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I N C L U D IN G
Bank & Quotation Section
Railway Sc Industrial Section
Electric Railway Section
Railway Earnings Section
Bankers* Convention Section
State and City Section
NO. 2492
SATURDAY, MARCH 29 1913
VOL. 96
© fa m n d je .
Week ending March 22
Clearings at-
1912.
PUBLISHED W E E K L Y .
T e rm s o f S u b s c rip tio n — P a y a b le in A d v a n c e
For Ono Year........................................................................................... 92
For Six Months........................ - ..........- — -.......................................... ,2 22
European Subscription (Including postage)......... — ...................... id uu
European Subscription six mouths (including postage)...................... T o
Annual Subscription in London (including postage).. .................... £2 14s.
Six Months Subscription in London (including postage).................... £1 Its.
Canadian Subscription (including postage).........................................$11 ow
Subscription includes follow ing Supplements—
B
Q u o t a t i o n (m o n t h l y ) I R a i l w a y a n d I n d u s t i i i a l (3 t im e s y e a r ly )
_
. .. -ra
U*T
UOTDin BlTTWAV
Vl
E
lectric
R ailway (3 tlTDPfl
times VAiirl
yearly)
RAILWAY
E .a r n in g s /.v.M
(m o»tl<1ir\
n th ly )
S t a t e a n d C it y (sem i-an n u a lly) B ankers’ Convention (yearly)
ank and
Terms of Advertising— Per Inch Space
Transient matter per inch space (14 agate lines). —
Standing Business Cards
............................
20
T w o M on th s
(H t i m e s ) ...................................
22
T h r e e M o n t h s (1 3 t i m e s ) ................................... 2 9 0 0
S ix M o n t h s
( 2 0 t i m e s ) ................................... 5 0 0 0
T w e l v e M o n t h s (5 2 t i m e s ) ................................... 8 7 0 0
Chicago Office—Geo. M. Shepherd, 513 Monadnock Block;Tol.Harrison4012.
London office—Edwards & Smith, 1 Drapers’ Gardens, E. C.
W I L L I A M IS. D A N A C O M P A N Y , P u b l i s h e r s ,
I*. O . B ox 9 5 8 .
F ron t, Pine nml D cpcystcr S ts ..
N ew Y o r k .
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents; Arnold G. Dana, See. Addresses of all. Office of tho Company.
C LE A R IN G -H O U SE RETURN S.
Tho following table made up by telegraph, &c., indicates that tho
total bank clearings of all clearing houses o f the United States for the week
ending March 29 liavo been $2,981,051,824, against $3,108,061,1-4 last
week and $3,322,115,268 tho corresponding week last year.
.......
Per
Cent.
Clearings— Returns by Telegraph.
Week ending March 29.
1913.
1912.
New Orleans.................... ...................
$1,327,786,259
121,854,296
129,346,877
28,882,610
*235,000,000
*55,000,000
*15,000,000
$1,641,500,842
151,456,660
118,581,223
25,80-1,980
242,795,802
57,420,500
16,434,817
— 19.1
— 19.6
+ 9.1
+ 11.9
—3.2
— 4.2
—8.7
$1,912,870,042
542,263,418
$2,253,994,830
490,261,468
— 15.1
+ 10.6
$2,455,133,460
525,928,304
$2,744,256,298
577,858,970
— 10.5
—9.0
Total all cities for week.................. $2,981,061,824 $3,322,115,268 —10.3
full details for tho week covered by tho above will bo given next
Saturday
We cannot furnish them to-day, clearings being made up by tho
clearing houses at noon on Saturday, and hence in tho above the last day
tho week has to bo in all cases estimated, as we go to press Friday night.
We present below detailed figures for the week ending with Saturday
noon, March 22, for four years.
p> Tim
Week ending March 22
Clearings at—
B a lt i m o r e ----------
W ilm in g to n _____
W h e e l i n g .............
A l t o o n a _________
M o n t c l a i r ............
1913.
1912.
Inc. or
Dec.
$
$
%
— 0 .9
1,7 2 3,5 82 ,04 8 1,85 1,2 17 ,16 2
154,190,770
— 6 .0
144,987,823
6 3,6 44 ,44 0
— 5.0
60,0 45 ,24 7
+ 3.2
3 1 ,5 86 ,05 0
32,580,981
10,907,384
9 ,0 9 7,2 49 + 20.6
7 ,7 6 3,8 40
7,80 3.2 70
+ 0 .5
6 ,1 0 0 ,0 0 0
5 ,070,971 + 20.3
4 ,5 0 3,1 89
3,97 6,2 92 + 14.8
2 ,660,291
2 ,7 3 0,0 00
— 2 .0
2,77 8,4 77
2,26 9,1 40 + 22.4
1,598,912
1,025,408
— 1.7
1,486,104
1,459,847
+ 1.8
1,547,882
1,361,928 + 13.0
2 ,0 1 1,0 07
2 ,2 0 2,2 70
+ 9 .5
1,690,264 — 17.7
1 ,391,619
1,664,065
— 3 .0
1,603,947
018 ,36 8 — 16.3
768,933
890,687
+ 5 .9
949,015
550,100 + 17.0
643,700
511,875 + 11.5
570,649
+ 8 .9
541,920
589,743
— 0 .9
508,418
503,779
305,143 N o t Included In tota l
T o t a l M id d le . 2 ,0 0 0 ,0 3 2 ,4 6 9 2,13 5,2 85 ,81 3
—6.3
173,251,095
7,252+OC
4 ,393,301
2,077,311
2,668,881
2,01 1,1 00
2,400,87-;
1,224,471
955,83!
655,887
521,90517,070
— 12.7
+ 3 .0
— 10.7
+ 10.7
— 4 .9
— 4.::
+ 14.-
B a n g o r....................
1 51,313,915
7 ,4 7 1,8 00
3 ,9 2 3,9 10
2,962,901
2.538.45C
1,954,905
2,74 6,8 19
1,121,501
1,003,219
581,214
515,417
445,067
T o t . N e w F-ng.
176,039,133
198 ,55 9.9 10
B o s to n
.................
N ew H a v e n --------
1910.
1911.
S
8
1 ,520,933,679 1,66 0,7 62 ,76 5
123,936,451
133,859,191
44,0 46 ,44 1
5 0 ,4 75 ,07 5
24,3 88 ,91 2
29,2 56 ,33 6
9 ,0 5 8,8 34
8 ,8 2 2,2 69
6 ,3 9 7,2 74
0 ,5 8 1,7 07
5 ,1 2 9,9 44
4 ,9 4 0,8 74
3 ,0 5 2,1 55
3 ,1 6 6,5 58
2,17 2,9 58
2,53 3,8 54
1,823,182
2 ,0 3 9,4 15
1,373,016
1,398,690
1 ,383,914
1,412,202
1,148,222
1,295,403
1,984,235
1,588,591
1 ,073,433
1,225,383
1,286,949
8 5 9 ,50 0
836,462
071,562
766,310
367,100
467 ,90 0
481 ,34 0
526,107
553 ,04 0
470,570
309,402
407 ,91 5
1,77 4,1 97 ,08 8 1 ,8 97,133,624
+ 11.:
— ll.:
— l.L
— 13.0
150,793,980
6 ,4 1 3,9 00
3 ,7 6 4,4 35
2 ,442,979
2,054,4051
1 ,827,250
2 ,0 9 2 ,1 8 7
1,20 9,0 08
855,872
577,310
506,284
379,896
1 51,362,414
6 ,6 7 5,5 00
3,55 2,4 69
2 ,240,151
1 ,809,545
1,451,880
2 ,1 2 2,8 57
888,997
1,068,571
559 ,23 0
509 ,55 5
................... ..
— 11.0
1 72 ,91 7,5 18 '
172,322.169
—8.2
For Canadian C learings see “ C om m ercia l and M iscellan eou s N e w s ,”
Chicago----------- 304.593,137
20,059,100
Cincinnati ____
25,677.785
Cleveland_____
24,767,468
Detroit_______
14,654,722
Milwaukee____
7,507,518
Indianapolis___
6,508,500
Columbus_____
6,152,210
Toledo________
3,539,363
Peoria________
Grand Rapids__
3,271,048
Dayton.............
2,100,953
2,800,000
Evansville____
Kalamazoo____
732,308
Springfield, 111-
1,211.473
Fort Wayne___
1,170,155
Lexington-------979,813
Youngstown___
1,179,356
1,236,550
Rockford —
722,189
Bloomington----932,684
Quincy.........
2,717,000
Akron_____
1,995,432
Canton_______
480,592
Decatur........
622,805
Springfield, O1,381,216
South Bend...
575,238
Mansfield----476,662
Danvlllo____
594,809
Jackson.........
308.126
Jacksonville, 111.
541,338
Lansing_______
526,870
Owensboro____
375,000
Lima_________
187,236
Ann Arbor_____
53,594
Adrian________
Tot. Mid .West 449,592,250
San Francisco—
Los Angeles____
Seattle........ .......
Portland--------Salt Lake City..
Spokane----------Tacoma........ —
Oakland— ........
Sacramento........
San Diego-------Pasadena______
FrcSno________
Stockton______
North Yakima..
San Jose.............
lle n o _________
Total Pacific..
50,203,213
25,656,474
14,414,684
15,841,739
5,359,133
3,849,403
3,799,616
4,038,388
1,848,966
2,830,568
1,092,929
950,000
869,429
423,905
570,499
228.336
131,977,282
Inc. or
Dec.
1911.
1910.
$
$
%
289,673,095 + 5.2 257,194,629 273,353.234
20,972,050
28,462,050 + 2.1
23,899,450
15,285,575
18,410,157 + 34.0
15,976,020
15,657,024
20,104,764 + 23.2
17,417,465
12,005,993
13,787,164 + 6.3
12,077,454
8,023,048
7,091,398 + 5.9
7,208,518
5,435,700
5,004,700
5,894,100 + 10.4
4,326,090
4,661,854
6,726,128 —8.5
2,915.685
3,256,331
3,334,452 + 6.1
2,234,178
2,367,174
2,878,290 + 13.7
2,003,963
2,005,181
2,035,761 + 3.2
1,963,630
2,177,126
2,528,206 + 10.8
617,852
612,430
788,014 —7.1
1,016,637
1,071,439
1,419,744 — 14.6
1,023,521
961,869
983,489 + 19.0
686,090
1,022,207
1,193,358 — 17.9
791,572
1,017,807
2,188,445 —46.1
907,379
1,002,645
924,812 + 33.7
607,980
649,915
809,115 — 10.8
728,326
639,002
734,783 + 27.0
886,150
1,797,000 +51.2
863,400
999,370
905,854
1,270,949 + 57.0
450,340
442,338 + 8.6
409,162
512,188
542,839 + 14.7
433,770
453,04*
471,722 + 192.8
476,868
357,857
330,872
422,550 + 36.2
448,170
435,911
474,658 + 0.4
350,000
385,000
582,767 + 2.1
297,834
342,579
272,486 + 13.1
372,855
414,065 + 30.7
365,384 '*'505,650
453,005 + 16.3
237,207
279,161
339,461 + 10.6
208,096
187,644
187.77C —0.3
20,191
65,034
32.754 +63.6
376,281,291
417,671,689 + 7.6 366,076,810
40,913,901
46,454,525
48,959,687 + 2.5
16,100,000
17,995,527
21,292,577 + 20.5
12,249,524
10,156,583
10,721,903 + 34.4
8,330,841
10,729,578
12,450,238 + 27.2
5,751,317
6,137,738
8,516,838 —37.1
4,625,746
3,925,041
4,095,068 —6.0
5,190,094
4,626,101
5,153,354 —26.3
2,784,621
2,729,490
3,518,291 + 14.8
1,227,065
1,401,825
1,592,712 + 16.2
1,305,224
1,250,000
2,390,365 + 18.4
992,161
859,524
871,858 + 25.3
679,780
720,546
869,000 + 9.3
461,441
587,030
681,644 + 27.6
511,397
441,335
482,133 — 12.1
427,571
437,477
572,500 —0.4
204,304
233,386
219,930 + 3.8
101,754,987
108,691,706
122,388,098 + 7.8
52,114,772
+ 12.2
48,631,715
17,808,869
17,223,406
+ 10.1
17,290,978
+ 3.1
14,367,547
10,605,632
11,995,854
—22.9
9,524,910
7,819,876
+ 1.2
6,925,810
7,837,445
+ 16.6
4,378,853
+ 18.3
4,210,915
3,394,460
+ 19.9
2,473,743
3,049,648
+ 2.5
3,133,278
3.534,844
2,582,471
+ 11.1
1,513,697
1,336,133
+ 11.1
1,469,998
1,272,054
—7.8
1,578,284
1,365,308
+ 7.8
1,005,418
1,163,815
+ 9.6
780,841
842,126
+ 12.3
898,105
680,061
—24.9
1,476,205
1,086,041
+ 28.6
560,966
531,825
+ 10.7
622,325
575,200
—0.6
372,873
245,613
+ 11.5
200,080
87,218
+ 56.8
180,000
189,179
+ 8.1
376,612
368,797
—9.0
+ 6.7 130,133,602 139,374,899
68,917,205
72,128,254
+ 9.9
15,242,986
10,988,734
—24.0
11,669,302
—4.2
13,626,604
12,868,758
10,800,000
—47.1
6,328,500
6,884,500
+ 1.5
7,255,604
6,978,390
—O.S
6,481,230
5,573,250
+ 30.5
6,471,046
5,879,005
—OS
9,524,217
10,812,498
—2.5
3,731,939
3,592,325
; — 16.4
4,116,322
3,410,354
+ 22.S
3,202,360
2,774,813
' +31-C
2,315,000
2,322,861
) —3.;
1,752,012
2,293,248
) — 17.1
2,719,529
+ 30.1
2,195,831
1,345,300
1,340,301
—3.1
1,005,076
—23.7
1,813,445
1,610,125
l + 16.t
1,717,583
1,675,860
4 +20.7
1,693,986
1,760,892
1 — 18.2
1,552,793
2,262,929
1,990,641
1 +6.1
850,000
3,087,425
3 — 18.2
1,308,168
2,162,553
3 — 13., 1
629,663
4 +39. 1
592,904
5 +67.
425,000
468,000
3 +18. l
318,641
238,304
1 —31.
211,301,8299 — 1. 3 185,342,230 173,967,126
7 —3. 4 2,737,359,554 2,860,834,096
Total all-------- 3,108,061,124 3,216,903,107
"5 +1. 4 1,216.425.875
Outside N . Y 1,384.478,476 1,365.685,945
•Now reported according to American Bankers' Association rules.
52,307,861
Kansas C i t y . ..
19,498,313
M in neapolis-----16,035,102
Omaha...........
9,621,361
St. Paul-------9,199,489
D e n v e r .........
7,627,445
St. Joseph--------5,243,842
Des M o in e s ..
3,262,019
Sioux C ity ___
3,223,888
W ich ita................
2,850,296
D uluth...........
1,579,583
L in c o ln .........
1.300.000
D avenport . .
1,676,418
T o p e k a _____
1,426,514
W a te rlo o_______
1,132,311
H elena............
422,065
F argo..............
1,634,638
Cedar Rapids___
705,780
Colorado Springs
690,238
P u e b lo ...........
267,884
F r e m o n t_______
405,187
B illin g s .........
175,000
H a stin gs____
298,332
Aberdeen____
Total oth.W cst
140,583,566
81,576,006
St. Louis...........
15,294,164
New Orleans—
13,383,259
L o u is v ille .........
*8,952,595
H o u s t o n --------9,667,500
G a lveston ......... 8,141,412
R ich m o n d ...........
7.700.000
Fort W orth-------7,647,247
M em phis..............
13,266,216
Atlanta — .........
4,435,646
Savannah ............
6,477,574
Nashville..............
4,013,640
N o rfo lk ................
3,000,000
Birm ingham -----1,845,701
Augusta........... ..
4,575,290
Jackson v ille-----1,318,135
M obile......... ........
1,516,727
K n o x v ille --------2,162,942
Little R o ck .........
2,716,207
Chattanooga-----1,697,753
Charleston —
1,687,194
O klahom a-----3,364,679
M a co n _______
1,897,525
A u s tin ..............
1,053,698
M u sk ogee............
1,008,433
T u ls a ............. -
589,713
Jackson ........... -
247,162
V ick sbu rg............
Total Southern 209,236,424
46,626,681
17,714,480
15,556,179
12,475,800
9,094,358
6,541,896
4,424,975
2,720,407
3,144,543
2,566,192
1,421,014
1,398,354
1,555,478
1,301,843
898
THE CHRONICLE
W h a t little a tte m p t th ere is a t a rg u m e n t is v e r y
THE FINANCIAL SITUATION.
fa u lt y .
I t is a p it y th a t q u estio n s o f large im p o rta n c e c an
n o t b e discu ssed on th eir m e r its, b u t t h a t th ere a p
p ears to
be a general d isp ositio n to
ap p eal to th e
p o p u la r p reju dice a ga in st W a ll S tr e e t a n d to m ak e
th is p reju d ice do d u ty in p lace o f a rg u m e n ts a n d fa c ts.
O n e o f th e th in g s v e r y m u c h to be desired a t th e pres
e n t m o m e n t is th e re storation a n d stre n g th en in g o f
th e reserves o f th e sa v in g s b a n k s o f th is S t a te , w hich
n o w carry d eposits a g g re g a tin g
6 8 9 ,4 5 3 ,1 8 6 .
N ot
th at
th ese
(J a n .
1 1913)
sa v in g s
[V o l . XCVI.
8 1 ,
in stitu tio n s,
w ith their in v e s tm e n ts restricted u n der th e la w , are in
a ny im m e d ia te p e ril, b u t t h a t su ch in stitu tio n s sh ou ld
b e p la ced en tirely b e y o n d th e p o ssib ility o f
peril.
O w in g to th e g reat dep reciation w h ich h as ta k e n
For
in sta n c e,
th ey
say
th a t
“ th e
in v e st
m e n t v a lu e s o f th e b o n d s w h ich sa v in g s b a n k s h a v e ,
th a t is, th e v alu es w h ich t h e y h a v e lo o k in g to th e
tim e o f their m a tu r ity , w h en th e prin cip al o f each
will u n d o u b te d ly be p a id , dollar fo r d o lla r, are th e
correct basis on w hich to
consider th e se c u rity o f
sa v in g s b a n k s d e p o sits.”
cu rity
O n th e c o n tr a r y , th e “ se
is n o t in th e o b so lete v a lu e s o f ten or fifte e n
y ears a g o , b u t in th e p resen t v a lu e s.
T h e bonds
no lon ger c o m m a n d th e figu res a t w hich th e y were
b o u g h t,
but
very
8 5 3 ,2 6 0 ,9 6 7 less.
m u ch
less— in
T h e in v e stm e n t
ex a c t
v a lu e
fig u re s,
is
a
c on
s t a n t ly ch an g in g q u a n tity a n d is as d ifferen t fro m th e
m a r k e t v a lu e as n ig h t is fr o m d a y .
W h e n y o u sell
b o n d s, or v a lu e th e m , y o u m u s t figu re th e m a t th e
p lace in first-c la ss secu rities (in w h ich alon e in v e s t
prices th a t can be realized fo r th e m t o -d a y , n o t a t
m e n ts m a y b e m a d e b y th e sa v in g s b a n k s ), th e su r
th e prices o f a dozen y ears a g o .
plu s o f th ese in stitu tio n s has u n dergon e con sid erab le
co n tra ctio n in recent y e a r s.
T h o u g h tfu l m e n w h o
h a v e g iv en th e s u b je c t s tu d y are agreed t h a t th is
I t is tru e th a t th e b o n d s, if held to m a t u r it y , will
brin g th eir proper in v e stm e n t v a lu e .
B u t th a t is
o n ly b ecau se o f a process o f a d ju s tm e n t w hich m u s t
sa v in g s su rplu s sh ou ld b e restored , an d th e S u p er
be c on tin u ed th ro u g h o u t th e w h o le life o f th e b o n d .
in te n d e n t
I f a b o n d w as pu rch ased a t 1 2 5 , an d is t o -d a y w o rth
of
B a n k in g
has
u rg en tly
reco m m en d ed
t h a t th e a cc u m u la tin g o f a d d ition al su rplu s w ith th e
o n ly 1 1 0 , is it n ot a b su rd to s a y th a t th e “ in v e stm e n t
g ro w th in d eposits sh ou ld be m a d e c o m p u lso r y .
v a lu e ,” figu red on th e pu rch ase price o f 1 2 5 , is “ th e
In
d e fe re n ce to th is consensus o f o p in io n , b ills h a v e b een
correct basis on w hich
i n tro d u ced in th e L eg isla tu re a n d are n o w p e n d in g ,
1 he b o n d has dro p p ed 15 p o in ts an d will in all p r o b
p r o v id in g t h a t where th e su rplu s in th e case o f a n y
b a n k has fa llen to a certain lo w ratio to d e p o sits, a
g iv e n p e rce n ta ge of th e accru in g p ro fits sh all be set
asid e a n d a d d e d to th e su rplu s before th e declaration
o f d iv id en d s to th e d e p o sito rs.
to
con sider th e se c u r ity ” ?
a b ility n ev er g et b ack a ga in to 1 2 5 .
W h a t sen se,
th erefo re, is there in clin gin g to th is fic titio u s v a lu e ,
and try in g to persuade o n e’ s self th a t th e b o n d is w o rth
ju s t as m u c h as it ever w a s ?
I t is q u ite g en erally
T h e report of th ese y o u n g m en g oes on to sa y
recogn ized in fin an cial circles t h a t th e p o lic y w hich
t h a t “ to require sa v in g s b a n k s to m a in ta in a reserve
th ese bills seek to enforce is a w ise one a n d is in th e
b ased u p o n m a rk e t v a lu e o f th eir b o n d s is to require
in terest alike o f th e dep o sito rs and th e general c o m
m u n it y .
th e m
But
certain
college stu d en ts b elo n g in g to
a d e
to
w ith h old
fr o m
th eir
presen t d e p o sito rs,
th e gain s w hich th eir presen t dep o sito rs are en titled
to r e c e iv e .”
T h is s ta te m e n t em b od ies th e sa m e m is
b a tin g clu b th in k d iffe re n tly a n d th e y h a v e e m b o d ie d
con cep tio n as th e earlier s ta te m e n t.
their v ie w s in a p ro te st w h ich has th e presen t w eek
th e
b een fo rw a rd ed to A lb a n y .
gain s
bein g
w ith h eld
fro m
So
fa r
fro m
presen t d e p o sito rs,
T h e se y o u n g m en are
these dep o sito rs are g e ttin g m ore th a n th e y d e serve,
p r e s u m a b ly t h r ift y a n d h a v e little hoards in th e s a v
an d fu tu re depositors are asked to share th e losses
in gs b a n k s , th e in com e fro m w hich th e y do n o t like
w h ich presen t depositors o u g h t to b ea r.
to see d im in ish e d .
a lre a d y m e n tio n e d , w here a b o n d has d ro p p e d fro m
w h y t h e y sh ou ld
B u t certain ly there is n o reason
seek to c u ltiv a te th e n o tio n th a t
125 to
I n th e case,
1 1 0 , presen t dep o sito rs o u g h t t o
ta k e their
th e effo rt to stren gth en the su rplu s a cc o u n t is b ein g
loss
in stig a te d b y W a ll S tr e e t, w h en th e fa c t is th e m o v e
on th e in v e stm e n t b asis th e loss is m a d e to ex ten d
an d
not
com p lain
m e n t is based en tirely on th e m erits o f th e p ro p osi
o ver
tio n .
3 0 or 4 0 or 5 0 y e a r s.
Says
th e
report
of
th ese
young m en:
-“ A
th e
w h o le
o ver
u n expired
it .
life
In ste a d
of
th e
of
th a t,
bond,
sa y
T h e in v e stm e n t b asis pro vid es
req u ire m e n t o f 1 5 % surplus w ou ld m ea n 8 3 0 0 ,0 0 0 ,
for th e gra d u a l e x tin c tio n o f th e p re m iu m , th a t is,
0 0 0 th a t cou ld and w o u ld fin d its w a y in to
u n der it a sm all a m o u n t is charged o ff each y e a r .
W a ll
S treet th ro u gh loans an d d eposits in bu sin ess b a n k s
B u t th e m a r k e t in its levelin g process h as a lre a d y
a n d tru st com p an ies a n d be used in sto c k sp e c u la
ex tin g u ish ed th e g reater p a rt o f th e p rem iu m
tio n ,
it is fa tu o u s to delu d e o n e’s self w ith th e idea t h a t
g a m b lin g
b u n co m b e
an d
e ffe c t.
In
th e
young
m en
an d high
fin a n c e .”
T h is
e v id e n tly
e m p lo y e d
fo r
earlier
sh ow v e r y
p a rt
of
clearly
their
is
rhetorical
report
th a t th e
pure
th ese
m on ey of
and
th e in v e stm e n t basis o f 10 or 12 y ears ago is still
so m e th in g real or ta n g ib le
w h en it has c o m p le te ly
v an ish ed .
th e sa v in g s b an k s can n o t b e used in a n y o f th e w a y s
W e are to ld in th is report th a t “ there is no reason
in d ic a ted , th a t is, n eith er in sto c k sp e cu lation nor
w h y th e d iv id en d s on th e m o n e y s o f d ep o sito rs n ow
g a m b lin g
n or
high
fin a n ce .
Thus
th e y s a y ,
w ith
in th e b a n k sh ou ld b e a c c u m u la te d in to a reserve
en tire a cc u ra c y , th a t “ a sa v in g s b a n k can n o t do an y
to d istrib u te to oth er d ep o sito rs
gen eral
m o n e y has n o t pro d u ced th e a c c u m u la tio n .”
b an k in g
business
w h a tev e r— it can n ot d is
years la ter w hose
I t is
c o u n t n o te s, or cash ch eck s, or loan on c o lla te r a l.”
n o t a q u estio n o f a cc u m u la tin g to distrib u te in later
T h is , it will b e seen , sh u ts th e m o n e y o u t a t once
y e a r s, b u t a q u estio n o f a cc u m u la tin g to m a k e g o o d
fr o m use in W a ll S tr e e t.
I t is also p o in te d o u t th a t
th e sa vin gs b an k s are rigidly lim ite d in th eir in v e st
m e n ts in
ev e ry
direction .
The
tru th
is,
th ere is
losses a lre a d y su sta in ed .
F u tu re dep o sito rs will n o t
g e t a n y th in g th a t does n o t b elo n g to th e m , b u t u nder
th e bills o f S e n ator P o llo c k will escape h a v in g to as
a b s o lu te ly no w a y in w hich their fu n d s cou ld be e m
su m e th e losses a lre a d y su sta in ed and
p lo y ed
fu lly sh ou ld be borne b y p resen t d e p o sito rs.
“ in
sto c k
sp e c u la tio n , g a m b lin g , an d
high
fin a n c e ,” an d th ese y o u n g m en are c o n fu te d o u t o f
their ow n m o u th s .
w hich righ t
W e h a v e n o decid ed view s on th e q u estio n o f b ran ch
b an k s or on th e a d v isa b ility o f le ttin g d ifferen t s a v -
899
THE CHRONICLE
M AR . 29 1913 ]
in gs b a n k s c o m b in e , b u t th ese y o u n g m e n are cer
T h e r e is n o m ora l lesson to b e d ra w n , ex cep t t h a t
ta in ly w ro n g w h en t h e y assert th a t “ th e sm a ll b a n k s
su ch a b lo w m a k es kin all th e c ivilized w o rld , o b lit
are e x a c tly as sa fe as th e large b a n k s .”
*3 h e y are
erates differen ces for th e tim e a n d sh ow s u s, as b y a
n o t as safe if for n o oth er reason th a n t h a t in th e e v e n t
fla sh in th e d a rk n ig h t, h ow c lo sely S ta te s a n d n a
o f a loss o f a n y g iv en a m o u n t th e loss b ein g d istrib u ted
tio n s
o v er a sm aller v o lu m e o f d ep o sits w ill b e pro p or
1 9 0 6 , th e first m aterial aid in sh elte r, clo th in g a n d
tio n a te ly heavier an d h arder to bea r th a n in th e case
fo o d m u st co m e fr o m th e n earest se c tio n s, so present
o f th e b igger b a n k s w ith
th eir g reater v o lu m e o f
are rea lly
k n itte d .
T h e q u estio n o f th e proper tre a tm e n t o f th e sa v in g s
b a n k su rplu s is rea lly a v e r y sim p le o n e .
T h e r e h as
in
San
F ran cisco in
are th e sh arp est n ee d s, su g g estiv e ly p u t in o n e call
fo r “ fo o d a n d c o ffin s .”
d e p o sits.
As
W e m a y h op e t h a t th e first
loss o f life h as been o v e r -e stim a te d , b u t th e su ffer
in gs a n d dan ger for th e su rvivo rs w ill b e seriou s for
b een a tre m e n d o u s sh rin k age in secu rity v a lu e s an d
w eeks y e t .
on J an u a ry 1 1 9 1 3
it does so w ith a m ore serious s y m p a t h y b ecau se still
th e ratio
o f su rplu s to deposit
T h e c o u n try is respon din g to th e se , a n d
w a s o n ly 7 . 0 1 % as a g a in st d o u b le th a t figu re tw e n ty
oth er
y ears
if n o t b e y o n d
ago.
E ven
in
a ctu al
a m o u n t,
th e
su rplu s
cities a n d
section s
are n o t b e y o n d
a ctu a l d a n g e r.
And
m en ace,
since so m e o f
n o w is n o t m a te r ia lly larger th a n it w as tw e lv e years
our preachers in h igh sta tio n h a v e b een h old in g u p
a go on J an u a ry
th e m irror to us as a n a tio n o f sinners ju s t b ein g
1 1901.
A t th is earlier d a te th e
a gg re ga te of surplus w as $ 1 1 8 ,2 9 4 ,6 7 4 .
$ 1 1 8 ,4 0 4 ,9 8 7 .
a m o u n ts
1 1901
to
$ 1 ,6 8 9 ,4 5 3 ,1 6 8 ,
w h ereas on
it w as o n ly $ 9 4 7 ,1 2 9 ,6 3 8 .
th e situ a tio n
N o w it is
B u t t o -d a y th e v o lu m e o f d eposits
J an u a ry
T h is sh ow s h ow
has ch an g ed for th e w o rse.
In
stirred to
rep en ta n ce a n d fit w o rk s,
p o ssib ly th is
g re a t c a la m ity ju stifies d o u b t w h eth er th is call to
se lf-fla g e lla tio n is n o t to o lo u d a n d w heth er w e are
n o t o rd in a ry a n d h o p efu l sin n ers.
th e
m ore recen t years there h as b een a gra d u a l im p r o v e
T h e close o f th e S e n atorial co n test in Illin o is on
m e n t in th e su rp lu s, oth erw ise th e ratio to d ep o sits
W e d n e s d a y , b y th e electio n o f M r . J am es H a m ilto n
w o u ld sta n d
h as
L ew is for th e lo n g term a n d M r . L a w ren ce Y . Sh er
occu rred in face o f so m e fu rth er sh rin k age in secu rity
m a n for th e sh ort o n e , filled th e la st presen t v a ca n cies
v a lu e s , an d is due to th e fa c t th a t large n u m b e rs o f
in th e U n ite d S ta te s S e n a te a n d is w o r th y o f n o te
th e
for a n oth er rea son , n a m e ly , th e rem a rk a b le c o m p a r a
b a n k s,
still sm a lle r .
recogn izin g
T h is im p r o v e m e n t
th e
logic
d iv id en d
o f th e
p a y m e n ts
situ a tio n ,
h av e
redu ced th eir
to
d ep o si
to r s .
T h e pu rpose o f th e bill b efore th e L e g isla tu re
tiv e sa n ity o f M r . L ew is on th e o v e r w h e lm in g ly im
p o r ta n t s u b je c t of G o v e r n m e n ta l interferen ce w ith
is to com p el all b a n k s to do w h a t th e m ore e n lig h t
in d ivid u al lib e r ty .
en ed
tio n
ones
h av e
a lre a d y
d on e
v o lu n ta r ily .
W a ll
S p ea k in g to a b u sin ess a ssocia
in C h ica g o o n ly tw o m o n th s a g o , he con d em n ed
S treet has n o m ore in terest in th e m a tte r th a n th e
“ G o v e r n m e n t reg u lation run m a d .”
c o m m u n ity a t la rg e.
sa id , m ore o f person al resp o n sib ility o f m a n to h im
W h ile th e su rplu s o n m a r k e t
and
less
dep en d en ce
upon
W e n e e d , h e-
v a lu e s is $ 1 1 8 ,4 0 4 ,9 8 7 , on th e b asis o f in v e s tm e n t
self
v a lu e s i t i s $ 1 7 1 ,6 6 5 ,9 5 4 , a n d th is differen ce o f $ 5 3 ,
“ th ere m u st b e an en d to t h a t d elu sive in d u lgen ce
n ation a l d irection ;
2 6 0 ,9 6 7 m easu res th e ex te n t o f th e sh rin k age w hich
c o m m u n ic a te d to th e u n learn ed an d h op efu l th a t th e
m u s t b e m ad e g o o d ; fo r th e in v e s tm e n t su rp lu s, if
G o v e r n m e n t can b y
it w ere real, w o u ld b e n on e to o la rg e, b ein g o n ly a
a n d in te g rity o f each citizen or b y
little o ver 1 0 % o f th e d e p o sits.
p u n ish m en t o f success m a k e in dolen ce or failu re p r o f
law m a k e eq u al th e in te lle c t
G o v e r n m e n ta l
it a b le .”
th e
T h e press rep o rt is t h a t six ty R e p u b lica n s jo in ed
g o v ern ed
w ith s e v e n ty D e m o c r a ts in sen d in g th ese tw o to th e
b y so m e la w to o b ro ad for h u m a n co m p re h en sio n .
S e n a te , b u t w e n eed n o t h a stily lo o k for a d ro p p in g
W in d
been
of p a rtisa n sh ip a n d a m illen ial u n ion for th e cou n
q u ic k ly fo llow ed b y flo o d s in O h io , a n d th e p lig h t
t r y ’ s g o o d , for th is result cam e a fter a stu b b o r n con
of
te s t an d m a y h a v e in v o lv e d ta c it u n d e rsta n d in g s.
T h is
has
elem en tal
b een
forces
sto rm s
O m aha
a
c a la m ito u s
have
beyond
seem ed
rushed
th e
w eek,
to
in
ex cess,
M ississip p i
te m p o ra r ily
th a t
have
o v ersh a d o w ed
by
T h e q u e stio n w h ich
S till, M r . L ew is can b e su p p osed sincere in w h a t he
sh ou ld receive con sideration is w h eth er su ch c a la m i
said in C h ic a g o , w hile a n a v o w e d c an d id ate fo r th e
th a t o f D a y to n a n d C o lu m b u s .
ties are b e y o n d th e reach o f p reca u tio n .
G a th e r in g
w ater in to reservoirs c a n n o t b e a b a n d o n e d b ecau se
o f th e p o ssib ility t h a t im p o u n d ed stores m a y b re a k
b o u n d s nor can h u m a n h a b ita tio n b e
th e higher sp o ts .
con fin ed
to
S e n ator F r a n c is G . N e w la n d s o f
N e v a d a is q u o te d as sa y in g th a t th e u ltim a te re
sp o n sib ility rests w ith th e F ed eral G o v e r n m e n t for
fa ilin g
in years p a st to m a k e
a d e q u a te
pro vision
fo r su p ervision o f th e h eadw aters o f riv ers.
I t is
at
th a t
th e
h eadw aters
of
stre a m s,
he
c o n te n d s,
S e n a to rsh ip , since a m a n w h o w as w illin g to b id for
p o p u la r ity a t th e expen se o f principle cou ld h ard ly
h a v e m a d e such a m ista k e as to let h im self b e c ou n ted
on th e side o f su ccessful b u sin ess a ga in st a G o v e r n
m e n t th a t is p ro fesse d ly en g ag ed in com p ellin g n a
tio n a l rig h teou sn ess.
P erh a p s it is n o t p r e m a tu r e ,
th erefo re, to ex p ect th a t one n ew v o ic e will be p u b
licly raised to p ro te st t h a t th e tim e has co m e to call
a h a lt.
I f it is tru e , as h in ted in W a s h in g to n dis
p a tch e s, th a t S en ator B o ra h will
soon sp e ak in de
fen ce o f th e high cou rts a g a in st
th e accu sation o f
rivers m a y be c on trolled , and a scien tific sy ste m of
b ein g th e b u lw ark o f m o n o p o ly , there m a y be another
dam s,
call for checking th e rush o f em o tio n a lism .
he in sists,
w o u ld
be b ette r th a n
th e levee
s y s te m n o w in v o g u e in th e low er reaches o f th e great
rivers.
T h e re is one eco n om ic lesson in th e rem in der
T h e c o m m itte e on
pay
fo r m a ils-c a rry in g actin g
of^our depend en ce o n r a ilw a y s, g iv en b y th e te m p o
on b eh a lf o f 2 6 8 railw ay co m p a n ies in th e c o u n tr y ,
rary crippling o f m o st lines fro m N e w Y o r k to C h i
d id , it a p p ears, su cceed in g e ttin g fr o m
cago a n d th e c u ttin g o ff o f co m m u n ica tio n in th e
a v e r y slig h t con cession on a cc o u n t o f th e onerou s
tro u b le d
con d ition s ex istin g , w h ich were m a d e m u c h w orse b y
life in
d istricts; n o t
m ore literal
com m ercial life m erely
respects
b eco m e s
tra n sp o rta tio n in g reat em ergen cies.
a
m a tte r
but
of
th e n ew parcels p o s t.
C on g ress
T h e c o n ten tio n o f th e roads
t h a t th e te s t w eigh in g o f m ails once in fo u r y e a r s ,
000
THE CHRONICLE
w h ile th e w o rk don e is g ro w in g w ith th e c o u n t r y ’s
g r o w th ,
m itte d
is u n reason ab le
an d
u n fa ir
m u st
be
s o u n d , fo r no o th er b u sin ess w o u ld
ad
m ake,
[ V o l . XCVI.
T h e b a ttle w h ich preceded th e cap tu re o f A d r ia n o p le
co m m e n c e d
on
Sunday
b o m b a r d m e n t.
n ig h t w ith
E a r ly
on
a th ree
M onday
h o u rs’
m orn in g
th e
or b e ask ed to m a k e , a lu m p c o n tr a c t fo r so lo n g a
B u lg a ria n in fa n tr y a d v a n c e d , a n d a t th e sa m e tim e
te r m w ith o u t a clause for r e a d ju s tm e n t.
th e
U p o n th e
to p o f th is situ a tio n cam e th e parcels’ p o s t , w h ic h will
siege
guns
o p en ed
on
th e
T u r k ish
p o sitio n .
S im u lta n e o u sly , th e tro o p s in th e S o u th e rn section
in v o lv e a b u rd en t h a t can o n ly b e e stim a te d th u s
cap tu red P a m u k r y r ty a n d carried on an o ffe n siv e
fa r ,
a ction
a lth o u gh
one
e stim a te
p u ts
th e
annual
loss
a ga in st
C u k ta b ir
and
D u d ja r o r ,
w hile
th e
fro m it to th e carriers as h igh as 5 0 m illio n s a y e a r .
Servian in fa n try occu p ied th e hill
So
o f K a d ik e u i an d a n o th er S e rv ia n division ca p tu red
fa r
as
th e
e x p e c te d
tra n sfe r
of
lig h t
express
to th e N o r th w e s t
m a tte r to th e m a ils is rea lized , t h a t h its th e carriers
E k m e k tc h ik e u i.
in tw o w a y s , fo r it ta k e s fr o m th e m a p a y in g service
ta ck e d
a n d ad d s to w h a t is v ir tu a lly a d e a d h ea d serv ice,
la sted th ro u g h o u t M o n d a y
in a sm u ch as th e
g e ttin g p a y for it.
th e lig h t fo rw ard w o rk s a n d fo r ts.
N ow
an
fo u r th -y e a r
w eigh in g
p rev en ts
T h e D a n u b e S e rv ian d iv isio n a t
P a p a ste p e .
A fte r
a
fierce
th e
defen ce
w hich
T u r k s retired fro m
P a rt o f th ose
w h o w ere en g ag ed in cov erin g th e retreat o f their
a m e n d m e n t w as secu red
in
th e
p o sta l
com rad es w ere cu t o ff b y th e B u lg arian s a n d cap
a p p ro p ria tio n s bill th a t “ on a cc o u n t o f th e in creased
tu re d .
w e ig h t o f m a ils ”
E a ste rn side o f th e c ity w as c ap tu red b y th e B u l
P o s tm a s te r
Ju n e 3 0 ,
becau se o f th e parcels p o s t , th e
G en eral
m ay
n o t m ore th a n
add
to
th e
pay,
fiv e per c e n t,
a fter
e x c e p t on
rou tes w h ere a re-w eig h in g h as b een don e since 1 9 1 2 .
T h e en tire line o f fortresses d e fe n d in g th e
garian s after a m o s t sp e c ta c u la r a ssau lt a t th e p o in t
of
th e
bayonet
by
lo n g
lines
of
in fa n tr y
w h ich
w ere stren gth en ed ra p id ly b y th e seco n d , or re se r v e ,
T h is a m e n d m e n t, sa y s P re sid e n t P e te rs o f th e L o n g
line.
Isla n d r o a d , a n d V ic e -C h a ir m a n o f th e C o m m itt e e ,
an d B u lg arian b atteries w ere im m e d ia te ly p la ced in
w ill n o t a d d m ore th a n tw o m illio n s, w h ereas th e
p o sitio n to con cen trate th eir fire on th e o th er w o r k s.
a d d itio n a l service is ex p e cte d to
tim e s t h a t
to
add
a t least ten
th e p o sta l receip ts; m o r e o v e r,
it is
d iscretio n a ry in stead of m a n d a to r y , m e r e ly a u th o r
T h e E a ste rn fo rts soon fell in to th eir h a n d s,
T h e w a y w as th u s cleared fo r a direct a ssau lt on th e
c ity itse lf.
B efore surrendering A d ria n o p le , Sh u k ri
P a sh a is reported to h a v e carried o u t his th re a t t o
izin g a m a x im u m a d d ition in ste a d o f b ein g p o sitiv e
d estro y th e to w n rather th a n le t it fall in to th e h an d s
and
o f th e e n e m y .
sp e c ific .
S till,
so m e th in g
h as
b een
w on
by
g e ttin g th e situ a tio n recog n ized in s t a t u to r y te r m s.
No
c o n tr a c t for su p p lies,
p e n s a tio n ,
w ith
th e
a t a specific fix ed
G overnm ent
free
to
com
call
for
T h e press acco u n ts claim |that th e
arsenals and all th e stores an d a great p a r t o f th e
to w n w as b u rn t.
K in g F erd in a n d o f B u lg a ria y e s
te r d a y (F rid a y ) en tered th e fortress o f A d r ia n o p le .
u n lim ite d q u a n titie s, w o u ld b e o b ta in a b le or w ou ld
H e d ro v e th ro u gh a lm o st endless lines o f T u r k is h
b e con sidered a n y w h e re ; y e t su ch is th e degree o f
prison ers,
h o s tility
w here
w h ich
h as
been
w orked
up
a g a in st
rail
an d
Shukri
p roceed ed
P a sh a ,
to
th e
th e
M ilit a r y
T u rk ish
C lu b ,
C o m m a n d e r -in
w a y s t h a t it is a cc o u n te d so m e g ain to w in a gru d ged
C h ie f, h an d ed h im his sw o r d .
recog n itio n th a t w h en th e w o rk is su d d e n ly in creased
tu rn ed h im th e w e a p o n , w ith a fe w c o m p lim e n ta r y
b y an u n k n o w a b le a m o u n t (a d m it te d to b e p r o b a b ly
w o rd s.
o n e -fo u r th )
th a t
th ere sh ou ld
“ on a cc o u n t o f”
The
in
th e
in crease in p a y
it.
roa d s w ill,
ju s tic e
b e so m e
at
th erefo re,
n ex t
ren ew
C o n g r e ss.
their fig h t for
The
s ta te m e n t
is
10
th e
The
firing
a.
la te st
n ew s
ceased alon g
m.
on
B u lg arian s
fro m
C o n sta n tin o p le
th e w h ole
T h u rsd ay.
are
K in g F erd in a n d re
now
It
T c h a ta lja
is
a im in g
su gg ested
to
is
line
th a t
reach
C on
sta n tin o p le in order to stre n gth en th e a llies’ h an d s
s o m e tim e s m a d e in C o n g re ss, sa y s M r . P e te rs, th a t
in th e peace n e g o tia tio n s.
th e ro a d s are g e ttin g 5 0 m illio n s a y e a r for carryin g
in ta k in g th e T u rk ish c a p ita l, it is n o t u n lik e ly th a t
S h o u ld th e y b e su ccessful
m a ils , a n d th is p ro d u ces or is m e a n t to p ro d u ce th e
in tern ation al
im p ression o f b ein g v e r y a m p le .
sign ifica n t featu re is t h a t
B u t th e ra ilw a y m ail
com p licatio n s
clerks g e t 3 5 m illio n s a n d th e rural carriers g et 4 5
A u stria n
m illio n s.
redu ced fro m
T h e “ sq u are d e a l” w h ich w as tu rn ed in to
a c a tc h y ph rase b y
a fo rm e r P resid e n t
d en ied t o th e r a ilw a y s.
h as
been
T h is m a y b e p a r tly becau se
o f th e slow n ess w ith w hich th e p o p u la r m in d realizes
properties
60
to
in
m ay
w ar
G a lic ia
20
en su e.
A
rath er
in su ran ce rates on
were
on
T h u rsday
shillings per cen t for three
m o n th s, in con sequ en ce o f th e im p r o v e d p eace o u t
lo o k .
N o little relief has b een experienced in E u r o p
ean d ip lo m a tic circles b y th e fin al decision o f M o n
th a t su ch p h y s ic a lly large creatu res as ra ilw a y s are
ten egro to accede to A u s tr ia ’s d e m a n d to allo w c iv il
su sc ep tib le o f receiv in g u n ju st tr e a tm e n t or o f b ein g
ians
in ju red sen sib ly b y it or th a t th e y are s u b je c t to the
N ic h o la s,
la w s o f n u m b ers as o rd in a ry p erson s are.
b o m b a r d m e n t, n o tw ith sta n d in g th a t there is reason
an d
all
foreigners
h ow ev er,
to
le a v e
is d e te rm in ed
S c u ta ri.
to
K in g
con tin u e
th e
to believe th a t A u stria w ill n o t p erm it M o n te n e g ro
T h e w e ek ’s ev en ts in th e B a lk a n s seem t o b ear no
o th er
reason able
in te rp re ta tio n
th a n
th a t
Turkey
m u st g iv e u p th e fig h t a n d m u st d ep en d upon th e
to retain Scu tari after it is ca p tu red .
negrin
sides
a rm y
of
th e
renew ed
fortress
its
T h e M o n te
bom bardm ent
y e ste r d a y .
D ja v id
n u m b erin g
1 5 ,0 0 0
on
all
P ash a,
P ow ers fo r p ro te ctio n a g a in st th e d e m a n d s o f the
w ith
allied v ic to r s .
reported to h a v e su rren dered to th e S erv ian s on th e
la stin g
A d ria n o p le , after a b rillian t defen ce
one hu n dred
rendered on
and
W edn esd ay
fifty -fiv e
a ftern o o n ,
d ays,
w as su r
Sh u k ri
P ash a,
a
T u rk ish
arm y
S k u m b i R iv e r , A lb a n ia .
m en,
is
T h e P o w e rs, it is r e p o rte d ,
h av e com e to an a g reem en t regardin g th e b ou n d a ries
th e T u rk ish c o m m a n d e r -in -c h ie f, y ie ld in g th e fortress
o f N o r th e rn a n d N o rth e a ste rn A lb a n ia fro m J a k o v a
to G en eral Iv a n o ff th e B u lg arian c o m m a n d e r .
to L a k e O ch rid a .
th e sa m e
day
th e
V illag e
o f T c h a t a lja
and
On
other
T h e ir decision will b e m a d e kn o w n
co llec tiv e ly to th e allies, w ho a t th e sa m e tim e w ill,
p o sitio n s fo rm e rly occu p ied on th e T c h a t a lja lin es,
it is d eclared , be in fo rm e d t h a t , as E u ro p e h ad settled
th e
th e q u e stio n , there will be no fu rth er need o f m ilita ry
la st
c ap tu red
defences
by
of
G en eral
C o n sta n tin o p le ,
S a v o ff.
The
w ere
T c h a t a lja lines
as a w h o le , are still held b y th e T u r k s ,
again
how ever.
o p era tio n s.
B u lg aria has a cc e p ted th e offer of m e d i
ation m a d e b y the P o w e rs, b u t w ith th e provision th a t
p ra ctica lly
in
her
n eg atives
dem and
901
THE CHRONICLE
M a r , 29 1313 ]
th e p ro p osa ls.
She
for a war in d em n ity
persists
to th e shares o f th e B ritish
Tu rkey
p lain in g th e tra n saction to th e P a rlia m e n ta ry C o m
fro m
M arcon i C o .
In
ex
a n d declines to agree to th e su ggested frontier running
m ittee Sir R u fu s denied th a t he held a n y M a r co n i
fro m M id ia , on th e B la c k S e a , to E n o s, on th e A egean
sto c k a t all w h en th e a greem en t for an E m p ire W ir e
S e a , asserting th a t a frontier line fro m M id ia to the
less
G u lf o f S a ros, a t th e to p o f the P en in su la of G a llip o li,
S u b se q u e n tly
sy ste m
w as
en tered
is th e o n ly con cession she is w illing to m a k e .
w ith a lo t o f A m e r ic a n shares an d Sir R u fu s pu r
his
in to
b ro th er
on
M arch
retu rn ed
ch ased 1 0 ,0 0 0 o f th ese shares fro m
W in s to n
B ritish
Spencer
A d m ir a lty ,
C h u rc h ill,
when
he
F irst
L o rd
su b m itte d
1912.
A m eric a
his b ro th er a t
th e
$ 1 0 per sh are a n d later on so ld 1 ,0 0 0 shares each to
n av al
L lo y d -G e o r g e a n d th e M a s te r o f E lib a n k a t th e price
of
th e
7
fro m
e stim a tes in th e H o u se o f C o m m o n s on W e d n e s d a y
he p a id for th e m .
su gg ested a general cessa tio n of n a v a l con stru ction
o f th e stories p u t into circ u la tio n , th e tra n saction
w ork for a y e a r .
“ W e address th is proposal to all
Sir R u fu s a d m itte d t h a t , in view
w as n o t a w ise o n e .
“ I t n ev er occu rred to m e ,” he
n ation s an d to no n ation w ith m ore p r o fo u n d s in
a d d e d , “ th a t a n y b o d y w o u ld in sin u a te I h ad been
cerity th a n
g u ilty
to our great n eigh bor o ver th e N o r th
of
a n y th in g
a p p roa ch in g
c o rru p tio n .
That
S e a ,” said M r . C h u rc h ill, w ho con clu d ed his address
w as an elem en t I n ever to o k in to a cc o u n t an d w hich
w ith a gracefu l recogn ition o f th e im p r o v e m e n t th a t
I
h ad
M r.
life .”
and
dals
ta k en
C h u rch ill
place in A n g lo -G e r m a n
d e fin ite ly
proposed
rela tio n s.
th a t
G erm any
never
th o u g h t
lik ely
to
arise in
E n g lish
p u b lic
E n g lish n ew spapers h a v e b een ch argin g sc a n
in
con n ection
w ith
th e
M arcon i
c o n tra c t
re
G re a t B rita in sh ou ld agree to cancel th eir p ro gram s
g ard in g th ese d e v e lo p m e n ts, m in or th o u g h th e y are,
of
as ju stific a tio n for their ch arges.
con struction
for
th e
y ear
1914.
He
su gg ested
th a t the influence o f such an a greem en t w o u ld be
priceless a n d
m easu reless in g iv in g
w ider in tern a
Sir E d w a rd G r a y , th e B ritish
F o reig n S e cre ta ry
tio n a l scop e to an arran g em en t for th e prev en tion
in th e H o u se o f C o m m o n s , on T h u r s d a y reiterated
o f “ w a stefu l, purposeless a n d fu tile f o l l y .”
a s ta te m e n t t h a t
H e was
he h ad
received
no
in fo rm a tio n
c o n v in ce d , he sa id , th a t th is tr e a tm e n t o f th e su b je c t
fr o m th e U n ited S ta te s G o v e r n m e n t as to th e change
w as the o n ly w a y to term in a te on e o f th e m o st stu p id
of p o licy on th e C h in ese lo a n .
a n d u n n atu ra l ch ap ters in th e h isto ry o f E u ro p e a n
th a t in a n y case th e a ttitu d e of G re a t B rita in to w a rd
civ iliza tio n .
th e tra n sa c tio n rem ain ed u n c h a n g e d .
D isp a tc h e s fro m B erlin a v e r , h o w ev er,
D e p a r tm e n t
received b y G e r m a n y .
T h e officials o f th e G e r m a n
a n n o u n cem en t o f th e failure o f the F o reig n O ffice
M in is tr y o f M a r in e w ill, it is d eclared , r e m a in dis
to receive official n otice o f P residen t W ils o n ’s po licy
creetly
to w a rd th e lo a n .
until
th e
full te x t
of th e
speech
is
o ver
th is
A ssista n t S e cre ta ry A d e e , a ctin g
h ead
general
S ecreta ry B r y a n , sta ted in an in terv iew th a t there
in official
qu arters th a t
th e
E n g lish
th e
surprise
received b y m a il, b u t “ it m a y be inferred fro m th e
ton e
of
expressed
O u r ow n S ta te
th a t M r . C h u rc h ill’s p ro gram has b een v e r y c o ld ly
silent
officials
H e a d d e d , h o w ev er,
S ta te
D e p a r tm e n t
in
th e
absen ce
of
C a b in e t M in is te r ’s proposal to su spen d n a v a l con
w as no reason for g iv in g official n otice to a n y foreign
stru c tio n for one y ear is an im p o ssib le o n e .”
g o v e rn m e n t
I t is
as
th e
a ttitu d e
of
th e
G overnm ent
o n ly in p rofessedly pacific circles, th e d isp atch a d d s ,
to w a rd th e p ro p osition w as a m a tte r betw een Presi
th a t there is a n y sign o f a readiness to consider h is
dent
p ro p o sa l.
th a t were con cern ed in th e tra n sa c tio n .
In oth er q u arters th e
“ h o stility
to
th e
W ils o n
an d
th e
grou p
of
A m eric a n
b an k ers
T h e Presi
su gg estion is n o t o n ly v io le n t b u t is o ften v u lg a r .”
d e n t, he sa id , h ad to ld th e ban k ers th a t th e A d m in is
O n e p o in t m a d e in B erlin is th a t a “ n av al h o lid a y ” of
tra tio n
a y e a r , as p roposed b y M r . C h u rch ill, w ou ld p recip i
n eg o tia tio n s for a share o f th e loan a n d th a t en d ed
ta te
a crisis in th e sh ip b u ild in g in d u stry
cou n tries
w hich
w o u ld
b o th
n o t req u est th e m
to
con tin u e their
it, so far as this G o v e r n m e n t w as con cern ed.
C o p ies
self-in flic ted
o f th e a n n o u n cem en t h a d , he sa id , been sen t to th e
F o r th is reason a lo n e ,
A m e ric a n M in iste r to C h in a an d to th e represen ta
am ount
stro k e of eco n om ic p a raly sis.
of
w ou ld
to
a
it is d eclared , th e B ritish M in is te r ’s sch em e is im
tiv es o f th e fiv e oth er Pow ers for their in fo rm a tio n .
p ra cticab le .
T h e th a n k s o f th e G o v e r n m e n t o f C h in a for P resident
W ils o n ’ s sta n d w ith regard to th e loan an d his ex -
Q u ite a sen sa tio n has been cau sed in L o n d o n b y
pressions of frien dsh ip for C h in a were c o n v e y e d to
th e defin ite new s th a t three m em b ers of th e B ritish
th e U n ited S ta te s G o v e r n m e n t on T u e s d a y b y C h a n g
C a b in e t pu rch ased stoc k o f th e A m eric a n M a r co n i
Y in T a n g , C h in ese M in iste r in W a s h in g to n , w h o called
C o . after a n a greem en t for an E m p ir e w ireless s y s te m
at
h ad b een en tered in to on M a r c h 7 1 9 1 2 .
P residen t
been m a n y inn u en does
T h e r e h av e
in th e B ritish press o f so -
called deals in wireless shares b y m em b ers o f P a rlia
m e n t an d o f th e C a b in e t.
th e
S ta te
D e p a r tm e n t.
W ils o n
in ten d s
It
to
is u n d e rsto o d
g iv e
im m e d ia te
th a t
a t
ten tio n to th e q u estio n o f th e recogn ition o f th e n ew
C h in ese G o v e r n m e n t.
T o q u o te one c o n se rv a
tiv e L o n d o n corresp o n d en t, “ there h as b een n o th in g
Jean
B a r th o u ,
w ho
w as en tru sted
by
P residen t
d ish on orab le disclosed a t th e P a r lia m e n ta r y h earin g,
P oincare to fo rm th e new
a lth o u g h there u n d o u b te d ly has b een serious in d is
S a tu r d a y even in g la st su b m itte d to th e P residen t th e
c r e tio n .”
follow in g n am es as th e personnel of th e n ew G o v e r n
to
h ave
T h e three M in iste rs w ho are n ow sh ow n
pu rch ased
M a r co n i
sh a r e s
are Sir
R u fu s
Isa a c s, th e A tto r n e y -G e n e r a l, M r . L lo y d -G e o r g e an d
th e M a s te r o f E lib a n k .
W h e n h in ts o f dealin g in
wireless shares on th e p art of th e C a b in e t M in iste r s
w as first h ea rd , Sir R u fu s Isa acs p r o te ste d his in n o
cence in th e H o u se o f C o m m o n s , a n d b o th M in is
terialists an d th e O p p o sitio n acce p ted his d en ia l in
p erfect fa ith as coverin g th e w h ole g ro u n d .
I t has
n o w b een revealed th a t his sta te m e n t referred o n ly
M in is tr y in F ra n c e, on
m e n t:
Premier and Minister of Public Instruction, Jean Barthou;
Minister of Justice, Antoine Ratier; Minister of Finance,
Charles Dumont; Minister of Foreign Affairs, Etienne Piohon;
Minister of the Interior, Louis Klotz; Minister of W ar,
Eugene Etienne; Minister of Marine, Pierre Baudin; Minis
ter of Agriculture, Etienne Clementel; Minister of the Col
onies, Jean Morel; Minister of Public W orks, M . Thierry;
Minister of Commerce and Post Office, Louis F. A . P*
Masse; Minister of Labor, M . Choron.
903
THE CHRONICLE
T h e list w a s a cce p ted b y th e P resid e n t, a n d on
w h ich com p ares w ith 7 3 '1 5 - 1 6 a w eek a g o .
T u e s d a y la st a v o t e o f con fiden ce in th e n ew JMinistry
w a s a d o p te d b y th e C h a m b e r o f D e p u tie s a fte r th e
v a n c e d to 8 7 .7 2 3 4 on T h u r s d a y a n d closed y e s te r d a y
a t 8 7 .6 5 , a g a in st 8 7 .9 2 3 4 la st -w eek .
T h e v o te s s to o d 2 2 5 to 1 6 2 , sh ow in g a G o v e r n m e n t
N o r th w e ste r n R y . , fo r in sta n c e,
of
a g a in st
th ree y e a r s’ service in th e a ctiv e a r m y , an d o f th e
d o n closed
bill
p ro vid in g
for
424%
p ro p o rtio n a l
represen tation o f m a jo rities and m in o rities.
a w eek a g o .
G en eral P orfirio D ia z , th e
d eposed P resid en t o f
as sta tin g th a t “ p o litica l pa rties an d th e a r m y h ave
asked m e to retu rn , b u t I sh all n o t do so un til after
th e electio n h as ta k e n p la c e , a n d th en o n ly as a pri
In B erlin th e closin g ra te fo r
com p arin g w ith
534%
one
w eek
c o m fo r ta b le m o n e ta ry con d ition a t th e G e r m a n cap i
ta l.
C a b le
a d vices
M a g a z in e
M e x ic o , is q u o te d b y a cable d isp atch fr o m R o m e
w h ich com p ares w ith 4 3 4 @
ago a n d 5 3 4 @ 6 % | }a *fo rtn ig h t a g o , reflectin g th e m ore
o n an a m e n d m e n t to a bill sim ilar to th e la tte r th a t
th e d efeat o f th e fo rm e r G o v e r n m e n t w a s p red ica ted .
E a ste rn a t
D a y -t o -d a y m o n e y in L o n
at 4 2 4 % ,
m o n e y w as 5 % ,
I t w as
fin ish in g a t 1 3 1 3 4 ,
th e G r e a t
5 8 3 4 , a n d th e G r e a t ‘ W e s te r n a t 1 1 6 ,
c o m p a rin g w ith 1 1 1 4 2 4 .
I t also pro p osed
th e a p p o in tm e n t o f a jo in t c o m m itte e to prepare an
reform
1 2 9 3 4 a w eek a g o ,
5 9 2 4 a g a in st
o th er m ilita r y and n a v a l m easu res an d fin a n cia l bills
electoral
B ritish h o m e
secu rities {have sh ow n d istin ct stre n g th , [L o n d o n &
m a jo r ity o f 6 3 . I n th e declaration o f its p o lic y th e
rela tin g to th e n ation a l d efen ce.
F ren c h
R e n t e s , a fter declin in g to 8 7 .6 2 3 4 on M a r c h 2 6 , a d
M in is te r ia l p o lic y h ad been su b m itte d an d discu ssed .
n ew C a b in e t urged th e a d o p tio n o f th e s y s te m
[ V o l . X C V I.
v a lu e
g iv e
th e
London
“ B an k ers’
co m p ila tio n o f figu res o f th e a gg rega te
o f 3 8 7 securities d e a lt in on th e L o n d o n S to ck
E xchange
for
th e m o n th
en d in g
M arch
20.
The
figures in d icate a red u ction in th e a gg rega te v a lu e s o f
th ese secu rities o f £ 2 8 ,0 9 3 ,0 0 0 , w h ich is e q u iv a le n t to
0 .8 % .
C o m p a r in g w ith S e p t. 2 0 — ju s t b efore th e
v a te citizen , n o t to ta k e an a ctiv e p a rt in p o litic s .”
o u tb re a k o f th e B a lk a n W a r — th e red u ction a m o u n ts
T h e r e is still con siderab le unrest in M e x ic o , a n d it is
to
d iffic u lt to see w herein th e H u e r ta G o v e r n m e n t has
dep reciation in M a r c h
th u s far m a d e a n y im p o rta n t progress to w a r d per
m a n e n t p eace an d tra n q u illity in th e S o u th ern re
p u b lic .
E n riq u e Z e p e d a , G o v e r n o r o f th e F ed era l
d istric t, an d w ho is a n ep h ew
P resid en t
H u e r ta ,
to o k
in to
a n d close frien d o f
his
ow n
h an d s
on
£ 1 3 6 ,0 3 8 ,0 0 0 , w hich is eq u iv a le n t to 3 . 8 % .
cific ite m s : B ritish a n d In d ia fu n d s, £ 5 ,8 1 4 ,0 0 0 , or
0 .9 % ;
of
G ab riel
H e directed th e sh o o tin g
H ernand ez,
e x -C o m m a n d a n t
of
th e
R u r a le s , an d th en p erso n ally su perin ten ded th e in
cin eration o f th e b o d y in th e B e le m
w h ere th e ex ecu tion to o k p la c e .
prison
yard,
T h e G overn m en t
is e x tre m e ly sh ock ed a t Z e p e d a ’s a c t an d has rem o v ed
h im fr o m office a n d im p riso n ed h im .
foreign
can ra ilw a y s,
w ith d istin ct im p r o v e m e n t in th e general to n e .
The
n ew s t h a t th e o u ter fo rts p ro te ctin g A d ria n o p le h ad
b een c ap tu red b y th e A llies created a g o o d im p res
£ 2 ,2 8 1 ,0 0 0 ,
or
£ 1 ,8 9 0 ,0 0 0 ,
or 0 . 5 % ;
S o u th A fric a n
P r iv a te b a n k d isco u n ts in L o n d o n closed a t 4 J 4 @
5%
fo r sh o rt bills an d a t 4 2 4 @ 4 1 1 - 1 6 %
m o n th s ’ b ills.
of
about
T h e se figu res
34@ 34% -
London
b efore th e m id d le o f
su g g ested
th at
retu rn
corresp o n d en ts
London
th e
will
p r o b a b ly
g o ld
th a t
se ttle m e n t,
b an k ers do n o t also call
It
ea rly
was
[a n d
if
sh ip p ed
is
in
recen tly
A m e r ic a n
b a c k so m e o f th e
iou s m e ta l th e y h a v e re c e n tly
do
B a n k ra te
A p ril a t th e ea rliest.
B erlin
to
for
fo r three
represen t a red u ction
n o t ex p e ct a n y red u ction in th e o fficia l
secu red
T h e L o n d o n a n d C o n tin e n ta l m a rk e ts for securi
s to c k s,
m in e s, £ 1 ,4 8 2 ,0 0 0 , or 2 . 1 %
A p ril
ties o p en ed on T u e s d a y , a fter th e E a ste r h o lid a y s,
govern m en t
0 . 3 % ; B ritish railroa d s, £ 4 ,9 2 7 ,0 0 0 , or 1 . 7 % ; A m e r i
T h u r s d a y w h a t he called “ th e rid d in g o f th e c ou n try
o f his p o litica l e n e m ie s.”
The
in clu d ed th e fo llo w in g spe
to
p rec
E u rope,
it is n o t im p ro b a b le th a t L o m b a r d S treet w ill show'
a
con sid erab ly
easier
to n e .
b a n k rate con tin u es a t 4 %
In
P aris
th e
p r iv a te
an d in B erlin p r iv a te dis
sion as fo recastin g an early cessation o f h o stilitie s.
c o u n ts as cab led y e ste r d a y were q u o te d a t 5 3 4 % ,
T h is
w h ich com p ares w ith 6 %
was
increased
w hen,
on
W ed n esd ay,
it
was
learn ed th a t th e fortress itse lf, after its heroic defen ce
o f six m o n th s , h ad fin a lly su rren dered .
I t w as also
a w eek a g o .
In B ru sse ls
th ere h as b een no ch an ge fro m 4 7 - 1 6 % for th e w e ek ,
a n d A m s te r d a m
rem ain s
at 3 3 4 %
and
V ie n n a
at
a n n o u n ced t h a t th e crisis b etw e en A u stria a n d M o n
5J4% •
ten eg ro
eign centres are: L o n d o n , 5 % ; P a ris, 4 % ; B e rlin , 6 % ;
had
su ccessfu lly
m e n ts were in terp reted
p a ssed .
T h e se
d e v e lo p
as m ea n in g n o t a lon e th e
T h e official B a n k rates a t th e lead in g fo r
V ie n n a , 6 % ; B ru sse ls, 5 % , an d A m s t e r d a m , 4 % .
sp e e d y su spen sion o f th e B a lk a n co n flic t as b etw e en
th e presen t c o n te s ta n ts, b u t also a s e ttle m e n t t h a t
sh all p ro v e fa irly p e rm a n en t in th e in sta n ce o f th e
larger
P o w e rs.
A n o th e r
in flu en ce
of
th e
b ette r
fin a n cia l feelin g in E u r o p e w as th e im p r o v e d situ a
T h e w e ek ly
T h u rsd a y
w as
return
th e
recen tly been issu ed.
o f th e B a n k
m o st
o f E n g la n d
u n sa tisfa c to ry
on
th a t h a s
W e h a v e , in fa c t, to go b a c k to
1 8 9 9 to g e t a low er pro p ortion o f reserve to liabili
tio n in B e r lin , a n d assuran ces th a t a m p le prepara
tie s th a n th e 3 9 . 6 6 %
tio n s h a d been c o m p leted th ere to fin a n ce th e q u a r
41%
ter-e n d strain a t th a t cen tre, th a t h ad b een so g r e a tly
B a n k du rin g th e w eek lo st £ 3 2 0 ,7 9 0 in its g o ld coin
feared
a n d b u llion
in
advance.
The
im p r o v e d
p ro sp ects
for
p e a ce , h o w ev er, th u s fa r seem to h a v e exerted sligh t
rep orted th is w e ek , a lth o u g h
w a s tou ch ed in 1 9 0 7 an d
5 4 1 ,3 1 5 .
40%
h old in gs, w h ich n ow a m o u n t to
O n e y ear ago th e to ta l w as
in flu en ce on th e prices o f B a lk a n S ta te secu rities as
and
q u o te d on th e L o n d o n S to ck E x c h a n g e .
to o k bills to th e B a n k {a m o u n tin g
y e s te r d a y ,
th e
w eek
T u rk ish
4s
(co m p a riso n s
closed
b ein g
w ith o u t
w ith
A s cabled
ch an ge
M arch
20,
for
as
tw o
in 1 9 0 2
years
ago
£ 3 9 ,6 5 3 ,2 3 6 .
to
grega te £ 4 6 ,0 3 2 ,0 0 0 , w hich
com p ares w ith £ 4 1 ,0 9 9 ,
ch an g e) a t 8 6 , B u lg arian 6s a t 1 0 2 , w hile G re ek M o
an increase o f £ 4 8 8 ,0 0 0 in p u b lic
3 s closed 1 p o in t higher (at 7 6 .
h igh er a t
9134-
G e r m a n Im p e ria l
R u ssia n 4 s were 34
B ritish C o n so ls fin ish ed
at 7 4 3 4 ,
£ 1 ,2 1 0 ,0 0 0 ,
n e t , du rin g th e w eek a n d th e o u ts ta n d in g loan s| a g5 0 2 in 1 9 1 2 an d £ 3 7 ,7 5 7 ,9 2 8 in 1 9 1 1 .
n o p o ly 4 s a n d Servian u n ified 4 s w ere each 1 p o in t
£ 3 6 ,
£ 3 8 ,2 7 4 ,8 2 8
L o m b a r d Street
G o o d F r id a y w as a h o lid a y on th e L o n d o n S to c k E x
h igh er a t 5 5 an d 8 1 , resp e c tiv e ly .
The
£ 6 3 4 ,0 0 0
in
o rd in a ry
d e p o sits.
T h e r e w as
d e p o sits a n d jp f
The
reserv e
sta n d s a t £ 2 6 ,7 3 9 ,0 0 0 , w hich co m p a res
2 3 0 ,9 4 8 in 1 9 1 2 an d £ 3 0 ,3 0 0 ,6 6 1 in 1 9 1 1 .
n ow
w ith £ 2 8 ,
O ur sp e
cial correspon den t fu rn ish es th e fo llo w in g details^of
Maii. 29 1913.]
THE CHRONICLE
903
the gold movement into and out of the Bank for mentioned was exceeded by about £5,000,000. The
the Bank week: Imports, £28,000, wholly bought in Bank’s gross profits for the year amounted tc
the open market; exports, £15,000, wholly to Java, £3,489,000, as against £2,860,000 for 1911; the net
and shipments of £334,000 net to the interior of profits to £1,870,000, as compared with £1,376,000
Great Britain.
In the local money situation an easier tendency
A further expansion of 19,285,000 francs in gold has developed in rates for fixed maturities, although
is shown by the statement of the Bank of France call funds have been fairly well maintained, which is
this week while the silver holdings were reduced not surprising in view of the preparations that the
5,134,000francs. Discounts, however, were increased banks have found it necessary to make for the April
152.575.000 francs and treasury deposits 123,025,000 dividend and interest disbursements. The range for
francs, while a contraction of 52,100,000 francs took call money has been 3 @ 5 % , but the renewal rate has
place in outstanding circulation. The gold on hand not gone below 4 % . There have been no special
now stands at 3,235,221,000 francs. One year demands thus far on the New York banks for their
ago the total was 3,249,500,000 francs and in 1911 balances here by interior institutions because of the
3.241.150.000 francs. The silver item is 607,057,000 appalling disaster resulting from the ravages of flood,
francs, which compares with 806,650,000 francs in wind and fire in the unfortunate States of Ohio,
1912 and 839,450,000 francs in 1911. Discounts, Indiana and Nebraska. Possibly it is too early to
while making a favorable comparison with 1912, are expect a movement of this character, though, on
579,000,000 francs ahead of 1911. This year’ s the other hand, remittances of relief funds are
figures are 1,780,945,000 francs. In 1912, for the already going forward in large volume in the shape
corresponding date, they were 1,900,274,011 francs, of New York exchange. Discussion is quite active
and 1911, 1,201,496,994 francs. Circulation is in respect to the volume of the demand for funds
about 360,000,000 francs in excess of the totals of that will result from the Western disaster. Property
the two earlier years. The amount outstanding is running into many millions— details are not yet
5.590.670.000 francs and compares with 5,232,802, sufficiently available to permit presumably accurate
520 francs in 1912 and 5,239,371,955 francs in 1911. estimates, however— has been destroyed, and much
of it will have to be restored. The railroads have
The weekly statement of the Imperial Bank of been particularly heavy losers in the collapse and
Germany was a strong one. It registered an in destruction of bridges and of damage to road-beds
crease of 21,810,000 marks in gold and of 27,279,000 and terminals. These must necessarily be promptly
marks in the total cash, which is now in excess of last repaired, but will not involve as a broad proposition
year at this date, aggregating 1,255,960,000 marks, any specific demand for new funds on the money
which compares with 1,248,400,000 marks in 1912 market in the form of new financing. Public utili
and 1,193,780,000 marks in 1911. Loans were re ties companies have likewise been put to a great deal
duced 11,222,000 marks during the week and dis of expense, particularly electric lines, electric light
counts increased 27,300,000 marks. Combining the and power plants, gas, telephone, telegraph com
loans and discounts, they aggregate 1,311,519,000 panies, &c. All these divisions of our national ac
marks, and compare with 1,138,460,000 marks in tivities will require money to repair the waste and
1912 and 950,260,000 marks in 1911. The increase damage. They will be very apt to borrow from their
in note circulation this week of 5,595,000 marks local banks as a first means of relief. Presumably
brings the total up to 1,790,256,000 marks. One these local banks, in turn, will have to come to New
year ago the total was 1,547,180,000 marks and two York for funds, and the total withdrawals on this
account, coming, as may be the case, on an already
years ago 1,409,060,000 marks.
The annual report of the Reichsbank, which has strained situation, will naturally add still another
just become available by mail, deals frankly with argument to those recently current claiming that a
credit conditions in Germany in 1912. It reviews protracted season of active money is at hand. The
the developments of the year and shows that German property losses are not nearly as great as those
progress was responsible for the heavier demands caused by the San Francisco earthquake in 1906,
upon credit and the circulating media, the effects the element of fire not having in the present instance
of these demands being intensified by the with been so destructive a factor, and the insurance
drawal of foreign credits incidental to the Moroccan companies will probably not be particularly heavy
crisis. As translated into English, the aggregate losers. Therefore, attempts by these companies
turn-over reached the total of £20,699,000,000, to obtain funds in New York by borrowing on
representing a gain of £1,824,000,000. For 1911 the securities and by the sale of securities will not
gain had been only £1,167,000,000. The average prove anything like as active as in the instance
discount rate at the Bank for the year was 4.946%, of the San Francisco trouble. On that occasion, it
as against 4.397% for 1911. The average note will be recalled, the liquidation of securities was
circulation for the year was £89,100,000, which was conducted in an orderly manner. Nevertheless, the
£5,920,000 more than for 1911. The circulation stock market declined severely in April 1906 at the
reached £125,069,000 at the end of the year, which time of the San Francisco earthquake.
The range for call money this week, as already
was the highest figure ever recorded. The bank
note circulation yielded a tax of £231,300 on excess noted, has been 3 @ 5 % . On Monday 5% was the
note issues, as against only £136,700 for 1911. The highest and 3y2% the lowest, with 4 % % the ruling
cash average for the year was £60,180,000, as com quotation; Tuesday’s maximum was 4y 2% and
pared with £56,462,000 in 1911. The gold stock minimum and renewal quotation 4% ; Wednesday’s
alone averaged £44,000,000, as against £41,380,000. extreme figures were 4j/£ and 3% , with 4 j^ % the
The Bank’s purchases of gold bullion and foreign ruling basis; on Thursday 4y % was the highest anu
gold coin amounted to £9,655,000, which represents renewal quotation, with % y % the lowest; Friday’s
the largest purchases since 1908, when the figure range was 4 ^ @ 3 H % , with 4 ^ % the ruling quo-
9<M
THE CHRONICLE
[Vol. XCVI.
tation. Time money rates closed at a reduction of Closing quotations were 4 83@ 4 8310 for sixty days,
fully % % for the week. They are: Sixty days, 4 87@ 4 8710 for demand bills and 4 8790@4 88 for
ninety days and four months, 5 @ 5 % % , and five cable transfers. Commercial on banks closed at
months and six months, 5% . Commercial paper still 4 81 @ 4 82% and documents for payment at 4 82%
requires 5 % @ 6 % for sixty and ninety-day endorsed @ 4 83% . Cotton for payment ranged from 4 82%
bills receivable and also for four to six months’ names @ 4 83% . Grain for payment 4 8 3 % @ 4 83% .
of choice character; others are quoted at about % %
above these figures.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
With easier conditions at the European centres gained $10,092,000 net in cash as a result of the cur
resulting from the preparations in advance for the rency movements for the week ending Mar. 28.
April settlement, there was a much more moderate Their receipts from the interior have aggregated
demand for remittances in our foreign exchange $18,108,000, while the shipments have reached
market during the closing days of the week, although $8,016,000. Adding the Sub-Treasury operations
sharp advances occurred during the earlier days. and the gold exports, which together occasioned a loss
Aside from a small engagement ($100,000) of gold of $3,500,000, the combined result of the flow of
for Venezuela and $300,000 in gold to Canada, money into and out of the New York banks for the
week appears to have been a gain of $6,592,000, as
no new arrangements for exporting the precious
follows:
metal were reported. Germany purchased £250,
Into
Week ending March 28 1 9 1 3 .
Out of
Net Change in
000 of the £900,000 of South African gold that
Banks.
Banks.
Bank Holdings.
was offered in the London market on Tuesday, Banks' interior movement_____
S18 , 1 08 ,000
$8 ,0 1 0 ,0 0 0 Gain $ 10 ,0 92 ,000
India took £150,000 and the remainder presum Sub-Trcas. oper. and gold exports.. 2 0 ,6 0 0 ,0 0 0 2 4 , 100,000 Loss 3 ,5 00 ,000
T o ta l...............................................
$3 8 ,7 0 8 ,0 0 0 $3 2 ,U 6 ,00 0 jGain $0 ,5 92 ,000
ably went to the Bank of England at the Mint
price. In view of the improved European political
The following table indicates the amount of bullion
situation, there seems a disposition in banking circles in the principal European banks.
abroad to look for easier money after the new month
March 27 1 91 3 .
March 28 1912 .
begins and London dispatches suggest that Ger
Cold.
Silver. I Total. 1 Gold.
Silver. | Total.
many will soon be exporting gold to London and
£
£
i
£
£
£
£
that New York bankers will be able to re-pur England..1 3 6 ,5 41 ,315
! 3 6 ,541 ,3 1 5 3 8 ,274,828
3 8 ,274,828
France . . !129 ,4 0 S,880 i 2 4 ,282,200 1153 ,6 9 1 ,0 8 0 ,129 ,9 79 ,950 3 2 ,2 60 ,300 162 ,240,250
chase some of the gold that has recently gone Germany 1 4 7 ,54 5 ,9 0 0 ! 15 ,000,000 l| 6 2 ,5 4 5 ,9 0 0 , 4 5 ,2 02 ,750 17 ,2 17 ,600 ! 6 2 ,420 ,350
Russia___! 157 ,383 ,0 0 0 7 ,373,000 1164 ,7 5 6 ,0 0 0 1 4 8 ,3 73 ,000 7 .220.000 155 ,5 99 ,000
Aus-Ilun.l 5 0 . 164.000 10 .370.000 i 0 0 ,534 ,0 0 0 5 2 ,7 05 ,000 12 ,8 81 ,000 6 5 .586 .0 0 0
abroad. This will be alt the more likely in the Spain___
J 17 .853 .000 2 9 .842.000 i 4 7 ,6 9 5 ,0 0 0 16 ,904 ,0 0 0 i 3 0 ,21 2 ,0 0 0 4 7 . 116.000
Italy.. . . j 4 6 .366.000 4 ,000,000 5 0 .3 0 0 .0 0 0 4 1 ,9 27 ,000 3 .72 0 .0 0 0 4 5 .64 7 .0 0 0
event of the conclusion of peace in Europe being Netherl’ds
13 .463 .0 0 0
806,700 14 ,2 0 9 ,7 0 0 12 , 140,000
1 , 123,100 13 ,20 3 ,1 0 0
Nat.Belg.. 7 ,7 7 9 ,333 ! 3 ,889,667 11 .6 6 9 .0 0 0 6 ,754,067 3 ,377,333 10 . 132.000
followed by re-purchases of American securities by Sweden
..
5 .7 0 2 .0 0 0 ,
5 .7 0 2 .0 0 0
4 ,7 93 ,000
4 .79 3 .0 0 0
6 .8 0 1 .0 0 0 ,
0 ,8 0 1 ,0 0 0
6 ,5 14 ,000
6 .514 .0 0 0
foreign investors. A rather surprising feature in Swltzerl’d
Norway . 2 , 127 ,00 0 J
2 . 1 27 .000
2 ,01 6 ,0 0 0
2 .016 .0 0 0
the general sterling exchange situation is the per Tot. week. 5 2 1 , 134 ,4 2 8 ' 9 5 ,5 63 ,567 6 1 6 ,6 9 7 ,9 9 5 !5 0 5 ,5 8 4 , 195 !l 0 8 ,0 2 3 ,333 6 1 3 ,6 07 ,528
sistence with which imports of merchandise are Prev. week 5 1 9 ,069,652 1 9 5 ,3 5 3 , 193 [6 1 4 ,4 2 2 ,8 4 5 ,5 0 5 ,6 5 3 ,30 2 (107 ,3 8 1 ,737 6 1 3 ,0 35 ,039
keeping up, notwithstanding the close approach of
THE “ BLUE SKY LA W ” A T ALBAN Y.
the extra session of Congress, at which it seems rea
sonably certain that some important reductions
Last Tuesday the Assembly at Albany passed a
in import duties will be promptly made.
number of the bills which have hitherto been pend
Compared with Friday of last week, sterling ex ing with regard to State regulation of Stock Ex
change on Saturday was unchanged for demand and change business and security issues. The bills were
sixty days, which were again quoted at 4 8720@ passed in the face both of Governor Sulzer’s warn
4 8730 and 4.8270 and 4 8280 respectively; cable ings regarding some of them and of the earnest pro
transfers were firmer at 4 8810@4 8820. Unusu test by some of the strongest members of the Assem
ally light offerings of commercial bills, with a fairly bly against hasty action in such delicate matters,
active inquiry, caused an advance of about 20 points especially when so much is being proposed for
on Monday and demand moved up to 4 8740@4 8750, experiment at the same moment. Such information
cable transfers to 4 8840@4 8850 and sixty days to as we have obtained regarding the manner in which
4 8295@4 8305. On Tuesday the market was weak these bills were passed would seem to indicate that
and heavy and declined, on easier European dis the Assembly, while by no means enthusiastic over
counts and foreign buying of stocks here, to 4 8730 the pressing of these measures into law, was inspired
@ 4 8740 for demand, 4 8820@4 8830 for cable trans by the wish to get such political prestige as its mem
fers and 4 8315@4 8325 for sixty days. The im bers might through its own vote for the bills, while
portant developments abroad brought about re placing on the Senate and Governor the responsi
newed weakness on Wednesday, demand at one time bility of deciding finally on their fate.
going as low as 4 8705 and cable transfers to 4 8785;
Regarding most of the bills which were passed by
later, however, there was a rally on increasing ease the Assembly last Tuesday, such as the provision
in local money rates, and the closing range was for compulsory incorporation of stock exchanges,
4 8720@4 8730 for demand, 4 88@ 4 8810 for cable we have hitherto expressed our own opinion, and
transfers and 4 8305@4 8315 for sixty days. On have cited the Governor’s serious warnings regarding
Thursday the easier tendency in discounts at Lon them. One of last Tuesday’s bills, however, had
don was responsible for a further recession of 15 not been subjected to any widespread discussion.
points at the opening, although later this was re This was the Goldberg bill, drawn up in imitation
covered on covering of shorts and the close was un of the so-called “ Blue Sky Law” enacted in Kansas
changed for demand and 5 points lower for cable March 1 1911; a law which provided, according
transfers; sixty days declined to 4 8295@4 8305. On to its title as finally enacted in that State, “ for the
Friday the market continued easy in tone. Demand regulation and supervision of investment companies.”
bills declined about 20 points, largely, it is under- j That Western measure was enacted because of the
stood, on selling by brokers for speculative account. I frequent flooding of the State by irregular and often
Mar. 29 1913.]
THE CHRONICLE
fraudulent issues of securities, professing to represent
mining or other enterprises, and sold sometimes by
traveling salesmen and sometimes through mail
solicitation.
This sort of business had grown most obnoxious
in Kansas, as indeed it has in other parts of the coun
try, and the need for some sort of safeguard against
the unloading on the public of fraudulent securities
by irresponsible agents was obvious. The Kansas
bill endeavored to do this by requiring “ every cor
poration, every co-partnership or company, and every
association (other than state and national banks,
trust companies, real estate mortgage companies
dealing exclusively in real estate mortgage notes,
building and loan associations and corporations not
organized for profit) organized or which shall be
organized in this State, whether incorporated or
unincorporated, which shall sell or negotiate for the
sale of any stocks, bonds or other securities of any
kind or character, other than bonds of the United
States, the State of Kansas, or some municipality
in the State of Kansas, and notes secured by mort
gages on real estate,” to submit to the supervision of
the Bank Commissioner of the State. He was to
require full information regarding the status of such
“ investment companies,” and was to have large
power for vetoing the undertakings of such companies
in the way of security sales.
The underlying idea, which was not by any means
unsound, was seized upon by other States. The
Investment Bankers Association reported last week
that bills with a similar purport were pending in
no less than thirty-six States. When, however,
the movement had extended sufficiently far to involve
the proposal of laws, copied from the Kansas statute,
for communities wholly different in their business
methods and institutions from Kansas, some very
serious questions arose.
In some cases it was
obvious that provisions which would remedy evils
arising in a rural community would create many new
evils in communities under a wholly different busi
ness organism.
The delays and impediments placed in the way of
legitimate security issues at the large financial
centres, and the power of such a commissioner to
blockade arbitrarily the legitimate financial opera
tions of a great investment . market, opened up
very serious possibilities. This was particularly so,
inasmuch as the Kansas law and the other statutes
modeled on it place practically no restriction on the
power of the designated State authority to stop,
on arbitrary grounds, the sale of securities whenever
the plan for which they were to be issued, “ in his
judgment does not promise a fair return on the stocks,
bonds or other securities offered for sale.” That
aspect of the situation again illustrates to what
extent a protective measure might properly apply
in a rural community beset with peddlers of fraudu
lent securities when it would cause only confusion
at a large financial centre.
The necessary consequence of applying such pro
visions
to
legitimate financial undertakings
moved Governor Ralston of Indiana, week before
last, to veto a similar bill passed by the Legislature
of his State. Governor Ralston had largely based
his campaign for election on a demand for legisla
tion against vendors and dealers in fraudulent
securities; therefore his emphatic veto of the “ Blue
Sky” legislation as it stood possesses more than ordin
ary importance.
In his veto message the Governor
905
set forth that the law, while commendable in its
purpose of driving out the schemer and illegitimate
dealer, would involve, through the natural operation
of its provisions in Indiana, great hardship to legiti
mate business. That it was constitutional he also
doubted, and he coupled his veto of the bill with
the appointment of a commission of experts to ex
amine thoroughly into the question of protecting
the State against fraudulent enterprises of the sort—
a task which he deemed a necessary preliminary to
effective legislation.
The Goldberg bill which passed the New York
Assembly last Tuesday copies the main points of the
Kansas Blue Sky Law, and in most respects reproduces
its original language. That of itself might be re
garded as somewhat extraordinary, inasmuch as the
New York law would apply to a community totally
and radically different from that of Kansas, and in
cluding the greatest financial centre of the United
States. Not only is this so, however, but in several
respects the Albany bill is distinctly worse and more
dangerous than even the Kansas law would be, if
that law itself had been reproduced verbatim for
New York State. We have shown that the Kansas
statute was intended to apply to companies organ
ized to deal in the stocks of other companies. The
New York law, instead of using the term “ invest
ment company” — which is fairly well understood—•
merely applies its regulation to any and every
company. The word “ company,” it sets forth,
“ shall mean any company, corporation, co-partner
ship or association organized under the laws of this
State or any other State, Territory or district, or
foreign country, which shall sell or offer to sell to
any person or persons in this State any stock, bonds
or other securities,” with the exceptions above noted
in the Kansas law, and also with the exception of
shares of corporations whose issue of securities is
supervised by public service commissions. It will
be observed that this paragraph, at least in its literal
terms, sweeps under the law not only all dealers in
the securities of other companies, but all corporations
and partnerships, great or small— which are to be
thus drastically restrained in selling, in the regular
way of business, seasoned and long-established
investment securities of other companies, or, appar
ently, securities issued by themselves. The law
may or may not have meant all this; the point is
that its terms actually involve it. What sort of
confusion a measure of this sort would impose on the
legitimate banking and brokerage business of this
State, and into what sort of uncertainty it would
throw all corporation business, it is hardly necessary
to point out.
Again, the proposed New York law differs from
the Kansas law, and for the worse, in the super
vising authority provided. The Kansas law com
mits this supervision to the State Bank Commissioner,
who is at least an officer already known and with some
official traditions behind him. The New York law,
on the contrary, appoints a State board, made up of
the Governor, the Lieutenant-Governor and the
State Comptroller, who are to have supreme author
ity in the matter, and under whom there will be
named by them an examiner whose authority is
absolutely sweeping. All corporations and partner
ships dealing in stocks (if not all corporations and
partnerships issuing their own) must file with him
a most intimate statement regarding their own finan
cial condition and the conditions of the companies
906
THE CHRONICLE
whose securities they offer. This examiner is to
have the right of making a personal, detailed exami
nation into the affairs of any such company or part
nership.
In the case of a proposed sale, he is to have the
power of judging whether the plan for which they are
offered “ in his judgment promises a fair return on the
stocks, bonds or other securities by it offered for
sale.” If he thinks that it does not, he is at liberty
arbitrarily to decide that the securities shall not be
offered. More than this, if his examination of the
affairs of the company or partnership convinces him
that it “ is not solvent and does not intend to do a
fair and honest business,” then he may take in hand
the company or partnership dealing in the securities.
If it appears to him that such company or partnership
“ is conducting its business in an unsafe, inequitable
or unwise manner,” it is to be his business to notify
the State Attorney-General to apply for a receiver
ship.
It hardly needs detailed argument to show what
absolute and complete confusion such legislation
would impose on the business community at large
and the investment community in particular. It is
indeed somewhat difficult to see how, from a merely
physical point of view, its provisions could be applied.
Among other provisions of the Goldberg bill, not
even copied from the Kansas Act, is the interesting
provision regarding examination into all the accounts
of any company or partnership subject to the A ct;
that “ any stockholder or investor in such company,
or investor in the stocks, bonds or other securities
by it offered for sale, may request the examiner of
securities to make such examination,” and that if the
request be refused by the examiner, such investor
may carry it up to the State Securities Board.
Indeed, the company or partnership subject to the
law must not only submit to the board complete
information regarding its own financial condition,
but “ such other information concerning its affairs
as said State Securities Board may require.” It is
possible to imagine what this provision might have
meant in the matter of Kansas investment companies,
it is wholly impossible to conceive of the situation
which would be created by the effort to apply such
a law in the case of the New York financial com
munity.
We need only mention, in addition, the provision,
astonishing enough in the case of the central finan
cial market of this continent, that “ any person who
shall sell or attempt to sell the stocks, bonds or other
securities of any company, domestic or foreign, or
the stocks, bonds or other securities by it offered for
sale, without having complied with the provisions
of this article,” shall be subject to the penalty of fine
and imprisonment. No doubt this provision was
aimed originally at preventing Western dealers in
fraudulent securities, after having themselves fallen
under the ban of law, from hiring agents to get rid
of the securities which they had tried to sell. But
the application of such primitive methods and ar
rangements to the financial business of the great
communities of New York State, where many
millions of dollars’ worth of investment shares are
constantly changing hands, throws a light that is
almost comic on the mental processes of the drafters
of the law.
We have no apprehension that a measure so
preposterous, judged in its application to the business
interests of New York State, can possibly be enacted
[Vol. XCVI.
into law. It is well, however, that the matter should
receive the close attention of the business community,
both in order to put an emphatic seal of disapproval
on this particular bill, and to illustrate the perfectly
reckless spirit with which so many of our State
legislators seem to be imbued in their attempts to
deal with the large questions which have lately become
the subject of haphazard agitation.
JEOPARDY TO THE STATE A N D TO
ELECTRIC CONCERNS.
It seems as if the New York Legislature, abandon
ing its former conservatism and following the example
of some legislatures in the remoter parts of the coun
try, were determined to commit the State to a num
ber of most dangerous experiments. In the preced
ing article we have discussed the so-called “ Blue
Sky Law” which has quite unexpectedly passed
one house of the Legislature. Still another most
pernicious proposition, involving untold hazards to
the State itself and to some of its most important
corporations, has also already made considerable
headway, and unless its destructive character is
quickly recognized and it is vigorously opposed,
will be on the statute books before the interests
chiefly concerned become aware of the fact. We
refer to the proposal to have the State engage in the
business of generating electricity and furnishing the
same generally for lighting, heating and power
purposes.
One would imagine that such an important de
parture as this, and a step so fraught with serious
consequences, must fail to receive consideration from
cautious legislators until after very extended public
discussion of the matter and until after wide oppor
tunity had been given for public opinion to crystallize
upon the subject. As a matter of fact, the general
public hardly knows of the existence of the bill, and
yet it has been favorably reported by the Judiciary
Committee of the Senate at Albany and is being
pressed for passage by the State Conservation Com
mission. Under the guise of utilizing surplus canal
waters, this bill would embark the State in the busi
ness of manufacturing and supplying electricity, both
to municipalities and to private consumers. The
scheme laid down for this purpose is a most compre
hensive one and we would direct the attention of the
reader both to its nature and its importance. The
bill adds a new article to Chapter 65 of the Consoli
dated Laws and provides in its opening section
(Section 400) that “ for the purpose of conserving
and utilizing the surplus waters of the canals and
canalized streams of the State and the progressive
development by the State of the hydraulic power
therein for the use and benefit of the people of the
State,” the Conservation Commission shall have
authority to erect plants for producing and sup
plying electricity. The Commission is authorized
and directed to construct and operate, at points to
be designated by the Legislature, “ hydro-electric
plants and other necessary work, buildings, ma
chinery and transmission lines for supplying elec
tricity to municipalities and persons within the
State.” For the operation of any such plant the
Commission may use and occupy canal lands and
utilize the waters of the canals and canalized streams
of the State, including diversion rights, and waters
stored, impounded or regulated by the State for
canal purposes.
mar .
29 1913.]
THE CHRONICLE
That it is intended to enter upon the under
taking in the broadest way is evident from
the fact that by Section 401 a division of hydro
electric power in the Conservation Department is
created, in charge of a deputy commissioner with an
annual salary of $7,000 and a division engineer with
an annual salary of $5,000; provision being also made
for clerk hire and other assistance. By Section 402 the
Commission is given authority to construct trans
mission lines “ from any plant where the electricity is
generated, through, over, under, along, across any
lands, public highways, bridges, viaducts, railways,
water, or water courses” , and “ along and over such
other rights of way as it may obtain or acquire for
such purpose, or acquire by purchase or lease trans
mission lines already constructed and may construct
transformer stations at such points as the Commis
sion may determine.”
By Section 403 it is provided that for the purpose
of constructing and operating hydro-electric plants
and the generation and storing of electricity and the
transmission of the same, the Commission shall be
invested with an extensive series of powers. In the
first place, it may acquire, in the name of the people
of the State, all property required by it in the exercise
of its powers. This power in itself is a most extra
ordinary one, for in a later part of the bill (Section
413) it is provided that “ the Commission may enter
upon and take possession of any lands, structure, or
waters, the appropriation of which, in its judgment,
shall be necessary for the purposes specified.” All
that is necessary to that end is for the Commission
to describe the property and file a description of the
same, together with a certificate stating that the
property is appropriated for public use, and notify
the owner thereof of its action, “ and thereupon such
property shall be deemed to be the property of the
State.” Under Section 403 the Commission is also
given the right to contract “ with municipal, public
service and other corporations, public boards and
persons, to supply power, energy or electricity for
municipal, commercial or other purposes.”
Municipalities, on their part, are given authority
to construct or acquire distributing plants and to
bond and tax themselves for this purpose, with the
view to using the electricity to be produced by the
Commission. It is distinctly provided in Section 407
that the electricity furnished may be “ for lighting
the public streets, highways, public and private
buildings therein, or for heat or power.” Municipali
ties themselves are given the same broad powers for
supplying electricity on a general scale, it being
provided (Section 410) that the municipal corpora
tion shall “ use such electricity and supply the same
to consumers without discrimination, giving prefer
ence to the classes of service in the order following:
(1) For lighting of public streets, highways and
buildings; (2) for domestic and commercial lighting
therein; (3) for power for municipal purposes; and
(4) for power for public service corporations and for
manufacturing or for private uses.”
By Section 411 the designation of authority to
furnish electric power to consumers generally is
made still broader and still more emphatic. This
section provides that “ any person or corporation in
a municipality which shall not have contracted with
the State for furnishing electricity, pursuant to the
provisions of this article, may apply to the Commis
sion for electricity, and the Commission, pending the
making of a contract by such municipality andjthe
y07
distribution and furnishing of electricity for sale
thereunder, may supply to such person or corpora
tion for his own use and not for sale, electricity at
such rate and upon such terms as the Commission
may determine.” Finally, by Section 415 the Com
mission is definitely instructed to go ahead and in
augurate a scheme as soon as it is in receipt of
sufficient applications for power. This section pro
vides that “ the Commission, when it shall have re
ceived applications for such an amount of power as
wil in its judgment warrant such action, shall con
struct at the dams of the State at Crescent and Vischer’s Ferry on the Mohawk River hydro-electric plants
for the generation of electric power, together with
such transmission lines and other accessories as the
Commission may deem necessary and as the sums
appropriated by the Legislature will permit.”
Thus it is made plain that the purpose is to have
the State engage in the general manufacture and
distribution of electricity. Is that a legitimate
function of the State? Is it a wise exercise of its
powers? Is it not a long step in the direction of
State socialism and is it not entering upon an experi
ment, which, viewed from any standpoint, is attended
by hazards of the most serious kind? As far as the
surplus waters of the State are concerned these
should, of course, be disposed of on the best terms
possible for the benefit of the State, and under
existing law the Conservation Commission has
ample power to do this and can sell and dispose of
such surplus waters to the highest bidder. This
is as far as its authority should go in any event.
To confer additional powers and functions upon it
and permit it to go into the business of manufacturing
electricity would involve perils to the State and to
the existing private producers of electricity which
the State cannot afford to invite, having regard
either for ethical or economic considerations. It is
premature in any^event to assume that there will be
any surplus waters available for general use since
the barge canal has not yet been completed; and until
that vast undertaking has actually been put in
operation no one can say with any degree of positive
ness whether there will be little or much or no water
available for the hydro-electric plants which by this
bill are to be constructed under State auspices and
with State money.
By engaging “ surplus” waters in advance so
as to operate power plants, the State runs the risk
of being left without a regular and continuous source
of water supply when the barge canal shall be com
pleted and in running order.
As a matter of fact, the use of the State’s surplus
canal waters seems to be the ostensible rather than
the real reason for the scheme outlined in the bill.
The measure contemplates not merely the construc
tion of water plants but of steam power plants.
Thus in Section 405 we find it provided “ that the
Commission may from time to time determine the
source or sources, point or points, line or lines, from
which such electricity shall be supplied to such
municipalities, whether from canal waters or from other
sources that may hereafter be authorized.”
But the proposition is mischievous from every
standpoint. Its effect must be to put the private
electric companies out of business and to discredit
and destroy the value of their securities, besides
placing added burdens upon the taxpayers and im
pairing the credit of both the State and its munici
palities. There is something desperately wicked in
908
THE CHRONICLE
the mere suggestion that the State shall make any
move which will operate to injure the securities of the
existing power and light concerns, seeing what the
policy of the State has been in regulating the affairs
of private utility concerns. The two Public Service
Commissions of the State have been exercising
complete control and supervision over such concerns.
They have regulated the issuance of their securities,
taking good care that not a dollar of new stock or
bonds should be put out except for full value received
and they have fixed the rates and charges which
might be imposed for the services rendered. Paren
thetically, we may remark that in the control thus
exercised over rates by these government boards,
complete protection is afforded the public against
extortionate charges by the private producers of
electricity. There is, therefore, not the slightest
excuse and no necessity whatever for having the
State itself engage in the business.
But the worst feature is that in thus so completely
regulating these privately-owned public utility
concerns, the State has encouraged investors in their
securities to think that these securities were safe
beyond peradventure or that in any event they would
always have the fullest protection of the State.
For the State now to step in and enter into com
petition with them and on a basis that will not let
the private concerns continue a solvent existence, is
not only to break faith with the investing public
but to incur the condemnation of all fair-minded
persons, a position the great State of New York should
never elect to occupy.
We have taken pains to consult a number of the
banking houses that have been prominent in the
floating of security issues of public utility concerns
and find that they look upon the bill under dis
cussion with so much apprehension that they say,
without any reservation, that should it by any
possibility become a law they would have to decline,
out of regard for the interests of their clients, to
participate in floating any more securities of that
class. There can be no surprise over this feeling
of apprehension when one considers the terms at
which the State is to supply electricity, namely at
actual cost, and as the State will not have any taxes
to pay, while the private concerns must pay taxes
both upon their tangible property and their franchises,
that alone will be sufficient to crowd the private
companies out of business. We notice that by
Section 405 it is provided that municipalities shall
pay annually to the State their proportionate share
of such sum as will pay to the State interest at the
rate of 4 % upon the total outstanding investment for
construction and shall also create a sinking fund
which will repay the capital outlay at the end of
fifty years and there is also to be an obsolescence
charge of 2 }^ % . This last, if it is meant to cover
depreciation, is extremely small, and the rate of
interest allowed is also unduly low. But there is
the further important proviso that “ any or all of
such charges made during a construction period
not exceeding four years may be charged to capital
account.” Thus it would be possible to operate at
an actual loss and charge the deficit to capital
account. This same section also reserves to the
Commission the power to re-adjust annually the sched
ules of rates and prices at which a municipality may
sell and dispose of electricity to consumers, “ to the
end that the municipality and citizens thereof shall
secure such electricity at cost.”
[ V o l . XCVI.
We have said that the result must also be to im
pair the credit of the State and its municipalities.
That follows from the enormous mass of new obliga
tions that the State and its civil divisions would have
to put out at a time when the burden of taxation was
steadily increasing because of the State’s venturing
upon this very business of furnishing electricity.
Conservative estimates put the expenditure contem
plated by the pending bill at $150,000,000 to $200,
000,000, while the Public Policy Committee of the
National Electric Light Association, in objecting to
the bill, say that the proposition proposes directly
and through the municipalities to eventually invest
between $300,000,000 and $600,000,000 of State
funds.
Consider what this will mean when added to the
demands of the State and the municipalities in the
ordinary way. The State’s credit is hardly better
than 4 % , and it has enormous amounts of new bonds
still to put out. Of the $101,000,000 canal bonds
authorized, only $63,000,000 have yet been sold.
Of the $50,000,000 highway bonds authorized in
1905 only $34,000,000 have been sold, and in Novem
ber 1912 an entirely new issue of $50,000,000 was au
thorized. Of the $19,800,000 barge canal terminal
bonds authorized in 1911, only $5,000,000 have been
issued. And these instances might be extended still
further. Then as to the municipalities, New York
City, with its 4j/£% bonds ruling slightly below par,
has just closed contracts under the dual subway plan
which will require the issue by it of $163,837,628
for subway purposes alone.
Suppose, now, the different municipalities through
out the State are encouraged to construct or acquire
electric plants for the purpose of availing of the elec
tricity which the Conservation Commission is to
provide. Will not the result inevitably be that still
higher interest rates will have to be paid on munici
pal borrowings, thereby imposing an added burden
upon the taxpayers in this way? Remember, too,
that the proposal to have the State, with its munici
palities, go into the business of supplying electricity
for general consumption comes at a time when a
joint committee of the Legislature on the Conserva
tion and Utilization of Water Power— a committee
consisting of eight members— has just submitted a
report (Jan. 1 1913) brimful of facts and figures show
ing conclusively the inadvisability of having the State
go into the business. This commission made an ex
haustive study of the operations of the Hydro-Elec
tric Power Commission of the Province of Ontario,
Canada, which is so generally referred to in such
laudatory terms by the advocates of municipal own
ership of public utilities. This legislative committee
states that if the same methods of bookkeeping and
business principles were applied to the operations of
the Hydro-Electric Power Commission as are em
ployed in ordinary business transactions of a similar
nature, the Hydro-Electric Power Commission would
be found to be losing at least $200,000 a year, besides
which the expenses of the Commission itself for the
year 1912 amounted to $173,090. It is also asserted
that the power now being sold to the City of Toronto
by the Hydro-Electric Power Commission at $15 per
h. p. actually costs the Commission over $19 per
h. p.; that the power which the Hydro-Electric Power
Commission now sells to the City of London for $24
actually costs the Commission over $43 per h. p.;
and that, in addition to the Provincial loss from the
operations of the Hydro-Electric Power Commission,
Mar . 29 1913.]
THE CHRONICLE
the net loss down to June 30 1912 of the City of To
ronto from the operation of its own local municipal
electric system was $280,984.
Is this an inviting prospect to look forward to?
Should we encourage a repetition of the experience in
this country on a greatly enlarged scale? Municipal
affairs in this country are certainly not so wisely or
honestly administered as they are in the Dominion.
Is it not plain from all we have urged above that
nothing can be said in commendation of the proposal
to let the Conservation Commission start in the elec
trical business, and everything in condemnation of it?
NEW LIGHT ON COMMERCIAL EDUCATION.
An incidental early effect of the Balkan War ap
pears in the recognition of the present need of a
broader and more thorough commercial education
in the nations involved. We translate from a lead
ing article in “ La Presse” of March 8th, one of the
important dailies of Athens. Under the heading
“ The Demand for the Establishing of a School of
Banking,” it says: “ Greece is entering now upon
a new phase. Her horizons broaden; capital com
mences to flow to her; foreign languages begin to play
an important part in the development of the national
economics. Numerous branches of our financial
establishments are appearing on all sides. An army
of bank employees will be needed, and the question
cannot be avoided as to whether they will be up to
the level of their task. We believe that there is a
great deficiency to be met, and that the necessity is
upon us to give to these employees a higher grade of
instruction.
.
“ For this instruction Greece possesses but one in
adequate commercial school. Her bank clerks can
pursue there no serious studies corresponding to the
new needs of the country. They are ignorant,
among other things, of the practical methods of
banking, for which they had no immediate use, the
bankers themselves having taken no pains to in
struct their assistants. A few years ago some bank
employees tried to organize a club for instruction
and to gather a technical library for their use. It
was an initiative full of promise, not only for the
education of the members but also for the ameliora
tion and security of their position. But the formal
opposition of the directors of the banks put a stop
to the movement.
“ But what was not accomplished then may be
realized now with the approval of the bank man
agers, who will find it to their interest to have in
their establishments a select class of employees, in
telligently concerned in their work and interested
in the prosperity of the house to which they belong.
“ Both England and France have encouraged the
formation of such organizations and have created
schools of instruction. The Bankers’ Institute of
London is a model. Its membership is composed of
both bankers and their employees, and the most
distinguished English economists, and the most promi
nent bank directors help to conduct in them classes
in political economy, commercial law and practical
banking. The lectures are given in the evening to
permit the attendance of clerks, who are required to
meet an examination each half-year in such matters
as these: good English expression, banking mathe
matics and accounting, practical banking and both
commercial and economic law. The examining
committee itself determines the books to be studied
and a final examination enables the candidate to ob
909
tain a diploma which permits his promotion to the
position of head of department, or of inspector, or
something similar.
“The managers of the Greek banks are the men to
be most interested in the creation of this school, in
which, in addition to banking, French, English and
German can be taught the pupils. It will follow
from it that no bank employee can look for promo
tion without having passed the examinations. Fa
voritism will be shut out of our financial establish
ments and the heads of departments will constitute
an elect group whose thorough training will be
profitable no less to the country than to the banks.”
This may be accepted as marking one of the ways
in which the smaller countries, hitherto little re
garded in the commercial world, are waking up, and
preparing themselves for a larger part in the business
of the world, as it also indicates the line in which we
must fit ourselves for the competitions which are
coming in all directions, and which give great busi
ness to-day both its incentives and its rewards.
There will soon be small place in the business world
for either the ignorant man or the man who knows
only the “ rule of thumb.” Already our younger
business men find themselves matched with highly
trained experts of their own age from all the leading
nations.
SOUTH AMERICAN DEVELOPMENTS.
The growing magnitude of the trade of the United
States with the various countries of South America
and the consistent efforts making to further extend
our commercial intercourse in that direction in
vest with great interest anything bearing upon the
development of the agricultural and other resources
in that part of the world. Up to the present time,
of course, the most notably progressive of the South
American republics have been Brazil and Argentina,'
and it is with them that our trade shows material
expansion; but latterly much has been done and more
has been planned to open up territory in Uruguay
and Paraguay that has been almost valueless owing
to lack of communication with the seaboard, while
the approaching completion of the Panama Canal
has added a stimulus to development work already
under way in Chile and Peru. This latter is indi
cated by the number of steamship lines that have been
projected to bring the United States and Europe
into comparatively close contact with the West
Coast countries.
As indicating the development of the trade of the
United States with South America, very material
progress has been made since the new century opened,
the aggregate of exports in that direction having
risen from $41,248,051 in 1900 to $138,944,930 in
1912, and the total of imports from $102,706,633 to
$233,836,235. In both the outward and inward flow
of merchandise, therefore, large gains are recorded,
but it will be noted that in actual dollars, although
not in percentage, the expansion in imports has been
somewhat greater than in exports. The explanation,
for this is quickly ascertained by examining the de
tailed figures for one country— Brazil. Between
1900 and 1912 the imports from that country in
creased from 65 million dollars to 133 millions, a gain
of 68 million dollars, and practically all of it is ac
counted for by two commodities— coffee and rubber,
articles in largely increasing demand and for which
Brazil is the principal source of supply. Those two
articles account for all but about 7 Yl millions of the
910
THE CHRONICLE
133 million dollars of imports from that country in the
latest year. Our exports to Brazil the last twelve
years have increased much less rapidly than the im
ports; hence, notwithstanding the important devel
opment of the country in the interim, they reached
in 1912 only 40% million dollars, or 92% millions
less than the value of the merchandise we received,
whereas in 1900 the difference was but 533^ millions.
It is with Argentina that our trade shows the
greatest proportionate expansion, imports from that
quarter having advanced from 8 millions to 34 mil
lions in the twelve-year interval, hides and skins
being the preponderating item, and exports (among
which agricultural implements, railroad equipment
and other manufactures of iron and steel are promi
nent articles) increasing from 11 millions to 51 mil
lions. Uruguay, too, as well as Colombia, Ecuador
and Venezuela— all in lesser degree, however, than
Argentina— have taken much more freely of our
products of late years, as we have of theirs. But
trade with Paraguay has thus far been of merely
nominal proportions, development work in that
country, while steadily progressing, being yet in
its infancy. The long haul has naturally militated
against any rapid building up of our commerce with
the West Coast of South America, but this obstacle
the completion of the Panama Canal will remove,
and that new waterway is hence expected to give a
decided impetus to trade. At the same time the
outflow of goods from here to Chile, consisting mainiy
of machinery and other products of iron and steel,
and oils, has increased steadily from year to year, the
total for 1912, at 15 1-3 million dollars, comparing
with 43^ millions in 1900. Our imports, of which
nitrate of soda and copper make up all but a small
part, rose from 73^ millions to 22% millions. Our
export trade with Peru has augmented but slowly
of late, but shows gratifying gain over 1910; imports,
mainly copper, exhibit a comparatively large in
crease.
The causes working for the further material in
crease of trade between the United States and South
America may be briefly stated. They are, so far as
the East Coast is concerned, the steady augmenta
tion of railroad facilities and the consequent opening
up of vast tracts of territory to settlement and cul
tivation, and the providing of outlets for the product;
and in the West the construction of additional lines
to the seaboard to connect with the steamships that
are to ply in the Panama Canal. Within the past year
much has been done in the way of developing the
resources of Argentina by the building and projecting
of railway lines. We last wrote on this subject on
Aug. 31 1912, since which numerous plans have been
laid for the construction of roads in new territory.
The various projects when carried to completion will
make a further notable addition to the railway
mileage of the country, with the accompanying
benefit to agricultural and other interests.
Advices from Paraguay indicate that the railroad
from Asuncion to the Brazilian frontier, and to which
we referred last August, will not be completed within
six years, but meanwhile the National Congress has
been petitioned to authorize the building of another
Paraguay Central branch line to run from Asuncion
southerly to Villa Florida and Ayolas, on the Ar
gentine border. This line will open up a large and
important part of the country now without railroad
communication. The extension of a privately-owned
road now terminating at Harqueta to Bella Vista,
[V o l . XCVI.
on the extreme northern frontier, a distance of about
100 miles, is also contemplated. As regards Bo
livia, the only information at hand is to the effect
that considerable sections of the roads referred to
when last we wrote have been built and opened to
traffic.
Recent reports from Brazil furnish evidence of
much activity in the building of or preparing to con
struct railway lines. Surveys and estimates for the
construction of sections of lines from Sao Luiz to
Caxias, Sao Pedro to Sao Luiz and Uberaba to Villa
Platina have been approved, and the same action has
been taken with regard to a road from Vandeiro de
Mello to the Brotas branch of the Central of Bahia
Ry., as well as a line joining the Sao Francisco and
Central of Bahia railways, and the extension of the
Itapecerica to Formiga branch of the West of Minas
Ry. These cover only a part of the roads upon which
official action has been taken of late, but they are
indicative of the progress making. In addition, we
note that much is being done in Southern Brazil by
the Brazil Ry., the policy of the company being to
carry on the work of construction as rapidly as possi
ble in order to augment traffic, more particularly in
timber. The latest railroad project reported from
Brazil is for a line from Codo, in the State of Maranhao, to Barra do Rio Grande, in the State of Bahia,
and for which the Brazilian Congress has been peti
tioned to grant a concession. The road, 559 miles
in length, of which 304 miles will be in the State of
Piauhy, will link the system partly built or under
construction in the State of Maranhao, Piauhy and
Ceara with the Bahia Ry. at Barra do Rio Grande,
the terminal point of the Queimadinhao-Lencoes and
Brotas line. Crossing the southern part of Piauhy,
this railway will connect Paranagua with the ports of
Sao Luiz, Amarracao and Sao Salvador. Moreover,
when the Coroata to Tocantins and Urussuhy branch
lines of the Pirapara-Belem Ry. are completed, the
railway systems of the north and northeast will be
linked up with those of Southern Brazil. It is now
announced that the Madeira-Mamore RR., a line
connecting the Bolivian frontier with Brazil and
giving an outlet from Bolivia to the seaboard, has
been completed, and that trains are running over the
full length of the road. The line, although only
250 miles in length, took thirty-seven years in build
ing, owing to the character of the country traversed
— most of it either almost impassable mountains or
dense swamps.
Uruguay, it is stated, has determined upon a very
comprehensive plan of railway building and harbor
improvement. No less than $30,000,000 is to bo
spent in the next eight years in improving the harbor
of Montevideo. Last fall the President of the Re
public placed before the National Chambers a pro
ject for extending the existing railways so as to open
for colonization, in the interest of agriculture, ex
tensive areas now used for raising stock. It provides
for a main line from Montevideo to Santa Rosa, in
the extreme northwestern corner of Uruguay, and
for a number of branches that in all will supply prac
tically every part of the Republic with railway fa
cilities, the total length of road to be about 600 miles,
A French company, it is reported, has offered to con
struct the roads, so as to allow a speed of 55 miles an
hour, for $42,000 per mile, including financing, con
struction and equipment expenses, and will agree to
operate the lines on the basis of a maximum guaranty
of 2% on the cost. Other railway projects recently
Mar. 20 1913.]
THE CHRONICLE
9U
noted in Uruguay are for a line from Melo to the with the steam roads, a recovery in part, or in whole,
Brazilian border and from Achra to Zapucay— an of what was previously lost.
The truth of our remarks finds new confirmation
Uruguay Central Ry. extension. Lastly, the Uru
guayan Government has been in negotiation with the in the figures which we present to-day, especially
Farquhar syndicate of capitalists for the construction when comparison is made with the course of the earn
of a road from Montevideo to Villa Artigas on ings of the steam roads. Our tables cover the cal
the Brazilian border, which would be a link in the endar years 1912 and 1911. The steam roads in 1911
showed clearly the effect of the adverse conditions
Pan-American Ry.
On the West Coast of South America, or more prevailing during that period of twelve months. It
properly speaking in Chile, much progress in railway will be remembered that the year 1911 was marked
building is to be noted. Within the last few weeks, in by trade reaction and by other adverse develop
a communication to the Department of Commerce ments, among them the grain-crop shortage, as a
and Labor, Consul Alfred A. Winslow, located at result of drought and extreme heat. The presence
Valparaiso, stated that “the Chilean Government’s of these unfavorable influences was clearly reflected
railway extension program very thoroughly covers in the returns of the steam roads, which, according
the country, and when finished will be one of the to elaborate compilations prepared by us, showed
most complete systems in Latin America. At the a loss of $30,024,816 in gross earnings, or 1.06%.
close of 1912 there were 2,393 miles of Government The figures of the electric railways for that year
railways in operation, with 1,337 miles under con were in sharp contrast with these results for the
struction and 3,008 miles of projected railways, steam roads. The electric roads actually made a gain
making in all 6,738 miles. The Government has un in gross which in amount was almost equal to the loss
der consideration the making of a loan sufficient to in gross sustained by the steam roads. In other
equip the railways properly with rolling stock and to words, the electric railways in that year added no
double-track certain portions of the lines where the less than $25,118,066 to their gross earnings. Now,
traffic is exceptionally heavy, as between Valparaiso for 1912 there is a gain alike for the steam roads and
and Santiago. It is variously estimated that this the electric roads. In the case of the steam roads
will cost from $20,000,000 to $25,000,000 gold, since the increase is naturally larger, both absolutely and,
the present equipment of rolling stock is far from suf relatively. But it follows a loss, as already noted,,
ficient to handle the business. It is proposed to ex in the previous year; the advent of business revival,,
pend about $16,000,000 gold on new construction together with bounteous harvests, served to retrieve;
during 1913 and a large anount of rolling stock must the ill-effects of the poor conditions in 1911. Event
be purchased. In addition to the Government lines, with the aid of the circumstances mentioned, thd
the private lines in operation in Chile cover some ratio of increase in gross for the steam roads was only
2,000 miles. One of the projected roads for which a 8.06% , and it followed a loss for the previous year,
franchise was granted is to extend from Mejillones, a as we have already seen, of 1.06%. Therefore, for
little north of Antofogasta, on the Pacific, to the the two years combined the increase is only 7% , or
boundary of Argentina, to connect with a line to at the rate of 3)/£% a year.
Note now how much better are the results for the
the agricultural regions in the north of that country
and thence to Buenos Aires. This will bring the electric railways. Here there was an increase in
Chilean nitrate beds in close touch with Argentine 1911 over 1910 (taking only the roads for which it
farms.
was possible to procure figures for the calendar year),
As to Peru, there is nothing to add to what we said as was noted above, of $25,118,066, or 6.44%.
last August, except that steps are being taken to in To this, it is now found, there has been a further in
crease the transportation facilities by water with the crease in 1912 over 1911 in almost exactly the same
amounts, strange as it may seem, the gain being
opening of the Panama Canal.
$25,294,122, or 6.56%. In the net the showing is
equally assuring. For the electric railways the gain in
MAGNITUDE AND STABILITY OF ELECTRIC net in 1911 was $10,477,785, or 6.53%; for 1912
RAILWAY EARNINGS.
the electric railways show a further addition to net
The annual compilations we present to-day re of $12,477,141, or 8.15% . The steam roads, on the
garding the gross and not earnings of the electric other hand, owing to the tremendous increase in
railways of the United States furnish further striking their expenses and the rising cost of operations, are
testimony to the stability and growth of the revenues able to register only 6.88% increase in net in 1912,
of this class of roads. With the records now extend following a decrease in 1911 of 2.67%.
ing back several years, it becomes manifest that the
In seeking the causes for the relatively better re
electric railways belong in a category entirely dis sults on the electric railways, it is, of course, obvious
tinct from that of the steam roads. On these latter that local circumstances and local environment are
the fluctuations in revenues are more or less sharp all important in the business of the electric roads,
from year to year, a crop failure or business depres whereas in the case of the steam roads general con
sion sending them down and a reversal of these con ditions are the governing factor. The growth of
ditions bringing a Bharp recovery again. In the population and the development of local territory
case of the electric railways, however, the tendency insures a steady addition to the traffic of the electric
— barring the occasional experience of an individual lines. In the case of the steam roads, however,
road or company affected by special circumstances there are many other factors that come into play.
Our table in detail, showing the figures for all the
or conditions— is uninterruptedly upward. At times
the rate of growth may seem to be slower, but this separate roads included, is given at the end of this
is found on examination to be more apparent than article. As in the case of preceding annual reviews,
real, it following from the circumstance that the gains wo have sought to procure returns for the last two
are always cumulative, each succeeding a previous calendar years from practically all the street and
gain, and hence do not represent, as happens so often electric railways in the country. The success attend
912
THE CHRONICLE
ing our efforts can be judged from the tables them
selves. Manifestly, any compilation dealing with
electric railways is made up in considerable part of
street railways, since these latter are now practically
all operated with electricity as motive power. And
yet the tables include many other electric roads, for
electric lines connecting various suburbs have become
quite common, and there are also numerous electric
interurban roads of large magnitude.
We may repeat what we have said in previous
yearly reviews, that the task of obtaining these figures
for the twelve months of the calendar year is not al
together easy. Where companies furnish monthly
returns it is of course not difficult to make up the
figures. But the number of electric railways supply
ing monthly returns is still exceedingly meagre— not
withstanding that, with the increase of the capital
invested in these properties, the policy of secrecy in
their affairs which formerly prevailed so widely has
in large measure given way to more enlightened
methods. Another obstacle in obtaining statements
for the calendar year is that the fiscal year of the com
panies in a great many cases does not correspond
with the calendar year. State boards or commissions
require returns of street railways in the case of a few
only of the States, and where the requirement exists
the fiscal year is not as a rule identical with the calen
dar year. In Massachusetts the annual statements,
formerly for the twelve months ending Sept. 30, are
now made to cover the year ending June 30, and in
the case of New York, Connecticut, Pennsylvania,
Ohio, Maine, and a few of the minor New England
States, the fiscal year likewise ends with June 30.
Outside of the States mentioned very little of an
official character concerning street and electric rail
ways can be obtained from public documents.
In face of all the drawbacks, we are able to bring
together a very comprehensive body of returns. Al
together we have comparative figures of gross and
net earnings for the calendar years 1912 and 1911
for 237 roads or systems. It should be noted, too,
that our totals, notwithstanding that they do not
by any means cover all the electric railways in the
United States, but only those from which we could
procure returns, are of large magnitude, the total of
the gross exceeding $400,000,000. The exact amount
of the total for 1912 is $410,796,858 and this compares
with $385,502,736, giving an increase, as already
stated, of $25,294,122, or 6.56%. The total of the
net is $165,465,579, which compares with $152,988,
438 for the calendar year 1911, giving an increase
of $12,477,141, or 8.15%.
For the separate roads the comparisons are of the
same favorable nature. This is particularly true
in the case of the gross, and it deserves to be noted
that out of the whole 237 roads included in our state
ments, only 21 have suffered losses and in very small
amounts at that. The remaining 216 roads are all
able to report gains, some of them in very substan
tial amounts. In the case of the net, the losses,
as would be expected, are more numerous, as the
electric railways have not been able entirely to over
come the effects of the rising cost of operations,
but even here the roads with gains greatly out
number those with losses, only 64 roads having fallen
behind in net, while 173 are able to register improve
ment.
Besides the roads which have furnished returns of
both gross and net earnings, 19 other roads have
favored us with comparative figures of gross alon e
[Vol.
X C V I.
Adding these on, the number of roads is increased
to 256 and the total of the gross raised to $428,569,
061 in 1912 and $401,919,268 in 1911. The increase
in this case is $26,649,793, or 6.63%.
ROADS REPORTING GROSS O N LY.
Roads.
1912.
1911.
Increase.
Gross earnings reported be
$
$
*
low (237 roads)________ 410,796,858 385,502,736 25,294,122
Ala Gadsden & A tt. R y __
149,151
138,330
10,821
American Railways C o ___ a4,895,959 a l,664,141
231,818
Atlantic City & Shoro R R .
635,335
631,007
4.328
Atlantic & Suburban R y ..
94.237
97.600
B. H.-St. Joo Ry. & L. C o.
363,988
330,329
33,659
Buffalo & Williams. El. Ry.
44.881
42,839
2,042
Chic. Lake Sh. & So. B. Ry
511,237
350,757
160,480
City Ry (Dayton, O h io)..
659,843
652,125
7,718
Gulfp & Miss Coast Tr C o.
268,051
262,823
5,228
Hagerstown R y . ___ ____
152,765
125,669
27,096
Hartford & Spring. St R y .
216,775
220,430
Hudson River & E Tr C o.
28.873
29,191
Lako E Bowl Gr & Nap Ry
53.128
52,866
262
Manchester St R y . ______
436,136
401,523
34,613
Muskegon Tr & Ltg C o__
6156,004
6147,403
8,601
Northern Cambria St R y .
52,334
51,208
1,126
1’ittsb liar But & N Cas Ry
497,967
385,095
112,872
Puget Sd Tr, L & P C o__
8,313,818 c7,596,072
717,776
Seattle Renton & So R y ..
241,691
237,124
4,567
Total (256 roads)______ 428,569,061 401,919,268 26,657,129
1
Net increaso (f i.6 3 % )__
26,649,793
1
1
Decrease.
%
3.363
3,655
318
7,336
a These figures aro for controlled companies. The figures for 1912 aro
partly estimated, the June figures not being available.
6 These figures are for traction department only.
c For comparative purposes we have combined the 1911 figures of the
Puget Sound Electric R y., Seattle Electric Co. and Whatcom County R y.
& Light Co. and show them as above.
While the 19 roads in the foregoing have fur
nished only exhibits of the gross, it seems safe enough
in their case to arrive at an approximation of the net
by taking expenses for the two years at the same ra
tios to gross earnings as are found in the case of the
roads which have furnished reports of both gross and
net— roughly 60% . We make the computation of
course only in the case of the total of the whole 19
roads. Obviously it would not be safe to apply such
an arbitrary rule as regards any particular road.
Adopting that method, we are able to combine the
two classes of roads and get complete results as to
both gross and net, as is done in the following:
------------------- Gross------------------------------------------- Net----------------- ----1912.
1911.
Increase.
1912.
1911.
Increase.
S
S
S
S
S
S
237 rds. .410,796,858 385,502,736 25,294,122 165.4G5.579 152,988,438 12,477,141
19 rds.. 17,772,203 16,416,532 1,355,671 *7,158,643 *0,514,080
614,503
Calendar
Year—
256 rds. .428,569,061 401,919,268 26,649,793 172,624,222 159,502,518 13,121,704
* For these roads the net is merely an approximation, no figures having been fur
nished by the companies.
It will thus be seen that the aggregate of the net
on the foregoing basis for the whole 256 roads
reaches $172,624,222 in 1912, against $159,502,518
in 1911, giving an increase of $13,121,704, or 8.22%.
The totals given all relate, as already stated, to
roads which have favored us with statements for the
calendar year, or whose figures we have been able to
make up for that period of twelve months. In order
to carry the investigation a step further, we have
thought it best, as in previous years, to furnish an in
dication of what the totals would amount to if we
took into account the roads whose figures are avail
able for other periods, and particularly for the fiscal
year ending June 30. In the summary we now fur
nish we start with the total of gross and net for the
calendar years 1912 and 1911, as given above, and
then add the earnings of all the roads for which we
have returns for the twelve months ending June 30.
The two combined make a very comprehensive aggre
gate, as follows:
■
- ■■Gross---------------------------Net--------------1912.
1911.
1912.
1911,1
3
S
S
$
For cal. yr. as above (256 rds.).428,569,061 401,919,268 172,624.222 169,502,518
For years end. June 30 ( 53 rds.) 67,656,033 55,226,802 21,085,651 20,413,242
Grand total (309 roads)_____ 486,225,004 457,146,070 194,309,873 179,915,700
Increase......... ................... .......
(6.36%) 29,079,024
(8.00%) 14,394,113
The total of the gross earnings (comprising 309
roads) for 1912 is $486,225,094 and for 1911 $457,
146,070, an increase of $29,079,024, or 6.36%. Ag
gregate net earnings are $194,309,873, against $179,
915,760, an increase of $14,394,113, or 8.00%.
913
THE CHRONICLE
Mar. 29 1913.]
To guard against misleading the reader, we wish to
reiterate what we have said in previous annual
reviews of the earnings of these electric railways,
namely that this is not an attempt to indicate the
aggregate of the gross and net earnings of all the
street and electric railway undertakings in the United
States. It is simply making use of all the figures
that have been placed at our disposal, or which are
available. Large though the totals in our final sum
mary are, they fall considerably short of recording
the entire earnings of electric railways in the United
States. The minor roads not represented would not
swell the amount to any great extent, but it happens
that some large companies are also missing because
no data concerning their income could be obtained.
Among these may be mentioned the United Railways
of Baltimore, the Ohio Electric Railway, the Buffalo
& Lake Erie, the Chicago City Ry., the Calumet
& South Chicago, the Kansas City Railway & Light
Co., the Pacific Electric Ry., the Cincinnati Trac
tion Co., the Union Traction of Indiana, the Toledo
Railways & Light Co., the Tri-City Railway & Light
Co. and the West Virginia Traction & Electric Co.
Even with these roads and many minor ones missing
our total of the gross for 1912, it will be observed,
is not far from $.500,000,000 and the total of the net
close to $200,000,000.
Of course, many of the electric railways furnish
electricity for lighting and power purposes, besides
being engaged in the railway business, and the earn
ings from that source form part of their total income.
A conspicuous case is the Philadelphia Company of
Pittsburgh, where, besides the earnings of all the
railways in Pittsburgh the income from the gas and
electric-lighting properties is also included. On the
other hand, in a number of cases the earnings from
lighting and other sources have been separated from
the street railway income, and the latter alone is in
cluded in our table. This is true, for instance, of
the Public Service Corporation of New Jersey, where
we take simply the results from the operation of the
railway properties; it is also true of the Easton Con
solidated Electric Co., the Wisconsin Traction, Light,
Heat & Power Co., the Washington Railway & Elec
tric Co., the Muskegon Traction & Lighting Co., the
Union Railway, Gas & Electric Co., the San Joaquin
Light & Power Corporation, the Chippewa Valley
Railway, Light & Power Co., the Virginia Railway
& Power Co., and some others.
We have been making up these annual compila
tions continuously for eight years now, and to show
how constant and uninterrupted the increase has been
from year to year and how the totals have been grow
ing in magnitude, we furnish the following summary
of the comparative totals of gross and net for each of
the years back to 1905.
GROSS EARNINGS.
Current
Year.
Period
Previous
Year.
Per
Cent.
Increase.
1905 compared with 1904. .$306,067,145 $281,608,936 $24,458,209
1906
“
“
1905. - 300,567,453 269,595,551 30,971,902
1907
“
“
1906. - 306,266,315 280,139,044 26,127,271
3,264,924
1908
“
“ 1907. - 351,402,164 348,137,240
1909
“
“ 1908. - 374,305,027 345,006,370 29,298,657
“
1909. - 435,461,232 405,010,045 30,451,187
1910
“
“
1910. - 455,746,306 428,631,259 27,115,047
1911
“
“ 1911. - 486.225.094 457,146,070 29,079,024
1912
“
NET EARNINGS.
Current
8.68
11.49
9.33
0.94
7.49
7.51
6.33
6.36
Per
Precious
Cent.
Increase.
Year.
Period—
Year
1905 compared with 190-1. .$130,884,923 $118,221,741 .$12,663,182 10.71
1906
“
“ 1905. . 126.580,195 114,024,076 12,556,119 11.01
“ 1906- - 126,002,304 121,050,703
4.09
4,951,601
1907
“
“
1907. . 142,262,417 141,144,213
1,118,204
0.79
1908
“
“ 1908- . 160,394,765 140,647,906 19,746,859 14.03
1909
“
6.54
“ 1909. . 178,037,379 167,100,351 10,937,028
1910
“
“
1910. - 1.86,001,439 175,527,542 10,473,897
5.96
1911
“
“ 1911- - 194.309,873 179,915.760 14,394,113
8 00
1912
'*
It will be observed that, while in the first year our
final total showed an aggregate of gross of only $306,
067,145, for 1912 our aggregate reaches $486,225,094.
The net now is^$194,309,873, whereas in 1905 it was
$130,884,923. Of course, to some extent our ex
hibit is more comprehensive now. In the main, how
ever, the increase is due to the growth of traffic and
revenues in the interval. It will be noted that
each and every one of the eight years shows some in
crease in both gross and net earnings, that even 1908
— the year following the panic— proved no exception,
though the increase then was relatively small, and
that the total of the gain in gross for the whole eight
years, taking the aggregate of thQ increase for the sep
arate years, amounts to no less than $200,766,221.
In 1908 we found that in the smaller localities, where
the activities of the population are bound up in some
one branch or division of trade, there were instances
where the throwing into idleness of the greater part
of this population had served to restrict travel over
street and electric railways, and diminished their
earnings, and in a very few minor instances there had
been an approach to almost utter collapse. On the
other hand, in most of the larger cities, where popu
lation is dense and where there is much accumulated
wealth, and where trade activity is not exclusively
dependent upon a single industry or a single group of
industries, electric railway earnings had held up re
markably well. The same rule still holds good.
The following is the detailed statement already
referred to for the last two calendar years, which
shows separately the comparative figures for each
road contributing returns of gross and net for the last
two calendar years:
ELECTRIC RAILW AY GROSS AND NET EARNINGS FOR CALEN DAR Y EA R .
NET.
GROSS.
IiOADS.
Albany Southern Railroad C o .b ...............................
Albia Interurban R y .a . ------------------------ --------American Cities Co. (constituent com p an ies)-a .-Anniston Electric & Gas Go a
--------------Arkansas Valley Railway Light & Cower C o .a -----Ashtabula Rapid Transit Co b . ...............................
Athens Railway & Electric C o .a -------------------------Atlanta Northern Railway, b ------------------------------Atlantic Coast Electric R a i l w a y - - - - - - - - - -----------Atlantic Shore Railway (Sanford, M o .).b -----------Auburn A Northern Electric R y -b ---------------------Auburn & Syracuse Electric Railroad-b-------------Augusta-AIken Railway k Electric Corporation.aAurora Elgin & Chicago Railroad .a -------------------Austin Street Railway,b ________________________
Bangor Railway & Electric C o .a
Baton Rougo Electric C o .a ._ _____
Bay Street Street Railw ay.b.....................................
Blddeford & Saco Railroad _b....................................
Binghamton Railway, b ---------------------- --------------Blue Hill Street Railway.a---------------------------------Brockton & Plymouth Street Railw ay.a.................
Brooklyn Rapid Transit—
Brooklyn Heights Railroad C o .b ___________
Brooklyn Queens County & Suburban Rlt b .
Conoy Island & Gravesend R a ilw a y .b ______
Nassau Electric Railroad C o .b _____________
New York Consolidated Railroad.b.................
South Brooklyn Railway C o .b .........................
1912.
1911.
t Increase.
S
$
464,641
484,628
65,317
67,890
c7,226,025 cO,894,715
173.784
155,248
1,052,598
1,103.589
80,603
77,717
214,663
192,587
138,426
139,217
427,883
422,755
342,130
360,551
56,681
51,354
450,302
430,915
595,980
585,568
1,784,162
1,913,028
210.012
218,717
596,114
710,029
119.476
147,381
9,250,875 8,989,903
72,310
73,575
386,631
425,028
95,284
93,222
119,201
120,008
$
19,987
2,573
331,310
18,536
50,991
2,886
22,076
8,127,404
1,587,711
67,044
4,621,418
8,276,429
427.758
459,654
59,882
8,587,058
1,647,593
58,979
4,803,974
8,444,74:'
616,752
5,128
18,421
5,327
19,387
10,412
128,866
8,705
113,915
27,905
260.972
1,265
38,397
Decrease.
S
________ !
791
2.062
807
182,556
168,314
188,994
8,065
...........
1912.
1911.
$
S
167,510
166,428
28.440
26,089
c3,033,293 c2,926,219
63,004
50,861
473,853
520,064
24,860
18.689
110,547
131,994
33,772
33,600
206.741
202,200
75,850
91.535
19,318
23,206
150.844
151,018
262.911
278,605
788,614
718,987
96,635
87.742
389,185
317,249
59,474
43,590
3,449,965 3,209,655
20,524
27,237
174.728
194,928
33,810
27,177
28,766
29,136
3,497,974
634,889
14,267
1,634,407
4,234.930
248.839
3,178,111
569,818
17,493
1,435.721
4,113,957
128.386
Increase.
