Full text of Commercial and Financial Chronicle : March 9, 1912, Vol. 94, No. 2437

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VOL. 94

NO. 2437

MARCH 9 1912

P u b lis h e d (iverv S a tu rd a y m o rn in g b y W IL L IA M B . D A N A CO M P'ANY .
J a c 'ib S e ib e rt J r . . P re sid e n t a n d T re as : G eorge S. D a n a a u d A rn o ld G. D a n a .
V lce-I’resld e n ls; A rn o ld G . D a n a , Sec. A d d resses of a ll. O ffice c l th e C o m p a n y

,

CLEARING S—FOR FEBRUARY SINGE JA N U A R Y 1, AND FOR WEEK ENDING MARCH 2
u&.
Clearings at

1912.

s
$
7,312,048,364 7,290,105,447
599,909,930
579,840,488
193,312,911
180,801,059
134,480,514
151,721,415
30,300,944
42,590,501
31,289,302
i 27,709,300
22,332,147
25,541,157
17,840,004
15,488,807
■ 10,096,370
11,535,597
9,726,097
10,144,085
5,092,348
6,111,210
5,796,015
0,030,127
5,473,379
5,982,271
7,319,060
0.587,578
0,712,978
7,027,043
4,017,444
3.001,494
3,588,439
2,903,050
3,598,425
2,039,282
2,380,744
1,973,700
2,428,800
2,035,062
2,173,405
1,890,584
1,071,280
887,082
851,094
1,001,984
903,890
1,903,700
1,809,107
4,780,714
4,501,491
1,035,457
1,016.918
8,400,761,259 8,372,523 .390
741,860,530
021,071,197
34,500,300
32,372,000
17,807,847
10,597,775
11,424,980
11,398,085
10,280,498
8,028,428
10,307,919
7,189,413
9,029,173
8,585,481
4,944,748
5,007,803
3.807,024
3,977,820
2,245,940
2,024,404
2,303,022
2,128,573
1.300,079
1,742.318
720,033,453
851,355,128
971,708,774
1,152,909,776
95,468*450
99,802,050
08,414,590
75,403,593
77.781,947
64,760,361
63,875,500
59,668,309
32,388,023
33,842,191
24,735,700
22,222,200
17,037,587
18,870,812
14,029,350
12,990,292
11,583,228
9,922,930
7,873,444
8,278,504
8,134,760
8,901,896
2,831,887
2,480,789
4,906,687
3,929,206
5.000,428
5,024,498
4,215,035
3,804,771
5.318,682
4,423,321
3,381,535
3,194,319
2,934,750
2,000,127
2,651,361
2,759,382
5,537,000
3,300,000
4,431,409
3,012,155
2,011,958
2,201,080
2,141,150
1,805,070
1,993,703
1,910,679
1.814,089
1,393,531
1.891,738
1,065,739
1,317,028
1,195,799
1,947,137
1,039,467
1.491,483
1,357,924
707,424
089,284
117,057
154,932
1 711,225
1,447,414
2,090,571
2,108,210
951,258
702,197
403,929
304,423
1,031.500
1,527.272
1,047,670,771 1,428,000.109
O ther W estern on page 071.
401,104,512
490,820,223
514,850,458
502,940,239
303,237,655
305,120,033
77,354.010
94,947,241
06,039,752
61,177,781
48,550,915
74,110,753
34,882,000
38,839,500
30,581,825
29.703.705
58,909,802
49,741,483
28,448,214
37,075,995
18,194,230
25,595,325
21,840,531
15,071,501
26,855,93!20,21.3,r7()
15,214,415
12,377,982
12,731,254
10,242,2311
10,598,721
9,830,065
7,903,021;
0,857,001
9,528,844
7,471,545
14,103,190
11,282,15!
0.455,150
5,972,114
10,309.081
7,574,401
8,398.145
5,900,792
6,765,57!
9,37't',09!)
13,085,031
13,031,235

t,1Y ^ ------Chester-------

Frcd^ri°k___
T otal Middle...........

T o tal New England

G rand R ap id s......... - -

M ansfield____ _____ _
D anville------------------Jacksonville, 111.........
Jackson ........................
L i m a ............. ...............
Ann A r b o r ... -------Adrian ......... ...............

F lin t* ______________
T ot. Mid. W e st___
T otal Pacific...........
T otal other W e st..
S t. Louis....... ..............
New O rleans................
Louisville ....................
H o u s to n ......................
G lv c s to n ....................
Richmond . ................
A tla n ta -----------------M em phis-------- -------S a v a n n a h ......... ..........
Nashville ....................
F ort W o rth ..................
Norfolk ............. ..........
B irm ingham ................
Augusta ......................
Knoxville — ...........
L ittle Ito c k ------------J a c k s o n v ille ................
M obile..........................
C hattanooga ..............
Charleston ..................
O klahom a ................-M aco n ........................
A u s tin ..........................

V ic k sb u rg ......................

W ilmington. N .C -----

J a c k s o n ............. ..........
Muskogee* ..................
T o tal S outhern___
T otal a l l ......................
O u ts id e N ew Y o r k .

i y Clearings by

1911.

Week ending March 2.

Two Months.

February.

)UA

Inc. or
Dec.

1912.

1911.

Inc. or
Dec.

1912.

1911.

S
$
S
S
%
%
+ 2 .0 1,895,980,162 1,906,469,935
+ 0.2 16,148,229,903 15,820,414,017
1,315,425,453
1,242,502.548
+ 5 .9
153,858,449 174,701,491
+ 3 .5
416,303,096
397,840,301
52,121,741
+ 4 .7
00,080,076
+ 6.9
324,388,103
290,460,077 + 11.7
49,290,731
30,820,825
+ 12.8
84,018,801 + 12.2
95.027,332
10,303,742
10,177,017
+ 17.3
59,551,631 + 11.3
7,853,872
00,307,520
7,440,517
+ 12.9
49,047,543
52,032,000
+ 7.3
5,500,511
5,133,859
+ 14.4
34,551,084 + 11.5
38,524,309
4,780,407
+ 15.2
4,924,813
23,496,977
+
7.9
25.300,327
2,809,382
3,095,400
+ 7.8
21,201,826
+ 3 .0
3,023,648
21,834,147
3,093,143
+ 4.3
13,490,410
12,122,853 + 11.3
1,672.004
1,663,070
+ 7.4
+ 3.4
12,549,799
1.590.301
1.703,905
+ 4 .0
12,980,690
11,952,490
+
6.6
12,740,825
1,499,429
1,394,325
+ 9.3
13,815,130 + 12.1
1,820,153
1,013,098
15.483,851
+ 11.1
13,294,266 + 111
1,803,694
14,704,937
1,821,782
+ 13.6
10.814,219
10,002,045
+ 8.1
+ 8.0
7,037,075
7,577,323
+ 0.8
—0.4
940,210
975,902
6,632,154 + 0.4
+ 2 3 .9
7,988,153
850,499
791,407
+ 10.7
4,941.936
4,518,903
+ 9.4
569,820
028,281
+ 2 3 .0
5,218,000
4,249,500 + 22.8
569,600
499,000
+ 0.8
5,110,1 18
4,757.014
+ 7.4
495,838
520,000
+ 13.1
4,057,040
3,050,702 + 11.0
420,977
485,557
—3.7
1,701.751
1,983,082 — 10.2
+ 10.8
2,332,781
2,202,059
+ 5.9
H _____
— 7.8
4,057,600
4,185,910 —3.1
+ 0.2
9,463,150
1,387,662
9,487,079 — 0.3
1,122,537
+ 1.2
3,570.594
3,670.839
—2.6
+ 2.7 2,199,109,848 2,285,280,910
+ 1.1 18,640,45+004 18,156,348,079
214,401,442 163,675,002
1,584,603,030
1,444,704,890
+ 19.5
+ 9.7
7,995,000
8,352,900
74,740,000
73,136,800
+ 2.2
+ 6.0
4,792,261
4,930,391
40,010,442
35.945,854 + 11.3
+ 7.7
3,215,370
3,316,755
+ 0.2
25,921,962
25,248,650
2,116.772
2,402,070
21,580,000
17,890,240 + 20.6
+ 28.1
2,197,797
+ 44.2
2,239,340
10,525,022 + 2 5 .9
20,813,135
2,505,076
2.440,900
+ 1 1.0
19,244,373
+ 9.1
20.998,055
1.103.008
1.280,717
— 6.3
— 1.3
10,024,853
10,703,175
1,004,350
1,034,463
+ 2 .8
8,427,810
—5.4
8,903,186
570,748
084,949
+ 10.9
5,401,981
5,000,590
+ 9.2
507,873
—7.0
504,251
4,758.288
4,928,091
—3.5
+ 27.5
447.570
455.562
4,018.003
3.066,498 + 3 1 .0
+ 18.2
241,615,542 190,746,225
1,821,418,765
1.005,297,975
+ 9.4
+ 18.0 2,405,955,059
2,118,096,455 + 13.5
303,172,351 300,129,921
+ 4.5
26,382,300
25,223,100
221,111,550
215,754,750
+ 2.5
+ 10.2
19,287,804
155,135,921 + 11.8
17,610,411
173,379,218
+ 20.1
108,100,039
19,335,741
17,287,948
145,531,748 + 15.5
+ 7.0
122,850,804
14.860,724
120,443,997
+ 2.0
15,544,951
— 4.3
73,277,708
10,118,891
71,384,050
— 2.0
8,949,155
+ 1 1.3
50,900,700
49,221,500
5,480,000
5,852,700
+ 3.4
— 6.6
40,028,000
4,172,036
4,711,244
38,005,773
—5.0
+ 8.0
26,870,570
29,322,784
3,961,494
+ 9.1
4.294,080
+ 10.8
21,735,255 + 13.0
2,891,161
24,508,809
2,833,487
—4.9
18,202,363
2,028,726
18,430,253
2,505,023
+ 13
—8.0
20.004,372
2,231,162
19,305,092
2,233,423
—3.5
059,073
+ 13.9
5,546,271 + 11.4
464,680
0,183,251
1,283,315
1,411,578
S,3 87,350 + 2.5
+ 2 4 .9
10,276,909
1,390.808
1,249,204
10,002,573
—7.0
+ 0.7
9,857,054
1,293,893
1,302,893
8,500,397
+ 9.1
9,193,188
1,050.020
1,537,944
+ 20.2
10,091,135 + 12.2
11,329,300
754,849
797,398
6,307,554
+ 5.9
0,781,714
+ 6.5
2,110,194
1,897.754
5,496,714
+ 12.6
+ 6.9
5,907,203
1,017,712
770,388
5,934,797
—3.9
— 1.8
794,500
1,280,000
+ 07.8
8,244,000 + 47.9
12,197,000
1,047,105
7,784.452 + 2 5 .1
1,180,530
+ 22.7
9,739,058
901,350
808,579
—8.6
4,859,307
—3.4
4,096.340
701,114
680,772
+ 18.0
3,658.024 + 19.4
4,307,942
502,730
+ 4.0
4,312,861
491,840
+ 4.8
4,518,529
461,331
393,712
+ 3 0 .2
3,175,593 + 17.7
3,737,157
006,540
3.459.690
337,841
+ 13.0
+ 7.1
3,705,21(1
595,091
845,032
+ 10.2
2.548,611
— 4.2
2,430,005
428,000
+ 18.8
3,543,828 + 17.8
510.000
4,172,490
2,917,308 + 14.0
626.109
337,865
+ 9.9
3,325,111
307,579
1,524,978
180,388
+ 2.0
—0.3
1,520,119
00,220
301,762
25,085
+ 2.6
—24.5
309,597
457,000
307,782
3 038,948 -f 15 2
4- IS.3
462,851
479,183
—3.6
4,901.868
-f 3.9
5 ’094,047
+ 35.4
1 449,584 + 3 8 .3
+ 10.7
304,423
848 231
..............
+ 6.8
• 1.527,272
3.500.828
+ 15.3 3,474,417,114
427,539,920 434,703,477
3,121,015,876 + 11.3
+ 23.8
+ 9.3
+ 0.6
+ 22.7
+ 8.9
+ 52.7
+ 11.3
+ 23.2
+ 18.0
+ 30.3
+ 40.7
+ 3 9 .4
+ 2.4
+22.11
+ 24.3
+ 7.7
+ 16.1
+ 2 7 .7
+ 2 5 .C
+ 8.1
+30.1
+ 41.7
— 27.1
+ 22.(

873,427,418
1,034,850,824
1,180,054,089
1,123,021,300
050,085,932
052,207,523
200,909,130
175,039.172
131,973,750
128,210,157
152,185,014
104,948,515
81,31 1,000
72,895,500
70,018,984
04,073,424
130,296,143
113,714,659
78,174,880
06,977,06(1
53,934,410
45,452,074
48,740,590
34,820.203
57,738,042
58,586,997
31,574,70!
26,819,715
25,059,1891
22,460,037
21,073,410
23,086.113
10,256,331 |
15,040.085
15,852,780
18.038.09C
28.930.493
24,247.043
13.497,26-1
13,413,OH i
16.082,981
21,093,644
10,301,246
17,843,17! 1
19,951.43!
14,137,27! 1
30,844,15!
33,044,807

+ 18.5
+ 5.1
—0.6
+ 14.4
+ 2.9
+ 45.0
+ 11.5
+ 17.5
+ 14.6
+ 10.7
+ 18.7
+ 40.0
— 1.6
+ 17.7
+ 14.2
—8.5
+ 8.1
+ 17.0
+ 19.3
—0.6
+ 3 1 .2
+ 9.5
—29.1
+ 11.5
45
+ 10.6
+ 40.4
—5.3
+ 0.8
4-2.5
+ 30.2
— 21.8
4-5.2
+ 9.8
+ 7.3

123,212,348
147,022,403
80,062,880
24,560,196
15,091,506
17,500,000
8,777,500
8,546,371
14.0.82.266
8.418,533
6.285,790
5,607,759
4,424.815
3,620,995
2,490,433
2.576,391
2.197,137
1,899,866
3,385,000
1.781,936
2,732,945
1,980,143
1.380,775
3.760.00C

Inc. or
Dec.

1910.

1909.

S
S
%
—3 .0 2,190,125,316 1,984,588,275
— 11.9 163,409,440 131,345,990
42,968,986
— 13.2
50,242,935
27,992,622
31,914,278
+ 33.8
8.917,870
10,485,376
+ 1.2
6,181,828
7,560,305
+ 5 .5
5,668,457
6,008,431
+ 7.1
4,775,802
3.910,727
— 2.9
2,806,692
— 7.3
2,906,014
2,260,276
2,239,799
— 2.3
1,503,202
1.2S0,S03
+ 0.5
— 6.0
2,009,208
1,343,216
— 7.0
1,268,916
1,391,490
+ 12.8
1,806,699
1,303,354
— 1.0
1,900,279
1,388,369
—3.0
+ 7.5
—9.4
+ 14.0
—4.7
— 12.1

922,987
877,925
516,225
436,250
544,071
431,005

718,195
770,932
502,096
484,400
552,755
356,309

+ 2 3 .6

........... ..
’—3.8 2,482,142,877 2.226,671,074
+ 3 1 .0
173,821,504 175,610,954
— 4.3
7,829.000
8,119,200
+ 2.9
5,835,260
4.375,543
—3.0
3,140,859
2,803,394
+2(3.3
2,170.000
2,443,036
+ 2 .Vi
1,970,102
1,693.815
— 2.(5
2,451,009
1.547.029
+ 10.1
1,101,404
1,318.205
— 2.9
1,133.122
957,529
+ 18.7
550,113
565,392
— 11.2
470,819
475,902
+ 1.8
_______
. ...........
+ 26.7 200,533,792 199,970,599
— 1.0 339,317,404 311.925,650
— 1.4
27,735,700
28,845,600
— 8.7
20,185,389
16.047,568
+ 11.8
18,229,031
14,092,207
—4.4
14,525,493
13.627,067
10.253.254
— 11.5
8,717,915
— 0.4
0,911.000
6.355,400
— 11.4
5,498,011
4,261,389
4,082,959
—7.7
4,200,659
2,665,704
+ 2.0
2,262,027
— 19.0
2,655,520
1.900.567
—0.1
2,441,913
2,075,631
+ 42.0
706,025
671,258
—9.1
1,508,680
1,528,281
+ 11.3
1.331,157
885,192
+ 0.7
1.220,588
1,135.435
+ 45.4
1,133,679
679,235
+ 5 ./
097,549
586,053
— 10.1
2,057,841
T,427,018
— 24.3
1,104,864
990,180
1,282,200
+ 61.9
800.000
+ 1 3 .3
950,545
1,343,973
653,636
— 15.9
629,978
903,376
—9.9
653,436
— 2.2
545.421
452,025
— 14.7
490,135
467,944
— 11.4
607,721
472,821
— 29.0
723,971
665,601
+ 19.2
400,000
353,409
—35.9
353,236
399.514
235,366
— 41.3
201,511
34,428
—57.3
25,751
+ 14.9
500,666
+ 3 .5
.........
— 1.0

_______
471,470,775

428,740.301

+ 7.9
114,244,857
— 1.8
154,463,018
+ 3.7
77,232,905
17,960,989 + 37.1
—0.4
15,156,078
+
64.5
10,640,309
0,097,500 + 44.0
8,080,306
+ 5.7
11,914.602 + 18.2
0,799,825 + 23.8
5,250,727 + 19.7
4,306,999 + 2 8 .4
5,291,408 — 10.4
3,420,035
+ 5 .8
2,725,567
— 8.6
2,334,846 + 10.4
1,780,502 + 23.4
1,799,901 + 10.5
2,796,988 + 21.0
1,542,918 + 15.5
1,850,137 + 47.7
1,750,512 + 13.1
1,969,955 — 29.9
3,078,473 + 22.2

110,112,610
177,139,261
75,703,602
23,200,948
13,824,377
12,010,200
5,830,500
7,700,000
10,947,921
0,585,220
4,124,724
4.273,785
0,961,780
2,775.333
2,621,229
2.467,507
1,757,049
1,751,338
2,534,180
1,458,780
1.749,503
1,729,296
2,449,404
1,199,113

92,798,927
145,176,182
71,552,211
18,421,706
14,909,483
12,096,095
0,777.500
0,011,379
5.411,873
5.602,050
2,978,106
4,015.894
6,262,169
2,783.838
1,949.053
1.554,970
1,740,501
1,650.154
1,767,080
1,425,993
1,774,028
1,400,000
1,578,480
745,768

2,018,875
4,986,935 — 18.6
16,555,418
4,090,217
3,086,285
27+07,402
699,060
12,943,322 + 27.9
19,730,650
315.345 + 18.7
309,394
1,022,71
374.46C
331,704
3,514,824
1,508,094
+ 7.1
3,711.094
705,188
+ 1.4
715,00(
3,205,177
480,286
343,718
3,066,891
6,883,23:
6,829,43!
+ 6.5
2,245,330
720,821
300,666 + 178.3
330,000
2,744,205
835,000
6;000;460
335,000
31239,493 — 15.3
5,210,525
5,357.691.905,147
3 229,495
547 *547
1,548 800
2,542,280
707,40! — 18.2
578,828
5,144,040
-f 2.4
5!520,280
2,492.010
3,649.95!
780.121
831.367
—5.4
3.130,411
3.136.411 + 10.4
0,991,667
919.077J2<j
+ 9 .2
228,548,923 201,693,905 + 13.3 198,467,753 174,719,013
832,800,177 ' + 1 + C
1,993,592,43:
1,824,902,645
12,968,034,349 12,209,918.159
—0 .4 3.640.448.095 3.267.075.721
+ 5.1 3,307,048.984 3.381.132.392
+ 5.7 28,143,785,827 20,704,013.353
5.055.985.985 4.974,752.712 + 13.7 11,995,555.024 10,938,199,336
+ 9.7 1,471.068.822 1,414,662,457
+ 4 .0 17450,322,779 1,282,487,446
Telegraph and Canadian Clearings on page 671. * Not Included In total for month and two montns; comparison incomplete.




____

653

THE CHRONICLE
THE FINANCIAL SITUATION.

The action of the Democrats in the House of Repre­
sentatives in deciding to abolish the customs duty on
sugar, and substitute therefor an income tax on salar­
ies and on business pursuits, indicates that the Demo­
cratic Party, with its customary facility for blundering,
is not likely to avail of the political opportunity which
this.year’s Presidential election affords, and take a
stand such as will ensure the support of the conserva­
tive classes in both the great parties. Of all the tariff
imposts, the duty on sugar is the one against which the
least objection can be raised. Sugar, to be sure, is an
article of universal consumption. On the other hand,
the tax produces a large revenue, it is easily collected,
is uniform in its application, and, most important of
all, it imposes a relatively light burden upon consum­
ers, who, of course, constitute the entire population.
Yet the Democrats propose to remove this tax, which
is such a large revenue producer that it might be
called a distinctive revenue tax, on the theory that
the public can be hoodwinked into thinking that
thereby the cost of living will be materially
reduced.
We have said that the existing sugar duty is perhaps
least burden ome of all the tariff imposts. We will
use Chairman Underwood’s own figures (Mr. Under­
wood is at the head of the Ways and Means Committee)
to prove the truth of the statement. Mr. Underwood,
of course, deals with large aggregates and this may
serve to impress the unthinking, but population is also
large and the consumption of sugar is in proportion
to the size of the population. Everything is big in
this country and to arrive at correct conclusions totals
of striking magnitude must be considered, not in their
absolute sense, but in their relative sense. Mr. Under­
wood estimates that the people of this country are
obliged to pay $107,000,000 per year by reason of
this sugar duty—$52,000,000 being the amount paid
to the Government in duties and the other $55,000,000
representing excessive profits made by producers and
refiners and which could not be exacted if sugar were
on the free list.
The $55,000,000 excessive profit is doubtless a gross
exaggeration. It is in any event nothing more than
pure conjecture. But taking the figures just as they
stand, it must be remembered that the population of
the United States is approaching 100 millions and that
therefore the whole $107,000,000 which Mr. Under­
wood would have the confiding voter think is exacted
per year is, after all, equivalent to only a little over
a dollar per head of population. In other words, even
when Chairman Underwood’s figures are adopted in
their entirety, without allowance for the exaggeration
which they would seem to embody, the conclusion
cannot be avoided that this tax adds only two cents a
week to the yearly outgo of each individual consumer.
Of course, Mr. Underwood is careful not to present the
matter in this way, but prefers to deal with grand
totals which appear impressive by reason of their
magnitude. The measure of relief from the high cost
of living afforded by remitting two cents a week per
head of population will be readily grasped by even the
humbler voters upon whose dense ignorance Mr. Un­
derwood presumes. It is not at all certain that even
this small saving of two cents a week would be realized.
Mr. Underwood thinks the price of sugar will go down
V/2 cents per pound, but it is quite among the probabiUties that the greedy middleman and the retail deal­
ers will absorb the greater part of the amount. Thus




[VOL. L X X X X I V .

analyzed, the move is seen to be political clap-trap.
It is buncombe pure and simple.
But if the sugar duty is free from objection, hardly a
word can be said in defense of the proposed tax on
business pursuits. The proposition is put forward,
not on its merits, but because, as in the case of the
repeal of the sugar duty, a fetching appeal can thereby,
in the estimation of Mr. Underwood and his colleagues,
be made to the masses. An income of $5,000 a year
(the limit of exemption) looks big to a laboring man
making only $1,500 a year or less, and to the rural in­
habitants in the remoter parts of the country. The im­
pression which it is sought to convey is that the repeal
of the sugar [duty and its replacement by an income
tax on business will mean the transferra of a tax from
the masses to the classes. So sure is Mr. Underwood
that the idea will take that the utmost secrecy was
preserved with reference to the substitute measure
until the very last minute. Mr. Underwood is believed
to be a Presidential candidate, and the Ways and
Means Committee took good care that no one should
know beforehand what a trump card he had up his
sleeve. Absolute secrecy was preserved up to the
time of the meeting of the caucus, for the committee
wanted credit for the party for this political exploit.
It seemed to be afraid that the Republicans might get
an inkling of what was intended and steal a march on
the Democrats by themselves making such a proposal,
and thus getting the political advantage to result from
such action. In the caucus conclave Mr. Underwood
sprung his surprise and got unanimous approval from
those in attendance, except that two lone Democrats
from sugar-producing States did not like the idea of
removing the duty on sugar.
The income-tax idea is by no means novel, and the
thought that the Supreme Court decision of last year,
upholding the validity of the Federal Corporation Tax,
might be made the basis for levying an income tax on
business pursuits in general, certainly did not originate
with the Chairman of the Ways and Means Committee,
for we distinctly recall having seen it suggested, at
the time of the decision, by the Editor of the Spring­
field “Republican.” But even supposing that this
move may be attended by a measure of success in
deceiving the unthinking classes, is it not likely to
prove a boomerang in its effect on the business classes
—the small partnerships and the business men with
limited incomes?
Taxes are never popular among those who are
called upon to bear them, but in this instance the tax
proposed is particularly unwelcome, because it comes
at a time when those upon whom it is to fall will find
it a peculiar hardship. The country is going through
a period of trade reaction, when it is mighty poor policy
to add to existing burdens. Profits are small, the cost
of labor has been steadily rising, and demands for fur­
ther advances in wages are confronting the producer
and the manufacturer in all directions. In these cir­
cumstances it is no easy matter for the small business
man to make both ends meet. The States, too, have
been increasing the toll they take, and the business
man has been finding his taxes leaping up very fast.
When, therefore, it is proposed to add still another
form of tax, in the shape of a license payment on the
right of doing business, the business man feels very
much like throwing up his hands in despair. Most
assuredly he is not likely to go rushing to the polls on
election day to extend support to the party or the
party candidates who are .seeking to put through this
species of legislation.
•

Mar . 9 19] 2 j

THE CHRONICLE

The bill embodying the income tax proposal has
been drawn in such a way as to make it of general
application. Corporations are now obliged to pay a
tax of 1% upon net income in excess of $5,000 a year,
and the new measure will broaden the law so as to
make it apply also to firms and private partnerships
and to all individuals doing business or even hiring
out their services. As the Supreme Court has held
that a general income tax would be unconstitutional,
this is called an “excise” tax, and it is hoped that the
court will sustain it on that ground just as it did the
Corporation Tax. But the trouble in the present
instance is that the law will be too all-inclusive. Mr.
Underwood expressly states that “the special excise
tax will accomplish the same result as would have
been accomplished by an income-tax law.” The
language is certainly made broad enough to achieve
that end, and it may fail of court approval on that very
ground. Note the language: “That every person,
firm or co-partnership shall be subject to pay annually
a special excise tax with respect to the carrying on or
doing] business by such ; person, equivalent to one
per centum upon the entire net income over and above
$5,000 received by such persons from all sources during
each year.” Note also how the word “business” is
defined: “The term ‘business/ as herein used, is and
shall be held to embrace everything about which a
person can be employed, and all activities which occupy
the time, attention and labor of persons for the pur­
pose of a livelihood |or profit.” Observe that even
income from labor is to be taxed when it goes in excess
of the minimum, and thus we have a tax on the pro­
fessional man and the wage earner as well as the busi­
ness man, the firm and the partnership.
We advise those who will be affected by the measure
immediately or in the future—and this last means
practically everybody—not to rest in fancied security
on the idea that this measure cannot possibly become
a law. It will not do to be too sure on that point. The
bill is certain to pass the House of Representatives and
appears to have pretty good chances in the Senate, too.
The President can hardly veto it, for he would stultify
himself in so doing. Mr. Taft alone is responsible for
the Federal Corporation Tax. It was he who devised it
and then forced it upon the two Houses of Congress.
He went further and suggested the submission to the
States of an Amendment to the Federal Constitution
giving to Congress the express right to levy an income
tax such as Mr. Underwood is now seeking to impose in
advance of the adoption of the proposed Amendment.
The Federal Corporation Tax could never have got on
the statute book if the public had understood what it
involved. There has been so much talk for years
about corporations and their sins and iniquities—large
industrial corporations like the Standard Oil Co., the
Tobacco Co. and the Sugar Co. being always in mind—
that everyone supposed the proposed Corporation Tax
was no concern of his. It was innocently assumed
that it was aimed only at these large concerns. When
the measure got on the statute book, however, and the
Government began to enforce it, it quickly developed
that the law applied to corporations of every character
and description, even the smallest private corporation
doing business wholly within State boundaries—the
bake-shop, the butcher and the corner grocer who
might be conducting business in the corporate form.
Now a step further is to be taken and the private
firm and the partnership are to be made subject to the
same tax, and the wage-earner as well. It must be
admitted that there is both consistency and fairness in




(>53

extending the application of the principle so that the
tax shall fall, not merely on business conducted in the
corporate form, but also upon business conducted in
any other form. Yet, it is only one additional move in
the general assaults upon business and business enter­
prises; and a time of business reaction, as has already
been pointed out, is particularly inopportune for in­
creasing the burdens of the business community. If
the public wakes up to the meaning of the proposition,
such a chorus of protests will arise that Congress will
not dare to give it approval. The probability is,
however, that public interest in the scheme will not be
excited until it is too late—until the bill actually
becomes a law.
We wish particularly to impress upon the reader the
fact that once this general income tax gets on the
statute book, the chances of its ever being repealed
or expunged will be very remote. Moreover, a 1%
levy will be only the initial stage in the proceeding.
As Government expenditures increase and the need
for revenue grows more urgent, the rate of the tax
will steadily rise. That has been the experience of
other countries which are burdened with an income
tax. In Great Britain the tax is 5@ 7^% . More­
over, the limit of exemption will gradually be reduced
and for the same reason. In England income in
excess of £160 ($800) is taxed.
How would business men and wage earners in this
country relish the idea of a 5% or 7% tax on amounts
in excess of $1,000 or $1,500? The man of small
means should exert himself to prevent such a possi­
bility by nipping the project in the bud. In other
words, he should take pains to see that the proposal is
never allowed to become a law. That is the only sure
way the threatened danger can be positively averted.
There is the usual peering about for new forms
of special taxation, and this was cautiously broached
at a meeting of the City Club on Tuesday evening,
by Mr. Edgar J. Levey, Chairman of [a committee ap­
pointed by the Mayor last fall, on “new sources of
city revenue.” Special license taxes on hotelg,
restaurants, cigar stores, saloons, art stores, auto­
mobile stores, theatres, clothing stores, and others,
were mentioned, besides a vehicle tax for use of the
streets, and a “habitation” tax. The suggestion
was made that business which cannot move out of the
city could thus be reached.
Without going deeply into the argument from
casuistry, it is pertinent to note that although busi­
ness as localized in most of the forms mentioned
is figuratively anchored to the ground and cannot
move out of town, the trade of these places is not
fastened and cannot be fastened by any other means
than comparative benefits to customers, and those
benefits cannot be enlarged by additional tax burdens.
The arguments suggested for such taxes (arguments
which are more like apologies) are an echo of the
plea put up for the corporation tax of 1909. That
tax was called one for the “privilege” of doing busi­
ness under the corporate form; this one is on proper­
ties which “owe their income to the city environment.”
Or it would be a “business occupancy” tax. The
“habitation” tax—which, it is suggested, might
begin at a $6,000 rental and thus minimize the number
of complainants—would be another “privilege” tax,
a purchased license to enjoy the boon of living within
New York.
We need not stop to draw inferences as to how
this might work in practice, although it would prob

654

THE CHRONICLE

ably be highly approved by persons interested in
suburban property. But it suggests the wide spread
of an ill-founded proposition and how it is very
liable to make a precedent that returns to plague
the inventors. If it is a privilege to do business
under a corporate form, it must be one to do it (or
try to do it) under any form. It must be a privilege
to have health and personal liberty, or perhaps a
privilege to exist at all. If we are to purchase these
privileges by a tax to the Federal Government, the
way lies clear for the State first and the municipality
next to make us pay anew. Where is the place for
a final halt?
A pettish and factious objection to meeting the
burdens of government? No; the “Chronicle” again
disclaims objection to taxing per se. As to this city,
Mr. Levey justly points out that the city must have
more and more money because its needs are growing;
we have repeatedly urged this inevitable growth
of imperative needs as the conclusive reason (if no
other existed) why the city should now leave subway
extension to private capital. Beyond this, the moral
is that wasteful expenditures must be cut out and
that governmental undertakings should not he multi­
plied and extended. The pressure to enlarge such
undertakings and take up still more subjects is in­
cessant. Under it, taxes must grow and grow. No
discriminations can keep the wage-earner from feeling
them, nor will he be able to go much longer under
the notion that a kindly government is helping him
and the rich are oppressing him.

[V O L . LXXXX1V.

In banking circles at this centre chief interest has
been taken in the developments abroad that are cal­
culated to affect the foreign demand for American
funds. One effect of the labor disturbances in Great
Britain has been the sudden cessation in the demand
for American funds.. On the other hand, money is
quoted tight on the London market and call rates are
3@3%%, against about.2%% here. The Bank of
England is buying May bills. German borrowers have
also shown less urgency in their demand and American
loans have been paid off as they matured this week
because American lenders refused to go below 4%.
Bids of 3%% were made for renewals, and it is evident
that funds were obtained at this lower basis elsewhere.
New York bankers are advised that Paris is buying
German discounts at 3%% for short bills.
While the London stock market has rema ned re­
markably confident that the strike of the coal miners
will prove a short one, there have been distinct evi­
dences that the financial situation there has been
greatly disturbed. Recent bond offerings that have
been brought out in the British centre have, for in­
Reserves of cereals in farmers’ hands in the United stance, been very disappointing to the underwriters,
States on March 1 1912, as indicated by the report who have been called upon themselves to take very
issued by the Department of Agriculture yesterday, considerable amounts of the securities. Thus, in
were considerably less than at even date in any recent the instance of the recent issue of London’s half of the
year. Of wheat the amount held by farmers March 1 is 818,000,000 Atchison 4%% bonds, the underwriters
stated to have been about 19.6% of the 1911 yield, or were called upon to take 83% of the total offerings.
122,025,000 bushels, a total 40% million bushels less The result of a £1,000,000 4% offering at 98 by the
than the holdings at the corresponding time in the City of Vancouver was even more unsatisfactory, the
previous year, and in fact the smallest aggregate in underwriters in this instance receiving 90% of the full
farmers’ hands on March 1 of any year since 1905. amount, while the Canadian Government’s £5,000,000
Corn stocks were also much below the average, the 3%% bonds to refund the 3% per cents maturing
amount reported on farms on March 1 this year having May 1 were subscribed by outside investors to the ex­
been only about 34.9% of the 1911 harvest, or 884,­ tent of 35% only, the underwriters taking the balance.
069,000 bushels, this comparing with 1,165 million It is quite natural under these circumstances that
bushels a year ago, 977% millions in 1910 and 1,047% further underwritings that have not already been
millions in 1909. Reserves of oats are likewise of definitely arranged should be postponed until invest­
diminished amount . The March 1 holdings are placed ment conditions are improved by the removal of the
at 289,988,000 bushels, or 31.4% of the 1911 produc­ unfavorable influence of the labor disturbances.
In Paris the money market has become unusually
tion, whereas a year ago farmers held 442% million
firm,
owing to preparations for a new 300,000,000-franc
bushels and in 1910 nearly 365% millions. What is
true of these leading cereals is also a fact as regards Western State railway loan which is about to be issued
barley. While farm stocks are thus generally smaller, “in the neighborhood of par” and bear a 4% rate.
no apprehension, of course, is felt as to the adequacy Heretofore there has been a uniform rate of 3% for
of the supply. This is especially true of wheat, the State issues and the increase in the present instance
visible supply of which at various points of accumula­ is defended by the French Minister of Finance, M.
tion in the country (independent of farm reserves) is Klotz, on the ground that it can be converted after a
very much heavier than on the same date of any recent lapse of five years into 3 or 3%% stock.
New York banking interests are inclined to expect
year.
.
The present status of the winter-wheat crop is of additional engagements of gold as “special transac­
interest in connection with the foregoing. A slightly tions” for Paris, although we are informed that the
smaller area (1.3%) was seeded to the cereal last fall, immediate orders have been completed. In some
according to the Department of Agriculture. Reliable important quarters there will be surprise if, in view of
private sources of information, however, denote that the movement to strengthen the German banks, the
the general outlook is quite satisfactory. The Cin­ demand for American funds should not again develop
cinnati “ Price Current,” for example, points out that on a considerable scale. But our bankers recognize
while reports from the eastern p ortion of the winter that New York is at the present time carrying a heavy
wheat region indicate that the advent of spring must credit balance abroad and that the disposition in
be awaited to determine the prospect, from western London will be to pay off American loans should the




Ma r . 9 1912 1

THE CHRONICLE

coal strike continue for a protracted period and result
in curtailing trade and industry. In any event it
would not require a very active demand for funds
here to cause a transfer of credit balances to this side
of the Atlantic. On this basis there seems slight
foundation for any general expectation that money
rates on this side are to experience very pronounced
advances. Banks have been quite actively investing
in short term notes, but with the restricted demand on
mercantile and industrial account for banking accom­
modation that unfortunately is the natural concomi­
tant of a national election, there is a good prospect of
ample supplies of money for all legitimate purposes for
some time to come.

655

similar syndicates of English, German and French
bankers. The funds that are now being advanced are
formally, at least, independent of the proposed $50,­
000,000 loan which, according to present plans, will
be floated in July. The current advances, we are in­
formed, have been secured by warrants running lor
nine months, and will be paid out of the proceeds of
the $50,000,000 loan.

The strike of the British coal miners has not yet
been accompanied by serious disorder. The poten­
tialities are grave and already there has been a very
material suspension of industrial activity that is
causing a great amount of suffering among working
classes generally. Railroads, although many of them
The mutiny of Chinese troops that took place at the are well stocked up with fuel, are cutting down their
close of last week in Poking seems to have been sup­ freight and passenger services to the smallest pro­
pressed, although at one time it looked as though the portions, in order to be in a position to continue op­
dreams of a successful Republic were not to be realized- erations, in the event that the settlement which every­
Outbreaks similar to that in Peking took place in licn- body seems to expect at an early date does not take
Tsin, Pao-Ting-Fu and in a more moderate way in place. The strike is giving another illuminating ex­
other cities. On March 4, according to press ac­ ample of how dependent is the United Kingdom upon
counts, 3,000 foreign troops had icached 1 eking to transportation facilities for its food supplies. It was
guard the various legations and 2,700 were in and officially announced on Monday that 2,500 trains had
near Tien-Tsin; and this exhibition of foreign strength been discontinued by the several railway systems of
was undoubtedly responsible for the resumption of the United Kingdom. Every freight train that could
control by the authorities of the new republic. The be spared was taken off and all local passenger trains
entire uprising, however, seems to have been another have been standardized, so that there are no duplica­
of the peculiarities of the Chinese method of doing tions by the various lines, and interchangeable tickets
things. Essentially it was a protest of troops that have been issued to travelers.
In a statement in the House of Commons on Mon­
had not been paid, and the new Government seemed
to grant tacit permission that the riotous troops should day, Premier Asquith corrected an impression that
carrv away their loot. Several French priests at had gone abroad regarding the Government’s attitude.
Pao-Ting-Fu arc reported to have been killed and a He denied that he had said, as had been asserted in a
missionary of the Church of England was murdered speech of one of the miners’ leaders, that “the Govern­
near the same city; but, as a broad proposition, the ment regarded the granting of minimum wage in the
lives of foreigners have been respected. In the South coal trade as the first step to the attainment of a
Mr. Asquith dethere have also been evidences of discontent among minimum wage for all industries.
the Republican troops as a result of the delay in se­ dared that “time is vital to bring the two points of
curing back pay. It is not unlikely, however, that view approximately together, and I cannot help be­
the financial arrangements that are now under way lieving that time will break the deadlock.’ I he two
to secure funds to pay the troops of both armies will points of view referred to were those out lined in the
relieve the situation. According to the Peking cor­ Premier’s speech to the miners’ delegates on Feb. 29,
respondent of the London “Times,” the Minister of in which he pointed out that the Government had
Finance on Saturday informed the Four Nations banks recognized the principle of the minimum wage de­
that 1,000,000 taels (about $650,000) was urgently manded by the underground workers and that a ma­
needed in order to pay the Chinese legations abroad, jority of the coal owners had assented to the proposal.
meet arrears in the payment of troops and provide The Premier concluded his speech by appealing to the
for the payment of troops for the next half-month. House of Commons to recognize the terrible responsi­
After consultation the four banks, with the approval bility resting upon every member to refrain from com­
of the diplomatic representatives and those of the ment at the present time. As to the possibility of a
Russian and Japanese governments, agreed to ad­ settlement, an adjustment is looked for the coming
vance to Yuan Shi-Kai half a million taels at once, week. A meeting of the National Miners’ Federation
another half million within ten days and other amounts has been called for next Tuesday, and it is expected
subsequently. It is announced that the banks of all that the minimum wage schedule will be re considered.
The attitude of the London Stock Exchange, ap­
the six Powers whose interests predominate in China
parently,
is that by some indefinite means a settle­
will participate in the loans, the conditions of which
are to be arranged later. The participation will be ment will be reached. It seems the prevailing opinion
retrospective and will cover also an advance last week that the miners are regarding the disturbance very
of 2,000,000 taels to the Provisional Government at largely in the nature of a holiday at the expenseTof
Nanking. The loan agreement between the Russo- the strike funds, and the expectation is that when
Asiatic Bank and the Nanking treasury for £1,500,000, they have had their holiday, they will be inclined to
the preliminary contract for which was signed on accept the concessions that the Government has ^ob­
tained for them from the mine owners and goTpiietly
Feb. 21, will be abandoned.
The loans that have been made to President Yuan back to work. Meanwhile, pressure for a settlement
have direct connection with the arrangement made by an is appearing from a new source, namely fromsthe
international syndicate some months ago for a loan British workmen who have been thrown out otfemof $50,000,000 to the Chinese Government for the plovmcnt as the direct result of the coal troubles.^At
purpose of currency reform. American bankers took the beginning of the week, according to London press
a one-quarier interest in this loan in connection with dispatches, it was estimated that 225,800 men^in




656

THE CHRONICLE

[VOL.

L X X X X IV .

W il l ia m H o w a r d T a f t , P r e s i d e n t o f t h e U n i t e d S t a t e s o f A m e r i c a ,
other lines of activity than coal were idle, while I .
h e r e b y a d m o n i s h a ll s u c h c it i z e n s a n d o t h e r p e r s o n s t o a b s t a i n f r o m e v e r y
1,425,000 others had been served with “notices” that v i o l a t i o n o f t h e la w s h e r e i n b e f o r e r e f e r r e d t o a n d d o h e r e b y w a r n t h e m
c h la w s w ill b e v i g o r o u s l y p r o s e c u t e d , a n d I d o
their services would not be needed within a short time. ht he ar et b aylle nvjiooilna tui op no sn aollf os uffic
e r's o f t h e U n i t e d S t a t e s c h a r g e d w i t h t h e e x e c u ­
In the Manchester district alone 150,000 workers were t i o n o f s u c h la w s t h e u t m o s t d ilig e n c e In p r e v e n t i n g v i o l a t i o n s t h e r e o f
a n d in b r i n g i n g t o t r i a l a n d p u n i s h m e n t a n y o f f e n d e r s a g a i n s t t h e s a m e ;
thus notified and it was expected that 50,000 more a n d , f in a l ly , I d o h e r e b y g iv e n o t ic e t h a t a ll p e r s o n s o w in g a ll e g ia n c e t o t h e
would be laid off in South Lancashire. OneJestimate MU ne xi tice do , Su tnalteesss inw ht hoe mn eacye stsaakr ye dpeaf er tn sIne o tfhteh edi ri s pt uerrbs oa nn c oe sr , pnr oo wp e ret xy i, s toi rn gw hino
as cabled was that in London alone 500,000 men will s h a ll o t h e r w i s e e n g a g e In a c t s s u b v e r s i v e o f t h e t r a n q u i l i t y o f t h a t c o u n t r y ,
be forced to give up their work on account j of the wf r oillm d ot h seo Ga to vt he er ni rmpeenr til oafn dt h teh aUt ntiht eedy cSat an t eins na og awi nisset ot hb et a ianp pa rnoyp rpiraot et e cl et igoanl
c o n s e q u e n c e s o f t h e i r a c t s In s o f a r a s s u c h c o n s e q u e n c e s a r e in a c c o r d w i t h
strike.
e q u i t a b l e J u s ti c e a n d h u m a n i t y a n d t h e e n l i g h t e n e d p r in c i p le s o f I n t e r n a ­
Prices of food are advancing very actively^and are t i o n a l la w .
thus adding to the distress. There was evidently an s e aIln oTf et shtei mUo nn iyt e dW hS et ar et eo sf , t oI hbaev ae f fhi xe er edu. n t o s e t m y h a n d a n d c a u s e d t h e
D o n e a t t h e C i ty o f W a s h i n g t o n , t h i s 2 d d a y o f M a r c h , in t h e y e a r o f
active advance in these prices in anticipation of the
O u r L o r d O n e T h o u s a n d N in e H u n d r e d a n d T w e l v e , a n d o f t h e I n d e p e n d ­
strike, for the London “Economist’s” end of February e n c e o f t h e U n i t e d S t a t e s o f A m e r i c a t h e O n e H u n d r e d a n d T h i r t y - S i x t h .
[S e a l.]
W IL L IA M I I . T A F T .
index number as quoted by cable to the “Journal of
The Administration at Washington also sent the
Commerce” shows the remarkable advance of 54
po nts for the month. The index number is 2,667 following telegram to Ambassador Wilson at Mexico
and as the basis of the compilation was 2,200 (which City in reference to the safety of Americans in Mexico:
represents the average prices for the five-year period
Referring to all recent telegraphic correspondence, you
of 1901-05) an advance of 21% over those prices is are now instructed in your discretion to inform Americans
now indicated, which compares with an advance of that the Embassy deems it a duty to advise them to with­
from any particular localities where conditions or
14% shown at the end of January. During February draw
prospects of lawlessness so threaten personal safety as to
cereals and meat advanced lljqj points to 619; gro­ make withdrawal the part of common prudence, specifying
ceries, etc., 6 points higher at 411; textiles 21 points localities, if. any, from which withdrawal may at any time
seem advisable, and stating that consuls may take such
to 573 and minerals 24)/£ points to 493.
The strike is beginning to cause trouble on the Conti­ charge of abandoned effects as may be possible under the
The Department is sending a copy of this
nent as a result of the restriction of British coal exports. circumstances.
telegram to all consular offices in Mexico merely for their in­
In addition the outbreak of a general strike in the formation and for the information of Americans in their dis­
German Westphalian coal districts on March 11 is now tricts.
regarded as a practical certainty. Berlin cablegrams
In the military operations in Mexico there has been
state that the leaders of the Christian trades unions, no decisive contest. Pascual Orozco, who commanded
who are bitter rivals of the Socialist workmen’s organi­ the Government forces in Chihuahua until Sunday,
zation, continue to oppose the strike; but advices re­ when he joined the rebels, is reported to have defeated
ceived from the coal fields indicate that they are losing the Madero forces and to be holding the city until the
hold of their followers, a great proportion of whom will arrival ot the 1,500 revolutionists who have gone
make common cause with the other organizations if south from Juarez to reinforce him. Subsequently it
they decide to stop work. The German coal owners was reported that Gen. Pancho Villa, another Govern­
in many cases have offered their men increases amount­ ment supporter, had joined the rebels, but this was
ing to 10% on their wages so as to avoid a strike, but afterwards denied. All the political clubs in Mexico
the trades unions insist on an advance of 15%.
City have signed a petition to Congress asking the
resignation of President Madero. In an interview with
President Taft, acting promptly on a decision a press correspondent, President Madero stated that
reached at a special session of the Cabinet on Saturday it was the Government’s intention immediately to raise
last, issued a proclamation warning Americans and an army of 70,000 with the object of crushing the re­
“others” that they must abide by the neutrality laws bellion. Meanwhile, the situation is the source of
of the United States. It also warned Americans in much concern to the Administration at Washington.
Mexico to hold aloof from mixing in the international Ample military preparations have been made to act
affairs of that country and advised those in the more promptly should occasion require, but the President’s
disturbed sections to seek places of safety. Copies of desire is to avoid any rupture that is unnecessary.
the proclamation have been sent to the American
Embassy in Mexico and to all consulates, with instruc­
Secretary of State Knox was entertained by the
tions to advise all American residents in that country. Costa Rican Government at San Jose on Sunday
The proclamation follows:
evening. President Jiminez in a speech welcomed
Mr. Knox and acknowledged the beneficence of the
I?y t h e P r e s i d e n t o f t h e U n i t e d S t a t e s o f A m e r i c a
■
A PROCLAMATION.
Monroe Doctrine and the friendliness of the United
W h e r e a s s e r i o u s d i s t u r b a n c e s a n d f o r c i b le r e s i s t a n c e t o t h e a u t h o r i t i e s
States toward Costa Rica, concluding by inviting in­
o f t h e e s t a b l i s h e d g o v e r n m e n t e x i s t in c e r t a i n p o r t i o n s o f M e x ic o , a n d
W h e r e a s , u n d e r t h e s e c o n d it i o n s i t is t h e d u t y o f a ll p e r s o n s w i t h i n t h e
vestments in his country of American capital. In
J u r i s d i c t i o n o f t h e U n i t e d S t a t e s t o r e f r a i n f ro m t h e c o m m i s s i o n o f a c t s
replying Secretary Knox declared that the only pur­
p ro h ib ite d b y th e la w th e r e to r e la tin g a n d s u b v e rs iv e to th e tr a n q u illity
o f a c o u n t r y w i t h w h ic h t h e U n i t e d S t a t e s Is a t p e a c e ; a n d
poses
of his visit were to secure an understanding of
• W h e r e a s t h e la w s o f t h e U n i t e d S t a t e s p r o h i b i t u n d e r s u c h c ir c u m s t a n c e s
a l l p e r s o n s w i t h in a n d s u b j e c t t o t h e i r J u r i s d i c t i o n f ro m t a k i n g p a r t c o n t r a r y
and an acquaintance with Central America. His
t o s a i d la w s in a n y s u c h d i s t u r b a n c e s a d v e r s e l y to s u c li e s t a b l i s h e d g o v e r n ­
m e n t; a n d
visit was also, Mr. Knox said, to allay the fear that
\ \ h e r c a s , b y e x p r e s s e n a c t m e n t , if t w o o r m o r e p e r s o n s c o n s p ir e t o
the
United States would force a union of the Central
commit a n ° ^ e n s o a g a i n s t t h e U n i t e d S t a t e s , a n y a c t o f o n e c o n s p i r a t o r t o
e f l e c t t h e o b j e c t o f s u c h c o n s p i r a c y r e n d e r s a ll t h e c o n s p i r a t o r s lia b l e to
American States. On March 5 the Secretary and his
f in e a n d I m p r is o n m e n t; a n d
party reached Managua, Nicaragua, where, what the
W h e i e a s , t h e r e Is r e a s o n t o b e lie v e t h a t c it i z e n s o f t h e U n i t e d S t a t e s
a n d o t h e r s w i t h i n t h e i r j u r i s d i c t i o n f a il t o a p p r e h e n d t h e m e a n i n g a n d
press dispatches describe as “an extraordinary out­
o p e ra tio n o f th e a p p lic a b le la w s o f th e U n ite d S ta te s a s a u th o r ita tiv e ly
burst of anti-American feeling” led to the arrest of
i n te r p r e t e d , a n d m a y b e m is le d I n to p a r t i c i p a t i o n In t r a n s a c t i o n s w h ic h a r e
v i o l a t i o n s o f s a id l a w s ,a n d w h ic h w ill r e n d e r t h e m l ia b l e t o t h e s e v e r e p e n a l ­
fifty of the more prominent ringleaders, who were
t i e s p r o v i d e d f o r s u c h v i o la t io n s ;
N o w , t h e r e f o r e , in r e c o g n i ti o n o f t h e l a w s g o v e r n i n g a n d c o n t r o l l i n g in
held in custody until Mr. Knox departed. Despite
s u c h m a t t e r s , a s w e ll a s in d i s c h a r g e o f t h e o b l ig a t io n s o f t h e U n i t e d S t a t e s
this demonstration, the press advices say “the friendli­
to w a r d a f rie n d ly c o u n tr y a n d a s a m e a s u re o f p r e c a u tio n , a n d to th e e n d
t h a t c it i z e n s o f t h e U n i t e d S t a t e s a n d a il o t h e r s w i t h i n t h e i r J u r i s d ic t io n
est feeling appears to prevail among the crowd on the
m a y b e d e t e r r e d fro m s u b j e c t i n g th e m s e lv e s to le g a l f o r f e it u r e s a n d p c n a lstreets. Dressed in their ho'iday attire the people




do

Mar . 9 1912.]

THE CHRONICLE

657

are giving themselves up to the enjoyment of numer­ debts of $20,565,655, with $20,892,382>nd $17,438,610
and obligations of brokers, &c., at $3,633,329, make
ous festivities.”
a favorable comparison with the $4,704,733 of last
The Senate on Thursday ratified the General Arbi­ year and the $20,510,508 of two years ago.
Canadian failures in February were also larger than
tration Treaties between the United States and Eng­
in
the month of the previous year, both as regards
land and France by a vote of /6 to 3. But the instru­
number
and liabilities, although only moderately so.
ments were so amended and modified as to greatly
deprive them of value as forerunners of universal peace The number of insolvencies reached 143 for $663,028
for which they were designed by President Taft and this year, against 108 and $560,604 in 1911 and 142
Secretary Knox. In their modified form they must and $1,789,067 in 1910. The exhibit was least favor­
be referred to England and France for ratification, able in the manufacturing division. For the two
so that immediate results are not probable. By the months of the current year, the aggregate of liabilities
terms of an amendment proposed by Senator Bacon reaches $1,871,395, representing 287 failures, and
of Georgia, the Senate consented to the ratification comparing with $1,564,075 and 251 in 1911 and
of the treaties, with the distinct provision that they $3,120,764 and 312 in 1910.
do not authorize the submission “to arbitration of
Bank clearings in the United States for Feb. 1912
any question which affects the admission of aliens
exhibit
a moderate increase over the corresponding
into the United States, or the admission of aliens
period
of
1911. To a considerable extent, however,
to the educational institutions of the several States,
or the territorial integrity of the several States of the the gain in the country as a whole is due to the extra
United States, or concerning the question of the al­ day contained in the month this year. At New York
leged indebtedness or moneyed obligation of any State and some other leading cities there would be losses
of the United States, or any question which depends except for that circumstance. An encouraging feature
upon or involves the maintenance of the traditional is that a large majority of the cities included in our
attitude of the United States concerning American compilation (which is given in detail on the first page
questions, commonly described as the Monroe Doc­ of this issue) record gains over a year ago—129, in
trine, or other purely Governmental policy.” In act, out of the 150 for which we have comparative
brief, the treaties provide that all differences (with the figures—and that at a number of points the increases
exception of the subjects named in the Bacon amend­ arc notably heavy.
The grand aggregate of clearings for February this
ment) which it has not been possible to adjust by
year
is $12,968,634,349, an increase of 5.7% over the
diplomacy and which are justiciable in their nature
month
of 1911; contrasted with 1910, however, a
shall be submitted to arbitration at The Hague
diminution
of 1.3% appears, though there is a gain
Tribunal.
of 15.2% over 1909. For the two months there is a
Commercial ailures in Feb. 1912 were not only large gain of 5.1% over 1911, a loss of 7.1% from 1910 and
in number but above the average in aggregate of lia­ an increase of 11.2% over 1909. At New York the
bilities. The number of disasters was, in fact, greater February clearings for the two years do not differ
than in February of any preceding year except 1908, greatly, this year’s excess being only 0.2%, notwith­
while the total of indebtedness reported has been standing the extra day included. There is a loss of
exceeded in only two years—1910 and 1908. It is to 10.3% from 1910. For the period since Jan. 1 the
be noted, moreover, that the least satisfactory showing current year’s increase over 1911 is only 2% and the
is in the manufacturing division, twelve out of the decrease from 1910 no less than 16.7%.
fifteen classes of industries comprising that group re­ • Outside of this city, 1912 set a new high record for
porting greater liabilities than in 1911, with the aug­ February. This is not due entirely to the extra day,
mentation conspicuously heavy in “iron, foundries the excess over 1911 being 13.7%, and nearly the same
and nails,” mainly due to one large failure. Among as contrasted with 1910. Among the cities recording
traders the aggregate of liabilities this year, while especially heavy percentages of gain for the month
quite a little less than last year, was much greater than may be mentioned San Diego, San Jose, Los Angeles,
in either 1910 or 1909. At the same time, in a number Salt Lake City, Ogden, Stockton, Billings, Houston,
of lines the stress this year has been greater than in Nashville, Savannah, Charleston, and Portland, Me.
For the two months the gains are 9.7% and 10%, re­
1 9 1 1 , notably among general stores and hotels and
restaurants, and the only noteworthy improvement spectively, as contrasted with 1911 and 1910. Con­
has been in dry goods and carpets, which witnessed a sidered by groups, the aggregates for the two months
of 1912 in all cases show gains over 1911, the increase
number of heavy failures last year.
According to Mesrs. 11. G. Dun & Co., the number on the Pacific Slope reaching 18.5%, in the Middle
of commercial failures of all kinds in Feb. 1912 was West 11.3%, in New England 9.4%, at the South
1,539, representing indebtedness of $21,477,923, 9.2%, in the Middle States, with New York excluded,
against 1,198 for $17,086,471 last year and 1,067 and 7%, and in the “Other Western” division 5.1%.
Stock and bond transactions were of decidedly
$27,434,829 in 1910. The liabilities in the manufac­
turing division were no less than $14,245,116, as com­ restricted volume on the New York Stock Exchange in
pared with $6,336,597 in 1911 and $12,821,996 two February, the dealings in the former being only 7,086,­
years ago, and trading debts totaled $8,792,306, 554 shares, or smaller than for February in any year
against $10,010,117 and $0,438,345, respectively, in since 1897. For the month last year the sales were
the two preceding years. For the two months of the 10,194,217 shares. The market fluctuated within a
current year the mercantile mortality was 3,436, with comparatively narrow range, but the general level of
liabilities of $41,248,453, contrasting with 2,861 and values was lower than in the month of 1911. For the
$41,177,120 in the like period a year ago and 2,577 and two months of 1912 the aggregate sales of stocks, at
$59,450,583 in 1910. Manufacturing indebtedness of 17,992,682 shares, contrasts with 20,610,743 shares in
$20,049,469 in the two months compares with $15,­ 1911, over 40)4 million shares in 1910 and 18)4
-579,977 in 1911 and $21,501,465 in 1910; trading million shares as far back as 1898. Bond sales for the



658

THE CHRONICLE

month were only 51% million dollars, par value,
against 73% millions in 1911, but for the two months
the transactions aggregated almost the same in each
year—SI65,622,000, comparing with SI65,243,000.
Canadian bank clearings continue, as for some time
past, to make a most satisfactory exhibit in the older
portions of the Dominion, as well as in the new and
rapidly growing sections. For the month the increase
in the total for 18 cities, as contrasted with the like
period of 1911, is 27.2%, Edmonton, Victoria, Cal­
gary, Lethbridge, Hamilton, Itegina and Winnipeg
recording notably large percentages of augmentation.
For the two months the gain over 1911 reaches 27.1%,
and compared with 1910 is 40.2%.

[V O L . L X X X X I V .

Bank. The gold holdings of the Bank of France are
smaller than they have been at this season since 1908,
amounting to 3,219,775,000 francs, against 3,243,000,­
000 francs last year, 3,478,175,000 francs in 1910,
3.622.625.000 francs in 1909 and 2,758,706,500 francs
in 1908. The silver holdings this week decreased
2.950.000
francs, circulation decreased 127,025,000
francs and discounts decreased 299,600,000 francs.
General deposits increased 3,175,000 francs.
I he statement of the Imperial Bank of Germany
published ast Saturday was a surprising document,
as it indicated a loss of 44,191,000 marks in the gold
item and of 80,247,000 in gold and silver combined.
Deposits were reduced by 51,132,000 marks and loans
increased 64,197,000 marks and discounts were higher
by 68,310,000 marks. Note circulation also showed
the important expansion of 120,572,000 marks. The
statement certainly suggests important changes in
the banking situation in Germany and the strengthen­
ing of the joint-stock institutions, in accordance with
the general movement in this direction which we dis­
cussed quite fully a week ago. The gold and silver
holdings of the Imperial Bank now aggregate 1,211,­
531,000 marks, comparing with 1,136,540,000 marks
one year ago and 1,073,060,000 marks in 1910. Dur­
ing the same period loans and discounts show marked
expansion, the current total being 1,349,001,000 marks,
comparing with 965,920,000 marks in 1911 and 982,­
380,000 marks in 1910. Circulation has likewise in­
creased, and now amounts to 1,708,419,000 marks,
comparing with 1,439,660,000 marks in 1911 and 1,­
450,100,000 marks in 1910. Berlin cables this week
have reported sales of bank stocks to an unusual ex­
tent, and there have also been reports of bank losses
through embarrassments of a number of speculative
concerns.

Private foreign bank discounts are again firm, re­
flecting the generally stronger money conditions. Lon­
don closing rates as reported by cable yesterday were
3%%, spot and to arrive, for bankers’ .ac­
ceptances, ah maturities. A week ago the quotation
for 60 days was 3%, both spot and to arrive, and
3%%
90 days. Paris cables came at 3%% spot
and 3%@3%% to arrive, all maturities, which com­
pare with 3% a week ago. Berlin closed at 4%@
4% % for spot and to arrive, which compare with
4M% for spot and 4%@4%% to arrive a week ago.
Brussels is now 3%%, comparing with 3%@3%%,
and Amsterdam is %% higher at 3%%. It will be
noted that in all instances the open market rates are
very close to the official bank rates, which are as fol­
lows: London, 3%%; Paris, 3%%; Berlin, 5%; Brus­
sels, 4%%, and Amsterdam, 4%. '
Notwithstanding that the Bank of England pur­
chased £560,000 of the £710,000 South African gold
offered at auction on Monday (the remainder being
taken by India), its official statement on Thursday
made a poor showing. According to the cable dis­
patch of our special correspondent, the gold coin
and bullion holdings of the Bank record a decrease of
Call money for the week has ranged between 1%
£993,567. The total reserve was reduced by £1,­ and 2%%j the lower figure having been current on
258,000, making the proportion of reserve to liabilities Tuesday and for a short period only. On Monday,
44.26%, against 45.97% last week, and 51.29% the Tuesday and Wednesday the ruling rate remained
corresponding date last year. The public deposits, as a stationary at 2%%; on Thursday it was advanced to
result of revenue collections, were increased £2,098,000, 2%% but declined to 2%% again on Friday. The
but other deposits decreased £2,374,000, and the range of quotations in detail follows: Monday 2@2%%,
supposition is that in withdrawing their deposits the Tuesday 1%@2%%, Wednesday 2@2%%, Thurs­
joint-stock institutions asked for gold. The market day 2% @2%% and Friday 2%@2%%.
was a further borrower at the Bank (as indicated by the
Time money is firmly maintained and rates close
increase in the item “other securities”) to the extent of fractionally higher for the week, though the demand
£1,117,000. The bullion holdings at the Bank, £39,- still cannot be called active. Closing quotations are
0/7,556, are still higher than at any corresponding 3@3M% for 60 days, 3%% for 90 days, 3%@3%%
week since 1909. In that year the total was £39,172,­ for five and six months. Mercantile paper is, if
708 and in 1908 £39,279,584. Loans show a heavy anything, in rather better supply, but it is still
expansion for the year, aggregating £39,977,000, which far below the volume normal for the current sea­
compares with £31,941,983 one year ago and £29,­ son. Quotations, however, are about %% higher
123,151 two years ago. Our special correspondent for the week, the closing being 3%@4%% for 60 and
furnishes the following details of the gold movements 90 days’ endorsed bills receivable and also for 4 to 6
into and out of the Bank for the Bank week: Imports, months’ single name bills of choice character. Others
£889,000 (of which £12,000 from Australia and £877,­ are quoted at 4%@5%.
000 bought in the open market); exports, £750,000
(of which £500,000 to Brazil, £100,000 to India,
Sterling exchange during the week has continued
£50,000 to Egypt and £100,000 to Argentina), and under the influence of the disturbed labor situation in
shipments of £1,133,000 net to the interior of Great England. There has been no important demand for
Britain.
remittances in the ordinary course of business. This
does not lose sight of the fact that hazard Freres have
A further reduction of 11,225,000 francs in the gold engaged two additional blocks of gold bars for Paris,
holdings of the Bank of France, following the reduc­ aggregating 84,000,000. That this transaction is a
tion of 5,075,000 francs last week, lends color to the special one is quite apparent from the fact that sterlingbelief that the 84,000,000 in gold engaged for ship­ exchange is well below the gold-export point. As was
ment to Paris this week is for the account of the French the case during the recent engagements aggregating



659

THE CHRONICLE

Mar . 9 1912.

$8,000,000 by the same firm, the ultimate destination
of the gold is entirely a matter of conjecture so far as
the market itself is concerned, although the opinion
in foreign exchange circles is quite general that the
shippers are representing the Bank of F ranee and that
the latter is paying interest on the gold during transit
and is also paying insurance during the same period.
Money is firmer in all the European centres, even Paris
ruling as high as 3@3%%, though this is probably
temporary, because of the accumulation necessary for
a 300,000,000-franc State railway loan which is about
to be offered for public subscription. A feature of
this loan is that the rate of interest has been advanced
to 4%, as against 3% that has heretofore ruled on
similar issues by the French Government. It there­
fore may be considered another indication of the
demand of capital for higher rates of interest. The
decision to pay 4% on this loan was reached before the
unsettling influence of the English coal strike was felt,
so the advance cannot, therefore, be considered a result
of that influence. The London market has suffered
distinct discouragement this week as a result of the
poor success that has attended the flotations of new
securities, the underwriters in most instances having
been compelled to themselves assume the greater part
of the offerings. This situation may be considered
an additional influence for the poorer demand for re­
mittances from New York, while a still further effect
is the scarcity of bills that is natural in view of the
industrial curtailments that have become so general
in the United Kingdom.
Compared with Friday of last week, sterling ex­
change on Saturday was firmer, with demand quoted
at 4 8720@4 8725, cable transfers at 4 8750@4 8755
and sixty days at 4 8420@4 8430. The firmness was
resumed on Monday on continued borrowing of funds
in this market by Europeans and higher discounts
abroad, and demand advanced to 4 8725@4 8730 and
cable transfers to 4 8700 @4 8765; sixty days remained
unchanged. On Tuesday, after a firm opening, rates
reacted slightly for cable transfers and sixty days,
which declined to 4 8755@4 8700 and 4 8415@4 8425,
respectively; demand ruled unchanged. There was a
further decline on Wednesday, due in part to active
selling against gold exports; at the close demand fell
to 4 8720 @4 8725 and cable transfers to 4 8750 @
4 8755; sixty days showed no change. Sterling ruled
weak on Thursday on renewed selling and demand
declined to 4 8715 @4 8720 and sixty days to 4 8405 @
4 8415; cable transfers, however, were relatively firm
in view of the approaching fortnightly settlements
and remained unchanged at 4 8750@4 8755. On Fri­
day the market ruled quiet at unchanged rates. The
close was 4 8405@4 8415 for 00 days, 4 8715@4 8720
for demand and 4 8750@4 8755 for cables. Commer­
cial on banks was quoted at 4 82% @4 83% and docu­
ments for payment 4 83%@4 84%. Cotton for pay­
ment ranged from 4 83% to 4 83%, grain tor payment
from 4 84 @4 84%.

March 9 1911.

March 8 1912.
Ranks o/
Gold.
£

1

Silver.

Total.

Gold.

Silver.

£

£

£

£

E n g l a n d . _ 3 9 ,0 7 7 ,5 5 6
F ra n c e __ 128,790,960 3 2 ,1 4 2 .3 2 0
G e rm a n y . 14,211,250 16,450,500
6.3 9 5 .0 0 0
R u s s i a __ 143,775,000
A u s .-H u n . 53.6 9 2 .0 0 0 1 2.845.000
S p a i n ___ 16.836.000 3 0 .2 3 1 .0 0 0
3 .6 9 0 .0 0 0
I t a l y ____ 41.8 0 5 .0 0 0
1,169,800
N e th ’lan d s 12.140.000
3 ,2 9 6 ,6 6 7
6,503,333
N a t.I le lg ..
S w ed en _
4.7 1 9 .0 0 0
6 .532.000
S w ltz ’lan d
2.2 0 4 .0 0 0
N o rw a y . .

3 9 ,0 7 7 ,5 5 6
160,933,280
60,6 6 1 ,7 5 0
150,150,000
6 6 .537.000
47.0 6 7 .0 0 0
45.4 9 5 .0 0 0
13,309,800
9 .8 9 0 .0 0 0
4 .7 1 9 .0 0 0
6 .532.000
2 .2 0 4 .0 0 0

3 8 ,643,684
129,719,880
4 1 ,4 8 9 ,9 5 0
146,583,000
55.2 4 6 .0 0 0
16.477.000
3 9 .7 7 5 .0 0 0
1 0 .852.000
6 .0 5 0 .0 0 0
4 .4 7 2 .0 0 0
6 .1 9 6 .0 0 0
1 .829.000

34,288^666
15,337,300
6.9 9 9 .0 0 0
12.7 3 6 .0 0 0
3 0 .8 3 1 .0 0 0
3 .6 2 1 .0 0 0
2 ,3 5 0 ,3 0 0
3 .0 2 5 .0 0 0

Total.
£
3 8 ,643,684
1 6 3,007,880
56.827,250
153.582,000
67.982.000
4 7 .308.000
43.396.000
13,202,300
9 .075.000
4 ;472,000
6.196.000
1 .829.000

T o ta l week 500,356,091* 106,220,237 606,5 7 6 ,3 8 6 497,333,514 10 8 .1 8 7 .6 0 0 6 05,521,114
l’rev .w eek 5 0 1,167,950 107,045,593 6 11,213,543 496,6 5 4 ,7 1 8 1 0 8.279.600 60 4 ,934,318

ENGLAND AND THE COAL STRIKE

.

The strike of the coal-mine workers throughout the
United Kingdom, which had so long been under appre­
hensive discussion, was declared on Wednesday of last
week, since which time there has been a practically
complete stoppage of production in that British in­
dustry. There are involved in this voluntary sus­
pension of work between 800,000 and 1,000,030 miners.
The declaration of a strike had, on the whole, been
expected, but scarcely on such a scale. It was known
that the owners and the miners’ unions had conferred;
that the main issue was a fixed minimum wage; that
the owners had been disposed to yield on the basis
of certain conditions, but that these conditions had
been rejected by the miners. But as to what this
minimum wage involves and as to what were the
incidental conditions—on this the public mind has by
no means yet been made clear.
The dispute appears to have converged on a single
issue—the guaranteeing of an individual minimum
wage to a contract coal worker, with a penalty assigned
in case the worker fails to produce the value of his
wage. The owners’ proposal seems to have been that
the full wage shall be 7 shillings 1% pence per day,
subject to a deduction of one shilling where the work­
man has failed to earn the wage. The coal miners
stood for a minimum of 7 shillings 6 pence per day,
with a deduction of only 6 pence for inefficient work;
and it is believed that informally the owners and
miners came even nearer together than this.
But the difference between these two counter­
propositions is seemingly too slight to explain in full
the obstinate adherence to their positions by the two
parties in the controversy in a matter where such
extremely disturbing ulterior possibilities are int
volved. The London “Spectator” at hand the presenweek throws some light on this part of the situation,
by pointing out that the terms on which the demand
for a minimum wage is submitted by the miners’
unions amount to an outright attack on the piece­
work system. The present system in the coal mines,
it appears to be admitted, is one under which induce­
The following gives the week’s movement of money ments of higher pay or special bonus are granted in
to and from the interior by the New York banks.
return for specially efficient and effective work.
Naturally, by increasing the minimum wage to a very
N et Interior
Received by
Shipped by
Movement.
N . Y . Hanks. N . Y . Ranks.
Week ending March 8 1912.
great extent and restricting rigidly the penalty for
$.’ ,577,000 G ain $ 5 ,9 1 9 ,0 0 0
$9,4 9 6 ,0 0 0
poor work, the result achieved would be, instead of
1,467,000
G
ain
601,000
2,0
6
8
,0
0
0
G old
.........................................
putting a premium on good work and a penalty on
$ 5 ,044,000 G ain $ 6 ,5 2 0 ,0 0 0
$1 1 ,5 6 4 ,0 0 0
T o ta l s o ld a n d le g a l-te n d e rs ............
bad, to put a left-handed premium on poor work and
With the Sub-Treasury operations and gold ex­ something like a penalty on efficiency. In other
ports the result is as follows.
words, the miners appear to wish the wage scale to be
N et Change in
Out /
Into
so adjusted as to allow no encouragement for special
R ank Holdings.
Ranks.
Week ending March 8 1912.
Ranks.
exertion by the workers; knowing at the same time
B a n k s ’ In te rio r m o v e m e n t, as a b o v e .
$ 5 ,044,000 G a in $6,5 2 0 ,0 0 0
$11,5 6 4 ,0 0 0
9 ,2 0 0 ,0 0 0
S u b -T re a s . o p e ra ’ns a n d gold e x p o rts
33,7 0 0 ,0 0 0 Loss
2 4 ,5 0 0 ,0 0 0
that if the minimum for inefficient work is unduly
$36,0 6 4 ,0 0 0
$ 3 8,744,000 Loss $ 2 ,6 8 0 ,0 0 0
T o ta l gold a n d legal t e n d e r s ............
raised, it will be quite impossible for employers to
The following table indicates the amount of bullion pay bonus or premium to effective workers. The
“Spectator” adds these illumining particulars:
in the principal European banks.




0

660

THE CHRONICLE

“The minima suggested vary in different coalfields
from as much as 7s. Gd. down to 4s. lid . These
figures imply that the men claim as the basis of the
minimum wage approximately what they can earn
under normal conditions. Parenthetically, it may be
remarked that the fact that men who are only earning
4s. lid . a day should go on strike in order that other
men may be guaranteed 7s. Gd. a day is one of the
paradoxes of the present crisis.
“ But it is clear from the whole trend of the agita­
tion that unless the colliers anticipated that a mini­
mum wage would be a fair equivalent for their ordi­
nary earnings, they would not now be demanding it.
Therefore the employers would be put in this position:
that, while they will still have to pay high wages to
the men who are doing good work, they will also be
compelled to pay an average wage to the men who are
doing very little work. In other words, the masters
will have the disadvantage of both systems; the men
will have the advantage of both.”
.

VOL. LXX X XIV .

recent severe winter, and the congestion of transporta­
tion facilities, but a strike is threatened here as well.
All these considerations brought about the fact that
last week ended with the British public mind in an
exciting and all but hysterical state concerning the
situation. The London “Times” last Saturday took
an extreme position, declaring that the most
serious crisis since the sailing of the Spanish Armada
now confronted England.
Yet, along with this it has been made evident that
the Stock Exchange, usually most sensitive to all trade
possibilities, good or bad, has been affected only in a
slight degree. A moderately severe decline occurred on
the London market during the last half of last week,
but the greater part of this loss was recovered in a
sharp advance in the first half of the present week.
I he railway shares participated in both decline and
recovery, and they recovered notwithstanding the fact
We think this explanation of the matter altogether that their own business would be absolutely jeopar­
plausible, in view of the attitude of our own labor unions dized by continuance of the strike. The English and
toward the question of piece work and bonus payments American cotton markets, which very clearly have a
for special efficiency. The unions have from the vital interest in the maintenance of the fuel supply for
start been stubbornly opposed to the new system of the English cotton mills, have not been in the least
so-called Scientific Management, whose results, when affected; in fact, the price of cotton has advanced
properly applied, have been so remarkable, both for during almost all the period of conference.
employers and employees. In England it is a wellTo our mind, the reason for this calm reception of
known fact that an effort to establish this Scientific the coal trade situation by the markets is entirely
Management in the engineering trade met with exactly plain. The very fact that a prolonged embargo on
the same sort of opposition. Introduced in the British the output from British coal mines would vitally affect
Government dock yards, it at once encountered the all other lines of English industry, commerce and
angry protest of organized labor, and a fortnight ago employment, is itselt, as we see it, a guaranty that
Mr. Churchill, speaking for the Government to a the deadlock cannot continue. The longer the stop­
Socialist deputation, announced that the premium and page of coal production is insisted on, the more surely
bonus system would be at once abandoned. For will the whole of English society range itself against
this no reason was assigned, save the opposition of the the miners’ unions. This is not only true of the
unions. It is therefore not unfair to assume that the middle-class citizens, commonly referred to as the
point at issue between the coal miners and their em­ “consuming element” in society, but it affects even
ployers has been the owners’ view of the impossibility, more vitally the labor classes. Not only would it
under the terms proposed by the unions, to guard necessarily follow that employment in all other trades
against malingering.
would gradually cease, but funds of the unions in these
What, meantime, is the situation created by this other industries would speedily be exhausted and the
embargo on the British coal mines? The Government pinch of helpless poverty felt, at a time when no
has been in daily conference with one or the other of the vital interest of these other labor unions was at stake.
parties, but at this writing has effected nothing. Last It is not difficult, in such circumstances, to understand
Monday Mr. Asquith asked Parliament not to discuss the reports, sent this week by the London cables, that
the matter pending these negotiations—a somewhat laborers in such other trades were already protesting
unusual attitude—intimating, however, that an idea against the attitude of the miners. And the same
had been proposed that the Government set up a conditions of personal distress and want which have
coal-mining plant of its own to ascertain the proper driven these other laborers into protest, would neces­
minimum wage; the strike being suspended in the sarily apply sooner or later to the coal workers them­
meantime. This proposition the unions had refused. selves.
While these conferences have been going on, other . All this marks out very clearly the paramount duty
British industries dependent on regular supply of fuel of the Government. In one respect the British Minis­
have been seriously affected. The cables tell us that try has not an easy problem on its hands. Premier
250,000 laborers are already out of work in other indus­ Briand, of France, broke down an effort at a nation­
tries than coal production. It is certain that the wide railway strike in 1910 by invoking compulsory
sailings of certain trans-Atlantic steamers have been army service, whereby he manned the trains even with
canceled for lack of coal.
the striking trainmen. Cleveland in 1894 used Gov­
When this has occurred thus early in the tie-up ernment authority to protect and run the trains which
of the mining industry, there can undoubtedly be were being impeded by the strikers at Chicago; but in
perceived some extremely grave ultimate possibilities. that case the trains which Government troops protected
Continuance of British manufacturing and transporta­ were manned by trainmen not identified with the
tion activities as a whole would be unpleasantly Chicago strike. The English Ministry cannot call into
jeopardized. Even the relief through importation of compulsory Government service the striking coal
foreign coal is rendered in some measure problematical miners, nor has there yet arisen a definite question of
by the fact that France and Germany, the two great protecting other industries against direct interference.
European sources of possible supply, are themselves
Nevertheless, the very fact that the situation is so
threatened by strikes in the coal fields, whereas in the critical, and that the deadlock involves so vitally the
United States, not only is the available supply at pres­ interests of all classes of English citizens, high and low,
ent reduced by the abnormal consumption in the points to the certainty that the strike cannot be




MAB. 0 19 2 I

THE CHRONICLE

very long continued. Its settlement may, and possi­
bly will, create some new precedent in governmental
attitude toward such episodes. For the moment, one
interesting consideration is the side-light which the
affair throws on the Socialistic theory itself. Let us
suppose the mines conducted under governmental
ownership; the miners dissatisfied with what is allowed
them for their work, and a general refusal to mine
coal as a consequence. What then? Under the
Socialistic theory, the citizen who will not work must
go without food or provision for his own material
welfare. But if he can endure such a possibility under
present conditions, he could surely endure it under the
regime of Socialism; his only alternative, then as
now, being revolt against the existing social order.
Once in a while one gets a hint of how society is workingout its own problems under present conditions, quite
as efficiently as it would be likely to work them out
under the proposed regime of the philosophers.

•.

THE ANNUAL REPORT OF THE
PENNSYLVANIA RAILROAD.

The annual report of the Pennsylvania Railroad
Company shows the trying conditions under which
railroad operations had to be carried on during the
calendar year 1911 and it also reveals the strength
of the property in being able to pass through such
conditions in such a creditable way. If, on the one
hand, it may be contended that the Pennsylvania
Railroad System, in its operations and results, is
typical of United States railroads as a whole, on
the other hand it is equally true that the company’s
business is typical of the country’s industries, I he
year was one of reaction in trade, without, however,
any general or noteworthy collapse such as occurs
when the country has experienced a financial panic
or suffered commercial revulsion. Trade and traffic
were on a reduced scale, while the iron and steel
industry, the products from which constitute such
an important item of traffic on the Pennsylvania lines,
for a good part of the year encountered seyere de­
pression. Speaking broadly and generally the time
was such as to enjoin prudence upon the business
man and the rail-carrier alike and to suggest the
practice of rigid economy in all directions. In
addition the rail transportation lines had adverse
conditions of their own to contend against in the
fact that wages of employees have been heavily in­
creased and that the cost of operations generally
has risen in a marked degree while by the action of
the Inter-State Commerce Commission the carriers
have been denied the right to advance rates.
From what has been said, it will be noted that the
year was such as to test the strength of railroad
property. No railroad system in the country was
better prepared to meet this test than the Penn­
sylvania. To be sure, to make this statement is like
uttering a truism. Yet it is a fact that should be
held carefully in view, so as to avoid the mistaken
impression that, because the final result is, on the
whole, quite satisfactory, and shows less change rela­
tively than might have been expected, the trials of
railroad managers have been inconsequential and
can be endured indefinitely. To state the situation in
a nutshell, as far as the Pennsylvania Railroad is
concerned, traffic and gross revenue suffered diminu­
tion to a very material extent, but expenses were
adjusted as far as possible to meet the contraction in
income; maintenance outlays, which had been on a




661

liberal scale in previous years, were reduced, the
perfect state of track and equipment making this
entirely feasible. Nevertheless, a quite considerable
shrinkage in net income could not be avoided, since,
while it was possible to curtail maintenance outlays,
the ordinary transportation costs could not be de­
creased, notwithstanding the lessened volume of traffic
handled and moved.
Taking all the roads owned or operated or con­
trolled by or affiliated in interest with the Pennsyl­
vania Railroad System, gross earnings in 1911 as
compared with 1910 fell off $9,863,630, while expenses
and taxes could be curtailed to the extent only of
$6,212,639, thus leaving a loss in net of $3,650,991.
If we could confine the showing to these changes for
a single year, the result would not be particularly
discouraging. We are dealing with totals of huge
magnitude—with gross in 1911 of $336,351,868 and
even with net of $75,141,590—and hence the changes
are not as large as they seem, the falling off being less
than 3% in the case of the gross and not quite 5%
in the case of the net. But to obtain a true perspec­
tive, it is necessary that the changes for 1911 should
be considered in conjunction with those for 1910,
particularly in the matter of the expenses. Now,
what did the results for 1910, as compared with those
of 1909, disclose? Turning to our analysis of the
figures for that year, when conditions were still
favorable in reflecting continued growth in traffic,
we find that there was in that period of twelve months
an addition to gross earnings in the large sum of
$31,103,731, but that this magnificent gain in gross
was converted into a loss of $6,660,332 through the
huge augmentation of $37,764,063 in expenses. In
commenting on this unsatisfactory showing, -we pointed
out that the increase in transportation service repre­
sented by the $31,103,731 increase in gross earnings
had been 3,680,303,847 ton-miles in the case of the
freight traffic and 362,395,202 miles in the case of the
passenger service. After performing this large ad­
ditional service, the system found itself 6% million
dollars poorer off in net income than^m the twelve
months preceding.
Notwithstanding this tremendous rise in expenses in
1910 and notwithstanding the tremendous efforts
put forth to hold down the expenses in 1911 and not­
withstanding also that there was a shrinkage of
2,389,411,624 ton-miles in the freight traffic (offset
only to the extent of 117,073,355 in the number of
passengers carried one mile) it was possible only to reduce
the 1911 expenses in amount of $6,212,639. As the
details of the expenses are studied and operating
results scrutinized, the inability to show greater
practical results in the way of reduced expenses be­
comes a feature of much significance. These details
are not available for all the lines combined, but a
clear idea of the situation is gained from the figures
relating to the Pennsylvania Railroad lines directly
operated East of Pittsburgh and Erie. Here we are
dealing with gross earnings for 1911 of $157,487,412,
or just a little less than half the $336,351,868 gross
earnings for all the lines owned, operated and con­
trolled both East and West of Pittsburgh. In the
case of these lines directly operated East of Pittsburgh,
the loss in gross earnings in 1911 was $2,969,885 and
this was offset to the extent of $1,584,235 by a re­
duction in expenses, leaving $1,385,650 loss in net.
The chief fact of importance with reference to the
decrease of $1,584,235 in expenses is that it was the
result entirely of a curtailment in the maintenance

m

2

THE CHRONICLE

outlays, while the traffic and transportation expenses
actually increased notwithstanding the large shrink­
age in the volume of the freight traffic handled and
moved. The company spent $2,527,221 less on
maintenance account, but traffic, transportation and
general expenses increased $942,986.
Another fact should not be overlooked. This
rise in traffic and transportation expenses occurred
not merely in face of a lessened volume of traffic,
but it occurred in face of the development of still
greater operating efficiency. As confirming the truth
of this statement, it is only necessary to note the
further increase in the train-load. The Pennsylvania
has long held a high place for its train record. In 1911
the average train-load for the lines directly operated
East of Pittsburgh was, roughly, 671 tons, being an
addition of 22 tons as compared with 1910. On the
Eastern Pennsylvania division the average reached
the high figure of 789 tons, an addition of 26 tons.
We will cite only one other illustration to indicate
the way expenses have been rising, though the roads
are denied permission to advance their rates as partial
offset. Comparing 1911 with 1901, just ten years
previous, it is found that gross revenues on the lines
directly operated have risen in the interval from
$101,329,795 to $163,118,139, but that net earnings
in 1911 were only $35,907,748, against $36,070,252 in
1901. Taxes are now included in the expenses where
formerly they were not; but allowing for this it appears
that an increase of $62,000,000 in gross revenue has
yielded an addition to net earnings of less than $6,­
000,000.
Only very brief reference is necessary to the general
income statement for the twelve months in its relation
to dividend requirements. The company's, interest
charges were considerably smaller than in the preceding
year, owing to the fact that about $80,000,000 of debt
was extinguished in 1910 out of the proceeds of a large
stock issue made in 1909 and rental charges were
also less in 1911 than they had been in 1910, owing
to the absorption by the Pennsylvania Railroad
Company of the Allegheny Valley Railway in April
1910, when the payment of the leasehold rental on
that property ceased. As a consequence of these
changes, the available net income over and above the
fixed charges was but little less than it had been in
the preceding year, notwithstanding the shrinkage in
net income. The comparison is $37,318,351, against
$37,775,484. On account of the larger amount of
stock outstanding, however, the call for the 6%
dividend was about 1% million dollars larger in 1911
than it had been in 1910. The 6% dividend required
$25,950,857 and the company appropriated $3,­
396,609 on sinking fund and equipment trust account
and $2,265,887 on account of grade revision and other
extraordinary expenditures and contributed $4,­
000,000 towards the reserve for additions and better­
ments not properly chargeable to capital account.
After all these payments a balance of $1,704,997
remained, to be carried to the credit of profit and loss
account. This compares with $2,432,847 transferred
to the credit of profit and loss in 1910.
An aggregate of $41,261,600 of new stock was
allotted during 1911 and it is proper to point out that if
the dividend requirements were figured on the amount
of stock outstanding at the end of the year instead
of on the average for the year, the call would have
been $27,232,833 instead of the $25,950,857 charged
in the income account. As a result of this new
stock allotment, the company is in easy financial




[VOL.

LXXXXIV.

condition. The balance sheet shows $51,076,339
of cash on hand on December 31 1911, an increase
of $18,721,390 for the twelve months. The workingassets, including this cash on hand, but excluding
$14,650,140 of materials and supplies, were at the
same date $81,428,177. The working liabilities■; on
the other hand, were only $25,911,399 and even if the
liabilities not due, but accrued, were included,
sum would be increased only to $32,537,730.
THE FIRE LOSS GOES ON.
In the middle of January it was the estimate of
some underwriters that the fire loss since the year
opened had averaged a million a. day; this seems to
have been within the truth, for the loss for the whole
month, according to the -figures of the “Journal of
Commerce," was $35,653,450, said to be the heaviest
on record for January. In the first month of 1911
and 1910 the loss was, respectively, $21,922,450 and
$15,175,400, and to find a month equal to this last
January during the last two years we must go back
to-the $37,188,300 of October in 1910; that total,
and the $31,569,800 of last March, are the only ones
in the two years which went past 27 millions.
Now come the figures for February, $28,601,650.
This is a considerable drop from January, but it
compares very badly with the $16,415,000 for Febru­
ary of 1911 and $15,489,350 for February of 1910.
Forgetting January for a moment, we find only one
month in 1911 and 1910 with as heavy a total as
that of February just passed; and for the two months
combined the total is $64,255,100 in 1912, against
$38,337,450 in 1911 and $30,664,750 in 1910.
If the rate in January continued, the appalling
total for the year would pass 427% millions. Pre­
sumably it will not continue, and the excessive cold
of January made for severity of loss; yet the loss in
the United States and Canada in December, according
to the same journal, was $22,722,850, against $21,528,­
000 in the same month of 1910 and $19,975,500 in 1909.
For the calendar year 1911 the total was $234,337,250,
against $234,470,650 in 1910 and $203,649,150
in 1909. There is always much fluctuation between
months, and the months of highest and lowest
loss do not at all correspond between years. Thus,
in 1909, the highest loss was in January and the
lowest in March; in 1910, the highest was in October
and the lowest in September; last year the highest
was in March and the lowest in September. Property
loss and insurance loss are also different totals and
fluctuate between years; for instance, a season of very
heavy destruction by forest fires may diminish the
ratio of insured to total loss. It should also be noted
that while figures of this nature are probably as
correct as most statistics' within their range, they
are somewhat under the full truth, inasmuch as they
miss many slight losses which are considerable in
aggregate.
In the last eight years the total has fallen only
once below 250 millions, and we must go back as far
as 1882 to find a total less than 100 millions.
The .smallest in thirty-five years was in 1896—about
64% millions. The habit of destroying several
hundred millions a year seems to be a confirmed one,
and the wretched total in thirty-five years is put at
not far under five and a quarter billions.
Shortages in the potato crop have compelled im­
portations. Disturbances in the anthracite districts
caused a trouble which can hardly be forgotten yet.
A failure or a shortage in corn, cotton or wheat

MAll. 9 1912.]

