the voters the $1,493 09. Date March 1 1912. Int. M. 44 S. Due $1,493 09 yearly
question of issuing $8,000 5% site-purchase and, bldg. bonds. Denom. Sept. 1 1912 to 1916 incl.
$1,000. Int. annual. Due $4,000 in 15 and $4,000 in 30 years.
WELLSVILLE. Montgomery County, Mo.-Bond Election.-The election
SAN BENITO, Cameron County, Tex.-Bond Election.-Propositions to vote on the proposition to issue the $18,000 5% or 6% 20-yr. water-works
to issue $30,000 sewer and $18,000 street-impt. 6% 15-40-yr. (opt.) bonds bonds (V. 94, p. 723) will be held April 2.
will be submitted to a vote on April 6.
WEST HOBOKEN. Hudson County. N. J.-Bond Sale.-On March 20
SAN DIEGO, San Diego County, Cal.-Bond Sale.-On March 9 the
$1,000,000 4 yi% gold wharf and harbor bonds (V. 94, p. 723) were awarded the $35,000 4%% 30-yr. coup. or reg. refunding bonds (V. 94, p. 783) were
at par and int., $800,000 to Stephens & Co. of San Diego and $200,000 to awarded to A. B. Leach & Co. of N. Y. at 104.01-a basis of about 4.263%.
the Bank of Commerce & Trust Co. of San Diego. Bonds will be delivered Other bids follow:
Kountze Bros., N. Y _.$36,343 33 Bond & Goodwin, N. Y436,078 36
Aprli 8.
Harris, Forbes & Co., N.Y. 36,337 35 Hob. Bk. for Say., Hob __ 36,039 50
SAN DIEGO COUNTY (P. 0. San Diego), Cal.-Bond Election Proposed. R. M. Grant & Co., N. Y. 36,308 30 Hud. Tr. Co., West Hob_ 35,581 00
-Local papers state that a proposition to issue from $750,000 to $1,000,000 N. W. Halsey & Co., N.Y. 36.235 50 Seasongood 4c Mayer, Cin. 35,540 00
bonds for a court-house, detention home and hospital will be submitted to W. N. Coler & Co., N. Y_ 36,200 00
the voters at an election to be held before Sept. 1.
WHARTON COUNTY COMMON SCHOOL DISTRICT NO. 5. Tex.
SARTELL. Stearns County, Minn.-Bonds Defeated.-It Is stated that
Awarded in Part.-On March 11 the State Permanent School Fund
at a recent election the question of issuing $5,000 fire-protection bonds Bonds
was awarded at par and int. $2,700 of the issue of $7,700 5% 20-40-yr.
was defeated.
(opt.) bonds (V. 93, p. 1417.)
SCRANTON. Florence County, So. Car.-Bonds Voted.-An election
WHITE COUNTY (P. 0. Sparta), Tenn.-Bond Oftering.-Thls county
held March 19, it is stated, resulted In favor of the question of issuing will
sell on March 26 the $90,000 4 Y6% 20-yr. pike road bonds voted Jan. 27
$20,000 school bonds.
(V. 94, p. 371). R. L. Hill is Member of Pike Commission.
SEBEWAING TOWNSHIP, Mich.-Bonds Voted.-A Hillsdale paper
WINONA SCHOOL DISTRICT (P. 0. Winona). Smith County, Tex.
states that a proposition to issue $75,000 road bonds carried at an election Bonds
Voted.-We are advised that at a recent election in .this district
held March 9.
the issuance of $8,000 bldg. bonds was authorized.
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City), Woodbury
WINTHROP. Suffolk County. Mass.-Temporary Loan.-On March 18
County. Iowa.-Bonds Voted.-The proposition to issue $135,000 school- a loan
of $120,000, due $20,000 Sept. 30; $50,000 Oct.30;$30,000 Nov.25
building bonds at not exceeding 5% interest carried by a vote of 1,876 to and
$20,000 Dec. 27, was negotiated with Estabrook & Co. of Boston at
1,118 at the election held March 11 (V. 94, p. 649). Due in 10 years.
