Full text of Commercial and Financial Chronicle : March 8, 1913, Vol. 96, No. 2489

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

-

financial

TO,

bromrie

tollinurcati
VOL.96

MARCH 8 1913

I

NO.2489 I

Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana,Sec. Addresses of all, Office of the Company.

CLEARINGS-FOR MARCH,SINCE JANUARY 1, AND FOR WEER'ENDING MARCH 1
Two Months.

February.

Clearings ai1913.

1912.

Inc. or
Dec.

1913.

I

Week ending March I.
Inc. Of

1912.

Dec

1913.

1912.

Inc. or
Dec.

1911.

1910.

$
$
$
New York
+6.6 17,133,385,501 16,148,229,903 4-6.1 2,118,888,569
7,794,644,295 7,312,648,364
1,895,980,162 +11.8 1,96619,9356,190,125,316
599,909,936
Philadelphia
+6.7 1,430,329,145 1,315,425,453 +8.7
839,873,372
177,093,753 153,858,449 +15.1 174,701,491 163,469,440
193,312,911 +16.9
226,059,174
Pittsburgh
486,333,350
416,363,096 +16.8
69,018,914
52,121,741
+32.4
60,086,676
50,242,935
151,721,415 +7.4
182,925,304
Baltimore
361,298,953
324,388,103 +11.4
46,375,521
49,290,731 -5.9
36,828,825
31,914,278
45,859,918
42,596,501
Buffalo
+7.7
101,007,336
95,027,332 +6.3
10,805,471
10,303,742 +4.9
10,177,617
10,485,378
29,177,830
31,289,362
Washington
63,048,855
66,307,526
7,808,277
7,853,872
7,446,517
-0.6
7,566,385
26,541,157 +5.8
Albany
27,017,363
59,156,380
52,632,006 +12.4
7,058,690
5,500,511 +28.3
6,068,431
5,133,859
20,717,144
17,840,604 +16.1
Rochester
44,915,411
38,524,309 +16.6
4,991,127
4,780,467 +4.4
4,924,813
4.775.862
11,455,965
11,535,597
Scranton
-0.7
26,229,583
25,360,327 +3.4
2,602,491
2,869,382 -9.3
3,095,406
2,06,614
10,492,934
10,144,085 +3.4
Syracuse
24,039,565
21,834,147 +10.1
2,791,140
3,023,648 -7.7
3,093,143
2,239,799
7,000,354
Reading
0,111,210 +14.5
13,490,416 +10.3
14,875,657
2,136,675
1,672,064 +27.8
1,683,070
1,503.262
Wilmington
7,100,396
6,030,217 +17.7
15,087,806
12,980,690 +18.2
1,989,8.52
1,590,301 125.1
1,703,905
2,009,208
Wilkes-Barre
6,242,395
5,993,271
+4.2
12,740,825 +8.0
13,756,630
1,581,717
1,394,325
13.4
1,499,429
1,391,490
Wheeling
9,277,147
7,319,066 +20.8
18,872,931
15,483,851 +21.9
2,062,922
1,820,153
13.3
1,613,098
1,806.690
Trenton
8,606,415
7,627,043 +12.8
16,307,224
14,764,937 +10.5
2,092,309
1,803,694 +16.0
1,821,782
1,908.279
Harrisburg
6,022,901
10,814,219 +19.3
5,012,857 +20.2
12,903,921
Lancaster
6,430,409
13,371,443
4,780,713 +34.5
9,463,158 +41.3
1,612,409
1,387,662
+16.2
1,122,537
York
3,445,571
3,588,439 -4.0
7,458,627
7,637,075 -2.3
899,167
946,210 -5.0
975,962
922,987
Erie
3,030,106
3,598,425 -15.7
7,723,998
7,988,153 -3.3
1,053,513
850,499 +23,9
791,407
877,925
Chester
2,639,848
2,380,744 110.9
4,941,936 +19.9
5,926,969
724,997
569,820 +27.2
628,281
Binghamton
516.225
2,719,600
2,428,800
12.0
5,908,900
5,218,000 +13.2
578,400
569,500 +1.5
499,600
436,250
Greensburg
2,457,259
2,173,405
13.2
5,421,947
5,110,118 +6.1
684,607
495,838 +38.1
520,000
544,071
Altoona
1,999,011
1,890,584 +5.8
4,468,833
4,057,640 +10.1
653,786
426,977 +53.2
485,557
431,065
Franklin
1,092,095
854,094 127.9
2,434,959
1,701,751 +43.1
Frederick
1,287,344
• 1,001,984
28.5
2,870,791
2,332,781 +23.1
Beaver County, Pa
2,150,058
1,809,107
18.8
4,884,663
4,057,660 +14.9
Norristown
1,701,186
1,635,457 +4.0
3,826,081
3,576,594 +7.0
Montclair
1,543,361 Not included in total
3,550,698 Not included in total
409,380 Not included in total
Total Middle
-0701174257391 8,400,773,258
19,885,625,259 -W64-0,452,004 --T671 2,463,504,307 2,199,109,848 +12.0 2,285.280,910 2,482.142.877
Boston
711,741,368
741,860,536 --4.1 1,534,819,284 1,584,663,030 -3.2
188,959,186 214,401,442 -11.9 163,675,002 173,821,504
Providence
33,856,600
34,506,300 -1.9
75,683,900
74,740,600 +1.3
8,747,800
7,995,600 +9.4
8,352,900
7,829,600
Hartford
21,414,512
17,867,847 +19.9
45,700,317
40,010,442 +14.2
6,106,474
4,930,391 +35.7
4,792,261
5,835,260
New Haven
11,631,807
11,424,986 +1.8
26,557,763
25,921,962 +2.5
3,141,053
3,215,370 -2.3
3,316,755
3,140,859
Springfield
10,697,014
10,280,498 +4.1
24,003,891
21,580,606 +11.2
2,780,749
2,462,670 +12.7
2,116,772
2,170,000
Portland
7,520,986
10,367,919 --27.6
16,701,405
20,813,135 -19.7
2,027,670
2,239,340
2,197,797
-9.5
1,970,102
Worcester
11,152,333
9,629,173 +15.8
23,188,267
20,998,055
+10.4
2,797,239
2,440,900
+14.6
2,505,076
2,451,009
Fall River
4,830,708
10,470,038
4,944,748 -2.3
10,024,843 +4.4
1,175,305
1,280,717 -8.2
1,163,008
1,161,404
New Bedford
4,327,131
9,016,482
3,977,826 +8.8
8,427,810 +7.0
1,129,248
1,004,350 +25.5
1,034,483
1,133,122
Holyoke
2,681,119
5,813,999
2,624,404 +1.4
+6.4
5,461,981
794,646
684,949 +16.1
576,748
550,113
Lowell
2,003,502
4,435,837
4,758,288 -6.8
2,128,573 -5.9
493,371
604,251 -2.2
567,873
470,819
Bangor
1,702,284
4,157,921
4,018,003 +3.4
1,742,318 -2.3
488,351
455,562
+7.2
447,570
Waterbury
3,650,000 Not included in total
8,042,000 Not included in total
Total New England -03,539,364
851,355,128 -3.3 -T780,348,904 1,821,418,765 -2.3 -21-1,641,092 2517815,642 --- 1-:9 190,746,225
-200533792
Chicago
1,240,420,411 1,152,989,770 +7.0 2,052,665,886 2,405,955,059 +10.3
348,900,536 303,172,351 +15.1 306,129,921 339,317,404
Cincinnati
104,972,450
99,802,050 +5.2
233,238,350
221,111,550 +5.5
27,098,300
25,223,100 +7.4
26,382,300
27,735,700
Cleveland
91,014,804
75,403,593 +20.7
209,709,052
173,379,218 • +20.9
21,795,625
17,610,411
+23.8
19,287,864
10,185,380
Detroit
94,712,192
77,781,947 +21.8
206,246,590
168,100,639 +22.7
26,226,192
19,335,741 +35.6
17,287,948
18,229,031
Milwaukee
60,253,660
63,875,500 -5.7
130,519,082
122,850,804 +6.2
15,377,368
14,866,724
+3.4
15,644,951
14,525,493
Indianapolis
34,326,773
32,388,023 +6.0
75,927,789
71,384,050 +6.4
9,444,682
8,949,155
+5.5
10,118,891
10,253.254
Columbus
25,994,700
24,735,700 +5.1
54,235,200
50,900,900 +6.5
6,344,400
5,308,600 +19.5
5,852,700
6,911,000
Toledo
19,727,158
44,115,102
17,837,588 +11.8
38,605,773 +14.3
4,347,672
4,172.636
+4.2
4,711,244
5,498,011
Peoria
14,873,482
31,149,974
14,029,358 +6.0
+6.2
29,322,784
4,735,506
3,961,494 +19.5
4,294,680
4,082,959
Grand Rapids
12,164,128
11,583,228 +5.1
28,192,273
+14.8
24,568,869
3,357,308
2,891,161
2,833,487
+16.1
2,665,704
Dayton
7,873,444
9,267,720
21,258,624
+17.7
18,436,253
+15.3
2,659,810
2,028,726
+31.1
2,505,023
Evansville
2,655,520
8,651,251
8,134,766 +6.3
19,854,595
19,305,092 +2.8
2,433,529
2,231,162 +9.1
2,233,423
2,441,913
Kalamazoo
2,917,848
6,610,568
6,183,251
2,831,887 +3.0
+6.9
583,603
659,873 -11.5
464,680
706,025
Springfield, Ill
4,377,478
9,458,678
4,906,687 -10.8
10,276,969 -8.0
944,206
1,283,315
-26.4
1,411,578
Lexington
1,508,686
5,994,853
12,512,259
9,857,064 +26.9
5,060,428 +18.5
1,605,899
1,390,808 +15.5
1,249,204
Fort Wayne
1,331,157
4,365,383
+3.6
4,215,035
10,005,743
9,193,188
+8.8
1,427,004
1,302,893 +9.6
1,293,893
Youngstown
1,220,588
6,552,030
5,318,682 +23.2
13,930,499
11,329,306 +23.0
1,485,015
1,537,944 -3.4
1,050,620
Rockford
1,133,679
3,937,383
3,381,535 +16.4
8,029,820
6,781,714 +18.4
866,726
797,398 +8.7
754,849
697,549
Bloomington
2,910,003
2,934,756 -0.8
-2.0
5.787,641
5,907,203
1,113,406
1,897,754
-41.3
2,110,194
2,057,841
Quincy
3,400,136
2,651,361
28.3
6,991,386
5,650,683 +23.7
972,533
770,388 +26.2
1,017,712
1,104,864
Akron
7,500,000
5,537,000
35.4
+34.5
16,408,000
1,724,000
12,197,000
1,286,000 t34.1
794,500
1,282,200
Canton
5,409,913
4,431,409
22.1
11,652,434
9,739,058 +19.5
1,579,258
1,186,530
33.1
959,545
1,047,165
Springfield, Ohlo..
2,842,927
2,011,958
8,198,679
4,696,340 +32.0
1,036,199
808,579
28.2
961,356
633,636
Decatur
2,143,501
2,141,151
+0.1
4,602,068
4,367,942
673,245
+5.4
686,772 -18.4
761,114
963,376
South Bend
5,458,825
1,993,703 +173.8
13,234,748
+192.9
4,518,529
1,295,048
491,840 +183.4
502,736
545,421
Mansfield
1,814,689 -3.5
1,750,667
3,720,359
402,172
3,737,157 -0.3
393,712 +2.2
461,331
490,135
Danville
1,891,738 -8.0
1,739,900
3,907,953
3,705,219 +5.5
525,000
537,841 -2.4
606,540
667,721
Jacksonville, Ill
1,317,628 +6.4
1,401,125
2,905,781
2,430.005
+19.5
448,807
595,691
-24.7
845,032
723,971
Jackson
1,947,137 +11.1
2,614,752
4,830,174
4,172,490 +15.8
561,000
510,000 +10.0
428,000
400,000
Lima
1,491,483 +10.1
1,642,956
3,844,432
3,325,111 +15.6
536,909
337,865 +5.9
626,106
353,238
Owensboro
2,090,571 +12.1
2,342,833
4,676,660
5,049,047
-5.6
542,349
479,183
+13.2
462,851
500,000
Lansing
+8.7
1,711,225
4,077,247
1,859,719
3,499,252 +16.5
457,964 +8.1
495,000
397,782
Flint
1,031,506 +2.3
1,668,790
3,649,988
3.460,823 +2.5
Gary
1,309,989
2,596,546
951,258 +37.6
2,005,089 +29,5
Lorain
389,462
923,104
403,929 -3.5
848,231
+8:9
Ann Arbor
758,845
1,712,929
707,424 +7.3
1,520,119 +12.6
211,994
180,388 +17.5
307,679
Adrian
236,366
173,982
381_,754
117,057 +48.6
309,597 +23.3
35.000
25,685 +36.3
60,200
34,428
Total Middle West.. 17/0-17302,909
-513 3,478,781,368
-1764-9T700,208 +8.6 3,869,85-5,
491,885-21 427,369,484 +15.o 434,703,477 -47131-67/73
Details of Pacific and other Western on4Erg2t9A0
Total Pacific
495,204,794
-0.3 1,075,634,530 1,034,850,824
+3.9
128,160,812 123,142,051
+4.1 114,244,857 110,112,810
Total Other West
582,380,566
564,239,343 +3.2 1,287,605,832 1,182,917,689 +8.8
155,050,621 148,360,920 +5.9 154,483,018 177,139,261
St. Louis
320,449,976
305,126,833 +5.0
716,013,172
652,207,523
+9.8
85,015,489
80,062,880 +6.2
77,232,905
75,703,602
New Orleans
75,749,981
94,947,244 -20.2
179,162,460
200,909,138 -10.8
21,395,460
24,566,196 -12.9
23,200,948
17,960,989
Louisville
66,169,873
66,639,762 -0.7
137,713,225
131,973,750 +4.4
17,592,445
15,091,566 +16.6
15,156,078
13,824,377
Houston
91,097,188
74,110,753 +22.9
181,194,442
152,185,014 +19.1
21,500,000
17,500,000
+22.9
10,640,309
12,610,200
Galveston
41,281,000
38,839,500 +0.3
87,562,000
81,311,000 +7.7
12,683,000
8,777,500 +44.3
5,830,500
0,097,500
Richmond
32,063,518
36,581,825 -15.1
71,487,676
76,018,984
8,321,903
8,546,371 -2.6
7,700,000
8,086,366
Atlanta
54,223,136
58,969,802 -8.5
130,296,143 -5.0
123,796,305
13,832,762
14,082,266 -1.8
11,914,602
10,947,921
Memphis
32,736,950
37,075,995 -11.7
75,843,145
78,174,880 -3.0
8,418,433
8,497,780
+0.9
6,799,825
6,585,220
Savannah
18,061,788
25,595,325 -29.4
42,929,846
53,934,416 -20.4
4,888,879
6,285,790 -22.2
5,250,727
4,124,724
Nashville
28,045,217
21,846,531 +28.4
64,325,852
48,746,596 +32.0
5,607,759 +34.3
7,533,160
4,366,999
4,273,785
Fort Worth
31,630,887
26,855,938 +17.8
70,829,165
57,738,642 +22.3
8,303,468
4,424,815 +87.7
5,291,468
8,961,780
Norfolk
15,214,415 +0.1
16,138,476
31,574,708 +9.6
34,616,948
3,545,162
3,620,995 -2.1
3,420,035
Birmingham
2,775,333
12,731,264 +7.9
13,733,069
25,659,189 +21.8
31,239,073
3,800,691
2,490,433 +52.9
2,725,567
Augusta
2,621,229
10,598,730 -22.9
8,176,820
21,673,416 -12.8
18,901,687
2,472,846
2,576,391 -4.0
2.334,848
Knoxville
2,467,507
7,963,629 -17.8
6,547,599
14,132,545
16,256,331 -13.1
1,871,574
2,197,137 -14.8
1,780,502
Little Rock
1.757.049
9,528,845 -7.4
8,824,691
19,140,181
18,638,090 +2.7
1,675,380
1,899,866 -11.8
1,719,901
Jacksonville
1,751,338
14,103,190 +0.3
14,139,859
29,841,382
28,930,493 +3.2
3,831,862
3,256,082 +17.7
2,796,988
Mobile
2.534,180
5,547,840
-14.1
8,455,159
12,988,518
13.413,019
-3.2
1,543,978
1,781,936 -13.4
1,542,918
1,458,780
Chattanooga
10,309,087 +3.6
10,682,013
21,093,644 +9.2
23,026,293
2,375.500
2,732,945 -13.1
1,8,50,137
1,749,503
Charleston
8,398,145 -6.6
7,850,568
17,655,581
17,843,173 -1.1
1,683,230
1,980,143 -15.0
1,750,512
1,729,296
Oklahoma
6,765,578 +1.8
6,885,798
15,731,499
14,137,273
+11.3
1,493,114
1,380,775
+8.2
1,989,955
2,449,404
Macon
16,685,032 -13.5
14,436,148
36,844,158 -12.9
32,085,273
3,033,599
3,760,000 -19.3
3,078,473
1,199,113
Columbia
4,590,291
4,121,899 +11.4
10,509,843
8,382,877 +25.4
Beaumont
2,690,000
2,648,875 +1.6
5,755,672
5,530,058 +4.1
Austin
17,958,942
16,555,418 +8.5
27,807,402 +20.3
33,454,797
4,200,000
4,090,217
+2.7
4,986,835
3,086,285
Vicksburg
1,312,328
1,622,724 -19.1
3,514,824 -10.9
3,132,406
336,499
374,460 -10.1
315,345
309,394
Wilmington, N. C..- 3,089,989
3,265,177 -5.4
0,883,239 -3.5
6,640,701
Columbus, Ga
1,925,388
4,025,025 -7.6
2,245,336
14.3
4,274,742
Jackson
1,933,086
2,744,204
5,210,525
-20.8
-29.6
4,128,484
351,226
835,000
-57.9
330,000
300,000
El Paso
6,024,831
10,465,753 +16.1
5,357,694 +12.4
12,153.627
Meridian
1,446,600
3,547,547 -15.0
1,905,147
24.1
3,015,403
Tulsa
3,949,300
2,642,280 +55.0
5,520,280 +46.6
8,090,352
902,755
578,828
+56.0
707,468
Muskogee
3,227,741
3,649,958 -11.6
6,991,667 +4.4
7,290,178
712,346
786,121 -9.4
831,367
is Total Southern_ _ _ _
952,620,671 --082T000:874 +0.07 2,098,568,453 1,998,038,775
243,379,658 227,785,005 +2.8 200,988,717 197,981,467
41Total all
13,686,563,695 12,974,895,031
+5.5 29,997,642,521 28,158,450,425 +6.5 3,669,421,391 3,365,302,850 +9.9 2,379,982,634 3,639,961,809
Outside New York_ 5,891,919,400 5,662248,807 --+
-177ta 1,580,532,822 1,469.322,688 -7
-47t 12,864,287,020 12,008,229,5224-1-1 1413,509,699 1,449,836,493

t41.6

+-rE2

or Clearings

by Telegraph and Canadian Clearings on page 695.




672

THE CHRONICLE

[VoL. xcvr.

and privation has existed, the people themselves
THE FINANCIAL SITUATION.
have been singularly ignorant of it. Suffering from
President Woodrow Wilson's inaugural is a such maltreatment, we would expect them to be sulliterary masterpiece. Its tone is lofty, its spirit len and morose, dejected and depressed,and ashamed
fine. It reveals the mind of the man with scholarly to hold up their heads. But we go out into the
attainments—such attainments as one acquires from streets and find them gay and happy, in seeming
following literary pursuits. But notwithstanding contentment, evidently enjoying their prosperity
its crystalline language it NOM not, asig thesis, and their political, economic and intellectual liberty.
win for its author a degree from the university over Tliby appear all unconscious of the slavery and subwhich he presided with so much grace and digpity jection under which they are groveling, according
before he entered politics, nor from any othePwcol- to the picture painted by Mr. Wilson. Never have the
lege or university. The substance of the message laboring classes been in enjoyment of so much power,
must be treated distinct from its tone and form. never have they been paid so well, never have they
• Thus viewed it is the cry of the crusader. It is a had so many of the comforts of life. The farmers,
,call to action. It is an exhortation and reveals the on their part, have been no less blessed. Nature has
frailties and deficiencies generally inherent in decla- for many years been.bounteous to them and the ecomations emanating from those who think they have nomic system which our compassionate President
a mission to perform and are determined to carry would have us believe is grinding us all to the dust
out their resolve at all hazards. Judged apart from is supplying them pith a steadily growing body of
its literary style, the inaugural is ineffably weak. consumers and thus furnishing a market for their
It starts from false premises. It takes too much products at good prices. At the same time, men are
for granted. It assumes too much. It is unillumi- recognizing their obligations to one another as never
ning and unenlightening. It displays an amazing before at any stage of the world's history. This is
ignorance of every-day facts. It asserts but does particularly true of the rich, who are the main
not prove. It fails to convince, and does not under- object of assault of the new forces in the political
take to convince. It is a composition that will world.
always look well in school books because of its
What, then, is all the clamor about? Mr. Wilson
cultured style, but as a guide to the student and .busi- furnishes no specifications. None could be adduced
ness man it lacks most of what it should contain that would not be trivial and insignificant alongside
and contains much that should be lacking.
of the tremendous offsetting good. There doubtless
It is Mr. Wilson's idea that in our industrial af- are ills and evils connected with the present industrial
fairs we have failed to distinguish between evil and system, and it is our duty to remove them; but,
good, that now the people have declared for moral unfortunately, humanity has not yet attained inregeneration and that they have chosen him as the fallibility and perfect moral rectitude, notwithstandinstrument for performing the cleansing and purify- ing all our progress and achievements, and no system
ing process. As to what is at stake, he speaks with will ever be devised that will reveal mankind free from
religious fervor, saying: "Men's hearts wait upon us; faults and blemishes. We make bold to proclaim,
men s lives hang in the balance; men's hopes call too, that it will be a long time before we reach perupon us to say what we will do." To make the ap- fection even under Mr. Wilson's beneficent guidance.
peal more impressive, he asks the people to assist Has not Mr. Wilson lost his sense of proportion?
him in his self-chosen task, and invokes the aid of Has he not allowed himself to become too much
the Almighty. "I summon all honest men, all pa- impressed by the mouthings of ex-President Roosetriotic, all forward-looking men, to my side. God velt, whom he is unconsciously imitating? Has he
helping me, I will not fail them, if they will but coun- not read too intently the editorial utterances of the
sel and sustain me." He tells us that "The nation sensational newspapers which paint things in lurid
has been deeply stirred, stirred by a solemn passion, tones? The extract quoted above might have been
stirred by the knowledge of wrong, of ideals lost, of taken from the columns of Mr. Hearst's morning
government too often debauched and made an in- daily, "The American," or his afternoon sheet, the
strument of evil."
"Evening Journal"—both "rag-bag" papers, in the
Notwithstanding the choiceness of the language, !anguage of Mayor Gaynor. Must we not conclude
there s here an obvious straining for effect. But that Mr. Wilson, all intent on literary style, failed to
what is it that has stirred the nation in "solemn pas- weigh his words properly and was heedless of the
sion"? Here is the indictment:
substance of his address?
This is especially to be regretted since the new
"We have been proud of our industrial achievenot
hitherto
thoughthave
stopped
President thinks lie has received, as we have seen, a
ments, but we
fully enough to count the human cost, the cost of commission to bring about an industrial and ecolives snuffed out, of energies overtaxed and broken, nomic revolution. Here is his conception of what is
the fearful physical and spiritual cost to the men and expected of him and the Democratic Party: "Our
women and children upon whom the dead weight and
restore, to corburden of it all has fallen pitilessly the years through. duty is to cleanse, to re-consider, to
to purify
good;
the
The groans and agony of it all had not yet reached rect the evil without impairing
common
life
our
our
life,
of
of
undertone
and
humanize every procees
our ears, the solemn, moving
coming up out of the mines and factories and out of without weakening or sentimentalizing it." Thus
every home where the struggle had its intimate and the vision is a limitless one. Mr. Wilson and his
familiar seat. With the great Government went party are "to purify and humanize every process
many deep, secret things which we too long delayed
again, we have the voice
to look into and scrutinize with candid, fearless eyes. of our common life." Here,
who reeks not of
reformer,
and
of
the
crusader
been
often
too
The great Government we loved has
look
to see upon what
we
made use of for private and selfish purposes, and consequences. Naturally,
that
he
claim
has received a
had
it
people."
forgotten
the
used
those who
the crusader rests his
high—vox
populi,
vox Dei—to
on
commission
from
What a gloomy picture is here presented to us.
common
"every
our
of
process
regenerate
to
reform,
misery
this
all
If
and
woe.
suffering
What a tale of



MAR. 8 19 3 1

THE CHRONICLE

673

life." Let the reader hearken. He says: "No one force of the Government. And this is done under
can mistake the purpose for which the nation now the guise of carrying out the popular will.
seeks to use the Democratic Party. It seeks to use
When Mr. Wilson undertakes to particularize, he
it to interpret a change in its own plans and point of singles out for reform the things more especially
view. Some old things with which we had grown that have long been matters of discussion in all the
familiar, and which had begun to creep into the very newspapers of the land. Tariff reform and currency
habit of our thought and of our lives, have altered reform are mentioned foremost. No one questions
their aspect as we have latterly looked critically • that both are proper subjects of reform. But
upon them, with fresh, awakened eyes."
serious misgivings exist as to how Mr. Wilson and
The words here given appear near the opening of his friends will undertake the task. As to currency
Mr. Wilson's address, and his whole argument rests reform, Mr. Wilson simply says that the country
upon them. A moment's consideration will show possesses "a banking and currency system based
that his premises are entirely false. Neither Mr. upon the necessity of the Government to sell its
Wilson nor the party behind him has been authorized bonds fifty years ago and perfectly adapted to conby the people to do any of the things which he pro- centrating cash and restricting credits." This states
claims. Mr. Wilson is President, and the Demo- a truism as to existing defects, but leaves us in comcratic Party is in power, simply because of the action plete ignorance as to the remedy to be applied. We
of Mr. Roosevelt in setting himself up as an inde- only know that in a speech on January 11, before
pendent candidate, thereby splitting the Republican the business men of Chicago, Mr. Wilson said that
Party in twain. Hosts of men all over the country "the banking system of this country does not need
voted for Mr. Wilson, not because they approved of to be indicted. It is convicted * * * You cannot
his policies or his doctrines, but solely because they get into the game in some instances unless you are
wanted to make the defeat of Mr. Roosevelt sure upon certain terms with the gentlemen who are
beyond all peradventure. They felt that with the running the game." To this he added, it will be
Republican Party rent asunder, Mr. Taft could not, remembered, that "the credit of this country must
by any possibility, succeed, and they knew that be open upon equal terms and with equal readiness
Mr. Roosevelt, by reason of his personal popularity, upon the same terms to everybody." If currency
wholly apart from his views, was certain to draw reform is to proceed along these lines there is reason
from both the old parties. In this situation they to fear it will do more harm than good.
On the subject of tariff reform the inaugural addid not want to run any chance of Mr. Roosevelt's
slipping in, in a triangular contest, and accordingly dress is a little bit more explicit, but what it said does
they concluded that the best way of rendering the not tend to quiet apprehension. Hespeaks of our
our
defeat of Mr. Roosevelt certain was to cast their customs system as "a tariff which cuts us off from
violates
world,
the
of
commerce
the
in
of
part
aid
proper
the
with
even
votes for Mr. Wilson. But
these votes, Mr. Wilson is a minority President— the just principles of taxation, and makes the Govmore emphatically so than any previous President ernment a facile instrument in the hands of private
in
of the United States. He is in a popular minority interests." We are among those who believe
will
reform
for
basis
better
some
but
reform,
under
tariff
of over two million votes. For Mr. Wilson,
these circumstances, to say that "no one can mistake have to be advanced than a desire to out-maneuver
the purpose for which the nation now seeks to use the "private interests." We know that in connection
Democratic Party" and to argue that he has received with tariff discussions the claim is frequently made
license to go ahead and revolutionize "every process that "private" or "special" interests are the main
of our common life," seems like a wilful perversion beneficiaries of the tariff, but we have never seen
of the truth, or at least a strange inability to com- any proof in support of the statement, and Mr.
Wilson will be conferring a boon upon a candid
prehend it.
if
world if he will engage to furnish the proof.
say
and
Mr.
that
Wilson's
We may go further
he
the
will,
is
proIn speaking of the tariff as cutting the country "off
popular
interpret
purpose is to
that
Take
our proper part in the commerce of the world,"
of
purpose.
from
disregard
plain
ceeding in
for illustration his selection of William J.Bryan for Mr. Wilson seems to be expressing a belief that our
the chief place in his Cabinet. If the desire be to foreign commerce at present is inconsequential, and
respond to the popular will, what justification can that there has been an absence of progress and
be offered for his appointment? Mr. Bryan has growth such as has been distinguishing other leading
been over and over again repudiated at the polls. nations of the globe. That Mr. Wilson should be
Thrice has he run for President and thrice has he without knowledge on the subject, or shOuld wish to
been overwhelmingly defeated. Why? Nothing cultivate erroneous notions regarding it,is deplorable:
can be urged against Mr. Bryan personally. He has The truth is, our foreign commerce is advancing by
an unblemished record. He was rejected at the leaps and bounds. Our merchandise exports in the
polls because of his policies and dogmas—the same calendar year 1912 aggregated no less than $2,399,policies and dogmas which Mr. Wilson is now so 217,993, which compares with on y 81,005,837,241
loudly proclaiming. He would have been defeated in 1896, when Mr. Bryan first projected himself upon
a fourth time if the Democrats last year had com- the political horizon as a Presidential candidate.
mitted the supreme folly of again nominating him What is most noteworthy is that more than the
for President. That he is personally popular, and entire increase in this period of sixteen years has
almost an idol with a certain section of the party, occurred in manufactures, our exports of agricultural
proves nothing to the contrary. The people, when- products having fallen off. Exports and imports
ever appealed to, have shown that they did not combined in 1912 amounted to the prodigious sum
want him, have indeed indignantly spurned him. Yet of $4,217,351,348, as against only $1,687,416,797 in
this man the President, as the first act of his Adminis- 1896. Our exports Of iron and steel alone in the
tration, elevates to the highest place in his official latest year were close to $290,000,000, being in exact
family and makes the dominant and the dominating figures $289,128,420. Surely an economic system



674

THE CHRONICLE

[VOL. xcvi.

and a tariff system that permits such results is not children be not shielded in their lives, their very
entirely bad.
vitality, from the consequences of great industrial
In ignorance or in disregard of these results, the and social processes which they cannot alter, control
President mentions the country's industrial system as or singly cope with." This reads like a page from
another proper subject for reform. He speaks of it one of Mr. Roosevelt's discourses, and as a matter of
as "an industrial system which, take it on all its fact Mr. Wilson in all that he says and does is only
sides,financial as well as administrative, holds capital weakly imitating the strenuous ex-President.
in leading strings, restricts the liberties and limits the
It must be clear to all thoughtful students of affairs
opportunities of labor and exploits without renewing that government in recent times has not been derelict
or conserving the natural resources•of the country." in this respect—that there has been an excess of
This may mean much or it may mean little. If regulation and interference, instead of a lack of it.
"capital is in leading strings," it is only because of But we will not argue the point on the present occatoo much Government regulation, which hampers and sion. Before leaving the subject, however, we will
restricts, and Mr. Wilson's only remedy for this, ap- quote as a conclusive answer the'following remarks
parently, is more Government regulation. In view of from an address made on January 28 before the
the fine sentiments which the inaugural address con- Traffic Club of Chicago by Colonel James Hamilton
tains, we should be inclined to interpret these re- Lewis, Democratic candidate for United States
marks as meaning some change in the industrial Senator from Illinois. Colonel Lewis's observations
system, whatever its nature, calculated to advance are very pertinent at the present time and ought to
still further the material interests and the moral serve as an antidote to Mr. Wilson's assertions and
welfare of the country. When we reflect, however, arguments. They certainly afford a pleasing conupon the character of the men whom Mr. Wilson has trast to the same. We print the following extracts
selected as his political advisers, we cannot get rid from the speech without further comment.
of the feeling that his words may be simply a prelude
"The business of to-morrow -s to correct the errors
to embarking upon a series of untried experiments
of• the past years. One of these is Government
sure to be disturbing, if not actually destructive.
regulation run mad. The nation has
the
With the possible exception of William G. McAdoo, doctrine of State's sovereignty in homeforgotten
affairs, and,
the Secretary of the Treasury, there is scarcely a man in the fasc nation of usurped national authority,
in the new Cabinet who seems likely to call a halt has plunged into regulating the citizen in his pr vate
upon any ventures, administrative or legislative, conduct and in the conduct of his personal affairs
that the new Government may care to enter upon. until it has regu ated business to the verge of conWhat may be expected from Mr. Bryan is well fiscation and relegated the citizen to the plane of a
dependent on Government favor, or a he victim
known. James C. McReynolds, the Attorney-Gen- of its spies and persecution.
eral, was Mr. Wickersham's right hand man in many
No man engaged in any large undertaking but who
of the latter's trust prosecutions, and is already (if now is presumed by the Government to be dishonest
newspaper accounts are reliable) evincing a disposi- and his business to be a fraud. No small business man
tion to out-do his former chief in activity—if such a can aspire to equality of competition except as the
thing can be conceived of as possible. Franklin K. Government shall permit him to do so. This is
only allowed under the prescribed restraint of the
Lane, the new Secretary of the Interior, has been citizen's ambition
and the Governmental limitation
taken from the Inter-State Commerce Commission. on his capacity. Big business stands in fear;
little
Mr. Lane, with Commissioner Prouty, has done business in despair.
more to commit the Commerce Commission to its
Business men tremble in terror of the uncertainty
present policy of reckless hostility to railroad inter- of the national law, and business in the different
ests than any other member of that board. He States is clutched with national-regulation paralysis.
wrote one of the two opinions in the celebrated rate Courts of the United States—courts following the
initiation of the Federal Government—pr
set
cases handed down in February 1911 and which were aside any State law giving home rule to omptly
the citizen
so full of specious reasoning and of misleading and and local control of his home affairs, because such
erroneous facts and statistics. He is a believer, conflicts with the Federal Government's new policy
moreover, in the creation of an Industrial Commis- of putting the citizen of the State under national ession to supervise industrial corporations in the way pionage and Federal chastisement. * * *
We need more of personal responsibility of man to
that the Commerce Commission now supervises and
Governmental dependence upon the
regulates the railroads. Obviously, therefore, he himself and less
nation's direction. We need more of the control
cannot be depended upon to steer his chief right if of personal conscience, less of Government
threat
the latter is inclined to go outside the bounds of pru- of corporate condemnation. The times demand
dence. Altogether, therefore, it behooves the peo- more of personal competition by the test of the merit
ple of the United States not to sit in fancied security of men and method of conduct and less of restraint
and let irretrievable harm come, but to be constantly of the citizen in honest pursuit by the alarms of law
on the alert while the new Administration is incu- and the threat of confiscation.
There must be an end to that delusive indulgence
bating its plans and policies.
communicated to the unlearned and hopeful that the
Government can by law make equal the intellect
In essence, Mr. Wilson is advocating paternalism and ingenuity of each citizen, or by Governmental
indolence or failure
in its most objectionable form. Note what he has punishment of success make
profitable.
to say of the duties of government: "Nor have we. National regulation has now become national
studied and perfected the means by which govern- strangulation of many noble men and worthy things.
ment may be put at the service of humanity, in
What this country needs is that there be more men
safeguarding the health of the nation, the health of over the Government and less Government over the
its men and its women and its children, as well as men, more liberty to the State and to the citizen in
their rights in the struggle for existence. * * * There private and personal conduct and less of national
supervision, national suspicion and national concan be no equality of opportunity, the first essential demnation of personal individuality and
commercial
of justice in the body politic, if men and women and liberty."



MAR. 8 1913.]

THE CHRONICLE

A few failures for very large amounts served to
swell the aggregate liabilities of the commei cial
disasters in February 1913 to a magnitude never
before recorded in the corresponding month of
any earlier year. In fact, of the total reported
indebtedness of a little over 28 million dollars, five
concerns contributed almost 14 mi1lios, or nearly
half. The largest of the defaults was that of Milliken
Brothers, a firm in the iron and steel manufacturing
line, which succumbed to the financial stress of 1907,
apparently got on its feet late in 1909, but suspended
again last month with liabilities of some 7 millioA
dollars. The United Copper Co. was placed in
receiver's hands on February 10, with indebtedness
running into the millions, and the N. Y. Commercial
Co., importers of crude rubber, got into difficulties
later on, owing a large amount. Furthermore,
Arthur W. Pope & Co.,a shoe and leather finding
firm, located in Boston, assigned on the 25th with
debts of about $300,000, and, as an echo of the
collapse of the Columbus & Hocking Coal & Iron
pool in January 1910, R. F. Little, who was the
principal creditor of Lathrop, Haskins & Co., was
petitioned into bankruptcy with liabilities of approximately $400,000. Aside from these five failures
there were eighteen others for amounts in excess of
$100,000, leaving for the 1,431 small insolvencies
liabilities of only $10,861,661, an exhibit quite a
little better than for February last year.
According to R. G. Dun & Co., whose compilations furnish the basis for our deductions, the number
of commercial failures in February 1913 was 1,454,
with indebtedness of $28,141,258, against 1,539 for
$21,477,923 last year and 1,198 for $17,086,471 in
1911. For the two months of the current year the
mercantile mortality was 3,268, with debts of $51-,
114,027, against 3,436 and $41,248,453 in the like
interval last year and 2,577 and $59,450,583 in 1910.
Manufacturing liabilities of $22,934,861 for the
period contrast with $17,049,469 in 1912 and $21,.501,465 in 1910; trading indebtedness of $24,257,530,
with $20,565,655 last year and $17,438,610 three
years ago, and obligations of agents and brokers at
$3,921,636, compare with $3,633,329 in 1912 and
$20,510,508 in 1910.
The returns of bank clearings for the various cities
in the United States for February 1913 furnish in
the main indisputable evidence of a large volume of
trade, for notwithstanding the fact that the month
this year covered one less business day, very satisfactory gains over last year are recorded in most
instances. This is true at New York, as well,
despite the dulness witnessed in the speculative
markets. Activity in trade, furthermore, is indicated by the returns of railroad earnings from week
to week. In all, our compilation of clearings on
the first page of this issue includes 153 cities, of
which no less than 103 show gains over last year, and
at a number of points the increases are conspicuously heavy.
The grand aggregate of clearings for February
this year is $13,686,563,695, an increase of 5.5%
over 1912; contrasted with 1911, an augmentation
of 11.5% is recorded, and there is a gain of 4.2%
over 1910. For the two months the improvement is
41.5% over the previous year and 12.1% over 1911;
the only two months' total larger than that of the
present year was that of 1910, when clearings at
New York were largely swelled by heavy Stock Ex


675

change operations. Even at that the 1910 aggref
gate exceededa he current year by ices than 1%,
At New Yerk he February exhibit s very good
considering bet e et that, beside the oss of one day
stock speculation was at a low ebb, the share sales
laving been the smallest in sixteen years. This
year's New York clearings show an augmentation
of 6.6% over 1912 and 6.9% over 1911, and for the
two months the increases are 6.1% and 8.3%, respectively. OutSide of New York a new high record
is again set for February, the increase over 14112
being 4.1%, and considerably more,of course, when
contrasted with 1911. For the two months the ncreases are 7.1% and 17.6%, respectively, over 1912
and 1911. Analyzed by groups, the totals for the
two months of 1913 in all divisions except New
England register improvement over 1912. The increase on 1.7. Pacific Slope reaches 3.9%,in the Middle West 11.2%, at the South 5%, in the Middle
States, New York excluded, 10.4%, and in the
"other West" 8.8%.
Stock transactions on the New York Stock Exchange were, as already intimated, of very restricted
volume n February, the number of shares traded in
having been only 6,763,632, which compares with
7,086,544 shares a year ago, 10,194,217 shares in
1911 and totals in excess of 20 millions in 1901,
1905 and 1906. The general trend of values, moreover, was downward. For the two months of 1913
the aggregate sales at 15,512,605 shares contrast
with 17,992,682 in 1912, over 20 million shares in
1911, ome 403/ millions in 1910, more than 60 millions in 1906 and 523' millions in 1901. Bond sales
likewise fell off, the month's dealings in all classes
having reached but 47% million dollars, par value,
against 51% millions last year and 73% mil ions in
1911. For the period from Jan. 1 to Feb. 28 sales
were only $102,610,500, comparing with totals a
littleein excess of 165 millions in 1912 and 1911 and
250 millions in 1909. On the Boston Stock Exchange also dulness prevailed during February; and
for the two months of 1913 operations covered only
1,157,641 shares, against 1,818,644 shares last year.
Canadian clearing-house returns tell much the
same story n February as they have month by
month for a ong time past—a story of expansion
that in §01116 ocalities a really phenomenal. For
the month be nerease n he aggregate for 20cities,
as compared witb7 he corresponding period of 1912,
is 13.4%, Quebec, London, Hamilton, Moose Jaw,
Regina a
rrz"..ing the most notable
percentages of augmentation. The two months'
total exhibits gains of 13.4% and 45.5%, respectively, over 1912 and 1911.
The Anglo-German rivalry in naval armaments
has apparently been superseded by a feverish expansion in military organization by France, Russia,
Germany and Austria. Coming at a time when the
Balkan Wsr seems so clearly in line for settlement,
this unusuil military activity is surprising, and keen
significanc is being attached to it in European
financial centres. It is rather difficult to discover
what may be regarded as an apparently reasonable
explanation for these war preparations. Press accounts from the other side of the Atlantic are singularly unilluminating, but vague statements are
made to the effect that the usual international
jealousies exist and that common fears are entertained
that in the final adjustment of the Balkan situation

676

THE CHRONICLE

[VOL. xevi.

some of the nations in question may seek some 80 marks per 2,000 marks. It is figured out that at
special advantages. Private cable dispatches re- this rate the heiress to the Krupp estate will conceived by important banking interests here in re- tribute 7,200,000 marks, or $1,800,000. The Gersponse to inquiries made of their European corres- man War Office has sent telegraphic orders for the
pondents are 'rather more definite [than the press commencement of the construction of new barracks
accounts. These suggest fears by Germany of pre- along the frontiers, showing that the military authoriliminary moves by Russia toward the fulfilment of its ties are certain of the passage of the bill through the
well-known ambition to acquire Constantinople. Imperial Parliament..
Anything in this direction would necessarily cause a
The French Cabinet has accepted the decision of
conflagration—a condition that is clearly suggested the Supreme Council of War in favor of a three-year
by the commotion that even the first hints of such term of service in all branches of the army instead of
a possibility have produced. The new entente be- two years, as heretofore. This measure will add
tween England and Germany acquires significance 160,000 men, at the lowest estimate, to the peace
under the circumstances. The Russian Government footing of the army, which at present stands at
has decided to add three new army corps to the peace 578,873, excluding officers. The vast military
footing of its active army, according to a dispatch preparations that are being made by Germany are
to the Paris "Temps" from St. Petersburg. The given by the French Government as the compelling
same dispatch adds that most of the members of the reason for this step. An appeal to the people of
Duma appear to approve the project.
France to submit cheerfully to the patriotic sacrifices
In both France and Germany the Jingo spirit is called for by the new military bill was made on
being systematically encouraged by newspaper arti- Thursday, when the Cabinet submitted the measure
cles and various addresses. The object, obviously, to Parliament. When the bill was laid on the table
is to secure sufficient support for the army bills in in the Chamber of Deputies, it was accompanied by
each country. Germany's plan is to increase the a declaration from the Ministry expressing the
peace strength of her army to 860,000 from 626,000. profound conviction that the proposal must be adopThe initial outlay necessary will, it is reported by ted, not only for the security of France, but for the
cable, exceed $250,000,000, with a permanent annual peace of Europe, which depended entirely on the
charge of between $50,000,000 and $75,000,000. equilibrium of the great nations of Europe being
Besides an increase in the army budget of $50,000,- maintained. The Government, to quote a press
000, it is proposed to appropriate $200,000,000 for dispatch, did not endeavor in any way to conceal
the building of forts on the Russian frontier. Mili- the fact that a heavy task was about to be laid upon
tary writers in Europe, commenting on the German the French people, whose clear vision and patriotism
situation, argue that fortress-building means the would, in the Government's opinion, undoubtedly
abandonment of Germany's old plan of campaign, overcome all hesitation. The system of two years'
namely that of breaking through the French lines service, which has been in existence since 1895, has,
before the slowly mobilizing Russians could seriously according to the Government, proven insufficient
menace the Eastern frontier. The problem, these for the complete training of the men, while the dewriters argue, cannot now be solved in that way, crease in the birth rate in France also tended to
since Austria will be obliged to hold one-third of its make an additional year necessary if France was to
field army ready to meet the Slays on the South. maintain an adequate defense. Some exceptions to
Moreover, the French army admittedly is equal to the general rule are made in the bill, as youths
that of Germany on the Western frontier. The belonging to large families consisting of at least six
military bill will be presented to the Reichstag in children will serve only two years. After a noisy
advance of the taxation plans. The necessary reve- and excited session of the Chamber of Deputies, the
nue will be obtained largely by the taxation of private bill was referred to committee.
fortunes in Germany. This idea of taxing fortunes,
A cable dispatch from Vienna states that a senaccording to the "Lokalanzeiger," originated with sation has been caused there by a statement in
the Kaiser himself and received the assent of his "Die Zeit",that the annual levy of Austro-Hungarian
fellow-sovereigns of the German Federation, who recruits will be increased by 30,000, which would
agreed to the Emperor's suggestion that they should add 300,000 in all to the effective war strength. It
forego their right of exemption from taxation. But is understood that in view of the increase in the
Berlin cable dispatches clearly indicate that not all German and French armies, the Austrian War Office
wealthy Germans are so enthusiastic over the propo- sounded the Austrian and Hungarian governments
sition. The "Boersin Courier," a Berlin financial on the subject, but encountered opposition for finanpaper, speaking of the proposal says: "A tax of this cial and political reasons. In Russia all other matters
sort is only imposed in times of the greatest need, this week seem to defer to the remarkable enthusiasm
when it is necessary to act quickly because an enemy resulting from the Romanoff tercentenary celebrais at the gate. The invocation of such extreme tion, which began on Wednesday and which marked
measures in time of peace will easily create the Im- the anniversary of the election of the first Romanoff
pression that they are the last sheet anchors of an to the Throne in 1613. The celebration will be
impoverished country." The "Vossiche Zeitung" concluded to-day, Saturday. An Imperial ukase,
remarks that "the resort to a tax on fortunes is sent to the Ruisian Senate on Wednesday, provides
equivalent to a declaration of the nation's bank- for numerous public privileges and benefactions in
ruptcy." The tax proposed is one of more than honor of the occasion, including amnesty for minor
5% on all property, and the purpose is to secure political offenders, students and newspaper writers
immediately $250,000,000 to spend on the army. and the commutation of death sentences. The
Details of the proposed tax have not yet been Emperor conferred decorations on his principal
officially announced, but a semi-official paper in ministers. ,Seventy thousand petitions have been
Berlin prints a forecast to the effect that there will received in connection with the 'tercentenary. It
be a graduated scale which will vary from 5 marks to will require several years to deal with them. Presi


MAR. 8 1913

THE CHRONICLE

dent Wilson, on Thursday afternoon, dispatched his
first communication to a foreign ruler. It was a
cable to the Czar and read as follows: "On the
300th anniversary of accession of Michael Fedorovitch Romanoff to the throne of Russia, I extend to
your Majesty cordial felicitations and the earnest
hope of the Government of the United States that
the bond of friendship which now unites the two
nations may ever continue and strengthen."
European advices continue to predict an early
termination of the Balkan War. Turkey is believed
to have placed her cause in the hands of the Powers
without stipulating any conditions. A cable dispatch from London professes to repeat official information of the latest demands upon which the
Balkan States will insist for the conclusion of peace.
Meanwhile, according to reports published at Vienna,
the Powers are at variance on the question of indemnity. It is declared that Great Britain and France
oppose the idea, while Russia favors it. It is also
reported that Russia may have secretly advanced
funds for war purposes to Bulgaria and therefore
desires to see Bulgaria reimbursed by an indemnity.
The Turkish Government appear to be in fear of a
fresh revolution since the discovery on Thursday
of last week of a conspiracy when several prominent
officers and civilians, including a former military
governor, were placed under arrest. The Turkish
fortress of Yanina, the key to the possession of the
Province of Epirus, with its garrison of 30,000 men,
surrendered to the Greek army on Thursday morning
after a defense which forms one of the most brilliant
episodes of the Balkan War. The surrender was
preceded by a fierce bombardment, lasting, according to claims made at Athens, without cessation for
two days and two nights. It is intimated, however,
that the surrender is in reality part of the plan of
settlement of the war, and that in order to preserve
its dignity at home, the surrender of Adrianople
to the Bulgarian forces may in the near future take
place under similar conditions. Turkey, as is well
known, has been quite willing to cede Adrianople,
Yanina and Scutari. Were Adrianople and Scutari
openly forced to capitulate, it would obviously place
the Turkish Government in a much easier position
at home than if the citadels were surrendered after
such brilliant defenses. The only other engagement
reported during the week was on in which the
Turkish Cruiser Hamidieh, on Thursday, sank three
Greek transports loaded with Servian troops on their
way to Scutari.
Provisional President Huerta appears to be
establishing the new Government on a solid basis
in Mexico. The most serious disturbance for the
week was reported by our consul at Durango, who
stated that the rebels had burned fifteen bridges
north of Torreon on the Mexican Central Railway.
General Huerta is now disposed to consider as
irreconcilable all those rebels who continue longer
to delay definite recognition of the new order of
things or who are disinclined to accept the terms of
surrender offered them by the new Government.
Huerta is negotiating peace with the rebel leader
Zapata. A military commission will, it is reported,
be appointed by the Minister of War, and will hold
a conference at once with Zapata. The basis of
the peace arrangement will be that Zapata's men will
be organized into two corps of rurales of whichaZapata




677

will be chief. Should he refuse to yield, the alternative will, it is said, be death. There have been
border engagements of a minor character during the
week between Mexican Federal troops and United
States troops. Mexicans have fired on the American
lines, but the situation had not been allowed to become a serious one. Emilio Madero, a brother of
the late President, who was last week officially reported dead by the Mexican Government, arrived
at San Antonio, Texas, on Wednesday with his
brother Raoul, who also had been reported killed.
Francisco Madero, father of the late President and
Ernesto Madero, the Ex-Minister of Finance, with
their families and the widow of the ex-President, arrived in this city yesterday on the Ward Line Steamship Mexico from Havana. Other surviving members of the family are also, it is understood,on their
way here. A dispatch from Cairo states that former
President Porfirio Diaz will leave early next week for
the Europpean money centres in an endeavor to
arrange a $100,000,000 loan for Mexico.
Still again has the Chinese loan been completed
and refused. A special cable dispatch from Peking
on Thursday announced that Chinese Government
had rejected the latest scheme of the Six Powers
for foreign advisers to the Salt Gabelle administration, in consideration of the proposed loan of $125,000,000. The Six Power group has, the dispatch
says, practically sent an ultimatum to the Government that no further modifications will be considered
The Minister of Finance, in notifying the Ministers
of the Six Powers that China could not accept the
latest proposition, declared there was no likelihood
of Parliament acceding to the proposition and therefore he proposed to await the meeting of that body,
which will take place on April 4, before signing the
contract. Meanwhile China has been able to secure
a small loan' elsewhere, the Lower Austrian Discount Company having arranged a loan of $1,500,000. In return for this, China undertakes to give
orders to the Poldthuette Steel Works of Vienna for
war material to an equal amount.
The London Stock Exchange and the Continental
bourses at the moment are under the ban of a degree
of political nervousness that, while it certainly exists,
seems to have a very indefinite or impalpable basis.
A more or less general fear appears to pervade the
European financial centres that a crisis that may
possibly involve the greater European Powers will
arise as soon as peace between Turkey and the Balkan
League of nations is definitely concluded. The chief
basis for this fear appears to be the ambition of Russia to make a forward step in its well-known and timehonored desire to acquire Constantinople. This, at
any rate, is the explanation received in this country
by highly influential bankers from usually well-informed correspondents abroad. On the London Stock
Exchange the threat of another serious strike of
railroad employees has operated as a restraining influence on investors, and in this respect has been
aided by the fact that London underwriters are more
than usually tied up with a large volume of security
issues that they have been unable thus far to distribute among final investors. Latest cable dispatches,
however, indicate that the labor difficulties on English railroads have finally been adjusted. There has
been active liquidation by Berlin and Vienna on the
London market, which itself has been disconcerting,

678

THE CHRONICLE

the more so because it is known to have been largely
involuntary and that it represents a severe crisis in
credit that has arisen in each of those countries.
The Balkan war appears to be on the point of terminating and Balkan securities as a whole, with the
exception of Servian unified 4s, are firmer. The latter closed on the London Stock Exchange at 80, which
was a loss of 1 point for the week. Turkish 4s, on the
other hand,gained nm additional 3' point for the week
and closed at 873/2. Greek monopoly 4s are
1 point higher at 55, while Bulgarian 6s closed at
102, against 101 a week ago. Russian 4s finished M
point higher at 91 and German Imperial 3s closed unchanged at 76. British Consols have declined to
73% from 74%, and French Rentes in Paris are 89.20
against 89.173/2 a week ago. Day-to-day money in
London is firmly held at 4%%, which, however,
compares with a• range of 49@5% a week ago.
In Berlin money is,on a 6% basis, which compares
with 51
/
1@5% a week ago and 432% a fortnight
ago. This advance is significant of the strain that
has been developing in Berlin, and which is not unlikely to become even more acute before the quarterly
settlements are completed at the end of March.
Subscriptions were closed in Berlin at noon yesterday to the new Prussian and Imperial loans, aggre• gating $137,500,000. The result is described by
. press despatches as being "unprecedentedly disap• pointing". The issues consist of $100,000,000 of
. Prussian short-term 4% treasury notes, payable in
• 1917; $25,000,000 Prussian 4%s and $12,500,000 of
Imperial 470, not redeemable before 1925. The
Prussian and Imperial 4%s were moderately oversubscribed; but, according to the bank reports, the
treasury certificates were not fully covered, and the
underwriting banks will have to take over a portion
of •them. The proposed new taxation to provide
revenues for military expansion is blamed for the
poor results, but the general financial strain is undoubtedly very • largely responsible. The Servian
Government yesterday negotiated a loan of $6,000,000 at 73/2% interest with a Swiss banking group.
• The money is to be repaid within three months after
the signature of peace between the Balkan allies
and Turkey.
• Private bank discounts in Lombard Street are
still close to the Bank rate and there is no present
expectation that the Bank will find it advisable to
reduce its rate in the near future. Germany is insistently bidding for funds in London, but a shipment
, of £200,000 in gold that was made from London to
Berlin on Thursday probably represented remittances
for securities sold by German interests in London
rather than the proceeds of any direct loan. Short
bills in Lombard Street, according to yesterday's
closing cables, were 4 15-16@5%, and three-months'
• bankers' acceptances were quoted at 4%@4 8%.
These figures are for bills both spot and to arrive,
there being no appreciable difference in the quota• tions at the moment. A week ago short bills were 5%
. and long bills 4%@4 13-16% for spot, while bills to
arrive in each instance were about 1-16% below these
quotations. The private bank rate in Paris continues
without change at 37
4%,which is within A% of the
official Bank rate. In Berlin private bank discounts
are quoted at 5%@6% for all maturities, spot,while
bills to arrive require as high as 63/2% discount. A
week ago 5%@5% covered the range for all bills.
Brussels closes without change at 4 7-16% and
Amsterdam is 5-16% higher at 3%%. At Vienna




[VoL. xcvi.

the private bank rate is without change, standing
at 532%. The official Bank rates at the leading
foreign centres are: London 5%; Paris, 4%, Berlin,
6%; Vienna, 6%; Brussels, 5%, and Amsterdam
4%. There is some expectation in banking circles
here that the official rates in both Berlin and Vienna
will be advanced at an early date, in which event
a rise in the English Bank rate would probably
promptly follow.
The weekly return of the.Bank of England was a
weak one. The total reserve registered a reduction
of £641,000 and the proportion of reserve to liabilities
was reduced to 42.69%, which compares with 43.61%
at this day last week and 44.26% a year ago. The
comparison is with a ten-year average of 49.14%, and
the proportion is, in fact, the lowest that has been
touched for the corresponding week since the year
1900. The reserve now stands at £27,813,000.
One year ago it was £29,274,696 and two years ago
£29,847,459. The gold coin and bullion holdings
show a loss of £232,229 and the total on hand is
£37,480,779, which compares with £39,077,556 at
this date in 1912 and £38,643,684 in 1911. Other
changes indicated by the statement for the week include an increase of £660,000 in loans, an increase
of £1,092,000 in public deposits, an increase of
£409,000 in circulation, but a decrease of £1,181,000
in other deposits. Public deposits now stand at
£28,622,000 and compare with £23,668,397 in 1912
and £21,502,936 the year preceding. The loans,
which total £42,530,000, compare with £39,978,088
one year ago and £31,941,983 in 1911. Our special
correspondent furnishes the following details of the
gold movement into and out of the Bank for the
Bank week: Imports, £842,000 (of which £12,000
from Australia and £830,000 bought in the open
market); exports, £250,000, wholly to Argentina, and
shipments of £824,000 net to the interior of Great
Britain.
The Bank of France records another loss in both
its gold and silver items. The decrease in the former is 8,612,000 francs and in the latter 4,063,000
francs. These changes bring the Bank's gold reserve
down to 3,211,607,000 francs, which compares with
3,219,775,000 francs one year ago and 3,243,000,000
francs in 1911. Silver on hand stands at 617,756,000
francs. One year ago the total was 803,800,000
francs and two years ago 832,200,000 francs. The
other items of the report are generally favorable,
discounts having been reduced 226,150,000 francs,
note circulation 29,950,000 francs, treasury deposits
76,300,000 francs and general deposits 78,600,000
francs. The item of circulation is now 5,757,667,Q00
francs and compares with 5,334,906,000 francs in
1912 and 5,250,544,000 francs in 1911. Discounts
make an even less favorable comparison, the total
this year being 1,682,049,000 francs. Last year at
this date it was 1,124,056,000 francs and in 1911
1,033,345,000 francs.
The weekly statement of the Imperial Bank of
Germany, which was published on Tuesday, is
highly suggestive of the strain that is current in
Berlin. It registered a decrease of 31,182,000
marks in gold and of 71,131,000 marks in cash.
Notes in circulation indicated the large increase
of 164,341,000 marks, loans showed an expansion
of 115,758,000 marks and discounts of 39,587,000

MAR. 8 19!3]

THE CHRONICLE

marks. Treasury bills were 7,988,000 marks higher
for the week and deposits 55,090,000 marks lower.
The cash holdings aggregate 1,129,929,000 marks.
One year ago the total was 1,223,060,000 marks
and two years ago 1,212,000 marks. Loans and
discounts aggregate 1,367,785,000 marks, which
compares with 1,172,820,000 marks in 191:2 and only
882,760,000 marks in 1911. Circulation is outstanding to the amount of 1,938,681,000 marks,
which compares with 1,607,980,000 marks in 1912 and
1,372,180,000 marks in 1911.

679

the lender must take the risk of exchange. The
bids for "dollar" loans, which do not involve such
risk, were in very few cases quoted higher than 5%,
which is very slightly above what banks can secure
at home.
There have been few demands on the money
market this week, aside from those from Berlin and
the large engagements, amounting to $6,135,000, of
gold for the Continent and the Argentine. The hitch
in the plan for the divorce of the Union Pacific and
Southern Pacific railways which has resulted from the
objections of the California State Railway CommisIn discussing the local money situation last week, sioners to certain vital features of the plan may rewe remarked that the advances in rates were due to quire an entirely new arrangement, and, while the
calling of loans by banks in preparation for March matter is not yet in final form, the understanding in
disbursements, and that the rise was not generally the banking and railway circles concerned is that a
expected to prove more than temporary. The devel- different plan of dissolution must be formulated,
opments this week have fully confirmed this view. and that the new plan will probably mean a change
Call accommodation has again been available at not only in the underwriting arrangements but in
low figures, the renewal rate of the week in fact the terms on which the Union Pacific's holdings
having gone as low as 24
3 %. Time maturities of Southern Pacific stock will be offered to the sharehave not unnaturally sympathized with the demand holders of each of these roads. The Stock Exchange
situation, though with the sudden engagement of has ruled that deliveries of Union Pacific and Southmore than $5,000,000 in gold for export yesterday ern Pacific stocks need not be accompanied by formal
it was not unnatural that there should have been an assignment of rights to subscribe. At the moment,
advance in rates near the close. No improvement therefore, it does not seem probable that the market
has been shown in requirements for funds for home will be called upon to provide on March 21 the first
purposes. A feature, however, has been an insistent of the three installments which, combined, call for a
demand from Berlin banks for New York funds to total, in round numbers, of $126,500,000 to be paid
finance the quarterly settlements at the German capi- to the Union Pacific for the Southern Pacific stock
tal at the close of the current month. As high as 63/2% that under the Supreme Court decree must be dishas been bid for thirty-day funds, but the amount se- posed of. On the other hand, there are indications
cured, it is understood, has been particularly small. that, barring additional complications that are not
Large banking interests here are watching the Euro- now expected, the financing of the Interborough
pean political situation with some anxiety. Their boncls, the proceeds of which are to be devoted to
advices from their London and Paris correspondents building the new subways, will be an early demand
are very distinct in advising caution. In this respect on the money market. There have not recently
the Balkan war, so far as it affects Turkey on the been any important new railway or industrial loans.
one hand and the Balkan league on the other, appears The statement of the Clearing House on Saturday
to have ceased to enter in a substantial way into last showed that the banks and trust companies were
their calculations. What now seems to be feared within $2,690,250 of their reserve requirement,
is the European adjustments that will follow a formal their cash surplus having been reduced $8,661,000
declaration of peace. The recent renewal of the for the week. A year ago the banks and trust comAnglo-German entente after such a prolonged period panies in the Clearing House held $22,810,300 above
of international bitterness came as a surprise. It the reserve requirement.
has since received added significance from the fact
The range for call money this week has been 2@,that the suggestion of a decrease in naval armaments 43/2%, which also represent the extreme figures for
that was contained in the new order of affairs was Monday, on which day 44%
3
was the ruling quotaimmediately counteracted by a corresponding ex- tion; on Tuesday 2% was again the lowest, while
pansion in military organization. This was promptly 332% was the highest and renewal figure; Wednesfollowed by similar expansion in military effectiveness day's highest was 332%, and the lowest and renewal
in France as well as in Russia, and the scene of possi- figure was 24
3 %; on Thursday the maximum was
ble friction has therefore been changed from Britain 34
3 %, the minimum 24
3 % and the renewal rate
to the Continent. We refer to the situation in 3%; Friday's extremes were 3%@2% with 332%
greater detail in another column. In view of the the ruling basis. Time money was not active.
obvious trendlowards peace in the Balkans, the very Quotations early in the week were reduced WI%
general increase in the military strength of the lead- but were more than restored on Friday as a result
ing Continental countries certainly suggests some of the heavy outward movement of gold. Final
strong fundamental reason. The Czar, according rates are 4%@,5% for sixty days and 4%% for
to advices from the London correspondents of very ninety days, four months, five months and six
large banking interests here, still has his eyes on months. Commercial paper is in demand by outConstantinople; he has in mind a forward step which, of-town banks at an advance of Wi%, to 53j@532%
while it may not seek to accomplish at one sweep for sixty and ninety days endorsed bills receivable
the Russian ambition that has been smouldering for and also for four to six months' names of choice
years, namely to secure Constantinople, will never- character; others are quoted at 5%@6%.
theless be highly suggestive. This, we think, explains why the German bids for funds have not been
With the continued f rmness of money abroad,
more successful. The bids of 63/3% have been what the market for sterling exchange ruled distinctly
are termed "mark" loans, meaning that they are re- firm this week and reached a point where rates were
payable at maturity in marks, and that, therefore, very close to the basis at which it is usually figured



680

that gold can be exported to Europe as a routine
exchange operation. Demand bills on London
touched 4 88 on Thursday, and 4 8835@4 8840 are
the rates that on the basis of European discounts
are to-day figured as the trans-Atlantic gold point.
As so-called "special transactions," $2,000,000 in
gold were engaged for shipment by to-day's steamer
to Paris, $500,000 to Berlin and $200,000to Brussels.
These amounts, with $3,435,000 taken for the Argentine, make the week's engagements $6,135,000 and
bring the total of the current movement up to $34,935,000. The hitch in the Harriman railroad
plan is not without its compensation as, according
to the present attitude, the underwriting syndicate will not be called upon to take up and pay
for the Southern Pacific stock not subscribed for
by present stockholders of the Harriman roads.
As a large part of the participation in the underwriting was foreign, this will mean that a movement
of funds for this purpose will not be required at
the present particularly inopportune time. One
million dollars in gold was forwarded by London
to Germany on Thursday. This, however, was
probably in payment of balances due through
security liquidation in London by Berlin investors
and not the result of any borrowing operations. So
far as the demand by Germany for funds in New
York is concerned, the operation is almost entirely
in the form of direct loans for specific periods. It
is understood that there has been some selling by
German holders of Canadian Pacific and United
States Steel securities, but the!amount has not been
large. It is, however, not unlikely to increase in
the event of any marked indisposition by our bankers to provide funds for the German settlement.
Money is active all over Europe, and while rates
are low in Paris, well-informed correspondents at
that centre cable that the apparently cheap figures
are entirely superficial, and that quotations do not
represent figures at which actual business could be
accomplished. At the recent settlement, rates
ranged from 33 to 332%,but, according to one correspondent, these comparatively low figures merely
represented the absence of commitments, an absence,
consequently, of a sufficient demand to test the
views of lenders. There appears to have suddenly
developed a degree of nervousness throughout Europe
as to the larger political situation. This is causing
a general contraction in financial operations and a
desire to strengthen banking and business resources.
A crisis in credit is freely spoken of in connectiod
with the strained conditions in Germany.
Sterling exchange in Paris closed at 25.253/2 francs,
which compares with 25.243/2francs a week ago, and
the London check rate in Berlin finished at 20.434
1
marks, as against 20.463/2 marks last week. Berlin exchange in Paris closed at 123.473/2 francs, comparing with 123.35 francs a week ago and 123.221A
francs a fortnight ago.
Compared with Friday of last week, sterling
exchange on Saturday was firmer for demand and
cable transfers, which were quoted at 4 8750@4 8760
and 4 8830@4 8840,respectively; sixty days remained
unchanged at 4 8310@4 8320. Additional engagements of gold for export to the Argentine and the
firmness in money caused some weakness at the opening on Monday, but later the sharp decline in call
money, together with covering of shorts, brought
about an advance/in sterling rates and the close was
.at 4 8760@4 8770 for demand, 4 8840@4 8850 for



[VOL. xcvi.

THE CHRONICLE

cable transfers and 4 8335@4 8345 for sixty days.
On Tuesday the market ruled strong and advanced
on the ease in money and light offerings of commercial bills to 4 8775@4 8785 for demand, 4 8845@4 8855 for cable transfers and 4 8350@4 8360 for
sixty days. The tone continued very firm on Wednesday, with cable transfers up 5 points to 4 8850@4 8860, although demand and sixty days were not
changed. The higher discounts at London in conjunction with the poor Bank of England statement
on Thursday caused increased firmness here, and
demand advanced to 4 8790@4 88, cable transfers
to 4 8855@4 8865 and sixty days to 4 8365@4 8375.
On Friday after the large gold engagements for export, rates declined 5 points for sixty-day bills and
10 points for demand bills and cable transfers.
Closing quptations were 4 8360@4 8370 for sixty
days, 4 8780@4 8790 for demand and 4 8845@4 8855
for cable transfers. Commercial on banks closed at
4 813/@4 83 and documents for payment at 4 829
@4 84. Cotton for payment ranged from 4 83@
4 843/
2; grain for payment, 4 839@4 84.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $7,580,000 net in cash as a result of the currency movements for the week ending March 7.
Their receipts from the interior have aggregated
$14,961,000, while the shipments have reached
$7,381,000. Adding the Sub-Treasury operations
and the gold exports, which together occasioned a
loss of $10,500,000, the combined result of the flow
of money into and out of the New York banks for
the week appears to have been a loss of $2,920,000,
as fo:lows:
Into
Banks.

Week ending March 7.
Banks'interior movement
Sub-Treas. operations and gold expts.
Total

out of
Banks.

Net Change in
Bank Holdings.

314,961,000
20,500,000

$7,381,000 Gain $ 7,580,000
31,000,000 Loss 10,500,000

$35,461,000

$38,381,000 Loss $2,920,000

The following table indicates the amount of bullion
in the principal European banks.
March 7 1912,

March 6 1913.
Banks of
Gold.

Silver.

z
England_ 37,480,778
France _ _ 128,464,600
Germany_ 45,045,400
Russia _ _ 156,669,000
Aus.-Hun_ 50,664,000
Spain _ _ _ _ 17.744,000
Italy
46,306,000
13,347,000
Neth'Ian
Nat. Belg._ 7,547,333
5,616,000
Sweden _
Switz'land 6,711,000
2,119,000
Norway

I Gold.
I £
37,480,778, 39,077,556
Total.

24,710,040 153,174,040 128,700,960
14,581,750 59,627,150 44,211,250
7,265,000 163,934,000 143,755,000
10,340,000 61,004,000 53,692,000
29,936,000 47,680,000 16,836,000
4,000,000 50,306,0001 41,805,000
830,300 14,177,300, 12,140,000
3,773,667 11,321,001 6,593,333
5,616,000 4,719,000
6,711,0001 6,532,000
2,119,000 2,204,00

Silver.

Total.

39,077,556
32,152,320 160,943,280
16,450,900 60,662,150
6,395,000 150,150,000
12,845,000 66,537,000
30,231,000 47,067,000
3,690.000 45,495,000
1,169,800 13,309,800
3,296,667 9,890,000
4,719,000
6,532,000
2,204,000

Tot. week 517,714,111 95,436,757 613,150,868 500358.099j106,230,687606,586,786
Prey.week 514,467,470 94,590,537609,058,0071504,167,950 107,097,6931611.265.643

THE PUJO COMMITTEE'S REPORT.
In view of the prolonged public hearings held by
the so-called "Money Trust Committee" of the
House of Representatives, and of the widespread
public interest manifested in the testimony, it might
have been imagined that the report of that committee
would have been greeted by the public with some
intensity of interest. The resolution under which
the committee was appointed instructed it to inquire
into a great multitude of subjects,land,in effect, was
a series of accusations—the most important paragraphs of the resolution beginning with the somewhat
unusual language for such a document, "Whereas it
has been charged, and is generally believed." What
it was that had been charged and was generally
believed was in the main the existence of a combina-

MAR. 8 1913.1

THE CHRONICLE

tion in the world of finance and banking, whereby
facilities for credit on the largest money markets
were monopolized by a small group of financiers.
This idea was an outgrowth of the extraordinary
speech of Senator La Follette in 1908, in which this
combination of financiers was even accused as having caused such panics as that of 1907 for its own
purposes and profit—an accusation hinted at in
the resolution appointing the present committee
in its instructions for inquiring as to whether this
group of financiers had managed to "create, avert
and compose panics." General instructions were
also given to the committee to look into the banks
themselves, into the New York Clearing House and
into the New York Stock Exchange. The committee's inquiry during the past twelve months has
covered extraordinarily wide range; its report was
placed in the hands of Congress on Friday of last week.
Whatever may have been expected regarding
the reception of that report, there can be no doubt
whatever that it has fallen extremely flat. Beyond
a more or less perfunctory discussion of its varied
recommendations, we have been unable to detect,
in the press or in private conversations, any sign of
alert public interest in the document. This resul
may, no doubt, be partly explained by the fact that
the Pujo committee's report was submitted to the
House in the closing hours of an expiring Congress,
when all the attention of Congress itself was converged on passing the appropriations bills, and when
all the attention of the country at large was directed
to the coming change in the National Administration. But the public apathy toward the report is
also explained by other circumstances.
Not only was the report submitted to Congress
two or three days before the legal death of that body,
but it was placed in the hands of the Pujo committee
itself a very short time before its publication.
The regular Banking and Currency committee of
the House, by which the Pujo committee was named
to make the inquiry, would ordinarily have been
expected to pass on the report before its submission
to Congress. On such short notice, and at such a
time, the main committee declined to do this. How
much serious consideration the sub-committee of
eleven had itself been able to give to the recommendations of the report which were drawn up by the committee's counsel at a distance from Washington, it
is impossible to say. Perhaps it is sufficient now
to remark that the general public has at no time taken
very seriously the personality of the sub-committee
and that not only the preparation of the report, but
the entire conduct of the cross examination, has
been exclusively in the hands of the committee's
counsel. . The minority report, in fact, makes the
somewhat striking statement that the committee's
majority agreed at the outset with its counsel that
no member of the committee should interrogate
witnesses on any essential point of evidence. We
do not recall any instance of so peculiar a self-denying ordinance in the history of Congressional inquiries.
Coming down now to the report itself, which is
very voluminous, it may be remarked, first and
briefly, that this report declares the suspicions
intimated in the House resolution to have been verified. This finding is summed up in its statement
that "Your committee is satisfied from the proofs
submitted, even in the absence of data from the
banks, that there is an established and well defined
identity and community of interest between a few



681

leaders of finance * * which has resulted in a
great and rapidly growing concentration of the control of money and credit in the hands of these few
men." That this alleged group of financiers controls the market for new security issues, fixes the
rate for call money in New York, and in general
exercises what is virtually a monopoly over the great
investment markets, is plainly alleged. As was to
be expected under the circumstances, the report
has also some decidedly antagonistic remarks regarding the long-established policies of the New York
Clearing House and Stock Exchange.
This, we presume, was anticipated by those who
have .observed the spirit in which the committee's
hearings were conducted. The remedies proposed
are comprised in two dozen or more bills, chiefly
concerned with the regulation of the banks, but
touching also on clearing houses and stock exchanges.
The proposals embodied in these bills range all the
way from moderate suggestions, which would do
little moreithan enforce the principles of the existing
national bank law, to proposals so extreme and highhanded as quite to surpass anything of the sort
hitherto laid before Congress. So far, as regards
bank regulation, the committee proposes that two
or more banks should not be permitted to consolidate
without the approval of the Comptroller of the Currency; that no person should be permitted to be a
director in more than one national bank serving
the same community; that no stock of any national
bank shall be owned or held, directly or indirectly.
by any other bank or trust company or holding company; that voting trusts in banks shall be prohibited; that cumulative voting for bank directors be
enforced; that security-holding companies as adjuncts
to banks be prohibited; that inter-State corporations
shall not be permitted.to constitute any one banker
or banking institution as their sole fiscal agent in
disposing of security issues; that inter-State corpora-.
tions shall be prohibited from depositing their funds
with private bankers; that railroad reorganizations
shall be under the charge of theInter-State Commerce
Commission; that officers in national banks shall
not be allowed to borrow from their own institutions, nor directors, except under certain stipulated
conditions; that national banks be prohibited from
directly or indirectly engaging in promotions or
underwritings, and that officers and directors of
national banks be forbidden to participate in promotions or underwritings in which their own banks
may be or may become interested.
There are other recommendations, but we have
summed up those which are essential. Of these,
some are fairly debatable. The proposal to establish
a veto by the Government's banking authorities
on consolidation of banks has some arguments in
its favor; so have the provisos regarding ownership
of one bank's stock by another; so has the prohibition of borrowing from their own banks by bank
officers; and so, in a somewhat marked degree, has
the suggestion regarding railway reorganizations.
But these proposals, many of which to a large degree
are embodied in the present national bank law, are
offset by the extraordinary character of other proposals to which we have referred. Many of those
proposals seem, indeed, to have been set forth with
absolutely no concern as to why the practice which
is to be prohibited had grown up.
This is largely true in the suggested prohibition
of one man serving as director of two banking insti-

682

THE CHRONICLE

tutions in one locality. The inference of the report
appears to be that such dual service is not possible
-except with an evil purpose. We had supposed that
the practice, whether good or bad, had grown up
mainly because of the wish, entertained by shareholders and directors of such institutions, to strengthen their own institution in the eyes of the public
through associating with it names of eminent and
respected financiers. • Again, in the matter of a
railroad doing business with any one bank or banker
which it may name as its sole fiscal agent in disposing
of its security issues, the inference appears once
more to be that something is suspicious in a system
of this sort. Yet a very slight knowledge of the
practice prevailing in business at large should have
shown the committee that such affiliations have not
only been adopted but have at times been deemed
necessary, both by individuals and by private partnerships, and that their purpose has been exactly
the same as that entertained by inter-State corporations which enter on similar contracts.
A great variety of circumstances, all of them
bearing on the facilitating of the normal business of
such an individual or partnership or corporation,
dictates the manner in which such relations are
established. Precisely the same thing may be said
regarding deposit of corporation funds with private
bankers. It is to be presumed that the corporation
itself is sufficiently well advised as to who can do
its business best, to enable it to make such choice.
If not, it is somewhat difficult to perceive why the
overbearing influence of a powerful bank might not
become as potent an influence for over-ruling individual preferences as the overbearing influence
of a private banking house. The whole discussion
of this matter brings us into the domain of unfounded
inference, and suggests, as many other portions of
the report suggest, the advisability of coming down
to plain and every-day common sense before drawing
up Congressional statutes.
As regards the Clearing House, the report advocates compulsory incorporation and prohibits
absolutely any periodical examination of members
by a committee of the Association. Whether the
Clearing House would, or would not, be better off
if incorporated is an open question—some perfectly
good judges think that it would. But it strikes us
that prohibition of the examination of members by
the Clearing House committee is again framed in
total ignorance of the circumstances which brought
about such a practice. Every one familiar with
the history of New York banks knows that this
expedient was adopted in behalf of the general
public and the depositors in the New York banks,
and that it was adopted, not to serve the private
ambitions of the Clearing House, but because repeated and disastrous experience had taught that
the inquiries of the State and National Bank departments were inadequate for such protection.
Regarding the Stock Exchange, it is as difficult
to understand the recommendations in the report
as it was to understand the seemingly vindictive
cross-examination of Stock Exchange witnesses last
spring. The report itself openly confesses doubt
as to the legality of regulating stock exchanges
through theFederal Government. Yet it proposes
a serieslof drastic requirements, including incorpoation, a:20:perZcentImargin as an unvarying minimum
on purchases ofIstocks, and a number of other more
or lessiminutelregulations. After admitting itself



[VOL. xun.

to be at a loss as to how the Federal Government
should enforce its power in matters of this sort,
and after pointing out that the State and not the
Nation is entitled to undertake such supervision,
the extraordinary proposition follows, "that Congress
prohibit the transmission by the mails or by telegraph or by telephone from one State to another
of orders to buy or sell and of quotations or other
information concerning transactions on any stock
exchange" not incorporated, and not conforming
to the committee's other stipulations.
The natural comment on this suggestion would be
that it is wholly unenforceable. But the committee
has risen above such considerations. It couples
the foregoing recommendation with an actual draft
of a bill in which it is provided not only that "no
letter, package, circular, pamphlet, postcard, newspaper or other form of printed or written statement"
containing quotations "or other information" concerning dealings on an unincorporated stock exchange shall be sent through the mails, but that any
one mailing such a communication knowingly "shall
be fined not more than $1,000 or imprisoned not more
than two years, or both, for the first offense, and for
any subsequent offense shall be imprisoned not more
than five years." A similar penalty is inflicted on
officers of a telephone or telegraph company who are
guilty of knowingly transmitting messages of a
similar purport. When it is considered that these
extraordinary penalties are imposed not for neglect
to conform to a Federal incorporation law, but for
absence of conformity with a preconceived state of
the law regarding incorporation, the remarkable
spirit displayed in the Pujo committee report may
be fully appreciated.
Since the life of the committee itself ended at
midnight on March 3, along with the life of the House
of Representatives which appointed it, the report
is already a matter of the past, on which no action
is to be expected. Whether its recommendations
are destined, in whole or in part, to receive consideration at the hands of the new Congress, will naturally
depend on the view which that Congress takes of
the proposals which we have just reviewed.
NEW YORK CENTRAL AND TRYING RAILROAD
CONDITIONS.
The annual report of the New York Central RR.,
submitted the present week, and covering the
calendar year 1912, contains some illumining
statistics and remarks bearing upon the trying conditions under which railroad operations have to be
carried on at the present time. The rise in operating
cost, the inability to prevent constant augmentation
in expenses, the growing burden of taxes, the added
outlay on account of repeated advances in wages, the
higher prices for new equipment, the uninterrupted
need of new capital, the small margin above interest
and dividend requirements remaining on the year's
results, and other kindred things, are all discussed
in an interesting and convincing way.
Traffic and crop conditions during the year were
satisfactory, and accordingly the road was able to
show a substantial addition to its revenues. Unfortunately, increased expenses consumed almost the
whole of the increase, leaving only a very small
gain in net earnings, while interest and rental charges
were very considerably larger. The report relates
only to the New York Central proper. The auxiliary
system of roads west of Buffalo, like the Lake Shore

M.81913.]

THE CHRONICLE

& Michigan Southern, the Michigan Central, the
Pittsburgh & Lake Erie, the Big Four, &c., are not
included. In reviewing the results for the calendar
year 1911, we noted that the gross revenue from the
rail operations had, for the first time, reached and
passed the 100-million mark, the total being $103,954,863. In 1912 there was a further!increase of
nearly 6 million dollars ($5,945,152), bringing the
total up to $109,900,015. If the revenue from
auxiliary operations (connected with, but in addition
to transportation by rail) be added, the aggregate is
raised to $115,479,099. But while the revenues
from the rail operations increased $5,945,152, expenses increased in the sum of $5,610,950, and thus
the addition to net earnings was no more than
$334,202; then, also, $376,511 gain in ithe:lrevenues
from the auxiliary operations was attended by
an augmentation in expenses of $373,961, leaving
only $2,550 added net from that source. At the same
time taxes jumped still higher, having been boosted
up $454,762 further,after an increase in the previous
year of $749,933. President William C. Brown
points out that the amount of taxes accrued during
the year was $5,918,483, and was equal to 5.13%
of the entire gross operating revenues of the year.
The significance of these figures should nbt be overlooked by the reader. He should ponder well the
fact that in the case of this great railroad system,
withIits immense yearly revenues, considerably in
excess of 5% of the entire receipts (gross, not net, let
it be understood) is being paid over to the public
authorities in support of government through tax
levies imposed by such authorities.
After having provided for the increased taxes,
the Central actually finds itself with smaller net
earnings for 1912 than it had in 1911, the comparison being $23,010,367 against $23,128,376. Income
from investments was $1,644,412 more than in the
preceding year, but this was not anywhere near
sufficient to offset the increase in fixed charges,rwhich
in 1912, by reason of the new bond issues put out,
were $2,951,015 greater than in 1911. The final
result is that the company had only $13,879,837
available for the payment of dividends in the late
year, against $15,304,449 in 1911. In this lastmentioned period the dividend rate, it will be remembered, was cut from 6% per annum to 5%. On
this basis the dividend requirement in 1912 was
$11,136,465, leaving, therefore, only $2,743,372 surplus above the dividend for 1912 against $4,167,984
in 1911. Out of the surplus of 1911 $2,500,000 was
appropriated to cover replacement value of abandoned property, including buildings at the Grand
Central Terminal. Under the diminished surplus
of 1912 a similar appropriation was deemed inexpedient.
The $2,743,372 surplus for 1912 is equal to only
about 131% on the stock and President Brown refers
to it as "a slender margin from which to provide
against less favorable years and to put something
back into the property from earnings which should,
if possible, be done every year." He quotes the
statement made by the Arbitration Commission
which passed upon the question of the demands of
the locomotive engineers for increased pay, to the
effect that "if a just increase in wages places the public utilities in a position that does not enable them to
secure a fair return upon capital invested and maintain a proper reserve, they should, be allowed to
increase their rates until they are in that position,"



683

and then makes the observation that in the light of
conditions present and immediately prospective, it
does not seem that an application to the Inter-State
Commerce Commission for permission to make some
increase in freight rates can be long deferred. With
this statement all fair-minded persons must perforce
agree.
With reference to the increase in expenses the
report tells us that "every detail of operation has
been watched constantly and intelligently, and no
expense incurred not absolutely necessary to maintain the property in that high state of efficiency
necessary to render safe and satisfactory service to
the public." The further growth in expenses in
1912 was in part due to the increase in the rates of
pay of the engineers made under the award of the
arbitration board, and, speaking generally, higher
wage schedules are a most important element in the
growth. But advanced prices for many other things
also enter into the account. Efficiency of operations
has been carried still higher, but the savings in that
way have been insufficient to overcome the increases
in expenses in other directions. The report. points
out that efficiency of operation of equipment is
clearly indicated by the statistics of mileage of locomotives, trains and cars. Freight locomotive mileage
actually decreased 686,021 miles and freight train
mileage decreased 378,799 miles, in face of the fact
that loaded freight car mileage increased 19,574,385
miles. This means, of course, that the freight train
load was still further added to. As a matter of
fact the average train load increased 35.49 tons, or
more than 8%, over the preceding year, following
an increase of nearly 13 tons in the average in the
preceding year. The train load now is up to 465
tons. This covers simply revenue freight. Including company freight the average is 521 tons.
President Brown discusses at length the award of
the Arbitration Commission in the locomotive
engineers'controversy, and says it is to be feared
that the result of the advances made in this instance
will be a gradual increase in compensation of railroad
employees. He then gives some instructive figures
showing what the increases in wages made during
the last seven years are costing the road. He says
that in the year 1905 the gross earnings of the New
York Central were $86,095,692. Of this amount
$36,570,212, or 42.47%, was paid in wages. In
1912 gross earnings were $115,479,099, and of this
no less than $54,115,761, or 46.86%, was paid in
wages. Making due allowance for the additional
force in the service, the company was forced to pay
in 1912 $9,500,000 more to its employees than it
would have had to pay if the rates of wages in effect
in 1905 still prevailed. What all this means to the
road appears from the further statement that the
increased payment on account of the higher level of
wages was equivalent to 4.27% on the company's
entire amount of stock outstanding.
Prices of equipment are now also rapidly rising
again. In October and November 1911 contracts
were made for 1912 delivery of 14,500 40-ton box
cars at an average cost of $790 each. The best
price obtainable for the same cars for 1913 delivery
is now $1,075, an (increase of $285 per car, or 36%;
2,500 50-ton hopper cars were contracted for at the
same time at $810 each; these cars now cost $1,113
each. Locomotives ordered in December 1911 and
bought at $22,456 each, now cost $26,030, and passenger engines which cost $24,780 now command

684

THE CHRONICLE

$26,315. Such has been the rise in the prices of
equipment that the rolling stock delivered in 1912, if
purchased at the prices prevailing in December 1912
instead of those availed of in 1911, would have cost
$5,206,000 more.
On new equipment hereafter purchased the company
will, of course, have to pay the higher prices, and further additions to equipment from year to year are
a constant necessity. In fact, there is reference to
some new equipment trusts for large amounts which
were created the latter part of 1912. There was a
net increase in the bonded debt of the company
during the year of $46,157,617. A considerable
portion of this was incurred in taking over the stock
of the New York & Harlem RR., that of the Rome
Watertown & Ogdensburg RR. and that of the
Utica & Black River RR. But that the company's
new capital requirements in the ordinary way are
very heavy is evident from the fact that the charges
to property account during the twelve months
aggregated $17,083,899 and that expenditures on
account of construction work on leased lines amounted
to $12,229,631, making a grand total of extraordinary
expenditures in 1912 of $29,313,530. From a study
of the balance sheet, it would appear that some new
financing will be necessary in the near future, inasmuch as the company had $14,190,600 of loans and
bills payable Dec. 31 1912, against only $1,390,000
on Dec. 311911.
As is known, the company's new terminal station
in this city was opened last month—Feb. 2 1913.
Well-merited pride is taken by President Brown in
the fact that the entire work of re-construction of
the terminal proceeded without interruption of train
service and the prompt handling of the heavy traffic
and without a single serious accident to a passenger
from the construction, excavation and blasting necessarily incident to the carrying on of an improvement
of such magnitude.
THE PENNSYLVANIA RAILROAD REPORT.
In the Pennsylvania Railroad report, as in that of
the New York Central, the most noteworthy feature
is the rising cost of operations as measured bythe additions to expenses and to interest and dividend requirements, the latter caused by the increase in
capitalization which results from the enlargement
of the facilities of the system in order to take care of
the growing volume of business. The report is for
the calendar year 1912. This was a period of favorable conditions for the railroad carrying interest, and
particularly for the Pennsylvania Railroad system.
When we speak of favorable conditions we have reference only to the volume of business. Other favoring
conditions have long since disappeared. Time was
when the railroads could count upon growing efficiency of operations being reflected in results, so that
with the expansion in the volume of traffic the cost
of moving the same per unit of service would be reduced, if only a very little. That time seems to have
gone, apparently never to return. Cost per unit of
service will not decline, no matter what efforts may be
put forth to that end,no matter how large the growth
in traffic, no matter what the advance in operating
efficiency. Time was, too, when the roads could occasionally look for slightly better rates, but that time
also has been relegated to limbo. The Inter-State
Commerce Commission will not permit advances
in freight schedules, nor will the different State
commissions, and no adjustment of the proportions



[VOL. xcvi.

of the different classes of freight is taking place,
bringing with it a rise in the general average of rates
for the entire freight movement. The lower-class
freights predominate and the average rate realized
tends unerringly downward.
The present Pennsylvania report furnishes an illustration of the truth of all these statements. There
was an enormous addition in 1912 to the volume of
traffic, but the ultimate yield, after allowing for
augmented expenses and a return on the larger capital outstanding, was astonishingly small. Growing
activity marked the country'q industries during
1912, and the iron and steel trade experienced the
most noteworthy revival, perhaps, in its history.
Such a situation was manifestly of the greatest benefit to the Pennsylvania Railroad by reason of the
magnitude of its coal traffic, the road ranking by
far as the foremost coal-carrying system in the country. Note that the actual number of tons of coal
and coke carried during 1912 over the lines directly
operated east of Pittsburgh, after eliminating all
duplications, amounted to 72,714,126 tons, and that
this was an increase over the previous year of nearly
63/ million tons, or 9.72%. The tonnage movement
one mile of coal and coke over the Eastern lines directly operated was no less than 13,152,847,365, as
compared with 12,044,190,856 in 1911, an increase
of 1,108,656,509, or 9.20%.
These figures have reference merely to the coal
and coke traffic. The freight traffic as a whole during 1912 increased even faster, both proportionately
and absolutely. The number of tons of freight moved
gained 18,250,571 tons, or 14.52%, and the number
of tons moved one mile gained 2,592,721,022, or
13.35%. The passenger traffic did not expand in the
same ratio, and yet registered satisfactory growth,
the number of passengers carried having increased
7.42% and the number one mile 6.71%.
Under these circumstances it is not surprising that
the gross revenue from railroad operations on the
lines directly operated for the year 1912 should have
reached the imposing sum of $174,607,598, the very
largest in the history of the company, and that this
gave an increase of $17,120,185, or 10.87%,over the
calendar year 1911. But the operating expenses were
likewise the very largest on record, the augmentation over the preceding year being $13,409,551, or
11.84%. In other words,the $17,120,185 addition to
gross yielded only $3,710,634 addition to net, and
even this was artificial to the extent of $786,230, inasmuch as the report tells us that the rules of the InterState Commerce Commission made necessary certain changes in the methods of stating the account,
with the effect apparently of swelling the netincome
in the sum mentioned, namely $786,230. This reduces the gain in net to less than $3,000,000. But
the company had a larger amount of stock outstanding on which to earn a return, and consequently the
call for dividends on the same rate of distribution as
in 1911 was increased about 13 million dollars, being
$27,198,918 for 1912, against only $25,950,857 in
1911. This leaves remaining only a little over 13/2
million dollars out of the $17,120,185 gain in gross
earnings.
What attracts particular attention is that this
absorption of added revenues through increased expenses and fixed charges has occurred in face of a
further development of operating efficiency. We have
already seen that the number of tons moved gained
14.52% and the number moved one mile 13.35%.

MAR. 8 19131

THE CHRONICLE

On the other hand, the addition to freight-train mileage was only 10.95%. It results from this that there
was a further addition to train-load, bringing it up
to the magnificent figure of 6853/2 tons, which is
143/ tons better than in 1911, this latter, in turn,
being 22 tons better than in 1910. In face of this
larger train-load, the net earnings per freight-train
mile were reduced, being only $1 18 in 1912, against
$1 21 in 1911. The gross earnings per train mile were
larger by reason of the increased load, being $3 99,
against $3 94, and this, too, in face of a slight decrease in the average rate realized per ton per mile.
The expense per train mile, however, was $2 81 in
1912, against $2 73 in 1911, causing the loss in net
noted.
In considering the reasons for the great augmentation in expenses, both absolute and relative, it is
plain, of course, that one element in it has been the
expansion in the volume of traffic. This, the report
tells us, necessitated not only greater outlays for
transportation expenses, but also for repairs and renewals of road-bed, bridges and buildings, signals
and interlocking systems, and for other items which
add to the safety and comfort of the patrons and
employees of the road, as well as for repairs and renewals of equipment and increased charges for depreciation. Expenses were also considerably increased
by the severe winter weather prevailing in January
and February 1912. Making due allowance for all
this, the fact remains that the main elements in the
rise in operating cost are (as given in the report)
higher wages, the operation of the Extra Train Crew
Law, increased cost of fuel and other materials and
improved standards of track and other construction
to meet the requirements of heavier rolling stock.
In the figures given thus far, we have been dealing
simply with the results for the Pennsylvania Railroad lines directly operated east of Pittsburgh. If
we take the figures for the whole Pennsylvania Railroad System, including all lines owned, operated or
controlled both east and west of Pittsburgh, the showing is precisely the same—that is, a tremendous addition to gross is reduced to the vanishing point. In
this case we have totals of huge magnitude, the gross
operating revenues being $374,096,180. The gain
over the year preceding amounts to $37,612,367,
but $30,572,593 of the whole sum has been eaten up
by increased operating expenses, leaving the addition to net only $7,039,774. Interest and rental
'charges were also larger, and in the final result the
increase remaining is only $1,251,205. In other
words, that is all that is left after making provision
for expenses and fixed charges out of a total gain of
$37,612,367.
Coming back to the Pennsylvania•proper, we find
that the income statement shows a balance of $1,661,103 on the year's operations in excess of the requirements for the 6% dividends on the company's stock.
This, however,is after setting aside $6,000,000 for a
reserve for additions and betterments' not properly
chargeable to capital account, as against only $4,000,000 similarly reserved in the previous year.
Capital requirements will continue uninterrupted,
as it is necessary all the time to provide further equipment and further facilities; hence, constant additions to net earnings are necessary from year to year
to make it possible for the company to come out even.
There have been rumors recently that additional
.amounts of stock or bonds or other obligations were
presently to be issued. The report distinctly says



685

that provision will have to be made for the raising of
new capital. The statement made is that it will
shortly be necessary for the company to provide
capital for the $10,222,500 of 10-year gold convertible 3s which matured Nov. 1 1912 and for $9,735,000 of collateral trust 4s due June 1 1913,
together with maturing equipment trust obligations
and also for new construction work, the extension
and improvement of terminals, track and facilities,
and the purchase of equipment. It is added that
the matter is now receiving careful consideration,
but no decision has yet been reached as to the form
or extent of the proposed financing. Reference to the
balance sheet shows that, aside from the $10,222,500
2s taken care of in November last
of convertible 33/
out of current cash, $4,869,000 of equipment trust
obligations were paid off and also $334,438 of mortgages and ground rents, besides smaller amounts
of other obligations. We find, too, that the new
capital outlays for the twelve months, that is, the
amount directly charged to capital account, reached,
according to the balance sheet, $14,706,637.
Under these circumstances, it is not surprising to
find that the company holds $20,868,942 less of
cash than at the close of the previous year, after having created $5,000,000 of loans and bills payable.
It must not be supposed, however, that there is no
immediate pressing need for new financing. Even
after the reduction in its cash holdings it held Dec. 31
1912 $30,207,397 of actual cash, and its working
assets, including this cash but excluding materials
and supplies, aggregated $60,078,321, while the working liabilities were only $34,344,200 and the liabilities accrued but not due (for interest, rents, taxes,
&c.) $7,001,976.
RAILROAD GROSS AND NET EARNINGS FOR
THE CALENDAR YEAR.
We complete to-day our tabulations of the earnings
of United States railroads for the calendar year.
Two weeks ago we presented elaborate compilations
dealing with the figures of gross earnings. We now
present complete tabulations covering both the
gross and net results for the twelve months. In
the comparisons of the gross, it will be recalled,
the striking characteristic was the splendid amount
of gain disclosed. The figures of net are interesting
and instructive in showing how large a part of the
additions to gross revenues was consumed by augmented expenses. The length of road represented
by our statements to-day is 239,691 miles, which is
only 2@3% short of the entire railroad mileage of the
country. On this the increase in gross is found to
have been $221,579,969. Of this, however, no less
than $161,229,136 was eaten up by larger expenses,
leaving the gain in net no more than $60,350,833.
In ratio the gain in gross has been 8.06% and in
net 6.88%.
January 1 to December 31.
(458 roads.)

Increase or Decrase.
1912.

1911.
Amount.

Miles of road
Gross earnings
Operating expenses
Net earnings

239,691,

236,000

+3,691 1.71
8
3,012,390,205 2,790,810,236 +221,579,969 8.06
2,074,421,494 1,913,192,358 +161,229,136 8.55
937,968,711

877,617,878, +60,350,833 6.88

In our article two weeks ago we pointed out that
the improvement in the gross, though of huge magnitude, was not as large as it seemed by reason of the
extent of the total, the aggregate of the gross for
1912 running in excess of $3,000,000,000. Another

686

xcvi.

THE CHRONICLE

Net Earnings.
Gross Earnings.
reason qualifying somewhat the significance o f the Yr.
Increase or
Year
Year
i
Increase or
Year
Year
improvement was the fact that comparison is with
Preceding. Decrease.
Preceding.
Given.
Decrease.
Given.
rather indifferent results the previous year. The
$
$
995,911,844 923,921,519 +71,990,325 325,070,666 310,533,311 +14,537.356
same remarks apply on the present occasion, only 1890
1891 1068,333,463 1025,147,383 +43.186,080 348,999,840 327.648,764 +21,351,076
1068,570,963 1013,500,67: +55,070,285341.021,517334,279,273 +6,742,244
with much greater force. Stated in brief, the 1912 1892
1893 950,257,14: 966,601,520 -16,344,372,292,489,300302,900,174 10,410,874
1894 930,303,005 1049,745,525-119,442,520286,166,115325,605,016-39,438,901
gains in both gross and net followed losses in 1911. 1895 976,821,978 920,006,966 +56,815,010308,915,881,283,227,325 +25,688,556
1896 970,867,270 972,173,718 -1,306,448293,856,699 299,637,327 -5,780,628
In the gross the falling off in 1911 was $30,024,816, 1897
1050,003,222 998,025,924 +51,977,298341,280.498 306,365,696 +34,914,802
1898 1118,561,053 1050,691,611 +67,889,442364,293,656342,385,415 +21,908,241
9„413,354,253367,336,951 +46,017.302
or 1.06%. It was found possible to offset this in 1899 1209,137,161 1099 217 301 +108,140,398
461,790,985 432,565,578 +29,225,407
1900 1374,123,1811285,982,763
1901 1522,309,165 1383,335,544 + 138,973,621 528,962,185464,161,655 +64,800,530
only small degree by reductions in expenses, so the 1902
1528,344,977 1448,397,592 +81,947,385 489,879,4071493,045,517 -3,166,110
1733,784,055 1547,759,417 + 186,024,638 552,260,5971503,557,044 +48,703,553
greateP part of the shrinkage in gross counted as 1903
1904 1774,971,552 1766,512,970 +8.458,582553,586,219557,485,916 -3,899,697
1895,473,120 1745,392,445 +150,080,675591,875,952543,770,532 +48,105,420
a loss in the net. In other words, there was a de- 1905
19062103,087,760 1894,068,617 +209,019,143665,080,905 592,178,002 +72,904,903
52090,595,451 + 196,906,154 660,753,545 685,280,191 -4,526,646
crease of only $5,736,428 in expenses, leaving a loss 19072287.501,60
19082235,164.8732536,914,597-301.749,724694,999,048 748,370,244-53,371,196
+282,453,959 901,726,0651750,685,733+151040332
19092605,003,30
in net of $24,288,388, or 2.67% in the net earnings. 1910 2836,795,09122322,549,343
2597,783,833 +239,011,258 909,470,059,900,473,211 +8,996,848
2805,084,7232835,109,539 -30,024,818883.826.478907,914,866-24,288,388
1911
Thus, if we take the two years together, the in- 19123012,390,205 2790,810,23; +221,579,969937 968 711S77,617,87: +60,350,833
crease in net has been only $36,062,445.
Note.-The number of roadeincluded was 202 in 1890, 214 In 1891, 206 in 1892,
1896, 185 in 1897, 176 in 1898, 165 in
But even this does not tell the full story of increased 192 in 1893, 199 In 1894, 202 in 1895, 196 In 187
in 1903, 170 In 1904, 148 in 1905,
1899, 175 In 1900, 155 in 1901, 168 In 1902,
in 1906, 152 in 1907, 164 in 1908, 814 in 1909, 796 in 1910, 774 in 1911, 458 In
expenses. In the calendar year 1910, when the 159
1912.
Neither the Mexican roads nor the coal mining operations of the anthracite coal
addition to gross earnings reached $239,011,258, roads
are included in this table.
expenses rose in the prodigious amount of $230,014The bulk of the improvement in 1912 in the gross
410, leaving, therefore, the insignificant gain of and more than the whole of the improvement in the
$8,996,848 in net. If now, we go a step further and net occurred in the last half of the year. Trade
combine the increases and decreases for the last revival had then got under decided impetus and the
three years, we find that the gross for the three excellent grain harvest afforded a large movement
years shows an improvement of no less than $430,- of agricultural products and also assured great
566,411, but that the addition to the net for the prosperity to farming interests, which was reflected
same three years amounts to only $45,059,293, or in an increased passenger traffic. To show how
a little over 15 million dollars per year. Such much more favorable the results were in the last six
figures well illustrate how difficult is the task of the months than in the first six months, we give herewith
managers of the roads in getting any profit out of the the figures for the first half of the year and those
additional traffic handled. It is obvious that in- for the second half separately. It will be observed
creasing net averaging only $15,000,000 per year that in the first half there was only $56,349,506
will not meet the extra charges on the new gain in gross while there was a loss of $2,037,477 in
capitalization that the roads had to put out in order the net, but in the second half the addition to
to handle the additional traffic.
gross reached no less than $165,230,463 and there
In recent years 1909 has been the only one record- was an addition of $62,388,310 in the net.
ing a substantial addition to the net. But the
Last Six Months.
First Six Months.
results then were wholly exceptional. At that time
1912.
1911.
1911.
1912.
the roads were still economizing in every conceivable
$
$
1,365,355,859 1,309,006,353 1,647,034,346 1,481,803,883
Gross
991,985,688 933,598,705 1,082,435,806 979,593,853
way, cutting down their outlays in all directions, Expenses
373,370,171 375,407,648 564,598,540 502,210,230
and accordingly they were able in their returns to Net
show very satisfactory increases in both gross and
From the following, showing the comparisons for
net. The fact must not be overlooked, however, each of the twelve months, it will be observed that in
that the 1909 improvement was deprived of much January, on account of the severe cold prevailing,
of its significance because of the fact that there had there was a small decrease even in the gross and
been such a tremendous shrinkage in revenues, quite a large decrease in the net. The augmentagross and net, in 1908, following the panic of 1907. tion in expenses also caused losses in net in April and
Hence, this improvement represented to a consider- May (although the gross then showed slight inable extent merely a recovery of what had been creases), when coal-mining was suspended over large
previously lost. The increase in gross in 1909 areas and when much interruption of traffic on
was $282,453,959 and in net $151,040,332. For certain roads was occasioned by a very extensive
1908 our tables showed very large losses in both gross overflow of the Mississippi River. It will not be
and net-$301,749,724 in the former and $53,371,196 necessary, however, to go into any extended analysis
in the net. But our compilations at that time were of the influences and events of the year, as the facts
not so nearly complete as they are now. They covered were fully set out in our review two weeks ago of the
only 199,726 miles. Careful compilations which we gross revenues of the roads.
then made showed that if we could have returns for
Net Earnings.
Gross Earnings.
the whole railroad mileage of the country, the de- Month. 1912.
Inc. or Dec.
Inc. or Dec.
1912.
1911.
1911.
crease in gross earnings for 1908 would have reached
$
3
$
$
$
$
Jan ___ 210,704,771 213,145,078 -2,440,307 45,940,706 52,960,420 -7,019,714
no less than $345,000,000 and the loss in net earnings Feb
__ 218,031,094 197,278,939 +20,752,155 57,411,107 49,135,958 +8,275,149
+848,494
March 237,564,332 224,608,854 +12,955,678 69,038.987 68,190,493
about $60,000,000.
April . 220,678,465 216,140,214 +4,538,251 57,960,871 03,888,490 -5,927,619
68,488,263 -2,452,666
68,035.597
'232,229,364
226,184,666
__
May
+6,044,698
In the following we show the yearly comparison June__ 243,226,498 228,647,383 +14,579,115 78.223.732 71,689,581 +4,534,151
__ 245,595,532 222,587,872 +23,007,661 79,427,585 70.536,977 +8,890,588
as to both gross and net for each year back to 1890. July
Aug__ 276,927,416 251,067,032 +25,860.384 99,143,971 87,718,505 +11,425,466
Sept __ 272,209,629 252,318,597 19.891.03296,878,55890,842,946 +6,035,612
the
of
For 1910 and 1909 we take the aggregate
Oct.. 293,738,091 258.473,408 +35.264,683108,046,804 93,224,776 +14,822,028
Nov __ 76,430,016
+31,968,171 93,017,842 80,316,771 +12,701,071
monthly totals as given out by the Inter-State Dec __ 263,788,603 244,461,845
234,087,361 +29,681,242 81,701,974 72,932,360 +8,769,614
Commerce Commission, but for preceding years we Note.-Percentage of increase or decrease n gross for the above months has
Jan., 1.14% dec.; Feb., 10.52% Inc.; Mob., 5.77% inc.; April, 2.10% Inc.;
give the results just as registered by our own tables been:
May, 2.67% Inc.; June, 6.38% Inc.; July, 10.34% Inc.; Aug., 10.30% Inc.; Sept.,
Inc.; Oct., 13.64% Inc.; Nov., 13.07% Inc.; Dec., 12.68% Inc.
each year-a portion of the railroad mileage of the 7.88%
Percentage of increase or decrease in net for the above months has been: Jan.,
dec.; Feb., 16.84% inc.; Mch., 1.24% Inc.; April, 9.28% dec.; May, 3.58%
13.25%
country being always unrepresented in the totals, dec.; June,
8.32% Inc.; July, 12.61% Inc.; Aug., 13.03% We.; Sept., 6.64% Inc.;
4.4
Oct.,
Nov.. 15.81% Inc.; Dec., 12.02% Inc.
15.40%
owing to the refusal of some of the roads to furnish In Jan. the Inc.;
mileage represented was 237,888; In Feb., 237,082; In Mob., 238,218;
In April, 236,722; in May, 235,410; in June, 235,385; in July, 230,712; in Aug..
monthly figures for publication.
239,230; In Sept., 237,591; In Oct., 237,217; In Nov.. 237,376; In Dec., 238,072.




I

MAR. 8 1913.1

THE CHRONICLE

IF With reference to the .separate roads it will be
sufficient to say that the gains are very large and
quite general In the case of the gross losses are
very rare. In the net there are some decreases for
considerable amounts, but they come from roads
which suffered from exceptional causes.:or:conditions,
such as the anthracite coal roads,where minindwas
almost completely suspended in April and May,
or the Harriman roads, where the shopmen's strike
proved very disturbing. In the following we show
all changes for the separate roads and systems,
whether increases or decreases, for amounts in excess
of $500,000.

1912.
Group No.
- 7,786
Group No. 2..__ 26,523
Group No. 3...... 25,709
Groups Nos.4&5 40,711
Groups Nos.6&7 66,866
Groups Nos.8&9 55,835
Group No. 10... 16,261

687
1911.
7,786
26,282
25,555
40,075
65,701
54,660
15,941

1912.
41,829,678
222,888,485
120,133,726
114,835,557
226,617,592
137,978,815
73,684,868

Net Earnings
Inc. (+) or
Dec. (-).

1911.

38,046,764
216,639,169
110,005,424
115,310,004
206,870,141
124,105,216
68,841,180

+3,782,914
+6,249,316
+10,128,302
-474,447
+19,747,451
+13,873,599
+7.043,698

9.94
2.88
9.25
0.41
9.54
11.18
10.55

239,691 236.000 137,968,711 877,617,878 +80,350,833 8.88
Total
Nu rE.-Group I. includes all of toe New England btates.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey. Delaware and Maryland, and
the extreme northern portion of West Virginia
Group III. includes all of Ohio and Indiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV.and V.combined include the Southern States south of the Ohio and east
of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of
Denver,the whole of Texas and the bulk of Louisiana: and that portion of New Mexico north of a line running from the northwest cornet of the State through Santa Fe
and east of a line running from Santa Fe to El Paso.
Group X. includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.

PRINCIPAL CHANGES IN GROSS EARNINGS IN 12 MONTHS.
Increases.
Increases.
Pennsylvania (3)
9331,451,459 Internat & Gt North...... $1,450,579
Great Northern
10,624,602 Central of New Jersey.._ 1,416,774
Baltimore & Ohio
1,365,801
10,050,266 Phila Bait & Wash
Atch Top & San Fe (8)__ 9,564,054 Buffalo Roch & Pittsb_ - 1,278.631
Chicago Milw & St Paul 6,984.194 San Ped Los Ang & S L.. 1,230,819
Lake Sh & Mich So
5,922,619 Denver & Rio Grande... 1,185,446
N Y Cent & Hud Riv
a5,895,128 El Paso & South West__ 1,120,993
Southern Pacific (12)
6,788,803 Delaware & Hudson........ 1,059,146
Minn St Paul & S S M
5,775,070 St Louis South West 2)
985,330
6,761,864 Chicago St Paul M & 0..
Northern Pacific
974,396
Chicago Burl & Quincy.. 6,484,405 N Y Chicago & St Louis
968,226
6,099,024 Virginian
N Y N H & Hartford
905.295
4,943,532 Duluth Missabe & North
Southern
882,401
4,928,764 Cin N 0 & Texas Pacific
Missouri Pacific(2)
863,423
4,840,129
Lehigh
Valley
Norfolk & Western
816,253
Chicago & North West_- 4,694,968 Seaboard Air Line
795,058
4,334,731 Del Lack & Western.._ _ _
Union Pacific (3)
EARNINGS OF UNITED STATES RAILWAYS JAN. 1 TO DEC.31.
784,979
3,780,603
Sd
Pu
Vandalia
Chicago Milw &
778,382
GrossNet
Group I.
Elgin Joliet & Eastern.... 3,691,212 Wheeling & Lake Erie....
1912
757,431
1911.
1912,
1911.
Inc. or Dec.
Louisville & Nashville_- 3,442,933 Florence & Cripple CrkNew England753,929
$
$
$
Reading
c2,909,299 Hocking Valley
Phila &
744,046 Atlantic & St L.__ 1,607,059
1,441,958
110,005
def27,597
+137,602
Pittsburgh & Lake Erie.. 2,853,560 Bessemer & Lake Erie....
711,080 Bangor & Aroost'k 3,272,806
3,344,093
1,142,774
1,260,783
-118,009
Michigan Central
2,747,263 San Antonio & Aran Pass
690,397 Boston & Maine__ 47,585,111 45,324,831 11,481,859
9,589,044
+1,892,815
Island
(2)
Rock
2,693,628 Long Island
1,224,199
668,904 Can Pat lines inMe 1,385,914
def37,867
106,334
-144,201
Chesapeake & Ohio
2,461,424 Union Pacific
4,107,111
664,452 Central Vermont.. 4,128,409
805,3/9
974,895
-169,576
Cleve Cin Chic & St L.._ 2,282,324 Wabash
97,898
100,310
656,898 Grafton & Upton._
29,774
31,685
-1,911
Boston & Maine
2,240,280 Minneap & St Louis_ _ _
652,161 Maine Central........ 10,956,265 10,369,246
3,087,786
2,979,148
+88,638
Atlantic Coast Line
2.133,145 Maine Central
268,525
258,685
72,302
687,019 Montpelier & Wells
96,635
-24,333
Illinois Central
1,821,417 Central of Georgia
656,573 N Y N H & Hartf_ 67,850,238 62,751,213 23.849,076 21,753,039 +2,096,037
Erie (2)
1,806,865 St Louis Brownsv & Mex
212,477
215,533
def35,949
528,121 Newport & Richt_
def11,014
-24,935
Missouri Kan & Texas.... 1,676,729
3,612,521
3,416,711
Rutland
986,961
848,595
+38,366
Texas & Pacific
1,535,587
Representing 92roads
St Johnsb & L Ch..
346,103
392,568
74,580
94,384
-19,804
St Louis & San Fran (4) 1,509,914
in our compilation-3197.455,718 Sandy Rh'& Rang
167,710
156,993
46,107
46,876
-769
498,223
Sullivan County
535,364
141,482
110,688
+30,794
Note.-Figures in parenthesis after name of road indicate the number of Union Freight........
116,596
113,349
30,119
33,448
-3,329
lines or companies for which separate returns are given in our compilations. Vermont Valley....
533,679
491,715
165,350
159,821
+5,529
a These figures cover merely the operations of the Now York Centra
Total (18 roads) 142,856,375 134,206,738 41,829,878 38,046,764 +3,782,914
itself. Including the various auxiliary and controlled roads, like the
Michigan Central the Lake Shore, the "Big Four," the "Nickel Plate,"
Gross
Net
&c., the whole going to form the New York Central System, the result is
Group II.
1912.
1911.
1912.
1911.
Inc. or Dec.
East & Middle.
a gain of $22,890,793. The result in the net for the entire system is a gain
$
Balto & Ohio
98,121,277 88,071,011 29,045,418 26,877,095 +2,168,323
of $8,130,249.
1,692,500
1,842,244
b These figures cover the lines directly operated east and west of Pitts- Buff & Susq RR
365,209
378,480
-13,271
593,608
612,344 def156,351
burgh and Erie. The gross on Eastern lines increased $17,120,185, and Buff & Swig fly......
def93,978
--62,373
9,058,247
the gross on Western lines increased $14,331,274. Including the lines Buff Roch & Pitts_ 10,336,878
3,219,613 2,714,829
+504,684
controlled but operated separately, the aggregate increase in gross east and Cent New England 3,670,275 3,328,548
1,842,389
1,511,172
+331,217
Cornwall
222,331
178,223
west of Pittsburgh and Erie is $36,640,959.
123,616
87,547
+36,069
118,438
123,117
42,518
c These figures are for the Railroad Company and do not include the Coudersp & Pt All
49,490
-6,972
Cumberland & Pa..
930,200
900,051
operations of the Coal & Iron Co.
279,642
229,025
+50,617
Delaware & Hud
22,417,071 21,357,925
8,418,713
8,645,131
-226,418
PRINCIPAL CHANGES IN NET EARNINGS IN 12 MONTHS.
Del Lack & West
38,496,731 37,711,752 13,716,876 14,737,450 -1,020,574
Increases.
Sussex
Increases.
177,497
173,608 .
17,698
29,942
-12,244
Missouri Pacific (2)
36,568,596 Union Pacific (3)
$762,635 Del & Northern......107,239
16,266
100,468
3,185
+13,081
Pennsylvania (3)
96,176,360 Chesapeake & 01310
214,488
743,262 Donors Southern..
195,982
69,343
14,931
+54,412
AtchTop & San Fe (8).._ 6,211,646 Bessemer & Lake Erie
315,977
689,965 E Jer RR & Term_
278,245
183,328
149,297
+34,031
Great Northern
5,146,978 Southern
938,494
634,716 E B'd Top RR & C
930,260
94,835
y5,168
-333
Minn St Paul & S S M
3.674,178 Cleve Cin Chic & St L.._
50,768,531 48,983,610 16,160,847 17,193,626 -1,032,779
608,288 Erie
Lake Shore & Mich Sou.. 2.831,861 Buffalo Roch & Pittsb
Chicago & Erie-See Group III.
604,684
Milw
& St Paul 2.492,920
Chicago
Fonda Johns & Glo
950,922
946,963
465,732
507,096
-41,884
Northern Pacific
2,434,168
Representing 56 roads
Genesee & Wyom_
138,537
104,048
70,031
55,810
+14,221
Chicago Milw & Pu Sd
in our compilation_ 365,183.422 Georges Crk & C_
2,321,278
147,740
82,062
def72,950
def31,835
-41,115
Baltimore & Ohio
2,168,323
Greenswich & John
123,380
115,044
58,156
53,465
+4,691
Elgin Joliet & Eastern
2,145,528
Decreases. Hoboken Manufac
133,790
125,382
12,465
13,623
-1,158
N Y N H & Hartford..
2.096,037 Illinois Central
$1,724,834 Hunt & Broad Top
639,433
536,318
288,364
227,312
+61,052
Boston & Maine
1,892,815 Erie (2)
1,692,356 Ironton
225,324
275,707
95,687
110,797
-15,140
Southern Pacific (12)
1,890.453 Yazoo & Miss Valley_ __ _ 1,148,203 Lecke & Wyom
603,170
600,108
272,541
267,735
+4,806
Pittsb & Lake Erie
1,654,432 Dela Lack & Western
1,020,674 Lake Champlain &
202,972
214,818
85,566
78.843
+6,723
Norfolk & Western
1,611,540 Wabash
1,006,037 Lehigh & Hudson 1,742,209
1,540,545
578,182
564,199
+13,983
San Ped Los An & S L..- 1,579,364 Lehigh Valley
993,548 Lehigh & New Eng 1,340,020
864,029
596,618
311,899
+284.719
Chicago & North West.... 1,494,120 Texas & Pacific
963,158 Lehigh Valley_ __ _ 39,618,617 38,803,364 13,349,166 14,342,714
-993,548
Missouri Kan & Texas.... 1,444.187 Atlantic Coast Line
796,804 Ligonier Valley
211,523
120,860
107,958
44,017
+63.941
Rock Island (2)
1,384,680 Chicago & Alton
474,556
678,463 Maryland & Penne
441,395
144,165
132,344
+11,821
Phila & Reading
z1,158,914 Chicago & East Illinois....
257,759
636,136 McKeesport Conn
182,795
def22,624
22,14.0
+44,764
Michigan Central
Maryland
Western
1,084,263
530.539 Monongahela Con 1,057,998
801,362
273,761
168,797
+104,964
Chicago Burl & Quincy.. 1,006,750
Montour
156,380
159,721
54,413
67,342
-12,929
Duluth Missabe & North
Representing 11 roads
972,676
New Jersey & N Y
824,833
779,858
269,257
290,676
-21,419
El Paso & South Westin our compilation_ _311,090,642 N Y C & Hud Riv_108,766,726 102,871,598 28,397,748 *27,938,159
797,826
+459,589
NY & Ottawa.... _
217,241
192,353
def4,922
14,151
-19,073
z These figures are for the Railroad company and do not include the
St Law & Adiron_
713,618
719,530
174,923
290,851
-115,928
operations of the Coal & Iron Co.
For Lines West of Buffalo see Group III.
S These figures cover all the lines directly operated east and west of N Y Ont & West.... 8,796,971
9,095,635
2,359,427
2,510,277
-150,850
Pittsburgh and Erie. The net on Eastern lines increased $3.710635 and
N Y & Penne_ _ _ _
101,266
98,649
3,102
9,979
-6,877
the net on Western lines increased $2,465,725. Including the lines con- N Y Susq & West.. 2,767,466
3,041,647
868,809
1,297,844
-429,035
trolled but operated separately, there was an aggregate increase in net Northampt & Bath
196,535
229,704
25,957
47,166
-21,209
east and west of Pittsburgh and Erie of $7,664,960.
Norw & St. Lawr_
99,432
99,793
42,569
38,810
+3.759
Pennsylvania-Lines East of Pitts & EriePennsylvania RR 174,607,597 157,487,412 47,969,653 44,259,018 +3,710,635
Bait & Spar Pt
115,337
83,489
31,228
+8,712
22,516
Bait Ches & Atl302,506
273,544
67,810
-16,005
84,415
Cornwall dr Leb.._
355,313
298,036
91,964
+40,288
51,676
Cumberland Vali_ 3,291,360
2,891,330
1,066,643
+178,428
889,215
Long Island
11,186,656 10,517,752
3,052,611
+438.638
2,613,973
Maryl'd Del & Va
141,524
134,232
def11,796
-12,220
424
Monongahela
1,578,364
1,175,997
620,643
+288,883
909,306
N Y Phila & Norf 3,566,191
827,578
3,326,467
959,596
+131,988
Northern Central 12,844,715 12,745,806
1,900,719 2,019.523
-118,813
Pennsylvania Term-See Groups IV & V.
Phila Bait & Wash 20,280,044 18,914,243 4,195.642 4.495,017
-299,475
Susq B1 & Berw
115,472
224,098
50,964
131,943
+64,508
Union RR of Bait 1.615,188
1.399,185
1,254,388
1,485455
+144,797
Waynesb & Wash
28,513
138,621
138,766
30,577
-2,064
West Jer Seash. 6,395,255 6,247.666
1,534,111
1,454,575
+79.536
For Lines West of Pitts & Erie see Group III
Reading Company2,145,118
475,368
2,073,745
Atlantic City
486,282
-10,914
218,463
Catasaqua & Fog
118,880
225,277
119,190
-301
SUMMARY BY GROUPS.
Cent RR of N J.._ 27,387,377 25,951,803 11,417,403 11,470,294
-52,891
--Gross Earnings
194,081
Chester & Del Riv
129,514
216,925
110,914
+18,600
Section or Group.
Inc. (-I-) or
Gettysb & Harris!)
68,182
247,706
228,046
49,901
+18,281
1911.
Dec. (-).
1912.
136,377
Northeast Penns_
34,951
138,973
+24,261
10.690
Jan. 1 to Dec. 31656,254
Perklomen
707,445
420,980
338,392
+82,588
Group 1(16 roads), New England 142,656,375 134,206,738
+8,449,637 6.29
44,712,028
Reading_
Phila &
47,621,327
18,068,379 16,909,465 +1,158,914
Group 2(82 roads), East&Middie 735,080,961 685,041,363 +50,039,598 7.32
154.448
Piffle Newt& N Y
158,411
4,555
28,860
-24,305
Group 3(64 roads), Middle West.. 420,930,003 383,278,844 +37,651,159 9.70
1,213,440
Port Reading..
1,552,292
983,236
759,145
+224,091
Groups 4 & 5(88 rds.), Southern_ 388,021,449 363,252,979 +24,768,470 6.82
Reading & Colum
359,588
373,815
107,684
89,746
+17.938
Groups6 & 7(75 rds.), Northwest 872,800,817 616,351,187 +58,249,630 9.12
Pitts
All
&
103,685
McK.
180,598
31,155
def13,881
+45,036
Groups 8 & 9(92 rds.), Southwest 477,995,217 445,373,870 +32,621,347 7.32
Pitts
1,726,202
Shaw
1,289,892
dz
Nor..
522,125
312,930
+209.195
Group 10(41 rds.), Pacific Coast_ 175,105,383 163,305,255 +11,800,128 7.20
Reynolds & Falls()
91,354
89,207
31,300
30,653
+647
Raritan River
235,443
229,121
86,87
92,924
+3.983
Total (458 roads)
3,012,390,205 2,790,810,236 +221,579,989 8.06 St Clair Terminal.
240,270
216,241
103,351
99,794
+3.667

We now insert our detailed statement for the last
two calendar years, classified in groups in the same
way as above and giving the figures for each road
separately.
s

When the roads are arranged in groups or geographical divisions we get increases in both gross and
net in the case of all divisions except that embracing Group 4 & 5, compOsing the Southern States
south of the Ohio and east of the Mississippi. Here
there is a slight decrease in the net and it is noteworthy that this occurs in face of an addition to
gross revenues of nearly $25,000,000, thus showing
what an important part increased expenses have
played on Southern roads. We present our group
table without further comment.