THE CHRONICLE

003

would not need to be interpreted to the most un­ country will gradually come to understand that
thinking person, a3 being both a public and an in­ waste is the common public enemy to be fought, and
dividual calamity. Here it is recognized that any that the agencies which primarily lessen the shock
deficiency in what is ordinarily the concrete and of its injury and also seek to diminish it ought to be
available quantity of an indispensable commodity honored and fostered, rather than made a target for
means a felt lack; probably the average man would oratory and tax-seizing.
comprehend that a climax of conflagration which left
MUNICIPAL BONDS—ANTECEDENT
Manhattan Island bare would not only upset the
CONDITIONS TO VALIDITY.
financial status and cause general shaking but would
A decision of the Michigan Supreme Court w-as
be a loss which every self-supporting person must feel. handed down on Feb. 16 involving the validity of
Yet this destruction of value which is already got into certain proposed bond issues of the city of Detroit,
concrete form and ought to remain indefinitely as Mich. The issues involved were sewer bonds, $730,000,
the seed and tools of more increase is placidly accepted school bonds, $656,000, library bonds, $216,000, and
as a thing of course. It is as dimly understood as water-works bonds, $250,000. The issues were auth­
are taxes, of which this waste is itself one of the orized by popular vote, action by the Council and
worst; it is “covered” by insurance, and is vaguely Board of Estimates and all proceedings leading to
supposed to be borne by the underwriters, who, in their issue were regular. No question was raised
fact, merely apportion and re-distribute it. Some against their validity except the general limit to the
underwriters have sought to make an impression by
city’s indebtedness.
comparisons, as that the annual fire waste equals
The Detroit city charter provides that no bonds
one-fourth of the country’s interest-bearing debt; shall be issued for municipal purposes in excess of 2%
that within two years it amounts to the cost of the of the assessed valuation of taxable property, lhe
Panama Canal; that it is almost eight times as large
aggregate of the bonds issued exceeded this limit. At
per capita as in Europe; that it exceeds the cost of the
the time the issue was proposed, the Legislature passed
Army and Navy or the outlay for pensions; and that if
a special Act raising the limit to 3%. The Supreme
all the buildings annually destroyed could be set close
Court held the special Act invalid under the section
together on both sides of a street they would make
of the revised Constitution providing for a general
an avenue of desolation that would reach from New
incorporation Act for cities and villages, but upheld
York to Chicago. Such comparisons are, at least,
the issue on the ground that school and library bonds
close enough for the purpose; yet their impression were not for “municipal purposes” within the mean­
continues feeble, since this is one more example of ing of the charter limit imposed, and with these two
indirect (that is, concealed) taxation.
_
issues excluded the aggregate was not in excess of 2%.
In general there is discouragingly slight evidence
Decisions affecting the bonding power of municipal­
of a better understanding of the nature of under­ ities are of especial interest to investors, as it is seldom
writing, and it still seems to the ordinary legislator
that the holders are the direct purchasers from the
that to attack insurance instead of fire will be a
city. Their rights as bona fide holders are often dif­
popular course; in answer to the constant call for
ferent from one purchasing directly from the munici­
more public expenditures, insurance is still scrutinized
<.
to see whether the leech of tax could not be applied pality.
There are other matters outside of the provisions
at some new spot. On the other side, howevei,
of the statute under which a bond is claimed to have
there is distinct encouragement in the attention now
been issued of which all persons must take notice.
given to prevention campaigns. The States latest
The most unquestionable of these is of the contents
announced as fields for this movement are Alabama,
of and indorsements upon the bonds themselves, and
Louisiana and Mississippi, and while this movement
if they state a fact or make such a reference, that in­
is, thus far, chiefly among underwriters and certain
organizations which are one with them in main quiry respecting it becomes a duty; the holder of a
bond who has not performed this duty, oi had not
purpose, it is significant that the National Associa­
tion of’ Credit Men, after giving increasing public familiarized himself with the contents of the bond, is
attention to this subject •during the last two years, not entitled to be exempt from the consequences of
such fact on the ground that he is a bona fide holder
lately began a two-months speaking torn.
As a straw which shows direction, the Febiuaiy without actual notice thereof.
The bonds may refer to the authority upon which
trade letter of the Union National Bank of Louisville
they were issued, and that authority, upon being ex­
remarks, among the topics covered, that the burning
amined, may be found inadequate, and the acts
of the Equitable Building may be useful in turning
therein stated to be done may, upon an examination
public attention to the appalling fire waste. It cites
of the law, be found legally impossible, because the
figures of the loss per capita here and in European
law furnished no sanction for the doing of the same.
countries, and says that this is “a great national ques­
tion that serious business men must think about and Thus, if bonds purport to be issued in payment of a
subscription made to a railway corporation by virtue
act upon.”
This conservation movement does not challenge of a vote of the majority of the electors, and there is no
imagination, is not populaily attiactive, and will not law under which such election could have been held,
sweep across the country with the speed of a prairie the bonds are absolutely void, and all purchasers
fire as various movements against associated capital have notice of that fact, because they must know that
have done. It has been long delayed and long over­ no election could have been held by which the bonds
due- it has begun slowly and almost timidly; it gets could have been authorized.
Bonds must also be treated as void if they show
sli'dit general attention. Yet it has begun because
on
their face that the election at which they were
the situation compelled. Its tardiness and its slow­
voted,
though required to be preceded by a thirty
ness of movement are the surest warrant that it will
days’
notice,
took place within eighteen days after
not halt. It is the most hopeful sign of the current
theTtaking
effect
of the statute authorizing it to be
year in this important matter. It means that the



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[ V o l . L X X X X IV .

held, and the bonds were issued within twenty-five law provides that no debt shall be created by any city
days after such taking effect. If bonds recite that unless at the same time provision is made to assess
they were issued under an Act authorizing a subscrip­ and collect annually a sum sufficient to pay the inter­
tion to be made by a municipality to the capital stock est thereon, and to create a sinking fund for the ulti­
of a designated corporation, but such bonds have been mate reduction of the bonds, an examination of the
issued to a corporation bearing a different name, and municipal records must show whether such provision
the circumstances are not such as to warrant their has been made, and, if it has not, the bonds are void.
issuance to the latter corporation, they are void, no
When the State requires the proper municipal
matter into whose hands they have come, because the authorities to prepare a statement of the existing
statute recited proves that their issue to the corpora­ indebtedness of the municipality and the amount to
tion named could not have been authorized.
be incurred, verified by oath and filed with the clerk
If a bond recites that it is issued under an ordinance of a designated court before any bond shall be deliv­
the date of which is specified, it becomes the duty of ered, if bonds are issued and delivered without such
all persons who purchase or otherwise invest in such statement and oath being filed as required, the bonds
bonds to inquire respecting such ordinance; for, if are void. If a statute requires a3 a condition prece­
such inquiry would have revealed that the ordinance dent to the issuing of bonds that the written assent
did not exist, or that it had not been published in the of two-thirds of the resident tax-payers appearing
manner required by law to make it operative, then upon the last assessment roll shall be filed in the office
the bonds are invalid, though in the hands of purchas­ of the County Clerk, the enforcement of the bonds
ers for value without actual notice. If a bond pur­ may be defeated by proving that such assent was not
ports to be issued in conformity with a resolution or filed. The general rule is that a person subscribing
ordinance of a municipality, all persons are referred for or otherwise dealing in municipal bonds is con­
to and charged with notice of the resolution or ordi­ clusively presumed to have notice of the existence
nance, and no one can recover on the bonds if their or non-existence of facts appearing upon the public
issuing was not justified by the authority recited.
records of the municipality, and constituting part of
The existence of conditions precedent authorizing the history of the proceedings taken to authorize
the issuance of bonds is usually required to lie set their issuance, and also of so much of the history thus
forth upon some public record, which contains in disclosed as reveals the purpose of the bonds and the
effect a history of the whole transaction, showing the amount which has been disposed of.
resolve upon the part of the proper municipal authori­
Dealers in bonds are not required to examine all
ties to issue the bonds, the purpose for which they the public records, or, in other words, after finding
were to be issued, the time and mode of payment, there facts sufficient to support the bonds, they need
and, generally, the date and amount of bonds issued. not inquire further to ascertain whether something
An examination of such record is a duty on the part has not occurred on account of which the bonds may
of investors, and, in the absence of statutes expressly be impeached or their meaning varied. They are not
or impliedly excusing the discharge of such duties, a chargeable with knowledge of a contract entered into
purchaser or other holder of a municipal obligation between the Treasurer of a municipality and bank­
will seldom be permitted to plead ignorance of any ers who agree to offer, and did offer, the bonds for
fact which such examination would have dis­ public subscription, and procured them to be sub­
closed, nor to claim that he relied upon the existence scribed for, under a condition, not contained in the
of essential facts which ought to have appeared upon bonds, that a specified portion of the bonds might be
such record, but which it does not affirm. A some­ redeemed annually.
what familiar illustration of this rule is presented by
If a bondholder may be charged with notice of
those adjudications involving’ municipal bonds issued matter appearing upon the public records or upon the
after a municipality had incurred indebtedness equal bonds themselves, he may also, in many instances,
or exceeding what it was authorized to incur by law. obtain protection from those records and from the
The amount of municipal indebtedness is generally recitals of the bonds. This must be true in so far as
capable of ascertainment by an examination of munici­ the records are made by officers authorized to make
pal records, and on this account, as well as for other them and to enter therein the history of the facts pre­
reasons, a holder of municipal bonds in excess of sums ceding the issue of the bonds. A municipality is,
for which the municipality was allowed to issue them therefore, estopped from disputing, as against bona
cannot recover thereon on the ground that he is a fide holders of its bonds, the truth of facts stated in
bona fide holder thereof.
those public records and material to the issuing of
If a city is authorized to issue bonds at such times such bonds. A bondholder may also rely upon the
as its Board of Aldermen shall direct, the object of failure of the record to disclose facts on account of
the statute is to provide that authority shall appear which bonds are subject to attack. Thus, if an ex­
in the minutes of the board, and bonds issued without amination of the record discloses circumstances and
such resolution are void, and the holder cannot suc­ conditions justifying and authorizing the issue of the
cessfully claim to be an innocent purchaser, because bonds, they cannot be impeached in the hands of a
any examination made by him of such minutes would bona fide holder because of other matters not disclosed
have disclosed that no authority there appeared for by such record, and which, if existing, ought to have
the issuing of the bonds. Under a statute declaring been stated therein.
that before a negotiable bond shall obtain validity or
be negotiated, it shall be presented to the State Aud­ B A N K IN G , F IN A N C IA L A N D L E G IS L A T IV E N E W S .
itor, who shall register it and certify by indorsement ^ —Only ten shares of bank stock were sold at the Stock
that all conditions of the law and of the contract under Exchange this week and none at auction. No trust com­
pany stocks were dealt in.
which it was ordered to be issued have been complied S h a res. B A N K S N ew Y o rk .
I.ow . H ig h . Close. Cast p revio u s s a le .
with, all bonds necessarily show of themselves whether 5 C o m m e r c e . N a t . B a n k o f _______ 1 9 5 H 1 9 5 % 1 9 5 % F e b . 1 9 1 2 — 190
5 M e c h a n i c s ’ & M e ta ls N a t . B a n k . 2 0 4
2 0 4 % 2 6 4 % F e b . 1 9 1 2 — 205
such registration and certification have been made,
—The nomination of Mahlon Pitney of New Jersey to be
and in their absence no bond can be enforced. If the Associate Justice of the United States Supreme Court, sent



Mar . 9 1912

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665

to the Senate by President Taft on February 19, was ordered CA or tmicml ei sIs,ioI tn s ha ga lrle eb ea rnedf e rr reepdo rt ot tahr ab ti t rsautci oh n dInif f ae rcecnocred aIsn c ew wi t hi tihn t ht he ep rsocvoisp ei o nosf
favorably reported by the Senate Judiciary Committee on o f t h i s t r e a t y . ”
—A resolution calling for an investigation of the alleged
the 4th inst.
■ _Julius M. Mayer, who was recently named by President "Shipping Trust” was unanimously passed by the House of
Taft as Judge of the United States District Court for Southern Representatives on the 5th inst. The resolution was intro­
New York, and whose nomination was confirmed by the duced by Representative Hardy; it directs that the investi­
Senate on February 28, was sworn into office on Thursday. gation be undertaken by the Committee on Merchant Marine
and Fisheries. We give its text in full herewith:
He succeeds the late Judge George B. Adams.
H O U S E R E S O L U T IO N 425.
—The Arbitration Treaties between the United States and
R esolved, T h a t t h e C o m m i t te e o n t h e M e r c h a n t M a r in o a n d F i s h e r i e s b e ,
Great Britain and France were ratified by the United States
ough
Senate on Thursday by a vote of 76 to 3 in a form, however, aI nn vd e sIst i gh aetrieobny ,o fe mt hpeo wm eertehdo dasn da nddi r pe cr at ec dt icteos mo fa kt he e a vcaor mi o pu lse tset eaanmds ht hi po rlin
es,
differing vitally from the original draft. Those voting against b o t h d o m e s t ic a n d f o r e i g n , e n g a g e d in c a r r y i n g o u r o v e r - s e a o r f o r e ig n
c
o
m
m
e
r
c
e
a
n
d
In
t
h
e
c
o
a
s
t
w
i
s
e
t
r
a
d
e
a
n
d
t
h
e
c
o
n
n
e
c
t
i
o
n
b
e
t
w
e
e
n
s
u
ch
the adoption of the treaties were Senators Lorimer, Martine
e s a n d r a i l r o a d s ; a n d t o I n v e s t ig a t e w h e t h e r s u c h s h ip l in e s
and Reid, the two last named being Democrats. The most shtaevaem fsohrimp e lin
d a n y a g r e e m e n t , c o n f e r e n c e s , p o o ls o r o t h e r c o m b i n a t i o n s a m o n g
essential particular in which the treaties are amended is in e a c h o t h e r o r w i t h r a i l r o a d s f o r t h e p u r p o s e o f l lx l n g r a t e s a n d t a r i f f s o r o f
g
i
v
in
g
r
e
b
a
the elimination of Clause III of Article III, around which f o r t h e p u r pt eoss,e sopfe cpioaol l inr agt e sa n od r doi tvhi de ri n sgp et lciiae llr pe raivr niilen gg es s, oorr faodr v tahnet apguersp, o soer
the chief debate centered. This clause provided that o f p r e v e n t i n g o r d e s t r o y i n g c o m p e t i t i o n : a ls o t o I n v e s t ig a t e a s t o w h a t
where contracting nations disagreed as to whether or not a m e t h o d , If a n y , Is u s e d b y s u c h s h i p p i n g l in e s , f o r e i g n o r d o m e s t ic , a n d
difference was subject to arbitration, the question be sub­ rUa inlirtoeadd sS, t attoe sp; r ea vlseon tt ot h ien vpeusbt ilgi caat et i oann do fr etph oe ri rt tmo e wt h ho ad ts eoxrt epnrta catni cde sInInw ht haet
mitted to a Joint High Commission of Inquiry. Opposition m a n n e r a n y f o r e i g n n a t i o n h a s s u b s id i z e d o r m a y o w n a n y v e s s e l e n g a g e d
to this clause was expressed in the majority report of the In o u r f o r e ig n c o m m e r c e ; a ls o t o I n v e s t i g a t e a n d r e p o r t t o w h a t e x t e n t a n y
Committee on Foreign Relations made public last August, smheipr c elinae rse a no dw nc eo dm paanndi e sc oenntrg oa gl lee dd inb yo urra iflowr ea igy nc oo mr cpoaansitews ,i s eo ro rb Iyn lat hned scaomme­
and it was recommended in that report that the clause be I n t e r e s t s a n d p e r s o n s o w n i n g a n d c o n t r o l l i n g r a i l r o a d c o m p a n i e s ; a n d s a id
stricken out on the ground that it violated the Constitutional c o m m i t t e e s h a ll f u r t h e r I n v e s t i g a t e w h e t h e r t h e c o n d u c t o r m e t h o d s o r
f o r e ig n s t e a m s h i p l in e s a r e In c o n t r a v e n t i o n o f o u r c o m ­
authority of the Senate. The vote in the Senate through pmrearcctiai c le st r oe fa tsi ea id
s o r In v i o l a t i o n o f o u r la w s , a n d w h a t e ff e c t s a id m e t h o d s
which the clause lias been eliminated was 42 to 40; thirty- a n d p r a c t i c e s h a v e o n t h e c o m m e r c e a n d f r e i g h t r a t e s o f t h e U n i t e d S t a t e s ,
six Democrats and six Republicans voted in favor of striking a n d s h a ll f u r t h e r I n v e s t ig a t e w h a t e ff e c t s a id c o m b i n a t i o n s , a g r e e m e n t s
r c o a s t w i s e o r I n la n d s h i p p i n g l in e s , o r o f
out the clause, while thirty-seven Republicans and three ar anidl r oparda cs t iacneds oo fv er ar -isl reoa a ds hs i pa pn idn go ulin
e s , w h e t h e r d o m e s t ic o r f o r e i g n , If a n y
Democrats were in favor of its retention; the Republicans a r e f o u n d t o e x i s t , h a v e o n t h e c o m m e r c e a n d f r e i g h t r a t e s o f t h e U n i t e d
S
t
a
t
e
s
,
a
n
d
w
h
e
t
h
e
r
t
h
e
s
a
m
e
a
r
e
In v i o l a t i o n o f a n y l a w o f t h e U n i t e d
who advocated its elimination were Senators Borah, Bourne,
Bristow, Dixon, Lorimer and Smith; the Democrats whose S t aStEe Cs .T I O N 2 . — T h a t s a id c o m m i t t e e s h a ll r e p o r t t o t h e H o u s e a ll t h e•
vote was recorded in favor of leaving the clause in were f a c t s d is c lo s e d b y s a id I n v e s t i g a t i o n , a n d w h a t l e g i s la t io n , If a n y , I t d e e m s
Senators Rayner, Thornton and John Sharp Williams. a d vS iEs aCbTl eI OInN r e3 l. a—t iTo nh atth esraei tdo .c o m m i t t e e , o r a n y s u b - c o m m i t t e e t h e r e o f . Is
The change which was thus effected in the treaties is one h e r e b y e m p o w e r e d t o s i t a n d a c t d u r i n g t h e s e s s io n s o r d u r i n g t h e r e c e s s
which has been urged by ex-President Roosevelt, four of o f C o n g r e s s a t s u c h p l a c e o r p l a c e s a s m a y b e f o u n d n e c e s s a r y , a n d t o r e ­
whose followers (Senators Borah, Bourne, Bristow and qo ut hi reer dt hoec uamt teenntds a, nbcye soufb pwoiet nn ea s soers ,o tthheer wpirsoe d, ut cot i sown e aorf sbuocohkws , i t np ea spseerss, aa nn dd
Dixon) helped in its removal. It is admitted that the t a k e t l i e l r t e s t i m o n y o r a l l y o r In w r i t i n g .
S E C T I O N 4 . — T h a t s a i d c o m m i t t e e Is h e r e b y a u t h o r i z e d t o e m p l o y
amendments which were made in the Senate have served to
weaken the treaties, and it is intimated that in all prob­ ss ua rcyh tcoo upnesreflo ramn d I etsx pd eu rt ti se sa nh de r ce leu nr icd earl. a n d o t h e r a s s i s t a n c e a s s h a ll b e n e c e s ­
ability they will not be submitted for ratifiation to the two
S E C T I O N 5 .— T h a t t h e S p e a k e r s h a ll h a v e a u t h o r i t y t o Is s u e s u b p o e n a s
other nations in their present form. An amendment f o r w it n e s s e s , u p o n t h e r e q u e s t o f t h e c o m m i t t e e , d u r i n g t h e r e c e s s o f
offered by Senator Culbertson during the debate called for C o n g r e s s In t h e s a m e m a n n e r a s d u r i n g t h e s e s s io n s o f C o n g r e s s .
—At a meeting of the House Banking and Currency Com­
the elimination from the terms of the treaty of all questions
mittee
on Tuesday two sub-committees were named to take
of honor or independence, as well as all questions affecting
the vital interests of this country or of third parties; this up the inquiry which has been directed into banking and
was defeated by a vote of 45 to 37. Senator Bacon sub­ currency conditions; one of these is charged with the investi­
mitted an amendment excluding from arbitration all ques­ gation of the so-called “Money Trust” and the other is dele­
tions affecting the admission of aliens into the United gated to inquire into the proposed Aldrich currency plan.
States or their admission into educational institutions; also The committee which has been chosen to look into banking
generally consists of Representative Arsene P.
all questions concerning the territorial integrity of the conditions
United States and the maintenance of the traditional atti­ Pujo, Chairman; Representatives William G. Brown Jr. of
tude of the United States concerning the Monroe Doctrine West Virginia, Hubert D. Stephens of Mississippi, Robert
and other Governmental policies; this was defeated by a tie L. Doughton of North Carolina, James A. Daugherty of
vote of 41 to 41. Senator Chamberlain presented an amend­ Missouri, James F. Byrnes of South Carolina, George A.
ment to Clause I of Article I, providing that the treaties Neeley of Kansas and four Republican members to be
should not apply to questions affecting the admission of named by Representative Vreeland.
The committee which will pass upon the Aldrich plan will
aliens into the United States or their admission to the
be
made up of Carter Glass of Virginia, Chairman; Joshua
educational institutions of the States; this was adopted
by a vote of 40 to 38. Senator Bacon, however, finally Fred. C. Talbott of Maryland, George W. Taylor of Ala­
succeeded in having his amendment, which had previously bama, Charles A. Korbly of Indiana, John M. Moore of
been defeated by a tie vote, adopted as part of the resolution Texas, R. J. Bulkley of Ohio, John J. Kindred of New York
of ratification, the vote this time being 46 to 36. I he and three Republicans, whom Representative Vreeland
will likewise appoint.
resolution of ratification in its final form is as follows:
—Reports from Washington state that at the closing ses­
R esolved, ( tw o t h i r d s o f t h e S c n a t e o r s p r e s e n t c o n c u r r in g t h e r e i n ) t h a t t h e
S e n a t e a d v i s e a n d c o n s e n t t o t h e r a t i f i c a t i o n o f a t r e a t y s ig n e d b y t h e
sion of the annual convention there of the National Civic
p le n ip o te n tia r ie s of th e U n ite d S ta te s a n d G re a t B r ita in o n A u g u s t 5
Federation on Thursday a resolution outlined by Seth Low,
1911 e x t e n d i n g t h e s c o p e a n d o o l l g a t t o n o f t h e p o lic y o f a r b i t r a t i o n a d o p t e d
President of the Federation, proposed the creation of a com­
In t h e p r e s e n t a r b i t r a t i o n t r e a t y o f A p r i l 4 19 0 8 b e tw e e n t h e t w o c o u n t r i e s
s o a s t o e x c lu d e c e r t a i n e x c e p t i o n s c o n t a i n e d In t h a t t r e a t y a n d t o p r o v id e
mission similar to the Inter-State Commerce Commission,
m e a n s f o r t h e p e a c e f u l s o lu t io n o f a ll q u e s t i o n s o f d if f e r e n c e s w h i c h I t
for the purpose of interpreting the Sherman Anti-Trust law.
s h a ll b e f o u n d I m p o s s ib le In t h e f u t u r e t o s e t t l e b y d i p lo m a c y w i t h t h e
It is announced that a bill which will be drafted and pre­
f o llo w in g a m e n d m e n t s In t h e f ir s t c la u s e o f t h e f ir s t a r t i c l e :
" S t r i k e o u t ‘m a y ’ a n d I n s e r t s h a l l ”
sented to Congress would give to the suggested commission
" S t r i k e o u t C la u s e 3 o f A r t i c l e 3 ”
power to inquire into a combination or proposed combina­
" P r o v id e d t h a t th e S e n a te a d v is e s a n d c o n s e n ts to th e r a tific a tio n of th e
s a id t r e a t y w i t h t h e u n d e r s t a n d i n g , t o b e m a d e a p a r t o f s u c h r a t i f i c a t i o n ,
tion and pass upon its legality, but granting the right of ap­
t h a t t h e t r e a t y d o c s n o t a u t h o r i z e t h e s u b m i s s io n t o a r b i t r a t i o n o f a n y
peal to the courts as under the Inter-State Commerce Act.
q u e s t i o n w h ic h a f f e c ts t h e a d m i s s i o n o f a li e n s I n to t h e U n i t e d S t a t e s o r
—A movement having for its purpose the establishment
t h e a d m i s s io n o f a li e n s t o t h e e d u c a t i o n a l i n s t i t u t i o n s o f t h e s e v e r a l S t a t e s
o r th e te r r ito ria l I n te g r ity of th e s e v e ra l S ta te s o r th e U n ite d S ta te s , o r
virtually of a National Board of Trade has been undertaken
c o n c e r n i n g t h e q u e s t i o n o f t h e a ll e g e d I n d e b t e d n e s s o r m o n e y e d o b l ig a t io n
by President Taft. Under his direction Secretary Nagel, of
o f a n y S t a t e o f t h e U n i t e d S t a t e s o r a n y q u e s t i o n w h ic h d e p e n d s u p o n o r
I n v o lv e s t h e m a i n t e n a n c e o f t h e t r a d i t i o n a l a t t i t u d e o f t h e U n i t e d S t a t e s
the Department of Commerce and Labor, has called a con­
c o n c e rn in g A m e ric a n q u e s tio n s , c o m m o n ly d e s c rib e d a s th e M o n ro e D o c ­
vention of delegates from commercial organizations in all
tr in e , o r o th e r p u re ly G o v e rn m e n ta l p o lic y .”
We indicate herewith the text of Clause III of Article III parts of the country to meet in Washington April 15 for
discussion and to plan the organization. In a statement
which has been eliminated by the Senate:
treating of the movement the President points out that to
“ I t Is f u r t h e r a g r e e d , h o w e v e r , t h a t In c a s e s In w h ic h t h e p a r t i e s d i s ­
a g r e e a s t o w h e t h e r o r n o t a d i f f e r e n c e Is s u b j e c t t o a r b i t r a t i o n u n d e r
him it appears obvious “that such an organization must be
A r t ic l e I o f t h i s t r e a t y , t h a t q u e s t i o n s h a l l b e s u b m i t t e d t o t h e J o i n t H i g h
instrumental in a very large field to aid and assist the execuC o m m is s io n o f I n q u i r y ; a n d If a ll , o r a ll b u t o n e , o f t h e m e m b e r s o f t h e



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tiv e and le g is la tiv e branches of g o ve rn m e n t in the in te llig e n t
and im p a rtia l d eve lo p m e n t of domestic and foreign tra d e .”
I t is said th a t in some respects the p la n u n d e r consideration
w o u ld n o t be u n lik e the G erm an G o ve rn m e n t’s system of
co-operation w ith boards of trad e th ro u g h o u t the G erm an
States, a lth o u g h m a n y of the features of th a t system w ould
n o t be ap plic ab le here. T h e p la n advocated b y the P resid e nt
was recom m ended b y h im in a Message to Congress in Decem ­
ber, in w h ich he suggested th a t officials of the D e p a rtm e n t of
Com merce and L a b o r and m em bers of A p p ro p ria te Con­
gressional com m ittees m ig h t be m ade m em bers ex-officio
of th e o rg a niza tio n proposed. T h e P re s id e n t’s announce­
m e n t th is week respecting the m o ve m e n t says in p a rt:
T h e p la n o f a b r o a d ly r e p r e s e n ta tiv e n a tio n a l o r g a n iz a tio n so p ro p o se d
b y m e h a s m e t w ith s u c h re s p o n s e fro m c o m m e rc ia l a n d I n d u s tr ia l o rg a n i­
z a t i o n s In e v e r y p a r t o f t h e c o u n t r y t h a t I b e li e v e t h e t i m e is r i p e t o p u t
I t to a te s t of p r a c tic a l e x p e rim e n t, a n d I h a v e c o n c lu d e d to ta k e th e In itia ­
t i v e s o a s t o c r e a t e t h e o p p o r t u n i t y f o r f u ll d i s c u s s io n a n d d e c is io n b y t h e
d e le g a te s o f r e p r e s e n ta tiv e o r g a n iz a tio n s .
I t Is n o t m y I n t e n t i o n t o d e f in e t h e p u r p o s e s o f s u c h a n o r g a n i z a t i o n ,
o r I n d e e d In a n y m a n n e r t o a n t i c i p a t e t h e s c o p e o f t h e d i s c u s s io n u p o n w h ic h
d e l e g a t e s m a y c o n c lu d e t o e n t e r ; b u t i t a p p e a r s t o m e t o b e o b v i o u s t h a t
s u c h a n o r g a n i z a t i o n m u s t b e I n s t r u m e n t a l I n a v e r y l a r g e fie ld t o a i d a n d
a s s i s t t h e e x e c u t i v e a n d l e g i s la t iv e b r a n c h e s o f g o v e r n m e n t In t h e I n te l li ­
g e n t a n d I m p a r tia l d e v e lo p m e n t o f d o m e s tic a n d fo re ig n tra d e .
F o r I llu s tr a tio n , s u c h a n o r g a n iz a tio n p r o p e r ly r e p r e s e n te d a t th e s e a t
o f g o v e r n m e n t c o u ld b e o f i n c a l c u la b l e a s s i s t a n c e In a d v i s i n g t h e e x e c u t i v e
b r a n c h o f g o v e r n m e n t w i t h r e s p e c t t o t h e m e t h o d s a n d r u le s t o b e a d o p t e d
In t h e a d m i n i s t r a t i o n o f e x i s t i n g la w .
I t c o u ld b e o f l ik e a s s i s t a n c e in
g i v in g a d v ic e in r e g a r d t o p r o p o s e d n e w l e g i s la t io n a n d i n c o u n s e l i n g r e p ­
re s e n ta tiv e s of th e e x e c u tiv e b ra n c h w h e n a sk e d to s u b m it re c o m m e n d a ­
t i o n s u p o n b ills I n t r o d u c e d a n d p e n d in g b e f o r e c o m m i t t e e s .
S u c h a n o r g a n i z a t i o n w o u ld b e In t h e b e s t p o s s ib l e p o s it io n t o s u g g e s t
f ie ld s f o r n e w i n q u i r y a t h o m e a n d a b r o a d , t h e m e t h o d s b y w h ic h s u c h In ­
q u i r i e s s h o u ld b e p u r s u e d , a n d t h e m e a n s b y w h ic h t h e r e s u l t s c a n b e m o s t
a d v a n ta g e o u s ly b r o u g h t to th e a tte n tio n of o u r m e r c h a n ts a n d m a n u fa c ­
t u r e r s ; a n d i t Is s a f e t o a s s u m e t h a t if s u c h a n o r g a n i z a t i o n is c r e a t e d , i ts
c h ie f a c t i v i t i e s w ill b e d e v e lo p e d in t h e l i g h t o f o u r o w n e x p e r i e n c e .
I t m a y n o t b e n e c e s s a r y t h a t w e a d o p t a c o u r s e i n a ll r e s p e c t s p a t t e r n e d
u p o n t h e s y s t e m o f a n y o t h e r c o m m e r c i a l o r I n d u s t r i a l c o u n t r y ; b u t I t is
o b v io u s t h a t b y s o m e m e a n s Im m e d ia te r e la tio n b e tw e e n th e g o v e rn m e n t
a c tiv itie s a n d th e c o m m e rc ia l a n d in d u s tr ia l fo rc e s of o u r c o u n tr y m u s t b e
e s t a b l i s h e d if w e p r o p o s e t o e n j o y t h e f u ll a d v a n t a g e o f o u r o p p o r t u n i t y
In d o m e s t i c a n d f o r e i g n t r a d e .
I h a v e a c c o r d i n g l y I n s t r u c t e d t h e S e c r e t a r y o f C o m m e r c e a n d L a b o r to
t a k e th e n e c e s s a ry s te p s to I n itia te a s so o n a s p r a c tic a b le a t W a sh in g to n
a c o n f e r e n c e o f d e l e g a t e s f r o m o r g a n i z a t i o n s w h ic h a r e e n g a g e d i n t h e p r o ­
m o t i o n a n d d e v e l o p m e n t o f c o m m e r c e a n d I n d u s t r y in t h e i r r e s p e c t i v e d i s ­
t r i c t s , s u c h c o n f e r e n c e t o c o n s id e r t h e e s t a b l i s h m e n t o f a r e p r e s e n t a t i v e
n a tio n a l o r g a n iz a tio n fo r c o m m e rc ia l d e v e lo p m e n t a n d to o u tlin e th e p r in ­
c ip l e s b y w h ic h i t s h o u ld b e g o v e r n e d .
T h e d e v e l o p m e n t o f t h e p l a n w ill b e l e f t e n t i r e l y w i t h t h e a c c r e d i t e d r e p ­
r e s e n t a t i v e s o f s u c h c o m m e r c i a l o r g a n i z a t i o n s , t h e e s s e n t i a l p r in c i p le s b e in g
t h a t th e n a tio n a l a s s o c ia tio n s h a ll b e b r o a d ly r e p r e s e n ta tiv e of th e c o m ­
m e r c ia l i n t e r e s t s o f t h e w h o le c o u n t r y a n d t h a t I ts o r g a n i z a t i o n s h a l l b e
s u c h t h a t th o s e In c o n tr o l of th e a s s o c ia tio n s h a ll b e r e a d ily r e s p o n s iv e
t o t h e w ill o f t h e m a j o r i t y o f t h e c o n s t i t u e n t m e m b e r s .

[V O L . L X X X X I V .

p re v e n t the U n ite d States fro m im posing a h ig he r ra te upon
fo reig n ship p ing th a n upon its own.
T h e M e rc h a n ts ' A ssociation of N e w Y o r k , on the o th e r
hand , has a d o p ted a resolutio n opposing “ the p ro p o sition of
im posing a n y to lls w h a tso e ve r upon the dom estic, coastwise
commerce of the U n ite d States passing th ro u g h the P a na m a
Canal, unless i t be d ete rm in ed b y com petent a u th o r ity th a t
the im posing of such to lls is req u ired in fu lfilm e n t of o u r
tre a ty o b lig a tio n s.”
A cam paign ag ainst the proposed discontinuance of the
U n ite d States M in t a t San Francisco has been in s titu te d b y
the b a n k in g and business interests of th a t
c ity . T h e
Clearing-House Association has prepared and sent to W a s h ­
in g to n an appeal ag ainst the m o ve m e nt, and the G re a te r
San Francisco Association and o th e r im p o rta n t o rg a niza tio ns
are also using th e ir endeavors to p re v e n t the closing of the
M in t.
I n its plea th e Clearing-House Association says:
T h e S a n F r a n c i s c o C le a r i n g - H o u s e A s s o c ia t io n , r e p r e s e n t i n g t h e b a n k s
o n w h ic h d e v o lv e t o a l a r g e e x t e n t t h e t a s k o f p r o v i d i n g a c i r c u l a t i n g
m e d i u m f o r t h e P a c if i c C o a s t , r e s p e c t f u l l y d e p r e c a t e s a n y r e d u c t i o n In t h e
a p p r o p r i a t i o n f o r c a r r y i n g o n t h e a c t i v i t i e s o f t h e U n i t e d S t a t e s M in t a t
S a n F ra n c is c o .
T h i s b r a n c h M in t , s in c e I ts e s t a b l i s h m e n t I n 1 8 5 4 , h a s
c o in e d in g o ld $ 1 , 6 7 2 ,0 0 0 ,0 0 0 , s i l v e r $ 1 8 5 ,0 0 0 ,0 0 0 a n d f o r t h e P h i l i p p i n e
G o v e r n m e n t 7 4 ,0 0 0 ,0 0 0 s i l v e r p e s o s .
T h i s M i n t is a t t h e c e n t r e o f t h e g r e a t e s t g o ld a n d s il v e r - p r o d u c i n g
r e g i o n o f t h e w o r l d , e x t e n d i n g f r o m A l a s k a t o M e x ic o a n d f r o m t h e I t o c k y
M o u n ta in s to th e O r ie n t.
I n t h i s a r e a g o ld a n d s il v e r c o in s , a n d n o t p a p e r
m o n e y , h a v e a lw a y s b e e n t h e c i r c u l a t i n g m e d i u m .
I t Is m o r e e s s e n t i a l
f o r t h e c o n v e n ie n c e o f t h e p e o p l e o f t h e U n i t e d S t a t e s t h a t a M in t s i t u a t e d
In t h e m id d l e o r e a s t e r n p a r t o f t h e c o u n t r y .
T h e M in t h a s a lw a y s b e e n s e l f - s u p p o r t i n g , t h e n e t p r o f i ts f o r t h e l a s t
t e n y e a r s h a v i n g b e e n o v e r $ 5 ,0 0 0 ,0 0 0 .
I t s c lo s in g w o u ld n o t r e s u l t in a n y
e c o n o m y to th e G o v e rn m e n t.

— I n cases w here banks have m ade loans in excess of the
lim it prescribed b y la w , C o m p tro lle r of the C u rrency, L a w ­
rence O. M u rr a y , inten ds to re q u ire th a t e xa m in a tio n s bo
m ade a t least fo u r tim es a yea r, instead of twice, as is now
c u sto m a ry,
t h is is m ade kn o w n in the fo llo w in g s ta te m e n t
issued b y his D e p a rtm e n t la st week:
O n a n d a f te r A p r il 1 1912, w h e n e v e r th e r e p o r ts o f a n e x a m in e r sh o w a n y
n a tio n a l b a n k to h a v e lo a n s m a d e in ex cess o f th e lim it p r e s c r ib e d b y th e
N a t i o n a l I l a n k A c t , t h e C o m p t r o l l e r w ill I s s u e a n o r d e r t h a t t h e b a n k I n
q u e s t i o n b e e x a m i n e d a t l e a s t f o u r t im e s a y e a r I n s t e a d o f t w i c e a y e a r , t h e
o r d e r t o r e m a i n In e ff e c t u n t i l t h e l a w Is o b s e r v e d .
I n c a s e t h e e x a m i n e r a t t h e t i m e o f h is e x a m i n a t i o n f in d s e x c e s s l o a n s ,
w h i c h a r e r e d u c e d t o t h e l a w f u l l i m i t w h ile h e Is In t h e b a n k , a n d a f o r m a l
r e s o l u t i o n Is p a s s e d b y t h e b o a r d o f d i r e c t o r s a g r e e i n g t o d i s c o n t i n u e m a k ­
in g e x c e s s l o a n s In t h e f u t u r e , t h e o r d e r f o r a n I n c r e a s e d n u m b e r o f e x a m i ­
n a t i o n s w ill n o t b e g iv e n .
I h c s e c tio n o f th e B a n k A c t r e la tin g to e x c ess lo a n s p ro v id e s t h a t th e
t o t a l l ia b i li ti e s t o a n y b a n k , o f a n y p e r s o n , o r o f a n y c o m p a n y , c o r p o r a t i o n
o r fir m f o r m o n e y b o r r o w e d . I n c l u d i n g In t h e l i a b i l i t i e s o f a c o m p a n y o r
f ir m t h e l i a b i l i t i e s o f t h e s e v e r a l m e m b e r s t h e r e o f , s h a l l a t n o t i m e e x c e e d
o n c - te n th o f th e a m o u n t o f th e c a p ita l s to c k , a c tu a lly p a id In a n d u n im ­
p a ir e d , a n d o n e - te n th p a r t o f its u n im p a ire d s u rp lu s f u n d .
T h e s e c tio n o f th e N a tio n a l B a n k A c t a u th o r iz in g e x a m in a tio n d o c s n o t
In a n y w a y l i m i t t h e n u m b e r o f e x a m i n a t i o n s In a n y y e a r , b u t p r o v i d e s
t h a t t h e y s h a ll b e m a d e a s o f t e n a s Is d e e m e d n e c e s s a r y .
T h i s o r d e r Is n o t m a d e e f f e c ti v e u n t i l A p r i l 1 1 9 1 2 , in o r d e r t o g iv e s u c h
b a n k s a s h a v e e x c e s s i v e l o a n s f u ll o p p o r t u n i t y t o r e d u c e t h e m w i t h o u t
In c o n v e n ie n c e .

T h e re p o rt th a t M r. T a f t has ta ke n the in itia tiv e in a t­
te m p tin g to b rin g a b o u t the fo rm a tio n of such an organiza­
tio n has called fo rth fro m Oscar S. S trau s, S ecretary of Com­
merce and L a b o r d u rin g Col. R o o se ve lt’s second term , a
s ta te m e n t to the effect th a t the in itia tiv e was a c tu a lly ta ken
b y Preside nt R oosevelt; th a t in Decem ber 1908 some s ix ty
of the leading com m ercial bodies of the c o u n try sent delegates
T h e C o m p tro lle r fu rth e rm o re says:
to W a s h in g to n , and in the office of the S ecretary of Com­
L o a n s m a d e In e x c e s s o f t h e l i m i t p r e s c r ib e d b y t h e N a t i o n a l B a n k A c t a r c
merce and L a b o r form ed such an o rg a n iza tio n , na m e ly the I lle g a l l o a n s , a n d a n i lle g a l l o a n h a s n o p l a c e in a n a t i o n a l b a n k o r in a n y
N a tio n a l Council of Commerce. M r. S tra u s, in his sta te m e nt o t h e r . T h e r e a r e J u s t t w o t h i n g s u n d e r t h e N a t i o n a l B a n k A c t t h a t c a n b e
as g iven in the N e w Y o r k “ T im e s ,” adds: T h e firs t a n n u a l d o n e b y t h e C o m p t r o l l e r t o p r o h i b i t e x c e s s i v e lo a n s ; o n e Is , In c a s e t h e r e Is a
lo s s o n t h e e x c e s s i v e l o a n , t o m a k e t h e d i r e c t o r s w h o a p p r o v e d t h e ille g a l
m eeting was held in J a n u a ry 1909, a nd the'seope of the Council l o a n p e r s o n a l ly r e s p o n s i b le f o r a n y lo ss o n I t . T h e r e Is a p l a i n p r o v is i o n o f
was enlarged and a c e n tra l b u re au established in W a shin gto n. l a w o n t h a t p o i n t , a n d a n o r d e r h a s a l r e a d y b e e n g i v e n . T h e s e c o n d t h i n g
W it h the change of a d m in is tra tio n this N a tio n a l Council of w h ic h t h e C o m p t r o l l e r c a n d o Is t o l n c r e a s o t h e n u m b e r o f e x a m i n a t i o n s
p e r y e a r , a n d t h i s o r d e r Is n o w g i v e n .
Commerce, the o rg a n iza tio n of w hich had been in itia te d and
T h e p e rc e n ta g e o f b a n k s v io la tin g th is la w d u r in g th e la s t tw o y e a rs
perfected und er P res id e n t R oosevelt, did n o t receive the en­ a v e r a g e d f r o m 1 4 % t o 1 9 % a n d t h e n u m b e r o f b a n k s r a n g e d f r o m 1 0 2 6
t o 1 ,3 8 4 .
couragem ent of the new A d m in is tra tio n , to the g reat disap­
— T h e D em ocrats of the House, in caucus on the 1st in s t.,
p o in tm e n t of the co m m ercial bodies, and, therefore, i t fe ll
appro ved the re visio n of the sugar schedules d ra fted b y the
in to desuetude.”
— A t its m o n th ly m eeting on T h u rs d a y the N ew Y o r k W a ys and Means Com m itte e , u n d er w hich the d u ty on sugar
C ham ber of Com merce rejected the reso lu tio n offered b y its is e lim in a te d . A n o th e r m easure endorsed a t the same tim e ,
C o m m ittee on F o reig n Com merce and the R evenue Law s, and w hich is intended to m a k e up th e re s u lta n t loss in cus­
u n d e r w hich the C ham ber was made to express itse lf in fa v o r toms receipts (some 852,000,000), proposes an excise ta x of
of a to ll ra te of S I per to n on a ll tonnage passing th ro u g h the 1% on a ll net incomes, in c lu d in g salaries, o ver 85,000 a y e a r
P a n a m a Canal. A s u b s titu te reso lu tio n , w hich was sub­ of persons, firm s o r co-partnerships. T h e la tte r b ill m et
m itte d b y W illia m H . Douglas and adopted b y a vo te of W ith unanim o us a p p ro v a l in th e caucus, b u t vigorous
72 to 59, advocates th a t the to ll on coast] trad e be no t m ore opposition to the sugar b ill was expressed b y the representa­
th a n one-third the ra te on deep-sea vessels, o r free if neces­ tives fro m L o u is ia n a and C olorado, b o th of w hich are sugarpro d ucing States. T h e incom e ta x m easure is inten ded to
sa ry. T h e reso lu tio n reads as follows:
exte nd the C o rp o ra tio n T a x L a w b y m a k in g i t a p p ly to in ­
T h a t th e C h a m b e r o t C o m m e rc e o f th e S t a te o f N e w Y o rk e a rn e s tly u rg e
th e P r e s id e n t o f th e U n ite d S ta te s a n d C o n g re ss, w h ile e q u ita b ly c a rr y in g
d ivid u a ls , firm s and co-partnerships; i t p ro vid es specifically:
o u t a ll e x i s t i n g t r e a t i e s o r o b l ig a t io n s e n t e r e d I n to w i t h f o r e ig n c o u n t r i e s ,
t o a r r a n g e t h e t o ll s o n t h e P a n a m a C a n a l s o a s c a r e f u ll y t o p r o t e c t A m e r i ­
c a n I n te r e s t s a n d b r i n g a b o u t t h e u p b u i l d i n g o f o u r m e r c h a n t m a r i n e , a n d
t h a t w e a d v o c a t e a s a m e a s u r e t o t h i s e n d t h a t t h e r a t e s o f t o ll o n v e s s e ls
e n g a g e d In t h e c o a s t a l t r a d e s h a ll n o t b e o v e r o n e - t h i r d t h e r a t e c h a r g e d
o n v e s s e ls e n g a g e d In t h e d e e p - s e a b u s in e s s , o r f r e e If n e c e s s a r y t o a c c o m ­
p l is h t h e p u r p o s e s d e s ir e d .

T h e C o m m ittee on F o re ig n Com m erce and the Revenue
L a w s in suggesting the ra te of S I a to n argued, w hen the
m a tte r came up a m o n th ago, th a t tre a ty ob ligatio ns w ould




T h a t e v e r y p e r s o n , fir m o r c o - p a r t n e r s h i p r e s i d i n g In t h e U n i t e d S t a t e s ,
a n y T e r r i t o r y t h e r e o f , o r In A l a s k a , o r t h e D i s t r i c t o f C o l u m b i a , s h a l l b e
s u b j e c t t o p a y a n n u a l l y a s p e c i a l e x c is e t a x w i t h r e s p e c t t o t h e c a r r y i n g o n
o r d o i n g b u s in e s s b y s u c h p e r s o n e q u i v a l e n t t o 1 % u p o n t h e e n t i r e n e t I n ­
c o m e o v e r a n d a b o v e $ 5 ,0 0 0 r e c e i v e d b y s u c h p e r s o n f ro m a ll s o u r c e s
d u r i n g e a c h y e a r ; o r . If a n o n - r e s i d e n t , s u c h n o n - r c s i d c n t p e r s o n s h a l l
l ik e w is e b e s u b j e c t t o p a y a n n u a l l y a s p e c i a l e x c is e t a x w i t h r e s p e c t t o t h e
c a r r y i n g o n o r d o i n g b u s in e s s b y s u c h p e r s o n e q u i v a l e n t t o 1 % u p o n t h e
a m o u n t o f n e t I n c o m e o v e r a n d a b o v e $ 5 ,0 0 0 r e c e i v e d b y s u c h p e r s o n f r o m
b u s in e s s t r a n s a c t e d a n d c a p i t a l I n v e s t e d w i t h i n t h e U n i t e d S t a t e s a n d I ts
T e r r ito r ie s , A la s k a a n d th e D is tr ic t of C o lu m b ia d u r in g e a c h y e a r.

MAR, 0 1912 ]

THE CHRONICLE

667

A p ro te s t was filed against the b ill on M o nd a y b y C. C.
H a m lin , rep resenting 9 0 % of the beet sugar producers of
the c o u n try .
p r o fit.
#
,
— M em bers of the L a w C o m m ittee of the A m e ric a n B a n k ­
R e p re s e n ta tive U nd erw oo d , C h a irm a n of the W ays and
Means C o m m ittee , fo llo w in g the caucus proceedings, gave ers’ A ssociation w ho are tra ve rs in g d iffe re n t sections of the
o u t a le n g th y s ta te m e n t as to the reasons fo r offering the c o u n try in the p u rs u it of d a ta b earin g on the segregation of
new ta x m easure. H e announced firs t of a ll th a t the enact­ savings deposits fro m com m ercial accounts, held a conference
m e n t of the b ill re m o vin g the ta x on sugar w ill have the ef­ a t S t. L o u is on the 2 9 th u lt. w it h b ankers whose interests
fect of reducing the price of sugar to the consumer a b o u t centre there. P ie rre Ja y,Vice - P rest.of the B a n k of the M a n h a t­
13^ cents a pound. “ I t is estim ated , he said,
th a t the ta n Co. of N . Y ., is C h a irm a n of the C o m m ittee , w h ich in ­
A m e ric a n people p a y the G o ve rn m e n t a t th e custom houses cludes Jo hn F . H ag ey, A s sis ta n t Cashier of the F ir s t N a tio n a l
and to the producers and refiners of sugar in the U n ite d B a n k of Chicago; Isaac I I . O rr, T r u s t O ffice r of the S t. Lo uis
States, b y reason of the ta x , §107,000,000 a n n u a lly ; the U n io n T r u s t Co.; L y n n H . D in k in s , P res id e n t of the I n t e r ­
§52,000,000 collected in 1911 was p a id to the G o ve rn m e n t S ta te T r u s t & B a n k in g Co. of N ew O rleans, and Tho m as B .
and th e’ custom houses, and the re m a in in g §55,000,000 was B ato n, G eneral Counsel of th e A m e ric a n B a n k e rs ’ Associa­
paid to the producers and re fin e rs.”
H is s ta te m e n t con­ tio n . Some of those who jo in ed in the conference were
B re c kin rid g e Jones, P resid e nt of the M ississippi V a lle y T ru s t
tinu ed :
,,
F r o m th o I n v e s t i g a t i o n s m a d e b y t h e W a y s a n d M e a n s C o m m i t te e a n d
Co.; Festus J. W ad e, P resid e nt of the M e rc a n tile T r u s t Co.
t h o s e m a d e b y t h e s p e c ia l c o m m i t t e e a p p o i n t e d b y C o n g r e s s a t t h i s s e s s io n
of S t. Lo u is; Jacob B erger, Vice-President of th e C e n tra l
t o i n v e s t i g a t e t h e S u g a r T r u s t , i t is b e li e v e d t h a t t h e v e r y l a r g e p r o f i ts t h a t
N a tio n a l B a n k; W . L . M cD o n a ld , Vice-President of the
h a v e b e e n m a d e in r e c e n t y e a r s in s u g a r b y m a n u f a c t u r e r s a n d r e f i n e r s
h a v e b e e n d u e to th e c u s to m s ta riff.
N a tio n a l B a n k of Commerce; R . L . G u rn e y, of the C om m on­
P l a c i n g s u g a r o n t h e f r e e l i s t w ill r e d u c e t h e i r p r o f i ts , b u t I t w ill n o t d e ­
w e a lth T r u s t Co.; A . O. W ils o n , Vice-President of the S ta te
s t r o y t h e i n d u s t r y In t h o U n i t e d S t a t e s , a n d w ill r e s u l t in a s a v i n g t o t h e
N a tio n a l B a n k ; E d w a rd B . C la re - A very, of the M erchantsA m e r i c a n p e o p le o f $ 1 0 7 ,0 0 0 ,0 0 0 . T h e r e m o v a l o f a ll t a x e s a t t h e C u s to m
H o u s e w ill, o f c o u r s e , r e d u c e t h e r e v e n u e t h a t t h e G o v e r n m e n t n e e d s b y
LaclCde N a tio n a l B a n k , &c. T h e co m m ittee has also visite d
$52 0 0 0 ,0 0 0 , a n d I t w a s n e c e s s a r y f o r t h e C o m m i t te e o n W a y s a n d M e a n s
Chicago, S t. P a u l and Des M oines, and fro m S t. Lo u is p ro ­
t o p r o v id e o t h e r s o u r c e s o f r e v e n u e t o t a k e t h e p l a c e o f t h e lo s s f r o m t h e
ceeded to L o u is v ille . The in fo rm a tio n w hich i t is collecting
rem o v a l of ta x e s o n su g a r.
T o accomplish t h i s r e s u l t , t h e W a y s a n d M e a n s C o m m i t te e h a v e d e ­
concerns b o th the a d v is a b ility of sep a ra ting savings accounts
t e r m i n e d t o p r e s e n t t o t h e c a u c u s a b ill e x t e n d i n g t h e p r e s e n t e x c is e t a x
and le g isla tio n affecting the in v e s tm e n t of such funds.
o n c o rp o r a tio n s to in d iv id u a ls a n d c o -p a r tn e r s h ip s .

T h e t e r m “ b u s in e s s " a s h e r e i n u s e d Is a n d s h a ll b e h e l d t o e m b r a c e e v e r y ­
t h i n g a b o u t f h i c h a p e r s o n c a n b e e m p l o y e d , a n d a ll a c t i v i t i e s w h i c h o c c u p y
t h o t im e , a t t e n t i o n a n d l a b o r o f p e r s o n s f o r t h e p u r p o s e o f a l iv e l ih o o d o r

T h e S u p re m e C o u rt o f th e U n ite d S ta te s , n o tw ith s ta n d in g its fo rm e r d e ­
c is io n h o l d in g t h a t a n i n c o m e t a x w a s u n c o n s t i t u t i o n a l , h a s m a i n t a i n e d
t h e C o n s t i t u t i o n a l i t y o f a n e x c is e t a x le v ie d o n a ll c o r p o r a t i o n s d o i n g b u s i ­
n e s s In t h e U n i t e d S t a t e s . T h e S u p r e m e C o u r t h a s d e c id e d t h a t C o n g r e s s
h a s t h e p o w e r t o l e v y a s p e c i a l e x c is e t a x o n t h e d o i n g o f a p a r t i c u l a r b u s i ­
n e s s w h e t h e r t h a t b u s in e s s Is c o n d u c t e d b y a n I n d i v i d u a l . o r c o r p o r a t i o n ,
a n d In t h e c a s e o f F l i n t v s . t h e S t o n e T r a c e y C o m p a n y , in w h ic h t h e y h e ld
t h a t t h o c o r p o r a t i o n t a x w a s C o n s t i t u t i o n a l , t h e y d e c id e d t h a t C o n g r e s s
h a d t h e p o w e r t o l e v y a s p e c i a l e x c is e t a x o n t h e d o i n g o f a ll b u s in e s s b y
c o r p o r a t i o n s . T h e p u r p o s e o f t h e b ill p r e s e n t e d t o t h e c a u c u s Is t o e x t e n d
t h e t a x o n t h e d o i n g o f b u s in e s s b y i n d i v i d u a l s a n d c o - p a r t n e r s h i p s .
T h e s p e c i a l e x c is e t a x w ill a c c o m p l is h t h e s a m e r e s u l t a s w o u l d h a v e b e e n
a c c o m p l is h e d b y a n in c o m e t a x la w , If I t w e r e w i t h i n t h e p o w e r o f C o n g r e s s
t o e n a c t a n i n c o m e t a x , s o f a r a s r a i s i n g r e v e n u e is c o n c e r n e d , b u t a t t h e
s a m e t i m e t h o b i ll k e e p s w e ll w i t h i n t h e p r in c i p le s l a i d d o w n b y t h e S u ­
p r e m e C o u r t In I ts d e c is i o n a f f i r m i n g t h e C o n s t i t u t i o n a l i t y o f t h e C o r p o r a ­
tio n T a x L a w .
T h e b ill d o e s n o t In a n y w a y a l t e r , a m e n d o r r e p e a l t h e C o r p o r a t i o n t a x
L a w a s i t n o w s t a n d s o n t h e s t a t u t e b o o k s , b u t p r o v id e s t h a t e v e r y p e r s o n ,
f ir m o r c o - p a r t n e r s h i p s h a ll b e s u b j e c t t o p a y a n n u a l l y a s p e c i a l e x c is e t a x
w i t h r e s p e c t t o c a r r y i n g o n o r d o i n g b u s in e s s b y s u c h p e r s o n s e q u i v a l e n t to
1 % o n t h e e n t i r e n e t I n c o m e o v e r a n d a b o v e $ 5 ,0 0 0 r e c e i v e d b y s u c h p e r ­
s o n f r o m a ll s o u r c e s d u r i n g e a c h y e a r , a n d f u r t h e r p r o v id e s t h a t In c o m p u t ­
in g th o I n c o m e o f a n y p e r s o n t h e r e s h a ll n o t b e I n c l u d e d t h e a m o u n t r e ­
c e iv e d f r o m a n y c o r p o r a t i o n , j o i n t - s t o c k c o m p a n y o r a s s o c i a ti o n o r i n s u r ­
a n c e c o m p a n y a s d i v i d e n d s u p o n t h e s t o c k in s a i d c o r p o r a t i o n , j o i n t - s t o c k
c o m p a n y o r a s s o c i a t i o n o r i n s u r a n c e c o m p a n y , if t h e s p e c i a l e x c is e t a x o f
1 % n o w I m p o s e d b y la w h a s b e e n p a i d b y s u c h c o r p o r a t i o n o r s to c k c o m ­
p a n y o r a s s o c ia tio n o r In su ra n c e c o m p a n y .
I n o th e r w o rd s , th e In co m e d e riv e d fro m d iv id e n d s of a c o rp o r a tio n o n
w h ic h t h e t a x Is n o w l e v i e d b y l a w w ill n o t b e s u b j e c t to a f u r t h e r o r a d d i ­
t i o n a l t a x , b u t I n c o m e s d e r i v e d f r o m o t h e r s o u r c e s o f b u s in e s s t h a n t h o s e
n a m e d In t h e C o r p o r a t i o n T a x A c t w ill b e s u b j e c t t o a t a x o f 1 % w h e r e th o
n e t In c o m e e x c e e d s $ 5 ,0 0 0 a n n u a l l y .
* * *
I f t h e s e b ills b e c o m e la w s , t h e y w ill h a v e r e p e a l e d a b u r d e n o f t a x a t i o n
n o w b o r n e b y t h e A m e r i c a n p e o p le o n a f o o d p r o d u c t t h a t a ll m u s t c o n s u m e ,
o f $10 7 000 , 000 , a n d w ill h a v e s u b s t i t u t e d in p l a c e t h e r e o f t a x e s t h a t w ill
p r o b a b l y a g g r e g a t e b e tw e e n $ 5 0 ,0 0 0 ,0 0 0 a n d $ 6 0 ,0 0 0 ,0 0 0 t h a t w ill b e c o l­
l e c t e d f r o m p e r s o n s w i t h a n I n c o m e o f m o r e t h a n $ 5 ,0 0 0 .

I 11 a d d itio n to the exem p tio ns ind icated above, a n y person
c o n trib u tin g to the incom e ta x of firm s or co-partnerships
w ill n o t be sub ject to the ta x . T h e b ill p rovides th a t in com­
p u tin g incomes the necessary expenses a c tu a lly in c u rre d in
c a rry in g on a n y business, b u t n o t personal o r liv in g expenses,
s h a ll be deducted; also a ll in te re s t p a id w ith in a y e a r on ex­
is tin g indebtedness and n a tio n a l, b tatc, c o u n ty , school and
m u n ic ip a l taxes, as w e ll as losses sustained d u rin g the y e a r
in trad e or a ris in g fro m fires, storm s o r shipw recks, n o t com­
pensated b y insurance and w orthless debts. Salaries of
State, c o u n ty o r m u n ic ip a l officers are likew ise exe m p t, and
no account need be ta k e n of in te re s t on bonds o r o th e r ob­
lig atio ns of a S tate , o r a n y p o litic a l sub d ivis io n thereof; nor
need the proceeds of life insurance policies be included in fig­
u rin g the net incom e. G o ve rn m e n t p aym asters and d isb urs­
ing officers are a u th o rize d to w ith h o ld the ta x fro m incomes
of G o vern m e n t employees lia b le u n d er the A c t.
T h e sugar b ill was fa v o ra b ly rep o rted to the House on
Tuesday; its p rin c ip a l p ro visio ns are o u tlin e d as follows:
S u g a rs, t a n k b o tto m s , s y ru p s o f c a n e
j u ic e , m c l a d a , c o n c e n t r a t e d
m c l a il a , c o n c r e t e a n d c o n c e n t r a t e d m o la s s e s , m a p l e s u g a r , m a p l e s y r u p , r e ­
fin e d s y r u p s , g lu c o s e o r g r a p e s u g a r a n d s u g a r c a n e s h a ll b e a d m i t t e d f re e
of d u ty .
S a c c h a rin e , 05 c e n ts p e r p o u n d d u t y .
S u g a r c a n d y a n d a ll c o n f e c t i o n e r y n o t s p e c i a ll y p r o v i d e d f o r In t h i s A c t
o r in t h e f ir s t s e c t i o n o f t h o A c t c i t e d f o r a m e n d m e n t , v a l u e d a t 15 c e n t s p e r
p o u n d o r le s s , a n d s u g a r s a f t e r b e in g r e f i n e d w h e n t i n c t u r e d , c o lo r e d o r In
a n y w a y a d u l t e r a t e d , 2 c e n t s p e r p o u n d ; v a l u e d a t m o r e t h a n 15 c e n t s p e r
p o u n d ' 2 5 % a d v a lo r o m . T h e w e i g h t a n d t h e v a l u e o f t h e i m m e d ia te
c o v e r i n g s , o t h e r t h a n t h e o u t e r p a c k i n g c a s e o r o t h e r c o v e r i n g s , s h a ll b e
I n c l u d e d In t h e d u t i a b l e w e i g h t a n d t h e v a l u e o f t h e m e r c h a n d i s e .




— T h e new “ Clearance B u re a u ” established in B a ltim o re ,
th ro u g h the in s tru m e n ta lity of the Clearing-House and the
C ham b er of Commerce, fo r the purpose of offering g re a te r
safeguards fo r b ills of la d ing , was p u t in to o p eratio n on
Feb. 2G. T h e new system is designed to establish the a u ­
th e n tic ity of a ll b ills of la d in g lia n d le d b y the banks, and
to ascertain th e jo c a tio n and existence of the m erchandise
th e y are inten d e d to represent. T h e proposal to in a u g u ra te
the new measures fo r g u ard in g a g ainst forgeries was referred
to in these colum ns on Dec. 16. Since th e n a jo in t com­
m itte e of the C learing House and the C ham b er of Com merce
has concluded arrang em ents u n d er w h ic h the p la n is m ade
effective. T h e co m m ittee consists of W illia m In g le , E u ­
gene L e v e rin g and H e n ry B . W ilc o x , rep resenting th e C lear­
ing House, and Charles E n g la n d , Jo hn M . D en nis and George
S. Jackson, rep resenting the C ham b er of Com merce. I n
e x p la n a tio n of the p la n , the co m m ittee m akes the fo llo w in g
announcem ent:
T h e j o in t c o m m itte e o f t h e B a ltim o re C le a rin g H o u s e a n d t h e B a ltim o r e
C h a m b e r o f C o m m e r c e , w h ic h d u r i n g t h e p a s t 6 0 d a y s h a s b e e n I n n e g o t i a ­
t i o n w i t h t h e c a r r i e r s o w n i n g t e r m i n a l s i n B a l t i m o r e C i ty , is g l a d t o r e p o r t
t h a t m o s t s a t i s f a c t o r y a r r a n g e m e n t s h a v e b e e n c o n c lu d e d , u n d e r w h i c h
t h o s e i n t e r e s t e d w ill b e a b l e t o n o w m a k e e f f e c ti v e t h e p l a n a g r e e d u p o n ,
l o o k in g t o t h e p r o t e c t i o n o f b a n k i n g a n d b u s in e s s i n t e r e s t s in t h i s c i t y a c ­
c u s t o m e d t o h a n d l e o r d e r b i ll s o f l a d i n g f o r v a l u e .
A t t a c h e d h e r e t o w ill
a ls o b e f o u n d s a m p l e o f f o r m a d d r e s s e d t o t h e C l e a r a n c e B u r e a u p r e p a r e d f o r
r o u t i n e u s e in t h e p r e m i s e s .
T h e b la n k s h a v e b e e n a rra n g e d as a m a tte r of
c o n v e n ie n c e i n p a d f o r m .
O f t h e s e y o u w ill i m m e d i a t e l y b e f u r n i s h e d a
s u p p ly .
Y o u w ill o b s e r v e t h a t a p a i r o f r e c e i p t s , o n e w h i t e a n d o n e y e ll o w , a r e t o
b e u s e d In c o n n e c t i o n w i t h a n I n q u ir y o f e a c h b ill o f l a d i n g .
I n f illin g o u t
t h e f o r m s p l e a s e u s e a c a r b o n p a p e r i n d e s c r i b i n g t h e b ill.
I n a d d itio n
t o u s in g t h e s p a c e s p r o v i d e d , w e r e q u e s t , a s a m a t t e r o f f u r t h e r c o n v e n i ­
e n c e t o t h e c a r r i e r s , t h a t I m m e d ia t e l y b e lo w t h e l in e i n d i c a t i n g t h e s p a c e
f o r c a r I n it ia l a n d n u m b e r y o u a d d t h e n a m e o f t h e “ n o t i f y ” p a r t y I n B a l t i ­
m o r e , u s u a l l y t h e c o n s ig n e e . A f t e r f illin g o u t t h i s d e s c r i p t i o n i n d u p l i c a t e
a s s u g g e s t e d . I t w ill o n l y b e n e c e s s a r y t o i n s e r t In t h e n e x t f o llo w in g b l a n k
l in e t h e n a m e o f t h e b a n k m a k i n g t h e i n q u i r y in i t s b e h a lf .
T h e tw o p a p e rs
t h u s p r e p a r e d s h o u l d t h e n b e s e n t e a c h d a y t o t h e o f fic e o f t h e b u r e a u in
t h e C h a m b e r o f C o m m e r c e , w h e r e M r. H u b e r t S h e r i d a n , t r a f f i c m a n a g e r
o f t h e c h a m b e r , h a v i n g I m m e d i a t e c h a r g e o f t h e g e n e r a l s u b j e c t , w ill d e ­
l i v e r t o t h e b a n k ’s m e s s e n g e r s u c h a c c o m p l is h e d i n q u i r i e s a s h e m a y h a v e
a c c u m u la te d .
T h e y e llo w s h e e t w ill b e u s e d b y t h e b u r e a u i n m a k i n g i t s I n v e s t i g a t i o n
a t t h e o f fic e o f t h e c a r r i e r .
O n t h r o u g h b ill in g a n d o n m e r c h a n d i s e c o n ­
s ig n e d d i r e c t f r o m I m p o r t a n t c e n t r e s , t h e b u r e a u c o u ld p r o b a b l y r e p o r t
t h e r e c e i p t in B a l t i m o r e o f b illin g o n e o r t w o d a y s a f t e r t h e I n q u i r y h a d
b e e n l o d g e d w i t h I t.
F r o m r e m o te o r s m a lle r p o in ts in c o n n e c tio n w ith
w h ic h r e - b i ll in g is r e q u i r e d e n r o u t e , t h e e la p s e d t i m e w ill b e g r e a t e r .
S u c h s h ip m e n ts w o u ld p r o b a b ly n o t a g g re g a te 2 0 % o f th e t o ta l v o lu m e of
m e r c h a n d i s e w h ic h w o u l d b e t h e s u b j e c t o f i n q u i r y .

I n its advices to the banks concerning the arra ng em ent,
the co m m ittee also says:
W h il e t h e b u r e a u w ill c h e e r f u ll y I n v e s t i g a t e t h e a c c u m u l a t e d s t o c k o f b ills
h e l d b y t h e b a n k s a t t h e m o m e n t t h i s p l a n is m a d e e f f e c tiv e , w e r e s p e c t f u l l y
s u g g e s t t h a t m o s t b a n k s w ill h a r d l y t h i n k I t t o b e n e c e s s a r y to m a k e s u c h
i n q u i r y e x c e p t i n g o n l y In c o n n e c t i o n w i t h a p p a r e n t l y s t a l e b ills , a s in a n y
e v e n t t h e b ills In h a n d a t a g i v e n m o m e n t s h o u ld in t h e o r d i n a r y c o u r s e o f
b u s in e s s p r a c t i c a l l y d i s a p p e a r f r o m c o l l a t e r a l a f t e r t h e l a p s e o f a w e e k o r
te n d a y s.
I n c o n n e c t i o n w i t h t h e r o u t i n e h a n d l i n g o f b i ll s o f l a d i n g a t t a c h e d t o
d r a f t s p a y a b l e “ o n a r r i v a l , ” I t m a y b e s a i d t h a t w h e n a b a n k f in d s t h a t
i t h o l d s s u c h a b ill w h i c h p r i m a f a c i e Is s t a l e , t h e b u r e a u , u p o n I n q u i r y a s
t h e a g e n t o f t h e h o l d in g b a n k , w ill m a k e t h e n e c e s s a r y i n q u i r y a s t o t h e
p o s i t i o n o f a p a r t i c u l a r s h i p m e n t In o r d e r t h a t a b a n k , b e i n g m a d e a w a r e
of a rr iv a l o f m e rc h a n d is e a t d e s tin a tio n , c a n d e m a n d s e ttle m e n t of th e
a tta c h e d d ra ft.
U p o n t h e r e t u r n b y t h e b u r e a u o f a c c o m p l is h e d I n q u ir ie s ,
I t Is s u g g e s t e d t h a t e a c h b e a t t a c h e d t o I ts p a r t i c u l a r b i ll , b u t r e m o v e d a n d
d e s t r o y e d p r i o r t o t h e s u r r e n d e r o f e a c h b i ll u p o n I ts r e d e m p t i o n .

668

THE CHRONICLE

— A b ill passed a t the c u rre n t session of the K e n tu c k y
L e g is la tu re , c reating a S ta te B a n k in g D e p a rtm e n t, u n d er a
B a n k Com m issioner, was signed b y G ov. M c C re a ry on the
2d in s t. T h e C om m issionef w ill have the assistance of a
d e p u ty and th re e exam iners. E x a m in a tio n s a t least twice
a y e a r are re q u ire d , and m a y b e had as m uch o ftene r as the
D e p a rtm e n t m a y deem necessary; the cost of m a in ta in in g
the D e p a rtm e n t w ill be bo rne b y the S ta te banks th ro u g h
assessments on the combined c a p ita l and surp lus of the
respective in s titu tio n s . A t the 1910 session of the Leg isla ­
tu re a s im ila r b ill callin g fo r the e x a m in a tio n of the S ta te
b anks p e rio d ic a lly, b u t p lacing the in s titu tio n s u n d er the
d ire c tio n of the S ecretary of S ta te , passed b o th blouses, b u t
was vetoed b y G ov. W ills o n . T h e la t t e r opposed the
m easure m a in ly upon the g ro und th a t i t w o uld n o t be wise
to place so m uch pow er in the hands of the S ecreta ry. S ub­
seq u en tly, the S ta te S ecreta ry, B . L . B ru n e r, decided to
e m p lo y S ta te b a n k inspectors where the b a n k in g in s titu tio n s
w o uld v o lu n ta rily s u b m it to e xa m in a tio n ; this a rra n g e m e n t
did n o t m eet w ith e n tire satisfactio n, and a b ill intended to
rem ed y the conditions was d ra w n up a t the instance of the
K e n tu c k y B a n k e rs ’ Association, and endorsed b y i t a t its
a n n u a l m eeting la st O ctober.
— T h e system u n d er w hich finger-prints are used fo r id en­
tific a tio n is to be adopted b y the A lb a n y Savings B a n k of
A lb a n y , N . Y .
F o r this purpose the in s titu tio n has pre­
pared a special fo rm of s ig n a tu re card and w ith d ra w a l slip
fo r recording the impressions, w hich are obtained b y pressing
the finger upon the slip a fte r i t has been m oistened fro m a
glass p la te . T h e p lan is endorsed b y the A m e ric a n B a n ke rs ’
Association and is said to be a lre a d y in use b y a n u m b e r of
banks in the S tate. I t is of p a rtic u la r a d vantag e in cases
w here depositors, especially those of foreign b irth , are u n ­
able to read o r w rite .
— T h e U n ite d States Assay Office on W a ll S t. has been
vacated b y the G o ve rn m e n t p re p a ra to ry to its d e m o litio n
and the co nstructio n of a new b u ild in g . T h e A s sa ye r’s office
is now in the s tru c tu re w hich has ju s t been com pleted in the
re a r of the old b u ild in g , and entrance to w hich is had th ro u g h
21 P ine S t. T h e new b u ild in g is 9 stories hig h and is f u lly
equipped w ith m odern devices fo r the re-sm elting, assaying
and re fin in g of gold and s ilv e r. T h e old b u ild in g was erected
in 1823; i t had been used as an assay office since 1854; p rio r
to th a t i t had been the hom e of the old U n ite d States b a nk,
and la te r fo r a tim e was occupied b y the S ub-Treasury. T h e
new b u ild in g on W a ll S tre e t w ill be erected as soon as the
plans and o th e r d etails h a ve been decided upon.
— W it h the opening on M a rc h 1 of fo u r a d d itio n a l post
offices in B ro o k ly n as postal savings depositaries, the to ta l
n u m b e r of depositaries in th a t borough is increased to fo u r­
teen. T h e la te s t p o stal banks are S ta tio n B , 1266-1268
F u lto n S tre et; S ta tio n L , F la tb u s h A ve n u e , L . I . R a ilro a d
depot; S ta tio n J, M y rtle A ve n u e near W yc ko ff A venue;
F la tb u s h S ta tio n , 830 F la tb u s h A ve n u e.

[V O L . L X X X X 1 V .

in the newspapers th a t the S ta n d a rd T ru s t Co. w o u ld be con­
solidated w ith the G u a ra n ty T ru s t Co. w hen the la t t e r com­
p a n y ’s new b u ild in g on B ro a d w a y and L ib e r ty S t. is com­
p leted. T he re is no basis except co njecture fo r the s to ry
and we are info rm ed th a t a consolidation is n o t contem p lated .
T h e G u a ra n ty T r u s t Co. declared this week an e x tra d iv i­
dend of 2 % along w ith the re g u la r q u a rte rly d is trib u tio n of
8 % , b o th p ayab le M a rch 30 to holders of record on th a t date.
L a s t y e a r the com pany m ade one e x tra p a y m e n t of 8 %
on Dec. 30 1911.
— W illia m B a y a rd C u ttin g , w e ll kn o w n as a la w y e r, a
d ire c to r in several b a n kin g in s titu tio n s , and also a m em ber
of the d ire cto ra te of va rio u s o th er o rg anizatio ns, died on the
1st in s t. w h ile en ro u te in a special tra in fro m S an ta Fe, N . M .,
to N e w Y o rk .
H e had been on a v is it to his son in N ew
M exico w hen he was a ttac ke d w ith acute ind igestio n, and
a h u rrie d tr ip E a s t was planned in the hope of s aving his life.
M r. C u ttin g was in his s ix ty - th ird y e a r.
H e was b o rn in
N e w Y o r k and was g rad u ate d fro m C o lu m b ia College in 1869
and fro m the C o lum b ia L a w School tw o years la te r. Con­
siderable of his tim e was devoted to p h ila n th ro p y and to
m u n ic ip a l refo rm a c tivitie s ; he was a m em ber of the Com ­
m itte e of S even ty w hich b ro u g h t a b o u t the election of
M a y o r S trong, and he also served as a C iv il Service Com ­
m issioner and as Preside nt of the T e n e m e n t House Com ­
m ission. As a d ire c to r M r. C u ttin g was on the b o ard of the
A m e ric a n E xchange N a tio n a l B a n k , the U n ite d States T ru s t
Co., the C ity & S ub u rb a n Hom es Co., the S o u th e rn Pacific
Co., the C om m ercial U n io n Assurance Co., L td ., of Lo nd o n,
the C om m ercial U n io n F ire In sura n ce Co. of N ew Y o rk , the
T ro p ic a ! L a n d Co., L td ., and the M e tro p o lita n O pera &
R e a l E s ta te Co.; he was also a trustee of C o lu m b ia College
and of the N ew Y o r k B o ta n ic a l G arden. H e had been a
d ire c to r of the A m e ric a n E xchan g e N a tio n a l since 1877, and
had been dean of the B o ard since Sept. 14 1902. T h e
d irectors of the b a n k gave evidence of th e ir sense of the loss
suffered in his d eath in a m in u te adopted on the 5 th inst.
— T h e m erger of the F la tb u s h T r u s t Co. of B ro o k ly n
B o ro u g h w ith the B ro a d w a y T r u s t Co. of M a n h a tta n was
ra tifie d b y the stockholders of the tw o o rg aniza tio ns on
T u e sd a y. T h e u nio n w en t in to o p eratio n on W ednesday,
w hen the B ro a d w a y T ru s t entered the N e w Y o r k C learin g ­
House Association as a m em ber, fo llo w in g the a p p ro v a l of
its a p p lic a tio n . T h e c a p ita l of the B ro a d w a y T ru s t Co. was
increased fro m 8700,000 to 81,000,000 w ith the recent a b ­
s o rp tio n of the S avo y T ru s t Co. T h e offices of the F la tb u s h
T r u s t Co. w ill be continued as branches of the B ro a d w a y
T ru s t. P a rtic u la rs concerning the consolidation were f u r ­
nished in o u r issue of Feb. 24.

— C ontinued increase in the vo lu m e of business of the
Deutsche B a n k (head office B e rlin ) is shown in the re p o rt fo r
the la te fiscal yea r, s u b m itte d a t the a n n u a l m eeting of the
stockholders. T h e to ta l tu rn o v e r in the new s ta te m e n t is
830,000,000,000, an increase of 83,300,000,000 o ver th a t of
— H e n ry R . P h illip s , Cashier of K o u n tz e B ros., bankers, the previous y e a r. T h e n e t p ro fits fo r the y e a r have been
of th is c ity , died on the 5 th inst. H e was fifty-seven years charged w ith 8857,000 fo r re d u c tio n of b a n k premises,
of age and had been in the f irm ’s e m p lo y fo r fo rty- tw o years. 8524,000 fo r increase of reserves, and, a fte r p ro v id in g fo r
— R o b e rt S. B ra d le y , C h a irm a n of the board of the A m e ri­ d ivid e nds of 1 2 j^ % — the same ra te of p a y m e n t as the p re­
can A g ric u ltu ra l Chem ical Co., has been elected a d ire c to r vious ye a r, 8595,000 has been carried fo rw a rd to the c red it
of the M erchants' N a tio n a l B a n k of B oston to ta ke the place of the p ro fit and loss account, this ite m being an increase
of 8119,000 o ver 1910.
o f_T. Jefferson Coolidge, resigned.
— T h e in c o rp o ra tio n th is week a t A lb a n y of the D re x e l
B u ild in g Co., w ith a c a p ita l of §1,000,000, is assumed to be in
a n tic ip a tio n of plans to im p ro ve the p lo t a t W a ll and B ro a d
streets on w h ich the b u ild in g occupied b y J. P. M o rg an &
Co. stands. T h e purchase of the p ro p e rty fro m the D re xe l
E s ta te was rep o rted several weeks ago. T h e inco rp o rato rs
of the new concern are W a lte r B . H o rn , Tho m as W . Joyce
and E d w a rd S. Pegram , a ll em ployees of J. P. M o rg an & Co.
— Ogden M ills R e id , P resid e nt of the T rib u n e Association,
has been elected to the board of the H a rrim a n N a tio n a l
B a n k of th is c ity .
— W illia m M . D o nald , of the N e w Y o r k Stock E xchan ge
firm of D o na ld , G ordon & Co., died ye s te rd a y.
H e had
been a m em ber of the E xchan ge since 1876, and was A s sis tan t
T re a s u re r and a trustee of the S tock E xchan g e B u ild in g Co.
M r. D o n a ld was b o rn in Scotland in 1842, b u t came here
w ith his parents w hen he was seven years of age.
— T h e directors of the S ta n d a rd T ru s t Co. of this c ity have
elected James M . P r a tt a Vice-President, succeeding the la te
L o u is L . S ta n to n . I n consequence M r. P r a tt has resigned
as a Vice-President of the G u a ra n ty T r u s t Co.
W h e n this
anno uncem ent beeame p u blic la s t Tu e sd a y, i t was rum o re d




— T h e S ta te B a n k in g D e p a rtm e n t has a u th o rize d the
p a y m e n t of a 2 5 % allow ance on s u p p le m e n ta l claim s w hich
have been filed ag ainst the Carnegie T ru s t Co. since the firs t
d ivid end, (fo r a s im ila r a m o u n t) was d is trib u te d in M a y 1911.
— T h e m erger of the Jefferson B a n k w ith the C e n tu ry
B a n k , ra tifie d b y the stockholders on the 1st in s t., w e n t in to
effect on T h u rs d a y of this week. T h e enlarged C e n tu ry
B a n k is u n d er the m anagem ent of I I . L . C ra w fo rd , P resident;
S. D . Scudder, C. S. M itc h e ll, George P. K e n n e d y and M a x
R a d t, Vice-Presidents; W . I I . D e v lin , Cashier; and W . D .
P ike , A s sis ta n t Cashier. L o u is G. K a u fm a n , P res id e n t of
the C h a th a m & P h e n ix N a tio n a l B a n k , is C h a irm a n of the
exe cu tive com m ittee of the C e n tu ry B a n k . A s p a rt of the
consolidation plan, the C e n tu ry B a n k firs t reduced its c a p ita l
fro m 8250,000 to 8100,000 and im m e d ia te ly increased i t
to 8500,000.
— E . O. E ld redg e, fo rm e rly S ecreta ry of th e N e w Y o r k
S ta te B a n ke rs ’ Association, has become id entifie d w ith the
Ir v in g N a tio n a l E xchange B a n k of this c ity .
— W illia m Fellow es M organ, P resid e nt of the H a rris o n
S tre e t Cold Storage Co., has been added to the d ire c to ra te
of the C itizen s’ C e n tra l N a tio n a l B a n k of this c ity .

Mar . 9 1912.

THE CHRONICLE

— T h e va rio u s fina ncial in s titu tio n s and p riv a te b ankers
w ho were b urned o u t in the E q u ita b le B u ild in g fire are g ra d ­
u a lly o b ta in in g p e rm a ne nt q u arters. L a s t week the E q u ita ­
ble T ru s t Co. m oved to its b u ild in g a t 37 W a ll S t.; the b a n k ­
ing house of W in . A . Read & Co. has secured the handsome
m a in office of the G u a ra n ty T ru s t Co., on the corner of N as­
sau and Cedar streets, h a v in g leased the space fro m the date
th a t the G u a ra n ty Trust- Co. removes to its new b u ild in g ,
now u n d e r construction. W m . A . Read & Co. are no.*/ oc­
cu p yin g, te m p o ra rily , the second and th ird floors of No. 31
P ine S t. T h e y are e x tre m e ly fo rtu n a te in o b ta in in g such
adequate and spacious p erm a n e n t b a n kin g room s as is p ro ­
vid ed in the G u a ra n ty's q uarters; the la tte r arc la rg e r th a n
the f irm ’s old offices on Nassau S t., and w ill b rin g it back
to p ra c tic a lly its old location.
— T h e branch of the Corn E xchan ge B a n k heretofore in the
C o n tin e n ta l F ire Insura nce B u ild in g a t C o u rt and M ontague
streets has m oved in to the old q u a rte rs of the defunct U n io n
B a n k in the Te m p le B a r B u ild in g . Th e re are now tw entyeig h t branches of the Corn E xchan g e B a n k in G re a te r N ew
Y o rk , eig h t of w hich arc in B ro o k ly n and Queens.
— T h e new S pring field A ve n u e T r u s t Co. of N e w a rk com­
menced business on the 4 th inst. T h e c h a rte r of the com­
p a n y, as indicated in an e a rlie r ite m in these colum ns, was
appro ved b y the S ta te B a n k in g D e p a rtm e n t la s t June. It s
officers are: P resident, E d w a rd E . G nichtel; Vice-Presidents,
H e n ry Ost, R e v . Oscar E . B ra u n e and Joseph W o tiz , and
S ecretary and T re a s u re r, F ra n k Mead. T h e in s titu tio n has
a c a p ita l of $100,000 and surp lus of .$25,000.
— James M aguire, fo r the past th irty - tw o years Cashier of
the N a tio n a l S ta te B a n k of E liz a b e th , N . J., died on the
2d inst.
— T h e shareholders of the F ir s t N a tio n a l B a n k of Boston
on the 1st inst. ra tifie d the p ro p o sitio n to increase the ca p ita l
to $5,000,000 b y the issuance of $2,000,000 a d d itio n a l stock,
d iv id e d in to 20,000 shares, of the p a r va lu e of $100 each.
Shareholders of record w ill have the r ig h t to subscribe to tw o
new shares fo r e v e ry three now held a t $300 p er share, said
new stock to be paid fo r in cash b y A p r il 2.

669

— C. D . R ichard so n has been a ppointed A s s is ta n t Cashier
of the C o m m ercial N a tio n a l B a n k of P itts b u rg h .
H e was
heretofore a te lle r.
— To show the exc ep tio nal g ro w th of the F ifth - T h ird N a ­
tio n a l B a n k of C in c in n a ti since the d ate of the m erger on
June 1 1908, we append the fo llo w in g lit t le table:
_
C o m p a ra tive S ta tem en t o f D e p o sits.
June
1 1 0 0 8 ____________ $ 1 2 ,0 6 1 ,0 0 0 1 D e c . 5 1 9 1 1 ____________ $ 1 6 ,1 1 3 ,0 0 0
N o v . 10 1 0 1 0 ____________ 1 5 ,0 7 3 ,0 0 0 [ F e b . 2 0 1 9 1 2 ____________ 1 7 ,2 9 0 ,0 0 0

T h u s , in less th a n fo u r years the in s titu tio n has gained
o ve r $5,000,000 in deposits.
— T h e A e tn a T ru s t
Savings C o m p an y of In d ia n a p o lis,
inco rp o rate d in J a n u a ry , began business on the 4 th inst.
T h e in s titu tio n w ill conduct a b a n k in g and tr u s t business
and w ill also hand le real estate transactions, h a v in g ta ke n
o ver the insurance business of John W o cher & B ro th e r.
T h e com pany has a c a p ita l of $1,000,000. W in fie ld M ille r
is P reside nt. T h e names of the o th e r officials appeared in
an ite m in th is d e p a rtm e n t Feb. 10.
— George Peck has been elected a Vice-President of the
D e tro it T r u s t C o m p an y o f D e tro it, to succeed E . H . B u tle r,
resigned. A m e m o ria l trib u te to Lu c iu s L ille y , one of the
o rig in a l stockholders and d ire ctors of the in s titu tio n , whose
death occurred re c e n tly, was adopted b y the board on the
5 th inst.
— T h e M ic h ig a n N a tio n a l B a n k of K a la m a zo o , M ic h ., was
placed in v o lu n ta ry liq u id a tio n on F e b ru a ry 23, its business
h a v in g been consolidated w ith th a t of the F ir s t N a tio n a l
B ank.
— A t the recent a n n u a l m eeting of the M innea p o lis Stock
E xchange, the fo llo w in g officers were elected fo r the ensuing
yea r: President, J. L . R o o t of the M inneap o lis T ru s t Co.;
Vice-President, G. P. Case of P ip e r, Johnson, Case & Co.;
S ecretary, A r t h u r W . Stevens of A r t h u r W . Stevens & Co.,
and Tre as u re r, To d d Lew is of C. E . Lew is & Co. T h e above,
together w ith B e rt W in te r of the U n io n In v e s tm e n t Co.;
E . T . C hapm an of Stevens, C hapm an & Co., and W . A .
Thom as of W . A . Tho m as .& Co., com prise the board of
governors.

— The C e n tra l N a tio n a l of D e n v e r has been consolidated
w ith the U n ite d States N a tio n a l B a n k of th a t c ity . T h e
— E d w a rd J. P a rk e r, P resid e nt of the S ta te Savings, Lo a n D e n ve r “ R e p u b lic a n ” rep o rts th a t the m erger was com pleted
& T r u s t Co. of Q u in cy, 111., and w id e ly kn o w n fo r his a c tiv ­ on the 2d in s t., w hen the d irectors of the C e n tra l N a tio n a l, in
itie s in so fa r as fina ncial affairs in general are concerned, died consideration of a satis fa c to ry bonus paid b y the U n ite d
on the 1st in s t., fo llo w in g a b rie f illness of double p neum onia. States N a tio n a l, transferred the business and good-will of
M r. P a rk e r, despite the dem ands of m a n y local interests, the C e n tral to the U n ite d States N a tio n a l.
T h e a rra ng e­
found tim e to ta ke an a c tive p a rt in the affairs of the Illin o is m ents do not, i t is stated, include a n y in te re s t in the C e n tra l
S ta te B a n k e rs ’ Association and was p ro m in e n t as a speaker a t Savings B a n k & T ru s t Co. T h e C e n tra l N a tio n a l had a
its conventions and those of o th e r S ta te org anizatio ns. B o rn c a p ita l of $300,000 and deposits of a b o u t $2,000,000; the
in H a rtfo rd , Conn., in 1842, M r. P a rk e r w e n t to Q u in c y in U n ite d States N a tio n a l w ill increase its c a p ita l fro m $350,­
1803; no o th e r c itizen can be credited w ith h a v in g done so 000 to $400,000, w h ile the surp lus w ill be increased fro m
m uch in p ro m o tin g the interests of the c ity as he. H e was $300,000 to $350,000. T h e deposits of th is in s titu tio n be­
the o rganizer of the Q u in c y P a rk & B o u le va rd Association, fore the consolidation am o unted to a b o u t 4j^j m illio n do llars.
th ro u g h w hich was created the m ag nificent system of p arks T h e enlarged U n ite d States N a tio n a l B a n k is located in the
w hich th a t c ity possesses. U pon lo ca ting in Q u in cy, M r. q u arters of the C e n tra l N a tio n a l and is u n d e r the fo llo w in g
P a rk e r associated him self w ith the b a n kin g firm of L . & C. H . m anagem ent: W . A . H o ve r, C h a irm a n of the board; G ordon
B u ll. I n the period fro m 1873 to 1879 he conducted a b a n k of Jones, P resident; H e n ry T . Rogers and A . C. F o ster, V ic e ­
his ow n u nd er the s tyle of E . J. P a rk e r & Co., th is being Presidents; W . B . M o rriso n, Cashier; James R in g o ld and
merged in the last-named y e a r w ith the old er in s titu tio n , P. T . S la yb ack, A s sis tan t Cashiers.
and in 1891 the la tte r was reorganized as the S ta te Savings,
— W . T . A u ld , in accordance w ith plans re c e n tly an­
L o a n & T ru s t; M r. P a rk e r was the Cashier u n t il 1907, when
nounced,. was elected P reside nt of the Corn E xchan ge
he became P resident. F o r some tim e he was T re a s u re r of
N a tio n a l B a n k of O m aha, on the 2nd in s t. A t the same
the Q u in c y O m aha & Kansas C ity lt y . Co. H e was a m em ­
m eeting I I . S. C la rke Jr. of M itc h e ll, N eb ., was m ade a c tiv e
ber of the Illin o is S ta te A r t Com mission a t S p ring fie ld , the
Vice-President of the Corn E xchange N a tio n a l B a n k . L ik e
A m e ric a n F e d e ratio n of A rts a t W a shin g to n, the A m e ric a n
M r. A u ld , M r. C la rke is said to ha ve acquired a large in te re s t
C ivic Association a t W ashin g to n and the L in c o ln M em o ria l
in the in s titu tio n , co n tro l now resting w ith these ne w ly
Association a t S pring field .
elected officers. C. W . E rw in continues as Cashier and
— Charles F . M athes has been appointed liq u id a to r of the L . H . T a te as A s sis tan t Cashier.
failed M e tro p o lita n B a n k & T r u s t Co. of C in c in n a ti, to
— A u t h o r it y to change the nam e of the C itizen s’ Savings
succeed E . F. R o m er, w ho, as D e p u ty S ta te B a n k E x a m in e r,
& T ru s t Co. of E a s t S t. Lo u is, III. , to the S o u th e rn Illin o is
was in charge of the in s titu tio n , and who has ju s t re tire d T ru s t Co. was re c e n tly granted b y the shareholders. Th e
fro m the em p lo y of the B a n k in g D e p a rtm e n t. T h e M e tro ­ in s titu tio n is id entifie d w ith the S o u th e rn Illin o is N a tio n a l
p o lita n , w hich closed on S eptem ber 18, has ju s t paid a B a n k of E a s t S t. Louis.
4 0 % d ivid e nd .
— T h e general b a n k in g business of the C om m ercial T ru s t
— F re d e ric k T . C handler, P res id e n t of the P h ila d e lp h ia Co. of S t. L o u is was re c e n tly ta ke n o ve r b y the U n io n S ta tio n
Stock E xchange fro m 1905 to 1907, was again elected to the B a n k of th a t c ity . T h e tra n s fe r embraces a ll the check and
presidency a t the a n n u a l election on the 4 th inst.
D u rin g savings accounts (aggregating a b o u t $250,000) of the tru s t
th e past y e a r M r. C hand ler was Vice-President. Horace H . com pany, w hich w ill co ntinue its tru s t business as h eretofore
Lee has been re-elected S ecreta ry and Tre a s u re r.
— John N ickerson, fo rm e rly Vice-President of the N a tio n a
— W illia m S. E m le y , P resid e nt of the S ix th N a tio n a l B a n k
of P h ila d e lp h ia , died on the 4 th in s t. M r. E m le y was sev­
e n ty years of age. H e had held the presidency of the b a nk
since 1900. H e was also a d ire c to r of the People’s T ru s t Co.
of P h ila d e lp h ia and was P reside nt of the W h ild in P o tte ry Co.




B a n k of Commerce in S t. Lo u is, is now associated w ith his
son, John N ickerso n J r., dealer in in v e s tm e n t securities,
S t. Louis.
— A rtic le s of in c o rp o ra tio n have been field in the office
of the S ecretary of S ta te in N o rth C a ro lin a fo r a tru s t

670

THE CHRONICLE

com pany w h ich is to operate in R a le ig h and is to be kn o w n
as th e A n c h o r T ru s t Co. I t w ill s h o rtly be open fo r business
w ith a paid-in c a p ita l of $100,000 and surp lus of $10,000.
W . A . Cooper, A lb e r t L . Cox, J. M . B ro u g h to n , Charles J.
P a rk e r and C. V . A lb rig h t, are am ong those who signed
th e c h a rte r.
— C a p ta in H e n ry B lu n has been elected to succeed his
fa th e r, the la te H e n ry B lu n , as P resid e nt of the G erm a nia
B a n k , S ava n n ah . I n assum ing the po sition of P reside nt
C a p ta in B lu n resigns as C h a irm a n of the board of directors,
w h ic h office he had held five years. T h is p o sition has been
fille d th ro u g h th e election to i t of P. B re nne n. M a y o r
George W . Tie de m a n has resigned as Vice-President of the
b a n k because of the dem ands of o th e r business and J. F . C.
M y e rs has been elected as his successor. C a p ta in B lu n is
also the P o stm aster of S avann ah.
— T h e new sta te m e n t of the F o u rth N a tio n a l B a n k of
A tla n ta , G a., fo r F e b ru a ry 20 shows deposits of $5,961,475,
as a g ainst $5,669,254 on F e b ru a ry 20 1911, a g ain of n e a rly
$300,000 in the tw e lve m onths. T h e b a n k has a c a p ita l of
$600,000 and surp lu s and p ro fits of $860,500.
— T h e la te s t s ta te m e n t of the P eop le’s B a n k of M obile,
u n d er date of F e b ru a ry 21, shows surp lu s and p ro fits in ­
creased d u rin g th e past tw e lv e m o n th s fro m $665,000 to
691,700.
W h ile the Peop le’s has a c a p ita l of o n ly $150,000,
its surp lu s and p ro fits of $691,700 g ive i t the larg est per­
centage of surp lu s and p ro fits to c a p ita l of a n y b a n k in
A la b a m a . G eneral Jo hn W . W h itin g is a t the head of the
in s titu tio n .
James W . L it t le is Vice-President and Cashier
and B . W . P a d g e tt is A s s is ta n t Cashier.
— W illia m A d le r, fo rm e rly P resid e nt of the S ta te N a tio n a l
B a n k , N e w O rleans, w ho was convicted of alleged m is­
a p p lic a tio n of its funds, has been denied a re vie w of the
case b y the U n ite d States S uprem e C o u rt.
— I t is announced th a t the stockholders of the F irs t
N a tio n a l B a n k , S h re ve p o rt, ha ve decided to organize a
savings b a n k and tru s t com pany. T h e new in s titu tio n is
to be designated the F ir s t S avings B a n k & T r u s t Co., and is
to h ave a c a p ita l of $500,000.
— T h e c a p ita l of the F ir s t N a tio n a l B a n k of H o u sto n,
Texas, is to be increased fro m $1,000,000 to $2,000,000, the
stockholders on F e b ru a ry 29 h a v in g u n a n im o u s ly ra tifie d
the d ire c to rs ’ reco m m end atio n to this effect. T h e new Issue
was im m e d ia te ly subscribed fo r, p ro ra ta , b y the e xis tin g
shareholders. T h e c a p ita l was raised fro m $500,000 to
$1,000,000 three years ago (in 1909) a d ivid e n d of 60 %
h a v in g a t th a t tim e been declared o u t of the surp lu s and
p ro fits to a p p ly as p a rt p a y m e n t fo r the new stock then
issued.
W it h the present increase the b a n k w ill have the
larg est c a p ita l of a n y b a n k in g in s titu tio n in the c ity .
— T h e S o u th Texas C o m m ercial N a tio n a l B a n k of H o u sto n
began business on the 4 th in s t. as a consolidation of the
C o m m ercial N a tio n a l and S o u th Te xa s N a tio n a l banks.
T h e plans u n d e r w hich this u n io n was perfected were ex­
p lained in o u r issue of F e b ru a ry 3. T h e new in s titu tio n has
a c a p ita l of $1,000,000, a surp lu s of $500,000 and u n d ivid e d
p ro fits of a p p ro x im a te ly $50,000. I t occupies the b a n kin g
room s of th e S o u th Texas N a tio n a l B a n k . T h e officers
of the S o u th Texas C om m ercial N a tio n a l are Charles D illin g ­
h am , C h a irm a n of the B o ard ; W . B . Chew, P resident;
B . D . H a rris , F ir s t Vice-President and Cashier; James A .
B a k e r, Jno. M . D o rrance, J. E . M c A sha n and T h o rn w e ll
F a y , Vice-Presidents; A u g . De Z a va la , P. J. E versha d e and
P a u l G. T a y lo r, A s sis ta n t Cashiers.
— B en O. S m ith has been elected P res id e n t of the F a rm e rs ’
& M e rc h a n ts ’ N a tio n a l B a n k of F o r t W o rth , to succeed
J. W . Spencer, re tire d . M r. S m ith before becom ing P res i­
d en t had been a Vice-President of the in s titu tio n . S idney
W e bb , w ho is understood to have acquired a p o rtio n of M r.
Spencer’s holdings, and G. I I . C liffo rd h a ve been elected
d irectors of the b a n k. M r. Spencer rem ains as a m em ber
of the d ire c to ra te . D a v id Boaz and L u th e r M anchester have
been m ade A s sis ta n t Cashiers.
— A c h a rte r was issued on F e b ru a ry 26 fo r the Groos
N a tio n a l B a n k of San A n to n io , Texas, w hich has been
organized to succeed F . Groos & Co., bankers, of th a t c ity .
T h e in s titu tio n has been form ed w ith a c a p ita l of $250,000.
T h e officials are F ra n z C. Groos, P resident; A . W . G uenther,
Vice-President; Charles Deussen, Cashier, and F e rd in a n d
Groos, A s sis ta n t Cashier.
— T h e C om m ercial N a tio n a l B a n k of E l Paso, Texas,
received a c h a rte r on the 16th u lt . T h e b a n k w ill have
a c a p ita l of $100,000 and its officers are: C. B . H ud sp e th,




President; J. D .
T u rn e r, Cashier.

[V O L . L X X X X I V .

C a m p b e ll,

Vice-President,

and

S id ney

— George J. B ry te and A . B o n n h e im have been elected
d irectors of the F o r t S u tte r N a tio n a l B a n k of Sacram ento,
to succeed A . L . H a rro w and Charles C u n ning ha m , who
have w ith d ra w n fro m the b a n k. I t is rep o rted th a t steps
are being ta ke n to m erge the in s titu tio n in to the Sacram ento
V a lle y T ru s t Co.
— T h e old La d d & T ilto n N a tio n a l B a n k of P o rtla n d , O re.,
shows b y its la te s t s ta te m e n t of F e b ru a ry 20 a s till f u rth e r
increase in its business, deposits h a v in g reached $13,826,451
and aggregate resources $15,887,618. T h e in s titu tio n has
a c a p ita l of $1,000,000 and surp lu s and p ro fits of $821,167.
W . M . La d d is P resid e nt and W . I I . D u n c k le y , Cashier.
— T h e consolidation of the E a s te rn To w nship s B a n k (head
office S herbro o ke), w ith the C anadian B a n k of Commerce
(head office T o ro n to ) in lin e w ith p re viou s announcem ents
in th is d e p a rtm e n t, w e n t in to effect on the 1st in s t. A l l
the va rio u s offices of the E a s te rn To w nship s B a n k w ill be
co ntinued as branches of the Canadian B a n k of Commerce.
James M a c kin n o n , w ho was G eneral M anag er of the E a s te rn
Tow nships B a n k has been ap po inted Managor-in-Chicf
of a ll its branches east of T o ro n to .
— T h e fo rm a tio n has been u n d e rta ke n of the E q u ita b le
T ru s t Co. of W in n ip e g , a c h a rte r fo r w h ic h was o btained a t
the 1910 session of the M a n ito b a L e g is la tu re . I t is u n d e r­
stood there w ill be a c a p ita l of $1,000,000 in shares of $100
each and u n d er a p ro visio n in the o rig in a l c h a rte r i t can be
increased to $2,000,000 if desired b y the shareholders. T h e
stock w ill be sold a t p a r, p a yab le 10% cash and 10% a n n u ­
a lly in nine in s ta llm e n ts . Those to w ho m the c h a rte r was
issued includ e J. W . B ettes, W . Russel and J. T . H a ig .
—*-W. I I . D avies, who has been m anager of the N e w Y o r k
agency of the B a n k of N o va Scotia fo r a n u m b e r of years,
has been ap po inted m anag er of the b a n k ’s Chicago office.
W . C a ldw e ll, agent fo r the b a n k in Boston, w ill succeed M r.
D avies in this c ity .
— T h e opening of a new Lo nd o n b a n k — the B ritis h B a n k
of N o rth e rn Commerce, L t d . — occurred on F e b ru a ry 12.
T h is la te s t a d d itio n to the E n g lis h fin a n c ial in s titu tio n s is
u n d er the chairm a nship of E a r l G re y. I t w ill g ive especial
a tte n tio n to the d eve lo p m e nt of com m ercial business betw een
G re a t B rita in and the countries in the n o rth of E u ro p e
(Sca nd ina via and N o rth R u s sia n ), w hich the Lo n d o n
“ F in a n c ia l N ew s” p o ints o u t, is a m ost im p o rta n t one. and
a tra d e in w hich, u n t il the fo rm a tio n of the present in s ti­
tu tio n , no E n g lis h b a n k had e n tire ly specialized. I t is
understood th a t the new b a n k has the s u p p o rt of the Ensk ild a B a n k , S to ckho lm ; D en danske L a nd sm a nd sb a nk,
Copenhagen; C e n tra lb a n ke n fo r N orge, C h ris tia n ia ; B an que
de Commerce d ’ Azof-Don, Russia; and the B an que de P a ris
et des P ays Bas, P a ris. T h e head office of the B ritis h B a n k
of N o rth e rn Commerce is a t 41-43 Bishopsgate, Lo nd o n,
and i t is stated th a t fo r the present i t is n o t intended to open
a n y b ranch offices. T h e in s titu tio n has an a u th o rize d c a p ita l
of £2,000,000 ($10,000,000); £1,100,000 has been subscribed,
the £ 1 0 shares being p riv a te ly issued a t £ 1 5 each; 2 5 %
of the subscribed c a p ita l is to be p a id in b y A p r il 1 a t a 5 0 %
p re m iu m . A . D . R u th e rfo rd is G eneral M anag er and
A . K ia e r is Sub-Manager. M r. R u th e rfo rd was connected
w ith the Lo nd o n C ity & M id la n d B a n k fo r n e a rly f o r t y
years, w h ile M r. K ia e r was fo r o ver fifteen years w ith D a n
D anske Land sm a nd sb a nk, Copenhagen.

C O P P E R P R O D U C T IO N A N D C O N S U M P T IO N . — Th e
F e b ru a ry sta te m e n t of the Copper Producers’ Associaton,
issued yesterd ay, again showed a red u ctio n in the stocks of
m arke ta b le copper in the U n ite d States. T h e decrease is
fro m 66,280,643 lbs. on Jan. 30 to 62,939,988 lbs. on Feb. 29,
and the stocks are a t the low est figure since the A ssociation
has been in existence. I n the fo llo w in g we fu rn is h a com­
p arison of p ro d u ctio n , co nsum ption, exp o rts and stocks fo r
tw o years fo r the m o n th of F e b ru a ry and the periods Jan. 1
to Feb. 29 1912 and Feb. 28 1911.
------------ February ------------ Ja n . 1 to Feb. 28 and 20.
1912.
1911.
1912.
1911.
S to c k s b eg in n in g p e rio d ..........lb s. 66,280,613 1 4 2,439,190 8 0 ,4 5 4 ,6 9 5 1 2 2,030,195
P r o d u c ti o n ............................... ........... 116,035,809 1 0 9,828,297 2 3 5 ,3 7 3 ,5 6 2 22 5 ,5 2 4,888
T o ta l s u p p ly .................................... 182,3 1 6 ,4 5 2 25 2 ,2 6 7 ,7 8 7 3 2 4 ,8 2 8 ,2 5 7 34 7 ,5 55,083
D eliv eries fo r—
D o m e stic c o n su m p tio n
5 6 ,2 2 8 ,3 6 8 5 0 ,5 1 8 ,9 9 8 118,5 7 2 ,2 6 9 9 2 ,5 97,555
E x p o r t ........................................... 6 3 ,1 4 8 ,0 9 6 4 5 ,1 1 1 ,0 1 9 1 4 3,316,000 0 8 ,3 19,758
119,376,464

9 5 ,6 3 0 ,0 1 7 26 1 ,8 8 8 ,2 6 9 190,917,313

S to c k s e n d of p e rio d ........................ 6 2 ,9 3 9 ,9 8 8 156,6 3 7 ,7 7 0

62,9 3 9 ,9 8 8 156,637.770

F A L L R IV E R
M IL L
D I V I D E N D S — O n ly
tw entytw o of the th irty - s ix co tton-m anufacturing corporations in
F a ll R iv e r h a ve declared d ivid e nd s d u rin g the firs t q u a rte r
of the ye a r, and the to ta l a m o u n t p a id o u t is $212,8*33 less
th a n fo r the corresponding period of 1911 and $277,383
s m a lle r th a n in 1910. T h e aggregate of the a m o u n t dis­
trib u te d has been $231,017, or an average of 0 .8 3 % on the
c a p ita l. I n 1911 th irty - fo u r m ills m ade d is trib u tio n , and
th e average ra te was 1.60% . I n 1910 the average ra te was
1 .9 0% , in 1909 was 2 .7 1 % , in 1908 was 2 .2 7 % , in 1907 was
2 .7 0 % , in 1906 was 1.94% , in 1905 was o n ly 0 .3 2 % , in 1904
i t was 1.21% , in 1903 i t was 1.4 4% , in 1902 itw a s l. 4 1 % ,
in 1901 i t was 1.7 3% , in 1900 i t was 1.8 1% , in 1899 i t was
0 .8 8 % , in 1898 i t was 0 .2 6 % , in 1897 i t was 1.01% and in
1896 it reached 1 .9 9% . I t w ill therefore be seen th a t the
c u rre n t y e a r’s ra te of d ivid e n d p aym e nts is lo w e r th a n in the
firs t q u a rte r of a n y one of the s ix p re viou s years, and, in
fact, in o n ly tw o years since 1895 has the ra te of d is trib u tio n
been lo w e r th a n now.
Dividends 1911. Inc.

Dividends 1912.

First Quarter,

Capital.

1912 and 1911.

Am ount.

%
A m e ric a n T.inen C o --------A n co n a M ills............... .........
A rk w rig h t M ills__________
B a rn a rd M fg. C o ________
B a rn a b y M fg. C o ..........—
B o rd e r C ity M fg. C o ..........
B o u rn e M ills ____________
C hace M ills.............................
C o n a n lc u t M ills— .......... C ornell M ills-------------------D a v is M ills.............................
D a v o l M ills _____________
F lin t M i l l s . . ............... .........
G ra n ite M ills____________
H a rg ra v e s M ills....................
K in g P h ilip M ills.................
L a u re l L a k e M 11s...............
L in co ln M fg. C o ...................
L u th e r M fg. C o ....................
M echanics’ M ills.......... —
M e rc h a n ts ’ M fg. C o ..........
N a r r a g a n s c tt M ills.............
O sb o rn M ills .............*$-----P a r k e r M ills...........................
P o c a ssc t M fg. C o ...............
R ic h a rd B o rd en M fg. C o .
S a g a m o re M fg. C o . .............
S e a c o n n et M ills--------------S hove M il ls -------------------S ta ffo rd M ills.......... ..............
S te v en s Mfg. C o .......... .......
T c c u m se h M ills..... ..............
T ro y C ot. & W . Mfg. C o.
U nion C o tto n Mfg. C o . . .
W a m p a n o a g M ills_______
W e eta m o o M ills_________

231,017

0.83

(+)

Am ount. Dec.

%

S
$
12,000
Idend.
l'A
1,500
1,500 al'A
N o d lv Idend.
Idend.
7,425
b len d .
IA
1
3 ,500
Idend.
15,000
10,000
l'A
15,000
15,000
IA
2
2 1 ,000
12,000
3 ,775
2,517
IA
2
8,000
8,000
18,750
18,750
IA
7,500
7,500
lA
’
17,400
b len d .
l'A
20,000
2
10,900
20,000
b len d .
2 A
‘
22,500
2 2 ,500
l'A
2
12,000
6,000
10,500
10,500
1A
l'A
5,520
5,250
l'A
IA
11,250
7,500
1
l'A
18,000
N o dlv b len d .
iA
8,000
2
1,000
1
11,250
11 ,250
l'A
l'A
20,000
No d lv b len d .
2 A
18,000
Id en d .
2 0 ,000
2
15,000
l'A
24,000
2
18,000
l'A
No dlv b len d .
8,250
l'A
15,000
IA
b le n d .
10,500
10.50C
l'A
w±
11.25C
11,25C
IA
1 Yx
7 ,500
6,00C
2A
2
18,000
18,001
l'A
l'A
11,251
b len d .
IA
7,500
l'A
N o dlv b len d .

S
8 0 0.000
200.000 a l A
4 5 0.000
495.000
3 5 0.000
1
1 , 0 0 0,000
1 , 0 0 0,000
1A
1
1 , 200,000
1
251,070
2
400.000
1.250.000
l'A
500.000
IA
1 . 100.000 No d lv
1
1 ,0 0 0,000
8 00.000 N o d lv
1 ,500,000
1 'A
1
000,000

T o t a l ..................................... 27,7 5 0 ,6 7 0

1.60

1911.

Inc. or
Dec.

— 7,425
— 3 ,500
— 5,000
— 12",666
— 1,258

— 17,400
— 10,000
— 2 0 ,000

. ___
.......

— 6,000
— 3 ,7 5 0
— 18,000
— 4,000
— 20,000
— 18,000
— 5,0 0 0
— 6,000
— 8’ 250
— 15,000
— 1,500
— 11,250
— 7 ,500

443,850 — 212,833

Inc. or
Dec.

1911.

1912.

S
s
$
S
%
C auada—
M o n tr e a l.......... 189,650,913 162,165,125 + 16.9 396,8 6 7 ,4 6 2 337,7 9 5 ,1 9 3
2
71,771,917
3
2
2
,6
1
5
,6
2
0
+
16.2
147,595,624
127,055,592
T o ro n to ------W in n ip e g ------- 100,037,962 6 3 ,141,978 + 58.1 21 1 ,0 3 1 ,4 6 8 139,161,575
75,4 8 3 ,2 5 3
9 3 ,722,333
V a n c o u v e r___ 45,351,107 3 6 ,5 2 9 ,9 6 4 + 2 4 .2
3 0 ,617,771
3 9 ,9 8 4 ,5 2 7
O t t a w a ............ 17,956,478 13,930,522 + 28.9
18,677,631
2 1 ,675,879
Q u e b e c .............. 10,043,915 8,8 4 3 ,8 6 2 + 13.6
15,981,721
13,290,487
5 ,855,349 + 2 3 .5 ,
7,233,774
H a l i f a x ...........
2 3 ,5 2 0 ,9 2 2
16,895,284
10,850,000 7 ,770,632 + 3 9 .6
H a m ilto n ____
13,613,705
11,904,764
5,491,981 4-2 1 .9
6,695,4 9 6
S t. J o h n ...........
12,672,372
+
2
i.4
11,291,178
4,748,319
5,767,8
2
6
L o n d o n _____
3 6 ,466,463
24,299,661
17,867,035 11,265,813 + 58.6
C a l g a r y ..........
24,5 1 3 ,1 4 6
18,092,597
9,078,881 + 3 8 .9
12]010,627
V ic to ria ____
30,9
7
6
,8
3
5
+
102.7
8,213,881
15,242,900
K d m o n to n . . .
15,060,842
8,174,424
7]2()0,000 3 ,984,897 + 80.7
R e g in a ..........
4 ,488,319
3 ,821,104
1,709,921 + 16.-1
1,990,062
B r a n d o n -----1,643,932 + 49.5
5 ,1 2 5 ,3 9 6
3 ,6 5 8 ,1 4 6
2,456,371
L e th b rid g e - .
5 ,509,685 + 27.-1
8,831,331
14,038,140
7,028,0 5 6
S a s k a to o n . . .
1,702,037 + 12.7
5,097,158
3 ,8 9 2 ,7 0 6
1,918,353
B ra n tfo rd —
1,770,229
1,770,221
7,883,15$
3,903,2 5 2
M oose J a w * . .
2,066,9 4 6 N o t Include (1 In to t al 4,4 9 2 ,1 9 6 N o t In clu d ed
F o r t W illia m .

In to ta l

+ 27.2 1,287,452,308 1,012,901,992

+ 2 7 .1

1603,901,954 478,642,371

%

17.5
+ 18.7
+ 51.6
-j- 24.2
+ 3 0 .6
+ 16.1
+ 20.2
+ 3 9 .2
+ 14.4
+ 12.2
+ 50.1
+ 3 5 .6
+ 103.2
+ 8 4 .2
+ 17.5
+ 40.1
+ 58.9
+ 3 1 .0

......

T h e clearings fo r the week ending M a rch 2 m ake a v e ry
fa vo ra b le com parison w ith the same week of 1911, the in
oreaso in the aggregate h a vin g been 19.1% ._________________
Week ended March 2.
Clearings al1912.

s
43,8 3 7 ,1 4 8
36,5 9 0 ,7 7 2
23,6 2 8 ,9 8 9
10,822,683
3,9 3 7 ,8 1 0
2 ,613,039
Q u e b e c ..................................
1,540,625
2,770,784
1,729,692
1,242,373
3,8 9 8 ,2 4 9
C a lg a ry ................................
2 ,9 9 5 ,6 5 8
3,4 8 9 ,7 4 2
1,617,615
R e g i n a ..................................
459,548
597,232
1,752,630
430,216
B ra n tfo rd ...........................
933,515
3 8 9,365
F o r t W i l l i a m ......................

1911.
S
3 8 ,559,125
3 1,700,000
16,220,347
9,3 2 3 ,3 2 3
3,3 2 7 ,5 8 9
1,793,417
1,417,181
2 ,306,713
1,361,180
1,297,744
3 ,1 7 5 ,3 3 5
2 ,3 6 5 ,6 3 5
1,695,903
778.412
424,831
462,031
747,123
471,763
512,940
N o t Include

T o ta l C a n a d a ................. 114,888,320 117,943,592




Inc. or
Dec.

1910.

1909.

s

S
13.7 37,9 9 5 ,5 1 4 3 1 ,6 7 0 ,3 0 2
15.4 32,1 2 0 ,3 8 7 2 8 ,6 5 8 ,8 4 0
45.7 12,684,405 11,721,959
16.1
7 ,2 9 1 ,7 3 5
4 ,2 7 5 ,1 3 6
18.3
3 ,171,837
3 ,0 2 2 ,0 6 9
45.7
1,487,922
2,0 2 2 ,5 3 5
+ 8.7
1,540,303
1,817,894
+ 20.1
2 ,133,794
1,532,508
+ 20.8
1,340,548
1,385,239
— 4.2
1,454,963
1 ,237,376
+ 22.8
1,566,293
2,1 9 3 ,43 9
+ 26.6
1.039,483
1,656,627
+ 105.5
913,389
952,563
+ 107.8
553,471
.................
+ 8.2
+ 2 9 .2
+ 134.5
— 8.8
.................
+ 82.1
d in to t al
+
+
+
+
+
+

%

.........

+ 22.8 107,122,125

P er
Cent.

1912.

1911.

N ew Y o r k ................. ................................
B o s t o n .........................................................
P h i l a d e l p h i a ................. ....................... ..
B a ltim o r e .................................................. ..
C hicago ...................... ..............................
S t. L o u i s ....................................................
N ew O r le a n s .............................................

$1,5 4 5 ,3 6 8 ,0 3 3
138,746,738
137,390,239
29,9 1 7 ,2 7 1
27 6 ,2 3 8 ,7 8 0
67,2 4 2 ,5 6 8
18,584,371

8 1 ,3 6 7 ,7 5 7 ,5 3 8
116,558,284
118,792,964
2 8 ,5 0 8 ,0 5 6
245,1 5 2 ,1 1 1
6 0,669,494
16,480,351

+ 11.5
+ 19 0
+ 15.7
+ 4.9
+ 12.7

S ev en c ities, 5 d a y s ..........................
O th e r c ities, 5 d a y s ................. .............