2.86% discount, it is stated.
SISSON. Siskiyou County, Cal.-Bond Election.-An election will be
WOONSOCKET SCHOOL DISTRICT (P. 0. Woonsocket). Sanborn
held April 2 to vote on a proposition to issue $40,000 6% bonds for a water- County
So. Dak.-Bond Offering.-Dispatches state that proposals will
works, sewer-system and municipal building.
be received until 5 p. m. March 29 by C. Cooney, Clerk Bd. of Ed., for
SOMERVILLE, Middlesex County. Mass.-Bond Sale.-On March 20 $24,000 55i% 10-20-year (opt.) school bonds. Int. annual. Certified
Adams & Co. of Boston were awarded at 102.47 the following 4%,coup. check for $1,000 required.
bonds.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-Bond Offering.$15,000 sewer loan bonds. Due $1,000 yrly, Jan. 1 1913 to 1927 incl.
Proposals will be received until 12 m. April 4 by P. Frank Jr., Co. Aud..
118,000 city loan bonds. Due Jan. 1 as follows: $11,000 in 1913, 1914 and for $41,000 5% Antrim Twp.
road-Impt. bonds. Authority Secs. 6926 to
1915; $10,000 in 1916 and 1917; $9,000 yrly. from 1918 to 1922 6956, Gen. Code. Denom.
$4,100. Date Jan. 1 1912. Int. J. & J. at the
incl. and $2,000 yrly. from 1923 to 1932 incl.
Co. Treas. office. Due $4,100 yrly. Jan. 1 from 1913 to 1922, incl. DeDenom. $1,000. Date Jan. 1 1912. Int. J. & J. at the Nat. Security livery of bonds to be within 5 days
from date of sale. Cert. check (or cash)
Bank of Boston. Bonds are tax-exempt in Mass. Other bids follow:
for $500, payable to the County Treasurer, required.
Blake Bros & Co., Boston _102.34 Biodget & Co., Boston -__101.91
E. H. Rollins Fc Sons, Boston.102.277 Estabrook & Co., Boston__ __101.81
YAZOO CITY, Yazoo County Miss.-Bonds Authorized.-Reports state
N.W. Harris & Co.,Inc., Bost.102.125 R. L. Day & Co. Boston_ __101.789 that on March 15 the City Council authorized the issuance of $30,000 waterMerrill, Oldham & Co., Bost.102.089 Kuhn, Fisher &
Boston _101.743 works bonds.
Curtis & Sanger, Boston-- -.102.031
YORK, York County. Neb.-No Bond Election.-We are
that the
Fairfield
County, Conn.-Bond Sale.-On Arch. 20 petition for an election to vote on the question of issuing theadvised
SOUTH NORWALK,
$125,000 water
$75,000 4 % 30-yr. public-ImPt. bonds were awarded to Harris, Forbes and light-plant bonds (V. 94. p. 230) was tabled by Council.
An election
& Co.of N. Y. at 101.691. Denom.$1,000. Date May 1 1912. Int. M.&N. will be held April 2 to vote on the question of grantingZa
franchise to the
SPENCER. Rowan County. No. Car.-Bonds Not Yet Sold.-We are company, which now operates in the city
advised by the Municipal Clerk under date of March 15 that no award
YORKTOWN, Dewitt County, Tex.-Bonds Regtstered.-The $6,000 5%
has yet been made of the $50,000 water bonds (V. 94, p. 297.)
SPRINGFIELD SCHOOL DISTRICT (P. 0. Springfield), Sangamon 10-40-yr. (opt.) water-works bonds voted May 6 1911 (V.92,p.I519) were
registered on March 15 by the State Comptroller.
County, 111.-Bond Election.-Local papers state that the proposition to
issue $150,000 bldg. bonds will be submitted to a vote on April 2.
YOUNGSTOWN SCHOOL DISTRICT (P. 0. Youngstown),
• SPUREINDEPENDENT SCHOOL DISTRICT (P. 0. Spur), Dickens County, Ohio.-Bond Sale.-On March 18 the $175,000 4 M %Mahoning
29 5 -yr.