1,112
2,351
107.074
12,143
46,211
21,447
15,685
3,888
174
69,627
8,893
71.936
15,884
240,310
6,713
20,200
370
319,863
65,071
198,686
120,9731
120,4531
Decrease.
8
6,171
172
4,541
15.694
6,633
3,226
914
THE CHRONICLE
GROSS.
RO A D S.
1912.
1911.
NET.
Increase. I Decrease.
$
$
$
Bucks County Electric Railway b
77,618
75,677
1,941
Buffalo Lockport & Rochester Railway b .........
406,573
398,591
Buffalo Southern Railway b
78,442
74,909
3,533
Burlington County Transit Co
...........
67.166
64,108
3,058
Butte Electric Railway.!)
...........
464.532
423,182
41,350
Capo M ay Delaware Bay & Sewell's Poin’t'RRlI1111111
27,322
22,995
4,327
Capital traction Co. (Washington) b .
2,265,214 2,256,640
8,574
Carbon Transit Co. b ._
52,425
52,560
Carolina Power & Light a "
446,019
373,698
72,321
Central Park North & East River R l i l a l I III 111111 HZ
638.532
638.063
469
Central Pennsylvania Traction C o ________
_
918,931
868,433
50.498
Chambersburg & Gettysburg Electric Railway, b ______
42,210
42,253
Chattanooga Railway & Light C o .a ___________________
1,064,674
943.472
121,202
Chicago & Milwaukee Electric Railroad-b____________
952,191
960,109
7,918
Chicago Railways C om pany.a________________________ 17,919,574 17,195,160
724,414
Chicago South Bend & Northern Indiana Railroad.!)__
843,805
796.015
47,790
Chippewa Valley Ry. Lt. & Power Co. (Ity. dept, only) b
116,677
116,144
533
Cincinnati & Columbus Traction C o _____________
117,598
118,337
Citizens' Traction Co. (Oil City, P a . ) . . a . .............
304,467
316,981
12,514
Cleveland & Eastern Traction C o _______________
195,226
193.473
1.753
Cleveland & Erie R ailw ay.b___________________
112.064
115,264
3,200
Cleveland Painesvillo & Ashtabula R ailroad.b._
141.313
143,281
1,968
Cleveland Painosvillo Sc Eastern R ailroad.b____
366,143
386,967
20,824
Cleveland Railway Company, b ________________
6,679,772 6,423,209
256.563
Cleveland Southwestern Sc Columbus Railway.b
1,128,622
1,182,156
53,534
Cleveland Youngstown Sc Eastern Railway C o ..
110,510
111,442
932
Clinton Street Railway
143,782
145,820
2,038
Coal Belt Electric R ailw ay.b_________________________
53,227
60,589
7,362
Columbia Railway Gas & Electric C o .b _______________
590,077
653.942
63,865
Columbus (Ga.) Electric Co. a ......................................
492,325
540,465
48,140
Columbus (Ohio) Railway S c Light C o _________________
2,824,489
2.944.052
119.563
Coney Island & Brooklyn R ailroad.b_________________
1,444,125
1,612,257
168,132
Corning & Painted Post Street R ailw ay.b____________
58,982
69,853
10,871
Dallas Electric C o rp o ra tio n s_______________________
1,632,291
1,821,562
189,271
Dayton & Troy Electric R ailw ay.b___________________
281,279
286,935
5,656
Denver & Northwestern R y. and controlled c o s .b ______
3,422,372 3,421,854
518
Des Moines City Railway C o .a _______________________
1,133,916
1,245,209
111,353
Dotroit United Railway C o .b _________________________ 11,695,530
10,253,134 1,442,396
Duluth-Superior Traction, b __________________________ e l,083,259
1,135,300
Eastern Pennsylvania Railways C o .a _________________
/678.016
715,651
37,635
Eastern Wisconsin Railway & L igh t.!)_________________
295,447
314,766
19,319
Easton Consolidated Electric C o .a ___________________
(7401,736
(7427,536
25,800
East St Louis S c Suburban C o .a _____________________
2,279,147
2,452,451
173,304
Elmira Water Light & Railroad C o .a .......................... .
974,990
937.658
El Paso Electric C o .a ________
691,607 'I0 ll713
793,320
Escanaba Traction C o .b __ I I I I I I I I I I I I I I I I I I I I I I I I
104,765
111,561
6,796
Evansville Suburban & Newburgh R ailw ay.b_________
119,318
121,283
1,965
Fairmont Park Transportation Co _ .
h149,605 A147.977
1,628
Moorhead Street R a ilw a y .a ......................IIII
91,295
99,401
8,106
Fishkill Electric R ailw ay.b___
56,559
60,945
4,386
Fitchburg S c Leominster Street R y .b .- I I I
299,851
310,672
10,821
Fort Smith Light &Traction C o .a ________________III
550,614
616,994
66,380
Fort Wayne & Northern Indiana Traction C o .b ________
1,605,782
1,713,098
107,316
Frankford Tacony & Holmesburg R y .b _______________
130,763
136,493
5,730
Gainesville Railway & Power C o .b __________________
26,029
35,304
9,275
Galesburg & Kewanee Electric R y .b
~
"
78,286
82,274
3,988
Galveston-IIouston Electric C o .a ____________________
2,027,656 1.523,169
504,487
Georgia Ry. & Power Co. (combined c o s . ) . b __________
4,852,000
5,218,913
366.913
Grand. Rapids Railway C o .a ________ _________________
1.169,393
1,233,588
64,195
Hanover S c McSherrystown Street R y .a _______________
85,485
87,653
2,168
Helena Light & Railway C o .a __
.
332,691
333,773
1,082
Houghton County T raction.a___________ ____________
300,963
307,506
6,543
Hudson Rivor & Eastern Traction Co .
29,192
28,873
Hudson Valley Railway C o . b . . . ................................. ....
622,228
633.942
11,714
Humboldt Transit C o _______________________
81,563
86,455
4,892
Illinois Traction C o .a ______________ I I I I I I I I I I I I I I I I I
6,902,221
7,415,647
513,426
Indianapolis & Cincinnati Traction U o .b ..
444,924
454,731
9,807
Indianapolis & Louisville Traction Co
131,768
137.364
5,596
Indiana Railways & Light C o . b - - . . .
277,385
64.299
341,684
Interboro Rapid Transit Co. (New York) a
............. 32,132,692
30,331,583 1,801,109
International Traction Co. (B uffalo).a_________
175,445
6,393,796 6,218,351
Inter-Stato Consolidated Street R ailw ay.b_______ __ _
186.015
2,544
188,559
Interurban Railway Co. (Des M oines).a______
270.292
29,527
299,819
Iowa & Illinois R y .a .............................................__ I I I I I I
160,908
26,834
187.742
Jackson (Miss.) Light & Traction C o .a _________________
248,178
290,096
41,918
Jackson (Tenn.) Railway & Light C o __________________
87,340
95,083
7.743
Jacksonville Traction Co a
567,548
e562,537
Joplin S c Pittsburgh Railway C o I b -I I I I I I I I I I I I I I I I I I
468,550
533,538
64,988
Kontucky Traction & Terminal C o .b ............................. 705,019
737,387
32.368
Kingston Consolidated R a ilr o a d .b ...________________
160,396
156,058
Lake Shore Electric Railway.a______ _________________
1,009,639
1,052,518
42,879
Lehigh Valley Transit C o .a ___________________________ <1.525.899 11,341,718
184,181
Lowlsburg Milton S c Watsontown Passenger R y .b ______
41,773
50.166
8,393
Lewiston Augusta & Watervillo Street R y .a ___________
348,252
339,589
8,663
Lowistown & Reedsville Electric Railway.a _ _
96,152
104,541
8,389
Lincoln Traction C o .b .........................................................
591,202
630,608
39,406
Long Island Electric Railw ay.b______________________
213,793
214,523
Lorain Street Railroad C o .a
173,110
179,249
6,139
Los Angeles Railway Corporation.a I I ..I I I I I I I I I I I I I I 06,556,325
5.756.874
799.451
Louisvillo Railway C o .b
3,130,492 3,030,598
99,894
Lowell Sc Fitchburg Street Railway.............................
56,14"
54,282
1,865
M acon Railway Sc Light C o .a ..............................
1550,886
*508,355
42,531
Marquette County Gas & Electric C o .b . . .
128,303
124,455
3,848
Mason City & Clear Lake R R .b .....................
"
109,791
100,579
9,212
Michigan United Railways, b .................
1.500,580
1,649,571
148,991
Middlesex & Boston Street R a ilw a y .b ...
925,919
871,376
54,543
M ilford Attloborough Sc Woonsocket Street R y .b II
106,223
110,291
4,068
Millvillo Traction C o...........
38,987
48,385
9.398
Milwaukee Electric Railway & Light Co ~b
5,038,691
5.682,356
643,665
Milwaukee Light, Heat & Traction Co b
1,121,205
1,237,384
116,179
Milwaukee Northern R ailw ay.b________
310,058
330,456
20,398
M obile Light & Railroad C o .b _________ III
581,349
607,330
25,981
Monongahela Valloy Traction C o .b .I I I I
742.293
847,896
105,603
Morris County Traction C o .b ________ I I I I I I !
214,789
257,547
42,758
Muskogee Electric Traction C o .b __________I II"
156,428
168,528
12,100
Nashville Railway & Light C o .a ___________ I I I I I I I
1,963,784
2,074,990
111,206
New Jersey & Pennsylvania Traction C o .b ________ I ___
170,508
172,060
1,552
Now Orleans Railway & Light C o .a ___________________
6,362,834
6,652,936
290.102
Now York City Interborough R y .a ___________________
314,101
466.743
152,642
New York Sc Long Island Traction C o .b _______________
388,404
393,935
5,531
Now York & Queens County R a ilw a y .a _______________
1,253,981
1,331,318
77.337
New York Rallways.a________________________________
13,763,018 13.656,723
106,295
Now York State Railways.!)___ ______________________
7,542,195
7,123,511
418.684
Northampton-Easton & Washington Traction C o .a ___
183.364
172,921
10,443
North Carolina Public Service Co a
400,225
347,659
52.566
Northern Ohio Traction Sc Light C o .a ...........................2,996,037
2,694 024
302,013
Northern Texas Electric C o .a ._______________________
1,790,762
1.622.875
167.887
Northwestern Pennsylvania R y .b _____________________
*250,342
173,690
76,652
Ocean Electric Ry (Long Is la n d ).a -...............................
142,020
124,107
17,913
Oklahoma Railway C o .b _______
.
____
662,115
648,103
14,012
Omaha & Council Bluffs Street R ailw ay.b.......................
2.846.053
2,740,577
105,476
Oregon Electric R ailw ay.b___________________________
953,847
689,246
264.601
Ottumwa Railway Sc Light C o .a ______________________
299.943
284,781
15,162
Paducah Traction & Light C o . a .........................................
286,537
265,296
21,241
Parkersburg Marietta & Interurban R y .b ____________
396,090
373,850
22,240
Pennsylvania & Ohio Railway Co b
...
123,030
121,190
1,840
Pensacola Electric Co a
"
"
285,429
286,715
People’s Traction Co (G a le s b u rg )Ia IIIIIIIIIIIIIIIIII
41,143
38,817
2,326
& Santa Rosa Railw ay.b___________________
308,165
291,699
16,466
(including affiliated corporations) . a -- 22,446,483 20,731,266 1.715,217
Philadelphia Sc Easton Electric Ry
102,112
96,155
5,957
Philadelphia Rapid Transit C o . a . ...........
23,282,304 22,141,338 1,140,966
Philadelphia Sc West Chester Traction Co b ~.................
1349,193
*333,481
15,712
Plattsburg Traction C o .b ___
.
31,573
35,023
Portland (Oregon) Railway, Light Sc Power c 6 " a " I '" " ’
6,642,308
6,336,703
305,605
I oughkeepsle City & Wappingers Falls Electric Ry b
193,332
183.437
9,895
Public Service Railway (New Jersey)_a_____
115,259,794 114,485,659 774,135
Republic Railway Sc Light C o .a ___
2,663,762
2,401,995
261.767
Richmond Light & Railroad C o .a ....... .......................
375,374
362,033
13,341
Rochester Syracuse Sc Eastern Rallwav b
775,805'
732.989
42,816
[V o l . XCVI
1912.
15,419
120,382
8,352
4,891
def 13,933
def5.669
1,166,557
135
14,859
143,531
39,294
286,781
43
3,539
430.058
359,269
6,287,282
384,931
52.406
739
43.407
97,278
75,629
36,284
39.516
196,962
1,744,198
488,627
34,489
60,546
15,066
318,082
272,336
1,347,837
562,097
24,525
728,768
82,181
1,708,472
329,003
3,965,121
52,041
C453.072
281,118
139.058
(794,336
1,098,8C3
37,332
362.855
363.103
57.928
45,403
Ji64,444
32,956
21,188
110,025
231,987
709,449
48,935
17,264
22,528
844,975
2,791,291
533,358
40.570
124,713
132,771
319
2,363
237.957
def9,140
3,062,433
183,728
54.929
185.806
10,877,343
2,177,625
40.277
84,300
64,782
124,474
37,268
5,011
el84,026
244,979
316,339
4,338
85,652
447,455
*875,820
10,160
147,623
13,750
152,960
730
29,993
73,625
01,981,991
1,340,455
19,353
*217,682
44,757
51,664
674,043
233,147
28.050
defl3,494
2,710,457
689,851
166,986
258,452
516,370
53,023
74,149
886.047
51,156
2,666.589
102,317
97.277
23,980
4,575,427
42,875,356
75.846
130,864
1,293,271
849,072
*86,245
62,739
249,652
1,354,748
338,571
130,777
93,863
168,553
45,801
1,286
108,970
10,859
107,755
9,047,083
27,967
9,105,290
*151,173
12,648
3,450
3,313,397
66,856
15,586,144
1,057,140
30,362
324,995
7,982
1911.
23,735
161.341
9,503
6,507
def57,147
def 18,876
1,129,155
14.848
136.182
def8,969
260,766
3,095
389,724
330,898
5,120,508
351,493
53,221
43,155
101,196
56,150
27,622
37,679
176,948
1,527,239
487,441
30,498
62,428
12,560
288,352
248,741
1,321,432
476,996
18,792
528.842
104,057
1,687,153
306,883
3,673,092
527,165
/263.250
128,903
087,479
1,008,796
350.785
284,805
54,785
49,552
/*76,491
26,993
17,889
112,915
236,558
668,102
43,508
11.158
13,963
562,578
2,682,932
509,115
40,375
125,275
122.552
2.632
226,243
def 10,579
2,768,580
192,507
59,562
156,655
15,517,799
2,202,270
37,568
89,700
54,187
89,924
36,838
219,101
218.629
249,000
87,824
457,109
1749,260
14,555
145.843
15,515
149,535
36,492
80,397
1,782,181
1,287.773
15,694
*216,903
39,256
37,474
651,219
233,640
29,288
def7,358
2,444,650
647,337
153,184
268,519
477,073
47.389
69,537
838,449
45,270
2,402,655
44,019
147,090
defl0.919
3,622,021
72,854,366
77.341
120,217
1,201,498
732,881
56,107
34,357
217,312
1,280,573
322.392
131,466
104,547
172,841
61,387
107.552
9,008
90,421
8,347,647
25,078
8,664,214
*146,705
15,266
3,266,806
72,151
15,382,374
950,985
35,170
336,605
Increase.
43,214
13,207
37,402
11
7,349
48,263
26,015
.
444
40,334
28,371
1.166.774
33,438
252
19,479
8,662
1,837
20,014
216,959
1,186
3,991
2,506
29,730
23,595
26,405
85,101
5,733
199,926
21,319
22,720
292,029
17,868
10,155
6,857
90,087
12,070
78,298
3,143
5,963
3,299
41,347
5,427
6.106
8,565
282,397
108,359
24,243
195
10,219
11,714
1,439
293,853
29,151
1,359,544
2,709
595
34,550
430
26,350
67,339
126,560
1,605
1.780
3,431
199,810
52,682
3,659
779
5,501
14,190
22,824
265,807
42,514
13,802
39.297
5,634
4,612
47,598
5,886
263,934
58.298
40,899
953,406
20,990
16,647
91.773
116,191
30,138
28,382
32,340
74,175
16,179
1.418
1.851
17,334
699.436
2,889
441,076
4,468
’ "46", 591
' 203",770
106,155
Decrease
8,316
40,959
1,151
1,616
815
3,918
1,882
21,876
74,093
4,149
12,047
2,890
4,571
562
"269
8,779
4,633
24,645
~5l400
35,075
2,172
9,654
1,765
6,499
6,772
493
1,238
6,136
10,097
49,813
1,495
689
10,684
4,288
15,586
2,618
"S',295
4,808
11,610
915
THE CHRONICLE
MAR. 29 1913.]
NET.
GROSS.
ROADS.
1911.
1912.
Increase.
S
50.163
25.574
17.593
80.554
2,389
22,397
7.985
50.390
67.955
51.743
$
340.397
628.361
214,833
1.179.839
70.116
202.150
110.842
747.058
1,255.958
989.209
151.738
264.857
194.787
228.586
646.952
577.693
1.972.021
54,800
116.682
74,377
272.491
289.374
552,017
81,387
131,867
753.835
6,432.060
608,649
290.234
002.787
197.240
1.099.285
67.727
179.753
102.857
696.668
1,188.003
937.466
155.708
243,170
201.878
196.303
597.786
503.352
1,839.088
45.910
111.951
72.984
260,582
279,730
462,676
65.421
136.862
691.323
5,951.292
497,283
W isconsin Electric R a ilw a y .b --------------------W isconsin Gas & E lectric C o . a . - - — - - - - W isconsin 'fraction , Light, H t& Row C o (R
W orcester Consolidated Street R a ilw a y .b .
Y ork Rail ways . b ------ - - — . ,
Youngstow n & Ohio River R a ilro a d .b .
612.000
1,806.674
153,243
3,840.569
2.540,138
579.925
734,446
422,664
192,726
217.696
715,686
36.462
8,208.967
442,948
m l .555.025
8,471.676
12,251.091
2,389.751
257,648
173,950
2,807.168
778.287
2,836.370
654,490
3,170.245
369.631
69.973
431,503
603.153
2,267,260
3,408,586
427.780
1,596.192
174.110
1274.900
196,605
68.3,966
133,209
2.561,742
1710,471
239,528
617.034
1,606.382
125,663
3.680,4 09
2,471,0.33
601.798
678.427
349.490
190,144
217.594
691,948
35.355
7.811.193
414.996
1,129.709
7,886.136
11,914.153
2,332.378
239,239
164,237
2.710.971
697.730
2,675.173
n507.085
3,264.158
314.685
67.283
414,038
596,125
2.029,355
2.260,287
423,094
1.457.440
172,758
1274,837
188,042
584,955
129.764
2,262,417
1681,185
234,459
Total (237 roa d s).................. - ..........
N ot Incrcaso-------------------------------------------
410,796,858 385.502.736 25,555.322
25.294.122
(6 .5 6 % )
R utland Railway, Light & Power C o -----------------------------Saginaw-Bay C ity R ailw ay, -------------------------------------------Saginaw & Flint Railway - b -— - - - - ------ ---------------St Joseph Railway, Light, Ilcat & I owor C o .a -------------Sandusky Fremont & S o u t h e r n .a - - - ------ F r a n c is c o N a p a & C a lis t o g a
R a ilw a y .b
f a n JoaquirTLight'S: Power C orp. (R y . D ep t. o n l y ).b .
Savannali Electric C o . a - - - --------------------------------------------Schonectady Railway D o - b ~ - - - - - .......................- .............
Second Avenue (Now York C i t j O - a . - . - - - - ---------- -------Shamokin & M t Carmel Llectric I i y . b -------------------------Sheboygan Light, Rower & R ailw ay............................... - -
Southern Michigan R a ilw a y .b ............................... ..............
Southern Wisconsin R a ilw a y .a --------------------------------------Southwest Missouri R a ilroa d .a ------------------------------------Springfield (Missouri) Railway & Light C o . a -------- - - -
Springfield (Massachusetts) Street R a ilw a y .b ------------Springfield (Verm ont) Electric R a ilw a y .b ........................
Springfield T roy & Rlqua R a ilw a y .a ...................................
Springfield & X en ia Railway C o .a ------------------------------Stark Electric Railroad b -------- -------------------------------------Staten Island M idland R a ilw a y .a --------------------------------Syracuse Lake Shore & Northern R R . b -----------------------Syracuse & South Bay Electric R a ilro a d .b ------------------Syracuse & Suburban R ailroad, b --------------------------------Tam pa Electric C o . a . . -------- --------------------------------Terre Haute Indianapolis & Eastern T raction C o .a —
Texas Traction C o . b ----------------- - - -------------------------------T hird Avonue System (N ow Y o rk )—
D ry D ock East Broadway & Ba 11 ery R y - a - - - - - - - - Forty-second Street Manhattanville & St N ich A v o .
Soutnorn Boulovard R ailroa d .a --------------------------------Third Avenue R a ilw a y .a ------------------------------------------Union R a ilw a y .a .------------------------------------------------------W estchester Electric R a ilw a y .a — ............................. ..
Yonkers R a ilr o a d .a --..........- .............................................
Tidewater Power C o a . - - - - - - - - - - .......................- ............
T oled o Fostoria & Findlay R a ilw a y .a ...............................
T oledo & Indiana R a ilro a d .b ..................................- ............
T renton Street R a ilw a y .b ---------------------------- -----------------T w in C ity Rapid Transit (M in n ea p olis).b ................
U nion Electric C om pany in Iowa n . - - - - - - - - - - - Union R y . Gas & Electric C o (Railway D ep t. o n I y ) .b ..
U nited Railroads o f San F r a n c is c o .--.................... ...............
U nited Railways C om pany o f St L ou is .a -----------------------U nited Traction C om pany (A lb a n y ).b .......................
Valley R a ilw a y s.b -------- - - - - ................ - .............
Vicksburg Light & Traction C o . b --------- - - - - —
Virginia Railway & Power C o(R ailw ay D ep t, only)
W ashington Baltimore & Annapolis E lectric R y b
W ashington Utilities C o . a - - ..........................................
W ashington W ater Power C o a — . - - - .............. ..
W aterloo Cedar Falls & N orthern R a ilw a y .a .- - . W est Cifester ICennett & W ilm ington Electric Rath
W estern New York & Pennsylvania T ra ctio n .b . .
W estern Ohio R a ilro a d .a ----------------------------------------W estern Railways & Light C o . . --------■--------a ---------W est Penn Traction & W ater Power C o .a ................ ..........
W llkes-Barro & Hazleton R R . b - - - - - - ......................
W ilm ington & Philadelphia I raction C o -----------------
8
21.687
32,283
49,166
74.341
132,933
8,890
4.731
1.393
11,909
9.644
89,341
15.966
Decrease .
$
_________
_________
- _______
3,970
7,091
-------------
------ ------_________
4,995
62.512
480,768
111,366
200,292
27,580
160,160
69.105
56.019
73.174
2,582
96
23.738
1.107
397.774
27.952
425.316
585,540
336.938
57,373
18,409
9,713
96,197
80.557
161.197
147,405
54.946
2,690
17,465
7.028
237,905
1,148.299
4,686
138,752
1,352
63
8.563
99.011
3,445
299,325
29,286
5.069
5,034
21,873
________
_________
_________
_________
_ ________
_________
_________
93,913
_________
____ ____
_________
_________
_
................
1912.
1911.
153,788
248,296
81.370
510,816
25,983
95.610
48,855
196,007
521,907
166.492
66.439
104.097
86.873
91,219
322,647
264,117
626.887
23.271
22,170
20,890
121,299
66,965
204.024
23,068
48,712
359,205
2,617,632
234,955
148.130
240,522
66.922
417.958
29,943
77.351
54.456
185.634
486.586
181,599
63.804
95.675
95.428
83,575
297.675
226.702
556.924
13.690
16.953
20,822
140.017
55.519
179.985
8,790
59,891
313.556
2,454.130
186.962
128,033
547,693
7.549
1,636,335
607.263
85,081
128.500
172,059
93.673
81,821
342,657
17,221
4,010,966
174,291
m643,089
4,012,594
j 3 ,770,367
865.263
130,131
67,704
1,141,650
389,331
1,287,514
377,077
1,567,892
205,803
24,320
205,255
235,686
866,119
1,579,127
211,340
739,814
40,524
t‘86,561
67,613
200,917
72,569
824,282
J'343,950
111,758
40,502
497.350
33.749
1,682.317
603,057
127,459
106,079
137,846
82.957
87.054
360,936
19,800
3.904,477
142.556
470,042
3,583,165
;3 ,924,091
846.542
99,093
65.428
1,038,875
350,006
1,144.685
U241.984
1,611,177
166,527
18,424
213.150
255,461
778,690
1,148,006
220,545
614,966
23,044
181,663
57,624
181.150
67,536
875.836
i320.591
112.324
Increase.
$
5,658
7.774
14,448
92,858
~18~,259
10.373
35.321
2,635
8,422
7.644
24.972
37,415
69.963
9,581
5,217
68
11,446
24,039
14.278
45.649
163,502
47,993
87.531
50.343
4,206
22,421
34,213
10,716
106,489
31,735
173,047
429,429
18,721
31,038
2,276
102,775
39.325
142,829
135.093
39.276
5,896
87,429
431,121
124.848
17.480
4,898
9,989
19,767
5,033
” 23,359
261,2001 165,465.579 152,988.438 13,412,711
,12,477,141
(8.15% )
Decrease.
3,960
"5.60l
15,107
” 8 ”,555
18,718
l l ” 179
26,200
45,982
42,378
5.233
18,279
2,579
153,724
43,285
7,895
19,775
9,205
51,554
" ‘ ” 566
935,570
earnings
R iv cr'i'tv ” ■& Ferry C o. m Tlufoperations o f tho D o Kalb-Sycam ore & inierum an 1 raction o u .
w
A
V
, ' nver hv
ouired July 1 1912) aro included since the dates o f acquisition, n Thcso aro figures o f the former W ashington-Virginia R y ., winch was taken over py
tho Washington Utilities C o. o Decem ber 1912 estimated.
__________
b a n k in g
,
l e g is l a t iv e
and
f in a n c ia l
n ew s
.
— Tho public sales of bank stocks this week aggregate 111
shares and wore all made at the Stock Exchange. Thirty
shares of trust company stock were sold at auction.
Shares.
B A N K S — New York.
*70 Com m erce, N at. B a n k ..
*3 Corn Exchange B a n k ...
T R U S T C O M PAN Y -
Low. Ilidh. Close. Last previous
.2.34 MS 235
234 H M ar. 1913—
N o v . 1912—
410
. 410
410
M ar. 1913—
192
190
192
Sept. 1912—
320
320
. 320
okli/n.
D ec. 1910—
100
100
100
sale.
234
435
190
325
115
*Sold at the Stock Exchange.
__ Tho Nicaragua currency system was practically placed
on a gold basis on tho 25th inst., when tho conversion of
tho country’s “ wild cat” currency was begun; tho task, it is
expected, will bo completed on Sept. 23. Tho cordoba, tho
now monetary unit now in circulation, is of tho same weight
and fineness as tho gold dollar of tho United States; it re
places tho paper peso, which is being exchanged for eight
cents in gold, or at tho rate of 12
pesos of tho old currency
for one cordoba.
— John Skelton Williams of Richmond was sworn in on
tho 24th inst. as Assistant Secretary of the United States
Treasury. As announced in our issue of March 15, M r.
Williams succeeds Robert 0 . Bailey.
— On tho 22d inst. Presiding Judge Martin A . Knapp was
re-designated by President Wilson to act as arbitrator under
tho Erdman A ct.
__ Tho re-appointment during tho recess of Congress
of Charles P . Neill as Commissioner of Labor was announced
by President Wilson on the 26th inst. M r. Neill’s re
nomination was sent to tho Senate at tho recent special
session, but no action was taken upon it.
— Vice-President Thomas R . Marshall made some remarks
on the business outlook while in Boston on the 24th inst.
which deserve to be put on record. M r. Marshall is said
to liavo declared that “ that scare has got to stop, and stop
soon. This country won’t stand for it.” As an indication
of his viow of business which waits in fear of the Acts of
Congress, the following statement emanating from him is
quoted:
A man cam e to m o tho other day in W ashington and said: M r. M a r
shall , I ’m one o f a group o f men who represent S75.000.000 which is
watting to bo invested.” “ W hat aro you waiting for’ ? I asked. H o
replied: “ W e’ro waiting for Congress— to seo what Congress Is going to d o .
I said: “ W ell, if I had m y w ay, I ’d see that S75.000,000 baked, boiled
and fricasseed and shoved down the throats o f tho men who own it. C apital
that ca n ’t stand a square deal isn’t m uch good to a nybod y. Capital that
has no initiative isn’ t m uch go o d , and capital that wants G overnm ent
assistance in its investm ent isn’t much good to tho cou n try.”
W o might as well face this scare business now as at any tim e. I t was
bound to com e, anyw ay. It w on’ t am ount to anything, for this cou n try’s
prosperity is on too solid a basis to bo easily scared.
Tho Vice-President is also said to have expressed the
opinion that President Wilson’s decision on the Chinese loan
question constituted one of the most significant policies that
could be enunciated at the beginning of the Administration.
Ho offered it as his belief that the country already has seen
the wisdom of taking the Government out of the “ promotion
business” in that particular case, and said:
“ I never could get m yself into tho fram e o f mind to believe that the
Governm ent was organized to prom ote any particular line o f business for
any particular set o f men. There is no question but tho Governm ent has
been a prom oter o f business; big business has resulted and big fortunes
liavo been amassed. T he country has suffered, and now we want to change
all this in order that all business man shall bo treated fa irly."
— A report presented on Feb. 24 to the House of Repre
sentatives by the Committee on Expenditures in the Treas
ury Department declares that “ the right accorded banks to
916
THE CHRONICLE
act as Government depositories is a discrimination against
all banks not so designated, and is a species of ‘special
privilege’ or ‘ Govemmen favoritism’ . ” The Committee
was charged with inquiring into the proper method of dealing
with the surplus money in the Treasury. Its report em
bodies twenty-two findings, and in part say :
T hat large sums o f m oney havo been unnecessarily retained tn the
T 1rnnSnnn’nrt«Part ° f the W0rkin8 balance, aggregating at times m ore than
$lUU,uUU,UUO.
from $25,000,000 to $35,000,000 Is an ample am ount to retain in
the Treasury vaults as a working balance.
T hat from estimates furnished by the Treasury Departm ent the Govern
ment has lost in tho past twenty-six years in not collecting interest on its
deposits, figured at 2 % , tho sum o f $36,600,923.
T hat from estimates the Governm ent has lost on the excess retained in
Treasury over and above $35,000,000. figured at 2 % , the sum o f
•}47 ,ol0,860.
That the right accorded banks to act as Governm ent depositories Is a
discrimination against all banks not so designated, and is a species o f
special privilege” or “ Governm ent favoritism .”
That tho system followed for the past 26 years in the Treasury Departttient in relation to tho handling o f the general fund or tho working balance
is crude, unbusinesslike, unprofitable and discriminatory, resulting in
unearned and large profits and advantages to certain banks, and ought to
be speedily reform ed.
T hat tho Governm ent can increase its revenue m ore than $2,000,000 per
annum b y w ay o f interest on its surplus working capital, if deposited in
banks under a com petitive bidding system carefully guarded.
Consideration of legislation to abolish the present deposir
tory system by forcing banks to bid for Federal deposits
is urged upon the W ays and Means Committee or the Bank
ing and Currency Committee. According to the report there
are 1,436 regular depositories which obtain Government
money without interest, these, the Committee finds, being
selected wholly at the discretion of the Secretary of tho
Treasury. Interest is demanded, the Committee says, only
on “ special” temporary deposits, and then only since 1908,
the rate at first having been 1 % , but in 1912 having been
increased to 2 % . The total amount of such interest collec
ted, it is stated, has been only $688,407.
[Vol. XCVI.
devised b y availing ourselves o f tho m achinery o f our clearing-house
associations.
In the panic o f 1907 the m aximum amount o f clearing-house loan cer
tificates, cashiers’ checks and other substitutes for m oney issued as far
as know n— and I have attem pted to gather those statistics very carefully—
was $236,189,000, which, after the panic, woro all retired w ithout tho loss
o f a single dollar to the banks or to the public. O f this maximum am ount
$84,420,000 were outstanding in N ew Y ork ; $38,285,000 in C h ica go’$10,578,000 In St. Louis— a total o f $137,283,000, or 8 5% o f the whole
having been contributed b y tho three present central reserve cities.
T h e reserve cities, 47 in num ber, had a m aximum am ount o f $88,496,000,
or 3 7 H % o f the whole; so that the central reserve and reserve cities Issued
95J^% o f the entire amount o f these so-called em ergency certificates. I f
wo look at it in another form ,a n d take sim ply tho Sub-Treasury cities,
nine In num ber, consisting o f N ew Y ork Baltim ore, Cincinnati, B oston,
N ow Orleans, St. Louis, Philadelphia, Chicago and San Francisco, these
cities issued about 78% o f the am ount outstanding.
I am giving you these figures to show that if tho clearing houses either
o f tho central reserve cities and reserve cities, or sim ply the clearing houses
in cities where there are sub-treasuries, could bo properly incorporated and
privileges given to them in connection with the issue o f an elastic currency
suitable to the trade and com m erce o f the country, bearing a high rate o f
interest while the same was outstanding, and retirablo b y deposit o f lawful
m oney In tho Treasury o f tho United States, tho same as national bank
notes are now retired, we would then have tho machinery established for
handling an asset currency which would bo available in all parts o f the
country. I f these associations could then be federated in somo way so
that tho actual cash reserve which is held in one association would not be
drawn out b y another association, and a scramble for cash be m ade In times
o f stress, and by com bining them under som o Governm ental supervision
and power whereby the reserves o f the various associations could be m assed.
I believe we would have tho beginning o f a strong financial system in this
country.
— The bill providing for the incorporation of exchanges
after Sept. 1 1913 and placing them under the jurisdiction
of tho State Superintendent of Banks was passed by the
New York Stato Assembly on the 25th inst. by a vote of
85 to 34. The bill is one of a dozen affecting tho Stock Ex
change introduced at the instance of Governor Sulzer.
Numerous interests have joined with the Stock Exchange in
opposing the legislation, such important bodies as the New
York Chamber of Commerce, the Merchants’ Association,
the New York- County Lawyers’ Association, & c., being
— That the bill which proposes an international conference
among those which have lodged protests against it. The
with a view to inquiring into the high cost of living will bo
debate on tho bill preceding its passage by the Assemblypressed for passage at either the special or regular sessions, is
on the 25th developed opposition from Assemblymen M a
made known by Prof. Irving Fisher of Yale University in a
loney, Ward and Minority Leader Hinman, the latter de
letter issued to those interested in the matter. The bill is ono
claring that “ it is beyond the legislative power to convert
of those which failed of enactment at tho late session; it
a voluntary association like the New York Stock Exchange
passed only ono branch of Congress— the Senate, April’ 15
into a corporation by a direct enactment to that effect.
having been the date of its passage there. In his letter
All that we need is to get at the individuals who are trans
Prof. Fisher says:
acting business contrary to tho penal statutes, and this can
The bill providing for an international conference on the high cost o f
living, which passed the Senate a year ago this spring, was not reached on only be accomplished through the strengthening of the func
the calendar o f tho House o f Representatives before its adjournm ent on tion of tho grand jury and an increased public demand for
M arch 4. It was one o f m any good measures which failed on account o f criminal prosecution of those who are violating these penal
tho filibusters and delays attending the closing days o f Congress, as well
statutes.” Five other bills which affect the Stock Exchange
as on account o f a few objectors to tho bill, who tlireatened, if its considera
tion were attem pted, to make tho point o f order o f " n o quoru m .” It was were likewise passed by the Assembly on the 25th, these
generally believed, however, b y those m ost conversant with tho attitude being as follows:
o f tho House on tho question that tho bill would havo passed had it com e
to a vote.
The idea o f an international conference on the cost o f living was first
officially form ulated b y President Tart in a special message to Congress
in February 1912. Identical bills, recommending that the President bo
empowered to call such a conference and that $20,000 be appropriated for
that purpose, were introduced in the Senate and the House simultaneously
on M arch 17 1912 b y Senator Crawford and Representative Sulzer (now
Governor o f N ow Y ork ). The Senate bill was brought up b y unanimous
consent and passed unanimously on April 15 1912. Tho Com m ittee on
Foreign Affairs in the House reported it favorably on M a y 15 1912. Some
members o f the House last summer succeeded in preventing tho considera
tion o f the bill until after election and, as a consequence, when Congress re
assembled in December the bill was far down on tho Houso calendar.
The increasing cost o f living should bo a matter o f great public concern.
It is undoubtedly the greatest factor in the unrest which is evidencing itself
in all phases o f life. An international conference would gather together
what facts arc now known on the m ovements o f prices in different countries;
it would aim to secure somo degree o f com parability between these statistics,
gathered b y various and different methods; it would seek through a study
o f available facts to learn tho causes o f the high cost o f living and make
suggestions for securing further statistics to bo utilized in this way; It would
bring up for consideration and recommendation the different devices which
have been used in various countries for reducing the cost o f living. Since
the Crawford Sulzer bill did not com e to a vote in tho Houso, it will bo
necessary to begin anew the work on behalf o f this measure, to secure the
passage o f this or similar legislation during the com ing year. It is hoped
b y its m any supporters that it m ay be possible to havo the question taken
up at the special session to be called by the President this spring. Failing
o f that, the next opportunity.would com e at the regular session o f the Legis,ature next Decem ber. This is a matter which should receive the support
o f every citizen.
Arguments in behalf of the incorporation of clearing
houses were presented by James G. Cannon, President of the
Fourth National Bank of New York, in an address delivered
before the Syracuse (N. Y.) Chamber of Commerce on
Thursday night. In favoring the incorporation of these
organizations, Mr. Cannon in part said:
T h e bankers o f this country have been largely to blam e fo lack o f cur
rency reform because they could not, and cannot now , agree among them
selves as to the best m ethod to be pursued. T h o time is ripe, it seems to
m o, when wo should agree upon som e simplo foundation and then build
our system o f finances upon it, and that foundation, I believo, w e have in
the various clearing-house associations o f tho cou ntry. I feel that an
elastic currency, designed to m eet the requirements o f our trade, can be
Prohibiting the Stock Exchange from preventing its members from deal
ing with members o f other exchanges; prohibiting brokers from trailing
against the orders o f customers; m aking it a felony to manipulate the
market price o f securities, tho purposo being to provont “ wash sales;"
penalizing brokers for doing business after Insolvency; tho bill making
m oro stringent the law against "b u ck e t shops.”
On the 26th inst. tho Assombly passed the bill which re
quires brokers to give customers a memorandum of tho sale
or purchase of stock stating from whom it was bought or
to whom it was sold, and indicating the day and hour of
the transaction.
Two Stock Exchange bills were also passed by tho Senate
this week— on the 24th inst.— one prohibiting tho reporting
or publishing of fictitious transactions in securities and the
other designed to prevent tho issuance or publication of
statements or advertisements falsely representing tho securi
ties or condition of a corporation.
— A bill providing for the romoval from office, on charges,
of a trustee of a savings bank by an affirmative vote of threefourths of the trustees, subject to the approval of the Super
intendent of Banks, was signed by Govenror Sulzor on the
21st inst.
— On the 24th inst. Governor Sulzer signed a bill making it
a felony for an officer, director, trustee, employeo or agent
of a bank to abstract or wilfully misapply any of the insti
tution's money, property or credit.
— A report on tho pending legislation at Albany affecting
the State savings banks was presented at tho thirty-fifth
monthly dinner of tho Speakers’ Club given on Monday
night, the 24th inst., at Cavanagh’s Restaurant, this city.
The club is an organization of young men in various colleges
and institutions of learning who are interested in the art of
public speaking and in the study and investigation of im
portant national and civic movements pertaining to city,
State and national betterment.
The report submitted
to it this week was prepared by a committee appointed in
Mae. 29 1913.]
THE CHRONICLE
Fobruary and consisting of Richard J. Donovan, Clarence
E . Ferris, M . Frederick M cAlpin, Richard Cronin, Julius
Goldberg and James T . Coughlin. Tho several savings bank
bills which have been the subject of their consideration are
those which call for the compulsory creation of a reserve
fund, that which provides for tho establishment of branch
offices by existing savings banks and that which provides
for the merger of savings banks. In voicing its disapproval
of the ponding legislation, the committee says:
It is admitted that the reservo fund bill will almost universally reduco
the rates o f interest now paid b y savings banks, and it is corollary of this
proposition that tho m oneys will bo driven out o f tho smaller savings banks
(where under the present law the deposits aro equally secure with tho
deposits in tho largo savings banks), and will either be transferred to
the savings banks which aro in a position to pay tho highest rate o f interest
because o f enormous reserves already accumulated and not distributed to
tho depositors in accordance with tho policy o f the existing law, or the with
drawals will be placed b y the Ignorant and inexperienced depositor in “ sand
lots,” real estate participating investments and other quack securities,
wliich are popularly advertised, and also to a largo extent in tho most risky
and dubious o f W all Street wildcat securities.
T ho branch bank bill allows only such savings banks as have many
millions o f deposits, and thus outclass tho great m ajority o f the savings
banks o f tho State, to open branch offices.
T he merger bill will enable tho largo banks in numerous cases, and espe
cially after the establishment o f branch banks, to form com binations which
will m onopolize the savings bank business In tho locality where the merger
is m ade. * * *
Those Pollock bills propose that savings banks, instead o f being mere
agencies for investment o f tho savings o f the people, as heretofore, shall
now bo made financial institutions, having a power in their surplus, other
wise called reserve, which can be swung b y the persons in control in aid of
financial schem es, as are the funds o f other banks. There aro at present
about two billion o f dollars in tho 151 savings banks c f New York State.
A requirement o f 15% surplus w ould mean 300 millions o f dollars that
could and would find its way into W all Street through loans and deposits
In business banks and trust com panies, and be used in stock speculation,
gambling and high finance.
Y our com m ittee, through its several m embers, has m ado inquiries o f
bankers generally during tho time which has lapsed since tho form ation
o f tho com m ittee, and without disclosing tho object o f the inquiries, and
has found it to bo tho opinion o f bankers generally that there is behind these
bills a schem e to force the deposits out o f savings banks and into the pur
chase o f W all Street securities; that the great bulk o f the hard cash which
is so necessary to activity in W all Street is really not In the hands o f those
who aro com m only roputed to bo the m oneyed class, whose wealth is really
largely on paper, but Is in the hands o f tho great b od y o f the people and doposited in tho savings banks; and that tho manipulators and promoters
o f W all Street schemes have been greatly embarrassed in obtaining ready
m oney for their exploitations sinco restrictions were put upon tho invest
ment o f life insurance com panies’ funds, as a result o f tho disclosures mado
In tho so-called Hughes investigation.
Governor Harmon of Ohio, “ on tho very proper ground that
tho various public service commissioners should deal with
all such questions after full hearings and with reference
to the peculiar conditions surrounding each case.” M r. Rea
added:
IIow will tho unnecessary extra employees advantage the men already
working for our com pany, especially our linos in N ew Y ork State which
do not now fully earn their fixed charges, let alone any dividends; or how
will this unnecessary expense help these lines to provide the high character
o f service required b y the public?
Our records show that the Pennsylvania R R . has already wasted $783,91(5 84 in com plying with the extra crew law which is now being contested
before the courts o f the Comm onwealth o f Pennsylvania. IIow will a
similar waste benefit the people o f N ew Y o rk ?
The conclusions of tho committee arc as follows:
(1) If theso bills should becom o laws tho rate o f interest or dividends
would bo so reduced as im m ediately to drive a very largo amount o f tho
m oneys now deposited in savings banks out o f savings banks and into the
poorest sort o f quack investments, and into all tho dangers and vicissitudes
o f W all Street speculation.
(2) That no now savings banks can bo started.
(3) That tho largo savings banks will immediately force tho small savings
banks to merge with them , or else will put thorn out o f business b y estab
lishing branches in their localities.
(4) That the concentration and control which arc sought by these bills,
engineered b y schemers bohlnd the large savings banks,(will in a very short
time, and probably within a period o f threo years, becom o com pleto, and
result in tho absorption o f all savings bank business by a few o f the largo
institutions, and the great popular funds now deposited in savings banks
will fall into tho absolute control o f the so-called "M o n e y Power” or
“ M oney T ru st.” It would mean centralization and control.
(5) That such concentration and control will in no way bo for tho benefit
o f tho deposilprs in savings banks, and that tho huge reserves which will
bo accumulated will becom e a source o f demoralization to the trusteos
and officers o f such banks, will encourago extravagance, waste, defalca
tion and dangerous investments, and will subvert tho entire policy and sys
tem o f savings banks fund and management, which have heretofore boon
s o successful.
(6) That the bills aro pernicious, and should bo defeated.
_
During a dobate on tho bill which requires the creation of
a rosorvo fund for savings banks, tho Sonato on tho 19th inst.,
sitting as a Committee of tho Whole, voted 10 to 13 against
its advancement to third reading. Tho Senate subsequently,
however, through the efforts mado on behalf of tho bill by
its author, Senator Pollock, disagreed with tho action of tho
Committee of the Wholo by a voto of 18 to 15.
— A hearing on the Jackson “ full crow” bill, prescribing
tho minimum number of men for operating trains, will bo
given to-day by Governor Sulzcr at tho request of President
Brown of tho New York Central R R . and President Trues<lalo of tho Delawaro Lackawanna & Western R R . Charles S.
Mellon on tho 25th inst. also sent tho Governor a telegraphic
request for a hearing on the bill on behalf of tho Boston &
Maine, tho Central Now England and tho New York Now
Haven & Hartford railroads. The bill passed tho Assembly
onitho 11th inst. and was passed by the Sonato on tho 24th.
It~would require roads more than 50 miles long to havo an
additional brakeman on freight trains of over 25 cars and
calls for an extra brakeman on passenger trains of over five
cars. A letter protesting against tho bill was recently
addressed to Governor Sulzer by Samuel Rea, President of
the Pennsylvania R R ., in which ho stated that bills similar
to that now pending were vetoed by Governors Hughes and
Dix of Now York, Governor Foss of Massachusetts and
917
The Legislative Committee of tho Order of Railroad
Conductors has also signified its disapproval of the bill in
a communication to the Governor in which it says: “ our
order recognizes the need of some kind of full crew regulation,
but for the interest of the railroad employees as well as the
traveling public, we firmly believe that any legislation upon
the subject should bo reasonable, and we do not consider
that the bill now before the Legislature is such in character.”
N o hard and fast rule, the Committee says, can be made
with reference to the proper number of employees upon a
train which will not work in many instances an injustice,
and it therefore presents amendments to the bill which it
believes will remove many of the objectionable features.
— Under a bill signed by G ov. Sulzer on the 25th inst.
every trustee of a savings bank who has not heretofore
taken an oath of office will be required to file his oath with
tho State Banking Department before July 1 next. The
bill also requires the trustees to file a qualifying statement
annually so that the Banking Department will be able to
check up the lists each year and see that vacancies are prop
erly filled, and may furthermore have some evidence that
thoso who are reported to the Department as trustees are
actively serving in that capacity. A similar bill was vetoed
by Gov. Dix last year.
— An increaso in the price of oil in New Jersey is announced
by tho Standard Oil Co. of New Jersey as a result of the new
anti-trust laws of that State. The particular law which has
served to bring about the advance makes it a misdemeanor
for any corporation, firm, person or association to discrimi
nate between sections, communities or cities by selling a com
modity at a lower rate in one section than another or at the
same rate or price at a point away from that of production
or manufacture as at the latter, after making due allowance
for the difference, if any, in the grade, quality or quantity
and in the actual cost of transportation. Tho company
announces that in order to comply with this law it has been
found necessary to make new prices on all its various products
For instance, it recites, tho price of tank wagon water white
kerosene oil is 8 } 4 cents per gallon at Bayonne, the manu
facturing point; the freight rate to Newark is 3c. per barrel
of 50 gallons, or .006c. per gallon, the Newark price for the
product being therefore advanced to 8.56c. per gallon.
The selling prices on kerosene, gasoline, lubricating oils, & c .t
are now being mado on this basis. Governor Fielder of
New Jersey, in denouncing the action of tho oil company,
declared it to be his belief, according to the Newark “ N ew s,”
that the corporations and trusts are making a deliberate
effort to create sentiment against the “ seven sisters” in an
attempt to effect their repeal.
— The first merger to take place under tho New Jersey
anti-trust laws was approved by the Board of Public Utility
Commissioners at Trenton on the 25th inst. Tho merging
organizations are the International News Service and the
National News Association. In their application it was
stated that tho two were not competitors, one furnishing
material to morning newspapers and tho other to afternoon
papers; that tho personnel and staff of the corporations
were largely identical, and that there was a community of
interest in a large measure as far as the stockholders were
concerned.
— A verdict for 8150,000 and interest against the Louisvillo & Nashville R R . and in favor of the National Park Bank
of New York was rendered in the Morgan County Court
at Decatur, A la ., on the 3d inst. The decision was given in
an action growing out of the failure of Knight, Yancey & Co.
of Alabama, and tho issuance by it of irregular bills of lading.
Tho bank in its bill of complaint alleged, according to the
“ Journal of Commerce,” that the road had failed to deliver
certain shipments of cotton received by it for transportation
and that the railroad had issued bills of lading for goods
never received. On behalf of the plaintiff, it was delared
that:
918
THE CHRONICLE
I t (the bank) paid sums o f m oney (§150,000) to said K night, Y a n cey Sc
G o ., or to som e one for them , on the belief and representation o f said com
pany that said bills o f lading attached to said bills o f exchange or drafts
wero genulno bills o f lading, which represented that the cotton thorein
described had in fa ct been delivered to and received b y this defendant.
A nd plaintiff avers that, as a matter o f fa ct, said bills o f lading wore not
genuine, b ut were spurious and forged, or wero issued b y tho authority
o f the defendant, but without any o f the cotton In said bills o f lading
described having been delivered to or received b y this defendant, and that
acceptance o f said drafts or bills o f exchange was refused b y the respective
drawees because o f the fa ct that said bills o f lading were forged and not
genuino, or because the cotton therein described had n ot been delivered
to or received b y this defendant.
The resignation of Frank E . Baxter as Ohio State Super
intendent ofJBanks was received and accepted by Governor
Cox on the 10th inst. Superintendent Baxter’s resignation
was tendered while he was on a leave of absence obtained
by him in February, after an indictment had been returned
against his brother, C . S. Baxter,fa State bank examiner of
Ohio. The leave of absence, which would have expired on
April 1, was requested by the Superintendent in order that
an examination of his Department might be made without
hindrance from him. The indictment against C . S. Baxter,
it was reported, charged embezzlement in connection with
a discrepancy of S3,040 in the accounts of the failed Colum
bus Savings & Trust Company of Columbus, Ohio. F . E .
Baxter was appointed Superintendent in June, 1910, to fill
the unexpired term of B . B . Seymour resigned. Ho was
later re-appointed for the term expiring July 5 1916. Emery
Lattaner, an examiner in the State Banking Department,
has been appointed Assistant Superintendent of Banks, with
power to act until M r . Baxter’s successor is named. ’
— The finger-print system for the identification of deposi
tors has been adopted by tho Union Trust Co. of Jersey
C ity. Other institutions which have recently decided to
make use of the system are the Ohio National Bank of
Columbus, Ohio, tho Woronoco Savings Bank of Westfield,
M a ss.,a n d the German-American Bank of Baltimore. The
Hackensack Trust Co. of Hackensack, N . J ., is another in
stitution which has availed of this method of identification.
— A bill intended to permit State banks in Indiana to
loan money on real estate outside the State was killed by
the Indiana Senate on the 4th inst. by a vote of 21 to 15.
— The U . S. Supreme Court, on the 17th inst., refused to
grant an order restraining the State officials of Kansas from
enforcing the deposit guaranty law of the State. The appli
cation was made by the Abilene National Bank of Abilene,
Kans. In December of 1909 the bank secured a temporary
restraining order from Judge Pollock of the U . S. Circuit
Court for the District of Kansas, but this was vacated the
following M a y by Judge Hook of the U . S. Circuit Court of
Appeals at St. Paul, M inn. Associate Justice Holmes in
handing down the opinion of the Supreme Court last week
said “ a good deal of the argument seems to be that the statute
will make State banks so attractive to the public that the
national banks will suffer. It is replied that experience has
not justified the prophecy. But even if it had, there is
nothing to hinder the States from permitting a competing
business and doing what Kansas has done with intent to
make it popular and safe. The national banks are free to
come into the scheme. The suggestion that they could not
come in and remain national banks is simply a statement of
the situation of all competitors.” The present ruling of the
Supreme Court serves to reaffirm its decision of January
3 , 1911, when it declared constitutional the bank deposit
guarantee laws of Kansas, Oklahoma and Nebraska.
— The Senate of South Dakota is said to have recently
defeated a bill intended to guarantee bank deposits. Tho
enactment of such a law was urged at the opening of the
Legislature by G ov. Bryne, and since the failure of the bill
he has sent (March 3) a special message to the Legislature,
again demanding that a guarantee law be put through during
the present session.
— In the March review of financial and commercial mat
ters issued by the First National Bank of Birmingham, Presi
dent W . P . G . Harding makes the following comments
respecting the conclusions of the Congressional Committee
which undertook the “ money trust” inquiry:
T h e m ajority report recomm ends that clearing Houses do lucorpora e ,
that Governm ent inspectors tako the place o f the present ciearing-nouse
examiners, that no rules or regulations providing for fixed rates o f interest
o r exchange be perm itted, and that all banks, provided they are solvent and
well-managccl, shall have tho legal right to becom o members. N o pro
vision seems to have been suggested against dangerous extremes in com p e
tition, which Is in striking contrast with the p olicy o f the Governm ent
toward tho railroads, which are required to observe published freight
tariffs and are prohibited from giving passes or from m aking rebates o f any
kind.
'
Under the proposed restriction upon clearing houses, it would seem that
the freest com petition is encouraged and that co-operation is tabooed,
[Vol. XCVI.
and that no protection has been provided against unsound practices in.
tho w ay o f excessive interest on deposits or handling o f country checks
w ithout reference to cost. Other recom m endations aro that no bank
mergers be perm itted w ithout the approval o f the C om ptroller o f tho Cur
rency and that n o director o f a national bank be perm itted to serve as a
director in another bank in the same com m unity, that cum ulative voting
be perm itted in the election o f national bank directors, and that publicity'
be given to loans m ade b y a bank to a director.
These recom m endations, if enacted into law, would undoubtedly tend
to curtail tho num ber o f directors on m any national bank boards, and,
taken together with the suggestions m ade as to the handling o f large
financial transactions in centres like N ew Y ork , would indicate a disposi
tion to m ake impossible any very largo banking institutions in this cou ntry.
Perhaps the ultimate effect would be to transfer the seat o f financial pow er
in N orth Am erica from N ew Y ork to Canadian cities liko M ontreal o r
T oron to, just as our present Governm ental p olicy toward m anufacturing
corporations m ay induce the location o f large industries in future on the
Canadian littoral o f the Great Lakes. H ow ever, it is a far cry from the
views o f an individual impressed upon a m ajority o f a com m ittee to the
actual enactm ent o f laws putting such ideas into effect, and tho hopo is
expressed, with m ore or less confidence, that salutary changes and reform s
m ay be m ade without unduo radicalism , and that all necessary house
cleaning m ay be accom plished w ithout injury to the structure itself.
M r . Harding in a recent interview pointed out that Ala
bama, with five men as Chairmen of some of the most im
portant committees in the United States Senate and the
House of Representatives, really possesses more power to
advance the general business interests of the country than
any other State in the Union.
— Frederick William Devoe, of the firm of F . W . Devoe
& C . T . Raynolds Co. (the largest manufacturers of paint
in the United States) and a director of the M arket & Fulton
National Bank of this city, died on the 21st inst. He was
in his eighty-fifth year.
— Dexter Blagden, of the firm of Charles Head & C o ., has
been elected to succeed Albert Francke, resigned, as a mem
ber of the Governing Committee of the N ew York Stock
Exchange.
— Elbert A . Brinckerhoff, Vice-President of the M er
chants’ National Bank of this city and a director of the Harriman National Bank, died on the 23d inst. in his seventy-fifth
year. M r . Brinckerhoff was well known in both financial
circles and the cotton world, having been senior member of the
cotton firm of Brinckerhoff, Turner & C o ., now known as
the J. Spencer Turner Co. H e had been a director of the
Merchants’ National Bank for thirty-six years and a Vice
President of the bank for nineteen years. Resolutions ex
pressing the sense of their loss in his death were adopted by
the board on the 27th inst. M r . Brinckerhoff was twice
M ayor of Englewood, N . J ., and had for many years beenPresident of the Presbyterian Hospital, besides having been
Vice-President of the American Bible Society.
— Tho Farmers’ Loan & Trust C o ., the city’s oldest
trust company, and a financial institution whose size is not
due to consolidation, reported $113,835,365 52 deposits at the
last bank call for March 6. In addition to a capital of $ 1 ,
000,000 and undivided profits of $6,520,178, its aggregate
resources of $122,409,886 49 consist of tho following itemsr
Bonds and stocks at market value, $30,507,717; real estate,.
$3,647,832; bonds and mortgages, $6,203,450; loans, $57,
892,785; accrued interest, $821,963, and cash on hand and
in bank, $23,336,141. The varied business interests repre
sented in the company is indicated in tho personnel of the
board of directors, consisting of Henry A . C . Taylor, Charles
A . Peabody, William Waldorf Astor, Ogden M ills, Franklin
D . Locke, Percy Chubb, Edgar Palmer, George F . Baker,
Samuel Sloan, Hugh D . Auchincloss, John J. Riker, D . H .
King Jr., Peroy A . Rockefeller, Augustus V . Heely, Henry
R . Taylor, Thomas Thatcher, John W . Sterling, Moses
Taylor Pyne, J. William Clark, Cleveland H . Dodge,
Henry Hentz, Edward R . Bacon, Frank A . Vanderlip,
James A . Stillman, Archibald D . Russell and Edwin S.
Marston, President of the company.
— Edward G . Benedict was appointed receiver for the Stock
Exchange firm of Mitchell & Co. on the 24th inst., following
the filing of an involuntary petition in bankruptcy against
the members, namely J. Murray Mitchell, Thomas B . M c
Govern and Frederick B . Alexander. As stated last week,
tho firm was a dealer in the stock of the United States Hair
C o ., and its dissolution was announced on the Exchange on
the 19th inst. following the arrest in New Orleans of members
of the Musica family, who controlled tho affairs of the United
States Hair Co. Ezra P . Prentice is receiver for A . Musica
& Co. and B . W . B . Brown has been named as receiver for
the United States Hair Co. The suspension of Mitchell &
Co. was announced on the Cotton Exchange on M onday,
the 24th. Requisition papers for the extradition from New
Orleans of Antonio Musica and his three sons, who wore in
dicted in New York last woek, were issued by G ov. Sulzer
on the 26th inst.
mar .
29 1913.]
THE CHRONICLE
— Henry Bischoff, one of the Justices of the Supreme
Court in this city and head of Bischoff’s Banking House, this
city, fell through an elevator shaft in the Emigrant Indus
trial Savings Bank Building yesterday and was instantly
killed. Justice Bischoff was in his sixty-first year.
— Alfred E . Kornfeld, ex-Vice-President and General M an
ager of the “ Engineering N ew s,” has been elected a mem
ber of the board of directors of Bischoff’s Banking House.
M r . Kornfeld will hereafter devote his entire time to the
institution.
— D oW itt Hubbell, heretofore Assistant Secretary of the
Plainfield Trust Co. of Plainfield, N . J ., has been elected
Secretary and Treasurer of the company, to succeed II. H .
Pond, whoso appointment as a Vice-President of the M e
chanics’ & M etals’ National Bank of N ew York was referred
to last week.
— Tho proposal to increase the capital of the Bank of
Buffalo, at Buffalo, N . Y . , from $500,000 to $1,000,000, was
ratified by the stockholders on the 25th inst. The plans
with regard to the new stock were referred to in our issue of
the 8th inst.
— Stephen It. Dow , head of the brokerage firm of S. R
D ow & C o ., Boston, and a former member of the Boston
Stock Exchange, who was indicted Oct. 25 on charges of the
conversion of funds of the Algomah, Franklin and Indiana
mining companies and found guilty on Feb. 26 on 24 of the
92 counts, was sentenced on tho 19th inst. to a term of eight
to twelve years in the State prison by Judge Brown in the
Suffolk Superior Court. A stay of sentence was granted.
— Thomas H . Lewis, Cashier of the Anchor Savings Bank
of Pittsburgh, has resigned that office and has been suceeded
by Hugh C . MeCauglian, Auditor of the Union Trust Co. of
that city.
— The directors of the Fairview Savings Bank of Detroit
have decided to change its name to the American State Bank.
Since tho establishment of the institution six or seven years
ago, it has opened four branches, one recently on the west
side of the city, and its original title is considered inappro
priate in view of tho broadening of its activities. There is
also said to bo a possibility that tho bank may change its
main office to the downtown section of the city. The insti
tution has a capital stock of $250,000 and doposits of about
$940,000. Tho bank remains under the presidency of W . E .
M oss.
— William E . Elliott has been made temporary President
of the new Grand Rapids Trust Co. of Grand Rapids, M ich .,
which has been formed Avith a capital of $300,000 and a surplus
of $150,000. M r. Elliott, it is stated, lias consented to
accept the presidency pending the installation of the perman
ent head of the institution. The company will havo as Vice
Presidents R . D . Graham, President of the Commercial
Savings Bank; Lee M . Hutchins, of the Hazoltine & Perkins
Drug C o ., and Joseph H . Brewer, Vice-President and Gen
eral Manager of the American Public Utilities Co. The
Secretary chosen for the new organization is Hugh E . W il
son, Avhilo A . H . Brandt, Vice-President of the Grand Rapids
Savings Bank, will be Treasurer.
— G ov. George W . Clarke of Iowa has consented to deliver
an address of welcome to the Ioiva Stato Bankers’ Associa
tion at their annual convention to be held on M a y 17 and 18
at Dos Moines. Among other prominent men avIio will
bo invited to make addresses are William G . M cA d oo,
Secretary of tho Treasury; Raymond A . Pearson, President
of the Iowa State College at Am es, and George E . Vincent,
President of the University of Minnesota.
— Preliminary steps toward the formation of a stock
-exchango in Memphis, Tenn., has been instituted by J. G .
Reaves, H . E . Fitzpatrick, J. J. Williams Jr., F . R . Dozier
and J. G . CarroAvay, who have mado application for a charter
for the proposed body. It is stated that organization will at
first bo only temporary, permanent organization being de
layed until the support of local capitalists is enlisted.
— E . L. Bemiss has been elected President of the Rich
mond Trust & Savings Co. of Richmond, V a ., to succeed
John Skelton Williams, who resigned with his appointment
as Assistant Secretary of the Treasury. M r. Bemiss had
been a Vice-President of the company, which began opera
tions last November.
— The neiv Commerce Trust C o. of Toledo, organized by
interests in tho National Bank of Commerce of that city, is
to begin business on Tuesday next, April 1. The company
has been formed with a capital and surplus of $200,000.
919
S. D . Carr, President of the bank, is at the head of the neiv
organization, the other officials of which are W . M . Edwards
and R . B . Crane, Vice-Presdents; A . H . Peiter, Secretary
and Treasurer, and R . W . Kirkley, Trust Officer.
— Under a recomendation of its directors, to be approved
by the stockholders on April 23 , the First National Bank of
Minneapolis proposes to increase its capital from $2,000,000
to $2,500,000 and to issue the neiv $500,000 in exchange for
the $1,000,000 capital of the Minneapolis Trust C o ., the
stock of which is to be held in trust for the bank’s share
holders. In addition to these plans, the bank has entered
into an arrangement with the Minneapolis St. Paul & Sault Ste.
Marie R R . whereby they will erect jointly an office building
of from sixteen to twenty stories in height, at a cost of not
less than $1,200,000, on the site of tho present First National
Building— a model and comparatively new structure. For
the use of the Minneapolis Trust C o. a new building two stor
ies high will be erected on the site between the property of
the First National and the N ew York Life Building. It is
expected that the trust company’s building will be completed
by Jan. 1 1914, when the bank and trust company will vacate
their present home, the bank taking temporary quarters
ponding the erection of the proposed mammoth structure
in which it and the railroad company will be permanently
housed. This building is to be owned jointly by the bank
and the railroad company.
— As the result of arrangements recently consummated
between the Phoenix and Third National Bank and the
Lexington Banking & Trust Co. of Lexington, K y ., the latter
will bo placed in voluntary liquidation and its business will
be taken over by a new organization to be formed b y interests
in the national bank. The proposed institution will be
known as the Phoenix and Third Trust Co. and will be owned
by the stockholders of the Phoenix and Third National
Bank. The trust company is to have a capital of $200,000
and its officials will be Y . Alexander, President; W . A .
M c D oavo II and H . P . Headley, Vice-Presidents, and W . L .
Threlkeld, Secretary and Treasurer. M r . Alexander is
Chairman of the Board of the Phoenix and Third National
Bank, the President of which is J. W . Rodes. The bank’s
capital is to be increased from $600,000 to $800,000, its
surplus becoming $160,000.
— W ith a view to widening its field of activity, the manage
ment of the Atlanta Trust Co. of Atlanta, G a ., has added
W . J. Morrison to its official staff. M r. Morrison enters
the institution as President, Henry Hillyer, Avhom ho suc
ceeds in that post, becoming Chairman of the Board of
Trustees. The Atlanta Trust Co. increased its capital from
$250,000 to $500,000 some six months ago when the name
was changed from the Hillyer Trust Co.
— The Comptroller of the Currency has approved the
plans of the American National Bank of Austin, T ex ., to
increase its capital from $200,000 to $300,000. The addi
tional stock was sold at $300 per share, the bank thus adding
$200,000 to its surplus, bringing it up to $600,000, and
making the combined capital and surplus $900,000. Under
its roport of Feb. 4 the bank’s deposits amounted to $3 ,607 ,
000, while its total resources were $4,441,000. Tho affairs
of the institution are under the guidance of George W . Little
field, President; H . A . W roe, R . C . Roberdeau and T . H .
Davis, Vice-Presidents; L . J. Schneider, Cashier, and H ,
Pfaefflin, Assistant Cashier.
— S. P . Berry, who has resigned as Cashier of the State
National Bank of Fort W orth, Texas, has been elected
President of the First State Bank of Oklahoma C ity, Okla.
— The stockholders of La Banque Internationale du
Canada (head office, Montreal) ratified the agreement for
the sale of its assets to the Home Bank of Canada (head
office, Toronto) on the 19th inst. Preidous references
regarding this proposal will be found in our issues of Feb. 8
and Jan. 25 last. Before the plan is carried out it must be
sanctioned by the Minister of Finance at Ottawa. Th e
International Bank began business in October 1911. The
paid-in capital of the institution is $1,361,000 and it is under
stood that its shareholders will receive $768,000 of Hom e
Bank stock at $128 per share. Shareholders of the Inter
national Bank who paid in more than 1 0 % on their subscrip
tions Avill receive the amount in excess of the 10 % . Referring
to losses incurred by the International, Sir Rudolphe Forget,
its President, stated at the meeting on the 19th inst. that
there Avas found a loss of $200,000 at the Paris office, and
added that there is also a loss at the Canadian end because
certain of the assets will be of no use to the Home B ank.
920
THE CHRONICLE
[Vol. XCVI
D E B T S T A T E M E N T OF F E B . 28 1913.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued Feb. 28 1913. For statement of Jan. 31 1913,
see issue o f Feb. 22 1913, page 531; that of Feb. 29 1912, see
issue o f M c h . 30 1912, page 888.
c m c t in u i!® o n m v c v c i a t g i x g H s I t ^ m s
[From our own correspondent.]
London, Thursday, March 20, 1913.
As the Stock Exchange will be closed from this evening
until Tuesday morning, business on the Stock Exchange has
been almost at a standstill this week. Politics look better,
IN T E R E S T -B E A R IN G D E B T F E B . 28 1913.
but there is a good deal of apprehension nevertheless. The
A m ount
----------- A m o u n t O u t s t a n d i n g ----------In terest
Issu ed .
R e g is te r e d .
C oupon.
T o ta l.
Allies have accepted the offer of the great Powers to mediate,
T itle o f L o a n —
P a y a b le .
S
2a, C onsolaof 1930.. ......
but with conditions. Indeed, they have put forward claims
646,250,150 642,490,650 3,759,500 646,250,150
3a, Loan of 1908-18. ......... Q .-F.
198,792,660 44,717,120 19,228,340 63,945,460 somo of which are considered quite impossible.
The Powers
(la. Loan o f 1925____ - - - - - Q .- F . 162,315,400 100,578,900 17,911,000 118,489,900
2a, Pan. Canal Loan 1906. Q .-F.
54,631,980 54,608,380
23,600 54,631,980 are, therefore, considering what measures ought to be adopted
2a, Pan. Canal Loan 1908.Q .-F.
30.000.
000
29,669,420
330,580 30,000,000
to bring them to a moro reasonable state of mind. M ean
3s, Pan. Canal I.oan 1911. Q.-S.
50.000.
000
36,664,000 13,336,000 50,000,000
2J^s, Poat. Sav. bds. ’ U -12J.-J.
1,314,140
1,085,900
228,240
1,314,140 while, money continues exceedingly scarce and dear in both
2>^a, Post.Sav. bds. 1912. J.-J.
1,074,980
881,120
193,860
1,074,980 Berlin and Vienna.
In both cities the rate of discount in
the open market is up to the official minimum, 6 per cent.
Aggregate Int.-bearlng d e b t . . 1,144,379,310 910,695,490 55,011,120 965,706,610
Vienna is believed to be borrowing very largely in Berlin.
D E B T B E A R IN G N O IN T E R E S T .
Berlin certainly is borrowing actively in London and New
F e b r u a r y 28.
tt .. , c
J a n u a r y 31.
York. It was thought that Berlin would take much moro
United States notes............................ ......................... $346,681,016 00 $346,681,016 00
53,282 50
Old demand n o t e a ............................................... ......
53,282 50 of the gold offering in the open market in London than she
National bank notes redemption account_______
20,550,098,50
22,871,078 50 has taken up to the present.
Each week she takes a portion;
Fractional currency, leas $8,375,934 estimated as
lost or destroyed............ ........................................
6,855,409 90
but considering how scarce and dear money is, the belief
6,854,864 90
up to now was that she would bid for the wholo of the gold.
Aggregate debt bearing no interest.................... $374,139,806 90 $376,460,241 90
Up to the present she has not done so. Perhaps she is putting
D E B T ON W H IC H IN T E R E S T H AS CEASF D SIN C E M A T U R IT Y .
off until next week the doing so, or the President of the
J a n u a r y 3 1.
F e b r u a r y 28.
Reichsbank may think that it is not advisable to disturb
Funded loan of 1891, continued at 2 % , called M ay 18
the London money markot moro than is absolutely essential.
1900, Intercut ceased Aug. 18 1900........... .................
$5,000 00
$5,000 00
Funded loan o f 1891, matured Sept. 2 1918_________
23,650 00
23,650 00
In Paris the rato of discount in the open market is also up
Loan of 1904, matured Feb. 2 1904 _________________
13,250 00
13,250 00
to
the official minimum; but the belief, both in Paris and
Funded loan of 1907, matured July 2 1907_________
718,850 00
718,150 00
Refunding certificates, matured July 1 1907................
13,860 00
13,820 00 in London, is that the rate is artificially kept up so as to
Old debt matured at various dates prior to Jan. 1 1861
discourage discounting by foreigners in that city. It is
and other items of debt matured at various dates
subsequent to Jan. 1 1801..............................................
903,780 26
true that the Bank of France need not pay out gold if it
903,780 26
objects to doing so. For all that, thero is an impression
Aggregate debt on which Interest has ceased since
m a tu rity ..........................................................................$1,678,390 26 $1,677,650 26
that it prefers to discourage all applications, and conse
quently that the rate in tho open market is artificially
R E C A P IT U L A T IO N .
maintained. Short loans aro cheap and tho banks aro supply
In c re a se (+ ) or
C la s s ific a tio n —
F e b . 28 1913.
J a n . 31 1913.
D e c r e a s e (—).
ing their customers more freely than a little while ago. But
Interest-bearing d e b t .......... $965,706,610 00
$965,706,610 00
D ebt Interest ceased............
1,677,650 26
hoarding still goes on, although it has not increased for several
1.678,390 26
— S740 00
D ebt bearing no Interest___
376,460,241 90
374,139,806 90
+ 2,320,435 00
weeks now. It has not increased either in Germany; but
it is believed that there has been moro hoarding recently
T otal gross d ebt________ $1,343,844,502 16 $1,341,524,807 16 + $2,319,695 00
Cash balance iu Treasury*.
297,036,682 68
295,846,020 08
+ 1,190,662 60 in Austria-Hungary, where the pressure is very great.
The India Council offered for tender on Wednesday 50
T ota l net debt..................$1,046,807,819 48 31,045,678,787 08
+$1,129,032 40
lacs, and tho applications amounted to nearly 2 0 3 M lacs,
* Includes $150,000,000 reserve fund.
at prices ranging from Is. 3 31-32d. to Is. 4d. per rupee.
The foregoing figures show a gross debt on Fob. 28 of Applicants for bills at Is. 3 31-32d. wero allotted 22 per
$1,343,844,502 16 and a not debt (gross debt less net cash cent, and above in full, while applicants for telegraphic
transfers at Is. 4d. were allotted 22 per cent.
in the Treasury) of $1,046,807,819 48.
Messrs. Pixley & Abell write as follows under date of
T R E A S U R Y C A S H A N D D E M A N D L IA B IL IT IE S .— March 19:
GOLD.— About £830,000 In bars has arrived this week, out of which Germany
The cash holdings of the Government as the items stood has bought about £250,000 and India £183,000, while it Is believed that £100,000
has been taken by a Joint-stock bank. The balance Is undisposed of at the moment.
Fob. 28 are set out in the following:
ASSETS.
T r u s t F u n d H o ld in g s —
L IA B IL IT IE S .
$
T ru s t F u n d L ia b ilit ie s —
$
G old coin ........................... 1,082,198,169 00 G old certificates.............. 1,082,198,169 00
Silver dollars....... ............ 469,324,000 00 Silver certificates............ 469,324,000 00
Silver dollars of 1 8 9 0 ...
2,742,000 00 Treasury notes of 189 0..
2,742,000 00
Total trust fund_____ 1,554,264,169 00
G e n er a l F u n d H o ld in g s —
Total trust liabilities. 1,554,264,169 00
Certified checks onbanks
955,713 75
G e n .F u n d L ia b ilit ie s —
G old coin and b u llio n ...
24,664,788 26 National Bank 5% fund
25,774,347 88
G old certificates_______
88,080,330 00 Outstanding checks and
8,401,306 00
Sliver certificates...........
d r a f t s .. .....................
23,548,491 23
Sliver dollars___________
23.644,177 00 Disbursing officers’ bal
Silver bullion.
1,813,186 73
ances . . ----------- -------79,886,338 44
United States notes____
7,729,631 00 Post Office Department
Treasury notes o f 1890.
9,843 00
a c c o u n t ........................
10,484,276 38
National bank notes__
39,756,894 14 Miscellaneous item s____
1,719,460 63
Fractional sliver coin ___
21,562,759 51
Fractional currency____
199 97
T o t. gen’l liabilities.. 141,412,914 56
M inor coin _____________
1,246,429 89 Less paid checks and
Bonds and lnterost p aid.
85,209 01
warrants In transit___
16,583,307 54
T o t . in Sub-Troaa’ies. 217,950,468 26
In N at. Bank Depositaries—
Credit Treasurer of U .S .
44,423,609 19
Credit U. S. dis. officers.
4,644,873 51
Net gen’l lia b ilitie s ...
124,829,607 02
Total In banks...........
49,068,482 70
In Treas. of Philippine Islands^—
C a s h B a l a n c e <t R e s e r v e —
Credit Treasurer o f U. S.
1,325,839 03 Total cash and reserve.. 297,036,682 68
Credit U. S. dis. officers.
3,521,499 71
M ade up of
A v a ila b le ------ 147,036,682 68
TotiU In Philippines..
4,847,338 74
and
Reserve F u n d H o l d i n g s —
Reserve Fund—
G old coin and b u llio n .. 150,000,000 00 G old& bull.150,000,000 00
Since our last the Bank has received £261,000 in bar gold, £175,000 from Egypt in
sovereigns and £5,000 from France. There have been no withdrawals. Next week
we expect £876,000 from South Africa. Arrivals—South Africa, £735,000; West
Africa, £9,500; West Indies, £21,000; India, £65,500; total, £831,000 Shipments—
Bombay, £247,500.
SILVER.— Since the date of our last circular the market has continued to fall
away and we quote to-day 26 3-10d. for cash and 26 9-16d. for forward. Prices
fell sharply on the 14th Inst, on speculative and China sales, but recovered 5-16d.
on tho following day, the heavy fall bringing in some bear covering, and a little
China inquiry, while sellers were disinclined to operate. Since then business has
been limited and rates have sagged to the above figures, closing quiet with no pro
nounced tendency. The difference between spot and forward has widened to V»i\.,
and stocks in London are higher at £3,250,000. the shipment to India this week be
Ing less than £100,000.
Stocks of rupees In the Indian Treasury have Increased
this week, as the following figures will show, and the prospect of any support from
the Indian Government during the next two months Is certainly not encouraging.
Mar. 18 1913. Mar. 10 1913. Mar. 18 1912
Ordinary reserve........ ; ......... .................. 14.70 Crores 13.40 Crores 14.50 Crorcs
Under coinage .................................................. .
.40
___
Gold standard reserve........ ......... ........... 6.00
’*
6.00 “
2.90 ”
20.70
The Bombay quotation Is Rs. 66 15-16 per 100 tolahs. Arrivals— New Yorkf
£383,000; West Indies, £11,500: total, £394,500. Shipments—Bombay, £17,000,
Calcutta, £72,500; Colombo, £6,000; Port Said, £1,500: total, £97,000.
Messrs. Pixley & Abell write as follows under date of
March 13:
N e t g o ld coin and b u llio n .............. 3 0 4 ,3 8 4 ,3 4 0 2 99 ,7 3 0 ,9 2 9 255 ,75 0,0 31 2 62 ,74 5,1 18
N e t sUver co in a n d b u ll io n ------------ 13,1 87 ,71 5
14,3 21 ,66 0
3 0 ,0 68 ,64 9 3 3,8 5 8 .6 7 0
GOLD.— About £900,000 In bars has'arrlvcd tills week, of which India has taken
£248,000. Of tho balance, the Continent has secured about £400,000, while a part
of the remainder may be retained for tho Indian requirements next week, so that a
small portion only will go to the Bank. Since our last the Bank has received £43,000
In bar gold and there have been no withdrawals. Next week we expect £734,500
f„rP™ South Afrlca and £66,000 from India. For the week: Arrivals—South Africa,
£735,000; West Africa, £37,500; Brazil, £15,000; South America, £5,500: India,
£85,000; New Zealand, £15,000; total, £S93,000. Shipments— Bombay, £240,250.
l’ °r the month: Arrivals—Germany, £35,000; France, £9,000; West Africa, £116,000;
South America, £50,000: India, £199,000. Shipments—Sweden, £200,000; Ger
many, £72.000; France, £75,000; West Africa, £20,000; South America, £1,509,000;
India, £1,073,000.
SILVER.—The market continues to sag and prices have fallen to 2 6^ d . for spot
and 26 15-16d. for forward. The fall has been caused by the weakness in China cx»
changes, with resultant offerings here, while a general mistrust of tho market has
added to the decline in prices. Some buying orders, however, for tho Indian ba
zaars and on China account have at times been In evidence. At the closo the market
Is dull but the outlook uncertain. Stocks In London continue very large and cannot
be less than £3,000,000, and, with money still very scarce, It Is not surprising that
forward silver is now quoted at 5-10d. premium, equal to 7% per annum. The last
Indian currency return, as detailed below, shows but little change front that of last
N ot United States Treasury notes
8,440
10,115
7,089
9 843
N o t legal tender notes...................... 5 ,8 2 4.1 79
6 ,9 9 5 ,8 3 7
9 ,9 7 1 ,8 1 6
7,72 9,6 31
N et national bank notes.............. ...2 7 ,8 0 0 ,4 0 3 3 0 ,7 8 7 ,7 7 7 4 6 ,6 2 3 ,0 6 3 39,7 56 ,89 4
N et fractional s d v e r ........................ 1 9 ,3 0 0 ,0 8 4 .. 17,814,855 2 0 ,6 2 1 ,5 3 3 2 1 ,5 62 ,76 0
M inor coin, & c ...................................... 2 ,0 8 5 ,5 4 2
1 ,5 8 4,1 27
2 ,1 9 7 ,6 9 6
2,28 7.5 52
March 10 1913. March 3 1913. March 9 1912.
Ordinary reserve...............................13.40 Crorcs
13.00 Crores
14.00 Crores
.90 ”
••
Under coinage................ ....................... 4 0 "
Gold standard reserve....................... 6.00 “
6.00 “
2 .9 6
“
Grand total..................1,976,130,458 70
Grand total.................1,976,130,458 70
T R E A S U R Y C U R R E N C Y H O L D IN G S .— The following
compilation, based on official Government statements, shows
the currency holdings of the Treasury at the beginning of
business on the first of Dec. 1912 and Jan., Feb. and March
1913.
rr
D ec.
H o ld i n g s In S u b T r e a s u r ie s —
11912.
$
Jan.
1 1913.
S
F eb.
1 1913.
$
M ch .
1 1913-
$
Total cash In Sub Treasuries. .372,590,703 371,245,294 365,239,877 367,950,468
.150,000,000 150,000,000 150,000,000 150,000,000
.222,590,703 221,245,294 215,239,877 217,950,468
Cash in national b a n k s ............. . 46,798,058 46,524,543 46,580,889 49.068,483
Cash In Philippine Islands_____ . 6,849,320
6,269,211
6,380,564
4,847.339
D educt current liabilities a __
.276,238,081 274,039.048 268,201,330 271,866,290
.126,291,661 130,462,667 122,355,310 124,829,607
Available cash balance............. 149,946,420 143.576,381 145,846,020 147,036,683
/In clu d e s $1,813,186.73 sliver bullion
nd $2,287,552.62 minor coin, & c., not lncIudedJinj3tatementJ“ Stock of m oney.”
tla Chiefly “ disbursing officers’ balances.”
19.80 Crores
19.90 Crorcs
16.90 Crores
The Bombay quotation la Rs. 68 5-16 per 100 tolahs.
For the week: Arrivals—New York, £298,000; New Zealand, £12,000; Australia,
£“1,000; total, £314,000. Shipments— Port Said, £1,500; Aden, £3,000; Bombay,
£383,500: Madras, £7,500; Calcutta, £25,000; total, £420,500. For the month:
Arrivals—Germany, £17,000; France, £23,000; U. S. A., £1,437,000. Shipments—
Russia, £11,000; Germany, £210,000; Holland, £130,000; France, £GO,000;iWeat
Africa, £162,000.
E n glish F in an cial M arkets— Per C able. $|j
r Tho daily closing quotations for securities, & c., at London,
as reported byjcable, have beon as followsjtho past week: jfa ^
Crorcs
19.80 Cr
London,
Thurs.
Wed.
Tues.
Mon
Week ending March 28.
Sat.
26 1-16 26)4
26)4
Stiver, per oz...... ..............d.
74 7-16
74
74)4
d Consols, 2 ‘A per cents___
74 5-16 74 7-16
74 )g
d For account
....... —
87.77)4 87.62)4 87.72)4
d French Rentos (In Paris) fr.
!
72)4
7m
72)4
Amalgamated Copper Co-|
71
69
72
Am. Smelt. A; Refining C o.;
7%
7A
7)4
6 Anaconda Mining Co-----103 X
105)4
105
Atch. Topeka & Santa F e ...
\
102 A
103
102)4
Preferred ------!
102)4
104
103)4
Baltimore Ac Ohio-------------|
85 A
85)4
85)4
i
Preferred -------------------232 %
236
238
Canadian Pacific-------------|
73 K
74)4
73)4
Chesapeake & Ohio----------;
15
15
15)4
,
Chicago Great \Ve3tern........
111)4
113
112)4
Chicago Mllw. A St. Paul—
;
20
20
21)4
Denver Ac Rio Grande-------i
34)4
33 %
34)4
Preferred _____________
!
28)4
28 H
29)4
Erie....................................
J
46
45
First preferred.................
p
46)4
37
Second preferred........—
5
35
36
Great Northcn, preferred...
r
132
131)4
130)4
124
Illinois Central............
S
127
125 'A
Louisville Ac Nashvlllo.........
«!
139
138)4
137
<
Missouri Kansas Ac Texas__
W
46)4
26 'A
25)4
0
b64
Preferred _____________
61)4
63)4
39
Missouri Pacific..................
38 A
39)4
c
60
Nat. RR. of Mcx., 1st pref..
60
59 'A
ta
24)4
Second preferred............
H
24)4
24)4
110
109)4
N. Y. Central Ac Hud. River
>4
108 'A
31)4
N. Y. Ontario Ac Western__
O
30)4
30)4
108
108)4
Norfolk Ac Western_______
W
106)4
86 'A
86 A
85
Preferred ........... ............
119)4
118)4
119)4
Northern Pacific..............
!
61
61)4
60)4
a Pennsylvania...................
•
81)4
80)4
81)4
a Reading Company...........
47
47
46)4
a First preferred..............
!
46 'A
46)4
46)4
a Second preferred______
]
22)4
22)4
21)4
J
Rock Island...................... 104
103)4
102)4
Southern Pacific__________
26 %
26)4
25)4
Southern Railway-----------84
83)4
82)4
Preferred ...............
[
153
154)4
153)4
Union Pacific____________
•
88
87
87
A
Preferred _____________
i
62 M
62)4
63)4
U. S. Steel Corporation....
J
110)4
111
110)4
Preferred _____________
;
3J4
4)4
3)4
•
Wabash_________________
ms
11)4
11)4
Preferred ----------- ------- 57 M
60
60)4
Extended 4s___________
a Price per share, b £ sterling, c Ex-dividend. 1 Quotations hero
flat prices.
Frl.
26 9-1
74)4
74)4
87.65
74
70)4
7)4
105
102)4
103
85)4
241
72)4
15
111 'A
21
35)4
28)4
46)4
37
131)4
123)4
138
26
64
38
60
24 >4
107)4
31
108
86)4
119)4
60)4
81)4
47
46)4
22
104)4
26)4
83)4
154)4
88
63)4
110H
3)4
11)4
59
given
(Commercial at*t lijlio ccllanc ous JVexos
Canadian Bank Clearings.— Tlio clearings for the week
ending March 22 at Canadian cities, in comparison with the
samo week of 1912, shows an increase in the aggregate of
1 .1 % .
Week ending March 22.
Clearings at—
Inc. or
Dec.
1912.
1913.
S
51,453,566
35,787,740
24,812,179
11,802,429
3,770,138
2,759,983
1,766,945
Halifax ......... ...............
2,702,641
Hamilton____________
1,426,341
St. John_____________
London______________
1,869,098
Calgary.................. ....... 4,153,866
Victoria......... ............ .
3,713,833
Edmonton___________
4,043,582
2,116,870
Regina...-------- ---------Brandon_____________
495,175
561,788
1,770,565
Saskatoon......................
563,442
Brantford — ............—
1,262,776
705,315
Fort William_________
566,711
New Westminster_____
1911.
1910.
8
S
S
%
45,994,408 + 12.4 42,945,491 43,697,745
38,000,000 —5.8 34,215,050 25,426,109
25,590,000 —3.0 19,371,655 14,299,473
11,761,254 + 0.4 9,731,605 8,671,250
5,715,774 —34.0 4,034,223 4,107,203
2,248,530 + 22.7 2,035,655 2,103,674
1,916,766 —7.8 1,355,059 1,676,420
2,761,993 —2.1 1,912,360 1,542,796
1,448,948 — 1.5 1,382,301 1,298,020
1,468,998 + 27.3 1,254,839 1,133,596
4,701,025 — 11.7 3.684,792 2,482,592
3,260,105 + 13.9 2,720,193 1,696,958
3,783,515 + 6.9 2,038,337 1,017,864
718,710
2,092,534 + 1.1 1,054,464
405,000
513,185
487,018 + 1.7
748,782
526,040 + 6.8
916,722
2,032,724 —12.9
497,998 + 13.1
484,532
.............
1,043,306 + 21.0
682,098
504,327 + 39.9
.............
al
Not Include d in tot
Total Canada............. 157,538,272 155,835,263
+ 1.1 131,081,343 109,153,700
F O R E IG N T R A D E OF N E W Y O R K — M O N T H L Y
S T A T E M E N T — In addition to the other tables given in
this department, made up from weekly returns, wo give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York.
Month.
July........
August--September
October ..
November
December
January..
February.
Imports.
Customs Receipts
at New York.
Exports.
1912 13.
1911-12.
1912-13.
1911-12.
1912-13. | 1912-13.
$
85,764,897
80.569.092
84,440,226
109,821.079
85.700,274
94,190.034
92,038,634
80,490,086
$
60,247,136
74,673,583
73,303,594
77,295.842
75,572,105
81.713,427
87,174,820
80,420,110
$
66.070.270
72,500,822
73,336,565
70,908,550
82.031,311
78,400,992
83.0S6.109
74,536,674
$
58,702,124
02,055,957
70,231,541
05,514,865
67.751,913
77,965,832
60,475,205
69,345,534
$
1
S
18.180,492 10,481,668
18,322.736 18,023,013
17,936,175 15,834,097
19,983,599 16,968.975
10,430.391 15,969,854
10,406,791 15,249,906
18,709,817 17,425,585
18,152,304 17,291,791
Total. . 725,014,322 619,400,017 007,531,293 538,042,971 144,182,308 133,244,889
1
1
The imports and exports of gold and silver for the eight
months have been as follows:
Cold Movement at New York.
Month.
J u ly ___
August__
September
October. .
November
December
January..
February.
f Total
Imports.
Silver— New York.
Exports.
1912-13.
1911-12.
1912-13.
1911-12,
$
1,838,482
2,376,892
1,481,485
8.799,437
1,291.578
6,748,644
2,831,377
1,215,243
$
$
S
269,508
858,180
519,068
84,400
38,800
1,873,940
179,027
404,852
1.601,591
2,045,192
186,996 2,816,299
1,547,826
192,833 2,305,278
678,172
1,764,901
347,970
1,894,791 17,154,217 1,750,573
1,441,106 12,242,965 10,507,393
20.583,138 12,748,415 31,426,813 18,590,650
1
921
THE CHRONICLE
M a r . 21) 1913.]
Imports.
Exports.
1912-13.
1912-13.
S
585,335
893,282
613.718
1.383,460
1,038,301
1,920,363
2,358,323
1,099,776
$
5,687,472
5,006,940
5,410,412
4,909,601
4,546,030
6,565,294
4,935,045
4,159,853
0,892,558 41,221,247
G O V E R N M E N T R E V E N U E S A N D E X P E N D IT U R E S .
Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for tho month of
February. From previous returns we obtain the figures for
previous months, and in that manner complete the state
ments for the 8 months of the fiscal years 1912-13 and 1911-12
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
Dec.
Receipts—
1911-12.
1912-13.
(000s omitted.)
Customs____ _ -----Internal {Ordinary __
Revenue\Corp. tax..
Miscellaneous-----------
Jan.
Feb.
8Mos.
Dec.
Jan.
Feb.
8 Mos.
$
S
$
$
S
S
S
$
24,248 29,334 27,606 222,888 24,587 24,655 26,337 201,858
27,194 24,600 22,418 207,650 25,060 22,041 23,102 195,861
494 2,752
413
21
205
307
519 3,204
4,174 6,301 4,261 36,388 4,081 5,323 3,999 34,940
Total receipts......... 55,821 60,542 54,804 470,130 53,749 52,462 53,932 435,411
Dlsbursem ents—
Civil and miscellaneous 13,902 14,549 12,862 118,974 14,785 15,703 13,562 122,309
W ar_______ _______ 17,332 12,643 10,613 113,635 11,921 11,825 10,477 106,430
N avy.... .......... .......... 12,069 11,590 10,641 89,024 12,852 11,175 10,750 92,170
1,795 2,824 1,438 13,161 1,644 2,131 1,354 12,551
Pensions.................. . 14,461 12,358 17,620 112,858 12,561 11,170 14,762 104,710
_
_
49 2,174
464 1,000
Postal deficiency-------494 3,284 1,317 16,122
492 3.28S 1,904 16,424
Interest on public debt.
Panama Canal----------- 3,322 4,057 3.093 27,501 3,122 2,921 2,861 23,851
Total disbursements. 63,375 61,305 57,584 491,739 58,377 58,213 55,719 480,619
Less repayment of un786
636 3,642 1,651 1,487
713
749 1,870
expended balances..
T ota l....................- 62,739 57,663 55,933 490,252 51,628 56,343 55,006 479,833
~ S T O C K OF M O N E Y IN T H E C O U N T R Y .— The follow
ing table shows the general stock of monoy in the country as
well as tho holdings by the Treasury, and tho amount in cir
culation on the dates given. The statement for Mch. 1 1912
will he found in our issue of Mch. 9 1912, page 673.
-Slock of Money Mch. 1 1913------ Money in Circulation—In United
Held in
March 1
March 1
States.
Treasury.d
1913.
1912.
S
$
$
%
Gold coin and bullion___*1,867,220,698 174,664,788 610,357,741 595,461,630
Gold certificates.a....................... .......... 88,080,330 994,117,839 959,142,796
Standard silver dollars___ 565,536,020 23,644,177
72,507,843
72,550,572
Silver certlflcatcs.a................................
8,401,300 460,922,694 467,083,397
Subsidiary silver_________ cl74,897,996 21,562,760 153,335,236 143,864,102
Treasury notes of 1890___
2,742,000
9,843
2,732,157
3,027,614
United States notes........... 346,081,016
7,729,631 338,951,385 337.113,675
National bank notes_____ 751,117,794 39,756,894 711,360,900 705,308,650
Total............................3,708,195,524 363,849,729 3,344,345,795 3,284,152,496
Population of continental United States March 1 1913 estimated at 96,776,000; cir
culation per capita, S34 56.
d This statement of money held in the Treasury as assets of the Government
docs not Include deposits of public money In national bank depositaries to the
credit of the Treasurer of the United States, amounting to 344,423,609 19.
* A revised estimate by the Director of the Mint of the stock of gold coin was
adopted in the statement of Aug. 1 1907. There was a reduction of 3135,000,000.
a For redemption of outstanding certificates an exact equivalent In amount of the
appropriate kinds of money Is held In tho Treasury, and Is not included In the
account of money held as assets of the Government.
c A revised estimate by the Director of the Mint of tho stock of subsidiary silver
coin was adopted In the statement of Sept. 1 1910. There was a reduction of
39,700,000.
B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , &c.— W e give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders'on deposit. The statement for Feb. 29 1912
will be found in our issue for March 9 1912, page 673._______
1912-1913
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
April
Mch.
28
31
31
30
31
30
31
31
30
31
30
31
1913...
1913...
1912...
1912...
1912...
1912...
1912...
1912...
1912...
1912...
1912...
1912...
BomLi andLegal Tenders Circulation Afloat
onDepositfor
Legal
Legal
Bonds. Tenders. Bonds. Ten
ders.
9
%
8
$
731,943,480
734,273,150
732,544,640
731,366,680
730,257,280
728,984,230
727,317,530
725,505,460
724,493,740
724,265,600
723,035,910
721,315,120
22,871,039
20,550,148
21.193,423
21,670,491
22,179,543
22,384,311
22,595,751
23,282,793
24,710,882
25,631,612
27,115,655
27,869,700
728,246,755
729,931,621
729,778,823
728,515,285
727,169,316
725,395,343
723,905,556
721,623,148
720.424,110
719,861,030
718,601,693
717.001.493
'reefer—
Total.
8
22,871,039 751,117,794
20,550,148 750,481,769
21,193,423 <750,972,246
21,670,491 750,185,776
22,179,543 749,348,859
22,384,311 747,779,654
22,595,751 746,501,307
23,282,793 744,905.941
24,710,882 745,134,992
25,631,642 745,492,072
27,115,055 745,720,348
27,869,790 744,871,283
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on Feb. 28.___________
Bonds on Deposit
Feb. 28 1913.
4%,
3%,
2%,
2%,
2%,
3%,
U.
U.
U.
U.
U.
U.
U. S. Bonds Held Feb. 28 to Secure—
Bank
Circulation.
S
30,323,500
S. loan of 1925.........................
S. loan of 1908-1918................. 21.104.680
S. Consols of 1930.................... 599,313,400
52,456,220
S. Panama of 1936....................
28.745.680
S. Panama of 1938.................. S. Panama of 1961......... .........
3.65%, District of Columbia................
Various, Territory of Hawaii................
Various, State, city and railroad...........
731.943,480
PublicDepostts
in Banks. \
Total
Held.
S
4.362.000
3,589,300
13,101,200
1,696,500
656.000
16,594,000
4.956.000
1.289.000
869.000
1.048.000
739.000
386.000
S
34,685,500
24,693,980
612,114,600
54,152,720
29,101,680
16,594,000
4.956.000
1.289.000
569.000
1.048.000
739.000
386.000
49,286,000
781,229,480
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Feb. 1 and
March 1, and their increase or decrease during the month of
February:
National Bank Notes— Total Afloat—
Amount afloat February 1 1913------------------------------------------------- $750,481,769
Net amount retired during February....................................................
636,025
Amount of bank notes afloat March 1 1913............................... .....$751,117,794
Legal-Tender Notes—
Amount on deposit to redeem national bank notes February 1 1913___ $20,550,148
Net amount of bank notes issued in February_______ ______ _____ _
2,320,891
Amount on deposit to redeem national bank notes March 1 1913___ $22,871,039
922
THE CHRONICLE
National Banks.—The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
Name of Company.
[V o l . X C V I
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Street & Electric Railways (Concluded)
Philadelphia Co., com. (quar.) (No. 126)
IX
APPLICATION TO CONVERT APPROVED.
Cumulative preferred stock......... ........
3
The Grand River State Bank, Scranton. N . D ., into “ The First National
Philadelphia Traction_________________
52
Bank o f Scranton.
Capital, $25,000.
Porto
Rico
Rys.
Co.,
Ltd.,
com.
(quar.)..
1
Bank o f Keystone into “ The First National Bank o f Keystone,” W . Va.
Preferred (quar.)______ ____________
Capital, 350,000.
1X
Public Service Corp. of N. J. (quar.)____
IX
CHARTERS ISSUED TO NATIONAL .BANKS.
Puget Sd. Tr., L. & P., com.(qu.)(No, 3) 1
Preferred (quar.) (No. 3)......................
March 13 to March 17.
IX
IX
10.347— The First National Bank o f Achille, Okla. Capital, $25,000. Republic Ry. A Light, pref. (qu.) (No. 7)
Ridge Ave. Pass. Ry., Phlla. (quar.)........
$3
. . o .o m,' *1; Grimes, Pres.; G. L. Grimes, Cashier.
IX
10.348— The Citizens’ National Bank of Hinton, W . Va. Capital, $50,000. St. Joseph Ry.,L.,II.& P „ pf.(qu.) (No.42)
J. R. Cary, Pres.; W . H. Garnett, Cashier. (Conversion of the Second & Third Sts. Pass., Phlla. (quar.). $3
South Side Elevated Ry., Chicago (quar.)
o .o Citizens’ Bank of Hinton.)
IX
IX
10.349— The Miners’ National Bank o f Henryetta, Okla. Capital, $25,000. Springfield A Xenia Ry., preferred (quar.).
Terre Haute Ind. & East. Trac., pf. (quar.)
or.. John Smith, Pres.; J. W . Kincaid, Cashier.
10.350— The First National Bank o f Richmond, Tox. Capital, 350,000.Toronto Railway (quar.)________
l*
Twin
City
Rap.
Tran.,
Minn.,
com.
(qu.).
J. R . Farmer, Pres.; E. G. Wessendorff, Cashier.
IX
Preferred (quar.)_________ _________
IX
Union Ry., Gas A Elec., com. (No. 1)___
1
Union Ry., Gas & Elec., pref. (quar.)----IX
i
DIVIDENDS.
United Light A Rys., com. (quar.) (No. 1) lk
The following shows all the dividends announced for the United Light & Rys., 1st pref. (quar.)----- IX
Second preferred (quar.)____________
X
future by large or important corporations:
United Trac. A Elec., Providence (quar.).
IX
Dividends announced this week are printed in italics:
Virginia Ry. & Power, common____
IX
Name of Company.
Railroads (Steam).
Beech Creek, guaranteed (quar.).............
Boston * Albany (quar.)______________
Boston A Maine, common (quar.)______
Boston Revere Beach A Lynn (quar.)___
Brazil Ry., preferred (quar.)...... ............ Canadian Pacific, com. (quar.) (No. 67)-Pteferred _________________________
Central of New Jersey (quar.)___________
Chcsapcako & Ohio (quar.)____________
Chicago A Eastern Illinois, pref. (quar.)..
Chicago A North Western, com. (quar.)..
Preferred (quar.)________ __________
Chicago Rock Island & Pacific Ry. (quar.)
Clev. Cine. Chic. A St. L., pref. (quar.)..
Colorado & Southern, 1st and 2d pref____
pelQKare Lackawanna & Western (quar.)..
Georgia RB- Banking (quar.)— .........
<}rand Trunk, guaranteed-------------------Ffrst and second preference__________
Third preference___________________
'Great Northern (quar.)...............................
Hocking Valley (quar.).............................
ifwecrDorough Rapid Transit (quar.)_____
Joliet A Chicago (quar.)...........................
Kansas City Southern, preferred (quar.)..
Keokuk A Des Moines, preferred_______
Lackawanna RR. of New Jersey (quar.)..
Lake Shore A Michigan Southern (extra)..
Guaranteed stock (Mich. Sou. A N.Ind.)
Maine Central (quar.)_________________
Manhattan Ry., guar, (quar.) (No. 116)-.
Meadvllle Conncaut Lake A Llnesvllle----Minn. St. P. A S. S. M., com. and pref...
Minn. St. P. AS. S.M ., leased lines..........
Missouri Kansas A Texas, preferred-------Newark A Bloomfield...............................
N. Y. Central A Hudson River (quar.)...
New York A Harlem, common and pref..
N. Y. Lack. A Western., guar, (quar.)__
N. Y. N. II. A Hartford (quar.)...............
Norfolk Southern (quar.)______________
Norfolk <6 Western, preferred (quar.)_____
Northern RR. of N. H. (quar.)......... .......
Norwich A Worcester, preferred (quar.)..
Philadelphia & Trenton (quar.)......... ........
Pittsburgh Bessemer A Lake Erie, common
Pitts. Cin. CMc. & St. Louis, com. & pf.(qu.)
Per
When
Cent. Payable.
1
Apr. 1 Holders of rec. Mar. 21
Mar. 31 Holders of reo. Feb.28a
Apr. 1 Holders of rec. Mch. la
I X April 1 Holders of rec. MarlSa
I X April 5 April 1 to
April 5
2>4 April 1 Holders of rec. Mar. la
2
April 1 Holders of rec. Mar. 1
S2 May 1 Holders of rec. Apr.18a
I X Mar. 31 Holders of rec. Mar. 7a
I X Apr. 1 Holders of rec. Mar.17a
I X April 1 Holders of rec. Mar. 3a
2
April 1 Holders of rec. Mar. 3a
I X ' Mar. 31 Holders of rec. Mar.21a
I X Apr.21d Holders of rec. Mar. 28
2
Apr. 1 Mar. 30 to Apr.
1
2 X Apr, 21 Holders of rec. Apr. 4
3
April 15 April 2 to April 14
2
Apr. 25 Mar.
8 to Apr. 10
214 Apr. 25 Mar.
8 to Apr. 10
2)4 Apr. 25 Mar. 8 to Apr. 10
May 1 Holders of rec. Apr. 12
134 Mar. 31 Holders of reo. Mar.17a
2)4 Apr. 1 Holders of rec. Mar.24a
1 %
April 7 Mar. 23 to April 7
1
Apr. 15 Holders of reo. Mar. 31a
3)4 Apr. 1 Holders of rec. Mar. 14a
Apr. 1 Holders of rec.Mar.dlOa
I
Mch.31 Holders of ree. Mch.2la
6
Mch.31 Holders of rec. Mch.21a
6
1)4 Apr. 1 Holders of rec. Mar.15a
134 Apr. 1 Holders of rec. Mar. 15a
Apr. 10 Holders of rec. Mar. 31
2
3)4 Apr. 15 Holders of rec.Meh.20a
2
April 1 Holders of rec. Mar20a
2
May 10 Holders of rec. Apr.19a
3
Apr. 1 Holders of rec. Mar.22a
1)4 Apr. 15 Mar. 21 to Apr. 16
2
Apr. 1 Holders of rec. Mar. 21a
1)4 Apr. 1 Holders of rec. Mar. 15a
2
Mch. 31 Holders of reo. Mch. 8a
)4 April 1 Holders of rec. Mch.15a
1
May 19 Holders of rec. Apr.30a
1)4 April 1 Holders of rec. MarlOa
2
April 1 Mar. 16 to Mar. 31
2)4 Apr. 10 Apr. 1 to Apr. 10
1 Holders of rec. Mar. 15
1 >4 Apr.
1X Apr. 25 Holders of ree. Apr.15a
1)4 Apr. 8 Mar. 16 to Apr. 8
1)4 Apr. 1 Mar. 16 to Apr. 1
82.50 Mch.31 Holders of rec. Mch.21a
May 8 Holders of rec. Apr.21a
2
April 10 Holders of rec. Mar.25a
1
1)4 April 5 Mar. 27 to April 4
2
1
Pitts. Ft. Wayne A Chic., reg., guar, (qu.)
Special guaranteed (quar.)___________
Pittsburgh A Lake Erie (extra)-------------Reading Company, common (quar.)........
Reading Company. 2d pref. (quar.)-------St. Louis Rocky Mt.APac. Co., pref. (qu.)
St. Louis A San Francisco—
Chic. A East 111., pref. tr. ctfs. (quar.).. 1)4
K. C. Ft. S. A Mem., pf. tr. ctfs. (quar.) 1
Southern Pacific (quar.) (No. 26)_______
1)4
Southern Railway, preferred___________
2)4
Southern Ry., M. A O. stock trust ctfs... 2
Union Pacific, common (quar.)_________
2)4
Preferred________ ____ ____________
2
United N. J. RR. A Canal Cos., guar.(qu.) 2)4
Utica A Black River__________________ 3 >4
Warren, guaranteed,................................ 3 ) 4
"West Jersey A Seashore........................... $1 25
Street and Electric Railways.
Asheville Pow. A Lt., pref. (qu.) (No. 4 ).. 1 )4
Auburn A Syracuse Elec. RR., pref. (quar.).
1 )4
Auausla-Aiken Ry. A Elec. Corp., pref. (qu.)
1 )4
Aurora Elgin A Chic. RR., com. (quar.)..
34
Preferred (quar.)........................... ....... 1 )4
Bangor Ry. A Electric, pref. (qu.)(No. 6 ) 1 )4
Boston Suburban Electric Cos., pref. (quar.).
Brooklyn Rapid Transit (quar.)............
California Ry. A Power, prior pref. (No. 1)
Capital Traction, Washington,D.C.(quar.)
Carolina Pow. A Lt., pref. (qu.) (No. 16).
Chicago City Railway (quar.)__________
Cincinnati A Hamilton Trac., com. (quar.)
Preferred (quar.)______ ____ _______
Cin. Newp. A Coe. Light A Tr., com. (qu.).
Preferred (quar.) ___________________
Cincinnati Street Ry. (quar.)__________
City Ry., Dayton, O., common (quar.)..
Preferred (quar.).................................
Cleveland Ry. (quar.)........... ...................
Columbia Ry., Gas. A El., pref. (quar.)..
Col. Newark A Zanesv. El. Ry.,pf. (qu.).
Commonwealth Pow., Ry .AL., com.(No.1)
Duluth-Superior Traction, com. (quar.)..
Preferred (quar.)________
Frankford A Southw. Pass., Phlla. (quar.)
Germantown Pass. Ry., Phlla. (quar .)___$
Halifax Elect. Tram., Ltd. (quar.) (No.65)
Houghton County Traction, com. (No. 8 ) .
Preferred (No. 10)................................
Illinois Traction, preferred (quar.)
Kokomo Marion A West. Trac., pref. (qu.).
Lake Shore Electric Ry., first prof, (quar.)
Louisville Traction, common (quar.)
Preferred ......... ........................... “ II
Manila Elec. RR. A Ltg. Corp. (quar )
Metrop. West Side EL, Chic., pf. (quar.)
Mohawk Valley Co. (quar.)............
Nashville Ry. A Light, pref. (quar.)_____
New Orleans Ry. A Light, pref. (quar.).I
New York State Railways, common_____
Preferred .............................................
Northern Ohio Tr. A Lt., pref. (quar.)..
Paclltc Gas A El. Co., com, (qu.) (No. 5)
Books Closed.
Days Inclusive.
Apr. 1 Mar. 18 to Apr. 1
Apr. 1 Mar. 18 to Apr. 1
April 1 Holders of rec Feb.28a
Apr. 24 Holders of rec . Mar.29d
Apr.
Holders of rec. Mar. 15a
Apr.
Mch. 1 to Mch. 16
Apr.
Mch. 1 to Mch. 16
April 10 Mar. 21 to Mar. 31
Mar. 31 Holders of rec., Mar.14a
Apr. 15 Holders of rec . Apr. 5a
Apr.
Holders of rec. Mar. 15a
Wash. Balt. A Annap. Elec. RR., pf. (qu.).
Washington (D. C.) Ry. & Elec., com. (qu.)
Washington Water Power, Spokane (quar.)
West End Street Ry., Boston, common...
Western Ohio Ry., 1st pref. (quar.).
Second preferred (quar.)...........
West India Electric Co., Ltd. (qu.) (No.21)
Winnipeg Electric Ry. (quar.)................
I Youngstown A Ohio River RR., pref. (quar.)
Banks.
Aetna National (quar.)________________
Century (quar.)....................................
Chase National (quar.)___ _____ _______
Chatham A Phenlx National (quar.)_____
Chelsea Exchange.......................................
Citizens’ Central National (quar.)--------Coal <&Iron National (quar.)___________
Colonial (quar.)..----------- ------------------Commerce, Nat. Bank of (quar.)----------Fifth Avenue (quar.)._________________
First National (quar.)........... - .................
First National, Brooklyn (quar.)-------------First Security Co. (quar.).........................
Flatbush, Bank of (quar.)...........................
Fourth National (quar.).............................
Carfield National (quar.)...........................
Gotham National (quar.).........................
Greenwich (quar.)-----------------------------Hanover National (quar.)_________ _____
Irving National (quar.)________ ;_______
Liberty National (quar.).........................
Manufacturers’ Nat., Brooklyn (quar.)..
Market A Fulton National (quar.).............
Metropolis, Bank of the (quar.)_________
Metropolitan (quar. ) . . . ........... —
Mount Morris (quar.) (No. 53)-----Nassau National, Brooklyn (quar.)—
New Netherland.................... ........
Park, National (quar.)------ ----------Seaboard National (quar.)------------Second National (quar.)....................
Washington Heights, Bank of (quar.)----Trust Companies.
Bankers’ (quar.)...... .......... - ..........
Brooklyn (quar.).............................
Central (quar.)..------ ----------------Columbia-Knlckerbocker (quar.)---Empire (quar.).................................•
Equitable (quar.)............................. .
Guaranty (quar.).............................
Extra ________________ ______
Lawyers’ Title Ins. A Tr. (qu.) (No. 58).
Mechanlcs’ of New Jersey (quar.)---Extra .................................. ........
Metropolitan (quar.) (No. 65)------Mutual Alliance (quar.)------ --------Mutual of Westchester County (quar.)...
Now York (quar.).................... ........
Title Guarantee A Trust (quar.)-----Union (quar.)........................... ........
U. S. Mortgage A Trust (quar.).........
Washington (quar.)------ --------------Fire Insurance.
City of New York (quar.)----Hanover Fire Insurance (quar.) (No. 126)..
Miscellaneous.
Aeolian, Weber Plano A Pianola, pf. (qu.)
Amer. Agric. Chem., com. (qu.) (No. 0 ) . .
Preferred (quar.) (No. 31)--------■
American Bank Note, pref. (quar.)--Amer. Beet Sugar, pref. (quar.) (No. 55)..
Amer. Brake Shoe A Fdy., com. (quar.)—
Preferred (quar.)............... ..........
American Can pref. (quar.)--------Preferred (acct. accumulated dividends)
Amer. Car A Fdy., com. (quar.) (No. 42).
Prefcrred (quar.) (No. 56)----------
Apr.
Holders of rec. Mar. 25a
Apr. 15 Holders of.rec. Mar. 31a
Mar. 31 Mar. 27 to Mar. 31
April 10 Holders of rec. Mar.22a
April 10 Holders of rec. Mar22a
April 1 Holders of rec.Mar.21a American Chicle, common (monthly)..
$1
Apr. 15 Holders of rec. Apr. 2a
Preferred (quar.)______ ____ ____
1)4 April 1 Holders of rec. Mch.10a American Cigar, preferred (quar.)---1)4 April 1 Mar. 23 to Apr. 1 American Coal Products, com. (quar.)----1)4 April 1 Mar. 15 to Mar. 31 American Express (quar.)............. ..........
1)4 Apr. 1 Holders of rec. Mar. 25a Amer. Gas A Elec., com. (qu.) (No. 12)-.
2)4 Mar. 29 Mar. 6 to Mar. 17
Preferred (quar.) (No. 25)....................
April 1 Mar. 21 to Mar. 31 Amer. Iron A Steel Mfg., com. A pf. (QU.)
1
1 )4
April 1 Mar. 21 to Mar. 31 Am. LaFrance Fire Engine, Inc., pf.(No. 1)
1)4 Apr. 15 Apr. 1 to Apr. 15 American Locomotive, preferred (quar.)----1 )4
Apr. 15 Apr. 1 to Apr. 15 American Mall Corporation, preferred.
1)4 April 1 Mar. 16 to Mar. 31 American Mailing, preferred..............
2
Mar. 31 Mar. 21 to Mar. 31 American Manufacturing (quar.) (No. 64)
1 )4
Mar. 31 Mar. 21 to Mar. 31 American Plano, pref. (quar.)..................
1 )4
Apr. 1 Holders of reo. Mar. 12a American Pipe A Construction (quar.)----1)4 April 1 Mar. 27 to April 1 American Pneumatic Service, first pref—
1)4 April 1 Mar. 25 to Mar. 31
Second preferred..................................
1
May
Holders of rec. Apr.10a American Pow. A Lt., pref. (qu.) (No. 14)
1)4 Apr.
Holders of rec.Mar. 21a American Public Utilities, com. (quar.)..
1
Apr.
Holders of rec.Mar. 21a
Preferred (quar.)________ __________
$4.50 April 1 Holders of rec. Mar.22 a American Radiator, common (quar.)____
1.31)4 Apr. 8 Mar. 19 to Apr. 7
Common (extra)....................................
2
April 1 Mar. 20 to April 1
Common (payable In common stock)__
2)4 April 1 Holders of reo. Mch.22a American Screw (quar.).............................
3
April 1 Holders of rec. Mch.22a
Seeding Mach., com. (quar.)..
1)4 Apr. 1 Holders of rcc. MarlSa American
Preferred (quar.).......................... .......
1 )4
Juno 1 Holders of rec. May25a American Shipbuilding, pref. (quar.)........
1)4 Apr. 1 Holders of rec. Mar.d21a Amer. Smelters Sec., pf. A (qu.) (No. 33)
1
Apr. 1 Mar. 11 to Mar. 16
Preferred B (quar.) (No. 32)-------------2 )4
Apr. 1 Mar. 11 to Mar. 16
American Snuff, common (quar.)----------1 )4
Apr. 1 Holders of rec. Mar.19a
Preferred (quar.)_____ _____________
l l i Mar. 31 Mar. 21 to Mch. 31 American Steel Foundries.........................
1 )4
April 1 Holders of rec.Mar. 20a
i u Apr. 1 Holders of rec. Mar. 24 American Sugar RefIn., com. A pref. (qu.)
American Surety (quar.) (No. 9 5 )..........
1 )4
April 1 Mar. 18 to Mar. 31
American Telep. A Teleg. (quar.)--------- l u Apr. 1 Holders of rec.Mar. 18a American
Tobacco, preferred (quar.)........
114
Apr. 1 Holders of rec.Mar. 18a American Type Founders, common (quar.)
1 )4
April 1 Holders of reo. Marlda
Preferred
(quar.)___________ ____ —
1)4 April 15 Holders of rec. Marl5a Am. Water-Works
A Gu., pf.(qu.) (No. 4)
May 1 Holders of reo. Apr. la
May 1 Holders of reo. Apr.10a
Apr. 1 Holders of rec. Mar.10a
April 1 Holders of rec. Mar. 20
April 1 Holders of rec. Mar. 20
Mar. 31 Holders of rec. Mar.27a
Apr. 15 Holders of ree. Mar. 25a
Apr. 15 Holders of rec. Mar. 25a
Apr. 15 Holders of reo. Mar. 31
Apr. 1 Mar. 16 to Apr. 1
Apr.
Holders of rec. Mar. 15a
April
Holders of rec. Mch. 3a
Mar. 31 Holders of rec. Mar. 20
Mar. 31 Holders of rec. Mar. 29
Apr.
Mar. 23 to Apr. 1
Apr.
Holders of ree. Mar. 15a
Apr.
Holders of rec. Mar. 21a
Apr.
Holders of rec. Mar. 21a
April
Holders of rec. Mch.lla
Apr.
Holders of ree. Mar. 11a
April
Holders of reo. Mar. 21
April
Mar. 22 to Mar. 31
April
Mar. 22 to Mar. 31
Apr.
Mar. 12 to Mar. 16
April 10 Holders of reo.Mar.20a
Mar. 31 Mar. 26 to Mar. 31
IX
I X June
2
April 1 Holders of reo. Mar.15a
$1 75 April 1 Mar. 23 to April 1
I X April 1 Holders of reo. Mar.22a
I X April 10 Holders of rcc. Mar,22a
I X Apr. 1 Mar. 24 to
Apr. 1
3
Apr. 2 Holders of rec. Mar. 21a
X Mar. 31 Holders of rec. Mar. 29
Apr. 1 Holders of reo. Mar. 25
Apr. 1 Mar. 25 to Mar. 31
Apr. 1 Holders of rcc. Mar. 31a
April 1
!3 to Mar. 30
Apr. 1
0 to Mar. 31
Apr. 1
s of reo. Mar. 26
Holders of rcc. Mar. 12
IX April
2X April 1 Mar. 21 to Mar. 31
2 April 1 Mar. 22 to April 1
25
April 1 Holders of rec. Mar,31a
7
April 1 Holders of reo. Mar.31a
2>4 Apr. 1 Holders of rec. Mar. 21
3
April 1 Holders of rec. Mar.31a
IX Apr. 1 Mar. 29 to Mar. 31
2
Apr. 1 Mar. 27 to Mar. 31
3
Mar. 311 Mar. 27 to Mar. 31
2
Apr. 1 Holders of rec.Mar.31a
2X April 1 Holders of ree. Mar.21a
4
Apr. 1 Mar. 22 to Mar. 31
2
Apr. 1 Mar. 22 to Mar. 31
April 1
5
Apr. 1 Mar. 22 ro Mar. 31
5
Apr. 1 Mar. 20
3
Mar. 31
Apr. 1 Mar. 28
4
Mar. 30
2
Apr. 1 Mar. 22
Mar. 31
Mar. 31
3
April 1 Mar. 21
2X Apr. 11 Holders of rec. Mar. 27
April
Holders of rec. Mar.31a
3
4
April 1 Holders of reo. Mar.20a
April 1 Holders of reo. Mar. 25
3
Apr. 1 Holders of rec. Mar. 31a
3
April 1 Holders of rec. Mar.31a
2
2
3
5
2
3
2
Apr. 1 Holders of reo. Mar.26a
Apr. 1 Holders of rec. Mar. 21
April 1 Holders of rec. Mar.22a
Mar. 31 Holders of rec. Mar.24a
2X Mar. 31 Holders of rec. Mar. 22
Mar. 31 Holders of rcc. Mar.27a
6
Mar. 31 Holders of rec. Mar.25a
6
2
Mar. 31 Holders of rec. Mar.25a
3
April
Mar. 16 to April 1
5
Apr.
Mar. 29 to Apr. 2
5
Apr.
Mar. 29 to Apr. 2
6
Mar. 31 Mar. 21 to Mar. 31
IX April Mar. 28 to Mar. 31
IX Apr. Holders of rec. Mar.31a
Mar. 31 Mar. 23 to Mar. 31
8
5
Mar. 31 Holders of rcc. Mar. 24
1214 Apr. 10 Apr. 6 to Apr. 9
Mar. 31 Holders of rec. Mar. 28
6
Holders of ree. Mar. 25
Apr.
4
5
6
10
5
2>4 Apr.
Apr.
4
IX
IX
IX
IX
Mar. 30
Mar. 24
Apr.
Apr.
Mar. 31 Holders of rec. Mar. 25
April 15 Holders of reo. Mar.24a
April 16 Holders of reo. Mar,24a
Apr. 1 Holders of rec. Mar. 15a
Apr. 1 Holders of rec. Mar.15a
154 Mar. 31 Holders of rec. Mar.20a
Mar. 31 Holders of reo. Mar.20a
2
IX April Mar. 23 to Mar. 31
24 m April
Mar. 23 to Mar. 31
X Apr. Holders of rcc. Mar.11a
IX Apr. Holders of reo. Mar.lla
Apr. 19 Holders of rec. Apr.14a
1
IX Apr. 1 Holders of rec. Mar. 20a
IX Apr. Holders of rec. Mar.14a
IX Mar. 31 Mar. 26 to Mar. 31
$3 Apr. 1 Holders of rec. Feb.28a
2
April
Mar. 21 to April 1
IX May April 20 to May1 1
I
X Apr. Holders of reo. Mar,20a
l.OOy Apr.
IX Apr. 21 Apr. 6 to April 22
2X May 2 Apr. 10 to ------- —
$1.55 May
Holders of rec. Apr. 15
Holders of rec. Mar. 17
114 April
IX Apr. Mar. 22 to Apr. 1
Holders of rec. Mar. 15
1
Apr.
Mar. 31
3X Mar. 31 Mar. 11
Mar. 31
11
IX Mar. 31 Mar.
Mar. 31
25
IX Apr. 1 Mar.
Mar. 31
April 1 Mar. 21
X April
Mar. 31
21
IX Mch. 311 Mar.
Mch. 22
Mch. 31
2
Mch. 31
Mch. 31 Mch. 22
2
Mch. 31
lOe Mch .31 Mch. 22
Mar. 31 Holders of rec. Mar. 24a
2X Apr.
15 Holders of rec. Mar,31a
1
15 Holders of rec. Mar.31a
IX Apr.
15 April 1 to April 16
IX April
Apr.
Mar. 22 to Mar. 30
IX Apr.
IX Apr. 1 Mar. 22 to Mar. 30
3
Holders of rec. Mar.15a
IX Apr. 1 Holders of rec. Mar. 15a
X Mch. 31 Feb. 28 to Meh. 20
IX April 2 Holders of ree. Mar. la
2X Mar. 31 Mar. 16 to Mar. 31
2 Apr. 15 Holders of reo. Mnr.31a
IX Apr. 1 Feb. 16 to Mch. 16
1
April 15 Holders of reo Apr. 10a
IX April 15 Holders of rcc. Apr 10a
IX Apr. 1 Holders of reo. Mar. 15a
1
Name of Company.
Miscellaneous (Continued).
American Woolen, prof, (quar.) (No. 56)..
American Writing Paper, preferred...........
A n a c o n d a C o p p e r M i n i n g (q u a r .) ( N o . 50).
A s s o c i a l e d O a s A E l e c ., p r e f . (q u a r .) -------A s s o c ia te d M e r c h a n ts , f i r s t p r e fe r r e d j (q u a r .)
F ir s t p r e fe r r e d ( e x t r a ) -----------------------S eco n d preferred, ( q u a r . ) --------------------S eco n d p r e fe r r e d ( e x t r a ) ..........................
A s s o c ia te d O il ......... - - - — - - - - ------------Bell Telephone Co. of Canada (quar.)----S e l l T e le p h o n e o f P e n n s y lv a n ia ( q u a r .) ........
Bethlehem Steel Corporation, preferred..
Bliss (E. W.) Co., pref. (quar.).................
B o n b r l g h t ( W m . P . ) , I n c . , l s l p f . ( q u . ) ( N o . 1).
Booth Fisheries, common--------------------First preferred (quar.)_____ _________
Brltlsh-Amcrlcan Tobacco, Ltd......... .......
Brooklyn Union Gas (quar.) (No. 48)___
Brunswlck-Balke-Collender, pref. (qu.)..
Buffalo General Electric (quar.) (No. 74)
California Electric Generating, pref. (qu.)_
California Petroleum Corp., com. (quar.)
Preferred (quar.)__________________
Cambria Iron.... ............................. .......
•Canadian Car & Foundry, pref. (quar.)..
C a n a d i a n C o tto n s , L td ., p r e fe r r e d (q u a r .) __
Canadian Cons’d Rubber, Ltd., com. (qu.)
Preferred (quar.)...... .......... .................
Canadian General Elec., Ltd., com.(quar.)
Preferred................ ........ .......... —
Canadian Locomotive, pref. (quar.) —
Canadian Westlnghouse,Ltd.(qu.) (No.33)
Caso (J. I.) Thresh. Machine, pref. (qu.)..
Cellulold Company (quar.)........— ------Central Coal A Coke, common (quar.)----Preferred (quar.)--------- -------------Central Leather .pref. (quar.) — - - - -
Cent. Mexico Lt. & Pow., pf. (qu.) (No. 1)
Per
When
Cent. Payable.
Books Closed.
Days Incluslne.
A p ril 15 M a r . 25
to
A p ril 3
A p ril
1 H olders o f reo. M a r . 16a
1
16 H old ers o f rec. A p r. 5
7 5 c. A p r.
I X A p r . 15 H old ers o f rec. M a r . 31
15 H old ers o f rec. A p r . 8
IX A p r.
A p r . 15 H olders o f rec. A p r. 8
A p r . 15 H olders o f rec. A p r . 8
Ye A p r . 15 H old ers o f r c c . A p r . 8
A p r. 15,
2
A p r. 15 H olders o f rec. M a r.2 5 a
A p r . 16 H old ers o f r c c . A p r . 5
I X A p ril 25 H old ers o f re c .A p r il 10a
to
M a r. 31
A p r.
1 M a r. 25
2
I X A p r. 10 H old ers o f rec. M a r . 31
M a r. 20
to
A p r.
1
4n
(n)
M a r . 20
to
A p r.
1
I X A p ril
Seo
N
o
t
e
h
.
M
a
r
.
31
2X
M a r . 16
to
M a r . 31
I X A p ril
H old ers o f rec. M a r . 20a
I X A p r.
H
old
ers
o
f
rec.
M
a r . 20
M
a
r
.
31
IX
H old ers o f r e c . M a r . 20a
I X A p r.
M a r. 16
to
A p r.
1
I X A p ril
M a r. 16
to
A p r.
1
I X A p ril
H olders o f rec. M a r.1 5 a
A p r.
2
I X A p r. 25 H olders o f rec. M a r . 31a
A p r.
3
I X A p r. 4 M a r. 27 t o
H old ers o f rec. M a r . 20
A p ril
1
H old ers o f rec. M a r . 20
I X A p ril
H olders o f r c c. M a r . 15
I X A p r.
H old ers o f r c c . M a r . 15
3 X A p r.
H
old ers o f rec. M a r.2 0 a
A
p
ril
IX
I X A p r. 10 H old ers o f rec. M a r . 31
A p r.
2
I X A p ril 1 M a r . 19 t o
M a r . 31
I X M a r . 31 M a r . 6 t o
A p r . 15
I X A p r. 15 A p r. 1 t o
A p r . 15
I X A p r. 15 A p r. 1 t o
I X A p ril ' H olders o f rec. M c h .lO a
H olders o f rec. J an.15a
I X A p r.
H old ers o f rec. M a r . 31a
I X A p r.
C e n tr a l A South A m e r . T ele g r a p h ( q u a r . ) . .
H old ers o f rec. M a r . 10
Cent. States Elec. Corp., pf. (qu.) (No. 3) I X A p r.
H old ers o f rec. M u r . 12
A p r.
Chic. June. Ry.& Un. Stk. Yds., com. (qu) 2
H old ers o f rec. M a r . 12
A
p
r.
IX
Preferred (quar.).................. ................
A p r. 25
A p r. 25 A p r. 16 t o
1
C h ic a g o P n e u m a tic T o o l (q u a r .) -------------H old ers o f r e c . M a r.2 9 a
M
a
r
.
31
2
Chicago Telephone (quar.)-----------------M a r . 21
I X A p ril 12 M a r. 15 t o
Cincinnati Gas & Electric (quar.)----------5-12 A p r . 1 H olders o f r c c . M a r . 15
Cities Service, common (monthly)--------H
olders
o
f
r
e
c
.
M a r . 15
A
p
r.
X
Preferred (monthly)______________ -H old ers o f rec. M a r . 25
I X A p ril
City Investing, preferred (quar.)----------H olders o f r c c . M a r . 15
Columbus (O.) Gas A Fuel, pref. (quar.)..
I X A p r.
Columbus (O.) Lt., lit. A Pow., com. (qu.) I X A p ril 1 H olders o f rec. M a r l5 a
H olders o f rec. M a rlS a
I X A p ril
Preferred (quar.)--------- ------- — ........
1
C o m m o n w ea lth O a s A E l e c . C o s ., p r e f . (q u .) SI.25 A p r. 15 H old ers o f rec. A p r .
A p r. 10 H olders o f rec. M a r,3 1 a
Comput.-Tab.-Rccord. Co. (qu.) (No. 1). 1
Cons. Gas, El. Lt. AP., Balt., com. (qu.) I X A p r. 1 H olders o f r c c . M c h . 20
A p r.
1 H olders o f reo. M c h . 31
Preferred -------------------------------------- 3
2 l-3s A p ril 1 H olders o f r c c . M a r . 20
Continental Can, prof. (No. 1)----________
to
I X A p ril 1 M a r. 26
Continental Gas A Elec. Corp., pref. (qu.)
I X M a r . 31 H olders o f r c c. M a r . 26
Continental Paper Bag, com.Aprcf. (qu.).
I X A p r . 1 H olders o f r c c . M a r. 22
C o te P ia n o M f g . , p r e fe r r e d (q u a r .) . . . . . . . .
H olders o f rec. M a r2 2 a
X M a r. 31 iivmv.u
Crucible Steel of Amer., pf. (qu.) (No. 38) I*74
I X A p ril 1 H olders o f r c c. M a r.1 5 a
Cuban-Amerlcan Sugar, pref. (quar.)----A p ril 15 H olders o f rec. M a r.3 1 a
Dayton Power A Light, pref. (quar.)----- A p r. 15 H olders o f r c c . A p r. la
D e la w a r e L a c k a ic a n n a A W e s t . C o a l (q u a r .)
A p r. 15 H olders o f r c c . A p r. la
20
E x t r a ------ ------------- ----------------------I X A p r. 15 H olders o f r c c . M a r . 31a
Detroit Edison (quar.).............................
X A p r. 30 H olders o f r c c . A p r. 19
D is t i l l i n g C o . o f A m e r i c a , p r e f. (q u a r .) ----' M a r. 17
to
M a r . 31
A p r.
Dominion Canncrs, Ltd., common (quar.)
to
M a r . 31
A p r.
1 M a r . 17
Preferred (quar.)..................................
H
old
ers
o
f
rec.
M
a r.1 5 a
A
p
ril
1
Dominion Iron A Steel, preferred........—
A p ril 1 H olders o f rec. M a r . 17
Domln. Steel Corp..Ltd..corn, (qu.) (No.8) 1
A p ril 1 H o ld e r s o f rec. M c h .1 5 a
Dominion Textile, common (quar.)........
A p r.
1 H olders o f rec. M a r . 21a
D u lu th -E d is o n E l e c tr ic , p r e f e r r e d (q u a r . ) . .
to
A p r . 25
A p r. 25 A p r. 16
duPont (E. I.) de Ncm. Pow., pref. (qu.)
A p ril 1 H olders o f r c c . M a r,2 2 a
du Pont Internat. Powder, pref. (quar.)..
M a rc h 19
A p ril 1
2
Eastern Light A Fuel (quar.)..............
A p r. 30 H olders o f rec. A p r. 15
E a s te r n S teel, f i r s t p r e fe r r e d ------ -------A p ril 1 H olders o f rec. F’ eb.2 8 a
Eastman Kodak, com. (quar.)--------April 1 H olders o f r c c. F eb .2 8 a
Preferred (quar.)-----------------------A p ril 1 H olders o f rec. M a r.2 9 a
Electrical Securities Corp., com. (quar.).. 2
M ay
1 H o ld e r s o f r c c . Aprll26a
Preferred (quar.)----------------------------A p r . 15 H old ers o f r c c . A p r. 5a
E l e c tr ic a l U t ilitie s C o r p . , c o m . (q u .) ( N o . 3)
A p r. 15 H olders o f r c c . A p r . 5a
P r e fe r r e d (q u a r .) ( N o . 12)..................
A p r.
1 H old ers o f r c c . M a r . 24a
1
Electric Storage Bat., com. A pref. (qu.)
M a r . 31 H old ers o f rec. F e b . 28
4
Galena-Signal Oil, common (quar.)----M a r . 31 H old ers o f rec. F'eb. 28
2
Preferred (quar.)........... - - - - .......... M a y 15 A p r.
1
to
A p r. 14
G a le n a -S ig n a l O il, c o m . (p a y a b le in c o m .s t k .) 50e
A p r.
1 H old ers o f rec. M a r . 22
1
General Baking, pref. (quar.) (No. 5)----A
p
r.
1
H
old
ers
o
f
reo
M
ch .2 0 a
General Chemical, preferred (quar.)........A p ril 1 H old ers o f rcc M a r . 21
General Chemical of Cal., 1st pref. (quar.)
A p ril 15 H old ers o f rec. M a r . la
2
General Electric (quar.)..........................
IX A p ril 1 H olders o f reo. M o h . 20
General Fireproofing, common (quar.)----A p ril 1 H old ers o f r c c . M a r . 20
General Fireproofing, pref. (quar.)...
to
A p ril l
A pril 1 M a r . 21
General Gas A Electric, pref. (quar.)..
M a y 1 H olders o f r e c . A p r. 15
G e n e r a l M o t o r s , p r e fe r r e d (q u a r .) .........
3 0c. A p ril 30 H old ers o f r c c . M a r,3 1 a
Goldfield Consolidated Mines........... .
I X A p ril 1 H old ers o f rec. M a r2 4 a
Goodrich (B. F.) Co., preferred (quar.)..
to
M a r . 31
A p r.
1 M a r . 21
Goodyear Tiro A Rubber, pref. (quar.)----A p r.
1 H olders o f r c c . M a r.2 5 a
Gorham Manufacturing, pref. (quar.)...
to
A p ril 1
A p ril 1 M a r . 16
Great Lakes Towing, pref. (quar.)-----A p r.
1 M a r . 15
to
M a r . 19
Guggenheim Exploration (quar.) (No. 41).
M a r. 31 H old ers o f rec. M a r.2 1 a
1
Hale A Kllburn, common................
M a r. 31 H olders o f r c c . M a r .2 la
F’lrst and second preferred (quar.)..
H
olders
o
f
rec.
M
a r . 17a
M a r . 31
Hart, Schaffner A Marx, pref. (quar.)----A p r . 1 H old ers o f r c c . M a r.1 5 a
Ilelmo (Geo. W.), common (quar.)...
H
olders
o
f
r
e
c
.
M
a r.1 5 a
A
p
r.
1
Preferred (quar.).............................
to
M a r . 31
A p r. 1 M a r. 22
1
Indiana Lighting......... .......................
St M a y 15 H olders o f rec. A p r . 23
I n d i a n a P ip e L i n e ( q u a r .) ....................
to
M a r . 31
M a r . 31 M a r. 22
Intercontinental Rubber, pref. (quar.).
A p r. 15 H old ers o f r e c . M a r . 25
Internat. Harvester Co. of N. J.,com.(qu.)
A p r. 15 H old ers o f reo. M a r . 25
Internat. Harvester Corp., com. (quar.)..
J uno 2
J une 2 M a y 15
3
International Nickel, common (quar.)----M ay 1
M ay
1 A p ril 13
Preferred (quar.)------ - - ----- ------A p r . 23
A p r. 15 A p r . 2
I n te r n a ti o n a l P a p e r , p r e f (q u a r )
A p ril 1
A p ril 1 F e b . 26
International Silver, preferred (q ar. . . . .
A p ril 1
A p ril 1 F e b . 26
Preferred (on account accum. djvs.)----M a y 15
Preferred (on account accum. dlvs.). . . 1 m M a y 15 M a y 2
X A p ril 1 H olders o f rec. M a r.2 2 a
Int. Smokeless Powder A Chem., com.(qu.)
4
M a y 15 H old ers o f r c c . M a y 5a
Preferred_____ ______________ ~
5 0 c. M a y 1 H old ers o f r c c. A p ril 26
Island Creek Coal, common (quar.)..
p ril 1 H olders o f rec. M a r. 25
Preferred (quar.)......... - - - - - - - v ;-- , ,,, $1IX50 A
A p r.