$ 2 ,2 1 3 ,4 8 8 ,0 0 6
517,2 1 6 ,2 0 8

$ 1 ,9 5 3 ,9 1 8 ,7 9 8
495,478,964

+ 13.3
+ 4.4

T o ta l a ll c ities, 5 d a y s ...................
All c ities, 1 d a y .................................. ....

$2,73 0 ,7 0 4 ,2 1 4
5 7 5,469,273

$ 2 ,4 4 9 ,3 9 7 ,7 6 2
5 11,809,724

+ 11.5
+ 6.2

T o ta l a ll c ities fo r w e e k ...................

$3,3 0 6 ,1 7 3 ,4 8 7

S2,9 9 1 ,2 0 7 ,4 8 6

+ 10.5

+ 10.8
+ 12.8

Pacific and Other Western Clearings b ro u g h t fo rw a rd
fro m firs t page._________________________________________________ _
Clearings at-

___

Two Months.

February.

Clearings— Returns by Telegraph
Week ending March 9.

Two M onths.

February.

— 12,000

Canadian Bank Clearings For February.
Clearings al-

Clearings by Telegraph—Sales of Stocks, Bonds, &c.—The
sub jo in ed ta ble, covering clearings fo r the c u rre n t week,
u s u a lly appears on the firs t page of each issue, b u t on account
of the le n g th of the o th e r tables is crowded o u t once a m o n th .
T h e figures are received b y telegraph fro m o th e r leading cities.

(— ).

$

b O n 8100,000 p re fe rre d sto c k .

1912.

671

THE CHRONICLE

Mar . 9 1932.

90,2 6 8 ,4 1 2

Inc. or
Dec.

i Inc. or
1912.

$

S a n F ra n cisc o . 209,,870,089
L o s A n g e le s .. 87 ,276,973
40 ,915,827
S e a ttle ..........
42,,770,906
P o r t l a n d ____
30 ,996,665
S a lt L a k e C ity
S p o k a n e ............ 16 ,432,636
T a c o m a ............ 10 ,788,013
O a k la n d ............ 15 ,139,163
6 ,004,875
S a c ra m e n to __
S a n D i e g o ___ 10 ,040,045
3 ,149,874
F r e s n o ...............
3 ,168,895
S to c k to n ..........
2 ,611,894
S a n J o s e ............
3 ,341,912
P a s a d e n a ..........
1 ,496,638
N o r th Y ak im a
3 ,157,361
B oise . .
1 ,091,981
R eno . .
2 566,476
O g d e n ...............

1911.

Dec.

S
003,457
754,086
869,777
784.345
141,400
570,344
610,312
,015,880
386.346
,426,268
,001,951
,145,041
834,160
,002,761
,697,143
,036,143
931,899
,892,699

+ 24.9
+34 8
+ 7.3
+ 13.2
+ 46.6
+ 5.5
+ 7 .5
+ 2 6 .0
+ 11.5
+ 85.0
+ 4.9
+ 47.7
+ 42.4
+ 11.3
— 11.8
+ 4.0
+ 17.2
+ 3 5 .6

T o ta l Pacific 490,820,223 4 01,104,512
K a n sa s C ity . .
M in n e a p o lis—
O m a h a ...............
S t. P a u l .......... .
D e n v e r .............
S t. J o s e p h . . .
D es M oines . .
S io u x C i ty __
D u l u t h . ..........
W i c h i t a ..........
L in c o ln ..........
T o p e k a . ____
D a v e n p o r t__
C e d a r R a p id s .
C o lo rad o S p ’gs
P u e b lo ..........
C argo .............
S io u x F a l l s . .
F r e m o n t ____
W a te rlo o . . .
H e le n a ..........
B i l l i n g s ..........
H a s t i n g s -----A b e rd e e n -----J o p li n ...............

076,886
712,657
707,242
087.933
016,491
,542,617
,759,862
754,433
,110,307
,605,231
,847,609;
,7 0 0 ,9 4 4 ;
,085,412
225,5701
513,558
,685,252
,782,586
,755,553
,432,645
316,369
,430,392
,094,039
830.934
199,247
,612,470

%

+ 2 3 .8 1 ,034,850,824

,009,267
+ 4.6
,861,772; + 9.7
,364,631 + 26.9
,552,849 + 20.6
+ 8.7
,130,088
+ 3 .0
,632,505
+ 8.5
,451,596
,004,006 + 19.4
— 0 .8
1,194,559
+ 3 .9
,154,016
,434,643 + 2 6 .0
,933,0201 + 12.9
,650,721] + 7.7
— 4.7
,434,596
,400,000
+ 4.7
,335,128 + 15.0
,244,121 + 24.0
,863,151 — 54.0
,151,502 + 24.4
,622,746 — 6
,128,374
+ 9.7
370,204 + 195.3
664,582 + 25.0
+ 2 .4
,171,391
,096,990 + 2 4 .6

T o t.o th .W e s t 562,9 4 6 ,2 3 9 5 14,850,458

4 32,190,344
180,082,700
86,570,921
8 6 ,6 1 2 ,1 9 6
68 , 010,111
3 5 ,0 2 5 ,0 6 3
3 5 ,3 3 4 ,1 5 9
33,524,091
13,022,142
19,750,800
6 ,845,616
6,5 7 5 ,1 4 ‘
5 ,759,994
7,804,354
3,0 1 9 ,2 2 8
7,208,933
2,2 3 7 ,6 6 8
5 ,277,359

%
30 6 ,7 1 9 ,8 1 7 + 17.8
138,529,429 + 30 .0
+ 8.0
8 0 ,1 5 0 ,2 7 0
+ 9.5
7 9 ,1 2 7 ,6 4 8
50,9 9 5 ,8 2 5 + 33.4
+ 2.7
3 4 ,1 1 9 ,3 7 2
+ 4.6
3 3 .7 8 6 .8 6 5
28.6 4 2 .8 6 5 + 17.0
11,661,049 + 11.7
11,511,182 + 71 .6
6,0 4 7 ,5 4 8 + 13.2
4,951,541 + 3 2 .8
3 ,9 0 5 ,4 2 0 + 47.5
6,552,451 + 19.1
3,5 6 8 ,2 8 7 — 15.4
+2 1
7 ,057,284
1,855,901 + 20.6
4,244,664 + 24.3
873,4 2 7 ,4 1 8

+ 18.5

+ 1.0
436,0 8 9 ,8 6 9 43 5 ,4 9 1 ,1 5 2
+ 4.4
103,412,239 156,540,177
135,968,185 114,803,940 + 18.4
8 1 ,694,633
+ 7 .9
8 7,675,685
+ 6.6
73,5 0 3 ,3 0 5
7 8 ,3 3 0 ,8 8 2
+ 7.6
6 1 ,920,335
6 6 ,633,822
31.390.531 + 11.3
34,9 5 1 ,2 7 4
+ 8.9
19,638,109
2 1 ,385,747
+ 7.7
21,6 0 8 ,2 79
23,2 6 6 ,3 7 9
2 6 ,174,203 + 10.0
28,7 8 1 ,7 7 9
12.091.531 + 16.1
14,040,337
+ 8.0
13,057,137
14,102,616
+ 4.4
12,737,097
13,301,056
— 5 .8
10,346,455
9 ,741,483
+ 1.8
5,233,971
5,3 2 8 ,1 2 9
+ 7 .1
5,320,589
5,7 0 0 ,4 5 9
5,141,261 + 17.8
6 ,0 5 7 ,4 0 0
8,006,848 — 52.4
3 ,8 0 9 ,9 0 3
2,437,157 + 13.3
2 ,762,347
— 0 .5
9,3 0 0 ,8 1 7
9,3 4 3 ,9 16
+ 0.8
7 ,2 9 5 ,9 1 f
7,353,910,
901,232 + 156.1
2,337,971
1,561,021
+ 6.1
1,500,16$
— 9.1
2,6 4 9 .2 00
2 ,4 2 7 ,5 4 0
4,182,218 + 3 7 .1
5,7 3 3 ,8 3 9

+ 9 .3 1 ,1 8 0 ,054,689 1 ,1 2 3 ,021,360

+ 5.1

Week ending March 2.
Clearings at—

Inc. or
Dec.
$

S a n F r a n c i s c o ..
I,o s A n g eles-----S e a ttle ----------P o r t l a n d .............
S a lt L ak e C i t y . .
S p o k a n e ___ i . .
T a c o m a ...............
O a k la n d _______
S a c ra m e n to -----S a n D i e g o _____
F re sn o .................
S t o c k t o n --------S a n J o s e ...............
P a s a d e n a ..........
N o r th Y a k im a .
R e n o ....................

5 1 ,818,752
2 2 ,484,70S
10,838,510
11,377,785
7 ,6 5 7 ,0 1 8
4 ,062,562
4,138,374
3,797,821
1,382,000
2,269,281
615.000
780 000
612,818
792,650
3 3 5,069

220.000

50,4 4 4 ,0 0 9
18,843,466
10,566,577
10,997,876
5 ,983,015
4,143,034
4,212,901
3 ,2 2 8 ,0 7 8
1,426,107
1,351,588
627,107
525,000
487,599
7 94,276
412,870
201,354

1910.

1909.

+ 2.7
+ 19.3
+ 2.6
+ 3 .5
+ 2 8 .0
— 2.0
— .18
+ 17.5
— 3.1
+ 67.9
+ 2.9
+ 48.6
+ 25 .6
— 0 .2
— 18.8
+ 9.3

$
4 7 ,9 5 0 ,7 1 6
17,385,543
10,933,640
8 ,9 4 4 ,0 0 2
5,6 4 6 ,0 3 9
4 ,5 1 8 ,5 2 0
5 ,199,343
3,413,281
1,440,712
1,270,995
530,735
515,392
548,167
1,146,166
425,000
244,369

$
41,735,119
13,095,881
9 ,193,318
8 ,200,000
5 ,554,255
3,72 2 ,9 8 0
5,00 5 ,0 0 6
2,268,562
945,561
910,625
520,458
472,363
555,464

%

388,960
230,000

T o ta l P a c if ic ..

123,212,348

114,244,857

+ 7.9

110,112,610

92,798,927

K a n s a s C ity . .
M in n e a p o lis .. .
O m a h a ...............
S t. P a u l ______
D e n v e r ...............
S t. J o s e p h -----D es M o in e s ..........
S io u x C i ty ..........
D u l u t h ..................
W i c h i t a ...............
L in co ln ...............
T o p e k a ...............
D a v e n p o r t------C edar R a p id s ..
C o lo rad o S p rin g s
P u e b lo ..........
F a rg o .............
F r e m o n t -----W a te rlo o —
H e le n a ------B i ll i n g s ..........
H a s t i n g s -----A b e rd e e n ------

4 6 ,9 0 6 ,6 4 0
2 1 ,3 6 0 ,4 5 6
1 8 ,500,000
16,729,585
8 ,7 4 3 ,9 8 0
7,7 5 0 ,4 8 7
5,0 7 3 ,3 8 5
3 ,0 0 7 ,3 6 6
3 ,0 0 1 ,3 6 0
3 ,235,494
2 ,2 4 0 ,0 0 0
1 ,556,696
2,1 1 9 ,5 7 3
1,437,146
687,500
619,187
634,874
434,634
1,198,907
925.000

— 7.7
+ 0 .2
— 1.1
+ 35.9
— 9.5
— 22.4
— 27.3
— 19.1
+ 4.7
+ 2.4
— 4 .0
— 14.7
— 24.4
— 42 .0
+ 10.0
— 7.2
+ 18.1
+ 0 .6
— 20 .5
+ 7 .6
+ 113.6
— 31.0
+ 0.9

58,3 2 3 ,3 7 3
24,282,851
2 4 ,3 4 2 ,1 5 4
1 2 ,110,360
11,004,907
10,420,270
9 ,078,941
4 ,9 8 0 ,8 4 8
3 ,1 9 3 ,1 1 8
3,4 0 9 ,9 7 3
2,9 7 8 ,2 5 2
1,582,166
2 ,647,748
2,7 8 3 ,9 0 8
679,608
606,116
729,399
858,155
1,410,52$
899,334
174,152
200.00C
442,902

52,640,447
18,555,643
18,832.428
11,467,176
10,090,373
8,10 9 ,4 2 6
6,485,030
3,74 5 ,8 7 0

265,127
3 7 5 ,0 0 0

5 0 ,8 3 0 ,9 5 6
2 1 ,3 1 6 ,5 6 6
18,709,311
12,307,527
9 ,658,784
9,990,201
6 ,982,299
3 ,7 1 7 ,6 2 7
2,867,511
3 ,1 5 8 ,3 5 6
2 ,3 2 3 ,3 1 6
1 ,825,535
2 ,803,444
2 ,4 7 8 ,6 2 5
625,000
667,649
537,147
431,944
1,507,879
859,639
102,906
389,023
371,493

T o ta l o th .W e s t

147,022,403

154,463,018

— 4 .8

177,139,261

145,176,182

220.000

____

2,058,093
2,33 4 ,5 3 0
1,423,344
2,58 6 ,3 2 6
2 ,264,702
746,954
579,181
577,456
678,351
770,806
230,046

O u r usu a l m o n th ly detailed s ta te m e n t of transactions on
the N ew Y o r k Stock E xchange is appended. T h e results fo r
the tw o m onths of 1912 and 1911 are g iven below.

673

THE CHRONICLE
Two Months, 1912.

[V O L . L X X X X I V .

Two M onths, 1911.

M a rc h .
Po ssib ly i t m a y co ntinue u n t il the end of the firs t
week in A p r il.
I f the G o ve rn m e n t disbursem ents are v e ry
large to w ard s the end of M arch, th a t m a y s u p p ly the m a rk e t
S t k / S h s __
17,992,682
s u ffic ie n tly to p u t a stop to its b o rro w in g fro m the B a n k .
20,6 1 0 ,7 4 3
\ V a lu e , 51,592,580,825 S l.5 6 0 ,8 8 0 ,7 0 4 98 .0 5 1 ,8 1 0 ,0 1 2 ,7 7 5 51.752,416,137 96.8
O therw ise, the B a n k w ill re ta in co n tro l u n t il the end of the
K i t . b o n d s. SI 60,507,000 -5153,327,490 95 .5 513 3 ,7 0 7 ,0 0 0 5128,632,111 96.2
G o v ’t b d s .
firs t week in A p r il.
T h e in s ta llm e n t of the T o k y o loan
$372,000
8 381,875 102.6
557,500
561,615 107.2
S t a te b o n d s
84,783,000
$4,6 5 4 ,0 0 4 96 .5
53 1 ,1 7 8 ,5 0 0
S31,721,273 100.8
a llo tte d to Lo nd o n was b ro u g h t o u t this week, and has been
B a n k s tk s .
S70.600
5162,557 230.2
$263,200
S619.853 235.5
o n ly a v e ry q ualified success. Indeed, i t was a m ost u n ­
T o t a l ___ 5 1 ,7 58,313,425 5 1 ,7 1 9 ,4 0 6 ,0 3 3 97.8 51,9 7 5 ,5 1 8 ,9 7 5 51,91 3 ,4 5 0 ,9 8 9 96.9
fa vo ra b le tim e to b rin g i t o u t, w hen the m a rk e t is e n tire ly
dependent upon the B a n k of E n g la n d fo r funds, to a p p ly
lh e vo lu m e of transaction s in share pro p erties on the fo r it, and when e v e ryb o d y is ala rm e d lest to w ard s the end
N e w Y o r k S to ck E xchan g e each m o n th since Jan. 1 in of n e x t week the c o u n try should be face to face w ith the
1912 and 1911 is ind icated in the fo llo w ing :
g reatest economic disaster i t has eve r had to struggle against.
I t is n o t s u rp ris in g to find , therefore, th a t a lre a d y the scrip
is a t a s m a ll discount. I n Paris, the in s ta llm e n t a llo tte d
1912.
1911.
to France was applied fo r eagerly. ' I t is a t a p re m iu m
M 'th Num ber
Values.
of one per cent and a la rg e r a m o u n t w o uld have been ta ken
Number |
Values.
of
nf
w ith equal ease. P a ris is beginning to recover fro m the
Shares.
Par.
Actual.
Shares. |
Par.
Actual.
discouragem ent w hich has been so m arke d e ve r since the
5
$
S
S
Morocco scare in the a u tu m n . T h e T o k y o loan is soon to
J a n _ 10,906,138 970,876,425 95 8 ,4 1 7 ,2 8 6 1 0 ,4 1 6 ,5 2 6 9 0 7 .5 6 3 ,8 7 5
F e b .. 7 ,086,544 621,704,400 602,463,418 10,194,217 j 90 2 ,4 4 8 ,9 0 0 872,4 6 7 ,4 1 9
be follow ed b y a G o ve rn m e n t loan fo r th e 'W e s te rn of France
87 9 ,9 4 8 ,7 1 8
R a ilw a y , a m o u n tin g to 12 m illio n s s te rlin g and bearing
th e fo llo w in g co m p ila tio n covers the clearings b y m onths in te re s t a t 4 p er cent. A s a ll o th e r ra ilw a y loans bear
since Jan. 1.
in te re s t o n ly a t 3 per cent, this issue is sure to be a g re a t
success, and p ro b a b ly i t is wise of the G o ve rn m e n t to m ake
sure th a t i t shall be, so as to g ive courage once m ore to the
Clearings, Total A ll.
Clearings Outside New York.
m a rk e t.
O th e r issues are in p re p ara tio n .
Month.
1912.
1911.
1912.
T h e re is also m ore life in the Bourse. Copper shares are
1911.
%
%
in good dem and, and there is a v e ry a c tive speculation going
5
$
5 •
S
J a n __ 15,175,151,478 14,494,695,194 + 4.7 6 ,3 3 9 ,5 6 9 ,9 3 9 5 ,9 6 3 ,4 4 7 ,2 2 4 + 6 .3
on in R ussian in d u stria ls.
I t is said th a t the boom has been
F e b . . 12,968,634,349 12,269,918,159 + 5.7 5 ,6 5 5 ,9 8 5 ,9 8 5 4 ,9 7 4 ,7 5 2 ,7 1 2 + 13.7
g o tte n up la rg e ly b y agents of the Russian banks in P aris, who
have been able to o b ta in on easy term s considerable funds
T h e course of b a n k clearings a t leading cities of the c o u n try fro m the G o vern m e n t, and who are w o rk in g the m a rk e t,
fo r the m o n th of F e b ru a ry and since Jan. 1 in each of the p u ttin g up G o vernm e nt securities. People are asking
la s t fo u r years is shown in the sub jo ined s ta te m e n t:
w h e th e r th a t means th a t there w ill soon be a R ussian loan.
B A N K C L E A K IN G S A T L E A D IN G C IT IE S .
B u t there does no t seem to be need fo r a loan ju s t ye t.
---------- J( n. l to 1 eb. 28-29
I n B e rlin , business is v e ry q u ie t. T h e tw o g re a t loans fo r
1912. 1911. 1910. 1909.
( 000,000?
1912.
1911.
1910.
1909.
omitted.)
the Im p e ria l G o ve rn m e n t and the Prussian G o vern m e n t
S
S
S
S
S
s
s
s
N ew Y o r k ____
7,313 7,296 8,151 6,888 16,148
15,826 19,400 15,772
have been o n ly a q u alifie d success. B a re ly h a lf has been
_ 1,15*5
972 1,060 1,004
2 ,406
2 ,118
2,221
2,127
ta ke n b y the in ve s to r proper. T h e tr u t h is th a t the B e rlin
742
621
668
622
1,585
1,445
1,549
1,403
P h ila d e lp h ia
600
580
567
472
1.315
m oney m a rk e t is exceedingly ill-supplied w ith funds. The
1,243
1,265
1,046
S t. L o u i s . . .
305
303
267
244
652
656
580
542
P a ris b anks are too a fra id of Fren ch p u b lic op in io n to
P itts b u r g h _
___
151
116
398
411
332
S a n F ra n c is c o ..........
210
168
167
131
432
finance B e rlin as th e y have h ith e rto done on so g re a t a scale,
367
3.57
283
C i n c in n a t i................
100
95
91
102
221
210
207
230
and the banks of o th e r countries have n o t surp lus funds
B a l ti m o r e .....................
152
134
112
102
321
290
255
228
K a n s a s C i t y ............
207
198
194
169
to do so. N ew Y o r k has le n t a considerable a m o u n t, b u t
436
435
111
358
C lev elan d ......................
75
68
68
60
173
155
155
130
the g re a te r p a rt was rep aid in Ja n u a ry , and a t present the
N ew O r le a n s .............
95
77
74
66
201
176
192
151
M in n e a p o lis .............
78
71
79
60
s u p p ly of m oney in the open m a rk e t in B e rlin is so sm a ll
163
157
176
131
L o u i s v il le ......................
07
61
61
58
132
128
127
121 th a t the President of the Reischbank is once m ore issuing
D e t r o i t ...........................
78
65
03
49
108
146
137
107
M ilw a u k e e ....................
64
60
51
w arn in gs to the o th e r banks th a t he is indisposed to give
48
123
120
108
98
L os A n g e le s ............
87
65
59
48
180
139
121
96
facilitie s fo r unwise speculation, and u rg ing them , there­
P r o v id e n c e ....................
35
32
32
29
75
73
71
62
fore, to compel th e ir customers to ta ke in sail. T h e Secre­
O m a h a ....................„
68
53
63
48
136
115
131
105
B u f f a l o ..........................
43
30
30
32
95
85
83
73
tary- G eneral of the A u s tro - H u n g a ria n B a n k , likew ise, a t
S t. P a u l ...........................
44
37
38
31
88
82
. 81
73
32
31
35
In d ia n a p o lis ...............
29
71
73
70
68 the b eg inning of the week addressed s im ila r w arnings to the
D e n v e r ........................
36
33
36
33
78
74
78
72
p rm d p a l bankers of Vienn a, the V ie n n a m a rk e t, lik e th a t
K Ic h m o n d ......................
37
30
3>
26
76
65
69
58
of B e rlin , being v e ry scant of supplies.
M em phis ......................
37
28
26
21
78
67
58
47
S e a tt l e .............................
41
38
43
34
87
80
t he In d ia Council offered fo r tender on W ednesday 100 lacs
93
63
H a r tf o r d _ ...................
is
17
17
11
40
30
38
30
of its b ills and telegraphic transfers and the ap plic atio ns
S a lt L a k e C i ty ___
31
21
21
19
68
51
54
45
am ounted to 1,086 lacs a t prices ran g ing fro m Is. 4 3-32d.
................. - 1?*!?&! 11,374 12,305 10,590 2 5 ,9 6 7 2 4 ,8 1 6 28,504 23 857
to Is. 4 K d . per rupee. A p p lic a n ts fo r b ills a t Is. 4 3-32d.
O th e r c itie s . ------- 1,028
896
829
666
2,1 7 7
1,949
1,805
1.447
and for telegraphic transfers a t Is. 4 j^ d . per rupee were
T o ta l a l l ----------- 12,909 12,270 13,134 1 1 ,256 2 8 ,144 26 765 30 309 25 304
a llo tte d 10 per cent of the am ounts applied for.
O u tsid e N ew Y ork 5 ,6 5 6 4,974 4,983 4 ,368 11,990 10,939 1(L909 o |5 3 2
„ T h e fo llo w in g re tu rn s show the p osition of the B a n k of
E n g la n d , the B a n k ra te of discount, the price of consols,
&c., compared w ith the la st fo u r years:
Descrip­
tion.

Par Value
or Quantity.

Actual
Value.

Aver.
Price

Par Value
or Quantity.

Actual
Value.

Aver.
Price

'V W W W V W

(F ro m o u r o w n c o rre s p o n d e n t.)

L o n d o n , S a t u r d a y , F e b r u a r y 24, 1912.

1912.

1911.

Feb. 21.

Feb. 22.

£

£

1910 .
Feb. 23.

£

1909.

Feb. 24.

£

1908.

Feb. 26.

£

C i r c u l a t i o n .. . .......... 2 7 ,6 8 4 ,6 6 0 27 110 320 2 7 ,7 4 8 ,2 2 0 2 8 ,0 4 9 ,3 2 5 2 7 ,8 1 0 ,505
P u b lic d e p o s its ____ 2 2 ,7 2 7 ,1 2 8 16.875 386
8,2 5 0 ,7 7 6 1 4 ,275,122 1 7 ,177,719
O th e r d e p o s its _____ 4 0 ,2 8 2 ,5 1 1 40 049 893 4 4 ,108,572 4 3 ,243,114 43,7 2 8 ,6 32
G o v e rn m ’t s e cu ritie s 15,151,287 14’830 493 14,013,424 1 4 ,700,890 1 4 ,327,216
O th e r s e c u r itie s ____ 3 5 ,3 4 3 ,7 2 6 3 0 ’7 1 2 V l8 29,407,651 3 3 ,1 9 8 ,2 4 3 3 4 ,8 4 0 ,0 75
Itc se rv e .n o te s& c o ln 3 0 ,6 7 0 ,3 0 9 29 536 '8 3 2 2 7 ,334,583 2 7 ,6 7 8 ,3 3 7 2 9 ,9 0 0 ,2 12
C o in & b u ll..b o th d e p 3 9 ,9 0 4 ,9 6 9 3 8 ,1 9 7 ’l5 2 30,0 3 2 ,8 0 3 3 7 ,8 7 7 ,0 0 2 3 9 ,3 2 0 ,7 17
P ro p , rese rv e to lia ­
b ilitie s ............ p . c .
48JI
5 1 1 3 -1 6
48 B
49%
51 15-16
B a n k r a t e _____p . c.
314
314
3
4
3
C onsols, 2 % p . c —
79
8QU
83%
87 7-16
81 13-16
S ilv er -----------------27 l-1 6 d .
24 l-1 6 d .
no
no
- m (id.
u . no
- io u .
23 1 7-1
25 111 1-16d.
2411d..
C le a r .- h o u s e r e tu r n s 3 2 4 ,5 5 6 ,0 0 0 25 3 ,7 9 9 ,0 0 0 2 3 2 ,0 7 0 ,0 0 0 2 1 6 ,4 1 2 ,0 0 0 20 6 ,5 3 0 ,000

T h e fear of a general coal s trik e is o ccu p yin g'the tho ug hts
of a ll classes and conditions of m en in the C ity a t present,
and p ra c tic a lly is p a ra ly z in g business of e v e ry k in d . M ost
people hope th a t an a rra n g e m e n t w ill be a rriv e d a t. T h e y
cannot believe, indeed, th a t b o th em ployers and em ployeed
are so u t t e r ly regardless of the interests of the c o u n try as to
p lunge it in to a crisis fa r g ra v e r th a n a n y th in g th a t eve r y e t
lias been faced. T h e G o ve rn m e n t, feeling the urgency of the
T h e rates fo r m oney have been as follows:
s itu a tio n , has in v ite d rep re se ntative s of b o th p a rties to a
Feb. 23.
Feb. 16.
conference and negotations are going on a t present. B u t
Feb. 9.
Feb. 2.
B a n k of E n g la n d r a t e .
3%
m
3%
4
n o th in g is kno w n fo r ce rta in of w h a t has passed between them O p en m a r k e t r a t e —
B a n k b ills— 60 d a y s ____-so fa r, and p ro b a b ly lit t le w ill be kno w n fo r some days y e t.
3%
3 H & i Vi
3% @ 3 %
3%
— 3 m o n th s ____
. . 3 5 -l6 @ 3 % 3 5 - 1 0 O 3 % 3 5-16 © 3 %
3 7-10
T h e re is to be a general m eeting of the rep resentatives of the
— 4 m o n th s ____
.. 3 3 -1 0 0 3 % 3 3 -1 6 0 3 M 3 3 -1 6 0 3 %
3 5-16
w o rkp eop le on Tuesd ay, and it is hoped th a t a fte r th a t
— 6 m o n th s . . . 2 13-16(0>2Ji; 2 1 3 - 1 6 0 2 % 2 15-16@ 3
3
T
ra
d
e
bills—
3
m
o
n
th
s
.
.
.
3
%
3
%
©
3
%
4
@ 4%
3 % @ 3%
ra p id progress w ill be made. B u t a ll is m e re ly hope and
— 4 m o n th s ____
.. 3% @ 3%
3% @ 3%
4
3% @ 3%
speculation a t present. T h e belief th a t an a rra n g e m e n t In te r e s t allow ed fo r d e p o sits—
9
B y Jo in t-sto c k b a n k s
2
2%
2
w ill be a rriv e d a t is based, firs tly , upon the unw illingness
B y d isc o u n t ho u ses—
to th in k th a t so m a n y E n g lish m e n should u tte r ly disregard
A t c a l l . .....................
2%
2%
2%
7
to
14
d
a
y
s
____V
.
____
m
n
^
.2
%
2%
2%
the interests of the c o u n try; and, secondly, upon the con­
2«
T h e b a n k rates of discount and open m a rk e t rates a t the
v ic tio n th a t the G o vern m e n t, and P a rlia m e n t behind it,
are resolved, if there is an ob stinate disregard of the p ublic chief C o n tin e n ta l cities have been as follows:
Feb. 24.
w elfare, to ta ke such measures as w ill enforce obedience.
Feb. 17.
Feb. 3.
10.
Rates of
Rank Open
Rank Open
Rank Open
Rank Open
B u t a ll this is mere ta lk so fa r, and nobody knows w h a t is
Interest a t —
Rale. Market. Rate. Market Rate. M arket. Rate. Market.
coming.
P a r is ........................... . . . 31 i
3
3%
3%
3
3%
3%
3%
.............. . . .
5
4
5
3%
5
5
3Ji
M ea nw h ile , the outside m oney m a rk e t is v e ry bare of BH earmlinb u..........
rg .................. . . .
5
4
5
5
3%
3%
3%
supplies. B a y a fte r d a y, th ro u g h o u t the week i t has had F r a n k f o r t ............... . . . 5
4
3H
3H
5
5
3%
m ste rd a m _____ . . .
4
3%
3%
4
4
4
4
to o b ta in assistance fro m the B a n k of E n g la n d , som etim es A
3H
B russels .................. . . .
4%
3%
3%
4%
3%
4%
4%
3M
b y b o rro w in g , b u t m ore u s u a lly b y d isco unting short-dated \ len n a ....................
4 11- 16 5
4 7-16
5
5
4%
nom .
5
nom .
nom .
5
b ills .
As, how ever, the b ills m a tu re , th e y have to be paid, S t. P e t e r s b u r g .. _. . . 5
5
M a d rid ............
4
4%
4
4
4%
VA
and th e m oney goes back again in to the B a n k , w hich necessi­ C o p en h ag en ............ -. -.- . 54 %
5
5
5
5
5
5
5
tates fu rth e r b o rrow ing.
As the revenue to-be collected is
Messrs. P ix le y & A b e ll w rite as follows under date of
v e ry large, th is state of things w ill continue u n t il the end of Feb. 22:




G O L D .— I n d ia lias th is w eek ta k e n In sm a ll lia rs £ 2 5 6 .0 0 0 , a n d th e b a la n c e o f th e
a rriv a ls of b a rs (w hich a m o u n t of £ 7 5 2 ,5 0 0 ) is goin g In to th e lla n k a s It leaves th e
refiners. C ont in e n ta l e x c h an g e s s till fa v o r th is c o u n tr y a n d th e r e to n o d e m a n d fro m
a b ro a d . S overeigns h a v e a g a in b een w a n te d for I n d ia , a n d £ 2 9 0 ,0 0 0 h a v e Been
s h ip p e d since o u r la s t c irc u la r. S ince J a n . 1 th e to ta l sh ip m e n ts h a v e a m o u n te d to
£3,1100,000 to t h a t c o u n try . E g y p t h a s ta k e n £ 1 0 0 ,0 0 0 th is ' ^ . A r g e n t i n a , £ 1 0 0 ­
000 a n d J a v a £ 5 0 ,0 0 0 , w hile th e H an k h as receiv ed In b a rs £ 5 2 1 ,0 0 0 a n d A u s tra lia
h a s s e n t £ 1 4 ,0 0 0 in so vereig n s d u rin g th e w eek. N e x t w eek £ l , l l l , o 0 0 Is e x p e cte d
fro m S o u th A frica. A rriv a ls —S o u th A frica, £02.1,000; I n d ia , £ 7 1 ,0 0 0 , W e st I n ­
dies, £20 ,0 0 0 ; A u s tra lia , £ 3 6 ,5 0 0 ; to ta l, £ 7 5 2 ,5 0 0 . S h ip m e n ts —B o m b a y , £ 2 7 7 ,0 0 0 ,
^ S I*LV E It" —*1le a vy* sellln g I f o t h *b y I n d ia a n d C h in a ca u se d a s h a rp fall o n th e
16 th In st., t h a t o n ^ s p o t b e in g 11-16<1., th e q u o ta tio n s b e in g 2 6 ^ d . fo r s p o t a n d
26 9-16(1. for fo rw a rd . A t tills level, h o w ev er, C h in a w as th e p rin c ip al seller,^ U i y
of th e I n d ia n se llin g o rd e rs b e in g w ith d ra w n . O n th e tw o fo llo w in g d a y s
q u ick ly rec o v e re d , c hielly o n I n d ia n s u p p o rt, a n d . 7 5-16d fo r s p o t j1" ' ' *
fo rw a rd w ere ciuoted. F o rw a rd Im p ro v ed a n o th e r 1-lG d. o n th e follow ing d a y ,
b u t v e s te rd a v th e I n d ia n b a z a a rs a g a in so ld , a n d In th e a b sen c e of a n y s u p p o rt p rices
fell ' Id to 27 1-lG d for s p o t a n d 261 5-16d. fo r fo rw a rd , a t w h ich q u o ta tio n s th e
m a r k e t is to -d a v u n c h a n g e d a n d s te a d y a t th e close. A s th e C h in a m a rk e ts h a v e
b een closed a ll th is w eek, ow in g to th e N ew Y e a r h o lid a y s, a n d d o n o t re-o p en u n til
t o m o r r o w th e Im m e d ia te o u tlo o k for th e m a rk e t Is u n c e rta in a n d w ill d e p e n d u p o n
t h e pos?Uqn in C h Z a
S to c k s in B o m b a y a re -100 b a rs low er a n d n o w s ta n d a t
11 200 b a rs
T h e la s t In d ia n c u rre n c y r e tu r n s w ere rec e iv ed h ere o n th e 19 th In st.
T h e rim e rs in th e o rd in a ry reserv e w ere a g a in a b o u t 1 c ro re low er, a t 14.96 cro res,
m nklm ' w ith th e 2.90 crores in th e gold s ta n d a r d rese rv e , a to ta l of 17.86 cro res,
w hile tlie holdings of gold in In d ia now s ta n d a t 18.29 cro res. O n F e b . 17 1911
th e to ta l holdings of silver ru p ee s w ere 29.21 c ro re s, w h ile t h e s to c k of gold In In d ia
w as 7 01 cro res. T h e U . S. G o v e rn m e n t y e s te rd a y b o u g h t 20 0 ,0 0 0 o u n c e s. S to c k s
In L o n d o n a re now a b o u t £ 1 ,9 0 0 ,0 0 0 . I n B o m b a y t h e q u o ta tio n is I ts . 68% p e r
100 to la h s for th e A pril s e ttle m e n t. A rriv a ls — N ew Y o rk , £ 2 4 4 ,0 0 0 ; W est In d ie s,
£ 6 000’ t o ta l, £ 2 5 0 ,0 0 0 . S h ip m e n ts — B o m b a y , £ 2 0 7 ,5 0 0 ; C a lc tu ta , £ 5 ,0 0 0 ; to ta l,
£ 2 1 2 ,5 0 0 .

T h e q u otation s fo r b u llio n are reported as follows:
GO LD .

London Standard

Feb. 22. Feb. 15.1
s. d. S. (1.

B a r gold, line, o z ............... 77779 9
U . S. gold coin, o z ............ 76764 4
76 4
F re n c h gold co in , o z . . . 76 51-5
J a p a n e s e y e n .......... ..........." 676 4 4

77
76
76
76
76

London Standard.

B a r silv e r, lin e, o z . .
9
" 2 m o . d e li v e r y ..
4
C ak e sliv e r, o z ..........
4
5 % M exican d o lla r s ___
4

Feb. 22. Feb. 15.
d.
d.

27 7-16
27 5-16
29 %
nom .
_

..2 7 1-16
. .2 6 15-16
. .2 9 3-16
. _nom .

Th e fo llo w ing shows the im p o rts of cereal produce in to
the U n ite d K in g d o m d u rin g the season to date, compared
w ith previous seasons:
IM P O R T S .
Twenty-four weeks —
1911-12.
1910-11.
I m p o rts of w h e a t ........................ c w t.4 2 ,1 0 2 ,0 0 0 45,3 4 4 ,6 0 0
H arley
1 6 ,444,800 11,244,300
O a ts
" . .............................................. 7 ,5 2 1 ,3 0 0
6,6 9 8 ,6 0 0
P eas
2 ,8 5 9 ,0 1 6
1,094,042
B e a n s .......................................................
723,240
451,097
In d ia n c o r n ........................................
12,035,000 22,652,000
F lo u r
____________________ 4,84 7 ,2 0 0
5 ,068,900

1909-10.
4 6 ,4 4 0 ,6 4 0
13,531,200
8,6 2 3 ,9 0 0
1,091,990
1,589,148
19,541,800
6 ,463,600

1908-09.
3 8 .2 9 8 .7 0 0
13,152,000
5 ,6 7 1 ,8 0 0
720,810
7 74,740
1 7 .445.700
6,1 9 0 ,7 0 0

Supplies a va ila b le fo r consum ption (exclusive of stock on
S eptem ber 1):
1910-11.
4 5 ,3 4 4 ,6 0 0
5 ,0 6 8 ,9 0 0
14,011,373

1909-10.
4 6 ,446,640
0,463,600
14,816,932

1908-09.
38,2 9 8 ,7 0 0
0,1 9 0 ,7 0 0
17,802,972

................................................ 62,884,731 64.424,873
T o ta l
A verage p rice o f w h e a t, w e e k ..................
34s. 4d. 30s. 3 d .
A verage price, s e a s o n . ..............................
33s. Od. 30s. 6d.

6 7 ,727,172
33s. Id .
33s. Id .

62,2 9 2 ,3 7 2
33s. 8 d .
32s. Od.

1911-12.
W h e at I m p o r te d ..... ...................c w t.4 2 ,1 0 2 ,0 0 0
Im p o rts of flo u r__ ______
4 ,8 4 7 ,2 0 0
Sales of h o m e -g ro w n .............................15,835,531

T h e fo llo w in g shows the q u a n titie s of w heat, flo u r and
m aize aflo a t to the U n ite d K in g d o m :
1910-11.
Last week.
firs . 3 ,0 3 0 .0 0 0 2 ,8 4 0 ,0 0 0 2 ,930,000
125.000
150,000
150,000
465.000
510,000
560,000

This week.
W h e at
F lo u r, e q u a l t o ........................... q r s .
M a t e . . .........................................0 ” -

1909-10.

1912.
£
6 7 ,002,582
1912.
£
4 0 ,416,812
1912.
£
9,5 9 4 ,6 2 6

Jan u ary ..

Exports —
J a n u a r y ___
Re-exports —

1911.
£
62,693,421
1911.
£
3 7 ,730,831
1911.
£
8 ,6 4 1 ,4 7 2

Difference.
£
+ 4 ,309.161

Difference.
£
+ 2,6 8 5 ,9 8 1

Difference.
£
+ 953,154

a Price per s h a re .




6 £ ste rlin g .

26%
77 %
77%
9 4 .6 2 %
70 %
76

TVs

107%
106
105%
91
233%
75
18%
110%
22%
42%
33%
54%
44
140%
159%
27 %
63
40%
68
32
114%
38
112%
121%
63
80
46 %
24%
111%
28%
75 %
169%
94
65
111%
7%
19
58

Wed.

Thurs.

A P P L IC A T IO N S T O C O N V E R T A P P R O V E D .
T h e P e r r y C o u n ty B a n k , L in d e n , T e n n ., I n to “ T h e F i r s t N a tio n a l B a n k
of L in d e n .”
C a p i t a l , $ 2 5 ,0 0 0 .
,
, _
, ,,
T h e S t a te B a n k of N o r th fo r k , W . V a ., I n to “ T h e C la rk N a tio n a l B a n k .
C la rk (P . O . N o r th fo r k ) , W . V a .
C a p i t a l , $ 2 5 ,0 0 0 .
T h e C o m m e r c ia l B a n k o f M a d e r a , C a l ., i n t o “ T h e C o m m e r c ia l N a t i o n a l
B a n k of M a d e r a .”
C a p i t a l , $ 5 0 ,0 0 0 .
C H A R T E R S IS S U E D T O N A T IO N A L B A N K S F E B . 23 T O F E B . 2 6 .
1 0 .1 4 5 —
T h e F i r s t N a t i o n a l B a n k o f P l a in f ie l d , C o n n .
C a p i t a l , $ 5 0 ,0 0 0 .
H a r o l d L a w t o n , P r e s . ; F r a n k l i n S . J e r o m e , V l c e - P r e s .; J a m e s A .
C o l le y , C a s h i e r .
1 0 .1 4 6 —
T h e F ir s t N a tio n a l B a n k of C o ry d o n , I o w a .
C a p i t a l , $ 7 5 ,0 0 0 .
C . W . S t e e l e , P r e s . ; L e m u e l K i m p le , V i c c - P r c s .; F . B . F r y ,
C a s h ie r ; J . T . R o g e r s .A s s t . C a s h i e r .
( S u c c e e d s t h e C i ti z e n s ’ S t a t e
B a n k o f C o r y d o n .)
1 0 .1 4 7 —
T h e F a r m e r s ’ N a t i o n a l B a n k o f H u t c h i n s o n , M in n .
C a p ita l,
$ 2 5 ,0 0 0 .
S . S . B e a c h , P r e s . ; J a m e s T . F a l l o n , V l c e - P r e s .; J o h n
C . P in g c l, C a s h ie r.
1 0 .1 4 8 —
T h e G ro o s N a tio n a l B a n k o f S a n A n to n io , T e x .
C a p i t a l , $ 2 5 0 ,0 0 0 .
F r a n z C . G r o o s , P r e s . ; A . W . G u e n t h e r , V l c e - P r e s .; C h a s . D e u s s e n . C a s h ie r ;
F e r d in a n d G ro o s, A s s t. C a s h ie r.
(S u cceed s F .
G ro o s A C o ., b a n k e r s , S a n A n t o n i o .)

S T O C K O F M O N E Y I N T H E C O U N T R Y . — T h e fo llo w in g
table shows the general stock of m oney in the c o u n try as w ell
as the holdings b y the T re a s u ry , and the a m o u n t in c irc ula ­
tio n , on the dates g iven. T h e s ta te m e n t f o r M a r c h 1 1911 w i l l
he f o u n d i n o u r is s u e o f A p r i l 1 1911, p a g e 855.
Slock of M oney M ch. 1 1912. ----- M oney in Circulation ----In United
Held in
M arch 1
March 1
Stales.
Treasury A
1912.
1911.
§
g
$
s
G old coin a n d b u llio n _____ *1,794,552,027 173,367,028
G old c e r t if i c a t e s .a ............................................ 60,580,573
S ta n d a r d silv e r d o lla r s _____ 5 6 5,239,367 14,769,795
S ilv e r c e rt if i c a t e s .a ............ .............................. 10,235,603
S u b s id ia ry s ilv e r ___________ b l6 7 ,3 3 2 ,5 5 6 23,468,394
T re a s u ry n o te s of 18 9 0 ____
3,0 4 0 ,0 0 0
12,386
U n ite d S ta te s n o t e s _______ 3 4 6 ,6 8 1 ,0 1 6 9 ,567,341
N a tio n a l b a n k n o t e s .............. 7 4 4,272,273 38,9 6 3 ,6 2 3

+ 6.8

Per
Cent.
+ 7 .1

Per
Cent.
+ 1.1

F ri.

26%
26%
26 13-1 1
77 13-16 77 13-16 77 1 3 -lf
78
78
78
9 4 .6 2 % 9 4 .5 7 % 4 .7 2 %
70%
70
72%
76
77
76%
7
i%
TV
108%
108
107%
106
106
106
106
106
105%
91
91
91
236%
234
234%
76%
75%
75%
18%
18%
18%
111
11 0 ,%
110%
22
22%
22%
43
43
43
34%
34%
33%
57
56
4 6 )^
45
45
140%
140
140
159%
159
159%
28 %
27%
27%
63
63
63%
42
41
41
67
67
68
29%
30%
31%
115%
115
114%
37 %
37%
37
112
112%
111%
93
122
121%
121%
63%
63
63
80%
79%
79%
46
46
46
49 %
24%
23 %
24
112
110%
111%
29 %
29
29
76
75%
75
172%
170%
169%
93 %
93%
93%
64%
64%
67
111%
112%
111%
7%
7%
7%
19
19
18%
58
58
59

5 9 5 ,4 6 1 ,6 3 0
95 9 ,1 4 2 .7 9 6
7 2 ,550,572
467,6 8 3 ,3 9 7
143,864,162
3 ,0 2 7 ,6 1 4
3 3 7 ,1 1 3 ,6 7 5
705,3 0 8 ,6 5 0

5 93,6 7 1 ,4 5 0
9 0 9,611,489
7 3 ,9 0 2 ,3 7 6
472,200,883
135,707,651
3,378,251
340,962,034
697,462,244

T o ta l
3 .6 2 1 ,1 1 7 ,2 3 9 33 6 ,9 6 4 ,7 4 3 3 ,2 8 4 ,1 5 2 ,4 9 6 3 ,2 2 6 ,8 9 6 ,9 7 8
P o p u la tio n of c o n tin e n ta l U n ited S ta te s M arch 1 1912 e s tim a te d a t 95,097,000;
c irc u la tio n p e r c a p ita , $34 53.
,
,
,,
,
* A revised e s tim a te b y th e D irec to r of t h e M in t o f th e s to c k of go ld coin w as
a d o p te d In th e s ta te m e n t for A ug. 1 1907. T h e re w as a re d u c tio n o f S 1 3 5 ,000,000.
b A rev ised e s tim a te b y th e D irec to r o f th e M in t o f th e s to c k o f s u b s id ia ry silv e r
coin w as a d o p te d la th e s ta te m e n t o f S e p t. 1 1910. T h e re w as a re d u c tio n of
S9,7 0 0 ,000.
a F o r re d e m p tio n of o u ts ta n d in g c e rtifica te s a n e x a c t e q u iv a le n t in a m o u n t o f th e
a p p ro p r ia te k in d s of m o n ey Is h eld in th e T re a s u ry , a n d Is n o t in clu d e d In th e
a c c o u n t o f m o n ey h e ld a s a sse ts of th e G o v e rn m e n t.
d T h is s ta te m e n t of m o n ey h eld in th e T re a s u ry a s a s se ts of th e G o v e rn m e n t docs
n o t In clu d e d e p o sits of p u b lic m o n ey In N a tio n a l B a n k D e p o sita rie s to t h e c re d it
o f t h e T re a s u re r of th e U n ite d S ta te s , a m o u n tin g to $ 3 5 ,3 6 4 ,3 8 4 83.

B A N K N O T E S — C H A N G E S IN T O T A L S O F, A N D IN
D E P O S IT E D B O N D S , &c.— W e give below tables w hich
show a ll the m o n th ly changes in b a n k notes and in bonds
and legal tenders on deposit.

Bonds.

Per
Cent.

T h e d a ily closing q uo ta tio n s fo r securities, &c., a t Lo nd o i
as reported b y cable, have been as follow s the past week:
Tues.

National Banks.— The fo llo w in g in fo rm a tio n reg ard ing
n a tio n a l banks is fro m the office of th e C o m p tro lle r of the
C u rre n c y, T re a s u ry D e p a rtm e n t:

Ponds and Legal Tenders
on Deposit for

English Financial Markets—Per Cable.

M on.
Sat.
Week ending March 8.
27
Silver, p e r o z --------- ---------- <1- 27 lA
C onsols, 2 % per c e n ts --------- 77 9-16 77 5-16
F o r a c c o u n t __________ . . . . 77 13-16 77 9-16
F re n ch re n te s (In P a r is ) . fr.. 9 4 .7 2 % 94.50
69 %
A m a lg a m a te d C opper C o ----- . 70
75%
A m or. S m e lt. A R ef. C o ___ . 75 %
7%
ft A n aco n d a M ining C o ______. TVs
107%
A tc h . T o p e k a A S a n ta F e _. .107 Vs
106
.106%
105%
B a ltim o re & O h io _________ .105%
P re fe rre d ............................... 91
91
C a n a d ian P a c ific ___________ .234 %
2 32%
C h e sa p e ak e A O h io ..... ............ 74%
74%
C hicago G re a t W e s t e r n . . . .
18%
18%
C hicago Mllw. A S t. P a u l . ... 109)1
110
D en v er A R io G r a n d e .......... .. 22
22%
P re fe rre d ............................. .. 43
43
E rie .............................................. - 3 1 %
32%
F irs t p r e f e r re d ________ . 52 %
53%
Second p r e f e r re d ............... . 42
43
Illinois C e n tra l........................ .1 3 9
139%
Louisville * N a s h v ille .......... .1 5 9 )3
159%
M issouri K a n s a s A T e x a s . . 27 %
27%
P re fe rre d ............................. - 63)3
63%
M issouri P a c ific ...................... . 40 %
40%
N a t. IU t. of M cx., 1st p r e f . . 68
68
S econd p re f e r re d ............... f e a
31 %
N . V. C e n tra l A I lu d . R iv e r -114%
114%
N . Y . O n ta rio A W e s t e r n .. . 38
37%
-1 1 2 %
N orfolk A W e s te rn --------112
P re fe rre d .............. - ------- . 94
121%
N o rth e rn P a c ific ...................... -1 2 1 )3
a P e n n s y lv a n ia ................ - - - 63%
63
a R e ading C o m p a n y ............ - 79%
79 %
47
a F irs t p r e f e r r e d ................ . 47
.
49%
a Second p r e f e r r e d ...........
23 %
R ock I s l a n d ............................
110%
S o u th e rn P a c if ic ............. - - - .1 1 0 %
28%
S o u th e rn R a i lw a y .................
75
168%
U nion P a c if i c ............... ......... .1 6 9 %
94
. 94
P re fe rre d .....................
62%
U . S. S teel C o r p o ra tio n ------ - 63%
111)4
P re fe rre d ............................. 111
7%
W a b ash . .......... .................. - 7%
19
P referred ............................ . 18%
57 %
E x te n d e d 4 s .......................... 58

$0tixwcvciai and Jl£t5cjcllauc0xxs

1911-1912.

J a n u a ry th is y e a r and la s t is shown in the follow ing:
Imporls-

673

THE CHRONICLE

Mar . 9 1912.]

$
F e b . 29
J a n . 31
D ec 31
N ov. 30
O c t. 31
S e p t.30
A ug. 31
Ju ly 31
J u n e 30
M ay 3 0
A pril 30
M ch. 31

1912 72 2 ,0 2 6 ,9 2 0
1912 71 9 ,8 1 1 ,3 2 0
1911 71 7 ,5 7 8 ,1 2 0
1911 715,5 6 0 ,1 7 0
1911 71 4 ,1 7 0 ,3 2 0
1911 713,0 6 2 ,8 1 0
1911 710,1 4 1 .4 2 0
1911 70 5 .6 4 8 ,2 1 0
1911 698.6 0 5 .8 1 0
1911 697,4 4 1 ,3 0 0
1911 695.6 5 7 .5 4 0
1911 6 9 7 ,0 8 2 ,5 1 0

Circulation Afloat Under —

Legal
Tenders.

Bonds.

Legal
Tenders.

$
2 5,724,070
2 6,167,972
2 6 ,240,119
27,6 4 9 ,0 0 8
28,0 6 5 ,3 7 5
2 8 ,811,903
3 0 ,0 2 5 ,8 2 5
3 1 ,3 9 6 .9 3 0
33,1 6 9 .4 3 5
3 4 ,8 1 2 ,7 2 6
3 6 ,6 7 5 .9 9 8
3 5 ,8 9 1 ,1 3 0

$
7 1 8,548,203
71 5 ,4 9 3 ,9 9 6
714,3 6 3 ,0 6 8
712,1 1 5 ,3 3 8
711,0 9 9 ,9 3 8
708,9 7 6 ,4 5 5
707,1 8 1 ,9 2 3
7 0 1 ,4 2 7 ,0 8 6
695 025,073
6 9 3.665.285
6 9 1 .4 6 8 ,7 2 0
69 3 ,2 6 1 ,7 8 6

S
2 5 ,7 2 4 ,0 7 0
26,1 6 7 ,9 7 2
2 6 ,2 4 0 ,1 1 9
27,6 4 9 ,0 0 8
2 8 ,0 6 5 ,3 7 5
28,8 1 1 ,9 0 3
3 0 ,0 2 5 .8 2 5
3 1 ,3 9 6 .9 3 0
3 3 .1 6 9 .4 3 5
3 4 ,8 1 2 .7 2 6
3 6 .6 7 5 ,9 9 8
3 5 ,8 9 1 ,1 3 0

Total.
1

744,272,273
7 4 1,661,968
740,603,187
739,764.346
739,165,313
7 3 7,788.358
73 7 ,2 u 7 ,748
7 3 2,824,016
728,194,508
728,478,011
7 2 8.144.718
729,1 6 2 .9 1 6

T h e fo llo w in g shows the a m o u n t of each class of bonds
held ag ainst n a tio n a l b a n k c irc u la tio n and to secure p u b lic
________
m oneys in ’ n a tio n a l b a nk depositories on Feb. 29.
U. S . Bonds Held Feb. 29 to Secure —
Bonds on Deposit
Feb. 20 1912.

4% , U.
3% , U .
2% ; U.
2% U.
2 % ’, U .
3% U

S.
S.
S.
S.
S.
S.

L o an of 1925
......................
L o an of 1 9 0 8 -1 8 ......................
C onsols of 1 9 3 0 ........................
P a n a m a of 1 9 3 6 . _______
P a n a m a of 1 9 3 8 ......................
P a n a m a of 19 6 1......................

Bank
Circulation.
S
2 3 ,8 0 4 .8 0 0
18,662,080
5 9 8 ,4 2 0 ,0 0 0
5 2 ,433,300
2 8 ,7 0 6 ,7 4 0

$
3 .7 5 0 .0 0 0
4 ,0 1 9 ,3 0 0
1 3,384,900
1,547,500
712.000
15,122,000
4.4 1 7 .0 0 0
744.000
872.000
685.000
136.000
1 .617.000

27.554.800
22,6 8 1 ,3 8 0
611,804,000
5 3 .980.800
2 9 ,418,740
15.122,000
4 .417.000
744.000
872.000
085.000
136.000
1.617.000

7 2 2 ,0 2 6 ,9 2 0

47,0 0 6 .7 0 0

769,033,620

V ariou’s ^ S t a t c , C ity a n d R a ilr o a d -----T o ta l

.............................................

Total
Held.

PubllcDeposits
in Banks.

T h e fo llo w in g shows the a m o u n t of n a tio n a l b a n k notes
aflo a t and the a m o u n t of legal-tender deposits Feb. 1 and
M ch. 1, and th e ir increase o r decrease d u rin g the m o n th
of F e b ru a ry .
National Dank Notes— Total Afloat—
A m o u n t a flo a t F e b . 1 1 9 1 2 ........................— .............................. ..........................
N e t a m o u n t issu ed d u rin g F e b r u a r y ......................................................................

2,61 0 ,3 0 5

A m o u n t of b a n k n o te s a flo a t M arch 1 1 9 1 2 ...................................................$ 744,272,273
Lcoal-Tender Notes —
A m o u n t on d e p o sit to red eem n a tio n a l b a n k n o te s F e b . 1 1 9 1 2 ............ $26,167,972
N e t a m o u n t of b a n k n o te s re tire d In F e b r u a r y ..............................................
443,902
A m o u n t o n d e p o sit to redeem n a tio n a l b a n k n o te s M arch 1 1 9 1 2 ____$25,724,070

G O V E R N M E N T R E V E N U E A N D E X P E N D IT U R E S . —
T h ro u g h the courtesy of the S ecretary of the T re a s u ry , we
are enabled to place before o u r readers to-day the d eta ils of
G o ve rn m e n t receipts and disbursem ents fo r the m o n th of

674

THE CHRONICLE

F e b ru a ry .
F ro m p re vio u s re tu rn s we o b ta in the figures fo r
p re vio u s m o n th s, and in th a t m an n er complete the sta te ­
m ents fo r the 8 m o n th s of the fiscal years 1911-12 and 1910-11
G O V E R N M E N T R E C E I P T S A N D D IS B U R S E M E N T S .

[VOLr
Per
Cent.

N am e of Company.

1911-12.

Dec.

Ja n .

1910-11.

Feb.

8 Mos.

Dec.

Jan.

Feb.

8 Mos.

Receipts —

S
S
$
S
S
S
$
S
C u s to m s ............................ 24,587 24,655 26,337 2 0 1,858 27,444 24.293 2 5 ,219 211,648
I n te r n a l
/ O r d i n a r y .. 25,060 22,041 23,102 195,861 26,149 2 1 ,749 21,244 193,074
R e v e n u e )C o rp . t a x . .
21
443
494
2,7 5 2
91
229
36
6,373
M iscellaneous . . .
4,081 5,323 3 ,999 34 ,9 4 0 4,060 5,872 3 ,699 3 2 ,499
T o ta l r e c e i p ts ..
Disbursements —
Civil a n d m iscellaneous
W a r ............
N a v y ..........
I n d ia n s ..........
P e n s io n s ..................
P o s ta l d e fic ie n c y ____
I n te r e s t on p u b lic d e b t.
P a n a m a C a n a l ..

53,749 5 2 ,462 53,932 435,411 57,689 5 2 ,005 50,391 443,594
14,785
11,921
12,852
1,644
12,561
1,000
492
3,122

15,703
11,825
11,175
2,131
11,170

13,562 122,309 15,507 14,954 12,502 119,704
10,477 106,430 14,492 12,736 11,184 110,359
10,750 9 2 ,170 10,955 9 ,480 9 ,560 81,645
l ,354 12,551 1,113 1,206
770 10,086
14,762 101,710 12,716 11,656 15,208 107,874
2,174
49
3,001
177 3,274 1,908
3 ,2 8 8 1,904 16,424
2,921 2,861 23,851 3 ,309 2,823 2,587 25,333

T o ta l d is b u r s e m e n ts . 58,377 58,213 55,719 480,619 58,269 56,129 53,719 473,861
L ess r e p a y m e n t of u n e x p e n d e d b a la n c e s ..
749 1,870
713
786 2,161 1,034 1,081
1,137
T o t a l .........................

51,628 56,343 55,006 479,833 5 6 ,108 55,095 52,638 472,724

D IV ID E N D S .
T h e fo llo w in g shows a ll the d ivid e n d s announced fo r the
fu tu re b y large o r im p o rta n t corporations:
D i v i d e n d s a n n o u n c e d t h is w e e k a r e p r i n t e d i n i t a l i c s .
Per
Cent.

N am e of C ompany

W hen
Payable.

Books Closed.
Days Inclusive.

R a ilro a d s (S te a m )
B o sto n & A lb a n y ( q u n r .) .................
B o s to n & M aine, c o m m o n ( q u a r .) .

.
.
.
-

P re fe rre d ..........................................
C h e sa p e ak e & O hio ( q u a r . ) _____

.
-

Chicago Burlington A Quincy (quar.)

.
.
-

)

)
__ M inn. S t. P a u l & S. S . M ., com . & p r e f . .
.
Norfolk Southern (quar.) ................................ N o rfo lk & W e ste rn , c o m . ( q u a r .) ............ .
Pills. Ft. w. A Chic. reg. guar. (q u a r.).. .
Special guaranteed (quar.) ........................ .
Pittsburgh <1- Lake Eric (extra) ................... .
R e a d in g C o ., 1st p ref. ( q u a r . ) ................... .
S eco n d p re fe rre d ( q u a r .) ........................... .
.
P referred .............................................
S t. B outs & S a n F ra n cisc o —■
C hic. & E a s t. 111. pref. t r u s t ctf_.
)
K . C. F t. S. A M em . pf. tr clfs. (quar.)..
S o u th e rn P acific (q u a r .) (N o . 2 2 ) .......... S o u th e rn R a ilw a y , p r e f e r re d .................... .
Mobile A Ohio stock trust certificates .. .
U n io n P acific, c o m m o n ( q u a r .) ............... P re fe rre d ..................................................... .
.
West Jersey A S e a sh o re .. ....................
W isconsin C e n tra l, p r e f e r r e d ...........
_
S tre e t a n d E le ctric R a ilw a y s.
A m e ric a n R a ilw a y s ( q u a r . ) . .............
)
B ro o k ly n R a p id T r a n s it ( q u a r .) .
C hicago C ity R y . ( n u a r . ) ____ __

M anhattan R y. (quar.) (No. 1 1 2 ).

P re fe rre d ( q u a r .) ...................... ..................
E l P a so E le c tric C o ., co m m o n (N o . 5 ) .
G a lv e sto n -H o u s to n E le c. C o., c o m .( N o .<
P re fe rre d (N o. 1 0 ) __________________
H nighlon County Trac., common (No. 0 ).
Preferred (No. 8 ) .........................................
L o u isv ille T r a c tio n , c o m m o n ( q u a r . ) . . .
P re fe rre d .................................. ............. ..

Preferred (quar.).
Philadelphia Traction.

P re fe rre d ( q u a r .) ............................. ..............

United Traction A Electric, Prov. (quar.)..
W e st P e n n T ra c tio n , co m m o n ( q u a r , ) . . .
T r u s t C o m p a n ie s.
Guaranty (quar.) ....................................
E x t r a ............ .......................................
M iscellaneous.
Am erican B ank Note, preferred (quar.) __
A m e r. B e e t S u g a r, prof, (q u a r.) (N o . 5 1 ).
A m e ric a n C a n , p re fe rre d ( q u a r . ) .................
Am er. Car A Foundry, com. (qu.) (No. 38)
Preferred (quar.) (No. 5 2 ) ............
A m e ric a n E x p re ss ( q u a r .) ............................
A m e ric a n M a n u fa c tu rin g (q u a r.) (N o . 60)
E x t r a ..... ...........................................................

American P ipe A Construction (q u a r.)..
A m e r. P n e u m a tic S e rv ic e , first p ro f..........
A m e ric a n R a d ia to r , co m m o n (q u a r.)
C om m on ( e x t r a ) ..............................................
C om m on (p a y a b le in c om m on sto c k )
A m e r. S m . & R e f., com . (special) (N o . 31)
Am er. Smellers’ Secur., pf. A (qu.) (N o. 29)
Preferred B (quar.) (No. 2 8 ) ......................
Am erican S n u ff, common (quar.) ............ I I
Preferred (quar.) ...................................I I I I I
A m e r. S u g a r R e f., com . & p ref. ( q u a r . ) . .

American Telephone A Telegraph (quar.). .
A m e ric a n T o b a c c o , p ref. ( q u a r . ) .................
A m erican W ritin g P a p e r, p re f e r re d ..........




M ch.
M ch.
April
April
April
April
M ch.
M ch.
April
A pril
April
M ch.
M ch.
M ch.

31
1
1
1
1
30
25
1
1
1
30
20
10

H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers

IK
3K
2
K
IK
IK
IK
$6
1
1
1
2K

A pril
A pril
M ch.
M ch.
April
April
M ch.
A pril
M ch.
A pril
A pril
M ch.
M ch.
A pril
M ch.
M ch.

1
1
29
29
1
15
30
1
18
2
1
29
14
11
15
15

H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers
H o ld ers

IK
I
IK
2
2
2K
2
3K
2K
2

A pril
1
April
1
A pril
1
A pril 24
A pril
1
A pril
1
A pril
1
M ch. 30
April
l
A pril
1

.

P re fe rre d ( q u a r .) .......... .............................. .
Chic. Rock Island A Pacific R y. (quar.). D e la w a re & H u d s o n C o. ( q u a r . ) ............... .
Erie A Pittsburgh .............................................. G ra n d T r u n k , g u a ra n te e d s t o c k ...............
F irs t a n d se co n d p r e f e r e n c e . . ............... T h ird p r e f e r e n c e . . ....................................... .

Inlerborough Rapid Transit (quar.)

3
2
1
IK
2K
2
ik
2

1k
1K
2
IK
2K
IK

9 F e b . 28

9

2K
1K
2K
2K
61

0

S2
iK
2K
S3
IK
IK
IK
1

M ch.
M ch.
A pril
M ch.
Mch
A pril
A pril
Mch.
M ch.
Mch.
A pril
A pril
April
April
April
A pril
A pril
M ch.
April
April
A pril
April
April
A pril
A p ril
M ch.

15
15
1
30
1 I
1
1 1
15 1
15 1
15 1
1 1
1 I
1 J
1J
1 I
1 1
1 I
15 1
1 1
1 I
1 I
1 I
1 I
1 I
1 \
15 J

8
2

M ch.
M ch.

30 I
30 I

IK
3
2K
3
IK

1

3
IK
3
2K
3
1
2K
IK
IK
IK

1

A pril
A pril
A pril
April
I K A pril
A pril
3
I K M ch.
2
tfe h .
A pril
2
3 K M ch.
M ch.
2
M ch.
M ch.
10 g
2-3 e M ch.
1^
\p r ll
April
IK
April
2
\ p r ll
IK
April
IK
2
April
April
IK
Vprll
$1
3
b
IK
IK
IK
K

2

1 A
1 I
1 I
1I
1 I
l H
30 I
30 I
1 1
30 I
30 .V
30 ,\
30 M
15 F
1M
1M
1 II
1 II
2 11
15 11
1F
1 11
*n \r

to
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of rec.
of ICC.
of rec.
of rec.
of rec.
of rec.
of rec.

M ch. 8
F e b .2 9 a
M ch. l a
Mch. 15a
M ch. l a
M ch. 1
M ch. 8a
M ch. 19a
Mch. 16a
M ch. la
M ch. l a
Mch. 15a
F e b .2 6a
M ch. l a

of
of
of
of
of
of
of
of
of

rec . M ch.23a
rec . iM ch.l5a
rec. M ch. 15
rec. M ch. 15
rec. M ch .1 5 a
rec. M ch. 22
rec . M ch. 9a
re c . M ch. 15a
rec . F e b .2 9 a
to
A p ril 2
to
A pril 2
o f rec.[M ch . 15a
of rec. F e b .2 6 a
of rec . M ch. 26
to
M ch. 15
to
M ch . 15
to
:.
c.
s.
;.
;.
c.

A p ril 1
A pril 1
A pril 3
M ch ,30a
M ch. 31
M ch. 2a
M ch. 2a
M ch. 15a
M ch .1 5 a
M ch.12a

3. M ch.
3. M ch. 2a
3. M ch. 9a
M ch. 16
;. F e b .2-!a
:. M ch. 15a
:. M c h .15a
:. M ch. 4a
:. M ch. 6a
3. M ch. 6a
:. M ch. 16a
. Mch. 16a
M ch. 15
M ch. 15
. M ch. IS
. M ch. 18
. M ch. 18
. F e b .29a
. M ch. 9
. M ch. 15a
. M ch. 11
. M ch. 4a
. M ch.11a
. M ch. 15a
M ch. 17
M ch. 15

6
to
1 of rec
3 of rec
3 o f rec
3 of rec
3 of rec
3 of rec
3 of rec
3 of rec
3 of rec
to
to
to
1 to
1 to
1 to
i of rec
i o f rec
3 of rec
i o f rec
!
to
i of rec.

2
2
2

A pril 1
M ch. 16
M ch.16a
M ch .1 1 a
M ch .1 1 a
F e b .2 9 a
M ch. 15
M ch. 15
M ch. 15
M ch. 15
M ch. 30
M ch. 30
M ch. 30
M ch. 3
M ch. 31
M ch. 31
M ch. 16a
M ch. 16a
M ch. l a
M ch. 30
M ch. 13
M ch .1 5 a
M ch. 31

Books Closed.
Days Inclusive.

M iscellan eo u s (C o n c lu d e d ).
M ch. 15 M ch. 6
to
M ch. 15
April
: M ch. 17
to
M ch. 31
M ch. 15 H o ld e rs of rec. F e b .2 0 a
M ch. 31 H o ld ers of rcc. M ch. 20
April
H o ld e rs of rec. M ch .20a
C a lu m e t & H e c la M ining ( q u a r . ) .
M ch. 21 H o ld ers of rec . F e b .2 7 a
Cambria Iro n .................... ....................
A pril
: H o ld ers of rec. M c h .1 5 a
April
: M ch. 15
)
IK
to
M ch. 31
P referred .......... ................................
: M ch. 15
to
M ch. 31
3 K April
Canadian W esllngh., Ltd. (qu.) (No. 2 9 ).to
A pril 9
I K A pril i< M ch. 31
C elluloid C o m p a n y ( q u a r .) ...............
: M ch. 6
to
M ch. 31
I K A pril
C e n tra l L e a th e r , p re fe rre d (q u a r.)
: H o ld ers o f rec. M ch. 1l a
April
IK
- $6
April
2 M ch. h d to
A p ril 2
E x t r a ................. ...............................................
2 M ch. 5 to
A p ril 2
A pril
Chic. Jet. Rys. A U. S tk. Yds.c, om. (qu.))
2
A pril
] H o ld e rs of rec . M ch. 12
Preferred (quar.) ............................................ 1 H o ld e rs of rcc . M ch. 12
I K A pril
C hicago T e lep h o n e ( q u a r .) ........................... 2
M ch. 3( H o ld e rs of rec. M ch .20a
C h ild s C o m p a n y , c o m m o n ( q u a r . ) .......... to
M ch. 11
2 K M ch. 11 M ch. 3
P re fe rre d ( q u a r .) ...................... ................... to
M ch. 11
I K M ch. 11 M ch. 3
C olu m b u s (O .) G as & F u e l, p ref. (q u ar.) A pril
1 H o ld ers of rec . Mch. 15a
IK
C o n so lid ated G as of N ew Y o rk ( q u a r .) __I K M ch. 15 H o ld e rs of rec . F e b .1 4 a
Cons. G as, E l.L t.& P o w .,B a lt.,c o m . (q u .))
1 H o ld ers of rec. M ch. 25
13/ April
P re fe rre d ................. ........................
3
April
1 H o ld ers of rec. M ch. 25
Consumers' Power (M ich.), pref. (q u a r.)..1 H o ld ers o f rec . M c h .l f a
I K April
C rescen t P ip e L in e ............................................ - S I .50 M ch. 15 F e b . 22
to
M ch. 15
C u b a n -A m e ric an S u g a r, p ref. ( q u a r . ) . . . A pril
1 H o ld ers of rec. M c h .1 5 a
IK
D ia m o n d M a tc h ( q u a r .) ..................
I K M ch. 15 H o ld ers of rec . F e b .2 ! a
E x t r a ............ ...................................
.
1
M ch . 15 H o ld ers of rec . F e b ,21 a
d u P o n t ( E .I .) d e N e m o u rs P o w .,c o m .(q u .))
2
M ch. 15 H o ld ers of rec. M ch. 5
C o m m o n ( e x t r a ) ............................................ .
1
M ch. 15 M ch. 6
to
M ch. 15
P re fe rre d ( q u a r .) ...................... .................. April 25 A pril 10
IK
to
A pril 25
d u P o n t I n te r n e t . P o w d e r, p ref. (q u a r.) 1 H o ld e rs of rcc. M c h .2 2 a
I K A pril
E a s tm a n K o d a k , co m m o n ( q u a r . ) .......... 1 H o ld ers of rcc. M ch .15a
2 K A pril
C o m m o n ( e x t r a ) ........................................... 1 H o ld ers of rec. M ch .15a
7 K A pril
P re fe rre d ( q u a r .) .......... .............................. April
1 H o ld ers of rec . M c h .1 5 a
IK
F e d e ra l M ining & S m e ltin g , p ref. (q u a r.))
I K M ch. 15 H o ld ers of rec . F e b .2 4 a
G alen a-S ig n al Oil, c o m m o n ...............
- SI
M ch. 3(1 M ch. 1
to
M ch. 31
P re fe rre d ( q u a r .) ...................... .........
$2
to
M elt. 31
M ch. 3(! M ch. 1
G en eral C h em ical, p re fe rre d (q u a r.)
1 H o ld ers of rec. M ch .21a
I K A pril
G en eral E le c tric ( q u a r .) ......................
2
A pril 15 H o ld e rs of rcc. M ch. 2a
Goldfield Consolidated M ines (quar.)
30c. April 30 H o ld e rs of rec. M ch .30a
E x tr a ................. .....................................
20c. A pril 3(1 H o ld ers of rec. M ch .30a
G u g g en h eim E x p lo ra tio n (q u a r.) (N o . 37)
1 M ch. 16
2 K A pril
to
A p ril l
Hart, Schaffner A M arx, pref. (quar.) ___
I K M ch. 30 H o ld e rs of rec. M ch. 20
Ifelme (Geo. IF .) , preferred ______ _______
1 H o ld ers o f rec. M ch. 16
I K A pril
In d ia n a L ig h tin g .......... ............. .....................
1
April
1 M ch. 22
to
M ch. 31
Intercontinental Rubber, pref. (quar.) __
I K M ch. 30 H o ld e rs of rcc. M ch. 20
Internal. Harvester, com. (quar.) (No. 9)
1 34 A pril 15 H o ld ers of rcc . M ch. 2 5
I n te r n a tio n a l S ilv e r, p re f. ( q u a r .) .
A pril
1 F e b . 28
to
A p ril 1
IK
P re fe rre d ( e x t r a ) .............................
1 F e b . 28
to
A p ril 1
K / A pril
P re fe rre d ( e x t r a ) .......... ..............I I _______
1/
M ay
15 M ay 2
to
M ay 15
I n te r . S m o k eless P o w .& C h e m ., c o m .(q u .)
1
A pril
1 H o ld ers of r e c .M c h .2 2 o
P re fe rre d ...................................................
4
M ay
15 H o ld e rs of rec . M ay 4a
K a y s e r (Ju liu s) & C o ., co m . ( q u .) " (N o Ii)
1
A pril
1 M ch 20
to
M ch. 31
K n ic k e rb o c k e r Ic e , p refe rre d (N o . 2 6 ) . .
3
A p ril
1 H o ld e rs of rec . M ch. 15
L acled e G as L ig h t, c o m m o n ( q u a r .) _____
Mch. 15 M ch. 0
to
M ch. 15
IK
I.anslon Monotype Machine (quar.) ............
I K M ch. 30 H o ld ers of rec. M ch. 23
L ig g e tt & M yers T o b a c c o , p r e f __
1 F e b . 16
to
M ch. 11
I K A pril
M a ck a y C o m p an ies, co m . (q u a r.) (N o. 27)
1 H o ld ers of rec. M ch. 9 a
I K A pril
P re fe rre d (q u a r.) (N o . 3 3 ) _________
1
A pril
1 H o ld ers of rec . M ch. 9a
M c rg e n th alc r L in o ty p e ( q u a r .) .............
2 K M ch. 30 H o ld ers o f rec. M ch. 9a
E x t r a .................................................. H I !
M ch. 30 H o ld ers of rec . M ch. 9a
..........
M ichigan Light, pref. (quar.).
1 H o ld e rs o f rc c . M ch .15a
I K A pril
M uskogee G as & E le c tric , p r e f ." (q u ar.)
I K M ch. 15 H o ld ers o f rcc. F e b .2 9 a
N a t. B isc u it, co m . (q u a r.) (N o . 6 4 ) . . .
A pril 15 H o ld e rs of rec . M ch .28a
IK
N a tio n a l L e a d , co m m o n (q u a r.)
M ch. 30 M ch. 9
to
M ch. 13
P re fe rre d ( q u a r .) ........................... *
to
F e b . 22
I K M ch. 15 F eb . 17
N ational Sugar R efining, prc/Y(quar.)
2 H o ld ers o f rec. M ch. 16
I K A pril
N ational Surely (quar.) __
3
A pril
1 M ch. 21
to
M ch. 31
N e v a d a C o n so lid a te d C o p p er (q u a r.)
37 K c . M ch. 30 M ch. 9
to
M ch. 11
N ew E n g la n d T e lep . & T eleg. ( q u a r . ) ____
I K M ch. 30 H o ld ers of rec. M ch,15a
N U c s-B em e n t-P o n d , c o m m o n (q u a r.)
to
M ch. 20
I K M ch. 20 M ch. 13
N o rth A m e ric a n C o. (q u a r.)
1 H o ld ers of rcc . M c h .2 1 a
13/ A pril
O hio o n ........................................m i n i m i
$1.25 M ch. 20 F e b . 25
to
M ch. 10
P h ila d e lp h ia E le c tric ( q u a r .) ......................
I K M ch. 15 H o ld ers of rec. F e b . 17a
Prairie Oil A Gas ............... .................... H I I
$7
M ch. 30 H o ld e rs o f rcc. F e b . 29
Producers O il .........................................." " I"
I K M ch. 30 H o ld ers o f rec. M ch. 16a
P . L o rllla rd , p r e fe rre d ____ 1 .1111111111
A pril
1 F e b . 21
to
M ch . 12
IK
Q u a k e r O a ts , co m m o n (q u a r.)
...............
2 K A pril 15 H o ld ers of rec. A pril la
P re fe rre d ( q u a r . ) . .......................................
I K M ay 31 H o ld ers o f rec. M ay l a
Q u in cy M ining ( q u a r . ) ............ ....................
M ch. 25 H o ld ers of rec. M ch. l a
SI
R a ilw a y S te el-S p rin g , p r e f l ‘(qu'aV .)1. 1 .
lo
M ch. 20
I K M ch. 20 M ch. 12
Rubber Goods M fg ., common (quar.) _____
6
M ch. 15 H o ld e rs of rec. M ch. 9
Preferred (quar.) (No. 5 2 ) ........................
I K M ch. 15 H o ld e rs of rec. M ch. 9
S c a rs, R o e b u c k & C o ., p refe rre d (q u a r.)
April
1 H olders of rec. M ch.15a
IK
S o u th P o r to Rico S u g a r, co m m o n (q u a r.)
1
A pril
1 H o ld ers of rec. M ch. 15
2
P re fe rre d ( q u a r .) ......................................... ..
April
1 H olders of rcc. M ch. 15
$5
South West Pennsylvania Pipe L in es ..........
April
1 d c h . 16
to
M ch. 31
2
S ta n d a r d G as & E le c tric , p refe rre d ( q u .) .
Mch. 15 Holders of rcc. F e b .2 9 a
3
Slandard M illing, pref. (No. 18) .............
April 15 April 9
to
A pril 15
S ta n d a rd Oil of N . J . ( q u a r .) .......... .............. $5
Mch. 15 Holders or rec. Fell. 19a
Subway Really (quar . ) . . . .
___
\p rll
I H olders of rec. M ch .23a
IK
April
Sulzberger A Sons Co., pref. (quar.) _____
1 M ch. 16 to
IK
M ch. 31
April
I H olders o f rec. M ch. 9
Sw ift A C o m p a n y (q u a r.) (N o . 1 0 2 )..........
IK
Texas Company (quar.) ....................................
Mch. 30 Holders of rec. M ch. 16a
IK
1
April
1 Holders of rcc. M ch,20a
U n d erw o o d T y p e w rite r, c o m m o n (q u a r.)
P re fe rre d ( q u a r .) ____
April
1 Holders of rcc. M ch .20a
IK
1
April 15 Mch. 20
Union Bag A Paper, prej Y (q u .)'(N o '. 52)1
lo
A pril 9
U nion C a rb id e ( q u a r .) __
2
April
1 Arch. 14
to
A p r. 2
U . S. S teel C o rp ., co m . (q u .) "(No."33)111
M ch. 12
1 3 / Mch. 30 Mch. 2 to
U ta h C o p p er Co. (q u a r.) (N o. 1 5 )............... 75c. Mch. 30 'fe ll. 9
to
M ch. 11
1 fo ld ers of rec. M ch. 16
April
W cyman-Bruton Co., pref. (quar.) _______
IK
April
1 lo ld e rs of rcc. Mch 11a
Wooluorth (/•’. IF .) Co., preferred (No. 1 ).
IK
Y u k o n G old Co. (q u a r.) (N o . 1 1 )...............
I K |M ch. 30 'fe ll. 13
to
M ch. 31
)
.

B u c k e y e P ip e L in e .

(000s omitted.)

W hen
Payable

LXXXXIY

IK
IK
$5
IK
IK
ss

.

a T ra n sfe r b o o k s n o t closed for th is d iv id e n d , b L ess Incom e t a x . d C o rrec tio n .
e Tw o m o n th s ' d iv id e n d In cid e n t to c h a n g e of d iv id e n d p erio d s to Q .-M . 15 for th e
c o m m o n s to c k a n d Q .-M . 1 fo r p ref,

g P a y a b le In co m m o n s to c k .

/ O n a c c o u n t of a c c u m u la te d d iv id e n d s '

A u c tio n Sales.— A m o n g o th e r securities, the fo llo w ing , n o t
u s u a l l y dealt^ i n a t th e S to c k E x c h a n g e s , were re c e n tly sold a t
a u ctio n in N e w Y o r k , B oston and P h ila d e lp h ia :
B y Messrs. A d ria n I I . M u lle r & Sons, N ew Y o rk :
Shares.

Per cent- Bonds.

1 F re e rig h t N . Y .S o c . L ib r'y .$ 1 2 6
5 R id e r & D riv e r P u b . C o ____$10
1,294 T h e D e L a V ergnc B o ttle
& Seal C o -------------------- §16 lot
100 T h e M a n h a t. M a ltin g C o .$100 lo t
2 0 ,000 T h e P e re g rln a M g. & M ill.
Co-, co m ., S10 e a .IO c - p e r sit.
45 T h e P e re g rin a Mg. & M ill.
C o ., p re f., $100 ca_$25 p e r s h .
5 ,0 0 0 G u a n a ju a to D e v e lo p m e n t
C o ., c o m ....................5 0 c. p e r sh .
100 N . Y . * Q u een s E le c . L . &
P . C o ., c o m ._ .................
55 Vg
2 F ie le llty -P h e n ix F ire In s.C o 3 1 0 K
232,031 L o n d o n -A rlz . C o p p er C o.,
S10 e a c h ............................ $500 lot
4 6 ,379 T h e L o o k o u t C o p p er Co ,
$10 e a c h ......... ..$ 1 0 0
lo t
664 T h e Im p e ria l C o p p er
C o ., •
$10 e a c h ............................... $6 lo t
10,638 P o la n d M g. C o ., $10 e a c h . $7 lo t

Per cent

S500 G u a n a ju a to R e d u c . & M ines
C o. b o n d , 1924______ ___________ $2 00
$575,852 T o m b s to n e C o n s. M ines
C o ., L t d ., 6 % n o t e s - -$ 500 lo t
$ 3 ,0 0 0 S a d d le M tn . M g. C o. 1st ref.
6s, 1913...................
$200 lot
S25.200 I m p e ria l C o p p er C o. special
c o n tr a c t 6 s .......................................... - -$ 2 0 0 lo t
$ 1 44,000 D e v e lo p . C o. of A m . co ll.
t r . 6s, 1 9 1 8 . . ..........................................$300 lot
S56.775 P o la n d M g. C o. special
c o n tr a c t 7 s ....................................... $300 lo t
$108,020 T o m b s to n e M ines C o ., Ltd.
sp ecial c o n tr a c t 6 s . .................... $200 lo t
$23 8 ,0 0 0 T h e I m p e ria l C o p p er Co.
0 % n o te s -------------$200 lo t
$8 9 ,0 0 0 T h e H e r b e rt Collieries')
L easeh o ld 6 s ...................... . |
$1 ,4 5 0 T h e H e r b e rt C oil’s c o m ! )S260 lo t
$400 T h e H e r b e rt C oll, p r e f ____J

mar .

9 1912.]

THE CHRONICLE

By Messrs. Francis Henshaw & Co., Boston:
S per sh.
1 S tate N ational I3ank________ 170>4
25 Pepperell Mfg. Co..................... 285
2 H am ilton Mfg. Co..................... 85
10 Merrimack Mfg. Co., com ......... 40M
3 Itcgal Shoe Co., prof................. 9 7 hi
5 Tim es P ub. Assoc., Me., pref. 50
1 W altham W atch Co., com ----- 27

Shan’i .

D E T A IL E D R E T U R N S O F TR U S T COM PANIES.

S p e rs h .
252 Mass. Lighting Cos. rig h ts----- 66
10 American Screw Co. rig h ts. . . 10!4

Shares.

Ponds.

P e rc e n t.

S I,000 Floating H ospital 5s_______75
1.000 I<. C. Mem. & B lrm . R R .
incom e 5s, 1934...............................88

By Messrs. It. L. Day & Co., Boston
$ pcr„ n 1'
20 L ockhart M ills......................— <0
50 Gainesville Cotton Mills, com . 60
33 Merrimack Mfg. Co-, com ......... 40H
\y 2 F ranklin Co. (Lewiston) .105-10oM
5 Pepperell Mfg. C o ............ - - - - --85
20 L anctt Cot. Mills (W .P t.,G a.).1 0 0
10 B ates Mfg. Co----------------------- 260
2 N ash. & Lowell H R . C orp----- 250
2 Mass. Lighting Cos., ex-rights 124M
252 Mass Lighting Cos. rig h ts...0 5 -0 6 c
Shares.

S per sh .
1 Columbian N at. Life In s. C o .. 125
1 Boston A thenaeum ($300 par) .335
14 Ileywood Bros. & Wakcflchl
Co., p r e f . . . ............................ 104

Shares.

Ponds.

P e rc e n t.

51.000 K ansas Gas & Elec. Co. 1st
5s, 1922...................................9 6 Yi & int.
56.000 Min neap. Gen. F.lec. Co. 5s,
1934____________ ______ 101J-5 & in t.
S20 Cent. V erm ont R y. Co. scrip 7% flat

By Messrs. Barnes & Lofland, Philadelphia:

5 per sh.
S per sh Shares.
25 Amer. Pipe & Constr. Co__ 90
4 County Fire Ins. C o ........... 1 2 6 ^
5 E astern Light & Fuel Co___ 113
22 Nac. Bank of G erm antown,
133 R ights to subscribe to Camden
S50 e a c h ..--------------------- 145
Fire Insurance Associat’n . 1
4 W estern N ational B a n k ......... 127
103 S tandard R oller Bearing Co.,
5 Belmont Driving C lub----- 5225 lot
co m m o n ........................ ........ 5%
10 N at. S tate Bank, Cam den,
•S50 each ................................ 103
84 P hila. Life Ins. Co., $10 c a .1 1 -1 1 %
14 N at. S tate B ank, Cam den,
20 M utual T ru st C o . . . ................42%
SIOO ea ch .............................. 200
2 P rovident T ru st Co________859
1 N at. B ank of Nor. L iberties.250
10 P hila. Bourse, com ., 550 e a . 3%
60 Nat . Bk. of Republic (in I!q’n)10c.
l O m aha W ater Co., 2d p r e f .. 30
10 B ank of C om m erce.----- ------- 136% 5.000 Tonopah Wall S t, Mg. Co.,
4 Corn Exchange N at. B a n k ..300
SI ea ch ________________ $35 lot
15 F irst N at. B a n k ..............235-235%
24 In te rn a t. Lum . & Devel. Co.,
20 G irard N at. B a n k --------- 430-430%
S50 e a c h ....... .............
16-25
3 M anufacturers’ N at. B a n k ..126%
4 Union N ational B a n k -------- 213
Ponds.
P e r cent7 Cent. Tr.& Sav. Co., S50 e a . 80
510.000 Buff. & L acka. T rac. Co.
1st 5s, 1928.................
89% -90
10 Equitable T rust Co.................100
50 Excelsior T r. & Sav. Fund Co., _
51.000 P hila. & R ead. R R . ext- 4s,
1932, g u a r ...................................... 98
$50 each ........... - ...........
55
55.000 Citizens’ W ater Co. (Scotts­
1 G irard T rust Co----------------1002
10 G uarantee T r. & S- D. Co ..1 5 8
dale) cons. 5s, 1941..........
-9 2 %
104 P hila. & Easton Elec. R R . Co.
$1,000 Springfield Cons- W at. Co.
pref., 550 e a c h ..................... S180 lot 1st 5s, 1958___________________100
15 Ins. Co. S tate of P c n n s y lv ..l5 0
$400 Springfield W ater Co. 5s, 1926 99%
$1,000 No. Spring. W at. Co. 5s, ’28 100
2 American Fire Ins. Co........... 60
52.000 Baldwin Locomo. W ks. 1st
10 People's N at. Fire Ins. Co.,
103%
5s. 1940_________
$25 each....................................25
$3,000 Buff. R och.
P itts, equip.
5 John B. Stetson Co., p r e f ... 193
4% , ser. F ., 1927........... ............ 100
8 John B, Stetson Co., com . .500-501

Shares.

By Messrs. Stunuel T. Freeman & Co., Philadelphia:
" per
-----sh
’ Shores.
S per sh.
$
24 Riverside T rac. Co., com ., par
Ocean City R ealty Co., par 550. 35
S50, full p a id ........... .................13
Amer. Pipe & Constr. C o........... 86
E nterprise Mfg. C o ......................114
Ponds.
P e r cent.
Nortli P enn B a n k ---------- --------120
S500 No. Spring. W a t. 1st 5s, 1928.100
People’s T ru st Co,, par $50---50
$200 Spring. W at. Cons. 5s, 1926.100
People’s N at. Fire I n s ..................25%

Shares.

14
5
10
10
5
11

675

Statement of New York City Clearing-House Banks and
Trust Companies.—The detailed statement below shows the
condition of the New York City Clearing-House members
for the week ending Mch. 2.
The figures for the separate
banks are the averages of the daily results. In the case of
the totals, actual figures at the end of the week are also given.
For definitions and rules under which the various items are
made up, see “Chronicle,” V. 85, p. 830, in the case of the
banks, and V. 02, p. 1007, in the case of the trust companies.

T ru s t Cos.
00s omitted.
M an h attan . .
B rooklyn __
B ankers _
U .S.M tge.& Tr.
A stor . .
T itle G uar.& T .
G u aran ty .
F idelity
Lawyers!'. I.&T
C olum bia__
S tan d a rd . .
Peoples _
New Y o rk .
F ran k lin . .
Lincoln .
M etro p o lita n ..

Surplus.

On D cp.
Net
Loans.
Specie. Legals. with C .H Deposits.
Average. Average. Average. Panks. Average.

S
2,252.1
2,414.7
13,518,4
4,502,2
1,139,4
11.714,4
22,888,1
1,283,4
6,171,5
1,893,6
1,411,2
1,696,7
11,572,3
1,360,8
550,1
6,122,3

$
16,030,0
20,294,0
126,088,0
41,797,0
16,013,0
34,124,0
171,470,0
7,631,0
19,534,0
20,597,0
15,436,0
16,395,0
46,726,0
11,004,0
11,026,0
25,740,0

B ank of N. Y .
M anhattan Co.
M erchants’ __
M ech.&Metals.
A m e ric a .........
C ity ...............
C hem ical____
.Merchants- Fix.
G a lla tin _____
B u tc h . A D rov.
Greenwich —
Am. Exchange
Com m erce___
M ercantile —
Pacific -------C hat. APhenlx
C itizen’s Cent.
M arket & Full.
M etropolitan
Corn Exchange
Im p.& TradersP ark ................
E a st R iver__
F o u r t h _____
S e c o n d ...........
F i r s t ...............
Irving E x c h ..
Bowery .........
N . Y. C ounty.
G erman-A mer.
C hase-----------F ifth A venue.
G erm an E x —
G e rm a n ia ----Lincoln ...........
G arfield...........
F i f t h ...............
M etropolis . . .
W est S id e----S eab o a rd .........
l i b e r t y -------N .Y .P ro d .E x .
S tate ................
S e c u r i ty .........
Coal & Iro n . . .
Union E x c h ..
N assau,B klyn.

Capital.

s
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
1.000,0
300,0
500,0
5,000,0
25,000,0
3,000,0
500.0
2,250,0
200,0
3,000.0
2,550,0
500,0
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
2,000,0
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

Surplus.

$
3,724,8
4,697,1
1,949,0
8,497,5
6.20S.4
27,824,4
7,078,0
551,1
2,560,5
142,1
898,4
4,672,3
15,917,8
2,775,4
942,3
1,239,0
463,6
13,105,5
1,996,2
548,6
1,831,2
1,615,0
5,494,2
7,631,1
13,075,7
62,9
5,807,7
2,391,3
21,270,7
2,050,3
803,6
1,673,8
732,9
9,102,7
2,159,5
887,9
1,042,9
1,701,0
1,249,5
533,6
2,155,8
1,068,3
2,136,2
2,741,5
801,6
970,1
478,1
479,2
964,6
1,092,7

Loans.
Average.

s
21,259,0
34,600,0
20,759,0
55,222,0
28,630,0
184,760,0
28,683,0
7,153,0
9,041,0
2,146,0
8,713,0
49,697,0
148,337,0
14,550,0
4,228,0
10,892,0
1,936,0
76,546,0
22,972,0
10,508,0
9,390,0
10,617,0
47,321,0
27,033,0
94,256,0
1,453,0
.37,612,0
14,443,0
124,351,0
27,775,0
3,360,0
8,573,0
4,185,0
100,595,0
13,115,0
3,270,0
5,499,0
14,168,0
9,258,0
3,473,0
12,514,0
4,176,6
24,852, C
19,111,C
8,255,0
14,898,1
11,061,0
0,532,(
9,608,(
7,87-.,0

Legals. N et Depos- ReSpecie.
Average. Average. its, A ver. lervc.

S
4,244,0
9,139,0
4,214,0
11,037,0
5,413,0
55,519,0
4,731,0
1,996,0
1,418,0
524,0
2,397,0
10,271,0
24,247,0
2,01 1,0
505,0
2,799,0
378,0
16,339,0
5,287,0
2,380,0
1,506,0
2,599,0
7,693,0
4,201,0
23,541,0
312,0
6,855,0
3,698,0
29,851,0
5,746,0
862,0
1,515,0
833,0
21,708,0
2,743,0
425,0
1,345,0
6,646,0
2,231,0
337,0
1,845,0
942,0
5,013,0
3,963,0
2,063,6
5,004,6
2,498,6
1,124,6
1,302,6
1,489,0

$
751,6
1,424,0
1,320,0
2,020.0
2,233,0
7,288,0
2,059,0
151,0
465,0
60,0
220,0
3,006,0
8,159,0
1,110,0
566,0
1,450,0
149,0
5,538,0
022,0
1,072,0
1.049.0
234,0
6,586,0
1,848,0
1,886,0
101,0
3,490,0
140,0
1,047,0
2,053,0
66,0
758,0
222,0
6,643,0
1,015,0
442,0
202,0
867,0
210,0
513,0
1,433,0
250,0
2,527,6
1,104,6
492,6
357,6
1,074,6
523,(
1,127,1
274,0

S
19,307,0
40,000,6
21,378,0
52, 860,(
29,748,0
193,846,0
25,908,0
7,711,0
7,321,0
2,133,0
10,075,0
51,004,0
127,238,0
11,590,0
3,973,0
17,059,0
2,191,0
85,871,0
22,342,0
12,934,0
9,500,0
10,077,0
55,909,0
21,607,0
100,806,0
1,747,0
40,262,0
14,706,0
121,290,0
30,451,0
3,566,0
8,930,0
4,022,0
114,022,0
14,700,0
3,425,0
6,356,0
18,307,0
9,551,0
3,421,0
12,718,0
4,805,0
29,252,0
19,936,0
10,014,C
21,012,6
14,180,6
6,735,6
9,755,6
6,882,0

26.6

A ctual'flgurcs March 2 .

26.5

1431,601,6 316,130,0 77,812,1 1482,297,6

the basis of averages, circulation of national banks In th e
Clearing House am ounted to 551,143,000, and, according to actual figures was
$51,511,000.




$
1,983,0
1,911,0
14,408,0
6,176,0
1,900,0
3,971,0
11,780,0
795,0
1,807,0
1,593,0
2,386,0
3,103,0
3,668,0
1,445,0
1,138,0
2,431,0

S
12,294,0
15,498,0
97,881,0
27,003,0
11,434,0
19,715,0
100,574,0
5,776,0
15,0S1,0
12,490,0
13,618,0
14,258,0
32,016,0
9,704,0
10,307,0
17,873,0

%
15.2 + 13.8
1 5.0+ 10.9
15.0 + 1 2 .8
15.0+ 18.3
1 4.6+ 10.6
15.1 + 16.4
14.7 + 10.4
15.6+ 10.3
16.2 + 10.6
15.0+ 11.3
1 5.0+ 14.9
15.3 + 17.5
1 5.0+ 10.2
15.6 + 12.6
15 .0 + 1 0 .0
16 .0 + 1 1 .9

6,977,0 60,495,0 415,582,0 1 5 .0 + 1 2 .8

Actual figures Mch. 2 . 600,139,0 55,077,0

6,964,0 61,143,0 417,323,0 1 4 .8 + 1 2 7

The capital of th e tru s t com panies Is as follows: M an h attan , $1,000,000: Brooklyn;
51,000,000; B ankers, $5,000,000; U nited S tates Mortgage & t r u s t , $2,000,000;
Astor, $1,250,000; T itle G uarantee & T ru st, $4,375,000; G u aran ty , 55,000,000;
Fidelity, $1,000,000; Law yers’ Title Insurance & T ru st, S4,000,000; Colum bia.
$1,000,000; S tan d ard , $1,000,000; People’s, S I.000.000: New Y ork, S3,000,000;
F ranklin, $1,000,000; Lincoln, $1,000,000: M etropolitan, $2,000,000; to ta l.
$34,625,000.
SUMMARY CO VERING BO TH BA NK S AND T R U ST COM PANIES.
Week
ending
M a rch

C apital.

Surplus.

Loans.

2

Specie.

O n D cp.
Legal vcith C . H .
Net
Deposits.
Tenders. Panks.

$
s
$
s | s
s
Averages.
S
........... 1,476,638,0
B a n k s __ 135,150,0 199,829,6 1,425,320,0 314,775,0 79,123,0
T ru st cos. 34,625,0 90,491,2 599,905,0 55,768.0 6,977,0 60,495,0 415,582,0
T o t a l . . . 169,775,0 290,321,1 2.025.225.0 370,543,0, 8 6 ,100,0| 60,495,01,892,220,0
A ctual.
1.431.601.0 316,130,0 77,812,0; _____ 1,482,297,0
B a n k s __
600,139,0 55,077,0| 6,964,0| 61,143,0, 417,323,0
T ru st cos.
T o t a l.. .

2,031,740,0 371,207,Oj 84,776,0j 61,143,0,1,899,620,0

...........

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
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see “Chronicle,” V. 86, p. 316.
STATE BANKS AND T R U ST COM PANIES.

Week ended M a rch

2.

Trust Cos.
State Panks
Trust Cos.
Slate Banks
outside of
outside of
in
in
Greater N . 1’. Greater N . V. Greater N . Y . Greater N . Y .

s

C apital as of Dec. 2 1 ___

S
22,665,100

$
61,956,000

S
9,402,900

9,525,000

S u rp lu s a3 of Dec. 2 1 ___

38,842,200

176,850,100

11,874,943

11,826,516

%.
and in v e stm e n ts.. 286,776,000 1,129,900,100 104,444,900 160,247,100
25.8 Loans
+ 403,000
+ 296,700
— 197,800 —8,694,300
Change from last w eek.
20.4
25.8
52,052,000 113.331.000
21.7
Change from last w eek.
+ 172,600 — 2,120,200
....................
....................
25.7
32.4
11,446,000
23,677,600
& b k . notes
....................
............
26.2 Legal-tenders
+ 105,600
Change from la t w eek.
+ 1,207,000
27.8
25.7
170,455,400
341.599.800 1,268,216,90u 110,995,400
D e p o s its ----------- ----------27.3
— 106,700
— 660,400
+ 58,000 — 10,899,300
Change from last week.
25.9
25.7
25,378,000
22,226,900
97,480,000 135,821,600
Reserve
on
deposits------25.4
— 202,900
—552,900
+ 2,082,100 — 1,944,300
Change from last week.
26.9
26.9 P . C. reserve to d e p o sits..
16.0%
21.3%
16.8%
20.4%
24.8
16.1%
2 i .8%
17.0%
28-8%
P ercfntage last w e e k ..
24.0
25.4
26.4
+ Increase over last week. — Decrease from last week.
26.6
N o te. — “S urplus” includes all undivided profits.
’’R eserve on deposits” Includes26.7 for bo th tru s t com panies and S tate banks, n o t only cash iteni3 b u t am ounts due
26.5
from reserve agents. T ru st com panies in New Y ork S tate are requited by law to
25.5
24.5 keep a reserve proportionate to th e ir deposits, th e ratio varying according to lo­
25.2 cation as shown below. T ie percentage of reserve required Is com puted on th e
aggregate of deposits, exclusive of monevs held In tru st and n o t payable w ithin
25.3
irty days, and also exclusive of tim e deposits n o t payable w ithin th irty days,
25.6 th
represented by certificates , and also exclusive of deposits secured by bonds or
26.0 obligations
th e S tate or City of New Y ork, and exclusive of an am ount equal to
26.2 th e m arket of
value (not exceeding par) of bonds or obligations of th e S tate or City
25.6 of New Y ork owned by the bank or held In tru s t for it by any public dep artm en t.
26.0 The S tate banks are likewise required to keep a reserve varying according to loca­
25.4 tio n , th e reserve being com puted on th e whole am ount of deposits exclusive of tim e
26.2 deposits n o t payable within th irty days, represented by certificates (according
24.8 to th e am endm ent of 1910) and exclusive of deposits secured (according to am end­
25.5 ment. of 1911) by bonds or obligations of th e City or S tate of New Y ork, and e x ­
25.0 clusive of an am ount equal to th e m arket value (not exceeding j ar) of bonds or
24.3 obligations of th e S tate or City of New York owned by th e com pany or held In tru s t
41.0
. _ ,
25.6 for it by any public d ep artm en t.
— Trust Cos.—
^ — Stale Panks —
24.8 Reserve Required to r Trust Companies
Total
Of
T ota l
Of
25.7
and State P a n k s .
Reserve
u hich Reserve
which
25.0
L ocation __
Required, in Cash. Required, in Cash.
25.7 M an h attan B o ro u g h................................................... 15%.
15%
25%
15%
25.5 Brooklyn Borough (w ithout branches In M anhat.) 15%
10%
10%
20%
25.5 O ther Boroughs (w ithout branches in M anhattan) 15%
7% ’
10%
15%
25.5 B rooklyn Borough, w ith branches in M an h attan . . 15%
20%
20%
15%
25.1 O ther Boroughs’, w ith branches in M a n h a tta n ___ 15%
15%
15%
15%
24.4 Elsewhere in S ta te ......................................................... 10%
6%
15% ■
5%
24.8
25.6

T o tals, A v g e .. 135,150,0 199,829,9 1425,320,1 314,775,0 79,123,( 1476,638,0

C ircu la tio n .—On

$
100,0
464,0
206,0
502,0
35,0
1,500,0
1,678,0
237,0
941,0
80,0
49,0
493,0
126,0
329,0
223,0
14,0

T o tals, Average 90,491,2 599,905,0 55,768,0

D E T A IL E D R ET U R N S OF BA NK S.
W e om it two ciphers (00) in all cases.
Banks.
00s omitted.

S
1,775,0
1,857,0
14,469,0
3,564,0
1,638,0
1,477,0
13,196,0
667,0
1,515,0
1,796,0
2,020,0
1,697,0
4,701,0
1,192,0
1,327,0
2,877,0

Reserve.

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State banks and
trust companies in the Greater New York n o t i n th e C le a r in g
H ou se.
These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing

THE CHRONICLE

6 7 6

[VOL. L X X X X I V

House banks and trust companies. In addition, we have
Boston and Philadelphia Clearing-House Members.—Be­
combined each corresponding item in the two statements, low is a summary of the weekly totals of the Clearing-Housethus affording an aggregate for the whole of the banks and institutions of Boston and Philadelphia:
trust companies in the Greater New York.
W e om it two ciphers (00) in all these figures.
N E W Y O R K C ITY BA NK S AND T R U ST COMPANIES.
2

W eek ended M a rch

(N at. Banks 1
C apital { F eb. 20 and
| S tate Banks |
Surplus 1 Dec. 21 J

Clear.-H ouse
Members.
A c tu a lF igures

Clear.-House State Hanks A
Total i f all
Members.
Trust Cos. not Hanks & T ru s t
Average.
in C .-H . A ver. Cos. Average.