County. Tex,-Bond Sale.-On March 11 the State Permanent School Fund (aver.) coup. site and bldg. bonds (V. 94, p. 723) were awarded to Seasonpurchased $3,000 5% 20-40-year (opt.) bonds at par and interest. w„ig,J good & Mayer of Cin. for $189,230 (108.13) and int.-a basis of
about
868
THE CHRONICLE
4.027%. Other bids follow:
Clev. Tr. Co., Cleveland.$189,245 00 New First N. Bk., Col-4187,600 00
Otis & Hough, Cleve__ 188,492 50 Mayer, Deppe & Walter,
Hayden,Miller & Co.,Clev. 188,387 50
Cincinnati
187,512 75
C. E. Denison & Co., Clev.187,988 50 West. Ger. Bk., Ufa__
187,425 00
Canada, its Provinces and Municipalities.
AURORA, Ont.-Debentures Voted.-The election held March 11 resulted, it is reported, in favor of the proposition to issue $10,000 bonus
debentures (V. 94, p. 649.)
BASSANO, Alta.-Debentures Election.-An election will be held shortly,
It is reported, to vote on the question of issuing $200,000 water-works,
street and seWer debentures.
BATTLE RIVER, Sask.-Debenture Sale.-An issue of $5,000
%
20-yr. debentures was awarded, it is stated, to Nay & James of Regina.
BRAMPTON, Ont.-Debenture Sale.-On March 18 $39,050 64 of the
$40,405 4 3% 30-installment electric-power-distribution debentures offered
on that day (V. 94, p. 783) were awarded to Goldman & Co. of Toronto for
$38,726 (99.168) and int. Other bids follow:
For $39,050 64.
For $40,405.
Brent, Noxon & Co., Toronto $38,517 National Finance Co., Ltd.,
C. H. Burgess & Co., Toronto 38,407
Regina
$39,648
Ont. Securities Co.,Ltd.,Tor_ 38,119 G. A.Stimson & Co., Toronto 39,280
Wood, Gundy & Co., Toronto 38,027 W.A. Mackenzie & Co., Tor_ 39,031
CALGARY, Alta.-Loan Voted.-A by-law providing for a loan of
$12,000 for advertising purposes was voted, reports state, at a recent
election.
P" EDMONTON, Alta.-Debenture Offering.-Reports state that this city
has decided to advertise for sale $3,386,000 debentures.
FORT ERIE, Ont.-Debenture Election.-An election will be held April 3,
it is stated, to vote on the question of issuing the $10,000 debentures for
various civic purposes (V. 94, p. 582.)
LANG, Sask.-Debentures Authorized.-The Village Council has been
authorized to borrow $2,000 for permanent impts., it is stated.
LONDON. Ont.-Debentore Sale.-On March 18 the following bids were
received for the five issues of coup. debentures (V. 94, p. 724), aggregating
$203,500:
$2,500 $10,000 $57,000 $90,000 $44,000
43i%
43i%
4;,6%
4i% 43%
issue.
issue.
issue.
issue.
issue.
98.35
98.35
Montreal City & Dis. Say. 13k_ _ _ 98.33
98.35 $100.00
98.04
98.04
98.04
Hanson Bros., Toronto
98.04 $100.01
98.03
98.03
Brouse, Mitchell & Co., Toronto 98.03
98.03
98.52
97.88
97.88
97.88
97.88
Dominion Secur. Corp.,Ltd.,Tor. 97.88
97.05
97.08
97.08
Goldman & Co., Toronto
97.08 $100.03
Wood, Gundy & Co., Toronto
9-6:15:1
96.94
96.94
Ontario Secur. Co., Ltd., Tor
9-6:511
9-9:55
96.48
96.48
Nat. Finance Co., Ltd., Regina.. 96.48
96.48
99.48
C. H. Burgess & Co., Toronto
9-6:5
Aemillus Jarvis & Co., Toronto.. 96.19
96.19
9115
99.19
Molsons' Bank
100.00
Wood, Gundy & Co. of Toronto bid $198,685, and C. H. Burgess .5c- Co.
of Toronto bid $197,257 for the total five issues.