$

Gross
1911.
1912.
$
$
834,299
617,483
South Buffalo_ _ _ _
254,837
273,373
Staten Island
763.750
788,625
Staten Isl Rap Tr_
328,531
332,720
Susquehanna dr NY
1,079,245
Ulster & Delaware 1,068,593
3,933,963
Union RR Co,Penn 4,598,415
526,622
391,598
West Side Belt_ _ _ _
7,088,375
Western Maryland 7,382,613
592,640
WIlkea-B & East._
753,256
Wmspt & North B
133,019
135,770

1912.
$
368,218
29,150
205,025
73,628
276,310
1,510,578
245,566
2,146,089
183,301
38,438

Net
Inc. or Dec.
1911.
$
$
+172.221
195,997
-34,403
63,553
-87,302
292,327
-33,938
107,566
-2,194
278,504
+397,812
1,112,966
+124,951
120,615
-530,539
2,676,628
-134,238
317,539
-3,398
41,836

Total(82 roads) 735,080,961 685,041,363 222,888,485 216,639.169
•* 1911 figures revised for the purpose of comparison.
64

Gross
GROUP III.
1912.
1911.
$
Middle West.
$
2,040,009
Ann Arbor
2,091,465
Bess & Lake Erie_ _ 8,661,748
7,950,668
Et City Gay!& A.._
249,762
254,524
5,360,141
Chicago dr Erie_ _ 5,382,075
859.994
963,258
Chic Det & C G Tr
Chic Ind & Louisv 6,795,083 6,343,263
1,790,445
Chic Ter H dr 5_ _ 1,903,095
185,764
182,740
Cin George & Port
9,901,314
Gin Ham & Day _ _ 10,104,738
236,880
284,916
Cin Saginaw & M_
147,714
135,449
Dayton & Union
129,388
141,505
Delray Connecting
1,197,707
Det & Mackinac.._ 1,259,077
1,064,185
Det & To! Sh L_ _ _ 1.265,712
2,225,515
Det Or H & MIL _ 2,404,489
114,950
163,287
Detroit Terminal_
1,661,627
Det Tot & Ironton 1,761,880
Grand Trunk West 7,012,280 6,666,437
6,854,322
Hocking Valley_ _ _ 7,598,368
148,248
141,074
Kal Lake Sh & Ch
3,146,340
3,115,706
Kan & Michigan
122,724
152,309
Lakeside & Marble
514,447
605,480
Lake Terminal.... _
220,050
207,044
Lorain & W Va
582,884
584,700
Manistee & N E.._
z65,874
291,255
Mercer Valley__ _
169,872
194,043
Michigan Air Line
N Y Cent & Hud Rly-See Group II.
3,822,611
Chic Ind & So_ _ _ 4,235,820
197,617
207,670
Chic Kal & Sag
1,248,676
Cincinnati North 1,418,646
C C C & St L__ _ 32,714,238 30,431,914
100,679
82,761
Det & Chariev'x_
319,845
355,833
Dunk All V & P_
Ind Harbor Belt-See Group VI.
5,420,819
5,839,628
Lake Erie & W
Lake Shore & M S 54,283,617 48,360,998
32,911,753 30,164,490
Michigan Cent
N Y & Ottawa-See Group II.
N Y Ch & St L.... 12,226,235 11,258,009
3,218,284
Peoria & East_ _ _ 3,420,869
Pitts dr Lake Erie 18,162,119 15,308,559
Rutland-See Group I.
St Lawr & Adir-See Group II.
4,938,646
To!& Ohio Cent_ 5,363,018
435,094
454,913
Zanesv & West
518,304
687,758
Newb & Sou Sh
187,668
208,176
Ohio River &W..
Pennsylvania-Lines W of P & E:
175,101
185,165
Central Indiana.
454,844
509,835
Cin Leb & No._ _
Grand Rap & Ind 5,435,270 5,031,660
62,950,426 53,673,300
Penna Company
287,395
348,229
P Char & Yough_
P C C & St L_ _ 43,604,083 38,549,935
To!Pee & West-See Groups VI.& VII.
9,970,326
10,748,708
Vandalia
Waynesb & Wash-See Group II.
Pere Marquette_ _ _ 16,832,550 16,564,351
129,966
124,638
Plttsb & Moon R_
250,112
241,882
Pontiac Oxf & Nor
306,830
311,450
St Clair Tunnel._
240,114
247,826
Tionesta Valley_ _ _
167,512
171,596
'rot Sag & Musk
3,847,591
3,916,843
Tot St L dr West
320,209
356,712
Toledo Terminal_
29,952,187 29,295,289
Wabash
626,700
742,529
Wabash-Pitts Ter..
160,384
126,127
Western Allegheny
7,111,680
7;869,111
Wheel dr L Erie
233,082
237,922
Youngs dc Ohio__ _

1912.
$
640,157
3,904,471
77,278
332,230
158,439
1,805,518
498,332
35,221
2,577,749
def18,708
24,054
def7,231
372,730
656,665
193,257
64,717
209,276
1,864,552
2,841,551
7,429
1,085,132
88,412
124,754
135,511
164,333
zdef11,182
de142,221

+6,249,318

Net
Inc. or Dec.
1911.
$
$
-61,293
701,450
+689,965
3,214,506
+13,971
63,307
-559,577
891,807
+46,772
111,667
-161,531
1,967,049
-65,287
563,599
+6,628
28,595
+122,208
2,455,541
+12,404
60129,112
-12,657
36,711
-25,208
17,977
+60,242
312,488
+102,801
554,084
-185,254
378,511
+5,380
59,337
+106,251
103,025
+55,496
1,809,056
+387,835
2,453,716
24,565
-17,136
-117,643
1,202,775
+5,345
63,067
85,204
+39,550
131,573
+3,938
174,089
-9,736
zdet7,207
-3,975
def26,995
-15,226
*545,282
65,889
181,873
*7,748,205
18,549
39,865

+341,224
+20,347
+43,860
+608,288
-7,740
+29,182

1,125,199
1,380,262
18,748,975 *15,917,124
9,902,998 *8,818,735

+255,063
+2,831,851
+1,084,263

3,237,810
716,887
7,351,728

+289,318
+218,477
+1,654,432

1,476,432 *1,291,723
*25.606
13,569
118,325
165,532
29,830
41,217

+184,709
-12,037
+47,207
+11,387

de124,722
def11,781
130,408
143,851
1,178,882
1,201,278
18,307,015 16,714,070
107,389
166,276
11,921,120 11,048,540

+12,941
+13,443
+22,398
+1,592,945
+58,887
+872,580

2,579,034

2,170,822

+408,212

3,088,863
82,512
60130,881
221,183
89,829
60130,873
1,290,919
80,151
5,659,178
112,283
def21,356
2,574,752
117,726

-283,998
3,370,661
-8,049
90,561
-52,392
21,531
+7,571
213,612
+5,065
84,764
-3,186
def27,887
+210,624
1,080,295
26,532
+53,819
6,665,215 -1,008,037
76,390
+35,873
26,751
-48,107
2,383,393
+211,359
117,282
+444

886,506
88,216
225,733
8,354,493
10,809
69,047

3,527,128
935,344
9,006,160

Total (64 roads) 420,930,003 383,278,844 120,133,726 110,005,424 +10,128,302
*1911 figures revised for the purpose of comparison.
Net
Gross
Inc. or Dec.
1911.
1912.
1911.
1912.
Groups IV.& V.
$
lb
$
$
Southern.
$
+10,326
395,749
406,075
1,661,310
Ala & Vicksburg__ 1,691,118
+39,327
61,462
100,789
y127,757
Ala Tenn & North.. y212,875
-2,142
78,905
76,763
221,070
242,890
Appalachicola Nor.
+12,889
18,216
29,105
138,294
145,345
Ashland Coal dr Ir
-14,429
85,373
70,944
205,915
208,859
At!& St Andrew's_
-48,659
378,200
329,550
1,254,393
At! & West Point_ 1,255,217
-252,515
775,032
522,517
3,078,534
At! Blrm & Allan_ 3,225,315
-798,804
Atlantic CoastLine 34,645,424 32,512,279 10,667,746 11,464,550
148,477
+152,843
301,320
720,210
Birmingham South 1,061,511
-37,235
78,517
41,282
198,248
161,838
Brinson Ry
128,267
+11,322
139,589
421,084
454,594
Caro & Nor West_
+359,000
985,913
1,344,913
1,975,489
CaroClinc&O ofSC 2,360,925
68,553
+26,675
95,228
123,883
154,724
Caso Clinch dr 0._
3,982,180
-132,325
3,849,835
Central of Georgia. 13,979,050 13,422,477
630,020
355,640
-274,380
1,999,815
Chariest & W Caro 1,882,821
+277
9,303
9,580
119,022
114,785
Charleston Term
def10,940
-125,339
114,399
220,710
534,684
Char!liar dr North
+8,430
31,144
39,574
99,239
104,599
Chattahoochee Val
+743,262
Chesapeake & Ohio 35,170,583 32,709,159 11,551,227 10,807,985
-80,935
112,284
31,329
227,410
183,934
Chic Mem & Gulf_
+325,107
2,971,832
3,298,939
9,234,046
Cmn N 0& Tex Pac 10,097,469
+107,260
205,436
312,696
786,774
998,478
Coal & Coke
+8,552
93,063
101,815
332,831
335,387
Col Newb & Laur-11,835
109,386
97,751
242,087
230,084
Dry Fork
+10,607
180,392
190,999
334,498
356,470
Durham Sr South_
+5,721
def9,907
6014,186
56,773
52,482
Eastern Kentucky
121,733
-6,748
114,985
245,466
228,769
E Tenn & W N Car
-5,490
de12,775
def8,266
115,848
120,943
Fernwood & Gulf_
1,560,826
-181,160
1,379,666
4,351,172
Florida East Coast 4,781,877
43,029
-9,275
33,754
170,584
173,303
Gainesville Midl'd
-20,884
75,527
54,883
322,121
343,260
Georgetown &West
146,202
-88,948
59,254
769,245
810,895
Georgia & Florida..
112,194
-32,709
79,485
543,081
583,088
Georgia Fla dr Ala..
911,202
-496,877
414,325
3,342,684
3,158,311
Georgia
43,644
-2,998
40,646
117,396
120,672
Ga Southw & Gulf
-18,374
646,976
628,602
1,984,412
Gulf & Ship Island 1,994,254
-54,863
y52,060
yde12,603
y155,389
Gulf Line
y161,977
-153
53,587
53,434
115,227
Harriman & N E..
115,892
48,991
+38,477
85,488
127,918
Kentucky & Tenn_
167,224
77,802
+957
79,759
221,935
Kentwood & East..
221,457
y217,728
y150,315
+67,413
Lexington & East_
y516,715
y588,402
5,297
7,350
+2,053
L 0 Perry dr Gulf..
93,498
102,298
27,829
-730
27,090
106,012
Louisiana Southern
117,640
-173,814
Louisville & Nashv 57,814,964 54,372,031 15,875,837 10,049,651
225,531
274,412
-48,881
1,223,548
Louisv Bend & StL 1,265,835
27,834
28,952
+1,118
160,824
163,043
Macon dr Birm__ _
163,675
105,178
-58,497
502,857
508,539
Macon Dub & Say.
305,124
307,586
+2,462
841,537
870,504
IVIIsslasIppi Central




[VoL. xcvl.

THE CHRONICLE

•6S8

Net
Gross
Inc. or Dec.
1911.
1912.
1911.
1912.
$ .
•$
$
$
$
-26,091
3,002,838
Nash Chatt & St L 12,810,084 12,418,863 2,976,747
-3,542
13,732
10,190
88,025
98,368
Natch Col & Mob-104,897
1,054,227
859,530
3,578,262
New Or!& NorEas 3,720,295
-29,636
584,581
554,945
1,700,387
New Or! Great Nor 1,828,548
-4,438
726,800
722,382
1,874,771
N 0 Mobile & Chic 2,321,076
-106,768
89,334
60117,434
252,744
92,498
N 0 Natalb & Nat
-2,498
69,522
67,024
219,773
207,787
Nort & Ports Belt..
+74,173
1,153,200
1,227,373
3,054,429
Norfolk Southern_ 3,453,862
Norfolk dr Western 41,888,602 37,048,473 14,799,480 13,187,940 +1,611,540
+3,812
58,783
80,595
172,928
137,349
No & Sou Carolina
-27,167
54,584
118,340
27,417
129,867
N W of So Caro__
+7,252
189,894
462,292
197,148
Pennsylvania Term
426,403
+34,671
938,884
973,555
Rich Fred & Potom 2,756,706
2,463,039
-479,057
7,273,052
6,793,995
Seaboard Air Line.. 23,425,485 22,630,427
92,662
-19,850
72,812
214,680
218,212
South Georgia_ _ __
+634,716
66,493,108 61,549,576 20,441,926 19,807,210
Southern
+130,478
1,298,088
1,428,566
Ala Great South.. 4,985,880 4,571,202
48,808
-20,590
194,783
182,597
28,218
Augusta Southern
58,024
+2,088
174,068
191,550
58,092
Blue Ridge
+12,707
132,189
302,885
322,258
144,896
Danville & West_
-99,587
583,870
2,414,563
484,083
Georgia Sou & Fla 2,468,135
-26,582
3,316,132
3,039,550
Mobile & Ohio_ _ _ 11,479,729 11,488,278
-13,584
108,655
95,071
463,664
472,211
North Alabama
-123,134
231,866
1,141,428
108,732
South Ry in Miss 1,070,732
+11,297
44,183
32,886
Tallulah Falls
157,395
123,373
+38,614
539,138
577.752
1,581,331
Virginia & Sou W 1.783,201
15,779
-8,703
24,482
113,179
101,714
Standard & Horn_
59,052
+14,970
44,082
154,284
175,924
Tampa Northern_
+29,342
6018,078 60137,420
112,829
122,470
Tenn Ala & Ga
356,380
-58,784
415,164
1,542,373
Tennessee Central. 1,603,511
60114,470
33,186
+47,856
236,345
41,508
Union Ry(Memph)
63,519
79,116
-15,597
137,002
120,341
Virginia Carolina_
2,002,192
1,885,210
+316,982
5,158,295 4,253,000
Virginian
6011.581
+8,884
5,303
107,139
100,287
Wadley Southern..
403,374
-22,181
381,193
1,156,646
Washington South. 1,249,560
302,616
-9.938
292,680
1,361,022
1,385,965
Ala
of
Ry
Western
+60,108
77,702
137,810
224,205
367,703
Winaton-Salem S'd
-31,269
08,416
67,147
348,764
319,918
Wrightsv & Tenn..
-1,148,203
2,919,138
1,770,935
10,442,378
10,041,683
Valley
Yazoo dr M
Total (88 roads) 388,021,449 363,252,979 114,835,557 115,310,004
Gross
1911.
Groups VI. & VII. 1912.
$
$
Northwest.
1,467,121
Bar° Ch Term RR 1,694,308
2,547,035
Belt Ry of Chicago 2,946,349
1,040,681
Butte Anac & Pac_ 1,259,168
124,202
104,032
Chic & Ill Midland
Chicago dc Alton__ 14,864,873 14,672,943
Chic & East III....), 15,464,386 15,008,596
Evansv & Ter 111
154,441
106,065
Chic & Ill West.._
Chic & North West 78,293,402 73,598,434
141,721
151,925
Chic dr West Ind__
Chic Burl & Quincy 91,466,053 85,981,648
805,213
990,320
Quincy Om & KC
Chic Great West__ 13,296,378 12,813,557
1,785,052
Chicago Junction_ 1,908,695
338,533
438,894
Chic Milw & Gary
Chic Milw & Pug El 19,207,336 15,428,733
Chic Milw & St P.. 68,782,354 62,798,160
1,891,240
Chic Pee & St L.._ 1,747,756
Ch SIP Minn & 0. 16,238,743 15,284,347
105,581
148,112
Chicago Short Line
234,527
322,340
Chic W Pull & So..
719,052
754,921
Copper Range_ _ _ ..
81,497
Day It I dr N W__
113,349
112,940
101,386
Deny Lara & N__
1,087,179
Deny Northw&Pac 1,189,304
369,074
370,316
Des Moines Union
Dul dr Iron Range_ 6,797,822 6,713,224
379,692
375,093
Dul & No Minn__
7,258,446
Dul Miasabe & Nor 8,140,847
677,892
897,557
Dul Winnipeg&Pac
3,072,837
Dul So Sh & AU__ 3,217,230
416,091
475,844
East St Louis Con_
8,730,591
Elgin Joliet & East 12,421,803
406,402
346,276
Escanaba & Lake S
80,154
117,632
Farmers Grain & 5
99,232
128,006
Gallatin Valley__
Great Northern__ 73,653,271 63,028,669
660,482
761,502
Green Bay & West
95,544
112,751
Hannibal Connect
Illinois Central__ 61,658,171 59,836,754
264,986
351,899
Illinois Northern__
483,525
496,181
Illinois Southern__
259,782
207,207
Illinois Term'! RR
2,452,489
Indiana Barb Belt 2,938,134
174,124
170,664
Kew Or B & W__
132,596
255,305
Lake Sup & 'ohne230,424
195,756
Litchfield dr Mad..
362,824
379,051
Macoupin County108,802
109,197
Mfrs' Junction.....
87,394
93,123
Min Pt & North-741,372
824,924
Mineral Range.-155,122
145,248
Minneap dr R RIv
8,891,208 8,239,057
Minneap & St L..
Iowa Central.._ _
Minn StP& SS M 29,464,434 23,689,304
Wisconsin Cent..
839,293
873,292
Minn dr Internat..
118,285
141,810
Missouri dr La_ _ _ ..
156,304
166,482
Mont Wyom & S..
465,794
518,128
Mun Marq & S E..
Narthern Pacific__ 88,665,913 82,914,049
867,832
902,688
Peoria & Pekin Un
183,454
219,867
Peoria Ry Term Co
388,258
280,828
Pierre Rap City&N
189,917
198,073
Ry Trans of Minn_
192,478
262,209
Rock Is! Southern..
234,290
233,805
St Louis & Hannib
192,470
268,997
St Louis dr O'Fal__
202,142
265,048
St L & Troy East..
138,320
St P Bridge & Ter
150,784
220,437
South Dakota Cent
262,798
100,856
90,198
Stanley Merr & Ph
1,269,887
Toledo Peo & West 1,345.331
49,729,106 48,327,223
Union Pacific
Oregon Short Line-See Group X.
Ore-Wash RR & Nay-See Group X.
1,627,929
St Joseph & Gr Is! 1,564,584
120,974
117,220
Wabash Ch & W_
172,387
135,876
Wisconsin & Mich
444,655
Wyoming & N W..
423,900

1912.
$
367,698
1,088,206
198,212
7,605
3,463,239
3,993,622

-474,447

Net
Inc. or Dec.
1911.
$
$
+141,707
225,989
+69,387
1,018,819
-2,758
200,968
-40,080
47,685
-678,453
4,141,692
-638,138
4,629,758

32,328
23,242,311
def7,432
29,373,176
112,411
3,073,284
803,082
49,820
8,518,779
19,742,435
108,382
4,984,325
39,592
114,411
281,726
60117,812
60110,549
278,663
119,829
3,628,200
98,557
4,605,289
347,632
617,942
131,216
5,589,572
143,057
49,884
39,914
31,592,799
282,898
33,681
12,139,960
146,482
90,949
82,794
856,135
77,825
60150,922
78,201
255,582
30,743
43,881
140,264
54,180
2,353,616

def12,588
21,748,191
def10,006
28,366,426
60161,401
3,238,723
533,623
19,617
6,197,501
17,249,515
223,182
4,822,737
22,807
58,285
227,712
6019,379
10,613
301,813
135,923
3,743,774
105,140
3,832,613
202,998
792,567
118,062
3,444,044
110,423
20,854
25,271
28,445,821
207,201
43,958
13,864,794
69,695
67,218
49,008
591,711
82,239
60158,818
53,822
259,892
21,383
5,338
113,113
61,525
2,149,420

+44,914
+1,494,120
+2,834
+1,006,750
+173,812
-165,439
+69,459
+30,203
+2,321,278
+2,492,920
+114,800
+101,588
+16,786
+58,126
+54,014
-8,433
-21,162
-23,150
-16,094
-115,574
-6,583
+972,678
+144,634
-174,625
+13,154
+2,145,528
+32,634
+28,830
+14,843
+5,146,978
+75,695
-10,277
-1,724,834
+76,787
+23,733
+33,786
+264,424
--4,414
+7,896
+24,379
-4,330
+9,360
+38,543
+27.151
-7,356
+204,196

12,207,673

8,533,495

+3,874,178

288,123
328,890
-40,767
41,675
-5,708
47,383
62,155
78,443
-14,288
189,852
-2,943
192,795
27,419,266 24,985 108 +2,434,158
+22,411
181,135
203,546
+20,682
60111,651
9,031
-03,068
118,870
55,802
+10,749
98,687
109,416
+25,114
81,023
80,137
+38,695
del9,512
29,183
+70,288
88,224
158,512
+81,111
18,834
77,745
+5,297
37,825
43,122
-4,638
87,678
83,040
+23,117
def13,333
9,784
+41,088
225,271
266,359
-103,129
21,683,846 21,766,075
161,168
6011,265
11,876
224,107

232,026
4,543
12,729
259,712

-70,858
-5,808
-853
-35,605

Total (75 roads) 672,600,817 818,351,187 226,617,592 206,870,141 +19,747,451
Net
Gross
1012.
Inc. or Dec.
1911.
1911.
Groups VIII. & IX. 1912.
3
$
$
$
Southwest.
$
81,515
+22,692
146,692
58,823
178,510
Abilene & South_
def35,437
-22,676
98,703
def12,781
93,657
Arkan La & Gulf....
30,028
-7,249
112,657
37,277
111,850
Arkansas Central..
113,280
+10,348
141,104
102,914
144,153
Atch & East B___
Atch Top dr 5 Fe.... 95,867,553 88,437,850 34,295,881 30,840,259 +3,455,622
Grand Canyon-See Group X.
+39,873
254,853
70,902
31,029
359,070
Gulf dc Int of Tex
2,404,124 +1,030,241
Gulf Col dr 5 Fe__ 12,952,345 11,951,160 3,434,385
+304.123
1,722,517
742,135
438,012
Pecos & Nor Tex_ 2,496,179
+34,349
195,688
82,426
28,077
230,858
Rio Or dr El Paso
+232,967
1,392,143
308,902
541,869
So Kan Ry of Tex 1,532,914
-16,453
299,229
39,055
22,602
338,874
Texas & Gulf_ _ _
+32,698
42,402
9,704
113,175
128,162
Butler Co RR--

MAR. 81913.]
1912.
1911.
1912.
$
46,055
99,002
114,571
Colo & Sou East- _
2,457,634
8,176,801
Colorado & South- 8,345,698
1,654,790
4,851,085
5,032,087
Cy
Den
&
Wth
Ft
169,714
626,328
656,581
Wichita Valley__
363,526
2,196,118
Trin & Brazos Val 2,863,726
353,917
828,309
895,951
Wyoming__
Colo &
271,827
1,859,688
Colorado Midland. 1,884,049
7,149,014
Deny & RioGrande 24,214,755 23,029,309
517,652
602,569
1,271,581
Crk
Cripple
Flor &
150,729
793,565
744,957
Ft Smith & West__
142,786
35,780
191,447
Ft Worth Belt_ _
100,403
11,388
93,530
Franklin & Abbe_
334,844
469,518
28,750
Galv Hous & Hend
314,141
384,743
46,690
Galveston Wharf__
111,437
def25,181
161,085
Gulf & Sabine Itiv
9,738,804
2,810,127
Int & Great North 11,189,383
208,885
87,065
251,665
Jonesb Lake C & R.
396,340
388,105
103,920
K C Clin & Spring.
3,430,912
9,504,836
Kansas City South 9,962,307
def 1,807
443,582
356,489
Kansas City Term.
1,390,722
600,189
Louisiana & Arkan 1,624,977
67,996
LouislanA & N IV..
312,359
287,655
189,152
63,080
Louisiana & Pee__
259,653
La Ry & Nav Co__ 1,793,267
423,658
1,821,131
Mani & Pike's Pk
y24,431
y93,494
y109,538
105,429
Mfrs Ry of StLouls
248,999
240,683
Marshall & E Tex_
5,056
206,021
207,451
Mem Dallas & G_
63,301
y183,487
y148,087
21,621
Midland Terminal.
98,197
225,496
320,334
1,457,600
Midland Valley_ _ _ 1,479,852
253,963
Miss Riv & I3onTer
767,019
786,656
def615
889,002
Mo & Nor Ark _ _ _ 1,121,078
8,986,641
Mo Kan & Texas_ 30,272,522 28,695,793
49,974
865,154
Mo Okla & Gulf_ _
958,013
6,301
78,530
114,414
Mo Ok & G • of T_
5,194,217
Missouri Pacific __ 26,499,184 24,178,374
St L I Mtn & Sou 32,184,395 29,570,441 10,779,871
90,791
166,801
164,717
Missouri Southern
2,308
272,196
264,129
Oklahoma Central.
57,806
135,244
169,800
Ouachita & N W_
23,938
81,728
111,350
Prescott & Northw
100,755
172,660
194,881
Quanah Acme & P
41,378
116,042
116,804
Rio Gr & Eag Pass
52,852
496,421
593,535
Rio Grande South_
Rock Island1,023,709
2,942,578
Chic R I & Gulf_ 3,080,137
Chi° R I & Pao _ 65,718,859 63,162,790 18,344,206
St L & San Fran__ 41,453,333 40,164,093 13,687,467
933,386
924,259
115,920
Ft W & Rio Gran
271,940
247,504
147,040
Paris & Grt Nor_
1,238,238
262,417
St L S Fr & Tex. 1,443,603
131,851
Beau St L & West585,601
Chic & East Ill-See Grotips VI & VII
Louisiana South-See Groups IV & V
1,282,939
189,076
N 0 Tex & Mex_ 1,509,222
103,060
105,588
25,688
Orange & Nor W_
2,153,389
612,369
StLBrowns&Mex. 2,681,510
495,366
1,545,331
St L Mer Bdg Tor_ 2,012,044
def46,736
253,705
239,610
St L Rocky Mt & P
3,313,344
7,570,226
St Louis Southw__ 8,177,762
488,774
St L S W Ryorrex 4,592,172 4,214,378
86,878
365,605
397,667
St Louis Transfer_
1,418,315
San Ant & Aran P. 5,008,260 4,317,863
Southern Pao-See Group X
Arizona East-See Group X
Corvallis & East-See Group X
2,501,354
Gaiv Harris & S A 11,595,645 10,812,757
166,828
303,971
314,278
Hoes & Shrevep_
1,054,983
6,172,365
bus & Tex Cent 6,223,037
1,283,849
348,315
Hone E & W Tex_ 1,311,471
118,321
52,475
148,849
Lake Charles & N
671,996
2,018,335
Louisiana West__ 2,105,957
1,009,290
MorLa&TexRR&S84,896,056 4,853,193
517,808
3,912,075
Texas & New Orb_ 3,928,398
Coos Bay Roseb & E RR & N-See Group X
def34,242
133,138
205,037
Stephensv No & So
Term RR AasnSt L 2,895,636
1,038,331
2,590,368
Texas & Pacific._ _ 17,674,615 16,139,028
2,927,852
215,504
Texas City Term__
175,930
10,513
Texas Mexican___
345,513
302,243
108,475
748,199
Texas Midland_ _ _
646,315
151,222
164,817
Tremont & Gulf__
188,136
def8,279
354,119
Uintah
374,668
132,022
1,481,491
1,401,122
Vicks Shr & Pao
338,822
127,445
71,467
Viet Fisher & West
42,638
156,159
132,871
69,101
Weatli MW &N W
z696,810
z166,029
Wich Falls & N W. z759,267
z32,956
z77,502
z90,557
Wichita Falls & So

THE CHRONICLE
Net
1911.
25,319
2,713,952
1,864,214
148,842
215,648
310,949
266,928
6,749,064
206,634
188,551
7,079
24,492
• 160,723
64,750
11,173
2,521,194
61,438
120,815
3,244,200
15,904
472,369
37,957
33,402
575,961
y42,187
76,320
32,936
64,656
97,802
388,643
246,055
52,278
7,542,454
141,276
8,267
846,801
8,558,691
90,807
24,114
43,291
4,071
87,655
36,345
86,497

Inc. or Dec.
+20,736
-256,318
-209,424
+20,872
+147,878
+42,968
+4,899
+399,950
+395,935
-37,822
+28,701
-13,104
-131,973
-18,060
-36,354
+288,933
+25,627
-16,893
+186,712
-17,711
+127,820
+30,039
+29,678
-152,303
-17,756
+29,109
-27,880
-1,355
-76,181
-68,309
+7,908
-52,893
+1,444,187
-91,300
-1,966
+4,347,410
+2,221,180
-16
-21,806
+14,515
+19,837
+13,100
+5,033
-33,645

-121,484
1,145,193
10,838,042 +1,506,164
-294,865
13,982,332
102,029 • +13,891
+39,557
107,443
+158,591
103,826
+30,700
101,151
195,430
def22,191
657,843
243,422
def24,137
3,159,125
454,244
93,192
1,054,086

-6,354
+47,879
-45,474
+251,944
-22,599
+154,219
+34,530
-6,314
+364,229

2,981,960
159,557
1,350,070
452,852
26,230
534,656
1,340,316
658,449

-480,606
+7,271
-205,087
-104,537
+26,245
+137,340
-331,026
-140,641

def4
866,812
3,891,010
69,104
50,647
96,693
18,899
152,738
327,905
defl 0,835
62,041
z161,045
x25,922

-34,238
+171,519
-963,158
-58,591
+57,828
+54,529
-27,178
-20,716
+10,917
+53,473
+7,060
+4,984
+7,034

Total (92 roads) 477,995,217 445,373,870 137.978,815 124,105,216 +13,873,599
Net
-----.Gross
Inc. or Dec.
1911.
1912.
1911.
1912.
Group X.
$
$
$
$
$
Pacific Coast+132,614
466,151
598,765
814,609
Axis & New Mex__ 1,001,641
+14,809
105,064
119,873
330,570
338,924
Bell Bay & Br Col_
-693
23,515
22,822
111,113
96,901
Boca & Loyalton-+28,046
def25,330
2,716
94,170
100,163
Bullfrog-Goldfield.
-4,474
69,360
64,886
162,010
162,195
Butte County_ _ _ _
212,629
-18,325
194,304
547,061
532,824
Columbia & Pu Sd
+797,825
2,824,529
3,622,354
7,128,154
El Paso & S W Co_ 8,249,147
+130,924
25,799 del105,125
273,741
313,450
Grand Canyon_ _ _
+57,746
98,787
156,533
Idaho & Wash Nor
571,446
621,942
-21,927
18,860
Idaho Northern...
def3,067
94,815
97,614
Las Vegas & Tono
def21,950
+39.783
17,833
206,142
156,532
+34,852
McCloud Illy RR
394.029
126,621
161,473
389,361
+75,112
Nev-Cal-Oregon __
73,568
438,522
324,677
148,680
-15,471
120,657
37,073
Nev Co Nur Gauge
121,893
21,602
+149,173
Nevada Northern_ 1,605,583
714,817
1,408,637
863,990
+18,864
972,698
3,469,241
Northwest Pee__ _ 3,566,595
991,562
203,932
-20,270
84,053
205,127
63,783
Pee & Idaho Nor__
248,994
-61,706
228,883
79,225
17,519
Pacific Coast
367,130
249,257
+88.907
273,966
185,059
Ray & Gila Valley
139,693
53,038
-970
135,118
52,068
Salem Falls C & W
17,444
22,246
100,237
+4,802
136,053
Salt Lake & L Ang
1,495,804 +1,579,364
3,075,168
8,691,975
San P L A & Salt L 9,922,794
173,289
172,086
424,657
415,813
+1,203
Sierra Ry of Cal
Southern Pacific93,954,310 89,841,748 40,691,199 38,131,008 +2,560,191
Pacific System
86,013
28,863
99,570
21,095
+7,768
Coos 11 Roseb &E
1,785,887
1,224,630
703,503
+521,127
Arizona Eastern_ 2,398,481
.
332,082
49,598
67,190
333,347
-17,592
East_
&
Corvallis
IX.
dr
VIII.
For remainder of system see Groups
92,619
26,840
15,532
+11,308
131,574
Southern Utah_._ _
2,451,672
5,029,326
2,612,914
-161,242
Spok Port & Seatt 5,005,444
813,669
422,391
233,424
+188,967
Spokane Internet_ 1,048,921
88,795
254,541
69,391
+19,404
Sumpter Valley_ _ _
265,666
411,181
1,085,524
-172,922
Sunset
584,103
795,335
188,104
551,995
+57,152
Tacoma Eastern
130,952
614,716
317,972
759,671
+61,950
Tonopah & Goldf256,022
720,815
108,059
Ton & Tidewater_
90,455
+17,604
303,950
293.313
Union Pacific-See Groups VI.& VII.
Oregon Short L
9,717,111 +1,171,886
21,694,253 19,646,741 10,888,907
RR&N
5,666,344
5,962,466
-206,122
Ore-Wash
17,310,256 16,424,920
St Joe & Gr 181-See Groups VI.& VII.
def976
-10,242
9,266
United Verde&Pao
225,632
253,171
-20,315
81,991
301,476
102,306
Va & Truckee
316,697
426,234
+87,775
216,760
128,985
395,564
Wash Ida & Mont
253,401
+6,813
134,274
Yosemite Valley
127,461
249,862

689

THE REPORT OF THE PUJO MONEY TRUST
COMMITTEE.
The Congressional inquiry into the so-called "Money
Trust" has brought forth three separate reports, submitted
to the House of Representatives at Washington on Feb. 28.
The majority report, drafted by Samuel Untermyer, counsel
for the sub-committee conducting the investigation, and representing the views of the seven Democratic members of the
committee, including Chairman A.P.Pujo,finds that "there
is an established and well-defined identity and community
of interest between a few leaders of finance * * * which
has resulted in a great and rapidly growing concentration of
the control of money and credit in the hands of these few
men." The six others agreeing with Chairman Pujo in
these conclusions are Representatives James F. Byrnes of
South Carolina, William G. Brown Jr. of West Virginia,
Robert L. Doughton of North Carolina, Hubert D. Stephens
of Mississippi, James A. Daugherty of Missouri and George
A. Neeley of Kansas. Of the two minority reports, one is
presented by Representatives Evens A. Hayes of California,
William H. Heald of Delaware and Frank E. Guernsey of
Maine, all Republicans, who express the opinion that, while
"the testimony has not disclosed the existence of any socalled Money Trust in this country," it has, however, "disclosed a dangerous concentration of credit in New York City
and to some extent in Boston and Chicago." A minority
report is filed individually by Representative Henry MeMorran of Michigan (Republican), who, in advancing his
views, states that he believes "that a sinister light has been
thrown over many banking practices which was not justified
by the facts, that no effort has been made to show the reasonable and commendable explanation of these practices,
and that in many cases an impression has been given to the
country as to the character and motives of leading bankers
which is altogether unfair."
The majority report divides into four groups those connected with the "combination" or "community of interest,"
naming in the primary, or "inner group," J. P. Morgan &
Co., George F. Baker and James P. Stillman in their individual capacities, and in their joint administration and control
of the First National Bank, the National City Bank, the
National Bank of Commerce, the Chase National Bank, the
Guaranty Trust Co. and the Bankers Trust Co. Those
moro or less closely,allied with the "inner group," according
to the majoritSr, are Lee, Higginson & Co., Kidder, Peabody
& Co., the National Shawmut Bank, the First National Bank
and the Old Colony Trust Co. of Boston; Kuhn, Loeb & Co.
of New York; the First National Bank of Chicago; the Illinois Trust & Savings Bank and the Continental & Commercial National Bank of Chicago; Kissel, Kinnicut & Co.,
White, Weld & Co. and Harvey Fisk & Sons of New York.
A number of legislative recommendations are made in the
report, and to carry out the same the drafts of two bills are
submitted with the report. One of the bills would require
the State regulation of stock exchanges by prohibiting the
use of the mails to exchanges unless incorporated under
State law. The other, consisting of nineteen sections, while
specifically amending the national banking laws in many
particulars, is also aimed at clearing house associations by
forbidding national banks to become connected with an unincorporated association. Regulations which are to govern
the operation of clearing houses are also contained in the bill.
Below we give the views of the majority on the question of
the existence of a "Money Trust," as set out in its report:

Your committee is satisfied from the proofs submitted, even in tke absence of data from the banks, that there is an established and well-defined
identity and community of interest between a few leaders of finance,
created and held together through stock ownership, interlocking directorates, partnership and joint account transactions, and other forms of domination over banks, trust companies, railroad and public service and industrial corporations, which has resulted in a great and rapidly growing concentration of the control of money and credit in the hands of these few men.1
The bulk of the oral and documentary evidence taken before your committee was directed toward ascertaining whether, in current phrase, there
Is a money trust.
If by such a trust is meant a combination or arrangement created and existing pursuant to a definite agreement between designated persons, with
the avowed and accomplished object of concentrating unto themselves the
control of money and credit, we are unable to say that the existence of a
money trust has been established in that broad, bald sense of the term,
although the committee regrets to find that oven adopting that extreme definition surprisingly many of tho elements of such a combination exist.
It would, of course, be absurd to suggest that control of the bulk of the
widely distributed wealth of a great nation can be corralled by any set of
men. If that is what is meant by gentlemen who deny the existence of a
monoy trust, your committee agrees with them. Such a thing would, of
course, be impossible and its suggestion is ridiculous.
It is not, however, necessary that a group of men shall directly control
Total (41 roads) 175,105,383 163,305,255 73,684,858 66,641,160 +7,013,698 the small savings in the banks or the scattered resources of the country in
+60,350,833
rds.)3012390205
2790810236 937,968,711 877,617,878
Grd. tot.(458
order to monopolize the great financial transactions or to be able to dictate
z These figures are for ten months only. v These figures are for eleven months
the credits that shall be extended or withheld from the more important
These figures arelfor eight months only.
onl




690

THE CHRONICLE

[VOL. xcvi.

and conspicuous business enterprises. This is substantially what has been
The underwriting commissions on issues made by this inner group are
accomplished, and fairly represents the existing condition.
usually easily earned and do not ordinarily involve the underwriters in
Under our system of issuing and distributing corporate securities, the in- the purchase of the underwritten securities.
Their interest in the tranvesting public does not buy directly from the corporation. The securities saction is generally adjusted, unless they
choose to purchase part of the
travel from the issuing house through middlemen to the investor. It securities, by the payment to them of a
commission. There are, however,
Is only the great bank or banker, with access to the mainsprings of the con- occasions on which this is not the case. The
underwriters are then required
centrated resources made up of other people's money in the banks, trust to take the securities. Bankers and brokers
are so anxious to be percompanies and life insurance companies, and with control of the machinery mitted to participate in these transactions
under the lead of the inner
for creating markets and distributing securities, who can underwrite or group that,as a rule,they join whenever invited to do
so, regardless of their
guarantee the sale of large scale security issues.
approval of the particular business, lest by refusing they should thereafter
The men who, through their control over the funds of our railroad and cease to be invited.
industrial companies, are able to direct where such funds shall be kept and
It can hardly be expected that the banks, trust companies and other
Mims to create these great reservoirs of the people's money, are the ones who institutions that are thus seeking participations from
this inner group
are in position to tap those reservoirs for the ventures in which they are would be likely to engage in business of a character that
would be disinterested and to prevent their being tapped for purposes of which they do pleasing to the latter or that would interfere
with their plans or prestige.
not approve. The latter is quite as important a factor as the former. And so the protection that can
be offered by the members of this inner
It is the controlling consideration in its effect on competition in the railroad group constitutes the safest
refuge of our great industrial combinations and
and industrial world.
railroad systems against future competition. The powerful grip of these
If, therefore, by a "money trust" is meant "an established and well- gentlemen is upon the
throttle that controls the wheels of credit,and upon
defined identity and community of interest between a few leaders offinance, their signal those wheels will turn or stop.
which has been created and is held together through stock holdings, interYour committee is convinced that however well founded may be the
locking directorates and other forms of domination over banks, trust com- assurances of good intentions by those now
holding the places of power
panies, railroad, public service and industrial corporations, and which has which have been thus created, the situation is
fraught with too great peril
resulted in a vast and growing concentration of the control of money and to our institutions to be tolerated.
credit in the hands of a comparatively few men," your committee, as before
As
to
the
control
exercised
by
the
combination, the report
stated, has no hesitation in asserting, as the result of its investigation up
to this time, that the condition thus described exists in this country to-day. says:
Through their power and domination over so many of the largest financial
To say that the domination of this group over the money and credit of the
country controlled by our largest financial institutions, and that is available institutions, which, as buyers, underwriters, distributers, or investors,
for financing large security issues for the current needs of our principal inter- constitute the principal first outlets for security issues, the inner group
State corporations, and of the individuals conducting great enterprises, and and its allies have drawn to themselves practically the sole marketing of
for stock exchange loans, is at least as effective as, for instance,is the con the issues of the greater railroad, producing and trading and public utility
trol of the United States Steel Corporation over the steel industry,is an un- corporations, which in consequence have no open market to which to
derstatement of the situation, although the methods by which this control appeal; and from this position of vantage, fortified by the control exerted
Is effected and held together are, of course, esesntially different and of a by them through voting trusts, representations in directorates, stock
holdings, fiscal agencies and other relations, they have been able in turn
more loose and intangible character.
Some of the endless ramifications of this power have been traced and pre- to direct the deposits and other patronage of such corporations to these
sented, and it is upon these that we have based our findings. Many others same financial institutions, thereby strengthening the instruments through
can be fully discovered and analyzed only after a close scrutiny of the inter- which they work.
nal affairs of the great national banks that will disclose the ways in which
No railroad system or industrial corporation for which either of the
their resources are used, to whom their funds are loaned, what securities houses named has acted as banker could shift its business from one to
they have been buying and selling and how their vast profits have been another. Where one has made an issue of securities for a corporation the
earned.
others will not bid for subsequent issues of the same corporation. Their
While your committee has been denied access to this data, sufficient has frequent and extensive relations in the joint issues of securities has made
been learned to reveal the relations of these banks and of the State banks such a modus vivendi inevitable.
and trust companies and the use that has been made of them in upbuildThis inner group and allies thus have no competition, either from others
ing a power over our financial system, and in consequence over our railroads or among themselves, for these security issues, and are accordingly free to
and greater industries, that permits real competition on a largo scale in exact their own terms in most cases. Your Committee has no evidence
the various fields of enterprise only by sufferance if at all.
that this power is being used oppressively, and no means of ascertaining
The parties to this combination or understanding or community of in- the facts so long as their profits are undisclosed.
*
*
terest, by whatever name it may be called, may be conveniently classified
The suggestion that because these corporations have boards of directors
for the purpose of differentiation into four separate groups.
composed of men of standing they are independent seems to us disingenuFirst.—The first, which for convenience of statement we will call the ous. They are the nominees of the banking house and subject to removal
nner group, consists of J. P. Morgan & Co.. the recognized leaders, and by it at any election. They are not accountable to the shareholders but
George F. Baker and James Stillman. in their individual capacities and in to Messrs. Morgan and Baker, and are not free agents, no matter how
their joint administration and control of the First National Bank, the eminently respectable and distinguished they may be.
National City Bank, the National Bank of Commerce, the Chase National
Not only does this domination of great banks and trust companies enable
Bank, the Guaranty Trust Co. and the Bankers Trustl Co. with total the inner group and their allies to control the disposition of new security
known resources in these corporations alone in excess of 51,300,000,000, issues through control of the main outlets therefor, but it also enables them
and of a number of smaller but important financial institutions. This to say what and whose securities shall not be bought and of enforcing the
takes no account of the personal fortunes of these gentlemen.
retention in these institutions of securities issued by them which an indeSecoad.—Olosely allied with this inner or primary group, and indeed pendent management might consider it wise to dispose of.
related to them practically as partners in many of their larger financial
The purchase of the Equitable Life stock by Mr. Ryan and Mr. Morgan
enterprises, are the powerful international banking houses of Lee, Higgin- in succession furnishes an object lesson of the value that leading financiers
son & Co. and Kidder, Peabody & Co., with three affiliated banks in place on the control of corporate assets not belonging to the corporation
Boston—the National Shawmut Bank, the First National Bank and the but held in trust for other people and a fair criterion from which to
judge
Old Colony Trust Company—having about two-thirds of the total re- of the reasons why they have engaged so actively in buying into banks and
sources of all the Boston banks; also with interests and representation in trust companies and in securing control thereof through voting trusts.
other important New England financial institutions.
If the controlling stock of the Equitable Life, that yields only 7% on
Third.—In New York City the international banking house of Messrs. $51,000—$3,570 per year—was worth 52,500,000 to Mr. Ryan and $3,Kuhn, Loeb & Co., with its largo foreign clientele and connections, whilst 000,000 to Mr. Morgan, why did It have that value? Was it because the
only qualifiedly allied with the inner group, yet through its close relations life insurance company held in its treasury the majority stock of the
with the National City Bank and the National Bank of Commerce and Mercantile Trust Co., which was turned over to the Bankers Trust Co.,
other financial institutions, with which it has recently allied itself, has controlled by J. P. Morgan & Co., through a voting trust after Mr. Morgan
many interests in common, conducting large joint account transactions bought Mr. Ryan's stock, and also the stocks of other banks and trust
with them, especially in recent years, and having what virtually amounts companies, including those of the National Bank of Commerce and the
to an understanding not to compete, which is defended as a principle of Fifth Avenue Trust Co? The Guaranty Trust Co., likewise controlled
"banking ethics". Together they have with a few exceptions pre-empted by Morgan & Co., through a voting trust, subsequently absorbed the Fifth
the banking business of the important railways of the country.
Avenue Trust Co., and Messrs. Morgan, Baker and Stillman took over
Fourth.—In Chicago this inner group associates with and makes issues one-half the holdings of the Equitable and Mutual Life Insurance companies
of securities in joint account or through underwriting participations pri- of the Bank of Commerce stock.
marily with the First National Bank and the Illinois Trust & Savings Bank,
With raspect to the domination of the allied groups in the
and has more or less friendly business relations with the Continental &
Commercial National Bank, which participates in the underwriting oi loan market, the report contains the following:
The evidence demonstrates that the inner group and the banks and trust
security issues by the inner group. These are the three largest financial
Institutions in Chicago with combined resources (including the two affili- companies with which they are affiliated through stock ownership, representation
in directorates and otherwise dominate the money market for
ated and controlled State institutions of the two national banks) of 5561,loans on the Stock Exchange and on Stock Exchange securities. They lend
000,000.
Fifth.—Radiating from these principal groups and closely affiliated with not only their own money and the money of their depositors, including
them are smaller, but important banking houses, such as Kissel, Kinnicut the depositors of the out-of-town banks, but that of their correspondents.
& Co., White, Weld & Co. and Harvey Fisk & Sons, who receive large and on terms and security satisfactory to them (the Now York banks). It is in
lucrative patronage from the dominating groups and are used by the latter their power by co-operation primarily to fix the call rate from day to day
as jobbers or distributers of securities, the issuing of which they control, and to determine what constitutes satisfactory collateral.
This does not mean that all the loans thus made are controlled by them.
but which,for reasons of their own,they prefer not to have issued or dis_
tributed under their own names. Messrs. Lee, Higginson & Co.,besides Nor does it mean that loans may not be effected by other banks and bankers
being partners with the inner group, are also frequently utilized in this on collateral that the banks affiliated with the inner group would not
accept. Such a degree of absolute domination is not necessary in order
service because of their facilities as distributers of securities.
Sixth.—Beyond these inner groups and sub-groups are banks and to control money rates or to influence security values, any more than it
bankers throughout the country who co-operate with them in underwriting would be necessary for one corporation to own all of a given commodity
or,guaranteeing the sale of securities offered to the public and who also In order to be able to control the price.
Nor does the proof show affirmatively that there is in fact any definite
act as distributers of such securities. It was impossible to learn the
Identity of those corporations owing to the unwillingness of the members agreement or understanding pursuant to which the daily call rates for
are fixed. But the power and the opportunity are there and could
money
group
inner
to
disclose the names of their underwriters, but sufficient
of the
appears to justify the statement that there are at least hundreds of them be exercised without leaving proof or trace behind.
Whenever the incentive is at hand the machinery is ready. It is made
and that they extend into the principal cities throughout this and foreign
possible by this community of interest and family representation in the
countries.
Institutions
that hold these resources. At best it is a dangerous situation
thus
patronage
proceeding from the inner groups and its sub-groups
The
is of great value to these banks and bankers, who are thus tied by self- with its boundless temptations and opportunities, no matter how high or
interest to the great issuing houses and may be regarded as a part of this lofty may be the sense of responsibility of those who hold the power. It is
vast financial organization. Such patronage yields no inconsiderable too vast and perilous a power to be safely intrusted to the hands of any
part of the income of these banks and bankers and without much risk man or set of men, be he or they ever so patriotic or unselfish. We have
on account of the facilities of the principal groups for placing issues of no right to assume that he or they will never use it in his or their own insecurities through their domination of great banks and trust companies terest and to the detriment of the public'welfare.
We do not agree to the cheerful philosophy that such a situation will
and their other domestic affiliations and their foreign connections.
right itself and that when the man thus intrusted with this great power




MAR.8 1913,

THE CHRONICLE

putit,that"deposits
ceases to deserve it he will lose it. Or, as Mr.Morgan
are held there buttressed
will be withdrawn from his banks." What if they
directorships, stock holdings
by voting trusts, fiscal agency agreements,
to the intricacies of modern
and in the many other ways known only
the impossible should come
and
finance? What if they finally do escape
about of his power being broken?
abuse to
At best it would require open, reckless and long continued
missteps, even
cripple power thus intrenched. It could withstand many
crippled
was
he
after
And,
if they became known, which is quite unlikely.
be destroyed, what is
he would revive. If in the end the power should
while the
likely to happen to the credit and prosperity of the country
edifice is crumbling?
we
conclusion
the
to
That argument does not appeal to us as an answer
have reached that such a power is a menace.
or
To use the peril is manifest. But the remedy is not so easily found
applied, having duo regard, as we should, to the encouragement of enterprise.
reasons
As the first and foremost step in applying a remedy, and also for
recomthat seem to us conclusive, independently of that consideration, we
financial
mend that interlocking directorates in potentially competing
Conof
power
institutions be abolished and prohibited so far as lies in the
where a
gress to bring about that result, with the possible qualification that
member of a partnership is a director in a national bank one of his partners
cannot
may be a director in a State trust company. While Congress
it is
intrude into the management of State banks and trust companies
officer or
clearly within its province to disqualify any person who is an
officer
director of either a State bank or trust company or a partner of such
that is
or director from being an officer or director in a national bank
And
competitor.
a
is
that
potential
located in the same city or town
of one
of course Congress has power to prohibit an officer or director
institution in
national bank from being an officer or director of a State
the same locality.
ofcompractice
theoryand
to
the
repugnant
and
It is manifestly improper
shall undertake
petition that the same person or members of the same firm
in the case of a
to act in such inconsistent capacities. The exception
of business
trust company is suggested because of the different character
stockholders
that may be transacted by the latter. Nor is it just to the
a national
or depositors of either institution that an officer or director of
bank should essay to serve two masters whose interests should be so diverga director
man
same
ent. When we find, as in a number of instances, the
in a half dozen or more banks and trust companies, all located in the same
section of the same city doing the same class of business,and with a like
set of associates similarly situated, all belonging to the same group and
representing the same class of interests, all further pretense of competition is useless. For all practical purposes of competition such banks and
trust companies may as well be consolidated into a single entity.
If banks serving in the same field are to be permitted to have common
directors, genuine competition will be rendered impossible. Besides, this
practice gives to such common directors the unfair advantage of knowing
the affairs of borrowers in various banks, and thus affords endless opportunities for oppression.

In the legislation advocated by the committee it makes
the following recommendations respecting clearing-house
associations:
of which
(a) Incorporation and Regulation.—Olearing-house associations
corporate
national banks are members should be required to become bodies
and
of the States in which they are respectively located, and every solvent
enforceproperly managed bank or trust company should have the right,
able at law, to become and remain a member.
(b) Admission of All Banks.—The exclusion of sound and well managed
banks simply because they are small in size should be prohibited; but
It should be permissible to require every applicant for admission to have
a capital not less than the minimum capital required of national banks in
the same locality.
(c) Examination of Members.—Regular periodical examinations of
members by a committee of the association should be prohibited, and instead all such examinations should be conducted by public authorities.
(d) Issuance of Clearing-House Certificates.—Such associations should
be prohibited from issuing certificates on the security of their members'
assets, except for circulation among members to pay balances at the clearing
house, and in that case only on condition that both the issuance and retirement of such certificates shall be under Government control.
(e) Regulation of Rates for Collecting Out-of-Town Checks.—The practice
now so general among such associations of compelling members, under pain
of expulsion, to charge prescribed rates for collecting out-of-town checks
should be prohibited.
(f)Regulation of Rates of Discount and of Interest on Deposits, &c.—Such
associations should be further prohibited from prescribing rates of interest
or discount, rates of interest allowed on deposits, rates of exchange or any
other regulation not appropriate to their function of instrumentality for the
collection of checks by banks of the same community one from another.

As to .the regulation of stock exchanges it makes the
following proposals:
(a) Commissions and Membership.—That the present rates of commission and limitation of membership be not now disturbed.
(b) Conditions Precedent to Use of Mails. Telegraph and Telephone.—That
Congress prohibit the transmission by the mails or by telegraph or telephone
from one State to another of orders to buy or sell or quotations or other
nformation concerning transactions on any stock exchange, and also prohibit national banks from buying or selling or lending upon the security
of stocks or bonds listed on any stock exchange,unless such exchange shall1. Be a body corporate of the State or Territory in which it is located.
2. Require corporations whose securities it lists to make a complete disclosure of their affairs, in particular any commissions paid to promoters,
middlemen or bankers,out of any such security issue or the proceeds thereof.
3. Require a margin of not less than 20% on all purchases of stock.
4. Prohibit as far as possible the execution of simultaneous or substantially simultaneous orders proceeding from the same person or persons to
buy and sell the same security for the purpose of creating an appearance
of activity therein, and any orders the purpose of which is to Inflate or depress the price of any security.
5. Prohibit members from pledging securities purchased and carried
for a customer for an amount greater than the unpaid portion of the purchase price, whether with or without the consent of such costomer.
6. Prohibit members from lending to other members securities carried by
the former for customers, whether with or without such customers' consent.
7. State in its charter the condition on which issues of securities shall be
admitted or removed from the trading list, and provide for a judicial
review of its action in this regard.
8. Keep books of account, showing the actual names and transactions
of customers, and give access thereto to the Postmaster-General.




691

Recommendations as follows intended to prevent concentration of control of money and credit are offered in the
report:
(a) Consolidations of Banks.—Two or more banks should not be permitted
to consolidate unless such consolidation shall have been approved by the
Comptroller of the Currency as in the public interest. He should have
plenary power to forbid it where it threatens to result in undue concentration of control.
(b) Interlocking Bank Directorates.—No person should be permitted to be
a director in more than one national bank serving the same community
or locality, nor should any person who is a director of any State bank or
trust company,or is a partner or associate of any private banker or banking
firm, be eligible as a director of any national bank serving the same community or locality, except that a director in a national bank may have one
partner who is a director in a trust company.
(c) Interlocking Stockholders Among Banks.—No part of the stock of any
national bank should be permitted to be owned or held directly or indirectly by any other bank or by any trust company or holding company:
and no national bank should be permitted to own or hold any part of the
stock of any other bank or trust company.
(d) Voting Trusts in Banks.—The transfer of any part of the stock of
national banks to trustees solely or primarily in order that they may vote
the same at annual elections and other stockholders' meetings—"voting
trusts," as they are generally known—should be expressly prohibited.
(e) Cumulative Voting.--Minority representation in the directorates of
national banks should be secured by adopting the system of cumulative
voting, I. e., by providing that at elections for directors each stockholder
shall have as many votes as are equal to the number of his shares, multiplied
by the number of directors to be elected, which votes may be cast solidly
for one director or distributed among several, as the shareholder shall see
fit. And no national bank shall be permitted to purchase the obligations
or lend upon the obligations or shares of any corporation whose directors
are not chosen Itt elections conducted under the cumulative system of
voting.
(f)Security Holding Companies as Adjuncts to Banks.—The stockholders
of a national bank should be expressly prohibited from becoming associated
as stockholders in any other corporation under agreements or arrangements
assuring that the stock of such other corporation shall always be owned
by the same persons, or substantially the same persons, who own the stock
of the bank, or that the management shall be substantially the same.
(g) Fiscal Agency Agreements.—Inter-State corporations should not be
permitted to enter into any agreements or other arrangements constituting
any bank, banker or trust company their sole fiscal agent to dispose of
their security issues.
(h) Private Bankers as Depositaries.—Inter-State corporations should not
be permitted to deposit their funds with unsupervised, unregulated, private
bankers who do not disclose their resources or liabilities, who keep no reserve and are free to invest their depositors' money as they see fit.
(i) Banks Not to Engage in Underwritings.—National banks should be
prohibited from directly or indirectly engaging in any promotion, guaranty
or underwriting involving the purchase, sale, public offering or issue or
other disposition of the securities of any corporation.
(j) Investments of Banks in Bonds.—National banks should be expressly
authorized to invest 25% of their capital and surplus in the obligations of
States, cities, counties or other municipal subdivisions and in mortgage
bonds of corporations on which interest has been regularly paid for five
years, or,in case of new issues, when the earnings of the corporation within
the period were sufficient to have paid such interest.
(k) Reform of Railroad Reorganization.—The method of reorganizing insolvent railroads should be reformed by adopting, in substance, the system
provided by the Companies' Act of Great Britain, whereby, briefly stated,
the plan and procedure on reorganization are placed under the direction
and control of the courts, the receiver is elected by the votes of those interested in the property, no sale is involved, a single shareholder can defeat
an unjust plan.
(I) Railroad Reorganizations Under Supervision of Inter-State Commerce
Commission:—The Inter-State Commerce Commission should be empowered, subject to review by the courts, to supervise and review plans for the
reorganization of Inter-State railroads and the issue of securities thereunder.
(m) Inter-State Railroad Security Issues Under Supervision of Inter-State
Commerce Commission.—The security issues generally of inter-State railroads should be placed under the supervision and control of the InterState Commerce Commission.
(n) Competitive Bidding for Inter-State Security Issues.—It should also be
required that, in the disposition of such issues, competitive bids, public
or private, be invited.
(o) Borrowing by Officers from Their Own Banks.—Borrowings, directly
or indirectly, by an officer of a national bank from the bank of which he
is such officer, and all other transactions between them of a financial
character, should be rigidly prohibited.
(p) Borrowings by Directors from Their Own Banks.—Borrowings, directly
or indirectly, by a director of a national bank, or by any firm of which he is
a member, or any corporation of the stock of which he holds upward of
10%,from the bank of which he is such director, should only be permitted
on condition that notice shall have been given to his co-directors, and that
a full statement of the transaction shall be entered upon the minutes of the
meeting at which such loan was authorized, and upon the further condition
that in his annual report the Comptroller of the Currency shall give full
publicity to every such loan,including the name of the borrower.
(q) Borrowings by Officers of Another Bank.—Loans by a national bank
to or in the interest of officers of other national banks, or of State banks
or trust companies, should be subject to the same conditions as loans to
its own directors.
(r) Financial Transactions of Bank Officers to be in Their Own Names.—
Loans or other transactions with a national bank in the interest of or for
the eventual benefit of an officer or director of a national bank, either alone
or with others, should be required to be made or done in the name of such
officer or director.
(s) Participations by Bank Officers and Directors in Underwritings.—
Officers and directors of national banks should be prohibited from participating in syndicates, promotions or underwritings of securities in which
their banks are or may become interested as underwriters or owners, or as
lenders thereon.
(t) Accepting and Offering Rewards for Bank Loans.—It should be made
crime for officers or directors of national banks to accept any compensation,
commission or other form of reward whatsoever for making, directing,
voting for or otherwise promoting any loan of the bank's funds;and it should
also be made a crime to offer any such inducement.
(u) Limitation of Number of Directors of Bank.—The number of directors
of national banks should be limited to not less than five nor more than
thirteen.
(v) Publicity for Assets and Stockholders of Banks.—National banks should
be required to open to public inspection schedules of their assets other
than the names of borrowers, and to make lists of their stockholders public.

692

THE CHRONICLE

The minority report of Representatives Hayes, Heald and
Guernsey stated that while they agreed substantially with
the majority upon many of the abuses to be corrected in the
financial system, the stock exchanges and the clearing-house
associations, they have doubts as to the wisdom of some of the
remedies proposed by the majority.
As to the suggested legislation Representative McMorran
in his individual report commented as follows:

[VOL.

xcvi.

—The Sundry Civil Appropriation Bill was vetoed by
President Taft on the 4th inst. because of a provision contained therein that no part of an appropriation of mom}
for the enforcement of the Anti-Trust Law should be used
to prosecute labor unions or farmers' organizations. President Taft characterized this as "class legislation of the most
vicious sort," and expressed it as his opinion that if enacted
it would undoubtedly be held unconstitutional by the courts.
With reference to the clause affecting farmers' organizations,
he also said:

In regard to most of the proposals for legislation which have been brought
to the attention of the committee, I feel bound to affirm my apprehension
that their adoption would sound the knell of the national banking system.
I believe the establishment of a Federal system of banking, with uniform
At a time when there is widespread complaint of the high cost ofliving,it
laws and regulations throughout the country, marked a distinct and im- certainly would be an anomaly to put on the statute books of the United
portant milestone in our financial history, and I regard the possibility States an Act in effect preventing the prosecution of combinations of
of its discontinuance as a very grave and serious objection to the general producers of farm products for the purpose of artificially controlling
prices.
character of the legislation proposed.
I believe that there are fundamental defects in our banking laws which
Following the action of the President, the House of Reprerequire remedy at the earliest possible date, that many of the banking pracsentatives in the dying hour of Congress repassed the bill
tices which have aroused apprehension, and to which criticism has been
directed in this investigation, are the result of those defects,and are likely by a vote of 270 to 50, and immediately dispatched it to the
to disappear when a proper banking and currency system has been estab- Senate; with its arrival there at 11:55, the hands of the clock
lished.

Mr. McMorran.'s report also contained the following:
I regret that I have not been able to agree with my colleagues as to the
report, my ideas being at wide variance with theirs upon the construction
of the evidence and upon the necessary remedies. I also recognize that
the method of the investigation has been of an unusual character, entirely
different from anything that I have ever witnessed during my experience
n Congress. I refer to the agreement under which no member of the
committee has been permitted to interrogate witnesses upon subjects
material to the investigation.
A sentiment has been created throughout the country against Wall
Street, and many of our good citizens do not realize what it means that
New York City has become one of the world's leading moneyi markets,
that the banks of New York and their associates are now able to handle
large transactions which they were unable to handle only a few years since,
when our people were forced to look.totoreign markets for assistance in developing thevarious industries and commercial undertakings of the country.
I feel that every American citizen should be proud of the fact that we
have a city like New York, where there is sufficient capital to handle these
enterprises, and should take pride also in the character and integrity of
the men at the head of its large financial institutions.

The inquiry was conducted under House Resolutions 429
and 504, the former adopted on February 24 1912 and the
latter on April 25 1912.
LEGISLATIVE, BANKING AND FINANCIAL NEWS.
—The public sales of bank stocks this week aggregated 53
shares and were all made at the Stock Exchange. No trust
company stocks were sold. Extensive tables reporting the
bid and asked quotations, deposits, surplus, &c., of banks
and trust companies in all important cities in the United
States are published monthly in the "Bank and Quotation
Section," the March issue of which accompanies to-day's
"Chronicle." Bid and asked quotations for all New York
City bank and trust company stocks are also published weekly
in another department of the paper, and will be found today on pages 700 and 701.
Shares. BANKS—New York.
Low. High. Close.
53 Commerce, Nat. Bank of_ ___ 190
191
190

Las previous sale.
Feb. 1913— 194

—A New York Stock Exchange membership was reported
transferred this week, the consideration being given as
$45,000. The last previous sale was $48,000 and the latest
transaction is said to be the lowest since 1900.
—The third and last session of the Sixty-second Congress
expired on Tuesday, the 4th inst., the House adjourning at
12:04 p. m. and the Senate at 12:35 p. m., the delay in concluding the last-named branch of Congress having been occasioned by the unsuccessful attempt to push through, over
President Taft's veto, the Sundry Civil Appropriation Bill.
This and the Indian Appropriation Bill were the only ones of
the supply bills which failed to pass. The latter was defeated in the Senate through a filibuster of Senator Fall,
while the Sundry Civil Appropriation Bill, to which further
reference is made in another item, was vetoed by the President because of the provision it carried exempting labor unions and farmers' organizations from prosecution under the
Sherman Anti-Trust Act. The Seamen's Bill is another
measure which failed of enactment this week, through the
exercise by President Taft of the "pocket" veto. The expiration of President Taft's term of office and the inauguration
of Woodrow Wilson as his successor took place coincident
with the adjournment of Congress. President Wilson's
Cabinet, some of whom were sworn in on Wednesday and the
others on Thursday, is made up as follows:
Secretary of State, William J. Bryan of Nebraska.
Secretary of the Treasury, William G. McAdoo of New York.
Attorney-General, James C. McReynolds of Tennessee.
Secretary of War, Lindley M. Garrison of New Jersey.
Postmaster-General, Albert S. Burleson of Texas.
Secretary of the Navy, Josephus Daniels of North Carolina.
Secretary of Agriculture, David F. Houston of Missouri.
Secretary of the Interior. Franklin K. Lane, of California.
Secretary of Commerce, William C. Redfield of New York.
Secretary of Labor. William B. Wilson of Pennsylvania.




were put back half an hour, but a filibuster by Senator
Poindexter served to frustrate action on the bill by that
branch. The bill in the form in which it had reached the
President had been agreed upon early in the week by the
House and Senate after it had come from conference, following its passage by the House on Feb. 21 and by the Senate on
Feb. 27.
—It is understood that no provision has been made in the
appropriation bills for the continuance of the Economy and
Efficiency Commission; as a result it will cease to exist at the
end of the current fiscal year. Its maintenance until that
time is provided for in last year's Sundry Civil Appropriation Bill. In a message to Congress on Jan. 8 President
Taft urged that $250,000 be appropriated for the Commission.
—The bill creating as a branch of the United States Government a Department of Labor, with a Cabinet officer, was
signed by President Taft on the 4th inst. The bill originally
passed the House of Representatives on July 17 1912, but its
passage in the Senate (in an amended form) did not occur
until last week (Feb. 26); the Senate amendments were
agreed to by the House on Feb. 27. With the creation of
the new body, the Department of Commerce and Labor becomes the Department of Commerce. The Act authorizing
the establishment of the Department of Labor transfers to it
the Bureau of Immigration, the Bureau of Naturalization and
the Children's Bureau. Secretary Nagle of the Department
of Commerce and Labor, was opposed to the bill on the
ground that it would disorganize that department and render almost useless some of its functions, and as President
Taft,likewise, was not fully in accord with the new legislation,
it was expected that he would withhold his approval of the
bill. In signing it he let it be known that he did so reluctantly, a memorandum which he submitted with the signed
bill saying:

I sign this bill with considerable hesitation not because I dissent from the
purpose of Congress to create a department of labor, but because I think
that nine departments aro enough for the proper administration of the
Government and because I think that no new department ought to be
created without a reorganization of all departments in the Government
and a re-distribution of the bureaus between them. The distribution
of bureaus between the existing departments is far from being economical or
logical, and if there is one thing that is needed in the present situation it is
a reorganization of our Government on business principles and with a
view to economy in the administration of the regular Governmental machinery.
I forbear, however, to veto this bill, because my motive in doing so
would be misunderstood. There is no provision in tho bill itself for a
recommendation by the head of the now department as to the'reorganization of bureaus that may itself lead to a general reorganization, which is
so much to be desired.

The new Department is under William B. Wilson as
Secretary of Labor. It is reported that Congress neglected
to provide funds for the operation of the Department of
Labor, but its expenses in part, it is understood, will be met
through the appropriations provided for the several bureaus
which have been transferred to the new Department.
—The Public Buildings Bill was another bill which, although in some respects failing to meet with his approval,
was signed on the 4th inst. by President Taft. In a message
to Congress concerning this bill he said:
There are in this bill items aggregating perhaps half a million dollars that
ought not to be in it, authorizing the construction of public buildings In
towns too small to justify them, and on that ground . for the purpose
of giving emphasis to my views on the subject, I should like to withhold
signature from the bill. But the bill contains authorizations for improvements so important in the development—and I say the unduly delayed
development—of the City of Washington that I cannot bring myselfto
defeat such worthy projects.
The bill in itself contains certain restrictions upon future appropriations
of a similar kind that may tend to prevent the vicious "pork barrel" feature
of bills of this character.

—The gold medal voted by Congress last year to Captain
Arthur Henry Rostron of the SS. Carpathia, for his,' action

MAR. 8 1913.1

THE CHRONICLE

in rescuing the survivors of the ill-fated Titanic in April
1912, was presented to him on the 1st inst. by President
Taft.
—On behalf of George G. Henry of the firm of William
Salomon & Co. of this city, a writ of habeas corpus returnable March 20 was obtained yesterday by his counsel.
Pending argument on the writ, which takes Mr. Henry out
of the custody of U. S. Marshal Henkel, his bail of $2,000
was .continued. Mr. Henry was indicted for contempt in
refusing to answer certain questions during his examination
before the Pujo investigating committee.
—Protest against several of the pending bills affecting the
New York Stock Exchange has been entered by the Chamber
of Commerce. In a report submitted to it on Thursday by
its committee on finance and currency, and adopted at the
meeting, sympathy is expressed with the general purpose of
the bills "in so far as they constitute an attempt to remedy
abuses which may exist"; the committee declared, however,
that there are objectionable features in many of them, and
cited three in particular which should be opposed—the one
extending the law of usury to call loans secured by collateral,
the one providing for the compulsory :incorporation of all
stock exchanges and the one increasing the tax on sales of
stock from two cents to four cents per $100. With regard to
the last-named, the report says in part:
The stock transfer tax law enacted in 1905 is notoriously unsound in
principle and unjust in its incidence, and was unqualifiedly disapproved
by the Chamber in a resolution unanimously adopted on April 6 1905. This
tax is collected almost exclusively from New York City, for the Comptroller's office not being adequately equipped for the inspection of corporation books throughout the State. is compelled to rely on the co-operation
of the Stock Exchanges and large corporations having transfer offices in
New York City. We believe that the proposal to double the rate of tax
is a serious menace to the commercial and financial supremacy of New
York City:
First—It will still further lessen that legitimate trading on the Stock
Exchange which is absolutely essential to the existence of a broad, reliable
and receptive market for securities.
Second—It will stimulate the development of stock exchange business
In rival cities at the expense of New York.
Third—It will cause many foreign corporations to protect their shareholders by opening transfer offices in other cities.
Fourth—It will have the effect that many orders for the purchase of
securities which normally would be consummated here, will be executed
in other cities, including London.
Fifth—Because of the narrowing of the stock market in this city and the
lessened activity in trading, banking capital will be inevitably attracted
to other cities, to the detriment of local business interests.

693

—The agreement entered into for the sale of the business
of the Guardian Trust Co. of this city to the Empire Trust
Co. was ratified by the stockholders of the first-named institution on Wednesday and the transfer was effected immediately. Under the agreement the Empire Trust will
pay to the stockholders of the Guardian $50 in cash for each
share, besides which they will share in the amount realized
in the liquidation of the assets of their company. Following the sale of the Guardian's business, Alfred W.
Barrett, its Treasurer, was elected President to succeed
Edward F. Clark, resigned. Mr. Clark, after a short vacation, will engage in the practice of law. In addition to its
main office at 42 Broadway, the Empire Trust, which also
recently took over the Windsor Trust Co., now operates
branches at the following locations: 65 Cedar St.,580
Fifth Ave.,170 Broadway and 242 East Houston St. Le Roy
W. Baldwin is President of the company.
—W. Averell Harriman, son of the late Edward H.Harriman, and Cornelius Vanderbilt were elected directors of the
iHarriman National Bank of this city on Thursday.
—Action toward increasing the capital of the Bank of
Buffalo at Buffalo, N. Y., from $500,000 to 81,000,000 was
taken by the directors at a meeting on Tuesday. Feeling
that it would be desirable to distribute the stock more widely,
they recommend that the existing shareholders be allowed
to take only a part of the proposed issue, and that the remainder be offered to newinterests at a price lower than that
at which the stock is now selling. The market price of the
stock is $315 a share.
—The Franklin Trust Co. of Philadelphia has made substantial progress during the past four years, as the annexed
table indicates:
Date—
Dec. 31 1912
Dec. 30 1911
Nov. 9 1910
Dec. 31 1909
Dec. 31 1908

Capital. Surplus&Profits. Deposits.
$1,168,898
$130,527
$400,000
1,083,054
400,000
127,174
893,004
103,124
361,444
739,733
98,931
271,738
567,382
200,000
85,997

Resources.
$1,699,909
1,650,419
1,444,072
1,110,496
878,464

The Franklin Trust is desirably located, being directly
opposite the Broad Street station of the Pennsylvania RR.
It is open for business from 8:30 A. M. until midnight.
Henry E. Woodman is President; C. Addison Harris Jr. is
Treasurer, and Samuel R. Earl, Secretary.
Concerning the Exchange and its proposed incorporation,
—Besides increasing the dividend rate of the Continental
the report contains the following:
Commercial National Bank of Chicago from 10 to 12%
&
The bill providing for the incorporation of stock exchanges seems to us
to be based upon a false conception of the nature and functions of stock per annum and raising the surplus of that institution from
exchanges. . . . We are unable to discover any advantage which $8,000,000 to $8,500,000, the directors on Wednesday took
can accrue to the public from the Incorporation of exchanges. . . •
action toward increasing the capital of the Hibernian BankThis Exchange is one of the greatest security markets in the world. Transactions on its floor are given the widest publicity. The members are liable ing Association from $1,500,000 to $2,000,000, and estabto instant discipline if they violate the code of honorable conduct which lished a surplus fund of $1,500,000 for the Continental ,&
they themselves have created. As a result its record of members' transand
actions is accepted without question throughout the world. In our judg- Commercial Trust & Savings Bank. All the new capital
ment, it is most important that the present high standing of the Exchange surplus is realized through the transfer of funds from undishould not be endangered. We,therefore, condemn the proposal that it be vided profits. Before the payment of the April dividends
Incorporated, for, as a corporate body, its internal organization, its ethical
National,
standards and its discipline of members would be subject to continual re- on the stock of the Continental & Commercial
view by the courts and revision by the Legislature, with the result that dividends are to be declared on the capital of the Continental
litigation would be encouraged, the disciplinary authority of the Exchange & Commercial Trust & Savings Bank and the Hibernian
weakened and its standard of business behavior debased.
Banking Association, these distributions being paid to the
The following are the resolutions submitted in the report:
trustees who hold the stocks of those institutions for the
State,
being
this
No.
638
of
law
bill
to
amend
the
usury
Whereas, The
in the Senate and No. 863 in the Assembly, is economically unsound, and stockholders of the Continental & Commercial National.
in times of financial stress would result in serious loss to investors and be The "Inter Ocean" shows in the following table how the capiotherwise harmful; and
tal and surplus account of the three institutions will stand
Whereas, The bill to double the tax on stock sales, being No. 983 in the
Senate and No. 1229 in the Assembly, is without justification in principle under the changes:
or in expediency as a revenue-producing measure, and would hamper,if not
positively check, the commercial and financial growth of New York City;
and
Whereas, The bill providing for the compulsory incorporation of stock
exchanges, being No. 833 in the Senate and No. 1068 in the Assembly, is
unwise and unjust, and could only result in crippling the management and
lowering the tone of stock exchanges; therefore be It
Resolved, That the Chamber of Commerce of the State of New York
opposes these bills for the reason that they fall in the class of that "Illconsidered legislation" which Gov. Sulzer, in his message relating to Stock
Exchange affairs, declared "might result in serious harm to the financial
supremacy of the State, have a tendency to drive capital away from New
York and might disorganize the large operations of legitimate business, now
centred in this State,to the detriment of its citizens and the Commonwealth
generally"; and bo it further
Resolved, That copies of this report and accompanying preamble and
resolutions be sent to the Governor of the State and the members of the
Legislature.

Continental & Commercial National
Continental & Commercial Trust
Hibernian Banking Association
Totals

Surplus.
Capital.
$21,500,000 58,500.000
1,500,000
3,000,000
1,000,000
2.000,000
$26,500,000 $11,000,000

The Hibernian will also have undivided profits of over
$100,000, the Continental & Commercial Trust $383,000
of undivided profits, while the Continental & Commercial
National's undivided profits after the payment of the forthcoming dividends will amount to over $1,000,000.
—The Security Bank of Chicago has raised its annual
rate of dividend from 6% to 8% by declaring 2% payable
April 1 to stockholders of record March 5. Heretofore 1
has been the usual quarterly distribution.
—The Standard Trust & Savings Bank of Chicago has
declared an initial quarterly dividend of 1 %, payable
March 10 1913 to holders of record March 31. The institution began business Sept. 6 1910.

—The New York Produce Exchange has joined in the opposition against the bill which would make it unlawful for
an exchange to prohibit its members from doing business
with or for other exchanges. Formal protest against it
was filed with the Codes Committee of the Senate and
—The enlarged capital of $500,000 of the Northwestern
Assembly on Wednesday,when a delegation headed by John
Aspegren, President of the Produce Exchange, journeyed Trust Co. of St. Paul went into effect on Feb. 18. The
to the State capital for the purpose of expressing their dis- proposal to increase the amount from $200,000 was referred
approval of the bill.
to in our issue of Feb. 15.




xclu.

THE CHRONICLE

694

-Continued increasefin the volumeIofibusinessitransacted
• by the Deutsche Bank of Germany is indicated by its annual
report for the year 1912, just submitted to the stockholders,
which shows a turnover of $31,400,000,000, compared with
$30,000,000,000 the previous year, and net profits of $9,000,000, an increase of about $1,000,000 over similar profits
for the year 1911. The deposits at the close of the year
, amounted to $374,000,000, compared with $359,000,000 at
the corresponding date of the previous year. The cash or
quick assets at Dec. 31 1912 amounted to $285,000,000.
After writing off $952,000 for depreciation of bank premises,
increasing the reserve fund $611,000, and distributing
dividends of 123/2%, the rate of payment of the previous
three years, $714,000, has been carried forward to the
credit of the profit and loss account.
-The following cable advices from the Standard Bank of
South Africa (head office London) have been received by
Its New York agent, W. H. Macintyre: "Board of directors
has resolved to recommend to the shareholders at the general
meeting, to be held on April 22 next, a dividend for last halfyear at the rate of 10% per annum, with bonus at the rate
of 4% per annum (together making a distribution at the rate
of 14% per annum), subject to income tax. Further, to
appropriate £15,000 to writing down bank premises account;
to add £10,000 to reserve fund, making reserve fund £1,980,000; to add £10,000 to officers' pension fund and to carry
forward a balance of about £50,000 to next half-year's
account."
-Viscount Yataro Mishima, President of the Yokohama
Specie Bank at Yokahama, has been appointed Governor
of the Bank of Japan, Tokyo.

ANTHRACITE COAL PRODUCTION.-The shipments
of anthracite coal to tidewater during the month of February
aggregated 5,674,169 tons. This is a falling off of 201,799
tons from the corresponding month last year, but with that
exception the movement is the largest on record for February. Below we show the shipments by the various carriers for the months of February 1913 and 1912 and for the
two months ending Feb. 28 and 29, this year and last:
RoadPhiladelphia dr Reading_ _ _ _tons
Lehigh Valley
Jersey Central
Del. Lackawanna & Western..
• Delaware & Hudson
Pennsylvania
Erie
New York Ontario & Western
Total

February---- Jan. 1 to Feb. 28 and 29.
1912.
1913.
1912.
1913
1,202,536
2,389,070
1,165,449
2,422,581
1,083,925
2,104,372
2,237,280
1,062,129
785,000
1,574,137
1,645,035
761,070
1,685,670
763,571
782,699
1,574,397
567,371
572,021
1,220,548
1,139,300
491,062
1,067,614
523,539
1,066,358
655,919
1,373,154
710,263
1,393,108
207,598
429,304
215,985
428,024
5,674,169

Dec. 26 '12. Dec. 21 '11.
Resources$3.748,625 $4,165,750
Bonds and mortgages
Stock and bond investments1,733,025
Public securities (market value)
1,216,500
Other securities (market value)_.._ 9,361.640
9,854,790
31,995,084 37,795,782
Loaned on collateral
8,670,774 13,254,181
Bills purchased
1,000,000
1,000,000
Real estate
5,342,104
Due from trust cos., banks & bankers. 4,936,398
5,200,000
7,250,000
Specie
445,458
439,320
Other assets

Jan. 1 '11.
$3,995,600
1,562,500
9,017,500
36,023,982
10,980,595
1,000.000
5,310,791
7,250,000
381,961

$67,091,004 $80,318,427 $75,522,929
Total
Liabilities$2,000,000 $2,000,000 $2,000,000
Capital stock
Surp.I'd. & tutdiv. prof.(market val.). 14,447,073 14,315,471 13,772,667
Undiv. prof. & reserved for taxes._ _ _
90,000
78,000
96,000
Preferred deposits3,880,762
Due savings banks
4,454,771
4,671,802
Due as executor, administrator,&c. 1,919,170
1,793,964
2,198,595
Trust dep. not pay.within 30 days- 4,698,634
5,697,168
4,043,761
Due depositors (not preferred)
36,711,873 48.635,566 43,069,943
Due trust cos., banks & bankers
3,089,923
1,983,020
4.751.002
Other liabilities
798,463
815,573
919.159
Total
$67,091,004 $80,318,427 $75,522,929
Supplementary-For Cal. Year1912.
1911.
1910.
Total int.& comm. rec'd during year_ $3,285,804 $3,125,300 $3,471,398
All other profits received during year_
3,539
106,375
56,957
Charged to profit and lossOn account of depreciation
69,909
33,249
84,468
On account of other losses•
Int. credited to depositors during year 1,600,400
1,817,703, 1,826,706
Expenses during year, exclud. taxes
238,338
233,577
228,717
Amt. of dive. declared on capital stk_ 1,000,000
1,000,000
1,000,000
Taxes paid during the year
187,944
190,103
191,219
Amt. deposits on which in is allowed 48,386,283 60,624,506 56,694,815

TRADE AND TRAFFIC MOVEMENTS.
COPPER PRODUCTION AND CONSUMPTION.
The statement of the popper Producers' Association for the
month of February, issued yesterday, shows a reduction
during the month in unsold stocks on hand of 896,134 lbs.,
notwithstanding that the production for the month was
130,948,881 lbs., an increase of 14,913,072 lbs. over February 1912. In the following table we compare the various
items for February this year and last and for the two months
ending Feb. 28 1913 and Feb. 29 1912. We also add figures
showing the European visible supply, in which there was a
further reduction of 4,596,480 lbs. during the month.
February
Jan. 1 to Feb. 28 and 29.
1912.
1913.
1913.
1912.
Stocks beginning period__lbs.123,198,332
66,280,643 105,312,582
89,454,695
Production
130,948,881 116,035,809 274,428,506 235,373,562
Total supply
254,147,213
Deliveries forDomestic consumption_..__ 59,676,492
Export
72,168,623

182,316,452 379,741,088 321,828,257

131,845,015

119,376,464 257,438,890 261,888,269

56,228,368
63,148,096

124,886,522 118,572,269
132,552,368 143,316,000

Stockeend of period
62,939,988 122,302,198 62,939,988
122,302,198
European visible supplyBeginning period
85,630,720 124,476,800 90,471,360 128,313,920
End of period
81,034,240 115,375,680 81,034,240 115,375,680




12,010,588

11,639,564

Pacific and Other Western Clearings brought forward
from first page.
February.

Two Months.

Clearings at
1913.

Inc. or
Dec.

1912.

$
E
San Francisco_ 200,903,504209,870,089
Los Angeles___ 98,676,477 87,276,973
Seattle
46,878,551 40,915,828
Portland
42,832,876 42,770,907
Salt Lake City 23,842,953 30,996,655
Spokane
15,693,957 16,432,636
Tacoma
10,236,692 16,788,013
Oakland
15,479,772 15,139,163
Sacramento
7,101,064 6,004,875
11,566,524 10,040,040
San Diego
4,160,865 3,149,874
Fresno
3,374,660 3,168,895
Stockton
2,645,835 2,611,894
San Jose
4,196,590 3,341,912
Pasadena
North Yakim. 1,335,286 1,496,638
2,738,519 3,157,361
Boise
1,100,190 1,091,981
Reno
Ogden
2,440,779 2,566,476
Total Pacific495,204,794496,820,220

United States Trust Company (New York).
Owing to an error in one of the items in the statement
of the United States Trust Co. of this city, as published in the
"Chronicle" of last week under our "Trust Company Returns" (p. 617), we reprint the statement below. The
"amount of dividends declared on capital stock" for the
calendar year ending Dec. 31 1912. was inadvertently
reported as $500,000, when it should have been $1,000,000.

5,875,968

1913.

Inc. or
Dec.

1912.

$
E
%
%
-4.3 442,640,645 432,190,344 +2.4
+13.1 210,263,780 180,082,700 +16.8
86,570,921 +12.1
+14.6
97,021,776
+0.1
92,104,118 86,612,196 +6.3
68,010,111 -18.3
-23.1
55,533,071
35,025,063 -2.7
-4.5
34,067,286
-39.0
21,447,785 35,334,159 -39.3
+2.2
33,524,091 -2.7
32,622,241
+18.3
16,265,033
13,022,142 +24.8
+15.2
24,797,877
19,750,800 +25.6
+32.1
9,205,906
6,845,616 +34.5
+6.5
7,285,859
6,575,145 +12.3
+1.3
5,794,458
5,759,994 +0.6
+25.6
8,943,560
7,804,354 +14.6
-10.8
2,972,831
3,019,228 -1.6
-13.3
6,767,136
7,208,933 -6.1
+0.8
2,237,342
2,237,668 -0.02
-4.9
5,277,359 +7.5
5,673,805
-0.31,075,634,530 1,034,850,824

+3.9

Kansas City 211,880,156207,076,888 +2.3 467,126,522 436,089,869 +7.1
Minneapolis.. 87,176,262 77,712,658 +12.2 204,324,364 163,412,239 +25.0
Omaha
68,119,785 67,707,242 +0.6 144,503,307 135,968,185 +6.3
St. Paul
36,012,199 44,087,933 -18.3
79,950,039 87,675,685 -8.8
Denver
34,239,950 36,016,491 -4.9
75,951,411
78,330,882 -3.0
St. Joseph
32,044,274 30,542,817 +4.9
69,016,868 66,633,822 +3.6
34,951,274 +12.7
Des Moines
18,568,177 16,759,863 +10.8
39,406.262
25,691,819
21,385,747 +20.1
Sioux City
12,138,336 10,764,433 +12.9
12,400,764 10,110,307 +22.6
32,132,160
23,266,379 +38.1
Duluth
29,054,231
13,509,504 13,665,232 -1.1
28,781,779 +1.0
Wichita
15,125,964
14,040,337 +7.7
7,158,265 6,847,609 +4.5
Lincoln
14,927,415
14,102,615 +5.8
6,955,023 6,700,944 +3.8
Topeka
14,375,560
13,301,056 +8.1
7,013,731 6,085,412 +15.2
Davenport
14,032,690
9,741,483 +44.1
Cedar Rapids_ 6,857,65: 4,225,570 +62.3
5,114,477
5,328,129 -4.0
2,513,558 -12.8
Colorado Spgs_ 2,190,30
6,008,010
5,700,459 +5.4
2,626,101 2,685,253 -2.2
Pueblo
3,778,391,
6,057,400 -37.6
1,655,673 2,782,586 -40.5
Fargo
5,844,55Cf
3,809,903 +53.4
Sioux Fails... 2,666,829 1,755,553 +51.9
1,343,266 1,432,645 -6.9
2,708,615
2,762,347 -2.0
Fremont
Waterloo
5,113,299 4,316,369 +18.5
11,700,501
9,300,817 +25.8
3,525,161 3,430,392 +2.8
Helena
7,872,460
7,353,910 +7.1
Billings
1,358,23' 1,094,039 +24.1
3,123,318
2,337,971 +33.6
830,934 -5.1
788,811
Hastings
1,664,557
1,561,021 +6.6
2,821,739 1,199,247 +135.3
Aberdeen
4,487,791
2,427,340 +84.9
2,957,96, 2,612,470 +13.2
Joplin
6,794,532
5,733,839 +18.5
1,258,10
o
Forks
1,293,101
Grand
-2.7
2,890,100
2,863,000 +0.9
Tot.oth.West582,380,566 561,239,343

+3.2 1,287,605,832 1,182,917,689

+8.8

Week ending March 1.
Clearings at1913.

1912.

San Francisco-Los Angeles
Seattle
Portland
Salt Lake CitySpokane
Tacoma
Oakland
Sacramento
San Diego
Fresno
Stockton
San Jose
Pasadena
North Yakima..
Reno

$
52,069,356
24,279,395
13,745,591
12,013,917
7,146,995
4,185,083
2,840,305
3,740,598
1,456,197
2,597,023
872,843
748,112
705,438
1,147,559
300,000
' 222,200

$
51,818,752
22,484,708
10,838,510
11,377,785
7,657,018
4,062,552
4,138,374
3,797,821
1,382,000
2,269,281
635,000
709,703
612,818
792,650
335,069
220,000

Inc. or
Dec.

1911.

1910.

%
+0.5
+8.0
+26.9
+6.4
-6.7
+3.0
-31.4
-1.5
+5.3
+14.5
+35.3
+6.4
+15.1
+44.8
-10.5
+1.0

$
50,441,009
18,843,466
10,666,577
10,977,876
5,983,015
4,143,034
4,212,901
3,228,078
1,426,107
1,351,588
627,107
525,000
487,599
794,276
412,870
201,354

$
47,050,716
17,385443
10,933,640
8,944,002
5,646,039
4,518,520
5,199,343
3,413,281
1,440,712
1,270,995
630,735
515,392
548,167
1,116,166
425,000
244,369

Total Pacific_

128,160,612

123,142,051

+4.1

114,244,857

110,112,6i0

Kansas City
Minneapolis
Omaha
St. Paul
Denver
St. Joseph
Des Moines
Sioux City
Duluth
Wichita
Lincoln
Topeka
Davenport
Cedar Rapids
Colorado Springs
Pueblo
Fargo
Fremont
Waterloo
Helena
Billings
Hastings
Aberdeen

55,379,009
25,013,433
18,000,000
11,772,229
9,635,910
7,645,924
6,089,437
3,250,000
3,226,962
2,854,688
1,822,673
1,345,474
1,800,000
2,036,423
650,000
563,561
323,013
250,608
1,280,768
1,060,770
315,000
250,000
484,649

46,906,646
21,360,456
18,500,000
16,729,585
8,743,980
7,750,487
5,073,385
3,007,366
2,001,360
3,235,494
1,740,000
1,556,596
2,119,573
1,437,145
687,500
619,187
634,874
434,634
1,198,907
813,364
253,959
265,127
291,194

+18.1
+17.1
-2.7
-29.6
+10.2
-1.4
+20.0
+8.1
+7.5
-11.8
+4.7
-13.6
-15.1
+41.7
-5.5
-9.0
-49.1
-42.3
+6.8
+30.4
+24.0
-5.7
+66.3

50,830,956
21,316,566
18,709,311
12,307,527
9,658,784
9,990,201
6,982,299
3,717,837
2,867,511
3,153,356
2,323,316
1,825,535
2,803,444
2,478,025
625,000
667,649
537,147
431,144
1,507,879
859,629
102,906
389,023
371,493

58,323,373
24,282,851
24,342,154
12,110,360
11,004,907
10,410,270
9,078,941
4,980,848
3,193,118
3,409,973
2,978,252
1,582,166
2,647,748
2,783,908
679,806
606,116
729,399
858,155
1,410,528
899,334
174,152
200,000
442,902

Tot. 0th. West

155,050,621

146,360,920

+5.9

154,463,018

177,139,261

Canadian Bank Clearings.-The clearings of the Canadian banks for the month of February 1913 show an increase
over the same month of 1912 of 9.4%, and for the two
months the gain reaches 13.4%.

MAR. 8 1913.1

THE CHRONICLE

February.

Two Months.

Clearings at
1913.

1912.

Inc. or
Dec.

1912.

1913.

Canad I$
$
%
Montreal .__ 210,727,399 189,650,913 +11.1
Toronto_ .__ 162,899,405 147,595,624 +10.4
.__
105,495,133 100,037,962 +5.4
Winnipeg
Vancouver__ 50,641,407 45,351,107 +11.7
Ottawa _ .__ 14,021,384 17,056,479 -21.9
Calgary _ .__ 18,680,084 17,867,035 +4.6
Edmonto I__ 15,952,283 16,648,355 -4.2
13,050,100 12,610,627 +10.6
Victoria_
Hamilton.__ 12,815,056 10,783,653 +18.8
Quebec-_ ...... 12,486,972 10,043,915 +24.3
Regina-- .__ 12,756,393 7,197,011 +77.2
Halifax _ .__
7,330,675 7,233,774 +1.5
St. John_ -- 6,296,496 6,695,496 -6.0
Saskatoon
7,229,000 7,028,056 +3.1
London _ .-_ 6,786,293 5,767,826 +17.7
Moose J w_ 4,708,432 3,903,252 +20.6
Lethbridgo _
2,077,561 2,456,371 -15.4
Ft. WiIliam.. 3,385,734 2,066,946 +63.8
Brandon .__
2,103,288 1,990,062 +5.7
Brantford
2,318,000 1,918,353 +20.9
N. WestniIn. 2,170,915
Not incl. in total

Inc. or
Dec.

$
%
$
458,639,501 396,867,462 +15.6
359,660,841 322,615,630 +11.5
+14.0
240,488,585 211,031,468
93,722,333 +10.0
103,072,734
39,984,527 -16.7
33,313,458
36,466,463 +10.7
40,361,074
30,976,835 +10.9
34,347,004
24,513,146 +22.1
29,937,607
23,454,575 +22.6
28,751,360
21,675,879 +20.2
26,063,555
15,057,853 +62.2
24,427,574
+4.3
15,981,721
16,662,253
13,613,705 +7.8
14,679,887
14,038,140 +163
16,325,067
12,672,372 +19.7
15,173,330
7,883,158 +35.8
10,705,138
5,125,396 -11.3
4,547,355
6,995,085
4,492,196 +55.7
4,488,319 +12.1
5,129,102
5,097,158 +2.2
5,209,098
4,715,555 Not Included in total

+9.4 1,474,489,608 1,299,758,326 +13.4

Total Can, 672,670,095 614,802,817

The clearings for the week ending March 1 make a favorable comparison with the same week of 1912, the increase
in the aggregate having been 5.2%.
Week ended March 1.
Clearings at-

CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
Victoria
Hamilton
Quebec
Regina
Halifax
St. John
Saskatoon
London
Moose Jaw
Lethbridge
Fort William
Brandon
Brantford
New Westminster

45,796,941
39,327,306
24,111,827
11,418,475
2,997,792
4,382,752
3,477,765
3,515,538
3,053,720
2,605,536
2,371,398
1,463,091
1,516,961
1,758,470
1,547,016
1,141,688
467,812
824,923
485,823
559,841
569,007

Inc. or
Dec.

1912.

1913.

152,824,675 145,277,685

Total Canada

1910.

1911.

%
$
43,837,148 +4.5 38,559,125 37,995,514
36,590,772 +7.5 21,688,460 32,120,387
23,628,989 +2.0 16,220,347 12,684,405
10,822,683 +5.5 9,323,323 7,291,735
3,937,819 -23.9 3,327,589 3,171,837
3,898,249 +12.4 3,175,335 2,193,439
3,489,742 -0.3 1,695,903
952,563
2,995,658 +17.3 2,365,635 1,656,627
2,770,784 +10.2 2,306,713 2,133,794
2,613,039 -0.3, 1,793,417 2,022,535
1,617,615 +46.6'
778,412
553,471
1,540,625 -5.0 1,417,181
1,817,804
1,729,692 -12.3 1,364,180 1,340,548
1,752,630 +0.3
747,123
1,242,373 +24.6 1,297,744 1,237,376
933,515 +22.3
512,940
597,232 -21.8
562,031
389,365 +111.8
424,831
459,548 +5.6
471,763
430,216 +30.1
Not Include d in tot at
+5.2 117,932,052 107,122,125

Clearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current week
usually appears on the first page of each issue, but on account
of the length cf the other tables is crowded out once a month.
The figures are received by telegraph from other leading cities
'
Clearings-Returns by Telegraph.
Week ending March 8.

Per
Cent.

1913.

1912.

New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans

$1,760,625,707
154,671,485
148,051,453
37,313,116
324,212,509
72,511,838
16,915,558

$1,545,368,033
138,746,738
137,390,239
29,917,271
276,238,786
67,242,568
18,584,371

+13.9
+11.5
+8.4
+24.7
+17.4
+7.8
-9.0

Seven cities, 5 days
Other cities, 5 days

$2,515,201,666
601,242,413

$2,123,488,006
554,274,693

4-13.6
+8.5

Total all cities, 5 days
All cities, 1 day

$3,116,444,079
592,481,362

$2,767,762,699
538,988,703

+12.6
+9.9

$3,708,925,441

$3,306,751,402

+12.2

Total all cities for week

Our usual monthly detailed statement of transactions on
the New York Stock Exchange is appended. The results for
the two months of 1913 and 1912 are given below.
Two Months 1912.

Two Months 1913.
Description
Par Value
or Quantity.

Actual
Value.

Aver.' Par Value
Price.! or Quantity.

Actual
Value.

Aver.
Price.

17,992,682
Stkf Shares,
I
15,512,605
1Value_'$1,427,102 950 $1,401,343,772 08.231,592,580,825 $1,560,880,704 98.0
RR.bonds.
$98,539,000
$96,427,181 97.9 8160,507,000 $153,327,490 95.5
Gov't bds_
$278,500
$372,000
$381,875 102.6
$287,798103.3
$3,793,000
State bonds
$4,654,004 96.5
33,354,447 88.4
$4,783,000
$19,700
$40,496 205.5
Bank stks_
$70,600
$162,557 230.2
Total __ $1,529,733,150$1,501,453,694 98.251,758,313,425$1,719,406,633 97.8

The volume of transactions in share properties on the
New York Stock Exchange each month since Jan. 1 in
1913 and 1912 is indicated in the following:
SALES OF STOCKS AT TFIE NEW YORK STOCK EXCHANGE.
1912.

1913.
Mm.
Values.

Number
of
Shares.

Actual.

Par.

Number
of
Shares.

Values.
Par.

Actual.

Jan- 8,748,973 809,787,850 790,879,464 10,906,138 970,876,425 958,417,286
Feb- 6,763,632 617,315,100 600,464,30: 7,086,544 621,704,400 602,463,418

The following compilation covers the clearings by months
since Jan. 1.
MONTHLY CLEARINGS.
Clearings, Total All.

Clearings Outside New York.

695

The course of bank clearings at leading cities of the country
for the month of February and sinee Jan. 1 in each of the
last four years is shown in the subjoined statement:
BANK CLEARINGS AT LEADING CITIES.
February
Jan. 1 to Feb. 28-29-(000,000s
1913. 1912. 1911. 1910. 1913.
1912.
1911. 1910.
omitted.)
$
3
$
$
$
$
New York
7,795 7,313 7,296 3,151 17,133 16,148 15,826 19,400
Chicago
2,221
1,240 1,153
972 1,060
2,653
2,406
2,118
Boston
712
742
621
668
1,535
1,585
1,445
1,549
Philadelphia
640
600
580
567
1,265
1,430
1,315
1,243
St. Louis
320
305
303
267
716
652
656
380
Pittsburgh
226
185
486
411
193
181
416
398
San Francisco
201
210
168
167
443
432
357
367
Cincinnati
105
100
95
94
233
207
221
216
Baltimore
163
152
134
112
361
324
290
255
Kansas City
212
207
194
467
198
436
435
411
Cleveland
91
75
68
68
210
173
155
155
New Orleans
76
95
77
74
179
201
176
192
Minneapolis
87
78
204
163
71
79
157
176
Louisville
66
67
61
61
138
132
128
127
Detroit
95
78
206
168
65
63
146
137
Milwaukee
60
64
60
54
131
123
120
108
Los Angeles
99
87
210
180
121
65
59
139
Providence
34
35
76
75
32
73
71
32
Omaha
68
136
115
131
68
145
53
63
Buffalo
46
43
101
95
36
36
85
83
St. Paul
36
44
88
37
80
82
81
38
Indianapolis
34
73
32
76
71
34
76
35
Denver
34
36
74
33
78
78
36
76
Richmond
32
37
76
65
30
69
72
32
Memphis
33
37
67
28
76
78
58
26
Seattle
47
41
38
87
80
93
43
97
Hartford
21
18
17
40
36
38
17
46
Salt Lake City.... _
24
31
21
24
56
68
51
54
-Total
12,597 11,941 11,374 12,305 27,636 25,967 24,816 28,504
Other cities
1,090 1,034
896
1,949
1,805
829
2,361
2,189
13,687 12,975 12,270 13,134 29,997 28,156 26,765 30,309
' Total all
Outside New York_ 5,892 5,662 4,974 4,983 12,864 12,008 10,939 10,909

onetarg3Troninevtial.KngliSit4rWS
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London,
Sat.
Mos.
Tues.
Thurs.
Fri.
Wed.
Week ending Mch. 7.
d. 27 3-16 27 7-16 27 7-16 27 7-16 27 5-16 26 15-16
Silver, per oz
74
73 15-16 7334
d Consols, 234 per cents_ _ _ _ 74 13-16c 7434
7334
75
c74%
74X
74 3-16 74
d For account
7334
89.35
89.25
$9.20
89.15
89.20
d French Rentes (in Paris) fr. 89.30
7234
7234
7
72
1%
x
73%
3
72%
Amalgamated Copper Co.__ 70%
73
71%
72
Am. Smelt. & Refining Co_ 70%
b Anaconda Mining Co
7%
7%
734
734
7%
7%
105%
10.5
105%
105
105
Atch.Topeka & Santa Fe_ 104 A
103
104
103
102%
103
Preferred
103
103%
104
103%
104
Baltimore & Ohio
my, 103X
86
86
86
86%
Preferred
86%
86;4
235
233%
Canadian Pacific
236%
238%
237%
237X
Chesapeake & Ohio
77
7634
77
7534
75g
7634
Chicago Great Western
15
15
143
%
15
16
15
Chicago Milw.& St. Paul__ _112
112%
113
112
112
11234
Denver & Rio Grande
2134
7X
3
27
1%
2134
3
2„
01
3
2.0
21%
ErP
irerred
37
29%
28%
2
38
7%%
i
2
38
7%
2834
2834
45
First preferred
46
4.6%
46
45%
46
37
Second preferred
36%
37
3634
37.
3734
129%
Great Northern, preferred_ _130
130g
130
131
130%
126
126%
Illinois Central
127
127
127
1263.4
136g
137
137%
13734
138
137%
Louisville & Nashville
Texas
__
_
26%
2634
&
Kansas
Missouri
2634
2634
28%
2634
62%
62%
62%
62%
Preferred
6234
6234
39%
39
40
39
39
Missouri Pacific
3934
6034
60%
60%
60
60
Nat. RR.of Mex.. let pref_ 60
24%
25%
25%
25%
25%
25%
Second (Referred
109%
10934
109%
109%
109%
N. Y. Central dr Hud. Riv_ lam
3134
31%
31%
31%
31
N. Y. Ontario & Western_ _ _ 30%
108
108
108%
108%
Norfolk & W
Western
103%
108;4
88
87
90
Preferred
119%
119%
120
118%
Northern Pacific_
Ing
11834
61%
61%
61%
6134
61%
61%
a Pennsylvania
$OX
a Reading Company
81%
8114
8034
3034
8034
a First preferred
46%
46%
46%
4614
4634
4634
46
4634
a Second preferred
4634
23
23%
23%
2334
23%
23
Rock Island
102
102%
103
102
102%
Southern Pacific
10234
26%,
2634
26%
27%
27
Southern Railway
27
32
82
8234
8234
Preferrel
8234
8234
157%
15534
158
157
Union Pacific
15734
15334
Preferred
37%
87%
8734
V%
87%
8734
6234
62%
63%
63%
63%
63%
U.S. Steel Corporation
Ill
111
111
111
Preferred
11034
1103-4
3%
4
4
4%
4%
4%
Wabash
10%
12
1234
13
13
1034
Preferred
6134
60
63
63
63%
Extended 4s
61%
a pPr
prices..ice per share. b 1 sterling. c Ex-dividend. d Quotations here given are
flat

ominrdat audMisctitanCOUS 3ems
National Banks.-The following information regarding
national banks is from the offiee of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS.
February 12 to February 19.
10,327-The American National Bank of Knoxville, Tenn. Capita;
3100,000. W. H. Sterchi, Pres.; R. W. Peevy, Cashier. (Conversion of the American Bank & Trust Co. of Knoxville.)
10,328-The National Bank of Orosi, Cal. Capital, $25,000. S. C. Kimball, Pres.; W. V. Andrews, Cashier. (Succeeds Bank of Orosi.)
10,329-Commercial National Bank of Long Island City, N. Y. Capital.
$200,000. E. V. Connolly, Pres.; J. W. Jones, Cashier.
10,330-The Citizens National Bank of Grand Rapids, Wis. Capital.
$100,000. J. A. Cohen, I'res.; D. B. Philleo, Cashier.
10,331-The Merchants National Bank of Dallas, Tex. Capital, $250,000.
L. L. Jester, Pres.; II. W. Jester, Cashier.
10,332-The Farmers National Bank of Cushing, Okla. Capital, $25,000.
W. M. Robertson, Pres.; W. F. Payne, Cashier. (Succeeds The
Farmers State Bank of Cushing.)
10,333-The First National Bank of Claxton, Ga. Capital, $25,000.
D. A. Smiley, Pres.; J. B. Brewton, Cashier. (Succeeds The
Merchants & Farmers Bank of Claxton.)
10,334-The Security National Bank of Jackson, Tenn. Capital,$100,000.
A. M. Alexander, Pres.; B. II. Blalock, Cashier. (Conversion
of The Security Bank & Trust Co. of Jackson.)

Month.
1913.

1912.

1913.

1912.

$
3
Jan..__ 16,311,078,826 15,181,564,394 +7.4 6,972,337,620 6,345,982,855 +9.9
13,686,563,695 12,974,895,031 +5.5 5,891,919,400 5,662,246,667 +4.1
Feb




DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.

696

[VOL. xcvi.

THE CHRONICLE
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Atlantic Coast Line Company (quar.)_ _ _ _
3
Mar, 10 Feb. 28 to Mar. 9
Boston & Albany (guar.)
2
Mar. 31 Holders of rec. Feb.28a
Boston & Maine, common (quar.)
1
Apr. 1 Holders of rec. Mch. Is
Canadian Pactlic, corn. (quar.)(No. 67)-- 2% April 1 Holders of rec. Mar. in
Preferred
2
April 1 Holders of rec. Mar. 1
Chesapeake & Ohio (quar.)
1g Mar.31 Holders of rec. Mar.7a
Chicago & Eastern Illinois, pref. (guar.)._ _
1% Apr. 1 Holders of rec. Mar.17a
Chicago & North Western, corn. (quar.)
1% April 1 Holders of rec. Mar.3a
Preferred (guar.)
2
April 1 Holders of rec. Mar.3a
Cincinnati Northern
1% Mar. 15 Holders of rec. Mar.17a
Delaware & Hudson Co. (quar.)
2% Mch.20 Holders of rec. Feb.25a
Erie & Pittsburgh (quar.)
1% Mar. 10 Holders of rec. Feb.28a
Grand Trunk, guaranteed
2
May
First and second preference
2% May
Third preference
234 May
Hocking Valley (guar.)
1% Mar. 31 Holders of rec. Mar.17a
Interborough Rapid Transit (guar.)
2% Apr. 1 Holders of rec. Mar.24a
Keokuk & Des Moines, preferred
334 Apr. 1 Holders of rec. Mar. 14
Apr. 1 Holders of rec. Mar.15a
Lackawanna RR. of N. J. (guar.)
1
Mch.31 Holders of rec. Mch.21a
Lake Shore & Michigan Southern (extra)_ _ 6
Mch.31 Holders of rec. Mch.21a
Guaranteed stock (Mich.Sou.& N.Ind.) 6
Minn. St. P.& S. S. M.,corn, and pref--- 3% Apr. 15 Holders of reo.Mch.20a
3
Apr. 1 Holders of rec. Mar.22a
Newark & Bloomfield
1% Apr. 1 Holders of rec. Mar.15a
N. Y. Lack. & West., guar. (guar.)
Mch.31 Holders of rec. Mch.8a
2
N. Y. N. H.& Hartford (quar.)
34 April 1 Holders of rec. Mch.15a
Norfolk Southern (guar.)
1% Mch. 19 Holders of rec. Feb.28a
Norfolk ds Western, common (quar.)
$2.50 Mch.31 Holders of rec. Mch.21a
Pittsburgh & Lake Erie (extra)
1
Mch.13 Holders of rec. Feb.25a
Reading Company, 1st pref.(guar.)
1
April 10 Holders of rec. Mar.25a
Reading Company, 2d pref. (quar.)
1
Mar. 15 Mar. 11 to Mar. 16
St. Joseph South Bend & Southern, corn_ _ _
234 Mar. 15 Mar. 11 to Mar. 16
Preferred
St. Louis & San Francisco1% Apr. 1 Mar. 18 to Apr. 1
Chic. de East Ills., pref. tr. cerlfs. (guar.)_
Apr. 1 Mar. 18 to Apr. 1
K. C. Ft. S. & Mom., vf. tr. ctfs. (guar.). 1
1% April 1 Holders of rec. Feb.28a
Southern Pacific (quar.)(No. 28)
2% Apr. 24 Holders of rec. Mar.29a
Southern Railway, preferred
pref
5
Toledo & Ohio Cent., corn. and
Mar. 7
2% Apr. 1 Mch. 1 to Mch. 16
Union Pacific, common (guar.)
Preferred
2
Apr. 1 Mch. 1 to Mch. 16
Utica & Black River
3% Mar. 31 Holders of rec. Mar.14a
Warren, guaranteed
3% Apr. 15 Holders of rec. Apr. 5a
Street and Electric Railways.
American Railways, common (quar.)
75 eta. Mar. 15 Holders of rec. Mar. in
Arkansas Val. Ry., L. dr P., pref. (quar.) 1% Mch.15 Holders of rec. Feb. 28
Brockton & Plym.It. Ry.,pref.(No.8) _
3
Mch. 15 Holders of rec. Mch la
Brooklyn Rapid Transit (quar.)
1% April 1 Holders of rec. Mch.10a
California R.& Power, prior pref.(No. 1) 1% April 1 Holders of rec. Mch. 22
Chicago City Ry. (guar.)
2% Mar. 29 Mar. 5 to Mar. 17
Commonwealth Pow..Ry.&L.,com.(No.1) 1
May 1 Holders of rec. Apr.104
Galveston Houston Elec. Co., corn.(N0.8) 2% Mch. 15 Holders of rec. Feb.20a
Preferred (No. 12)
3
Mch. 15 Holders of rec. Feb.20a
Houghton County Traction, corn.(No.8)_
2% April 1 Holders of rec. Meh.22a
Preferred (No. 10)
April 1 Holders of rec. Mch.22a
3
Manila Elec. RR. & Ltg. Corp.(guar.)
1% Apr. 1 Holders of rec. Mar.19a
Northern Ohio Trac. & Light, corn.(quar.) 1% Mch. 15 Holders of rec. Feb.28a
Philadelphia Traction
$2 Apr. 1 Holders of rec. Mar.10a
Second & Third Sta. Pass., Phila. (quar.) $3
April 1 Holders of rec. Mch. 3a
Toronto Railway (quar.)
Apr. 1 Holders of rec. Mar. 15a
2
Union Ry., Gas & Elec.. corn.(No. 1)
April I Holders of tee. Moh.11a
1
April 1 Holders of rec. Mar. 21
United Light SC Rys., corn.(quar.)(No. 1) lk
1% Apr. 1 Mar. 12* to Mar. 16
United Tract. & Elec., Providence (quar.)
Virginia Ry.& Power,common
134 April 10 Holders of rec. Mar.20a
1% Mar. 15 Mar. 9 to Mar. 16
West Penn Tr. & Water Pow.. pref.(guar.)_
Trust Companies.
Guaranty (quar.)
Extra
Miscellaneous.
American Bank Note, pref. (guar.)
Am. Beet Sugar, pref. (guar.) (No. 55)
American Can Co., pref. (guar.)
Preferred (acct. accumulated dividends)
Am. Car de Fdy., corn. (guar.)(No.42)_ _
Preferred (guar.) (No. 56)
American Cigar, pref. (guar.)
American Express (quar.)
American Manufacturing (quar.) (No. 64)
American Pipe & Construction (quar.)
American Pneumatic Service, first pref
Second preferred
American Radiator, common (guar.)
Common (extra)
Common (payable In common stock)._
Amer. Smelt. & Ref., corn. (qu.)(No. 55)
Am. Smelters Secur. pf. A (qu.)(No. 33)
Preferred B (guar.)
'(No. 32)
American Snuff, common (quar.)
Preferred (guar.)
American Steel Foundries
American Sugar Henn., corn. Sc pref. (qu.)
American Tobacco, preferred (quar.)
Am. Water.Works cfe Guar., pl.(gu.)(No. 4)
American Writing Paper, preferred
Associated Gas & Elec., pref. (guar.)
Booth Fisheries, common
First preferred (quar.)
Borden's Cond. Milk, pref. (qu.)(No. 45)
British-American Tobacco, Ltd
Brooklyn Union Gas (quar.) (No. 48)._
Buffalo General Electric (guar.)(No. 74)......
California Petroleum Corp., corn. (quar.)_
Preferred (quar.)
Calumet qk Hecla Mining (quar.)
Cambria Iron
Canadian Gen. Elec., Ltd., corn. (guar.)._ _ _
Preferred
Cznadiats Westinghouse, Ltd. (guar.)
Central Leather ,pref. (guar.)
Central Mexico Light & Pow.,pf.(gu.)(No.1)
Central States Elec. Corp., pref.(gu.)(No.3)
Chesebrough Manufacturing (quar.)
Extra
Chic. Jct. Ry.&Un. Stk.Yds., cons. (gaur.).
Preferred (quar.)
Chicago Telephone (quar.)
Chllds Company, common (quar.)
Preferred (quar.)
Colorado Fuel dr Iron, preferred
Columbus (0.) Gas & Fuel, pref.(guar.).
Comput.-Tab.-Record. Co. (guar.)(No. 1)._
Consolidated Gas (guar.)
Cons. Gas, El. Lt. &P., Bait,, corn. (qu.)
Preferred
Crescent Pipe Line (quar.)
Cuban-American Sugar, pref. (guar.)_ _ _ _
Diamond Match (quar.)
Extra
Dominion Canners, Ltd., common (guar.)._
Preferred
Dominion Textile, common (quar.)
du Pont(E. I.) de Nenzours Powd.,com.(gu.)
Preferred (guar.)
du Pont Internat. Powder, pref. (quar.)._
Eastman Kodak, corn. (quar.)
Preferred (quar.)
Federal Mining dr Smelting, pref. (quar.)_
Galena Signal Oil, common (quar.)
t Preferred (quar.)
General Baking, pref. (guar.) (No. 5)
General Chemical, Preferred (quar.)- -....




6
2
134
134
1%
24 m
3.1
134
134
$3
134
1
334
134
2
106

1

1%
134
3
134
34
134
134
134
1
134
4n
134
134
234
134
134
134
134
$10
2
134
334
134
1%
134
194
6
4
2
134
2
231
1%
35m
134
1
134
I%
3
$1.50
194
134
1
134
194
134
2
134
134
234
134
134
4
2
1
1%

Mar. 31 Holders of rec Mar.25a
Mar.31 Holders of reo. Mar.25a

Name of Company.

Per
When
Cent. Payable.

Books Closed.
Days Inclusive.