$

$

S

$

169,775,000

169,775,000

34,652,000

204,427,000

290,321,100

290,321,100

93,130,300

383,451,400

Loans and Investm ents 2.031,740,000 2,025,225,000
Change from last week + 10,010,000
— 139,000
D e p o s its ........................ 1,899,620,000 1,892,220,000
Change from last week + 5,732,000
— 5,833,000

601,405,200 2,626,630,200
— 5,348,500
—5,487,500
0611,171,200 2.503,391,200
— 1,262,300
— 7,095,300

Specie
Change from last week

371,207,000
— 2,318,000

370,543,000
— 5,550,000

63,525,600
— 232,400

434,068,600
— 5,782,400

Change from last week

84,776,000
— 1,807,000

86,100,000
+221,000

611,154,200
+ 92,200

97,254,200
+ 313,200

Banks: cash In v a u lt__
R atio to deposits__

393,942,000
26.57%

393,898,000
26.67%

12,053,200
14.01%

405,951,200

T ru st cos.; cash In vault

62,041,000

62,745,000

62,626,600

125,371,600

Aggr’te m oney holdings
Change from last week

455,983,000
— 1,125,000

456,643,000
— 5,329,000

74,679,800
— 140,200

531,322,800
—5,469,200

Money on deposit with
o th er bks. & tru s t cos.
Change from last week

61,143,000
— 1.004,000

60.495,000
— 1,348,000

21,455,500
+ 369,300

81,950,500
— 978,700

T otal reserve______
Change from last week

517,126,000
— 5,129,000

517,138,000
— 6,677,000

96.135,300
+ 229,100

613,273,300
— 6,447,900

Surplus CASH reserve
B anks (above 25% ) __
T ru st cos. (above 15%)

23,367,750
def.557,450

24,738,500
407,700

............

............

T otal ...........
Change from last week

22,810,300
— 5,388,900

25,146,200
— 4,227,150

....................

% of cash reserves of tr list cos—
Cash In v a u lt__ .........
14.86%
Cash on dep. w ith bks.
12.78%

15.09%
12.80%

15.51%
1.53%

27.89%

17.04%

T o t a l .............................

....................

Capital
and
Su rplu s.

B oston.
J a n . 13................
Jan . 2 0 ...............
Jan . 27................
Feb. 3 ......... ..
Feb. 10................
F e b . 17................
F e b .24________
Mch. 2 . . ...........
Philadelphia.
J a n . 13................
Jan . 2 0 ................
Jan . 27................
Feb. 3 ................
Feb. 10................
F e b . 17................
Feb. 2 4 ................
Mch. 2 ................

S
41.575
41.575,
41.575,
41.575,
41.575,
41.575,
41.575,
41.575,
80.623.2
80.623.2
80.623.2
80.623.2
80.623.2
80.623.2
80.623.2
80.623.2

+ Increase over last week. — Decrease from last week.
These are the deposits after elim inating th e Item “ Due from reserve depositories
and o th er banks and tru s t com panies in New York C ity .” W ith this Item included,
deposits am ounted to $712,262,400, a decrease of $4,769,700 from last week. In the
case of the Clearing-House m embers, the deposits are “legal net deposits” both
for th e average and th e actual figures, b Includes bank notes.

The averages of the New York City Clearing-House banks
and trust companies, c o m b in e d with those for the State banks
and trust companies in Greater New York outside of the
Clearing House, compare as follows for a series of weeks past:
COM BINED RESU LTS O F BANKS AND T R U ST COM PANIES IN
G REA TER NEW YORK.

Dee.
Jan.
Jan .
Jan .
Jan.
Feb.
Feb.
Feb.
Feb.
Mch.

3 0 ..
6 ..
13-.
2 0 ..
2 7 ..
3 ..
1 0 ..
1 7 ..
2 4 ..
27j

S
2,481,588,2
2,492,990,3
2,531,983,6
2,557.285.9
2.570,217.2
2,586,925,1
2,607,204.4
2,626,743,3
2,632,117,7
2,626,630,2

Deposits.

$
2,337,100,4
2.371.283,7
2,416.299.8
2.456.409,0
2.475,673,5
2.488.372.8
2,497,993,9
2,506,444,9
2,510,486,5
2,503,391,2

Specie.

$
389,565,5
403,477,0
417.597.3
434,904,4
448,680.5
454,180,5
451,204,5
445,282,4
439,851,0
434,068,6

W e om it two ciphers

New York C ity.
Manhattan i t B ronx.
A etna N atio n al_____
W ashington H eights.
B attery P ark N a t___
C entury __________ _
Colonial .........
C olum bia......... ........
F id e lity ....................
G otham N a tio n a l..
J e lfe rs o n ___________
M ount M orris. _____
M u tu al......... ....
New N etherland ___
T w enty-third W a rd . .
Yorkville _________

C a p i­
tal.

s
300,C
100,0
200,0
250,0
400,0
300,0
200,0
200,0
500,0
250,0
200,0
200,0
200,0
100,0

Brooklyn.

B ro a d w a y ..................
200,0
F irst N ational. ........... 300,0
M anufacturers’ ____
252,0
M echanics’ .................. 1,000,0
N ational C it y ............ 300,0
N orth S id e__________ 200,0
Jersey City.
F irst N a tio n a l............
400,0
H udson C o u n ty N a t.. 250,0
T hird N ational
200,0
Hoboken.
F irst N ational . .
220,0
Second N ational___
125,0

322,8
307,7
107,9
111,5
477,6
817,6
167,4
123,0
529,5
345,3
400,8
280,0
100,4
531,9

1
2,267,0
1,377,0
1,309,0
1,508,0
6,058,0
6,953,0
1,058,0
1,206,0
3,770,0
2,481,0
3,713,0
2,743,0
1,875,0
4,079,0

545,7
664,8
877,0
898,2
578,2
168,7

3,075,0
3,604.0
5,387,0
10,531,0
3,708,0
1,998,0

t

91.491.0
93.396.0
104.294.0
106.911.0
102.404.0
102.315.0
100.407.0
103.057.0

Legals.

1912.

S
95,746,3
98,301,6
101.403.7
103.276,0
102.417,7
99.921.0
98,317.6
97,569,6
96,941,0
97,254,2

S
485.311.8
501.778,6
519.001.0
538.180.4
551.098.2
554.101.5
549.522.1
542.852.0
536.792.0
531.322.8

S
561.446.3
583.433,9
621.969.4
643.176.8
652,940,6
653.852.1
645.004.1
626.814.9
619.721.2
613.273.3

Specie

$
522,0
139,0
351,0
30,0
801,0
680,0
51,0
353,0
220,0
452,0
23,0
303,0
257,0
50,0

5
28,0
58,0
46,0
275,0
441,0
604,0
124,0
17,0
368,0
39,0
739,0
101,0
106,0
754,0

184,0
187,0
197,0
128,0
868,0
646,0
110,0
111,0
389,0
548,0
032,0
325,0
290,0
595,0

2,235 0
1,146 0
1,498,0
1,530,0
6,390,0
7,811,0
1,014,0
1,281 j)
4,297,0
2,792,0
4,163,0
2,612,0
2,107,0
4,581,0

390,0 140,0
334,0
70,0
655,0 161,0
265,0 1,661,0
484,0 107,0
195,0
97,0

451,0
500,0
925,0
1,710,0
747,0
365,0

3,022 0
2,775^0
4,936*0
12,377 0
3,755^0
2,014,0

480,0 4,019,0
67,0
976,0
147,0
445,0

4.223,0
2,236^0
1,748,0

190,0
173,0

15.432.0
15.430.0
15.404.0
15.408.0
15.400.0
15.488.0
15.377.0
15.407.0

152,890,8
162.929.0
149.652.6
170.130.6
146.303.6
137,499 5
123.819.5
153.858.5

1910.

1909.

$4,088,288
18,834.814

S4, l b l ,685
14.031,659

$22,716,292

$17,174,911

$22,023,102

$18,193,344

$28,584,683
141,499,022

S29,979,381 $32,575,159
119,435,856 140,201,611

$34,277,686
117,221,707

T o t a l .................................. ..
Since January 1.
D ry G oods............... ................
General M erchandise.............

149,415,237 $172,776,770 $151,499,393

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.^2'and from Jan. 1 to date:
EX P O R T S FROM N EW Y O R K .
1912.
For the W eek............. ............
Previously rep o rted ......... .

1911.

$17,235,507
134,712,068

1910.

1909.

$18,282,480 $12,404,317
116,504,239
99,451,100

$13,7(4,271
90.752,572

T otal 9 W eeks...................... $151,947,575 $134,786,719 $111,855,417 $110,456,843

The following table shows the exports and imports of
specie at the port of New York for the week ending Mch. 2
and since Jan. 1 1912, and for the corresponding periods in
1911 and 1910:
Exports.

Gold.
G reat B rita in ____ _____ ______ ___
F rance ______ _______ _____ ___

44,0
55,0

376,0
327,0

N et
Deposits.

Im ports.

Since J a n . 1

Week.

Since J a n . 1

$7,993,087

$1,917

$28,506

W est In d ies...........................................

43,200

105,300

S outh A m e r ic a ..___ __________ . .
All other co u n tries..............................

325,000
500

4,351,329
2,750

760
2,837
38,721
11,763

19,209
2,272,978
508,977
321,259

Total 1912.........................................
Total 1911______ _______ ______
Total 1910_____ ______ ________
Silver.

All other countries..............................

On
Deposit
with
C .-H .
Banks.

633,3 3,803,0
272,3 3,136,0

383.010.0
388.866.0
417.710.0
424.523.0
421.047.0
427.493.0
423.857.0
427.256.0

1911.

33,707,413
19,008,879

5368,700 $12,453,066
189,825
1,170,570
1,161,055
5,889,118
$752,404

$6,223,485
$1,907,400

1,291

8,438

303,000

8,786
301,170

West In d ies_____ ____________ . . .

Legal
Tender
anil
Bank
Notes.

270,0
260,0
118,0

$
185,065,3
198.427.5
161,523,9
206.851.6
166.816.6
171.394.0
145,599,6­
214,401,4

83,318,052
13,856,859

F o r Week.

Week.

1,317,8 4,962,0
788,9 3,470,0
419,1 2,055,0

S
7,733
7,810
7,897
7,913
7,926
7.910
7,859
7,891

$
,003,0
,532,0
,919,0
,214,0
,582,0
320,0
,028,0
,067,0

E X PO R T S AND IM PORTS O F S P E C IE AT N EW Y ORK .

Total 1 9 1 2 . . . ...........
$1,056,605 $8,462,279
8,854,033
Total 1911 ...........
...............
801,481
7,737,812
T otal 1 9 1 0 ........................................ 1,095,161

$56,004 $3,150,929
154,098
1,915,728
1,161,900 2,311,935

$3,723
49
53,560
96,259
5,378

S12,739
15,335
8,220
1,116,674
744,673
170,231

$158,969 $2,066,872
157,773
1.167.686
3,466
692,375

Of the above imports for the week in 1912, $270 were
American gold coin and $3,205 American-silver coin.

girnMna and JftmmciaL
Railroad and Industrial Stocks
W r ite fo r o u r C irc u la r N o . 614, e n title d “ R a ilro a d a n d I n d u s tr ia l
.S to ck s,” w hich d escrib es 126 issu es listed o n th e N ew Y o rk S to c k
E x c h a n g e , a n d classified b y us as follow s: I n v e s tm e n t .Stocks, S e m i­
I n v e s tm e n t S to c k s , S p e c u la tiv e S to c k s .

Spencer Trask & Co.
43 E X C H A N G E PL A C E — N E W YO R K .
C h i c a g o , III. B o s t o n , M a s s .
A l b a n y , N. Y.
M e m b e rs N e w

Y o rk

S to ck E x c h a n g e .

White, Weld & Co.

1.661,0
l,4 0 3 j)

T o tal Mch. 2 ......... 6,847,0 11,787,4 86,126,0 7,569,0 6.729,0 16,051,0 83,607,0
T otals Feb. 2 4 ___ 6,847,0 11,809,4 85,673,0 7,780,0 6,678,0 15,085.0 83,224,0
T otals F eb. 17----- 6,847,0 11,869,4 85,704,0|7,769,0(6,457,0 14,585,0 83,299,0




337.976.0
339.021.0
373.337.0
376.436.0
379.907.0
382.207.0
382.191.0
382.674.0

D ry G oods____________. . . .
General M erchandise............

T ot. M oney Entire Res.
Holdings. on Deposit.

(00) in all these figures.
Loans,
D is c’ts
and
Invest­
ments.

S u r­
plus.

20 2.0

297,0

Clearings

F O R E IG N IM PO RTS AT N EW YORK.

Reports of Clearing Non-Member Banks.—The following is
the statement of condition of the clearing non-member banks
for the week ending Mch. 2, based on average daily results:

Banks.

,572,0
442.0
,175.0
,296,0
768.0
178.0
160.0
561,0

$
,521,0
,090,0
,175,0
,131,0
,842,0
,843,0
176.0
063.0

C ircu ­
lation.

Imports and Exports for the Week.—The following are
the imports at New York for the week ending Mch. 2; also
totals since the beginning of the first week in January.

W e om it two ciphers in all these figures.
Loans and
Investm ents .

$
,718,0
,290,0
,076,0
,778,0
410.0
099.0

T otal 9 W eeks...................... $170,084,305

27.64%

Legals. Deposits.

a Includes Governm ent deposits and th e item "due to other b an k s.” A t Boston
G overnm ent deposits am ounted to $3,696,000 on M arch 2, against $3,760,000 on
F ebruary 24. ■ t“ — “ *

a

Week
Ended.

Specie.

Bonds and

5 N ASSAU S T R E E T ,
NEW

YORK

I n v e s tm e n t Securities

TH E ROOKERY,
CHICAGO

mar .

U

677

THE CHRONICLE

19]2.)

oo
CO

The market for railway and industrial bonds has been
moderately active, the transactions averaging between 2
and 2% millions, par value, daily.
W a l l S tr e e t, F r i d a y N i g h t M a r c h 8 1912.
United States Bonds.—Sales of Government bonds at the
The Money Market and Financial Situation.—The prevail­ Board
include $16,000 Panama 3s at 101% to 103%, $5,000
ing sentiment in financial circles has been a cheerful and 4s coup,
at 113% and $1,000 2s coup, at 101%. Closing
hopeful one and the security markets have generally con­ prices have
been as follows; f o r y e a r l y r a n g e se e t h i r d p a g e
tinued strong throughout the week. The upward movement f o l lo w i n g .
of prices at the Stock Exchange was, however, briefly
checked, beginning on Tuesday afternoon. This may have
M ch .
M ch .
M ch .
M ch .
Interest M ch .
M ch .
8
been due, and doubtless was in part, to the fact that at a
2
6
Periods
5
7
■4
meeting of the anthracite coal operators on that day the 2s, 1930 ____ _. registered Q—Jan *100% *100% *100% *100%
*100%
demands of the miners were rejected. A coal strike is not a 2s, 1930......... .. .........coupon Q—Jan *100% *100% *100% *100%
101%
3s, 1908-18......... . .registered Q—Feb *102% *102% *102% *102% *102% *102%
m atter to look forward to with complacency, but more 3s,
1908-18 ____ .........coupon Q—Feb *102
*102
*102
*102% *102% *102%
disastrous results might ultimately follow a submission to 4s, 1925
real ste red q __ j-eb * ii3 % *113% *113% *113% *113% *113%
1925............. .
Q— Feb *113% ♦113% 113% *113% *113% *113%
unreasonable and unjust demands if made by one of the 4S,
2s, 193 G -Panam a Canal reals Q— Feb *100% *100% *100% *100% *100% *100%
most arbitrary combinations which now menaces the in­ 3s, 1961 .P a n a m a Canal coup Q—Mch 101% *101% *101% 101% *101% *101%
dustries of the country. Apparently the effect of the coal
This Is th e price bid a t th e m orning board; no sale was made.
situation, as a market factor, was more than offset by the
Railway and Miscellaneous Stocks.—The stock market
announcement of an extra dividend on Lake Shore and other
stocks, by a report of iron and steel production and of rail­ is again more active and prices have further advanced.
way traffic in February and by an advance of Standard Except for a slight tendency to react on Tuesday afternoon
Oil shares and the shares of subsidiary companies to what is and Wednesday, which was so slight as to be scarcely worth
mentioning, the market has been strong in tone throughout
said to be the highest prices ever recorded for them.
The iron and steel reports referred to show increased the week and practically the entire list traded in is sub­
activity in practically all departments and also disclose the stantially higher.
Steel common has led the market both in activity and
fact that the Steel Corporation has recently been a more or
less liberal buyer of pig iron. Several statements of rail­ strength. Over 200,000 shares were traded in on Tuesday
way traffic indicate that the net results of February opera­ and it closes 4 points higher than last week. Erie pre­
ferred is over 3 points higher, Union Pacific 3, and St. Paul,
tions will be more favorable than those of January.
While there has been no change in the local financial Canadian Pacific, Erie and Amalgamated Copper nearly 3.
situation worthy of note, the Bank of England reports a Steel preferred has moved up 2 points while Sears-Roebuck
considerably reduced percentage of reserve, the Bank of & Co. has lost over a point of last week’s advance.
F o r d a i l y v o lu m e o f b u s in e s s se e p a g e 685.
France reduced gold holdings and the German banks are
The following sales have occurred this week of shares not
still bidding relatively high rates for loans in this market.
Gold to the amount of 84,000,000 has been shipped or represented in our detailed list on the pages which follow:
engaged for shipment to Baris this week, making a total
STOCKS.
Sales
Range since J a n . 1.
Range to r Week.
of 812,000,000 from here this year.
fnv
Week ending M a rch 8.
The open market rate for call loans on the Stock Exchange
Week. 1 Lowest.
Lowest. i Highest.
Highest.
during the week on stock and bond collaterals has ranged Am B rake Shoe& F d y .p l 32 132 Mch 4 132 Mch 4 130 Ja n 138 Ja n
from \ y<i to 2 lA % . To-day’s rates on call were 2 } 4 @ 2 lA % . American Snuff................ 1,152 123 Mch 6 129 Mch 4 123 Mch! 144% Ja n
Jan
Preferred ........... ..........
540 106% Mch 5 107% Mch 6 102% Jan 111
Commercial paper quoted at
for 60 to 90-day Batopilas
Mining > _
$1% Mch 4 S I H Mch 4 SI % Mch 81% Jan
endorsements and for prime 4 to 6 months’ single names, C anada S o u th ern ........... 1006 67%
Jan 67% Feb
Mch 8 67% Mch 8 65
C anadian P ac subscrip
and 4 A ® 5 % for good single names.
Feb
receipts 1st Install paid
100225 Mch 7 225 Mch 7 222% Feb 226
The Bank of England weekly statement on Thursday Colo Fuel & Iron, p r e f .. 200106
Mch
Mch 108
Mch 4 108 Mch 4 106
Comstock T u n n e l...........
300 12c. Mch 5 13c. Mch 5 12c. Mch 16C. Feb
showed a decrease in bullion of £993,567 and the percent­ General
Feb
130 108% Mch 8 108% Mch 8 107% Jan I l l
Chemical, p re f. .
age of reserve to liabilities wfis 44.26, against 45.97 last week.
% Mch 6
% Mch 2
Preferred rig h ts........... l,382j
% Feb 21-32 Feb
Ja n
10 87% Mch 4 87% Mch 4 87
Feb 90
Tlie rate of discount remains unchanged at 3 A % as fixed H om estake M ining.........
Jan 23
Ja n
York D o ck .............
700 20 Mch 5 20 Mch 5 20
Feb. 8. The Bank of France shows a decrease oM 1,225,000 New
300 48% Mch 6 49% Mch 6 46% Feb 52% J a n
Norfolk S o u th ern ...........
Fob
O ntario Sliver M in in g ..
100 ( 1 % Mch 8 1% Mch 8 1 1
1% Feb.
francs gold and 2,950,000 francs silver.
109
N EW Y O R K C ITY CLEA RIN G -H O U SE BANKS.
(N o t In clu d in g Trust Companies.)

1912.
Averages tor
week ending
M a rch 2.

DIJterences
fro m
previous iceek.

1911.

1910.

Averages tor
week ending
M a rch 4.

Averages tor
week ending
M a rch 5.

S
S
$
S
132,350,000 128,350,000
135.150.000
C a p ita l............................
196.005.800 182,627,500
199,829,900
S urplus............................
Loans anil d isc o u n ts.. . 1.425.320.000 Inc. 2,635,000 1,327,909.900 1,241,435,800
47,968,700
46,703,300
44,000
51.143.000 Inc.
C irculation........... ..........
N et deposits........... ........ 1.476.638.000 Dec. 2,269,000 1,370,911,200 1,248,123,100
261,5
33 ,20 0
307,608,400
Dec.
4,576,000
314.775.000
S p e c ie ........................—
65,313,400
73,584,400
79,000
79.123.000 In c.
Legal-tenders..................
Reserve h eld ........... ..
25% of deposits.............

393.898.000 Dec. 4,497,000
567,250
369,159,500 Dec.

381.192.800
342.727.S00

326,846,600
312,030,775

Surplus reserve.........

24,738,500 Dec. 3,929,750

38,465,000

14,815.825

P ab st Brewing, p re f___
Philadelphia Co (PIttsb)
P ittsb u rg h Steel, p r e f .. .
Quicksilver M ining.........
P re fe rre d ......................
Sears, Roebuck & Co, pf
So P o rto Rico Sugar, p f.
S tandard M illing.............
P r e f e r r e d ......................
Texas Company (T h e ). .
U nited Cigar Mfrs, pref.
U nlted D ry Goods.........
P re fe rre d ......................
U S R ealty & Im prov’t .
U S R educ &R efin in g ..
V irginia Iron, C &C ___
Vulcan D etin n ln g -. . . .
P r e fe rre d ......... ............
W eym an-B ruton, n r e f ..

100409
3.900 107
230 101%
1,700 3%
325 4%
400 123%
55 110
2,770 17%
665 56
2,355 93
100 107
200 98%
600 104
500 67
200 1%
800 54
330 20
10 81
125 113

Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Mch
Meh
Mch
Mch
Mch

5 109 Mch
7 109% Mch
7 101% Mch
4 4% Mch
7 5 Mch
4 123% Mch
4 110 Mch
2 21
Mch
2 61% Mch
2 97% Mch
6 107 Mch
5 99 Mch
5 104% Mch
5 67% Mch
4 1 %Mch
4 62 Mch
7 22 Mch
2 81
Mch
6 113 Mch

5
8
6
e
6
5
7
8

108
104
101
3
3%
121
110
16%
53
81
o 105
7 97
8 103%
4 67
4
1%
7 54
5 15
2 70
61 113

1

Feb
Jan 111%
Feb 103
Jan 4%
Feb 5
Jan 124%
Jan no
Jan 21
Jan 61%
Jan 99%
Jan 109
Feb 100%
Feb 106
Jan 69%
Mch 1%
Mch 90
Jan 27%
Jan 83
Mch H 3

Feb
F eb
Feb
Mch
Mch
Feb
Jan
Mch
Mch
Feb
Feb
Jan
Jan
Jan
Mch
Ja n
F eb
Feb
Mch

Outside Market.—Movements in Standard Oil securities
have absorbed the attention of the “curb” market this week,
trading elsewhere being quiet. Business in the subsidiaries
N ote —The Clearing H ouse now Issues a statem en t weekly showing th e actu al
condition of the banks on S aturday morning as well as th e above averages. These heretofore has been almost entirely “over the counter,” but
figures together w ith th e returns of the separate banks and tru s t com panies, also in the last few days there has been an active market on the
th e sum m ary Issued by the S tate Banking D epartm ent giving the condition of S tate “curb” in some half-dozen of the separate companies.
The
banks and tru s t companies n ot reporting to th e Clearing House, appear on th e second
decided advance in all the “oil” shares within the past few
page preceding.
Foreign Exchange.—The general tendency of the market days has been the subject of considerable comment. By
far the heaviest gain was recorded by the Standard Oil “old
during the week was towards easier rates.
T o -d a y ’s ( F r id a y ’s) n o m in a l ra te s fo r s te rlin g e x c h a n g e w ere 4 85 fo r stoek,” that is, the stock carrying all the allotments under
00- d a y a n d 4 88 fo r s ig h t. T o -d a y ’s a c tu a l r a te s fo r s te rlin g e x c h a n g e the plan of dissolution, the rise here being 75 points to 900,
w ere 4 8405@ 4 8415 for 00 d a y s , 4 8 7 1 5 ^ 4 8720 fo r c h e q u es a n d 4 8750(ro
a point never before reached. The close to-day was at 885.
4 8755 fo r ca b les. C o m m ercial o n b a n k s 4 82 % @ 4 8 3 % a m l
fo r p a y m e n t 4 83 % @ 4 8 4 % . C o tto n fo r p a y m e n t 4 8 3 % @ 4 8 3 % a n d
Standard Oil, ex-subsidiaries, went up from 353 to 370 and
g ra in fo r p a y m e n t 4 84 (ffi 4 84 % .
>
,
,
The subsidiaries “en bloc” sold up from 490
T h e p o s te d ra te s fo r s te rlin g , a s q u o te d b y a re p re s e n ta tiv e h o u se , w ere down to 357.
n o t c h a n g e d d u rin g th e w eek from 4 85 fo r 60 d a y s a n d 4 88 fo r s ig h t.
to 525 and down finally to 515. The reported advance of
T o - d a y ’s ( F r id a y ’s) a c tu a l ra te s fo r P a ris b a n k e rs ’ fra n c s w ere 5 2 0 %
less 1-32@ 5 20 % fo r long a n d 5 1 8 % © 5 17% less 3-32 fo r s h o r t. G er­ some 70 odd points to 317 in Prairie Oil & Gas stock was
m a n y b a n k e rs ' m a rk s w ere 04 9 -1 6 @ 9 4 % fo r lo n g a n d 05 3-16@ 9.>% less accompanied by rumors that the company would declare
13 2 ‘fo r s h o rt. A m s te rd a m b a n k e rs ’ g u ild e rs w ere 40 27@ 4 0 29 fo r s h o r t.
quarterly dividends of 7% in the future, placing the stock
E x c h a n g e a t P a ris o n L o n d o n , 25f. 24 % c.; w e e k ’s ra n g e , 25f. 2 5 % c .
on a 28% per annum basis. Anglo-American Oil, one of the
h ig h a n d 25f. 23c. low .
E x c h a n g e a t B erlin o n L o n d o n , 2 0 m . 4 7 % p f.; w e e k ’s ra n g e , 2 0 m . 48 p L
more active stocks, improved from 12 to 14% and rested
h ig h a n d 20 tn . 4Gpf. low .
finally at 14%. Among the Tobacco stocks British-AmOr.
T h e ra n g e fo r fo re ig n e x c h a n g e fo r th e w eek follow s:
Cables.
S te r lin g , A c tu a l —
S ix ty D a y s.
Cheques.
Tobacco continues the feature, with a falling off from 19%
4 8765
H ig h fo r th e w e e k . . . 4 8430
4 8730
to 19% and a rise to 19%. MacAndrews & Forbes lost
4 8750
L ow fo r th e w e e k .- . 4 8405
4 8715
P a r i s B a n k e rs '.,F ra n c $—
about 3 points to 172, but moved up to 177. Porto Pdcan-Am.
H ig h fo r th e w e e k .- - 5 20 less 1-16
5 17% less 3-64 5 16% less 3-32
Tobacco gained 10 points to 235 and R. J. Reynolds Co. 7 pts.
L ow fo r th e w e e k .. .5 2 0 % less 1-16 5 18 % less 1-64 5 17% less 1-16
G e rm a n y B a n k e rs ’ M a r k s -—
to 212. United Cigar Stores sold up about 3 pts. to 189, then
95 5-16 p lu s 1-32
9 5 % p lu s 1-64
H ig h fo r th e w e e k . . . 94 %
down to 184%, recovering finally to 187%. Guggenheim
L ow fo r th e w e e k . . . 94 9-16
95 3-16
95%
A m s te rd a m B a n k e rs ’ G u ild e rs —
Exploration advanced from 189 to 198 and finished to-day at
40 5-16
40 % less 1-16
H ig h fo r th e w e e k ___ 40 %
197. Intercontinental Rubber com. declined from 14% to
40 % less 3-32
L o w fo r th e w e e k ___ 4 0 % less 1-16
4 0 % p lu s 1-32
12%, recovered to 13% and finished to-day at 13. Julius
D o m e stic E x c h a n g e — C hicago, 5c. p e r $1,000 p re m iu m . B o s to n , p a r .
S t. L o u is, 20c. p e r $1,000 p re m iu m . N ew O rle a n s , co m m e rc ia l 25c. p e r
Kayser & Co. com. rose from 65% to 67, the pref. gaining 1%
$1,000 d is c o u n t a n d b a n k $1 p re m iu m . S a n F ra n c is c o , 20c. p e r $1,000
Lehigh Valley Coal Sales fell from 203 to 199,
p re m iu m . S t. P a u l, 30c. p er $1,000 p re m iu m . M o n tre a l, 31 % c. p e r points to 107.
$ 1 ,000 p re m iu m . C h a rle s to n , b u y in g p a r a n d sellin g 1-10% p re m iu m .
recovered all the loss and ends the week at 201. In bonds
State and Railroad Bonds.—Sales of State bonds at the Inspiration Cons. Copper conv. 6s advanced from 104% to
Board include $6,000 New York 4s 1961 at 1 0 2 A to 102 M, 105, but dropped to 104. City of Tokyo 5s were traded in at
$3,000 New York Canal 4s 1961 at 102^ to. 102% and $2,000 95 and 94%, and at 95 finally. Copper shares were quiet.
Outside quotations will be found on page 685.
Virginia 6s deferred trust receipts at 48%.




New York Stock Exchange-—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A G E S
F o r reco rd of sale s d u rin g th e w eek of s to c k s u s u a lly in a c tiv e , see p re c e d in g page.
■

S T O C K S - -H IG H E S T

| Saturday
! M a rch 2

AND

Tuesday
M arch 5

M onday
M arch 4

LOW EST
Wednesday
M arch 6

1015S 1017« I 041I3 1051) 1013,. 1057,
1 103% 1031- 10312 1031a 1031a 10!la
133 138
1371.1 1373.) 1371a 1381,
10212 1023| 10212 1027« 102?, 10!la
S91a *88
♦S3
8912 §381a 881a
79% 801s 791a 801, 8OI.1 803.
2277a 2281a 2261a 2273, 2277, 2283,
*350 370 >350 370 >350 370
72»4 72% 723S 735, 73t2 737,
*17
*17
20
20
*1714 20
*35
*35
GO
65
18% 181a 1812 181a 1812 181a
*351/1 361a 363, 363, *35U 361a
10S3.I 1075;; 1071, 1081.) 1071a 1083,
145 145
145 145
145 145
1400 m i s 140* 1407, 1403.1 141
*11)2 200 *192 200 h o i 200
*138 140 *138 140
138 138
*150 160 *150 160 >150 155
*U.l 21« *U4 21, *IU
21,
41a *4
*4
5% *4
5
*54
*52
58
58
*52
58
*95 100
*95 100
♦95 100
*43
*43
45
45
45
*43
*75
77
76
76
576
76
*65
70
*65
*65
70
70
1697, 1097, 170 1703,
168 168
♦SlOU 564 *51014 564 *540 564
2l3.i 213., *21
22
*21
22
♦ Ilia 421a §41% 4U 2 *4U2 423.,
81a
81a St2 ♦8
9
*8
*16
17
17
17
*16
*16
3U,i 321, 317,
3212 331?
5111 521, 52
531,t 541,
53U
413.1 42
421a 43
431, 44
1303.1 13 U8 1303.1 1313, 13U8 13134
38
375s 3734 373S 375, 38
11
107g 11
11
11
11

SALE

P R IC E S .

Thursday
M arch 7

1051, 1051? 10 .V,
10333 1031a 1031.)
1371?
* 13712 138
103 1031] 10?
*S81a 90
88%
81
80'\, 811]
228?s 2283, 2231?
*350 370
370
731a 737S 7334
*17
*17
20
♦35
♦35
65
*1734 181a
18%
36
*35
35U
1071) 1077, 107%
1441?
*14312 145
1407, 1407, 1407,
♦ 192 200 *191
*138 140 *137
*150 155 *150
21.) *11.)
*114
41,
*4
6
*52
58
*52
*95
*95 100
45
*43
*43
77
76
*76
72
♦65
*65
170
*163 170
*540 504 *540
2 H4
*2U2 22
§41% 4112 *41%
9
*8
*8
17
*16
*16
327, 333.) 33
5334 511? 54%
443, . 44
44
131 13134 131%
37
371, 37
*912 11
*10

*120 1271, *120
*120 1271s *120 1271,
1361a 1307, 1363.)
137 137
*136 1367, 13612 137
177, 18
1734
181g 181R 181, I 8I4 177, 18
573g 571? 58
576s 68I4 573.1 53% 5714 58
56
56>s 56I4 56I8 561, ___ ___ ♦ _ _
56
*10
12
*1012 12
13
*11
*10
12
*10
*23
28
*24
28
*23
26
*23- 27
*23
80
*78
*78
80
80
*78
*78
80
*78
*26
261? 26
1 2534 26
26
*20
2612 26%
6278 6212 6318 *6214 65
*62
6218 621, 02%
13% *12
14
*12
+ 12
14
*12
14
*12
34
*32
34
321,i 32U *32
31
32
31
15912 1603, 15912 160
*15812 1593.( 1583,! 160
159%
*43
48
*43
44
44
48
*4312 46
*43%
15512 156
15434 1551s 155
15512 1551a 155 156
1375s 138
138 138 *137 139 *137
♦ 1371a 139
*22
24
24
*20
23
23
*20
231? *18
*41
5 4 *40
54
*40
54
40
§40
*35
134 134
134 13412 133I2 13312 135 135
135
♦ 147 150 *147 150 *147 150 *147 150 *147
+88I4 89
*881, 891, *88% 89
*883, 89
267, 27
267, 27
27
27
271, 27 I4 27
+597g 6134 *5978 613.) OH4 613.) 613.) 613.) 6134
401]
39
391a 39% 391.1 393, 3912 40% 40
*165 173 *165 173 ♦ 165 173 *165 173 >165
68
*65
6912 *65
68
*65
*65
66
*65
31
*3Ua 321a *31
29
3U 2 *3034 3U 2 *30
1115s 1117o 11U2 1113a n u 2 1117, 1115, 11234 1113.)
57
*53
57
♦56
57
50
*55
*53
57
*971a 110
*971a 110
*971a 103
*071a 103
*98%
*86
*86 ' 89
*86 '
*86 " 89
8912 873.4 89
1397, 1397, 140
140 140
13912 1391? 1393, 140
363.1 37
363.1 37
363, 3573
3612 37
36
10933 109% 1091a 1093g 10912 109% 10858 IO9I4 10S34
92
92
*90
*90
92
*90
92
*90
592
11778 USD 1177a 11 SI? 1181s 119D 1185, 1191, 118%
*89
*89
99
99
*89
99
99
♦89
♦89
+85 105
*85 105
♦85 105
♦85 105
♦85
*90 105
*90 105
*90 105
*90 105
♦90
123 123U 1223.1 12314 123ls 1233, 1231, 1233, 123%
1067s 1071s 10012 107
100I2 10634 100 10612 10534
*105 117 >110 118 *105 1163,| >105 1163] *105
1543i 1553.! 15418 156!2 155', 1567, 1543, 1557, 154%
*8934 91
*8912 91
8914 891,) *891.) 91
*89%
9634 963) 9634 97
*96
97
96l2 961a 90%
2334 23
231,1 2312 233S 231? 23
231]
23
493, 483, 491a ■18% 485,
183S
491,1 493, 49
25t2 2512 243,1 2434 25l2 271,
*24
26
271.)
67
*65
67
*65
*65
68
07
67
60
3912 391? 09l4 3934 3914 39% 3912 41% 41
321a 321a *30
32
33
33
33
*30
32%
7234 727, 731a *70
71
71
73
*70
72%
109)3 1093. lOOU 1101, rlOS% 1091, 10814 109
108
28
28% 28
281,
281, 283, 281) 281]
281.)
731.1 733* 733, 731? 733, 735,
731.) 731.)
73%
*22
22 I4 221) *2 1% 23
23
2219 221a 223.)
*52
56
*52
55
56
*53
*52
55
*52
44a, 433.1 437, 4333 44
4312 4334 44
437,
♦3
*3
4
*3
4
4
*3
4
*3
123.4 127,
*1234 13
127, 133,
1312 13% *13
323, *30
321, 32
321, *30
321a 323,
*30
♦106 108 *106 10 s *106 108 >100 108 *106
1643.! 165'* 16438 1358, 165 1071, 166 166-\s 16 5%
913, *91
*91
91
913, *91
9U? 91'8 9U ,
351? *34
353, 35l8 351, *3 t
.35
35
35
6212 63
631. 6312 6312 6312 *62
631? *02
46I2 *45
*45
47
*45
47
46>2 461? *44
♦___
881a
88l2
8S12 :<___
8812
*63,! 714
7
7
7
*6%
7%
71,
7%
18%
*183* 19
IS
18
1812 181a 18% 19
59
*57
*57
OOI4 5712 577, *5712 5912 57%
78%
78
*771, 801,
78
*7718 801,, *771S 801,
71a 8
71a
8
7
$7U
7
73,
VI4
1912 1912 *19
20
! *19
1912 1912 2112 21%
10
10
10
10
*10
IU 4 11%
11
11
533.)
52
552I2 521a 53
52
53
54
*49

fi

Frida y
M arch 8

106
10563
10312 §103%
138
13S
103% 103%
88% *83%
81% Z80
230%
230
370 *350
X733.)
75
17
20
65
*35
18% §18%
35% 353.)
108% 103%
14434 *141%
14 lk) l i t
195 ♦ 192
140 *130
155 *150
2
*1%
4% ♦ 4
58
*55
100
*95
45
*13
76% *76
70
*65
170
170
564 *540%
213] 213.)
42% 4134
834 *8
10% 16
333.)
34
55
55
44% 44%
1323, 132%
38
38
11
*9%

1371a
18%
583,
56
12
28
80
27
633.,
14
31
160-3.)
46
1553.)
138
25
50
1351a
150
28
613.)
407,
173
66
291a
1123.,
57%
103
89
140
36%
1091.)
92
119%
99
105
105
123:%
106';;
110)4
158%
91
90%
237,
49%
27%
07
-11%
323,
72%
1093,
29
74%
23
55
44-3,
4
133)
323,
108
1681.;
913,
35
04%
47
881a
7%
19
5S%
78%
83]
227,
12%
54

♦
*120
1303.)
18
5734
56
*10
*23
*78
27
*02
*12
*30%
160%
44%
155%
*22
+40
135%
*147
+88%
28%
613.)
40%
*165
*05
29
112%
*55
♦9812
*86 “
rl383.
36%
109%
*90
119%
♦89
♦g5
♦90
123%
108
*105
156%
+89
96%
23%
4S34
27%
67
41%
*32
*70
1091.)
29
7-1%
23
52
4334
*3%
*13
♦3012
§107
107%
91%
35
63
*45
7%
18%
59%
78%
83.)
22%
123)
54%

100%
103%
1381,
103*4
93
893.)
23 L
370
74
171]
65
18%
353.]
1083,
145
141%
195
139
156
2
4%
58
100
45
77
70
170
564
22
4134
9
16
34%
553,
45
133%
381a
12

Sales o,‘
the
Week
Shares.

18,050
1,515
3,900
12,745
142
23,750
18,225
209
10,550
200
1,020
500
24,340
1,340
5,176
100
200

425
800
1,400
551
100
100
114,850
37,025
4,600
28,850
2,550
•14

STO C K S
N E W Y O R K STOCK
EXCHANGE

Ranyc since January 1.
On basis ot 100-s/wrc lots.
Lowest.

I lly best.

R a ilro a d s
A tc h Topolca & S a n ta Fe 103% F e b 1 107 J a n 25
GY D o p r e f __________ 1013s J a n 2 101% F e b 10
A tla n tic C o ast L in e H R . . 133% J a n 10 1387,s Mch 1
B a l tim o r e & O h io ______ rl01% F eb 1 1067s J a n 20
88 F e b 20 91 J a il 23
II
Do p r o f __________
763) J a n 2 81% M ch 7
B ro o k ly n R a p id T r a n s i t.
/ C an ad ian P a c ific ______ 226% M ch 4 {2353.) J a il 3
C e n t r a l o t N ew J e rs e y . 305 J a n 9 380 F e b 7
08% F eb 1 75 M ch 7
C h esap e ak e A O h io _____
17 J a n 25
IS J a n 18
C hicago A A lto n R R ____
35 J a il 5 35 J a n 15
17% J a n 29
19% J a il 2
C hic G t W c st t r u s t c t f s . .
35 J ail 31 37% J a n 3
Do p ref tr u s t c t f s ..........
C h icago M Ilw A S t P a u l . . *103% F e b 5 11138 J a n 3
Do p r e t__________
. 144 J a n 12 146 J a n 2
C hicago A N o rth W e stern x l 10% M ch I 143 J a n 2
194 F e b 29 §105 F e b 13
Chic S t P M inn A O m ah a 138 M ch 5 144 J a n 30
155 J a n 30 §153 F e b 6
Do p r e f _____ ____ __
1% F eb 16
2 Jan 2
Chic U n T ra o c tfs s tm p d
4% M ch 7
D o p rer c tfs s tm p d __
5^8 J a n 16
55 J a n 15 '60 J a n 2
C lcvc Cln Chic A S t L ___
§957s F e b 24
45 F e b 2 45 F e b 2
C o lo rad o A S o u th e r n ____
75 M ell 1 707g J a n 19
Do 1 st p referre d
68 M ch 1 70 J a il 31
T A elaw are A H u d s o n __ 107 J a n 10 176% F e b 6
A ^ elaw a re L a ck A W e s t. 540 J a n 16 569 J a n 29
19% J a n 2 22-3.) J a n 23
D en v er A R io G ra n d e __
403.) J a n 2 40% J a n 24
D o p r e f ______________
93s J a n 9
8% M ch 4
D u lu th So S h o re A A tla n
10 M ch 8 18 J a n 22
Do p r e f ______________
30% J a n 15 34% Mch 8
17 fie ................. ....................
50% F eb 3 6538 M ch 8
L i D o 1st p r e fe rre d ___
40 F e b 3 45 Mell 8
Do 2d p re f e r r e d ___
G re a t N o rth e rn p r e f _____ 126 J a n 15 133% M ch 8
4473 J a n 2
36 J a n 31
Iro n O re p r o p e r tie s __
107s F e b 27
12 J a n 13
G reen B ay A W .d e b c tf B
110

112

F e b 20

110

F e b 23

1373, 2,350 j lllnols C e n tra l______
r1343s F e b 1 141% J a n 23
103s J a n 3
19% J a n 22
18% 5,400 I n t e r b o ro -M etro p v t ctfs
Do p r e f ........................
5338 J a n 3 591.) J a n 22
58% 9,100
523.) J a n 11
67% J a n 22
D o p re f v o t t r c t f s ____
50
500
10% F e b 8 15 J a n 4
11
Io w a C e n tr a l____________
28% J a n 6 30 J a n 4
28
77% J a n 4 773] J a n 4
80
IT' O F t S & M t r c tfs,p re f
25 F e b 9 283.) J a n 2
27% 2,500 -lY an sas C ity S o u t h e r n ..
62 F e b 1 65 J a il 5
04
Do
p r e fe rre d ______
COO
T a k c E rie & W e s t e r n ..
14
11% J a n 20
13 . J a n 31
30 J a n 8 34 J a n 31
32
700 YJ D o p r e f e r r e d ____
16U] 26,725 L eh ig h V a lle y ______
155?8 F e b 5 185-3.) J a n 15
441]
43% F e b 13 44% Mell 8
200 Long I s la n d _____
14978 F e b 1 150% M ch 1
156
5,214 L o u isv ille & N a s h v ille .
135 J a n 2 138% F eb 27
300 i\/J a n h a tta n E le v a te d
2:? F e b 27 2712 J a n 25
23%
100 iU L ln n eap o lls & S t L ouis
Do p r e fe rre d _____
§40 F e b 26 §57 J a n 15
50
75
1353]
129 F e b 3 13534 Mell 8
1,990 M inn S t P A S S A la r le ..
Do p r e fe rre d ___ _
1471,] F eb 1 151 J a n 10
150
D o leased line ctfs
§87% J a n 12 §8878 J a n 17
89
281a 3,300 Mo K a n s a s & T e x as
26% F e b 7 30 J a n 2
Oil.)
Do p re fe rre d ___
61 F e b 29 65 J a n 25
800
41% J a n 18
38% F e b 24
41
17,000 M issouri P a c i f ic ..
M a s h C h a tt & S t L ouis
173
16o M ch t 169 J a n 4
IN a t R y s o t M ex 1st pref
60% F e b 10 71 J a n 4
60
29 M ch 7 3078 J a n 20
293]
D o 2 d p re fe rre d __
2,300
112-% 23,800 N Y C e n tra l A H u d so n
1061,1 J a n 9 11234 Mell 6
51 F e b 29 61 J a n 30
57%
300 N Y C hic A S t L o u t s ..
103
D o 2 d p re f e r r e d ______
87 J a n 27 90 J a n 18
89
200
136 F e b 1 140 M ch 4
138%
1,800 N Y N H A H a rtfo rd
357S Mch 7 3834 J a il 9
36%
4,100 N Y O n ta rio & W e stern
109% 8,850 N o rfo lk A W e s te rn ____ {1073,) F e b 1 111% F e b 27
Do a d ju s tm e n t pref
90% J a n 4 92 F e b 17
92
13
1193] 28,025 N o rth e rn P a c ific _______ 115% J a n 15 11934 J a n 22
99
O a c l lie C o ast C o_____
105
1233., 13,576 P e n n s y lv a n i a ____
196
4,600 P itts b Cln C hic A S t L . . .
1163.)
Do p r e fe rre d _________
157-% 301,066 J ) e a d l n g ___
1st p r e f e r r e d . .____
90%
150 I Y
2d p r e fe rre d _______
98%
800
24% 10,450 R o ck Is la n d C o m p a n y - - 491a 5,900
Do p r e f e r r e d __ _____
28
1,260 Q t Louis A S an F r a n . .
07
Do 1st p re fe rre d ..
600 O
42% 5,657
D o 2 d p re fe rre d ______
33
1,000 S t L o u is S o u th w e s te r n ..
Do p r e f e r r e d ________
72% 2,100
1093, 20,950 S o u th e rn P acific C o . . . .
29% 28.950 S o u th e rn v tr c tfs s tm p d .
Do pref
do
•
74% 6,950
231,i
1,000 'I 'e x a s A P acific _______
52
100 A h lrd A ve tr e tfs fu ll p d .
44
6,100
N ew (w hen Issue 1) ___
4
T o led o R a ilw a y s A L t __
133.,
90(1 T o led o S t 1/ A W e s t e r n ..
32% 1,300
Do p re e r r e d ________
107
50 T w in C ity R a p id T r a n s i t.
1683, 270,800 J 1 n lo n P a c ific __________
9138
Do p r e f e r r e d ______
OUO Y)
35
500 U n it R y s I n v ’t o t S a n F r
Do p r e f e r r e d ________
04
1,400
47
100 VlrginU Ky A P o w e r ___
881a
Do p r e f e r r e d _________
7% 2,200 \ V a b a i h ............... .............
1S% 1,500 ’ »
Do p r e f e r r e d _____
59%
800 W e stern M a ry la n d R v
78%
500
Do p r e f e r r e d _________
9% 0,400 W h eelin g A L a k e E r i e . . .
223.,
5,450
Do 1 st p r e f e r r e d _____
13% 3,010
Do 2 d p r e f e r r e d ______
54%
550 W isco n sin C e n tr a l______

122% J a n 9
98% J a n 2
108% J a n 2
148% J a n 11
891.1 M ch 5
91 J a n 11
2234 F eb 26
48 J a n 3
23 J a il 5
65 J a n 19
38% F eb 5
293] J a n 22
68% J a n 17
105% F e b 1
26% J a n 31
68% F e b 3
20% J a n 3
39 J a n 17
39% F e b 7
3 J a n 15
123] M ch 4
32 M ch 5
101% J a n 5
160 F eb 1
91 M ch 5
303] J a n 5
58 J a n 2
41 J a n 4
87 J a n 26
0 Jan 4
16% J a n 2
553,i J a n G
75 J a n 11
4 J a n 1C
11 J a n 3
6 J a n IE
48 F e b 5

Range for Previous
Y ear 1911.
Lowest.

Highest.

116% J ’no
09% S ep
100-34 J a n
105% J 'n e
117 J a n
139% N o v
1093.) J ’ly
93% S ep
91 J a n
85% Aug
84% J ’ly
72 Sep
195% J a n
247 J ’lv
200 A ug 320 D eo
0838 Sep
803] F e b
15 Aug
31% M ay
37 O ct
63 J a n
1/ S ep
25% J ’ne
35% D ec
49% F e b
1053.! O ct 133% F eb
141 S ep
1551? F eb
138% Sep
1501? J ’ne
191 N o v §209 J a n
130is A p r 144 J ’no
147 N ov §101) M ch
338 F e b
1% Sep
43.) S ep
714 F e b
66 J a n
43 i8 Sep
98 F e b
911.1 J l y
60 J a u
43 S ep
82 J ’ne
x l 0 Sep
75% Mch
*63 S ep
17473 J 'n e
159% S ep
570 N o v
505 S ep
1738 D ec
35 F e b
563,i D ec
74 F e b
9 N ov
15% Mch
17% Dec
30% M ch
27 14 J a il
3838 J ’ly
45 >3 J a n
6 U4 J ’ly
35 J a il
493] J ’ly
119 Sep
140 J ’no
333.1 D ec
6334 F eb
15% J a n
I I A ug
98 O ct
931.) J ly
9334 J a il
1023s O c t
124 N o v 134 A p r
132 J a n
147 J ’ly
2038 F e b
13% S ep
3934 Sep
50% J ’ly
30% Sep
55% J ’ly
15 May
22 S ep
28 A p r
42 S ep
74 A p r
80 D ec
25% S ep
373s J ’n e
0934 J ’UO
61% Sep
10 S ep
17 N o v
25 S ep
40 J a n
18678 D ec
151 Sep
63 J a n
45 N ov
IGO34 N o v
136% Sep
142% J a n
1311.) S ep
42% S ep
21% A p r
08% S ep
35 Mch
152% Mch
*124-34 S ep
1-16 N o v 100 M ch
90% M ch
87% ,1’ly
38% J ’no
27 Sep
6234 Sei>
70 O ct
33% Sep
03 F e b
140% J a n
109 J ’ne
60 A ug
72% J a n
2578 Aug
3S% F eb
*997s S ep
115% F eb
65 J a n
48 S ep
981? N ov
82% Aug
90 J a n
126'% Sep
151% F e b
4078 J ’ly
373.J Sep
9934 Sep
111% N o v
OH.) J no
853,1 A pr
137% J ’no
110-3.) Sep
Dec 102 J a n

99-3.1 ,1’ly
124% J a n 26 1183| S ep
901,3 S ep
107% F e b 27
117 F e b 20 102% Sep
159% J a il 22 134 S ep
92 J a n 17
88 Mch
983.) J a n 20
90% S ep
223.) Sep
25 >3 J a il 3
52% J a n 9
433] Dec
28 M cb 8
23 Dec
67% J a n 30
69 S ep
42% Mell 8
3 / Sep
33 F e b 19
24 J a n
593.) J a il
73% M ch 5
112% J a n 2 104% Sep
243] S ep
293g J a n 3
01% J a il
74% M ch 8
19% D ec
23% M ch 8
163 M ch 1 /i21% D ec
493,i J a n 9
31 N ov
4 J a u 20
4 N ov
12 Dec
14 J a n 20
3-17s Deo
347s J a n 2
106% F e b 17 104 Sep
1741.) J a n 2 153% Sep
89 Sep
93% F eb 27
28% Sep
37% F e b 14
52 Sep
66% F eb 14
37 Sep
47%. J a u 25
88% F e b 15
71 Sep
7.% F e b 8
63.) Dec
193.1 J a n 8
14% D ec
6034 J a u 3
48% A p r
78% M ch 8
75 J a n
9% M ch 8
2% Sep
227S M ch 7
7 Sep
13% M ch 8
3 A ug
51% M ch 8
48 S ep

102

Jan
130% Fel)
100 J a n
112 F eb
16178 j ’ne
92 J ’ly
191 M av
34'% J ’ne
08>s J ’no
27 O ct
09% J ’ly
49% J ’ly
34 F e b
72 J ’ne
1263s j ’ne
33-% J ’ly
75% J ’lv
30% F eb
A213.J D ec
41 Deo
8% J a n
2434 F e b
537# J a u
111 F eb
192% J ’lv
96 J ’lv
49 F eb
70% M ch
45 A p r
18:% F e b
40-38 F eb
GO J ’ly
88% J ’ly
6% F eb
17% F eb
8 Feb
72% M ay

BANKS AND TRUST COMPANIES—BROKERS' QUOTATIONS.
Banks

Bid

Ask

N ew Y o rk

A e t n a _____
A m erica ll__
A m er E xch.
B a tte r y Pk_
B ow eryU ___
B ro n x U o ro l
B ro n x N a t ,
B r y a n t P k 1!
B u tc h A Dr
C e n tu ry 1|_.
C h a s e _____

190
605
210
125
400
300
175
150
130
600

610
245
130

__

180
155
140
145
—

Bank]
Chr.tAPUenlv
Chelsea ExH
Chem ical . .
C itizens’ Cti
C ity _______
Coal A Iron
Colonial 11. .
C olum bia fl_
C om m erce .
Corn E x 1i._
E a st R iv e r.
F id elity 1|__

B id

176%
195
445
170
408
152%
425
335
1195%
307%
105
165

Banks
F ifth AveHF ilth ..........
F i r s t ______
F o u r t h ____
G a l l a t i n ___
G a r i l e i d __
ic rm -A m 1
ic rm 'n Ex§]
350
G erm an ia 1|.
312% G o t h a m ___
Jreem vlcu 1)
115
G a u o v c r___
175
Ask

200
450
175
412%
157%

B id

Ask

4100
300
1000
202
330
275
149
■120
625
150
250
630

1250
325
1015
205
335
290

_,

435
645
155

__
—

Banks
H a r r lm a n ..
tra p A T ra d
Irv in g N Ex
loiIcrsoQ^LL ib e r ty ____
L in co ln ____
d a n h a tta n l!
d a r k ’t& F u l
d e c h A.Met's
d c re a n tlle .
d e rc h Excli
d c r c i ia u t s '.

B id

300
570
230
100
590
395
335
255
{204
149
1621?
189

B id
Banks
M etropolis I 375
M etropol ’nil 197
Mt Morrls1I_ 250
M utual H___ 288
.N a s s a u ___ 300
N ew N etli .1 210
N cw Y orkO o 875
Now Y o rk . 315
265
f 264-3] I’ac lilcll____ 270
P a r k ______ 370
151
1671? P e o p le ’s 1|._ 210
135 "
Ask

575
235
125
610
405

Ask

Banks
P ro d K xch 1
400
R e s e r v e ___
200
Seaboard . .
260
292% S e c o n d ____
S ecu rity K -S h erm a n ___
220
S ta te 11____
23d W a rd fl.
320
U nion K x e .
28 J
W ash l i ’ts I,
374
W est S ide 1|
250
Y o rk v llle U-

B id

Ask

170
90
415
375

175

135
175
165
275

260
1721]
650

000

* Bid and asked prices: no sales were made on this day. * Ex-rlghts. § Bess than 100 shares. 11 State banks. o Ex-dlvIdend and rights, b New stock,
t Salo at Stock Exchange or at auction thl3 week, n First installment paid. nSokl at private sale at this price, x Ex-dlvldcnd. {F u ll p a id .




■too
145

....

mar. 9

I9i2.|

j^ew York Stock Record— Concluded— Page 2

679

F o r reco rd of sale s during; th e w eek of s to c k s u s u a lly In activ e, te e seco n d p a g e p rece d in g
S T O C K S — H IG H E S T
Saturday
M a rch 2

Monday
M arch 4

AND

Tuesday
M arch 5

LO W EST

SALE

Wednesday
M arch 0

F R IC E S .

Thursday
M arch 7.

Friday
M arch 8 .

Sales o/
the
Week
Shares

P

BANKS
B ro o k ly n

B ro a d w a y 1i
C oney Isl dT
F i r s t ---------H illsid cl!___
H om cstcadll
M an u fao ’rs
M oohaulos’ H
M o n ta u k 11.
N a s s a u -----N at C ity ...

B id

Ask

410
155
275 " 285
125
. . 100
43)
415
245
235
. . . . 150
212
225
295
280
390

Banks

AND

TRU ST

Ask

T ru s t Co’i

N o rth S ide H 160
P eo p le’s ___ 150
P ro s p ’ctP k '! 140

170
160
155

C en tral T r
C o lu m b ia . .
C om m ercial
lim p ir o _
E q u lt’blo T r
F arm Lo AdF id e lity _
F u l t o n ___I
G u a r’ty T r
G u a rd ia n T r

T r u s t Co’ s
N YCUy

A sto r _____ 358
B an k ers’ T r 810
B’w ay 'T r .. 165

365
820
160

N

§192 F e b 28
% J a n 11
4 M ch 1
60 F e b 1
58 % F e b 27
101 J a n 13
53 F e b 26
97i2 F eb 28
11% F e b 1
90% F e b 1
49 F e b 5
115 F e b 14
45% J a n 19
95 J a n 19
200 F e b 2
3 F e b 19
20 F e b 26
18 J a n 2
9 M ch 6
30 F e b 20
31% F eb 27
103 J a n 15
434 J a n 10
42 J a n 0
86% J a n 3
07% F e b 1
10238 J a n 2
26 J a n 19
114% J a n 12
115% J a n 5
137% J a n 2
241% F e b 29
102 J a n 9
102 J a n 10
101% J a n 11
2514 F e b 6
86 F e b 7
25% J a n 25
$34 F eb 1
102% F e b 2
2734 F e b 27
50% F e b 27
138 J a n 25
29% J a n 8
16% F e b 27
80 F e b 27
$25 J a n 15
23% F e b 28
138% F e b 17
10 J a n 16
£76% J a n 3
28 F e b 5
II I 4 F e b 28
37% J a n 23
155 J a n 2
30 F e b 26
74 F e b 28
$ 4% J a n 3
105% F e b 1
116 % J a n 26
4 M ch 7
19 % F e b 1
y% J a n 17
*45% J a n 3
28 F e b 23
79 F e b 1
104% M ch 7
156% J a n 15
105% J a n 12
75% J a n 31
68% J a n 11
71% J a n 29
110 J a n 8
$23% F e b 14
139% J a n 2
126% F e b 20
1214 F e b 29
88 F e b 27
51% J a n 9
105% F e b 1
$1814 J a n 29
50 F e b 17
74% J a n 3
30 J a n 3
47 F e b 5
103 J a n 8
16% M ch 1
77 F e b 8
108 F eb 9
10734 J a n 12
2S34 F eb 27
96 F e b 28
106% F e b 17
158% F eb 2
27% F e b 8
100% M ch 8
$16 J a n 29
15 % F e b 26
64 % F eb 27
140 J a n 15
39% J a n 30
$31% F eb 1
101 J a n 3
1 1 1 F e b 26
13 F e b lo
50 J a n 4
8 4 J a n 31
45% F e b 1
109 J a n 30
75 J a n 23
58% F e b 13
107'% F e b 13
$52% J a n 29
52% J a n 9
119 F e b 14
§142 F e b 7
79 J a n 2
66% J a n 3
114% J a n 5

H ighest.

202 J a n 18 §198 N o v §245 A p r
934 M ay
1% D ec
li2 Ja n 2
34 F e b
8 Jan 2
6-% D ec
4434 S ep
71% J ’n e
71% M ch 8
4434 S ep
0312 D ec
C3i2 J a n 2
99% O ct 105 Deo
103% F e b 19
5934 O c t
39% J a n
58% J a n 3
92l2 J a n
101 O ct
10078 J a n 10
8% J a n
12% M ay
12% J a n 23
77 J a n
93% D ec
95% J a n 2
42% S ep
58% J 'l y
55% J a n 2
117% M ch 8 113 O ct 120 M ay
62% F e b
41% N o v
51 J a n 20
92 N ov 105% F e b
9914 F e b 13
§220 F e b 13 201 S ep §255 J a n
5 J ’n e
3l2 S ep
4 Feb 5
26% J ’n e
18 S ep
22% M ch 7
2534 J 'l y
16% Aug
23 M ch 8
8 A ug
12% F e b
12 J a n 3
34% D ec
20% O ct
35 J a n 3
43% M ay
321,8 O ct
36-% J a n 2
104% F e b 2S 102 O ct 1103.1 M ch
538 J a n
3 S ep
9% F e b 7
43% J ’ly
31% Mch
51 M ch 8
82 Sep
89% J ’ly
87% M ch 4
837s J ’n e
50% S ep
7G% M ch 8
9834 Sep
104% J a n 24
108% J 'n o
35% J a n 4
25 S ep
52% F e b
120% J a h 30 112% S ep
122% F e b
119i2 J a n 29 111 J a n
119% F e b
146 M ch 6 131% A ug 153% J ’n e
287 J a n 26
108% J a n 19
87 A ug 10514 Deo
92i2 S ep
IO8I4 J a n 18
105 D ec
10638 J a n 19
25% D ec
30 J a n 11
38i2 M ch
96% J ’ne
85i4 (Jet
8934 J a n 10
34 % F e b
24% S ep
31 F e b 20
$38'% J a n 3 $29 S ep $41i8 J ’n e
104% M ch 7 103% D ec 107 D ec
20 S ep
32% J a n 2
38% A ug
6634 J ’ly
54 S ep
62 J a n 2
141% J a n 8 *129 Sep
148% NOV
31 M ch
28 F eb
30% F e b 9
1834 S ep
33% F eb
21i2 J a n 2
9U 8 D ec 105 F e b
92% J a n 2
$27% J a n 2 $16% S ep $27l2 D eo
30'% F e b
25 S ep
27% J a n
12834 S ep
148% J 'n o
143% J a n
958 O c t
1534 M ay
11% M ch 7
73 S ep
7934 J a n 17
85 M ay
29 S ep
32% J a n 26
38 I4 Mch
13 D ec
30 F e b
13 J a n 29
37 D ec
45% F e b 24
60% M ay
165 M ch 5 142 S ep
1683S M ay
35 % J a n 19
35 N o v
6 134 A u g
74% D ec
78 M ch 6
80% A u g
$ 4i 2 J a n 20
$312 O ct
S778 J a n
lJ 9i8 S ep
I I I I 4 M ch 8
129% M ay
121 F e b 8 115 S ep
128% M ay
314 S ep
5 Jan 2
5% J a n
23% J a n 12
14 A ug
22% D eo
9 S ep
10% F e b 10
1333 J a n
56 F e b 13
44% M ay
5638 J a n
23 O ct
34 J a n 2
44 F e b
80 O ct
83% J a n 9
90% J ’n a
10834 J a n 4 IOH 4 S ep
114% J a n
185 J a n 26
113% J a n 18
83% F e b 19
74i2 D ec
95 F e b
70% J a n 23
63 D ec
77 M c h 1
74i2 F e b 7
70 A pr
87 J 'n o
112 J a n 11 10734 S ep
113% J ’n e
$ 26% J a n 3 $16% S ep $24% Deo
150 J a n 30 117% J a n
14334 N o v
129 M ch 1 124 J a n
130 F e b
12% D ec
14i2 J a n
22 J ’ly .
95% J a n
85 J a n
100'% J ’ly
66% M ch 1
42% Sep
59 F e b
109-% F e b 15 104 Sep
10934 A u g
$20% J a n 3 $15% S ep
$ 2 1 % J ’n e
56% J a n 19
45 O ct
70 F e b
80% M ch 8
64 J a n
70% M ay
3314 F e b 3
23% A p r
3338 NOV
5138 J a n 4
35 S ep
64% J a n
107 F e b 2 101% A ug 109 J a n
18% J a n 0
17 D ec
23% J ’no
6734 J a n
83% J a n 2
90% J ’ly
189 J a n 26
115 J a n 19
3414 J a n 4
25 S ep
37% J ’n e
102 J a n 2
10234 j ’n e
91 Sep
108% J a n 19 108 O ct 120 F e b
161 J a n 23
154 S ep
163 J a n
32 J a n 2
20 O ct
39 J ’n e
103 F e b 21
92 J a n
103 J ’no
$1938 J a n 2 $12 S ep $19 D eo
27 J a n 2
IS O ct
35% F eb
8538 J a n 3
74% O ct
9938 F eb
100% M ch 4 125% S ep
192 F e b
44 J a n 2
34 S ep
56% F eb
$39 M ch 7 $30% S ep S44 J ’no
105% F e b 23
63 Mch 111 J ’no
11234 F eb 13
103 Mch 113% J 'l y
17 J a n 3
11 Sep
19 F e b
5134 M ch 5
40l2 Sep £61 F e b
§96 M ch 8
84 D ec §105 J a n
49 J a n 3
30% Sep
48% Deo
111 J a n 11 104 Sep
115% J ’ly
76% J a n 8
00 S ep
79 M ch
60% J a n 3
50 O ct
82% F e b
111% J a n 2 103 O ct 420% F e b
$58% M ch 7 $38 S ep $57% D eo
43% S ep
5714 J a n 26
70% F e b
121% J a n 25 114 Sep
128% M ch
151 J a n 3 139 S ep
177 M ay
80% J a n 18
71% A p r
84% M ay
74% M ch 1
58% S ep
79 M ay
120 F e b 2 11042 Aug 123 J a n

C O M P A N IE S — B A N K E R S ’ Q U O T A T IO N S .

B id

B ro o k ly n

Lowest.

Highest.

In d u s tria l& M is c e lla n e o u s
*190 198 *190 198 *190 198 *190 198 +190 198 *190 193
A d a m s E x p r e s s ____
*78 1
*% 1
1%
1%
2,000 + A llls-C halm ers
1
1%
1%
1%
*%
1
*334 5
D o p r e f ___”
6%
0
%
*1
7
4 % 431
900
5
5%
*5% 7%
68% 70%
68
68*8 67% 69
6834 693;1 68% 69
70% 71% 181,400 A m a lg a m a te d C o p p e r " "
59% 5934 59% 6014 5934 60% 5934 5978 59
59%
59
59% 6 800 A m er A g ric u ltu ra l C h c m .
D o p r e f _____
* 102% 103 *102 103 *102% 103 *102% 103 *102% 103
200
102% 103%
6434 65*8
55% 57% 57% 57% 5334 57% 50% 57% 55% 57% 23 410 A m erican B ee t S u g a r "
'
*98
99% *98% 99%
*97i2 99
500 Do p r e f _____
9812 98% 98% 99% *98 109
12%
12% 12% 23,200 A m erican C a n . .
12
12% 11% 123S 1 1 % 12 % 12
1178 121s
D o p r e f ______ I
93% 94% 94
94% 94% 94% 22,400
9178 92*8 92% 93% 93
94
5234 53
5212 53
53 53% 53 53% 52% 53% 53% 54% 4,800 A m erican C ar A F o u n d ry
Do p r e f ...............
*114% 118 *115 118 *114% 118 *114 118 *115 118
100
117% 117%
50
50
49% 49% 49 49% 49% 49% *49% 50
800 A m erican C o tto n O il.
*49% 50
D o p r e f___________
*9814 ___ * 9 8 % ___ * 98% . . . . *98% . . . . *93% . . . . *98% . . .
J215 215 §212 215 *210 214 §210 210 §208% 208% *207 212
209 A m erican E x p r e s s ___I
334
*3
312
100 A m erlo an H ide A L e a th e r
3% 3% *3% 33, *3I4 334 *3
*314 3%
D o p r e f ___________
21-3; 22
21% 21% 21
22% *21% 22l2 1,000
2012 2012 20% 20%
20% 20% 21
2034 2034 21
21
2214
* 20 % 20 %
6,900 A m erican Ic e S e c u ritie s ’
2214 23
9% 9% *9
10% 9
9%
*9% 10%
*9U 103S
790 A m erlo an L i n s e e d ___
10
10%
D o p r e f __________I I _
*297S 32
*29% 31
30% 30% *29% 31% *30
*2978 32
32%
200
3334 34% 34 34% §35 35
34
3314 33t4 *32
34% 35%; 2,320 A m erican L o o o m o tiv e lll
D o p r e f ____________ .
*10412 108 * 101 % 106 *105 ___ *105 110 *105 110 *106 110
* 8% 9
* 8% 9
+8% 9
9
9
9% 9%
9I4
9% 3.700 A m erlo an M alt C o r p . . I .
Do p r e f ______________
49% 49% 49% 50% 50% 51
*4812 49*4 *48% 4934 48% 49
2,100
*86
87
87% 87% 85% 88% *36t2 87
*80% 87
400 A m er S m e lte rs Soc p re f ii
* 86% 87%
7334 75% 74 74% 73% 75% 75% 76% 41,000 A m er S m e ltin g A R efin in g
73l 2 7334 73% 74
Do p r e f . . .....................
10378 10378 103% 1037S 103% 104% 101 104% *103% 104% 104% 1041s
1,100
28% §2812 28% *28 29
28
28% *28
*27l2 28
28% 29% 1,810 A m er S tee l F o u n d (new) .
118*8 118*8 118% 118% 118% 118% 11734 118
118 118
4.500 A m e ric a n S u g a r R efining
118% 119
D o p r e f ____________ __
* 110 i 2 118% *116% 118 *110 117 *110 117
117 117
200
117 117
145% 145% 145% 145% 145% 140
145lz 14578 145% 145% 145% 140
8,313 A m erican T e lep h A T eleg
241% 2 44% 24 4% 244% 245 245
247 247% 245% 247
248 248
1.500 A m erican T o b a c c o ___
103% 103% 103% 104 *103% 10412
i0334 10334 *103% 104
Do p r e f ________
*10312 104
500
104 10134 *101 105 *104 106 *104 100 *104 100 *104 106
D o p ref ce rtfs of d e p .
200
10178 102
10178 102
102 102 102% 102% 102% 102% 102.% 102% 2,525 P re fe rre d , n e w ____
28
28% 28% 233) 28% 28% *27% 29
*27
28
600 A m erican W o o len ____
28
28
*80% 8734 87% 88% 8S34 88% 88% 8842 88% 88%
87
87
Do p r e f ________II !
950
*30
3034 30% 30% 29% 30% 29% 30
*29l2 3012 *29% 30
1,200 A m er W ritin g P a p e r, prl.
3612 3634 36% 3&I4 3034 37% 36% 37
30% 37% 3712 38% 20,050 a A p a o o n d a C o p p e r P a r $ 25
*103 103*4 103% 103% *103% 103% 10334 103% 103% 1041s 104% 104%
800 O a ld w ln L o c o m o tiv e , pi
2834 29% 29% 29% 28% 2914 29% 29% 30
*2812 29
30% 2,100 U c th lo lie m S te e l____
*56
5914 58% 59% *56% 00% *5838 60
59% 59% 5978 59%
Do p r e f ______
400
*139 141 *139 141 *139 141
139 139
139 139
600 B ro o k ly n U n io n G a s . .
139% 140
*2918 30
*29% 30
*29% 30
30
30
*28% 30
*28% 30
200 B u tte r lc k C o_____
I 8I4 1812 18% 18% 18% 19% 18% 19% 19
19%
19% 20% 15,900 T d e n tra l L e a th e r ____
8234 83t4 83% 8334 83% 84% 83% 84
83% 86% 8OI4 86% 9,720 A-V Do p r e f ____________
25*4 257S 2534 20
25% 2534 25l2 25% 25% 20
25% 26% 8,950 dC h ln o C o p p e r____ P a r 55
20
20
20
20
26 26 *25 20% 25% 25% 25 2512 1,100 C o lo rad o F u el A Iro n
140U 14012 13934 140% 13934 140% 139% 140
139% HOI4 140. 140% 10,300 C o n so lid a ted G as ( N Y ) "
I d s 1018 10% 10% 10% 10% 10% 10% 11% 1H2 10% 11% 2,320 C o rn P r o d u c ts R e fln ln g ."
Do p r e f __________
7712 7712 *70% 78
*70% 79
77% 77% *77
500
79
77% 79
*2834 2914 29% 30
30% 30% *30 30% 30% 30% 29% 30% 3,050 D istillers’ S e c u ritie s Corp
*11
15
*11
15
*11 15 *11 15 *11% 14
200 F e d e ra l M in in g & S in e lt’g
11% 11%
D o p r e f __________
*37
40
§38
38
38 38% 39 39 *3812 41 *3812 40
350
102 10234 161% 164% 163% 165
10312 164% 163l2 16412 104 104% 119,606 G en eral E le c tric _______
*31
3314 *30
32L
32 32
*31t2 33
33
33%
32
32
500 G en M o to rs v o t t r c t f s . .
*74
78
75
75
77% 78
77% 7712 1.500
70% 76% 77 78
D ? P ref v o t t r c t f s . . .
412 4I2
43S 4 % 438 41_ 4% 412 4% 4% 7.700 d G oldfleld C on M P a r $10
4% 4%
10712 10712 107 107% 107 109
108% 108% 108% 111
110% 111% 8,350 I n t H a rv e s te r stlc t r efts
* ____ 12012 *115 120% *115 120% 120 120 * _____ 120%
120% 120%
300 *- Do p re f stir t r c t f s . .
*4
4I4
4
414
4
4%
4% 4% * 4% 4%
*4
4%
1.400 I n t M er M arin e s tk t r otfs
*19
20
20 20 *19% 20% 19% 19% 19% 19% 1.400 D o p r e f ___________
20
20
*10%
10%
1034 10*4
1012
10%
10% 1034 1038 10%
*10% 10%
1.400 I n te r n a tio n a l P a p e r . . .
51% 54% 51% 54% 54% 54% 5412 54% 1,915 Do p r e f ___________
547S 54% * 5 1
55
28 *2712 28% 28 2912 30 30% 1.500 I n t e r n a t S te a m P u m p . . .
*2712 28
*27
28% 28
*80
82
81 81 *80 82% *80 82 *80% 81
*80
82
D o p r e f ____________
100
*10012 107 *100% 107 *10434 10534 *10434 105% 104% 104% 105 105
300 L a cled e G as (S t L) com 11
170 17014 *168 171 §16934 16934 *103 170
16G% 109 *166 171
850 L ig g e tt & M yers T o b acco
*107 10812 *106% 108
10734 IO734 *107 109 *107 103l2 107% 10/58
Do p re fe rre d ________
350
*82% S3
*8212 85
*32 83
82
82
82l2 83
*81
82
300 M ao k ay C o m p a n ie s_____
70l4 70l4 *70% 70% 70% 70% *70
70% 70% 70% *69
D o p r e f ______________
70
313
*71
72
*71% 72
*71 72 *71 72 *71 72 *71 72
M ay D e p a rtm e n t S to res
* 11112 ----- *111% 112 *111% . . . . * 111% --------- * 11112 ___ + 111% ............................
Do p r e f _______
.
2438 24l2 2138 2 434 24% 2434 24% 24% 24% 2412 24% 21% 5,186 dV llam f C o p p e r___ P a r $5
147 147
147 1175S 147% 148 *110 147% 147 148 +140 1 47% 1,550 \T a ti o n a l B is c u it___
129 129 *127 135 *127 13(1 +127 130 *127; 130 *127 130
Do p re f___________
200 ^
*1212 1314 + 12% 13% *12% 13% *12% 13% *12% 13% 13
13
200 N a t E n a m e l’g A S ta m p ’g
*83
90
88
88
*83 90 *83 90 *83 90 *33 90
Do p r e f __________
100
5412 5518 54% 55
5434 55% 54% 5478 .54% 55% *54 54% 3,600 N a tio n a l L e a d ________
*107 109 +107 108 *107 108 *107 108 *107 108 *107 108
Do p r e f ______________
19*4 20
1978 20
1978 20
20
20%
20
20 % £19% 20
10,815 d N ev C ons C o p p e r . P a r $5
*50
52
*50
53
*50 5 1 *50 "
50
50
*49
52
100 N ow Y ork A ir B r a k e ____
78*4 7834 78% 7834 78% 7834 78% 79% 79% 79 I4 79% 80% 6,150
N o rth A m e ric a n Co (new)
3178 3178 3178 32
32 32% *31% 32% 32 32% 31% 31% 2,900
acillo M a l l . . ....................
47% 4734 *47
48
48
48
47
47% 47I2 47% 47% 4712 1,100
aclflo T o lep A T e le ? .
100%
100%
100% 106% 103% 105% *108 108% *103% 107
100 1001s
1,125 P e o p le ’s G L A C (C h ic ).
1734 *1034 18
*17
1712 *1034 17% 17
17
17
*1712 18
900 PI tts b u rg h C o al C o____ __
80 8034 *79 81
80
80
79
79
78
78% 79
79
D o p r e f _______
_
1,600
170 170 *106 170 *100 170 *103 170
167 167 *163 170
400 P . L o rllla rd C o . . . . . . . . .
*109 110 *109 110 *____ 110
109 110
109% 109% 10912 1094
100
Do p re fe rre d ________
30
30
30% 31
30
30
30% 31
30% 31
31
31% 2,745 P ro sscd S te e l C ar
*90
98
*95
98
*97 99 *97 100 *97 100 §99 99 *
Do o r e :_____
50
*100 109 *100 109 *105 109
107% 107% *103 109 *107 109
100 P u b S erv ic e C orp ot'.N" j l
159 159
159 159 159 159 § 159 159 159 159
159 159
995 P u llm a n C o m p a n y
*27l2 2914 *27% 29% 29% 29% 29
29
*29
30
29
2912
500
*102 103 *102 103
102 102 *100 102 +100 103
IOOI4 102
500 R a , D o yp reL e! : l P± ! : ; :
18
18*8
17% 13
1734 18
17% 17% 17% 17% 17i2 17% 21,100 dRcay C o n sC o p p er P a r $ io
187s I 9I4 19
19% 1934 19 19
19%
19% 19% 19% 19% 6,050 tte p u b llo I r o n & S te e l___
6914 69*4
09% 70% 693i 71
70
70
D o p r e f ________ ___
71
71
71
71% 4.170
166% 157% 153 100% 157% 159
157 158% 150% 153
153 157
6,220 S e a rs , R o e b u c k a 'C o ’ I I I
*35
45
*35
45
*40 45 *40 45 *39 41% 41% 4U 2
350 S loss-S heffleld S teel & £r.
*36% 37
37
38% 38% 38% 88(4 38% 3814 39
37% 39
15,500 ({Tennessee C o p p . P a r $25
*103 101% *101 104% *101% 104% § 101 % 101 % *101 104% *101 104
70 I f n d erw o o 1 T y p e w rite r
♦ 111 11112 §111% 111% ♦ 111 112
111% 111% *111 112 §112 112
168 A> D o p ro f...................... I
*14
10
*14
15
*14 10 *14 10
14% 14% 14% 14%
230 U S C ast I P ip e A F o u n d r
*5012 51*4 *50% 53
5134 5134 *50% 5134 §51% 61% +51
51%
200
Do p r e f . . . . . _______ _
*93
90
§94
94
*92% 98 *92% 93 *92% 90 §96 96
55 U n ite d S ta te s E x p r e s s ___
4012 4612 40% 47
47% 47% 47% 47% 47% 48% 48% 48% 14,550
U n ite d S ta te s R u b b e r ___
110 110
110 110
110 110 *109% 110 % 110% 110% 110 % 110 %
1,100
D o 1 st p r e f ............... ..
*73% 75
*74
75
*74 75
75
75
75% 75% *75
76
300
D o 2 d p ro f___________
61
62% 02% 64% 02% 63% 027S 65% 65
6 Hs 0134
65% 701,100 U n ite d S ta te s S te e l_____
108%
108%
108%
109%
108% 108%
103% 109
109 110% 110 % 110 % 5,305,
Do p r e f ______ ______ _
57% 53% 58
58% 57% 5812 57% 53% *57%
67% 58
5314 34,250 d U ta h C o p p e r___ P a r $10
53% 53% 53% 53% 53% 53% 53% 53% 54
54
51
54
1,100
V
irg
ln la-C aro llaa C h e m ._
*11934
120
11934 120 *119% 120 *119% 120
120 120 *119% 120
500
Do p r e f ______________
143% 143% *143 145 *143 145 *143 145 *143 145
*143 145
100
F a rg o * C o _____
78 84%
2 81
oi'x
oi
85
84% 84% 84% 8434 84%
84% 84% 84% 84% 5,225 \’\»T ells
e s te rn U n io n T e l e g . .
2 m
74% 71
74% 73 %
74
74% 73% 73% 73% 73% 2.170
73i2 73l2 74
W c stln g h ’se E l A M fg assen
4 lO O V +lll
1714 120 % *11711 120% *117% 120% ............
*115 119% *117% 120 *117%
Do l s t p r o f . _______

Banks

Range 1or Previous
Year 1911.

Range since January 1,
On basis 0/ 100-share lots.

STO C K S
N E W Y O R K STO CK
EXCHANGE

B id

Ask

1010
360
95
300
640
1400
220
300
915
100

1020
370
100
310
545
1425
224

Y C ity

__

930
115

T ru s t Co’s
H u d s o n ___
K n lo k e rb ’kr
L aw T IA T r
L incoln T r .
M a n h a tta n
M etro pol’t '11
M u tu a l A lli­
a n c e _____
M u t.( W e st­
c h e s t e r ) ..

B id

Ask

140
288
231
135
475
410

150
292%
237
142%

125

130

140

150

T rust Co's
N Y L ifeA T r
N Y T r u s t.
S ta n d a r d T r
T ltleG u A T r
U nion T r . . .
US M tg A 'T r
U n it S ta te s
W ash in g to n
W e stch ester
W in d so r . .

B id

1040
630
370
547%
1300
485
1115
390
150
192%

Ask

1060

__

T ru st Co’s

B id

B ro o k ly n

B ro o k ly n T r
C itize n s’ ___
552% F r a n k l i n . . .
. . . . H a m ilto n . .
500
H o m e . . . __
1130
K ings Co . .
410
L Is! L A T r
130
N assa u . . . .
197% P eo p le s’ . . .
Q u een s C o .

465
140
265
275
105
520
300
150
290
100

275 \
285
115 1
3*lT
160
300
n o :

■•i
•B id an d a s k e d prices; no sales o n th is d a y . §Less th a n 100 s h a re s . * E x -rig h ts , ft N ew s to c k
a E r - d i v , n 4 rio-ht.,
,r
L
** S to c k B x o h an g J u r.i t a u c tio n th ls w egk. * E x s to c k d iv id e n d . H B auks m a r k e d w ith a p a r a g r a p h (%) a re S ta t e b a n k a .




„„„
3 E x - d i v id e n d

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
P rice
Frid a y
M arch 8.

Y . STO CK E X C H A N G E
W e ek E n d in g M a rc h 8.
S
S
S
S
S
S
S
S

U . S. G o v e r n m e n t .

2s consol re g iste re d ..d iO S O
2s consol c o u p o n ____(11930
3s r e g i s t e r e d _________ fc io is
3s c o u p o n .................. __fcl918
4s re g iste re d ............
1925
4s c o u p o n ____
1920
P a n C anal 10-30-yr 2's fcl83G
P a n a m a C anal 3s g ____1961

Q -J
Q -J
Q -F
Q -F

B id

Ask Bow

100-t,s 10084
IOH4 S ale
102L 1027s
10214 . . .
Q - F 113 to 114
Q - F 113% 114L
Q - n ; IOOI4 . . .
Q -S 10184 102

F o reig n G o v e rn m e n t
A rg e n tin e — In te rn a l 5s of 1909 MC h ln e sc (H u k u a n g ) R y 5s £ ____ J
Im p e r ia l J a p a n e s e G o v e rn m e n t
S te rlin g loan 4 K s _______ 1925 F
S eries 4 y ,s ------------- 1925 J
S te rlin g lo a n 4 s ___
.1 9 3 1 J
R e p u b lic of C u b a 5s e x te n d e b t ME x te rn a l loan 4 M s
10 19 FS a n P a u lo (B razil) t r u s t 5 s . 1919 J
U S of M exico s f g 53 o f . .
1890 Q
G old 4s of 1904__________ 1954 J

Week's
Range or
I m s : Sale
H igh

IOOI4 N o v ’l
IOH4
1011
1025* F e b ’
I02i2 F e b ’
11314 J a n ’
I13i4
113L
100% J ’n e ’"
IOR4
10178

97li 97% 9714
t 95% 9512 9412

9712
95

t 9314 9334
t 9214 S ale
t 86I4 87 14

93L
9312
925*
9214
8718 F e b ’1
tl0 3 % S a le 103
10312
t 0884. .
98l8 D ec T '
t 97% 98% 9712 9712
9612
9612
96>2 97
. . . 9012 90 F e b ’12
These are v rices ontheba

a l!^
S e c u ritie s
N Y U l y — 4 M s -----------------i 9 6 0 M -S
4 % C o rp o ra te S to c k ____ 1 9 5 9 M-N
4 % C o rp o ra te S to c k ____ 1958 M-N
4 % C o rp o ra te s to c k _____ 1957 M -N
N ew 4 y3s ------------------------ los^r M N
N ew 4 M s ________ _______ 10 17 M-N
4 M % C o rp o ra te S to c k
1957 M -N
* M % a sse ssm e n t b o n d s . 1917 M -N
C o rp o ra te S to c k . 1954 M -N
N Y S ta t e — 4 s ------------------- 19 61 M -S
C an a l Im p ro v e m e n t 4s 1961 J - J
C an a l I m p ’m e n t (new ; 4s 1961 J - J
C an a l im p ro v e m e n t 4 s . 1060 J - J
So C aro lin a 4 ^ s 2 0 -4 0 .
1933 J - J
T e n n n ew s e ttle m e n t 3 s . . . 1913 J - J
V irg in ia fu n d d e b t 2-3s
1991 J - J
6s d e te rre d B ro w n B ros c t f s . . -

10284 S ale 10258
103
100l8 S ale 100
100t8
100% S ale 100
10018
100 i 0018 100
10018
10784 S ale 10734
10784
10278 10312 10234 F eb ,1
10783 10734 10758
107'
102% .
102*2
1021
87% 88I4 87*2 F e b '1
10234
102*2 ____ 10212
102*2 10234 1025* 10234
10212 10234 102*2
10212
10278 ____ 10112 N o v ' 11
103*2 J ’ly ’10
9 7 Q ____ 08 O c t ’l l
8612 D ec ’l l
47
50
4S34
48*4

R a ilro a d

g 4 s ______ h l9 9 5 Q - J
A RntcnehgATi srbotpeor&re d1st
S F e g e n g 4s 1995 A -0
.. ............. ....... 1995

A -0
A d ju s tm e n t gold 4 s ____/il9 9 5 N ov
R e g is te re d ___________ f tl 995 Nov
S t a m p e d ____________ 7,1995 M-N
C onv 4s Issue of 1009____ 1955 J - D
C o n v gold 4 s _____ _______1955 J - D
C o n v 4s (issue of 1910)__19GO J - D
1 0 -y car co n v gold 5 s . . .1 0 1 7 J - D
D e b e n tu re s 4s S eries J .
1912 F -A
S eries K ..................
19 13 F -A
E a s t O k la D iv 1st g 4s_ .1928 Al-S
. S h o r t L in e 1st 4s gold ..1 9 5 8 J - J
S F e P re s & P h 1st g 5 s . 1942 M -S
C hic & S t L 1st 6 s_____ 1915 M -S
A tl C o ast L 1st gold 4 s ___*1952 M -S
R e g is te re d ........ ..............h i 952 M -S
A la M id 1st gu gold 5 s ___1928 M-N
B ru n s & W 1st gu gold 4s 1938 J - J
C h arles & S a v 1st gold 7s 1936 J - J
L & N col! gold 4 s ______ 01952 M-N
S a v F & W 1st gold 6 s___1934 A-O
1 st gold 5s______ ______ 1931 A -O
S il S p O ca & G gu g 4 s___1918 J - J
a l t & O hio P rio r 3 M s . . . 1 9 2 5 J - J
R e g i s t e r e d __________ h t9 2 5 Q - J
G old 4 s __________
/U948 A-O
R e g is te re d ___________ /t 19 48 Q - J
P i t t s J u n e 1st gold 6 s____1922 J - J
P J u n e & M D lv 1 st g 3 % sl9 2 5 M-N
I* L E & W V a S ys ref 4 s . 1941 M-N
S o u th w D iv 1 st gold 3 H s 1925 J - J
C cn O hio R 1st c g 4 M s .. 19300 M-S
Cl L o r & W co n 1st g 5 s . . 1933 A -0
M o n o n Iilv 1st gu g 53___ 1919 F -A
O h io R iv e r R R 1 st g 5 s . . 1936 J-I>
G eneral gold 5 s_______1937 A -O
I’lt ts Clcv & Tol 1st g 6 s . 1922 A -0
P itt s & W e st 1st g 4 s ____1917 J - J
S t a t I si R y 1st gu g 4 M s.1943 J - D
B u ffalo R & P gen g 5 s ____1937 M -S
C onsol 4 M s______________ 1957 M -N
A ll & W e st 1st g 4s g u ___1998 A -0
Cl & M ali 1st gu g 5 s____1943 J - J
R o c h & P itt s 1st gold 6 s . 1921 F -A
C onsol 1st g 6 s ................ 1922 J - D
B uff & S u sq 1st r e t g 4 s ___(11951 J - J
a n So 1 st e x t 6s_________ 1913 J - J
2 d 5 s.................................. 1913 M -S
R e g is te re d _______________ 1913 M -S
C en tral of G a 1st gold 5 s_ _ p l9 l5 F -A
C onsol gold 5s___________ 1945 M-N
R e g is te re d _____________1945 M-N,
1 st p re t Incom e g 5 s ____p l9 4 5 O ct
S t a m p e d __________________
2 d p ref incom e g 5 s____ p l9 4 5 O ct
2 d p ref incom e g 5s s ta m p e d e .
3 d p ref Incom e g 5 s____?;1945 O ct
3 d p ref Incom e g 5s s t a m p e d ..
C h a tt D lv p u r m o n g 4 s . . 1951 J -D
M ac <Sc N o r D iv 1st g 5 s . .1 9 4 6 J - J
M id G a & A tl D lv 5 s____ 1947 J - J
M obile D lv 1st g 5 s_______1946 J - J
C en R R & B of G a col g 5 s . 1937 M -N
C en t of N J g en ’l gold 5 s___1987 J - J
R e g is te re d ...................... 7,1087 Q - J
A m D ock & I m p g u 5 s___ 1921 J - J
L e & H u d R gen gu g 5 s . 1920 J - J
L e h & W llkes-B Coal 5 s . .1 9 1 2 M-N
N Y & L o n g B r g en g 4 s .l9 4 1 M -S
C ent V e rm o n t 1st gu g 4 s ..e l9 2 o Q - F

B

C

8212 81 F e b ’12
9934 S ale 00*2
997S
82

9914 ____ 99
9912
9H 2 92
9158
917*
____ 91
91 F e b ’ 12
0U 2 92
9134
92
IO6I4 S ale ll-Ms J ’n c 'l l
106 I06i2 100
106L
102l8 S ale 1011% 10214
108 S ale 1077s
10S18
9878 J a n ’10
99% J ’ly ’l l
96t2 97
96 J a n '12
9318 S ale 03*s
933s
110 ____ 10*2 F e b ’12
105i2 ____ 1063S J ’ly ’l l
95i2 S ale 9512
9534
98 O c t ’06
107.14 10918 10858 A u g ’l l
9534 ____ 9534 J a n ’12
128
.
04-% 95
94%
95
12378 12518 125*4 D ec ’l l
1093* . .
10% M a y ’l l
9734 98S8 97 J a n ’12
925s 93
92%
93
9 ll 2 ____ 9078 J a n '12
9834 9878 9834
99
98 ____ 98% J ’ly ’l l
1121S ____ 112 J a n '12
S8I8 89
887s F e b '12
____ 92
OH4
9134
91i8 S ale 91%
91%
10014 103 103 M c h ’ 10
110 1211112 11012 F e b '12
10334 ___ 102% D ec ’l l
1093S HOI4 10938
10938
104 110% 108 J ’ly ’l l
11312 ___ _ 113% F eb ’12
97 12 ____ 97% S ep ’l l
88
06
95 N o v ’l l
11178 ____ U2% N o v 'l l
10512 1071.1 107% A u g ’l l
9ol2 ____ 07 F e b ’l l
108
103 J ’ly '08
11258 ____ 11334 N o v ’l l
11534 ____ iio78 M c h ’n
____ 50
72 M ch'10
lO R t S ale 1013.1
1013.
1005s 101 100%
100-%
100-l.t J a n ’l l
ii258 : : : : 11384 J a n '12
10934 S ale 10034
1093.1
107 ____ 107*2 N o v 'l l
103 D e c ’l l
106% M a y ’l l
105 D e c ’l l
96 N o v ’l l
107 D e c 'l l
85% O ct '10
91
Ull2 91 F e b '12
108 . .
107% J a n ’12
105I2 ____ 115 N o v '05
107% ____ lOO-Ii M ay 11
1027„ 104 102 N o v ’l l
1221.1 Sale 122
122 %
121*2 12114 122% F e b '12
10634 107 107 J a n '12
102
10018 ____ 100 F e b ’12
♦99% ____ 100 D ec '11
92
92
911? 92

__

S3

Range
Since
Jan. 1.

N.

BONDS

Y . STO CK EX C H A N G E
W e ek E n d in g M arch 8.

P rice
Frida y
M arch 8.

Wcek'3
Range or
Last Sale

| B ond.
| Sold

BONDS

W.
•'

Period

1 1009 the E x ch a n g e m ethod o f q u o tin g bonds was changed, a n d p ric e s are now a ll— " a n d in te res t” — except fo r in c o m e a n d d e fau lted bonds.
1Interest

Jan.

C h esap e ak e & O hio—
High N o .
Bid
As) I jOW
G en f u n d in g & im p t 5 s . . 1929 J - .l ____1031 103%
103%
2
1 st co n so l go ld 5 s________ 1939 M-iN 11034 U 1 111
111
i
R e g is te r e d _____________1939 M -5 ___ 1111
111% F e b T2
G en eral g o ld 4 M s ________1992 M -S 101% Sale 101%
1015* 20
R e g is te r e d _____________1992 M -S
993* N o v ’H
C o n v e rtib le 4 M s _________1930 F -A
89 92% 93%
93 S ale 93
93
B ig S a n d y 1st 4 s ________ 1944 j - i : ___ 891 88 F e b T2
88
8S
Coal I tlv R y 1 st g u 4 s ____ 1945 J - D
857* 891 881* J 'lie ’l l
C raig V alley 1 st g 5 s ____ 1940 J - J 10134 1041, 1023, J ’ly ’l l
P o tts C reek B r 1 st 4 s____ 1946
SOI, 861,
8C34 J a n T2
83
87
R & A D lv 1st co n g 4 s . .1 9 8 9
97
97%
941* 9534
95% 96
93% 95
2d consol g o ld 4 s______ 1989 J - J
89%
92% J ’n e ’l l
W a rm S p r V al 1st g 5s__1941 M -S 105 1081 113% F e b ’05
92% 94
G re e n b rie r R y 1st gu g 4s 1940 M-N
91% . . .
95 O ct ’10
9178 93
C hic & A lt R R re f g 3 s _____ 1949 A -0
7(13., 71
71
73% 71
71
8634 88%
R a ilw a y 1st lien 3 )%s____ 1950 J - J
63 S ale 6278
627g 05%
0338
102% 103% Chic B & Q D en v er D iv 4s__1922 F -A 100 . .
9S34
100
9 ! 34 100
Illin o is D lv M s _________ 1949 J - J
873.4
87% 88
87% 87%, 87%
97% 98
R e g is te r e d ________ 1 . 1 1949 J - J
88 S ep TO
96
97%
Illin o is D iv 4 s ______
1940 J - J
9934 Sale 100
100
091., 1001*
90
9034
R e g is te r e d _______ I " . “ 1940 J
98% 99% 99% F e b T2
991* 99%
/ S5 to £
Io w a D lv sin k fu n d 5 s . 1919 A - 0 1047s . . . 1047*
104%
104% 1047*
99% 9934 9938 F e b T 2
S in k in g fu n d 4 s ______ 1919 A -()
991, 09%
102% 103
N e b ra s k a E x te n s io n 4 s . .1 9 2 7 M -N
9834
983.,
98% 99
98% 99
9978 100%
R e g is te r e d _____________1927 M-N
97% ___
98% M c ll’l l
9978 100%
S o u th w e s te rn D lv 4s
1921 M-S
99% ____ 09% D ec ’l l
9934 100%
J o in t b o n d s See G re a t N o r th .
107% 1077S
D e b e n tu re 5 s______
1913 M -N 101 101% 101
1007* 1015*
101
G en eral 4 s _______________ 1958 M -S
063s S ale 96%
102% 1023.,
06%
96% 97%
S0%
8038 S ale 80
107% 10778 C hic St, E 111 ref & Im p 4 gs 1955 J - J
80
81%
1 st cohsol gold 6 s_____
1934 A-O 124% 125 12134 Fel) T2
102% 1027»
121 125
G en eral consol 1st 5 s __ 1937 M-N 10934 110
10 F e b '1L
87% 88
109% 111%
1013., 1027s
R e g is te r e d _______ .
1937 M-N
109% F el) ’ 12
109% 109%
C hic & I n d C R y 1st 5 s . . 1936 J - J i()9'% 109% 109% F e b T2
101% 1027.
109 109%
C hic G t W e ste rn 1st 4 s ____1059 M -S
823*
10134 103
8134 S ale 8 134
8 W4 S3
C hic I n d & L o u lsv — R ef 6 s . 1047 J
128% 129 129 F e b ’121
1273.1 1291*
R e fu n d in g g o ld 5 s .......... 1947 J - J 109% ____ 109 Nov ’ll
R e fu n d in g 4s S eries C __ 1917 J - J ------ 93% 95% A p r ’ll
I n d & L o u lsv 1st g u 4 s . 1956 J - J
88% J a n T2
88% 8 8 %
1956 J J
46
52% C hic I n d & S o u 5 0 -y r 4s
91
93% 90% J a n T2
90% 90%
C h to L S & E a s t 1st 4 ^ s ___1069 J - D
101 D ec ’ll,
C hic Mil Sc S t P te rm l g 5s 1914 J - J 1015* 1023* 1013., F e b T2
10M, 1013,
98% 987* 98%
G en ’l g o ld 4s S eries A ._ e l9 8 9 J - J
987g
79% 84%
981* 99%
R e g iste re d __________e l 989 Q - J
97% _
98 J a n ’lS
99 100
98
98
G en ’l g o ld 3 i ( s S eries B .e l9 8 9 J - J
80
80% 80%
86%
98
99%
80
8G7S
R e g is te r e d __________ e l 989 J - J
91% 92%
86 J ’n c ’ll
2 5 -y car d eb e n 4 s ________ 1934 J - J
00% 91
91% 92
92
92%
92
923s
C hic Sc L S u p D lv g 5 s___1921 J - J 103% ____ 106 D e c ’l l
91% 9258
C hic & Mo R lv D lv 5 s___1926 J - J 108% . . . 1053., F e b T2
08 1083.,
C hic <5c P W 1st g 5 s . _
1921 J - J 10638 . . . 106% M ch T2
1053., 1071*
06 100%
C M Sc P u g e t S d 1st gu 4's 1949 J - J ------ 945* 94%
100% 102%
94%
94% 95%
D a k & G t So g o ld 5 s . . 1916 J - J 10278 103% 103
105 109
103
103 103
D u b u q u e D lv 1st s f 6s 1020 J - J 113% 113% 13% F e b T2
13 1135*
F a r Sc S o u a ssu m g 6 s____1924 J - J 115 ____ 17-% A u g ’l l
L aC ro sse & D 1st 5 s_____ 1919 J - J 104% Sale 10U*
101%:
96
96
104% 1041*
W
Is
&
M
inn
D
lv
g
5
s
.
1921
9234 93%
J-J
1063* 1063*
106% ____ 1063* J a n *12
W ls V ail D lv 1st 6 s______ 1020 J - J 112 % . . . 1123.,
1123J
110 110%
123, 1123,
M il Sc N o 1st cons 6s
1913 J - D 102
K ill, D ec ’l l
E
x
te
n
d
e
d
4
^
s
_
_
_
1913
J - D 100%____ 100% N o v ’l 1
95% 9G78
C h icag o Sc N W e st cons 7s 1915 Q -F 1077S Sale 107% . 107%
107% 108
E x te n s io n 4 s..............1886-1926 F -A
98 ____ 97% J a n T
97% 97%
R e g iste re d ............. 1880-1926 F -A
9534 9534
97*4 N o v ’l l
G en eral g o ld 3 M s ..........
1987 M-N
86
86 % 80%
861,
86% 87
R e g is te re d ......................p i 087 Q -F
94% 9534
85 ____ 863, F eb T2
SOI, 863,
G en eral 4 s ____________
1987 ■M-N 98 S ale 9778
9?34 9834
98
S in k in g fu n d 6 s____1879-1929 A - 0 111% ------ 1134 N o v ’l l
R e g i s t e r e d ______ 1879-1029 A -0 110% ------ 111., N o v ’09
97
97
S in k in g fu n d 5 s____1879-1929 A - 0 107%------ 107% O ct ’l l
913., 93
R e g iste re d ............. 1879-1929 A -0 104%____ 1037s D ec ’ll
907s 9078
D e b e n tu re 5 s .......... ....... 1921 A -O 104% ___ 1041* F e b T2
9734 99%
104% 105%
R e g is te re d ____________ 1 9 2 1 A-O 103 ____ 106% F e b TO
S in k in g fu n d d e b 5s .
1933 M -N 108%____ 1081* F e b T2
112 112
108% ios’%
R e g i s t e r e d ..............
1933 M -N 105%____ 734 A u g ’ll,
88% 807s
F re m E lk Sc Mo V 1st 6 s . 1933 A -0 126%____ 127*8 N o v ’l l
91
92
M an l G B Sc N W 1st 3 J^s 1941 J - J
90% S ep ’09
91
91%
M llw & S L 1st g u 3 M s . .1941 J - J
M il L S & W e st 1st g 6 s . 1921 M -S 113% 115% 15% F e b T2
114 115%
110% 110%
E x t Sc Im p s f gold 5 s . .1 9 2 9 F -A 10934 . . .
10 F e b T2
110 110
A sh la n d D lv 1st g 0 s . .1 9 2 5 M -S 116% - - - 142% F e b ’02
foots io'9%
16% O ct ’ll
M ich D lv 1 st g o ld G S..1924 J - J 116% . . .
N o rth w U n io n 1st 7s g . . l 9 1 7 M -S 1121 * . . . 115 J ’ly ’l l
113’% 113’%
W in o n a & S t P 1st e x t 7s 1916 J - D U1B8 114% 1133., A u g ’l l
C h icago R o c k Is & P a O s . . 1917 J - J 108-%____ 108%
108%
108B* 1087*
R e g is te re d _____________1917 J - J 107% ___ 109 A u g TO
G en eral gold 4 s __________ 1988 J - J
95% S ale 95%
957f
95% 967*
R e g is te re d _____ _______ 1988 J - J
95% 96% 95%
96%
95
96%
8I!78 S ale 3)3.,
90%
R e fu n d in g g o ld 4 s .............1934 A -O
89% 9034
97%
____
97%
J ’ly To
Coll t r u s t S eries J 4 s _____ 1912 M-N
973., S ep T 1
S eries L _______________ 1914 M -N
96% N o v ’l l
M 4 s ..............
1915 M -N
91 D ec ’09
N 4 s ..................................... 1916 M -N
101*2 102
1001*101
91% M a y ’ll
O 4 s ....................................1 9 1 7 M -N
P 4 S . . . .............................. 1918 M -N *05% 95% 9 |34 J ’n c ’ll
72%
113-1, 11334
71% 73%
Chic I t I & P ac R R 4 s ___2002 M-N
— Sale 713.,
713.,
713,, 72*4
713.,
R e g is te re d ______ ______ 2002 M-N
109 110%
92% 93
R I A rk & L o u is 1st 4 M s 1934 M -S
92
92% 92%> F e b T2
1107*111%
B u r C R & N— 1st g 5 s . . 1934 A-O 11034 ____ 111% F eb T2
R e g is te re d __________ 1934 A -O
1201* Mch ’03
C I t I F & N W 1st g u 5s ’21 A - 0
105% S ep ’l l
M Sc S t L 1st gu g 7 s ___1927 J - D
10234 A u g ’ 11
C hoc O k & G gen g 5 s ..o l9 1 9 J - J 102%
C onsol gold 5 s_________ 1952 M -N 106% 107% 1081* S ep ’l l
100 101
K co k & Des M 1 st 5 s____1023 A - 0
89% 91
98 100% 100 F e b T2
121
12 i% 134
107% 107% Chic S t P M & O co n 0 s ____1930 J - D 124 S ale 121
93 D ec '03
C ons 6s re d u c e d to 3 M s. .1 0 3 0 J - D
91
1233* D ec ’ll
Ch S t P & M in n l s t g o s . . 1918 M -N
129% M a y ’09
N o r W isco n sin 1st 6 s____1930 J - J 123
12134 12234
111'
S t P <5c S C ity 1st g 6 s____1919 A -O 111 1113., 11138
111 111%
121% 122%
S u p e rio r S h o r t L 1st 5s g .1 9 3 0 M -S 108
107 107
Chic & W e st In d gon g 6 s . .g l9 3 2 Q-M 108% 109% 1081* F e b T:
108 1081*
01*4
913,
917*
C onsol 5 0 -y ear 4 s ________1952 J - J
9134
913., 92%
100 100
101 100% D ec ’l l
Cln I I & D 2d g o ld 4 M s____1937 J - J
1 st Sc re fu n d in g 4 s _______1959 J - J
9U?
10 do” ' 92"%
00% 89 M ay ’l l ___
1st g u a ra n te e d 4 s_____ 1959 J - J
Low

H igh

101% 101%
102 10234
101% 102%
113% 113%
113% 1133.,
1011* 101-1,
101-% 1017g

__

M IS C E L L A N E O U S B O N D S— C ontinued on N ext Page.
St re et R a i l w a y

B ro o k ly n R a p T ra n g 5 s___1945
1st re fu n d co n v g o ld 4 s . . 2002
B k C lt y 1st con 5s 1916-1941
B k Q Co & S con g u g 5 s . 1941
B k ly n Q Co Sc S 1st 5 s . . .1941
B k ly n U n E l 1st g 4 -5 S ..1 9 5 0
S ta m p e d g u a r 4 -5 s____ 1950
K in g s Co E l 1st g 4 s_____ 1949
S ta m p e d g u a r 4 s______ 1949
N a s sa u E lec g u a r gold 4 s . 1951
C o n n R y & L i s t Sc re f 5 g 4 H s . ’s i
S ta m p e d g u a r 4 M s ______ 1951
[Denver Con T ra m cons g 5 s . 1933
D ot U n ite d 1st co n s g 4 M s . 1932
G ran d R a p id s R y 1st g 5 s . . 1916
H a v a n a E lec consol g 5 s __ 1952
n te rb o ro -M e tro p coll 4 M s . 1956
a te rb o ro R a p T r 5s S er A . 19 52

Street R ailw ay.