1 M a r . 26
to
A p r. 1
Kansas City Gas A El., pref. (qu.)(No. 12)
A p ril 1 H old ers o f r c c . M a r . 20
Kaufmann Depart. Stores, Inc., pf. (No.I) (0
I X A p r. 1 H old ers o f r c c . M a r.2 1 a
Kayser (Julius) A Co., common (quar.) —
I X M a y 1 H old ers o f r c c . A p r .2 la
» First and second preferred (quar.)-------I X A p r. 1 H olders o f rec. M a r. 20
KIrschbaum (A. B.) Co., pref_________
IX A p r. 1 H old ers o f r c c . M a r.2 2 a
Kolb Bakery, pref. (quar.) (No. 5)-------I X A p ril 1 H olders o f rec. M a r.1 7 a
Krcsgo (S. 8.), preferred (quar.)........—
t o A p r . 30
X A p r. 30 A p r . 20
La Belle Iron Works, common (quar.)----M a r. 31 M a r . 21
t o M a r . 31
Preferred (quar.)........................... ....... 2
I X M a r. 31 H old ers o f r c c . M a r . 24
Lanston Monotypo Machlno (quar.)____
A p ril 17
2 X A p ril 20 A p ril 1 to
La Rose Consolidated Mines (quar.)____
A p r.
1 H old ers o f reo. M a r. 22
Laurcntldc Company, Ltd. (quar.)......... 2
A p r.
1 H old ers o f rec. M a r. 24
3
Lawyers’ Mortgage (quar.) (No. 46)___
L e h ig h V a lle y C o a l S a les ( q u a r .) ................. $1.25 A p r. 21 H old ers o f r c c . A p r. 10
Liggett A Myers Tobacco, pref. (quar.)..
I X A p r. 1 H old ers o f r c c. M a r 21a
A pril 1 H olders o f r c c. M a f.2 1 a
Liggett A Myers Tobacco, common (extra) 4
t o A p ril
'
Loose-Wiles Biscuit, 1st pref. (quar.)___
I X A p ril 1 M c h . 21
to M a y
„
Second preferred (q u a r.).....................
IX M a y 1 A pril 16
Lorillard (P.), common (quar.)................. 2 X A p r. 1 H old ers o f r c c . M a r.1 7 a
I X A p r. 1 H olders o f r c c . M a r.1 7 a
Preferred (quar.).------- -- - - - - --------M a c A n d r e w s Ac F o r b e s , c o m . ( q u a r .) -----2 X A p r. 15 H old ers o f rec. M a r,3 1 a
1u
A p r. 15 H olders o f rec. M n r.31 a
P re fe r r e d ( g u a r A ---------------------------
923
THE CHRONICLE
M a r . 2 9 191.3.]
IX
x
1x
ix
ix
IX
2X
IX
IX
3X
IX
IX
IX
IX
IX
2X
IX
IX
X
IX
IX
IX
IX
IX
3X
IX
IX
IX
2X
IX
IX
2X
IX
IX
IX
IX
IX
X
IX
Xm
Name of Company.
Miscellaneous (Concluded).
Mackay Companies, com. (quar.) (No. 31)
Preferred (quar.) (No. 37)----------------Manhattan Shirt, pref. (quar.) (No. 3 ) ...
Manning, Maxwell <fc Moore, Inc. (quar.)
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
A p ril 1 I
A p ril 1 I
A p r.
1 I
M a r . 31 1
1
to
A p r . 15
A p r. 15 ;
Manufacturers' Heat A Lt., Pittsb. (quar.)..
Massachusetts Gas Cos., common (quar.) SI M a y 1 I
Massachusetts Ug. Cos. (quar.) (No. 3 8 )...
I X A p r. 15 I
May Department Stores, pref. (quar.)....
I X A p r. 1 1
Mergenthaler Linotype (quar.)................. 2 X M a r. 31 I
Vlar. 31 I
X
Extra_____________________________
A p r. 15 A
1
6
to
A p r . 14
Mexican Light A Power, Ltd., com. (quar.).
A pril 20 I
2
Mexican Petroleum, preferred (quar.)----2 X A p r. 16 I
Mexican Telegraph (quar.)--------------:----I X April 1 I
Michigan Light, pref. (quar.)..................
22 t o
A p r. 8
Michigan State Telep., com.&pref. (quar.) I X tfa r . 31 5
VIa y 15 E
IX
Milwaukee & Chicago Breweries, Ltd----X April 1 E
Montana Power, common (quar.)— ----I X A p ril 1 E
Preferred (auar.)...-----------------------to
A p r.
Montgomery Ward & Co., pref. (No. 1)-. 1.18 w A p r. 1 IV
I X A p ril 1 I
Mortgage-Bond Co. (quar.)-----------------I X A p r. 15 E
Mountain States Telep. A Teleg. (quar.)----I X A p r. 15 I
National Biscuit, com. (quar.) (No. 59)-to
A p ril 15
I X A p ril 15 A
Natlonal Carbon, common (quar.)...
to
M a r . 31
National Enameling & Stamp., pref. (qu.) OIX M a r. 31 5
re c . A p r . 5
A p r. 15 I
1
National Fireproofing, preferred (quar.) —
to
M a r . 31
National Gas, El. Lt. & Pow., pref. (qu.)
I X A p ril 1 5
t o M a r . 31
A p r.
1 h
1
Nat. Gas El. L. A Pow., com. (qu.) (No. 1).
to
M a r . 18
National Lead, common (quar.)-----X M a r. 31 h
to
M a r . 31
National Licorice, pref. (quar.) (No. 43).
I X M a r. 31 »
A
p
r.
2
1
Natlonal Sugar Refining (quar.)-----IX
M a r . 31
A p r.
1 r
3
National Surety (quar.)---------------M a r , 12
Nevada Consolidated Copper (quar.)----- 37X c. M a r. 31 #
New England Telep. & Teleg. (quar.)___
I X M a r. 31 I
A p ril 1 I
3
N. Y. Mortgage Security (quar.)---A p ril 15 I
10
New York Transit (quar.)_________
2
A p r. 15 I
Niagara Falls Power (quar.)_______
A p ril 17
A p ril 21 /
5
Nlplsslng Mines Co. (quar.)..._____
A p ril 17
Extra ___________ - ___________
2 X A p ril 21 l
North American Co. (quar.) (No. 36)___
I X A p r. 1 I
M a r . 31
Nova Scotia Steel A Coal, Ltd., com. (qu.)..
I X A p r. 15
M a r . 31
2
A p r. 15
Preferred (quar.)____ _____ _____
A p r.
1 1
Ogllvle Flour Mills, Ltd., common (quar.) 2
$3
A p r. 30 1
Osceola Consolidated Mining (quar.)----1
A p ril 15 1
Otis Elevator, common (quar.)-----------I X A p ril 15 1
Preferred (quar.)__________________
1
to
A p r . 15
I X A p r. 15 i
Pacific Telep. A Teleg., pref. (quar.)........
A p r.
1
Penn Central Light A: Power, pref. (quar.).
A p ril 15
6
Pennsylvania Salt Mfg (No. 100)-------Pettlbone, Mulliken & Co.,lst&2d pf.(qu.) I X A p r. 1 I
I X A p r. 25
Pittsburgh Coal, preferred (quar.).........
to
A p ril
IX A p ril 1
Pittsburgh Plate Glass, common (quar.)..
to
A p ril
A p ril 1
Preferred (annual)_____ ____________ 12
to
______
Pittsb. Term. W ’house A Trans. (mlhly. ) . . 18XC. A p r. 15
M
a
r
.
31
2
Pocahontas Consolidated Collieries_______
M a r . 31
1
Extra _____________________________
A p r. 15
Procter & Gamble, preferred (quar.)_____ _ 2
Producers Oil (quar.)_________________
I X M a r . 31
rs o f rec. A p ril 1
2 X A p ril 15
Quaker Oats, common (quar.)__________
rs o f rec. M a y
I
I X M a y 31
Preferred (quar.)_______________- —
2
to
M ay £0
M a y 20
Railway Steel-Spring, common ............... 2
x Remington Typewriter, 1st pref. (quar.)
I X A p r. 1
2
A p r.
1
Second preferred (quar.),................ ,—
Republic Iron & Steel, pref. (qu.) (No. 42)
I X A p r. 1
A p r . 10
3
Reynolds (R. J.) Tobacco (extra)................
1
A p r . 15
Rhode I si. Perkins Horseshoe, pref. (quar.).
M a r . 31
Royal Baking Powder, common (quar.).. 3
I X M a r . 31
Preferred (quar.)..................................
to
M a r . 31
IX A p r. 1
Rumely (M.) Co., preferred (quar.)-------2
A p ril 1
Safety Car Heating & Lighting (quar.)----M
a
r.
31
I
X
St. Joseph Stock Yards (quar.)............. .
I X A p r. 1
Scars, Roebuck & Co., preferred (quar.)..
2 X M a r 31
Sen-Sen Chiclet (quar.)________________
I X A p r. 19
Shawinigan Water & Power (quar.).........
I X A p r. 1
Sloss-Sheffleld Steel & Iron, pref. (quar.)
I X A p r. 15
Southern Calif. Edison, pref. (qu.) (No. 15)
to
M a r . 31
10
M c h . 31
South Penn Oil (quar.)________ ______
A p r.
1
1
South Porto Rico Sugar, common (quar.)
2
A p r.
1
Preferred (quar.)__________________
A p r.
1
5
South West Penn. Pipe Lines (quar.)___
6
to
A p ril 15
Standard Milling, preferred (No. 20)__
2 X A p ril 15
1
to
M c h . 20
M c h . 31
3
Standard Oil of Ohio (quar.)--------------1
to
M c h . 20
2
M c h . 31
Extra________ ___________________
Subway Realty (quar.)----------------------I X A p r. 1
M a r . 31
I X A p r. 1
Sulzberger & Sons Co., pref. (quar.)..........
M a r . 31
M a r . 31
5
Swan & Finch_______________ ________
I X A p ril 1
Swift & Co. (quar.) (No. 106) -------------I X M a r. 31
Texas Company (quar.)---------------------to
A p r.
1
I X A p r. 1
Tobacco Products Corp., pref. (qu.)(No.l)
A p ril 1
1
Underwood Typewriter, common (quar.)..
I X A p ril 1
Preferred (quar.).........................
2 X A p r. 1
Union Carbide (quar.)____________
2 X A p r. 15
Union Natural Gas Corp. (quar.) (No. 39)..
A p ril 10
Union Switch & Signal, com. & pref. (qu.) 3
1
M ay 1
United Cigar Mfrs., common (quar.).
M ay
1
2
United Dry Goods Cos., com. (quar.)_____
A p ril 15 H olders o f rec. M a r.2 6 a
2
United Fruit (quar.) (No. 55)____
to
M a r . 31
A p r.
1 M a r. 13
3
United Gas & Electric Corp., pref__
A p ril 15 H olders o f rec. M a r,3 1 a
$1
United Gas Improvement (quar.)__
50c A p ril 15 H olders o f rec. M a r . 18
United Shoe Machinery, common (quar.).
Preferred (quar.)................................. 37XC A p ril 15 H olders o f rec. M a r . 18
I X A p r. 15 H olders o f rec. A p r . 8a
U. S. Indus. Alcohol, pref. (qu.) (No. 26)
I X A p ril 1 n o ld e r s o f rec. M c h .20
U.S. Printing & Lithograph, 1st pf. (qu.)
A nrll 1 H olders o f rec. M c h . 20
2
Second preferred (quar.)_______
A p r. 1
to
I X A p r. 1 M a r. 22
U. S. Printing of N . J., com. (quar.)
A p r.
1
to
1 M a r. 22
1 .4376 A p r.
U. S. Printing of Ohio (quar.).........
U. S. Smelt., Refg. & Min., com. (quar.) 75C. A p r. 15 H olders o f rec. M a r . 31
87XC. A p r. 15 H olders o f rec. M a r . 31
Preferred (quar.).........................
to
M ch. 9
IX M c h . 29 M c h . 2
U. S. Steel Corporation, common (quar.).
A p r. 1
to
I X A p r. 1 M a r. 23
United Utilities, pref. (quar.) (No. 9)----A p r . 15
to
5 0 c. A p r. 12 M a r. 30
Utah Consolidated Mining..............
M a r . 11
to
M
a
r.
8
M
a
r.
31
75c
Utah Copper (quar.) (No. 19) -----M a r . 31
to
I X A p r. 1 M a r. 21
Utah Gas A Coke, pref. (quar.).......
1 H olders o f rec. M a r . 15
1-6 A p r.
Utilities Improvement, com. (monthly)..
X A p r. 1 H olders o f rec. M a r . 15
Preferred (monthly)___________
1
to
A p r . 15
A p r. 15 A p r.
2
Vlrginla-Carollna Chemical, Pf.(qu.)(No.70)
M a r. 31 H olders o f re c . M a r.2 4 a
2
Western Electric (quar.)___________
X A p ril 15 H old ers o f r e c . M a r2 0 a
Western Union Telegraph (quar.) (No.176)
A p ril 15 H olders o f r e c .M a r .3 1 a
2
Wcstlnghousc Air Brake (quar.)----------A p ril 15 H olders o f r e c .M a r .3 1 a
2
Extra ----------------------------------------A p ril 15 H old ers o f re c . M a r.3 1 a
5r
Stock dividend............. ........ ..............
1
A p r. 30 H olders o f rec. M a r . 31
Westlnghouse Elec. A M fg., com. (quar.).
A p r. 15 H olders o f rec. M a r . 31
I
X
Preferred (quar.)___________________
2 X A p r . 1 H old ers o f rec. M a r.1 5 a
Wcyman-Bruton, common (quar.)..........
I X A p r . 1 H olders o f rec. M a r,1 5 a
Preferred (quar.)--------------------------Wlllys-Ovcrland, pref. (quar.).................
i x A p r . 1 H olders o f rec. M a r 20a
Woolworth (F. W.). pref. (ouar.) (No. 6).
I X A p r. 1 H olders o f re c . M c h .lO a
A p ril 5
2
A p ril 15 April 1
Young (J. 8.) Co., com. (quar.)---A p ril 5
Preferred (quar.)--------------------I X A p ril 15 A pril 1
M a r . 19
Yukon Gold Co. (quar.) (No. 15)..
7 X o . M a r. 31 M a r. 15
IX
1
IX
IX
IX
1
a T ra n sfer b o o k s n ot closed fo r this d iv id e n d , b L ess Incom e ta x . d C o r re ctio n .
ft T ra n sfers receiv ed In L o n d o n up t o M a rc h 20 w ill b e
In tim e fo r d iv id e n d , ft D ecla red 4 % p a y a b le In q u a rterly Installm ents b eginnin g
A p ril 1. m O n a cco u n t o f a ccu m u la ted d iv id en d s, n P a y a b le In first preferred
stock betw een A p ril 1 and A p r . 15. o D ecla red 7 % p a y a b le In q u a rterly Install
m en ts. r P a y a b le In s to c k .
s A t rate o f 7 % per an n u m fo r p eriod from D e c . 1 1912 to A p ril 1 1913. t A t
ra te o f 7 % per annum fo r period from F e b . 13 t o A p ril 1 1913. u T ra n sfer b o o k s
closed from M a y 2 t o M a y 15, b o th d a y s Inclu ded , w A t rate o f 7 % p er annum
fo r period J a n . 31 to M a r . 3 1.
x F orm erly U n ion T y p e w rite r C o .
y A t rate o f
7 % per an n u m fo r period from D e c . 20 1912 t o A p r. 1 1913._________________
e P a y a b le In co m m o n s to c k ,
924
THE CHRONICLE
Auction Sales. Among other securities, the following,
not usually dealt in at the Stock Exchange , were recently sold at
auction in Now York, Boston and Philadelphia:
B y Messrs. Adrian II. Muller & Sons, New York:
Shares.
Per cent. Shares.
B y Messrs. R . L. D ay & C o., Boston:
$ per sh.
1 Ludlow Mfg. Associates, ex-div 239
25 F.verett Mills
..........
XYI'A
2 Pepperell Mfg Co______ _. * 300K
2 Androscoggin Mills___
150'
1 New Lond. A Nor. RR., ex-div 200
19 Pore Marquette RR., 1st pref.,
undeposited________
151 ^
1 Fitchburg Gas * Elec. Light Co. 125
10 Merrimack Chemical Co
101
22 Heywood Bros. A Wakefield
Co., pref--------------- -------- 101>$
7 Ileywood Bros. & Wakefield
Co., common.... ........ .....
125H
9 Waltham Watch Co., pref.
07 A
Shares.
Shares.
3
Bonds.
per cent.
per sh.
12 York Manufacturing Co...........115
$3 ,0 0 0 Youngstown A Sou. Ry.
1st 5s, 1923..........
80*3
$2,000 Boise-Payette River Elec.
Power Co. 1st Os, 1921_______90H
52.000 Huntington (W. Va.) Water
Co. 5s, 1940_________________ 76
51.000 Tacoma Gas Light Co. ref.
5s, 1926............................. .........68
51.000 N. O. Gt. Northern RR. 1st
5s, 1955____________ _________ 70
•$3,000 Swampscott, Mass. (Town)
34$s, 1926: tax-exempt________ 94
B y Messrs. Francis Henshaw & C o ., Boston:
Shares.
10 Gray A Davis Inc., pref.
$ per sh. Bonds.
Per cent.
. . . 99
$5,000 Lewiston Bruns. A Bath
'
Street Ry. 1st 5s, 1918...........
95
$1,000 Burl. & Mo. Rlv. RR. in
Neb. 6 s, 1918________ _______ 102
B y Messrs. Barnes & Lofland, Philadelphia:
Shares.
ip ersh . Shares.
3 Girard National Bank........... .401X
5 John B. Stetson Co., com........ 405
112 Rights to subscribe to Fidelity
Trust Co. at $100_____ 505-508M
1 Bank of North America_____ 290)4
18 Farmers’ A Mcch. Nat. Bank. 137
5 Philadelphia Nat. Bank.......... 4 7 5
12 Aldine Trust Co................. .110
17 Central Tr. * Sav. Co., $50 ea. 67M
1 Merchants-Unlon Trust C o...100
2 Provident Life * Tr. Co_____ 878
8 Fire Assn, of Phiia., $50 ea.350-351 >4
50 United Firemen’s Ins. Co., $10
each___________
12
2 Pennsy. Fire Insurance Co___ 397
10 People’s Nat. Fire Ins. Co.,
$25 each_____ ______
16
41 Frank. & So’wark Pass. Ry__ 360
3
per s;t
67 Phlla. A Grays F. Pass. R y .. 79
4 Green A Coates Sts. Pass. Ry.122
9 Citizens’ Pass. R y ................ 280H
2 Continental Pass. Ry_______ 121A
100 Geo. B. Newton Coal Co.,
1st pref....................... 94 %-95
125 Amcr. Pulley Co., $50 each
50A
150 Philippine Plantation Co. . $ 6 lot
130 Chesapeake A Del. Canal Co.,
$50 each____________________ 2
3 Phlla. Bourse, pref., $25 each. 16
4 Phiia. Bourse, com., $50 each. 4 >4
Bonds.
B y Messrs. ScTmuel T . Freeman & C o ., Philadelphia:
$ per sh. I Bonds.
per cen
14 Catawlssa RR., 2d pref......... 53-53K I $1,000 No.Spring.Wat. Co. 5s, 1928 94
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 th > week ending M ch . 22. The figures for the
separate banks are the averages of the daily results. In
the case of totals, actual figures at the end of tho 1
aro also given.
For definitions and rules under which the various ii«ms
are made up, see “ Chronicle,” V . 85, p. 836, in the case of tho
banks, and V . 92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
IVe omit two ciphers (00) In all cases.
Banks.
Capital.
omitted.
New York___
Manhattan Co
Merchants’ __
Mech.AMetals
America____
City...............
Chemical___
Merch. Exch.
Butch. * Drov
Greenwich__
Amer. Exch..
Commerce
Pacific______
Chat. A Phcn.
People’s ____
Hanover____
Citizens’ Cent
Nassau_____
Market A Full
Metropolitan .
Corn Exch..
Imp.A Traders
Park______
East River..
Fourth........
Second ____
First ...........
Irving_____
Bowery ___
N. Y. County.
German-Amcr.
Chase___
F’lfth AvenueGerman Exch.
Germania__
Lincoln ____
Garfield___
Fifth_______
ifletropolls__
West Side___
Seaboard___
Liberty -----N.Y.Prod.Ex.
State......... .
Security____
Coal A Iron..
Union Exch..
Nassau, Bklyn
$
2,000,0
2.050.0
2,000.0
6,000,0
1.500.0
25.000.
3.000.
600,0
300.0
500.0
5.000.
25.000.
500.0
2.250.0
200.0
3.000.
2.550.0
1.000. 0
1,000,0
2,000,0
3.000.
1.500.0
5.000.
250.0
5.000.
1.000.
10.000.
4.000.
250.0
500.0
750.0
5.000.
100.0
200,0
200,0
1.000.0
1,000,0
250.0
1,000,0
200.0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
'
Surplus.
Loans.
Average.
Specie.
I.egals. Net Depos Re
Average. Average. its. Aver. serve
S
4,212,8
4.960.1
2.07
8.847.7
6.381.3
0
30,006,0
0
7.394.0
506.4
122,8
1.032.3
0
4.703.6
0
16,578,7
963.4
1.293.5
473.6
14,123,4
0
2.254.2
461.4
1.901.3
1.803.5
0
5.911.5
7.718.7
0
13.745.2
59,5
0
5.832.3
0
2.604.3
0
21.967.3
0
3.248.1
791,3
1.961.6
715.2
0
9.906.7
2.225.1
815,8
1.056.4
1.710.2
1.261.4
481.7
2.251.8
924.0
2.356.3
2.782.9
910.0
560.3
442.8
537.4
960.0
1,138,0
$
20.258.0
30.550.0
18.247.0
52.962.0
23,00-1,0
172.998.0
30.156.0
6.297.0
2.258.0
9.092.0
40.247.0
128.506.0
4.776.0
19.190.0
2.333.0
71.769.0
22.595.0
11.197.0
9.506.0
12.879.0
49.351.0
25.099.0
82.358.0
1.442.0
28.764.0
13.652.0
111.184.0
34.474.0
3.448.0
8.750.0
4.330.0
94.311.0
13.226.0
3.523.0
5.248.0
13.613.0
9.076.0
3.886.0
13.110.0
4.183.0
23.951.0
21.758.0
9.032.0
17.473.0
12.009.0
6.710.0
8.836.0
7.561.0
$
3.800.0
8.227.0
3.692.0
8.877.0
4.179.0
36.932.0
5.451.0
1.205.0
412.0
2.390.0
8.048.0
18.059.0
481.0
3.299.0
414.0
16.093.0
4.902.0
1.677.0
1.835.0
3.033.0
8.222.0
3.746.0
19.153.0
322.0
5.201.0
3.168.0
22.707.0
5.574.0
796.0
1.489.0
858.0
20.593.0
2.868.0
558.0
1.217.0
2.786.0
2.220.0
333.0
1,821,0
909.0
5.120.0
3.964.0
2.506.0
5.263.0
2.565.0
1.331.0
1.788.0
1.389.0
$
759.0
1.518.0
1.332.0
3.366.0
1.685.0
5.472.0
1.785.0
194.0
59.0
190.0
1.890.0
8.774.0
622.0
1.530.0
150.0
5.156.0
611.0
1.557.0
951.0
254.0
5.906.0
2.050.0
1.888.0
123.0
2.533.0
164.0
4.694.0
3.444.0
77.0
741.0
215.0
4.598.0
1.155.0
342.0
254.0
848.0
291.0
646.0
1.481.0
286.0
2.290.0
1.682.0
301.0
376.0
1,126,0
462.0
350.0
185.0
17.292.0
35.100.0
18.115.0 27.7
50.536.0 24.2
22.019.0 26.6
161.760.0 26.2
27.449.0 26.3
6.073.0 23.0
2.066.0 22.7
10.289.0 25.0
38.159.0 26.0
103.110.0 26.0
4.403.0 25.0
19.413.0 24.8
2.294.0 24.5
79.441.0 26.7
21.204.0 26.0
12.737.0 25.3
9.753.0 28.5
13.202.0 24.8
57.413.0 24.6
22.232.0 26.0
83.288.0 25.2
1.693.0 26.2
28.811.0 26.8
12.833.0 25.9
102.566.0 26.7
34.500.0 26.1
3.595.0 24.2
8.878.0 25.1
4.230.0 25.3
103.523.0 24.3
15.054.0 26.7
3.529.0 25.5
5.999.0 24.5
13.657.0 26.6
9.451.0 26.5
4.197.0 23.3
13.114.0 25.1
4.853.0 24.6
27.830.0 26.6
23.074.0 24.4
10.542.0 26.6
22.382.0 25.1
14.474.0 25.5
6.871.0 20.0
8.622.0 24.7
6,267,0 25.1
Totals, Avgc. 133,650,0 204,973,3 1319,178,0 261,479,0 76,363.0 1307,893,0
25.8
Actual figures
1313,706,0 260,484,0 75,882,0 1300,490,0 25.8
Circulation.—On the basis of averages, circulation of national banks In the Clearing
House amounted to $46,236,000, and according to actual figures was $46,295,000.
Trust Cos.
00s omitted.
Brooklyn . . .
Bankers___
U. S. Mtg.ATr
Astor .............
Title Gu. A Tr.
Guaranty___
Fidelity.........
Lawy.T.I.A T .
Col.-Knlckcrb
People’s ........
New York___
Franklin____
Lincoln _____
Metropolitan .
Broadway___
Surplus.
S
,784,3
,733,3
554.0
300,2
,469,0
,240,8
,315,5
,085,2
,222,4
,665,1
,866,3
,242,2
567,5
,187,9
612.1
On Dep.
Net
Loans.
Specie. Legals. wlthC.H. Deposits.
Average. Average. Average. Banks. Average.
S
24.872.0
120,026,0
36.842.0
20.179.0
34.910.0
168,079,0
7.369.0
17.175.0
48.207.0
16.155.0
43.602.0
9.019.0
10.934.0
22.703.0
8.651.0
S
S
%
S
%
2,226,0
746.0 2.023.0 19.579.0 15.1+
9.3
14.132.0
84.0 10.506.0 94.521.0 15.0+10.0
4.315.0
344.0 3.911.0 31.043.0 15.0+11.0
93.0 1.400.0 14.183.0 15.1+ 8.7
2.056.0
2.185.0 1,222,0 2.559.0 22.928.0 14.8 + 10.0
17.120.0 1,073,0 12.469.0 117,087,0 15.5+ 9.6
651.0
236.0
697.0 5.756.0 15.4 + 10.4
1.364.0
508.0 1.400.0 12.174.0 15.3+10.2
5.162.0
800.0 4.059.0 39.738.0 15.0+ 9.2
1.863.0
397.0 1.806.0 15.021.0 15.0+10.5
3.769.0
793.0 3.311.0 29.748.0 15.3 + 10.0
949.0
144.0
873.0 7.141.0 15.3+10.8
1.205.0
229.0 1.066.0 9.530.0 15.0+10.0
2.048.0
9,0 1,863,0 13.726.0 15.0+11.9
944.0
359.0
991.0 8.505.0 15.3+10.2
Totals, Avgo.. 97,845,8 588,723,0 59,989,0 7,037,0 48.934,0 440,680,0 15.2+ 9.9
Actual figures Mar. 22 583,889,0 61,072,0 6,950,0 49,873,0 438,092,0 15.5+10.2
sin n n n on 'tw T n u '^ if^ c°mpanlcs 13 a? follows: Brooklyn, Sl.500,000; Bankers,
$10,000,000, United States Mortgage A Trust, $2,000,000: Astor, $1 250 000- Title
Guarantee A Trust, $5,000,000; Guaranty, $10,000,000; Fidelity si 000 000Lawyers’ Title Insurance A Trust, $4,000,000: Columbia-Knickcrboeker S2’ooo'ooO:
Peoples, $1,000,000; New York, $3,000,000; Franklin. $1,000,000- Lincoln ’ *1000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000. ’
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Mar. 22
Capital.
Surplus.
Loans.
Specie.
1On Dep.
Legal wUh C M .
Tenders. Banks.
Net
Deposits.
s
1 $
Averages.
$
$
1 S
1 $
$
Banks__ 133,650,0 204.973,3 1,319.178,0 261,479,0 76.363,0 ..........
Trust cos. 45,750,0 97,845,8 588,723,0 59,989,0 7,037,0 48,934,0 1,307,893,0
440,680,0
T otal... 179,400,0 302,819,1 1,907,901,0 321,468,0^ 83,400,0 48,934,01,748,573,0
Actual.
Banks __
.........
........-jl.313,706,0260,484,0' 75,882,0 _____ I1 3 OO.4 9 6 ,0
Trust cos.
........-1 -------- 1 583,889,0! 61,072,0 0,956,0 49,873,0 438,092,0
Total...
..........| ..........[l,897,595,0321,556,0 82,838,0 49,873,01,738,588,#
pgr cent.
82,000 Beech Creek Coal & Coke
Co. 1st 5s, 1944......... ..........
90
$1,000 Ontario Pow. Co. 1st 5s, 1943 95
$500 Toledo Fremont A Norwalk
Traction Co. 1st os, 1920
94
Shares.
00s
DETAILED RETURNS OF TRUST COMPANIES.
per cent.
12 Cent Fireworks Co, prof______ 21
12>i U. S. Title Guaranty Co____ 81
2 Floral Fark Bank, L. I., $50 each,
3 Atlantic Refining Co.........
635
$50 per sh. 10 Southern Pipe Line C o ...........255
30 Queens Co. Trust Co...... .......... 100
[V o l . XCVI
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all tho 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
Now York) and those for the rest of tho State, as per the
following:
For definitions and rules undor which the various
are made up, see “ Chronicle,” V . 80 , p. 316.
terns
STATE BANKS AND TRUST COMPANIES.
Week ended March 22.
State Banks,
Trust Cos.
State Banks,
Trust Cos.
in
In
outside of
outside of
Greater N . Y. Greater N. Y. Greater N. Y. Greater N . Y.
Capital as of March 7___
$
22,850,000
S
65,900,000
Surplus as of March 7___
38,888,200
168,762,700
12,932,285
16,524,200
296,800,700 1,080,111,500
—1,153,900 — 14,553,200
116,579,500
+ 898,300
180,468,500
+ 689,800
122,418,900
—248,100
184,732,900
—506,700
22,159,300
—936,400
21,411,500
—919,200
Loans and Investments..
Change from last week.
Specie ..................
Change from last week.
54,393,000
—734,000
110,943,000
—519,800
Legal-tender A bk. notes.
Change from last week.
20,399,400
+ 540,000
10,797,200
+ 305,700
Deposits.........................
Change from last week.
339,159,200 1,133,262,400
—2,247,100 — 10,921,100
Change from last week.
P. C. reserve to deposits.
Percentage last week..
+ Increaso over last week.
89,280,900
—892,400
27.1%
27.2%
$
8,798,000
133,978,500
— 138,100
16.4%
16.2%
19.2%
19.9%
$
11,950,000
12.5%
13.1%
•Decrease from last week.
Note.—"Surplus” Includes all undivided profits.
'Reserve on deposits’’ Includes
for both trust companies and State banks, not only cash Items but amounts due
from reserve agents Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo
cation as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payabio within
thirty days, and also exclusive of timo 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
*!»<!».Tnarx?t value (not exceeding par) of bonds or obligations of tho Stato or City
n L j bank .or .he,d ln trust for it by any public department.
Tho ..tate banks are likewise required to keep a reserve varying according to loca
tion, the reserve being computed on tho 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 amend
ment of 1911) by bonds or obligations of the City or State ot New York, and ex
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held In trust
for It by any public department.
. ,
— Trust Cos.—
— State Banks—
Reserve Required for Trust Companies
and State Banks.
Location—
Total
Of
Total
of
Reserve
which
Reserve which
Required. In Cash. Required. In Cash.
Manhattan Borough............................................ 1 5 %
Brooklyn Borough (without branches in Manhat.)15%
Other Boroughs (without branches In Manhattan) 15%
Brooklyn Borough, with branchra In Manhattan. 15%
Other Boroughs, with branches In Manhattan...15%
Cities of the first and second class........................ 10%
Cities of the third class and villages.....................10%
Elsewhere ln State________________
15%
10%
10%
15%
15%
5%
3%
25%
20%
15%
20%
15%
7A ^
15%
0
15%
10%
20%
16%
%
Tko Banking Department also undertakes to present sepa
rate figures indicating the totals for the Stato Banks and
trust companies in Greator New York not in the Clearing
H ouse.
These figures aro shown in the table below, as are
also the results (both actual and average) for tho Cloa lng-
House banks and trust companies. In addition, wo have
oombined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in the Greater New York.
Clear.-House
Members.
A ctualFigures
(Nat. Banks (
Capital Feb. 4 and
(State Banks]
Surplus (March 7 .- .(
Total of all
Clear.-House State Banks and
Trust Cos. Not Banks <t- Trust
Members.
in C.-H. Aver. Cos. Average.
Average.
$
$
$
$
179,400,000
179,400,000
302,819,100
302,819,100
Boston and Philadelphia Banks.— Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omU two ciphers (00) in all these figures.
Specie
NEW YOllK CITY BANKS AND TRUST COMPANIES.
i
Week ended March 22
925
THE CHRONICLE
M a r . 2 9 1913.]
27,550,000
206,950,000
77,586,800
380,405,900
Loans and investments 1,897,595,000 1,907,901,000
Change from last week —35,550,000 —34,342,000
571,142,800 2,479,043,800
—7,564,800 —41,906,800
1.738.5S8.000 1,74.8,573,000
Change from last week —36,445,000 —37,024,000
«571,772,100 2,320,345,100
— 7,762,600( —44,788,600
386,493,500
—4,679,000
Change from last week
321,556,000
—3,223,000
321,468,000
— 4,198,000
65,025,500
—481,000^
Change from last week
82.838,000
—819,000
83,100,000
+ 1,070,000
Banks: cash in vault..
Ratio to deposits___
336,366,000
25.86%
337,842,000
25.86%
91,605,400
68,205,400’
+ 1,058,200
— 11,800
|
12,529,600, 350,371,600
13.87%'
60,701,300| 127,727,300
TrustCos.:cash in vault
68,028,000
67,026,000
Aggr’te money holdings
Change from last week
404,394,000
—4,042,000
404,868,000
—3,128,000
73,230,900
—492,800
478,098,900
—3,620,800
Money on deposit with
other bks. & trust cos.
Change from last week
49,873,000
+ 655,000
48,934,000
— 1,062,001
15,053,900
—307,300
63,987,900
— 1,369,300
Total reserve.........
Chango from last week
454,267,000
—3,387,000
453,802,000 '
— 1,190,000
88,284,800
—800,100
542,086,800
—4,990,100
Surplus CASH reserve
Banks (above 25%)..
Trust cos.(abovel5%)
11,242,000
2,314,200
10,868,750
924,000
Change from last week
13,556,200
+ 4,318,750
11,792,750
+ 5,655,700
% of cash reserves of tr ust cos.--15.52%
1 0 .2 2 %
Cash ondep. with bks.
15.20%
9.99%
16.05%
.94%
25.74%
25.19%
16.99%
Deposits.
Circu
lation.
Clearings
270.050.0
271.821.0
271.308.0
289.367.0
270.362.0
262.128.0
264,164,0
258,752,0|
*
8.142.0
8.144.0
8.078.0
8.049.0
8.028.0
8.057.0
8.015.0
7.998.0
$
159,866,9
190,646,6
166.718.8
169.022.0
1.88,959,2
180,046,4
156.354.1
151.313.9
5
$
,4 223,021,0 25 ,982,0 4,095,0
,4 227,424,0 24 .415,0 3,861,0
,4 234,657,0 22 ,979,0 4,006,0
,4 238,613,0 24 ,733,0 3,676,0
,4 224,826,0 24 ,768,0 3,554,0
,4 225,870.0 24 .294,0 3,159.0
,4 229,396,0 23 ,758,0 3,246,0
,4 228,665,0 23 ,016,0 3,455,0
Boston.
Feb. 1..........
Feb. 8..........
Feb 15..........
Feb. 21..........
Mch. 1........
Mch. 8........
Mch. 15........
Mch. 22____
Philadelphia
Feb. l ........
Feb. 8........
Feb 15........
Feb. 21____
Mch. 1........
Mch. 8........
Mch. 15........
Mch. 22........
*424,710.0 14.952.0 173. 618,1
*416,803,0 14.928.0 173 755,2
*424,245,0 14.635.0 150 318,4
*422,174,0 14.106.0 142 ,569,2
*422,067,0 13.597.0 177 ,098,8
*415,430,0 13.293.0 174 ,609,1
*412,101,0 13.019.0 159 ,121,0
*410,323,0 12.730.0 144 ,987,8
95.366.0
90.875.0
91.567.0
91.406.0
89.730.0
86.748.0
84.383.0
83.602.0
4.3 378,212,0
4.3 380,282,0
4.3 380.793,0
4.3 379,536,0
4.3 379,036,0
4.3 380.679,0
4.3 379,855,0
4.3 376,513,0
a Includes Government deposits and the Item “due to other hanks.” At Boston
Government deposits amounted to $1,371,000 on March 22, against $1,36a,000 on
M♦^Deposits” now include the Item of “ Exchanges for Clearing House/’ which
were reported on March 22 as S16,015,000.
Imports and Exports for the week.— The following are
tho imports at New York for the week ending M ch . 22; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1911.
1912.
1913.
For Week.
$3,179,334
16,107,283
Dry goods-------- -------------General merchandise...........
*3,130,939
20,794,376
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending M ch . 22 and from Jan. 1 to date:
-
The averages of the Now York City Clearing-House banks
and trust companies, combined with those for tho State banks
and trust companies in Greater New York outside of tho
Clearing-House, comparo as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
EXPORTS FROM NEW YORK.
1911.
1912.
1913.
The following table shows the exports and imports of
specie at the port of New York for the week ending M ch . 22
and since Jan. 1 1913 and for the corresponding periods in
1912 and 1911:
EXPORTS AND IMPORTS OF SPECIE AT NEW Y O R K .________
S
$
1
$
Jan. 18............... 2.496.319.8 2,370.124,0 406.900.4
Jan. 25— ......... 2,517,393.4 2.396,487,8 414.841,6
Feb. 1............... 2.533.418.3 2,308,302,9 416.961.1
Fob. 8............... 2.564.228.6 2.419,986.0 412.466.4
Fob. 15............... 2.671.113.0 2,424,340,1 404.821.2
Feb. 21............... 2.555.845.1 2,404,481,0 403.299.8
Mch. 1............... 2.537.706.3 2,384,828,3 399.729.8
Mch. 8............... 2.537.841.3 2,384,382,3 394.970.9
Mch. 15............... 2.520.950.6 2,365,131,7 391.172.5
Mch. 22............. 2.479.043.8 2,320,345,1 386.493.5
1 S’
si 60
Legals.
Specie.
|g
Deposits.
S
1
*
8
94,588,0 501,488,4 568.163,6
92.842.8 507,684,4 680,518.7
91.799.4 508.760,5 587,223,9
89,653,6 502,120,0 577,993,2
90.272.9 495.094,1 563,805,8
89.929.4 493,229,2 560,069.5
89.767.5 489,497,3 558.904,1
89,618.71484,689,8 552,648.9
90,547,2 4S1.719.7 547,076,9
91,605,4 478,098,9 542,086,8
Reports of Clearing Non-Member Banks.— Tho follow
ing is tho statement of condition of the clearing-non-member
banks for week ending M ch . 22, based on average daily results:
We omit two ciphers (00) in all these figures.
New York City
Manhattan and Bronx.
Aetna National-- —
Washington Heights.
Battery Park N at...
Century.........
Colonial.........
Columbia_________
Fidelity...............
Mount Morris—
Mutual...............
New Ncthcrland.
Yorkvlllo____
Brooklyn.
First National .
Mechanics’ _______
National City_____
Nortli Side......... .
Jersey City.
First National____
Hudson County Nat.
Third National____
Iloboken.
First National____
Second National —
Capi
tal.
Sur
plus.
Loans,
Disc’ts
and
Invest
ments.
Specie.
$
$
$
$
500,0
1 0 0 ,0
2 0 0 ,0
500,0
400,0
300,0
2 0 0 ,0
250,0
2 0 0 ,0
2 0 0 ,0
2 0 0 ,0
1 0 0 ,0
300,0
252,0
1 ,0 0 0 ,0
300,0
2 0 0 ,0
rsis.i
350,4
108,3
507,5
615,9
758,1
178,8
346,8
461.0
305,5
602,0
150,0
315,0
603,0
898,0
606,0
58,0
392,0
577,0
317,0
237,0
644,0
694,3
016,8
639,1
572,6
176,8
3,670,0 319,0
5,930,0 509,0
10,957,0 1,345,0
4,592,0 513,0
2,493,0 2 0 1 ,0
3,000,0
1,642,0
1,046,0
5,801,0
6,809,0
6,026,0
1,051,0
2,396,0
5,698,0
3,347,0
1 ,8 8 6 ,0
1 0 1 ,8
527,4 4,402,0
400,0 1,362,9 4,078,0
810,1 3,102,0
250,0
425.1 2,454,0
2 0 0 ,0
250,0
161,0
95,0
657,4 4,380,0
277,8 3,348,0
218,0
207,0
2 2 0 ,0
125,0
On
Legal ■
Tender Deposit
with
and
C.-H.
Bank
Notes. Banks.
$
$
87,0
84,0
130,0
182,0
115,0
396,0
824,0
4S2.0
8 8 ,0
405,0
313,0
531,0
1 2 0 ,0
44,0
380,0
105,0
95,C
187,0
1 2 2 ,0
294,0
592,0
534,0
272,0
566,0
Nci
Deposits.
$
Imports.
34,0
57,0
299,0
370,0
ISince Jan. II
Week.
Groat Britain................................
France ...................................... . $6,017,001 $23,329,
714,000:
714,
Germany ............................. ........
100
111,
West Indies____________________
Mexico------------ ----------------------100 *6 0 6 ] 21,718!
South America..............................
470,053
970,
All other countries........... ..............
$41,449
” 9,253
159,648!
52,155;
41,298!
Since Jan. 1.
$46,692
41,584
211,393
2,517,267
660,727
436,190
Total 1913.................................. $7,331,154 $46,847 408 $303,803 $3,913,853
511.589 5,265,497
Total 1912.................................. i 1,675,200 19,470 566
3,200; 1,220,595) 499,060 2,658,895
Total 1911........... ......................
Sliver.
.
,
Great Britain.................................| $S0S,094 $10,715,884
74,000 1,412,949!
Franco _____________________
Germany__ _____ __________
7,926
100
West Indies__________________
Mexico______________________
3,950
South America__________ ____
600
All other countries____________
Total 1913....................................1 $882,194 $12,141,309
Total 1912
[ 979,440 11,862.826
Total 1911....................................! 1,076,538 11.375.915
$6,329
141
157,385
109,924
66,535
$13,279
11,049
4,088
66,451
1,412,289
662,627
278,895
$340,314 $2,448,678
223,753 2,609,046
149,3171 1,688,517
Of the above imports for the week in 1913, $9,205 were
American gold coin and $68 American silver coin.
2,649,0
1,385,0
1,710,0
6,507,0
7,007,0
7,175,0
990,0
2,650,0
5,960,0
3,454,0
2,054,0
4,925,0
gauM utj an cl f in a n c ia l.
Railroad and Industrial Stocks
Write for our Circular No. 614 entitled ‘ Railroad and Industrial
Stocks.” which describes 124 Issues listed on the New York Stock
Exchange, and classified by us as followas: Investment Stocks, Semi
Investment Stocks. Speculative Stocks.
Spencer Trask & Co.
43
E X C H A N G E
C h ica g o,
111.
PLA CE— N E W
B o s to n , M ass.
Y O R
C.
A lb a n y , N. Y .
fembers New York Stock Exchange.
3,545,0
1,561,0
1,441,0
White, Weld & Co.
1,718,0
1,478,0
6,597,0 11,346,1 89.974.0 9,223.0 4,315,0 11,727,0 84,776,0
Totals March 15- 6.597.0 11.346.0 89.014,0 9,361,0 4,204,0 12,005,( 84,317,0
Totals March 8 . 0,697,0111,144,8189,191,019,283,0 4,271,0 12,235,0 83,899,0
Week.
92,0
504,0 2,960,0
255,C 510,0 5,395,0
601 ,C 1,033,0 13,096,0
133,C 749,C 4,562,0
126,0
295,0 2,536,0
318,0 1,972,0
04,(
397,C
130,0
489,0
1910.
Total 12 weeks.................$229,981,859 5199,563,503 $184,911,083 $152,024,447
Exports.
Totfoney.
Holdings.
(
$14,960,442! $15,907,404 $16,410,490 $16,036,487
215,021,417 183,656,099 108,500,593 138,987,960
For the week......................
Previously reported-----------
We omit two ciphers in all these figures.
Veek Ended—
1910.
$3,271,554
16,326,371
T otal............................... $19,286,617 $23,925,315 $17,118,679 $19,597,925
Since January 1.
$39,358,587 $14,476,426
Dry goods........... - .............. $40,714,882 $37,901,630
General merchandise........... 206,058,188 195,828,424 166.148,248 104,767.905
Total 12 weeks
___ $246,773,070 $233,730,054 $205,506,835 $239,244,331
i
i
i
......... : :
+ Increase over last week. — Decrease from last week.
a These arc the deposltc 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 8025,944,300, a decrease of 33,431,200 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. 6 Includes bank notes.
Loans and
Investments
I
$2,830,472
14,288,207
B onds
14
W ALL STREET
NEW
Y O R <
and
Investm ent
T nE IR O O K E R Y
C H IC A Q O
S ecu rities.
111
DEVONSHIRE STREET
B O STO N
926
THE CHRONICLE
Ik u h m ’
D om estic Exchange.— Chicago, 25c. per $1,000 premium, Boston,
par. St. Louis, 20c. per $1,000 premium. San Francisco, 40c. per $1 000
premium.
Montreal, 15X c. per $1,000 premium.
Minneapolis 50c.
per $1,000 premium. Cincinnati, par.
(S a o e t ie .
W a l l S tre et, F r i d a y N i g h t , M a r c h 28 1913.
T h e M oney M arket an d F in an cial S itu a tio n .— Satur
day’s bank statement showed a somewhat larger surplus
reserve and as the demand from abroad has been less urgent
and no additional gold shipments to Europe have been made,
the local money market has been easier this week. Prepara
tions for the quarterly settlements at Berlin were practically
completed a week ago, and as the fall of Adrianople probably
ends hostilities in the Orient, the financial situation in Europe
is greatly relieved. This change is reflected in a more cheer
ful feeling in W all Street and a substantial advance in security
values.
The latter has, however, been more or less
restricted by the enormous losses and distress caused by
floods in the central W est. The Bank of Germany reports,
as was expected, a gain of about $5,000,000 in its gold
holding and the Bank of France about $3,800,000. The
Bank of England shows a still smaller percentage of reserve,
but British consols advanced in the London market, showing
that the feeling abroad is correspondingly more hopeful.
The industrial situation in this country is illustrated by
the fact that the number of idle freight cars increased 20,000
between D ec. and March 15th. This number is, however,
much smaller than at the same time in 1911, when it was
2 0 7,00 0, as against 37,000 now.
The iron and steel plants are supplying, as is well known,
a largo amount of tonnage to the railroads, and in view of
the unfilled orders still standing on their books, must con
tinue to do so for some time to come, but new orders are not
keeping pace with shipments and a tendency to lower prices
or pig iron has been reported.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond collaterals havo ranged
from 3 @ 5 % . Friday’s rates on call were 4 % @ 3 % % .
Commercial paper on Friday quoted at 5 % @ 6 % for 60 to
90-day endorsements and for prime 4 to 6 months’ single
names and 6 % @ 6 % % for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £320,790 and the percentage
of reserve to liabilities was 39.66 against 40.45 last week.
The rate of discount remains unchanged at 5 % , as fixed
Oct. 17. The Bank of France shows an increase of 19,285,
000 francs gold and a decrease of 5,124,000 francs silver.
Sta te a n d R ailroad B o n d s.— Sales of State bonds at
the Board include $1,000 N ew York 4s, 1961, at 1 0 0 % and
$46,000 Virginia 6s deferred trust receipts at 52 to 54.
A little more activity has been seen in the market for rail
way and industrial bonds but the transactions are still on
a limited scale. Prices have, in sympathy with stocks,
shown a tendency to advance, almost all active issues are
higher and a few show a gain of 2 points or more.
Am ong the exceptional features are Union Pacific conv.
4s, Wabash ref. & ext. 4s and N . Y .C e n t ., L .S .c o l., 3 % , all
of which are 2 % points higher than last week. N ew Haven
conv. deb. 6s are up 2 % points and several others from 1 to 2.
On the other hand, Union Pacific 1st 4s, Northern Pacific
4s and Atchison gen. 4s are fractionally lower.
U n ited States B o n d s.— Sales of Government bonds at
the Board are limited to $6,000 Panama 3s coup, at 1 0 2 %
to 1 0 3 % . F o r t o -d a y 's -prices o f a ll d i ff e r e n t i s s u e s a n d f o r
y e a r l y r a n g e s e e th ird p a g e f o l l o w i n g .
R ailroad a n d M iscellaneous S to ck s.— As noted above,
the improved financial condition abroad has resulted in
a more cheerful feeling in local Stock Exchange circles.
There has naturally been some reaction in the distressing
news from the Central W est, but notwithstanding this a
long list of active shares closes from 2 to 5 points higher than
last week. To-day’s market was buoyant at times, Canadian
Pacific leading the upward movement with a gain of nearly
4 points and showing an advance within the week of 11 % .
Reading gained 2 % to-day and is 4 % points higher than at
the close last week.
The copper stocks have been strong throughout the week.
Amalgamated is over 5 points higher, Smelting over 4 and
Anaconda 2 % . Beet Sugar advanced 7 % points and retains
a large part of the gain. U . S. Steel closes with a net gain
of 2 % . On the other hand Rumely has covered a range of
about 7 points and closes near the lowest.
F o r d a i ly v o lu m e o f b u s i n e s s s e e p a g e
(.Not Including Trust Companies.)
STOCKS.
Week ending March 28
A verages for
week ending
March 22.
Capital___________
Surplus...............- . Loans and discounts
Circulation...............
Net deposits......... .
Specie...... .......... .....
Legal tenders...........
Reserve held...........
25% of deposits........
Surplus reserve.
Adams Express.
1912.
Differences
from
previous week.
Averages for
week ending
March 23.
1911.
Averages for
week ending
March 25.
$ .
§
S
$
133.650.000
................. 135.150.000 132,350,000
................. 199,829,900 201,782,500
204,973,300
1.319.178.000 Dec. 28,018,000 1.421.751.000 1,352,120,400
46.236.000 Inc.
4,000
50.633.000
46,518,900
1.307.893.000 Dec. 32,301,000 1.454.546.000 1,391,715,700
261.479.000 Dec. 4,032,000 298.206.000 304.883.900
76.363.000 Inc.
734,000
77,746,000, 74,095,000
337.842.000 Dec. 3,298,000
326,973,260 Dec. 8,075,250
10,868,750 Inc.
375.952.000
363,636,500
378.978.900
347,928,925
4,777,250
12,315.500
31,049,975
'
------------------------------------ .
Note.—The Clearing House now Issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary Issued by the State Banking Department, giving the condition of State
banks and trust companies not reporting to the Clearing House, appear on the second
page preceding.
Foreign Exchange.— The market for sterling exchange
ruled easier during the week, owing to the more comfortable
money situation abroad. The week’s engagements of gold
for export included only $100,000 for Venezuela and $300,000
taken yesterday Friday) for Canada.
936.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
NEW YORK CLEARING-HOUSE BANKS.
1913.
[V o l . XCVI
Sales
for
Week
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
Highest.
100 140 Mar 28145 Mar 20 13914 Mar 150
200 2 X Mar 24 3 Mar 24 2K Mar 4X
, Preferred rets, 3d paid 2,100 654 Mar 25 7 Mar 24 6)4 Mar 12)4
100 13014 Mar 27(13014 Mar 27 129
Mar 136)4
112 164 Mar 271165 Mar 26 160
Jan 170
\
109 59 Mar 26] 59 Mar 26 59
Mar 60)4
\
A.
200 96 Mar 25 9614 Mar 26 96
Mar 99
900218 Mar 24 228 Mar 28 215)4 Mar 228
£
100 10 Mar 27 10 Mar 27 10
Mar 18
>
160(120 Mar 24 120 Mar 24 120
Mar 125
>
100 2714 Mar 26 2714 Mar 28 20
Feb 33
£
800 9714 Mar 27 98)4 Mar 27 97 X Feb 100)4
i:
200
*" 1385 Mar 28 385 Mar 28. 385
Mar 420
\
Feb 123)4
300 122)4 Mar 24 12314 Mar 26 121
>
32 14 Mar 28 15)4 Mar 26 13X Mar 17)4
£
55 100 Mar 26 102 Mar 20 100
Mar 120)4
100 71 Mar 27 71 Mar 271 71
Mar 78
*
Mar 43)4
140 39 Mar 28 39 Mar 28 39
i’
A
Mar 87
200 81 Mar 27 81 Mar 27 81
200 67)4 Mar 28 67 Y, Mar 28 6014 Jan 68)4
Mar 44 X
Is
400 40 Mar 24 44)4 Mar 27 40
-N
Mar 75 X
200 70 Mar 27 70)4 Mar 20 70
St L & S F-C & E Ills
8 49 Mar 24 50 Mar 24(| 45
new stock trust ctfs..
Feb 54)4
100 122 Mar 26 122 Mar 20 122
Sears, Roebuck <fe Co, pf
Mar 125)4
United Cigar Mfrs..
3,800 4314 Mar 28 47 Mar 26 43X '*
Mar 50)4
United Dry Goods pref.
100 101)4 Mar 28:101)4 Mar 28 101)4 Mar]105)4
U S Express..................
100 53 Mar 26j 53 Mar 26 50
Feb 66'
Wells, Fargo & Co........
300 11414 Mar 25 115 Mar 28 110
Jan 123
West Maryland, pref...
100 59 Mar 25| 59 Mar 25 57
Jan 67)4
Weyman-Bruton. pref..
1001110 Mar 24110 Mar 24| 110 Mar]ll7
Jan
Feb
Jan
Jan
Feb
Jan
Jan
Mar
Jan
Mar
Jan
Jan
Fob
Feb
Jan
Mar
Jan
Jan
Jan
Jan
Mar
Jan
Jan
Jan
Feb
Jan
Jan
Jan
Jan
Jan
O u tside M arket.— The “ curb” market continues dull and
uninteresting, any activity being confined to tho leading
To-day’s (Friday’s) nominal rates for sterling exchango were 4 84 for industrials. There was a generally firm tone throughout
sixty-day and 4 88 for sight. To-day’s actual rates for sterling exchange with a reaction from top prices. United Cigar Stores com ’
were 4 83@ 4 8310 for sixty-days, 4 87@4 8710 for cheques and 4 8790® advanced from 9 5 % to 9 9 % and reacted to 97, the close to*
4 88 for cables. Commercial on banks 4 81 @ 4 82)4 and documents for
Tobacco Products prof, sold at 90, an"
payment 4 82 )4® 4 83)4. Cotton for payment 4 82 X @ 4 83)4 and grain day being at 9 8 % .
ror payment 4 8 3 X ® 4 83)4.
advance of 2 % points from last Friday’s close. BritishThe posted rates for sterling, as quoted by a representative house, were
advanced )4c. to 4 84 for sixty days on Wednesday and remained at this American Tobacco rose from 2 2 % to 24, eased off to 2 3 % and
rate during the rest of the week; sight was unchanged at 4 88.
ends the week at 2 3 % . Emerson-Brantingham com. opened
To-day’s (Friday’s) actual rates for Paris bankers’ francs were 5 21 J4
less 1-16@5 21 J4 tor long and 5 1814 less 1-16@5 18)4 less 1-32 for short. at 45, a loss of 3 points from last week’s close, sold down to
Germany bankers’ marks were 94 7-16@9414 for Ion; and.........
95 3-16@ 95X
4 4 % and back to 45. Standard Oil of N . J. improved from
for short. Amsterdam bankers’ guilders were 4014 <)4014 plus 1-16 for
357 to 366, then moved downward, resting finally at 360.
short.
Exchange at Paris on London, 25 fr. 26c.; week’s range 25 fr. 2814c. Willys-Overland Com . was traded in down from 60 to 58
high and 25fr. 26c. low.
Exchange at Berlin on London, 2
4514 pf-! week’s range 20 m. and up to 59. Bond dealings were very small. Brooklyn
Rapid Transit 5 % notes moved up from 9 4 % to 9 5 % .
46)4 pf- high and 20 m. 45)4 pf. low.
Tho range for foreign exchango for the week follows:
Western Pacific 5s advanced from 8 1 % to 82. N . Y . City
Sterlim Actual—
Sixty D ays.
Cheques.
Cables.
4 % s of 1962 receded from 9 8 % t o .9 8 % , the 4 % s of I960
High for the w e e k ... 4 8325
4 8750
4 8850
Low for tho w e e k ... 4 8270
4 87
4 8785
showing a few sales at 9 8 % . Trading m copper shares was
Paris Bankers' Francs—
small. Braden improved from 8 % to 8 % . British Colum
High for the w e e k ...
5 21J4
5 18% less 1-32 5 17)4
Low for the w e e k ...
5 22)4
5 18)4 less 3-32
5 17)4 less1-16
bia Copper sold at 2 % and 3. Davis Daly gained almost a
Germany Bankers' M arks —
point to 2 5-16 and reacted to 2.
Greene Cananea wont
High for the week—
9414
95X
9514
Low for the w e e k ...
9414
95 3-16
957-16less 1-32
up from 7 % to 8 and down finally to 7 % . Nipissing sold
Amsterdam Bankers' Guilders—
up from 9 % to 9 % .
High for the week__ 4014 plus 1-16
Low for the week___ 4014 less 1-16
Outside quotations will be found on pago 936.
927
New York Stock'Exchange—Stock Record, Daily," Weekly and Yearly
OCCUPYINQ TWO PAOES
For record o f sales during the week of stocks usually inactive, see preceding page
STOCKS—HIGHEST AND LOWEST SALE PRICES.
i» Saturday
l March 23
Tuesday
March 25
Monday
March 24
Wednesday
March 26
Thursday
March 27
Friday
March 28
Sales of
the
Veek
Shares
STOCKS
NEW YORK STOCK
Previous
Range Since Jan. 1.
On basis ot 100-share lots
1912.
EXCHANGE
Highest*
HUjhesl
R.JIroads
7 ,060 Atchison Topeka & S P__
10 2 k
Do prof------------------1,110
10 0
2,800 Atlantic Coast Line R R .
123*4
6 .700 Baltimore & O h io ..____
100k
Do pref____________
50
82k
9 ,100 Brooklyn Rapid Transit.
89k
Canadian
Pacific______
61,395
2357*
Central of New Jersey__
350
15,000 Chesapeake & Ohio_____
72
25 Chicago Gt West tr ctfs_
15
Do pref trust ctfs__
640
20
16.650 Chicago Mllw & St Paul.
110 k
Do
p r e f ___________
250
1 38 k
1,056 Chicago & North Western
1351*
Do p r e f ___________
190
1.100 Cleve Cin Chic & St L___
63
Do pref_____________
95
Delawaro & Hudson___
160
Delaware
Lack & W est..
855
420
250 Denver & Rio Grande__
22
Do prof_____________
341, 1,160 Duluth
So Shore & Atlan
7
Do pref_____________
100
14
31.250 E r ie ___________________
28
Do 1st preferred_____
1.350
44*4
Do 2d preferred__ __
600
341*
Great
Northern pref___
7.600
128*4
Iron Ore properties___
350
35
4,850 Illinois Central_________
124
v t ctf.
17k 6.600 Interboro-Metrop
Do prof____________
9.000
68*4
600 Kansa. City Southern__
24k
Do pref____________
400
60k
Lake Erie & Western____
11
Do pref.
28
100 Feh 25 106** Jan 6 1031* Feb
99k Mch 2 0 102k Jan 29 101 k Jan
1221* Mch 20 133k Jan 9 il30k Dec
99k Feb 25 106k Jan 22 :I0 II4 Feb
99*4
8 6 k Aug
83 Mch 7 88 Jan 10
{8 2 k
76k Jan
r8 6 k Mch 10 92k Jan 9
881*
88*4
2181, Mch 10 266k Jan 9 2 2 ol2 Mch
2327* 2 3 3 k
325 Mch 19 362 Jan 13 305 Jan
*320
350
OSI4 Feb
70k Mch 2 f- 80 Jan 2
71*4
71*4
13 Feb 2 > 177* Jan 9
165* Dec
•141*
15
301* Dec
28 Mch 10 35 Jan 9
90
301*
106 Feb iS 116k Jan 9
99k J'ly
1 09 k 109k
1361, Feb i5 145 Jan 30 139k Dec
{1381*
139
132 Feb 25 138 Jan 11 1341* Dec
1351* *1341,
{182 Feb 7 5189 Jan 6 188 Nov
*181
189
62 Feb 25 54 Jan 21
45k Dec
63
53
901, Feb 25 04k Jan 16
05 Dec
*90
05
159k Feb 27 167 Jan 8 162 Dec
160 •157
395 Feb 25 445 Jan 13 530 Aug
•390
400
181* J’ly
18k Feb 25 23>g Jan 9
{ 2 0 k 2 0 k •20
20k
33 Mch 15 41 Jan 10
34k J’ne
34*4
3-11,
34
33
6
Feb
24
8 Sep
8<2 Jan 2
•5
•5
7
•5
8
13 Feb 13 16k Jan 2
14 Dec
•12
131* 131* •121, 14
251, Feb 25 32i, Jan 6
30 Dec
271,
271,
27*4
287*
271*
42 Feb 25 49i* Jan 30
471, Dec
44*4
45
45
46
45
32k MchlQ 41 Jan 30
38 Dec
•341* 371*
341,
36
36
124 Feb 25 132k Jan 9 126 Jan
1281* 128
1277, 1281* 128
33
Feb
25
36
Jan
41k
Jan
3
34
341 2 {3 5
•34
38
1191, Mch27 1287* Feb 5 120k May
120 1221* 1191, 1201* ♦120
19k
Jan
30
16k
Feb
16k
Dec
167, 17
17
17
17
53** Jan
661* Feb 26 65kJan 30
571, 58
68
5 7 k 68*4
22k May
237* Feb 25 27k Jan
24*4 24*4
24
241*
24k
66 May
69k Mch 10 61<* Jan
60
60
60
60k
60k
111, Jan
9 Feb 26 111, Feb
*9
*9
11
*9
11
30 Jan
25 Mch 18 35 Jan
•22
*23
*22
30
28
1557*
Feb
152
Mch
20
168k
Jan
Lehigh
Valley___________
9
,9
5
0
1561*
1541* 1 56 k 155
155
155
133 Dec
1,500 Louisvillo & N ashville___ 1291* Feb 25 142k Jan 10
135
135
1351* 1 3 5 k 135 k 135
127k Mch 19 132k Feb 7 1287* Dec
Manhattan Elevated..
130
♦127
*127
1291* ■127 130
I51 , J’ly
171, Feb 25 23k Jan 2
300 Minneapolis & St L ouis..
*17
19
•171, 19
*17
19
42 Mch 14 47 Jan 29 {40 Feb
Do pref____________
100
44
42
42
♦42
*40
44
129 Feb
1,735 Minn St P & S S M arie.. ,128-k Mch20 142k Jan 9
1 31 k 1331, 1331* 1 3 3 * 4 132*4 132*4
14U* Mch 11 {150 Jan 22 146 Dec
Do preferred
♦137
147
♦1411* 150
■140 150
25'2 Dec
24 Mch 19 29k Jan 7
251* 25*4
2,6 0 0 Missouri ICan & Texas__
2512 251*
25*4 25*4
67** May
59k Jan 14 63k Jan
Do preferred
♦02
63
100
•811* 63
03
63
35
J’ ly
36
Feb
25
43k
Jan
Missouri
Pacific
8.200
3 7 k 371*
37*4 3 8 k
37*4 33
02k Oct
58
58
100 Nat Rys of Mex 1st pref. 1 56k Feb 10 59 Mch
*57
591* • 57k 60
26*3 Oct
22k Feb 18 271, Jan
Do 2d preferred
300
2 4k 24k
2 4 k 2 4 k •237, 24l2
106k Dec
10-17, 1051* 1041* 105*4
6 ,500 N Y Central & II R _____ 1041, Feb 13 109k Jan 30
1 05 k 106
117
119
2 ,700 N Y N LI & Hartford____ 113k Mch 18 1297* Jan 10 120 Dec
1 1 7 k 1 17 k 1187* 119
29k M„h24 337 * Jan 1 1 2 .>7* j ’ne
900 N Y Ontario & Western.
29*4 30
* 2 9 k 30
* 2 9 k 301*
1057* 106
10 0
106
4,5 1 0 Norfolk & Western_____ 103k Mch 20 113i, Jan 3 1107k Feb
1 0 5 k 106
88
J'nc
Do adjustment p rof.. 82k Mch 17 87 Feb 13
115** Jan
1137* Feb 26 122k Jan
1 16 k 1167* 1161, 117
1 1 6 k 117** 15,170 Northern Pacific
115 1151* 1 15 k l i d *
1197*
Dec
123k
Jan
7
1171,
Feb
19
Pennsylvania___
_
_
23,327
118
1 1 8 k 118*, 118*4
1 18 k 119
118 k 119
118 k n o
98l2 Jan
947, Mcn26 104 Jan 11
2,200 Pittsb Cin Chic & St L -_
95
95
95
95
947, 05
96
96
90*4 96*4
108k
Jan
Do
preferred_______
___
120
«
*100
120
*100
120
*100
120
*100 120
1521, Mch 10 1687* Jan 2 148k Jan
Reading_______________
1557, 1571* 157k 1581* 1571, 1587* 1 5 7 k 1 58 k 1577, 160 329,900
87i2 J’ne
89k Feb 25 9U,Jan 27
1 st preferred_______ _
300
911,
•91
9 U * ♦91
•0 1
92
90-k 91
*90l2 91
92 Dec
877* Feb 25 93 Jan
2 d preferred________
8
9
i2
*881*
891*
•89
•89
891*
*881* 891*
02
*89
247*
Feb
4
201*
Mch
20
223* Dec
Rock
Island
Company.
217,
211, 211* 211, 217* 0 ,300
201* 2 1 k
2 1k
2 0 k 207,
347* Mch 20 44k Jan 2
42k Deo
Do
preferred________
3,415
3
7
i
2
361,
36
36*4
36
361*
3
6
k
3
6
k
3
5
k
35k
17i2 Dec
19k
Jan
U
14
Mch
11
St
Louis
&
San
Francisco
14*4
14*4
100
*12
17
*13
17
*13
17
17
*13
6 8 i* Dec
65 Mch 8 69 Feb 11
Do 1st preferred
*52
69
*50
68
•52
58
•53
63
57
*50
261* Dec
23k Fob 26 29 Jan 11
Do 2d preferred
200
241, 241,
24*4 24*4
261*
•241* 251* •25
*24
26
29*4 Jan
80k Mch 10 35i* Jan 13
400 St Louis Southwestern..
31
31k
301, 3 0 k *301* 34*4
*3 0 k 3 4 k
* 3 0 k 34
6 8 k Jan
73 Mch20 75 Jan 9
Do preferred..
200
731, 731,
7 1 k *70
73k
*70
731* •70
731, •70
18 Dec
20k
Jan
30
18k
Jan
22
Seaboard
Air
Lino.
800
181,
19k
*181,
19
1
9
k
10
181* 181*
191,
*1 8 k
44k Dec
427* Feb 26 48k Jan 29
Do preferred________
700
44
44
44
44
431* 44
43*4 44
*4314 44
98k Mch 14 110 Jan 30 103k Dec
100*4 1 0 1 k 19,550 Southern Pacific C o_____
10 0 k 10 1
1 0 0 k 10 0 *4
93*4 100
1 0 0 1 * loo-k
26k Jan
241* Feb 25 28k Jan
6 ,500 Southern v tr ctfs stmpd
251, 257*
247* 2 5 k
247* 2 5 k
2 5 k 257*
2 5 k 257*
6 8 I.1 Feb
777* Feb 25 8H* Mch 26
Do preferred
do
1,960
811,
80k 80k
81
80*4 8 1 k
8 1 k 8 1 k r 7 9 k 80
171, Mch 10 22k Jan
201, Jan
100 Texas & Pacific________
*18
19
*18
20
•18k 18*4 *1 8 k 19
• 18k 19
34 Mchl9 40i* Jan
331* Dec
9,450 Third Avenuo (N Y )___
36
361*
367* 3 7 1 4
*36
3 6 k 37
37
37
•30
101 , Dec
Toledo St L& W estern.. 11 Jan 21 13 Jan
*9
13
•9
•9
*9
11
12
12
12 1,
*8
231*
Mch
20
29k Jan
28 J’nc
Do preferred
28
210
2 4 k 2 -H4 ♦23
•221* 2812
28
*231, 2 8 k *23
104 ♦103
1031* 1031* * 1 0 2
104 * 1 0 2 1 , 106
100 Twin City Rapid Transit 1031* Mch 24 108k Jan 23 103 Dec
■1031* 106
1457* Mch 19 162k Jan
150k Dec
1477* 148*4 148** 150k 1 48 k 1503* 1487* 1497* 1 4 9 k 151*8 163,400 Union Pacific_________
83 Mch 13 93i2 Jan
8 8 I4 Oct
Do preferred_______
841* 8 4 k
85** 85**
85
86
1,850
83*4 8 4 k
841* 853*
28 J’ly
24 Feb 26 351 * Jan
26
28
26
28
*26
28t2
700 United Rys Inv’t of S F .
241* 24k
271, 271?
57 J’ly
47 Mchl9 631* Jan
Do preferred_______
477* 4 8 k
49k 60l2 1,400
60
♦47
491* 6012
49k 49k
3k J’nc
4 Feb
3 Feb 17
3k
31*
600 Wabash_______________
*3**
3k
31*
3k
3*4
3k
3k 3k
12*3 J’ne
9 Feb 21 13k Jan 14
11
11
Do preferred_______
12
♦111* I l k
300
♦ 11
111*
11
I lk
11
45 Dec
37k Jan 7 46 Jan *
200 Western Maryland_____
4 U , 411, *40>4 4 2 k *40*4 421, *4 0 k 421* *401, 421,
4
Jan
8 Jan
6
6
•51,
Wheeling & Lake Erie__
5k Feb 27
0
•5'*
*5k
*5k
7
0k
*61,
11 Jan
22
22
*19
D o 1st preferred____ 19 Feb 21 28k Jan 13
*19
22
*19
22
22
*19
*19
6
Jan
11
Do 2d preferred
100
*9
8k Mchl9 14 Jan 3
11
*9
11
•9
11
*9
9
9
48 Feb
46 Jan 15 63 Feb 8
100 Wisconsin Central. ___
*451* 60
60
♦46
60
50
*47
491, 491* *46
Industrial & Misccil.
00 Feb
65k Feb 25 80k Jan
707* 727* 158,276 Amalgamated Copper__
687*
69*4 7 1 k
69k 70k
70k 71k
68
600 American Agricul Chcm. 4Gk Jan 17 67 Jan
64k Dec
53
*51
62
52
52*4 63
63
*511, 52*4 ♦51
,96 Mch24 99 Jan
Do preferred
98 J’ly
200
09
♦95
* 9 5 k 96
90
*95
96
•95
96
,9 6
25 Mch 19 601, Jan
461, Dec
321* 15,560 American Beet Sugar___
31
32
30
27k 32k
261, 201,
311* 33
Do preferred
83l2 Mch 10 86 Mch
200
90 Nov
84
84
89
84
84
*80
00
90
•80
♦80
467* Jan 31
251 * Jan 14
1U4 Feb
3 H , 3 3 k 66,650 American Can.
307* 3 2 k
30** 321?
277, 3 0 k
28** 3 0 k
1131* Jan 14 1291* Jan 30
Do preferred
90k Feb
121 1 2 1 k 8,450
12 11?
1191* 121k I 2 0 h 1 2 1 k 1 2 1
12 0 k 12 1k
49 Feb
1,900 American Car & Foundry 47i* Feb 25 56k Jan
51
51
491* 50
48*2 43*4
5 0 k 61
50k 60k
112 Feb 25 117 Mch
115 Feb
Do preferred
110 *113 115 •113 115 *1 1 4 k U 5 ♦1131, 115
*113
30*4 Oct
421, Mch 28 48k Jan
500 American Cities
421* 421*
45
*43
43
45
45
44
*421, 46
75k Aug
71 Mch25 781, Jan
Do preferred
72
71
71
♦72
850
*70
72
73
72k
75
73
45k Jan
44
45
42-k Mch 18 67k Jan
44
5,315 American Cotton Oil___
46
48
45
4 3 k 431,
441, 40
95 Jan
06
90
951, Mch 28 96k Jan 10
Do preferred
06
♦93
310
951* 951*
*931, 06
♦03k 957*
3 Feb
6k Jan 8
4 Jan 11
•4k
45*
American Hide & Leather
*41,
4*4
4k
*41*
4^4
•41*
4*4
*41*
20 Feb
22i, Feb 25 28k Feb 10
•24
Do preferred
27
*24
27
*25
*24
27
27
27
*23
18 Jan
20 Jan 2 261* Mch 5
241 2
25
251, 2 0
2,8 5 0 American Ice Securities..
24
25k
251, 251*
24k 24k
9 Feb 25 111* Jan 31
9 Mch
lo t , 1 0 k * 1 0
11
600 American Linseed
*10
11
1 0 k 107*
10 k
10 k
30 Feb
251, Feb 26 311, Jan 31
*261, 29
Do preferred..
23
100
*257* 281,
28
*25*4 28
*26
30
313, Feb
331, Feb 25 44i* Jan 6
34k 35k
3 ,300 American Locomotive__
30*4 3 8 k *37
377* 38
*341, 301,
38
1047* Feb 6 106k Jan
103 Jan
200
Do preferred
*101 106 *105 1 05 k 1 0 5 k 1053* *105 1 0 0 *105 106
77* Feb 18 13 Jan
107* 107*
434 Jan
11
100 American Malt Corp___
12
101* *9
•0 k 13
*10
*9
42 Jan
47 Feb 18 6U* Jan
54
1,000
Do preferred________
•51
631, 6 4 k *531, 641,
541* 55
62
52
8-4 Deo
837* Mch 25 86 Jan
837* 837* •84
85
100 Amor Smelters Sec pref B
*83
*841, 86
86
85
*83
6
6 k Dec
697,
637* Mch 19 74k Jan 30
68k
25,950 Amcr Smelting & Refin’g
6 7 k 687*
687* 70
0714 69*4
6 5 k 67
1 0 2 k Jan
103** 103k *1 0 2 k 1 0 3 k *1021, 103l2
925
100k Mch 19 107 Feb
Do preferred.
1 01 k 103
1 0 1 k 10 1*8
123
Mch
193
Jan
22
175
175
171
Mch
8
*171
300
American
Snuff.
180
182
*170
180
*170
171
171
99 Feb
Do preferred, now__ 104 Jan 6 105 Jan 21
*1 0U 2 105
♦10H* 105
*1 0 1 k 105 • 10 1k 105
•10U* 105
26 Jan
32 Mch 24 401, Feb
■''666 Amor Steel Found (new).
35
33
3 3 k 3 3k *33
35
35
33
32
321*
101's 1017*
100
122k 12312
100k 100k 100k 101
831*
*82
8 3 k •82
88
88k
87*8 871,
223
2 2 6 k 226 228
*320 350
•320 3 60
711* 73
71
71k
*14
15
•14
15**
29
29
28k 28k
1 0 8 k 109l2 1 09 k 110
*1 3 7 k 138l2 1381* 1381*
133l2 133l2 133l2 1347*
*181
187
*181
187
53
53
♦53
57
*90
95
•90
95
*1 5 7
160
•157
160
3997* 3997* •397 400
*18
21
19k 19k
34
•31
♦32
34
*5
8
*5
8
•111* 14
•Ilk 14
27k
27
2 7 k 287*
45
435* 435*
45k
35
35
*3 3 l 2 3412
1 2 6 k 127l2 1271* 1 28 k
*34
36
34
34
1221* 122k
122 122
167* 17k
165* 1 6 8 4
567* 5 7 k
57k 68k
2412 241*
241* 2 4 l2
*59**
60
•59
00
•9
11
•9
12
*24
29
*23
28
162t2 154
1 5 4 k 155k
1 33 '2 133k 135
135k
♦127 1 2 9 k *127
130
16
19
18
18
42
42
129" 1 2 9 k 1301* 131
*137
147
*137
146
24** 24**
24k 25k
*61
63
♦61
63
3 7k 38k
36k 37k
*58
58
*551* 58
24
24
♦23
24k
1041* 104l2 1051* 105k
1171*
1151* 117k 117
291* 291*
2 9k 29k
104
1 01 k 104 k 105k
10 1
100
10 1
101
k
510 0
1221* 123
1 01 k
997*
1231*
100k
•821*
881*
228k
*320
707,
•14
•29
109k
1381*
135
*181
53
•90
*158
400
102k
100
124
1 00 k
8 3l2
89k
2331*
350
721*
10t4
31
HOI*
138l2
135
188
63
95
160
400
20k
33k
101k 102
09*4
122*4
997*
•821*
88k
231
*320
70*4
{1 5
♦28
109
137
{1351*
181
53
•90
•157
*390
99*4
123
100*3
831*
10 2 1*
10 0
12 2 *4
Oct j
1041* Feb]
l4Sk Augj
ill?* Apr]
91 Jan]
94k J’lYI
283 Aug
395 A pr]
8514 O ctj
20*4 O ct]
39k Apr]
1175* Novi
146 Jan]
145
Apr]
198 Mob1
6212 Apr]
loik Apri
1751, Feb
597 Deo;
24 Mch.
46k Jan4
ilk Mays
23 Mayt
39k Apri
677. Apr j
48 Apr!
143-k Aug
53 Sep 1
1411* Jan!
22 J’ly/
673* Oct]
31k Sepi
65*3 Mch.
18 Aprs
40 May
185*4 Jan-)
111*4
l /o
Aug
138k Mch
27k Jan]
§57 Jan.
154k A u «
158 Aug!
315* Mch
66 Apr
47-k Mch
71 Jan |
367* Jan 1
121k Apr,
142k Apr
4 lk Apr
119k Aug
92 Feb
131k Aug
126k May
1111, Sep j
117 Feb
179k Apr
93k A p r,
io n , Apr
30i, Apr
69*8 Apr
29k Mch
69k Jan
43k Apr
40*8 Oct
80k Oct
271, Apr
56k J’ne
115k Apr
32 Sep
8078 Oct
26k Nov
49*4 Jan
16*8 Mch
36 Apr
111k Sep
175*4 Sep
96k Deo
397g Dec
69k Dec
9k May
227* Apr
6414 Mch
11*4 Oct
30k Oct
171, Oct
621, Aug
92k Oct
63*8 Mch
104k Mch
77 Sep
101k J'n«
473g Oct
120k Sep
63k Sep
120 May
C0k Dec
83k Deo
60k Nov
99k Feb
7k Sep
34 Sep
30k May
177S Apr
43 Apr
471, NOVj
1101 ,
Aug
191, Aug
69k Aug
89k J'n*
91 Sep
10938 Sep i
203k Deo .
105 Aug
443g Oct I
B A N K S A N D T R U S T C O M P A N IE S — B R O K E R S ’ Q U O T A T IO N S .
Banks
New York
tBowcryfl__
Bronx Boro!
"Bronx Nat
'.Bryant Park!
jButch A Dr.
Century !___
Outse_____
Md
AS*
195 200
600 G10
t23412 t235
130 * 140
426
300
180 106
160
130 140
220 230
0/5
080
Ask
Did
Banks
Chat A Phen. 175 180
135 150
425 435
190 193
t410
City
160 165
....
425
300 330
tl92
tioo
t320
Cosraopol’n 1] 85 105
75
East River.. 60
Ask
Hanks
Did
Fidelity!___ 165 175
Fifth A vo!._ 4500
Fifth........... 300 325
First______ 990 1000
Fourth
103 107
Garfield___ 265 275
Germ-Amcr 1 140
German Ex ! 400
Germania!..
530
Gotham___ 170
Greenwich V. 250 260
Hanover___ 090 700
Banks
Harriman__
Manhattan !
Mark A Fult.
Moch A Met.
Merch Kxch.
Merchants’ ..
Metropolis 1.
Metropol’n !
Did
Ask
290
535
193
630
350
545
103
640
375
350
253
250
165
200
300
197
340
245
240
145
190
350
192
Banks
Mt Morris 1.
Mutual ! __
Nassau____
New Noth!..
Now York Co
New York__
Paciflo 1___
Park______
People's ! __
Prod ICxch 1.
Public^........
Reserve.....
bid
Ask.
200
290
___
210
850
390
256
365
240
168
250
90
250
205
225
876
400
265
369
250
173
300
94
Banks
Seaboard___
Second____
Security ! __
Sbcrman . . . .
State!_____
23d W ard!-Union Exch.
Wash H’ts ! .
Westch AVfl.
West S ide!.
York villa ! . .
Did
Ask, |
450
375
133
135
___
175
160
i/6
160
....
590
__ _
400
140
250 j
...»
170 1
175 : |
495 |
610 j
---- ?**1
•Bid and asked prices; no sales wero made on this day. {Ex-rights. {Less than 100 shares. UState banks, a Ex-dividend & rights, b New stock; >4
*tSal# at Stock Exchange or at auction this week, c First installment paid1. n Sold at private sale.at this price. _ t Kx-divldond. i Ifall paid," - ' J
928
New York Stock Record—Concluded—Page 2
[V O L .
X C V I.
F o r re c o rd o f sates d u r in g t h e w ee k o f s to c k s u s u a lly In a ctive, see s e c o n d p a ge p re ce d in g .
STOCKS—HIGHEST AND LOWEST SALE TRICES
Saturday
March 22
Monday
March 24
Tuesday
March 25
Wednesday \ Thursday
March 26
March 27
Friday
March 23
Sales of
the
Veek
Shares
S T O C CS
N K W Y O R K STOCK
EXCHANGK
Range Since Jan. 1
On basis 01 lOO-share lots.
Range jor Previous
Year 1912.
Highest
I n d u s t r i a l & M is c (Con)
1
}
, j
I
.
c
g
2
3
k
|
0
%
O
£
i
J
1
|
«
\
*
*
1
' 1
‘ J
!
»
J
1
j
5
1
1
t
i
•
$
1
|
11
•
1
1
TO
T.
’
111*8 1 1 1 *1 112
114
1135* 114 §113 11312 114*8 114*8 2,870 American Sugar Refining 109*4 Mch 19 118 Jan 31
113*8 1131 114% 114% 114 11412 *114 11512 113
11512
61
D o preferred
113 Mch 2 0 116*8 Jan 28
131*1 1327 132% 133% 132 13312 132*4 1331s 133 133*s 7,710 Amer Telephone & T eleg 1301*
M ch 2 0 140 Jan 3
239% 239* 239% 243
24014 24014 *239 213 *239 243
1,310 American T o b a cco ______ 23212 Mch 8 294*1 Jan 10
•101 104
103*2 1031, "101 104 §103l3 103l2 1 0 1 % 10312
116
Preferred, new .
101
Mch 12 106*8 Jan 27
*167g 19* *16% 19% *16% 2 0
American Woolen
*17l2 ___ * 17*2 20
16*4 Mch 10
18*4 Jan 11
*75*4 80
78*2 78*2 *7712 82
D o preferred_____
♦78
81
100
*78
81
77i2 Feb 3 81 Jan
*25
29* *25*4 27*2 §2512 2512 *25
27
2612 2012
150 Amer Writing Paper pref 26i2 Feb 28 3 2 1 4 Jan
35*2 35-1
36
36% 36i 2 37
3612 3678 36*4 37*4 9,100 aAnaconda C op Par $ 2 “
3 3 % Feb 25
4U2 Jan
§107 107 *101 109 >104 109 *105 109 1105 105
350 Assets Realization_____
104 Feb 28 120 Jan
47
47
40*2 47*, *47
47*4 47l2 47t2 47U 47>2
700 Raldwin L jco m o tivo ___
46l2 Feb 25 53*2 Jan
§10378 1037 103% 103% "10312 101
104 104
101 104
489
D o p referred ..
~ 103*8 Feb 17 104*4 Mch
33*2 34
34% 35*2 34*4 35
3512
34*4 34% 35
1,800 Bothleliem Steel_____
33 M chl9
41*2 Jan
69% 69*
69% 70% *69
71
69l2 69% 70*8 70*4 1,200
D o preferred.
63*8 Feb 26 71 Jan
129*4 129* 129*4 130
130l2 13012 §129 129 *129 132
612 Brooklyn Union Gas” ’ " 128 Feb 25 137*8 Jan 27
27% 293
29
29
♦28
29
*2812 29
*28's 29>2
900 Butterick C o _____
271g Mch24
31 Feb 8
47
473
47% 48% 48
49*8 47>2 48*4 47*4 48*8 14,500 California Petrol v t ctfsl
45*4 M ch 18 56*2 Feb
*75
78* *70
78% *77
78*4 *7612 78*4 77l2 7712
700
D o preferred_______
76*2 Mch 18 SO Jan 30
*99*4 100* 100*4 1 0 0 % *9914 100U •99U 100>4 100'4 100*1
200 C ase(JI)T hreshM pftr cfs 9914 MchlO 103*8 Pel) 6
24*, 25
25% 26% 2 0
26l4 25Vj 20
25*8 2 6 14 5,010 Central Leather
24*4 MchlO
30*8 Feb
93
93*j
94
94
94
*93U 94U *93
93l2 9312
500
D o preferred_________
93 Mch24
97*4 Mch
38*4 38*4 38% 39*4 387S 40
39*s 397g 39*8 41
19,410 (/Chino C opper__ P a r's 5
357S Feb 27 47*3 Jan
*32*2 33
33*4 34
34
34
33U 34
33*4 3412 2,000 C olorado Fuel & Iron
31 Jan 14 4112 Feb
129% 130
131 132% 132% 132% 132 132% 132*4 133
2,200
.
Consolidated Gas (N Y)
127 Feb 25 142*8 Jan
10
1 0 *i
10*3 10*2
1 0 % 10 %
1 0 % 10 %
101 * 11
4,500 Corn Products Refining.
10 Mch 4 17*8 Jan 31
64
Cl
6 6 % *65
♦64
67
66
69
*60
69
300
D o preferred____
63*2 Mch 13 79*i Jan 31
10
16
16*4 16*4 •16% 17% *16
17% •16
1712
490 Distillers’ Securities Corp
10 Mch 24 21*4 Jan 2
*12
18
*10
18
*10
18
*10
10
*12
18
Federal M ining & Smelt’g
13*4 Jan 13 18 Jan 22
33
33
*32
§34
34
35
*32
35
33
33
D o preferred_________
240
33 MchlO
44 Jan 2
130*2 137*8 137*2 138% 137*2 137*2 138 138*2 137*4 138*4 3,822 General E lectric_______ I *13412
Jan 24 187 Jan 2
*29*4 33
*30
*28
33
33
*29*2 30*2 *30
30l2
Gen M otors vot tr ctfsIII
34*2 Jan 7
29l2 M chl7
*76*3 77
77
77
*76*2 73
77% 77% ♦76l2 77*4
D o pref v t ctfs___”
200
75 Feb 27 79 Jan 7
278
3
2%
2%
2*4 27g
2*4 2%
2%
2*8 13,500 (/Goldfield C on M Par $16
2 Jan 3
3*s Mch 19
31% 33
31*8 32
3012 32lg 307* 3218 32
3212 13,800 Goodrich C o (13 F )______
23 Mch 18 68 Jan 2
96*2 *93
*93
90*3 ♦93
9612 *94
9512 *9-4
9512
D o preferred________
91*3
Feb
18
105*4
Jan 7
43*2 43*2 44*8 443s 4412 44l2 45U 45*4 451* 40
1,300 dGuggenh Jixplor Par $25 4213 M chl9
53*8 Jan 9
10
16
16*4 16*2 103s 1612 I 6 I4 I 6 I4
161* 17
2,700 (/ nsp’r. Con C op ParS20
15*8 MchlO
20*3 Jan 3
*104*3___ *106 ___ 107 107
105l2 IO8 I2 104% 109
300 Intornat Harvester (old) 10412 Men 13 115*8 Jan 30
* 110*2 112 * 110*2 112
1 1 U2 IIH 2 * 1 1 0 l2 112
D o preferred_________ 111*2 Mch 8 116 Jan 28
200
1 1 H2 111*2
106 106 ♦101*4 107
105 105
105 is 106*8
107
100 Intornat Harvester o f N J 105 Mch 26 103 Mch 7
*103 110 ♦108 ___ 11212 11212 *1117* 115% *1051*
D
o preferred
___ 1 1 2 *s Mch26 112i2 Mch26
200
1117*
115*8
*105 ___
105 105
105 . . . *108 108U
200 Internal Harvester C o rp . 105 Mch 20 107 Mch 7
*___ 116 *113% 116 *
1 1 2 *s 116
D o preferred________
* 112*8 116
113 Mch 13 113 Mch 13
*3*3
4*2
*3*2 4%
<
4
*4
4% *3*4 412
100 Int M er M arine stk tr cts
3*j M ch 2 0
4*8 Jan
4 Mob
*16
17
*16
17
16*4
17
17
D o pref stk tr ctfs.
400
►16*8 17>2
10*4 Mch 13
19*2 Jan
*10
11
16*1 J'ly
*10
11
10*8 10 %
IOI4 10*s 10*8 10*8
700 International Paper___
01
2
Mch
21
12*8
Jan 30
9*8 Jan
*42
41
*42
45
*43
45
200
425*
42*8
D
o
preferred_____
42*8
42*8
42
Jan
21
48*2 Jan 30 z45% Jnn
9
9
1 0 % 10 %
1 0 ls 10 ig
10
1 0 i2 *10
500 Internal Steam P u m p .I "
10*2
8
M ch l7
18*2 Jan 9
12
Hoc
38
38
*33
40
'35
40
*33
40
100
40
•33
D o preferred.
38 Mch24
70 Jan
63 l)eo
*86*2 92*2 *87
92%
92
•87
*S71
2 93
Kayser
&
C
o
(J
u
liu
s
jlll
85<4
Jan
18
94
Feb
90 Dec
*102
1 10
*102
110
*
10213110
*10212 1 1 0
D o 1st preferred
107*4 Jan 22 110 Jan
107 Dec
*53
74
*62
69
69
63
63
•60
73
100 Kresge C o (S S )_______
61 MchlO
81 Feb
71 Sep
*97
99% ♦97
99*2
99l2 *9714 99*2 *9714 99'2
D o preferred
99 Mch 10 102 Jan
100 Oct
44
44
•44
45
44% 33
41
33
41
2,900 Lackawanna S teellZ III
38 Meh27
49*8
Feb
29
Mch
§101
101
*1 0 0 % 1 0 0 %
997g 100
1001
*98 100
325 Laclede Gas (St L) c o m ..
98 Feb 25 10 -1*2 Jan
102*8 Deo
*221
220
225 226
225 *221 225
225 225
950 Liggett & M yers T obacco 213 Jan 2 235 Mch
156%
Jan
*103*4 114 §115 115 §
1 11
§112li 112U 111 115
100
D o preferred_________ 113 Mch 6 116*2 Jan 23 105i2 Jan
*30*2 35% *30% 35%
33
30% 3012 30*8 30*2
600 Loose-W iles Bis tr co ctfs 30 M c h l 8
39*8 Jan 6
36*2 Dec
*93 ___ * 1 0 0 102
100
100 102 *100 102
100
D o 1st preferred____
99*4 Mch 13 105 Jan 9
IO21 , O ct
*91
92*2 *90
92
92
*90
92
92
*90
D o 2d preferred_____
92
Jan
0
95
Jan
8
90
J ’ly
*170 ___ 175 175 *
185
175 184
175 184
100 Lorillard C o (P )_________ 175 Mch 8 200 Jan 28 167 Mch
*___ 113 *___ 113 *
§11212 11212 110 11314
26
D o preferred_________ 113 Feb 25 116*2 Jan 22 107*4 Jan
*67
72
70% 70%
*70
75
75
•71
100 M a y Departm ent Stores I
66
Feb 20
76*3 Jan 2
69 Apr
•100
1 01
*100
103% * 100 10312 100 10312 *100 104
D o preferred_________ 1007g Feb 20 106*2 Jan 2 105 Deo
62% 05% 6-1
65*2 64
05l2 631* 04U 641j 65% 18,100 M exican P e t r o le u m ..._
61i2 Mch20
78*4 Feb 4
02*4 Apr
22% 23
23
23% 227g 23% 23U 23l2 23U 23% 3,500 (/Miami C opper___Par $5
21*j Feb 19 26*2 Jan 4 S23lg Feb
113% 114% 115 115
114 116 *113 116
710 National Biscuit
112 Feb 21 128*2 Jan 3 114 Deo
1 1 0 % 116% 117% 117*2
*116 118 *110 119
D o preferred________ 116 >8 Mch 24 124*8 Jan 8 122 Deo
300
*13% 15
*13% 16
'14
15
131* 15l2 •13ia 15%
N at Enam el’g & Stam p'g
137g Mch 10
19*4 Jan 30
1214 Fob
84
84
*80
93
"80
93
*80
93
•80
93
D o preferred_________ 84 Mcil24 92*4 Jan 30
100
88
Feb
*45*2 47*2 •45% 48
4714 47l3
47la 47i2 •461* 48*2
500 N ational L ead__________
45<2 MchlO
56*4 Jan 2
6 Ua Jan
*101 104% 104% 101%
§105 105
1041* 106
260
D o preferred_________ 104 Mch 14 107*8 Jan 27 105*2 Feb
17
17
17% 17%
I 7 I3 17*4 17*8 17*4 2,500 (/Nevada Cons Cop Par $5
17U 1714
16 Feb 18 2 0 Jan 2 SI 8 % Jan
72
72
71% 72
73
73
*69
74
•72
74
700 N ew York Air Brake____
69 Moh 19 82*2 Jan 8
50 Feb
77
77
*75
77
77
*75
77
70
77
300 N orth American C o (new)
70
Mch 28 81*2 Jan 14
7412 Jan
24% 24%
•24*2 26
27
*24% 27
*25
27
100 Pacific M ail_____
24l2 M cil 20
3U2 Jan 22
28*4 Deo
*35*2 36*4 36*4 37
37
37
♦35*4 37
*35
37
900 Pacific Telop & Toleg
36 Mch 10 40 Jan 4
45
Deo
109*2 109% *109*2 i n
*:
*110*2 114 ♦11012 114
100 Peoplo's G L & C (C h ic). 109 Feb 24 n o Jan 8 103 Jan
19
19
19% 19% 19
1912 *1013 20
*19
20
900 Pittsburgh C oa l_______
19 Mch 20 24% Jan 2
16*4 Mch
82*2 83*2 83% 84% 83
84% 831* 8312 84
84*4 2,000
D o preferred_______
80*4 Mch 19 95 Jan 9
77 Feb
*25
25*2 26
26
261* 26l2 *20
27
27
27
910 Pressed Steel C ar______
2434 MchlO
30 Jan 7
28*4 Fob
97
97
*95
97
*
98
*90
98
*90
98
100
D o preferred______ _
97 Feb 28 101*8 Jan 7
96 Feb
*115 117% *115 117%*1
117l2 *113l2 11714 *113l2 116
Pub Serv C orp o f N J ___ 110*4 Feb 28 118 Jan 21 106*4 Feb
1158 158
157 157
1
15812 *157 159 *157 159
280 Pullman C om pany______ 156*2 Feb 25 165 Jan 2 168i2 Feb
31
32
31% 32% 32
32l4 *32
3212 *32
3212 2,000 Railway Steel Spring____
24*4 Feb 25 35 Jan 9
27*« Feb
*95 100
*95 100
*95 100
*95 100
*9814 100
D o preferred_________
98 M ch l7 100 Jan 13
98*4 Deo
18
18% 18% 18% 1S12 187S 181* 18*4 181* IS7* 7.500 (/Ray Cons CopperPar$10
16*4 Feb 19 22 Jan 2 $10 Jan
24
24
24% 25% *2514 20
2512 25*4 2512 25*8 5.400 Republic Iron & S te e l..
23*4 Feb 26 28*8 Jan 31
15*4 Feb
83% 83% 84% 84% 85la S512 •841a 8512 851a 8534
700
D o preferred_______
82<g Jan 14 89*4 Feb 1
6 -H2 Feb
42% 45
47
50
43
4712 41
43t4 42
44
8,900 Rum ely C o ( M ) _______
41 Mch27
92*4 Jan 7
89*4 Deo
85
85*2 84% 84% 84% 84l2 84
84
*80
85
600
D
o
preferred________
84
Mch
27
99*4 Jan 4
99*2 Dec
179 180% 182% 183
1
'
184*4 *181 183
1837* 184
2.400 Sears, Roebuck Sc C o ____ 178 Mch20 213*2 Jail 2 140 Jan
35
30*2 30*2 30% 30
36*4 30
30
870 Sloes-Sheffield Steel & Ir 33 Mch 20 45*2 Jan 28
35*8 35*8
3 UI4 Jan
♦34
38
*35
37*2 371S 3812 *38
3912 *38
3912
520 Standard M illing______
34*8 Mch 8
40*2 Jan 31
16*4 Jan
63% 03% *63
65
*
65
*631* 65
65
65
200
D o preferred_______
02 Mch 11 66*8 Feb 4
53 Jnn
•28
30
29
29
29
2912 *29
30
*29
30
500 Studebaker C orp (T h e ).
20 Feb 20 30 Feb 6
30 J ’ly
*86
93
§91
91
»
93
*83
93
*88
93
120
D
o
preferred________
z8 8 % Feb 20 93*4 Jan 13
90*2 J ’ne
33% 33% 34 % 34% 35
35U 34% 35U 35
351* 1.500 (/Tennessee C o p ..P a r $25 32*4 Jan 27 39*2 Jan 4 $34% F cd
►107% 1 12
111*2 1 1 2 % 1
*103 11512 112 112
700 Texas C om pany ( T h e ) .. 108*8 Mch 18 122*4 Jan 10
81 Jnn
*88
93
92% 92% *
93
*90
—
93
93
*90
100
Underwood
Typewrite.’.
89 MchlO, 09*2 Jan 3
95 Dec
___ 113
___ 112 *.
113
112
113
D o preferred_______
112 Mch 4 113 Jan 21 H o j ’no
4% 4%
•4*2 5%
514
5U *5
5*4 *5
6*4
700 Union Bag & P a p e r .. ..
4*2 Mch 18
7*4 Jan 3
4% Jan
29% 30*4 29% 29% 30
30
*30
32
32
35
400
D
o
preferred_______
_
29*4 Mch 13 4l*i Jan 3
35*a Dec
13% 13% 13% 13% 14
14
§15
15
*13
14
725 U S Cast Iron Pipe Sc Fdy
13*8 M c h l 8
16*4 Jan 30
13 Fob
*50
54
*50
56 *.
56
50 '___
56
D o preferred_______
62
Mch
20
66*4
Jan
31
50 Jan
*68
69*2 •63
70
*
6912 * 6 8
09
63*i * 6 8
U S Realty & Im prov’t . .
68*4 Mch 10
77 Jan 9
67 Jnn
60% 0 2
62
63%
63*8 61*8 623g 61*4 6314 14,850 United States R ubber___
S7l2 Feb 24 68*8 Jan 10
45*4 Feb
104% 104% 105 106*2 1
lOOU 105*4 IO6 I4 1057* IO6 I2
700
D o 1st preferred___
104 MchlO 109 Jan 8 105*8 J ’ly
D o 2 d preferred____
76*8 Jan 3 81*2 Jan 9
75 Jan
59*2 60*2 60% 61%
6 OI4 01*8
60=8 61*4 280,000 United States Steel____
58*4 Mch 10 69*8 Jan 2
6 8 I4 Feb
107% 107*2 107% 108
1
107*4 108
107*8 1077* 2,630
D o preferred__________
51
51*2 51% 62%
52
5212 52*4 531* 5,412 (/Utah C op per___Par $10 107 MchlO 110*4 Jan 30 107*4 Deo
48*s
MchlO
15212
Jnn
60*8
Jan
2
32% 32l8 *32*a 34
33
33
33
331* 1,000 Virginia-Carolina Chern.
30*2 Feb 25 43*8 Jan 3
40*4 Dec
107% 110
107% 110 *1
108 1 1 0 §110 110
D o preferred________
5
107*2 Feb 27 114 Jan 3 114% Dec
66
66*2
07
68
6 6 la 67
07*4 6 8 I3 4.250 Western Union T eleg___
71*4 Deo
65*2 Mch20 75*s Jan 9
62
62*2 61% 63
64
65
05*8 67
13,500 W estinghouse El & M fg .
66*4 Jan
60*2 Mch 19 79*4 Jan 2
116% 119% 116% 119% *1
•II6 I4 119*4 116*2 119*4
D o 1st preferred___
117 Feb 14 119*4 Jan 17 1147S Jan
87
91
91
92
92
8 8 Ig 89
90
9012 9,570 W ool worth (F W )_____ ”
112
Jan 2 112*2 J ’ly
85*2
MchlO
110
112
110
1 12
*1
112 *110 112
110 114
D o preferred____~~~~ 109*4 Mch 13 115*2 Jan 8
'.>::* IJ ’ly
BANKS
Banks
Brooklyn
Coney Isl’d U 136
Jlrst ........... 280
150
F la tb u s h . .
G r e c n p o ln t . .
u isld ell____
omestead \
tMann
fiict’ra .
85
405
Meohantcs’S. 210
Montauk 1 ..
Nassau . .
205
Alt’
155
300
105
180
125
100
430
225
160
220
AND
Bid
Ask
Brooklyn
National City 275
North Side 11- 176
People’s ___ 145
295
2 U0
155
R anks
Trust C o’s
N Y City
A s t o r _____ 350
Bankers’ Tr. 470
B’way Trust. 165
375
430
175
TRUST
C O M P A N IE S — B A N K E R S '
Trust C o’s
N Y City
Central Trust
ColumbiaICnlckerboc
Commercial .
Kmplro____
Equitable Tr.
Farm L ft Tr
Fidelity_____
Fulton______
Guaranty Tr.
Bid
Trust Co’«
N Y City
1 00 0
1015
530
90
300
490
1250
540
03
220
295
670
600
1285
230
315
680
H u d s o n ____
L aw T I A T r
L in coln T ru st
M etrop olita n
M u tu a l A lli
a n ce _______
130
200
133
440
135
Mut’l (West
chester)__ 140
Vs Mch’
26 Mch
1934 May,
627,8 May
34 J a n (
84*8 Apr;
95*4 Ocej
109 Oct,;
8912 O ct
10512 O ct
6512 Sop
108*4 Jan
225 O ct
118 A u g
47*3 J ’ly I
105*8 NOV
02*4 O ct I
215*2 O ct
118 A u *
88
O ct I
112
Jani
90*2 O ct i
$30*4 Sep
181 Apr
131 J ’nJ
26 O cti
9612 Jan
G8 I4 O ct;
iio7, now
$24*s Sep I
85 N ov
8778 All®
38 Sepi
65% A pr
12212 O ct}
271 j A ug
1003.| Aug
407a S e p ;
103*4 Augi
12 Q73 A u g
175 Aug
40*4 Sep i
105 Aug
S24ij Sep
35 O ct:
93% O c t 1
101 N ov
1031, O cti
221
N ov
69*4 Sep
30 Deo
60 O cti
491, Aug
98% Aug
$471, May
130% Sep I
115*1 J ’no
114*2 Sepj
1778 May
67*4 May
22% May
64% Oct)
80*2 J ’ly;
G778 MaS
115 M aj
851, M aj
80*4 Sep
117 Sep!
50712 Sep'
57% Jan!
122 Mclj
8 0 % Jan .1
80% Aud
1 20
Aud
117% Oct?
H03.I J ’l*
~
5
Q U O T A T IO N S .
140
210
13S
450
Trust Co’s
N Y City
N Y Life & Tr
N Y Trust__
Title Gu ft Tr
Transatlantic
Union Trust.
U 8 M tg ft Tr
United States
Washington .
Westchester .
Bid
Ask
1050
620
470
175
1270
455
1095
300
1075
625
475
___
1280
465
in o
385
1 GU
Trust Co’s
Brooklyn
Brooklyn T r.
Citizens’ ___
Franklin___
Hamilton__
H om e_____
Kings County
Bid
Ask
495
160
505
155
2.50
285
125
n’
—J
2 70
115
520
__
130
People’s __ _ 295
Quoena Co . . f io o
305;
929
New York Stock Exchange— Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method o f quoting bonds was changed. and prices are now all— "and interest"— except for income and defaulted bonds.
«5dejeT e}S ® 3’
S
S
S
8
8
8
8
S
U. S. G ov e rn m e n t.
2s consol registered— «1930
2s consol cou pon-------- d[930
3s registered -------------- Jo i «
3s coupon — - - -------4s registered---------------- ‘ " .o
4s c o u p o n ------------l ’an Canal 10-30-yr 2s *1936
Panama Canal 3s g — I9(i
F oreig n G o v e r n ,e n t.
Argentine— Internal 5s o f 190J.
Chlnese (Hukuatig) R y 5s £ - - - Im perial Japanese Government
Sterling loan d'As------------ IJJ-o
2d Series 4 > js----------------}9 -5
Sterling loan 4s-------- -— -1? " 1
R epublic o f Cuba 5s ex ten debt
External loan 4 ‘A n ------ ---1 9 4 0
San Paulo (Brazil) trust 5S.1919
T o k y o C ity loan o f 1912 5s-----U 8 o f M exico s f g 5s o f ---- 1899
G old 4s o f 1901----------------1954
S ta te a n d C ity S e cu ritie s.
N Y C ity— 4 M s..................... I960
4 % C orporato stock _____ 1959
4 % C orporato s t o c k ..___1958
4 % C orporato stock _____ 1957
N ew 4 ^ s ________________ 1957
N ow 4 H s ________________ 1917
4j<>% Corporate stock ___1957
4
assessment bonds— 1917
3 y ,% Corporate stock— 1954
N Y State— 4s_____________1961
Canal Im provem ent 4s— 1901
Canal lm p rov't (new) 4S.1901
Canal Im provem ent 4 s ...i9 6 0
South Carolina 4 Ms 20-40.-1933
Tenn now settlement 3s---- 1U1J
Virginia funded debt 2-3S.-1991
6s deferred IJrown Pros ctfs---R a ilro a d .
A sk Low
B id
Q -J
Q -J
Q -F
113*8 11H8 1 1 3 1 2 M c h '1 3
1137s 114*8 114 M c h ’ 13
100*8 101 100% J ’ u e 11
10 0 %
102*8 103% 1 0 2 %
M-S t 90
J-D t 87
98
Sale
F-A t 89 Sale
J -J { 88U Sale
J J
M -S
H ig h
100*8 101 1 0 0 i2 M c h '1 3
100*1____ 101 *4 J a tl *13
102*s 10314 102*8 F o b '13
102*8 10314 1 0 2 * 8 M c h ’ 13
Q -S
{
81)34 85*
t 09*4 101
F-A t _____90!
J -J { ____ 97
M- S
8G12 89
96%
87
97
87
83
89
87%
88*4
80% M c h 13
100*2
100
M
c
h
’ 13
96%
9G7S F e b T 3
8 0 l2
8 6i2
92 F e b T 3
84% J a n ’ 13
Q -J J ------- 03
. . 84
J-U
1 These are v rices on the b
100
997S
99% 100
M-S
9512
95 S a le 95
M-N
95
95ig
M-N 96 S a le 9-178
95
94% S a le
M-N
103*8
M N 103*8 S a le 103*8
IOH
2
M
c
h
'1 3
M-N 101 101*s
103*8
M-N 103(2 S a le 103i2
101
M
c
h
’ 13
101
lOHa
M-N
83ls
S3 >8
M-N S3 ‘ 4 80
10078
10078
M-S ____101
J -J _____ 10078 101% M c h ’ 13
101% F e b T 3
J J
J J 101%____ 101*t J a n '13
98 ____ 103i2 J ’ ly TO
J -J
99
99U 99 M c h '1 3
J -J
8 OI2 DCO ’ l l
J -J
62 Sale 62
54
t ____
A rbor 1st g 4s—
hl995 Q -J
A nn
tell T op St 8 Fe gen g 4s_1995 A -0
R e g istered _______________ 1995 A -0
Adjustm ent gold 4s......... A1995 Nov
R egistered ------------------- ^1905 Nov
Stam ped-----------------------/*199® M-N
C on v 4s issue o f 1909------ 1955 j - n
C onv gold 4 s -------------------1055 J-D
C onv 4s (issue o f 1910)___1900 J-D
10-year con v gold 5s_____ 1917 J-D
Debentures 4s Series K ___1913 F-A
East Okla D iv 1st g 4s___1928 M-S
Short Lino 1st 4s gold__._1958
Cal-Ariz 1st & ref 4 M s-.-1 0 0 2 M - i
S Fo Frcs & Ph 1st g 5S..1942 M-S
C hic & St Uiuis 1st O s ..-1015 M-S
A tl Coast L 1st gold 4s---- 7il952 M-S
R egistered____________ 7il952 M-S
Ala M id 1st gu gold 6s---- 1928 M-N
Bruns & W 1st PU gold 4 s .1938 J -J
J
Charles Sc Sav 1st gold 7 s .1930
L & N coll gold 4s______ 01952 M-N
8 a v F & W 1st gold Gs____ 1934 A-O
1st gold 5a______________1934 A-O
Sil Sp Oca & O gu g 4s— 1918 J -J
J
fa it Sc Ohio prior 3 > js___1925
* R egistered __________ A1925 Q -J
G old 4s................ .............. /i 1048 A-O
Registered___________ A1948 Q -J
20-yr con v 4J-$s (\vh lss)--1033
Pitts June 1st gold Os____1922 j " j '
p June Sc M D iv 1st K 3M sl925 M-N
P L E Sc W Va Sys ref 4 s ..1941 M-N
Southw D iv 1st gold 31Ss_1025
s
ent Ohio It l s t c g 4 M s . .l 9 3 0 £ : J
1 Lor & W con 1st g 5S..1933 A -0
M on on Itlvcr 1st gu g 5S..1919 F -A
Ohio ltlver KR 1st g 5 s ...1 9 3 0 J -D
General gold 5s------------- 1937 A-O
Pitts CIov Sc T ol 1st g GS..1922 A -0
Pitts & W est 1st g 4s------ 1917 J -J
Stat Isl R y ls t g u g 4 M S --1 943 J-D
B uffalo R & P gen g 5s------1037 M-S
Consol 4 M s ______________1957 Al-N
A ll & West 1st g 4s gu ____ 1008 A -0
C l Sc M ali 1st gu g 5s____ 1043 J -J
R och & Pitts 1st gold 6s_1921 F-A
Consol 1st g (is_________ 1022 J-L)
B u ff& Susq 1st reg g 4s___dl951 J -J
/C a n a d a South 1st ext Os..1913 J -J
1913 Al-S
V / 2d 5s.......................
R e g iste re d _______________ 1013 M-S
Contral o f Ga 1st gold 5s_pl945 F - A
Consol gold 6a___________ 1045 M-fv
Register o d ______________1945 M-h
1st pref incom e g 0s____ pl945 Oct
2d prof Income g 5s____pl045 Oct
2d pref incom e g 5s sta m p od ..
3d pref lncom o g 5s____pl945 Oct
3d pref incom e g 5s stam ped. .
C hatt D iv pur mon g 4 s ..1951 J -D
M a c & N or D iv 1st g 5 s ..1940 J -J
M id Ga & A tl D iv 5s------ 1947 J -J
M ob llo D iv 1st g 5s----------1946 J -J
Oen UR & B o f Ga eol g 5s. 1037 M-N
C ent o f N J gen’lg o ld 5 s . . . 1087 J -J
R egistered ------------------- ^J£87
Am D ock Sc Imp gu 5 s . ..19 2 1 f-i
Lch Sc Hud R gen gu g 5S.1920 j - j
N Y & Long Br gen g 4 s . . 1041 M-S
C ent Verm ont 1st g (lg 4 s ..e l9 2 0 Q -F
B1
8
Range
Since
Jan. 1
Week's
Range or
Last Sale
Price
Friday
■larch 28
B ON DS
X . Y . STOCK EXCH AN G E
,
Week Ending M arch 28.
74U 70
74*4 M ch ’ 13
9434
95*8
____ 9712
97*4 Feb T3
84% Sale 83
8412
____ 87i2 80 Mch 13
85 Sale 83
85
108ls Sep 12
102
lOlU 102 101
1007a
100*4 Sale 9912
103
102 Sale 10O78
99*4 J’ly ’ l l
92 M ch‘ 13
*92i» *94
807a
87*2
87
83
99 997s 100 M ch’ 13
107 Fob '13
103*8 Feb T3
91
91 Sale 90*4
98 Oct 06
1 05 (4 - - 106*4 Fob '13
91 ____ 95 A u g '12
125
89*2
89(2 Sale 89*2
____124(2 123>8 J ’n o ‘12
____112i2 110*a M ay’ l l
97
Oct T2
07 100
OOU 91
90*8
90*4
88lj . . . . 90*4 Feb ' 13
61*4
95*2
9 5 (2 Sait
»7
Feb
T3
. . . . 951 ,
9473
04*4 SMe 04*8
112 Jan T2
84
8712 8712 Jan T3
____ 88(2 88*4 M ch’ 13
8 8 (2 Sale 8 8 I4
88*2
100 ____ 101 Jan T3
____100(2 10/ J 'n o ’ 12
1021a . . . 102 % J ’n e ’ 12
103 . . . 108*4 N ov '12
105*2 Apr T2
11312 Feb T2
O6 I2 ____ 96*2 Get T 2
01
____ 91 J ’n e ’ 12
107 . . . 107*2 M ch ’ 13
103U 104 104*4 Mch 13
95*4 M ch’ 13
103 J 'ly 08
10012
109*2
105% . . .
111*4 Mch'13
110*4 . . .
43 ____ 40 Feb T3
100 Deo T 2
100 Feb '13
100*4 Jan ’ ll
109*8 110*8 1105s Mch'13
100** Sale 106*8
106*2
100*4 M ch’ ll?
103 Deo ’ l l
106 Dec 'l l
08 N o v ’ U
107 Dec T
85*s Oct TO
90 Feb T3
10714 Jan T2
100U
115 N o v ’05
109*4 May 1
lOOR .
____101*8 101*2 N ov T2
117 Sale 117
117
115*4 117*4 115*8 Mch'13
____105
105*2 Feb 13
102*2 May’ 12
lOO^Jan T3
80 8 6
88
M ch’ 13
95<s S a le
Price
Friday
March 28
BONDS
N . Y . STOCK E XC H AN G E
W eek Ending M arch 28.
Rang*
Since
Jan. 1
Week's
Range or
Last Sale
High
B id
A s k Low
Chesapeake & Ohio—
101 M ch ’ 13
Gen funding & im pt 5s___1929 J -J ____ 101
108*4
1st consol gold 5s_________1939 A\-N 108*4 Sale 108*2
109% Nov T2
R egistered ______________1939 Al-N
102*8 1027s
99*4
General gold 4 H s ________ 1992 M-S 11II ’ 99**2 99*2
102*8 103
R egistered______________ 1992 Al-S ____ 99*2
99*2
9912
11312 113*2
9078
Convertible 4>£s_________1930 F-A
90*8 90*2 90*2
1137S 114*4
Big Sandy 1st 4s_________1944 J -D
83*4------ 85*s Feb 13
85 ____ SSW Oct 12
Coal R iver R y 1st gu 4 s ..1945 J-D
102 103*8
09 ____ 01*4 M ch’ 13
Craig Valley 1st g 5s_____ 1940 J -J
80 ____ 8434 Jan T3
F o ils Creek Br 1st 4s____1946 J -J
9134 04
91*4 M ch ’ 13
R & A D iv 1st con g 4s___1989 J -J
96*8 99*8
87 M c h ’ 13
2d consol gold 4s________1989 J -J ____ 89
80
92
Greenbrier K y 1st gu g 4 s. 1940 M-N 85 ____ 95 Oct 10
06 ____ 67 Feb 13
87*2 90*s Chic & Alton K R ref g 3s._1949 A -()
6712 S a le 57*2
59
liailioay 1st lien 3 ) j s ------ 1950 J -J
8 6 78 89*4
98
99*2 98 M ch’ 13
C hic B & Q Denver D iv 4 s .1922 F -A
80 83
84*4
84
84% 84
Illinois D iv S f i s ................1949 J -J
100 102*2
80*4 Aug 12
R egistered______________1949 J -J
95*2 97*4
95*4
95*4 S a le 96*4
Illinois D iv 4s------------------1949 J -J
96*3 97*2
97 Sep T 2
R egistered______________1949 J J
86*4 89*a
Iow a D iv sink fund 5s---- 1919 A-O 102 104 1033a Feb T3
02
95*3
98
98 08*4 98
Sinking fund 4s_________ 1919 A -0
84*4 84*2
90
____
90*4
90*4
N ebraska Extension 4s---- 1927 M-N
0/ to to £
06*8 Sep T2
R egistered____________ .1927 M-N
97*2 I I I I 98*4 N ov T2
Southwestern D iv 4s_____ 1921 M-S
99*4 100*4
95 97*8
Joint bonds. See Great North
100
91*4 97*4
Debenture 5s____________ 1913 Al-N 100 100*8 100
94*8
94*4 S a le 91
9478 97*4
Goneral 4s________________ 1958 Al-S
74 M c h ’ 13
103*8 105*2 Chic & E 111 ref & imp 4s g_1955 J -J ____77
119
Jan
13
____120
A
-0
101*2 102
1st consol gold 6 s _________ 1934
General consol 1st 5 S - ....1 9 3 7 M-N ____108 107*8 Feb '13
103*2 105*2
106*2 Jan T3
R egistered ______________1937 M-N
100*4 101*4
83
80
Pur m oney 1st coal 5s____1942 F -A I I I I ’ 6 7 ’ 97*4 Feb T3
1007| 101*2
R egistered__________________
105*4 M ch’ 13
C hic Sc Ind O R y 1st 5s___1030 J -J
101*8 101*4
75*2
75%
75*2 76
101*2 101*2 C hic Great W est 1 st 4s . . 1959 M-S
124 Feb 13
10134 101*4 C hic Ind & Louisv— R e f Os 1947 J -J ____121
Refunding gold 5 s ________ 1947 J -J 104*4 108*4 105*4 Feb '13
Refunding 4s Series O ____ 1917 J -J ____ 90*2 95*8 Apr 11
99
99
83 J ’ly 12
Ind & Louisv 1st gu 4s___1956 J -J ____ 85
90*4 Aug 12
C hic Ind & Sou 50-year 4 s. .1050
J ____87
104 lice 11
C hic L S Sc East 1st 4 )^ s___ 1909 J-D
C hic M11& St P terml g 5 s ..l9 1 4 J -J 100*8____ 100*4 M c h ’ 13
90
90 Sale 96
G on’l gold 4s Series A ___el989 J -J
74*4 7978
9812 Feb T3
R egistered ____________el 989 Q -J ____ 96*4
9434 98*8
8 H2 82*8 8334 M ch’ 13
G cn ’l gold 3 j^s Sur B ___cl989 J -J
95*2 98
80 J 'u o T l
R egistered ____________ cl989 J -J
83
88*4
87*4 Sale S7%
87*2
25-year debon 4 s . . _______1934 J -J
80
86
102*4
Convertible 4 H s _________ 1932 J -D 1023s Sale 102
83
88
102*4
Sale
101%
102*8
C onvertible 4 K s (wh Issued). .
104% Jan T3
J 103 .
C hic & L Sup D iv g 5 s ...19 2 1
100*4 105*4
106 Feb 13
C hic & M o R iv D iv 0 s . . .1926 J -J 105 .
987S 103*8
104
104*2
104
104%
J
C hic & P W 1st g 5S......... 1921
100*2 105*8
89*4
89*4 Sale 88
C M & Puget 8 d 1st gu 4 s . 1949 J -J
Oct 12
92
92
D ak & G rt Sou gold 5s___1910 J -J 101 ____ 102*4
110*2
M
ch
’ 13
110*8
111
887s 92
Dubuquo D iv 1 st s f 0 s ___1920 J -J
Aug 11
99*4 100*2
Far & Sou assum g 0s____1924 J -J 113 . . . 117*8
104*4J n e ’ 12
107 107
La Crosso & D 1st 5s____ 1919 J -J 102*2 - . - 104%
Feb T3
103*8 103*8
Wis & M inn D iv g 5s____ 1921 J -J 103*4 101%
90*4 95*4
W is Vail D iv 1st 6 s ............1920 J -J 103 112*4 109*4 Feb 13
95
95
M il Sc N o 1st cons Os_____ 1913 J-D 100*8____ 100*8 M ch’13
100*8 Aug T2
E xtended 4 M s__________ 1913 J -D
105 100*4
Chic & N or W est cons 7 s ..1915 Q -F 104*4 164% 104% M ch ’ 13
06 Feb T3
Extension 4s_______ 1886-1920 F-A
96 Jan T3
R e g iste re d _______ 18&G-1926 F-A ____95*2
89*2 92*2
82*4
82*2 82*4 82
General gold 3>$s_______ 1987 M-N
84*4 Jan T3
R egistered____________ p i 987 Q -F
96%
97*2
General 4s________________1987 M-N 96*4 97
111*4 N o v ’l l
Sinking fund Cs____1879-1929 A -0
897g 91*4
10934 A u g ’ K
A
-0
_______
1879-1929
R
e
g
iste
re
d
90 90*2
104
Sinking fund 5s____ 1879-1929 A-O 104 Sale 104
01*4 97%
R e g iste re d ..............1879-1929 A-O ____ 104*2 104% O ct T2
97
97
101
103
103
Sale
A-O
Debenture 5s____________ 1921
339 93
67*a
101 Dec 12
R egistered ---------------------1921 A-O
107*2 M ch’ 13
___
107
Sinking
fund
deb
5s-------1933
Al-N
87*2 89*2
107*4 A u g ‘ 11
R egistered ______________1933 Al-N
88*4
90*4
From E lk & M o V 1st 6 s . .1933 A -0 121 ____ 121% M ch’ 13
88*4 00*4
90*2 Sep
73
____
M
a
n
G
B
&
N
W
1
st
3
H
s
1941
J
-J
101 101
73
M ilw & S L 1 st gu 3*4 s . . . 1941 J -J
M il L S & W est 1st K GS..1921 M -S 109*2 111*2 111*2 M ch’ 13
E x t & Imp. s f gold 5s--1929 F -A 105*2 n o 107% F co '13
Ashland D iv 1st g 6 s ___1 9 2 5 Al-S 113*2 . . . 111% Feb T3
113 . . . 113*2 M ch ’ 13
M ich D iv 1 st gold Cs___1924 J -J
03
93*8
M il Spar <5cN IV 1st gu 4S.1917 Al-S ____ 93*2
115 J ’ly T l
N orthw Union 1st 7s g ___1917 M-S 109 . .
107*2 110*3
W inona & St P 1 st ext 7 s .1916 J-D 108*2 109*8 109 Sep T2
105 106 105*2 M ch ’ 13
1 0 1 t4 i04*i Chicago R ock Isl & l ’ac Gs_1917 J -J
R egistered ______________1917 J -J 10412 ____ 109 Aug 10
06*4 95*4
92
92
General gold 4s__________ 1988 J -J ____92
109*2 110*2
R egistered ______________ 1988 J - J ____ 93*4 91 Dec 12
84*2
84*s Sale 83*4
Refunding gold 4s________1934 A-O
111*4 11178
85 87*4 86 M ch ’ 13
20-year debonturo 5s_____ 1932 J
38
40*4
C oll trust Scries L 4s____ 1914 .M-N 93 ____ 07*4 Sep 'l l
94*4 j ’n e 'l l
P 4s......... ........................... 1918 Al-N ____ 95
100 101*4
03*8
Chic R I & Pac R R 4s____ 2 0 0 2 M-N 63*8 Sale 01*4
03% Jan T3
R egistered______________2002 M-N
110 110*8
R I Ark Sc Louis 1st 4 )4 s .l9 3 4 M -S I I I I *87*4 87*4 Feb T3
106*4 109
108*2 Feb T3
Bur C R & N — 1st g 5 s . . . 1934 A-O ____109
100*4 IO6 I4
120*2 Mch Oo
Registered____________ 1934 A-O
O R I F & N W 1 stgu5s_1921 A-O I I I I foe* 105*4 Sep T l
M & St L 1st gu g 7s------ 1927 J D
C hoc Okla & G gen g 5 s ..01919 J -J I I I I 166*4 100% M ch ’ 13 . . .
loo Jan "13
Consol gold 5s__________ 1952 Al-N 101
98 M ch’ 13
K cok & Des Moines 1st 5s.1923 A -0 ____ 99*4
89 Feb 13
St Paul & K C Sh L 1st 4 J4s '41 F -A ____ 89
Chic St P M Sc O con Gs. — 1030 J -D 118 121*4 120 Mch 13
89% Dec T2
Cons Cs reduced to 3 jjs ..l 9 3 0 ] J -D
101*4
100% 101*2 101*4
Debenture Gs--------------------------- 1 0 3 ° Al-S
110*2
Feb K
118
C
h
St
P
&
M
inn
1
st
g
Gs._1918;M-N
117 119*8
12.,% May..-.
N orth Wisconsin 1st 0s— 1930j J -J 113 .
115*a 118*
St P Sc S C ity 1st g 0 s ------ 1'.!19 A-O 107*: 109*4 108% M ch ‘ 13
105 105*2
Superior Short L 1st 5s g.1930] i-S 103 .
:i07 ’ Mch 13
166*2 100*2 C hic& W est Ind gen g C s..?1932:Q -ii 107 .
85%
Consol 5 0 -year 4s-------------------19521J -J85*a Sale 85*8
88
90
Low
H ig h
100i2 101*8
101U IOU 4
High
100 102
108*2 110
Low
98%101'"
99*2 99%
90*4 92%
85% 85%
100*2 101*4
84*.i 84*4
91*4 93%
87
88
67
08
55*2 63%
98 100
84
85%
95*8 98%
103*8 103%
98
99%
90*4 97
99*4 100%
93*2 90%
74 80
119 119
100 103
106*2 106%
97*4 98
105*4 105*4
75
77%
124 125
105*4 105%
100*4 100%
96
99
97
98%
83*4 85
87*4 91%
101*4 108%
100*4 104%
104% 104%
103 106%
104 105%
83
94
110% 110%
104% 104%
109*4 100%
100 100%
04 105%
96
98
96
96
82
85%
84
84%
90% 98%
107
107%
121U 121%
111 112%
107*4 107%
114% 114%
113% 113%
92% 94
105*2 100%
91*4 94%
83*4 89
86 90
01% 06%
03% 04*8
88
87%
108*2 103%
100*. 100**
106 105
98
98
89
89
120 120%
166% 10*2%
119 120%
103% 10*9%
100*8 10*7**
85% 89*2
M ISCE LLA N EO U S BON DS— C o n tin u e d o n N ext P a ge.
S treet R a ilw a y
1945
2002
-1941
1941
6 Oo
1041
Bklyn Un E 1 1st g 4 -5 s .. 1950
1950
1049
1949
1051
Ss ’51
1951
D et United 1st cons g 4 H s . 1032
1932
F t Smith L t Sc T r 1st g 5 s ..1936
1930
Grand Uanids R y 1st g 5s 1916
1952
1956
A -0 102 Salt
87% Sale
J -J
J .1 ____102%
M-N ____ 93
J -.l •____ 98*2
F-A 100% 101
F A 100*8 100*4
F-A
85
F-A
J -J ____ 76*i
98% 100
J -J
98% -----.1 J
J -J ____ 73
. . 92
M-S
98*2___
.1-1)
F-A ____ 97
A-O
78% Sale
• No price Friday; latest this week,
101*4
102
21
86*4
88
287
102% M ch ‘ 13
98 Jan T3
98*2 Dec '12
100
100*2 15
100 M ch’ 13 . . . .
83*2 Dec T2
81 Mch 13
76
76
1
101% J ’n o ’ 12
99% Feb T3 ___
72*2
72*2
1
93 Apr T2 . . . .
100 Sep T2 ___
98 Feb T3 __
77*%
78% 186
dDuo April,
c Due May,
S tre e t R a ilw a y
101*4 103*4 Intcrboro R ap T r 5s Ser A .1 9 5 86% 92*8 M anhat R y (N Y ) cons g 4 s . 1990
Stamped tax-exem pt_____ 1990
101 102*2
M etropolitan Street R y—
98
93
Refunding gold 4s-------- .2002
Farmers Loan & T r c t f .. .
100 101*2
S ta m p o d ................ ..
100 101*4
Bway & 7th A v 1st c g os.1943
O ol& 9th A v 1st gu g s. .1993
84
86
Lex A v & P F 1st gu g 5S.1993
76
78
T hird A v R R cons gu 4 s . . 2000
Central Trust C o ccrtlfs. .
99% 99%
Cent T r C o ctfs stam ped-----72% 75%
T hird A vo R y 1st g 5s------ 1037
M et W S El (Chic) 1st g 4 s .1938
M ilw Eloc R y Sc L t cons g 5sl926
98
98
Refunding & oxten 4 * ^ s ..l9 3 1
77*4 81%
M inncap St 1st cons g 5s---- 1019
5
/» Duo July.
A; Duo Aug.
0Duo Oct.
M-N
A-O
A-O
103*4 139 102*4 104%
103*4 Sale 103
____ 93*4 93*4 M ch’ 13
93*4 95
92 Sale 92
93
92
95%
AO
M ay‘ 12
Jan T3
Mch 12
15
102
101%102 102
____100*2 101% Dec 1
____100*8 101 Feb '13
71 J'ly 12
74% J’ly 12
74 N o v ’ 12
106
106 Sale 106
____ 84% 9 :;!-J ’ly 00
UMUDcc 111___
____103
____60
64
02*2 62%
62*2
59*4
J -D
M-S
M-S
J -J
J -J
F-A
F -A
J -J
J -J
___
p Due Nov.
94%
'.14*2 O c t
102
102
103%
166% 10'l“
106
i ’J ____
N ov ’ 12|___
r Due Dec.
Option sale.
107%
930
New York Bond Record— Continued— Page 2
BONDS
Price
Friday
March 28
Y . STOCK EXCH AN G E
W e e k E n d in g M a r c h 2 8
Did
Week's
Ranye or
Last Sale
Ask Low
Range
Since
Jan. 1
High
N.
BON DS
[Vol. XCVI.
Price
Friday
March 28
Y. STOCK EXCH AN G E
W e e k E n d in g M a r c h 28
Week's
Range or
Last Sate
Range
Since
Jan. 1
S t P M & M (C o n t i n u e d ) —
Did
Ask Low
nigh No. L o w H i g h
M o n t o x t l s t g o l d 4 s _____1 9 3 7 J D
95*s - 96
96*8
5 95*8 96*,
R e g i s t e r e d _______________ 1 9 3 7 J-D
____ 95*8 98 J ’ n e ’ l l
P a c i f i c e x t g u a r 4 s £ _____ 1 9 4 0 J -J
92*3 M c h ' l l
98*4 100*8
E M i n n N o r D i v l s t g 4 s 194 8 A-O 1 1 I I *97*
97 S e p 12
.
............
M i n n U n io n l s t g 6 s _____1 92 2 J -J
ill
...
114*4 S e p 12
8 6*4
SO*.]
M o n t C 1 s t g u g 6 s ______ 1 93 7 J -J
123 . .
124*2 F e b T 3
124 124%
R e g i s t e r e d _______________ 1 9 3 7 J -J
13614 M a y '06
l s t g u a r g o l d 5 s _____ . . 1 0 3 7 J -J
1 0 8 '1 0 9
109 D e c ’ 12
R e g i s t e r e d ____________ 1 93 7 J -J
____111
90*4 923,
W i ll & S F l s t g o ld 5 s ___ 1 93 8 J-D 108*2
lid
110 n o
F e b ’ 13
90U 923, G u l f & S I l s t r e f & t g 5 s __6 1 9 5 2 J -J
897a 92
90
90
90
95*a
90
90
R e g i s t e r e d _______________ 6 .1 9 5 2 J -J
89*4 89*4 T T o c lt V a l l s t c o n s g 4 > $ s _ .1 9 9 9 J -J
98*2 101
98*2
99
98% 101*4
90
91
-“-A R e g i s t e r e d _______________ 1999 J -J
____100 100% S e p '08
C o l & I I V l s t e x t g 4 s _____1 9 4 8 A - O
92 . . .
02
F o b ’ 13
92
02
C o l & T o l l s t e x t 4 s ________1 95 5 F-A
92*4 M c h ’ 13
92*4 92*4
H o u s B e l t & T e r m l s t 5 s ___ 1 9 3 7 J -J
100*4 D e o '12
1047, 105*4 I lh n o is C e n t r a l l s t g o ld 4 s . 1951
J -J 100 10234 100
100
100 102*4*- R e g i s t e r e d _________________1951 J -J
100 S e p ' l l
90
90
l s t g o l d 3 ] ^ s ___________
1951 J -J
88% 88%
88% F e b ’ 13
1951 J -J
R e g i s t e r e d ____________
88% F e b 13
88*2 88%
E x t e n d e d l s t g 3 ^ 3 .............1051 A-O
93*2 M a y ’ 09
R e g i s t e r e d ________________ 1951 A-O
120 120
l s t B o ld 3 s s t e r li n g ___ . . . 1 9 5 1 M - S
8 0 * J ’ ly * 0 9
R e g is t e r e d ..
________ 1 951 M - S
94*4 . . .
C o l l t r u s t g o l d 4 s ___________1 95 2 A-O
94*4 96%
94*4
*94*4
93
R e g i s t e r e d ___ __ ________ 1 05 2 A-O
95*4 S e p '12
8 8*4
89
1 s t r e f 4 s .......................................1 9 5 5 M -N *93*7^ 94l4 9 4l8
04*4
96
431, 4 9 3 4
1 u r c h a s e d lin e s 3 M s ______ 1 95 2
S3 F e b 13
J _____81
83
29
3 OI4
94*4 97*2 93%
E N O & T e x g o l d 4 s ............1 0 5 3 M -N
93*2
96*4
92*2 947,
R e g is te r e d .
1 0 5 3 M -N _____ 03
91*4 J a n ' l l
91*4 94*2
94% J 'l y '12
C **1 *-,0 E f i d g o g old * 4 s ............1 95 0 J -D
107*2 108
____ 75*8 75*3 N o v '1 2
L i t c h f i e l d D i v l s t g 3 s . . . 1 9 5 1 J -J
73
84
L o u i s v D i v & T e r m g 3 > 4 s 195 3
85 O c t '12
J
R e g i s t e r e d ________________ 1 9 5 3 J -J
83 A u g ’ 12
M i d d l e D i v r e g 5 s _________ 1921 F -A
123 M a y '99
102*4 103*,
O m a h a D i v l s t g 3 s .............. 1951 F -A
75*a A u g 12
105*4 105*2
S t L o u i s D i v & t e r m g 3 s . 1951 J -J
65
77
76% M c h '12
_____ 72
R e g i s t e r e d ______ __
1951 J -J
G o l d 3 J ^ s........................... . . 1 9 5 1
73
.
.
.
86% O c t * T 2
J
110*2 111*,
R e g i s t e r e d _____
1 9 5 1 J -J
101*8 O c t '09
104l2 106*,
S p r in g D i v l s t g 3 J * s _____1 951
J
100 N o v '00
961, 9634
R e g i s t e r e d ______
1 9 5 1 J -J
W e s t e r n lin e s l s t g 4 s _____1951 F-A
____ 96*2 9 4 * F e b * ’i §
04
94
1105, n o o ,
R e g i s t e r e d ________
_____ 1 9 5 1 F-A
B o I I e v & C a r l s t 6 s " * _____ 1 92 3 J -D
117*2 M a y TO
96**4 *98
C a r b & S h a iv 1 st g 4 s .
1 93 2 A l-S
94% J ’ ly '12
e w e s t U N O g 5 s ! i : : : i 9 5 i J -D ____111
08 101*,
113*4 N o v ’ 12
B l i s t e r e d ...............................1951 J -D ____111*2 114 F e b ’ l l
90
091,
80
88*4
J-D
90 O c t ’09
R e g is t e r e d .........................._ i 9 5 i J -D
85*2 891
J -I)
02*2 A u g '12
D1Y
lsfc
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48____
1951
93
9578
rK Sg ls t,c r o d ............................1951 J -D
9012 99
_____05*2
n,
8 U g 4 s ............... 1931 M -S
J ’ ly * 0 8
79
8 4 14 f ° d B1 & l a 1 st g 4 s ..................1 9 5 0 J -J
92 Sait92
93%
92
l n t & G r e a t N o r l s t g 6 s . . .1 0 1 9 M -N 10458 107 105*4
105*4 107
105*4
93
97*8 94
-D
I o w a C e n t r a l l s t g o l d 5 s . . .1 0 3 8
94
99%
97*8
59
62
R e fu n d in g g o ld 4 s . . .
..1 9 5 1 M -S
00
04%
60
GO
8334 85*4
J a m e s t o w n F r a n k lin &
78
81
” , C l e a r fi e ld 1 st 4 s ................. 1 9 5 9 J - D
_____ 93?a 93
.9 3
04
03
_____71*4
/• a n C i t y S o u l s t g o l d 3 s . . 1 9 5 0 A - O
71*j 72
71% F e b T 3
„
B e g l s t e r e d ......... .................. 1 0 5 0 A - O
63 O c t ’00
R e r & ir n p t 5 s ............. A p r 1 9 5 0 J - J
07% 99
* 0 5 * *08
97*2
97%
92
93*4 93*4 M c h ’ 13
93*4 90%
K a n s a s C i t y T e r m l s t 4 3 ____1 9 6 0 J - J
98*4 003,
10-1 106*2
104 106 104 M c h ’ 13
a k o E r i o * W ls t g 0s. _ . 1 9 3 7 J -J
97 102*4
96*4 100
df 2 d g o l d 5 s ________
104 1 J - J
07
97
104*4 104*4
____102
N o r t h O h i o 1 s t g u g 5 s I I I l 0 4 5 A -O
101*4 J 'n o T 2
100 100
L S,h V a il N Y 1 s t g u g 4 « s . l 0 4 0 J - J
100 104*4 102 M c h ’ 13
101% 104%
R e g i s t e r e d _________
1 9 4 0 J -J
104% M a y ’ 1 2
00*2 95*2 F e b T 3
, lll? / 1J a l,l, ( I ’y ) c o n s g 4 s l2 0 0 3 M -N . . .