Miscellaneous (Concluded).
General Chemical of Cal., 1st pref.(guar.) 13% April 1 Holders of rec. Mar. 21
General Electric (guar.)
2
April 25 Holders of rec. Mar. in
General Fireproofing, common (guar.)
19-4 April 1 Holders of too. Mch. 212
Goldfield Consolidated Mines
30c. April 30 Holders of rec. Mar. 31
Guggenheim Exploration (guar.)(No.41)_ _ _
234 Apr. 1 Mar. 15. to Mar. 19
Hart, Schaffner & Marx, pref. (guar.)
134 Mar. 31 Holders of rec. Mar. 17a
Helme (Geo. W.), common (guar.)
254 Apr. 1 Holders of rec. Mar.15a
Preferred (guar.)
I% Apr. 1 Holders of rec. Mar.150
Homestake Mining (monthly)(No.460)
65e. Melt.25 Holders of rec. Mch.10a
Extra (payable in stock)
15r
Mch.25 Holders of tee. Mch.10a
Intercontinental Rubber, pref. (guar.)
134 Mar. 31 Holders of rec. Mar.21a
International Nickel, common (quar.)_ _ 3
June 2 May 15 to June 2
Preferred (guar.)
I% May 1 April 13 to May 1
International Silver, preferred (quar.)
14 April 1 Feb. 26 to April 1
Preferred (on account accum. divs.)_ _ 34 m April 1 Feb. 26 to April 1
Preferred (on account accum Ms.)
1 m May 15 May 2 to May 16'
Int. Smokeless Powder & Chem.,com.(qu.)
% April 1 Holders of rec. Mar.22a
Preferred
4
May IS Holders.of rec. May 5a
Kayser (Julius) de Co.. common (guar.)._ _ _
134 Apr. I Holders of rec. Mar. 21
First and second preferred (guar.)
I% May 1
Kresge (S. S.), preferred (quar.)
234 April 1 Holders of rec. Mar.17a
La Belle Iron Works, common
34 Apr. 30 Holders of tee. Apr. 19
Preferred
2
Mar. It Holders of tee. Mar. 20,
134 Meh.15 Mch. 2 to, Mch.16
Laclede Gas Light, corn. (quar.
Lanston Monotype Machine (guar.)
/34 Mar. 31 Holders of rec. Mar. 24.
Liggett A Myers, pref. (guar.)
134 Apr. 1 Holders of rec. Mar. 21
Loose-Wiles Biscuit, 1st pref. (quar.)__ -- 13% April 1 Mch. 21 to April I
I% May 1 April 16 to May 1
Second preferred (quar.)
234 Apr. I Holders of rec. Mar. 17
Lorillard (P.), common (guar.)
I% Apr. 1 Holders of rec. Mar. 17
Preferred (quar.)
Mackay Companies, corn.(quar.)(No.31) 234 April 1 Holders of rec. Meh.12a
1
April 1 Holders of rec. Meh.12a
Preferred (guar.) (No. 37)
134 Apr. T Holders of tee. Mar. 17a
Manhattan Shirt, pref. (guar.)(No. 3)
May Department Stores, pref. (guar.)
1% Apr. 1 Holders of rec. Mar. 15
Mergenthaler Linotype (guar.)
234 Mar. 31 Holders of rec. Mar. 8a
Extra
34 Mar. Si Holders of rec. Mar.8a
Mexican Petroleum, preferred (quar.)
April 20 Holders of rec. Meh.31a
2
Michigan Light, pref. (quar.)
134 April 1 Holders of rec. Mch.15a
Montreal Cottons, Ltd., common (guar.)... _
1
Mar. 15 Holders of rec. Mar. 5
Preferred (guar.)
13% Mar. 15 Holders of rec. Mar. &
Muskogee Gas Sc Elec., pref. (guar.).- 194 Mch.15 Holders of rec. Feb. 28
National Biscuit, corn. (quar.) (No. 59)- 134 Apr. 15 Holders of rec. Mch.28a
National Carbon, common (guar.)
194 April 15 April 6 to April 15
National Enameling & Stamp., pref. (qu.) 0194 Mar. 31 Mar. 12 to Mar. 31
34 Mar. 31 Mar. 15 to Mar. 18
National Lead, common (quar.)
154 Molt. 15 Feb. 22 to Feb. 25
Preferred (quar.)
National Sugar Refg. (guar.)
154 Apr. 2 holders of rec. Mar. 8
3
Apr. 1 Mar. 21 to Mar. 31
National Surety (guar.)
National Transit (quar.)
75e. Mar. 15 Holders of rec. Feb.28a
Nevada Consolidated Copper (quar.). _ 3734c. Mar. 31 Mar. 8 to Mar. 12
New England Telep. Sc Teleg. (quar.)._
134 Mar. 31 Holders of rec. Mar.15a
New York Air Brake (guar.)
134 Mar. 18 Holders of rec. Mar. 4a
New York Transit (quar.)
10 April 15 Holders of rec. Moll. 25
Niles-Bement-Pond Co., common (q oar.). 134 Mch. 21 Mch. 13 to MO.21
North American Co. (attar.)
134 Apr. 1 Holders of rec. Mch.20a
Ohio Oil (quar.)
$1.25 Mar. 20 Feb. 25 to Mar. 9
Extra
$1 Mar. 20 Feb. 25 to Mar. 9
Pabst Brewing, pref. (quar.)
134 Mar. 15 Mar. 8 to Mar. 16
Packard Motor Car, pref. (guar.)
194 Mar. 15 Mar. 6 to Mar. 15
Philadelphia Electric (quar.)
2694e. Mar. 15 Holders of rec. Feb.200
Producers Oil (guar.)
134 Mar. 31 Holders of rec. Mar. 15
Quaker Oats, common (quar.)
234 April 15 Holders of rec. April 1
Preferred (quar.)
134 May 31 Holders of rec. May I
Quincy Mining (guar.)
$1.50 Mch.24 Holders of roe. Mch. In
Railway Steel-Spring, pref. (guar.)
134 Mch.20 Mch. 9 to Melt. 20
Republic Iron Sc Steel, pref.(qu.)(No. 42) 19-4 Apr. 1 Holders of rec. Mch.15a
Mar, 15 Holders of rec. Mar. 10
Rubber Goods Mfg., common (guar.)
Preferred (guar.) (No. 56)
1,4( Mar. 15 Holders of rec. Mar. 10
Meh.15 Feb. 21 to Mch. 4
Rumely (M.) Co., common (No. 1)
a
Rumely (M.) Co., pref. (guar.)
194 Apr. 1 Mar. 20 to Mar. 30
Safety Car Heating & Lighting (quar.)...... 2
April 1 Holders of rec. Mar.14a
Sears, Roebuck de Co., pref.(guar.)
134 Apr. 1 Holders of rec. Mar.15a
South Penn Oil (guar.)
Mch.31 Holders of rec. Mch. 12
10
South Porto Rico Sugar, common (guar.)- 1
Apr. 1 Holders of rec. Mar.15a
Preferred (quar.)
2
Apr. 1 Holders of rec. Mar.15a
South West Penna. Pipe Lines (guar.)
5
Apr. 1 Holders of rec. Mar. 15
Standard Gas Sc Electric, pref. (quar.)_
2
Mch.15 Holders of rec. Feb. 28
Standard Oil of California
254 Mch. 15 Holders of tee. Feb.20a
Standard Oil of New Jersey (guar.)
5
Mar. 17 Holders of tee. Feb.21a
Standard Oil of Ohio (quar.)
Mch.31 Mch. 1 to Mch.20
3
Extra
2
Mch.31 Mch. 1 to Mch.20
Subway Really (guar.)
134 Apr. 1 Holders of rec. Mar.24a
Sulzberger & Sons Co., pref. (guar.).
134 Apr. 1 Holders of rec. Mar. 15
Swan & Finch
Mar. 31 Mar. 1 to Mar. 31
5
Swift & Co.(quar.)(No. 106)
1% April 1 Holders of rec. Mar. 10
Texas Company (guar.)
134 Mar. 31 Holders of rec. Mar. 15
Underwood Typewriter,common (quar.)
April 1 Holders of rec.Mar.d203
1
1% April 1 Holders of rec.Mar.d203
Preferred (quar.)
Union Carbide (guar.)
254 Apr. 1 Holders of red. Mar. 11
United Cigar Stores of Amer., pref.(quar.) 194 Mar. 15 Mar. 4 to Mar. 16
Apr. 1 Mar. 13 to Mar. 31
United Gas & Elec. Corp., preferred
3
U.S. Printing Sc Lithographic, 1st pf.(qu.) 134 April 1 Holders of rec. Mch.20
April 1 Holders of tee. Mch. 212
2
Second preferred (guar.)
U. S. Steel Corporation, common (quar.)_
134 Mch.29 M ch. 2 to Mch. 9
75e. Mar,31 Mar. 8 to Mar. 11
Utah Copper (quar.)(No. 19)
Weyman-Bruton, common (guar.)
234 Apr. 1 Holders of rec. Mar. 15
Preferred (guar.)
134 Apr. 1 Holders of rec. Mar. 15
Woolworth (F. W.), pref. (quar.)(No. 5)- 134 Apr. 1 Holders of rec. Mch.10a
734c. Mar. 31 Mar. 15 to Mar. 19
Yukon Gold Co.(guar.)(No. 15)

Apr. 1 Holders of rec. Mar. 15
Apr. 1 Holders of rec. Mar.15a
April 1 Holders of rec. Mar.22a
April 1 Holders of rec. Mar.22a
Apr. 1 Holders of rec. Marlin
Apr. 1 Holders of rec. Mar.11a
Apr. 1 Holders of rec. Mar.14a
Apr. 1 Holders of rec. Feb.28a
April 1 Holders of rec. Mar. 17
Apr. 1 Holders of rec. Mar. 15
Mar. 31 Mar. 11 to Mar. 31
Mar. 31 Mar. 11 to Mar. 31
Mch.31 Mch.22 to Mch. 31
Mch.31 Mch.22 to Mch.31
Mch .31 Mob.22 to Mch.31
Mch.15 Feb. 22 to Mch. 2
Apr. 1 Mar. 22 to Mar. 30
Apr. 1 Mar. 22 to Mar. 30
Apr. 1 Holders of rec. Mar.15a
Apr. 1 Holders of rec. Mar.15a
Mch.31 Feb. 28 to Mch.20
April 2 Holders of rec. Mar. in
Apr. 1 Feb. 16 to Mch. 16
Apr. 1 Holders of rec. Mar. 15a
April 1 Holders of rec. Mar.15a
Apr. 1 Mar. 21 to Apr. 1
(n) Mar. 20d to Apr. Id
April 1 Mar. 20d to Apr. let
Mch.15 Mch. 6 to Mch 16
Mar. 31
See Note h. .
April 1 Mar. 16 to Mar. 31
Mar. 31 Holders of rec. Mar. 20
a Transfer books not closed for this dividend. b Less income tax. d Correction.
April 1 Mar. 16 to Apr. 1
April 1 Mar. 16 to Apr. 1 e Payable in common stock. k Declared 4% payable in quarterly installments beMar.20 Holders of rec. Feb. 21 ginning April 1. on On account of accumulated dividends. n Payable in first
Apr. 1 Holders of rec. Mar. 15 preferred stock between April 1 and Apr. 15. o Declared 7% payable in quarterly
Apr. 1 Holders of rec. Mar. 15 installments. r Payable in stock.
h Transfers received in London up to March 20 will be in time for dividend.
Apr. 1 Holders of rec. Mar. 15
Apr. 10 Holders of rec. Mar. 31
April 1 Holders of rec, Mch.10a
Apr. 1 Holders of rec. Jan. 15
Auction Sales.-Among other securities, the following,
Apr. 1 Holders of rec. Mar. 10
Mar. 22 Mar. 5 to Mar. 23 not usually dealt in at the Stock Exchange, were recently sold at
Mar. 22 Mar. 5 to Mar. 23
Apr. 1 Holders of rec. Mar. 12 auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Apr. 1 Holders of rec. Mar. 12
Mar. 31 Holders of rec. Mar.29a Shares.
Per cent.
Per cent. Shares.
Mch.10 Mch. 5 to Mch.10
10 Realty Alliance Associates_ _31 lot
50 Findlay Ft. W.Sc W.RR.Co_
Mch.10 Moll. 5 to Mch.10
32
20 Six Associates
Ry. Co. corn
$504
Not.
lot
20
Lima
Mch. 20 Holders of rec. Mob.la
126 Realty Alliance Associates_ _$20 lot $10,000 Findlay Ft. W.Sc West.Ry lot
Apr. 1 Holders of rec. Mar. 15
18 Exclusive Realty Co
$355 lot
Co. 2d incomes
Apr. 10 Holders of rec. Mar.31a
Per Cast.
20 Exclusive Realty Co
$405 lot Bonds.
Mch. 15 Holders of tee. Feb.13a
89 NVoodhavenGrove Realty Co.
$5,000 Elko Realty & Devel. Co.lst
Apr. 1 Holders of rec. Mch. 20
$5 lot
1918
7s,
$1.
lot
Apr. 1 Holders of rec. Mch. 31
15 New Independent RealtyCo_31 lot $7,400 Mt. Olivet Cemetery etfs. of
Mch. 15 Feb. 21 to Mch. 16
indebtedness, int. 7% paid to and
17 Woodhaven House Sc Home
April 1 Holders of rec. Mar.15a
$1,332
Building Co
lot $51,nocoloumdinogntyoeuarravlreepass.
Mch. 15 Holders of rec. Feb.28a
Ry.
. Co. ..,,,,,,s1
'47 Realty
83
3
Mch. 15 Holders of rec. Feb.28a 1,984 Ontario Alliance Associates_ _8
55
Mining dr Smelting
1st ez coll. trust 55, 1938._
Apr. 1 Mar. 17 to Mar. 31
Co., $1 each
314 lot $16,800 Not. Platte Vail. Haig. Co.
Apr. 1 Mar. 17 to Mar. 31 1,166 The Sherwood
trust
Os,
coll.
1919,
July
Distill. Co. of
1st Sc
April 1 Holders of rec. Mch.15a
Bait, full-paid Sc non-assess. 25
1912 coupons on
5
Mar. 15 Mar. 6 to Mar. 16
10 N. Y. Mtg. Sc Secur. Co_ _199% $91,500 Waters-Glidersleeve-Colver a,,,,,0
Apr. 25 Apr. 16 to Apr. 25
68,
s.
1st
1.,
due 1912, cou5 Bond Sc Mtge. Guar. Co_ -290
Co.
April 1 Holders of rec. Mar.22a
pons on
$5,000 lot
April 1 Holders of rec. Feb.28a
April 1 Holders of rec. Feb.28a
By Messrs. Francis Henshaw & Co., Boston:
Mar. 15 Holders of rec. Feb.29a
$ per sh.
$ per sh. Shares.
Mar. 31 Holders of rec. Feb. 28 Shares.
170
30254 4 Lawrence Mfg. Co
Mar.31 Holders of rec. Feb. 28 15 Merchants' Nat. Bank
24234 11 Merrimack Mfg. Co., corn.... 3234
Apr 1 Holders of rec. Mar. 22 50 National Shawmut Bank
pr. 1 Holders of rec.`vleh.20a 12 Wamsutta Mills, New Bedford_ 120.1 2 rights, Union Twist Drill Co.... be.
15
50 Pacific Mills, new
12034 1 Boston Library Society

d

MAR. 8 1913]
-----

THE CHRONICLE

By Messrs. R. L. Day & Co., Boston:
$ per sh.
Shares.
5 Merchants National Bank_ _ _ _305
3 Naumkeag Trust Co. (Salem)_215
120
2 Lyman Mills
5 Lowell Electric Light Corp__ _ _200
20 Amer. Steam Gage & Valve
99'%
Mfg. Co., pref
$200 lot
197 Pinkham Press

Shares.
$ per sh.
5 Columbian Nat. Life Ins. CO_ _1203-(
15 Cambridge Gas Light Co
283
100 The Murray Co
160
10 U.S. Envelope Co., pref
102
Bonds.
Per cent.
$2,000 Coliseum Co., Chicago, 5s,
1929, with 20 sh. stock as bonus_ 45

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
$8 The Equitable Guaranty Co.,
par $10
$3 lot
2.500 Sanitary Telephone Muffler
Co., par $1
$15
25 Kindel Bed Co
$100 lot
128 Rights to subscribe to Fidelity Trust Co. at $100507-516
14 Manufact'rs Nat. Bank _134-132%
2 Penn Nat. Bank, par $50_ _195
1 Fire Assn. of Phila., par $50_351
6 Germantown Pass. Ry
113
3 John B. Stetson Co., pref _ _ _181
5 County Fire Insurance Co_ _ _125
400 Montezuma Mining & Roasting Co., par $1
$2 lot
107 The Buck Mtn. Coal Co., par
$35
$4 lot
300 The Union Petroleum Co.,par
$5
$3 lot
60 Clinch Valley Coal & Iron Co.
com., par $100 (reduced to
1
$96)
30 Clinch Vail. Coal & Iron Co..
pref., par $100 (reduced to
lq
$96)
15 Ches. & Delaware Canal Co- 234
5 Amer. Academy of Music_ 20534
13
1 Athenaeum of Philadelphia
4 Penn. Academy of Fine Arts- 19
17
1 Library Co. of Philadelphia
1 Law Assn. of Phila., 2d series. 1
$2 lot
100 Penn. & Ohio Canal Co
9,000 British Columbia Dredging
Co., par $1
$9 lot
5 Fourth Street Nat. Bank _ _ _ _315
20 Corn Exchange Nat. Bank _ _300
1 Farmers & Mech. Nat. Bank _140
1 Girard National Bank
415
10 Tenth National Bank
118
10 Bryn Mawr Trust Co., par
$25
60%-613
1 Commercial Trust Co
43034
25 Excelsior Tr. & S. F. Co.,
par $50
56
1 Fidelity Trust Co
610
1 Girard Trust Co
990
40 Independence Tr. Co.,par$50 95

Shares.
$ per sh.
1 Penn. Co. for Insur., &e._ _ _649
5 People's Tr. Co., par 550.._ _ 45
4 Real Estate Trust Co., pref.- 9634
25 Rittenhouse Tr. Co., par $50_ 56
10 Amer. Union Fire Insur. Co.,
par $25
24
15 Fire Assn. of Phila., par $50
350M-351
5 People's Nat. Fire Ins. Co.,
par $25
1634
21 Union Pass. Ry. Co
19334
7 Phila. Sr Gray's Ferry Pass.
80-79
Ry
4 Citizens' Passenger Ry
283
18 Continental Passenger Ry
12034
2 13th & 15th Streets Pass. Ry _245
6 John B. Stetson Co., corn_ _ _416
30 Amer. Pipe & Construe. Co
8034
40 Enterprise Mfg. Co. v. t. e.
9154-92%
11 J. G. Brill Co., preferred_....100
5 De Long Hook & Eye Co..... 91
5 Bergner & Engel Brew.00.,1f• 97
200 Pratt Food Co., par $1
3.87
20 Phila. Life Ins. Co., par $10_ 1034
20 German Theatre Realty Co.,
par $10
4
Bonds.
Per cent.
$6,000 The Cent. Va. Iron Co. let
6s, due 1902 (coupons Apr 1 1893
attached)
$80 lot
$50,000 Va. Iron Invest. Co. 1st 6s,
due 1906
$45 lot
81,000 Springfield Water Co. 5s,'26 9434
34,000 Union Canal Co.of Penn.6s,
due 1883
$3 lot
$100 City of Phila. "School Dlst."
4s, 1014..
100
$200 Pittsburgh "Public Impt." 45,
1914
100
$2,000 Ches. dc Del. Canal Co. 48,
1916
61
$5,000 City of Phila. 48, 1938
10034
$1,000 City of Phila. 48, 1940
10034
$1,000 N. J. Gas Co. 1st 5s, 1940_ _ 85
$1,000 N.Springf. Wat. Co.58,1928 94

697

DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
091 omitted.

Net
On Dep.
Surplus. Loans. Specie. LegaLs. withC.H. Deposits. Reserve.
Average. Average. Average. Banks. Average.

$
$
Brooklyn
3,934,2 24,680,0 2,192,0
730,0 3,070,0 18,857,0 15.4-F 13.9
Bankers
16,256,9 124,673,0 14,717,0
82,0 11,067,0 98,651,0 15.0+10.a
U.S. Mtg. dr T 4,554,6 37,547,0 3,922,0
410,0 3,891,0 28,862,0 15.0+11-7
Astor
1,325,5 20,978,0 2,119,0
33,0 1,741,0 14,447,0 15.0+10.6
Title Guardar. 11,797,7 33,885,0 2,078.0 1,154,0 2,340,0 21,537,0 15.0+ 9.7
Guaranty _ _ _ _ 24,350,2 178,018,0 18,006,0
951,0 14,130,0 124,791,0 15.1+10.1
Fidelity
1,326,1 7,114,0
595,0
251,0
717,0 5,453,0 15.5+10.3
LawyersT.I&T 6,177,9 17,699,0 1,510,0
486,0 1,513,0 12,657,0 15.7+10.6
Col.-Knicker_ _ 7,289,8 49,464,0 5,498,0
800,0 4,855,0 42,074,0 10.0+10.3
People's
1,680,6 16,332,0 1,830,0
396,0 1,764,0 14,860,0 15.0+10.4
New York_ _ _ _ 11,804,6 44,548,0 4,517,0
528,0 3,563,0 31,602,0 15.9+10.1
1,244,9 9,018,0
Franklin
976,0
153,0
902,0 7,212,0 15.6+11.9
558,8 10,580,0 1,147,0
Lincoln
230,0 1,036,0 9,176,0 15.0+10.1
Metropolitan _ 6,234,8 23,389,0 2,095,0
9,0 2,083,0 14,008,0 15.0+12.9
597,5 8,929,0
Broadway
981,0
364,0
989,0 8,863,0 15.1+ 9.8
Totals, Avge

99,134,1 606,854,0 62,183,0 6,577,0 53,661,0 453,050,0 15.1+10.5

Actual figures March 1 610,660,0 60,682,0 8,288,0 53,474,0 456,465,0 14.6+10.4
The capital of the trust companies is as follows: Brooklyn, $1,500,000: Bankere
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Titl
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, 51,000,000
Lawyers'Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker,$2,000,000
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.
000,000; Metropolitan, $2,000,000; Broadway, 51.000,000; total, $45,750.000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Mar. 1.

Capital. Surplus.

Loans.

Specie.

I On Dep.
Legal wish C.H.
Nei
Tenders. I Banks. Deposits.

$

1

$

Averages.
$
$
$
Banks
133,650,0204,943,0 1,356,723,0 272,116,0 75,411,0
1,357,629,0
Trust cos_ 45,750,0 99,134,11 606,854,0 62,183,0 8,577.0, 53,661,0 453,050,0
Total _ _ 179,400,0304,077.1 1.963,077.0334,299,0 81,988,9 53,661,01,810,679,0
Actual.
Banks
1,368,198,0270,078,0 75,943,0
1,367,318,0
Trust cos
610,660,0 60,682,01 6,288,0, 53,474,0 • 456,465,0
Total

1,978,856,01330,758,01 82,231,0: 53,474,0 1,823,781,0

The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
By Messrs. Samuel T. Freeman & Co., Philadelphia:
in the whole State, but the figures are compiled so as to
Shares.
$ per sh. Bonds.
Per cent.
7 Amer. Pipe & Construction __89%-90 $200 N. Springf. Water 5s, 1928_ _ 9434 distinguish between the results for New York City (Greater
4 Phila. Bourse, com., par $50___434 $5,000 Portland Ry., L.& Pow. 1st
15 rts. H. K. Mulford Coat$50_
ref. 5s, 1942
5
9534-9534 New York) and those for the rest of the State, as per the
$1,000 Sou.Trac.of Pitts.lst 55, 1950_ _86
following:
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V.86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for tho week ending Mch. 1. The figures for the
separate banks are the averages of the daily results. In
State Banks.
Trust Cos.
Stale Banks.
Trust Co..
the case of totals, actual figures at the end of the week
Week ended March 1.
in
in
outside of
outside of
are also given.
Greater N. F. Greater N. F. Greater N. Y. Greater N. F.
For definitions and rules under which the various items
$
h
15
$
are made up,see "Chronicle," V.85, p.836,in the case of the Capital as of Dec. 26.... 22,300,000
67,900,000
*9,458,000
*9,950,000
banks, and V.92,p.1607,in the case of the trust companies.
Surplus as of
172,713,300
DETAILED RETURNS OF BANKS.
We omit twd ciphers (00) in all cases.

Banks.
00s omitted.

Capital. Surplus.

Loans.
Average.

i
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000.0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
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

specie, I Legal, Net Duos- ReAverage. Average. its, Aver. 1serve.
1
$
1
$
$
3,994,0, 733,0 18,043,01%
26.1
8,232,9 1,513,0 37,700,0 25.8
3,848,0 1,188,0 19,230,0 26.1
8,323,0 3,795,0 50,991,0 23.7
4,084,0, 1,679,0 22,326,0 25.8
37,534,0 5,915,0 169,240,0 25.6
4,862,0 1,858,0 25,687,0 26.1
1,323,0
124,0
6,118,0, 23.6
441,0
63,0
2,061,01 24.5
2,456,0
195,0 10,589,0 25.0
9,951,0 1,648,0 43,635,0 26.6
17,760,0 9,707,0 109,980,0 25.0
407,0
613,0
4,407,0 23.1
3,268,0 1,545,0 19,064,0 25.2
2,394,0 27.0
152,0
495,0
16,071,0 5,582,0 84,319,0 25.6
615,0 22,551,0 25.6
5,161,0
1,434,0 1,695,0 12,507,0 25.0
1,836,0
892,0
9,936,0 27.4
2,929,0
254,0 12,446,0 25.5
7,582,0 7,052,0 57,995,0 25.2
3,798,0 2,338,0 23,349,0 26.2
20,542,0 1,815,0 89,684,0 25.0
314,0
113,0
1,790,0 23.8
5,808,0 2,150,0 30,132,0 26.4
2,963,0
165,0 12,488.0 25.0
27,987,0 2,463,0 108,921,0 27.9
6,127,0 3,574,0 37,799,0 25.8
838,0
96,0
3,724,0 25.0
1,402,0
712,0
8,680,0 24.3
865,0
222,0
4,157,0 26.1
21,048,0 4,719,0 104,779,0 24.5
2,726,0 1,182,0 15,274,0 25.4
557,0
304,0
3,383,0 25.4
1,247,0
254,0
8,024,0 25.0
2,709,0
735,0 13,804,0 25.0
2,327,0
274,0
9,611,0 27.0
536,0
506,0
4,153,0 25.0
1,792,0 1,149,0 12,226,0 24.0
885,0
290,0
4,776,0 24.6
5,328,0 2,294,0 28,897,0 26.3
5,346,0
526,0 23,638,0 24.8
2,447,0
284,0 10,395,0 26.2
5,247,0
375,0 22,401,0 25.0
2,707,0 1,101,0 14,445,0 26.3
1,175,0
443,0
6,274,0 25.7
2,012,0
350,0
9,439,0 25.0
1,392,0
179,0
6,162,0 25.4

Actual figures March 1

1388,196,0 270,078,075,943,0 1367,316,0 25.3

$
i
4,212,8 20,814,0
Bank of N. Y.
4,764,1 32,940,0
Manhattan Co
2,077,6 19,353,0
Merchants'___
8,847,7 53,475,0
Mech.&Metals
6,488,6 23,355,0
America
30,006,0 178,670,0
City
7,394,0 28,909,0
Chemical
6,306,0
Merchants'
606,4
_-Ex
2,070,0
Butch.dtDrove
122,8
9,316,0
987,3
Greenwich __
Amer. Exch.:
4,703,6 44,073,0
Commerce
16,578,7 134,581,0
Pacific
4,766,0
970,0
Chat. & Phen_
1,293,5 18,814,0
People's
481,0
2,136,0
IIanover
14,123,4 78,210,0
Citizens' Cent.
2,254,2 23,643,0
Nassau
461,4 10,976.0
Market & Fult
1,901,3
9,750,0
Metropolitan _
1,783,9 12,197,0
Corn Exch.__
5,840,7 49,247,0
Imp.&Tniders'
7,718,7 25,806,0
13,745,2 87,393,0
Park
59,5
East River...
1,558,0
6,832,3 29,740,0
Fourth
2,604,3- 13,553,0
Second
21,967,3 114,629,0
First
3,248,1 37,112,0
Irving
3,505,0
786,0
Bowery
1,961,6
8,739,0
N.Y.County_
747,1
4,237,0
German-Amer.
9,906,7 94,769,0
Chase
2,195,3 13,558,0
Fifth Avenue..
817,4
3,350,0
German Exch.
5,222,0
1,053,0
Germania
Lincoln
1,710,2 13,948,0
Garfield
9,170,0
1,261,4
Fifth
3,770,0
431,7
Metropolis
2,250,8 12,562,0
West Side_
4,233,0
1,013,0
Seaboard
2,356,3 24,743,0
Liberty
2,782,9 22,067,0
N.Y.Prod.Ex.
8,923,0
883,0
State
676,7 17,453,0
Security
450,1 11,878,0
Coal & Iron
6,302,0
537,4
Union Exch..
9,411,0
960,0
Nassau, Bklyn
7,489,0
1,138,0
•
Totals, Avge. 133,650,0 204,943,0 1356,723,0 272,116,0 75,411,0 1357,629,0 25.5

Circulation.—On the basis of averages, circulation of national banks in the Clearing
House amounted to $46,441,000, and according to actual figures was $46,448,000.




Dec. 26...

39,042,900

Loans and investments.._
Change from last week_

295,643,300 1,103,704,500
—2,673,900 —4,688,000

Specie
Change from last week_

53,694,000
—1,044,400

119,422,900
+179,700

Legal-tender & bk. notes_
Change from last week_

21,044,100
+166,900

10,028,400
—4,900

Deposits
Change from last week_

339,311,300 1,168,312,300
—2,593,700 —3,918,400

*12,471,974

*12,508,781

115,654,900
+139,600

178,941,500
+892,700

122,229,500
—702,400

185,535,700
—441,900

Reserve on deposits
Change from last week_

90,216,100
—208,800

135,806,100
+127,600

22,888,700
+716,800

23,200,000
—1,165.900

P. C. reserve to deposits_
Percentage last week

27.4%
27.3%

16.3%
16.2%

19.9%
20.4%

13.5%
14.1%

+Increase over last week. — Decrease from last week. *As of Sept. 9 1912.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks, not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits. exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York. and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to location, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment 01 1910). and exclusive of deposits secured (according to amendment 011911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— —State Banks—
Total
Reserve Required for Trust Companies
Of
Toast
Of
and State Banks.
Reserve which Reserve which
Location—
Required. in Cash. Required. in Cash.
Manhattan Borough
15%
%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
20%
10%
10%
Other Boroughs(without branches in Manhattan)15%
0
15%
734%
Brooklyn Borough, with branches in M anhattan _15%
15%
20%
20%
Other Boroughs, with branches in Manhattan_ _ _15%
15%
15%
15%
class
second
Cities of the first and
10%
5%
Cities of the third class and villages
3%
10%
Elsewhere in State

The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clew ing-

698

THE CHRONICLE

[VOL. xcvi.

House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear:House State Banks and Total of all
Members. Trust Cos. Not Banks & Trust
Average. in C.-H. Aver. Cos. Average.

Clear.-House
'Week ended March 1- Members.
ActualFigures
$
'Capital (Nat. Banks}
Feb. 4 and
Surplus iState Banks
Dec. 26_ _ _ _

$

$

I

179,400,000

179,400,000

304,077,100

304.077,100

$

29,025,000

208,425,000

80,906,900

384,984,000

'Loans and investments 1,978,856,001; 1,963,577,000
Change from last week +11,893,001 -15,108,000

574,129,300 2,537,706,300
-3,030,800 -18,138,800

1,823,781,000 1,810,679,000
Deposits
Change from last week +8,874,000 -15,760,000

a574,149,300 2,384,828,300
-3,892,700 -19,652,700

Specie
Change from last week

330,758.000
-8,757,000

334,299,000
-4,131,000

65,430,800
+561,000

399,729,800
-3,570,000

Legal-tenders,
Change from last week

82,231,000
+96,000

81,998,000
-36,000

17,779,500
-125,900

89,767,500
-161,900

346,019,000
25.30%

347,527,000
25.59%

12,527,800
14.22%

360,054,800

Banks: cash in vault
Ratio to deposits
Trust cos.:cash in vault

88,970,000

68,760,000

60,682,500

129,442,500

Aggr'te money holdings
Change from last week

412,989,000
-8,661,000

416,287,000
-4,167,000

73,210,300
+435,100

489,497,300
-3,731,900

Money on deposit with
other bks. Sr trust cos_
Change from last week

63,474,000
-1,415,000

53,661,000
+2,194,000

15,745,800
+372,500

69,406,800
+2,566,500

466,463,000
Total reserve
Change from last week -10,076,000

469,948,000
-1,973,000

88,956,100
+807,600

558,904,100
-1,165,400

Surplus CASH reserve4,190,000
Banks (above 25%)„ _
Trust cos.(above15%) del 1,499,750

8,119,750
802,500

sur2 ,690 ,250
Total
Change from last week -10,483,400

8,922,250
-131,900

Boston.
Jan, 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb 15
Feb. 21
Mch. 1
Philadelphia
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb 15
Feb. 21
Mch. 1

Specie. Legals. Deposits.
a

$
$
$
60,735,4 214,090,0 28,705,0 4,700,0
60,735,4 216,575,0 30,627,0 4,867,0
60.735,4 218,950,0 28,715,0 4,495,0
60,735,4 223,021,0 25,982,0 4,095,0
60,735,4 227,424,0 24,415,0 3,8131,0
60,735,4 234,657,0 22,979,0,4,006,0
60,735,4,238,613,0 24,733,0 3,676,0
60,735,4,224,826,0 24,768,013,b54,0

1

103,684.3 367,729.0
103,684,3 371,293,0
103,684,3 374,700,0
103,684,3 378,212,0
103.684,3 380,282,0
103,684,3 380,793,0
103,684,3 379,536,0
103,684,31379,036,0

96,854,0
97,724,0
98,257,0
95,366,0
90,875,0
91,567,0
91,406,0
89,730,0

Circulotion.

261.109,0
277,489,0
273,556,0
270,050,0;
271,821,0;
271,308,0
289,367,01
270,362,01

Clearings

$
7,457,0 180,038.7
7,613,0 204.208,9
7,955,0 174,419,8
8,142,0 159 868 9
8,144,0 190,646,6
8,078,0 166,718,8
8,049,0 169,022,6
8,028,01 188,959,2

*415,135,0 15,142,0/ 175,796,4
*424,774,0 15,001,0 185,702.0
*421,932,0 14,975,0 160,091,6
*424,710,0 14,952,0 173,618,1
*416,803,0 14,928,0 173,755,2
*424,245,0 14,635,0 150,318,4
*422,174,0 14,106,0 142,569,2
*422,067,0,13,597,0 177,098,8

1

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits anounted to $889,000 on March 1, against $859,000 on Feb. 21.
* "Deposits" now include the item of "Exchanges for Clearing House, "which
were reported on March 1 as $16,305,000.

Imports and Exports for the week.-The following are
the imports at New York for the week ending Mch.1; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1913.

For Week.

15.17%
10.59%

25.15%

25.76%

16.78%

I

$3,707,413
19,008,8791

I

1911

1910.

$3,318,052
13,856,859,

34,088,288
18,834,814

$22,388,723 $22,716,292 817,174,9111 $22,923,102
$31,004,466 $28,584,683 $29,979,381 $32,575,159
153,502,930 141,499,622 119,435,856 140,201,611

Total 9 weeks
15.81%
.97%

1912.

$3,391,782
18,996,941

Dry Goods
General Merchandise
Total
Since Jan. 1.
Dry Goods
General Merchandise

% of cash reserves of tr ust cos.-14.67%
Cash In vault
10.48%
Cash on dep. with bks.
Total

Capital
and
Loans.
Surplus.

Banks.

$184,507,396 $170,084,305,$149,415,237 $172,776,770

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Mch. 1 and from Jan. 1 to date:

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories and other banks and trust companies in New York City"; with this item included, deposits amounted to $633,140,900, a decrease of $1,959,900 from last week
In the case of the Clearing-House members, the deposits are "legal net deposits"
both for the average and the actual figures. b Includes bank notes.

EXPORTS FROM NEW YORK.
1913.

1912.

1911.

1910.

I

$16,835,364 $17,235,507 $18,282,480 $12,404,317
150,234,7801 134,712,068 116,504,239 99,451,100

For the week
Previously reported

$176,070,144 $151,947,575 $134,786,719 $111,855,417
Total 9 weeks
The averages of the New York City Clearing-House banks
banks
State
combined
with
for
the
those
and trust companies,
The following table shows the exports and imports of
and trust companies in Greater New York outside of the specie at the port of New York for the week ending Mch. 1
Clearing-House, compare as follows for a series of weeks past: and since Jan. 1 1913, and for the corresponding periods in
1912 and 1911:
BANKS AND TRUST COMPANIES IN
COMBINED RESULTS OF
GREATER NEW YORK.
We omit two ciphers in all these figures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.

Loans and
Veek Ended- Investments Deposits.
Dec. 28
Jan. 4
Jan. 11
Jan. 18
Jan. 25
Feb. 1
Feb. 8
Feb. 15
Feb.21
Mch. 1

Specie.

2,412,078.6 2,221,988.0 360,990,4
2,422,034,5 2,254,436,0 370,460,9
2,451,667,0 2,304,529,5 385,497,7
2,496,319,8 2,376,124,0 408,900,4
2,517,393,4 2,396,487,8 414,841,8
2,533,418,3 2,398,302,9416,961,1
2,564,228,612,419,986,9412,466,4
2,571,113,0,2,424,340,11404,821,2
2,555,845,112,404.481,0 403.299,8
2,537,706,3 2.384,828,3309,729,8

$
$
88,348,1 449,338,5 509.088,0
91,310,9 461,771,8 526,344,7
94.048.8 479.546,5 546,728,7
94,588,0 501,488,4 568,163,6
92,842,8 507,684.4 580,518,7
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

Reports of Clearing Non-Member Banks.-The folloWing is the statement of condition of the clearing-non-member
banks for week ending Mch. 1,based on average daily results:
We omit two ciphers (00) in all these figures.

Banks.

Capital.

Surplus.

Loans,
On
Legal
Disc'ts
Tender Deposit
and
with
Net
Specie, and
InvestBank
C.-II. Deposits.
menu.
Notes. Banks.

$
$
$
$
New York City.
Manhattan and Bronx.
545,1 2,968,0 627,0
500,0
Aetna National
344,2 1,655,0 154,0
Washington Heights_ 100,0
108,3 1,630.0 407,0
Battery Park Nat_ _ _ 200,0
511,6 5,672,0 616,0
500,0
Century
400,0
592,2 6,500,0 929,0
Colonial
815,1 6,903,0 618,0
300,0
Columbia
63,0
200,0
172,5 1,052,0
Fidelity
250,0
360,7 2,344,0 389,0
Mount Morris
Mutual
200,0
445,6 5,384,0 520,0
200,0
288,3 3,286,0 350,0
New Netherland
Twenty-third Ward
200,0
106,6 1,925,0 229,0
Yorkville
543,9 4,442,0 630,0
100,0
Brooklyn.
300,0
694,3 3,833,0 324,0
First National
252,0
Manufacturers' Nat
916,8 5,977,0 557,0
1,000,
710,1 10,668,0 1,422,0
Mechanics
300,1
572,9 4,481,0 535,0
National City
200,0
North Side
177,0 2,331,0 202,0
Jersey City.
400,0 1,362,9 4,749,0 331,0
First National
816,1 3,117,0 199,0
Hudson County Nat_ 250,0
200,1
425,4 2,631,0
94,0
Third National
Hoboken.
220,0
667,4 4,454,0 211,0
First National
125.0
277,8 3,340,0 194,0
Second National

$
63,0
94,0
76,0
432,0
378,0
544,0
120,0
47,0
346,0
116,0
94,0
200,0

$
101,0
217,0
43,0
640,0
792,0
541,0
103,0
410,0
696,0
314,0
284,0
524,0

38,0
44,0

309,0
353,0

Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Since Jan.l.

Week.

Since Jan. 1.

$3,130

$46,692
135

22,070

157,836
1,779,036
558,964
344,442

$11,188,328
111,851
3,124
$1,250,000 17,753,879

49,062
69,316

$1,250,000 $29,057,182
368,700 12,453,066
189,825 1,176,570

Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$143,578 $2,887,105
56,004 3,150,929
154,098 1,015,728

$560,996 $7,644,307
142,484 1,195,121

$5,215

2,142

1,681

600

17,487
33,891

$703,480 $8,842,170
1,056,695 8,452,279
801,481 8,854,033

Total 1913
Total 1912
Total 1911

$13,279
4,720
4,088
66,253
1,048,916
442,574
191,971

$58,274 $1,771,801
158,969 2,060,872
157,773 1,167,686

Of the above imports for the week in 1913, $11,613 were
American gold coin and $76 American silver coin.

PutitingtUtIzinancial.
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, SemiInvestment Stocks, Speculative Stocks.

Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YOR C.
Chicago. III, Boston, Mass. Albany. N. V.
dembers New York Stock Exchange.

3,694,0
1,429,0
1,478,0

White, Weld & Co.

1,815,0
1,511,0

6,697,0 11,444,8 89,342,0 9,601,0 4,156,0 11,691,0 83,862,0
Totals March 1
Totals Feb. 21_ 6,597,0 11,444,0 89,367,0 9,397,0 4,160,0 13,365,0 83,972,0
6,597,0 11,444,8 88,796,0 9,548,0 4,171,0 12,901,0 83,629,0
Totals Feb. 15




Week.

t
2,618,0
1,412,0
1,763,0
6,623,0
6,788,0
7,540,0
1,003,0
2,576,0
5,417,0
3,100,0
2,084,0
4,912,0

93,0
454,0 2,979,0
231,0
518,0 5,450,0
555,0 1,584,0 12,809,0
95,0
610,0 4,439,0
89,0
264,0 2,332,0
287,0 1,994,0
59,0
413,0
155,1
527,0

Imports.

Gold.

Tot Toney.rEntireRes
Legals. Holdings. onDeposit

Bonds andlInvestment Securities.
14 WALL STREET
NEW YORK

THE ROOKERY
CHICAGO

111 DEVONSHIRE STREET
BOSTON

Domestic Exchange.-Chicago, 10c. per $1,000 discount. Boston,
par. St. Louis, par bid and 10c. asked. San Francisco, 40c. per $1,000
premium. St. Paul, 55c. per $1,000 premium. Montreal, par. Cincinnati, par.

ankers' 5 azetfr.
Wall Street, Friday Night, Mar. 7 1913.
The Money Market and Financial Situation.-The
security markets have been exceptionally dull throughout
the week and, except on Tuesday and to-day, the tendency
of prices has been upward. This tendency was, however,
the result of a sentiment which, in the minds of professional
traders on the floor of the Exchange, is a -forecast of the
future rather than of an actual demand for securities based
on present conditions.
The latter are more or less diverse in their effect. The
general business of this country is active, especially for the
season, and from the iron and steel industry, so often referred
to as the best "barometer", the reports are of a most satisfactory character. The production of pig iron in February
was nearly 25 per cent larger than for 1912 and over 40
per cent greater than in 1911, while the actual orders booked
for finished products exceed shipments, and the total output is reported to have been the largest ever recorded.
Moreover, the domestic money markets have, up to this
time, been abundantly supplied with .funds and rates,
especially for call loans, hav.e.been relatively low.
Abroad, the financial conditions are quite different, however, and herein, undoubtedly, lies one of the chief causes
of a rather stagnant condition of business in Wall Street.
The German bankers.have, as noted last week, again
peared as borrowers in this market and have steadily increased the rate offered until 63 per cent reached on Thursday was accepted by some local banks and the engagement
of gold for shipment to Europe and to South America for
European acco.unt followed. It is reported that German
loans to a considerable.amount have also been negotiated in
London and that gold is going from London to Berlin.
While these conditions exist, it seems reasonable to presume that caution will prevail.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond colla,terals have ranged
from 2@4%%. To-day's rates on call were 2@3%%.
Commercial paper quoted to-day at 5%@5M% for 60 to
90-day endorsements and for prime 4 to 6 months' single
names and 5%@6% and above for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £232,229 and the percentage
of reserve to liabilities was 42.70 against 43.61 last week.
The rate of discount remains unchanged at 5%, as fixed
Oct. 17. The Bank of France shows a decrease of 8,612,000
francs gold and 4,063,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
March 1.

Differences
from
previous week.

1912.
Averages for
week ending
March 2.

1911.
Averages for
week ending
March 4.

13
$
$
$
133,650,000
Capital
135,150,000 132,350,000
204,943,000
199.829,900 196,005,800
Surplus
Loans and discounts__ 1,356,723,000 Dec. 13,461,000 1,425,320,000 1,327,999,900
46,441,000 Inc.
46,703,300
102,000
Circulation
51,143,000
1,357,629,000 Dec. 16,711,000 1,476,638,000 1,370,911,200
Net deposits
272,116,000 Dec. 3,746,000 314,775,000 307,608,400
Specie
75,411,000 Dec.
59,000
79,123,000
73,584,400
Legal tenders
Reserve held
25% of deposits
Surplus reserve

347,527,000 Dec. 3,805,000
339,407,250 Dec. 4,177,750

393,898,000
369,159,500

381,192,800
342,727,800

372,750

24,738,500

38,465.000

8,119,750 Inc.

Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, 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 firm all the week until near the close, when a slight reaction followed announcements of extensive gold engagements.
The week's gold exports include $2,000,000 to Paris, $500,000 to Germany, $200,000 to Brussels and $3,435,000 to the
Argentine.
To-day's (Friday's) nominal rates for.sterling exchange were 4 8434 for
sixty days and 4 8834 for sight. To-day s actual rates for sterling exchange
were 4 8360@4 8370 for sixty days, 4 8780(4)4 8790 for cheques and 4 8845
Commercial on banks 4 81%04 83 and documents
04 8855 for cables.
for payment 4 82%@4 84. Cotton for payment 4 8304 83g and grain
for payment 4 83%04 84.
The posted rates for sterling exchange, as quoted by a representative
house, were not changed during the week until Thursday, when they were
advanced %c. to 4 8434 for sixty days and 4 8834 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 2034
41ass1-16 forshort.
less 1-32@5 2034 for long and 5 1634 less 3-32 (dl 5 167
Germany bankers' marks were 94 9-1609434 for long and 9534 less 1-32
09534 for short. Amsterdam banifers' guilders were 4034 less 1-3204034
for short.
Exchange at Paris on London 25f. 2534c.; week's range, 25f. 2634c.
high and 25f. 253Ic. low.
Exchange at Berlin on London,20m.4534pf.: week's range, 20m.46340.
high and 20m. 43%pf.low.
The range for foreign exchange for the week follows:
Cheques.
Cables.
Sixty Days.
Sterling, Actual4 8865
4 88
High for the week --4 8375
4 8830
4 8750
Low for the week ---4 8310
Paris Bankers' Francs4 less 1-16 51634 less 1-16
High for the week-__5 20% plus 1-32 5 161
Low for the week _-_5 203/, less 1-16 5 1734 less 1-16 5 1634 less 1-16
Germany Bankers' Marks9534
95%
High for the week __ 9434
9534 less 1-32
9534 less 1-32
Low for the week __ 9434
PPAmslerdam Bankers' Guilders
40 5-16
4O3
'High for the week_ _ _ 40
40 3-16
4034
Low for the week -- 39 15-16




699.

THE CHRONICLE

MAR. 8 193 3.]

State and Railroad Bonds.-Sales of State bonds at
the Board include $339,000 New York 4s 1961 at 10134,
$1,000 New York 4s 1962 at 1013, $4,000 New York Canal
4s 1962 at 1015
%,$1,000 Tennessee settlement 3s at 99 and
$29,000 Virginia 6s deferred trust receipts at 563
% to 58.
The daily transactions in railway and industrial bonds
have been scarcely more than $23000,000, par value, and
included a limited number of issues. The market has
leaned towards weakness and of a list of 25 active issues
14 are lower. Only one of this list has, however, lost as
much as a point and advances, too, are in all cases limited to
fractions.
United States Bonds.-Sales of Government bonds at•
the Board are limited to $5,000 2s reg. at 1003/2 and $2,000
4s coup. at 113%. For to-day's, prices of all the different
issues and or yearly range see third. page following.
Railroad and Miscellaneous Stocks.-For various
reasons, some of which are mentioned above, and with varying results, the stock market has been dull and irregular.
Prices advanced on Monday, but declined about as much on
Tuesday, and a mild upward movement of Wednesday and .'
Thursday has been nullified by weakness to-day. As a
result of the week's operations, three-fifths of a list of 30
active stocks are lower.
Canadian Pacific has been freely sold for foreign account
and closes with a loss of 6 points. New Haven at 12334
on Tuesday was at its lowest price in recent years. Union
Pacific has declined nearly 4 points while Southern Pacific
shows a net gain within the week.
American Tobacco has covered a range of over 12 points
and closes near the lowest. American Snuff shows similar
results. The American Can issues have been decidedly
weak and U. S. Steel relatively steady.
For daily volume of business see page 707.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow: STOCKS.
Week ending March 7.

Sales
for
Week.

•
Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

41 145 Mar 4 146 Mar .- 140
Adams Express
20
3 Mar 5 334 Mar 71 234
Allis-Chal vets, 3d paid_
87
10 87 Mar 4 87 Mar
Amer Coal Products
3 101 Mar 3 101 Mar 1101
Preferred
American Express
51016334 Mar 7 165 Mar .160
70 $134 Mar 3 $134 Mar
1 $1
Batopilas Mining
834 Mar 4 834 Mar 1 734
30
Brunswick Terminal_.1,700222 Mar 722634 Mar
Can Pac sub rec 1st pd
22034
1,750 26 Mar 1 28 Mar , 26
Colorado & Southern
100 69 Mar
69 Mar 4 66
First preferred
10 88 Mar 6 88 Mar l• 88
Cuban-Am Sugar, pref
7
9834 Mar 5 9834 Mar . 9734
Deere & Co, pref
7 182 Mar 5 185 Mar
175
General Chemical
15 Mar 1 15 Mar
14
Green Bay & W,deb B.
170
4 170 Mar 7 170 Mar
Heime, G W
110
249 117 Mar 112034 Mar
Homestake Mining
76
2 79 Mar 7 79 Mar
Int Agric Corp, pref v t
•
45 4034 Mar 4 4034 Mar
4034
Long Island
175 67 Mar 5 67 Mar : 6634
Mackay Cos, pref
93
95 Mar 3 95 Mar
1
Mexican Petrol, pref
M St P&SSM leased
8334 Mar 5 8334 Mar
1
8334
lines
57
57 Mar
2 57 Mar
N Y Chic & St
18
234 Mar . 234 Mar .' 234
Mining
Ontario Silver Louis_7 80 Mar . 80 Mar . 80
RR securities, ser A
St L & 5 F-C & E 11
3 49 Mar , 49 Mar . 45
new stock trust ctfs
Southern-M dr 0 sloe
65
4 65 Mar 7 65 Mar
trust ctfs
1-16
3-16 Mar
Southern Pacific rights_ 26,674 1-16 Mar
200 95 Mar 4 95 Mar
95
Texas Pac Land Trust
10,145 Mar 5145 Mar .• 145
Twin City Rap Tr, pref.
77,400 1-64 Mar 7 334 Mar 7 1-64
Union Pacific rights
4634
230 50 Mar 4 50 Mar
United Cigar Mfrs
100 9734 Mar 7 9734 Mar
97
United Dry Goods
102
100 102 Mar 7 102 Mar
Preferred
160 51 Mar 5 5134 Mar . 50
U S Express
95
100 97 Mar 4 97 Mar
U 5 Indus Alcohol, pref_
51 Mar 4 51 Mar
4434
100
Virginia Iron Coal & C
16
150 1734 Mar 3 1734 Mar
Vulcan Detinning
Mar 3 84
Mar 3 85 ,..
85 ....
125
Preferred
-- .
_.
.......

Highest.

Jan 150
Fe. 434
94
M
Ma 10934
J. .170
$134
J
Ja' 834
Fe. 22634
Fe. 33
Fe. 69
Ma 90
Fe. 10034
Ja. 185
Fe. 1734
M 180
Ja. 12034
Fe. 90
Ma, 4334
Ja. 6834
Fe. 9934

Jan
Feb
Jan
Jan
Feb
Jan
Mar
Feb
Jan
Max
Feb
Jan
Mar
Jan
Jan
Mar
Jan
Jan
Jan
Jan

Ma. 8334 Mar
Fe. 6334 Jan
Ja. 234 Feb
Jan
81
M
Fe. 5434

Jan

65
M
Fe.
%
Fe. 97
Ma 145
Ma
334
Ja' 5034
Fe. 101
M. 10534
Fe. 66
Ja. 97
Fe. 54
Fe. 2134
Fe. 90
•- 140
02111

Mar
Feb
Jan
Mar
Mar
Feb
Jan
Jan
Jan
Mar
Jan
Jan
Jan
'--

Outside Market.-"Curb" trading this week up to Thursday continued in fair volume with a firm undertone generally,
Tobacco issues especially being active and strong. Thereafter a reactionary movement developed which extended
throughout the list. Standard Oil securities were the heaviest
losers, the break being ascribed to continued rumors of a
reopening of the case by the new Attorney-General. Standard Oil of N. J., after improving a point to 375, dropped to
353 and closed to-day at 355. United Cigar Stores com.,
on the upward movement, gained almost 6 points to 1073(,
then broke to 100. Tobacco Products pref. opened at 93
and advanced to 96, easing off finally to 95. British%,with
Amer. Tobacco sold down from 23% to 23 and up to 235
the close to-day at 2234, ex-dividend. An interim dividend
of 23/9% was declared. Whys-Overland corn, advanced
from 64% to 66. Bonds were dull. Bklyn. Rap. Transit
5% notes weakened from 9634 to 963' but moved back to
96%. Canada Southern 5s were off from 1063/i to 106.
N. Y. City 4%s of 1960 improved from 98% to 99. The
4%s of 1962 also advanced from 983/i to 99, but to-day sold
down to 98%. Among copper shares Braden Copper rose
from 8% to 93/i and weakened to 8%. British Columbia
Copper moved up from 3% to 3% and back to 3%. Giroux
improved from 3 to 3%. Greene Cananea gained half a
point to 83' and ends the week at 83'. Mason Valley sold
8
up from 8 to 8% and down to 7%.
Outside quotations will be found on page 707.

700
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly,
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive. See preceding nage.
STOCICS-HIGH E.S'7' AND LOWEST SALE PRICES.
IS

Saturday
March 1.

londav
March 3.

Tuesday
March 4.

Wednesday
March 5.

Thursday
March 6.

Friday
Ilarch 7.

Sales of
the
Week
Shares.

STOCKS
NEW YORK STOOK
EXCHANGSK

Ranee Sines 'Jan. 1:
On Oasts et 100-share 013
Lowest

Highest

Range for PTCNOUS
Year 1912.
Highest.

',oleos&

Railroads
10134 102
102 10234 102 10234 10218 10234 10214 10234 10158 10214 12,810 A ton Topeka & Santa Fe 100 Feb 25 10638 Jan 6 10314 Feb
10013 10018 10012 10012 100 1004 10038 10038 100 100
100 10018
970 1-1. Do pret
9978 Feb 26 10214 Jan 29 10138 Jan
125 125
125 125 *12312 127
125 125 *124 127
125 125
500 Atlantic,Coast Line RJR,_ 123 Feb 25 13338 Jan 9 a13034 Dec
10034 10118 10158 10214 10114 10158 10114 1014 101 10138 10034 10078 5,050 Valtimore & Ohio
9918 Feb 25 10638 Jan 22 810114 Feb
*83
84
*83
94
*83
8378 .83
8378 *83
100 1, Do pref
837s 83
83
83 bleb 7 88 Jan 10
8013 Aug
89
8914 8934 9118 90
9158 90
91
8934 9012 8938 90
18,400 Brooklyn Rapid Transit_ 8634 Fen 26 9258 Jan 9
7634 Jan
23114 23112 23134 234
22712 22834 33,125 / lanadian Pell
23012 23214 23018 23134 22734 230
22712 Feb 17 26034 Jan 9 22412 Moll
aa_
1344 344 *345 355 *345 355 *345 355 *345 355 *345 355
30 x antral of New Jersey _ 348 Feb 2, 362 Jan 13 305 Jan
735s 7334 7414 7514 744 754 75
7534 7434 7534 27212 7334 7,900 Chesaneake Jo Ohio
7012 Feb 19 80 Jan 2
GIN reb
15
15
15
1512 1434 15
*1413 1514 *1412 1514
15
15
800 Chic Gt West trust ctfs
13 Feb 25 1778 Jan 9
1E38 Dec
2912 294 30
30
*29
3112 2912 2912
*29
31
*29
30
300
Do pref trust etfs.
2878 Feb 25 35 Jan 9
304 Dec
10812 109
10834 11014 10834 10934 10912 11034 10934 110
109 10934 7,500 Chicago Alltw & St Paul ._ 106 Feb 25 11614 Jan 9
993811y
13812 13812 *137 11912 13812 139
137 137 *137 13912 13738 13738
500
Do prof
13612 Feb 25 145 Jan 30 13914 Dec
13814 13673 213512 13512 135 13512 13512 13512 135 135
13412 135
1,210 Chicago & North Western 132 Feb 25 138 Jan 11 1344 Dec
4181 190 x18,3 188 *180 190 *184 190 *181 189 *181 18712
100
pref
Do
1182 Feb 7 1189 Jan 6 183 Nov
*53
57
53
57
53
*53
57
*53
57 .53
53
53
200 Cleve Cin Chic & St L
52 Feb 25 54 Jan 21
4514 Dec
*90
95
*90
*90
95
*90
95
*90
95
95
*90
95
Do pret
9012 Feb 25 9434 Jan 16
95 Dec
16012 16012 *15978 163
162 162 *159 163 *159 163 *160 163
nelaware
200
& Hudson__ 1594 Feb 27 167 Jan 8 162 Deo
*395 415
400 400 *400
___ 400 400 *397 405
400 400
700 11-Fetaware Lack & West_ 395 Feb 2.5 445 Jan 13 630 Aug
•1013 21
2078 21
2012 2012 *1912 21
20 20
120
425 Denver & Rio Grande___
20
1834 Feb 25 2318 Jan 9
1812 J'iy
*34
3612 3613 3618 3613 3613 13612 3612 *34
3612 3414 3414
420
Do pref
3414 bleb 7 41 Jan 10
144 J'ne
*513 8
7
*612
7
*618 8
8
17
7
*6
7
130 Duluth So Shore & Atlan
812 Jan 2
6 Feb 24
8 Sep
*13
15
1434 .13
*13
*13
15
1334 13
15
*13
13
100
Do pref
13 Feb 19 1614 Jan 2
14 Dec
27
2734 2734 2812 2734 2814 1.734 2834 2734 2812 2713 2778 16,600
2513 Feb 25 3212 Jan 6
30 Dec
4312 4312 4414 4434 4414 45
46
45
4412 4538 4438 4412 2,400 ErieDo 1st preferred
42 Feb 25 494 Jan 30
4712 Deo
*3434 36
36
*3512 3578 *34
3758 *34
3512 3512 *34
3512
100
Do 2t.1 preferred
35 Feb 31 41 Jan 30
38 Deo
12612 12634 12714 12712 127 12734 12714 12814 12734 12814 12634 12714 9,400 Great Northern pref
124 Feb 25 13258 Jon 9 12/3 Jan
36
30
3512 3512 3514 3614 3534 3534
*3512 37
*35
36
33 Feb 25 4114 Jan 3
1,800
Iron Ore properties
80 Jan
12418 12418 124 12412 12312 12378 1,620 Illinois Central
12312 12312 124 124
123 123
121 Jan 24 1284 Feb 5 12058 May
17
1712 1714 1878 1758 1834 18
1838 174 18
173s 18
10,810 1 nterboro-Metrop v t etis 1134 Feb 26 1934 Jan 30
1614 Dee
58
5812 6912 83
5958 6214 60
6134 6018 6034 5912 60
18,610
Do pref
5612 Feb 24) 653sJan 30
5338 Jan
2434 2434 2514 2514 2478 254 2413 2458 1,100 - ifr ansas City Southern
*24
2538 244 25
237a Feb 25 2714 Jan 9
2212 May
.6014 62
6012 6012 6033 6058 6018 6018
6012 6012 6012 61
600 ix•Do
preferred _ ___
594 Jan 14 614 Jan 7
51 May
.9
11
*914 13
94 912 *9
12
*9
12
*9
1134
100 I ake Erie & Western._
1115 Jan
9 Feb 26 1112 Feb 5
*23
2734 2734 *25
30
*23
30
30
*25
30
*25
30
100 Ai Do preferred
2734 Moil 4 36 Jan
30 Jan
15612 158
15534 15814 15534 157
15534 15612 157 169
155 15534 27,730 Lehigh Valley
153
Feb
16838
2
Jan
1454
Feb
2
13318 13334 13334 13512 13413 13512 135 13514 134 13434 13312 134
4,622 Louisville & Nashville
1294 Feb 25 14214 Jan 10 138 Dee
131 131 1131 131 *13012 131
O1304 13112 131 131
130 13012 1,255 M anhattan Elevated
12978 Jan 4 13258 Feb 7 1284 Dec
1914 1914 1912 1912 -------------------------------210 Minneapolis & St Louis 1712 Feb 25 2314 Jan 2
1512 rly
Do preferred
43 Feb 25 47 Jan 20 140 Feb
15674 fidi; 15658 iiiiis 15-572 fiti- Hi; 116 igi8 136; 13614 fail; ---......
13313 Feb 26 14214 Jan 9 129 Feb
a:
'
'
- Minn St 1. & 38 Marie
*143 150 *143 150 *142 150 *143 148 *143 148 *143 148
Do preferred
142 Feb 24 1150 Jan 22 146 Deo
2558 2558 2534 26
2534 26
2014 2612 26
26
*2512 2612 1,300 Me Kansas & Texas
2433 Feb 25 294 Jan 7
2512 Dec
*6034 63
6034 6034 *60
6114 6034 6034 6034 6034 61
500
61
Do preferred
5944 Jan 14 6314 Jan 7
5/7* May
3758 3758 38
3834 3814 3834 3812 3934 3812 3812 3714 38
7,050 11411 sour' Pacific
36 Feb 25 4338 Jan 9
35
rly
60
59
*57
59
*57
6012 *5012 6012 *5758 6012 *56
60
at Rye of Max let pref z 5634 Feb 10 59 Mob 3
62:8 Oct
*2412 25
*2412 25
*2412 25
2412 2412 *23
125
25
250
24
Do 26 preferred__
2258 Feb 18 274 Jan 2
264 Oat
10614 10614 10634 10712 194318.1(71a 107. 10714 10612 10612 106 10612 4,49.5 4 Y Central & Hudson___
10412 Feb 13 10934Jan 30 10618 Dee
12612 12334 125 12612 12314 12514 12412 12514 126 126 2124 124
3,870 tf 11 N II & Hartford__. 12314 kfeh 4 1294 Jan 10 126 Dec
*30
3012 3014 3012 3012 31
31
720 N Y Ontario & Western_
31
*3012 3112 3012 3012
2912 Feb 25 3378 Jan 11
294 J'ne
10512 10512 10512 10578 10513 10512 1054 1053 10514 1057 10514 1051
5600 Norfolk & Western
;1054 Mch 6 1134 Jan
311734 Feb
84
84
84
84 - -------- ----- ----200 moD
16,600
notkern
adjtap
ta
ie
ne
tn
te
t pref.... 84 Mob 4 87 Feb 13:
1 13 j
J'
an
ne
1-15r2 ili- .
11-6- 1187-8 116 117
116 1174
8 11 I 1 5-8
1131.8 Feb 26 12258 Jan 6 11538 Jan
11912 1204 120 12012 11938 12012 11912 120
11958 12018 11912 120
16,191 Pennsylvania
11712
Feb
19
1234
Jan
1197
Dec
8
7
*9634 97
9634 97 ;96
1)7
9634 97
9634 9714 9638 9638 1,662 Pittsb Ola Chia 33 at L
90 Feb 25 104
an 11
98,2 Jan
*100 115 *100 115 *100 115 *100 115 *100 115 *100 120
Do preferred
15578 157
15678 15914 15738 159
15713 15934 15833 18933 15658 15814 298,760 D eadtar
15338 Feb 25 16818 Jan 2 14818 Jan
*90
91
*90
91
90
90
90
90
*90
1,000 IA, let preferred
91
*90
91
X 8934 Feb 25
914
Jan
8712 rue
27
9012 *8812 9012 9012 9012 *89
*89
400
91
*89
91
*90
92
ad preferred
8778 Feb 26 93 Jan 2
92 Deo
2238 2234 2212 2318 2253 2234 23
23 .2214 23
3,300 Rock Island Company
2138 22
2078 Jan 20 2478 Feb 4
223s Doe
3.512 3912 3812 39
38
38
39
3912 38
3814 37
374 3,400
Do preferred_
My Feb 26 4434 Jun 2
4214 Dec
1513 1512 154 1512 *14
*14
17
*14
11
17
*13
17
600 42t LAuli & San Frau _ _
15 Feb 21 103 Jan 11
174 Dee
57
*53
*53
57 .53
58
*50
57
56
57 .50
100 kJ Do Sat preferred
58
6613 Jan 22 59 rob 11
6s53 Dee
25
2434 2434 2412 25
25
25
2513 *2434 25 .24
25
835
Do 2c1 preferred
2334 Feb 26 29 Jan 11
2611 Dec
3434 *30
3434 *30
3434 *3018 3313 *30
3312
*30
3434 *30
St Louts Southwestern__
3512 Jan 13
324 Feb 2
2054 J&3%
*7312 75
*7312 75
*7312 75
*7312 75
*7312 75
*784 75
Do preferred
73t Jan 14 75 Jan 9
654
Jae
*19
1912 *19
1912 *1834 1912 *184 194 *1812 1912 *10
Soaboard Air Line
1913
1814 Jan 22 2068 Jan 30
18 Deo
44
44
*4334 444 44
4418 4414 4438 14334 4334
44
44
810
Do preferred
4278 Feb 26 4838 Jan 29
4/34 Dec
9958
100
10012
5
8
9912
9938
10012 99 10014 28,924 Xouthern Pachic Co
9938 9934 100 1004
9834 Feb 24 110 Jan 3
10313 Dec
2558 26
26
2634 2614 2658 264 2658 2614 2638 2534 264 4,500 Southern v tr etfs stmpd_
2412 Fob 25 2858 Jan 2
2612 Jail
8018 801
8014 8034 8034 8034 *8033 8034 8078 8078 81
811.8 1,400 ries
Doaa prijavinedo
7778 Feb 25 814 Itch 7
684 Feb
1812 1812 *18
20
1812 1834 *16
20
1878 184 19
19
700
18 Feb 19 2258 Jan 8
2012 Jan
36
38
3712 3878 3612 3712 374 374 *36
3712 3514 36
5,700 ril. bird A.ve Now
3312
3412 Feb 24 4012 Jan 2
Dee
*10
12
*10
12
*10
12
*10
13
*10
13
*10
13
Toledo St 7,. & Western_ _
11 Jan 21 13 Jan 9
104 Dee
27
274 274 274 *25
25
28
28
*2512 2812 *2512 2834
710
Do preerred
25 Mob 5 2934Jan 9
28 J'ne
*105 108 *10518 108 *105 10512 106 1081 *10512 108 *108 108
100 TwIa
1041e Feb 24 10814 Jan 23 101I Dee
15212 1534 15318 15538 15318 15438 15234 15434 15814 154
15112 15318 145,309
nian
:
n
al P
Ypac
ii
:if
l
ea
d
1514 Mch 7 1;234 Jan 6 15048 Dec
8434 8434 85
8512 85
854 *8412 8512 847s 8478 *84
8512 1,502
preferred
8434
843
$414 Oct
4 bleb 1 1/312 Jan a
.2,514 274 2712 28
2713 28
*27
28
27
27
*21
27
1,600 Unit Rya Inlet of Ban Fr 24 Feb 24 38t2 Jan 8
28 rly
*4812 52
52
5112 5212 52
5178 514 51
51
5018 504 1,200
Do preform!
48
20
Feb
6812
Jan
2
47
X111
312 4
*334 4
*34 4
4
4
4
4
*372 414
3 Feb 17
4 Feb 3
334 J'ne
1012 11
1212 1213 1212 1234 1218 124 12
1118 12
510 W aba
2,600
12,
9 Feb 21
l..;oh preferred
1314 Jan 14
123;J'ne
*4012 44
42
42
4358 4358 4278 4278 *4212 4334 43
500 Western kftryland fty
43
373 Jan 7 44 Jan 2
45 Dee
612 612
634 634
634 634 *6
7
*8
7
*6
300 Wheel-Lag 31=eutrte_ _
8
3 Jan 3
514 Feb 27
4 Jan
*1813 22
2012 2012 21
*19
24
21
*21
23
*20
25
3410
Do let
19 Feb 21 284 Jam 13
11 Jam
1012 1012 .10
14
1058 105s 1134 1134 *104 12
*104 13
400
Do 241 preferred_
Feb 26 14 Jan 3
9
6
ipa
tt
*48
*43
54
*48
50 .48
51
53
*477s 50
*4778 5012
Wiseonsin f)croval
46 Jan 15 53 Feb 8
48
Industrial&Mistellaneous
6818 6953 70
7158 7018 7212 7114 7214 70
7158 70
71 170.200A teeiga.taatod Copper
8584 Feb 26 80/
fla Feb
1
4J9.0 2
5112 0112 .5112 5334 .51
54
*50
53
53
53
*53
200 .12.merkgricultural Chem
5334
4614 Jan 17 57 Jan 3
641/ Deo
*90
9) *84
9712 .90
*84
9812 *84
9712 .974 98
98
Do met
9771 Jan 15 99 Jan 2
98 Jly
§3638 3538 36
3614 *35
37
35
3612 3538 33
3412 3618 2,025
100 Atee
porieparilieet
504 Jan 2
rer
464 Dec
24
Sugar
Feb
334
*83
88
*8312 80
86
81
*8312 86
88
*8313 86
*84
10 Nov
64 Jan 213 86 Mch 6
3518 3534 31
3632 3238 3414 3314 3512 3134 3378 3173 3212 57,950 Anterloan Can
254 Jan 14 4673 Jan 31
1114 Feb
12412 12514 123 1244 123 12312 12234 12313 1214 12234 12.184 12814 8.450
Do pref
14
113
2666,
Jan
4v
1
eb
129
0
2
49
e
1
32
J
4934 4934 5114 5114 5118 513
52
5134 5214 52
5114 5114 2,000 American Car & Foundry
Jan
Feb
Feb
116 116
1164 11613 ------- 117 117 - *11654 1173, *11613 11712
600
De pref
112 Feb 26 117 Mch 6 115 Fob
*4712 49
*4712 49
*4712 49 - 4712 4712 14713 4712 *4758 49
190 Anarelean Cities
3034 Oct
4712 Jan 14 4834 Jan 6
77
*76
77
*7534 77
*76
77
7612 7634 77
77
400
Do praderred.. „_
..
P112 Feb 24 784 Jan 2
7514 Aug
*47
49
49
4918 .47
49
447
4914 4734 4734
494 49
500 Araerloan Cotton -011_ _:_
4734 bleb 7 5718 Jan 2
4512 Jan
*96 100 .96 100 .06 100
*96 100
*96 100
916 100
Do prof
9658 Jan 7 0834 Jan 10
95 Jan
414 412
458 434 *458 478 *414 5
*412 4,2, 4,482 478
6
19g
0 Amperi
518
o
Jan
Jan
14
oa
pr
n
ot
Hide & Leather
4
8
3 Feb
*24
26
25
*25
27
*25
25
27
*25
27
*2418 26
2212 Feb 25 '2814 Feb 10
20 Feb
2414 2414 2438 25
2514 2638 2612 2653 2534 2412 25
25
9.700 Arcterlean Ice Securities_
20 Jan 2 264 Meta 5
18 Jan
11
*934 11
*934 11
*934 11
*97s 11
10
10
100 Amertcan Linseed
25
Feb
h11
9
Jan 31
9 Mob*934
*27
30 '26
2713 2712 .2612 31
30
*2613 30
2412 267*
201)
Do prat
2612 Fob 26 3113 Jan
30 Fob
3512 3512 56
*3614 37
3634 3612 37
3634 37
3612 3612 2,009 Atuerican Locomotive--- 3313 Feb 25 4412 Jan 31
3134 Feb
6
*10412 10512 *10414 1051 *1044 10512 10534 1054 *10512 106 11054 1054
260
prof
Do
Feb
10478
5 10634 Jan 2 103 Jan
12
*11
I/
11
*1012 1112 1012 1012 *1012 12
1012 1012
300 Anierle.an Malt Corp
778 Fob 18 13 Jan 3
434 Jau
*5312 5512 *534 56
53 .52
53
53
52
53
51
52
1,130
Do peel
47 Feb 18 6112 Jan 3
42 Jan
*85
86
*8434 86
*84
56
*85
86
*854 86
8533 8538
100
Amer
Feb
14 86 Jan 9
84 Dee
69
6934 7012 7114 6958 7078 694 7112 7012 7114 csos 6013 9,600 Amer Smelters Seo prof 13 84134
1112 Feb 24 7434 Jan 30
Smelting& Refining
664 Dec
1305s 10378 110434 10434 *10312 105
10358 10358 1034 10878 1034 10358
510
Do prof
10312 Feb 25 107 Feb 7 10238 Jan
*175 190 *178 190
18434 185
185 185
1797s 183 1175 5175
739 American Snug
170 Feb 25 193 Jae r2 123 bleb
*103 105 0103 105 *103 106 *103 105 0103 105 •193 105
Do prat, new
We Feb
106 Jan
*3312 35
*34
36
*34
3512 .34
36
36
36
*35
38
177 Amer Steel Femed Wear
26 Jan
1643a Jan
all 14
6 40
eb 2i
*--,03

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
Aetna
America $
Amer Exch.
Battery Pk_
Bowery.....
ktronxBoro$
BronxNat_
Bryant Pk
Butch fa Dr
Century
Chase

bla

Ask

195 200
605 615
233 237
131) 140
425
300
_
130
195
150_
130 1411
220
230
690 715

Banks
chat&Plaonlx
cheisea 191'i
Chemical -Citizens Ctl
City
Coal & Iron
Colonial ¶_
Columbia $
Com mere° _
Corn Ex $
East River_
Fidelity

Bid
Ask
175 182
153
150
435 440
200
195
895 405
160 165
425
330 340
t190 H91
325
321
75
165 175

Basks
Eti
Ask
Fifth Ave.. 4500
Eolith
300 836
First
990 1003
Fourth
194
198
Garfield
265
275
Germ-Am $ 14)
Uerm'n Exil 400
Germania 1_
538
Gotham
170
tireanwich $ 250 itio
lianover
700 710

Banks
Did
Maul ma's
287
Imp & ?rad 545
19f
Liberty
900
L1 nook a
360
%tan battart$ 350
lark
'
t&
250
%tech 62Met's 250
llereh Mien 153
qerctianGe. 190

Ask
297
5.55
201
040
_
300
215
255
no
200

Banks
Metropolis $
Metropol '1111
Mt Morrist.
Mutual 11_-Nassau _,...,
New Neth..1
N en.YorkCe
New York_
Pae100,11....-Park
People's $

in .

11134 Oct
10414 Feb
14612 Aug
11178 Ap..
91 Jan
941-2 rly
283 Aug
395 Apr
8514 Oct
2034 Oct
3912 Apr'
11758 Nov
110 Jan •
145 Apr
198 Men
0'212 Apr
10112 Apr
17112 Feb
597 Dec
24 Meh
4614 Jan
1134 May
23 May
394 Apr
577,, Apr
48 Apr'
14334 Aug
53 Sep
1414 Jan
22 rly
6733 Oct
3114 Sep
6553 Mch
18 Apr
40 May
19534 Jan
179 Aug
13834 Itch
2712 Jan
157 Jan
15112 Aug
158 Aug
3158 Mch
60 Apr
4734 Mob
71 Jan
3648 Jan
11112 Apr
1424 Apr
4438 Apr
11614 Aug
02 Feb
431t2 Aug
12614 May
11112 Sep
117 Feb
17914 Apr
9314 Apr
1014 Apr
801e Apr
5085 Apr
2912 Mob
47313 Jan
4864 Apr
4038 Oct
80% Oct
2712 Apr
5612 J'ne
11512 Apr
32 Sep
0673 Oct
2(112 Nov
4914 Jun
1638 Mob
36 Apr
11118 Sep
17634 Sep
9612 Dec
394 Deo
694 Dec
934 May
2278 Apr
6414 Mei
1134 Oct
3612 Oct
1712 Oct
624 Aug
9'234 Oct
6358 bleb
10414 bleb
77 Sep
10114 j.no
4708 Oct
12614 Sep
6358 Sep
120 May
6018 Dec
8324 Dec
6014 Nov
9914 Feb
714 Sep
34 Sep
3034 May
1778 Apr
43 Apr
4712 Nov
1101-,Aug
194 Aug
6914 Aug
8912 J'ne
91 Sep
10938 Sep
20314 Dec
106 Aug
4438 Oct
"

Banks
Dia
&red l'-,Nch 1 168
.tererve __ _
08
,
,etle
a
cEu
tir
ozyn‘
t11 -....:- 4
11u3
60
3
,
econd ____ 375

Ask
173
97
140
ifici-

,ta Le $ _ _
234) Ward.
1,1 a:on Ere_
Wash /9.'ts $
West Shia $
Yorkville 1-

iicr

Ask.'

355
we
200
290

366
197
25:
5_ _
,

220
850
348
265
367
244)

.
871395
905
372
280

200
175
160
276
490
590

170 515 610

• Bid and asked prices 3 no sates were made on this clay. :Ex-rights. ;Lees Mon 100 atares. $ State
banks. a Ex-clivi lend : ad riffhts. ii Now stook.
t Sale at Stook Exchange or at auction this week. First installment paid. a Sold at private sale at this price.
z Ex-dividend. I Full paid.




New York Stock Record-Concluded-Page 2

MAR. 8 1913.1

701

For record of sales during the wlek of stocks usually inactive see second nage orecedine•
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
March 1.

Monday
81arch 2,

Tuesday
Varch 4.

Wednesday
',larch 5.

Thursday
1farch 6.

Friday
Watch 7.

&ties */
Oa
Veek
Shares

MOCKS
NEW YORK STOCK
EXCHANG&

Range Styx Jan. 1.
On belts of 100-share tote.
Lowen

Industrial and Misc.(Con)
650 Ameriean Sugar Henning 11313 Jan 15
111438 11418 11412 11512 *11314 116
11512 11512 *114 116 *113 116
*113 116 *11312 116 *113 116 *113 116
Do pref
11412 11413 *113 116
100
26
8
Feb 2
134 Feb
13
13
11
13238 13258 1325 13318 13212 13234 1327 133
132% 13234 3,041 American TeLeph 52 Telog
13234 133
248 260 *248 250
*240 260
242 242
24318 250
23758 245
4,900 American Tobacco_
23412 Feb 25
104
778
*103
104
1)relerred. new
104
10312 10312 103 103
10234 ilch 6
10234 10234 *10214 104
•17
18
Amen:Ian Woolea
*17
18
1713 *17
*17
1719 Jan 14
1812 *17
1812 *17
1812
7712 Feb 3
80
7834 79
7712 7718 *78
79
70
*78
7912 *78
7911
510
Do re!
620
23
2814 29
Amer cvrittng Paper. pd. 2612 Feb 28
29
2812 2812 •28
29
2814 2814 *2712 2912
3714 3612 37
358 3614 3638 3714 3658 3718 37
10,630 aAnacoadaCopper Par$2.5 33,8 Feb 25
3758 37
300 Assets
8F
*105 115 *105 115 *100 115 *106 110
Realization eb
104
28
108 10
108 108
4918 4938 49
49
*4812 4934 4818 481248
600 Illtidwin Locomotive _
4812 Feb 25
*47
4878
48
*10334 106 *104 106
10434 10434 110412 10412 *10334 104
7o
50'
103% Feb 17
' Do pref
104 104
3512 364 3614 3734 3614 3712 3612 3738 3614 37
3618 3634 6.100 Bethlehem Steel
35 Feb 18
6512 66
68
67
Do prof
6612 6712 *64
6338 Feb 26
67
8812 68
1,900
68
6'i
*130 1324 13112 13112 13134 13134 *130 134 *130 134 *130 133
128 Feb 25
250 Brooklyn Union Gas_ _
.28
31
Butterk Co
*28
*28
31
2814 Feb 26
31
*2818 31
*2318 31
*28
31
4934 5038 50
foo
r Ppegfol vot tr ctfs 4
5158 5014 5134 5012 52
77914 F
reb 24
28
00(3201D
17,000
51
52
50,8 51
*8013 8118 81
*8013 8112 81
81
8114 .80
*8034 8114
81
*10034 10214 *10084 10218 *10014 10218 *10078 10213 *10078 10218 10112 10112
.
5
160 Case(JI)Threahllpf tr ctfs 994 Jan 16
2814 2838 2834 2912 2778 2834 2778 2812 2712 2734 27
2534 Feb 25
2712 8,800 Central Leather--Do pro
9318 Jan 2
904 9614 9614 9714 96
9614 9638 9638 9618 9634 9612 9612 1,310
3712 3818 3918 4014 3938 4038 40
4114 4014 407s 3914 4014 30,650 dphino Copper__ _Par $5 3578 Feb 27
_31 it?
)a
35
3331 3379 3414 3514 3414 35
3312 3312 2,600 Colorado Fuel 63 Iron
35
3512 353
13038 13112 6,275 Consolidated Gas (N Y)_ izi
• 13112 13212 133 13412 13212 13334 13212 13334 13212 133
12
10 Mch 4
1234 1014 12
10
1038 1038 1114 1118 1132 107 1113 20,015 Con) Products Henning_
6712 70
Do prof
*67
6934 3,700
6912 *68
70
69
69
6634 8934 69
•18
1734 J
Maen1122
4
1812 •17
1814 *17
1814 *18
1814 1,000 Distillers' Securities Corp 6°
1834 1718 1834 *17
*1212 16
Federal Mining & Smelt'g 1314 Jan 13
*12
*12
18
*12
18
18
18
*12
18
*12
x363 Feb 24
*3684 41 *_ _ 41
*37
137
40
37
41
38
38
*33
10
x13412 Jan 24
139 13914 139 140
1prdEleetrlo
13918 13914 13814 13834 4.3
13858 13912 13812 140
280 General
Feb
Gen Motors vot tr ctfs__
*3014 31
*3012 33
*3014 33
*3014 31
*3014 33
*3014 33
279578
27
1
Do prof vat tr etfs___
*75
7713 7712 7712 *7713 78
77
300
*75
78
77
•75
78
Jan
2
3
81Goldfleld
Con
234
M
Par
3
$lo
17,250
234 278
27
8
27
8
234 3
234 2713
234 234
9
38
112 I.
F,e
eb
4214 4314 4212 4312 4138 4212 6,700 Goodrich (13 F)
b2
15
8
41
407 4184 418 44
41
*97
9812 98
98
9013 100
9834 99
Do pre:
10018 1001 *9812 10012 1,300
4534 4534 4612 47
4712 471 *46
47
48
47
461. 1,000 dOuggenh Hapto_Par 325 4312 Feb 25
46
1534
1612 1612 1612 174 1714 173
Feb
19
17% 1734 1714 1714 1638 17
2,600 4 I nsp'n ConCop Par 520.
*107 10813 *10714 109 *107 109 *107 109 *107 109
10612 107
400 6 nternat Harvester(old) 106 Feb 24
112 Mch 4
*11012 113 *11012 113
112 112 *11012 112 *11012 112 *11012
*10612 111 '10593118 *107 111 *107 111 *108 ---- 108 112p
l
ir33 Inteo
Harvester of N J 103 Mch 7
rnp
108
artet
Do pre
*MI in-" ...ioLill 1-11 *107 111 *107 111 *107 111
lee Internat Harvester Corp_ 107 Mch 7
107 107
Do pref
-;I- -71-4 ------A ----------------434
4 Feb 13
134 4
- -;4- --.4371 ---ioo Int Her Marine stk tr ctfs
•17
18
*17
*1712 18
18
1714 Feb 10
*17
*17
18
18
117
50
17
Do pre(
•11
12
1134 1212 •11
12
12
94Jan 21
117 1178 *11
*11
12
950 International Paper
*44
47
45
45
4612 464 47
42 Jan 21
47
4078 4678 45
45
600
Do pref
*13
14
14
1418 14
14
1218 13
1034 12
978 10
2,300 Internet steam Pump
97$ hich 7
*53
57
54
45 Mch 7
5418 15312 5312 5018 5358 4712 49
45
45
Do poet
1,873
•85
95
*83
93 .85
92
*85
95
92
92
*88
93
100 Kayser 63 Co (Julius)-- - 8514 Jan 18
*10213 110 *102 110 *105 110 *102 110 *102 110 1110 110
10734 Jan 22
Do 1st preL.
25
.071
*72
•72
70
78
76
*76
7312 7312 7112 73
80
71 Feb 25
320 Kresge Co (8 S)
*100 101 *100 101 *100 101 *100 102 *100 102 *100 102
100 Jan 14
Do
prat
44
44
*44
44
45
44
45
45
*44
45 .44
43 Jan 21
45
400 Lackawanna Steel
7
*98 100
*98 100 *100 10012 99 100
19912 0913 *97 100
350 launode Gas (St L) com _ _ 98 Feb 25
*210 225
222 22418 225 232
232 235
220 222
223 223
4,500 Liggett & Myers Tobacco 213 Jan 2
*113 115 *113 110 *113 115 1111 111
113 113 *112 114
113 aleh 8
801
Do preferred
7
34
_ *34
*3334
34
3512 *34
3512 *337 3512
3512 *33
100 Loose-V/11es Ills tr co ctfs 32 Feb 20
10112 Mch 7
*10134 -___ 10134 109 010078 10212 *10034 10212'10034 10213 10112 10112
300
Do 1st pref
92 Jan 6
Do ad pref
*9178 ---- *91 -___ *9118 ---- *0118 -__ *914 ---- *9118 9412
176 -7i 4.73
7518 78
*7313 76
6733 6738
753 May Department Store,. 60 Feb 20
7618 *71
76
1007 Feb 20
*100 104 *101 104 *100 104 *100 104 *100 104 *100 104
De pref
6934 7012 70
71
*70
7134 6914 7112 7012 71
70
70
5,150 Mexican Petroleum_ _ _ _. 66 Feb 24
2212 2212 23
2312 2312 2334 2314 2338 23
2312 23
2314 2,500 d'Alaral Copper__ _Par '5z, 2133 Feb 19
112 Feb 21
11534 11534 11613 11714 117 117
11813 11812 *116711 11912 11412 116
1,250 Matlenal • 131 scent
*116 120 *116 121 *116 121 *116 121
119 Feb 27
119 119 *118 121
Do pre
100.1
1514 1514 1514 1614
1414 Feb 25
1512 151
1534 1534 16
16
147 147
1,600 Nat Euamert & Stamp'g
87 Feb 14
*67
*87
*87
*87
93
93
93
*87
93
93
8718 8718
10,
Do prof
*50
523 *5013 5234 *50
4712 Feb 25
5234 .50
521/
5234 *5114 5234 51
National Lead
*105 107 *105 107 *105 10858 106 100 *105 107
10413 Mch 7
300
10412 105
Do prof
3714 1713 1758 18
18
18
18
1838 1778 18
11738 1712 8,300 dNev Cons Cepper_Par $5 16 Feb 18
•72
77
*72
80
174
7213 Feb 21
74
41012 80
New York Air Brake__ _
1
*71
70
*70
77
7838 7834 479% 7934 *79
80
*75
*75
80
80
15 North American Co (new) 7834 Feb 20
*75
80
*24
28
2812 2812 283 2812 2832 2812 *27
2812 2712 2712 1,150
achlo Mail24114 Feb 26
*3612 39
*3612 40
37
37
*3634 39
37
37
3612 3634
acille Teiep & Teleg
21514 Feb 34
4
*110 110 *111 113 *111 115
113 113
113 113
112 112
400 People's G L & C (Chic)_ 109 Feb 24
2134 2134 2134 22
*20
22
22
22
2134 2134 *20
1933 Feb 25
1,400 Pittsburgh Coal Co
22
877 89
*86
88
88
88
887 8913 *88
90
34 Feb 23,
Do pref
*83
89
2,500
*185 191
185 186 1185 185
182 186 *180 18534 185 185
182 Alch 5
1,:,t P. Lorillard Co
113 113 1110 110 *110 114 *110 114
*112 115 *112 110
113 Feb 25
an
Do preferred
267 27
28
2812 28
2738 28
28
27
2813 2712 2712 1,600 Pressed Steel Car
25 Feb 25
9712 98
93
93
98
97
*98 100
*98 100
97 Feb 28
93
Do ore,
98
525
*116 119 *116 11714 *116 11714 *116 11713 *116 11714 *116 1174
Pub Service Corp of N J _ 11614 Feb 28
*153
100
15813 15812 *158 160
15934 15934 *7
*
15
2934 13
5
,
934 12
151512 Feb 25
8
,
0 12
69
0
429 Pullman Company
29
29
20
29
287 29
2434 Feb 25
1,200 li_pailway Steel Spring _ _ _
100 100
*98 100
iaii" lid" *98 101
*984 100
*98 101
9832Jan 16
185 At Do pref
1818 1012 19
1738 18
1873 1913 1814 1914 1812 1834 24,425 &Ray OonsCopper Par $16 1034 Feb 19
20
*24
2538 247 2512 254 2538 25
2514 *2413 2512 25
25
2,6 t Republio Iron & Steel..„ 2314 Feb 26
_
1183
88
8658 88
*8513 87
8714 8714 8673 8714
*85
824 Jan 14
880
Do pref
7213 71 -71:" 71
71
*71
64 Feb 24
$7012 7012 7014 7014 68
69
900 Rumely (M) ro
92
92
92
92
*91
*9114 93
93
0114 9112
*9114 03
933561
400
20
3625
De pref
19412
202
19712
198 198
197
19712
19812 200
*19712 200
137 Feb 20
19634 1.600'
,ears. Roebeek &
*35
42
*35
*36
*35
42
42
*35
39
*35
39
39
aloss-Sb/Meld Steel
Co_& 1r_
*35
*34
135
39
30
39
35
*35
39 .35
*33
39
50 Standard Militag
Feb
•6314 65 .6314 6412 116412 6413 *63
4314 664 *6314 65
Do pref
10
66
Gass gob 25
*29
32
3013 2934 2034 30
30
---- ---- 30
X Feb 20
650 Studebaker Corp (The)
295 2058
*88
93
.88
93
89
:
*88
0112 89
100
*88
Do pre!
98
2 Feb 1
28
0
37
3738 -3734 -38 - 33
38
38
3813 38
3,900 grannessee Copp-Par $80 2214 Jan 27
38
3012 37
115 115
115 115
114 11412 115 115 *113 11512 11.334 11318 1,000 Texas Company ('The)
112 Jan 2
*93
*03
97
97
*93
*9414 97
97
f Intiff;o
•93
97
p oe
*9414 9834
dir Typewriter_
Feb
*111 113 *111 113
112 112 *112 113 *112 113 *112 113
156 k)
112 Mob 4
538 6
534 6
573 571,
512
5
54 512 4,800 Union Bag & Paper
538 534
gals 6
3412 3412 *34
3418 3458 34
36
3012 325„ 3034 3112 2,070
34
au Feb 6
Do prof
1312 1312 1334 1334 114
14
14
14
1334 1334 *1334 15
740 U S Cast I Pipe 62 gouitar 1312 Fab 27
*54
*54
62
*51
60
5612 54
54
*53
56
*53
5612
100
Do prof
7012 *70
704 *69
*69
*69
70
7012 *69
71
*69
70
U S Realty & 12329rov't_
6278 62
0258 6253 6338 61
63
62
62
6312 6078 6112 10,550 United States aubier___ 87$412
41" l
acil
eb 2264
108 106
106 106 *10512 10812 10578 106
10614 10614 106 106
1044 Feb 25
Do 1st pref
000
81
*71
Do 2d pre
7631 Jae 3
61s
617
8
"ilia Ws; -6o33 el% 55,850 United States Stec!
-iii4
6014 6118 -ii- 15- -13ir4 594 -Feb
10712 10712 10758 10814 10818 10314 10818 10832 10838 10838 108 10814 6,454) Do peer
107% Feb 94
5438 5313 5434 5334 534 85233 534 40,450 slUtab Copper___Par $10 4912 Feb 18
5212 5438 5414, 5478 53
35
.a3
*33
35
35
3278 3278 *33
3471) 35
3012 Feu 25
33
3412 2,505 Virginia-Carolina Chem
10838 10838 10818 10814 *108 10838 10838 10858 *103 16858 *10814 lash
400
Do pref
10712 Feb 27
69
69
68
69
6778 6314 *6778 69
68
6812 68
651$ Feb
68
2.150 IV estern
'n
s,i
lfa Teleg
es ,b1,
6938
7014
70
7012 70
69
6934 697 7018
70
6912 6934 5,170 33
65 Feb Z5
0115 11938 *115 119 *115 11944 118 U.S *115 11034 *117 11934
117 Feb 14
100
De 1st pre(
96
9613 96
08
9812 9514 9712 98
9312 0512 9333 93
8134 Fob 25
4,1. Woolworth (F W)
•i t- 113
1124
1121 1124 11.212 *112 112
11238 1123s 112 112
112 Feb 26
700
Do
pre(
---

RIgnest

Range lor Prertous
Year 1912.
Lowest

118 Jan 31 11313 Dec
11638 Jan 23 1154 Jan
140 Jan 2 137j Jan
29434 Jan 10 2414 Feb
1061s Jan 27 10114 Jan
1834 Jan 11
18 Nov
81 Jan 3
79 Dec
3214 Jan 2
254 Jan
4113 Jan 2 $34 Feb
120 Jan 7 10512 Feb
531 Jan 8
49 Dee
10434 Meh 4 10234 Feb
4113 Jan 9
2734 Feb
564 Feb
71 Jan 9
1378 Jan 27 13713 Mch
31 Feb 8
28 Nov
5613 Feb 3
4914 Dec
86 Jan 30
84 Dec
103% Feb 6
9978 Dec
3018 Feb b
1612 Feb
9714 filch 3
80 Feb
4738Jan 2 825 Jan
414 Feb :2
2318 Feb
142% Jan 9 13534 Dec
1718 Jan 31
10 Jan
7914 Jan 31
75 Dec
2134 Jan 2
20
1114 Dee
18 Jan 22
44 Jan 2
3718 Jan
127 Jan 2 165 Jan
3412Jan 7
30 Feb
79 Jan 7
7014 blab
3 Mch 3
8138 Dec
68 Jan 2
6014 Dec
10514 Jan 7 105 Dec
538 Jan 9 $47 Dee
20118Jan 3 $1658 Dec
11538 Jan 30 10614 Feb
116 Jan 28 11312 Nov
108 Mch 7
107

Highest.
1331: May
124 Sep
14913 Mch
39412 fly
10633 Jan
31 May
9412 M ch
4138 May
$48 Oct
12713 Oct
6034 Aug
10818 J'ne
51% Oct
80 Set)
149 Aug
4018 Apr
7219 Oct
¶1312 Oct
10112 Dee
3358 Sep
1001? Oct
15038 Nov
4334 Sep
14912 Aug
2218 Oct
8912 Oct
3614 Aug
2134 Sep
5234 Sep
18812 J'ly
42% Sep
8234 Sep
$5 Matt
81 Sep
10912 Sep
46938 J'ne
22118 Oct
12678 Sep
12134 Apr

Mch 7

438Jan 2
1982 Jan 7
1258Jan 30
4811 Jan 30
121.1 Jan 9
70 Jan 9
94 Feb 3
114) Jan 2
81 Feb 5
102 Jan 4
4938 Feb 4
10433 Jan 8
235 Mch 6
11813 Jan 23
397g Jan 8
105 Jan 9
95 Jan 8
7678 Jan 2
1054 Jan 2
7814 Feb 4
2612 Ja.n 4
1281, Jan 3
12478 Jan 8
1914 Jan 30
9214 Jan 30
5624 Jan 2
1073 Jan 27
20 Jan 2
821 Jan 8'
8113 Jan 14
3113 Jan 22
46 Jan 4
116 Jan 8
2438Jan 2
95 Jan 9
20J Jan 28
11i Jan 22
38 Jan 7
1014 Jan 7
118 Jan 21
165 Jan 2
35 Jan 0
100 Jan 13
22 Jan 2
2839.isa 21
8234 Feb 1
9224 Jos 7
99
454
84 Jan
x..1 28
4
21312 Jan 2

4 Mch
1534 J'ly
938 Jan
24578 Jan
12 Dec
63 Dec
90 Dec
107 Deo
71 Sep
KM Oct
20 Meh
1024 Dec
16154 Jan
10613 Jan
3612 Dec
1024 Oct
90 J'ly
69 Apr
105 Dec
0234 Apr
1234 Feb
114 Dec
122 Dec
1214 Feb
88 Feb
5113 Jan
10513 Feb
$1814 Jan
60 Feb
7.113 Jan
288g Dec
45 Dec
103 Jan
1634 Mob
77 Feb
167 Mob
10734 Jan
2834 Feb
96 Feb
101134 Feb
1.6813 Feb
271. Feb
9814 Dec
1,1e Jan
1634 Feb
6412 Feb
81224 DOC
391412 JaneDec
140 Jan

/is Mch
26 Mch
1934 May
62% May
34 Jan
84% Apr
9534 Oct
102 Oct
8912 Oct
10512 Oct
5513 Sep
10834 Jan
225 Oct
118 Aug
47+1 J'ly
10538 Nov
9234 Oct
88 Oct
112 Jan
1013 Oct
3;014 Sep
161 Apr
131 J'ne
26 Oct
9512 Jan
6814 Oct
11078 Nov
3244 Sep
85 Noe
87% Aug
38 Sep
5533 Apr
12212 Oct
2714 Aug
10034 Aug
21512 Oct
114 Aug
4073 Sep
10334 Aug
120% Aug
175 Aug
4034 Sep
105 Aug
$2118 Sep
35 Oct
93% Oct
101 Nov
10313 Oct
221 Now
69% Seta
401* Jwa $1
36 Deo
1614 Jan
46% Feb 4
68 Oct
68 Jan
$6 Feb 6
491,2 Aug
30 rir
9314 J
904 Jan
Jan 12
9818 Aug,
394 Jan 4 $1344 Feb $4714 May
12214Jan 10
81 Jan 13053 Sep
991,jail 3
95 Deo 11.134 J'ae
113 Jan 21 119 .Fse 114/9 Sep
734 Jam $
/778 1457
Pe Jail
41
14
4 jan
Jan
asas Doe
6734 May
221 May.
'
15473 Olt
67 ipa
et
9111_2.7•17'
a
44
183
:
jJja
aaa
n 3
1°01
61 Jr:: 5778 MU'
102 Jan
.
7 04 X11 116 May
75 Jan
314 Jan I
a512 May
e
4814
4 Feb0
ots Jaa I 1,71
0034 Sep
11838 Jon 0
11'7 Sep
60%.1...t 2 um.Jan 0712 SOP
4S14.44J3 3
401, Dec
1314 Jan
114 .e .0 $1 11439 Dec 120 Mph
7318 3to ." 713 Dec
11814.Jsui
794 ;an
Ma Aug
694 Jan
1191, Jan 17 11439 Jan 126 Aug
122 Jan S 11813 rly 11778 Oct
931
11513 Jae
11634.1'1y

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brookttn1
Coney Isfdi
First
FlatbUsli
Greene°Int
HInsidet
Hotnesteadi
Manufacts
Mechanics't
Montauk Ii.
Nassau

LIla
135
280
150

Ask

155
300
165
160
126
85 100
405 430
215
230
160
2-0/- 220

Basks
BroskilIn
!%.1.4t
North Stde 1
People's ---

104

As.t

'75
175
145

295
260
155

Trust Co'.1
N Y Cal/
Astor
360
Bankers' Tr 490
B'way Tr.._ 165

315
498
175

Trust Co,s
N Y City
Central Tr__
Col u mblaKnit:lime)
Commercial
altnalre
MO'bie 'Fr
Farm Le ea
Fklelity
Fu/ton
Guar'ty Tr_

Bitt

As*

1015

1030

540 550
90
03
300
495
506
1210 1295
220 230
295
315
587

Trust Co's
N Y CUiJ
Guardian fr
"Judson
_
Law T Liar
Lincoln Tr
1tetro/301'1'5
Untnal AN
anon
/data Weetcheater)

B141
80
13.5
'203
125
440

Ash
115
210
125
460

135

145

140

1•93

Trus. Cif s 144
Y Ottp
N Y Ufe#cfr 1040
• Y Crust_ 625
tttleQt,& Tr 400
Unlen Tr _ 1.175
US litc&I'r 450
Unit States. 1100
Wasbington 375
Westchester 150
Windsor - 196

Asa
10611
633
485
1290
476
1115
395
160
200

Trost Co's
Brook.Lyn
lirooklyn 'Fr
Cltlwesue
_
1ranklin _
ti am(itan _Home
KLogs Co L 1st L & Tr
N asein --Peoples' .,
,teens Co_

1331..

Ask

495
150
270

505
155
2.50
285

520
350
130
295
100

;Wino

118

365

• Bid and asked prices, no sales on this day. 11, Less than 100 shares. t 5,x-rights. a Ex-div and rights. b New
stock. 4 Quoted dollars per share.
Sale at Stook Exchange or 186 auction this week. s Si stock dividend.
Banks marked with a paragraph (I) are State banks. z Ex-dividend.




702
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
.ran. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all-"and interest"-except for income and defaulted bonds.
,‘.

p.

•3••
BONDS
Y. STOCK EXCHANGE t't
Week Ending March 7.
..., ci,

U. S. Government.
I S 2s consol registered_ _411930 Q-J
B 2s consol coupon_ _61930 Q-J
S 3s registered
1-1918 Q-F
S 38 coupon
k1918 Q-F
N S 45 registered
1025 -F
U S 45 coupon
1925 -F
I; S Pan Canal 10-30-yr 23 81936 -l'i
IF S Panama Canal as g
1861 Q..5

Pries
Friday
March 7

kVeat's
Range or
Last Sale

4

0
al

Range
Since
Jan. 1

N.

Price
BONDS,.."'4
Y. STOCK EXCHANGE" Friday
t March 7
Week Ending March 7. •
..., a.

Feat's
Range or
Last Sate

1
:`,3
.
alt%

Range
Since
Jan. I

Bid
Ask Low
High No.
1005 101 10013
10012
5
10(153 10138 10114 Jan '13 __
102.2 10314 10258 Feb '13 _
102410314 103 Feb '13
11313 114 1131 Jan 13.
2
113%
11318 11433 11378
101-'53 ICI 10012 J'ne '1 i _
10233 103 1021k Feb '13 ....__

Bid
AsA Low
Low IDA Chesapeake & OhioHigh No. Low High
Gen funding & faint 5s__1929 J -J 10034 101 10034
10012 10118
10034
8 100 102
1st consol gold Is
10114 10114
1939 81-144 108% Sale 1085
111834
9 10858 110
Registered
10038 Nov'12 •.
1939 M-N
10253 10278
General gold 4 Hs
10012 55 5513 1-C11:10258 103
1902 hi-s 16614 16512 lool8
Registered
11312 11312
1992 111-S ..... 0912 9938 Nov 11 _
Convertible 4 ;is
11378 11414
9078 40 por2 -6i1030 F-A 9012 Sale 9012
58
Big Sandy 1st 4s
1944 J -D 86 874 854 Feb '13 ___ 8518 861s
8812 Oct 2 .._
Coal Ely fly 1st gu 4s_ __ _1945 J-D 8314 •
102- 1-027
;
1 iiiiii2 1014
Craig Valley 1st g 5s
1940 J -J 10134 Sale 10134
10134
Foreign Government
80 __. 8434 Jan '13 ___
Potts Creek Br 1st 4s_ _ 1946 J-J
8434 8434
entitle-Internal 53 of 1900 11-S 1 0812 09
It & A Div 151 con g 43_1989 J -J
0858 14 9634 9918
9134 94 93 Jan '13 .__
9812
9234 9312
nmesa (Hukuang) Ely 53 £____ J-1) ;... _ _ _ 88 80
86
31 86 92
2(1 conso! gold 45
87 89 87
87
1989 J -J
4 87 88
_portal Japanese Government
Greenbrier Ity 1st go g 4s 1940 51-N
88 __
_
95 Oct 'Ili __ ___
__
Sterling loan 4 Hs
88
1 88 9033 :Nile & Alt RR ref g 3s
1949 A-() 68 70 67 Feb '13 ____ 07 18
1935 F-A:88 Sale 83
28 Series 4 Hs
8678
8678
2 88% 3914
itattway 1st lien 3 Hs__ _1950 J-J
61 Sale 61
61
1 61 • 6312
1925 J -J 805
Sterling loan 43
80
83
6
:line B & Q Denver Div 48_1922 F-A
9812 9912 100
100
:
3 6212 80
3 09 100
1931 J J I 86
1014
2 101%10212
Re_public of Cuba 5s eaten debt_ 51-8 1.
10114 101%
Iiiinois Div 3 Hs
84 Sale 84
8412 39 84 854
1949 J J
P_A t 5458 47 07 Feb '13 __ 95t2 971,
External loan 4 /-48
_
1949 ,
___
•__. 8614 Aug 12 _
Registeied
1949 J -J
255
n Paulo (Breen) trust 58..1919 .1_4 t rTe s:s:96%Feb'
97
Sale
Minors Div 45
9714 17 -07 -9-839714
1049 J -J
13 --.,-,
4
9712
8813 10 8614 8912
okyo City loan of 1912, 3s___ _ A-S 1t1114 fl.f..16 8614
a
Registered
1949 J J „.,,., ,,,, - 01 .8e .12 --- -,,,- z..7
8 of Mexlco s f g 58 of__ _1899 (4-4 ; 02'3 96 92 Feb '13 ___ 92 9514
Iowa Div sink fund 5s
1911) A-0 lu414 404 10338 Feb '13 ..... 10343 it)638
8414
Jan
'13
____
84
' Gold 43 of 1904
_
8414 8412
1919 A-0 9834 Sale 08114
Sinking fund 4s
0654
1954 J -II
1, 0884 Ms
1 Tries
-c are prices on the basis of 55 to £
Nebraska Extension 43_1927 81-N 96 97 9634 Feb '13 ___ 9612 07
_
Registered
1927 81-N - _ . _ -.-_ 96% Sep '.2 _
State and City Securities
9713__
33
---0834 Nov'12
(I Y City-4 Us
Southwestern Div 43_
1921 M-S
100
41 9934 10034
1960 81-S 904 Sale 09
9013 11 96 975
4% Corporate Stook_ _ _ _1959 34-N 06 Sale 96
Joint bonds See GreaN
t- orth
8
100
100
100
10013
963
3
96%
---.
10014
4% Corporate Stock
8
96
073
4
Debenture
M-N
964
1
0934
5s
1913
51-N
1958
0478 17 9458 MI
9014 II 9578 9734
4% Corporate stook
General 43
1958 81-S 9434 Sale 9434
1957 M-N 96 Sale 96
1957 It N 104 Sale 104
7514 78 75 Feb '13 _ _
104
New 4 Hs
75 80
35 104 10513 )hic & B111 ref do imp 4 gs.1955 J -J
1017 m_N 1014 102 101 Dec '12 ._.. ____
1st consol gold Os
New 4 }is
1934 A-0 118 120 119 Jan '13 ..... 119 119
1061 10718Feb '13 ----1106 108
4 N % Corporate Stook_1057 81-N 1044 Sale 104
10114 29 104 10512
General consol 1st 5s_....1937 II-N 1.
4 84 %assessment bonds_1917 ill-N I011 1017 101
10112
8 10034 10134
Registered
1937 M-N -------- 10612Jan '13 •.... 10612 10612
•r Corporate Stock_1954 M-N 84 843 8414 844 1 84.4 86
Pur money 1st coal 53_1942 F-A --- 97 0734 Feb '13 ..... 9734 08
N
State-4s
10114 39 101 10112
____ ___.
R
1901 5-1-51 10 14 !sale 1()114
4 10514 10514
anal Improvonent 45-1901 j- J 1014 10213 10134 Feb '13 ___ 1014 10134
10514
Chic do Ind 0 By 1st 53_1936 -J---.1 1043-4 -._. 10514
7512
7512
Canal Imp'rnent (new) es 1931 J J 10114 --_ 10113 Feb '13 ___ 10112 10112 )1110 (it Western 1st 45
8 75 7733
1959 M-S 764 78
Canal Improvement 45.. _1960 J J 10i4 -- 101% Jan '13__ 10154 10134 ;hie Ind & Loulsv-Ret 63_1947 J-J --- 19812 124 Feb '13 ____ 124 125
_.10313 J'iy 10
1947 g..J __ 10818 10514 Feb '13 ___ 10514 10514
98
Refunding gold 53
Carolina 4 Hs 20-40
1933 J -J
99
1
. oe" -91"
99 Bole 99
Refunding 45 Series C
lin new settlement 3s___ _1913 J-J
1917 J-J --- 901s 9553 Apr 11
Ind & Loulsv 1st gu 4s_1956 J-J __ 84 86 J'iy 12
nla fund debt 2-35
1991 J -J ----___ 864 Dec '11 ___ _
67 Sale 5634
68
29 -51- -Ei- 'Nate Ind 14 Sou 50-yr 4s
9014 Aug 12 ._
01
deferred Brown Bros-ctfs__ __
1956 J J
)hic L S & East let 4 Hs
-1969 J-D ---- ----104 Dec 11
Nilo Mil & St P termi g 55_1914 J-J 10012 ____ 10058 Feb '13 ._ _ jo6r, 1-663'
Railroad
4
73 Feb '13 ___ 75 7978
9712 Sale 074
Gen'l gold 45 Series A01989 J-J
9814 52 97 09
an Arbor 1st g 4s
81995 Q-3 744 76
Registered
9718 71 9613 9813
*1989 Q-J -„- 9614 9813 Feb '13 _ _ 97 9812
tohTop & S Fe gen g 43_1993 A-() 9654 Sale 9634
831 8414 8334
Gen'i gold 3 Hs Series B_e1989 J-J
8334
6 8354 85
•
1995 A-0 9612 9712 9734 Feb '13 ...- 9512 98
Registered
8712
e1989 J-J -------- 86 J'ne 11
5 8634 8814
Ad ustment gold 43____81905 Nov ---- 8714 8712
25-year deben 45
86
8
00
35 goi2 917-8
1934 J-J..... 90 8978
egistered
67,_,. 874 86
81995 Nov•.
8734 10C1 8612 8,8
Sale 87
2
Convertible -.I Hs
Stamped
06138
1932 __J-11)1 1021-3 Salt 102%
81995 51-N
1314 104
100
_ 10214 Sale 102
103
23% 59
7
-2
9
Convertible 41is (wh Issued)
nv es issue of 1909____1955 J -D -------1081
_
3 Sep 12 _ .. ___ _
10212 14 1004 11i3-4
Chic & L Sup Div g 53_1921 J---J 103 10512 1045 Jan '13 _ 10413 10458
Cony gold 48
1955 J -D 10212 Sale 10214
100% 235 9878 10358
Chic & Mo Riv Div 53_1926 J-J 105 . _ 1(16 Feb '13 •__ 108 10614
Cony 48 (issue of 1910)_1980 J-D 1004 Sale 10018
10412
Chic & P W 1st g 55
10-year cony gold 53_ _1917 J -D 10212 Sale 10134
10234, 38 10012 10558
1921 J -J 104 10411 10412
a 104 1111514
04
2 9314 94
CM do Puget Sd 1st gu 45 1949 J -J
Debentures 45 Series X-.:_1913 P -A --------9914,1'1Y '11 ---- ---- -_
9312 9412 04
--_,
Dale & (it So gold 5s
iast Okla Div 1st g 48..... 1028 11-S ---- 95 04 Oct 12
1916 J-J 10114 -__ 1024 Oct 12
00
5 90 12
9014 00
Dubuque Dly 1st a t 63_1920 J-J 11058 -- 11012 Feb '13
Short Line 1st 48 gold_ _1958 J-Jiiiii, 110T5$
100
3 0934 10012
_2 9978 100
Far & Sou assum g 6s
Cal-Arts 1st & ref 4 34s_1962 81-S 99
1924 j-J 113 ____ 111.%Aug11
107 107
LaCrosse & D lst 5s
Fe Pros & P11 1st g 5s.1942 11-S-_ 107 Feb '13
1919 J -J 10234 -_ 10434.1 ne'r.
10458
Feb
'13
13
__ 10313 10318
__ ._ 161E8 16475-4
Wis & Minn Div g 63._ 1921 J-J 10333 1045*
' Ohio & St L 1st Os
1915 81-S 153-14 _ r __ 1034 Feb
931
13 0212 9514
Ms Val' Div lit 63
1920 J -J 109 11234 10934 Feb '13..-10934 10934
pl Coast L 1st gold 45_81952 M-8 92 93 9212
I
10041
Mil & No 1st cons 65
81952 24-8 *98 ___ 98 Oct *(). ___ 95 95
1913 .1 -D 10018 10012 10018
Registered
- 100 10018
9984
....._
10013 Aug 12 - i . _
Extended 4%s
1913 .1 -D
Ala Mid lit gd Cold 53_1028 1I-k 10614-- 10634 Feb '13 __ 105 10634
10513
4 1.5i 1-054
Bruns & W let gu gold 48 1938 J -J
91 ...... 95 Aug'12 -_ ----___ Th icago & N West cons 75 _1915()-F 105 10518 10518
Extension 43
96 96
1886-1926 F-A 90 ____ 06 Feb '13
_
Charles & Say 1st gold 78 1935 .1-J
,J -J 123 Registered
1336-1920 F-A *.„- 05 06 Jan '13,- 06 00
15634 ii iiOra iiii2
904 i5,-4 i63-4
1.. 63 N col. gold 43
01952
___
8312
84
General gold 3 Hs
1
8312 801a
1987 M-N ed13 84
Say F & 1,4' 1st gold 6s___1934 A-0 118 12314 12318 J'ne•12
Registered
__- 8434Jan '13
pl087 Q-F „
84 8434
1st gold 5r,
1934 A-0 10612 11212 11058 May'l 1
9754 4' 97 984
General 45
s7 190 97 Oct '12
1987 11-N 0712 9758 9752
Sit Sp Oca do a zu g 43_1913 j...1 9
905
Sinking fund 6e____1879-1920 A-() 10834 ___ 11134 Nov '1i.
12 .
807s -aa..
4
do Ohio Prior 3 lis _1325 J-41 t 14( 0012 G018
_
Registered
1879-1929 A-Q 108 ___ 10934 Aug'il. ____
,ii --?.. 9014 Feb '13 ___ 90 9012
81021 Q-1
Registered
063
Sinking fund 53
1879-1929 A-0 104 ,__ 104 Feb '13 ____ iiii- 165
58 9534 07/4
'
,.•'
1,,1e 9654
Gold 45_._
81941 A-4./ -144
97 9/
4, 97 Feb '13
81949 Q.:
't gist red
1879-1929 A-() 104 10412 10458 Oct 12
Registered
9433 Sale 0484
9534 101i) 9434 9714' Debenture 5s
1921 A-O IO2 103 103 Jan '13 _ j' Id$13-yr cony 4 Hs(wh Iss) _ _1933 ___
1921 A..o ____ ____ 101 Dec '1'
_
Registered
_
1922 J -,1 -------112 Jan '12
Pitts June 1st gold 5s.
1933 hi_ N _ _ 107 10712
Sinking fund deb 53
10712 - 1 iol 11
87rs -19-12
/12
Juno &11 Div 1st g 3;431925 Ii-N 8514 88 8712 Jan '13
89
i 8834 0014
Registered
1933 51-N --_- 10454 Aucli
P L E & W Va Sys ref 43_1941 M-N 8834 --- 89
8912 11 8914 9014
From Elk & Mo V 1st 68..1933 A-0 1215-4 ___ 124 Oct '12
894 Sale 8914
uthw Div let gold 8%s 1925 J-J
Mani G B as NW 1st 3 Hs 1941 J -J
76 ____ 901Sep 119 ____
1
en Ohio R 1st c g 4 %s,_ 1030 M-S 100 ---- 101 Jan '13 __ 101 101
_
_ __
1111w do S L 1st gu 3 Hs_1941 J -J ----------------L
Lor 4W con 1st g 5s_1933 A-0 ---- 107 107 J'ne'12
__
„
,
-___
___
Mil L S 63 West let;65_11)21 81-S 110 11112 1111-2 11112
onon Riv 1st gu g 5s_ __1919 13-A 1024 ____ 10214 J'ne'12
'• 111- 11-21-3
_
Eat & Imp s f gold 53_1029 F-A 1074 .-__ 10714 Feb '13 .... 10714 1074
, Ohio River RR ist g 5s.._1936 J -D 10014 --__ 10834 Nov'12 _
____
__
___
'12
1937 A-0 -------- 10512 Apr
Ashland Div 1st g 6s....1925 M-S 114 -___ 11413 Feb '13 ....... 11418 1144
' • General gold 5s
Mich Div 1st gold 63_1924 J-i 11313 ---.. 116% May'12
ilitts Cloy do Tol 1st g 63_1922 A-0 ---------11312 Feb '12 -_ ---- -9612 Oct '12 __ ____ ____
98
934 27I"5178 14
____ 93 0278
1111 Spar & N W 1st gu 43_1947 M; tts do West 1st g 45__1917 J91 ___ 91 J'ne'12
Northw Union 1st 75 g 1917 1/ 1094 _ . 115 J'iy '11
,_. tat Isl fly 1st gu g 4 Hs..1943 J108%10014 104) Sep '12
10534 licit;
Winona & St P 1st eat 7s 1916 JBuffalo R & P yen g 53..„..1937 11-5 109 10934 10034Feb '13
1064 10612 1063 Feb '13
Fail,far,
1044 - i 1044 10434 )hicago Rock Is do Pa 64_1917 Jiousel 4 tia
195's 111-N llie14 Sale 10414
_
1917 J-J 10412 ___ _ 109 Aug 10 _ ....
Registered
. 11 S. West lit g 4s gu
1998 A-0 95% ---- 97 Feb '11
9318 -12 -51i2 -oits
103 J'iy '08
1088 J -J ........ 0212 9213
General gold 4s
1 65 Mali 1st gu g 5s
1043 J -J „.„.
1988 J -J _
9314 91 Dec 12 ___
Registered
• och & Pitts 1st gold 65_1921 F-A 1104._ 110% Feb '13 -__ _ 11014 11-04
8718 73 8571 -89
_-4 8612 8578
1117 11178
1034 A-0 853
Refunding gold 43
Consol 181 g Os
1922 .1 -I) 1124. _ 11178 Feb '13 874 1
8634 90
1932 J- J 87 8734 804
20-year debenture 5s
38 4614
43 -__ 46 Feb
II & Susq 1st ref g 43_ _d1051 J -J
__
I914 M-N 04 ---_ 9734 Sep 11
'12 -_
Coll trust Series L 4s
1913 J -J ---. ____ 100 Dec '13___
an So let eat (35
1918 81-N ____ 95 9454 J'ne'll
------100 Feb '13 - -- 100 1-01-4
P 48
2d 58
1913 81-S
64
48 ars -6'4;34
84Jan '11
Chic R I & Pac RR 4s_....2002 M-N 6314 Sale 6314
Registered
1913 M-S
2002 M-N ___-„ 63% Jan '13 _ _ 633$ 64%
Registered
tOr
ornaslo?.fgo
(lla
ci 1Sset gold 53._pIng
R I Ark & Louis 1st 434* 1934 111-S ......- 8734 8734 Feb 13 ___ 86 8744
1097 10613 Feb '13 ...... 10813 10833
1061
Bur C R & N-Ist g 53._1934 A-0 Registered
1 1061
1945 fri-i'4 :Mt --10614
------- 12013lvieirus ___ ___ ____
1934 A-0Registered
1St pret le82....-ilse g 63____plf,45 Oat --.. --- 103 Deo '11__________ ___ ___ •
10514 Sep '11 ___
_
_
CRIF&NW 1st gu 63 '21 A-0 .1.12 (3
illd prof lt5.01..108 g 53_341945 Ces -......._ 105 Dec '11 -__
..,,,..._ 96 Noy'll
-..
1927 J .1.) ---- ---- ,--11 & St L 1st gu g 7s
1d prof income g as stamped_._ _
_ _
Choo Ok & G gong 55_01919 J -J 10012 ---- 102 Sep '12
. d prof Income g 53_ ___p1945 Oct ---.. ---- 107 Deo '11
Consol gold 55
1952 81-N 1003$ ,,,_ 106 Jan '13 ...... 108 fo8
d prof Income g 53 stamped__ _ - _,,, -- 8512 Oct '10
98
1 98 98
Kook & Des 51 1st 53_
1923 A-0 97 100 98
- - - 90 Feb '13___-_ -00 -0-0
hatt Div pur mon g 45__1951 J--)) ..1,11L-:
_
__
St Paul& X CSh L lst-4 30'41 F-A -..-- 89 89 Feb '13 _ . 89 89
Mao & Nor Div 1st g 55_1946 J -J 1C04 --- 10714 Jan '12
120
3 120 120%
;hie St P M & 0 con Os
1930 J -D 119 12114 120
--- -- 115 Nov'05
Mid Ga do AU Div 53____1947 J -J
. 8014 Dec '12 __
Cons 63 reduced to 3 Hs 1930 J -D *8914 _-,-- 10934 May 11
' Mobile Div lst g 5s
1946 J -J ---- --10112 a 1554 fOiii
Debenture 55
1930 111-S 101 Bale 10012
gin RR & B of Ga col g 53_1937 81-N- 10138 1014 NoY'I2 _
Ch St P & Minn 1st g 65_1918 51-N 119 -- 11912 Feb '13____ 119 1204
. gold 6s.,,.1087 J-J ii-fla 11833 11814 Feb 13
11814 119-3
;
gent of N J gen'
Nor Wisconsin 1st 6s_ _ 1930 J -J 119 -- 12358 May'00 __ ..- ,-• • Registered
81987 Q-J 1164 11734 11718 Feb '13 _._ 11713 1184
SIP & S City 1st g 6s_
1919 A-0 1083$ Ile 10812Feb '13 ___ 10812 fu1.04
te
m Dock &Imp gu 158___1921 J-1 10314 10612 10512 Feb 13 ___ 105 10512
102 ___ 10212 May'12_
Superior Short L 1st 5ig_1930 51-8 109% ---- ,,-:& kind R gen gu g 53_1920 J.
,,,--7.: :'
,
7-I we% +07
loot2 1-0013 :'hic)& West Ind gen g 63_01932 Q-M 107 __ tut
107
98 ____ 10012Jan 'is
. Y & Long Br gang 43_1941 118812 11 88 8912
Consol 50-year 45
88
87 89 884
1 88 90
1952 J-J
Sant Vermont llit ell st 4fit_ .41o2e 0-F 88 Sale 88

l

egistered.-

----

....

-------,

rtit

ARegistered

-

-16

Balt

_

r

kt,:t ------100
:
i ioi,..4 laz la% A 110 1105*

MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway
Brooklyn Rap 'Fran g 55_1945 A-0
1st refund cony gold 43_2002 J-J
Bk City 151 con 53 1916-1941 J J
Bk Q Co & S con gu g 53_1941 81-N
Bklyn Q Co
S 1st 53.__1941 J-J
Bklyn Un 141 1st g 4-55_1030 F-A
Stamped guar 4-58___ _1950 F-A
Kings Co tEl 1st g 45
1949 F-A
Stamped guar 43
1949 F-A
Nassau Elec guar gold 45_1951 J -J
.0012nRydoLlst do ref 5g 4 Hs_'51
Stamped guar 4 Hs
1951 -J
it United 1st cons g 4 H3_1932 J -J
Smith Lt Cs'frac letg 53_1936 h1-8
and Rapids Ry 1st g 53_1916 1-A
D
avana bier) consol g 53_1952
terboro-Metrop coll 434:I956 A-0

1024 15
____ 10212 10214
0034 603
89 Sale 8812
10112 10214 101's Feb '13
-. 9813 98 Jan '13 ____
984 Dec '12
101
-0
ioo 101 10014
1130 101334 10118 Feb '13
*8312. _ 6312 Dec '12
84 Feb '13
,„
77
6
77 Sale 77
__ 102% 10178 J'ne'12
094 Feb '13
0114
75
74% Salo 7378
93 9412 93 Apr '12
100 Sep '12
98 08 Feb '13
7912 70%
80 332
-79

?, No price Friday; latest this Week

a Due April. • Due May




Street Railway.
1024 10314 Interboro Rap Tr Is Ser A.1952 /1-N
87 92% Manlaat By (NY) cons g 43_1990 A-0
101 10212
Stamped tax-exempt____1090 A-0
98 98
Metropolitan Street FlyRefunding gold 4s
2002
jai* Cali
Farmers' Loan & Tr ott____
1011810154
Stamped
B way 63 7th Ay lsto g 53_1943
84 80
Col & 9th Av 1st gu g 53_1993
77 78
Lex Av & P F let gu g 53_1993 M.
Third Av RR cons go 4s_2000 J-3
5.
674 99i78
Central Trust Co certs
7354 7514
Cent TrCo cts statnped
Third Ave By 1st g 63.__1937
Sat W S El (Chlo) 1st g 48-1938 F-A
1111w Bice By 64 Lt cons g 551926 F-A
7812 8114
Refunding 54 eaten 4 Hs-1931 J -J
Mlnneap St 1st cons g 53_1919 J -J
is Due July. 8 Due Aug.

o Duo Oct.

103%
04
9434

24 103 1045g
2 0334 95
1 91 931s

_ 64 May'12
6212 Jan '13
5954 Mch'12
10312
1034 ____ 10312
08 10078 10112 Deo 1.4
____ 100% 101 Feb '13
--- _- 74 J'iy '12
7412 J'iy '12
74 Nov'12
far 107 10734 Fob '18
848 9312 J'iy '06
,,104 10412 Dec '11
_. 9414 9413 Oct '12
_ _ 102 Nov'12
*101

0212 6212

10258 10312 103
9354 9414 9334
9434 Sale 9434
-

p Due Nov.

5 ioi.04
10014 fa"

IOU
:Wei

q Dile Dec. s Option sale.

703

New York Bond Record—Continued—Page 2

111Ait. 8 1013.1
BONDS
b
N. Y. STOCK EXCHANGI,
Week Ending March 7

Price
Friday
.1farch 7

Veek's
Range or
Last Sale

Range
Since
Jan. 1

N.