• Bid for $15,000.
[VOL. Lxxxxiv.
LA VALLEE, Ont.-Debentures Proposed.-According to reports, this
place will issue $1,200 school debentures in the near future.
LEIFUR SCHOOL DISTRICT NO. 1561 (P. O. Gladstone), Man.
Debenture Election.-On March 29 an election will be held, it is stated, to
vote on the question of issuing $2,000 debentures.
ImMUNSON, Alta.-Debentures Proposed.-This place is considering the
issuance of $4,000 debentures, according to reports.
s
tiEEPAWA, Man.-Bids Rejected.-All bids received on Mch. 15 for the
$100,000 4%% water-works and sewer debentures due July 1 1941 and
$2,693 245% 20-yr. local inapt. debentures (V.94, p. 650) were rejected.
NEWMARKET. Ont.-Debentures Voted.-The proposition to issue
$28,000 5% 30-yr. school-bldg. debentures carried by a vote of 126 to 49
at.the election held.Mch. 18 (V. 94, p. 784).- ri
r•NOVA SCOTIA.-New Loan.-The "Financial Post" of Canada of
March 16 states that this Province is in the market for $4,000,000, to be
issued in the form of consolidated stock at not exceeding 4% interest.orm
PWRINCE ALBERT, Sask.-Loan Election.-An election will be held
March 30, it is stated, to vote on a by-law providing for a loan of $106,500
for sidewalk purposes.
• taltalLukuer4
B. C.-Debenture Offering.-Proposals will be received
until 12 m. March 30 by C. L. Blight, Clerk, for the $100,0001,road and
$50,000 water-works:el i% 50-yr. debentures.
RURAL MUNICIPALITY OF BATTLE RIVER, Sask.-Debenture SZ:
-Nay & James of Regina were awarded an issue of $5,000 4% 20-yr.
debentures, according to reports.
k:,
.g..0
=st
:
::
l
"
-RURAL MUNICIPALITY OF-WREVFORD NO. 280, Sask.-iti
Proposed.-Reports state that this place proposes to issue $12,000 road and
bridge debentures.14
.ppRicHMOND,
r SALVADOR,
Sask.-DebenturewSale.-On March 9 the12,300 X6%
general-impt. and fire debentures (V. 94, p. 83) were awarded to Curran,
Laird & Curran of Regina for $2,192, making' the price 95.304. Date
March 9 1912..,. Int. ann. in March., Due March 91927,
-OCOMEMNIMI
SMITH'S FALLS, Ont.-Loan Election.-A by-law providing for a loan
of $13,000 for certain land purchases will be submitted to a vote, it is
• • • • • . . . . . . . . . . .. . . .
stated, on March 28.
• SOUTH VANCOUVER.`B."C.-Debenture Election Proposed.-Reports
state that the following propositions to issue debentures, aggregating $1,450,000, will be submitted to the electors: $750,000 street impt., $300,000
water-works, $325,000 school appropriations and $75,000 for sidewalks.
TILBURY, Ont.-Debenture Offering.-Proposals will be received until
April 5 by W. A. Hutton, Town Clerk, for $5,000 5% debentures due' _ 10
annual installments of principal and interest
a. WINDSOR, Ont.-Debenture Election Proposed.-An election will be
held in about a month,it is stated, to vote on the question of issuing $30,000
street debentures.
WOODSTOCK, Ont.-Debenture Election Proposed.-An election will
probably be held, it is stated, to vote on the question of issuing $60,000 cityhall debentures.
VICTORIA, B. C.-Debenture Election proposed.-It is stated that an
election to vote on the issuance of $100,000 school and $55,000 park debe
tures will be held in the near future.
r
NEW LOANS.
NEW LOANS.
$1,175,000
$45,000
INVESTMENTS.