95*2 07%
1035, 103*8 L e h V T e r R y l s t g u g 5 s . . . 1 94 1 A - O
110% H O lj
110*8 - - - 110% F e b T 3
R e g is t e r e d .................
1 9 4 1 a -O
#
111% D e c ' l l
113*8 115
105*2 105%
105% M c h T 3
~i i C o 2 1 C ° l s t g u g 5 s l 1 9 3 3 J - J
R e g i s t e r e d .................................1 9 3 3 j - j
103 103
1 s t i n t r o d u c e d t o 4 s ............1 9 3 3 J - J
L e h & N Y 1 st g u a r g 4 s . . . 1 0 4 5 M -S
80 . . .
03 J ’ n o ’ 12
103 103**8
R e g i s t e r e d ....................1 9 4 5 M -S
E l O & N l s t p r e f 6 s __
1 01 4
-O
101*1*2 F e b ’l o
G o l d g u a r 5 s ___________" * 1 9 1 4
-O
103 M c h T 2
833, 87
L o n g I s l d l s t c o n s g o ld 5 s l h l 9 3 1
J ____112
107 M c h ’ 13
1 s t c o n s o l g o l d 4 s _____
A 1931
J
9 0 * 2 ____
06*4 M c h ’ 12
72*2 76
G o n e r a l g o l d 4 s _____
1 93 8 J - D
93
94
93 F e b T 3
g o l d 4 M s .............. I I I 1 0 2 2 M-S
. . . 102
96% N o v ’ 12
89*, 90
G o l d 4 s ______
i q <jo
J -D
. . . 97
09*4 O c t '06
75
82*4
U n ifi e d g o l d 4 s ___ 1 1 1 1 1 1 * 1 9 4 9 M -S
89%
. . . 89*2 89 F e b T 3 ____ S 80
69*4 7 7 1 ,
D e b e n t u r e g o l d 5 s ___ I I I I l 9 3 4 J - D
104% D e c '08
91
94*4
G u a r r e f g o l d 4 s .......................1 0 4 9 iM-S
91%
91*8 93*2 91
100 i n
R e g i s t e r e d _________________1 94 0 M -S
95 J a n '11
N Y B & M B I s t c o n g 5 s .l0 3 5 A
- -O
„
10*4 N o v '00
1225, 1 2 3
N Y & R B l s t g 5 s .............. 1 9 2 7 M -S
103*2 105*4 103 J a n 13
103 103
103 . . .
N o r S h B l s t c o n g g u 5 s . o l 9 3 2 Q -J
10-1*4 D e c T 2
ioo*4 ioo’% L o u s i a n a & A r k l s t g 5 s . _ . 1 0 2 7 M -S
93 . . .
93 F e b T 3
*03* *93%
L o u is v i ll e & N a s h v i ll o —
100 101*2
G e n e r a l g o l d 6 s _________
1 0 3 0 J -D ____ 112
M c h ’ r3
112 114%
G o l d 5 s ---------------1 9 3 7 M -N
M c h ’ 13
110% 111
85
86*4
U n if i e d g o l d 4 s . . . 1 ...............1 0 4 0 J -J
95*2 S a le 05*2
05%
95*2 99%
1073, 1 0 8
R e g i s t e r e d .................... I I I I l 9 4 0 J -J
96% S e p '12
C o l la t e r a l t r u s t g o l d 5 s . . .1 0 3 1 M -N 105U . . .
106*8 M c h '13
100% 100%
98*2 09
110% D e c T 2
A1, & N a s h l s t g 6 s ______ 1 9 1 0 J -D 111*2 - - 10-1*4 M a y '12
i 'r <Ail] &, H T g o l d 4 > *s_____ 1931 M-N
109 110
N O & M l s t g o l d 6 s ............1 0 3 0 J - J
120% M c h ’ 13
120*4 130*4
987, 987,
N O & M 2 d g o l d 6 s _______ 1 9 3 0 J -J
114*8 F e b ’ 13
114% 114%
04 O c t T 2
P a d u c a h & M e m d i v 4 s __ 1 94 6
F -A
P e n s a c o l a D i v g o l d 6 s _____1 9 2 0 M -S 105*2 S a le 105%
105%
105% 105*4
94 0634
S t L o u U D I v l s t g o ld 6 s . .1 9 2 1 M-S ____ 112i2 112% J 'l y 1 2
. 2 d , K ° ld 3 s ................................. i 9 6 0 M-S * ____ 70*2 69*8 S e p T 2
72
76*2
A t l K n o x & C l n D i v 4 s ___ 1 0 5 5 /M-N _____01
91
91
02*4
100 100*8
A t l K n o x & N o r l s t g 5 S .. 1 9 4 0 J -D 103 ____ 111 J a n T 3
111
I l c n d o r B d g o l s t s f g 6 s . .1 9 3 1 M -S *105 _____ 108 A p r ’ l l
93*2 06*4
K e n t u c k y C e n t g o ld 4 s . . . 1 0 8 7 J -J
_____ 90
90 M c h ’ 13
90
02%
93*2 90
^ 1 st g 4 ^ s 1 9 4 5 M -S _____ 103*4 103*4 F e b T 3
103 103%
99 100*8
L & N - S o u t h M j o i n t 4 s . 1 9 5 2 J -J
_____ 87% 8734 F e b T 3
87*4 90
4952
R e g i s t e r e d .................
Q -J
95 F e b ’05
98
98*4
N F la & S 1 s tj g
f?U
u g 55 ss . * 1 1 1
1 93
9 3 77 F-A _____108
109% O c t T 2
12012 124*2
9 9 % ____ 101% J a n T 8
101% 101%
g,en gU g 4 H s 1 0 4 5 J -J
119*4 119*4
l s t FU g 6 s _____1921 F-A 105 110 110*4 O c t T 2
102*4 104*2 t
C 0,n, g u S 5 s _____1 0 3 6 F-A
109% J ’ ly T 2 ,
L & J e f f B d g o C o g u g 4 s ___ 1 9 4 5 M -S
80 ____
01*4 M ch’ 12
Low
C l n II & D 2 d g o l d 4 ^ s _____1 9 3 7 J - J
9612 1 0 H.I 1 0 0 3 4 O c t
1 s t & r e f u n d i n g 4 s _________ 1 05 9 J - J
____ Oils
1 s t g u a r a n t e e d 4 s _______ 1959 J - J
____ 91
8 6*4 J ’ n e '
C l n D & 1 1 st g u g 5 s _____1041 M -N
98% . . .
98*4 M c h ’
C F in d & F t VV l s t g u 4 s g . l 9 2 3 M -N
88
M ch’
C l n I & W 1 s t g u g 4 s _____1 95 3 J
_____ 90
803, F e b
D a y * M i c h l s t c o n s 4 j ^ s . 1031 J
98 . . .
I n d D e c & W 1 st g 5 s _____1 9 3 5 J _____105
103 ' D e c
1 s t g u a r g o ld 5 s ___________1 9 3 5 J
107*2 D e c
C l e v e C l n C & S t E g e n 4 s . . 199 3 J - D
90% 90% 90*4
90*4
2 0 - y r d e b 4 ^ s _____________ 1931 J
90% S a le 90*4
90*4
C a i r o D i v 1 st g o ld 4 s ______ 1 93 9 J
_____ 9 U 2
90 M c h
O in W & M D i v 1 st g 4 S .. 1 9 9 1 J ____ 88
89*4 F e b
S t L D i v l s t c o l l t r g 4 S . . . 1 9 9 0 M -N
90
9H 2 90
90
I t e g i s t e r e d ______________ 1 99 0 M -N
91 O c t
88
90 D e c T
D , v l s t g 4 s _____1 9 4 0 M
W W V a l D i v 1 st g 4 s _____1 9 4 0 J 91 A p r '
1047, . .
C I S t L & C c o n s o l 6 s _____ 1 0 2 0 M -N
1047, M c h ’ 13
1st g o ld 4 s ________________ * 1 9 3 6 Q 87 . . .
9 7 1 2 N o v 12
I t e g i s t e r e d ______________* 1 9 3 6 Q 90
90
£ h i S & C l c o n 1 st g 5 s . . . 1 9 2 3 J 100 . . .
107*8 J ’ l y '12
_____105
C C C & 1 c o n s o l 7 s _______ 1 91 4 J - D
105 J ’ n e '1 2
C o n s o l s in k in g fu n d 7 S .. 1 0 1 4 J -D
_____ 124
G e n e r a l c o n s o l g o ld 6 S .. 1 9 3 4 J 120 M c h ’ 13
____122
I t e g i s t e r e d ______ __________ 1 9 3 4 j 84 . . .
I n d 11 & VV 1 st p r o f 4 s ___ 1 9 4 0 A - O
9 4 * J ’ly * 0 S
O I n d & W 1 s t p r e f 5 s ___ d l 9 3 8 Q - J
_____ 891, 8 8 * 4 J a n T 3
P e o & E a s t 1 st c o n 4 s _____ 1 9 4 0 A - O
40
43>2 44 M c h ’ 13
I n c o m e 4 s --------------------------- 1 9 9 0 A p r
29
34
30
30
C o l M i d a n d 1 st g 4 s ______ 1 9 4 7 J - J
_____ 9212
9212
925g
C o lo ra d o & Sou 1 st g 4 s ..
1929 F -A
91*4 92% 91*2
I t e f u n d & e x t 4 j - j s .............. 1 9 3 5 M -N
92
_____107*! 103 M c h ’ 13
F t W & D e n C 1 st g 6 s . . . 1 92 1 J - D
C o n n & P a s I t iv s 1 st g 4 S .. 1 9 4 3 A - O
C u b a B i t 1 st 5 0 - y r 5 s g . . 1 9 5 2 J lo o " Ma'y'io
T A e l B a ck & W estern —
10 2 7, F eb T3
■‘ - ' e l M o r r i s & E s s e x I s t 7 s . l 9 1 4 M -N 1025,
1053, . . .
1053,
1053,
1 s t c o n s o l g u a r 7 s _____ 1 9 1 5 J - D
I t e g i s t e r e d ___________ 1 9 1 5 J - D
1113, D e c 10
90 M c h ’ 12
l s t r e f g u g 3 H s ............ 2 0 0 0 J - D
1101, S a le 1 1 0 1 2
N Y L a c k & VV 1 s t 6 s _____ 192 1 J - J
110 *2
100 1055, 1055, F e b T 3
C o n s t r u c t i o n 5 s _________________1 9 2 3 F - A
963* 97% 9 0 3 4 F e b ’ 13
T e r m & I m p r o v e 4 s _____ 1 9 2 3 M -N
W a r r e n 1 s t r e f g u g 3 U s __ 2 0 0 0 F
1021, F e b '03
lio * H I
D e l * H u d 1 st P a D i v 7 s ___ 1 9 1 7 M - S
1103, M c h ’ 13
B e g l s t e r e d ....................
1 9 1 7 M -S
149 A u g '01
*6o’% 'dfi2 90*2
1 0 - y r c o n v d e b 4 s _________ 1 9 1 6 J - D
97
98
987, 98
1 s t lie n e q u i p g 4 > $ s _______1 9 2 2 J
98
_____9 6 12
1 s t & r e f 4 s _______________
1 9 4 3 M -N
96
98
A l b & S u s c o n v 3 ^ s ____________ 1 9 4 6 A - OSO S a le 8 6
86
K e n s & S a r a t o g a 1 st 7 s ___ 1921 M -N
11012 . . . 1 2 1 * 2 M a y ’ 12
D e n v & It G r 1 s t c o n g 4 s . . 1 9 3 6 J - J
8 5i2 S a le 85*2
86*8
C o n s o l g o l d 4 > i s .................... 1 0 3 6 J - J
*9 3 *2 _____ 9 3 * 2 M c h '13
94% 9 7l2 9 6 l2
I m p r o v e m e n t g o l d 5 s _____ 1 9 2 8 J -D
90*2
1 s t & r e f u n d i n g 5 s ..................1 0 5 5 F - A
8 0 i, S a lo 797,
80*,
109 D e c T 2
I t l o G r J u n e l s t g u g 5 s . . . 1939 J - D
m i ” 77*2 6 U 2 A p r ’ l l
I t i o G r S o 1 st g o l d 4 s _____ 1 9 4 0 J - J
G u a r a n t e e d ............................ 1 9 4 0 j - . |
85 M c h ’ 08
813, 84
833,
8334
B I ° G r ) V e s f l s t e 4 3 .............1 9 3 9 3 • J
_____77*4
M t g e & co l tru st 4s A . ..1 9 4 9 A -O
"*
78
82 . . .
U t a h C e n t l s t g u g 4 s . a l 9 1 7 A -O
J a n ’08
“ M o l U n R y l s t g 5 s . . . 1 9 1 7 M -N
S e p ’01
"88 " "9 0
N o v ’ll
e t & M a c k l s t lie n g 4 s ___ 1 9 9 5 J - D
86
88
D ec T2
G o l d 4 s ___ ________
iQOR 1 -D
_____ 97
991, F e b '13
5 *7 fu n -T e r T u n 4
s i 1 0 0 1 M -N _____6212
75 F e b ’ 12
T a* I T ° 8 D l v l s t B 4 s 1941 M
. . . 105 IOH 4 M c h ’ 13
D u l M i s s a b o & N o r g e n 5 S .1 0 4 1 J
100 S a le 1 0 0
10 0
D u l & I r o n R a n g e l s t 5 s ____1 9 3 7 A - O
106*2 M c h '08
I t e g i s t e r e d ............................................ 1 9 3 7 a -O
104 F e b ' l l
_ .2 d _6 s - - ..........................................1 0 1 6 J
1035, F e b '13
D u S o S h o r e & A t g 5 s _____ 1 9 3 7 J - J
H O A u g ’ 12
l ? l g i n J o l & E a s t l s t g 5 s . . 1941 M -N _____113
113*,
113*,
■ - T ie 1 st c o n s o l g o l d 7 s _____1 9 2 0 M -S
101*2 J ’ n e ’ l l
N Y & E r i e l s t e x t g 4 s . . . 1 9 4 7 ,M -N 102% 103
103
F
e
b
‘ 13
2 d e x t g o l d 5 s __________________ 1 9 1 9 M -S
993, O c t ‘ 12
3 d ex t g o l d 4 > * s ............................. 1 9 2 3 M - S
103 M c h ’ 13
4 t h e x t g o l d 5 s _________________1 9 2 0 A - O92 . . .
100 J a n ’ 12
4 3 ............................... 1 9 2 8 J - D
1 1 5 3 4 J ’ n e ’ 12
.Y
E & VV l s t g f d 7 s . . 1 0 2 0 M S
83% S a le 83*4
84
E r i e 1 s t c o n g 4 s p r i o r _____ 1 0 9 6 J - J
_____8 5 i2
R e g i s t e r e d ......................................... 1 9 9 6 J - J 723, 7 3 1 4 85 S e p '12
7234
73*4
1 s t c o n s o l g e n lie n g 4 s ____1 0 9 6 J - J
____ 74
77 A p r '12
R e g i s t e r e d ..................
10 9 9 j - j
891, 895, 89*,
89*,
P e n n c o l l t r g 4 s ---------------------------- 1 0 5 1 F - A75
79
6 0 - y e a r c o n v 4 s A _______________ 1 9 5 3 A - O707, S a le 75 M c h ’ 13
71
70
do
S e r ie s B ________1 0 5 3 A - O
____ 10934 110 A p r ’ 12
B u f f N Y & E r ie l s t 7 s ._ _ 1 0 1 0 J - D
_____109i2 106
106
C h i c & E r i e l s t g o l d 5 s . . . 1 0 8 2 M -N
. . 109i2 109 M a y ’ 12
C le v & M a h o n V al g 5s__1938 J - J
122 ____ 1225, M c h T 3
G o n g D o c k c o n s o l g 6 s ._ _ 1 9 3 5 A - O
106 D e c ' 1 2
C o a l & R R 1 s t c u r g u 6 s . . 1 9 2 2 M -N
l o o " H U IOOI2 J a n ’ 13
D o c k & I m p l s t c u r 6 s ._ _ 1 0 1 3 J -J
103>2 109 103i2 A u g T 2
f t X * G f e ®u L g u g 5 s . . . 1 9 4 6 M -N ____ 10012
1 0 0 3 , F e b ’ 13
N Y S u s & VV l s t r e f 5 s ___ 1 9 3J7- J
82*2 90 1 0 0 * 4 D e o '06
2 d g o l d 4 H s _______________ 1 9 3 7 F - A
General gold 5 s ___ I I I I I 1 0 4 6 F-A ____ 87
85 F e b '13
Terminal lst
— « ogold
« ,v i 5 s _____1 04 3 M -N _____108*2 1073, F e b ’ 13
M { d o f N J l s t e x t 5 s ______ 1 9 4 0 A-O
1 1 1 * 2 M a y '1 2
W l l k & E a l s t g u g 5 s _____1 9 4 2 J - D
. . . 98
98*2
9812
E v & I n d l s t c o n g u g 6 s ___ 1 0 2 6 J - J
105 108 106 M a y '1 2
E v a n s & T H l s t c o n s 6 s ___ 1921 J -J
110 J a n T 3
1 s t g e n e r a l g o l d 5 s _________ 1 9 4 2 A-O
987, M c h ’ 13
M t V e r n o n l s t g o l d 6 s ___ 1 9 2 3 A-O
108 N o v ' l l
S u ll C o B r a n c h l s t g 5 s ___ 1 0 3 0 A-O
95 J ’ n o ’ 12
T jM orid a E C o a s t l s t 4 M s . . 1 0 5 9 J - D
90
951 2 94 M c h ’ 13
G o r t S t U D C o l s t g 4 M s _ 1 9 4 1 J -J
92 A u g '10
7 2 " "74”
72
72
1-5
„rH ° Gr ls t g 4s___ 1928 J -J
(" J .a l H & I I o f 1 8 8 2 l s t 5 S .. 1 0 1 3 A-O 100 ____ 100 M c h '13
'- " r e a t N o r th e rn —
0 8 & Q c o l l t r u s t 4 s ______ 1 9 2 1 J - J
941, S a le 937,
943,
R e g is t e r e d h _____________ 1 92 1 Q - J
94
94*2 937,
941,
l s t & r e f u n d i n g 4 & s s e r A 1961 J J _____ 09
99
99
R e g i s t e r e d ____________ . . 1 9 6 1 ____
S t P a u l M & M a n 4 s __1 1 * 1 9 3 3 j Y j
*07 ..
98 M c h ’ 13
1 s t c o n s o l g o l d 0 s ________1 0 3 3 J - J
120*4____ 120*2 M c h T 3
R e g i s t e r e d . ..........................19 3 3 J - J
. . . 124 119*4 M c h ’ 13
R e d u c e d t o g o ld 4 ^ s . l 9 3 3 J - J
102*4 1043, 102*4
102*4
_
R e g i s t e r e d ------------------- 1 0 3 3 I J - J
108*4 J ’ n e ’ 09,
E
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H ig h
MISCELLANEOUS BONDS— Continued on Next Page.
Street Railway
New O r l R y & L t g o n 4 M s . 1 03 5 J - J
Bys lst
E & r e f 4 s t e m p J •J
3 0 - y c a r a d j i n c 5 s _________ 1 9 4 2 A -O
;p S ,
l! B y l 3 t & r e f 5 s . . .1 9 3 0 M -N
P o r t la n d R y E t & P o w l s t
TEr e f
8 f 5 s _________ 1 9 4 2 F . A
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St
p 1st 8 5s 1937 M -N
fniirHUa
? ab cons B Ss.1937 J - J
l s t r e f 4 s ________ 1 90 0 J - J
• A d i ln c 5 s _________
a l9 f» n A - O
t ^ l ' C l t y R y f c E t l s t s f 5 S .1 9 2 3 A - O
Underground o f London—
► 4 M * ---------------------------------------- 1 9 3 3 J - J
• I n c o m e 6 s . . . ............................ 1 0 4 8
tC h l c ) 1 s t g 5 s . 1 9 4 5 A - O
U n i t e d I t y s I n v l s t H en c o l l
: t r u s t 5 s P i t t s I s s u e _________ 1 0 2 6 M -N
_____ 89%
76*2 S a le
59*4 S a le
85*4 F e b T 3
85
85*4
75%
7G% 121 74% 79
57*2
69*2 652 57
60%
101 J a n ’ 13 —
101 101
95% 96
_____101
95 M c h ’ 13
__ _
mm'mm
08 N o v ’ 08
103*2 F e b T 3
80*8 S a le 80
80*s
73 S a le 71
73
97% 97*2 98 M c h ’ 13
92*2 03*2
88
02%
03
93*4
87%
89*2
84 O c t ’ 08
73
73
____
* No price Friday; latest bid and asked this week,
73
36
24
—
13
45
aDuo Jan
2
95
90
103**2
79%
70%
97%
103%
82%
76%
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03
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05*4
93*2
73
83
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S t r e e t R a ilw a y s
U n it e d R y s S t L 1 s t g 4 s
1934 J - J
S t L o u is T r a n s i t g u 5 s " " i o ^m A-O
U n i t e d R R s S a n Fr s f 4 s
1 9 ’ 7 A-O
V a R y & P o w ls t & re f 5 s IIl9 3 4 J - J
Q a s a n d E le c t r ic L ig h t
A t l a n t a G L C o . l s t g 5 s . _ 1 9 4 7 J -D
B k ly n U G a s l s t c o n g 5s
1 9 4 5 M-N
B u ffa lo G a s ls t g 5 s .
1 0 4 7 A-O
C o l u m b u s G a s l s t g 5s
1 9 3 2 J -J
D e tro it C ity G a s g 5 s.
1 9 2 3 J -J
D e t G a s C o . co n ls t g 5 s l* " l9 1 8 F -A
D e t E d i s o n l s t c o l i t r 5 s ___ 1 0 3 3 J -J
E q G E N Y l s t c o n g 5 s _ I I l 9 3 2 M-S
J -D
F -A
M-N
A-O
_____85
62 S a le
_____96
101 ____
_____ 105*4
73% M c h ’ 13
83 N o v '1 2
00*4
62
95 J a n T 3
105*4
105V.
64 O c t 1 2
99*2 100% 100 M c h ’ 13
95*a S e p 08
102 101%
101%
____ 107
10G% O c t 12
100 ____ 100 F e b T 3
____101
100 O c t ’09
100 ____ 103% M c h T 3
..
94
08% S e p T 2
101
dDuo April, hDue July, kDuo Aug. o Dqo Oct.
73% 78%
60*4
04
105
100*2
99% 100
101
102%
100
100
103% 103%
s Option salo.
Mar. 29 1913.]
BO N D S
N . Y . S TO C K E X C H A N G E
W eek Ending M arch 28
i—------—■------------------- -------------R R — Sou lines 4s_193G Al-N
M anila
ex lean C ent inc g 3s tr rects_
931
New York Bond Record— Continued— Page 3
E qu ip & coll g 5s--------------1917 A -0
M e x Internat 1st con g 4s__1977 M-S
Stamped guaranteed— — 1977 M-S
M inn & St L 1st gold 7s------ 1927 J -D
P a cific E xt 1st gold Gs------ 1921 A -0
1st consol go*d 5s-------------- 1934 M-N
1st and refund gold 4s------ 1949 M -S
D es M & F t D 1st gu 48— 1935 J -J
M StP&SSM c o n g 4 s in t g u 1938 J -J
1st Chic T erm l s f 4s------ 1941 M-N.
M S S Sc A 1st g 4s int gU-1926 J -J
Mississippi Central 1st 5s— 1949 J -J
M o Kan & T ex 1st gold 4s__1990 J D
2d gold 4s---------------------- fllOOO F-A
1st ext gold 5s___________ 1944 M-N
1st & refund 4s___________ 2004 M-S
Gen sinking fund 4 M s____ 1936 J -J
St Louis D iv 1st ref g 4 s ..2001 A -0
D al & W a 1st gu g 5s_____ 1940 M-N
K a n C & P a c 1st g 4s_____ 1990 F-A
M o K & E 1st gu g 5s____ 1942 A-O
M K & O k 1st guar 5s____ 1942 M-N
M K & T o f T 1st gu g 5 s. 1942 M-S
fiber Sh & So 1st gu g 5 s . . 1042 J -I)
Texas & Okla ls t g u g 5s__1943 M-S
M issouri Pac 1st cons g Gs__ 1 0 2 0 M-N
T ru st gold 5s sta m p ed._a l9 1 7 M -S
R egistered .................
al917 M-S
1st collateral gold 5s_____ 1920 F-A
R egistered ______________ 1 0 2 0 F-A
40-year gold loan 4s_____ 1045 M-S
3d 7s extended a t 4 % ____ 1938 M-N
1st & ref con v 5s_________ 1059 M-S
C ent Br R y 1st gu g 4s— 1919 F-A
C ent Br U P 1st g 4s_____ 194.8 J-D
L eroy &rC V A L l s t g 5s_1926 J -J
P a c R o f M o 1st ext g 4S..1938 F-A
2d extended gold 5s____1938 J -J
Pt L Ir M & 3 gen con g 5S.1931 A -0
Gen con stam p gu g 5s__1931 A-O
Unified & ref gold 4s____ 1929 J -J
It egistered_________ ...1 9 2 9 J -J
, R iv & G D lv l s t g 4s____ 1933 M-N
Verdi V I & \V 1st g 5s___1026
S
M o b & Ohio new gold 0 s ___1927
D
1st extension gold Gs____ h i 927 Q -J
General gold 4s________..1 9 3 8 M-S
M on tgom D iv 1st g 5s____ 1947 F -A
8 t L & C airo coll g 4s____ cl930
Guaranteed gold 4s_____ 1931 n
VTashvllle Ch & St L 1st 7s 1913 j - j
Ax 1st consol gold 5s____ 1928 A -0
Jasper Branch 1st g Gs— 1923 J -J
M c M M W & Al 1st Os___1017 J -J
T & P Branch 1st Gs_____ 1917
N a t R y s o f M c x p r lie n 4 H s 1957 i : j
Guaranteed general 4s___1977 A -0
N a t o f M ox prior lien 4 ^ s .l 9 2 6 J -J
1st consol 4s______________1951 A -0
N O M ob & C hic 1st ref 5s_19G0 J -J
N O & N E prior lien g 6s__p 191 *> A-O
N ew Orleans Term 1st 4s_1953 J -J
N Y Central & i i R g 3 ^ 8 .1 9 9 7 J -J
Registered_____________1997 J -J
Debenture gold 4s________1934 Al-N
R egistered____________ 1934 M-N
L a k e Shore coll g 3>^s____ 1993 F-A
Registered_____________1993 F-A
M ich C ent coll gold 3 ^ 3 .1 9 9 8 F-A
R egistered_____________1998 F -A
Beech Creek 1st gu g 4s_193G
Registered_____________1030
2d guar gold 5s_________1030 J -J
Registered_____________1030 J -J
B eech C r E xt 1st g 3HS-M 951 A-O
C art & A d 1st gu g 4s____ 1081 J -D
G ou v & Oswe 1st gu g 5s__1942 J -D
M oh & M ai 1st gu g 4s___1991 M-S
N J June R guar 1st 4s___1986 F -A
R egistered ______________1980 F -A
N Y & Harlem g 3
2000 M-N
R egistered ______________ 2000 Al-N
N Y & N orthern 1st g 5s__1927 A -0
N Y & P u 1st cons gu g 4s_1993 A -0
N o r& M on t ls t g u g 5s___1916 A -0
Pinq Creek reg guar Gs___1932 J -D
R W & O con 1st oxt 5s_A1922 A -0
Oswe & R 2d gu g 5s____ cl015 F-A
R W & O T R 1st gu g 5 s. .1918 M-N
R utland 1st con g 4*^8___ 1941 J -J
O g & L Cham ls t g u 4 s g 1948 J -J
R ut-O anad l s t g u g 4s__1949 J -J
S t Law r& Adir l s t g 5s___1996
2d gold Gs----------------------- 1906 U
U tica & Bile R iv gu g 4s__1022 J -J
L ake Shore gold 3 ^ s ____ 1097 J -D
R egistered ______________1997 J -D
D ebenture gold 4s______ 1928 M-S
25-yr gold 4s___1_______ 1931 M-N
R egistered____________ 1931 Al-N
K a A & G R ls t g u c 5s__1038
M ahon O ’ l UK 1st 5s___1934
P itts & L Erie 2d g 5s___al0Z8 A-O
P it ts M c K & Y l s t g u 6s_1032 J -J
2d guaranteed Gs________1934 J -J
M cK ees & B V l s t g 0s_ .1918 J -J
M ichigan Centrai 5s---------- 1931 At-a
Registered--------------------1931
4 s ........................................ 1040 9:9
Registered--------------------1040
J L & S 1st gold 3 ^ s . ..1 0 5 1 M-S
1st gold S K s .....................1052 M-N
20-year debenture 4s— 1929 A-O
N Y C hic& St L l s t g 4s._1037 A -0
R egistered ______________1037 A -0
Debenture 4s___________ 1931 M-N
Vnct
Friday
larch 28
Range
Since
Jan. 1
I'eiks
Range or
Last Sale
N.
BO N D S
Y. STOCK EXCH ANGE
W eek E nding M arch 28
Rrtce
Friday
larch 28
High NO. Low High N Y C & II R — (Con)-—
W est Shore 1st 4s guar___2361
R egistered--------------------- 2361
N Y C ent Lines eq tr 4 ^ s 1932
N Y New H aven & Ilartf-—
77 Mch ’ 10
N on -con v deben 4s_______1955
N on -con v 4s--------------------- 1956
12412O ct T2
C onv d e b e n tu re 3 ^ s _____ 1956
____ 108
110*3 Aug 11
C onv debenture 6s________1948
94 100
____90
04 M ch’ 13
Harlem R -P t Ches 1st 4s_1954
60
Sale 60
60
5 69*2 627*
B & N Y A ir Lino 1st 4 s ..1955
____81
79*4 Dec ’ 12
Cent N ew E ng 1st gu 4s__1961
95 M ch’ 13 . . . . 95 07
____ 94*8
H ousatonic R cons g 5s— 1937
97*4 J ’n e ’ 12
N Y W ’ches&B ls t s o r I 4 Ms ’46
90*4____ 96*4 May 12
N II & D erby cons c y 5s__1918
98*2 Mch 11
N ow England cons 5 s . . . .1945
911* 11 90 95*4
91
01*4 91
Consol 4s----------------------- 1945
78*2 Sale 78l2
78*2 10 78*2 81*4
Providence Secur dob 4s__l957
____ 100
2
98 99*2
99*2
99*2
1 7412 77*2 N Y O & W ref 1st g 4s____pl902
7 /i 2 Sale 77*2
77l2
Registered $5,000 on ly— 01992
8478
84 87
84
84*2 847a
6
General 4s_____________...1 9 5 5
____ 77*2 77 Dec T 2
N orfolk Sou ls t& ref A 5s_.19Gl
07 ____ 1047* Sep T2
877a 877* N o rf & Sou 1st gold 5 s _ _ ...1 9 4 1
------ 877s 877a Feb 13
N orf & West gen gold 6s— 1931JM103*2 101*4 103*2 Mch*13 __ 103*2 103
Im provem ent & ext g Gs__1934
____104U 104 Jan ’ 13 . . . 101 104*2
N ew R iver 1st gold 6s------ 1932
1 99*2 101*4
94 100*4 100*4
100*4
N & W R y 1st cons g 4s---- 1996
103 103
____102
103 Jan '13
R egistered ______________1996
101*2 101*2
101
102
101*2 M ch’ 13
D iv ’ l 1st 1& gen g 4 s_._.1 94 4
100*2
105
2 101
105*2 106*2 105
10-25-year con v 4s_____ 1932
07
08*4 08*2 M ch’ 13 — - 98*4 100
10-20-year con v 4s_____ 1932
07 Alay’ 12
C on vertib le4 Ms (wh.is.)1938
973s
2
97
07*2 07
97 09*8
Pocah C & C join t 4s___1941
C O & T 1st guar gold 5 s. .1922
70
5 69*2 70*4
70 Sale 697*
Sclo V & N E ls t g u g4 s__ 1939
____ 96*2 06*2 May 11
Northern P acific prior l g 4s 1997
12
85*4 8 8
86
85*2 Sale 85*4
R egistered______________1997
90 ____ 91 M ch’ 13 —
91
01*4
General lien gold 3 s . . ___ a2047
81 Dec T 2
110 Mch ’05
R egistered____________ a2047
92*3 93*t 925*
2
St Paul-Duluth D iv g 4S..1996
02*8
92*2 93*g
D ul Short L 1st gu 5s____1916
103 ____ 103 Feb T3
103 103
St P Sc N P gen gold 6 s ...1 9 2 3
____103*2 103
103*2 23 103 100
104 Oct T2
Registered certificates..1923
St Paul & Duluth 1st 5S..1931
82*8
81*4 81*4 81 Mch’ 13 — - 81
80*4____ 807a Oct T2
2d 5s......... .......................... 1917
1 82*4 83*2
82*3 83*8 83*4
1st consol gold 4s______ 1968
83*.i
06 Jan ’ 13 __ 96
90
Wash C ent 1st gold 4s____ 1948
114*2 110*2 117 M ch’ 13 __ 116*8 117*4 N or P ac Term C o 1st g 6 s ..1933
112*4 112*4 Oregon-W ash ls t & ref 4 s ..1961
____113*2 112*4 Jan T3
84*a 857* p a c i f ic C oast C o 1st g 5 s . . 1946
83 . . - 84i* Mch* 13
108 1 10 108
109
4 103 109
A ennsylvania R R —
87*4___ 857a D cc T2
1st real est g 4s___________ 1923
02 N ov 12
____92*4
C onsol gold 5s___________ 1919
1003* 101 100*8
100*2
7 160 *8 1 0 1
Consol gold 4s___________ 1943
106*4 107*4 107 M ch ' 13 . . . . 107 108*4
C onvertible gold 3>^8___ol915
111 Jan ’ 13
111
111
R egistered____________ 01915
105*2 Jan T3
105*2 105*2
C onsol gold 4s___________ 1946.
113 J’ ly ’01
Alleg Val gen guar g 4 s .__1942
__
84*2 M ch’ 13
____ 847,
84*a 88*2
D R R R & B ’go 1st gu 4s g ’ 36
____ 82
77 Feb '13
70*4 78
Phila B alt& W l s t g 4s___1943
067a Feb T3
967a 907*
Sod B ay & Sou 1st g 5s___1924
____ 0'J
70*2 Jan T3
____70
70*2 76*2
Sunbury & Lewis 1st g 4s_1936
____80
U N J R R & C an gen 4s__1944
78
79*2 2 0 78 87
Pennsylvania C o—
100.2 103*2
Guar 1st g 4 lA s __________ 1921
____ 80*s 80*. Fob '13 __ 80*a 87*2
4 81
R egistered.................. — 1921
85 Sale 84
85
87
Guar 3 H s coll trust reg__1937
30 82 86*4
83
82*2------ 83
Guar 3 H s coll trust scr B.1941
88
89
83
88
3 87*2 91*2
03 May T2
T rust C o ctfs gu g 3 H s ---- 1916
80 Sale 77U
81
187 76*4 81
Guar 3 Ms trust ctfs O ------ 1042
79
36 70
70 Sale 76
79
Guar 3 Ms trust ctfs D ------ 1944
7 75
____ 78
77
ir7
78*2
Guar 15-25-year g 4s_____ 1031
78 Sep T2
____77*2
Cln L cb & N o r g u 4 s g ____ 1942
93 Feb T3
98
98
Cl & M ar 1st gu g 4M S ..1935
W9 M ay’ l l
C1& P g e n gu g 4 M sse r A 1942 y :
Series B ________________ 1942 A100
____
In t reduced to 3 M s___1942 A___
Series C 3 Ms___________ 1948 M• 88 ____ 83 Oct T 2
Scries D 3 M s___________ 1050 FE rio& Pitts gu g 3 Ms B — 1040 J100
____
Series C ............................. 1040 J03% Jan '13
08*8 0 S*8
0 2 * 4 ____ 105 Oct '02
G r R & I ex 1st gu g 4M8-1041 JPitts Y & Ash 1st cons 5 s .1927 M85 ------ 87.8 Dec ’ 12
T o l W V & O gu 4M s A ---- 1931 JSeries B 4 M s.....................1033 J....
105 " 107*2 107 ~ F e b "13
Scries O 4s______________1942 M105*2 io f”
____94*8
P O C & St L gu 4 Ms A . . .1940 A
. . . . ...............
Series B guar___________ 1942 A1 1 2 ” I I — 13P2 Jan '09
Sorles C guar________
1042 M103*2------ 104 M ch'13
104 100*4
Series D 4s guar_______ 1945 M____105*4 101 M ch ’ 12 . . . . .................
Series E 3 Ms guar g ____ 1949 F1 0 1 * 2 ____
Series F gu 4s g _________ 1953 J •
06 O ct T2
____97*8
Series G 4s guar_________ 1957 M____81
83*4 Fob '13 . . . . 83*4 84
C St L & P 1st con g 5s___1932 A
92 J no 09
P co & P ck Un 1st g 6s_____ 1921 Qi-F
___ lio
108 Sep T2
2d gold 4 M s_____ _______ 51921 M
119*2 M chT2
Pere M arquette— R e f 4s___1955 J
Refunding guar 4s________ 1955 J
097a Nov ’ l l
Oh & W M 5s....................... 1921 J
87*8 88*2
844c 87*4 87*i M ch’ 13
Flint & P M g 6s_________ 1920 A80*4 8 8
____87
86*4 Fob '1 i
1st consol gold 5s______ 1939 Al
01
01*8 90*4
9 U0>4 92*t
91
P t Huron D iv 1st g 5s__1939 A91 Sale 91
91*4 39 00*4 92*8
Sag T ils & II 1st gu g 4 s. .1931 F03 Oct '1 2
Philippine R y 1st 30-yr s f 4s ’37 J107 110*2 i l i l i M ch’ ll
P ittaS h & L E l s t g 5s......... 1940 A1 00
____ 105 Apr T2
1st consol gold-5s_________ 1043 JO eading C o gen g 4s-------- 1997 J
130*a Jan '09
Iw Registered____________ 1997 J
123*4 M ch’ 12
Jersey Cent coll g 4s-------- 1951 A*
Atlan C ity gu 4s g ------------ 1951 J -J
106*8 112 111 Jan '12
c t J o & G r Isl l s t g 4 s -------- 1047j J -J
O t Louis & San Francisco—
03 Apr '12
General gold 6s----------------1931
0 8 i2 N o v T l
General gold 5s__________ 1931
00 J’ nc'08
84'« SO'lj 80 Feb T3
St L & S F R R cons g 4 s ..1996
80
80*2
------ 8 8
Gen 15-20-yr 5s.................1927
87*4 Mch T.- mm_ 87*4 89
07
08*2 08*2 M ch’ 13 — - 03 99*2
Southw D lv 1st g 5s____ 1947
R efunding g 4 s __________ 1951
07*2 9712
97*2 Jan T3
____ 87
89
Registered____________ 1951
87 M ch’ 13 ___ 87
Did
Ask Low
25*2 Apr ’09
Range
Sines ■}
Jan. I J
iek A
Rang: or
Last Sale
Bid
Ask Low
96*2 90*4 9G*4
95
95*4 96
100*2
High No. Low U igi
97
6
96*4 98%
07%
95*4 41 95
J’ly 'l l
84
88*8 887 * Feb '13
82
85*2 88*4 Feb T 8
81 M ch’ 13
80*8 - 121*2
121*4 Sale 119*4
99*4 Now 12
99*2 J ’n e ’12
90i4 M ch’ 13
____90*4
110*4____ 110 Feb T3
95*a Sale 95
95*8
107 Aug *09
871, 89%
88*4 8 8 %
87 .
126 1
SI
GO 119
...
90*4 90*3
no no j
13 9414 9S%
99*2 Mch 12
83*4 Feb T3 __
87 M c h l3 . . . .
92*2 J’ nc 12
87 ____ 895* Feb T2
98
98*4 98*8
93*4
100 M ch'13
•llbSg 1195s 110 M ch’ 13
^
Jan 13
____121*4 120*4 Feb ’ 13
94
95
94
94*2
G
____ 84
____ 89
____ 02*8
105 100
•105 100
104 Sale
____88
____100
90 ____
95*4 Sale
90*2
91
0
104*2 M ch’ 13 ___
109*2 Feb 13
102*4
104*8 522
83 M ch’ 13 ___
105*4Jan ’ 13
95 F eb T3
95
95*8 82
97 Feb T3
06
60 Sale 00
10
68 Jan 13
____60*2
87 ------ 92*2 M ch’ 13 —
9S*a ------ 10U2 O ct ’ 12
113 M ch’ 13
____ 113
115*8 A u g ’l l
107 Jan 12
o m, _____ 102%Jan ’ 13 ___
94 J’ ne 12
91*8 Apr 'l l . . . .
____93
1107a ------ lll* a Feb '13 ___
0
90
90
90*2 90
4
99*2
99*2 100*2 99
101*4 M ch’ 13
110 M ch’ 12
100*2 M ch’ 13
135
97
96*4 Sale 96*4
97 M ch ’ 13
100
1
100 101 100
____ 100*8 99*4 Feb 13 . . . .
100 Sep 12
100 Jan '13
85 ____ 102 Jan 03
94 ____
*09 ____ 101*2 May’ 12
____107
.
817a 83*i
81 92%
9&U 99*4)
100 100 y
119 120 \
12.3 !
120*4 120*4
94
99
90*2 92%j
104*2 1127*1
109*2 111*1;
102U107
88
92
105*4 105*4
94
95%
95
08%!
97
97%J
, GO 08%l
63
08 1
92*4 92%i
113
113
1
...............j
102*8 102%
____ ___j
11034 111%'
90
aii«
99 101%
101U 101%
100*2 100%'
90% 97%
97 •
97
100 102%i
99*4 99*4J
100
100 j
... j
102*2------ 102*2
4 102% lOi
102*2
101*4------ 102*4 Jan T3 . . . . 102*4 102%.
89 Sep 12
87
1 85% 8« .)
85*8
85*8____ 85*8
975* Dec ‘ 12
85*8-----85*8------ 87*4 Jan 12
95*4 9 6 %;
9414 90*2 95*4 Mch '13 y___
92*2 93*2 92*2 Feb ’ 13 . . . . 92*2 92%'
98 ____
107*4 Dec ’l l
::::
10J*4 J ’ly U9
01*4 Feb T2
"87 ____ 0Oia Oct '12
87 ____ 00 May 08
91*2 May 12
____ 90*2
0O*r JTy '12
____ 102*2 IOU2 Feb 13
101*2 101%
109 May 10
•100*8____ 102*8 J’ ne 12
98*2____ 1u2'8 Nov 12
.
____ 93
95*8 Oct 12
101
2 101 103%
101 Sale 101
101
101 Sale 101
1 101 10!
106 J’ no 11
97 Dec T2
____08
____
90 ------ 05*4 Sep '12
9514 95*41
95*4 Jan T3
05*i------ 97*2 Jan 13 . . . . 07*2 07%
llJ lo N o v T l
100 106 .
9-4 95
93*2 Jan 11
54
54 Jan T3
64
____59*2
61
____ 547* 51 Mch 13
51 *
. . . . __
98 Oc-l 12 . . . . —
—
101 104 103 Oot 12
95
____ 97
90 Feb 13
96 J
____98
96., Feb ’ 13 . . . . 90*2 96%
83
____ 875* 83*4 Feb '13
105*8____ 113 J’ly 1 2
111*4 N ot 'l l
965*
965a Sale 96*8
95*2 M ch’ It
96 M ch’13
—
84
73
S3., Feb ’ 13 —
____115
114*4 Jan ’ 13
103 104*4 102*2 M ch’ l<
80
85*2 Dec T2
79*8
79
79*2 79
100 Jan ’ 13
747*
74*4 Sale 74*2
8044 Mch’ l l
83%'
9558
95*2 9 5 %.
95
-JOV
83% 84 j
114*4 114*4
102*2 1:4 *4
39
10
78*4
{100 n o
74
70%
M ISCELLAN EO US BON DS— C o n tin u e d o n N ext P age.
G a s a n d E le c tr ic L ig h t
____ 10i*2 104*4 Feb '13
Kings C o El L & P g 5s____ 1937
____ 115
114 Feb '13
Purchase m oney 6s_______1997
____123 1231s Dec 12
C onvertible deb Gs_______192-2
88*a ____ 88*3 Mch 13
E d El 111 B kn 1st con g 4 s .1039
101*4 102 ion*
101i2
L a c Gas L o f St L 1st g 5s_cl919
____101
101 M ch’ 13
R e f and ext 1st g 5s............ 1934
____ 91*2 89*4 Feb T3
: M ilwaukee Gas L 1st 4s. . . 1 0 2 7
•102*g------ 106U Apr ’ 12
'N ew ark C on Gas g 5s_____ 1048
102
N .Y G E L H & P g 5s.......... 1948
101*3 1021.1 101*4
85
85
Purchase m oney g 4s_____ 1049
85 86
E d El 111 1st cons g 5s____ 1995
108*2 Feb 13
100
M
ob’
13
____101*3
'
1t ^ 1> lst con K 3s 1030
*N;Y Sc R ich Gas 1st g 5s___1921
02% J ’ly ’0 0
P acific G Sc E l C o Cal G Sc E
C orn unifying Sc rof 5s____ 10371 M-N 05 Sale 04*4
05*2
P a cP o w & I,t 1st Sc ref 20-yr
Bs Internat Scries______ 1930
94lt M ch‘ 13
____ 94*8
i£a£ & Passaic G Sc E 5s____ 194U[
102% J’ly T2
____ 103
♦"l-To prlc ’ Friday; latest bid and asked,
a Duo Jan.
G a s a n d E le c tr ic L ig h t
104*4 104*4 Poo Gas & C l s t con g 6s___1943
Refunding gold 5s_______1947
113 114
R egistered ______________1947
C h G -L & C ko ls t gu g 5S.1937
88*« 881*
C on G C o o f Ch 1st gu g 5sl936
101*8 102*2
ln d N a t Gas & Oil 30-yr 5s ’ 30
101 102
M u Fuel Gas ls t gu g 5s— 1947
89*2 00
Philadelphia C o con v 5 s .— 1919
C onv deben g 5s----------------1922
101*4 103*2
84 86*2 Stan Gas & El con v s f 6s— 1926
108*2 108*2 Syracuse Lighting ls t g 5s— 1951
100 101*8 Syracuse L & P 5s-------- -— 1954
Trenton Q & E ls t g 5s------ 1949
Union Elec L & P ls t g 5 s ..1932
R ef & ext 5s__________ ...1 9 3 3
94*4 90
Utica El L Sc P ls t g 5s------ 1950
94*i 94*2 Utica Gas & E ref 5s............ 1057
VVestchoster Lrg g 5s----------1950
9 Due Feb.
eDue May.
cr Duo Juno. A Due July,
U
116*8 M ch’ 13
____117
100*2 101*4 100*4 Mch 13 si
103 Feb '09
102*8 103*2 1026s M ch’ 13 *4
100 101*2 103*4 Oct ’ 12
____ 89
93 M ch'12
............... IOP4 Aug '1 2
____101
100 NOV” 12
------ 98*2
97*2 Feb ’ I.'
____ 9 9 %
99*4
99*4
. . . . 101 101 D e c 'l l
...............
85*2 J’ n e '12
................. 109 Feb '01 ___
03 100 102 Jan 'l : ___
93
97*4 97 Dec ’ IS
102
•98 ____ 100*4 Dec 'll
____104*2 104*2 Mch 'It ___
11' ! 16%
10 . <1%.
It.
...
—
0.
0.
—
98
: J0*«.
—
It".'
—
102
—
i
o Due Oct. p,Due Nov. s Optic
933
BONDS
Y . STOCK E XC H AN G E
JVcek Ending M arch 28.
Price
Friday
larch 28
Week's
Range or
Last Sale
I Bonds
Sold
iN.
New York Bond Record— Concluded— Page 4
Range
Since
Jan. 1
N.
BONDS
Y. STOCK E X C H A N G E
Week Ending M arch 28.
[Vol.
Price
Friday
larch 28
X C V I.
Weeks
Range or
Last Sale
fc L & San Fran (Con)
Bid
Aik
gh No . Low High
Bid
Art Low
High
1C G F t S & M con g 6s___1928 M-N ------ 112
13 . . .
111*2 113*4 CGabash 1st _gold 5s.
_1939
M-N 103*4 Sale 103*8
1033i
K G F t S & M R y ref g 4 s. 1936 A -0
74 Sale
737g 78
» * 2d crnlri
gold 5s
5s....................... 1939 F-A
96
95 Sale 95
R e g iste re d ______________1936 A -0
12 . . .
D ebenture Scries B _______1939 J -J
90 J ’no
K G 4 M B & B 1st gu 5s. 1929 A -0
12 . . .
1st
lien
equip
s
fd
g
5s____
1921
M-S
*9*7
*
Ido*
99ig
Dec
T2
r Ozark & Ch C 1st gu 5s g.1912 A - 0
99*2
13 . . .
"99*8 100*8
1st lion 50-yr g term 4s__1954 J -J
80 ____ 83 Dec TO
6 t L S W 1st g 4s Ixl ctfs___1989 M-N 83
86i2
1
80*2 90
1st re f and ext g 4s_______1906 J -J
59
55
57>4
Sale
54*4 647,
, 2d g 4s inc bond ctfs ____ pl989 J -J
78
79
79 ]
13___
78
80
Gent T rust G o ct fs .
62 %!
52
51
521,
C onsol gold 4s..................... 1 9 3 2 J -D
79*4 Sale 7914
*4 U 79
81
D o Stam ped____
51 M c h ’13
51
61
. G r a y ’s F t T er 1st gu g 5s_1947 J -I)
9 7 ___
L01% E qu it Trust C o ctfs
64 N ovT 2
8 A & A Pass 1st gu g 4s___1943 J -J —
83
83 J
13 . . . . 83
85*4
D o Stam ped_____________
53 ____ 65
5534
6312 61*4
8 F & N P 1st sink f g 5s___1919 J -J
104 (
J 9 ___
D e t & C h E xt 1st g 5s___1941 J -J 105 10712 107 Feb T3
107 107
Seaboard A ir Lino g 4s_..1 9 5 0 A -0 ____ 86%
85% ]
.3 ___
85
85*«
Dos
M
oin
D
iv
1st
g
4s___
1939
SO
A
ug
T2
J
-J
\ G old 4s stam ped_________ 1 9 5 0 A-O ------ 85
83*8
83*8 86
*8
Om D iv 1st g 3>4s_______1941 A -0
69 Dec
. .R egistered _________
1 9 5 0 A-O
T o l & Ch D iv 1st g 4s____ 1941
80% m i 80 Feb 13
80
80
! A d justm ent 5s____
ol949 F-A *71" *721* 72*8
Tj
£ "70“ 77*4 Vab P itts Term 1st g 4 s ..195* M-S
24
J-D
24
24
26*i
1959 A - 0 ------ 77%
R efunding 4s______
.: ___ 77*4 79
Gent and Old G ol T r C o certs.
23
2312 2312
24
23 23
27*2
Atl-U irm 30-yr l3t g 4s__el933 M-S
84 ____
13___ 84*4 88
Colum bia T r G o ctfs.
4 M ch ’ 13
24
28
C ar C ent 1st con g 4s____ 1949 J -J
917*
7«
: 91*4 917S 2d gold 4s_______________ 1954 J-D
1
X
1 M ch ’13
1
2
Fla Cent & Pen 1st g 5S..1018
13___ 103*4 103*4
T ru st C o certfs____________
2 M c h ’ 13
U8 2
1*4 2*4
1st land gr ext g 5s_____ .1&3C
12
_____ 104
____
vash Term l 1st gu 3 )^ s _ ..1 9 4 5 F -A
83*g
S7*8 O c t T
C onsol gold 5s__________ 1943 j - j 101 ____107
1 2 ___
1st 40-year guar 4s______ 1945 F-A
90 _
100 Sep T
. 3 ___ 105 105
G a & Ala R y 1st con 5 s ..01945 j - j 103l4 104% 105
80
81* 80
so
A -0
70
837,
G a C a r * N o 1st gu g 5s._1929 j - j 103 104l2 1031j
13 . . . . 103*8 103*8
106% 106*4 Feb T3
J1063, 107*4
• Seab & R o a 1st 5s________ 1926 j - j *____106% 105
12___
Gen gold 4s...................
1943 A-O —
86
80
Oct
T2
Southern P a cific Go—
Incom e 5s........................... <11943 Nov
34
Feb
'07
89 Sale 89
G old 4s (C ent P ac c o l l ) .£1949 J -D
16 89 98
*99 ____ 101l2 Feb T3
vheeling & L E 1st g 5s___1926 A
101*2 10112
R e g istered _____________ £ 1 9 4 9 J -I)
13___ 95 951 ,
W heel D iv 1st gold 5s___ 1928 J -J
93
100 Feb ’13
100 100
893* Sale 89
20-year co n y 4 s_________ pl929 M-S
*4 79 887, 933j
99 ” 09 Feb T 3
Exten
&
Im
pt
gold
0s____
1930
F-A
99 101*2
9334 Sale 93%
C e n t Pac 1st ref gu g 4 s . . 1949 F-A
18 92*2 9 Ql2
80 Sale 80
R R 1st consol 4s_________ 1949 M-S
80
80
80S*
1 2 ___
R e g iste re d ____________ 1049 F-A
99% 1)8*2 Feb T
20-year equip s f 5s____ 1922 J - J
13___ 90*4 91
M o r t guar gold 3 ^ 3 ..£ 1 9 2 0 J -D *89' *9014
89
•
.
.
.
89*8
Feb
'13
J -J
89*8 01
T hrough S t L 1st gu 4S.1954 A-O ____ 92
3 ___
91*2 91
00*4 Sale 90
90*4
J -J
90 91*|
O H & S A M & P 1st 5 s .1931 m - n ____10618
13___ 104 10434
Sup& Dul d fv & term 1st 4s ’36 M-N —
89h 8934 M ch'13
89*4 00%
G ila V G & N 1st gu g 5 s .1924 M-N
2 ....
H ous JS ic W T 1st g 5s__1933 M-N
2 ....
M anufacturing & Industrial
1st guar 5s rod _________ 1933 M-N ------ 105
2 ___ 11II 1 1 1 1 7‘ llis-Chalmers 1st 5s______ 193t
62
67 Dec T2
J-J
H & T G 1st g 5s int g u ..l 9 3 7 J -J 108 110
2
T rust G o ctfs deposit_________
62
6212 55
62
63
53*4
- - 95
Gen gold 4s int gu ar____ 1921 A-O
3 .1.1 “93 ' "93 ’ l
997,
097, lOHfc
99*8
9944
100
A
-0
W a co& N W d lv 1st g 6s 1930 M-N *113 . . .
0 ___
90U 97
96*4
90*4 97*4
06*4
A & N W 1st gu g 5s.......... 1941 J -J 100 1057g
3 . . . . 106 106%
Debenture
5
s
...................11D31
92>2 93
93
93
95
9334
M o rg a n ’s La & T 1st 7 s ..1918 A-O ------ l l l l 2
2 ...
100 103*i
100
M-S 100 Sale 100
1st gold 6s______________ 1920 J -J ------ 107% 107
3 ___ 107 107
2
757, 76i2 76 M ch’ 13
A-O
74
76*4
N o o f Gal guar g 5s.............1938 A - 0
112
7 ___
F-A 103*8 Sale 102*2 103*4
102 105
Oro & Gal 1st guar g 5s__1927 J -J
102
3 ___ 102 102
1
99*2Jan T3
M-S ____10O
99*2 99*2
So P a c o f G al— G u g 5 s ..1937 M-N 103 ____ 116
------------- i
91i2 M ch ’ 13
J -J
91*2 03*4
So P a c C oa st 1st gu 4s g_1937 J -J
2 ..I I
i
i
o
%
121*
119*2 M ch ’13
A -0
IIOI2 120*8
San Fran T erm ! 1st 4 s ..1950 A-O I I I I 88%
3 ----- 88*8 0 0
R e g iste re d _______________ 1 9 4 4 A -0
120 N o v 1 2
l
T e x & N O con gold 5 s . . 1943 J -J 100% 101
G old 4s___________________i9 5 i F-A *90*i2 *98
90*4
00*2
96*4 97*j
91% Sale 90%
So P a c R R 1st ref 4 s ____ 1955 J -J
h 70 90*2 ~04*a
R e giste re d ....... ..................1951 F-A
0538 J ’ne 1 2
Southern—
88% Sale 87*4
88*2
J -J
87*4 00*8
104% Sale 104U
1st consol g 5s..............................1994J -J
105
50 1041i i o 7*8 1
103 Sep T
M-N
105 l
1 ___ 104*4 104*i L
R e g istered ______________ 1904 J - 1
*95*ii Sale 95*8
05l2
J
-J
95
96*4
77% Sale 77
D e v e lo p & gen 4s Ser A . .1056 A-O
8
72 77
78*2
1st & ref 5s guar A _____ Il942 M-N 83 83*2 83
83*2
83
86*4
M o b & O hio coll tr g 4 s ..1938 M-S ------ 85%
84 I
J ___ 84
86*2 t
9334 97
94l2
94i2 Sale 937S
A-O
M em D iv 1st g 4 H -5 s ...1 9 9 6 J -J ------ 107% 107
107
4 107 107
C
97 M c h ’ 13
F-A ____ 98
90*4 07*4
8 t Louis d iv 1st g 4s..........1951 J -J
84 Sale 84
84
6
81
88*2 C
M-N ____ 96% 90*4 Feb ’ 13
95*4 96*4
A la Gen R 1st g 6 s ...........1918 J -J 105 ____
1st 25-year s f 5s____ I I I I l9 3 4 M-N
91 93
90 M c h ’ 13
90
93*8
A tl & D a n v 1st g 4s_____ 1948 J -J
3 ___ 80*2 ”87**4 C
9434 Eeo >13
9434 9 8
A -0 ------ 96
1948 J -J *83** I I T
.2 d 4a . . . . - ............
. . . . _________ I
65 Sale 65
.1927 A -0
65*4
64
70
80 84
A tl & Y a d 1st g guar 4 s ..1949 A -0
------ ------- 1<
■
4
^
s
.
88
Sale
86
86
.1936
J -D
86
90
10312 ____
C ol & Greeny 1st 6s_____ 1916 J -J
I H II
78l2 M c h ’ 13
77*a 83
F-A ____ 82
L I V a & Ga D iv g 5s___1930 J -J
------ 105 10 a
3 . . . . 106 loo” '
10-year g deb 5s............I H 1 9 1 7 J -D
141 Jan '13
141 141
lOStj Sale 108
C on 1st gold 5s..........................1956M-N
4
6 103 109%
Debenture
5s
(rects)___..1
9
5
2
1027, 1 0 5 I1
10378
M-S 103*4 Sale 103*4
E T en reor lion g 5s............1938 M-S 100%____
i ___
98*4 Sale 9834
98*2 100
987s
A -0
63 6412 03
G a M idland 1st 3s______ 1946 A-O
8
4 03
64*8 1
80
85 87
86
801|
86*2
A-O
. . . . 1103s 110
G a P ac R y 1st g 6s........... 1922 j - j
3 ___ 10978U0® 1
100
997g 1 0 II4
1003g
M-N 100*8 Sale
____U3>2
3 ___ 111*2 112
K n o x & Ohio 1st g 6s____1925 J -J
I
F-A 10212 Sale 102*1
102 105
102*2
i ___
'M o b & B ir prior lien g Os.1945 J -J
C onsol con v s f g 5s____ H l9 3 5 J -J
86 87
87
87
87
0 U4
79 Sale
M ortg ag e geld 4s_______1945 J -J
79"
I
1 79
78 Sale 78
M-S
78
78
833,
3 ___ 102 10212 L
R ich & D an con g 6s____ 1915 J -J 10134 10234
96>4 90*4 96*4
A-O
90*4
95
90*i
------ 104i2
3 ___ 103*2 103*2
D eb 5s stum ped_____________ 1927A-O
1st con 6s Series A ______ 1950 M-S ___ 70
757*MchT3
757, 80*4
71% . . .
2 73
R ich & M eek 1st g 4s____ 1948 M-N
5-year convertible 5s____1915 M-S
94*4 Sale 94
94*4
03
955 ,
3 ___ 101
S
" o Gar & Ga
~ 1st
- g -Os____ 1019 »1-N 95% 10214 101
io i' L
1207S 12H2 130*4 121
1197,
122*8
112
Virginia M id ser G 6 s ____ 1916 M-S
5s tem porary b onds.
93 Sale 98
98
06*2
9934
*102
*
I
I
I
I
Series D 4-Os___________ 1921 M-S
i ....
97*2
A-O ____ 99*8 97*2
97*2 100
Series K 5s______________ 1926 M-S
3 ___ 104*4 104*4 JS
90 0212 01 M ch '13
J-D
01
051|
Series F 5s______________ 1931 M-S
1 101 105
IS
____87
8312 Feb T3
J 88*2 88*1
3 ___ 108*4 108*4 I>
General 5s______________ 1936 M-N
9714
96i2 97U 97*4
M97*4 99*j
V a & S o ’ w ’n 1st gu 5S..2003 J -J 105 ____ 107
___ 107 108*8 JS
100 101 101
101
M-N
99*4
103
94
9534
94
1st cons 50-year 5s____ 1058 A-O
-a — 0-1 0578 P
120U 121 120
120*8
120 1221,
92 . . .
W c & W 1st cy gu 4 s . . . 1924 F-A
5s
temporary
bond
s.
93 Salt 97*4
98
28
97*4
997,
W est N O 1st con g 6 s ___1914 J -J 10012 ____
.... io i* io i" R
95
9034 98*8 M ch'13
J -J
07*4 98*2
S pokane Internal 1st g 5 s ..1955 J -J ------103
___ ------ -------- B
1027, 1027,
A -0 10278 ------ l0278 MchT3
''P e r A o f St L 1st g 4>$s__1939 A -0 102 . . . 104
___ 103*2 104
10-30-year 5s s f _______ Il9 4 0 A-O
9034 921,
90l2 90*4 90*4 Mch To
1st con gold 5s___1894-1944 F-A ------ 10912 111
—
____ s
8834
88
89*|
M-N 88*8 887S 83*8
84
86
Gen refund s f g 4s______ 1953 J -J
___ ------ ------- T
07 99
97 1007,
97
98*2
J -J
St L M B ge T er gu g 5s__1930 A -0 103t2 ___
____86
00 Feb T3
90
92
J
-J
T e x & P a c 1st gold 5s_____ 2000 J-D ------ 105
103l2
11 103*2 io7U
____ 87
91*4 Jan T3
891j 01%
2d gold inc 5s___________ ?2000 Mch
51 J
M-N 100 100*8 100*8 M ch'13
100*8 100*4
La D iv D L 1st g 5s.......... 1931 J -J
___
____ 88
86*4 M ch ’ 13
86
89
J
-J
W M m W & N W ls t g u 5 s .1930 F-A
___
25 3212 25 Jau T3
25
25
T oi & O G 1st g 5s.................1935 J -J 105l2 106l2 105t2
6 103*2106*4 U
102
49 1 0 0 10334
j - i i 102 Sale 101
W estern D iv 1st g 5s____ 1935 A -0 - - - 106%
103*a Jan TO
j-D
General gold 5s................... 1935 J -D ------ 100
___
101
M-N 01 Sale 100*8
100*4 102
9134
K an & M 1st gu g 4s____ 1990 A O
___ 01*2 91*2
f 10-60-yr 5s(reg _II<11963 M-N 01 Sale 100*4
101
100*8 102
2d 20-year 5s___________ 1027 J -J
9812
__
97*2 9 9
V
94*2
94*2 95
95
94*2 98
J
-D
90
T o l P & W 1st gold 4s____ 1917 J -J
92
90
9U2 W
3 00
101
100*8 102*4
J -J 100*4 Sale 100*8
T o l S t L & W pr H cn g3 > $ s.l9 2 5 J -J
83
84 ]
____
w
91*2 Sale 91
00*4 94
9H2
J -J
5534 5512
60-year gold 4s__________ 1950 A -0
2
56
67*2
967S Feb T3i
96*8 907,
A -0 ____94
C oll tr 4s g Ser A .................1017 F-A
65
68 J
Telegraph & Telephone
T o r Jlaju & B u ff 1st g 4s_.A1946 J-D
8934 88 i
..
88
89" A
87 Sale 861*8
86
00
87
J -J
103 1
lster & D el 1st con g 5 s. 1928 J -D
___ 103 104*2
M-S 103*2 Sale 102*2
102*2 1107g
103*8
, 1st refund g 4s.......... ..1 9 5 2 A -0 ------ 84
103*2 Sale 102*2
103*2
102*2 1037*
U nion P acific—
O
j"-D *101 ____
1st R I l & land grant g 4 s . 1947 J -J
95*4 Sale 95*4
108 05*4 09% C
74 80
82*2 Dec T2
R e g is te r e d _____________ 1 9 4 7 J -J
___ 98l2 98*2
9812 :
.2397
83*2 NOV T l
20-year con v 4s__________ 1927 J -J *9*3** Sale 9134
93
60 91
97
C
.1937
____
98*8
98*s
08*8
d£*g 100*4
92l2 93
l s t & ref 4 s . . ....................^2008 M-S
93
92*4
47 91% 05*2 K
89 00
85 Aug 12
Ore R y & N a v :on g 4s_1946 J -D
91
91>4 . . .
9 II4
S 91
93*4 iV
M-N 100*4 103 101 Mch To
101 101*8
Ore Short Lino 1st g 6S..1922 F-A 110 112 n o
110
2 .09 112% IV
98*2 99
F -A
99*2
9912
99 101*4
1st consol ' 5s__________ 1946 J -J 105 10734 105
105
1 .05 109
N
M-N 100 ____ 103*4 M a y 'll
Guar refund 4s_________ 1 9 2 9 J -D
8874
89
47 88% 93% N
97
M-N 90*4 Sale 98*2
96*2 98
U tah & N o r gold 5s____ 1926 J -J 1 01
108 M ay’ l l
............
P
09*2 Sale 99*2
J -J
99 101
90*8
1st extended 4s_________ 1 9 3 3 J -J ------ 99'
. . . . ................ Sc
09 101
99 99*2 99*4
907g
J -J
AAandalla cons g 4s Ser A .1955 F-A
93 937* *94* Feb"T3
94
94
Y
V
09*4 102*2
09*4
99*4 Sale 9934
J -J
" Oonsnl
no Tl
lonrr M-N 93 . . . . 93
Consol d<
4ss Series
B ____ 1957
03
1 93 03
9134 961,
92
M-N
91*4 Sale 013t|
Vera Cruz & P 1st gu 4 ^ s .l 9 3 4 J -J
94 Oct '12
................
104 J ’n e 'l l
M-N
93
93
93 Jan '13
J -J
MISCELLANEOUS BONDS— Concluded.
i'-i
£3
U
P
hi
C oni & Iron
B u ff & Susq Iron s f 5s
1 9 3 2 J -D
D ebenture 3s______
’ al926 M-S
O o iF & I C o gon s f g 5sII_1943 F-A
C ol Fuel gen 6 s __________ 1 9 1 9 M-N
C ol Indus 1st & coll 5s g u l l l 9 3 4 F-A
ons Ind C oal M e 1st 5s
1 9 3 5 J -D
ons Goal o f M d lst& ref 5s 1950 J -D
Or ltiv Goal & G 1st g 6s_AI 0 1 9 A-O
Kan & II C & O 1 s t s f g 5 S .1 9 5 1 J -J
Pocah C on C ollier 1 s t s f 5 S .1 9 5 7 J -J
|t L R ock M t & P 1st 5s___1055 J-J
aenn Goal gen 5s__________ 1951 J -J
: Blrm D ly 1st consol 6s___1917 J -J
t T enn D ly 1st g 6s............ al917 A-O
■C ah CT\1 C o 1st gu g 6 s . . 1922 J -D
Ptah Fuel 1st g 5s.................1931 M -S
ictor Fuel 1st s f 5s______ 1953 J -J
a Iron C oal& C oke 1st g 5s 1940 M-S
g
f
96% 98
97 J’ly ’22
85 ____ 91 N o v ’ l l
98
98
97% 99
107*4 J ’ne T2
79
78% Sale 78*2
85 J ’n e ’ l l
03 O ct *12
____ 94
96 102% 102*8 Apr ’06
08 Jan T3
85 87
87*2 M ch’ 13
77
78
76 M ch’ 13
100 101% 100*8 M ch ’ 13
------ 103% 101*3
101*8
------ 103% 102 Feb 13
___ _ . . . . 110 Jan 09
80
94
”84” '
97%
A liscella n eou s
Adam s Ex coll tr g 4s___
1 9 4 8 M-S
A rm our & C o 1st real cst4>is '39 J -D
98
99*8 Bush Terminal 1st 4s______ 1 9 5 2 A -0
C onsol 5 s ------------------------- 1 9 5 5 J -J
B ldgs 5s guar tax ex_____ i960 A -0
78** 85
Ohino C opper 1st con v 6 s . 1921 J - J
Insplr C ons C op 1st 6 s (r e c t s )..
Int M ercan M arino 4 > is___ 1922 A -0
98 98
Int N avigation 1st s f 5s___ 1929 F-A
87*2 877* M ge B ond (N Y 4s ser 2 ..1 9 6 6 A -0
76 80
10-20 yr 5s scries 3 ___ 1___ 1 9 3 2 J -J
lOOIg 103
M orris & C o 1st s f 4>$s___1039 J -J
101*8 103
N Y D ock 50-yr 1st g 4s___1951 F-A
102 102
N iag Falls l ’ ow 1st 5s_____ 1 9 3 2 J -J
Ontario Transmission 5s___ 1945 /M-N
Pub Serv Oorp N J gen 5 s ..1959 A-O
79*4 79*4 liayC on sC opper 1st con v 6sl921 J - J
94*2 93
Wash W ater Pow 1st 5s___ 1939 J -J
80*2 M c h ’ 13
____ 79%
90
00% 90*8
90*4
Feb '13
____ 89
Jau T3
94
95%
N o v ’12
____ 96
M ch’ 13
160 170
101
101 Sale
63
64
63*4
78% 79% 78*2 Feb T3
. . .
”99‘ % ------ 99*2 Deo T 2
____ 89% 89*2 Feb T3
82% 83
83 Mch *13
100% 102% 102*8 M ch ’13
____91%
92 Deo T 2
92% Sale 91*4
92*a
110 Sale 110
no
102 Dec T2
80*2
90
89
95
827,
92
891i
00
146 100
09*2 1081,
63 66*a
78*2 79*4
89*2 89*2
83
84
102 102*4
91*4 03
109 121
•No price Friday; latest bid and asked aDuoJan dDue April eDueMay oDueJuno ADuo July £DueAug oDueOct pDueNov oDuo Doc sOptlonsala
933
C H IC A G O "S T O C K E X C H A N G E — S tock :' R e c o r d
STOCKS—HIGHEST AND LOWEST SALE PRICES.
' Saturday
, March 22
Monday
March 24.
♦27
*83
*90
35
90
91
6
6
Tuesday
March 25.
35
35
*27
90
90
*88
90
90
*88
2134 213.1
*0
7
0*4 G34
*312 4
*3*2 4
*27
*88
♦88
4
16
*34*2 40
*3*2
*12
*12
8
Wednesday
March 26.
10
*34*2 40
8
*8
8*2
*12
10
*34*2 40
*8
8*2
*44*2 45*2 *44*2 45*2 *44*2 45*2
Thursday
March 27.
Friday
March 28.
Last Sale 30
Last Sale 91
Last Sale 90
Sales
of the
Week
Shares.
Jan’ 13
Jan’ 13
Mar’ 13
iAist
3>2 Mar’ 13
18 Nov’ 12
41 Nov’ 12
S<2
8*2 *8
Mar’ 13
S a le 45
S a le
L a s t S a le
L a s t S a le
♦8
I/is t
31*4 3258 31U 32U 31i2 323-i
121*4 121*4 120U 120'2 12H2 12112
L a s t S a le 503 Feb’ 13
Mar’ 13
*133 136 *133 130 *133 136
L a s t S a le
Mar’ 13
52
L a s t S a le 53
52
*43
*48
52
*48
*100
101
101
1 01
100*4 100*4
132*4 132*4 *131*2 13212 132*4 132*4 13234 13234 133 133
*60
05
59
*00
59
65
L a s t S a le 83*2 Mar’ 13
*83
85
85
*83
*83
85
Jan’ 13
L a s t S a le 55
57
*53
*53
57
♦53
57
♦48*2 49
*4812 49
49*2 49*2 *48*2 49
*48*2 49
I x t s t S a le 142 May’ 12
I j a s t S a le 200 Mar’ 13
*203 2 0 0 *203 2 0 0 *203 206
140
140
140 140
140 140
140 140
103s 103j ior2 To.;
10
10*4 10*4
10
*10
10*2
l’ cb’ 13
I x i s l S a le 77
103 103
102*4 102*4 1023-j 103
10278 1027s 102*4 103
23*3 30*4
119*2 121*4
28*2 30*2
121
121
31
♦94
95
95
60*2 08
*76
*114
*117
*115*2
1157s
*
*91*2
66*2
*76
*114
*118
11512
120
11578 *115
G834 *6712
*91*2
78
110
121
1 10
110
*79
9$
*43
*85
177
123
*2 !)
*89
105*8
80
98*2
44
90
183
123
30
91
105%
270
*110
95
075s
94
07
*76
78
*114
110
119 *118
115*2 *115*2
*115
110
58
*57*2
___ *91*2
111
*110
94
07*2
78
116
119
1 20
110
58
___
31
0712 08
ImsI S a le lOOUMar’ 13
L a s t S a le 703s Alls’ 12
L a s t S a le 1 155gMdr113
L a s t S a le 118 Mar’ 13
122 122
*9112___
57*2 5712
*0112 -
111
Last Sale 79 Mar’ 13
79
98
98
98
98
98
42
42
50
L a s t S a le 8 &I2 Mar’ 13
90
185*2 180*2 18234 183 185
* 1 21
* 1 21
123
♦29
*29
30
Last Sale 29*2 Mar’ 13
*89
91
01
•89
Last Sale 92 Dec’ 12
105U 105*8 105r>8 10534 100 100*4 10.57s 106 <s
270 * 2 0 0 270
Last Sale 269l2Mar’ 13
*200
♦ 20 0
107U 107*4
107U 1071.1
175 177
175 175
170 ' 173*2 172 175
*107 175
Last Sale U2 I'cb’ 1.3
134
1»4 *1*8
*1*8
1*4 *Ds
00*8 60*4 60*2 01*2 01U 6178 00*2 0134 603-4 6D8
107 107
107 107
10 Mar’13
11
n
*8
*10
11*2 *8
—
91*4 91*4 —
87*4 90
*78
*97
*45
♦85
179
79
98
60
90
183*2
123
30
*78
98
*45
*85
179
NAME.
In
1911.
In
1912.
Per
iod.
%
*200,000 *186,816
2K ___ Jan T3, IK
y69,0S4
None An Jan T3, 6
6
100,000
14,427 Beg. b us. Oct 7 '12 V. 95, p . 944
250,000
Q-J Apr T3, 3
10
10
21,500,000 9,656,710
10
10
Q-J Jan T3, 4
3,000,000 0,255,731
0
0
100.305
Q-J Jan T3, IK
200,000
10
10
355,277
750,000
Q-J Jan T3, 2 K
8
200,000
Q-J Jan T3, 2
68,608
6K
12
17 Q-M Dec31’ 12, 4K
10,000,000 11.897,4/7
150,000 y209,125
12
12 K Q-M Dec31’ 12, 5
1,000,000
531,301
Prlv ato Ba nk
2,000,000
730,178
8
8
Q-J Jan T3, 2
200,000
23,04/ Brg.N ov 25 1912
1,500,000 1,611,957 Not pu Dllshcd — 30 0 note (ID
33,884 Beg. b us Aug •1 2 . V. 95, p. 273.
200.000
174,155
10
10
400,000
j -j Jan T3, 5
200,000
5,301 Beg. b us. Apr 8 ’ i i V .92, p.1004
200.000
53,037
Q-J A p r’ 13, 2
10 10A2« Q-M Apr T3, 3
579,387
1,250,000
62,023 Beg. b us.Aug 26 T 2 V 95, p 593
2C0.000
8
8
Q-J Apr’ 13, 2
2,000,000 1,441,175
0
6
086,127
Q-J Apr 13, IK
2,000,000
National C ity _________
Dec31 12, IK
0
6
108,800
Q-J
250,000
National Produco______
Q-J A p r’ 13, IK
7
80,034
7
200,000
North Avenue S ta to .....
6
0
0,342
Q-J Oct T2, IK
200,000
0
5
Q-J- ,A p r’ 13, 1K
45,327
200,000
North West State.
12. V. 95, p. 1944
7,292 Org.N ov. 27 T2.
200,000
C*-J Jan T3, 2K
10
105,658
500,000
9K
I
’ l l V .93, p . 1235
uaNov
10,902 Beg. b1
200,000
Second Security
Q-J Apr 13, 2
0
179,041
0
400,000
Security_______
8
8
117,500
Q-J Jan T3, 4
200,000
Q-J Jan ’ 13, IK
0
6
18,791
200,000
South Side Stato_______
12
12
Q-J Jan T3, 3
Stato Bank ot Chicago... 1,500,000 2,477.759
200,000
56,357 Beg. b us. Aug 19 T 2 V. 95, p.523
Stato Bank of Italy_____
10 Q-M D0C31T2, 3
250,000
237,903
8
Stock Yards Savings____
20,880 Org. J an. 27 T3. V. 95, p . 1585
200,000
108,594
0 M-N Nov’ 12, 3
0
500,000
100,000
17,991
6
OK Q-J Jan T3, 2K
8
8
4,500,000 1,900,253
Q-J Jan T3, 2
349,094
10A2c J-J Jan T3, 7
10
500.000
0
6
290.990
Q-J Jan T3, IK
1,000,000
8
8
5,000,000 (2,263,235
Ci-J Jan T3, 2
000,000
488,230 8A2« 8A2« Q-J A pr’ 13, 2K
Cont A Comm Tr A Sav 3,000,000 1,883,289
Q-J Jan T3, 2K
10
143,724
250,000
8K
None Q-M Dec30’ U , 4
16
5,000,000 2,044,849
17,812 Beg. b us .Apr 3 ’ l l V .92, p. 929
250,OOt
104,410 Beg. b us .Apr 8 T2 V. 94, p . 1030
300,00C
Franklin Tr & Sav Bk—
261,570
10
Q-J Jan T3, 2K
r 1,500,000
2K
43,310
6
J-J Jan *13, 3
200.00C
12
12
1,500,000 2,205,221
Q-J Apr T3, 8
71,809 Beg. b us .Apr 10 T 1.V.92.P.1004
300,00C
Homo Bank A Trust.
5,000,00C 10,188.503 10A4e 16A4< « Jan T3, 4
7
7A2« Q-J DC0.31T2.1K
84,853
s
2 0 0 ,0 0 0
6
79,330
0
Q-J Dec31’ 12, IK
200,000
250,508 Bog. b us. Ma y'I0
1,000,000
25,121 Org. D ec. 6 T2.
.
250,000
20.74C Org. S opt. 5 T2. V. 95, p. 593
200,000
Market Tr. A Sav. Bank
40,570 Beg. b us J ’ly L’ 12 V. 94, D. 484
250,000
10
15
Q-J Jan T3, 4
0 3,000,000 6,983,640
. . . . Q-J Apr T3, IK
68.00S __ _
.
200,000
117,754 Com .b US. Ap 10 T 1.V.92, p.1004
k
600,000
Q-J Dcc31 12, 2
8
8
. 1,500,000 2,857,38(
8
J-J Jan T3, 4
8
139,141
North-Western Tr i s j v .
250,000
1
1 1 V .92, p. 1537
us
.J’ne
Beg.
b
60,781
.
200,000
Q-J Jan T3, 4
8
209,605
.
600,00C
8
Q-J Jan T3, 2
8
280,151
_
300,00C
Q-J Jan T3, IK
3
47,077
.
200.00C
American S ta te ...____
Calumet National_____
Central Mfg District Bk
Continental * Comm Nat
Corn Exchange National
Drexel Stato__________
Drovers’ Dep National..
Englewood Stato...
First National____
First Nat Englewood___
Foreman Bros Uank’g Co.
Fort Dearborn National
Ualsted St State Bank..
Hibernian Banking Assn,
nydo Park State..
Kaspar Stato Bank
Lake View Stato________
Lawndale State________
Highest.
Lowest.
NAME.
Dividend R
Surplus
and
ProfUs. t
Range for Previous
Year 1912.
Range for Year 1913
R a ilro a d s
Chicago E lev K ys comlOO
D o pref__________ 100
C hic R ys part c tf “ 1” —
100 C hic R ys part c t f “ 2” —
75 C hic R ys part c t f “ 3” —
C hic R ys part c t f “ 4 ” ---Kansas C ity R y & L t.1 0 0
D o pref__________ 100
Stroets W Stable C L . 100
D o pref__________ 100
M isce lla n e o u s
1,580 American C an------------100
D o pref__________ 100
450
American R a d ia to r.. 100
D o pref___________100
Amor Shipbuilding--.1 0 0
D o pref___________100
60
175 Amer Telep & Teleg-.lO O
20 B ooth Fisheries co m . 100
D o 1st p ref----------- 100
Cal & Chic Canal & D 100
Chic Pneumatic T ool-1 00
Chicago T e le p h o n e ..100
Chicago Title & Trust 100
277 C om m onw ’ th-Edison.100
200 Corn P rod R of C o comlOO
D o pref___________ 100
206 Diam ond M a tch -------- 100
150 G oodrich (B .F .) c o m .100
60 Hart Sliaff &j M arx pflOO
980 llinois B rick_________ 100
Internat Harvester C o l 00
Knickerbocker Ice p f.1 0 0
National B iscuit_____ 100
D o prof__________ 100
N ational C arbon ------ 100
D o prof__________ 100
P acific Gas & El C o . . 100
D o preferred_____ 100
200 P eople’s Gas LACoko.100
Pub Scrv o f N o 111 com 100
D o p ro f__________ 100
108
100 Rum ely com m on ------ 100
D o pref____ ______100
4,484 Sears-Roobuck c o m .. 100
D o pref.................... 100
10
Studobalcor C orp c o m .100
D o prof___________ 100
Swift & C o ................... 100
T he Quaker Oats C o . 100
D o pref___________ 100
135
180 Union Carbldo C o ___100
Unit B ox B d & P C o . 100
4,005 U S Steel co m ________ 100
337 W ard, M o n tg ’y & C o pref
W estern Stone______ 100
W oolw orth, co m ___..1 0 0
C h icago B a n k s a n d T ru st C om pa nies
Outstand
ing
Stock.t
STOCKS
C H IC A G O S T O C K
EXCHANGE
30 Jan
90 Jan
88 Jan 14
211* M chl7
0 M c h ll
3*s Jan 7
30 Jan
91 Jan
98*4 Jan
26*8 Jan
8>2 Jan
4i4Jan
8 Mch 1
45 M chlS
45
9*2
25
90
83
N ov
May
Dec
1934 Nov
6 J ’ne
3
Oct
11*4 Aug
40 Oct
6 Mch
35 Jan
3
20
30
13
2
16
Jan 3
M ch l8
26 Jan 14 46*2 Jan 31
113*2 Jan 14 12914 Jan 30
470 Jan 3 500 Feb 11
133<8 Jan 21 1343s Jan 6
50 Jan 22 55 Jan 13
100 Feb 8 103*2 Jan 2
130U Mch20 13934 Jan 3
59 Mch 26 71 Jan 3
83 Mch 13 897s Jan 6
55 Jan 29
65 Jan 29
52 Jan 10
48*2 M ch l9
204 Feb 24
13938 MchlO
101s Mch 19
77 Feb 11
10234 Mch 25
28 Mch 18
94 Mch22
661* Mch 24
100>4 Feb 24
Highest.
L o w e s t.
212 Jan
145 Jan
I 6 I2 Jan
77 Feb
llOU Feb
53 Feb
9Si* Jan
7612 Jan
115 Jan
7
5
31
11
3
13
14
31
29
112 Feb 24 128*2 JaQ 3
118 MchlO 123 Jan 14
11512 Mch 14 122*2 Fob 17
114 MchlO 118 Jan 25
57KMch 28 63 Jan 27
1U2 Jan
91 Feb
325 Feb
131 Jan
45 Aug
100 Feb
138 Deo
39 Mch
77 Mch
49 Feb
44 Mch
137*2 Jan
184 Jan
135*4 Jan
10 Feb
87 Oct
103 J ’ly
63 Dec
97 Dec
56 Jan
105*2 Deo
67 May
114 Dec
122*4 Oct
103 Mch
115 Feb
x 01 J ’ly
40 Apr
933j Jan
104*8 Jan
38 Jan
11 Jan
578 Jan
25 Sep
601* Jan
IDs Apr
62 J ’ne
47 Oct
126 Sep
405 J ’ly
135 Apr
61 Oct
106*8 Oct
1987s Mch
70 Dec
95 J ’ne
65*8 May
55*2 O ct
145 Mch
222
J ’ne
150 Mch
21*2 Oct
87 O c t !
11134 Feb
80*2 Sep
102*2 Mch
73*2 Sep 1
1267s Sep *
76*8 Aug.
101*2 Apr!
130*4 May
135 Sep 1
120 Jan j
1 07
A p r'
122*8 O ct 1
109 M ch l9 116 Jan 9 103*2 Jan
79 Mch 6 8212 Jan 26 x 80 Deo x 91*2 Apr,
98 Feb 13 1013s Jan 13 x 98 Dec rl07** ADr
9878 N ov
91*2 Dec
42 Mctl28 69 Feb 21
9738 Feb 6 * 99*2 Apr *103*2 Oct
89*2 M chlS
140 Jan 221*2 NOV
177 Mch24 21484 Jan 2
123 Mch 24 124*4 Feb 17 121*2 Jan 12534 J ’ne
49 Aug
307s J’ly
34 Feb 13
27 Feb 21
97*| Aug
92 Deo
109*4 Apr
9884 Jan
105 Feb 28 10778 Mch 6
235 Jan 22 280 Feb 15 215 Jan 397 N ov
106 Mch 5 108*2 Feb 15 105*2 Jan 1 1 0 Jan
165 Mch 19 206*2 Jan 10 *13584 May 234 NOV
I7g Jan
3g May
U 2 Feb 10
1 Jan 17
80*2 Sep
683s F e b
58*2 Mch 10 6884 Jan 2
105*2 Feb 19 10884 Mch 5
9 Sep
15 N ov
14*2 Jan 2
10
M chl7
87U Mch 24 112 Jan 3
Dividend Record
Outstand Surplus
Per Last Paid.
In
In
and
ing
Profits.f 1911. 1912. iod.
%
Stocks
200,000
Southwest Tr. A Sav. Bk.
Standard Trust A Savings 1,000,000
200.000
Stockmen's Trust A Sav.
Union Trust Co______. . . 1,200,000
400.000
West Side Tr A Sav Bank
200.000
Woodlawn Tr A Sav Bank
22,836
410,122
53.359
1;54S,645
113,139
90,020
T2.
Q-M
J-J
8 QM
8A2e Q-M
10
Q-J
Org. J uly 5
" o '
8A2«
8A2e
9K
" 0
V. 95, p. 18.
Mch 10T3.U*
Jan 13, 3
Jan 10 '13, 34
Apr T3, 3
Jan 13, 2K
C h icago B o n d R e c o r d
BONDS
CniCAGO STOCK
EXCHANGE
Week ending March 28
Price
Inter
Friday
e st
period March 28
Week's
Range or
Last Sale
Bids
Sold
Low
I light No
91 Feb '13
Am Tel A Tel coll 4s___ 1929 J - J
90's 90*8 Mch’ 13
Armour A Co 4K s_____ 1939 J - D
82*4 AprU’ 12
84
Auto Elec 1st M 6s_____ 1923 ------- t 80
96*8 May T2
Cal Gas A El unit A ref 5s 1937 M-N
IOOI4
Chloago City Ky 5s........ 1927 E - A lOOU Sale 100*4
84 M ch ’ 13
85
Chic City A Con Itys 5s.dl927 A - O 1 80
97*4 97*8 97 Mch T3
Chloago Elcv lty 5s........ 1914 J - J
94 Mch T3
96
Chlo Pneu Tool 1st 5s..al921 J - J t ___
98*2
OS*,)
Chicago ltys 5s_________1927 F - A
98*2 Sale
94*8 Jan '13
Chlo Rys 5s___scries “A " A - O t
95
82*2
82*8
Chlo Rys 4s___series “ B” J -1 ) 182*8 Sale
Chic Rys 4s___scries "C " F - A t —
94*2 93 Jan T3
100 Jan '12
Chlo Rys coll 6s_____ 1913 V - A
72 Mch T3
Chlo Ry Pr m M g 4s.cl997 J - J t —II *73
47 Mch T3
Chlo Ry Adi Inc 4s...cl9 2 7 Mayl 1 48
51
100*2
Chicago Telephone 5s__ 1923 J - D 1100*2 Sale 100*1
98
96*8 Deo T2
Clccro Gas Co ref G m_.1932 J - J 1___
1013,1
Commonw-EdIson 6s___ 1943 M - S 101*4 Sale lOO’ a
lODs Mch T3
Coramonw Eleo 6s__ 61943 M - S
Cudahy Pack 1st M 5s...1924 M -N tioo*i 10T " 100*2 Mch T3
105*4
Dla Match Con dob 6s__ 1920 . . . . . 1105*2 Sale 105*2
99*4 Aprll’ 12
Gen Mot 6% 1st L notes.1915 A - O
100*8 May T2
int liar 3-yr 5% g notes.1915 V - A
105*8 April'12
Inland Steel 1st M g 6 s..1928
Kan City Ry A Light Co
5 3 .................................. 1913 M -N 103 104*2 90 Oct T2
87 Jan T3
Lake St El— 1st 5s.......... 1928 J - J 1------ 88
79
79*4
Metr W Side El 1st 4 s ... 1938 F - A 79 Sale
80*2 Feb T3
Extension g 4s________ 1938 J - J 1------ 80
Mil El Ry A Lt 1st g 53-1920 F —A 1103 104i2 10 Da April 12
941j 95 AprU'12
do
ref A ext 4KS..1931 J - J 1 94
8734 8/78 Mch T3
Morris A Co 4K s_______ 1939 J - J t —
100’4 May *12
Nat Tube 1st g 5s_______ 1952 M -N
Nor Shore El 1st g 5 s .._1922 A - O 11027s___ 103*4 AprU'12
do
1st A ref g 6s__ 1940 A - O 1 9934 100*2 100 Jan T3
95*2 Sept *12
Nor Sh Gas of 111 1st G s„ 1937 F - A
North West El 1st 4s___ 1911 M - S i'99?s hi : 100*4 July ’ l l
99*4 Mch '13
N W Q L A Coke Co 63—1928 Q -M
95
90
Ogdon Gas 6s________ ...1 94 5 M -N t ’ 9 0 ” S a le
115*2 Sept T2
Peop Gas L A C 1st OS—.1943 A - O
Refunding gold 5 s ..__ 1947 M - S 1—II 101*8 100*8 Mch *13
102*2 Mch T3
Chlo Gas L A G 1st 53.1937 J - J 1102*4 —
IOU4 Sept T2
Consum Gas 1st 5s___ 1930 J - D
100*4 Jan *13
Mutual Fuel Gas 1st 5s 1947 M-N
1___
97
97*4 Feb* 13
Pub Scrv Co 1st rcl g 6s. 1956
92 M ch ’ 13
t
—
91*4
South Side Elev 4K s----- 1924 1 ~
Swift A Co 1st g 5s.......... 1914 J - J 1 99*4 100*8 100*8 Mch'13
Trl-Clty Ry A Lt coll
08*4 AprU'12
trust lien s f 5 s . . . . . —1923 A - O
85 AprU’ 12
Union Elec (Loop) 6s----- 1945 A - O
100 M a y’ 12
U S Gypsum 1st g 5 s . . . .1922 M - S
1007* Oct T2
Western Elco Co 6 s.....1 9 2 2 J
Rang*
for
Year 1913
Low High
91
91
90*s 917*
100*4
84
97
94
98*2
94*8
82
93
1017*
89
98*4
94
100*4
94*4
86*4
93
72
76 .
47
68
IOOI4 101*4
100*8 103*8
101*2 102**
109*2 100*2
106
1081*
87
79
77**
877* 89
100
100
99*4 100*»
95
97
166*8 ToT**
102** 103
16 6 * 4 ’ 16 0 * 4
97
92
97»s
93*8
100
100*8
be added t o all Chicago bon d prices.
Note—Accrued Interest m ust
' Bid and asked prices; no sales were made on this day. t Feb. 4 (close of business) for national banks ana * '» . *» ( o m t f b u s i n e s s ) tor S
price Friday; latest prlco this week, i Sept. 1 1911. 11 Dividends not published; stock all acquired by the Continental A Commercial Natlonal Bank. a Due Dee. 81.
ft Due Juno, c Due Feb. d Duo Jan. 1 .
e Extra dividend, x Sales reported beginning AprU 18. q Dividends arc paid Q.-J. with extra payments Q. F . f Dec. 31
1912.
y Nov. 26 1912.
\ 93i
r
SHARE PRICES—NOT PER CENTUM PRICES
Saturday
March 2 2
H
•
'
B O S T O N S T O C I C E X C H A N G E — S to c k R e c o r d .
1
,
t-
|
|
•
J
/
»
•
J
,•
’ •
{
J
■
2
j
1
J
j
»
!
«
j
•
t
j
i
1
J
J
*
. J
J
1
;
j
•
1
„ >•
1
V 1
: J
J
;. *
Monday
March 24
* 10 1
* 10 0
10 1*
10 0 *
Tuesday I Wednesday
'March 25 March 26
*10134 102
*100 1003
208 209
105% 1053
194 194
70
70
*260 290
*7*2___
*------ 6 6
*7*4 8
*43
45*s
*166 168
207 208
105 107*
195 195
60
71
260 260
*7*2___
•------ 6 6
*7*4 8
*43
45*2
*166 163
*----- 103
10 2
10 2
*------235
*___ 235
107 10S
108 108
*118 1 2 0 *118 1 2 0
♦84
8434 *S4
85
10 2
10 2
* 1 0 0 * 2 ___
16*2 16*2 *16*2 17*2
73*3 743.1 7334 74
1157s 118*2 117 118
*120 130
125 125
io5
•____
147%
*8334
___
76*4
94
165
45
148*2
8 U4
___
76*2
95
x52
62*2
z95% 96
•3% 4
19*2 20
1G7*2 167*2
34
36
14834 149
*84% 85
*------155
76*2 76*2
95
95
10 2
*99% 100
208 209
105*4 107
*___ 194
6 8*2 70
262 262
*7*2___
06
*___
*7*4 8
*43
45*2
*160 168
10 2
10 2
*___ 235
107*2 109
*___ 118
♦84
85
10 2
10 2
*16*2___
7334 74%
117 119
___ ___
167% 167*2
*35 ___
149 150
*85
85*2
*___ 155
76*4 76*2
95
95
51*2 52
95*2 9534
*3% 4
♦ 20
10 2
20 *2
52
62*2
95% 9534
*3% 4
20*2
20*2
1113.t 114
113% 114*2
11234 114
113
11-3% 114
133
132% 133% 132 133%
____ *17 ___ ♦17 .
784 78% 79
78% 79
60
*66
71
98*2 93
98 *___
98_
5
5
5%
5
5%
• 11
li2
* 11
12
10 % 10 %
•12
13
* 12
12 * 2 * 1 2
12 %
277 277
277 277
276*4 278
! 137** 137% 137% 138
137% 13834
89% 90
90
91
90*4 91
05
95
95
94% 95
212% 213 *212% 213
212% 212%
•3*4
3*2
♦3*4 3*2
3*4 3*4
*___
65 *------ 70 *___
60
85% 85% 84
85% 80% 83%
146 147
147 148
149 149
111* 4 1 1 2
112
13134
*17
r73
60
98
6%
Thursday
March 27
Friday
March 23
*1015S 101% * 1 0 2 l8 10212
100i8 100l8 100*4 100*4
209 209
209 209*2
100 10034
105^4 100
19-1 191
194 194
69% 70
0012 70
♦260 290
275 275
Last Sale 7l2 Feb’ 13
Last Sale 65 Mar’ 13
Last Sale
Mar’ 13
Last Sale 43 Mar’ 13
Last Sale 166 Feb’ 13
102 102
1 02
102
Last Sale 255 Feb’ 13
109 109i2 109 109*2
Last Sale 121 Mar’ 13
84l2 84*2
84% 85
>102%___ 103 103
♦ ld 2 ___
17l2 18*4
74l2 743.1 74l2 75%
1F7% 118l2 118 119
>120 130 *120 130
Last Sale 200 Dee’ 12
107 10712 107*2 1G7*2
♦33 ___ *30
41
‘148% 149*3 *15078 151*3
Last Sale 8334 Mar’ 13
Last Sale 150 Mar’ 13
76*4 7G*2 7G12 76*2
90
06
52
52
00
Last Sale
21
21
113*2 114
114*2 115
13234 133*4
Last Sale
7834 79
♦60
70
♦98
08*2
6*2 5*2
11
11
12*4 12*4
277*2 278
13734 138*2
90
91
94*2 95
9534
Sales
the
Week
Shares
STOCKS
BOSTON STOCK
EXCHANGE
0)
R a ilro a d s
Do
p rof.
463
575
1,050
D o p rcf.
oston & W c
D o p re f.
Do
p ref.
297
72
jo
prer____
43 M alno C entral,
420
ss E lectric C
1,473
>0
prof star*
1,950
f N l U i Har
155
25
119
420
286
401
419
175
1,170
533
8,518
404
45
90
98
7
60
357
824
787
351
76
100
D o p rcf______
Vermont & M a ss.
Do
pref_________
M is ce lla n e o u s
mer Agricul Chem_.
D o p r e f _________
mer Pnou Servlco..
D o prof_________
mor Sugar K ef i n .. .
D o prof_________
American W oolen___
D o pref_________
D o p rof,
tl G u lf & W
D o p re f.
Do
p ref.
Do
p ro f.
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
Do
p ref.
M in in g
and asked p r lo c g t ^ g jf t g
atoot.
« Aas’ t p a id .. .5
Lowest.
U ighest.
100*3 Feb 26 106*4 Jan 2
100 M ch 9 loisg Feb 4
206 Mch 8 215 Jan 2
105 Mch 5>4 114% Jan 30
190 M chl 0 205 Jau 27
65 Mch 1 97 Jan 3
260 Mch: 7 200 Jan 3
7*2 Feb ] 9
7*2 Feb 19
7 65 Men 7
os.
5 Feb 25
7*4 Mch 6
..
43 Mch 6 45 Jan 24
00 166 Feb 14 1G0 Feb 14
5 107 Mch 6
00 255 Feb 19 260 Jan 13
00 101 Mch 17 122 Feb 8
00 121 Mch 1 3 126 Feb 10
00 82% Feb 4 85 Mch 27
00 101 M c h l 7 110 Mch 13
00
16*4 Jan 9 19% Feb 4
00 73% M ch21 79 Feb 6
00 113% M chl 8 130 Jan 9
00 125 Mch2 5 130 Feb 21
0 0 .....................
00 165 Mch2 0 170% Feb 11
00 34 Mch2 5 36 Mch25
00 147% Mch 1 162*4 Jau 6
00 83*2 M ch l
90*2 Jan 9
90 150 Feb 2
150 Feb 27
50 76 Feb 2
81% Feb 8
50 93 Mch 2( 100 Jan 3
10378 Feb 111*4 Oct
N ov IOH4 Feb
Sop 222*2 Apr
112 Dec U 434 Mch
202
N ov 218 Jan
94 Dec 100i2 Jan
290 Dec 300 Apr
10 Deo
14 May
70 Dec
80 J ’no
7 Dec
12i2 Jan
50 Aug
67 Jan
105 May 170 Jan
10712 Oct 1 12 J ’ne
2G0 J ’ ly 272 Jan
119 Dec- 128 Jan
124 J'ne zl79 Apr
83 Dec
0U2 Jan
125 Dec 14738 May
16 Dec
2318 Jan
723 S Dec
83 Feb
120 Dec 14238 Apr
128*2 Oct
143 Jan
200 Oct 21212 Jan
174 J ’ ne 187 Jan
41 Jan
70 Jan
152 Dec 170*4 Sep
89*3 Sep
9378 Deo ;
150 Dec 101 Jan I
80 Oct
8 8 73 Feb !
96 N ov 10312 Mch
00
00
50
50
)0
)0
)0
)0
)0
ag
..
)0
)0
.0
00
OO
OO
00
OO
0
54 Dec
98 Dec
3 Aug
14 Mch
11334 Deo
114*4 Dec
137l2 Jan
22 Nov
79*4 Nov
75 N ov
;90l4 J
5 Aug
10*2 Aug
1034 Jan
)0
)0
0
0
0
0
5
5
5
0
D o p re f.
S Steel Co
D o p re f.
Highest.
100
100
100
100
100
100
100
os.
10
Keece B utton -H olo.
Range lor Previous
Year 1912.
5
5
0
0
47% Jan l '
295*4 Mch23% Feb 119% Feb 12
110% Mchl*
1113.| Mch 12
13038 Mch2i
16*4 Fob 22
78 Feb
65 Mch I*
07 Mch2l
5 Jan 1C
10 Jan 7
11 Jan 1<
2 7 G34 Mch 26
135 Feb 25
88
Mch 12
91% Jan 31
212 Mch 17
3 Jan 16
------ „ ------ -- _
797a Mch 28
144 Mch 19
....................
156% M ch 2 0
15 Jail 20
104% Mch 13
27% Jan 28
27 Mch28
l*«M ch25
157 Feb 25
48% Jan 14
27 Jan 20
58% Mch 10
107 M chl9
5
2 % Mch 15
5
1 Feb 2 0
5 32 Feb 18
Amalgamated C opper 1000
65% Feb 25
Am Zinc Lead & S m . 255 26*4 Jan 15
Arizona C om ’l ctfs dep 2% Feb 18
Bonanza D ev C o ____ ' 0 .31 Jan 18
Bos& C orbCop& SilM g 5
6 Jan 15
0
2 Mch 19
0 29 Feb 25
0 69 Feb 18
Calumet & H ecla____ 5 z 435 Feb 21
5 13*4 Feb 25
5 3534 Feb 27
Cons M ercur G o ld ___
l .02 Mcll25
Copper Range Con C o 1 0 42% Feb 19
D aly-W est___________
)
3%Jan 13
0 11*4 Feb 24
5
6% Feb 25
2% Feb 21
Giroux C onsolidated. 5
) 55 Feb IS
)
7*2 Feb 19
16*2 Feb 19
*4 Jan 3
10% Feb 20
15% Feb 19
Inspiration Consol C .
49 Mch25
Island Creek C oal__
84 Jan 23
D o pref_______
22
Feb 19
2% Jan 14
1*2 Jan 7
12 Feb 18
3*4 Mch 1
M ason Valloy M ines.
7 Feb 25
4 Mcll24
8 Feb 18
21*4 Feb 19
1% Feb 6
47 Feb 24
N e vada Consolidated .
16% Feb 18
New Arcadian Copper
2 Jan 14
Nlpisslng M ines_____
8% Mch 4
North
"" “ B utte_________
24% Feb 19
North
1*4 Feb 24
OJlbway
2 Feb 17
Old Colt
C o lo n y .
4*2 Feb 19
44 Feb 26
85 Feb 25
22 Feb 18
65 Feb 24
1638 Feb 19
1% Feb 27
10% Feb 27
Shattuck-Arizona____ 10
21 Feb 19
South Utah M & S___ 5 .2 0 Jan 8
Superior_____________ 25
24% Feb 18
Superior & Boston M in 1 0
IM iJan 2
Tam arack___________ 25
20 Feb 19
T r in it y ....................... .. 25
4 Fob 19
Tuolum no C opper___ 1 2 % Fob 15
U S Smelt R ef & M in . 50 38*4 Feb 25
D o pref__________ GO
48 Feb 14
Utah-Apex M i n i n g ... 5
1*2 Feb 13
Utah Consolidated___ 5
8% Feb 25
Utah C opper C o ____ _ 1 0
49 M chl9
V ictoria_______________ 25
1*4 Mcli28
W in o n a _______________ 2 5
2*3 Fob 19
— W olverine___________ 25 60 Mch 19
30iW yandott_____________ 21
*4 Feb 20
Ex-stock div. _ h Kx-Fighta‘. a E x-dly''aiid'rlghta.
101*4
211*2
57 Jan 11
99*4 Jan 2
4*2 Jan 3
2334 Jan 11
118*2 Jan 3
117% Feb 1
110% Jan 3
18 Jan 14
81% Jan 7
75 Jan 14
100 Jan 23
5% Jan 23
12 Jan 3
15 Feb 8
288% Jan 10
186*4 Jan 2
93% Jan 22
95% Mch24
219 Jan 2
3% Feb 8
G334 Mch
105 Mch
5*4 J ’ne
21% N ov
13358 May
12334 Aug
149 Mch
30 Mch
9414 Mch
84 w ay
105 Mch
9 Feb
20 Jan
1714 May
300 Mch
189 Dec
95 Oct
9878 Feb
229 Aug
2*2 Mch
4i2 J ’ne
90 Dec 105 Jan
91% Jan l i
90 Deo 107 Mch
160 Jan 11
I8 I4 Oci
101 Mch
72i2 Jan
90 Mch
165*2 Jau 2 1 58 Feb 184 Aug
16 Mch 13
1334 Jan
173s Apr j
108 Mch 5
98i2 Jan 109i8 Sep
28%Jan 15
21 May
32 Jan
28% Jan 20. 28 Jan
31 Apr
2 Jan 4
,85 Jan
334 Apr
182 Jan 3 /il 74 Sep 208*2 J ’no
40*4 Jan
65*4 Feb 4
57*2 Aug
28% Feb 3
2934 Sep
2712 Dec
5838 Feb
69 Jan 2
80->8 Sep
111 Jan 30 1
H 633 Oct
6 Jan 4
2*4 Jau 3
42% Jan 3
80% Jan 2
32% Feb 10
4% Mch 6
.43 Mch 13
7 Feb 3
4 Jan 4
72% Jan 2
555 Jan 2
18 Jan 0
47*2 Jan 2
.02 Mch25
53 Jan 2
4 Jan 27
15% Jan 2
9 Jan 2
3 % Jan 2
73*2 Jan 2
9*2 Jan 2
25 Jan 2
34 Jan 3
17 Jan 2
18% Jan 8
59 Jau 4
87*2 Jan 10
33% Jan 2
3 % Feb 15
3% Feb 4
26% Jau 3
5*4 Jan 3
10%Jan 2
6*2 Jan 2
15% Jan 2
26*2 Jan 3
134 Jan 2
65 Jan 7
19*4 Jan 4
2*2 Jan 2
0 % Mcli26
34% Jan 2
2*4 Jan 2
3% Jan 4
8% Jan 2
56 Jan 2
107 Jan 2
28% Jan 2
80 Jan 3
22 Jan 3
3 Jan 2
13% Jan 2
28%Jan 3
.35 Jan 18
40*? Jan 2
«4*8 Feb 4
38 Jan 3
6 Jan 9
3*2 Jan 28
43% Jan 2
50
Jan 0
2*8 Jan 3
1 1 % Jau 2
60 Jan 2
2 Jan 2
4*2 Jan 2
76 Jan 3
1*2 Jan 9
Dec
Dec
2 Jan
. !5 Not
4*2 Dec
2
4
.(
3 i2 O ct
G78 Sep
3 Dec
7*2 Feb
.8
2
Apr
:
5 Deo
234 Jan
2333 Jan
I 53 Deo
5
1
2
2 Dec
534 Jan
2i8 Dec
U2 Deo
4
101
1
7
1
1
*4
2
Dec
Feb
Deo
2
4878 j;ly .
478 Jan j
51
Apr
Apr.
4u t» Mch
*505s gep;
5234 S op;
0*2
3
4
N ov
5
0
3 > Feb
2038 Apr;
S op!
935
Boston Bond Record'
Mat*. 29 1913.]
Range
Since
Jan. 1.
Week's
Range or
Last Sale
Price
Friday
Parch 28
BONDS
.
.b o s t o n s t o c k e x c h a n g e
(.
Weok Ending M arch 28.
Price
Friday
torch 28
BONDS
BOSTON STOCK E XC H AN G E
W eok Ending M arch 28.
Range
Since
Jan. 1.
Peek's
Range or
Last Sale
High
Bid
A st Low
Low H lok
High
Bid
Ask Low
9834 9914 9934 Feb T3
General M otors 1st 5-yr 0s_1915 A -0
9912 102
100
99% Sale 99%
94%
' Am Agricul Ohem 1st 5s— 1928 A -0
94*s Sale 94
G t N or C B & Q coll tr 4 s . . 1921 J-J
86
8934
87
87
Sale
86%
J-J
I a S Telep & Tel coll tr 4 s. 1920
937g ____ 95-38 Feb '13
Registered 4s------------------1921 Q -J
1 0 2 t2 106
1033s
997g
Feb
'13
Convcrtiblo 4 s -------------- 1030 M-S 1033s Sale 1033s
9974
____
A-O
Illinois
Steel
doben
5s---------1913
10212 10334
103M
103% Sale 10234
► 2 0 -ycar con v 4 ' A s . . . -------j o j o
117 Apr '08
la Falls Sc Sioux O 1st 7s___ 1917 A-O
897S J 'n e l2
A m YVrit Paper 1st s f 5s B--1019 J- J
92 Feb 13
A
-0
Kan
O
Clin
Sc
Spr
1st
5s___
1925
131 J ’n e ’ 12
A m Zinc L & S ilcb 6 s -_ .- -.1 9 1 J M-N
Kan O F t Scott Sc M em 6S-.1928 M-N 10S12 110i2 109i2 110
82 J ’l y ’ 12
A riz Com C op 1st (is ctfs or dep
00i2 Feb '13
90
Kan O M & B gen 4s_______1934 M-S . . .
90% 98
965s Feb '13
8S3g N o v '12
A tch T op & S Fe gen g - s 1995 A -0
Assented incom e 5s_____ 1934 M-S ____ 81
8738 N ov T2
A d ju stm en ts 4s------ Ju y 199a Nov
98 9934 101 ig Feb T3
Kan
C
&
M
R
y
Sc
Dr
1st
53.1929
A-O
89% J ’ly '1 2
\
S ta m p ed ------ -------July 199o M-N
115 J ’ne'08
M arq Ilough Sc Ont 1st 0 s . . 1925 A-O
10434
Sep
T
2
5 9 -year conv 4s------------ 1955 J -D
95>8
95>s Sale 95ls
Mass Gas 4 /j S --------------------1929 J-J
1 10 ’>sMch’ l l
1 0 -year conv 5s------------ 1917 J -D
100's Apr '12
J -J
59 625s M ich Telephone 1st 5s---------1917 F
5934
59»4
A tl G u.f & W 1 SS Lines 5 s .1959 J-J
90%
9012
New Eng C otton Yarn 5 s ..1929 -A
90U
____
95% Feb ‘12
B oston Kiev 3 -yr g 4s.......... 1935 M-N
lu l% M ch 'll
New Eng Teleph 5s------------ 1915 A-O
IOOI4 M ch’09
Boston
Lowell 4s------------ 1916 J-J
1 00 i2Sep '08
__________________________ lalG A-O
104i->Oct '08
^Boston Sc M aine 4 / s ---------- 1944 J-J
New England cons g 5s-------1945 J -J
Im provem ent 4s-------------- 1937 F-A
Boston Term 1st 4s---------1939 A-O
95 Feb '12
Plain 4s_________________ 1942 F-A
75 D e e 'l l
New River (The) con v 5S..1934 J- J
102
102
102
Jan
‘
13
•Bur & M o Hiv cons Cs_____ 1918 J-J
92% M ch'12
N Y N 11 & II con deb 3H S.1956 J- J
11153 Sep ’ l l
Cedar Hap & M o Hiv 1st 7s 1916 M-N
120
M ch'13
J-J
C
onv
deb
6s------------------1948
82 8934
83
83 Sale 82
Cent Vermt 1st g 4s___May 1929 y - F
101 Apr '09
Old C olony gold 4s..........- — 1024 F -A
4103 Oct '07
J -D
C U & Q Iowa Dlv 1st 5s___ 1919 A -0
987 g Sep '09
Oregon
R
y
&
N
av
con
g
4S.1946
98 98
98 Mch T3
■ Iow a Div 1st 4s__________ 1919 A -0
1113s Oct '17
Oreg Sh Line 1st g 6s----------1922 F -A
9978 Feb '12
v Denver E xtcn 4s_________ 1922 F-A
95 Jan '12
Pore M arquette deb g 6s— 1912 J-J
9812 M ch'12
103 Jan '11
\ Nebraska listen 4s_______ 1927 M-N
J-J
Rcpub
Valley
1st
s
f
6s-----1919
98i2 Dec '12
B & 8 W s f 4s..................... 1921 M-S
70i4 Dee '10
J-J
Savannah
Elec
1st
cons
5s—
1952
837g 85*8
8378 Mch ’13
F -A ____102 >g 103i2 M ch’ 13
Illinois D iv 3 / I s _________ 1949 J-J
9858 1003) Seattle Elec 1st g 5s------------ 1930 M-N
99
Sale 99
92 M ch’ 13
92 94
C hic Jet Ity Sc Stic Yds 5S..1915 J J
Shannon-Ariz
1st
6s
g
---------1919
8612 SOI
, 80i2 8612 Mch'13
97 Apr 'U
Coll trust refunding g 4 s . 1940 A-O
11038 1103) Terre Haute E lec g 5s---------1929 J _
1103g Feb '13
10034 Mch ’ 13
Ch M ilw & St P D ub D 6 s . . 1020 J-J
T orrington 1st g 5s------------ 1918 M-S
113%
Feb
'l
l
100ig J ’ly T
J-J
Ch M & St P Wis V div 6s— 1920 J J
Union
Pac
H
R
&
Id
gr
g
4S.1947
89 ------ 91 May'12
1017 „ May'12
C h Sc N o M ich 1st gu 5 s . ..10 3 1 M-N
20-year con v 4s----------------1927 J-J
92l2 93
92i2
92i2 Sale 92i2
96
96 Sale 95%
C hic Sc W M ich gen 5s.......... 1921 J-D
United Fruit gen s r 4 H S ...1 9 2 3 J-J
97i2Sep '11
93%
93% Sale 93%
J
C oncord & M ont cons 4s— 1920 J-D
Debenture
4
/
s
-------------1925
IOOI4 A u g '12
1
0
0
%
1
00%
1
0
0
%
Sale
M-N
Cudahy Paclc.(Tho) lstg 5s 1924 M-N
U 8 Steel C o 10-60-yr 5s A prl963
100 A u g ’ 12
99 May 12
Current Iiiver 1st 5 s ----------1 0 2 0 A -0
F -A
West
End
Street
R
y
4s-----1915
81 ____ 8 OI4 Sep '12
993s Oct '12
M-S
D ot Or Hap & W 1st 4s-------1046 A-O
G
old
4
H
s
----------------------1014
99 991;
99 Feb '13
97ig Feb ’ 13
D om inion Coal 1st s f os----- 1040 M-N
G old debenture 4s-----------1916 M-N
1031s Apr '05
98i2 N o v 'll
Fitchburg 4s----------------------- 1»15 M-S
G old 4s-----------1017 F-A
95 O ct “
M-S
977g
9 8 I4
J-J
93U____
4s
Western
Teleph
&
Tel
5s—
1062
122 122
122 Feb '13
Frem t’ Elk & M o V 1st 6S..1933 A -0
9358 Feb 12(
IWisconsin Cent ls t g c n 4 s . . 19491 J-J .........
122
M
ch'12
A-O
Unstamped 1st 6s------------1933
_ ---------------------------------------------i NOTH.— Buyer pays accrued Interest In addition to the purchase prico for all Boston bonds. * No price 1- rlday. latest bid and
» I lat pr ces.
lyno High
99l2 9934
93l2 90U
95% 957g
993i 100
92 92 I
109l2 113
90l2 901j
101% 101%
94
96lg
90
93
120 125%
103l2 103%
92 96
10034 10034
9514 96%
9334 95%
C 100i2 10134
12
2
97lg 971g
25
97% Idds*
P h ila d e lp h ia a n d B a ltim o re S t o c k E x c h a n g e s — S to c k R e c o r d , D a ily , W e e k ly , Y e a ily
Share Prico i — Not Per Coatum Prices
Saturday
March 22
1
>
:•
’.
v
<
0
*-»
►
J
O
W
■ /w
f-4
s. W
T
A
0
V,
>'
0
B
0
0
.
A
<
m
0
v
.
f
i
Monday
March 24.
Wednesday
March 26.
Tuesday
March 25.
*23*
39
50%
*11%
x50
38
71%
*12
*26%
87%
76%
19%
34%
69%
*44%
22%
21%
78%
5*/.
49%
87%
Thursday
March 27.
Friday
March 28
’1071a___
113 119
1934 20
62
0212
12U2 12U2
•1812
19*2
•18%
*4434 4512
* _ *44*%
24
24*2
*2*3%
*23*
23%
*23*
*2*3*’
108
108 108
*100
*112
♦110 120 *110
19% 19% 19% 19% 19%
61% 01% 01% 61% 62
2*3**
*38% 39%
39
50% 60% 60%
♦11%
49% 49%
60
38% 38%
38
72
72
72
12
12% 12
27% 27% 27%
87%
87%
87*2
76% 77 77%
19% 19% 20%
34% 31% 35%
69>2 59% 69%
44% 44% 44%
22% 22% 22%
24% 24% 24%
78% 78% 79%
6% 6
5%
49% 49% 49%
87%
87%
87%
HU
PHILADELPHIA
108
119
20
62
107%
♦112
19%
•61%
121%
19
Ask
107%
118%
19%
63
12H.1
19
39
39
60% 60%
*11% •---60
60
39
*38
•72% 73
*11% 12
*27% 28
87% 88
77% 77%
22% 23%
35% 36%
5 9 / 59%
44% 44%
22% 22%
251s 25%
7 8% 7 9 %
6% 5 H,
49^4 49%
87% 87*2
♦38% 39 %
51
61
*11% ___
50%
60
39
*38
72% 72%
12
12
*27
28
♦87% 881?
77% 78%
20% 22%
35% 36
69l4 69%
44% 44%
22*2 22%
24% 25%
78%79 / ,
5% fi&8
60
50
87% 87%
18
2,202
352
12
15
1,931
B a ltim o re
C on Gas El L & P ow .10 0
Do
p r e f _______100
H ouston Oil tr ctfs ___100
Do
pref tr c t f s .100
N orthern C ontral____ 50
Seaboard A ir Lino___100
Do
prof________100
U nited R y & E le ctric. 50
P h ila d e lp h ia
Am orican C e m e n t ... 50
*2
212
41 American R a ilw a y s .. 50
39
39
050 Cam bria Steel------------50
6 OI4 60%
E lectric C o o f America 10
*117g .
582 Elec Storage B a tte ry .100
6 OI4 6012
620 Gen Asphalt tr c t f s ..100
3834 39l2
Do
pref tr c t fs . 100
72% 7312 1.351
12
12% 2,795 Keystone T elep h on e. 50
625 L ake Superior C orp ._100
27U 2734
310 Leh O & N av tr ctfs_50
83
88
282 Lehigh V alley_________ 50
78
78
2234 237g 14,550 Lehigh Valley Transit 50
Do
prof_________ 50
30% 37% 5,913
2,504 Pennsylvania R R ------ 50
69’/ , 5 9 / ,
44% 44l2 1,200 Philadel C o (P ittsb )— 50
22l2 226s 1,598 Philadelphia E l e c t j .. 25
1,429 Phlla R T v o t tr c t f s . . 50
*25
25U
79 79% 10,689 R eading_______________ 60
6 % 55a 3,101 T on op a n M i n i n g .. .. 1
4934 497g
397 Union T ra ction — . . . 50
87 lg 8 SI4 1,900 U nited Gas Irnpt------ 50
Hid
Ask
.1 0
100
Highest
Highest
Jan 13 120 Jan
Jan 13 120s4 Jan
2214 Feb
1734 Jan 2
6D2 M ch24 63 Jan
120 Jan 2 122% Jan
18i2 Mch 10 21 Jan
43i2 Feb 28 47*4 Jan
23 Jan 6 2434 Feb
105
110
2 Feb 6
3834 Mcb 13
49i2 Feb 24
117g Jan 29
4934 Mch 25
^7 Mch 10
7U2 Feb 25
1U8 Jan 14
20 Feb 26
87 Feb 26
76% Mch 10
1534 Jan 4
32 Jan 13
6S7g Feb 19
44lg Feb 24
22!g Mch 10
24 Mch 19
76i2 Mch 10
5ig Mch 13
49% Mch 13
8CU Mch 10
16 96 Jan
31 101 Jan
8% Jan
11
9 63*4 Jan
13 121 Dec
18 Deo
30
24 45% Mch
10 18% Jan
1 J ’ne
2 Feb 6
*49% Feb 21
40% Oct
53% Jan 9 41% Mch
12% Jan 9 11% J ’ly
52*4 J an
5414 Jan 9
427g Feb 4 18 Apr
77% Feb 4 59% Apr
6 Apr
12% Feb 8
31%Jan 9 27 Feb
93% Jan 3 8778 Mch
8 4 '/, Jan 3 78% Feb
8% Jan
237g Mch 28
37% Mch 28 23 Jan
6 1% Jan 9 60 Dec
50 Jan 8 •4934 Dec
2434 Peb 14 ||1678 Jan
28%Jan 3 22% May
8 4% Jan 2 74% Jan
0 Dec
6% Jan 13
61% Jan 9 4934 Feb
01% Feb 3 06% Jan
BALTIMORE
PHILADELPHIA
Coal & C R y 1st 5s ’ 19A -0
Coal Sc I R y 1st 5s’ 20 F-A
Col & Grnv 1st 6s 1916 J-J
Consol Gas 5s 1 9 3 9 ..J -D
Gen 4 Ms 1954..........A-O
Cons G E & P 4 ) js ’35 J-J
Consol Coal 5s 1 9 5 0 ._J-D
Fair Sc Cl T r 1st 5s ’38 A-O
Ga Sc Ala 1st con 5s ’45 J-J
Ga Car&N 1st 5s g ’ 29 J-J
Georgia P 1st 6s 1922_J-J
Ga So & Fla 1st 5s ’4 5 .J-J
G -B -S Brew 3—Is ’5 1 .M -S
Houston Oil div c t fs .-F -A
K noxv T rac 1st 5s ’28 A-O
M acon R y& L t 1st 5s’ 53J-J
M d Elec R y 1st 5s ’31 A-O
Memphis St 1st 5s ’4 5 .J-J
M on on V T rac 5s ’42 J-D
M t Ver C ot Duck 1st 5 s ..
N ptN Sc O P 1st 5s’38M -N
N & A Term l 5s ’2 9 . . M-S
N or& Port T r 1st 5s’30 J-D
N orf R y & L 5s ’4 9 ..M -N
N orth Cent 4 / s 1925 A-O
Series A 5s 1926------ J-J
Series B 5s 1926------ J-J
Pitt Un T rac 5s 1 9 9 7 ..J-J
P oto Val 1st 5s 1 0 4 1 ...J - J
Sav Fla & W est 5s ’34 A-O
91
96% Scab Air L 4s 1950___A-O
Seab & Roan 5s 1 9 2 6 ._J-J
■92*
South Bound 1st 5 s__A -0
99
U El L&P 1st 4 / s ’ 29M -N
95
102
Un R y A El 1st 4s ’49 M -S
89
Incom e 4s 1049___J-D
Funding 5s 1 9 3 6 ..J-D
95%
104%
C onv notes 5s 1914 J-J
106
Va M id 3d ser 6s ’ 1 6 .M -S
104
4th ser 3-4-5s 1921 M -S
104
5th series 5s 1 9 2 6 ..M -S
101
Va (State) 3s new ’3 2 .J-J
96
Fund d ebt 2-3s 1991 J-J
W est I f C con Cs 1914.J-J
103%
1Wil & W eld 5s 1 9 3 5 ...J - J
103
- - -C-’
112% 113%
99%
E x Im p M 4s 1047.A -O
Terminal 6s g 1941 Q-F 114
W & B col tr 4s ’2 1 . .J-J 99
09%
86% Read T rac 1st Gs ’3 3 . .J-J
86
90%
—
101 101%
100%
102%
117
U T rac Ind gon 5s '1 0 .J-J
73%
Un R ys tr ctfs 4s '49 .J -J
100%
United R ys I n v ls t coll tr
73% 74%
s f 5s 1026.............M - N
100% 106%
92
03
84% 85 Wolsbach s f 5s 1 0 3 0 ..J -D
WU-B G&E con 5s ’ 55.J-J
94%
Y ork R ys 1st 5s 1937-J-D
*99**4 ido"
BALTIMORE
68
69
Inactive Stocks
89% 90
74% Atlan C oast L (Conn) .100 240
—
Canton C o ___________ 100 134
07% 99*4
Consolidation C oal___100
30
106% iod * Georgia Sou Sc Fla___.100
1st p re fe rr e d .._____ 100 ‘ do
2d preferred________100 78
2
G-B-S Brewing______ 100
Prices are all and
11? 2
interest”
„ .
101% ____
44 A lt & L V Elec 4 H s ’33F-A
50 43
93 Am Gas & Elec 5s ’ 0 7 .F -A
too
92
100 81% 82% Am Rys 5s 1917_____ A-O
Atl O Gas 1st s f 5s '00 J-J
100
Uerg&EBrow lst6s’21 J-J
Germantown Pass____ 50
Beth leh S’tl 6s 1908.Q -F
too
32
11 Oh Ok & G gon 5s 1919 J-J
00
50
30 Con Trac or N J 1st 5s '33
10 20% 21 Del C o R ys tr ctfs 4s'49J-J
Insurance C o o f N A .
__ F,dison Elec 5s 1 9 4 6 ._A -0
50 T__
_
10
Elec Sc Peoples T r tr ctfs .
__ _ Fr T a c & i f 1st 5s '4 0 .J-J
100
100
Gen Asphalt 5s 1916. M-S
50 44% 45 Ilarw Elec 1st 6s 1942 M -S
100
Interstate 4s 1943___F-A
10
Koystono T el 5s 1 0 3 5 ..J-J
50
Lake Sup C orp inc 5s’24 O
50 50%
Lehigh N av 4 / i s '1 4 .Q-J
.100 30
Gon M 4 M s g 1 92 4 .Q-F
100 80 ____ Loh V O 1st 5s g 1033.J-J
f)0
Leh V ext 4s 1st 1048. J-D
Consol 6s 1923____ J-D
* 50 100 . . . Consol 4 j^s 1023___J-D
1()(]
A nnuity 6s_________ J-D
Bonds
"100
Gon cons 4s 2003_M -N
Prices are aU "and
40
94% 9 5
. 50 39
s 50 140 145 Leh V Tran con 4s ’35 J-D
Balt C ity
930— J-J
1st series A 4s 1935 M -S
80%
50 80
4s 1954-1955___Various
1st series B 5s 1035 M -S 102*% 103V4
____
. 1C
5s 1916.....................M -N
96%
0% 6*4 MarketStEl 1st 4s '55M -N —
v 1
N atLH & P sorB 5s ’ lo J-J
Anacostla Sc I’ otom 5s A-O
. 10c
Now Con Gas 5s 1948.J-D . . . . . . . . Atl C 'st con v deb 4 s .M -N
f 50
N Y l ’h & N o 1st 4s’39 J-J
Atl Coast L (C t)ctfs 5s J-D
.100
Incom e 4s 1939___M -N —
5 -2 0 -y r 4s 192 5---------J-J
* P re fe r re d __________.100
I l l I B S l ’ & C 1st 4 / s '53 F-A
W arw ick Iron & Steel.. 1C 10% 11 Pa Sc N Y Can 5s ’3 9 .A-O
Penn Steel 1st 5s ’ 1 7 .M -N
Balt T rac 1st 5s ’ 2 9 .M -N
.101
N o Balt D iv 5s 1 9 4 2 J-D
People’s T r tr ctfs 4 s .1943
ion
P C o lst& coll tr 5s’49M -S *98% *99% Cent R y cons 5s ' 3 2 . M -N
W olsbach C o ..
.101
Ext & Im p 5s 1932 M -S
Con & coll tr 5s '51 M -N
90% 90%
. 5(
58% 59
74
76 Phil Elec gold tr ctfs.A -O 103% L03% Clias C ity R y 1st 5s’2 i J-J
. 5(
Trust ctfs 4s 1 9 4 9 ._J-J 80% 81 Chas R y O Sc El 5s ’99MS
.101
C ity Sc Sub 1st 5s 1922 J-D
(York R ailw ay__
. r>(
12% 13 P Sc E gen M 5s g '2 0 . A-O
Gen M 4« g 1 0 2 0 ...A - O —
*9*9% Oity&Sub (W as) 1st 5s 48
( P re fe r re d _____
30
. 5(
35
• Bid and asked; no sales on this day. II Ex-dlv. and rights. II 515 paid, i 1314 paid, t $17)4 paid. /
A m or R ys p ref.
Cam bria Iron_
Range 1or Previous
Year (1912).
I
117 May
116 Apr
25% N ov
72% J 'ly j
130 A pr i
2 7 % May,
65^4 J’ne
20% Sep ;
7 Jan
47 Sep
55% Oct
12% J ’ly
583g Aug
39% Deo
73% Deo
13 Sep
35% Sep
100 Sep
92% Jan
16% Sep ,
33% Deo
63 K, A pr 1
66% Feb !
2434 Sep i
29 Sep j
89% A pr 1
8% A pr i
63 Sep !
0234 A u g ,
1
PHILADELPHIA
Bonds
Inactive Stocks
Range Since Jan. 1.
ACTIVE STOCKS
Sales
the
Week. (For Ronds and Inactive
Stocks see below)
Shares.
0/
Hid
Ask ]
99% io o £
103 __ _ _
106 107%
94% . . . .
86
87 i
90%
90
100% 1 0 1
103%
103 KHU
109
103% 104 i
44
48 U
80% 81%
____ ____ I
97
73%
97%
92
_ __
99
100
106
106
99
100
103
83
97%
..lit
74%
--. . |
____ I
90%
100
____
___«]
m
m
m
m
103%
105 106%
92
90
83%
63
63%
86%
99%
__
104
____ _
... _
100% 1 3
106
936
THE CHRONICLE
V o lu m e o f B u sin ess a t S t o c k E x c h a n g e s
TRANSACT IONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Week ending
March 28 1913.
Saturday...
Monday___
Tuesday___
Wednesday .
Thursday...
Friday____
Bar value.
231,634 $21,174,900
324,485 28.840.500
446,558 39,699,150
248,024 21,882,450
389,700 33.624.500
State
Hands.
877,000
65.500
81.500
28,000
78,000
one
.100
Hi l Art55!3s 01
.1 0 0
101
..2 5
Stocks.
Shares.
[Vol. XCVI.V
U. S.
Hands.
e Mackay Cos com.
Short-Term Notes
95
.1 0 0
61
.100 4(
100 115
.1 0 0
8(
100 65
.50 ID
.25 65
100 9C
.25 85
Indust and Miscell— (Con
American Thread pref___ 5
Amer Typefounders com .100
100
Preferred_____
72
Deb g 6s 193J..I
M-N
50 Amer Writing P a p er... 100
____
irney A Smith Car com 100
8234
Preferred .................... 100
671- Bliss (E W) Co com___
50
1 20
Preferred) . . ................5 0
74
Bond A Mtge Guar____ ioo
1 00
Borden’s Cond Milk com .100
95
Preferred________
100
112
110
11U
*4
46
100
99
1>2
.1st
5
48
103
101 i
2!
12
*70" 82 ,
To
80 :
122 130 \
302 310 '
114 115
106 1071?
*27g
3
52
54
941 251?
irown Shoo com______ 100
\-0
99 34 1 00
Preferred.................... 100
J-D 99 is1100
J-J
95
4
951
2
Preferred ............ ..... MOO
40 '
T o ta l____________
$S,440,500l 8333,OOol
1-D 98 2 9834
110 120
J-J 90 2 971133 138
Sales at
993.,
Week ending March 28.
J-J
99
Jan. 1 to March 28.
43
48 ;
New l ark Slock
-OS 99 s 10018
Preferred____ ______ 1 00 100 101
li.xchj.nije.
Coll 5s Oct 1 1914.
1913.
|
1912.
1913
(-O 99 4 093.J QClaflln (II B) Co com .. 100 80
1912.
85
Coll 5s April 1 1915. DO 971- 9812
(1 st preferred_______ 100 85
88
Stocks— No. shares__
1,640,4011
4,886,056
22,007,685
list.
32,218,564 Gen’l Motors 63 T5— St VY StkE
e 2d preferred........ ...... 100 88
91
Par value_________ 3145,221,500 $445,900,500 $2,008,651,150 $2,800,830,550
Hudson Companies—
c lluctt,Peabody A Co com 100 57
60
Bank shares, par____
0s Oct 15 1 9 1 3 .../ )15 97
311,100
813,400
98
$38,200
Preferred_________ 100
3231,300
98 100
Bonds.
991- ( lonsol Car Heating___ 100
J-J 99
70
74
\Government bonds__
973,
S33.000
-A
97
3300,000
$537,000
Rubber T ir e ... 100 15
18
t State bonds__________
376,500
U934 :°nso!
$333,000
VA 99
5,001,500
0,240,000
Preferred..........
1 00
60
72
R R . and misc. bonds..
91
8,410,500 19,687,500
1-S / 87
134,522,000
220,585,500
Debenture 4s 195T ” a -0
60
65
Minn A St I, g 5s 1914IIF-’-A 97
98t2 r Continental Can com
51
631*
' Total bonds_______
$3,773,500 $20,097,000) $139,823.500
-N 993 100
Preferred..................... 1 00
$233.412,500
91
93
9034 g
-D
96
Crucible Steel com
10u 15
151*
99
D
98
DAILY TRANSACTIONS AT THE BOSTON AND PH1LADELPHI \
e Preferred ............ .. I l o o
91»4
4.80 I
EXCHANGES
-2 2 6 5 ?
"*17g 2
J-J 6 55 4.80 6
«130 135
4.80
r-j t>
e Preferred__________ ioo
Boston.
95
Philadelphia.
9934 jr
l-S 99
Week ending
50
-I) 993 9934 Imcrson-BrantlnghaniVlOO
Preferred___________
xoo
Listed Unlisted
> March 28 1913,
Bond
95
Lls.cd
Unlisted
Bond
100
E
-D
991
empire Steel A Iron com 100 10
shares
shares
sales.
13
shares.
shares.
sales
100
-S 99
Preferred..................... (00 40
45
9834 e
1-S 98
170 185
___ HOH D A Y___
-A
983
99U
e Preferred .
Ffonday ___________ 12,390
5,830
.100 100 1C8
$48,200
4,181
8,924
$36,600
-N ------ ------k
Tuesday___________ 14,760
8,563
44,600
13,497
9,299
78,355
r-J 97
98
Ref g Is ’52 op 1 91 2 ...J-J 841
(Wednesday_________ 13,401
8,603
38.000
21,476
18,854
20.900
13
993
loot,
n
Thursday__________ 11,985
’ale A Kllburn c o m ... 1001 68
7,358
65
49.000
15,872
8,841
53,800
Y Uk ir x list
Friday................ ....... 17,575
1st preferred.......... ..... IOO
9712 99
10,288
81,200
22,116
11,596
14.900
2 d preferred.......... ...... 1 90
90
98
Rnilroad
11favana Tobacco C o.1 .1 100
Total .................... 70,177
40,642 5261,000
6
77,142
57,514 $210,555 e Chic A Alton com.
00
10
20
Preferred______
(0 0
‘V
7
00 251* 40
1st g 5s June; 1 1022*.*. J-D
6U2 03
0 0 1 20
140 n
00 140 150
1st 6s 1922____
M-S 10U2 102ta
00
26
29
tl
10
20
All bond prices are now “ and Interest” except where marked “ f.’
e 1st preferred.
JO 6 8
70 H
JO 60
70
1st 53 Nov 1930........ M-N 102 105
Street Railways— ( C o n ) 1 1 . 1 1 A sk
Street Railways
00
65
07
u
Bid A $/; United Lt A Rys com__100 75
3
5
78
JO 97 - _ .