A -0
J-J
J J

M -N
J-J
F-A
F -A

F -A
F -A
J-J
J-J
J-J

A -0
J-J

J-D
F -A
A-O
M-N

* N o price Friday; la te st th is w eek ,




14 103 105% M a n h a t R y 1 N Y ) cons g 4S .1990
195 837* 863.,
S ta m p e d ta x - e x e m p t____1990
0 101% 102
M et S t R y g en coll t r g 5 s . .1 0 9 7
G u a r a n ty T r u s t Co c e rtlf s ____
R e fu n d in g g o ld 4 s ______ 3002
F a r m e r s ’ Loan*& T r c t f ____
102% 1025S 102 %
" i s 1013* 103%
101% 102
S t a m p e d ........ ........... ...........
102% 103% 102 J a n ’E
” '3 83 % 85%
85% 85% 85%
R e fu n d in g 4s iw h en is s u e d ) ..
1 84%. 80
.
A d ju s tm t Inc 5s (w h Is su e d ).
851* 85% 85%
1 78
81
7934 80
80%
801;
B w a y & 7 t h A v l s t c g a s . 1943
101 1017*
102 . . .
Col Sc 9 th A v 1st g u g 5 s . 1993
1017* 1017*
102 . . .
L e x A v & P F 1st g u g 5 s . 1093
T h ird A v R R cons g u 4 s . 2000
1 787* 793*
7878
7834 79
C e n tra l T r u s t Co c e r t s _____
1OOl-i____ 90 .
C en t T rC o c ts s ta m p e d ____
1 99
993.|
____ 993. 9!)34
1 st ref 4 s w h en I s s u e d .........
83% S ale S27*
495 80% 84%
A d ju s t Inc 5s w h en is s u e d 104% S ale 1041*
17 103% 105
T h ird A v e R y 1st g 5 s __ 1937
105% S ale 104
865s S ale 8 6 %
102 S ale 102
97 - ]

d

D ue A pril,

c D ue M ay.

h D ue J u ly .

* D ue A ug.

0 D ue O ct.

98 S ale 97%
98
97% ____ 98
98%
ICO S ale 100
100
101% Sale 101
1011*4
A-O
59 D ec ’l l
*60% 6034 61% F e b T2
597* S ale 59%
CO
81 S ale 807*
813*
65% Sale 517*
56%
J - D 101% S ale 101%
101%
M -S 102% 103% 101 % J a il T2
103
M -S 1025* 103% 103
80 J a n T2
J-J
*79
80
79%
80
79% Sale 773,
79%
85 S ale 847*
85%
70S*
70% Sale 763*
109% ___ 109%
J-J
109%
p Duo N o v q D ue D ec. * O p tion
A-O
A-O
F -A

961., 08
963, 98%
99% 102
97 “ 103%
57% 02
57% 02
80
815*
541,1 59%
103 104%
101 % 101 %

102 103
80
80
78% 81%
70% 81%
847* 86
75% 80%
109 110%
s a le .

M a r . 9 1^12.1
BONDS

ft.

T . STOCK EX C H A N G E
W e ek E n d in g M arch 8.

P rice
Friday
M arch 8

D

__

P rice
Friday
M a rch 8

BONDS

Week’s
Range or
Last Sale

High
A i k Low
Bid
Oln H a m & D a y to n (C o n tin u e d )
C ln D <fc I 1st g u g 5 s____1041 M -N 104 1046a 104 F e b T2
88 M c h ’l l
, C F in d & F t W l s t g u 4s g 1923 M-N
87i2 F e b ’12
87% 88
C ln I & W 1st gU g 4 s ____1953 J - J
D a y & M ich 1st cons 4
1931 J - J 100 ___
f I n d D ee & W l s t g 5 s____1935 J - J 104% ___ 104 F e b ’12
107i2 D ec '02
1st g u a r gold 5 s ________1935 J - J
9234
9212 92*4 9234
C leve Cln O & S t L g en 4 s . .1 9 9 3 J - D
9212 9412
D ec ’l l
C airo DIv 1 st gold 4 s ____1939 J - J
91
93
93
Cln W & M D lv 1st g 4 s . .1901 J - J
91
03
F e b ’12
S t L DIv 1st col t r g 4 s . . .1 9 9 0 M-N
89 ____
O c t ’07
R e g is te re d ..................
1990 M-N
92 ____
D ec ’ll
S p r & Col D lv 1st g 4 s . - .1 9 4 0 M-S
9 1 % ____
D ec ’l l
W VV V al D lv 1st g 4s . ..1 9 4 0 J - J
C I S t L & C consol 0 s ----1920 M -N 1056g____ 10534 D ec ’l l
9512 971S 90
96
1st gold 4 s.......... ........... fcl036 Q -F
95
971s 97% D ec ’l l
R e g is te re d ________ k 1936 Q -F
Cln S & Cl con 1st g 5 s . ..1 9 2 8 J - J 107 ____ 107% F e b ’12
O C C & I consol 7 s ______ 1914 J - D 10512 ____ 105% 105%
C onsol s in k in g fu n d 7 s . 1 9 1 1 J - D
G eneral consol g old O s.1934 J - J 12312 ____ 12134 O c t ' l l
R e g is te re d ................... 1934 J - J
90
I n d III A W 1st p ref 4 s . . .1 9 4 0 A-O
94 J ’l y ’08
O In d & W 1st pref 5 s ..d l9 3 8 Q - J
91
915s 91
P eo & E a s t 1st con 4 s __ 1940 A-O
91
A
pr
35
37
In co m e 4 s ____________ 1990
38 J a n ’12
4978 6012 497g
50
Col M idland 1 st g 4 s ----------- 1947 J - J
97% ____ 97%
C olorado A S ou 1st g 4 s-------1929 F -A
976S
R e fu n d A e x t 4 }$s----------1935 M -N
97% S ale 97%
97%
F t W A D en C 1 st g 0 s . ..1 9 2 1 J - D 11134 1123g 112% F e b T2
Conn A P a s ltlv s 1st g 4 s ._ t9 1 3 A-O
C u b a R I l 1st 5 0-yr 5 g .......... 1952 J - J
100 M a y ’10
el L a c k A W e s te rn —
M orris A E ssex 1 st 7 s . .1 9 1 4 M -N 100 106L 100 F e b ’12
108%
J
D
1st consol g u a r 7 s ------ 1915
109% F e b T2
R e g iste re d _________ 1915 J - D 105 *
111*8 D ec ’10
85i2 : : : ; 91 J a n ' l l
1st ref gu g 3 M s .......... 205? J - D
N Y L a ck A W 1st 0 s------ 1921 J - J 11334 ____ 114% J a n ’12
C o n s tru c tio n 5 s------------ 1923 F -A 106 107% 1003s N o v ’l l
T e rm A Im p ro v e 4s — 1923 M -N ------ 99
98 D e c ’l l
W a rre n 1st re f g u g 3 H s.2 0 0 0 F -A
102% F e b '03
Del A Ilu d 1st P a D Iv 7 s . ..1 9 1 7 M -S H3i 2 i i » ; 115% A u g ’l l
R e g is te re d ------------------- 1917 M -S
149 A u g '01
10-yr conv d e b 4 s ------------ 1916 J - D "983s ' 98% 98%
98*8
1013s
1st Hen e q u ip g 4 M s --------1922 J - J 1 0 1 % .... 1013s
993g
9914 ____ 99%
1st A ref 4 s ______________1943 M -N
92%
' A lb A S us co n v 3 M s------ 1940 A -O
92% Sale 92%
122 D e c ’l l
R o n s A S a ra to g a 1st 7 s . .1921 M-N 122
D o n v er A R Io G ran d e—
0034
1st consol gold 4 s________1936 J - J
89 S ale 89
9334 .
C onsol gold 4 H s -------------- 1930 J - J
98 J a il ’12
Im p ro v e m e n t gold 5 s------ 1028 J - D
987g 99% F e b ’12
89 S ale 88*8
1st A re fu n d in g 5 s_______1955 F -A
89
R Io G r J u n e 1 st g u g 5 s . .1 9 3 9 J - D
10434 M ch '11
R Io G r So 1st gold 4 s____1940 J - J
721" 01% A p r ’l l
G u a ra n te e d __________ 1940 J - J
85 M c h ’08
R Io G r W e st 1st g 4 s ____1939 J - J
8678 Sale 86%
87
• M tgo A col t r u s t 4s A . .1 9 4 9 A-O
81
81 Sale 81
U ta h C e n t 1st g u g 4 s .(il9 1 7 A-O
97 J a n ’02
99
110 S ep ’04
D es Mol U n R y 1st g 5 s------ 1917 M-N
92% 95
92 N o v ’l l
D e t A M ack 1st lien g 4 s __ 1995 J - D
90l2 92% 90 J a n '12
G old 4 s..................................... 1995 J - D
9934 F eb ’12
99% 100
D e t RIv T u n D et T e r T u n 4 M s’01 M -N
70*2 . . . 75 F eb '12
D e t T A I — O S D lv l s t g 4 s l9 4 l M S
D ul M lssabe A N o r g en 5 s . . 1941 J - J 105 100 104% D ec ’l l
106%
D ul A Iro n R a n g e 1st 5 s ___1037 A-O IO6I4 109 100%
106% M ch '08
R e g is te re d _______________ 1937 A-O 103
104 F e b ’l l
2d 6 s . ............................
1910 J - J
D ul So S h o re A A tl g 5 s------ 1937 J - J 107 107% 107 F e b '12
TTUgln J o l A E a s t 1st g 5 s . .1941 M -N 110 % ____ 11034 F e b '12
11/ric 1st consol gold 7 s------ 1920 M-S ■U712 11834 118 M c h ’12
101% J ’n e ’l l
N Y A E rie 1st e x t g 4 s . .1 9 4 7 ,M-N J00
104L F e b ’12
2d e x t gold 6 s_________ 1919 M -S 104 ‘
102%
3d e x t gold 4 K s _______1923 M -S 102% " I 102%
105 F e b '12
4 th e x t g o ld 5 s ________1020 A-O 10458 _
96
97 100 J a n '12
5 th e x t g o ld 4 s ________1928 J - D
N Y L E A W 1st g fd 7 s . 1920 M-S 117 119 118 O c t ’10
89%
89
89% 89%
E ric 1st con g 4s p r io r ___1990 J - J
88
R e g is te re d __________ 1996 J - J
88 S ale 88
79
78% S ale 78
1st consol g en lien g 4S .1990 J - J
77 J ’ly ’l l
R e g is te re d __________ 1996 J - J
89%
89% S ale 89%
P e n n coll t r g 4 s______ 1951 F -A
87
87 S ale 86%
6 0 -y ear co n v 4s A ____1953 A-O
78%
78% S ale 77
do
S eries 13____ 1953 A-O
B u ll N Y A E rie 1st 7 s . .1 9 1 6 J - D 110 11034 11034 F e b ’12
1133s
C hic A E rie 1st gold 5 s . .1 9 8 2 M -N 1 1333 Sale 11333
111 A p r ’l l
Clov A M ah o n V al g 5 s . . 1938 J - J 109
_ _
R e g is te re d ____________ 1938 O - J 1)8
L o n g D ock consol g 0 s ___1935 A-O 123% 125% 125% N o v ’l l
C oal A R R 1st c u r g u 6 s . 1922 M-N 10484 107 104% O c t ’l l
D ock A Im p 1st c u r 6 s _ .1913 J - J 101% . . 10134 D ec '11
102% S ep '11
N Y A G reen L g u g 5 s . .1 9 4 0 M-N 102%
N Y S us A W 1st ref 5 s . .1 9 3 7 J - J 104 105 103% J a n '12
80
100% D ec '06
2d g o ld 4 K s .....................1937 F -A
88% 91
88% F e b T2
G en eral gold 5 s ------------ 1940 F -A
108% D ec ’l l
T e rm in a l 1st g o ld 5 s . . 1943 M-N 10934
M id of N J 1st e x t 5 s------1040 A-O 1 1 1 % . . . : 110 % O c t ’l l
W llk A E a 1st gu g 5 s . . .1 9 4 2 J - D 102% 105 102 F e b '12
110 A u g ’l l
E v A I n d I s t c o n g u g 6 s . . .1 9 2 6 J - J 106
E v a n s A T II 1st cons 6 s . ..1 9 2 1 J - J 112 % . . . : 1123s F e b '12
1st g e n e ra l g o ld 5 s----------194- A-O 10178 103 10178 F e b ’12
M t V ern o n 1st g o ld 6s — 1923 A -O 107% ____ 108 N o v ’l l
95 .
95 J ’IIO’08
Bull Co B ra n c h 1st g 5 s . .1 0 3 0 A-O
9738 9734 9734 F e b ’12
T J'lo rld a E C o ast 1st 4 ^ 8 .- 1 9 5 9 J - D
90 ____ 92 A u g ’10
X1 o r t S t IJ D Co 1st g 4 H s.1 9 4 1 J - J
F t W A RIo G r 1st g 4 s ____1928 J - J ____ 807g S IR J a n '12
99% 0934 97% O c t ’l l
al II A II of 1882 1st 5 s . 1013 A-O
r e a t N o rth e rn —
973S
97% S ale 97
O B A Q coll t r u s t 4 s ____1921 J - J
►
____ 97% 97
97%
R e g is te re d , ft________1921
101%
101% S ale 101%
1st A re fu n d 4 %s ser A . .1961
R e g is te re d ____________ 1961
98%
98% ------ 98%
S t R aul M A M an 4 s .......... 1933 J - J
1 st consol gold 6 s _____ 1933 J - J 12534 ____ 125*8 O c t ' l l
132 A p r ’09
R e g is te re d __________ 1933 J - J
105%
R e d u c e d to g o ld 4 ^ s l 9 3 3 J - J 105% 10584 105%
10834 J ’no ’09
R e g is te re d ________1933 J - J
98%
98 S ale 98
M o n t e x t 1st g o ld 4 s . .1 9 3 7 J - D
R e g is te re d __________ 1937 J - D _________ 98 J ’n e ' l l

G

681

New York Bond Record—ContinnpH—Page 2
T . STOCK EX C H A N G E
W eek E n d in g M arch 8 .

87% 87%
104

104’%

92% 93%
90% 93
9134 93%

96

97

107% 107%
105% 105%

91
38
49%
90
97%
111%

92
40
58%
97S8
98%
112%

106 106
109% 109%
114% 114%

97%
101*3
98*s
91%

99
101*4
99%
93
90*4
98
99%
90

90
90
9034 10078
75
75
106

106%

l()7 107
11034 11034
118 118*8
104% 104%
102% 10234
105 105%
100 100
88*4 90
88
88

777s 79
88% 89%
85*8 87
75% 78%
108*4 11034
112% 11338

103

105

88% 89
100% 102

1123s 11238
1017s 102%
97

995s

81% 81%
96
98*s
96*4 98*8
10034 101*3
98% 98%
105% 105%
‘97% *08%

S t P M & M (C o n tin u e d ) —
P aclflo E x t g u a r 4s £ ____ 1940 J - J
E M in n N o r D Iv 1st g 4 sl9 4 8 A-O
M in n U n io n 1st g 6 s __ 1922 J - J
M o n t C 1st g u g 6 s____1937 J - J
R e g is te r e d .......... ..........1937 J - J
1 st g u a r g o ld 5 s____1937 J - J
R e g is te r e d ___
1937 J - J
W ill & S F 1st g o ld 5 s . 1938 J - D
G ulf & S I 1 st ref <£ t g 5 s . .61952 J - J
R e g is te r e d ______
61952 J - J
o ck V al 1 st co n s g 4 H S .1 9 9 9 J - J
R e g i s t e r e d ___________ 1899 J - J
Col 5s H V 1 st e x t g 4s
1948 A-O
Col & T o l 1 st ex 4s
1955 F -A
H o u s B e lt & T e rm 1 st 5 s . . .1 9 3 7 J - J
T llln o is C e n tra lX 1 st g o ld 4 s ______
1951 J - J
R e g is te r e d _____
_ I i9 5 1 J - J
1 st g o ld 3 l$ s ............... "1 9 5 1
J-J
R e g is te r e d .............
1951 J - J
E x te n d e d 1 st g 3 ^ 8
* 19 5 1 A-O
19 51 A-O
R e g is te r e d ____
1 st g o ld 3s s te r lin g ___* "1951 M -S
‘ 19 51 M -S
R e g is te r e d _______
C oll t r u s t g o ld 4 s ____* *1952 A -O
R e g is te r e d _____
1952 A-O
1st r e t 4 s _______
’ 1955 M-N
P u rc h a s e d lines 3 M s * '1 9 5 2 J - J
L N O & T e x g o ld 4 s . . . 1953 M-N
R e g is te r e d ______
1953 M-N
C airo B rid g e g o ld 4 s .
1950 J - D
L itch field D lv 1st g 3s
1951 J - J
L o u lsv D lv & T e rm g 3 ^ s l 9 5 3 J - J
1953 J - J
R e g is te r e d ________
M id d le D lv reg 5 s . .
1921 F -A
O m a h a D lv 1st g 3 s ____1951 F -A
S t L o u is D Iv & te rm g 3 s ' 1951 J - J
R e g is te r e d ____
1951 J - J
G old 3 )^ s ........ ...........
'1 9 5 1 J - J
R e g is te r e d ____Z I_ I _ 1051 J - J
S p rin g D Iv 1st g 3 M s ____ 1951 J - J
R e g is te r e d ____
.
1951 J - J
W e ste rn lines l s t g 4 s I I I ~ 1951 F -A
1951 F -A
R e g is te r e d ____
B ellev <£ C ar 1st 6 s___ '1 9 2 3 J - D
C urb A S h a w 1st g 4s
1932 M -S
C hic S t L & N O g 5s
1951 J - D
R e g is te r e d ____
'
1951 J - D
G old 3 }$s_............. ' " 1 9 5 1 J - D
1951 J - D
R e g is te r e d ____
M em p h D Iv 1st g 4 s ___1951 J - D
R e g is te r e d ___.
1951 J - D
S t L S o u 1 st g u g 4 s .
1931 M -S
I n d 111 & l a 1st g 4s
1950 J - J
I n t A G re a t N o r 1st g 6s
1919 M-N
Io w a C e n tra l 1 st g o ld 5s
1938 J - D
R efunding gold 4s .
1951 M -S
am e sto w n F ra n k lin &
C learfield 1st 4 s .
1959 J - D
a n C ity S o u 1 st g o ld 3 s . *1050 A-O
R e g iste re d ________ 1950 A-O
R ef & Im p t 5 s............A p r 1950 J - J
K a n s a s C ity T erm I 1st 4 s . I9 6 0 J - J
a k e E rie A W l s t g 5 8 . . 1937 J - J
2 d g o ld 5 s .......... ....
1941 J - J
N o rth O hio 1st g u g 5s
1945 A-O
L eh V ail N Y 1st g u g 4 l i s l l 9 4 0 J - J
1940 J - J
R e g is te r e d __________
L e h ig h V ail (P a) co n s g 4 s '2 0 0 3 M -N
L eh V T e r R y 1st g u g 5s 1941 A-O
R e g is te r e d .......... ..
1941 A-O
L eh V C oal Co 1st g u g 5 s . 1933 J - J
R e g is te r e d ...........
1933 J - J
1 st I n t r e d u c e d to 4 s____1933 J - J
Leh A N Y 1 st g u a r g 4 s . 1945 M -S
R e g is te r e d .......................
1945 M -S
E l C A N 1 st p ref 6 s _____ 1914 A-O
G old g u a r 5 s ________ 1914 A-O
L ong I s la n d —
1 st co n so l g o ld 5 s______ ?jl931 Q - J
1st co n so l g o ld 4 s______ 7»1931 Q - J
G en eral g o ld 4 s__________ 1938 J - D
F e r r y gold 4 M s _____
1922 M -S
G old 4 s..................................... 1932 J - D
U nified g o ld 4 s__________ 1949 M -S
D e b e n tu re go id 5 s______ 1934 J - D
G u a r re f g o ld 4 s_______ 1949 M -S
R e g is te re d _____________1949 M -S
N Y B A M B 1 st co n g 5s 1935 A -O
N Y A R B 1 st g 5 s.......... 1927 M -S
N o r S h B 1 st co n g gu 5 s.o l9 3 2 Q - J
L o u isia n a A A rk 1 st g 5s___1927 M -S
L ou isv ille A N a sh v ille —
G en eral gold 6 s__________ 1930 J - D
G old 5 s ; ...........
1937 M -N
U n ified gold 4 s __________ 1910 J - J
R e g is te re d ____________ 1940 J - J
C o llate ral t r u s t g o ld 5 s . .1931 M-N
E II A N a sh 1st g 6 s____1919 J - D
L C ln A L e x gold 4 H S ...1 9 3 1 M-N
N O A M 1st gold 0 s____1930 J - J
N O A M 2 d gold 6 s____1930 J - J
P a d u c a h A M em d lv 4 s . . 1946 F -A
P e n s a c o la D lv g o ld 6 s . .1 9 2 0 M -S
S t L o u is D lv 1st gold 0 s . 1921 M -S
2 d g o ld 3 s________ . 1980 M -S
A tl K n o x A Cln D lv 4 s . .1 9 5 5 M -N
A tl K n o x A N o r 1 st g 5 s . 1946 J - D
R e n d e r B d g e 1 st s f g 6 s . 1931 M-S
K e n tu c k y C en t gold 4 S ..1 9 8 7 J - J
L A N A M A M 1st g 4 H*1945 M -S
L A N -S o u th M Jo in t 4 s . .1 9 5 2 J - J
R e g is te r e d __________ h i 9 52 Q - J
N F la A S 1 st g u g 5 s____1937 F -A
N A C B d g e gen g u g 4 H s 1945 J - J
Pens. A A tl 1 st g u g 6 s __ 1921 F -A
S A N A la co n g u g 5 s___1936 F -A
L A J e ll B d g e Co gu g 4 s __ 1945 M -S

H

J
K

L

Weckfs
Range or
Last Sale

ejtc

High N o . Low High
As* Low
93 ____ 92*8 M c h '11
96% 98%
97
9S34 18% J a n '12
116 116
114 116 116 F e b ’12
12734 . . . 127% N o v ’l l
130% M a y ’06
1113s 113 11234 S ep ’l l

Bid

113
90

____ 112%S ep ’l l
94
95 J a n T2

102% 102*8 102%

102%

100% S ep
9434 95% 94% D ec
9434 ____ 96% J a n
99% 100% 99% F e b
102

100
90
89

'08
’l l
T2
T2

95

95

102

102*8

96)8 96)8
99% 99%

__

104 F e b T2
____ 100 S ep ’l l
____ 91 A u g ’l l
89%
89% 89%
93% M ay ’09
80

89% 89%

j ’ly ’09

100

F e b '12
93%,
A u g ’l l
90%
95% 96% 90
86
86% F eb ’12
98% 997S 99%
99%
98% 9434 J a n ’l l
96%
97% F eb ’l l
76% 78
75% S ep ’l l
85% 85*8 85 F e b '12
84%
83% N o v TO
10634
123 M ay ’99
75 .
76% J ’n e ’l l
75
77
7 5 % Jan '11
73% 74%
86
87% 86I9 F e b '12
84%
101% O c t '99
85 .
100 N o v ’00
84 ,
96 .
96 J a n '12
11234 ,____
95 ____
114% 116
113 ____
84 ____

117% M a y ’10
95% O c t TO
116 J a n T2
114 F e b ’l l
90 O c t '09

91% ____

97% M ch TO

95 ____ 98 J ’ly '08
95 S ale 95
95
108% 109% 108% F e b T2
101% 102% 101% F e b '12
02 67
65
65%
____ 9434 94%
94%
7334 74
73% F e b T 2
63 O c t ’00
99*4 S ale 99*8
997g
____ 98% 98% F e b T2
109% 1097g 100%
1091
104% 104% 104% F e b 'll
105 ____ 107%O c t ’l l
105*4
105% 105*4 10534
104%____ 104%O c t ’l l
96*8____ 97*8 O c t '11
113 ____ 1137g N o v T l
11134 112 111% D ec ’l l
107%____ 108 N o v ’09
93% ____

96% 96*8

86%

86%

98*s 99%

84% 85

86%

116

86*4

116

,

94*8 96
108 108%
101% 102%

63

66%

94% 94%
73% 74 .
99*s 100%
98% 95%
10S%110 '
104% 104%
105% 105%

93*4 O c t ’l l

103

____ 101% F e b TO
100% ___ 101% S ep '09

1103S S ale 110*8
110*8
93 ____
94% ____ 94% F e b '12
977g 100 100 A u g '11
91% 97
99% O c t '06
93 ____ 92 F e b '12
102 1041s! 104% D ec '08
97
971 97%
97%
96% . . . : 95 J a n ’l l
105*4____ 110% N o v '06
1037g ____ 105 A p r '07
105*j 107% 107% J a n '12
____ 96
9734 S ep ' l l

109*4 H0%

116% 1171s] 117%
117%
112
111% J a n T2
99% Sale 99%
99%
987s 9734 N o v TO
98
110%
110%
110 %
111 lil*S 1113s J a n '12
105
105 F e b '12
121 125 121 S ep ' l l
117
117% Jan '12
96 ‘96% 95% F e b ’IV
105*4 M c h ’l l
109
112*4
113 O c t ' l l
69*4
69*4 S ale 69%
9278 93
9234
90
1127S 115 112 Oct. ’l l
105
106 A p r ’l l
947s Sale' 94%
94*8
104
103 D ec TO
89% S ale 89%
89%
95 F e b '05
102*4 I f 11; 10234 J a n 12

11578 117%
111% 111%
99
99*8

101%
112

112

112

1107s 112 l i l t s F e b T2
91% . .
91% 911s1 91%

94% 94%
’92 * 92%
93

97%

106% 107%

1091* 110%
1113s 111*8
104*4 105
117% 1171s
95% 95%
69*8 69*4
92*8 93
94% 95
'89% '89%
109*4 109%
112
111

112
111%

91% 91%

M I S C E L L A N E O U S B O N D S — C o n tin u ed on N ex t P a g e .
St re et R ailw ay .
M et W S E l (Chic) 1st g 4 s . 1938 F - A
85 ____ 93% J ’ly ’06
M llw E lec R y & L t cons g 5 sl9 2 6 F -A ____104*8 104% D ee ’l l
R efu n d in g & e x te n 4 H S .1 9 3 1 J - J
94 ____ 93% D ec ’l l
M ln n ea p S t 1st co n s g 5 s . ..1 9 1 9 J - J 101% . .
107% F e b ’06
1 84% 88%
N ew O r I R y & L t g en 4 ^ s .1 9 3 5 J - J
85%
85% 86% 85%
99
99
P o rtla n d R y 1st & ref 5s — 1930 M-N
99% ------ 99 F e b T2
P o rtla n d R y , L ig h t & P o w —
P o rtla n d G en E lec 1st 5 s . 1935 J - J
S t J o s Ity , L , II & P l s t g 5s 1937 M-N
98 101
98
105% 106
S t P a u l C ity C ab cons g 5 s . .1 9 3 7 J - J 106 ____ 106
G u a ra n te e d 5s g o ld .
.1 9 3 7 J - J 106% ..
T rl-C lty R y & L t 1st s f 5 s . 1923 A-O
97*4 98
97*8 977S
U n d e rg ro u n d of L o n d o n 53.1920 M-N
98 A p r '0
96%
1 95
4 M s . . . ...................................1938 J ’- J
96
90
96% 96
3 74% 82%
In c o m e 0 s_______________1948
77
77*4 75
75
U n io n E lec (Cldc) l s t g 5 s . .1 9 4 5 A'-O
84 O ct '0
U n ite d R y s In v 1st Ucn coll
•54% 85%
84% F e b '12
tr u s t 5s P itts Issu e.......... .1 0 2 6 M -N
•N o prlco Friday; la test bid and asked th is week, a D uo J a n . 6 Duo F eb.




Street R a ilw a y s .

U n ite d R y s S t L 1 st g 4 s ___ 1934
S t L o u is T r a n s it g u 5 s ___ 1924
U n ite d R R s S a n F r s f 4 s . . 1927
V a R y & P w r l s t & r c f 5 s ___ 1934

J-J

A-O
A -O
J -J

G a s a n d E le c tr ic L ig h t
A tla n ta G L Co 1 st g 5 s ------ 1947 J - D

B k ly n U G as 1st co n g 5 s . . 1945
B ulfalo G as 1 st g 5 s ............... 1947
C o lu m b u s G as ls c g 5 s .......... 1932
D e tro it C ity G as g 5 s............. 1923
D et G as Co co n 1st g 5 s------ 1918
D et E d iso n 1st coll t r 5 s __ 1933
E q O L N Y 1st co n g 5 s ___ 1932
G as & E icc B erg Co c g 5 s . . 1949
G r R a p G L Co 1st g 5 s____ 1915
H u d so n Co G as 1st g 5 s____ 1949
K ail C ity (Mo) G as 1 st g 5 s . . 1922
d

Duo A pril,

h Duo J u ly ,

k

M -N
A -O
J-J
J-J

F -A
J-J

M -S
J-D
F -A
M-N
A-O

80
ir9% 8134 80
85 J a n T2
Safe 6G*4
67%
____96%
9634 F e b T2
104
10734
107% 10734 107*4
G0% F e b T2
60
63
95
100*8
100% 100% 100)8
____ 100% 95*8 S ep '08
102
102
102 ..
106% 106*4 106 J a n '12
101 ____ Gl% O c t ’01
100 101 100 O c t '09
105%
104*8____ 105%
99*4 J a n '12

D ue A ug.

o

D uo Oot.

* O p tio n

7714
85
0634
96

80
85
70
97%

106% 107*4
60
60%
100%101
101*8 102

106

106

104% 105%
991h 99*4

sale.

082
N.

New York Bond Record—Continued—Page 13

BONDS
Y . STOCK EX C H A N G E
W e ek Ending: M a rc h 8.

P rice
Frida y
M arch 8
Hid

W eeks
Range or
Last Sal 7

Ask Low

H igh

T l/T an lla R R — Sou lines 4 s . 1936 M -N ------ 83
■i->J.cxlcan C en t Inc g 3s t r ro o ts.
25l2 A p r '09
E q u ip & colt g 5 s _ ........... 1017 A -O
2 d series g 5 s__________1919 A -0
M ox I n t e r n a t 1st con g i s . 1977 M -S
77 M ch TO
S ta m p e d g u a r a n te e d ____1977 M -S ____80
79 N o v ’10
M in n & S t L 1st gold 7 s___1927
J - D 128 12912 129 F e b '12
P acific E x t 1st gold 6 s ...1 9 2 1 A-O
1101s A u g 'l l
1 st co nsol gold 5s..............19 31 M-N 105 S ale 105
105
1 st a n d re fu n d gold 4 s _ . 1940 M -S ____68
65
65
D es M & F t D 1st g u 4 s . 1935 J - J
80
821? 7914 F e b '12
M S tP & S S M co n g 4s ln t gu.1938 J - J
9714 973.j 9714 F e b '12
M S S M & A 1st g 4s ln t g u . 1926, J - J
981? J a n TO
M ississippi C en tral 1st 5s 1949 J - J * 9434 ____ 98i2 M c h '11
M isso u ri K a n s a s * T e x a s —
1 st gold 4 s_____________ 1990 J D
963.1
96S8 96*4 O6I4
2 d gold 4 s ________
J71990 F -A ------ 8312
8312
8312
1 st e x t gold 5s...................1 9 4 4 M-N 101 1 0 ll2 101
101
1 st & re fu n d 4 s __________ 2004 M -S
8034 S ale 8012
8034
G en s in k in g fu n d 4 M s ___1930 J - J
8914 S ale 8914
8914
S t L ouis D lv 1st re f g 4S.2001 A-O ____ 84
83,, N o v ’l l
D al & VVa 1st gu g 5s____1940 M-N 105>8____ 1053S A u g ’l l
K a n C & P a c 1st g 4 s ___1990 F -A
9012 ____ 90t2 F e b T2
M o K & E 1st gu g 5 s . ..1 9 4 2 A-O 10933 ____ 1095s F e b T2
M K & O k 1st g u a r 5s
1942 M -N 10612 107 10012 10612
M K & T of T 1 st gu g 5S.1942 M -S 10312 104 1031s
1031.
S h c r Sh & S o 1st gu g 5 s . 1943 J - D 1031? 101 1037g F e b T
T e x a s & O k la 1st gu g 5s 1943 M -S IO373 IO0I4 1037S 1037g
M issouri P a c 1st co n s g 6 s . .1 9 2 0 M-N 10733 108 10734
10734
T r u s t gold 5s s t a m p e d ._ a l 9 17 M -S 100 10012 1001s
10014
R e g is te re d ___________ a l 9 l 7 M -S
90 M ch ’lf
1 st c o lla te ra l gold 5 s___1920 F -A
99i2
99i 2
9912 100
R e g is te re d ....................... .1 9 2 0 F -A
4 0 -y e a r gold lo a n 4 s _____ 194 M -S
7334
74
73i 2 75
92l2 9134 00i2 M a y ’l l
3 d 7s e x te n d e d a t 4 % . 1938 M-N
1st & ref e o n v 5 s ________1959 M -S
871
87i2 S ale 8634
C en t H r R y 1st gu g i s . .19 19 F -A
9134 S ale 9134
92
C en t B r U P 1st g 4s . 1948 J - D
78
84l2 8312 D ec T
L e ro y & C V A L 1st g 5s .1925 J - J ____ 102
111) M c h '05
P a c R of M o 1st e x t g 4 s . 1938 F -A
96
971 95i2 J a n '12
2d e x te n d e d gold 5 s __ 1938 J - J 101 1091J I08i2 M a y ’l
S tL I r M &S gen co n g 5 s . 193 A-O 106 10634! I06's
1063s
G en con s ta m p gu g 5 s . 193. A-O
111 S ep ’09
U nified & ref gold 4s 1929 J - J
82I4 '827s 82
83
•
R e g is te re d ................. .1 9 2 9 J - J
80 M c h ’12
R iv & G D lv 1 st g 4 s _ . 1933 M -N
84
84 S ale 8334
V erd i V I 4 W 1st g 5 s . .1 9 2 M -S
l02i2 ,Tan TO
iMob & O hio new gold 6 s . . 192 J -D i ‘i6l4 I I
I 2OI4 F e b T2
1 st e x te n s io n gold 63___ft 1927 Q - J 115*8 11(J12 115*4 F e b T2
G en eral gold 4 s __________ 1938 M -S
8678 S7 I4 8678
867s
M o n tg o in D lv 1st g 5 s__ 1947 F -A HO34 S ale 11034 1 1034
S t L & C airo coll g 4 s ___el9 3 d Q -I‘
83
85
33 D e c ’l l
G u a ra n te e d gold 4 s . . 1931 J - J
9314 933s 9312 M c h 'll
i'VTa s h v C h a tt & S t L o u is—
IXN 1 st 7 s ................
1913 J - J 1035s S ale 1033s
10338
1 st consol gold 5 s . . . ...1 9 2 3 A -O i l l . .
100i2 F e b T2
J a s p e r B ran c h 1st g 6s 1923 J - J 114 . .
11578 N o v ’10
McM M W & A1 1st 6 s ___1917 J - J 10734 S ale 1073.1
1073 ,
T & P B ra n c h 1 st 6 s . . 1917 J - J 10714 _ .
113 J ’ly '04
N a t R y s of M ex p r Hen 4 >4s.t957 J - J
92 S ale 92
92
G u a ra n te e d g en eral 4 s .
1977 A-O
8578 S ale 85"s
863s
'N a t of M cx p rio r Hen 4 > ^ s .l9 2 6 J - J ------ i 0 U2 100 J a n T2
1 st co nsol 4 s ____________ 1951 A -()
793S 803.i 7912
7934
N O M ob & C hIc 1 st ref 5s 1960 J - J
933S . . .
93*2
94
N O & N E p rio r Hen g 6 s ..p l 9 1 5 A -O 1041S _ . .
iNew O rlean s T e rm 1st 4 S ..1 9 5 3 J - J
8812 ____ 8812 F e b '12
N Y C e n tra l & H u d R iv e r—
88
G old 3 M s . .............................1997 J - J
88 Sale 8734
R e g is te re d ____________ 1997 J - J
87 . . .
87 J a n T 2
93l2 S ale 9312
D e b e n tu re gold 4 s ______ 1934 M -N
9378
R e g is te re d ........................ 1934 M -N
023., S ep ’l l
L a k e S h o re coll g 3 33s ___ 1998 F -A "83” S ale 8234
S314
1 R e g is te re d ______________1998 F -A
8034 83
8 II4
8 H4
M ich C en t coll gold 3 J$s_1998 F -A
80
8034 S018
8018
R e g is te re d ____________ 1998 F -A
78
79
79l 2 F e b T2
, B eech C reek 1 st gu g 4 s . . 1936 J - J
991S ____ 9S58 D ec TO
R e g is te re d ____________ 1936 J J
99 M a y ’l l
2 d g u a r gold 5 s_______ 1936
J 10638 .
R e g is te re d __________1936
J
, B eech Cr E x t 1 st g 3 J-^s.51951 A -O
C a r t & A d 1st gu g 4 s ___1981 J - D
90 .
97i2 A p r '09
G o u v & O sw e 1st gu g 5 s . 1 9 12 J - D 108 .
9812 9934 9918 M c h ’l l
, M oh & M ai 1st gu g 4 s __ 1991 M -S
9534 100 105 O c t '02
N J J u n e R g u a r 1st 4 s . . 1986 F -A
R e g is te re d ____________ 1986 F -A
N Y & H a rle m g 3 M s ___2000 M -N
885s------ 8S58 F c b '12
; R e g is te re d _____________ 2000 M -N
. N Y & N o rth e rn 1 st g 5 s .l9 2 7 A-O ____10712 108 O c t '09
N Y & P u 1st co n s gu g 4 sl9 9 3 A-O ------ 9812 9778 A u g ’l l
N o r & M o n t 1st gu g 5 s . . 1 9 16 A -O
/ P in e C reek re g g u a r 6 s___ 1932 J - D 1201s_____ 13U? J a n '09
, R W & O con 1 st e x t 5 s .ftl9 2 2 A -O 107 10/3 4 10714 F eb T2
O sw e & R 2d gu g 5 s___ e l9 1 5 F -A . . . 10512 105 J a n '08
t R W & O T R 1st gu g 5 s . 1918 M -N
104 J ’n e ’10
X lu tlan d 1st co n g 4 > ^ s ..l9 4 1 J - J
90 ____ 9814 M ch T 2
. O g & L C h a m 1st gu 4s g 1948
J
83
88
81 F e b T2
R u t- C a n a d 1st gu g 4 s . 1949
J
92 J ’n e ’09
S t L a w r & A d lr 1st g 5 s . .1 9 9 6 J - J 1071s------ 115 J ’n e'0 9
2 d g old 6 s_____ ______ .1 9 9 6
O 118 ____ 125 F e b '08
TJtlca & B lk R iv gu g 4 s . 1922
9934 101
J
9978 N o v '11
L a k e S h o re gold 3
1997 D 8812 89
88l2
881?
D 8712 8812 88i2 F e b T2
, R e g is te re d _____________ 1997
, D e b e n tu re gold 4 s _____1928 M -S
9334 S ale 933,t
943s
2 5 -y c a r gold 4 s ________1931 M -N
93i 2 S ale 9338
9358
*
R e g is te re d ........ ............ 1931 M -N
931s ____ 9312 F e b T2
•
K a A & G R 1 st gu 0 5 s .1938 J - J 1083s____
M ah o n C ’l R R 1st 5 s . . 1934 J - J 11112 ____ 11112 M c h ’l l
O 10358 ____ 100 D ec '09
, P i t t s & L E rie 2d g 5 s ..« 1 9 2 8
; P i t t s M eK & Y 1 st gu 6S.1932
J 121
13018 J a n '09
1 2 d g u a ra n te e d 6 s______1934
J 12334 ____ 123 O c t ’l l
i
M cK ees & B V 1 st g 6 s . 1918 J - J 108 ____
M ich ig an C e n tra l 5s______ 1931 M -S 1103s 115
11 J a n T2
.
R e g i s t e r e d ...................1931
109 112
19 J ’ne'OO
’• 4 s ........................
1940 - J
98*4 N ov ’l l
••
R e g is te re d __________ 1940 ~ J
9812 N o v ’l l
'■ J L & S 1st gold 3 J4s__1951
:- s ____ 881S
90 J ’n e ’08
■ 1 s t gold 3 H s ___________ 1932 M -N
8612 ------ 8612
861?
9058 Olio 9U 2 F e b T2
20 - y c a r d e b e n tu re 4s*..192al A -0

__

Range
Since
Jan. 1.
Low

BONDS
Y . S T O C K EXCHAIN
W eek E n d in g M arch 8 .

N.

2 | i

N Y C e n t & If R — (C o n )

H igh

W e s t S h o re 1 st 4s g u a r . .
R e g is te r e d ____________
129 129
105 105
105 105
65
697s
79 I4 81
97
9734

7 A-O
A-(
M-LN
J-J
J-J

N Y N ew H a v e n & H a r tf —
N o n -c o n v d e b e n 4 s______ 1

[V O L . L X X X X I V .

Pries
Frida y
M arch 8
Bid

100

As

W cc k i
Range or
Last Sale
Low

H ig )

Range
Since
Jan. 1.

|O|CO
No

Low

I I igh

Sale 9978 100*
997s 100*s
981? 995 983.j N o v *1
____ 90
897s 91
90%
901
10038 1001 100-'% 1001
100 101
11 9778 9S1Z
9818 981 08*s
981
1001? J ’ly T ___

J-J
___
M-J>
93
031 93
11 921? 98
93
921? S ale 921?
J-J
931,
77 90
OBl.t
J - J 132 S ale 132
1321,
131*s 13212
991? . . .
M-!N
99 O ct T
J-J
93
931 933s
933.
93*s
I 03
M-N 115 ____ 115
2 111 115
115
M-N 1021? .
107 A u g ’09 ___
9614 97
J - 1 115 ____
8312 84%
C onsol 4 s ............... _ _ H i9 4 ! J - . l
901?____
101 10212
823, 85% 87 M ay ’l l
M-N
80
811.
M -S
3 941S 96
945s 961; 94*s
2478
8834 8914
M- S
9212 ____ 931., O ct T
19
G en eral 4 s _______
J-D
89*s F e b T 2
8958 89*s
N orf & S o u th 1 st go ld 5 s I I l 9 . . M-N 10312 ____ 10212 J a n T2 ___ 1021? 1021?
9012 9012 N o rf & W e s t gen go ld 6s . 1931 M-N 123*4 1241? 1231.1 N o v ’ll
10012 110
Im p r o v e m e n t & e x t g 6s . 1934 F -A 125 127% 124 S ep ’l l
10612 10712
A-O 121 12 S 1231? O ct ’l l
10234 104
983., 9878 98*s
A-O
99
9S78 28 98
1033, 10334
9612 <)734 98 J a n ’l l
A -O
1037S IO0I4
D Iv ’l 1 st I & gen g 4 s . .1 9 4 1 J - J
93 S ale S3
94
931? 15 93
107 108
1 0 -2 5 -y ear e o n v 4 s ____1932 J - D 10'J*8 S ale lOi'l.t
109*3 44 1071? 1101s
9978 10034
1 0 - 2 0 - y r c o n v 4 s fu ll p d re ts ____ 108l8 S ale 10S18
1085,s 63 1081S 108*s
93
94
P o c a h C & C jo in t i s . .1941
9 1 F eb 12
92
94
9912 10034
C C & T 1 st g u a r go ld 5 s . 1922 J - J 106%
8 106*8 106*3
I06*s
100-)s
S clo V & N E 1 st g u g 4S.1989 M-N
971? 981? 9712 F e b T 2 ___ 9712 981?
99*4 100
70*8 7 414 N o r th e r n P a c p rio r I g 4 s . . l 9 9 7 Q - J
99<s
100
32 99*., 1003,
R e g is te r e d ____________ 1997 Q - J
9834 991? 983.,
983.1
5 98*s 991?
8612 893s
G en eral lien gold 3 s ____«2047 Q - 1‘ 70% S ale 09's
7()18 21 69
701s
9134 92
R e g is te r e d ___________«2047 Q - F
0734 693,
S t P a u l- D u lu th D lv g 4s 1996 J - D . . . . U614 96l.t
2 9614 961.4
00U
D u l S h o r t L 1st g u 5s
1916 M -S 100
99 F eb 'lo
9512 9512
S t P & N P g en gold 6 s . 1923 F -A 1151 ?
1151? 1151?
115l2 F e b T2
R e g iste re d c e rtific a te s 1923 Q -F 114*5.
10534 1063S
S t P a u l & D u lu th 1st 5s 1931 F -A 109
107 J a n '12
107 107
2 d 5 s .............................
1917 A -O 102ts
1023.| j ’n e ’l l
9234 053, 923, F o b T2 ___ 92*4 92*4
791? ~8334
1 st consol gold 4 s .
1968 J - D
891?
W a sh C en t 1st gold 4 s . 1948 Q-M
78
80
8212 84
N o r P a c T e rm Co 1st g 6s 1933 J - J 11112 ____ 111*.s D ec ’l l
O reg o n -W ash 1st & ref 4s .1061 J - J
913, 921? 9218
8 92
923«
923,
12014 121
acific C o ast Co 1st g 5 s . .1 9 4 6 J “lJ 1031? S a lt U)312 1031?
7 1031,101
11534 1153,
e n n a R R 1st r e a l e s t g Is 1923 M -N 101 102 101
10 101 102
102
C onsol gold 5s........
1919 M-S ------n o
8678 8G78
1 108 110
110
110
1943 M -N
C onsol g o ld 4 s ____
U 018 IIOI4
1 102 1037,
1021?
- 102*4 U)212
C o n v e rtib le gold 3 M s
1912 M-N 100 S ale 100
8678 867S
4.3 9912 1001s
100
C o n v e rtib le gold 3 M s "1915 J - D
97*4 Sale 971?
973, 211 96*., 977s
R e g is te r e d ______ ______ 19 15 J - D
971? F e b T2 ___ 9712 971?
C onsol gold 4 s ______
~ 19-iS /M-N 103% Sale 103
1035s 104
1031? 38 103 104 '
A lleg V al g en g u a r g 4 s ” 1942 M- S
10938 1095s
99*3 10011 997s A p r 11
D I t I t R & B ge 1st gu 4sgl93G F -A 1001?
P h lla B a lt & W 1st g 4s 1913 M-N
10734 1073.|
1017s F e b T2 ___ I017s 102
S o d B a y * Sou 1st g 5s 1924 J - J ____
102 J a n ’03 ___
S u n b u r y & Lew is 1st g 4s 1936 J - . l
■fin; "921
97
U N J R R & C an g en
1944 M -S 10 U?
85 " 8812
lu l F e b '12
101 10112
100 100 " P e n n a Co g u a r 1st g 1 M s ” 1921 J - J 10314 103*s 1031? F eb '12 —
10314 1037s
R e g is te r e d ______
1021 J - J
7912 80
1027s M ch T 1
G u a r 3 M s coll tr u s t "reg” 1937 M- S
9312 95
88 ____ 90 A u g TO
G u a r 3 M s coll tr u s t ser B .1 9 4 1 F -A ____ 88I4 88 F e b T2 ___ 88
88
T r u s t Co c e rtfs gu g 3 M s . 1916 M-N
8S
881S
9712 U7*s 973( D ee ’ll
G uar 3
tr u s t c tfs C
1942 J - D ------ 88% 8SU
2 88I4 88I4
88I4
G u a r 3 M s t r u s t c tfs D
1944 J - D ____ 88-'% 873, J a n 12 ___
87
8812
8 734 S734
87
87
G u a r 15-25 y e a r g 4 s . . ” l931 A-O ------ 981? 98ls M c h ’12 ___ 98
981?
9214 937s
Cln L e b & N o r g u 4s g
19 12 ■M-N 94
963, 9012 D eo T 1
Cl & M ar 1st gu g 4 J^s 1935 M-N 103 105
807s 85
Cl & P g en gu g 4 H s ser A 1942 J - J loots
1073, Dee ’l l
S cries B __________
1943 A-O 1001«
79
84
109*4 J ’ly '09
7834 821.
l n t re d u c e d to~ 3"uS ~ 1 9 l 2 A-O
9114
9114 F e b '12
911,, 9114
S cries C 3 M s _____
19 18 M-N
911.|
7912 7912
S eries D 3 J^s_____
1950 F-A
911., .
90 M a y ’08
E rie & P itt s g u g 3 Ms B .1 9 1 0 J - J
901? A p r ’l l
S cries C _____
1 940 J - J
1043., F e b T2 ___ 1043,10434
G r I t & l e x 1st g u g 4 M s .1911 J - J
101 F eb T2 ___ 101 1011,4
P itt s F t W & C 1st 7 s . 1912 J - . l
2 d 7 s . _ ...................
19 12 J - . l
10378 Fel) '11
3 d 7 s ---------7,1912 A-O
101 D ec ' l l
P itt s Y & A sh 1st con 5 s . 1927 M-N 107*s 109 M a y ’10
T o l W V & O g u 4 Ms A . .1931 J - J 10212 1031? 1013., F eb T2 ___ 1013., 10I34
S eries B 4 M s____
1933 J - J 1021? ____ LOO J ’ly TO
S eries C 4 s___
1942 M -S
88*8 88®s
95
P C C & S t L gu 4 M s ' a " 1 10 10 A -() 106 1061? LOG12
106U
2 io a iofi*4
S eries B g u a r ..................... 1912 A-O IOOI4 107 LOG*., J a il *l2
10334 106*4
S eries C g u a r __________ 1942 M-N 1051? 10078
*
S eries D 4s g u a r ______ 1945 M-N
99 .
99 M e h ’12
97
99
S eries E 3 Ms g u a r g ___1949 F -A
9312 ____ 931? F e b T2
9318 9312
107U 10734
S eries F g u 4s g ................ 1953
97
9778 A u g ’ll
S cries G 4s g u a r ______ 1957 M-N
98*s____ 98 O c t ’ll
C S t L & P 1st co n g 5 s . .1 9 3 2 A -O 1101?
9712 9712 P eo <So P e k U n 1st g 6 s ____1921 Q -F 105 .
100 “ M a y ’ll
84
86
2d gold 4 M s......................... 61921 M-N ------ 90
03Q Jan 'l l
P ere M a rq u e tte — R ef 4 s . . . 1955 J - J ____ 65
66 D ec ’ll
R e fu n d in g g u a r 4 s ______ 1955 J - J ------ 6S*s 68*4 N o v T 1 __
Ch & W M 5 s ____
1921 J - D
9934 . .
99*s F e b T2 ___ 00*8 99*s
F lin t & P M g 6 s ...................1920 A -O 108 1081., 1018 O c t '11
8812 8078
1 st co n so l g o ld 5 s _____ 1930 M-N ____ 101 ' 00 F e b T2
99*4 100
98 A u g ’ll
P t H u ro n D lv 1st g 5S.1930 A -O ____too
8714 88*4
9314 9438
S ag T u s & II 1 st g u g 4s .1931 F -A
84*4 87*4 84*s E cb '12
93
937S P h ilip p in e I t y 1st 3 0 -y r s t 4 s . ’37 J - J
SH4 84%
121., D ee ’ll
9312 9312 P itt s S h & L E 1st g 5 s ____1940 A -O 113 114
1 st co n so l g o ld 5 s ________ 1943 J - J IIOI4 ____ 131., N o v ’l 1
' en d in g Co g en g 4 s..............1997 J - J
OS!, S ale 9814
981? 26 98
98*4
LA1 R e g i s t e r e d _____________1997 J - J
97*4____ 9814 F e b T2 ___ 981., 98L
9/1? F e b T2 —
J e r s e y C e n t coll g 4 s ____1951 A-O ____ 98
9712 9812
A tla n C ity g u 4s g ______ 1951 J - J
t J o & G r I si 1 st g 4 s ____1947 J - J
80is ____ 87 N o v ’lJ
t L & S a n F r a n g en g 6 S ..1 0 3 1 J - J 11914 12012 1191? F e b T2
1 1878 11912
1073,1
G en eral g o ld 5 s.................. .1931 l - J 107% 108% 1073,|
4 IO712 10812
8018 913., 8318 F eb T2
S t L & S F R R co n s g 4 s . 1996 J - J
G en 15-20 y r 5 s_______1027 M -N
88 S ale 88
8SI4 45 88
88 D
S o u th w D lv 1 st g 5 s . .1 9 4 7 A-O
981?____ LOO O ct T i
8612 8G34
R efu n d in g g 4 s ................ 1951 J - J
S0t8 S ale 80
80U 10 80
813,,
R e g is te r e d __________ 1951 J - J .................. 803, M ch ’l l . . .
90
9 IBs

P

S

M IS C E L L A N E O U S B O N D S — C ontinued on N ext Page.

G as a n d E le c tric L i g h t
Kings Co E l L & P g 5s____ 1937
P u r c h a s e m o n e y 6s_______1997
C o n v e rtib le d eb 6 s........... .1 9 2 2
E d E l II B k n 1st co n g 4 s . 1039
kac G as L of S t L 1st g 5 s ..e l9 1 9
R ef a n d e x t 1 st g 5 s_____ 1934
Jllw a u k e c G as L 1st 4 s____ 1927
Newark C on G as g 5 s_______1948
I Y G E L II & P g 5 s____ 1948
P u r c h a s e m o n e y g 4 s____ 1949
E d E l III 1st co n s g 5 s __ 1995
f Y & Q E l L & P 1st c o n g 5 s . 1930
f Y & R ic h G as 1st g 5 s . ..1 9 2 1
•aclflc G & E l Co Cal G & E
C orp u n ify in g & re f 5 a ..1 9 3 7
•a t & P a s s a ic G & E 6 a____ 1940

F -A
M -N

105
S ale 105
11712 117 F e b T2
120 ____ U 8I3 D ec ’l l
88i2 D ec ’l l
1027S
162*4163" 10212
101 101 % IOU4 F e b T2
90
0118 90 F e b T2
10434____ 10178 D ec ’l l
1037s Sale 1037a
104
88*4 S ale 88t 2
88*4
113 ____ 1131s
1131s
IOH4 10212 102 F e b T2
9212 J ’ly '09

M -N
M -S

9514 Sale
100 ____

A-O
A-O
M -S
J-J
Q -F
A-O
M-N
J-I)

J-I)
F -A
J-J

105
116

J>rlcc F rid ay; la te st bid Arul asketL




95

0514

ff D u c Jatv._6 D uo F e b .

G as an d E lectric L ight

105 10512 P eo G as & C 1 st co n g 6 s ___ 1943
11512 117
R e fu n d in g g o ld 5 s ______ 1947
R e g is te r e d ------------------- 1047
Ch G -L & C ke 1 st g u g 5 3 .1 9 3 7
10212 1027s
C on G Co of Ch 1st g u g 5s 1936
101 101l2
I n d N a t G as & OH 3 0 -y r 5s ’36
8078 90
M.u F u e l G as 1 st g u g 6 s . .1 0 4 7
R e g is te r e d ____________ 1947
102*3 10414 P h ila d e lp h ia Co e o n v 5 s ___ 1919
88I4 89
S y ra c u s e L ig h tin g 1 st g 5 s . 1951
11212 11318 S y ra c u s e L & P 5 s_________ 1954
102 102
T r e n to n G & E 1 st g 5 s____ 1949
U n io n E lec L & P 1st g 6 s . .1 9 3 2
R ef & e x t 5 s ____________ 1933
04
0512 TJtlca E l L & P 1 st g 5 s____ 1950
U tic a G as & E ref 6 s_______1957
W e s tc h e s te r L I g h t’g g 5 s ___ 1950
# D u o M ay

a

D uo Juno,

ft D uo J u ly ,

A-O

M -S
M -S
J-J

J-I)
M-N
M-N
M-N
F -A
J-D
J-J
M -S

M -S
M -N
J-J
J-J
J-D
p

117*8------ 11712 F e b T2
102ls S ale 1 0 2
1021 b
. . . 10112 103 F e b ’09
103M 1037s 10378
1041?
1021s 10312 102 N o v ’l l
90 M c h ’l l
101 ___ 101
101
____109
100 F e b T2
100 ____ 101 D ee ’l l
8-1 86
81 J ’n e ’l l
IOLM4 ____ 109 F e b ’01
100 100*4 98i2 S ep ’l l
97
9812 97
97
103 ____
IOOI4 ____ IOOI4 D ec ’l l
105 100 105l2 F e b T2

D uo N o v .

4O p tion

sa le.

117l2
10213

103

10412

100*s 101
107

97

109

9Slj

IO6 I4 105*4

m ar .

N.

9 1912.!

Y. STO CK DEXCHANGE
W e ek E n d in g M arch 8.

683

New York Bond Record—Concluded—Page 4
P rice
Frida y
M arch 8.

Week's
Range or
Last Sals

11

Range
Since
Jan. 1.

N

High N o . Jxno H igh
liid
Ask Low
S t L & S a n F r a n (C on )
F -A
"V
2 117 118'
H 7I4
K C F t S & M con g 8 s . . 1928 M -N 11714 117% 11714
C onsol 4s S eries 13____1957 M-N
80
80% 15 SO 801r
80%
Sale
A
-0
K C F t S & M R y re t g 4 s . 1936
V
J-J
79 S ep ’10 * '* •
R e g is te re d ____________ 1936 A -0
M-N
..................
97" " I I 100% D ec '09
K C & M U & B 1st gu 5 s . 1929 A -O
F -A
“
2
d
go
ld
5
s___________
1939
9S78
99"g
99%
100
9973
S
ale
1
A
-0
O z a rk & Ch C 1st gu 5s g . 1913
92%
D e b e n tu re S eries 13_____1939 J - J
921
92% ____ 92%
12 91
S t L S W 1st g 4s b d c tf s . _ 1989 M-N
1 st lien e q u ip s fd g 5 s ___1921 M -S
81
83
81 >8
8U .
5 8034 82
2d g 4s Inc b o n d c ttil. — p i 989 J - J
1 st lien 5 0 -y r g te r m 4 S ..1 9 5 4 J - J
79
82
81%
8134
J
D
81%
Sale
53
Consol gold 4 s ___________ 1932
1 st re f a n d e x t g 4 s ______ 1956 J - J
973.1 ____ 101% A p r ’07
G ra y ’s F t T e r 1st gu g 5s . 1947 J - I )
D e t & Ch E x t 1 st g 5 s . ..1 9 4 1 J - J
86%
87
£6% 87
26 86% 8734
S A & A P a s s 1 st gu g 4 s . ..1 9 4 3 J - J
D
es M oln D lv 1 st g 4 s ___1939 J - J
99
.
.
104
O
c
t
'C
S F & N P 1st sin k f g 5 s . .1919 J - J
O m D lv 1st g 3 M s ............ 1941 A -0
8734 D ec ' l l
88
S e a b o a rd A ir L in e g 4 s-------19o0 A-O
8734
90
T
o
l & Ch D lv 1 st g 4 s ____1941 M -S
8734
—‘
8S%
S
ale
A-O
G old 4s s ta m p e d -------------- 1050
; ____ vi ra b P itt s T e rm 1st g 4 s __ 1954 J - D
R e g is te re d ______ ______ --1 9 5 0 A-O
C e n t & O ld Col T r Co c e r t f s . .
7934 S ale 79%
80
57 7G3g 84%
A d ju s tm e n t 5s--------------OJ049 F -A
C o lu m b ia T r Co c tfs _
. .
83
----- 82%' 82%
55 81
R e fu n d in g 4 s.................... -19'>9 A -0
Col T r c tfs fo r C e n t T r c t f s . .
90
5 88
89
90% 89%
A tl-B lrm 30 -y r 1st g 4 s .e l9 3 3 M -S
1954 J - D
2 d g o ld 4 s ..............
92% 98
C ar C en t 1st con g 4 s------ 1940 J - J
T r u s t Co c e rtf s ____________
F la C en & P en 1st g 5 s___1918 J - J lOllo
F -A
II V
1st la n d g r e x t g 5s____ 1930 J - J 103 . . .
1 st 4 0 -y r g u a r 4 s
.‘. . I I I 945 F -A
....
C onsol gold 5s_________ 1913 J - J 1 0 6 % . . . ;
A -0
{06% id?% 1
G a & A la R y 1st con 5 s .o l9 4 5 J - J 100% 107% 107%
105% 10534 \
J-J
G a C ar & N o 1st gu g 5 s . 1929 J - J 10534 100
G en gold 4 s .......... .............. .1 9 4 3 A -O
106% 106%
S cab & R o a 1st a s ______ 1926 J - J 100 ____
cfl943 N o v
In c o m e 5 s . ...............
S o u th e rn P acltlc Co—
10 9134 92% V 'h e e lin g & L E 1 st g 5 s . . .1 9 2 6 A-O
92 S ale 92
G old 4s (C ent P a c coll) _fcl949 J - D
W h eel D lv 1 st go ld 5 s . . . 1928 J - J
R e g iste re d
............ _fc10 4 9 J - D
----- 91% 91% ]
E x te n & I m p go ld 5 s____ 1930 F -A
"9584 *97' '
9534
M
-S
"
17,1
957S
Sale
, 2 0 -y ear co n v 4 s _________(71929
R
R 1 st co n so l 4 s . . ........... 1949 M -S
96%
97
1C
90% S ale 90%
C en t P a c 1st ref g u g 4 s . _ 1949 F -A
2 0 -y e a r e q u ip s f 5 s __ 1922 J - J
95% 9634 97 ]
R e g i s t e r e d _________ .1 9 4 9 F -A
J-J
90%
91%
V
9034
0
13,
J
D
M o rt g u a r gold 3 M s..fc l9 2 9
J-J
"
927g 927g V
T h ro u g h S t L 1st gu 4 s . 1954 A-O ------ 9278
1 st & re fu n d in g 4 s______ 1959 A-O
10634 107
1003.:
G H & S A M & P 1st 5 s . 1931 M -N 10034 107% 10034
J-J
M
ilw
&
L
W
in
n
e
b
a
g
o
6
s
.
1912
5
10434
10434
10434
F
e
b
’
104
____
G ila V G & N 1 st gu g 5 s . 1924 M-N
S u p & D u l d lv & te r m 1 st 4s *36 M-N
104% 104%
H o u s E & W T 1st g 5 s . .1 9 3 3 M-N 1 0 4 % ...
104% 104%
1st g u a r 5s r e d ________1933 M-N 104%
M a n u f a c t u r i n g a n d I n d u s t r ia l
110 n o
II & T C 1st g 5s In t g u . _ 1937 J - J 110 ____
C onsol g Os In t guar__1912 A-O - - - 110 %
J-J
95% 95% A
95
G en gold 4s In t g u a r . . 1921 A-O
A -0
W a c o & N W d lv 1st g Os ’30 M -N 114% 118
107% 107% A
A & N W 1st gu g 5 s____1941 J - J 107% 10734
D e b e n tu re 5 s........................ 1931
M o rg a n ’s L a & T 1st 7 s . .1918 A-O 1123.1 . . . .
M -S
1st gold 6 s ____________ 1920 J - J 110% ___
A -O
J
N Y T e x & M gu 4s g ____1912 A-O
F -A
; N o of Cal g u a r g 5 s..............1938 A -0 ------114% 112
M -S
A
102
101%
____
O re & Cal 1st g u a r g 5 s ..l 9 2 7 J - J
J-J
___ lOOlglOOts /
So P a c of Cal— Os E ____1912 A-O
A -0
___ .................. f
1st gold Os F _________ 1912 A -0
A
-0
R
e
g
is
te
r
e
d
_______________1944
1st con g u a r g 5 s______ 1937 M-N 11078 ____ 116 M a y '01
C ertific ates of d e p o s it_______
9 1 % ____ 90 f
___
So P a c C o ast 1st gu 4s g .1 9 3 7 J - J
G old 4 s __________
..1 9 5 1 F ‘o f * *92”
9034 91% 91%
S a n F r a n T c rm l 1st 4s .1 9 5 0 A-O
R e g is te r e d ____________ 1951 F -A
6 100S4 10034
T e x & N O S a b D lv 1st g O s’12 M -S 10034 __ _ 10034
C ertific ates of d e p o s it_____
01% 1
C on gold 5 s...............
1943 J - J ------ 105
P
L
o rllla rd C d 7 s te m ’p r y b d s .
9473
95%
95
95%
S
ale
J
J
8 177
So P a c R R 1st ref 4 s ____.'.1 9 5 5
5s te m p o r a r y b o n d s _______
31 107% 1083g
S o u th e rn 1st consol g 5 s___1994 J - J 108% S ale 108
L lg g & M y ers T o b Co7s tp y bds
105 !
R e g is te re d ........................ 1994 J - J
5s te m p o r a r y b o n d s .......... . .
2 272 7834 79%
79% S ale 79%
D ev elo p & gen 4s S er A . 1956 A-O
J
*
8 85% 87% i m W rltg P a p e r 1 st s f 5 s . .1 9 1 9 M--N
87
87% 87
M ob & O hio coll t r g 4 s . . 1938 M -S
l
2 . . . . 108% 111
M em D lv 1 st g 4 H -5s___1996 J - J 109 112 111 1
J-J
88%
90
r
___
90
]
90%
____
S t L ouis d lv 1st g 4 s ____1951 J - J
A-O
) ___
.............. ' V 1st g 6 s_________1918 J - J 107% . . .
F -A
___
873s 897S
. . . . .. _ :.:iv 1st g 4 s____1948 J - J
F -A
R
e
g
is
te
r
e
d
.............................1951
82%
82%
f
___
82%
823.,
2d 4S..................
1948 J - J
M-N
85
89
A tl & Y a d 1st g g u a r 4 s . .1949 A-O
1st 2 5 -y ear s f 5 s...............1 9 3 4 .M-N
..
Col & G rcenv 1st 6 s........... 1910 J - J 10534 ____
A-O
2 ___ 108* 1*0*8% (
E T V a & G a D lv g 5 s . ..1 9 3 0 J - J 1073410S% 108 ]
A -0
m i ,4
Con 1st gold 5 s_______1956 M-N 111% Sale iio7s
7 11034 1115g
J-D
106 J a n ’1 . . . . 106 106
E T en re o r lien g 5 s---------1938 M -S 10534
F -A
60
72
1
___
67
D
ec
T
A-O
G a M id la n d 1st 3 s ..............1940
J-D
1
0-yr
g
d
e
b
5s___________
1917
1127a
____
1258 J a n ’12 ___ 112% 112%
G a P a c R y 1st g Os..............1922 J - J
A -0
K n o x & O hio 1st g 6 s ___1925 J - J 113% 114 115 J a n '1 2 ___ 115 115
A-O
104%
____
0 5 % N o v ’l
M ob & B lr p rio r lien g 5 s . 1945 J - J
J-J
..................
7G78 ____ 78 D ec ’1 1
M o rtg ag e gold 4 s _____ 1945 J - J
F -A
R ic h & D an con g 6 s____ 1915 J - J 1045s 105% 04% F eb T 2 ___ 104'% 104%
J-J
C
onsol
co
n
v
s
f
g
5
s
_____
1935
104
104
D eb 5s s ta m p e d _______1927 A-O 104% 107 104 M c h ’l 2 ___
M -S
72% . . .
71 M c h ’l l
R ic h & M eek 1st g 4 s ____ 1948 M-N
A-O
103%
1*04*
1037g
104
10334
____
M-N
7
So C ar & G a 1st g 5 s____ 1919
1st co n 5s S cries A ______ 1950 M -S
V irg in ia M id ser C 0 s____ 1910 M -S 105 ____ 112 O c t '0
5 -y ear c o n v e rtib le 5 s___ 1915 M -S
S eries D 4 -5 s...........
1921 M -S 10334 ____ 104% J ’n e ’l 1
J-D
..................
1
106
M
c
h
'l
M
-S
106%
107%
S eries E 5 s . ......................1920
M -N
...........
105 J ’n e ’l )
S eries F 5s____________ 1931 M -S 106
J-J
2 ___ 108 108%
G en eral 5 s . . . ................. 1936 M-N 108% .
A-O
1
V a & S o ’w ’t 1st gu 5 s .2003 J - J 1 0 7 % ...
1 0 -3 0 -y ear 5s s f _________ 1940 A-O
97% 9734 9734
4
0 96% 9734
1 s t cons 5 0 -y ear 5 s . .1 9 5 8 A-O
. ta n d a r d M illing 1st 5 s____1930 M-N
90 . . . . 96 N o v ’l
W O & VV 1st cy gu 4 s . . . 1924 F -A
2 ___ 103% 103% T he T e x a s Co c o n v d eb 6 s . . 1931 J - J
W e s t N C 1st con g 0 s . ..1 9 1 4 J - J 103% ____
n lo n B ag & P a p e r 1 st 5 s . . 1930 J - J
1
S p o k a n e I n te r n e t 1st g 5 s . .1 9 5 5 J - J 101 103
S t a m p e d .....................
1930
1
____________
r p e r A of S t L 1st g 4 M s. .1 9 3 9 A -0 10478 ____
f S L e a th C o s t d e b g 0 s __ 1913 M-N
2
112*% ____________
112%
JL 1st co n gold 5 s__ 1894-1944 F -A 112 . . .
f S R e a lty & I eo n v d eb g 5 s . ’24 J - J
95% __
95%
2 10 94% 9G
G en re fu n d s f g 4 s_______1953 J - J
I S R ed & R cfg 1 st g 6 s .._ 1 9 3 1 J - J
S t L M B ge T e r gu g 5 S ..1 9 3 0 A -0 100% . . . 108% F e b T
r S R u b b e r 1 0 -y r coll t r 6 s . 1918 J - D
%
9 169% iio %
T e x & P a c 1st go ld 5 s...........2000 J - D 110% 110% 110%
R e g is te r e d ....................... . . . 1 9 1 8 J - D
70
40
59
2 d g o ld Inc 5 s __________ 32000 Mch
1
r S S te e l C o rp — / c o u p ___d l9 6 3 M-N
L a D lv B L 1st g 5 s .......... 1931 J - J 100 . . .
S
f 1 0 -0 0 -y r 5 s \ r e g ____ d l9 6 3 M-N
1
___
F
-A
W M in W & N W 1st gu 5 s .’30
J-D
2 11 108% 109%
T o l & O C 1st g 5 s................. 1935 J - J 109% I I I 109%
J-J
9 ___
W e s te rn D lv 1 st g 5s____ 1935 A -0 10818 109% 112 :
J-J
103
]
2
___
103
104
103
104
J
D
G en eral gold 5 s__________ 1935
1 0 -y car coll t r n o te s 5 s . . 1917 A -0
9134
9134 . . .
34
2 9134 92%
K a n & M 1st gu g 4 s ____1990 A -0
2
9S% 99%
9834 99%
2d 2 0 -y c a r 5 s....................1927 J - J
T e le g ra p h & T e lep h o n e
93% 94%
2 ___
94% 9578
T o l P & W 1 st gold 4 s ........... 1917 J - J
J-J
m T e lc p tc T el coll t r 4 s_ _ l
2 ___
87% 87%
85% 86
T ol S t L & W p r lien g 3 M s -1925 J - J
C o n v ertib le 4 s ___________ 1930 M - S
69%
65 S ale
% 12 65
5 0 -y ear g o ld 4 s __________ 1950 A-O
„ h lc a g o T e lep h o n e 1 st 5 s . . 1923 J - D
Coll t r 4s g S er A ________1917 F -A ____ 75
C
om
m
ercial
C
ab
le
1
st
g
4
s
.
2397
Q -J
8934 ___
89% 90%
34
T o r H a m & fluff 1st g 4s_ _ h l9 4 0 J - D
R e g is te r e d _______________2397 « - j
2 . . . . 1057g 106
ls te r & D el 1st co n g 5 s . .1 9 2 8 J - D 106 106% 106
K e y s to n e T e lep h o n e 1 st 5 s . 1935 J - J
8 5 % .. .
1
1st re fu n d g 4 s ................1952 A -0
M -N
M
e
tro
p
o
l
T
el
&
T
el
1
st
s
f
5s
1918
U n io n P acific—
M ich S ta te T e lcp 1 st 5 s____1924 F -A
10073 S ale 100%
7, 131 1003g 101
r r & la n d g r a n t gold 4 s . 1947 J - J
M-N
N
Y
&
N
J
T
e
lep
h
o
n
e
5s
g
.1
9
2
0
997g
1017g
100
%
]
99%
.
.
.
2 ..
R e g is te re d ____________ 1947 J - J
102% Sale 102%
% 20- 101% 103% N Y T c tcp 1 st & gen s f 4 Ms 1939 M-N
20 -y e a r c o n v 4 s _________ 1927 J - J
977g P a c T el & T el 1 st 5 s............. .1 9 3 7 J - J
3t 2, 97
9734 S ale 97%
1 st & ref 4 s ................
02008 M -S
% 2! ; 953g 96% W e st U n io n col t r c u r 5 s___1938 J - J
95% 9634 9534
O ro R y & N a v con g 4 s . .1 9 4 6 J - D
F d a n d real c s t g 4 M s .--1 9 5 0 M -N
113% 11334
h
O re S h o rt L in e 1st g 0 s . . 1922 F -A 11338 Salo 11338
C o n v 4s, series A ------------ 1936 M-N
111 112
111
%
111%
Sale
%
J
1st consol g 5 s_________ 1940
R e g is te re d ......................... 1930 M-N
95% Sale 95
% 5“ 937g 9534
G u a r re fu u d 4 s ________1929 J - l )
M u t U n T el g u e x t 5 s— 1941 M-N
11 . . .
U ta h & N o r gold 5 s . ..1 9 2 0 J - J 106% . . . 108 ]
N
o
rth w e s t T el g u 4 Ms g .1 9 3 4 J - J
92
1st e x te n d e d 4 s ---------- 1933 J - J

Low

__

U

2

2

U

Range
Since '
Jan. 1.

WeeKs
Range or
Last Sale

BONDS
Y . STOCK EX C H A N G E
W e ek E n d in g M arch 8 .
5A

30

__

High

97 O c t ’l l
97 J a n *12
93 N o v ’l l
107%
107%
98%
95%
98 A p r i l
99% F e b ’12
S3 D ec ’10
56%
57%
106%
10612
81% M a y 'll
7 0 % M ch ’12
80
83%
89
39
39
Sale 38%
38%
89

Low

H igh

97

97

104% 107%
96 ' 9884
99% 99%
551, 58%
106 "107
68%
7234
38
37%
3734

2% D ec ’l l
2%
2%
8738 O c t ’l l
9 7 % ____ 89 D ec ’l l
88%
88 S ale 88
108
108 ____ 108
88
87% SS% S8
34 F e b ’07
104% 105% 105 F e b ’12
102% 104 102% N o v ’l l
102 J ’n e ’10
____ 103
85%
86% S ale 8134
9 8 % ____ 98% F e b ’l l
93
93
------ 92%
93%
93
93% 93
2

70%
83%
39
42%
41%
2%

2% S ale

____88%

------ 92%

62% S ale
102% 103
98% S ale
94% 95
9958 S ale
78 S ale
103 10334
____ 101%

93% 93%
12058 S ale
____121%

95% 96

122

875s 88%
10734 108
88

105
84

88%

105
85%

92% 93
92% 93%;

92%

92%

91% 92% :

6938
10288
08%
9478
99%
7734
103%

6234
102%
98X2
947g
99%

52
6234 .
10134 10234 j

S ale 121%

99 100
72% 79

78

1035,
101 F e b ’12
9284 F e o ’ll
120%
120%
120% F eb ’12
120% M ch T2
95%
95%
95 F e b T2
95%
95%

9534 Sale 9£34
121 S ale 120%
947s S ale 9484

98
98%
9478 95% j

122%

GO

121%

72

|
,

102% 104
101 101 1
9258 93% I
1187g 121% I
11878 12138j
11S7S 121%
917S 95%
92% 95%:
9178 96 :
119% 12334,
91% 96% I
11834123 ;
8934 96 j
88% S9%.:
1031,104 ;
93% 95% !
9134 96
9134 95%

94%
89
89 S ale 89
103% 104 104 F e b T2
94 S ale 9378
94
9434 S ale 94
9478
95% Sale 95%
95%
57 N o v ’07
95% 96% 96% F e b ’12
9534 96% ;
95% 96
96 F e b T2
94
96%
96% 9734 97% F eb T2
96% 97% '
75
71»8 78% i
74% Sale 74%
847S C0%
90%
90% Sale 88%
82
83 :
82 ____ 83
83
159 F e b ’ 12
153% 159 ’
98% 997g,
9978
997g S ale 99%
101 J ’n e ’09
95 J ’n e ’07
1043s
103% 104% ;
104% 104% 1043s
84% 9134
91 F e b ’ll
89
91
92 " 93% i
92%
93
92
93
96
97 !
96
96 S ale 96
7834 82%.
7 £34 F e b T2
____ 7S34
91% 9234
91%
91
91% 91%
9334 9334
93
9378 93% J a n T2
98
9S34 983S
98 100
98%
9784 98%.
97% 9812 98 F e b T2
10358 ____ 102% A u g ’l l
9 0 3 4 S a le
9034 93%
9034
91%
8/78 88
877S S834
8778
88
9834
9834 S ale 9734
94% 99
94
____ 93% 94
94
94%
94% F eb T2
____95
94% 94%
1011,102
101% 102 10158 F eb ’12
87% 90
89
88
897s 89
70 A pr ’l l
. . 50
10334 105
10434 S ale 10434 105
103% J a n ’10
200 10134 104%
103
102% S ale 102%
10234 F e b T
101%104
100 101
lJo% Sale 10038 100%
102% 103%
102% 103 1027S 103
943i
93
95
9434 S ale 94%
96% 97%
96% F e b T2
90
97
91% S ale 91%
114% Sale 113*4

91%
114%

81 ____ 83 N o v ’l
8 3 % N o v ’l
82
83% 82 F e b ’12
102% 1031, 103 F e b ’12
1001
100% Sale 100%
102 .
103% M ay T
100% S ale 1003S 10U5S
100%
100% S ale 100
10234
103
____ 103
99% 9934 99%
100
105 ____ 105 F e b T2
103 F e b ’l l
101% ----- 104 J ’n e ’l l
103 J ’ly '04
95 .

90
91%
10834114%

82
103
100

82
103
101

100% 1007g
987g 100%
101 103%
97% 100%
104% 105 •

M I S C E L L A N E O U S B O N D S — C o n c lu d e d

M iscellan eo u s
8778 88% 877g
88%
86
88
A d am s E x coll t r g 4 s .......... 1948 M - S
90 ____ 97 F e b ' l l
B uff & S u sq Iro n s f 5s------ 1932 J - D
921
92% S ale 917g
91% 92%
A rm o u r & Co 1 st re a l e s t 4 M s 39 J - D
91 N o v ’l l
D e b e n tu re 5s----------------- a J 9 ‘ S M -S
92
90
91
91
A
-0
91
F
e
b
’ll
H
ush
T
e
rm
in
a
l
1
st
4
s----------1952
100
1003g
F
-A
2
100%I
I
I
I
100%
100%
Col F & I Co g e n s f g 5s------ 1943
99
98
97% 9734 93 F e b '12
C onsol 5 s.............
J955 J - J
10734 10734
Col F u e l g en 6 s . . . . ........... }9 *9 rtl-N 10734 ____ 10734 J a n T2
116 126
121
C hino C o p p er 1st co n v 6 S ..1 9 2 1 J - J 121 122 120
7334 '* 1 5 72% 77
72% S ale 72%
Col In d u s 1st & coll 5 s g u . . 1934 F - A
16
J
’n
e
’l
l
C
o
m
sto
c
k
T
u
n
n
e
l
Inc
4s
1919
J
D
85 J ’n c ’l l
____ 81
C ons I n d Coal Mo 1st 5S -_-1935
92
93% 93% N o v '11
I r rig a tio n W k s & D of A 4 Ms 43 M-N
94 D e c ’l l
C ons C oal of M d 1st & ref 5s 1950 J - D
6684 67%
67%
6684 S ale 6684
I n t M ercan M arin e 4 M S ---1 9 2 2 A - 0
G r R Iv C oal & G 1st g 6s ./»1919 A-O *94* m i
79*4 80%
80%
80%
S
ale 80
I
n
t
N
a
v
ig
a
tio
n
1st
s
f
5
S
...1
9
2
9
F
-A
98
98
1
J
J
98
99
98
98
K a n & H C & C 1st s f g 5S-1951
89
A
p
r
'11
Mge
B
o
n
d
(N
Y)
ser
2
-4
S
...1
9
6
6
A
0
81% 8834
88% 887g
P o c a h Con C ollier 1st s f 5 s .l9 o 7 J - J
M orris & Co 1st s f 4 M s------ 1939 J - J
89% 9012 9 1 % N o v ’l l
79
80%
S t L R o c k M t & P 1st 5 S .-.1 9 5 5 J - J
84
85%
85%
85% Sale 85%
1 102% 103% N Y D ock 5 0 -y r 1 st g 4 s . ..1 9 5 1 F -A
10
T c n n C oal g e n 5 s------ - - - - - 1 9 5 1 J - J 103% 103T8 103%
100% ___ 102 A p r '11
N lag F alls P o w 1 st 5 s .......... 1932 J - J
101 104
B trm D lv 1st consol 6 s . .1 9 1 7 J - J 10334 105 104 F eb
R e fu n d in g & g en 6 s------ a l9 3 2 A-O
103 103
T e n n D lv 1st g 0 s ---------- «}917 A-O 104 106 103 J a n
O n ta rio T ra n sm issio n 5 s . ..1 9 4 5 M-N I I I I *95
110 J a n
C ah O M Co 1st g u g 6 s . .1 9 2 2 J - D ___ 110
93
10 92% 93%
927g 93% 9234
P u b S e rv C orp N J g e n 5 s . .1 9 5 9 A - 0
U ta h F u e l 1st g 5 s.................. 1931 M - S
88% ___ 100% S e p '05
S
t J o s S t k Y d s g 4 M s.............1#30 J - J
____
86
87%
M
a
y
’l
l
J
J
V ic to r F u e l 1st s f 5 s----------19o3
162% lQZfr
1027g
F
e
b
*12
1027g
-----W
a
sh
W
a
te
r
P
o
w
1
st
5
s
.
..1
9
3
9
J
J
96
99I 2I 96%
96%L
2 9*6% 08*%
VA Tron C oal & Coke 1st g 581949 M - S
•N o prloo Friday; la te st bid and asked aD uo Jan dD uo A pril a D u e U a y pDue Ju ne ftD u e J u ly fc D ue A ug o D u e O ct p D u e N o v a D ue D eo sO p flo n sa le
Coa l & Iron




CHICAGO STOCX EXCHANGE—Stock Record—Daily, Weekly and Yearly
ST O C K S— H IG H E ST A N D L O W E ST S A L E P R IC E S.
Saturday
March 2
*170
* ____
*____
- ---____
*95
34%
*9%
*5%
*19%
*50
*7%
*37
lif t
92%
*335
♦130
*48
*101
♦145
42
82%
*48

M onday
March 4

Tuesday
March 5

190

*170 190
1 * ____
1
2 *____
2
------ *32
36
____ *92
91
100
*95 100
34% <34
35
10
*9% 10
G
*5%
6
21% *19%
52
*50
77g
7%
40
*37

12

92%
____
133
49%
105
146
42%

12

9234
*335
*130
*47
*101
*145
*40

83%
80%
50
*48
1% *1

*170
*
*___
____

190

*19%
*50
7%
*37

12

12
12 %
93% 94
*350
*130 133
48
48
102% 1021.1
*145% 146
44
*40

93%
____
133
481105
146
43
83
50

*80
+48

81
50

46
463,j *48% 47
------ ------ ____
*190 195 *190 195
*143% 144
143% 144

46

47

*1
*6

8

*6

1%
8

*1
*6

__

10S% 109

*170

1%
8

108% 109%

101 % 10 1 % 101 % 101 % 101 % 102
61

*45
35
*89
♦146%
*127
*1C0
*115%

100

Gl%

50
35
90
147
128%
103
117
106
158
1233,
103
235

156
*123
103
235
♦108% 110
l 's
lls
Cl-% 61%|
* ____ 15

01% 63%
62%
108 108
*47
SO
*47
33
35
30
*____ 90 +___
148 148 *147
*128
101 104
103
*115% 1161r *116
106 106% 106%
153 160
157
*123 123% *123
103% 103% 103
*230 238 *230
109% 1091., *108%
1
1%
1%
61% 62%
03
*12
14
*12

Friday
March 8

Sates
o f the
Week
Shares

03

50
30
891149
130
103
118
106%
159%
124
1031,,
238
109

1

64
14

12

12 %

93% 94
*350
*130 133
*17
48

102

*145
*40

12

12

94

94%

*17
48
*101% 105

102
110

Last Sale

44

*40

44

82*
*80
82
50
Last Sale
Last Sale
1%

*1

*0
8
46
40
____ ____
*190 195
116% 147%

Last Sale
4^.84
Last Sal :

45^2
194
148

194
150

108% 109% 109 109
1017» 10178 102 102
62% G234 6234 03
*47
27
*
*147
*127
*103
♦115K
106%
155
*123
103
235
109

12
94%

12 %
94%

Last Sale 525 F e b ’12
Last Sale 130 F e b ’12

50
27

20
26%
87% 88
149 *147 149
129 *127 129
105
103% 103R
117
106% 106% 106%
1571.1 156% 158%
123% 124 124
103% 103 103%
235
235 235
109
109 109
*1
1%
1
1
03% C33g
63
G5
*12
14
Last Sale
88

*17
48
♦10112 105
1445S F e b ’12
*40
44
43% F e b ’12
*80
82
50
F e b ’12
1% O c t 'l l
" l N o v ’l l
45
45%
137% J a n ’12
149% 15*0*
10% F e b ’l ’
’8
J a n ’11
108% 108l2
102% 102%
n o % iTo%
i0
A u g ’l l
22
25
82
85
149
128
128
103% 103%
lu F e b ’12
106% 106%
150% 158
123% 123%
101% 101%
235 235
%
65 " 65%
5
F e b ’12

Inter­

est
Period

Price
Friday
March 8
Bid

A s k Loio

■Amer S t r a w b ’d 1 s t 6 3 .1 9 1 1 F - A
i A r m o u r & Co 4 15s ___ 1939 J - D { 92% Sale*
B o o th F i s h C o D e b O 5s*17 J - J
• D e b e 5 s ....................... 1924 J - J
• S in k F d D e b 6 s t r r o c . . A - O
.C a lu m e t & S o u t h C h ic a g o
R y 1 s t 5 s ....................... 1927 F - A {98% 9378
C a s s A v & F G (S t L) 5s '1 2 J - J
O h io B o a r d o f T r a d e 4 s l9 2 7 J - 1) { 97
98%
C h ic a g o C i ty R y 5 s . . . 1 9 2 7 F • A 103 S a le
C h ic C o n so l B r & M lt 6 s ___ J - J
D h le C o n so l T r a c 4 56s 1939 J - D
C h ic A u d i t o r i u m I s t 5 s l 9 2 9 F - A t 92
94
.C h ic a g o E l e v R y 5 3 .- 1 9 1 4 J - J
48% S a le
O h io J c R R 1 s t M g 5 s . 1945 M - S
[Ohio N o S h o r e E le c 6 s . 1912 A - O
O h io P n e T ool 1 s t 5 s .a l 9 2 1 J - J t 94% 96
O h io R y 5 s ....................... .1 0 2 7 F - A 10078 101
C h 'c R y s 5 s . . s e r i e s ’’A ’’ A - C
96% 9678
C h ic R y 4 s . . s e r i e s " A ” A - O
; C h ic K y s 4 s __s e rie s " B " J - D
01
S a fe
C h lo R y s 4s . . s e r i e s “ C ” F - A { 94
95
C h ic R y s co ll 6 s ___ 1913 F - A
; C h ic R y s F u n d 6 s . .1 9 1 3 F - A
C h ic R y s T e r n C tfs 1 s t 5s
C h l c R y P r m M g 4 s .c * 2 7 j* * -‘j t 81% 8278
C h lo R y A d J I n c 4 s c l 9 2 7 M a y l { 55% 59
C h ic I t 1 & P R R 4 s . . 2002 -U - N
C o lla t t r u s t g 5 s ___ 1913 M - S
C h ic T e l e p h o n e 5 s ____ 1923 J - D {102% 103
O hl C i ty & C o n R y s 5 s .d l0 2 7 A - O { 91% S a le
O o m m o n w - E d is o n 5 s . 1943 ,n - s 103% S a le
C h ic E d is o n d e b 6 s . 1913 j - j
1 s t g 5 s ____ J u l y 1926 A - O
>
D e b e n t u r e 5 s ____ 1920 VI - S
C o m m o n w E le c t 5s01913 A - SI 1 103
103%
C u d a h y P a c k l s t M 5 s ,1 9 2 4 M - N t i o o
D la .M a tc h C o n d b 6 s . . 1920
10934 S a le
I llin o is T u n n e l 5 s ____ 1928
D
K a n C ity R y & L i g h t
Co 5 s ............................... 1013 n - n
K n i c k ’b ’k e r I c e 1 s t 5s .1928 A - O
L a k e S t E l — 1 s t 6 s ___ 1928 J - J { *87% S a le
I n c o m e 5 s . . . ______ 1025 F e b
M e t r \V S !d o E l 1 s t 4s 1938 F - A { 85% Safe*
E x t e n s i o n g 4 s . ___ 1938
J
83
S a le
M o r r is & C o . 4 44_____ 1939 J ■ J
90
S a le
(N orth W est E l 1st 4 s . . 1911 M - S
N o r th w e s te r n C a s L ig h t &
’ C o k e C o 5 s __________ 1928 Q - M { 99% 100
JO g d e n G o s 5 s _________1945 n - n
96
S a le
i P e a r s o n s - T a f t 5 s _____ 1916 J - D
9 8 % ____
4 . 4 0 s ....................................... M • S
95
____
: 4 .6 0 s S e r ie s E . ................... M - N
06
____
4 .8 0 s S e r ie s F ...................... M - N
97% . . . .
P e o G a s L & C 1 s t 6 s . 1943 A - O 1117% . . . .
: ^ f u n d i n g g 5 s -------1947 M - S 102% S a le
C h ic G a s L & C 1 s t 53 1 937 J - J {103% 104
. C o n s u m G a s 1 s t 5 s . 1936 J - D {102
103%
M u t ’I F u e l G a s I s t 5 s l 9 4 7 M - N {101
101%
(S o u th S id e E le v 4 H S .1 9 2 4 J - J t 9534 S a lo
jS w lft & C o 1 s t e 5 s ___ 1914
J {100% 101
■U nion E l (L oop) 5 s . . 1945 A - O { 83
88
■ U nited B o x B o a r d col 6T2G
. G e n e r a l m tg e 6 s _______
W e s t e r n E l e c Co 5 s . . 1922
{102% ” **
N a te . — A c c r u e d I n te r e s t
be a d d e d to




Week's
Range or
Last Sale

Range ior Year 1912.

Ratrge jot Previous
Year 1911.

Highest

Highest.

L jwcs,.

M is c e lla n e o u s
1,460 A m e ric a n C a n _________100
1,400
D o p r e f ____________ 100
A m e r ic a n R a d i a t o r . .1 0 0
D o p r e f ____________ 100
A m e r S h i p b u i l d i n g ___ 100
D o p r e f ____________ 100
A m e r T e le p & T e l e g _____
300 B o o th F is h e r ie s c o m ____
V o tin g t r u s t c t f ____
D o p r e f _________
___
*215
C a l <Sc C h ic C a n a l & D . 1 0 0
C h ic l i r e w ’g & M a l t ’g .
D o p r e f ____________ __
460 C h ic P n e u m a t i c T o o l . l o o
C h ic a g o T e l e p h o n e ___ 100
10 C h ic T i t l e & T r u s t . . .1 0 0
1,010 C o m m o n w ’t h - E d i s o n . 100
C o r n P r o d R e f C o c o m ___
Do
do
p ref.
281 D ia m o n d M a t c h ______100
519 H a r t S h a ffn e r & M arx p i .
1,132 I llin o is 15r i c k __________ 100
67 I n t e r n a t H a r v e s t e r C o __
M a so n ic T e m p l e _________
439 M c C r u m - H o w e ll C o . . l o o
D o p r e f ________________
162
5 N a t io n a l B i s c u it ______100
60
D o p r e f ____________ 100
246 N a t io n a l C a r b o n _____ 100
Do
p r e f ___________100
*"*461 P e o p le ’s G a s L & C o k e .lO O
12,597 S c a r s - U o e b u c k c o m . . 100
50
Do
p r e f ___________100
& C o ...................... 100
1,301 S w if t
108 T h e .Q u a k e r O a t s C o . .1 0 0
50
Do
p r e f ________ . . 1 0 0
450 U n it B o x I5d & P C o . 100
1,385 U n ite d S t a t e s S te e l c o m .
W e s t e r n S t o n e ____ . . 1 0 0

Chicago Bond Record
BONDS
C H IC A G O S T O C K
EXCHANGE
W eek en d in g M a rch 8.