W.STEPHENS&CO
CITY OF MINNEAPOLIS, WILMINGTON, DELAWARE
BONDS
SINKING FUND LOAN
Sealed bids will be received by the Committee)
on Ways and Means of the City Council of Minneapolis. Minnesota, at the office of the undersigned
THURSDAY.MARCH 28. 1912,at 2 o'clock P. M.,
for the whole, or any part of $100,000 Park,
$200,000 Permanent Improvement Fund, $200,000 Bridge, $175,000 Main Sewer and $500,000
Grade School Bonds, dated March 1st, 1912, and
payable March 1st, 1942.
The above-described bonds will bear interest at
the rate of four (4%) per cent per annum. payable
September 1st, and March 1st, and no bid or
proposal will be entertained for a sum less than
95 per cent of the par value of said bonds, and
accrued interest on same to date of delivery,
except for $100,000 of the $200,000 Permanent
Improvement Fund Bonds authorized to be
Issued by the City Council of said City, approved
February 20th, 1912, requiring that said bonds
shall not be sold less than the par value of same,
and accrued Interest thereon to date of delivery
of said bonds.
The above bonds are tax-exempt in the State
of Minnesota.
The right to reject any or all bids is hereby
reserved.
A certified check for two (2%) per cent of the
par value of the bonds bid for, made to C. A.
13loomquist, City Treasurer, must accompany
each bid.
Circular containing full particulars will be
mailed upon application.
By order of the Committee on Ways and Means
at a meeting held March 4th, 1912.
DAN. C. BROWN,
City Comptroller.
Sealed bids will be received for all or any part
thereof of $45,000 Sinking Fund Loan of Wilmington, Delaware, until 12 o'clock noon,
THURSDAY. MARCH 28. 1912.
These will be registered bonds and will date
from April 1, 1912, and be issued in denominations of $50 or multiples thereof, and bear interest at the rate of 4 per cent per annum, payable
semi-annually on October 1st and April 1st of each
year thereafter, and will mature April 1, 1935.
These bonds are for the purpose of refunding
Bonds of the Water Department, $30,000 maturing May 1st, 1912, and $15,000 maturing
June 1, 1912, and issued under authority of an
Act of Legislature approved March 31, 1903.
All proposals must be accompanied by a certified check payable to the order of "The Mayor
and Council of Wilmington" for two per centum
of the amount of bonds bid for, same to be forfeited if the bidder fails to accept and pay for
bonds.
The successful bidder or bidders will be required to settle for the bonds awarded with accrued interest from April 1, 1912, at or before
12 m. on Monday, April 15, 1912.
The right is reserved to reject any and all bids.
Address all bids in sealed envelope to
WILLIAM S. LEDNUM, City Treasurer, Wilmington, Delaware, marked "Proposals for Sinking Fund Loan."
BANKERS
2
F. WM. KRAFT
LAWYER
WALL STREET, NEW YORK.
INVESTMENT BONDS
I ntorest allowed on accounts of
Individuals and Corporations
BLODGET & CO.
BONDS
69 STATE STREET. BOSTON
80 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
Bolger, Mosser & Willaman Charles M. Smith & Co.
MUNICIPAL BONDS
Legal for Savings Banks:
Postal Savings and Trust Funds
CORPORATION AND
MUNICIPAL BONDS
SAND 7011 IJST
MST NATIONAL BANK BUILDING
of
19 South La Salle St.,
CHICAGO
CHICAGO
Municipal and Corporation Bonds
NATIONAL
BANK
BLDO.i
11.1111 PIM
Specializing in Examination
CHICAGO, ILL.
ESTABLISHED 1885
H. C. SPEER & SONS CO.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
First Nat. Bank Bldg., map
SCHOOL,
=MY AND MUNICIPAL BONDS
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
B. W. Strassburger
ifONIMOILLBSI AAA.
MUNICIPAL BONDS
Commerce Building,
MISSOURI
KANSAS CITY
THE AMERICAN MFG. CO.
HODENPYL, HARDY & CO.
7 Wall St
SOUTHERN INVESTMENT SECURITHEI
Sutherlin & Company
MANILA
SISAL AND JUTE
Now York
CORDAGE
Railroad,!knot Ry., Gas & Else. Light
SICCU R IT I ITS1
65 Wall Street
-
New York
@FedFRASER