1st g 5s 1901................. J-J
35
1st preferred________ 100 73'* 79l2
New York City
00
8 OI4 85
e Ihgersol 1-Rand c o m ... 100 105
2d preferred........ ....... 100, 72
74
105
Bleeck St A Ful Fy stk .. 100 19
n
o
20
e Preferred............ ..... ioo
United Rys of St L—
92
1st mtge 4s 1950........ J-J
50 *29
60
70
Com vot tr ctfs_______ICO ____ 14
712 81*
65
i,
B ’y A 7th Ave stk.......... 100 160 170
50 *60
e Preferred..............10 0
38fy 3S34
100
10
e
Railroad
Securities
Co—
2d mtge 5s 1914.......... J-J
09 100 Wash Ry A El Co_____ 100 9134 93
141)
138
0
1
,1
____ 85 | Preferred..................... 1 00
111 C stk tr ctfs Ser A ___
Broadway Surface RR—
Preferred ....................100 001a 92
104 107
Wc3t
Pac
1st
5s
1933..M
1st os 1924.................... J-J 100 103
-S
82
4s 1951........................J-D 8314 84
lonal Salt......... 1100
11
3
Standard Oil Stocks
Her share
Cent Crosstown stock.. 100
10 West Penn TrAWatPotv 100 32E 3234
1st e 5s 1951...............A-O / 51
53
£1 *1712 18*2 InRcrnational Silver prel.100 128 133
1st mtge 6s 1922___ M-N 104
Preferred....................100
77
7812
Ccn l ’k N A E R Rstock.100
JO 028 035
1
3
1st 6s 1948..................J-n 110 111
JO 310
Christopher A 10th St stklOO 125 135 Electric, Gas & Power Cos
120 124
50 *160 102 La
Dry Dock E B A Batt—
8412 85
New York CUy
JO 005 675
Li
1st gold 6s 1932........ J-D 100
212 218
..J-J 102 10312
JO 125 135 J,e
Scrip 5s 1914..............F-A I 38
al Coal Salc3__ 60 200 210
O.100
119
12D2
10 1700 1760 M
Eighth Avenue stock__ 100 300
an Shirt............. 100 50
CO
Crescent Pipe Lino C o. _ >0 *64
60
Scrip 6s 1914.............. F-A / 09
Preferred.......... .. .. l o o 100 I03<i
..J-J 10U4 102
10 75
78 M
42d A Gr St Fy stock__ 100 200
i4 J-J 102 104
♦15s
10 365 370 M
42d St M A St N A vc
100
100 105 •
..J-J 1U012 102
i0 198 205 e I
1st 6s 1910_________M-S / -----190 198
..IOC 100 170
0 141 145 e I
Ninth Avenue stock___ 100 155
60
0 . IOC
19
58
>0 *132 136
Second Avenue stock__ 100
1
..IOC
70
"30
74
*2
5
*
47
Consol 5s 1943 Ctfs-.I'-A / 25
48
N
35
. . 10 c 57
02
205
0
320
(Sixth Avenue stock___ 100 115 124
325 N
.M-N 100 102
no
Sou Boulcv 5s 1945____ J-J
0 109 112 pj
8912 100
M-N 103 105
6
5 *123 !25
So Fer 1st 5s 1919______A-O
ni
971*
Other Cities.
84
88
Tarry WP & M os *28..M-S / 75 "so'
0 323 125 oi
. . 50 *78
82
7#
28 A 29th Sts 5s ’90 ctfs A-O / 5
0
580
500
e
C
20
*44
2
21,
46
.1UQ
iTwenty-third St stock.. 100 240 265 Am Lt A Trac com. ..100 348
0 252 250 o t
80
81
352
Union Ry 1st 5s 1942..F-A 101 107
0 890 J00
98
99
.100
105
108
Westchester 1st 5s ’43. J-J 92
0 160 104 eP
90
20
25
.100
70
72
0 184 LS6
Yonkers St ItR 5s 1946.A-O 88
95
90
94 .
81
83
0 320 522 Pit
Brooklyn
IOI4 101,
. 60 *'/»
X,
0
555
570
Atlan Ave RR con 5s '31A-0 102 104
30
37
.100
3
5
0 410 120 e V
B B A W E 6s 1933____ A-O 97 101
94 IOO
.100 115 118
6 315
, Brooklyn City R R . . . . . 10 153 160
Prcfcrred____
22
.100 80
88
0 1060 ;oso
Bklyn Hgts 1st 5s 1941.A-O 101 103
62
.100
1334 14
Stand Oil of N J................ 6 350 562 pr;
Coney Isl & Bklyn______ 100 98 101
10112 103
..J-J
7314 70
: 1st cons g 4s 1948_____J-J 80
Standard Oil subsidiaries.. ♦700 125 Prc
85
----- 100 130
-J-J
90
99
6 035 515 rtc
Con g 4s 1955...............J-J
78
83 Consumers’ L II & Pow
)...1 0 0 110 115
) 270 ISO Ro
. Brk C & N 5s 1939___ J-J
981; 1C012 5s 1938.........
193 198
J-D
i
0 195 505
Nassau Elcc 1st 5s 1944 A-O 102 10314 Consumers Power (Minn — 100
104 106
07
e
r
N Wmsburgh A Flatbush—
9
65
tk Ex list
1st
A
ref
53
’29
opt
’
14M-N
87i2
89
)
180
1st 4>Ss July 1941...F -A
$2 Sal
92
95 Denver G A El 5s 1949.M-N 93
Ills, 1121*
95
) *29
Steinway 1st Os 1922___ J-J 100 104 Elisabeth Gas Lt Co___ 100
32 Sea
Stk E x list
325
Other CUtcs.
0 1350
150
c
-See Chic Stk Ex Us t.
Essex A Hudson Gas___ 100 132 137 *
Bull St Ry 1st con 5s ’31F-A 10312
T obacco Stocks
Sin
•................ 100 299 303
Gas A El Bergen Co___ 100
87
89
Deb 6s 1917.............. A-O 105
Sta
35
Gr’ t West Pow 5s 1946..J-J 83
40
86
Amer Cigar com.
) 130
Com'w’Ith Pow Ry & L.100 67
37
1
68 Hudson County Gas___ 100 129 130
105 111
85
Preferred___________ 100 89
95 Ste
90 Indiana Lighting Co___ 100
73
38
75
42
) 40
50 Sul
• Conn Ry & Ltg com__ 100
70
72
4s 1958 o p t _________ F-A 65
93
96
08
*2312 2334 Tex
1 e Preferred__________ 100 74
72 Indianapolis Gas.......... 60
Pacific Coal... 100 95 100
70
80
) 280
95 e T
« Detroit United R y___ 100
741.J 7412
1st g 6s 1952...............A-O 90
9212 95
95
)
170
:
85
Tot
Federal Light & T ra c...l0 0
30
31 Jackson Gas 5s g 1937..A-O
Stk E x list
97 100
) 106
Preferred___________ loo
13 Tre
79
81 cLacledo Gas preferred..100 99U
4
7
175 190
1
« Havana Elec Ry L & P 100 85*4
Madison Gas 6s 1926..A-O 103 109 *
60
55
195 205 Tro
e Preferred__________ 100 96 *99l2 Narragan (Prov) El C o. 50 **90
20
93
( Louisv St 5s 1930.......... J-J 105 105*2 Newark Gas 6s Apr '44.Q-J
230 250
Un
3012 38 "
125I2 127
« New Orl Rys & Lt com. 100 30
265 275
1
100 103
Newark Consol Gas
100 9712 9812
e Preferred___________loo 69
110 115
2
71 No Hud L H A P 5s 1938A-0 100
01 97 101
«N Y State Rys com____100
88
91
Un!
00t2 Pacific Gas A E com.
100
a ....
67
67l2
4412 46
p
(Nor Ohio Tr A Lt com . 100
72
Preferred____
"lO O
Preferred________IV lO 1(J ----9034 92
Pub Serv Corp ol N J— See Stk K x list Pat A Pas Gas A ElccV'lOO
9814 103 e U
97
98
90
98*2 99
Tr ctfs 6% perpetual___ 1051* 106i2 St Joseph Gas 5s 1937.. J-J 90
e
101 1031,
112 115 U S
No Jer St 1st 4s 1948 M-N 78i2 79i2 Standard Gas A El (Del) 60 *1734 95
100 200
18i2
255
a
)0
US
Cons Tract of N J___ 100
73E 74i2 Preferred.................
115
50
4712
109 124
p
1st 5s 1933_________J-D 102 103 United Electric of N jl.'lO O *47
100 105 V
85
90
Young (J S) Co.
New’k Pass Ry 5s TO,J-J 105 106
170 180 U S
51
1st g 4s 1919............. .J-D
55
81
82
Rapid Tran St R y____ 100 230 340 United Gas A Elec Corp. 100 30
3
US
6
3812
140 113
1st 5s 1921.............A-O 103
p
25
Preferred____________ 1 00
30
81
88
/
79
J C Hob & Pat 4s ’49 M-N 78i2 7912 Western Power com___ 100
J
O
1:
80
19
20
So J Gas El A T ra c...l0 0 124 120
105 1 10
60
c
Preferred___________ 100
60
52
*49
Gu g 5s 1953.......... M-S 99
50 (U
0934 Western States Gas A El—
28
*63
51
e
No Hud Co Ry 63 1914 J-J 101 102
95
1st A rel g 5s 1941 op. J-D 9212 95
Con M 5s 1928_____ J-J 103L
170 1 ’5 US
Ext 5s 1924.......... m -N
98
138 1 10
C
114
Ferry Companies
Pat Ry con 6s 1931..J -D 112 11312 B A N Y 1st 6s 1911........ J-J
195 2 JO
c
114
85
90
Preferred...............ZIIlOO 95
•8 US
_
H?,,63 1914 °Pl ------A’ ° 100 103 N Y A E R Ferry stock.. 100
9
82
12
Republic Ry A Light__ 100
23
e American Express..IIIlOO 160 1 15 e VI
*47
2312
1st 5s 1922.................M-N
62
60
60
Preferred.....................100 76
Am
Graphophono
com
llOO
____ 53 e VY
77 N Y A Hob 53 May ’4 6 .. J-D
110
9914 100
115
Preferred...............
100 ____
Tennessee Ry LAP com . 100 19
50 Wes
20
Hob Fy 1st 5s 1946..M-N 103
Preferred___________ ioo
74
American Hardwaro "I'lOO 136 1 18
A
76 N Y A N J 5s 1946.......... J-J
165
97
(Toledo iiya * Light_____ 100 2s.
Amer Malting 63 1914..J-D 10012 1 JH4 «W
*141 142
10th A 23d Sts Ferry___ 100
25
Amer Press Assoc’n____ 1 00
Trent P A H 5s 1 94 3 ...J-D 98
47
50 Will
64 '■
57
1st
mtgo
5s
1919.........J-D
65
Union Ry Gas A El com. 100 *60
Am Steel Fdy 6a 1935-A-O 991* 1 11
P
61 Union Ferry stock______100
90
98 \
14
Deb 43 1923_________ e - a
Preferred .................... ioo
87
71 >4 73t? aWo
88i2
Stk
E
x
list
1st 5s 1920.................M-N
89
American Surety.............. 50 200 2()5 Wor
98
. Tr.*J,KriSnaL0'
0 And accrued dividend.
6 Basis
} Ex -subsidiaries. j Ex-div.
y Ex-rights.
;
laics, if any, will be found on a preceding page.
Inactive and Unlisted Securities
937
THE CHRONICLE
>1AK. 29 1813.)
J tx u e s lr o m t
a n d
RAILROAD
R a ilr o a d
GROSS
I n t e l l ig e n c e
,_____________ j
EARNINGS.
T h e fo llo w in g t a b le s h o w s th e g r o s s e a rn in g s o f e v e r y S T E A M r a ilr o a d f r o m w h ic h r e g u la r w e e k ly o r m o n t h ly r e t u r n s
c m b e o b ta in e d .
T h e f i r s t t w o c o l u m n s o f fi g u r e s g i v e t h e g r o s s e a r n i n g s f o r t h e l a t e s t w e e k o r m o n t h , a n d t h e l a s t t w o
c o l u m n s t h e e a r n in g s f o r t h e p e r i o d f r o m J u l y 1 t o a n d i n c l u d i n g s u c h l a t e s t w e e k o r m o n t h .
W e a d d a s u p p le m e n t a r y
6 a t m e n t t o s h o w t h e fis c a l y e a r t o t a ls o f t h o s e r o a d s w h o s e f i s 2a l y e a r d o e s n o t b e g in w it h J u ly , b u t c o v e r s s o m e o t h e r
p eri d .
T h e r e tu r n s o f th e e le c tr ic r a ilw a y s a r e b ro u g h t to g eth er s e p a r a t e l y o n a s u b s e q u e n t p a g e ._______
Latest Gross Darnings.
ROADS.
Week or
ionlh.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year
J u ly 1 to Latest Date.
Latest Gross Earnings.
J u ly 1 to Latest Date.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
£
S
a
$
$
Ala N O & Tex Pac
Y O n t * W e s t .. . January __ 709,125 649,183 5,765,486 5,426.517
. N O & N or E ast, February .
330,479 334,589 2,592,696 2.550.954 N
2.322.011
January
.
.
324,343 319.062 2.184,185
Y Susci & W e s t ..
i Ala & V icksburg. Fobruary _ 143,852 140,141 1,263,725 1,162,550 N
67,892
wk M ar
61,272 2,441,410 2,185,429
128.979 1,581.730 1,572,244 N orfolk S ou th ern .. 2d
1 Vicks Shrev & P - February _ 133,478
January __ 3,823,572 2,938,264 25,962,508 22.923,835
46,037 1,617.107 1,642,596 N orfolk & W estern. January . . 5,234,317 3.918,672
49,018
A n n A rb or------------- 2d wk M ar
44,956,055 38,398,442
P acific—
A tch Topeka & S F c February . 9,047,303 8,592.050 79,974,552 71,862,096 Northern
January . .
216,329 203,467 2,266,748 2,186,391
262,234 266,084 1,932,113 1,956,948 Northwestern P ac _ January
Atlanta Birm & Atl January _ .
5-12,639
4,790,012 4,605,637
530,849
'Atlantic Coast Line January _ 3,255,137 2,740,489 20,233.589 18.553,302 Pacific Coast C o . . . January
14691688 12780390 107269170 94.942,121
Pennsylvania R R - 1,139.119
097,436
144,427 I ,
i Chariest & W Car January
153,819
177,816
204,179
9,526
14,345
January
.
.
B
alt
Ches
&
A
tl.
758,505
731,470
106,999
93,598
1 Lou Ilend & St L January . .
231,480 2,037,257 1,731.527
280,201
Cumberland Vail January _
n Baltimore * O hio, February _ 7,362,870 6,802,614 68,216,212 60,295,120
January __ 727,523 666,358 6,996,112 6,500,714
Long
Island-------924,120
1,082,246
110,121
i B & O C h T er RTt January _ .
131,409
90,073
101.501
4,817
8,866
M a ry l’d Del & Va J a n u a ry __
283.135 1.810,398 1,952,631
213,647
B angor Sc Aroostook January _ .
225,254 2,143,776 1,953,263
273,731
N Y Phila & N orf January _
464,316 290.107 5,495,181 5,116,490
Besscm & Lake Erie January
J a n u a ry __ 1,048,457 955,598 7,882,571 7,493,663
N
orthern
Central
485,986
695,230
69,746
113,143
Birmingham South January _
1,635,441 1,436,741 12,412,886 11,231,647
Phil Balt * Wash January
B oston & M a in o .. January _. 3,775,126 3,297,745 29,389,405 27,337,276
359,703 319,687 4,064,122 3,979,968
W Jersey & Seash January . .
B u ff Koch & P itta .. 3d wk M ar 224,985 201,399 8,017,758 7,056,097 Pennsylvania Co— January _ 5,042,347 3,886,505 40,493,050 33,296,298
1,465,925
201.136
1,439,089
201.277
B uffalo & Susq____ January .
430,843 358,949 3,370,395 3,045.453
January
.
.
Grand
Rap
&
Ind
13,735,400
Canadian Northern 3d wk M ar 370,900 319,900 16,201,100 85,586,148
Pitts C C & St L . J a n u a ry __ 3,834,373 3,204,825 27,180,074 23,703,144
Canadian Pacific . . 3d wk M ar 2,489,000 2,471,000 100139799
950,104 848,990 6,879,104 6,049,321
January
_
.
V
a
n
d
a
lia
_______
10,511.829
Central o f Georgia 3d wk M ar 302,100 289,700 10,478,337 17,946,076
T otal Lines.
C ent o f N ow Jersey January . 2,489,301 2,303,370 19,531,052 2,285,485
East Pitts & B ___ January . 20018231 17415049 152606144 136498231
291,507
2,484,443
258,491
Fobruary
_
C ent N o E ngland.
W est Pitts & E__ January _ 10379478 8,403,729 78,799,537 66.880,255
315,383 286.014 2,503.732 2,431,265
Central Verm ont . . January . .
East &West J a n u a r y _ 30397709 25818779 231405682 203378486
C h cs & Ohio Linos . 3d wk M ar 681,876 696,642 25,835,216 24,417,720 Pore All
M a rq u o tto ___ J a n u a ry _ 1,415.192 1,157,198 10,665,041 10,250,924'
10,697,155
I
I
,
006,546
293,925
264,561
C hicago & A lton___ 2d wk M ar
Reading
C o—
C hic Burl Sc Quincy January . . 7,623,161 6,509,074 58,336,846 52,479,773
4,040,873 3.682,814 34,921,297 30,728,092
Phila & R eading. February
283,151 9,988,249 9,156,314
p Chic Groat W est. 2d wk M a r 306,791
Reading
C o ____ February _ 2.887,265 4,031,462 29,664,144 26,097.056
4,597,733
4,914,510
120,090
132,780
Chic Ind & Louisv. 2d wk M ar
6,928,138 7.714.276 64,585.441 56,825,7481
February
.
T
otal
both
C
o
s.
C ld c M llw Sc St P . l J a n u a ry __ 7,283,152 5,187,586 57,785,910 40,956,010
258.465 197,440 1,609,038 1,366.842;
R ich Frod & Potorn January . .
C hic M il & PtucSf
629,402
742,091
67,261
76,189,
January
.
.
ltlo
Grande
June—
51,805,949
«C h lc & N orth West February _ 6,658,695 5,969,923 58,808,200
360,433.
467,919
6,233
12,360
2d
wk
M
a
r
feChic St Paul M&O February _ 1,250,054 1,153,936 11,879,838 10,396,889 R io Grande S outh. .
43,619,673 38,839,411i
166,120 177,955 1,200,063 1,136,161 R ock Island Lines. January _ . 5,397,749 4,703,629
C hicago T II Sc S K_ January __
2,078.642
2,264,495
235,757
269,259
January
_
R
u
tla
n
d
___________
6,763.501
7', 9,326 697,154 7,088,544
Cin Ham Sc D ayton February .
961,614
979,379
117,180 118,448
137,142
135,738 1,252,622 1,197,334 St Jos & Gr Island. January . .
C olorado M idlan d. J a n u a ry _
2,329,111 20,609,643 17,927,475
I Colorado & South 3d wk M ar 258,757 237,524 11,213,590 10,664,745 St L Iron M tn & So January __ 2.928,999
1.134.487
1,288,141
220,714
218,600
January
.
.
St
L
R
ock
y
M
t
&
P
January
_
20,143
16,470
112,053
141,907
C o rn w a ll--------------22,931
39,921
247,350
183,618 St Loids & San Fran January . 3,802.378 3.337.276 28,002,091 25,534,497
Cornwall & Leban ‘J a n u a ry __
9,381.434
.
.
/C h ic & East 111.. January _ 1.364,202 1,226,227 9,768,282
460,323 368,472 2,409,274 1,951,137
January
C u b a Railroad —
T otal all lines___ January . . 5.166.580 4,563,503'37,770,373 34.915,931
14,388,241
1,697,169
12,831,086
Delaware & Hudson January _ 2,080,181
3d wk M ar 242,000 225.000 10,026.429 8,997,148
Dol Lack & W e s t .. Fobruary . 2,896,012 2,763,755 27,485,177 24,760,965 St Louis Southwest. January
839,844 690,713 6,020,594 5,073,140
..
Ped L A & 8 L .
D en v & Itlo Grande 3d wk M ar 414,600 382,100 18,258.733 17,006,815 San
502,258 17,019,903 15,962,821
413,800 326,658 4,137,140 3,588.027 Seaboard Air L in e .. 2d wk M ar 527.909 9,992,757
Western P a cific.. February .
96,871,345 89.067.273
785,315 Southern P acific___ February . 10453 543
745,426
75,934 107,531
Denver N W & P a c. J a n u a r y _
1,332,306 1,175,969 50,177,300 46,134,607
3d
wk
M
ar
Southern
R
a
ilw
a
y
..
1,062,836
1.049,925
142,062
129,598
p o tro it T ol Sc Iront January . .
8,842,287 8.344,350
232,939
234,644
3d
wk
M
ar
M
obile
&
O
hio___
866,760
880,557
23,575
26,104
D etroit & M ackinac 3d wk M ar
167,586 7.425,414 6,746,082
Cln N O * T ex P . 2d wk M ar 225,963
107,301 4,647,008 4,530,703
110,221
Dul & Iron R a n g e ., January . .
85,218 3,665,144 3,352,131
90,514
2d
wk
M
ar
Ala
Great
S
outh.
2,250,270
2.401.057
56,949
61,700
p u l Sou Sh & A t l .. 3d wk M ar
50,029 1,815,669 1,751.850
53,460
Georgia So & F la. 2d wk M ar
Elgin Joliet & E ast. January _ 1,091,445 761,771 7,739,183 5,708.465
496,613 298,294 3,297,418 2.919,989
January . .
El Paso & Sou West J a n u iiry __ 767,082 685,225 4,987,998 4,270.450 Spok P ort & Seattle 1st wk M ar
72,834
89,103
1,964
2,250
Tenn
Ala
&
Georgia
34,235.491
E r i e ______________ January . . 4,908,731 4,215,897 37.654,701
900,039
984,048
104.782
18,732
17,549 Tenneesoe Central January __ 128.970
2,536
2,078
Ealrchlld * N E — February__
315.262 30-4,943 13,593,129 12.916.212
3d
wk
M
ar
Texas
&
P
acific____
1,993,265
423,304
2,419,685
520,149
January
.
.
Florida East C oast.
67,451
61,897
6,696
9,849
629,897 Tidowater & W o st. January .
657,576
65,849
67,239
Fonda Johns & GIov February .
921,779
995,116
23,669
26,182
274,315 273,086 1,830,000 2,049,209 T oledo Poor & W est 2d wk M a r
Georgia Railroad . . January . .
87,736 3,036,105 2.799,767
89,597
2d
wk
M
ar
T
oled
o
St
L
&
West
35.200,466
39,599,212
1,110,964
910,536
G rand Trunk S yst. 3d wk M ar
6,474,882 6,198,320 64,793,389 59.024,403
121,496 4,985,613 4,540,276 Union P acific S yst. February
131,642
> Grand Trk W est. 1st wk M ar
145,116 139,240 1,189,382 1,156,174
33,749 1,713,360 1.574,482 Virginia & So W est. February .
39,560
D et Gr II Sc M il. 1st wk M ar
February
_
673,197 397,844 4,046,479 3,198.398
V
irgin
ia
n
____
____
1,424,090
1,657,410
38,367
46,015
| Canada A tlantic. 1st wk M ar
2,031,013 21.565.026 19,373.809
2.260.062
February
.
W
abash
---------------G reat North System February _ 4.581,109 4.322,292 53,282,318 44,746,757
649,141
523,314 4,441,436 4,186,847
.
177,807 1,204,935 1,167,807 Western M aryland January
197,524
G u lf & Ship Island. January _ .
February
538,281
577,138 5,481.344 5,135,899
W
heel
&
Lake
E
rio.
4,453,042
4,709,779
(lock in g Valley------ January . .
528,885 566,839
245,574
212,055
26,188
29,470
February
.
W
rightsv
*
Tcnnille
Illinois Central------ Fobruary . 5,159,269 4,742,580 43,953,518 39,488,528
848,936 783,864 7,484,190 6,867,084
167,000
173,000 8,618,705 7,809,094 Y a zoo & M iss V ail. February .
Internat Sc Grt N or 3d wk M ar
lnteroceanlc M c:t. 3d wk M ar 139,720 179,013 0.228,676 6,221,207
Previous
Current
266,162 231,629 1,967,473 1,962,380
Canawha Sc M ic h .. January . .
Year.
Period.
Year.
Various Fiscal Years.
Cansas C ity Soutli February _ 806,278 778,103 7,210,763 6,297,222
February _ 3,071,330 2,968,954 29,010,624 25,067,267
806.365
960,536
149,550 125,246
January . .
Jan 1 to Jan 31 2,080,181 1.697.169
42,352,193 39,830,487 Delaware & H udson--------•,ehigh V alley------ 2d wk M ar 1,191,025 1,139,425
15,154
110,143
115,763 N Y C e n tra l* Hudson K lv e r.e . Jan 1 to Jan 31 8,953,599 8,147,265
12,215
jouisiana & A rkan. February _
I.ake Shore & M ichigan South Jan 1 to Jan 31 4,870,092 3.847,877
824,670 807,059 7,553,739 7,137,284
February a Louisv Sc Nasliv
425,766
478,779
L ake Erio * W estern .n_____ Jan 1 to Jan 31
28,732
337.218
290,620
34,040
M acon Sc B lrm ’ham February .
328,184.
379,109
5.874,600
160,700
C
hicago Indiana & Southern. Jan 1 to Jan 31
5,700,700
M aino Central____ 1st wk M ar 191,300
2,388,902!
2,091,385
Jan
31
611,819
553,660
M ichigan Central___________ Jan 1 to
15,406
15,598
M a ry la n d * Ponna 3d wk M ar
2.723,000 2.244,664
31
Jan
to
Jan
1
Clove
Cin
Chic
&
St
Louis___
5,490,406
7.114.057
159,88+
197,318
a. M exican Railway. 2d wk M ar
230,953
291,105
Peoria & Eastern____________ Jan 1 to Jan 31
Mineral R ango____
92,214
96,857
Cincinnati N orthern_________ Jan 1 to Jan 31
13,274,389 10,254,505
Minn & St L o u is ., j January _ . 1,572,125 1.069.961 6.384,669 5,458,820
1,232,863
31
1,602,254
Jan
to
Jan
1
Pittsburgh
&
Lake
E
rio_____
672,509
853,003
Iowa Central___/ J a n u a ry _
883,695
31
1,117,676
to
Jan
Jan
N
ew
York
Chicago
&
St
Louis
1
524,450
013,627
71,537
105,086
M l n n S t P & S S M . January . .
397,520
423,708
T oled o & Ohio C entral..
Jan 1 to Jan 31
Chlcago Division. 3d wk M a r 593,122 473,716 24.392,387 21,370,387
Jan 1 to Jan 31 23.869.664 20,219,902
T otal all lines________
Mississippi C entral. 3d wk M ar 1.215.000 969,000 45,815,886 40.080,170
12,780,390
14,691,088
Jan
31
Pennsylvania
Railroad----Jan
to
1
7,057.712
u M o Kan & T exas. January . . 1,139,167 974,601 7,709,687 45,522,632
9,526
14,345
Baltim ore Chosap & A tla u tic. Jan 1 to Jan 31
f Missouri P a c ific .. 3d wk M ar 725.479 1,060,542 44,450.664
231,480
280,201
Jan 1 to Jan 31
Cumberland V alley------241,064
295,122
6,082
6,101
Nnshv Chatt Sc St L 2d wk M ar
666,358
31
727,523
Jan
1
to
Jan
Long Island____________
156,634 120,812 1,145,825 1.092,069
oN a t ltys o f M o x .f. February .
4 817
8,806
M aryland D c la w * V irgin ia .. Jan 1 to Jan 31
163,446 1,479.370 1,125,872
198,594
Novada-Cal-Oregon January _ .
225,254
273.731
N Y Philadelphia & N o r fo lk .. Jan 1 to Jan 31
N O Great Northern January . . 8,053,599 8,147,265 68,291,218 63,293,465
955,598
Jan
1,048,457
31
Jan
to
1
N orthern Central— -------N O M obile & C h ic. January _ _ 4,879,092 3,847,877 34.116,787 29,463.830
Jan 1 to Jan 31 1,635,441 1,436,741
Philadelphia Balt & Wash
IN Y O cHud R lv . January __ 478,779 425.765 3,664,847 3,322,417
319,687
359,703
W est Jersey & Seashore-------- Jan 1 to Jan 31
397,109 328,184 2.007,136 2,277,949
K Lake S h o re * M S January .
1 to Jan 31 5,042.347 3,880,505
V n Lake Erio & W . January _ 2.901.385 2,388.902 20,575,745 18,493,978 Pennsylvania Company-------------- Jan
358,949
430,813
Grand Rapids * Indiana------ Jan 1 to Jan 31
C hic Ind & South January _ . 2.728.000 2,244,604 20.747,422 18,250,693
Pitts Clncln C hic & St L ouis. Jan 1 to Jan 31 3,834.373 3,204,825
291,105 230,953 2,214,523 1,884,960
(M ichigan Central January . .
848,990!
050,104
Jan 1 to Jan 31
92.214
96,857
V a n d a lia _____________
800,207
898,747
(C love O O & St L January . .
T otal lines— East Pitts & Erie Jan 1 to Jan 31 20,018,231 17,415.049!
*Peoria * Eastern January _ . 1,602,254 1,232,863 11.693,936 0,604,127
8,403.729
31
10.379.47Ji
Jan
Jan
to
1
—
W
est
P
itts*
Erie
883,695
7.616,640 0.749,897
\Cincinnati N orth January . . 1,117.676
— All linos E & W . Jan 1 to Jan 31 30,397,705 25,818,779
423,708 397,520 3,307.671 3,227,894
January _
Pitts * Lake Erie
145,036
170,055
Dec 1 to Jan 31
23869664 20219902 175794776 157309414 R io Grande Junction-------'N Y C hic & StJanuary
L.
235.757
269.259
Jan 1 to Jan 31
N TYo lN* 11Ohio
* HC
a en
r t f..
t. February . 4,953,554 4.848.962 46,277,229 42,095,508 Rutland ____________ ____
T o t all lines above
A G G R E G A T E S O P G R O S S E A R N IN G S — W e e k ly a n d M o n th ly .
i
S
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summarise.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Mileage.
Cur. Yr. Prcv. Yr.
M a y ............235,410 231,597 232*229,364 226,184,666 + 6,044,698 2.67
week Jan (40 r o a d s ) .... 12.631,763 10,981,115 + 1.650.648 15.03
243,220,498
+
14,5701115
228,647.383
6.38
J
u
n
o
............235,385
230,894
13,572,942 11,616,351 + 1,956,601 16,84
week Jan (40 roads)___
J u l y .............. 230.712 227,194 245,595,532 222,587,872 +23,007,660 10.34
week Jan (36 r o a d s ) .... 19,776.977 17.9S6.901 + 1,790.076 9.06
A ugust____ .239,230 235,404 276,927,416 251,087,032 +25,800.384 10.30
+ 570,337 4.84
week Feb (38 r o a d s ).... 12,305.913 11,735,570
S e p te m b e r..237,591 235,140 272,209,629 252,318,597 + 19.891,032 7.88
+396.116 2.99
13,540,006 13,143,890
week Feb
40 roads)___
O c to b o r____ 237,217 233,545 293,738,091 258,473,408 +35,264.683 13.64
week Feb
+801,223 6- 52
14,066.724 13,205,501
10 road s)___
N o v e m b e r ..237,370 233,305 276,430,016 244,461,845 +31,968,171 13.07
14,764,047
+542,911
week Feb
3.68
15.306,958
40 roads)___
D ecem ber — 238,072 234,146 263,768,603 234,087,361 +29,681.242 12.68
+ 698,283 5.77
week M ar (30 roads)____ 12,702,883 12,094,000
J a n u a r y ___235,607 232,D 9 246,683,737 208,535,060 +38,128.677 18.28
week M ar (39 roads)____ 14,205,350 13.181,128 + 1,024,222 7.77
F e b r u a r y ... 88,333
86,054 65,275.208 61,834,670 +3.440,529 —6.56.i
10,308,853
5.02
+ 522,267
week M ar (23 roa d s).
10,921,120
Includes
B os
o sa Mexican currency, ft Does not include earnings o f Colorado Springs* Cripple Creek District Railway from N ov. 1 1911
1911. • In
s M S M the
ta o .B
ton * Albany, the Now York & Ottawa, the St. Lawrence & Adirondack and the Ottawa * New York Railway, the latter o f which, being a Canadian
toad,does not make returns to tbo Inter-State Comm crco Comm ission. /In clu d e s Evansville * Terre Haute and Evansville & in a ia n a u tt. 9 i n
cludes the Cleveland Lorain & Wheeling K y. in both years, n Includes tho Northern Ohio R R . P Includes earnings o f M ason C ity & F t. D odge and
Wisconsin M in n e so ta * Pacific, s Includes Louisville & Atlantic and tho Frankfort & Cincinnati, t Includes the Mexican International, u Includes
.he Texas Central In both years and tho Wichita Falls Llnc3 in 1912, begluuing N o v . 1. v Includes not only operating revonues, but also all other
Receipts. * lucIudQS S$. Louis Iron Mountain & Southern.
2d
8d
<th
1st
2d
8d
4th
1st
£d
Bd
938
THE CHRONICLE
L a t e s t G r o s s E a r n i n g s b y W e e k s . — I n t h e t a b l e w h ic h
f o l l o w s w e s u m u p s e p a r a t e l y t h e e a r n in g s f o r t h e t h i r d w e e k
o f M arch .
The
ta b le c o v e r s 23 ro a d s a n d s h o w s 5 .0 2 %
in c r e a s e in th e a g g r e g a t e o v e r th e s a m e w e e k la s t y e a r .
Third week o f March.
Canadian N orthern_____
Canadian P a cific_______ I I I I
Central o f Georgia
_ _
Chesapeake A Ohio _
C olorado A Southern
D enver & R io Grando_______
D otroit A M ackinac
_
Duluth South Shore & A tfanticI
Grand Trunk o f Canada______
Grand Trunk W estern_____
D etroit G r ifa v A M ilwaukee
Canada A tlantic___________
International A Great Northern
Interoceanic o f M ex ico_________
Mineral R ange____
_ _ _
Missouri Kansas & T exas___II
Missouri P acific________________
M obile A O hio_________________
N ational Railways o f M e x ic o ..
St Louis Southwestern_________
Southern R ailw ay_____________
Texas A P a cific________________
Total (23 r o a d s )...
N et increaso (5 .0 2 % ).
1913.
$
224,985
370,900
2,489,000
302,100
681,876
258,757
414,600
26,104
61,700
1912.
Increase. Decrease.
$
201,399
319,900
2,471,000
289,700
696,642
237,524
382,1001
23,575
56,949
1,110,964
910,536
167,000
139,720
15,598
593,122
1,215,000
234,644
725,479
242,000
1,332,306
315,265
173,000
179,013
15,406
473,716
969,000
232,939
1,060,542
225,000
1,175,969
304,943
$
23,586
51,000
18,000
12,400
21,233
32,500
2,529
4,751
$
192
119,406
246,000
1,705
17,000
156,337
10,322
10,921,120 10,398,853
917,389
522,267
„
,
Roads.
6,000
39,293
335,063
395,122
F o r t h e s e c o n d w e e k o f M a r c h o u r fi n a l s t a t e m e n t c o v e r s
3 9 r o a d s a n d s h o w s 7 . 7 7 % in c r e a s e in th e a g g r e g a t e o v e r th e
s a m e w e e k l a s t y e a r . __________________
Second week o f M arch.
1913.
1912.
Increase. Decreasei
8
Previously reported (31 roa d s). 12.919,426 12,038,130
A labam a G reat Southern___
90.514
85,218
A nn A rb or__________________ _
49.018
46,037
Cine N ew Orl A Texas P a c ific ..
225,963
167,586
Georgia Southern A F lorida___
53.460
50,029
M o b ile & O h io.............................
235.086
224,497
N evada-C alifornia-O regon____
6.082
6,101
N orfolk Southern____________
67,892
61,272
Seaboard A ir Line____________
527,909
502,258
T otal (39 roa d s)_________
N e t increase (7 .7 7 % )_____
$
952,465
5,296
2,981
58,377
3,431
10,589
$
41,169
19
41,188
N e t E a r n i n g s M o n t h l y t o L a t e s t D a t e s .— T h e t a b le
f o llo w in g s h o w s th e g r o s s a n d n e t e a rn in g s o f S T E A M r a il
r o a d s a n d i n d u s t r i a l c o m p a n i e s r e p o r t e d t h is w e e k :
-------Gross Earnings---------------- N et Earnings------_
.
Current Previous
Current
Previous
Hoads.
Year.
Year.
Year.
Year.
A tch T opeka & San Fe b Feb 9.047,303 8,592,050 12,904,684 12,816,499
July 1 to Feb 28----------79,974.553 71.862.096;2 6 ,879,622123,568,448
B u ff R och & P it t s b .b -.F e b
803,424
766,204
237,864
242,228
July 1 to Feb 28----------- 7,289,557 6.373,541 2,200,098
2,063,867
Canadian N orthern--------- Feb 1,398,700 1,203,400
268,500
237,600
July 1 to Feb 28------------15,152,000 12,766,200 3,991,700 3,406,400
Central o f G e o r g i a .b ...F e b 1,099,354 1,222,550
c 2 2 3 913
c387,114
July 1 to Feb 28______ 9,571,937 9,613|029
-------------- c2 ,639,'429 c2,936:534
Chesapeake A O h io .b .- .F e b 2,878,271 2,660,019
821,706
845,423
July 1 to Feb 28...........23,822,181 22,383,928
7.554,227 --------------7,611,170
C hic Great W e s t .b _____ Feb 1,070,606 1,091,400
267,291
149.356
July 1 to Feb 2 8 _______ 9,455,442 8,624,659 2,697,951 2,059,094
Cliic A N orth W e s t.a
F e b /6,6 5 8 ,6 95 /5,969,923 1,797,205 1,269,569
July 1 to Feb 28--------- /5 8 ,808,200/51,805,949 17,814,715 13,763:287
C hic St P M inn & O . a . - F e b / 1 ,250,054 f l , 153,936
257.887
182,261
July 1 to Feb 28______ / l l , 879,838/10,396,889 3,256,777 2,696,627
CIn H am ilton A D a y .b .F e b
749,326
697,154
111.887
100,143
July 1 to Feb 28______ 7,088,544 6,753,501 1,775,691 1,792,545
C olorado A 8 o u th e rn .b .F e b 1,150,122 1,054,538
286,360
270,812
July 1 to Feb 28_______10,442,704 9,943,532 3,443,406 3,404,553
D el Lacka A W e ste rn .b .F e b 2,896,011 _2,763,755 1,102,011
980,374
July 1 to Feb 2 8 ........... 27,485,177 24,760,965 10,’928,’727 0,537,978
D otroit A M a c k in a c .a .-F e b
88,713
92,018
15,311
17,546
July 1 to Feb 28______
803,664
794,742
166,896
135,886
Fairchild A N orth ea st.b Feb
2,078
2,536
d ef 224
967
July 1 to Feb 28______
18,732
17,549
def7,848
3.510
Illinois C e n tra l.a ........... Feb 5,159,269
4,742,580
987,285
578,450
July 1 to Feb 28______ 43,953,518 39;488i528 7,851,473 4,824,770
M aine C en tra l.a ........... . F e b
824,670
807,059
163,326
170,334
July 1 to Feb 28..........- 7,553,739 7.137.284
1,863,144 1,709,818
N Y N ew H av & IT a rt.b .F eb 4,953,554 4,848,962 1,123,161 1,539,419
July 1 to Feb 28............46,277.229 42,695,568 15,496,964 15;i32|080
Reading C om pany—
Phlla A R e a d in g .b — Feb 4,040,873 3,682,814 1,498,190 1.274 691
July 1 to Feb 28............ 34,921,297 30,728:092 14:110.351 lOJKH.MS
C oal A Iron C o .b ------ Feb 2,887,265 4,031,462
314,140
349,243
July 1 to Feb 28---------- 29,664,144 26,097,656 3,795,636 1,014,210
T otal both c o s .b -------- Feb 6.928,138 7,714,276
1,812,330 1,623,934
July 1 to Feb 2 8 .......... 64,585,441 56,826,748 17,905.987 11,919,157
___ _
______
R eading C om pany___Feb
166,289
168,933
July 1 to Feb 28______
______
______
1,335,760 1,315,314
T otal all com p a n ies..F eb
______
______
1,978,619 1,792.867
July 1 to Feb 28______
______
______ 19,241,748 13,234,472
Southern P a e ific .a ......... FeblO ,453,543 9,992,757 __________
_
2,364,633 _____
2,530,978
July 1 to Feb 28----------96,871,345 89,067,273 31,239,965 27,775,802
Southern R a ilw a y .b ------- Feb 5,286.575 5,167,035 1,370,202 1,440,111
July 1 to Feb 28............46,084,433 42,366,650 14,213,010 13,623,247
Union P a e i fic .a .............. .F e b 6,474.882 6,198,320 2,079,322 2,036,873
July 1 to Feb 28----------64,793,389 59,024,403 25,672,899 22,667,986
V ir g in ia n .a --------------------- Feb
573,197
397,844
258,556
130,286
July 1 to Feb 28---------- 4,046,479 3,198,398 1,683,893 1,157,257
Virginia A S ou th w es t.b .F eb
145,118
139,240
48,212
45.968
July 1 to Feb 2 8 ......... 1,189,382 1,156,174
1,156,174
362,652
40O;O84
29,470
W rightsv A T e n n llle .b -.F o b
2 6 ,1 8 8
29,470
5,240
8 ,1 1 3
July 1 to Feb 28...........
212,055
245,574
245,574
47,343
78.522
Y a z o o A M iss V a lle y .a .F e b
848,936
783,864
73,475
119,676
783,864
July 1 to Feb 28........... 7,484,190 6,867,684
6,867,684 1,449,419 l,2 6 i:3 5 1
IN D U S T R IA L C O M P A N IE S
A b ln g too A R ockland Elect
L ight A P o w e r .a ........... Jan
11,982
10.270
P a cific Tel A T eleg____ Feb 1,441,767 1.441,391
Jan 1 to Feb 28............ 2,883,158 2,602,826
Southern Cal E dison___ Feb
360,133
365,174
J *n 1 to Feb 28............
757,236
717,513
1,842
368,820
717,728
167,997
354,794
a N et earnings here given are after deducting taxes,
tear nii-gs L tie givtn are before deducting taxes.
1.818
388,732
571,019
181.115
362,101
fcJJklbsi
I n t e r e s t C h a rg e s a n d S u r p lu s .
— In t., Rentals, & c.---------Dal. o f N et Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
B u ff R och A P ittsb
Feb
July 1 to I*eb 28---------C hicago A; N orth_ W e st.F e b
July 1 to Feb 2 8 ---------C hicago St P M A O . . . F e b
July 1 to Feb 28---------C olorado A S o u th e rn ...F e b
July 1 to Feb 28---------Reading C o m p a n y .......... Feb
July 1 to Feb 28---------Virginian.................... ........ Feb
July 1 to Feb 28----------
180,781
175,989
*154,122 *144,597
1,439,922
1,384.076 *1.406,694 *1,166,279
751,454
827,506
1,045,751
442,063
6,769,751
6,171,316 11,044.964 7 ,59i:971
168,420
194,966
8 9 , 4 6 7 d e fl2.70 5
1,508,659
1,418,430 1,748,118 1,278,197
279,534
319,965
*61 039
*27 794
2,256,819
2,242,658 *1,551,975 *1,486:199
852,000
839,916 1,126,619
952 951
6,816,000 6,719,328 12,425,748 6,515,143
132,454
______
126 102
’
’
1,046,489
............_
637,403
IIIIII
I N D U S T R IA L C O M P A N IE S .
Abington A R ockland Elect
Light A Pow er............... Jan
372
187
P acific T el A T eleg...........Feb
179,456
177,537
Jan 1 to F ob 28---------360,831
364,596
69,271
58,626
Southern Cal E dison------- F eb
Jan 1 to Feb 28---------136,289
121,032
* A fter allowing for other incom e roccived.
E L E C T R IC
N ame o f
Road.
" 6 ,620
25,651
14,205,350 13,181,128 1.065,410
1,024,222
o A fter allowing for outsido operations and taxes ODcrating income for
l ^ ^ 8 fV ^ V ln
Vr<8 ,n^nina
J a«£2,575,584
9S
from J ^ y 1 to Feb. 28 was
•52,286,051
in Si’
1913,
against
lasti*nd
year.
/I n c iu d e s n ot only operating rovcnucs, but also all other receipts
t 1 he com pany now includes the earnings o f the Atchison Tonoka A
Santa Fe Ity. C o ., R io Grando A El Paso R R . C o ., G u lf C o t o a d o T S a n t a
Fo lty . C o ., the Southern Kansas R y . C o. o f Texas, the Pecos & Northern
Texas R y . C o ., T he Pecos River R R . C o ., T ho Texas A G ulf, T he G u lf
* ,Iu^ r' S.ta£e
C o ‘ o f Texas, and T ho C oncho San Saba A Llano Valley
IVrc. V oc
^ m o y<Va/ s - , F or February taxes amounted to $390,731. against
$356,196 in 1912: after deducting which, net for February 1913 was $2,513,
953, against $2,460,303 last year. From July 1 to Feb. 28 taxes wero
$3,117,243 in 1913, against $2,815,569 last year.
14,766
200,428
[Vol. XCVI.
R A IL W A Y A N D
T R A C T IO N
Latest Gross Earnings.
Week or
donth.
1,470
189.364
356,897
98,244
216,930
Current
Year.
Previous
Year.
$
$
$
American R ys C o ___ February
367,118 350,002
A tlantic Shoro R y ___ February .
20,087
19,834
c Aur Elgin A Chic R y February _ 123,383 120,640
Bangor R y A Elec C o January _ .
58,793
53.448
Baton R ouge E lec Co January _ .
13,427
12,161
Binghamton Railway December
37,094
33.785
Brazilian T rac, L A P January _ . 1912,955
Brock A Plym St R y January ._
7,873
7,163
Bklyn R ap Tran Syst Decem ber 2005,538 1920,274
C ape Breton E lec Ity January . .
31,835
28.327
C ent Park N A E Riv D ecem ber
44,824
53,028
Chattanooga R y A Lt January . .
95,633
81.004
Cleve Painesv A East January ._
28,095
23,901
Clev SouthwA Colum January . .
91,543
79,570
Columbus (Ga) El C o January _ .
50,523
44,310
C om m onw P Ity A Lt February _ 549,665 488,859
Dallas Electric C o rp . January___ 170,815 135,170
D otroit United R y . . 2d wk M ar 220,506 178,160
Duluth-Superior T rac February .
86,030
83,647
East St Louis A S ub. January . . 213,214 191.036
El Paso Electric C o s. January . .
80,921
69,775
G alv-H ous Elec C o .- January _ _ 169,615 146,007
Grand Rapids R y C o January . . 103,986
97.448
Harrisburg Railways January
73,788
70,269
Havana Electric R y . W k M ar 23
51,714
49,408
H oughton C o T r C o . January
24,379
22,125
Illinois T r a c t io n ____ January . . 653.790 615,029
Interboro Rap T ra n . February
2600,260 2636,083
Jacksonville T rac C o January . .
49,823
49,878
Lako Shore Elec R y . January _ . 100,373
87.153
Lehigh Valloy Transit February . 114,165
98,671
M ilw El R y A Lt C o . January . . 521,210 482,927
M ilw L t, H t A T r C o January . .
96.449
83,532
M onongahela Vail Tr February .
65.748
56.086
New York Railw ays. January _ . 1160,813 1083.670
Northam Easton A W January _ .
13.841
11,503
N orth Ohio T rac A Lt January _ . 237,465 209,388
N orth Texas Elec Co J a n u a ry ._
157.047 114,695
Paducah T r A Lt C o . January . .
26,666
24,693
Pensacola Electric C o January . .
22,261
26,317
Phila Rapid Trans Co Februar
1775,158 1725,408
P ort(O re)R y,L A P C o. January
553,598 531,213
Puget Sd T rac, Lt A P January . . 701,640 720,780
St J o sep h (M o)R y ,L t,
107,323 102,541
Heat A Power C o . January .
Santlago Elec Lt A Tr February
37,052
30,791
67.383
Savannah Electric Co January __
58.358
Southern B oulevard. D ecem ber
14.123
9,853
Tam pa Electric C o__ January .
68.157
60,751
Twin C ity Rap T ran- 2d wk M ar 167,028 145,424
Underground Elec R y
o f London—
Three tubo lines___ W k M ar 15 £14,715 £14,200
M etropolitan D ist. W k M ar 15 £13,620 £12.347
London Gen’l B us. W k M ar 15 £56,826 £42.549
Union R y C o o fN Y C Decem ber
207,138 199,850
U nlonR yG AE C o(IU ). February . 383,131 293.554
United Itys o f St L _ . January . . 997.195 932,395
United R R s o f San Fr J a n u a ry .. 697,317. 671.393
Westchester E lectric. Decem ber
45.746
42,117
Yonkers Railroad___ Decem ber
57.036
60.108
York Railways______ February .
54,369
56,958
Youngstown A O hio. February .
17.159
17,185
Youngstown A South January __
11.737
10,097
c These figures are for consolidated com p any.
1 631
2 1 l ’ l9 5
206.423
126 837
249,484
C O M P A N IE S .
Jan. 1 to latest date.
Current
Year.
Previous
Year.
S
772,884
42,379
263,961
58.793
13.427
425.028
1,912,955
7.873
24,353,298
31,835
638,532
95,633
28.095
91,543
50,523
1,167,770
170.815
2,471,188
179.386
213,214
80.921
169.615
103.986
73,788
629,506
24.379
653,790
5,503,603
49,823
100.373
240,051
521,210
96.449
134,384
1,160.813
13.841
237.465
157.047
26,666
26.317
3,777,225
553.598
701,640
" "7 ,1 6 3
23,233,599
28.327
638.063
81.004
23.901
79.570
44,316
1.024.765
135.170
2.082.766
171,491
191,036
09,775
146.007
97.448
70,269
569,339
22,125
615.029
5,470,218
49,878
87,153
201.213
482.927
83.532
114,826
1,083,670
11.503
209,388
114,695
24,693
22.261
3,533,881
531.213
720,786
107.323
76,420
67.383
153.243
68.157
1.638,935
102.541
64,841
58,358
125,663
60,751
1,543,927
£162.070
£145,877
£596,374
2,540.138
802,891
997.195
697,317
579,925
734.440
115,908
35,326
11,737
£163,365
£139,571
£426,059
2,471,023
607,276
932,395
671,393
601,798
678.427
111,856
34,417
10,097
$
723.438
39,954
246,356
53,448
12.161
386,631
E l e c t r i c R a i l w a y N e t E a r n i n g s .— T h o fo llo w in g t a b le
g iv e s th o re tu r n s o f E L E C T R I C r a ilw a y g ro ss a n d n o t ea rn
i n g s r e p o r t e d t h is w e e k :
Current
Current
Previous
Previous
Year.
Year.
Year.
Year.
$
$
$
$
American Light A T ra c.F o b
350,768
338,039
324,253
314.709
770,623
Jan 1 to Feb 28______
748.711
725,027
705,314
40,784
Aurora Elgin A C h i c .a ..F e b
123,383
120,640
40,116
July 1 to Feb 28________ 1,314,447 1,229,302
646.235
611.400
16,295
Carolina Power A L t ___Fob
40,928
33.427
12,023
M a r 1 to Felt 2 8 ............
457,770
148,206
384,073
138.665
Consol Cities L, P A T r .F o b
96,545
94,518
Jan 1 to Feb 28______
198,820
194.846
Interboro R ap T r a n .a .-F e b 2,600,260 2,636,083 1,383,375 1.404,614
July 1 to Feb 28............ 21,240.773 20,321,140 11,097,020 10,397,868
Lehigh Valloy T ra n sit.b .F e b
114,165
98,671
6.5,852
47,185
Jan 1 to Feb 28______
240,051
201,213
120,170
95,689
Puget Sound T r L A P . a . Jan
701,640
720,786
263,728
308.432
T w in C ity R ap T r a n .b .F e b
635,320
616,535
281,062
276,780
Jan 1 to Feb 28......... 1.325.831 1,252,044
695,816
640,301
„
Roads.
M A H . 2 9 191.3]
— Gross Earnings----- ------ N et Earnings-----Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
S
$
144,756
143,075
Utilities Im p rov’ t C o ..- F e b
289,835
Jen 1 to Feb 28---------293,347
---------116,000
180,032
U nion R y , G & El (I ll)--F o b
383,132
293,554
244,737
374,091
Jan 1 to Feb 2 8 ......... 802,891
607,276
175,691
207,988
United Light A R y s------ Jan
498,144
443,739
July 1 to Jan 31______ 3,252,546 2,922,099 1,414,340 1,216,773
310,379
306,104
U nited R R s o f San Fran.Jan
697,317
671,393
164,383
185,089
Virginia Ity A Power C o .F c b
378,556
352,729
July 1 to Feb 28______ 3,233,918 3,052,648 1,619,422 1,431,553
58,512
60,950
W estern R ys & Light— Feb
191,246
170,851
118,874
133,121
Jan 1 to Feb 28............
402,547
348,940
15,729
16,172
W isconsin Gas & E leC -a -F eb
61,043
52,219
19,748
33,398
Jan 1 to Feb 28............
124,201
102,996
a N ot earnings hero given aro after deducting taxes,
b N et earnings hero given aro before deductint taxes.
Roads.
939
THE CHRONICLE
The
Long
Is la n d
R a ilr o a d .
{Report for Fiscal Year ending Dec.
31
1 9 1 2 .)
P r e s . R a l p h P e t e r s , N e w Y o r k , M a r . 4 , w r o t e in s u b s t a n c e :
M ileage.— There was no change in the mileago operated. B y the merger
o f tho Jamaica & South Shore H R ., an increase is shown in “ lines owned .
o f 5.40 miles, with a corresponding reduction in “ lines operated under con
tra ct.” T ho line in question is a double-track road from R ockaw ay Junc
tion to Far R ockaw ay, via Springfield Junction and Cedarhurst, and it Is
brought on our books at tho actual cost o f acquisition through stock owner-
Sllf ? e .? u t a T h e gross revenues from railroad lines increased $668,905, or
6 .3 6 % , due to general growth on the island and increase in both passenger
and freight traffic. T h e increase was to some extent offset b y further loss
in ferry earnings, which aro included in “ auxiliary operations.” This loss
amounted to 854,142, as com pared with 8132,833 in 1911, and was due to
increased trolley facilities over the Queensborough Bridgo and to increase
in tho use o f the tunnels to the Pennsylvania Station.
T ho passenger revenue increased 6 .8 4 % , freight revenue 5.48% and mis
cellaneous revenue 5 .5 9 % . T he number o f passengers carried increased
3 452,584, or 10.19% ; the passenger mileage increased 43,354,278 miles,
I n t e r e s t C h a r g e s a n d S u r p lu s .
or 8 5 3 % . while the passenger train mileago decreased 123,496, or 2 .2 2 % .
-Ral. o f N et Earns.—
T ho freight tonnage shows an increase o f 271,596 tons, or 6 .8 0 % : the ton
-I n t., Rentals, A c .—
Current
Previous
mileage an increase o f 3,403,600 ton miles, or 3 .4 9 % , while the freight train
Current
Previous
Year.
mileage shows a decrease o f 5,130 miles, or 0 .8 2 % . These statistics, par
Year.
Year.
Roads.
Year.
$
ticularly for passenger traffic, indicate that tho com pany is gradually over
$
$
s
8,146 com ing some o f the expensive conditions forced upon tho operating depart
8,330
31,970
A urora Elgin A C h ic____ Feb
32,454
258,304 m ent b y tho reconstruction o f the road, change o f terminals, &c.
289,250
253,096
July 1 to Feb 28______
256,985
T ho operating expenses, excluding taxes, increased $230,266, or 2 .9 1 % .
4,202
6,468
7,823
9,827
Carolina Power & L t ____ Feb
duo to extraordinary charges on account o f property abandoned in connec
49,881
76,124
88,774
102,081
M a r 1 to Fob 2 8 ............
tion with the various im provem ents, to charges to expenses account o f
65,352
29,167
Consol Cities L, P & T r .F o b
maintaining traffic while these heavy im provem ents aro going on, and to
136,513
58,333
Jan 1 to Feb 28______
rcnowals and depreciation o f equipm ent. These charges aggregated $663,
*517,377 000 as com pared with 8493,000 in 1911. There was also an Increase in
*508,546
916,552
905,350
Interboro Rapid T r a n ..F e b
3,324,120
expenses duo to putting on additional crossing watchm en at various points
July 1 to Feb 28............ 7,349,018 7,324,114 *4,018,493
7,917 under orders o f the P. 8 . Comm ission. Taxes ($683,074) show an increase
11,017
39,268
44,835
Lehigh Valloy Transit___Fob
16,935 o f $ 7 5 ,9 5 7 . duo to higher assessments on real estate.
30,118
, . , .
*
78,754
90,052
Jan 1 to Fob 28---------incom e from other sources shows a net increaso o f $54,478 in (a) Interest
174,978
117,712
133,454
146,014
P uget Sound T r, L & P .-J a n
on investments and (6 ) rents.
. . . .
.
...
132,707
140,968
143,079
140,094
T w in C ity Rapid T r a n ..F e b
T ho interest on funded debt increased 8155,831, duo to interest on addi
263,203 tional
307,146
283,158
288,669
Jan 1 to Fob 28---------debenture bonds issued to cover advances made b y the Pennsylvania
50,436 R R . C o. to your com pany for im provem ents, causing a corresponding de
71,215
65,564
108,816
U nion R ys, G A El (111) -F e b
113,590 crease in interest general account o f $32,152, b y the funding; o f a portioni o f
160,298
131,147
213,793
Jan 1 to Fob 28---------84,396 tho floating debt. Hiro o f equipment shows a decrease o f $49,967. Rents
112,768
95,220
01,285
U nited Light & R y s ------ Jan
580,852 increased $81,300, duo to readjustments o f rental, taxes, & c., account or
774,445
635.921
639,895
July 1 to Jan 3 1 ---------*75,960 Pennsylvania Station and tunnels.
*67,629
281,380
243,396
U nited R R s o f San F ran. Jan
A fter providing for the Interest on funded and other debt, and all other
*50,446 liabilities, including advances to the M ontauk Steam boat C o ., L td .,
*60,884
118,558
124,057
Virginia R y & P ow er____Feb
*533,739 amounting to $33,608, the year shows a deficit o f $282,690 as com pared
*684,504
945,237
990,707
July 1 to Feb 28______
*17,411
*12,635
42,916
with a deficit o f $457,956 for 1911. T he property is successru ly^carrying
50,568
W estern R ys A L igh t___Feb
*38,775
*36,822
83,713
100,838
Jan 1 to Feb 2 8 ______
tho largo burden o f furnishing a third terminal for its N ew Y ork C ity traf
*7,659 fic b y tiio use o f tho Pennsylvania tunnels and station. B y the com pletion
*8,047
8,892
8,238
W isconsin Gas A E le c ..F e b
*13,449 o f tho terminal at Jamaica in 1913 and tho further reduction in duplicate
17,766
16,613
*17,328
Jan 1 to Feb 28______
train mileage, better results will immediately bo shown.
.. .
x A fter allowing for other inconto received.
Subsidiary Companies Owned.— T he subsidiary lines, briefly desenbed in
1911 report (V . 94, p. 1116), show a total surplus o f $140,427, which Is not
included in tho gonoral incom e account, but is retained by the various com
ANNUAL REPORTS.
panies for their corporate needs.
.
Mortgages Satisfied.— 'The first mortgages o f the Brooklyn & M ontauk
A n n u a l R e p o r t s . — T h o f o l l o w i n g is a n i n d e x t o a ll a n n u a l
R R . C o. and tho Long Island C ity A Flushing R R ., securing issues o f bonds
aggregating $1,000,000 and $600,000. that matured M ar. 1 and M a y 1
r e p o r t s o f s t e a m r a i l r o a d s , s t r e e t r a i l w a y s a n d m i s c e lla n e o u s
1 9 1 1 , respectively, were duly satisfied in N o v . 1912.
c o m p a n i e s w h i c h h a v o b e e n p u b li s h e d s in c e F o b . 2 2 .
Leaseholds.— In Sept. 1912, as required b y tho P. S. Comm ission, you r
board authorized tho elimination from the balance sheet o f tho asset item
T h i s i n d e x , w h i c h is g i v e n m o n t h l y , d o e s not in c l u d o r e
o f $3 ,8 8 8 , 0 0 0 representing the leasehold interest in the railroads o f the
N . Y . B rooklyn & M anhattan Beach R y . C o. and tho Long Island R R . C o .,
p o r t s in t o - d a y ’ s “ C h r o n ic le .
N orth Shore Branch, and o f the liability item o f $3,888,000, representing
Industrials (.Concluded)—
Page.
Railroads—
Page.
securities o f those corporations guaranteed b y your com pany. T he balance
Com
putlng-Tabulatlng-Rccordlng
C
o.,
A l a b a m a N e w O r le a n s T e x a s A P a c i f i c
o f the asset item o f leasehold interest o f $1,500,000, based upon the annual
New Y ork _____ ___________ ________656
J e t . R y s . , L t d ........... ......................... — 5 5 3
rent o f $60,000 (capitalized at 4 % ) paid for the use o f the Atlantic D ivlsio*
C h i c a g o I n d ia n a A S o u t h e r n R R ------- 7 8 9 Connecticut R iver Power C o ., Boston 656
[now owned b y tho Nassau Electric R R ., controlled b y Brooklyn R apid
Corn
Products
Refin.
C
o.
(10
m
o
s
.).788
C i n c i n n a t i N o r t h e r n R R ------------------------7 8 9
Transit C o .l, will bo disposed o f b y a charge to profit and loss, to be isC l e v o . C l n . C h i c . A S t . L o u is R y . 7 8 6 , 7 99 Crcx Carpet C o ., New Y o rk _________792
tributed over a period o f 10 years at tho rate o f $150,000 per annum, tuo
D e la w a r e ) L a e k a w a n n a A W e s t . R R . 6 4 6 Crocker-Wheeler C o ............................... 556
initial charge being made in the current year’s account.
G r a n d T r u n k R y . (6 m o s . c s t . ) ------- 7 1 6 Diam ond M atch Co — ......................... 792
Additions and Betterments.— T he expenditures on these accounts in 1912
(E . I.) du Pont de Nemours P ow d.Co.860
H u n tin g d o n A B r o a d T o p M o u n ta in
aggregated
$3,909,314, and were charged in the capital accounts as follows;
Electric
Bond
A
Share
C
o
___________
656
R R . A C o a l C o ..................
652
Atlantic A vo. im pt. (credit) $22,094 R oad ____________________$2,456,501
L a k o E r ie A W e s t e r n R R ................... . . 7 9 0 Electric Storage Battery C o --------------865
Equipm ent _____________
654,962
Bay Ridgo im pt. (B rooklyn
L a k e S h o r e A M i c h . S o u . R y . . 7 8 5 , 7 9 5 General Railway Signal C o .................. 793
27,560
grade crossing cllm ln a .). 364,305 Express equipm ent______
L o n g I s la n d R I t ..................
. . . 7 9 0 (B . F .) Goodrich C o ., (9 m o s.)— 649
60,000
E le ctrifica tio n ------------------- 488,080 Ferry equipment (cred it).
M a r y l a n d A P e n n s y lv a n ia R R ________ 5 5 3 Havana T ob acco C o ., New Y ork — 719
T ho leading items under heading road ’ (offset in part b y credits) are
M i c h i g a n C e n t r a l R R _____________ 7 8 5 , 7 97 International Harvester C o. of N . J.
Real e-stato. $761,172; Jamaica im pt.. 5903.438: North Side d lv. im p t..
N . Y . C e n t . A H u d s o n R i v e r R R . 7 1 2 , 7 23
(application to list)________________ 726
$249 579’ elimination o f grade crossings, $224,666; merger o f Jam aica &
N o r t h e r n C e n t r a l R y ______________ 5 5 0 , 5 7 2 International Harvester Corporation
South Shore R R ., $355,819; extension o f main tracks 2 m ih* (1st, 2d. 3d
P e n n s y lv a n ia C o _________________________ 791
(application to list)________________728
and 4 th tracks) $38,432; passenger facilities, various points, $60,338;
P e n n s y lv a n ia R R ___________________7 1 3 , 7 2 0 International Paper C o ., New Y o r k .714
b"ock signals telegraph, telephone and lighting circuits, $22,816; facilities
P e o r i a A E a s t e r n R y -------------------------------- 7 91 International Silver C o _______________719
P h ll a . B a l t o . A W a s h i n g t o n I t R . 8 5 8 , 7 91 Kings C o. El. Lt. A Pow . C o ., 15klyn.049
ircight at various points, $46,836.
.
,,
,,, .____
T he unusually largo item o f real estate (S /6 1 ,1 /2 ) under road Is ex
P i t t s . C l n . C h i c . A S t . L o u is R y --------7 91 (S. S.) Krcsge C o ....................................056
plained b y the transfer o f real estate purchased for various jropj's - 'n previ
P i t t s b u r g h A L a k e E r ie R R ....................8 5 8 Lackawanna 8tccl C o __________787, 802
ous years, title being taken in the name o f a subsidiary until tho im prove
S o u t h e r n P a c if i c C o ________________5 5 0 , 6 5 9 Liggett A M yers T o b . C o ., St. Louls.788
ments could bo com pleted and title then passed to your com p a n y, this con T o l e d o A O h io C e n t r a l R y .........................7 91 (P.) Lorlllard C o ......................................787
Mackny C om panies_________
..5 5 2
ditlon representing $697,000 o f the total Indicated. These purchases were
U n d e r g r o u n d E le c tr ic R y s . o f L o n
for com pleting tho right-of-w ay for change o f line on the M anhattan B each,
d o n , L t d .................................. 7 8 6 , 8 0 1 , 5 5 5 Manufacturers’ Lt. A l it . C o ., P lttsb.050
or B av Ridgo Lino, through East New Y ork hill, for change o f line between
V a n d a l la R R . ........... ...................................... 791 M ay Department Stores C o ..............8 6 2
W oodsido and W infield on tho main line and for additions to right-of-w ay
W e s t J e r s e y A S e a s h o r e R R ___________8 6 4 M idvale Steel C o., Philadelphia_____ 657
where grade crossing elimination work is going on through Flushing, BushMontreal Cotton C o _____ ____________719
Electric Railways—
Mountain State Teleph. A T clcg. C o .657
wick Junction, Queens, Jam aica, A c.
B r u n s w ic k T e r m in a l A R y . S e c u r . C o . 7 1 5 National Carbon C o ...................
Ronds.— Debenture bonds, payable in ten years, amounting to $4,185,
552
C h i c a g o E l e v a t e d R y s . (1 8 m o n t h s
000, were issued to tho Pennsylvania R R . C o . to cover advances m ade for
National Enameling A Stamping Qo
e n d in g D e c . 3 1 ) ------------------------------------- 7 1 5
construction prior to 1912. This makes a total issue o f these bonds o f
(18 months ending D ec. 3 1 )______ 048
D o m i n i o n P o w e r A T r a n s m . C o . , L t d .6 4 7 National Fire Proofing C o ___________800
$ 1 2 ,2 4 7 , 9 5 1 out o f an authorized issue o f $16,500,000. . . . .
.
D u l u t h - S u p c r l o r T r a c t i o n C o ---------------7 1 6 National Lead C o ., New Y ork----------788
Rati Ridge Improvement.— T ho tunnel section between A tlantic A ve. ana
E a s t o n ( P a . ) C o n s o li d a t e d E l e c t . C o . 7 8 9 Natomas Consol. Mining C o ., Callf-800
Central A vo. and tho filling In between streets and bridges o f the section
V e d e r a l L ig h t A T r a c t i o n C o ---------------7 1 6 New York Air Brake C o ____________ 651
between Central A vo. and Fresh Pond Junction was started in D ecem ber.
G a l v e s t o n - I I o u s t o n E l e c t r i c C o ----------6 5 2 New York Tclepliono C o ____________ 793
W hen this work is finished nothing will remain except the construction
G e o r g ia R y . A P o w e r C o ------------------------7 8 9 N . Y . A Queens Elec. Lt. A Pow. C o . 866
o f tho yard, float bridges, A c ., at Bay Ridge. It is planned to have this
I n t e r - S t a t e R y . , P h il a d e lp h ia ---------------7 1 6 Niagara Lockport A Ont. Power C o . . 806
com pleted abou t the tim e tho N . Y . C onnecting R R . Is finished. T h e ex
L a k o S h o r e E l e c t r ic I t y . , C l e v e l a n d . . 5 5 0 North American C o ...............................866
penditures during 1912 amounted to $364,305. chargeable to your com p a n y.
N o r t h e r n T e x a s E l e c t r i c C o ___________7 9 0 Northern States Power C o __________719
Settlement with N . Y . C ity for their proportion o f the work already done
R e p u b l i c R a il w a y A L ig h t C o ---------------6 5 4
has progressed satisfactorily, and substantial payments have been m ade,
N ova Scotia Steel A Coal C o ., L td.,
T e r r e H a u t e i Q d ia n a p .A E a s t .T r . C o . 7 1 7
leaving b u t a small am ount in dispute.
_
... .
.
New Glasgow, N . S ______________ 656
T w i n C i t y U n p ld T r a n s i t C o . , N . J . . 8 5 9
Jamaica Improvement.— T h e work in connection with this im provem ent
Osage A Oklahoma C o ______ ________ 793
U n io n T r a c t i o n C o . o f I n d i a n a ..............7 1 7
has progressed very satisfactorily. T he platform s and station will bo put
Otis Elevator C o ., New Y ork ________862
U n it e d R y s . I n v e s t . C o . , S t . L o u i s . . 6 4 7
in operation In M arch 1013, and the whole improvem ent will be practteally
Pacific Telephone A Telegraph C o . . 557
W a s h i n g t o n W a t e r P o w e r C o ...............6 4 7
com pleted in 1913. T h o com pletion o f this great im provem ent will d o
Penmans, L td _______________________ 719
W i n n ip e g E le e t r lo S t r e e t R y ....................6 5 5 Pcttlbono Mulllken C o. (of N . Y .) ..6 5 0
away with m any operating difficulties, will facilitate, with increased saftcy .
the m ovem ent o f trains and passengers, reduce to a minimum the dupllcaPittsburgh Coal C o __________________861
Industrials—
tion o f train mileage between Jamaica and Long Island C ity, provide quar
A m e r ic a n B a n k N o t e C o . , N . Y ----------T14 Pittsburgh Plate Glass C o . ...................557
ters for the operating and maintenance forces and, above all, eliminate nine
A m e r ic a n C ig a r C o . , N . Y ------------------- 7 1 7 Pressed Steel Car C o., P ittsburgh...5 5 1
dangerous and heavily traveled crossings and add six other new streets
Provident Loan Society C o., N . Y ..6 5 6
A m e r ic a n C o a l P r o d u c t s C o ----------- - - 7 9 2
passing under tho tracks at various po nts.
1 he im provem ent also elimi
A m e r ic a n D l s t . T e le g r a p h C o . , N . Y . 5 5 5 Public Service Corporation o f North
nates tho crossing o f tracks at grade where various lines diverge, by Jump
ern Illinois (14 m onths)........... .........557
A m e r ic a n G r a p h o p h o n o C o ____________ 7 9 2
crossings, thus reducing to a minimum the chanacs for accidents, and per
A m e r ic a n H i d e A L e a t h e r C o ---------------5 5 5 Railway Steel Spring C o., New Y o r k .789
mits the operation o f trains In and out o f the terminal without Interfering
A m e r ic a n R a d i a t o r C o . , C h i c a g o ------- 7 17 Reece Button-H ole Machine C o _____ 866
with eacli otiicr at cross-overs. N . Y . C ity Is co-operating b y closing corA m e r ic a n S t e e l F o u n d r ie s , C h i c a g o . . 7 1 4 Republic Iron A Steel C o ., (6 mos.)557
tain streets laying out new streets &nd contributing S275,000 to cost.
A m e r ic a n S u g a r R e f in i n g C o . , N . Y . 7 8 7 Richelieu A Ont. N av. C o., Montreal 557
North Side Division Impt .— This im provem ent covers the elimination o f
A m e r . ( B e ll ) T e l e p h . A T c l c g . C o .8 6 9 ,8 7 6 San Diego (Cal.) Cons. Gas A El. C o .657
grade crossings on tho P ort Washington Branch through Flushing the laying
A m e r ic a n T o b a c c o C o . , N . Y _________ 7 87 San Joaquin Light A Power C orp____558
o f second track between Flushing bnd Great N eck and the electrification o f
A m e r ic a n W o o l e n C o . , B o s t o n _______ 7 14 Sawyer Massey C o ., Hamilton, O n t.867
the lines to Port W ashington and W hltestone Landing. T he State and
A s s e t s R e a li z a t i o n C o ..................... 8 0 0 , 881 Shawlnlgan Water A Power C o. 558
C ity o f New Y ork will contribute $400,000 toward the cost o f the 12 grade
B a ld w in L o c o m o t i v e W o r k s , P h l l a . . 6 4 8 Standard Oil C o.. Cal............................. 867
crossing eliminations. T ho lino to W hltestone Landing was electrified
B e ll T e l e p h o n e C o . o f P a _______________ 5 5 6 Studcbaker Corp., South Bend......... 649
and nut In operation in August. T he work on this im provem ent will be
793
B e t h l e h e m S t e e l C o r p __________________ 8 6 5 Tamarack Mining C o .................
finished and the lino to P ort W ashington electrified by Sept. 1913.
B o o t h F is h e r ie s C o . , C h i c a g o _________ 6 5 0 Tri-State T el. A Tel. C o ., M inn., A c.558
W ooside-W infield Cut-Off.— V ery little was done on this im provem ent
(J. G . ) B r ill C o . , P h il a d e lp h ia ..............5 5 2 Underwood Typewriter C o --------------- 657
during tho year. All the property has been procured, the C ity o f N ew Y ork
B r o o k l y n B o r o u g h G a s C o ______________8 6 5 Union Bag A Paper C o ........................... 867
is under agreem ent to pay $300,000 toward the cost, and it is planned to
B u t t c r l c k C o .................
8 0 5 Union Natural Gas C orp., Pittsburgh 861
lot tho contracts and have the work well under way In 1913. This great Im
B y - P r o d u c t s C o k e C o r p o r a t i o n ______ 6 5 6 Union Switch A Signal C o ----------------- 558
provem ent Involves tho elimination o f 11 Important and dangerous grade
C a m b r i a S t e e l C o . ........................................ 861 United Gas Improvement C o ., P h lla.657
crossings will d o away with a bad curvature between the tw o points and
C a n a d ia n G e n e r a l E l e c t r i c C o _______ 8 6 5 United States Ltg. A H tg. C o ., N . Y .6 5 0
will shorten tho distance to Jam aica 500 feet. W hen com pleted, there will
(J. I . ) C a s e T h r e s h in g M a c h i n e C o . . 7 92 United States Steel C orp--------- 859, 868
bo no highway crossings at grade between N . Y . C ity and Jam aica.
m I
C e n t r a l I.a a M icr C o . . N e w Y o r k ........... 0 4 8 Welsbach C o ..............- ---------- ------------867
Other Grade Crossings.— A great deal was accomplished In beginning new
C i n c i n n a t i A S u b u r b a n (B e ll ) T e l . C o . 6 5 0 Western Electric C o ., Chicago........... 867
w ork and com pleting work begun in 1911 on the elimination o f grade crouu
C o m m o n w e a lt h E d is o n C o . , C h i c a g o . 5 5 2 (F . W .) W oolworth C o ., New Y ork-714
940
THE CHRONICLE
ings a t 13 other points, the m ost im portant being the crossings with the
South C ountry R oad at Great R iver, Oakdale, E astport and G ood G round.
O n Jan. 1 1913, ou t o f a total o f 960 crossings at grade on the entire system ,
166 are under grade, 101 over grade, 197 protected b y gates and flagm en,
53 b y flagm en w ithout gates, 61 b y electric alarm bell, leaving 382 crossings
unprotected except b y regulation crossing signs.
Electrification.— T h e line to W hitestono Landing was finished and put in
operation in Sept. N ew sub-stations were com pleted at W reck Lead,
Cedarhurst and Floral Park. M aterial for sub-stations, third rail, & c., is
on tho ground fo r the line to Port W ashington, to be com pleted b y Sept.
1913. Included in the (pamphlet) report is a map showing in red the lines
operated electrically, representing 188 miles o f track.
Tru.sJ -— 'M1? first installment under the equipment trust,
$300,000, was paid on Feb. 1 1912, leaving $3,022,000 outstanding.
oleel Lars. W hen the steel cars now under contract are received, we
shall have in service 508 steel passenger cars, o f which 411 with m otors.
Maintenance.—-i23 tons o f now steel rail and 179,981 ties were used for
renewals and 1,134 tons o f new rail, 330 tons o f second-hand rail and 7,830
ties used in the construction o f additional tracks and sidings.
.
- - 11
, .---— ~
intjiuvuv t j j j WUI w m in u i) ui c* pui tton ot all operating expenses and taxes based on the number o f cars and
engines handled in and out o f the terminal, and, in addition, a rental for
the privileges. Under this con tract, the expense for the use o f term inal
was Increased abou t $75,000 per year.
Outlook.— Tho general business or the com pany shows a healthy con di
tion in passenger, freight and express traffic. The average number o f co m
muters per m onth shows an increase o f 11.5% over the preceding year.
The number o f passengers handled in and out o f the Pennsylvania Station
shows an increase o f 2 4 .5 % . T he im provem ents still in progress impose
m any burdous which will continue to unfavorably affect the operating ex
penses until the com pleted im provem ents perm it o f proper econom ical
operation. T ho year 1913 will see m any o f theso im provem ents com pleted
how ever, and we look forw ard to im m ediate results along favorable lines.
Buildings Erected Along the Line Outside o f Long Island City and Brooklyn.
1905. 1906.
1907.
1908.
1909.
1910.
1911.
1912.
Total.
4,257 5,311
5,960
5,372
7.669
8,517
9,046
9,378
55,510
T h e total in 1912 includes 7,793 dwelling houses, 40 factories, 753 stores
an d 792 miscellaneous buildings; 38 new industries were located at various
pom tson tho line. T h e indications are that the next few years will see a
very largo industrial grow th, particularly in Queens Borough and a few other
outlying points. T he experimental farms continue to stim ulate agricul
tural developm ents.
T h e increased num ber o f com m uters from year to year, b y reason o f tho
low rates at which they are carried, reduces the averago earnings per pas
senger per m ile. Thus, in 1909 tho earnings per passenger per mile
am ounted to 1.41 cts., while in 1912 it was 1.34 cts. If the number o f
passengers carried per m ile in 1912 had been at the rate received in 1909,
the passenger earnings would have been $331,000 more.
Wages.— Under the award o f arbitrators, advances havo been m ade in
certain rates o f p a y for englnemen, am ounting in the aggregate to about
$15,000 per annum . A n agreem ent has also-been m ade to arbitrate the
dem ands o f the locom otiv e firem en. P'urther dem ands are pending from
the conductors and trainmen.
OPERATING! STA TISTIC S.
Operations—
1912.
1911.
1910.
1909.
Miles operated________
399
399
399
391
Tons carried, N o______ 4,268,313
3,996,717
3,814,209
3,595,657
Tons one mile, N o _____ 100,879,731 97,476,131 92,951,742 90,041,496
Rate per ton per mile__ 3.406 cts.
3.343 cts.
3.335 cts.
3.301 cts.
Passengers carried, N o. 37,319,812 33,867,228 30,978,615 27,466,761
Passengers 1 mile, N o .. 551,886,082 508,531,804 459,799,314 407,270,611
Rate per pass, per mile. 1.326 cts.
1.358 cts.
1.374 cts.
1.398 cts.
Pass, per train mile. N o.
101.46
91.42
92.22
93.96
Tons per train. N o_____
163.04
156.25
159.08
166.84
IN C O M E AC C O U N T .
Lines directly
oper.—
F reigh t_______________
Passenger____________
Other transporta’n rev.
Non-transp. revenue__
Mail ...............................
1912.
$
3,435,643
7,245,388
127,914
333,705
44,006
Total oper. revenue._ 11,186,656
Operating Expenses—
Mafnt. of way A stru c.. 1,469,757
Maint. of equipment__
1,296,053
Traffic expenses_______
160,156
T ransportation............. 4,925,936
General...........................
282,144
1911.
$
3,257,477
6,781,421
181,530
253,373
43,949
3,099,183
6,225,532
145,977
264,464
43,960
1909.
$
2,971,279
5,6(19,680
132,842
203,869
42,725
10,517,751
9,779.116
8.960,395
1,356,663
1,279,068
181,023
4,809,318
277,707
1,154,444
1,391,991
190,297
4,429,614
254,261
1910.
1 9 1 2 .)
Results.— The operating revenues as com pared with 1911 show an in
crease o f $424,372 and an increase over those for 1910, tho largost for any
prior year in tho history o f tho com pany, o f $273,032. Freight revenue
increased $386,796. There was an increase in tonnage carried o f 806 719
tons, o f which 663,350 consisted o f coal, coke and ore. Operating oxpo’nses
show an increase o f $239,663, due to increases in maintenance o f equipment
o f $104,975, in transportation expenses o f $193,530 and in general oxpensos
o f f 7.314, partly offset b y decreases in maintenance o f way and structures
o f $58,38o and in traffic expenses o f $7,771. The increase in maintenance
o f equipment is duo to heavy freight car repairs and renewals o f equipment,
and the increase in transportation expenses is principally duo to heavier
traffic and increased cost o f fuel. T he decrease in maintenance o f w ay
w;is largely duo to unusually heavy charges in the previous year for main
taining join t tracks and other facilities. 174,102 main track ties were used
for renewals; 27.8 miles o f 90-lb. and 31.3 miles o f 80-lb. rail were laid;
42.2 miles o f gravel and 15.5 miles o f limestone ballast was applied. In
other incom e there was an increase o f $71,906, principally account increase
in hire o f equipment credit balanco.
Additions and Betterments. — These for the year aggregated $334,589, in
cluding chiefly $141,232 for elimination o f grade crossings. T he work o f
grade elimination at South High St., Colum bus, is progressing. T ho com
pany has nearly com pleted its work o f lowering its tracks, building retaining
walls, a new passenger station and re-arrangement o f team tracks and freight
station. The viaduct, which is being constructed b y tho city at joint exPense o f the city , the H ocking V alley R y . C o . and the T oled o A Ohio Cen
tral R y. C o ., is about 50% com pleted. On all divisions thero were con
structed 26,726 ft. o f additional side tracks b y lengthening passing station,
yard and industrial tracks. There were eliminated during the year 509 ft.
o f timber trestle, and there still remains in the main track a total o f 8,590[ft.
t rackage.— An agreement was entered into under date o f July 1 1911
with tile Cleveland Cincinnati Chicago A St. Louis R y. C o. undor tho terms
ot which that com pany is now using jo in tly with this com pany the tracks
between Berwick and T oledo and terminal facilities at T oled o.
Neiv York Central Lines Equipment Trust o f 1913. Out o f the $24,000,000
certificates authorized, there will be issued early In 1913 $12,540,000. The
cost o f the equipment to be assigned to this com pany in connection with the
issue early in 1913 will bo approxim ately $1,266,000, and tho pro rata
am ount o f the certificates (not over 9 0% o f cost) will be about $1,106,000.
C L A S S IF IE D TONNAGE.
Aqri- ----- Products of— M anu
Bitumin's
Ores, M crch'dise
culture. Animals. Forests. factures.
Coal.
Coke, i$ c . & M iscrll.
191 2 . .423,077 75,088 226,116 662,230 5,392,013 823,488 128,193
1911 ..4 0 5 ,9 6 0 64,925 232,097 643,168 4,874,460 570,435 132,441
1 91 0 .-3 1 6,2 34 49,013 240,728 550,044 5,213,962 627,060 128,351
TR A FFIC S T A TIS TIC S .
1912.
1911.
1910.
_____ ____
Miles operated___________
........................
443
443
444
Operations—
N um ber passengers carried..................
1,109,206
1,223.094
1,266,689
Passengers carried 1 m ile______ ______ 34,337,799 39,999,635 39,244,542
Revenue per pass, per m ilo_________ 1.799 cts.
1.592 cts.
1.612 cts.
T ons m oved (r e v e n u o )-........................ 7,730,205
6,923,486
7,125,392
T ons m oved 1 milo (revenue)______ 1,028,863, '■A 931,938,059 957,635,714
0.433 cts.
Revenue per ton per m ilo___________
0.437 cts.
0.438 cts.
Averago train load (ton s).......................
563
555
538
Earnings per passenger train m ile ..:.
$0.86
$0.84
30.82
Earnings per freight train m ile _____
$2.44
$2.43
$2.35
Gross earnings per m ilo________
$12,110
$11,210
$11,458
IN C O M E A C C O U N T YEARS E N D IN G DEC. 31.
N ote.— T he items marked a having been changed in 1911 for purposes
o f comparison with 1912 figures, tho comparisons o f those items with earlier
years are inaccurate.
„ , ,
1912.
1911.
1910.
Freight revenue---------------------------------- $4,456,148 $-4,069,352 $4,190,235
Passenger revenue-----------------------------617,674
636,685
632,715
M ail, express, A c -----------------------------175,129
149,608
150,272
114,067
83,001
116,764
Other than transportation-----------------
$1,215,840 o $ l ,036,986 o$l,6 44 ,3 2 5
$70,548
$11,741
$83,438
187,462
0174,363
0151,743
3,699,594
683,074
3,308,975
607,117
3,112,296
555,753
3,445,854
501,836
2,556.543
2,944,018
IN C O M E AC C O U N T.
1912.
1911.
Deductions (con.)—
•5
S
Joint facilities rents. 362,625 300,000
Miscellaneous rents. 294,503 256,526
Bond Interest.......... 2 ,465,040 2,309,209
Other Interest..........
6-1,394
96,546
Miscellaneous ........
33,875
29,650
Total deductions.3 ,889,869 3,695,995
Balance, deficit. . 282,090 457,956
GENERAL B A LA N C E SHEET DECEM BER 31.
1912.
1911.
1912.
1911.
Assets—
$
Liabilities—
S
S
S
ltoad A equlpm’t a63,587,950 59,973,735 Capital stock ____12 ,000,000 12,000,000
Secur’s of proprie
Funded debt_____55 ,416,654 51,231,654
tary, Ac.,cos.—
Equip, trusts_____3 ,022,000 3.322.000
Stocks, pledged.
235,074
453.680 Real estate mtges. 1 ,970,918 1,969,918
Bonds, pledged.
988,550
988,550 Construction and
equipm ent___
Stocks, unpledg. 1,067,026 1,067,026
91,840
66,840
Bonds, unpledg. 656,335
216,335 Loans A bills pay. 8 ,721,860 9,537,810
Secur’s Issued or as
Traffic, A c., bals.
721,345
493,997
sumed—pledged 955,988
956,488 Vouchers A wages 1,,113,531
980,934
Marketable secur’s
34,215
54,215 Matured Interest.
29,210
35,234
Mlscel. Investm’ts 65,041,308 5,714,128 Mlscel. accounts..
525,030
486,586
Cash........ .............
490,749
524,447 Mat. mtge., bonded
Loans A bills rec..
171,774
527,917
A sec. debt unp’d
1,000
5,000
Material A supplies 1,101,634
843,738 Unmatured lnt__
664,745
604,055
Mlscel. accounts.. 1,606,593 1,031,930 Taxes accrued___
96,814
93,509
Temporary adv’c’s 2,594,556 2,887,310 Def. credit ltems.
25,000
20,226
Oth.def.deb. Items
91,706
60,842 Outstandlng secur
Prop’ty abandoned rf321,440
324,081
ities of leased cst.
3.888.000
Leasehold estates. 1,350,000 5,388,000
Profit and loss___ c4,105,050 3.723,340
Total ................ 84,399,948 81,735,763
a After deducting reserve for accrued depreciation, $824,967.
r b Includes physical property, $30,000, and securities— pledged, $410,000,
and unpledged, $4,601,308.
r A fter deducting $250,000 for additions to property since June 30 1907
through incom e.
d Chargeable to operating oxpenses.— V . 96, p. 790.
31
C . B r o w n s a y s in s u b s ta n c e :
Operating incom e_____________
Other income: Hire o f equipm ent.
D ividends, interest, A c _______
Total net revenue___
Taxes .............................
T o ta l...... ......... 84,399,948 84,735,763
P re s. W illia m
$3,886,585 a$3,646,922 a$3,242,881
$1,476,433 a $ l ,291,724 a l l , 847,105
______
8,016
8,581
252,577
246,237
202,780
6,399,187
2,561,208
*884,646
Gross Income___ .3,607,173 3,238,038
Deduct—
Lease of other roads.. 605,636 590,301
113,763
Hire of equip., b a l... 63,790
C e n tr a l R a ilw a y .
T o ta l_____________________________
N et operating rovenue_____________
Outsido operations— net d e ficit____
Taxes accrued______________________
7,420,607
2,358,509
*753,787
1912.
1911.
S
5
Operating tneome.. ..3,010,520 2,701,858
Other Income—
Joint fao., rents, A c .. 305,864 350,241
Unt’ded sec’s & acctaI. 224,794
185,939
O h io
989,519
1,246,187
163,400
3,779,729
220,352
7,903,779
2,613,972
*695,003
2,701,858
&
$5,363,018
$780,896
1,006,229
76,980
1,914,093
108,388
8,134,045
3,052,611
*646.983
3,016,520
T o le d o
(Report for Fiscal Year ending Dec.
T otal operating revenue__________
M aintenance o f way and structures.
M aintenance o f equipm ent_________
T ra ffic expenses___________________
T ra n sp ortation _______ ____________
General_____________________________
Operating expenses..
Net oper. revenue_____
Outside oper.— net_____
Operating incom e______
[ V o l . X CV I
$4,938,646
$839,280
*901,253
84,751
1,720,563
101,074
$5,089,986
$680,600
0766,759
78,065
1,628,346
89.111
Gross corporate incom e....... .............$1,473,850 *$1,223,010 *$1,879,506
D ed u c t-
Interest on bon ds_____ ______________
$395,000
Interest on equipment trusts.
50,840
Other interest..... ............ ...... .......... ......
37,945
D eficit o f Z. A W . R y _______________
82.032
M iscellaneous rents, A c _____________
49,602
Preferred d iv id e n d ........... ..................... ((5)185,070
o n o o ,o / u
C om m on dividond_____ _____________ (5)292,315
A dditions and betterm ents..................
$395,000
$395,000
60.760
65,607
16,342
9,000
78,319
31,037
*63,374
a45,277
(5) 185,070(714)277,605
(5)292,315(7*4)438,472
131,829
632,256
T otal deductions__________________ $1,092,804 *$1,223,010 *$1,897,254
Balance, surplus................................. ..
$381,046
............ d e f.$17,748
B A L A N C E SHEET DECEM BER 31.
1912.
1911.
1912,
1011.
Assets—
s
$
Liabilities$
$
Road A e q u ip ...j-21,868,221 21,545,365
0,500,000 6,500,000
Secur. of affll.,Ac.,
Stock, preferred.. 3,708,000 3,708,000
cos. unpledged. 2,515,991 2,522,949 Bonds (see “ Ry. A
Secs, held in treas.
888,300
888,300
8,500,000 8,500,000
Oth. perm, invest.
10,643
1,124,000 1,364,000
Marketable bonds 250,000
250,000 Loans A bills pay.
2 0 0 ,0 0 0
600,000
Mat’ls A supplies.
380,055
291,874 Vouchers A wages 098,677
767,248
Cash...... ...............
719,796
537,281 Miscell. accounts.
184,384
231,741
Loans A bills re c..
376,400
387,043 2. A W . d eficit...
770,154
836,837
Agents A cond’rs. 80,356
38,170 Accr’d lnt., dlvs.
Traffic, Ac., bals. 117.262
529,374
529,648
148,827
and rents..........
Miscell. accounts.
547,791
25,163
53,763
682,124 Def’d credit items
.
.
Accr’d 2 .AW. Ry.
Approp’d surplus.yl,332,583 1/1,332,583
bond interest__
653,333
573,333 Profit and loss___ *4,430,124 4,009,881
Oth.def.deb. items 102,352
60,395
T o t a l.......... ...28,516.500 27,925,661
T o t a l................. 28,516,500 27,925,661
x A fter deducting $138,369 for replacem ent fund and $480,000 for trust
installments, y Appropriated surplus represents additions to property
since June 30 1907 through incom e. * A fter adding $39,197 for sundry
adjustm ents, net.— V . 96, p. 791.
Lake
E r ie
&
W e ste rn
R a ilr o a d .
(Report for Fiscal Year ending Dec.
31
1 9 1 2 .)
P r e s i d e n t W m . C . B r o w n s a y s in b r i e f :
Results.— T he total operating revenues wero $5,839,630, an increaso o f
$418,809. T he freight revenuo was $4,652,567. an Increase o f $431,578.
which was due to a heavier m ovem ent o f nearly all com m odities, particu
larly bituminous coal, lumber and m anufactured articles. T h e passenger
revenuo was $ 8 6 8 ,8 6 8 . a decrease o f 826,565. T ho revenue from excursion
business decreased, due to a reduction in tho number o f excursion trains
operated during the year, while the revenue from local and Interlino passen
gers showed a substantial increase. Deductions from gross Income amount-
the
M A R . 2 9 1 9 1 3 .]
cd to $1,041,752, an Increase o f $16,380, due t o c h a r g e s for( Wre o f
equipm ent. The net incom o for the year was $212,b81,
no 142
deducted expenditures for additions and betterments aggregating S- 0 0 • —
i xi., t—
-c'i OQO i*'oo Pftwiofl ■it'* nrnfit. and lOSS aCCOUIil*.
extensively with a
1 a large number ol
th 90-lb. rail, 17,2c
mUes”with 80-lb ."rail and" 8.58 miles with 75-lb. rail. 1 2 . 3 2 miles o f mam
track were ballasted with stone and 172.71 miles with gravel, 3 0.8 .
o f roadbed were widened to conform with the standard. Four now ^teel
bridges and nine permanent culverts replaced wooden trestles, 1 4 temp
arv culverts were replaced with permanent structures. N ew automat
signals were installed on 9.03 miles double track and 9.54 miles single tracE.
gT r a c k a o e R i g h t s . — Contract for trackage rights, limited to through pas
senger trains, entered into with the C hicago Indiana A Southern I t R . o . ,
between W alkerton, In d ., and South Bend, Ind.. was finally execute
N ov 19 1912. Through passenger service between Indianapolis and souui
Bend was established Jan. 1 1911 under this con tract, and very sat^lactory
business has been developed between the northern and southern potrums
o f Indiana, which has proven profitable, not only to the hake Erie & wesirern R R . but to connecting N ew Y ork Central Lines.
SU B -C O M P A N IE S — A L L
PU BL IC SERVICE
1912.
Assets—
$
Properly........ ..... 8,062,326
Investments____
111,306
158,143
Cash............ .
Accts. receivable.. 1,559,077
Adv. to P.S.Corp. 1,000,000
710,933
Materials A supp.
61,684
Advance payments
OPERATING STA TISTIC S.
1909.
1912.
1911.
1910.
Operations—
886
906
886
886
Miles operated D ec. 311,668,019
1,698,638
1,791.218
1,753,290
Passengers carried-------54,839,142 55,939,499 51,009,516
Passengers one m ile____ 46,344,711
1.58 cts.
1.87 cts.
1.63 cts.
1.57 c ts
Rate per pass, per m ile.
$0.72
______ per pass,
____________
$0.77
$0.77
$0.7b
Earns,
train m
♦Freight (tons) carried. 5,472,630
4,991,361
4.038,818
L u n /.i^
♦Freight (tons) one m ile.708,773,446 663,954,830 661,394,292 578,694,919
0
R ate per ton per m i l e . .. 0 . 6 5 6 cts.
0.636 cts,
0.656 cts
e .n6 8a6c cts.
ts.
$2.25
$2.28
$2.19
$2.36
Earns, per fgn t. train m .
$5,692
$6,221
$6,118
$6,448
Earns, per mile o f roa d .
328.05
347.64
344.92
359.02
A v . traln-load(rcv.)tons
* Revenue freight only.
E AR N IN GS, CHARGES, A C .
, , ....•___
t oi ■)
1011
T otal oper.
Expenses—
General exp en ses____
Total e x p o n scs ____
Deduct—■
Rentals leased
Hiro o f equip..
Interest on not
Other interest.
191(1.
1909.
.$5,839,630
$5,420,821
5,513,326
$5,043,990
s . $847,667
. 1,054,620
.
142,245
5 . 2,278,296
.
136,538
$841,728
996,600
153.598
2,164,413
139,282
$869,039
1,032,747
178,762
2,076.035
140,510
$769,087
981,127
143,851
1,843,506
122,872
..$ 4 ,4 5 9 ,3 6 6 $4,295,621
(79.24)
..
(76.36)
..$1,380,264 $1,125,200
231,532
.
238,867
4,297.093
(77.94)
$1,216,233
224,482
$3,860,443
(76.54)
$1,183,547
217,424
.$1,141,397
..
113.037
$893,668
119,471
$991,751
108,063
$966,123
100,504
..$ 1 ,2 5 4 ,4 3 4
$1,013,139
$1,099,814
1,066,627
..
C.
..
..
s.
$132,517
233,302
543,750
115.794
$131,215
268,251
543,750
98,537
209,442
..$ 1 ,2 5 1 ,1 9 4
$127,8911
244,858/
551.525
64,585
136,764
$260,095
555,086
103,376
56,965
GENERAL IIALAN CE SHEET DECEM BER 31.
1912.
1911.
1912.
1911.
Liabilities—
S
$ „„„
Assets—
3
Road A cquip’t - -a3G.053.230 35,905,701 Common stock___11,840,000 11,840,000
192,506
197,506 Preferred stock___11,840,000 11,840,000
Securities owned..
26,699
26,699 Mortgage bonds.-10,875,000 10,875,000
Oth. physical prop.
Equip, tr. obllg’ns ---------03,334
Advances to con
68,880 Bills payable____ 1,679,075 1,679,075
trolled, Ac., cos.
62,998
570,906
650,144 Vouchers & wages 628,729
701,557
Cash...................
195,318
Material* supplies 508,497
469,413 Misc. accts. pay’le 253,557
Matured Interest.
275,900
275,075
Traffic and other
210,900
accts. receivable 340,107
302,008 Acer, taxes* misc. 210,266
22,487 Add. to prop., Inc.
Miscellaneous . . .
47,766
______________
193,723
since June 30 ’07 403,171
Other dcf. debit
80,821 Profit & loss____ deb.4,473 deb.19,684
items_________
67,803
Total....... ......... 38,001,224 37,723,659
u After deducting equipment replacement fund, $435,405.— V . 96, p. 790.
P u b li c S e r v ic e C o r p o r a t io n o f N e w
(Report for Fiscal Year ending Dec.
31
OR
S U B S T A N T IA L L Y
E N T IR E
STOCK
GAS CO. 3A L A N C E SHEET DEC. 31.
1912.
1911.
1911.
Liabilities—
$
* nnn
3
7,272,642 S tock .................. 9,250,000 7,950,000
90,000
®9’992
110,784 Mortgages payable
958,832
129,195 Accounts payable. 1,133,470
1,358,654 Rentals, bond int.
& taxes accrued. 525,385
505,692
_____
123,210
873,840 Reserves-----------541,403
.31.),493
86,825 Profit and loss___
___ 11,603,469 9,831,940
Total
Total .............. . 11,663,469 9,831,940
PU BL IC SERVICE ELECTRIC C
1912.
1911.
1912.
1911.
Liabilities—
S
$ „„„
3
Assets—
$
Property .............. 12,172,854 9,427,588 Capital stock_____13,000,000 10,250,000
266,000
216,534 Mortgages payable 418,000
Investments------108,305
612,356
754,795
144,103 Accounts payable.
281,551
Cash. . . . ..........
250,000
--------Accts. receivable-. 1,459,037 1,251,007 Adv. by P. S. Corp
Rentals,
bond
int.
175,000
Adv. to P.S.Corp.
340,272
& taxes accrued.
320,016
675,184
743,245
Materials A supp.
17,793
211,802
91,579
90,078 Reserves ________
Advance payments
137,334
Profit and loss___
258,947
$975,522
1,025,363 $1,125,623
def .$12,224 def .$25,809 sur.$91,105
Tot„ l .............. .38,001,224 37,723,659
941
c h r o n ic l e
Jersey.
1 9 1 2 .)
T h e r e m a r k s o f P r e s . T h o m a s N . M c C a r t e r w ill b e f o u n d
a t le n g th o n s u b s e q u e n t p a g e s , to g e th e r w ith th e in c o m e
a c c o u n t o f th e c o m p a n y a n d b a la n c e sh e e ts o f th e c o m p a n y
a n d i t s s u b s i d i a r i e s , a n d n u m e r o u s i n t e r e s t in g s t a t i s t i c a l
ta b le s c o v e r in g a n u m b e r o f y e a r s .
B e lo w w e g iv e th e u su a l
c o m p a r i s o n s o f in c o m o a c c o u n t a n d b a l a n c e s h e e t s .^ A m a p
s h o w i n g t h e li n e s o f t h e s y s t e m w ill b o f o u n d in t h e “ E l e c t r i
R a i lw a y ” S e c tio n o f J a n . 2 5 1 9 1 3 , p a g e s 7 8 a n d 7 9 .
EARN IN GS OF PU BLIC SERVICE CORPORATION OF N E W JERSEY
A N D S U B S ID IA R Y C O M PA N IE S FOR YEARS E N D IN G DEC. 31.
1912.
1911.
1910.
Gross earns, o f leased * controlled cos$32,054,470 $30,125,508 $27,654,552
Operating expenses and ta x e s .......... .$17,779,134 $15,941,691 $14,483,985
Am ortization ch arges.........................
722,078
672,654
257,315
T o t a l expenses.................... ................. $18,501,512 $16,614,345 $14,741,300
Net earnings______ ________________ $14,152,958 $13,511,163 $12,913,252
Pub Herv C orp. o f N . J. Income from
secure, pledged & from m isc. sources 1,939,339
1,890,513
1 ,532,348
T otal................ 14,963,560 11,873,755
T otal-------- . 14,963,560 11,873,755
PU BL IC SERVICE R A I L W A Y CO. B A L A N C E SHEET DEC. 31.
1912.
1911.
1912.
1911
Liabilities (Con.)
% „ ,
* „„„
Assets—
S
3
Property.............. 86,220.896 84,652,896 Bonds merged cos.41,000,000 41,000,000
201,185
62,484
66,488 Mortgages payable 210,185
Investments
884,000
320,846
344,335 Equip, tr. ctfs.,*c.zl ,252,000
Cash____________
215,954
149,468 Adv.by.P.S.Corp. 4,884,250 3,924,250
Accts. receivable..
75,000
70,000
611,757 Adv.byR.AFt.L.Fy
461,269
Materials A supp.
972,414
23,892
25,938 Accounts payable. 1,280,413
Advance payments
19,785
Premium
on
bonds
30,135
Unam.debt,disc., Ac 74,650
611,558
Rent,int.Atxs.accr. 593,514
128,051
15,5S(T
T o t a l................ 87,379,996 85,850,882 Deprec’n reserve..
34,641
37,913
Profit and loss----Liabilities—
S tock ...... ......... ..37,810,700 37,794,900
Stock to retire stk.
____ . . . .
...
of merged co s ..
183,300
205,100
T o t a l--------------87,379,JJ6 85,SoO,882
x Equipm ent trust certificates, A c., include in 1912 $400,000 Series A and
$338,000 Series B and $500,000 Series G Public Servico equipment certifi
cates and $14,000 Cam den & Suburban R y . car trust certs.— V . 96, p. 136.
G e o r g ia
R a ilw a y
&
P ow er
C o .,
A tla n ta ,
(Report for Fiscal Year ending Dec.
P
31
G a.
1 9 1 2 .)
T h e r e p o r t , s ig n e d b y I I . M . A t k i n s o n , C h a i r m a n , a n d
S . A r k w r i g h t , P r e s . , a t A t l a n t a , F o b . 2 0 , s a y s in s u b s t . :
'A cauisitions.— T he properties form erly belonging to the Georgia Power
C o tho Atlanta W ater A Electric Power C o ., the Interstate Power C o .,
the Savannah River Power C o . and the Atlanta H ydro-Electric C o . were
cnnveved to the Georgia Railway A Power C o ., and a 999-year lease was
taken o f tho properties o f tho Georgia R y . A E ioctric C o . (V . 93, p. 730,
1 1 ftesilqs!— T he statememte below show the earnings, expenses, A c ., for tho
year 1912 in respect to the properties the ownership or control o f which was
acquired by th!, com p a n y‘ during the year, also the asm ts and liabilh ies
o f the Georgia R y. A Power C o. as o f Dec. 31 1912. All o . tne properties
included were not in operation during 1911. and consequently. It is imprac
ticable to give com parative figures o f operations.
__
.
ti,„
A fter the paym ent o f taxes, interest and sinking funds on the bonds ot tho
A tlanta Water A Electric Power C o ., the Blue Ridge Elec. C o . and Savan
nah River Power C o ., and the rentals, consisting o f the taxes, interest,
sinking funds and dividends o f the Georgia R y . A Elec. C o ., ( 'tc surplus
earnings o f the consolidated proper ties for the year amounted to $ 8 7 4 ,0 8 9 .
A dividend on our $2,000,000 first pref. stock accruing from the date
o f its issuance. M ar. 18 1912. at 6 % per annum to Jan. 1 1913, and amount
ing to $94,000, or 4 .7 % , was declared and paid (V . 98. p. 419).
A dividend amounting to $30,000 on the com m on stock o f tho Atlanta
W ater A Electric Power C o. was paid b y that com pany prior to the con vey
ance o f its property to this com pany for the period from the paym ent
o f tho last dividend on such stock to tho date o f such conveyance.
Tile surplus for the calendar year, after the paym ent o f all charges, rentals
and dividends in respect to the consolidated
Of $8,315,000 0 ,o r ,lo Po,of Co.
non,Is.—-The construction o f the hydro-electric developm ent at iailuian
Falls and o f the transmission lines and sub-stations in connection therowitn
has been continued under the contract made before the form ation ot tins
com pany between the Georgia Power C o. and the Northern Contracting
C o. Payment for this work is being made out o f the proceeds o f the sale
o f $ 8 315.000 Georgia Power C o . bonds set aside for this purpose,
ih e
interest on these bonds is paid as a part o f the construction cost and does
not appear in tho statements attached. This work is proceeding satisfac
torily a n d should be com pleted during the year 1913. This is our principal
hydro-electric developm ent and we shall not receive the benefit ol any
earnings therefrom until the latter part o f 1913.
,
Charges to construction for 1912 for other additions to our property
&^ Z T o m l o & x a Ry. & Electric
construction account, aggregated during 191 2 .1including $146,309 for the
Atlanta Gas Light C o.,] $1,250,864. notably for tho G a. R .A E . C o. proper.
Real estato, buildings, A c . . $153.5701Steam A eloc. plant e q u ip ..$157,999
T rack and roadw ay------------ 196,740 1Cars — - ------ - - ’if///
Electric lines........................... 1 3 6 ,2 8 7 1Construction not com pleted 298,680
As part paym ent, in accordance with the lease, on account o f these ex
penditures, $250,000 refunding and improvem ent mortgage treasurj bonds
o f tho Georgia R y . A E lec. C o . in its treasury were sold and the proceeds
applied toward reimbursing this com pany on account o f sqch expenditures.
The balance o f such expenditures, it is contem plated, will be reimbursed
from additional refunding and improvem ent mortgage bonds, loee sale oi
$800,000 in M arch 1913. V. 96, p. 717.]
,
, .
. .
Track.— On Dec. 31 1912 tho total mllcago o f railway tracks (on a single
track basis) controlled and operated b y the com pany was 198.785. cu rin g
tho year 4.553 miles o f new track were built and 1.073 miles o f track were
abT he°c<^ truction o f Hie interurban line from Decatur to Stone M ountain,
it Is exnected will bo com pleted during 1913.
Hales1__Beginning Jan. 1 1913, in accordance with the contract entered
into with the C ity o f Atlanta by which tho city consented to the lea.se o f
the Georgia R y . i E lec. C o ., a reduction in thei n t M c t a ^ o r electric
.. ...............................................................$16,092,297 $15,401,676 $14,445,600
Fixecfcharges leased & controlled c o s .S l l ,289,076 S11.0G0.0S2 $10,539,949
Fixoil riinrcos o f P S C o r p .o f N .J 2,749,997
2,540,242
1,835,356
DlvMondk . 1 ................................ (6 % )1 .500.000 ( 6 ) 1,500,000 (5) 1,250,000
Total deductions
s u
r p l u
_______ $15,539,073 $15,100,894 $13,625,305
s . . : : : : : : : : ...............
$553,221
$294,782
$820,295
P U B L IC SERVICE CORPORATION B A LA N C E SHEET DECEM BER 31
1912.
1911.
1911.
1912.
Assets—
$$
$
Liabilities—
$
$
$
69,83(5,002 65,630,340 S t o c k ........................25,000,000 25,000,000
Gen. M . 5% b o n d s 3 0 ,7 2 0 ,0 0 0 3 0 ,0 0 0 ,0 0 0
720,000
Advances—
Perpetual intcrest__
.....
4,884,250
3,924,250 bearing c c rtlfs .. 19,981,710 19,973,080
______
r u b . Serv. E lec.
......
250,000 A dv. by P. S. Elec.
175,000
190,(594 3.472,424 A d v .b y P .S .G a s . 1,000,000
878,819
192,106
1,014,802
485,799 Accounts payable.
65,877
Accts receivable..
74,825 Accrued in terest..
580,285
561,125
17,385
■
'•14,403
- R e s e r v e s . ....................
125,000
125,000
D ef. charges acct.
___
3,461,727
_
1,530,458
3,535,728
80,190,707 77,387,769
Profit and loss------ 1,729,983
T o t a l................ 80,100,707 77,387,760
city for th oclertric lighting o f tho s tr ^ ts and public places has been renewed
for five years, com m encing April 1 1913- r*ie service furnished in each
department is good and the rates charged for same are low.
..
\ v c l q c s .— T he wages o f inotormen and conductors have been voluntarily
increased about 1 0 % . effective Jan. 1 1913.
RESULTS FOR C ALE N D AR YE AR 1912.
Georgia R v . A Power C o ., Georgia R y . A Elec. C o ., A tlanta Gas L t. C o .,
S
Atlanta W ater A Elec. Power C o ., Georgia Power C o.]
Gross earnings. $5,218,913; oper. exp., $2,427,622; taxes.
O t f ^ ^ c o m e f d i ^ T n ^ u f y Vtadi; $41468;* mlsc.T $36.1161
77’,278
In terS tT on bond's, $751,845; on notes, $ Y ,3 4 2 j.- - - - - Rental divs. on G a. R . A E . C o . and A tl. Gas L t. C o . s t o c k ..
Paid sinking funds: Ga. R y . A E l. C o ., $71,736; A tl. Gas Lt.
$7 590; A tl. W ater A E l. Power C o .. $ 5 . 0 0 0 .. .. ................
Dividend A tl. W ater A El. Power C o ., final distribution------------Dividend on 1st pref. stock G a. R y . A Power C o. at 6 % per arm.
from M ar. 18 1912 to D ec. 31 1912 (4 .7 % )................................... -
759,187
801,168
Balance, surplus, o f consolidated properties after dividends.
$7*0,689
84,326
30,000
9 4 ’00°
942
THE CHRONICLE
GEORGIA R Y . A POWER CO. B A L A N C E SHEET DEC. 31 1912
Assets ($40,667,657)—
$
Liabilities ($40,667,657)—
$
C onstruction, plant______ 39,605,070 First preferred stock _____ 2,000,000
Supplies, fittings, & c____
310,379 Second preferred stock ___10,000,000
Cash and accounts recoiv.
442 089 Com m on s t o c k .................. .15,000,000
Prepaid accounts_________
lli.562 M ortgago bon d s_________i l l , 400,000
232,088 Accounts payable_______
Stocks and bonds_________
507,687
Suspense accounts____
4 1 2 6 9 ♦Georgia R y . & Elec. C o .
715,679
25,000 Sinking fund interest____
Sinking fund bonds______
1,217
D o bond prem ium ___
200 Reserve accounts_________
381,945
Acer.fixed chgs., G .R .& E .
155,681
Profit & loss surp. D ec. 31
505,448
,ass;°ts film ed over to the Georgia R y. & Power C o. b y the Georgia
ic j . A Electric C o. in accordance with the terms o f the lease, tho above being
balance o f net assets as o f D ec. 31 1912.
Oe? I t o r n ’ * O
°QrrCian ^ 0 WeV,C 0 - ,l s t M - 5 % b0nclS dated 1 0 1 0 , duo
sold against contract work now in progress.
(T otal auth., $10,000,000; remainder, $1,685,000, reserved to retire Blue
Rulgo Elec. C o. and Sav. River Power C o. 5s]; Bine Ridgo E lec. C o . 1st M .
As o f 1910, $1 135,000 (V . 95, p. 113; V. 94, p . 1386); Savannah River
1 ower C o. 5s, SooO.OOO , and Atlanta W ater Power & Elec. 1st 5s, $ 1 400 000.— V . 96, p. 789, 419.
’
T o ro n to
R a ilw a y .
{Report for Fiscal Year ending Dec.
31
1 9 1 2 .)
P r e s . S ir W i l l i a m M a c k e n z i e o n F e b . 5 s a i d in s u b s t a n c e :
Results.— The increase in gross passenger oarnings is most gratifvinsr
am ounting as it docs to $567,035. Tho net earnings, however wero roduced largely by tho operation o f additional cars, a higher rate’ o f wages
and the Increased cost o f material o f all classes, tho operating expenses
having increased $213,188. The payments to tho city o f Toron to amounted
to $942,049, being $119,816, or 1 4.6 % , more than in m i
am outuca
A d d ition s— In addition to entirely renewing tho battery plant at Fredl!urill? t h 0 y ° ar on capital account
the sum o f $o91,485 in building additional rolling stock and procuring elec
trical equipment for same, tho construction o f new tracks and erection of
overhead work in various sections o f tho city, additions to buildings and
other im provem ents.
Eire.—-On M arch 25 1912 a fire occurred at tho K ing St. East Division
com pletely destroying the car storage house, together with about 150 cars’
T ho property was insured.
1Vages.
Tho agreement with employees having expired June 15 1912
throoCycars n waxes was granted and a new agreement entered into for
Bonds.— Tho bonds drawn during 1912 ($159,500) have been redeemed
making tho total amount so retired $339,387.
’
%V)°rQ‘y{° s i
R y' Co, - ~ This subsidiary reports gross earnings of
$492,923, .>449,059 for the previous year— an increase o f $43,864, or 9 .7 6 % .
S T A T IS T IC A L S T A T E M E N T FOR YEARS 1904-1912.
1912.
1911.
19m .
1908.
1906.
1904.
Gross i n c -.5,448.050 4,851,541 4,377.116 3,610,273 3,109,739 2,444,534
N et o a rn s-_2.581.500 2.198,180 2,139,928 1,721,226 1,463,224 1,020,355
RESULTS FOR C ALE N D AR YEARS.
_
. ,
1912.
1911.
1910.
1909.
Passengers carried......... 135,786,573 120,997,844 109.415,264 98.117,991
Transfers...................
56,176.985
48,730,671 42.630.756 38,151,596
Gross e a r n in g s ,,,..........$5,448,050
$4,851,542 $4,377,116 $3,926,828
Operating expenses------ 2,866,550
2,653,362
2,237,188
1,995,914
N ot earnings...................$2,581,500 $2,198,180 $2,139,928 $1,930,914
Interost on bonds, A c ___
$190,993
$198,554
$201,288
$198,250
C ity percent, on e a rn s .,
798,959
687.650
596,297
507,827
General taxes__________
52,137
48,142
50,326
Dividends paid------ " H U (8)879.596(7 'A)*671159 (7)560,000 (7)560,000
C ost o f p aving................
90,953
84,463
83,041
82,128
Contingent a ccou nt____
_________
150,000
_ To.t a l ............................. $2,012,638 $1,691,946 $1,488,768
Surplus ...........................
$568,862
$506,234
$651,160
$1,548,532
$382,382
♦Also a stock dividend o f \2'A% ($1,000,000) paid out o f accumulated
surplus to holders o f record A ug. 25 1911 (V . 93, p. 230, 470).
B A L A N C E SHEET DECEM BER 31.
1912.
1911.
1912.
1911.
Assets—
$
$
Liabilities—
s
Road, equip., real
Capital.............. . . n ,000,000 10,968,383
eet., bldgs., A c. 18,379,410 17,787,925 Bonds outstanding 3,658,940 3,829,633
Advances to sub
Mortgage?............
70,000
70,000
sidiary cos........
743.4S8
932,360 Accrued interest..
64,680
67,206
Stores on hand__
234,457
303,255 Accts. A wages__
446,411
315,584
600,302
Accts. recelvable.
419,519 Unrcdcem. tickets 131,218
112,846
Cash......................
443,632
467,152 Accr.s.f.Tor.P.Co.
241,572
122,665
Injuries fund____
185,285
203,673
Dividend......... ..
219,982
217,153
Renewal reserve..
688,443
877,173
Profit and ipsa... 3,694,757 z3,125,894
T o ta l................ 20,401,289 19,910,2111 T o ta l.................20,401,289 19,910,211
z After deducting $1,000,000 stock d i v — seo abov e.— V . 96, p. 488.
H a le & K ilb u r n
Co.
{Report for the Fiscal Year ending Dec.
3 1 1 9 1 2 .)
T h o r e p o r t a t l e n g t h w ill b e f o u n d o n s u b s e q u e n t p a g e s .
B e lo w a r e c o m p a r a t iv e ta b le s fo r tw o y e a r s .
PROFIT AND LOSS ACCOUNT YEARS ENDING DEC. 31.
1912.
1911.
Deductions icon.)—
1912.
1911.
Not profits after roy-]
Divs. 1st pref. (7 % ). .8140,000 3113,600
altles, deprec’n, A c. 15585,949/3510,446 Divs. 2d pref. (7 % ). _ 160,538 160,538
Dividends on invest.,)
1
Divs. common.. (4%) 160,000(3) 120,000
rentals, A c ............. J
[ 300,174
Total deductions...3460,538 .3450,369
Total net profit?...$585,949 $810,620 Balance, surplus........ 3125,411 3360,251
Deduct—Reserve fund ..........
56,231
BALANCE SHEET DEC. 31.
Assets
1912.
1911.
Liabilities—
1912.
1911.
$7,824,191 34,361,254 First pref. stock. .$2,000,000 32,000,000
Investments . . .
3,154,263 Second pref. stock 2,293,400 2,293,400
780,591
592,703 Common s to c k ... 4,000,000 4,000,000
Bills receivable__
13,581
12,595 Bills payable------625,000
____
Accts. receivablc.
863,32 4
484,410 Accts. payable—
258,660
131,857
160,258
236,515 Reserve fund____
_____
56,231
.
20,778
Profit and loss__
485,662
360,251
— V. 95, p. 239.
$9,662,722 38,841,740
T o ta l........ ....... $9,662,722 38,841,740
A m e r ic a n S m e ltin g &
R e fin in g C o .
{Report for Fiscal Year ending Dec.
P r o s. D a n ie l G u g g e n h e im , N o w
3 1 1 9 1 2 .)
Y o r k , s a y s in s u b s t a n c e :
Results. -Our business has been gratifying in all departm ents. While
the political disturbances in M exico have interfered with traffic transnortation botween tho mines and smelters located in that cou ntry, yet by rea
son o f econom ies in operation, opening up o f new territory in the Southwest
encouragom ont o f production in territories tributary to the widely scattered
works o f tho com pany and a uniform im provem ent in tho m arket valuo o f
silver, lead and copper, the gross profit was increased b y $1,647,374.
In recognition ot the satisfactory results obtained and as a further in
centive to loyal service b y em ployees, tho executive com m ittee has appro
priated $367,823 from the earnings o f the year, a portion o f which has been
distributed to employees as a cash bonus and tho balanco has been added
[ V o l . X C V I.
to the ponsion fund to bring it up to $500,000. I t Is boliovod that the In
com e o f this fund when invested will meet all pension ronuiromonts ft° °
N otw ithstanding these and other unusual c h a r g i s a , ^
.amounts written o ff from b ook value o f investm ent securities for deprecia
tion and am ortization, tho not incom o for tho year shows an increase o f
$508,173, and tho profit and loss surplus, after the pay men t&o f dividendsf
was increased b y the sum o f $3,059,676, or 6 % on the com m on s t o c k 1
I ho m arket value o f silver, lead and coppor was much greater Dec 31
than on Jan. 1 1912, yet follow ing our custom , no portion o f the earnings
o f the year is attributable to tho enhanced value o f metals unsold
i
■Account. There was expended for repairs and replacements
h,
operating expenses $2,447,300, which is $763,937 greater
than the average for the previous three years.
*
and new m m nertv^rf
a cc?iin t/° ^ onlargom ents, im provem ents
» * • ” *• " o '™ " ” '
Further heavy expenditures, to increase tiic capacity o f plants decrease
h n m m n L Cn°i^ al?d di*I«orsify tho Prod ucts liavo been authorized and will
bo com pleted during this current year.
T h o directors havo increased
correspondingly tho chargo to the gross incom o account and tho credit to
property account for depreciation and am ortization.
Investment A ccount.—-The book value o f investm ent securities was written
Uenv,ll
groJis lai'on'° tho m m o f $301,745. A portion o f the d ivit S r , ctcec, v<-ci,
estern M ining C o. lias also been applied directly
toward tho reduction o f tho book value o f Its stock
FllP d to f debentures o f American Smelters’ Securities Co.— 'There
was paid to tho trustee during the yoar $500,000. which, with accum ulated
Interest, has been invested in theso bonds.
’
w
CON SOLIDATED IN C O M E AC C O U N T.
R e p ^ lr^ a n d ^ ^ l^ ce ^ e n ts ^ -^ !1! ^ ^ a,
Earnings from mining p rop erties!^
In t., rents, divs. received, com m issions, A c ______
13’ 105 S12 ’o o o ’ l87
1,077,560
D01R177
Gross incom e_______________________
3 1 (; 7 r,o -,nn n r , i , o , Deduct— Adm inistrative expenses. _
$7'r>8''l 77
8767<189
Research and examination e x p e n se s ............II
*159 619
* ' (>7,J82
C orporate and excise taxes________________________
123 917
114,198
Interest and discount on debenture b on d s. _
"
950 0 0 0
870,833
Depreciation and am ortization___________________
3,013 543
1,887,399
A p prop riation for empl. bonuses and pension roservo ' 367 ,’823
Book valuo o f invest, securities__________________
gon 7 4 r;
9Obi 210
American Smelt. & R ef. C o. pref. d ivs. (7 % )
3,500 000
3.500.000
Amorican Smelters’ Securities C o. pref. A div. (6 % ) 1 020 000
1.020.000
American Smelters’ Securities C o. prof. B d iv s .( 5 % ) 1 500 0 0 0
1,500,000
American Smelt. A Ref. C o . com . divs. ( 4 % ) ____ 2,000,000
2,000,000
T otal deductions
surnliisn S ............. * .................................- - - S 1 :j’d99-82‘t $12,560,023
Balance surplus..............................................................
3,059,676
2,551,502
C ON SOLIDATED GENERAL B A L A N C E SH EET DEC. 31.
1912.
1911.
1912.
1911.
Assets—
3
5
Liabilities—
$
Property acct. _ 140,053,523 139,963,733 Smelt. Co. com . 50,000.000 50.000.
Investm ents... 1,010,538
1,535,670
do
pref. 50,000.000 50.000.
Metal stocks...z29,661,013 26,492,981 Sec.Co.pf.“ A" . 17,000,000 17.000.000
Mat’I & suppl’s. 2,783,114
2,566,873
do pf.“ B” . 30,000,000 30.000.
Prepaid taxes,
Debenture bds. 14,495.000 15.000.
insurance, Ac.
327,185
400,149 Accts., drafts A
Cash.......... ....... 3,809,373
5,890,703
wagC3 payable 6,773,297
5,165,065
Demand loan?.. 5,935,874
3,192,050 Deferred pay. on
Adv. to affil. cos
349,744
333,704
mining prop’s
440,000
550.000
Accts¬es ree. 4,387,563
4,236,519 Interest on deb.
Cash with trus
bonds acc’d ..
375,000
375.000
tees of sink, fd
897
Divs. payable.. 1,873,105
2,501,666
Insurance fund
Int.Adivs.uncl’d
81,876
19,885
(scaur, at cost)
228,705
232,555 Accrued taxes..
244,809
198,493
Bal., dlsct. on
Employees’ ben.
Sec. Co. debs.
654,167
704,167
pension res’ ve
500,000
394,436
Fire ins. reserve
327,500
335,948
M iscel laneou.s. .
341,716
358,888
Profit A lo ss ... 16,759,402 13,699,726
T o ta l------- .189,211,705 185,599,108
T o ta l............ 189,211.705 185,599,108
m ate value o f $14,963,528, p a y m e n t fo T w h lc h V t o * b e ' " m a d d V r e O n c d
metals, not in cash.— V . 96, p . 865, 421.
u
U n i o n B a g & P a p e r C o ., N e w Y o r k .
{Letter to Stockholders Dated Mar.
1 9 1 9 1 3 .)
A p r in te d le tte r se n t to th o s to c k h o ld e r s , b y P r o s t. E d g a r
G . B a r r a t t , u n d e r d a t e o f M a r . 1 9 , g i v e s t h o p r e l i m i n a r y re
s u lt s f o r t h e y e a r 1 9 1 2 - 3 a n d t h e b a l a n c e s h e e t o f J a n . 3 1 1913
s h o w n b e l o w , in c o m p a r i s o n w i t l i e a r l ie r y e a r s , a n d , in a n s w e r
t o t h o a l l e g a t i o n s c o n t a i n e d in t h o b ill o f c o m p l a i n t r e c e n t l y
f ile d in N e w J e r s e y , s a y s in b r i e f :
Status.— T ho balance sheet shows current assets o f about $3,850,000 and
current liabilities o f about $800,000, leaving a net balance o f quick assets
o f considerably over $3,000,000.
T ho com p a n y’s bonds are being retired at tho rate o f about $125 000
per annum b y paym ents into sinking fund;, the ($220,000) Allen Bros bonds
at $10,000 per annum. Tho purchase-money obligations ($910,833) con
sist o f deferred payments in connection with now properties which arn nnt
current obligations, and which are not immediately payable a large nor
tion not being due until 1916.
1,01
T ho com pany has met all o f its obligations, discounted all o f its hills
and accumulated surplus earnings aggregating to date ,$i ,5 0 0 000- lias
accumulated a depreciation fund o f $1,750,000 and is in strong'financial
position. I h o current assets aro sufficient to pay all the current liabilities
and purchaso-money obligations and leave over $2,000 000 which would
retire over one-half tho outstanding bonds.
’
’
r W 8j ' niT , _ T h e n,et
' ’H r aftcr Payment o f all operating
charges, A c., were about $,>10,000, and tho com pany followed its custom o f
—
, — , ■, v
...
-------- , — ........ ..
surplus oari.u.f,^
Early last y c a i, although it was known that it would cost tho com pany
for <1 time a largo part of its usual profits, it was decided to mako prices to
fully meet the keen com petitive conditions gonoral throughout tho country.
This resulted in a largo temporary loss o f earnings, but wo retained all o f our
regular custom ers, regained those wo had lost and increased materially tho
volum e o f sales. In December last, as tho immediate future gave no indi
cation ot better conditions, it scorned wise to discontinue tho dividends
East fall the selling prices o f bags were about 25% loss than the former
average prices. Recently there lias been an improvem ent in conditions,
and wo expect to get better prices for our products this year.
Bill o f Complaint Alleging Mismanagement, etc.— This bill was brought
originally by a small number o f stockholders gathered together by an a ttor
ney, and m any, if not all, o f tlioso represented were invited to join therein
without expense to themselves as stipulated in a circular distributed bv
thoso responsible for the litigation, and whoso identity or purpose havo not
been disclosed. N o one o f tho complainants makes any affidavit. Of
thoso m ade in support o f tho bill, four out o f the six aro m ade by former em
ployees o f the com pany, and one by a former em ployee o f a selling agent
and the other b y a New York State forester. (V . 96. p . 558.)
’
Timber Limits. Water Power, A c .— Complaint is made o f the purchase
somo years ago o f 2,550 sq. miles o f tlmbor limits in Canada. Tho rights aro
not restricted as alleged, and there is no lim it to the timo to cut or the
amount which m ay bo rem oved from said lauds. W hile tho Province of
Quebec prohibited tho exportation o f pulp wood cut therefrom after M av
1910, this does not prevent tho manufacture o f pulp in Canada and tho e x
portation thereof to the com pany’s mills in tho U . 8 . Had wo established
000
000
000
000
a paper mill In Canada, it would have been impossible to export the paper
needed by us. as the U . S. tariff is prohibitive.
.
In connection with thcso tim ber limits wo acquired water power o f great
value. Tho Judgment o f tho directors in delaying the developm ent or
these powers has been entirely justified, sinco tho com pany is to-day in a
position to dlsposo o f its excess power, and in connection therewith to disvolop its Canadian properties upon terms m uch m ore advantageous than
at any tim e in the past.
... „ .
Depreciation o f woodlands has been dealt with conservatively, without
taking into account the Increase in value due to grow th, &c.
New M ills.— Our Fenlmoro sulphite mill, built at tho Hudson Falls plant
in 1902. is to-day probably as modern as any U . S. mill and one o f tho most
efficient in operation. T ho Fenlmoro paper mill was com pleted July 2 o
1911 and since July 1912. when a second paper machine was added, has
a capacity of 85 tons per day. Tho com pletion o f this mill has enabled us
to close down plants which wero more expensive to operate.
New ground-wood mills havo also been constructed at Hudson Fails,
while in Canada a most up-to-date ground-w ood mill was built in 19 10-11
with a production o f over 1 0 0 tons per day.
Various Acquisitions.— It is alleged that the Smith D ixon C o. (selling
agency) was purchased for $200,000, a “ ridiculously high figure.” As a
matter o f fact, your com pany acquired for Its $ 2 0 0 , 0 0 0 a stock o f paper
and bags and guaranteed accounts worth over $ 2 0 0 ,0 0 0 , and also the entire
good-w ill. Tho total cost o f tho bridge at Hudson Falls was $113,354, not
an excessive sum; two counties contributed $40,000, leaving the not cost
to us $ 7 3 ,0 0 0 . It is claimed that tho power house and raceway at Hudson
Falls cost $500,000; the actual cost was $359,025.
,, ,
,
Claim is made that the property o f the Allen Brothers C o., which was
purchased for $ 1 ,0 0 0 ,0 0 0 , could have been acquired a few months previously
for $750,001). Wo cannot find any ono connected with the com pany who
can substantiate this claim .
,
, .
____ ,
Efficiency.— All o f our paper bag machines havo been largely increased
in efficiency during the past six years, tho autom atic typo showing an in
crease in efficiency sinco 1905, or 15% , the square type of 19% and tho flat
typo 2 5 % . During 1912 over 30 now and rebuilt bag machines were in
stalled, largely increasing tho efficiency and decreasing cost of production.
Selling Agency Contracts.— Tho commissions paid under these contracts
(averaging about 7 '/,%) cover tho storage o f products, all selling expenses
(which are very large) and cost and risk o f collections, and are, in the ju d g
m ent o f tho directors, reasonable, especially in view o f tho fact that tho
agents use in the business targe amounts o f their working capital and pro
tect tho com pany from largo expenses and risks o f loss in collections.
RESULTS FOR YE AR S E N D IN G J A N . 31. (SUBJECT TO A U D I T .)
1912 13.
1911-12.
1910-11.
1909-10.
. . ------------$540,716 —
$1,017,835
P rofits per year-------------- - - - - - $1,038,112 $1,055,400
$167,577
Intorost on b o n d s .......... .. $200,217
$170,146
$173,28o
37,034
Int. on 6 % purch. notes.
32,000
32,334
23,850
Preferred d iv id e n d s ...(3 % )3 3 0 ,000
(4)440,000 (4)440,000 (4)440,000
149,925
D epreciation, & c .'______ x 122,585
122,265
120,987
107,605
Sinking fund for b o n d s ..
134,925
114,095
110,745
There is now a better control o f the cost o f production and o f the expenses
o f branch offices than at any time in the past, and, if general business con
ditions are m aintained, we ought to show an increase in volum e o f business
during tho year 1913 and an increase in profits available for dividends.
IN C O M E AC C O U N T.
1911.
1910.
1909.
1912.
N et earnings____________ S I,765,475 $1,722,573 $1,471,461
N ot
Deduct—
stated .
$132,174
S134.227
Interest (n e t)___________ $181,134
208,524)
249,243
Depreciation o f plan t___
259.702
N et p r o f it s ___________ $1,324,639
First pref. divs. ( 7 % ) - - - $280,000
Second pref. divs. ( 8 % ) 400,000
Contingent reserve______
______
.34,287,628 34,153,221
T o t a l-----
.34,287,028 34,153,221
include in 1913: Logs in rivers, $841,743; pulp w ood in
piles, $793,338; lumber, $93,354; supplies, stores, fuel, & c., $178,933,
merchandise on hand and in process, $1,229,719.
, .. ..
6 Includes in 1913 Allan Bros, bonds assumed, $220,000, and obligations
on account o f purchase o f properties, $910,833.
c A fter deducting $70,945 for bond disc, and exp.— V . 96, p. 867, 558.
D odge
&
C o .,
N ew
Y ork.
31
1 9 1 2 .)
B e lo w w o g iv e c o m p a r a t iv e in c o m e a c c o u n t s o f th e c o m
p a n y a n d c o n tr o lle d c o m p a n ie s a n d a lso a c o m p a r a t iv e s t a t u
m en t o f o u tp u t.
F u r th e r ta b le s a n d e x tr a c ts fr o m th e t e x t
o f th o r e p o r t w ill b e g iv e n a n o th e r w e e k .
IN CO M E ST A T E M E N T .
1910.
1912.
1911.
D ivs. from sub. co s _____ $10,005,458 -56,994,000 $8,787,815
312,095
Commissions & m isc____
406,077
28 9, 0 O8
T o t a l ................
$10,411,535 $7,283,508 $9,099,910
D iv id en d s....................... $6,750,000 $5,100,000 $5,399,875
(12% )
B ate o f d iv ____________
(i 5% )
(1 2 % )
252.521
Kxpenscs, taxes, & c____
126,350
149,206
Kos’vo a gst.stk s. owned 1,500,00(3
l,5O0,0OO
$234,302
Balanco, surplus-------- $2,035,185
EARN IN GS OF CONTROLLED COS. FOR YEAR
1911.
1. C op p er Q u e e n —
1912. ^
N et incom e___________ $6,977,378 $4,155,011
5,200,000
Dividends p a i d -------- 5,707,351
1909.
$5,769,355
256,385
$6,025,740
$5,396,652
(1 2% )
182,529
$3,447,514 $446,559
E N D IN G DEC. 31
1910.
1909.
$4,623,856 $5,271,278
6,300,000 4,025.000
Surplus or d e f . . Sur.$1,270,027D .$1,044,9890.$1.676,M IS.si ,240,278
2 . D e tro it— N etin com o $1,406,171
$930,496 .$1,079,547 $1,153,269
1,464,610
800,000
1,840,000
760,000
Dividends p a id ______
3
Surplus or d e fic it.-d e f. $58,439sur.$130,496def.$760,4 53sur.$393,260
. M octezu m a — N et . . $2,735,061 $1,206,182
$480,691 $1,004,454
Dividends paid_____
2,118,570
754,000
468,000
988,000
Surplus .................. ..
$616,491
$452,182
$12,691
$16,45
Stas Canyon Fuel C o .’s not incom e lor the year ending D ec 31 1912
mounted to $346,350 (against 8345,071 in 1911), adding. $174,479, th
final dividend o f the Southwestern M ercantile C o ., and deducting d iv i
dends naid $414,927, leaves a surplus o f $105,902. T ho deficit o f tho
Burro
Lltn!
Conner C o. tor tho year was $84,105.
Burro M
tn . Copper
O U TPU T OF C O M PA N Y'S M IN E S {in pounds).
Detioil M ine.
Total.
Year—■ Cop. Queen M ine. M od . M in e.
34.193.974
24,802,789
147,277,671
1912
.......... 88,280,908
26,707,955
22,704,398
123,902,081
1911
.......... 74,489,728
23,728.647
23,056,292
123,213,847
..... .. 76,428,908
1910
26,487,770
24,591,021
135,508.588
1909
_____ 84,429,701
— V. 96. p . 557. 139.
R e m i n g t o n T y p e w r it e r C o . (fo r m e r ly U n i o n T y p e w r it e r
C o .) , N e w Y o r k .
(Report for Fiscal Year ending Dec.
31
1 9 1 2 .)
P r e s i d e n t J . W . E a r l e is q u o t e d a s f o l l o w s :
„__ F
,
.
U U<lll It; llUIIUlln^wiM ......
....n -'* ---'
‘ V/
Rem ington Typew riter C o ., and it will hereafter not only make typewrit
ing machines, b u t it will also sell them under the name o f Rem ington T yp e
writer C o. T h e Remington business will thus bo conducted under tho old
namo, anil at tho same tim e econom ies in administration will be effected
and the public will bo served, if possible, in a m ore efficient manner than in
the past.
$1,253,653
S 280,000
*448,000
400,000
T o t a l ..........................
$28,864,625 $27,253,411 $26,156,747
Liabilities—
_____ ____
First preferred stock _________________ $4,000,000 $4,000,000 $4,000,000
6.000,000
6,000,000
2d pref. stock (outstdg., $5,000,000). 6,000,000
C om m on stock ---------------------------------- 10,000,000 10.000,000 10,000,000
2,305,000
2,705,000
Short-term notes_____________________ 3,755,000
89,138
113,861
A ccounts payable___________________
178,984
Bills payable________________________
— --
94.179
107.018
A ccrued charges_____________________
124.215
400.000
400,000
Contingent reserve---------------------------. 234,2o5
3,268,430
3,927.532
Surplus______________________________
4,572,171
a Inventories
(Report for Fiscal Year ending Dec.
$1,130,763
$280,000
400,000
$1,339,103
S280.000
400,000
Balance, surplus______ $644,639
$659,103
$450,763
$125,653
* T ho dividend paid includes that on $600,000 second preferred held in
tho treasury as an investm ent.
B A L A N C E SH EET A S OF DECEMBER 31.
Assets—
1912.
1911.
1910.
Plants, pats., trade-m ks.& good-w ill.*$16.607,625 $16,500,418 $16,418,042
1,600,000
1.000,000
Second preferred stock in treasury___ 1,000,000
Stocks and bonds in other companies 2,232,820
2,232,821
2,268.822
Inventory o f m ats., sup., m achs., & c. 1,961,559
1,485,733
1,530,173
A ccounts receivable_________________
6,741,228
5.760,291
4.231,989
Cash in banks and on hand--------------285,378
211.313
622,436
Taxes, insur., & c., paid in a d v a n c e ..