Price
Friday
March 7

BONDS
Y. STOCK EXCHANGE
Week Ending March 7

leek's
Range or
Last Sale

As Low
Old
iligh
Bid
Ask Low
High No. Low fligh St P M & M (Continued)—
96
Mont ext let gold 4s1937 J D 95 97 96
9612 _ _ 19934 Oct '12
QtnH & D 2d gold 4 35s____1937 J -J
inch
953
98
____
J
Registered
9112
1959
Si
-J
lit 46 refunding 4s
9258 tolch '11
Pacific Ext guar 4s £
_IX J -J
8614 J'ne'12
1059 J -J
91
1st guaranteed 43
97 Sep l'
E Minn Nor Div 1st g4s19411 A-0 92 97
0031 10018
Cin D & I lst gu g Os_ _ _ _1941 Vt-N 9914 __ 90 ,i Feb '13
Minn Union 1st g 6s
1922 J -J 1105s,,_. 11414 Sep 12
88 Men 11
C Find 6, Ft W 1st gu 4s g 1923 M- N
Mont C 1st gu g Gs_ _1937 J -J 124 ___ 124!5 Feb '13
8634 ____ 8054 Feb '13
-11(54
Cia I & W let gu g 43_ _ _1953 J -J
-J 12113 ___ 13614 Alay'06
Registered
9812
_
Day & bitch let cons 43'S3 1931 J J
-let guar gold 5s
103
18 37 3-i 10858 110 109 Dec '12
-- Ind Deo 63 W 1st g 5s__.1935 J -J 102 jag 103 - Dcc '12
J -J 108 111
Registered
10712 Dec '02
1st guar gold 5s
1935 J -J
119 Will & S F let gold 5s_1193
37
8 .1-13 109
16 0014 92
91
Oteve Gin 0 63 St L gen 4s 1093 J -I) 0014 9114 9014
9112 94 9324 Jan '13
6 9112 9252 Gulf & S I 1st re/ & t g 53_01952 J -J
9112 Sale ,0
9118
911
20-yr deb 4 35s
_1931 J- Si ,0
Registered
Si -Si
7
90
Cairo Div let gold 4s_1939
100
5 952
99 J -J 100 1001 100
8914 8914 I_Tock Val let cons g 4 3-58_19
8912 8914 Feb '13
Cin W &M Div 1st g 46_1991 Si -J
j
-1- Registered
100 10012 Sep '08
1909 J -J
00
90 91
91
90
St L Div 1st col tr g 48_199 34-N
Col & II V 1st ext g 4s_.194* A-0 02 __ 92 Feb '13
91 Oct '07
Registered
199 LI-N
0334
9234 Sale 9234
Ool do Too 1st ex as
1915 F-A
90 Dee 11
Spr 61 Col Dly 1st g 4s
194 M-S
10014 Dee '12
Boum Belt & Torm 1st 53._ _1937 J -J •
W W Val Div 1st g 4s__ _104 J -J • 2,- 89 91 Apr '12
10-21-4
10234Jan '1'
1 illnois Central 1st gold 43_1951
CI I St L es C consol Os_ 1920 M-N 10514 -- 10534 Dee '11
100 Sep '11
i Registered
11)51
90
-. 9712 Nov 12
1st gold 45
k1935
let gold 3 35s
887,1 Feb '13
J -J
96 J'ly '12
Registered
k19311 -I"
F
S81 Feb '13
Registered
1 95
511 J -J •l3812
10713.1'1y '1'
Cin S & Cl con 1st g 50-1923 J -J
•
901
1951
9312 May'00
Extended
1st
;0
A-0
g
3
J-1) --- 105 105 J'ne '1
o C 0 & I consol
Registered
1951 A-0
Consol sinking fund 73_11914 -D
le 51 51-S
gO
1st gold 3s sterling
124 HiGeneral consol gold 6s11324 J -J
Registered
1951 111- S
193 J -J _ 122
Registered
0413
-9
.61.
5
1952 A-0 ;6.61-2
Coll trust gold 4s
'08
Ind 131 33 W 1st pref 4s
1940 A-0 85 ---- 94
661 9514 Sep '12
A-0
Registered
-- -0 /ad 4i W 1st pref 5s__61933
94
6d
ik
9533
Feb
'13
M-N
8814 80
92 8814 Jan 13
Pee & East lit con 43_1940 t
Purchased
trere
h f4e5d lines 3 34s.....- 111999355225 J-J ____ 83 83 Feb '13
4314 4712 491 Feb '13
4314 4934
1990 Apr
Income 43
1953 1.1-N 9412 943 947s Feb '13
L N 0 & Tex gold 43
26 33 30 Feb '13
30 3614
J -J
Col Midland 1st g 4s
1953 M-N —__ 1)3
Registered
9454.11811 '11
9275
03 9314 9234
8 9234 9472
19
1129
47
Colorado ea Sou 1st g 45
Cairo Bridge gold 43
9413 J'ly 12
-D
924 9354 9314
9382
931, 9412
1935
Refund & ext 4 35s
751 7518 Nov 12
-J
J
Litchfield
Div
let
g
3s_
_
_1955?
19
_.
2
1073
4
108
10712
108
108
Ft W 63 Den C 1st g 63_1931 J-49
74 84 85 Oct 82
Louis,
/ Div 63 Term g 3;531953
Conn & Pas Illys 1st g 4s....1943 A-0
____
84
1053
83 Aug'12
Registered
—1952 J -J
Cuba RR 1st 50-yr 5g
F- A
Middle Div reg Is
133 Iday'119
S Lack & Western—
m
Omaha
FDiv 1st g• 3s
7638 Aug 12
s
- - 10218 Feb '13
10234 10312
Morris & Essex 1st 7s 191 A1-N 1027
77
70
St Louis Div de term g 33_ 1119932551 J -J
10,522
7512 Mch '1'
10514 10512
lit consol guar 73__1915 J -D
73
1951
-J
J
Registered
---10
15
151 Deo
1915 J -D
1051
1
Registered
8513 Oct '12
Goill
90 Moil'12
200 .1-D
let ref gu g 3 348
1951 Si ;
slts
10118 Oct '9
der3iered
--11034111 111 Feb '1
111 fif4
1921 J -J
N Y Lack & W 1st 63
100 Nov
Spring Div 1st g 3)53....„ 11995511 J -J
102 WA% 10l1 Feb '1
19413 Imps
1923
Construction 5s
J -J - - - - - -Registered
9814 9714 0684Feb .1
9518 9654
Term & Improve 4s.._ _192
9014 9612 94 Feby13
F-A
Western lines 1st g 4s
9
1195511
10212 Feb '0
Warren 1st ref gu g 3 34s _200 F-A
F-A 8912 _ _
Registered
8
11053 110
110% noss
191 It-s ii6C
bel & Hud 1st Pa Div 7s
A
:
14
Bellev & Car lit 6s
1917
Registered
149 An '01
9412 J'ly '12
Carb & Sbaw let g 43.— 111999323321
9714 36 9514 98
/ deb 43
1916 -I) 471s 971 9634
10-yr eon,
111 11314 Nov'12
,J -D
Chic St L & N 0 g
— 100 100
1 09,
19537.
100
1922 J -J
4 10112
lit lien equip g 4 54s
1111 114 Feb '11
.1-13
Registered
21 0818 0915
99
194 ill-N 9814 Sale 9814
1st 61 ref 48
90 Oct '09
,J -D
Gold 3 34s
8- le 877s
1 871s 8834
8712
Alb & Sus cony 3 341____1946 A-0
—
J -D
Registered
_ _ 12113 May'12
liens & Saratoga 1st 74_1921 M-N
452.1-3 Aug '12
8614 87 873s
Memph Div 1st g 43
1111999953551111 J -D
8)354 -7,
87
Deny& fl Cr 1st con g 4s_1936 .1-.1
19
.1;
1951 J -D
RegIstered
1936 J -J -- 96.- 93 Feb .1
93 9575
Congo' gold 4 3411
1931 54-S _951 1S Si'ly 08
St L Sou let gu r 4s
_1928 J D 0112 9sa 9714 Feb '13
9714 99
Improvement gold 5e
85172 943 9318
9312
8113 Sale 8113
J -J
8112
8 81 841 Ind III & Ia 1st g 45
1955 F-A
list 63 refunding 53
1062 Feb '13
_ 109 Deo:3'12
93 M-N 10653 107
119190
Rio Or Juno 1st gu g 5s 1939 Si -D
---- lot & Great Nor let g 63_
9715
Iowa Central 1st gold 53_1038 J -D 9713 Sale 9715
____ _
1940 J -J ---- 771 9112 Apr'!!
Rio Or So 1st gold 45
61
70 85 Mel). 7.
_1951 M-S 61 Sale 6(1
Refunding gold 4s __
1940 Si -J
Guaranteed
8334 81111 84
3 8334 5514 1amestown Franklin —h8413
Rio Or West 1st g 4s...._193 J - J *-__80 80 Fob '1'
93 Feb '13
J -D
.., Cleartleld 1st 4s
80 81
Mtge & col trust 43 A_ _194 A-0 _ _ _ _ _ 97 Jan'
KaniiiitTglorue 1st gold 3s._1950 A-0 ____ 7153 7112 Feb '13
Utah Cent 1st gu g 4s_a1917 A-0
63 Oct '00
A-0
110 Sep '0
1917 181- N
Des Mel tin Ity 1st g 513
9814
Ref & !mot 55
89 90 92 Nov '11
Apr 1950 Si -Si -174 - Sale 9712
J
1995
Mack
1st
lien
g
4s
64
Det
_ 95 9354 Feb '13
45_1060 J -J
Kansas
City
Terml
1st
_
87
'12
Dec
87
-D
D
1995 Gold es
105
104
-J
53_1937
J
105
Jan
'13
ake
Erie
&
g
W
1st
9713 944 991g Feb '13
-663;
Dot Itiv Tun Dot Ter Tun 41.1.61 M-N
L
---_ 1031 10234 Feb '13
-IA 2d gold 5s
621 75 Feb '12
Dot'!' & 1-0 S Div Isig 4s1941 M
102 10414 J'ne'
9
4
5
1
_1
194
North
Ohio
let
gu
g
51
105
____
'12
105 Sep
Dul Mlssabe 6, Nor gen 53 1941 J -,J 100
Leh Vail NY 1st gu g 4;53_1940 J-J 10114 1031 10414 Feb '13
ido 100
10338 100 Felor'13
Dul & Iron Range 1st 53_1937 A-0
1041g May'i 2
1940 J-J
Registered
10612 Mch'08
1937 A -I)
Registered
Lehigh Vail (Pa) cons g 43_2003 A1-N _.-_ 9512 951 Feb '13
104 Feb '11
1916 -J
2d 63,
11011 111 11018Feb '13
1033* 1O35 Leh V Ter Ry 1st Cu g 5_l941
10353 Feb '13
1937 J
Dul So Shore & Atl g5s
11118 Dec '11
Registered
110 Aug'12
Jol & East 1st g 5s 1941 M• N
10512
- 10512
3
Leh V Coal Co 1st gu g 53 14)11
1131* 115
114 Feb '13
2-Irie 1st consol gold 75_ _1920 It- S 11314
_ -J-J
Registered
10112J'ne'll
N Y & Erie 1st ext g 4s_ _1947 M-N 99
0214 -_
5
33
433
-J
J
Lel
„
st
&ln
N
9
10212
iai
t
y
ioi
r
ed
iu
s
t
c
e
gd
ua
tr
o
g
11
1
4L
'13
103 Feb
2d eat gold Os
1919 Xi- S
_
Od - xne.-4
11-S 85
9934 Oct '12
3d ext gold 4 353
1923 hi-S 11)0
S
-1945
jail;
Registered
4th ext gold Os
1921) A-0 102 104 103 Fob '1
Feb '10
191'i
---1914
A-0
___
925g
El
0
&
N
1st
pref
6s
100 Jan '1'
0th ext gold 43
1928 J -I)
103 Moil 12
1914 A-0
Gold guar 5s
NYLE&Wlstgfd 78_1920 81 5 113 __ _ 11534 J'ne'l
_---_ lid 107
107
8514 Safe 85
2 8434 87 - Long Isld tat cons gold 55_0931
Erie 1st con g 4s prior__ _1990 J -J
8534
66 _ _ _ _ 9614 Mch'12
h1:19099333421
9
1
851 85 Sep'!
1st consol'
old 45
1996 J -J
Registered
op: _ 93 Feb .13
7412 75 75
General go d 4s
7 75 76
7514
lit consol gen lien g 45_1995 J -J
_ _ 16(1 9614 Nov'12
1922 Al- S
7312 74 77 Apr '12
Ferry gold 43-4*
1995 J -J
Registered
J -D _ _ 97 99l Oct '06
8914 Sale 8914
Gold 4s
8914 -90
1951 F - A
8014
Penn coil tr g 43
.6 90 89 Feb '13
M- S 8
7812 80 7912
Unified gold 43
80
79 8214
ISO-year cony 4s A,_..1953 A-0 73
_ 10412 Dec '0
1999344994 J -D
Salo 73
Debenture gold 5s
72
1953 A-0
Series B
do
_ 943 9454
943
Al- S
10034
Guar ref gold 45
73142
Bull N Y & Erie 1st 73_1916 J -f) --- 1101 110 Apr'
- 95 Jan '11
Al- S
1101! Fob '1'
Registered
7 1 10121 1
Ohio 63 Erie lst gold 53_1982 11-N
11014 Nov 'O
_ 10912 109 May'12
A-0
NY
44
II
B
13
1st
con
g
53
1935
-J
5(3_1938
J
Clev & Mahon Val g
12253
NI-S 10312 10534 103 Jan 13
12253
122
N oY
r sk
h R
D 113111.0
s0
t
Long Dock consol g 63_ _1935 A -0
__ _ 10414 Dec '12
10714
ngg5;u 5s.o11092327 Q-J 103
Coal 63 RR 1st cur gu 63_1922 11- N i061g 101 106 Dec '12
S 93 9418 93 Feb '13
Jan
100'!
'13
Louisiana.
&
Ark
1st
g
5s_
1927
ickii;
Dock & Imp 1st cur 68_1913 J -J 117.312 109
Aug 12
Louisville & Nashville—
N Y 63 Green L gu 11 55.._1945 M-N 9913 101 10312
100 fOil;
1930 J -D 112 11252 112 Feb '13
10033 Feb '13
General gold Gs
NY Sus & W 1st ref 5s__1937 J -J
M-N 111 -___ 111 Feb 13
Gold 5s
1937 F-A 8212 00 10014 Deo '06
2d gold 4 345
96 Sale 96
9713
85
5•1_11993407 .1-3
87 85 Feb '13
Unified gold 4s
-3.(311-4
1940 F-A
General gold 5s
9612 Sep '12
4
3
0
1
J -J
1
9
1081
1073
6
Registered
108
'13
---Feb
1073
3
Terminal 1st gold 53_1943 Al- N
10CT34
-Feb
'13
10614
Collateral
trust gold
11112 Ltay'12
1940 A -0
Mid of N J lit ext 5s
11012 11112 11012 Dec '17
_ 9812 09 Feb .13
"iti 99
1219
E H & Nash 1st g 6s
Wilk 63 Fla tat gu g 53_1942 J-14
_ 10434 May 12
N
1931
IfT,
CM
&
Lox
gold
4
34s
10934
feTooti
May'12
106
pv & Ind 1st con gu 66_1925 J -J
12014
12014
101) 110
1930 J -J 117
N 0 & M let gold 6s
Evans 63 T 11 1st cons 63_1921 Si -J --- _- 110 Jan '13
11314 --__ 1141g Feb '13
1930
N 0 & M 3d gold 6s
lit general gold 5s
1042 A-0 9913 102 102 J'ne'12
94
Oct
'12
1946
Paducah
&
4s
Mem
div
---Nov'll
108
Mt Vernon 1st gold 6s
1923 A-0
16E3-4
10534 Itch '11
Pensacola Div gold 6.8_1920
95 J'ne'12
Null Co Branch 1st g 5s_1930 A-0 --11212 J•ly '12
"sig - 96.14 St Louis Div 1st gold 63_1921 M- ____ 1121
95
95
E Coast 1st 4 3,4s 1959 J -D ---- fig
7013 693* Sep '1
M-3
2d gold 3s
92 Aug '10
1 ort St 11 D Co lat g 434s_1941 J -J
92
7534 74 Feb 13
74
74
7513
AO Knox & CI,, Div 4s_ 1 9 9515) Pit- N ___ 9112 9133
1923 J -J
Ft W & Rio Grist g 4s
111 Jan '13
100 10012
All Knox & Nor let g 53_1945 J -D
100
100
al 11 & II of 1882 1st 53_1913 A-0 190
idg 106 Apr '11
II-5
64_1931
Bdge
1st
s
f
g
Header
Vrreat Northern91 9112 91
91
945s sale 9413
Kentucky Cent gold 4s_1937
95 304 9412 951,
1931 J-J
013 la Q coil trust 4s
10214 10314 10314 Feb '13
1921 Q. J -- 95 9453Feb '1
0453 96
L 1.32,1141146 M 1st g 4 3431945
Registered _h
872
4
—__
8912
1952
J-J
Feb
'1
9
.
4
.
14
997,
4s
joint
2
N-South
IA
J
100
100
L&
9934 1001,
let & refund 4 S(fi ser A 1961 Si
95 Feb'
Registered
1961
Registered
10913 Oct '12
3
7
5
3
9
1
_
__h
5s_
1st
gu
g
93
1
&
S
08
Fla
1933
N
98
9814
St Paul M & Man 49
1O04 _ _ 10112 Sian '13
1221,
12211 Feb '1
N & C I3dge gen gu g 4 3.4s 1945
1933
12114 12412
censol gold Os
1921 F- A 106 -- 11014 Oct '12
124 122 Sep '12
Pens & All 1st gu g 6s
1933 J -J
Registered
104 ____ 10911 J'ly '12
53_1936
FA
102
104
gu
g
con
1041*
Jan
'1
Ala
&
N
434s1933
J-J
S
1541-3
Reduced to gold
14114
1945 M- S
10814 J'ne Si
2, h Jeff ildge Co gu g 4s
1933 J -J
Registered
--/

i-SiSi

Pu

Range
Since
Jan. 1
Low MO
9553 96
---_—
____
124

12412

110 110
92 9512
100 1013-4
92 92
9234 9234
i5i37110234
8S7 8-37
8815 ssi,

95's 'J61
948-2 -(4j"
83 53
9413 9514

:NA

Si3-

D

82

1:8

9i-

94

937 937k
10638 107
9718 9933
GO 6414
93 94
7112 '7115

971, 99
9334 9614
105 10612
100 10234
1E41-4 1041*
9512 1)71,
14918 4494
10512 1051

iis

116614

let

1:1

-

-Of110 111

-.
61- -611-4

103 10314
8734 90
5)71;

MISCELLANEOUS BONDS--Continued on Next Page.
Street Railways,
1Feb '13 ____ 7314 '7334
86 8534 United Rys St L 1st g 4s___1934 J_J -------732
___ .--Transit gu 5s ___1924 A-0 ____ 35 83 Nov'121 --Louis
St
73 79
6312 30 6215 67
)3317
6213
6314
57 6013 United Rill San Fr s f 4s__1927 A-0
93 Jan '13 ---- 94 93
94 96
Va fly 4, Pwr lst& ref .5e— _15 34 J-J
101 101
Gas and Electric Light
____ 9531 94 Feb '13 ____ 95 96
_
102 _
—__ __ ____ Atlanta 0 L Co lot g 5s___1947 j-D
--- - --i lOg '
log
lairs
- ----98 Nov-iii
liklyn U Gas let con g 55_1945 11-N 105 Sale iog 1947 A-0 --------54 Oct '12 ____ -- --/58.12 _ _ 10313 Feb '13 ___ 10312 10313 13uNalo Gas let g 53
...... —..
1932 J -J -,, - -,
-.
8153 43 8012 8251 Columbus Gas 1st g 5s
8012 Sale 8013
993-4 10013 -0913 Feti'l _ __ 991, 100
1923 J -J
7334 132 72 7518 Detroit City Gas g 52
7312 Sale 73
____ -1913 P-A ____ ____ 9552 Sep 03
9751 10 9712 9912 Oct Gas Co con 1st g 53
9733 93 9733
1 10114 1023g
1011
1933 J -.1 101 _ _ _ 10114
Det Edison 1st ooll tr 5s
1932 hl S --- 107 10611 Oct 1 __ ____ -933
_ 9514 9313
5 9312 9534 P:q G L N Y let con g 5s
109
fie _ -- 90
91
12 90 9312 Gas & Elea Berg Co•g 53_1949 .1-1) 100 ___ 100 Feb '1 — _ 100
11115 VA __. 101 100 Oct
— _ _ - — 84 Oct '06 _.-- --__ Gr Rap (3 L Ce lot g 13s_
2 fat;
o 10131o8,
1949 M-N 1021-2 __ _ 10312
liudson Co Gas let g 5s
9813 Sep '1 --- ---.1
tan Otty(Mo)Gas lst g 5s_ _1922 A -C) ___- 9io
silt sz
71
. 8111 nob '1
Dag Oat., s Optioa
,!
-No
I
prioe Frtdan latest bid and asked this wesx. a Dee Jaa. a Doe Fob. d Due April. he Due July. k Dos AniF. a
Street Railway
NOW On fly 64 Lt gee 4;0_1935 J -J
g Y ltys 1st 13 E & ref 45 temp J -J
30-year adj ino Os
1942 A-0
1930 M-N
Portland By let & rot 5a
Portland fly Lt & Pow 1st-do
ref oonv 8 f 53
1942 F .A.
Portland Gen Wee 1st 56_1935 Si J
St Jos liy,L, II & P 1st g Os 1937 11..N
St Paul City Cab cons g 54_1937 J -.I
195o 3- Si
rhird Ave let ref as
al960 A-0
Adj Inc 55
I'd-City fly 33 Lt 184 if 68-1323 A-U
Underground of London—
1033 J -J
434i
1941 _
Inoonse Os
Union Elea (ChM lit g 55-1946 Alb
United Rys Inv let lien coU
192. M-N
trust Os Pitts issue




83 8713 8554 Feb 'isj__
7(3 Salo 7534
77
5014 645
5834 Sale 5812
10114 -- 101 Jan '13j,..

'704

New York Bond Record-Continued-Page 3

g.,.

BONDS
t
N. Y. STOCK EXVVANGE
41 a.,
Week Ending March 7

Price
Friday
3farch 7

Week's
Range or
Last Sale

t3
oA

Range
Since
Jan. 1

N.

BONDS
Y. STOCK EXCHANGE b
Week Ending March 7

[voL. xcvi.
Price
Friday
!larch 7

IVeek's
Range or
Last Sale

Ez
83e2

Range
Since
Jan. 1

Bid
Ask Low
.High No. Low High AY Oh 11 R-(con)Bid
Ask Low
High No. Low High
lifanila RR-Sou lines 43_1936 31-N __ ___ __
West Shore 1st es guar...2361 J-J
9814 18 9734 9814
93 Sale 98
.L*-4-extean Cent Inc g 33 tr reels , - ____ ___ -251-3 Ap-r-i19 :-_-_-_ _____
-2361 J-J
Registered
96 9634 Feb '13
9514 9713
Equip & cell g 5s
1917 A---0
____
N Y Cent Lines eq tr 4 4Ss 1923 J-J
--•
10012 J'iy '11
--- -Mex Internet 1st con g 43_1977 MS ---------77 Mch'10 ___
\I Y New Haven & HartfStamped guaranteed_1977 M-S -------- 79 Nov'10 _- ---- ---Non-cony deben 45
1955 J-J
8714 894
8818 8878 Feb '13
Minn & St L 1st gold 73_1927 J-D -------- 2412 Oct '12 .__- ---- -Non-cony 45
1956 M-N _-__ 8814 8814 Feb '13
8814 884
Pacine Ext let gold 6s_ 1921 A-0 __ 108 11018 Aug 11 _ • ---- ---Cony debenture 3 lis
1956 J-J
83 86 8512 Feb '13 ___
8512 87
lst consol gold 5s
1034 M-N
98 100 Jan '13
98 100
Cony debenture 6s
1944 J-J 12112 Sale 12112
122
58 1214 126
let and refund gold 4s
1049 NI- S 5934 61 60
61
55 60 62%
Harlem R-Pt Ches 1st 42_1954 M-N
9914 Nov 12
.Des M & Ft D lot gu 49_1936 J-J -___ 81
7944 Deo '12.__
B & N Y Air Line 1st 431985 F-A
__
9912 J'ne'12 _
StP&SSM
11
con g 4s Int gu.1933 J-J
9614 Sale 9614
Cent New Eng 1st gu 43 1961 J-J •- 9014 9014
9614
8 -97 1 -9511)014
904
6 -176;
1
1st Chic Terml s f 43
1041 M• N 95 ....... 9714 J'ne 12 _ _
_ 110 Feb '13.- 110 110
Housatonlc R cons g 5s 1937 M-N 11614
M SS AI& A 1st g 4s lot g1.11936 J-J
961 963 9614 May 12 ...... --- -N YW'ches &Hist ser I 4 1s'46 J -J
96 Sale 9534
9714 68 9534 9814
Mississippi Central 1st 5s 1949 J-J ---- ---. 9512 Mch•li _ ......- ---:N H & Derby cons cy 53_1918 M-N
107 Aug'09
110 Kan & TexasIst gold 431990 i D --- 9212 923
New England cons 5s
9212 -9 -923 -951-4
1045 J-J
2d gold 45
79 Sale 7813
8 784 8134
7934
01990 -A
Cense' 4s
1945 J-J
- 1st ext gold 53
5314 Feb '13 ___. 81
1944 M-N 971;100 9858 Feb '13 ____ 98 99
Providence Secur deb 4s,1957 11.-N
8304
1st & refund 4/
2004 1.4- S __ _. 76 76 Feb '13 --- 76 774 NYO&Wreflstg4s.. _01992 M-S id sale 90
91
11 90 024
Gen sinking fund 4 44s
J936 J-4 84 8434 8514 Feb 13 ---- 84 87
Registered 55,000 only
924 J'ne'12
- _g1992 M-S
St Louis Dly 1st ref g 4.3_2001 A-49 -..„- 774 77 Dec '12 ._.. ---- ---General 49
1955 J -D 87 883* 8958 Feb '12
Dal & Wa 1st gu g 5s
1940 11-44 97 ____ 10478 Sep '12 --- .„ -,Norfolk Sou 1st & ref A 531981 F- A 9858 98% 9834
9878
4 9814 9914
Kan C & Pao 1st g 43
1991 F-A --------8778 Feb 13 -- 377. 10234 Apr 12
8 8778 Sort & South 1st gold 58_1941 Al-N 10258
Mo K & E 1st gu g 5s
1942 A-0 10310434 106 Feb '13 ____ 106 108
Serf & West gen gold Os. 193l L
-N
A 11958 Sale 11958
1194
2 iiti12 120
M K & Ok 1st guar 15s
1942 31-N 10312 10414 104 Jan '13 ._ 104 10413
12/ Jan 13
121
123 123
Improvement & ext g 63_1934
M K & Tot T 1st gu g 53-1941 MS -- 10014 100 Feb '13 ____ 9912 101 14
New River 1st gold es.....1982 A-0 119 123 12034 Feb '13 ___ 12034 12034
Sher Sh & So 1st gu g 5s 1943 J-D „,.... 102 103 Jan '13._ 103 103
N & W By 1st cons g 4s...1098
9614 Sale 96
9612 .12 96 99
Texas de Okla 1st gu g 5s 1943 M-S 10112 102 10113 10112
1 10112 10112
98 Jan '11
Registered
1906 A-8
Missouri Pee 1st cons g 6s 1920 M-N 10434 Sale 10444
0 6739238
9214
10 10434 1064
4 -9113-4
103
Div'l 1st 1 & gen g 4s 1944 J-J 9114 9
10712 10512
Trust gold 55 stamped-a1917 M-S 994 9614 0912
4 99 100
10512 85 105 1124
(1912
10-25-year cony 4s
1932 J-1)
Registered
10-20-year cony 4s __ _1032 It- S i.(15-14 106 11)912 Feb '13
10913 11113
441917 11-3 --- --_,-- 97 Ala
_
"
•
i
., -,;'
1st collateral gold 5s____1920 F-A
9834 S4.4e 9813
10358 Sale 10312 1043 580 10313 107
9834 ..0
Convertible 4 4is (wh.is.)'38
e.34 -..;.--.-.
1 5912 92
Registered
8912
•Pocali 0 & 0 joint 43..1941 J-15 8912 Sale 8912
1920 F-A
40-year gold loan 45
_ 106 10934 Jan '13
10534 10534
4 763C & P 1st guar gold 53.1922 J-J _
4
.
21943 M-S ---- fils 63-4
iti - - i -66
3d Ts extended at 4%.__i93a M- N -.,,- 9612 0612 May'll __
Selo V &NE 1st gu c 45_1089 11-N
95 Feb '13 -- 94 0533
- .- 193s m-S so Sale 86
1st 6. ref cony 5s
9714 38 97 9858
974 97% 97
Northern Pao prior 1 r 48_1997
8613 ii id ii
97 97%
Cent Br fly 1st gu g 4s....1919 r-A 91 ---. 9134 Feb '13 ___ 9134 9144
97 Feb '13
1997 - J
Registered
Cent Br U P 1st g 4s
15 6613 6814
67
-11678Sale 66%
General lien gold 3s
a204?
19411 1-D -------- -81 Dee '12 ___ _- --__
____ 6612 68 Jan '13 -- 68 68
Leroy & C V A L 1st g 5s_ 1920 ..-J -,7,,-.- ...... 10 Mch '05
a2047
Registered
924
St Paul-Duluth Div g 48_1996
2 9214 921
-_ 9518 9212
Pao It of Mo 1st ext g 43_1938 e-4 ''''2 ---- 9318
4 9212 0318
9318
10113 Oct '12 __
Dui Short L 1st gu 53_1918
.18
2d extended gold 53_1933 d". 10318 ____ 103 Feb '13 __ 103 103
S 86
10458
St P & N P gen gold 66_1933 F-A 113
113 Feb .13
113 113
10434 21 10413 106
StL Ir M&S gen con g 55..1931 A-0 104 1
-------104
110.34
11538 Aug '11 -.
__
-Oct '12 _ ___
Registered certificates_1923 Q-F
Gen con stamp go g 53_1931 A-0
8113 Sale 814
St Paul & Duluth lot 53_1931 F-A 109 _ _
107 Jan 12
2 -834
Unified & ref gold 49_1929 J -J
7 8118112
8034.
8078 Oct '12 ___ ___ ____
_
2d 5s
193,, J -J
10238 Jan '13 ____ 10218 10288
•
1017 A-0
Registered
1st consol gold 4s
94 J'ne'12
8214
1 8214 8312
1968 4-D _
Riv & 0 Div let g 4s 1934r 824 Sale 824
Wash Cent 1st gold 4s
96. 96
1948 -M 88 93 914 Apr '11
Verdi V I & W 1st g 53_190 1 ---- ,..,, - 96 Jan '13
...,„ 11658 ii718 117
117
1 11653 1174 Nor Pao Term Co 1st g Os_ _1933 -J *11078 -- -- 1113* Feb '13
Mob & Ohio new gold 6s
ifJ84 fife;
1927
4I"J
-_
11212
11234 Jan '13 __ 11234 11234 Oregon-Wash 1st & ref 43 _1961 J-J
9038 9034 9014
9014
1st extension gold 6s-81027
1 90 9114
1933 44-5 8434 ...„ 8454 Feb '13 _
General gold 4s
8434 8578 Pacific Coast Co 1st g 53_19413 J -D ____ 10012 1004Feb '13
to% 10113
Montgom Div let g 5s
1947 ,S-A 10813 110 10812 Feb '13 _..: 10812 10813 L ennsylvania RRIst real est g 45
____ -_ 101'i Jan '13
St L & Cairo con g 4s___81930 "F .10114 10114
8734 -.,_-_- 85% Dec '12
1923 M-N 10114
11L04 92% 92 Nov 12
Consol gold 55
-"
Guaranteed gold 43
1031 q
1919 M-$ 108 107 110 Alch '12
1008 10074 10018
Consol gold 4s
Veen,Ch 8. St L 1st 73_1913 1 10012 101
10058
1943 M-N 19912 _ _ 10214 Nov'12
107 10814 107
- "97 97
Convertible gold 3 3,68_01915 J -D 904 Sale (1634
11 1st oonsol gold lis
12 -6631
2
2 107 10814
107
1928 AIll Jan .13 __ 111 111
97
97
1 97 97
Registered
Jasper Branch 1st
e1915 J-D
10134 10 101 10234
Consol gold 4s
M011 M W & Al 1st Ils
1948 A1-N 11:11.12 102 10134
1917 -J ---- _ _ _ _ 10513Jan '13 _ : 10513 10512
..- _„,.. 113 J'Isr '04 -__ . _ --T & P Branch 1st 43__ _1917 ,Alleg Val gen guar g 4s_.1942 M-S 9914 looks 9914 Feb '13
9914 9914
Nat Rys of Meg pr lien 4 5i-9.1957.
DRRR&Ege 1st go 4sg1936 F-A ---- -- 100 Sep '12
------ bo 85 Feb '13 ____ gi 8812
Phlla Bait h W 1st g 45_ _1943 M-N 9978 -__. 100 Jan '13
rid - 100
Guaranteed general 41.__1977 1- .- 80 77 Feb '13
7614 78
Sod Bay h Sou 1st g 53_ _1924 J-J - _- 102 Jan '03
Nat of Mex prior lien 4 315_193G ---- 99 96%Feb '13
967 9671
0613
---- 767s 7613 Jan '13 ____ 7613 7612
Sunbury & Lewis 1st g 4s 1936 J -J
1st consol 45
1961 n U NJ 11R
99 ___ 10112 Mt;i'U
NO Mob &Chic let ref 5.1900 ."
Can
1944
gen
11-S
4s_
_
--85
85
Feb
'13
---85
_ ___ 87
_
Pennsylvania CoNO & N E prior lien g esp1914 A-0 1004 1034
Guar 1st g4 Ifs
102% 104
8613 8713
New Orleans Term 1st 43...1953 J-J ---- 864 8618 Feb '13 :-_
1921 J-J 10214 --- 10238 Feb '13
8412 "43 84 87
_ 8412 84
Registered
10214 10234
N Y Central Jo 11 ft g 3 40_1997 4-4 84
1921 J-j 102 10i 10254 Jan '13
Guar 3 4,69 cell trust leg_ _1937
50'2 --- 834
8334
87 89 Sep 12
5 8334 8634
S
Registered
1697 4 -..1
---- -89
Guar 3 )is coil trust ser B.1941 F-A
1934 A -N 89
8512 86
b-38 . 86 Feb '13
Debenture gold 45
8934 14 89 9112
103/ . N ---- ---_
Trust Co certfs gu g 3 3-f8_1916 It93 mason _
9758 Dec '12
- -Registered
___ __
---'I8 77I4
7714 i7
'12
Guar
88
Mch
3
3
,
68
79
771,
trust
1942
8538.
ctts
C
7712
-4
Lake Shore coil g 3 lis
1993 ."A
---8538
Guar 3 fs trust Ws D
8754Jan '12
7634 77
1044 .1 184 7734 7634 Feb '13 _
1993'- A
Registered
9514
9578
Guar 15-35 year g 4s
4
1931 A-0
7712
-1.181
Mich Cent cell gold 3)0_1993 "A "-- 78 75
2 76 7812
Cin Lel) & Nor gu 4s g.....1942 1I-N 9212 9312 9212 Feb '13
9212 921
_ _ ____
-- 774 78 Sep '12
Registered
190/1 r-A. -n-0
110 Jan '05
Cl 14 Mar 1st gu g 4 4414_1935 A1-N loot2
Beech Creek 1st gu g 4s 1936 ..--1
. u° ---- 98 Feb '13 ___ si8 98
10734 Dec '11
Ci & P gen gu g 4 44s ser A 1942 J-J
___
Registered
- - -- ---- 99 May'll
1936.
.
10934 J'iy "01,
Series Ti
1942 A-0
2d guar gold 5s
19/IC jJ
'
9114 Feb '12
tot reduced to 3546_1942 A-0
J
Registered
1936
9018 Oct '12
Series C 3;is
1948 11-N
Beech Cr Eat lst g 3 40_01951 4---- ...- ..-- ----O
. ---- -,,90
Series
May 08
D
3
4is
1950
F-A
Oct
'12
Cart 16 Ad lit gu g 43._1931 ..- " ---- 55
. ....."
_
Erie & Pitts gu g 34s 11_1940 J-J
9012 9112 May'12
Goner & Oswe 1st gu g 65_1943 J -D 108
. 9018 J'iy '12
Series C
_
1940 J-J
Mob & Mal 1st cru g 45_ _ _1091 M"S --1.- ---- 158-3-4 Jail'
;-1iliis
1-8.-: -(i8.4
____
9.
103
PA
idi
&
10112
I
ex
10113Grit
10112
Oct
'13
hit gu f;4 ;49_1941 J -J
'02
Feb
10238
N J Juno Ti guar 1st 4s_1914
_ ____
Pitt. Y & Ash 1st con 55_1927 11- N
--- 109 May'10
Registered
1936 -A
3712 Dec-.-A :::: -_---- ----::
Tol W V & 0 gu 4 443 A 1931 J-J 10012 _ _ _ 1024 J'ne'12
N Y & Harlem g 3 145_2000 -N 864--.......
MN
_
10012
_
10238 Nov'12
Series B 4 4is
2000
Registered
. __---1033 J-J
Series C 45
1942 11-A 94 98 954 Oet '12
N Y h Northern 1st g 5s-1927 A-0 106 1652 107 Feto-'13 ____ 10512 107
103 10334 10312 Feb '13
P 00 & St L gu 4 Hs A 1940 A16:11-210312
NY h Pu 1st cons gu g431993 A-0 ---- 943 9778 Aug'11
10314
--__
10434 J'iy '12
1942 ASeries B guar
Nor AI Mont 1st gu
106 J'no'll
1942 11-N
Series C guar
1932 J-D ,---- 113 13113 Jan iio
'Pine Creek reg guar 6s
- 98 97 Dec '12
Series D 48 guar
1945 11- N
R W & 0 con Ist ext 5s_h11022 y.,A1Z •LG473 1051 10618Jan '13 ____ id6 10614
9514 Sep '12
- --- 101 101 Mch'12 ____ ____ ___
Series IS 3 345 guar g_1949 p- A 00
Oswe h R 2d go g 5s_ _61915 r 9514 Jan '13
9514 9514
____
Series F go 4s r,
1953 J-D
, R W & OP R 1st gu g 53_1918 111-N 10112 ....,_ 104 J'ne.10
.......-..
Jan 13
0712
9712 9711
9512
973
8
Series
11-N
G
45
96
1957
guar
Oct
'12
.Rutland 1st con g 4 lis 1941 J -J
--• 11313 Nov'11
CStLlsPlstcongss,,j032 A-0 85 831.. Feb '13 _ . -8314 34
Ort&LCham 1st gu 4s g 1041
106 Feb '13
foci - 106
Peo It Pek Un 1st g es
1921 Q-F
•
Rut-Caned 1st fru g 4s_1949 .,,-.4 ''''''' ---- 93 J ne'09 -_.
2d gold 4 1;s
01921 M-N -di-"ig 9312Jan '11
St Lawr & Adlr 1st g 53_1996 4 -J ---- ---- 108 Sep '12 ____
_ 5912 54 Jan '13
54 54
ma A-0 --------11913 Ilch'12
2d gold es
_ -- ---- Pere Marquette-Ref 43_1955 J-J
51 5478 5012 NOV 12
Refunding guar 4s
1955 J-J
997s Nov '11 . _. ___ ____
• Utica & Bile Illy go g 4s_1032 J-J
98 Oct '12
Oh & W M 55
-1921 J -D
Lake Shore gold 3 46s__I907 4-D ---- 8744 87% Feb '13 .:__ 8738 8812
104 104 Oct '12
Flint do P M g 6s
1920 A-0
. Registered
1097 J-D -,--- --- 8644 Feb '13 ___ 8634 88
. 98 96 Feb '13
95 -i61st consol gold is
9148 N 0034 0234
Debenture gold 4s___ _1928 11-S 9234 Sale 9084
1939 Al-N
' 08 9612 Feb '13
9812 9613
1031 NI-N uuk Sale 9034
Pt Huron Div 1st g 53..1939 A-0 96
25-year gold 46
91% 73 9034 9258
Sag Tus & H 1st gu g 48_1931 F-A
Registered
___ ____
1931 81-N ---- -. 93 Oct '12 __
-83
.14 Feb '13
83 8314
Philippine By 1st 30-yr s f 48.'37 J-J
.. _ _ - -__
Ka A & G 11 ist gu c 53.1932 J-J .:-=-„,-- ,
1111-2 LIch-'11 .::: :___
Pitts Sh & L E. lot g 5s
Mahon C'1 RR 1st 53_1934 J-4 .ILN 11
1940 A-0 ig1-3 _ _ 113 J'iy '12
11314 Nov '11
1st consol gold 53
1943 J -J
Pitts h L Erie 2d g 5sa19,23 A-0 luu _--- 105 Apr '12 __ ____ ____
06 Sale 96
Pitts MoK & Y 1st gu 0_1932 J.- J. ---- ---- 1304 Jan '09 ____ .-- ---- 110 eading'Co gen g 45
13012 94 96 9712
1997 J-J
9512
9612 Feb 13
96 9613
Registered
1997 J-J
.....- "
• 2d guaranteed Gs
-. ---- ---- 13314 Moll'12
1934.
95 91314
1051 A-0 -- 9678 96 Feb '13
Jersey Cent coil g 43
McKees & B V ist g 63_191s J-A ------- ---___
10612 iii iff Jai .1*
1951 J -J
Atlan City gu 48 g
Michigan Central 55
1931 M83's 84
1947 J-J ..- 87 -1-41-2F96-.15
Registered
1931 19-M 104 _.. 119 J'ne'06 __ _ ...... --- ,..Nt Jo & Or Idi 1st g 4s
98 Apr '12 ___ __ __ -.3t Louis Jo San Francisco,, 4s
1940 J-J
1141 1 11414
1031 J-J 11334 - - 1144 Jan '13
Registered
General gold (Is
1940 J-J ---- -- 984 Nov'll
---- ---10213
6 10212 10434
General gold 5s
11331 J -J 10212 Salo 10212
J I. & S 1st gold 3 40_1951 M-S --; - y, 90 J'ne'08 _..--.
87 8512 Deo '12
1st gold 3 4is
St L & SF RR cons g 4s_ 1996 J-J
1952 41-N 864 -Se 88 Feb '13 ____ 86 8512
Gen 15-20 yr 58
20-year debenture 4s...1929 A-0 8744 ...._ 8784 Feb '18 __ 8744 89
7952 00 -fir 8238
1927 (11-N 7912 Sale 7918
100 100
0812
Southw Div 1st g 5s....1947 A-0 9913-- 100 Jan '13
N Y Chic &St List g 46_1937 A-0 ..-- 9$ 9812
6 98 994
82 7412 7634
7434 75 75
76
974 974
9111Jan '13 _
Refunding g 45
Registered._
1951 J-J
1937 A-0
imelill-N
eel AM
WM
X en. 50
5034
Registered
1951 J-J
•

•___

if

69-1921 r

11114

_-

6

4-4 -

-U---.

--------

MISCELLANEOUS BONDS-Continued on Next Page.
•
Gas and Electric Light
Kings Co El L 63 p c 5s____1937 A-0___ 104 10434 Feb '13 ____ 10434 10134
Purchase money es
1997 A 0 111 11478 114 Feb '13
113 11..
Convertible deb 6s
1922 M-S 120 123 1224 Dec '12 _ •
_ _ _
Ed El Ii Bkn 1st con g 46_1939 J-J
884 __ *8t Feb '13 ____ $812 8812
Lao Gas Lot St L 1st g 5s.._61919 Q-F 101 10212 102 Feb '13 ___ 101% 1024
Ref and ext let g 53
1934 A-0 101 10112 10113 Feb '13 ____ 10114 102
Milwaukee Gas L 1st 4s
894 90
1927 M-N ___. 9038 8934 Feb '13 • _
Newark Con Gas g 5s
1943 J-I) 1034 --. 10614 Apr '12 _
N Y G IC L 11 & P g Its
1948 J-D 10214 Sale 10178
10214 -18 101-34 10312
Purchase money g 48__ -1949 F- A 844 8434 844
8484 171 84 8612
Ed El III lst eons g 5s
1995 J-J 107 100 1081 Feb '13 --__ 10812 10812
NY& Q Si L&P ist cone 55_1930 F-A ..- 1014 9913 Dec '12 .___ _____
N Y & Riots Gas 1st g lis_ _1921 44-N
___ 9212.7.1y '09 ......_ _--- --Pacific 0 & El Co Cal 0 14-E
Corp unifying & ref 53_1937 31-N 9558 Sale 9553
9534 31 9444 96
?tic Pow & Lt 1t 14 ref 20-yr
6s Internet Series
1930 F -A
944 95 Oct '12.
--- -1949 41-S 100 103 10238 J'iy '12 ..
Sat & Passaic. 0 & E lia
____ ____

Gas and Electric Light
Peo Gas & C let con g 6s___1943 A-0
Refunding gold 53
1947 m-S
,
Recristered
1947 Al_e
Oh ._,-L It Cke 1st go g 53_1937 .j.-J
Con G Co of Ch 1st gu g Is 1936 j-1)
Ind Nat Gas & 011 30-yr 5s '36 M-N
Mu Fuel Gas let go e 5s 1947 41-N
Philadelphia Co cony 53_1919 F-A
Cony deben g bs
1922 Lf-N
Stan Gas& Elee cony if 68_1926 J-I)
Syracuse Lighting 1st g 55_1951 J-1)
Syracuse I. & P 5s
1054 J-J
Trenton G & E let g 5s__ _1049 Al- S
Union FJec L & P 1st C 5s 1932 M-S
Ref & ext 3s
1933 M-N
Utica Eli. & P lst g 5s
1950 J-J
1957 J-J
Gas & 13 ref 63
Weateheeter Liglat'g g 58._1950 J-11)

..j- - -Utica

2 No price Friday; latest bid anti asked. a Due Jan, S Duo Feb. 0 Due May. g Due June.




_..... 117 116 Jan '13 _..-, 11512 116
10178
'7 10118 1017
10118 Sale 10118
___
_ 103 Feb '09 _- _- -,,••
10278 1E12 10258 Feb '13 __ 102:4 1031,
100 10234 10314 Oct '12 ____ __ ___,
____ 8978 93 Meh'12 ...... ___ ___.
_ 10114 Aug'I 2
__
____ i0.4 100 Nov.12__
_- -. 9812 0713 Feb '13 __ 9712 -98
10018
100 Sale 100
6 9934 1003
-- 101 101 Dec '11 ____ ------.
---- -- 8512J.110'4_
._...,
- - --__ IOU Feb '01 _
._ . 102 Jan '13 __:: lid 11)2
id .
96 9714 97 Dec '12 _____ ___
101 ____ ___
__ ___ ______
98 -._ 10014 Doi. '11 _.---- --10412
__ 10412 10412
5 10412 1051

DueJuly. 0 Due Oct.

p Due Nov. a Option sale.

MARA 19 13

705

New York Bond Record-Concluded-Page 4
1

.g '
Price
BONDS
Friday
,..
Y. STOCK EXCHANGE u *2
:-16:,' March 7
Week Ending March 7.

r.

V eek's
-n.
:li.
,
Range or
'
- c)3
Last Sale,q

fiance
Since
Jan. 1

N

L'..".?,
BONDS
Y. STOCK EXCHANGE I'L:
:4a.
Week Ending March 7.

Price
Friday
March 7

V eck s
Range or
Last Sale

i

4

al,Z

Range
Since
Jan.1

High No. Low High
Ask bow
Bid
Bid
Ask T,ow
High No. Low High
t L h San Fran (Con)
10478 34 10334 1064
1939 3I-N 104 Sale 10334
6 11112 21314 1A/abash 1st gold 5s
11158
K C Ft S h M con g es__1028 M-N 11112 Sale 1114
Feb '13 ---- 98 9912
9812
981
9712
F-A
1939
3
7
2d
gold
4
78
Is
76
4
753
76
753
4
763
A-0
4s_1936
&
M
Ft
S
Hy
ret
g
KC
Debenture Series B._ _1939 J-J --------_ 110 J'ne 2 .... ____ ____
Registered_
1936 A-0 --------.. 7712 J'ly '12 __-. -_ ____
1921 M-S _.100 9918 Dec '12 ....._ __-_K 0 42 Hit h B 1st gu 55_1929 A-() -_ _ _ 10312 J'ly '12 ...... ____ ____ ' 1st nen equips Id g 55
80 .,_.. 83 Dec 10 ____ __- __,
0913
10018
1st
lien 50-yr g term 4s 1954 J-J
3
9958
9958
995;
997
8
A-0
g_191:i
Is
Ozark h Ch C 1st gu
62 254 5612 647i
5834 Sale 5834
21
88
1st
ref
90
1956 J -J
and ext g 4s
89
StL S W 1st g 4s bd ctts_1989 M-N 8812 Sale 8838
_ ____ ___ 6378 Oct 12 ___ __- __Cent i rust Co ctfs
73 79 7912 Feb '13 __ _ 78 80
2d g 48 Inc bond ctis__21980 J-J
Oct
'12 .__59
6312
____
___
50
7913
81
Do
80
7912
Stamped
Sale
7912
gold
4s
Consol
1932 J-D
------------64 Nov'12 . _ . ___- ___
Equ:t Tr st Co ctfs
Gray's Pt Ter 1st gu g 5s..1947 J-D ---. ____ 10118 Apr o; _____ ___
13 5512 613-4
59
- _ 57 56
Do St. mped
IA h A Pass 1st gu g 4s
1043 J-J - -- 8414 8334 Feb '13 _--- 833-4 8534
Det & Ch Ext 1st g 55_1941 J--J 105 10712 107 Feb '13 ___ _ 107 107
95 ____ 101 Oet 'iv, _ _. ___. ____
I F h N P 1st sink I g 53_1919 J-J
Des Moln Div 1st g 4s___1939 J-J --------80 Aug '.2 ---- ---- --leaboard Air Line g 4s
195h A-0 --- 8613 8512 Feb '13 ____ 85 851,
Om Div 1st g 3 ;is
1941 A-0 ..--- ____ 69 Dec 12 -Gold 41 stamped
1950 A-0 8313 8434 8158 Feb '13 __ 8453 86
I'M dc Ch Div 1st g 4s.._ _1941 M-S 80 ____ 80 Feb 13 _... 80 80
Registered
,--------2413
2 2412 2611
2413
1954 J-D
ii12 22 76 ii13 Wab Pitts Term 1st g 4s
Adjustment Is
11,ie if
01949 F-A ii
21 2418 271j
25
Cent h Old Col Tr Co certfs.-- 2478 Sale 2418
Refundlng 48
7712 15 774 79
1959 A-0 --„- 777 774
..__
'13
2512 28
2512
Feb
ctfs_
26
_
__
Columbia
88
87
Tr
__
13
Feb
Co
Ati-Birm 30-yr 1st g 4s_e1933 NI- s S4 ____ 88
2
2
-2
2 Jan '13 _--.
2d gold 4s
1
1954 :1--D
Car Cent 1st con g 4s
917 -... 91% Feb '13 _-- 9134 91%
1949 J-J
13A 214
15
2
2
2
17
Trust Co certfs
10314Jan '13 ____ 10314 10314
Fla Cen h Pen 1st g 5s......1918 J-___.
____
_....
11
Oct
8
Wash
Term)
__
873
-_-_
_
835
-A
1st
i
9
12
gu
3)0_1945
1st land gr ext g 5s....„1930 J -J - - ------ 104 Nov
1st 40-yr guar 4s
_.
1945 P-A -------- 100 Sep 12 ____
Consol gold 5s
1943 J -J 1414 ___ _ 107 J'ne'i 2 -------5 814 837-4
West Maryland 1st g 4s__ _1952 A-0 - 82 8112
824
Ga h Ala Hy 1st con 5s_ol 945 J-J 104 105 105 Feb '13 ____ 105 i9.5
West
N
____
._
Y
&
'12
Pa 1st g 5s..:_1937 J -J 106 ___ 10634 Feb '13 -_ 1063s 1C1714
Ga Car h No 1st gu g 5s_1920 J-J 104 10458 10.34 Sep
__
Gen gold 4s
1943 A-0 --- 86 86 Oct '1.:,
1926 J.. J 9 _ _- 1048 105 May'12 -__ ____ ____
Scab h Hos 1st Is
_.
-Income Is
d1943 Nov --------34 Feb '0/ _-__ ___
louthern Pacific Co
j511,
10112
--__
17
___
9212
98
Feb
'13
101
11)112
95
Wheeling
&
L E 1st g 5s
1926 A-0
Gold 4s (Cent Pac coil).,k1949 J-D 9312 Sale 9312
Wheel Div 1st gold 5s
95I Feb '13 ____ 05 9512
99 ____ 100 Feb '13 -- 100 100
J-J
1928
99
-„-J-D
Registered
k1949
Eaten & Imp gold 5s_1930 F-A --„_.. -- 99 Feb 13 ____ 99 101'.
9033 175 887 0334
20-year cony 4s
0929 lkt-S 9018 Sale 90
3 8012 805'1
RR 1st consol 4s
80%
26 9413 2612
943
1949 M-S 8058 81 80%
Cent Pac 1st ref gu g 4s1949 F-A 93 9414 9412
20-year equip s f 5s
__
_--_
9812 Feb I I ._ ___ ___.
9412
'12
J'ly
1922 J-J -----95
-Registered
1949 F-A
9014
91
___
__
'13
893* 91
'13
891
8958
Feb
Winston-Salem
Feb
S
_
B
0014
1st
J-J0014
45_1960
Mort guar gold 3 s_k1929 J-D ---9014 18 901s 9151
4 Sale 9018
901- 9214 914Feb '13 ___ 9112 9112 Wls Cent 50-yr 1st gen 4s 1949 J-J
Through st L 1st gu 43_1954 A-0
17 8914 901,
SuphDul div h term 1st 4s'36 91,-N 8934 Sale 8914
2 104 10434
104
8934
104
164
Sale
in-N
G H h S A M h P 1st 5s_1931
---(0218 fly '12 ___ ____ ___
Gila V G h N 1st gu g 55_1924 M11-N ---'12
Manufacturing and Industrial
bons E h W 'I' 1st g 15s_1933-M-N 103 __ 103 Dec
57 Dec '12 _ ---------____ ___ ____ Allis-Chalmers 1st Is
1044 May'12 -------1936 J-J --__ 66
103
103
1933
M-N
1st guar Is red
3 5613 63
5612
Trust Co ctfs deposit
45 59 5612
'12 __
18 & T 0 1st g 5s int gu 1937 J-J 10912 1097 10914 Sep
4 10018 10171
10034
Am Ag Chem 1st o Is
1 03 93
93
1928 A-0 10012 1011 1004
Gen gold 4s int guar._1921 A-0 93 Sale 93 Nich'10
5 9614 9711
9612
9638
963
Cot
9613
Am
011
ext
___
43-5s
ci-p
__
....1915
____
11914
113
Waco h N W city 1st g Cs '30 91-N
1 9312 05
931
9312
931
Debenture
5s
93
10633
IV
-N
106
1931
Jan
'13
____
1941 J -J 100 10578 106
N W 1st gu. g 5s
_ Am Hide h L 1st s f g 63_1919 II-S 101 Sale 10034
__
10134 58 100%1031;
___.
Morgan's La h I' 1st 7s 1918 A-0 --------- 11134 Aug'12 ____ 107 itif
761
7412
76
3
74
761,
Amer
Ice
75
Scour
deb
A-0
g
6(1_1925
'13
Jan
107
t8
1st gold Cs
1920 J-J
50 10334 105
105
1938 A..4) illi ___ 112 Fob '07 -. _-- ___ Am Smelt Securities s I 48_1926 P-A 10414 105 1043*
No of Cal guar g Is
1915 M-S ..„- 991 9912Jan '13 ___. 9912 991;
Ore h Cal 1st guar g 5s 1927 J-J 102 ____ 101 Oct '12 __-- ____ ____ Am Spirits Mfg 1st g 6s
5 03 933,
93
1919 J-J 9212 93 93
So Pac of Cal-Cu g 58 _1937 II- N 103 _. 116 15,4ay.07 ___ __ ____ Am Thread 1st col tr 4s
91 --,- 9112 Sep'
So Pac Coast 1st gu 9s g_1937 J -J
12 ---- --- -__ AM Tobacco 40-Yr g 63.-1944 A-0 -___ 1211 120% Feb '13- 120 1205.
1944 A-0 ---- ---- 120 Nov'12 -. ____ ___,
Registered
San Fran Terml 1st 4s_1950 A-0
- 8312 8858 Feb '13 ____ 885- 90
1 9612 971
97
1961 F-A ---- 98 97
Gold 45
Tex h N 0 con gold 53 1943 J -J 161118 101 10158 May'ii -------_ ___,
1951 F-A - - .- - - 953sPne•12 _
8
3 -9
.4-1Registered
9314 40 9219314 Sale 93
lo Paz RR 1st ref 43
1955 J-J
2 89 903
8918
- 8938 8918
g914
Am Writg Paper 1st s f 5s 1919 J-J
Southern-.
8
103
1033
Sep
'12
iog
10512
45
Sale
Ig-N
105
1051
Raldw
53_1940
10718
Loco Works 1st
1st consol g 53
1994 J-J
9514 ii iE 9624
4
. _ ----105 Sep '11
1936 J-J 95 951 95
__ 10434 10434 Beth Steel 1st ext s f 5s
Registered
1994 J-J --8514 15 85 863
78
06 7714 7812
1st & ref' Is guar A _ _1942 M-N 85 Sale 85
1778 Sale 7712
Develop h gen 45 Ser A_1956 A-0
Sale
9512
98
47 943* 97
8512
8
843
4
8514
8612
96
87
Cent
8514
A-0
Leather
58:_1924
20-year g
Mob & Ohio cod tr g 4s 1938 M-S
97
3 9614 971.
1951 F-A -.r.7- 98 97
Mom DIv 1st g 4 ).6-5s
1996 J-J 107 10734 1074 Dec '12 __ __ __ Congo! Tobacco g 45
4 8812 Corn Prod Ref s I g Is
85 8612 8624 Feb '13 ___ 8631031 M-N 11053 961 9614 Feb '13 _. 9534 9644
St Louis city 1st g 4s__1951 J-J
8 'J1% 931
93
1st 25-years f53
1934 M-N 93 Salo 03
Ala Can it 1st g es
1918 J-J 105 __- 10514 Sep '12.._ .....- ____
8814 ____ 8714 Jan '13 ____ 8612 8714 Cuban-Amer Sugar coil tr 63 1918 A-0 -..-- 9512 9434 Feb '13 -_, 9434 96
Atl h Danv 1st g 4s
1048 J-J
33 64 70
683
1948 J..1
83 __ 8214 Feb '12 --. --- ___ Distil Sec Cor cony 1st g 53_1927 A-0 9/ 6812 68
2d 45
26 8618 90
87
---- -- ---- ____ E I du Pont Powder 4;0_19311 J-D 8 Sale 87
-AU h lad 1st g guar 4s 1949 A-0 83!11 ---- -..., Dec'11
4 7712 82
82
____ Gen Electric deb g 33.5s_1942 F-A 80 82 82
Col & Greenv 1st es
1916 J-J 103.4 --- 1053-4
-------141 Jan '13 ____ 141 141
106
10-yr
g
Feb
'13
___
_-__
deb
Is
106
106
-J-1)
1917
E,'I' Va h Ga Div g 5s
1930 J -J
28 103 1051
1033
10834
2 10834 10958
Debenture 5s (rccts) _ 1952 If- S 10312 Sale 10314
Con 1st gold Is
1956 in- N 10812 10834 1085
7 9834 100
9012
1938 hi_ s 1024 ..„ 10518 J'iy '12 ___ ___ __ Gen'i Motors 1st lien 633
1915 A-0 9914 Sale 994
E Ten reor lien g 55
3 8678 891
87
Dec '12
Ill Steel deb 4 )is
1940 A-0 „__ 87 86%
Ga Midland 1st 35
1946 A-0 6312 643-4 64
Indian. Steel 1st Is
1952 M.N 10012 10034 10033 10034 26 100 1011
Ga Pac Hy 1st g 6s
1922 J-J 110 11038 10978 Feb '13 ____ 1097i 110
10312 101 10312
10312 10 102 105
Paper
Co
1st
F.A
con
Int
g
133_1918
112
Feb
'13
___
112
112
11312
112
Knox h Ohio 1st g 65_1925- J-J
1 874 913
875 8812 884
884
Consol cony at g Is
1935 J-J
Nov'12 _-- ---- --.,
Mob h Mr prior lien g 58_1945 J-J -------10512
2 8413 883
8412
1929 M-S 83 89 8412
Int St Pump 18t a f Is
79
1 79 79
Mortgage gold 43
1945 J-J .6 79 79
2 95 961
961
4 9612
96
963
Steel
Is
1923
i
i
-0
Lacitaw
1st
g
10212
10212
10212
1
10213
102121023*
Rich h Dam con g 6s
1915 J-J
1st con Is Series A
1950 -9 77 7812 78 Feb '13 __ 7612 801
1927 A-0 -„,- 10412 1011 Jan '13 ___ 10312 10312
Deb 5s stamped
11 04 955
95
5-year convertible 5s_ _1915 h -S 9434 Sale 9434
_
7112 _-__ 73 Sep '12
Rich h Heck 1st g 4s
1048 M-N
9 1197 1221
12114
---_ 12034 Sale 12034
Myers
01
&
Tob
Co7s
Feb
'13
_
100
__-g
tiy
-bdn-...
101
i
So Car h Ga lst g 58.- 1919 M-N
9854 Sale 9838
60 9612 993
99
____ 112 Oct '09 -------- ---- ---55 temporary bonds
Virginia Mid ser 0 6s
1916 111-S
9912
5 99 100
9912
------___ - ---- Mexican Petrol Ltd env es A '21 A-0 981_--....
Series D 4-5s
1921 m-s ioi .... 1033.1 Nov'12
3 9212 951
9212 Sale 9212
9212
Series E Is
1926 in- S --------1044Jan '13 ____ 10434 1043-4 Nat EnaM & StPE 18t 5S-1929 J-D .
2-- 88 8811 Feb '13 --.. 8812 8812
105
2 105 105
Nat Starch 20-yr deb 53-- _1930 J -J
Series F Is
1931 M-S ---- ---- 105
9812 15 9714 991
1952 111-N 98 Sale 974
General Is
1936 M-N _---- 10814Jan '13 ___ 1084 10814 National Tube 1st 5s
101 101
____ 10012 103
Va h So'w't 1st gu 5s_2003 J -J „.„ -_ 108 Feb '13 ___ 108 10854 N y Air Bralie 1St COnv 6s_ 1928 M-N 100 12112 12034 Feb '13
Feb
'13
121 1221
95
120%
953
4
95
1 95 95% P Lorillard Co 73 tem'pry bds_-- --__
1st cons 50-year 58_4958 A-0 96
30 9714 997
90
98 9834 9814
'12
___
Sep
_.....___
Is
9312
temporary
bonds
W 0 & W 1st cy gu 4s
P--------1924
9714 9812
1
'13
___
984
Feb
101
9818
01
98
-.1
..,Steel
J
101
Ry
Spgs 1st s f 5s____1921
West N C 1st con g 63_1944 j-J-------.
- __-_ 10278
10273
1 102%1021
_ Repub I h S lsthcol tr 5s__1934 A-0 10278
okane Internat 1st g 5s 11155 J-J 7,,,.. ci10212 Apr '11
921
6 91
9112
10-30-year Is s I
1940 A-0 9112 Sale 9112
- 104 Feb '1:' __ 1-i5i12 1'64er A of St L 1st g 41,0_1930 A-0 luz
88 8912
1930 m-N 8812 89 89 Feb '13 _
i1j0.12 111 Aug'12 ---- ---- --_ Standard Milling 1st 5s
1st con gold 5s_1894-1944 F-A
39 9878 1001
993
Gen refunds I g 45
- 8938 945 Oct '12 _. --- __ The Texas Co cony deb es 1931 3-3 994 Sale 987
1953 J-J
--- 89 90 Feb '13.
- 90 92
St L M Bge Ter gu g 53_1939 A-0 idils , 1064 Seri '12 ---- --, -___ Union Bag & Paper 1st 58_1930 3912 911
_ ---- -89 9h1 Jan '13 _
Stamped
1930 --6 10541074
10612
2000 JD 106 1061-2 10614
Tex & Pac 1st gold Is
45 ____ 51 Nov'12 __--_- ____ U S Leath Cost deb g 6s
1913 MIN 10018 0033 10018 Feb '13 __-_ 1004 10014
2d gold Inc 58
q2000 Itch
87 86
86 89
3
86
.„Realty
h
I
cony
S
deb
g
U
5s_'24
J-J
---___
____
---...9912
Apr
'11
1931 J-J
La Div B L 1st g Is
25 25
26 3212 25 Jan '13 __
--- ___ U S Red h Refg 1st g 13s.. 1931 J.J
W Min W h NW 1st gu 9s_'30 P-A ---- --- 10612Nov'04
10278 28 102 10314
1935 J..j 10614 107 10614
10614
1 10614 10614 U S Rubber 10-yr coil tr 6s_1918 J-121 10214 Sale 102
Tol h 0 C 1st g 55
'10
10318Jan
--,J-13
_
__
10618
ReFistered
1918
1073
4
.1'ne
'12
___--___
1935 A-0
Western Div 1st g 5s
10034 453 10014 102
-- U S Steel Corp-/coup ___d1963 M-N 16058 Sale 10014
1935 J -D ---- 10112 103 Nov'12 ---- --,General gold Is
--- 10033
10078
6 10033 102
9112 Feb '13 ____ 9112 9112
8 f 10-60-yr 5311reg ___d1963 I'd-N 1990' A-0 9112
Kan h M 1st gu g 4s
97
8
96797
Fen
'13 _
9612 98
27
j_
j
9712
1
99
1923
J-D
15-yr
5s
1st
9813
Va-Car Chem
9813
1 9812 99
9
2d 20-year 58
10114 41 101 10214
1917 j_ j 89 92 90 Feb '13 ___ 90 9113 West Electric 1st 55 Dec 1922 J-J 10012 10114 101
Tol P h W 1st gold 45
9214 Sale 92
9212 10 9112 94
83
85
84.
Deo
Westinghouse
Ms
I
93_1931
J
-J
'12
---____
E
&
Tol St L h W pr lien g 3)0.1925 J -J
10-year coil tr notes 5s 1917 A-0 _-_- 9712 9678 Feb '13 ..... 963* 961
5014
4 55 5712
50-year gold 43
1950 A-0 55 5612 56
_ 65 68 Deo '12 ....._ __ __
1 elegraph & telephone
Coll tr 45 g Ser A
1917 F-A _
8712 16 8714 90
8714 Sale 8714
8
.4f
2
89
90
Am
89
89
89
Teiep h Tel con tr 45 1929 J-J
Tor Ham h Bull 1st g 45_0946 J -D
10334 83 10334 110'
1936 M-S 10312 104 10334
1 103 10412
Convertible 48
10318
rrister h Del 1st con g 5s 1928 J -D 10318 -- 10318
10313 184 10258 103'
20-yr cony 4 As(wh iss) 1933 _ _ 103% Sale 102%
ki 1st refund g 45
1952 A-0 - - - - 84 8512 Joe'12 ___ ____
____ --- ___
Chicago Telephone 1st 5s_1923 J---D 101 .„..„_
Union Pugh:4 80 8212 Dec '12 ____ __ __.
9838 Sale 98
9834 87 9838 9938 Commercial Cable let g 43_2397 Q-J
1st RH & land grant g 4s.1947 J-J
Registered
9812Feb '13 ...._ 9812 9813
Registered
2397 291-.1 ------- 8312 Nov'll
1947 J-J
,.;-Cumb'd T dl'r 1st &gen 5s_1937 J.J __-- 99 9912Feb '13 ____ 9912 100
158 923* 97
95
94 Sale 04
1927 J -J
20-year cony 45
9312 52 92 0512 Keystone Telephone 1st 55_1935 J-J 90
_. 85 Aug'12.
1st & ref is
g2008 If-S 92 Sale 92
--5 idi 101 Is
101
9313
8 9318 9334 Metropol 'Fel h Tel 1st s f Is 1918 m-N 101 10212 101
Ore Hy h Nay con g 4s._1946 .11-1) 9312 Sale 9312
100
100
1 99 101 4
11112
11112
994
100
11238
1111ch
7
State
111
Telep
5s
1924
p-A
11213
1st
Ore Short Line 1st g es_1922 F-A 111
107
5 10934 109
N Y h N J Telephone Is g _1920 M-N 100 -_ 10314 May'll ___. ___ - ___
1946 J-J ---- 10612 107
1st consol g Is
8934 31 8918 9318 N Y Telep 1st h gene f 4 J,15 1939 M-N 97 Sale 97
0758 36 965 98
1929 JD 8914 Salo 8914
Guar refund 45
10018 16 9914 101
1937 J-J 100 Sale 100
1926 J-J -_,,- -„.. lus May',I ____ _- __ Pao Tel h Tel 1st Is
Utah & Nor gold 5s
10012 27 99 101
South Bell Tel h T 1st s f 5s_1941 J -J 100 Sale 100
1933 J -J
9314 90 ---- ,--- ----1st extended 45
10012
1 10033 102 2
10012
Sale
10012
5s-19331
J-J
'13
____
04
Feb
.___
937
8
94
F-A
-94
A.1955
tr
cur
Ser
West
Union
col
4s
Ilandalla cons g
2 94 98 2
94
9112 94 0438 Nov'r: ____
Fd and real est g 414s
1957 II-N
1950 ,11-N ___ 94 94
Consol 4s Series B
7
ISlut Chi Tel gu eat 5s_ _1941 M-N ____ 104 104 J'ne'il _ _-_-Vera Cruz h P 1st gu 4;0_1934 J-J ____ 93 94 Oct '12 .....- ---- --g_1934 J-J_ 93 Jan '13 ____ 93 93
Northwest Te.' gu 4 )4:.; A

do

__ --

T

--

MISCELLANEOUS ION DS-Concluded.
Miscellaneous
8012 13 8012 827s
- 804
1948 fl-S 81
Adams Ex coil tr g 4s
0053 ..4.6 8
012 92
8912
99
Armour h Co 1st real est 4 ;is '39 J-D 9012 Sale 9012
89
Feb
'13
___89
1952
A-0
8 Bush Termina, 1st 4s
98 -1701194 96 96 Jan '13
. 95 96
1955 J-J
Consol Is
96
97 Nov'12
Bldgs Is guar tax ex _1960 A-0
18 81 85
jig" NO'
164
Chino Copper 1st cony 6E3_1921 J-J 156 166 164
101 103 10112 10212 16 100 1084
Insptr Cons Cop 1st es treets/ -6414 25 635 6618
- Int Merean Marine 434s_,_1922 Y-15 63% Sale 63%
1929 F-A
78 7934 78's Feb '13 __ 7812 7934
Int Navigation 1st s f 5s
98 98
8712 87% Mge Bond (N Y) 45 ser 2_1966 A-0
1932 -J -9-61-2
941-2 Dec '12
10-20 yr Is series 3
7612 80
1939 J-J
8912 Feb '13
Morris & Co 1st sI 4 )is
10018 193
83 --8
1.6
31-2
"
-84
83
N Y Dock 50-yr 1st g 45_1951 F-A
10273 103
10214
5 102 10214
1932
J
-J
10218
10214
10214
1st
Is
Falls
Pow
102
Niag
102
1945 M-N __ 92 92 Dec '12
ontario Transmission 5s
9212 90 9178 93
Pub Serv Corp N J gen 5s.._1939 A-0 9214 Sale 92
114
_1
.8 110 121
79% 7034 Ray Cons Copp:a• 1st cony 641921 J -J 110 115 11112
.914 Feb '13
-. 7934 -7
Wash Water Pow 1st 5s_1939 J -J 102 ____ 102 Dec '12
9712
96 98
96 Sale 96
No prim Friday: latest bid and asked anue Jan (Mu.)April sllue May gDuc June /Wu° July k.Duc Aug oDue Oct dDue Nov qDue Dec sUptiou sale.

Coal & Iron
Butt dl Susq Iron s I 5s____1932 J-D
al926
S
Debenture Is
Col F I Co gen s g 5s___1943 F-A
Col Fuel gen Gs
1919 111-N
Col Indus 1st h coil Is gu_1934 F-A
Cons Ind Coal Me 1st 13s
1935 J-D
Cons Coal of Md 1st h ref 53 1950 J-1)
Gr Illy Coal h C 1st g es__/11919 A-0
Kan h H (3
C 1st s 1 g 55_1951 J-J
Pocah Con Collier 1st s I 53_1957 J-J
St L Rock Mt h P 1st 5s
1955 J-J
Tenn Coal gen 55
1951 J -J
Blrm Div 1st consol 6s_1917 J -J
Tenn Div 1st g es
01917 A-0
Cab C fd Co 1st gu g 65_1922 J-I)
1931 M-S
Utah Fuel 1st g 55
1953 J-J
Victor Fuel 1st 5 f Is
Va Iron Coal h Coke 1st g 531949 .11-S




95
85
93

98 97 J'ly '22
__ 91 Nov'll
99 99
99
10714 J'ne'12
81 Sale 81
82
85 J'ne'll
___ 94 93 Oct '12
96 10212 10258 Apr '06
98 Jan '13
8753 88 8712 Feb '13
76 7712 7812 Feb '13
10012
101 1011 10013
101 10234 1027s Feb '13
101 1033 102 Feb 13
-110 Jan '09

---g

706

CHICAGO STOCK EXCHANGE-Stock Record.

STOCKS-HIGHEST AND LOWEST SALE PRICES
,.. .
March 1,

;Monday
March 3,

Tuesday
21arch 4.

Wednesday
Starch 5,

Thursday
March 6.

Friday
'farch 7.

Sates
of the
Week
Shares

STOCKS
CHICAGO STOCK
EXCHANGE

Range for Year 1913

Range for Previous
Year 1912.

Lowest,

Lowest.

Highest.

Highest.

R
Eailroad's
30
Chicago ley Rys corn 100 30 Jan 3 30 Jan 3
Last Sale 30 Jan'13
25 Nov
40 Apr
Jan'13
91
l
Do pref
100 90 Jan 6 91 Jan 20
90 May
933, Jan
------ ------91
Chic Rys part ott "1"___ 88 Jan 14 9814 Jan 30
_ -51_
83 Dec 104% Jan
2412 2321 24
811 t.',hic Rys part ctf "2"___ 22 Jan 8 2612 Jan 13
_--_-1934 No" 38 Jan
Ohio Rya part otf
712
Last Sale 878 Feb'13
_
012 Jan 6
812 Jan 2
6 J'ne
11 Jan
4.31,
4
Last Sale 312 Feb'13
Chic Rye part ate "3"-_
"4"___
414 Jan 16
3%Jan 7
3 Oct
578 Jan
*16
Last Sale 18 Nov'12
18
Kansaa City lty & Lt_100
1414 Aug
25
Sep
*30
Last Sale 41 Nov'12
37
Do prat
100
40 Oct
0! Jan
*8
812 *8
812 *8
90 Street. W Stable C L..100
812
8
Mch
1
912 Jan 3
6 Mch
1178 Apr
*45
Last Sale 50
50
pre!
100
35 Jan
52 J'ne
Dec'12Do Miscaanocus
3514 3512 35
3612 331 3414 3814 351
3234 1,475 American Can
3234 337g 32
100 26 Jan 14 4612 Jan 31
47 Oct
1112 Jan
125 125
123 12412 1231 12312 123 12312 122 12234 122 12212
780
Do prof
100 11313 Jan 14 12914 Jan 30
91 Feb 126 Sep
*500
___ *500
500
Last Sale 500 Feb'13
__
___ •500
American Radiator_100 470 Jan 3 500 Feb 11 325 Feb 405 J'ly
*133 136 *133 13-6
133 136 *133 1-36
Last Sale 134 Feb'13
Do prof
100 13318 Jan 21 13452 Jan t) 131 Jan 135 Apr
•52
54
*52
5312 *52
Last Sale 53 Feb'13
5312 .52
53
l' mer Siripbuilding__ _100 50 Jan 22 85 Jan 13
61 Oct
45 Aug
*100 101 *100 101
---------100 101
101 101
------48
__
Do pref
100 100 Feb 8 10312 Jan 2 100 Feb 106% Oct
13212 13212 1325 133
132 133 *13212 13312 13234 12
---- --190 Amer Telep S. Teleg_100 13034 Feb 26 13934 Jan 3 138 Dec 19878 Mob
*64
65
6512 66
66
6714 66
66
*65
66
66 30
235 Booth Fisheries com_100 63 Feb 24 71 Jan 3
70 Deo
39 Mch
85
85
86
*85
*85
*85
86
86
86
86
86
86
65 •1/0 lot prof
100 84 Feb 26 8972 Jan 6
95 J'ne
77 Mch
*53
*53
57
57
*53
a Sal .
*53
57
57
Jan'13
Cal S. Chia Canal & D..100 55 Jan 29
55 Jan 29
65% May
49 Feb
497 50
*4912 50
5018 49% 497 ---------4914 4934
50
365 Chic( Pneumatic Tool_1130 4914 Feb 21 52 Jan 10
5512 Oct
44 Mch
_
_
Last Sale142 May'12
Chloago Tolephone..„100
13712 Jan 145 Mob
i0:112 ilii Zoi5i2 ZOE1; ...„„*-- - *24 l4
2
*204 205 0Chicago Title & Trust.100 204 Feb 24 212 Jan 7 184
;;.,-. -.;,cz-;a
Jan 222 J'ne
*140 141 *141 14212 14212 142% 142 142
---------141 141
137 Commonw'tli-Edison_100 140 Feb 26 145 Jan 5 13514 Jan 150 Mob
1212 1212 1034 12
10% 1012 1032 10% 1114 114 11
11
360 Corn Prod Rot Co corn 100 1013 Mob 4 1612 Jan 31
10 Feb
2112(lot
Last Sale '77 Feb'13
Do
do
prof 100 77 Feb 11 77 Feb 11
87 Oct
87 Oct
fE lags la; iiii" 17051- _-- -__ 105 105
8 Diamoad Match__,.....300 10414 Moh 3 11014 Feb 8 103 J'ly 11134 Feb
*97
98
•97
*97
98
98
98
---- -----------98
--6 dart Shaft S. Marx pf_100 07 Jan 28 9312 Jan 14
97
Dec 10212 Molt
01
71
-------- - 512704
72
70'4 7112 70'g 71
Ultnois Brit*
100 68 • Jan 13 7012 Jan 31
56 Jan
7312 Sep
Last Salei4Fe'
Interns* Harvester Co 100 10614 Feb 21 115 Jan 29 10512 Dec 126% Sep
V78- -111- wii" W.
'
vni71Last Bale 76% Aug'12
Knlakerbooker Zoo prf 190
67 Mai
76% Aug
115% 11534 11612 117
117 117
118 118 ------- --335 National Bisoult
100 112 Pat) 24 12812 Jan 3 114 Dec 16112 Apr
*117 121 *117 121
117 121 *117 121
120 I-20
119 1-19
25
Do pre
100 11834 Feb 17 123 Jan 14 12214 Oct 13034 May
•118 120 *118 120
11814 122 *11814 122
Last Sale 11814 Feb'13
National Carbon
100 116 Feb 21 12212 Feb 17 103 Mch 135 Sep
•
116
116 116
116 *
116 *116 •-__ 116
Do pref
25
100 11513 Feb 7 118 Jan 25 115 Feb 120 Jan
.4-5
.iie ---- *59
iiii, 6113 . _
60
111.72 6112 ;al;
__
85 P..ollio Gas S. El (Jo 100
58 Feb 26 63 Jan 27 z 01 J'ly r 67 Apr
Last sal. Aci ilaylli
Do
rights
x .60 May s.06 Apr
*9112
_ *9112
__ *9112
__ *911
*9112 __ *9112
_
_ ...
Do
preferred _100
11134 iff34 112 11212 113 113 11234 1127-2 ____
11234 11314
396 People's Gas L&Colre-100 10934 Feb 24 116 Jan 9 103% Jan 122% Oct
•80 8012 80
*79
80
80
*79
80
79 1/9
80
30 Pub Serv of No Ill corn 100 79 Moir 0 8213 -Ian 25 z 80 Deo z 9412 Apr
9834 0334 987 99
*98
99
99
99
99
---- 09
----542 DO preferred --100 98 Feb 13 10134 Jan 13 z 98 Dec z10712 Apr
*70
72 •70
72
Last Sale 60 Feb'13
*70
72
•70
72
/lamely Oommon____100 69 Feb 21 09 Feb 21
9433 Dec
98% Nov
*90 93 .90
93
Last Sale 9314 Feb'13
*90
*90
93
93
Do preferred
100 9314 Feb 13 973 Feb 6 r 9912 Apr
Oct
19712 198
19912 20012 197% 199
19712 20034
9 1 194 1971
2,751 Sears-Root:am: coin_100 18712 Feb 20 21434 Jan 2 140 Jan zI0312 Nov
*128 124 *123 12312 123 12312 *123 12312 ---------- 12312 12312
Do pref
10
100 12314 Feb 26 12434 Feb 17 12112 Jan 22112
12534 J'ne
*30
3113 3112 *31
31
32 .31
32
30
0
--- ---100 Studebaker Corp cowl 100 27 Feb 21 34 Feb 13
30% J'ly
49 Aug
Last Sale 02 -Dec'12
Do preferred
100
92 Dec
9712 Aug
151312 idisi 106i8 nil- iiir- 10714 10714 10734
1077 107% 1073
97 Swift & Co
100 105 Feb 28 10778
b 6
9834 Jan 10914 Apr
*265 270
270 270
270 270
26912 2691 ------ ---------513 The Quaker Oats Co._100 235 Jan 22 280 ,
c1)
215
15
Jan
397
Nov
*10612 10712 107 107
107 107
106 107 ----------_-___ --------40 Do pref
100 106 Mob 5 10312 Feb'
15 10512 Jan 110 Jan
0185 187
187 187
188 18814 188 18814 188
188 18812 18812
277 Union Carbide Co.__.100 180 Feb 24 20613 Jan 10 313534 May 234 Nov
•113 134 *1%
134 *112 134 *112 134
Last Sale 112 Feb'13
Unit Box Bd 4e P Co_100
1 Jan 17
178 Jan
112 Fen 10
38 May
6012 0134 6034 6234 6134 6212 6112 6234 616s 623
6034 6114 1
. S. Steel corn
100 6014 Feb 24 68114 Jan 2
58% Feb
8012 Sep
107 10734 107% 10818 108 10834 10818 10834 10814 10834 108 10814
613 ard,Montg'y A Co pref 10512 Feb 19 10834 Men 5
81112 13
.1112 13
*1112 13
*1112 13
Last Sale 13 Jan'13
Western Atone
100 12 Jan 14 1412 Jan 2
9 Sep
15 Nov
94
50 Woolworth, corn
100 94 Mch 6 112 Jan 3
.--------•30
*92
92%
2334
*67
*313
*16
*30
8
•45

85
04
9212
2334
7%
4
18
37
8
50

*30
.92
9212
2372
*67

35
94
9212
25
712
4
18
37
312
50

*30
*02
.91
2434
*678
*312
*16
*30
8
*45

35
94
03
2434
712
4
18
37
8
50

•25
•90
92
2334
*678
*312
*16
.30
*8
*45

iaii, iiiice iiiir,

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Veek ending larch 7.

Interest
period

Price
Friday
;larch 7.

Week's
Range or
Last Sale

Chicago Banks and Trust Companies
B'd:
Sold

Range
for
Year 1913

NAME.

OutstandMg
Meek.:

Surplus
and
Prolits.t

Dividend Record.
In
In
Per- Last Paid,
1911. 1912. (ad.
%

American State
1200,000 $186,816 ____
24 ____ Jan '13. 14
Calumet National
100,000
019,084
6
None An Jan '13, 6
Central Mfg District Bk.
250,000
14,427 Beg. b us.Oct 7'12 V. 95, p. 944
Continental & Comm Nat 21,500,000 9,686,716 10
10
Q-J Apr '13, 3
Corn Exchange National_ 3.000,000 6,255,7E1 10
10
Q-J Jan '13, 4
Drexel State
200,000
100,805
6
6
Q-J Jan '13, 14
Drovers' Dep National
750,000
355,277 10
10
Q-J Jan '13, 234
Englewood State
200,000
261,431
64
8
Q-J Jan '13, 2
First National
10,000,000 11.897,417 12
17 Q-M Dee31'12,4)(
First Nat Englewood-150,000 V209,125 12
124 Q-M Dec31'12,5
Foreman Bros Bank'g Co. 1,900,000
531,301
Priv ate Sank
Fort Dearborn National- 2,000,000
730,178
8
8
Q-J Jan '13, 2
Halsted St State Bank..
200,1900
2'32,210 Org. N oy 25 1912
Hibernian Banking Assn_ 1,800,800 1,611,957 Not pu . !shed -see
note (11)
Hyde Park State
200,000
33,884 Beg. b us Aug '12. V.95, p. 273.
Kaapar State Bank
400,000
174,155 10
10
J-J Jan '13, 5
Lake View State
200,000
5,304 Beg. b .Apr 8'11 V.92, p.10136
Lawndaie State
200.000
58.097 Org. D o. 16 1911
Live Stock Exchange Nat 1,250,000
579,387 10 10&2e Q-M Jan '13, 44
Mech & Traders State-200,000
232,853 Beg. b us.Aug 26'1 2 V 95, p 593
Nat Bank of Republic__. 2,000,000 1,441,175
8
8
Q-J Deo31'12, 2
National City
2,000,000
630,127
6
8
Q-J Jan '13, 14
250,000
National Produce
108,866
6
6
Q-J Dec31 12,14
200,000
North Avenue State
80,084
7
7
Q-J Apr 13, lyt
200,000
North Side State Savings
6,842
6
se
Q-J Oct '12, 14
200,000
45,327
North West State
5
6
Q-J Jan '13, 1)(
500,000
People's 81k Yards State_
105,658
94 10 (4-J Jan '13, 24
z6,024 Beg, b us Nov i'11 V.93, p. 1235
200,000
Second Security
400,000 s160,729
Security
6
6
Q-J Apr 13, 2
200,000
South Chicago Savings..._
117,500
8
8
Q-J Jun '13, 4
200,000
South Side State
18,704
6
6
Q-J Jan '13, 14
1,500,000 2,477,759 12
State Bank of Chicago
12
Q-J Jan '13, 3
200,000
56,357 Beg. b us.Aug 19,1 2 V.95, p.523
State Bank of Italy
250,000
237,003
Stock Yards Savings
8
10 Q-M Dee3r12.3
168,504
500,000
Union Bank of Chicago
6
11 al-N Nov'12, 3
Washington Park Nat...
17.991
6
100,000
031 Q-J Jan '13, 24.
Central Tr Co of IllInoLs. 4,500,000 1,960,253
8
Q-J Jan '13, 2
8
Chicago City Bk & Tr Co
500,000 2358,967 10
10&2e J-J Jan '13, 7
1,000,000
Chicago Say Bank & Tr
290,996
6
6
Q-J Jan '13. 134
Chicago Title & Trust... 5,000.000 12,263,235
8
8
Q-J Jan '13, 2
488,230 8&2e 8.1,2e Q-J Apr '13, 234
Colonial Trust & Savings600,000
Cont A Comm Tr & Say- 3,000,000 1,883.289_....._
250,000
Drovers Trust & Savings.
143.724
84 10
Q-J Jan 13, 24
First Trust At SavIngs___. 5,000,000 2,644,849 10
None Q-M Dec30'11,4
Ft Dearborn Tr & Say 13k
250,000
17,812 Beg, b us.A pr 3'i1 V.92, p.929
ts Franklin Tr &Say Bk
200,000
tv63,673 Beg. b us.Apr 8'12 V.94. p. 7030
Greenebaum SOW Bk&Tr 1,500,000
254,576
24 10
Q-J Jan '13. 234
Guarantee Trust & Say_
200.000
u43,000 ...._
6
J-J Jan '13. 3
Harris Trust & Savings.. 1,500,000 2,205,224 12
Q-J Jan '13, 8
12
Homo Bank & Trust
300,000
173,853 Beg. b us.Apr 10,1 1.V.92,p.1004
Illinois Trust & Savings
5,000,000 10,188,503 16.10e 16.44e o Jan '10. 4
Renwood Trust & Savings
200,000
7&2e Q-J Dec.31'12,1 g
236,526
7
Lake View Trust dc Say
200,000
Q-J Dec31:12, 14
6
r74,355
6
La Salle St Tr & Say Ilk_ 1,000,000
256,508 Beg. b us. M Y'10
Mercantile Trust & Say__
250,000
241,522 Beg. b us.J'ly 1'12 V. 04, p. 484
Merchants' Loan A Tr Co 3,000,000 6,988,640 15
10
Q-J Jan '13, 4
Michigan Ave Trust Co__
200,000
68,009 --- --- Q-J Apr '13, 13(
Mid-City Tr & Say Bank
500,000
117,754 Com.b us. Ap 10'l 1.V.92,1).1004
Northam Trust Co
g
Q-J Dec31 12,2
1,500,000 2,857,380
8
)torth-Western Tr A Say_
8
J-J Jan '13, 4
250,000
8
139,141
Old Colony Tr A Say Bk252,026 Beg. b us.J'ne 1 11 V.92. p.1537
200,000
People's Tr & Say Bank__
500,000
8
209,665 -Q-J Jan '13, 4
Pullman Trust S. Sayings_
280,161
300,000
8
8
Q-J Jan '13, 2
Sheridan Tr A Say Bank_
47,677 ....-200,000
8
Q-J Jan '13. 134
Standard Trust & Savings 1.000,000
410,122 -_-- --.- Q-Al Mch 10'13,112
StookraenS Trust A Say.
6
n50,000
200,000
9
J-J Jan '13, 3
Union Trust Co
1,200,000 1,848,645 8&24
8 Q al Jan 16 '13, 34
West Side Tr & Say Bank
113,139 8A2e 84i2e Q-M Jan '13, 4
400,000
Note-Accrued interest m ust
be added t o all Chicago bon d prices.
vreodlawn Tr de Say Bank
96.020
2110A100
034
10
0-.1 (Jan '13. 214
•Bid and asked prices; no sales were made on this
day.. :Pen• 4 (clew ot business) for national banks and Feb 5 (opening of bus ness) tor State institutions.
3 No price Friday: Meat Price this week
Sept. 11911. 11 Div (lends not publisher: stock all acquired by the Continental & Commercial Nat. Bank.
a Due Dec.31.
b Due June. c Due Feb. it Due Jan. 1. e Extra dividend. z Sales reported beginning
April 18. a Jan. 16 1913. q Dividends are paid Q.-J. with extra payment*
44:1", r Jan. 2 1913. t Dec. 311912. u Jan. 3 1913. to Douglas State Bank absorbed
by Franklin Trust & Say. Bank, capital of latter being Inc. to $300,000; V. 95..
O. 1511: V.96, p. 250; figurer hero given are as of Dec. 2 1912 and are for consol. Institution.
to Nov. 26, 1912. z Nov. 27, 1012.
Bid
Ask Low
High No. Low
High
Am Tel & Tel coil 43____1929 J - J
91 Feb '13
91
01
Armour A Co 443
1930 J -D 89034 A7LTU
. 903.1 9034
00% 91%
Auto Eleo 1st At 6s
1928
80
84
8214 April'12
Cal Gas & Ni unit & ref 5e 1937
9612 May'12
Chicago City fly 5s
1927 F - A t10114 L;(;(0- 10114
10112 23 10072 10178
Chic City dc Con Rys 58./11927 A 85
85% 8518 Feb '13 -- 8512 89
Mimeo Eiev fly 5*
1914 .1
J I 9714 98% 9738 Feb '13
9732 9814
Cblo Pnen Tool 1st 5s_a1021 J -J
9412 94
04
2 94
04
Chicago Rys 53
1927 F - A
9912 Sale
0938
0912 117 9933 10014
Chia Rys 53
series A A - 1-- 95% 94% Jan '13 -- 94% 9434
Chic Rya 4s
series "A'' A 9638 Jan '12 --Chic Rys 4s
series "B".1 -I) 8318 Sale
83
88%
4 83
8634
Chic kys 4s
series "C" - A
94% 93 Jan '13 93
93
Chic 'rya coil 6s
1913 F - A
100 Jan '12 -Chia ky Pr m M g 4s_c1997 J -J 704 73% 7314 Jan '13 ......- 7212 75 Chic fly Adj Inc 4s.....c1927 Mayl
51 Sale
51
51
3 50
58
Chicago Telephone 5s
1923 J -I) 810112 Salo 10134
10113
8 101 10134
Cicero Gas Co ref 0 m_193'2 J - J
98
9618 Dec '12
CommonwEdison
10278 23 102% 10318
51- 8 102% Sale 1025s
Commonly Elea 53...61943 M- S /101% 102
10134
10134
6 101% 10212
Cudahy Pack lot M 513_1924 31-N 110012
_
9934 Dec '12
Dia Match Con deb 6s
1920
1_
108
10612 Feb '13
10611 10812
Gen Mot 6% 1st L notes..1915 A 9931 April'12
Ind Steel 1st g Se
1952 31-N
10114 May'12
Do
1st g Cs
1028
Int Hat 3-Yr 5% g notes..1915 F- A
100% May'12
Inland Steel 1st 31 g 63_1928
105% April'12
Kan City fly & Light Co
fe
1913
00 Oct '12
Lake 8t 51-1s1 5s
1928 J -J
- 88
87 Jan '13
87 - 87
Melt W Side El 1st 43-1938 F - A 40% Sale
8012
80
4 80
82
Ektensien g 4s
1938 J -J 8012 81
8012 Feb '13
77% 81
Mil El Ity & Lc let g 68_1928 - A /103 10412 10478 April 12
go
ref & ext 449_1931 J - J t 04
9412 95 April'12
tio
gen & ref 5s
1051 J -D
Maw Gas Lt 1st g 4s
1927 31-N 8912 91
90% May'12
Morris & Co 44s
1939 J 18812 8912 89 Feb '13
88
89
Nat Tube 1st g
1952 M-N
10034 May'12
Nor Shore El lot g 5s
_
1102%
1922 A -0
10:114 April'12
do
let & ref g 5a
1040 A - t 0934 1-0012 100 Jan '13
-100 166.
Nor Oh Gas 01 111 1st 52-1937 F - A
9512 Sept '12
North West El 1st 48.-1011 M- S 3-£1570
10014 July '11
NWGLA Coke Co 54_1928
---- -- 100 Feb'13
99% 10012
Ogden Gas 68
1945 -N 9614 Sale
0614
2 95
97
Pas Gas & Ni ref g 53
1942 J - J
92
634 May'12
----Pao T & T 1s1 coil tr 53_1037 J -J
100 May'12
Pearsons-Taft 5s
1916 J -D 9712
10034 Men '09
4.403
9613 Mch '10
S 94
4.00s Series E
97 Feb '10
N 395
.....
4.80s Series F
31- N / 9614
9814 Nov '11
Peep Gas L & C 1st 68-1943 11-0
11,513 Sept'12
Refunding gold 5s
1947 31- S 115534 gics 101
101
4 101 102%
Chic Gas L & C 1s1 62_1937 J - J 102% Sale 10234
10234
3 102% 103
Consume Gas 1st 5a__ _1936 J -D
- 10114 Sept '12
Mutual Fuel Gas 1st 53 1947 M-N
10014 Jan '13
10014 10014
Pub Seri Co Pit ref g 53-1956
9714 Feb' 13
8_
97
97
9732
Seu Ben T & T 181 s f 53_1941 J - J
10014 May'12
South Side May 43.4s
92
192-4 J -J 3-51 Sale
92
4 92
9314
Swift & Co lot g 5s
10018
1914
J 10014 Sale 100
6 10() 10014
Tri-City Ry & Lt coil
trust Hen s f 5.9
0814 Aprli'12
1923 A Union Eleo (Loop) 69-1945 A -0
85 April'12
U S Gypsum 1st g
M- S
100 May'12
S Steel 10-60-yr a I g
10312 April'12
Western }leo Co 53
1922 310072 Oct '12




-----

Volume of Jusiness at Stock Exchanges
TRANSALM0N4 AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY
Stocks.
Week ending
March 7 1918
Saturday
Monday
Tuesday
Viredne,.sdaY
Thursday
Friday
Total
Sales at
New York Stock
1?xchange.

Shares,

Par value.

Railroad.
dec..
Bonds.

U. S.
Bonds.

Slate
Bonds.

130,025 $11,449,500
389,179 35,063,400
268,067 24,309,950
336,361 28,992,400
233,087 19,833,950
326,712 28,867,850

$929,500
2,139,000
2,043,500
1,808,000
2,537,000
1,671,000

$26,500
42,000
39,500
35,500
61,000
90,000

1,683,431 148,567,050

11,128,000

294,500

Week ending March 7.
1912.

1913.

$7,000

$7,000

Jan. 1 to March 7.
1912.

1913

21,107,140
17,198,036
2,688,535
StoOka-No. shares___
„431
Par value
$148,567,050 $248,414,950 $1,575,670,000 $1,779,887,875
$72,300
$25,000
$1,000
Bank shares, par
$5,300
Bonds.
5407,000
$22,000
$285,500
Government bonds
87,000
5,129,600
299,000
4,087,500
State bonds
294,500
175,871,000
109,067,000
RR. and misc. bonds_
11,128,000 12,007,000
Total bonds

311,429,500! $13,228,000

$114,040,000

$131,407,500

DAILY LatANSAuLIONei AT IHE BOSTON AND PHILADELPHIA
EXCHANGES
Boston.
Week endino
March 7 1913.

707

TIIE CHRONICLE

MAR. 8 19134

Listed
shares

Unlisted
shares

Philadelphia.
Bond
sales.

Listed
shares.

Unlisted
shares.

Bond
sales.

Saturday
Monday
Tuesday
Wednesday
Thursday
Friday

7,310
19,764
15,880
14,160
9,370
11,979

5,695
13,576
9,030
11,414
11,368
7,255

$21,000
64,100
13,200
24,000
58,600
57,800

5,190
18,995
15,640
13,229
5,817
6,723

1,945
10,421
12,014
5,10
9,241

88,000
50,000
31,500
27,000
57,500
53,300

Total

78,463

58,333

5238,700

65,594

50,459

8227,300

Inactive and Unlisted Securities
All bond prices are now -and interest" except where alert:eel "t."
Ask
/ref
street Raii ways-won.,
82
1315 As/; United Lt & it
corn..110 80
Street Railways
82
First preferred
100 80
76
Second preferred
74
Ulu
New York City
26
United Rya of St LBleeck St & Fut Fy stk_100 20
1414
14
76
100
Corn vot tr ctfs
68
J-J
1950.
ist intge 4s
4032
40
100
6 Preferred
.100 100 170
B'y ds 7th Ave elk
8412 8512
IOU
99 100 Wash Ity & El Co
J&J
26 mtge Si 1914
8834
10(1 88
Preferred
Broadway Surface RR34
J-I) 83
9s 1951
J&J 101 103
let bs 1024
3212 3314
101,
l'ow
Wat
Tr&
Penn
West
10010
stock
Cent Crosstown
80
79
Preferred
-.
let nap 68 11)22_ M-N
-3
1
Cen Pk N & El Itiv stock_100 ioi-s)
'
IO
Christopher&lOth St stk 10u 125 135 Electric, (las & Power C
New York City
Dry Dock E 13 & 11J-J 102 103
J-D 100 105 Cent Un Gas 0i 1927
let gold Is 1932
40 e Kings Co 1 . .0 P Co_ 100 120 122
F-A / 30
Scrip 53 1914
New Amster.. iiii GasEighth Avenue stock. 100 300
J-J 1011 1 102
let comm ol 1:148
F-A / 99 itir
Scrip ill 1914
100
426 di Or St Ey stock_ __100 260 285 N Y dz E R Gas let 58'44 J-J 101 103
J-J 101
Coasol 68 1945
42d St M & St N Ave.. 100 --- ---101) 100 170
M-,`e N Y Mutual Gas L
let (I4 till)
55
100 160 igii- N Y & Q El L & Pow Co_100 50
Ninth Avenue stock
85
3
100 78
1
Second Avenue stock...J.00
Preferred
62
36 N Y 4c Richmond Gas_100 57
Consol Eis 1918 Ws F-A / 25
a Sixth Avenue stock_ _100 115 124 Northai Un let 58 1927 M-N 100 102
J -J
88
93 Standard ll L 1st 5s1930 M-N 103 105
Sou Boulev 53 1945.
A-0 9712
tio Fer let bs 1919
80
Tarry WP & AI 53'28 _M&S 1 75
Other Cities.
83
2U
Am Gas & Elitecoin
28 & 29th 8La Si '06 etIsA-0
50 .80
50 •4412 46
Twenty-third St stock _100 240 205
Preferred
Union fly let Si 1942 _I-A 101Ain Lt & Trac coin.
100 379 383
Preferred
IOU 108 10912
Westchester let Es '43..1-3 96 i(
74
95 Amer Power dr Lt com 100 73
Yonkers St RR bs 1946_ A-0 88
85
Preferred
Re) 84
Brueklun
4,38
50
Atlan Ave RR eon 58'31A-O 102 104 ilay State Gas
4
Buffalo City Gas stock __1(a)
B 13 & W P.: 88 1933 _ _A-0 97 101
Brooklyn City Mt _ _ __10 159 162 Cities Service Co corn...100 132 136
89
100 88
Preferred
Bklyn llgts let Si 1041_A-0 101 BM
13
1332
100 98 101 Columbia Gas & Elec.. 10c
Coney 1st & liklyn.
7314 70
J-J
85
lot 53 1927
80
let cons g as 1948__J-J
9912
9812
J-J
1936
be
J
N
1i3
of
78
Gas
Con
J-J
Con g 40 1955
99 101 Consumers' L LI & PowBrk C & N Si 1939_ J-J
J-1) 100
53 1938
Nassau Elea let 5s 1944.A-0 102 10314
Consumers Power (Minn )
N Wnisburg & Flatbuah90
87
95
Ist&ref Si 1929op'14_51-N
92
let 43as July 11.141__F&A
9312 9412
Steinway 1st (Is 1922_J-J 100 102 Denver Ci & El bi 1049_M-N
325
Elizabeth Gas Lt Co__ __100
Other Gine.:
Buff St ay let con 53'31F-A 10312 105 Essex & Hudson Gas_ _1011 132 137
89
Deb 68 1017
A-0 10412
- Gas & El Bergen Co_ _10() 87
8712
68
69 Gr't West Pow 5s 11.140„.1-.) 86
Con0wath Pow Ity & L 100
91 Hudson County Gas ____100 1211 ISO
Preferred
100 81)
45
72
75 Indiana Lighting Co_ _100 40
0 Conn Ity & Ltg corn_luu
10u
75
a Preferred
80
9s 1958 opt
F-A (37,2 (1912
85 Indlartapolis (las
75
50 50
e Detroit United Ity __1011
00
30
32
1st g 53 1952
A-0 81
Federal Light & Traci_ lull
7912 82 Jackson Gas 5s g 1937 _ A-) 1)7 100
10u
Preferred
- 100
it Havana Elec Ity L &P 100 8434 ..--- eLaciede Gas preferred 100
100 9214
Madison Gas 63 11126_A-0 103 109
e Preferred
- Narragan (Prov) El Co _56 * 90
J-J 105 1.0512
k Louisa St bs 1030.
Gas 133Gas_ewrk Apr'44_(2_100-3 12512 127
a New On Itys & Lt corn 100 3112 ---- N
9712 atie
_
100 72 ---- Newark Consol
a Preferred
100
N Y State Rye com____100 ___- 90 No Bud L Il & P 531938 A-0 60
61
_
_
Gas
coin..
E
__Pacific
&
l00
--.100
corn..
L
&
Tr
Ohio
Nor
Preferred
100 9012 VIII
Pub Sery Corp 01 N J - Net ata 1: s ilsi
Tr etfs 6% perpetual _.10512 10612 Pat &Pas Gas & Elee_ _100 9212 93
7812 79,2 St Joseph Gas 53 1937 __J-J
111)
95
No Jer St let as 11)16 61-N
Cons Tralt of N J._ _100 7312 7412 Standard Gas & Elec(Del).50 .1012 1712
Preferred
50 .4712 48
let 58 1933..... _J-1) 102 103
00
' Pass icy 55 '30.3-3 105 106 United Electric of N .1_100 85
Newt
82
lot g 43 11/11)
81
J-D
Rapid 'Iran St Ity
106 230 340
22
20
103
Western Power corn
_10,1
1st 58 1921
-i012
52
Preferred
50
7812
100
J C Bob &Pat 45 1049-11A(
,1-N)
Western States tifts&EiceSo J (las El &'Frac_ _100 124 120
let &ref g 5.11941 op.J[) 9212 95
0934
99
(in g 53 1953M:No Had Co Its,(Ia 1914 J.J 101 102
Perry Companies
j...i 10314 ___:
Con 51 as 1928
90
85
Ext 5s 1924
_M-N
08 --- it e'
,N Y lit Us 1911 -- --J)
'
8
13
Pat lty con 69 11131 J-1) 112 11312 S Y & E It Ferry stock_10u
60
50
26 65 1914 opt____A-0 100 103
hi-N
let 55 1922
0914 100
Republic fly & Light _100 26
28 N Y & !lob bs Slay '46__J-D
Preferred
Hob Fy 1st lis1946__M-N 103
7812
100 77
07
Tennessee Ity L&P com 100
2012 22 N Y & N J 5s PJ46____J-.1
Preferred
35
100
7512 7612 10th & 23d Sts Ferry_ _100 25
05
Toledo Rys & Light____100
J-I) 55
238 -....
let ,age 55 1919
15
rrent P & 11 53 1943 ___J-t) 90
17
Union Ferry stock.... 100
89
Union fly Gas & El coin. 100 6112 6212
11-1N
92
1st 55 1920
Preferred .
100 88
811

Ask
Indust and Misceil -WW1.) Bid
6
American Thread pref ____5 .4
49
46
eryre
'
rrl
ref
Ame
pepunders corn.
00 103
1,9,2
101
72
60
Deb g (in 1939
112 214
1 );
40
Amer Writing Paper_ ,,101)
50
12
115 125 ,Barney & Smith Car com100
82
0
720
0 182
,5„5t,
10
85 ' Preferred
81
90
6612 6712 Bliss (E 0.1) Co cons •
30
Preferred
115 120
93
14
188
.100 2
Bond it Mtge Guar
74
68
115
.11_0,:i:
.
0
Co.k
_ op
re aioncdapellir
co
reC
'
co
reehfne
tis
Bord
92 100
3,2 10712
10.6
334,
85
BnP
95
55
Brown
coin
Shoe
Notes
Short-Term
95
2
5
0
9
0
9
0
1
Preferred
Amal Copper Si 1913__A-0 9972 10012
9972 100 Casein Coot Amer com...100 - - -. 2
Bail
Ohio 43-o 1913..J-D
40
Preferred
9
96
Bklyn Rap Tr 5s 11.118 ___J-J
20
) 1,1Y
1111)
m
Casualty Co of Aerica_1.1
Chen & Ohio 45-4s 1914__J-1) 9872
38
3
10J 15
Chic & Alton fis 1913 ___M-S 09 100 Celluloid Co..
43
48
9712
Co
Investing
City
9714
Chic Elev Itys be 1914._J-3
100 101
Preferred
99,2 9934
CM Hain & D 95
85
(); 80
0
)
0
Erie tia April 8 1914_A-08 10032 10005 e Claflin (H B) Co com_ 111(0
68
85
preferred
let
e
100
Coll Si Oct 111)14.,, A-0 9912
91
88
111)
e 26 preferred
Loll 55 April 1 1915__A-0 98,2 99
60
64
Gent Motors 65'15-See N Y StkEx list. Cluett Peabady & Co com100. 99
01
100
Preferred
Hudson Companies
80
9812 Consol Car Heating..., ou 70
6s Oct 15 1913....A&015 98
221g
20
9914 9952 Consoi Rubber Tire..JOU
Ill Cent 435s 1914___J&J
80
70
9812
98
Preferred
Int & (It Nor Si 1914 __F-A
kin
10 60
A1-10
9934 10014
Debenture as 1951
Inter Harvester 58 '15.F&A
st
100 63
8812 0112 Continental Can com
K 0 Hy & Lt on 1912_ _ M-S
96
Preferred
100 1)5
9814 9834
Minn Li St L g 5a 1914__F-A
15:2 18
01: e Crucible
07,i
772 19
..roserrSteei coin.._100
!do Kan & Tex 5s 1913.M-N 99
94
ed100 1)3
Missouri Paoinc 5a 1914..1-D
liD
99
93
Davis-Daly Copper Co___11, •114
Nat Rye of Mex 4 tis '13.J-D
85
eNYC Lines Eq res 1013-22 S 4.80 4.60 duPont( 1) de Nem Pow 100 180
95
e
4.65
4.80
100
Prelerred
4)4s Jan 1914-1925_ __J-J
Si)
59
430 Jan 1914-1927_ _J-J II 4.80 4.65 irnerson-Brantinghain _WU
97
106 93
Preferred
_M-s 9912 100
N Y Cent 4)4e 1914
13
10
10012
Empire
&
100
Steel
corn
Iron
100
NY N II& Hartford 53'13J-1)
42
45
IOU
Preferred
St L & S F bs 1913 opt .14) 9912 9972
90
9912 100 e General Chemical cons 100 170
Os Sept 1 1914 ow_ If10
100 11.15
e Preferred
99
Seaboard Air L Ry 58'16 M-S 98
9914 9932 k Hackensack Water CoF&A
Join hens 5s 11116
88
8514
4s
g
Ref
op
'52
J-J
1912
1913.
Wabash 4
65
971-2 -981-2 Hale & Kilburn corn ___100 58
West Maryland 53 1915_ J-J -let preferred
100 97,2 99
Westingh'se El & M as 1913 100 10012
90
98
26
ils.
c
I.
preferred
stx
100
notesOct'17-.See NY
7
4
Havana lopacco Co__ Riu
Railroad
8
15
20
100
Preferred
Chia & Alton corn.. __100 11
621,
/
62
40
2512
J-1)
58
g
1st
1922
1
June
Preferred
109
Ilecker-Jones-Jeweu Milan.;
Chic St P H it Otn
100 125 140
1st 68 11122
M-,,... 10112 1024
d Preferred
100 140 150
31) Herring-Hail-Marvin __IOU 10 '20
I C010 it South cora____100 27
70
Hoboken Land it Improve%
e let preferred...
100 68
05
68
let 5,s Nov 1930
51-N 102
e '26 preferred
...100 60
4
8
57
Hocking Val Producta_100
a N Y Chic & St L cons -100 55
as 42
1st g 55 1961
100 97
e 1st preferred
c 26 preferred
100 8014 -66" e Ingersoll-Rand corn.. 100 106
105 110
a Preferred
100 92
Northern Securities Stubs_
8
30
34
Intercontln Rub corn,
„ 10i)
Pitts Bess it Lake Erie...50 .
68
5112 10
00
internal [tanking Co_„
:000-1
0(1 158
A111(20
Preferred
60 •62
Internationru Nickel___10lt 145 147
s Railroad Securities Co10:112 107
81
79
Preferred
ln C stk tr etfs Ser A,...
3
West Pan 1st 5s 1933 __M-S 84314 81312 International Salt
lit g 58 l951__,
53
Standard 011 Stocks
11' 36
19
18
international Sliver pref 1110
('') 132
u00
Anglo-AnierIcan Oil
.£1 .
110
10
32
90 6
20
151 (Is 1948
100 6
Atlantic Refining
Internet Smelt & Rag_:
0 120 • 24
j6D
100
Borne-Seryineer Co.
864
Lanston Monotype
Buckeye Pipe Line Co. _50 162 164
19
Lawyers' Mtge Co
Chesebrough Mfg Cons_200 660 670
106 125 135 Lehigh Val Coal Sates..90 t 200
Colonial 011
60
100 50
Continental Oa
100 1700 1800 Manhattan Shirt
100 100 1031c
Preferred
63
Crescent Pipe Lino Co_5().60
•11X,
83
Manhattan Trans.t
Cumberland Plpe Line_100 77
Mortgage Bond Co
100 103 106
Eureka Pipe Line Co_ _1011 365 375
190
98
2
Surety
296
10u
290
National
Galena-Signal 011 cons.,100
19
Preferred
100 138 142 e New York Dock com_10
32
42
Preferred
•126
e
130
Indiana Pipe Line Co__ __60
05
N Y Mtge & Security_ 100 198
43
25 • 47
National Transit Co
103
15
1
N Y Title Ins Co
New York Transit Co_ _100 328 330
6
20 •4
N Y Transportation
Northern Pipe Line Co__100 112 116
88
Niles-Bern-Pond com_100 84
Ohio Oil Co
25 •120 122
1() * ifs
Ohio Copper Co
100 322 326
Prairie Oil it Gas
212 3
100
.100 630 645 e Ontario Silver
Solar Relining
83
Otis Elevator corn
100 82
Southern Pipe Line Co_100 252 255
9
10, 91
Preferred
100 900 920
South Penn 011
26
23
ePettitione -Mulliken Coll/
Sou West Pa Pipe Lines_100 163 166
1.18
e 1st preferred
(), 1)2
)11
)
li?,
Standard 011 of Calif_..100 170 173
.10
1014
Pittsburgh Brewing
Stand 011 of Indiana _ _100 320 322
• 36
371a
Preferred
Standard Oil of han.sa.1_109 55U 560
00
Stand 011 of Kentucky_1(X) 390 400 e Pittsburgh Steel pref __10li 94
26
Pope Mfg Co corn
100 22
Stand 011 of Nebraska_100 305 320
10
Preferred
10u
10 10.15 1115
Stand Oil of N J (old)_0
Pratt & Whitney pref___100 '6112 03
Stand 011 of N J__ .....IOU 350 .352
IOU 1313
Producers Oil
700 725
Standard Oil subsidiaries_
15
Realty Assoc (13kiya) _Wu 110
600 610
Standard Oil of N Y
05
1011 200
Royal Bak Powd corn
Standard Oil of Ohio. 100 270 280
08
1110 105
Preferred
Swan & Finch
100 200 215
,EKT:x
Pat
70 e Itumely (Ml 0:1 cons-See
()Mon 'lank LineCo__100 67
1013 170 173 Safety Car Beat & Lt_ _100 11412 151e
Vacuum Oil,
Sears,itoebuck &Co-SeeN Y 3LK. E 118%
32
10 .30
Washington 011
ePreferred-See Chic Stk e:k
106 1500 1525
Waters-Pierce 011
1013 299 301
Singer Mfg Co,
I obacco Stocks
35
40
Standard Coupler cons..1O
(See also Stock lercharojeL)st,
105
11
100 143 145
Amer Cigar corn
74
5
8
,
0
1
78
95
10
Stern
100
Bros
prer
Preferred
50 Sulzberger it Sons Co pf_100 9612 99
Amer Machine it Fdy _ .100 45
BritIsh-Amerlean Tobac...1.1 •r2234 2272 texas it Pacitic Coal. 100 95 100
9212 95
e Texas Pacific Land Tr_ lua
IOU 290 300
Conley Foil
ronopah Mln(Nev)-SeePhile ;0( L 11311,
e Ileime ((leo W) com 100 170 190
7
4
rrenton Potteries com_llit
100 100 118
e Preferred
50
8
9(1
10
55
10u
Preferred new
Johnson Tin Foil &Metal 100 180 2
20
frow Directory
10u
MacAndrews & Forbes 109 198
3212 34
Union Typewriter com _II)
Porto-Rican-Amer Tob_10t) 240 260
30
17
10 2
160
10 102 105
let preferred
Reynolds(1(J) Tobacco_100 2
09
97
u
26 ;referred
Tobacco Products Curb ,100
10
l'referred
left. SO ,95 'Vaned Copper.
10
Preferred.
LO
United Cigar Mfrs cow 1)30 45
y Goods ____11)0, 9144 98
0,4 1 Un
ferrerd
edD
973 1004
00
e pitre
100 19
e Preferred
100
02
UnitedelgarStoresofAm coin
190 '010
li
lt
110 116
U S Casualty
Preferred
:Ili; 120 130
con.
a Woman Bruton Co ....100
111t) 103
08
5
20
19
Envelopeerr etd
U 18,reI
0 3
05
15
IOU 2
e Preferred
50
100
55
e u s Express
100 175 185
Young (J Si Co
75
I:IgnIst:InIg919
Industrial and Miscellaneous , ,2 8 2 U S
Preferred
10,,
92
100
e Adams Express
00
J-J
00
_J-D
Col tr g Is 1947
48011
Con g bs 1920,,J95
10u 1103795718 11
Alliance Realty
U S Indus Alcohol
51
100 2512 3$
Ainer Bank Note corn .6) .50
.53
54
e Preferred
89 100
Preferred
U S Steel Corporation- Wu
10)3 170 115
American Book
Col s I Apr 53 1951 op Hill 114
100 138 142
American Brass
Col 51 Apr 55 1951 not opt 114
American Chicle corn_ _10., 295 200
99 10
_ if4
1
65
aul &
G
llitt,,
tJv13,r'g
100 1,0
ro til ncdee,
mc.
..._:1
100
00
Preferred.
48
54
eAmerlean Express_ _ _ _106
e Wells Fargo & Co__ 101. 109 115
Am Graphophone coin __lie) _-- 53
SO
100
Westchester & Bronx Tit!.
Preferred
165
& Mtge Guar
American Ilardware____10U i;;6" 138
1 etVesttn.gh'se Air Brake _l_o
2
502
41
111 10
,48,
l .140
5li
Amer Malting 65 1014 __J-D 10
89
_IOC
Willys-Overland corns __ 100 64
Amer Preis A8,30c'n
99
100 93
Preferred
Ann Steel Fcl y Cia 1935_ A-0
F-A
Deb 4s 1923
71'4 73,2 eWoolworth (F Vi -See N 1 SIR II 111$
50 200 205
Worthingtonailt)Co pf 101, 1021, 108
American Surety

telegraph and lelephone
e Amer Teieg de Cable _100
e Central & South A mer_100
Comml Un Tel(N Y)_25
Empire & Bay State Tel.11)0
100
Franklin
• Gold & Stock Teleg_100
100
e Mackay Con cons
100
e Preferred
e Northwestern Teleg_ _50
25
Facile & Atlantic
C Pao Teiep &Teleg pref.100
25
Southern & Atlantic

Ask
Bid
5838 66
2
8 1 10
105
,

9,634

• Per sham 0 And accrued dividend, o j8a313. k Elated on stock Exchange hi t usually inactive. I Flat price. it No:ninal. s sale price. I New stock. a Ex-dtv.p Ex-rIghts z Includes all new stock dividends and subscriptions. e Listed on Stock Exchange but Infrequently dealt In; record of sales, It any, will be found oil a
oreeeding page.




708

BOSTON STOCK EXCHANGE-Stock Record.

SHARE PRICES-NM' PER CENTUM PRICES
Saturday
March 1

Monday
March 3

Tuesday
1Vednesday
March 4 I March 5

Thursday
March 6

Friday
ifarch 7

10213 10213 10238 10258 *102 1021i 10258 10258 *10214 10212 102 102
•10013 10033 *10038 10034 •100 10014 *10014 10058
Last Sale 10138Feb'13
S__ 211
210 210 20912 210 208 208 208 20814 209 210
10812 10812 10712 10812 10812 10838 108 109 109 109
108 109
203 203 *_203 203 203 *_ 203 203 203 *200 203
90
90
55 oo
8913 90 *89
91
91
90
*90 92
5.___ 290 *290 *---- 290 *--- 280
Last Sole 290 Jan'13
$712
*712 ____
;
1.
i2
- 4,742
Last Sale 712 Feb'13
•65
68
*65 lig. *-__ 65 *--- 65
65
65
65
*6
7
*6
7
7
714 *74 8
*6
7
*6
7
*43
45
*40 45 *40 45 *40 45
43 45 *43
4512
•167 168 *167 168 *167 188 *167 168
Last Sale 168 Feb'13
*10412 ---- 105 105 *106 107
107 107 107 107 *108 10614
260 • - 260 *--- 260 *__ 260
Last Sale 255 Feb'13
120 ii; 11913 *118 119 *____ 119
119 119
11812 1184
•
122 *121 122 *121 122
12212
Last Sale 123 Feb'13
*8313 8412 *8312 8412 84 84
*84
8412 *84
8412
8412 *84
*105 10712 *106
107 10013 109 109 *10712 ____ 109 109
1614 1614 1634 I6-3-4 *1673 1712 17
17
17
17
1878 1678
*---- 7612 7612 77 •76
76
7612 76
76
7612 7612 7612
12612 127
12513 12612 12312 12534 12434 1264 128 12612 2124 124
129 129
Last Sale 255--D12
174 114:- 174 174
17312
174 174 *172 174
0____ 49
_
49 • _ 49 +_
Last Sale 49 Dec'12
49
153 15313 *15438 15458 *15314 15312 153 153
15334 15334 *15158 152
58438 85
*55
Last Sale 9018 Feb'13
8512 *85
8514 *85
8512
•150
*150
*150 --- *150
150 150 *150 155
7734 78
78 -7814 7818 7814 78
7812 7814 7812 7818 7812
*95
97
97
97 *---- 97
9512 9512 9512 9512 9534 9534
5112 8112 62
52
5212 5234 5234 5278 53 53 *53 __-_
9712 9712 9714 9712 974 974 9714 974 9714 9712 9714 974
418 418
414 44
$418 414
413 414
4
438 *414 412
21
21
2112 2112
2134 2134 2134 2134 *2114 2134 2134 22
11414 11412 114 11514 11478 11514 115 11512 115 11514 115 115
11312 114
11473 11473 11412 11478 11414 115
11478 115
11412 115
13212 13273 13258 133
13234 13318 13273 13313 13234 13314 13234 133
*17
*17
18
*17 -- *1712
18
18 *1712
7814 7812 7818 7858 7814 79
7878 79
79
7912 79
7912
•---- 71
71
71
71
*65
*65
71
565
71
70
70
4.3312 99
9812 9812 9812 9812 9812 9812 s__ -- 9812 98
98
*534 - *534 ---- *534 -- *534 ---Last Sale 534 Feb'13
*1034 -- *1034
1034 10
,
4 *11____ 12
12
*11
13
.
1213 14
1314 1314 *1212 14
*1233 14
*1212 14
*13
14
▪
281
280 280 279 280 27912 280 27978 280 27912 280
139 13912 139 140
139 13912 13834 13978 13918 13934 13814 139
8934 89,
4 90 90
89,
4 90
8234 90
8934 8934 8934 90
94
94
94
94
93 93
94.94
04
94 94
94
021612 217 521612 21734 *21512 21734 +21613 21734 2121 218 *213 21478
*312 4
314 314 *314 312 *314 312 *314 812 *314 312
*--- 70 5.--- 70 5.--- 70
70
Last Sale 93 Dec'12
*8638 87 58538 §632 *8638 87 *8638 8634
Last Sale 8658 Feb'13
15312 15312 153 18312 153 153 *152 155
154 154
154 154
Last Sale 90 Mar'12
159 159
159" 15034 155 1-g4 .155" friii" 15934 15034 *169 160
'15
1534 1512 1512 *1518 1553 1512 1513 1512 1512 *15
1034
10638 10658 10658 10634 10673 107'4 107 108 10738 108
10714 10734
*27
27,
4 2734 2734 *2712 2734 2734 2734 2734 2714 2712 2712
2712 2712
28 *____ 28
28
7
28
138 134 *114 134
*114 112 *114 112
138 112
170 171
17112 173
173 175
173
17212 17412 16614 1721i
50 50
50 60
50
50
50
60 5018 50 5018
2734 28
2813 2818 *2813 2812 284 284 28
8 28
28
6014 6034 61
6114 6212 6114 6278 6158 624 6058 6114
83
*10712 108
108 108 *108 1084 108 108
108 10812 108 108

17S

Saws
the
Week
Shares

STOCKS
BOSTON STOOK
EXCHANGE

Range Since Jan. 1.
On basis of 100-share lots
Lowest

Railroads
250 Atch Top de Santa Fe_100
Do pret
100
245 lloston & Albany.......100
100
397 Boston Elevated
21 fioston & Lowell
100
100
139 Boston & Maine
Boston 050 Provicience..100
Loston Suburban El Cos_
Do prcf
20
152 1:08t0n & Wore Elee Cos_
Do sw
160
Chic Juno ky & USY..100
Do pre
22
Connecticut Rlver___100
74 tch b urg,pre/
100
Cli fly 63 EleO strnpd_100
10 Do pref
100
80 laine Central
100
248 ass Electric Cos__ _100
Do pre( Stamped _100
144
1,686 A Y N 11 & LiartfOrd_100
5 Northern N 11
•
100
Norwich & Wor prof _100
66 Old Colony
100
Rutland pref
100
100 Union Pacific
100
Do prof
100
37 Vermont & Mass_.400
856 West Ead Et
50
32 Do pref
50
Miscellaneous
194 Amer Agricul Chem...100
223 D • prof
100
830 Amer Pam! Service_ 50
296 Do pref
50
704 Amer Sugar itefln_100
144 1)0 pref
100
Amer
TelJp
de
Teleg..100
6,030
100
5 American Woolou
100
325 Do pref
11 Amoskeag Manufacturing
Do prof
134
All Gulf & W I SS L.100
100
60 Do pre/
50 East Boston Land_ 10
178 Edison Eleo Illum_100
General
Electrlc
1,090
100
248 Massachusetts Gas Co8100
109 Do lo.ef
100
100 Mergenthaler Liao__100
10 Maxl0an Telephone_ 10
N 11 Cotton Yarn_ _100
Do pref
100
190 N E Teleplione
100
Fortland (Me) Elec _100
120 Pullman Co
100
40 Ree0e Button-Hole_ 10
824 ilwlft 43 Co
100
37 Torrington
25
10 Do prof_
25
155 nlon Copper L & M 25
2,560 United Fruit
100
1,518 Un Shoe Mach Corp_ 25
626 Do prhf
25
9,704 U S Steel Corp
100
Do pref
100
131

10038 Feb 26
10138 Feb 4
208 Mch 5
10712 Mch 3
203 Jan 3
289 Feb 28
290 Jan 3
712 Feb 19
65 Mch 7
5 Feb 25
43 Mcb
166 Feb 14
104 Jan 13
255 Feb 19
11812 Mch 7
123 Jan 14
8278 Feb 4
102 Jan 25
1614 Jan 9
75l Jan 18
12312 mch 4
128 Jan 22

H tallest

57 Jan 11
9214 Jan 2
412Jan 3
2334 Jan 11
11812 Jan 3
11714 Feb 1
14012 Jan 3
13 Jan 14
8112 Jan 7
75 Jan 14
100 Jan 23
578 Jan 23
12 Jan 3
15 Feb 8
28812 Jan 10
18634 Jan 2
9312 Jan 22
9538Jan 10
219 Jan 2
312 Feb 8

864 Feb 27 9112 Jan 11
153 Feb 27 180 Jan 11
157 Feb 25
15 Jan 20
105 Jan 18
2714 Jan 28
2713 Feb 28
14 Feb 25
157 Feb 25
48% Jan 14
27 Jan 20
6934 Feb 25
10738 Feb 24

Lowest

10614 Jan 2
10138 Feb 4
215 Jan 2
11414 Jan 30
205 Jan 27
97 Jan 3
290 Jan 3
74 Feb 19
65 Mch 7
714 mch 6
45 Jan 24
166 Feb 14
107 Mch 6
260 Jan 13
122 Feb 8
126 Feb 10
84 Jan 4
10912 Mcb 4
1938 Feb 4
79
Jan 5
1;0 Yn
11
130 Feb 21

173
ig -176-12 Feb ii
_
153 111014 1 16214 Jan -6
90 Jan 21 9012 Jan 9
150 Feb 27 150 Feb 27
76 Feb 26 8112 Feb 8
9512Itch 5 100 Jan .3
4714 Jan 17
08 Jan 17
381 Feb 14
1913 Feb 13
114 Mch 3
11312 Mch 1
13113 Feb 26
1634 Feb 28
78 Feb 3
70 .5,1Ch 7
98 Jan 10
5 Jan 10
10 Jan '7
11 Jan 14
279 Mch 4
135 Feb 25
8934 Feb 24
9112 Jan 31
216 Jan 3
3 Jan 16

Range to: PreviOus
Year 1012.