STO CK S
C H IC A G O S T O C K
EXCHANGE

R a ilro a d s
C h ic a g o C i ty l i y _____ 100
C h ic a g o & O a k P a r k . l O o
D o p r e f ____________ 10 0
O hio E l e v K y s c o m ___
D o p r e f ________________
39 C h ic R y s p a r t c t f “ 1 " ___
205 C h ic R y s p a r t c t f " 2 " ___
170 C h ic R y s p a r t c t f “ 3 ” ___
C h ic R y s p a r t c t f " 4 ” ___
C h ic a g o S u b w a y ______100
K a n s C i ty R y & L t . . l 0 o
D o p r e f ____________ l o o
S tre e ts W S ta b le C L .1 0 0
D o p r e f _____________ 100

Last Sale 190

190

*80
*48

*190 195
143% 115

108% 109

Thursday
March 7

A p r’11
1
‘8
J a n ’12
2 *
J a n ’12
2
Last Sale 1
*33
36
Last Sale 15% F c b ’l ?
+92
J3
F e b '1 2
94
96% +95 100
*95 100
*95 100
34
*33
*33
34
34
*33
34
8%
9R
9%
9%
0%
6
F e b ’12
*5
5%
Last Sale
D e c ’l l
21
J a n ’12
Last Sale
52
5034
Last Sale 5012 F e b ’12
7%
*7%
8
*7%
8
* 7 l2 8
40
40
*37
37
37

96
34
*9%
*5%

21
52
7%
40

Wednesday
March 6

% Jan
% J a n 2u
1 Jan
1 J a n 2 y.
38 J a n
3 Jan
93% J a n
'1 J a n
1043g J a n
6 M ch
4 M ch
38 J a n
11 J a n
9% M ch
572 J a n
5% J a n
20
50
7
35

J a n 1,
Jan 4
Jan 4
J a n 30

29
2./
22
2
1
12
13

20% J a n
60% J a n 19
8 F e b 28
38 J a n

11% J a n i
01 F e b 1
325 F e b 1
131 J a n 15
48 M c h 0
100 F e b .
139 J a n 11
42 M c h 2
43% F e b 28
80% M c h 4
49 F e b

1278 J a n
95 J a n
325 F e b
133 F e b
50% J a n
104% J a n
144% F e b
48 J a n
60 J a n
88 J a n
60 F e b

6
16
18
29
17
9
9
15

45
137%
184
135%
10

M ch
Jan
Jan
Jan
Feb

60% J a n
137% J a n
198% J a n
150 M c h
11% J a n

26
4
9
7
22

106
100%
56
106

J a n 2 111% F e b
Jan 2
102% M c h
J a n 0 63% M c h
F e b 14 110>% M c h

5
8
4
8

8
4
4
4

13

23

20 M c h 7
40% J a n 4
82 M c h 8
92 J a n 6
143% J a n 15 150 J a n 30
126 J a n 15 128 F e b 6
103 M c h 5 112 J a n 3
115 F e b 16 120 J a n 2
103% J a n 2 107 F e b 2
140 J a n 6 160 M c h 4
121% J a n 11 124% F e b 8
98% J a n 2 103% M c h 4
215 J a n 15 238 F e b 26
105% J a n 2 110 J a n 16
% M ch 8
17s J a n 18
68% F e b 13
69% J a n 3
10 J a n 17
1478 F e b 7

185 J a n
1% J ’n e
3 j ’n e
21 J ’ly
85 J ’l y
80 A p r
20% M a y
8 M ay
4% M c h
1.1 N o v
15 S e p
39 S ep
7 D ec
38 N o v

190 A p r
1% J ’n o
o M ch
32 D e c
94 NOV
101 A u g
3778 D e c
12 % A u g
7% A u g
0 M ch
25 F e b
72% F e b
13% F e b
60 J a n

12% M a y
9 Jan
707j) J a n
93 D e c
301 O c t
165 J a n
126% M ch 133 N o v
79 F%b
48 NOV
113 M a y
106% S e p
131% A u g 162 % J ’n e
25 A p r
69% M c h
38 J ’n e
67% M ch
60 S e p
88% D e c
49% A p r
62 F e b
1 J ’ly
1% J ’n e
3% M ch
7 N ov
39% S e p
65% F e b
115 J a n
111% N o v
151% J a i l
189 D e c
113 J a n
137% J ’ly
0% O c t
15% j ’n e
78 J a n
78 J a n
92% F e b
119% N o v
100 S e p
103% D e c
4978 S e p
70 J a n
99% S e p
129 M a y
47 J a n
50% A u g
38% N o v
07 J a n
90 * O c t
98 F e b
117% J a n
142% D e c
123 J a n
130 M c h
100 A u g 120 M c h
117 S e p
120 M c h
101 S e p
103% J a n
123% S e p
192% J a n
110 S e p
122 M c h
973j S e p
104 J ’n o
165 M eh 212 D e c
102% F e b
107% J ’l y
1 D eo
7 Jan
60% O c t
8178 F e b
13 D e c
26 J a n

Chicago Banks and Trust Compare *
B'ds
Sold

Range
lor
Year 1912

High No. Low

High

NAM E

A m erican S t a te _______
100% J a n ’11
C a lu m e t N a t io n a l ..
9178
92%
91% 92% C h ic a g o C i t y .........................
100
ilc lT 11
C o n t l ’t a l & C o m m N a t .
100
M ch’l l
C o r n E x c h a n g e N a t io n a l
93% A p r’11
D o u g las S t a t e ______
D r e x e l S t a t e ..............
99% J u ly ’l l
D ro v e rs’ D ep N a tio n a l.
101% O c t’09
E n g le w o o d S t a t e _______
100
......
M ay ’07
F i r s t N a t i o n a l _________
10278
103
102% 103
F irs t N a t E n g le w o o d ..
103
A p r’01
F o r e m a n B r o s B ’k ’g C o .
50
A p r’OD
F o r t D e a r b o r n N a t io n a l
0834 J a n ’06
H i b e r n i a n B ’k ’g A s s ’n . .
9878
08%
[C a sp ar S t a t e B a n k ____
0738 99
94% D ec’09
L a k e View S ta to _________
87
F e b ’06
L a S a lle S t N a t i o n a l .
F e b ’12
95
92
95
L iv e S t o c k E x c h ’go N a t
10078.
9978 101
101
N a t B a n k o f R o p u b llc
9634 M ch’12
96
9078 N a t io n a l C i t y ________ *"
96% J a n ’12
96% 97% N a t io n a l P r o d u c e . .
"
....
9078
90% 91% N o r t h A v e n u e S t a t e ___
94
F e b ’12
9334 94%
N o r t h S i d e S t a t e S a v 'g s
J a n ’12
100
100 100
N o r t h W e s t S t a t e _____
J a n ’l l
100
P e o p l e ’s S t k Y d s S t a t o .
D e c ’l l
100
P r a i r i e S t a t e ......... ...............
82% F e b ’12
7734
S eco n d See : r lty ....................
59% F e b ’12
48
S e c u r i t y ________________
66% A u g ’OS
S o u t h C h ic a g o S a v i n g s .
66% J u ly ’08
S o u t h S id e S t a t e _______
F
e
b
’12
103
103 103
S ta te B a n k o f C h ic a g o .
91%
01% ' “67
91% 0158 S t o c k Y a r d s S a v i n g s ___
103%
103%
44 103 103%
U n io n B a n k o f C h i c a g o .
100% N o v ’10
W a s h i n g t o n P a r k N a t ’l
100
F e b ’11
W e n d e ll S t a t e _________
100% A u g ’09
^ C e n tr a l T r C o o f 1 1 1 ...
103%
103
1 102% 10334 C h ic a g o S a v B k & 'T r .
100%
100%
2 99% 100% C h ic a g o T i t l e & T r u s t .
109%
110%
31 107 110% C itiz e n s T r u s t & S a v in g s
80
D e e ’OS
C o lo n ia l T r u s t * S a v i n g
C ont & C om m T r & Sav
9734 M a y 'l l
D r o v e r s ’T r u s t& S a v ln g s
lOO M ay ’l l
F irs t T r u s t & S a v in g s .
87%
87%
87% 88% F t .D e a r b o r n T r & S a v B k
16
M a y ’Oh
G re e n b a u m S o n s B k & T r
8538
8538
8538 85% G u a r a n te e T r u s t & S a v .
S234
83
82
83
H a r r is T r u s t & S a v i n g s .
90
90
89% 90% H o m e B a n k * T r u s t ____
100 J u ly ’l l
I llin o is T r u s t & S a v in g s
K enw ood T ru st & S avgs
9934
9934
9934 99% L a k e V ie w T r u s t & S a v g s
9534
ytsi4
96i.
9534 96% M e r c h a n ts ’ L o a n & T r C o
100% M ch’09
^ M e tro p o lita n T r & S a v
90% M ch ’10
M ic h ig a n A v e T r C o . . .
97
F e b ’10
M id - C ity T r & S a v B k .
98% N o v '11
N o r t h e r n T r u s t C o ____
118% J a n ’12
118% 118% N o r t h - W e s t e r n T r & S a v
102
102%
102 102% O ld C olony T r & S av B ank
103%
103%
103% 103% P e o p l e ’s T r & S a v B k . .
J a n ’12
103
102% 103
P u llm a n T r u s t & S a v g s .
101% 101% S h e r id a n T r & S a v B a n k
101% J a n ’12
9534
9534
9534 98% S t a n d a r d T r & S a v i n g s
10034
100% 10034 S t o c k m e n ’s T r u s t & S a v
100-%
J a n ’12
89
89
89
U n io n T r u s t C o ________
70
A p r’10
^ W e s te r n T r & S a v in g s
60
M ch’l l
W e s t S id e T r & S a v B a u k
v V o o d la w n T r & S a v B a n k

91

_
__
__

Outstand­
ing
Stoc't
({>
*200,000
100,000
50 0 ,0 0 J
21.500,000
3 ,0 0 0 ,0 0 0
200, WOu
200.000
600,000
200,000
10,000.000
150.000
1,000,000
2 ,0 0 0 ,0 0 0
1,500.000
400,000
200,000
1,000,000
1,250,000
2,00 0 ,0 0 0
2 ,0 0 0 ,0 0 0
250,000
200,000
50,000
200,000
300,000
500,000
200,000
400,000
200,000
200,000
1,600.000
250,000
500,000
100,000
60,000
3 ,5 0 0 ,0 0 0
1,000.000
5,0 0 0 .0 0 0
50,000
600,000
3.00 0 ,0 0 0
200,000
5,00 0 ,0 0 0
250,000
1 ,500,000
200,000
1,500,000
300,000
5,00 0 ,0 0 0
200.000
200,000
3,000,0.10
750.000
200,000
500,000
1,500,000
250,000
200,000
500,000
300,000
200,000
1,00 0 ,0 0 0
200,000
1,20 0 ,0 0 0
1 ,250,000
400,000
200,000

Surplus
and
1‘ro/Us
(t)

Dlvtdimet R ecord
In

In

1910

1911

Per­
iod

La3t Paid,
%

0*163,738 Org. A pril 3 1911 V .92, p.1004
2/54,000
6
6
An Ia n ’l l , 0
0299,239
10
10
J-J J a n '1 2 ,7
10
9 ,173,476 . . .
Q-J Ian ’12, 2%
10
10
Q-J I a n *12, 4
5,932,907
Beg. b us M ay 3 1 '1 1. V .9 2 ,p l5 38
0
*55^034
8
Q-J J a n T 2 , 1%
Q-J J a n '12, 2%
10
10
466,389
53,564
6
615 Q-J J a n '1 2 , 2
Q-M Dec 30’1 1 ,3
12
12
11,789,514
12
Q-M Dec30’ l l , a %
10
y 190,748
530,917
P rlv ato B a nk
Q-J J a n "12, 2
8
8
637,830
Q-J
1,335,692 8 + 2
d)
m
J-J D ec30’l l , 5
10
132,123 1 0 + 1 5
15.441 Be;;, b he A pr 3 ‘H V .92, p . 1001
287,778 Beg. b us. Ma y ’10 V.90, p.1277
Q-M D e c J l'1 1 ,2 %
10
10
614,941
8
8
1,371,085
1 2 ,2
Q-J J a n
0
587,564
6
Q-J J a n '12, 1%
4
6
Q-J J a n '1 2 , 1%
97,958
72,250
7
Q-J J a n '12, 134
ISH<
0
0
Q-J J a n '12, 1%
36,939
4
5
Q-J J a n '1 2 , 1%
32,304
7
145.992
915 Q-J J a n '1 2 , 2%
Q-M J a n *12, 1%
0
6
69,668
| 145,097 Beg. b ua.N ov I ’l l V .9 3 , p .1 2 3 5
Q-J J a n '12, 1%
»U
■Hi
Q-J J a n ‘ 1 2 ,2
8
104,000
715
Q-J J a n '1 2 , 1%
0
0
15,345
Q-J J a n '1 2 , 3
12
12
2,104,501
Q-M Deo 30’11, 2
8
8
203,337
M-N Nov * 1 1,3
0
0
142,826
Q-J J a n '1 2 , 1%
6
0
2/10,711
19,678 N o n e N o n e Q-M D ec31’0 8 , 1 %
Q-J O ci *11, 2
8
1,524,579
715
Q-J J a n '12, 1 %
6
6
234,115
8
Q-J J a n ’ 1 2 , 2
<2,031,511
715
10
6
Q-J J a n ' 12 , 2 %
18,004
8 + 2 Q-J J a n T 2 , 2%
490,855 8 + 2
1,222,180 ___
....
8
159,583
815 Q-J 5 an ""'i2 T 2%
12
10
1,521,960
Q-M D ec30‘ l l , 4
11,913 Beg. b us. Apr 3’ 11 V. 92,' p . 929
91,486 . . . .
215 Q-J J a n '1 2 , 2%
034,628 ___
J -J J a n '12, 3 *
2 ,003,213 11 + 5
" l2 "
Q-J J a n '1 2 , 3
60,138 Beg. b us Apr l o ’l 1V.92.P. 1004
9 ,378,690 1 6 + 4 1 0 + 4
?
F e b 2 0 ’12, 4
75,440 7 + 1%
7
Q-J D ec30’l l , 1%
59,287
0
Q-J J a n '1 2 . 1%
6,492,219
15
Q-J J a n '1 2 , 4
ix)
6
Q-J O c t ’ 1 1 ,1 1 .
6
59,982 Beg. b us. O ct 2 9 ‘ 1 0 V 9 1 ,p .l2 2 I
76,665 Com. b us. Ap rlO ’ 11V92 p l0 0 4
2,604,098
8
Q-J D e c 30 ’l l ’ 2
8
117,744
6
J-J J a n *12; 4
8
050,382 Beg. b us J ’ne I ’l l V .92,p, 1537
Q-J J a n '1 2 . 2
161,270
Q-J J a n '1 2 ,2
"*8*
0278,450 " ‘ s '
32,502 Beg. b us. J ’ly 1 2 '0 9 V .8 9 ,p .1 4 1
331,608 Com m cuced bus. S e p t 6 1910
J -J J a n *12; 8
0
046,358
515
8 + 2 Q-M Dec 30’11 ,2
1 ,428,925 4 8 + 2
0
Q-J J a n '1 2 ,1 %
6
(x)
8 + 2 Q-M Deo30rll,< 4
0
59,047
915 Q -J J a n *12,2%
81,200
715

__

THE CHRONICLE

Mab . 9 1912.1

C85

A sk
n d u s t a n d M iscell— (Con.) R id
A sk
P e r ry C o m p a n ie s — (Con.)
Hid
C a su a lty Co of A m e ric a . 100 125 140
20
N Y * E R F e rry s to c k . 100
10
C elluloid C o ......................... 100 139 142
45
1st 5s 1 9 2 2 _________ M-N
55
53
C ity In v e s tin g C o ______ 100
N Y * H o b 5s M ay '4 0 . .J - D
99
T R A N S A C T IO N S A T T H E N E W Y O R K ST O C K E X C H A N G E
P r e f e r r e d ____________ 100 100 101
H o b F y 1 st 5sl946__IVl-N 1043j
90 102
Claflin (H B) Co c o m . . 100
‘
D A IL Y . W E E K L Y A N D Y E A R L Y .
N Y & N J 5s 19 4 0___ J -J
97
93
90
e 1st p re fe rre d _______ 100
35
10 th & 23d St3 F e r r y . . .1 0 0
25
94
90
c 2 d p r e f e r re d ________ 100
05
1 st m tg e 5s 1 9 1 9 _____J -D
57
Railroad,
Stocks.
00
57
C onsol C ar H e a tin g ____100
24
U
n
io
n
F
e
r
ry
s
to
c
k
_____100
21D
U.
S
.
Slale
A c .,
7
Week ending
Consol
R
u
b
b
e
r
T
iro
____100
9812
7U
1st
5s
1
9
2
0
_________
M-N
961;
Bonds.
Bonds.
Bonds.
Shares. | Par Value.
40
37
P re fe rre d ................
100
March 8 1912.
S h o rt-T e rm N otes
5S
155
D
e
b
e
n
tu
re
4s
1
9
5
1
_
_
A-O
101
A
m
al
C
o
p
p
er
5s
1
9
1
3
.
.
A-O
100-1,i
S7.000
$1,083,500.
$18,000
191,585) $17,901,000
11
10
C ru cib le S te e l c o m ____100
S a tu rd a y ......................
B a lt & O hio 4 ^ 3 1 9 1 3 .J -D 1003* 100**
2,125,0001
73,500
431,853
39,704,051
821.4 8212
e P r e f e r r e d .......... ............100
101«8
B c th le h S teel Os 1 9 1 4 ..M -N 101
5.000
2,7 0 0 ,5 0 0
55,000
020.003
57,014,250
*4
D
a
v
ls-D
a
ly
C
o
p
p
er
C
o
_
_
10
!)93
4
dies
*
O
hio
4
A
s
1
9
1
4
..J
D
991
9.000
35,500
330.4 48
30.871,050 1.912.000
W e dnesday .................
hlc & A lto n 5s 19 1 3 __ flt-S
98% 993] e D ia m o n d M a tc h C o __ 100 109 10918
2 .3 8 4 .0 0 0
03,000
017,852
57,954,300
983.1 d u P o n t ( I) d e N e m P o w 100 100 105
Chic
E
lc
v
Ity
s
5s
1
9
1
4
..J
J
98t
1.000
2
.6
3
0
.0
0
0
54,000
490,728
44,250,300
9034 95
c P r e fe r re d ___________ 100
F rid a y ............................
C in H a m & D 4s 1 9 1 3 .. . J - J
9 9 tr 100
90U
90
0 Gold 4 A s 1 9 3 6 ___ J-D
E rie 0s A pril 8 1 9 1 4 __ A-O 101-lg 101*8
$299,000 $22,000
15.
10
T o t a l .......................... 2 088,535 $ 2 4 8 .4 1 4 ,9 5 0 1 $ 1 2 ,9 0 7 ,0 0 0
10014 E m p ire S teel & I ro n co m 100
Coll 5s 1 9 1 4 . . ............ .A -O 100
43
36
P r e f e r r e d ........ .................100
eG en eral M otors 0s '1 5 .A & 0
99fg 9934
130
Jan.
1
to
March
8.
120
G
en
eral
C
hem
ical
c
o
m
.
100
Week
ending
March,
8.
Sales at
H u d s o n C o m p a n ie s—
e P r e fe r re d .......................100 10St2 109U
New York Stock
0s F e b 1 19 1 3............. _F-A
993) 100
1912.
*712 7*4
G r e e n e -C a n a n e a .................2 0
11112.
1911.
Exchange.
03 O c t 15 1913___A & 0 1 5
993j 100
I n t * G t N o r 58 1 9 1 4 . . F-A
98
981 G uggenheim K x p lo r’n _ .1 0 0 108 199
23,309,484
21.107,140
H a c k e n sa ck W a te r Co—
2.<>88,515
1,:17!),128
I n te r H a rv e s te r 5s '1 5 .P & A 1007g lOlfg
S to c k s —N o. s h a r e s ..
88
87
$ 1 ,7 79,887,875 S2,052,680,100
R ef g 4s '52 op 1 9 1 2 . . . J - J
K C R y & L t 0s 1 9 1 2 ..M -S
9 0 l2 9714
P a r v a lu e ................. $ 2 1 8 ,4 ' t , '150 $123,855,52
S301,800
14
9
$72,300
H a ll S ig n al Co c o m .......... 100
S20.700
S I ,000
96
B a n k sh ares, p a r ____
M inn & S t L g 58 1 9 1 3 ..F -A
95
7
8
H a v a n a T o b acco C o ___ 100
Jlonds.
Mo K a n & T e x 5s 1 9 13.M-N
99C.J 100
$57,500
12
0
$407,000
P r e f e r r e d ......................... 100
961
S22.00U
M issouri P acific 5s 1 9 1 4 .J-D
90
G o v e rn m e n t b o n d s ..
3 3 ,474,000
67
5,129,500
1st g 5s J u n e 1 1 9 2 2 ..J-D / 62
$ 1 ,374,000
981
200,000
N a t Ity s of M ex 4 A s ’13 .J-D
98
S ta te b o n d s .................
154,202,500
175,871,000
13,374,000
12,007,000
N Y C Lines E q 5s 1912-22 t>4.40 4.20 Ile c k e r-Jo n e s-Je w e ll M illing
U R . a n d m lsc. b o n d s .
1st Os 1922--------------- M-S 102 104
4 Mis J a n 1 9 1 3 -1 9 2 5 .. . J - J 54.40 4.15
SI 87,794,000
20
10
N Y C e n t 4 A s W 1 4 ------M-S 10038 1005s H e rrin g -H a ll-M arv ln — 100
T o ta l b o n d s ............... 813,228.0001 SI 1,748,OOqI S 181,407.500
100% H o b o k e n L a n d * I m p ro v e ’!
S t L * S F 5S 191 3 ------M-S 100
1st 5s N ov 1930_____ M-N 103 105
D A IL Y T R A N S A C T IO N S A T T H E P O S T O N A N D P H IL A D E L P H I A
5s J u n o 1 1913 o p t . . . J - D
991s 995s
1034
10
H o ck in g V al P r o d u c t s . . 100
EX CH A N G ES.
S o u th l ty g 5s 1 9 1 3 ------P-A 10012 101
02
59
1st g 5s 1901 _________ J-J
T id e w a te r Os 1913 g u a r .J - D 101f2 IOM4
IOI4
H
o
u
s
to
n
Oil
co
m
c
tf
s
___100
10%
97
W a b ash 4 'As 1913----- M-N
94
Philadelphia.
04
G3
Bos ion.
P re f c t f s _____________ 100
W estlngU ’se E l & M 6s 1913 1 0 U 2 102
0 In g e rs o ll-lta n d c o m ___100 100
97
Week ending
c
5%
n
o
tes
O
c
t
1917-A
-O
96
Bond
Listed 1 Unlisted
Bond
97
e P r e fe r re d .......................100
IAslcd Unlisted
R a ilro a d
March 8 1912.
sales.
shares. ) shares.
sales.
1 I n sp ira tio n C onsol C o p __ 20 *19% 19%
shares. shares.
C hicago S u b w a y ...............100 -----1312
121
I n te rc o n tln R u b c o m ___100
105
N
o
rth
e
rn
S
e
c
u
ritie
s
S
t
u
b
s
.
.
100
$59,200
5,303
3 ,288
$22,600
90
8,165
88
I n te r n a t B a n k in g C o — 100
35
P itts Bess & L a k e E r i e . . 50 *30
S a tu r d a y ........................ 32,867
09,700
0,999
10,217
50.000
17,188
I n te rn a tio n a l N ic k e l____100 290
31,705
70
P r e f e r r e d _____________ 60 *53
84,500
10,030
12,397
53.500
24,504
P r e f e r r e d ____________ 100 101% 103' "
0 R a ilro a d S ecu rities Co—
T u e s d a y ........................ 40,137
94,000
11,038
84.000
0,069
22,261
9912 10012
1st g 5s 1 9 3 2 ..................A-O
W e d n e s d a y ................... 25,399
111 C Stic t r c tfs S er A ...................
36,600
17,502
19,479
77.500
21,113
4
2
32,134
In te r n a tio n a l S a l t ______ 100
W
est
P
a
c
1st
5s
1
9
3
3
..M-S
87
36,560
9,930
13,903
114,900
4812
34,550
1 st g 5s 1 9 5 1 ________ A-O / 46
F r id a y ............................. 21,580
S ta n d a rd OH S tocks
100
85
In
te
r
n
a
tio
n
a
l
S
ilv
er
co
m
100
1412
A n g lo -A m erican O il------- £ 1 *14
58,162 $381,160
OS,653
$403,100
P r e f e r r e d ......................... 100 115
420
T o t a l .......................... 183,8721 127,781
A tla n tic R e f in i n g ............ 100 410
1st Os 1948.................... J-D 110 112 *
B o rn e -S cry m se r C o .......... 100 225
I
n
te r n a t S m e lt & R e fg .1 0 0 115 125
B u ck ey e P ip e L in e C o — 50 *160 170
Jo n es & L a u g h lln S teel Co
C h e se b ro u g h Mfg c o n s . .1 0 0 095 710
10U2
1st 8 f g 5s 1939--------M-N 101
Colonial O il____________ 100 125 150
08
All bond prices a rc n o w " a n d in te r e s t" e x c e p t w here m a rk e d ' f.
06
K a y sc r (Ju liu s) & C o . . .1 0 0
900
C o n tin e n ta l O H .......... — 100 800
1st p r e f e r re d ________ 100 J0612 10712
75
C re sce n t P ip e Lino C o __ 50 *70
30
28
e L a c k a w a n n a S te e l____100
110
C
u
m
b
e
rla
n
d
P
ip
e
L
i
n
e
.
.1
0
0
100
S tre e t R a ilw a y s — (Con.)
Bid A sk
S tre e t R a ilw a y s
78*4
e 1st eo n 5s 1950_____M-S
E u re k a P ip e Lino C o — 100 2C0 270
9112
e D eb 5s 1915_______ M-S ‘ o f
73»* G alen a-S ig n al Oil c o m . .1 0 0 215 220
7
3
i2
917S
9II4
New York City
..........
100
L
a
n
sto
n
M
o
n
o
ty
p
e
138
P
r
e
f
e
r
r
e
d
____________
100
132
9212 925*
P r e f e r r e d ___________ 100
26
22
Blecck S t & F u l F y s tk .1 0 0
L a w y e rs’ M tge C o --------- 100 y205 215
135
86
S 0 l2 I n d ia n a P ip e L in e C o ------50 *125
4s
1
9
5
1
.........................
J-D
70
00
1st m tg e 4s 1950--------J -J 1
Leh & W ilkes-B C o a l____60 300
52
N a tio n a l T r a n s it C o ..........25 *50
"oo *
52
B ’y & 7 th A vc s t k .......... 100 100 164
M adison Sq G a rd e n .......... 100
N ew Y o rk T r a n s it C o— 100 260 270
ic, Cias & P o w er Cos
993| 10012
134
M a n h a tta n T r a n s it.............20
2d m tg e 5s 1914 ------- J & J
*1*8
N o rth e rn P ip e L in e C o . . 100 118 128
New York City
11
M ono n g alielaR Con C & C .5 0 *10
B ro a d w a y S u rface l i l t —
112
O
hio
OH
C
o
...........................
2
5
+
1
0
9
10212
10312
*32
1st 5s 1924................... J & J 10U 2 103
P
re
fe
rre
d
..........................
50
315
P ra irie Oil & G a s ................100 300
12G
____
C en t C rosstow n s t o c k . . 100
M ortgage B o n d C o_____ 100 108 112**
S o la r R e fin in g .................... 100 575 GOO
91
1st m tg e Os 192 2 ___ M-N ' 85
0 N a tio n a l S u r e ty ............ 100 250 260
1st consol 5s 19 4 8----- J -J 10212 103l2 S o u th e rn P ip e L in e C o . . 100 215 226
10
10
Cen P k N & E ltlv s to c k . 100
e
N ew C e n tra l C o al______ 20
520
f Y & E R G as 1st 5s’44 J -J 10412 10512 S o u th P e n n O il.......... — 100 510
C h ris to p h e r* 10th S t s tk 100 120 110
2212
e N ew Y o rk D o ck c o m . .1 0 0
Sou W est P a P ip e L in e s. 100 240 260
Consol 5s 194 5----------- J - J 1 0 U 2 103
55
D ry D ock E B & B —
0 P r e fe r re d ............ .........100
205
S
ta
n
d
a
r
d
Oil
of
C
alif—
100
195
177
173
100 10U2 N Y M u tu a l G as L ------100
215
i s t g o l d 5 s 193 2 ...........J - D
N
Y
M
tge
&
S
e
c
u
r
i
t
y
..
.
100
0400
S ta n d Oil of I n d ia n a ------100 6300
02
58
r Y & (1 E l L & Pow C o . 100
55
r 48
5
N Y T r a n s p o r ta tio n --------20
S ta n d a r d Oil of K a n s a s - 100 220 230
85
75
P
r
e
f
e
r
r
e
d
.....
...........
—
100
550
E ig h th A venue s t o c k - 100 300
95
N lles-B em -P o n d c o m . . .1 0 0
S ta n d OH of K e n tu c k y ..1 0 0 200 220
38
Scrip 6s 101 4 ................. F-A r 99 10012
7*8
N
lplsslng
M
in
e
s__________
5
10U 2 103"l2 S ta n d Oil of N e b r a s k a ..1 0 0 320 350
42d & G r S t F y s to o k ._ .1 0 0 280 310
O hio C o p p er C o ................... 10
H*
S ta n d Oil of N J (o ld ). . . 100 890 910
00
42d S t M & S t N A v e — 100
1*8
e O n ta rio S ilv e r________ 100
S ta n d Oil of N J e x -s u b ____ 357 362
95
P r e f e r r e d ____________100
2d Incom e Gs 1015------J-J f 05 ____
83
O tis E le v a to r c o m ............ 100
S ta n d a r d Oil s u b s id i a r i e s ... 520 535
1st 5s 1 9 3 0 ................. -M -N 1 0 ll2
N in th A venue s to c k ------100 150 175
103
P re fe rre d ........................ 100
370
S ta n d a r d Oil of N Y ___ 100 360
Other
CUles.
12
8
Second A venue s to c k — 100
912
P itts b u rg h B re w in g .......... 50
S ta n d a r d Oil of O h io — 100 175 185
86
* .48
Consol 5s 1 9 4 8 ...........P -A / 45
38
P r e f e r r e d ...........................50
S w an & F in c h __________ 100 800 1000
50
P r e f e r r e d .......................... 50 *49
0 S ix th A venue s t o c k . . . 100 115 125
e P itts b u rg h S te el p ref ..1 0 0
101*4
79
U
n
io
n
T
a
n
k
L
ln
e
C
o
___
100
73
302
299
..........
100
n
L
t
&
T
ra
c
c
o
m
/5
05
S ou B oulev 5s 1945.......... J -J
43
Po p e Mfg Co c o m ______ 100
V a c u u m O il____________ 100 100 170
P r e f e r r e d ______ ______100 107 109
95
85
So F e r 1st 5s 1919..........A-O
77
P r e f e r r e d ____________ 100
R i g h t s . . .................................. 300 350
7412 75
A m cr P o w er & L t c o m . . 100
80
10212
T a r ry W P & M 5s ’2 8 ..M & S / 00
P r a tt & W h itn e y p r e f . ..1 0 0
35
W a sh in g to n O il...................1 0 *25
87
8612
P
r
e
f
e
r
r
e
d
.........................
100
25
100
2 8 th & 2 9 th S ts 5s ’96 . . A-O / 20
1500 P ro d u c ers OH.................. ..1 0 0
W a te rs-P le rc e OH............ 100 1300
*•%
H ay S ta te G a s ...................... 50
116
T w e n ty -th ird S t s t o c k . . 100 230 250
R e a lty Assoc (B k ly n )._ 1 0 0
D ln g h ’to n (N Y) G as f f k
200
U n ion l t y 1st 5s 1942 . . F-A 10212 104
R o y al B a k P o w d c o m . ..1 0 0
T
obacco
S
tocks
1st g 5s 19 3 8..................A-O
80
70
W e stc h e ste r 1st 5s ’4 3 .J -J
112
P
r
e
f
e
r
r
e
d
____________
100
(See
also
Slock
ExchangcList)
2*4 3*2
Buffalo C ity G as s t o c k . . 100
95
83
Y onkers S t R I t 5s 1940. A-O
102
R u m e ly (M) Co p r e f ------100
e A m e ric a n Sn u ff c o m . .1 0 0 125 130
92
80
C ities S erv ice Co c o m — 100
Brooklyn
122
S a fe ty C ar H e a t & L t — 100
e
P
r
e
f
e
r
r
e
d
___________
100
10714
108
8
3
i2
8212
P r e f e r r e d ..... ................... 100
A tlan Avc R I t con 5s '31 A-O 101 102
158
c
S
e
a
rs,
R
o
e
b
u
c
k
&
C
o
.
.1
0
0
e P re fe rre d (n e w ) _____100 100 101
96 —
Con G as of N J 5s 1 0 3 6 . .J - J
90 100
13 13 & W E 5s 193 3 ------A-O
c P r e fe r re d ___________ 100
B
rltD
h
-A
m
c
rlc
a
n
T
o
b
a
c
.T
l
*1914
193s
C
o
n
su
m
ers'
L
II
&
P
o
w
—■
102
15G
B ro o k ly n C ity S to c k ..........10
296
S
in
g
er
Mfg
C
o
_________
100
C
onley
F
o
il...........................
100
200
27
100
5s 1 9 3 8 ...........................J-D
98 102
B k ly n I lg ts 1st 5s 1 941 . A-O
2
S o u th I ro n & S c o m ------100
95 *90*% 0 H olm e (Geo W ) c o m . .1 0 0 150 108
D e n v e r G & E l 5s 1 9 4 9 .M-N
B k ly n Q ueens Co & S u b —
4
P r e f e r r e d ____________ 100
_
0 P r e f e r r e d ...................... 100 108 113
E liz a b e th G as L t C o ____100 300
98 101
e 1st g 5s '4 1 o p l9 1 G -J-J
3712
S
ta
n
d
a
r
d
C
oupler
c
o
m
.
.1
0
0
J
o
h
n
s
o
n
T
in
Fo
il
&
M
eta!
100
145
155
141
138
9512 9 7 12 E ssex & H u d so n G a s___100
0 1st con 5s ’41 o p '1 0 M-N
110
P
r
e
f
e
r
r
e
d
........
............
..1
0
0
M acA ndrcw s * F o r b e s . . 100 175 180
90
G as & E l B ergen C o ___ 100
85
57
50
C oney Isl & B k ly n --------100
2012
0 S ta n d a r d M illing C o . . .1 0 0
l ’o rto -R Ic an -A m e r T o b .1 0 0 230 235
c G r R a p G L 1st 5s '1 5 .F -A 100 101
82
75
1st cons k 4s 1948 ------J -J
61
c P r e fe r re d ___________ 100
R ey n o ld s ( R J ) T o b a c c o .100 210 220
84
85
G r’t W est Pow 5s 1 9 4 0 ..J - J
80
75
88
e
1st
5s
1930_____
..M
-N
U n ited C igar S to re s CorplOO 185 188
H u d so n C o u n ty G a s ____100 130 139
90 100
B rk O & N 5s 1 9 3 9 . . .J - J
5U 2
S tu d e b a k e r C orp c o m ___100
c W e y m a n -B ru to n C o___100 170
185
e 1st 5s 1949.................. M-N 105 106
101
____________
100
P
r
e
f
e
r
r
e
d
c
P
r
e
f
e
r
r
e
d
___
_______
100
108
114
41
44
In d ia n a L ig h tin g C o ____100
1st 6s 1944....................A-O 101 103
100
S u lzb erg er & Sons Co p f .1 0 0
7 2 l2 75
Y o u n g (J S) C o ..................100 155 105
4s 1958 o p t ....................F-A
N VVinsburg & F la tb u s h —
95*4
0 T e x a s C o m p a n y ............ 100
I n d u stria l a n d M iscellaneous
20
20
In d ia n a p o lis G a s . . . .......... 50
94
90
1st 4 A s J u ly 1 9 1 1 ..F & A
102
73
A d am s E x p g 4s 1 9 4 7 _ .J -D / 85*4 SGI4 T ex as & Pacific C o a l . . . 100
80
1st g 5s 195 2________ A-O
S te ia w a y 1st 0s 1922__ J -J 103 105
93
c T e x a s Pacific L a n d T r .1 0 0
97 100
A lliance R e a l ty ..................100 118 125
J a c k so n G as 5s g 1 9 3 7 ..A -O
Other Cities
12212
T itle In s Co of N Y .......... 100
9012 9712 A m er B a n k N o te c o m __ 50 *43
45
eL aclcde G as p refe rre d ..1 0 0
Buffalo S tre e t lty-—
712
T
o
n
o
p
a
h
M
in
(N
e
v
a
d
a
).
104
109
P r e f e r r e d _____ ________50 * 5 U 2 53
M adison G as 0s 1 9 2 0 . . . A-O
1st consol 5s 1 9 3 1 ___ P-A 105
8
T re n to n P o tte rie s c o m . .1 0 0
A m erican B o o k ............ ..1 0 0 170
180
N a rra g a n (P ro v ) E l Co .5 0 *321 2 94
D eb 0s 1 9 1 7 ................A-O 101 105
55
P re fe rre d n e w ________100
cA
m
B
ra
k
e
S
h
&
F
d
y
c
o
m
.
100
94
951
126
128
N
ew
ark
G
as
0s
A
p
r'4
4
.Q
-J
78
76
« C o n n R y & L tg c o m . . 100
40
T
ro
w
D
ir
e
c
to
ry
.................
100
96
c P r e f e r r e d .......................100 133 13 4i2
____ N ew ark C onsol G a s ..........100
81
0 P r e fe r re d ......................10<J
0
0 U n io n B ag & P a p e r . . . 100
c Con g 5s 194 8------- J-D 10512 106*14 A m e ric a n B r a s s ..................100 125 130
40
39
F e d e ra l L ig h t & T r a c . . . 100
55
e P r e fe r re d .......... ............ 100
A m e ric a n Chicle c o m ___100 227
230
No H u d so n L I I & P o w —
79
81
P r e f e r r e d ........................ 10C
37
U
nion
T
y
p
e
w
rite
r
c
o
m
.
.
100
P r e f e r r e d ____________ 100 103 107
5s 1 9 3 8 .......................... A-O 100
105 10512
e L oiilsv S t 5s 19:10.......... J-J
109
1st p r e f e r re d _________100
11
*d4*l2 A m G ra p h o p h o n e c o m . . 100
04
Pacific G as & E c o m ------lo o
37
0 New O rl Ity s & L t com 100 35
105
2 d p re fe rre d __________ 100
P r e f e r r e d ..................
100
491? 55
91
92
P r e f e r r e d .........................Jo0
70% 80%
c P r e fe r re d ......................10C
5434
U
n
ite
d
C
ig
ar
M
frs
c
o
m
.
.1
0
0
A
m
erican
H
a
r
d
w
a
r
e
___
100
130
135
03
95
P a t & I’as G as & E le c . .1 0 0
N Y W estell & B ost l t y —
108
e P re fe rre d ___________ 100
A m er M altin g 6s 1 9 1 4 ..J -D 100 102
103
104
e
Con
g
5s
1949_____M-S
99*R|
991*
134
1st g 4 A s 1946............... J-J
U
n
ite
d
C
o
p
p
e
r.....................100
A
m
er
P
re
ss
A
ssoc’n
___
100
80
85
90
94
e P u b S erv C orp of N J — See S tk F x list S t J o se p h G as 5s 1937. . . J - J *2484
20
P re fe rre d ................
100
99f2 100*4
251.1 A m S te el F d y 6s 1 9 3 5 ..A -O
T r c tfs 2% to 0% perpet 107 108 S ta n d a r d G as & E lcc(D el) .50
99
0 U n ite d D ry G o o d s____100
D eb 4s 1 9 2 3 ..................F-A
02
05
P r e f e r r e d ......................... -50 r*5212 5312
N o rth J e rs e y S t l t y . . 100
85
90
10412
e P r e fe r re d ___________ 100
A m erican S u r e ty ................. 50 275
90
95
U n ited E le c tric of N J .. 1 0 0
79
1st 4s 1 9 1 8 . . ..........M-N
80
* 4 i2
514 U S C a s u a lty .......................100
7 9 t 2 8012 A m e ric a n T h re a d p r e f ___ 5
1st g 4s 19 4 9................. J-D
76
77
Corns T r a c t of N J ------100
U S E n v e lo p e c o m -------- 100
A
m
er
T
y
p
e
fo
u
n
d
e
rs
com
.
100
48
62
29
32
W
e
ste
rn
P
o
w
er
c
o
m
____100
1041;
105
1st 5s 1933. ..........I-l
11512
P r e f e r r e d ____________ 100
P re fe rre d
__________ 100
99
101
56
58
P r e f e r r e d ..... .................1 0 0
N e w 'k P a ss l ty 5s '3 0 . J -J 1071; L0812
95
U S F in is h in g .......................100
D ob g Os 19 3 9 _______ M-N
9912 102
R a p id T ra n S t l t y ------100 235 240
108
P re fe rre d .............
100
A
m
er
W
ritin
g
P
a
p
e
r
___
100
U
2
214
T
e
leg
ra
p
h
a
n
d
Telephone
102
1st 6s 1921.............. A.i
105
1st
g
5s
1
9
1
9
.................
J
-J
c
i
s
t
s
f
g
5s
’19
red
1
0
5
.J
-J
8812
8
9
l2
75
78
e A m cr T elcg & C a b le __ 100
J C H ob & P a te rs o n —
100
Con g 5s 1 9 2 9 ..................J -J
712 812
79% 793, e C e n tra l & S o u th A m c r .100 1201o 12 U 2 A tl G ulf * W I SS L in e s. 100
4s g 1 9 4 9 ................. M -f
30
c U S I n d u s t A lco h o l___100
100
lo t? 18
C om m ’l U n T e l(N Y ) . . . 2 5 108 115
Bo J G as E l & T r a c . . . 101 125 130
99
e
P
r
e
f
e
r
r
e
d
.
.
..................
100
68
J-J
07
05
75
993.1 E m p ire & B a y S ta te T e l. 100
99
G u g 5s 1953..........M-S
U S S te el C o rp o ratio n —
100
15
20
40
50
F ra n k lin ..............................100
N o i i u d Go l ty 5s 1914 J-J 102 —
I I 3 I4
Col s f A p r 5s 1951 op 1911
ion
80
90
125
l
i
b
103
c
Gold
dc
S
to
c
k
T
c
leg
_
_
100
—
Con M 5s 1928------- J 11314
Col s f A p r 5s 1951 n o t o p t
.5 0
80
90
100 ____ o N o rth w e s te rn T c leg ____50 110 118
E x t 5s 192 1 ______M -f
95
U S T I t G u & I n d e m ------100
50 122% 12?
05
75
Pacific & A tla n tic ............... 25
114 —
P a t R y con 0 s l9 3 1 . .J - I
W e stc h e ste r & B ro n x T itle
100
274
270
9
SI
4
102
e
P
a
c
T
c
lep
&
T
cleg
p
re
f.
100
100
2d 0s 1914 o p t ___ A-(
166
*
M
tge
G
u
a
r
..................
100
100
120
1271;
90 *95 *
82
S o u th e rn . t A tla n tic ..........25
30
R ep u b lic R y & L i g h t __ 101
164
W e stln g h ’se A ir B r a k e __ 50
100 109 111
7S1, ,™ l4 S outh Bell T elep & T eleg —
P r e f e r r e d ........................ 10'
79
4% W oolw orth (F W ) Co (w 1).
__ 5
4%
903, 100
1st g 5s 1911 op 1 9 10. J-.
98 10)
T r e n t P & If 6s 1943 . . . J-L
1121*
P re fe rre d (w 1)....................
15
U n ite d Ity s of S t L —
10812
234
100
2)4
P
e
rry
C
o
m
p
an
ies
113.1
111
Com v o t t r c tf s ............. 10i
56
.100 52
H A N Y 1st 6s 19 1 1 ____J-.
121 —
c P r e fe r re d ......................10C

Volume of Business at Stock Exchanges

Inactive and Unlisted Securities

_

* P e r sh a re ,

b Bjwls.




0 Sells o n S to c k E x c h a n g e ; see s a lc s-re c a rd o n a p rec e d in g p a g e . / F la t p ric e , n N o m in al, s Salo p ric e . I N ew s to c k , x E x -d tv . v E x -rig h ts.

BOSTON STOCK EXCHANGE—Stock Record, Daily, Weekly and Yearly
S H A R E P R IC E S — N O T P E R C E N T U M P R IC E S
Saturday
March 2
10478
1037S
221
1323|
215
z98%
*299
*13
*77

1047,
1037S
221
1323 4
215
99

127
164
* -----*143
211 .!
827S
139U

127
164
871 2
.

M onday
March 4

Tuesday.
March 5

105
*103%
220%
133

105
105% 105%
1033j ■103% 10334
220% 220% 221
133% 133 133%
I
215
215
*90* 99
*98l*2 99
*299
*299
'i f f
*13
*15
*13
*15
*77
*77
*_*.
*1212
12*1' I
' 12 %
*54
56
*54* 56 ' *54* 56
*16912 171 *169% 171 *169% 171
11212 11212 112 1121- 112 1121

186
*54
165
*91

*126%
165
____
*143
2114 *21%
S3
83
1393.| 139%

Wednesday
March 6

*105% 105-% *105% 1057s
*103% 103% *10378 104
221 221% 2211- 222
133 133% 1323i 133
215 * ____215
99
99
"99* 99
*299
Last Sale
Last Sale
*13
*15
Last Sale
*77%
* ____ *12 %
Last Sale
*54
*54
50
56
Last Sale
*169% 171
1 1 2 % 112% 112 112%

127
1271.1
127 127
165
164 164 *164
87% * - —
87%
87%
____ *143
145
21%
21%
21
2 1;
83
823,
83
83
1397S 1393.1 140
140

186 *186 187
187 187 *186
58
56
56
*55
■____ 58
165
164% 1613, 165% 167
166%
913., *91
91%
91% 91% *91%

8884 8834 *88
*10112 102
102

88 %
88% 88%
102 102 *101%

883,
102

Thursday
March 7

Friday
March 8

105% 105%
*10334 104
222 222
133 133
* ____215
99% 99%
29934 F e b ’12
13
J a n ’12
77% F e b ’12
12% J a n ’12
56
56
169% F e b ’12
112% 1121
Last Sale 272 F e b ’12
12784 127% 127% 12734 1273,
165 *1631- 164
163
.
87% * 86% 87% ------ 87%
143 143
145
21% 213, *211*2 *2*1 %
213s
823i 83
83
83 • 83
140% 13058 140 r !3 8 138%
Last Sale 143 F e b ’12
Last Sale 213% J a n ’12
185% 185%
187
*54
58
58
*56* *5*6*
166% 166 168% 168 168
9H ?
9134 *91
91% 91%
Last Sale 164 F e b ’12
883,
88% 88% *88
88%
102 102 *102 103
102

Sales
o f the
Week
Shares

STO CK S
BO STO N STO CK
EXCHANGE

R a i lr o a d s
265 A t c h T o p & S a n t a F e . 1 0 0
15
Do
p r e f ....................... 100
228 B o s to n & A l b a n y _____100
307 B o s to n E l e v a t e d ______ 100
B o s to n & L o w e ll______ 100
B o s to n & M a in e ______ 100
B o s to n & l ’r o v i d e n c e . 100
B o s to n S u b u r b a n E l Cos
Do
p r e f _______________
B o s to n & W o re E le c C o s .
Do
p r e f _______________
C h ic J u n e R y & U S Y .1 0 0
Do
p r e f _________ _
C o n n e c t ic u t R i v e r ___ 100
F i t c h b u r g , p r e f .............1 0 0
G a R y & E l e c t r i c ____ 100
Do
p r e f ___________ 100
Ia ln c C e n t r a l ..
100
1,171 M ass E l e c t r ic C o s ____ 100
D o p r e f S t a m p e d . 100
1,331
1,354 N Y N 11 & H a r t f o r d . 100
N o r t h e r n N H _____
100
N o r w ic h & W o r p r e f . 100
55 O ld C o lo n y ___________ 100
11 R u t l a n d p r e f __________ 100
345 U n io n P a c if i c ________ 100
Do
p r e f ___________ 100
200
V e r m o n t & M a s s ____ 100
*571 W e s t E n d S t ___________ 50
Do
p r e f ____________ 50
23

M is c e lla n e o u s
59
5938 3,565 A m e r A g r lc u l C h c m _ _ 1 0 0
Dp r e r .................... .1 0 0
103 103
585
378 378
382 A m e r P n e u S e r v ic e __50
Do
p r e f __________ 50
*15
16
260
118% 118%
1,155 A m e r S u g a r R e f ln ___ 100
Do
p r e f ___________ 100
117 117%
485
14558 146
8,896 A m e r T e la p & T c l e g .1 0 0
A m c r .c a n W o o le n ____ 100
Last Sals 25
J a n ’12
87
871 2 87% 88
87% 88
883S 8834 88% 883.,
Do
p r e f __________ .10 0
8S34 8834
578
*78
79
78% 79
78% 78%
78
78
78% 781­
121 A m o s k e a g .M a n u f a c tu r in g
102 102
1013. 102 102
1013.1 102
101
Do
p r e f . ____________
102 102 ‘ 102* 1*0*2*
296
*8
812
8
8
*8
8% *8
8
8%
8%
8
8
313 A tl G u lf & W f S S L .1 0 0
* -----18
18 * ____
Do
p r e f ___________ 100
18
Last Sale 18 M ch’12
18
* 1 6 0 1 2 ____ +1601*2
* 1 6 0 % ____ *160%
C u m b T e le p & T e l e g .1 0 0
Last Sale 160% F e b ’12
*1414 15
15
’l5 " *14% 15
14% 15
15
*1*5
15
15%
624 E a s t B o s to n L a n d . . . 10
298 298
298 298
295 298
295 2981­
296% 298
219 E d i s o n E le o I l i u m ___ 100
16178 163
162% 161
1637s 105
164 16478 163% 164
1641*2 1*6*5*
1,070 G e n e r a l E l e c t r i c ........... 100
9158 91%
92
921 < 92% 92%
92% 92%
92% 92%
92% 92%
896, M a s s a c h u s e tt s G a s CoslOO
98
98
97% 93
Do
p r e f ___________ 100
9734 98
9734 973‘
9734 98
98
08
70S
221 221
221 221
222 222% *222 225 *222 224
*219 221
175 M e r g e n t h a l e r L i n o ___ 100
*3%
4
3%
3%
*3%
4
*3%
*3%
4
4
20 M e x ic a n T e l e p h o n e . . 10
104% 104% 103 103 *103 105 *103
103 103 *103 1*0*5*
105
9 N E C o t to n Y a r n ____ 100
*105
------ 1 105
Do
p r e f ___________ 100
1051 *105
____ *105
105 105 *105
35
*161
1 6 1 %*161
1611
161 161
161
162 162%
1*6*1" 161% 162
123 N E T e l e p h o n e _______ 100
*86
P o r t l a n d (M e) E I e c . . l u o
*86
*86
...
Last Sale 85
*87
95
F e b ’12
158% 1583, 158% 159
100
158% 159
15834 159
158% 159
158% 1587?
"*561 P u l lm a n C o -----------15
15
15
15-% *15% 151?
10
15% 151,,
15% 15%
15% 151.,
8851 R e e c e B u t to n - H o le
103% 103% 103 1031
100
103 103
103 1031­ 103 103 rl0 1 % 101%
914 S w if t & C o _________
*30% 31
31
25
31
31
31
30% 31
3078 307s
*30% 31
46 T o r r l a g t o n ________
*29
29%
Do
p r e f _________
25
29% 29% *29
291
29
29
29
291,
*29
30
100
183% 184
100
183% 181
182% 184
183 1841­ 18334 185
18434 185
923 U n ite d F r u i t ____
49% 493.1
503,t 51
503.1 5178 50% 51
25
50% 51
59% 50%
9,456 U n S h o e M a c h C o rp
28% 28%
Do
p r e f ...................
25
28
283S
23% 28%
28% 28%
28% 28%
28% 281,
952
61% 613.|
62s61
631­
62% 64%
63
65%
63
6178 653,1 20,314 U S S te e l C o r p _____ 100
108% 1083j 108% 1083/ 1087s 1091
Do
p r e f _________ I to o
10S% 108% 10834 109
110% 110%
363
593.!
10212
4
* -----118
I I 7 I4
14538

60
59%
1027y 102%
4
4
15
15
118
118
I I 7 I4 1163.i
146
145%

7%
7%
6% 6%
42
42
68% 68%
*25% 26
4%
4%
* .4 0
.46
7%
73,
4
4

7%
6%
42%
673.,
25%
4%
*.4 0
7%
4%

601
102%
4
15
118%
117
1457g

7 9io
6%
421.,
69
26%
4%
.46
73;
4%

26% 263 1 26% 27%
61% 61%
603., 62%
455 458
458 461
21
21
21
21
2578 2578
253.1 26
.08
,0S
.06
.06
5.534 56
55
56
*5%
5%
* 5 % ____
13
13
13
13%
*13
13%
13% 13%
43io 41
4%
41,;
363.1 37
36% 361
7%
8%
73.1 S '10
■ 34% 34%
34
34
l 7i* 11
1%
U
15% 157,
15% 15%
19% 193,|
19% 19%
| *44
45
+44
441
87
87
87
87
26% 2678
2634 27%
*278 3
*2%
3
1%
13s
1%
1%
37
371
37% 37%
*5
5%
*5
5%
13
13%
1278 13
834 83.,
8% 8%
10-% 10%
10% 107s
24% 24%
24% 247*
*3%
31
*3%
334
67
573.,
57
571
1934 193.,
20
20
4%
4%
4%
4%
734 73,
738 73,
26% 263,
26% 28
6% 63,
6%
6%
• 6%
57,
534 6
7%
73,
7% 7 ‘%o
49% 49%
49% 50
116 116% 116 116
*1578 16%
16
16%
79
79%;
78
78%
1778 18
173, 18
*1% 13.•
1%
1%
11% 12
11% 11%
*.6 0
.70
*.G0
.70
29
291,1
29% 31
334 33,
3%
33.,
30% 31
29% 30
5%
678
5%
5%
*3 “ 10 33.1
3%
334
367 8 37%
3734 3834
48
48
48
48
27«
27„
2 15i« 3%
16% 16%
16
16
673.1 68
57% 58
434
434
*4%
5
7%
7%
7%
7%
110 112
113 115
278 3
2%___ 3%
; * B id a n d a s x e d p r is e s .

593.1 60%
102% 10278
*334 4
15
15
118 118%
1163., 117%
145% 146

5934
102%
4
15
118
11634
145%

60%
102%
4
15
118%
117
1453,

69
102%
33.,
15
118
117
145%

Range since January 1
On basis 0 / 100 -share lots

593;
103
4
15
118%
117%
14534

Loicest.

Highest.

Lowest.

10378 F e b 10
101% J a n 12
220 J a n 3
130% J a n 2
215 F e b 16
a;98% M c h 2
299 J a n 3
13 J a n 24
75 J a n 25
12 J a n 6
54 J A n _
1691- F e b 26
108% J a n 2
271 J a n 3
126 J a n 3
149% J a n
.
86 J a n 30
143 M c h 7
20 F e b 8
7978 F e b 13
136 F e b 2
142% J a n 19
211 J a n 8
185% J a n 3
41 J a n
160% F e b _
91 J a n 26
164 J a n .
86% J a n 2
101% J a n 2

106% J a n 25
10414 F o b 7
222% J a n 30
134% J a n 29
218 J a i l ■
100% J a n
29934 F e b 29
13 J a n 24
77% F e b 20
12% J a n
57 J a n
170 J a n 19
114 F e b 19
272 J a n 18
128 J a n 25
175% F e b
91% J a n
145 F e b 27
23% -J a n
83 F e b 28
140% M c h 6
143 J a n 21
212% J a n 29
187 J a n 31
70 J a n 24
173% J a n
92% F eb 8
164 J a n 16
88% F e b 26
102% F e b

100.% S e p
101 S e p
219 A p r
124% SO]
207 F e
961- O c t
292 “ M i
12 S e p
70 O c t
6 Feb
38% J a n
156 A p r
107 M e l
265 J a n
125 A p r
117% J a n
86 F e b
135 S e p
16 A p r

116% J ’n e
105 J ’n e
226 F e b
130% A u g
218 S e p
122% F e b
300 M c h
10 M c h
70% J ’n e
13 J ’ly
58 J ’ly
171 D e c
115% J ’l y
272 J 'n e
130 J a n
104 O c t
93% J ’n o
215 J a n
24 J ’n e

127% S e p
139 J a n
210 J a n
183 M cb
32 J a n
153% S e p
90 M ch
156 M ch
85 S e p
100 A u g

15138 F e b
142 M c b
214 N o v
190 N ov45 D e c
192% J ’l y
951,s M a y
164% D e o
98 M c h
105 J a n

46 S e p
63% J a n
99 J a n
103% F e b 17
3% A u g
5% J a n 15
12% A u g
17% J a n 16
112 S e p
120% J a n 30
11134 J a n
119% J a n 30
146 M c h 1 131% A u g
28 J a n 8
26 i- D e c
8978 J a n 10
85% O c t
77% D e c
79% F e b 15
99 D e c
102 M c h 1
738 D e c
9 F e b 14
14% N o v
20 J a n 18
145% J a n
160% F e b 29
7% J a n
16% J a n 27
299% F e b 1 275 S e p
165 M ch 6 142 S e p
8734 J a n
92% M c h 6
987a: F e b 19
93 D e c
225 J a n 18 211 J a n
3 O ct
4 • J a n 20
105 J a n 18 103 O c t
101 N o v
105%; J a n 31
102% Afch 8 137 J a n
G234 J ’ly
85 F e b 28
153 S e p
162 J a n 30
15% M c h 7 Xl2 J a n
073.1 S e p
103%; All'll ol
29 S e p
32 J a n 10
27 M ch
30 J a n 13
187 J a n 0 /117S D e c
40% A u g
51% M c h
26% S e p
29 F e b
6934 J a n
50 O c t
1H 34 J a n 3 103% S e p

G334 D e o
105% M c b
6% J a n
19% J a n
122 F e b
120% M a y
153% J ’n e
36% M c h
90% J ' n e
81 N o v
100% D e c
11 M a y
26 J a n
159% J 'n e
12 M a y
297 D e c
1673., M a y
0634 A u g
98% O c t
235 A u g
47s J a n
119 M ch
116% M ob
165% D e c
7334 N o v
103 J a n
15 M a y
104 J ’n e
30 J a n
31 J l y
197% J ’ly
537a F e b
29% J a n
82% F e b
120% F e b

58% F e b 28
100-% J a n 13
33., M c h ~
*1434 F e b .
Il4 3 .t J a n 10
115% J a n
137% J a n
25 J a n 31
86 F e b
77 J a n
100 J a n
7 Jan
.1 6 J a n
Jan
1034 J a n
295 J a n
155 J a n
90% J a n
93% J a n
218 F e b
, 3 Jan
103 M c h ,
*103% J a n 15
152 J a n 2
72% J a n 17
158 F e b
1334 J a n 2
98% J a n 2
30 F e b 20
28 J a n 5
178 J a n 29
46% J a n 15
27% J a n lo;
5 s % F e b in
10/% F e b 13

M in in g
7%
734
1,328 A d v e n t u r e C o n _______ 25
5% F e b 13
6%
63s
2,282 A lg o m a h M in in g _____ 25
4% J a n 4
423.1 423.,
38% F e b 1
580 A llo u e z _____________I " 25
70% 71% 12,341 A m a lg a m a te d C o p p e r 100
60 F e b 1
25
26
26
2,140 vin Z in c L e a d & S m
24% F e b 15
4%
5
10,516 A r iz o n a C o m ’l c tf s d e p _
2 Jan 2
B o n a n z a D e v Co
10 .42 J a n 4
Last Sale 42 M ch’12
77S
77S
8
8%
6% F e b 1
1,130 U o s& C o rb C o p & S liM g ’ 5
4%
4%
4
4
970 B u t te - U a l a k la v a C o p . 10
3% J a n 22
B u t te C o a litio n
15
Last Sale 23
F e b ’12
2134 J a n 18
26%
263.,
263,1 27%
26
27
26
261.,
19% F e b 7
3,435 B u t t e * S u p C o p ( L td ) 10
62% 63
10
62% 63
62% 63
62
63
67% F eb 1
5,353 C a lu m e t & A r iz o n a
25 405 F e b 1
454 458
461 465
*458 462
450 460
173 C a lu m e t * H c e la
20
203j
203., 21
201- 201- 20% 20%
82 C e n t e n n ia l _________ ' . 25 17% J a n 5
25% 253,
5
25% 253,1
25% 253,
253.1 26
25% F e b 28
1,89.' C h in o C o p p e r . . I T * "
1 .04 J a n 13
.09
.08
.08
*.0 8
.06
.08
600 C o n s M e rc u r G o l d .
56
56!
56% 563.| *5634 *5*7%; 57% 58%
60 J a n 31
3,180 C o p p e r R a n g e C o n C o 100
20
0
6
*534 0
5%
6
6
5%
5 J a n 19
330 D a l y - W e s t _______
13% 13%
133.|
13
13% 1334
13% 13%
12% J a n 15
7,465 E a s t B u t t e C o p M i n . . 10
13% 143,,
131.1 131,
14
141
137S 14111% J a n 15
9,317 F r a n k l i n ...... ................... 25
1% 438
4% 4%„
4% 45ie
41,i
43S 2,842 G ir o u x C o n s o l id a t e d . 5
4% F e b 27
35
371
30
37
36
36%, 36
33 F e b 6
37
1,216 G r a n b y C o n s o l i d a t e d . 100
8
81
734 7 15m
734
73.4
8
7% F e b 29
73,(
4,629 G re c n b C a n a n e a _____ 20
34% 343,
34
35
34% 34%
29 J a n
34
34%
1,575 H a n c o c k C o n s o lid a te d 2 5
1%
1%
1%
11 1%
1%
1 Jan _
2,000 H e lv e tia C o p p e r ______2 5
1%
1%
1578 16%
15% 16%
1534 16%
. 25
1138 J a n 16
16
16%
3,675 I n d ia n a M in in g
19% 19%
19% 19%
19
19%
18 F e b 0
19
19%
2,289 I n s p i r a t i o n C o n s o l C . 20
44
44
44
433., 44
44
1
40% J a n 17
390 I s l a n d C re e k C o a l____
87
87
871.i
Do
p r e f ___________
1
87
*86% 87
*87* *8*7*
8 5 J a n 13
305
2678 27%
27
27%
27% 29
2834 13,306 I s le R o y a le C o p p e r . . 25
2034 J a n 15
28
*278 3
5
2 % 2 15io
*278
278 2 l5i6
234 J a n
320 K e r r L a k e ____________
1 % 1 7»« *1%
1%
1%
1%
138
855 K e w e e n a w C o p p e r . . . 25 .80 J a n
1%
37% 373.,
37% 38%
37% 37137% 38%
4,716 L a k e C o p p e r C o . ___ _ 25
32% F e b _
5%
5%
53.,
5%
5%
5%
5%
51­
1,782 L a S a lle C o p p e r _____ 25
41- F e b 15
123.J 13
1258 123.,
12% 12%
1,660 M a s o n V a lle y M ln e s T . , 5
10% F e b 8
8
8
8
8%
600 M ass C o n s o l . . __________25
7% F e b 13
103.1 11%
11% 11%
10% 11%
1034 11
8,890 M a y f l o w e r _____________ 25
234 J a n 3
24% 2434
24% 24%
24% 2478
24% 24%
5
2,874 M ia m i C o p p e r ________
2338 J a n 29
*31.i
33.|
*3%
3%
3%
3%
*3
3%
10 M ic h i g a n ...............................25
2 Jan 2
57% 57%
57
57%
57% 571.)
57% 57%
358 M o h a w k ________________ 25
50% J a n 30
20
20% z 1978
20
20
20
20
1,781 N e v a d a C o n s o l id a t e d .
5
18 % J a n 20
5%
5%
4%
4%
4%
5
5% 18,595 N e w A r c a d ia n C o p p e r 25
3% F e b 8
738
7%
7%
7%
7% 7°io
7%
7%
5% J a n 3
1,060 N lp is s in g M in e s _______ 5
27
2738 28
27% 28%
28%
27% 283g 13,164 N o r t h B u t t e ___________ 15
2234 F e b
6%
7
6% 6%
6%
63.,
6%
5% J a n 30
2,370 N o r t h L a k e ......................... 25
53.,
6
6%
6
6
6%
4% J a n 5
8,487 O llb w a y M in in g _____ 2 5
&
7%
73.,
7%
7% 7 1,io
7%
2% J a n 2
7%
„
5,071 O ld C o l o n y . . . .............. 25
50
4934 50
49% 503,
49% 50
51%
44 J a n 31
5,042 O ld D o m in io n C o ____ 25
116 .117
..
116 116 *114 115
*114 116
185 O s c e o l a ________________ 25 106 J a n 15
*15% 16%
1578 16
16% 16%
16
16%
16 F e b 24
695 P o n d C re e k C o a l . . . . 10
78% 79
79
793.,
79
80%
79
79%
73% J a n 29
926 Q u i n c y _________________ 25
1734 18
17% 17%
17% 1778
17% 17%
3,055 R a y C o n so l C o p p e r . . 10
16% J a n 29
1%
1% * 1%
1%
1%
2
178
2
3,425 S a n t a F e G o ld & C o p . 10
1 J a n 31
12
12%
12% 1234 11,060 S h a n n o n . . . . . . ___ 10
12% 12%
12% 1278
9 J a n 31
* .05
.75
* .6 5
.75 .65
.65
.65
.65
450 S o u t h U t a h M <S> S . . .
5 .60 F e b 1
30% 31%
303.1 31
29
30
29% 29%
2,235 S u p e r io r ____________
25
24 F e b 1
3% b 4%
378
4
3%
33.1
3%« 334
7.263 S u p e r i o r * B o s t o n M in 10
2% F e b 21
30
31
30
30%
30
30%
806 t a m a r a c k ______________25
30
31
2 8 J a n 31
53.}
6%
6
6%
6
6%
2,622 T r i n i t y ...... ..............
6
6%
25
5 J a n 15
3 n i* 33,
3 * 16 334
334 33.,
3*%* 3 11,*
727 T u o l u m n e C o p p e r ___
1
3% J a n 2
3834 39
38% 383,
38% 38-%
8,739 U S S m e lt R e f & M tn . 50
38% 38%
3 4 J a n 31
48% 481?
48% 48%
48
48
1.264 „ D > p r e f ..........................50
48
48
47
J a n 10
3
3
2 lSi* 3%
*278
3%
3
3
1,420 U t a h - A p e x M in in g ___
5
2% J a n 2
16% 17
16% 16%
16-% 16%
1,605 U t a h C o n s o l id a t e d ___
16% 16%
5
1434 F e b 21
58
58%
58% 68%
68I4 587s *573.1 6838 1,947 U t a h C o p p e r C o . . . . . 10
62% J a n 20
434 434
4 7i* 4%
4%
4%
4%
4%
725 V l o ; o r i a ................................. 25
438 J a n 4
7%
7%
7%
7%
7%
7%
7%
7%
674 W i n o n a ______________ 25
5% J a n 25
112 116
113 113
112 114% *108 109
702 W o lv e r in e ______________25
0434 J a n 29
3
3% 3*i*
3
3%l *23.,
278
278
6,830 VVvan.’. o t t ______________25
134 J a n 5
a N e w sto c k . « A s s 't p a id , b E x - s to o i d iv . h E x -rlg tits , a E x -d lv . a n d rig h ts.

734

8
6%
5%
42% 42%
683, 69!.,
253.1 26
438
4%
*.42
.45
73,1
8
*4
4%




8
778
6I4 63g
42
42
68% 687?
*25% 253.1
414%
*.42
.48
8
8%
*4
■»4

734
73,
6%
6%
42% 42%
6S3.t 70-%
253.1 26%
4% 4 %

i

Range lor Previous
Year 1911.

8 M ch _
e l J a n 27
44% J a n
71% M c h
2634 J a n
6 M ch .
% J a n 19
0 J a n 16
6 F e b 23
2338 J a n
27% M c h
63 J a n
465 M c h .
23 J a n 18
27% J a n 25
.09 J a n 15
58% M c h 8
638 J a n 6
14 J a n 20
14% M c h
434 J a n „
39% J a n 3
O'lo J a n 22
3534 F e b 14
1% M c h 7
10% M c h 5
21% J a n 24
46 F e b 21
87% F e b 21
29 M ch I
3% F e b 13
134 J a n 10
38% M c h 5
534 J a n 9
133, M c h 1
9% J a n 4
1134 F e b 27
26 J a n 3
3% J a n 20
68% J a n 9
20% J a n 2
534 M ch 6
734 J a n 30
29% J a n 2
7% J a n 2
«634 J a n 11
8% F e b 29
51% M c h 5
117 M c h 1
16% F e b 10
80% M c h 8
19% J a n 2
2 M ch 8
12% M eh 7
.85 J a n 17
31% M c h 5
478 J a i l 13
3278 J a n 2
6% J a n 17
4% F e b 17
39 M c h 6
48% M c h 5
3 l , ia F e b 0
17% J a n 2
5878 M c h 7
578 J a n 20
734 M c h 1
116 M c h 6
3% M c h 4

Highest.

4 Sep
2% O c t
21 A u g
4434 S e p
1934 O c t
13S D e c
.30 O c t
334 A u g
3 N ov
14 A u g

7%
11
44%
71%
30%
2 11!*
.75
15%
6%
23%

45 S e p
360 S e p
8 A ug
16% S e p
.03 N o v
4034 S e p
3 Fob
878 A u g
6% A u g
33, S e p
26 A u g
5uio O c t
17 S e p
34 S e p
6% O c t

G334 D e o
545 J a n
19 D e o
27% D e o
15 J ’n o
0934 F e b
7 D eo
1434 J 'n a
14 J ’n e
8% F e b
43% J ’n e
8% D e c
31% D e c
2 Feb
16 J ’n e

29% M a y
82% S e p
11% A u g
2% O c t
% N ov
22 A u g
3 A ug
6% A p r
4% A u g
20 F e b
1G% S e p
1% N o v
36 A p r
15 S e p
A ug
z6% D e c
20 S e p
334 A u g
3.% D e c
60 J a n
34% S e p
81 S e p

44 D e c
91 J ’n e
23 D e o
7% J a n
334 J ’n o
40 J ’n o
0 Jan
1178 D e o
010 J ’n a
3%* D e o
24% D e o
3% J a n
67 D e o
21% J ’n o
4% A p r
113S F e b
36% J ’no
934 J ’n o
8% J ’n o
3% J ’l y
49 J ’n o
124 J a n

i Sep
1 Sep
34 A p r
; O ct
% D eo
20 O c t
«2% O ct
20 S e p
27g O c t
1% S e p
303S S e p
45% A u g
17S N o v
934 J a n
38 S e p
1 A ug
334 N o v
74 N o v
.30 N o v

76 D e o
19 D e o
i s 4 J ’n o
12% F o b
1%„ M a y
42% J a n
8% J ’no
62 J a n
6% D eo
478 M a y
40% J ’n o
49% J ’n o
3 l2 J ’no
20 J ’n o
57% D e o
4% D e o .
2 Feb
122 F e b
3 Fob

J ’n e
J ’n e
D ec
J ’n e
J ’n e
D eo
M ay
M ay
Jan
D eo

687

Boston Bond Record

MAR. 9 1912.1

WeeKi
Rangt or
Lap. Sale

Price
Friday
March 8

BONDS
BO STO N STO CK EX C H A N G E
W e e k E n d i n g M a rc h 8

Low

O©

bid

Low 7 / igi.
7 101% 10234

•Vo

High

10212 102%
A m A g r lc u l C h e n i I s ; 53— 1928 A -0
139
9114
O IL Sale" 91
A m T e le p <Sc T e l coll t r 4 s . -1 9 2 9 J - J
C o n v e r ti b l e 4 s ------------------- 1930 A l-S 11334 I H I 4 11234 F e b 'U
__
9834
O
c
t
'
l
l
A m W r i t P a p e r 1 s t s £ 5s
g J-J
103 F e b '12
A m Z in c L & S d e b 6s --------1 9 1 5 M-N
35
60
CO S a le 5412
A r lz C o m C o p 1 s t 6s e t t s o f d e p .
991 0 997g
A t c h T o p & S F c g e n g 4 s . .1 9 9 5 A -0
2
91% 9134 9 U 2
A d j u s t m e n t g 4 s -------J u l y 199o Nov
91*8 9134 91% J __ _
S t a m p e d ________ J u l y 199 o M-N
.
.
.
.
107
D
e
c
’l
l
5 0 - y e a r c o n v 4 s _______ 1955 J - I )
110% M c h '11
1 0 - y e a r c o n v 5 s _______1917 J - D
*12
.....
681s S a le 07i4
A t l G u lf & W 1 S S L in e s 5 s . 1959 J - J
B o s t o n K ie v 3 0 - y r g 4 s -------1 0 3 5 iU-N
___
B o s to n <3c L o w e ll 4 s ________ 1910 J - J
____
B o s t o n & M a in e 4 H s _______ 1944 J - J
__
I m p r o v e m e n t 4 s __________ 1937 F-A
____
95
P l a i n 4 s . .............
1942 F -A
1031s____
B u r & M o R l v c o n s Os_____ 1918 J - J
C e d a r R a p & M o U 1 s t 7 s . .1 9 1 0 M-N
9134
92 ***6
C e n t V e r m t 1 s t g 4 s — M a y 1920 Q - F
____
C B & Q I o w a D lv 1 s t 5 s . . . 1 9 1 9 A -0
____
I o w a D lv 1 s t 4 s ....................... 1919 A -0
____
M-N
101
____
D e b e n t u r e 5 s ____________ 1913
____
9334 . . .
D e n v e r E x t e n 4 s __________1923 F-A
2
98% S a le 98%
N e b r a s k a E x t e n 4 s ----------- 1927 M-N
____
9
9
L
____
M-S
B & S W s f 4 s ......... ................ 1921
____
87% 88
I llin o is D lv 3 143 .................... 1949 J - J
C h ic J e t U y & S t k Y d s 5 s . .1 0 1 5 J J 1013s 10134 101%
8
0013 S a le 90%
C oll t r u s t r e f u n d i n g g 4s . 1940 A-O
114 .
C h M llw & S t P D u b D 6 s . .1 9 2 0 J - J
____
113 >8 J
O h M & S t P W is V d l v 0s . . 1920 J J
____
99 ,
C h & N o M ic h 1 s t g u 5 s -------1931 M-N ____ 09
____
C h ic & W M ic h g e n 53 .............1 9 -1 J - D 100 ____ 101 1
C o n c o r d & M o n t c o n s 4 s — 1920 J - D
___
C u d a h y P a c k (T h e ) 1 s t g 5s 1924 M-N
____
C u r r e n t R i v e r 1 s t 5 s ------------- 1 9 -0 A-0 100 .
___
8513 -----D e t G r R a p & W 1 s t 4 s -------1940 A - 0
12
99
99 S a le
D o m in io n C o a l 1 s t s f 5 s -------1940 M-N
5 ____
F i tc h b u r g 4 s ..................................l ? l a M-S
i
__
96
M -S
1
128
F r e m t E l k & M o V 1 s t 6 s . . . 1 0 3 3 A -0
2
A -0 ____________ — -----------------------U n s t a m p e d 1 s t 6 s ............— __________
N O T E . __B u y e r p a y s a c c r u e d I n te r e s t In a d d i t i o n t o t h e p u r c h a s e

2

35

Week’s
Range or
Isis’. Sals

Price
Frida7
March 8

BONDS
BO STO N STO CK EX C H A N G E
W e ek E n d in g M a rsh 8

Range
Since
Ja n . 1.

Ask Isno

l.ange
Since
.’an. 1 .
La:

High

99G F e b '12
G e n e r a l M o to r s 1 s t 5 - y r 63 .1 9 1 5
97*4
97L S a le 97*8
' I t N o r C D 4 Q co ll t r 4 s . .1 9 2 1
97 If
9 6 % ------ 97>8
R e g i s te r e d 4s ___________ .1 9 2 1
100
%
100
%
10012
1
0074;
.1
0
1
3
I llin o is S te e l d e b e u 5 s ____
117 A p r '08
l a F a lls & S io u x C 1 s t 7 s . . .1 9 1 7
*97 * *99 ’ 97 F e b '1
K a n C C lin & S p r 1 s t 5 s . . . .1 9 2 5
117
117 117% 1 1 /
K a n C F t S c o t t & M e m 6s . .1 9 2 8
921
921 j ____ 921o
K a n C M & B g e n 4 s .............. .1 9 3 4
89 “
89
____ 89
A s s e n te d I n c o m e 5 s ------ .1 9 3 4
102%
1U2%103 102%
K a n C & M R y & B r 1 s t 5s .1 9 2 9
115 J ’n e '0 8
M a r q R o u g h & O n t 1 s t 6s . .1 0 2
99%
99% S a fe 99
66% 68% M a ss G a s 4 H s _____________ .1 9 2 9
99% M a y 'l l
95
05% M ic h T e l e p h o n e 1 s t 5 s ____ .101
9734
*9712 *9734 97%
-------------- N e w E u g C o t to n Y a r n 5 s . .1 9 2 0
101 % M c h 'l l
-------------- N e w E n g T c L p h 5 s ----------- .1 9 1 5
100% S e p '08
.1 9 1 6
. . . » ----9978 J a n '12
N e w E n g l a n d c o n s g 5 s — .1 9 4 5
95
95
B o s to n T e r m 1 s t 4 s ____ .1 9 3 9
75 D e c ' l l
N e w R i v e r (T h e ) c o n v 5 s . .1 9 3 4
92%
9214 S a le 92%
.1 9 5 3
89% *9*21.1 N Y N H & I I c o n d e b 3 M s .1 9 4 8
13178
1317s
C o n v d e b 63 --------------------- --------101 A p r '09
O ld C o lo n y g o ld 4 s ........... .. .1 9 2 4
987s S e p 'O’J
946
10*1 * 1*0*1 % O r e g o n R y & N a v c o n g 4s .1
1133[ F e b '12
O r e g S h L in e 1 s t g 6s -----------.1 9 2 2
997g 100
95 J a i l '12
98% 98% P e r e M a r q u e t te d e b g 6s — .1 9 1 2
103 J a n '11
R c p u b V a lle y 1 s t s £ 6s -------.1 9 1 9
-------------70% D e c '10
S a v a n n a h E le c 1 s t c o n s 5 s . .1 9 5 2
101%
930
____ 105% 104%
1*0*0% 1*0*1*34 S e a t t l e E le c 1 s t g 5 s ----------- .1
89
90
.1
9
1
9
S
h
a
n
n
o
n
A
r
lz
1
s
t
g
6
s
--------S978 91
97 A p r '07
T e r r e H a u t e E le c g 5 s ---------.1 9 2 9
9934 F e b '12
________ T o r r l n g t o n 1 s t g 5 s --------------.1 9 1 8
109% O c t ' l l
U n io n P a c R R & I g r g 4 s . . 194 7
99
99
103% D e c '11
20 - y e a r c o n v 4 s ----------------.1 9 2 7
101 101
96%
96% 96% 90%
U n i t e d F r u i t g e n s £ 4 M s - - - 1023
9578
98
.1
9
2
5
D e b e n t u r c 4 M s ...................
............
10278
1027,
U S S te e l Co 1 0 - 6 0 -y r 5 s A p rr 19 6 3
99% 103
99% S e p ' l l
.1
9
1
5
W
e
s
t
E
n
d
S
t
r
e
e
t
R
y
4
s
------86% 86%
100% F e b '12
.1 9 1 4
G o l d 4 H s ...................
9834 99%
98% A p r '10
G o ld d e b e n t u r e 4 s -----------.1 9 1 6
------ -------98% N o v '11
G o ld 4 s ------------ --------------.1 9 1 7
100
100%
100%
S
a
le
.1
9
3
2
W e s te rn T e le p h & T el 5 s —
_____________
93% F e b '12
W is c o n s in C e n t 1 s t g e n 4 s . _.1 9 4 9
1*2*7% 12*7%
_____________
N o p r ic e F r id a y ; l a t e : t Did a n d a s k e d ,
p r ic e f o r a ll B o s t o n B o n d s,

90% 91%
10834 112*4
_________
103 105
51
60
99
9934
91% 92%
91% 91%
- - - ---------

n ig h

99% 99%
9634 98%
95% 97%
100% 10034
97 * 97**
117 117%
92
92%
85
89
102% 102%
9*8*’ 99%
97% 9834
*99*4 99%
92% 9238
1317,s 132%
113*4 113*4
95
95
104 101%
83% 90
99*4 9934
95% 96%
9534 96%
101% 104

10* 0% 1* 00%
99% 100%
93% 93%

Philadelphia and Baltimore Stock Exchanges-Stock Record, Dally, Weekly, Yearly
A C T IV E S T O C K S
Sales
0/ tile
Week (For B o n d s a n d in a c tiv e
Stocks see below )
Shares

Sliars P ric e s— N ot P e r C e n tu m P rices

Saturday
March 2
*110
*111
*10

112

--10%

* ____

*19%

62%

19%

__

2
*443.| 4434
41%

*12

4134

12%

M onday
March 4

Thursday
March 1

Wednesday
March 6

Tuesday
March 6

109 111
113 113%
10% 10%
61% 62%
127% 127%

109% 109% 4*____ 110 * ____
114%
li3 % 113*4 11334 1 1 1
10% 103S *10%
10% 103$
63%
63
63
63
64
127% 127% 127% 127%
____ . . . .
. ___ ___-

*19%

19%

*19%

19*4

2

* ____
443.1
41%
*12
55%
3034
693.1

2

4434
41%

*12

55
5538 55*4
31%
31*4 3134
71
72
72
6%
0%
6%
29% *29
♦29
88%
89
89
79%
79‘ >ia 79**10
11%
11
11%
28
277g 28
6138
61% 61%
53% 53% *53%
18
18
18
23%
23% 23%
77°io 775's 77*10
77io
7 7io 77io
50% 50% *60%
877S
87% 88

4434
411
12 %
65%
313.i
71%
6%
29% *29*
8878
89%
7978
80%
1134
11%
28
28%
61% 61»io
5334
5334
18
18%
231.1
23*8
7 8 H 7715io
7% 77io
5034 50*4
88
88

P H IL A D E L P H IA

*19% *19%

*19% *19%
2

4434 44%

4434
4134
413.)
12% *12
55%
55*4
28
3134
68
71

41%
12%
55%
30
69%

*

_
44%
4134
12
55%
26%
66%

28%
*2*9% *28% 29_
887g 89
88%
89%
7934 80
79%
80
11%
1134
11% 1138
277g
28%
28
28%
61%
61*4 61°io 61**10
53%
5334
53% 533,
177g
18
18
18%
23%
2338 23% 23%
777io
77
%
78°ie 777ia
73g
738
7*2
7%
50%
5034 50*8 50%
877g
88
88
88

Bid

Ask

110
115
1038
63%
—
....
—

Friday
March 8

*19% "19 %

B a ltim o r e
C o n G a s E l L & P o w .1 0 0
Do
p rc£ ________100
H o u s t o n OU t r e t f s - - 1 0 0
Do
preC t r c t f s .1 0 0
N o r t h e r n C e n t r a l ____ 50
S e a b o a r d C o m p a n y . . 100
Do
1 s t p r e i _____100
Do
2 d p r e £ _____100
U n i t e d R y & E l e c t r i c . 50

21?
45
41%
12%
65%
27%
68
6%
29
89
80%
11%
281.1
617s
54%
18%
28%
78%
7%
60%
88

P h ila d e l p h ia
A m e r i c a n C e m e n t ___ _ 50
84 A m e r ic a n R a i l w a y s . . 50
2,854 C a m b r i a S t e e l __________ 50
2 E l e c t r ic C o o f A m e r ic a 10
1,300 E le c S t o r a g e B a t t e r y . 100
9,224 G e n A s p h a l t t r c tf s — 100
Do
p re£ t r c t f s .1 0 0
5,703
20 K e y s t o n e T e l e p h o n e . 50
1,285 L a k e S u p e r io r C o r p ._ 1 0 0
534 L e h C & N a v t r c t f s . . 50
655 L e h ig h V a l le y ________ 50
6,624 L e h ig h V a lle y T r a n s i t 50
Do
p r e t ____________ 50
3,055
1,570 P e n n s y l v a n i a R R ____ 50
5,257 P h U a d e l C o ( P I t t s b ) . . 50
2,595 P h i la d e l p h ia E l c c ||_ . 25
975 P h i l R T v o t t r c t f s . . 50
7,777 R e a d i n g _______________ 59
1
2,364 T o n o p a n M in i n g --------1,094 U n io n T r a c t i o n ------------- 50
1,127 U n i o n G a s I m p t ............5o

*109
114%
10%
63
*127
....
---- -

*2
2
44%
44%
41%
? J '2
*12
12
55% * 55 %
25%
28
65%
68%
___
6%
29
29%
88% *8812
80%
80%
11%
i 1!4
281,
2 f4
6134
61%
54%e
541.,
18
18
23%
23%
78%o
78%
738
77in
60%
™%
88
88%

P H IL A D E L P H IA

109%
114%
1U*8
0 3 ij

12734

214
868
2,551
2,795
177

—
—

Bid

96 J a n 3
101 J a n 2
8% J a n 3
5334 J a n 25
127 F e b 28
25% J a n 27
60% F e b 13
18% J a n 2
2 Feb
41% M c h
41% M c h
1178 F e b
52*4 J a n
25% M c h
65*3 M c h
6 io M c h
2 7iJ J a n
88 F e b
78% F e b
8% J a n
23 J a n
61*48 J a n
50% J a n
16% J a n
23% J a n
74% J a n
6*4 J a n
4934 F e b
86% J a n

Bid

Ask

Lowest

Highest

iMicest

111
115
1078
64
128%
25%

M ch 4
M ch 7
F e b 14
M ch 5
J a n 17
J a n 27

64% J a n
21 F e b

6
1

64
89
7
45
121
21
80
43%
16%

Jan
Jan
M ch
Feb
Jan
Jan
Jan
Jan
Jan

5 N ov
7 J a n 10
9
42 J a n
45% F e b 1
7
4078 S e p
44% F e b 2
2
11% J a n
12% J a n 29
2
48% J a n
5534 M c h 2
16
28% A u g
33% J a n 3
8
68 A u g
73 J a n 3
8
6% D e c
8*48 J a n 8
1
21% S e p
30 F e b 23
3
83io
J ’n e
90%
J
a
n
3
5
75*4 S e p
9278 J a n 16
5
6% J a n
1 1*4 M ch 4
3
18% J a n
28*2 M c h 4
12
5938 S e p
62% F t b 2
27
48%
Sep
56%
F
e
b
16
U
16% N o v
18*4 J a n 25
2
17 A p r
2438 J a n 25
2
H 79%b J a n 22 60***43 S e p
5% J ’ly
7%e F e b 27
11
43 J a n
52% J a n 28
28
84% S e p
-9 8834 J a n 26
B A L T IM O R E

C R y E x t & I m p 5s ’32 M -S
P h & R e a d 2 d 5s 1933 A -0
C h a s C ity R y L t 5 s ’23 J - J
E x Im p M 4s 1 9 4 7 .A O
C h a s R y G & E l 5 s '9 9 M -S
T c rm ln .,1 5s g 1 9 4 1 . Q -F
C ity <5c S u b 1 s t 5s 192 2 J - D
9934
P
\V
&
B
c
o
l
t
r
4
s
'
2
1
.
.
J
J
02
90
C ity & S u b ( W a s ) 1 s t 5s ’48
87% 87% R e a d T r a o 1 s t 6 s ' 3 3 . . J - J
C o a l & C R y 1 s t 5s ’19 A - 0
R o c h R y & L c o n 5 s ’54 J - J 1007*
96
95
C o a l & I R y 1 s t r-s ' 2 0 . F -A
S p a n l s h - A m i r 6s ' 2 7 . . J - J 10134
C o l& G r n v 1 s t 6s 1 9 1 6 J -J
S t a n 'd G a s & E 6 s ’25 M -N
C o n so l G a s 53 1 9 3 9 ___J - D
115% S t a n d S tl W k s l s t 5 s ’28 J - J
Gen 4 ^ 3 1954____A-O
97%
U T r a c I n d g e n 5s '1 9 . J - J
77% C o n s G E & P 4 H s '3 5 J - J
U n R y s T r c tf s 4 s '4 9 . . J - J
F a ir & C l T r 1 s t 5 s ’38 A -O
U n i t e d R y s I n v 1 s t c o ll t r
104%
83% 837g G a & A la 1 s t c o n 5s ’4 5 J - J
s t 5s 1 9 2 6 _________M -N
G a C a r & N 1 s t 5s g '2 9 . J - J
90% 91
W e ls b a c h s f 5 s 1 9 3 0 . . J - D
88%
G e o r g ia P 1 s t 6 s 1 9 2 2 . . J - J
W tl-B G & E c o n 5 s ’5 5 _ J -J
G a S o & F la 1 s t 5s '4 5 - J - J
Y
o
r
k
R
y
s
1
s
t
5s
1
9
3
7
.J
D
95
G -B -S B re w 3 -4 s ’5 1 -M -S
83 *83%
K n o x v T r a c 1 s t 5s ’28 A -O
6334 64
B A L T IM O R E
M a c o n R y & L t 1 s t 5 s '5 3 J - J
I n a c t i v e S to c k s
82%
M d E le c R y 1 s t 5s '31 .A - O
38
A la C o n s C o a l & I r o n . 100
M e m p h is S t 1 s t 5s '4 5 . J - J
P r e f e r r e d ........... ...........100
M t V er C o t D u c k 1st 5 s . .
A t l a n C o a s t L (C o n n ) .1 0 0 265
104
N p t N 4 0 P 1 s t 5 s ’38 M -N
C a n t o n C o ............................ 100 147
N o r & P o r t T r 1 s t 5 s ’3 6 J - D
G e o r g ia S o u & F l a -------100
N o r t h C e n t 4 Me 1 9 2 5 -A -O
1 s t p r e f e r r e d ..................100
116%
S c rie s A 53 1 9 2 6 -------J - J
2 d p r e f e r r e d _________100
S e rie s B 5 s 1 9 2 6 -------J - J
2
14*6*3*3 G -B -J^ B r e w i n g ..................100
P i t t U n T r a c 5s 1 9 9 7 . - J - J
22%
98
98% S e a b o a r d A ir L i n e ____ 100
P o t o V al 1 s t 5 i 1 9 4 1 . . J - J
46
P r e f e r r e d .......................100
S a v F l a & W e s t 53 '3 4 A -O
B onds
S e a b A ir L 4s 1 9 5 0 . . .A - O
P rices are all “a n d
A d j u s t 5s 1 9 4 9 ____ F -A
interest"
„ _
S e a b & R o a n 5s 1 9 2 6 . . J - J
95
B a l t C ity 3 M s 1 9 3 0 . . . J - J
100
—
S o u t h B o u n d 1 s t 5 s __A -O
4 s 1 9 5 4 - 1 9 5 5 .. . V a r i o u s
U E l L & P 1 s t 4 H s '2 9 M -N
5s 1 9 1 6 ......................... M -N
*98*% : : : :
U n R y & E l 1 s t 4 s '4 9 M -S
A n a c o s tl a & P o t o m 5s A -O
I n c o m e 4 s 1 9 4 9 ___ J - D
A t C o a s t L c o n v d e b <lsM-N 102% 10234
F u n d i n g 5s 1 9 3 6 ___ J - D
A tl C o a s t L (C t) c tf s 5s J - D 104
V a M id 3 d s e r 6s ' 1 6 . . M -S
C t f 3 o f l n d e b t 4 s ------ J - J
*92* *02%
4 t h s e r 3 -4-5S 1 9 2 1 . M -S
5 - 2 0 -y r 4 s 1 9 2 5 -------- J - J *92
103 103%
5 t h s e rie s 5s 19 2 6 . .M - S
97
B S P & C 1 s t 4 Ms ’53 F -A
973., 08
V a ( S ta te ) 3s n e w '3 2 - J - J
103 10334 B a lt T r a o 1 s t 5s ’2 9 . -M -N 1071
F u n d d e b t 2 -3 s 1991 J - J
N o B a l t D lv 5s 1942 J - D
81% 82
W e s t N C c o n 6 s 1 9 1 4 .J - J
C a r P o w & L t 5s 1938 F -A
W il & W e ld 5s 1 9 3 5 -----J - J
I 60 " ioo*% C e n t R y c o n s 5s 3 2 . . M -N

Bonds
I n a c t i v e S to c k s
P rices are aU ”a nd
1%
A m e r ic a n M illin g ..............19
interest’’
C a m b r i a I r o n .......................50
A lt & L V E le c 4 H s ’3 3 F - A
73
77
C e n tr a l C o a l & C o k e . . 100
78% 79% A m G a s & E le c 5s ' 0 7 . F -A
P r e f e r r e d .......................100
A m R y s 5s 1 9 1 7 ........... A -O
76%
C o n so l T r a c o t N J ------ 100
A tl C E le c r e f 5s 1 9 3 8 . M -S
G e r m a n t o w n P a s s -------50
B e r g & E U r e w 1 s t 6 s ’21 J - J
H u n t i n g t o n & B T -------50
B e th le h S te e l 6s 1 9 9 8 . Q -F
P r e f e r r e d ____________ 50
C h o c & M e 1 s t 5s 1 9 4 9 . J - J
I n d i a n a U n io n T r ____ 100
C
h O k & G g e n 5s 1919 J - J
2138
I n s u r a n c e C o of N A ___ 10
C o n T r a c o f N J 1 s t 5 s '3 3
I n t e r S m P o w & C b e m .5 0
D el C o R y s t r c tf s 4 s ’4 9 J - J
I n t e r s t a t e R y s , p r e f ___ 10
E le c & P e o p le s T r t r c t f s . .
K e n t u c k y S e c u r i t i e s . .1 0 0 *16
F r T a c & H 1 s t 5s 1 9 4 0 . J - J
• P r e f e r r e d ___________ 100
G e n A s p h a l t 5s 1 0 1 6 . M -S
K e y s t o n e T e l e p v t c ___50
I n d la n a p R y 4 s 1 9 3 3 . . J - J
P r e f e r r e d ____________ 50
I n te r s ta te 4s 1943— t - A
95
K e y s t o n e W a tc h C a s e . 100
17
L i t B r o t h e r s .................... . . 1 0
57%
L i t t l e S c h u y l k il l ..................50
60
M in e h lll * S c h u y l H . . . 5 0
G e n M 4 Ms e 1 9 2 4 .Q -1 ;
20
N a t G a s E le c L t & P o . 1 0 0
L e h V C 1 s t 5s g 193 ) - J - J
70
P r e f e r r e d ___________ 100
L e h V e x t 4 s 1 s t 1048 - J - D
06%
N o r t h P e n n s y l v a n i a ___ 50
C o n s o ' 6s 1 9 2 3 -------- J - D
12434
P e n n s y l v a n i a S a l t ............50
C o n so l 4 Ms 1 9 2 3 -----J - D
P e n n s y lv a n i a S t e e l ___ 100
A n n u i t y 6 s ................... J - D
P r e f e r r e d .................... .1 0 0 100 100%
G e n c o n 3 -.s 2 0 0 3 . . M -N
45
44%
P h l la C o ( P it ts ) p r e t — 50
L e h V T r a n c o n 4s ’35 J - D
P h il G e r m a n & N o r r i s . .5 0
1 s t s e rie s A 4 s 1 9 3 5 . M -S
P h l l a T r a c t i o n .................... 50
1 s t s c rie s B 5s 103 5 M -S
R a i lw a y s G e n e r a l . . . . -1 0
M a r k e t S tE l 1 s t 4 s ’55 M -N
978
T o n o p a h B e lm o n t D e v _ - i
N a t L H & P s e r B 5 s '1 9 J - J
U n i t e d C os of N J . . . . 1 0 0 240
N e w C o n G a s 5 s 1948 . J - D
U n i t e d T r a c P i t t s p r e f -5 0
N Y F l l & N o 1 st 4 s ’39 J - J
V ir g in ia R y & P o w — 100 *46
I n c o m e 4 s 1 9 3 9 ____ M -N
89
P r e f e r r e d ___________ 100
P a & N Y C a n 5s ' 3 9 . A -O
107g
W a r w ic k I r o n & S t e e l . .1 0
P e n n S te e l 1 s t 5s ' 1 7 . M -N
W n s h ln g t o n - V a R y ___ 100
P t o p l e 's T r t r c tf s 4 s 1943
P r e f e r r e d ___________ 100 *7*2%
3978 P C o ls t& c o l! t r 5 s ’4 9 M -S
W e ls b a c h C o .....................100
C o n & co ll t r 5s '51 M -N
W e st J e rs e y & S ea S h ..5 0
P h il E le c g o ld t r c t f s .A - O
’80
W e s t m o r e l a n d C o a l____ 50
T r u s t c tf s 4 s 19-19 . . J - J
W ilk e s G a s & E l e c ____ 100
9% 10 p & E g e n M 5s g ' 2 0 . A -O
Y o r k R a i l w a y __________50,
G en M 4s g 1 9 2 0 . . . A - O
31
32
P r e f e r r e d ____________ 50
'U k l a n d a n k e d ; n o s a le s o n t h is d a y .
11 E x - d lv .J e r i g h t s ,
H $ 1 5 p a id .




P H IL A D E L P H IA

Ask

Range ior Previous
Year (1911)

Range Since
January 1

....

....
....

....

—

........

t $ 1 3 M p a id .

highest
95%
101
10
79
13034
283g
997g
65
197g

D ec
Sep
A ug
J ’ly
J ’no
J ’n o
D eo
NOV
J ’ly

17% J a n
46% N o v
48% F e b
12% J a n
56% J 'n e
39% O c t
S378 J a n
9i8 J a n
32 F e b
98 J a n
9374s D e c
97g O c t
2538 O c t
65 F e b
59% J 'n e
18 J ’ly
24% A u g
8034 F e b
8% J a n
523| A u g
893.s J a n

Bid

A sk

____

96%
106
. .
95

Id2%
ioi'%

102

109
98 *99**
90% 903„
% 1007g

100

106 106%
11278 —
42

42%

101% 10134
*76% *77*
99%
99
90%
90

87%

88

....
*95*
85% *85%
64% 047g
87

88

1*0*6%
....

88

n o % ------

688

THE CHRONICLE
I w u e a tm e w t a n d
RAILROAD

(VoL. LXXXXIV.

j^ a ilrc ra tl i u t e l l m e u c e .
GROSS

EARJNINGS.

The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained, the first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
sta ement to show the fiscal year totals of those roads whose fiscal year does not begin with July, .but covers some other
period, i he r e tu r n s o f th e e le c tr ic r a ilw a y s a r e b ro u g h t to g e th e r s e p a r a te ly o n a s u b s e q u e n t p a g e .
L atest Gross E a r n in g s .
H O A D S.

W eek or
M o n th .

C urrent
Y ear.

P revious
Y ear.

J u l y 1 to L atest Date.

C urrent
Y ea r.

P revio u s
Y ear.

A la N O A T e x P a c $
3
N O A N o r E a s t. 1st w k F e b
6 8 ,0 0 0
6 0 ,0 0 0 2 ,2 8 4 ,3 6 5 2 ,2 2 0 ,3 7 6
A1 A V l c k s b u r g . 1 s t w k F e b
20,000
3 1 .0 0 0 1 ,0 5 1 ,4 1 5 1 ,1 3 9 ,8 3 6
V ic k s S h r e v A P a 1 s t w k F e b
2 5 ,0 0 0
2 4 .0 0 0
0 1 5 ,0 8 5
9 7 3 ,3 2 0
A l a T e n n & N o r t h . . Ja n u a ry . .
1 2 ,2 7 7
1 4 ,8 5 8
0 6 ,8 3 6
7 0 ,0 1 7
A n n A r b o r ________ 3 d w k F e b
3 8 ,8 0 3
3 7 ,2 5 4 1 ,5 0 8 ,4 9 2 1 ,3 7 6 ,7 8 5
A t c h T o p e k a A S F e Ja n u a ry . . 8 ,3 3 3 ,2 6 2 8 ,5 2 8 ,2 4 6 6 3 ,2 7 0 ,0 4 6 8 4 ,2 0 4 ,5 7 2
A t l a n t a B l r m A A tl 3 d w k F e b
6 4 ,5 5 3
5 0 ,5 1 8 2 .1 4 7 ,9 5 5 1 ,8 3 9 ,4 0 6
A t l a n t i c C o a s t L in e Jan u a ry . . 2 ,7 3 7 ,0 0 7 2 ,7 0 0 ,4 8 6 1 8 ,5 3 4 ,5 8 3 1 7 ,6 2 3 ,4 7 0
g B a l ti m o r e A O h i o . January . . 6 ,5 7 0 ,1 2 2 6 ,4 1 3 ,3 1 6 5 3 ,4 9 2 ,5 0 0 5 3 ,4 0 9 ,0 9 3
B& O Ch T v k
1 0 6 ,2 1 3
Jan u a ry _ 110,121
9 2 4 ,0 2
9 0 4 ,1 0 2
B a n g o r & A r o o s to o k Ja n u a ry _ .
2 7 8 ,2 5 6 1 ,7 7 0 ,7 6 0 1 ,0 5 2 ,6 2 1
2 8 3 ,1 3 5
B o s t o n & M a .u e ___ J a n u a ry . . 3 ,2 0 7 ,7 4 4 3 ,3 7 0 ,5 6 6 2 7 ,3 3 7 ,2 7 5 2 6 ,9 0 0 ,3 4 8
3 ,8 8 8
3 ,2 8 4
B r i d g e t o n A S a c o R J a n u a ry _ .
3 5 ,5 0 4
3 2 ,0 7 2
B u lf R o c h A P i t t s b . 4 tU w k F e b
1 8 0 ,1 3 0 6 ,4 4 4 ,0 7 6 6 ,3 6 5 ,4 1 9
2 4 7 ,3 2 0
B u f f a lo A S u s q ____ D e c e m b e r ..
1 0 0 ,1 8 5 1 ,2 6 4 ,7 8 8 1 ,1 0 4 ,9 8 8
2 1 1 ,6 6 1
3 4 1 ,0 0 0
C a n a d ia n N o r th e r n . 4 th w k F e b
2 1 5 ,6 0 0 1 2 ,7 6 6 ,2 0 0 9 ,6 7 2 ,3 0 0
C a n a d i a n P a c if i c ___ 4 t h w k F e b 2 ,4 4 6 ,0 0 0 1 ,7 3 0 ,0 0 0 7 8 ,6 1 8 ,1 4 8 6 7 ,6 8 7 ,8 5 7
3 5 4 ,3 0 0
C e n t r a l o f G e o r g ia . Sth w k F e b
2 6 8 ,4 0 0 0 ,6 1 4 ,4 7 8 8 ,9 8 9 ,1 5 5
C e n t r a l o f N e w J e r . J a n u a ry . . 2 ,3 0 3 ,3 7 0 2 ,2 9 4 ,5 4 0 1 7 ,0 4 6 ,0 7 6 1 7 ,3 4 5 ,0 6 5
3 2 2 ,6 0 8
C e n t r a l V e r m o n t ___ l e c e m o e r
3 1 2 ,7 4 4 2 ,1 4 5 ,2 5 1 2 .0 4 4 .5 7 2
C h e s A O h io L i n e s . 4 t h w k F e b
7 6 0 ,1 3 7
6 4 9 ,2 2 8 2 2 ,4 0 0 ,0 7 5 2 2 .2 0 2 ,4 7 5
2 4 2 ,0 5 3
C h ic a g o & A l t o n ___ 4 t h w k F e b
1 8 0 ,5 8 9 1 1 ,1 1 1 ,4 9 6 0 ,9 7 6 ,8 0 7
C h ic B u r l & Q u in c y J a n u a r y . . 6 ,5 0 0 ,0 7 4 6 ,6 2 1 ,9 0 4 5 2 ,4 7 0 ,7 7 4 5 4 ,8 8 3 ,1 6 5
2 1 8 ,5 2 5
V C h ic G r e a t W e s t . . 4 t h w k F e b
1 6 4 ,3 8 4 8 , 5 9 6 ,7 2 ' 8 ,5 0 1 ,3 1 1
1 1 8 ,5 7 0
C h ic I n d A L o u l s v . 4 t h w k F e b
1 1 6 ,3 3 7 4 ,2 8 2 ,8 5 0 4 ,0 8 4 ,8 9 1
2 3 ,0 5 8
C liio M e m p h & G u lf D e c e m b e r
1 7 ,3 2 ;
7 8 ,0 9 5
1 4 2 ,5 4 1
C h lo M llw & S t P a u l J a n u a r y . . 4 ,2 5 6 ,3 4 0 4,736,62--' 3 7 ,6 0 0 ,9 0 3 4 0 ,2 5 0 ,0 1 4
C h M il & P u g S d . J a n u a r y . .
0 3 1 ,2 3 8
0 0 1 ,0 7 1 9 ,3 5 5 ,1 0 6 8 .5 0 4 .5 7 2
t C h lo & N o r t ii W e s t J a n u a r y . . 5 ,0 0 7 ,1 6 1 5 ,5 2 6 ,6 1 2 4 5 ,6 5 1 ,0 8 8 4 7 ,2 7 3 ,5 0 4
t C h lc S t P a u l M & O J a n u a r y . . 1 ,1 0 0 ,2 0 6 1 ,2 3 0 ,4 1 2 9 ,2 4 2 ,0 5 3 1 0 ,1 9 2 ,8 4 4
C h i o T H A S E ____ J a n u a r y . .
1 7 7 ,0 5 5
1 4 0 ,0 1 9 1 ,1 3 0 ,1 6 1 1 ,3 0 9 ,5 3 4
C ln H a m A D a y t o n a n u a r y . .
7 5 0 , )17 6 .0 5 0 ,3 4 7 5 ,7 6 1 ,4 0 3
7 2 0 ,4 2 8
C o lo r a d o M i d l a n d . . J a n u a r y . .
1 3 0 ,0 9 6 1 ,1 0 7 ,3 3 4 1 ,2 5 6 ,5 6 3
1 3 5 ,7 3 8
b C o lo r a d o & S o u t h . ,id w k F e b
2 5 8 ,7 2 0 9 ,6 4 1 .7 2 1 1 ,2 2 5 ,8 6 3
2 5 0 ,4 8 0
C o r n w a ll . . . -----------J a n u a r y . .
1 2 ,2 6
1 6 ,4 7 0 ’,
1 1 2 ,6 5 3
0 8 ,5 2 0
C o r n w a ll & L e b a n o n D e c e m b e r ..
2 8 ,3 0 6
22,2 6 4 1
1 6 0 ,6 8 7
1 8 0 ,2 3 5
C u b a R a i l r o a d ______J a n u a r y . .
3 1 5 ,7 8 4 1 ,9 5 1 ,1 3 7 1 ,5 7 7 ,7 1 9
3 6 8 .4 7 2
D e l a w a r e & H u d s o n J a n u a r y . . 1 ,6 9 7 ,1 6 0 1 ,5 7 2 ,6 1 1 1 2 ,8 3 1 ,0 8 6 1 2 ,3 3 4 ,6 7 7
D e l L a c k & W e s t . . J a n u a r y . . 2 ,8 2 2 ,8 0 4 2 ,8 7 7 ,5 1 2 2 1 ,9 9 7 ,2 1 0 2 1 ,4 1 2 ,3 3 0
D e n v & R io G ra n d e 4 th w k F e b
4 3 6 ,7 0 0
3 7 7 ,5 0 0 1 5 ,8 8 2 ,2 1 5 1 6 ,0 7 2 ,9 0 3
W e s te rn P a c ific . - J a n u a r y . .
3 2 7 ,1 9 7
3 ,2 6 1 ,3 6 9
D enver N W & P a c . Jan u ary . .
1 0 7 ,5 3 1
68’,6 4 0
7 8 5 ,3 1 5
7 0 3 ,5 1 0
D e tro it T o l & I r o n t 4 th w k F e b
3 3 ,3 8 6 1 ,2 3 6 ,2 8 5 1 .2 9 6 .0 0 4
4 6 ,5 0 5
D e t r o i t & M a o k ln a c 4 t h w k F e b
2 7 ,1 6 4
2 0 ,9 1 6
7 7 7 ,4 2 1
7 8 7 ,6 8 5
D ul & Iro n R a n g e .. J a n u a ry . .
1 0 7 ,3 0 1
1 5 4 ,9 0 0 4 ,5 3 0 ,7 0 3 5 ,2 2 7 ,4 8 8
D u l S o u S h & A t l . . !th w k F e b
3 8 .5 5 2 2 ,0 7 8 ,2 2 9 2 ,1 1 9 ,2 2 2
5 2 ,2 7 8
E l P a so & S o u W est J a n u a r y . .
6 3 8 ,3 8 1 4 ,2 7 0 ,4 5 0 4 ,2 0 1 ,3 3 7
6 8 5 ,2 2 6
E r i e ------------------------ 'a n u a r y ._ 4 ,2 1 5 ,8 9 8 4 ,2 0 6 ,5 5 3 3 4 ,2 3 5 ,4 0 3 3 ,8 0 2 ,0 4 9
F a i r c h i ld & N E ___J a n u a r y ._
2 ,1 7 2
1 ,9 0 9
1 5 ,0 1 2
1 4 ,0 4 4
F o n d a J o h n s & G lo v J a n u a r y . .
6 6 ,6 5 1
6 7 ,5 4 1
5 6 4 ,0 4 7
5 6 4 ,3 3 8
G e o r g ia R a B n a d . . J a n u a r y . .
2 7 3 ,0 8 7
3 0 2 ,3 0 0 2 .0 4 9 ,2 0 9 1 ,9 4 6 ,1 1 8
G ra n d T r u n k S y s t . . 4 th w k F e b
8 8 2 .7 6 5
8 6 4 ,8 1 2 3 2 ,5 4 0 ,5 7 0 0 ,5 6 0 ,8 0 6
G ra n d T rk W e s t. 3d w k F e b
1 2 3 ,4 0 0 4 ,2 9 1 ,7 9 7 3 ,9 6 5 ,8 3 2
1 1 6 ,9 9 6
D e t G r H a v & M il 3 d w k F e b
3 6 ,6 5 0
3 0 ,3 4 0 1 ,5 0 0 ,9 6 4 1 ,3 4 7 ,7 8 0
C an ad a A tla n tic . 3d w k F eb
3 1 ,2 7 2 1 ,3 5 3 ,3 5 6 1 .2 1 2 .0 0 4
3 5 ,1 5 1
G r e a t N o r t h e r n S y s t F e b r u a r y . 4 ,2 1 6 ,4 5 2 3 ,5 7 2 ,0 0 1 4 4 ,6 4 0 ,0 1 7 4 1 ,6 8 1 ,4 1 3
G u lf & S h i p I s l a n d . J a n u a r y . .
1 7 0 ,6 7 6 1 ,1 7 3 ,7 3 0 1 ,1 8 9 .2 5 2
1 7 7 ,8 5 3
H o c k i n g V a l le y ____ J a n u a r y . .
4 6 4 ,7 0 4 4 ,4 5 3 ,0 4 2 4 ,6 6 9 ,4 0 5
5 6 6 ,8 3 9
I ll in o i s C e n t r a l ____ F e b r u a r y . 4 ,6 8 1 ,0 9 1 4 ,8 3 2 ,2 2 2 3 0 ,4 2 7 ,0 3 8 1 2 ,5 4 8 ,8 5 7
I n te r n a t & G t N o r. 4 th w k F eb
2 2 4 .0 0 0
1 9 0 ,0 0 0 7 ,2 8 7 ,3 0 3 6 ,4 1 0 ,5 2 4
a I n te r o c e a n ic M c x . 4t h w k F e b
2 1 8 ,6 8 8
1 9 2 ,3 3 0 5 ,6 7 0 ,2 1 8 5 ,8 5 8 ,3 9 6
K a n a w h a & M i c h . . D e c e m b e r ..
2 5 2 ,4 8 0 1 ,7 3 0 ,8 5 6 1 ,6 9 5 ,5 6 7
2 5 0 ,8 2 1
K a n s a s C ity S o u th . J a n u a r y . .
8 3 7 ,5 0 6 5 ,6 0 3 ,8 6 4 6 ,2 2 0 ,4 9 9
7 1 4 ,9 8 9
K C I le x & O r i e n t .. 4 th w k J a n
5 3 ,3 4 6
5 8 ,3 2 3 1 ,0 0 0 ,0 0 8 1 ,1 6 9 ,0 2 8
L e h i g h V a l l e y _____ J a n u a r y . . 2 ,8 6 8 ,3 0 5 2 ,9 0 6 ,7 3 0 2 ,0 9 8 ,3 0 2 2 1 ,6 2 0 ,7 6 6
L e x in g to n & E a s t . . J a n u a r y . .
3 7 ,7 2 0
3 7 ,7 6 0
3 1 7 ,5 0 1
2 9 2 ,7 2 5
L o u i s ia n a A A r k a n . D e c e m b e r ,.
1 2 2 ,5 2 6
1 1 6 ,8 8 9
6 8 1 ,1 1 9
7 2 3 ,0 3 5
L o u ls v H e n d A S t L J a n u a r y . .
9 8 .0 2 6
1 0 6 .0 0 0
7 5 8 ,5 0 6
7 4 1 ,5 8 0
s L o u ls v & N a s h v . . 4 t h w k F e l 1 ,2 4 9 ,9 0 0 1 ,0 4 8 ,4 1 1 3 7 ,4 3 7 ,0 7 9 3 6 ,6 0 5 ,1 9 0
M a c o n & B l r m ’h a m F e b r u a r y ..
1 4 .5 5 2
1 4 ,1 7 0
1 1 3 ,5 0
1 0 9 ,1 2 5
M a in e C e n t r a l
7 4 1 ,0 3 3 6 ,3 3 1 ,2 2 5 5 ,9 1 9 .0 5 8
7 3 1 ,6 2 2
Jan u ary . .
M a ry la n d & P e n n a . J a n u a r y . .
2 9 ,0 6 8
2 6 ,6 1 1
2 6 1 ,8 !)
2 6 2 ,0 0 2
a M e x ic a n R a i l w a y . 2 d w k F e b
1 9 9 ,1 0 0 5 ,1 1 8 ,0 0 0 5 ,2 1 5 ,1 0 0
1 7 8 ,6 0 0
M in e r a l R a n g e ____
1 th w k F e b
1 8 ,6 5 0
2 2 ,2 6 9
5 0 5 ,6 0 3
5 0 6 ,0 5 5
M in n & S t L o u i s . . 4 t h w k F e b
1 0 9 ,1 1 6 5 ,2 8 4 ,0 3 9 5 ,0 0 9 ,6 5 4
1 1 0 ,5 1 5
I o w a C e n t r a l ___
M in n S t P A S S M
4 th w k F e b
3 0 6 ,1 8 4 1 7 ,5 1 4 ,9 6 9 1 4 ,0 3 4 ,7 6 4
5 1 1 ,4 5 1
C h ic a g o D i v is io n .
M is s is s ip p i C e n t r a l .L J a n u a r y . .
7 8 ,0 5 6
7 1 ,5 3 7
5 4 6 ,2 7 0
5 2 4 ,4 5 1
u M o K a n & T e x a s . 4 th w k F eb
6 6 6 ,7 8 6 1 9 ,9 9 0 ,4 1 8 2 0 ,5 0 5 ,7 9 7
6 4 7 ,0 7 0
M is s o u r i P a c if i c ____ 4 t h w k F e b 1 ,1 1 4 ,0 0 0
8 9 2 .0 0 0 3 7 ,0 7 0 ,2 3 0 3 5 ,9 2 3 ,5 6 6
N ash v C h a tt & S t L J a n u a ry . .
9 7 4 ,6 0 2 1 ,1 2 7 ,8 1 1 7 ,0 5 7 ,7 1 2 7 ,1 1 5 ,9 2 1
a N a t R y s of M e x .f . 4 th w k F e b
0 8 7 ,1 1 6 1 ,2 5 4 ,7 6 2 4 2 ,0 7 7 ,4 3 3 4 2 ,4 5 3 ,3 0 3
N e v a d a - C a l - O r e g o n . 3d w k F e b
5 ,9 7 6
4 ,0 2 6
2 2 1 ,4 6 1
2 2 6 ,8 2 0
N e v a d a C e n t r a l ____ D e c e m b e r ..
4 ,7 3 7
0 ,2 8
3 3 ,0 5 3
4 3 ,6 2 6
N O G re a t N o rth e rn J a n u a ry _ .
1 2 5 ,5 2 6
1 3 0 ,9 8 7
9 6 5 ,2 5 7
0 7 3 ,9 5 3
N O M o b ile & C h i c , J a n u a r y _ .
1 6 3 ,4 4 6
1 7 0 ,6 3 0 1 ,1 2 5 ,8 7 3 1 ,0 8 4 ,4 2 0
e N Y 0 A H u d R I v . J a n u a r y . . 8 ,1 4 7 ,2 6 4 7 ,7 8 7 ,0 8 4 6 3 ,2 9 3 ,4 0 3 6 0 ,7 2 4 ,7 6 3
L a k e S h o r e A M t, J a n u a r y . . 3 ,8 4 7 ,8 7 7 3 ,7 1 6 ,5 0 0 2 0 ,4 0 3 ,8 3 1 2 0 ,4 2 3 ,5 8 0
n L a k e E r ic & W . J a n u a r y . .
4 2 5 .7 6 5
4 5 0 ,6 0 9 3 ,3 2 2 ,4 1 7 3 ,3 9 3 ,0 5 2
C h ic I n d & S o u th J a n u a r y . .
3 2 8 ,1 8 4
3 1 0 ,6 4 2 2 ,2 7 7 ,9 4 0 2 ,1 2 4 ,5 5 1
M ic h ig a n C e n t r a l . J a n u a r y . . 2 ,3 8 8 ,0 0 2 2 ,3 6 4 ,9 2 0 1 8 ,4 9 3 ,0 7 7 1 8 ,0 7 2 ,3 3 1
C le v e C C & S t L . J a n u a r y . . 2 ,2 4 4 ,6 6 4 2 ,3 4 4 ,8 8 1 1 8 ,2 5 0 ,6 9 4 1 8 ,5 8 6 .6 1 7
P e o ria A E a s te n J a n u a r y . .
2 3 0 ,0 5 3
3 0 6 ,1 2 8 1 ,8 8 4 ,9 5 8 2 ,2 5 0 ,4 3 8
C i n c in n a t i N o r t h . J a n u a r y . .
0 2 ,2 1 5
0 0 ,6 0 8
8 0 0 ,2 0 7
8 0 3 ,0 1 8
P i t t s & L a k e E r ie J a n u a r y . . 1 ,2 3 2 ,8 6 3 1 ,0 1 4 .6 0 6 0 ,6 0 4 ,1 2 6 0 ,7 8 3 ,7 7 2
N Y C h ic A S t L . J a n u a r y . .
8 8 3 ,6 9 4
8 9 1 .0 0 0 6 ,7 4 9 ,8 0 6 6 ,6 8 0 ,3 6 2
T o l & O h io C e n t . J a n u a r y . .
3 9 7 ,5 2 0
3 3 8 ,8 7 9 3 .2 2 7 ,8 0 3 3 ,2 6 3 ,1 7 9
T o t a ll l in e s a b o v e J a n u a r y . . 20210001 1 0 6 2 4 0 6 2 157369 41 4 155106 57 6

RO AD S.