36,015
62,834
85,285
Surplus or d e ficit____d ef.$279,010 sur.$138,995 sur.$169,245sur.$153,258
x T h o "co s t o f properties” as per balanco sheet was increased during tho
vear $435,760, against $820,266 in tho previous year. It was reduced b y
$ 1 725 740 on account o f extinguishment, depreciation and sinking funds
against $1,468,230.
B A L A N C E SHEET J A N U A R Y 31
1913.
1912.
1913.
1912.
S
S
Liabilities—
Assets—
$
S
11,000,000
.
.
.
.
Cost of properties.30,428,552 30,250,301 Preferred stock__ 11,000,000
Common stock__ 16,000,000 16,000,000
Inventories (ap
proximate cost)-<J3,137,080 3,226,589 First mtgo. 5 % __ 3,777,000 3,111,000
Obllg.for prop.pur.51,130,833 1,250,833
Accounts and bills
400,000
497,500
receivable____
587,966
560,378 Bankers’ loans__
375,028
342,305
Cash.................... 134,024
115,953 Accts. & bills pay.
Interest accrued..
32,934
29,794
Surplus.............c l , 571,833
1,921,789
P h e lp 3 ,
943
THE CHRONICLE
M A R . 2 9 1 9 1 3 .j
T o t a l...................................... ...............$28,864,625 $27,253,411 $26,156,747
* A fter deducting $259,703 for depreciation.— V . 9G, p. 8 GS.
U n d erw ood
T y p e w r ite r
C o .,
N ew
(Report for Fiscal Year ending Dec.
Y ork.
31
1 9 1 2 .)
P r o s . J o h n T . U n d e r w o o d , N . Y . , F e b . 2 7 , w r o te in s u b s t .:
T h e report herewith cannot fail to be gratifying, since 1912 was the m ost
successful year in our history, the sales o f machines having increased
m Trh otonlargcments o f the fa ctory at Hartford were in 1912 fully com
pleted and put in operation. T h e output has reached over 500 machines
daily and this with our present equipment will doubtless bo increased
somewhat, to keep pace with the ever-increasing dem and. In 1911 we had
in tho United States 96 branch and sub-branch offices; on D ec. 31 1912,126.
Our business with tho various governments and with the com m ercial schools
in this country continues to increase with satisfactory results. In the
various speed contests with other makes o f machines, b oth in this cou ntry
and abroad, tho Underw ood has easily retained its suprem acy.
A t this tim e tho outlook for the year 1913 is excellent.
IN C O M E AC C O U N T YE ARS E N D IN G D E C . 31.
1910.
1911.
1912.
$1,375,599
N et earnings— -------------------------------N ot
71.571
*42,525
Other incom o
stated.
$1,946,031 $1,447,170
T otal net incom o________________
169.573
212,913
D ep recia tion --------------------------------N et profit for year________________ $1,733,118
$1,277,597
$1,007,824
Special surplus capital reserve______
$113,025
$176,357
Preferred dividends ( 7 % ) ___________
350,000
350,000
C om m on dividends-------------------------- (4% )34 0 ,0 0 0(3 % )2 55 ,00 0
$142,406
262,500
$404,906
$781,357
T otal deductions--------------- -----------$803,025
$602,918
$496,240
Balanco, surplus......... - .........................
$930,093
♦Includes interest, $17,851; dividends on prof, stock o f com pany held in
special capital reserve fund, $23,128, and miscellaneous, $1,547.
B A L A N C E SHEET D E C . 31.
1912.
1911.
1912.
1911.
Liabilities—
S
$
Assets—
$
S
Capital invest’s.ilO ,798,611 10,521,207 Preferred stock__ 5,000,000 5,000,000
Inventories_____ 2,677,191 2,171,865 Common stock__ 8,500,000 8,500,000
386,364
Accounts payable.
523,384
Accts. Sc notes rec.
500,000
lessreserves___ 2,811,713 2,039,617 Notes payable___
172,500
Cash...... ............
499,076
424,834 Divs. pay’le Jan. 2 172,500
Furn., tlxts., &c._
300,137
257,351 Special surp. capi
318,764
tal
reserve
acct.
431,789
Prepaid Insur., &c.
64,196
61,911
Surplus_________ 2,029,251 1,099,157
T o t a l............... 17,156,923 15,470,785
T o t a l.......... ..1 7 ,156,923 15,476,785
x Includes patents, trade-marks and good-w ill, $7,995,720; real estate,
buildings, plant, m achinery, tools, & c., $2,045,073; stock in other cos. at
cost or less, $326,029, and investments special surplus capital reserve fund,
$431,789.— V . 96. p. 657.
N o rth
A m e r ic a n
Com pany.
{Report for Fiscal Year ending Dec.
B e lo w
we
F u rth e r d a ta
Receipts—
g iv e
c o m p a r a tiv e
ta b le s
31
fo r
1 9 1 2 .)
several
years.
w ill b e g i v e n a n o t h e r w e e k .
INCOME ACCOUNT FOR CALENDAR YEARS.
1910.
1911.
1912.
$712,902
$659,994
$537,327
1,357,304
1,392,448
1,517,953
34,797
53,551
289,189
1909.
$556,842
1,153,539
313,036
S2.105,993
$2,105,003
$2,023,418
$76,217
11,654
107,674
1,489,665
587,361
13,234
142,923
1,489,665
$80,547
5,657
107,477
1,489,665
$104,029
5,240
128,194
1,489,665
Total .......... ............................. $1,685,210
S659.260
Balance, surplus........ ............ -
Sundry accounts, written off,
17,697
and reserves------------------------Change in value of assets as re
adjusted Dec. 31............ .........
SI,733,183
$372,810
81,683,346
8421,657
SI,727,128
8296,290
5,609
57,937
Total ..............................Deduct—
Salaries, legal expenses, &c.
T a x e s -----------------------------Interest ............ ...................
Dividends ( 5 % -----------------
D . 79,079
$217,211
$363,720
S641,563
S.367,201
Total undivided profits Dec. 31 S5.035.471 $4,393,909 $4,026,70S $3,662,988
BALANCE SHEET DEC. 31.
1912.
1911.
1912.
1911.
$
$
LiablllHesAssets—
Stocks
...25,177,712 22,132,931 Capltal stock . . 29,793,300 29,793,300
Bonds H U ” ___ 5,089,905 5,621,005 Coilat. trust notes ............ - 1,910,000
do int. accrued -----------16,767
Loans A advances 3,574,618 10,520,048
Notes payable----- ------------ 3,157,765
Office and miscel372,416
1
1 Dividends accrued 372,416
lanco is property
6,341
7,367
779,864
785,857 Divs. unclaimed..
Accts. receivable.
346,004
305,203
923,926
967,140 Funds subsld. cos.
Cash......................
30,480
Accounts payable.
32,269
Undivided profits. 5,035,471 4,393,909
T o ta l.................35.546,026 40,026,982
T o ta l................ 35,546,026 40.026,982
944
THE CHRONICLE
RESULTS OF SUBSIDIARY COMPANIES FOR YEARS END. DEC. 31.
*W,n in d-Co- Unlted Rvs. Of St. L. West Ken. Coal Co.
1912.
1912.
1911.
1912.
1911.
5
§
c
S
8
Operating revenue--------- 7,733,151 12,251,091111,958,883 1,118,418
8 4 4 ,5 5 7
Non-operating revenue..
48,198
04,917/
n r P n v 33 rPv c n u e ---------------Op. e x p . , taxes & r e s e r v e .
7 ,7 8 1 ,3 4 9
5 ,2 8 3 ,5 0 9
1 2 ,3 1 6 ,0 0 8 1 1 ,9 5 8 ,8 8 3
8 ,4 8 0 ,7 2 4 7 ,9 9 0 ,0 0 2
^ ® ! L l n c o m e - - ---------------I n t e r e s t accrued.............
2 ,4 9 7 ,7 7 9
1 ,5 0 7 ,5 7 5
3 ,8 3 5 ,2 8 5
2 ,6 9 6 ,1 9 7
3 ,9 6 8 ,8 2 1
2 ,7 4 0 ,3 0 6
Surplus income...........
Preferred stock dividend.
990 204
275,500
1,139,088
_____
1,228,515
...
1,118,418
911,710
8 4 4 ,5 5 7
7 3 5 ,3 6 5
206,702
299,492
109,192
279,392
D.92,791 D .17(^200
Balance, surplus..........
714,704 1,139,088 1,228,515 aD.92,791 D .170,200
_ ™naLe,anr,nl,n?,3 subsidiaries; for earnings of separate operating cos. see below.
o f f ? w K 8 ! l M ! ntUCkJr COal C° - aUCr ad<Ung ?S0’014 1083 t0
,,
St. Louis Sub. Elec.
Un. Elec. L.& P. Co. — Detroit Ed. Co — Co.OasCo. Lt.&P Co
1912.
1911.
1912.
1911.
-----'
(J . I .) C a s e
[Vol.
T h r e s h in g M a c h in e
Co.
( I n c .) , R a c in e ,
(Report for Fiscal Year ending Dec.
P i e s . 1 r a n k IC . B u l l , R a c i n e , M a r .
XCVI
1,
31
W is .
1 9 1 2 .)
"W rote in s u b s t a n c e ’
Results.— 1T h e gross sales o f thresh ers, traction engines fa r m engines’
g an g p lo w s, road rollers, road sp rink lers, road graders Y o o k
a u to m o b ile s, & c ., w ere S i 1 ,0 2 6 ,6 3 4 , lioing the g reatest o f a n y year sir co th e
c o m m e n c e m e n t o f th e business in 1 8 1 2 , an d sh ow in g an increase o f 5 3 %
Gross Sales fo r the Last Five Years.
1908.
or
1909.
1910.
s a l r a K i m ? s o I S ’ ™6!,’995
1011
io i9
, s 9 -1,6,3 - b S .
* h ! o 1 ! ; o34
t i i m ' t ? 0 c o m p a n y s regular m ach in ery lin es, v iz ., ste a m an d gas’ engines
thresh ers, road m ach in ery, corn shellers, corn h usk ers, shredders e t c
’
Miscellaneous Earnings.— T h is su m ( S S 2 8 .3 1 1) in clu d es $ 4 6 * . 1B2 the
“ ™ » lt ° i in terest col le ctcd on bills receiva ble; 5 2 2 3 ,2 1 9 in terest accrued
on b ills receivable; $ 2 2 ,8 2 9 m a n u fa c tu rin g p r o fit on th e o u tp u t o f th e au to
Jnl/ ^ S / a n tm h u 1i f i lf il 109»Jpr? f i t on sec o n d -h a n d good s an d a d ju stm e n t*0
Interest.— T h is item in th e in com e ac co u n t in clu des fou r m o n th s’ in t e r
est on tho $ 2 ,3 0 0 ,0 0 0 o f b on d s retired M a y 1 19 12 , an d all other interest
Pa ^ , r,saccr^ cd fo r .t b e year 1!) 12.
T h e p roperties are n ow u nen cum b ered
h as morn h
aln p l a #<V?t R a cm e occu pies a b o u t 4 0 acres o f ground an d
h as m ore th an 4 0 acres o f floor sp ace: it is w ell eq u ipp ed an d m od ern in alt
resp ects an d h as an an n u al c a p a c ity o f 4 ,0 0 0 to 4 ,5 0 0 threshers 2 500 steam
Operating revenue..3,636,15713,602,666 4,385,615 3,59f, 94
Non-operating r e v ..
27,665/
Gross revenue----- 3,663,822 3,602/666 4,385,615 3,598/094
Op.exp.,taxesAres’ve 1,943,647 1,955,550 2,527,180 2,061,190
b X T a n d 0 ! 1 ^ dr ^ I } erS’ i i ? / ° 0 *a.s tra cto rs. 3 0 0 corn
.500 ifay
balers and 1 ,1 0 0 road m a k in g m ach in es.
[C o m p a r e V . 94 d 3 5 3 1 T h e
Net Income---------1,720,175 1,647,116 1,858,435 1,536,904
c o m p a n y a lso ow ns 10 0 acres ju s t o u tsid e o f R a c in e , u pon w hich d urin g 19 1
Interest accrued----- 842,928 850,878
712,926 683,729
bu ildin gs h a v e been In nrecess n f ee n c i,.,.c M ^ „ r.._ AT- . . . . * o u n ip , IJ 1 Z
Surplus incom e... 877,247 796,238 1,145,509
853,175
45,766 engines and tractors, d u r in g 1912 $751,784 was oxnended towards tho
Dividends.............. (6)593,100(6)593.100(7)524,349(7)414,330
erection o f tho new plant and in additions and improvem ents to the main
plant. Tho new plant will be ready for business during the su m m erof i o i V
Balance, surplus.. 284,147 203,138 621,160 438,845 ' 5 0 ,5 8 5
45,766
An autom obile plant located just outside o f Kaeino and ' wch Adapted Vo
Earnings for 1912 of Subsidiaries of Wisconsin Edison Co.
m aking our limited hue o f autom obiles, was acquired in Sent 1 <J? 2 at a cost
Mil.El.Ry. Mil.L.,II.
Wat.Gas Burl.El.L. No.Mil.L. o f $450,000, and paid for in stock. From Jan. to Sept. 1912 the outnut o f
& Lt.Co. dTr.Co.
&El.Co. &Pow.Co. &Pow.Co. this plant was billed to the com pany at net prices, resulting inla n ot 2
S
S
turing p rofit o f $133,343. which sum, as it accrued prior to tho L ^ £ n f o n
Operating revenues.5,682,356 1,237,384
i^ant. is not included in the incom e account for 1912, although addOperating expenses.2,985,770 550,626
jng directly to our surplus. A like m anufacturing profit o f $22,829 arisMaint. and deprec’n 545,526
K i I ! m i th 0 Th'1u sltlon o f tfl.° autom obile plant Is included in the inconio
Taxes ______
398,766
statem ent.
I hose sums are in excess o f profits arising from our sales of
autom obiles, which profits are included in tho incom e account.
Net oper. revenue.1,752,294
1 no branch house properties have an appraised value o f about $ 2 , 0 0 0 0 0 0
Non-oper. revenue..
61,189
J s ™
Time.— On the average only about 50% o f tho selling price is'
Gross lncom o___ 1,813,484 1,204,530
realized in cash during tho year ot tho sale, and tho remainder is necessarily
Interest charges___ 715,206 665,706
earned from tw o to three years m ore, tho purchaser paying interest on all
deferred installments.
<lu
Net Income.......... 1,098,278
538,824
Preferred dividends. 270,000
Employees.— Tho com pany em ployees from 3,023 to 3,736 employees
Balance, surplus.. 828,278 538,824
91,193'
18,216
6,566
1,982 i n ^ b ! ° i S S . ^ ? 8S : T O ? i % cum ' 1)rcf- stock
R M O & CO.
BALANCE SHEETS OF SUBSIDIARY COMPANIES AS OF DEC. 31.
IN C O M E AC C O U N T FOR YEAR E N D IN G DEC. 31 1912,
Mil. El. Ry.
st. Louis
Sub. Elec.
Gross sales...................... $14,026,631
* Light Co. United Rys. of St.Louis. Co.OasCo. L t.& P . Co.
Deductions (continued)Other incom e (see above)
828,311 Interest paid (see t e x t). .
1912.
1912.
1911.
1912.
1912.
$200,482
Assets—
s
$
S
8
Depreciation reserve____
119,005
T
otal
in
co
m
e
............
.$14,851,945
Property, plant, Ac. 33,132,715 101,130,634 101,000,000
1,235,346
704,864
Reserve for cen t, lo ss e s..
200,000
Deduct—
Securities
In
treas..
° ...... .
*"
--------2,802,000
1,452,000
Pref. dividends ( 7 % ) . . .
813,167
Cash ......................
69,896
------------------667,649
835,794
12,731
11,415 Cost m fg., selling, A c . ..$1 1 ,6 0 0,1 83
Bills receivable___
x 158,984
6601
234,987
133,960/
294
6,168 Repairs, maint. A renew.
T otal deductions_____ $13,403 677
Accounts receivable 2,201,040/
305,856 Balance, surplus..............SI ,451 ,’ 208
26,665
36,067 Gen. exp., incl. t a x e s ...
Materials & supplies
460,219
673,471
387,224
48,974
38,392 u„rV,Vld lti0nal' It Js.understood, to amounts included In "co s t o f m fg A c ”
Prepaid accounts..
1,075
25,331
28,894
950
7,759 sufficient to maintain the efficiency o f tho plants.
’
Reserve, sk. fd., Ac. 1,050,000
52,711
Miscellaneous.........
" 3",556
B A L A N C E SHEET.
Dec. 31 T2. June 30 T2.
Dec. 31 ’ 12. June 30 '12 .
Total .................. 37,181,567
105,320,821103,837,872
1,328,516
Assets—
$
§
804,664
Liabilities—
8
$
Liabilities—
Real est., bldgs.,
Preferred stock.. . 12,150,000 12,000,000
Capital stock______ 14,350,000 41,900,300 41,900,300
500.000
500,000
plant,
A
c--------6,583,7391
6,227,898
Common s to c k ... 8,300,000 8,000,000
Funded debt.......... 16,849,000 59,210,000 59,480,000
700.000
Patents, des’ns,Ac. 1,023,799/
Bills payable------- 6,367,500 4,980,000
Bills payable.........
300,0001
142,193
f 100,000
30,000
151,750 Inventories (includ.
Accounts payableAc 1,714,089
7 50 102
Accounts payable..
320,592/
[ 73,532
7,508
advances account
34,532
Accrued taxes___
90,149
Vouch. A pay-rolls.
______
410,935
198,351
purchase).......... 9,187,719 12,520,529 Dividend payable212,625
210 666
Surety, Ac., deposits
19,930
4,578
7,785
4,930
2,877 Bills receivable
13,621,197 11,160,175 Coming, reserve..
500,000
Int.,taxes, Ac.,accr.
610,373
1,137,698
1,152,846
16,263
345,907
7,081 Acc’ ts receivable.
531,638 Deprec’n reserve.
017,136
471,355
Dividends accrued.
45,000
Cash.____ ______
465,401
598,157 Sales to dato (1912)
........... 4,172 520
Reserves.................. 3,218,195
1,057,608
623,617
51,834
67,374 Prop, acquired and
__
120 487
Interest A suspense
Miscellaneous____
198,982
______
56
3,573
208,867
held for sale___
Profit and loss----- 62,114,585
442’l57
Surplus .................. 1,269,495
1,457,508
301,441
17,923
37,478 Investment a ___
250,0-13
Exp. acct. 1913
T o t a l.................. 37,181,567 105,320,821 103,837,872
1,328,510
804,664
prep’d Int., Ac.)
379,411
1912.
$
Secur.In treas..
Cash.............. .
Bills receivable.
Accts. receivable
Mat. A supplies
Def. chgs., bond
disc, and exp.
Prepaid accts..
Sinking fund__
Miscellaneous .
Deficit ........ ..
382,869
137,250
497,723
486,600
298,050
809,748
11,884
1911.
1912.
1911.
$
$
$
1,399,737 24,065,531 21,048,794
402,369
33,900
33,900
28,266
370,037
341,522
2,8001, 696,913
561,207
424,618/
311.600 1,189,179
729,189
822,259
25,196
401,565
50,204
381,670
15,011
1912.
•S
14,617
217,559
1911.
S
112,407
17,610
I 6,685
1159,031
104,499
12,271
4,158
3,728
18,037
T o ta l................ 32,066,084 31,152,620
T o ta l................ 32,066,084 31,152,620
., “ . Rlvc,st^ , fc in. and amount duo by Compagnio Case do Franco" „.
l arts, b A fter adding surplus arising from profits o f Plcreo M otor Co
prior to date o f acquisition (not), $133,243, and deducting $57,500 premium
paid on redemption o f bonded d eb t.— V . 90, p. 792.
B e th le h e m
S te e l C o r p o r a t io n , S o . B e t h ., P a ., a n d N . Y .
( R ep or t f o r F i s c a l
Y e a r e n d in g D e c . 3 1
1 9 1 2 .)
Pres. Charles M. Schwab, April 1 , wroto in substance:
Results.— T ho unfavorable business conditions prevailing during tho
latter part o f 1911 extended through the first half o f 1912, notwithstanding
which the earnings o f your corporation and Its subsidiary companies
Total - ........ 29,330,021 28,416,845 26,867,328 23,111,293 6,277,336 5,907 247
amounting to $5,114,440, wero again tho largest since its Incorporation ’
Liabilities—
*
T ho improvem ent in business during tho latter part o f tho past year has
Capital stock.. 9,885,000
9,885,000 8,749,800 6,000,000 500.000 500 000 enabled tho subsidiary companies o f your corporation to secure orders
Sub. to cap. stk................ ..
..........
..........
332 350
’
during the year aggregating $47,030,504, or 00% greater than tho best
Funded d e b t... 16,398,000 16,039,000 13,590,200 14,021,000 1.849"666 1 o’fo'ooo
year o f lts history, and tho orders on hand at the beginning o f
Bills payable.......................
100,000 1,989,176
975,000
398
’ ’ 3 9 81913 ($29,282,182, against the best previous record o f $17,370,000) would
A p n ta
n
n v n h lo
2393,277
03 977
3
2S
OQQ
lo r,
o>ro
Accts.
payable.
338,655
933,125
’
° U
378,771
3,713,793 3,324,102 seem to Insure very satisfactory earnings for the com ing year.
Surety, Ac.,dep.
..........
...........
44,676
35,504
...................
Orders Booked During Year and on Hand Dec. 31.
Int.,tax.,Ac.,acc
315,052
314,398
308,270
317,453
50,097
50,072
.
Booked.
On
Hand.
\
Booked.
On
Hand
Divs. accr., A c.
76,367
63,481
Reserves.......... 1,286,412
805,971
653’,052
517,584
164,048
122,615 } 9 0 7 ----------$15,015,019 $8,425,73711910 _____ $29,580 572 $17 370 0 0 0
............14.458.998
7,592,503 11911 ............W . ’fifll i S / l O O
Surplus............
975,912
870,340 x599,029
533,631
l u u y ----------2 o ,69 d »517 14,073,83411 9 1 2 ______
47,030 504 29 282 182
T o ta l............ 29,330,021 28,416,845 26,867,328 23,111,293 6,277,330 5,907,247
poli<;X ° i th e1‘?,°,?rd has been to strengthen tho'positiou
o f Its plants and properties by additions and extensions to doveloo all their
x After adding $5,755 premium on capital stock and deducting $400,000 appro
resources to the iullest extent, and to declare dividends only when war
priated for depreciation, $50,000 appropriated for Insurance and employers’ lia- ranted by earnings actually realized. In tho opinion o f your directors, the
blity reserve and $51,516 for adjustments, y After charging to profit and! loss earnings for 1912 and tho condition o f your corporation’s plants and finances
$41,565 for appropriation for depreciation and crediting $11,697 for adjustments.
fully warranted a dividend on its preferred stock, which dividend was de
clared at the last meeting o f tho board [namely 5 % , payable 114% quar
Balance Sheets of Subsidiaries of Wisconsin Edison Co., Dec. 31 1912.
terly on April 25, July 1 and Oct. 1 1913 and Jan. 2 1914.— V. 96. p. 792.]
Mil. Lt.,III. Wis. Gas Wat’nGas Burl.El.Lt. N. Mil Lt
Maintenance, A c .— During the year there was charged to cost o f operaAssets—
A Trac. Co. & El. Co.
............
- Pour.
**
~ A Pow. ’Co ’
& El. Co. &
Co.
tions
for ordinary and extraordinary repairs about $2,712,000.
Property, plant, A c___ S9,955,931 $3,256,555
$667,363
$64,560
$34,597
Properly Account.— The increase o f $4,695,618 includes:
Investments.................. 14,004,275
___
Transfer to depreciation reservo o f depreciation, heretofore
Cash
'
86,609
3,253
2,275
1,707
deducted from property applicable to plant now in service___$1,068 646
Bills receivable________
13,394
Transfer, at cost, o f property hitherto carried in inventory (dopro’
Accounts receivable___
198,959
18,639
860
1,956
ciation
provided thereon transferred to reserve for deprec’n . . ) 1.428 QOrt
Materials and supplies..
77,702
17,242
3,238
631 Actual net expenditures during the year for additions and im’
Prepaid accounts_____
155
1,170
25
provements, $2,512,127; less provided out o f deperciation
Reserve sink, fund, A c ..
50,000
A c ., funds, $313,961----------------------------------------------------------' 2 198 166
Miscellaneous................
2,732
5,907
Among the many additions com pleted were: Crucible steel department
1
’
T o t a l ........................... $24,016,886 $3,637,120 $706,497
$70,934
$38,916 annealing furnace; projectllo departm ent, 3 heating furnaces
Y ° rk ‘n Progress b y Both. Steel C o. embraces in|part: At Lehigh
Liabilities—
plant. ( 1 ) Open hearth N o. 3 — N ew plant comprising six 40-ton openCapital stock................... $10,000,000 $1,200,000
$200,000
$50,000
$25,000 hearth
furnaces with building, gas producers, stock yard, cranes, crane
Funded debt................... 11,189,000 2,000,000
180,000
runways, equipment. A c. (2) Electric furnaces— Now plant comprising
Bills payable— .......... ..
........ .
207,563
2,750
8,000 one 1 0 -ton electric furnace with building, cranes, crane runways, A c. (3 )
Accounts payable............................... 1,786,367
51,847
12,966
1,195 Bar mills— New rolling mill plant including 1 32-Inch reversiblo blooming
D ep osits........................
..........
6,142
333
50 mill, 1 continuous billet mill, 1 2 2 -inch mill, 1 1 2 -inch mill, 1 1 0 -inch mill
Int., taxes, Ac., accrued
100,790
99,911
1,118
742 ant 1 8 -inch mill, together with stripper, soaking pits, gas producers,
Divs. accrued or unpaid.
53,000
10,000
1,938 buildings, crane runways, cranes, A c. At Saucon plant: 6 additional 7 5 362/361
Reserves______________
109,371
6,590
14,947
ton open-hearth furnaces, including extension to building; 1 1 ,0 0 0 -tou
Miscellaneous_________
3,573
484
‘ " ’ 28 metal mixer, 2 75-ton cranes, 1 charging machine, 24 gas producers; 1,000.S urplus..........................
578,368
113,275
10,965
79,570
1,963
dur' Including open-hearth furnaces, soaking pits, A c.
T o t a l...... ................... $24,016,886 $3,637,120
$706,497
$70,934
$38,916
-V . 96, p. 866.
_y l,851,716" 1,643,043
~
.
945
THE CHRONICLE
MAR. 29 1913.]
S u rp lu s __Tho greater part of the surplus accumulated from earnings
since the formation of your corporation has been put back Into the business,
either for extensions and additions to plants and properties or as working
capital
In order to indicate on the balance sheet the approximate amount
Hands.— During (lie year Bethlehem Steel Co refunded its outstanding
five-year 0% Sinking Fund Secured Gold Notes (V. 94, p. 892) and aeouirod a part ($2,668,000) of its first extension mortgage 5% gold bonds,
bv the sale of 815,200,000 out of an authorized issue of $50,000,000 of
first lien and refunding mortgage 5% 30-year gold bonds. Of the tirst
extension mortgage 5s, $2,668,000 were pledged under the first lionandre-
„ „
applied — „
---------- ---------------- —
---------------- -also for certain plant improvements, for a material decrease in outstanding
commercial paper and otherwise for necessary increased working capital.
There remains for issue $34,800,000 of these bonds, the sale of which from
time to time will provide for tho refunding or payment at maturity of the
$8,000,000 first extension bonds now outstanding and in tho hands of the
public, and for improvements and additions for considerable future timo.
(Compare bond offering, Y. 94, p. 1450, 1188.)
. ,
Chilian Iron Ore Deposits.— Bethlehem Steel Co. has recently obtained
control o f valuable and extensive iron ore deposits near Coquimbo, Chili.
These mines havo been in operation for some years, and the ore is of tho
highest quality ever commercially used for the manufacture of pig iron,
being unusually rich in iron and free from deleterious impurities. Tho iron
content runs about 67%, or about 17% more than the average of present
Bake Superior ores, and three tons of this oro will, therefore, replace about
four tons of such ore as is of most common use In this country. No railroad
is necessary at tho mines, as they are situated so near the coast that the oro
is handled by gravity with a wire rope tramway. The oro lies on the sur
face, requiring no underground mining, and there is no dirt capping
requiring stripping. As a result of these conditions the ore will bo loaded
on board ship at an extremely low price per ton. Tho Bethlehem Chile
Iron Mines Co. has been incorporated in Delaware for the operation oi these
mines. Unless it shall be possible to place the transportation of this ore
on a long-term contract at favorable rate, tho present plans contemplate
the building of a large fleet of specially designed ships for carrying this ore
from Chile to the United States, but these plans and the method ot financing
so largo an operation aro not yet sufficiently definite for announcement.
We consider the acquisition of this oro one ot the most important develop
ments in our history. (V. 96, p. 204, 287.)
B E T H L E H E M ST EE L CORPORATION A N D S U B S I D I A R Y COS.
Consolidated Income Account for Years ending Dec. 31.
1912.
1911.
1910.
Net manufacturing profit--------------- $4,846,814 $4,605,410 $4,396,439
D iv id e n d s and in teres t _____________
157,811
51,557
62,091
8,661
101,242
108,015
M iscella n eou s, in clu d in g r e n ts ...........
56,950
34,504
Profit on purchase for sinking fu n d ..
1,800
Total incomo (see note)..................... $5,114,440
Deduct—
Interest on notes and advances_____
$159,437
Interost on bonds, Ac.—
Beth. Steel Co. purch. money bonds
450,000
Beth. Steel Co. 1st ext. M . bonds
(including proper, discount)----528,779
Both. Steel Co. 6% gold notes
(including propor. discount)----202,163
Beth. Steel Co. 1st lien A ref. M . 5%
567,819
gold bonds (incl. propor. disc’ t)
25,000
San Francisco Dry Docks 5s--------48,752
Union Iron Works D. I). Co. 6 s ..
21,965
II. & II. Corp. 6s deb. bonds.........
$4,792,713
$4,524,141
$210,886
$185,294
450,000
450.000
613,708
634,697
514,631
321,120
25,000
51,361
25,000
53,139
$2,927,127 $2,851,891
$213,148
$180,279
675,000 _ ___________
670,000
790,578 ___________
$3,110,525
Exting of mining inv.,'] A c-------------Depreciation fund__________________
Balance, surplus__________ _____ - $2,063,641 $2,038,979 $2,001,612
N ote .— During tho year 1912 thero was charged to cost of operations for
ordinary and extraordinary repairs and maintenance $2,712,71b, against
$2,850,238 In 1911. and $2,322,197 in 1910; but this appears in tho pront
and loss account above only iu so far as material on which work was done
during tho year was shipped.
C O N SO L ID A T E D B A L A N C E S H E E T D E C . 31.
Assets—
1912.
1911.
1910.
Property account Jan. 1___________ $58,705,514 $54,305,936 $48,946,018
Additions during year_____________
2,198,166
2,128,846
5,359,917
Transfer to depreciation reserve------ 1,068,546
2,270,732
--------Transfer of prop. prov. carried in invn. 1,428,906
Special funds in hands of trustees__
a32,739
0251,672
a281,868
3,640,963
Raw materials and supplies------------ 4,097,907
3,337,147
Worked material and contracts in
progress, less bills rendered and re
3,951,423
3,936,728
serves for losses__________________ 4,678,672
4,954,647
Accounts and notes receivable................................6,534,440
5,778.396
20.950
30,191
Miscellaneous Investments-------------232,255
302,095
286,080
Cash for coupons payable--------------228.732
2,996,712
1,126,391
Cash in banks and on h a n d .............1,791,614
Def. chges. to operations, incl. disc, on
1,625,136
1,799,202
realization of Both. Steel Co. bonds 3,421,461
_
T o t a l .......................
$84,418,952 $75,077,255 $72,259,796
Liabilities—
_ ...
Preferred stock____________________ $14,908,000 $14,90S,000 $14,908,000
Common s t o c k ____________________ 14,862,000 14.862.000 14,802,000
10,918,000
Beth. Steel Co. 1st ext. mtgo. bonds . 8,000,000 10.668.000
...— .
198,000
6% gold notes_____________________
______
134,000
Bethlehem Steel Co. purchase money
7.500.000
6% gold bonds, due 1998________
7,500,000
7,500,000
7.377.000
6% sinking fund gold n o te s ._____
______
6,662,000
,200,000
--------Beth. Steel Co. 1st lien & ref. M . 5 s .. 15.200,000
500.000
500,000
San Francisco Dry Dock 5s__________
500,000
500,000
791,533
865.533
Union Iron Works Dry Dock 6s-------791,533
827,533
450.000
II. A IIol. 6% gold deb. bonds.
3,420,500
,830,500
4,731,500
Notes payab
b io .........
2,987.730
,723,241
3,042,364
Accounts payable_________
162,366
170,087
221,873
Bond interest accrued--------------------302,095
228,732
286,080
Coupons payable................................
1,260,163
4,151,257
Depreciation reserve.............— - —
b ,680,312
248.732
316,843
333,223
Reserves for re-lining furnaces. A c ..
106,634
687.964
365,899
Contingent reserve, A c------- ----------Appropriated tor additions, A c------J,500,000
7,308.667
5,269.688
Profit and loss, surplus---------- --------0 1 ,017,953
to bo redeemed in 1913 being $11,300, in 1914 $441,100, and so on until
1921, When the amount to he redeemed will be only $100. The company
conducts producing operations in Pennsylvania, West Virginia, Illinois,
Oklahoma, Louisiana, Texas and other States. During the first two
months of 1912 tho net earnings averaged $90,102 and during tho last 10
months of the year thoy averaged $149,839 a month. Since its organization
in November 1895 the company has paid in dividends $3,990,820. [Divi
dends on the common stock were 10% per annum (2 Y i% quar.) from Sept.
1911 to Dec. 1912, with 2)4% extra in Sept. 1912, making 1214% paid
during tho year 1912. In March 1913 a quarterly 3% div. was paid.]
Daily Avge. Production, Total 3,310.76 Bbls., and Market Price for Oil Dec. ’ 12.
Pure Oil Co., East D iv .471.48-82 00 Pure Oil, op. in La__ 443.83-$0.91
Western division----- 742.55-11.08 Quaker Oil A Gas C o. 1,084.09-80.83
Pure Oil Producing C o.238.97-82.00 Northwestern Oil A
Gas C o..................... 252.75-80.83
Pure Oil, op. in Illinois.. 77.09-$l.08
B A L A N C E S H E E T D E C E M B E R 31.
1912.
Assets—
S
I n v e st's (less dep r) 6 ,6 0 9 ,3 0 3
W ork in g f u n d s . . . 1 ,1 4 3,1 07
Bills r e c e iv a b l e ...
4 4 3 ,1 4 0
A c c t s . re c ., m d s e.,
a n d c a s h ________ 2 ,5 3 7 ,5 1 6
T o t a l ....................10,7 33 ,06 6 10.5 50 ,58 3
Pure Oil Co., Philadelphia, Pa.
{Report for Fiscal Year ending Dec. 31 1912.)
The not earnings for tho year 1912 were $1,678,(502 (of
which $489,136 was tho proportion of earnings of other com
panies), against 81,306,452 in 1911 (of which 8573,145 were
derivod from accumulated surpluses of properties disposed
of— see V . 93, p. 1389) and 81,220,397 in 1910.
S
100,000
112,651
4 ,9 4 1,5 22
T o t a l ___________ 10;733,066 10,550,583
Net earns., after all deductions for charges A exp. of managem't.$2,090,559
Deduct— Prof. divs. (6 % ), $296,634; com. divs. (14>4%).
$1,595,000; total__________________ _____ - ................................ 1,891,634
Net, after dividends________________________________________
Add — Net amounts reserved and not used for guaranties, adver
$198,925
tising, Insurance, A c., out of earnings of previous years now
taken into surplus, and profits on sales of securities________
Balance, surplus___________________________________________
B A L A N C E S H E E T D E C E M B E R 31.
1911.
1912.
S
Assets—
$
R ea l e s ta te ............. 1 1 ,5 31 ,71 6 11 ,21 8 ,0 3 2
3 ,975,431
S u pp lies, A c _____ 3 ,9 2 3,8 51
G .W .H o lm e p f.s t k . a 26 1,9 67 4 0 0 0 ,0 0 0
W e y . - B r u .p l . 8 t k . a26 1,9 67 4 ,0 0 0 ,0 0 0
Secu r. o f o t li. c o s . 2 ,2 6 3 ,2 4 7 2 ,503,831
C a s h ................
1 ,8 8 5,5 94
4 607 ,53 4
975 ,22 9
A c c ’ ts A b ills r e c . .
542,711
T o t a l ....................2 0 ,6 71 ,05 3 3 1 ,2 8 0 ,0 5 7
314,568
$513,493
1912.
1911.
L ia b ilit ie s—
$
$
P referred s t o c k ___ 4 ,5 2 3,9 33 1 2 ,0 00 ,00 8
C o m m o n s t o c k ___1 1,0 00 ,00 0 11,000,000
1 80,000
D l v . o n p r c f . , J a n . 67,863
770 ,00 0
D lv . on c o m .,J a n .
660 ,00 0
697 ,01 0
R c s ’ d fo r i n s u r . . .
396,723
R e s 'd fo r d e p r e c ..
568,194
B ills A a c c ’ ts p a y .
105,790 3 ,7 9 7,9 92
698,273
R e s 'd fo r w ork .ca p .
698,273
2 ,1 3 6,7 82
S u r p lu s ___________ 2 ,6 5 0,2 76
T o t a l ........... .........2 0,6 7 1 ,0 5 3 3 1 ,2 80 ,05 7
c This stock is exchangeable for an equal amount of pref. stock of the A m .
Snuff C o., which will be retired to the extent of such exchange.— V.96,p.717.
(R. J.) Reynolds Tobacco Co.
{Report for Fiscal Year ending Dec. 31 1912.)
R E SU L T S FOR F IS C A L Y E A R E N D IN G D E C E M B E R 31 1912.
Net earns, for year, after deducting all chges., taxes, dopr’n, Ac.$2,899,957
Deduct— Dividend of 5% paid July 15 1912 on $7,525,000 stock,
8376,250; div. of 5% paid Jan. 1 1913 on $10,000,000 stock,
$500,000; total.................................................... ...........................
Balance, surplus for year------------------------
876,259
...$2,023,707
B A L A N C E S H E E T D E C E M B E R 31 1912.
A sse ts ($17,659,964)—
,
„
.
Real estate and buildings, machinery, fixtures, A c., $2,615,607;
leaf tobacco, manufactured stock, operating supplies, Ac.,
$9 188 479; good-will, patents, trade-marks, A c., $1,147,195;
stock In other companies, $265,581: t o t a l . ..- - - - - - - - - - - - S 1 3 , 216,862
Cash $1 201,070; accounts receivable, $2,182,109; doubtful
accounts receivable, $8,990; bills receivable, $1,050,933; total 4,413,102
Liabilities ($17,659,964)-r
non one
Capital stock------------------------------------- - - - ---------- ---------- -S10.000,000
Dividend declared Dec. 5 1912, $500,000; accounts payable,
$420,386; bills payable, $23,360; tota l.. . . . .
----- - r - $943,746
Provision for doubtful accounts receivable, $8,990; provision
for allowances, depreciation, advertising, A c., $862,655; total
8/1.645
Profit and loss Dec. 31 1912 ----------------------------------------------5,844,573
— V. 96, p. 731.
(George W.) Helme Co. (Snuff Mfrs.), New York City.
{R ep ort f o r F isca l Y ea r en d in g Dec. 31 1912.)
INCOME ACCOUNT FOR YEAR ENDING DEC. 31. 1912.
Net earnings, after deducting all charge; and expenses, and
making provision for Federal tax on profits, and suitable addi
tions to the general funds, and for advertising, insur., A c ----- $1,07.1.133
Deduct— Four divs. of 1%% each on preferred stock .................. 280.000
Three dividends of 2 'A % each on common stock...... ............. 300,000
Balance, surplus (making total surplus Dec. 31 1912, $550,727)
B A L A N C E S H E E T D E C E M B E R 31.
$495,133
1911.
1912.
$
S
A sse ts—
R ea l e a t.,m a ch .,tlx t.,
tra de-m k s.,pa ts., A c .3 ,699,541 3 ,780,861
L e a f,m fd .stk .,su p .,A c 2 ,784,039 4 ,1 3 9,9 33
C a s h ............................ .1 ,3 9 8 ,9 7 1
71,714
Bills A a ccts . r c c c iv . 1.22 3,9 30
170,383
1912.
1911.
S
L ia b ilit ie s —
S
P referred s t o c k _____ 4 ,0 0 0 ,0 0 0 4 .0 0 0 .
C o m m o n s t o c k _____ 4 ,0 0 0 ,0 0 0 4 .0 0 0 .
P ref. d lv . p a y a b le ..
70,0 00
C o m . d lv . p a y a b le .. 1 00,000
58,501
P ro v .fo r a d v .,ln s.,A c. 335,317
4.8,796
A c co u n ts p a y a b le ___
50,436
55,5 94
T o t a l su rp lu s________ 550,727
T o t a l .........................9 ,1 0 6,4 81 8 ,162,891
T o t a l .........................9 ,1 0 6,4 81 8 ,162,891
000
0 00
— V. 96, I). 719.
Weyman-Bruton Co.
{Report for Fiscal Year ending Dec. 31 1912.)
R ESU L TS FOR T H E Y E A R E N D IN G D E C . 31 1912.
Net earnings after providing for Federal tax and all deductions
for charges and expenses for m a n a g e m e n t----.----- — - - - - - * 1,
Deduct— Com. divs. (7 H % ). $300,000; pref. div. (7 % ). $280,000
680,000
B a la n ce , s u r p lu s ----------------------------------------------------------------------------------
o s j .z i o
B A L A N C E S H E E T D E C E M B E R 31.
1912.
Assets—
1911.
«
R e a l e st., m a ch ., fix
tures, trade-m arks,
p a ts., g o o d -w ill,A c 5 ,089,981 4 ,9 2 8,6 22
Lepa«
c
StoCk. ^ l , 9 2 3 , 3 4 8
Caste.3] °.f. °.thW. -C0- : 1.eil'.ioi
1.471.414
n S
1 Bills A accts. recciv. 767,326 1,846,666
I
_________________
stock and about 37% including operations of subsidiary companies. 1 T o t a i
____ 9 ,5 8 1,5 39 8 ,5 2 8,4 79
Estimated book value of tho common shares, $11 38 per share (par $5).
The company Is gradually retiring Its pref. stock out of earnings, the amount ' — V. 96'."p. 731.
1911.
4 ,4 2 4 ,6 1 0
971 ,80 0
American Snuff Company.
{Report for Fiscal Year ending Dec. 31 1912.)
b After deducting
and'Jan. 2 19l4.'— V . 96, p. 792, 287.
3 ,4 6 6,4 49
1912.
L ia b ilit ie s —
$
C o m m o n s t o c k — 4 ,5 3 1,7 45
6 38,700
P referred s t o c k ___
B ills p a y a b le ................................
A c c o u n ts p a y a b le 51,406
S u rp lu s_____________ 5 ,5 1 1,2 15
The assets of controlled companies over their liabilities were $277,781 in
1912, against $257,332.— V. 96, p. 291. 207.
T o t a l ................................ ..............$84,418,952 $75,077,255 $72,259,796
a Consists of funds for redemption of motrgages.
1911.
$
6 ,0 4 0 ,5 4 4
720,151
323 ,43 9
Liabilities—
1912.
$
1911.
$
P referred s t o c k ............4 ,0 0 0 ,0 0 0 4 ,0 0 0 ,0 0 0
C o m m o n s t o c k ______ 4 ,0 0 0 ,0 0 0 4 ,0 0 0 ,0 0 0
P ref. d lv . p a y a b le ..
7 0,0 00
..............
C o m . d iv . p a y a b le .. 100,000
_______
P ro v . for a d v ., insur.,
K
discou n ts, A c _____ 656,358
3 1 2 , °67
B ills A a ccts . p a y ___
94,5 10
138,58
S u rp lu s______________ 660,671
7 7 , 54
T o t a l .................... 9 ,5 8 1,5 39
8 ,5 2 8 ,4 7 9
946
T H E C H R O N IC L E
(S. S.) Kresge Co., Detroit and N. Y. (5 & 10c. Stores).
(Report for Fiscal Year ending D ec. 31 1912.)
Pres. S. S. Kresge, Detroit, Fob. 22 1913, wroto in subst.:
__, P,1'®?,00*' hcrowith the first annual report o f your company
idati^ng with those of S. S. Kresge & Co. of N. Y ., Mass, and Mich.
T.no S. S. Kresge Co. of Ohio and S. S. Kresge Corp. o f Va. Although
oi<iUJi>C?v!np« ny did not begin to operato in its present form until M ay 1 1912,
au or the figures herein refer to the business of the entiro year 1912, inas
much as the corporation assumed the business as at Jan. 1 1912 (V.
» p • io ly ).
sajeg
tlle onGro year, amounting to 510,325,488, as compared
.V
923.064 for 1911, show a gain of $2,402,424, or 30.3%. Elimitho business of the stores opened in 1912 there appears a gain of
$1,592,623, or 20.1%.
Dividends on the pref. stock for the eight months’ period beginning
M ay 1 1912 and ending Dec. 31 1912 were $93,333, leaving earnings appli,T ° retirement of pref. stock and dividends on common stock
ot •j57olo46*
Additions. — During the year 23 now stores were opened for business and
two were discontinued, making a net gain o f 21, or 85 stores actively en
gaged m business and located from Portland, M o., to Kansas City M o
Tho stores added to the chain during the year aro situated at Zanesville
Cincinnati, Newark, Aliianco, Ohio; Syracuse, Lockport, Utica, N Y ’■
Grand Rapids, Ann Arbor, Mich.; Des Moines, Iowa; St. Paul Minn'-’
Erio, Pa.; Super or, Kenosha, Eau Claire, Wis.; Lexington, K y.; Kanass
City, Springfield, M o.; Salem Mass.; Richmond, Muncio. Michigan City,
Ind., and Rellevillo, 111., all but ono of theso being entirely new stores
WoohvorthN ' Y ' th° ° n 7 cxception) having been purchased from II. G.
Pref. Slock.— Out of the earnings for 1912, tho required 500 shares has
been retired at the average prico of $101 per share.
Outlook. A vigorous campaign of expansion and improvement for 1913
is already well under way and we believe that by Dec. 31 there will bo in
operation more than 100 stores, while enlargement and improvement will
mako oven more effective some of those now in operation.
S A L E S A N D GROSS T R A D IN G PRO FITS FOR Y E A R S E N D . D E C . 31.
„ .
„ 1912.
1911.
1910.
1909.
Sales------------------ $10,325,488 $7,923,064 $6,508,752 $5,116,099
5,462,622
4,469.036
3,587,897
Less cost of sales............. 7,079,383
Gross trading profits. $3,246,105
$2,460,442
$2,039,716
$1,528,202
I N C O M E A C C O U N T Y E A R S E N D I N G D E C . 31.
Gross trading p ro fits.............................
Deduct— Total selling and general exp., incl. sala
ries, comm., rents,taxes, insur., depr’n, int.,&c.
1911
$2,460,442
1912.
$3,246,105
2,089,805
2,585,046
Net trading profits
[Vol.
XCVI
Investment of New River Co. in Stock of and Loans to Operating Subsidiary Companies,
also in Lands, March 31 1911-12 and 1910-11.
aStock.
- ■ Loans—
b CoalProp.Mch 31.
----1911-12. 1911-12.
1910-11. Acres. Tons unmin
White Oak Fuelrv.
Co.................$3,450,091
S t u a r t r-rvlllot-,,
• om n o r ,
Stuart
Colliery Co_
1,891,083
Mabscott Coal & Coke Co___
_
__
505,454
Collins Colliery C o ................. 1,047,156
Cranberry Fuel Co.................. 2,453,915
Price Hill Fuel Co................... 1,143,848
Macdonald Colliery Co.........
884 233
Collieries
Co
„Great
. , Kanawha
„
-----------537,895
Hockley Coal & Coke Co_____ 1,306,441
"Harvey Coal &
’ Coke C o __
905,’ 108
Dunn Loop Coal & Coke C o ...
616,363
Prudence Coal Co. c ................ c
White Oak Coal Co............. .
c87L7U
New River Fuel C o.c.............
969,000
Reserve coal and timber—
Pack’s Branch...................
313,445
Gordon’s Lands___________
134,377
St. Raleigh’s Lands............. 1,085,147
Mossy Real Estate.
239,378
Prico Lease_______________
Mossy Coal & Land Co___ I
281,261
Dillon Coal & Land Co__
863,735
White Oak Railway Co_____
1,057 105
Piney River & Paint Creek RR.
552,672
$20,704
'
. . . . . . . . . .v .- ;; 645,440 $572,974
dl0,128 _____
23,813 ..........
73,668 29,905
20.332 -------32,637
25,888 23,824
55.333 42,105
19,746
13,175
85,804
75,926
2,872
d268,793 <Yl6T82
d210,858 d339 245
1u.ooi
™ '
3.921
479
1,036
6,255
‘
2,767
862
5,161
3,789
1,627
917
1,036
785
711
8,514
1,100
2,194
2,896
8,070 6,133
267,708
62,579
..........................
...
..........
1,351
8,525
291,892
66,727
51.010.000
39.530.000
3.640.000
2.260.000
61.130.000
26.510.000
2,600,000
21.500.000
39.380.000
5.600.000
2.300.000
4.460.000
7,950,000
7,000,000
85.000.
000
11.000. 000
20,000,000
31.000.
000
65.000.
000
----- . . .
.
S21,112,478 $852,319 $773,475 55,864 486,870,000
Total
Total of all Invest ts In 1911-12.$21,964,797
a Substantially the same in 1911. b Omitted by new management in 1911-12
reports, c The New River Fuel Co. also owns stock to the amount ol S120 091 in
the Prudence Coal Co. and $80,900 in the White Oak Coal Co. d Debit.
N E W RIVER COMPANY— BALANCE SHEET MARCH 31 1912
1912.
1911.
t,
1912.
1911.
Assets—
$
$
Liabilities—
g
5
Invest, in sub. cos. 19,347,179 19,347,266 Common stock...18,249.800 18 249 800
Properties & rights
Preferred stock... 11,237,400 11,237 400
owned in fee__ 1,772,346 1,771,824 Bonds outstanding 2,500,000 2,500 000
Treasury stock... 9,275,000 9,275,000 Notes payable___
4,225
17,863
Cash & accts. rec.
5,868
9,370 Accrued Interest &
Contingent accts..
97,188
769,512
taxes..............
32,339
32,250
Loans to sub. cos. 852,319
773,475 Contingent accts..
97,188
_____
Profit and loss___ *771,053
90,865
Total ............. .32,120,952 32,037,313
Total...............32,120,952 32 037 313
* Includes in 1912, bond interest and underwriting.
’
CONSOLID A TED BALANCE SHEET OF SUB. COMPANIES M CH. 31.
...........................
$370,637
$661,059
............................................... 47,582 8,120
Net profits...................................... ............. ....
$4 jg 219
$669,179
Less— Estimate of amount applicable to operations for 4 ’mos.
Jan 1 to date of org. April 30 1912, based on sales for the
period and applied in reduction of good-will, leases, &c...........
$178,083
Net profits for 8 mos. to Dec. 31 1912
$491,096
Less — Preferred dividends, 8 months (4 2-3% ).........................I
$93,333
Appropriation to rotiro preferred stock Jan. 2 1913________
50,500
Undivided profits 8 mrs. end. Dec. 31 1912, as per bal. sheet. *$347,262
1912.
1911.
1912.
$
$
Liabilities—
$
Plant................... _n5,810,919 6,551,039 Capital stock........... 5,651,000
Inter-comp, recclv'lc 1,066,937 8 9 3 ,4 1 9 Duo New River C o.. 1,350,370
Mdse.,feed, turn.,&c. 424,148 490,508 Inter-comp., payablel,071,220
Accounts receivable. 575,843 6591,785 Accounts payable__ 371,004
Notes receivable___ 126,900 233,730 Notes payable......... 280,575
Due fromNcwRiv.Co 498,051 376 916 Pay-rolls................. 69,260
Cash..............
40,910 178,466 Royalties ...............
91,434
.
Coal In transit____
88,305 371,795 Profit and loss......................
95,188
Equities In roy’s paid _____
Profit and loss........ 258,S56
* Adding to this amount tho net profits for tho first 4 months of tho
year ($178,083), thcro aro undivided profits after tho pavment of pref
divtdonds and making appropriations for tho retirement of 500 shares pref
stock Jan. 2 1913 of $525,346.
p
1otal--------------- 8,890,929 9,782,757
T otal______
8 890 999 9 782 757
a After deducting reserve for deprec atlon, $566,017. 6 Includes contingent
acccounts^receivable, $69,730. c Includes contingent accounts payable, $173,906.
A dd — Extraordinary
t
nary profits
Assets—
C O N S O L ID A T E D B A L A N C E SH E E T .
Dec .31 ’12. July 1 T2.
Dec. 31’ 12. July 1’ 12.
$
S
Liabilities—
§
S
Good-will, leases,&c.4,376,026 4,549,815
Merchandise ------ a l, 433,25661,614,076
Rents, &c., prepaid. 162,116 137,359
Bills & accts. rcc’lc. 135,145
34,530
c Furn., flxts., &c_. 1,210,641 1,037,180
Cash------------353,217 209,787
Supplies, stationery,
& c ...................
10,430 ............
Common stock....... 5,000,000 5.000.
Preferred stock....... 2,000,000 2.000.
Bills payable........113,9651
85,500
Accounts payable.. /
| 188,022
Managers’ & buyers’
commls’ns, payable 129,397
Dividends payable.. 35,000
23,333
Corp. tax reserve__
4,708
He3 . to retire pf. stk. 50,500
Profit and loss......... *347,262
285,892
1911.
Assets—
000
000
GENERAL IN V E ST M E N T
3
5,651,000
1,150,391
880,240
C487.994
287,066
67,453
62,137
1,190,476
NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atchison Topeka & Santa Fo Ry.— M e r g e r o f L i n e s .—
It is announced that under the now law passed by the Texas
Legislature, authorizing tho Gulf Colorado & Santa Fo Ry
to take over and operate tho Gulf & Interstate R y ., tho Texas
Total------ ---------7,680,832 7,582,747
Total...................7,680,832 7,582,747 91 Gulf, tho Concho San Saba & Llano Valloy Ry. and tho
Sweetwater-Coleman division of the Pecos & North Texas
a At or below cost, b At cost, c Furniture, fixtures and permanent
improvements on leased property, loss depreciation. * This amount is line, the corporate identity of those roads will continuo to be
increased by $178,083, the surplus for the first 4 months of the year as
tho company assumed tho business as previously conducted by Mr Kresge maintained; but they will be operated by tho Gulf Colorado &
Santa Fe under long-time leases under an arrangement similar
ycar ^
11,0 pwme“ ° r to that under which tho Cano Belt, tho Jasper & Eastern
and other East Texas lines aro operated.— Y . 90, p. 284.
The New River Company.
( R e p o r t f o r F i s c a l Y e a r e n d in g M a r c h 31 1912.)
Atlantic Northern & Southern Ry.— R e -S a l e .—
At tho rc-salo of tho road on M ar. 21 thcro wero fifteen bidders the
Treasurer F . B . Dowst, Jan. 1, wrote in substance:
highest being: The Berkdalo C o., by Leslio M . Shaw, for tho entire’lino
After the present management took charge, it was found that certain
accounts should bo charged o ff from tho books of tho Now River Co. and
subsidiary companies, and tho President was authorized to causo tho neces
sary charges to bo made against accumulated earnings or losses as of March
31 1912, chiefly as follows:
Plant account, losses in plant value
$444 073
Mine development, largely on account of Sherwood a'nd Skelton tlY
volopments_______________________
<cn 2 r»
Merchandise, after inventory at all of 0 0 mpani es rs tores
42920
Accounts receivable (largely on White Oak Coal Co. books)...........107’829
Notes, collateral sold, collectibility of balance doubtful
108 726
Royalty account, for minimum royalites on which tho time limit
’
of recovery has expired_______________________________________ 181,176
Discount and underwriting of $2,500,000 bonds placed in July 1909 62.L000
Depreciation, in order to mako it possible for all plant investment
unrecoverable at the termination o f tho life of the operation to
bo charged off by a fair annual rate of depreciation during tho
life of the coal in tho ground, credited with___________________ 233,406
No appreciation has been made of coal lands or of coal in tho ground
on leased lands.
Output and Earnings of Subsidiary Operating Companies and Amounts Thereof Belong
ing to New River Co., Years ending March 31.
---- Output (tons)---- ----- Total Net Profits------
Mabscott Coal & Coke Co.
Price Hill Fuel Co_______
White Oak Coal terminals______
White Oak Railway C o ________
Piney River & Paint Creek R R ..
1911-12.
. 485,964
110,429
94,938
179,091
177,818
94,871
123,548
136,436
69,636
39,362
163,853
79,159
19IO-11.
485,663
133,112
94,638
167,908
198,212
96.484
113,753
138,401
58,251
89,530
168,099
94,080
1911-12.
loss$51,010
8,763
5,079
loss40,307
38,789
loss9,766
loss6,134
12,146
6,829
lossl6,508
loss48,242
lossl5,264
3,826
lossl2,675
7,898
1910-11.
loss$22,404
15,061
12,515
loss22,468
55,511
lossl5,638
2,305
24,803
7,591
loss 17.906
loss55,865
loss23,217
loss21,014
Ioss4,844
5,830
•NTT0tT? !— 'A ............. ------- --------1,755,105 1,838,137 lossS110,578 loss$14,868
New River Co. proportion of profit * losses of oper. cos., net loss $132 697 S ift 286
New River Fuel Co., profits for year........... ....................
27’ 7 3 0
31970
New River Co., losses for year.................................... IIIIIIIII 9o’822
64’ 5 7 2
New River Co., net loss...........................................
$195 739
S7o 0 0 0
i gThere was charged off for depreciation $65,920 In 1911-12*"against $66,650 in
$293,800; J. C. Pederson, for tho north end, $119,000; and Robert Abels’
for tho south end, $17-1,800. Tho Court will pass on tho bids on April 8*
Compare V. 96, p. 715, 651.
Belt Line Ry. Corporation.— C o n tro l
D e l i v e r e d .—
See Third Avenue Iiy., New York, below.— V. 96, p. 862, 789.
Boston & Albany RR.— Refunding.— Tho M ass. R R .
Commission has been asked to sanction tho issuo of $3,627 ,
000 50-year bonds dated Oct. 1 1913, bearing not ovor 5 %
interest, proceeds to bo used to refund samo amount of 4s
due Oct. 1 1913.— V . 96, p .6 5 1 ,5 5 3 .
Boston & Eastern Electric RR.— N ew Project— Con
vertible 6 % N otes. — Subscriptions wero asked at International
1 rust C o., Boston, on M ar. 26 for $550,000 1-year 6 % con
vertible coupon gold notes, dated April 1 1913 and duo
April 1 1914. Issuo prico 97 and int. An adv. says:
Interest payablo semi-annually at International Trust C o., Boston.
Iheso notes carry rights at maturity to subscribe for like amounts, or for
any part thereof of 6% cum. pref. stock, and aro a first lien on the franchise
and property. No funded debt. Owns a Massachusetts charter for a
high speed electric railroad wholly upon private way from Post Offico Sq.,
Boston, through a tunnel under Boston Harbor to East Boston, Chelsea,
Revere, Lynn, Salem, Beverly, Peabody and Danvers.
ILength of proposed main lino is said to be 17 miles; branch 3 K miles.
Incorp. Feb. 3 1913 with nominal ($250,000) auth. capital stock, tho incoroorators being: Charles Dayton, Montclair, N. J.; William II. Young
M t. Vernon. N. Y .; and William S. Nichols, John II. Bickford and William
H- G°v °. ;l11 of Salem, Mass. A Dill was reported in the Mass. Senate on
Mar. 26 extending time for filing $400,000 bond with tho State Treasurer to
Jan. 1 1914. Offico, 110 State St., Boston.]— V. 93, p. 43.
British Columbia Electric Ry.— £720,000 Neiv Shares —
Tho company is making a further issuo of £720.000 of sharo capital
namely £240,000 5% cum. perpetual preference shares of £1 each at Is
premium; £240,000 pref. ordinary shares of £1 each, at 2s. premium and’
£240,000 deferred ordinary shares of £1 each, at 4s. premium all offered
to the preferred and deferred stockholders of record Mar. 5 until 11 a. in.
April < to tho oxtent of ono sharo of each of tho three classes for every
complete £10 of preferred ordinary and (or) deferred ordinary stock held
by them, respectively. Comparo V. 95, p. 110; V. 96, p. 284, 651
Mar. 29 1913 ]
THE
947
C H R O N IC L E
California Shasta & Eastern Ry.— Securities Author
ized .— The California R R . Commission has authorized the
company to issue $568,000 bonds and $349,500 stock. The
company applied for $797,000 bonds and $1,075,600 stock.
The order provides that the bonds and stock shall not be sold for less than
80. The company has been organized to operate a road between Ander
son, Shasta County, and Ingot, in the same county, 28H miles. It Is con
trolled by the Afterthought Copper Co., which owns a zinc and copper mine
at Ingot. It is the plan of tlio company to tako over the Anderson & Bella
Vista R R . and to extend it 12 miles to Ingot, the site of the mine, lho
road will bo used to carry out the ore from the mine, and it is also expected
to develop a large traffic In lumber and farming produce. The mine has
been closed since Dec. 1907, its development having been handicapped for
lack of transportation facilities.— V. 96, p. 359.
Cleveland Southwestern & Columbus (Electric) Ry.—
Re-Financing Plan.— In conformity with the plan (V . 95,
p. 1607) the shareholders will vote April 22 on—
1. Authorizing $2,000,000 6% cum. pref. stock, to bo known as first
prof., $1,500,000 to be issued at tnis time. D ivs.Q .-J. (No. 1, July 1 1913).
Redeem. at company’s option on any div. date, or upon involuntary liqui
dation, at 110 and divs.; or, in case o f merger, at 105 and dividend.
2. Providing for the classification o f the present outstanding pref. stock
as second pref. stock, and fixing the divs. to accumulate thereon as4% for
tho year 1914, 5% for the year 1915 and 6% for the year 1916 and there
after. [On Mar. 24 a certificate was filed reducing tho present auth.common
stock from $7,500,000 to tho amount outstanding now, namely $4,23b,00U ,J
3. Authorizing the giving o f a mortgage to the Citizens’ Savings & 1 rust
C o., as trustee, to secure an issuo of $25,000,000 5% bonds dated Fob. 1
1913, maturing Feb. 1 1943. Int. payable F. & A.; and of authorizing the
issuo and sale of certain of said bonds for the paying of certain of tho bonded
and floating debt and to retire assumed underlying mortgage obligations.
Extract from O fficial Statem ent.
. .
Tho plan, in its entirety, if accomplished, will provide for the payment of
tho present funded and floating debt of tho company, through sale of tho
now authorized bonds and first prof, stock, and also will effect an exchange
of tho present pref. stock for tho new second pref. stock, one shareiof second
pref. for ono share of present pref., the holders of tho pr^ent pref .waiving
tho accumulated divs. It is the belief of the directors that this will placo
the present pref. stock on a sound dividend-paving basis, so that tho stock
holders of the company may in tho very near future begin to realize some
bonefits from their investments. See also V. 95, p. 1607.
Cornwall & Lebanon RR.— Sale.— The Pennsylvania
R R . Co. lias acquired nearly all of tho company’s $800,000
stock, of which $542,500 was owned by the Pennsylvania
Steel C o. and the remainder mostly by Lackawanna Steel.
Tho company has not been consolidated with tho Pennsylvania Hit. nor
has tho Penn. Hit. Co. assumed the bonds. An offer similar to that made
to tho steel companies has been made to the few remaining shareholders
for their stock.— V. 88, p. 224.
Denver Laramie & Northwestern Ry .— In ju n ction .—
Judge Allen in tho District Court on M ar. 19 enjoined tho
sale on that day of tho $25,000 equipment mortgage, which
was deposited as collateral for a note to the Electrical Prop
erties Co.
The receivers stated that tho security-holders are now taking steps to
reorganize tho road and pay off its obligations. Oomparo V. 96, p. 789.
— V. 96, p. 863, 789.
Des Moines (la .) City Ry.— Decision.— 'Tho Supremo
Court of Iowa on M ar. 22, reversing the decision of Judge
Applegate of the District Court of Dallas County on D ec. 2
1910, hold that tho company’s franchises under the Turner
ordinanco of Dec. 10 1866 expired Jan. 1 1898, and are not
porpotual, as claimed by it. Compare V . 91, p. 1574.
April 1 1913 coupons) at the Central Trust C o ., 54 W all S t.,
on or after April 1 1913. Coupons due April 1 will be paid
at Bankers Trust C o ., 16 W all St. See adv. on another page
and compare V . 96, p. 553, 652.
G ran d T ru n k Pacific D evelopm en t C o .— Purchase.—
See Rail & River Coal Co. under “ Industrials” below.— V. 93, p. 1107.
G reen Bay & W e ste rn R R .— Earnings.—
-------- D ividends ---------------
Calendar
Year.
Gross
Net (after Im prove-Deb. A .
Stock
D eb.
Bal.,
Earns. Taxes, A c .) ments.
(5 % ).
(5 % ).
B* SurP :
1912............$761,502 $274,234 $26,000 $30,000 $125,000a$87,500 $5,734
1911______ 660,484 197,820 ............ 30,000 125,000 635,000 7,820
a 1M %: 6 M % -— Compare V. 96, p. 359. 789.
Option Lapses. — Newman Erb and associates have de
cided not to exercise their option on a majority of the stock.
Mr. Erb explained that “ it was found that the present time was not pro
pitious for financing and successfully carrying through the plans contem
plated.” It is intimated that when monetary conditions are more favorable
tho matter may be taken up again with a view to acquiring control of this
and two other properties. Compare V. 95, p. 1207.— V. 96, p. 359, 789.
H agerstow n R y .— Consolidation .—
See Hagerstown & Frederick R R . above.— V. 94, p. 350.
H agerstow n (M d.) & Frederick R R .— Consolidation .—
Tho stockholders of the following companies on M ar. 21 and
22 voted to consolidate under this name.
Frederick R R ., Frederick Gas & Electric C o., MyersvilleA Catoctin R y.,
Hagerstown R y., Hagerstown & Boonsboro R R ., Hagerstown & Myersville R R ., Hagerstown & Northern R R . and Frederick & Hagerstown
Power Co. (See “ Frederick" and “ Hagerstown” in “ Elec. R y .” Section.)
The new company will have $2,000,000 authorized common stock, all
to be issued, and $1,000,000 7% cumulative preferred stock, present issue
$635,000. Of the $10,000,000 5% 30-yr. bonds authorized, $3,000,000
is to bo issued to retire outstanding obligations and for Improvements and
working capital.
The officers are: President, Emory L. Coblentz, Frederick; Vice-Presi
dents, Fred. C. Todd, Baltimore County, and Henry Holzapfel, Hagerstown;
Treasurer, Thomas II. Haller, Frederick; Asst. Treas., William J. Ilarvie,
Montclair, N. J.; Sec., V. M.. Cushwa, Hagerstown; Asst. Sec., William
J. Harvio. Mr. Coblentz, on account of other duties, will resign as soon as
tho details in connection with the consolidation are worked out, and Edward
F. Peck of Syracuse, N. Y ., will be elected as his successor.
In terb o rou g h R apid T ra n sit C o.— Operation of Stein
way Tunnel.— The P . S. Commission on Monday adopted an
order directing the company to begin to operate the Stein
way tunnel as soon as the minor work necessary therefor
can be completed, which, it is estimated, will not be over
ninety days.
.
Under a clause in the contracts for the new dual system, the
Commission may call upon the company to begin service through the
tunnel from Queens Borough to the Grand Central station of tho present
subway at any time within 6 months after the signing of the same.
Transfers are to bo given between tho Stcinway route and tho present Inter
borough subway at the Grand Central Station, enabling residents of Queens
to go to any point on that subway for a single faro.— V. 96, p. 863, 716.
L eh igh Valley T ran sit C o .— M e r g e r — A t a meeting of
tho Transit Co. directors on M a r. 20 various electric-light
and power companies controlled by the road were merged
into a new company to be known as the Lehigh Valley Light
& Power Co. with a capital of $1,000,000.
The constituent companies merged are the Allentown Electric Light &
Power Co., the Halcyon Electric Light & Power Co. of South Bethlehem
and tho Whitehall, Kmaus, Slatington. Hanover, South Allentown, Salis
bury, Fountain Hill, Northampton Heights and Saucon companies.
Earnings.— For month of Feb. and 12 mos. end. Feb. 28
1913— Feb.— 1912.
In c. ’ 12-’ 13— Year.— T l- ’ 12.
In c.
G ross_______ $114,165 $98,671 $15,494 $1,580,349 $1,383,371 $196,978
Net...................$55,852 $47,185 $8,667
910,095
$772,200 $137,895
Int.,taxes,&C- 44,835 39,268
5,567
516,483
465,416 51,067
Judge Deemer, who wroto the opinion, says that tho franchise, which
was exclusive but not perpetual by its terms, expired, or at least has been
indeterminate, sinco 1898; but that it would bo wrong and inequitablo to
grant an immediate ouster. The company, he says, should be given a
reasonable time to negotiate an extension or renewal of its franchise, or, if
this cannot bo done, that it should have tho same length of time to dispose
of its property to some ono who will consent to operate under such reason
able franchise as tho voters of Des Moines may see fit to grant, that it
$7,917 $3,100
$393,612
$306,784 $86,828
Bal., sur__ $11,017
havo tho right to remove its plant, subject to any rights it may have against
Tho surplus (after interest charges, taxes, Ac.) was for Feb. 1913 $11,000
the city or any o f the property owners. In view or tho detailed work inci
dent to a referendum vote, and perhaps two submissions to tho people at and for the three months ending Feb. 28 $54,700, in each case a gain of
a general or special election, tho company is granted two years from and 50% over the same period last year.— V . 96, p. 355, 360.
after tlio filing of tho opinion within which to make compliance therewith.—■
Louisville & N ashville R R .— Bonds Called.— In our ad
V. 95, p. 818.
Detroit Toledo & Ironton Ry .— Application D enied .—■ vertising columns will be found the numbers of 556 ($556,000)
Judge Tuttlo in tho U . S. District Court on M ar. 24 denied
tho application of tho general lien and divisional mtgo. bond
holders’ committee, tho trustees of tho several mortgages
and Receiver Johnson for a furthor postponement of the
foreclosure sale from April 17.
,
,,, ,
,
gen. M . bonds which have been drawn for payment on June 1
at 110 & int. at office of company in N . Y . — V . 96, p .7 1 6 ,6 5 3 .
M o u n t Tam alpais & Muir W ood s R y .—
The company and the Mill Valley & M t. Tamalpais Scenic Ry. have
joined in an application to the California R R . Comm, for permission to sell
tho property of the old to the new company.
.
Under tho terms of sale, the stockholders of the old company will receive
This was done out of consideration for creditors, as tho road, it is stated,
has boon losing money ever sinco tho last adjournment from Feb. 5. It $300,000 of the stock for their holdings. The new company assumes all or
is considered doubtful whether a largo enough bid to offect a sale will be tho outstanding debt of the old company. There were outstanding Dec. 31
1912 $100,000 “ mortgage bonds” and $30,500 “ gold bonds.”
received on tho appointed day. Compare V. 95, p. 1745.— V. 96, p. 419.
Of tho remaining $200,000 stock, sufficient is to bo sold to mako im
Detroit United Ry .— Appeal to U . S. Supreme Court.— provements, including an extension to Bolinas and to other points of interest
„ _
_
, __
Tho company has appealed to tho U. S. Supremo Court from tho decision in Marin County.
Tho incorporators of the new company are James K. Lynch, Frank F.
of tho Michigan State Supremo Court on Dec. 2 last holding that tho com
pany has no right to continue to ) i erato its cars in Fort St., tho 30-year Bostick, Charles T . Crocker. Charles E. Green, R. II. Pease Jr., Kenneth
C.
Gillis
and
N.
E.
Fitzpatrick.
The
results
for
1912
were:
Railway
ope?
franchise originally granted having expired. Compare V. 95, p. 890.—•
ating income, $71,005; railway net earnings, $39,677; Tamalpais Tavern
V. 96. I). 483, 419.
net earnings, $2,041; Muir Inn net, $57; total net income, S41,775; gen
Durham (N. C.) Light & Traction Co.— N ew Owner- eral expenses, $28,280; balance, $13,495; other income, $8,286; total
s h iv . — Henry L. Doherty & C o ., who recently bought con -> profit, $21,781.— V. 96. p. 653.
trol of the Durham Traction C o ., have organized this new’
New Y o rk & Long Isla n d R R .— Operation.—
Seo Interborough Rapid Transit Co. above.— V. 94, p. 68.
company in Delaware with $1,000,000 of auth. cap. stock.
Tho stock control of tho now company is held by tho Cities Service Co.
New Y o rk C en tral & H u d so n River R R .— Agreem ent.—
and its $650,000 bonds will form part or the $15,550,000 bond holdings of
tho Utilities Improvement Co. (V. 96, p. 794). Tho old company had out, A tentative agreement has been reached with the N . Y . City
$400,000 5% 40-year bonds, $300,000 common stock and $200,000 pref. stk authorities, subject to the approval of the Board of Esti
Federal Light & Traction Co.— Earnings.—
mate, for the removal of the company’s tracks from the sur
Cal.
Including Controlled Cos. (.except Dennig Ice & Electric Co.)
Controlled Cos.
Federal
Total
A ll Pref. D ies. IDalancce.
1912’
48
1911- 1,496,177
1910. 1.352350
— V. 96, p. 716,
,7 & 2 l t t «
*>“ i « s ! ® 0 0
609,082 --------- ------- -------------- ...................
.............
583,790 .................................- ....................... - ...................
284.
Frederick (Electric) RR — Consolidation.—
Sco Hagerstown & Frederick R R ; below.— V. 93, p. 730.
Galveston Houston & Henderson RR.— N o N ew Bonds
at Present— M aturing Bonds to Be Purchased— Offer of Exchange
W ithdrawn.— Owing to tho company’s inability to completo
the necessary formalities with tho Texas R R . C om m , within
the time allowed, tho proposed croation of new 1st M . 5 %
gold bonds has beon postponed and the contemplated sale
of $2,000,000 thereof abandoned. Tho right of exchange
offered to the holders of tho $2,000,000 1st 5s, due April 1
1913, has, accordingly, been withdrawn, and notice is given
that said bonds will bo purchased at maturity at par (ex
face of the west side streets in the city.
Tho so-called “ electrified subway improvements” will entail an expense
to tho company estimated at possibly $50,000,000. The plan involves the
roofing over of tho railroad above 72d St. and the sinking of the tracks
below the 72d St. yards, numerous re-locations involving exchanges of real
estato between tho company and the city, and provision for much-needed
water-front improvements, all of which is to bo done without cost tolthe
city.— V. 96, p. 863, 723.
New Y o rk M unicipal Ry. C orp .— Lease, & c., Approved.
— The P . S. Commission on M a r. 26 approved the lease and
assignment of rights under the contract with the city respect
ing new rapid transit lines. Compare V . 96, p. 360.
The corporation also transfers to the Consolidated Co. tho certificates
for extensions and additional tracks as well as certain real estate in the
Borough of Brooklyn, and a contract recently entered into by tho Municipal
Corporation and the Brooklyn Heights R R . Co. relative to the Lutheran
Cemetery lino.
Tho Municipal Corporation covenants to furnish all the money necessary
to carry out the terms of the dual system contracts and has the option of
doing all constructive work and acquiring all equipment or of requiring the
Consolidated Co. to do them on reasonable notice. The leaso calls for 6%
dividends on the stock of tho Municipal Ry. The Consolidated Co. guaran
tees tho payment of the Municipal Corporation bonds, principal and interest.
948
T H E C H R O N IC L E
a n d the sinking fund upon the bonds, and agrees to execute to the Central
Trust C o. a mortgage covering all of Its property to secure such guaranty.
— V . 96, p. 863, 360.
Norfolk & Western Ry.— Bond Subscriptions.— The sub
scriptions for the new issue of convertible 4 3 ^ % bonds closed
Tuesday. The stockholders very generally took their allot
ments, and of the $18,353,000 offered, approximately $17,
500,000, or 9 5 % , was subscribed, about $11,000,000 being
first installment paid and $6,500,000 full paid. Compare
V . 96, p. 360, 653.
Ohio Traction Co., Cincinnati.— Agreement with City
for Submission to City Council and Shareholders.— The nego
tiations which have been pending with the city authorities
growing out of the report of Expert Bion J. Arnold (“ Cine.
Enquirer” o Jan. 1 3 ),and the plan to build a municipal rapid
transit loop, ended M ar. 22 in an agreement that will be sub
mitted to the City Council and the company’s shareholders,
and, if by them approved, to the city electors, probably in
June. This agreement contemplates: (1) Surrender by the
Cincinnati Street R y . of its present franchise. (2) Accep
tance of an indeterminate grant with 6 tickets for a quarter
on the Cincinnati system and right to city to buy the prop
erty at end of 5 years. (3) Division of earnings with city.
(4) Operation, at 5 % rental, of rapid transit loop, which is to
be built by city at cost of about $7,000,000.
O u tline o f Plan as Agreed to by O fficials o f City and T raction Co.
Franchise.— Surrender o f the present franchise by the Cincinnati Street
R y. Co. for an indeterminate permit, which practically makes the city a
co-partner with the company. At expiration of 5 years, and upon 2 years’
previous notice, the city to have option to purchaso the property upon
the valuation submitted.
Fares.— Six tickets for a quarter or 5 cents cash fare on Cincinnati Street
Ry. system, with universal transfers on that system, or 5-cent cash faro
with transfers throughout the street railway system to and from rapid
transit system and Millcreek Valley system, &c. Fares to be subject to
readjustment every 5 years.
Assurance Reserve Fund.— T o meet any deficiency in earnings before
any attempt is made to revise the fares upward, a reserve fund of 5750,000
will be created immediately by the sale of securities, the proceeds of which
are to bo invested in city bonds.
Rapid Transit Loop. — City to build the rapid transit railway, commonly
known as the loop; company to furnish the rolling stock and operate it as
soon as completed, paying as rental 5% of the cost o f construction (not to
exceed $7,000,000), less the amount to be expended by the company for
rolling stock and station equipment.
[Plan N o. 4 o f the Arnold report, covering the route which Mayor Hunt
has been reported to favor, calls for 15.3 miles of double-track belt line
within the city, as follows; Covered subway, from Canal St. terminals
(which will extend from Plum to Sycamoro St. on Miami & Erie Canal)
to Gilbert Ave. at M t. Adams tunnel, thence by tunnel and at grade to
Beech and Ida Aves., thence by open subway, closed subway and open cut,
respectively, to Montgomery Pike, thence by 1,900-foot tunnel, paralleling
B. & O. S. W . Ry. to Section Ave., thence at grade along said ave. and
Carthage Pike to Liberty St., and finally by closed subway to 12th St. and
the terminal on Canal St.]
Division o f Receipts.— Gross receipts to be applied as follows: ( 1) Operating
expenses, including 6% street maintenance fund to the city and taxes.
(2) Rents to Cincinnati Street Ry. Co. (including the 6% per annum on
its $18,511,950 stock), to the city for rapid transit lino, and other rents, and
interest and sinking fund on $2,500,000 bonds of Ohio Traction Co
(3) 6%
on betterment valuation. (4) Any deficit due to the city. (5) Amount
necessary to reimburse the assurance reservo fund. (6) Amount necessary
for renewal and depreciation reserve fund. (7) 1 % on betterment valuation.
(8) 10% employees pension fund, and, subject thereto, 55% to the city
and 45% to the company.
Betterment Valuation.— This valuation, which will be determined by a
board appointed for the purposo, will include the investment of the Ohio
Traction Co. in tho Cincinnati Street Ry. system since Feb. 21 1901 and
in the Cincinnati & Hamilton traction system since Oct. 1 1902, and must
not oxceed $7,216,283, that being tho amount of the outstanding prof,
stock of tho Ohio Traction Co., $8,500,000, less $1,283,717. to represent
the investment of tho company in tho Traction Bldg., the Cincinnati Zoo
logical Co. and tho Cincinnati Car C o., not included in tills agreement.
Supervisory Commission o f Three.— O n e a p p o i n t e d b y t h e M a y o r , o n e by
B o a r d o f S in k in g F u n d T r u s te e s a n d o n e b y t r a c t io n c o m p a n y .
W ill s u
p e r v i s e o p e r a t i o n , a c c o u n t in g , r a t e s o f f a r e s , t r a n s f e r s , e x t e n s io n s , b e t t e r
m e n t s . m a in t e n a n c e a n d r a t e s c h a r g e d i n t e r u r b a n s .
D e c is io n s s u b j e c t
t o r e v is io n b y t h o P . S . C o m m is s io n o f S t a t e o r C o u r t o f c o m p e t e n t j u r i s
d ic tio n .— V . 9 5 , p . 1 4 7 3 , 8 1 8 .
Pacific Great Eastern Ry.— Subscriptions .—
The £1,000,000 4)4 % guaranteed debenture stock recently offered in
London was, it is stated, only taken by the public to the extent of about
40% , 60% being left with tho underwriters.— V. 96, p. 863.
Pennsylvania RR.— Proposed Electrification.— In con
nection with the proposed enlargement of the facilities at
Philadelphia and tho suburban improvements, it has been
decided, it is stated, to electrify the line from Broad Street,
Phila.,w est to Paoli, 20 miles, for suburban passenger traffic.
Proposed Lease.— See W est Jersey & Seashore R y . below.
Stock Control Purchased .—
See Cornwall & Lebanon RR. abovo.— V. 96, p. 720, 713.
Pere Marquette RR.— Payment of N otes.— Holders of the
5-year 6 % coll, gold notes dated M ar. 1 1911 are entitled
upon presentation thereof to the Guaranty Trust C o ., N . Y .,
to receive payment of their pro rata share of the not proceeds
of the collateral sold last week, namely $977 40 on each
$1,000 note.— See V . 96, p. 863.
Rutland RR.— Equipment Trust Certificates.— Tho P . S.
Commission has authorized the issuance of $210,000 equip
ment trust certificates under an agreement with the Guar
anty Trust Co. of New York, to be sold at not less than 94 y .
Tno proceeds arc to bo used to purchaso 6 heavy-typo freight loco
motives, one switching locomotive, one combination mail and baggage car,
two baggage cars, three smoking cars, two first-class coaches and one
kitchen coach.— V . 95, p. 1609.
Southern Pacific Co.— Income from Stock Owned.—
See Associated Oil Co. under “ Industrials” below.— V. 96, p. 864, 559.
Third Avenue Ry.— Possession.— The company has taken
over the Belt Lino R y. Corporation.
Tho $1,750,000 5% 30-year bonds and $341,300 stock of tho Belt Lino
Ry..,.it is.stated, will go Into tho treasury of the Third Avenue company.
com pan y,
w h ic h w ill n o t s e ll t h e b o n d s a t p r e s e n t .
T h e P . S . C o m m i s s i o n w i l l h o l-------,
d a h
li e a r i n g o n A p r i l 2 8 o n t h e a p p l i c a t i o n
o f t h o B e l t L in o R y . t o s u b s t it u t e s t o r a g e -b a t t e r y c a r s in p la c e o f h o r s e
p o w e r o n it s E a s t a n d W e s t s id e b e lt lin e s . T h e s e , it is s t a t e d , w ill b e p u t
n t o s e r v i c o a s s o o n a s a u t h o r i t y h a s b e e n g i v e n . — V . 9 6 , p . 8 6 4 , 2 8 0 .* j
% Washington (D. C.) Ry. & Electric Co.— Dividend I n
creased .— A quar. div. of 1 H %
has been declared on the
$6,500,000icom . stock, payable June 1 to holders of record,
[V o l
X C V I.
comparing with 1 % quar. from M ar. 1912 to M ar. 1913 and
1 % semi-ann. from Dec. 1909 to Dec. 1911, inol.
Common Dividend Record (Per Cent).
1909.
1910.
- V . 95. p. 1209.
1911.
2
1912.
‘
1913.
M „ - .,l;J „ „ e .U i
West India Electric Co., Jamaica.— Earnings.— For y r.:
Year— Gross.
N et.
1912-.$261,080 $124,649
1911 — 263,108
129,865
— V . 94, p. 922.
Bond
Interest.
$30,000
30,000
Rental Jam. Divs.
Taxes. L .& P .C O . (5 % ).
$7,692
7,851
$12,000
12,000
$40,000
40,000
Surplus.
$34,957
40,013
West Jersey & Seashore Ry.— Proposed Lease.— The
stockholders will vote on April 30 on making a long-term lease
to the Pennsylvania R R ., which has been approved by the
directors of the latter, effective July 1 next.
The rental will provide for the payment of interest on bonds, taxes and
other fixed charges and a guaranty of 6% on the common stock. A divi
dend of 1H % is to be paid on the common stock whon the lease goes into
effect.— V. 96, p. 864.
West Virginia Traction & Electric Co.— Bonds Called .—
Ten bonds, issued under mtgo. made by Wheeling & Elm Grove R R .,
dated Mar. 1 1898, for payment at par and int. on April 1 at Germania
Half-Dollar Sav. Bank, Wheeling, W. Va.—-V. 95, p. 104.
Youngstown & O hio River (Elec.) R R . -D iv. Reduced.
A quarterly dividend of % of 1% has been declared on tho $1,000,000 5%
pref. stock, payable March 31, comparing with 1 H % from March 1912 to
Dec. 1912, both inclusive, 1% in Dec. 1911 aud Sept. 1911 and % or 1%
quarterly from Oct. 1910 to July 1911, inclusive.— V. 96, p. 362.
IN D U S T R IA L ,
G AS A N D
M IS C E L L A N E O U S.
A labam a C on solid ated Coal & Iron C o .— 8 M o s .’ Earns.
The reorganization committee has given out tho following statement of
earnings for the 8 months’ operations ending Feb. 1913, under the
trustees in bankruptcy: Gross earnings, $180,613; deferred charges, $41,633;
not, exclusive of interest on bonds, $138,980, being at tho rate of 7% on
first pref. stock after allowing for interest on both old and new bonds pro
posed in the plan of reorganization. (See plan, V. 95. p. 1685.)— V. 96,
p. 655, 137.
A llis-C h alm ers C o .— Reorganization— Call fo r Assessm ents
See adv. on another page and compare V. 96. p. 864.
Am erican Ice Securities C o .— N ew Director.—
™F,h,arI(fs Y - Warner has been elected a director to succeed J. William
Middendorf, who resigned.— V. 95, p. 485.
Amer. La France Fire E n gin e C o ., I n c .— First Dividend.
An initial dividend of 1.96% lias been declared on tho $2,000,000 7%
cumulative preferred stock, at tho rate of 7% per annum, from Dec. 20 to
April 1, payable April 1.
The earnings, it is stated, after a monthly allowance for depreciation, were
sufficient in tho two months of Jan. and Feb. to more than pay the dividond
for the 3 months and ton days.— V. 96, p. 717.
Am erican L igh t & T raction C o., New Y o r k .— Yew Stk.
,
Increase in tho authorized common stock from $15,000,000
to $40,000,000, recently authorized, an official statement says: ‘ ‘ It was
deemed, wise to take this action at the present time, so that tho company
will bn in a position to financo the purchase of new properties, and gonerally that it may have available shares of stock for futuro corporate purposes.
However, tho company has not now under contemplation any such pur
chaso, nor any intention of issuing common stock, except in payment of
the usual common stock dividends.— V. 90, p. 864, 483, 137.
Am erican M illing C o .— Earnings.— For calendar year:
Year —
Sales.
M fg.P rof. Oth.Inc.Sell.Exp.Gen.Exp. In t.,& c. Bal .Stir
(?)
$159,430 $54,035 — $116,636-------- $29,743 $67,086
1912 ___
1911 ___ 1,165,911 144,509 10,841 71,635 54,458 11.770 17,487
Other income includes in 1912 miscellaneous income from profits on raw
materials and cotton seed bags, sales and car earnings, $23,655 (against
$10,841 in 1911), and also rentals charged to linseed business for tho period
April-Dee. 1912, and profits of that business for tho period April-July 1912
$30,380.— V. 95, p. 751.
Am erican Naval Stores C o., S a va n n ah .— Officers Resign.
At a conference of representatives of 61 banks and trust companies east
°i
Mississippi Iliver who are creditors of tho eftmpany, the entiro board
of officers, except the President, E. S. Nash, who is in Europe, on Mar. 22
offered their resignations. It is believed that Mr. Nash’s resignation will
bo forthcoming on his return to tho city. A committee of five bankers,
selected by the creditors, will continue tho business aud prepare a form of
creditors’ agreement for their approval anil employ accountants to make
a comploto audit. Meantime tho creditors are not to enforce any collateral
security held by them.
Tho managing committee consists of Pres. M . A. O’Byrno of tho Hibernia
Bank of Savannah (Chairman); Vico-Pros. F. D. Illoodworth of the Nation
al Bank of Savannah (Secretary); Pres. Mills 15. Lane of tho Citizens' &
Southern Bank of Savannah; Vice-Pros. Piorro Jay of tho Bank of the
Manhattan Co. of N. Y., and Vico-Pros. Lewis B. Franklin of tho Guaranty
Trust Co. of N. Y. Tho Citizens’ & Southern Bank is not one of the credi
tors, but Mr. Lano was selected a member of tho committee at tho solicita
tion of certain New York banks who wished to have a disinterested repre
sentative who would bo impartial in protecting thoir interests.— V . 96,p.864.
Am erican Piano C o .— Earnings.— For calendar years:
1912
1911
1910
Net earnlnurs------------------------------------- $392,493 $382,799 abt.$473,993
Preferred dividends--------------------------- 270,102 270,102
270,102
Balance, surplus-----------------------------$122,391
-V . 94, p. 557.
$112,697
$203 891
Am erican T elep h o n e & Telegraph C o .— N ew Directors.
Harry II. Brigham and Thomas B . Bailey havo been elected
directors to succeed Francis Blake, deceased, and to fill a
vacancy.— V . 96, p. 865, 876.
A ssociated Oil C o ., C a lif.— Dividends Resumed.— The
directors have recommended the declaration of a dividend
of l ' / 2 % on the $40,000,000 capital stock ($‘20,069,000
of which is owned by tho SouthornPacific Company),
payabl Apr. 15.
Payments, it is said, may bo made semi
annually. This is tho first dividend since M ar. 1907, when
1 )4j%was paid, the same amount being disbursed in 1906 and
3 % in 1905.— V . 94, p. 1506.
B ritish C olu m b ia C opper C o .— Dividend Omitted .—
The directors on Tuesday voted to ondt the usual quarterly dividond. A
statement Issued says: "N ot earnings for fiscal year ending Dec. 31 1912
the management charging off all ordinary development work on this pro
prietary mine, wero $425,985. During tho same period thocompany’s paid
on account of new properties and in exploration and development $229,489.
The company has also under option numerous properties upon which pay
ments are to bo mado during tho current fiscal year and tho hoard deems it
best to use the available not rovonuo for that purposo which it thought
essential for the purposo of supplementing tho company’s oro reserves and
therefore considers It expedient to defer distribution to shareholders for the
present.” Compare V. 94, p. 1698.— V. 94, p. 1766.
C aliforn ia Petroleu m C orp o ration .— Earnings.— For
the three months ending Doe. 31 1912:
Earnings before deprec’n - - .$527.816ICommon dividend., . .
$184,384
Deduct— Preferred dividend.-217,1921Balance, surplus...... ........... 126.270
THE
M ar 29 1913.]
The net earnings of the subsidiary companies for the year ending Dec. 31
1012 before providing for depreciation, were $1,970,868, against $l,t42,30iS
in 1911.— V. 95, p. 1609, 1041.
Canadian Westinghouse Co., Ltd.— Earnings.—
Calendar
Year—
Net
Earnings.
Dividends.
Deprec.
Invent. I n s .F d .
Reserve. A dj.R es. Res've.
949
C H R O N IC L E
Balance,
Survlus.
face of their bonds. The Otto Coke Works will be operated separately.
Reorganization manager, W. E. Hutton.
Harwood (Pa.) Electric Co .— Earnings for 10 Months
Ending Dec. 31 1912 and 12 Months ending Feb. 28 1913:
Total
Gross.
Net to
Haru-ood.
Bond
Interest.
Preferred
Dividend.
Balance.
Surplus.
1912 .......... $1,050,124 (9%)$399,763
______ ______ $50,000 3600,361
1 9 1 1 _____1,010,154 (8% ) 350,128 $100,000 50,000 50,000 460,026
From the surplus as above in 1912, $318,606 was written off property
and plant, against $135,794 in 1911, leaving $251,755 in 1912, against
$324,232.— V. 95, p. 1610, 617.
Central & South American Telegraph Co.— Partly Esti
mated Earnings.— For quarters ending March 31:
„
3 M o s .—
Total Inc.
Net Inc. D iv s .(l]4 %)■ Bal.,Sur.
Total Surv.
1913
_$366,000
$225,456
$143,565
$81,891
$3,103,701
_ 478,500
326,468
143,565
182,903
2.790,822
1912
— V. 95, p. 1748, 1275.
Computing-Tabulating-Recording Co.— N ew Directors.
Nathan B. Scott and Benjamin F. Tracy havo been elected directors to
succeed Edward Canby and S. G. Metcalf.— V. 96, p. 656.
10 m onths..$845,945
$264,370
$138,392
$30,963
$95,015
12 months. 1,030,011
321,338
166,070
37,843
117.425
Common stock out, $3,000,000; pref. stock, $688,000; bonds, $2,900,000
— V. 95, p. 1042, 621; V. 94, p. 354.
Consolidated Gas, Electric Light & Power Co., Bal
timore.— N ew Stock.— The shareholders will vote April 8
Gross profits_____________ $704,997 IBond interest______________$153,360
Admin. & seling expenses.. 327,917 Sinking fu n d _____________
25,000
Deprec. & bad accounts___ 120,2451 Dividends (3 % )__________ 38,340
Balance, surplus, for year____________________________________ 40,135
Net profits, after providing for depreciation, bad accoimts and sinking
fund, $231,835, apparently, compares with $266,114 in 1911.— V.91, p. 1388.
on authorizing an issue of debenture stock of possibly between
88,000,000 and $10,000,000. Pres. J. E . Aldred, it is re
ported, has been in Europe arranging for placing the issue.
Proposed Purchase.— The Maryland P . S. Commission has
been asked to sanction the purchase for $425,000 of the
Patapsco Elec. & M fg . Cos. of Maryland and Dolawaro, with
power plants in Ellicott City and Ilchester.
Baltimore ‘ ‘Sun," Mar. 3, said: “ The purchaser is to pay $425,000
partly in cash and partly In Gas C o . stock. Cash payments of $18 ,000 each
are to be made on May 1 1914. May 1 1915 and May 1 1910. On the latter
date the transaction is to be closed by the payment of t.ie remainder of the
purchase price, a condition being that common stock of the Consoliciatea
shall be accepted in part payment to an amount not to exceed 3,000 shares,
at the market value on that day, the residue being in cashu J ,1 ™1
! r•
unbonded. Auth. stock reported as $250,000 com. and $100,000 pror.j
Lien of Consolidated Gas Co. of Baltimore City Gen. M . 4 ^ s .
An official statement, corrected to date, says: "These bonds are a direct
obligation of the Consolidated Gas, Electric Light & Power Co. of Balti
more (the present company) and are secured by a direct mortgage, subject,
only to $3,100,000 consolidated first mortgage 5% bonds, duo July 1 1J3J.
on ail gas properties acquired from 1817 to date of consolidation in 1900,
including tho company’s Spring Gardens plant, where all the gas manufac
tured by tho company is produced, and the most important part or cne gas
distribution system and equipment.” Other data, seo V. 96, p. 491, /ISConsolidation Coal Co.— Listed.— The New York Stock
Exchango has listed $1,790,000 1st & refunding M . 40-yr.
5 % bonds, duo 1950, making tho total listed $10,345,000.
The $1,796,000 bonds just listed were issued for improvements, better
ments, extensions, enlargements and additions, $1,434,000 o f the same in
connection with the Northern Coal lands.— V. 96, p. 792, 556.
Delaware Lackawanna & Western Coal Co.— 2 0 %
Extra Dividend.— An extra dividend of 2 0 % has been declared
on the $6,590,700 stock in addition to the regular quarterly
payment of 2 ^ % as disbursed from 1910 to Jan. 1913, both
payablo April 15 to holders of record April 1.— V . 96, p. 492.
Development Co. of America, N. Y .— Sale A p r . 17.—
The Equitable Trust Co. of N. Y ., successor trustee under tho collateral
trust deed of 190.3, securing some $3,800,000 6% bonds, gives notice that
it will cause tho collateral to be offered at auction at 46 Montgomery at.,
Jersey City, on Apr. 17, as follows: (1) Capital stock Tombstone Consoli
dated Mines Co., Ltd., 400,000 shares; Poland Mining Co., 135,000shares;
Congress Consolidated Mines Co., Ltd., 500.000 shares; Imperial Coppe
Co., 250,000 shares. (2) certificates o f indebtedness Poland Mining Co;
The’ reorganization committee In circular of Mar. 15 states that thero
have been deposited with the Kquitablo Trust Co. of N. Y ., under agree
ment of Fob. 8 1911, about 75% of the 15-year coll, gold trust 6% bonds
and also about 75% of tho total capital stock o f tho Development Co.
Proceedings in bankruptcy are still pending against Tho Imperial Copper
Co. and tho Tombstono Consol. Mines C o., Ltd. As the claims filed
against these two companies amount to more than $4,000,000, about equally
divided, and as thero is a mortgage lien of $2,000,000 underlying tho
Imperial Copper Co., the committee believe that the stocks of the
Tombstone Consol, and the Imperial Co. have no present or prospective
value and that there is no equity in any of tho collateral deposited under the
6% bonds for tho shareholders of the Development Co. of America. Tho
committee contemplates bidding in the collateral, in wliolo or part, for tho
bondholders. If it does so, it is authorized to organize a now company
or may use an existing company, preferably tho Congress Consol. Mines
CO.. Ltd., to take over tho assets purchased and issue now stock (or “ socurltlcs” ) to the depositing bondholders pro rata, and may further offer
at a common price to be agreed upon to the depositing bondholders and also
to tho depositing stockholders further new securities in order to raise funds
for tho development and financing of tho properties reprosen ted by tho
securities so purchased. The committee now includes Wallace rairbank,
Chairman, Frank M . Murphy and Thomas W. Synnott.— V* 95, P- o l.
Eastern Steel Co.— First Dividend .—
,
.
The company, incorporated in Juno 1903, has declared an initial dividend
•f 1 H % on its $2,000,000 7% cum. first pref. stock, payablo April 30 to
holders o f record April 15.— V. 94, p. 126.
Electric Investment Corp., N. Y . —New Co.— Status.—
Incorp. in Va. Nov. 12 1912 to acquire, hold and deal in the securities
and obligations of public utilities and other corporations and of munici
palities and governments. (Par of shares $100 each.)
Capital Stock, & c. (N o Bonds)—
Auth.
Outsland.
Pref. stk. 7%, cum. (3% lion-cum.) div. Q.-F. 2 1 ..$ 1 ,000,000 $500,000
Com. stk. “ full-paid” and non-assess. under Va. stat. _ 500,000 500,000
Notes payablo, $325,000; arc’d int., $3,068; syndicate
participations and subscriptions. $90,000 ---------------------- 418,068
Transfer agent, Guaranty Tr. Co.. N. Y.; registrar, Empire Tr. Co.
•Income account. 3K mos. end. Feb. 28 1913: Divs. rec’d and bond lnt.
rec’d and acc’d. $14,952; profit on sales o f securities, $11,549; total,
con r.ni
Deduct: Int. on notes payable, $5,068. and exp. and reserve for
exp $ 2 1 0 4 ’ net. $19,329: pref. div. No. 1. $8,750; bal.. sur., $10,579.
Balance sheet of Feb. 28 1913 shows: Assets, $930,147, viz.: Securities
at cost, $715,000; syndicate participations and subscriptions. $150,000;
accrued int. receivable. SI .650; ca*'1
non 971 ,total' *030,147.
Offsets: Stock taken at amt. rec d thereon. $500 000: notes payablo, Sec.
(seeabove). $418,068; reserve $1,500; surplus. $10,579.
Officers: Pres., George A. Galliver: V.-Pres. E. P. Chalfant; Trees..
A. Kcshishtan; Sec., Gaillard F. Ravcnel. Exec. Comm : DeForcst Candec
(Chairman), Oren Root, R. E. Breed and Harrison Williams.
Galena Signal Oil Co .— Stock Dividend.—
The 50% stock dividend ($4,000,000) is payablo May 15 to holders of
record April 1.— V. 96, p. 865, 205.
General Railway Signal Co.— 1 lA % On Accum ulations.—
A regular quarterly dividend of 1 'A % and 1Yi % extra on account of ac
cumulated dividends on the $2,000,000 6% cum. prof, stock has been de
clared, both payable Apr. 1 to holders of record Mar. 27. No payments
were made from Oct. 1909 to Jan. 1911, inclusive, during which time 15%
accumulated, 10 of these accumulated quarterly payments having been
paid o ff with tho present distribution, leaving 4 or 6% . still duo. VicePros. and Treas. George D. Morgan is quoted as saying that the business
on hand indicated that the would bo paid off before the close of the year.
— V .9 6 .P .7 9 3 .
Hamilton (O.) Gas & Elec. Light Co.— Reorganization.
In tho reorganization o f this company as tho Hamilton Utlitles Co., with
a capital stock of $255,000, the bondholders received par in stock for the
Hudson River Electric Power Co.— Further Payment from
Proceeds of Foreclosure Sale {See V. 93, p. 348, 799).—
N ow
Previous To Date,
1. Hudson River Elec. Powr Co. 1st M . bonds..$75 19 $274 6 6 $349 85
2. Hudson River Power Transm. Co. ref. M . bds.315 95
789 78 1105 73
3 . Hudson River Electric Co. 1st M . bonds_____ 13 02
976 32
989 34
Nos. 1 and 2 at Columbia-Knickerbocker Trust Co.; No. 3 at Guaranty
Trust Co., N. Y . See also V. 94, p. 1699.
Huebner Toledo Breweries Co.— Earnings.— For the
year ending Dec. 31 1912:
Kansas Natural Gas Co.— Stay Denied.—
The State Supreme Court on Mar. 21 denied “ without prejudice” the
application for a stay of execution of the receivership decree recently made
by Judge Flanelly, pending appeal therefrom to the higher Court.— V .96,
p. 556, 422.
Lehigh Coal & Navigation.— New Officer.—
Henry II. Pease has been elected Treasurer to succeed Samuel S. Snead,
deceased.— V. 96, p. 492.
Los Angeles Gas & Electric Corp.— Bonds.— The Cal.
R R . Commission has been asked to sanction the issue of
8900,000 bonds for extensions.
”
Proceeds to be used for purchase of Valley Gas Sc Fuel Co..for $175,000;
purchase of additional gas-generating set, &c., $169,000; extension of dis
tributing system, $600,000: extension of electrical distributing system.
$280,OOO. The California Coke & Gas Co. will also sell its system to the
corporation.— V. 95, p. 622.
Manufacturers’ Light & Heat Co., Pittsb.— l % % Div.
A quarterly dividend of 1 % % has been declared on the stock, payablo
April 15 to holders of record April 1, comparing with 1 K % In Jan last and
1% quarterly from April to Oct. 1912.
Dividend Record (Per Cent).
1903.
1904.
1905.
1006.
0
6
6
6
1907 to 1910.
None
1911.
H (Dec.)
1912.
3
Bonds Called for Payment on May 1.—■
The company has called for payment on May 1 all of the $1,736,000 out
standing 1st M . and collateral trust 6 % gold bonds
Payment will bo
made at the Union Trust C o., Pittsburgh. Series K ,
L and M ,
maturing May 1 1914, 1915 and 1916, will receive a premium of 2 /C and
series " N ” and “ O ,” due May 1 1917 and 1918, a premium of 3% . All
Interest on these bonds shall cease on and after May 1 ly io .
Stock Fully Subscribed for— Profit-Sharing Plan.—
All of the $1,500,000 new stock recently offered to stockholders has, it is
announced, been subscribed and paid in full.
An employees’ profit-sharing plan similar to that adopted by the U. S.
Steel corporation is also announced. Under it employees receiving an
annual salary of $5,000 or less may purchase at par ($50 per share) from 1
to 15 shares of stock, in proportion to their annual salary, and will be per
mitted to pay for the shares in small monthly payments, their accoimts
being credited with all dividends paid thereon. At the end of each year
they will receive credit for an additional amount of $2 50 per share, provided
they are still in theservice, their accounts being charged with interest on
deferred payments.— V. 96, p. 793, 650.
Maxwell Motor C o — Voting Trust Certificates Ready.—
Tho voting trust certificates issuable to depositors under the
reorganization plan of the U . S. M otor Co. (V. 95, p. 1044,
1626) are now ready for delivery at the Central Trust C o .,
54 W all St.
.
Call on Underwriting Syndicate.— An exchange journal says:
The managers of the syndicate which underwrote tho securities of the
Maxwell Motor Co. issuable for the assessments aggregating $5,720,996
have called upon subscribers to the financing for the payment of 30% of
their subscriptions on Mar. 31. Of tho total amount, $4,576,790, or 80%,
will bo in hand when the payment Is made. It Ls understood that about onequarter of the old stockholders have paid the assessment of $24 a share.—
V. 96, p. 422, 206.
Mexican Telegraph Co — Partly Estimated Eetrnings.— For
quarters ending March 31:
:i M o s .—
Gross.
N et.
.
M cx. Govt. D iv .(2'A % ) .
1913
$248,000
$236,359
*12.000
*§9.735
217,849
12,000
89.735
1912 _______ 235.000
Total surplus March 31 1913, $3,477,563.— V. 95, p. 1749.
Bal.,Sur.
$ 1 3 4 ,6 2 4
1 1 6 ,1 1 4
Michigan State Telephone Co,— Acquisition.
Home
the nit
ally merged.
■
_
Compare V. 95, p. 622 , 484.
Montana Power Co., New York and Butte.— E a r n i n g s ,
& c. — Thompson, Towlo & C o ., New York, Boston, & c.,
have issued a circular recommending tho 7 % cum. pref. stock
(19,700,000 outstanding), and giving much detailed informa
tion regarding the co’s finances, earnings and properties.
Earnings for Cal. Years with Full Present Interest and Pref. Dividend Charge.
Gross.
N et.
Interest. PC. Div.
Bal.,Sur.
1 9 1 2 __________ $3,029,875 $1,991,469 $786,890 $679,000 $525,579
1913 estimated— 3,280,000
2,284,000
--------------------------------- 1 9 1 4 estimated—
3,664,000
2,636,000
--------—
----- For the 3 mos. ending Mar. 31 1913 (March est.), gross, $930,416; net,
$609,757; interest, $226,803;pref. d l v . ( l « % ) , *169,750; bal.,sur.,$213,204.
Total present capacity of plants controlled, 104,000 h.p., present output,
maximum, 86,000 h.p. (average. 62 000). Est. capacity of water powct
sites, undeveloped and in course of development, 243,000 h.p., making
total capacity developed and undeveloped 347,000 h.p.—V . 96, p. 793.
National Gas, Electric Light & Power Co., Detroit.—
First Common Dividend.— An initial quarterly dividend of
1 % has been declared on the 81,402,800 common stock, pay
able April 1 to holders of record M ar. 2 6 .— V . 93, p. 16i05. jS
Nevada-Douglas Copper Co.— N ew Bond Issue.—
The stockholders will vote on April 15 on authorizing an issue of $2,000,
000 bonds. Tho bonds will be a first mortgage on the mining property and
also tlic stock of the Nevada Copper Belt Ry. Co. owned by it.
The proceeds will be to retire the bonds (about $490,000) on May 1 next
and the remainder reserved to be issued from time to time for development
and treasury purposes, erection o f reduction Works, purchase of stocks
and bonds of the Nevada Copper Belt Ry. not now owned and other
m-onerty. The bonds provide for a sinking fund of 10% of the net
earnings after May 1914, 15% after May 1916 and 20% after May 1918.
T h e company commenced production Jan. 1 1912 and up to Jan. 1 1913
(he mine h a d , it Is stated, produced 125,000 tons of ore, netting approxi-
950
THE CHRONICLE
mateiy $400,0p °. Aside from the $125,000 on the $5,000,000 stock paid
In dividends, the money, it is said, was expended for improvements.
Niagara Lockport & Ontario Power Co.— Listed.— The
N . Y . Stock Exchange has listed $4,779,000 1st M . 5s.
<• 9^
bonds $3,936,000 are “ tax-exempt” bonds and the remainder
P 5 ? ncHv the latter to be dealt in as “ tax-exempt” bonds on notice
that the New York State mortgage tax thereon has been paid.— V.96, p.866.
Omaha Water Co.— Bonds Redeemable at 105.—
The N . Y. State Court of Appeals this week held that tho company’s
bonds aro redeemable only at 105 and interest, and not at par and interest,
CompIro V O0! ? p ? 1630 —
821^° CUy’ aS th° company claimed-
Co., Cleveland.— Bonds, &c.—
Ann o* qq'PPcv
5% sinkinS fund gold bonds recently sold in Lonare palt 0f a Present issue limited to $5,000,000, which on
n S i S n n u ° “ 7 be increased to $10,000,000 (see below). Any bonds
npi annnmg d a fn' 1 L955 Vdl
repayable at 105%. Sinking fund, 1%
R ^ & Cum/ . from
1916, to retire bonds, if necessary, by drawrA Coupons J. & J., and bonds when drawn, payable at offices
« L .^ fi® CST(&uardlan~SavlnSs & Trust C o., Cleveland) and Executors’ &
Stcuuties Insurance Corp., Ltd., London; coupons, in London at fixed
exchange 49>£d., bonds at current exchango. Par $1,000 and $500.
Digest of Letter from Chairman T. Frame Thom son, Feb. 14 1913.
<
founded by C. A. Otis in 1875. Reincorporated in Ohio early
cP ,
to purchaso tho entire business, property and assots of tho Otis
Steel Co., Ltd., as at Jan. 1 1912, excopt a sum of $400,000, set aside out
or reserves to form a guaranty fund for tho dividends upon and tho ulti
mate repayment of tho prof, stock of the company.
Cflpilfliizfliioil—*
Authorized.
Ts^up/I
Preferred shares, 7% cumulative.............................. ^5 000 000 $2,764,900
Common shares_________________________________ 5,000,000
4 408 800
Plret mtgo. sink, fund 5% gold bonds (this Issue)Y1 See beiow.
3,000,000
, 0 bonds coyet' both the fixed and tangiblo property and form part of
to ^19.000,000, but no more than $5,000,000 can bo issued
i!!"2SSi- 10 trading profits for each of the two consecutive years immediately
Pi^Cieilln? , ? lssuo shall exceed three times the amount required for the
service ot interest and sinking fund on the bonds issued and proposed to
Do issued, and then only for an amount equal to additional pref. and (or)
common shares subscribed for in cash.
Trading Profits. 1908 to 1911, English Co. a t W 'A d -,— 1912 Subject to Audit.
1908.
1909.
1910.
1911.
1912. A v . 5 Y r s . Last 3 Y r s.
$383,042 $492,118 $767,511 $472,024 $536,000 $530,139
$591,845
[Annual charge for int. and sink. fd. on $3,000,000 bonds now sold $180,000].
Tho limit o f present development on tho Lakeside property in Cleveland
has been reached, except for an addition to the steel foundry which is now
in hand. The necessity for increased capacity is urgent, and a valuablo
site of about 201) acres has therefore been acquired in Cleveland on
^ ° .m Uyuh0.?a R,veP’ 'Tith g00fl facilities for rail and water transport.
On this site it is proposed to erect mills for the production of plates and allied
products. 1 Ians have been prepared for the corapleto development of
about 60 acres, but it is proposed to expend at present only about $5,000 000
thef'nrnnnJSi
S '0 ? ! acres’ This will finance a sufficient proportion of
the proposed works to bring profits up to about $1,000,000 per annum.
Value of Present Property $5,500,000, Not Incl. Good-Will or N ew Works
Lakeside land (appraisal Sept. 1911), plu3 riverside land ac
quired as above, over_______________
_
$1 500 000
Value of existing works on basis of valuation made in 1911, about 2’,500’,000
.Net liquid assets, after deducting liabilities, approximately_____ 1,500,000
[Directors: T . Frame Thomson (Chairman), J. Edward Touche, Gcorgo
Bartol, H. E. Higgins and II. F. Doverell.]— V. 96, p. 557.
Pocahontas Consolidated Collieries Co., Inc.—
A dividend o f 2% and also 1% oxtra has been declared on the $1,520 000
common stock, payable March 31 to holders of record March 25, comparing
1908 andT 907On March 31 and Sept- 30 1912 arld 3 % semi-annually In
Earnings.— For years ending Dec. 31;
T?Gr0SS
r, Nef
D° n(l
Sink. Fd. P f.D iv . Com. Dio. Balance,
Jjarnm 0s - nam in gs. Int.
Loan Int. (6 % ).
(4%)
Surnlus
1912$1,211,376 $916,459 $289,234 $135,367 $164,451 $180,800 $14^,607
1911
998,797 751,949 231,839 140,945 167,142
. . . . . . 212 023
— V. 95, p. 484.
Prairie Oil & Gas Co.— Acquisitions .—
The company has purchased tho entire holdings o f the High-Grade Oil
Co. in tho Cushing (Okla.) field for a price approximating $1,000,000.
Tho property consists of 2,000 bbls. of production, three gas wells with a
capacity of 70,000,000 ft. and 4,000 acres of proved and undeveloped
territory. The company, it is said, has also purchased a part of the
nW
£k
9.ry}v
c\ u l i}resi;ern
i
97,1
11 Do-’s
Y.‘
property,
Vw
’ the
1,140 net JJl
production
U U l l L l l U I l uof
i Wwhich
IC H 16
is d about
U O llo
7
D 0 bbls.
h h l s . from
f r o m 60 w
o l l c ffor
n mabout
h m it q
q kh nnn
i . n f of *1, ~ HRenfrew
r> ___........... Oil &
0
700
wells,
$350,000.
and fthat
the
Gas Co. a n dl a
; half interest in tho Wichita Oil & Gas Co.— V. 96, p. 793,494.
vJ'
[ V o l . X C V I.
$100 shares, $2,000,000 outstanding. Its business consists of thn minn
facturo and sale of cigars. Besides its o ffic e a n ^ w f f i a l e dopartmeute
it has in San Francisco 14 retail stores, in Los Angeles^^4retail stored
land 5, in Seattle 3. in Spokane 3 in Honolulu ^
in Nmr York C i y 3
S S ' . - S S f & T o S ” 68’ 5133’915i othor
Gunst. Balance Sheet DecA 28^1912.
Original good-w ill---------- $1,200,000
Cash ...................
51,221
Mdse, and inventories__ 1,162,977
F ixtures............................
94,539
Real estate, Tampa______
63,752
Bills and accts. receivable.
676,661
Sundrios________________
70 427
— V. 96, p. 558, 494.
’
*°9 46b; K
Total Each Side, $3,259,577
Capital stock------- . . 1.$2,000,000
Undivided surplus_______
176,775
Bills payable— stockhold
ers ...........
8,076
Bills payable___________
561,700
Accts. payable— mdse . . .
444,198
Sundries _______
68,828
United States Gypsum Co., Chicago.— Famines.—
Calendar^
N et
Repairs
Bond
Preferred
Balance.
r
m fn ii
Dividends.
Surplus.
1912 -----------$67.>,011
$167,285
$77,311
$226,913
$203,502
1911 -----------o60,83d
174,914
32 552
22*1 ^1 l
124.
9 4 ?flenn-8^ v L r U
D,ec- $1,500,000.—
31 1012, 84,417,800;“common
stock, $2,
249,600, 5-year fiwandmg
6% gold notes,
V. 94, p. 1124, 1182.
1019
United States Motor Co.— N ew C ertifica tes R eady
See Maxwell Motor Co. above.— V. 96, p. 494, 207.
United States Telephone Co.— E a r n in g s .—
Calendar
Year—
Gross
Exp..Taxes,
Net
Other
Bond Pf. Dio.
—
Bal
Revenue. D ep r.,& c.
Earns. Income.
Interest. (6%) ’ Sii.rn
1912 ........$468,681 $314,645 $154,036 $25,480 $107,800 $65J00 $6 016
1911
452,021297.147 154.874 25.179
107,800 05,700 6 553
The item of gross rovenuo is arrived at after deducting discount amounting
in 1912 to $187,416, against $186,093 in 1911.— V. 96. p. 207.
8
Utilities Securities Corp., N. Y . — N ew H old in g C o .—
Incorp. in Va. Dec. 16 1912 to acquire, hold and deal in the securities
of public utility and other corporations, and of municipalities and govern’ ts
Capital Stock (N o Bonds)—
Auth
Out
Pref. 7% cum. (additional 3% non-cum.) Div.Q.-M.27$l,000,000 $250,000
500,000 250,000
Common (par of all shares, $100)----------------------------T V ,w ? ^ er ‘l § env ’ Gl»ara« ty Trust Co. N Y .; registrar, Columbia-Knick.
Irust Co. N . Y . Directors: L . I>. Chalfant (Pres.), 60 Bway., N. Y .,
W
i i i S 'TL.h M
^ ^ P ' TTreasurer,
John B ’ Louis
MarshJ.(Sec.),
VVilliam
M cKee.
Hart. George A. Galliver and
Western United Gas & Electric Co .— B on d s C alled.—
^
1 of tho outstancling Joliet Gas Co. bonds issued under mortgage of
M ay 1 1902 have been called for payment at 103 and int. on May 1 at tho
Continental & Commercial National Bank, Chicago.—-V. 95 p 1549
— In tho editorial columns to-day wo aro publishing our
annual compilation of tho gross and not earnings of electric
railways in tho United States and also an article commenting
upon tho stability and growth of electric railway revenues.
This articlo gives the gross and net earnings of all tho roads
wo could obtain for the past two years.
— The 1913 edition of Floyd W . M u n d y’s “ Tho Earning
Power of Railroads” has just been issued, making the
thirteenth annual issue. The book contains 528 pages and
gives the mileago, capitalization, tonnage, earnings, & c., for
a period of ten years or more, also tho dividend records for
a series of years. The author, M r. M undy, is a member of
the New York Stock Exchango house of James H . Oliphant
& Co. Distributing agents, Tho Guenther Publishing C o.,
18 Broadway, Now York City. Price 82.
-~ E - W . Clark & Co. of Philadelphia, Boston, Pittsburgh,
Wilkes-Barre and Reading, who finance and manage many
successful public utility properties in this country, state in
then advertisement to-day that “ no public utility company
under our management has over defaulted principal or
interest ot its bonded debt or has ever passed a dividond on
its preferred stock.” A list of the firm’s socured bond issues
yielding 4 % to 6 % will bo mailed upon roquost.
Quincy
Mining
Co.—
E
a
r
n
i
n
g
s
.------------ ----------o —
- —
- For the calendar y e a r A t 9 7 % and interest, J. S .& W . S. Kuhn, Inc., of Pitts
“ a„r—
orfl?2?si „ „
N et.
Olh.Inc. Construe.
Dividends.
Baku et
1 9 1 2 ------$3,381,587 $1,089,674 $15,245 $144,139 (22)$605,000 $355,v79 burgh, Chicago, Philadelphia and New York, aro offering
1 9 ,l,k— - 2,854,805
596,319 17.859 106.581 (16)440 000
67 5 9 7
W est Penn Traction Co. first mortgage 5 % bonds to yield
Includes in 1912 $110,049 for construction and
about 5 .2 0 % per annum. A comparative statement of its
. lor accident account.” Total surplus Dec. 31 1912 was $ 1 233
278. A quar. dlv. of $ 1 ^ persharo( 6 %) was paid Mar. 24.— V. 9 5 , p. 14061 earnings, etc., for five fiscal years ending Dec. 31 1912,
Rail & River Coal Co.— Sale o f Coal Lands .—
appears in the advertisement on another pago; also a com
Tho sale of tho company’s coal lands in Belmont Co., Ohio which w a s parison of its physical growth.
made in April, 1912, was, it is now stated, to the Grand Trunk Pacific Do— Leo, Iligginson & Co. of Boston, Now York, Chicago,
1793 llly ° f th° Gra,ld Trunk K y- Compare V. 94, p.
& Joseph Ramsey Jr. has, it is reported, brought a suit against tho coal Worcester and Portland and Iligginson & Co. of London,
sa le ^ th e °ir-md0Ut *500,000, claimed to bo duo him as commission on tho aro advertising elsewhere in the Chronicle a list of public
service companies in whose issues of bonds thoy have special
Standard Oil Co. of Indiana.— Recall o f D ecision.—
ized.
The bankers will gladly furnish the latest available
* V° ^ y ss°uri House ou ^*ar- 20 passed the bill of Senator Casey recalling
tho decision and final decree o f tho Supremo Court o f Missouri in the ouster information concerning present conditions and earnings
proceedings against tho company. Tho bill provides that the company upon application.
may contlnuo business upon tho payment of triple tho license fee of a foreign
cor. and tho compliance hereafter with tho anti-trust laws.— V. 96, p. 4 9 4
Standard Oil Co. of N. J.— Increased N ew Jersey Prices .—
page°—-v *9 0 " j,*Hf');!'* 2 0 7 llinancial and Legislative Nows” on a preceding
Pacific Land Trust.— Earnings .—
Total
.....................®
Expendi- Cost Prop.
Surplus or
Cash
d S f f i t a , *88.764
.hSra'ib3d 5S702i S o
taH°V0 (* . 3 o 'l--') •gain st 3,500 shares ($350,000) in 1911 reducing
(E. R.) Thomas Motor Car Co., Buffalo, N. Y .— Sale.—
_
of $2o6,40° was realized from the sale of tho personal property
which was offered at auction beginning Mar. 17. — V. 96, p. 867.
1
y
United Cigar Manufacturers Co., New York .— Listed.
nm! York Stock Exchango has authorized tho listing
ot 8000,000 additional common stock, on notice of payment
in full, making tho total to bo listed $10,847,500.
fn /ih S
nnn8 ^0 0 *5 is par5
$2,500,000 common stock to bo Issued
for the $2,500,000 common stock of tho new “ M . A. Gunst & Co Incorr w rnS 1
remaining $1 900,000 will bo deposited at once with the
Dec ^r ? 7 /ana 1 S S " iM r 5 f t under tho voting trust agreement dated
. 190J. M . A. Gunst & Go. Inc., is organized in iVIainc with
tflnn°nnfw>fC7 & ta sto,c k ° f « . 1 0 0 . 0 0 0 (shares $ 1 0 0 each). consisting of
Th°n°nrnf S Z i cumulative pref. stock and $2,500,000 of common stock!
The pref. stock has tho right to elect only ono director, but will have ex'in ,(
uiviaenus remain unpaid.
C lTh„0
J B S S f. J * Z ?™ 5 S * * * !L
a i?Mnc,- T 0r ? tlorr wlU acruiiro substantially all of the assets of said
M -1 A
. Gunst & C o., Inc., o f California, authorized stock $3,000,000 in
— Berton, Griscom & Co. of New York, Philadelphia and
Paris, France, aro offering mortgago bonds, short-term notes
and preferred stocks issued by successful public servico cor
porations which have been financed by them and which
operate in substantial and growing centres in tho United
States. See advertisement.
— Tucker, Anthony & C o ., bankers of Boston, Now York
and New Bedford, will mail new circulars of street railway
and electric properties to which thoy give special attention.
Tucker, Anthony & Co. are well known as dealers in care
fully selected railroad and public servico corporation bonds.
— Tho 1913 edition of “ Investment Securities” issued by
Clark, Dodge & C o., 51 Wall S t., this city, describing over
100 issues of standard bonds and preferred stocks is now
ready for distribution. A free copy will bo sent to investors
and trustees.
—Tho first regular quarterly dividend of 1 M % on the
first preferred stock will be paid April 10 to shareholders of
William P . Bonbright & C o., Inc., 14 Wall St. this city.
— James N . Mandeville will ontor on April 1 tho firm of
Baker & W atson, Buffalo, dealers in investment securities,
as a general partner.
’
— A . E . Fitkin & Co. will move on April 1 their Now York
offices from 25 Broad St. to 115 Broadway.
951
THE CHRONICLE
M a r . 2 9 1 9 1 3 .]
% cp o x ts
PUBLIC SERVICE CORPORATION OF NEW JERSEY
F O U R T H A N N U A L R E P O R T — F O R Y E A R E N D I N G D E C E M B E R 31 1912.
T o the S h a r e h o ld e r s :
#
.
.
The earnings and expenses of Public Service Corporation
of Now Jersey, Public Service Gas Company, Public Service
Railway Company, Public Service Electric Company and
subsidiary companies for the year ending Dec. 31 1912 were
as follows:
Gross earnings of leased and controlled companies----------------332,654,409 90
Operating expenses and taxes__________ ____317,779,433 80
722,077 96
Amortization charges______________________
--------------------- - 18,501,511 76
314,152,958 14
Public Service Corporation of New Jersey Incomo from so^
curities pledged and from miscellaneous sources-------------- 1,939,338 57
316,092,296 71
Bond interest and rentals of leased and controlled companies. 11,289,075 95
Fixed charges of Public Service Corporation of New Jersey..
Not surplus___________________________________________
$4,803,220 76
2,749,996 68
32,053,224 08
Out of those earnings dividends at tho rate of six per cent
per annum, aggregating $1,500,000, were paid during tho
year upon tho capital stock of the Corporation, which
amounts to $25,000,000 at par.
#
The Corporation financed itself and its subsidiary com
panies for tho year for the most part from tho remaining pro
ceeds of tho salo of $13,800,000, face value, of its General
Mortgage Bonds which, as stated in tho annual report for
1911, wero sold to Messrs. J. P . Morgan & Company and
Drexol & Company during that year. These remaining pro
ceeds wero used to meet tho construction and extension re
quirements of tho three operating companies for tho year,
and, in addition thereto, Public Service Railway Company
issued $500,000 at par of Equipment Trust, Series C , Certifi
cates, dated Aug. 31 1912, tho proceeds of which wero used
to pay for, in part, 100 new cars. To meet the further con
struction obligations of its subsidiary corporations, the Cor
poration borrowed during tho latter part of tho year $600,
000 on its note, secured by its General Mortgago Bonds as
collateral.
During the year Public Service Railway Company leased
the Riverside Traction Company for a period of 999 years
from April 1 1912. Tho lines of the Riverside Traction Com
pany connect with thoso of Public Servico Railway Company
at Riverton and run thence to tho heart of tho City of Tren
ton, having a total trackage of about 33 miles. Public Ser
vico Corporation of Now Jersey also acquired during tho year
tho capital stock of tho Trentra Terminal Railroad Company
(which last-named company is tho lessee of the Elizabeth &
Tronton Railroad Company). These properties will em
brace an additional trackage, when contemplated construc
tion is completed, of moro than 41 miles. B y the acquisition
of theso properties and tho completion of their construction,
tho Corporation fills in tho gap in its railway system m tho
contro of tho State. When the remaining construction is
finished, which wo anticipate should not bo later than M ay 1
1913, Public Service Railway Company will have a completed
through lino across tho State from the Hudson River water
front to tho Delawaro Rivor water front at Camden. Tho
old properties thus acquired aro being thoroughly recon
structed and rehabilitated, and tho new construction is of
tho fino, modern interurban typo, admitting of high speed.
I regard these now properties as most valuable assets for the
future. W ith them Public Servico Railway Company will
parallel tho Pennsylvania Railroad all tho way from Now York
to Philadelphia. In addition thereto, and closely connected
with tliis project, it is proposed to build a cut-off from this
now line at a point near Port Reading Junction to Sowaren, a
distance of 1.6 miles, wliero the cut-off will connect with our
existing lino into Perth Am boy. Tho result of this will bo to
provido tho Amboys with high-speed facilities into Eliza
beth and Nowark, as well as to Now York.
During tho year tho Corporation disposed of its Pennsyl
vania properties, known as tho Bristol Gas Light Company,
Bristol Electric Light & Power Company and Yardley Elec
tric Light, Heat & Power Company. Tho salo was made for
cash. Tho activities of tho corporation aro now wholly con
fined 'within tho State of Now Jersey, except so far as tho
operation of tho Port Richmond & Bergen Point Ferry Com
pany and tho Riversido & Fort Leo Ferry Company are con
cerned. It is tho intontion of tho management not to fur
ther oxtend tho activities of the Company beyond tho Stato
lino.
M AIN TEN AN CE OF PROPERTIES.
Tho properties owned by tho Corporation liavo been main
tained throughout tho year at a high standard of efficiency,
and, in addition thereto, the sum of $722,077 96 has been
charged to amortization.
IM PROVEM ENTS COM PLE TE D .
The most important of the improvements completed dur
ing the year is the new Summit railway terminal and office
building in Jersey City, a photograph of which appears as the
frontispiece of this [pamphlet] report. This railway termi
nal was built to be used in co-operation with the Summit Ave
nue Station of the Hudson & Manhattan Railroad Company
and tho Pennsylvania Railroad Company, opened during the
year. It is a thoroughly modern street railway terminal,
and, if anything, is constructed in advance of the require
ments at this point. The commercial office building, hous
ing tho Gas and Electric Companies, built in connection
therewith, is also thoroughly modern and should last for a
generation to come. The location, while remote from the
business section at tho time of its selection, is fast develop
ing as a centre of new business life. A t all events, it has
proven to be well located for the purposes for which it was
constructed. The Corporation has embarked upon the
policy of building, as rapidly as possible, permanent homes for
its subsidiary companies in the various centres in which it
carries on business. In addition to the new Jersey City
office, during tho year the New Brunswick office of the Com
pany has been remodeled, and extensive alterations to the
Orange offico building have been completed, the Morristown
offico has been thorougldy rebuilt; a largo addition to the
Trenton office has been gotten well under way; a new office
building has boon constructed in Rahway, and ground was
broken in December for a new office building in tho City
of Elizabeth. It is hoped to continue this practice until
tho Corporation’s subsidiary companies aro well housed
throughout tho State.
_
,
Tho largo now car house, known as “ Big Tree,” in the town
of N utley, in tho Essex Division, and referred to in last year’s
report, was completed during the year and put into operation
Sept. 22. This car house affords capacity for 120 cars and
provides in connection therewith a repair shop, office build
ing and recreation room for employees. A new ferry slip
was built at tho Edgewater Terminal, the lay-out being part
of a comprehensive scheme to eventually reconstruct the
entire terminal, the balance of which construction it is ex
pected to proceed with promptly. A new ferry slip was con
structed at Port Richmond, Staten Island, also a waiting
room, office building and shelter over the bridge at the
Bayonne Terminal. Wooden carriages on the Jersey City
wagon elovator were replaced witli new steel carriages; tho
machinery was overhauled and the entire roadbed recon
structed . Heating systems wero installed at the Market Street
car house, Paterson; the Dunellen car house, Elizaboth car
house, and tho Sixteenth Avenue car house ,Nowark. A new
car house, to bo built of brick and concrete, is in process of
construction at W est New York. A very comprehensive and
substantial building for office purposes, designed as the Hud
son Division headquarters for the mechanical departments
of tho Electric and Railway Companies, is in course of con
struction at Palisade Avenue and the elevated structure
in Jersey City.
Tho Company has increased its number of prepayment cars
so that there are now a total of 1,113 cars of this variety on
the system. During tho year two-car trains to tho number of
41 trains wero put in operation on various lines in the Hudson
and Essex divisions and have been very successful.
More than 51 miles of track was reconstructed during the
year and, including the new properties above referred to, ap
proximately 17 lA miles of new track was laid. Tho total
mileage of tho Railway Company when the new construc
tion under way is completed will be approximately 850 miles .
As has been customary, a large amount of new underground
work was completed by the Electric Company. The policy
of the Company to place its wires underground in populous
centres is being developed as rapidly as conditions will per
mit, and approximately $500,000 will be spent this year
toward the furtherance of this object. Fourteen street miles
of new conduits were laid during this year and 50 miles of
new transmission lines installed.
Four now sub-stations, two in the Essex Division, one in
tho Southorn Division and one in the Central Division, were
finished, and the rebuilding and enlargement of four sub
stations— ono in tho Essex Division, one in tho Hudson D ivi
sion and two in tho Bergen Division— were completed.
A very largo and valuable piece of real estate has been se
cured during tho year, fronting on the Passaic River in tho
meadow section of Newark, as tho site for a new power sta
tion, which tho rapidly growing business of the Electric Com
pany in tliis locality clearly presages as a necessity in the
early future.
952
THE CHRONICLE
BUSINESS FOR THE Y EA R .
The Corporation’s subsidiary operating companies ob
tained an approximate gross increase from operating during
the year of $2,200,000, a percentage of increase of 7 .3 1 %
over the year 1911. The percentage of increase of the Rail
way Company was 4 .3 5 % . This isjbelow normal and is due
to two reasons-— the severe climatic conditions prevailing
during the early winter months of 1912 and the direct loss
suffered by the opening 9 f the Summit station of the Hudson
& M anhattan Railroad in Jersey C ity, and the joint opera
tion of the high-speed line to Newark by the Hudson & M an
hattan Railroad Company and the Pennsylvania Railroad
Company. The opening of the Summit station has very
largely changed conditions in Jersey C ity. The vast ma
jority of people living in the Hill section of Jersey City no
longer take either the ferry or the tube to Exchange Place,
but go right through in'the tube trains to or from Summit
Avenue, thus eliminating the ride on the street railway. The
lines affected by the operation of these new facilities show an
actual loss of business of approximately $225,000. Except
for this the increases of the Railway Company would have
been very satisfactory, notwithstanding the severe winter.
The percentage of increased receipts of the Electric Com
pany was 1 2 .1 9 % , a most satisfactory showing, and of the
Gas Company 8 .5 0 % . I can but repeat what was said in
last year’s report, that the most notable feature in relation
to the development of the Electric Company’s business dur
ing the year is the vast increase in the power business ob
tained, and it would seem as if the surface of the possibilities
in this direction had only been scratched.
[ V o l . XCVI.
During the latter part of the year the Board of Directors
decided, as of January 1st 1913, to put all female employees
upon a minimum wage basis of $9 00 per week. The Com
pany regards this as an important step in its welfare work.
While the increase involved in many cases was more than the
positions merited, the Company feels that it is doing that
which is eminently fitting in vouchsafing to all its female
employees a decent living wage.
The social work among the employees of the Railway
Company was kept up with vigor throughout the year. Dim
ing the winter months smokers, dances and pool tournaments
have been popular, and the usual Christmas tree events
during the holidays were held. For the summer months
picnics and shore trips were attractive features, while the
Public Service Baseball League proved a very successful
venture and created'much enthusiasm.
PUBLIC U TILITY COMMISSION.
Another full year of operation under the supervision of the
Public Utility Commission has passed by. Our subsidiary
companies are constantly before the Commission in a multi
tude of matters of greater or less importance. Our relations
with the Commission have been, and continue to be, of an
entirely cordial character.
RATE INVESTIGATION.
The inquiry by the Commission into the reasonableness of
the gas rates charged by Public Service Gas Company in the
Passaic Division dragged on throughout the year and a de
cision was not rendered until just before the close of the year.
T A XE S.
The Commission then filed its decision, fixing tho price of
The taxes paid during the year amounted to $1 ,873 , gas on and after February 1st 1913 to consumers in the Pas
018 10, an increase over the year 1911 of $213,276 66. In saic Division at 90c. per thousand cubic feet in place of the
addition to this, the Corporation, as usual, contributed largo net rate 9 f $1 00 which had theretofore existed. The Com
sums to municipalities in the form of new improvements, mission simultaneously recommended that tho Gas Company
street paving and street-paving assessments.
should put this same rate into effect in tho other divisions
throughout the State served by it, but refrained from making
INSURANCE.
any direct order in the premises becauso no formal inquiry
The fire insurance carried as of December 31st 1912 and hearing upon tho reasonableness of the price charged in
amounted to $26,860,669. This is an increase over the cor those divisions had been made by the Commission. The
responding date of the previous year of $2,530,853. The Gas Company, after full deliberation, decided to obey tho
total premiums for 1912 amounted to $118,534 13, which is order of the Commission so far as the Passaic Division was
an average of 44c. per hundred and a decrease in the prem concerned, and to respect the recommendation of tho Com
iums paid, as compared with 1911, of $887 25. Thus it mission as to the other divisions effective M a y 1st 1913.
appears the C 9 mpany carried during 1912 a large amount This met with the approval of the Commission. While the
of additional insurance over 1911 at a substantially less Company, therefore, decided to obey the order and to respect
premium.
the recommendation modified as above, and consequently
WELFARE W ORK.
did not seek to enjoin the enforcement of the order, it did
The welfare plan of the Corporation, which was put into not waive its right to contest the legality thereof. The de
cision
upon which the order is based is most drastic and, in
effect January 1st 1911, has been carried on and extended
during the year 1912. The following is the cost of the work: the judgment of our lawyers, is altogether illegal, being
founded upon a principle which will not stand tho scrutiny
Insurance__________
«io nos Q7
of the courts. To determine the correctness of this decision,
Sick Benefits.................................I ............. * ' *............................24 118 46
Pensions----------- ---------------------------- -------- ------------------------------ I i;i6 8 93
with tho knowledge and approval of the Commission, we have
Expenses----------- -------------------------------------------------- ------------------ 6.819 86
sued out a writ of certiorari in the Supreme Court of New
T otal.................... ....... .....................................................................$61,116 22 Jersey. The main point involved in the controversy will
This is an increase of $12,327 35 over the year of 1911, the be the decision of the question as to the value of the Com
reason for which, however, is that the cost of administration pany’s franchises for rate-making purposes. Tho Commis
was not charged to this account in the former year, but is sion repudiated this value altogether. The Supremo Court
included in the figures this year. The pension roll was in of the United States, as we view tho decision, has decided
creased from 22 at the beginning of the year to 41 at the close directly to the contrary in a precisely similar case.
of the year. Sick benefits were paid on 1,124 cases, at an
FINANCIAL STATEM ENT AND STATISTICAL INFORM ATION.
average of $21 45 per case.