1854 Jan 2
1534 Jan 2
108 Mch 5
284 Jan 15
2814 Jan 20
2 Jan 4
182 Jan 3
5534 Feb 4
2812 eon 3
69 Jan 2
111 Jan 30

Highest.

10378 Feb 11114 Oct
10114 Nov 10414 Feb
.1.112 Sep 22212 Apr
112 Dee 13434 Mch
202 Nov 218 Jan
94 Dec 10012 Jan
290
ec 300 Apr
10 ijeo
14 May
70 Dec
80 J'ne
7 Deo
1212 Jan
50 Aug
57 Jan
165 May 170 Jan
10712 Oct 112 J'ne
260 J'ly 272 Jan
119 Deo 128 Jan
121 J'ne :179 Apr
83 Dec
9112 Jan
125 Deo 14738 May
16 Dec
2318 Jan
83 Feb
Dec
17r8
, Dec 142% Apr
12812 Oct 143 Jan
200 (Jet 21212 Jan
r174
ne 187 Jan
41 Jan
70 Jan
152 Dec 17614 Sep
8918 Sep
0378 Dec
1(A) Dec 164 Jan
80 Oct
8878 Feb
1113 Nov 10312 Mch

64 Illfec
98 Dec
3 Aug
14 i'ch
11334 ec
1144 Dec
13712 Jan
22 Nov
7914 Nov
75 Nov
19014 J'ne
5 Aug
1012 Aug
1034 Jan
27213 Sep
155 Jan
28818 J'ly
93 Dec
21413 Dec
212 Itch
CO Dec
90 Dec
14814 Oct
7212 Jan
158 Feb
1334 Jan
9812 Jan
'47 May
28 Jan
.85 Jan
hI74 Sep
4614 Jan
2713 Dec
5838 Feb
10713 Feb

6334 Nich
105 Men
514 J'ne
2412 Nov
13358 May
12334 Aug
140 Melt
30 Mob
9414 Mcb
84 May
105 Mch
9 Feb
20 Jan
1714 May
300 Mch
189 Dec
95 Oct
9878 Feb
229 Aug
412 J'ne
105 Jan
107 Mch
164 Mob
90 MO%
184 Aug
1738 Apr
10918 Sep
32 Jan
81 Apr
334 Apr
20812 Pile
5712 Aug
2934 Sep
8058 Sep
11588 Oct

$
Mining
3313 4
313 4
25
4
314 Feb 13
418
4
6 Jan 4
4',ft.
368 338
5 Dec
312 312 1,515 Adventure Con
1114 Apr
114 112
138 2
Mining
14 2
2
2
4.113 112 3113 3.118
214 Jan 3
25
1 Feb 20
2 Dec
84 May
*36
38
3712 3813 38
3713 38
38
23 32 Feb 18 4214 Jan 3
35 Dec
5018 J'ne
3712 374
7
6834 6912 70
7112 704 7158 7018 7238 7113 72
7018 71
9,050 Anu3gamated Copper 100 654 Feb 25 804 Jan 2
60 Feb
9214 Oct
,
83
me
Lead
2912 2978 2978 3038 2978 3038 2934 3012 30
6
4
sm
.
33 2634 Jan 18 '327b Feb 10
30
2412 Fob
2934 2934 3,483
35 Oct
313 358
334 4
212 Feb 18
413 Itch 6
35s 378
334 334
378 44
334 433 10,410 Arizona 010111)1 ctfli dep..
2 Jan
678 Apr
5,40
.45 +.40
.45 +.40
.45 .40
.40 •.40 .45 •.40 .42
400 Bon4tnza Dev Co _ 10 .31 Jan 18 .411 Feb 15 .25 Ncv ,65 Apr
6
64
6
6
435 Bos&CorbCop&SilMg 5
612 658
613 658
612 612
5 Jan 15
7 Feb 3
914 J820
Dec
413
273 273
273 3
212 234 -;:ii4 -13
3
420 Butte-Balalr va Olop. 10
234 234
4 Jan 4 21543 j'ly
212 Mch 6
534 Apr
3034 3113 3178 33
324 3234 32
3314 32
3278 3073 3112 7.202 Butted;Su p op(Ltd) 10 29 Feb 25 46 Jan 2
Itni Feb
6134 J'ne
6034 6214 6234 6412 6358 6414 6334 6514 6412 65
36318 8334 5,485 Calumet & Mohr._ 10 59 Feb 18 721k Jan 2
5712 Feb
8312 Aug
450 450 460 465 470 475 466 471
470 470 461 405
128 Calumet 4i Iedla__ 25 3435 Feb 81 555 San 2 405 Feb 615 Sep
*1412 16
15
15
154 1513 16
1512 1512
10
470 Centennial
1518 16
25 134 Feb '... 18 Jan 6
1512 Dec
2712 Apr
3712 39
394 4018 40 40
40
4.1
394 3913 3,972 C
lin
Oo
in
soliCo
4014 41
esepupreG
r gio..... 1
5 3534 Feb 21 4712Jan 2
2514 Feb
5014 Nov
..02
3.02
.04 *.02
.04 __
Last Sale '01 Nov'12
.01 Nov .09 Jan
4434 454 246
4613 -,Wg-4 4634 str 46
47
45
45
48
2,023 Oopper Range Con Go 100 424 Feb 19 2,2 Jan 2
4812Deo
6812 Apr
*312 4
+312 4
*312 4
313 34 *313 4
•312 4
25 Daly-Weit_.,_ 20
4 Jan 27
314Jan 3
412 Oct
712 Mch
12
1212 124 1312 1314 1334 1313 14
1314 1312 1318 134 4,495 East Butte Cop Min_ 10 1/14 Feb 14 161, Jan 2
1214 Jan
11334 Sep
6
614
813 734
7
748
7
7
7
74
'7
7
1,341 Franklin
54 Feb 20
.,
25
0 Jan 2
678 Sep
1814 Apr
273 3
31
3
4 388,
3141
2% 3%,
3
314
212 Feb 24 3% Jan 2
1,380 Giroux COns0114ated_ 5
3 Dec
61146APT
624 644 6214 6312 -oii4 -63614 64
6034 83
58 61
4 3,839 Granby Consolidated-100 55 Feb 18 734 Jan 2
33 Feb
7734 Nov
8
814
VA 814
814 _Fa
84 812
814 8188,
812 8, 2,288 Greeno Cananea-. , 20 .(7311: Feb
Feb
1812 1812 1812 1034 1812 1912 1818 2
19
1912 18
18
1,455 Hancock Consolidated
9 29
Febe 11)
i
54in :
27213
34
Feb'13
34
Jan
Sale
34
Last
34
*14
34
34
3
34 Jan 3
.70 Dec
2 May
Helvetia Cower
12
1214 1312 1312 1334 14
1312 14
1413 1412 1312 14
1118 Sep
23 Apr
830 Indta.na Minnag____ 25 1012 Feb 20 17 Jan 2
16
16
1673 1678 *1718 1712 *1714 1734 *17
1638 Dec
2158 Jan
1712 *1612 17
22 inspiration Consol C_ 20 1512 Feb 19 1813 Jan 8
5212 5212 52
5212 *51
52
52
53
634 534 53 53
6534 J'ne
350 1618nd Creek Coal-- 1 50 Feb 18 59 Jan 4
4013 Jan
8613 8613 *8512 8612 8612 8612 8638 8838 8613 8834 *85
I 84 Jan 22 8712 Jan 10
8612
85 Jan
Do pref
44
9114 Aug
,..
25
25
2512 2534 25
2534 25
26
2514 2014 *25
Jan
Jan
an 1,
9
1
2534 1,842 isle Royale Copper_ 25 2% Feb
3.
x. 31/.
314 314 *3
314
318 318
318 34 *3
c137.,?,
i
1'
t
2!
I34 nr
240 Kerr Lake
37s11,1 Novl
318
.....
5 '
4
*213 234 *212 234 *212 3
*212 234
Last Sale 24 Feb'13
Kewecnaw Copper_ 25
3 8 Feb 4 .80 Jan
113 Jan 7
3 May
1512 17
1612 1712 1612 1714 1612 1712 1634 17
16
1614 3,284 Lake Copper Oo__„,... 25 12 Feb 18 2012 Jan 3
2234 Deo
49 Apr
4
44 412
4
4
334 378
412 412
25
412 434 *412 473
334 mcb 1
54 Jan 3
270 La Salle 010pper
410 Feb
8 Apr
*738 734
812 812
84 812
758 758
84 84
713 8
835 Mason Valley hilnea....5
7 Feb 25 1012 Jan 2
104 Dec
1412 J'ne
+413 434
412 412
434 434
412 424 *412 434
413 Jan 21
25
412 412
808 Atm(AIM'
512 Jan 2
5 Dcc
914 Jan
94 912
934 1012
918 1012
933 234
918 934
9
2,723 .Jayllower
9
Feb
1514
IS
8
Jan
25
2
1812 Apr
San
234
*2214 2212 *2234 2314 *23
2314 *2338 2353 2314 2314 *23
3 204 Feb 19 261z Jan 3
234
50 vila,m1 Copper
2338 Jan
3038 Sep
*113 2
113 134 •412 2
*112 2
*112 2
+14 2
^5
65 Michigan
112 Feb 8
158 Dec
512 Apr
134 Jan 2
4934 50
50
5112 5018 51
52
5212 52
52
51
6112
086 MoliaWk.
25 47 Feb 24 65 Jan 7
5013 Jan
73 J'110
1714 1714 1758 1818 1814 1838 18
18
1818 1818 31713 1712
719 Nevada Consollpiated. 5 184 Feb 18 1934 Jan 4
1814 Jan
243s S,,813
*2
21.1
214 238 *214 212
214 214 *214 212
233 233
140 Now Aroatilan Copper 25
2 Jan 14
2 Dee
212 Jan 2
814 .r.,
4811r
*834 878
878 878
812 878
873 8741
878 878
878 878
5
363 Nlpissing Mine3
8,2 NMI 4
0 Jan 18
534 Jan
94 Dee
26
274 2734 2814 2734 2814 2814 29
28
2812 2712 28
5,639 North Butte
3938 Oct
15 2414 Feb 19 3412, Jan 2
34 Feb
22
*134 2
178 2
2
2
218 *178 218
2
178 17s
705 ,N);airttshv
834 Apr
25
114 Feb 24
218 Deo
234 Jan 2
*2
214
214 214
24 234 *214 234 *214 212 *214 212
150
25
2 Feb 17
314 Jan 4
aLyalktelning
14 Dee
133
6'14 J
maany
54 534
534 618
534 6
558
6
012 512
512 558 2,858 Old Colony
25
413 Feb 19
258 Jan
838 Jan 2
47
.
48
49
4034 4014 4934 40
.
49
50 *4912 50
4014
,
732 Old °minion Co.__ 25 44 Feb 28 58 Jan 2
4
Oct
Jan
44
86
8812 90 90
87
90
86
90
8812 89
861z 88
585 sce0141
8
28
2 Feb 25 107 Jan 2 100 DecDeo 13012 J'ne
2312 2334 *2312 2378 2313 2358 234 2414 24
2412 2312 24
4,734 ond Creek coal --- 2
10
5 05 F
24
9 Nov
Fe b 2
18
o
4 2814 Jan 2
15 Mch 0
674 6731 6712 69
69
69
69
*67
69
6912 6812 60
167 Lune,
1778 1773 1831 19
184 181
19
499 ay Consol Copper
19
1012 19
1912 19
2415 Sep
Feb
164
10
19
2
2
178 178
2
2
24 218 *2
274
214
218 218
575 Szulta Fe Gold & Cop.. 10
11132
78
71;2
aan
1 jJDa
ne
May
14 Feb 27 283
33
Jaa
an
3 jj
n 2
1058 11
1118 1114 1114 1112 1112 1112 1112 1112 1114 1114 1,550 lhannon
Jail
10 104 Feb
24
24
25
25
2514 2514 2513 2512 2514 2512 2513 2518
370 Shattuck-Arizona
10 21 Feb 19
r1718
2 Ati
ofr
.1.25
.35 *.25
_ *,25
.30 +.25
.32 3,
4/t
30 Feb'13
:
1 .30
3
.2..(48t ,
South Utah M & S_ 5 .20 Jan 8 .2
n 123
8
17914 FebDe
j
Jinn
114 Apr
5123j
3
183
2718 23
2812 29
2934 1012 2912 3112
3,460 Superior
24 Feb
25 2412 Feb 18 4012 Jan 2
4878 J'iy
334 4
334 372
34 4
44
312 4.x
4
312 312 3,062 Sauer1Or& Boston 1.11n 10 1 if. Jan
4
Feb
1
3438
Dec
2
478 Jan
30
30
31
33
30
3034 31
32
3018 304 30
3018
460 Veana.rack
26 Jan
25 26 Feb 19 38 Jan 3
51 Apr
.433 412
412 412
412 434
412 473
473 473 *412 5
575 8rInIty
.,
4 Dec
6 Jan 9
25
4 Feb it)
913 Apr
*233 3
*234 3
3
3
*273 3
273 273 *234 3
450 Tuoluinne Copper _ 1 24 Feb 15
Jan
28
312
212Deo xtg l'teeh
p
3914 3934 3934 40
40
4014 4012 4114 4058 405g 4034 41
2,889 LI S Smelt Ref 64 Min 51) 3814 Feb 25 4312 Jan 2
34 Jan
4814 4814 4812 4812 4813 4812 4834 4834 4834
4834 4812 4812 1,138 1) -, pref
47 Jan
50 48 Feb 14 60 Jan II
gen
5234'
+134 2
2
2
*2
218 *2
213
2
213 .2
2
600
Jan
Utah-Apex
3
238
Mining
1 Nov 3143 Feb
14 Feb 13
8
912 94
934 1014 10
1014
934 10
984 934
017 Utah Consolidated
934 034
873 Feb 25 1114 Jan 2
5
012 J'ly
2038 Apr
524 5258 544 5434 5438 5438 *5414 5412 +54x. 14
3!1.513
r?Itopper Co
2
5212 Jan
10 50 Feb 17 60 Jan 2
0738 Sep
*1 ifo 112
112 112 *112 15;,
9.153
112 134 *1
8
206
17
)
itoatho
2 Jan 2
112 Jan 31
134 Dec
578 Jan
+212 3
234 234
234 3
•234 3
*234 ..-- 5234 3
200
Jan
2
Winona
19
412
Feb
312
24
25
Dec
734 Moll
67
8712 68
69
67
69
68
64
6812 68
263
89
687 Wolverine
25 283 Mull 7 70 Jan 3
1334 Apr
Co Dec
1
1
*34 1
1
1
*1
114 *1
114
+1
114
600 Wysin.'ott
112 Jan 9
23
114 Feb 20
1 Dec
17 Bleb.
!Biu ana asked prices. a New stock. a Asst't paid. 0 Ex-stock alv.
a Ex-rignts. a Ex-dlv.:mi dolts. x Unstainued.

i8s :,,,./....Iah

*.,




22 i

:1118 .4?..t.

709

Boston Bond Record

MAR. 8 1913.)
Li_ONDS
BOSTON STOCK EXCHANGE
Week nadIng March 7.

Week's
Range or
Last Sale

Price
Friciay
larch 7

Am Agrioul Chem lst 5%_1928
Ani Telep & Tel coil tr 4s__1020 J-2
Convertible 45
193(3 11-s
1033
20-year cony 4 3i.is
Am Writ Paper 1st s I 03 2_1919
1915 M-N
Am Zinc L & :3 deb Is
Ariz Coin Cop 181 Os (AN of dep_
Ate)' Ton 63 S Fe gen g 43_1995
Adjustment g 4s____Juiy 1995 Nov
Stamped
July 1995 11-N
00-year cony 43
1055 J -D
10-year cony Os
1917 J -D
Atl Gull 63 W 1 SS Lines 53.1950 J Boston Elev 30-yr g es_,j075
Boston & Lowell 45
1016 J -2
Boston &Malue 4 3is
1944 -2
improvement 4s
_11)3, F-A
Plain 4s
1942 F-A
Bur & Mo Riv cons 6s
1918 J -2
Cedar Rap So .110 It 1st 73_1916 :11-N
Cent Vermt 1st g 4s___May 1920
C B & Q Iowa Div 1st 55
1915 t•t)
Iowa Div let 4s
1910 A -I)
Deliver Eaten 4a
1022 14- A
Nebraska Eaten 41
1927 M-N
B &SWat 43
1921 31-S
Ilois Div 3 tss
1940 J-J
Chic Jet Hy & SU( Yd3 03_1915
Coll trust refunding g 4s_1040
Oh Nlilw 63 St P Dub D 69_1920 J -J
Oh B & St P Wls V div 8s 1920 J J
Oh .1.e. No Mich 1st gu 53
1931 ,11-N
()hie & W Mich gen Os
1
940
192
Concord & Mont cons 45_1
Cudahy l'aok (The) 1st g Is 1024 11-1's
1020 A-0
Current River let Is
1946
Oct Cr Rap & W 1st 4s
1040 00
Dominion Coal 1st s I 5s
1015 11- 5
Fitchburg 48
1927 M-s
48
irremt Elk 63Mo V let Us,_ 19I3
1933
Unstamped lit (1s

I

,1
g31
s

Range
Since
Jan. 1.

High No. Low High
Low
5 10012102
10012 10034
8712 62 8718 8934
8713
106 106
106 Feb '13
10312 77 10234 10334
103
_
8978 J'ne • 12
_
131 J'ne'12_
- - - 82 Jily '12
---- 9658 Feb '13 ____ -663-3Os
8758 Nov'12_
---8912.111y 12
--10434 Sep '12 ___
-11050 Mch'11
864 Sale 508 5912 3 5933 623s
ust8 Feb '12
_--- --- _ 10014 Mch'09
10112 Oct '0

Bid
Ask
8733 Sale
103 105
10314 Sale

.Veck's
Range or
Last Sate

Price
Friday
larch 7

BONDS
BOSTON STOCK EXCHANGE
Week Ending March 7,
General Motors 1st 5-yr 63_1915 A-0
Cc Nor () B & Q colt tr 4s__1921 J -2
Registered 43
1921 Q-J
Illinois Steel dcben Ss
1913 A-0
fa Falls ea Sioux C 1st 7s
1917 A-0
Kan C ClIn & Spr lit 5s1925
Kan C Ft Scott ec Mem 63 1925 ,11-N
Kan C A& & B gen 43
1934 M-S
Assented income Os
1034 M-S
Kan 0 & M fly & Br let 53_1929 A-0
Marq Hough & Out 1st 6s 1925 A-0
Mass Gas 4 4s
1920 -2
Mich Telephone 1st Os
1917 J -J
New hag Cotton Yarn 53_1929 - A
New Eng Tel:ph 3s
1915 A-0
1916 A-0
55
New England cons g 53_ _1945 J-2
Boston Term 1st 4s
1936 A-0
New River (The) cony 53_1934 J -J
N Y N H & II con deb 3 43_1956 J -2
1948 J -J
Cony deb 63
1924 F- A
Old Colony gold 40
Oregon By & Nay con 2 43_1946 2-i)
1922 F - A
Oreg Sh Line 1st g 83
Pero Marquette deb g 6311/12 J-2
1919 J -J
Repub Valley 1st s I 6s
Savannah Elea 1st cons 5s 1902 J -J
1930 F- A
Seattle Elec let g 5s
1919 11-N
Shannon-Aria 1st g 89
1029 J -J
('errs Haute Elee g 5s
1918 54- S
Torrington 1st g 55
Union Poe nit 631 gr g 48_1947 J -J
1027 J
20-year cony 4s
United Fruit gen s 1 4 Sss
1923
11125 -J
Debenture 4 3.is
(I S Steel Co 10-60-yr 5s Apr 1963 11-N
West End Street Ity 4s
1915 F-A
Golci 4 4s
1914 lI-S
Gold debenture 9s
1918 m-N
Gold 45
1917
1932 J -J
Western Teleph & Tel 5s
Wisconsin Cent let gen 42...1949 J -J

Ask
Bid
9912 10014
941, Sale
9414 -_-_
9978 1001
---111 112
____ 90

941

Sale

•Sti-t
------- ----

fg,
4,54,

Range
Since
Jan. 1.

High No Loa. IIigh
Low
9912 9934
9923 Feb '13
9478 32 '3413 9614
0412
953 Feb '13
9538 957s
9975 Feb '13
9934100
117 Apr 'Oh
92 92
92 Feb '13 111 113
11112
11112
9012 9013
9012 Feb '13
8333 Nov'12
1.61181614
10113 Feb '13
115 .I'ne'OS
94 9813
9412
94
10018 Apr '12
90 93
02
9178
---19133 Mch'll
[0013Sep 'Os
---- ------75 Dec'11
- -9214 Nich.12
l25' 12512
12518 Feb '13
101 Apr
9378 Sep
11138 Oct '11
93 Jan '111
103 Jan 'ii
7014 Dec 'Di
10313 10312 -1 16:11-21.6:11i
93 06
93
03
97 Apr 9).
---101 Sep '1::
10018Jily '12
---10178 Alay'12
9514 0614
9578
9534
0514 9553
'3512 Feb '13
10012 10134
19013 Feb '13
- - -- - - 10 May'12
9913 Oct '12
8 9718
-6f1
971 Feb '13
9812 Nov'11
9978 24 'Jo 1005
99
9358 Feb '12

-6'8- Feb '12
-------102 Jan '13162 102
11138 Sep '11
gE 8734 89 Feb '13 ___ -8-9 - -8-93-4
1103 Oct '07
-.99 Aug '12 ____
-9978 Feb '12
U812Mch'12
9812 Dec '12 ._
1 -8
8378
7 -9-5-1;
8373
-"3-;
10312 Sale
9912
1 9912 1065
9912 Sale 9913
93 95
___. 87 8734 Nos''12
;
11038 Feb '13 .__ 11038 1103
e
11333 F b '11 ____
-91 May'1:1
- -6i 93 Jan '13
99
9578 bale
vrizsep '11 ____
____ 9518
10014 Aug'12
100 Aug'12
8014 Sep '12
09 Feb '13
99 991
10313 Apr '05:95 Oct '12
993 905
122 Feb '13__-_- 122 122
122 Meh '1'
NUM.-Buyer pays accrued interest in addition to the Purolla39 price for all Boston 13onds. • No price Friday: atest bid and asked. 11 Flat price

3'

-73

Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Sitars ',lc:at-Not Pee Gentian Prices

Sales

Range Stnce Jan. 1.

ACTIVE STOCKS

of idiet

Saturday
1larch 1

11onday
1(arch 3

Tuesday
Ilarch 4

;Vednesday
Warch 5

Thursday
Itarch 6

Friday
'larch 7

-----11- -----118 *112
114 *111 115
119 *116 119 *____ 11812 ...___ 119 *110
1934
1914 1912 1934 20
20
1034 20
03
03
83 *_ 8312 63
6234 63
122
__ *____ 12212 122 122 *122 123
19t 1914
.
*4414_ *44
il
-if
"iii-2 -ii4 "Hit Ws:, -iiii4 2354 *2358 W *

*11213
•115
•___
6234

11534 *____
119 *116
1,212 1912
6234 6234

_
61"2 -_-_-_- ":": -5534 16- 5534 76
5213 5212
5114 5112 5134 -53-14 52
53
_
_ *1173 _ _ *1173
•1178
*1173
52 -5213 5158 -,62.
*5113 -52
52 -52
31334 3912 40
3912 3912 39
39
39
74
*73
7312 7312 7334 7334 7334 74
12
12
12
1212 1218 1214 1214 1212
*27
2714 *283.4 2712 27
2712 27
2714
*3812 89
8813 8812 8812 8812 8812 8834
7833 7838 7812 7812 7838 79
7838 7878
10
1914
10
1913 1018 1914 19
1012
35
3514 35
3478 35
*35
35
35
59%6053', 5958 604', 5934 601/,,
59% 60
4014 40
4614 46
46
4512 4534 46
2318 2314 2278 2314 2212 2234 2234 2278
2553 2558 2512 2578 2534 2578 *2538 2512
77%781X. 7800% 7834 793ii 7873 7934
534 5%
5% 5%
534 5%
*534 678
50
50
50
50
50
50
5018 50
8818 8818 8812 8812 8813 8858 8858 8838

PHILADI:L15111,13
Inactive Stocks
10
American Milling
100
Amer Ity3 pref
50
Cambria Iron
Central Coal & Colte_100
Preferred
100
Consoi Trac of N J
100
Germantown Pass
50
Ilarwooi! Electric_
I00
Huntington 63
Preferred
50
Insurance Co 01 N A
JO
Inter Sm Pow & Chem _5(3
Interstate ltys. pret_lu
Kentucky Securities__ 1.0,J
100
Preferred
Keystone Telep, pref. 50
Keystone Watch Case_100
10
Lit Brothers
50
Little Schuylkill
50
Minehill & Schuyi H
Nat Gas Elec Lt & P0_100
109
Preterred
North Pennsylvania_ __50
50
Pennsylvania Salt
Pennsyivanla Steel__ _100
100
Preferred
Phila Co (Pitts) pret___5J
Phil German & Norris_59
Paths Traction
50
Railways Genera,
10
Tonopah Belmont Dev_1
United Cos of N J____100
United Trae Pitts pret_50
Virginia By .5e Pow_ _ _100
Preferred
100
Warwick Iron & Steei__10
Washington-Va
100
Preierred
100
Welsbach Co
West Jersey & Sea Sh _50
Westmoreland Coal____50
Wilkes Gas &
York Railway
50
Pre(erred

Btt
112
10214

92 93
3112 8212
-3112 -321.
2
1018
_
-2134 -'2218
_
_
,
4312 44

-iiti
30
80
1.0612 100
_
3912 40
142 145
82 83
7 -71;3
_
1012 11.134
___ 78
_ _ 40
___
f212 3
.
16
35

"ii

Ii more
Con Gas EL L & Pow_100
pret
100
Do
830 Houston OIL tr etts Iuu
pre: tr etts _100
Do
75
60
40 Northern Central
IOU
15 Seaboard Air Line
prai
100
Do
416 United By & Electric.. 50

Philadelphia
50
Amerloan Cement
212
*2
60 American Railways_ 50
40
40
50
5114 5134 11,255 Cambria Steel
Electric Co of America 10
*1113 12
211 Eiec Storage Battery-1110
5112 4112
100
723 Gen Asphalt tr sats
*3812 39
Do
pre( tr cta_100
517
74
*73
1212 1,825 Keystone Telephone_ 89
*12
305 Lake SuperlOr Corp 100
*2812 2712
50
238 Leh C & Nov tr ctfs
8813 8838
50
77%7791'3
635 Lehigh Valley
1014 3,305 Lehigh Valley Transit 30
19
50
412
Do pre('
*343.1 35
50
4,811 pennsylvanla RR
5934 60
50
054 Philadel Co(PItts13)
4614
46
25
2234 2278 3,466 Philadelphia Elec4
50
vot tr ctts
2514 1,550 Phil ft
25
50
7833 791, 17,530 Reading
1
534 534 3,080 Tonopah Mining
50
4934 50
1,178 Union Traction
50
8714 8778 1,144 United Gas Impt

Bonds
Prices are al2 "and
inter6si"
Alt & L V Elec 4 48'33F-A
Am Gas & Elea Is '07_F-A
A-0
Ant Itys 15s 1017
Atl C Gas 1st s 1 56 '80_J-J
Berg&Ellrew 1st 63'21 J-.1
Bethleh Steel Its 19113_Q-1,
Olt Olt Se G gen 53 11119 J-J
Con Tian of N J 1st 58 '33
Del Co 'Lys tr ctls 46'402-.1
Edison Mee Os 1:446_A-0
Elec cis Peoples Tr tr etts__
Tachfl 1st 5s 1940_J-J
Gen Asphalt 5s 1910_11-S
Maw Elea 1st es 1942..11-S
Interstate 43 1943_,F-A
Keystone Tel 53 1935_J-J
1,4ake Sup Corp Inc 53'24_0
Lehigh Nay 4 4.3 '14 Q-J
Gen 11 4 25s g 1924_Q-F
Leh V C 1st 5s g 1933 _J-.1
Leh V eat 43 1st 1948J-1)
Consol 6s 1923
J-D
Consol 4 48 1023
J-.0
Annuity Os
J.
Gen cons ss 2003 M-N
Lou V 'Iran con 48 '35 .1-1?
1st series A 43 1935-M-S
lot series 13 53 1030 M-S
MurketStEl 1s1. 4855 11-N
NatLII&P ser 1153 '11/ J-J
New Con Gas 5s 1948 _J-D
N Y Ph & No lot 43'39 J-J
Income 4s 1939_ _M-N
Pa & N Y Can 58 '39_A-0
Penn Steel 1st Is '17_11-N
People's 'rr tr ctts 45 1943
11 Co litt &col( tr 53'49 11-s
Con & coil tr 53 '51 11-N
Phil Bloc gold Or ctfs_A-0
Trust Ws 43 1949 __.1-.1
P & E gen 11 Os '20_A•0
Oen IA 4s g 1920___A-0

Bid and asked: no sale; on th.3 day.




_
-4-6
5278
_
ii
39
74
1214
27
8812
7858
1912
35
60
4612
2278
2538
7912
5%
50
8814

117
11834
1978
63
122

PHILADELPHIA

tik
2

*2
*3912
52
*1173
52
39
*7312
1214
27
8812
78
1912
*3478
5978
4612
2234
2538
7038
534
50
8814

reek (For Bonds and Inactive
StOC7:3 sea below)
Shares

11 Ex-dly. & r.ghts.

Ack

86 8614
96 -___
-7jiff; ii,
10114 10112
_-_
-tii.3.
4 -tig .

PHILADELPHIA
Ph & React 2d. 5s 1933 A-0
Ex Imp If 43 1947_A-0
Terinla..1 Gs :,ti 11341_Q-F'
P W 4 13 col tr 4,'21-J-J
Read Trao lot Gs '33__JHoch fly & L con 58'54 J-J
Spanish-Am In'Gs '27__J-J
Stated ((as & B 63'26.J-1)
513
Stand S
1Vks 1st:53'28 J-J
U Trao Ind gen 5s '19J-.j
Qn Itys Tr ct13 48'49__J-J
United itys Inv 1st coil tr
s f 53 13/26B_N
Welsbach s(53 1930 _J-19I
1V11-13 05cE con 53.315_J-J
York Rys 1st 53 11/37J-D

14
100
BALTIMORE
00
9014
Inactive Stocks
75
Atkin Coast L (Conn) _100
100
Canton Co
_. Consolidation Coal.....100
101.,
8 10612 Georgia Sou &Fla
.
1063
IN
1st preferred
10u
Zd preferred
100
--__ 104: G-B-S Brewing
Bonds
Prices ars all "and
.1-3 -68 -65
-_.-l930, J-J
Bolt Oltyln3fe "
..
48 19114-1935___vartous
M-N
Os 1910
- -3678tio58
Anacostla & Potem 5s A-0
, deb 43.11-N
AtCoast Leon:
_
__. ____
Atl Coast L(Ct)etts Is J-D
J-J
5-20-yr es 1925
--- 13 S P & C 1st 4 30'53 F-A
ill
Balt Trae lst 53 '21)__M-N
No Halt Div 55 1342 J-D
__ ..
-.,. 10034 Cent fly cons 53
Ext & Imp 5s 1932_51-S
9212 0334
103 10312 Clias City By 1st 5s'23 J-J
8118 8138 Chas fty G & Pil 5s '99 11-S
City de Sub 1st 5s 1922 2-1)
09 0912 .:Ity & Sub(Was)1st 53 '43
.61_8
10
59
__
74

1 515 )aid.

4 13 34

paid.

# 017 4

Ilighest

LoseC31

Ranle for Pre1,10n3
Year (1912).
Lowest

105 Jan 13 120 Jan 16 96 Jan
110 Jan 13 120-4 Jan 31 101 Jan
814 Jan
1734 Jan 2 2214 Feb 11
6213 Feb 21 88 Jan 11 5334 Jan
120 Jan 2 12212 Jan 13 121 Dec
1834 Jan 8 21 Jan 30 IS Dee
4312 Feb 28 4754 Jan 24 4512 A1ch
23 Jan 6 2434 Feb 10 1814 Jan

117 May
116 Apr
2518 Nov
7212 J'ly
1,30 Apr
2714May
5534 J'ne
2658 Sep

1 J'ne
2 Feb 6
4012 Oct
z4913 Feb 21
5358Jan 9 4112 Men
1218 Jan 9 1112 J'iy
5414 Jan 0 5234 Jan
4278 Feb 4 18 Apr
7712 Feb 4 5934 Apr
6 Apr
1248 Feb 8
31 12Jan 0 27 Feb
9313 Jan 8 5778 Mcli
3 7818 Feb
8418Ja
313 Jan
193 Fe 14
3512 Feb8 23 Jan
61918 Jan 9 60 Dec
50 Jan 8 4934 Dec
2434 Feb 14 1116;8 Jan
2812 Jan 3 2213 May
84% Jan 2 7414 Jan
6 Dec
612 Jan 13
6113Jan 9 4934 Feb
9113 Feb 3 8614 Jan

7 Jan
47 Sep
5518 Oct
1213 J'iy
5883 Aug
3912 Dec
7312 Dec
13 Sep
3514 Sep
100 Sep
9278 Jan
1678 Sep
3312 Dec
633(3 Apr
5614 Feb
2434 Seep
29 Sep
8914 Apr
814 Apr
1,3 Sep
0238 Aug

2 Feb 6
23914 Feb 28
4912 Feu 24
1178 Jan 29
81 Feb 19
874 Jan 17
71is Feb 25
Ills Jan 14
26 Feb 28
8? Feb 28
?Os Feb 25
3534.70,
0 4
32 Jan 13
5878 Feb 19
4418 Feb 24
2214 Feb 17
2478 Feb 25
7878 Feb 25
Mch 4
4934 Feb 25
87 Feb 25

1112

Ask

11339 114
{0118
10114 10112
100
10212

9112
7414 7412
7612 7633
93 9312

24812
1563-4
30
92
80
212

3

92
9(33.,
10214
100
9714
103
9012
9512
105
107
108
10(3
1021. 164 97
103 104
10312

BALTIMORE
4331 ic C By lzt 5s'19 A-0
oal & I Hy 1st Os '20_P-A
ol&Grisv 18 Gs 1916 ,E-,j
Corwol Las 5 1939---J-1)
0-en 4 43 1964___A-0
Cons G 71 43 P 4395 '35 J-J
Consol coal Os 1900.J-A
Fair 4 CI Tr 131 53'88 AO
Ga & Ala 1st con 55 '45 J-J
Ga Car&N let 58 g
Georgia P 1st 6s 1922,_J-J
Ca Scl 4 Fla lot Os '45.J-J
(1-U-3 rirew 3-43 '61.11-z
Houston 011 div ctfs _F-A
Knoxv Trac lot Os '26 A-0
Maeopity&Lt lot 03'5.3 J-J
11d. Mica Ry let 5.9'31-A-0
Memphis it 1st 5s '45_J
Monoln V Trac 5s'42_J-D
Alt Vex Cot Duck lb-t 5s__
Kitt N 40 1' 1st 58'3811-N
N .53 A Tenni Is '29_ M-S
Nor&Port Tr 1st fis'36J-1.5
Nor( fly & L Is '49 __M-N
North Gent 4 45 1925-A4/
1220...1,1
Serie:5p
Scrim Bs 1926._ -J
P,tt On Vac 5s 1997_ -J
Poto Vol 1st 33 1941_,J-J
Say Fla 6z tliest 54 '34 A-0
Scab Air L. 43 1910,,5,-.0
Scab & Roan Is 19213....2-2
South Bound 1st 5s_A-u
U (Si L&E 1st 4 45'29 111,-N
Un fly & El hot 4s '49 11-S
Income 49 1949___J-15
Funding Sc 1934___J-D
Cony notes 3s 1914_ .1-2
Va Mid ad ser 6s '10__M-S
4th ser 3-4-5s 1921_8,-5
WI series Os 1926__M-3e
Va Citatei 30 new '32.2-.1
Fund debt 2-25 1991 ,j-,/
West N () eon Os 1914_2-.1
Wit & Weld 5s 1935___J-J

JIB

Ask

9912 166(4
10312
10612 163-9438 95
8914 8984
90 9013
10012 10034
104 10434 r
10312 10413
10912
1041,
45 48
$078 8113
104
9714

ig1-4

78

98

8

014 9114
3
9912
102
10634
10634
9934
104
109
_ -48-4
10312 10412
10512 107
9112 93
8412 8434
6314
87 88
10012 109
163
10412
16114
109

710

THE CHRONICLE

ilnuestinent and itaitroad intelligence.
RAILROAD GROSS EARNINGS.

44

The following table shows the gross earnings of every SrEAV railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
atement to show the fiscal year totals of those roads whose fis!al year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subse7uent paje.
Latest Gross Earnings.
ROADS.

Week or
fonth.

Current
Year.

July 1 to Latest Date.

Previous
Year.

Current
Year.

Previous
Year

AIA_N 0& Tex Pac$
S
$
$
N 0 & Nor East_ 1st wk Feb
88,000
68,000 2.330.317 2,284,365
Ala & Vicksburg_ 1st wk Feb
29,000 1,149,873 1.061,415
30,000
Vicks Shrew & P. 1st wk Feb
26,000
25,000 1,474,252 1,468,265
4th wk Feb
Jinn Arbor
37,441
38,767 1,520,287 1,550,515
ktch Topeka & S Fe January
9,698,890 8,333,262 70,927,249 63,270,046
eitlanta Birm & Atl January __ 262,234 266,084 1,932,113 1,958,948
eatlantic Coast Line January __ 3,256,137 3,740,489 20,233,589 18,553,302
Chariest & W Car January __ 163,819 144.427 1,097,436 1,139,119
93,598 106,999
Lou Hand & St L January __
731,470
758,505
Baltimore & Ohio_ January __ 8,404,005 8.570,122 60,853,343 53,492,506
B & 0 Ch Ter RR December
143,180 110,301
813,999
950,838
angor & Aroostook January __ 213,647 2$3,135 1,810,398 1,952,021
essem & Lake Erie January --484,318 290,107 8,495.131 5,116.41
Birmingham South_ January __ 113,143
69,746
485,98
695,230
oston & Maize
January _- 3,775,126 3,297,745 29,389,405 27,337,27
uff Rock & Pitta 4th wk Feb 252,665 232,983 7,383,300 6,451,900
uffalo & Susq_._ January -- 201,277 201,136 1.439,089 1,405,925
anadian Northern 4th wk Feb 409,500 341,000 15,161,700 12,766,200
4th wk Feb 2,617,000 2,466,000 92,731,799 78,638,148
anadian Pacific
antral of Georgia_ 3d wk Feb 272,700 289,000 9,244,772 9,259,073
ant of New Jersey December 3,020,291 3,001,111 17.041,750 15,642,705
ent Now England_ January __ 305,531 275,205 2,225,952 1,993,978
antral Vermont December
326,332 322.608 2.188,349 2,142,261
hes & Ohio Linea_ 4th wk Feb 826,153 765,074 23,789,949 22,383,928
4th wk Feb 254,409 325,689 10,493,335 10,109,304
Qh1cago & Alton
Ohio Burl & Quincy January _ 7,623,161 6,509,074 58,336,846 52,470,773
Chic Great West_ 4th wk Feb 228,984 224,168 9,428,020 8.624,859
eic Ind & Louisv_ 4th wk Feb 114,923 137,082 4,656,346 4,361,093
hic Milw & St P. December 6,361,374 5,298,579 39,004,166 33,844,555
Chic mil & pug i; December 1,951,920 1,370,707 11,498,592 8,423,889
;Chic & North West January _- 6,485.190 5,028,793 52,140,505 45838,026
ie St Paul M&O January -- 1,354,681 1,109,296 10,829,784 9,242,953
hicago T H & S E_ December
958,208
189,18 101,808 1.033.943
Ham & Dayton January __ 759,8 3 720,428 8,339,218 6,056,348
polorado Midland_ December
153,7 3 133,974 1315.479 1,061,596
IrColorado & South. 4th wk Feb 301,835 282,084 10,402,66$ 9,943,532
ornwall
January __
112,653
16,470
141,907
20,143
ornwall & Leban- December
160,686
207.429
33,438
22.264
January _ 460,323 368,472 2,409,274 1,961,137
uba Railroad
&aware & Hudson January _ - 2,080,181 1,897,189 14,3$8,241 12,831,086
ela Lack & West_ January _,. 3,342,867 2,822,894 20,589,166 21,997,210
I env & Rio Grande 4th wk Feb 422,000 436,700 17,014,209 16,868,058
Western Pacific February _ 413,800 326,858 4,137,140 3,588,027
95,594
97,566
677,783
[
enver N W & Pac.. December
689,492
etroit Tol & front December
920,774
153,748 141.897
920,327
etroit ,St Mackinac 4th wk Feb
22,175
20,916
769,845
$02,372
ul & Iron Range January -_ 110,221 107,301 4,647,008 4,530,703
3d
wk
_
Feb
Atl_
69,306
54,665 2,161,314 2,038,341
ul So Sh &
in Joliet & East. December 1,111,871 814,992 6,647,738 4,946,684
1 aso & Sou West January __ 767,082 685,225 4,987,998 4,270,450
January __ 4,008,731 4,215,897 37,864,701 34,235,491
rie
2,303
2,172
15,013
child & N E_ _ January __
16.654
423,849 348,66$ 1.899,536 1,569,982
orida East Coast. December
74.341
71,703
407,396
516,152
onds Johns & Golv December
eorgla Railroad.. January __ 274,315 273,086 1,830,000 2,049,209
rand Trunk Syst_ 4th wk Feb 1,084,033 882,765 36146,703 32,549,576
Grand Trk West_ 3d wk Feb 133,396 116,998 4. 15.383 4,291.774
36.650 1, 31.831 1.500,964
41,882
Det Gr II & Milw 3d wk Feb
35,151 1,667,225 1,353,358
42,558
Canada Atlantic_ 3d wk Feb
ur_ .: 4IN:A2,,l)i 41
.n:FM 5?,A4
,irp:738:c
2:Ng 41,'
tph psTated
.
m y'aenbura
&Nsogi
fo
e;t

r

;

C

1

January _- 528,885 566,839 4,709.779 4,453,042
°eking Valley
nois Central.... January -- 5,380,706 4,262,609 38,794,249 34,745,947
ternat & Grt Nor 4th wk Feb 255,000 245,000 8,128,705 7,305,094
nteroceanic Mex_ 4th wk Feb 193,832 227,934 5,732,800 5,708,493
anawha & Mich January -- 266,182 231,529 1,967,473 1,962,386
sas City South_ January -- 893,785 697.848 6,404,485 5,519,119
,ehlgh Valley
January _- 3,396,015 2,868,308 25,939,294 22,698,303
681,119
ulsiana & Arkan_ December
810,986
148,226 116,889
ulsv & Nashvlie 4th wk Feb 1,221,980 1,280,433 39,957,468 37,545,727
& Iiirm'ham January -100.609
13,004
12,752
97,928
January __ 816,261 731,621 6,729,068 6,330,224
sine Central
aryland & Penna. January __
39,128
261,894
26,611 . 303,178
exican Railway_ 1st wk Feb 162,500 167,400 5,185,400 4,491,300
3d wk Feb
16,980
15,509
483,445
ineral Range
550,666
Inn
acon& St Louis__ I 4th wk Feb 139,145 114133, 6,733,254 5,180,109
Iowa Central...!
Winn St P & SS M. January .._ 1,572.125 1,069,961 13,274,389 10,254,505
Chicago Division. January __ 853,003 672,509 6,384,669 5,458,820
71,637
Issippi Central_ January __ 105,086
613,627
524,450
Mo Kan & Texas_ 4th wk Feb 702,023 609,602 22,706,040 19,995,405
NI1ssour1 Pacific_ 4th wk Feb 1,235,000 1,125,000 42,204,863 37,160,133
ashy Chatt & St L January _,, 1,139,107 974,601 7,769,687 7,057,712
at Rye of Mex-t- 4th wk Feb 1,073,702 1,110,102 41,857,734 42,606,667
6,976
5,888
evada-Cal,Oregon 3d wk Feb
222,041
279,199
830,995
137,193 131,644
0 Great Northern December_
839,731
0 Mobile & Chic_ December
241,300 178.571 1,280,776
962,426
Y 0 & Hud R1v_ January -- 8,953,699 8.147,265 08.291,218 63,293,465
Lake Shore & MS January __ 4,879,092 3,847,877 34,116,787 29,463,830
.- n Lake Erie& W. January __ 478,779 425,765 3.664,847 3,322,417
Chic Ind & South January ..- 897,109 328,184 2,607,136 2,277,949
t Michigan Central January __ 2,901,385 2,388,902 20,575,745 18,493,978
' Cleve C 0 & St L January __ 2,728,000 2,244,664 20,747,422 18,250,693
• Peoria & Eastern January -- 291,105 230,953 2,214,523 1,884,960
92,214
$98,747
• incinnati North January __
96,857
800,207
' tts & Lake Erie January __ 1,602,254 1,232.803 11,693,936 9,604,127
•
Y Chic & St L. January __ 1.117,676 883,696 7,616,640 6,749,897
ol & Ohio Cent.. January __ 423,708 397,520 3,367,871 2,227,894
Tot ail lines above January -- 23869664 20219 902 175794 778 157369 414
ti Y N H & Hartf January __ 5.443.498 4.883,603 41,323,674 37,846,605

F

AGGREGAJ E
Weekly Summaries.

Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

July 1.o Latest Date.

Previous
Year.

Current
Year.

Previou.
Year.

s
A
s
$
N Y Ont & West__ January __ 709,125 649,183 5,755.486 5,426,517
N Y Susq & West__ January __ 324,343 • 319,062 2,184.1SS 2,322,011
Norfolk Southern__ 3d wk Feb
59,452
54,992 2,215.273 1,980,770
Norfolk & Western_ January __ 3,823,572 2,938,264 26,962,508 22.923.835
Northern Pacific__ _ January __ 6,234,317 3,918,672 44,966,055 38,398,442
Northwestern Pac. December
257,700 246,026 2,050,410 1,982,923
Pacific Coast Co..._ December
582,941 586,969 4,247,374 4,074,788
Pennsylvania RR__ January __ 14691688 12780390 107269170 94,942,121
13alt Ches & ALL January __
14,345
9,626
177,816
204,179
Cumberland Vail January __ 280,201 231,480 2,037,257 1,731,527
January __ 727,523 666,358 6,996,112 6,500,714
Long Island
Maryl'd Del & Va January __
8,866
4,817
101.501
00.073
N Y Phila & Nod January __ 273,731 226,254 2,143,776 1,953,263
Northern Central January__ 1,048,457 955,598 7,882,571 7,493,663
Phil Bait & Wash January __ 1,635,441 1,436.741 12,412,886 11,231,647
W Jersey & Seash January __ 359,703 319,687 4,084,122 3,979,968
Pennsylvania Co__ January __ 5,042,347 3,886,505 40,493,050 33,296,29$
Grand Rap & Ina January __ 430,843 358,949 3,370,395 3,045,453
Pitts 00 & St L. January __ 3,834,373 3,204,825 27,180,074 23,703,144
January __ 950,104 848,990 6,879,104 6,049,321
VandaUa
Total Lines_
January __20018231 17416049 162 606144 136 49823
East Pitts & il
West Pitts & E_ January __ 10379478 8,403,729 78,799,637 66,880,25
All East &Wait
. January
25818779 231405682 20337848
Pere Marquette
_ January __ 1,415,192 1,157,198 10,605,041 10,250,92
Reading Company
_Phila & Reading_ January __ 4,475, 12 3,762,591 30,880,424 27,045,27$
Coal & Iron Co January -.3,680,5734,235,70826.776,879 22,066,194
Total
January __ 8 55,58 .998,389 57,657,303 49,111,472
Rich Fred & Potom January __ 258,465 197,440 1,609,038 1,366,842
Rio Grande June... December
93,887
'77,774
665,902
562.141
Rio Grande Saui_ 4th wk Feb
10,995
12,965
442,72$
346,825
Rock Island Lines_ January __ 5,397,749 4,703,629 43,619,673 38,839,411
Rutland
_ 269,259 235,757 2,284,495 2,078,642
St Jos & Or Island_ Decetiget:
121,143 114,063
862,200
843.106
St L Iron Mtn & So December 3,004,396 2,694,251 17,680,644 15,598364
St L Rocky Mt & P January __ 218,600 220,714 1,288,141 1,134,487
St Louis & San Fran January __ 3,802,378 3,337,276 28,002,091 25,534,407
.fChic & East Ili_ January __ 1,384,202 1,226,227 9,768,282 9,381,434
Total all lines_ _ January _ 5,166,580 4,563,503 37,770,373 34,915,931
St Louis Southweit. 4th wk Fel; 297,000 279,000 9,293,429 8,307,148
San Fed L A & $ L. December
889,219 694,351 5,180,749 4,382,42$
Seaboard Air Line 3d wk Feb 499,070 479,761 15,316,662 14,438,042
Southern Pacific Co January _ 10769 696 10005 151 86.417;801 79,074,516
Southern Railway 4th wk Fe6 1,393,366 1,417,274 46,028,958 42,366,649
Mobile & Ohio 4th wk Feb 265,228 239,726 8,144,462 7,671,789
Cin N 0& Tex P.. 3d wk Feb 226,166 179,701 8.743,021 8,172,087
88,250 3,350,708 3.056,637
99,005
Ala Great South_ 3d wk Feb
53,504
50,656 1,651,621 1,593226
Georgia Sou Se Fla 3d wk Feb
438,052 408,939 2,800,805 2,621,695
Spok Port & Seattle December
4,373
69,014
2,255
1,852
Tenn Ala & Georgia 3d wk Feb
000,039
Tennessee Central _ January __ 128,970 104,782
984,048
4th wk Feb 399,291 419,533 12,5 6,627 12,042,254
Texas & Pacific
61,897
Tidewater & West_ January __
67,451
9.849
6,696
Toledo Peor & West 4th wk Feb
946,513
879,574
31,799
36,913
Toledo St L & West 4th wk Feb
63,855 2,863,301 2,643,595
80,104
Union Pacific Syst_ January __ 6,738,238 5,781,538 58,318,507 52,826,083
Virginia & So West_ January __ 153,729 151,674 1,044.266 1,016,934
Virginian
January
3,473,2K,
631,496
Wabash m ary
January
2,424,049 2,060,365 19 303 993 17 342 888
Maryland. January -..: 649,141 523,314 4,441,436 4,180,847
Wheel & Lake Erie_ January __ 575,325 581,987 9,943,06:3 9,558,701
Wrightsv & Tennille January __
24,542
25,706
185,866
216,101
Yazoo & Miss Vall_IJanuary __ 914,923 817,803 6,607,289 6,083,820
--30397709

Various Fiscal Years.

Current
Year.

Pe.

Delaware & Hudson
Jan 1
N Y Central& Hudson Itiver_e_ Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Jan 1
Clove Cin Chic & St Louis
Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
13altimore Chesap & Atlantic_ Jan 1
Cumberland Valley
'
Jan 1
Long Island
Maryland Deiaw & Virginia Jan
n 1
NY Philadelphia & Norfolk... Jan 1
Jan 1
Northern Central
Jan 1
Philadelphia Balt & Wash
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Grand Rapids & Indiana.... Jan 1
Pitts Cincin Chic & St Louis.. Jan 1
Jan 1
Vandalia
Total lines-East Pitts & Erie Jan 1
-West Pitts& Erie Jan 1
-All lines li St W_ Jan I
Dec 1
Rio Grande Junction
.Jan 1
Rutland

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
j
Ja
aini
Jan

to
to
to
to
to
to
to
to
to
to
to
to
to

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Dec
Jan

Previous
Year.

s
S
31 2,080,181 1,897,169
31 8,953,599 8,147,265
31 4,879,092 3,847,877
31
478,779
425,766
31
379,10P
328,184
31 2,091,385 2,388,902
31 2,728,000 2,244,664
31
291,10e
230,953
31
96,857
92,214
31 1,602,254 1,232,863
31 1317,07E,
883,695
31
423,706
397,520
31 23,869,664 20,219,902
31 14,691,68S 12,780,390
31
14,34b
9,528
3
31
280,201
231,480
31
727,523
686,358
8,866
4,817
31
273,731
225,254
31 1,018,457
955,598
31 1,635,441 1,436,741
31
359,703
319,687
31 5,042,347 3,886,508
31
430,843
358,949
31 3,834,373 3,204,826
31
950,104
848,990
31 20,018,231 17,415,049
31 10,379,478 8,403,729
31 30,397,709 25,818,779
31
93,887
77.771
235,767
31
269.259

OF GROSS EARNINGS-Weekly and Monthly.

Current
Year.

Previous
Year.

Increase or
Decrease.

S

a

s

%

donthly Summarie:.

Current
Year.

Previous
Year.

Increase or
Decrease.

%

$
d'ileage. Cur. Yr. Prey. Yr.
$
$
week Dec (39 roads)____ 15,592,404 14,175,524 +1,418,880 9.99
April
236,722 233,057 220,678,465 216,140,214 +4,538,251 2.10
week Dec (39 roads)____ 20,880,397 18,309,553 +2,550,844 13.93
May
235,410 231,597 232,229,364 226,184,666 +8,044,698 2.
week Jan (39 roads)._ 12,470,178 11,142,109 +1,328,069 11.92
June
235,385 230,894 243,226,498 228,847.383 +14,570,115 6.
week Jan (40 roads)____ 12,631,763 10,981,115 +1.650,848 15.03
July
230,712 227,194 246,595,832 222.587.872 +23,007,660 10.34
week Jan (40 roads).... 13,572,942 11,616,351 +1,956,591 1634
August
239,230 235,404 276,927.416 251.007,032 +26.860,384 10.30
week Jan (36 roads).... 19,778,977 17,988,901 +1,790,076 9.96
September_237,591 235,140 272,209,629 252,318,597 +19,891,032 7.88
week Feb (38 roads).... 12,305,913 11,735,576
+670,337 4.84
October
237,217 233,545 293,738,091 254,473,408 +35,264,683 1344
week Feb i40 roads)____ 13,540,006 13,143,890
+396.118 2.99
November_237,376 233,305 276,430,018 244,461,845 +31,968,171 13.07
+861,223 6'52
week Feb 40 roads)._ 14,066,724 13,205.501
December 238,072 234,146 263,768,603 234,087,361 +29,681,242 12.68
+534.665 4.02
week Feb 30 roads)____ 13.869.353 13.334.688
January
88,321
85.946 67,033,683 57,120,103 +9,913,520 17.27
a Mexican currency. b Does not include earnings of Colorado Springs& Cripple Creek DLetrict Railway from Nov. 1 1911. e Includes the Dos.
& Albany. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian
d,does not make returns to the Inter-State Commerce Commission. f Includes EvansviUe & Terre Haute and Evansville & Indiana Rit. In.
tides the Cleveland Lorain & Wheeling By. in both Years. n Includes the Northern Ohio RR. p Includes earnings of Mason City & Ft. Dodge and
isconsin Minnesota & Pacific. 3 includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Include,
Ate Texas Central in both years and the Wichita Falls Lines in 1912, beginning Nov. 1. p Includes not only operating revenues, but also aU ahem
z Includes St. Louis iron Mountain & Southern.

1th




Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of February. The table covers 30 roads and shows 4.02%
increase in the aggregate over the same week last year.
Fourth week of February.

1913.

1912.

$
$
37,441
38,757
Ann Arbor
252,665
Buffalo Rochester & Pittsburgh
232,983
Canadian Northern
409,500
341,000
Canadian Pacific
2,617,000 2,466,000
Chesapeake & Ohio
826,153
765,074
Chicago & Alton
254,409
325,689
Chicago Great Western
228,964
224,168
Chicago Ind & Louisville
114,923
137,082
Colorado & Southern
282,084
301,835
Denver & Rio Grande
422,000
436,700
Detroit & Mackinac
20,916
22,175
Grand Trunk of Canada
Grand Trunk Western
882,765
1,084,033
Detroit Or Hay & Milw
Canada Atlantic
Internat & Great Northern
245,000
_
255,000
Interoceanic of Mexico
227,934
193,632
Louisville & Nashville
1,221,980 1,280,433
114,133
Minneapolis& St. Louis
139,145
1
Iowa Central
609,602
Missouri Kansas & Texas
702,023
Missouri Pacific
1,235,000 1,125,000
239,726
Mobile & Ohio
265,228
1,073,702 1,110,102
National Railways of Mexico
12,965
10,995
Rio Grande Southern
279,000
297,000
St Louis Southwestern
1,393,356 1,417,274
Southern Railway
419,533
399,291
Texas & Pacific
36,913
31,799
Toledo Peoria & Western
63,855
80,104
Toledo St Louis & Western_ _ _
Total(30 roads)
Net increase (4.02%)

13,869,353 13,334,688

Increase. Decrease.
II
$
1,316
19,682
68,500
151,000
61,079
71,280
4,796
22,159
19,751
14,700
1,259
201,268
10,000

34,302
58,453

25,012
92,421
110,000
25,502

36,400
1,970

18,000

23,918
20,242
5,114

16,249
824,519
534,665

289,854

On account of the fact that 1912 was leap year. the week contained one
'working day less in 1913.

For the third week of February our final statement
-covers 40 roads and shows 6.52% increase in the aggregate
.over the same week last year.
Third Week of February.

1913.

1912.

Increase. Decrease.

Previously reported (31 roads)_
Alabama Great Southern
Chicago & Alton
Chicago Great Western
Cincin New On & Texas Pac___
Georgia Southern & Florida____
Nevada-California-Oregon
Norfolk Southern
Seaboard Air Line
Tennessee Alabama & Georgia_

$
$
12,563,215 11,779,538
99,005
88,250
266,503
280,838
291,666
283,937
226,166
179,701
53,504
50,656
5,888
5,976
59,452
54,992
479,761
499,070
1,852
2,255

Total (40 roads)
Net increase (6.52%)

14.066,724 13,205,501 1,018,095
861,223

$
926,126
10,755
7,729
46,465
2,848

$
142,449
14,335
88

4,460
19,309
403
156,872

For the month of February the returns of 29 roads show
.a,S follows:
Month of February.
'Gross earnings (29 roads)

1913.

.s

1912.

Increase.

51,217,327 48,348,285 +2,869,042

5.91

It will be seen that ihere is a gain on the roads reporting
in the amount of $2,869,042, or 5.91%.
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM railroads and industrial companies reported this week:
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Roads.
Year.
$
$
$
666,608
Atlantic Coast Line_aJan 3,255,137 2,740,489 1,004,876
20,233,589 18,553,302 5,296,571 5,325,518
July 1 to Jan 31
283,135
28,586
93,952
Bangor & Aroostook____Jan 213,647
581,526
1,810,398 1,952,621
700,686
July 1 to Jan 31
479,137
607,840
Boston & Maine_b
Jan 3.775,126 3,297,745
29,389,405 27,337,276 7,011,256 6,561,169
July 1 to Jan 31
,Canadian Pacific_a
Jan 9.679,607 7,328,782 1,662,373 1,082,858
July 1 to Jan 31
83,205,799 69,895,148 28,793,526 25,553,106
'Central of Georgia_ b_ _ _ _Jan 1,147,210 1,112,005 c226,984 c195,832
July 1 to Jan 31
8,472,583 8,390,478 c2,415,516 c2,543,419
Chesapeake & Ohlo_bJan 2,979,278 2,633,993
761,465
831,199
July 1 to Jan 31
20,943.909 19,717,909 6.732,521 6,765,747
Jqn 1,238,969 1,065,366
s90,481
,Chicago & Alton_a
s20,167
July 1 to Jan 31
9,443,855 8,941,100 s1,724,392 31,992,687
,Chic Burl & Quincy_b__Jan 7,623.161 6.509,074 2,808,408 1,918,960
58,336,846 52,479,773 22,849.752 18,663,248
July 1 to Jan 31
843,608
254,746
def6,899
Chic Great Western_bJan 1,104,048
8,384,836 7,623,259 2,430,660 1,909,738
31
Jan
to
July 1
482,985
91,729
89,021
-Chic Ind & Louisville___Jan 506,083
4,172,273 3,857,745 1,262,512 1,182,726
July 1 to Jan 31
Jan
20,143
16,470
11,240
8,121
•Cornwall_b
141,907
112,653
82,834
58,140
July 1 to Jan 31
368,472
Jan 460,323
252,099
'Cuba RR
192,255
2,409,274 1,951,137 1,074,202
876,567
July 1 to Jan 31
Delaware & Budson_bJan 2,080,181 1,697,169
824,705
557,036
Denver & Rio Grande_ a_Jan 1,806,324 1,678,558
376,489
280,085
July 1 to Jan 31
15,359,933 14,297,815 4,483,389 3,574,357
Western Pacific_b____Jan 382,820
327,197
22,986 def18,393
July 1 to Jan 31
3,723,340 3,261,369 1,065,608
701,982
Detroit & Mackinac_a__Jan
84,701
80,865
4,374
def6,601
702,724
July 1 to Jan 31
714,951
151,585
118,340
685,225
249,941
283,862
El Paso & South West_ b_Jan 767,082
July 1 to Jan 31
4,987,998 4,270,450 2,170,461 1,696,070
Jan 4,908,731 4,215,897 1,083,017
609,105
Erie_a
July 1 to Jan 31
37,654,701 34,235,491 10,021,569 9,133,000
2,172
Fairchild &Northeast_b_Jan
329
717
2,303
15,013
2,543
July 1 to Jan 31
def7,624
16,654
Jan
373,086
274,315
14,083
55,075
-Georg1a_b
July 1 to Jan 31
181,428
1,830,000 2.049,209
604,437
Jan 4,590,482 3,806,389 1,337,322
972,686
'Great Northern_b
July 1 to Jan 31
48,701,209 40,424,465 22,929,673 19,522,290
Jan 528.885
145,928
Hocking Valley_b
566,839
201,749
4,709,779 4,453,042 1,767,518 1,706,423
July 1 to Jan 31




711

THE CHRONICLE

MAE. 8 1913.1

-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
3
$
$
$
Illinois Central_a
863,936 def266,656
Jan 5,380,607 4,252,609
July 1 to Jan 31
38,794,249 34,745,947 6,864,188 4,246,319
288,561
298,267
gInteroceanic of Mexico_Jan 770,710
786,054
July 1 to Jan 31
5,155,152 4,974,003 1,733,816 1,690,859
Little Falls & Dolgeville_ b
6.640
Oct 1 to Dec 31
22,028
7,207
20,283
14,188
10,882
July 1. to Dec 31
47,279
42,331
Louisville & Nashv_b___Jan 5,217,578 4,535,545 1,331,145 1,154.853
July 1 to Jan 31
35,143,893 32,858,684 9,901,123 10,434,453
Maine Central_b
210,807
121,095
731,621
Jan 816,251
July 1 to Jan 31
6,729,069 6,330,225 2,017,266 1.811,973
Minn St Paul & SS M_a_Jan 1,572,125 1,069,961
482,319
264,671
July 1 to Jan 31
13,274,389 10,254,505 5,693,203 4,147.651
Chicago Division_a___Jan 853,003
105,124
672,509
205,215
July 1 to Jan 31
6,384,669 5,458,820 2.041,994 1,441,548
Mississippi Central_b..__Jan 105,086
26,579
71,537
39,265
July 1 to Jan 30
211,370
524,450
258,099
613,627
Missouri Kan & Tex_b__Jan 2,657,549 2,256,346 1694,916 f488,939
July 1 to Jan 31
20,281,835 17,810,917 f7,003,383 14,792,159
Missouri Pacific_ b
Jan 5,125,699 4,079,635 1,408,654
926,016
July 1 to Jan 31
37,973,345 32,746,951 10,338,760 7,104,692
gNat Rys of Mexico____Jan 5,027,314 5,750,406 2,102.128 2,512,177
July 1 to Jan 31
37,644,049 38,002,284 15,549,716 17,309,488
Nashv Chatt & St L_b__Jan 1,139,167
974,601
206,565
231,982
July 1 to Jan 31
7,769,687 7,057,712 1.773,282 1,654,921
NY New Hav & Hart_ b_Jan 5,443,498 4,883,603 1,134,094 1,372,981
July 1 to Jan 31
41,323,674 37,846,605 14,373,803 13,592,661
N Y Ontario & West_aJan 709,125
87,967
148,041
649,183
July 1 to Jan 31
5,755,486 5,426,517 1.775,328 1.376,729
N Y Susq & Western_a--Jan 324,343
77,358
84,531
319,062
July 1 to Jan 31
2.184,185 2,322,011
742,686
522,875
Norfolk & Western_b___Jan 3,823,572 2,938,264 1,471,154
865,726
July 1 to Jan 31
25,962,508 22,923,835 9,634,648 8,295,549
Jan 5,234,317 3,918,672 1,736,875
Northern Pacific_b
917,724
44.956,055 38,398,442 18,998.600 16,025.611
July 1 to Jan 31
63,857
103,029
Richm Freds & Potomac_Jan 258,465
197,440
1,609.038 1,366,842
587,042
474,530
July 1 to Jan 31
52,856
def2,944
43,001
24,292
Rio Grande Southern_b_Jan
397,649
304,529
13,110
129,849
July 1 to Jan 31
735,250
928,037
Rock Island Lims_b____Jan 5,397,749 4,703,629
43,619,673 38,839,411 12,067,971 10.460,629
July 1 to Jan 31
Jan 269,259
235.757
30,871
27,674
Rutland_b
589,913
309,026
Seaboard Air Linea _ __ _Jan 2,164,511 1,809,474
13,819,780 12,961,160 3,578,197 3,184,231
July 1 to Jan 31
220,714
61,589
78,369
St L Rocky Mt & Pac_a_Jan 218,600
344,287
372,530
1,288,141 1,134,487
July 1 to Jan 31
937,018
St Louis & San Fran_b__Jan 3,802,378 3,337,276 1,262,896
July 1 to Jan 31
28,002,091 25,534,497 9,660,921 8,514,938
313,723
222,311
Chic & Eastern Ill_b__Jan 1,364,202 1,226,227
July 1 to Jan 31
9,768,282 9,381,434 2,490,806 2,721,532
Total all lines_ b
1,159,328
1,576,619
4,563,503
Jan 5,166,580
July 1 to Jan 31
37,770,373 34,915,931 12,151,727 11,236,471
St Louis Southwest_a---Jan 1,139,767
175,978
287,969
945,879
July 1 to Jan 31
8.220,429 7,299.148 2,550,090 2,279,810
Southern RailwayJan 1,053,077
Mobile & Ohio_b
206,306
899,101
283,683
July 1 to Jan 31
7,189.168 6,763,196 1,983,607 1,970,262
Cinc N 0& Tex Pac_b Jan 932,341
779,627
217,734
325,814
July 1 to Jan 31
6,112,301 5,618,383 2,122,622 1,99 ,958
Great
Sou_b_Jan
Alabama
447,761
385,952
100,827
121,677
July 1 to Jan 31
3,069,150 2,797,351
873,147
936,048
Tol St Louis & West_a_ _Jan 390,528
299,078 h135,773
h63,656
2,503,224 2,360,158 h727,684 h565,819
July 1 to Jan 31
523,314
126,458
118,867
Western Maryland_a__ _Jan 649,141
924,660 1.355,628
4,441,436 4;186,847
July 1 to Jan 31
817,803
167,864
9,522
Yazoo & Miss Valley_a__Jan 942,888
6,635,254 6,083,820 1,375,944 1.131,675
July 1 to Jan 31
INDUSTRIAL COMPANIES.
-Gross Earnings--NetEarnings
Prisvious
Current
Current
Previous
Year.
Year.
Year.
Year.
Companies.
Roads.

Atlantic Gulf & W I SS LinesDec 1,776.706 1,569,704
288,430
Subsidiary Cos
261.926
18,289,600 16,772,851 2,567,358 2.500.314
Jan 1 to Dec 31
588,800
767,298
612,587
gMexican Lt & Power.._..Jan 818,406
72,798
56,046
Northern Ontario L .St P_Jan
185,003
185,053
356,406
Southern Cal Edison___Jan 397,103
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
C After allowing for outside operations and taxes, operating income far
Jan. 1913 was $180,932, against $149,519; and from July 1 to Jan. 31 was
$2,107,782 in 1913, against $2,236,956 last year.
f After allowing for outside operations and taxes, operating income for
Jan. 1913 was $586,618, against $407,229; from July 1 to Jan. 31 was
$6,200,547 in 1913. against $4,147,233 last Year.
g These results are in Mexican currency.
h After allowing for miscellaneous charges to income for the month of
January 1913, total net earnings were $113,375, against $52,455 last year,
and for period from July 1 to Jan. 31 were $651,567 this year, against
$465,269.
s After allowing for miscellaneous charges to income for the month of
January 1913, total net earnings were def. $67,290, against $48,261 last
year, and for the period from July 1 to Jan. 31 were $1,288,348 this year.
against $1,550,237.

Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
104,676 zdef62,144
Jan 108,441
x1,113
Bangor & Aroostook,.
737,425 zdef48,863
775,480
x74,957
July 1 to Jan 31
232,288
Chicago Great Western_ _Jan 217.846
z47,374zdef227,990
1,556,199 1,590,719 x933,334 z398,053
July 1 to Jan 31
66,792
Jan
65,125
185,307
Cuba RR
127,130
467,264
450,692
July 1 to Jan 31
425,875
607,938
Jan 583.957
Denver & Rio Grande
506,720 c213,544 c167,555
3,925,638 3,583,492 c1,583,284 c908.114
July 1 to Jan 31
Jan
64,105
68,097 zdef41,172 zdef 4,160
Georgia
July
1 to Jan 31
437,863
444,623zdef189,315 z227.136
DolgevilleLittle Falls &
3,316
x2,243
5,069
Oct 1 to Dec 31
z6,368
x2,126
8.203
x6,253
July 1 to Dec 31
8,903
Jan 1,574,086 1,329,828
Missouri Pacific
x19,428zdef281,591
July 1 to Jan 31
10,594,604 9,999,955 z995,369xdf1716,634
105,451
34,538 def17,487
N Y Ontario & Western-Jan 113,503
785.416
942,488
591,313
832,840
July 1 to Jan 31
461.913 z1,244,368 x531,338
Jan 459,214
Norfolk & Western
3,216,420 3,319,500 x7,327,437 x5.513.531
July 1 to Jan 31
Roads.

[VOL. xcvx.

THE CHRONICLE

712

-Int., Rentals, &c.
- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
Rio Grande Southern.._ _Jan
18,643
x8,401 xdef19,095
19,757
July 1 to Jani31
134,798
133,264
x1,736xdef111,629
St L Rocky Mt & Pac_ __Jan
32,076
31,998
29,513
46,371
July 1 to Jan 31
227,001
221,961
117,286
150,569
St Louis Southwestern.._Jan 228,991
x52,064
202,915
x99,038
July 1 to Jan 31
1,595,569 1,385,517 x1,463,116 z1,372,499
INDUSTRIAL COMPANIES.
Atlantic Gulf & W I SS LinesSubsidiary Cos
Dec 157,633
60,292
201,633
130,797
Jan 1 to Dec 31
889,009
1,605,744 1,611.305
961,614
Northern Ontario L & P_Jan
22,605
x33,801
Southern Cal Edison_ __ _Jan
122,647
118,686
67,018
62,406
c These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of renewal fund. $10,000 is also deducted each month
for the refunding mortgage sinking fund.
EXPRESS COMPANIES.
July 1 to Dec. 31December
1912.
1911.
1912.
1911.
Canadian7Northern$
$
Gross receipts from operation 102,232
64,297
514,188
305,365
Express privileges--Dr
24.857
200,909
40,338
118,477

IV"

Total operating revenuesmotal operating expenses_ _

61,893
34,813

39,439
17.853

313,279
182,688

186,887
97,907

WONet operating revenue_ _ _ _
One-twelfth of annual taxes_

27.079
443

21,586
498

130,591
2,658

88,979
1,311

26,636
21,087
November
1912.
1911.
3
$
73,305
62,267
36,517
31,603

Operating income
Globe Express Co.
Gross receipts from operation
Express Privileges-Dr

127,933
87,666
July 1 to Nov. 301912.
1911.
418,577
207,458

364,344
181,592

Total operating revenues_
Total operating expenses

36,788
32,533

30,663
31,184

211,119
163,102

182,752
1564)96

Net operating revenue
One-twelfth of annual taxes..

4,255
850

-520
800

48,016
4,050

25,756
4,000

Operating income
Northern Express Co.Gross receipts from operation
Express privileges-Dr

3,405
21,756
1,320
43,966
November
July 1 to Nov. 301912.
1911.
1911.
1912.
$
$
$
$
272,651
246,000 1,526,666 1,336,008
720,944
147,589
133,994
819,134

Total operating revenues_
Total operating expenses....

125,062
95,074

112,005
92,173

707,531
480,910

615,063
454,058

Net operating revenue_ _ _
One-twelfth of annual taxes..

29,988
4,500

19,831
4,500

226,620
22,500

161,005
22.500

Operating income

25,488
15,331
November
1912.
1911.

204,120
138,505
July 1 to Nov. 311912.
1911.

Southern ExpreseCo
Gross receipts from operation 1,486,039 1,406,584 6,292,605 5,888,304
Express privileges-Dr
665,711 3,093,769 2,800,045
725,066
Total operating revenues..
Total operating expenses...... _

760,973
576,376

740.872 3,198,836 3,088,259
541,684 2,676,492 2,475,693

Net operating revenue_
One-twelfth of annual taxes..

184,597
13,234

199,188
14,937

522,343
66,926

612,566
74,290

171,362

184,251

455.417

538,276

Operating income

ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.

Week or
Month.

Current Previous
Year.
Year.

Jan. 1 to latest date.
Current
Year.

Previous
Year.

$
S
$
$
$
American Rys Co___ January -- 405,766 373.436
373.436
405,766
Atlantic Shore Ry___ January __ 22.292 20.120
20,120
22.292
cAur Elgin & Chic Ry January __ 140.578 125,716
140,578
125,716
Bangor Ry & Elm Co December
60.334 54,383
596,114
710,029
Baton Rouge Elec Co January __
13.427 12,161
13,427
12,161
Binghamton Railway December
425.028
37.094 33.785
386,631
Brazilian Trac, L & P January __ 1912,955
1,912,955
Brock & Plym St Ry January __
7,873
7,163
7,163
7,873
Bklyn Rap Tran Syst November 1976,552 1871.329 22,347,760 21,313,325
Cape Breton Elec Ry January __ 31,835 28,327
28.327
31,835
Cent Park N & E Riv November
53,353 53,022
593.708
585,035
Chattanooga Ry & Lt December
95,454 83,827 1.064,674
943.472
Cleve Painesv & East January __ 38,095 23,901
28,095
23,901
Clev Southw& Colum January __ 91,543 79,570
91,543
79,570
Columbus (Ga) El Co December
48.278, 46.318
540,465
492,325
Coznmonw P,Ry & Lt January __ 618,105 535,906
618,105
535,906
Coney Isl & Bklyn_ _ _ November 109,772 99,939 1.478,510 1,306.083
Dallas Electric Corp_ December 174,240 152.926 1,821,562 1,632,291
Detroit United Ry__ 2d wk Feb 211,887 175,512 1,404,253 1,173,017
DDEB & Bat (Rec) November
50,097 53,166
562,607
564.094
Duluth-Superior Trac January __ 93,356 87,844
93,356
87,844
East St Louis & Sub_ December 228.206 202.702 2,452.451 2,279.147
El Paso Electric Cos.. January __ 80,921 69.775
80,921
69,775
M
&
St
N.
St
Ave
November 153,202 138,027 1,656,735 1,472.339
42d
Galv-bus Elec Co__ January __ 169,615 146,007
169,615
146.007
Grand Rapids Ry Co December 106,978 108.609 1,233.588 1.169,393
Harrisburg Railways January __ 73,788 70,269
73,788
70,269
Havana Electric Ry_ Wk Mch 2 51,715 48,384
468,982
419,532
Honolulu Rapid 'Fran
& Land Co
December
52,336 48,129
564,723
500.276
Houghton Co Tr Co_ January __ 24,379 22,125
24,379
22,125
Hudson & Manhattan November 314,141 270.872 3,290,857 2,729,288
Illinois Traction
January __ 653,790 615,029
653,970
615.029
Interboro Rap Tram. January __ 2903.343 2834,135 2,903,343 2,834,135
Jacksonville Trac Co January __ 49,823 49,878
49,823
49,878
Lake Shore Elec Ry_ January __ 100,373 87,153
100,353
87,153
Lehigh Valley Transit January _ 125,886 102,542
125,886
102,542
Long Island Electric.. November
205,489
195,186
15,462 13.838
Milw El Ity & Lt Co_ January __ 521,210 482,927
521,210
482,927
Maw Lt. lit & Tr Co January __ 96,449 83,532
96,449
83,532
Monongahela Val Tr.. January __ 68,636 58,700
68,636
58,700
N Y City Interboro November
420,513
280,368
43,817 31,648
NY & Long Isl Trac_ November
363,180
361,037
29,657 28,014
N Y & Queens Co..... November 104,506 96,775 1,226.711 1,155.022
New York Railways_ January __ 1160,813 1083,670 1,160,813 1,083,170
Northam Easton & W December
183,359
168,773
14,519 14.008
North Ohio Trac & Lt January __ 237.465 209,388
237,465
209,388
North Texas Elec Co January... 157,047 114,695
157,047
114.695
Ocean Electric (L I)_ November
136.594
4,846
119,854
4,122
Paducah Trac& Lt Co December
27,878 26.835
286,537
265,296
Pensacola Electric Co January __ 26,317 22,261
22.261
26.317
Phila Rapid Trans Co December 2065,830 1964.271 23;282.304 22.141.338
Port(Ore)Ry.L&PCo. December 586,857 556,397 6,642.308 6.336,703
Puget Sd Trac. Lt &P December 725,642
8,313,848
----Richmond Lt & RR

November




211.2R7

9A Af17

:1411.111ni

33R.2AR

Latest Gross Earnings.

Name of
Road.

Roads.

Week or
Month.

Jan. 1 to latest date.

Current Previous
Year.
Year.

Current
Year.

Previous
Year.

StJoseph (Mo) Ry,Lt
Heat & Power Co_ December 110,874 101,401 1,179,839 1,099,285
Santiago Elec Lt& Tr January __ 39.368 34,049
34,049
39,368
Savannah Electric Co January _ _ 67,383 58,358
58.358
67,383
Second Ave (Rec)--- November
860,206
81,776 76.119
906,287
Southern Boulevard.. November
9,977
13.879
115,810
139.120
Staten Isl Midland_ _ November
270,906
19,248 18,472
261,704
Tampa Electric Co_ January _ _ 68,157 60,751
68.157
60,751
Third Avenue
November 315,251 304,882 3,506,088 3,363,780
Tr -City Ry & Lt Co_ October __ 283,102 250,610 2.573.174 2,342.038
Twin City Rap Tray_ 3d wk Feb 158,836 151,087 1,164,580 1,077,517
Underground Elec Ry
of LondonThree tube lines Wk Mar 1 £14,300 az14,555 £133,100 £134,570
Metropolitan Dist_ Wk Mar 1 £13,083 E12,915 £119,332 £114,472
United Tramways_ Wk Feb 22 £5,009 £5.406
£42,323
£42,573
London Gen'l Bus Wk Mar 1 £54.752 £41,602 £483,442 £342,731
Union Ry Co ofNYC November 202,047 193,424 2,333,000 2,271,173
UnionRyG&EC0(II1). December 438,168 325.314 3.992,134 3,190.111
United Rys of St L.. _ December 1049,835 1021,044 12,251,091 11.914,153
United lilts of San Fr December 759,198 701.004 8,471,617 7.886,136
Westchester Electric_ November
42,357 45.685. 537,808
556,052
Yonkers Railroad_
November
60,888 56.281
621,391
674,338
York Railways
January _ _ 58,950 57,486
57,486
58,950
Youngst & Ohio Riv_ January _ _
18,141 17,258
17,258
18,141
Youngstown & South November
13,543 11,757
134,594
152.851
c These figures are for consolidated company.

Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net earnings reported this week:
Roads.

-Gross Earnings--Net Earnings-.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Brazilian Trac, Lt & P _Jan 1,912,955
Cleve Painesv & East_a_Jan
28,095
Cleve Southw & Col_ b _ _Jan
91.543
Commonw Pow,Ry & Lt.Jan 618,105
Detroit United_ b
Jan 984,608
General Gas & Elec_ a_ _ _Jan
51,579
Illinois Traction-a
Jan 653,790
Lake Shore Elec Ry_ a_ Jan 100,373
gMexico Tramways
Jan 561,635
New York Railway._ a_ _Jan 1,160,813
July 1 to Jan 31
8,228,160
New York State Rys_ bOct 1 to Dec 31
1,892,561
July 1 to Dec 31
2,934,246
Jan 1 to Dec 31
4,794,001
Poughkeepsie City & Wappinger Falls Elec Ry_bJan 1 to Dec 31
193,000
Wisconsin Gas & Elec_a_Jan
63,158

23,091
79,570
535,906
823,287
45,324
615,029
87,153
542,779
1,083,670

1,013,483
11,414
32,264
312,606
306,832
19,739
278,317
35,396
291,376
395,160
2,889,642

6,943
26,772
233,609
277,462
19,268
261,657
31,696
274,254
287,730

1,782,631
741,719
682,873
2,811,467 1,194,591 1,082,325,
4,538,389 1,853,762 1,789,543
183,186
60,777

66,524
17,226

71,900.
14,010

Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.

a

Interest Charges and Surplus.
Roads.

-Int., Rentals, &c.- -Bat. of Net Earns.Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

Cleve Painesv & East_ __Jan
10,471
Cleve Southw & Colum_ _Jan
30,942
Commonw Pow,Ry & Lt.Jan 169,255
Detroit United
Jan 178,500
General Gas & Elec
Jan
15,450
Lake Shore Electric Ry_ _Jan
34,938
New York Railways_ __ _Jan 224,671
July 1 to Jan 31
1,574,216
New York State RysOct 1 to Dec 31
418,115
July 1 to Dec 31
661,716
Jan 1 to Dec 31
1,085,297
Poughkeepsie City & Wappingers Falls Elec ByJan 1 to Dec 31
33,969
8,874
Wisconsin Gas & Elec_ __Jan

10,016
30,184
115,651
181,603
13,589
34,591
214,784

943 def.3,073;
1,322 xdef.3,199•
143,351
117,958.
x149,070 x112,792:
4,290
,5,677'
458 def.2,895,
x204,080 x104,463,
x1,574,786

363,849 x359,003 x351,921
578,622 x788,252 x775,306
992,535 x1,402,588. x1,359,320
31,934
8,375

x32,887
x9.281

x40,216
x5,790

x After allowing for other income received.

ANNUAL REPORTS.
- Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which it
is published. The latest index will be found in the issue of
Feb. 22. The next will appear in that of March 29.
New York Central & Hudson River RR.
(Report for Fiscal Year ending Dec. 31 1912.)
On subsequent pages there is published the report at length.
Below is given a four-year comparison of the traffic statistics, earnings, expenses, charges, operations, &c.,and balance
sheet for two years:
OPERATING
1912.
Mlles operated
3,791
EquipmentLocomotives
2,406
Passenger cars
2,478
Freight cars
72,671
Working cars
4,542
OperationsPassengers carried (No.) 51,363,738
Pass. carr. 1 mile (No.).1876025020
Rev, per pass. per mile_ 1.766 cts.
Pass. rev, per train mile
$1.55
Tons carried (revenue)_ 51,901,182
Tons earr. 1 mile(rev.).10395676370
Rev. per ton per mile_ _ _ 0.626 cts.
Fght. rev. per train mile
$2.91
Tons rev. fgt. per tr mile
465
Oper. revenue per mile..
$28,992

STATISTICS.
1910.
1911.
3,785
3,790
2,311
2.381
2,442
2,447
72,134
69,182
3,909
4,312
49,313,107
1795954782
1.768 cts.
$1.51
48,25%535
9660523688
0.633 cts.
$2.72
430
$27,427

48,364,945
1770667550
1.750 cts.
$1.45
47,066,839
9276710584
0.630 cts.
$2.63
417
$26,396

1909.
3,782
2,305
2,453
65,838
3,670
45,845,068
1658878092
1.748 cts.
$1.44
44,171,954
8620952658
0.631 cts.
$2.55
404
$24,637

MAR. 8 193.]

•

THE CHRONICLE

INCOME ACCOUNT.
1909.
1910.
1911.
1912.
Operating Revenues$65,101,510 $61,133,310 $58,411,234 $54,449,281
Freight
29,001,911
30,992,856
31,759,238
33,134,509
Passenger
9,658,350 9,281,655 8,787,331
Mail, express and misc. 10,218,614
933,337
1,222,733
1,403,965
1,445,382
Other than transp. rev
$93,171,860
Total operating revs_$109,900,015$103,954,863 $99,908,478
Operating ExpensesMaint. of way & struc_ _$14,705,289 $13,723,709 $14,060,178 $11,494,023
Maint. of equipment_ _ _ 20,440,446 18,138,771 16,936,253 15,421,648
2,180,207 2,487,228 2,273,828
2,316,427
Traffic expenses
'Transportation expenses 41,052,202 38,935,031 37,938,527 33,309,315
2,095,012
2,722,485 2,656,901
2,796,789
'General expenses
Total operating exp_ _$81,311,153 $75,700,203 $74,079,087 $64,593,826
(69.33)
(74.15)
(72.82)
(73.99)
P. c. of exp. to revenues
Net rev. from rail oper_$28,588,862 $28,254,660 $25,829,391 $28,578,034
Outside operations-net sur.324,026 sur.321,476 def.118,778 sur.205,968
Total net revenue_ ---$28,912,888 $28,576,136 $25,710,613 $28,784,002
4,697,826 4,434,504
5,447,759
5,902,521
Taxes accrued
Operating income_ ---$23,010,367 $23,128,377 $21,012,787 $24,349,498
Other IncomeJoint facilities rents_ __ _ $1,929,498 $1,754,125 $1,451,212 $1,274,627
506,612
319,528
309,580
406,369
Miscellaneous rents_ _
Net profit from invest62,074
ments in physical prop
Divs. on stocks owned
7,692,498
12,791,890 11,649,589 11,150,916
or controlled
577,901
573,755
489,987
508,829
Int. on fund, debt owned
Int. on other securities,
1,080,595
1,595,601
1,616,737
loans and accounts__ _ 1,785,988
260,626
355,321
416,162
395,945
.Miscellaneous income
$35,742,357
$36,459,120
$39,364,557
_$40,890,960
• Gross corporate inc.
Deductions$10,058,291 $9,943,577
Rentals of leased lines.. _$10,055,192 $10,036,832
959,684
972,557
1,151,065
1,980,095
Hire of equipment
548,948
630,097
742,980
Int. on equip. trust ctfs_ 1,031,539
449,442
538,132
556,026
624,603
rents_
facilities
.Joint
83,057
504,396
565,594
838,921
Miscellaneous rents9,661,603 9,162,020 9,162,020 8,913,652
Interest on bonds
1,085,040
1.903,125
__
notes_
-year
3
on
int.
1,148,677
304,955
760,551
916,045
•Other interest and misc..
(5%)11,136,465(5)11,136,465(6)13,363,758(5)8,931,600
Dividends
924,914
Appr.for add'ns & bett_
Appr. acct. Grand Cent.
*2,500,000
Terminal, &c

TRAFFIC ON LINES EAST OF PITTSBURGH AND ERIE.
1909.
1910.
1911.
1912.
Miles oper., excl. D.&R.
3,947
3,977
4,018
4,025
Canal (66 miles)
72,452,887 67,445,714 69,979,457 62,392,136
Passengers carried
Pass. carried 1 mile....1838352,119 1722734,924 1693943,849 1548180,263
1.964 cts.
1.959 cts.
1.980 cts.
Rate per pass. per mile_ 1.962 cts.
Tons carried_b
143,480,431 125,175,068 129,858,353 120,418.380
Tons carried 1 mile_ _ _ _22012606175194197799832027999232319107965601
Rate per ton per mile_ _ _ 0.583 cts. 0.587 cts. 0.583 cts. 0.580 cts.
31.538
$1.549
$1.502
$1.560
Earns. per pass. tr. m_a_
$3.805
$3.784
$3.942
$3.998
Earns. per fr't tr. m_a_ _
a Freight and passenger trains only; excluding switching, &c., trains.
b The actual number of tons of coal and coke carried over the five general
divisions irrespective of the divisions over which they passed, thus avoiding
duplication, was 72,714,126 in 1912, against 66,274,246 in 1911, an increase
of 9.72%, the tonnage mileage being 13,152,847,365 tons one mile in 1912,
against 12,044,190,856 in 1911, an increase of 9.20%.
EARNINGS c% EXPENSES OF LINES EAST OF PITTSBURGH (V:, ERIE.
1909.
1910.
1911.
1912.
$
$
Revenues127,578,202 113,414,431 117,434,920 109,759,101
Freight
29,996,558
32,687,423
33,525,583
35,405,555
Passenger
2,355,621
2,431,906
2,445,558
2,436,533
Mail
2,332,829
2,364,354
• 2,772,281
2,457,696
Other transp. rev
983,868
1,131,602
1,268,046
1,633,522
Non-transport. rev
4,407,093 4,165.856
4,781,505 4,376,099
Express
Total operating rev_ _174,607,598 157,487,413 160,457,298 149,593,833
Expenses21,102,640 18,353,290 20,342,489 18,800,162
Maint. of way, &c
Maint. of equipment... 36,088,367 30,579,967 31,117,989 28,390,615
1,969,093
2,221,803
2,143,147
2,312,400
Traffic
62,895,553 58,046,751 57,200,886 49,423,717
Transportation
3,607,843
3,929,461
4,105,238
4,238,984
General
126,637,944 113,228,393 114,812,628 102,191,430
Total expenses
(68.31)
(71.55)
(71.89)
(72.52)
Operating expenses (%)
47,969,654 44,259,020 45,644,670 47,402,403
Net revenue
993,532
1,309,388
1,525,202
Outside oper.-net (def.) 1,147,985
Net oper. revenue.._ 46,821,668 42,733,818 44,335,282 46,408,871
INCOME ACCOUNT OF LINES EAS7'OF PITTSBURGH AND ERIE.
Increase(+)or
Decrease(-).
1911.
1912.
$46,821,668 $42,733,818 +$4,087,850
Net operating revenue
+332,649
7,128,535 6,795,886
Railway tax accruals

Railway operating income
$39,693,133 $35,937,932 +83.755,201
Other Income--$53,139
$90,474
$37,335
Income from lease of road
+327.080
694,982
hire of equipment (credit balance). 1,022,062
+30,374
income
967,327
rent
997,701
facilities
$30,978,537
Joint
$36,459,120
Total deductions _ _$38,147,588 $37,696,573
-96,798
717.899
621,101
$4,763,820 Miscellaneous rent income
$2,743,372 $1,667,984
Surplus for the year_
+3.651
prop.
81.847
physical
miscel.
78,196
from
profit
Net
* Appropriation to cover replacement value of abandoned property, Dividends received
13,192,715 12,655,098
+537,617
including buildings at Grand Central Terminal, &c.
952,923
1,221,499
-268,576
Income from funded securities
-141.942
1,665,898
Income from unfunded sec. & sects_ 1,223,956
CONDENSED GENERAL BALANCE SHEET DEC. 31.
564,098
+32,610
531,488
Income from sink. & other res. funds
1911.
1912.
1911.
1912.
463,117
595,995
+132,878
income
Miscellaneous
Liabilities-$
$
Assets$19,289,733 $19,085,978
+$203,755
Road & equip_a278,967,762 261,883,863 Capital stock._ _222,724,400 222,724,400
Total other income
4,900
4,900
Contioild'n .ctts_
$58,982,867 $55,023,910 +$3,958,957
Stock controlled
Gross income
cos., pledged_110,295,970 110,295,970 Fund. debt (see
Deductions
"By. & Ind."
+8382,268
$5,301,473 $4,919,205
Stock prop.,&c.,
270,073,345 255,064,845 Lease of other roads
652,806
+244,456
897,262
cos.,unpledged 44,911,919 11,490,538 Section)
Equip't trusts 25,954,880 14,805,763 Joint facilities rents
548,910
-158,871
390,039
Fund.debt prop.,
3-yr. geld notes_ 50,000,000 30,000,000 Miscellaneous
+3,162
30,184
33,346
dro., cos., untax
accruals
Miscellaneous
1,390,000
14,190,600
pay
bills
9,839,904 9,835,220 Loans &
-262,218
9,898,832 10,161,050
pledged
Interest on funded debt
traffic, car
-218,131
338,565
120,434
Other investm'ts 01,325,433 52,696,848 Net
Interest on unfunded debt
&c.,
mileage,
-51,110
6,955,384 10,714,189
238,627
187,517
Cash
6,410,801 4,085,260 Miscellaneous
balance
Marketable sec_ 28,886,773 28,831,273
vouch-$60,443
$16,828,903 816,889,346
Total deductions
Loans & bills rec.b30,006,680 33,684,177 Audited wages
6,470,977
9.772,092
ers &
$42,153,964 $38,134,564 +34,019,400
Car mileage, &c.
Net income
5,405,033 4,143,761 Matured inteet,
(net)
Other Deductionsdiva. & rents_ 4,267,953 3,722,185 Payment to trust funds
+8818,872
$319,756
81.138,628
Agts. & conduc_ 3,846,839 3,660,704
2.901,728 3,076,853
-175,125
Misc. accounts_ 8,043,822 6,734,442 Work'g advances 2,091,657 2,745,174 Principal of car trusts paid
due other cos_
27,198,918
25,950,857
+1,248,061
(6%)
Unmatured int.,
32,554 Dividends
084,725
6,000,000 4,000,000 +2,000,000
diva. & rents_ 3,542,609 3,056,442 Miscellaneous
and betterments
Additions
2,365,480 2,265,888
+99,592
Material & supp. 8,731,958 8,713,818 Diva. declared &
Extraordinary expenses
int.,&c.,acer'd 6,491,776 6,266,210 Construction expend. on br'ch roads
888,107
+888,107
Working funds&
491,387
521,955
other advan c22,044,207 19,301,324 Taxes accrued
1,908 Add'ns through
Special deposits. 5,572,833
$40,492,861 $35,613,354 +$4.879,E07
Total other deductions
5,608,735 4,857,367 Balance,
income
Items in sus$1,661,103 $2,521,210 -$860,107
surplus
112,670
112,670
pense, &c_ _ _ _ 3,718,776 1,177,793 Other reserves_ _
SHEET DECEMBER231.
BALANCE
GENERAL
Profit and loss 13,185,413 13,448,668
Increase(+)or
Decrease(-).
1911.
1912.
•
Total assets_ _632,095,901 566,222,360 Tot. liabilitles632,095,001 566,222,360
$
$
$
Assetsamount
and
$807,638,
fund,
deducting
equipment replacement
a After
+11,109,927
411,882,801
a422,992,728
equipment
and
Road
equaling trust installments, $2,9'75,865. b Loans and bills receivable Stocks of prop., affil.,&c.,cos.pl'ged 68,462,746 72,063.358 -3,600,612
In 1912, $30,006,680. include: New York State Realty & Terminal Co., Bonds
5,548,163 +1,355,065
do
do
6,903,228
do
do
$23,370,000; Cleve. Cin. Chic. & St. Louis By. Co., $2,500,000; Oneida Bondsissued or assumed-pledged._ 3,175,000 4,093,000
-918,000
By. Co.,$603,000; Terminal By. of Buffalo,$990,000; Clearfield Bitumin- Stocksofprop., affil., &c., cos unpl_ 90,303,242 86,587,553 +3,715,689
$496,000;
RR.
Line
So.,
Shore
New
Jersey
$700,000;
+70,226
ous Coal Corp.,
do 78,488,018 78,417,792
do
do
do
Bonds
Syracuse
-2
New York State Rys., $400,000; Rutland RR. Co., $203,000;
Secur. under lease of U.N.J.RR.&C. 2,559,658 2,559,660
Rapid Transit Co., $175,000; Mutual Terminal Co. of Buffalo, $170,000;
68,482,816 61,719,795 +6,763,021
Marketable securities
in
and
other
funds
advances
Working
c
$399,680.
+98.342
66.840
165,182
&c_
constr.,
for
and miscellaneous,
cos.
&c.,
affil.,
Adv.
affiliated companies, Miscellaneous invest's--phys. prop_ 1,929,510 2,004,618
-75,108
1912, 822,044,207, include: Temporary advances toviz.:
West Shore RR.
550,294
550,294
$11,418; working funds, $181,528; Other advances,
Securities pledged
Co., $3,032,102; Rome
14,798,960 11,619,781 +3,179,179
Co.,$11,585,499; Geneva Corning & Southern RR.Beech
unpledged
Securities
Creek RR. Co.,
30,207,397 51,076.339 -20,868,942
Watertown & Ogdensburg RR. Co., $3,050,979;
Cash
-196,130
940,980
744,850
$1,276,728; other companies, $2,905,953.-V. 96, p. 653, 554.
Securities held in treasury
10,623,072 10,720,747
-97,675
Loans and bills receivable
4,837,505 6,641,578 -1,804,073
Pennsylvania Railroad.
Traffic & car service balances
6,406,935 4,902,433 +1,504,502
Agents and conductors
+742,673
7,258,562 6,515,889
(Report for Fiscal Year ending Dec. 31 1912.)
Miscellaneous accounts receivable
+784,079
15,434,219 14,650,140
Materials and supplies
President Samuel Rea's remarks are published at length Unmatured
630,213
787,524
+157,311
interest, dividends, &c_
+1,451.763
4,405,763
5,857,526
cos
&c.,
affil.,
adv.
to
Temporary
pages.
on subsequent
+187,037
3,405,305 3,218,268
Cash & secur. in sink., &c., funds
comn
transportatio
all
of
income
the
accounts
are
Below
Cash & secur. in ins. & 0th. res. fds_ 31,280,845 29,666,086 +1,614.759
+387,397
panies east and west of Pittsburgh and Erie owned, operated Cash and securities in provident fds_ 6,616,863 6,229,466
2,350,067 +1,556,969
3,907,037
controlled by or affiliated in interest with the Pennsyl- Other deferred debit items

or
vania system.

[The figures for 1911 having been revised, the comparison with earlier
years is somewhat inaccurate.
1910.
1911.
1909.
1912.
11,407
11,402
11,360
11,557
Miles operated

374,096,180
•Gross earnings
Expenses and taxes_ ...291,867,379
82,228,801
Net earnings
38,942,748
Other income

336,483,813 346,215,499 315,111,768
261,294,784 267,422,917 229,658,854
75,189,027 78,792,582 85,452,914
34,985,094 34,124,065 31,373,878

121,171,549 110,174,121 112,916,647 116,826,792
Gross income
Int., rentals, dividends,
extraordinary,&c_ _ _ _118,002,869 108,256,647 109,107,290 113,833,589
1,917,474
2,993,203
3,809,357
Surplus
3,168,680
TRAFFIC ON ALL LINES BOTH EAST AND WEST OF PITTSBURGH
ERIE.
AND
Increase.
1911.
1912.
9,816,577
168,995,156
178,811,733
passengers carried
Passengers carried 1 mile... 4,440,751,317 4,260,562,972 180,188,345
69,955,772
413,218,321
473,174,093
Freight (tons) carried
Freight (tons) carried 1 nalle_41,220,324,393 35,532,544,879 5,687,779,514

Below are given the results on the limes east of Pittsburgh
and Erie, comprising the Pennsylvania Railroad Division,
the United Railroads of New Jersey Division (excluding the
Delaware & Raritan Canal), the Philadelphia & Erie Division
and Buffalo ec Allegheny Valley Division,



886,179,022 879,061,623 +7.117,399
Total
Liabilities+100
453,877,950 453,877,850
Capital stock
+25
7,050,200
7,050,175
Premium realized on capital stock
206,803,440 217,476,870 -10,673,430
Funded debt
-114,000
Guaranteed stock trust certificates_ 14,708,250 14,822,250
21,888,828 26,757,828 -4,869,000
Equipment trust obligations
-334,439
Mortgages and ground rents payable 3,456,622 3,791,061
--2
.&C
2,559,658 2,559,660
U.N.J.RR
of
lease
Secs. rec. with
9,000 +5,000,000
5,009,000
Loans and bills payable
3,933,946 -1,932,532
Traffic and car service balances.... 2,001,414 15,358,660
18,480,998
+3,122,338
Vouchers and wages
+75,007
6,400,525 6,325,518
Miscellaneous accounts payable_ _
480,846
242,315
+238,531
unpaid_
rents
&
divs.,
int.,
Matured
1,760,760
44.670 +1.716,090
Matured funded debt unpaid
+210,658
210,658.,
Other working liabilities
i-,-tiligiit
Unmatured in,divs., &c., payable 1,818,414
5,183,563
4,714,460
+41:183
Taxes accrued
253,852
-94,990
348,842
Operating reserves
6,229,466
+387,397
Liability on acct. of provident funds 6,616,863
2,449,639
2,217,319
+232,320
Other deferred credit items
Additions to property since June 30
52,439,756 43,406,689 +9,033,067
1907 through income
funds 4,112,465
+250,532
3,861,933
Invested in sink, and redemp.
31,632,966 29,985,842 +1,647,124
Invested in other reserve funds
-637,644
2,737,590
Car trust principal chged. out in adv 2,099,946
Reserve for additions and betterm'ts 6,347,433 4,000,000 +2,347,433
b28,534,976 27,397,809 +1,137.167
Profit and loss
886,1794022 879,061,623 +7,117,399
Total
a After deducting reserve for accrued depreciation, $14,086,588. b After
to $523,936.-V.96, p. 554, 361.
credits
amounting
net
sundry
deducting

714

THE CHRONICLE

American Bank Note Co., New York.
tReport for Fiscal Year ending Dec. 31 1912.)
The remarks of President Warren L. Green are given at
length in our advertising pages. Below we give the comparative income account for four years and also comparative
balance sheets for two years.
The report of President Warren L. Green includes the data
given briefly in the "Chronicle" last week (p. 655), and
further says in substance:

[VOL. xcvi.

American Woolen Co., Boston.
(Report for Fiscal Year ending Dec. 31 1912.)
President Wm. M. Wood says in substance:

The year 1912 showed a marked improvement over
in the volume
of the company's business. Persistent tariff agitation 1911
had so reduced the
output of domestic mills that any surplus of woolen goods had
and the distinctive feature of 1912, especially the later monthsdisappeared,
of the year,
was an eager demand for fabrics for immediate consumption. The
renewed
effort to force an extreme reduction of the protective tariff was
again met
in August by the veto of the President, and an unprecedented
expansion,
of business was the immediate result in the period between August
and
December. The increase in indebtedness is due to the requirements of this
extraordinary expansion. Because of this increased volume of business,
earnings were about $500,000 greater than in 1911. Engagements
wool
have been made to meet our anticipated requirements during the of
coming
season.
The year closed with the affairs of the company in excellent condition.
All the plants, mill fixtures and investments, valued
at $44,657,362, are
owned, free from bonds or mortgages. The regular dividend
of 7% on the
pref. stock has been amply earned and the surplus is augmenting.
It is
our belief that the company is now as well prepared to meet any possible
contingency as the most careful forecasting of the future could anticipate.
EARNINGS, EXPENSES, &C.
1912.
1911.
. 1910.
1909.
Net sales & other income
Not
Not
Not
*S48,000,00()
Cost and expenses
reported.
reported.
reported. *42,201,941
Net profits
$3,722,988 $3,225,916 $3,995,310 $5,798,059
Previous surplus
11,597.371 11,171,455 10,514,808 8,945,703
Total surplus
$15,320,359 $14,397,371 $14,510,118 $14,743,762
Preferred dividend (7%) $2,800,000 $2,800,000 $2,800,000 $2,610,417
Depreciation
504,735
538,664
1.618,537
Final surplus
$12,015,624 $11,597,371 $11,171,454 $10,514,808
*About.
BALANCE SHEET.
1912,
1911.
1912.
1911.
AssetsLiabilities$
$
Plants and investCommon stock___20,000,000 20,000,000
ments
44,657,362 44,343,121 Preferred stock__ _40,000,000 40,000,000
Capital stock Ayer
Bank loans
7,665,200 3,962,400
Mills
599,300
599,300 Current accounts_ 2,288,113
745,697
Inventories
18,762,806 15,469,315 Accr.div.on pfstk. 583,333
583,333
Cash
1,056,133 1,211,310 Wood Wors'dMills
Accounts receiv'le,
constAen.notes.
17,476,669 15,265,755 Undivided proflts_12,015,624 11,597,371
net
Total
82,552,270 76,888,801
Total
82,552,270 76,888,801
-V. 96, p. 489.

Nature and Growth of Business.-We are now entering
118th year of
a continuous business existence, which began during the the
first Administration of George Washington as President of the United States. From a
small beginning,local in character, the business gradually widened in scope,
until to-day we occupy an international position probably unique in the
history of American industries.
Persistent efforts have been made of late to give the public the false
impression that our business depends principally,
not wholly, upon
securities listed on the New York market. (CompareifV.
96, p. 655.)
In our vaults are stored the dies, rolls and plates from which
have been
printed the greater part of the world's currency and securities,
a trusteeship
involving, to the highest degree, the questions of responsibility and
permanency.
The business of the company may be divided into three classes: (1) The
largest and most important is the engraving and printing of paper
securities and postage and revenue stamps, for which absolutecurrency,
security
is the primary and basic requisite. (2) A commercial business,
both steel
and lithographic, producing checks, drafts and all forms of stationery.
(3) The production of catalogues, folders, tickets and all forms of advertising matter, including the manufacture of maps of all kinds.
The company has supplied securities for over 30 of the world's governments,covering 51% of the world's area and 81% of the world's population.
Of the world's population, 554,000,000 use the dollar as a unit, and of these
438,000,000, or 78%, use currency bearing our imprint. During
past
two years we have furnished postal savings certificates to the U.the
S. Post
Office Department to the face value of $199,000,000.
After a most exhaustive investigation, the company was selected by the
Manchu Government to prepare the first notes issued by the Chinese
Imperial Government in a period of over 400 years, and the sudden
change
from an empire to a republic in no way disturbed the confidence that
this
great Eastern nation reposed in us.
Results in 1912.-The general trade conditions during 1912 can hardly
be said to have been favorable, due largely to the general unrest throughout
the world and the unsettled political conditions in many lands. A constant refining of our organization, close study of manufacturing
sales
conditions have enabled us, however, largely to offset theseand
adverse
influences.
Additions.-The Canadian plant is being further enlarged so as to cope
with the remarkable growth of that country. This plant is managed as an
independent national plant, and is entirely Canadian in
character and
feeling. Within a short time also it will be necessary to increase
the caInternational Paper Co., New York.
pacity of our Western branch. [It was announced on March 6 that the
company's facilities in Boston would be greatly enlarged, with a view to
(Report for Fiscal Year ending Dec. 311912.).
making that city its important branch.]
Pres. Philip T. Dodge, Feb. 26, wrote in substance:
The most important part of our business is unquestionably our security
department, and this is not only steadily increasing in capacity, but the
The volume of business done was satisfactory. Net profits, after
natural development of this branch will doubtless compel a material in- deducting
expenses, depreciation and other charges, were $1,107,678.
crease in our equipment during 1913, notwithstanding the large factor The physical
condition of the plants was maintained by an expenditure of
provided in the initial installation. (See further data in adv. columns.)
over $1,400,000. In addition, the book value of the mill
plants account
was depreciated 33es%,such depreciation amounting to $1,131,615.
COMBINED INCOME ACCOUNT YEAR ENDING DEC. 31.
By the
sinking funds the bonded debt was reduced $503,000.
1912.
1911.
1910.
1909.
The
paper
industry
is
passing
through
a period of severe trial, owing to
Profits over expenses, retariff changes, the establishment of competing mills in Canada, the Increaspairs and depreciation 4867,005
$693,502
$716,520
$664,581 ing cost of wood, and the refusal of Canada to permit the exportation of its
Misc.,less interest paid_
739
16,595
35,084
41,553 cheap wood for the use of the United States manufacturers. These and
other conditions which injuriously affect prices and profits necessitate
Total
$867,744
$710,097
$751,604
many changes in properties and methods to safeguard our interests through
$706,134
Deductfuture years. These matters are receiving careful consideration and, alAppropriations, &c__ _ _ 1440,000
$160,000
$145,000
$139,000 though dividends are affected for the time being, it is believed future results
Int. on stock subscrip_ _
19,000 will justify the conservative course of the management.
Pref. dividends (6%)..
269,739
269,738
269,735
247,288
Common dividends_ _(5%)224,785 (4)179,826 (4)179.822 (4)164,825
EARNINGS, EXPENSES AND CHARGES.
Divs. on shares of conNote.-Taxes and insurance are deducted in 1912 before arriving at net
stituentcos.outstand'g
8
1,055
($3,238,359,
income
1,048
as above), and in earlier periods are deducted from
the item of "net income," making comparisons erroneous to that extent.
Total deductions..... $534,524
$609,572
$595,612
$571,161
Year end. 6 Mos.end. -Years ending June30Balance,surplus
$333,220
$100,525
$155,992
$134,973
Dec.
31
'12.
Dec.
31
'11.
1911.
1910.
z The amount of depreciation on buildings, machinery, tools and equip- Gross income
Not
$11,237,562 $23,095,746 $19,459,030
ment deducted in 1912 was $135,800. 1/ Includes appropriations for pension Cost raw mater.,mfg.,&c stated.
$9,599,967 $20,208,344 $17,278,255
fund, $30,000; for insurance fund, $10,000.
Net income
COMBINED BALANCE SHEET DEC. 31.
a$3,238,359 $1.637,595 $2,887,402 $2,180,775
Bond interest
$909,0661 $605,554 $1,216,385 $1,163,710
1912.
1911.
1912.
1911.
Taxes
and insurance
See note. f
AssetsLiabilities$
$
II
$
1,131,615
Preferred stock__ 4,495,794 4,495,888 Deprec. of mill plants
Real estate, bldgs.,
484,760
machinery, aro_ 8,858,594 8,747,012 Common stock___ 4,495,805 4,495,898
Balance
$1,197,678 $1,032,041 $1,186,256 $1,017,065
Shares of constit.
Mat'ls & suppl's dr
Divs. on pref. stock_ __(2%)448,134 (1)224,067 (2)448,134 (2)448,134
work In progress 1,263,004 1,104,538
cos. not held by
Accts. receivable_ 1,016,438
878,901
A. B. N. Co.
Surplus for the year
$749,544
$807,974
$738,122
$568,931
8,140
10,528 (book value)___
Notes receivable...
14,367 Previous surplus
9,646,078
8.838,104
8,099,982
7,531,051
Marketable Invest
41,518
2,543 Accts. payable_ __ 238,886
325,499
Contract deposits_
65,654 Bills payable
55,000
760,000
760,000
Surplus June 30
$10,395,622 $9,646,078 $8,838,104 $8,099,982
Special deposits__
89,288 Pref. div. payable
98,230
67,435
Cash
383,427
546,142 Reserves
220,057
235,500
a Net income ($3,238,359) includes in 1912: Net revenue from operations,
Deferred charges_
14,192
9,913 Surplus
1,460,586 1,127,367 $2,562,958,
and other revenue, $675,401.
Total
11,738,543 11,454,519
BALANCE SHEET.
Total
11,738,543 11,454,519
-v.96, D. 655, 555'
AssetsDec. 31 '12. Dec. 31 '11. June 30'11.
Mill plants and water powers
$44,329,666 $45,126,408 $45.130,410
3,456,517
(F. W.) Woolworth Co.(Five & Ten-Cent Stores), N. Y. Woodlands
3,456,690 3,501,856
Securities of sundry corporations_ _ _ _ 10,141,816
9,983,078 10,021,857
(Report for Fiscal Year ending Dec. 31 1912.)
Sinking fund
3,801
4,180
3,311
Furniture and fixtures
8,680
11,905
GROSS SALES AND PROFITS FOR SEVEN CALENDAR YEARS.
12,255
Cash
922,969
708,312
803,792
Profits.
YearSales.
YearSales.
Accounts and notes receivable
Profits.
4,578,233 4,330,077
4,899,189
$60,557,767 $5,414,798 1908
1912
$36,206,674 $3,617,077 Inventories of merchandise on hand_ 7,092,553 6,274,388
5,028,986
52,616,124 4,995,255 1907
1911
32,968,145
325,816
2,971,119 Deferred assets
60,807
65,810
50,841,547
5,065,031 1906
1910
27.760,664
2,002,849
2,723,354 Due from subsidiary companies
1,990,853
1,897,605
44.438,193
1909
4,702,802
Total
$72,862,900 $71,946,698 $71,365,071
INCOME ACCOUNT FOR YEAR ENDING DEC. 31 1912.
Liabilities1912.
1912.
Common
stock
$17,442,800 $17,442,800 $17,442,800
Net sales
$60,557,768 Common divs.(2%)
$1.000,000 Preferred stock
22,406,700 22,406,700 22,406,700
Net income
5,414,799
15,970,000 16,473,000 16,492.000
DeductTotal deductions
$2,050,000 Bonds
Accounts payable
Pref. dividends(7%)---- $1,050,000 Balance, surplus
472,871
473,789
616,721
$3,364,799 Notes
payable
5,300,000
5,818,000 4,985,000
BALANCE SHEET DEC. 31 1912.
Accr. int., taxes&water rents,not due
299,644
244,873
254,365
Assets ($69,437,483)Dividends payable
112,033
112,034
112,033
Property (book values): Real estate and bldgs., $1,274,588;
Surplus
10,395,622 9,646,078 8,838,105
furniture and fixtures. $3,969,655; lease right, $17,149; total_ $5,261,392
Good will
Total
50,000,000
$72,862,900 $71,946,698 $71,365,071
Securities owned, $605,929; mortgage receivable, $28,000; cash
-V.96, p. 422, 65.
on deposit to pay dividend, $262,500; total
896,429
Inventory
8,628,841
American Steel Foundries, Chicago.
Current assets: Cash on hand and on deposit, $2,573,093; notes
and accounts receivable, $76,091; advance payments on goods
(Report for Fiscal Year ending Dec. 31 1912.)
In transit, $85,389; dividend accrued on securities owned,
Pres. R. P. Lamont, Chicago, Feb. 6, wrote in substance:
$4,025; proportion of surplus of F. W. Woolworth & Co., Ltd..
applicable to dividends, $84,893; int. accrued,
Results.-The gross sales for the year were $14,319,571 and the gross
total_ _ _ 2,824,209
Alterations and impts. upon leased premises, (to$718:
earnings from operations of plants and other income, after deducting opbe written off
during the terms of the various leases) and organization exerating expenses and $1,160,536 for repairs and maintenance, were $1,58g,penses (to be written off during the next 5 Years), $1,614,748;
766 [contrasting with $757,103 for the 17 months ending Dec. 31
1911J.
office and store supplies, insurance, &c., $211,864;
total_ _ _ _ $1,826,612 The pronounced businesas depression of 1911 continued well into 1912,
Liabilities ($69,437,483)about mid-summer noticeable improvement in the volume of orders but
beStock, preferred, $15,000,000;common,$50,000,000
came
$65,000,000
apparent. The improvement, however, was not reflected in the comMortgages payable,$313,000: accounts payable,$61,030;interest
pany's earnings until two or three months later; hence the _year's showing
accrued, $3,271; taxes accrue' ', non. total
378.327 is largely the result of the operations for six months ending Dec. 31.
Pref. div. payable Jan. 1 191/11 VICIL5On• r^-n*ve for depreciaGratifying as the year's showing may be, it should be remembered in
tion of office furniture and la$1111111$ $431$57; total
694,357 considering any disposition of the surplus that the company is under obliSurplus
......
3,364,799 gation to retire and cancel during the current calendar year at least $343,680
-V". 95, p. 495. 140.
of its 4% debentures.




MAR.8 1913]

THE CHRONICLE

Sinking Fund.-From the bond sinking fund $441,400 1st M. bonds were
bought and retired during the year and tho balance of the fund, together
with accretions to Dec. 31, will purchase at least $39,000 more, making
the total retired or provided for to Dec. 31 $1,525,000 out of the total
issue of $3,900,000.
Of the bonds purchased for the sinking fund during the year, $400,000
were an issue of Nov. 1 1912, the proceeds of which together with an additional amount contributed by the company from its general funds, were
used to pay an underlying bond issue of $444,000.
Additions.-The sum of $188,249 was charged to capital account for
new construction, additions, machinery, equipment,&c., and $135,624 was
spent for replacements, minor additions and improvements and charged
to the depreciation reserve.
At East St. Louis equipment for the production of car couplers has been
installed as a matter of freight saving and consequent profit. At the
Hammond plant a new building for the production of brake beams had been
added to take care of the increased demand for that product.
Depreciation Reserve.-The balance to this account shows a large decrease [from $1,294,979 to $534,5921, because the accumulated unused depreciation to June 30 1908 has now been eliminated and the property account
reduced by a corresponding amount.
Financial.-Aside from bonds and debentures, the company on Dec. 31
had no debts except current bills and all bills approved had been paid.
The bonds of the American Steel Casting Co., $444,000, a prior lien
on certain of the property, were paid and canceled as of that date from
the proceeds of $400,000 additional bonds of this company,duly authorized
Oct. 3 1912 and sold to the sinldng fund at par. The balance, $44,000
of the underlying bonds, was paid from 'ordinary funds.
Orders.-The volume of orders in hand is, with one exception,the largest
in our history. [A quarterly dividend of
of 1% has been declared payable Mch. 31, being the first dividend since May 15 1911, when 1g % was
paid, quarterly, payments having been made at that rate from May 1910
to May 1911 incl.]
INCOME ACCOUNT.
Year end. 17 Mos. end. -Years end. July 31
1909.
1910.
Dec. 31 '12. Dec. 31 '11.
$14,319,572 $14,300,562 $17,173,741 $7,138,009
Gross sales
Earn.from oper.of plants
and of sub. cos. (after
deducting mfg., selling, admin. & head
569,440
697,610
1,839,984
district office expense) 1,543,839
59,493
63,126
44,927
56,088
Other income
$1,588,766
$757,103 $1,896,072
$632,566
Totalincome
Deductions$232,531
$232,300
$329.092
$232,300
Interest on bonds
137,472
137,472
194,752
137,472
Interest on debentures
115,254
157,067
128,003
Sink.fund 10-30-yr. bds.
107,054
3,246
2,587
Int. on borrowed money
33,332'
1,464
Deprec. of bidgs., plant
322,507
and equipment
332,636
113,481
355,693
Dividends
( )85.920(3U)644,400(23.5)429,600

715

these firms are a number of Boston houses, including Kidder,
Peabody & Co., R. L. Day & Co. and Estabrook & Co.
The bonds are a legal investment for savings banks in Massachusetts.
Maine, New Hampshire and Connecticut. It is expected that a public
offering will be made shortly.-V.96, p. 651, 486.

Brooklyn Rapid Transit Co.-Over. Contract Approved.
See Rapid Transit in New York below.-V. 96, P. 359, 200.

Brunswick Terminal & Ry. Securities Co.-Earnings.

Calendar
-Gross Earn'gs-Hold.Co. Exp.& Taxes Repairs Bal.,
YearSt. Ry. M.L.&W. Income. Salaries.
Paid. & Ins. Surp.
1912
$36,647 $83,681 $22,192 $4,914 $7,342 $474 $8,655
9,461
409
28,311
1911
6049 694d
79,888
22,056
-V.94, p. 676, 346, 278.