N Y N H & H rtf—
N Y O n t & W e s t...
N Y S usq & W e s t..
N o r o ik S o u t i e r n . .
N o r f o lk & W e s t e r n .
N o r n r n P a f ie ___
P a c if ic C o a s t C o . . .
P e n n s y lv a n ia R R ._
B a r t C h es A A tla n
C u m b e rla n d V a il.
L o n g I s l a n d ___ __
M a r y l 'd D e l & V a
N Y P h l la A N o r
N o r th e r n C e n tra l.
P h lla B a lt& W a s h
W J e rs e y & S cash
P e n n s y l v a n i a C o ___
G ra n d R a p & In d
P i t t s C ln C h A S t L
V a n d a l l a ____
T o t a l l in e s —
E a st P itt ; & E .
W est P itt i & E
A ll E a s t * W c U
P c r c M a r q u e t t e . ___
R a l e ig h & S o u t h p ’t
R e a d in g C o m p a n y P h lla A R e a d in g .
C oal & Iro n C o ..
T o t a l b o t h c o s ___
R ic h F r e d A P o to m
R io G r a n d e J u n e . . .
R io G r a n d e S o u t h . .
R o c k Is la n d L i n e s ..
R u t l a n d ---------------S t Jo s & G ran d Is l.
S t L o u is & S a n F r a n
/ C h ic & E a s t 111.
T o t a l a ll U n e3___
S t L R ock M t & P ..
S t L o u is S o u th w e s t.
San P cd L A & S L .
S e a b o a rd A ir L i n e . .
S o u t h e r n P a c lf lo Co
S o u th e rn R a ilw a y ..
M o b ile & O h i o ___
C ln N O * T e x P .
A la G r e a t S o u t h .
G e o r g ia S o u A F la
T c n n A la & G e o rg ia
T e x a s & P a c if i c ____
T id e w a te r & W e s t.
T o le d o P e o r A W e st
T o le d o S t L A W e st
T o e i b lg b e o V a l l e y . .
U n i o n P a c if ic S y s t .
V i r g in i a & S o W e s t .
V l r g l n l a n _________
W a b a s h ........................
W e s te rn M a ry la n d .
W h eel & L a k e E ric .
W r l g h t s v & T e n n ille
Y a z o o & M iss V a lle y
V a rio u s F isca l Y ea rs.

C urrent
Y ea r.

P e rio d .

D e la w a r e A H u d s o n ......................... J a n
N Y C e n tra l & H u d s o n R l v c r .e . J a n
L a k e S h o r e & .M ic h ig a n S o u t h J a n
L a k e E r i e & W e s t e r n . n _____ J a n
C h ic a g o I n d i a n a A S o u t h e r n . f a n
M ic h ig a n C e n t r a l ........................... J a n
C le v e C ln C h ic a g o A S t L o u is J a n
P e o r ia A E a s t e r n ...........................
C i n c in n a t i N o r t h e r n ________ J a n
P i t t s b u r g h A L a k o E r i e ............ J a n
N e w Y o r k C h ic a g o A S t L o u is J a n
T o le d o A O h io C e n t r a l ____
J a il
T o t a l a ll l in e s ____ '_________
P e n n s y lv a n i a H a i.ro a d ....................
B a l ti m o r e C h c s a p A A t l a n t i c . J a n
C u m b e r l a n d V a . l e y ___________ J a n
L o n g I s l a n d ...... ...............
Jan
M a r y l a n d D e la w A V i r g i n i a . . J a n
N Y P h ila d e lp h ia A N o r f o lk . J a n
N o r t h e r n C e n t r a '_____________
P h i l a d e l p h i a B a l t A W a s h ___ j a i l
W e st Je rs e y A S e a s h o re .. . . . Ian
P e n n s y l v a n i a C o m p a n y _________
G r ..n d R a p i d s A I n l i a n a ____
P i t t s b C In o in C h ic A S t L o u is J a i l
V a n d a l l a _____ ____________
T o t a l lin e s — E a s t P i t t A E r l 9 J u n
W e s t P i t t ; A E r ie J a n
A ll Une3 E A VV. J a n
R io G r a n d e J u n c t i o n ____________ D e o
R u t l a n d _________________________ J a n
T e x a s A P a c i f i c ...........................
Jan

1
1
1
■1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
t <
to
tJ
to
to
to
to
to
to
to
to
to
to
to

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jau
Jan
Jau
Jan
J a il
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
D ec
Jan
Feb

31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
31
20

1 ,6 9 7 ,1 6 9
8 ,1 4 7 ,2 6 4
3 ,8 4 7 ,8 7 7
4 2 5 ,7 6 5
3 2 8 ,1 8 4
2 ,3 8 8 ,0 0 1
2 ,2 4 4 ,6 6 4
2 3 0 ,0 5 0
0 2 ,2 1 b
1 ,2 3 2 ,8 6 3
8 8 3 ,6 0 4
3 9 7 ,5 2 0
2 0 ,2 1 0 ,0 0 1
1 2 ,7 8 0 ,3 0 0
0 ,5 2 6
2 3 1 ,4 8 0
6 6 6 ,3 5 8
4 ,8 1 7
2 2 5 ,2 5 4
9 5 5 598
1 ,4 3 0 ,’741
3 1 9 ,6 8 7
3 ,8 8 6 ,5 0 5
3 5 8 ,9 4 9
3 ,2 0 4 ,8 2 !
848,091,
1 7 ,4 1 5 ,2 3 ;
8 ,3 0 0 .7 1 7
2 5 ,8 0 5 ,9 5 7
7 7 ,7 7 4
2 3 5 ,7 5 6
2 ,6 8 9 ,1 8 0

AGGREGATES OF GROSS EARNINGS—Weekly and Montkly.
W eek ly S u m m a r ie s.
3d
4 th
1st
2d
3d
4 th
1st
2d
3d
4 th

w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek
w eek

D eo
D eo
Jan
Jan
Jan
Jan
Feb
Feb
Feb
Feb

(45
(42
(42
(42
(37
(44
(39
(40
(42
(37

r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____
r o a d s ) ____

O ur’nt Year P rev’s Y ear In c . or Dec.
5
1 5 ,3 6 6 ,3 0 3
1 9 ,4 1 0 ,8 1 8
1 1 ,7 5 3 ,0 9 5
1 1 ,0 9 7 ,1 9 8
1 1 ,5 7 0 ,4 1 5
2 0 ,1 3 8 ,1 4 0
1 3 ,1 0 9 ,1 8 2
1 3 ,2 3 3 ,6 4 6
1 3 ,4 5 0 ,4 0 9
1 4 ,4 9 0 ,8 4 2

5
1 4 ,8 8 0 ,7 0 3
1 9 ,9 7 1 ,8 8 4
1 1 ,6 3 4 ,0 3 7
1 1 ,9 0 3 ,1 4 8
1 2 ,0 3 0 ,7 8 2
1 7 ,9 3 6 ,2 0 5
1 1 ,9 3 8 ,4 7 1
1 2 ,6 3 0 ,3 1 9
1 2 ,6 5 1 ,9 6 5
1 2 ,4 5 1 ,4 7 7

%

S
+ 4 8 5 ,6 0 0 3 .3 6
— 5 5 5 .0 6 0 2 .8 0
+ 1 1 9 ,0 5 8 1 .0 4
— 3 0 5 ,9 5 0 0 .4 4
— 4 6 6 ,3 6 7 3 .3 9
+ 2 ,2 0 0 ,8 7 5 1 2 .2 7
+ 1 ,1 7 0 ,7 1 1 0 .8 1
+ 6 0 3 ,3 2 7 4 .7 8
+ 7 9 8 ,4 4 4 6 .3 1
+ 2 , 0 4 8 ,3 6 5 1 0 .4 5

M o n th ly S u m m a rie s.
M ilea g e. C u r. Y r .
A p r i l ____ . . 2 4 2 , 9 3 3
M a y ______ . . 2 4 3 , 1 7 0
J u n o ____ . . 2 4 3 , 7 3 2
J u l y _____ . . 2 4 4 , 5 0 8
A u g u s t ___ - .2 4 4 , 5 3 1
S e p te m b e r ..2 4 5 ,4 9 4
O c t o b e r _ ..2 1 5 , 6 3 3
N o v e m b e r ..2 3 4 ,2 0 9
D e c e m b e r - .2 3 8 , 5 6 1
J a n u a r y . . . 8 7 ,4 0 7

P rev. Y r.
2 3 9 ,1 3 2
2 3 9 ,3 5 7
2 4 0 ,0 1 2
2 4 0 ,0 8 8
2 4 0 ,1 7 0
2 4 0 ,8 2 5
2 4 1 ,3 2 1
2 3 1 ,5 0 3
2 3 5 ,6 8 5
8 5 ,9 8 4

C ur’n t Y ear Prev’s Y ear I n c . or Dec.
$

2 1 8 ,1 7 7 ,1 2 3
2 2 9 ,0 4 2 ,7 7 1
2 3 1 ,6 9 7 ,0 5 3
2 3 1 ,6 8 8 ,0 0 6
2 5 3 ,0 4 3 ,1 0 2
2 5 7 ,2 5 6 ,7 0 2
2 6 6 ,0 0 4 ,1 2 !)
2 4 1 ,3 4 3 ,7 0
2 3 3 ,6 1 4 ,0 1 2
5 7 ,8 9 8 ,2 0 4

»
$
1 2 0 ,7 0 0 ,8 1 1 — 7 ,0 2 3 ,6 8 8
2 3 4 ,3 3 0 ,8 7 4 — 4 ,6 9 7 ,1 0 3
2 3 8 ,1 5 6 ,7 5 5 — 6 ,4 5 9 ,7 0 2
2 3 3 ,1 6 9 ,8 8 7 — 1 ,4 8 1 ,8 8 1
2 5 4 ,8 8 6 ,9 4 4 — 1 ,8 4 3 ,8 4 2
+ 5 0 7 ,0 8 7
2 5 6 ,7 4 8 ,7 7 5
+ 2 ,4 2 6 ,7 7 3
2 0 3 ,0 3 7 ,3 5 0
2 4 3 ,1 1 1 ,3 8 8 — 1 ,7 6 7 ,0 2 5
+ 1 ,3 3 9 ,7 3 5
2 3 2 ,2 7 5 ,1 7 7
— 1 0 3 ,1 8 1
5 8 ,0 0 1 ,4 4 5

err
3 .3 3
2 .0 0
2 .7 1
O .tJj
0 .7 3
0 .1 9
0 .0 3
0 .7 3
0 .5 7
0 .1 3

, It? it iLt, ~
ro i u u a n y , t n o n e w x o r i t « u h a w a , t n e s t . L a w r e n c e A A d i r o n d a c k a n d t h e O t t a w a A N . Y . R y . . t h e l a t t i +
v i i m hi C rn P a n a r r * ” ‘^ I n M u d M 1t h n r i U w i . 1! ^
r e t .u r n ^ ‘ “ ht h °,i I h t e r - S t a t e C o m m e r c e C o m m is s io n . / I n c l u d e s E v a n s v il l e A T e r r e H a u t e a n d E v a n s *
v i n e A I n d i a n a r r . g i n c l u d e t h e C le v e la n d L o r a i n A W h e e lin g R y . I n b o t h y e a r s ,
n I n c l u d e s t h o Na t h e r n O h io R R
v I n c l u d e s e a r n i n g s of
M a s o n C i ty A F t. D o d g e a n d W is c o n s in M in n e s o t a A P a c if i c , s I n c l u d e s L o u is v ille A A t l a n t i c a n d t h o F r a n k f o r t A C i n c in n a t i,
I I n c lu d e s ^ the
M e x ic a n I n t e r n a t i o n a l f r o m J u l y 1 9 1 0 , u I n c lu d e s t h e T e x a s C e n t r a l , v I n c l u d e s n o t o ^ l y o p e r a t i n g r e v e n u e s , b u t a ls o a ll o t h e r r e c e i p t s .




Latest Gross Earnings by Weeks.—In the table which fol­
lows we sum lip separately the earnings for the fourth week
of February. The table covers 37 roads and shows 16.45%
increase in the aggregate over the same week last year.

A l a b a m a G r e a t S o u t h e r n ...........
B u f f a lo R o c h e s t e r & P i t t s b u r g h
C a n a d i a n N o r t h e r n -----------------C a n a d i a n P a c if i c -----------------------C e n t r a l o f G e o r g ia ---------------------C h e s a p e a k e A O h i o -------------------C h ic a g o ft A l t o n -------- --------- —
C h ic a g o G r e a t W e s t e r n -----C h ic a g o I n d i a n a p o l i s & L o u i s v .
C in c N e w O i l ft T e x I ’a c -----D e n v e r f t R i o G r a n d e ---------------D e t r o i t ft M a c k i n a c -----------------D e tro it T o le d o & I r o n to n
.-- ­
D u lu th S o u th S h o re & A tla n tic
G ran d T ru n k of C a n a d a _
G ra n d T r u n k W e s te rn .
D e t r o i t G r a n d I l a v c n f t M llw
C a n a d a A t l a n t i c ------ . . . - - - - ­
I n te r n a tio n a l & G re a t N o rth e rn
I n t c r o c e a n l c o f M e x i c o -------L o u i s v il le f t N a s h v i l l e -------M in e r a l R a n g e ---------------------M in n e a p o l is & S t L o u i s -----I o w a C e n t r a l _____________
M in n e a p o lis S t P a u l & S S M
C h ic a g o D i v i s i o n -------------M is s o u r i K a n s a s & T e x a s —
M is s o u r i P a c ! l i e -------------------M o b ile A O h i o . . . ---------------N a t i o n a l R y s o f M e x ic o -----R i o G r a n d e S o u t h e r n ---------S t L o u is S o u t h w e s t e r n -------S e a b o a r d A i r L i n e ---------------S o u t h e r n R a i l w a y ---------------T e x a s A P a c if i c -------------------T o le d o P e o r ia A W e s t e r n . .
T o le d o S t L o u is A W e s t e r n _

Increase. Decrease.

1911.

1912.

F o u rth week o[ F e b ru a ry.

T o t a l (3 7 r o a d s ) . -------N e t In c re a se ( 1 6 .4 5 % ). . - -

$
1 2 7 ,6 1 5
2 4 7 ,3 2 9
3 4 1 ,0 0 0
2 ,4 4 6 ,0 0 0
3 5 4 ,3 0 0
7 6 9 ,1 3 7
2 4 2 ,0 5 3
2 1 8 ,5 2 5
1 1 8 ,5 7 9
2 2 8 ,3 7 2
4 3 6 ,7 0 0
2 0 ,9 1 6
4 6 ,5 0 5
5 2 ,2 7 8

5
1 1 9 ,1 8 6
1 8 0 ,1 3 0
2 1 5 ,6 0 0
1 ,7 3 0 ,0 0 0
2 6 8 .4 0 0
6 4 9 ,2 2 8
1 8 9 ,5 8 9
1 6 4 ,3 8 4
1 1 6 ,3 3 7
2 0 1 ,3 5 7
3 7 7 ,5 0 0
2 7 ,1 6 4
3 3 .3 8 6
3 8 ,5 5 2

$
8 ,4 2 9
6 7 ,1 9 9
1 2 5 ,4 0 0
7 1 6 .0 0 0
8 5 ,9 0 0
1 1 9 ,9 0 9
5 2 ,4 6 4
5 4 ,1 4 1
2 ,2 4 2
2 7 ,0 1 5
5 9 ,2 0 0

8 8 2 ,7 6 5

8 6 4 ,8 1 2

1 7 ,9 5 3

2 2 4 ,0 0 0
2 1 8 ,6 8 8
1 ,2 4 9 ,9 0 0
2 2 .2 6 9
1 1 9 ,5 1 5

1 9 0 ,0 0 0
1 9 2 ,3 3 0
1 ,0 4 8 ,4 1 1
1 8 ,6 5 9
1 0 9 ,1 1 6

3 4 ,0 0 0
2 6 ,3 5 8
2 0 1 ,4 9 9
3 ,6 1 0
1 0 ,3 9 9

5 1 1 ,4 5 1

3 9 6 ,1 8 4

1 1 5 ,2 6 7

6 4 7 ,0 7 0
1 ,1 1 4 ,0 0 0
2 2 6 ,2 9 4
9 8 7 ,1 1 6
1 2 ,9 6 5
2 8 2 ,0 0 0
4 6 5 ,1 1 0
1 ,3 8 3 ,1 6 0
4 0 1 ,8 8 4
3 5 ,1 7 2
6 7 ,1 7 4

6 6 9 ,7 8 6
8 9 2 ,0 0 0
2 1 1 ,6 2 0
1 ,2 5 4 ,7 6 2
8 ,9 3 9
2 2 1 ,0 0 0
4 9 6 ,5 4 7
1 ,1 7 7 ,9 5 7
3 1 2 ,1 4 3
3 2 ,0 7 4
4 7 ,3 2 4

5

6 ,2 4 8
1 3 ,1 1 9
1 3 ,7 2 6

1 9 ,7 1 6
2 2 2 ,0 0 0
1 4 ,6 7 4

2 6 7 ,6 4 8

4 ,0 2 6
6 1 ,0 0 0
' 3 1 ,4 3 7
2 0 5 ,2 0 3
8 9 ,7 4 1
3 ,0 9 8
1 9 ,8 5 0

___
3 2 5 ,0 4 7

1 4 ,4 9 9 ,8 4 2 1 2 ,4 5 1 ,4 7 7 2 ,3 7 3 ,4 1 2
2 ,0 4 8 ,3 6 5

G r o s s e a r n i n g s (18 r o a d s ) —
I t w ill b e s e e n
in

th e

1912.

Increase.

1911.

S
$
5 8 ,1 7 7 ,2 8 2 5 2 ,2 1 2 ,3 1 5

.

th a t.th e r e

is a g a i n

a m o u n t o f $ 5 ,9 0 4 ,9 6 7 , o r

on

%

$
+ 5 ,9 6 4 ,9 6 7

■ .
th e

1 1 .42

ro a d s r e p o rtin g

1 1 .4 2 % .

N e t E a r n in g s M o n th ly to L a t e s t D a t e s . — T h e ta b le fo l­
lo w in g s h o w s th e g ro ss a n d n e t e a rn in g s o f S T E A M r a ilro a d s
a n d in d u s tr ia l c o m p a n ie s r e p o r te d th is w e e k :
------- C ross E a r n in g s — --------------N et F arr)Inns --------

C urrent
Y ear.

P rev io u s
Y ea r.

C urrent

P rev io u s

H oads.
V « « r.
Y ear.
$
V '
$
V
A la b a m a T c n u A N o r - - J a n
L I .8 5 8
1 2 ,2 7 7
f),3 1 o
(>,183
9 6 ,8 3 6
7 0 ,0 1 7
4 0 ,8 9 8
3 4 .6 0 2
J u l y 1 t o J a n 31 .............
A t l a n t a B lrm A A t l - - - J a n
2 6 0 ,0 8 3
2 3 8 ,1 1 0
3 0 ,0 4 7
5 8 ,8 5 5
J u l y 1 to J a n 3 1 ______ 1 ,0 5 6 ,0 4 8
1 ,0 6 0 ,8 5 2
5 2 4 ,7 2 8
4 3 2 ,1 9 8
A t l a n t i c C o a s t L i n c - a - - J a n 2 ,7 3 7 ,9 9 7
2 ,7 0 0 ,4 3 6
6 6 0 ,5 4 5
8 1 2 ,1 2 9
J u l y 1 t o J a n 3 1 _______ 1 8 ,5 3 4 ,5 8 3 1 7 ,6 2 3 ,4 7 0
5 ,3 2 0 ,4 6 8
5 ,2 5 6 ,4 3 9
2 8 3 ,1 3 5
2 7 8 ,2 5 6
0 3 ,9 5 2
9 2 ,1 3 9
B a n g o r A A r o o s t o o k ____ J a n
J u l y 1 t o J a n 3 1 _______ 1 ,7 7 6 ,7 6 0
1 ,0 5 2 ,6 2 1
6 0 7 ,4 2 9
7 0 0 ,6 8 6
B r a z il R y
.........................J a n
£ 2 1 0 ,6 6 6
£ 1 7 9 ,3 6 3
£ 1 0 5 ,0 3 3
£ 7 6 ,7 9 6
B rid g e to n A S a c o R i v e r .J a n
3 ,2 8 4
3 ,8 8 8
193
1 ,0 2 2
J u l y 1 t o J a n 31 ..............
3 5 ,5 0 4
3 2 ,0 7 2
1 2 ,3 1 5
9 ,8 1 5
C e n tra l N ew E n g l a n d .b —
O ct
1 t o D e c 3 1 _______
9 2 4 ,9 9 3
8 3 8 ,2 3 8
4 7 4 ,8 6 9
3 6 3 ,6 3 7
J u lV 1 t o D e c 31
- 1 ,7 1 8 ,7 7 2
1 ,6 1 0 ,4 7 9
8 3 7 ,7 9 1
6 4 6 ,1 6 1
Jan
1 t o D e c 31 - . . . - 2 , 3 2 6 , 5 4 6
3 ,0 9 7 ,6 8 7
1 ,5 1 1 ,1 7 0
1 ,2 7 5 ,0 0 1
C e n t r a l o f N e w J e r s e y . b - J a n 2 ,3 0 0 ,3 7 0
2 ,2 9 4 ,5 4 9
8 8 9 ,5 2 3
9 2 8 ,8 9 0
J u l y 1 t o J a n 3 1 _______ 1 7 ,9 4 6 ,0 7 6 1 7 ,3 4 5 ,0 6 5
8 ,0 8 3 ,4 8 5
7 ,5 1 8 ,9 1 6
C h e s a p e a k e A O h l o . b . - . J a n 2 ,6 3 3 ,9 9 3
2 ,8 3 5 ,1 1 4
7 6 1 ,4 6 5
9 2 2 ,7 9 3
J u l y 1 t o J a n 3 1 _______ 1 9 ,7 1 7 ,9 0 9 1 9 ,7 9 3 ,2 8 0
6 ,7 6 5 ,7 4 7
6 ,9 0 8 ,9 0 5
C h ic a g o G r e a t W e s t e r n . ! ) . J a n
8 4 3 ,6 0 8
9 5 0 ,6 1 9
d e f6 ,8 9 9
1 4 5 .0 6 6
J u l y 1 t o J a n 31 ............ 7 ,6 2 3 ,2 5 9
7 ,5 4 3 ,4 3 4
1 ,9 0 9 ,7 3 8
2 ,0 0 7 ,6 6 4
C h ic a g o B u r l A Q u i n c y .b . J a i l 6 ,5 0 9 ,0 7 4
6 ,6 2 1 ,9 0 4
1 ,9 1 8 .9 6 0
2 ,0 0 6 ,2 3 5
J u l y 1 t o i a n 31 - ............ 5 2 ,4 7 9 ,7 7 4 5 4 ,8 8 3 ,1 6 5 1 8 ,6 6 3 ,2 4 9 1 9 ,1 1 4 ,3 8 0
( ’h ie M llw A S t P b
- - J a n 4 ,2 5 6 ,3 4 9
4 ,7 3 6 ,6 2 4
5 1 8 ,0 8 5
5 5 3 ,3 5 9
J u l y 1 t o J a n 31 ........... .37 6 0 0 9 0 3 4 0 ,2 5 9 ,0 1 4
9 ,8 6 5 ,5 0 3 1 0 ,5 7 3 ,5 3 9
C h ic MU A l ’u g c t S d b J a n
9 3 1 ,2 3 8
9 9 1 ,0 7 1
1 2 5 ,7 6 0
2 0 1 ,1 6 1
J u l y 1 t o J a n 31 - - - - - 9 ,3 5 5 ,1 0 6
8 ,5 0 7 ,5 7 2
3 ,7 4 1 ,8 1 3 3 ,8 4 5 ,9 5 1
C o r n w a l l - b - - _____________ J a n
1 6 ,4 7 0
1 2 ,2 6 9
8 ,1 2 1
5 ,6 8 4
J u l y 1 t o J a n 3 1 _______1 1 2 ,6 5 3
9 8 ,5 2 0
5 8 ,1 4 0
4 6 ,3 8 2
C o l o r a d o M id l a n d a _____ J a n
1 3 5 ,7 3 8
1 3 9 ,9 9 6
6 ,9 3 1
645
J u l y 1 t o J a n 3 1 ______ 1 ,1 9 7 ,3 3 4
1 ,2 5 6 ,5 6 3
1 9 0 ,3 2 3
1 6 3 ,0 1 0
D e l a w a r e A H u d s o n . b . J a n 1 ,6 9 7 ,1 6 9
1 ,5 7 2 ,6 1 1
5 5 7 ,0 3 6
5 1 6 ,1 3 3
D e l L a c k A W c s t c r n _ b - J a n 2 ,8 2 2 ,8 9 4
2 ,8 7 7 ,5 1 2
9 6 7 ,0 0 1
1 ,1 9 2 ,0 0 2
J u l y 1 t o J a n 3 1 _______ 2 1 ,9 9 7 ,2 1 0 2 1 ,4 1 2 ,3 3 0
8 ,5 5 7 ,6 0 3
8 ,8 3 3 ,8 1 6
D e n v e r A R io G r a n d e a J a n 1 ,6 7 8 ,5 5 8
1 ,6 8 2 ,3 8 5
2 8 0 ,0 8 5
3 3 4 ,4 1 4
J u l y 1 t o J a n 3 1 ____
1 4 ,2 9 7 ,8 1 5 1 4 ,6 6 4 ,1 0 3
3 ,5 7 4 ,3 5 7
4 ,3 3 5 ,6 5 4
W e s t e r n P a c if ic a . . J a n
3 2 7 ,1 9 7
___
d c f3 7 ,0 1 3
-------J u l y 1 t o J a n 31 ............. 3 ,2 6 1 ,3 6 9
_
5 7 7 ,6 3 0
. ..
D u l u t h SO S h A A t l . b . . . J a n
200 348
2 0 0 509
6 ,3 2 3
2 3 ,6 3 4
J u l y 1 t o J a n 3 1 ______ 1 8 5 9 314
I 9 3 5 156
5 2 1 ,1 6 4
6 2 5 ,3 8 5
G r e a t N o r t h e r n - b ________ J a n 3 ,8 0 6 ,3 8 9
3 ,2 8 5 ,8 1 5
9 7 2 .6 8 6
5 1 0 ,1 4 0
J u l y 1 t o J a n 3 1 ____ . .4 0 , 4 2 4 ,4 6 5 3 8 ,1 0 9 ,4 1 2 1 9 ,5 2 2 ,2 9 0 1 6 ,2 5 1 ,6 5 6
H o c k i n g V a l l e y - b _______ J a n
5 0 6 .S 3 9
4 6 4 ,7 9 4
2 0 1 ,7 18
7 8 ,2 7 4
J u l y 1 t o J a n 3 1 ______ 4 ,4 5 3 ,0 4 2
4 ,6 6 9 ,4 0 5
1 ,7 0 6 ,4 2 3
1 ,7 0 1 ,9 1 6
I ll in o i s C e n t r a l a _______J a n 4 ,2 5 2 ,6 0 9
5 ,4 8 7 ,3 4 8 d c f 2 0 6 ,6 5 6
1 ,4 8 7 ,7 1 4
J u l y 1 t o J a n 31 .............. 3 4 ,7 4 5 ,9 4 7 3 7 ,7 1 6 ,6 3 5
4 ,2 4 6 ,3 1 9
9 ,5 4 6 ,4 5 1
L e x i n g to n A E a s t e r n . b - J a n
3 7 ,7 2 0
3 / ,7 6 0
1 2 ,8 6 9
1 0 ,1 6 1
' J u l y 1 t o J a n 3 1 ______
3 1 7 ,5 0 1
2 9 2 ,7 2 5
1 0 4 ,7 4 3
9 6 ,6 8 7
L o u i s v il le A N a s h v . b . - - J a n 4 ,5 3 5 ,5 4 5
4 ,5 0 8 ,4 6 0
1 ,1 5 4 ,8 5 3
1 ,2 3 2 ,3 9 0
J u l y 1 t o J a n 3 1 _______3 2 ,8 5 8 ,6 8 4 3 2 ,4 5 3 ,3 0 9 1 0 ,4 3 4 ,4 5 3
9 ,9 7 6 ,2 5 8
M a in e C e n t r a l .1 ) __________J a n
7 3 1 ,6 2 2
7 4 1 ,0 3 3
1 2 1 ,0 9 5
1 6 4 ,4 2 8
J u l y 1 t o J a n 3 1 ______ 6 ,3 3 1 ,2 2 5
5 ,9 1 9 ,6 5 8
1 ,8 1 1 ,9 7 3
1 ,6 1 9 ,7 4 0
M in e r a l R a n g e , b ............... - J a n
6 1 ,8 2 1
6 2 ,7 8 0
d e f2 ,6 7 1
5 ,6 9 9
J u l y 1 t o J a n 31 - ...........
4 3 6 ,6 4 4
4 4 2 ,6 5 6
7 4 ,8 1 5
8 ,9 1 0
M In n e a n A S t L o u i s —
I n c lu d e s Io w a C c n t .a - J a n
5 0 8 ,3 4 0
J u l y 1 t o J a n 31 ............. 4 ,7 2 2 ,2 7 4
M ln n e a p S t P A S S M .a . J a i l 1 ,0 6 9 ,9 6 1
.J u ly 1 t o J a n 3 1 _______ 1 0 ,2 5 4 ,5 0 5
C h ic a g o D iv is io n . a ___ J a n
6 7 2 ,5 0 9
• J u l y 1 t o J a n 31 .............. 5 ,4 5 3 .8 2 0




----- Gross E a r n in g s ------

C urrent
Y ea r.

H oads.

$
7 1 ,5 3 7
. Jaann
M is s is s ip p i C e n t r a l . b ____J
5 2 4 ,4 5 1
J u l y 1 t o J a n 3 1 ____
o u r i K a n s A T e x . b - .JJ.a n 2 .2 5 6 .3 4 6
____ 1 7 ,8 1 0 ,9 1 7
J u l y 1 t o J a n 3 1 ____
J a n 4 ,0 7 7 ,6 3 5
M is s o u r i P a c i f i c . .
____ 3 2 ,7 4 6 ,9 5 0
J u ly 1 to Ja i
9 7 4 ,6 0 2
N a s h v C h a t t A S t L _ b - - ..JJaa n
7 ,0 5 7 ,7 1 2
J u ly 1
1 7 ,0 7 8
. J aa nn
N e v a d a - C a l- O r e g o n _ b ___J
2 0 7 ,3 9 9
J u l y 1 t o J a n 31
6 4 9 ,1 8 3
N Y O n t a r i o ft W c s t_ j . J a n
5 ,4 2 6 ,5 1 7
J u l y 1 t o J a n 31
. J a n 2 ,9 3 8 ,2 6 4
N o r f o lk A W e s t e r n . b
> 2 ,9 2 3 ,8 3 5
J u l y 1 t o J a n 31
1 9 7 ,4 4 0
R lc h m F r e d A P o t o m . b .J a n
J u l y 1 t o J a n 3 1 _______ 1 ,3 6 6 ,8 4 2
4 3 ,0 0 1
R i o G r a n d e S o u t h e r n . b -. J a n
J u l y 1 t o J a n 31
3 0 4 ,5 2 9
2 3 5 ,7 5 6
Jan
R u t l a n d , b — .................
. J a n 3 ,3 3 7 ,2 7 6
2 5 ,5 3 4 ,4 9 7
J a n 1 ,2 2 6 ,2 2 7
9 ,3 8 1 ,4 3 4
T o t a l a ll l i n e s . b - . - . J a n 4 ,5 6 3 ,5 0 3
3 4 ,9 1 5 ,9 3 1
J u ly 1 to J a n 31.
2 2 0 ,7 1 4
S t L o u i s R k y M t A P a c ai J a n
1 ,1 3 4 ,4 8 8
J u ly 1 to J a n
9 4 5 ,8 7 9
S t L o u is S o u t h w e s t e r n . a . J a n
7 ,2 9 9 ,1 4 9
J u l y 1 t o J a n 31
_ J a n 1 ,8 0 9 ,-1 7 4
S e a b o a rd A ir L l n e .a
. . . 1 2 ,0 6 1 ,1 0 0
J u l y 1 t o J a n 3:
S o u t h e r n R a i lw a y —
7 7 9 ,2 2 7
C in N O A T e x P a c . b . J a n
5 ,6 1 8 ,3 8 3
J u l y 1 t o J a n 31 . . .
3 8 5 ,9 5 2
A l a G r e a t S o u t h e r n _ b -- J a n
2 ,7 9 7 ,3 5 1
J u ly 1 to J a n 31.
8 ,6 4 0
T o m b lg b e e V a l l e y ----------.JJ aa nn
5 9 ,1 2 8
J u l y 1 t o J a n 31
8 1 7 ,8 0 3
Y a z o o A M iss V a l l e y . a - -. J a n
J u l y 1 t o J a n 31 .............. 6 ,0 8 3 ,8 2 0

__

For the month of February the returns of 38 roads show
as follows
M o n th o / F e b ru a ry.

689

IUE CHRONICLE

Mar . 9 1912.]

6 9 9 ,6 1 3 f t d c f e i , 2 7 1
h 1 2 7 ,7 5 3
5 ,2 8 0 ,0 4 3
/» 8 6 4 ,3 0 8 h i . 3 0 9 ,7 4 6
9 0 1 ,4 4 5
2 6 4 ,6 7 1
1 7 0 ,6 8 6
8 ,0 6 0 ,9 1 7
4 ,1 4 7 ,6 5 1
2 ,7 6 3 ,9 2 2
7 1 2 ,0 3 0
1 0 5 ,1 2 4
1 1 2 ,5 2 2
5 ,4 0 4 ,0 6 8
1 ,4 4 1 ,5 4 8
1 ,2 7 1 ,4 5 3

__

P rev io u s
Y ea r.

------- N et E a r n in g s -------

C urrent
Y ea r.

P rev io u s
Y ea r.

S
$
$
3 3 ,8 2 3
2 6 ,5 7 9
7 8 ,0 5 6
2 2 9 ,8 3 5
2 1 1 ,3 7 1
5 4 6 ,2 7 0
£ 6 8 2 ,9 8 5
£ 4 8 8 ,9 3 9
2 ,3 5 1 ,8 4 4
1 8 ,2 7 5 ,9 1 4 £ 4 .7 9 2 ,1 5 9 t o , 9 0 2 ,5 2 9
9 0 9 ,8 5 3
9 2 6 ,0 1 0
4 ,2 9 8 ,5 8 0
7 ,1 2 9 ,6 9 1
7 ,1 0 4 ,6 9 1
3 1 ,9 8 9 ,6 7 2
2 9 1 ,7 9 1
2
0
6
,5
6
5
1 ,1 2 7 ,8 1 1
1 ,7 8 1 ,2 1 2
1 ,6 5 1 ,9 2 1
7 ,1 1 5 ,9 2 1
d e f .4 ,8 4 7
d e f .2 ,0 6 5
1 1 ,1 4 2
7 8 ,8 9 2
5 9 ,2 6 9
2 1 5 ,7 5 1
9 6 ,8 6 0
8 7 ,9 6 7
6 8 1 ,8 4 1
1 ,6 4 1 ,9 2 8
1 ,3 7 6 ,7 2 9
5 ,6 5 9 ,2 4 2
9 7 9 ,0 3 3
8 6 5 ,7 2 0
2 ,9 3 1 ,0 3 8
7 ,8 2 0 ,1 5 9
8 ,2 9 5 ,5 4 9
2 1 ,4 2 5 ,6 5 9
6 3 ,8 2 7
6 3 ,8 5 7
1 8 1 ,4 0 1
4 4 0 ,8 3 9
4 7 4 ,5 3 1
1 ,2 7 4 ,3 8 0
1 2 ,7 1 7
d c f 2 ,9 4 3
3 8 ,5 8 2
1 4 1 ,4 5 2
1 3 ,1 1 0
3 6 3 ,4 2 2
2 0 ,9 7 4
2 7 ,0 7 3
2 2 8 ,8 4 1
1 ,1 4 2 ,5 9 8
9 3 7 ,0 1 8
3 ,6 1 2 ,9 9 9
8 ,2 6 2 ,0 0 5
8 ,5 1 4 ,9 3 8
2 6 ,3 8 3 ,5 1 8
3 5 6 ,5 8 1
2 2 2 ,3 1 1
1 ,2 5 8 ,9 2 4
3 ,0 0 1 ,3 5 5
2 ,7 2 1 ,5 3 2
9 ,2 8 7 ,9 4 2
1 ,4 9 9 ,1 7 9
1 ,1 5 9 ,3 2 8
4 ,8 7 1 ,0 2 3
3 5 ,0 7 1 ,4 6 2 1 1 ,2 3 6 ,4 7 1 1 1 ,2 6 3 ,3 6 1
6 7 ,2 9 1
7 8 ,3 6 9
1 9 7 ,8 3 3
4 7 2 ,4 9 4
3 7 2 ,5 3 1
1 ,3 1 7 ,2 2 6
2
2
4 ,4 5 9
1 7 5 ,9 7 8
1 ,0 5 6 ,0 7 7
2 ,0 4 1 ,3 6 0
2 ,2 7 9 ,8 1 1
7 ,5 1 2 ,7 7 9
5 0 4 ,6 5 8
1 ,8 3 8 ,1 5 0
3 0 9 ,0 2 6
3 ,4 6 5 ,2 4 9
1 2 ,1 4 1 ,4 1 3
3 ,1 8 4 ,2 3 1
7 8 6 .3 3 7
5 ,5 9 6 ,4 5 0
3 9 2 ,9 4 8
2 ,7 1 2 ,2 6 2
7 ,2 2 8
5 0 ,7 1 2
1 ,0 5 0 ,1 6 3
6 ,6 8 1 ,3 4 0

2 1 7 ,7 3 4
1 ,9 9 0 ,9 5 8
1 0 0 ,8 2 7
8 7 3 ,1 4 7
2 ,3 8 4
2 0 ,6 9 7
9 ,5 2 2
1 ,1 3 1 ,6 7 5

2 6 0 ,7 3 4
2 ,1 5 1 ,3 3 9
1 1 3 ,0 7 4
8 2 2 ,0 1 2
2 ,7 5 1
1 8 ,9 5 5
3 8 1 ,5 2 0
1 ,9 9 8 ,0 6 9

IN D U S T R IA L C O M P A N IE S .
------ N et E a r n in g s ------------- Gross E a r n in g s -

C o m p a n ie s .
A b in g to n A R o c k la n d E le c
L ig h t A P o w e r C o .b . J a n
B la c k s to n c V a l G A E l. b J a n
E d E l III ( B r o c k t o n ) _b . . . J a n
F a ll R iv e r G a s W l t s .b - . . J a n
H o u g h to n Co E l L t .b - . -J a n
- Jan
L o w e ll E l L t C o r p . b
- -J a n
M ln n e a p G e n E l - b .
S i e r r a P a c if ic E l e c . b . - . . J a n

C urrent
Y ea r.

P rev io u s
Y ea r.

C urrent

P rev io u s

3

5

?

S

1 0 ,2 7 0
1 1 2 ,5 7 4
3 5 ,5 7 5
4 2 ,9 9 1
3 1 ,5 0 9
3 6 ,7 0 9
1 8 1 ,1 7 1
5 2 ,3 4 7

9 ,4 2 0
1 1 3 ,0 3 3
3 3 ,4 2 2
4 0 .4 4 1 .
2 9 ,9 4 5
4 2 .3 7 7
1 3 4 ,3 0 7
4 8 ,0 1 2

1 ,8 1 8
5 6 ,1 8 3
1 4 ,8 1 0
1 4 ,3 5 9
1 8 ,2 4 9
1 2 ,8 4 9
1 0 6 ,8 3 7
3 0 .6 2 4

2 ,2 4 7
6 1 ,4 3 3
1 2 ,0 0 8
1 4 ,1 0 1
1 6 ,8 1 3
1 5 ,2 2 1
7 1 ,6 2 7
2 8 ,5 0 3

93

a N e t e a rn in g s h e re g iv e n a re a f te r d e d u c tin g ta x e s ,
b N e t e a rn in g s h e re g iv e n a re b e fo re d e d u c tin g ta x e s .
_
It F o r J a n . 1912 a d d i t i o n a l I n c o m e Is g i v e n a s s h o w i n g a d e f i c it o f $ 66®?41
,
a g a i n s t a c r e d i t o f $ 9 ,9 4 0 in 1 9 1 1 , a n d f o r p e r i o d f r o m J u l y 1 t o J a n . 3 1 .
w a s a c r e d i t o f 5 1 ,9 7 9 in 1 9 1 2 , a g a i n s t a c r e d i t o f $ 6 1 ,9 0 2 l a s t y e a r .
k A f t e r a ll o w i n g f o r o u t s i d e o p e r a t i o n s a n d t a x e s , o p e r a t i n g I n c o m e f o r
J a n . 19 1 2 w a s 5 4 0 7 ,2 2 9 , a g a i n s t $ 5 9 4 ,6 3 8 ; f r o m J u l y 1 t o J a n . 31 w a s
$ 4 ,1 4 6 ,4 6 8 In 1 9 1 2 , a g a i n s t $ 5 ,3 1 0 ,0 6 8 l a s t y e a r .

Interest Charges and Surplus.
- I n t., Ile n ta ls, A c . —
P re v io u s
C urrent
Y ea r
Y ear.

H oads.
B a n g o r A A r o o s t o o k ------ J a n
J u l y 1 t o J a n 3 1 ---------B rid g e to n A S a c o R i v e r .J a n
J u l y 1 t o J a n 3 1 ..............
C e n tra l N ew E n g la n d —
O ct
1 t o D e c 3 1 ---------J u l y 1 t o D e c 3 1 ---------Jan
1 t o D e c 3 1 ----------C e n tra l of N ew J e r s e y .
Jan
J u ly 1 to J a n 3 1 ..
C h ic a g o G r e a t W e s t e r n . - J a n
J u l y 1 t o J a n 3 1 ---------C o lo r a d o M i d l a n d -------------J a n
J u l y 1 t o d a n 3 1 ---------D e n v e r A R io G r a n d e ----- J a n
J u l y 1 t o J a n 31 —
_D u l u t h S o S h A A tl ------ J a n
J u l y 1 t o J a n 31 ..............
M in e r a l R a n g e ................ - - J a n
J u l y 1 t o J a n 3 1 ..............
N e v a d a - C a l- O r e g o n ____ J a n
J u l y 1 t o J a n 3 1 _______
N Y O n ta rio A W e ste rn .J a n
J u l y 1 t o J a n 3 1 ..............
N o r f o lk A W e s t e r n -------- J a n
J u i y 1 t o J a n 3 1 ..............
R io G r a n d e S o u t h e r n . . - J a n
J u l y 1 t o J a n 3 1 ..............
S t L o u is R k y M t A P a c .- J a n
J u l y 1 t o J a n 3 1 ---------S t L o u is S o u t h w e s t e r n . . J a n
J u l y 1 t o J a n 3 1 ..............

$
1 0 4 .6 7 6
0 7 2 ,8 5 1
006
4 ,5 6 9
2 3 2 ,1 8 8
4 4 5 ,7 5 5
1 ,1 6 0 ,5 9 8
, 6 1 8 ,1 2 5
3 ,7 9 6 ,9 2 9
2 3 2 ,2 8 8
1 ,5 9 0 ,7 1 9
2 9 ,8 2 0
2 0 8 ,7 4 0
5 0 6 ,7 2 0
3 ,5 8 3 ,4 9 2
9 5 ,3 7 6
6 7 1 ,9 7 1
1 2 ,5 3 5
8 5 ,6 8 1
5 ,3 2 1
3 6 ,8 1 6
1 0 5 ,4 5 4
7 8 5 ,4 1 6
4 6 1 ,9 1 3
3 ,3 1 9 ,5 0 0
1 9 ,7 5 7
1 3 3 ,2 3 4
3 1 ,9 9 8
2 2 1 ,9 0 2
2 0 2 ,9 1 5
1 ,3 8 5 ,5 1 7

S
9 9 ,8 9 2
7 3 7 ,4 2 5
640
4 ,3 5 5

— B a l. o f N e t E a r n s . —

C urrent
Y ea r.
%

£ 1 ,1 1 3
£ 6 1 ,4 4 7
d e f 473
7 ,7 4 6

P re v io u s
Y ea r.

5
£ 7 ,2 5 4
£ 7 4 ,9 5 7
382
5 ,4 6 0

£ 2 2 4 ,4 8 6
£ 2 5 3 ,9 3 9
1 5 0 ,3 9 0
£ 3 7 4 ,7 8 2
£ 4 1 2 ,5 3 2
3 0 4 ,3 2 5
£ 3 4 7 ,9 3 9
£ 3 9 4 ,1 0 3
9 8 8 ,1 5 0
4 1 0 ,9 2 2
2 7 1 ,4 9 8
5 1 7 ,9 6 8
3 ,8 0 9 ,8 3 7
4 ,2 8 6 ,5 5 6
3 ,7 0 9 ,0 7 9
2 1 1 , 6 9 6 r d c f 2 2 7 ,9 9 0 £ d e f 5 9 ,1 6 2
£ 5 9 9 ,1 5 3
£ 3 9 8 ,0 5 3
1 ,4 6 9 ,7 9 5
2 9 ,8 2 0 c d e f3 0 ,5 0 4 c d e f3 6 ,9 8 1
2 0 8 ,7 4 0 c d c f9 5 ,9 9 8 .e d e f 1 1 1 ,7 1 1
(1257,199
(1 1 6 7 ,5 5 5
4 8 9 ,8 5 2
(1908,114 (1 1 ,7 5 5 ,2 8 2
3 ,5 2 4 ,1 0 3
9 4 ,3 3 7 £ d e f 8 4 , 5 1 1 £ d e f 0 7 ,9 5 3
£ d e f4 ,6 1 1
6 7 1 , 6 2 8 x d e f l 2 1 ,5 1 4
1 2 ,8 5 6 £ d e f l 5 , 0 1 4 £ d c f 5 ,8 7 8
£ d c f 5 ,0 4 0 £ d e f 7 0 ,3 6 4
8 9 ,3 5 8
4 ,4 5 8 £ d e f .0 ,4 1 5 £ d e f .8 ,1 4 3
£ 5 4 ,9 6 2
£ 2 5 ,3 3 0
3 0 ,0 2 5
d e f 3 7 ,6 4 8
d e fl7 ,4 8 7
1 3 4 ,5 0 8
7 9 4 ,1 9 5
5 9 1 ,3 1 3
8 4 7 ,7 3 3
£ 5 9 7 ,2 7 3
£ 5 3 1 ,3 9 8
5 1 9 ,7 3 3
£
5
,0
0 0 ,9 2 2
3 ,0 0 1 ,2 4 3 £ 5 ,5 1 3 ,5 3 1
£ d e f 2 ,7 9 9
9 9 ,1 1 2 £ d e f l 9 , 0 9 6
£ 1 5 ,4 8 6
1 3 4 ,2 3 0 r d e f 1 1 1 ,6 2 9
3 4 ,9 7 5
4 6 ,3 7 1
3 2 ,3 1 6
2 4 5 ,0 9 9
2 2 7 ,3 9 5
1 5 0 ,5 6 9
£ 9 2 ,5 4 8
1 8 4 ,6 8 1
£ 5 2 ,0 6 5
£ 9 8 9 .7 9 7
1 ,3 0 1 ,0 9 3 £ 1 ,3 7 2 ,5 0 0

IN D U S T R IA L C O M P A N IE S
— I n t.. Ile n ta ls, A c . — — B a l. o f N et E a r n s .—

C o m p a n ies.

C urrent
Y ear.
$

A b in g to n A R o c k la n d E lc c
L ig h t A P o w e r C o — . J a n
B la c k sto n c V al G A E l . J a n
E d E l 111 ( B r o c k t o n ) - - - J a n
Jan
F a ll R iv e r G as W k s —
H o u g h to n Co E le c L t- - J a n
L o w e ll E l e c t L t C o r p . - - - J a n
M ln n e a p G e n E l e c ------ . J a n
S i e r r a P a c if ic E l e c t ------ . J a n

188
3 0 .1 5 0
1 ,9 9 4
586
4 ,7 7 4
1 ,5 1 0
3 5 ,1 6 7
5 ,4 4 2

P rev io u s
Y ear.
%
188
3 0 ,1 9 8
1 ,8 2 8
606
4 ,6 8 2
1 ,7 1 9
2 4 ,7 7 0
4 ,1 2 6

C urrent
Y ear.

P rev io u s
Y ea r.

S

3

1 ,6 3 0
2 6 ,0 3 3
1 2 ,8 1 0
1 3 ,7 7 3
1 2 ,4 7 5
1 1 ,3 3 9
7 1 ,6 7 0
2 5 ,1 8 2

2 ,0 5 9
3 1 ,2 3 5
1 0 ,1 8 0
1 3 ,4 9 5
1 2 ,1 3 3
1 3 ,5 0 2
4 6 ,8 5 7
2 4 ,3 7 7

c A f t e r a llo w in g f o r m is c e ll a n e o u s c h a r g e s a n d c r e d i t s t o i n c o m e .
x A f t e r a ll o w in g f o r o t h e r I n c o m e r e c e i v e d .>^1
d T h e s e f ig u r e s a r e a f t e r a llo w in g f o r o t h e r in c o m e a n d f o r d i s c o u n t a n d
exchange.
T h e s u m o f $ 1 0 ,0 0 0 is d e d u c t e d e v e r y m o n t h f ro m s u r p l u s a n d
p la c e d to th e c re d it o f re n e w a l f u n d .
C3Y< C-. •
I ts
fif

690

THE CHRONICLE

Interest Charges and Surplus.

ELECTRIC RAILWAY AND TRACTION COMPANIES.
N a m e of
R oad.

L atest G ross E a r n in g s .
W eek or
M o n th .

C urrent
Y ea r.

Previou.
Y ea r.

S
§
A m e r i c a n R y s C o -------J a n u a r y . .
3 7 3 .5 1 0 3 5 1 ,2 7 4
A tla n tic S h o re R y
Jan u ary ..
20,120
1 7 ,5 9 2
c A u r E l g i n & C h ic R y J a n u a r y . .
1 2 5 ,7 1 7 1 2 1 .1 9 6
B a n g o r R y & E le c Co J a n u a r y . .
5 3 .4 4 8
4 5 ,1 7 0
B a to n R o u g e E le c Co J a n u a r y . .
9 ,8 3 6
1 2 ,1 6 1
B in g h a m to n R a ilw a y J a n u a r y . .
3 1 ,9 6 4
2 8 ,4 9 9
B ro c k & P ly m S tR y . J a n u a r y . .
7 ,1 6 3
7 ,4 7 1
B k l y n R a p T r a n S y s t N o v e m b e r . 1 8 7 1 ,3 2 9 1 7 6 4 ,6 4 8
C a p e B r e to n E le c C o . J a n u a r y . .
2 8 ,3 2 7
2 7 ,4 4 3
C a r o li n a P o w & L t C o J a n u a r y
3 6 ,9 1 4
3 1 ,0 3 2
C e n t P a r k N & E R iv N o v e m b e r
5 3 ,0 2 2
5 3 ,2 0 1
C e n tra l P e n n T ra c _ . _ J a n u a ry .
6 6 ,8 8 4
7 0 ,2 6 9
C h a tta n o o g a R y & L t J a n u a r y
8 1 .0 0 4
7 3 ,5 3 3
C le v P a l n e s v & E ’n . . J a n u a r y _ .
2 3 ,1 1 4
2 2 ,9 0 7
C le v S o u t h w & C o lu m J a n u a r y _
7 9 ,5 7 0
8 0 ,1 0 7
C o l u m b u s (G a ) E l C o J a n u a r y . .
3 9 ,0 3 8
4 4 ,3 1 6
C o n e y I s la n d & B k ly n N o v e m b e r.
9 9 ,9 3 9 1 0 4 ,1 5 7
D a l la s E l e c t C o r p ___J a n u a r y . .
1 3 5 ,1 7 0 1 3 5 ,1 8 0
D e t r o i t U n i t e d R y . . . 2 d w k F e b 3 4 8 ,3 8 0 3 1 2 ,8 9 6
D D E B & B a tt( R c c ) N o v e m b e r.
5 3 ,1 6 6
5 1 ,0 8 2
D u lu th -S u p e r io r T r a c J a n u a r y . .
8 4 .1 9 6
8 7 ,8 4 4
E a s t S t L o u is & S u b . J a n u a r y
1 9 1 ,0 3 6 1 8 8 ,7 2 4
E l P a s o E l e c t r i c _____ J a n u a r y _ _
6 9 .7 7 5
6 1 ,7 6 9
F a t r m & C la r k s T r Co J a n u a r y __
5 8 ,7 0 0
5 2 ,3 6 3
4 2 d S t M & S N A v ( R e c ) N o v e m b e r . 1 3 8 ,0 2 7 1 2 4 ,4 4 9
G a lv -H o u s E e c C o . . J a n u a r y . .
1 4 6 ,0 0 7 1 1 1 ,1 6 6
G ra n d R a p id s R y C o . J a n u a ry . .
9 2 ,0 6 7
9 7 .4 4 8
H a v a n a E le c tr ic R y . W k M ch 3 .
4 8 ,9 7 6
4 8 ,3 8 4
H o n o lu lu R a p id T ra n
& L a n d C o ------------ J a n u a r y . .
4 5 ,4 8 6
3 8 ,9 2 1
2 2 ,1 2 5
H o u g h to n Co T ra c Co J a n u a r y . .
2 3 ,2 5 6
H u d s o n & M a n h a t t a n J a n u a r y . . 4 5 5 ,2 0 8 3 8 6 ,3 9 7
I ll in o i s T r a c t i o n C o . . D e c e m b e r .. 6 3 7 .4 9 2 6 2 0 ,4 0 3
I n t e r b o r o R a p T r a n . N o v e m b e r . 2 6 9 0 ,8 8 6 2 5 5 8 ,2 7 0
J a c k s o n v ille T r a c C o . J a n u a r y . .
4 9 ,8 7 8
5 2 ,7 6 5
L a k e S h o re E le c R y . J a n u a r y . .
8 7 ,1 5 3
8 4 ,5 8 9
1 3 ,8 3 8
L o n g I s la n d E le c tr ic . N o v e m b e r.
1 3 ,0 3 0
M e t r o p o l i t a n S t J R e c ) N o v e m b e r 1 1 4 4 ,9 6 6 1 1 4 3 ,1 4 9
M llw E l R y & L t C o . D e c e m b e r .. 4 6 6 ,5 4 6 4 2 3 ,5 2 4
9 0 ,3 3 3
M llw L t . l i t & T r C o . D e c e m b e r ..
8 0 ,8 9 4
4 1 7 ,9 6 2 3 7 0 ,1 2 5
M o n tre a l S tr e e t R y . . J a n u a r y . .
1 6 6 ,1 3 5 1 6 1 ,0 0 3
N a s h v i ll e R y & L i g h t J a n u a r y . .
N e w O r l e a n s R y & L t D e c e m b e r ..
N Y C i ty I n t e r b o r o - . N o v e m b e r .
3 1 ,6 4 8
2 1 ',6 5 1
N Y & L o n g Isl T r a c . N o v e m b e r.
2 8 ,0 1 4
2 7 ,4 4 7
N Y & Q u e e n s C o u n ty N o v e m b e r.
9 6 .7 7 5
8 8 ,6 5 2
N o rth a m E a s to n & W D e c e m b e r
1 4 ,0 1 2
1 3 ,0 4 6
N o C a r o P u b S e r v Cc D e c e m b e r ..
2 4 ,1 2 4
2 0 ,8 7 3
N o r t h O h io T r a c & L t J a n u a r y . . 2 0 9 ,3 8 8 1 8 6 ,2 7 1
N o r th T e x a s E le c C o . J a n u a r y . .
1 1 4 ,6 9 5 1 2 4 ,0 0 9
O c e a n E le c tr ic ( L I ) . N o v e m b e r.
4 ,1 2 2
3 ,3 8 3
P a d u c a h T r a c & L t Co D e c e m b e r ..
2 6 ,8 3 5
2 4 ,2 9 6
P e n s a c o l a E l e c t r i c Co J a n u a r y . .
2 2 ,2 6 1
2 2 ,3 6 9
P h l l a R a p i d T r a n s C o J a n u a r y . . 1 8 0 8 ,4 7 2 1 7 1 6 ,9 4 6
P o r t (O re ) R y , L & P C o . J a n u a r y . .
5 3 1 ,2 1 3 5 1 1 ,6 2 4
P u g e t S o u n d E le c C o . J a n u a r y . .
1 3 5 ,0 7 5 1 4 2 ,2 5 1
R lc h m o n d L t & R R . N o v e m b e r.
2 5 ,4 0 7
2 3 .6 8 3
R io d e J a n e ir o T r a m
L i g h t & P o w e r C o ­ J a n u a r y . . 1 1 0 9 ,0 1 9 9 9 9 ,5 7 5
st J o s e p h (M o) B y . L t
H e a t & P o w e r C o . D e c e m b e r .. 1 0 1 ,4 0 1
9 8 ,0 4 8
S a o P a u lo T r. L & P . J a n u a ry
3 6 3 ,5 1 0 2 8 2 ,3 5 6
S a v a n n a h E le c C o . . . J a n u a r y . .
5 8 ,3 5 9
5 3 ,8 0 1
S e a t t l e E l e c t r i c C o ___ J a n u a r y . . 4 4 9 ,8 1 6 4 7 8 ,7 2 8
S e c o n d A v e ( R e c ) ___ N o v e m b e r .
7 6 119
6 9 ,5 0 3
S o u th e rn B o u le v a rd . N o v em b er
9 ,9 7 7
8 ,8 5 6
S o u W is c o n s in R y Co J a n u a r y . .
1 8 ,0 0 0
1 4 ,5 8 4
S t a t e n I s l ’d M i d l a n d . N o v e m b e r .
1 8 ,4 7 2
1 6 .6 8 3
T a m p a E le c tr ic C o .. J a n u a r y . .
6 0 ,7 5 1
5 3 ,2 2 4
T h i r d A v e n u e ( R e c ) . N o v e m b e r . 3 0 4 ,8 8 2 2 8 3 ,3 6 8
T o r o n t o R a i l w a y C o . D e c e m b e r ..
T r i- C i t y R y & L t C o . J a n u a r y . . 2 6 4 ,8 4 3 2 4 2 ,4 6 1
T w ln C i ty R a p T r a n . 3 d w k F e b 1 5 1 ,0 8 7 1 4 4 ,5 7 1
U n d e rg ro u n d E l R y
ot L on d o n —
T h r e e t u b e l i n e s . . . VVk M c h 2 . £ 1 4 ,5 5 5 £ 1 4 ,0 4 0
M e t r o p o l i t a n D l s t . W k M c h 2 . £ 1 2 ,9 1 5 £ 12,011
£ 5 ,5 5 6
£ 5 ,5 0 9
U n lte d T r a m w a y .. W k M ch 2 .
U n i o n ( R e c ) _________ N o v e m b e r . 1 9 3 ,4 2 4 1 7 3 ,0 2 3
U n io n R y ,G & E C o ( 111) D e c e m b e r .. 3 2 5 ,3 1 4 2 9 4 ,1 5 4
9 3 2 ,8 9 5 9 2 0 ,9 1 9
U n ite d R y s of S t L _ . J a n u a r y . .
6 7 1 ,3 9 3 6 3 5 ,3 1 2
a n ........
u a r y. . .
U n i t e d R R s o f S a n F r J.......
4 5 ,6 8 5
4 2 ,0 7 3
W e stc h e ste r E l (R c c ).N o v e m b e r .
3 5 ,5 0 9
W h a tc o m C o R y & L t J a n u a r y . .
3 3 ,4 3 7
5 6 ,2 8 1
Y o n k e rs R R (R ec) . j N o v e m b e r.
5 2 ,8 4 8
1 7 ,2 5 8
1 6 ,9 2 1
Y o u n g s t & O h io R y . J a n u a r y . .

J a n . 1 to latest date.
C urrent
Y ea r.
S
3 7 3 ,5 1 0

20,120
1 2 5 ,7 1 7
5 3 .4 4 8
1 2 ,1 6 1
3 1 ,9 6 4
7 ,1 6 3
2 1 ,3 1 3 ,3 2 5
2 8 ,3 2 7
3 6 .9 1 4
5 8 5 .0 3 5
7 0 ,2 6 9
8 1 ,0 0 4
2 2 ,9 0 7
7 9 ,5 7 0
4 4 ,3 1 6
1 ,3 0 6 ,0 8 3
1 3 5 ,1 7 0
1 ,3 4 5 ,6 0 4
5 6 4 ,0 9 4
8 7 ,8 4 4
1 9 1 .0 3 6
6 9 ,7 7 5
5 8 ,7 0 0
1 ,4 7 2 ,3 3 9
1 4 6 ,0 0 7
9 7 .4 4 8
4 1 9 ,5 3 2

P rev io u s
Y ea r.

8

3 5 1 ,2 7 4
1 7 ,5 9 .
1 2 1 .1 9 6
4 5 ,1 7 0
9 ,8 3 6
2 8 ,4 9 9
7 ,4 7 1
2 0 ,0 0 4 ,8 5 0
2 7 ,4 4 3
3 1 ,0 3 2
3 8 5 ,0 8 6
6 6 ,8 8 4
7 3 ,5 3 3
2 3 ,1 1 4
8 0 ,1 0 7
3 9 ,0 3 8
1 ,3 9 2 ,8 7 8
1 3 5 ,1 8 0
1 ,1 9 7 .5 5 4
5 5 9 ,0 7 3
8 4 .1 9 6
1 8 8 ,7 2 4
6 1 ,7 6 9
5 2 ,3 6 3
1 ,3 2 0 ,0 7 6
1 1 1 ,1 6 6
9 2 ,0 8 7
4 0 9 ,7 8 8

4 5 ,4 8 6
3 8 ,9 2 1
22 .1 2 5
2 3 ,2 5 6
4 5 5 ,2 0 8
3 8 6 ,3 9 7
6 .9 0 2 .221 6 ,1 0 6 ,2 5 0
2 7 ,4 8 6 ,4 8 6 2 6 ,5 8 9 ,1 3 6
4 9 ,8 7 8
52, 765
87 , 153
8 4 ,5 6 9
195 ,1 8 6
1 9 4 ,3 3 6
1 2 ,5 0 8 ,0 3 9 1 2 2 1 3 ,3 2 0
5 ,0 3 8 ,691 4 ,6 9 4 ,3 9 2
1,121 ,2 0 5 1 ,0 5 6 ,7 5 0
4 1 7 , ,962
3 7 0 ,1 2 5
166, ,1 3 5
1 6 1 ,9 0 3
6 ,3 8 0 ,9 0 9 6 ,0 9 9 ,2 3 4
2 8 0 ,3 6 8
2 1 1 ,8 0 6
361 ,0 3 7
3 4 5 ,8 8 2
1 ,1 5 5 , ,022 1 ,0 3 6 ,5 2 7
172, ,9 2 0
1 6 4 ,9 6 5
2 5 2 , ,174
2 1 7 .3 1 5
2 0 9 , ,388
1 8 6 ,2 7 1
114, ,6 9 5
1 2 4 ,0 0 9
118 ,8 3 4
1 0 7 ,4 6 9
2 6 5 ,2 9 6
2 4 9 .7 4 6
22 ,261
2 2 ,3 6 9
1 ,8 0 8 ,472 1 ,7 1 6 ,9 4 6
531 ,2 1 3
5 1 1 ,6 2 4
135, ,0 7 5
1 4 2 ,2 5 1
3 3 6 ,253
3 1 7 ,0 8 5
1 ,1 0 9 ,0 1 9

9 9 9 ,5 7 5

1 ,0 9 9 ,2 8 5
3 6 3 ,5 1 0
5 8 ,3 5 9
4 4 9 ,8 1 6
8 6 0 ,2 0 6
1 1 5 .8 1 0
1 8 ,0 0 0
2 6 1 ,7 0 4
6 0 ,7 5 1
3 ,3 6 3 ,7 8 0
4 ,8 5 1 ,5 4 1
2 6 4 ,8 4 3
1 ,0 7 1 ,2 1 2

1 ,0 3 8 ,0 5 6
2 8 2 ,3 5 6
5 3 ,8 0 1
4 7 8 ,7 2 8
7 8 1 ,0 4 7
1 0 2 ,5 4 8
1 4 ,5 8 4
2 4 5 ,4 8 4
5 3 ,2 2 4
3 ,1 4 0 ,5 9 7
4 ,3 7 7 ,1 1 6
2 4 2 ,4 6 1
1 ,0 3 3 ,9 1 2

£ 1 3 4 ,5 7 0
£ 1 2 7 ,7 4 0
£ 1 1 4 ,4 6 2
£ 1 0 6 ,3 2 0
£ 4 7 ,8 7 9
£ 4 7 ,0 1 2
2 ,2 7 1 ,1 8 3 2 ,0 5 2 ,5 1 8
3 ,1 9 0 ,1 1 0 2 ,9 8 1 ,7 1 1
9 3 2 ,8 9 5
9 2 0 ,9 1 9
6 7 1 ,3 9 3
6 3 5 ,3 1 2
5 5 6 ,0 5 2
4 9 0 ,4 8 4
3 5 ,5 0 9
3 3 ,4 3 7
6 2 1 ,3 9 1
17,2581
1 6 ,9 2 1

c T h e s e f ig u re s a r e f o r c o n s o li d a te d c o m p a n y .

Electric Railway Net Earnings.—The following table gives
the returns of ELECTRIC railway gross and net earnings
reported this week.
------ Gross E i tr n in g s -------- ------- N e t E a rn in g s — —

R o a d s.

C urrent
Y ea r.

B a to n R o u g e E l e c . b — .J a n
B r o c k to n & P l y m o u t h .b . J a n
C a p e B r e to n E l e c . b — . J a n
C le v P a l n e s v & E a s t . a . . J a n
C le v e S o u t h w & C o l . b . . . J a n
C o l u m b u s (G a ) E l c c . b . . J a n
D a l la s E l e c t C o r p . b ___ . J a n
D e t r o i t U n i t e d R y . b ___ . J a n
E l P a s o E l e c t b ________ . J a n
G a lv -H o u s to n E l e c . b . . - J a n
H o u g h t o n C o T r a c . b ___
H u d so n & M a n h a tta n .a .J a n
J a c k s o n v i l l e T r a c . b ------ - J a n
L a k e S h o r e E l R y . a ------. J a n
N o rth e rn T e x a s E le c .b - .J a n
P e n s a c o la E l e c t . b - . . . .J a n
P u g e t S o u n d E le c t. b - - - .J a n
R io d e J a n e ir o T r ,L & P o w J a n
S av a n n a h E le c t.b . .
-Ja n
S e a ttle E l e c t . b . .
T a m p a E l e c t . b ________ - J a n
W h a tc o m Co R y & L t . b . J a n
T r I - C I t y R y & L t . a _____ . J a n
T w in C i t y R a p T r a n C o b J a n

$
1 2 ,1 6 1
7 ,1 6 3
2 8 ,3 2 7
2 2 ,9 0 7
7 9 ,5 7 0
4 4 ,3 1 6
1 3 5 ,1 7 0
8 2 3 ,2 8 7
6 9 ,7 7 5
1 4 6 ,0 0 7
2 2 ,1 2 5
C 4 5 5 .2 0 8
4 9 ,8 7 8
8 7 ,1 5 3
1 1 4 ,6 9 5
2 2 ,2 6 1
1 3 5 ,0 7 5
1 ,1 0 9 ,0 1 9
5 8 ,3 5 9
4 4 9 ,8 1 6
6 0 ,7 5 1
3 5 ,5 0 9
2 6 4 ,S43
6 3 5 ,5 0 9

P r e v io u s
Y ea r.

$
9 ,8 3 6
7 ,4 7 1
2 7 ,4 4 3
2 3 ,1 1 4
8 0 ,1 0 7
3 9 ,0 3 8
1 3 5 ,1 8 0
7 2 9 ,8 5 6
6 1 ,7 6 9
1 1 1 ,1 6 6
2 3 ,2 5 6
C 3 8 6 .3 9 7
5 2 ,7 6 5
8 4 ,5 6 9
1 2 4 ,0 0 9
2 2 ,3 6 9
1 4 2 ,2 5 1
9 9 9 ,5 7 5
5 3 ,8 0 1
4 7 8 ,7 2 8
5 3 ,2 2 4
3 3 ,4 3 7
2 4 2 ,4 6 1
6 1 8 ,9 3 9

C urrent
Y ea r.

3
5 ,8 4 8
285
1 0 ,8 3 2
6 ,9 4 3
2 6 ,7 7 2
2 0 ,7 3 7
4 8 ,9 2 9
2 7 7 ,4 6 2
3 4 ,1 5 6
5 5 ,2 7 1
3 ,7 8 1
2 5 3 ,8 8 9
1 7 ,9 3 0
3 1 ,6 9 6
4 3 ,8 5 2
6 ,8 4 3
2 0 ,7 7 8
5 5 1 ,7 3 3
1 5 ,9 6 0
1 6 6 ,5 4 2
2 8 ,3 0 4
1 4 ,7 3 0
1 1 7 ,0 2 9
2 7 0 ,5 7 5

a N e t e a rn in g s h e re g iv e n a re a f t e r d e d u c tin g ta x e s ,
b N e t e a rn in g s h e re g iv e n a re b e fo re d e d u c tin g t a x e s .

c T h e s e f ig u r e s r e p r e s e n t I n c o m e f r o m a ll s o u r c e s .




P rev io u s
Y ea r.

$
3 ,6 7 7
1 ,1 3 3
1 2 ,1 5 3
9 ,5 3 6
3 1 ,8 3 9
2 0 ,2 8 8
5 1 ,0 3 7
2 5 4 ,3 0 2
2 6 ,2 3 6
3 7 ,9 6 0
5 ,9 4 5
1 9 9 ,4 6 4
2 1 ,8 0 8
3 5 ,2 1 2
5 0 ,4 5 4
8 ,2 5 1
1 6 ,0 4 4
5 2 8 ,0 7 1
1 5 ,6 3 1
1 8 1 ,4 6 2
2 3 ,0 4 8
1 2 ,3 7 0
1 0 1 ,2 4 8
2 8 2 ,1 4 5

[VOL. LXXXXIV

- I n t., R e n ta ls, & c .—
C u rren t
P rev io u s
Y ear.
Y ea r.

R o a d s.
B a to n R o u g e E l e c . . . . .J a n
B r o c k to n & P l y m o u t h .. - J a n
C a p e B r e t o n E l e c t ............ . J a n
C le v P a ln e s v & E a s t . . . . J a n
C le v e S o u t h w & C o l ___ . J a n
C o l u m b u s (G a ) E l e c t ___ . J a n
D a l la s E l e c t C o r p ---------- . J a n
D e t r o i t U n i t e d R y ............ . J a n
E l P a s o E l e c -----------------G a lv e s to n - II o u s to n E le c . J a n
H o u g h t o n C o T r a c t ____ - J a n
H u d so n & M a n h a tta n . . .J a n
J a c k s o n v ille T r a c t i o n .. - J a n
L a k e S h o r e E l e c R y ___ . J a n
N o r th e r n T e x a s E le c tr ic . J a n
P e n s a c o l a E l e c t r i c ----------- J a n
P u g e t S o u n d E l e c t r i c ------. J a n
S a v a n n a h E l e c t ............. . . - J a n
S e a t t l e E l e c t r i c --------------- J a n
T a m p a E l e c t r i c _________ . J a n
T r l- C I t y R y & L i g h t ___ . J a n
T w in C i t y R a p T r a n C o . . J a n
W h a t c o m C o R y & L t . . .. J a n

$
1 ,7 3 0
1 ,0 5 5
5 ,6 3 6
9 ,3 6 2
3 0 ,1 8 3
1 2 ,6 1 7
1 9 ,6 1 4
1 8 1 ,6 0 3
7 ,1 5 5
3 4 ,1 1 9
5 ,2 2 7
2 4 5 ,1 1 9
9 ,2 7 4
3 4 ,5 9 1
2 0 ,8 4 5
6 ,3 7 7
5 0 ,3 4 6
1 5 ,9 5 5
8 6 ,7 3 3
4 ,5 5 0
a 7 0 ,3 3 3
1 4 0 ,0 7 9
5 ,2 3 6

— D a l. o f N e t E a r n s .—

C urrent
Y ea r.

P rev io u s
Y ea r.

• 4 ,1 1 8
d ef 770
5 ,1 9 6
d e f 2 ,4 1 9
d e f3 ,4 1 1
8 ,1 2 0
2 9 ,3 1 5
X l 1 2 ,7 9 2
2 7 ,0 0 1
2 1 ,1 5 2
d e fl,4 4 6
8 ,7 7 0
8 ,6 5 6
d e f 2 ,8 9 5
2 3 ,0 0 7
466
d e fl9 ,5 6 8
5
7 9 ,8 0 9
2 3 ,7 5 4
4 6 ,6 9 6
1 3 0 ,4 9 6
9 ,4 9 4

3
1 ,9 7 9
8
6 ,4 9 9
1 ,3 6 4
£ 2 ,8 1 7
1 2 ,7 4 4
2 9 ,7 5 9
£ 9 4 ,5 9 6
1 9 ,5 6 0
1 8 ,3 2 5
68 6
d e f 1 2 ,9 3 4
1 4 ,9 0 4
584
3 0 ,3 9 4
2 ,9 6 0
d e f 2 5 ,0 2 1
9
9 1 ,6 5 5
1 8 ,4 6 6
4 1 ,3 4 8
1 4 2 ,0 6 6
8 ,6 7 4 .

$

$
1 ,6 9 8
1 ,1 2 5
5 ,6 5 4
8 ,1 7 2
2 9 ,7 2 0
7 ,5 4 4
2 1 ,2 7 8
1 7 3 ,6 3 5
6 ,6 7 6
1 9 ,6 3 5
5 ,2 5 9
2 1 2 ,3 9 8
6 ,9 0 4
3 4 ,6 2 8
2 0 ,0 6 0
5 ,2 9 1
4 1 ,0 6 5
1 5 ,6 2 2
8 9 ,8 0 7
4 ,5 8 2
5 9 ,9 0 0
1 4 0 ,0 7 9
3 ,6 9 6

a I n c l u d e s d i v id e n d s o n p r e f e r r e d s t o c k a n d r e s e r v e f o r r e n e w a l s .
a: A f t e r a ll o w i n g f o r o t h e r I n c o m e r e c e i v e d .

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
n o t include reports in the issue of the “Chronicle” in which
it is published. The latest index will be found in the issue
of Feb. 24. The next will appear in that of March 30.
Pennsylvania Railroad.
31 1911.)
President James McCrea’s remarks are published in full
on subsequent pages.
Below are the income accounts of all transportation com­
panies east and west of Pittsburgh and Erie owned, operated
or controlled by or affiliated in interest with the Pennsyl­
vania system.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c .

M ile s o p e r a t e d .

________

1911.
1 1 ,4 0 7

$

1910.
1 1 ,4 0 2

$

1909.
1 1 ,3 6 0

$

G r o s s e a r n i n g s _____ ______ ___ ________ 3 3 6 ,3 5 1 ,8 6 9 3 4 6 ,2 1 5 ,4 9 9 3 1 5 ,1 1 1 ,7 6 8
E x p e n s e s a n d t a x e s _________ ________ 2 6 1 ,2 1 0 ,2 7 8 2 6 7 ,4 2 2 ,9 1 7 2 2 9 ,6 5 8 ,8 5 4
N e t e a r n i n g s --------------------------------------- 7 5 ,1 4 1 ,5 9 1 7 8 ,7 9 2 ,5 8 2
O t h e r I n c o m e ----------------------------------------- 3 4 ,9 8 5 ,0 9 4 3 4 ,1 2 4 ,0 6 5

8 5 ,4 5 2 .0 1 4
3 1 ,3 7 3 ,8 7 8

G r o s s I n c o m e -------------------------------------- 1 1 0 ,1 2 6 ,6 8 5 1 1 2 ,9 1 6 ,6 4 7 1 1 6 ,8 2 6 ,7 9 2
I n t . , r e n t a l s , d l v s . , e x t r a o r d i n a r y , & c ,1 0 8 ,2 0 9 ,3 7 3 1 0 9 ,1 0 7 ,2 9 0 1 1 3 ,8 3 3 ,5 8 9
S u r p l u s ----------------------------------------------

1 ,9 1 7 .3 1 2

3 ,8 0 9 ,3 5 7

1 ,0 9 3 ,2 0 3

T R A F F I C O N A L L L I N E S B O T H E A S T A N D W E S T O F P I T T S B U R G II
A N D E R IE .
I n c . ( + ) or
1910.
D ec. (— ) .
1911.

1 6 8 ,0 4 5 ,8 7 5
+ 6 8 0 ,0 4 6
P a s s e n g e r s c a r r i e d ___________
1 6 8 ,7 2 5 ,9 2 1
4 ,1 3 8 ,7 0 3 ,7 0 8
+ 1 1 7 ,0 7 3 ,3 5 5
P a s s e n g e r s c a r r i e d 1 m i l e . . . 4 ,2 5 5 ,7 7 7 ,0 0 3
4 4 1 ,2 1 5 ,2 1 7
2 8.,0 3 0 ,4
F r e i g h t ( to n s ) c a r r i e d _______
4 1 3 ,1 8 4 ,8 1 2
. 05
F r e i g h t ( to n s ) c a r r i e d 1 m ll e .3 5 .5 3 1 ,5 3 8 ,4 4 5 3 7 , 9 2 0 ,9 5 0 .0 6 0 — 2 ,3 8 9 ,4 1 1 ,6 2 4

Below are given the results on the lines 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 & Allegheny Valley Division.
T R A F F IC O N L I N E S E A S T OF P IT T S B U R G H A N D E R IE .
1010.
1911.
1900.
M ile s o p e r a t e d , c x c l. D . & R .
3 ,0 7 7
C a n a l (66 m i l e s ) _________
4 ,0 1 8
3 ,9 4 7
6 9 ,0 7 9 ,4 5 7
P a s s e n g e r s c a r r i e d ___________
6 7 ,4 4 5 ,7 1 4
6 2 .3 0 2 ,1 3 6
1 ,6 9 3 ,9 4 3 ,8 4 9
P a s s e n g e r s c a r r i e d 1 m i l e ___ 1 ,7 2 2 ,7 3 4 ,9 2 4
5 4 8 ,1 8 0 ,2 6 3
1 .9 5 9 C ts.
R a t e p e r p a s s , p e r m i l e ____
1 ,9 8 0 c t s .
1 .9 6 4 c t s .
1 2 9 ,8 5 8 ,3 5 3
T o n s c a r r i e d . ! ) _______________
1 2 5 ,1 7 5 ,0 6 8
1 2 0 ,4 1 8 ,3 8 0
T o n s c a r r ie d 1 m i l e ________________________________ 1 0 ,4 1 9 ,7 7 9 ,9 8 3 2100,2
7 96 ,9
7 ,9
5 ,60 02 1,3 2 3 ,1 0 ,
R a t e p e r t o n p e r m i l e _______
0 .5 8 7 c t s .
0 .5 8 3 c t s .
0 .5 8 0 c t s .
E a r n s p e r p a s s , t r a i n m ile .a .
$ 1 .5 0 2
$ 1 .5 4 9
$ 1 .5 3 8
E a r n s p e r fre ig h t tr a in m .a .
$ 3 ,9 4 2
$ 3 ,7 8 4
$ 3 ,8 0 5
a F r e i g h t a n d p a s s e n g e r t r a i n s o n l y ; e x c lu d i n g s w i tc h i n g , & c ., t r a i n s .
b T h e a c t u a l n u m b e r o f t o n s o f c o a l a n d c o k e c a r r i e d o v e r t h e liv e g e n e r a l
d i v is io n s I r r e s p e c t iv e o f t h e d i v is io n s o v e r w h ic h t h e y p a s s e d , t h u s a v o id i n g
d u p l i c a t i o n , w a s 6 8 ,0 5 8 .8 8 5 In 1911 t o n s , a g a i n s t 6 9 ,2 7 5 .8 0 5 In 1 9 1 0 , a d e ­
c r e a s e o f 1 . 7 6 % , t h e t o n n a g e m ile a g e b e in g 1 2 ,0 4 4 ,1 0 0 ,8 5 6 t o n s o n c m l l c l n
1 9 1 1 , a g a i n s t 1 2 ,3 8 5 ,7 5 6 ,1 9 1 In 1 9 1 0 , a d e c r e a s e o f 2 .7 6 '% .
E A R N I N G S & E X P E N S E S O F L I N E S E A S T O F P I T T S B U R G II A E R I E .
1911.
R e ven u es —
3
F r e i g h t ---------------------------------------------- . 1 1 3 ,4 1 4 ,4 3 1
P a s s e n g e r ___________________________ . 3 3 ,5 2 5 ,5 8 3
M a l l . . . _____ ___________________________
2 ,4 4 5 ,5 5 8
O t h e r t r a n s p o r t a t i o n r e v e n u e ________
2 ,4 5 7 ,6 9 6
N o n - t r a n s p o r t a t i o n r e v e n u e _________
1 ,2 6 8 ,0 4 6
E x p r e s s _________________
4 ,3 7 6 ,0 9 0

1910.
$

1909.
$

1 1 7 ,4 3 4 ,9 2 0 1 0 0 ,7 5 9 ,1 0 1
3 2 ,6 8 7 ,4 2 3
2 9 ,9 9 6 ,5 5 8
2 ,4 3 1 ,9 0 6
2 ,3 5 5 ,6 2 1
2 ,3 6 4 ,3 5 4
2 .3 3 2 ,8 2 9
1 ,1 3 1 ,6 0 2
9 8 3 ,8 0 8
4 ,4 0 7 ,0 9 3
4 ,1 6 5 ,8 5 6

T o t a l o p e r a t i n g r e v e n u e ____________1 5 7 ,4 8 7 ,4 1 3
E xpenses—
M a in t e n a n c e o f w a y a n d s t r u c t u r e s . . 1 8 ,3 5 3 .2 9 0
M a i n t e n a n c e o f e q u i p m e n t ___________ 3 0 ,5 7 9 ,9 6 7
T r a f f i c _________________________________
2 ,1 4 3 ,1 4 7
T r a n s p o r t a t i o n __________ _ ________ 5 8 ,0 4 6 ,7 5 1
G e n e r a l ____ ______
4 ,1 0 5 ,2 3 8

1 6 0 ,4 5 7 ,2 9 8 1 4 9 ,5 9 3 ,8 3 3

T o t a l e x p e n s e s ________
1 1 3 ,2 2 8 ,3 9 3
P e r c e n t o p e r. e x p e n se s to e a rn in g s . _
(7 1 .8 9 )
1 ,5 2 5 ,2 0 2
O u t s i d e o p e r a t i o n s — n e t ( d e f i c i t ) ____
T a x e s o f P e n n s y l v a n i a R R . C o _______1 6 ,8 2 6 ,0 7 0
T a x e s o n l e a s e d l i n e s ...................... ............./

1 1 4 ,8 1 2 ,6 2 8 1 0 2 ,1 0 1 ,4 3 0
(7 1 .5 5 )
(6 8 .3 1 )
1 ,3 0 9 ,3 8 8
9 9 3 ,5 3 2
4 ,6 0 4 ,4 5 3
2 ,9 7 2 ,4 0 5
1 ,7 7 0 ,2 8 3
1 ,7 9 4 ,5 6 4

O p e r a t i n g I n c o m e ........... .......................... 3 5 ,9 0 7 ,7 4 8

2 0 ,3 4 2 ,4 8 9
3 1 ,1 1 7 ,9 8 9
2 ,2 2 1 ,8 0 3
5 7 ,2 0 0 ,8 8 6
3 ,9 2 9 ,4 6 1

3 7 ,0 6 0 ,5 4 6

1 8 ,8 0 0 ,1 6 2
2 8 ,3 9 0 ,6 1 5
1 ,9 6 9 ,0 9 3
4 9 ,4 2 3 ,7 1 7
3 ,6 0 7 ,8 4 3

4 1 .6 4 1 ,8 4 2

s t r u c t u r e o v e r C o p ia h C r e e k w a s w a s h e d o u t in J a n . 1 9 1 1 , w h ic h c a u s e d a
la rg e e x p e n s e fo r re p a irs a n d fo r d e to u r in g t r a in s .
..
..
,
T h e m a i n t r a c k m ile a g e o p e r a t e d J u n e 3 0 1911 w a s 2 8 4 .6 0 m il e s , a n In­

N e t R e c e ip ts —

I n c o m e fro m P e n n . R R . ln v e s tm c n ts .
In co m e o n U n ite d N . J . R R . a n d
C a n a l C o . s e c u r i t i e s ------------------------H i r e o f e q u i p m e n t -------------------------------I n t e r e s t , g e n e r a l a c c o u n t --------------------P r o l l t s f r o m s u n d r y a c c o u n t s .................
R e n t s __________________________________ _

1 9 5 ,9 0 9
0 9 1 ,9 8 2
9 8 1 ,4 9 2
3 5 6 ,2 9 2
5 4 7 ,2 0 5

1 7 4 ,4 5 6
3 6 2 ,5 1 0
,2 2 6 ,9 4 6
9 4 ,3 2 6
6 0 0 ,7 3 2

3 3 1 ,1 7 2
211,110
1 ,6 7 4 ,1 2 0
6 5 ,7 7 0
4 4 6 ,8 0 1

5 3 ,1 3 4 ,2 2 2

5 5 ,4 1 9 ,3 9 2

5 7 ,5 8 5 ,5 7 2

2 ,1 7 7 ,8 9 0
3 ,3 9 4 ,3 8 2 1
1 0 ,1 9 2 ,2 3 3 /
5 1 ,6 2 4
1 ,3 3 5 ,7 8 9
2 1 4 ,9 6 8
1 4 4 ,4 0 6
1 3 2 ,6 1 0

4 ,1 8 2 ,0 3 5
1 0 ,4 3 6 ,3 2 4

1 5 ,8 1 5 ,8 7 1
3 7 ,3 1 8 ,3 5 1

1 7 ,6 4 3 ,9 0 8
3 7 ,7 7 5 ,4 8 4

2 2 ,5 6 3 ,4 8 4
3 5 ,0 2 2 ,0 8 8

3 1 9 ,7 5 6
2 ,2 6 5 ,8 8 7
3 ,0 7 6 ,8 5 3
2 5 ,9 5 0 ,8 5 7

3 0 8 ,5 2 2
3 ,5 0 4 ,5 9 7
3 ,4 1 8 ,6 5 8
2 4 ,4 1 0 ,8 6 0
S e e b e lo w
3 ,7 0 0 ,0 0 0

2 1 8 ,4 2 6
5 ,5 8 1 ,8 1 0
3 ,5 9 7 ,7 1 0
1 9 ,1 7 3 ,7 4 2
4 ,0 0 0 ,0 0 0
2 ,000 ,000

3 5 ,3 4 2 ,6 3 7
T 'n t'il
_________ ______ 3 5 ,6 1 3 ,3 5 4
2 ,4 3 2 ,8 4 7
B a la n c e / 's u r p l u s / 1 " - - - - ----------\ .7 0 4 ,9 9 7
2 5 ,1 4 9 ,0 8 8
P r o f i t a n d lo s s , J a n u a r y 1 ....................
2 7 ,0 4 4 ,4 6 2
S t o c k d i v i d e n d s r e c e i v e d . ........................ 1
............... * 2 4 ,8 5 6 ,9 4 3
V a r io u s a d j u s t m e n t s , & o -------------------J____________

3 4 ,5 7 1 ,6 8 8
4 5 0 ,4 0 0
2 4 ,2 5 4 ,8 0 0

2 8 ,7 4 9 ,4 5 9
D educt —
.
..
N e w Y o r k T u n n e l c o n s t r u c t i o n ------------------R e d u c t i o n o f c o s t o f s e c u r i ti e s a n d
a d j u s t m e n t o f o t h e r a c c o u n t s . ......................... ..........
A d v a n c e s t o b r a n c h l id e s a n d a f f i l.
c o s ., a n d a d j u s t , o f s u n d r y a c c o u n t s 1 ,3 5 1 ,6 5 1

5 2 ,4 3 9 ,4 7 8

2 5 ,1 4 9 ,6 8 8

1 2 ,9 9 5 ,0 1 6

..............

1 ,3 5 1 ,6 5 1
2 7 ,3 9 7 ,8 0 8

2 5 ,3 9 5 ,0 1 6
2 7 ,0 4 4 ,4 6 2

2 5 ,1 4 0 ,6 8 8

T o t a l _________________________________
D educt —
, „
R e n t a l s o n b a s is o f n e t e a r n i n g s ............
F i x e d r e n t a l s -----------■ - - - ---------------------I n t e r e s t o n f u n d e d d e b t - ---------- - - - - ­
G ro u n d r e n t a n d In te re s t o n m t g e s ..
I n t e r c s t o n c a r t r u s t s -------------------------H i t ! 'o i U n s t a b p a y m ’t s , 19 0 9 s t k . a ll o t .
M i s c e l l a n e o u s ...................................................
T o t a l -----------------------------------------B a l a n c e -------- --------- --------------------F ro m th is balance deduct —
P a y m e n t t o t r u s t f u n d s -------------E x tra o rd in a ry e x p e n se s-------P r i n c i p a l o f c a r t r u s t s p a i d -------D i v i d e n d s ( 6 % ) --------------------------N e w Y o rk T u n n e l c o n s tr u c tio n .
A d d i t i o n s a n d b e t t e r m e n t s --------

B a l a n c e t o p r o f i t a n d lo s s D e c . 3 1 —

691

THE CHRONICLE

Mar, 9 1912 ]

1 ,5 1 7 ,1 1 2
3 ,4 0 2 ,0 9 3
9 ,1 7 1 ,9 3 5
6 5 ,7 5 4
1 ,1 8 6 ,9 4 8
2 1 3 ,0 5 1
2 0 ,3 5 1
2 3 8 ,6 2 7

4 ,0 0 0 ,0 0 0

1 3 ,7 6 0
1 ,5 3 9 ,7 5 0
2 3 3 ,1 0 0

{444~,488

1 2 ,4 0 0 ,0 0 0 S e e a b o v e

’ I n c l u d e s s to c k d i v i d e n d s o f P e n n s y l v a n i a C o m p a n y , C u m b e r l a n d V a lle y
R R ., P h ila d e lp h ia & C a m d e n F e r r y C o . a n d s u n d ry c re d its .

F in a n c ia l. — E q u l p ’t t r u s t s , s e rie s A , w e r e r e d u c e d v o O ,0 0 0 t o $ 4 - o ,0 0 0 .
P h y sic a l C o n d itio n .— O n J u n e 30 1911
^ 43.04 m il e s o f s t a n d a r d - g a u g e
m a i n t r a c k w e r e l a i d w i t h r a i l a s f o llo w s : 8 0 - lb ., 1 8 0 .9 8 m lk :s , 70 - l b . , 4 1 .1 2
m ile s : 6 0 - lb ., 2 0 .9 4 m il e s .
D u r i n g t h e y e a r , 1 .2 6 m il e s o f 5 6 - lb . r a i l w a s
r e p l a c e d w i t h 8 0 - lb . r a i l ; n e t I n c r e a s e In I n d u s t r i a l t r a c k s , 5 .0 3 2 f t .
O ne
p a s s i n g t r a c k ( 2 ,8 3 4 f t . In le n g th ) w a s c o n s t r u c t e d a t G a t e s v i l le
M is s .,
a n d a n o t h e r (1 ,0 0 0 f t . In l e n g t h ) a t R o s e m a r y , M is s . S ix n e w s t a t i o n
b u i ld i n g s w e r e c o m p l e t e d . T h e r e w e r e 1 4 1 ,1 0 1 c r o s s - ti e s p u t ‘“ t h e t r a c k ,
a n I n c r e a s e o f 9 6 ,2 0 7 o v e r 1 9 1 0 . T h r e e s te e l g i r d e r s p a n s , a g g r e g a t n g
2 6 6 f t . , I n s t a l l e d o n c o n c r e t e m a s o n r y , w e r e p u t in d u r i n g t h e y e a r , r e p l a c in g
p ile t r e s t l e s ; a n d 20 p ile t r e s t l e s , a g g r e g a t i n g 2 ,6 8 4 6 f t . , w e r e r e b u i l t , a n d
o n J u n e 3 0 191 1 t h e r e w e r e 3 ,9 9 8 .5 f t . o f p ile t r e s t l e u n d e r g o i n g r e n e w a ls .
T w e n ty - o n e c o m m e rc ia l lla t c a rs h a v e b e e n r e b u ilt fro m R o d g e rs b a lla s t
c a r s , w o r n o u t In c o n s t r u c t i o n s e r v i c e . T w o c a b o o s e s a n d o n e c a m p c a r
h a v e b e e n a d d e d to th e e q u ip m e n t.
R e tir e d : 1 b a g g a g e c a r, 5 b o x c a r s .
3 5 f la t c a r s . 4 c a m p c a r s , 5 g r a v e l c a r s . T h i r t e e n o f o u r 2 5 /
o w n e d b y th e c o m p a n y w e re th o ro u g h ly o v e rh a u le d .
E x p e n d i t u r e s for
r e p a i r s o f e q u i p m e n t a g g r e g a t e d 8 1 3 9 ,6 7 6 , b e in g a n I n c r e a s e o f 8 5 1 ,4 6 2 .
T h e c o m p a n y h a s n o t h a d a s u f f i c i e n t n u m b e r o f lo c o m o t iv e s t o p r o p e r l y
h a n d l e I ts t r a f f i c . S in c e J u n e 3 0 191 1 t w o n e w f r e i g h t lo c o m o t iv e s h a v e
been p u rch ased .
„ „„
E Q U IP M E N T O W N E D O N J U N E 30.
— L ocom otives —
P a ssen g er — F reig h t E q u ip .W o rk -—
Y ear—
N o.
T ra c t. P o w er. E q u ip .
N o . C ap .(to n s). E q u ip .
1 9 1 0 -1 1 ....................... . 2 5
5 8 0 ,2 6 0 l b s .
29
1 ,3 8 2
5 1 ,3 4 5
J '2
190910 ______2 5
5 8 0 ,2 6 0 l b s .
30
1 ,4 0 1
5 1 ,6 0 0
197
19080 9 _____ 2 3
5 2 4 ,2 7 4 l b s .
24
1 ,4 1 1
5 1 ,9 6 0
200
C L A S S IF IC A T IO N O F F R E IG H T — P R O D U C T S OF (T O N S ).
M in e s .
F o re sts. M a n u fa c t’s . M isc e l.