July 4th 1912 completed the first full year of the operation
I call attention to the balance sheets and statement of
of the Workmen’s Compensation A ct. The cost of accidents earnings and expenses of the Corporation and its subsidiary
to employees occurring during this period, when the weekly companies, which have been verified by the Stone & Webster
payments are.completed, will amount to $ 6 3,53 05 7. There Management Association, and to the usual statistical in
were 2,357 injuries to employees reported during the year, formation and other statements herewith submitted.
as against 1,356 during the previous year, this largely in
creased number, however, being due to the care with which
t h o m a s n . M cC a r t e r ,
minor injuries are now looked after.
P resid en t.
STATEMENT OF EARNINGS AND EXPENSES OF PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES
FOR THE YEAR ENDING DECEMBER 31 1912.
Gross Earnings of leased and controlled companies______________________________________________________________ $32,654 469 90
Operating Expenses and Taxes_____________________________________________________________________$17,779,433 80
Amortization Charges________________________________________________ _____________ ___________
7 2 2,077 96
— --------------------- 18,501,511 76
.
. (
$14,152,958 14
Public Service Corporation of New Jersey income from securities pledged and from miscellaneous sources..
1,939,338 57
.
$16,092,296 71
Bond interest and rentals of leased and controlled companies____________________________________________________
11,289,075 95
Fixed charges of Public Service Corporation of New Jersey____________________________________________________
$ 4 ,8 0 3 ,2 2 0 ^ 6
2,749,996 68
N et Surplus__________ ______________________________ ______ ______ ________ _____________ _________________________ ' $ 2 ^ 2 2 4 0 8
We have examined the general books of Public Service Corporation of New Jersey and its subsidiary operating companies and certify that tho fore
going income statement is so prepared as to present a fair and correct statement of the combined earnings and profits of these companies for the twelvo
months ended December 31 1912.
STONE & WEBSTER M ANAG EM ENT ASSOCIATION,
By A. It. PATTERSON, Auditor
953
THE CHRONICLE
M a r . 29 1 9 1 3 .]
PUBLIC SERVICE R A ILW AY COMPANY.
CONDENSED BALANCE SHEET D E C E M B E R 31 1912.
PUBLIC SERVICE CORPORATION OF NEW JERSEY.
CONDENSED BALANCE SHEET DECEM BER 31 1912.
AS3€tS~~"
-
C apU al S t o c k _____________ $ 2 5 , 0 0 0 , 0 0 0 00
In v e stm e n ts a t C o s t $ 6 9 ,83 6,0 01
62
G eneral M tg e . 5 % Sin king
G en era l M t g e . 5 % Sin king
F u n d 5 0 -Y ea r G o ld B d s. 3 0,7 2 0 ,0 0 0 00
Fund
5 0 -Y e a r
G o ld
7 20 ,00 0 00 P erp etu al Interest-bearing
B on d s In T r e a s u r y -----certifica tes
---------------- 1 9 ' o t s g i g 52
A m o u n t a d v a n c e d to P u b
878 ,81 8 o z
4 ,8 8 4 ,2 5 0 00 A c co u n ts p a y a b le -------------lic S erv ice R a ilw a y C o .
100,693 68 A m ou n t a d v a n ced b y P u b C a s h ........ ..................... ...........
lie S erv ice E le ctric C o . _
175,000 00
A c cru e d Interest a n d rent
L 01L 862
0!) A m ou n t a d v a n ced b y P u b als re c e iv a b le -----11c S erv ice G a s C o _____
1 ,0 0 0,0 00 00
A c co u n ts re c e iv a b le .
o o ,» ii
**
Interest accrued on bonded
A d v a n c e p a y m e n ts -------- -and oth er Indebtedness
580,284 70
D eferred ch a rg es a ccou n t
R eserv e
125,000 00
o f d iscou n t on b o n d s —
3 ,4 6 1 ,7 2 6 o9
P ro fit a n d 'f o s i l 111111 —
1.720,983 52
$80 ,19 0,7 96 74
$ 8 0 ,1 9 0 ,7 9 6 74
.
A s se ts —
R a ilw a y eq u ip m en t a n d
p r o p e r t y ________________ $ 86 ,2 2 0 ,8 9 5
I n v e s t m e n t s ______________
62,4 83
320 ,84 6
C a s h .......... ...............................
215 .95 3
A c co u n ts re c e iv a b le ----------M a terials and s u p p l i e s . . .
4 61 .26 8
A d v a n ce p a y m e n ts----------23,8 92
U n a m ortized d e b t,
dlscou n t and exp en se...........
7 4,655
PUBLIC SERVICE OAS COMPANY.
CONDENSED BALANCE SHEET DECEMBER 31 1912.
P
estate
amt
p r o p e r t y ________________ $ 8 ,0 6 2 ,3 2 5
________
In vvestments
estm en ts
158,142
C a s h ........................... - ............
A c c o u n t s receiv a ble:
C u s to m e r s . .8 1 ,2 3 2 ,3 9 6 77
M iscellan eou s 3 2 6 ,6 8 0 45
1 ,5 5 9,0 77
A d v a n c e t o P u b lic S erv ice
1,000,000
C o r p . o f N ew Jersey —
710 ,93 2
M a teria ls a n d su p p lies—
6 1 ,6 84
A d v a n ce P a y m e n ts ----------
1,133,4(0 ou
77 R en ta ls, b o n d Interest and
taxes a c c r u e d ---------------R e s e r v e s --------------------------P ro fit a n d l o s s . . ...............
22
541,403 -4
00
59
52
$ 1 1 ,66 3,4 68 51
$ 11 ,66 3,4 68 51
PUBLIC SERVICE ELECTRIC COMPANY.
CONDENSED BALANCE SHEET DECEM BER 31 1912.
A
v9t i t
Plant,
I
real estate and
L ia b ilitie s —
'capital Stock..
00
7 r 9 '9 o 9 23
754
5 23
7
5 4 ,79
.7 9o
23
320 ,91 5 96
211,801 69
258 ,94 6 75
I taxes accrued...........
M iscella n eou s 3 36 ,29 5 32
---.-------------------- l,45y,U S0
A d v a n ce to P u b lic Service
C o r p . o f N ew J e r s e y . . .
17V, 'V29
M a te ria ls and su p p lie s. —
67,), 184
A d v a n ce p a y m e n ts---------J 1,578
$ 1 4 ,9 6 3 ,5 5 9
AA
..........S,-3’2?2’o o
p r o p e r t y .............................. $ 1 2 ,1 7 2 ,8 5 4 37 M o rtg a g es p a y a b le ----------In v estm en ts
1 0 8 . 3 0 4 9 9 A c co u n ts p a y a b l e .......... ..
Ciwh 1
2 8 1 ,55 0 78 R en ta ls, b o n d Interest and
Accounts receivable":........
Customers..5 1 ,1 2 2 ,7 9 1 65
P u b lic S erv ice E q u ip m en t
T r u s t Series “ C " C er
tific a t e s ________ __________
Car
T ru s t
C ertifica tes
(C a m d en & S u b u rb an
R a ilw a y C o . ) ___ _______
A c c o u n ts p a y a b l e ________
A m ou n t advanced b y P ub
lic S erv ice C o r p o ra tio n
o f N ew J e r s e y . . . . . . . .
A m ou n t advanced b y T h e
R iv e rsid e <& F o r t L ee
F erry C o ..............................
P rem iu m on b o n d s s o l d . .
R en ta ls , Interest a n d taxes
a c c r u e d _________________
D ep r e cia tio n reserv e...........
P ro fit a n d lo s s ................
| c £ S ! « S » - . ............
M o r tg a g e s p a y a b le .............
111,305 58
83 Accounts payable..........-
!R eserv es - - - - - - - .................
1 ro flt and lo s s .......... ............
y7j
99
03
$ 14 ,96 3,5 59 63
03!
Liabilities—
j C a p ita l S t o c k _________________ $ 37 ,81 6,7 00 09
88 C a p ita l sto c k reserv ed t o
retire s tock m erged c o m
63
panies __________________
1 83,300 08
01
81 B on d s o f m erg ed c o m
panies ______________ . . . 4 1 ,0 0 0 ,0 0 0 00
77
210 ,18 5 00
30 M o r tg a g e s p a y a b le .......... ..
P u b lic S erv ice E q u ip m en t
T ru st Series “ A ” C er
61
4 0 0 ,0 0 0 00
tificates —
P u b lic S erv ice E q u ip m en t
T ru s t Series “ B ” C er
3 3 8 ,0 0 0 0#
tificates ________________
$ 87 ,37 9,9 96 01
5 00 ,00 0 00
14,000 09
1 ,2 8 6,4 12 80
4 ,8 8 4 ,2 5 0 00
7 0,0 00 00
30,1 35 00
593 ,51 4 19
15,585 54
37,9 13 48
$ 87 ,37 9,9 96 01
Wo have examined tfie general books of the Public Service Corporation
of Now Jersey and its subsidiary operating companies and certify that the
balance sheets as of December 31 1912 appearing on pages 12 and 13 are,
in our opinion, properly drawn up, and show tho true financial condition
of tho Corporation and its subsidiary operating companies as of that date.
STONE & WEBSTER M AN AG EM EN T ASSOCIATION,
By A. R. PATTERSON. Auditor.
PUBLIC SERVICE CORPORATION OF NEW JERSEY AND SUBSIDIARY COMPANIES.
STATEM EN T OF FUNDED DEBT DECEM BER 31 1912.___________
Authorized.
Outstanding.
Pubtlc'L^rvfco'c^rporiuToi^o^New^I^^ey^S^o^Gonoral M ^ o .^ D u o Oct. 1 1959.
F i d o l i t v T r u s t Co. ( N e w a r k ) , T r u s t e e .
lilt. Payable Apiil and .O ct-.. — --------- 850,000.000 00 $30,720,000 00
Per.mtu-d InlerostdloaVing Certificates of Public Servico Corporation of Now Jersey,
19,981,710 00
20,200,000 00
fidelity 'Trust Co. (Newark), Trustee. Rato 6% . Int. Payable May and N o v ..
$50,701,710 00
P ublic Service Oas Company
P ublic Service Electric C om pany—
%
PD e T l 1918.
Fidelity Trust
NewarkNGascV,: 6% “p S 't Mtge. ‘‘ Duo Ap"ril°l^iaM J. William Clark, Marcus L
Ward John O. II. Pitney, Trustees. Int. Payable July, Dec., Jan., n.pm, «
>o & Trust Co., Trustee. InL Payable May and Nov
swick Light, Heat & Pow
Trust Co. (Newark), Trus
Ridgewood Gas Co. 5% First Mtge
te o .
I n t . P a y a b l e J u n o a n d D e c ................. .......................................
Ridgewood Gas Co. 5% Second Mtge.
(N e w a r k ), T ru s te o .
Due April 1 1925.
------------
Fidelity Trust Co
I n t . P a y a b l o A p r i l a n d O c t ___________________________________________
Comnanies Leased by Public Service Electric C o.—
^
TTMted E l e c t r i c Co. of New Jersey 1% First Mtgo. Due June 1 1949. Now Jersey
Title Guarantee & Trust Co., Trusteo. Int. Payable June and D e c - - - - - - - - -----Consumers^Light, Heat & Power Co. 5% First Mtgo. Duo June 1 1938. New Jersey
C °TRln Guarantee & Trust Co., Trusteo. Int. Payable Juno and D ec------ - - - - - - - NOTth H uX on Light, Heat & Power Co. 5% First Mtgo. Duo Oct. 1 1938. Now
NOrr,:,!‘
mui. Guarantee A Trust C o., Trustee. Int. Payablo April and Oct
fidelity
MiHJideoT Electric Light & Power Co. 5_% First Mtgo. Due Jan. 1 1955. I'i
M T^uSCCm 1(Newarkf,1 Trustee. InL ^ ayable^Jul^an^Jan
Weehawken Contracting Co. 6% First Mtge. Due I eb. 20 1928. Wechawken Trust
C o,, Trusteo. Int. Payablo Aug. and r e b -------------------- -------
p
|
c
» g
^
f ^ t ^ b . « D S2n, u L U m
rh0
Passaic Gas Light Co. 6% First Mtgo. Duo Juno 1 1922.
Institution, Trustee. Int. Payablo June and D o c .- - - - - Passaic Lighting Co. 5% Consol. Mtgo. Due M ay 1 1925. Guaranty Trust C o.,
Trusteo. Int. Payable M ay an d N o y v . . ^
^
- - — - j^ar.- 1!953. Fidelity
South Jersey Gas Electric & Traction Co. 5% First Mtge. Due M
Trust Co (Newark), Trustee. Int. Payablo Sept, and March
Burlington Gas Light Co. 5% First Mtgo. Due M ay 1 1921. 13
iSc Trust Co Trustee. Int. payable May and N ov ---------------Trenton G m & Electric Co. 5% First M tge. Duo Mar. 1 1949. 1
Trustee
Int. Payable March and Sept-------------------------------------------- ----------
Somerset Union & Middlesex Lighting Co. 4% First Mtgo. Duo Dec. 1 1943. Fi
delity Trust Co. (Newark). Trustee. Int. Payablo Juno and D e c .- ...........—
Central Electric Co. 5% Consol. Mtgo. Dm ’ ‘ *
ark). Trustoe. Hit. Payable Jan. and July
Citizens’ Electric Co. 5% First Mtwe. Due
Trust Co Trustee. Int. Payable M ay an
___________
Frlison Electric Illuminating Co. of New Brunswick 6% First Mtgo. Due Juno 1 11
K
F Howell Theo. E. Townsend, Trustees. Int. Payable June and D e c ...
Plaitmeld
& Electric
Light
Co. 5%
Due April
1 1940. G
Guara
lam uoiu Gas ^
__________
_
. .. Gen. Mtgo.
.
uaranty
S o m ^ s o t^ L lg M fn g Co". 5 % t^ s ^ M t g m * >^ i ? ” F c S ? V i 9 3 9 .''F i d e l l t y T r u s V C m '( N e w -
Tlfo G as^& yfl^tric^ol o^Bcrgra County S ^ GVnVM f^.jNY/^.^^Due Nov’. l lOM
T h o G a lfF M e c t r ic C o f o'f^ crgei^ C ou n ty 5 % ’ g J . M * o . fro
1.
D jie 'N o v '.'l 1954.
Equitable Trust C o., Trustoo. Int. Payablo M ay aiid Noy_ _ ______ - - - - — - - -
The Gas & JOlcctric Co. o f Bergen County 5% Consol . Mtge. Due Juno 1 1949. I idel
ity Trust C o. (Newark), Trustee. Int. Payablo June and D ec. . . .
Hackensack Gas LlghtC o. 5% First Mtgo. Duo July 1 1934. G. W. Conklin, D . YV.
Chamberlain, Trustees. Int. Payablo July and Jan. at Fidelity Trust Co. (Newark)
Hackensack Gas & Electric Co. 5% First Mtgo. Duo July 1 1935. G. W. Conklin,
E A Pearce, Trustees. Int. Payable J a n . and July at Fidelity Trust Co. (Nowark)
Hackensack Gas & Eloctrlc Co. 6% Debenture Mtge. Duo Jan. 1 1917. Int. Payable
E i/^ o w o o d G as^ ic"E lectric C o . 5 % F ir st M t g e .
D u e Jan. 1 1939.
D a v id S t . J o h n , T r u ste e s.
I n t . P a y a b le J a n . an d J u l y . - - - - - -
Princoton Light, Heat & Power C o . 5 % 30-year Sinking F und M tgo
Flqultablo T rust C o ., Trustee. Int. payablo F’eb. and Aug
Shoro Lighting Co. 5% First Mtge. Duo April 1 1951.
Trustoo. I t. Payablo April and October
G e o W . C o n k lin
Duo Feb. 1 1939
Fidelity Trust Co. (Nowark)
Total Public Service Qas Co. and Public Service Electric C o.
810,000,000 00
Amount
Owned by the
Corporation.
Amount
in the Hands
of Public.
8720,000 00 $30,000,000 00
798,425 00
19,183.285 00
$1,518,425 00 $49,183,285 00
$6,000,000 00
$6,000,000 00
3,999,700 00
3,999,700 00
10,500,000 00
10,500.000 00
10,500,000 00
500.000 00
500.000 00
500.000 00
100.000 00
100.000 00
100.000 00
100,000 00
85.000 00
85,000 00
20,000,000 00
18,617,500 00
1.000. 000 00
308.000 00
2,000,000 00
367.000 00
200,000 00
181.000 00
30,000 00
30.000 00
30,000 00
5.000 ,000 00
4,049 ,000 00
4.049.000 00
600 ,000 00
585 ,000 00
585.000 00
50 ,000 00
50 ,000 00
50.000 00
450 ,000 00
316 .000 00
316.000 00
15,000 ,000 00
12,892 ,000 00
100 ,000 00
100 .000 00
100.000 00
2.000 ,000 00
2,000 ,000 00
2,000,000 00
2,750 .000 00
1,974 ,328 12
573,000 00
1,401,328 12
750 ,000 00
700 ,000 00
20.000 00
680,000 00
40 ,000 00
40 .000 00
50 ,000 00
50 ,000 00
50.000 00
500 ,000 00
460 ,000 00
460.000 00
4.000. 000 00
$683,000 00
17,934,500 00
308.000 00
367.000 00
21,000 00
3,507,000 00
160.000 00
9.385.000 00
40.000 00
150 ,000 00
150 ,000 00
21,000 00
129.000 00
5.000 ,000 00
2,063 ,000 00
455.000 00
1.608.000 00
5.000 ,000 00
46 ,000 00
46.000 00
1,500 ,000 00
1,436 ,000 00
1.436,000 00
42 ,000 00
28 ,000 00
28.000 00
40 ,000 00
10 ,000 00
50 ,000 00
3 ,000 00
200 ,000 00
23 ,000 00
ii**s2*S
10,000 00
3 ,0 0 0 1 $
23,000
1,600 00
170,300 00
250 ,000 00
171 ,900,00
400 ,000 00
400 .000 00
400,000 00
$68,235,428 12
$5,281,600 00 $62,953,828 12
954
THE CHRONICLE
[V o l . XCVI.
Authorized.
Outstanding.
Brought forw a rd ______________________________
$118,937,138 12
P u b lic S erv ice R a ilw a y C o .—
Duo M a r 1 m s -
b
m
T r '“ t 815,000,000 00
$15,000,000 00
N orth H udson C ounty I iy . C o. 6 % First M tge. Duo Jan 1 1914
W m H Shlnn’en’
Samuel B . D od , Trustees. Int. Payable Jan and In lv iV wii-oVTvrir -r IVii, ’ t i iRSej ? ’
N orth H udson C ounty R y . C o. 5% C o n s o l M tg t
Z
July 1 1928
E A Sevens
N orth H u d sorfccfu n tv R v C < fY # b}mJ an ' ancl J “ lyf at First & a t. B ank, H o b o k e n ....’
N T ru st C o (N c war ID Tr u S ™
®
m
tg e'J Duo M a y 1 1924. Fidelity
N ewark
(JNCWark)- trustee. Int. Payablo M a y and N o v . at F idelity Trust C o .,
N
e w a r k ______________________
TncfiHif inn n'l'.llJ}.?'1 ^ec°n d Gen. M tge. D uo O ct. i 1914. Paterson Savings
TOi ^
»
’!T:,u?*ee- J n t - Payable April and O c t............
B
{nainf ^ c & Central Jersey R y . C o. 5% First M tg e. D u e D e c " T 1950”
P lainfielrf Street S ?v (N ew ark), Trustee. In t. Payablo June and D e c ______ l . _ .
& d D
JS f/"'1’ 1 1922'* » •
■ % j« 2 r .f r g u g
M iddlesex & Somerset T raction
M o U tr fr S io o .
C o . 5 % First M tge.
Jan’ .’ 1 ~i qko’
T rust C o . (N ew ark). Trustee. Interest P ayable January and Ju ly____ I
12,563,000 00
620,000 00
3,000,000 00
2.378.000 00
2.378.000 00
1.500.000 00
1.291.000 00
1.291.000 00
100,000 00
100,000 00
100,000 00
1.250.000 00
1.250.000 00
1.250.000 00
300.000 00
300.000 00
2.500.000 00
2.400.000 00
100.000 00
100.000 00
3.500.000 00
1.500.000 00
300.000 00
274,000 00
1.226.000 00
100.000 00
500,000 00
500.000 00
' 500,000 00
500.000 00
1.500.000 00
1,000.000 00
1,000.000 00
$41,000,000 00
$9,156,000 00 $31,844,000 00
$15,000,000 00 515,000.000 00
$15,000,000 00
1,000,000 00
258.000 00
258.000 00
6,000,000 00
6,000.000 00
6,000,000 00
1,000,000 00
550.000 00
550.000 00
500,000 00
500,000 00
500.000 00
1,000,000 00
833.000 00
3,000,000 00
1,940,000 00
1.940.000 00
1,000,000 00
1.000,000 00
1,000,000 00
250,000 00
175.000 00
175.000 00
5,000,000 00
4,011,000 00
4.011.000 00
83,000 00
750.000 00
1.000,000 00
631.000 00
*564,000 00
1,500.000 00
1,368,000 00
1.368.000 00
$1,200,000 00
T o t a l C o m p a n ie s C o n t r o lle d b y T r e n t o n T e rm in a l R a ilro a d C o
T O T A L FU N DED D E B T .............................
$32,266,000 00
$83,000 00
$32,116,000 00
$73,266,000 00
$9,239,000 00
$63,960,000 00
$400,000 00
$400,000 00
400.000 00
400,000 00
$192,603,138 12 $16,039,025 00 $176,497,113 12
c
.
n M IS C E LLA N E O U S o b l i g a t i o n s .
_ P u b lic S erv ice R a ilw a y C o m p a n y —
P ubi c Service Series " A ” I ^ u lp . T ru st 6 % Certificates. $40,000 duo each Jan. 1 and
? 1- Fidelity T ru st C o (Philadelphia). Trustee. Int. payablo Jan. and J u l y ..
P ublic Service Ser. “ B E quip. Trust 5 % C ertfs. $22,000 duo each Jan. 1, $23,000
due each July 1. Fidelity T rust C o. (P h ila .), Trustee. In t. Payablo Jan. and July
P ublic Service Series " C
Equipm ent T rust 5 % Certificates. $25,000 due each
M arch 1st and Sept. 1st. T h e Pennsylvania C om pany for Insurances o f Lives and
_ Granting Annuities, Trustee. Interest Payablo M arch and Sentemhor
Cam den & Suburban Railway C o. 5 % C ar T rust B onds. $7,000 due e a c h A p r i'f l's’t
Cam den Safe D eposit & Trust C o ., Trustee. Interest P ayablo April and Oct
R eal Estate M ortgages___________________________
v
-----P u b lic S ervice G a s C o m p a n y —
R eal Estate M ortgages_________________________________
P u b lic S ervice E le c tr ic C o m p a n y —
R eal Estate M ortgages______________________________
$800,000 00
$400,000 00
$400,000 00
450.000 00
338,000 00
338,000 00
500.000 00
500,000 00
500,000 00
70,000 00
14,000 00
210.185 00
14,000 00
210,185 00
________________________________ ____________ ______
*6 7 ,0 0 0 Hudson River Traction C om pany bonds owned b y N ew J e W &
90,000 00
90,000 00
418,000 00
$1 970 185 00
418,000 00
$1,970,186 00
n u d so n R iver R ailw ay & Ferry C om pany.
L IS T OP STO C K S OF S U B S ID IA R Y C O M P A N IE S , D IV ID E N D S ON W H IC H A R E G U A R A N T E E D TTIHOTTDIT
S E R V IC E C O R P O R A T IO N O F N E W
H udson C ounty Gas C o ________________________
Essex & Hudson Gas C o _________________ H i l l
N ewark Consolidated Gas C o ____________ I I I I I I I I I
Paterson & Passaic Gas & Electric C o ______ II
South Jersey Gas, Electric & Traction C o ___I I I I I I I
Somerset Union & M iddlesex Lighting C o ______ I I I I I I I
T h e Gas & Electric Com pany o f Bergen C o u n t y l l l l l l '
T he Gas Light C o. o f the C ity o f New Brunswick___II
U nited E lectric Com pany o f Now Jersey___________ H I
M iddlesex Electric Light & Power C o . _____
N ichols E lectric Light & Power C o. o f N utloy, N . j
East Newark Gas Light C o _____________________________
Consolidated Traction C o ____________________________H I
R apid Transit Street Railway C o ___________________ I I I
South Orange & M aplewood Traction C o . I _________I I I
Orange & Passaic Valley Railway C o . _____________ __
Cam den & Suburban Railway C o . _
______
Cam den Horse Railroad C o _______ ____________________
"Weehawken Contracting C o ., Preferred_______________
W eehawken Contracting C o ., C om m on ’ ! . " I _______
Citizens’ Electric Light, Heat & Power C o ____________
M orristown Gas Light C om pany_______________________
R idgew ood Gas C om p any_______________I I I I I I I I I I I I I I
N ow Jersey & Hudson River R y. & Ferry C o.I Preferred
N ew Jersey & Hudson River R y. & Ferry C o ., C om m on
Princeton Light. Heat & Power C o
Burlington Electric Light & Power C o I I I I H ............I l l
Shore Lighting C o _____
_
Riverside Traction C o .. Preferred
R iverside Traction C o .. C om m on .................. ...............
Elizabeth & Trenton Railroad C o .. Preferred"
E lizabeth & Ire n to n Railroad C o ., C om m on
2.246.000 00
500.000 00
T o t a l C o m p a n ie s C o n t r o lle d b y P. S. R y . C o _________________
CO V fP A N Y .
154,000 00
500.000 00
T o t a l P u b lic S e rv ice R a ilw a y C o . a n d S u b s id ia r y C o s . . .............
T o t a l M is ce lla n e o u s O b lig a t io n s
$7,770,000 00
1,498,000 00
620,000 00
T o t a l P u b lic S erv ice R a ilw a y C o m p a n y _______________________
C o m p a n ie s C o n t r o lle d b y T r e n to n T erm in a l R a ilro a d C o __
E lizabeth & Trenton Railroad C o. 5% First M ortgago
Duo Anrii 1 1 0 6 9
Tnm n
T ru st C o ., Philadelphia. Trustee. Interest Payable A pril and O c t o b e r ..! *
$7,230,000 00
1,000,000 00
Fidelity
C o m p a n ie s C o n tr o lle d b y P u b lic S ervice R a ilw a y C o .—
C onsolidated Iraction C om pany 5 % First M ortgage. D u o Juno 1 1933. Bankers
Trust C o ., Trustee. Interest Payable D ecem ber and Juno
'
Jersey C ity & Bergen R y . C o . 4 'A % First M tge. Due Jan. 1 1923'.’ ’ Edm und Smith
Trustee. Int. I ayable J an . & July at Bankers T r. C o. or First N at. Ilk Jersey Git
N ewark Passenger Railway C om pany 5 % First M ortgage. Due July 1 1930
Net
Jersey T itle Guarantee & T ru st C o Trustee. Interest P ayablo Jan. and July
Passaic & Newark E lectric T raction C o. 5 % First M tge. D uo Juno 1 1937. New
■r anth er Fitle G u a r a n te e * I rust C o ., Trustee. Int. Payable June and D e ce m b e r!.
R ap id tra n sit Street Railway C om pany 5% First Mortniuro Due Anrii i 1 0 9 1 rri
delity Trust C o (N ew ark), Trustee.y Interest payable April am
*rr-MSsal.c V a e .y Railway C o. 5% First M ortgage. f)u e D ec. 1 1938
N ew
Jersey T itle Guarantee & Trust C o ., Trustee. In t. Payablo Juno and D ec
Cam den & Suburban Railway C o . 5 % First M ortgage. ?)u e July 1 1946. N ew
Jersey Trust & Safe D eposit C o. (C am den), Trustee. Int. Payablo Jan.' and July
B
r S n t n l * )' r J f tIyp 5 % n'Ii’lrStt’ Mor, tKa 8 e - D ue July 1 1951. N ew Jersey
.title Guarantee & Trust C o ., Trustee. Interest Payable January and July
l e o p l e s Elevating G o. 5% First M ortgage. D uo O ct. 1 1939. N ew Jersey T itle
Guarantee & 1 rust C o ., Trustee. Interest Payable April and O ctober
_
_
Ncinrjn rs7 , ' \ V i ?' " .1 R1,v.er R a ilw a y * Ferry C o. 4% F ifty-Y ear M tge. Due M arch I
1950. United States M ortgage & Trust C o ., Trustee. Int. Payable M a r. & Sent
H udson R iver T raction C o. 5 % First M ortgago. D ue M arch 1 1950
United States
M ortgage & Trust C o ., Trustee. Interest Payable M arch and September
R iverside Traction C o. 5% First M ortgage. Due Juno 1 I960
W e stE n d "T ru s t
C o ., Philadelphia. Trustee. Interest Payable Decem ber and Juno! ! ! _ _ . „ . _ _ St
$6,800,025 00 $112,137,113 12
14,061.000 00
T™-t Co-
1Due’
Amount
in the Hands
o f Public.
20,000,000 00
CoIumbia-ICnickerbocker
” ?K Sk]!rf i S - .
Amount
Owned by the
Corporation.
Amount
Owned by
Capital
Corporation
Stock
ana Pledged
Outstanding Under GeneralMortg’e
Amount
in Hands
o f Public
Including
Directors’
Shares.
t eaqttq t iv dttdt
REN TALS.
Equivalent Per Cent
on Capital Slock.
Ann.Rate
12 31-12
$10,500,000
$10,500,000
6.500.000
6.500.000
6,000,000
6,000,000
5.000.
000
$269,700
4,730,300
6.000.
000
6,000,000
1.050.000
422,400
627,600
2,000,000
2,000.000
4 00 ,000,___________
400.000
20,000,000 *19,594,500
405,500
175.000
174,500
500
25.000
24,750
250
60.000
25
n59,975
15,000.000
15,000,000
504.000
504.000
225.000
225.000
1,000,000
*923,500
76.500
3,000.000
3,000,000
250.000
250.000
41.050
41,050
69.450
70,000
550
41,400
41,175
225
10%
367.500
367,150
350
6%
100.000
2%
100,000
750.000
6%
6742,800
2,444.600
2,500,000
55.400
6%
115,850
122.500
2%
6,650
17,050
17,550
500 12.82%
104,800
112.000
7,200
5%
266.500
266.500
5%
747.150
747.150
1.9%
180,300
180.300
5%
811.350
811.350
Maximum
Rate.
8%
8%
5%
5%
8%
4%
5% (1914)
5% (1914)
5%
5%
10%
6%
4%
U *A %
2 2-3%
1 4 -5%
4 % (1913)
24%
6%
10%
5%
2%
6% 1
6%J
2%
12.82%
5%
5%
2 .7 % (1918)
5%
4 % (1917)
Date
Lease.
6- 1
6- 1
12- 1
6- 1
6- 1
12-31
1- 1
1- 2
7- 1
6- 1
5- 1
9- 1
6- 1
6- 1
10- 1
11- 1
5- 1
5- 1
1- 1-
m
Term o f
Lease,
Years.
900
900
999
900
900
900
999
900
999
900
900
999
999
999
P orpotual
900
999
999
999
67- 1-10
7- 1-10
15-10
999
999
999
5555-
900
900
900
900
1-11
1-11
1-11
1-11
4- 1-12
999
4- 1-12
999
$83,816,300 $24,610,500 $59,198,600
a A lf o ^ M 8 8 to c ^ x c ^ n T r t lr ^ n lS PDhU^ C. ServlCei K°,rW)rat,0i? S? N ew Jersey Perpetual Interest-Bearing Certificates.
a Ait or tms stock except directors shares Is ow ned b y Essex & Hudson Oas C o . and Newark Consolidated Gas C o .
b $7,200 Troasury stock.
m ar
955
THE CHRONICLE
. 2 9 1 9 1 3 .]
C O M P A R A T IV E
S T A T E M E N T OF G R 0 8 S E A R N IN G S B Y
D IV IS IO N S .
P U B L IC S E R V IC E C O R P O R A T IO N OF N E W J E R S E Y
A N D S U B S ID IA R Y C O M P A N IE S .
Increase or
Decrease.
Year 1911.
Electric Properties—
Year 1912.
$58,280 60
Bergen D iv is io n ____________
$453,606 72
$395,326 12
169.730 20
Central D ivision____________
1,084,434 00
914.703 80
320,212 32
Essex D ivision----------------------- 2,601,830 41
2,281.618 09
141,718 10
Hudson D ivision.................
1,675.521 58
1,533,803 48
62,617 75
Passaic D ivision____________
715,933 84
653.316 09
137,739 71
Southern D ivision___________
1,046,422 58
908.682 87
2,343 33
M iscellaneous In com e______
4,624 45
2.281 12
L IS T OF S TO C K S O F C O M P A N IE S N O T L E A S E D , O W N E D B Y T H E
C O R P O R A T IO N .
Capital
Amount Owned Am ount in
by P. S. C. o f
Hands o f
Stock
N . J.
the P u b lic*
Outstanding.
P ublic Service Railway C o ________a$38,000,000 6137,812,600 C$187,400
d9,248,900
1,100
P ublic Service Gas C o ------------------9,250,000
d l2 ,999,000
.1,000
Public Service Electric C o ------------ 13,000,000
Elizabeth N ew Brunswick & Tren
900
d89,100
ton Railroad C o ......... ...................
90,000
350
14,650
Trenton Terminal Railroad C o —
15.000
----------$60,355,000
$60,164,250
$190,750
d Pledged under Public Service Corporation o f N ew Jersey General
b ^ ’lcS ged under agreement securing Public Service Corporation o f N ew
Jersey Perpetual Interest-Rearing Certificates.
aO f this amount $183,300 00 is reserved to retire outstanding stock o f
consolidated companies.
♦Includes directors' shares,
c Includes stock o f merged com panies.
$7,582,373 58
.
.
.
.
Passaic D ivision____________ .
Southern D ivision___________ .
Miscellaneous In com e.
.
Central D ivision.
■ U M M A R Y OF S E C U R IT IE S O W N E D B Y T H E C O R P O R A T IO N .
Par Value.
B onds___________________ _____________ __________ __________ $16,039,025 00
■tocks o f Leased Com panies.....................
24,610,500 00
Stocks o f Companies not Leased_______________________________ 60,164,250 00
E X P E N D IT U R E S C H A R G E D TO C A P IT A L A C C O U N T ON T H E SYS
T E M S O P E R A T E D B Y P U R L IC S E R V IC E C O R P O R A T IO N OF
N E W JE R S E Y A N D S U B S ID IA R Y C O M P A N IE S Y E A R 1912.
Electric—
$132,171 37
Real E state________
Generating Stations and Sub-stations..............
1,339.423 26
850,956 19
Distribution Lines.....................
M eters, Transformers, Services, A rc Lam ps, A c.
422,307 86
----------------------$2,744,858 68
Gas—
Real E state____________________________________
$1,091 54
W orks Extensions______________________________
138,927 56
M ains ...............
381,009 08
M eters, Services, & c__________________________
491,413 59
1,012,441 7f7
Railway—
Rails, Rail Fastenings and Joints----------------------Special W ork ___________________________________
P a v in g _________________
Track Laying and Surfacing___________________
Bridges, Trestles and C ulverts----------------Interlocking and Other Signal A pparatus.
Poles and Fixtures-----------------------------------Distribution System . ................................. ...............
Stations, W aiting R oom s and Miscellaneous
B u ild in gs----------- ------------ -----------------------------Shops and Car Houses--------------------------------------O a r s .......................................
Electric Equipm ent o f C ars_____________________
Shop E quipm ent--------------------------------------Other Rail E quipm ent___________________
Miscellaneous E quipm ent________________
Telegraph and Telephone L in e s ................ ..........
Crossings, Fences, Cattle Guards and Signs____
Power Plant Buildings___________________
Power Plant E quipm ent_________________
Underground C onduits---------------------------M iscellaneou s____________________________
G ra d in g __________________________________
Engineering and Superintendence_______
Interest during C onstruction____________
Taxes during Construction_______________
O rganization_____________________________
Less amounts written o ff during year for depre
ciation, A c ____________ ______________________
$17,314
95,205
" " """
42.857
87.810
288,685
120.964
120,964
207.262
297,223
297.223
17,497
18.196
23.005
181,609
56
94
nA
65
79
84
54
80
81
88
54
72
48
--------59,097
224.465
597.793
283,054
283.054
28.291
8.318
9.356
336
1,970
600
1,253
14,118
7.397
12.106
1,682
4.141
2,967
497
_
60
34
79
09
Oil
79
21
70
21
35
10
69
95
72
38
01
45
69
25
Railway Properties—
Bergen D iv is io n ____________ .
Central D ivision____________ .
Essex D ivision-----------------------.
H udson Division____________ .
.
.
46
58
49
39
18
49
83
$58,545 24
51,769 30
245.839 46
203,013 12
86.760.61
92.330 63
85,723 0 5
$8,985,688 42
$823,981 41
70
88
95
51
79
12
88
$967,606
1.461.337
5.437.024
4,628.283
1,311.553
1.456,622
$392,837
311.266
3.359,609
2,588.346
995.245
1,212.858
125.524
$926,484
1,328.293
5.153,905
4.606.249
1,241.628
1.193.527
04
23
00
88
03
31
52
56
75
15
36
10
$41,121
133.043
283.118
22.034
69.924
263.095
Grand T o t a l .........................$34,593,808 47
52
67
25
73
67
21
$812,338 05
$15,262,426 49 $14,450,088 44
Gross Earnings o f Leased and
Controlled Com panies------. 32,654,469 90 30,125.508 43
P ublic Service Miscellaneous
. 1.939,338 57
1,890,512 55
2,528,961 47
48,826 02
32,016,020 98
2,577,787 49
E L E C T R IC S T A T IO N S .
June 1 1903. D ec. 31 1912
14
32
N um ber o f Generating Stations-------- -------------------N um ber o f B o ile r s _______________________________
113
257
N um ber o f Generators ___________________ 1______
156
201
C apacity o f Generators in K ilow atts_____________
40,075
147,408
N um ber o f S u b sta tion s_____________
9
60
N um ber o f R o ta rie s ________
12
84
C apacity o f Rotaries in K ilow atts________________
5.400
64,950
Kilow att Hours Produced (Years 1903 and 1912).129,614,180 357,289,241
E L E C T R IC C O N D U IT S A N D T R A N S M IS S IO N L IN E S .
(R ailw ay and Lighting C om bined.)
Length o f Transmission Lines (In m iles).
Length o f Conduits (in street m iles)_____
47
25
475
101
E L E C T R IC D IS T R IB U T IO N S Y S T E M S T A T IS T IC S .
N um ber o f Poles..............................................................
M ilos o f W ire_________
N um ber o f Transform ers_________________________
N um ber o f M e t e r s _________
N um ber o f Street A rc Lam ps_________
N um ber o f Street Incandescent Lam ps___________
T otal Comm ercial Load Connected (In 50 W .
e q u iv a le n t )....................
$2,655,084 87
304,019 86
$451.382
363.035
3,605.448
2,791.359
1.082.005
1.305.189
211.247
$9,809,669 83
T o ta l..................................................................................................... .$100,813,775 00
R ight o f W a y ___________________________________
Other Land used in Electric Railway Operation.
B a lla st___________________________________
$892,642 01
6.689.731 57
Gas Properties—
The
45,059
4.244
5.336
16.000
7.415
5,517
117,033
12.355
15,198
83,350
12.297
20,347
710,000
3,477,652
in c r e a se s s h o w n a b o v e a r e s o m e w h a t , b u t n o t v e r y
m a t e r i a l l y , a f f e c t e d b y p r o p e r t ie s a c q u i r e d b e t w e e n J u n e 1
2,351,065 01
1903
$6,108,365 46
and
Jan u ary
1
1913.
a R O S S E A R N IN G S A N D M IS C E L L A N E O U S IN C O M E O F P U B L IC S E R V IC E C O R P O R A T IO N O F N E W J E R S E Y A N D S U B S ID IA R Y C O S.
Gas
Properties.
Electric
Properties.
1903 *_________
__________________ ________ ______
1904 ___________
__________ ___________________
1905 ___________
_________ ________ _______ _
1906 _________
1907 _______
1908 ..............................................................................................
1909 ...............................................................................................
1910 . . .
____ ____________________________
1911
. _______________________
19 1 2 ......... ............................... ............................... - ...................
$1,776,557
3,502,811
3.721,631
4,161,917
4,647.219
4,584.682
5,117,728
5,872,237
6,689,731
7,682,373
65
92
68
81
18
27
04
86
57
58
$3,026,993
5,378,440
6,059,446
6,526,316
7,251.480
7,349,930
7,870.878
8,491,882
8,985.688
9,809,669
P. S. C. Miscel
laneousIncome.
Railway
Properties.
50
63
56
01
50
23
58
46
42
83
$4,471,244
8.415,278
9.488.358
10,086,933
10.705,392
11.086.353
12.114,412
13.290,431
14,450,088
15,262,426
$187,403
463.249
640,405
723,658
1,023.951
1,246,721
1,457,432
1,532.347
1,890.512
1,939,338
37
79
45
92
77
43
19
99
44
49
Total.
74
75
91
34
44
36
29
57
55
57
$9,462,199
17.759,781
19.909.842
21,498,826
23,628,043
24.267,687
26.560,451
29.186,899
32,016,020
34,593,808
26
09
60
08
89
29
10
88
98
47
* Seven m onths only.
E L E C T R I C L I G H T IN G S T A T IS T IC S .
K ilow att H ours S o l d . . . ................ .......................
N um bor o f Street A rc Lamps supplied D ec. 3 1 .
N um bcr o f Street Incandescent Lam ps sup-
1903.
1904.
7”,745
48,894,308 56,666,749 65,472.561 69,274.132 78,911.840 89,742,689103,144.595 122.643.747
11,441
11,726
8", 121
8,681
9,150
10,397
9,671
10.863
12,297
5.733 8,538
T o ta l connected load in K . W . D ec. 31---------- 45,380 55,748
1905.
12,351
68,331
1906.
1907.
13,821
92,143
13,168
81,873
1909.
1908.
14.352
102,104
1910.
15.175
118,138
|
16.640
137,058‘
1911.
18.906
156.202
1912.
20.347
180,942
G A S S T A T IS T IC S .
1903.
(7 M os.)
Gas Sold— 1,000 C ubic Feet------------M iles o f M ains In use D ec. 31----------M otors in Service D ec. 31____________
Services R u n ________________________
Ranges S old _________________________
W ater Heaters___
_
_____
H o t Plates Sold
_
H eating Stoves S old ............
.........
Gas Arcs Installed___________________
W oisbach Lamps S old _______________
M antles SoldD om estic Appliances Installed .
M anufacturing Appliances Installed.
H ouse Piping Orders-------------------------Gas Fixtures Installed_______________
Aggregate Burners---------------------------N o . o f Gas Engines Installed_________
H orse Pow er o f Gas Engines_________
1904.
M ains in use Juno 1 1903___________1,439 m iles.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
2.875.555 5,120.814 5,756.202 6.473.835 7.003.793 7,162.588 7,676.574'8,404.760 8.894.571 9,637,555
2.241
2,119
1.495
2,060
2.456
2.637
1,584
1.987
2.741
1.856
187.384 209,155 242,352 269,881 290,768 305.044 331.034 360.101 388.606 410,649
10.711
7,043
15.218
14,277
15,232
15.327
14.154
11,795
16,031
13.371
9.409
13.864
6.415
15.964
18.152
20.855
16,459
20.608
16,838
19,391
2.084
3.268
6,753
994
2,529
4.690
5,971
3,302
2.226
3,638
2.849
3,024
3.135
4.214
3.106
3.912
3.606
4,494
4.433
4,366
1,799
2.423
3.403
1.951
3.159
2.949
3.839
6.099
3.267
6.129
4.505
895
1.830
3.952
4.787
2,196
1.028
1,623
1,069
12.755
80.986
18,264
21.689
12,503
46.096
21,224
21,202
24.597 1 21,592
81.361
146.894
75.954
82.489
51,685
96,146
123.977
117,605 116.684
104.857
602
4.029
9.431
1,674
104
24.011
371
760
432
705
621
364
572
686
124
344
682
267
420
439
3.469
1.095
3.050
3.942
3.825
5,469
6,003
3.487
6,913
9,416
20.409
28.383
32,689
43,652
32,179
27,553
45.197
61,795
30.208
48,697
30.391
40.429
44,485
42,667
60.966
40.893
39,256
63,838
67,821
86,891
29
38
„ 53
89
39
36
91
110
121
82,
495#
346#
684 #
333#
300#
915#
777# |
961#
709
951
M eters in service June 1 1903____ ______ 177,304.
Total.
133,159
157,955
35,455
37.139
35,018
21.885
280.908
997.652
42,119
4,519
46.669
370,762
517,637
688
6 ,4 7 5 #
956
THE CHRONICLE
[Vol.
X C V I.
R A I L W A Y T R A F F IC S T A T IS T IC S .
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.
R evenue Passengers____________________ 165.400.000 180,000,197
211,025,386 219,421,974 238.171,257 258,746,130 277.730,238 292,707,377
T ransfers and Passes__________ _________ 50,000,000 55,079,789 198,326,467
62,986,Q21 71,638,588 74,688,628 81,548,978 82,652,558 84,820,157 90,007,641
T o ta l Passengers_______________________ 215.400.000 235,079,986 261,312,488
282,663,974 294,110.602 319,720,235 341,398,688 362,550.395 382,715,018
P ercentage o f Passengers using transfers.
2 1 .8
2 1 .2
2 2 .1
23.2
23.0
23.0
2 2 .1
21.4
2 1 .2
A verage faro per passenger (cen ts)____
3.83
3.83
3.76
3.70
3.70
3.72
3.78
3.82
3.82
Oar M ileage______________________
32,168,888 35,068,223 37,462,804 39,178,277 39,519,972 40,890,360 42,632,760 44,561.141 47,355,292
O ar H ours_____________________________
4,003,614
4,228,344
4,464,162
4,671,246
4,598.714
4,747,729
4,961,608
5,159,073
5,465,926
Passengers per D a y _______
588.525
644,055
715,925
774.422
803,581
875,946
951.721
993,289
1,045,669
Passenger R eceipts per C ar M ile
25.59c.
25.73c.
26.29c.
26.75c.
27.56c.
29.08c.
30.29c.
31.07c.
30.87c.
Passenger R eceipts per Car Hour
$ 2 06
$2 13
$ 2 21
$2 24
$2 37
$2 50
$ 2 60
$2 68
$2 67
M IL E A G E .
First main tra ck_____ _____________________
Second main track and turnouts____________ 275A89
C onnections, cross-overs, wyes and loop s_______________
C ar house and yard tracks____________________________________
T rack reconstructed with new rail during 1912 .........
Track reconstructed with same rail during 1912
Extensions built during 1912..... ..............................17.420
miles
“
12.850 “
38.845 “
5 1 5 1501
T otal ---------------------------------------------843.775
T otal number o f passenger cars available for operation T'*
Closed
Open
at
,
„ 1 -6 6 7
503
N um ber o f new passenger care since 1903:
Closed
Open
878
130
25.923 miles
" *25 290 “
"
M U N IC IP A L IT IE S S E R V E D B Y PU B L IC S E R V IC E C O R P O R A T IO N
OF N E W JE R S E Y A N D S U B S ID IA R Y C O M P A N IE S .
“
M unicipalities
Population.
r,, , .
Served.
(1910 Census).
E le c tr ic --------------------------------------------------------------173
1.947,199
G as----------------------------------------------------------------------153
1,812,866
R a ilw a y .. ---------------------------------------------------------13.6
1,890.785
T otal number________________________
2022,028,947
HALE AND KILBURN COMPANY.
T he plant is located at N orth P hiladelphia, Pa., on the main line of the Pennsylvania RR. The bu ildin gs arc o f firep roof or slow^burning
con stru ctio n , and con ta in over 600,000 square feet o f floor space. T he principal ou tp u t o f the [company is car scats, steel
d oors, steel sash and Interior steel fin ish fo r steam and electrical railway passenger cars; all steel and com posite
autom obile bodies and m iscellaneous steel work; interior steel trim, doors and fittin g s for buildings and
Institutions; fin e fu rn itu re and w oodw ork o f all kinds for residences and other buildings.
SECO N D
A N N U A L
R EPO R T— FOR
TH E
F IS C A L
Church St.,
New York, March 1 3 1 9 1 3 .
the Stockholders:
D .
W .
CALL,
— “ T h e C a r e o f E s t a t e s ” is a n a t t r a c t i v e l y p r i n t e d b r o r
c h u r e w h i c h th o B r o a d w a y T r u s t C o . o f N . Y . a n d B r o o k l y n
h a s j u s t is s u e d f o r d i s t r i b u t i o n .
T h is c o p y r ig h te d b ro c h u re
o f t w e n t y -f iv e p a g e s , a s c o m p ile d b y Ir w in B . C o c h r a n ,
c o n ta in s
u se fu l a n d
u p -to -d a te
in fo r m a tio n
r e la tin g
to
e x e c u to r a n d tru ste e s u n d e r a p p o in t m e n t b y w ill, tra n sfe r
t a x , d e s c e n t a n d d i s t r i b u t i o n o f r e a l p r o p e r t y in N e w Y o r k
a s s e t f o r t h in t h e d e c e d e n t e s t a t e l a w a n d t h e t r u s t c o m p a n y
as a g e n t.
A c o p y o f t h i s b r o c h u r e w ill b e s e n t t o a n y o n e
in t e r e s t e d in t h e s u b j e c t b y a d d r e s s i n g t h e c o m p a n y ’ s N o w
Y o r k C i t y o ffic e a t B r o a d w a y a n d E ig h t h S tr e e t o r th e
F la t b u s h o ffic e a t 8 3 9 F la t b u s h A v e n u e , B r o o k l y n .
— A v e r y in t e r e s t i n g a n a l y s i s o f “ U t i l i t y S e c u r i t ie s in
D e m a n d ” h a s b e e n m a d e b y F r e d e r ic k W . E g n o r , S e c o n d
V ic e -P r e s id e n t o f th e F id e lity T r u s t C o . o f N e w a r k a n d h e a d
o f its b o n d d e p a r t m e n t .
T h e t r e a t i s e h a s b e e n r e p r i n t e d in
31
1912.
ASSETS.
P R O P E R T Y A C C O U N T , including Permanent Investm ents. 57,824,190 63
C U R R E N T A SSE T S:
.
Inventories o f Raw Materials, W ork in Process,
Supplies and Finished M erchandise_____________ $780,591 43
13,581
03
Bills R eceivable____________________________________
A ccounts R e ce iv a b le ................
863,323 75
Cash....................................................
160,257 78 , _
D E F E R R E D CHARGES:
1.817,753 9#
20,777 70
Interest and Insurance Prepaid, e tc......... ..................
59,662,722 32
L IA B IL IT IE S .
C A P IT A L ST O C K :
First Preferred— A uthorized_$2,206,600 00
U n issu e d
206,600 00$2,000,000 0#
Second l*referred..........................
2,293,400 00
C o m m o n ____________
4.000,000 00
— - ............... -$8,293,400 0«
C U R R E N T L IA B IL IT IE S :
$625,000 00
Bills P ayable.......................
Accounts P ayable...................................................
258,659 97
---------------------883,659 97
SU R PLU S:
As at Decem ber 31 1911------------------ ------------- $360,251 21
P rofit for year ended Decem ber 31 1912, in
cluding Incom e from Permanent Invest
m e n ts --------------------------585,949 11
Deduct— Dividends P a id ____________ _______
$946,200 35
460!538 00
---------------------
485,662 35
$9,662,722 32
A . M E S S IT E R , Auditor.
W e have examined the books and accounts o f the Halo & ICilburn C om
pany for the year ending Decem ber 31 1912, and certify that in our opinion
the above Balance Sheet is correctly i>ropared therefrom and sots forth
tile true financial position o f the C om pany at Decem ber 31 1912, and the
results o f the operations for tho year ending that date.
P r e sid e n t.
— T h e A m o r ic a n . A p p r a is a l C o . , J o h n L . M o o n , P r e s id e n t ,
w ith E a s te r n h e a d q u a r te r s a t 5 5 L ib e r t y S t ., N . Y . , h a s ju s t
p u b l i s h e d a se r ie s o f b o o k l e t s s e t t i n g o u t t h o l i s t s o f it s
c lie n te le in th e U n i t e d S t a t e s a n d C a n a d a .
T h o b u s in e s s
o f t h e c o m p a n y is a p p r a i s i n g in d u s t r i a l a n d a l l o t h e r p r o p e r
t i e s f o r f i n a n c i a l , a c c o u n t i n g a n d in s u r a n c e p u r p o s e s .
S in c e
1 8 9 6 t h i s c o m p a n y h a s a p p r a i s e d 1 3 , 0 0 0 in d u s t r i a l a n d o t h e r
p ro p e r tie s .
C o p ie s o f th e se b o o k le ts b y S ta t e s a n d fu rth e r
p a r t i c u l a r s r e g a r d i n g t h e w o r k o f t h e c o m p a n y w ill b e m a i l e d
on req u e st.
T h o A m e r ic a n A p p r a is a l C o . a ls o h a s o ffic e s
in th e fo llo w in g c it ie s , C h ic a g o , M ilw a u k e e , B o s t o n , C in
c in n a ti, S t . L o u is , S a n F r a n c is c o , B u ffa lo , M o n tr e a l a n d
T o ro n to .
D E C E M B E R
-
To
E N D E D
B A L A N C E S H E E T D E C E M B E R 31 1912.
G en era l O ffic e s , 3 0
» Y o u r D ir e c t o r s s u b m it h e r e w ith th e ir A n n u a l R e p o r t a n d
B a la n c e S h e e t fo r th e y e a r 1 9 1 2 , w ith c e r tific a te o f P r ic e ,
W a te r h o u s e & C o m p a n y , C h a rte re d A c c o u n ta n ts .
A f t e r p a y m e n t o f d iv i d e n d s a t t h e r a t e o f 7 %
on th e
F ir s t a n d S e c o n d P re fe rre d S to c k s a n d 4 % o n th e C o m m o n
S t o c k , a g g r e g a tin g $ 4 6 0 ,5 3 8 0 0 , th e b a la n c e o f p r o fits fo r
t h e y e a r a d d e d t o S u r p lu s A c c o u n t a m o u n t e d t o $ 1 2 5 , 4 1 1 1 1 .
. M a n u f a c t u r in g o p e r a tio n s d u r in g th e y e a r h a v e b e e n
h in d e r e d , o w in g to d iffic u lt ie s in c id e n t to c o n s t r u c t io n o f
a n a d d itio n to th e p la n t .
T h e n e w a d d it io n , w h ile in v o lv in g
a la r g e c a p it a l o u t la y , s h o u ld c o n t r ib u t e m a t e r ia lly to th e
fu tu r e su ccess o f th e C o m p a n y .
I t c o n sists o f a f iv e -s t o r y ,
f ir e p r o o f, s te e l a n d c o n c r e te b u ild in g n o w n e a r in g c o m p le
t i o n , a n d w i l l n o t o n l y p r o v i d e i n c r e a s e d c a p a c i t y , b u t w ill
a s s u r e a g r e a te r e c o n o m y o f o p e r a tio n s b y “ c o u p lin g -u p ”
th e h e r e to fo r e s e p a r a te d p o r tio n s o f th e w o r k s .
O n D e c e m b e r 3 1 1 9 1 2 u n f i lle d o r d e r s f r o m c u s t o m e r s
a m o u n te d to $ 3 ,7 2 0 ,0 4 0 , a s c o m p a r e d w ith $ 8 4 0 ,2 1 1 o n
D e c e m b e r 3 1 1 9 1 1 , b e in g e v id e n c e o f th e n e c e s s it y fo r in
creased c a p a c ity .
I n a d d itio n to th e c a p it a l e x p e n d itu r e fo r e x te n s io n to
m a n u fa c tu r in g p la n t , th e re w a s p u r c h a se d fo r c a sh c o n
s id e r a tio n o f $ 5 5 ,0 0 0 r e a l e s t a t e n e c e s s a r y t o c o m p le t e th e
C o m p a n y ’ s v a l u a b l e h o l d i n g s o n S i x t h S t r e e t in t h e d o w n
to w n s e c tio n o f P h ila d e lp h ia .
T h e d e v e l o p m e n t o f t h e b u s in e s s o f t h e C o m p a n y d u r in g
t h e p a s t y e a r h a s b e e n m o s t s a t i s f a c t o r y , p a r t i c u l a r l y in
t h e n e w e r li n e s o f p r o d u c t i o n , s u c h a s in t e r io r s t e e l t r i m
fo r b u ild in g s , th u s g iv in g th e C o m p a n y , in t h e d iv e r s ity
o f i t s o u t p u t , b r o a d e r f i e ld s o f a c t i v i t y a n d g r e a t e r s t a b i l i t y .
B y ord e r o f th e B o a r d o f D ir e c to r s .
P E R IO D
N ew Y ork, M arch 13 1913.
P R IC E , W A T E R H O U S E & C O .,
Chartered Accountants.
a
b o o k le t fo r g en era l d is tr ib u tio n .
M r . E g n o r e m p h a s iz e s
t h e s t r e n g t h o f t h e l o c a l s t o c k a n d b o n d o f f e r in g s o f N e w
J e r s e y d u r i n g 1 9 1 2 , a s c o m p a r e d w i t h t h e s i t u a t i o n le s s t h a n
t e n y e a r s a g o , a n d s t a t e s w h y th o o u t l o o k is p r o m i s i n g .
H e d e v o t e d m u c h o f h is a t t e n t i o n t o t h e s t o c k s a n d b o n d s
o f t h e P u b l i c S e r v i c e C o r p o r a t i o n a n d it s s u b s i d i a r y c o m
p a n i e s , w h i c h e m b r a c e n e a r l y a ll t h e t r a c t i o n , g a s a n d
e le c t r i c p r o p e r t ie s in N o r t h o r n N o w J e r s e y a n d m a n y o f
t h o s e in o t h e r s e c t io n s o f t h o S t a t e .
T h o P u b lic S e r v ic e
C o r p o r a t i o n is t h e la r g e s t a n d m o s t r e p r e s e n t a t i v e p u b li c
u t i l i t y c o r p o r a t i o n in N e w J e r s e y a n d t h o o n e l o c a l c o m p a n y
in w h i c h m o s t i n v e s t o r s t h r o u g h o u t t h o c o u n t r y a n d a b r o a d
a r e in t e r e s t e d .
C o p i e s o f “ U t i l i t y S e c u r i t ie s in D e m a n d ”
w ill b e m a i l e d u p o n a p p l i c a t i o n t o t h o F i d e l i t y T r u s t C o . ,
N ew ark, N . J.
— T h e In te r b o ro u g h R a p id T r a n s it C o . h a s m a d e a c o n
t r a c t w ith th e r e p r e s e n ta tiv e s o f th e N a t i o n a l S u r e t y C o . to
e x e c u te $ 1 ,0 0 0 ,0 0 0 b o n d s , g u a r a n te e in g th o o p e r a tio n o f th e
n e w s u b w a y b y th e In te r b o r o u g h C o .
A f e w d a y s s in c e t h o
N a t i o n a l s ig n e d t h e b o n d f o r t h o N o w Y o r k M u n i c i p a l R R .
C o r p o r a tio n fo r $ 1 ,0 0 0 ,0 0 0 .
T h o N a tio n a l d oes n o t carry
th e e n tire risk — it h a s c o -s u r e tie s fo r a ll b u t $ 2 5 0 ,0 0 0 .
— W . B . F r a n k lin & C o ., I l l B r o a d w a y , N . Y . , s p e c ia lis ts
in t o b a c c o s t o c k s , h a v e c o m p i l e d f o r d i s t r i b u t i o n , in t a b u l a r
f o r m , a “ re c o r d fo r y e a r 1 9 1 2 o f th e s to c k s o f c o m p a n ie s
i n v o l v e d in d is i n t e g r a t i o n o f t h e A m e r i c a n T o b a c c o C o . , ”
s h o w in g th e a m o u n ts o f s to c k o u ts ta n d in g , d iv id e n d p a y
m e n t s , a p p r o x im a te ra n g e o f p ric e s, & c .
THE
M A B . 2 9 19 13 .)
C o m m e r c ia l
C O M M E R C IA L
3 £ im e s *
E P IT O M E .
F r i d a y N i g h t , M a r c h 28 1913.
Without attempting to minimize the significance of tho
appalling disasters in the States of Nebraska, Ohio, Indiana
and throughout the Middle West by rains, floods and fire,
with great loss of life and property, it may be stated that
business conditions in most parts of the United States are
sound. The nation is thoroughly awake to tho need of
prompt and vigorous measuros for the relief of the afflicted
States, and it is hoped and believed that even so grave a
disaster will be remedied as far as is possible within a very
short time. Cotton has advanced, owing to the rains and
fears of floods in the Mississippi. That river, however, has
been at so low a stage during the past winter that serious
floods from Northern waters may be avoided. The victory
of the Allies in the Balkans seems to presage an early peace.
British Consols have risen. Jobbing trade is goodthroughout
this country. A firmer stock market and easier money rates
are among the cheerful factors, despite the possible damage
by the storms at tho West of something like $50,000,000.
LARD advanced, though trade has been quiet; Prime
Western $11 50; refined for tho Continent $11 90; South
America $12 40; Brazil in kegs $13 40. Lard futures have
advanced, mainly owing to a decrease in the receipts of hogs,
prices of which have also risen. Large Western packers have
been selling at times on the rallies. Prices have touched
the highest prices of the season. There was a fair business.
D A IL Y CLOSING PRICES O ^L A R D ^F U T D R E S IN ^ H I C A G O .
ihoi^ US* i o S
Sept, delivery________ 10.87>4 10.95
957
C H R O N IC L E
jo :p
C O T T O N .
F r i d a y N i g h t , M a r c h 28, 1913.
THEiMOVEMENT 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
86,051 bales, against 79,805 bales last week, and 110,183
bales the previous week, making the total receipts since the
1st of September 1912 8,594,747 bales, against 10,549,161
bales for the same period of 1911-12, showing a decrease
since September 1 1912 of 1,954,414 bales.
Sat.
Receipts at
Mon.
G a l v e s t o n ----------T e x a s C i t y .............
P o r t A r t h u r -------A ran sas P ass, & c
N e w O r l e a n s _____
G u l f p o r t ............... ...
M o b i l o .....................
P e n s a c o l a ________
J a c k s o n v ille , & c_
S a v a n n a h ________
B r u n s w i c k _______
C h a r l e s t o n ----------G e o r g e t o w n --------W i l m i n g t o n --------N o r f o l k ---------------N o w p ’t N ew s, & c
N e w Y o r k ________
B o s t o n ____________
B a l t i m o r e _______
P h i l a d e l p h i a --------
6 ,5 0 2
1 ,0 6 4
692
4 ,4 3 2
_____
_____
"8 2 9
4 ,5 1 5
*260
_ ____
"5 3 4
_____
2*823
1 ,1 4 4
T o t a ls th is w e e k
Tues.
Wed.
Thurs.
Total. \
2 ,3 2 8
3 3 ,0 3 1
3 ,5 1 7
692
4 ,2 8 3
1 8 ,5 0 7
"7 1 8
600
. ____
922
_____
50
"l5 9
_____
_____
1 ,5 4 2
1 ,0 5 0
93
2 " ,6 7 8
500
____ _
1 0 ,2 5 8
1 ,0 5 0
631
"6 0 6
393
_____
‘ 950
952
_____
______
136
_____
—
" m
422
1 ,1 8 6
80
7
1 ,2 3 9
—
2 * ,5 0 3
4 ,5 4 2
1 ,1 8 6
t>. 2 4 6
1 ,1 1 3
1 ,2 3 9
N »l7 5
1 0 ,5 6 1
1 6 ,0 5 1
8 6 .0 5 1
4 ,6 2 3
781
_____
4 ,0 0 5
_____
_____
5 ,1 6 7
*162
_____
_____
1 ,3 8 0
_____
33
""5 2
148
"8 4 6
______
_____
1 ,9 9 7
_____
255
" lio
432
*450
1 ,3 4 5
"2 1 6
998
33
_____
—
"8 1 0
"l6 6
113
"1 4
—
" I I
" 7 5
1 2 ,7 9 7
1 3 ,3 7 8
1 9 ,5 8 0
Fri.
4 ,0 7 8
605
_____
4 ,2 8 3
1 ,1 3 6
9 ,3 9 1
1 ,0 6 7
_____
_ . .
4 ,5 3 2
1 3 ,6 8 4
The following shows the week’s total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
10.85
10.85
10.85
10.85
Stock.
1911-12.
1912-13.
Receipts to
PORK firm; mess $22 @$22 50, clear $21 @$22 50, family
This Since Sep This Since Sep
March 28.
$22 50@$24 50. Beef strong; mess $19@$20, packet $21 @
Week. 1 1912. Week. 1 1911. 1813.
1912.
$22, family $22@$24; extra India mess $37@$38. Cut
alveston--------- 33,031 1,546,754 35,587 3,267,202 234,779 266,470
meats firm; pickled hams, 10 to 20 lbs., 13H@14Ho»; bellies, G
3,517 656,349 2,109 575,825
18.590
C ity--------9,723
clear f.o.b. New York, 6 to 12 lbs., 15@15H°* Butter Texas
692 108,845 , 4,649 234,494|
Port Arthur.........
4,283 118,665
Pass, &c.
351
creamery extras 38o. Cheese, State whole milk, colored Aransas
New Orleans___ 18,507 ,218,235 23,069 1,476,719 107,567 189,693
specials, 17@17Ho. Eggs, fresh gathered extras, 20@21c.
1,100
62,134
17,600
Gulfport...............
17.180
30,931
OILS.—Linseed continued steady; city, raw, American Mobile ............ .. 2*.678 18l',472 3,474 351,915
188,144
500 107,271
Pensacola_______
seed, 47@48c., boiled 48@49o., Calcutta 65c. Cottonseed Jacksonville, &c.
"3 7
48,955
14,166
" l '. f i o
93,657 173,732
oil firmer; wintor 6.60o., summer wliito 6.60c. Cocoanut oil Savannah_______ 10",258 .,133,205 30,386 2,204,069
8,641
7,500 385.570
21,437
218 ,275
1,050
Brunswick--------in fair demand and steady; Cochin 11 @11 Ho•» Ceylon 10@ Charleston______
31.420
30,774
631 285,672 6,368 397,058
819
no
10Ho. Chinawood fairly active at 7H@8o. Corn stronger Georgetown____
22",643
8,192
18",
178
515,459
322,589
2'.503
Wilmington_____
at 5.65@5.70o. Cod steady at 42@43c.
55,772
43,482
4.542 468.434 11,559 653,641
o r fo lk ________
COFFEE has been firmer, but not active, although the N
26,404
486
94.342
1,186
N ’port News, &c
5,217 123",427 164,487
310
246
13,431
Y ork _____
interior has bought a trifle more freely. No. 7 Rio 11 H @ New
8,827
1,825
48,583
10,211
41,779
1,113
oston _________
12c. Mild grades quiet; fair to good Cucuta 13H@13Hc. B
6,147
62,692 4,875 106,116
7,915
1,239
Baltimore______
837
2,046
7,162
120
2,461
75
Coffeo futures havo advanced both at home and abroad on Philadelphia___
covering of shorts and some support. There has been some
86,051 8,594,747 140,646 10549161 726.444 993,368
Total.
talk to tho effect that a new loan made by the State of Sao
In order that comparison may be made with other years,
Paulo on valorization coffee in Europe, supposedly some
3,000,000 bags, ties up this coffee and removes a menace to we give below the totals at leading ports for six seasons:
prices. But roasters and dealers throughout the country
1912.
1910.
1911.
1909.
1908.
seem disinclined to buy heavily with prospects pointing to a Receipts at— 1913.
big crop inBrazil. Coffee planting greatly increased. To-day Galveston—
19,963
20.887
35,587
36,577
33,031
37,851
4,792
9,160
3,813
6,758
8,492
56
trading was light at a small advance. Closingquotationsfollow: Texas Cy.,&c.
March . . . 11.53@11.54
A p ril_____ 11.53® 11.54
M a y ..........11.71 @11.72
J u n o ..........11.81@11.82
J u l y ......... 11.91@11.92
August . . . 12.01@12.02
Sopt........... 12.11@12.13
O c t ........... 12.12@12.13
N o v .........12.12©12.13
D e c .......... 12.12@12.13
J a n ______12.12@12.13
F e b .......... 12.12® 12.13
SUGAR.—Raw, easier. Tho visible supply of sugar in
the world is estimated at 3,970,000 tons, against 2,820,000
last year, showing an increase of 1,150,000 tons. Centri
fugal, 96-degroos test, 3.48c.; muscovado, 89-degrees test,
3.08c.; molasses, 89-degrees test, 2.83c. Refined, quiet and
steady; granulated, 4.30c.
PETROLEUM, steady; barrels, 1.50@9 50c., bulk,
4.80@5.80o., and cases, 10.80@11.80c. Naphtha, steady;
73 to 76 degrees, in 100-gallon drums, 25He.; drums, $8.50
extra. Gasolino, 86 degrees, 29 Ho.; 74 to 76 degreos, 25 He.;
68 to 70 degrees, 22Ho., and stovo 21c. Spirits of turpentine
45H@46o. Common to good strained rosin, $5.65.
TOBACCO.—As a rule, the market has been quiet and
fairly steady. Now Sumatra tobacco has attracted not a
little attention. Samples of it which have been received here
mako a vory satisfactory exhibit, something which seems to
presago a better business beforo long. Also, however, tliore
is not a little talk about the tariff. There is an idea that no
important change will be made in it, but that there may be
an increase in the internal revenue tax. This is likely to
meet with stout opposition from the tobacco trado. Busi
ness in tho meantime is on a hand-to-mouth basis and is likely
to continue so until the general outlook clears up.
COPPER has latterly been steady, with somo increase
of business; London has advanced; lake here 14H@15c.;
electrolytic 14.85@14.95o. Tin has advanced; spot here
47c.; London prices have risen. Lead 4.35c.; spelter 6.10c.
Pig iron has been steady, with more inquiry; malleable for
prompt shipment is scarce. No. 2 foundry East at furnace
$16 75@$17. Steel bars are in brisk demand. Floods have
causod the banking of blast furnaces and a shutting-down of
steel works and rolling mills in the Shenango Valley and at
Youngstown, Cleveland , Columbus and other Ohio cities.
Tho worst offccts have, in other words, been west of Pennsyl
vania. Pittsburgh and the Wheeling districts are not greatly
affeoted. Sheets and plates are more easily delivered. Wire
products have advanced $1 a ton. The floods will check
the rocont high record of production.
5,686
32,676
3,796
11,336
8,165
1,016
1,700
3,730
467
12,490
23,670
3,576
12,951
950
2,895
2,470
4,117
1,986
2,077
25,053
3,474
12,161
1,214
664
1,997
6,251
128
9,840
60,182
101,054
95,082
98,683
New Orleans.
M obile______
Savannah___
Brunswick —
Charleston,&c
W ilmington..
Norfolk_____
N ’port N ., &c
All others____
18,507
2,678
10,258
1,050
631
2,503
4.642
1,186
3,173
23,069
3,474
30,386
7,500
5,368
8,192
11,559
486
8,267
14,861
1,363
5,224
102
513
784
2,526
Total this wk.
86,051
140,646
Since Sept. 1. 8,594,747 10549161 7.853,552 6.409,393 ’8,601.764 7.328,528
The exports for the week ending this evening reach a total
of 86,031 bales, of which 29,552 were to Great Britain,
1,306 to France and 55,173 to the rest of the Continent.
Below aro the exports for the week and since Sept. 1 1912:
Week ending March 28 1913. From Sept. 1 1912 to March 28 1913.
Exported to—
Exported to—
Exports
from—
Conti- |
Great
Britain. France . nent. ; Total.
Galveston.. 13,100
Texas City. 0,461
092
Pt. Arthur.
Ar.Pass.,&c.
NewOrleans 3,386
Mobile___
"coo
Pensacola..
Savannah..
Brunswick.
Charleston.
Wilmington
___
Norfolk___
N’p’t News
New York. l".093
Boston___ 3,698
Baltimore..
*632
Phlladclp’a.
Portl’d, Me.
San Fran..
Pt. Towns’d IIII
Total----- 29,552
Tot. ’ 11-12. 76,786
Great
Britain.
31,6<X)| 44,790 1,188,325
III- 3,879 10,340 390,362
___
___
692 31,445
__ _
___
. .
12,921
7,034 10,420 604,723
___
47,172
500 22,258
___ 3*,236 3,236 118,724
___
___
___ 105,419
___
___ I 60,292
___
___
___
93,466
___
___
___
14,996
. .
291
ll306 3,976 6,375 187,795
3,698 133,438
3,994
100
"ioo
___
700 1,232 34.261
__
472
....
----i
I I . J 3.729 3,729 ____
919 .........
919
I—
1,306 55,173 86,031 3,050,354
Franc*.
Conti
nent.
Total. |
370,640 1,234,689 2,793,654
146,793 81,786 618,941
24,892 52,508 108,845
8,606 37,575
16,048
131,382 325,421 1,061,526
25,562 32,311 105,045
34,791 50,222 107,271
62,869 618,696 700,289
89,067 194,486
5,663 132,559 197,851
59,673 138,985 292,124
500 53,453 68,949
_____
291
41,093 117,854 346,742
7,881 141,319
_____
1,856 28,310 34,154
6,950 41,211
..............
472
—
172,435 172,435
76,677
76,677
.........
921,093 3,128,410 7,099,857
. . . . 83,997 160,782 3,711,871 1,042,014>4,210,082 8,963,967
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
958
THE CHRONICLE
On Shipboard, Not Cleared for —
Great
M arch 28 at— Britain. France.
New Orleans..
G alveston____
Savannah ____
C harleston___
N orfo lk ______
New Y ork____
Other ports__
7,863
970 6,311
9.289
Telegra m not r eceived
2,420 6,300
Telegra m not r eceived
Coast
wise.
Total.
50 24,483
300
F U T U R E S .— The highest, lowest and closing prices at
New York the past week have been as follows:
Leaving
Stock.
83,084
9,020
84,637
31,420
19,277 19,277
2 , 155
3,200
14,000
36,495
120,227
48.642
181732 65,323 49',577 18,795 242,255
3.177 32.478 23,504 8,972 77,306
751,159
453,530
'800
6.000
Total 1913..
Total 1912.. 89,787
Total 1911..
9,175
Ger
Other
many. Foreign
"255
"155
8,000
[Vol. XCVI.
I ®l
®|
@|
I II
005 0005 COrf< COCO
I O 050 0000 loco »OiO
IN
® I ® I
COCO LO
lT* rH
sis! i a
IN
I
N
® | <§
3 1
U ®i
II II s i II ®' s i ITJ4IIO ®
O COO b-00 loco Tjuo
050
rH<N
Speculation in cotton for future delivery has been on
rHrH
^
||
moderate scale with fluctuations still irregular. Prices
COCO (NO
coco (NO COlO
OO OO
00l»
C
O
iO
tQ
t
J
I
advanced at one time owing to heavy rains at the South
<NrH rHrH
ai ei0a:jS ^ ° ™ n o w s in tho lower Mississippi resulting from
@|
the floods in the North. But there was a reaction on Thurs
COCO
COCO
CO COCO
day. Then it looked as though the weather would clear
<N<N I*N HH I H
and also as though the Mississippi River, which has been
1<N OO 00o
at an unusually low stage during tho winter, will be able to
o o o t^oo
*0*0 COtJC
^n
receive any excess of water from northern floods without
C
O
cu-f!
danger of serious overflow. Y et the tone on the whole has
® I
@1
■§§
o oo
t-r>been firmer. The weather at the South has been quite
<NOO
cot^
CO
- .
Si
<
N
N
oold,. even down to the freezing point on both sides of the
Mississippi River. There are reports that owing to reeont
I l- Tt<io cor^
05
*H
L-CO<N<N
IL- COL- t^CO
C
OCO fI lI T
t^C
CO
O coco
cold weather considerable replanting of cotton will be
<N<N
necessary in the San Antonio section of Texas. Liverpool’s
&u
@1 <§>l
® I ®
daily prices have almost invariably been better than expected
HH
o OOCO LCOCO
Manchester of late has reported a better business. The
tendency of the stock market at times has been upward,
I CO COCO
I II
I
partly owing to the fall of Adrianoplo and tho belief that this
will pave the way to a speedy peace in the Balkans. The
®io ujj;
®| ®T ®i»—< ®
T @i ®ios @® ®i
cold and rainy weather at the South has caused moro or
® I ®
c*3
050 m o
<N<
N o o cod>
r^co
COM
less Continental buying of new-crop months not only in
<NN (NN
Liverpool but in Now York. The firmness of tho March
^
11
option has been another factor of importance. Recently tho
March premium over M a y was only 30 points, but during tho
past week it has risen to 40 points. Some large W all Street
o<
and out-of-town interests have covered considerable blocks
trjQ
of M arch. The idea, too, is that somo important trade
interests have been buying March. Others apparently in
© fl v a <pq
(DH
control of the March option have been gradually selling
M n
March and buying M a y . Of late there has been considerable
M P i f J i J 1 i s l i l l 1 I I , I I 11 1H i I f i IS
covering of shorts, not only in New York but also in Liver
£
$
*
3
s
3
*
*
£
Q
6
pool. On Wednesday and Thursday business here was much
hampered by the interruption of wire service,both to tho West
and the South. New Orleans at times has bought on heavy
T H E V IS IB L E S U P P L Y OF C O T T O N to-night, as made
general rains east of tho Mississippi and cold weather in
Toxas. But on Thursday it changed front and became a good up by cable and telegraph, is as follows. Foreign stocks,
seller here on the forecast for fair and warmer weather on as well as tho afloat, are this week’s returns, and conse
both sides of the Mississippi and also on the idea that quently all foreign figures are brought down to Thursday
serious floods in the lower Mississippi wero highly im ovening. But to make the total tho complete figuros for
probable. Spot markets have generally been quiet. Some to-night (Friday) , we add the item of oxports from the
reports have been to the effect that Texas was offering cotton United States, including in it tho oxports of Friday only.
March 28—
1913.
1912.
1911.
more freely in New Orleans. It was also noted in the latter
1910.
Stock at Liverpool_______
s . 1,331,000 1.275.000 1,187,000
832,000
part of the week that exporters were tendering cotton in Now Stock at L on d on ________
3.000
7,000
5,000
Orleans on March contracts. M any believe that there is still
98.000
113.000
58,000
a good deal of cotton in the South which will come out if tho
Total Great Britain stock___ -.1,440,000 1,376.000 1.307,000
895.000
weather seems to promise a satisfactory opening of the Stock at Hamburg____________
7.000
4,000
7,000
650.000
279.000 321,000
planting season. Ocean freight rates at New York have do
352.000
329.000
361.000
dined. They have recently shown a downward tendency Stock at Marseilles .
4.000
2,000
3,000
24.000
21,000
at tho Gulf ports also. This is the reflection of a decreased
8,000
41.000
48.000
63.000
oxport demand. The falling off in exports thus far this sea
..
28.000
5.000
4,000
4,000
son as compared with the samo timo last year now approaches
..1,025,000 1.083.000
687,000
757,000
2,000,000 bales. To-day prices advanced on covering of
Total European stocks_____ ..2,465.000 2.459.000 1.994,000 1,652,000
shorts in March and other months, reports of a settlement of
India cotton afloat for Europe.. ..
90.000
71.000
146,000
233,000
the Balkan question, tho strength of Liverpool prices, bullish Amer. cotton afloat for Europe. ._ 233.926 647.813 312.008
310.923
).
43.000
43.000
33,000
manipulation and somo fears of floods in the Mississippi
19,000
. 250,000
252.000
218.000
143,000
River. The weather was better and tho flood news less
_ 907,000
665.000
544,000
760.000
_ 726,444
threatening in the opinion of bears. Spot cotton closed at Stock in U. S. ports __
530.830
993,368
537.056
in U. S. interior i
. 602,677
443.917
482,425
500,886
12.70c. for middling uplands, showing an advance for tho Stock
U. S. oxports to-d ay ..
10,013
.
7,665
35.761
11,668
week of 10 points.
.5.325,712 5.610,859 4,270,282 4.167.533
The official quotation for middling upland cotton in the
Of tho above, totals of American and othor descriptions aro as follows:
New York market each day for tho past week has been:
American —
March 22 to March 2 8 Sat. Mon. T ues. W ed.T hu rs. Frl.
Middling uplands....................... II.
12.60 12.60 12.70 12.70 12.7o
i.iverpc
Manch ester stock.
N E W Y O R K Q U O T A T IO N S F O R 32 Y E A R S .
Tho quotation for middling upland at Now York on
March 28 for each of tho past 32 years have been as follows:
American afloat for Europe.
1913-C-. ...1 2 .7 0
1912___ ...1 0 .3 5
1911____ ...1 4 .3 5
1910___ ...1 5 .3 5
1909___ . . . 9.75
1908___ ...1 0 .4 0
1907........ -.10.95
1906___ -.11.80
1905-C. ------8.05
1 9 0 4 ... ----- 14.90
19 03... ------10.05
19 0 2 ... ------8.94
1901... ------8.19
1 9 00... ------9.88
18 99... ------6.31
1 8 98... ------6.12
1897.c __
7.31
1896........ - - 7.88
1895------ . . . 6.31
1894........ . . 7.56
1893........ . . 8.62
1892------ - - 6 69
1891........ . . 9.00
1890____ -.11.44
1889-C..........10.19
1888----------- 10.00
1887............. 10.60
1886............. 9.12
1885--..........11.19
1884............. 11.38
1883..............10.06
1882............. 12.19
M A R K E T A N D SA LES A T N E W Y O R K .
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of tho reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday__
M on d a y __
T uesday__
Wednesday.
Thursday . .
Friday_____
Futures
Market
Closed.
HOLIDAY
Quiet____________ Barely steady..
Quiet....... ............... Barely steady..
Quiet, 10 pts. adv. Firm .-________
Quiet_____________ Barely steady..
Quiet_____________ Firm _ . .
Total.
SALES.
Spot.
....
__
Contr’ct
Total.
600
500
l',755
1,100
i ‘.75o
1.100
3,300
3,300
U. S. interior stocks.
U. S. exports to-day.
1.1,142,000 1,102,000 1,069,000
67.000
94.000
.
7,000
646.000
. 991,000 1,049,000
647,813
312,008
. 233,926
993.368
530,836
. 726,444
443,917
- 602,677
482,425
35,761
7,665
10,013
758.000
68,000
701,000
310,923
537,056
500,886
11,668
.3,780,712 4,398,859 I1,144,282 2,867,533
113,000
. 189,000
118,000
74,000
3,000
.
5,000
7,000
5,000
31,000
.
27,000
19,000
10,000
34,000
41,000
.
34.000
56,000
India afloat for Europe.
71.000
146,000 233,000
.
90,000
Egypt, Brazil, &c., afloatZIIIII .
43,000
33,000
43.000
19,000
Stock in Alexandria, Egypt
252,000
. 250,000
218.000
143,000
Stock in Bombay, India__
665,000
. 907,000
544.000
760,000
East Indian, Brazil, & c .—
iverpool stock_____________
ondon stock_________ I"
.1,545,000 1,212,000 1.126,000 1,300,000
.3,780,712 4,398,859 3.144,282 21.867,533
Total visiblo supply..................5,325,712 6,610.859 4,270,282 4,167 533
Middling Upland, Liverpool___
B6.94d.
6.i7d.
7.70d.
7 ood
ing Upland, ____
_______
Middling
New Y
o r k ... 12,70c.
10.85c.
14.40c.
14.95c!
9Md.
Egypt, Good Brown. Liverpool.. 10,45d.
10 ^ d . 16 1l-10d.
9.10d.
Peruvian, Bough Good. Liverpool lO.OOd.
11.25d.
ll.OOd.
Broach, Fine, Liverpool
5Md. 7 7-16d. 7 9-16d.
654jd.
Tinneveliy, Good, Liverpool___
O
6J-a
^ dd.. 5 ll-l6 d . 7 5-16d.
7^d.
Continental imports for tho past weok havo been 109,000
bales.
The above figures for 1913 show a decrease from last
week of 48,037 bales, a loss of 285,147 bales from 1912, an
excess of 1,055,430 bales over 1911 and a gain of 1,158,179
bales over 1910.
959
THE CHRONICLE
M a r . 29 1 9 1 3 ]
N EW ORLEANS OPTION M A R K E T — The highest,
AT THE IN TE RIO R TOWNS the movement— that
is, the receipts for tho week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New
for tho week and tho stocks to-night, and tho same items Orleans cotton market for the past week have been as follows:
for tlio corresponding period for the previous year— is set
Sat'day. M onday, Tuesday, W ed'day. Thursd'y. Friday,
out in detail below.
M a r. 22. M ar. 24. M ar. 25. M a r. 26. M a r. 27. Mar. 28.
March —
? o
o
M a y—
| i f g | i - 'f g a
i* '
p. .
<<
12.31-.35 12.28-.35 12.32-.47 12.41-.51 12.30 —
12.29-.31 12.28-.29 12.45-.47 12.40 — 12.45 —
12.11-.18
12.16-.28 12.18-.32 12.18-.36
12.15.21
12.27-.28 12.18-.19.12.33-.34
12.11-.12
12.15.16
.22T2.12-.28
12.07-.13 12.04-.il 12.08-.20 12.11.12 12.25-.26
12.07-.08 12.03-.05 12.18-.19 12.11-
~
July —
Q >
>
S?
: if
. . 4
'3 '$b Om
poq-
August —
HOLI- —
— 11.80-.81 — @ — 11.98-.00 12.00-.03
DA Y . 11.86-.88 11.80-.81 11.96-.98 11.91-.92,12.04-.05
October—
oo o ,
co
-‘bo
_►
it.>tkl-‘ tOtOCjll-‘tO»-‘ i-‘ Oi
050001
l O U l (Oi-iOOOtnOitOMOWCTiOOOtOOMOO^^
-- toosooottt^cnoi>fr.a>ooiOitnPCn^
---------------------------------.
-•cnooi
-- m
"
‘ntf^
* -----‘
Range ---------
11.3911.39-
December—
t-*-J i— O
1-1
0 5 t0 i
t0 i-‘ t 0 r f .O l- ‘ 0 5 0 i0 l0 iM 0 i
0505^.1-;
532 Go
|3 2
k M ***-*-
■Ji-tnOffiOiQ-flOi ^0.^OMM-l0O0T-Ot00ia5 05Q0O>K^t0t005
..
.r
k»N ko
m hOOi^iCO
ho
lo-on-ot
ooto on to^osi-i^ojMtopooot-ihoptpot-iMteaMa
g05
s f?
4COOOOOKXOOO • s-ff
to
<,! K3lob3h005Cn0iH-« tO OO^tO(X)W>$*tOtO<OGJ tOMOXOi-*
^OCOO' CnWOOW(0*d05' ObOt^OO^>^i-‘ ‘^Cj5hOOOC5COOOCOt-‘ tO^
SJSSZg. QIOOOOCOO^JCQ* QOcOCOOCOq3QDCOO>Oi^MOiQOrf>»^COMO
00
to Oi
051-*
So!oSSo^SoiOiCOOcOp^COOiCOrfkO>M^COH*cOtO»jMOH*Mpo5^
bi O MWCOO C>O ' b i >--*MbkC5 10 tO05O
W^ COtOCOh*Oj05p
coo^iosasc^aso^ooto-itoooo^i^icoocopoiMtococowcoGowpooi
Oi toCOfOCOtoO O C QOf) - I" 1^ 3 C5- I«-■105>-**-*Oito t\J- 1to>-*ts>t—
14*chmto
to
to
-‘ to
-»-*►-» 4*h OJto to to, to to ►
CO 4*1
^
O O O O t O ^ M O O W O O t O O C iM M O ^ C O ^ M Q O M t O O ii
O il-* 0 4 * CO
Cn
9*3 2
B-F1?
>-‘ 05»-‘ t0 to
CD to H-* CO05 O 4*tf*OltOCn©H-H*‘©CnOOCO^»-‘©>-»65o*OlMtO
CD05»-*O'-uMC04*c0C0c00it04*4*bD4*b^Mb5Cnbit0->4bib3tuH-‘OOb3bib5 s f l
Co4*M04*OOcDCnOCn^-‘CD05tO"'I4*tOOOCncOOO^“**slCOcOC005CnOOOO>-*
OO h Q m 60H-*Q5OO^IOt0^1t0t0MOOQ04*Q0»-tO05M^lQ00iOt0C0O ‘ s-sr
* Last year’s figures are for Louisville, Ky.
OVERLAND M OVEM EN T FOR THE W E EK A N D
SINCE SEPT. 1.— Wo give below a statement showing tho
overland movement for the week and since Sopt. 1, as made
up from telegraphic reports Friday night. The results for
tho week and since Sept. 1 in tho last two years are as follows:
Via
Via
Via
Via
Via
Via
Via
-1911-12------
1912-13Since
,
Sept. 1.
458,297
St. Louis____________________ 9,941
2.480 215,143
Cairo ...........................
18,548
Itock Island-----------------------400
68,108
Louisville__________________ „ 948
123,267
C incinnati----------------------------2,317
111,510
Virginia points_____________ 1.348
287,790
other routes. See--------------------- 2,362
Sept. 1
527,492
24,402
a2,697 a217,190
5.587
654
130,334
3,897
4,548
104.879
5,693
171,280
10,784
358.879
-19,796 1,282,663
52,575 1,515,641
March 28—
Shipped —
_
Week.
Deduct shipments—
Since
Week.
- 2,673
. . 2,412
- 2,918
120,363
91,793
72,135
7,130
1,648
1,127
160,753
70,355
30,927
Total to be doductod_________
. . 8,003
8,003
284,291
,905
262,035
Leaving total not overland *----------11,793
11,793
998,372
* Including movoment by rail to Canada,
a Rovised
-1912-13.
„ Since
Sept. 1.
Rocelpts at ports to Mar. 28____ - 86,051 8,594,747
Not overland to Mar. 28________ 11,793
998,372
Southern consumption to Mar. 28. 58,000 1,676,000
c Week
140,646 10,549,161
42,670 1,253,606
56,000 1,508,000
Total markotod________________155,844 11,269,119
Interior stocks In excess__________ *29,631
505.641
239,316 13,310,867
*44,775
343,480
Came into sight during w eek..126,183 -----------Total in sight Mar. 28________ _____ 11,774,760
194,541 ---------------- 13,654.247
Week.
Nor. spinners’ takings to M ar.28. 23,243
2,093,111
-67,183
2,048,384
* Decrease during week.
Movement into sight in previous years.
Week—
1 9 1 1 — Mar.
1910—Apt.
Since Sept. 1—
Bales.
Bales.
31......................J03.482 1910-11— Mar. 31............. 10,607,998
1........................io'I’Qot 1910-10— Apr. 1_______9,105,715
1908-09— Apr. 2 ............ 11,743,547
QUOTATIONS FOR M ID D L IN G COTTON AT
OTHER M ARK ETS.— Below aro tho closing quotations
of middling cotton at Southern and othor principal cotton
markots for each day of tho week.
Sat'day.
M onday. Tuesday. W ed’day . Thursd'y.
Galveston_____
12%
New Orleans__
12 7-16
M o b i l e ----------12 3-16
Savannah ------12%
12 %
Charleston____
Wilmington-----12%
N orfolk _______ HOLI 12 5-16
B altim ore------- D A Y . 12%
12.85
Philadelphia —
12%
Augusta----------12%
M e m p h is------12%
St. Louis_____12%
H o u sto n ______
12%
Llttlo R ock------
12% „
12 7-16
12 3-16
12%
12%
12%
12%
12 7-16
12 3-16
12%
12%
12%
ilS
B it,
12.85
12%
12%
12%
12%
12%
12.95
12%
12%
iii-1 6
12%
12%
12 7-16
12 3-16
12%
12%
12%
12%
12%
12.95
12%
12%
12%
12 9-16
Quiet.
Steady.
Quiet.
1911-12.
1912-13.
M arch 22.
Receipts at—
,
Bombay________________
Since
Sept. 1.
Week.
Week.
B om bay—
1 9 1 2 - 1 3 ..
1 9 1 1 - 1 2 ..
1 9 1 0 - 1 1 ..
1 9 1 2 - 1 3 .1 9 1 1 - 1 2 ..
1 9 1 0 - 1 1 ..
M adras—
1 9 1 2 - 1 3 ..
1 9 1 1 - 1 2 ..
1 9 1 0 - 1 1 ..
All others—
1 9 1 2 - 1 3 ..
1 9 1 1 - 1 2 ..
1 9 1 0 - 1 1 ..
T o tal all—
1 9 1 2 - 1 3 ..
1 9 1 1 - 1 2 ..
1 9 1 0 - 1 1 ..
G re at
B rit a in .
C o n t i
n e n t.
Wee*.
Since
Sept. 1.
Since September I.
F o r th e W e e k .
U Z P O T IS
fro m —
1910-11.
Since
Sept. 1.
90,000 1,749,000 73,000 1,639,000 79,000 1,594,000
Japan
<£- C h i n a
T o t a l.
C o n t i
n e n t.
G re at
B r it a in .
Japan
C h in a .
T o t a l.
<fc
1,0 0 0 2 ,0 0 0 5 9 ,0 0 0 6 2 ,0 0 0
3 ,0 0 0 7 ,0 0 0 1 0 ,0 0 0
2 ,0 0 0 2 8 ,0 0 0 3 6 ,0 0 0 6 8 ,0 0 0
1 5 ,0 0 0
4 ,0 0 0
2 5 ,0 0 0
1 9 6,0 0 0
1 4 9,0 0 0
6 4 7 ,0 0 0
4 9 6 .0 0 0
5 2 6 ,0 0 0
3 5 2 ,0 0 0
7 0 7 ,0 0 0
6 7 9 ,0 0 0
9 2 4 ,0 0 0
3 ,0 0 0
3 ,0 0 0
—
1 ,0 0 0
3 ,0 0 0
2 ,0 0 0
2 ,0 0 0
8 ,0 0 0
8 ,0 0 0
2 1 ,0 0 0
9 ,0 0 0
2 ,0 0 0
1 3 ,0 0 0
2 0 ,0 0 0
1 2 ,0 0 0
3 6 ,0 0 0
4 ,0 0 0
2 ,0 0 0
8 ,0 0 0
1 6 .0 0 0
6 ,0 0 0
1 8 ,000
.........
___
800
5
2 0 ,0 0 0
7 ,8 0 0
2 6 ,0 0 5
13.00C 2 5 ,0 0 0 3 8,000
3,000
3,00C
6 ,0 0 0
5 ,0 0 0
—
10.00C
5 ,000
2 7 ,0 0 0
87.00C
5 2 ,000
1 5 8 ,0 0 0
4 2 ,0 0 0
1 6 ,0 0 0
1 ,3 0 0
1 3 9 ,0 0 0
7 3 ,0 0 0
1 8 6 ,3 0 0
l.OOf 17,000 8 7 ,000 105,000
6 .0 0 0
7,000 13.000
2 ,6 6 6 3 4 ,0 0 0 3 8 ,0 0 0 7 2 ,0 0 0
3 2 ,0 0 0
13,000
6 2 ,0 0 0
3 0 7,0 0 0
2 1 4,0 0 0
7 4 4 ,0 0 0
1 ,0 0 0
2 ,000
2 ,0 0 0
,
—
5 4 7 ,0 0 0 8 8 6 ,0 0 0
544.80C 7 7 1 ,8 0 0
3 6 8 ,3 0 5 1 ,1 7 2 ,3 0 5
A L E X A N D R IA RECEIPTS AND SHIPM ENTS OF
COTTON.— Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receivo a weekly cable of tho movement of cotton at
Alexandria, Egypt. Tho following are the receipts and
shipments for tho past week and for the corresponding week
of tho previous two years:
Alexandria, Egypt,
March 26.
Receipts (cantars —
Closing Quotations for Middling Cotton on—
Week ending
March 28.
Steady. Steady.
Steady. Very sty.
W E ATH E R REPORTS B Y TELE G R APH .— Wire trou
ble is apparently the cause for the non-receipt of all but a
very few of our weather telegrams from the South this even
ing. From Memphis wo are advised that the Mississippi
River is 33.2 feet on the gauge, or 1.8 feet below the flood
stage, and rising.
M e m p h is , T e n n .— The river is 33.2 feet on the gauge, or
1.8 feet below the flood stage and rising. It has rained on
four days of the week, the precipitation being three inches
and seventy-seven hundredths. Average thermometer 54,
highest 81, lowest 29.
C h arleston , S. C .— It has rained on three days during the
week, tho rainfall reaching one inch and three hundredths.
Average thermometer 58, highest 79, and lowest 39.
C harlotte, N . C .— We have had rain on one day of the past
week, the rainfall reaching forty-one hundredths of an inch.
The thermometer has averaged 54, tho highest being 79 and
the lowest 30.
>
M ad ison, Fla.— We have had rain on two days of the
week, tho precipitation being two inches and thirty hun
dredths. Average thermometer 66, highest 82, lowest 32.
S a vannah, G a .— Wo have had rain on two days during the
week, tho rainfall reaching one inch and twenty-four
hundredths. The thermometer has ranged from 49 to 81,
averaging 68.
IN D IA COTTON M OVEM EN T FROM ALL PORTS.—
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for tho season from
Sopt. 1 for three years have been as follows:
42,670 1,253,606
Tho foregoing shows tho week’s not overland movemont
has been 11,793 bales, against 42,070bales for tho week last
year, and that for tho season to date tho aggregate not over
land oxhibits a decrease from a year ago of 255,234 balos.
I n Sight and Spinners'
Takings.
Steady.
Steady.
Options__ __
(050000-)0i>a. —O' 0^t0i^05i-.c0i^.0i—
‘On—
*0nO5—JOOOtO 0>-*<OtOH*
.58 11.49-.62
.47ill.61-.62
11.48-.56 11.50-.62
11.39-.43 11.3711.43-.55
.41
11.39-.40 11.36-.37 11.54-.56 11.46- .47,11.62- .63
Tone—
O ^ 05tototoCO1- 1001—tototo0505O 0 1*. 0305COCO-00000OnCOOOtoGO05071M
00
>-*to(OO 00-4O
toOoO^.tO
to-g^IQ
00O
o.5li-‘
O !-•
—
>C.O
-100
-I toOnai>-O
05toto
CO- KO
l to«o
OO^-I^O^I^I—
5C
tOO
O03
^ttO
ni-‘Ol-lM
J05(X)O
OO
i-‘05l-‘
11.4611.42-.55
.42
11.4611.54-.55
.37
.44
11.36.40
11.36-
This week______________
Since Sept. 1___________
1912-13.
1911-12.
1910-11.
28.000
7,313,523
100.000
6,996,774
60,000
7,309,896
This
Since
Week. Sept. 1
This
Since
Week. Sept. 1.
This
Since
Week. Sept. 1*
1.250
4.000
4.000
1,750
2.250
6.250
4.750
1.750
Friday.
12 9-16
12 7-16
12 3-16
12%
12%
12%
12%
12%
12.95
12%
12%
12%
12%
Exports (bales)
To
To
To
To
L iverpool---------------- 2,000^ 174,256
Manchester —- - - - - ____ 178,854
Continent and India. 4,000 299.127
America ----------------- 2.500 104,931
Total exports-----------N ote .— A cantar is 99 lbs.
161.781
189.083
275.265
76.440
183,074
185.408
308,466
95,431
8,500 757.168 11.000 702,569 15.000 772,379
Egyptian bales weigh about 750 lbs.
The statement shows that the receipts for the week were
28,000 cantors and the foreign shipments 8,500 bales.
960
[Vol. XCVI.
T H E C H R O N IC L E
W P R L D ’S S U P P L Y A N D T A K IN G S OF C O T T O N .—
The following brief but comprehensive statement indicates
at a glance the world’s supply of cotton for the week and since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amounts gone
out of sight, for the like period:
C otton T akings.
W eek and Season.
1912-13.
Week.
1911-12.
Season.
Week.
Season.
R isib le supply March 21
5,373,749
5,747,488
visible supply Sept. 1_
2,135,485
1,603,418
American In sight to March 28' 126.183 11,774,760 194,541 13,654.247
Bombay receipts to March 27
90.000 1,749,000
73.000 1,639,000
Other India Ship’ ts to March 27
43.000
179.000
39.000
92,800
Alexandria receipts to March 26
4,000
975.000
13,300
933.000
Other supply to March 26*____
10.000
226.000
1,000
184.000
Total supply________________ 5.646,932 17,039,245 6.032,329 18,106,466
Visible supply March 28______ 5,325,712 5,325,712 5,610,859 5,610,859
Total takings to March 2 8 -0 .
Of which Am erican____
Of which other _ _ .
321.220 11,713,533 421,470 12.495.606
213.220 9,359,533 340,170 10.107,806
108,000 2,354,000
81,300 2,387,800
* Bitbraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
1
embraces the estimated consumption by Southern mills,
1.676,000 bales In 1912-13 and 1.508,000 bales in 1911-12— takings not
being available— and the aggregate amounts taken by Northern and
foreign spinners, 10,037,533 bales in 1912-13 and 10,987,606 bales in 1911-12,
of which 7,683,533 bales and 8,599,806 balos American.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
, ,
,
Sat.
30
Liverpool....................
Manchester------------30
35
Havre..........................
B rem en ......................
35
H amburg...................
50
Antwerp — ----- 35@40
Ghent, via Antwerp 41 @ 46
R e v a l------- - - -------60
Barcelona----------------65
G e n o a .......................
38
T rieste........................
50
......................
65
70
Bombay------------------
8H 16*. Sturtinos, common
to finest.
32* Cop
Twist.
d. 3. d.
a.
Feb.
7 10
14 10 H
21 10
28 10
Mfih
7 9K
14 9)4
21 10
28 io x
a. d.
Cot‘%
MU.
UpF*
a.
8 H »*. SMrl- Corn
32* Cop
int*. common
to finest.
Twist.
d. s. d.
d.
@
@
w
©
io x
11
10 x
10X
0 3 @11
6 4 @11
a 3X@11
6 3X@11
8
0
0
6
0.84 8X
@9 13 10 5
0.93 0
e 10
5
0.77 9
@10
■5
0.89 8 15-10® 10 5
@
@
@
©
10 X
10 X
11
11X
6
0
a
a
0
0
6
8
0.81 9 1-10 @ 10X
0.85 9 3-10 @103-10
0.91 9 3-10 @103-10
0.94 9 5-10 @ 10X
3X@11
3 @11
3 @11
3 @11
5
5
5
6
a. d
а.
Market,
0
1
1
1
5.vo
t 85
5.V3
б.
2)4
2)4
2M
3
6.03
6.18
6.11
6.17
9 @11
10H@11
10)4 @11
0 @11
S H I P P I N G N E W S .— A s s h o w n o n a p r e v io u s p a g e , th e
e x p o r t s o f c o t t o n fr o m t h e U n it e d S ta te s t h e p a s t w e e k h a v e
r e a c h e d 8 6 ,0 3 1 b a le s .
T h e s h ip m e n ts in d e ta il, a s m a d e
u p fr o m m a il a n d t e le g r a p h ic r e tu r n s , a re a s fo llo w s :
NEW YORK— T o Liverpool— Mar. 22— Bovic, 186 upland, 587** BalnS'
Peruvian— Mar. 25— Megantic, 320 Peruvian__________
1.093
T o Havre— Mar. 26— Istina, 1,048 upland, 238 Sea Island_____
Niagara, 20----------------- ----------------------------------------- ----------- 1,306
T o Bremen— Mar. 21— George Washington, 38...................
38
T o Hamburg— Mar. 20— President Lincoln, 100.
.
100
T o Antwerp— Mar. 21— Zeeland, 100______________
100
T o Genoa— Mar. 24— Mendoza, 62 5-..M ar. 26— Principe d'l
Piemonte, 1,400__________________ . . .
2 025
T o Naples— Mar. 20—Carpathfa, 201-I-M ar.' 2'l~—’s'a'n'Gug- ’
lielmo, 1,000...M a r . 26— Principe di Piemonte, 62________ 1,263
T o Venice— Mar. 22— Alice, 1 5 0 -.-......................
.............
150
T o Japan— Mar. 25— Mlneric, 300__________________
300
GALVESTON— T o Liverpool— Mar. 24— Candidate, 1,517
Mar. 25 Lulse Horn, 8,179___________________
9 non
T o Belfast— Mar. 21— Howth Head, 3,494.............. . . I . : : : : :
3494
T o Bremen— Mar. 22— Storstad, 13,097________________
13 097
T o Gothenburg— Mar. 21— Mexicano, 1,512— Mar. 22— Ferndene, 8 2 3 .................................... ................... .............................. 2 3 3 5
T o Christiania— Mar. 21— Moxlcano,200____ _ .
’200
T o Barcelona— Mar. 2 1 — Maria, 4,100.____ ______________ II 4 , 1 0 0
T o Genoa— Mar. 20— Delphine, 10,372.......................... ............10.372
_ _ T o Trieats— Mar. 21— Maria, 1,496___________ . . .
1 495
TEXAS CUTY— T o Liverpool— Mar. 24— Candidate, 6,461___ II 6,461
To Bremen— Mar. 26— St. Andrew, 3,879
3 879
PORT ARTH U R— T o Liverpool— Mar. 22— Cuban' 692'
692
NEW ORLEANS— T o Liverpool— Mar. 28—C u b a n ,2,400 ........... 2 400
T o Belfast— Mar. 27— Howth Head, 486— .
--------486
T o Glasgow— Mar. 22— Tugela, 500................
500
T o Hamburg— Mar. 24— Cralgliall, 734_______ ______
734
T o Antwerp—Mar. 26— Nordpol, 508— .............. ........... ....
508
T o Gothenburg— Mar. 27— Mexicano, 400__________ I __II"
400
T o Genoa— Mar. 24— Soperga, 5,392________________
5 392
Liverpool— Mar. 27— Vlvina, 500. .................
500
T ? Bremen— Mar. 24— Delta, 3,236......................... 3.236
BO 8 TON— T o Liverpool— Mar. 21— Cornlshman, 693: Sachem,
2 ,6 0 3 -............................... ................................. ................... ..
3 ,2 9 6
To Manchester— Mar. 21— Mercian, 402.................................. 402
Bremen— Mar. 25— Rhein, 100_____________
100
PIHLADELPIU A— T o Liverpool— Mar. 20—Welshman, 2 0 0 Mar. 2 — Merlon, 332..................
...
532
_.
Genoa— Mar. 20— Ancona, 700_________
_________
700
» ANJT S
Japan— Ma r . 22— Shlnyo Maru, 3,7 29--- 3,729
PORT TOWNSEND— To Japan— Mar. 26— Inaba Maru, 919____
919
Total.
86,031
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
__
Great French
Britain. ports, many.
North.
_
Souih.
ow York__
1,093
Galveston__
13,190
Texas C it y ___ 6,461
Port Arthur___
692
New Orleans__ 3,386
Pensacola_____
500
Savannah _____
Boston _______ 3',698
B altim ore------532
Philadelphia
San Francisco-.
Port Townsend. ____
1,306
- T o t a l .........- .29,552
1.308 21,184^ 3,543 25,498
in
138
13,097
I I I I 3,879
::::
'734
iiii
3',236
—
i
___
"166
____
100 3,438
2,535 15,968
'908
_
& c. Japan.
300
3,729
919
4,948
86,031
51392
I I I I . -----III I
____
'700
IIII
—
Total.
6,375
44,790
10,340
692
10,420
500
3,236
3,698
100
1,232
3,729
919
The’ export* to Japan since Septl Fhave been 2^87793 bales
from Pacifio ports and 5,500 bales" from New York.
HOLIDAY.
Monday.
4
,
P. M.
Tuesday.
Quiet.
HOLI
DAY.
Futures. [
Market
opened
0X@11
7M@11
7)4 @11
7H©11
Thurs
Fri
Afar. 2 1 .
30.000
Afar. 28.
32,000
2 ,0 0 0
1 ,0 0 0
3 .0 0 0
26,000
261666
4,000
11,000
45^00
64,000
1,352,000 1,331,000
1,185.000 1,142,000
27.000
53,000
14,000
18 000
116,000
122,000
77,000
88,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
been as follows:
uwr*
M U .
Wed.
„ .
» ,.
,
M a r. 7.
Afar. 14.
Sales of the week ...........
42,000
4 4 ,0 0 0
Of which speculators t o o k 4 ,0 0 0
7,000
Of which exporters took___
2,000
____
Sales American------- ----------39,000
40,000
Actual export..................
3 ,0 0 0
11,000
Forwarded - - - - - - - - - ....
81,000
89,000
1,375,000
T n ?1wSm ^ T Esti.m atcd-1.399.000
Of which American---- 1,231.000
1,214,000
TotM Imports ° f the w e e k -..
79.000
75.000
Of which American----------53,000
60,000
Amount afl°at----------149.000
118,000
Of which American__ 106,000
75,000
Sales____
Speo.&exp.
1912.
Tues.
30
30
30
30
30
30
30
30
30
30
33
33
33
33
33
35
35
35
35
35
50
50
50
50
50
35@40 35@40 35@40 35@40 35@40
41@46 41@46 41@46 41@46 4 1 @ 4 6
50
50
50
50
50
65
65
65
65
65
35
35
35
35
35
50
50
50
50
50
65
65
65
65
65
70
70
70
70
70
LIVERPOOL.—By cable from Liverpool we have the
following statement of the week’s sales, stocks, &c., at
that port:
M A N C H E S T E R M A R K E T .— Our report received by
spot cotton have
cable to-night from Manchester states that the
1
Spot.
Saturday.
continues firm for yarns and quiet for shirtings. M
1 Market,
are not willing to pay present prices. W e give tl
for to-day below and leave those for previous week
1
P .M . 1
and last year for comparison.
Mld.Upl’ds
1913.
M on.
Wednesday. Thursday.
More
Inquiry.
f
6.80
0.87
0.99
6.94
74 ,U
nnn
UU
800
8,000
700
0,000
700
Steady at
1X@ 2X
pts. adv.
[
Quiet.
6,000
1,000
Steady,
Quiet at
unch. to 1 1@2X
pt. adv. pts. deo.
1
[
Moderate
demand.
Friday.
Quiet at
1)4 @3
pts. ndv.
Firm at
Qulot,
4)4 @0 1)4@2 pts
pts. adr.
decline.
Steady at
4X% 0
pts. adr.
Steady,
X @ l)4
pts. dec.
^
w uiwura a*u juivcipuui ior eacn aay are given
91
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Mar. 22
Sat.
Mon.
to
Mar. 28. 1214 1244 1214 4
p.m. p.m p.m. p.m
March
Mar .-Apr.
Apr .-May
May-June
June-July
July-Aug.
Aug.-Sept.
Sept-O ct.
Oct .-Nov.
Nov.-Dee
Dec.-Jan.
Jan.-Feb-
d.
Thus, 6 60 means 6 60-100d.
Wed.
T hu rs.
Fri*
12)4
4 12)4 4 12 H 4 I 2 )f 4
p.m. p.m p.m. p.m p.m. p.m p.m. p.m.
d.
d.
d.
d.
d.
d.
d.
d.
d.
6 60)4 63
65 73
67 H 69
6 58 60)4
62)4 70)4
64)4
6 57 59)4
69)4 66 63)4
6 56
60 68 65 63
6 53
53
57 65 62)4 60)4
HOLI 6 48
50
51)4 59)4 57)4 55)4 II*
DAY
6 37)4 39 W
48)4 46)4 44)4 45
6 23 24
34)4 32 30 31
6 14)4
18)4 26 23)4 21)4 22)4
6 11)4 i f u
15 22)4 20)4 18)4 19)4
6 10 )4 11
10
14 21)4 19)4 17)4‘ 18
'6 09 X 10 09
13 20)4 18)4 16)4 17
Tues.
!?«
B*
HOLI
DAY
B R E A D S T U F F S .
Friday Night, March 28, 1913.
Flour has continued quiet. M uch the same conditions
have generally existed in the Southwest, and to a large extent
also in the Northwest. In other words, there is still a very
manifest disposition on the part of most buyers to trade
from hand to mouth, especially as wheat prices have latterly
been declining. From present appearances the European
demand for our flour during the remaining four months of
tho season, not a few think, is not likely to bo very great.
The future of prices naturally hinges largely on tho fluctua
tions in the price of wheat. Yet it is a fact worthy of note
that some large mills at Minneapolis have resumed grinding
and it is said that latterly the demand there has increased.
The production at Minneapolis, Duluth and Milwaukee
last week was 352,760 bbls, against 367,065 in tho previous
week and 340,885 last year.
Wheat has declined in spite of the Western floods. Of
late the tendency in foreign markets has not been so favora
ble to bull interests as had been expected. Little apprehen
sion has been felt as to the probability of serious damage to
the crop in Ohio and Indiana. In the flooded seotions of
those States only about 1,000,000 bushels are raised. The
gist of the crop accounts has been favorable. From nearly
all parts of the winter-wheat belt have come reports to the
effect that the condition of the plant could hardly be better.
There has been abundant moisture and, in a word, at tho
present time everything points to a good yield. The senti
ment in the trade is moulded just now more by the crop re
ports than by anything else. In Russia the winter-wheat out
look is also favorable, navigation is reopening and arrivals
at the ports were expected to increase shortly. In France
G R A IN .
Wheat, per bushel— f. o. b.
Corn, per bushel—
..
. ,
N . Spring. No. 1............... $0 99)6
No. 2................... elevator Nominal
N. Spring, N o. 2 ,________
nom.
S tea m er.--------- elevator
57
Rod winter. N o. 2 , _____ 1 12
No. 3----------------------c.l.f.
57 )4
Hard winter, N o. 2_______ 100)6 Rye, per bushel—
Oats, per bushel, new—
Cents.
No. 2
6656®67
Standards________________
38
State & Pennsylvania— Nominal
No. 2, white______ ________
38
Barley— M a lt in g
No. 3 ...............................37)6 @38
-
and Germany the crop prospeots are also good. In the
United Kingdom the outlook is cheerful. That is also the
case in Roumania and Hungary, and for tho most part in
Italy. On the other hand, tho European supply last week
decreased 1,580,000 bushols, against an increase in the pre
vious week of 3,648,000. Tho world’s available supply of
wheat decreased last week 3,812,000 bushels, against an
increase in tho same week last year of 2,676,000 bushols. The
contract took at Chicago fell off last week 222,000 bushels,
and is now only 4,046,000 bushels, against 9,212,000 a year
ago. There has beon some business for export, both in hard
spring and winter wheat for the opening of navigation.
The world’s shipments dropped to 12,776,000 bushels,
against 13,472,000 bushels in the previous week and 12,
288,000 in the same week last year. These figures reveal
a considerable decrease— i.e ., 900,000 bushols in tho ship
ments from Argentina, as compared with the previous week,
and nearly half a million bushels from Australia. It is
worthy of remark, too, that native supplies of wheat are small
in France and that it is predicted that there will have to bo
further large purohases by that country of foroign wheat.
Also supplies in Germany are smaller and tho domand for
foroign wheat has increased. To some authorities it looks
as though Germany will have to import heavily in the near
future. In Roumania supplies of native wheat are inodorate.
Italy will have to import large quantities of foroign wheat.
Italy and Greece, it is believed, will take the most of Russia’s
spare wheat. In Spain there are some complaints of drought.
In other words, as near as can be gathered, Europe will have
to import considerable wheat before tho opening of another
season and it is not altogether clear why a rather large quan
tity should not bo bought in this country. The supply of
European wheat is figured at 91,200,000 bushels, or about
10,000,000 bushols more than a year ago, but fully 22,000,000
bushels loss than at this time in 1911. W ith deficient crops
even in countries not disturbed by war, like England, France
and Gormany, to say nothing of the Balkan States, and
bearing in mind tho fact that the crops actually raised wero
of rather deficient quality, tho idea seems reasonable enough
that Europe is bound to import heavily from foreign coun
tries beforo its supplies can bo replenished from tho now
crops. To-day prices advanced. Export domand was
reported better.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
DAILY. CLOSING PRICES OF W HEAT FUTURES IN NEW Y O R K .
Sat.
M on.
Tues.
Wed. lliurs.
Fri.
111
112
112
112
112
No. 2 red____________________ c t s . l l l
97%
965^ 97 H
96 H 97 H
May delivery In elovator------------ 97 H
July delivery In elevator_________ 97 'A
97%
965-6 97
96 % 96/6
Sept, dollvery In elevator________ 9G%
96)6 96)6 96)6
95 H 96
D A IL Y CLOSING PRICES OF W HEAT FUTURES IN CH ICAGO.
Sat.
May dollvery in elevator_____cts. 90)6
July delivery In elevator_________ 90
Sept, delivery In oiovator________ 89)6
M o n . Tues. Wed. Thurs.
F ri.
90)6 89)6 90)6
90)6 89)6 90)6
89)6 89)6 89)6
8 8 )6
89 )f 89)6
§9)6
8 8 )6
8 8 )6
Indian corn has doclined slightly under free soiling by tho
W est and the Northwest regardless of tho fact that the recont
wot weather at tho W est is expected to curtail the movemont
of tho crop. Eastorn buyers seem to become overloaded.
The export domand has been either small or very moderate
On any rally in pricos tho market lias met rather heavy offer
ings. Tho contract stock at Chicago increased somowhat
last weok and is now very close to that of a year ago i. o.
962,000 bushels, against 991,000 at this time in 1912. Tho
world’s shipments on the other hand last week were 2,944,000
bushols, against 3,657,000 in tho previous week and 3,001,000
in tiio samo weok last year. There has been buying of March
and selling of M a y at lj ^ c . difference. To-day corn ad
vancod and then roactod. Shorts coverod freely. Tho
country has practically ceased selling.
D A IL Y CLOSING PRICES OF NO. 2 M IX E D CORN IN NEW Y O R K .
Sat.
M on.
Tues.
W ed. Thurs.
Fri.
W ed. Thurs.
Fri.
Cash corn_______________________ nom. nom. nom. nom. nom. nom.
D A ILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat.
M ay delivery in elevator------- cts. 53 ) 6
July dolivery In oiovator-------------- 54)6
Sopt. delivery in oiovator------------ 55)4
M o n . Tues.
53 % 53
54% 54)6
55)6 55)6
53 )6
54
55
53
P R IC E S
OF
IN
„O
F OATS _IN
Sat.
M on.
Tues.
NEW
YORK.
W ed. Thurs.
Receipts at—
Chicago----Milwaukee .
Duluth-----Minneapolis
Toledo ___
Detroit___
Cleveland . .
St. Louis__
Omaha------
Flour.
178,000
38,000
7,000
1,000
60,000
57,000
.............
341,000
256,294
274,266
Tot.wk.’ lS
Same wk. ’ ll
M on.
Tues.
W ed. Thurs.
65,000
48,000
10,000
53,000
1,000
_____
_____
3,000
24,000
3,852,000
3,747,739
4,893,147
3,647,000 1,552,000
587,323
2,885,060
2,377,312
950,357
204,000
125,035
110,186
2,365,000
172,000
4,211,000
2,366,005
2,356,680
__
1912-13... 12,239,520 292,484,966 169,506,228 177,164,688 80,581,330 14105642
1911-12... 8,294,389 196,221,486 143,639,054 105,849,584 55,331,599 7,010,400
1910-11--- 10,935,977 172,494,930 211,674,923 136,791,303 53,135,734 4,344,149
Total receipts of flour and grain at tho seaboard ports for
the week ended M arch 22 1913 follow:
Wheat,
bush.
Flour,
Receivts at—•
6bis.
New York______ 195,000
Boston_________
37,000
Portland, Me____
12,000
Philadelphia........
54,000
Baltimore_______
31,000
New Orleans*___
69,000
Newport News__ _____
Galveston......... . ..........
Mobile.................
10,000
Montreal_______
3,000
St, John...............
19,000
Halifax ...............
1,000
Oats,
Corn,
bush.
Rye,
bush.
Barley,
bush.
bush.
20,000
508,000 126,000
95,000
533.000
214.000
403.000
320.000
8,000
378.000
127.000
36.000
12.000 1,160,000
128.000
289.000
172,000
29.000
144',666
18.000
1,000
44',666
10,000
318.000
85.000
90.000
32.000
34',boo
41,000
298'666
..........
" 6’,666
11,000
6,000
..........
..........
833,000 424,000 95,000
:,618,000 7566,000 795,000
013,375 68,609 21,327
1,528,829 2253,421 157,218
SlncoJan. 1 1912..3,887,170 13,911,501 20,033,488
* Receipts do not Include grain passing through New Orleans for foreign porta
on through bills of lading.
Total week 1913.. 431,000 2,157,000 2,187,000
Since Jan. 1 1913..5,140,000 33,145,000 33,893,000
574,731
Weok 1912........... 370,894 1,843,050
The exports from the several seaboard ports for the week
ending March 22 are shown in the annexed statement:
Oats,
bush.
Flour,
bbls.
Corn,
bush.
Wheat,
Exports from—
bush.
New York_____ 829,552
Portland, Me___ 378,000
Boston________ 322,480
Philadelphia___
72,000
Baltimore______
_____
New Orleans___ 282,000
Newport Nows.. ..........
Galveston______ 112,000
Mobile..............................•
St.John, N .B ... 318,000
_____
Halifax _______
Rye,
bush.
Peas>
Barley,
bush.
bush•
2,544
344,069 64,418
8,000 12,000
274,495 20,843
122,000 24.000
843,999 16,421
149.000 21.000
172.000
46.000 Vo’ 666
18.000 10,000
10,000 19,000
1,000
34,617 25,740 315,708
_____ 34,000
Total week___2,314,032 1,987,563 198,682
Week 1912......... 1,334,959 389,712 132,081
65,867 25,740 647,708
2,275
1,000
11,250
7,000
6,000
6,000
3,194
330
The destination of these exports for the week and since
July 1 1912 is as follows:
-Flour-
United Kingdom__
Continent _______
So. & Cent. America
West Indies...........
Brit. No. Am. Cols.
Other Countries___
-Corn-
-Wheat-
Since
July 1
Since
July 1
Week
1912. Mch. 22.
bush.
bbls.
Week
Exports for week and Mch.22.
since July 1 to—
bbls.
Week
1912. Mch. 22.
bush.
bush.
Since
July 1
1912.
bush.
85,527 3,879,021 1,402,986 60,403,546 768,316 10,689,666
48,919 1,654,534 774,977 58,817.692 1,093,916 17,850,297
74,043
804,476
62,030
576,670
26,402 938,225
..........
105,506
61,825 1,404,624
36,223 1,481,833
............................
159
47,250
150
71,692
62,026 2,084,221
1,317
137,690
1,461 297,158
Total
........198,682 8,322,463 2,314,032 122215,441 1,987,563 30,706,197
Total 1911-12.........132,081 6,910,777 1,334,959 65,340,567 389,712 30,047,718
Tho world’s shipments of wheat and corn for the week
onding M c h .22 1913 and since July 1 1912 and 1911 are shown
in tho following:
Corn.
Wheat.
1912-13.
Exports.
1912-13.
1911-12.
1911-12.
Week.
Mar. 22.
Since
July 1.
Since
July 1.
Week.
Mar. 22.
Since
Julu 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
127,708,000 1,625,000 28.958.000 27.428.000
62.654.000 366.000 7,485,000 33.166.000
59.049.000 145.000 10.779.000 59.687.000
239,000
40.698.000 808.000 169,878,000
41.412.000
33.386.000
.............
..........
.............
8,077,000
Total___ 12776 000 471,684,000 372,984.000 2,944,000 217,100,000 120,520,000
North Amer. 3.688,000 186.878,000
Russia____ 1.296.000 80.587.000
Danube___ 768.000 44.175.000
Argentina . . 4.968.000 79.942.000
Australia . . 1.800.000 29.808.000
India.......... 176.000 44.232.000
80,000 6,002,000
Oth. countr’s
mentioned wore as follows:
Corn.
Wheat.
Standards............... c ts.37)6-38 37)6-38 38)6
38)6
38
38
No. 2 white................... nom.
nom.
nom.
nom.
38
38
D A IL Y CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sst.
89,000
91,000
27,000
109,000
307,000
222,000
207,000
263|000
649,000
2,195,000
247,000
180,000
80,000
50,000
471,000
298,000
66,000
24,000
106,000 ____
17,000
301,000
124,000
88,000
94,000
209)000
623,000
128,000
500,000
2,107,000
3,000
3,000
13,000
524,000
33,000
150,000
127j)00
Fri
Fri
May delivery In elovator------- cts. 33)6 33)4 33)4 34
33)4 33)4
July delivery in elevator-------------- 33)6 33 A
33)7 34
33 H 33)4
Sopt. dollvery In oiovator________ 33)6 33)4 33)4 34
33)4 33)6
FLOUR
WIntor, low grades___ $3 60@$3 95 Spring clears................. $ 4 00®S4 20
Winter patents________ 5 25® 5 75 Kansas straights, sacks. 4 10® 4 30
Winter straights______ 4 50@ 4 60 Kansas clears, sacks___ 3 75® 4 00
Winter clears_________ 4 25® 4 30 City patents---------------- 5 95® 6 25
Spring patonts________ 4 50® 4 75 Rye flo u r------- ----------- 3 65® 3 90
Spring straights_______ 4 40® 4 60 Graham Hour-------------- 4 00® 4 75
Rye.
Barley.
Oats.
Corn.
Wheat.
bbls.imbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush.48lbs. 6m.56 lbs.
52)6
Oats liavo romained comparatively steady, despito tho
depression in otlior grain. Thoro wore roports current that
so mo of the stocks in country elovators aro what is termed
badly bin burnod. M a y oats have latterly sold at a premium
of /li o . ovor July, owing to the very poor grading of the new
arrivals at Chicago. Tho trading, howovor, has been on only
a moderate scalo, and tho truth is tho markot has lacked
features of striking interest. To-day pricos were highor in
sympathy with tho rise in corn and also because of consider
able covering of shorts. Local operators were good buyers
in Chicago for both sides of the account. Oats have, on the
whole, all along showed moro strongth than other grain.
D A ILY CLOSING
961
THE CHRONICLE
M a r . 2 0 1 9 1 3 .]
Mar. 22 1913..
Mar. 15 1913..
Mar. 23 1912..
Mar. 25 1911--
United
Kingdom.
Continent.
Bushels.
Bushels.
24.456.000
24.588.000
30.608.000
25,144,000
Total.
United
Kingdom.
Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
35.176.000 59.632.000
33.056.000 57.644.000
15.992.000 46.600.000
31.896.000 57.040.000
5.117.000
5.593.000
2.652.000
3.645.000
8.024.000
10,018,000
7.701.000
7.064.000
13.141.000
15.606.000
10.353.000
10.609.000
Tho visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
oaboard ports M ch . 22 1913, was as follows:
55@65
962
THE CHRONICLE
UNITED STATES GRAIN STOCKS.
InThousands—
[Vol.
XCVI.
overtime. Fine dress materials aro in good request and a
large business has been booked. The outlook for the fall
season is very encouraging.
68
_____ D O M E S T IC C O T T O N G O O D S E X P O R T S .—
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheal. Corn. Oats. Oats. Rye. Barley. Barley.
bush. bush. bush. bush. bush. bush. bush. bush.
New York.................... 1,167
290
667
67
578
548
Boston........................
Philadelphia................
92
236
324
Baltimore................... 445
40 2,868
New Orleans_________ 1,100 ----760
Galveston __________
930 ----153
Buffalo........................ 1,272
1,684
"
afloat............. 1,197
195 ___
Toledo.........................
717
456
Detroit........................
243
182
“
afloat_______
141 ___
___
Chicago........................ 6,593
9,132
“
afloat...........- ___
___
205
Milwaukee..................
272 ___ 1,002
Duluth......................... 14,014 2,154
31
“
afloat............. 3,458 ..................
Minneapolis..................21,575
105
St. Louis,..................... 2,438
375
Kansas City................. 3,747 ___
953
Peoria..........................
4
438
Indianapolis............... 249 ___
784
Omaha......................... 765
2,018
1,055
32
127
198
196
___
758
256
336
73
___
4,812
___
428
412
360
1,297
541
87
431
64
1,460
21
42
58
2
3
5
..........................................
___
114
5 ___
___
___
___
___
___
___
___
___
111
158
..........................................
5 ..................
15 ..................
__
___
95
94___
___
___
___
___
___
~ 67
76 ___
507
49
1,266
___
72
70 ___
379
616
8
13___
.............. .
..................
28 ..................
.........................................
74
19-----
Since
Jan. 1.
Week.
New York to March 22.
Great Britain___________
Other
Europe----------------___________
33
8
India-----------------Arabia---------------A frica ---------------West Indies_____
M e x ic o _________
Central America.
202
.
205
- 1,054
17
. 243
. 1,378
.
268
311
245
14,4(50
(5,054
8,233
0.092
10,590
773
4,224
13,717
14,140
. 4,188
78,845
-
___________
982
Since
W eek.
134
98
9,381
871
1,027
300
1,250
83
443
1.048
379
907
258
24,498
0,220
14,151
4,043
13,352
780
4,020
17,480
14.778
15,614 100.403
during the past week with business of small proportions.
Buyers, while urging the deliveries of goods due on contracts,
Total Mar. 22 1913_.60.486
3,49322,685 12,923
530 1 ,0 6 2 2,380
270 are not inclined for the present to place new orders beyond
Total Mar. 15 1913.-62,248
3,36521,191 12,845
535 1 ,1 2 1 2,403
225 what thoy aro in need of to satisfy current requirements.
Total Mar. 23 1912.-53.053
5,8371 6 ,2 0 1 13,631 2,393
940 2,418
244 The news of tho floods in the W ost has been very discouraging
CANADIAN GRAIN STOCKS.
CanadianBonded Canadian Bonded Canadian Bonded to the trado, and tho absenco of communication with many
Wheat. Wheat. Corn. Oats. Oats.Rye. Barley. Barley.
salesmen on the road the cause for much anxiety. It is
In Thousands—
bush. bush. bush.bush. bush. bush. bush. bush. generally
expected that losses in the flooded cities as a result
202 ___
20 1,663 ..................
49 ___
Montreal......................
Ft.Wllllam * Pt.Arthurl3,606 .................. 5,335 .......................................... of ruined merchandise will bo numerous and heavy as it is
*• afloat............. 7,398
140 ..........................................
Other Canadian............. 3,713
2,268 .......................................... the custom with many stores to keep their stock in cellars.
Tho territory inundated includes a number of tho most
Total Mar. 22 1913.-24,919 ___
20 9,706 ..................
49 ___
important and prosperous distributing centres. Bleached
Total Mar. 15 1913.-24,937 ___
20 9,800 ..................
49 ___
cottons are in fair demand, although sales are confined to
Total Mar. 23 1912..28.387 ___
1 7,090 ..................
92 ___
SUMMARY.
small lots; a moderate movement continues in ginghams and
Bonded
Bonded
Bonded fancy
wash fabrics are in active requost for both prompt
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
InThousands—
bush. bush. bush. bush. bush. bush. bush. bush. and near-by shipment. There is also a very good demand
American..................... 60,486 3,493 22,685 12,923
530 1,062 2,380
270
for dress goods, particularly fancy and novelty styles.
Canadian..................... 24,919
20
9,706
..........
49
_____
Denims aro being purchased more freely, tho oall for ducks is
Total Mar. 22 1913.-85,405
3,493 22,705 22,029
530 1,062 2,429
270 good, whilo other heavy and closely woven cottons aro in
Total Mar. 15 1913.-87,185
3,365 21,211 22,045
535 1,121 2,452
225
Total Mar. 23 1912.-81,440
5,837 16,202 20,721 2.393
940 2,510
244 steady demand. Yarns continue easy, but so far this has
had no material effect on prices for finished goods, although
it lias had a tendency to restrict buying. Print cloths aro
T H E D R Y G O O D S T R A D E .
only in moderato demand,with tho undertone rather easy,
N ew York, Friday Night, March 28, 1913.
sales being reported at slight concessions. Gray goods,
Toxtilo raarkots aro quietor, the approaching tariff revision 3 8 Yi inch standard, aro quoted 5
making for conservatism on all sides. Although prices are
F O R E IG N D R Y G O O D S.— Conditions continuo satis
gonorally steady, irregularity is noticeablo in some depart factory in the linen trade. Jobbers aro buying freely and
ments and slight recessions in others. Buyers still complain the volume of orders placed for prompt and future delivery
of the slowness of mills in making deliveries, and are urging is encouraging. Prices remain firm, and according to advices
the prompt shipment of all goods under order, but as far as received from mill centres there is littlo likelihood of any
new business is concerned, they aro confining their purchases recessions in the near future. Dress linens aro wanted for
mainly to immediate and noar-by requirements. The severe prompt shipment but some lines aro hard to obtain o r account
floods in tho Central W est, tying up railroad traffic during of limited supplies. Housekeeping goods, whilo quieter,
tho entire week, are causing Western jobbers considerable aro well taken. Markets for burlaps havo been rather un
anxiety. They will further delay tho arrival of goods from settled during tho past few days with tho undertone firmer,
tho East, which aro overdue and badly needed to fill out owing to reports of damage to goods in transit. Sales of
spring and summer stocks.
Concerning tho forthcoming heavyweights, immediate delivery, have boon reported made
tariff bill now in committee, there is a pretty general feeling as high as 9.25c. Lightweights, although quiot, havo also
that it will not recommend quito as drastic cuts in tho ruled firmer, and are quoted at 0.10c. Heavyweights are
duties as have previously been embodied in Democratic quoted at 9.25c. prompt delivory, and 8.75o. near future.
tariff measures. It is, however, practically certain that Im portations & W areh ou se W ith d raw als of D ry G oods.
duties will be reduced sufficiently to encourage a much larger
’
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little has resulted. The easier tendency in yarns is encourag
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while percales, ratines, crepe voiles, piques, dimities and pop
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below tho present market and resulted in tho salo of only a
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on account of the unsettled political situation there, although
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NIONION
all hands aro very conservative regarding fall business,
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summer, and anxiously awaiting tho now tariff schedules.
Jobbers aro moderately covered for fall, or sufficiently so,
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at least, to carry them until they know definitely tho extent
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of tariff revision and can shape their course accordingly.
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Such business as has been put through is confined almost
entirely to woolens, comparatively very little having been
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placed on worsteds. Leading mills aro firm in their prices,
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particularly on woolens, of which they havo sold tho most,
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and upon which they say their margin of profit is very narrow.
Present indications are for a 20 per cent, ad valorem tax on
raw wool, but just what reductions will bo made in the duties
on finished goods is not clear. It is reported, howover, that
largo retail buyers of piece goods aro expecting sharp reduc
tions, and aro consequently giving closer attention to leading
lines of imported fabrics.
W O O L E N G O O D S.— Although downward revisions havo
I
been made in prices on some lines of woolen goods, the general
e
rtH o*
undertone of the market remains steady. In somo instances j
*38 a l l I
values havo been advanced. Mills making men’s wear aro
5 ? C 5 fc
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well provided with businoss and somo are compelled to run
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fr
i t
THE CHRONICLE
M A B . 29 1913.
963
society. W e should make this a com m on cause. T he needs o f those
upon whom this sudden and overwhelm ing disaster has com e should quicken
every one capable o f sym pathy and com passion to give imm ediate aid t a
thoso who are laboring to rescue and relieve.
WOODROW WILSON.
N e w s ite m s .
T o r n a d o e s a n d F lo o d s C a u s e E n o r m o u s L o s s o f L ife
a n d P r o p e r t y .— D u r in g th o p a s t w e o k to r n a d o e s a n d flo o d s
h a v e d a m a g e d m illio n s o f d o lla r s ’ w o r th o f p r o p e r t y a n d
c a u s e d a la r g o lo s s o f li fe i n v a r i o u s p a r t s o f t h e c o u n t r y ,
b u t p r i n c i p a l l y in W e s t e r n a n d M i d d l e W e s t e r n S t a t e s .
T h e c it i e s o f O m a h a , N o b . , a n d D a y t o n a n d C o l u m b u s ,
O h io , a p p e a r to h a v e su ffe re d th e w o r s t d a m a g e .
O m ah a w as
v is ite d la s t S u n d a y n ig h t b y a t o r n a d o c o n s id e r e d th e m o s t
d is a s t r o u s in t h e h i s t o r y o f t h e U n i t e d S t a t e s .
I t d e stro y e d
p a r t i a l l y , a n d in s o m e c a s e s a l m o s t c o m p l e t e l y , a n u m b e r o f
s m a l l t o w n s in N e b r a s k a a n d n e i g h b o r i n g S t a t e s , a n d t h e
p r o p e r t y l o s s in O m a h a a l o n e is e s t i m a t e d t o b e a s h i g h a s
$ 1 2 ,0 0 0 ,0 0 0 .
I t is b e l i e v e d t h a t a b o u t 2 0 0 l i v e s w e r e l o s t ,
w h il e f r o m 3 0 0 t o 5 0 0 p e r s o n s r e c e i v e d i n j u r i e s .
F lo o d s w h ic h b e g a n T u e s d a y h a v e d e str o y e d p r o p e r ty
i n t h e S t a t e s o f O h i o a n d I n d i a n a v a l u e d , i t is e s t i m a t e d ,
a t 5 0 m illio n s .
T h e b r u n t o f th is d is a s te r , th e e x a c t e x te n t
o f w h i c h is s t i l l u n k n o w n , w a s b o r n e b y t h e c i t y o f D a y t o n ,
w h e re th e r iv e r a s s u m e d a w id th o f fo u r m ile s , b r e a k in g
t h e le v e e s a n d i n u n d a t i n g t h o e n t i r e b u s in e s s s e c t i o n a n d
a l a r g e p a r t o f t h o r e s i d e n t ia l d i s t r i c t .