Canadian Pacific Ry.-Leased Line Listing.See Quebec Central By. below.-V. 96, p. 486.

Central Arkansas Railway & Light Co.-New MergerPref. Stock Guaranteed by Federal Light & Traction Co.-This
company was recently incorporated in Virginia and now owns
the entire street railway, gas, water and electric light and
power business in the city of Hot Springs, Ark., and vicinity,
serving, it is said, a total (average) population of about
31,000. The pref. stock, guaranteed as to dividends by the
Federal Light & Traction Co., is being placed at par and hat.
The following particulars are furnished:

CapitalizationAuthorized. Outstand'g,
Common stock, owned by Fed. Light & Trac. Co $7,000,000 $2,500,000
1,200,000
Pref. stock,7% cum.,guar. by Fed. Lt.& Tr. Co__ 3,500,000
2,000,000
First lien 15-yr. 5% gold bonds due 1928
7,000,000
Additional bonds and pref. stock can only be issued as follows:(a) Bonds,
for 80% of the cost of additions, extensions and improvements, when net
earnings are double the interest charges, including the bonds then{ proposed
to be issued. (b) Pref. stock can only be issued when the annual net earnings (after bond interest) are 1 Ji times the pref. dividend charge, incl. the
pref. stock proposed. (c) Except for the first lien 5s, due 1928, there shall
be created no mortgage or collateral issue and no obligations having over
18 months to run.
The pref. stock has no voting power unless two of its quarterly dividends
are in default, in which case it will have the entire voting control.
Gross Earnings of Properties Now Owned by Central Ark. Rib & Light Co.
1912.
1909.
1907.
1911.
1905.
1903.
$385,316
$370,866
$452,660 over $500,000
$333.787
$224,247
Lt.
&
Ry.
Co.
Ark.
1912.
Cent.
Year
-Calendar
Federal Lt. & Tr. and
$362,517
Surplus earnings Federal Lt. & Tr. Co. (see that co. below)
Co
Lt.
&
By.
about
120,000
Ark.
Cent.
charges,
int.
after
Surplus
$482,517
Total applicable to pref. stock of Cent. Ark. By.& Lt. Co
do
do
$84,000
do
Div. charge (7%) on do
150.000
Div. on $2,500,000 Fed. Lt.& Tr.Co.6% pref. stock

$896,930 $1,660,534 $1,295,451
Total deductions___
$612,720
sur$691,836 def$903,431 sur$600,620 sur$19,846
Balance
$248,517
BALANCE SHEET(INCLUDING SUBSIDIARY COMPANIES)•
Balance, surplus for 1912, on above basis
Dec. 31 '12.Dec.31 '11.
Dec. 31 '12. Dec.31 '11.
Franchises.-(a) Street railways, unlimited as to time and exclusive as
1931.
Nov.
expires
Liabilities-$
Assets-$
$
to streets occuiped until 1954. (b) Water, exclusive,
Capital stock
17,184,000 17,184,000 (c) Electric light and power, very favorable, running until 1933. (d) ArtiReal estate, plant,
equipment, cte al9,843,759 20,559,950 Mortgage bonds 2,414,000 2,001,400 ficial gas, unlimited as to time. (e) Natural gas, runs until 1931. price
4% debentures
3,436,800 3,436,800 50c. per 1,000 cu. ft. Also has contract with Arkansas Natural Gas Co.
Addition to prop,
200,000 for natural gas, which has greatly increased the gas earnings, the Central
234,832 Notes payable_
during period.._ 188,250
457,331 Ark. By. & Lt. Co. receiving 30% of the gross earnings as its share of the
863,157
_
payable....
Accts.
298,630
Other real estate__ 298,630
203,110
122,377 profit. Should the supply of natural gas fail, the company will revert to
251,540 Pay-rolls
388,882
Securities
artificial gas.
298,759 Ace. Int. on bonds
39,804
Sinking fund
113,497
Hot Springs.-Popular winter and health resort with famous hot springs;
and debentures_ 115,780
2,108,472 2,275,335
Inventories__
b1,453,888 2,029,902 and centre of a prosperous agricultural community. Including suburbs,
Reserves
Accts. & bills rec.
permanent population, is about 23,000, transients bringing the total to
the
beloss
and
Profit
1,963,483
3,100,743
(less reserves)
45,000.
fore div. payable
306,670
229,438
Cash
Federal Light& Traction Co.-The controlled properties serve a populasur553,238 def224,519
Moll. 31
Insur. premiums,
tion of over 200,000 and are under the management of an executive com31,589
25,795
&c., unpaid_ _
mittee,consisting of James C.Colgate & Co.,Chairman, Harrison Williams.
26,223,773 28,220,788 a director in several public utilities companies, Anson 'W. Burchard, Asst.
Total
26,223,773 26,220,788
Total _
to the Prest. of the General Electric Co., Samuel McRoberts, V.-Prest.
of Nat. City Bank, N. Y. City; Edwin N.Sanderson of Sanderson & Porter
a After deducting $951,022 depreciation reserve as at June 30 1908.
b Reserves include in 1911-12 bond sinking fund, $919,097, and depre- and Craig Colgate of James B. Colgate & Co.(Compare V. 96, p. 283.)
dation and renewal (after deducting $951,022 as at June 30 1908 transferred
Chicago Elevated Rys.-Earnings for Eiglzteen Months.
to real estate, plant, &c.. account). $534,592.-V. 96, p. 489, 421.
Earnings of Controlled Cos. for 18 Months ending Dec. 311912.
(1) Northwestern El. RR. (2) South Side El. RR. (3) Met. West. Side.
Res've. Surplus.
Divs.
Charges.
Net.
Gross.
GENERAL INVESTMENT NEWS.
(1L
$4,789.769 $2,787,122 $2,664,764 $98.888 $15,000 $8,470
25,000 80.792
1,268,454 690,579
2,064,825
(2
3,705,173
25,000 23,412
1,667194 675,479
4,491,993 • 2,391.085
(3
RAILROADS, INCLUDING ELECTRIC ROADS.
early the entire stock is held by the Chicago El. Rys.-V.96,p.651,359.

American Cities Co.-New Directors Elected.-

Irving P. Bonbright, W. W. Freeman and James Mitchell have been
elected directors to succeed William P. Bonbright, William von Phul and
Lynn H. Dinkins.-V.96, p. 486.

Atlantic Coast Line RR.-Bonds Sold.-A syndicate
headed by Potter, Choate & Prentice has purchased $3,500,000 unified 4% bonds and will offer them shortly to the
public at about a 4.70% basis.-V.06, p. 284.
Atlantic Northern & Southern Ry.-Re-Sale Ordered.Judge Arthur at Atlantic, Ia., on March 1 set aside the sale of the road
to Leslie M. Shaw on Feb. 25 for $370,000, and ordered its re-sale on
March 21. Bids are to be submitted to the Court on April 8 and the deal
completed on May 1.-V. 96, p. 651, 200.

Baltimore & Ohio RR.-Notice.-A statement issued on
Saturday last, referring to the action of the Maryland P. S.
Commission on the preceding day conditionally approving
the issue of $63,250,000432% 20-year convertible bonds,says:
company is proceeding with

the issue and is accepting subscriptions
The
and delivering the subscription receipts. In view of the pending appeal
taken by the Commission from the order of Judge Gorter, construing the
Act creating the Commission as to its powers with regard to the company,
and which, in the opinion of the Commission, unduly limited its powers,
the order is to have no final effect until the determination of the appeal,
when the order approving the issue of the bonds becomes effective irrespecbe determined.
tive of the way the appeal may
appeal is anticipated and the company
An early determination of this
date of payment of last installment on
the
at
bonds
the
deliver
to
expects
but for the additional protection
May 15 1913, as originally contemplated,
the board of directors of the company
of the holders of subscription receiptsan
authorized
endorsement
on the receipts:
to-day
at a meeting held
Endorsement on Subscription Receipts.
For value received, the Baltimore & Ohio RR. Co. agrees with the
holder of the within receipt that, if the bond called for thereby shall not
be ready for delivery before Dec. 11913, it will pay to the holder ofsaid
receipt when fully paid, upon surrender thereof, on or at any time after
said date, at the office of the Treasurer of the RR. Co. in the City of New
York or at any European agency for that purpose designated by him, an
amount equivalent to the face value of said bond, and the accrued interest
thereon from March 1 1913 to Dec. 11913. In case said bond is not ready
for delivery by Sept. 1 1913 an amount equivalent to six months' interest
thereon will be paid to the holder of said receipt on presentation thereof
at said office or agency for the notation of said payment thereon,in which
event the bond will be delivered without the first coupon and the amount
payable on or after Dec. 1 1913 in case the bond is not delivered, will be
reduced accordingly. [Signed, the Baltimore & Ohio Railroad Co., by
J. V. McNeal, Treasurer.l-V. 96, p. 651, 200, 134.

Boston & Maine RR.-Debentures Sold.-A syndicate
composed of White, Weld & Co., Harris, Forbes & Co. and
Kissel, Kinnicutt & Co. of New 'York, have purchased a new
issue of $7,500,000 20-year debenture 43's. Associated with



Chicago Milwaukee & St. Paul Ry.-Subscriptions.There had been received up to March 3 subscriptions from
domestic stockholders to $12,956,000 of the $13,957,400 convertible 43-% bonds recently offered. Foreign subscribers
have until March 10 to make payment, so that it is expected
nearly the total amount will be subscribed for.-V. 96, p.
284, 135.
Colorado Mines, Railways & Utilities Corporation.Amalgamation.-This company was incorporated in Delaware on Feb. 18 in accordance with the plan of Joseph Walkers & Sons of New York for bringing under one control the
El Paso Consolidated Gold Mining Co., the Golden Cycle
Mining Co., and other properties. Negotiations are in progress looking to the control of the Cripple Creek Central Ry.
and its 127 miles of steam road (see `Ry. and Ind. Sec.");
also the lease of the Colorado Springs & Cripple Creek
District Ry., which controls 20 miles of electric railway.
Condensed Circular of El Paso Consol. Gold M. Co.. Denver, Feb. 7.
There has been formed in Delaware a securities company named the
Colorado Mines, Railways & Utilities Corporation, with an authorized
capitalization of $25,000,000, consisting of 5,000,000 shares of one class
of stock with the par value of $5 per share, of which approximately $10.000,000 will be issued in the near future, leaving $15.000,000 in the treasury to be issued at later periods when and as other properties are acquired.
Said company is to acquire the controlling stock interest of some of the highclass Cripple Creek mining and milling properties, including the El Paso
Consolidated Gold Mining Co., as well as the Golden Cycle Mining Co.,
on which last-mentioned stock there has been obtained an option. The
Golden Cycle Mining Co. owns and operates its mining property in the
Cripple Creek district (monthly production about 6,000 tons), and its gold
reduction plant at Colorado Springs (capacity 1,150 tons per day), treating 80% of the Cripple Creek ore. This mining company also owns the
control of the Pike's Peak Fuel Co. This coal mine, adjoining Colorado
Springs for the benefit of the mill and the mines in the Cripple Creek district, has blocked out 10,000,000 tons of high-grade lignite coal.
On the present rate of net earnings of the two companies during 1912 it
is conservatively estimated that those for 1913 of the combined companies
will be fully $2,000,000. or 20% on the contemplated issue of $10,000,000.
Through the acquisition of other dividend-paying and thoroughly developed properties, the economies in administration through the mining and
milling facilities and more efficient methods, considerably larger net earnings can confidently be expected within a reasonable length of time.
The money required in order to purchase control of the Golden Cycle
Mining Co. will be provided by an underwriting syndicate. Each El Paso
stockholder may either retain his El Paso shares independently, or may
exchange them at his discretion for shares of the Utilities Corporation,
receiving six shares of the new issue for five shares of the present El Paso
issue. The El Paso Company will remain an operating unit as it now exists.
[Allen L. Burris will be President and General Manager. Models of the
mines are on exhibition at the company's office at 20 Broad St., N.Y.City.

716

THE CHRONICLE

[VOL. xcvi.

Dominion Power & Transmission Co., Ltd., Hamilton, reorganization by the bondholders' committee, the share'Ont.-Dividend.holders of the railway company are requested by the protecThe remaining 63
of deferred preference dividend on the preference
stockiwas paid off on Feb. 15 1913 to shareholders of record of the same tive committee of the International Construction Co. and
date.itCompare V. 96, p. 647.
the Union Construction Co., who are the largest stockholders
of the railway, to forward their names to N. Bogle-French,
Duluth-Superior Traction Co.-Earnings.Gross
Net
Int. c% Pref.Divs. Corn.Divs. Balance, Secretary to London committee, Pinner's Hall, E. C.
Year. Earnings. Earnings. Taxes.
(5%). Sur.or Def.
(4%).
1912 - _$i,083,259' $453,072 $219,295 $60,000 $175,000 def.31,224
1911 --- 1,135,300
527,165
208,161
175,000 sur.84,003
60,000
The deficit in 1912 is due to the carmen's strike in September and October.
Compare V. 95, p. 1472, 1331.

Eastern Power & Light Corp. (of Va.).-Stock Offered
in New Holding Comapny.-W.P. Bonbright & Co. are offering at $950 and accrued div. ten shares of the pref. and four
shares of the common stock of this new holding company,
which is just being organized to control traction and lighting
properties that will be operated by W.S. Barstow & Co.,N.Y.

Press reports say that the receivers are hastening the completion of an
extension from Fort Stockton to Alpine, Tex., about 100 miles, where connection and traffic arrangements will be made with Southern Pacific.
Judge Pollock has ordered the receivers to pay the American Car &
Foundry Co. $845,000 in settlement on a claim of $1,045,000, being the
balance due on a 32,500,000 car purchase.--V. 96, p. 653, 63.

Kansas City Ozark & Southern Ry.-Receivership.-

Judge John T. Moore on March 3 appointed A. P. Miller and J. A. G.
Reynolds receivers of the road, which was built some years ago by local
parties, extending from Mansfield, Mo., on the St. Louis & San Francisco,
to Ave, 14 miles.

Keokuk & Des Moines Ry.-Dividend Increased.-

Will control lighting and traction properties, chiefly properties located in
A dividend of 38% % has been declared on the $1,524,600 pref. stock, paythe eastern part of Pennsylvania (Reading and thereabouts), in Wheeling able April 1 to holders
of record March 14. comparing with 28%% in each
and Morgantown, W. Va., Vincennes, Ind., and some minor points in New of the three previous years.
Hampshire and Vermont. Auth. capital stock, in $100 shares: $10,000,000
Previous Dividend Record of Preferred Stock (Per Cent).
common and $10,000,000 prof.; now to be issued, common, 35.000,000,
pref., $2,350,000. The pref. is 6% cumulative from Mch. 1913 and Mch. 1 1895.'96-'98. '99. 1900. '01. '02. '03. '04. '05.'07. '08. '09. '10-'12. '13
0.9 None 8%
1
1
2 lA
None 134 1 24 YIY• 38%
8%
1916 becomes 7% cum. Bonded debt, $2,350,000 collateral trust 5s dated
Mch. 1 1913 and due Mch. 1 1917; trustee. Equitable Trust Co., N. Y. -V. 90, p. 698.
Officers and directors: Pres., W. S. Barstow of W. S. Barstow & Co.; •
Railway
&
(Tenn.)
Knoxville
Light Co.-Bonds.V.-Pres., J. B. Taylor of W. S. Barstow & Co.; V.-Pres., G. H. Walbridge.
The New Orleans Stock Exchange has listed a further $250,000 ref. &
and Sec. & Treas., A. P. Taliaferro, both of W.P. Bonbright & Co.; F. V. exten. 55,
maidng the total listed $1,628,000.-V. 88, p. 1620.
Henshaw, Henry E. Cooper and A. Ludlow Kramer, both V.-Pres'ts of
Equitable Trust Co.
Lake Shore & Michigan Southern Ry.- Notes Sold.

Federal Light& Traction Co., N. Y.-Guar.Pref.Stock.- J. P. Morgan & Co. have purchased and re-sold an issue of
$12,000,000 one-year 43/
2% notes dated March 15.-V. 96,
Earns.-Year end. Nov. 30 1912, with present int. charge: p. 553, 63.
Gross.
Net.
Int. Charges. flat.,Sur.
Louisville & Nashville RR.-Sale of Bonds.-The comYear 1911-12
$1,700,338
$708,317
$391,000
$317,317
Cal. year 1911
1,496,177
609,082
pany has sold to J. P. Morgan & Co. $4,000,000 Louisville
-V. 96, p. 284.
& Nashville unified 4s and $4,500,000 of the Atlanta KnoxGeorgia Railway & Electric Co., Atlanta.-Bonds.-- ville & Cincinnati Division 4% bonds, and
they have re-sold
Subject to the approval of the Georgia RR. Commission, the these bonds to Kissel, Kinnicutt & Co.
and Harris, Forbes
company has sold to Charles C. Harrison Jr. & Co. of Phila- & Co. It is understood that a
public offering will be made
delphia $800,000 ref. and improvement M. 5s due 1949, in the near future.-V.
96, p. 653, 285.
making $2,773,000 outstanding. Compare V.95, p. 1207.
Mail Transportation.-5% Increase under New Approp.
Grand Trunk Ry.-Earnings.-For half-year ending
See "Banking, Legislative and Financial News" on a previous page.
Dec. 31 (approximate in both years):
Manila Electric RR. & Lighting Corp.-Div. Increased.
Half-Year to
1912.
1911.
Half-Year to
•
• See Central Arkansas Railway & Light Co. above.

A regular quarterly dividend of 18% % has been declared on the $5,000,000
stock, payable April 1 to holders of record March 19, comparing with 14%
(the rate in effect since Dec. 1911) and 1% extra on Dec. 31 last, making
7% paid during 1912. This increases tho regular rate to 7% yearly.
Previous Dividend Record (Per Cent).
Divisible bal_ 583,850 478,500 1906.
1908.
1907.
1909.
1910.
1911.
1912.
3
3
4
4
4
58%
7
Guar. dividend_ 243,550 215,600 -V.
95,
p.
1542.
1st pf. div.(23) 85,400
85,400
2d pf. div. (2S) 63.200
63,200
Electric Companies.-Special Meeting.Massachusetts
3d. pf. div_(23,)179.000(1 ,6)107.500
authorized the

1912.
Dec. 31Dec. 31Gross receipts_ A,612,700 4,135,800 Bal. for half-year 575,350
Oper. expenses_3,334,800 3,110,900 Brought in
8,500

Net receipts_ _1,277,900 1,024,900
Chgs.,less credits 595,000 519,100
Balance
682,900
G.H.& M.deficit 36,800
Can.Atl. deficit_
70,750

505,800
6,600
32,300

1911.

466,909
11,600

Bal.for half-yr. 575,350 466,900
Bal. forward.. 12,700
6,800
• The gross receipts for the calendar year 1912 were £8,447,028 (approximately), against £7,696,957 (actual) in 1911; net applicable to dividends,
including guar. stock, E965,450, against £829,886 in 1911; surplus after
divs. paid, £5,900, against deficit of £2,274 in 1911.-V. 96, p. 652, 419.

Holyoke (Mass.) Street Railway.-Refunding, &c.-

The proceeds of the $700,000 new stock which the company is asking
authority to sell at 115 would be applied as follows: $212,000 to liquidate floating debt. $150,000 for car barn, $193,000 for additional equipment and $250,000 to redeem bonds maturing April 1 1915.-V. 96, p. 652.

Hot Springs (Ark.) Street Ry.-New Ownership.-

See Central Arkansas Railway & Light Co. above.

The shareholders on March 4
trustees (1) to
sell and dispose of any or all of the pref. shares of the Bay
State Street Ry. which they may acquire during the current
year; (2) to pledge certain shares of stock of Bay State Lt.
Ry. acquired as security for $3,500,000 gold coupon notes,
to be issued in order to refund in part the $3,700,000 43%
notes due July 1 1913 (V. 89, p. 1597; V. 90, p. 167), &c.
Compare V. 96, p. 653, 203.
Mexico Santa Fe & Perry Traction Co.-Receivership.The Circuit Court at Mexico, Mo., on March 3, in the suit to foreclose
the mortgage, appointed Judge W. W. Botts receiver.-V.90, p. 1614.

Hudson & Manhattan RR.-New President.-Wilbur
C. Fisk, of Harvey Fisk & Sons, formerly Vice-President
in charge of operation, has been elected President to succeed
William G. McAdoo, who resigned to enter the Cabinet of
President Wilson as Secretary of the Treasury.
Tax Ruling Regarding Readjustment Plan.-

Forty-five ($.45,000) equipment and collateral 5% gold bonds, first series,
dated April 1 1897, of the Mexican Central Ry., for payment at par and
int. on April 1 at either the Old Colony Trust Co. of Boston, National Railways of Mexico, N. Y., or Glyn, Mills, Currie & Co., 67 Lombard St.,
London, E. C.-V.96, p. 67, 61.

Attorney-General Carmody of this State on March 4 advised State Comptroller Sohmer that "transfers" or exchanges of stock of the present voting
trust certificates for new voting trust certificates as called for under the
plan of readjustment of the company's debt(V.96, p. 202, 208) are taxable
under the stock transfer tax law.
This is provided for, it is stated, under an amendment to the law made in
1911. The "transfers," it is held, are taxable (1) When the stock or present
voting trust certificates are deposited with the depositary; or (2) when certificates are taken from the depositary by the new voting trustees to be
named; or (3) when any stock or present voting trust certificates is forfeited to or sold by the readjustment managers on failure of any depositor
to pay the assessment standibg against the same.-V.96, p. 202, 208.

A contract has been signed with the International Exposition Co. to
supply exclusively during text 38% years all current required for power
and lighting during World's Fair in an Francisco in 1915 and during construction and dismantling. Present estimates indicate the Exposition will
require 20,000 h. p. Gross amount of this business is estimated at $500,000.
The company will also supply all gas and steam required.-V.96, p. 654.

Illinois Central RR.-Not Assumed.-Comptroller M.P.
Blauvelt, replying to our inquiry, writes: "The Illinois
Central RR. did not assume the payment of either prinuipal
or interest of the Chicago Memphis & Gulf RR. Co. bonds."
Our previous information on the subject was obtained first hand from a
source that we believed to be absolutely trustworthy, but it seems that our
informant was mistaken. The Illinois Central, while having acquired a
majority of the stock and thus being interested in maintaining the credit
of the Ch. M.& G.,is not directly responsible for the bonds.-V.96,P. 419.

Interborough Rapid Transit Co., New York.-Ratified.
-The stockholders on Mch.5, by a vote of 345,800 to 4,500,
authorized the new mortgage to secure an issue of $300,000,000 of 5% 53-year gold bonds to provide for expenditures under the dual rapid transit arrangement with the city
and for refunding, &c. The mortgage will be submitted to
stockholders for approval at a meeting to be held March 19.
Operating Contract Approved.-See Rapid Transit in New
York below.-V. 96, p. 653, 487.
International Railway, Buffalo.-Bonds Called.The $1,000,000 6% collateral gold debentures dated 1897. made by the
Buffalo Ry., have been called for payment at 105 on April 1 at the Metropolitan Trust Co., N. Y.-V.96, p. 135, 62.

Inter-State Rys., Phila.-Earnings.-For yr. end. Jan.
31:
Jan. 31 Year. Total Inc.
Bond Int. Exp.c%Tax. Pref. Div.
Surplus
$554,968
$60,000
1912-13
$4.353
$431,064
$59,550
649,919
1911-12
57,305
15,515
431,064
146,034
Total income in 1911-12, $649,919 as above, includes $289,717 paid directly to the company by several of the underlying lessor companies, of
which the United Power & Transportation Co. is stockholder, to liquidate
all the interest then unpaid on moneys advanced to such underlying companies by the Inter-State Itys. Co.-V.94, p. 698.

National Railways of Mexico.-5% Bonds Called.-

New York Rys.-Staten Island Transfer Arrangement.-

See Rapid Transit in New York City, below.-V.96, p. 653, 360.

Pacific Gas & Elec. Co., San Francisco.-Large Contract.

Pittsb. McKeesp. & Westmoreland Ry.-Receiver's Sale.

Andrew Peck, I. I. Robertson and William Chilvers, who bid in the road
at the receiver's sale on Feb. 25, have called a meeting of those for whom
they acted, to be held in McKeesport March 14, to organize a new company
to take over the property.-V.96. p. 361.

Quebec Central Ry.-Listed.-On London Stock Exch.-

1571,300 capital stock, £604,837 1st M. 4% debenture stock, £336,500
38%% 2d M. debenture stock and £336,500 5% 3d M.,bonds, in lieu of
the securities heretofore quoted. The road is now leased to the Canadian
Pacific Ry. Compare V. 96, p. 361.

Rapid Transit in New York City.-Contracts Approved.

The P. S. Commission on March 4, by a vote of 3 to 2, approved the
proposed contracts between the city and the Interborough Rapid Transit
Co. and the New York Municipal Railway Corporation (the subsidiary
of the Brooklyn Rapid Transit Co.) covering the operation of the new dual
subway system, the only exception being the certificate for the thirdtracking of the Manhattan Elevated Ry. lines. There were practically
no changes from the forms as they existed at the time the temporary injunction preventing their execution was recently obtained on application of
John J. Hopper, which was later dissolved by the Appellate Division of the
Supreme Court. As stated last week, the public hearing on the proposal
to make out the certificates for third-tracking of the elevated lines to the
Interborough Rapid Transit Co., as lessee, instead of to the Manhattan
Ry.,as originally contemplated,in order to overcome the latter's objections,
is set for March 15.
The Board of Estimate and Apportionment on Thursday appointed a
public hearing on Tuesday next on the contracts as approved by the P. S.
Commission,and it is expected will also approve the same,so as to enable
them to be signed. The Board also approved the contracts for the conly
gbiea
tnbdv r
ernotu
Ahe
o011:1.3%.
en
siergo
struction of the Queens Borough elevated lines,
ini
Commission, to be jointly operated by the
Rapid Transit companies.
subject
to
the approval
Arrangements, it is announced, have been made
of the city authorities, for free transfers for passengers to and from the
municipal ferryboats to Staten Island and the Manhattan (N. Y. Railways)
surface lines. Of the 5-cont fare to be paid, 2 cents is to go to the city and
3 cents to the company.-V. 96, p. 654, 488.

Salt Lake & Mercur Ry.-Reported Receivership.-

The Utah State Circuit Court has, it is reported, appointed Lucius
Laudie receiver. The road extends from Fairfield to Mercur, Utah, 128%
miles.-V. 79, p. 1024.

Kansas City Mexico & Orient Ry.-Notice to Sharehers.
Terminal RR. Association of St. Louis.-New Govt. Suit.
-In view of the anticipated early publication of a plan of -The Government on Mch. 4 filed a suit in the U. S. Dis-




M.8 1913.1

THE CHRONICLE

trict Court at St. Louis to dissolve the St. Louis Coal Traffic
Bureau as a combination in restraint of trade and enjoin it
from making and enforcing railroad rates on bituminous
coal from the Illinois fields to St. Louis.
its Secretary,

The defendants include the St. Louis Coal Traffic Bureau,
By.,
the Terminal RR. Assn., St. Louis Merchants' Bridge Terminal
WigginS Ferry Co. and 24 roads which are members either of the Terminal
RR. Association or the Bureau. It is alleged that in April 1893 16 of the
defendant roads. including those controlling the terminals, dissatisfied with
the rates received for carrying freight, organized and became members
of the Bureau, in order to establish unreal and arbitrary rates, which could
not be maintained when they were engaged in competitive business.
go, P. 136.

Terre Haute Indianapolis & Eastern Traction Co.Earnings.-For cal. year 1912 (incl. controlled lines):

Balance,
Gross
Expenses
Rentals,
Net
Calendar
Surplus.
& Taxes.
Earnings.
Int., &c.
Earnings.
Year$6,432,060 $3,814,428 $2,617,632 $2,035,903 $531,729
1912
478,556
5,951,292
1,975,574
1911
3,497,162
2,454,130
Rentals, interest, &c. as above in the calendar year 1912, $2,085,903,
include rentals and other deductions subsidiary companies, $1,532,673;
sinking funds sub. cos., $145,630; interest and sinking fund on divisional
bonds of the company, $27,500; interest on 1st and ref. M. 5s, $325,000,
and sinking fund on same, $55,000.-V. 95, p. 892.

Toledo & Chicago Interurban Ry.-Sale Ordered.-

The Allen County Superior Court at Fort Wayne, Ind., on Feb. 28. on
petition of Receiver James D. Mortimer, authorized the sale of the road.
Upset price $550,000. The date of sale will be fixed later.-V.86, p. 422.

Union Railway, Gas & Electric Co., Springfield, &c.,
Ill.-Notes Offered.-Hodenpyl, Hardy & Co,. New York,
are offering at 973 and int., yielding over 6% (see adv. on
another page),$1,500,000 3-year 5% gold notes dated Mch. 1.
1913 and due Mch. 1 1916. Auth., $4,000,000; outstanding, $1,500,000. Par $5,000 0*.
Digest of Letter from Treas. Jacob Hekma, N. Y. City, Mch. 1 1913.
Property.-Incorporated in 1909, and,through ownership of all, or practically all, of the capital stocks of the constituent companies, controls street
railway systems in Springfield and Rockford, Ill, and Evansville, Ind.,
And tile interurban lines connecting Rockford, Belvidere and Freeport,
III.. DeKalb and Sycamore, III., Beloit and Janesville, Wis., and Evansville and Princeton, Ind., and intermediate towns upon said lines. Also,
the gas and electric properties in Peoria, Pekin and Springfield, Ill„.Evansville, Ind., and electric properties In DeKalb, Sycamore and Washington,
III., serving a population (Census of 1910) of over 320,000. [The properties
are under the supervision and management of E. W. Clark & Co. of Philadelphia and Hodenpyl, Hardy & Co. Compare page 123 of "Electric
Railway Section."
Collateral for Present $1,500,000 Notes. Par Value $2,000,000, Market Value
Estimated Over 31.750.000.
•
Union By., Gas & El. Co. coll. trust 5s duo 1939, issued to 75
$1,200,000
of cash cast of securities pledged therefor
400.000
Springfield By. & Light Co. collateral trust 5s, due 1933
200,000
DoKalb Syca. & Interurb. Trac. Co. 1st lien & ref. 5s, due 1937_
100,000
Rockford & Interurban By. Co. first mortgage 5s, due 1922_
100,000
Evansville Public Service Co. first mortgage 6s, due 1930
1 1913.
March
Co.
Electric
&
Gas
Ry.,
Union
of
Outstanding Capitalisation
$5,250,000
Coll. tr. 5% bds, due 1939 $5,200,000 I Pref. stock. 6% cum
6,000,000
3-year 5% notes, due 1916 1,500,000 Common stock
Earnings of Union fly., Gas & Electric Co. and its Constituent Companies.
1910.
1911.
1912.
1913.
12 Mos. end. Jan. 31.
$4,098,172 $3,227,449 $2,994,207 $2,835,048
Gross earnings
Net inc. (aft. oper. exp.) $1.846,522 $1,477,028 $1,362,786 $1,333,482
775,704
798,780
852,196
1,120,507
Fixed charges

717

Selling Co. (V. 92, p. 727, 799). The Amalgamated Copper Co. has no
other funded debt, and it covenants not to create any lien on any of its
property or assets by mortgage, pledge or otherwise, and not to Issue any
other notes or obligations (except as required in the ordinary conduct of its
business) so long as any of these notes shall remain unpaid and outstanding.
The issue price, it is said, was 9834 and int.-V. 95, p. 1275.

American Can Co., N. Y.-Government Investigation.-

The Grand Jury which had been hearing evidence introduced by the
Government regarding the company for about two weeks was discharged
by Judge Rose in the U. S. District Court at Baltimore on March 3. The
Grand Jury for the March term, which will be organized next week, may,
Ills stated, continue the inquiry. According to current rumor the proceedings have been brought with a vie
-v to ins ituting a suit for a dissolution of
the company, if eviaence warrants. Friends of the company say that the
company has neither directly nor i ullrectl aimed at monopoly, and only
does about one-third of the business of tne country, even in the particular
lines it has engaged in.-V. 96, p. 625, 489.

American Caramel Co., York, Pa.-Bonds Offered.The $400,000 new bonds which are to be further acted upon at the annual
meeting on Mar. 18 are being offered to stockholders. Compare V.95, P.
1209, 1124.

American Cigar Co., N. Y.-Earningsfor Calendar Year.
Net
Balance,
Common
Int. on Gold Pf.Div.
Calendar
Surplus.
Earnings.
Dividends.
YearNotes.
(6%)•
$1,540,185 341,667 $600,000 (434%)$450,000 $448,518
1912
621,166
1,612,832 241,666
600,000 (134%) 150,000
1911
In 1912 there were also profits from sundry other sources amounting to
$166,418 and in 1911 3547.461, together with $939,899 from the sale of,
securities.-V. 94, p. 1765.

American Coal Products Co.-Govt. Suit-Decree.The Government on March 3 filed a suit in the U. S. District Court in
this city alleging violation of the Sherman anti-trust law, against the company and others. The defendants include: American Coal Products Co.
of N. J. and its subsidiarirs; Barrett Mfg. Co. of W. Va.; the National Coal
Tar Co. of Del.; H. F. Watson Co. of Penn.; United Roofing & Mfg. Co.
of Del.; the Eastern Granite Roofing Co. of N. J.; W. H. Rankin Co. of
Warren Chemical & Mfg. Co., N. J.; Commonwealth Roofing Co.
N. J.;'
of Del.; Union Coal Tar & Chemical Co. of N. J.• Duluth Tar Co. of
Minn.; M. Ehret Jr. & Co. of Penn.; Warren-Ehret'Co. of Penn.; N. Y.
Coal Tar & Chemical Co. of N. Y.; N.Y. Roofing Co. of N. Y.; the H. W.
Jayne Chemical Co. of Penn., and Cambria Steel Co., and 9 individuals
officers and directors of the defendant companies.
It is alleged the defendants have contracted and combined with intent
to monopolize the supply of coal tar and restrain the trade of competitors
In the purchase of coal tar and the manufacture of tarred roofing felts,
coal tar pitch and other coal tar products, by restricting and interfering
with free and open competition, and have acquired a monopolistic control
of the trade through the purchase of competing properties; also that they
have made contracts with tar-producing concerns for the burning of their
surplus production as fuel or the exporting of it in the form of briquettes
at a loss; and special agreements with producing companies whereby their
entire production was controlled; and contracts whereby those formerly
competing with the Barrett Co. agreed to cease such competition.
The total percentage of coal tar controlled by the Barrett Co. is said to
be about 60%,and that it also bought 80.6% of the coal tar (about 2.774,243
bbls.) purchased and transported in and between various States last year.
and also 31.1% of the 1,207,000 bbls. of oil tar.
The defendants, while not admitting the allegations of unlawful combination to stifle competition or otherwise act in restraint of trade, have consented to the entry of a decree in order to avoid litigation.
Official Statement issued March 4 1913.
Referring to the suit of the U. S. Government against the American Coal
Products Co. and the Barrett Mfg. Co., it was said that the officers of the
company will, as soon as possible, issue a complete statement to their stockholders. They further state that there is nothing in the result of the litigation which will affect the earning capacity of the company or the value
of its securities. The decree does not provide for the dissolution of the
American Coal Products Co. nor of the Barrett Mfg. Co. The decree
contains the following recital:
"And the defendants, corporate and individual, by Spooner & Cotton,
their solicitors, appearing and stating in open court that, while by their
joint and several answer herein they deny the violations of law set forth in
the bill of the complainant, The United States of America, they, to pevent
serious loss and injury in and to their said business and credit, consequent
upon a long and expensive litigation with the complainant as to the legality
of their organization and methods, will not oppose the entry of the decree
herein, requiring them to re-form their organization and the conduct of their
business as herein provided."
Such reorganization and re-formation will be easily and rapidly done,
and will result'in no impairment in the value of the securities of the company, nor impediment in the carrying on of its business.-V.96. p. 655.

Bal., stir.,(agst. $75.$557.778
$564,006
$624,832
3726,015
000 int. on notes)These Notes.-Part of an authorized issue of $4,000,000. Bankers Trust
N. Y., trustee. Int. payable M. & S. at office, 14 Wall St., N. Y.
go.'entire issue, but not any part, may be redeemed on any interest data
The
on 30 days' notice at 100 and int. Par $5,000 only (c*). The proceeds
of the present $1,500,000 notes will be used to pay for several small properties recently acquired and various extensions, betterments and improvements during 1913.
Additional notes can only be issued as follows: (1) To the extent of 75%
of the par value of additional bonds to be deposited of the same issues as
the present collateral. (2) For 75% of the par value of the 1st and refunding bonds of a company to beformed to acquire the property of Farmington
Light& Power Co.,Electric Service system and Elmwood El. Light Co. The
Amer. La France Fire Engine Co., Inc.-Earnings.initial issue of said bonds cannot exceed $300,000 and thereafter can only be
The earnings for the calendar year 1912 were $227,057 (Including $221,448
issued for 85% of cash cost of the properties acquired or constructed. from the operations of the old company to Dec. 23, inclusive). Against
(3) Upon deposit of cash equal to the amount of notes to be issued, not to the earnings of the old company there were charged some 387,000 for interest
exceed at any one time 3500,000.
on bonds and floating debt, which, It is stated,"will not be a charge against
Dividends-Equity.-Dividends, 6% p. a., paid on the pref. stock (now the new company's profits, the plan of readjustment having practically
$5,250,000) since 1909. The $6,000,000 common stock has been placed eliminated these figures.' The profits for the year 1911 were $106,542,
on a dividend basis by declaration of a dividend of 1%, payable April 1 from which were deducted $54,000 for bond interest and $27,671 for
next. The earnings for the 12 months ended Jan. 31 1913 were equal to depreciation of plant. The sales for 1912 amounted to about $2,100,000,
nearly 7% on the common stock after payment of 6% on the pref. stock. against $1,100,000 in 1911; orders on hand Jan. 1 1913, about $1,000,000,
Total market value of the two stocks over $8,200,000.
against $200,000 in 1912.-V. 95, p. 1685.
Population.-The population of the several cities served increased 27%
Amer. Pipe & Construction Co., Phila.-Div. Reduced.
In the decade from 1900 to 1910.-V. 96, p. 137.
A quarterly div. of 1% has been declared on the $5,000,000 stock, payUnion Traction Co. of Indiana.-Earnings.-For year able
April 1 to holders of record March 15, comparing with 2% since April
1908 to Jan. 1912, incl., and reducing the annual rate from 8 to 4%. The
ended Dec. 31 1912:
announces that it Is intended, for the present at least, to
management
Entire System for Full 12 Months (Consolidation Became Effective May 31 '12). finance extensions and improvements of subsidiary companies partially
$88,613
Gross earnings
$2,308,649 Taxes
out of earnings. The earnings for 1912 showed a surplus over the 8%
765,711
Not operating revenue__ $972.808 Bond interest, &c
37,500 rate paid. Compare report, V. 96, p. 281.
Other income
8,108 Dividends paid
Dividend Record (Per Cent).
Not income
980.916 Balance, surplus
1896 to Jan.'07. Apr.'07 to Jan. 13.
- 1890. '91. '92. '93.1894.
992
1895.
8,2005,
The gross earnings, $2,308,649, in 1912 as above compare with $2
8 yearly.
0 6 8 1134 13 (incl. 3 ex.) 12 yrly.(Q.-J.).
6
798 in 1911,and the not,$972,808, with 31,042,205. Dividends paid include
that on Union Traction Co. of Ind. pref. on April 1 and on the first pref. -V.96, p. 281, 204.
1.
Co.
Consolidated
Oct.
V.
06,
of the
P. 137, 64.
American Radiator Co., Chicago.-Approved.The stockholders on March 6 ratified the proposed increase in common
Virginia Ry. & Power Co., Richmond, &c.-Earnings.
from $7,000,000 to $9,000,000. Compare V. 96, p. 421.
stock
31.
Months ending Jan.
-For Month of January 1913 and 7Em.
Taxes. Int.,&c. Bal.,Sur.
Op. Rev. Oth.Inc. Total. Op.
-For years ending Jan. 31:
Earnings.
$132,263
$160,094
Corn Die.
January_ $602,399 $29,096 $631,495 $321,638 $17.600
Pref Div.
Net
Balance.
1.924,845 123,100 914,035 511,302
Profits.
(10%).
YearSurplus.
7 months3,279,506 193,776 3_,473,282
(7 No
31
Jan.
A semi-annual dividend (No. 4) of I 34% (or $179,258) was declared last 1912-13
$210, 0
31,696,193
1834,293
$651.'900
payable
April 10 to holders of recweek on the $11,950,500 common stock,
210,000
1,312.052
487,052
651,000
1911-12
ord March 20, comparing with 1% semi-annually from Oct. 1911 to Oct.
In addition to the cash dividends paid, as shown above, there was also
of 10% In common stock (8615.000) on March 30
1912 incl. Dividends on the $7,699.400 pref. stock (5% yearly to Jan. 1
dividend
extra
an
paid
1914, thereafter 6%) now calls for $192,485 semi-ann.-V. 96, p. 655.
1912 and a similar dividend of like amount, calling for $676,500, has been
declared payable March 311013.-V. 96, p. 421.

INDUSTRIAL, GAS AND MISCELLANEOUS,
Sale.Allis-Chalmers Co.-Foreclosure
at

Chicago on Mar. 5, on appliJudge Landis in the U. S. District Court
cation of the Continental & Commercial Trust & Say. Bank of Chicago,
mortgage trustee, entered a decree of foreclosure of the Illinois properties,
which will be sold on April 8. The real and personal properties in Wisconsin were recently 501(1 under foreclosure to the reorganization committee.
-V.96, p. 655. 421.

Amalgamated Copper Co., New York.-Sale of Notes
for Refunding.-The National City Bank of New York has
sold privately the total auth. issue of $12,500,000 2-year 5%
gold notes, dated Mar. 15 1913 and due Mar. 15 1915, but
redeemable at 101 and int. on any int. date on 3 weeks'
notice. Coupon notes, $1,000 each.
A direct general credit obligation of the Amalgamated Copper Co.,issued
to refund the $12,500,000 2-year notes due April 11913. which were sold in
1911 to provide for the purchase of the capital stock of the United Metals




American Snuff Co.-Earnings-New Director.-

The earnings for the calendar year 1912, as at present existing,[since the
sale of part of the properties to the Geo. W. Heime Co. and the WeymanBruton Co.] were as follows:
82.090.559'Common div.(1434%)- - _$1,595,000
Net profits
198,925
296,6341 Balance. surplus
Preferred div.(6%)
1912, after adding $1,012,841 for reserve fund
31
Dec.
surplus
Total
taken out of earnings of previous years and now transferred to surplus and
also profits from sale of securities, was, $3,348,548.
J. Maitland has been elected a director to succeed E. W.Somers.-V.95.
p. 1543, 620.

American Thread Co., New York.-Government Suit.-

The Government on March 3 ban a suit in the U. S. District Court at
Trenton, N. J. against the company and others, alleging a conspiracy in
restraint of trade against the defendants and others who,it is stated, control
about 90% of the domestic thread business and about 60 or 70% of the
manufacturers' thread business.
I The defendants include the American Thread Co. of New Jersey (a
consolidation in 1898 of 14 companies), the Thread Agency of New Jersey,
the Spool Cotton Co. of New Jersey, the Clark Thread Co. of New Jersey,

718

THE CHRONICLE

-End Spool Cotton Co. of New Jersey, George A. Clark &
the Clark Milo
Bro. of New Jersey, J.& P.Coats, Inc., of Rhode Island, the English Sewing
Cotton Co. of Great Britain (which owns all of the common stock, having
the sole voting power of the American Thread Co.) represented in this
country by the American Thread Co., and others, and 14 individuals.
The dominating power in the industry, it is stated, is the Coats interest,
which was established in Paisley, Scotland, in 1826, the capitalization of
which is now approximately 850,000,000. Before 1897, it is alleged, there
were certain English companies manufacturing about one-third of the
thread sold in the United States.
The Government asks that "each of the defendants be perpetually
enjoined from further maintaining the several combinations aforesaid.
That the several units owned, dominated and controlled by J. & P. Coats
(Ltd.) be disintegrated and the conditions existing before the consolidation
of same be restored; or that the properties and plants belonging to J. & P.
Coats (Ltd.) and to its subsidiary corporations be so subdivided and conveyed to corporations or individuals acting independent of each other that
competitive conditions will again exist in the markets of the United States;
and in order to bring about said results, if necessary, a receiver be appointed,
and the properties and business of said J. & P. Coats (Ltd.) and its subsidiary corporations be held by such receiver under the supervision of the
Court until proper disposition thereof can be made under the Court's orders"
—V. 96, p. 489.

American Woolen Co.—New Director—Report.--

William H. Dwelly Jr. of Brookline, Mass., has been elected a director to
succeed Charles H. Kennedy. See "Annual Reports."—V. 96, p. 489.

Associated Merchants Co.—Earnings.—For the six
months ending Feb. 1:

Six
Net
lstPf.Div. 2dPf.D1v. Com.Div.
Extra
Balance,
Months— Earnings. (234%).
(3%)•
(334%). Dividends. Surplus.
1913
$722,383 $112,825 $153,750 $266,380 $124,298 $65,130
1912
153,744
721,073
113,767
265,055
124,108
64,399
—V.95, p. 678, 620.

Central Mexico Light & Power Co.—First Pref. Dividend.—William P. Bonbright & Co., Inc., announce that an
initial quar. div. of 13/2% has been declared on its pref. stock,
payable April 1 to stockholders of record Mar. 15. The
dividend became cumulative on Jan. 1 last.—V.95, p. 752.
Cities Service Co., New York.—New Stock.—The new
acquisitions and re-arrangement of properties referred to
last week will result in the issuance of new stock as follows,
the new shares of the two companies first named being turned
over to the Utilities Improvement Co.(V. 95, p. 1045, 1279,
1688) and the new stock of the last named being taken by
the Gas Securities Co. (V. 95, p. 363, 1042):
New Stock and Bonds to Be Issued—Total Issues as so Increased.
New
New
New First
Total
Total
Preferred. Common.
Preferred. Common.
Lien 5s
Cities Serv.Co.$2,500,000 $2,552,000 (are no bds.) $12,695,360 $8,051,430
Consol. Cities
Lt., P.& Tr. (is none.) 1,500,000 x$3,000,000 (is none)
6,500,000
Util. Imp. Co- 7,000,000 3,500,000 (are no bds.) 17,000,000 13,500,000

[VOL. xcvi.

thermore, this business to-day is divided among more manufacturers, both
here and abroad, than ever before in its history. This company has only
maintained its fair share of the business through its production of new
products, which have been of a kind and character that have been of
material advantage in the reduced cost of living.
We state these facts in the hope our shareholders,
the small.
holders, may not get unduly alarmed in consequenceparticularly
of this action on the
part of the Government and be induced to part with their
holdings at less
than their value.—V. 96, p. 205.

Deere & Co.—Gross Sales 2 Mos. Ending Jan. 31.-

1913—Jan.-1912.
33,540,773 $2,744,257
—V.95, p. 1610, 1405.

Increase.11912-13-2 mos.-1911-12. Increase.
8796.516155,159,392 $4,233,024 $926,368

(E. I.) du Pont de Nemours Powder Co.—Div. Reduced.

A quarterly div. of2% has been declared on the $29,426,386 corn, stock,
payable Mch. 15 to holders of record Mch.5, comparing with 2% and
1%
extra quarterly in 1911 and 1912 and 2% quarterly in '1910, with
4% extra
in Sept. of that year, making a total of 12% in 1910. The reduction
is
the result of the disintegration of the company,a part of the property being
sold to the Hercules and Atlas Powder companies, this being the first
declaration since the disintegration took place. The regular
distribution of 1X % has been declared on the preferrred stock,quarterly
payable
April 25 to holders of record April 15.
Common Dividend Record (Per Cent).
1904.
1905. 1906. 1907.
1908.
1909.
1910.
1911.
1912.
7
7
731
12
12
12
96, 13
556. 6
3
.4

Gilchrist Transportation Co., Cleveland, 0.—Sold.—

The vessels comprising the ten fleets of the company operating
the
Great Lakes were sold at auction for $3,500,000 by the receiver,on
S. P.
Shane,in the Federal Court at Cleveland on Mar.6.
H. P. McIntosh of the Guardian Savings & Trust Co. trustee under the
mortgage, bid in 22 of the steel steamers and Arthur Sullivan of' D.Sullivan
& Co., Chicago, representing a Lake Michigan grain shipper, bid in the
steel steamer, the Merida. The bids will be reported to the Court by the
receiver, and prompt action taken to get the boats ready for operation
this season. Compare V. 96, p. -122, 205.

Gulf Oil Corporation, Pittsburgh, Pa.—Plan to Increase the Stock-100% as Stock Dividend-100% for New
Cash to Pay Floating Debt—Cash Dividends to Begin July 1.—
The stockholders will vote March 20 1913 on increasing the
capital stock from its present authorized amount of $15,000,000 to $60,000,000, in order both.to provide for the future requirements in the way of working''s capital, to assure an
adequate supply of crude oil, new pipe lines, &c., and to
permit the immediate increase of the outstanding stock from
$11,208,200 to $33,624,600, by the issuance of 200% of new
stock at par, all underwritten, 100% to be covered by a cash
dividend of 100% representing accumulated earnings and
the other 100% to represent new cash.
A circular says that "the carrying out of this plan will,
in the opinion of the board, enable it to pay off substantially
all of its indebtedness which is presently payable, and to begin the payment on July 1 1913 of quarterly dividends at
the annual rate of not less than 5%, after applying a liberal
amount of the earnings to the development of the company's
business." The directors recommend:

x Making $7,000,000 first lien 5s outstanding. Will also give $1,800,000
Dominion Gas Co. 5s (Consol. Cities, see V. 95, p. 110, 679)•
Companies now acquired: (a) By Cities Service Co.:Empire District Gas
Co.(99% of all common), Danbury & Bethel (Conn.) Gas & Elec. Co.
and St. Joseph (Mo.) Ry., L., H. & Power Co.; (b) By Consol. Cities
Co.: Brantford Gas,'Woodstock Gas Lt., St. Catherines Gas,and six other
gas co's in] Southern Ontario, all for Dominion Gas Co.; Hutchinson
District Gas & Elec. Co. and the Northern Ohio Gas & Elec. Co.; (c)
Utilities Improvement Co., from Cities Service Co., the Spokane Gas &
(1) That the auth. stock be increased from $15,000,000 to $50,000,000.
Fuel Co., and from Consol. Cities Co., the City Light & Water Co., Citi(2) That $.22,416,400 of stock be offered to the stockholders at par, aczens' Gas & Elec. Co. and Bristol Gas & Elec. Co. See also V. 96, p. 656. cording
to each stockholder the opportunity to subscribe for twice as many
as he now holds, any shares not so subscribed for to be sold at par;
Computing-Tabulating-Recording Co., New York.— shares
remainder
the
of the authorized capital stock to be held for future purposes.
An initial quarterly dividend of 1% has been declared on the $10,456,712
(3) That the board declare a dividend of 100% on the present issued $11,stock, payable April 10 to holders or record Mar. 31.—V. 96, p. 656.
208,200 of stock, which dividend may be applied to the payment of the
stock subscribed for.
Consolidated Gas Co., N. Y. City.—Sub-Company Notes. new
Arrangements have been made whereby any portion of said $22,416,400
See Westchester Lighting Co. below.—V. 96, 13• 357.
of stock not subscribed for by the stockholders will be taken and
paid
at par, so that with the approval of the stockholders the consummationfor
Consolidated Gas, Electric Light & Power(Co., Balti- the
of
plan is assured.—V. 96, p. 656.

more.—Time for Deposit of Pref. Shares Extended to Sept. 1.—

The time for depositing the pref. stock with the Continental Trust Co.,
Baltimore, or Kitcat & Aiken, London,for exchange into the common, par
for par, has been extended to Sept. 1. It is said the amount of the stock
deposited prior to March 1 was hardly sufficient to justify the company in
going ahead with its policy of retiring the pref., either by exchange or by
purchase, on April 1. The pref. stock can be retired at 8120 a share in
cash on reasonable notice. Compare V. 96, p. 288, 363.—V. 96, p. 491.

Corn Products Refining Co., N. Y.—Govt. Suit.—

Granby Consol, Smelt., Mining & Power Co., N. Y.—
$5,000,000 Convertible Bonds—$1,500,000 Underwritten.—

The shareholders voted Feb. 25 to authorize (1) 85,000,000 6% 15-year
bonds, secured by mtge. of all the company's mining and smelting
properties in British Columbia and convertible into ordinary shares at not less
than par. (2) The increase of the capital stock from $15,000,000 to not
more than $20,000,000 by the creation of now ordinary shares for conversion of bonds.
The first $1,500,000 bonds, Series "A," are to be convertible at holders'
option into ordinary shares at par during 10 years from date, and will be
offered to shareholders pro rata for cash at par and interest.
New York bankers have underwritten the $1,500,000 Series "A" bonds
at 96. See also V. 96, p. 289.
Shareholders of record April 1 1913 will be entitled to subscribe at par for
the $1,500,000 bonds to the extent of 10% of their respective holdings in
nearest hundreds of dollars, subscriptions to be payable in full in cash in
N. Y. May 1 next. Warrants will be mailed immediately after April 1.
The bonds will be dated May 1 1913 and due May. 1 1928, but subject to
call as an entire issue at 105 or for the sinking fund at 110 and interest.
—V. 96, p. 289.

The Government on March 1 filed a suit in the U. S. District Court in
this city against the company, the National Starch Co. of N. J., St. Louis
Syrup'& Preserving Co. of Missouri, Novelty Candy Co. of N. J., and
Penick & Ford, Ltd., of Louisiana, and 23 individuals, charging the defendants with a conspiracy to destroy competition in violation of the Sherman
anti-trust law,.and asking for dissolution of the company.
The company, it is alleged, controls 66% of the entire American production of starch and glucose and 80% of the inter-State trade in mixed syrups.
In the process of consolidation, it is stated, the company bought 40 or more
glucose and starch factories and dismantled most of them, keeping in operation only 5 of the total number, although the price paid for the plants was
far in excess of their value, and selling the properties under covenants that
the land should never or for a long series of years be used in connection
Hart & Crouse Co. Utica, N. Y. (Royal Heaters, Rawith the manufacture of similar products; also that contracts were made
with those connected with the properties merged. Among other charges diators, &c.).—Pref.'
Stock Offered.—Bayne, Ring & Co.,
are: That the defendant company suppressed competition by the American
N. Y., Chicago, Phila. and Boston, offer by adv. on another
Maize Products Co. (controlled by the Royal Baking Powder Co.) by
page, at a price to net about 6.90%, a limited amount of the
threatening to engage in the making of baking powder if the Maize Products
Co. entered its field, and attempted in the same way to suppress competi- $500,000 7% cum. pref. (p. & d.) stock of these
manufaction by the Clinton Sugar Refining Co., connected with the National Candy
Co., by engaging in the manufacture of candy through the purchase of the turers of the well-known "Royal" heaters, hot-water boilNovelty Co.,and thus retaliating against the National Candy Co. and such ers, tank heaters, furnaces and radiators.
Manufacturing confectioners as purchased starch and glucose from indeCapitalization, in $100 shares: Common stock,
pref. stock
pendent manufacturers;
figures,.
that it kept the price of corn products at "unreas- (dividends Q.-F.),$500,000[including at organization$500,000;in
treasury],
onably low
' in many cases "at cost," to "harass and discourage callable on and after Feb. 1 1918 at $110 and div. $250,000
If the pref. divs. are
independent manufacturers"; that it suppressed the private brands of mixed
not earned or paid for four successive quarterly periods, then the pref. •
ices
bonuses;
shares will have equal voting power with the common. No mortgage debt
'
gr
attpi 111 icrottli:gplreilCver
ercitts
jcnierssyarrriswgglies6ievrTgmbigir IaIrg
and no increase
pref. stock without consent of two-thirds of all outstandproducts and, until prohibited by the Inter-State Commerce Commission, ing stock. An of
increase in pref. stock, also, can only be made in case
obtain from railroads an excessive share of through rates on account of (a) the average annual
net earnings for three Years are
the pref. div.,
its own switching lines, this amounting, it is stated, to rebates.
incl. new stock, and (8) if quick assets are 80% of the twice
pref. as increased.
Data
from
Statement by President E. T. Bedford, Dated March 1 1913.
Letter of Pres. H. Gilbert Hart, Utica, N.
Feb. 18 1913.
Business started in 1882, incorporated in 1896. On Feb.
11913 incorporY.,
IlliThe filing of a bill by the Government against this company is certainly
ated in N. Y. State as a consolidation of the original company and the New
a big surprise.
York
Radiator Co.. with exchange of securities, share for share. The old
I understand it is their contention that the several reorganizations(which
Hart & Crouse Co. was capitalized ar $250,000 pref. stock and $400,000
include that of the Corn Products Refining Co.)form an attempt at monopolization. It is generally known these were necessitated as a result of over- common stock; N. Y. Radiator Co. at $100,000 stock, thus leaving in the
treasury of the new company $250,000 pref. stock.
production and were acts of the shareholders. In result they conclusively
The growth of the business and profits has been steady and healthy.
proved this is an industry (consuming little more than 1% of the corn
Total sales have reached a. yearly amount of about $1,000,000. For the
produced) that cannot be monopolized, but these acts of our predecessors
past five years the earnings of the two companies have averaged over 376.the present management of this company cannot be held responsible for.
At our invitation and by an agreement with the Attorney-General, the 000. For 1912 net earnings were $128,739, or nearly 4 times the 7% diviattorney in charge, with his associates, have occupied rooms in these dend on this pref.stock. Our business was never in better condition.
offices for over two months. They have been given every facility for effectTotal Assets Jan. 15 1913, Aggregating $1,353,012.
ing the most thorough examination possible, have had possession of our
Quick assets: Merchandise, $298,668; acc'ts receiv., $377.015;
books, letter files, minutes and records of meetings, &c., and from these it
bills receiv., $11,010; cash, $7,562
$694,255
has been shown and proven that this company, under its present managoPlant, real estate, machinery, patterns, &c., $518,262; stocks
ment, has made no attempt to monopolize or restrain trade, has not bought
and bonds. $33,000; real estate (in Utica), 8107,495
8658,757
immunity from competition, nor by trade agreements has it endeavored in
Offsets, $1,000,000 stock, 8197,495 bills and acc'ts and $155,518 surpl.
any way, directly or indirectly, to fix prices or limit production; also that
Officers and Directors.—H. Gilbert Hart, Pres.; IIarry G. Ilart, V.-Pres.
the price of its products of corn have averaged lower—compared with the and Gen. Mgr.;
Streebel,
Sec.;
F. T. Proctor, Treas.; F. J.
II. M. Hawley.
price of corn itself—than ever before in the history of the industry. Fur- Asst. Treas.. and Merwin
K. Hart, all of Utica, Joseph Rudd, Clinton.




AM An. 8 19131

719

THE CHRONICLE

clay products east of the Mississippi, and, throng-1i cutting prices, organization of pools and other unlawful means has driven the plaintiff out of
Dividends
Calendar
Deficit. business.-V.95. D. 1043.
Interest.
Expenses.
Received.
Year$567,486
$375,000
$243,308
$50,822
New England Power Co. (of Mass.), Boston.-Pref.
1912 _
570,192
375,000
212,493
17,301
1911 '
the companies from which the dividends are Stock Offered.-Baker, Ayling & Co. Boston, Phila., &c.,
The combined earnings ofrevenue)
or 1912, after depreciation, interest are offering at 96 and div., netting 6W% (see adv. on another
derived (the sole source of
$857,180, against $717,532 in 1911, of which the page), $1,000,000 6% cumulative pref. stock, part of a total
on debentures, &c., wereTobacco
Co. on its holdings amounted to $680,002
proportion duo Havana
owing to the previous deficits that existed authorized issue of $2,500,000, of which $750,000 is outstandand $552,916 respectively, but,
only a portion of the year's earnings
on the books of some of the companies,
dividends received include $49,448 from ing and $1,500,000 is just being issued, including that now
The
dividends.
for
available
is
Ltd., in 1912, against $16,461 in offered. The proceeds will be used to complete construction
Co.,
Factories
Tobacco
Havana Cigar &
1911.-V. 94. D. 769.
of the so-called "No. 5" station, above Hoosac Tunnel,

York.-Earns.for Cal. Year.
Havana Tobacco Co., New
Balance,
Bond
Operating

(Geo. W.) Helme Co., New York.-Earningsfor Cal. Yr. Mass., providing for an increase of about 80% in capacity
of co's stations, 1. e., from 24,000 h.p.for the finished stations
to about 43,000 h.p. The allied properties constitute the
largest hydro-electric system in the country east of Niagara
Falls, as appears from the following:
Public Financing. Energy Made Avail.
Homestake Mining Co.-Earnings-Stock Increase.$3,500,000 57 40-year bonds 43,000 h.p.
New England Power Co

tax on profits_$1,075,133
Net earns, after all chgs. and providing for Federal
Preferred dividend paid (7%), $280,000; common dividends, 9 580,000
$300,000
months (73'6%),
$495,133
Balance, surplus for year
Total profit and loss surplus Dec. 31 1912, $550,727.-V. 94, p. 1568.

Balance,
Dividends
Op.& Gen. Constr. &
Total
Period
Sur. or Def.
on Stock.
Covered- Income. Expenses. Surveys.
Year ending
Dec.31'12 $6,79),897 $4,290,079 $232,930 (6%)$1,310,400 sur.$957,488
7 mos. end.
Dec.31 '11 3,784,642 2,355,863 250,119 (33) 764,400 sur. 414,260
Year ending
May 31 '11 5,375,063 4.070,449 391,754 (6) 1,310,400 def. 397,538
Tons of ore milled during 1912. 1,528,923, against 888,507 for the 7 mos.
ending Dec. 31 1911 and $1,468,263 for the year end.May311911; total proceeds of bars, $6,600,953 at an average of $4.3174 per ton in 1912, against
$3,661,152 at an average of $4.12057 for the 7 months and $5,251,454 at an
average of $3.57664 for the year end. May 311911.
The stockholders on Feb. 20 authorized an increase in the stock from
$22,000,000 to $25.116,000 in order to pay a 15% stock dividend which has
been declared payable March 25. Compare V. 96, p. 205, 138.

do (V. 96, p. 493)
Conn. River Power Co
do (V. 96,p. 656)
Bellows Falls Power Co
do (V. 96, p. 64)

2,500,000 6%6%cum. pref. stk.
3,200,000 5 30-year bonds
500,000 6% cum. pref. stk. 27,000 h.p.
550,000 5% 10-year bonds
650,000 5% cum. pref. stk.

810,900,000 stocks and bonds__ 70,000 h.p.
Total
* Re-development as hydro-electric proposition not yet undertaken.
[Of the common stock issues which accompanied the sales of the bonds.
begins to receive 2% guar.
$2,720,000 Conn. River Power common stock
dividends this year,3% in 1914 and not less than 4% thereafter.V.96,1P.656.1
Authorized
Statements.
from
Extracts
Condensed
III
General Plan.-The ultimate plan of the management comprises develto
the
rivers
amount of 200,000
Connecticut
and
Deerfield
the
opments on
h.p. To carry this great electrical load, 175 miles of transmission lines
the moment, the plants finished
At
erected.
being
are
or
use
-Stocks
in
now
Jersey.
are
of
New
Co.
Harvester
International
under construction on these rivers have an installed capacity of approxiListed-Official Statements as to Organization, Properties or
mately 70,000 h.p. The New England Power Co. of Maine (a) owns all
official
the
found
be
will
$5,000,000 common stock of the New England Power Co.(of Mass.),
the
pages
of
Owned, &c.-On subsequent
and has taken a lease of all its generating stations:(b) by agreement controls
statements made to the New York Stock Exchange in connec- the
property of the Connecticut River Power Co. of Maine, and (c) through
sub-companies of the Connecticut River Power Co.
tion with the listing of the stocks, both of the old company this ownership of the
Maine controls an entire transmission system in Central Massachusetts,
and the new "corporation," with full particulars as to their aofgenerating
station at Vernon, Vt.• also the properties of the Bellows
status, &c.
Falls Power po. at Bellows Falls, V't.
preferred stock rights, properties, financial
with capital stock of $140,000,000,
The power lines traverse private right of way 100 feet wide, and form
The old International Harvester
about half its properties and a loop to reach from Southern New Hampshire and Vermont into the BerkCo.,
recently, as will be remembered, transferred
assets, embracing the so-called "new lines," the foreign interests, &c. to a shires on the west and throughout Central Massachusetts to Rhode Island
Corporation), with $70:000,- on the south. Electric power for railroad, railway, commercial and
now corporation (the International Harvesterits
own capital stock 50% and municipal purposes is furnished this territory, comprising one of the most
reduced
000 of share capital, and thereupon
added "of New Jersey to the name of the company. This was done diversified manufacturing districts in the United States, at a rate computed
to be equivalent to steam power made with $2 50 coal.
per plan in V. 96, p. 365.-V. 96, p. 656, 492.
On the Deerfield River storage reservoir to tide over the low-water
International Harvester Corporation.-Official Data. season
is being constructed in the town of Somerset, Vt., with a capacity
Now
656.
Jersey
above.
p.
-V.
96,
of
Co.
Harvester
See International
of about 23,000,000,000 gallons, and will be completed in 1914. Later it
to construct another reservoir which will hold 32,000,000,000 gal.
is
planned
1912:
International Motors Co.-Earnings.-For year
Earnings.-Contracts amounting to between $400,000 and $500.000
$381,897
$590,149 Net profits
Net earnings
been closed by allied companies which will take all of the
have
annually
185,260
91,101 Pref. dive. (7%)
Deduct-Interest
stations of the New England Power
196,637 power developed from the completed under
117,151 Balance, surplus
Extraordinary charges
negotiation which will require
of power are already
sales
Co.;
and
extraordiand
special
for
is
above,
as
The amount charged off, $117,151,
5. The signed contracts should
No.
Plant
of
output
the
of
one-half
about
nary charges during the first year of the company's existence.
bond interest and the
expenses,
operating
pay
bring an income sufficient to
Pres. C. P. Coleman says: "The orders taken show an increase of 95% pref. stock dividends of this company, and leave a substantial balance at
in quantity and 96.6% in value; and the shipments made show an increase
plants in full operafour
its
With
operation.
of
year
the
first
the
close
of
of 78 1-3% in quantity and 72.6% in value. There were on hand unfilled
that the
year tion (including "No..5'), it is estimated by J. G. White & Co.net,
orders Dec. 31 of $712,243 in sales value. The earnings for this notes
after
$788,000;
income,
Total
show:
will
Co.
New
Power
England
should be larger than those for 1912." The balance sheet shows
at
5%,
bonds
$175,000,
$3,500,000
on
interest
taxes, $673,000. Deduct
payable, $2,197,550; accounts payable. $501,511, and cash, $292,458; and dividend at6% on $2,250,000 pref. stock,$135,000; bal.. sur..$363,000.
cars,
(finished
inventory
and
notes and accounts receivable, $1,470,807,
parts, products in process and stock at branches.), 32.653.636.-V.96,p.64. Actual Earnings in 1912 of Conn. River Power Co. [Still under Development.
$159,794
$514,445 Bond interest
Gross
International Silver Co.-Earnings.164,135
323,929!Balance
Balance, Net, after taxes
Bond
Preferred
DepreNet
Calendar
Surplus.
Interest.
As co-ordination of but three of the New England Power Co. plants has
Dividends.
Years- Earnings. elation.
to
is
it
impossible
month,
past
that
within
the
and
effected
so
been
$107,863
(10%)
$301,610
far
$602,860
$313,912
____$1,326,245
1912 -267,173 315,864 ( 8%) 482,288 530,519 formulate any combined income account. Based on an initial three years'
1,595,844
1911 _ __
experience of the Conn. River Power Co., however, it is officially estimated
-v. 66. p. 656, 556.
that, operating to the extent provided for by the stock and bond issues outJulius Kayser & Co.-Common Dividend Increased.- lined
above, earnings of the plants represented by this financing will aggre-'
has been declared on the $6,000,000 corn.
A quarterly dividend of 1
gate not less than the following:
stock, payable April 1 to holders of record March 21, comparing with 1% Power receipts (all cos.)_ _$1,373,9231Charges on $7,250,000 bds. $362,294
279,100
1,068,408'Divs. on stock issues
quer. from April 1912 (the initial payment) to Jan. 1913, both inclusive.- Net, after taxes
V. 06, p. 484.
$427,014
Balance after dividends
& Power Co., New York.- -V.
96, p. 493, 291.
Long Acre Electric Light
The P. S. Commission on March 3, by a vote of 3 to 2, directed its counNorthern States Power Co.-Combined Earnings.sel to prepare a certificate approving the construction of the proposed plant
and on March 5 authorized the company to issue not exceeding $2,000,000 Consol. Statement Year end. Jan. 31 1913 (incl. Minn.Gen.E1.8 mos. only).
,484
'Fixed charges
$3,035,724
gs$920
stock (all common) and $4,000,000 bonds for that purpose. The previous Gross earnin
447,698
1,531,1501Preferred dividends
authorization to issue said securities was set aside by the Court of Appeals Expenses and taxes
prerequisite obon the ground that the company had not as a necessarywork.
Compare
$136,391
Net earnings
$1,504.5741 Balance, surplus
tained a certificate permitting it to go ahead with the
-V.95, p. 821. 301.
V. 96, P. 65.
The order also approves a mortgage to the Empire Trust Co. dated July 1
Penmans, Limited.-Earnings.-For calendar years:
due
1911, to secure an issue of 850,000,000 5% bonds, dated July 11911,
Bond
Net
Pf.Div. Com.Div. Accts. Deprec. Balance,
July 1 1061, but redeemable at 105. No bonds can be issued, however, Cal.
Year- Profits. Interest. (6%). (4%). Writ.Off. Reserve. Sur.orDef.
until authorized by the Commission.
The $4,000,000 bonds authorized cannot be issued till the existing mtge. 1912 -.3404,358 $100,000 $64,500 $86,024 $17,142 $100,000 sur.$36.692
to the Metropolitan Trust Co. dated Oct. 15 1906, to secure $1,000,000 45 1911 _ 341,348 100,000 64,500 86,024 13,060 100,000 def.22,236
(under which $500,000 bonds have been issued) is either canceled -V.95, P. 684.
or subordinated to the new mortgage, nor until $1,000,000 stock shall have
Puget Sound Mills & Timber Co., Seattle.-Bonds
been subscribed, when $2,000,000 bonds may be issued; but before the
entire $4,000,000 bonds are issued the other $1,000,000 stock must be fully Offered.-Peabody, Houghteling & Co., Chicago, are offering
paid up.
The new bonds must be sold for at least 90 and accrued interest, and of at par and int., by adv. on another page, the unsold portion
their proceeds $3,400,000 may be applied to the acquisition of property and (less than $200,000) of an issue of $1,200,000 1st M. 6%
the construction or improvement of plant, $200,000 to discharge or refund
obligations, and $400.000 for the expenses of the sale of the bonds and serial gold bonds dated Jan. 2 1913 and maturing $50,000
discount. Any discount in excess of $400,000 must be amortized out of semi-annually beginning Jan. 2 1915 and ending July 2 1926.
income by annual payments.-V. 96, p. 65.
to

Louisville Lighting Co.-Negotiations Resumed.-

have been resumed looking to a
Mayor Head admits that negotiation,s
Kentucky Electric Co. contingent upon the
merger of the company and thethe
rates for electricity for lighting purposes
passage of an ordinance fixing
at from 5 to 8 cts. per k. w. hour and of 4 cts. for power, and also for
cheaper gas rates.-V. 95. P. 176.

Montreal Cotton Co.-Earnings.--

Bond Int. & Dividends
Other
Mfg.
Balance,
Calendar
Paid.
Income. Bad Debts.
Surplus.
Profits.
Year$44,586
$11,654
$240,000
$110,001
$382,933
1912
55,125
232,500
20,119
1911
291,278
The Montreal Cottons, Ltd.,616n 1912 received from its holdings of
Montreal Cotton Co. stock, dividends amounting to $240,000,from which
to
amounting
shares,
$210.000,
and
an initial
it paid 7% on its own pref.
disbursement of 1% ($30,000) on its common stock.-V.95, p. 1476.

National Fire Proofing Co.-Earnings.-

Total
Net,after Depre- Pref.Divs. Balance,
(4%). Surplus. Surplus.
Calendar Year- Bond Int. dation.
1912
$451,428 $100,000 $316,020 $35,408 $1,411,548
316,020
1911
20,050
1,376,141
100000,
436,071
The total profit and loss surplus Dec. 31, after deducting $230,033 for
bond discount and expenses, was $1,181,515.

KODamage Suit in Federal Court under Anti-Trust Law.-

The Great Eastern Clay Products Co. of South River, N. J. whose
property was acquired late last year by the National Company on March 5
brought suit in the U. S. District Court at Cleveland for triple damages
($1,921,012) on account of alleged violation of the Anti-Trust Law. The
complainant states that the National Company controls 28 fireproofing and
clay products companies in the United States and 75% of the business in




the folPar $500 and $1,000. The bankers call attention
lowing strong features:
first mtge. on 30,000 acres of

These bonds are secured by an absolute
in Clailam County, Wash.,
land and 1018,275,000 feet of standing timber
a capacity of 350,000 feet
together with new saw and shingle mills having
ten hours. The timber is in a
of lumber and 50,000 feet of shingles in available
by rail and water to
is
compact body on Puget Sound, and world.
profitable markets in all parts of the
conservatively valued at nearly four
The company has total fixed assets
and during the past 17 years has paid divitimes the present bond issue,
dends of $900,000 and accumulated a net worth of $2,700,000 from an
original investment of $40,000.
The mortgage provides an ample sinking fund and any surplus at the end
in redeeming bonds in reverse of numerical
of any year must be appliedinterest.
order at 102M and accrued
is in strong hands, and the management
property
the
of
The ownership
is experienced and efficient.
Valuation.-Land and timber under this mortgage, $3,600,000; mills at
logging equipment,&c.,$100,000; cash and
Port Angeles, Wash.,$650,000;
total assets.$4,550,000
cash assets, 200,000;
by
managed
Michael Mules, who started this business
and
111111Controlled
past its business has been chiefly the operation
about 17 years ago. In the
with saw and shingle
of extensive logging camps in Clallam County,togetherWash.
The modern
mills at Bellingham, Wash., and at Port Crescent,
Angeles, Wash., will enable the company to
mill now building at Port
manufacture an average of not less than 100.000,000 feet of finished lumber
per annum. The standing timber under the mortgage consists of (feet):
Fir, 498,820,000; cedar, 285,040.000; hemlock, 193,420.000; spruce, 40.720,000; white pine. 275.000; total. 1.018.275.000.
For other Investment News see ease 731.

720

THE CHRONICLE

fevorts and

Documents.

THE PENNSYLVANIA RAILROAD COMPANY
SIXTY-SIXTH ANNUAL REPORT—FOR YEAR ENDING DECEMBER 31 1912.
GENERAL REMARKS.
General Office, Broad Street Station,
Philadelphia, February 28th 1913.
The Income Statement is in the form prescribed by the
The Board of Directors submit herewith to the Stock- Inter-State Commerce Commission, effective
1st 1912,
holders of The Pennsylvania Railroad Company a synopsis which requires the statement of certain parts July
of the income
of their Annual Report for the year 1912:
Statement in greater detail; as well as showing the receipts
Rail operations—Revenues
$174,607,598 22 and disbursements of certain accounts. The Company is fur, 126,637,944 59 ther required
Rail operations—Expenses
to include the Income derived by Sinking and
Net revenue—Rail operations
$47,969,653 63 other Reserve Funds as part of its Income; but as it is not perAuxiliary operations—deficit
1,147,985 23 mitted to charge as a payment interest on any part of
its
Net Railway operating revenue
$46,821,668 40 bonds which may be held in any of the Sinking or Trust
Railway tax accruals
7,128,535 02 Funds, such interest on bonds so held cannot be included
Railway operating income
339,693,13338 in said Income. While these accounting changes result,
Other income:
therefore, in apparently swelling the Net Income of the
Income from securities
$14,527,491 56 '
Hire of equipment, etc
4,762,241 75 19,289,73331 Company to the extent of $786,230 60, yet it is offset by
corresponding necessary appropriations to these funds out
Gross income__ _
_________________________ $58,982,866 69 of net income, which
appropriations were formerly included
Deductions from gross
__-income
16,828,902 66
in fixed charges.
_____ Net income_
$42,153,964 03
This Statement shows that the total Rail Operating Reve- ____________________________
Disposition of net
__- income:
nues were $174,607,598 22, the largest in the history of the
Appropriations to sinking and other reserve funds
$1,138,627 92
Company, an increase of $17,120,185 52, or 10.87% as
Portion of principal of equipment trust
compared with 1911.
obligations
2,901,727 99
Cash dividends
198 918 00
The increased express traffic resulted in a greater gross
Appropriations for Additions and Better- 27'
return to the Company. The future effect of the parcel
ments
8,365 479 53
Construction expenditures on branch roads
888,1
0 7 06 40,492,860 50 post on express revenue cannot as yet be determined, nor is
Balance transferred to credit of Profit and Loss
$1,661,103 53 it known what effect the change in express rates, ordered
by the Inter-State Commerce Commission, will have upon
CONDENSED GENERAL BALANCE SHEET DECEMBER 31 1912. the revenue received from
the Express Company operating
ASSETS.
over your lines.
Property investment:
In
the
transportation of United States mails the revenues
Road
$282,948.637 64
Equipment
show a decrease, although the volume of the traffic increased.
154.130.678 53
The
rates
are fixed by Congress, and there is a Congressional
$437,079,316 17
Reserve for accrued depreciation—Cr- _ _ 14.086,588 29
investigation of the subject at the present time. It is hoped
$422,992,727 88 that, after due consideration is
given to the value of this
Securities owned
331,909,154 32
Securities under lease of U. N. J. RR.& 0 Co
2,559,658 25 service and to the special facilities it requires, remunerative
Miscellaneous investments
• 1,929,509 60 rates will be paid.
Cash
30.207,397 25
Rail Operating Expenses are also the largest in the history
Materials and supplies
15.434,219 43
Cash and securities in sinking, insurance and other reserve
of the Company, showing an increase of $13,409,551 56, or
funds
34,686,149 81
Cash and securities in Provident Funds
6.616,873 23 11.84%, caused principally by the increased traffic, which
Other assets
39,843.342 50 necessitated not only greater outlays for transportation
also for repairs and renewals of roadbed,
$886,179,022 27 expenses, but
LIABILITIES.
bridges and buildings, signals and interlocking and for other
Capital Stock
$453,877,950 00 items which add to the safety and comfort of the patrons and
Premium realized on Capital Stock from January 1st 1909 7,050,200 00
Funded Debt of The Pennsylvania Railroad Company_ _ _ 152,468,940 00 employees of the road, as well as for repairs and renewals
Funded Debt of Companies whose properties have been acof equipment, and increased charges for Depreciation.
quired by The Pennsylvania Railroad Company
54,334,500 00
The expenses were further increased by the severe weather
Guaranteed Stock Trust Certificates, Philadelphia Wilmington & Baltimore Railroad and New York Philadelphia
in January and February 1912, and they also reflect increases
& Norfolk Railroad Companies
14,708,250 00 caused by higher
wages; the operation of the Extra Train
Equipment Trust Obligations
21,888.827 71
Mortgages and Ground Rents Payable
3,456.622 36 Crew Law; increased cost of fuel and other materials, and
Securities received with the lease of the U. N.J. RR.& C.Co 2,559,658 25 improved
standards of track and other construction to meet
Liability on account of Provident Funds
6,616.863 23
44,049,668 57 the requirements of heavier rolling stock.
Other Liabilities
Additions to property since June 30th 1907 through income 52,439,756 3
In the wage questions that arose during the past year
Reserves from Income or Surplus:
Invested in Sinking, Redemption and other reserve funds 35,745,431 46 with the Enginemen and Firemen on the railroads in the
Reserve for Additions and Betterments and Car Trust Principal charged out in advance
8,447,378 70 Eastern District of the United States,represented by their reProfit and Loss
28,534,975 62 spective Brotherhoods, a general strike was averted in the
ease of the Engineers by the appointment of a special Board
$886,179,022 27
of Arbitration, consisting of seven members, one selected
The number of tons of freight moved on the five general by the railroad companies, one by the Brotherhood of Locodivisions east of Pittsburgh and Erie in 1912 was 143,480,431, motive Engineers and the other five appointed by the Chief
an increase of 18,305,363, or 14.62 per cent; the number Justice of the Supreme Court of the United States, the Preof passengers was 72,452,887, an increase of 5,007,173, or siding Judge of the Commerce Court and the United States
7.42 per cent.
Commissioner of Labor, collectively.
The Railroad Companies east of Pittsburgh and Erie in
This Arbitration Board was constituted after attempts
Company
is
which your
interested show satisfactoryresults. had failed to settle the difficulty through mediation under
statements
of
their
Detailed
operations will be found in their the Erdman Act and because the parties in the controversy,
respective annual reports, as well as in the full report of your .while agreeing to the principle of arbitration, would not
Company.
accept arbitratiion under the provisions of that Act.
The number of tons of freight moved on the lines west of
In the difficulties of the present year With the Firemen,
Pittsburgh was 165,449,782, an increase of 26,672,392. represented by the Brotherhood of Locomotive Firemen, a
carried
was
passengers
of
number
The
34,326,381, a decrease strike was averted by the railroad companies agreeing to
of 335,069.
submit to arbitration under the provisions of the Erdman.
The operating revenue of all lines east and west of Pitts- Act, which they did not believe to be satisfactory, but acburgh for the year 1912 was $374,096,179 92; operating ex- cepted rather than impose on the country, the railroads and
penses, $291,867,378 81, and operating income, $82,228,- the employees the lamentable consequences of a general
801 11, an increase in operating revenue, compared with strike, involving over fifty railroads, having over 25% of the
1911, of $37,612,367 16, and an increase in operating in- mileage and nearly 40% of the total Operating Revenues and
come of $7,039,773 63. There were 473,174,093 tons of Operating Expenses of all the railroads in the United States.
freight moved on the entire system, being an increase of
Considering the magnitude of the interests in this country
59,955,772 tons, and 178,811,733 passengers, carried, an and those countries with which it has commercial relations
increase of 9,816,577.
that would be affected by the interruption of railroad traffic,
There were expended during the past year for construction, and the serious results that would ensue therefrom, the stopequipment and real estate on the Lines West of Pittsburgh page of food supplies, fuel and other traffic, the incon$16,236,642 13.
venience, losses and suffering to the general public, whose
The expenditures were principally for new ore docks at interest is paramount, and to the workers in other industries
Cleveland, the elevation of tracks in that city, and also in dependent on a reliable transportation service and in no way
Chicago and Fort Wayne, the construction of additional responsible for railway disputes, and the failure of strikes
main tracks on the Pittsburgh Fort Wayne & Chien.° Rail- to produce any permanent advantages to either the employees
way, the Cleveland & Pittsburgh Railroad and the Pittsburgh and their families or to the transportation companies, careful
Cincinnati Chicago & St. Louis Railway, land for new freight consideration should be given to the recommendations for
station at Indianapolis, increase in yard and station facilities the amendment of the Erdman Act, which have been made
at various points, and for additions to and improvement of from so many sources interested in the well-being of the
tEii equipment:,
country.




MAR.8 1913 I

THE CHRONICLE

721

During the .year the final payments were made under 19
The experience arising from these larger wage contro- series
of equipment trusts, the original issue of which
versies places a serious responsibility upon those whose duty
be- amounted to $19,000,000. These series covered 3,325 steel
it is to enact proper legislation governing the relations
the Erd- underframe box cars, 3,000 steel hopper gondola cars,
tween employer and employee, to consider whether
of 6,000 steel underframe long gondola cars, in service on the
man Act should not be amended to increase the numbersize
Pennsylvania Railroad; 500 refrigerator cars, 1,500 steel
arbitrators and thereby constitute a Board of sufficient
the hopper gondola cars, 600 steel underframe long gondola cars,
to properly represent the public as well as the parties to
Company;
controversy, and to direct the necessary far-reaching inves- 500 steel flat cars, sub-leased to the Pennsylvania
cars,
tigations and fully share the responsibility of an impartial 210 steel underframe box cars, 300 steel hopper gondola
the
determination of the equitable and economic questions 400 steel underframe long gondola cars, sub-leased to
arising from such disputes. It will also be found necessary Pittsburgh Cincinnati Chicago & St. Louis Railway Comto provide a longer time than thirty days specified in the Act pany; 200 steel hopper gondola cars, sub-leased to the Clevefor the consideration of the subject and the rendering of a land Akron & Cincinnati Railway Company,and 85 refrigerator cars sub-leased to the Grand Rapids & Indiana Railway
decision.
It may not be possible to prevent strikes or lockouts by Company, representing in all 16,620 cars.
The cars, therefore, have become the property of the rerequiring compulsory arbitration, but it is wise to consider
whether an obligation should not be placed upon the em- speedy° companies which paid the cost thereof. during the
The expenditures for acquisition of Property
ployer and employee to advise the authorities of the quesfor new
tions at issue before any lockouts or strikes can become year were mainly to cover additional right of waypassenger
effective, so that by due publication and inquiry the Gov- linos, elimination of grade crossings, and for
ernment and the public may be fully informed of the extent terminal and station improvements at Broad Street Station,
and other points in Philadelphia, and for the enlargement and
of the controversy and its causes.
The net revenue of rail operations shows an increase of improvement of freight stations and yard facilities at Hamburg Junction and Greenwich in Philadelphia, Elizabeth$3,710,633 96.
Taxes continue to increase, the charges for the present year town, Altoona, Cresson, Uniontown, Tarentum, Peterson
and New Kensington.
exceeding those of the previous year by $332,649 28.
The block signal system on the main line between New
The tonnage for the year increased 14.52% and tonnage
and Pittsburgh was further improved by the installaYork
mileage
train
freight
the
while
13.35%,
mileage increased
of
tion
of
automatic signals on the Philadelphia Division be..
load
train
increased
an
to
due
10.95%
increased only
Block Station and Branch Intersection,
Dillerville
tween
2.17%.
Division between Summerhill and
Pittsburgh
and
on
increased
the
with
7.42%,
increased
carried
passengers
The
be continued next year on the
will
work
the
the
this
and
of
the
face
Latrobe,
in
while
6.71%,
of
mileage
passenger
passenger train mileage increased only 1.88%, due to the Middle and Philadelphia Divisions.
The Cortlandt Street Ferry House and Dock, New York
average number of passengers per train increasing 4.84%.
that the
In the deductions for lease of other roads the larger pay- City, which are being rebuilt, have so far progressed
ments are due to the increased revenue earned on roads two ferry slips are now in operation, and the remainder of
the work will be completed in 1913.
operated on the basis of Net Revenue.
On the Newark Rapid Transit Line, described in the AnThe decrease in the interest deductions for funded debt,
compared with 1911, was due to the maturity and payment nual Report for 1910, the Summit Avenue passenger station,
on May 30th
on May let 1.912 of the River Front Railroad Company First Jersey City, was partially completed and opened
g
Mortgage Bonds; and on November 1st 1912 of the Penn- 1912, and has since been finished and is accommodatin
iii Harsylvania Railroad Company 332% Convertible Bonds of a large amount of traffic. The Fourth Street Station
in 1913.
1902, and also to the payments of principal due on Equip- rison, N. J., on this line, will be completed earlyon
the New
For the eastern section of the six-track system
ment Trust Obligations.
west of
The Company has in contemplation many important and York Division between Colonia, N. J., and Waverly,
acquired.
extensive necessary improvements, a large portion of which Newark, N. J., additional right of way has been the
elimiimprovements,
should not be charged to Capital Account, and for which the This work comprehends stationby
the elevation of the four
Reserve for additions and Betterments will be utilized, such nation of fifteen grade crossings
also the construction of two addias the improvements of Broad Street Station, Philadelphia, existing main tracks, andbetween
those points. Construcand its approaches and facilities; improvements on the Alle- tional elevated tracks
between Colonia and Elizagheny Division hereinafter referred to; the elimination of tion work is now proceeding
in 1914.
grade crossings and elevation of tracks on the New York beth, and should be completed
The State of New Jersey, in which your Company and
Division, from Colonia eastward, through the City of Rahthe
way to Bay way,Elizabeth,and a slight change of line in the other lines have extensive mileage, is now considering
of grade
City of Elizabeth, where the line has already been elevated. enactment of new legislation for the elimination
It also contemplates the abolition of additional grade cross- crossings. It has long been the policy of the Company to
ings in Philadelphia, Lancaster, Lilly, Johnstown, Freeport, encourage the removal of grade crossings, and it has spent
Wilkinsburgh,Pittsburgh and other points on its lines, when large sums of money for that purpose, but still greater rethe local authorities co-operate in making the eliminations. sults in this direction would have been attained had the
The Company also has in contemplation the construction States and municipalities been authorized, or willing, to coof a new double-track steel bridge over the AlleghenyRiver operate in the outlay. The railroads in many instances have
at Kiskiminetas Junction on an improved lino to take the been the pioneers in the development of the towns, cities and
territories served by them, and their existence has materially
place of the present single-track bridge.
The Capital Stock was increased over the previous year added to the population and prosperity of these communiby $100 00, of which $50 00 was issued in exchange for Frac- ties. But with so many crossings still to be eliminated, the
items, and
tional Convertible Bond Receipts and $50 00 for Dividend greatly increased payments for taxes and other
outlays for improv ments in their railro ds and equipment,
Scrip dated May 311893.
public safety
The Funded Debt and Equipment Trust obligations were which still confront them,and are essential to
and convenience, it seems unfair and unwise to propose that
reduced as follows:
the railroad companies should be burdened with either the
Redemption through Sinking Funds:
$66,930 00 entire cost or an undue proportion of the cost of eliminating
Consolidated Mortgage 3A % Bonds due July 1 1945
121,000 00 grade crossings, many of which have been open d subseEquipment Trust Loan due 1914
61,000 00
duo Juno 1 1913
Collateral Trust Loan Bonds 4
quently to the construction of the railroads and against their
Philadelphia Wilmington & Baltimore Railroad 4% Stock
114,000 00 strong
. protest. For these reasons and on account of the
Trust Certificates due July 1 1921
Payment at Maturity of:
and pedes0 great increase of motor, street railway, vehicular
00
0 00
%Bonds10,22120
2 2:5
Ten-Year Gold Convertible 3Bonds
trian travel, it is hoped that the legislation now pending will
River Front Railroad Company's 1st Mortgage 4%
07
6,441,100
Equipment Trust Obligations
be so framed in the public interest as to enable either the
to take the initiative
It will shortly be necessary for the Company to provide State, the municipalities or the railroadsand
to co-operate in
crossings,
capital for the $10,222,500 of Ten-Year Gold Convertible in the abolition of existing
carrying on the work by providing a fair and equitable divi2% Bonds which matured November 1st 1912 and for sion
/
33
of the expenditure, as do the laws of New York, Massa $9,735,000 00 of Collateral Trust Loan 43'% Bonds duo
and other States.
Juno 1st 1913, together with maturing equipment trust chusetts, Vermont, Ohio
The improvement of the passenger facilities in Philadelphia
obligations, and also for new construction work, the extenby the various de: artments in
sion and improvement of terminals, track and facilities, is still receiving consideration
Electrical Engineers
the
Consulting
by
also
and
service,
the
The
is
matter
now
equipment.
receiving
and the purchase of
annual report, it
last
the
in
As
outlined
Company.
of
the
has
decision
yet
reached
no
been
but
careful consideration,
and platforms
tracks
the
in
an
increase
(1)
necessitate
will
proposed
the
financing.
of
as to the form or extent
the
station faciliof
improvement
and
enlargement
the
and
Securities
Trust
year
the
during
Equipment
The issues of
as
far as West
approaches
its
and
Street
Station
Broad
at
ties
Pennsylvania
Freight
General
of
00
consisted of $7,000,000
the widening of the
Equipment Trust Certificates of 1912, of which the Penn- Philadelphia Station and Yard; (2)
River and
sylvania Railroad Company's proportion was $1,572,100 00. bridge, and its approaches, over the SchuylkillGirard
AveThere was thus furnished for the Pennsylvania Railroad the adjoining entrances to Fairmount Park at
a reCompany 875 steel underframe and steel body-frame re- nue, by the construction of two additional tracks and
proceedfrigerator cars; for the Pennsylvania Company 1,000 steel vision of the signals and interlocking, which is nowpassenger
underframe and steel body-frame automobile box cars; for ing, and (3) the enlargement of North Philadelphia traeks,
the Pittsburgh Cincinnati Chicago & St. Louis Railway station and its approaches by the addition of four new
Company 3,000 all steel coke gondola cars, and for the New with high level island platforms, and other improvements,
York Philadelphia & Norfolk Railroad Company 800 steel including the re-location of the junction of the Chestnut
underframe ventilated box cars and 50 steel underframe Hill Branch with the New York Division at that point,
which is now under contract.
gondola cars, an aggregate of 5,725 cars.



'722

THE CHRONICLE

In brief the Philadelphia Terminal problem is to provide
increased terminal facilities and approaches for approximately 20 years, for lines which equal eight double-track
railroads.
An Ordinance was obtained from the City of Philadelphia
to erect a new eight-track concrete steel bridge across North
Broad Street near North Philadelphia Station.
Pending the results of the investigation of terminal improvements for Broad Street Station, Philadelphia, satisfactory progress is being made in the acquisition of the
necessary real estate.
Extensive repairs and additions are being made to the West
Philadelphia stock yards of the Company, and the piers at
• Greenwich, Philadelphia, are being improved, and the dock
extended, to facilitate the loading of coal at that point.
•
On the Bald Eagle Valley Branch the grades are being revised and the lino is being double-tracked between Mount
Eagle and the Howard Rolling Mills and passing sidings are
being extended to provide for the increased tonnage passing
between the Main Line and the Erie Division via Tyrone
and Lock Haven.
On the Pittsburgh Division four grade crossings are being
abolished in Braddock, Pa., by the construction of three
under-grade bridges and one overhead bridge; work is in progress on the elimination of grade crossings in the City of Pittsburgh at Homewood Avenue, and the work of eliminating
all grade crossings in the Boro.of Wilkinsburg has commenced.
In West Brownsville Yard, Pa., the change of grade and
extension of track facilities, necessary to connect with the
new double track Monongahela River bridge at that point
are almost completed.
On the Sunbury Division the double-tracking was further
extended during the year by constructing second tracks at
Boyd and South Danville, and between Port and Honey Pot
Yard, Pa.
At Montgomery, Pa., the sixteen-span double-track steel
bridge over the West Branch of the Susquehanna River, replacing .the single-track bridge at that point, will be completed this year.
The aggregate expenditures for Construction and Equipment during the year upon the owned and leased lines of
this Company was $16,322,247 38, for which the Company
has been reimbursed by leased lines to the extent of 8727,502 41. The sum of $888,107 06 was expended on the Western New York & Pennsylvania Railway, Cambria & Clearfield Railway and other Branch Roads, and charged against
Income as Expenditures on Branch Roads for Construction.
The expenditures on the line owned and on the Harrisburg
Portsmouth Mt Joy & Lancaster Railroad and the United
New Jersey Railroad & Canal Company, operated under
long-term leases, comprising the main line system between
New York and Pittsburgh, amounted to $14,706,637 91,
which has been disposed of as follows:
Charged to Income as Extraordinary Expenditures
$1.841,127 72
Charged to Reserve for Additions and Betterments appropriated out of Income of previous year
3,652,067 37
$5,493.695 09
Charged to Capital Account:
Road
$3,602,489 93
Equipment
5,610,452 89
9,212,942 82
$14,706,637 91

Under the Balance Sheet prescribed by the Inter-State
Commerce Commission, the Road and Equipment Account
includes not only these capital charges, but also similar expenditureS made out of Income since June 30th 1907. Therefore, the expenditures charged against Income and against
the Reserve for Additions and Betterments, created in previous years, have been so included.
The Additions and Betterments expenditures on the Harrisburg Portsmouth Mt. Joy & Lancaster Railroad and the
lines of the United New Jersey Railroad & Canal Company,
both operated by this company under leases for 999 years,
have also been included under the Road and Equipment
Account as "Leased Lines—Road."
Expenditures during 1912
Expenditures
1907 to December 31 1911

Juno 30

*1,970,16061
9,9.950 10
611.920,110 71

An offsetting liability appears on the credit side of the
Balance Sheet, entitled "Additions to Property since June 30
1907, tough
hr
Income," in which is carriednot only the
$5,493,695 09, but also the payments through Income on
account of Car Trust Certificates amounting to $2,901,727 99 for 1912 and $637,644 08 for previous years, aggregating $9,033,067 16.
On account of principal and interest of Water Supply
Trust Certificates, $524,351 81 were expended during the
year and charged against Income.
The construction of the New York Connecting Railroad,
owned jointly by this Company and the New York New
Haven & Hartford Railroad Company, as described in the
report of last year, is proceeding. Additional contracts
have been awarded for foundations and masonry of Bronx
Viaduct; foundations and masonry of Piers for Bronx Kills
Bridge, Randalls Island Viaduct, Little Hell Gate Bridge
and Wards Island Viaduct; for the bases and foundations
of the East River Bridge on Wards Island and Long Island
City, and for the Long Island Viaduct; for foundation and
masonry between Lawrence and Stemler streets, and for
grading and masonry between its connection with the Penn-




VOL.[

xcvi.

sylvania Tunnel and Terminal and the Long Island Railroad
at Woodside Avenue and Fourteenth Avenue.
The increasing traffic between Pittsburgh and Buffalo
via the Allegheny Division and the Western New York &
Pennsylvania Railway requires the construction of three
tunnels and the reduction of grades and other improvements
on the Allegheny Division between Pittsburgh and Oil City,
and the reduction of grades and improvements of the railroad and yard facilities on the said railway between Oil City
and Buffalo, via Brocton and the Chautauqua Branch, to
more fully utilize it as the principal route for passenger and
freight traffic between these cities, and the work has been
authorized. As the result of these improvements,the heavy
grades will be restricted to relatively short distances between
the said cities, and this route, which was objectionable because of heavy grades, will be over 58 miles shorter than the
present route via Oil City, the Salamanca Branch and Olean,
and will have not only this advantage in distance, which will
produce satisfactory operating economies, but its use will
postpone for several years the double-tracking and other expenditures on the present route.
To meet the Construction and Equipment expenditures
on the Western New York & Pennsylvania Railway during
the year, advances aggregating $525,212 30 were made by
this Company, and charged against the net income of the
Lessee Company. This Company will also be required to
provide funds for the improvements heretofore mentioned on
that railway during the year 1913.
On the Cambria & Clearfield Railway, the Cherry Tree
& Dixonville Railroad and the Pennsylvania Monongahela
& Southern Railroad, various short branches were built to
reach coal-mining operations.
This Company advanced $184,591 36 to the Cambria &
Clearfield Railway Company to meet its construction expenditures, which was charged against the net income of the
Lessee Company.
It has been deemed advisable to absorb the Cambria &
Clearfield Railway Company, which for many years has been
owned and operated by this Company in connection with its
main line, the construction of that road and its several constituents having been promoted by this Company for the development of the bituminous coal traffic in the Clearfield
region. The necessity for maintaining that Company as
a separate corporation no longer exists, and the agreement
providing for its acquisition will, in accordance with notice
given to the stockholders, be submitted for approval at the
annual meeting.
The sum of $94,408 94 was advanced to the Pennsylvania
Monongahela •& Southern Railroad Company to meet its construction expenditures for 1912, for which it reimbursed this
Company by the issuance of its stock and bonds in equal
portions.
A fireproof grain elevator of enlarged capacity and modern
facilities is being erected by the Girard Point Storage Company at Girard Point, Philadelphia, to take the place of the
present elevator.
On the Philadelphia Baltimore & Washington Railroad
the work of reconstructing the bridges over the Gunpowder
and Bush rivers is proceeding, and will be finished during
1913. The reconstruction of the bridges over Stemmers
Run, Back River and Gwynn's Falls will also be undertaken
in the present year.
The installation of automatic block signals on the Maryland Division has been completed between Washington and
Baltimore, between Principio and Iron Hill, and between
Ruthby and Wilmington, and the work will be continued
next year.
On the Northern Central Railway the work of enlarging
the Mount Vernon Yards, Baltimore, was entirely completed.
The freight facilities at York, Pa., Highlandtown, Md., and
at Marysville Yard, are also being enlarged and improved
to accommodate the increased traffic. These improvements
will probably be completed in 1913.
The execution and delivery of the proposed lease by this
Company of the railroad, property and franchises of the
Northern Central Railway Company is still delayed by
Under its provisions, which were fully exlitigation.
plained in the Annual Report for 1910, the lease and rental
payments became effective January 1st 1911, and an accounting between the lessor and lessee from that date will be necessary if and when the lease has been duly executed and delivered in conformity with its terms and conditions.
The Wilkes-Barre Connecting Railroad Company was incorporated during the year jointly by this Company and the
Delaware & Hudson Company to provide a line, seven miles
in length, from Buttonwood Yard on the Pennsylvania Railroad, west of the City of Wilkes-Barre, to Hudson on the
lihe of the Delaware & Hudson Company, to facilitate the
interchange of traffic between the two roads, and avoid its
movement through the business centre of that city, and via
the tracks of other railroads.
The surplus property fronting on Seventh Avenue between
Thirty-second and Thirty-third streets, New York City,
owned by the Pennsylvania Tunnel & Terminal Ralroad
Company, a subsidiary of this Company, has been conveyed to the Pennsylvania Terminal Real Estate Company
looking to its future development.
During the year the Company made advances to the Long
Island Railroad Company aggregating $2,625,000, for the
improvement of its railroad and facilities, and the construe-

MAR. 8 1913.]

THE CHRONICLE

tion of new lines and equipment, and will receive therefor
securities of that Company.
Minor advances were also made to the Pennsylvania Tunnel & Terminal Railroad Company in 1912,for which its certificate of indebtedness to this Company has been issued.
The pensions paid during the year amounted to $646,375 34.
The stockholders will be asked to authorize an increase in
annual sum set apart for pension purposes from $700,000 to
$750,000 per annum, and to give authority to the Board of
Directors to hereafter increase the pension appropriation to
such extent as may,from time to time, be necessary to meet
the purposes for which the Pension Department was created;
such increase to be reported to the stockholders.
The additional appropriation is necessitated by the increasing number of pensioned employees, especially between
the ages of 65 and 69 years; and the advances in wages made
from time to time, which increase the average pension
allowances.

723

The securities held by the Company Dec. 31 1912, at a
valuation of $331,909,154 32, produced a direct income
during the year of $14,527,491 56. During the year the
Company increased its holdings of Norfolk & Western Railway Company common stock by $4,788,100 00 through the
conversion of a like amount of Norfolk & Western Railway
Company convertible bonds, to which it had subscribed at
par, during the year, and also acquired $3,000,000 of Pennsylvania Terminal Real Estate Company stock.
Effective May 8 1912, the name of the Buffalo & Allegheny Valley Division was changed to Northern Division.
By order of the Board,
SAMUEL REA, President.
Stockholders may obtain copies of the Annual Report complete
by applying to or addressing
LEWIS NEILSON, Secretary,
Broad Street Station, Philadelphia, Pa.
[Comparative statistics of operations, revenue, charges,&c.,will be found in
the "Railroad Department on a previous page.]

NEW YORK CENTRAL & HUDSON RIVER RAILROAD COMPANY
FORTY-FOURTH ANNUAL REPORT-FOR THE YEAR ENDED DEC. 31 1912.
To the Stockholders of the New York Central & Hudson River
Railroad Company:
The Board of Directors herewith submits its report for
the year ended December 31 1912,.with statements showing
the results for the year and the financial condition of the
company.
The mileage embraced in the operation of the road is as
follows:
Main line and branches owned
Proprietary lines
Lines leased*
Lines operated under contract
Trackage rights
Total road operated

Miles.805.49
3.06
2,626.13
81.70
274.27

Of the total road operated, 290.71 miles are operated in
freight service only and 14.96 miles are operated in passenger service only.
The decrease of mileage of leased lines is due to abandonment of part of the Pardee branch of the Beech Creek Railroad and a change of alignment of the main line of the same
railroad. The difference in the reported mileage of road
operated under trackage rights is caused by a careful revision of previously reported figures by the engineering authorities of the various railroads interested. A statement
showing the total miles of road and track operated will be
found on another page.
The standard form of income account promulgated by
the Inter-State Commerce Commission was adopted by this
company on July 1 1912. No revision of figures for the previous year nor for the first six months of the year covered
by this report has been made and, therefore, some of the comparisons between the years 1911 and 1912 are somewhat distorted. The accounts principally affected by this change of
form are "taxes accrued," part of the taxes which were previously charged to this account being now shown in "miscellaneous tax accruals" in the "deductions from gross corporate income" and "miscellaneous income" from which have
been transferred to "miscellaneous rents" the amounts receivable as rental of property not used in the operation of the
road.
$250,000,000 Of)
222,729,300 00

Leaving a balance authorized but not issued of
$27,270,700 00
The mortgage, bonded and secured debt outstanding on
$299,870,608 18
December 31 1911 was
This has been added to as follows:
Gold mortgage bonds, bearing interest at the
rate of three and one-half per cent per
annum
$5,000,000 00
Gold debentures of 1912, bearing interest at
the rate of four per cent per annum
9,156,000 00
Three-year gold notes due May 1 1915 bearing interest at the rate of four and one-half
per cent per annum
20,000,000 00
This company's pro-rota liability in connec'tion with the equipment trust certificates
of 1912, bearing interest at the rate of four
and one-half per cent per annum
7,156,741 50
Equiptnent trust certificates on account of
the Boston & Albany Railroad, bearing
interest at the rate of four and one-halfNper
cent per annum (see a following page _ 5,220,000 00
Mortgage on real estate in the city of ew
York, bearing interest at the rate of three
and one-half per cent per annum
1,000,000 00
Mortgage on real estate in the city of Utica,
bearing interest at the rate of six per cent
per annum
2,500 00-47,535,241 .50
$347,405,849 68
And has been decreased as follows:
Payments of installments falling due during the year on this
company's pro rata liability in connection with the certificates issued under equipment trust agreements, as
follows:
Trust of 1907, installment due November 1912
$793,660 12
Trust of 1910, installment due January
1912
433,964 42
Payment of mortgage on real estate in the
city of New York
150.000 00- 1,377,624 54
Outstanding, as shown on the balance sheet of December 31
1912
$346,028,225 14




SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME.

3,790.65

* The Dunkirk Allegheny Valley & Pittsburgh Railroad, 90.51 miles,
is also leased by this company, but its mileage and operations are not included in this report. Separate accounts are kept and independent returns
prepared in its behalf.

The'capital stock authorized is1
Of which there is issued and outstanding

In accordance with the consent of the Public Service Commission of the Second District of the State of New York,
there have been acquired out of the proceeds of the issue or
securities specially authorized for the purpose, 100,786 shares
of common stock and 22,181 shares of preferred stock of the
New York & Harlem Railroad Company of a par value of
$6,148,350, at a cost of $21,493,053 16;80,081 shares of stock
of the Rome Watertown & Ogdensburg Railroad Company
of a par value of $8,008,100, at a cost of $10;250,368; and
9,322 shares of the stock of the Utica & Black River Railroad
Company of a par value of $932,200, at a cost of $1,677,960.

Operating IncomeRail OperationsRevenues
Expenses

1912.
1911.
, 3,790.65 miles 3,790.23 miles
operated.
operated.

Increase (+>
or Dec.(-)
+40.42 m.

109,900,015 57 103,954,862 81 +5,945,152 76.
81,311,153 31 t75,700,20278 +5,610,95053

Net revenue from rail
operations
28,588,862 26 28,254,660 03
Percentage of expenses to
revenues
(73.99%)
Auxiliary OperationsRevenues
5,579,083 89
Expenses
5,255,057 55

+334,202 23

(72.82%)

(+1.17%)

5,202,572 62
4,881,096 79

+376,511 27
+373,960 79

321,475 83

+2,55051

Net Revenue from All
Operations •
28,912,888 60 28,576,135 86
Taxes accrued
5,902,521 17 5,447,759 13

+336,752 74
+454.76204

Net Revenue from Outside Operations

Operating Income

324,026 34

23,010,367 43 23,128,376 73

-118,009 30,

Other IncomeJoint facilities rents
+175,372 88
1.754,12534
1,929,498 22
Miscellaneous rents
+96,789 21
309,579 61
406,368,82
Net profit from investments
in physical property
+62,073 6262,073 62
Dividends on stocks owned
or controlled
12,791,889 90 11,649,589 23 +1,142,300 67
Interest on funded debt
owned
±18,84239
489.986 73
508,829 12
Interest on other securities,
loans and accounts
1,616,736 54 +169,251 28
1,785,987 82
416.16250
-20,217 39
Miscellaneous income
395,945 11
Total other income_

_ 17,880,592 61

16,236,179 95 +1,644,412 66

Gross corporate income 40,890,960 04 39,364,556 68 +1,526,403 36
Deductionsfrom Gross Corporate IncomeRentals of leased lines
Hire of equipment
Joint facilities rents
Miscellaneous rents
Miscellaneous tax accruals_
Separately operated properties-loss
Interest on bonds
Interest on three-year gold
notes of 1011 and 1912_ _
Interest on equipment trust
certificates
Other interest
Transfer of income to other
companies
St. L. & A. Railway: interest, rental, etc
N. Y. & Ottawa Railway:
interest on bonds
Other deductions

10,055,192 32 10,036,832 20
1,151,064 87
1.980,095 34
556,026 51
624,602 85
565,593 96
838,920 77
15.961 73

+18,360 12
+829,030 47
+68,576 34
+273,326 81
+15,961 73

346,612 72
9,661,603 05

210,693 02
9,162.019 58

+135.919 70
+499,583 47

1,903,125 00

1,085,039 99

+818.085 01

1,031,538 64
337.426 34

742,979 81
76,749 96

+288,558 83
+260,676 38

74,000 00

138,600 00

-64,600 09

58,240 00
48,003 13

58,24000
276,267 74

-228,264 61

+35,800 80

35,800 80

Total Deductions from
Gross Corporate Income 27,011,122 69 t24,060,107 64 +2,951,015 05.
Net Corporate Income..
13,879,837 35 15,304,449 04 -1,424,611 69
Dividends,four each year at
five per cent per annum
11,136,465 00 11,136,465 00
Surplus for the Year..
2,743,372 35
Appropriation to cover replacement value of abandoned property, including
buildings at Grand Central Terminal, etc

4,167,98404 --1,424.611 69.

2,500,000 00 -2.500,000 010

Balance for Year carried to
Profit and Loss
2,743 372 3511 1 667 984 04 +1 075 388 31
"7717Fised for purposes of comparison.

724

THE CHRONICLE

Balance to credit of profit and loss (free surplus) December 31 1911
$13,448,668 33
Surplus for the year 1912
2,743,372 35
Additions for the year: adjustments of sundry accounts_ _ _ _
203,994 51

ft

$16,396,035 19
Deductions for the year:
Commissions and expenses, N. Y. C. Lines
l• equipment trust, 1912
$116,524 38
Discount and commissions, gold mortgage
bonds
625,000 00
Discount and commissions, debentures of 1912 463,357 50
Discount and commissions, three-year gold
notes of 1912
200,000 00
Discount and commissions, one-year notes
51,306 00
Clearfield Bituminous Coal • Corporation advances, interest, taxes, etc
307,307 01
Transfer to special account, canceling credit
from profit on sale of parts of Trust equipment
265,673 20
Transfer to appropriated surplus, amount of
initial 10% payments on Trust equipment
of 1912 made during year ended December
31 1912
751,368 50
Account of abandoned facilities at various
places
130,291 24
Sundry uncollectible accounts and adjustments 309,794 32
3,210,622 15
Balance to Credit of Profit and Loss (free surplus)
December 31 1,912
$13,185,413 04

For the year covered by this report the revenue from
transportation was $108,454,633 07, an increase of $5,903,734 81; revenue from operations other than transportation
was $1,445,382 50, an increase of $41,417 95; revenue from
auxiliary operations (connected with, but in addition to
transportation by rail) was $5,579,083 89, an increase of
$376,511 27.
The total gross revenue from all operations was $115,479,099 46, an increase of $6,321,664 03.
Freight revenue was $65,101,509 99, an increase of
$3,968,200 07. The revenue freight carried amounted to
51,901,182 tons, an increase of 3,650,647 tons over last year.
Products'of agriculture show an increase of 441,275 tons,
chief of which are grain, 208,196 tons; flour and other mill
products, 139,868 tons; and cotton, 42,703 tons. Products
of animals show an added tonnage of 59,677; live stock,
dressed meats and other packing-house products show a decrease of 49,028 tons; wool, hides and leather an increase
of 48,150 tons; milk increased 26,537 tons, while dairy products fell off 4,876 tons. Products of mines show an increase of 1,815,306 tons, of which bituminous coal yielded
830,830 tons, anthracite coal 62,856 tons, coke 151,120 tons,
ores 403,119 tons, and stone, sand and other articles 367,381
tons. Products of forests increased 287,711 tons. Manufactured articles increased 1,264,861 tons; cement, brick and
lime showing 355,583 tons over last year's movement; metal
productions increased 375,920 tons; bar and sheet metal
show an increase of 154,342 tons; iron and steel rails declined
to the extent of 34,367 tons. Commodities not classifiable
decreased 218,183 tons.
There have been practically no changes in freight rates
during the year, but owing to the large increase in medium
and low class commodities transported,the average revenue
per ton fell from $1 27 in 1911 to $1 25 in the year 1912, and
the rate per ton per mile declined from 6.33 mills to 6.26 mills.
The revenue from passengers amounted to $33,134,508 72,
an increase of $1,375,270 74. There was an increase of
992,801 in the number of local passengers and of 1,158,715
in the number of commutation passengers, but the number of
interline passengers decreased 100,885. The average amount
received from each passenger showed a slight increase, but,
owing to the increased volume of commutation business, the
average rate per passenger per mile showed a very small
decrease.
The special service train revenue shows an apparent decrease of $133,298 25, due mainly to a revised method of
accounting, a large part of the revenue which was formerly
credited to this account now being credited to ordinary passenger revenue. The actual decrease is explained by the
military movements to and from Pine Camp during the
previous year, there being no corresponding source of
revenue in 1912.
The total revenue of all passenger-train transportation
was $41,566,413 41, an increase of $1,927,884 98 over the
year 1911. Of this amount the revenue from express traffic
was $4,736,754 97, an increase of $533,977 55, due to an
enlarged volume of business.
The expenses of rail operations amounted to $81,311,153 31, an increase of $5,610,950 53. The ratio of rail
operating expenses to the total revenues for the year was
73.99%, an increase of 1.17% over the ratio for the year
1911. Of the total increase of $5,610,950 53, the larger part
was occasioned by increased expenditures in the upkeep of
the road and equipment, the total increases being as follows:
For maintenance of way, structures and equipment, $3,283,255 34; for expenses of securing and transporting traffic
and of general administration, $2,327,695 19.
The operating expenses, by groups, were:
Maintenance of way & structures_$14,705,288 99 an increase of $981,579 79
Maintenance of equipment
20,440,446 48 an increase of 2,301,675 55
Traffic expense's
2,316,426 51 an increase of 136,220 02
Transportation expenses
41,052,20208 an increase of 2,117,171 14
General expenses
2,796,789 25 an increase of
74,304 03
Auxiliary operations
5,255,057 55 an increase of 373,960 76

In the maintenance of way and structures the repairs of
. roadway and track cost $201,918 42 more than in 1911, and
the maintenance and repairs of buildings,fixtures and rogunds
increased $393,867 78. Removal of snow, sand and ice
necessitated an increased expenditure of $198,535 88. Improvements to signal apparatus increased $133,206 97.




[VOL. xcvi.

In the maintenance of equipment the repairs of locomotives
and cars increased $1,716,257 86, while the charges for renewals and depreciation of equipment increased $461,370 80.
Transportation expenses show large increases in the cost of
labor, partly accounted for by the increase in the rates of pay
of the engineers as explained in a subsequent part of this
report. Other increases were consequent on the enlarged
volume of business transacted.
Efficiency of operation of equipment is clearly indicated
by the statistics of mileage of locomotives, trains and cars.
Freight locomotive mileage decreased 686,021 miles, freight
train mileage decreased 378,799 miles, while loaded freight
car mileage increased 19,574,385 miles. Empty car mileage
decreased 11,942,275 miles, due to heavy west-bound traffic
and caboose mileage decreased 72,653 miles. 'Passenger
locomotive mileage increased 147,158 miles, passenger train
mileage increased 212,520 miles and passenger car mileage
increased 3,351,872 miles.
The average load per freight train mile increased 35.49
tons (over 8%)•and the load per car mile increased seventenths of a ton. The consumption of fuel per mile run by
freight locomotives increased three-quarters of a pound, and
by passenger locomotives decreased over a pound and a half.
The average cost of coal increased six cts.a ton and the average
cost of fuel per locomotive mile increased 63-100ths of a cent.
In the operation of the Pension Department 135 employees
were retired and placed upon the pension rolls. Of these retirements 70 were authorized because of the attainment of
seventy years of age and•65 because of total and permanent
physical disability. Sixty-two pensioners died during 1912,
and at the close of the year 700 retired employees were carried
upon the pension rolls. The average monthly pension allowance to these men was $24 19, and the total amount paid in
pension allowances during the year was $201,536 31.
Auxiliary operations show an increase in the net revenue
of $2,550 51. All the accounts under this head produced increases except harbor terminal transfers, with a decrease of
$117,531 09, and dining and special car service, which decreased $37,622 79.
The amount of taxes accrued during the year was $5,918,482 90, equal to 5.13% of the gross operating revenues of
the year. The increase was $470,723 77, or 8.64%, due to a
general raising of the tax rates assessed on real estate. The
Federal Government tax on income of corporations amounted to $128,245 84, a very small decrease from that paid in
1911. As in previous years, a large portion of this amount
was paid under protest. Of the suits that were instituted to
recover the amounts paid on account of lessor companies
under the claim that they are not liable to this tax, those in
behalf of the West Shore Railroad Company and the Mohawk
& Malone Railway Company,selected as test cases, were tried
in the City of New York,and the judgment of the Court was
in favor of the two companies. The Federal Government
has taken the whole question involved to the Supreme Court,
where arguments have been heard and final judgment is
expected early in 1913.
In deductions from gross corporate income,rentals of leased
lines have increased $18,360 12. The rental of the Boston &
Albany Railroad was larger by $22,500 00, the amount of
improvement bonds issued in 1912. The rental of the Dunkirk Allegheny Valley & Pittsburgh Railroad decreased
$6,041 68, due to the refunding of its bonded debt at a lower
rate of interest during the year 1911.
In other income an increase of $1,142,300 67 is reported
in the income derived from capital stock held by this company, due to the acquisition during the year of shares of the
New York & Harlem Railroad Company, Rome Watertown &
Ogednsburg Railroad Company and the Utica & Black River
Railroad Company, as stated in a previous paragraph.
Interest on the funded obligations of this company increased $1,606,227 31, made up of interest on securities issued
during the year as follows: Gold mortgage bonds, $175,000 00; gold debentures of 1912, $324,583 47; three-year
gold notes of 1912, $553,125 00; equipment trust of 1912,
$288,558 83; and an increase of $264,960 01 in the interest
on three-year gold notes of 1911, the difference between nine
months' interest charged in 1911 and a whole year's interest
charged in 1912.
Separately operated properties resulted in a loss of $346,612 72, being the amount of this company's proportion of
the annual guaranty to the Merchants' Despatch Transportation Company,$369,080 04, less the profit from the operation of the Dunkirk Allegheny Valley & Pittsburgh Railroad,
$22,467 32,the net result being an increase of $135,919 70 in
the deductions from gross corporate income. No dividend
was paid on the capital stock of the St. Lawrence & Adirondack Railway Company for this year,reducing the amount of
this company's income from investments $64,600 00 and reclueing deductions from gross corporate income by the same
amount.
The rate of dividend for the year was five per cent, being
the same as for the previous year.
The surplus for the year, after paying dividends, amounted
to $2,743,372 35, a decrease as compared with the year 1911
of $1,424,611 69.
Several very extensive and important projects for the
improvement of facilities have been carried on during the
year, chief of which are the following:
Improvements at Utica, consisting of a now brick and
stone passenger station, elimination of grade crossing at

MAR.8 " 3 1

THE CHRONICLE

Genesee Street, a new engine terminal, increase of terminal
yard tracks and the installation of new signal apparatus, for
which has been expended during the year the sum of $1,353,057 24.
Improvements at Rochester, comprising a new stone passenger station, extension and reconstruction of several
bridges, the closing of Joiner Street, .placing additional
tracks, the building of a new power house for heating the
passenger station and other buildings and the erection of
several auxiliary buildings, involving during the year an
expenditure of $690,991 40.
Four-tracking the Hudson division through Poughkeepsie,
between Hyde Park and Barrytown, from Storm King to
Chelsea, between Tivoli and Germantown and at Stockport.
Included in this plan are new passenger stations at Staatsburgh and Rhinecliff. The charges on account of this
improvement reached the total of $2,594,608 15 during
the year.
Four-tracking from Spuyten Duyvil to Peekskill and the
electrification of line from Spuyten Duyvil to Croton, including the consequent changes in bridges, stations and
signals, cost during the year $2,156,276 27. In this is included the development of a new terminal of the Electric
division at Harmon and an important and comprehensive
plan of improvements at Yonkers, consisting of the elevation
of tracks and the construction of additional main tracks,
a new passenger station, a new freight station, a new freight
yard layout and a new passenger station at Glenwood.
The construction of a connection between this company's
main line and the West Shore Railroad at Harbor, east of
Utica, has cost daring the year $325,012 31, of which amount
$31,346 03 has been charged to the West Shore Railroad
Company as advances for new construction.
The changing of grade crossings in the city of Buffalo,
which has been in progress for many years, has been continued at a cost of $208,177 04 for the work done during
the year.
The changes in the accounts relating to the property of
this company during the year were:
Expenditures on road account
Additional trust equipment

$10,196,570 08
7,672,796 85
517869.366
,
93
$4,843,288 80
Credit value of equipment retired
installments
equipment
trust
equal
Amount to
1,748,240 66

Expenditures on equipment account

$6,591,529 46
5,806,061 87— 785,467 59

making a net addition to this company's property account of..$17,083,899 34

Expenditures on. account of construction work on leased
lines amounted to $12,229,631 31, making a grand total of
extraordinary expenditures during the year of $29,313,530 65,
details of which are shown on subsequent pages.
Under date of October 1 1912 the New York Central &
Hudson River Railroad Company became a party to an
agreement establishing the Boston & Albany Equipment
Trust of 1912, under which, and subsequent leases, certain
equipment will be acquired for use upon the Boston & Albany Railroad. The agreement provides that the total
amount of trust certificates to be issued thereunder shall
not exceed $7,503,000, or 99% of the cost of the equipment
to be furnished. The certificates bear interest at the rate
of 43/2% per annum, and are to be paid in fifteen annual
installments, the first being payable October 1 1913. Of the
certificates authorized, $5,220,000 have been issued, covering
not to exceed 90% of the cost of 21 locomotives, 31 passenger
cars, 5,2(X)freight cars and 109 ballast cars. The New York
Central & Hudson River Railroad Company and the New
York New Haven & Hartford.Railroad Company have entered into an agreement by which the New.Haven Company
assumes one-half of the payments under this equipment trust
and becomes entitled to a one-half interest in the equipment,
which, however, during the life of the trust, continues
assigned to Boston & Albany Railroad use.
On November 20 1912 the Board of Directors authorized
the New York Central & Hudson River Railroad Company
together with the Lake Shore & Michigan Southern Railway
Company, the. Michigan Central Railroad Company, the
Cleveland Cincinnati Chicago & St. Louis Railway Company,
the Pittsburgh & Lake Erie Railroad Company and the
Toledo & Ohio Central Railway Company to enter into
an equipment trust agreement, to be dated January 1 1913,
for the purpose of establishing the New York Central Lines
Equipment Trust of 1913. This Fremont will provide for
an issue of $24,000,000 of equipment trust certificates,
bearing interest at the rate of 432% per annum; being not
to exceed 90% of the total cost of the equipment to be furnished under the terms of the said agreement. The certificates are to be paid in fifteen annual installments, the first
being payable January 11914. Out of the $24,000,000 of
certificates authorized, there will be issued, early in 1913,
$12,540,000. The cost of the equipment to be assigned
to this company in connection with the issue of these latter
certificates will be approximately $5,079,900, and the pro
rata amount of the certificates, representing not to exceed
90% of the cost, will be approximately $4,436,000. Full
particulars as to the character of the equipment to be acquired will be set forth in the report to the stockholders for
the year 1913.
On another page will be found details with respect to the
New York Central Lines Equipment Trust of 1912, showing
the locomotives and cars acquired thereunder and the certificates outstanding.