F i r e s s t a r t e d in
v a r io u s p a r ts o f th e c i t y , a n d , o w in g to th e c r ip p lin g o f th e
w a te r w o r k s , it b e c a m e n e c e s s a r y t o d y n a m it e b u ild in g s
in t h e p a t h o f t h e f l a m e s in o r d e r t o s a v e t h o c i t y f r o m e n t i r e
d e stru c tio n .
A m o n g t h e la r g e n u m b e r o f o t h e r c it ie s
d a m a g e d b y th e flo o d s a r e P iq u a , M ia m is b u r g , C o lu m b u s ,
C in c in n a ti, M a s s illo n , D e la w a r e , M id d le t o w n , S id n e y , H a m i l
t o n , T i p p e c a n o e ,T i f f i n a n d F r e m o n t in O h i o , a n d I n d i a n a p o l i s ,
P e r u , B r o o k v ille , N o w c a s tlo , L a fa y e t t e , F o r t W a y n e a n d
N o b le s v ille in I n d ia n a .
I t w a s o r ig in a lly e s t im a t e d t h a t th e
lo s s o f li f e in b o t h S t a t e s w a s f r o m 3 , 0 0 0 t o 3 , 5 0 0 , b u t w i t h
a n i m p r o v e m e n t in c o n d i t i o n s in t h e w e o k it w a s o v i d e n t
t h a t th e s e fig u r e s w o ro g r e a t ly e x a g g e r a te d .
O n F r i d a y it
w a s t h o u g h t p r o b a b l e t h a t t h e d e a t h l i s t in O h i o a n d I n d i a n a
w o u ld n o t e x c e e d 7 0 0 .
R a il c o n n e c tio n w ith C h ic a g o w a s
e n tir e ly c u t o f f fo r a t i m e , e x c e p tin g o v e r th e L a k e S h o r e
& M ic h ig a n S o u th e rn .
A s p e c ia l n o t i c e w a s is s u e d M a r c h 2 7 b y t h e P e n n s y l v a n i a
R R . , s t a t i n g t h a t a l l t r a in s e r v i c e t o p o i n t s o n t h e P .
C. &
S t . L . R y . (P a n h a n d le R o u t e ) v ia P it t s b u r g h h a d b e e n t e m p o r
a r i l y d i s c o n t i n u e d . C i n c i n n a t i w a s a c c e s ib le v i a W a s h i n g t o n
a n d th e C h e s a p e a k o & O h io R y .
C o lu m b u s , O h io , w as
ro a c h e d v ia th e C h e s a p e a k e & O h io R y . a n d th e N o r fo lk &
W e ste rn R y .
A l l t r a in s e r v i c e t o p o i n t s o n t h e F o r t W a y n e
R o u t o w e st o f A llia n c e w a s te m p o r a r ily s u s p e n d e d .
On
F r i d a y It w a s a n n o u n c e d t h a t t h e F o r t W a y n e r o u t e w a s o p e n
fr o m P it ts b u r g h v ia A k r o n a n d A llia n c e a n d th e P e n n s y l
v a n i a L i m i t e d a n d o t h e r t li r o u g h t r a in s w o u l d b e r e s u m e d .
A t th o s a m o t im e it w a s s t a t e d t h a t th r o u g h s e r v ic e o n th e
C h e s a p e a k e & O h io w a s in te r r u p te d b e tw e e n C lif t o n F o r g e a n d
A s h l a n d a n d tlie r o w a s n o t h r o u g h s e r v i c e t o C i n c i n n a t i .
N o a t t e m p t w a s in a d o b y t h e M o n o n , B i g F o u r , E r i e ,
P a n H a n d le , C h e s a p e a k o & O h io a n d se v e ra l o th e r r o a d s to
r u n tr a in s .
T h e L a k o S h o re & M ic h ig a n S o u th e r n r o a d s a n d th e
M i c h i g a n C e n t r a l c o n t i n u e d t o m a i n t a i n t h e i r t r a i n s c h e d u le s
b e tw e e n C h ic a g o a n d N e w Y o r k .
T h e W a b a sh an d G ran d
T r u n k r a n a f e w t r a i n s , a l t h o u g h a l m o s t a ll w e r e l a t e .
T h o P e n n s y lv a n ia a n d B a ltim o r e & O h io ro a d s ra n tw o
t r a in s t h r o u g h t o N e w Y o r k b y u s i n g t h e L a k e S h o r e t r a c k s
in O h i o .
#
T h o f o l l o w i n g m e s s a g e w a s r e c e i v e d a t t h e o f f i c e o f P r e s i
d e n t W . C . B r o w n o f th o N e w Y o r k C e n t r a l L in e s F r id a y
m o r n in g fr o m J . J . B o r n e t , V ic e -P r e s id e n t o f th e N e w Y o r k
C e n t r a l L in e s w e st o f B u ff a lo :
C.
"T o le d o , M arch 27: H ave established passenger service between In
dianapolis and C hicago via Anderson and M ichigan Division to Elkhart
and Elkhart and C hicago. A lso handling passengers from Indianapolis
to tho East via Elkhart now. E xpect to establish regular service between
Indianapolis and C hicago to-m orrow evening (Friday) via Lafayette
and Kankakco. Should havo lino open Cleveland to St. Louis soma time
Friday night or Saturday morning. Also from Cleveland to Colum bus
Friday night or Saturday m orning. T h e Lako Erie & Western line Is
operating from Sandusky to Lim a, and a relief train has reached Peru on
the I. & M . S. D ivision, giving tho sufferers relief with food and drinking
water.
W o havo succeeded in m oving a large am ount o f food and other supplies,
with two regiments o f m ilitia and two com panies o f naval reserves, from
T oled o to-d ay. T h e naval reserves have 65 boats to be used In flood dis
tricts. Frem ont, Delaware and other towns provided with bread and other
fo o d supplies. Also furnished them with coal where needed. Zanes
ville now seems to bo suffering from high water m ore than others. Loss
o f life Is light, If any, but property damage very heavy. Unable to give
any m ore details from D ayton.
T h e fo llo w in g te le g r a m c a m e o n W e d n e s d a y
C o x a t C o lu m b u s . O h io , to P r e sid e n t W ils o n :
fr o m
G ov.
“ W e have asked the Secretary o f W ar this morning for tents, supplies,
rations and physicians. In the name o f humanity, see that this is granted
at tho earliest posslblo m oment. Tho situation in this Stato is very criti
cal. W o believe that 250,000 peoplo were unshclterod last night, and tho
Indications aro that before night the Muskingum Valley will suffer tho fate
o f the M iam i and Scioto valleys.”
T h e P r e s id e n t te le g r a p h e d to G o v . C o x a s fo llo w s :
"H a v e directed the Secretary o f W ar immediately to com ply with your
request and to use every agency o f his Departm ent to meet tho needs o f tho
situation.”
T h e P r e s i d e n t a l s o is s u e d t h e f o l l o w i n g a p p e a l t o t h e n a
tio n :
T he terriblo f loods In Ohio and Indiana have assumed the proportions o f a
national calam ity. Tho loss o f life and tho infinite suffering involved
prom pt me to Issue an earnest appeal to all who aro able. In howover small
a w ay, to assist tho labors o f the American Hod Cross to send contributions
at once to the lie d Cross at W ashington or to tho local treasurers o f tho
A n appropriation of $250,000 for the relief of the sufferers
was made by the Legislature of Ohio. M an y other States o f
the Union are also raising relief funds.
The latter part of the week the States of New York,
Pennsylvania, Kentucky, W est Virginia and Illinois also
became seriously affected by the widening flood area. In all
of these railroad traffic is paralyzed or greatly hampered.
It was also announced that floods in the Connecticut River
valley had driven hundreds from their homes in Vermont and
N ew Hampshire.
D e l a w a r e . — Legislature Adjourns.— The Delaware Legis
lature adjourned on March 21.
F ort
C o llin s ,
L a rim e r
C o u n ty ,
C o l o . — Commission
Form of Government Adopted— The voters of this city on
M a r. 18 adopted the commission form of government, it is
stated, by a vote of 673 to 336.
G r a fto n ,
T a y lo r
C o u n ty ,
W .
V a .—
Commission Form
of Government Adopted.— The commission form of govern
ment plan was adopted by this city on M ar. 18, it is stated.
H a r w o o d , G o n z a l e s C o u n t y , T ex.— Election on Com
mission Form of Government.— The question of adopting the
commission form of government will, it is stated, be sub
mitted to the voters on April 26.
I d a h o . — “ Blue Sky” Law.— The Legislature of this State,
which adjourned March 9, passed a law to regulate the issu
ance of all forms of securities that may be offered for sale in
Idaho, with the exception of the paper of the State and na
tional banks, trust companies, real estate mortgage compaies
dealing exclusively in real estate mortgage notes, and cor
porations not organized for profit.
T h o law is said to require a sworn statement o f the tangiblo assets and
the general business conditions o f the property on which stocks and other
securities aro based that arc offered for sale in all other com panies than those
a bov e excepted, and Idaho mining operations, and makes the State Hank
Comm issioner the solo judge o f their merits, with latitude and privilege to
satisfy him self o f the truth o f such statements b y a personal exam ination,
or through a d eputy, for which service he is permitted to charge the appli
cant who wishes to d o business in the State the necessary traveling expense*
and a com pensation o f $5 a day for this service.
L aw ren ce,
K a n s .— Election on Commission Form of
Government.— This city will hold an election April 28 , it is
stated, to vote on the question of adopting the commission
form of government.
M i s s o u r i . — Legislature Adjourns.— The Missouri Legisla
ture ended its 1913 session on March 24.
S a n B e r n a r d i n o , C a l . — Election to Amend Charter.— An
election will be held April 18 to vote on a proposed amend
ment to the City Charter to permit the issuance of bonds up
to 1 5 % of the assessed valuation. A similar amendment
was favorably voted upon on March 4, but that election wasdeclared void because of an error in the proceedings. V . 96,
p. 890.
S o u t h D a k o t a . — Legislature Adjourns.— The Legislature
of South Dakota adjourned on M a r c h 7 .
B o n d P r o p o s a l s a n d N e g o t ia t io n s this week
have been as follows:
ABERDEEN, C h e h a lis C o u n ty , W a s h .— BOND ELECTION—A*
election will bo held April 8 , reports state, to submit to a vote the proposi
tion to issuo Wishkah bridge bonds.
ACCOMAC COUNTY (P. O. A ccom ac), Va .—BONDS VOTED.—An
election held in Lee D istrict on M arch 15 resulted in favor o f tho proposition
to Issue $10,000 in bonds each year for 5 years for public road im pt. pur
poses. T h o vo te , reports state, was 254 “ fo r” to 120 “ against.”
ADAMS COUNTY (P. O. W est U nion). O h io.— BONDOFFERING.—
Proposals will be received until 1 p. m . April 11 b y W . E . Spencer, C ounty
A uditor, for $21,000 5 H % funding bonds. A uth. Secs. 5656 and 5658,
G en. O odo. D enoin. $500. D ate M arch 4 1913. Int. semi-annually at
o ffico o f C ounty Treasurer. D ue $1,000 yearly on M arch 4 from 1923 to
1943, inch C ert, check for $1,000, payable to C ounty Treasurer, required.
B onds to be delivered and paid for within 5 days from tim e o f aw ard.
Purchaser to pay accrued interest.
ALAMO SCHOOL D ISTR IC T (P. O. Alam o), C rockett C oun ty,
T en n .— BONDELECTION.— A ccording to reports, an election will be held
A pril 8 to vote on the question o f issuing $12,000 site-purchase and sch oolconstruction bonds.
BOND ELECTION.—
ALLEGAN, A llegan C oun ty, M ich.—
A n elec
tio n w ill b e h eld A p ril 7 to v o t e on th e q u e stio n o f issu ing $ 3 ,0 0 0 6 %
lib r a r y -c o n str u c tio n b o n d s.
D u e $ 1 ,0 0 0 y e a rly .
ALLIANCE, Stark C ounty, Ohio .—BONDELECTIONPROPOSED.—
A t tho com ing Septem ber primaries the question o f issuing $50,000 city hall-site purchase and construction bonds will be subm itted to a vo te , it is
stated.
ALTA VISTA SCHOOL DISTRICT (P. O. A uburn), Placer C ounty,
Cal.— BONDELECTIONPROPOSED.— R eports state that an election will
be held in the near future to vote on the proposition to issuo $15,000 school
bonds.
AFTON, U nion C ounty, Iow a.— BONDSALE.—On M ar. 4 the $4,000
5-10-yr. (op t.) electric-light-plant bonds recently voted (V . 96, p. 375) were
awarded to G eo. M . Bechtel & C o . o f Davenport at par and blank bonds.
D enom . $500. Dato April 1 1913.
AMERICUS, Sumter C oun ty, Ga. — BOND ELECTION.— A n election
will be hold M arch 31 to voto on the questions o f issuing $10,000 sewerextension, $20,000 Furlow school im p t., $5,000 B rooklyn Heights school
construction, $5,000 East Am cricus school construction and $5,000 M cK a y
Hill school Im pt. and construction 5 % 30-year bonds. D en om . $1,000.
In t. J. & J.
ANGLETON INDEPENDENT SCHOOL D ISTR IC T (P. O. Angle-
to n ), Brazoria C ounty, Tex. — BOND ELECTION.— An election will be
held April 15, it is reported, to vo te on the proposition to issuo $15,000
high-senool construction bonds.
ARCHBOLD, F ulton County, O h io. — BOND S A L E — On M arch 24‘
the $19,800 4 ‘A % 5 *^-yoar (average) coupon Defiance St. im pt. bond*
(V . 96, p. 664) were awarded to Spltzer, Rorick & C o. o f T oled o at par..
Sidney Spltzer & C o. o f T oledo submitted a bid o f par less $600 for expenses-
964
THE CHRONICLE
ARKANSAS C IT Y, Crowley C ounty, Kans.— BONDS VOTED.— On
M arch 17, reports state, the question o f Issuing 86,000 5 % 20-year taber
nacle construction bonds carried. In t. semi-annually at fiscal agency
o f State o f Kansas in T op eka.
'
ARM STRON G, Bryan C ounty, Okla.— BONDS VOTED.— An elec
tion held M arch 18 resulted in favor o f the proposition to lssuo 885,000
6 % 20-year sewer and water-extension bonds (V . 96, p . 504).
ASHEVILLE, B u n c o m b e C o u n ty , N o. C a r o .— BOND OFFERINQ.—
Uobn° recel™ d until 12 m . April 1 b y J. E . Rankin, M a y o r, for
830.000 5 % 30-year funding bonds. D a to M arch 1 1913. In t. semi
annually in N . Y . Purchaser to p ay accrued int. Bids to b o m ade on
blank form s furnished b y tin) M a yor or the U. S. M tge. & T rust C o ., N . Y .
C ity , w hich.w ill certify as to the genuineness o f tho bonds. V alidity ap
p rov ed b y Caldwell, M asslich & R eed, N . Y . , whose opinion will be fur
nished successful purchaser. These bonds aro part o f an issue o f $200,000,
nnn ** 70*000 were sold on F eb. 10. It was previously stated that tho
$d 0 , 0 0 0 now being offered would be turned into the sinking fund (V . 96.
p . OolJ.
A S H L A N D C O U N T Y (P. O. A s h la n d ), O h io . — BOND OFFERIN G.—
Proposals wiil be received until 12 m. April 21 b y the B d. o f C o. Com m rs.,
i * ‘ n'Y 0 ,’ C °- A u d ., for $25,000 5 % New London road-im pt. (cou n ty’s
share) bonds. D enom . $500. Dato M ay 1 1913. Int. M . & N . Due
81.000 each six m onths from M a y 1 1914 to M a y 1 1917 incl and $1,500
each six months from N ov . 1 1917 to M a y 1 1923 incl. C ort. check for
$500, payable to C o. A u d ., required. Bonds to bo delivered and paid for
within 10 days from time o f award at office o f C o. Treas. Purchaser to
pay accrued interest.
ATHENS, A thens C ounty, O h io. — BOND O FF E R IN G — Proposals
will be received until 12 m . April 14 b y C . W . Grass, A uditor, for tho fol
lowing 5 % cou p, paving assess, bonds:
$850 Franklin A vo. and Park St. bonds. D enom . $85. C ort. check on
som e Athens cou nty bank for $100, payable to the city , required.
1,480 President and Congress stroots bonds. D en om . $148. C ert, check
on som e Athens C ounty bank for $150, payablo to the city, required.
D ate M a r. 1 1913. Int. semi-ann. D u o one bond o f each issuo yrly. on
Sept. 1 from 1914 to 1923 incl. Bids m ust be unconditional.
ATLANTIC COUNTY (P. O. May’s L anding), N. 3 .— BOND OFFER
IN G .— Proposals will bo received until 2 p. m . A pr. 12, reports state, by
E. L . Johnson, C ounty C ollector, for $75,000 5% 40-44-yr. (ser.) alms
house construction bonds. C ert, check for 10% roquired with bid for en
tire lssuo and 5 % for part o f issuo.
AUDUBON SCHOOL D IST R IC T (P.O. A ud ubon), Camden C ounty,
N. J .— BONDS VOTED.— An issue o f $30,000 building bonds was, accord
ing to reports, favorably voted at an election held M arch 25.
BAGLEY SCHOOL D ISTR IC T (P. O. Bagley), G uthrie C ounty,
Iow a.— BOND E LEC TIO N .— An election will be held M arch 29 to vote on
the question o f issuing $18,000 5 % school-bld g.bond s.
and 15 years.
D ue i n 3 , 6 , 9 , 12
BEACH C IT Y SPECIAL SCHOOL DISTR IC T (P. O. B e a c h City),
S ta rk C oun ty, O h io.— BOND OFFERING.— Proposals will be received
until 12 m . April 5 by tho Board o f Education, W . A . Justice, Clerk, for the
follow ing 5 'A % school bonds voted Feb. 24 (V . 96. p. 739):
$15,000 school-construction bonds. D uo on M a y 1 as follows: $100 in
1914 and 1915, $200 In 1916 and 1917. $400 in 1918 and 1919,
$500 in 1920 and 1921. $600 In 1922 and 1923, $900 in 1924 and
1925, $1,000 In 1926 and 1927, $1,100 in 1928 and 1929, $1,200 ni
1930 and 1931 and $1,500 in 1932 and 1933.
2,500 sanitary-system and boating construction bonds. D en om . $250.
D u e $250 yearly on M a y 1 from 1914 to 1923. inclusive.
A u th ., Secs. 7625 to 7627, Incl., G en. C ode. Int. somi-annual. Cert,
check for $500, payable to Board o f E ducation, required with bids for each
issue. B onds to be delivered and paid for within 10 days from day o f sale.
BERKELEY, Alameda C ounty, Cal. — BOND ELEC TION .— A ccord
ing to reports an election will be held April 12 to submit to a vote p ropo
sitions to Issue $475,000 sower, $235,000 playground and $95,000 firodopartm ent bonds.
BETTERTOK, K ent C ounty, Md.— BOND OFFERING.— Proposals
will bo received until 12 m . April 1 b y J. A . Bowm an, C ity Commissioner,
for tho $ 6 , 0 0 0 5 % tax-free road and sewerago bonds.
BIGLERVILLS, Adams C ounty, Pa.— BOND SALE.— On M a r. 4
$7,000 4 K % street-im pt. bonds were awarded to local bidders. D enom .
$200. D ato April 1 1913. In t. ann. in April. Duo $400 yrly.
BINGHAMTON, Broome C ounty, N. Y .— BOND SALE.— On M ar. 19
$3,500 4% R obinson St. grado-crossing-olimlnation bonds wero awarded
to Miner R oach o f Vestal. N . Y ., for $3,502— making tho price 100.054.
BONDS D E F E A T E D .— T ho question o f issuing $80,000 B oulevard lightext. bonds (V . 96, p. 811) was defeated at an election hold M ar. 21 b y a vote
o f 178 " fo r ” to 427 “ against.”
BOND OFFERING.— Proposals will bo received until 4 p. m . April 2,
it Is stated, b y F. M . H opkins, Sec. Board o f Finance, for $10,500 2 1-3year electric-light bonds. Certified check for 2 % required.
BISBEE HIGH SCHOOL DISTRICT NO. 2. Cochise C ounty, Ariz.
— BOND SALE.— On M ar. 15 tho $80,000 5 K % 3-10-yr. (ser.) high-schoolbldg. bonds (V . 96. p. 665) were .awarded to the Bank o f Bisbeo and tho
M inors’ Sc M erchants’ Bank o f Blsbee at 102.715.
BOONE COUNTY (P. O. Colum bia), Mo.— BOND SALE.— W o aro
advised that an issue o f $20,000 Harg Special R oad D istrict bonds has
been sold to local banks.
BRISTOL COUNTY (P. O. T au n ton ), Mass.— BOND OFFERING.—
Proposals will be received until 10:30 a. m . April 1 b y tho C o. C om m 'rs,
F. M . Chaco, Chairman, for $30,000 4 % Independent Agricultural School
bonds. D enom . $5,000. D ate April 1 1913. Int. A . & O. at First N at.
Bank, B oston. D ue $5,000 yearly on April 1 from 1914 to 1919 Incl.
BROW N COUNTY (P. O. Green Bay), W is .— BOND OFFERING.—
Proposals will be received until 12 m. April 10, reports state, b y P . A .
Heavers, Chairman Finance C om m ittee, for $50,000 4 H % 20-yr. refunding
bonds. Interest semi-annual.
[ V o l . XCVI
3ESSr3o5<£w,ffii <?doW)3»nd™r5"‘'0d “ the oh“l!rln r“"»
, 2 ’092
1923, inclusive.
5,791 (assessment) bonds. D enom . (1) $191 and (28) $200
Due $191
April 1 and $200 O ct. 1 1914 and $200 on April 1 and $400 on Oct 1
from 1915 to 1923, inclusive.
*
On M a r.24 the two issues o f 5 % coup. st.-im p t. bonds, aggregating $30 849
(V . 96, p. 665). were awarded to tho Chagrin Falls Banking C o . for $30,999
(100.486) and int. A bid o f $30,955 was also received from Seasongood
& M ayer o f Cincinnati.
CHEROKEE COUNTY (P. O. T ahlequah ), Okla.— BONDS VOTED.
— T h e proposition to issue $65,000 bonds to b u y tho old Cherokee Indian
C apitol at Talequah for a cou nty court-house carried, reports state, at an
election held M arch 18.
CHICOPEE, Mass.— TEAIPORARY LOAN.— This city has awarded,
it Is stated, a temproary loan o f $50,000 to Curtis Sc Sanger o f Boston at
4 .8 9 % discount. Loan matures N ov. 28 1913.
CHOUTEAU COUNTY SCHOOL DISTR IC T NO. 66 (P. O. Cartor),
M ont.— BOND SALE .— On M ar. 15 the $4,500 6 % 5-10-yr. (opt.) cou p,
bldg, bonds (V . 96, p. 504) were awarded to tho M innesota Loan & Trust
C o . o f Minneapolis for $4,515 (100.33) and int. Other bids were:
Chas. 8 . K idder & C o ., C hic.-$4,515| W m . E . Sweet & C o ., Denver,
H anchett B ond C o ., C hicago. 4 ,5 0 7 1
par and int.
CINCINNATI, O hio. — BONDSNOT SOLD.—N o bids were received on
M arch 20, it is stated, for the $675,000 4 % 40-yr. park bonds offered on
that day (V . 96, p. 665.)
CIRCLEVILLE, Pickaway County,
O hio.— BOND
OFFERING.—
Proposals will bo received until 12 m. April 7 b y F. It. N icholas, C ity A n d .,
for $3,750 5 % cou p, water-sewer-ext. constr. bonds. Auth. Sec. 3939,
a en; C,2.d o ’
(7) S50° - d ) *250. D ato M ar. 1 1913. Int. M . &
а. at office or C ity Treas. D ue 2 bonds each six months from Mar. 1 1914
to Sept. 1 1917 incl. Cert, check for 3 % o f bonds bid for. payablo to C ity
Treas., required. Purchaser to pay accrued int. Bonds will be ready for
delivery at day o f sale. Official circular states that there is no controversy
or litigation pending or threatened affecting tho corporate oxistonco or
tho boundaries o f the municipality or the titlo o f its prosent officials to their
respective offices or the validity o f these bonds, and that there has novor
boon any litigation whatever affecting in any manner this issuo o f bonds,
and thero has never been any default on tho part o f tho city in the paym ont
o f any o f its obligations. A certified transcript o f proceedings will bo fur
nished successful bidder.
CLARINGTON SPECIAL VILLAGE SCHOOL D IST R IC T (P. O.
C larington), M onroe C ounty, O hio. — BOND SALE.—On M arch 13
t h e $ 3 ,0 00 6 % 7 % -y ca r (aver.) heating-and-ventiiatlng-system bonds (V .9 6,
p . 665) were awarded to M . S. Pond o f Somerset at 107.22 and int. Other
bids follow :
M on roo B k., W o o d sfie ld -.$3,195 0 0 ISpitzer, R orick Sc C o ., T ol.$3,062
First N at. Bank, Barnesv. 3,103 OOlStacy Sc Braun, T o lo d o _______3,041
Hoehler & Cummings, T o l. 3,098 50 Sidney Spltzer Sc C o ., T olod o. 3,000
Otis & C o ., Cleveland____ 3.092 OOlScc. Sav. B k. Sc T r. C o ., T o l._ 3,000
CLEVELAND SCHOOL DISTRICT, O hio.— BONDSNOT TOBERE
OFFEREDAT PRESENT.— W e are advised under date o f M ar. 24 by tho
Sec. o f Public Library Board that tho $2,000,000 4 % 30-yr. library bonds
offered but not sold on Jan. 30 (V . 96, p. 432) will probably bo offered for
sale some time in Juno or July.
COFFEYVILLE, M ontgomery C ounty, K an.— BOND ELECTION.—
An election will be held April 15 (changed from April 1, V . 96, p. 811),
roports state, to voto on the proposition to issuo $30,000 bonds to aid in the
construction o f the Kansas-Oklahoma Traction C o ’s, lino from this city
to N owata.___
““ COLLEGE CORNER, B utler C o im t y r b h io .— BOND OFFERING.—
Proposals will bo received until 12 m . April 14 b y D . O . B lack, Village
Clerk, for $1,500 5 % street-im pt. bonds. A uth. Sec. 3939, G en. C ode.
D en om . $100. D ate A pril 2 1913. Int. A . & O . D u e $100 yearly on
April 2 from 1914 to 1928, incl. C ert, check for 5 % o f bonds bid for,
payablo to Village T reas., required. B onds to bo delivered and paid for
within 15 days from tim e o f award. Purchaser to p ay accrued interest.
COLORADO.— BONDS ISSUED TO REFUND OLD STATE WAR
RANTS.— W o have Just been advised that tho $2,100,000 3 % bonds to
refund warrants o f 1887, 1888 and 1889 were Issued In Jan. 1913. V . 95,
p . 1420. T he State retained $1,200,000 o f tho issuo to tako tho placo o f
warrants hold b y tho public school and other investm ent funds. H oldings
o f Individuals In warrants have been exchanged for bonds to tho am ount
o f about $780,000. T he bonds aro duo in 50 years from D ec. 1 1910.
COLORADO SPRING3, El Paso C ounty, C olo.— BONDELECTION.
— Local papers state that tho C ity Council on M arch 5 passed ordinances
providing for the submission to the voters on April 1 o f propositions to issue
$1,532,000 refunding water bonds and $120,000 bonds for othor city pur
poses.
CONSHOHOCKEN, M ontgomery C ounty. Pa.— BOND OFFERING.
— Proposals will be received until M arch 31 b y R . H . B ate, Chairman
W ays and M eans C om m ittoo, for $27,000 4 M % cou p, tax-freo streetim provem ent and funding bonds (V . 96, p. 665). D enom . $1,000. D ato
April 1 1913. D uo $8,000 April 1 1928 and 1943. $5,000 April 1 1933 and
$6,000 on April 1 1938. C ort. check for 5 % , payable to B oro. Treasurer,
required.
COPLEY TOW NSHIP SCHOOL D ISTR IC T (P. O. Copley), Summit
BROW N'S SCHOOL DISTR IC T (P. O. Y u ba City), Sutler C ounty,
C oun ty, O hio.— BONDS VOTED.— A t tho election hold M arch 18, tho
question o f issuing $14,000 school-construction bonds carried, roports
state, b y a vote o f 83 to 76.
CORBIN, W hitley C oun ty, K y .—BOND SALE.—T h o $31,500 5%
coupon water-works-system bonds offered on Jan. 14 (V . 95, p. 1696) have
been awarded to the First N ational Bank o f C orbin at par and interest.
CORONA, Riverside C ounty, Cal.— BOND ELECT /O N ^ A n ’ elec
tion will be held A pr. 12, reports state, to voto on tho quostion o f issuing
$9,000 property purchase bonds.
state, to decide whether or not this district shall issue $2,500 school-constr.
bonds.
CAMDEN, Kershaw C ounty, So. Caro. — BONDS VOTED.— An elec
C ounty, Pa .—BOND SALE.—On M arch 26 tho $110,000 4 >4% tax-free
high-school bldg, bonds (V . 96, p. 811), wero awarded, it is statod, to the
Dollar Savings Bank o f Pittsburgh for $113,042— ’making the price 102.765.
An issue o f $100,000 bonds was awarded on D ec. 2 1912 to Harris, Forbes
posals will bo received until 10 a. m . April 7. it is stated, by W . B. Gulllan*
der. M ayor, for $14,500 6 % 10-40-yoar (op t.) water-works bonds (V . 96,
p .5 8 2 ). Interest annual.
C a l.— BOND E LECTION .— An election will be held M arch 29, reports
tion held M ar. 18 resulted, it is stated, in favor o f the question o f issuing
$125,000 municipal water-works and electrlc-light-plant-constr. bonds.
& C o . o f N . Y . (V . 95, p . 1559), but tho same was subsequently declared
invalid b y the Supreme Court.
C A R R IZ O S P R IN G S , D im m it C o u n t y , T ex .— BONDS N OT SOLD.
— N o award was mado on M ar. 17 o f tho $6,000 5 % 20-40-yr. (op t.) streetbonds offered on that day (V . 96, p . 739).
CARROLL, Carroll C oun ty, Iow a .— BOND E LECTION .— An elec
tion will bo held In this city on April 4, It Is stated, for the purpose o f having
the voters pass upon a proposition to Issue $15,000 city-hall-building bonds.
CARSONVILLE, Sanilac C ounty, M ich.— BONDS VOTED.— Ac
cording to local papers, tho proposition to issue $ 6 , 0 0 0 m unicipal-plant
bonds carried at an election held M ar. 10.
CASCADE COUNTY SCHOOL DISTRICT NO. 63 (P. O. Sun River),
M ont. — BOND SALE — On M ar. 8 $1,000 6 % 8-10-yr. (op t.) bldg, bonds
wero awarded to tho Union Bank Sc Trust C o. o f Helena at par. D enom .
$1,000. D ato Sept. 1 1912. Int. semi-ann.
CASCADE IR R IG A TIO N D ISTRICT (P. O. Ellensburg), K ittitas
C oun ty, W a sh .— BOND ELECTION .— An election will bo held about
April 1 to vote on the question o f issuing $700,000 6 % bonds
CENTRALIA, Lewis C o u n ty , W ash. — BOND SALE.— Tho $300,000
6 % gold cou p, or reg. water-plant-purchase and gravity-systom bonds
offered on M ar. 18 (V . 96, p. 811) have boon awarded to Carstens & Earles
o f Seattlo at 95.777 and accrued int. Other bids wero:
German-Am er. T r. C o ., D on v .97.0 17 1Henry, Pratt & C o ., Tacom a-95.167
John E . Price <fc C o ., S ea ttlo.*96.3031B olger, Mosser & W lllam an,
Causey, Foster Sc C o ., D en v.-95.525|
C h ic a g o ___________________ 95.000
* F or $150,000.
W e are advised that Farson, Son & C o. o f Chicago submitted a bid, but
the same was not considered as no check was enclosed.
CHAGRIN PALLS, C uyahoga C ounty, O hio.— BOND SALES.— On
March 3 the following tw o Issues o f 5 % coupon M aplo St. im pt. bonds,
CRAFTON
SCHOOL
DISTR IC T
(P.
O.
C rafton),
Allegheny
CRYSTAL CITY, Zavala C ounty, T ex.—BOND OFFERING.—Pro
CULLMAN COUNTY (P. O. Cullm an), Ala.— BONDS
VOTED.—
A ccording to early returns, tho proposition to issuo $200,000 good-roadconstr. bonds (V . 96, p. 812) carried at an election hold M ar. 17.
CUSTAR, W ood C ounty, O hio.— BOND OFFERING.— Proposals
will be received until 12 m . April 7 b y F. II. G ottom ollor, VII. Clerk, for
$1,000 6 % cou p, light bonds. A uth. Soc. 3939, Gon. C odo. D enom .
$200. D ate Sept. 15 1913. Int. ann. on Sept. 15 at Farmers’ & M er
chants’ Bank. Due $200 yrly. on Sept. 15 from 1914 to 1918 Incl. Cort.
check for 20% o f bonds bid for. payablo to W . J. Durbin, VII. T reas., re
quired. Bonds to bo delivered and paid for within 10 days from time o f
award. Purchaser to pay accrued interest. Vlllago has no d ebt at prosont.
DAVID CITY, Butler C ounty, Neb.— BONDELECTION.— A ccording
to nowspaper reports an election will bo hold April 1 to voto on tho quostion
o f issuing $15,000 5 % 15-yoar city-hall-construction bonds.
DAYTON, O hio.— BOND OFFERING.— Proposals will bo received
until 12 m . April 14 b y G . W . Bish, C ity A u d ., for tho follow ing 5 % cou p ,
assess, bonds:
$4,700 Cincinnati St. im pt. bonds. D enom . (4) $1,000, (1) $700. Due
$700 on M ar. 1 1915 and $1,000 yrly. on M ar. 1 from 1916 to 1918
,
incl. and $1,000 on M a r. 1 1920.
nnn
„
1,500 Dalier St. im pt. bonds. D onoin. $1,000 and $500.
D u e $500
„
Feb. 1 1916 and $1,000 F ob. 1 1918. _
„„„
.............
б , 500 Dist. N o. 8 sewer bonds. D en om . ( 6 ) $1,000 and (1) $500. Due
$500 Feb. 1 1915 and $1,000 on Feb. 1 in 1017, 1918, 1919, 1921.
1922 and 1923.
_
„„„„
,
1,300 Gillespie St. Impt.
bonds. D en om . $500
and
$800.D uo $500
Feb. 1 1915 and $800 Feb. 1 1918.
2,900 Glendale A ve. im pt. bonds. D onom . (2) $1,000 and (1) $900.
D u o $900 Fob. 1 lO lO and $1,000 F ob. 1 1917 and 1018.
5,800 M cD onough St. paving bonds. D onom . (5) $1,000 and (1) $800.
Duo $800 Fob. 1 1914 and $1,000 on Fob. 1 In 1916, 1018, 1920,
1922 and 1923.
Mar. 29 1913.]
THE CHRONICLE
Bonds are all dated Feb. 1 1913 except the $4,700 Cincinnati St. Issue,
which Is dated Mar. 1 1913. Int. scml-ann. in N . Y . Cert, chock on a
national bank for 5% o f bonds, payablo to City Aud., required. Bonds
to be delivered and paid for at offico of City Treas. on April 14.
DENVER, C olo.— B O N D S A L E . — On March 18 the $44,000 6% 13-yoar
lmpt. bonds (V. 96, p. 812) were awarded, it Is stated, to Wm. E. Sweet
& Co. of Denver at 101.64.
DEPOSIT, Broom e C oun ty, N. Y . — N O A C T I O N Y E T T A K E N —
N o action has yet been taken looking towards the Issuance of the $50,000
water-works bonds voted N ov. 26 1912 (V. 96, p. 151).
DETROIT, M ich.— B O N D O F F E R I N G . — Proposals will be received
until 11a. m. April 1 by D. E. lleineman, City Comptroller, for $200,000
school and $200,000 sewer 4% 30-yr. coup, or reg. tax-free bonds. Denom.
$1,000. Dato April 1 1913. Int. A. & O. at the current official bank of
Detroit in N. Y . City or at offico of City Treas. Cert, check on a national
bank or a Detroit State bank, or cash for 2% of bonds bid for, payable to
City Comptroller, required.
B O N D S A L E . — W e are advised that the $144,000 (remaining portion
of an issue of $536,000) 4% bonds (V. 96, p. 376) have been sold over the
counter.
DEXTER, Chaves C oun ty, N. Me x . — B O N D E L E C T I O N . — Ah elec
tion J ill be hold April 1 to submit to a vote the proposition to issue $9,500
6% 20-50-year (opt.) water-works bonds.
DRESDEN, W eakly C ounty, T e n n . — B O N D E L E C T I O N . — T h e ques
tion of Issuing $25,000 electric-light and water-works bonds (V. 96, p. 504)
will bo submitted to a vote on April 24.
DURANT, Bryan C oun ty, Okla.— B O N D S V O T E D . — The question
of issuing $72,000 sewer and $13,000 water-extension 6% 20-year bonds
carried at an election hold March 18 by a vote o f 528 to 328.
EAST LONGMEADOW, H am pden C ounty, Mass.— B O N D S A U T H
O R I Z E D . — Wo aro advised that this town has authorized the issuance of
$50,000 1-30-year (sorial) tax-free water-works bonds at not exceeding
4)4% interest.
EAST ST. LOUIS LEVEE AND SAN ITARY D ISTR IC T (P. O. St.
L ouis), Mo .— B O N D O F F E R I N G . — 'This district will offer for sale $225,000
sanitary district bonds. Geo. L. Tarleton is District President.
EUFAULA, M cIntosh C ounty, Okla.— B O N D S A L E . — W o aro ad
vised that tho $75,000 sower-system bonds recently voted (V. 96, p. 432)
havo been disposed of.
FALL RIVER, Ma33.— B O N D O F F E R I N G . — Proposals will bo received
until 10:30 a. m. April 1 by tho City Treasurer, it is stated, for $60,000 4 )4 %
special-sewer bonds. Dato April 1 1913. Duo $2,000 yearly from 1914 to
1943 Incl.
FORT MYERS, Lee C oun ty, Fla.— B O N D S V O T E D . — Tho proposi
tions to issue $47,000 street-paving, $7,000 water-works-ext. and fire-protoction and $b,000 sewer-extension bonds carried, it is reported, at the
election held March 20.
O FFS
Vensil, i **!#• Y*"*1;
* , u w u u u w u ;, 1 UI' fl,OUU 0-/0 1/UWXlSUiphall construction bonds. A uth. Secs. 3395 to 3397, in ch , G en. C ode.
D en om . $500. D ato April 7 1913. In t. annually at Com m ercial N ational
Bank, C oshocton. D uo $500 yearly on A pril 7 from 1914 to 1916, inch
C ert, check for 3 % o f bonds bid for, payablo to T w p . T reas., required.
B onds to bo delivered and paid for within 10 days from tim e o f award.
Purchaser to pay accrued interest.
FREDERICK COUNTY (P. O. Frederick). Md.— BOND OFFERING.
— Proposals will be received until 12 m . M a y 1 b y L. G . Dinterm an, Presi
dent o f B d . o f C o. C om m rs., for $25,000 4 )4 % cou p, tax-froo bonds.
A uth. Chapter 464, A cts o f 1912. D enom . $500. Date M a y 1 1913.
Int. M . & N . D uo 30 yrs.; op t. beginning 15 yrs. from date. Cert, check
for 5 % o f bonds bid for, payable to C o. C om m rs., required.
FREMONT, Dodge C ounty, Neb.— BOND ELECTION.— An election
will be held A pril 1 to vote on the question o f issuing $40,000 5 % 20-yr.
paving bonds. D enom . $1,000. Date July 1 1913. Int. J. & J. at fiscal
agency o f “ Stato o f N ebraska” in N . Y .
FULLERTON, Orange C ounty, Cal.— BOND SALE.— Reports state
that $26,400 7 % sower bonds have been sold to tho Farmers’ & M erchants’
N a t. Bank o f Fullerton at par.
FULLERTON SCHOOL D ISTRICT, Orange C ounty, Cal.— BOND
SALE.—-Torranco, Marshall & C o. o f Los Angeles has been awarded, it is
stated, an issue o f $70,000 gram m ar-school-bldg, bonds.
FULTON, K y .— BOND SALE.— A n Issue o f $40,000 stroet-im pt. bonds
has, it is stated, been sold to a Chicago syndicate.
GALLATIN COUNTY SCHOOL D ISTR IC T NO. 20 (P. O. Three
Forks), M o n t.— BOND NOT SOLD.— N o salo was m ado on M arch 9 o f
tho issue o f $ 1 , 0 0 0 6 % building bonds offered on that day “ on account
o f a slight m istake in the m inutes.
GARDNER, W orcester C oun ty, Mass.— TEMPORARY LOAN — On
M arch 18 the $50,000 tax-exem pt loan (V . 96, p. 812) was negotiated with
R . L . D ay & C o . o f Boston at 4.90% discount.
GARFIELD, Bergen C ounty, N. J .— BOND ELECTION.— An elec
tion will bo held April 3 to submit to a vote tho proposition to issue $85,000
water-works-extension bonds.
GILA COUNTY SCHOOL D ISTR IC T NO. 1 (P. O. G lobe), A riz.—
BOND OFFERING.— Proposals will bo received until 10 a. ni. A pril 1 b y
F . L . Gates, Clerk Boarcl o f Supervisors, for tho $75,000 5 % coupon taxfree high-school-bullding bonds voted Feb. 8 (V . 96, p . 582). D en om .
$1,000. Dato April 1 1913. In t. annually on A pril 1 at Treasurer's o ffico.
D u o April 1 1933, optional after April 1 1923. N o deposit required.
GLENDALE, Douglas C ounty, Ore.— BOND SALE.— On Fob. 20
$12,000 6 % 10-20-yr. (op t.) sower bonds were awarded to Causey, Foster
& C o . o f D enver. D enom . $1,000. D ate Oct. 1 1912. Int. A . & O.
965
HARTLEY SCHOOL D IST R IC T NO. 1 (P. O. H artley), Hartley
C ounty, Tex.— BONDS VOTED.— The proposition to Issue $15,000 schoolconstr. bonds carried, it is stated, at a recent election.
HICKMAN COUNTY (P. O. Centerville), T en n .—BOND ELECTION.
— A n election will be held M a r. 29, it is stated, to subm it to a v o te the p rop
osition to issue $ 2 0 0 , 0 0 0 cou pon road bonds.
HOLLEY, Orleans C ounty, N. Y .— LOAN NOT YET NEGOTIATED.
— T he Village Clerk advises us under date o f M ar. 24 that the loan o f $9,
500 for paving tho Public Square (V . 96, p . 223) has not yet been negotiated.
HOMESTEAD, A llegheny
C ounty,
P
ul. —
BONDS DEFEATED.—
T he question o f issuing $86,000 filtration-plant bonds (V . 96, p. 505) was
defeated at the election held M a r. 25. There were 255 votes “ fo r " and 584
“ against.”
HOPEWELL TOW NSHIP (P. O. H opewell Centre), Seneca C ounty,
O h io.— BOND SALE.— On M a r. 19 the $22,000 4 )4 % 1 2 ^ -y r . (av.)
cou p , road-im pt. bonds, Series 3 (V . 96, p. 583), were awarded to the
T iffin N at. Bank o f T iffin at 100.05 and int. A b id o f par was also re
ceived from the N ew First N a t. Bank o f C olum bus. T h e bonds are dated
April 1 1913.
INDEPENDENCE,
M ontgom ery
C oun ty,
Kang.—BOND
ELEC
TION.— An election will be held M a y 2, it is stated, to v o te on the question
o f issuing $15,000 railroad-aid bonds.
BOND ELECTION PROPOSED.— A ccording to newspaper reports, an
election will be held to v o te on the proposition to issue $ 2 0 , 0 0 0 additional
bonds.
JACKSON, Jackson C ounty, O h io.— BOND SALE.— T he $6,500 de
ficiency and $2,500 pum ping-m achinery 4 % 20-yr. cou p, bonds offered
without success on D ec. 28 1912 (V . 96, p . 151) have been sold, we are
advised, at private sale.
JEFFERSON COUNTY (P. O. M adison), I n d .— BOND OFFERINGS.
— Proposals will be received until 11 a. m. M arch 31, reports state, b y E d .
Jeffrie's, C o. Treas., for the following 4 )4 % coup, gravel-road tax-free bds.:
$210 00 M onroe Township bonds. D enom . $21. Date M arch 1 1913.
12,600 00 M ilton T w p . bonds. D enom . $315. Date M arch 4 1913.
8,090 60 M adison T w p. bonds. Denom . $404 78. Dato M arch 4 1913.
4,293 00 M onroe T w p . bonds. Denom . $214 65. D ate M arch 4 1913.
Interest M . & N . Due one bond o f each issuo every six m onths be
ginning M a y 15 1914.
JERSEY C ITY, N. J .— BIDS.— T he other bids received on M ar. 21
for tho $95,000 4)4 % 50-yr. gold cou p, or reg. tax-free school-sito-purchase
bonds awarded on that day to E stabrook & C o . o f N . Y . at 102.531 (V . 96,
p . 892) were as follows:
Adam s & C o ., N . Y _____ $97,070 0 0 1W .C . Langley & C o ., N .Y .$ 9 5 ,972 80
Parkinson & Burr, N . Y . _ 96,137 10 A . B . Leach A C o ., N . Y . 95,769 50
Curtis & Sanger. N . Y . . . 96,045 1 5 1R . M . Grant A C o ., N . Y . 95,644 10
JORDAN SCHOOL DISTRICT, Merced C oun ty, Cal.— BOND SALE.
— On M ar. 4 tho $4,800 6 % 6 )4 -y r. (av.) gold cou p , tax-free bldg, bonds
(V . 96, p . 583) were awarded to the Stockton Savings Bank o f Stockton for
$4,995 (104.06) and int. Other bids were:
First N at. B k ., B arnesville..$4,821 [Comm ercial B k ., M erced ------ $4,800
JORDAN TOWNSHIP (P. O. Sterling), W hiteside C ounty, 111.—
BOND ELECTION.— A ccording to newspaper reports, an election will be
held April 1 to vote on the question o f issuing $25,000 road-constr. bonds.
KANSAS C ITY, Mo.— BOND OFFERING.— Proposals will be received
until 2 p . m . M a r. 31, reports state, b y T . C . H arrington, Sec. B d . o f Park
C om m rs., for $117,268 6 % park bonds. Cert, check for 83,500 required.
BOND SALE.— On M arch 24 $75,778 01 6 % Park Dist. bonds (were
awarded to tho Travelers’ Ins. C o. o f Kansas C ity for $76,232 6 8 . There
were no other bids. D enom . $1,000. In t. J. & J . D uo 1927, subject
to call at any time.
KENDALL COUNTY (P. O. Boerne), T e x . — BONDS DEFEATED.—
T h o question o f Issuing road bonds was defeated, reports state, at tho elec
tion held M arch 15.
KENT COUNTY (P. O. Dover), Del.— BOND OFFERING.— Proposals
will bo received until 12 m . April 22 b y the L e vy C ourt, J. L . Pratt, Clerk
o f tho Peace, for $85,000 5 % cou p. 20-yr. funding bonds. D enom . $1,000.
LAN3DOWNE, Pa.— BOND SALE.— On M arch 18 tho $75,000 4 ) 4 %
30-yr. (ser.) im pt. bonds (V . 96, p. 740) were awarded. It is stated, to
N ewburger, Henderson & Loeb o f Philadelphia.
LAWRENCE, Douglas C ounty, K an. — BOND SALE.— On F eb. 28
tw o issues o f 5 % street-paving bonds Series 1913, aggregating $79,804 57,
were awarded to the Fidelity Trust C o . o f Kansas C ity , M o ., for $80,238 6 6
(100.557) and int. D enom . $500. Date Jan. 1 1913. Int. J. A J . Due
one-tenth yearly, beginning Jan. 1 1914.
LENOIR C ITY, L ou d on C oun ty, T en n . — BOND SALE.— On M a r. 15
tho $40,000 6%-3(>-yr. m unicipal-water-plant-constr. bonds (V . 96, p . 583)
wero awarded to J. B . M cC ra ry C o. o f A tlanta at 106.275. Other bids
follow :
Iloohlcr A Cum mings, T oL 1 0 3.25
ITerry, Briggs A Slayton,1T ol 103.00
Spitzer, R orick A C o ., T o l . 103.1875] W eil, R o th A C o ., C in c l n ..100.1375
D enom . $500. D ate Jan. 1 1913.
LONG BEACH C IT Y SCHOOL D ISTR IC T (P. O. L ong B each),
Los Angeles C ounty, Cal.— BOND OFFERING.— Proposals will be re
ceived until 2 p . m . April 7, reports state, b y the Supervisors, fo rth e $ 1 4 0 ,000 5% site-purchase and constr. bonds voted Jan. 24 (V . 96, p . 433).
LYNCHBURG SCHOOL DISTRICT NO. 13 (P. O. Bishopville), L ee
C ounty, South Car.— BOND OFFERING.— Proposals will be received b y
T . N . Griffin, Chairman, for $10,000 20-year bonds. Bids are requested
at 5, 5)4 and 6 % .
MADISON COUNTY (P. O. L on d on ), O hio.— BOND SALE.— On
M a r. 24 the tw o issues o f 5 % cou p, bridge-constr. bonds, aggregating $19,
000 (V . 96, p. 813), were awarded to M ayer, D oppo A W alter o f Cincinnat
for $19,371 10— making the price 101.953. Other bids wore:
Breed, Elliott A Harrison,CIn$19,298 Cosmopolitan Bank A Sav
ings Co., Cincinnati---------$19,216
Spitzor, Rorick A C o., T o l.. 19,261
Sidney Spitzer A C o., Toledo 19,259 Weil, Roth A C o., C in c ln ... 19,138
Seasongood A Mayer, Cin__ 19,229 London Ex. Bk., London__ 19,111
MALDEN, Mass.— T E M P O R A R Y L O A N — A temproary loan of $200,
GRAND ISLAND SCHOOL D ISTR IC T (P. O. G rand Island), Hall 000 has been negotiated, It is stated, with R. L. Day A C o. of Boston at
C oun ty, N eb. — BOND ELECTION.— An election will be held April 1 to 4.84% discount. Loan matures In seven months.
voto on the proposition to issuo $ 2 1 , 0 0 0 4 ) 4 % 1 0 - 2 0 -yr. op t. school bldg,
TOWNSHIP, Nash County, No. C ar .— B O N D O F F E R
lm pt. bonds. D enom . $1,000. D ate July 1 1913. In t. J. & J. at Kountzo I N MANNINGS
G . — Proposals will bo received until May 2 by W . R. Griffin, Chairman
B ros.. N . Y . C ity.
of Road Supervisors (P. O. Spring Hope), for $50,000 bonds.
GRAN T’S PASS, Josephine C oun ty, Ore.— BOND SA LE .— A ccording
COUNTY (P. O. G untersville), A la.— B O N D E L E C
to reports. the$200,000 5 % 15-30-ycar (op t.) gold cou p, municipal railway T IMARSHALL
O N . — On March 31, reports state, the question of issuing $150,000 roadbonds offered w ithout success recently (V . 96. p . 740), havo been pur
constr. bonds will be submitted to a vote.
chased b y T erry, Briggs & Slayton o f T oled o at par and interest.
MASON COUNTY (P. O. L u d in g ton ), M ich.— B O N D S A L E . — W e
GREEN BAY, Brown C ounty, W is.— BOND ELECTION.— An elec
tion will be held April 1, reports state, to voto on the question o f issuing aro advised that this county has disposed of an issue of $21,000 roadconstruction bonds.
$170,000 M ason St. bridge-construction bonds.
McCOLL, M arlboro C ounty, So. Caro .— B O N D E L E C T I O N .— An
GREENFIELD TOWNSHIP, H uron C oun ty, O h io.— BOND OFFER
ING.— Proposals will bo received until April 22 for $40,000 o f an issuo o f election will be held Mar. 31 to vote on the question of Issuing $30,000 water,
$20,000
sower and $10,000 electric-light 20-40-yr. (opt.) bonds.
$60,000 5 % road-lm pt. bonds (V . 96, p . 6 6 6 ). A uth. voto o f 96 to 30 at
an election hold M arch 12. D ue $1,000 each six m onths from A pril 1 1 9 1 4
McPHERSON, M cPherson C oun ty, K ans .— B O N D S A U T H O R I Z E D .
to O ct. 1 1918, in cl., and $1,500 each six m onths from April 1 1 9 1 9 to — An ordinance was passed Mar. 20 providing for tho issuance of $40,0 00
O ct. 1 1928. incl. O . D . W heeler (P . O . C hicago Junction) is T w p . Clerk. 4)4% coup, street-impt. bonds. Denom. (30) $1,000, (20) $500. D ate
GRIDLEY SCHOOL DISTRICT (P. O. Gridley) .B utte C ounty, Cal. April 1 1913. Int. J. A J. at fiscal agency of State of Kansas in Topeka.
— BOND ELECTION.— It is reported that an election will bo hold April 5 Duo $4,000 yrly. on Jan. 1 from 1914 to 1923 incl.
MEADOW TOWNSHIP (P. O. Germ antown). Stokes C ou n ty ,
to subm it to tho voters a proposition to Issue $33,000 school bonds. D en om .
$500. D uo $1,500 yrly.
No. Caro . — B O N D E L E C T I O N . — An election will bo held April 1. reports
state,
to decide whether or not this township shall issue $40,000 30-year
HAMILTON. B utler C ounty, O h io.— BOND OFFERING.— In addi
tion to the $14,429 4 )4 % Ludlow St. im pt. (assessment) bonds to be offered road-improvement bonds. Interest semi-annual.
MEDFORD, Jackson County, Ore.— B O N D S D E F E A T E D . — Accord
for sale on A pril 18 (V . 96, p . 891), $7,243 40 5 % sidewalk lm pt. (assess
m ent) bonds will also bo offered on that date. D a te Jan. 1 1913. Int. ing to reports, the question of issuing the $20,000 armory constr. bonds
J. & J. D ue $1,448 68 yearly from 1914 to 1918, incl. Cert, check for (V. 96, p. 813) was defeated at the election held Mar. 22 by a vote of 476
5 % o f bid. payable to C ity T reas., required. B onds to be delivered and to 925.
paid for witnln 10 days from tim e o f award.
MEDFORD, Mass.— T E M P O R A R Y L O A N . — T h e City Treasurer on
H ARTIN GTON SCHOOL DISTRICT NO. 8 (P. O. H artington,) March 26 negotiated a loan of $50,000, maturing Dec. 12 1913 with the
Cedar C oun ty, Neb.— BOND OFFERING— Further details aro at hand Old Colony Trust Co. of Boston at 4.98% discount.
MEDINA COUNTY ROAD D ISTR IC T NO. 4 (P. O. H on do), T ex.—
relative to tho offering on M a y 1 o f tho $28,000 4 )4 % coupon hlgh-schoolbldg. bonds (V . 96, p . 891). Proposals for these bonds will bo received B O N D S R E G I S T E R E D . — An issue of $40,000 5% road bonds was registered
until 4 p. m . on that day b y F. W . Barnhart. Secy .-School B d. Dato M a y 1 by tho State Comptroller on Mar. 12. Duo $5,000 every 5 years, begin
1913. Int. J. A J. at tho fiscal agency in Now Y ork . Duo $2,000 yearly ning Oct. 10 1917.
M a y 1 from 1923 to 1936 incl. Cert, check for $500. payablo to tho Treas.
MERCHANTVILLE, Camden C ounty, N. J . — B O N D E L E C T I O N . —
School B d ., required. B onded debt, including this issue, $54,300. N o An oloction will be held April 22, reports state, to vote on a propositionjto
floating debt. Assess, val. 1912 $394,000.
issuo $100,000 roet-lmprovement bonds.
GLOVERSVILLE, F ulton C ounty, N. Y .— BOND
OFFERING.—
Proposals will bo received until 2 d . m. April 18, reports stato, b y O . L.
Evorost, C ity Chamberlain, for $53,500 4)4 % 3-year (average) local lm pt.
bonds. Interest semi-annual.
THE CHRONICLE
96*>
MIDDLETOWN, B utler C ounty, O hio.— BOND SALE.— T h e follow
ing bids were received on M ar. 24 for the $15,494 4 H %
(a v.) streetim pt. assess, bonds offered on that day (V . 96, p. 6 6 6 ):
W . K . Fox & C o ., C in — $15,509 5 0 1Oglesby & B am lt, M iddletow n,
M ayer,D eppe& W alter.C in 15,495 25]
par and int.
MIDLAND COUNTY (P. O. M idland), Tex.— BOND ELECTION.—
R eports state that an election will be held April 22 to vote on the question
of Issuing $50,000 road-construction bonds.
MILWAUKEE, W is.— BOND ELECTION.— An election will b e held
A pril 1 to subm it to a vote the proposition to issue $1,650,000 school and
$75,000 bath 4 )3 % 1-20-year serial bonds.
MISSION SAN JOSE SCHOOL D IST R IC T (P. O. M ission San
Jose), Alam eda C ounty, Cal.— BOND OFFERING.— This district, re
ports state, is offering for sale the $16,000 5 % 16-yr. school-site and constr.
bonds voted Feb. 8 (V . 96, p. 506).
MONROVIA SCHOOL D ISTR IC T, Los A ngeles C oun ty, Cal.—
BOND SALE.— On M a r. 15 $25,000 bonds wero awarded, it is stated, to
T orrance, M arshall & C o. o f Los Angeles at 100.848.
MONTGOMERY COUNTY (P. O. Clarksville), T enn .— BOND SALE.
— On M arch 22 $72,500 bonds were awarded, it is reported, to Seasongood
& M ayer o f Cincinnati for $72,725— making the price 100.31.
MONTGOMERY COUNTY (P. O. C onroe), T ex.— DESCRIPTION
OF BONDS.— The $250,000 R oad D ist. N o. 1 construction bonds voted
D e c. 23 1912 (V . 96, p. 81) bear int. at the rate o f 5% and aro in the denom .
o f $1,000 each. D ated M arch 1 1913. Int. annually in N . Y ., Chicago,
Austin or C onroe, at option o f purchaser. Due M arch 1 1953, subject to
call beginning M arch 1 1933. W o are advised that these bonds will be
issued in installments and that the C ounty Com m rs. have ordered the issu
ance o f $ 1 0 0 , 0 0 0 o f them.
MONTVALE, Bergen C ounty, N. 3.— BOND OFFERING— Proposals
will be received until 8 p. m . April 18 b y W . B . Lawson, B oro Clerk, for
$30,000 5 % 30-yr. cou p, or reg. funding bonds. D enom . $1,000. Date
M a r. 1 1913. Int. M . & S. at the U. S. M ortgage & Trust C o ., N . Y .
C ert, check on an incorporated bank or trust com pany for 2 % o f bonds bid
for, payablo to W m . R . M eyer, B oro C ollector, required. Purch. to pay
accrued int. The bonds will bo certified as to genuineness b y the U . S.
M ortgage & Trust C o ., and will bo approved as to legality b y Hawkins,
Delafield & Longfellow o f N . Y . , whose opinion will be furnished to the
purchaser.
The official notice o f this bond offering will be found among the advertise
ments elseii'here in this department.
^M O U N T A IN SCHOOL D ISTRICT, San B ernardino C ounty, Cal.—
BOND S A L E .— T he $20,000 5 % 11-20-yr. (ser.) gold bonds offered on
M arch 10 (V . 96, p. 667) were awarded, it is stated, on the 20th inst.
$10,000 to the San Bernardino National Bank and $10,000 to the Farmers’
Exchange Bank.
NASHVILLE, Davidson C ounty, T en n . — BOND OFFERING.— P ro
posals will b e received until 3 p. m . April 28 b y W . L . M u rray, C ity R e
corder, for the following 4 J3 % bonds:
$200,000 reservoir repair bonds. D ate M ar. 1 1913. D ue 20 yrs.
100.000 olectric-light-ext. bonds. D ate M a r. 1 1913. D uo 20 yrs.
150.000 street-opening and ext. bonds. D ate July 1 1913. D u e 30 yrs.
D enom . $1,000. Int. seml-ann. at office o f C ity Troas. or som e banking
house in N . Y . C ity , at option o f holder. Bonds exenmt from city taxes
C ert, check for 2 % o f bonds bid for, payable to C ity Recorder, required.
Official circular states that this city has never defaulted in paym ent o f any
o f its public or private obligations, and that there is no litigation ponding
affecting the issuanco o f these bonds. Separate bids must be m ade for each
issue.
BOND ELECTION.— Local papers state that an election will bo held
June 30 to vote on propositions to issue $2,500,000 reservoir-construction
and f$ 2 0 0 . 0 0 0 city-hallSbldg. bonds.
N AVARRO COUNTY (P. O. Corsicana), T ex.— BOND ELECTION.—
A ccording to reports an election will be held M arch 29 (not M arch 22 as
first reported) to vote on the p roposition to issue $400,000 5 % 40-yr. D ist.
N o . 1 good-road bonds.
NELSON COUNTY (P. O. L ovingston), V a.—BONDS VOTED— .
A n e’ ection hold recently resulted .according to newspaper reports, in favor
o f the proposition to issue $35,000 road-im pt. bonds in M assio M ills
Magisterial D istrict.
NEOSHO FALLS, W oodson County, K an s.— BONDS VOTED.—
A ccording to reports, this place has voted $6,000 electric-light bonds.
NEW
CASTLE,
New
Castle
C ounty,
Del.— BOND SALE.— On
M ar. 21 $10,000 5 % funding bonds were awarded to the N ow Castle Trust
C o ., N ew Castle, at par. D on om .$5 0 0 . Date April 1 1913. I n t .A .& O .
D uo $1,000 yrl.v. April 1 from 1915 to 1924 inch
NEW HAMPTON SCHOOL D ISTR IC T (P. O. New H am pton),
C hickasaw C ounty, Iow a.— BOND ELECTION.— An election will bo
held A p r. 3 to subm it to a vote the proposition to issue $65,000 school bonds.
N E W ' h ANOVER COUNTY (P. O. W ilm ington), No. C aro.— BOND
ELECTION.— On M a y 27, reports state, an election will be held to vote
on the prepositions to issue $175,000 school-im pt. and $100,000 permanent-
road bonds.
NEWPORT, N ewport Countv, R. I .— BOND SALE.— On M arch 27
the $30,000 4 % athletic field bonds (V . 96, p. 892) wero awarded to Curtis
& Sanger o f B oston, at 97.33 and int.
<7 r££.7 *F*)-?Mfc.- V
<•
NEWPORT,
Pend
Oroille
C ounty,
W ash.— BOND
S A L E — On
March 18 the $7,500 10-20-year (opt.) m unicipal-bldg, bonds (V . 96. p.
741) were awarded to the Spokane & Eastern Trust C o. o f Spokane at par,
interest and blank bonds for 5 !3s, less $115 for expenses. Other bids follow:
W m . D . Perkins & C o .. Seattle, par and blank bonds for 5 Ms.
Spokane & Eastern Trust C o., Spokane. (2) par, accrued Int., blank bonds
and a premium o f $132 for 6 s.
Hoehler «& Cummings, T oled o, par and blank bonds for 6 s.
John N uveen & C o ., C hic., par, blank bonds and a premium o f $105 for 6 s.
W m . E . Sweet & C o ., Denver, par, accrued int. and a premium o f $ 8 6 for 6 s.
Union Trust & Sav. Bank o f Spokane, par, accrued int. and a premium o f
$85 for 6 s.
Ulen & C o ., C hicago, par, accrued int. and a premium o f $27 for 6 s.
State o f W ashington, par for 6 s.
James N . W right & C o. o f Denver and C . II. C offin o f Chicago also sub
m itted bids, b u t,n o t being accom panied b y check, wero not considered.
D enom . $500. Date M a y 1 1913. In terestM . & N .
NOKOMIS TOWNSHIP SCHOOL DISTRICT (P. O. H illsboro).
M ontgom ery C ounty, 111.— BONDS DEFEATED.— On M arch 1. reports
state, the p ropositionjto issue $60,000 high-school bonds was defeated.
NORA SPRINGS INDEPENDENT SCHOOL DISTRICT (P. O. Nora
Springs), Floyd County, Iow a.— BOND OFFERING.— T ho district
Secretary is offering at private sale the $30,000 5 % cou p, school-constr.
bonds voted on M arch 10 (V . 96, p. 892). Denoin. to suit purchaser.
D ate M a y 1 1913. Int. M . & N . at N ora Springs. Duo M a y 1 1923.
N o bonded debt. Floating debt $2,321 78. Assess, val. 1912, $976,233.
NORFOLK, N orfolk C ounty, Va .— BOND ELECTION PROPOSED
—
A n ordinance passed its first reading on M arch 21, reports stato, calling
an election to submit to a vote the question o f issuing $500,000 Berkley
bridge construction bonds.
NORTH CADDO DRAINAGE D IST R IC T NO. 1 (P. O. G illm a n ),
Caddo Parish, La.— BONDS TO BE OFFERED SHORTLY.— 'T he Dist.
President advises us under date o f M a r. 24 that the $12,000 5 % 1-15-yr.
(ser.) im pt. bonds voted D ec. 30 1912 (V . 96, p . 302) will be offered for
sale shortly.
NORTH DAKOTA.— BOND SALES.— The following bonds were pur
chased b y the State at par:
. . .
Five Issues, A ggregating $67,500, P urchased in January.
N am e.
Int.
D evils Lake Sp.Amount Rale.
Purpose.
School D i s t .*$22,500 4 Refunding
E n d e rlin ______ 10,000
5 W ater works
H illsboro P a rk . 4.000
4 Park
K n ife R lv . S. D 1,000
4 Building
Pem bina C ounty 30,000
4 C ourt house&jail
Date.
D ec. 23 1912
Oct.
1 1912
D ec. 21 1912
D ec. 21 1912
Juno
6 1912
Due.
------------------O ct.
1 1921
D ec. 21 1932
D ec. 21 1922
Juno 11932
*D ue $5,000 D ec 23 1917, 1922 and 1927 and $7,500 D ec. 23 1932.
[ V o l . X C V I.
F our Issues, Aggregating S12,800, Purchased in February.
Brandon Sch. D
Iosco Sch. D ist.
Johnston Sch. D
School D . N o l8
$8,000
1,000
800
3,000
4
4
4
4
Building
Building
Building
Building
Jan.
D ec.
Jan.
Jan.
2 1913
21 1912
2 1913
2 1913
Jan.
D ec.
Jan.
Jan.
2 1933
21 1922
2 1933
2 1933
NORTH HEMPSTEAD (P. O. M anhasset), Nassau C ounty, N. Y.
— BOND E L E C TIO N .— A ccording to reports, an election will be held
April 1 to vote on the question o f issuing $233,000 publlc-im pt. bonds.
NORTH YAKIMA, Yakima C ounty, W ash.— BONDS VOTED.— A c
c o r d i n g to newspaper reports, the question o f issuing $250,000 sewersystem -constr. bonds carried recently.
NORW ALK TOWNSHIP (P. O. Norwalk), H uron Counry, O h io.—
BOND S A L E .— On M arch 15 tho $8,000 5 % coup, public-w ay-hnpt. bonds
(V . 96, p. 433) were awarded to Sidney Spitzer & C o ., T oled o, for $8,164 50
(102.056) and interest. Other bids follow:
Hoehler & Cummings, T ol.$8,121 00 First N at. Bank, Cleveland $8,062 60
Stacy & Braun, T o le d o ____8,113 95 N ew First N at. Bank,
H ayden, M ille r * C o.,C le v . 8,081 00
Columbus _____________ 8,056 00
W eil, R oth & C o .. C i n e ... 8,081 00 Spitzer, Rorick & C o ., T o l. 8.034 50
N ORW AY SCHOOL D ISTR IC T (P. O. Norway), D ickinson C ounty,
M ich.— BOND SALE.— W e aro advised that the $65,000 high-school-bldg,
bonds voted recently (V . 96, p. 433) have been sold.
NUECES COUNTY (P. O. Corpus C hristi), Tex.— BONDS VOTED.—
B y a vote o f 94 to 6 a proposition to issue $100,000 Road D istrict N o. 1
bonds was, according to reports, favorably voted at an election held on
M arch 22.
OAKDALE IR R IG A TIO N D IST R IC T (P. O. Oakdale), Stanislaus
C ounty, Cal.— BOND SALE.— On M a r. 18 tho $150,000 5% 20-30-yr.
(ser.) drainage-system -im pt. bonds (V . 96, p. 741) were sold at par and in t.,
$85,000 to E . II. Zion or M od esto and $65,000 to M . J. N ightingale o f
Oakdale. D enom . $500. D ate Jan. 1 1913. Int. J. & J.
OGDEN, U ta h .— BOND SALE.— On M arch 18 tho $100,000 4 )£ %
20-yr. refundir g bonds (V . 96, p. 741), were awarded to R . M . Grant & C o.
o f N . Y . at 97.134. D ate, M a y 1 1913. Int. M . & N at place to suit
purchaser.
OT.EAN SCHOOL D ISTR IC T (P. O. Olean), Cattaraugus C ounty,
N. Y .— BOND ELECTION .— An election will bo held April 19, it is stated,
to vote on tho question o f issuing $40,000 school-im pt. bonds.
ORANGEBURG, O rangeburg C ounty, So. Caro.— BOND ELEC
TION PROPOSED.— A ccording to local papers, an election will bo held in
the near future to submit to a vote the proposition to issue $60,000 water,
light and power plant constr. bonds.
OSCEOLA, Clarke County, Iow a.— BOND OFFERING.— This place
Is offering for salo the $6,500 5 % 15-20-yr. (op t.) water-works bonds voted
D ec. 30 1912 (V . 96, p. 152). D enom . $500. D ate Feb. 1 1913.
OTSEGO,
A llegan
C ounty,
M ich.— BONDS DEFEATED.— The
proposition to issue $17,000 4 % watcr-im pt. bonds (V . 96, p. 667) was d e
feated at an election held M ar. 10 b y a vo te o f 103 “ fo r” to 269 “ against.”
OWATONNA, Steele C ounty, M inn.— BOND OFFERING.— Pro
posals will be received until 7:30 p. m. April 1 b y C . J. Servatius, C ity
Clerk, for $10,000 coupon light-system bonds. D enom . $1,000. D ate
April 1 1913. Int. semi-ann. D uo $1,000 yearly. Bonds are exem pt from
city tax. Cert check for 5 % , pavablo to C ity T reas., required. Bonded
debt, including this Issue $110,000. Floating debt $10,000. Assessed
val. 1912 $1,942,604.
OWENSMOUTH SCHOOL D ISTR IC T, Los Angeles C oun ty,C al.—
BONDS NOT SOLD.— Despatches stato that there were no bids received
for the $50,000 5% l-40yr. (ser.) school-building bonds offered on M arch 10
(V . 96, p .7 4 1 .)
PALESTINE, Anderson C ounty, T ex.— BOND ELECTIONPROPOSED.
— A petition Is being circulated, reports stato, calling for an election to
vote on tho proposition to Issue $50,000 hospltal-constr. bonds.
PARK C ITY (P. O. Knoxville), K nox C ounty, T enn .— NO BONDS
TO BE ISSUED — T he C ity Recorder now advises us that this city Is not
contem plating tho issuance o f the $20,000 bonds (V . 96. p. 81).
PARKERSBURG, W ood County, W. Va .— BOND ELECTION.—
Reports state that an election will be hold M a y 8 to vote on the question
o f issuing $200,000 street-paving bonds.
PARKERSBURG SCHOOL D ISTR IC T (P. O. Parkersburg), W ood
C ounty, W. Va.— BOND ELECTION.— An election will bo held April 8
to vote on the question o f issuing $300,000 4 % high-school-constr. bonds.
Due 34 yrs. from July 1 1913; op t. after 25 yrs.
PASADENA, Los Angeles County, Cal.— BONDS DEFEATED.— 'T he
election held M arch 20 resulted in defeat o f tho propositions to issue bonds
aggregating $307,000— $35,000 for proposed A rroyo Park site purchase and
construction (2,534 to 2,051), $87,000 fire-dept.-im pt. (2,091 to 2,319):
$81,000 to acquire Carmelita playground property (1,885 to 2,530), $54,000
M onk Hill 11,292 to 3,023) and $50,000 East Side playgrounds (965 to
3,413). A two-thirds m ajority was necessary to authorize.
PATERSON, P a ssa ic C ounty, N. 3.— BOND OFFERING— Proposals
will be received until 4 p. m . April 3 b y tho B d. o f Finance, J. J. B rophy,
Clerk, for $400,000 sewor-rofunding and $165,000 school 4 )3 % gold cou p ,
or reg. bonds (V . 96, p. 893). D enom . $1,000. D ato April 1 1913. Int.
A . & O. at office o f C ity Treas. or at H anover N a t. Bank, N . Y . C ity .
D uo April 1 1943. Cert, check on an incorporated bank or trust com pany
for 2 % o f bonds bid for, payablo to C ity T reas., required. Purchaser to
pay accrued interest. These bonds will bo certified as to genuineness by
the U . S. M tge. & T r. C o. and their legality approved b y Hawkins, Dolafield
& Longfellow o f N . Y . C ity, whose opinion, or a duplicate thereof, will be
delivered to tho successful bidder or bidders.
The official notice of this bond offering will be found among the advertiseents elsewhere in this Department.
I
On
o f cTeveYand'for $103.T o S T lo i70*80 and hit'.'"amUS',,000 G relgorpike bonds
to M . S. Pond o f Somerset at 101.01. Other bids for the $102,000 issue
T iU otson.W olcottC o., C lov.$102,8371Stacy & Braun, T oledo
$102,757
W eil, Roth & C o ., C in _____ 1 0 2 ,8 1 6 1H ayden, M iller & C o ., T o l. 102.330
PAWLING, Dutchess County, N. Y .— BONDOFFERING.—Proposals
will be received until 1 1 a . m . April 3 b y Chas. Stark, Town Supervisor,
and G . A . Lutz, T ow n Clerk, for $10,000 5 % road-impt. bonds. D enom .
$1,000. Date April 1 1913. Int. A . & O. at N at. Bank o f Pawling.
Due S I,000 on April 1 from 1914 to 1923 incl. Theso bonds wero offered
on March 12 as 4s (V . 96, p. 741).
PELHAM MANOR,
W estchester
C oun ty,
N.
Y .— BONDS DE
FEATED.— 'Tho question o f purchasing a $5,000 auto fire engine was dofeated, it is stated, on M arch 18 by a vote o f 15 for to 23 against.
PEND OREILLE COUNTY (P. O. N ew port), W ash.— BOND OFFER
ING.—-Proposals will bo rccoivod until 10 a. m. M a y o b y the B d. o f C o .
C om m rs.. f l . H . M urray, Clerk, fo r $28,000 20-yr. gold coupon funding
bonds. D enom . $1,000. D ato Juno 1 1913. Int. J. & D . at C o. or State
Treas. office, or at fiscal agoncy o f State o f W ash, in N . Y . C ity. All bids
except tho Stato o f W ashington must be accom panied b y a cort. check for
$1,000, payable to C o . Treas. Official circular states that thero is no
litigation pending or threatened concerning the validity o f these bonds.
PENINSULA TOWNSHIP, Grand Traverse C ounty M ich.— BOND
ELECTION.— A t an election to be held in this township during A pril, tho
question o f issuing $45,000 road-im pt. bonds will, it Is stated, bo presented
to the voters.
PENN YAN UNION FREE SCHOOL D ISTR IC T (P. O Penn Yan)
Y a te s C o u n ty , N. Y .— BOND OFFERING.— Proposals will bei receivod
until 8 p. m . April 7 b y N . W lnton Palmer, S ecy., for $30,000 4 H % reg.
school bonds. D enom . $1,000. D ate April 1 1913. Int. ann. on D ec. 1
at office o f Dist. Treas. D uo $1,000 yoarly on D ec. 1 from 1913 to 1942
in cl., excepting tho year 1938. Cert, check for $1,000, payable to J. A .
U nderwood, Treas., required. Bonds to bo delivered on M a y 1 at Treas.
offico. Purchaser to pay accrued interest.
PERRY INDEPENDENT SCHOOL D ISTR IC T (P. O. Perry), Dallas
C ounty, Iow a.— BONDS NOT SOLD.— N o bids were received on M arch 12
f c tho $70,000 4 )3 % 10-yr. building bonds offered on that day (V . 96,
p . 741.)
M a r . 29
3 1
T H E C H R O N IC L E
PETERSBURG, D in w id d ie C ounty, Va.— B ID S.— 'The other bids
received on M ar. 20 for tho $100,000 434% 4 0 -yr. gold cou p, or reg. per
manent public im pt. bonds awarded on that day, f 97.000 to tho 1 etorsburg
Sinking Fund at 101 and Int. and $3,000 to local bidders at 102 and Int.
^aker,’ W a tts& C or° B altim ore.96.25|M ayer, D eppo & W alter, C i n . . 00.02
Townsend Scott & Son, B alt— 9 6 .2 5 |Estabrook & C o ., B oston-------- 93.25
PETERS CREEK TOWNSHIP (P. O. D anbury), Stokes C ounty,
No. C a r __BOND ELECTION.— An election will bo held Aprd 1 to sub
m it to a voto tho proposition to issue $35,000 4 % 30-yr. road bonds.
PTTCF TOWNSHIP SCHOOL DISTR IC T (P. O. N orth H am pton),
Cl ark C ountv O hio. — BOND SALE.— On M ar. 21 the $3,000 534%
o o v r (av ) coup, school property im pt. bonds (V . 96, p. 741) were
awarded to the Lagonda N at. Bank o f Springfield, O ., at 100.50 and int.
A bid o f $3,011 was also received from tho Barnesvilio N at. Bank at Barncsvillo.
PINEVILLE SCHOOL D IST R IC T (P. O. Pineville), M ecklenburg
C ountv, No. Caro.— BOND ELECTION .— Local papers state that an elec
tion will tie hold April 8 to vote on the question o f issuing $20,000 school
building bonds.
P IT T S B U R G H , Va..— BONDS W IT H D R A W N FROM M A R K E T .— W o
sro advised b y tho C ity Com ptroller that tho sixteen issues o f 4 M % coup,
or reg. tax-free bonds, aggregating $5,310,500, which were to have been
offered on M arch 27 (V . 96, p. 814), had been withdrawn.
PLYMOUTH, W ayne C oun ty, M ich.— BONDS D E F E A T E D .— R e
ports stato that tho proposition to issue m otor fire department equipm ent
bon d s was defeated at an election hold recen tly.
POLK COUNTY (P. O. L ivingston), Tex.— BOND ELECTION .—
A proposition to issue $200,000 Justice Precinct N o. 1 bonds will, it is
stated, bo submitted to the voters on April 26.
P O LYTE C H N IC , T a rra n t C ou n ty , T e x .— BONDS REGISTERED.
On F ob. 24 tho State Com ptroller registered tho $15,000 5% 20-40-yoar
optional sewer bonds voted D oc. 17 (V . 95, p . 1764).
PORT HURON, Saint Clair C ounty, Mich — BOND ELECTION .—
N owspaper reports stato that an election will bo hold April 7 to submit to
a voto the questions o f issuing $30,000 water-system and $10,500 sower
bonds; also $5,500 to build a wall at intake well.
PORTLAND, Ore.— BOND ELECTION PROPOSED.— Reports stato
that an election will be hold in Juno to subm it to a voto tho proposition to
issuo‘ $ 2 .0 0 6 , 0 0 0 playground bonds.
PORT OF SEATTLE, W ash.— BOND OFFERING.— Proposals will be
received until 2 p. m. April 17 by II. M . Chittenden, Pros, of Port Comm.,
843 Central Building, Seattle, for $200,000 Smith's Cove and $150,000
East Waterway impt. bonds.
The official notice of this bond offering will appear among the advertisements’
elsewhere in this department on A p ril 5.
P O R T O L A SC H O O L D IS T R IC T (P. O. P orto-la), P lu m a sJ C o u n ty ,
C a l.— BOND E LECTION .— It is reported that tho election to vote on the
proposition to issue tho $4,500 school-constr. bonds will bo held M ar. 29.
POTSDAM,. St. Lawrence C ounty, N. Y .— BONDS D E F E A T E D .—
T ho question o f issuing $18,000 water bonds was defeated at an election
hold M arch 18.
QUEEN ANNE’S COUNTY (P. O. C entreville), Md.— BOND
OFFERING.— Proposals will bo roccivod until 12 m . April 15 b y tho C o.
Com m rs., E . .1. M orrich, Clerk, for $75,000 bonds. Thoso bonds were
advertised to bo sold M arch 25 (V . 96, p. 741), but an error was discovered
in that advertisement.
RAYMOND SCHOOL D ISTR IC T (P. O. R aym ond), U nion C ounty,
O h io .— BONDS D E F E A T E D .— T ho question o f issuing $15,000 schoolconstr. bonds (V . 96, p . 814) was defeated, reports state, at an election
held M ar. 20.
READING, Middlesex C ounty, Mass.— TE M PO RAR Y LO A N .— On
M ar. 20 a loan o f $60,000, duo $30,000 O ct. 8 and $30,000 N ov. 5 1913, was
negotiated with B ond & Goodw in o f Boston at 4 .98% discount.
REED C ITY, Osceola C ounty, M ich.— NO BONDS VOTED.— W o aro
advised that tho reports stating that this placo recently voted an issuo of
$3,000 water-m ain-oxt. bonds (V . 96, p. 814) aro erroneous.
REFUGIO COUNTY COMMON SCHOOL DISTR IC T NO. 7 (P. O
R efu gio), Tex. — BONDS RE GISTE R ED— On M ar. 10 tho Stato Com p"
troll or registered S l.9 0 0 ’ 5 % 10-20-yr. (opt.) school bonds.
REHOBOTH BEACH, Sussex C ounty, Del.— BONDS V O T E D — An
election hold M arch 22 resulted, it is stated, in favor o f tho proposition to
issuo $30,000 wator-works-construction bonds.
RICHMOND, Contra Costa C ounty, Cal.— BOND ELECTION .—
According to newspaper reports, an election will bo held April 18 to decide
whether or not this city shall Issuo $150,000 school impt. bonds.
RICHLAND COUNTY (P. O. C olum bia), So. Car.— BOND ELEC
T IO N .— An election will bo held April 1 to submit to a voto tho proposition
to issue $50,000 5% 20-yr. cou p, jail-constr. bonds. Int. somi-ann.
RICHMOND AND RILEY TOWNSHIPS FRACTIONAL SCHOOL
DISTRICT NO. 1, Macomb a n d St. Clair C ounties, M ich.— BOND
SA LE.— On M ar. 1 the S18.700 5 % tax-free bldg, bonds (V . 96, p. 507)
were awarded to II. W . N oblo & C o. o f Detroit for $19,137 75 (102.34)&int.
R IP L E Y C O U N T Y (P. O. V ersa illes), I n d .— BOND OFFERING.—
Proposals will be received until 1 p. m . April 7, it is stated, b y .1. N . Hess,
C o. Treas., for $11,000 4 34% Adams T w p . bonds. Donom . $550. D ate
April 7 1913. Int. M . & N ., beginning M ay 15 1914. D uo $550 each six
m onths from M a y 15 1914 to N o v . 15 1923 incl.
RITZVILLE, Adams C ounty, W ash.— BOND ELECTION PROPOSED.
— A ccording to local papers an election will bo held in tho near futuro to
voto on tho question o f issuing $60,000 funding bonds.
RIVERBANK SCHOOL DISTRICT (P. O. Riverbank), Stanislaus
C ounty, Cal.— BONDS VOTED.— Tho question o f issuing $1,000 5%
building bonds carried at an election held Feb. 25 b y a voto o f 28 to 7.
ROANOKE COUNTY
(P. O. Salem), Va.— BOND ELECTION
PROPOSED.— There is talk o f holding an election to vote on tho question
o f issuing $250,000 road-lm pt. bonds, according to reports.
ROCKVILLE CENTRE, Nassau C ounty, N. Y .— BONDS DEFEA TED
— An olection held M ar. 18 resulted in tho defeat o f tho question o f issuing
$5,000 sower bonds at not oxcooding 5 % int. T h o voto was 18 “ fo r” and
157 “ against.”
ROSEVILLE, Placer C ounty, Cal.— BOND E LECTION .— An election
will bo hold Aprd 15, it is stated, to submit to a voto tho question o f issuing
$20,000 highway-construction bonds.
RUNNING LAKE DRAINAGE DISTRICT, R an dolph County, Ark.
— BOND SALE.— On M ar. 19 tiro $85,000 6 % 5-25-yr. (opt.) coup, tax-free
drainage-system bonds were awarded to Lesscr-Goldman C otton C o. of
St. Louis at par, according to reports.
SACRAMENTO, p ah —
®£®£T/ Oi V. — The election to voto on
tho question o f issuing $700,000 434% 1-40-yr. State bldg.-cxt. bonds
(V . 96, p. 814) will bo hold April 5. according to local papers.
ST. BERNARD (P. O. C incinnati), H am ilton C ounty, O hio.—
BOND SALE.— On M ar. 21 tho $6,000 4 % 20-yr. police and fire-dept.
im pt. bonds offered without success on Feb. 28 (V. 96, p. 742) were pur
chased, reports stato, b y tho Board o f Sinking I* und Trustees.
, ST. JOHNS, M ultonom ah C ounty, Ore.— BOND SA LE.— On M ar. 18
tho $21,591 69 6 % street and sower-impt. bonds (V . 96, p. 814) were award
ed to tho First N at. Bank o f St. Johns for $21,801 69 (100.973) and int.
D onom . $500. Int. semi-ann. Duo 10 yrs., subject to call at any int.paying period after ono year.
ST. PAUL, M inn. — BOND SA LE.— On M a r. 12 $6,212 87 grading,
$10,677 58 sewer and $231 curbing 3-year bonds were awarded to local
,,^ n StoriS
. as <j0t0rmlnod b y purchasers. D ato M ar. 1
1913. Int. M . & S.
Danorn
S^ £ ,D K ? K Y ’ Er!e C ounty, O hio.— BOND SALE.— On M ar. 22 the
$42,500 4% coup. IIayes A ve. grade-crossing-elimination bonds (V . 96,
p. 742) wero awarded to tho Citizens’ Banking C o. o f Sandusky at par & int.
SAN MATEO COUNTY (P. O. R edw ood City), Cal.— BOND ELEC
T IO N .— A ccording to reports, an election will bo hold April 8 to submit to
a jv o to tho proposition to Issuo $1,250,000 good-road-constr. bonds.
1*67
SANTA CRUZ, Santa Cruz C ounty, Cal.— BOND E LECTION PRO
POSED.— This city is said to bo taking preliminary steps toward calling
an election to voto on the question o f issuing $217,000 bonds for tho purchase
o f tho water-works system .
SAUSALITO, M arin C oun ty, Cal.— BOND E L E C TIO N . — The
olection to vote on the question o f issuing tho $100,000 street-paving bonds
(V . 96, p. 377) will bo held, it is stated, on April 15.
SCOTLAND NECK, Halifax County, No. Caro .— BOND E LECTION .
— W o learn that the question o f issuing $16,000 school-building bonds will
be subm itted to a voto on April 1.
SCOTIA, Schenectady C ounty. N. Y .— BONDS VOTED.— The
proposition to issuo between $7,500 ana $9,000 sower bonds at not exceeding
5 % int. carried at an election held M arch 18 by a vote o f 156 to 80.
SCOTT, S cott C ounty, K ans .— BOND OFFERING.— This city is
offering for sale the $40,000 5 % 10-30-yr. (op t.) electric-light-plant and
water-works bonds voted D ec. 31 (V. 96, p. 153). N o debt at present.
Assessed valuation 1912, $646,377. O. D . Card is C ity Clerk.
SEATTLE, W ash.— B ID S REJECTED.— BOND OFFERING.— All bids
received on M arch 15 for the $300,000 20-yr. gold coupon city-elec.-railw ay
bonds offered on that day (V . 69, p. 667) were rejected, it is stated. R oports further state that proposals will again be received until M ay 17 for
tho above and other issues, aggregating in all $1,700,000.
SEWICKLEY SCHOOL D ISTR IC T (P. O. Sewickley), A llegheny
C ounty, Pa.— BOND OFFERING.— Further details are at hand relative
to tho offering on M ar. 28 o f $50,000 434% tax-free schooj bonds (V . 96,
‘
'
m . on that
1913. In t.
_
_
C ert, check
_ ( ____ ________
for $1,000 required.
SPOTSYLVANIA COUNTY (P. O. Spotsylvania), Va.— BOND
OFFERING.— Proposals will be received until 12 m . April 3 b y A . H .
C rlsm ond, C o. Clerk, for $20,000 Berkeley D ist. and $20,000 Livingston
D ist. 5 % 5-30-yr. (op t.) cou p, tax-free road bonds. D on om . to suit
purchaser. Int. semi-annual.
SPRINGFIELD, Clark C ounty, O hio. — BOND S A L E .— On M ar. 21
tho Board o f Sinking Fund Trustees purchased, it is reported, $24,862 73
im pt. (city's portion), $10,000 city-hospital and $2,657 20 Cecil and Summor Sts. im pt. bonds.
STEVENS COUNTY SCHOOL DISTRICT NO. 105, W ash.— BONDS
N OT SOLD.— N o award was made on M arch 15 o f the $1,600 building bonds
offered on that day.
SULPHUR SPRINGS, B en ton C ounty, A rk.— BOND SA L E .— It is
reported that this city on M arch 15 was successful in disposing o f an issue
of $25,000 water-works and electric-light-plant bonds.
TACOMA, W ash.— BOND OFFERING.— Proposals will be received
until 11 a. m . April 19 b y W . W . Soym our, M a yor, for the follow ing re
funding bonds at not exceeding 5 % interest;
$100,000 bridge bonds. D ue on June 1 as follows: $10,000 in 1914,
$20,000 in 1915, $30,000 in 1916 and $40,000 in 1917.
250,000 light bonds. D ue $50,000 on Juno 1 1918 and 1919 and $70,000
on Juno 1 1920 and $80,000 on June 1 1921.
1,750,000 water bonds. D ue on Juno 1 as follows: $100,000 in 1922 and
1923, 3110,000 in 1924, $120,000 in 1925, $130,000 in 1926.
$140,000 in 1927, $150,000 in 1928, $160,000 in 1929, $170,000
in 1930, $180,000 in 1931, $190,000 in 1932 and $200,000 in 1933.
D on om . $1,000. Int. semi-ann. at fiscal agency o f State o f W ash, in
N . Y . C ity . C ert, check for 5 % o f bonds bid for, but for not exceeding
$10,000, required with each b id , except that o f State. B onds to be de
livored and paid for on or before June 1 1913. T he legality o f these bonds
will bo approved b y D illon, T hom pson & C lay o f N . Y . C ity .
The official notice o f this bond offering will be found among the advertise
ments elsewhere in this Department.
TERRE HAUTE, Vigo C ounty, In d .— BOND OFFERING.— Proposals
will bo received until 10 a. m . M arch 31 ,it is stated, b y Levi G . Hughes,
C ity Com ptroller, for $4,657 15 6 % 1-10-yr. (ser.) St.-im pt. bonds. In t.
semi-annual.
TERRY, Custer -C ou nty, M ont. — BOND OFFERING.— R ay L .
K om pf, T ow n Clerk, will soil at public auction at 8:30 p. m ., April 5,
$3,500 6 % 10-20-yr. (opt.) sewer bonds. Denom . $500. D ate, M ay 1
1913. Int. M & N . A similar issue o f bonds was awarded to tho State
Bank o f Terry at par on A ug. 3 (V . 95, p . 438).
TEXARKANA, Bowie C ounty, T e x .— BOND E LEC TIO N PROPOSED.
— A ccording to reports, an election will be held in the near future to vote
on tho proposition to issuo $250,000 street and city-im p t. bonds.
TIPPECANOE COUNTY (P. O. La F ayette), In d .— BOND OFFER
IN G .— Proposals will be received until April 11, reports state, b y F . L.
D uncan, C o. T reas., for the follow ing 4 34% gravel-road bonds:
$6,400 Jas. II. M urphy road bonds. D en om . $320. D ate F eb. 5 1913.
Int. F . & A .
600 Chas. A . Marstoller road bonds. D enom . $100. D a te Feb. 3 1913.
Int. F . & A .
TULSA, Tulsa C ounty, Okla.— BONDS A W A R D E D I N P A R T .— O t
tho five issues o f 5 % tax-free bonds, aggregating $182,000 (V . 96, p. 815).
$100,000 convention-hall, $40,000 public park and $25,000 public m arket
bonds were awarded on M arch 18 to tho Exchange N a t. Bank o f Tulsa at
liar and int. Other bids were:
,,
,
„
It. J. Edwards, Oklahoma C ity— Par and accrued interest, loss $5,450.
C om m erce Trust C o. and J. It. Sutherland & C o ., Kansas C ity , M o .— Par
less 4 % com m ission.
.
,
Spitzer, R o rick & C o ., T oled o— Par and accrued interest, loss $3,485.
Spitzor, ltorick & C o ., T oled o— Par and accrued interest plus premium o f
$100, m oney to be deposited in T oledo Bank.
W ell, R oth & C o ., C incinnati— Par and accrued interest less an am ount
for legal expenses.
A . J. M cM ahan, Oklahom a C ity — Park bonds only, par less $400.
VERNON, Yum a C ounty, Cal. — BONDS VOTED.— T he question o f
Issuing $100,000 street-Im pt. bonds carried, reports state, at an olection
held M arch 17.
WALTHAM, Ma3S.— BOND SALE.— On M arch 27 $20,000 4 34%
sower bonds wero awarded, reports stato, to Estabrook & C o ., o f Boston
at 102.71. D ate April 1 1913. Duo $1,000 y rly.from 1914 to 1933, incl.
WALTHAM, Mas3.— TEM PO RARY L O A N .— A tem porary loan o f
$125,000, maturing July 10 1913, has been awarded, according to reports,
to It. L. D a y & C o. o f Boston at 4.19% discount.
WALNUT SCHOOL DISTRICT (P. O. W aln u t), Pottaw attam ie
C ounty, Iow a.— BOND SA LE.— On M arch 11 the $30,000 5 % building
bonds voted Feb. 24 (V . 96, p. 743) were awarded to tho Exchange State
Bank o f Walnut at par. D enom . $1,000. D ate April 1 1913. I n t .A .& O .
W ARRENTOWN, W arren C ounty, No. C aro.— BOND ELECTION .—
An election will be held M a y 6 to vote on the question o f issuing $50,000 5 %
25-yr. water and sewerage bonds.
W ASHINGTON COUNTY (P. O. M arietta), O h io.— BOND OFFER
IN G .— Proposals will be received until 12 m. A pr. 1 b y H am m ond Burton,
C o . A n d ., for tho $20,000 534% county-farm -experim ent bonds authorized
M ar. 4 (V . 96, p. 816). A uth. Secs. 1165-1 to 1165-13 incl., G en. C od e.
D on om . $1,000. D a te A p r. 1 1913. In t.a n n . D u e $2,000 yrly. on A pr. 1
from 1914 to 1923 incl. C ert, check for 2 % o f bonds bid fo r, payable to
C o. T reas., required. Bonds to be delivered and paid for within 10 days
from tim e o f award. Purchaser to pay accrued int.
WATERVLIET, Albany C o u n ty , N. Y .— BONDS VOTED.— T he
question o f Issuing the $9,400 funding bonds (V . 96, p. 816) carried at an
election held M ar. 25 by a vote o f 64 to 47.
WAUSA SCHOOL DISTRICT (P. O. W ausa),K nox C ounty, N eb.—
BOND OFFERING.— Proposals will bo received until 6 p. in. Apr. 15,
reports stato, b y P . A . A nthony, D irector, for $18,000 5 % 5-20-yr.
(opt.) school bonds (V . 96, p. 225). Int. semi-ann. C ert, chock for $100
required.
WELLSVILLE, Colum biana C ounty, O hio.— BONDS AU TH O R
IZ E D .— On M arch 17 the C ity Council passed a revised ordinance .reports
stato, authorizing tho issuance o f $60,000 city electric-light plant-constr.
bonds. A similar issue o f bonds was to have boon sold on M ar. 5, but the
samo was enjoined (V . 96, p. 816)
T H E C H R O N IC L E
968
WEST ALLIS, M ilwaukee C ounty, W is. — BOND OFFERING.— P ro
posals will bo received until 2 p . m . A p r. 5 b y L . F . Fish, C ity C lerk, for
the follow ing 5 % bonds:
$60,000 School bonds. D en om . $1,000. Int. M . & S. at the Harris Trust
& Savings Bank, C hicago. D uo $3,000 yrly. on M arch 1 from
1914 to 1933 incl.
20,000 Streot-lm pt. bonds. D enom . $1,000. Int. M . & S. at tho Harris
Trust & Sav. B ank, C hicago. Duo $1,000 in 1923 and 1924 and
$2,000 y rly . from 1925 to 1933 incl.
2,400 P ublic library bonds. D en om . $200. Int. M . & S. at the First
N ational Bank o f W est A llis. D u e $1,000 on M arch 1 1931 and
1932 and $400 in 1933.
D a t e M a r . 1 1913. C ert, check for $1,000, payable to Frank S. Baldwin,
M a y o r, required.
W ESTCHESTER COUNTY (P. O. W hite P la in s), N. Y .— BOND
OFFERINO.— Proposals will be received until 10 a. m . A p r. 15 b y G . T .
Burling, C o . Treas., for $400,000 4 H % reg. temporary loan bonds. D e
nom . $5,000. D ate M a y 1 1913. Int. M . & N . at office o f C ounty Treas.
D u e $25,000 yrly. on M a y 1 from 1918 to 1933 incl. C ert, check on a nat.
or State bank or trust co. for 5% o f bonds bid for required. Bonds to bo
delivered and paid for at office o f C o. Treas. at 10 a. m. M a y 2, unless a
subsequent date m ay be m utually agreed upon. These bonds will be
certified as to genuineness b y tho U. S. M tgo. & Trust C o. and their legality
approved b y Hawkins, Delafleld & Longfellow o f N . Y . C ity , a co p y of
whose opinion will bo furnished successful bdders. Purch. to pay accrued
int. Bids to bo made on blanks furnshcd b y tho cou nty.
WESTWOOD, Bergen C ounty. N. J.— BOND OFFERING.— Proposals
will be received until 8 p .m . April 10, b y tho M a y or and C ouncil, J. E .
Ilaring, Borough Clerk, for $30,000 park and $15,000 m acadam 5 % 25-year
coupon bonds. In t. semi-annual. C ert, check for $250, payable to M a yor
and C ouncil, required.
W HARTON COUNTY DRAINAGE D IST R IC T NO. 2. T ex.— BOND
SA L E .— An Issuo o f $50,000 5 % 4 0-yr. bonds has been awarded, it is stated,
to tho Com m onw ealth T rust C o. o f H ouston.
WHITMORE SCHOOL D IST R IC T NO. 52, So. Car.— BOND OFFER
IN G .— Proposals will bo received b y E . II. A m e, C o. S upt., at N ow berry,
for $5,000 6 % cou p, tax-free bldg, bonds. D enom . to suit purchaser.
D ato day o f issue. Due 20 years. Cert, check for $500, payable to C o.
S upt., required. B onded d ebt at present, $3,900. N o floating debt.
Assessed valuation, $509,366.
[ V o l . XCVI
Purchaser to pay accrued int. Bills to be made on blank forms furnished
b y tho city. Those bonds are part o f an issue o f $350,000, o f which $75,000
wero disposed o f on O ct. 3 1912 (V'. 95, p. 998).
YELLOWSTONE COUNTY (P. O. Billings), M ont.— BOND OFFER
IN G .— A ccording to reports, proposals will be received until 12 m . A pr. 22
b y C . If. Newm an, Chairman C o . C om m ’rs, for tho $50,000 5 % 10-20-yr.
(op t.) jail bonds. These securities were offered without success as 4 H s on
M a r. 12 (V . 96, p. 895). C ert, check for 5 % required, /ji •
YOUNGSTOW N, O h io. — BONDS A W A R D E D I N P A R T .— T h o fo l
lowing bids wero received on M arch 24 for the ten issues o f 5% bond.*: offered
on that day (V . 96, p . 668), aggregating $30,645:
1
$6,250
.$10,775
$1,190
$2,040
Issue.
Issue.
I ssu e.' ’ issu e.
Sidney Spitzer & C o ., T o le d o ...* $ 6 ,3 1 5 60 *$10,889 00 *$1,191 *$2,042
Spltzer, H o rick & C o ., T o le d o
6,315 00
10,887 06
........... 1 ____
B reed, E lliott & Harrison, C in e .. 6,300 63
'10,873 00
‘
W eil, B oth & C o ., C incinnati____ 6,262 50
10,807 50
M a yer, D eppe & W alter, C in ____ _________
10,871 96
$1,260
$1,275 $2,500
$4,435
Issue.
Issue.
Issue.
Issue.
*$1,261 *$1,276 *$2,501
Sidney Spitzer& C o ., T o le d o ____ *$4,440 00
W eil, R oth & C o ., C incinnati____ 4,430 50
____
...
N o bids wero received for the $135 Grace A ve. paving and $785 M adison
and Ardalo sts. grading bonds. A ll bidders offered accrued int. in addition
to their bid.
* Successful bids.
C a n a d a , its P ro v in c e s and M u n ic ip a litie s .
BATH, N. B . — DEBENTURES PROPOSED.— A ccording to reports,
this village has been authorized to borrow $3,000 b y issuing debentures.
BERLIN, Ont. — DEBEN TU RE SA L E .— Brent, N oxon & C o . o f T oron to
have been awarded, iti s stated, $30,000 5 % debentures.
CHARLOTTETOWN, P. E. I .— DEBENTURES PROPOSED.— This
place is contem plating calling for proposals for $13,000 public-works re
funding bonds.
CHATHAM, O nt.— DEBEN TU RE E L E C T IO N — An election will bo
held M ar. .31, it is stated, to voto on tho question o f issuing $2,500 Dom inion
Canners bonus debentures (V . 96, p . 817).
W ICH ITA FALLS SCHOOL D ISTR IC T (P. O. W ich ita Falls), Tex.
DERBY TOWNSHIP, Ont .— DEBENTURES PROPOSED.— Reports
— BOND SA LE .— A . J. H ood & C o. o f D etroit havo, according to reports, state
that a by-law to issue $10,000 drain debentures is being considered.
been awarded $50,000 5 % 40-year school-constr. bonds at 100.21 and int. ■
DUTTON, O nt. — DEBEN TU RE SA LE.— T his village, it is stated, has
W ILKES-BARRE, Luzerne C ounty, Pa.— BOND OFFERING.— Pro
sold an issue o f $8,346 debentures.
posals will bo received until 2 p. m . A pr. 15 b y F . H . Gates, C ity Clerk, for
EBURNE, B. C.— DEBEN TU RE E LECTION PROPOSED.— An election
$200,000 4M % reg. im pt. bonds, Ser. " I . ”
D enom . $1,000. D ato O ct. 1
will bo held shortly, reports stato, to vote on the question o f issuing $20,000
1912! Int. A . & O. at office o f C ity Treas. D uo $5,000 O ct. 1 1922,
m
unicipal-hall-construction
debentures.
$10,000 yrly. O ct. 1 from 1923 to 1932 incl., $17,000 yrly. O ct. 1 from 1933
EDMONTON, A lta.— LO A N N O T N E G O T IA T E D .— It is now reported
to 1937 incl. and $10,000 O ct. 1 1938. Bonds will bo certified as to genu
ineness b y tho Colum bia-K nickerbocker Trust C o ., N . Y . C ity. Legality
that tho negotiations for tho sale o f the $11,000,000 5 % debentures to
o f the issuo has been approved b y Townsend, E liott & Townsend, Phila K leinw ort, Sons& C o. o f London, E ng. (V . 96, p . 895), wero not concluded.
delphia. Official circular states that tho city has never defaulted in tho
DE B EN TU R E E LECTION PROPOSED.— A by-law will bo submitted
paym ent o f principal or interest and that there is no controversy or litiga to tho voters shortly, reports state, to vote on tho question o f issuing $2,
tion pending or threatening tho corporate existence o f the boundaries o f 700,000 civic property purchaso debentures.
the city or the title o f any o f its present officals to their respective offices,
E L O R A S C H O O L D I S T R IC T (P. O. E lo ra ), O n t.— DEBEN TU RES
or the validity o f these bonds or any other previous issue o f outstanding
bonds. Cert, check on a national bank for 2% o f bonds bicl for, payablo A U T H O R IZ E D .— Reports stato that the Council recently passed a by-law
enabling the High School Board to borrow $2,000 for current expenses.
to the C ity Treas., required. B onds to bo delivered and paid for A pr. 18.
NEW LOANS
NEW LOANS
$ 2 ,1 0 0 ,0 0 0
$ 5 6 5 ,0 0 0
CITY O F TA C O M A , W A SHIN G TON ,
R E F U N D IN G
CITY OF PATERSON, N. J.
COUPON
BONDS
BO N D S
190 B onds, N os. 1361 to 1550 inclusive, June 1,
1932*
200 Bonds, N os. 1551 to 1750 inclusive, June 1,
1933.
Said bonds will bo general bonds o f said C ity
o f the par value o f $1,000 each, and will bear inter
est at not exceeding five per cent per annum, p ay
able semi-annually, at tho fiscal agency o f the
State o f W ashington in Now Y ork C ity.
Said Bridge Bonds and said W ater Refunding
Bonds are guaranteed as N ew Y ork Savings
Bank Securities.
T ho opinion o f Messrs. Dillon, T hom pson &
C lay, A ttorneys at Law, o f 195 B roadway, N ew
Y ork , certifying tho legality o f all o f said bonds,
and tho sufficiency or said Bridge and Water
Refunding Bonds as Now Y ork Savings Bank
Securities will bo furnished to bidders and pur
chasers.
Bids for said bonds will bo received based on
tho interest rate proposed b y tho bidder, which
cannot exceed five per cent.
Bids will bo received for ono or more o f said
issues.
Each bid, except a bid o f the Stato o f W ashing
ton, must bo accom panied b y tho check o f tho
bidder, certified b y some bank other than itself,
for a sum equal to five per cent o f the bid, but
not exceeding $10,000 with any ono bid. T he
check o f the purchaser will bo retained until the
bonds covered b y it havo been taken up.
The successful bidder will bo required to tako
and pay for tho bonds purchased b y him on or
before Juno 1st. 1913. b y depositing the par value
o f tho bonds with tho fiscal agent o f the Stato o f
W ashington, in tho C ity o f New York, to tho
credit o f tho C ity o f T acom a, for the redemption
o f bonds to bo refunded, and by paying any excess
o f bid to tho C ity Treasurer; P rovided, that any
other convenient m ethod o f paym ent may bo ar
ranged for between tho C ity and the bidder.
Tho C ity reserves tho right to reject any or all
bids.
Dated Tacom a, W ash., M arch 12, 1913.
S IN K IN G FU N D B O A R D OF T A C O M A ,
W . W . SEYM OU R,
M ayor.
J. F . M E A D S ,
C ity Controller,
RAY FREELAND,
Commissioner o f Finance.
M arch 15 to April 19 inclusive.
Sealed proposals will bo received b y the Board
o f Finance of tho C ity o f Paterson, N ew Jersoy,
until FO U R O ’ C L O C K P. M. ON I H U R S D A Y ,
A P R IL 3, 1913, for tho purchaso o f $565,000
C oupon Bonds o f the C ity o f Paterson, viz.:
$400,000 Sower Funding Bonds.
$165,000 School Bonds.
Said bonds will bo dated April 1, 1913, will
mature April 1, 1943, and will bear interest at the
rate o f four and one-half per centum (4 H % ) per
annum, payablo semi-annually on tho first days
o f April and October In each year, both principal
and interest being payablo In gold coin o f the
United States o f America o f tho present standard
o f weight and fineness, or Its equivalent, at The
Hanover National Bank o f tho C ity o f N ow Y ork,
or at tho Office o f tho C ity Treasurer o f Paterson,
as tho holder m ay desire. Said bonds will be
coupon bonds o f the denomination o f $1,000 each,
with the privilege to tho holder o f registering the
same as to principal only, or o f converting the
same into bonds registered as to both principal
and interest. Sinking Funds are provided for
tho payment o f said bonds at m aturity, as pro
vided by law.
, „
,
, ,
Proposals will bo received for tho whole or any
part o f said bonds. All proposals must provide
tor the paym ent o f accrued Interest by tho pur
chaser from the date o f said bonds, April 1, 1913,
to tho date o f delivery o f said bonds, and must b«
accom panied b y a certified check upon an In
corporated bank or trust com pany, payablo to the
order o f tho C ity Treasurer of tho C ity o f Pater
son for 2 % o f tho amount o f bonds bid for, the
amount o f such check so to bo deposited to bo
credited upon the bid if accepted, and to bo re
turned forthwith if not accoptcd.
Proposals should bo addressed to tho Board of
Finance, Paterson, Now Jersey, and enclosed In
a sealed envelopo marked “ Proposal for C ity o f
Paterson B onds.’
T he right is reserved to reject any or all bids.
T ho validity o f said bonds will bo approved b y
Messrs. Hawkins, Delafleld & Longfellow . A t
torneys o f N ew York C ity , whoso opinion, o r .a
duplicate thereof, will bo delivered to tho suc
cessful bidder or bidders. The bonds will he
prepared and certified as to genuineness by the
United States M ortgage & Trust C om pany^of
N ew York C ity.
BOARD OF°FINANCE OF TUB C IT Y OF
N otice is hereby given that on S A T U R D A Y ,
T H E 19TH D A Y O F A P R IL , 1913, at the hour
o f eleven o ’clock in the forenoon, at the office of
tho C ity Treasurer o f tho C ity o f Tacom a, W ash
ington, sealed bids will be received b y the cor
porate authorities o f salcl C ity for the followingdescribed Issues o f municipal bonds, viz.:
1. $100,000 o f Bridge Refunding Bonds o f
1913, authorized b y Ordinance N o. 5251. passed
M arch 6, 1913; p rin cipa l payablo as follows:
N os. 1 to 10 Inclusive, Juno 1. 1914;
N os. 11 to 30 inclusive, June 1 1915;
N os. 31 to 60 Inclusive, Juno 1, 1916;
N os. 61 to 100 inclusive, Juno 1, 1917.
2. $250,000 o f Light Refunding Bonds o f 1913,
authorized b y Ordinance N o. 5252, passed M arch
6, 1913, principal payablo as follows:
50 Bonds. N os. 1 to 50 inclusive, Juno 1, 1918,
50 B onds. N os. 51 to 100 inclusive, Juno 1, 1919;
70 Bonds,<Nos. 101 to 170 inclusive, Juno 1,1920;
80 Bonds, N os. 171 to 250 inclusive, Juno 1,
1921.
3. $1,750,000 o f W ater Refunding Bonds o f
1913, authorized b y Ordinance N o. 5253, passed
M arch 6, 1913, principal payablo as follows:
100 Bonds, N os. 1 to 100 inclusive, Juno 1, 1922;
100 Bonds, N os. 101 to 200 inclusive, Juno 1
1923*
110 Bonds, N os. 201 to 310 inclusive, Juno 1,
19120 Bonds, N os. 311 to 430 inclusive, June 1,
19?30
1926*
140
1927*
150
1928'
160
1929*
170
193Q.
180
B onds, N os. 431 to 560 Inclusive, June 1,
B onds, N os. 561 to 700 inclusive, Juno 1,
B onds, N os. 701 to 850 inclusive, Juno 1,
B onds, N os. 851 to 1010 inclusive, Juno 1,
B onds, N os. 1011 to 1180 inclusive, June 1,
B onds, N os. 1181 to 1360 inclusive, June 1,
ESTABLISHED 1885.
M U N IC IP A L A N D R A ILR O A D
H. C. SPEER & SONS CO.
BONDS
First H at Bank Bldg., Ghltage
LIST ON APPLICATION
SEAS0NG00D & MAYER
SCH OOL,
OOUNTY
AND
M U N IC IP A L
BONDS
I n g a lls B o lld in g
C IN C IN N A T I
STACY
&
BRAUN
Investment Bonds
T o le d o
n;
PATERSON ^ ^
B R O p u Y , 0 £ k .'
W M . B E R D A N , President.
________
Adrian H. Muller & Son,
a u c t io n e e r s
.
R e g u la r W e e k ly S a le s
OF
G E O . B. E D W A R D S
T r ib u n * B u ild in g , N EW Y O R K , N . Y .
F O R S A L E .— T im b e r , C o a l, I r o n , R a n ch an d
e t h e r p r o p e r tie s .
N e g o tia tio n s , I n v e s t ig a t io n s , S e ttle m e n ts,
P u r ch a se s o f P r o p e r ty , In fo r m a tio n
STOCKS and BONDS
EVERY
W EDNESDAY
Otttc#, No. M WILLIAM STREET,
Corow Pin# Street,
r
969
THE CHRONICLE
M AR. 29 1913 ]
E Y E H I L L ( R U R A L M U N I C I P A L I T Y N O . 3 8 2 ) , S a s k .— TE N D E R S
R EJE C T E D . — A ll ten ders recelvod on M a r c h 17 fo r th e $ 1 0 ,0 0 0 5 % 2 0 -y e a r
d eb en tu res offered on th a t d a y ( V . 9 6 , p . 7 4 4 ) w ere r e je c te d .
O L A C E B A Y , O n t . — D E B E N T U R E S A U T H O R I Z E D — R e p o rts sta te
th a t th e C o u n cil rec en tly au th orized th e issu ance o f $ 1 3 ,5 0 0 3 0 -y r . d ob en s.
O O D E R I C H , O n t . — BONDS TO RE OFFERED SH O R T LY .— W o aro
a d v ise d b y th e C ler k u nder d a to o f M a r c h 24 t h a t th is p lace w ill offer for
sa le s o m e tim e d urin g A p ril th e $ 3 5 ,0 0 0 h y d r o -ele ctr ic-in sta lla tio n b o n d s
v o te d on J a n . 6 . ( V . 9 0 , p . 1 5 4 .)
G R E Y C O U N T Y (P . O . O w e n S o u n d ) , O n t . — D E B E N T U R E S PRO
POSED. — I t is rep orted th a t th e issu an ce o f $ 2 0 ,0 0 0 b r id g e -im p t. d eb en
tures is being consid ered.
H O L L A N D C O N S O L I D A T E D S C H O O L D I S T R I C T (P . O . H o l l a n d ) .
M a n .— D E B E N T U R E S V O T ED . — I t is sta te d th a t th is d istrict oil M a r . 12
v o te d in fa v o r o f th e q u ostlon o f issu ing $ 2 5 ,0 0 0 sc h o o l-co n str. deb en tu res
(V . 9 6 . p. 7 4 4 ).
KAMSACK, S a s k .— D E B E N T U R E S N O T SOLD.— W o aro a d vised u n
d er d a to o f M a r . 2 0 th a t n o sa le h as y o t b een m a d o o f th e th ree issues o f
C0UP‘ d ob en tu res aggre gatin g $ 2 7 ,0 0 0 , offered on J a n . 15 ( V . 9 5 , p .
K I N G S V I L L E , O n t . — L O A N O F F E R IN G — P rop osals w ill b o received
u n til A p r . 6 , rep orts s t a te , b y G e o . P earso, C le r k , for $ 1 0 ,0 0 0 special loan
an d $ 4 ,9 0 6 31 lo c a l-lm p t. 5 % 1 0 -y r . d eb en tu res.
L ik e issues o f deb en
tures w ero a d v ertised to b e so ld M a r c h 2 6 .
L I N D S A Y , O n t . — D E B E N T U R E E L E C T IO N .— 'T h e q u e stion o f Issuing
$ 1 0 ,0 0 0 sc h o o l-c o n str. dobonturos w ill b e v o t e d u p o n on A p r il 1 0 , re
p o rts s ta te .
M A I S O N N E U V E , Q u o .— D E B E N T U R E S A L E . — A cc o rd in g to rep orts,
an issue o f $ 7 0 0 ,0 0 0 5 % 4 0 -y e a r d eb en tu res h as been p urchased b y H a n so n
B r o s, o f M o n tr e a l.
M ONTCALM ,
Q u e . — D E B E N T U R E E L E C T IO N PROPOSED.— T h o
q u e stion o f raisin g $ 8 0 ,0 0 0 fo r stre et p a v in g w ill bo v o te d u pon s h o r t ly , a c
cordin g to rep orts.
M O O S E J A W , S a a k .— D E B E N T U R E S V O TED .—^The q u e stion s o f is suitH? S i7 fi non 4 5 -v r sow er an d w ater-w ork s e x t. an d J$oo,UUU z U -y r. stro o tImp®. 5 % c o u p c a r r i e d a t an election h eld M a r . 1 3 .
T h o v o te
w as 10 5 to 6 an d 103 to 8 , re sp e c tiv e ly .
I n t . sein i-a u n .
M O R S E , S a s k . — D E B E N T U R E E L E C T IO N .— A cc o r d in g to rep o rts,
an election w ill bo held A p ril 3 to su b m it to a v o to tho q u e stion o f issuing
$ 1 2 ,0 0 0 sid ew alk an d w ator-w orks d eb en tu res.
DEBIi
road d
o f Iteg ln a .
NORTON
(R u r a l M u n ic ip a lity
N o.
6 9 ),
M a n .— D E B E N T U R E
O F F E R IN G .— P rop osals w ill b o received u n til A p r il 5 b y J . M ’ K e c h n io
( P . O . P a n g m a n ) , S e c .-T r e a s ., fo r $ 1 5 ,0 0 0 6 % r o a d -lm p t . d e b e n tu r e s. D u o
in 15 an n u al in sta lle m tn s.
O U T R E M O N T . O n t . — D E B E N T U R E E L E C T IO N .— On A p ril 7 , re
p o rts s t a te , a b y -la w w ill bo su b m itte d to th o p cop lo to decide w h eth er or
n ot th is placo sh all issue $ 5 0 0 ,0 0 0 4 H % 4 0 -y r . civ ic inapt, d eb en tu res.
P E M B R O K E , O n t . — D E B E N T U R E S V O T E D . — A n election recen tly
hold resu lted , rep orts s ta te , in fa v o r o f th o p rop osition to issue $ 5 ,0 0 0 b on u s
d eb en tu res.
PERTH, O n t .— D E B E N T U R E E L E C T IO N PROPOSED.-—An election
will bo held shortly, reports state, to vote on by-laws to raise $10,000 to
settle account of Canadian Elec. & Water Power Co. against town and $25.
000 for street improvements.
PETERBOROUGH COUNTY (P. O. P eterboro), O n t.— D E B E N
TU R E S PROPOSED. — Reports state that on June 17 tho Council will con
sider tho Issuance of $10,000 bridge-constr. debentures.
PORTAGE LA P R AIR IE , Minn.— D E B E N T U R E S V O T E D — A by-law
to issue $35,000 20-vr. Assiniboine River bridge-constr. debentures (V. 96,
p. 669) was favorably voted upon, reports state, on Mar. 10.
PRESTON, O nt .— D E B E N T U R E S N O T SOLD.— No award was made
on March 17 of tho seven issues of 5% debentures, aggregating $110,300,
offered on that day (V. 96, p. 744).
REGINA PUBLIC SCHOOL DISTR IC T NO. 4 (P. O. R egina), Sask.
— D E B E N T U R E O FF ER IN G . — Proposals will bo received until 6 p. m.
Mar. 31 by J. II. Cunningham, Sec.-Treas., for $500,000 5% 20-yr. school
bldg. Impt. and constr. debentures. Int. ann. at Bank of Montreal,
Regina.
ST. HYACINTHE, Que.— B ID S . — Tho following bids wore received on
March 13 for the $100,000 5% 40-yr. coup, refunding debentures offered on
that day (V. 96, p. 586):
Brent, Noxon & Co., Toronto— 92.
Royal Securities Corp., Ltd., Quebec— 92 for $50,000.
Montroal Real Estate & Bond Co.— 100 less Zy% % .
ST. PAUL (Rural M unicipality), M an.— B ID S R E JE C T E D .— 'T he
following bids received on Mar. 12 for the $4,000 5% 1-8-yr.road-impt.de
bentures (V. 96, p. 669) wero rejected:
__
Brent Noxon & Co., T or ----- $3,5061C. H. Burgess & Co., Toronto $3,450
Denom. $1,000. Date Mar. 1 1913. Int. M . & S.
ST. THOMAS. O n t .— D E B E N T U R E E L E C T IO N PROPOSED.— An
election will be held in the near future, reports state, to submit to a vote a
by-law whereby $65,000 school debenturesjaan bo issuixL_______________
SHEDIAC, N. B .— D E B E N T U R E S PROPOSED.— According to news
paper reports, this place has recently been authorised to Issue $15,000 side
walk debentures.
SPRINGSIDE. Sa3k .— D E B E N T U R E S A L E .— Tho Flood Land Co. of
Regina has purcliasod the $1,500 8% 15-year municipal-hall, side-walk
and streot debentures (V. 96, p. 744).
SUTHERLAND, Sask.— D E B E N T U R E O FFER IN G . — Proposals will be
receivod until 8 p. m. Apr. 24 by Sidney Appleby, Sec.-Treas., for $36,
836 96 water-works, $39,243 10 sewerage-system, $6,000 grading, $46,
726 90 sower mains, $56,163 04 water-mains and $15,000 sidewalk and street
crossing 5% debentures. Int. seml-ann.
Due. tho last issue ($15,000)
in 20 yrs. and tho remainder in 30 yrs. .vJS5 ■
THOROLD, O n t.— D E B E N T U R E S N O T SOLD.— N o award was made
on Fob. 28 of tho $15,000 5% 20-yr. refunding debentures offered on that
day (V. 96, p. 509).
TORONTO, O n t.— D E B E N T U R E S A L E . — It Is stated that the Treas
ury Board has accepted the offer of Lloyd’s Bank, London, Eng., to pur
chase $2,000,000 of tho city’s debentures at 89HW OOLW ICH TOW NSHIP, O n t.— D E B E N T U R E E L E C T I O N — An
election will bo held Mar. 31, it is stated, to vote on a by-law to raise $6,000
for bridges.
NEW LOANS.
NEW LOANS
NEW LOANS
$ 5 5 ,0 0 0
$ 4 5 ,0 0 0
$ 3 0 ,0 0 0
Suffolk County, New York, W ILM INGTON, DELAWARE, Ssrsugh of Montvale, New lersey
H ig h w a y I m p r o v e m e n t B o n d s .
S ealed p roposals will b e received b y tho C o u n ty
Treasurer o f S u ffo lk C o u n ty a t his office in R iv e r h ea d , S u ffolk C o u n ty , N e w Y o r k , up to tw o
o ’clock P . M . , on MONDAY, T H E 3 1 S T DAY
OP MARCH, 1 9 1 3 , for tho purchase o f tho w hole
or a n y part o f F ifty -fiv e T h o u sa n d D ollars
( $ 5 5 ,0 0 0 ) o f S u ffolk C o u n ty registered b on d s o f
tho d en om in ation o f O ne T h o u sa n d
D ollars
( $ 1 ,0 0 0 ) , each o f w hich will bear Interest a t th e
rate o f F ou r an d O n o -IIa lf ( 4 M % ) Per C e n t per
a n n u m , p ayab lo som i-an n u ally on th e first d a y s
o f A p ril and O cto ber in each ye ar.
A ll said bon d s will b e d ated A p ril 1 , 1 9 1 3 , and
n um b ered from on e to fifty -fiv o in clu sive and
fiv e o f said bon d s in order as n u m b ered will
b oco m e duo an d p ayab lo on th e first d a y o f A p ril,
1 9 2 4 , an d ten o f said bond s in order as num borod
will b ecom e duo and p ayab le on th e first d a y
o f A p ril in each an d ev ery year thereafter u n til all
o f said b on d s are fu lly p aid.
T h e principal and
Interest o f said bond s will bo p ayab le a t th e offic e,
o f tho C o u n ty T reasurer o f S u ffolk C o u n ty at
R lv e r h e a d , S u ffolk C o u n ty , N e w Y o r k .
T h e bon d s aro issued to raise m on ey to p a y tho
C o u n t y ’s sh are o f tho cost o f th e im p rovem en t o f
h igh w ays w ithin tho C o u n ty pursu ant to th e
a u th o r ity o f a R esolu tion d u ly ad op ted on th e
1 8 th d a y o f F e b ru a ry , 1 9 1 3 , b y tho B o a rd o f
Supervisors o f S u ffolk C o u n ty .
T h o to ta l bond ed indebtedness o f S uffolk
C o u n ty , in ad dition to tlxis Issue, is $ 2 3 0 ,0 0 0 .
T h o assessed aggregate valu ation o f tho real
p rop erty w ithin S u ffolk C o u n ty for tho ye ar 19 12
w as $ 8 2 ,6 2 1 ,1 8 2 .
E a c h proposal m u st bo accom pan ied b y a
certified chock to tho order o f tho C o u n ty T r e a s
urer o f S u ffolk C o u n ty for T w o Per C e n t o f tho
par valu o o f tho n u m b er o f bon d s bid fo r , p ro
posals to bo endorsed “ P roposals for B o n d s” and
addressed to tho undersigned a t R lv e r h e a d ,
S u ffo lk C o u n ty , N o w Y o r k .
T h o C o u n ty Treasurer reserves tho righ t to
reject a n y an d all b id s.
D a te d M a r c h 10, 19 1 3 .
C H A R L E S It. F I T Z .
C o u n ty T reasurer o f S u ffo lk C o u n ty .
C h a rle s M . S m ith & Co
CORPORATION AND
MUNICIPAL BONDS
F IR S T N A T IO N A L B A N K B U IL D IN G
C H IC A G O
Bolger, Mosser &
M U N IC IP A L
Willaman
B O N D S
L egal for S a v in g ! B an k a.
P ostal S avlnga and T r a it Fu ud a.
SEND FOB LIST.
39 S o u t h L a S a il* S t . ;
C H IC A G O
S IN K IN G F U N D L O A N
F U N D IN G B O N D S
Sealed bid s will bo received for all or a n y p art
thereof o f $ 4 5 ,0 0 0 S inking F u n d L o a n o f W ilm in g
to n . D elaw aro, until 12 o ’clock n o o n ,
THURSDAY, APR II, 10 I'H 1 9 1 3 .
T h e se will bo R egistered B o n d s an d will d ato
fro m A p ril 1st. 1 9 1 3 , an d bo Issued in d en om i
n ation s o f $ 5 0 or m u ltiples th e re of, an d bear
Interest a t tho rate o f 4 per cont per a n n u m ,
p ayab lo s em i-a n n u a lly on O c to b e r 1st an d A p ril 1st
each ye ar thereafter, an d will m a tu r e as follow s:
$ 4 2 ,8 5 0 on O c to b e r 1st, A . D . 1 9 35
$ 2 ,1 5 0 on A p ril 1st, A . D . 1936
T h oso bon d s aro Issued for tho purp ose o f refu nd
in g b on d s o f tho W a t e r D e p a r tm e n t, $ 3 0 ,0 0 0
m a tu rin g M a y 1st, 1 9 1 3 , an d $ 1 5 ,0 0 0 m atu rin g
Juno 1st, 1 9 1 3 , an d Issued u nder a u th o rity o f an
A c t o f L e gislatu re, a p p r o v e d M a r c h 3 1 s t , 1 9 0 3 .
A ll proposals m u st do accom p an ied b y a certi
fied check p ayab lo to tho order o f “ T h o M a y o r
an d C ou n cil o f W ilm in g t o n ,” for tw o per c en tu m
o f th e a m o u n t o f bon d s bid fo r , sa m e to b e for
feited If tho bidder falls to a cce p t an d p a y for
bon d s aw ard ed .
T h o successful bid dor or bid ders will bo required
to settlo for tho bon d s aw ard ed w ith accru ed
Interest fro m A p ril 1 st, 1 9 1 3 , at o r b e fo r o 12 o ’clock
n oon on T h u r s d a y , A p ril 2 4 th , 1 9 1 3 .
T h o righ t is reserved to reject a n y an d all b id s.
A d d re ss all bids in sealed en velopo to W illia m S .
L e d n u m , C ity T re a su rer, W ilm in g t o n , D e la w a re,
m ark ed "P r o p o s a ls for S in k in g F u n d L o a n .”
Sealed proposals w ill b e
received
by
th e
M a y o r an d C ou n cil o f tho B o ro u g h o f M o n t v a lo . C o u n ty o f B erge n ,
N ew
J erse y ,
u n til
8 p . m . on A P R I L 1 8 , 1 9 1 3 , fo r an issue o f
$ 3 0 ,0 0 0 Fu n d in g B o n d s o f said B o r o u g h , said
b on d s to bo cou p on b o n d s w ith th e p rivilege
o f registration as t o principal o n ly , or as to
b o th p rincipal and in te re st, a t th e o p tio n o f th e
h old e r, o f th e d en om in ation o f $ 1 ,0 0 0 e a ch ,
n u m b e re d fro m 1 to 3 0 In clusive , d a te d M a r c h 1,
1 9 1 3 , p a y a b le M a r c h 1 , 1 9 4 3 , b earin g in terest
a t tho r a te o f 5 % 1 per a n n u m , p a y a b le sem i
a n n u a lly on th e fir st d a y s
of
M arch
an d
S ep te m b er In each y e a r.
B o th p rincipal an d
Interest o f said b on d s will b e p a y a b le in law fu l
m o n e y o f th e U n ited S ta tes o f A m e r ic a , a t th e
U n ite d S ta te s M o r t g a g e &
T ru st C o m p a n y ,
N ew Y o rk C ity , N . Y .
P rop osa’s sh ould b e ad dressed
to
W .
B.
L a w so n , B orou gh C le r k , M o n t v a l e , N e w Jer
s e y , an d each Iproposal m u s t b e acco m p a n ied
b y a certified check on an in corp orated b a n k or
tru st c o m p a n y , to tho order o f W m . R . M e y e r ,
C o lle cto r o f th e B orou gh o f M o n t v a le , for 2 %
o f th e p ar valu e o f th e b o n d s b id fo r , an d all
p roposals m u st p rovid e for
th e p a y m e n t
of
accru ed interest fr o m M a r c h
1 , 1 9 13
to th e
d a te o f d eliv e ry .
S aid b on d s w ill b e prepared
an d certified as to genuineness b y th e U n ite d
S tates M o r tg a g e A
T ru st
C om pany,
N ew
Y o r k C i t y , and will b e a p p ro v ed as to le gality
b y M e s s r s . H a w k in s, D e fa field & L on gfellow ',
A tt o r n e y s , o f N e w Y o r k C i t y , w hose op inion
will bo furnished to th e su ccessfu l b id der.
S aid b on d s will n ot b e sold for less th a n p ar
an d accru ed in terest.
T h o B o a rd reserves th e righ t to rejec t a n y
or all b id s.
W . B. LAW SON,
B o r o u g h C le r k .
$ 2 5 0 ,0 0 0
DUVAL COUNTY, FLORIDA,
5%
BONDS
T h e B oard o f C o u n ty C o m m issio n ers o f D u v a l
C o u n ty , F lo rid a, will receive bids for tho purchase
o f tho last in stallm en t o f $ 2 5 0 ,0 0 0 o f tho issue o f
$ 1 ,0 0 0 ,0 0 0 o f D u v a l C o u n ty , F lo rid a, fiv e per
c en t bond s a t th e C le r k ’s office In tho C o u r t H ou se
a t J ack son ville , D u v a l C o u n ty , F lo rid a , on or
before 12 o ’clock n o o n , T H U R S D A Y . T H E 3 D
D A Y O F A P R IL . A . D . 1913.
T h o principal o f said b on d s sh all bo duo an d
p ay a b lo on th e first d a y o f D e c e m b e r , 1 9 3 9 .
In te rest on said bon d s a t tho rate o f fiv e per
ce n tu m per an n u m shall bo d uo an d p ayab lo on
tho first d a y o f June an d D ecom b or In each y e a r.
A n y an d all bids m a y bo rejected If tho C o u n ty
C om m issio n ers d eem It to tho Interest o f th e
c o u n ty so to d o .
A d d re ss all bids to th e C o u n ty C om m issio n ers
or D u v a l C o u n ty , F lo rid a , caro F ran k B r o w n .
C le r k , J a ck son ville , F lo rid a .
T h e C o u n ty C om m issio n ers require
o f all
Didders for said bon d s th a t th e y g iv e secu rity b y
b o n d In th e su m o f fiv e per cont or th e a m o u n t o f
th e b id , run nin g to th e C o u n ty T re asu rer, w ith
su reties, th a t tho bidder w ill c o m p ly w ith th e
term s o f tho b id .
,
FRANK BROW N.
.
C lerk B o a rd o f C o u n ty C om m issio n ers, D u v a l
C o u n ty , F lo rid a .
M arch 4 . 1913.
F. W M . K R A F T
LAW YER.
Specializing In Examination of
Municipal and Corporation Bonds
1 M T -* F IR S T N A T I O N A L B A N K
B L D O ..
C H IC A G O , I L L .
BLODGET
&
CO.
BONDS
60 ST A TE STREET, BOSTON
P1N EX.8TREET, N B V YORK
30
S T A T E , C IT Y & R A IL R O A D B O N D S
9)0
T H E C H R O N IC L E
g sw st
[Vol .
© o w p a ix ie s .
^ ttQ iu e r e s .
ESTABLISHED 1894
CHARTERED 1853
U n ite d
S ta tes
T ru st
X C V I.
C om pany
o f
N ew
J fo rb , $ a c o i t & . "3)avts
Y ork
jfngtneers
45 -4 7 W A L L S T R E E T
ACT AS
Capital, ................................................$ 2,000,000 00
Surplus and Undivided Profits - $ 14,020,801 12
C O NSULTIN G ENGINEERS
C O N STR U C TIN G EN GINEERS
O PERATING M A N AG ER S
APPRAISERS
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, V ice-President
W ILFRED J. W ORCESTER, Seoretary
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDW ARDS, 2d A sst. Secy
PROPERTIES FINANCED
115 BRO AD W AY, NEW YO RK
MEW ORLEANS
SAN FRANCISCO
TRUSTEES
JOHN A. STEW ART, Chairm an o f the Board
W IL L IA M R OCK EFELLER
A L E X A N D E R E . ORR
W IL L IA M « . M A O Y J R
W IL L IA M D . SLOANE
FRANK LYM AN
JAM ES ST IL LM A N
JOHN CLAPLIN
JOHN J. PHELPS
W IL L IA M M . K IN G S L E Y
W IL L IA M S T E W A R T TOD
O O D EN M ILL8
E G ER TO N L. W IN T H R O P
CORNELIUS N . BLISS JR
H E N R Y W . de FOREST
R O BER T I . G A M M K L L
L E W IS CASS L E D Y A R D
L Y M A N J. GAGE
P A Y N E W H IT N E Y
E D W A R D W . SHELDON
O H AU N O EY KEEP
GEORGE L. RIVES
A R T H U R CURTISS JAM ES
THE J. G. WHITE COMPANIES
E N G IN E E R S
- MANAGERS
F IN A N C IE R S
43 Exchange Place,
More and more people are finding it convenient to keep their
Securities and other Valuables uptown instead of downtown.
C hicago.
- NEW YORfc
San F rancisco.
L ond on.
The Union Trust Company of New York offers unexcelled
facilities at moderate prices in the uptown vaults of the Lenox
Safe Deposit Company.
Manila, Para, Buenos Aires, Santiago, Chill.
At Fifth Avenue and Sixtieth Street they are very near the
“ social centre” of New York, and convenient for most people
who live uptown.
*
Inspection and patronage are invited.
S . B A R S T O l V * c ,.,
Incorporated
CONSULTING and
CONSTRUCTION E N G I N E E R S
PUBLIC SERVICE PROPERTIES
FINANCED and MANAGED
Pine Street
llIinoislYiist& SaniiuisB aiiK
C H IC A G O
Capital and Surplus,
-
New Y©rt:<
Alfred E. Foratali
Charles D. Robison
FORSTALL A N D ROBISON
ENGINEERS
-
-
$15,000,000
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
Institutions.
84 William St.,
Pays Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.
C O R R E S P O N D E N C E
NEW Y O B K CXT*
C. G . Y O U N G
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
IN V IT E D .
REPORTS FOR FINANCING
B a n k e rs T r u s t B l d g ., N e w Y o rk
▲lex. 0 . Humphreys
M e llo n
N a tio n a l
B ank
PITTSBURGH, PA.
8-26
jt
1 _-
Power— Light— Gas
RESOURCES OVER 50 MILLIONS
N A T IO N A L
M E A T &
L IG H T ,
P O W E R
GUARANTEED
B O N D S
MANILA, SISAL AND JUTS
C O R D A G E
S a le s
O ffic e :
Noble & West Sts.,
N ew Y o rk
p titx h x g
.
.
.
NEW Y O R K
fjS tt g itt je je * * .
MINES MANAGEMENT CO,
CONSULTING MINING ENGINEERS
Managers of Mining Properties
60 B R O A D W A Y . - - NEW Y O R K
28 and 29 St.Sw ithlns Lane,
L O N D O N . E . C ., E N G L A N D .
Avonlda 16 Do Septembre, Num. 48;
M E X IC O , D . FI., M E X IC O .
H. M . CHANCE
<&, C O .
A lin in g E n g i n e e r s a n d G e o lo g is t s
AH iSSMM
BANKERS
M FG . C O ;
C O M P A N Y
A . H . B ick m ore & C a ,
9 0 P la t e S t r e e t ,
A M E R IC A N
ENGINEERS
165 B R O A D W A Y ,
Assurance of safety, perfect service and 3%
interest on reserve accounts are offered to corres
pondents of this bank. Your account is invited
$ S iw
Alton S. Miller
HUMPHREYS & MILLER,ln«
Brooklyn, N. Y.
C O AL A N D M IN E R A L P R O E R T IE S
Exam ined, D eveloped, M anaged
D r e x e l B ld g ,
P H IL A D E L P H IA . PA
EDW IN R. CASE
NEW
JE R SE Y
S E C U R IT IE S
No better Stato
No better Securities
15
EXCHANQE PLACE
w
T els. 751 and 752
JERSEY C ITY
@FedFRASER