724

The operation of the Boston & Albany Railroad under the
agreement between this company and the New York New
Haven & Hartford Railroad Company, which became effective on July 1 1911 and was outlined in last year's report,
has resulted in a surplus of $71,601 60 during the year covered by this report, one-half of which amount is shown in
deductions from income under the title "Transfer of income
to other companies."
A special committee, appointed by the Board of Directors
of the Merchants' Despatch Transportation Company,
recommended the sale by that company to the New York
Central & Hudson River Railroad Company and the Lake
Shore & Michigan Southern Railway Company of all its
refrigerator equipment, consisting of 5,388 cars and also
1,000 cars covered by the Merchants' Despatch Equipment
Trust of 1911, in proportion to the holdings of the two companies of the capital stock of the Merchants' Despatch
Transportation Company. On November 13 1912 the
Board of Directors authorized the cancellation of the agreement for the use of refrigerator cars dated November 1 1907
between the Merchants' Despatch Transportation Company, the New York Central & Hudson River Railroad
Company, the Lake Shore & Michigan Southern Railway
Company, the Michigan Central Railroad Company, the
Cleveland Cincinnati Chicago & St. Louis Railway Company, the Pittsburgh & Lake Erie Railroad Company, the
Peoria & Eastern Railway Company, the Rutland Railroad
Company, the Lake Erie & Western Railroad Company and
the Chicago Indiana & Southern Railroad Company, and ma
the same date authorized the purchase by this company ol
2,868 refrigerator cars at cost, less depreciation; and 532
refrigerator cars covered by the Merchants' Despatch Equipment Trust of 1911, this company to pay the Merchants'
Despatch Transportation Company 532-1000ths of the
amount already paid by it on account of the 1,000 cars, less
depreciation, and to assume 532-1000ths of all future payments to be made under the agreement and lease known as
the Merchants' Despatch Equipment Trust of 1911, the care
to be transferred to this company on January 1 1913.
[We omit reference to the question of locomotive engineers' wages and the award and recommendations of the
Arbitration Board.—Ed.]
It is to be feared that the result of this [compulsory arbitration] will be a gradual increase in compensation of railroad. employees. What this increase has been during the
past seven years is shown by the following figures.
In the year 1905 the gross earnings of the New York
Central road were $86,095,692. Of this amount, $36,570,212, or 42.47%, was paid in wages.
In 1912 gross earnings were $115,479,099, of which amount
$54,115,761, or 46.86%, was paid in wages.
Making due allowance for the additional force in service,
this company paid its employees in 1912 $9,500,000 more than
if the rates of pay of 1905 had been in effect. This increased
payment on account of the higher level of wages was equivalent to 4.27% on the outstanding stock of the company.
For the year ended December 31 1912 the New York
Central handled the largest volume of traffic, both passenger
and freight, in its history. The year was singularly favorable
for handling the traffic at a moderate cost, with no casualties
of a serious or unusually expensive character.
In October and November 1911 contract was made by
the New York Central Lines for 1912 delivery of 14,500
standard steel underframe 40-ton capacity box cars at an
average cost of $790 each. The best price obtainable for these
cars for delivery in 1913 is $1,075, an increase of $285 per
car, or 36 per cent, which would have made an increase in
the cost of these ears of $4,132,500.
Two thousand five hundred standard 50-ton steel selfclearing hopper cars were contracted for at the same time
at $810 each. The price of the same cars contracted for
in December 1912 for delivery in 1913 was $1,113 each,
an increase of $303 per car, or 37 per cent.
Eighty Pacific type freight locomotives contracted for in
December 1911 cost $22,456 each; the price of locomotives,
identical in every way,in December 1912,for delivery in 1913,
was $26,030, an increase of $3,574 per engine. Twenty
Pacific type passenger engines for 1912 delivery cost $24,780
each, the price for 1913 delivery is $26,315 per engine, an
increase of $1,535 each.
The aggregate increase in the cost of this equipment,,if
purchased in December 1912, compared with the actual
prices paid in the latter part of 1911, would amount to $5,206,000, or 33 per cent.
During the period covered by this report every detail of
operation has been watched constantly and intelligently,and
no expense incurred not absolutely necessary to maintain
the property in that high state of efficiency necessary to
render safe and satisfactory service to the public.
Notwithstanding the favorable conditions under which
the business was conducted and the large gross earnings, the
road earned five per cent on its stock, with a surplus of only
$2,743,372 35—or about 1%% per cent on stock—a slender
margin from which to provide against less favorable years
and to put something back into the property from earnings,
which should, if possible, be done every year.
The Engineers' Arbitration Commission stated:
"If a just increase in wages places the public utilities in a
position that does not enable them to secure a fair return
upon capital invested and maintain a proper reserve, they

726

THE CHRONICLE

should be allowed to increase their rates until they are in
that position."
In the light of conditions present and immediately prospective, it does not seem that an application to the InterState Commerce Commission for permission to make some
increase in freight rates can be long deferred.
The preparation foi electrical operation of all passenger
trains to Harmon on the Hudson River is practically completed, and it is expected that the entire Electric Division
will be put in full operation in March 1913.
The concourse and waiting room on the express level of
the new Grand Central Terminal main station building were
,opened for use on February 2 1913, while this report was
in process of compilation, thus placing in service the major
portion of the facilities for the handling of passenger traffic
in and out of New York City, work on which was begun in
1903. The suburban concourse was opened for partial use
•on October 27 1912.
Changes in the scope of the plan have delayed the completion of the cross streets and an extension of time was
,obtained; the whole of this work Will be finished during 1913.
The Adams Express building on Lexington Avenue was completed and occupied early in the year. Vanderbilt Avenue
has been reconstructed and is now open for traffic. Work.
on the arrival station and the new hotel is progressing satisfactorily. The demolition of the hospital building, Lexington Avenue between 42nd and 43rd streets, and of the old
Grand Central Palace is now in process.

[VOL.

xcvi.

The entire work of reconstruction of the Terminal has
progressed without interruption of train service, and the
prompt handling of the heavy traffic, without a single serious
accident to a passenger from the construction, excavation
and blasting necessarily incident to the carrying on of an
improvement of this magnitude, is most gratifying. The
press and public have been unanimous in their approval of
the result as embodied in the appointments and arrangement of the station facilities from a practical as well as an
artistic standpoint.
I desire to express the appreciation of the management
of the unremitting efforts and loyal co-operation of the
officers and employees of the Construction and Operating
Departments, whose efficiency and devotion to duty have
accomplished these very gratifying results. Also to the
public, whose patience in overlooking many discomforts and
inconveniences incident to the reconstruction period has
immeasurably aided in the safe and rapid conduct of the
work.
*
*
Grateful acknowledgment is made of the faithful, efficient
performance of duty of employees in every department of
the service during the year.
. WILLIAM C. BROWN,
President.
[For comparative statistical tables, see a preceding page
under "Annual Reports."]

INTERNATIONAL HARVESTER COMPANY OF NEW JERSEY.
(Old Company—Organized under the Laws of New Jersey.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH LISTING THE
SEVEN PER CENT CUMULATIVE PREFERRED STOCK AND COMMON STOCK.
New York, February 14 1913.
Referring to its previous applications, and particularly to
A4130, International Harvester Company of New Jersey
(hereinafter called the Company) hereby makes application
to have placed, from time to time, upon the regular list of the
New York Stock Exchange $30,000,000 par value of its Seven
Per Cent •Cumulative Preferred Stock divided into 300,000
shares of the par value of $100 each, and $40,000,000 par
value of its Common Stock, divided into 400,000 shares of
the par value of $100 each, being the entire Capital Stock
of the Company authorized by its certificate of incorporation as amended February 10 1913 on official notice of issuance in exchange for old outstanding Preferred and Common
Stock of the International Harvester Company.
The Company was organized under the general corporation laws of the State of New Jersey on August 12 1902 with
-the corporate name "International Harvester Company."
Its name was changed to "International Harvester Company
of Now Jersey" by an amendment of its certificate of incorporation filed in the office of the Secretary of State of the
State of New Jersey on February 10 1913. The duration of
the Company is perpetual. The entire authorized Capital
Stock which it is requested shall be listed has been issued
and is now outstanding, fully paid and non-assessable. No
personal liability attaches to the ownership of the stock,
Preferred or Common.
At the time of its organization the Capital Stock of the
Company consisted entirely of Common Stock to the amount
of $120,000,000, but by amendment of the Company's
charter on January 8 1907 the plan of capitalization was
changed (without increasing the total amount) by makin.g
one-half of the stock Seven Per Cent Cumulative Preferred
Stock and leaving the other half Common Stock. Sto4kholders received one share of Preferred Stock and one share
of Common Stock in exchange for every two shares of the
original stock. By further amendment of the Company's
charter made on January 28 1910 the authorized Capital
Stock of the Company was increased from $120,000,000 to
$140,000,000, all of the additional authorized stock being
Common Stock. The $20,000,000 additional Common
Stock so authorized was issued and distributed among the
holders of record of the Common Stock at the close cefbusiness on February 3 1910, pro rata, in payment of a dividend
of Thirty-three and One-third Per Cent duly declared by the
'directors upon- said stock.
By further amendment of the Company's charter made on
February 10 1913 the Capital Stock of the Company was
decreased from $140,000,000 to $70,000,000, by reducing the
Preferred Stock from $60,000,000 to $30,000,000 and by reducing the Common Stock from 880,000,000 to $40,000,000.
As a result of said decrease,the holdings of all stockholders
of each class was reduced one-half.
The Company is engaged in the manufacture and sale of
harvesting machines, tools and implements of all kinds, including harvesters, binders, reapers, headers, mowers, rakes,
shredders, hay tools, etc.; binder twine; and devices, materials and articles used in connection therewith; and repair
parts and other devices, materials and articles used in connec


tion therewith, in accordance with the terms of its Certif
cate of Incorporation.
The Preferred Stock of the Company is preferred as to
dividends at the rate of Seven Per Centum per annum,
cumulative from February 15 1907, payable quarterly, and
in case of liquidation is preferred as to unpaid accumulated
dividends and principal. The Company has paid the full
dividends on its original $60,000,000 Preferred Stock for the
period from February 15 1907 to November 15 1912, amounting in the aggregate to $24,150,000 and has declared a quarterly dividend upon said $60,000,000 Preferred Stock for
the period ending February 15 1913 of One and Threequarters Per Cent, payable on March 1 1913 to holders of
record on February 8 1913. Each stockholder has one vote
for each share of Preferred or Common Stock hold.
The amended certificate of incorporation of the Company
contains the following provisions, none of which were changed
by the recent amendment:
AS TO PREFERRED STOCK.
The holders of Preferred Stock shall be entitled from and aftcr February 15 1907 to receive, when and as declared, from the surplus
the Corporation, or from the net profits arising from the business of tL.. Corporation, cumulative dividends at the rate of Seven Per Cent per annum, and
no more, payable quarterly on dates to be fixed by the by-laws. The dividends on such Preferred Stock shall be cumulative, and shall be payable
before any dividend on the Common Stock shall be paid or set apart, so
that if in any year dividends amounting to Seven Per Cent shall not have
been paid on the Preferred Stock, the deficiency shall be payable before
any dividends shall be paid upon or set apart for the Common Stock.
Whenever the cumulative dividends on the Preferred Stock for all previous years and the accrued quarterly installments for the current year shall
have been declared, and the Corporation shall have paid the same, or shall
have set aside from its surplus, or from the net profits arising from its business, a sum sufficient for the payment thereof, the Directors may declare
dividends on the Common Stock, payable then or thereafter, out of any
remaining surplus of the Corporation or out of any remaining net profits
arising from its business.
In the event of any liquidation or dissolution or winding up (whether
voluntary or otherwise) of the Corporation, then, before any amount
shall be paid to the holders of Common Stock, the holders of Preferred
Stock shall be entitled to be paid in full the par amount of their shares, and
in addition thereto all arrears of dividends—that is to say, an amount
sufficient, with the dividends actually paid, to make Seven Per Cent for
each year; and after the payment to the holders of the Preferred Stock of
such par value and arrears of dividends, the remaining assets and funds
shall be divided and paid to the holders of Common Stock pro rata according
to their respective shares
Neither the Preferred nor the Common Stock of the Corporation shall
at any time be increased or diminished without the consent in writing,
or by vote at a special meeting of Stockholders called for the purpose, of
at least two-thirds in amount of each class of stock at the time outstanding.
AS TO THE CREATION OF MORTGAGES AND THE SALE OF
THE CORPORATE PROPERTY.
The Corporation shall not create any mortgage or other lien upon its
real estate, plants, tools, or machinery without the consent in writing
or by vote at a special meeting of the Stockholders called for the purpose,
of the holders of at least two-thirds of the entire Capital Stock of the Corporation at the time outstanding, and, if there be more than one class of
stock, without the consent of the holders of at least two-thirds of each
class of stock outstanding; but this restriction shall not be construed to
apply to any purchase money mortgage or lien.
Except as herein otherwise provided, the directors shall have power and authority to sell, assign, transfer, convey or otherwise dispose of all or any
of the property and assets of the Corporation on such terms and conditions
as to the directors shall seem just and expedient, and issue the bonds,
debentures, notes and other obligations or evidences of debt of the Corporation.
With the consent in writing, or by a vote at u special meeting of stockholders called for the purpose, of the holders of not less than two-thirds_
of all the Capital Stock of the Corporation at the time outstanding, or, if
there be more than one class of stock,filot less than two-thirds of each
class of stock at the time outstanding, the Directors of the Corporation shall
have power to sell, convey or otherwise dispose of all the property, rights
and franchises of the Corporation, as an entirety, upon such terms and con-

MAR. 8

3

THE CHRONICLE

ditions and for such considerations, whether in cash, stocks, bonds or other
property, as the directors may in their discretion determine.

Of the Company's original Capital Stock of $120,000,000,
$60,000,000 was issued for an equal amount of cash capital
and current working assets and $60,000,000 for the manufacturing plants and other physical properties formerly owned by
the McCormick Harvesting Machine Company,Deering Harvester Company, Warder, Bushnell & Glessner Company,
Milwaukee Harvester Company and Plano Manufacturing
Company. Said plants and properties immediately prior
to their conveyance to the Company were valued by independent appraisers, exclusive of any allowance for good-will
or patents, at a sum in excess of $60,000,000. The $20,000,000 additional Capital Stock mentioned above was
issued in 1910 as a stock dividend as aforesaid.
The Company has recently entered into an agreement with
International Harvester Corporation, a corporation of the
State of New Jersey, whereby it has sold to that Corporation
its plants in the United States, six in number, used for the
manufacture of gasoline and oil engines, tractors, autowagons, cream separators, wagons, manure spreaders, tillage
and planting implements. Said plants are the Akron plant
at Akron, Ohio; the Milwaukee plant at Milwaukee, Wisconsin; the Newark Valley plant at Newark Valley, Now
York, and the Plano, Tractor and Weber plants at Chicago,
Illinois. By said agreement the Company also sold to said
International Harvester Corporation the Capital Stocks of
the subsidiary companies which owned the foreign plants and
business of the Company in all lines, together with working
capital in the shape of cash, receivables, inventories and its
beneficial interest in certain real estate in Chicago. Said
agreement provides for a setlement of the account thereunder prior to July 1 1913, and such a division of the assets
and liabilities of the Company as of December 31 1912 that
the net assets of the two Companies after such division shall
be equal.
By the terms of said agreement with said International
Harvester Corporation the Company received for said onehalf of its net assets 300,000 shares of the Seven Per Cent
Cumulative Preferred Stock and 399,964 shares of Common
Stock of said International Harvester Corporation, all of
the par value of $100 each. The Company has offered said
Preferred Stock for pro rata distribution among the holders
of its own Preferred Stock, and said Common Stock for
pro rata distribution among the holders of its own Common
Stock, each stockholder being given the privilege of taking
cash to the amount of the par value of the stock so offered.
The Old Company has no mortgage indebtedness except
certain small real estate purchase money obligations. Its
long-time obligations are as follows:
$10,000,000 unsecured loan due in 1921, and
$20,000,000 unsecured Three-Year Five Per Cent Gold
Notes issued under the indenture dated February 15 1912,
made between the Company and the Bankers Trust Company
as Trustee.
By the agreement between the Old Company and the
New Corporation mentioned above, the New Corporation
assumed the payment of said $10,000,000 unsecured loan,
due 1921, and $5,000,000 of said Three-Year Five Per Cent
Gold Notes, the Company remaining liable upon the purchase money obligations mentioned.
In the event of default upon either of the long-time obligations, the Old Company is directly liable for the payment
of the full amounts.
The Company is unable to submit herewith an income
account and final combined balance sheets as of December 31
1912 for the reason that on account of the world-wide character of the Company's business the auditors of the Company cannot complete such balance sheet for several weeks.
We give, however, below a copy of the last complete combined income account and of the last complete combined
balance sheet of the Company both as of December 311911,
a preliminary combined balance sheet of the Company as of
December 31 1912 and a preliminary combined balance sheet
of the Company as of February 1 1913. Both of the lastnamed balance sheets are subject to such revision as may be
found necessary when the final balance sheets of the Company as of said dates have been completed.
INTERNATIONAL HARVESTER COMPANY (NOW • INTERNATIONAL HARVESTER OMPANY OF NEW JERSEY) AND
AFFILIATED COMPANIES.

727

SURPLUS
Balance at December 31 1910
$16,069,549 01
Add—
Net profit for season 1911
$15,521,397 89
Less—
Preferred stock dividends for season 1911:
No. 17, 1%%,paid June 1 191181,050,000
No. 18, 1M%,paid Sept.1 1911 1,050,000
No. 19, 1% %,paid Dec. 1 1911 1,050,000
No. 20, 1% , payable March 1
1912
1,050.000
4,200,000 00
Common Stock Dividends for season 1911:
No.5,1%%,paidApril 15 191181,000,000
No.6, i
1,000,000
, paid July 15 1911
No.7,1% , paid Oct. 15 1911 1,000,000
No. 8,11%%, payable Jan. 15
1,000,000
1912
4,000,000 00
$8,200,000 00
Undivided profits for season 1911 carried to surplus
Surplus at December 31 1911

7,321,'397 89
$23,390,946 90

The above surplus is composed solely of the balance of net earnings of
the business, after deducting dividends.
COMBINED

BALANCE SHEET DECEMBER 31
ASSETS.

1911.

Property account:
Real estate and plant property,ore mines,
coal and timber lands at Dec. 31 1910_ $70,936,328 05
Net capital additions during 1911
4,590.769 16
Expenditures for stripping and development at ore mines

$75,527.097 21
1.057.903 49

Deferred charges to operations
Fire insurance fund assets
Current assets:
Inventories (at cost):
Finished products, raw materials, etc.,
at close of 1911 season
$49.168,601 18
Subsequent material purchases and
manufacture for 1912 season
20.424.179 68
Receivables:
Farmers'& agents' notes 52,910,943 11
Accounts receivable_ _ _ 19,977,644 65

$76,585,000 70
206,888 08
1,614,312 50

$69.592.780 86

$72,888,587 76
Deduct:
Accumulated reserves
for contingent losses.. 3,137,166 22
69,751,421 54
6,074,151 86

Cash

145,418,354 26
$223,724,555 54
LIABILITIES.
Capital Stock:
Preferred
Common

360,000,000 00
80,000,000 00
$140,000,000 00
879,500 00

Purchase money obligations
Current liabilities:
Bills payable
$30,918,341 68
Accounts payable:
Current invoices, payrolls, accrued interest
and taxes, etc
$8,334,729 84
Preferred Stock Dividend
(payable Mch. 1 1912) 1,050,000 00
Common Stock Dividend
(payable Jan. 15 1912) 1,000,000 00
10,384,729 81

Reserves:
Plant depreciation and extinguishment__ $9,708,607 37
Special maintenance
1,340,810 66
Collection expenses on receivables
• 1,000,000 00
Fire insurance fund
2,061,399 82
Pension fund
1,027,719 27
Industrial accident fund
512,500 00
Contingent
2.500.000 00

41.303,071 52

18,151,037 12
23,390,946 90

Surplus

$223,724,555 54
INTERNATIONAL HARVESTER COMPANY (NOW INTERNATIONAL HARVESTER COMPANY OF NEW JERSEY) AND
AFFILIATED COMPANIES.
Preliminary Combined Balance Sheet of the Company as of December 31
1912 (the close of its last fiscal year). Subject, as stated above.
to revision when the final Balance Sheet is prepared.
ASSETS.
Property account
Deferred charges to operations
Fire insurance fund assets
Current assets:
Inventories (at cost)
Receivables (net)
Cash

$79,150,000
200,000
1,450,000
$72,750,000
82,200,000
5,500,000
160,450,000
$241,250,000

INCOME ACCOUNT FOR 1911.
LIABILITIES.
Capital Stock:
Sales of harvesting machinery, tillage im$60,000,000
sepaPreferred
cream
tractors,
plements, engines,
80.000.000
Common.
rators, farm wagons, manure spreaders,
$110,000,000
auto-wagons, twine and steel products_ -$108,033,595 61
Purchase money obligations
300,000
715,572 37
'Miscellaneous earnings and charges (net).. _
-------$108,749,167 98 Current liabilities:
$35,300,000
Bills payable
Deduct—
13,150,000
cost of manufacturing and distributing— - $82,393,687 92
Accounts payable
Ordinary repairs and maintenance
48,450,000
3,488,949 52
Renewals and minor improvements
Reserves
21,750,000
678,867 00
Surplus
Experimental, development and patent
*30,750,000
expenses
640,505 32
Administrative and general expenses
$241,250.000
670,754 97
Interest on loans
1,547,095 42
Appropriation for fire insurance fund
250,000 00
*In this surplus are included the estimated net earnings for the year
Reserve for pension fund
250,000 00
ended December 31 1912, after deducting the full dividends for the PreReserve for industrial accident fund
250,000 00
ferred and Common Stock for the year. The earnings for the year as
Reserves for plant depreciation and ore
finally ascertained will appear in the Income Account, which, together
extinguishment.. —
1,987,909 94
with the definitive Balance Sheet, will be issued to shareholders and furReserves for contingent losses and collecnished the New York Stock Exchange about May 11913.
tion expenses on receivables
1,070,000 00
Note.—Both the foregoing balance sheets are of dates prior to the recent
93,227,770 09 decrease by one-half of the Preferred and Common Stock of the Company:
the sale by it to International Harvester Corporation of one-half its net
Net profit
$15,521,397 89 assets as of December 31 1912 and the distribution by it among its stockholders of the Capital Stock of International Harvester Corporation.




THE CHRONICLE

728

INTERNATIONAL HARVESTER COMPANY OF NEW JERSEY.
(Formerly International Harvester Company,the Old Company.)
Preliminary Combined Balance Sheet (including the assets and liabilities
of its affiliated companies) as of February 1 1913, subject to
revision when the final Balance Sheet of the Company
has been completed.
ASSETS.
Property account:
Real estate and plant property (less depreciation reserve)__ $43,800,000
Fire insurance fund assets
725,000
Current assets:
Inventories (at cost)
$39,450,000
Receivables (net)
32,000,000
Cash
3,000,000
74,450,000
$118,975,000
LIABILITIES.
Capital Stock:
Preferred
Common
Purchase money obligations
Current liabilities:
Bills payable
Accounts payable
Reserves (miscellaneous)
Surplus

$30,000,000
40,000,000

$70,000,000
300,000

*$20,300,000
8,425,000
28,725,000
4,575,000
15,375,000
$118,975,000

*This does not include the $10,000,000 unsecured loan due in 1921 or the
$5,000,C00 Three-Year Five Per Cent Gold Notes, payment of which has
been assumed by the New Corporation. This indebtedness remains, however, a contingent liability of the Old Company.
Note.—The above preliminary balance sheet is based upon the following
assumptions: (1) that the Capital Stock of the Old Company has been decreased to $30,000,000 Preferred Stock and $40,000,000 Common Stock;
(2) that the Capital Stock, Preferred and Common, of International Harvester COrporation (the New Corporation) has been distributed among
the stockholders of the Old Company, and (3) that the agreement between
Old Company and the New Corporation in respect of the division of assets
and the assumption by the New Corporation of the Old Company's $10,000,000 unsecured loan, duo 1921, and of $5,000,000 of the Old Company's
Three-Year Five Per Cent Gold Notes has been performed.

The Company agrees with the New York Stock Exchange
as follows:
To publish at least once in each year and submit to the
stockholders of the Company a detailed statement of its
physical and financial condition, an income account covering
the previous fiscal year, and a balance sheet showing assets
and liabilities at the end of said year; also'annually an income account and balance sheet of all affiliated companies,
which may, however, be incorporated in a combined income
account and a combined balance sheet of the Company and
its affiliated companies, if owned in their entirety.
To maintain a transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and to make, at the option of
the holder, dividend payments in New York funds;
To give at least ten days' notice in advance of the closing
Of the books or the taking of a record of stockholders for
any purpose;
To notify the Stock Exchange in the event of issuance of
any rights or subscriptions to or allotments of its securities,
and to afford the holders of listed securities a proper period
within which to record their interests, and that all rights,

[VOL. xcvi.

subscriptions or allotments shall, at the option of the holder,
be transferable, payable and deliverable in the Borough of
Manhattan, City of New York.
The fiscal year of the Company ends on December 31 of
each year. The annual meeting of the Stockholders of the
Company is held on the third Thursday of April at Hoboken,
N. J., and the regular meetings of the Board of Directors
are held bi-weekly.
The stock certificates of both classes are directly transferable either in New York or Chicago. The New York
Transfer Agent is Guaranty Trust Company of New York
and the New York Registrar is The New York Trust Company. The Chicago Transfer Agent is the First Trust &
Savings Bank and the Chicago Registrar is The Merchants'
Loan & Trust Company.
The principal office of the Company in New Jersey is at
No. 51 Newark Street, Hoboken. N. J.
The office of the Company in Chicago, Ill., is in the Harvester Building, 606 S. Michigan Avenue. The office of the
Company in New York City is at No. 17 Battery Place,
Borough of Manhattan.
Directors (Term expires 1913): James Deering and George
W.Perkins of New York City; John J. Glessner, Foster, Cal.;
Harold F. McCormick, William H.Jones, both of Chicago, Ill
William L. Saunders, Plainfield, N. J.
(Term expires 1914): Charles Deering, Chairman; Norman
B. Ream and Thomas W. Lamont, all of New York City;
William J. Louderback and Cyrus H. McCormick of Chicago, Illinois.
(Term expires 1915): Edgar A. Bancroft, John A. Chapman, Thomas D. Jones and John P. Wilson, all of Chicago,
Ill.; Elbert H. Gary, New York City; N. Y., and Richard
F. Howe, Morristown, N. J.
The members of the Finance Committee are: Chairman;
George W.Perkins; Charles Deering, Elbert II. Gary, Cyrus
H. McCormick, Norman B. Ream.
The Officers of the Company are: President, Cyrus H.
McCormick; Vice-Presidents, James Deering, John J.
Glessner, William H. Jones, Harold F. McCormick; Treasurer, Harold F. McCormick; Assistant Secretary, William
M. Gale; Assistant Treasurer, William M. Gale.
INTERNATIONAL HARVESTER COMPANY
OF NEW JERSEY,
By CYRUS H. McCORMICK, President.
The Committee on Stock Lists recommends that the
above described $30,000,000 Seven Per Cent Cumulative
Preferred Stock and $40,000,000 Common Stock be admitted to the list, on official notice of issuance in exchange
for old outstanding Preferred and Common Stock of the
International Harvester Company.
WM. W. HEATON,
GEORGE W. ELY,
Chairman.
Secretary.
Adopted by the Governing Committee Feb. 25 1913.

INTERNATIONAL HARVESTER CORPORATION.
(New Company—Organized under the laws of New Jersey.)
OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH LISTING
THE SEVEN PER CENT CUMULATIVE PREFERRED STOCK AND COMMON STOCK.
New York, February 14 1913.
International Harvester Corporation (hereinafter called
the Corporation) hereby makes application to have placed
upon the regular list of the New York Stock Exchange
$30,000,000 par value of its Seven Per Cent Cumulative
Preferred Stock, divided into 300,000 shares of the par value
of $100 each, and $40,000,000 par value of its Common
Stock, divided into 400,000 shares of the par value of $100
each (being the entire Capital Stock of the Corporation
authorized to be issued by its certificate of incorporation)
upon official notice of issuance in exchange for old outstanding Preferred and Common Stock of the International
Harvester Company.
The Corporation was organized under the general corporation laws of the State of New Jersey on January 27 1913.
Its duration is perpetual. The entire authorized Capital
Stock of the Corporation, Preferred and Common, has been
issued and is fully paid and non-assessable. No personal
liability attaches to the ownership of the stock.
The Corporation, in accordance with the terms of its certificate of incorporation, is engaged (a) in the manufacture
and sale in the United States of gasoline and oil engines,
tractors, wagons of various kinds, auto-wagons, manure
spreaders, tillage and planting implements: cream separators, etc., and (b) through other companies all of whose
Capital Stocks (except directors' qualifying shares) it owns
in the manufacture of harvesting machinery, particularly
grain binders, reapers, mowers and rakes, and binder twine
in Canada, France, Germany, Russia and Sweden, and in the
export from the United States to those and other foreign
countries for sale therein of all the articles aforesaid and other
agricultural machines, tools and implements or parts thereof
and appliances or devices used or intended to be used in
connection with any thereof.




The Preferred Stock of the Corporation is preferred as to
dividends at the rate of Seven Per Cent per annum, cumulative from February 15 1913 (the date to which full dividends
were paid upon the original $60,000,000 Preferred Capital
Stock of International Harvester Company of Now Jersey
(formerly International Harvester Company), payable quarterly, and in case of liquidation is preferred as to unpaid
accumulated dividends and principal. Each stockholder has
one vote for each share of Preferred or Common Stock held.
The certificate of incorporation contains the following
provisions with respect to the Preferred Stock which are
substantially the same as the provisions with respect to the,
Preferred Stock contained in the amended certificate of incorporation of International Harvester Company of New
Jersey (formerly International Company):
The holders of Preferred Stock shall be entitled to receive, when and as
declared, from the surplus of the Corporation, or from the net profits
arising from the business of the Corporation, cumulative dividends at the
rate of Seven (7) Per Cent per annum and no more, payable quarterly on
dates to be fixed by the by-laws. The dividends on such Preferred Stock
shall be cumulative and shall be payable before any dividends on the
Common Stock shall be paid or set apart, so that if in any year dividends
amounting to Seven (7) Per Cent shall not have been paid on the Preferred
Stock, the deficiency shall be payable before any dividends shall be paid
upon, or set apart for, the Common Stock.
Whenever the cumulative dividends on the Preferred Stock for all previous years and the accrued quarterly installments for the current year
shall have been declared, and the Corporation shall have paid the same, or
shall have set aside from its surplus, or from the not profits arising from its
business, a suns sufficient for the payment thereof, the Directors may
declare dividends on the Common Stock, payable then or thereafter, out of
any remaining surplus of the Corporation or out of any remaining net
profits arising from its business.
In the event of any liquidation, or dissolution, or winding up (whether
voluntary or otherwise) of Corporation, then, before any amount shall be
paid to the holders of Common Stock, the holders of Preferred Stock shall
be entitled to be paid in full the par amount of their shares, and in addition
thereto all arrears of dividends—that is to say, an amount sufficient, with
the dividends actually paid, to make Seven (7) Per Cent for each year;
and after the payment to the holders of the Preferred Stock of such par
value and arrears of dividends, the remaining assets and funds shall be
divided and paid to the holders of Common Stock pro rata according to
their respective shares.

729

THE CHRONICLE

MAR.8 .913.1

Stock of the Corporation shall at
Neither the Preferred nor the Common
except with the consent in writing, or
nny time be increased or diminished
of stockholders called for the
meeting
special
a
at
vote
affirmative
by the
class of stock at the time
purpose, of at least two-thirds in amount of each
outstanding.
DEVOTED TO
PLANTS ACQUIRED IN UNITED STATES,
SO-CALLED "NEW LINES."

Shortly after its organization the Corporation entered into
Harvester Company of
an agreement with said International
Company)
New Jersey (formerly International Harvester
whereby it acquired from said Company all its plants in
the United States devoted to the manufacture of its so-called
"new lines," and the entire Capital Stocks (except directors'
qualifying shares) of the corporations which owned the
foreign plants and conducted the foreign business of said
Company in all lines, together with the necessary working
capital in the shape of inventories, receivables and cash and
the beneficial interest in certain real estate in the City of
Chicago. Said agreement provides for a settlement of the
account thereunder prior to July 11913, and such a division
of the assets and liabilities of the International Harvester
Company as of December 31 1912 that the net assets of the
two companies after such division shall be equal.
The plants devoted to the manufacture of the so-called

"new lines" consisting of gasoline and oil engines, tractors,
auto-wagons, cream separators, wagons, manure spreaders
and tillage and planting implements which the Corporation
has acquired as above stated and now owns are as follows:
Annual Capacity.
Land Area. Employees
11.02 Acres. 1,250 5,000 Auto-wagons
Akron Works:
Commercial Cars
Akron, Ohio
Gasoline Engines
Milwaukee Works:
Milwaukee, Wisconsin_ _ _31.02 Acres. 5,000 75,000 Cream Separators
Tractors
Newark Valley Works:
Newark Valley, N. Y_ _ _ _ 3.10 Acres. 170 7.000 Manure Spreaders
Manure Spreaders
Plano Works:
62.89 Acres. 1,300 80,000 Wagons
West Pullman, Ill
Tillage Implements
Tractors
Tractor Works:
48.80 Acres. 1,500 5,000 Kerosene Engines
Chicago, Ill
Weber Works:
23.14 Acres. 700 45,000 Wagons
Auburn Park, Ill
Said plants were taken over as going concerns.
FULL CONTROL ACQUIRED OF COMPANIES OWNING FOREIGN
PLANTS AND FOREIGN BUSINESS.

The companies owning the foreign plants and conducting
the foreign business, all of whose stocks (except directors'
qualifying shares) have been acquired by the Corporation
from the International Harvester Company of Now Jersey,
as above stated, are as follows:

NameCompany
Aktieboiaget International Harvester
AktieseLskabot International Harvester Company
Company
Harvester
International
Aktieselskapet
France S. A
Compagnie Internationale des Machines Agricoles do
S. A
Compagnie Internationale des Machines Agricoles
H
b.
m.
Company
Harvester
Deutsche International
Eastern Building Company, Limited
International Harvester Company A-G
international Harvester Company G. m. b. H
International Harvester Company in Russia
International Harvester Company m. b. H.
international Harvester Company of Australia Proprietary, Limited
International Harvester Company of Canada, Limited
International Harvester Company of Great Britain, Limited
International Harvester Company of New Zealand, Limited

Principal Place of
Business.
Norrkoping. Sweden
Copenhagen, Denmark
Christiania, Norway
Paris, France
Croix, France
Berlin, Germany
Hamilton, Ontario
Zurich. Switzerland
Vienna, Au.tria
Lubertzy, Russia
Neuss. Germany
Melbourne, Australia
iay
traain
erm
gns
A
Ontario, Can. Hamilton, Ontario
Great Britain London, England
New Zealand Christchurch, N. Z.

Place of •
Organization.
Sweden
Denmark
Norway
France
France
Germany
OntariO, Can.
Switzerland
Austria
Maine

Amount of capita
Stock Owned by
Amount of
or for Internal.
Paid-Up
Harvester Corp.
Capital.
Kr. 3,000,000 Kr. 3,0J0,0t0
100.000
100,000 Kr.
Kr.
99,0e0
loo roe Kr.
Kr.
Fes. 2,500,000 Fee. 2,495,000
Fes. 5,000,000 Fes. 4,997,000
Mks. 1,000,000 Mks. 1,000,000
$50,600
$50,600
150,000
150,000 Fes.
FM
50,000
50,000
$6,500,000
$6.500,000
Mks. 4,000,000 Mks. 4.000,000
£500,000
£500,000
$1,000,000
$1,000.000
£47,000
£50,000
160,000
£60,000

n, are as follows:
Certain other companies, all the Capital Stock of which was acquired by the Corporatio
$24,000
City
New York
Deering, Missouri
Chicago, Illinois
Auburn, N. Y.
Chicago, Illinois

$24,000
$400,000
$500,000
$30,000
$400,000

Columbian Shipping Company
Deering Southwestern Railway
Illinois Northern Railway
The Owasco River Railway
Chicago West Pullman & Southern Railroad Company

New Jersey
Missouri
Illinois
New York
Illinois

The Corporation also acquired from the International
Harvester Company $500,000 par value (out of $2,500,000
outstanding) Capital Stock of The Oliver Chilled Plow
Works of Canada, Linited.
In paymentfor the above-mentioned property and the other
al
assets acquired, the Corporation issued to Internation
Harvester Company of New Jersey all of its Preferred Stock
and 399,964 shares of its Common Stock. The remaining
36 shares of its Common Stock were issued .to the incorporators for cash at par. Internaticinal Harvester Company
of New Jersey has decreased its Capital Stock, Preferred and
Common, by one-half and has offered to its stockholders for
distribution, pro rata, the shares of the stock of the Corpoation owned by it.
The Corporation has no bonded or other funded indebtedness and its properties are free and unencumbered. The
only long-term obligations of this Corporation are an unsecured loan made by International Harvester Company of
New Jersey of $10,000,000 due in 1921 and $5,000,000 unsecured Three-rear Five Per Cent Gold Notes of International
Harvester Company of Now Jersey, issued under an indenture dated February 15 1912, made between said Company
and Bankers Trust Company, as Trustee, payment of which
n.
loan and notes has been assumed by this Corporatio
The Certificate of Incorporation provides in part as follows:

The Company owns or leases agency warehouses throughout the Dominion of Canada and maintains an organization for the sale and distribution
in Canada of its products and those of the International Harvester Corporation and the International Harvester Company of New Jersey. The
principal agency warehouses are located at: Edmonton, Alta.; Calgary.
.Alta.; Lethbridge, Alta.; North 13attleford. Sask.; Saskatoon, mask.:
Regina, Sask.; Yorkton, Sask.; Estevan, Sask.; Brandon, Man.; NN
peg, Man.; Fort William, Ont.; London, Ont.; Ilamilten, Ont.; Ottawa,
Ont.; Quebec, Que.; Montreal, Que.: St. Johns. N. B.
Compagnie Internationale des Machines Ayricoles S. A. (France).Organized December 1905 under the laws of trance. The Capital Stock
authorized and issued is 5,000,900 francs ($961,540 00). The Company
owns and operates a plant at Croix, France, equipped for the manufacture
of mowers, rakes, tedthrs, reaping attachments and twine.
LandArca EmAcres. ployees. Annual Capacity.
Mowers
800 47,501) Rakes
33.20
Croix Works, Croix, France
Tedders
3,000 tons Twine
in
International Harvester company tn. b. It. (Germany).-Organized
December 1908 under the laws of Germany. The Capital Stock authorized
owns and
and paid in is $4,000,000 Marks ($952,400 00). The Company
of
(*crates a plant at Neuss, Germany, equipped for the manufacture
reapers, mowers, rakes, tedders, reaping attachments and twine.
Land Area EmAcres. ployees. Annual Capacity.
Reapers
700 45,000 Mowers
28.70
Neuss Works, Neuss, Germany
Rakes
Tedders
3.600 tons Twine
International Harvester Company in Russia.-Organized January 26 1910
is
under the laws of the State of Maine. The Capital Stock authorized
owns and
$40,000,000, of which $6,500,000 has been issued. The Company
of gas
operates a plant at Lubertzy. Russia, equipped for the manufacture
and oil engines, grain binders. lobogreikas, reapers and mowers.
Land Area EmAcres. ployees. Annual Capacity.
Gas Engines
Mowers
Reapers
50.000
2,500
Lubertzy Works (near) Nloscow,Russia.64.32
f Binders
!Lobogrelkas
Aktiebolaget International Harvester Company (Sweden).-Organized in
October 1904 under the laws of Sweden. The Capital Stock authorized
and issued is 3,000,000 Kroner ($789.475 00). The Company owns and
operates a plant in Norrkoping, Sweden, equipped for the manufacture of
mowers, rakes and reaping attachments. It also markets the products
of the International Harvester Corporation and International Harvester
Company of New Jersey in Sweden.
Land Area EmAcres. ployees. Annual Capacity.
(Mowers
Norrkoping Works
300 35,0001Rakes
15.21
Sweden
Norrkoping,

or other lien upon its real
The Corporation shall not create any motrgagothe
consent in writing, or
estate, plants, tools, or machinery except with
stockholders called for
the
of
meeting
special
a
at
vote
the
affirmative
by
each class of stock
of
two-thirds
the purpose, of the holders of at least
any
outstanding; but this restriction shall not be construed to apply to
purchase money mortgage or lien.
and
power
have
shall
Directors
Except as herein otherwise provided, the
or
authority to sell, assign, transfer, convoy or otherwise dispose of, alland
terms
such
on
Corporation,
and
of
assets
property
the
the
any of
issue
to
and
expedient.
conditions as to the Directors shall seem just and
debt
the bonds, debentures, notes and other obligations or evidences of
of the Corporation.
or by vote at a special meeting of stockWith the consent, in writing,of
the holders of not less than two-thirds
holders called for the purpose,
time outstanding, the Directors of the Corof each clam of stock at the
all of the'
poration shall have power to sell, convey or otherwise dispose of upon
such
of the Corporation as an entirety,
property, rights and franchisessuch
considerations, whether in cash, stock,
terms and conditions,and for
bonds or other property. as the Directors may in their discretion determine

A description of the.various companies the entire Capital
Stocks of which (excepting in some cases directors' qualifying
shares) is owned or controlled by this Corpoation is as follows:
MANUFACTURING COMPANIES.
International Harvester Company of Canada, Limited.-Organized under
the laws of the Province of Ontario, Canada (Ontario Company's Act)
Letters Patent, September 21 1903. The duration of the corporation is
perpetual. The Capital Stock authorized and issued is $1,000,000. The
Company owns and operates the following plants for the manufacture
of harvesting machinery, til age, implements, wagons, and manure spreaders:
Land Area ErnAnnual Capacity.
Acres. ployees.
Harvesting Machines
'land!tou Works
inegIm
Mpalcehmin
illag
reed
eensts
129.62 2,500 175,000 p
11amiltoil, Canada
Chatham Works
Chatham, Canada
Paris Worlas,
Paris, Canada




15.80

300

7.69

250

18,000 Wagons
(Tillage Implements
20,0001Manure Spreaders

$400,000
$500,000
330,000
$400,000

SELLING COMPANIES.
International Harvester Company of Australia, Proprietary, Limited.
and
Organized under the laws of Australia. The Capital Stock authorized
The Company's principal
issued is 500,000 Pounds Sterling ($2,400,000).warehouses
and distributing
office is at Melbourne. The principal agency
points are located at Adelaide, Brisbane, Sydney, Melbourne. Freemantle.
Perth, York, Baliaret and Launceston.
International Harvester Company G. m. b. II. (Austria).-Organized under
of
the laws of Austria. The Capital Stock authorized is 200,000 Crowns,
which 50,000 Crowns ($10.000) is paid in. The Company's principal office
points
and
distributing
warehouses
principal
agency
The
is at Vienna.
are located at Vienna, Mason, Presburg and Lemberg.
Aktieselskabet International Harvester Company (Denmark).-Organized
under the laws of Denmark. The Capital stock authorized and issued is
100,000 Kroner ($26,315). The Company's principal office is at Copenhagen.
Compagnie Internationale des Machines Agricoles de France S. A.
and
Organized tinder the laws of France. The Capital Stock authorized
is
office
principal
Company's
The
($480,770).
francs
issued is 2.500,000
at Paris. The principal agency warehouses and distributing points are

730

44

THE CHRONICLE

[VOL. xcvi.

ocated at Amiens, Marseilles. Paris, Bordeaux,Lyons ,Nantes and
TouSURPLUS.
ouse.
Balance
Deutsche International Harvester Company m. b. H. (Germany).—
$16,069,549 01
Organ- Add— at December 31 1910
ized under the laws of Germany. The Capital Stock authorized
and paid
In Is 1,000,000 Marks ($238,100). The Company's principal
Net profit for season 1911
$15,521,397 89
office is at
Berlin. The principal agency warehouses and distributing points
Less
are located at Berlin, Breslau, Hamburg, Mannheim, Munich,
Preferred stock dividends for season 1911*
Neuss and
Koenigsberg.
No. 17, P4%, Paid
International Harvester Comapny of Great Britain, Limited.—Or
June 1 1911
$1,050,000
ganized
under the laws of Great Britain. The Capital Stock authorized
No. 18, 14%, paid Sepand
issued
is 50,000 Pounds Sterling ($240,000). The Company's principal
tember 1 1911
1,050,000
office
is
at, London, England. The principal agency warehouses and
No. 19, 14%, paid Dedistributing
points are located at London, Liverpool, Edinburgh. Glasgow and
cember 1 1911
1,050,000
Dublin.
International Harvester Company of New Zealand,
No. 20, 1/%. payable
Limited.—Organized
under the laws of New Zealand. The Capital Stock authorized
March 1 1912
1,050,000—$4,200,000 00
and issued
Common stock dividends for season 1911:
is 60,000 Pounds Sterling ($288,000). The Company's
principal
office
is
at Christchurch. The principal agency warehouses and
No. 5, 13%, paid April
distributing points
are located at Christchurch, Dunedin, Auckland and Wellington.
15 1911
$1,000,000
Aktieselskapet International Harvester
No.6,
%,paid July 15
(Norway).—Organized
under the laws of Norway. The CapitalCompany
1911
1,000,000
Stock authorized and issued is
100,000 Kroner ($26,315). The Company's
No.
7, 1 %, paid Octotiania. The principal agency warehouses andprincipal office is at Chrisber 15 1911
1,000,000
distributing
points
are
loNo. 8,13(%, payable
cated at Christiania, Bergen and Trondheim.
International Harvester Company A-0
January 15 1912
1,000,000— 4,000,000 00
).—Organized under
the laws of Switzerland: The Capital (Switzerland
Stock
authorized
i.ssued
and
is
150,000 francs ($28,845). The Company's principal
$8,200,000 00
office is at Zurich. Undivided profits for season
The principal agency warehouses and distributing
1911 carried to surplus
points are located at
7,321,397 89
Zurich, Berne and Lucerne.
Surplus at December 31 1911
The Corporation also maintains agency warehouses
and distributing
$23,390,946 9*
points at: Armavir, Charkow, Ekaterinburg
, Moscow, Odessa, Riga,
The above surplus is composed solely of the
Rostof, Samara, Russia; Novo-Nikolaievsk, Omsk,
balance of net earnings of
Vladivostock. Siberia; the business,
Bucarest, Roumania; Budapest, Hungary;
after deducting dividends.
Buenos Aires, South America;
Mexico City, Mexico; Cape Town, South Africa.
COMBINED BALANCE SHEET DECEMBER 31
1911.
OTHER COMPANIES.
ASSETS.
Property account—
Columbia Shipping Co.—Organized November
Real estate and plant property, ore mines,
1904 under the laws of
the State of New Jersey. The Capital Stock 29
coal and timber lands at 'December 31
authorized and issued is
$24,000. The Company acts as forwarding agent for the Internationa
1910
370,936,328 05
l
Harvester Corporation at New York City.
Net capital additions during 1911
4,590,769'16
Eastern Building Company, Limited (Canada).—Organized under the
laws
of the Province of Ontario, Canada (Ontario Company's Act).
$75,527,097 21
Patent dated November 25 1903. The duration of the CorporationLetters
Expenditure
s
for
stripping and developis perpetual. The Capital Stock authorized is $80,000, of which
ment at ore mines
1,057,903 49
been issued. The Company originally owned dwelling houses$50,600 has
$76,585,000 70
Hamilton, Canada, all of which have been sold under contract. and lots in Deferred charges to operations
206,888 08
Chicago West Pullman & Southern Railroad Company.—Organized
Fire insurance fund assets
1,514,312 50
October 29 1909 under the general laws of the State of Illinois. The
assets—
duration Current
of the corporation is 50 years. The Capital Stock authorized
Inventories
(at cost):
and issued
is $400,000. The Company operates between West Pullman
Finished products, raw materials, &c.,
Irondale,
Ill., and furnishes transportation service to the Plano Worksand
at close of 1911 season
$49,168,601 18
of the International Harvester Corporation at West Pullman and
Subsequent material purchases and
other industries
located along its right-of-way, connecting them with adjacent
manufacture for 1912 season
20,424,179 68
railroad
lines. Mileage: 5.19 miles owned; 22.16 miles leased. Equipment
owned:
9 locomotives, 44 gondolas and flat cars and 2 caboose cars.
$69,592,780
86
Deering Southwestern Railway.—Organized June
Receivables:
1903 under the
general laws of the State of Missouri. The duration 24
Farmers' and agents'
of
corporation is
99 years. The Capital Stock authorized and issued isthe
notes
$52,910,943 11
$400,000. The
Company operates 13etween Caruthersville and
Accounts receivable_ __ _ 19,977,644 65
Mo., and
does a general passenger and freight business; alsoHornersville.
handles
United
States
mail. Mileage: 33.98 miles owned and 3.54 leased. Equipment
$72,888,587 76
owned:
3 locomotives, 1 log loader, 74 log cars, 22 gondolas and
Deduct:
flat cars, 11 box
cars and 3 passenger coaches.
Accumulated reserves for
Illinois Northern Railway.—Organized May 15 1901 under the
contingent losses
3,137,166 22
general
laws of the State of Illinois. The duration of the corporation
69,751,421 54
50 Years.
The Capital Stock authorized and issued is $500,000. Theis Company
Cash
6,074,151 86
operates within the city limits of Chicago and furnishes transportati
145,418,354 26
on service to various industries, including the Tractor Works of the Internationa
l
Harvester Corporation, connecting them with adjacent
$223,724,55554
railroad lines.
Mileage: 7.51 miles owned, 19.66 miles leased. Equipment owned:
7 locomotives, 17 gondolas, 30 box cars and 1 wrecking
LIABILITIES.
outfit.
The Owasco River Railway.—Organized June 2 1881
Stock—
under the laws of the Capital
State of New York. The duration of the corporation
Preferred
$60,000,000 00
is 99 years. The
Capital Stock authorized and issued is $30,000. The Company
Common
80,000,000 00
operates
within the city limits of Auburn, N. Y.,
furnishing
transportati
$140,000,000 00
on
service
to various industries, connecting them with adjacent railroad lines. Mile- Purchase money obligations
879,500 00
age: .42 miles owned, 1.74 miles leased. Equipment owned: locomotives, Current liabilities—
3
28 gondolas and flat cars and 15 box cars.
Bills payable
$30,918,341 68
Accounts payable:
Current invoices, payrolls,
The Corporation is unable to submit at this time an income
accrued interest, and
account and final balance sheet owing to the short time it has
taxes, &c
$8,334,729 84
been in existence. Because of the world-wide character
Preferred Stock Dividend
(payable March 1 1912) 1,050,000 00
of the business of International Harvester Company of
Common Stock Dividend
New Jersey (the Old Company)the auditors of that Company
(payable January 15
1912)
1,000.000 00
cannot complete its final income account and balance sheet
10,384,729 84
as of December 31 1912 for several weeks. We give below,
41,303,071 52
however, a copy of the last complete combined income ac- Reserves—
Plant depreciation and extinguishment__ $9,708,607 37
count and of the last complete combined balance sheet of
Special maintenance
1,340,810 66
International Harvester Company of New Jersey, which are
Collection expenses on receivables
1,000,000 00
Fire insurance fund
2,061,399 82
as of December 31 1911, and a preliminary combined balPension fund
1,027,719 27
Industrial accident fund
ance sheet of International Harvester Company of New Jersey
512,500 00
Contingent
2,500,000 00-18,151,037 12
as of December 31 1912, which is subject to such revision Surplus
23.390.946 90
as may be found necessary when

the final balance sheet of
said Company as of the latter date has been completed.
We also give a preliminary combined balance sheet of this
Corporation as of February 1 1913, which is based upon the
assumption that the agreement between this Corporation
and the International Harvester Company of New Jersey
in respect of the division of assets and the assumption by
this Corporation of the $15,000,000 indebtedness of that
Company has been performed. This balance sheet is also
subject to such revision as may be found necessary when the
final balance sheet of the Corporation as of February 1
1913 has been completed.
INTERNATIONAL HARVESTER COMPANY (NOW INTERNATIONAL HARVESTER COMPANY OF NEW JERSEY) AND
AFFILIATED COMPANIES.
INCOME ACCOUNT FOR 1911.
Sales of harvesting machinery, tillage implements, engines, tractors, cream separators, farm wagons, manure spreaders,
auto-wagons, twine, and steel products_$108,033,595 61
Miscellaneous earnings and charges (net)__
715,572 37
$108,749,167 98
Deduct—
Cost of manufacturing and distributing_ $82,393,687 92
Ordinary repairs and maintenance
3,488,949 52
Renewals and minor improvements_ _ _ _
678,
Experimental, development and patent
expenses
640,505 32
Administrative and general expenses__ _
670,754 97
Interest on loans
1,547,095 42
Appropriation for fire insurance fund_ _ _
250,000 00
Reserve for pension fund
250,000.00
Reserve for industrial accident fund_ _ _ _
250,000 00
Reserves for plant depreciation and ore
extinguishment
1,987.909 94
- Reserves for contingent losses and collection expenses on receivables
1,070,000 00
93,227,770 09
Net profit
$15,521,397 89




$223,724,55554
INTERNATIONAL HARVESTER COMPANY MOW INTERNATIONAL HARVESTER COMPANY OF NEW JERSEY) AND
AFFILIATED COMPANIES.
Preliminary Combined Balance Sheet as of December 31 1912 (the
of its last fiscal year). Subject, as stated above, to correction whenclose
the
final Balance Sheet is prepared:
ASSETS.
Property account
$79,150,000
Deferred charges to operations
200,000
Fire insurance assets
1,450,000
Current assets—
Inventories (at cost)
$72,750,000
Receivables (net)
82,200,000
Cash
5,500,000
160,450,000
$241,250,000
Capital Stock—
Preferred
Common
Purchase money obligations
Current liabilities—
Bills payable
Accounts payable
Reserves
Surplus

LIABILITIES.
$60,000,000
80,000,000
$140,000,000
300,000
$35,300,000
13.150,000
48,450.000
21,750,000
*30,750,000

$241,250,000
*In this surplus are included the estimated net earnings for the year
ended December 311912,after deducting the full dividends for the Preferred
and Common Stock for the year. The earnings for the year as
finally
ascertained will appear in the Income Account, which, together with
definitive Balance Sheet, will be issued to shareholders and furnished the
the
New York Stock Exchange about May 11913.
Note.—Both the foregoing balance sheets are of dates prior to the recent
decrease of the Preferred and Common Stock of the Company by onehalf; the sale by it of one-half its net assets, as of December 31
to
International Harvester Corporation, and the distribution among1912,
its Preferred and Common stockholders of the Capital Stock of Internationa
l
Harvester Corporation.

MAR. 8 1913]

THE CHRONICLE

731

INTERNATIONAL HARVESTER CORPORATION.
Railway Steel Spring Co.—Earnings.—
Gross
The following is a Preliminary Combined Balance Sheet of this Corpora Calendar
Net (after
Interest
Pref. Divs.
Balance,
Year— Earnings. Deprec'n, &c.). Charges.
tion (including the assets and liabilities of its affiliated companies) as o
Surplus.
(7%)•
February 1 1913, based upon the International Harvester Company's 1912_ _ _ _$9,041,079
$2,081,153
$357,175
$945,000
$778,978
1911...,__
6.160.496
Company's
preliminar
)
old
(the
y balance sheet of December 31 1912.
1,217,015
232,228
945,000
39.787
and also upon the assuxnption that the agreement between the Corpora- —V. 94, p. 696.
tion and the old Company in respect of the division of assets and the assump(R.
J.)
the
$15,000,0
Reynolds Tobacco Co., Winston-Salem, N. C.—
tion of
00 of indebtedness of the old Company
the new
Corporation has been performed. While this balance sheet by
gives with Proposed Issue of $10,000,000 7% Cumulative Preferred Stock.
close approximation the condition of the corporation, it will be subject to
The shareholders will vote April 2 on increasing the auth. capital stock
revision when the definitive balance sheet of the old company as
of Decem- from $10,000,000 (all common and all outstanding) to $20,000,00
ber 31 1912 and the final balance sheet of the Corporation has been com- authorizing $10,000,0
0 by
00 of preferred stock. The new stock, it is said, will
pleted.
ho pref. p. & d., 7% cum.; callable at 120 and divs.
after 5 years: and withASSETS.
voting
out
newer
unless
the pref. dividends remain 90 days in default.
Property account—
—V.95, p. 301, 485. 1611.
Real estate and plant property (less depreciation reserve)_
_ $20,750,000
Fire insurance fund assets
Tidewat
er Power Co., Wilmington, N. C.—Earnings.—
725,000
Current assets—
Cal. Year—
Gross.
Inventories (at cost)
Net.
Rentals.
Bond Int.
Balance.
$35,500,000
1912
$422,664
Receivables (net)
$172,059
$30,040
$17,405
$124,613
50,200,000
1911
349,489
Cash
137,846
30,040
10,000
97.806
2,500,000
Baker, Ayling & Co., Boston, placed 1st 5s of 1908
(V. 89, p. 471).
88,200,000 —V. 93, p. 1790.
$109,675,000
Capital Stock—
Preferred
Common
Current liabilities—
Bills payable
Accounts payable
Reserves (miscellaneous)
Surplus

LIABILITIES.
$30,000,000
40,000,000
$70,000,000
*$15,000,000
4,725,000
19,725,000
4,575,000
15,375,000
$109,675,000

* Indebtedness of Old Company assumed by New Corporation as follows:
Unsecured Loan, due 1921
$10,000,000
Three-year Five Per Cent Gold Notes
5,000,000
$15,000,000

United Dry Goods Cos.—Earnings.-6 mos. end.Jan. 15:

6 Mos. ending
Jan. 15—
1912-13
1911-12
—V.95, p. 616.

Net
Pref. Divs. Com.Divs. Balance,
Total Sur.
Income.
(3 %)
.
(4%).
Surplus.
Jan. 15.
$1,080,871 $377,982 $577,100 $125,789 $1,386,61
3
1,073,399
375,212
577,100
121,087
1,211,916

United States Rubber Co. New York.—Earnings.—
The following from the"Boston News Bureau" is, as revised
for the "Chronicle," pronounced generally correct:
•

In connection with the decline in earnings
the B. F. Goodrich Co., it
has been claimed that the net earnings fo theofUnited
States Tire Co. (the
tire subsidiary of the U. S. Rubber Co.) for the
cal. year 1912 showed a,
shrinkage of 31.000,000. This is not the case. The
decrease was approximately $600,000 not a bad showing considering the
sharp cut in prices
made at the beginning of the year. The volume of sales
made a gain of
20% in number of tires, but
gain in dollars and cents. The shrinkage
in not earnings practically allless
in the six months to June 30,as there
was a steady increase in sales came
and profits from the middle of the year on.
This increase has continued, January
being more than 59% in excess
of Jan. 1912. If this improvement sales
holds, U. S. Tiro Co. will have in
1913 a record volume of net profits, despite
prices. Rumors that further cuts were to a nearly 20% decrease in selling
be made in tire prices are not wellfounded. Nothing of this kind is contempla
ducers. The labor troubles at Akron, cutting ted by any of the big prodown output,would,if anything, justify an advance in prices.
Despite this E600,000 decrease in net of the United
States Tire Co..
profits in other lines have much more than offset
this shrinkage. The
Indications are that the annual statement of the
parent company for its
year to March 31 next will show a larger net than any
very substantial surplus over dividends paid.—V. 96,previous year and a
p. 424. 366.

The Corporation agrees with the New York Stock Exchange as follows:
To publish at least once in each year and submit to the
stockholders of the Corporation a detailed statement of its
physical and financial condition, an income account covering
the previous fiscal year and a balance sheet showing assets
and liabilities at the end of said year; also annually an income
account and balance sheet of all affiliated companies, which
may, however, be incorporated in a combined income acWestchester Lighting Co., N. Y. City.—Co
count and a combined balance sheet of the Corporation and
Notes.—The National City Bank of New York on llateral
Feb. 11
its affiliated companies, if owned in their entirety.
offered 5% collateral trust gold notes (maturing Dec. 1 1920)
To maintain a transfer office or agency in the Borough of at 98 and int., yielding 5.30%.
Manhattan, City of New York, where all listed securitie
These notes, $580,000 authorized and outstanding, were
to defray
the cash cost of thecollateral pledged thereunder. They areissued
shall be directly transferable, and to make, at the option ofs credit
a direct general
obligation of the Westchester Lighting Co.,and
further secured by
the holder, dividend payments in New York funds;
the specific pledge of collateral having a par value are
of $1_,_379,000. This
consists of the entire issue of capital stock of the
To give at least ten days' notice in advance of the closing collateral
Northern Westchester Lighting Co., all of the common stock and 50%
of the issue of 6%
of the books or the taking of a record of stockholders for cum.
pref. stock of the Peekskill Lighting & RR.Co.
In addition to owning the entire capital stock ($2,500,000
any purpose;
5% cum. pref
and $10,000,000 common), the Consolidated Gas
Co. of New York has asTo notify the Stock Exchange in the event of the issuance of sumed
$8,418,000 1st M. 5s and guarantees
principal and interest
any rights or subscriptions to or allotments of its securities, of $10,000,000 general M. bonds and $2,500,00both
0 debentures of New York
and to afford the holders of listed securities a proper period & Westchester Lighting Co.—V. 92, p. 1378.
within which to record their interests, and that all rights,
Weyman-Bruton Co., New York.—Earningsfor Cal. Yr.
Net earns, after all chgs. and providing for Federal tax on
subscriptions or allotments shall, at the option of the holder, Preferred
profits_$1,163,217
dividends paid (7%), $280,000; common dividends,
be transferable, payable and deliverable in the Borough of
9 months (734%), $300,000
580,000
Manhattan, City of New York.
Balance, surplus for year
The fiscal year of the Corporation ends on December 31 of
$583,217
Total profit and loss surplus Dec. 31 1912, $660,671.
John M. De Voe has been elected a director to succeed Henry
each year. The annual meeting of the Stockholders of the
D. Moore.
Corporation is held on the Fourth Monday in January at —V. 94, p. 1571.
(F. W.) Woolworth Co., New York.—Total Sales.Hoboken, N. J., and the regular meetings of the Board of
1913 —I'd.— 1912.
Increase.
1913-2 Mo.-11)12.
Directors are held bi-weekly.
Increase.
$3,536,823
$3 53,610
11.78% I $7.689,478
$6,503,851
18.23%
The stock certificates of each class are interchangeable —V.96, p. 495. 140.
and directly transferable either in New York or Chicago.
The New York Transfer Agent is Guaranty Trust
—The banking house of Wm. A. Read & Co. are offering
y of
New York and the New York Registrar is theCompan
New York on another page the unsold balance of an issue of $4,000,000
Trust Company. The Chicago Transfer Agent is the
Canadian Northern Railway equipment trust 43'% gold
Trust & Savings Bank and the Chicago Registrar isFirst
the certificates, series "F" 1 1913. The certificates are issued
Merchants' Loan & Trust Company.
under the Philadelphia plan and are due semi-annually
The principal office of the Corporation in New Jersey is March 1 1914 to March 11923. They are offered tofrom
at No. 51 Newark Street, Hoboken, N. J.
investor at a price to net 5 per cent. Full particulars the
reThe office of the Corporation in Chicago, Ill., is in the garding this offering were given in last week's"Chronic
Harvester Building, 606 S. Michigan Avenue. The Com- page 651. Other information, including the Presidenle",
t's
pany has an office in New York City at No. 17 Battery Place, statement,maylbe had upon application at the firm's
offices
in New York, Chicago, Philadelphia and London, England
Borough of Manhattan.
Directors (Term expires 1914): Charles Deering, Chair- See also map of the system in our "Railway and Industri .
al"
man, New York City, N. Y.; William J. Louderback, Chi- Section.
cago, Ill.
—Miller &
members
New
York Stock Exchange, of
(Term expires 1915): John A. Chapman and Cyrus H. 29 Broadway,Co.,
N. Y., are offering a high-grade public
McCormick, of Chicago, Ill.
bond to yield 5.10%. Tax-exempt in New York and utility
Penn(Term expires 1916): Harold F. McCormi
, secured by first mortgage on property, furnishing,
Ill.; William L. Saunders, Plainfield, N. J. ck, Chicago, sylvania
without
competit
ion,
electric
light,
gas, steam heat and
The Officers of the Corporation are: President, Cyrus power to eight prospero
us cities and towns in New York
H. McCormick; Vice-Presidents, James Deering,
State.
John
Circular
J.
on
applicat
ion.
Glessner, William H. Jones, Harold F. McCormick;
Treas—At 97% and interest, yielding over 6%, Hodenpyl,
urer, Harold F. McCormick; Secretary, Clarence F.
Gregory; Hardy & Co., bankers, 14 Wall St., this
city, are advertis
Assistant Treasurer and Assistant Secretary, William
M.
in
to-day's issue of the "Chronicle" an offering of $1,500,0ing
Gale.
00
Union Railway Gas & Electric Co. 3-year 5%
•
See
INTERNATIONAL HARVESTER CORPORATION advertisement for further particulars and ournotes.
"General
Investment News Department."
By CYRUS H. McCORMICK, President.
—Moreau Lieber & Co., Philadelphia, have moved to the
The Committee on Stock List recommends that the abovedescribed $30,000,000 Seven Per Cent Cumulative Preferred new Philadelphia Stock Exchange building. They have
Stock and $40,000,000 Common Stock be admitted to the opened a bond department under the supervision of Mr.
Frederick P. Suplee.
list, an official notice of issuance in exchange for old
out—In order to properly handle their growing
standing Preferred and Common Stock of the International
nt
business, Edward V. Kane & Co. of Philadelphia,investme
Harvester Company.
have taken
increase
floor
space
d
in
the
Morris Building.
WM. W. HEATON, Chairman.
GEORGE W. ELY, Secretary.
—"The Mathematics of Stock and Bond Investments,"
by Francis Theodore Tilton, will be mailed to inquirersIby
Adopted by the Governing Committee Feb. 25 1913.
the Guaranty Trust Co. of this city.




[VoL. xclu.

THE CHRONICLE

732

Tairmarrcial: TIMES.

COTTON.
Friday Night, March 7 1913.

THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. Far the
Friday Night, March 7 1913.
week ending this evening the total receipts have reached
Trade is still active and, in fact, very much larger than a 110,183 bales, against 117,320 bales last week and 114,107
year ago or at this time in 1911. This is particularly true bales the previous week, making the total receipts since
of iron and steel. The textile industries remain very pros- Sept. 1 1912 8,311,491 bales,against 10,049,245 bales for the
perous. The weather has been favorable for the winter- same period of 1911-12, showing a decrease since Sept. 1
wheat crop, It is true that cold weather has interfered to 1912 of 1,737,754 bales.
some extent with spring trade but it helps the sale of heavy
Total.
Wed. •Thurs. Fri.
Mon. Tues.
Sat.
Receipts atgoods. It is also true that gold continues to be exported
to France and South America. Yet, with business good in Galveston
3,023 8,619 12,644 6,766 10,961 8,265 50,278
609
506
most departments, the feeling is generally hopeful.
428
95
Texas City
------529
--------- 529
____
_ __ _
Port Arthur_ _ _ _
STOCKS OF MERCHANDISE AT NEW YORK.
•
12,376 12,376
_
&c_
Pass,
Aran.
1'12.
Mch.
'13.
1
Feb.
Mch. 1'13.
1,330 3,215 3,841 3,394 4,448 2.601 18,829
New Orleans_ __ _
hags_ 1,849,579 .1,744,123 1,958,128 Gulfport
Coffee, Brazil
46,725
29,881
21,765
mats_
Coffee, Java
--ii -577 1-.687 -618 --ii) 2F,659
113
Mobile
251,853
200.175
bags_ 221,531
Coffee, other
Nil
62,550 Pensacola ecc_.. 157
2i164
tons_
157
Sugar
Jacksonville,
Nil
4,500
Nil
No..
1,332 12,721
Hides
-Wi5 2-,i96 .2-,iiii2 3.'783
1,6'71
173,500 Savannah
122,571
_
bales.. 117,286
170
170
Cotton 1
2,450 Brunswick
6,939
bales_
11.744
567 1,321
iiii
Manila hemp
-Fri -56 M.,14 -i.'i
485 Charleston
5,862
7,322
bales_
Sisal hemp
Georgetown
- - --2
-949
-- 55,600
F-1
-§58 3,618
8,200
barrels_ 87,100
Flour
165
825
552
Wilmington _ __ _
1.124 4,771
1,093 1
LARD has been firmer with a fair demand; prime Western NorfolkNews, &c
1,481 1.481
___
------___
--_ ___
____
--------N'port
13
_
$11 05, refined Continent $11 55, South America $12 05; New York
_ •_
15
634
ii5
iio
iii --5
BO
88
Brazil, in kegs, $13 05. Speculation in lard futures has been Boston
Baltimore
- 157
- i37
::::
:::
:::: :
active and though prices have been rather irregular, con- Philadelphia
:::: ::::
formably to an increase or decrease in hog receipts or to
a decline or an advance in hog prices, yet on the whole there
has been an upward tendency. On a single day receipts of
The following shows the week's total receipts, the total
hogs at Western points were 77,000, against 119,000 on the since Sept. 1 1912, and the stocks to-night, compared with
same day last year. Yet on the advances packers have been last year:
sellers. To-day prices advanced, then reacted. Prices of
Stock.
I
I
1911-12.
1912-13.
provisions reached the highest point of the season.
Receipts to
CHICAGO.
DAILY CLOSING PRICES OF LARD FUTURES INThurs.
Fri.
This Since Sep 7'his 'Since Sep
Wed.
March 7.
Tues.
Mon.
Sat.
1913. I 1912.
Week. 11912. Week. 11911.
10.87i 10.873
10.85
10.82% 10.80
cts.10.80
May delivery
10.80
10.77% 10.77% 10.72% 10.77% 10.80
July delivery
336.427
252,434
21
10.80
55.4293.144,0
20,278
10.80
3,435,355
Galveston
10.77%
10.70
10.773
September delivery_ _ _ _10.80
22.273
20,698
Texas City
1,609 646,339 4,605 565,897
PORK higher; mess $20 75@$21 25, clear $22@$22 50, Port Arthur
529 108.153 1 3,5841 217,736
351
(
J
98.327
Aransas
&c..
Pass,
$19@$20;
12,376
family $22 50(024 50. Beef steady; mess
New Orleans.. _ _ _ 18,829 1,159.036 65,440,i,383,418 112,260 292,933
15,000
57,434
packet $21(022, family $22@$24, extra India mess $37@ Gulfport
2,756
64.260
21412
lbs.
13%@ Mobile
2.099 175,993 5.171 340,309
$38. Cut meats steady; pickled hams, 10 to 20
179,144
106,272
Pensacola
lbs.,
13@13 c. Jacksonville, &c_
1.710
14c.; bellies, clear, f. o. b. New York.6 to 12
48,581
14,166 1,187
157
96,089 187.249
12,721 1,108,563 39.435 2,117,139
Butter, creamery extras, 363/2e. Cheese, State whole milk, Savannah
17,365
1,453
-- 344,198
215,920
170
Brunswick
extras,
thered
45,648
colored, Specials, 17%@18c. Eggs, fresh-ga
14.950
1,321 267 811 5,689 381,009
Charleston
580
100
105
Georgetown
22()23c.
21,644
19,685
3,058 316,207 11,412 483,294
Wilmington
OILS.-Linseed firm; City, raw American seed, 47@48c.; Norfolk
62.143
46,344
4,771 *452,943 10,073 619,660
22,795
90,118 2,041
boiled 48©49c. Calcutta 70c. Cottonseed oil steady; N'port News,&c.. 1,481
4,383 117,323 172.768
135
12,985
13
winter $6 45(06 89; summer white $6 40@$6 89. Cocoa- New York
8,625
10,983
5
18
50
7:0
43
9
2
260
39,846 5,84
634
Boston
12,719
7.882
60,141
nut oil steady; Cochin 11 @11 %c. Ceylon 10©10he. Baltimore
137
1,740
2,359
154
2,311
_
___
easier
at
Philadelphia
Corn
Chinawood in fair demand at 7%@8c.
5.50@5.55c. Cod firm at 42@45c.
110,183 8,311,491 203,159 10049245 743,691 1,243 036
Total
COFFEE has been as a rule quiet but about steady at
Sept.1.
*22.337 bales added as correction of receipts at Norfolk since
123'e. for No.7 Rio, and sales have increased slightly. Mild
made with other years,
be
may
comparison
that
order
to
In
ffair
demand;
more
grades have latterly been in rather
the totals at leading ports for six seasons:
good Cucuta 14@143/2c. Speculation in futures has been we give below
dull, despite the fact that reduced crop estimates have been
1908.
1909.
1910.
1912. I 1911.
1913.
Receipts atcirculated. Judging from the sluggishness of the market,
is
many
of
idea
The
39,694
them.
40,695
in
22,465
faith
great
25,414
55,429
50,278
Galveston _ _ _
the trade places no
6,651
17,845
7,346
8,916
8,189
14,514
City,&c
that the next crop will be considerably larger than the present Texas
23,797
25,643
33,552
15,172
55,440
Orleans_
New
18,829
2,933
4,944
3,713
oae. Yet, covering of shorts and some decrease in the re- Mobile
950
5,171
2,099
10,651
11,935
11,304
10,205
39,435
12.7211
ceipts at times have brought about a moderate advance. Savannah _ _ _
2,773
3,020
409
170
Brunswick_ _ _
3,199
1.188
To-day prices advanced slightly. Closing prices as follows: Charleston.&c
1,667
461
5,789
1.3211
ati
5.442
971
4,234
11,142
.12.20 12.211September 12.400 12.41
3,058
_
January _ 12.2612.27 May _
9406
12.35
4,764
3,870
_12.33
_
12.2710ctober_
2,956
10,073
12.24
4,771
Norfolk
February _12.26012.271June
461
156
2.041
1,481
12.28 12.291November 12.29 12.31 N'port N.,&c.
1July
March_.._11.96
1,464
2,263
14,469
3,645
10,180
9411
12.06012.101August _ _ - 12.339 12.3511)ecember_ 12.25@12.27 All others_ _ _ _
April
during
ports
81,933 126,759 109,489
72,362
SUGAR.-Raw stronger; receipts at Atlantic
Total this wk. 110,183 203.159
and
the week were 55,397 tons, against 62,596 last week
Since Sept. 1_ 8,311,491 10049245 7,686,356 6,132,126 8,317,458 7,046,813
41,499 last year. The total stocks are 139,138 tons, against
Louisifrom
evening reaeh a total
128,617 last year and 86,632 in 1911. Advices
The exports for the week ending this
ana report favorable weather with work of all kinds pro- of 84,472 bales, of which 28,596 were to Great Britain,
gressing rapidly. Centrifugal, 96-degrees test, 3.54c.; mus- 7,698 to France and 48,178 to the rest of the Continent.
covado, 89-degrees test, 3.04c.; molasses, 89-degrees test, Below are the exports for the week and since Sept. 11912:
2.79c, Refined quiet and steady; granulated 4.30c.
1 1912 to March 7 1919.
PETROLEUM.-Firm; barrels 8.50(0.50c.; bulk 4.80@
Week ending March 7 1913. From Sept. Exported
toExpo:led to5.80c., and cases 10.80@11.80c. Naphtha steady; 73©7
Exports
Great
nitt.- 1 Taal.
'oen
Cn
Conti-1
degrees, in 100-gallon drums, 25c.; drums $8 50 extra.
Great
fromBritain.lorance .j nent. I Total.! Britain.1 Fiance.
Gasoline, 86 degrees, 29 Mc.; 74 to 76 degrees, 253.c.; 68
to 70 degrees, 223.c., and stove 21c. Spirits of turpentine Galveston_ .J 15,906 7,007 12,907 35,8201,158,275 370,6401,160,038 2,695,851
4,1071 3S3,901 140,703 77,907j 608,601
'i'exa$Clty.l 4,107
44e. Common to good strained rosin $6 60.
7' 108,153
0
2,4
30:17)2
8 89
529i 0
14:0
81 2
8 55
42
!
6_ iij
;
Arthurt
I
TOBACCO.-In wrapper and binder leaf trade has im- Part
-_
-_
-_
-.
Ar.Pass,&c_
11(2
13
1.01)
297,841
liberal
125,566
a
,
.
,.26
quite
580,519
111have
reached
2
5
sales
2
16
proved. In some cases the
NewOrlea
47,172
1;02
91:712.4 1019
1(
2
..
aggregate. Cigar manufacturers are doing an excellent Mobile
,g1
21
i
r4
,75
_
Pensacola_
-.-..-- -I
- 118,724 62,869 505,01 686,605
business. So great, indeed, is the pressure of orders that it Savannah _ _
89,06 194,490
3-090, 105,423
_ 3-,99is no easy matter, with the labor supply deficient to operate Brunswick
5,000 132,55 197,851
60,292
6,700,
6.-r8
Charleriton_
opens
282,276
sale
inscription
120,137
Sumatra
59,673
the
93,496
to full capacity. To-day
Wilmington. __ _ _
08,513
500 53,22
-gi,iI: 14,793
Cuban leaf is in fair Norfolk_ 1..11 ____
291
•
at Amsterdam, and interest is keen.
201
N'portNews
3
0::58
77
3833
3
14g
133
1:
04
7704
3
7::61
moderate.
057
1,2
than
39,570
more
no
is
7
supply
7
55
1711 12
3-3
2-:9
8:73:2
demand and the
New York_ 2-,i5i -ai 1-,o9;1 4
steadier, if Boston
and
abroad
aetive
_
mote
2,331
___
been
has
COPPER
1,850
114
1
)
A:
100
-iiio
Baltimore_ _
I
still rather quiet, in this country; Lake 14%@15c., electro- Philadelph
reacted; PortI'd, Me.
472
lytic 148c. Tin active and higher for a time, then
5,476
5;iiii
San Frau_ _
1g,I06 17(
3illiii
spot here 48.35c., later 47%c; big interests have been buying P't
3,435,
3,435
Towns'd
in London, where prices rose sharply, then reacted vio06
913,754
.
2
5,1906,855,604
2,976,56
Total_ _ _ 28,596 7,60 48,17884,472
--lently. Lead 4.35c., spoltor 6.273'c. Pig iron dull, buyers
awaiting further easing of prices; No. 2 foundry, East, at Tot.1911-12 82,266 17,694 173,395 273,355 3,360,233 990,093 3,911,1578,262,383
bales Peru, &C.. to Liverpool.
furnace, $16 75@$17 25; pig iron production is enormous.
Note.-N.Y.exports since Sept. 1 Include 18,443
Business in steel plates, shapes and bars is so big that in
our telegrams to-night also
exports,
above
to
In
addition
Pittsburgh and Chicago there is a disinclination to accept
cotton on shipboard, not
us the following amounts of
new orders for the third and fourth quarters of 1913 and still give
We add similar figures for
named.
ports
the
at
cleared,
less for the first half of next year, as some buyers would
New York.
like them to do. Railroads are the largest buyersof material.

COMMERCIAL EPITOME.




pp,

f

I

f

pp

MAR. 8

THE CHRONICLE

19 3.1
On Shipboard, Not Cleared for-

dch. 7 at-

Other CoastGerGreat
Britain. France many. Foreign wise.

New Orleans__ 6,438
Galveston__ __ 21,331
Savannah_
1,600
Charleston____
303
Mobile
210
Norfolk
300
New York
7,000
Other ports

1,358 10,058 9,699
1,690 44,619 21,103
----

Total.

Leaving
Stock.

484 28,037
2,489 91,132
400
400
1,600
-419 8,119
24,000 24,210
1,400
15,000

84,223
161.302
95,689
13.450
13,293
37,933
115,923
52,080

Total 1913__ 37,082 3,448 70,274 31,202 27,792 169,798
Total 1912-- 146,325 22,577 61,043 49,830 21,310 301.085
Total 1911__ 40,455 8,039 38,918 28.556 12,353 128,321

673.893
941.951
525,784

7,397

-866

-6
.6

8,000

-466

Speculation in cotton for future delivery has been very dull
and the fluctuations have been confined to comparatively
small limits. In fact, on some days the changes have been
so slight as to be hardly worth recording. Yet the fact remains that prices have declined somewhat. One of the factors which has exerted a more or less depressing influence
has been the dulness of the spot markets, with reports from
time to time that spot prices were weakening and that spot
dealers were having financial troubles. Not only in the
Eastern belt, but west of the Mississippi River, according to
not a few, prices for spot cotton have shown a sagging t9ndency. Some figure that there must be something like
2,700,000 bales of spot cotton unsold at the South, and that
it is only a question of time when this will have to be disposed
of. Some reports have intimated that the banks in Some
parts of the South were disposed to call in their loans on cotton. As near as can be gathered, however, this has been by
no means general. Yet it seals a fact beyond dispute that
trade in the actual cotton in most sections has dwindled to
very small proportions. Corroborative evidence of this
seems to be afforded by the very sharp falling off in the exports within the last couple of months. The total of exports
thus far this year is now very far below that at the same date
last year-indeed, nearly 1,500,000 bales less. At the same
time it is of interest to note that, despite the fact that this
crop is some 2,000,000 bales smaller than the last one, the
stocks at interior towns are noticeably larger than those of
a year ago. This is taken as meaning that the mills are using
less cotton or that they are drawing on the large reserves with
which they entered the present season. In any case, the
dulness of spot cotton stands out as a conspicuous feature
and attracts wide attention. The South of late has been
selling against the actual cotton. Field work is well forward.
It is little to say that it is much in advance of last year, for
last year the season was unusually late by reason of rains,
floods and cold weather. But the fact seems indisputable
that this year, taking the belt as a whole, crop preparations
are fully up to normal. Those who look with disfavor on
present prices, regarding them as too high, think that they
are maintained very largely by the friendly attitude toward
the market of large Liverpool interests and also of important
spot interests on this side of the water. On the other hand,
it is worth while to recall that prices really have not declined
severely during the week, that rallies have been frequent,
that on all setbacks shorts have covered quite freely and that,
as a rule,,there is no aggressive trading at the present time
for a decline. New Orleans and Dallas have reported a better spot demand. White cotton is said to be hard to buy.
Stocks at the ports are very much smaller than those of a
year ago. The world's visible supply is much less than it
was then. The premium on March over May has been easily
maintained in the neighborhood of 30 points, and yet the
New York stock is not increasing. The parity of futures is
far below that of "spots" at the South. Liverpool's attitude, as already intimated, is bullish. .Its spot sales of late
have been up to 10,000 bales, partly owing to a demand from
Manchester. The Continent has bought new-crop months in
Liverpool. There have been intimations that spinners in
some cases were buying for a considerable period ahead.
Though trading on the Continent is said to have been adversely affected by the Balkan war and tightness of money,
the actual consumption throughout the world, not excepting
the Continent of Europe itself, is largd. To-day prices declined. Liverpool's spot sales were only 7,000 bales. Spot
cotton closed at 12.60e. for middling uplands, showing a
decline for the week of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Mch. 1 to Mch. 7Middling uplands

Sat. Mon. Tues. Wed. Thurs. Fri.
12.70 12.70 12.75 12.70 12.70 12.60

NEW YORK QUOTATION FOR 32 YEARS.
1913.c
1912
1911
1910
1909
1908
1907
1906

12.60
10.45
14.30
14.65
9.85
11.45
11.45
11.25

1905-c
1904
1903
1902
1901
1900
1899
1898

7.85
16.50
9.95
9.19
8.88
9.62
6.56
6.25

1897.c
1896
1895
1894'
1893
1892
1891
1890

7.19
7.62
5.88
7.62
9.25
7.00
8.88
11.38

1889_c
1888
1887
1886
1885
1884
1883
1882

10.19
10.19
9.75
9.19
11.38
10.88
10.19
11.81

MARKET AND SALES AT NEW YORK.

Saturday--Monday --Tuesday Wednesday
Thursday __
Friday

Spot Market
Closed.

Futures
Market
Closed.

uiet
ulet
ulet, 5 pts. adv__ _
ulet. 5 pts. dee
ulet
ulet 10 pts. dec

Easy
Steady
Steady
Steady
Steady
Barely Steady _

Ire Total




SALES.
Spot. Confect Total.
38,400 387,466
2,500 2,500
1,300
500

1,300
500

42.700 42,700

733

FUTURES.-The highest, lowest and closing prices at,
New York the past week have been as follows:

4
414
.914 11!°461kikeid
Am g4eil
r. I
g pr,
If-ZI = 11
PI
io To To io TS To rg 2 10 ."
rg fo 140
".".
V Al
Mb
tok
Ol
II
0.
II =
II
."
ir44CsAO§ Co4, 064 ?.(0 bin
tol

IQ

To TS

TS le TS
""
bk II
k3t
-"
II
r.2.1 ."
Coop
le TS I@ TS TS !_o TS To TS
""
".
Cru'cr,
I I inClb ;931 oo
21 88
.0
II
PI is2C4
Co:4 it
TS
io TS TZ ".
TS T.41' ig
."
bon:
Coao
;DO
1.34)
co=
0.
oo.P.
10

TS

10

TS T

Coos Men
coo

II
'48

10 10

0000

bata to
iDO
too' '
.C.
7
.
3
tow

00

4343

0.0

E75

toto

I I w-

ON

toto

0.30

II

:24
1
'is5 1 "b51:;

Coao boa°

10

TS TS ,0
0 ,1
'
DI
6as
`gg 61
-4 "'
to.

TS

gcl

to

c.

tol

-...1 = = .-:1
II ::.1 = II =
AAA
1414 4
t340

4040

00

114;

TS "
To To
IS ..
To ..
TS ..
..
..
..
.
..
..
..
""
CoOo tio;"
4.:4 Al
C..:;;
, 4,4
elli oo ro,4 ;si kk
-'t.'
orit.2 wm II b.2.4 t :
Ip Ip II ip ip 1p 1p 1p 1p II 1r,
'63.
. . t. s i-J s s s
to to

10 I! 2 10 ii TO

II
II

001

i! i! I! ip. I© I© le i!
II 1; ii II ii ii ii Ci: ii i',:. ii IL'.

10 I! 1! 10

7
ve

THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
March 7Stock at Liverpool
Stock at London
Stock at Manchester

1912.
1913.
1911.
bales.1,399,000 1,174,000 1.290,000
2,000
6,000
7,000
92,000 117,000
94,000

Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks

1910.
900,000
5,000
59,000

1,498,000 1,268,000 1,414,000
7,000
11,000
4,000
536,000 584,000 293,000
434,000 318,000 326,000
2,000
4,000
2,000
39.000
20,000
22,000
36,000
32.000
46,000
31,000
5.000
4,000

964,000
6,000
270,000
389,000
3,000
8.000
52,000
4,000

1.089,000

732,000

970,000

697,000

2,587,000 2,238,000 2,111,000 1,696,000
Total European stocks
98,000
India cotton afloat for Europe__ _
92,000 154,000 236,000
Amer. cotton afloat for Europe.._ 292,425 844,021 438,729 246,962
Egypt,Brazil,&c.afloat for Europe 56.000
61,000
57,000
36,000
Stock in Alexanoiria, Egypt
2,9,000 257,000 230,000 164,000
Stock in Bombay, India
760,000 625,000 497,000 750,000
Stock in U. S. ports
743.691 1,243,036 654,105 642.434
Stock in U. S. interior towns
674,428 573,122 552,964 585,810
U. S. exports to-day
31,663
11,408
1,495
4,209
Total visible supply
5,491,952 6,964,842 4,696,293 4,361,415
Of the above, totals of American and other descriptions are as follows
AmericanLiverpool stock
bales.1,231,000 1.067,000 1,168,000 831,000
Manchester stock
61,000
67,000
94.000
50,000
Continental stock
1.052.000 945,000 662,000 687,000
American afloat for Europe
292.425 844,021 438,729 246,962
743,691 1,243.036 654,105 642,434
U. S. port stocks
674.428 573,122 552,964 585,810
U. S. interior stocks
11,408
U. S. exports to-day
31,663
1,495
4,209
Total American
East Indian, Brazil, &c.'
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India

4,065,952 4,770,842 3,571,293 3,047,415
168,000
5,000
33,000
37.000
98,000
56,000
269,000
760,000

107,000 122,000
7,000
2,000
23,000
25,000
35,000
25,000
92,000 154,000
57,000
61,000
257,000' 230,000
625,000 497.000

69,000
5.000
9,000
45.000
236,000
36,000
164.000
750,000

1.426,000 1,194.000 1,125,000 1,314,000
4.065.952 4,770,842 3,571,293 3,047.415
5,491.952 6,964.842 4,696,293 4,361.415
Total visible supply
6.81d.
Middling Upland, Liverpool
6.03d.
7.66d.
8.05d.
Middling Upland, New York_ __ _ 12.60c.
10.70c.
14.55c.
15.10c.
10.404. 9 11-16d.
Egypt, Good Brown, Liverpool
1031d.
16%d.
Peruvian, Rough Good,Liverpool 10.00d.
9.104. 11.304. 10.50d.
6iid.
Broach, Fine, Liverpool
53id. 77-16d.
73d.
Tinnevelly, Good, Liverpool- --6%d. 5 11-16d. 7 5-16d. 7 1-16d.
Total East India, &c
Total American

Continental imports for the past week have been 129,000
bales.
The above figures for 1913 show a decrease from last week
of 97,353 bales, a loss of 472,890 bales from 1912, an excess
of 795,659 bales over 1911 and a gain of 1,130,537 bales
over 1910.

734

THE CHRONICLE

[VOL. xcla.

AT THE INTERIOR TOWNS the improvement-that is,
NEW ORLEANS OPTION MARKET.-The highest,
the receipts for the week and since Sept. 1, the shipments lowest and closing quotations for leading options in the New
for the week and the stocks to-night, and the same items Orleans cotton market for the past week have been as follows:
for the corresponding period for the previous year-is set
out in detail below.
Sat'day, Monday, Tuesday, Wed'day, Thursd'u, Friday,
March 1. March 3. March 4. March 5. March 6. March 7.

lloveatent to March 8 1912.

..,

e,e.
w

NVVNOV0V 0.W ON
.00
t: 0M2=1N.
82NM0g
,
08gW.N88C
441108
'
1?
.
4 g v .0 .
. .1..
0
..00.010.00.cONVONCr400N..,.,.°',...,
.to cot.00i,..m..,,a4
.406 .4
,-7 ,-7
,IE
N
,
0

.
.4

C13
,.,.
mi
0

. tacc/g7
0
.82mscriggoo.,4,or-minoomnm-c,Nmcm

g clm.N...n..ots.17:1...,%=.04=185g=4424 T-7.
d i AlAngt°52184gg4gRgt44=4238.2,710 ti
.
,. 0
V. W
8
'
4 i

N

RHEEISEWW18A2M28°04gc9=128g
,..,....4a ,6,4,„; ,..7.4
,MM,
4NO e
Cr.r0t:N.M
CO..

0
Co
..

W
- g
..,

_ '_. _

v 10.
-0CD-,
CDOWC4V.
t.C.0
,
1t5M CA CD*4&
-itTC519C400 CD0
00015-

M-

1. u=;4WroggAS.24.8824.7AIWT
-4322g.g3 4
' n4
74g-F474°°74c4c"-4'e'g gi e4L4
'
62,
1t
:
.,i 4222.8g :4e482Vi2A8=8VgA:M848 ATI
. r,N.C4,
0 ;0,1
„t einm.c.tigolmAlim 2,XD.LM,02-10
glik ..... 1 N.,. N NN
o co
t-:
,-; '6,4
.
.
,
I.
6,336,868'113,7061

a

• MtrgraggE7
=83=L
AlgtWolgiMglp
..0,......0.
?.'.,00.mm.v.m.mm,....
Atil
a
itt&1
244
w19:2tid 7°t..m.
8
:
, ..
.m .
v.
ci
5
0, 0.00000WVO
4 ..; CO VIN03.,0003.0)V FOI27013
"
e
t2 : =888 :28 18
a0n
e
,-4

. -t....... -..02C01,4COC1,410V
a
csi

Csi

0,...-ie! i 400,-11-4NO .000
csi Ir...4

t•••

,
id- .. 0

,U

Xo(DoiE-1

E•4

P
2

to•
. a;
.hi
.0 8 .,;•114
4
hil
'
e;
•
"
71
1
-cs
'
n 0
2 pi 2
...73
,. C14:1 i, g i r.4,1 ,,A 0
d 0 „vg ,.;
2 '
- o..0.
”da.1.141.a.04"Morlyoo.%)
13
og0A1.4.,,A.
.30007100 da0o0,00001. a04.
'0,w7J-4.0-asatq-(51Ea01.4.4/,.alliagi E"
WA1144
.
40gm000oir4011,40X11
1 13=0:1A4

est year s figures are for o
a Includes 7,649 bales burned.

ville,

MarchRange
Closing
May
Range
Closing
July-Range
Closing
AugustRange
Closing
OctoberRange
Closing
DecemberRange
Closing
ToneSpot
nnti...

12.17-.29 12.21-.26 12.30-.34 12.17-.30 12.19-.25 12.16-.20
12.18 -12.28-.30 12.28-.29 12.20-.21 12.24-.25 12.17-.19
12.12-.26 12.16-.25 12.24-.31 12.07-.25 12.12-.20 12.08-.15
12.16-.17 12.25-.26 12.24-.25 12.16-.17 12.18-.19 12.10-.11
12.12-.28 12.16-.25 12.24-.30 12.07-.25 12.10-.19 12.06-.14
12.17-.18 12.25 -12.23-.24 12.15-.16 12.17-.18 12.07-.08
- @ -11.93-.97- @ -- @ -- (4 -11.86-.89
11.82-.- 12.03-.05 12.02-.04 11.94-.96 11.94-.96 11.86-.87
11.46-.59 11.48-.57 11.57-.63 11.46-.58 11.48-.53 11.45-.51
11.48-.49 11.57 -11.57-.58 11.50-.51 11.53-.54 11.45-.46
- 0 -- @ -11.60 -11.58 -11.51-.53 11.48-.51
11.49-.59 11.58-.60 11.58-.60 11.51-.53 11.54-.55 11.46-.47
Steady
cl.-...d...

Quiet
(a......4.,

Quiet

n.....

Steady

0.,-.......

Steady
co..........,.

Quiet

a-C..4,a.

•
COTTON CONSUMPTION AND OVERLAND MOVEMENT TO MARCH 1.-Below we present a synopsis of the
crop movement for the month of February and the six months
ended Feb. 28-29 for three years:
1912-13. I 1911-12.

1910-11.

Gross overland for February
bales_
147,878
412,597, 244,580
Gross overland for 6 months
1,199,149 1,285,567 1,039,335
Net overland for February
117,142
118.140
200,802
Net overland for 6 months
937,437 1,063,722
834,983
Port receipts in February
474,328 1,264.509
530,285
Port receipts in 6 months
8,178,971 9,780,374 7.573,730
Exports in February
497,218 1,192.451
802,480
Exports in 6 months
6.766,244 7,922.966 6,223,773
Port stocks on Feb. 29
756.174 1.359.503
719,017
Northern spinners' takings to March 1
1,908.036 1,758,581 1,655,253
Southern consumption to March 1
1,448,000 1,279,000 1,193,000
Overland to Canada for 6 months (included in net overland)
90,857r
93.95
105,946
Burnt North and South in 6 months
143
12
22
Stocks at North. interior markets Feb. 28
27,584
14.471
19,858
Came in sight during February
746,628 1.494.311
762,427
Amount of crop in sight March 1
11,173,749 12,624.096 10,149,713
Came in sight during balance of season_
3.419.220 1,982,619
Total crop
16,043,316 12,132,332
Average gross weight of bales
517.58
515.24
511.68
Average net weight of bales
492.581
490.24
486.68

OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
WEATHENREPORTS BY TELEGRAPH.-Telegraphic
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for advices to us this evening from the South indicate that the
the week and since Sept. 1 in the last two years are as follows: rainfall has been light as a rule during the week. With favor-1912-13-1911-12- able weather farm work has made good progress quite
Since
Since
March 7Week. Sept. 1.
Week. Sept. 1. generally.
Shipped10,564 434,897
18,903 470.648
Via St. Louis
Galveston, Tex.-Crop preparations throughout Texas are
4,209 205,624
a4,001 a206,600
Via Cairo
3,897 making good progress, with favorable weather the past week.
309
624
17,004
Via Rock Island
5,124 117,337
958
64,588
Via Louisville
87.867 Little business being done. Sellers and buyers apart.
7,984
2,732 116.982
Via Cincinnati
8,324 156,393 Cotton held appears to be in strong hands, exporters claim586 108,046
Via Virginia points
19,107 310,530
7,349 278,715
Vit other routes. Szc
ing they can fill requirements on a relatively cheaper basis
64,067 1,353,272 abroad than that asked by owners. There has been rain •
26,707 1,225,856
Total gross overland
Deduct shipments6,237 145,060 on one day of the past week, the rainfall reaching eight
Overland to N. Y., Boston. &c.._ 784 115.283
11,876
67,818 hundredths of an inch. The thermometer has averaged 55,
3,498
86,255
Between interior towns
66,423
989
1,967
28,263 ranging from 43 to 67.
Inland, &c., from South
Abilene, Tex.-We have had rain on one day during the
19,102 241.141
6,249 267,961
Total to be deducted
week, to the extent of one hundredth of an inch. Mini20,458 957,895
44,965 1,112,131
Leaving total net overland *
mum thermometer 22.
* Including movement by rail to Canada. a Revised.
Palestine, Tex.-We have had no rain the past week.
The foregoing shows the week's net overland movement Lowest thermometer 30.
San Antonio, Tex.-We have had rain on one day during
has been 20,458 bales,against 44,965 bales for the week last
year, and that for the season to date the aggregate net over- the week, to th extent of twenty-four hundredths of an
inch. Minimum thermometer 40.
land exhibits a decrease from a year ago of 154,236 bales.
1911 12
1912-13
Taylor, Tex.-It has rained on one day of the week, the
Since
Since
In Sight and Spinners'
Sept. 1. precipitation reaching four" hundredths of an inch. Lowest
Week. ' Sept. 1
Week.
Takings.
110,183 8,311,491 203,159 10,049,245 thermometer 32.
Receipts at ports to Mar.7
20,458
957,895,1,112,131
Net overland to Mar. 7
New Orleans, La.-It has been dry all the week. Average
Southern consumption to Mar. 7_56.000 1,504,000 55,000 1,342,000
thermometer 58.
186,641 10,773,386 303,124 12,503,376
Total marketed
Shreveport, La.-We have had no rain during the week.
*31,949
577,392 *21,967
472,685
Interior stocks in excess
Minimum thermometer 31, maximum 71.
281,147
Came into sight during week ____154,692
Vicksburg, Miss.-We have had no rain the past week.
11,350,778
12,976,061
Total in sight Mar. 7
Lowest thermometer 37, highest 70, average 51.
North.spinners' takings to Mar.7 65,681 1,986,493 73,239 1,849,594
Helena, Ark.-Good farming weather. We have had
light rain on two days during the week, to the extent of
* Decrease during week.
thirty-eight hundredths of an inch. Minimum thermometer
Movement into sight in previous years.
28, highest 67, average 43.3.
Bales.
Since Sept. 1Bales.
Week10,311,410
112,423 1910-11-March 10
1911-March 10
Memphis, Tenn.-We have had rain on one day during the
8,741,319
109,259 1909-10-March 11
1910-March 11
11,331,124 week to the extent of one hundredths of an inch. The ther189,580 1908-09-March 12
1909-March 12
has ranged from 24 to 59, averaging 42.
QUOTATIONS FOR MIDDLING COTTON AT mometer
Little
Ark.-It has been dry all the week. The therOTHER MARKETS.-Below are the closing quotations mometerRock,
has averaged 46, arnging from 30 to 62.
for middling cotton at Southern and other principal cotton
Mobile, Ala.-Weather quite favorable for farm work.
markets for each day of the week.
We have had rain on three days during the week, the precipitation being six hundredths of an inch. The therClosing Quotations for Middling Cotton onWeek endin
mometer has ranged from 40 to 73, averaging 57.
March 7.
Sat'day. Monday. Tuesday. 1Ved'day. Thursd'y., Friday.
Selma, Ala.-We have had rain on one day during the
Galveston
12"
12 11-16 12%
12 9-16
week, the precipitation being fifteen hundredths of an inch.
12 11-16 ____
New Orleans
125
12%
1235
1235
1234
1234
The thermometer has ranged from 30 to 68, averaging 49.
Mobile
12 3-16 12 3-16 12 3-16 12 3-16 12 -16 12 3-16
Madison, Fla.-We have had rain on three days during
Savannah
12%
1234
1235
1234
1234
124
Charleston
12%
1234
12%
12%
12%,
1234
the week, the precipitation being three inches and twentyWilmington
12%
1234
five hundredths. The thermometer has averaged 59, the
Norfolk
1234
1235
12%
1288
1234
1234
Baltimore
12%
12%
12N,
12'
12%
12 4
highest being 70 and the lowest 45.
Philadelphia.. 12.95
12.95
12.95
12.95
13.00
12.85
Savannah, Ga.-We have had rain on four days during the
Augusta
12%
12%
1234
12%
1234
1234
1234
Memphis
12%
1235
12%
1234
1234
week, to the extent of two inches and ninety-three hun1234
1234
12
St. Louis
1234
1234
1234
dredths. The thermometer has averaged 60, ranging from
12
1235
12
12%
Houston
- 1234
Little Rock
12%
lik
1211.
12%
1294
12%
41 to 79.




Charleston, S. C.-There has been rain on three days during
the week, the precipitation raching one inch and sixty-three
hundredths. The thermometer has averaged 60, the highest
being 79 and the lowest 40.
=Charlotte, N. C.-We have had rain during the week to
the extent of seventy-five hundredths of an inch. The
thermometer has averaged 45, ranging from 28 to 62.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and since
Sept. 1 for the last two seasons, from all sources from which
statistics are obtainable; also the takings, or amounts gone
out of sight, for the like period:
Cotton Takings.
Week and Season.

1911-12.

1912-13.
Week.

Season.

Week.

Season.

Visible supply Feb. 28
6,033,781
5,589,305
Visible supply Sept. 1
1,603.418
2,135,485
American in sight to March 7_ _ 154,692 11,350.778 281,157 12,976,061
Bombay receipts to March 6- _ 09,000 1,495,000 100,000 1,487,000
Other India shipm'ts to March 6
76,300
123.000
9,000
892,200
Alexandria receipts to March 5960,000
5,000
20.500
Other supply to March 5 *
174.000
202,000
3,000
8,000
5.864,997 16,266,263 6.438,438 17,208,979

Total supply
DeductVialboe supply March 7

5,491,952 5,491,952 5,964,842 5,964,842

Total takings to March 7 a....._
373,045 10,774,311 473,596 11,244,137
Of which American
281,045 8,650,311 385,096 9,057,6:37
Of which other
88,500 2,186.500
92.000 2,124,000
dies, &c.
-* Embraces receipts in Europe from Brazil, Smyrna, West Ina This total embraces the estimated consumption by Southern mills,
1,504,000 bales in 1912-13 and 1,342,000 blaes in 1911-12-takings not
being available-and the aggregate amounts taken by Northern and
foreign spinners, 9,270.311 bales in 1912-13 and 9,902,137 bales in 1911-12.
of which 7,146,311 bales and 7,715.637 bales American.

INDIA COTTON MOVEMENT FROM ALL PORTS.The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for three years have been as follows:
1912-13.
March 6.
Receipts atWeek.

1911-12.

Since
Sept. 1.

1910-11.

Since
Week. I Sept. 1.

Since
Sept. 1.

Week.

99,000 1,495,000 100,000 1,487,000 71,000 1,367,000

Bombay

For the Week.
Exports
from-

Since September 1.

Great I ContiGreat Conti- 1Japan
Japan
neat. & China. Total.
Britain. neat. &China Toia1.1 Britain.

Bombay1912-13._
1911-12_
1910-11_ _ 2,000
'Calcutta1912-13
1911-12
1910-11
Madras1912-13
1911-12
1910-11
All others1912-13
1911-12
1910-11_ 1,000

I
I
11,0001 46,000 57,000
15,000 13,000 28,000
22,000,
20,000
1,0001
7,000

2,000

14,000 173,000 415,000 602,000
3,000 135,000 419,000 557,000
20,000 478,000 280,000 778,000

1,0001
I
7,000

3,000
2,000
2,000,1

8,000

8,000
11,0001
I

Total all1912-13__ ______ 20,000 46,000 66,0001
1911-12_
15,000 13,000 28,000
37,000 7,000 46,000
1910-11_ _

8,000
6,000
11,000

4,0001 13,00
2,000
5,000
8,000, 18,000
I
8,000 65,000
4,000 44,000
27,000 135,000

2,0001

10,000

6,000
1,500
13,000

17,000
9,500
26,000

800
5

17,000
7,800
26,005

16,000 89,000
11,000 59,000
1,300 163,300

29,0001 259,000 '437,000 725,000
11.000 190,000 432,300 633,300
57,000 642,000 294,305 993,305

ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
March 5.
Receipts (cantars)This week
Since Sept. 1
Exports (bales)-

1912-13.

1911-12.

1910-11.

70,000
7,199,523

160,000
6,691,555

80,000
7,099,810_

This Since
Week. Sept. 1.

This Since
Week. Sept. 1.

This Since
Week. Sept. 1.

To Liverpool
4,000 168,286 6,750 153,528 3,750 176,136
To Manchester
172,039 8,250 179,370 8,000 179,309
To Continent and India_ 14,750 265,494 13,750 252,299 11,750 288,537
To America
5,750 98,786 7,000 68.331 2,250 90,407
Total exports
24.500 704.605 35.750 853.528 25.750 734.389
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.

MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. The demand for both.
India and China is improving. We give the prices for today below and leave those for previous weeks of this and
last year for comparison.
1913.
32: Cop
Twist.
d.
Jan.
17 10% 61
24 10
ig1
00
31 10
Feb.
04
7 10
14 1034 04
21 10
28 10
04
Mch
7 934 0

1912.

83j lbs. Shirt- Coln
ings, common Mid.
Upl's
to finest.
d. s. d.

32: don
Twist.

8. d. (1. d.

834 lbs. sun-

tags, common
to finest.

d. s.d.

11 8 3 (it,11
10% 8 3 011 8
1034 8 3 @,11

6.80 834 0
6.69834 (0
8.84 8 11-18(0

1034 8
11 6
10% 6
10% 6

6.841834
9 13 18 5
(010
5
6.93 9
0.10
5
6.77 9
6.89 8 15-160 10 5

3 611 8
4 ©11 8
3340_411
334(011 8

10% 8 334011 (I

Cot's
Mid
(Jigs

e. d. d.

9;•( 5 454010 6
5.40
934 5 5 (010734 5.50
934 5 5%0010 8
6.77
6310-411
734o,11
7340111
7340.11

o
1
1
1

5.90
685
6.93
6.91

6.8119 1-16 0 1034 5 9 011 234 6.03

SHIPPING NEWS.-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 84,472 bales. The shipments in detail, as made
sip from mail and telegraphic returns, are as follows:




735

THE CHRONICLE

MAR $ 1913.]

Total bales.
NEW YORK-To Liverpool-Feb. 28-Armenian, 1,844.._ _Car2,262
mania, 356 --_Mch. 5-Celtic. 62
691
To Havre--Mch. 1-Grantor, 431 upland, 260 Sea Island
To Bremen-Mch, 5-Prinz Friedrich Wilhelm, 56
56
100
To Copenhagen-Feb. 26-United States. 100
101
To Genoa-Feb. 28-Prinzess Irene, 101
To Naples-Feb. 27-Pannonia, 607.. ..Feb. 28-Prinzess
Irene,350_ __Mch. 1-Red'Italia 750
1,707
8,154
GALVESTON-To Liverpool-Mch. 5-Justin, 8.154
To Manchester-Mch. 3-Asuncion de Larrinaga, 7,752
7,752
To Havre-Mch. 3-Penryth Castle, 7,007
7.007
To Bremen-Feb. 28-St. Hugo, 7,619
7,619
To Hamburg-Feb. 28-Sparta, 734
734
To Antwerp-Mch. 3-Penryth Castle, 100
100
To Gothenburg-Mch. 1-Noruega, 1,300
1,300
To Rotterdam-Mch, 6-Castano, 3,154
3,154
TEXAS CITY-To Liverpool-Mch. 4-Orator. 4,107
4,107
PORT ARTHUR-To Bremen-Mch, 3-Wavelet, 529
529
NEW ORLEANS-To Hamburg-Mch.6-Crown of Arragon, 883.. 883
To Rotterdam-Mch. 1-Gorredyk, 110
110
To Oporto-Mch.3-Miguel M.Pinillos, 100
100
To Barcelona-Mch. 3-Miguel M. Pinillos, 3,140
3,140
To Genoa-Mch. 3-Italia, 4,164.._Mch. 5-11 Piemonte,
7,500
11,664
To Naples-Mch. 3-Italia, 200
200
To Mexico-Mch. 1-Antares, 155
155
BRUNSWICK-To Liverpool-Mch.3-Jamaican, 3,990
3,990
CHARLESTON-To Bremen-Mch. 4-Dominion, 6,700
6,700
NORFOLK-To Hamburg-Feb. 27-Abessinie, 815
815
BOSTON-To Liverpool-Feb.27-Winifredlan, 2,077-_-Mch.3Ivernia, 254
2,331
BALTIMORE-To Bremen-Mch. 5-Main, 100
100
SAN FRANCISCO-To Japan-Mch. 1-Tenyo Maru, 5,476
5,476
PORT TOWNSEND-To Japan-Mch.4-Seattle Maru, 3,435
3,435
Total

84,472

The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French Ger- -Oth.Europe- Mex.,
Britain. ports. many. North. South. &c. Japan. Total.
2,262
691
56
New York
100 1,808
4,917
15,906 7,007 8,353 4,554
__
Galveston
_-_- 35,820
4,107
4,107
Texas City
- - ____
Port Arthur_
_ _ _ _529
529
110 15,104 "188
883
16,252
New Orleans_ _ _
3,990
3,990
Brunswick
6,700
6,700
Charleston
---815
---815
Norfolk
2,331
_--2,331
Boston
____
100
-166
Baltimore
____
5,476
5,476
San Francisco
---3,435
3,435
Port Townsend_ ____
28,596 7,698,17,436 4,764 16,912 155 8,911 84,472
Total

The exports to Japan since Sept. 1 have been 232,399 bales
from Pacific ports, and 2,500 bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Fri.
Wed. Thurs.
Mon.
Tues.
Sat.
30
30
30
30
30
Liverpool
30
30
30
30
30
30
30
Manchester
35
35
35
35
35
35
Ifavre
35
35
35
35
Bremen
35
35
hamburg
50
50
50
50
50
50
351040 35040 351040 35040 351040 35040
Antwerp
Ghent, via Antwerp 41046 41046 41046 41046 41046 41046
50
50
50
50
Royal
50
50
60
60
60
60
Barcelona
60
60
40
40
40
40
Genoa
40
40
50
50
50
Trieste
50
50
50
Japan
65
65
65
65
65
65
70
Bombay
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:
Feb. 28.
Mch. 7.
Feb. 21.
Feb. 14.
53,000
42,000
47,000
Sales of the week
bales.. 50,000
4,000
3,000
3,000
Of which speculators took....
3,000
1,000
1,000
2,000
1,000
Of which exporters took___
46,000
39,000
42,000
41.000
Sales, American
12,000
13,000
14,000
3,000
Actual export
96,000
85.000
103,000
81,000
Forwarded
1,455.000 1.434.000 1,414.000 1,399,000
Total stock-Estimated
1,281.000 1,254,000 1,249.000 1,231,000
Of which American
88,000
78.000
96,000
79,000
Total imports of the week
55,000
54.000
77,000
53,000
Of which American
229,000
236,000
181,000
149,000
Amount afloat
180,000
177,000
131,000
106,000
Of which American

The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot
_ _ cotton have been as follows:
Spot.

Saturday.

Monday.

Tuesday. Wednesday. Thursday.

Market,(Fair
12.15
business
Moderate
Dull.
Quiet.
Quiet.
P.M.
demand.
doing.

Friday.
Quiet.

Mid.Uprds

6.85

6.82

6.86

6.83

6.82

6.81

Sales
Spec.&exp.

6,000
300

8,000
800

6,000
500

8,000
500

10,000
1,000

7,000
500

Futures. Quiet at
Market 1 134(03
J pts. dec.
opened

Quiet at Steady at
2©3 pts.
2©334
pts. dec. pts. adv.

Market, I Irregular, Steady at
4
20234
134(0234
D AT

I

nto

don

nta

dcw.

Quiet at Steady,gen Steady.
2 points
unch. to
34(0134
pts. dec.
decline. 1 point adv

Quiet at Dull, 1 pt. Quiet at Barely sty.
154 ©2A dec. to A 204 pts. 2340334
ntst

st.dv

nt

suiv

nts4

cipn

nts.den_

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Tues.

Thus, 6 59 means 6 59-100d.

Wed.
Thurs,
Fri.
Sat.
Mch. 1
to
Mch. 7. 1234 1234 1234 4 1231 4 1234 4 1234 4 1234 4
P.m P.m. P in. P.m. P.m. Pm. p.m p.m. p.m. p.m. p.m. P.n.
d. d. d. d. d. d. d. d. d. d.
d.
d.
6 59 5634 5734 6034 59 57 58 5634 5434 55 51
March.._6 5834 56 57 60 5834 57 58 5634 5434 55 51
Mch.-Apr.
6 5834 5534 5634 60 5834 57 58 5634 5434 55 51
Apr-.May
6 5834 5534 5634 60 5834 57 58 5634 54 5434 51
May-June
6 57 54 55 5834 57 5534 5634 55 5234 53 4934
June-July
6 5334 5034 5134 55 5334 52 5334 5134 4934 50 46
July-Aug_
6 4334 41 4134 45 4334 4234 44 42 40 4034 37
Aug.-Sep..
Sept.-Oct. ____ 6 3034 2734 28 32 30 29 30 29 28 2734 2434
Oct.-Nov. ____ 6 223420 20 24 2234 21% 22A 21% 20% 20A 17%
6 20 1734 1734 21 2034 19 20 19 18 18 15
Nov.-Dec.
6 19 1634 1634 20 19 18 19 18 17 17 14
Dec.-Jan..
Jan.-Feb ____ 6 18 1534 1534 19 18 17 18 17 16 16 13
Mon.

736

CHICAGO.

BREADSTUFFS.
Friday Night, March 7 1913.
Flour has been generally quiet and at times there has been
more or less pressure to sell. There has been only a routine
business in progress. Minneapolis complains of an unsatisfactory trade. Shipping directions are far from being up to
expectations. In Chicago soft-wheat flour has declined
under more liberal offerings. Minneapolis mills have been
trying to sell there. Kansas City reports little change for
the better in trade, though it is a fact that some mills there
are doing very well, taking the generally unfavorable conditions into account. At St. Louis, while there has been a
somewhat better inquiry, little actual increase in business has
resulted. The production at Minneapolis, Duluth and Milwaukee last week reached 332,736 barrels, against 325,030
in the previous week and 338,995 in the same week last year.
. Wheat has declined. Adverse statistics and a decline
in the foreign markets have had not a little influence. The
world's shipments for the week rose to 14,352,000 bales,
against 12,432,000 in the previous week and only 10,208,000
for the same week last year. Argentina shipments reached
the large total of 5,848,000 bushels, against 5,096,000 in the
previous week and 1,576,000 for the same week last year.
North American shipments were large, reaching 4,952,000
bushels, against 3,448,000 bushels in the previous week and
3,688,000 bushels in the same week last year. The East
Indian shipments, it is true, are running behind those of last
year, being about only one-half of what they were then, and
those from Australia are smaller than they were recently and
also smaller than they were at this time last year. The same
is true very naturally of the shipments from the Danubian
markets. But the total from Argentina and North America
is so largely in excess of recent figures and also so much above
those of a year ago that the total, as we have seen, has risen
ta over 14,000,000 bushels. The farm reserves, too, are
balieved to be large, and this likewise has had a more or less
depressing effect. The total is estimated by private statisticians at 144,236,000 bushels, or nearly 50,000,000 bushels
more than a year ago. It is figured that just about one-half
of the additional production, as compared with that of 1911,
must still be in first hands. India advices state that a normal yield is expected. Crop reports from our Western
States have been in the main favorable. It is said that
the conditions just now could hardly be better.
Moreover, the cash demand both for home and
foreign account has been disappointing-so far,
at any rate, as new business is concerned. In fact,
the dulness of the cash trade, the large reserves in farmers'
hands, the sluggishness of speculation and th9favorable
outlook for the crop in this country, have all mihtated.distinctly against anything like an improvement. in prices.
One account of the farm reserves puts them as high as 171,000,000 bushels. On the other hand it is noticeable that
on declines there has been some good buying. It is said that
the outlook in Western Europe points to only a moderate yield
while that in Central and Southeastern Europe portends
distinctly poor crops. It is believed that the winter-wheat
crop in Russia as well in the Balkan States cannot be a large
one and there are those who believe that the outlook in India
is not so favorable as some imagine. Verymuch depends
as to the future direction of European prices on the size of
the Russian spring-wheat crop. If it should turn out to be
a poor one it seems a fact beyond dispute that the importing
countries of Europe will be more dependent than usual upon
the United States for supplies. Some too, believe that
American quotations are low enough, especially as the time
is not far off when crop "scares" will render the short side
more than usually hazardous. To-day prices advanced a
fraction, then reacted
DAILY CLOSING

[VOL. xcvi.

THE CHRONICLE

PRICES OF WHEAT FUTURES IN NEW YORK.

Sat. Mon. Tues. Wed. Thurs.
1103' 110% 111
cts_1113 111
98% 98% 98
973" 97%
98
97% 97%
979, 973
963
96% 963
963/i 965
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs.
cts_ 923
91% 91% 91% 91%
May delivery in elevator
91
903.
July delivery in elevator
903'g 90%
893
89% 89% 89% 89%
September delivery in elevator

No. 2 red
May delivery in elevator
July delivery in elevator
September delivery

Fri.
111
98
97%
96

CHICACIO.

90g

Fri.
9134
9031,
89

DAILY CLOSING PRICES OF CORN FUTURES IN
Sat.
Mon. Tues. Wed. Thurs.
cts 53
May delivery in elevator
52
523
52
52
July delivery,in elevator
54
539, 53
534 5334
September delivery in elevator....__ 55
5434 54
544 5434

Fri.
52
5334
5434

Oats have also declined.The farm reserves are variously
stated by private statisticians at 509,366,000 bushels to
567,000,000 bushels, or in the latter case 41% of the crop of
1912. The oats reserves, allowing for an average carry-over
on the farm on Aug. 1, according to some calculations are
about 65,000,000 bushels larger than the consumption from
March 1 to Aug. 1 1911, which was the high-record year for
reserve supplies of oats. Yetithe fact remains that there has
been no marked decline in prices. It is difficult to resist
the conviction that the consumption must be very large at
current prices, which, by the way, are some 20 cents a bushel
cheaper than a year ago. Towards the close of the week
there was a stronger tone in sympathy with some advance in
corn prices. It is pointed out that the country appears to
have a consumptive power commensurate with even the biggest crops of coarse grain, and that even in big-crop years
there are no very large farm reserves at the close of the season. Big crops and moderate prices mean big consumption
and even waste and extravagant feeding. To-day prices
advanced slightly.
•

NEW YORK.

DAILY CLOSING PRICES OF OATS IN
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
cts_ 39
39
3834 3834 3834 3834
No. 2 white
Nom. Nom. Nom. Nom. Nom. Nom.
DAILY CLOSING PRICES OF OATS FUTURES IN
Sat. lion. Tues. Wed. Thurs. Fri.
cts. 343( 34
May delivery In elevator
3334 34
34
July delivery in elevator
34
3434 34
34% 3434
September delivery in elevator....
34 X 34
3334 3434 3434 3434

CHICAGO.
34 o431

Closing prices were as follows:
FLOUR.
Winter. low grades--$3 60@$3 95 goring clears
$4 000$4 20
Winter patents
nom. Kansas straights.sacks- 4 15
4 35
Winter straights
4 60© 4 80 Kansas clears, sacks__ 3 75
4 00
Winter clears
4 25© 4 30 City patents
5 95@ 6 25
Spring patents
Rye flour
3 65@ 3 90
Spring straights
4 40@ 4 60 Graham flour
4 75
4 00
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelN. Spring. No.
No. 2
elevator Nominal
N. Spring, No. 2,
nom
Steamer
elevator
Red winter. No. 2,
1 11
No.3
c.i.f. Nominal
Hard winter, No.2
Rye, per bushel1 00
Oats, per bushel, newCents.
No.2
65
State & Pennsylvania
Standards
3834
Nominal
nom Barley-Malting
No. 2, white
55©62
No. 3
38@3834

1.

$1 00X

66

The statements below are prepared by us from figures
collected by the New York Produce Exchange. The receipts
at Western lake and river ports for the week ending last
Saturday and since August 1 for each of the last three years
have been:
Receipts as-

Flour.

I

Wheat.

Oats.

Corn.

Barley.

Rye.

bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
Chicago -__
175,000
788,000 5,368,000 2,417,000
884.000
54,000
Milwaukee _
342,000
532,000
485,000
31,000
179,000
54,000
Duluth
16,000
56,000
66,000
7,000
754,000
3,000
Minneapolis
2,405,000
125,000
365,000
684,000
90,000
Toledo
19,000
221,000
90,000
Detroit _ __
7,000,
4,000
99,000
78,000
Cleveland__
14,000'
4,000
94,000
114,000
89,000
St. Louls___
66,000
542,000
53,000
6,000
643,000
601,000
Peoria
53,000
56,000
629,000
31,000
236,000
98,000
Kansas City.
374,000
341,000
160,000
Omaha
286,000
326,000
242,000
Tot. wk.'13
Same wk.'12
Same wk.'11

353,000
272,307
276,500

5,602,000
2,494,934
1,793,215

8,347,000
4,784,015
3,940,426

4,642,000 2,274,000
3,188,103
699,132
2,377,670
870,763

238,000
92,884
96,120

Since Aug. 1
1912-13_ 11,196,520 278,138,966 154,897,228 165,598,688 74,920,330 13282642
1911-12_ 7,516,213 188,736,365 131,089,934 98,867,324 53,444,440 6,638,663
1910-11_ _ 10,134,608 165,373,070 199,731,826 129,675,656 50,028,531 4,029,922

Total receipts of flour and grain at the seaboard ports for
the week ended Mch. 1 1913 follow:
Receipts atNew York
Boston
Portland, Me
Philadelphia
Baltimore
New Orleans•
Newport News
Galveston
Mobile
Montreal
St. John

Flour,
bbls.
166,000
51,000
6,000
51,000
48,000
74,000
11,000
12,000
5,000
18,000

Wheat,
Corn,
bush,
bush,
724,000
619,000
405,000
662,000
276,000
67,000
180,000
24,000 1,987,000
305,000
214,000
270,000
282,000
54,000
10,000
45,000
1,000
377,000
56,000

Oats, Barley,
bush,
bush,
276,000 274,000
2,000
45,000
25,000
238,000 13,000
114,000
85,000
150,000 561,000
6,000
33,000
32,000

Rye,
bush.
24,000
40,000
18,000
1,000

1,000
8,000

977,000 884,000 83,000
Total week 1913._ 462,000 2,505,000 4,053,000
10,187,000 6024,000 589,000
Since Jan. 1

1913...3,872,000 26,619,000 25,254,000
807,670 168,452 20,436
Indian corn has declined. Farm reserves are large-in Week 1912
358,591 1,437,494 1,500,106
since
Jan.
1
1912...2,801,308 10,052,478 17,669,116 5,893,617 1905,637 110,429
according
to
record,
private statisticians.
fact, the largest on
One report is that they amount to 1,362,000,000 bushels, or • Receipts do not include grain passing through Now Orleans for foreign ports
about 43% of last year's crop. Another puts the total at on through bills of lading.
The exports from the several seaboard ports for the week
1,227,585,000 bushels. It all comes to this: that the farm
reserves are enormous and that the effect has been more or ending Mch. 1 are shown in the annexed statement:
Oats,
Rye, Barley, Peas,
Wheat,
less depressing. Still, it has been offset in a measure by an
Corn, Flour,
b 89
8h5
. 73
b,u8s9h8
Exports frombats.
. 5
b,
u2s4h0
bush.
bush.
excellent cash demand both for export and domestic use, and New
27
b,u5s1h6 57
York
1,195,626 523,236 55,486
6,000
some falling off in the crop movement. The trade is not in- Portland, Me_
25,000
276,000
3,643
Boston
513,404 234,129
clined to look for much increase in the movement for a time, Philadelphia
148,333 117,857 11,624
despite the fact that cars are more easily obtained. On Baltimore
119,846 2,076,894 52,148 171,312
3,100
Orleans..
168,000 155,500 10,000
Thursday it was stated that charters had been made at New
Newport News_
270,000 11,000 155,000
561,000
4c., and Galveston
Chicago for 750,000 bushels for March loading at 13
6,000
88,000
6,000
Mobile
10,000 12,000
500,000 bushels to load at the opening of navigation at 1M St.
56,000 18,000
31,500
John
377,000
8,000
cents for Buffalo. To-day prices advanced, then receded.
Total week
The interior was said to be selling more freely.
2,886,209 3,443,616 185,901 389,422 57,895 667,808 5,240

NEW YORK.

DAILY CLOSING PRICES OF NO.2 MIXED CORN IN
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
Nom. Nom. Nom. Nom. Nom. Nom.




Week 1912

1,307,952 2,101,275 229,939

55,665

30,571

2,074

The destination of these exports for the week and since
July 1 1912 is as below:

Corn
Wheat
Flour
Since
Since
Since
July 1
Week
July 1
Week
July 1
Week
1912.
1.
Zilch.
1912.
1.
Mch.
1912.
Exportsfor week and Mch. 1.
bush.
bush.
bush.
bush.
bate.
bbls.
since July 1 to1,567,651 56,160,433 1,379,205 8,046,046
United Kingdom. 120,937 3,587,350
14,119,663
1,976,368
56,862,095
1,312,085
18,797 1,482,708
Continent
479,285
42,500
709,933
6,140
Sou. & Cent.Amer. 11,913 840,793
19,344 1,236,692
99,506
333
32,021 1,344,157
West Indies
46,752
225
69,134
Brit. Nor. Am. Cols. 1,328
110,016
25,974
1,994,810
246,036
905
Other Countries___
185,901 7,570,178 2,886,209 115826,777 3,443,616 24,038,454
Total
229,939 6,495,189 1,307,952 62,206,468 2,101,275 27,303,540
Total 1911-12

The world's shipments of wheat and corn for the week
ending Moll. 1 1913 and since July 1 1912 and 1911 are shown
in the following:
Corn.

Wheat.

Arch. 1.

Since
July 1.

Since
July 1.

1911-12.

1912-13.

1911-12.

1912-13.

Exports.

Week.
Mch. 1.

Since
July 1.

Since
July 1.

Bushels.
Bushels. I Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 4,952,000 176,154,000 120,156,000 3,791,000 22,721,000 24,814,000
30,925,000
Russia
1,192,000 77,131,000 59,886,000 100,000 6,897,000 52,907,000
77,000 10,387,000
240,000 42,103,000 56,257,000
Danube
60,000
Argentina
5,848,000 63,746,000 29,290,000 748,0001 166,459,000
36,684,000
23,176,000
Australia
1,344,000
584,000 43,624,000 31,034,000
India
0th.cOuntr's 192,000 5,726,000 7,453,000
Total

14352000 431,660,000 340,760,000 4,716,000 206,464,000

108,706,000

The quantity of wheat and-corn afloat for Europe on dates
mentioned was as follows:
Corn.

Wheat.
United
Kingdom. Continent.

Total.

Bushels.
Bushels.
Bushels.
Mob. 1 1013.. 23,088,000 28,010,000 51,128,000
Feb. 22 1913_ 21,532,000 26,501,000 48,036,000
Mch. 2 1912__ 24,752,000 10,688,000 35,440,000
Mch. 4 1911._ 21,488,000 28,088,000 49,576,000

United
Kingdom. Continent.

Total.

Bushels.
Bushels.
Bushels.
5,108,000 10,304,000 15,412,000
4,760,000 12,410,000 17,170,000
4,140,000 6,077,000 10,217,000
10,566,000
, , 00 6„
_

The visible supply of grain, comprising thestocks in
granary at principal points of accumulation at lake and
seaboard ports Mch. 1 1913, was as follows:
In ThousandsNew York
Boston
Philadelphia
Baltimore
New Orleans
'Galveston
Buffalo
afloat
Toledo
Detroit
afloat
•Chicago
afloat
'
Milwaukee
Duluth
"
afloat
Minneapolis
'St. Louis
'Kansas City
Peoria
Indianapolis
'Omaha

737

THE CHRONICLE

MAR.8 1913.1

UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Am 7. Amer. Bonded
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush. bush. bush. bush, bush. bush. bush. bush.
24
57
12
281
516 1,105
442
1,436
2
2
35
431
417
172
____
131
210
364
156
94 -5
___
259
306 2,207
559
____
227
666
6
150
563
"136 575
680 _ _ _ _
1,5511,250
____
347
3,690
362 _
-55i
1,009
21
85
225
323
141
119
94
____
6,167 4-,576
7,402
205
120
115
741 -iii
_
237
148
971
107
355 -Ili
23
13,355 1,2i7
70
268 -- - 3,010
448
491
___
--iii 1,112
20,820
16
9
346 -- - 498
2,799
88 -928
4,520
14
430 _ _ _ _
497
4
153 ---599
343
92 -55
1,074
____
2,185 1,353

sections of the country are anticipating an early spring season. Both retailers and jobbers are exacting prompt shipment of all goods under order, and a very satisfactory spring
business is looked forward to. There is an exceptionally
good demand for cotton wash dress fabrics. Retailers and
jobbers are laying in large stocks of these in anticipation
of an active season, owing to the pronounced shortage.of
linen dress goods. Export business is reported quiet, with
China again out of the market. The financial situation
there is the controlling feature, and it is difficult to say when
China will again become an active buyer. There have been
sales of light-weight sheetings to the amount of about 5,000
bales for Red Sea account,but little more business is expected,
as stocks in that quarter are reported to be heavy. Nothing
from India, and only a small business is
has been
passing with South America. Men's wear and dress goods
markets are more active as a result of the breaking of the
backbone of the garment workers' strike, which has resulted
in a resumption of the movement of spring and summer
goods. Where possible, cutters-up and clothing manufacturers are busy trying to catch up with some of their spring
and summer business, but will undoubtedly suffer severe
losses. Tariff fears, as well as the loss of business through
the strike, are causing buyers to revise their original purchases
for fall, the setback from the strike delaying garment manufacturers in getting started on their new fall lines. However, the volume of business is still ahead of last year, and
where revisions have occurred, sufficient new business has
been placed to offset them. Initial prices on the new lines
of fall dress goods show little change from last year, and lines
recently placed on the market are meeting with a good reception. The demand for broadcloths and other smooth
finished fabrics is steadily improving, and while serges and
rough effects are holding their own, a much better business
is expected in the former during the coming fall.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending Mch. 1 were 9.284
packages, valued at $531,378, their destination being to the
points specified in the table below: 1913
-1912
New York to March 1Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total

Week.
25
4,126
1,217
691
544
89
612
1,679
301
9,284

Since
Since
Week. Jan, 1.
Jan. I.
717
187
234
118
6
151
9,745
10,989-4,252
2,455
5,072
9,229
4,228
6,680
2,993
879
4,656
1,711 10,738
7,977
597
30
610
3,029
404
3,366
1,490 12.412
10,764
2.832 10.858
10,788
61,317

14,222

64.688

The value of these New York exports since Jan. 1 has been
$4,720,477 in 1913, against $4,818,480 in 1912.
The tone of domestic cotton markets shows very little
change and is as steady as it was two or three weeks ago,
with the demand of moderate volume. Mail order business
during the week'has been less active, but.yet fair, and although the height of the jobbing season is near at hand,
205 purchases on the part of jobbers have been of large enough
326 1,202 2,335
Total Mch, 1 1913 63,786 2,776 17,918 12,343
158
219 1,311 2,601
Total Fob. 22 1913__63,735 3,037 16,576 11,425
accumulation of stocks in first
585 proportions to prevent any
Total Mch. 2 1912_57,080 3,184 14,256 14,366 1,394 1,003 2,615
hands. Buying is mostly confined to spot goods, however,
CANADIAN GRAIN STOCKS.
Canadian Bonded business for late delivery being quieter. Wash goods, perCanadian Bonded
Canadian Bonded
Rye. Barley. Barley.
Wheal. Wheat. Corn. Oats. Oats.
activity, grades to retail from 25c.
bush, bush, bush, bush. bush. bush. bush. bush. haps, display the greatest
In Thousands51
327____
_ and upward being bought freely. It is reported that retailers
____
18 1,639
"Montreal
628
--- - are meeting with a good distribution and that novelties and
Ft.WIlliam dr PLArthur.12,968 ____
_
------440
7,398 afloat
"
2,593 _ _
fancies are taking particularly well. Bleached cottons rule
4,084
'Other Canadian
colored cottons for working-suit goods are well
steady,
51
9;1°0
IS
Total Mob. 1 1913_24,777 ---55
under order, while ginghams continue to be firmly held and
19 8,863
Total Feb. 22 1913 24,390 -87
3 5,861
___
Total Mch. 2 1912 25,537
in good demand. It is reported that low-priced ginghams
SUMMARY.
and that jobbers are complaining about
Bonded are well under order
Bonded
Bonded
Rye. Barley. Barley. the backwardness of deliveries. Percales are also selling
Wheat. Wheat, Corn. Oats. Oats.
burn, bush, bush, bush. bush. bush. bush. bush. well, and there has been a better inquiry for prints during
In Thousands205
326 1,202 2,335
63,786 2,776 17,918 12,343
. American
the past few days. Duck is decidedly firm, and, owing
51
18 9,300 ___
__
24,777
'Canadian
to the sold-up condition of mills, the latter are reluctant
205
2,386
1,202
326
Total Mch, 1 1013_ _88,563 2,776 17,936 21,643
156 about accepting business for prompt delivery. Print cloths
219 1,311 2,656
Total Feb. 22 1913_88,125 3,037 16,595 20,288
585 rule very steady, with fair sales. Gray goods, 38M-inch
Total Mch. 2 1912_82,617 3,184 14,259 20,027 1,394 1,003 2,702
8c.
/
standard, are quoted 5% to 53
WOOLEN GOODS.-The woolen trade has been greatly
THE DRY GOODS TRADE.
relieved by strike settlements during the past week,and it is
New York, Friday Night, March 7 1913.
will soon prevail.
Business in the textile trade continues on a large scale, generally believed that normal conditions
are beginning
clothiers
situation,
improved
the
of
a
As
result
and
all
it
Administration
that
new
a
of
advent
the
'despite
of
cancellations
The
freely.
more
goods
spring
order
to
and
regularevision
Government
tariff
of
way
the
in
implies
garment workers
among
strikes
the
followed
that
orders
the
most
of
desirable
shortage
a
is
.
There
business.
tion of
of goods in warehouses, and
lines and sales are running well ahead of last year. Mann- resulted in the accumulations
depleted. Dress goods are
ifacturers are in the dark as to what state of affairs will obtain those are now being rapidly
owing to their well-sold condiduring the latter part of the year, when a new schedule of active and a number of lines,
from the market.
tariffs is expected to be in force, but they have sufficient tion, have been withdrawn
FOREIGN DRY GOODS.-Prices for linens continue
profitable business on their books to keep them going for
so,at least for the
some time and are disposed to meet future contingencies as high, with prospects of their continuing
active, but there are many buyers
they arise. The cotton goods trade is active despite a heavy, present. Demand is purchases
in a moderate way, hoping
'dull market for the staple, which has so far had no effect who are only making recession in
prices when the new tariff
.upon the price of finished goods. It has, however, restrained that there will be some
known. The majority of merchants, howsome buyers from placing further business for forward ship- schedule is made
that the higher level of values
ment, in the hope of a change of prices in their favor. The ever, appear to be convinced
and that no material recession can take
recent downward revision of yarn prices has resulted in a has been established
to come. Both dress and housekeeping
'better business, but manufacturers have for a long time con- place for some time
taken. Burlap markets have ruled
sidered yarn values unproportionately high, and a return to lines are being freely
past week, heavy-weights
•what they would consider the normal level is not likely to about unchanged during the light-weights
quiet. Lightinduce them to revise the price of their product. Jobbers being moderately active and
are steadily replenishing their stocks of staple cottons and weights are quoted_nominally'at 6.10c. and heavy-weights
(report an active demand from retailers. The latter in some at 9.00c. to arrive.




738

THE CHRONICLE

STME, AM) CITY

DtfilliTIVCENT.

MUNICIPAL BOND SALES IN FEBRUARY.
Our records show that during the month of February there
were disposed of by municipalities and States of the United
States $26,929,711 permanent obligations and $32,615,559
temporary loans. In the Dominion of Canada debentures
aggregating $13,626,438 were sold.
In the following we furnish a comparison of all the various
forms of obligations put out in February of the last five years.
1913.
1912.
1911.
$
$
Permanent loans (U. S.)_26,929,711 29,205,161
Temporary loans (U. S.) 32,615,559 30,929,382 22,153,148
12,900,054
Canaillan loans(perman't)13,626,438 2,854,803
903,846
Bondi AU.S.Possessions None
None
None
Total
73,171,708 62,989,346 36,047,048

1910.

1009.
$
17,941,816
31,049,080
2,757,370
3,000,000

[Vol, xovr.

New York City.-Assessed Values and Tax Rates for 1913.
-The Board of Tax Commissioners on March 3 forwarded
to the Board of Aldermen for their approval the assessment
rolls of real and personal property for 1913. The total assessed valuation for the five boroughs is ,332,066,301, of
which $8,006,647,861 consists of real estate (including real
estate of corporations and special franchise assessments)
and $325,418,440 of personal property. There is an increase
of $144,748,971 in the real estate values, while personal
property is assessed at $17,545,100 less than last year. The
1912 real estate values showed an increase of $3,058,726 and
the personal a decrease of $14,959,583 over 1911. The following table presents by boroughs the assessment of each
separate class of property for this year and 1912.

REAL ESTATE.
1913.
1912.
Inc. or Dec.
Ordinary real estate_ _$4,742,730,906 54,675,641,742 Inc.$67,089,
164
Manhattan Corporate real estate_
86,536,766
82,007,071 Inc. 4,529,695
Special franchises __
297,674,923
277,836,600 Inc. 19,838,323
Ordinary real estate__ 572,808,163
555,674,643 Inc. 17,133,520
Corporate real estate..
42,798,531 54,743,266 Bronx
42,790,805
37,541,295 Inc. 5,249,510
Special franchises ___
24,741,625
23,305,440
The larger and more important issues included in our list
1,436,185
'Ordinary real estate__ 1,559,094,532 1,556,281,439 Inc. 2,813,093
Inc.
Brooklyn
Corporate
real estate_
of permanent bonds sold last month are as follows: $3,700,22,478,210
23,844,980 Dec. 1.366,770
Special franchises ___
98,440,849
94,615,900 Inc. 3,8'14.859
000 4s of Boston, Mass.;$2,500,000 43s of Pittsburgh School
'Ordinary real estate__ 436,250,327
418,438,936 Inc. 17,811,391
Queens
Corporate real estate_
26,113,985
23,279,614Inc. 2,834,371
District, Pa.; $2,000,000 4s of Philadelphia School District,
Special franchises ___
15,428,524
15,031,089 Inc.
396,535
Ordinary real estate_ _
76,353,176
73,542,891 Inc. 2,810,285
Pa.; $2,000,000 4Ms of the State of Arizona; $1,593,000 4s Richmond _ Corporate
real estate_
2,629,410
2,497,480 Inc.
131,930
Special franchises
of New York State; $500,000 33/2s of the State of Maryland;
2,575,660
2,358,780 Inc.
216,880
Manhattan.
Bronx.
Brooklyn.
Queens.
Richmond.
Totals.
$849,000 4s of Worcester, Mass.; $545,000 4
of Atlantic
5,126,942,595 640,340,593 1,680,013,591 477,792,836 81,558,246 8,006,647,86
City, N. J.; $530,000 5s of Fort Smith, Ark.; $400,000 5s of 1913
1
1912 5,035,485,413 616,521,378 1,674,742,409 456,750,539
7,861,898,890
El Paso, Tex.;$200,000 4s and $200,000 43/2s of Kansas City, Inc- 91,457,182 23,819,215 5,271,182 21,042,297 78,399,151
3,159,095 144,748,971
, PERSONAL PROPERTY.
Mo.;$450,000 5s of Virginia, Minn.;$394,000 43/2s of Omaha,
Ordinary Personal of -Corporation-- -Non-Res.PersonalBoroughsPersonal.
Estates.
Neb., and $355,000 4s of Fitchburg, Mass.
Resident.
Non-Res. Ordinary. Base Law.
Manhattan$
$
$
The number of municipalities placing long-term bonds and
1913
101,739,335 23,634,500 90,573,400 29,637,900 16,339,800 3,584,500
1912
125,464,167 30,203,790 76,483,800 25,770,550 13,750,020 3,794,795
the number of separate issues made during February 1913 Bronx
1913
2,349,325
909,335
1,742,400
03,000
were 205 and 327, respectively. This contrasts with 227 and
1912
2,094,615
909,183
1,513,800
77,600
342 for January 1913 and with 281 and 349 for February 1912. Brooklyn
1913
30,582,355 6,743,315 8,215,400
710,800
45,000
1912
For comparative purposes we add the following table,
33,605,295 7,215,590 7,266,700
621,400
45,000
Queens18,604,453
22,721,845
1,472,233
None

showing the output of long-term issues in this country for
February and the two months for a series of years;
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903

Month of
February.
$26,929,711
29,205,161
22,153,148
18,604,453
17,941,816
60,914,174
37,545,720
28,390,655
9,310,631
7,951,321
5,150,926

For the
Two Months.
$54,510,009
54,470,910
100,663,423
34,923,931
47,260,219
71,857.142
47,705,866
36,698,237
17,746,884
31,795,122
21,092,722

1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892

Month of
February.
812,614,459
4,221,249
5,137,411
7,038,318
9,308,489
12,676,477
4,423,520
5,779,486
11,966,122
5,071,600
7,761,931

For the
Two Months.
$23,530,304
13,462,113
25,511,731
13,114,275
17,456,382
23,082,253
10,931,241
16,111,587
19,038,389
10,510.177
14,113,931

Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month's bond sales in detail. It will be given later.

News Items.
Indiana.-Legislature Ratifies Direct Election of United
States Senators.-The Legislature of this State has passed a
joint resolution ratifying a proposed Amendment to the
Federal Constitution providing for the direct election of
United States Senators.
Maine.-Equal Suffrage Defeated.-A measure providing
for a referendum on a Constitutional amendment granting
equal suffrage to women was defeated in the House on March
5, after it had been passed by the Senate.
Municipal Administration.-A very interesting pamphlet dealing with this subject has been prepared for free
distribution by the Bureau of Municipal Research, 601-3
Schwind Bldg., Dayton, Ohio. The work briefly outlines
three types of municipal government, the plan now existing
in Dayton, the "Federal' plan and the "Commission"
plan,
and sets forth the principal arguments for and against each.
Its purpose is to aid the citizens in understanding the work
of
the committee which has been formed to discuss the need
and character of a "home rule" charter and devise the
means
of securing it. While issued in aid of Dayton citizens, the
pamphlet should prove of interest to others in view of the
efforts being made at the present time by a number of Ohio
municipalities to take advantage of the Constitutional
amendment adopted by the voters last November and which
provided that "any municipality may frame and adopt or
amend a charter for its government." It is also a fact
that
municipalities in States other than Ohio have in recent years
been showing increasing interest in attempts
to establish
new forms of government, notably the "commission
plan."
Newark, N. J. Assembly Defeats Bill to Tax Deferred
Dividend Fund of Prudential Insurance Co.-Assemblyman
Rowe's bill to enable the city of Newark to tax the deferred
dividend policy fund of the Prudential Insurance Co. was
defeated by the lower branch of the State Legislature on
Feb. 19. As previously stated in these columns (V. 95,
p. 1224) the Court of Errors and Appeals on Oct. 25 1912
announced its unanimous decision affirming the ruling made
by the New Jersey State Supreme Court on Dec. 28 1911
holding that the fund reserved by the Prudential Insurance
Co. upon its deferred dividend policies was exempt from
taxation by the City of Newark.vicla ja at




„if;set

Boroughs.

1913
4,391,400
744,250
1912
3,980,750 1,085,300
Richmond1913
844,750
531,475
1912
74,7005 ,785

1,479,200
1,204,700

126,000
126,000

336,000
65,000
359,500
60,500
Total 1913_ _ 139,907,165 32,562,875 102,346,400 30,632,700 16,339,800 3,629,500
Total 1912_166,019,527 45,869,648 86,828,500 26,656,050 13,750,020
3,8
23
19
0:2
795
Increase_
15,517,900 3,976,650 2,589,780
Decrease __ 26,112,362 13,306,773
Manhattan.
Bronx.
Brooklyn.
Queens. Richmond.
Total.
1013 _ _$265,509,435 $5,094,060 $46,296,870 $6,740,850 64,777,225 $325,418,440
1912 __ _ 281,467,122 4.595,198 48;75537;15
24 9
185 6,396,750 1,750,485 342,963,540
Decrease 15,957,687
Increase
498,862
344,100
26,740
GRAND TOTALS OF REAL AND PERSONAL PROPERTY
17.,545,100
Manhattan.
Bronx.
Brooklyn.
Queens. Richmond.
Totals.
$
1913 5,392,452,030 645,434,653 1,726,310,461 484,533,686 83,335,471 8,332,066,30
1912 5,316,952,535 621,116,576 1,723,496,394 463,147,289 80,149,636 8,204,862,4310
75,499,495 24,318,077
Inc_
2,814,067 21,386,397 3,185.835 127,203,871

With the above figures as a basis, the tax rates for 1913
(given on the $100 valuation) have been fixed as follows,
1912 and 1911 figures being given for comparison:
Manhattan and The Bronx
Brooklyn
hmond
Richmond

1913.
81.81
1.85
1.85
1.92

1912.
31.83
1.87
1.84
1.92

1911
81.72248
1.75502
1.73645
1.81657

Lawson Purdy, President of the Board of Tax Commissioners, has issued the following statement concerning the
1913 values:
The net increase in the assessment of all real estate is $144,748,971 and
the net decrease in the assessment of personal estate is $17,545,100, making
a net increase in the assessment roll of all property of $127,203,871.
When the annual record was open for public inspection on Oct. 1 there
was an increase for improvements aggregating for all boroughs $140,653,850.
It will be observed that this increase is $33,000,000 more than the net increase on the final assessment rolls of all ordinary real estate. Thesefigurea show that the assessed value of the land is less than for 1912. In
several districts in Manhattan-notably that in the easterly_part of Harlem
and along Broadway and adjacent streets between 14th and Duane streetsthere have been decreases. There was a net decline in the territory north
of Duane St., from river to river.
In the Bronx there was an increase for new buildings of $20,000,000 and
the net increase on the assessment roll is but $17,000,000. The assessments remain, on the average, about the same.
In the Borough of Brooklyn there was an increase for new buildings of
$24,000,000, and the net increase on the assessment roll is less than $3,000,000. In eleven districts in Brooklyn out of twenty-three the land
value
for 1913 is less than fcw 1912.
There is no district in the Borough of Queens that shows a decrease, but
the increase is less than $18,000,000, and of this new improvements provide $13,500,000. In all but one district in Richmond there was a small
Increase, but the net increase in excess of new improvemen
ts amounted
to less than $1,250,000.
The dull real estate market is responsible for the fact that the not increase
on the assessment roll is less than the value of the new buildings.
The evidence furnished by the sales of real estate, with the actual considerations stated, which took place in 1912 shows that assessments are
as high as the values warrant. In the Borough of Manhattan there were
1,234 sales with considerations stated in 1912. The aggregate assessed
value was $72,675,000 and the considerations totaled $71,539,000.
The assessed value:was,therefore,101% of the total of the considerations,
which include the foreclosures. In Brooklyn there were 775 sales
considerations stated. The aggregate assessed value was $6,734,000with
and the
aggregate of considerations was 56,723,000. The assessed value
was.
therefore, 100% of the considerations. As in Manhattan, these sales in
elude the foreclosures.

San Francisco, Cal.-City Denied Use of Hetch Hetchy
Valley For Reservoir Site.-Secretary of the Interior, Walter
L. Fisher, on March 3, denied the request of the city of San
Francisco for a permit to use the Hetch Hetchy Valley
as a
reservoir site. The application is continued, however, until
appeal can be made by the city to Congress for such action
as Congress may deem proper in the premises. The Secretary says:
MO
I do not believe that the

Secretary of the Interior should grant
the
Act of February 15 1901, a permit in this case based upon theunder.
principal
determining factor of the difference in cost between available
alternative
sources of water supply whether the difference be $13,000,000 or
000. or even more than $20.000,000. If the Secretary were to$20,000.do this,

MAR. 8 1913 I

THE CHRONICLE

he, would, in a certain important sense, be placing a monetary value upon
the preservation of the Hetch Hetchy Valley in its present natural condition. He would be determining that, in order to save the expenditure
of a certain sum of money by the people of San Francisco, the people of the
whole country should consent to change the present natural condition of
the Hetch Hetchy Valley.
Such action, however, should not be taken by the Secretary without a
clearer authorization by Congress than I am able to believe was conscientiously intended when the Act of 1901 was passed. In any event,
such action with respect to so important a feature of a national park as
the Hetch Hetchy Valley, would constitute a precedent which should be
most carefully and effectively guarded before it is established.

Uniform Municipal Bond Statute.-The ColumbiaKnickerbocker Trust, Co., 60 Broadway, New York, is
seeking the co-operation of municipal officials and dealers
in investment securities in having passed by the Legislatures of the several States a proposed Act to provide uniform
and simple procedure for the issuance of municipal bonds.
The bill has been drawn by Caldwell, Masslich & Reed,
counsel making,a specialty of municipal law, after several
consultations with the representatives of municipalities and
banking-houses and has the approval of the Chairman of the
Legislative and Municipal Bond Committees of the Investment Bankers' Association of America. It is submitted to
the public, however,for criticism and improvement and readers of the measure are urged to make note of such suggestions as may appear desirable and to request the trust company for a revised copy adapted to the conditions in their particular State. The measure has already been introduced in
the New Jersey Legislature.
United States.-Webb Liquor Bill Passed Over President's
g the shipment in interVeto.-The Webb Bill prohibiting
State commerce of intoxicating liquor intended for sale in
vetoed
by
President
Taft on February 28,
prohibition States,
was repassed by the Senate on the same day and by the House
Representatives
on
March
1.
V.
96, p. 664.
of
Appropriation for San Francisco Exposition Vetoed.President Taft on March 4 vetoed the Sundry Civic Bill
which, as stated last week, contained an amendment appropriating $1,500,000 for Government participation in the
Panama-Pacific Exposition in 1915 at San Francisco. Prior
to adjournment the measure was repassed by the House but
did not get to a vote in the Senate.

Bond Proposals and Negotiations this week
have been as follows:
ACCOMAC COUNTY (P. 0. Accomac), Va.-BOND SALE.-On
Jan. 15 the two issues of 5-30-yr. (opt.) coupon road tax-free bonds aggregating $20,000 (V. 96, p. 76) were awarded to local investors as 5s, $5,000
at a bonus of $25 and $15,000 at a bonus of $20.
AKRON SCHOOL DISTRICT(P.O. Akron),Summit County, Ohio.
BOND SALE.-On March 1 the $60,000 4%% 13-yr. (aver.) bldg. bonds
96, p.581) were awarded to Seasongood & Mayer of CM.for $60,507 50
100.8458) and int. Other bids follow:
Hayden. Miller & Co., Clev.$60,498 Wm. R.Compton Co., Chic_$60.378
Prov. Tr. & Say. Bk., Cin__ 60,456 Breed, Elliott & Harr., CM_ 60,340
Stacy & Braun, Cin
60,300
60,435 Well, Roth & Co., Cin
All bidders offered accrued int. in addition to bid.
ALLENTOWN, Lehigh County, Pa.-BOND OFFERING.-Proposals will be received until 5 p. m. March 11 by Chas. W. Rinn, Mayor,
It is stated, for $55,000 4% 5-30-year (optional) impt. bonds. Cert. check
for 5% required.
ALLIANCE, Stark County, Ohio.-BOND SALE.-On March 3
the $5,500 19-year armory-site bonds and the $15,000 18-year electriclight-plant bonds (V. 96, p. 664) were awarded, it is stated, to Mayer,
Deppe & Walter of Cincinnati at 100.66 and 100.92, respectively.
ARKANSAS CITY, Cowley County, Kans.-BOND ELECTION.
An election will be held March 11, it is stated, to vote on the question of
issuing $6,000 park-improvement bonds.
ASHTON SCHOOL DISTRICT (P. 0. Ashton), Lee County, Ill.BOND SALE.-We are advised that the $25,000 bldg. bonds voted Feb. 10
(V.96, p. 581) have been sold to local parties.
BALLARD COUNTY (P. 0. Wickliffe), Ky.-BOND SALE.-On
March 1 the $24,000 6% 2-11-yr. (ser.) first lien drainage bonds offered on
Feb. 15(V.96, p. 150) were awarded to Duke M.Farson of Chicago, it is
stated, at par
BEACH CITY SCHOOL DISTRICT (P. 0. Beach City), Stark
County, Ohio.-BONDS VOTED.-According to reports the question of
issuing $15,000 school-constr. and $2,500 heating bonds carried at an
election held Feb. 24. The vote was 113 to 36 and 107 to 36,respectively.
BENTON HARBOR SCHOOL DISTRICT, Mich.-BONDS VOTED.
March 3 the voters authorized the issuance of $60,000 school site and bldg.
bonds. V. 96, p. 665.
BLAINE COUNTY (P. 0. Halley), Idaho.-BOND OFFERING.
Bids will be opened at 1 p. m. April 16 for $12,000 bonds at not exceeding
6% int. Due $1,200 in 10 years. and $1,200 yearly thereafter. Cert.
check for 5% of bonds bid for, required. W. F. Horne is Clerk Board of
County Commissioners.
BLOOMFIELD, Essex County, N. J.-BOND OFFERING.-Proposals will be received until 8 p. In. March 24 by Raymond F. Davis, Town
Clerk, for $190,000 434% coup. or reg. funding bonds. Denom. $1,000.
Date April 11913. Int. A. & 0. at U. S. Mtge. & Tr. Co., N. Y. City.
Due April 11943. Cert. check for 5% of bonds bid for, payable to "Town
of Bloomfield," required. The validity of these bonds will be approved by
Dillon, Thompson & Clay of N. Y. City, a copy of whose opinion will be
furnished to the purchaser. Bonds to be delivered at the Town Council
Chambers, Bloomfield Nat. Bank Bldg., at 12 m. on April 1 1913 or upon
some later date to be mutually agreed upon.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
BRADENTOWN, Manatee County, Fla.-BOND SALE.-On Jan. 18
the $75,000 5% 20-30-yr. (opt.) sewer and paving bonds (V. 95, p. 1695)
were awarded to the Bank of Bradentown at par less $2,000 for expenses.
BRIDGEPORT SCHOOL DISTRICT (P. 0. Bridgeport), Lawrence
County, Ill.-BONDS VOTED.-According to reports, the question of
issuing $30,000 school-bldg.-constr. bonds carried at an election held
Feb. 22.
BRODHEAD, Green County, Wis.-BONDS VOTED.-The question
of issuing $40,000 municipal-electric-light-plant bonds carried, according
to reports,at an election recently held, by a vote of 313"for" to 33"against"
BUFFALO, N. Y.-BOND SALES.-The following 4% bonds were
disposed of at par during the month of January and February to the Comptroller for the city's various sinking funds:
Two issues aggregating $21,264 57, Issued in January.
Amount.
Purpose.
Date.
Due.
$15,000 00_ _Certificates of Indebtedness_ _ _ _Jan. 1 1913 July 1 1913
6,264 57_ _Monthly Local Work
Jan. 15 1913 Jan. 15 1914




739

Two issues aggregating $40,969 95,Issued in February.
Amount.
Due.
Purpose.
Date.
$30,000 00_ _Grade
Feb. 1 1913 Feb. 1 1923,
10,969 95__Monthly Local Work
Feb. 15 1913 Feb. 15 1914
CAIRO, Alexandria County, Ill.-BONDS VOTED.-The question
of issuing $100,000 434% levee-impt. bonds (V.96, p. 375) carried, reports
state, at an election held Feb. 25 by a vote of 1,783 "for" to 57 "against".
Denom. $1,000. Due part yearly for 20 Years.
CALDWELL, Essex County, N. J.-BOND OFFERING.-Proposals
will be received until 8 p. m. March 17 by J. J. Van Order, Borough Clerk,
for $90,000 5% coup, sewer bonds. Denom. $1,000. Date April 1 1913..
Int. A. & 0. at Caldwell Nat. Bank. Due $3,000 yearly on April 1 from
1914 to 1943 incl. Bonds may be registered as to principal only, or as to.
both principal and interest, at option of holder. Cert. check on an incorporated bank or trust company for 2% of bonds bid for, payable to
Boro. Collector, required. These bonds will be certified as to genuineness
by the U. S. Mtge. & Tr. Co. of N. Y. City and their validity approved by
Hawkins, Delafield & Longfellow of N. Y. City.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
CALHOUN COUNTY (P. 0. Port Lavaca , Tex.-BIDS REJECTED.
-All bids received on March 1 for the $135,000 5% Dist. No. 2 road bonds
offered on that day (V. 96, p. 504 were rejected. The County Clerk advises us that these bonds will probably be sold at private sale.
CARRIZO SPRINGS,Dimmit County,Texas.-BOND OFFERING.Proposals will be received until 10 a. m. March 17 by A. P. Johnson, City
Clerk, for the $6,000 5% street bonds registered by the State Comptrolleron Feb. 20. (v.96, p.665).Denom.$1,000. Date April 10 1912. DueApril 11952, subject to cal beginning April 1 1932. Cert. Check or current exchange for $300 required.
CEDAR RAPIDS INDEPENDENT SCHOOL DISTRICT(P.O. CedarRapids), Linn County, Iowa.-BOND ELECTION.-An election will beheld March 10 to submit to a vote the propositions to issue $60,000,$40,000
and $40,000 school-bldg. bonds.
CELINA, Mercer County, Ohio.-BOND SALE.-On March 4 the
$22,000 5% 2034-year (ay. refunding bonds (V. 96, p. 432) were awarded
the Cosmopolitan Bk. & Say. Co. of Cincinnati for $22,942 (104.28) and
interest. Other bids follow:
Sidney Spitzer & Co., Toledo $22,730 Spitzer, Rorick & Co.,
Sea,songood & Mayer, Cinc__ 22,4451 Toledo
$22,147 75,
CENTRAL CITY SCHOOL DISTRICT (P. 0. Central City), Merrick County, Neb.-BONDS VOTED.-The question of issuing $55,000s
high-school-bldg.-constr. bonds carried, according to reports, at an election held March 1.
CHICAGO, Ill.-SOUTH PARK DISTRICT.-BOND OFFERING.
Proposals will be received until 12 m.March 19 by the Commissioners,J. F.
Neil, Secretary, for $500,000 impt. and $120,000 paving 4% bonds. Denominations $1,000. Cert. check (or cash) for $15,000 on $500,000 issue
and $3,000 on $120,000 issue, payable to the SouthParkConmmissioners.
Is required.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
CHINA TOWNSHIP, Lee County, Ill.-BOND SALE.-On Feb. 21
$25,000 57 53%-yr. (aver.) road bonds were awarded to Hoehler & Cummings of Toledo at 100.67 and int.-a basis of about 4.86%. The next
highest bidder was E.H.Rollins & Sons of Chicago,offering 100.33 and int.
COBLESKILL UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Cobleskill), Schoharie County, N. Y.-BOND OFFERING.-Proposals
will be received until 12 m. April 8 by A. C. Kilmer, Village Treas., for the
168,0004% coup. high-school-constr. bonds voted Oct. 29(V. 95, p. 1696).
Denom. $1.000. Date Feb. 1 1913. - Int. F. & A. at office of Vii. Treas.
Due $1,000 yearly on Feb. 1 from 1914 to 1923 incl. and $2,000 yearly on
Feb. 1 from 1924 to 1952 incl. Cert. check on an incorporated bank or
trust co. for 5% of bonds bid for, payable to "Village of Cobleskill," re,
quired. Bonds to be delivered and paid for on or before April 11.
GRAFTON SCHOOL DISTRICT (P. 0. Craton), Allegheny
County, Pa.-BONDS VOTED.-At the election held in this district on.
March 1 (V. 96, p. 300). the preposition to issue $110,000 site-purchase and
high-school-building bonds carried, it is stated, by a vote of 371 to 251.
CUYAHOGA COUNTY(P.O. Cleveland), Ohio.-BOND OFFERING,
-Proposals will be received until 11 a. m. March 26 by the Bd. of Co.
Comm'rs, J. F. Goldenbogen, Clerk, for the following 454% coup. Prospect
Road No. 2 impt. bonds:
$4,900 road-impt. (assess.) bonds. Denom. $400 and $500. Due $400
April 1 1914, $500 yearly on April 1 from 1915 to 1921 incl. and
$1,000 April 1 1922.
34,195 road-impt. (county's portion) bonds. Denom. (1) $195 and (34)
$1,000. Due $19t on Oct. 1 1914 and $1,000 on April 1 1915 and
$2,000 each six months from Oct. 1 1915 to April 1 1921 incl., and
$3,000 each six months from Oct. 1 1921 to Oct. 1 1922 incl.
Auth. Secs. 2294-2295, 6911-2 and 6913, Gen. Code. Date March 1
1913. Int. A.& 0.at Co. Treas. office. Cert, check on a bank other than
the one making the bid, for 1% of bonds bid for, payable to Co. Treas.,
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
DANVILLE, Boyle County, Ky.-BOND OFFERING.-Proposals
will be received until 2 p. m. March 15 by J. M. Wallace, Mayor,for tho
following 434% coupon bonds:
$18,000 Sewer bonds. Denom. $1,000. Due $1,000 yearly on Jon- 1
from 1914 to 1931 incl.
10,000 work-house-constr. bonds. Denom. $500. Due $500-yearly on,
Jan. 1 from 1914 to 1931 incl.
Date Jan. 1 1913. Int. J. & J. at Nat. Bank of Commerce in N. Y.
Cert. check for 2% of bonds bid for, payable to City Treas., required.
Official circular states that there is no controversy or litigation pending or
threatened affecting the corporate existence or the boundaries of the city
or the title of the present officials to their respective offices, or the validity
of these bond issues.
The official notice of this bond offering will be found among the advertise.menis elsewhere in this Department.
DAYTON, Ohio.-BOND OFFERING.-In addition to the $7,500 5%
coupon Eagle St.-paving (assess.) bonds to be offered on March 10 (V. 96,
P. 582) the following 5% coupon (assess.) bonds will also be offered on that
day:
$9,000 Morton Ave. bonds (V. 96, p. 151). Denom. $1,000. Due
$1,000 yearly on Dec. 1 from 1914 to 1922 incl.
5,100 June St. bonds (V. 96, p.
Denom. (1) $1-100 and (4)
161)'
1 1914 and $1,000 on Dec. 1 1916,
$1,000. Due $1,100 on Dec.
1918, 1920 and 1922.
Date Dec. 11912. Int. J. & D. in N. Y. Cert. check on a Nat. bank
for 5% of bonds, payable to City Aud., required. Bonds to be delivered
and paid for at City Treas. office on March 10.
DOVER CITY SCHOOL DISTRICT (P. 0. Canal Dover), Tuscarawas County, Ohio.-BOND SALE.-On Feb. 27 $15.000 5% school
bonds were awarded to W.E. Fox & Co. of Cincinnati at 105.25 and int.
Other bids follow:
Sidney Spitzer& Co.,Tol_$15,615 00iFirst Nat. Bank, Clev_ _ _$15,426 60
Mayer,Deppe & Wal.,Cin. 15,594 00 New First Nat. Bk., Col_ 15,300 00
Prov. Say.& Tr. Co., Cin. 15,550 50 State Say. Bk.,Canal Dov. 15.101 00
Hayden, Miller& Co., Clev. 15,435 00 Fifth-Third Nat.Bk., Cin. 15.081 OD
Int. A. & 0. Due $500 Oct. 1
Denom. $500. Date Feb. 27 191
1922; $1,000 each six months from April 1 1923 to 1929 incl. and $500
April 1 1930.
DUBLIN INDEPENDENT SCHOOL DISTRICT (P. 0. Dublin),
"
Erath County, Tex.-BOND OFFERING.-This district is offering foe
sale $44,000 5% 10-40-yr. (opt.) school-constr. bonds. Auth. Sec. 154
at seq. Chap. 124 Gen. Laws, 29th Legis. as amended by Sec. 1540 31st
Int. J.& J. at Dublin, Austin or
Lens. Denom.$1,000. Date Jan. 11912.'
N. Y. Deposit of $5,000 is required. Official circular states that there is no
controversy or litigation pending or threatened affecting the oorporate

740

THE CHRONICLE

.existence or the boundaries of said municipality or the title of its present
officials to their respective offices, or the validity of these bonds, and that
the principal and interest on all previous bonds have been poromptly paid
.at maturity. These bonds were registered by the State Comptroller on
Dec. 3. Bonded debt, $5,000. No floating debt. Assess. val.(equalized)
1912. $1,699,683; actual value 1912 (est.) $3,000,000. A similar issue of
bonds was offered, but not sold, on Dec. 23(V. 96, p.301). J. W. Dunlap
Is District Secretary.
EAST PALESTINE, Columbiana County, Ohio.-BOND SALE.
'The $1,000 5% 3 5-6 yr. (aver.) sewer -constr. bonds offered on Jan. 31
(V. 96, p. 80) have been awarded to the First Nat. Bank of East Palestine
at 100.10 and int. Bonds to be delivered March 1.
ELMIRA (City), Chemung County', N. Y.-BOND SALE.-On
Feb. 28 the $25,000 4%% reg. school-bldg. bonds (V. 96, p. 376) were
Awarded to Ladenburg, Thalmann & Co., N. Y., at 102.83 and int.
ELMIRA (Town), Chemung County, N. Y.-BOND SALE.-On
.Jan. 30 $3,000 43% highway bonds were awarded to the Second Nat.
Bank of Elmira at par. Denom.$1,000. Date Feb. 1 1913. Int. annual
In Feb. Due $1,000 yrly. Feb. 1 from 1914 to 1916 incl.
FALL RIVER, Essex County, Mass.-BOND SALE.-On March 3
the $280,000 4% 10-yr. reg. tax-exempt municipal-loan bonds offered with-out success on Feb. 25 (V. 96, p. 666) were awarded to Blodget & Co. of
Boston at their bid of par for $90,000 43(% bonds and par for $190,000 4%
bonds.
FENNVILLE, Allegan County, Mich.-BOND ELECTION.-An
election will be held March 10 to vote on the question of issuing $11,600
water bonds.
FLINT UNION SCHOOL DISTRICT (P. 0. Flint), Genessee County Mich.-BOND SALE.-On Feb. 27 the $70,000
% coupon schooltA bonds (V. 96, p. 505) were awarded to evitt, Tremble & Co. of
big.D
Chicago at 102.527 and int. Other bids follow:
:S. A. Kean & Co., Chic_ _$71,400 00 H. W. Noble & Co., Det.$70,875 00
Breed, Elliott & Har.,Cin. 71,253 57 N. W. Halsey & Co., Chic. 70,751 00
First Nat. Bank, Det____ 70,934 00 Spitzer, Rorick & Co.,
-John Nuveen & Co., Chic. 70,903 00
Toledo
70,401 25
Date March 1 1913. Due $3,000 yearly from 1914 to 1936 incl. and
$$1,000 in 1937.
FRAMINGHAM, Mass.-BONDS NOT SOLD.-No bids were received
.on March 6 for an issue of 395,000 bonds offered on that day, according
to reports.
FRANKFORT (Town), Herkimer County N. Y.-BOND SALE.John J. Hart of Albany has been awarded an issue of $7,000 5% paving
bonds at 100.154.
FRANKFORT, Spink County, So. Dak.-BONDS VOTED.-According to reports an election recently held resulted in favor of the proposition
'to issue $7,000 water-works bonds.
FREDONIA, Chatauqua County, N. Y.-BOND ELECTION.'The question of issuing $16,700 East Main St. paving bonds at not exceeding 5% int. will be submitted to a vote on March 10. Denom. $1,670.
Date July 1 1913. Int. J. & J. Due $1,670 yearly July 1 from 1914 to
1923 incl.
FRIO COUNTY (P. 0. Pearsall), Tex.-BOND SALE.-An issue
-of $80,000 5% 10-40-year (opt.) road bonds has been awarded to J. R.
Sutherlin & Co. at 100.25 and int. Donom. $1,000. Date Feb. 10 1013.
Int. A. & 0.
GASTONIA, Gaston County, No. Caro.-BOND SALE.-On Feb. 25
the five issues of 5% 30-year coupon bonds, aggregating $70,000 (V. 96,
p. 432) were awarded to Cutter, May & Co. of Chicago at 101.61, accrued
interest and blank bonds.
GRAND FORKS COUNTY (P. 0. Grand Forks), No. Dak.-BOND
SALE.-On Fob. 18 the $200,000 4% 20-yr. court-house bonds (V. 96,
p. 376) were awarded to the State of North Dakota at par and int.
GRANT'S PASS, Josephine County, Ore.-BID REJECTED.-A
bid of 96, submitted by Seymour Bell of Portland for the $200,000 5%
15-30-year (opt.) gold coupon municipal bonds(V. 96, p. 376) was rejected,
it is stated.
HANFORD, Cal.--BOND SALE NOT CONSUMMATED.-Newspapers state that the attorneys for the Wm. R. Staats Co. which on Jan. 20
purchased the $80,000 sewer and $25,000 fire-dept. bonds (V. 96, p. 376)
have declared the issues invalid.
HARRIS COUNTY (P. 0. Houston), Tex.-BOND OFFERING.
Proposals will be received until 12 m. March 10 (not March 15 as first
reported) by W. H. Ward, Co. Judge, for the 31,000.000 4g% special
road bonds voted Feb. 20 (V. 96, p. 666). Auth. Revised Statutes 1911
Articles 627-641. Denom. $1.000. Int. semi-ann. Due 40 years, opt.
after 30 years. Cert. check for 1%, payable to County Judge, required.
HARRIS TOWNSHIP, Ottawa County, Ohio.-BOND OFFERING
-Proposals will be received until 12 m. Mardi 18 by H.E. Burmann,Clerk
(P. 0. Elmore). for $18,000 5% coup. road-impt. bonds. Denom. $500.
Date March 1 1913. Int. M. & S. at office of Twp. Treas. Due $1,000
yearly on March 1 from 1934 to 1939 incl. and $3,000 yearly on March 1
from 1940 to 1943incl. Cert.check or certificate of deposit for$200,payable
to the Clerk, required. Purchaser to pay accrued interest. cat •
p HASTINGS, St. John County, Fla.-BONDS VOTED.-The election
recently held resulted, reports state, in favor of the proposition to issue the
$10,000 5% 20-yr. city-fire-protection and street-impt. bonds (V. 95,
p. 1635). Denom. $500. Int. ann.
HAXTUM, Phillips County, Colo.-BONDS VOTED.-According
to reports the question of issuing $30,000 water-works-constr. bonds carried
at an election held recently.
HILDRETH, Franklin County, Neb.-BONDS VOTED.-The
question of issuing $6,000 water-works-ext. and $4,000 electric-light bonds
carried, reports state, at an election recently held by a vote of 87 to 17 and
85 to 18, respectively. •;.HOMER SCHOOL DISTRICT NO. 13 (P. 0. Homer), Claiborne
Parish, La.-BONDS VOTED.-An election held Feb. 20resulted, reports
state, in favor of the proposition to issue $40,000 school-constr. bonds(V.96
•p. 376). The vote was 107 to 5.
INDEPENDENCE, Jackson County, Mo.-BONDS AWARDED IN
PART.-On Feb. 25 $30,000 of the $40,000 5-20-yr. (opt.) general expense
bonds (V. 96, p. 505) were awarded to A. M. Ott of Independence at par
for 4%s. Denom. $500. Date March 11913.
IREDELL COUNTY,(P. 0. Statesville), No. Caro.-BOND SALE.
On March 3 the 330.000
% 6%-yr. (ay.) county home bonds (V. 96,
p. 583), were awarded, it is stated, to the First Nat. Bank of Cleveland
for $30,640.60 (102.135) and int.
BOND OFFERING.-Proposals will be received until April 7 by the
Bd. of Co. Comm'rs., reports state, for $125,000 road bonds, _Series "C"
Po JASPER, Dubois County, Ind.-BOND SALE.-OnlifacCrte
$2,500 4% 1-5-yr. (ser.) coupon sanitary-sewer-system bonds offered without success on Feb. 10(V. 96, p. 505) were awarded to Albert J. Sonderman
of Jasper at 100.20 and int. Other bids follow:
Miller & Co., Indianapolis_ _ _$2,505 Dubois Co. State Bk., Jasper_32,500
Evansville Securities Co
2,505 Fletcher Am. Nat. Bk., Indian 2,500
Farmers & Merch. Bk., Jasp_ 2,501
JOHNSTOWN VILLAGE SCHOOL DISTRICT (P. 0. Johnstown),
Licking County, Ohio.-BOND ELECTION.-An election will be held
to-day (March 8) to vote on the question of issuing $16,000 school-impt.
bonds.
JUNCTION CITY, Lane County, Ore.-BOND SALE.-On Feb. 5
$18,554 75 6% 1-10-yr. (opt.) sttreet-impt. bonds were awarded to the
Warren Construction Co. at par. Denom. $500. Date Feb. 1 1913.
,
Int. F. & A.
JUNIATA SCHOOL DISTRICT (P. 0. Juniata), Blair County,
Pa.-BOND ELECTION.-An election will be held March 14 to vote on the
proposition to issue $30,000 5% 20-30-yr. (opt.) school-constr.bonds.
KANSAS CITY, Jackson County, Mo.-CERTIFICATE OFFERING.
-Proposals will be received until 2 p. m. March 17 ,it is stated, by Thos. C.
Harrington, Secy. Park Commrs., for $26,162 6% 1-10-yr. (ser.) park
'fund certificates. Cert. check for $1,000 required.
KINSTON, Lenoir County, No. Caro.-BONDS VOTED.-The
.election held Feb. 28 resulted, It is stated, in favor of the proposition to
issue $15,000 bonds to pay for lands donated by the municipality to the
•State as an inducement for the Jocationlhere of the State School for the
"Feeble-minded (V. 96, p. 505).




[VOL.

xcvx.

KNOX COUNTY (P. 0. Vincennes). Ind.-BOND SALE.-On
Feb. 4 $33,500 4%% 1-10-yr. (ser.) road bonds were awarded to FletcherAmerican Nat. Bank of Indianaplois at 100.40. Date Feb. 4 1913. Int.
M. & N.
KNOX COUNTY (P. 0. Knoxville), Tenn.-BOND OFFERING.
Proposals will be received until 11 a. m. March 27, reports state,for $24,000
5% 20-year high-school-construction bonds.
LAKE COUNTY (P. O. Painesville), Onio.-BOND SALE.-On
March 3 the $62,000 4%% coupon Vine St. road -impt. bonds (V. 96,
p. 505) were awarded to Mayer, Deppe & Walter of Cincinnati at 100.80
and interest. Other bids follow.
Wm.R.Compton Co, St.L.$62,477 40 Well. Roth & Co., Cin _ _ _$62,232 50
Sid. Spitzer & Co., Tol___ 62,332 75 Prov.Sav.Bk.& Tr Co.,Cin. 62,068 00
Hayden,Miller& Co.,Clev. 62,260 00 Hoehler & Cum'gs, Tol__ 62,062 00
All bidders offered accrued interest in addition to their bid.
LAKEWOOD, Ohio.-BOND SALES.-The bids received on March 3
for the four issues of 5% general bonds, aggregating $120,500 (V. 96, p.
582) were as follows:
$57,000 $30,000 $25,000 $8,500
issue.
issue.
issue.
issue.
Tillotson & Wolcott Co., Cleveland_ _$2,274 30 $810 00 $1,445,00 $130 05
Otis & Co., Cleveland
2,250 00 802 00 1,51000 87 00
Hayden,Miller & Co., Cleveland..
1,966 50 597 00 1,320 00 79 00
Spitzer, Rorick & Co., Toledo
1,203 00 560 00 1,028 00
First Nat. Bank, Cleveland (2)
1,202 80 408 10
829 50
First Nat. Bank, Cleveland (1)
775 60 223 40
588 60
Well, Roth & Co., Toledo
• 720 00 1,463 00
A.E. Aub & Co., Cincinnati
1,850 00
W.E. Pox & Co., Cincinnati
1,532 50
The following bids were also received on the same day for the ten issues
of 5% special assessment bonds, aggregating $60,425(V.96, p. 582):
Otis (Fe Co., Hayden, Mil- First Nat.
Qleveland.
ler & Co.,
Bank,
Cleveland. *Cleveland.
$129
$12,700 Gladys Ave. paving bonds_ _..$173 00
$93 40
128
12,520 Marlowe Ave. paving bonds__ 171 00
92 65
54
5,310 W.Clifton Rd. paving bonds_ 59 00
39 30
bonds
St.
paving
100
00
8,900 Robin
91
65 80
1 00
1,000 Webb Road sewer bonds
1
1 60
2,520 Athens Ave. sewer bonds..__
2 50
2
3 75
152 00
11,160 Nicholson Ave. sewer bonds
113
82 50
3 00
2
2,565 McKinley Ave. sewer bonds.._
3 75
1,750 McKinley Ave. water bonds_ 1 50
2
2 65
2.000 Alger Road water bonds
2 00
2
•
3 10
The New First Nat. Bank of Columbus bid $183,175 for all the issues,
aggregating $180,925
* First Nat. Bank of Cleveland conditioned "all or none."
LANSDOWNE, Pa.-BOND OFFERING.-DIspatches state that J. W.
Davis, Boro. Secy., will receive bids until 2 p. m. March 18 for $75,000
4%% impt. bonds. Cert. check for $500 required.
LINCOLN, Lancaster County, Neb.-BOND OFFERING.-Proposals
will be received until 12 m. March 18 by R. C. Ozman, City Clerk, for $5,000 Dist. No. 227, 311.800 Dist. No. 231 and $2,000 Dist. No. 239 paving
assess, bonds at not exceeding 5% int. Denom. to be designated by purchaser. Date April 1 1913. Int. payable ann. at the Nebraska fiscal
agency, N. Y., or office of City Treas. Due one-tenth yearly from April 1
1914 to 1923 incl. Bidder to state whether he will furnish completed
printed or lithographed bonds. Cert. check for 8100 required.
LINNTON, Multnomah
County, Ore.-BOND SALE.-Local
papers state that $100,000 5%% 30-yr. water-system bonds voted Feb. 26
have been purchased by Morris Bros. of Portland.
LONG BRANCH, Monmouth County, N. J.-BOND SALE-On
March 4 the $14,000 4%% 20-yr. beach-front-impt. bonds (V. 96. p• 583)
were awarded to the Long Branch Sinking Fund Commissioners at par and
int. Denom. $1,000. Date March 1 1913. Int. M. & S.
LONGVIEW, Gregg County, Tex.-BOND ELECTION PROPOSED.
Local papers state that an election will be held shortly to submit to a vote
the question of issuing 3100,000 street-paving bonds.
LORIMOR SCHOOL DISTRICT (P. 0. Lorimor), Clinton County,
Iowa.-BOND ELECTION.-The question of issuing $20,000 school-bldg.constr.-and-equip. bonds will be submitted to a vote on March 10.
LYSANDER (Town) (P. 0. Baldwinsville), Onondaga County,
N. Y.-BOND SALE.-On March 1 $22,000 22-year bridge bonds were
awarded to John J. Hart of Albany at par for 4%s. Denom. $1,000.
Date Feb. 11912. Int. annual on Feb. 1.
MADISON, Madison County, Fla.-BOND SALE.-On Feb. 4 the
$5,000 6% 5-30-yr. (opt.) coup. tax-free water-works bonds(V. 96, p. 302)
Hunter of Flagstaff, Ariz., at 101.25. Denom.
were awarded to W.
Y. Sept. 15 1909. Int. ann. on Sept. 15.
(8) $500 (10) $100. Date
MARGARETTA TOWNSHIP SCHOOL DISTRICT (P. 0. Venice),
Erie County, Ohio.-BOND ELECTION.-An election will be held
March 11 to vote on the question of issuing $75,000 high-School bonds.
MARION, Marion County, Ohio.-BOND SALE.-On March 5 the
following bids were received for the two issues of 5% bonds, aggregating
$119,681 (V. 96, p. 433):
$34,744 $84,937
Issue.
Issue.
Hayden, Miller & Co., Cleveland
*3794 00 *31,469 00
Harrison,
Cincinnati
781 74
Elliott
&
Breed,
1,274 06
Seasongood & Mayer and Well, Roth & Co., Cincinnati_ 750 00
1.079 00
625 42
1,252 00
Stacy & Braun, Toledo
482 60
512 00
First National Bank, Cleveland
448 60
C. E. Denison, Cleveland
434 00
840 00
New First National Bank. Columbus
* Successful bids.
MILWAUKEE, Wisc.-BONDS AUTHOR!'ZED.-An ordinance was
passed Feb. 17 providing for the issuance of $300,000 4%% coup. waterworks-constr. and ext. bonds. Denom. $1,000. Date Jan. 1 1913. Int.
J. & J. at office of City Treas. Due $15,000 yrly. on Jan. 1 from 1914 to
1933 incl.
MISSOURI.-BONDS AWARDED IN PART.-We are advised by
the State Auditor under date of March 4 that about $700,000 of the remaining $3,000,000 State Capitol Building bonds have been disposed of
(V. 96, p. 584).
MISSISSIPPI CITY SEPARATE SCHOOL DISTRICT (P. 0. Mississippi), Harrison County, Miss.-BOND SALE.-On March 3 the
$10,000 6,
7,, school nonds (V. 96, p. 302), were awarded, it is stated, to the
Hibernia Bank & Trust Co., of New Orleans at 100.525.
MONTANA.-RATE OF INTEREST.-We are advised that the $533,000
insane-asylum bonds recently purchased by the Permanent School Fund
(V.96, p. 152) bear interest at the rate of4% %.
MONTEVALLO, Shelby County, Ala.-BOND OFFERING.-Proposals will be received within 30 days by J. M. Reynolds, Mayor, for $6,000
5% 20-year tax-free school-building-construction bonds. Denote. 31,000.
Interest semi-annually at Merchants' & Planters' Bank, Montevallo, or
some other place agreed upon. No debt at present. Assess. val.,$198,000.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND SALE.
bonds were awarded
On Feb. 27 $15,000 5% 1-8-yr. (ser.) children's home
h
to the Provident Say. Bank & Trust Co. of Cincinnati at 101.13. Denom.
$1.000. Date March 11913. Int. M.& S.
The only bid received on March 6 for the 36,000 5% children's home
bonds (V.96, p.584) was one of 100.25 and int. submitted by the Dayton
Savings & Trust Co. This offer was accepted.
MORRISTOWN, Hamblen County, Tenn.-BOND OFFERING.
Proposals will be received until March 15, according to reports, by W. B.
Bustling, City Treas., for $20,000 5% 10-year paving bonds. Int. semi-an.
MULBERRY, Polk County, Fla.-BOND OFFERING.-Proposals
will be received until April 1 by II. J. Koerner, City Clerk and Treas., for
$20,000 water-works, $20,000 sewerage and $5,000 water-works 6% 20-year
coup. bonds. Water bonds dated March 1 1910, others Jan. 1 1913.
Denom. 31,000. Int. semi-ann. at City Treas. office. Cert. check for
2% of bonds bid for required. Coupons on water bonds will be clipped up
to April 1 1913. These bonds were offered without success on Jan. 1
(V. 95, p. 1698).
NEWBERG, Yamhill County, Ore.-BOND SALE.-On Feb. 10
328.577 35 6% street-tmpt. bonds were awarded to Iloehler & Cummings

MAR. 81913.]

THE CHRONICLE

741

PAWLING, Dutchess County, N. Y.-BOND OFFERING.-Proposals
of Toledo, Ohio, for $28,699 85-making the price 100.429. Denom.
$277 45. Date Feb. 1 1913. Int. F. & A. Due Feb. 1 1923, subject to will be received until 11 a. in. March 12 by Chas. Stark, Town Supervisor._
for $10,000 4% road-impt. bonds. Denom. $1,000. Date April
call annually.
1 1913..
NEW BOSTON, Bowie Counry, Tex.-BONDS VOTED.-The clues- Int. A. & 0. at Nat. Bank of Pawling. Due $1,000 on April 1 from 1914
tion of issuing $15,000 water-works-system-constr. bonds carried, reports to 1923 incl.
state, at an election held Feb.25 by a vote of 89 "for" to 1 "against."
PEMBERVILLE SPECIAL SCHOOL DISTRICT (P. 0.Pemberville)
,
NEW BOSTON SCHOOL DISTRICT (P. 0. New Boston), Scioto Wood County, Ohio.-BOND SALE.-The $16,000 5% high-school-bldg.
County, Ohio.-BOND SALE.-On Jan. 24 the $29,500 43% coupon bonds offered on Feb. 24 (V. 96, p. 433) have been awarded, reports state,
to
Seasongood & Mayer of Cincinnati at 101.20.
school bonds(V. 96, D. 152) were awarded to the Portsmouth Banking Co.
PERRY COUNTY (P. 0. Cannelton), Ind.-BOND SALE.
of Portsmouth for $29,526, making the price 100.088.
-On
NEWPORT, Lincoln County, Ore.-BOND SALE.-On Feb. 24 the March 3 the $70.000 4%% 10 5-6 yr. (ay.) coup. Troy Twp. road bonds
$10,000 6% 10-20-yr. (opt.) water-works-Impt, bonds were awarded to (V. 96, p. 667) were awarded to Breed, Elliott & Harrison and Miller &
Co.
of
Indianapolis at their Joint bid of $70,985 (101.409) and int. Other
Morris Bros. of Portland. Denom. $500 to $1,000. Date April 11913.
bids follow:
Int. A. & 0.
Amer. Nat. Bk.,Ind.S70,810
NEWPORT, R. I.-TEMPORARY LOAN.-On March 6 a loan of Fletcher
Bank, Ind
$70,668
Tell City Nat. Bk., Tell City 70,770 1Meyer-Kiser
Evansville Security Co.,
$40,000, due Sept. 5, was awarded to Livingston & Davis of Boston at J. F. Wild & Co.,
Indianap__ 70,755
Evansville
4.99% discount. Loan matures Sept. 5 1913.
70.100
PERRY SCHOOL DISTRICT (P. 0.Perry), Dallas County,
NEWPORT, Pend Oreille County, Wash.-BOND OFFERING.- BOND OFFERING.
Iowa.-Proposals will be received until March 12 for the
Proposals will be received until March
$70,000
18, reports state,for $7,500 munici4%% 10-yr.school-constr. bonds voted Feb. 17(V.
pal building bonds.
96. p.667)•
PETERSBURG, Dinwiddie County, Va.-BOND OFFERING.
NEW YORK CITY.-TEMPORARY LOANS.-The following short- Proposals
will be received at 4 p. m. March 20 by N.T.Patteson,
time securities (revenue bonds, bills and
Chairman •
corporate stock notes) were issued Committee on Finance, for $100,000 4%% gold coup. or reg. permanent
by this city (luring February:
public-impt.
bonds, being part of the authorized issue of $300,000 (V.
Revenue bonds 1913. Int. Amount. Revenue
96,
p. 584.) Denom. $1,000 and $500.
(cond.)Int. Amount.
Date Oct. 1 1912. Int. A. & 0.
Current expens_4 7-16 $725,000 00 Currentbills
expens.*4% x$2,118,635 38 at office of City Treas. Due 40 years. Bonds are
Current expens_4%
exempt
from
all
city
00 Current expens.*4% x1,181,964 04 taxes. Cert. as to genuineness by the U. S. Mort. & Trust Co.,
Current expens_4 5-16 1,250,000
N. Y.
George Mason of Petersburg, attorney for the city,
500,000 00
Current expens-4 X
will pass on validity of
the bonds. Form of proposal which must
840,000 00
Corporate Stock Notesbe
used
furnished
Current expens_34
on
applica7
250,000 00 Water
2,000,000 00 tion to the Auditor. Cert. check for 2% of bonds bid for, payable to City
4%
Current expens_3%
00 Water
500 000 00 Treasurer, required. Purchaser to pay accrued interest.
Current expens_3 3-5 1,000,000
150,000 00 Water
Current expens_3A
PIKE TOWNSHIP SCHOOL DISTRICT, Clark
1,020,000
Water
00
'2%18
2
P
County, Ohio.Special
BOND OFFERING.-Proposals (sealed or verbal)
4%
50,000 00 Water
2,000,000 00 7
will be received until
3
Special
p.
4X
166,700 00 Var, mun. pur4
4,000,000 00 of m. March 21 by 0. B. Minnich (P. 0. North Hampton), Clerk Board
Special
Ed.,
for
$3,000
3
100,000 00 Var. mun. pur__4
1,500,000 00 7629, Gen. Code. 5%% coup. school-property-impt. bonds. Auth. Sec.
Revenue Bills 1913Denom. 3500. Date Apr. 1 1913. Int. M.& S. Due
Var. mun. pur_ _4 X
2,000,000 00 $500
each six months from March 1 1915 to
Current expens.*4%
346,517 98 Var. mun. pur__4
1,500,000 00 for 5%
Sept. 1 1917,incl. Cert, check
Current expens.*4 5-16 247,105 31 Var. mun. pur--3
of bonds bid for, payable to Clerk, required.
3,500,000
00
to pay
accrued int. These bonds were offered without successPurchaser
Current expens.*4X
728,167 81
as 5s on Feb. 21
(V.
96,
p.
Iaotal
667).
$30,174,090 52
PISEK SCHOOL DISTRICT (P. 0.Pisek), Walsh County, No.
Dak.
*Rate of discount; figures in "Amount" column represent proceeds of -BONDS VOTED.-Reports
state that this
recently authorized the
loan after deducting discount. x Payable in £ sterling.
issuance of school-constr. bonds by a vote of 91 city
"for" to 21 "against."
NEW YORK STATE.-BIDS.-The other bids received on Feb. 28
PISGAH Harrison County, Iowa.-BOND OFFERING.
-Proposals
for the $1,593,000 4% 30-yr. Barge Canal torminal-impt. bonds awarded will be received
until 1 p. in. March 24 by the Town Treasurer
on that day to Fisk & Robinson of New York at 100.026 for "all or none" water-works bonds.
for $7,000
(V. 96, p. 667) were as follows:
PITTSBITGRIT SCHOOL DISTRICT, Pa.-BOND SALB.-On
Amount.
Price.
Feb. 28 the $2,500,000 44% gold coupon or reg. school
J. L. Buttenweiser, N Y
tax-free bonds-.
$10,000 100.02
(V. 96,_p. 584) were awarded to a syndicate composed-bldg.
Hess & Hess, New York
of the Mellon Nat.
20,000 100
Bank, Union Trust Co. and J. S. & W. S. Kuhn, Inc.,
Rhoades & Co., New York
of
Pittsburgh at
276,000
100.66
100.381 and int. A bid of 100.313 was also received from Gordon
A. P. Shellman, St. Louis
& Co.
20,000 100.0625 of Pittsburgh.
E. B. Deyoe, Grand Gorge, N. Y
500
100
Farmers' Loan & Trust Co., New York
PONTIAC, Oakland County, Mich.-BOND ELECTION.-Local pa150,000 .100.5
Curtis & Sanger, Now York
100,000 100.2955 pers state that this city intends having the voters pass upon a proposition
Sutro Brothers, New York
200,000 100.0625 at the spring election providing for the issuance of $50,000 park bonds.
Fisk & Robinson, New York
100,000 100.141
PONTIAC UNION SCHOOL DISTRICT (P. 0. Pontiac), Oakland
William Color & Co., New York
550,000 100.03
County, Mich.-BOND SALE.-On Feb.24 the $35,000 4%% 15-yr. coup.
NEZ PERCE, Lewis County, Idaho.-BOND OFFERING.
-Proposals tax-free high-school-constr. and equip. bonds (V. 96, p. 507) were awarded
will be received until March 30 by the city trustees
for $7,500 refunding to N. W.Ilalsey & Co. of Chicago for $36,250(103.599) and int.
bonds.
PORT
Westchester County, N. Y.-BOND SALE.NORA SPRINGS SCHOOL DISTRICT (P. 0. Nora Springs), Floyd On MarchCHESTER,
3 the following stroet-impt. bonds were awarded to John J.
County, Iowa.-BONO ELECTION.-An election will be held March
10 !tart of Albany:
to vote on the question o" issuing $30,000 10-yr. school-constr. bonds.
32,000 5% North Regent St. paving bonds at 103.40. Denom. $1,000.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
Due $1,000 on April 1 1929 and
2,000 5% William St. Sewer Dist. bonds1930.
County, Cal.-BOND OFFERING.-Proposals will be received until
at 103.40. Denom. $1,000.
Due $1,009 on April 1 1939 and 1940.
2 p. in. March 18, reports state, by M.P.'Kearney, Sec., for $150,000 5%
15,000 4%% Glenn Ave. paving bonds(V. 96,
irrigation bonds.
p.
for $15,028, making
the price 100.186. Denom. 81.000. 667)
OGDEN, Utah.-BOND OFFERING.-G. A. Seaman, City Recorder,
April 1 from 1915 to 1929 inclusive. Duo $1,000 yearly on
will receive bids, it is stated, until March 18 for $100,000 4%% refunding
The other bids for the $15.000 issue were as follows:
bonds dated May 1 1913 and due 1933.
R. M. Grant & Co., N. Y100.131Adams & Co. N. Y
Par
OKANOGAN COUNTY SCHOOL DISTRICT NO. 43, Wash.- Ferris & White, N Y
100.05 Douglas FenwIck & Co. N. Y__Par
BOND SALE.-On Feb. 15 $2,500 refunding bonds were awarded to the George M. Hahn, N. Y
100.03 Port Chester Savings •Bank___Par
State of Washington at par for 5%s. There were no other bidders. DeCERTIFICATE SALE.-On March 3 $6,998 5% Glenn Ave. irnpt. assess.
nomination $250.
certificate of indebtedness was also awarded to John J. Hart of Albany at
O'NEILL SCHOOL DISTRICT (P. 0. O'Neill), Holt County, Neb. 100.11. Due April 1 1918.
All the above bonds and certificate bear date of April 1 1913. Interest
-BONDS.VOTED.-The question of issuing $50,000 5% 10-20-yr.
A. & 0. at the First National Bank of Port Chester.
school-bldg. and equip, bonds carried at an election held Mch. 4 (opt.)
by a
vote of 337 to 49. We are advised that these bonds will be offered
PORTLAND,
Ore.-BOND SALE.-On Feb. 25 the city purchased
for
sale April 15.
$310,486 23 6% street-impt. bonds at par, reports state.
ORLAND HIGH SCHOOL DISTRICT (P. 0. Orland), Glenn
POUGHKEEPSIE, N. Y.-BOND SALE.-On March 1 $50,000 43%
County, Cal.-BONDS VOTED.-The question of issuing
$40,000 57. 10-year coupon tax-free high-school
were awarded to Ladenburg.,
3-20-year school-building-construction bonds carried
at an election held Thalmann & Co. of N. Y. at 101.73 bonds
and int. There were 18 bids in all
Feb. 28 by a vote of 326 "for" to 45 "against."
among them were the following:
ORLANDO, Orange County, Fla.-BOND OFFERING.-Proposals received;
Kissel, Kinnicutt & Co., N.Y.$50,825thutiss & Sanger, N Y
$50.769.
will be received until 12 m. Mch. 27 by E. G. Duckworth, E. F.
Sperry and Watson & Pressprich,
50,790 C. H. Venner & Co., N.Y
50,706
D. Lockhart, Bond Trustees, for the $140,000
57. sewerage-system bonds
Denom. $1,000. Date Feb. 1 1913. Int. F. & A. at the Columbiavoted Oct. 19 (V. 95, p. 1227). Denom. (50)
$1,000 and (18) $5,000. Knickerbocker Trust Co., N. Y., or at the Falikill Nat. Bank of PoughInt. semi-ann. Cert. check for 2%% of bonds bid for required. Bonds keepsie, in N. Y.exchange.
will be delivered $70,000 immediately and the balance in blocks
of $35,000
QUEEN ANNE'S COUNTY (P. 0. Centerville), Md.-BOND OFFEReach as money is needed.
ING.-Proposals will he received until 12 m. Mch. 25 by the Co. Commrs.,
OSSINING, Westchester County N. Y.-BOND SALE.-On March 4 E. J. Merrick, Clerk,
for $75,000 ($25.000 school and $50,000 road and
the $75,000 17%-year (average) municipal building bonds (V. 96, p. 667) bridge) 5% tax-free general
impt. bonds. Denom. $1,000. Int. from
were awarded to E. II. Rollins & Sons of N. Y.at 100.315 for 4.40s. Other July 11912, payable
J. & J. Due $3,000 yrly. on July 1 from 1913
1937
bids follow:
incl. Cert. check or bank draft for 2% of bonds bid for, payableto
to Co.
Parson, on & Co., New York
$75,125 00 for 4.40s Commrs., required.
Ferris & White, New York
75,100 00.for 4.405
QUINCY,
-TEMPORARY LOAN.--On Mch.7 a loan of 875,000,
W. N. Coler & Co., New York
75,080 00 for 4.40s dated Mch. Mass.
1913, was negotiated, reports state, with Estabrook & Co.
W. C. Langley & Co., New York
75,021 75 for 4.40s of Boston at10
4.57% discount.
R. M. Grant & Co., New York
75,258
for
75
4.45s
Spitzer, Rorick & Co., New York
RICHMOND TOWNSHIP, Huron County, Ohio.-BOND OFFER75,015 00 for 4.45s
C. II. Venner & Co., Now York
75,374 75 for 4.50s ING.-Proposals will be received until 12 in. March 17 by the Board of
Douglas Fenwick & Co., New York
Twp. Trustees (P. 0. Home Says. & Bank Co. Chicago Jct.) for $20,000
75,292
50
4.50s
for
N. W. Halsey & Co., New York
75,243 75 for 4.505 5% coupon Richmond Road Dist. road-impt.'
bonds. Auth. Sees. 7033!Farris, Forbes & Co., New York
75,144 00 for 4.50s to 7052 incl., Gen. Code. Denom. $500. Date April 1 1913. Int.
Rhoades & Co., Now York
75,035 25 for 4.50s A. & 0. at Home Says. & Bank Co., Chicago Jct. Due $500 each six
Savings Bank, Ossining
months
from
Oct. 1 1916 to Oct. 1 1922 incl. and 81,000 each six months
75,000 00 for 4.50s
April 1 1923 to April 1 1929 incl. and $500 on Oct. 1 1929. UnOTTAWA,Putnam County, Ohio.-BOND ELECTION.-On Mar. 10 from
conditional cert. check on a bank other than the one making
the bid, for
a proposition to issue $4,000 armory-site bonds will, it is stated, be sub5%
of bonds bid for, payable to Twp. Clerk, required. Bonds to be demitted to the voters.
livered and paid for within 10 days from time of award at the above bank.
OWENSMOUTH SCHOOL DISTRICT, Los Angeles County, Cal.- Purchaser to pay accrued interest.
These bonds are part of an issue of
BOND OFFERING.-Proposals will be received until 2 p. m. March
$40,000 voted May 211912,$10,000 of which has already been sold (V. 95.
reports state, by H. J. Lelande, County Clerk (P. 0. Los Angeles) for 10, p. 1637.)
$50,000 5%. 1-40-year (serial) school-building bonds voted Jan. 25 (V. the
96,
ROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received
p. 667). Denom. $1,000. Date March 1 1913. Int. M. & S. Due
until 2 p. in. March 10 by E. S. Osborne, City Comp.,for $200,000 sewage31,000 yearly on March 1 from 1914 to 1943, incl., and $2,000 yearly
March 1 from 1944 to 1953, incl. Cert. check for 3% of bonds bid on disposal notes. Int. (rate to be named in bid) payable at Union Trust Co.,
for, N. Y. Due 8 months from March 13
payable to Chairman Board of Supervisors, required.
1913.
NOTE SALE.-On March 5 the 8360.000 general revenue notes, due 3
OXNARD, Ventura County, Cal.-BOND
-Proposals months from March 10 1913 (V. 96, p. 667), were awarded
will be received until April 1, reports state, forOFFERING.
to Parkinson &
the
$100,000
5%
gold
Burr of New York at 4.75% int. and $17 75 premium. Other bidders were:
municipal water-works bonds offered without success on Aug. 27
(V. 95, p.
Int. Premium.
847).
Watson
Pressprich,
&
New
York,
entire
issue
4.875
$51 00
PALMER, Hampden County, Mass.-BONb SALE.-The
highest Goldman, Sachs & Co., New York, $200,000
4.875
5 00
bid received on March 7 for the 321,000 434% bonds
offered on that day National Bank of Commerce. Rochester, entire issue
5.00
18 00
was 100.16 submitted by Blake Bros. & Co. a Boston,
it is stated.
Luther Robbins, Rochester, entire issue
5.00
17 00
PAULDING COUNTY (P. 0.Paulding), Ohio.-BOND
5.00
13 00
OFFERINGS. H. Lee Anstey, New York
-Proposals will be received until 3.30 p. in. March 21 by Howard
Rochester Savings Bank, Rochester, $100,000
5.00
-- _Mouser Bond
County Aud., for the following 5% coup, pike bonds:
& Goodwin, New York, entire issue
5.125
---$102,000 Hofacker Pike bonds. Denom. $1,000. Duo $14,000 on
ROCKDALE, Milam County, Tex.-BONDS VOTED.-AccordIng to
Apr. 1
1914, 1916 and 1918 and $15,000 on Apr. 11915, 1917, 1919
reports, the question of issuing $30,000 water-works-purchase and construc1920. Cert. check or certificate of deposit on a local bankand
of tion bonds (V. 96, p. 377) carried at an election held Feb. 25 by a vote of
Pauldthg for $1,000, payable to Co. Treas., required.
167 "for" to 24 "against."
3,900 Greiger Pike bonds. Denom. (6) $550, (1)
$600. Duo $550
ROC KHILL SCHOOL DISTRICT (P. 0. Rockhill), York County,
yrly. on Apr. 1 from 1914 to 1919 incl.
$600 on Apr. 11920. So. Caro.-BOND OFFERING.-This district will offer for
sale $75,000
Cert. check or certificate of deposit on and
a local bank of Paulding 4%% 20-year coup. tax-free school-bldg. bonds (V.
96. p. 667). Denom.
for $200, payable to County Treas., required.
$1,000. Int. ann. or semi-ann. at place to suit purchaser. Cert. check forAuth. Sec. 7351, Gen. Code. Date Apr. 1 1913. Int. A. &
0.
at
payable
$1,000,
to C. K. Chrutzberg. Sec. and Treas., required. Bonded
County Treasury. Bids to be unconditional. Purchaser to pay
for and debt (this issue), $75,000. Floating debt, $12,000. Assessed val. 1912,
furnish blank bonds and coupons.
$2,400,000.




88

[VOL. xcvi.

THE CHRONICLE

742

ROSEAU COUNTY (P. 0. Roseau), Minn.-BOND SALE.-The
Northwestern Trust Co. of St. Paul has been awarded $240,000 54 and
6% drainage bonds at par and int. Denom. $1,000. Date Feb. 1 1913.
Int. F. & A.
ROSS COUNTY (P. 0. Chillicothe), Ohio.-BONDS NOT SOLD.
No bids were received on March 3 for the $18,000 4% bridge bonds offered
on that day (V. 96. p. 584). Date Feb. 1 1913. Int. F. & A. Due
Feb. 1 1938.
ST. BERNARD (P. 0. Cincinnati), Hamilton County, Ohio.BONDS NOT SOLD.-No bids were received on Feb. 28 for the $6,000 4%
20-yr. police and fire-dept.-Impt. bonds offered on that day. (V.96,P.377)•
ST. MARYS, Camden County, Ga.-BOND ELECTION.-The question of issuing $10,000 5% 10-20-year school bonds will be submitted to a
vote on March 12. Interest semi-annual.
SALEM, Essex County, Mass.-TEMPORARY LOAN.-On March 3
a loan of $200,000, due Oct. 13(V.96, p. 667), was awarded to Blake Bros
et'Boston,$50,000 at 4.17% discount and $150,000 at 4.34% discount.
SANDUSKY, Erie County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. March 22 by F. W. Bauer, City Aud., for
Denom.
$42,500 4% coup. Hayes Ave. grade-crossing-elimination bonds.
$500. Date Jan. 1 1913. Int. J. & J. at office of City Treas. Due
on
Jan. 1
$11,000
and
incl.
1923
to
$10,500 yearly on Jan. 1 from 1921
1924. Cert. check for $100, payable to A.H. Wieser, City Treas.,required.
of
agissues
bonds
six
-The
SALE.
SAN FRANCISCO, Cal.-BOND
gregating $5,248,000 offered on Mch. 3 (V. 96, p. 434) were awarded to
N. W. Halsey & Co., E. H. Rollins & Sons of San Fran. and Harris Trust
& Say. Bank of Chicago at their joint bid of $5,301,632 for all issues.
The Anglo & London Paris Nat. Bank of San Fran. bid $405,700 for the
$400,000 sewer bonds.
SANTA CRUZ COUNTY SCHOOL DISTRICT NO. 20 (P. 0.
Nogales), Aris.-BOND OFFERING.-Proposals will be received until
10 a. m. Mar. 18 by Phil. Herold, Clerk of Board of Supervisors, for $3,500
.6% gold school-construction and equipment bonds. Denom. $100. Date
Mar. 18 1913. Int. annually at County Treas. office. Due Mar. 18 1933.
Cert. check for 5% of bonds bid for, payable to Clerk required. Assessed
valuation 1913 (est.), $181,120.
SHAKOPEE, Scott County, Minn.-BOND SALE.-The $10,000 5%
water-works-ext. bonds offered on Jan. 7(V. 96, p. 82) have been awarded
to the First Nat. Bank of Shakopee.
SHELBY COUNTY (P. 0. Shelbyville), Ky.-BOND SALE.-On
March 1 the $75,000 5% gold coup. 9-year (average) court-house bonds
(V. 96. p. 585) were awarded $74,000 to the People's Bank & Trust Co. of
Shelbyville for $75,191 50 (101.61) and int., and $1.000 to D. N. Sharp
of Richmond, Ky., at 103.
Denoms. (120) $100, (48) $250, (78) $500, (12) $1,000. Date March 1
1913. Int. ann. on Dec. 1 at Shelbyville. Due $3,500 1915, $4,000 1916,
34.500 1917, $5,000 1918. $5,500 1919, $6,000 1920, $6,500 1921, $7,000
1922, $7,500 1923, $8,000 1024, $8,500 1925 and $9,000 1926.
• SHILOH SCHOOL DISTRICT, Cal.-BOND SALE.-The Union
•Savings Bank of Modesto has been awarded, according to reports, an issue
of $9,000 bonds of this district.
SILVER CREEK, Merrick County, Neb.-BOND ELECTION.-An
election will be held March 11, reports state, to vote on the question of
Issuing 38.000 water-works construction bonds.
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City), Woodbury
County, Iowa.-BOND OFFERING.-Local papers state that this district
will offer for sale $135,000 4% 10-year high-school-building bonds.

NEW LOANS.

SMYTH COUNTY (P. 0.Marion), Va.-BOND SALE.-On Feb. 19
$90,000 5% 30-year Marion and Rye Valley Magisterial Districts road
impt. bonds were awarded, it is stated to Breed. Elliott & Harrison of
Cincinnati for $90,050 (100.055) and printing of bonds.
SOUTH DAKOTA.- WARRANT OFFERING.-Proposals will be
received until March 25, it is stated, by A. W. Ewert, State Treas., at
Pierre for $500,000 revenue warrants. Int. semi-ann. Cert. check for
$1,000 required.
SOUTH HADLEY FIRE DISTRICT NO. 2 (P. 0. South Hadley),
Mass.-BONDS AWARDED IN PART.-On Jan. 27 $6,000 of the $10,000
4% 1434-yr. (aver.) coupon water bonds offered on Jan. 20(V. 96, p. 153)
were awarded to Merrill, Oldham & Co. of Boston at par and int.
SOUTH ST. PAUL SCHOOL DISTRICT (P. 0. South St. Paul,
Dakota County, Minn.-BONDS VOTED.-An election held Feb. 24
resulted in favor of the proposition to issue the $50,000 high-school-site
and construction bonds (V. 96, p. 507). We are advised that these bonds
will be issued to the State.
STONE SCHOOL DISTRICT, Glenn County, Cal.-BONDS VOTED.
-The question of issuing $5,000 5% 3-12-year (ser.) school-bldg.-constr.
and site-purchase bonds carried at an election held Feb. 25 (V. 96, p. 507)•
Denom. $500. The vote was 12 to none.
STRATHMORE SCHOOL DISTRICT (P. 0. Strathmore), Tulare
County, Cal.-BONDS VOTED.-The question of issuing $18,000 grammar-school-construction bonds carried, it is stated, at an election recently
held, by a vote of 39 "for" to 11 "against."
SUMMIT COUNTY (P. 0. Akron), Ohio.-BOND OFFERING.
Proposals will be received until 11 a. n., Mar. 28 by the Board of County
Commrs., J. C. Moore, County Aud., for the 378.000 5% coupon bridgeDate April 11913,
construction bonds voted Nov.5 1912. Denom.$500. on
Oct. 1 1918 and
Int. A. & 0. at office of County Treas. Due $6,000
check for 5% of
$8,000 yearly on Oct. 1 from 1919 to 1927, incl. Cert.
bonds bid for, required. Purchaser to pay accrued interest.
-On March 4
TALBOT COUNTY (P. 0. Easton), Md.-BOND SALE.
const. bonds (V. 96, P.
the $30,000 5% coup. tax-free Miles River Bridge
D. Howard
John
and
Co.
&
Brogden
668) were awarded jointly to Strother,
Date March 10
& Co. of Baltimore at 102.27 and int. Denom. $1,000.
1928 incl.
to
1914
from
10
March
yearly
32,000
Due
&
M.
S.
Int.
1913.
TEMPLE, Belt County, Tex.-BOND ELECTION.-An election will
$75,000
issuing
of
question
the
on
be held April 1, reports state, to vote
sewer-plant purchase and extension and $75,000 paving bonds(V.96, P.378)
TERRACE PARK, Hamilton County, Ohio.-BOND SALE.-On
March 3 the $2,500 34% coup. deficiency bonds (V. 96, p. 507) were
awarded, according to reports, to Se,a,songood & Mayer of Cincinnati at
102.10. Due $500 yearly on Feb. 15 from 1919 to 1923 inclusive.
0. London
THE OAK RUN TOWNSHIP SCHOOL DISTRICT (P.
-On March 1
R. F. D. No. 6), Madison County, Ohio.-BOND SALE.
(V.96, p.
bonds
building
coupon
(average)
54-year
534%,
the $10,000
585) were awarded to the First National Bank of Cleveland at 103.536.
Other bids follow:
Nat. Bk., Lond_310,187 00
Hoehler & Cummings,Tol.$10,303 50!
_ - 10,175 00
London Ex. Bk., London_ 10,301 50 Weil, Roth & Co., Cin_
Sidney Spitzer & Co.,Tol_ 10,200 00
TITUSVILLE, Brevard County, Fla.-BOND SALE.-On Marchn
the $29,000 5% 28-yr. tax-free water-works bonds (V. 96, p. 153) were
awarded to J. B. McCary Co. of Atlanta at 95 and int. Other bids follow:

NEW LOANS

NEW LOANS
$190,000
TOWN OF BLOOMFIELD,
Essex County, New Jersey,

SOUTH PARK COMMISSIONERS

SEWER BONDS

FUNDING BONDS

4% SERIAL BONDS FOR SALE.

Notice is hereby given that the Mayor and
'Council of the Borough of Caldwell,Essex County,
New Jersey, will receive sealed proposals until
3 P. M. on the 17TH DAY OF MARCH, 1913.
for an issue of coupon bonds in the sum of $90,000
to be issued under an Act of the Legislature of
New Jersey, entitled "A General Act relating to
Boroughs (Revision 1897)." approved April 24.
1897, and the Acts amendatory thereof and supplemental thereto. Said bonds will be of denomination of 31,000 each, numbered from one (1) to
ninety (90), inclusive, dated April 1, 1913; three
of said bonds in order as numbered to be payable
on the first day of April in each of the years 1914
to 1943, Inclusive, bearing interest at the rate of
five per centum (5%) per annum, payable semiannually on the first days of April and October
In each year. Both principal and interest of said
bonds will be payable in lawful money of the
United States of America, at the Caldwell National Bank, Caldwell, New Jersey, and will be
prepared and certified as to genuineness by the
United States Mortgage & Trust Company, New
York City, New York. Said bonds may be registered as to principal only or, at the option of the
holder, as to both principal and interest. The
purpose of said issue Is to provide funds for the
'construction of a system of sewerage and drainage,
with sewerage disposal works, and the purchase of
land necessary for the purpose..
Proposals should be addressed to John J. Van
Order, Borough Clerk Caldwell, N. J.
All bids shall provide for the payment of accrued interest from the date of the bonds, April 1,
1913, to the date of delivery. Each bid shall be
accompanied by a certified check upon an incorporated bank or trust company, to the order
of the Collector of the Borough of Caldwell, for
two per centum (2%)of the par value of the bonds
bid for.
The validity of said bonds will be approved
by Messrs. Hawkins, Delafield & Longfellow.
Attorneys, of New York City, whose opinion
will be furnished to the successful bidder.
The right to reject any or all bids is reserved.
Dated, March 3rd, 1913.
JOHN J. VAN ORDER,
Borough Clerk.

SEALED PROPOSALS will be received by
the Town Council of the Town of Bloomfield
1913,
up to 8 P. M. on MONDAY. MARCH 24, fundfor all or any part of an issue of $190,000 of
ing bonds. dated April 1. 1913. due and payable
April 1, 1943.
The above-stated issue of bonds will be coupon
bonds for one thousand dollars each and will bear
interest from April 1st, 1913. the day of their
date, at the rate of four and one-half per cent per
annum, payable semi-annually April 1st and
October 1st; both principal and interest payable
in lawful money of the United States, at the
United States Mortgage & Trust Co., New York
City. Said bonds are registerable at the option
of the holder thereof, or may be registered in the
first instance at the option of the inurchaser.
Proposals must be accompanied by a certified
check payable to the order of the Town of Bloomfield, for five per cent of the par value of the bonds
bid for, and should be addressed to Raymond F.
Davis, Town Clerk, Bloomfield, Essex County,
New Jersey, and endorsed,"Proposals for bonds."
Bids will be opened at 8 o'clock P. M., at the
Town Council Chamber, Bloomfield National
Bank Building, Bloomfield, Essex County, New
Jersey Monday, March 24, 1913. The Town
Council reserves the right to reject any or all
proposals.
The validity of said issue of bonds will be certified to by Dillon, Thompson & Clay, 195 Broadway New York City, and a copy of their opinion
furnished to the nurchaser.
The bonds will 6e ready for delivery at the Town
Council Chambers, Bloomfield National Bank
Building, Bloomfield, Essex County, New Jersey.
on Tuesday, April 1st, 1913, at Twelve o'clock
noon, or upon some later date to be mutually
GEORGE HUMMEL,
agreed upon.
Chairman of Finance Committee.
RAYMOND F. DAVIS. Town Clerk.
Dated, March 4, 1913.

$90,000

Borough of Caldwell, New Jersey,

F. WM. KRAFT
LAWYER.
Specializing in

Adrian H. Muller 8c Son,
AUCTIONEERS.
Regular Weekly Sales
OF

STOCKS and BONDS

Examination of

Sealed proposals will be received by
the South Park Commissionets, 57tk
Street and Cottage Grove Avenue,
Chicago, Illinois, until twelve o'clock
noon, MARCH 19, 1913, for the purchase of five hundred (500) $1,000 4%
Park Improvement Serial Bonds; and
one hundred twenty (120) $1,000 4%
Paving Serial Bonds.
A deposit, either in currency or certified check, payable to the South Park
Commissioners, must accompany each
proposal as a guaranty of the good faith
of the bidder, as follows:
$15,000 on bids for the $500,000 improvement bonds:
$3,000 on bids for the $120,000 paving
bonds.
The South Park Commissioners reserve the right to reject any or all bids.
Full information may be obtained
upon application to the undersigned.
J. F. NEIL, Secretary.

Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal tor Savings Banks,
Postal Savings and Trust Funds.

Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDO..

SEND FOR LIST.

A9 South La Salle St.,

CHICAGO

CHICAGO, ILL.

BLODGET & CO.

STACY & BRAUN

BONDS

EVERY WEDNESDAY

60 STATE STREET, BOSTON
30 PINE STREET. NE V YORK

Office, No. 55 WILLIAM STREET.
Corner Pins Street.

STATE, CITY & RAILROAD BONDS




$620,000

•

Investment Bonds
Toledo

Cincinnat

MAB. 8 1913.]

THE CHRONICLE

S. A. Kean dr Co., Chicago, par.
0. H. Coffin of Chicago, par less 31,450.
Spitzer, Rorick & Co., Toledo, par less $2,350.
TOLEDO, Ohio.-BONDS NOT SOLD.-No bids were received on
Mcb. 5, it is stated, for the $750,000 4% 31 1-16-yr. (ay.) coup. city-hall
constr. bonds offered on that day (V. 96, p. 507)•
T17RON, Reno County, Kan.-BOND OFFERING.-Proposals wilt
be received by M. H. Potter, Treas., for the $20,000 5% water and light
bonds authorized by vote of 170 to 24, at an election held Feb. 21. These
bends take the place of those offered on Jan. 20 (V. 96, P. 225)•
TWIN FALLS, Twin Falls County, Idaho.-BOND SALE.-On
Feb. 8 the $150,000 10-20-year (opt.) coup, water bonds (V. 96, p. 304)
were awarded, according to reports, to the Security Savings Bank & Trust
Co. of Toledo at 100.70 for 5Ms.
UNION COUNTY (P. 0. Marysville), Ohio.-BOND SALE.-On
March 3 the $10,900 5% coupon ditch-construction bonds (V. 96, p. 585)
were awarded to the Commercial Savings Bank, Marysville, for $10,920,
making the price 100.183. A bid of $10,903 38 was also received from the
Union Banking Co. of Marysville. Date Feb.3 1913. Int. F.& A.
UNION COUNTY SCHOOL DISTRICT NO. 1., Ore.-BOND SALE.
-On March 1 the $30,000 5% 10-20-year (opt.) gold coup. tax-free schoolsite and bldg. bonds (V. 96, p. 507) were awarded to E. H. Rollins & Sons
of Denver at 100.53 and blank bonds. Other bids follow:
Continental & Commercial Bank, Chicago, $30,100 and blank bonds.
Harris Trust & Savings Bank, Chicago, $30,084.
Mercantile Savings & Trust Co., $30,047 and blank bonds.
Keeler Bros., Denver, $30,030 and blank bonds.
S. A. Kean & Co., Chicago, $30,030.
Causey, Foster & Co., Denver, $30,028.
W. E. Sweet & Co., Denver, $30,016.
R. M. Grant & Co., New York, $30,012.
James N. Wright & Co., Denver, $30,025 less $325 attorney's fees.
C. H. Coffin, Chicago, $30,031, less $650 attorney's fees.
Morris Bro., Portland, $30000 less $50 cost of blank bonds.
Chapman, Mills & Co., Chicago, $30,000 less $200.
A. J. Hood & Co., Detroit, $30,004 less $289.
Well, Roth & Co., Chicago, $30,000 less $298.
Union Trust & Savings Bank, $30,000 less 2500.
VIRGINIA St. Louis County, Minn.-BOND SALE.-On Feb. 25
the $450,000 6% gold coupon water-plant-purchase bonds (V. 96, P. 585)
were awarded to Bolger, Mosser & Willaman of Chicago at 101.50 and int.
WACO, McLennan County, Tex.-BOND OFFERING.-Proposals
will be received until 10 a. m. March 11 by the City Sec'y for the $120,000
8th Series school, $100,000 8th Series street-impt. and $25,000 3d Series
sanitary sewer 5% 30-year bonds voted Fob. 6 (V. 96, p. 507). Denom.
$1,000. Date Jan, 11913, Int. J. & J. Cert. check on a Waco bank for
2% of bonds, of each series bid for, required. Bids must be unconditional.
Purchaser to pay for lithographing of bonds. Separate bids must be made
for each issue. Forms for bids furnished on demand.
WAKEFIELD, Middlesex County, Mass.-BOND SALE.-On Mar. 3
the $25,000 4% 5%-year (average) coupon high-school-site tax-free bonds
(V. 96, p. 668) were awarded to Clement Parket & Co. of Boston at 100.14
and int. No other bids were received.
WALNUT SCHOOL DISTRICT (P. 0. Walnut), Pottawattamie
County,Iowa.-BONDS VOTED.-The question of issuing $30,000 schoolconstruction bonds carried at an election held Feb. 24 by a vote of 78 to 7.

743

WARREN, Trumbull County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Mar. 18 by W.E. Dilley, City Aud., for the
following 43i% bonds:
$2,550 Belmont St. sewer-extension bonds. Denom.(9) $250 and(1) $300
Date Oct. 15 1912. Due $500 each six months from April 15 1914
to Oct. 15 1915 and $550 on April 15 1916. Cert. check for 2100,
payable to City Treasurer, required.
14,500 North Park Ave. re-paving (city's portion) bonds. Denom. $500.
Date April 1 1912. Due $500 each six months from April 1 1914
to April 1 1928 ,incl. Cert. check for $300, payable to City Treas.,
required.
Interest semi-annual. Bonds to be delivered and paid for within 5 days
from time of award. Purchaser to pay accrued interest.
WATERLOO SCHOOL DISTRICT (P. 0. Waterloo), Blackhawk
County, Iowa.-BOND ELECTION.-According to reports, an election
will be held March 10 to submit to a vote thelproposition to issue schoolbuilding construction bonds.
WEST BROOKFIELD, Worcester County, Mass.-BONDS NOT
SOLD.-No bids were received on March 1 for the two issues of 4% coupon
tax-free water bonds, aggregating $45,000. offered on that day (V. 96. p.
585 .
WHEELING, Ohio County, W. Va.-BOND OFFERING.-Proposals
will be received between 9 a. m. and 3 p. m. March 27 by J. P. Maxwell
and Geo. Hook, Bond Commissioners, for the following 5% coupon streetimprovement bonds:
$4,500 impt. No. 5 bonds. Date Sept. 1 1912. Due Sept. 11922.
3,000 impt. No.6 bonds. Date Nov. 1 1912. Due Nov. 11922.
1,500 impt. No. 7 bonds. Date Nov. 1 1912. Due Nov. 1 1922.
22,000 impt. No. 8 bonds. Date Nov. 1 1912. Due Nov. 1 1922.
III
Denom. $500. Int. annually at Dollar Say. & Trust Co., Wheeling.1111
WOB17RN, Middlesex County, Mass.-TEMPORARY LOAN.-R. L.'
Day & Co. a Boston were awarded on March 3, it is stated, the loan of
$15,000 due Oct. 15 (V. 96, p. 668) at 4.10% discount.

Canada, its Provinces and Municipalities.
ARDATH, Sask.-LOAN OFFERING.-This village has been authorized, it is stated, to borrow $3,000 for fire-protection, municipal-hall and
sidewalks. E. G. Sampson is Secretary-Treasurer.
ATHABASCA LANDING SCHOOL DISTRICT NO. 839, Alta.
DEBENTURE OFFERING.-Proposals will be received until 12 m. March
15 by S. R. Farquharson, Secy.-Treas., for $40,000 6%Ischool-bldg.construction debentures repayable in 30 annual installments.
BATTLEFORD PROTESTANT PUBLIC SCHOOL NO. 71 (P. 0.
Battleford), Sask.-DEBENTURE OFFERING.-Proposals will be received until March 19 by F. W. D. Thompson, Secy.-Treas., for $100.000
6% 30-year debentures.
BOW ISLAND, Alta.-DEBENTURE OFFERING.-Proposals will be
received until 12 m. April 1 by W. A. Bateman, Secy.-Treas., for $40,000
6% 30-year gas-well debentures. Int. semi-annual.
BRANTFORD, Ont.-DEBENTURE SALE.-Wood. Gundy & Co.
of Toronto have purchased $100,000 of an issue of $250.000 43 % debs.
DECKER CONSOLIDATED SCHOOL DISTRICT NO. 320, Man.DEBENTURE ELECTION.-According to reports an election will be held
March 12 to submit to a vote the by-law to issue $6,000 20-year debentures.
J. Andrew (P. 0. Mamiota) is Secretary-Treasurer.

NEW LOANS

TRUST COMPANIES.

BANKCRS TRUST COMPANY

$28,000
CITY OF DANVILLE, KY.,
16 WALL ST., NEW YORK
Capital,
$10,000,000
Surplus $10,000,000
Sewer and Work-House Bonds.
Sealed proposals will be received until 2 p.m,
MARCH 15, 1913, at the Water Office in Danville.
Ky., for $18,000 of Sewer Bonds and $10.000 of
Work-House Bonds of the City of Danville, Ky.
Bach proposal must be accompanied by a certifed
check for Two Per Cent of the amount of the bid,
payable to the order of "The Treasurer of the
City of Danville, Ky.," as a guaranty to be forfeited if the bidder falls to pay for the bonds that
may be allotted to him. The right is reserved to
reject any or all bids. All bids should be marked
"Proposals for Sewer Bonds and Work-House
Bonds" and addressed to J. M. Wallace, Mayor,
Danville, Ky., from whom full information can
be obtained.
J. M. WALLACE,
Mayor City of Danville, Ky.

Charles M. Smith & Co
CORPORATION AND
MUNICIPAL BONDS
LEST

NATIONAL BANK BUILDING
CHICAGO

LADD & TILTON BANK
PORTLAND, -

OREGON

DIRECTORS
rAMES S. ALEXANDER, President National Bank of
Commerce, New York.
4TEPHEN BAKER, President Bank Of the Manhattan
Co., New York.
iAMUEL O. BAYNE, President Seaboard National
Bank, New York.
iDWIN M. BULKLEY,Spencer Trask dc Co., Bankers,
New York.
iAMES G. CANNON. President Fourth National Bank,
New York.
dOMUND C. CONVERSE. President, New York.
rricoS. DeW I TT C U YLER.President Commercial Trust
Co., Philadelphia.
HENRY P. DAVISON, J. P. Morgan & Co., Bankers
New York.
RUDULPH ELLIS, President Fidelity Trust Co., Phila.
F HAYWARD FERRY, Vice-President Hanover National Bank, New York.
WALTER E. FREW. President Corn Exchange Bank,
New York.
FREDERICK T HASKELL, Vice-President Illinois
Trust & Savings Bank, Chicago.
4. BARTON HEPBURN. Chairman of the Board.
Chase National Bank, New York,
FRANCIS L. H I NE, President First National Bank,
New York.
rHOM AS W LAMONT,J. P. Morgan & Co., Bankers,
New York.

EDGAR L. MARSTON, Blair & Co., Bankers, N. Y
JOS. B. MARTINDALE, President Chemical National
Bank, New York.
GATES W. M'OARRAH, President Mechanics and
Metals National Bank, New York.
CHARLES D. NORTON, Vice-Pres. First Nat. Bank'
New York.
WILLIAM C. POILLON, Vice-President. New York.
DANIEL E. POMEROY. Vice-President. New York.
WILLIAM H. PORTER,J. P. Morgan & Co., Bankerel
New York.
SEWARD PROSSER,President Liberty National Bankl
New York.
DANIEL G. REID, Vice-President Liberty National
Bank, New York.
BENJ. STRONG, JR., Vice-President, New York.
EDWARD F. SWINNEY, President First National
Bank, Kansas City.
GILBERT G. THORNE, Vice-President National Park
Bank, New York.
EDWARD TOWNSEND, President Importer,'& Traders' National Bank, New York.
ALBERT H. WiOGIN,President Chase National Bank'
New York.
SAMUEL WOOLVERTON, Vice-President Hanover
National Bank, New York.

OFFICERS
E. C. CONVERSE. President.
WILLIAM C. POILLON, Vice-President
W. N. DUANE Vice-President
HAROLD B. THORNE. Vice-President.
GEO, G. THOM SON. Secretary.

BENJ. STRONG, JR., Vice-President.
D. E. POMEROY, Vice-President.
F. I. KENT. Vice-President.
F. N. B. CLOSE, Vice-President.
GEORGE W. BENTON. Treasurerg

Established 1859

Capital Fully Paid - - - $1,000,000
Surplus and Undivided Profits •00,000
OFFICERS.
R. S. Howard, Asst. Cash.
W. M. Ladd, President.
Cooldneham, V.-Pres. J. W. Ladd, Asst. Cashier.
W.H Ounklev. Cashier. Walter M.Cook, Asst.Cask
Katmai paid on Time Deposits and Savings Accounts
Agootmts of Banks,Finns,Corporations and individuals
solicited. We are prepared to furnish depositors
every facility consistent with good banking.

Ube Govertunent accountant
P.

0. BOX 27. MAIN OFFICE.
WASHINGTON. D. C.
OPP/OIAL ORGAN OF THE ASSOCIATION OF
AMERICAN GOVERNMENT ACCOUNTANTS

•MONTHLY MAGAZINE OF INTEREST TO
UNTING AND FINANCIAL OFFICERS
N/CIPALITIES, BANKS, RAILWAYS
AND OTHER PUBLIC SERVICH CORPORA.
TONS.

SCAL

TO BE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACCOUNTANTS':OFFICES.




MUNICIPAL AND RAILROAD

BONDS
LIST ON APPLICATION

SEASONGOOD & MAYER
Ingalls Building
CINCINNATI

Barnes & Lofland
147 So. 4th St., Philadelphia, Pa,

Stocks and Bonds
AT

AUCTION
EVERY WEDNESDAY
Salesroom 201 Philadelphia Bourse

GEO. B. EDWARDS
Tribune Building, NEW YORK,N. Y.
FOR SALE.-Timber, Coal, Iron, Ranch and
other properties.
Negotiations, Investigations, Settlements,
Purchases of Property. Information
1913

1850

The United States Life
Insurance Co.
IN THE CITY OF NEW YOB
Issues Guaranteed Contracts.
JOHN P. MUNN, ht. D., President.
Finance Committee.
CLARENCE H.KELSEY.Pres. Titts Gu.deTr.Co.
WILLIAM H. PORTER. Banker.
ED.TOWNSEND. Pres.
Trad. Nat.Bank.
Good:men, whether experienced in life insurance
or not, may make direct contracts with this Company,for a limited territory, if desired, and secure
for themselves, in addition to first year's commission, a renewal interest insuring an income for the
future. Address the Company at its Home
Office, No. 277 Broadway, New YorkiCity.

P744

[VOL. xcvi.

THE CHRONICLE

SALE.

EASTVIEW ROMAN CATHOLIC SCHOOL DISTRICT (P. 0. Eastview), Ont.-DEBENTURE OFFERING.-Prospoals will be received until
5 p. m. March 10 by Nap. Trudel Jr., Secy.-Treas., for $25,000 5% coupon
debentures. Denom. $100. Int. J. & D. Due 30 years from Dec. 10
1912. Purchaser to furnish coupons.
EDMONTON, Alta.-DEBENTURE OFFERING.-On behalf of the
city of Edmonton the Imperial Bank of Canada offers for sale at a price to
yield 5 y,%. $401,500 02 434% 20-year, $523,116 68 43i% 40-year and
$238,406 67 5% 40-year coupon debentures. Denom. £100 or currency
equivalent. Date Jan. 1 1913. Int. J. & J. at Imperial Bank of Canada,
Montreal, and Lloyd's Bank, Ltd., London, Eng. The bonds mentioned
above are said to be part of a block of 51,250,000, $50,000 5s having been
sold recently at 96.
RESULT OF DEBENTURE ELECTION.-With the exqeption of the
$240,415 38 Misericordia Hospital by-law, the various debenture by-laws
submitted to the voters on Feb.24(V.96, p. 508) all carried.
EYE HILL (Rural Municipality No. 382), Sask.-DEBENTURE
OFFERING.-Proposals will be received until March 17 by W. A. Corscadden, Secy.-Treas.(P.0. Macklin)for $10,000 5% 20-year debentures.
GRASS LAKE (Rural Municipality No. 381), Sask.-LOAN OFFERING.-According to reports this village has been authorized to borrow
$10,000 for permanent-impts. J. T. Roper (P.0. Salvador) is Secy.-Treas.
HOLLAND SCHOOL DISTRICT, Man.-DEBENTURE ELECTION.
-An election will be hold March 12, it is stated, to vote on a by-law to
raise $25,000 for a new school-building.
MACOUN, Sask.-LOAN OFFERING.-This village has been authorized to borrow $3,500 for cement-sidewalks, reports state. M. B. Currey
is Secretary-Treasurer.
MONTMARTRE, Sask.-LOAN OFFERING.-A loan of $1,500 to
pay for balance of cost of water-supply has been authorized, it is stated,
A. J. Boyer is Secy-Treas.
MONTREAL, Que.-NEW LOAN.-According to the Montreal
"Gazette" a London cable on Feb. 28 stated that the Bank of Montreal
has underwritten a loan of £1,438,300
% registered stock, redeemable
in 1951. The issues will be made at par.
PO MOOSE JAW, Sask.-DEBENTURE ELECTION.-The question of
issuing $175,000 water-works-ext. and 320,000 bonus debentures will be
submitted to a vote on March 13 it is stated.
NEW WESTMINSTER, B. C.-DEBENTURE OFFERING.-Proposals will be received until 12 m. March 22 by A. G. Moore, Clerk (P. 0.
Edmonds) for $1,087,000 40-yr. road, water-works and school, and $50,000
15-yr. sidewalk 4 % sinking fund debentures. Int. semi-ann. in London,
Eng., N. Y. Montreal, Toronto and Vancouver. Tenders should preferably be net at New Westminster, with accrued interestfromJan. 1st 1913
for 1912 issue and from February 1st for 1913 issue.
ORILL/A, Ont.-DEBENTURES AUTHORIZED.-The Council, it is
stated, has authorized the issuance of $1,500 debentures toward the proposed Champlian memorial and tercentenary celebration.

PEEL COUNTY (P. 0. Brampton), Ont.-DEBENTURE
On March 3 $30,000 5% 30-year debentures were awarded to C. H. Burgess& Co. of Toronto for $29,351 (97.836) and int. Other bids follow:
W.L.McKinnon&Co.,Tor....*329,4001Brent, Noxon & Co., Tor .$28,809
Wood, Gundy & Co., Tor.._ 29,3341
* Thirty-day option.
PRESTON, Ont.-DEBENTURE OFFERING.-Proposals will be
received until 12 m. March 17 by H. C. Edgar, Town Clerk. for $25,000,
$11,800, $24,500, $25,000, $10,000, $6,000 and $8,000 5% debentures.
The $8,000 issue is payable in 30 ann. installments and the remaining
issues in 20 ann. installments.
QUYON,Que.-DEBENTURE OFFERING.-Proposals will be received
until March 15 by F. A. Davis, Mayor, for $3,000 6% 25-year municipal
debentures. Denom. $100. Interest semi-annual.
RAPID CITY, Man.-DEBENTURE OFFERING.-Proposals will be
received until 6 p. m. March 25 by C. G. Murray, Sec.-Treas., for the
$12,000 5% elec.-light and power debens. voted Oct.23 1912(V.95,lo. 1229).
Int. ann. on Jan. 1. Due part yearly on Jan. 1 from 1914 to 1933 incl.
REVELSTOKE, B. C.-DEBENTURE OFFERING.-Proposals will be
received until 6 p. m. March 15 by B. A. Lawson, City Clerk, for $2,900.
series A.A, $2,730 ,series A.B., and $11,498 13, series A. C., concrete sidewalk 5% debentures. Int. semi-ann. Due Dec. 1932.
PINCHER CREEK, Alta.-DEBENTURE OFFERING.-Proposals
wIl be received until 6 p. m.March 24(time extended from Feb. 24) by G.D.
Plunkett, Sec.-Treas., for $30,000 30-install. bldg. and $15,000 20-install.
sidewalk debentures. (V. 96, p. 509.)
REGINA, Sask.-DEBENTURES
-An election held Feb. 25
resulted in favor of issuance of $2,723,000 debentures.
ST. VITAL (Rural Municipality), Man.-DEBENTURE SALE.
Reports state that Goldman & Co. of Toronto have been awarded $59,890
5% sinking fund debentures, repayable in 7, 15 and 20 years.
SPRINGSIDE, Sask.-LOAN OFFERING.-This village will, it is
stated, borrow $1,500for completion of municipal-hall,sidewalks and street.
W. Dinsdaie is Secy.-Treas.
TORONTO, Ont.-DEBENTURE SALE.-This city, newspaper
reports state, has disposed of $1,750,000 debentures. Of these Harris,
Forbes & Co. of N. Y. purchased $1,000,000, all of which have been.
sold. Chicago interests pought $500,000 and it is understood that
these will also be offered to investors. The remaining $250,000 was
placed in the United States, these being purchased for investment and not
for public offering. The debentures awarded to Harris, Forbes & Co. bear
interest at 4% and are in the denom. of 31,000 each. D
bated
at July 1 1912.
Int. J.& J. in N. Y. Due July 1 1922.
YORK COUNTY (P. 0. Toronto), Ont.-DEBENTURES
-The Council, reports state, has authorized the issuance of $100,000.
road-impt. debentures.

VOTED.

AUTHOR-

IZED.

MISCELLANEOUS.

MISCELLANEOUS.

OFFICE OP TUB
ESTABLISHED 1585.

ATLANTIC MUTUAL INSURANCE COMPANY. H. C. SPEER & SONS CO.

New York, January 22d, 1913,
The Trustees, in conformity with the Charter of the Company, submit the following statement of its affairs on the
31st of December, 1912.
The Company's business has been confined to marine and inland transportation insurance.
84,069,457 66
Premiums on such risks from the 1st January, 1912, to the 31st December. 1912
763,427 33
Premiums on Policies not marked oft 1st January, 1912
Total Premiums

$4,822,884 as

Premiums marked off from January 1st, 1912, to December 31st, 1912
Interest on the investments of the Company received during the year_ -3302,088 79
42,787 34
Interest on Deposits in Banks and Trust Companies, etc
130,987 28
Rent received less Taxes and Expenses

$4,055,834 Oh
475,863 41

$2,104,257 48
$197,204 74
544,016 02
195.79 741,416 55

Losses paid during the year
LCS8 Salvages
Be-insurances
Discount

$1,362,840 93
Returns of Premiums
Expenses. Including officers' salaries and clerks' compensation, stationery, advertisements, etc

563,285 21

BALANCE SHEET.
LIABILITIES,
Estimated Losses and Losses Unsettled
in process of Adjustment
32,174,058 00
Premiums on Unterminated Risks
767,050 94
Certificates of Profits and Interest Un262,924 05
paid
Return Premiums Unpaid
104,322 76
Reserve for Taxes
110,025 19
Re-insurance Premiums
203,735 55
Claims not Settled, including Compensation, etc
82,698 09
Certificates of Profits Ordered Redeemed,
Withheld for Unpaid Premiums
22,556 09
Certificates of Profits Outstanding
7,293.220 00




GUARANTEED

BONDS

Ali Issues

A. H. Bickmore & Co.,
BANKERS
SO Pima Strive*,

Now York

AMERICAN MFG. CO.
MANILA, SISAL AND JUTS

CORDAGE
Sales Office:

Noble & West Sts., Brooklyn: N. Y..

VICKERS & PHELPS
City.
29 Wail Street, New York
Members of New York Stock Exchange.

BONDS
Cash orders only in stocks accepted.

ACCOUNTANTS
811.020,59067

Thus leaving a balance of................. ..............................................52,603.260 71
to
:
499
99
$40
26
8
60
9,
Accrued Interest on Bonds on the 31st day of December, 1912, amounted
to
Rents due and accrued on the 31st day of December, 1912, amounted
Re-insurance due or accrued, in companies authorized in New York, on the 31st day of December,
257,330 00
1912, amounted to
amounted to
47.650 39
Unexpired re-Insurance premiums on the 31st day of December, 1912,
has estimated the value of the Real Estate corner Wall and
Note: The Insurance Department
450,
96
0573
William Streets and Exchange Place in excess of the Book Value given above, at
Island in excessof the Book Value, at
63,700
And the property at Staten
Bonds and other Securities on the 31st day of December, 1912, exThe Market Value of Stocks,
by
valuation
1,695,027 24
ceeded the Company's
On the basis of these increased valuations the balance would be

NATIONAL LIGHT,
MEAT & POWER COMPANY'

$91,649 80

A dividend of interest of Six per cent on the outstanding certificates of profits will be paid to the holder.
thereof, or their legal representatives, on and after Tuesday the fourth of February next.
be redeemed and paid to the holders thereof, or the.
The outstanding certificates of the issue 01 1907 will
Tuesday the fourth of February next, from which date all interest thereon
legal representatives, on and after produced
at the time of payment and canceled.
will cease. The certificates to be
A dividend of Forty per cent is declared on the earned premiums of the Company for the year ending 31st
December, 1912, which are entitled to participate in dividend, for which, upon application, certificates will be
Issued on and after Tuesday the sixth of May next.
O. STANTON FLOYDNIONES, Secretary.
By order of the Board,
TRUSTEES.
HERBERT L. GRIGGS,
• CHARLES M. PRATT.
JOHN N. BEACH,
ANSON W. HARD,
DALLAS B. PRATT,
ERNEST C. BLISS,___
THOMAS H. HUBBARD,
GEORGE W. QUINTARD;
VERNON H. BROWN,_
LEWIS CAI3S LEDYARD,
ANTON A. RAVEN,
WALDRON P. BROWN,
CHARLES D. LEVERIC.
JOHN J. RIKER.
H
JOHN CLAFLIN
ROBINSON,
GEORGE
CLARK,
H.
DOUGLAS
MACY,
GEORGE C.
WILLIAM J. SCHIEFFELIN.
NICHOLAS F. PALMER.
CLEVELAND II. DODGE;
HENRY PARISH,
WILLIAM SLOANE,
CORNELIUS ELDERT,
ADOLF PAVENSTEDT.
LOUIS STERN,
RICHARD H. EWART,
WILLIAM A. STREET,,
JAMES H.POST,
PHILIP A. S. FRANKLINj
GEORGE E. TURNURE.
A. A, RAVEN, President.
CORNELIUS ELDERT, Vice-President,
WALTER WOOD PARSONS,.2d Vice-President.
CHARLES E. FAY,3d Vice-President.
JOHN II. JONES STEWART. 4th Vice-President
ASSETS,
United States and State of New York
$670,000 00
Bonds
New York City and New York Trust
1,777,900 00
Companies and Bank Stocks
00
2,716,537
Stooks and Bonds of Railroads
282,520 00
Other Securities
Special Deposits in Banks and Trust
900,000 00
Companies
Real Estate cor. Wall and William Streets 4,299,426 04
and Exchange Place, containing offices
Real Estate en Staten Island (held under
75,000 00
provisions of Chapter 481,Laws of 1887) 592.766
69
Premium Notes
615,303 16
Bills Receivable
Cash in hands of European Bankers to
pay losses under policies payable in
298,641 20
foreign countries
994,882 29
Cash in Bank
Temporary Investments (Payable Janu400,875 00
ary 1913)
313:62315738

First Nat. Bank Bldg., Chicago
SCHOOL,
BOUNTY AND MUNICIPAL BONDS

$5,185,044 28

PARK, POTTER & CO.
CERTIFIED PUBLIC ACCOUNTANTS.

New York, Chicago, Cincinnati and!
London, England.
AUDITORS FOR FINANCIAL INSTITUTIONS, INDUSTRIAL AND
MINING COMPANIES.
Investigations, Financial Statements,
Periodica Audits and Accounting