Y ear—
A g r ic u l. A n i m a l s .
191011. . 4 4 , 1 2 6
9 ,2 4 9
19091 0 . .4 6 ,7 6 8
4 ,1 6 2
1 9 0 8 - 0 9 . .............. 2 0 ,3 2 1
4 ,9 3 4

1909.
1910.
1911.
S
$
„„ S
R o a d a n d e q u i p m e n t .................................a 4 0 3 ,4 2 3 , 5 5 4 3 9 6 ,2 6 2 , 9 8 4 3 5 4 ,4 9 2 ,9 8 3
7 2 ,9 2 3 ,1 8 2
S t k s . o f p r o p . , a f f i l . , & c ., c o s ., p l e d g e d 7 2 ,0 6 3 , 3 5 8 7 1 ,9 2 1 , 0 8 1
5 ,5 7 5 ,1 6 3
5 ,5 4 8 , 163
B onds
do
do
do
5 ,5 4 8 , 163
9 ,2 8 9 ,8 0 9
4 ,0 9 3 . 0 0 0
B o n d s Issu e d o r a s s u m e d — p l e d g e d ..
4 ,0 9 3 0 0 0
8
9 ,0 9 2 ,4 6 2
5
5
3
*
1
0
1
,4
6
6
,3
6
3
S t k s . o f p r o p . , a f f i l . ,& o „ c o s .— u n p l d .* 8 6 ,5 8 7
2 2 ,4 7 2 ,2 5 3
B onds
do
do
do
do
* 7 8 ,4 1 7 , 7 9 2 * 2 1 ,8 1 7 ,7 2 2
3 ,2 8 3 ,4 0 0
2 ,5 5 9 ,6 6 0
S c c u r . u n d e r le a s e o f U . N . J . R R .& C. 2 ,5 5 9 6 6 0
4 9 ,6 1 0 ,9 1 4
6 2 ,4 1 4 ,0 3 7
M a r k e t a b l e s e c u r i t i e s --------------------------- 6 1 ,7 1 9 7 9 5
4 4 ,5 8 6 ,2 8 6
4 0 ,6 0 1 ,9 4 2
A d v s . t o a f f i l . , & c ., c o s . f o r c o n s t r ., & c .
*66 8 4 0
1 ,1 2 1 ,8 8 2
1 ,1 7 2 ,4 2 2
M is c e ll. I n v e s t . — P h y s i c a l p r o p e r t y . .
1 ,0 4 5 3 0 8
5 5 0 ,2 9 4
5 5 0 ,2 9 4
S e c u r i t ie s p l e d g e d ----------------------------550 294
1 2 ,1 7 4 ,9 0 2
1 1 ,6 2 0 ,7 8 6
S e c u r i t i e s u n p l e d g e d ................................. 1 1 .6 1 9 781
3 2 ,3 5 4 ,9 4 9 1 0 7 .7 3 0 .3 8 2
Ccisll
— — _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ o l ,07 O 3 3 9
2 6 ,7 8 2 ,0 1 3
629 ,1 5 4
S e c u r i t i e s h e ld In t r e a s u r y ------------------949 980
6 5 5 ,1 1 4
747
5 ,7 5 5 ,5 3 2
L o a n s a n d b ills r e c e i v a b l e -----------------5
7
7
5
,6
7
1
|
9 ,9 7 0 ,0 5 0
,931
T r a f f i c & c a r s e r v ic e b a l a n c e s . . ............ ® ,6 4 l
0 ,0 8 5 ,7 4 3
M is c e ll. a c c o u n t s r e c e i v a b l e --------------7 ,1 4 6 103
5 ,5 2 7 ,3 5 6
5 ,5 8 4 ,8 2 5
A g e n t s a n d c o n d u c t o r s ................................. 4 >9 9 Z 4 3 3
140
1 4 ,9 4 1 ,241
1 1 .5 1 9 .1 2 8
M a t e r i a l a n d s u p p li e s
--------------4 ,6 2 7 ,081
3 ,7 8 2 ,9 3 0
T e m p o r a r y a d v s . t o a f f i l . , & c ., c o s . .
4 ,4 0 .) 7 6 3
3 ,0 1 0 ,8 8 9
3 ,1 2 5 ,3 2 0
C a s h <5c s e c u r s . In s i n k . , & c ., f u n d s . .
3 ,2 1 8 2 6 8
2 8 ,0 7 5 ,801
2 6 .4 4 3 .1 2 9
do
do
in I n s . & o t h . r e s . f u n d s . 2 9 ,6 6 6 0 8 6
5 ,4 0 1 ,2 2 0
5 ,8 0 5 ,0 2 4
do
do
In p r o v i d e n t f u n d s --------6 ,2 2 9 4 6 6
3 ,9 7 1 ,5 8 6
2 ,5 8 7 283
O t h e r d e f e r r e d d e b i t I t e m s ------------------- 2 ,3 5 0 0 6 7
T o t a l . . ...............................- .............................8 6 9 , 6 4 3 ,0 6 7 8 3 5 ,2 2 3 ,8 7 0 8 7 0 ,0 3 4 ,9 1 6
L ia b ilitie s —
4 0 1 ,0 6 4 8 0 0
C a p i t a l s t o c k ---------------------------------- — 4o3> 8 7 7 ,8 5 0 4 1 2 ,6 1 0 ,7 0 0
3 ,4 3 4 ,1 4 0
R e c e i p t s f o r I n s t a l l m e n t s p a i d -------- 7 ,4 2 5
3
,0
2
5
2
,7
1
0
C o n v . b d s . r e e p t s c x c h a n g f o r s to c k .
7 ,0 4 5 ,9 1 0
7 ,0 1 7 ,4 1 0
P r e m i u m r e a l iz e d o n c a p i t a l s t o c k —
7 ,0 5 0 ,1 7 5
2 1 7 ,4 7 6 ,8 7 0 2 1 7 ,6 8 4 ,7 0 0 2 7 8 ,1 2 6 ,3 2 0
F u n d e d d e b t ____________________
1 4 ,9 1 3 ,2 5 0
1 4 ,8 5 5 ,2 5 0
G u a r a n t e e d s to c k t r u s t c e r t i f i c a t e s . . 14 ,8 2 2 ,2 5 0
3 5 ,0 1 1 ,3 8 6
3 3 ,5 4 9 ,1 7 8
E q u i p m e n t t r u s t o b l i g a t i o n s ----------------- 26 ,7 5 7 ,8 2 8
2 ,5 4 9 ,9 2 8
3 ,7 9 1 ,4 6 1
M tg c s & g r o u n d r e n t s p a y a b l e ----------3 ,7 9 1 ,0 6 1
S c c u r s . r e c ’d w i t h le a s e o f U . N . J .
3 ,2 8 3 ,4 6 0
2 ,5 5 9 ,6 6 0
R R . & C . C o .....................
2 ,5 5 9 ,6 6 0
9,000
3 ,9 4 6 ,5 0 0
9 ,0 0 0
L o a n s a n d b ills p a y a b l e ---------------------2 ,2 3 1 ,7 1 7
2 ,8 3 2 ,1 8 3
T r a f f i c a n d c a r s e r v i c e b a l a n c e s --------- 3 ,9 3 3 ,9 4 6
1 8 ,3 7 7 ,8 3 0
1 8 ,3 4 9 ,7 4 4
V o u c h e r s a n d w a g e s u n p a i d -------- . . . 15 3 5 8 ,6 6 0
9 ,3 6 3 ,3 5 9
8 ,6 3 2 ,4 7 1 1
M is c e lla n e o u s a c c o u n t s p a y a b l e --------6 ,3 2 2 ,8 0 8
2 5 1 ,4 6 6 /
2 4 2 ,3 1 5
M a tu r e d I n t., d iv s . & r e n ts u n p a i d . .
7 ,7 9 0
4 4 ,6 7 0
1 8 9 ,1 1 0
M a t u r e d f u n d e d d e b t u n p a i d -------------2 ,6 5 0 ,5 4 7
1 ,6 4 4 ,9 8 9
U n m a t u r e d l n t . , d l v s . a n d r e n t s -----1 9 1 1 ,8 7 2
4 ,2 9 7 ,0 7 1
3 ,4 6 8 ,8 3 5
T a x e s a c c r u e d ------------4 7 1 4 ,4 5 9
8 2 8 ,1 3 8
5 2 2 ,1 4 5
O p e r a t i n g r e s e r v e s --------------------—
. 3 4 8 ,8 4 2
5 ,8 0 5 ,0 2 4
5 ,4 0 1 ,2 2 0
[ ^ la b ility o n a c c t , o f p r o v i d e n t f u n d s .
6 ,2 2 9 ,4 6 6
2 ,2 9 5 ,6 6 0
2 ,2 9 6 ,7 1 0
O t h e r d e f e r r e d c r e d i t I t e m s --------------2 ,2 1 7 ,3 1 9
A d d i t i o n s t o p r o p e r t y s in c e J u n e 30
2 7 ,2 3 3 ,4 0 7
1 9 ,9 8 5 ,3 0 7
1 9 0 7 t h r o u g h i n c o m e ________________ 33 ,9 8 8 ,1 3 3
3 ,5 0 4 ,9 1 7
3 ,0 1 7 ,0 4 7
I n v e s t e d In s in k i n g & r e s e r v e f u n d s . .
3 ,8 6 1 ,9 3 3
2 6 ,0 6 1 ,5 5 5
2 8 ,3 8 4 ,3 2 3
I n v e s t e d In o t h e r r e s e r v e f u n d s ________ 29 ,9 8 5 ,8 4 2
2 ,6 6 2 ,7 2 8
3 ,3 7 5 ,2 3 4
C a r t r u s t p r i n c i p a l c h g d . o u t In a d v .
2 ,7 3 7 ,5 9 0
2 ,000 ,000
4 ,7 0 0 ,0 0 0
R e s e rv e fo r a d d itio n s & b e tt e r m e n ts .
4 ,000,000
2 5 ,1 4 9 ,6 8 8
2 7 ,0 4 4 ,4 0 2
Profit and loss __________
27 ,3 9 7 ,8 0 8
T o t a l . ............................................................. . 8 6 9 ,6 4 3 ,0 6 7 8 3 5 ,2 2 3 ,8 7 0 8 7 0 ,0 3 4 ,9 1 6
• T h e P e n n . T u n n e l & T e r m . R R . h a s I s s u e d I ts c e r t l t l c a t e o f I n d e b t e d ­
n e s s f o r 8 8 4 ,8 6 1 ,4 2 0 In s e t t l e m e n t f o r a d v a n c e s ( s u c h a d v a n c e s , n o w r e p r e ­
s e n t e d b y t h e c e r t if i c a t e o f I n d e b t e d n e s s , b e in g s h o w n In t h e b a la n c e s h e e t
In p r e v i o u s y e a r s ) . T h i s c e r t if i c a t e a n d $ 1 5 ,0 0 0 ,0 0 0 o f P e n n . T u n n e l &
T e r m . R R . c a p i t a l s to c k a r c c a r r i e d o n t h e b o o k s a t v a l u a t i o n s r e s p e c ti v e ly
o f $ 5 7 ,4 6 1 ,4 1 9 a n d 8 1 . T h e r e m a i n d e r o f c a p i t a l s to c k ( $ 1 0 ,0 0 0 ,0 0 0 ) Is
o w n e d b y t h e P e n n s y l v a n i a C o m p a n y.
a A f t e r d e d u c t i n g r e s e r v e f o r a c c r u e d d e p r e c i a t i o n ( e q u i p m e n t ) , $ 1 0 ,4 8 9 ,8 7 8 .— V . 9 3 , p . 1 2 0 0 .

New Orleans Great Northern RR.
30 1911.)
Pres. H. I. Miller on Jan. 1 1912 wrote in substance:
( R e p o r t f o r F i s c a l Y e a r e n d in g J u n e

R e s u lts .— T h e I n c o m e a c c o u n t s h o w s : O p e r a t i n g r e v e n u e I n c r e a s e , $ 1 9 9 ,­
9 7 3 o r 1 3 .3 5 % ; o p e r a t i n g e x p e n s e I n c r e a s e $ 1 7 2 ,8 0 6 , o r 1 9 .0 6 % : t a x e s
I n c r e a s e $ 9 , 1 1 0 , o r 6 3 .2 7 % ; o t h e r In c o m e d e c r e a s e 8 1 5 3 ,7 2 4 , o r 9 0 .2 8 '% ;
d e d u c t i o n s f r o m I n c o m e d e c r e a s e $ 4 9 ,6 8 1 o r 8 . 7 0 % ; n e t c o r p o r a t e I n c o m e ,
s u r p l u s , d e c r e a s e 8 8 6 ,0 5 6 , o r 4 9 .4 6 % .
T h e d e c r e a s e o f $ 8 6 ,0 5 6 In t h e s u r p l u s o f t h e y e a r Is d u e , In p a r t , to
d i f f e r e n c e In t h e m e t h o d s o f a c c o u n t i n g p r e v a i li n g In t h e tw o y e a r s , a n d a ls o
t o (a) I n c r e a s e s In p a y a p p r o x i m a t i n g 2 5 %
f o r e n g ln e m e n a n d
15%
f o r t r a i n m e n , a n d a m o u n t i n g t o a b o u t $ 2 7 ,0 0 0 ; (b ) I n c r e a s e d c o s t o f
t e r m i n a l f a c i li t ie s , d u e p a r t l y t o I n c r e a s e d t r a f f i c , b u t p r i n c i p a l l y to a r e ­
v i s i o n o f t h e d i v is io n o f t h e c o s t o f t h e f r e i g h t t e r m i n a l s a t N e w O r l e a n s , in
w h i c h t h i s c o m p a n y Is t h e t e n a n t o f t h e N e w O r l e a n s & N o r t h e a s t e r n R R . ;
(c) c o n s i d e r a b l y l a r g e r e x p e n d i t u r e s f o r m a i n t e n a n c e o f w a y a n d s t r u c t u r e s ,
a n d f o r e q u i p m e n t , m a d e I m p e r a t i v e b y e x i s t i n g c o n d i t i o n s : (d) b y o r d e r
o f t h e C o u r t , r e g u l a r t r a i n s e r v ic e w a s I n s t i t u t e d o n t h e S t . T a m m a n y
b r a n c h o n A u g . 2 5 1 9 1 0 . T h e d e f ic it f ro m t h e o p e r a t i o n o f t h i s b r a n c h In
1911 w a s $ 1 0 ,9 9 1 , o r $ 6 ,0 2 6 g r e a t e r lo ss t h a n In 1 9 1 0 ; (e) t h e 5 0 0 - f t . p ile




7 4 3 ,5 4 7
6 6 0 ,6 9 5
2 4 2 ,2 5 7

4 6 ,5 2 2
4 7 ,0 0 1
3 0 ,7 8 5

9 .5 8 5
5 ,1 1 9
5 ,9 7 9

T R A F F IC S T A T IS T IC S .
1 9 0 9 -1 0 .
2 7 5 .6 0
o l 2 ,8 4 3
1 9 ,0 4 4 ,086
1 .8 6 3 c t s .
S o ,4 3 4
„ 6 9 .6 0
7 8 2 ,9 6 4
5 9 ,9 3 2 ,0 4 o
1 .7 6 6 c t s .
2 6 1 .9 0

1 9 0 8 -0 9 .
9 1 .5 0
2 5 0 ,8 6 6
1 0 ,0 1 7 ,4 6 6
1 .9 1 1 c t s .
$ 6 ,7 0 4
8 5 .5 0
3 2 2 ,6 4 3
1 3 ,2 4 5 ,5 4 8
2 .8 5 5 c t s .
2 1 5 .8 0

1 9 1 0 -1 1 .
$ 1 ,1 9 6 ,4 3 8
3 6 9 ,2 2 0
1 3 1 ,9 6 4

1 9 0 9 -1 0 .
$ 1 ,0 6 4 ,4 7 4
3 5 4 ,7 0 9
7 8 ,4 6 5

1 9 0 8 -0 9 .
$ 3 7 8 ,2 2 1
1 9 1 ,4 2 7
4 3 ,8 0 0

$ 1 ,6 9 7 ,6 2 2

$ 1 ,4 9 7 ,6 4 9

- $ 6 1 3 ,4 4 8

$ 2 4 5 ,5 6 0
2 3 2 ,6 9 5
3 6 ,8 4 8
4 9 6 ,3 7 8
6 8 ,0 2 4

$ 2 4 1 ,6 3 8
1 8 9 ,0 3 6
2 8 ,5 3 5
3 8 9 ,5 9 2
5 7 ,8 9 8

$ 1 0 3 ,3 4 5
1 2 7 ,9 0 1
1 6 ,8 1 3
2 8 4 ,7 0 4
4 2 ,7 8 3

T o t a l e x p e n s e s -------------------------------N e t o p e ra tin g r e v e n u e .- - - - - - - - - —
O u t s i d e o p e r a t i o n s — n e t (d e fic it) —

$ 1 ,0 7 9 ,5 0 5
$ 6 1 8 ,1 1 7
1 ,0 5 6

$ 9 0 6 ,6 9 9
$ 5 9 0 ,9 5 1
987

$ 5 7 5 ,5 4 6
$ 3 7 ,9 0 2
789

T o t a l n e t r e v e n u e ---------------------------T a x e s a c c r u e d -------------------------- -----------

,0 66 11
5$ 66 11 77 ,0
,5 1111
-2 33 ,0

$ 5 8 9 ,9 6 4
1 4 ,4 0 0

$ 3 7 ,1 1 3
1 3 ,1 8 5

H i r e o f e q u i p m e n t -----------J o i n t f a c i li t ie s , & c .. r e n t s .
I n t e r e s t o n s e c u r i ti e s , & c .

$ 5 9 3 ,5 5 0
1 4 ,0 5 1
1 ,1 9 9
1 ,2 9 8

$ 5 7 5 ,5 6 4
5 6 ,8 7 1
5 1 ,9 8 4
6 1 ,4 1 7

$ 2 3 ,9 2 8
1 4 2 ,1 9 6
1 0 ,2 7 3
1 1 ,3 8 6

$ 6 1 0 ,0 9 8

$ 7 4 5 ,8 3 6

$ 1 8 7 ,7 8 3

S 8 1 .4 5 1
3 9 7 ,0 8 3
2 4 ,5 1 2
1 9 ,1 0 4

$ 7 5 ,9 6 1
3 9 9 ,4 7 9
7 7 ,2 8 7
1 9 ,1 0 4

$ 6 9 ,8 2 2
1 3 9 ,7 4 6
5 5 ,9 6 7
(?)

$ 5 2 2 ,1 5 0
$ 5 7 1 ,8 3 1
_ s u r .$ 8 7 ,9 4 8 s u r .$ 1 7 4 ,0 0 5

$ 2 6 5 ,5 3 5
d e f.$ 7 7 ,7 5 2

1 9 1 0 -1 1 .
A v e r a g e m ile s p a s s e n g e r s e r v i c e ............
2 8 0 .9 4
P a s s e n g e r s c a r r i e d --------------5 2 9 ,3 0 0
P a s s e n g e r s c a r r i e d o n e m i l e _________ 1 8 ,9 5 8 ,9 7 2
R a t e p e r p a s s e n g e r p e r m i l e --------------1 .9 4 7 c t s .
G r o s s e a r n i n g s p e r m i l e ----------------------$ 6 ,0 4 3
A v e r a g e m ile s f r e i g h t s e r v i c e ------------2 7 4 .9 4
R e v e n u e t o n s c a r r i e d ( N o . ) --------------8 8 8 ,0 6 5
R e v e n u e t o n s c a r r ie d o n e m i l e _______ 6 9 ,9 8 6 ,3 3 1
R a t e p e r t o n p e r m i l e ________________
1 .7 1 0 c t s .
A v e ra g e re v e n u e tra in -lo a d ( to n s ) ..
2 7 0 .9 7

IN C O M E A C C O U N T .

G E N E R A L B A L A N C E S H E E T D EC . 31.
.
A s s e ts —

3 5 ,0 3 6
1 9 ,2 1 9
1 8 ,3 6 7

R e ven u es —
P a s s e n g e r ------------------------------------M a ll, e x p r e s s a n d m is c e ll a n e o u s .

E xpenses—
M a in te n a n c e o f w a y a n d s tr u c tu r e s .
M a in t e n a n c e o f e q u i p m e n t -------------T r a f f i c e x p e n s e s ---------------------------- -T r a n s p o r t a t i o n e x p e n s e s . . . .................
G e n e r a l e x p e n s e s ........................... .............

D educt —
J o i n t f a c i li t ie s , r e n t ____________
I n t e r e s t o n f u n d e d , & c .t d e b t .
O t l i e r I n t e r e s t __________________
D i s c o u n t o n s e c u r i ti e s I s s u e d . .
T o ta l d e d u c tio n s .
B a l a n c e ...................... .

•

G E N E R A L B A L A N C E S H E E T J U N E 30.
1910.
1911­
1911.
, Liabilities —
S
3
•S
Assets —
C a p ita l s to c k .......... 7 ,5 0 0 ,0 0 0
R o a d a n d e q u ip ­
m e n t ________ * 15,184,726 15,171,498 M o rtg a g e b o n d s .. 7 ,5 0 0 ,0 0 0
425,000
36 ,5 4 0 E q u ip , t r . o b lig ’n s
77,693
C ash ____________
L o a n s & b ills p a y .
3 7 5 ,COO
5 ,500
M a rk e ta b le s e c u r’s
T ra ffic , & c., b a ls .
9,453
T ra ffic , & c., b a l­
102,239
4,585 V o u ch ers & w ag es
6,946
a n c es ______ . M
iscell.
a
c
c
o
u
n
ts
.
650
15,879
2
0
,395
A g en ts a n d c o n d ’rs
172,356
9 1 ,026 U n m a t’d l n t., & c .
82,767
M iscell. a c c o u n ts .
13,972
101,983 T a x e s a c c r u e d ____
96,802
M a t’ls & s u p p lie s .
O p e r. re s e r v e s ___
33,294
U n c x ttn g . d isc o u n t
51,640
797,436 O th . d e f.c re d . Item s
778,332
o n fu n d e d d e b t.
P ro fit a n d lo s s ____
8 3 ,086
O th e r d e f’d d e b it
5 ,846
13,535
Ite m s ...................
T o t a l ....................1 6 ,266,696 16,224,794

1910
S
7.50 0 .0 0 0
7.500.000
475.000
371.000
16,554
88,116
6,150
171,966
12,381
52,592
30,378
657

T o t a l ..................... 16,2 6 6 ,6 9 6 16,224,794

* A f t e r d e d u c t i n g r e s e r v e f o r a c c r u e d d c p r e c 'n , $ 4 9 3 ,9 7 9 .— V . 9 2 ,p . 1 4 3 6 .

Huntingdon & Broad Top Mountain Railroad & Coal Co.
(R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
Pres. Carl M. Gage says in substance:
R e s u lts .— Y o u r c o m p a n y e x p e r i e n c e d d u r i n g t h e p a s t y e a r o n e o f t h e
m o s t t r y i n g p e r i o d s in I ts e x i s t e n c e . T h e f a l l in g o il In c o a l a n d g e n e r a l
m e r c h a n d i s e r c c c l n t s , a m o u n t i n g t o $ 1 1 8 ,4 2 7 , c a n b e a s c r i b e d , n o t o n l y
t o t h e g e n e r a l b u s in e s s d e p r e s s io n , b u t a ls o t o t h e f a e t t h a t In o u r b i t u m i n ­
o u s c o a l fre ig h ts w e w e re h a n d ic a p p e d b y th e fa ilu re of th e o p e ra to rs to
a r r i v e a t a d e c is i o n t h a t w o u ld p l a c e y o u r r e g i o n In a p o s i t i o n t o c o m p e t e
m o r e s t r o n g l y w i t h t h e S o u t h e r n a n d W e s t e r n c o a l r e g io n s , f i l l s m a t t e r
Is n o w t h e s u b j e c t o f c o n s i d e r a t i o n .
T h e d e c r e a s e in r e c e i p t s f r o m p a s s e n ­
g e r t r a v e l w a s d u e t o t h e g e n e r a l d e p r e s s io n . I d le n e s s o f t h e o p e r a t i o n s a lo n g
y o u r l in e b e in g l a r g e ly r e s p o n s i b le . T h e n u m b e r o f p a s s e n g e r s c a r r i e d
w a s 1 9 9 ,6 1 5 , a d e c r e a s e o f 2 0 ,1 7 0 .
. . . .
. . __
T h e m a n a g e m e n t h a s e n d e a v o r e d In e v e r y w a y t o c u r t a i l o p e r a t i n g
e x p e n s e s a n d y e t m a i n t a i n t h e p r o p e r t y in g o o d c o n d i t i o n . T h e e a r n i n g s
w e re u se d fo r n e w w o rk of th e y e a r.
D u r i n g t h e y e a r 4 5 ,1 0 2 g r o s s t i e s
w e r e p l a c e d in t h e m a i n l in e a n d b r a n c h e s , a n i n c r e a s e o f 6 ,7 5 0 , a s c o m ­
p a r e d w i t h t h e p r e c e d i n g y e a r , a n d t w o h u n d r e d a n d f if ty t o n s o f n e w 80- l b .
s t e e l r a i l s w e r e l a id o n t h e m a i n lin e , c o n t i n u i n g a n e x c e l l e n t r o a d b e d a n d
tra c k a d a p te d to th e tr a n s p o rta tio n of th e h e a v ie s t to n n a g e a n d th e f a s te s t
p a s se n g e r m o v e m e n t.
.
,
,
1 O utlook .— A s y o u r c o m p a n y h a s h a d t o d e p e n d o n I ts o w n lo c a l r e s o u r c e s
d u r in g t h e p a s t y e a r , b e in g d e p r i v e d o f t h e r e v e n u e f o r m e r l y r e c e i v e d f ro m
t h r o u g h f r e i g h t a n d p a s s e n g e r t r a v e l , t h e r e s u l t o b t a i n e d in t h i s y e a r o f
d e p r e s s io n r e a c h e s . In o u r j u d g m e n t , t h e l o w - w a te r m a r k a n d m a k e s t h e
o u t lo o k f o r 1912 m u c h m o r e f a v o r a b l e .
T h e s o u r c e s o f I n c r e a s e d r e v e n u e w h ic h d i d n o t m a t e r i a l i z e d u i l n g 1911
a r c n o w in s u c h s h a p e t h a t a c o n s i d e r a b l e I m p r o v e m e n t w ill b e s h o w n .
T h e n e w f u r n a c e b u i l t b y t h e C o lo n ia l I r o n C o . a t R id d lc s f c u rg , P a . , h a s
l u s t b e e n p l a c e d In a c t i v e o p e r a t i o n , w i t h a c a p a c i t y d o u b l e t h a t o f t h e
fo rm e r p la n t.
T h e f u r n a c e c o m p a n y a t E v e r e t t , P a . , h a v i n g I n s t a ll e d
m o d e r n m a c h l n e r v , n o w h a s a d a il y o u t p u t o f 3 0 0 g r o s s t o n s o f p ig i ro n ,
w h ic h w i t h t h e f r e i g h t o n t h e r a w m a t e r i a ! s h o u ld a d d c o n s id e r a b l y t o y o u r

692

THE CHRONICLE

r e c e ip ts .
T h e S a x t o n f u r n a c e , w h ile I d le d u r i n g t h e e n t i r e y e a r o n l y
a,v? a l t i , a n , I m p r o v e m e n t I n t h e I r o n m a r k e t t o a g a i n b e a s o u r c e o f c o n ­
s id e r a b le In c o m e to y o u r c o m p a n y .
T h e c o n s t r u c t i o n o f t h e I n d e p e n d e n t lin e , 13 m ile s i n l e n g t h , m e n t i o n e d
I n a p r e v i o u s r e p o r t . Is b e in g r a p i d l y p u s h e d t o c o m p l e t i o n : T h i s b r a n c h
rt,c h In t i m b e r . I ro n o r e , l im e s t o n e a n d c o a l,
a n d w ill f u r n i s h c o n s id e r a b l e t r a f f i c t o y o u r r o a d . I ts o n l y o u t l e t .
_ ^
1 ° u rc ,e o f p r o s p e c t iv e r e v e n u e is In t h e c o m p l e t i o n o f t h e la r g e
I m n n i S u f i ? u ' o n S h 01 c d b y ! h e R a y s t o w n W a t e r P o w e r C o ., w i t h a v ie w t o
p o w e r t o m a n y m ile s o f s u r r o u n d i n g c o u n t r y . T h is
e a n Un h t £ i n
v e fo r m a n u fa c tu r in g p la n ts to lo c a te w h e re th e y
c a n o b t a i n t h e u s e o f t h i s p o w e r a t a m in i m u m o f c o s t.
£
^JL*® ^ p h ^ * ei y s t ?Ln w a s I n s t a ll e d o v e r t h e e n t i r e r o a d ,
know n
1
,t h c y e a r t h £ f ln a l p a y m e n t w a s m a d e f o r 5 0 0 c a r s
R a v i n ? o f n w r s s n hn n n fcs c a r s - , r h e s e n o w b e c o m e o u r p r o p e r t y , w i t h a
s a v i n g o f o v e r 5 3 0 ,0 0 0 p e r y e a r i n p u r c h a s e m o n e y .

R E SU L T S FOR C A LE N D A R Y E A R S
1911.
1910.
1909.
1 ,1 4 8 ,6 7 5
1,305,802
8 9 6 ,7 5 4
1 0 0 ,0 1 5
105,342
1 0 4 .2 0 3
2 7 ,6 4 0
133,034
2 4 3 ,6 1 0
1 0 0 ,4 2 5
116,255
1 2 5 ,5 1 5
3 7 4 ,1 2 4
333,502
4 8 6 ,0 8 1

F reight T ra ffic (tons ) —
C o a l ----------------C o k e ____________________"
O re a n d l im e s to n e llll
P i g a n d o t h e r i r o n ___
M i s c e l l a n e o u s ___________

T o t a l . . . ________
"
R eceip ts —
C o al a n d c o k e f re ig h ts
O t h e r f r e i g h t s _____
P assen g er r e c e ip ts .. .
M a ll, e x p r e s s , & c _______

1 ,9 93,935
$

1 ,7 5 0 ,8 7 9
2 9 3 ,2 4 1
1 5 9 ,5 4 8
6 6 ,4 7 4
1 9 ,4 6 8

T o t a l e a r n i n g s ________

1908.
9 8 1 ,0 9 6
4 9 ,4 0 4
1 6 8 ,5 6 0
1 1 5 ,7 3 8
4 9 0 ,9 8 0

1 ,8 5 6 ,1 6 3

1 ,8 0 5 ,7 7 8

3 3 5 ,1 2 4
2 3 6 ,0 9 2
8 1 ,6 5 0
1 9 ,3 7 1

2 4 4 ,7 0 6
2 9 5 ,6 4 6
9 6 ,3 8 1
2 2 ,6 0 1

2 4 4 ,2 1 2
2 6 2 ,1 2 2
1 0 0 ,7 1 2
2 5 ,8 8 6

[V o l . LXXXXIV.

Susquehanna Railway, Light & Power Co., New York.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
President George Bullock says (see also Y. 93, p. 1782):
M a in te n a n c e .— A n a m p l e r e s e r v e h a s b e e n c h a r g e d a g a i n s t e a r n i n g s , n o t
o n l y r u i l y t o m a i n t a i n t h e pi Jrioopy ecrrtui e s , bo u t a ls o l e a v i n g a s u nb s t a n t i a il b a llaa n c e
il tt hh ee c o m p aa n i e s f o r rf u. . t. u___
in t h ee tt .r
r eeaassun rrile
e ss on ff an ll
r e .1d____
e p r ________
e c i a t i o n ____________
, w h ic h r e s e r v e
f o r t h e y e a r 1 9 1 1 a m o u n t s t o $ 1 6 8 ,2 4 8 .
•
E a r n in g s .— 'T h e i n c r e a s e In e a r n i n g s o f S u s q u e h a n n a C o m p a n y Is e q u i v a ­
l e n t t o $ 1 0 0 ,2 3 2 , a n i n c r e a s e o f 1 9 : 4 8 % . A ll t h e p r o p e r t i e s a r e e a r n i n g
s u b s t a n t i a l s u r p l u s e s a f t e r p r o v id i n g f o r f ix e d c h a r g e s , s in k i n g f u n d a n d
d e p r e c i a t i o n r e s e r v e (s e e V . 9 3 , p . 1 7 8 2 ) .
, ’r J ie I n c r e a s e in c o m b i n e d g r o s s e a r n i n g s o f a ll t h e c o m p a n i e s f o r t h e y e a r
1911 o v e r t h e y e a r 1 9 1 0 w a s 8 . 2 % , a n d t h e i n c r e a s e i n n e t e a r n i n g s b e f o r e
p a y m e n t o f f ix e d c h a r g e s 7 . 5 % .
T h e g r o s s i n c o m e o f t h e p r o p e r t i e s w a s d i v i d e d a s f o llo w s : G a s d e p a r t ­
m e n t , 3 8 . 1 % ; s t e a m h e a t a n d e le c t r i c d e p a r t m e n t , 3 1 . 9 % ; r a i l r o a d d e p a r t ­
m e n t, 2 6 .7 % ; w a te r d e p a r tm e n t, 3 .3 % ; to ta l, 1 0 0 % .
'
T h e o p e ra tio n s of th e ra ilro a d d e p a r tm e n ts h a v e s h o w n s a tis f a c to r y r e ­
s u l t s - . T h e c ie c t r ic s a I e s w e r e | n c r c a s e d b y 3 g 71 0 9 5 k i l o w a t t h o u r s ,
a n d t h e a r t i f i c i a l g a s s a le s b y 1 6 1 ,6 3 1 t h o u s a n d c u b ic f e e t .
D iv id e n d s .— 'T h e i n c r e a s e in n e t e a r n i n g s h a s j u s t i f i e d y o u r b o a r d i n d e ­
c la rin g o u t o f s u rp lu s e a rn in g s a n I n itia l d iv id e n d of 1 % o n th e c o m m o n
s to c k , p a y a b le J u ly 1 1 911, a n d a s e c o n d d lv . of 1 % , p a y a b le J a n 2 1 912.
C o n stru ctio n .— D u r in g t h e y e a r $ 1 ,0 3 8 ,7 7 9 h a s b e e n e x p e n d e d f o r n e w
c o n s tr u c tio n b y th e c o n tr o lle d c o m p a n ie s .
F u n d s w e re p ro v id e d fo r th is
p u r p o s e a s fo llo w s : B y s a le o f s e c u r i t i e s , $ 5 0 8 ,8 0 7 ; t h r o u g h l o a n s t o b e
l a t e r r e f u n d e d , $ 2 7 0 ,1 9 5 ; f r o m e a r n i n g s , $ 2 2 2 ,8 9 6 ; p a s s e d t o a c c o u n t s
p a y a b l e , $ 3 6 ,8 8 1 ; t o t a l . $ 1 ,0 3 8 ,7 7 9 .
A m o n g th e h e a v ie s t e x p e n d itu re s o f th e y e a r h a s b e e n th e c o n s tr u c tio n
o f a 5 ,0 0 0 ,0 0 0 g a ll o n c o n c r e t e w a t e r - s t o r a g e r e s e r v o i r a t E l m i r a , N . Y .;
t h e c r e c t i o n o f a 2 ,0 0 0 ,0 0 0 c u b i c f o o t g a s h o l d e r a t H a r t f o r d , C o n n ., a n d t h e
e n la r g in g a n d r e b u i l d i n g o f a s t e a m - h c a t p l a n t a n d s y s t e m In W il k e s - B a r r e ,
P a . ; a s u f f i c i e n t a m o u n t o f n e w c a p i t a l h a s a ls o b e e n e x p e n d e d o n t h e o t h e r
p r o p e r t i e s t o p r o v id e f o r t h e e x t e n s i o n o f e l e c t r i c lin e s , g a s m a i n s a n d f o r
t h e p u r c h a s e o f a d d i t i o n a l e q u i p m e n t m a d e n e c e s s a r y b y I n c r e a s e d b u s in e s s .
R a te s .— T h e i n s t a l l a t i o n o f m o d e r n e q u i p m e n t i n t h e g a s a n d e l e c t r i c
p l a n t s h a s e n a b le d t h e c o m p a n i e s t o r e d u c e In s e v e r a l c a s e s t h e r a t e s c h a r g e d
to th e p u b lic a n d to g e n e ra te g a s a n d e le c tric ity a t a re d u c e d c o s t.

5 3 8 ,7 3 1

6 7 2 ,2 3 7

6 5 9 ,3 3 5

6 3 2 ,9 3 2

M a i n t e n a n c e o f w a y ____
M a ln t. o f e q u ip m e n t . .
L oss o n c a r- tr u s t c a rs .
D c p r e c l a t l o n ____
C o n d u c t i n g t r a n s p o r t a ’n
G e n e r a l e x p e n s e s _______

6 4 ,7 3 4
6 0 ,6 7 1
8 9 ,2 7 4
1 3 ,5 0 6
1 4 2 ,6 2 5
5 4 ,0 2 1

7 9 ,3 5 5
6 9 ,2 6 8
1 0 2 ,0 7 4
1 0 ,2 5 4
1 8 5 ,2 1 5
6 1 ,6 7 9

6 9 ,3 0 1
7 7 ,6 3 1
9 9 ,8 8 5
1 1 ,3 9 4
1 7 7 ,5 4 1
6 6 ,3 7 3

7 4 ,6 8 1
8 0 ,5 0 6
8 5 ,2 4 8
1 2 ,4 1 3
1 6 2 ,1 5 3
6 9 ,4 0 9

T o t a l e x p e n s e s _______
N e t e a r n i n g s ________
_
D educt —
I n t e r e s t o n b o n d s _______
D iv id e n d o n p r e f e r r e d . .

4 2 4 ,8 3 2
1 1 3 ,8 0 9

5 1 0 ,8 4 5
1 6 1 ,3 9 2

5 0 2 ,1 2 6
1 5 7 ,2 0 9

4 8 4 ,4 1 0
1 4 8 ,5 2 2

1 0 6 ,1 9 0

1 0 6 ,1 9 0

E A R N IN G S F R O M A L L S O U R C E S . IN C L U D IN G E Q U IT Y I N
E A R N IN G S F R O M S U B S I D I A R Y C O R P O R A T IO N S .

1 0 6 ,1 9 0

1 0 6 ,1 9 0
7 0 ,0 0 0

(
T o t a l e a r n i n g s , l n c l. n e t e a r n i n g s o f

T o t a l _________________
B a l a n c e , s u r p l u s ________
A d d b a l a n c e J a n . 1 ______
C harged p r o f i t a n d l o s s . .

1 0 6 .1 9 0
7 ,7 0 9
3 0 9 ,3 3 9

1 0 6 ,1 9 0
5 5 ,2 0 2
2 5 4 ,1 3 6

1 0 6 ,1 9 0
5 1 ,0 1 9
2 0 3 ,3 5 9

176 190
d e f2 7 ,6 6 8
3 0 1 ,3 4 8

P r o f i t & lo ss s u r . D e c . 31

3 0 3 ,1 0 7

D educt —
S u s q . R y ., L t. & P . p r e f . d iv s. ( 5 % ) .
C o m m o n d i v i d e n d s ( 2 % ) ___________
P r o p o r t i o n o f n e t e a r n i n g s a d d e d to»
s u r p l u s a c c ’t s o f s u b - c o m p a n ie s , n o tt
d e c l a r e d a s d i v i d e n d s ----------------------

O p erating, A c ., E x p e n si

(3

13,941

242
3 0 9 ,3 3 9

70,321

2 5 4 ,1 3 6

2 0 3 ,3 5 9

B A L A N C E S H E E T D E C E M B E R 31.
1911.
1910.
1911.
1910.
Assets —
.
_
Liabilities —
S
S
C o n s tru c tio n & e q u ip ­
S to c k iS e e “ a y . a n d 3 ,371,750 3 ,3 7 1 ,7 5 0
m e n t ....................... ..5 ,9 8 4 ,8 0 8 5 ,9 5 1 ,6 6 6 B o n d s /I n d u s .” S e c .2 ,280,500 2,2 S 0 ,5 0 0
C u rre n t a c c o u n t s . . .
88,741
82,515 S c rip conv. In to s to c k
197
197
M a te ria ls a n d s u p ­
Bills p a y a b le ............... 155,000
8 5 ,000
75,519
67,130 I n t. & d lv . u n p a i d . .
plies ...........................
6,151
5,976
C t a h ..........................
3 3 ,269
17,288 P a y - r o l l s ................. ..
20,236
23,611
V o u c h e r s ......................
4 5,396
42,224
P ro fit a n d lo s s ............. 3 03,107
309,339
T o t a l ........................ 6,182,337 6 ,1 1 8 ,6 0 0
— V. 94, p . 487.

T o t a l .........................6 ,1 8 2 ,3 3 7 6 ,1 1 8 ,6 0 0

Winnipeg Electric Ry.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
President Sir Wm. Mackenzie says in substance:
R e su lts . — T h i s , t h e 11 9 t h , a n n u a l r e p o r t s h o w s n e t e a r n i n g s o f $ 1 ,1 1 0 ,5 7 3 ,
a f t e r p r o v i d i n g f o r a ll o p e r a t i n g e x p e n s e s , t a x e s , t h e c i t y ’s p r o p o r t i o n o f
e a r n i n g s a n d o t h e r f ix e d c h a r g e s .
O u t o f t h e s e n e t e a r n i n g s y o u r d i r e c to r s
d e c la r e d f o u r q u a r t e r l y d i v i d e n d s , a m o u n t i n g t o $ 6 9 0 ,0 0 0 , l e a v i n g a s u r p l u s
o f $ 4 2 0 ,5 7 4 , w h ic h h a s b e e n t r a n s f e r r e d t o t h e c r e d i t o f p r o f i t a n d lo ss
a c c o u n t , m a k i n g a t o t a l c r e d i t t o t h i s a c c o u n t a t D e c . 31 1 9 1 1 , o f $ 1 ,­
6 1 6 ,7 7 3 .
Im p ro v e m e n ts, A c .— T h e f o llo w in g I m p r o v e m e n t s a n d a d d i t i o n s (a) 1 0 .8 4 2
m ile s o f t r a c k w a s l a i d , o f w h ic h 9 .7 0 m ile s w i t h 8 0 1 b . r a i l s w i t h c o n c r e t e
fo u n d a tio n a n d a s p h a lt p a v e m e n t;
(ft) 3 0 la r g e d o u b l e - t r u c k c lo s e d m o t o r
c a r s w i t h w id e v e s t i b u l e s e q u i p p e d w i t h a i r b r a k e s w e r e c o n s t r u c t e d In t h e
c o m p a n y ’s s h o p s a n d p u t In s e r v i c e , t o g e t h e r w i t h 2 d o u b l e - t r u c k o p e n
c a rs a n d 1 m o to r fla t c a r a n d 1 tra il H at c a r f o r c o n s tr u c tio n p u rp o se s ;
(o) 1 ,1 3 4 n e w p o le s w e r e e r e c t e d a n d 2 1 6 ,4 2 4 l b s . o f w ir e w i t h 189 t r a n s ­
f o r m e r s p u t u p ; (d) 5 0 ,3 5 8 f e e t o f n e w g a s m a i n s w e r e l a i d a n d 8 9 5 n e w g a s
s e r v i c e s w e r e I n s t a ll e d In e x t e n s i o n o f t h e c o m p a n y ’s g a s d i s t r i b u t i o n
s y s t e m . T h e n e w 1 ,0 0 0 ,0 0 0 c u . f t . g a s h o l d e r w a s c o m p l e te d a n d p u t In
o p e ra tio n .
A n e w a u x i l i a r y s t e a m p l a n t o f 1 2 ,0 0 0 h . p . c a p a c i t y w a s c o n s t r u c t e d
d u r i n g t h e y e a r a n d Is n o w In o p e r a t i o n , w h ic h g iv e s t h e c o m p a n y a c a p a c i t y
o f 2 0 ,0 0 0 h . p . o f a u x i l i a r y s t e a m p l a n t t o p r o t e c t t h e c o m p a n y a n d Its
c u s to m e rs fro m a n y s e rio u s b re a k -d o w n a t th e h y d r a u lic w o rk s .
S T A T I S T I C A L S T A T E M E N T F O R Y E A R S 1 9 0 7 -1 9 1 1 .
1911.
1910.
1909.
1908.
1907.
P a s se n g e rs c a r ’d .4 0 ,2 8 1 ,245 31,3 6 9 ,4 2 1 26,3 8 2 ,7 7 3 2 2 ,0 1 9 ,5 0 7 20 846 317
T r a n s f e r s ------------ 1 0 ,0 1 2 ,0 4 8

8 ,0 0 3 ,0 3 8

8 ,9 2 5 ,8 4 9

7 ,7 7 7 ,3 1 5

5 ;9 5 4 ,0 6 7

R E SU L T S FOR C A LE N D A R Y E A R S.
1911.
1910.
1909.
„
,
( .r o s s e a r n i n g s ---------------O p e r a t i n g e x p e n s e s ------

1908.

5
3 ,8 2 9 ,7 5 0
1 ,9 0 0 ,9 6 8

$
3 ,2 8 4 ,3 4 2
1 ,6 5 4 ,8 3 4

S
2 ,6 2 3 ,7 3 1
1 ,3 2 0 ,6 6 5

$
2 ,2 0 6 ,0 9 5
1 ,0 8 8 ,8 7 3

N e t e a r n i n g s -------------1 ,9 2 8 ,7 8 2
D educt —
F ix e d c h a r g e s ---------------8 1 8 ,2 0 8
D i v i d e n d s ------------------- ( 1 1 H ) 6 9 0 ,0 0 0

1 ,6 2 9 ,5 0 8

1 ,3 0 3 ,0 0 6

1 ,1 1 7 ,2 2 2

6 9 4 ,7 3 9
4 3 9 ,6 6 1
3 7 1 ,8 1 9
( 1 0 ) 6 0 0 ,0 0 0 ( 1 0 ) 6 0 0 ,0 0 0 ( 1 0 )5 9 5 ,7 8 9

T o t a l d e d u c t i o n s ____
1 ,5 0 8 ,2 0 8
1 ,2 9 4 ,7 3 9
1 ,0 3 9 ,6 6 1
B a la n c e , s u r p lu s .
4 2 0 ,5 7 4
3 3 4 ,7 6 9
2 6 3 ,4 0 5
B A L A N C E S H E E T D E C E M B E R 31.
1911.
1910.
1911.
A ssets—
Liabilities—
$
$
S
B uild in g s, p la n t &
C a p ita l s to c k .......... 6,00 0 ,0 0 0
e q u ip m e n t ___ 16,312,4§6 14,612,223 B o n d s ......................... 5,0 0 0 ,0 0 0
S to re s ...................... ..
159,481
142,456 D e b . s to c k , 4 M % . 2,43 4 ,6 0 3
A c c o u n ts rec e iv ’ble
185,212
186,277 A c c o u n ts & w ages.
260,577
C a s h .......... ..............
33,036
2 35,629 D iv id en d J a n . 2 . .
180,000
C o n d u c to rs ’ w orkI n t. d u e & a c c ru e d
152,345
ink fu n d . .
8,718
4,464 M is c e lla n e o u s ___
90,969
S u b s id ia ry cos
407,487
414,110
317,831 S u sp e n se ________
La
B a n k o f M o n tre a l.
927,073
S u r p lu s ...................... 1,616,773
r~ -

___

9 6 7 ,6 0 8
1 4 9 ,6 1 4
1910.

$

6 ,0 0 0 ,0 0 0
5,0 0 0 ,0 0 0
2,43 4 ,6 0 3
221 ,9 8 8
150,000
152,175
69,949
2 73,965

l,19fl‘2(j6

B T o ta l . ............ 17,106,450 15 ,4 9 8 ,8 8 0
T o t a l .................... 1 7 ,1 0 6 ,4 5 0 1 5,498,880
T h e c o m p a n y a ls o h a s a c o n t i n g e n t l i a b i l i t y o n g u a r a n t y o f p r i n c i p a l a n d
I n t e r e s t o f $ 5 0 0 ,0 0 0 S u b u r b a n R a p i d T r a n s i t C o . b o n d s a n d $ 4 0 0 ,0 0 0
W in n i p e g S e l k ir k & L a k e W in n i p e g l l y . b o n d s .

W IN N IP E G S E L K IR K A L A K E W IN N IP E G R Y .
C a l. Y ea r —
G ross.
N e t.
B d . I n t.
T a x e s . A c .,

B a la n ce

$ 4 3 ,2 0 4
4 0 ,0 8 3

s u r $ 8 ,7 2 9
s u r 7 ,4 3 9

.$ 8 9 ,1 8 6
- 7 5 ,7 2 5

$ 2 0 ,0 0 0
2 0 ,0 0 0

$ 1 4 ,5 6 5
1 2 ,6 4 4

S U B U R B A N R A P ID T R A N S I T CO.
. $ 5 7 ,9 9 5
. 5 6 ,0 1 6

$ 1 1 ,8 3 4
2 1 ,0 0 9

$ 2 5 ,0 0 0
2 5 ,6 0 0

$ 2 ,5 4 2
1 ,2 0 0

d e f $ 1 5 ,7 0 8
d e f 4 ,3 0 0

As to favorable court decision and proposed increase of
stock, see item on another page.— V. 93, p. 1192.




T o ta l d e d u c tio n s
______________ . _
B a la n c e , s u rp lu s to S u s q u e h a n n a C o.

1911.

1910.

NET

1909.

* $ 6 1 4 ,6 0 3

* $ 5 1 4 ,3 7 1

* $ 3 9 1 ,6 3 0

$ 2 1 4 ,0 5 2
8 3 ,6 0 6

$ 2 0 4 ,6 1 0

$ 2 0 4 ,6 1 0

2 6 2 ,7 5 1

2 4 7 ,1 6 5

1 6 7 ,4 6 6

$ 5 6 0 ,4 0 9
$ 5 4 ,1 9 4

$ 4 5 1 ,7 7 5
$ 6 2 ,5 0 6

$ 3 7 2 ,0 7 6
$ f 9 ,5 5 4

* C o n s is ts o f d i r e c t e a r n i n g s (le s s e x p e n s e s ) o f S u s q . R y . , L t . & P . C o .
a n d n e t e a rn in g s of its s u b -c o s ., th e U n ite d G as & E l. C o . a n d th e L a n e .
C o . R y . & L t . C o ., a f t e r d e d u c t i o n o f d l v s . o n t h e i r p r e f . s t o c k s , l n c l . t h e
e q u ity o f th e tw o la s t m e n tio n e d c o rp o r a tio n s In th e o p e ra tio n s o f t h e i r r e ­
s p e c tiv e s u b -c o r p o r a tio n s . T h e a c tu a l s u rp lu s e a rn in g s f o r th e y e a r, c o n ­
s i s t i n g o f d l v s . o f s u b - c o s . a c t u a l l y r e c e i v e d d u r i n g e a c h y e a r , a n d m is c e l­
la n e o u s d i r e c t e a r n i n g s , a f t e r d e d u c t i n g e x p e n s e s , w e r e $ 3 5 1 ,8 5 2 In 1 9 1 1 ,
a g a i n s t $ 2 6 7 ,2 0 6 in 1 9 1 0 a n d $ 2 2 4 ,1 6 4 in 1 9 0 9 .

S U S Q U E H A N N A R Y .. L IG H T & RO W . CO. B A L A N C E S H E E T DEC. 31.
1911.
1910.
Assets —
S
S
In v e s tm e n ts In su b ­
c o m p an ies* ...........8 ,6 9 7 ,3 7 5 8 ,4 8 3 .0 0 5
O ffice fix tu re s, & c_ ..
5,752
4,803
D am . n o te s , su b . cos..
96,C 00\
7 2,862
O p en a c c ts . su b . c o s .. 1 6 3 ,1 0 3 /
M is c e lla n e o u s ............
2 ,7 6 5
. 219 ,3 8 0
l ib ', 428

1911.
1910.
Liabilities—
§
S
P re fe rre d s to c k .......... 4 ,4 3 4 ,2 0 0 4 ,2 3 2 ,2 0 0
C o m m o n s to c k .......... 4 ,1 9 8 ,0 0 0 4,134,5G 0
A ccts. p a y a b le , &c__
8 0,884
3,044
Bills p a y a b le _________________
2 8 ,675
C om . d lv .. p a y . J a n . 2 41,926
.............
S u b . c o s.’ d e p o s it s ..
36,031
16,593
S u rp lu s .......................... £393,334
2 9 5,086

.9 ,1 8 4 ,3 7 5 8 ,7 1 0 ,0 9 8

T o t a l ......................... 9 ,1 8 4 ,3 7 5 8 ,7 1 0 ,0 9 8

* C onsists of p ra c tic a lly t h e w hole o u ts ta n d in g c o m m o n s to c k of th e U n ite d G as
& E le c tric Co. a n d th e L a n c a s te r Co. U y . & L ig h t Co.
x A fter a d d in g n e t su rp lu s a risin g o u t o f th e m erg e r of t h e U n ite d S erv ice C o .’s
assp fs, $44,054.
Note. — T h e c o m p a n y a lso h a s a c o n tin g e n t lia b ility o n a c c o u n t o f th e g u a r a n ty of
$ 1 ,5 3 7 ,5 0 0 W ilk e s-B arre Co. 5% go ld b o n d s .— V. 93, p . 1782.

(The) Cleveland Painesville & Eastern (Electric) Railroad Co.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
Pres. E. \V. Moore, Cleveland, 0 ., Jan. 31 1912, wrote:
Im p ro vem en ts, A c . — 4 ,5 0 0 f t . o f t r a c k o n E u c l id S t . , W il l o u g h b y , w a s
r e l a l d w i t h 7 - ln . 8 0 - lb . T r a i l o n C a r n e g ie s t e e l t ie s s e t I n c o n c r e t e .
6 0 0 ] ft. o f
t r a c k o n M a in S t . , P a i n e s v i ll e , w a s r e l a t d w i t h s a m e s e c t i o n o f r a i l o n t r e a t e d
o a k t ie s w i t h s la g b a l l a s t . T h i s s e c t i o n w a s r e - p a v e d .
A re in fo rc e d c o n ­
c r e t e c u l v e r t , 9 f t . b y 12 f t . b y 5 0 f t . l o n g , n e a r W ll l o u g h b e a o h P a r k , o n t h e
S h o r e lin e , e l i m i n a t e d a d a n g e r o u s r e v e r s e c u r v e a n d o ld w o o d e n t r e s t l e .
T h i s I m p r o v e m e n t m a d e n e c e s s a r y t h e b u i ld i n g o f 1 ,2 0 0 f t . o f t r a c k , 7 0 - lb .
r a i l , t r e a t e d o a k t i e s , c in d e r s a n d s la g b a l l a s t .
O n a c c o u n t of p a v in g L a k e
R o a d o n S h o r e lin e , 1 )4 m ile s o f t r a c k w a s l o w e r e d , b a l l a s t e d w i t h c i n d e r s ,
a n d 7 0 0 f t . o f 1 8 -In ., 1 ,5 0 0 f t . o f 1 2 -In . a n d 1 .7 0 0 f t . o f 1 0 -In . s e w e r p i p e l a i d .
B e t w e e n W il l o u g h b y a n d P a i n e s v i ll e , a b o u t 10 ><j m ile s , t h e t w o l i g h t
t r o l l e y w ir e s w h ic h h a d b e e n In u s e 15 y e a r s w e r e r e p l a c e d b y o n e 4 | 0
g r o o v e d w ir e , s p a n w ir e w a s r e p l a c e d b y b r a c k e t - a r m c o n s t r u c t i o n a n d
m a n y p o le s r e p l a c e d .
A p e r m a n e n t r ig h t - o f - w a y f o r p o le lin e o n n o r t h s id e
o f t h e L . S . & M . S . R y . f o r h i g h - t e n s i o n c u r r e n t f ro m P a i n e s v i ll e t o
W il l o u g h b y w a s p u r c h a s e d a n d w ill b e c o m p l e t e d a b o u t F e b . 15 1 9 1 2 .
Power D ep a rtm en t .— T h e r e h a s b e e n p u r c h a s e d f r o m t h e C l e v e la n d
P a i n e s v i ll e & A s h t a b u l a R R . 9 .6 5 a c r e s o f l a n d a n d o n e - t h i r d o f p o w e r s t a ­
t i o n in P a i n e s v i ll e , t h e p o w e r s t a t i o n , l a n d a n d e q u i p m e n t o f t h e s a id c o m ­
p a n y l e a s e d , a n d a n a g r e e m e n t e n t e r e d I n to f o r c u r r e n t f o r t h e o p e r a t i o n o f
e n t i r e s y s t e m . T h e r e w a s i n s t a l l e d in t h e P a i n e s v i ll e p o w e r s t a t i o n t w o
1 ,5 0 0 - k .w . s te a m t u r b i n e s a n d g e n e r a t o r s ; s ix 5 0 0 - k .w . t r a n s f o r m e r s ; t w o
5 0 -lc .w . e x c i t e r s , w i t h s w i t c h b o a r d f o r e n t i r e e q u i p m e n t ; t w o 4 0 0 - h .p .
b o ile r s w i t h s t o k e r s , <5cc. T h e r e h a s b e e n c o n s t r u c t e d a b r ic k 3 t a c k , 1 5 0 f t .
h i g h — 13 f t . I n s id e t o p d i a m e t e r , a n d a n a d d i t i o n t o t h e p o w e r s t a t i o n in
w h ic h is l o c a t e d t h e s w i t c h b o a r d a n d t r a n s f o r m e r r o o m , a n d p u m p - h o u s e
o n t h e r i v e r b a n k w ith s ix - f o o t c o n c r e t e t u n n e l c o n n e c t i n g s a m e w i t h
p o w e r h o u s e . T h e n e w s u b s t a t i o n a d j a c e n t t o t h e s h o p s I n W il l o u g h b y
I t Is e x p e c t e d w ill b e In o p e r a t i o n a b o u t A p r i l 15 1 9 1 2 .
L ig h tin g D ep t .— D u r i n g t h e s u m m e r l i g h t i n g w i r e s w e r e e x t e n d e d f r o m
E a s t M e n to r t o H e l s le y , 2 H m ile s ; f ro m W il l o u g h b y t o W ll l o u g h b e a c h
P a r k o n t h e S h o r e lin e , 3
m il e s , a n d m a t e r i a l p u r c h a s e d f o r l in e s f r o m
W il l o u g h b y t o W lc k lllf e , a b o u t 5 m ile s .
B u ild in g s .— A n e x te n s i o n , 4 0 x 6 0 f t . , w a s a d d e d t o ' t h e W il l o u g h b y r e p a i r
s h o p In w h ic h h a s b e e n l o c a t e d t h e c a r p e n t e r d e p a r t m e n t , a s t e a m - h e a t i n g
p l a n t f o r t h e e n t i r e p l a n t I n s t a ll e d a n d t h e s t o r e r o o m .
1911.
2 ,4 9 1 ,2 3 5

1910.
2 ,3 1 1 ,0 9 0

1909.
2 ,0 7 2 ,1 7 9

C h a r t e r e d c a r s _________
E x p r e s s , m ilk a n d m a l l .
R e n t a n d m is c e lla n e o u s _.

$ 2 9 3 ,8 4 2
4 ,1 6 0
3 0 ,3 3 9
3 7 ,8 0 2

$ 2 8 6 ,1 8 5
3 ,0 3 1
2 8 ,4 6 8
3 6 ,8 8 5

$ 2 6 3 ,5 6 4
4 ,1 4 7
2 4 ,3 8 3
2 9 ,0 7 9

$ 2 5 1 ,9 0 7
3 ,6 0 3
1 9 ,2 4 5
3 0 ,0 8 9

G r o s s I n c o m e _________
O p e r a t i n g e x p e n s e s ____
P . c . o p e r . e x p . t o I n c o m e'

$ 3 6 6 ,1 4 3
$ 1 8 9 ,1 9 5
( 5 1 .6 7 )

$ 3 5 5 ,4 6 9
$ 1 7 5 ,1 6 9
( 4 0 .2 7 )

$ 3 2 1 ,1 7 3
$ 1 6 3 ,9 0 9
( 5 1 .0 3 )

$ 3 0 5 ,7 4 4
$ 1 6 8 ,4 9 1
(5 5 .1 0 )

.

$ 1 7 6 ,9 4 8
1 1 3 ,0 4 5

$ 1 8 0 ,3 0 0
1 0 6 ,6 1 8

$ 1 5 7 ,2 6 4
1 0 1 ,2 8 3

$ 1 3 7 ,2 5 0
9 6 ,7 3 6

$ 6 3 ,9 0 3

$ 7 3 ,6 8 2

$ 5 5 ,9 8 1

$ 4 0 ,5 1 5

P a s s e n g e r s c a r r i e d _____
E a r n in g s —

D educt — I n t . a n d t a x e s _
B a l a n c e , s u r p l u s _____

1908.

GENERAL BALANC E SH EET DECEM BER

1911.
1910.
L ia b ilitie s —
S
S
Iloail & e q u ip m e n t..4,035,758 3,883,934 C apital s to c k ............. 2
•Treasury bo n d s.........
01,000
118,000 B onds..........................2
57,669 Accident fu n d ...........
13,169
Cash
24,974 Bills p ay a b le.............
46,068
S to res..........................
177,199 C urrent liabilities__
Securities ow ned___ 739,896
179,821 S u rp lu s...................... ..
C urrent assets........... 282,753
18,895
1,608
P repaid accounts—
38,764
W llloughbeach P a rk . 44,161
Assets—

T otal
...5 ,2 8 7 ,4 1 3 4,499,256
—V. 94, p. 630.

31.
1910.
1911.
S
$
,500,000 2,000,000
,150,000 2,000,000
19,381
5,360
88,338
148,967
106,938
169,984
284,599
313,102

T o t a l .....................5,287,413 4,499,256

Lackawanna Steel Co.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
The report is given on subsequent pages, including the
remarks of President E. A. S. Clarke, the profit and loss
and income account, balance sheet, &c.
The usual comparative tables for several years are given
below.
R E SU LTS FOR C A LEN D A R YEARS.
( L a ck a w a n n a S teel C o . a n d S u b s id ia ry C o m p a n ie s .)

1911.
G ross s a le s a n d e a rn in g s _____________ 21 ,0 4 0 ,3 8 7
c o s t a n d o p e r. e x p ___ 17,394,307

1910.
3 1 ,3 0 2 ,7 6 0
2 4 ,9 7 2 ,2 9 0

1909.
2 5 ,296,661
2 0 ,5 8 6 ,8 3 8

T o ta l In co m e fro m m fg . & o p e r a t .
O ther In c o m e —
D Iv s. o n In v e s tm e n ts In c o m p a n ie s
n o t c o n tro lle d — n e t in c o m e fro m
p r o p e r ty r e n t e d , & c ----------------------C o m m e rc ia l d is c o u n t a n d I n te r e s t—

3 ,6 4 6 ,0 8 0

6,3 3 0 ,4 7 0

4,7 0 9 ,8 2 3

526,637
58,276

940,062
45,997

4 51,430

T o ta l In c o m e ---------------------------------D e d u c t—
A d m in is tra tio n , sellin g a n d g e n e ra l
e x p e n se s , In c lu d in g ta x e s --------------E x p e n se s c o n n e c te d w ith is s u a n c e of
first c o n s . 5s, S eries A , a n d d e b s . .
C o m m crclal d is c o u n t a n d I n t e r e s t . . .

4 ,230,993

7 ,310,529

5 ,1 6 1 ,2 5 3

739,515

754,713

063,083

N e t e a rn s , o v e r o rd . r e p ’rs & m a ln t..
D e d u ctio n s p e r “ In c o m e A c c o u n t ” —
S in k , fu n d o n b d s. & e x h ’n of m ln ’als.
D e p re c ia tio n a n d a c c u r ln g r e n e w a l s ..
I n t . o n L a c k . S te e l Co. b o n d s & d e b s .
I n t . o n b o n d s of s u b s id ia ry co m p a n ie s
R e n ta ls a n d ro y a ltie s ---------------

3 ,491,478

6,4 4 2 ,3 4 8

4 ,4 6 8 ,3 7 5

2 6 0,056
942,183
1,750,000
3 5 4 ,900
101,536

4 3 2 ,378
1,254,524
1 ,729,229
3 7 7,815
115,297

40 6 ,9 1 6
1,119,941
1 ,606,250
4 53,087
104,072

82,803

2 ,5 3 3 ,1 0 5

7 78,109

L es s — M a n u f’g

S u r p lu s .

IN C O M E A C C O U N T .

17 M o s . en d. -----------Y ea rs
D e c . 31 ’l l .
1910.
G ro ss s a le s -------------------- $ 1 4 ,3 0 0 ,5 6 2 $17 ,1 7 3 ,7 4 1
E a r n .fr o m o p e r .o f p la n ts ,
a n d of su b . cos. (a f te r
d e d u c tin g m f g ., sell­
in g , a d m in . & h e a d
d is tr ic t o ffice ex p en se)i
697,610
1,839,984
O th e r In c o m e ---------------.
59,493
56,088
In c o m e .

.

D e d u c tio n s —

*119,468

29,194

( Lackawanna Steel Co. and Subsidiary Companies )

1911.
1911.
1910.
L ia b ilitie s —
S
Assets —
$
' $
Stock outstanding.34,728,000
Cost of real estate,
p la n ts, & c____ 65,187,132 64,156.763 Lack. I. & S. Co.
stock not owned
22,000
Investm ents In ore
com panies, & c. . 6,403,667 6,253,163 1st M. 5s, conv. g . 15,000,000
1st cons.M.Scr.A5s. 10,000,000
D eferred chges. to
o p e ra tio n s .........
172,089
01,508 Subskl. cos. bonds 7,058,000
5-yr.5% conv.debslO ,000,000
Bond sink, fund—
c a s h ....................
438,000
168,082 C urrent accounts
and p a y -ro lls.. . 1,486,144
I n v e n to rie s ........... 9,970,140 12,215,069
424,532
Bills p ay ab le.........
Miscellaneous ac­
674,100
counts recelv’ble 312,461 1,056,670 Taxes & Int. accr’d
Mines extinguish.&
Custom ers’ nccts.
bond sink. fu n d . 2,660,865
(less reserve)__ 3,448,944 4,199,005
526,382 D epreciation & re­
Notes receivable..
337,782
placem ent funds -4,751,786
Cash In bank and
257,512
on h a n d ............. 4,623,225 2,561,878 Cont.& mlsc .funds.
Profit & loss a c c t. 3,830,507
T o t a l ..................90,893,446 91,228,520
—V. 94. p. 490.

A sid e fro m b o n d s a n d d e b e n tu r e s , th e c o m p a n y ’s d e b ts c o n s is t o f o n ly
th e c u r r e n t b ills a n d $2 0 0 ,0 0 0 b o rro w e d m o n e y . A ll b ills w h ic h a r e d u e
a n d a p p r o v e d h a v e b e e n p a id , a d v a n ta g e b e in g ta k e n of all c a sh d is c o u n ts .
• A d d itio n s . — T h e p r o p e r ty a c c o u n t d u rin g th e p e rio d In crea se d $ 2 3 4 ,8 3 2 ,
f o r r e a l e s ta te , n ew c o n s tr u c tio n , a d d itio n s , m a c h in e ry , e q u ip m e n t, e tc .
M is c e lla n e o u s . — W h e n th e c o m p a n y 's I n d ia n a H a r b o r p la n t w as lo c a te d ,
a n o p tio n w as ta k e n o n so m e a d jo in in g la n d . T h e o p tio n e x p ire d A u g . 6
1911, a n d a s th e la n d h a d n o t o n ly a d v a n c e d to a v a lu e In ex c ess of th e o p ­
tio n p ric e , b u t In c lu d e d d e s ira b le w a te r tr a n s p o r t a ti o n fa c ilitie s a s w ell, th e
o p tio n w as e x e rc is e d , th e p r o p e r ty p u rc h a s e d , a n d th e p u r c h a s e p ric e Is
In c lu d e d In o u r p r o p e r ty ch a rg e s.
A n o p p o r tu n i ty o c c u rrin g to p u rc h a s e c o n tro l (n e a rly th e e n tir e c a p ita l
s to ck ) of th e C o n tin e n ta l R a ilw a y E q u ip m e n t C o ., w h ic h se e m e d lik e ly t o
fu r n is h th is c o m p a n y w ith a la rg e to n n a g e a t p r o f ita b le p ric e s , a s w ell a s
to b e p r o f ita b le of Itse lf, th e s to c k w as b o u g h t a n d t h e p u r c h a s e p r ic e Is
In c lu d e d In o u r p r o p e r ty ch a rg e s.
E ffe c tiv e J u ly 1 1910, th e c o m p a n y co m m e n c e d c a rr y in g I ts o w n e m ­
p lo y e rs ’ lia b ility In s u ra n c e . A c a s u a lty d e p a r t m e n t h a s b e e n a d d e d a n d
a n E m p lo y e e s ’ B c n e llt A ss o c ia tio n h a s b e e n e s ta b lis h e d a t s m a ll e x p e n se
to th e c o m p a n y ,w ith th e t o t a l r e s u lt t h a t a c c id e n t s u its a r e a lm o s t u n k n o w n .
A t th e p r e s e n t tim e a fire -p ro te c tio n s y s te m Is b e in g In s ta lle d , w h ic h h a s
re s u lte d In a lo w er In s u ra n c e c o s t.

T o ta l

♦ In c lu d e s N . Y . S ta t e t a x o n 1st c o n s . M . a n d o th e r e x p e n se s c o n n e c te d
w ith th e Issue of th e se b o n d s a n d of d e b e n tu re s .
C O N S O L ID A T E D B A L A N C E S H E E T D E C E M B E R 31.
1910.
S
34,728,000
23,000
15,000,000
10,000,000
7,345,000
10,000,000
2.666,223
236,446
608,928
2,398,592
4,179,915
235,712
3,747,704

T o t a l .................. 90,893,446 91,228,520

American Steel Foundries, Chicago, 111.
( R e p o r t f o r 17 M o n th s e n d in g D e c . 31 1911.)
Pres. Win. V. Kelley, Chicago, F e b .l, wrote insubstance:
R e s u lts . — I n o rd e r t h a t o u r fiscal y e a r m ig h t c o in c id e w ith th e U . S . G ov­
e r n m e n t’s a n n u a l re p o r t re q u ire m e n ts , It w as d e c id e d t h a t th e p e rio d fro m
A u g . 1 1910 to D ec. 31 1911 (17 m o n th s) s h o u ld b e tr e a te d as a fiscal y e a r.
T h e g ross sale s fo r th e 17 m o n th s w ere $ 1 4 ,3 0 0 ,5 6 2 , o r a t th e r a t e of
$10 0 9 4,514 p e r y e a r, as c o m p a re d w ith $17,173,741 f o r th e p re c e d in g y e a r.
I n a n y p r o p e rly -p re p a re d , c o n s e rv a tiv e p ro fit a n d loss s ta t e m e n t,
th e p ro fits sh o w n a re m e re ly th e a m o u n t w h ich . If w o rk in g c a p ita l a n d c a sh
p e r m it c a n be p a id o u t In d iv id e n d s o r o th e rw ise s p e n t, b u t s u c h a m o u n t
d o e s n o t n e c e ssa rily in d ic a te th e re s u lt to th e c o m p a n y of its o p e ra tio n s .
V iew ed fro m th is s ta n d p o in t, th e a c tu a l e a rn in g s fo r th e p e rio d u n d e r r e ­
p o rt a f t e r o rd in a ry d e d u c tio n s a n d p ro v isio n s, w ere $ 8 5 ,4 5 2 , b u t fro m th e se
th e r e h a s b e e n d e d u c te d a n d c o v e re d In to th e b o n d s in k in g fu n d § 2 4 0 ,9 8 1 ,
In a c c o rd a n c e w ith th e in d e n tu re se c u rin g th e b o n d s . T h e re h a s also b ee n
d e d u c te d th e s u m of $103,502, to b rin g o u r In v e n to ry o f ra w m a te ria ls
d o w n to th e e x tre m e ly low m a r k e t p ric es o b ta in in g D ec. 31.
T h e a b o v e d e d u c tio n s f a r m o re th a n o n s e t th e a p p a r e n t loss s h o w n In th e
s ta t e m e n t. T h e b o n d s in k in g fu n d , as h e re to fo re p o in te d o u t. Is In r e a lity
p ro llts s e t a s id e fo r th e p a y m e n t of th e b o n d e d d e b t, a n d is, th e re fo re , of
d ir e c t b c n e llt to th e sto c k h o ld e rs , a lth o u g h p ro p e rly c h a rg e d a g a in s t In­
co m e a n d n o t a v a ila b le fo r d iv id e n d s . I n a rriv in g a t th e re s u lt o f th e
17 m o n th s ’ o p e ra tio n s , as sh o w n by th e p ro llt a n d loss s ta t e m e n t, all m a n u ­
f a c tu rin g , sellin g , a d m in is tra tio n , h e a d a n d d is tr ic t offic e e x p e n ses h a v e
b e e n d e d u c te d , a s w ell as all In te re s t a n d o th e r c h a rg e s, In c lu d in g $1,239,241
f o r re p a irs a n d m a in te n a n c e a n d $332,636 fo r d e p re c ia tio n o f fixed p r o p e r ­
ties
T h e p ro v is io n fo r d e p re c ia tio n Is a d e q u a te , a n d of th e a m o u n t s e t
a s id e o n ly $201,531 h a s b ee n s p e n t fo r re p la c e m e n ts a n d fo r m in o r a d d i­
tio n s a n d Im p ro v e m e n ts , le a v in g a b a la n c e of $131,105 fo r fu tu r e ren ew als.
A s p o in te d o u t In p re v io u s re p o rts , b y f a r th e la rg e s t p o rtio n of th e b u si­
n ess o f th is c o m p a n y o rig in a te s fro m th e b u ild in g of ra ilw a y c a rs a n d lo co ­
m o tiv e s : th e re fo re Its o p e ra tio n s a n d o u tp u t clo se ly follow a c tiv ity In th o s e
lin es
D u rin g th e p e rio d u n d e r re p o r t, a c c e p te d a u th o r itie s g iv e th e r a tio
o f c a r b u ild in g as less th a n 60% of th o s e b u ilt d u rin g o u r p re c e d in g y e a r
a n d o n ly o n e -th ird of th o s e d u rin g th e c a le n d a r y e a r 1907.
T h e re s u lt of th e la c k of b u y in g by ra ilw a y s a n d g e n e ra lly d e p re s s e d b u s i­
n ess c o n d itio n s w as t h a t th e ste e l c a s tin g p la n ts of th is c o m p a n y w ere o n ly
a b le to o p e ra te a n a v e ra g e of 00% of th e ir c a p a c ity d u rin g th e e n tir e p e rio d
o f 17 m o n th s , a n d d u rin g six of th e m o n th s a t 40 % o r le ss, o n e m o n th
d ro p p in g to 32';:,: w hile th e H a m m o n d w o rk s, w h ich a r e d e v o te d e n tir e ly to
ra ilw a y m a te ria l a n d u su a lly o n e of o u r b e s t e a rn e rs , w as o n ly a b le to r u n
a t 3 0 % of Its c a p a c ity d u rin g th e e n tire tim e , a n d d u rin g fo u r o f th e m o n th s
b elow 2 0 % , a n d fo r o n e m o n th a t o n ly 1 2% . A t tim e s th e re w as o n ly a
w eek o r te n d a y s ’ w ork a h e a d fo r a n y of th e w o rk s w h ic h . In a b u s in e s s of
th is c h a ra c te r , m e an s t h a t o p e ra tio n s w ere p ra c tic a lly a t a s ta n d s till. T h e
low a v e ra g e of o p e ra tio n s , c o u p le d w ith th e fixed c h a rg e s, w h ich c o u ld n o t
b e re d u c e d , a n d ex p e n se s n e c e ssa ry to m a in ta in a n o rg a n iz a tio n to ta k e
c a re of s u c h b u sin e ss a s w as o b ta in a b le , n o t o n ly a b s o rb e d all p ro fit m a rg in ,
b u t, to g e th e r w ith th e s in k in g fu n d a n d In v e n to ry d e d u c tio n s a b o v e , m a k e s
th e a p p a r e n t loss sh o w n In th e p ro fit a n d loss s ta te m e n t.
O u tlo o k . — O rd e rs on h a n d a re la rg e r th a n a t a n y tim e sin c e th e b e g in n in g
o f th e p e rio d c o v e re d b y th is re p o rt, b u t p ric es, lik e th o s e In o th e r lin es of
ste e l m a n u fa c tu re , a re u n s a tis fa c to ry . I t Is h o p e d , h o w e v e r, t h a t a lib e ra l
b u y in g m o v e m e n t w ill b o th Im p ro v e p rices a n d In crea se o u r o u tp u t .
B o n d s , & c . — B o n d s to th e a m o u n t of $68,100 w ere p u rc h a s e d fro m th e
s in k in g fu n d , a n d r e tire d , a n d th e b a la n c e of th e fu n d will p u rc h a s e a t
le a s t $ 2 98,400, m a k in g th e to ta l r e tire d o r p ro v id e d f o r to D ec. 31 $ 1 ,3 4 3 ,­
0 0 0 o u t of th e o rig in a l Issue o f $3,5 0 0 ,0 0 0 .




693

THE CHRONICLE

M a ii. 9 1912. j

I n te r e s t o n d e b e n tu r e s . .
S in k , f u n d 1 0 -3 0 -y r.b d s .
I n t . o p b o rro w e d m o n e y
D e p re c . of b ld g s ., p la n t
a n d e q u i p m e n t--------P u r c h . of p a t . r ig h ts,& c .

$757,103

e n d in g

J u ly

1909.
$ 7 ,1 3 8 ,0 0 9

1908.
$ 8 ,9 6 4 ,1 6 9

569,440
63,126

6 21,056
147,758

$1 ,8 9 6 ,0 7 2

$632,566

$768,814

$ 3 29,092
194,752
157,067
2 ,5 8 7

$ 2 3 2 ,3 0 0
137,472
1 07,054
33 ,3 3 2

$2 3 2 ,3 0 0
137,472
128,003
1,464

$ 2 3 2 ,3 0 0
6 8 ,7 3 6
15 4 ,6 8 9

3 3 2 ,6 3 6

3 5 5 ,6 9 3

113,481

20 7 ,9 1 1
4 6 ,7 3 3

%M)

6 4 4 ,4 0 0 ( 2 ^ ) 4 2 9 ,6 0 0

T o ta l d e d u c tio n s _____$ 1 ,6 6 0 ,5 3 4 $ 1 ,2 9 5 ,4 5 1
B a l a n c e _______ _____ _ d ef.$ 9 0 3 ,4 3 1 su r.$ 6 0 0 ,6 2 0

$ 6 1 2 ,7 2 0
$ 7 1 0 ,3 6 9
s u r .$ 1 9 ,8 4 6 s u r$ 5 8 ,4 4 5

B A L A N C E S H E E T (IN C L U D IN G S U B S ID IA R Y C O M P A N IE S ).
Dec. 31 'l l . J u l y 31 ’10.
D ec. 31 ' l l . J u ly 31 ’10.
$
L ia b ilitie s—
S
$
S

Assets—

C apital sto ck ......... 17,184 000 17,181,000
R eal estate, p lan t,
equipm ent, &C.20, 559,950 19,961,095 M ortgage b o n d s .. 2,901 400 2,989,500
Expenditures, ad ­
4% d e b e n tu re s ... 3,436 800 3,436,800
234,832
200 ,000
598,855 Notes p ay a b le___
..............
ditions & lm p ts.
457 ,331 1,154,408
298,630
298,630 Acc’ts p a y a b le .. .
O ther real e s ta te . .
122 ,377
236,443
179,264 P a y - r o lls ...............
Securities...............
251,540
298,759
64.628 Accrued Interest on
Sinking fu n d .........
In v en to ries_____ 2 ,275,335 2,206,121
bonds an d de­
Acc’ts & bills rec’Ie
bentures ......... ..
113,497
144,311
(less reserv es). . 1 963,483 3,642,878 D ividend Aug. 15....
214,800
306,670
645,464 Reserves ................62,029 902 1,614,047
Cash ......................
Insur. prem ium s,
Profit an d lo s s ...d e f .224 ,519
678.912
31,589
36,285
&c., p rep aid__
T o t a l ........... ...2 6 ,2 2 0 ,7 8 8 27,633,221

T o t a l ................... 26,220,788 27,633,221

R es e rv e s In c lu d e In 1910-11 b o n d sin k in g f u n d , $ 7 3 4 ,9 2 3 , a n d d e p r e ­
c ia tio n a n d re n e w a l, $ 1 ,2 9 4 ,9 7 9 .— V . 94 , p . 4 1 8 , 70.
b

National Biscuit Co., New York,
31 1912.)
The usual comparative tables were in V. 94, p. 485.
President A. W. Green wrote in substance:
( R e p o r t f o r F i s c a l Y e a r e n d in g J a n .

S ta tu s . — T h e o n ly In d e b te d n e s s o n J a n . 31 1912 w as f o r r a w m a te r ia l a n d
s u p p lie s, th e bills fo r w h ic h w ere n o t a d ju s te d o r p a y a b le .
D iv id e n d s . — U p to J a n . 31 1912, 55 c o n s e c u tiv e q u a r te r ly d iv id e n d s of
1
h a v e b e e n p a id o n th e p re f. s to c k . C o m m en cin g A u g . 15 1899, 54
d iv id e n d s h a v e b e e n p a id o n th e c o m m o n s to c k — 30 q u a r te r ly d iv id e n d s of
1 % , 8 q u a r te r ly d iv id e n d s of 1 K % , 8 q u a r te r ly d iv id e n d s of 1 H % , 4 q u a r ­
te r ly d iv id e n d s of 1 Y\ % . th r e e e x tr a d iv id e n d s of 1 % e a c h In 1906, 1907 a n d
1908 a n d o n e e x tr a d iv id e n d of 2 % In 1911.
S tock h o ld ers . — T h e n u m b e r of sto c k h o ld e rs h a s In c re a se d fro m a b o u t
1,300 s h o r tly a f t e r th e o r g a n iz a tio n to 7,732 o n J a n . 31 1912; of th is n u m ­
b e r, 2 ,7 0 6 a r e e m p lo y e e s o f th e c o m p a n y . U n d e r th e p la n o f F e b . 1901 fo r
a s s is tin g e m p lo y e e s to p u rc h a s e p re f. s to c k , th e y h a v e p u rc h a s e d $8 7 1 ,8 0 0
( p a r v alu e) th e re o f. T h is Is ex c lu siv e of a la rg e a m o u n t, b o th c o m m o n a n d
p r e fe rre d , h eld b y o u r d ire c to rs , o fficers a n d p rin c ip a l m a n a g e rs .
Im ita t io n s . — T h e n u m b e r of I m ita tio n s of o u r tr a d e - m a r k s a n d tr a d e
n a m e s h a s b e e n s u b s ta n tia lly less th a n In fo rm e r y e a rs . T h e t o t a l n u m b e r
of s u c h Im ita tio n s w h ich h a v e b e e n s to p p e d , c ith e r w ith o r w ith o u t litig a ­
tio n , no w to ta ls 644, In v o lv in g o v e r 125 d iffe re n t m a n u f a c tu r e r s of b is c u it.
N e w P l a n t . — L a s t y e a r w e a n n o u n c e d th e c o m p le tio n of a n ew p la n t a t
H o u s to n , T e x a s . T ills y e a r w e ta k e p le a s u re In a n n o u n c in g th e c o m p le tio n
a n d o p e ra tio n of a la rg e p la n t a t K a n s a s C ity , b e in g th e e ig h th la rg e m a n u ­
fa c tu r in g p la n t w e h a v e a d d e d to o u r e q u ip m e n t In a s m a n y y e a rs . T h e
K a n s a s C ity p la n t fo llo w s th e a r c h ite c tu r a l lin es of a ll o u r n ew b a k e rie s ,
a n d e m b o d ie s all of o u r e x p e rie n c e . In c lu d in g th e la te s t a n d m o s t effe c tiv e
d ev ices u se d In th e m a n u f a c tu r e of b is c u it. T h e b u ild in g Is s e v e n s to rie s
w ith b a s e m e n t, c o v e rin g a p lo t 120 b y 322 f t . a n d h a s a c a p a c ity of th r e e
tim e s th e o ld p la n t in t h a t c ity . T h e e n tir e b u ild in g Is th o u g h t to b e
p r a c tic a lly I n d e s tr u c tib le b y fire, a n d In clu d es, a s d o all of o u r n ew b a k e rie s ,
fire -to w e r s ta ir w a y s , w h ich a r e u se d d a lly b y th e e m p lo y e e s In e n te r in g a n d
le a v in g th e b u ild in g , th u s p ro v id in g th e m o s t a p p r o v e d m e a n s of s a f e ty .
T h is p la n t Is a m a t t e r of sp e c ia l p rid e w ith y o u r o fficers
T h e e fficien c y a n d lo y a lty of th e th o u s a n d s of m e n a n d w o m en In o u r
o rg a n iz a tio n Is a tre m e n d o u s f a c to r In th e u p b u ild in g of th is h o n o ra b le
I n d u s tr y .— V. 9 4 , p . 48 5 .

Havana Tobacco Co.
31 1911.)

( R e p o r t f o r F i s c a l Y e a r e n d in g D e c .

The report of the Treasurer states:

•

T h e re h a s b ee n n o c h a n g e d u rin g th e y e a r In th e c a p ita l sto c k a n d b o n d s .
T h e e a rn in g s co m e fro m d iv id e n d s o n h o ld in g s o f s to c k s o f H e n r y C la y
a n d B o ck & C o ., L t d ., H a v a n a C ig a r & T o b a c c o F a c to rie s , L t d ., H a v a n a
C o m m ercial C o ., I I . d e C a b a n a s y C a rb a ja l a n d J . S . M u rlas y C a.
T h e a u d itin g of th e b o o k s o f th e fo reg o in g c o m p a n ie s fo r 1911 h a s n o t
b ee n c o m p le te d . H o w e v e r, th e ir c o m b in e d e a rn in g s , a f t e r d e d u c tin g a ll
e x p e n se s fo r m a n a g e m e n t, I n te r e s t o n d e b e n tu r e s , & c., w ill a p p r o x im a te
$ 7 5 0 ,0 0 0 , b u t, o w in g to th e d eficits t h a t e x is te d o n th e b o o k s of th e v a rio u s
c o m p a n ie s p rio r to 1911, th e y e a r ’s e a rn in g s a rc n o t a v a ila b le fo r d iv id e n d s ,
e x c e p t In case o f H a v a n a C ig ar & T o b a c c o F a c to rie s , L t d . A d iv id e n d fo r
t h a t c o m p a n y o f $16,461 Is In clu d ed In th e s ta t e m e n t b elo w .
RESULTS

O F O P E R A T IO N S F O R C A L E N D A R

D lv s. o n s to c k o w n ed —
♦ O p e ra tin g e x p e n s e s .. .

1911.
$17,301
212,493

1910.
$630
2 45,828

YEARS.

1909.
$630
145,918

1908.
51 9 ,6 5 2
186,732

N e t e a r n in g s ________ d ef$ 1 9 5 ,1 9 2 d ef$ 2 4 5 ,1 9 8 d ef$ 1 4 5 .2 8 8 d ef$ 1 6 7 ,0 8 0
5% g o ld b o n d s . .
37 5 ,0 0 0
3 7 5 ,0 0 0
37 5 ,0 0 0
37 5 ,0 0 0

Int. on

L e a v in g th is c o . to secu re
fro m o th e r so u rc e s in
o rd e r to m e e t fix ed c h g s . $ 5 70,192 .

$62 0 ,1 9 8

$5 2 0 ,2 8 8

55 4 2 ,0 8 0

* O p e ra tin g ex p e n se s in c lu d e I n te re s t o a b ills p a y a b le : In 1910 a lso In­
clu d es a m o u n t w r itte n off as loss o a In v e s tm e n ts : a n d In 1909 a n d 1908 lo ss
o n d e p re c ia te d e q u ip m e n t"
• •
• .*

694

THE CHRONICLE

F I N A N C I A L S T A T E M E N T D E C . 31.
1910.
1911.
1911.
1910.
L ia b ilitie s —
S
S
S
S
39,051,002 39,051,002 Common sto ck __ 30,000,000 30 ,000,000
2,810,692 2,810,692 Preferred sto ck __ 5,000,000
,000,000
Bills & nccts. rec’le
40,156
24,278 5% gold bonds__ 7,500,000
,500,000
296,200
T reas. stock, prof,
296,200 Accrued Interest on
T reas. stock, com
209,059
209,059
bonds payable
2,793
Cash .....................
268
June 1 _______
31,250
31,250
12
M iscellaneous___
12 Accounts and bill3
3,956,629 3,386,437
p a y a b le _______ 3,835,293 3,246,697

— V. 92, p. 658.

48,366,543 45,777,947

T o t a l - ............... 46,366,543 45,777,947

American Snuff Co.
{ R e p o r t f o r F i s c a l Y e a r e n d in g D e c .

31 1911.)

Treasurer E. W. Somers, March 5, says:
T h e re w as p u rc h a s e d a n d re tir e d 17 s h a re s of co m m o n s to c k , le a v in g o u t­
s ta n d in g o n D ec. 31 1911 $ 1 2 ,0 0 0 ,0 0 0 6% n o n -c u m u la tlv e p r e f . s to c k a n d
$ 1 1 ,0 0 0 ,0 0 0 c o m m o n s to c k .
U n d e r th e d e c re e o f th e U n ite d S ta te s C irc u it C o u rt fo r th e S o u th e r n
D is tr ic t of N ew Y o rk , e n te re d o n N o v . 16 1911, In th e s u it o f th e U n ite d
S ta te s v s . th e A m e ric a n T o b a c c o C o. a n d o th e rs , o rd e rin g , a m o n g o th e r
th in g s , th e d is in te g ra tio n of A m e ric a n S n u ff C o ., th is c o m p a n y tra n s f e r r e d
to tw o n e w c o rp o ra tio n s , th e G eo. VV. H e lm e C o. a n d th e w e y m a n - B r u to n
C o ., as of D ec. 1 1911, p a r t of Its ta n g ib le a s s e ts , b r a n d s , b u sin ess a n d
g o o d -w ill of th e v a lu e of $ 1 6 ,0 0 0 ,0 0 0 , re c e iv in g th e re fo r a ll o f th e c a p ita l
sto c k s of s a id tw o n ew c o rp o ra tio n s , to w it, $ 4 ,0 0 0 ,0 0 0 a t p a r of p re f. s to c k
a n d $ 4 ,0 0 0 ,0 0 0 a t p a r of co m m o n s to c k of ea ch s a id c o rp o ra tio n s .
T h e c o m m o n s to c k s so re c e iv e d w ere d is tr ib u te d p rio r to D ec. 31 1911
a m o n g th e co m m o n s to c k h o ld e rs a n d th e p a r v a lu e , to -w lt, $8 ,0 0 0 ,0 0 0 ,
c h a rg e d to s u rp lu s a c c o u n t, le a v in g th e $ 8 ,0 0 0 ,0 0 0 of p re f. s to c k s of th e
n e w c o rp o ra tio n s In th e tr e a s u ry of th e c o m p a n y . S a id p re f. sto c k s a r e e x ­
c h a n g e a b le fo r a n e q u a l a m o u n t of p re f. s to c k of th is c o m p a n y , w h ich Is
to be r e tir e d w h en e x c h a n g e d . T h is e x c h a n g e Is n o w p ro g re ssin g .
IN C O M E

$ 4 9 5,348

$ 6 5 9 ,3 8 7

$ 1 ,2 8 3 ,3 U

$1,214,081

* T h is co m p rise s e a rn in g s of th e b u sin ess of th e c o m p a n y a s h e re to fo re
c o n s titu te d u p to D e c . 1 1911, a n d e a rn in g s fo rD e c . of b u sin ess now r e ta in e d .
B A L A N C E S H E E T D E C . 31.
1911.
1910.
1911.
1910.
L ia b ilitie s—
Assets—
S
S
S
8
R eal e s t a t e ............11,218,032 19,848,197 Preferred stock. .12,000,000 12,000,000
Supplies, & c____ 3,975,431 6,451,038 Common sto ck . .11,000,000 11,001,700
G .W .Helme pf.stk.c4,000,000 ................ Dlv. on pref., J a n . 180,000
180,000
W ey.-B ru. pf- stk.c4,000,000 ................ I)iv. on com ., J a n . 770,000
880,136
S ecu r-o f o th . cos. 2,503,831 2,528,718 Rcs’d fo ra d v ., Ac. o697,010 2,432,468
C a s h ....... ............... 4,607,534 5,177,081 Bills & accts. p a y . 3.797,992
177,978
Accts. & bills rc c .
975,229
998,258 S u r p lu s ................. 62,835,055 8,331,010

T o t a l ..................31,280,057 35,003,292

T o t a l .............. -.31,280,057 35,003,292

See foot-note b .
After adding $2,008,696 for net am ounts reserved and not used for guaranties,
advertising. Insurance, A c., out of earnings of previous years now taken into surplus
as no longer applicable to the business in Its present form as disintegrated, and de­
ducting $1,000,000 Geo. \V. Helme Co. common stock and S4,000,000 W eymanB ruton Co. common stock, distributed to common stockholders of Amer. Snuff Co.
c This stock is exchangeable for an equal am ount of pref. stock of the A m erican
Snuff Co-, which wi.l be retired to the ex ten t of such exchange.—V. 94, p . 280.
a
b

American Cigar Company.
31 1911.)
The company has issued its first report since that for 1907.
Treasurer Geo. G. Finch says:
{ R e p o r t f o r F i s c a l Y e a r e n d in g D e c .

T h e r e h a s b e e n n o c h a n g e In c a p i t a l s t o c k d u r i n g t h e y e a r , t h e t o t a l
a m o u n t o u t s t a n d i n g b e in g $ 1 0 ,0 0 0 ,0 0 0 p r e f e r r e d a n d $ 1 0 ,0 0 0 ,0 0 0 c o m m o n
s t o c k ; $ 5 ,0 0 0 ,0 0 0 o f t h e 4 % g o ld n o t e s w e r e p a i d a t m a t u r i t y , M a r c h 15
1 9 1 1 , l e a v i n g b a la n c e o u t s t a n d i n g o f $ 5 ,0 0 0 ,0 0 0 .
R E S U L T S F O R C A L E N D A R Y E A R S 1911, 1907 A N D
1911.
1907.
T o t a l e a r n i n g s a f t e r a ll c h a r g e s a n d
m a n a g e m e n t e x p e n s e s , A c _________ $ 1 ,6 1 2 ,8 3 2
N ot
I n t e r e s t o n g o ld n o t e s ________________
2 4 1 ,6 6 6
s ta te d .

N e t ___________
D e d u c t— P r e f e r r e d d i v i d e n d s ( 6 % ) . .
C o m m o n d i v i d e n d ( l H % ) -------------

$ 1 ,3 7 1 ,1 6 6
$ 6 0 0 ,0 0 0
1 5 0 ,0 0 0

$ 1 ,8 8 7 ,0 9 8
$ 6 0 0 ,0 0 0

1906.
1906.
N ot
s ta te d .
$ 2 ,0 8 2 ,3 7 9
$ 6 0 0 ,0 0 0

1911.
N e t sale s a n d o th e r I n c .
N ot
C o st a n d e x p e n s e s -------- r e p o r te d

&C.

1910.

1909.

N o t re a b t.4 8 ,0 0 0 ,0 0 0
p o r te d , a b t.4 2 ,2 0 1 ,9 4 1

1908.
2 9 ,9 8 6 ,9 7 8
2 8 ,7 0 6 ,2 7 3

- 3 ,2 2 5 ,9 1 6
. 1 1 ,1 7 1 ,4 5 5

3 ,9 9 5 ,3 1 0
10,5 1 4 ,8 0 8

5 ,7 9 8 ,0 5 9
8 ,9 4 5 ,7 0 3

1,280,705
10,1 1 4 ,9 9 8

_ 1 4,397,371
) 2 ,8 0 0 ,0 0 0

1 4 ,5 1 0 ,1 1 8
2 ,8 0 0 ,0 0 0
538,664

14,74 3 ,7 6 2
2 ,6 1 0 ,4 1 7
1,61 3 ,5 3 7

1 1 ,3 9 5 ,7 0 3
2 ,4 5 0 ,0 0 0

F in a l s u r p lu s _________ 1 1 ,5 9 7 ,3 7 1

11,1 7 1 ,4 5 4

1 0 ,5 1 4 ,8 0 8

8 ,9 4 5 ,7 0 3

N e t p r o f its _______

D e p re c ia tio n

BA LA N C E SH EET.

1911.
1910.
1911.
1910.
A ssels—
L ia b ilitie s —
$
S
S
8
P lan ts and Invest­
Common s to c k - . . 2 0 , 000,000 29,501,100
Preferred s t o c k .40,000,000 40,000,000
m e n ts____________________ 44,343,121 49,815,150
Capital stock Ayer
B ank lo a n s______ 3,962,400 3,760,400
745,697
418,141
M i l l s , ...............
599,300
99,300 C urrent acco u n ts.
583,333
In v e n to rie s ............ 15,469,315 14,618,299 Acer. dlv. on pf. stk. 583,333
C a s h ___________ 1,211,310 3,726,919 Wood W orsted Mills
const. A eq. notes ........... 1,000,000
Accounts, receiv­
55 18,144,761 Undivided profits. 11,597,371 11,171,455
able, n e t.............. 15,265,755
T o t a l _________76,888,801 86,434,429

T o t a l .................. 76,888,801 86,434,429

—V. 93, p. 1193.

International Silver Co.
31 1911.)
The company reports as follows for the years ended Dec. 31:
{ S ta te m e n t f o r F i s c a l Y e a r e n d in g D e c .

C H A R G E S , A c.
1911.
1910.
1909.
E a r n in g s fo r y e a r --------- $ 1 ,5 9 5 ,8 4 4 $ 1 ,7 8 8 ,4 8 0 $ 1 ,8 8 1 ,5 3 6
I n te r e s t o n b o n d s --------$315 ,8 6 4
$ 3 1 7 ,0 2 0
$ 3 2 1,352
D Ivs. o n p re f. s to c k . _ .( 8 % ) 4 8 2 ,288
(8 )4 8 2 ,2 8 8 ( 5 ^ ) 3 3 1 ,5 7 3
E A R N IN G S ,

1908.
$ 1 ,0 2 9 ,5 5 6
$ 3 2 5 ,4 5 4
(4 )2 4 4 ,5 6 0

$ 7 9 8 ,1 5 2
$799 ,3 0 8
$ 6 5 2 ,9 2 5
$ 5 7 0,014
B a la n c e , s u r p lu s _______
$797,692
$989 ,1 7 2 $ 1 ,2 2 8 ,6 1 1
$459,542
F ro m th e se s u rp lu s e s th e a m o u n ts fo llo w in g h a v e b e e n w r itte n off fo r
d e p re c ia tio n : I n 1908, $199,959 (also $ 1 ,1 6 5 ,5 8 5 fro m tr a d e - m a r k s a n d
p a t e n ts ) ; In 1909, $269 ,9 1 1 ; In 1910, $ 2 9 5 ,7 2 6 (also $45,201 fo r a d j u s t m e n t
in v a lu e re a l e s ta te a n d fix tu re s ); in 1911, $267 ,1 7 3 (also $ 1 7,964 fo r a d ­
ju s tm e n ts of p la n t a n d in v e s tm e n ts a n d $ 1 ,0 0 0 ,0 0 0 fro m tr a d e - m a r k s
a n d p a t e n ts ) .
B A L A N C E S H E E T D E C E M B E R 31.
1911.
1910.
1910.
1911.
Assets—
$
g
$
Lia b ilities —
$
685,362
685.362
P lan ts,p aten ts,A c. 7,158,454 8,086,979 Common sto ck __
Stock on h a n d ___ 4,304,415 4,320,750 Preferred stock — 6,028,588 0,028,588
O ther investments. 1,287,155 1.175.267 F irst m tge. bonds. 3,399,000 3.399.000
1st M. bd3. In treas
2,969
969 D ebenture bonds. 1,867,000 1.807.000
Accts.A notes pay. 1,187,978 1,635,533
SInk.fd.lstM .bonds
60,000
120,572
120,572
C a s h .......................
726,069
86L447 D iv id e n d s ........... ..
Accts. A notes rcc. 3,173,544 3.164.267 S u rp lu s......... .......... 3,424,106 3,875,624
T o t a l ........... ...1 6 ,7 1 2 ,6 0 6 17,611,679
T otal _____ ____16,712,606 17,011,679
Preferred stock Issued, $6,007,500: In treasury, $578,912; outstanding, $6,028,­
588. Common stock Issued, $9,944,700; In treasu ry , $9,259,338; outstanding
Dec. 31 1910, .$685,362.— V. 94. p. 633, 564.

31 1911.)
The net earnings for the year 1911 were Sl,30G,452 (of
which $733,307 were derived from operations and the re­
mainder from the sale of certain properties—see V. 93, p.
1389), against $1,220,397 in 1910.
{ R e p o r t f o r F is c a l Y e a r e n d in g D e c .

P r o f i t f r o m s a le o f s e c u r i t i e s _______
S u n d r y o t h e r p r o f i t s _________ ______
T o t a l ____________

E A R N IN G S , E X P E N S E S ,

Pure Oil Co., Philadelphia, Pa.

B a l a n c e , s u r p l u s f o r y e a r _____ _____
A d d — T o t a l s u r p l u s b e g in n i n g o f y e a r

D e d u ct — D e p r e c i a t i o n In s e c u r i t i e s . .

a n d w o rste d fa b ric s Is s tr o n g a n d e n c o u ra g in g a n d th e Im p ro v e d confi­
d en c e t h a t p e rv a d e s th e m a r k e t Is m a n ife s t in th e llrm e r q u o ta tio n s o n raw
w o o l. E n g a g e m e n ts of w ool in a n tic ip a tio n of th e re q u ir e m e n ts o f th o
c o m p a n y 'h a v e a lr e a d y b ee n m a d e fo r th e co m in g s e a s o n . A c tu a l e x p e ri­
en ce of a y e a r like th e p a s t o n e h a s b een s u c h , o n th e w h o le, a s to w a r r a n t
a c a lm e r fa c in g of th e f u tu r e .
In s u r a n c e .— T h e c o m p a n y c a rrie s fu ll In su ra n c e o n a ll its p ro p e rtie s ,
m a te r ia ls a n d fa b ric s . I n a d d itio n to lire In s u ra n c e , th e c o m p a n y h a s
p r o te c te d th e la rg e p la n ts a t L a w re n c e , M ass., b y policies In su rin g It
a g a in s t lo ss o r d a m a g e b y r io ts . I t Is also p r o te c te d b y In s u ra n c e a g a in s t
co s ts o r d a m a g e s a risin g fro m in ju rie s to Its em p lo y e e s a n d o th e r s .
V a lu a tio n o f P la n t s .— N o tw ith s ta n d in g th e c o m p a n y h a s e x p e n d e d
d u r in g th e y e a r fo r n ew e q u ip m e n t $ 9 6 3 ,4 6 9 , It w ill be o b s e rv e d t h a t th e
v a lu a tio n of th e p la n ts h a s b een re d u c e d fro m $ 4 9 ,8 4 5 ,1 4 9 to $ 4 4 ,3 4 3 ,1 2 0 .
T h is w as m a d e p ra c tic a b le b y ca n celin g 95,011 s h a re s of th o c a p ita l s to c k .
[T h is $9 ,5 0 1 ,1 0 0 co m m o n s to c k w as b o u g h t In fo r th e c o m p a n y a t a n a v e ra g e
p ric e of $31 35 p e r s h a r e . A n a d d itio n a l $ 4 9 8,900 co m m o n s to c k , n e v e r
Issu ed , w as also c a n c e le d , th u s r e d u c in g th e lim it of Issue from $ 3 0 ,0 0 0 ,0 0 0
to $ 2 0 ,0 0 0 ,0 0 0 . Sec V . 92, p . 797, 1 180.— E d .] A t th e la s t m e e tin g
of th e sh a re h o ld e rs it w as v o te d to d is c o n tin u e th e p u rc h a s e a n d r e tir in g
of c o m m o n s h a re s , a n d th e re fo re , n o m o re of th e s h a re s c a n o r w ill be
r e tir e d w ith o u t sp ecial a u th o r iz a tio n .
[As to sale o f $ 2 ,0 0 0 ,0 0 0 g u a r a n te e d n o te s of th o A y e r M ills to re fu n d
Its $ 2 ,0 0 0 ,0 0 0 n o te s d u e J u n e 1 1911 see V . 92, p . 1312.]

ACCOUNT.

1911.
1910.
1909.
1908.
N e t e a rn in g s ________ * $ 4 ,2 9 5 ,7 0 5
$ 4 ,3 4 9 ,8 4 6
$4 ,2 0 3 ,6 5 3
$3 ,4 7 4 ,3 1 9
D lv . o n p re f. ( 6 % ) - $720,000
$720,000
$720,000
$720,000
D Iv . o n c o m m o n - .(2 3 )3 ,0 8 0 ,3 5 7 (2 7 )2 ,9 7 0 ,4 5 9 (2 0 )2 ,2 0 0 ,3 4 0 (1 4)1 ,5 4 0 ,2 3 8
S u rp lu s . .

[V O L . L X X X X I V

$ 7 ,4 2 8 ,5 7 6
_________

T o ta l s u rp lu s e n d of y e a r ------------- $ 7 ,4 2 8 ,5 7 0
— V . 9 2 , p . 1501.

$ 6 ,7 6 4 ,7 7 5

$ 5 ,4 7 7 ,6 7 7

American Woolen Co.
{ R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
President William M. Wood says in substance:

31.
1911.
1910.
$
S
L ia b ilitie s —
7,735,565 Common sto ck __ 4,424,610
971,800
1,936,901 Preferred sto ck __
100,000
241.358 Bills p ay a b le.........
112,651
Accounts payable.
2,603,759 S u rp lu s.................... 4,941,522

BALANC E SH EET DECEM BER

1911.
/I ssels
S
In v est’s (less depr) 6,040,544
W orking f u n d s ...
720,151
Bills re c e iv a b le ...
323,439
Accts. rec., mdse.
and c a sh ............. 3,466,449

1910.
S
4,880,335
1,390,800
1,146,197
377,322
4,722,929

R e s u lts .— T h o u g h th e y e a r 1911 o p e n e d w ith so m e Im p ro v e m e n t In th e
w o o len a n d w o rste d b u sin e ss o v e r th e d e p re s s io n o f 1910, th is w as
T o t a l ......... ........10,550,583 12,517,583
T o t a l _________ 10,550,583 12,517,583
n o t lo n g m a in ta in e d . A t th e s p ecial sessio n o f C ongress c a lle d In M arch
The assets of controlled companies over their liabilities were $257,332 In 1911,
1911 th e w ool a n d w o o len ta riff b ec am e a s p ecial ta r g e t of a t ta c k , a n d
against S529.242.—V. 93, p. 1389.
m e r c h a n ts w ere th e re b y d is c o u ra g e d from m a k in g s u b s ta n tia l a n tic ip a te d
p u r c h a s e s . T h e s p rin g a n d s u m m e r m o n th s w ere c h a ra c te riz e d b y a w eak
Knickerbocker Ice Company, Chicago.
a n d h e s ita tin g m a r k e t, se rio u s ly a ffe c tin g th e p ro d u c tio n of a ll d o m e stic
m ills.
{ R e p o r t f o r F is c a l Y e a r e n d in g D e c . 31 1911.)
H o w e v e r, th o E x e c u tiv e v e to In A u g u s t of th e h a s tily e n a c te d le g is la tio n
b y C o ngress b ro u g h t a n Im m e d ia te c le a rin g o f th e b u s in e s s o u tlo o k . D em a n d
President John S. Field, Chicago, March 1 1912 wrote:
fo r w o o len a n d w o rste d fa b ric s s te a d ily In crea se d In th e a u tu m n m o n th s ,
a n d t h a t p a r t of th e m a c h in e ry w hich h a d b e e n Idle th r o u g h o u t th e d u ll
R e s u lts .— T h e e a rn in g s w e re la r g e r t h a n fo r 1910; b u t p re d ic tio n s fo r th e
s u m m e r w as a g a in a c tiv e ly e m p lo y e d . T h o u g h th is Im p ro v e m e n t cam e
y e a r b a s e d o n th e v e r y h ig h te m p e r a t u r e p r e v a ilin g d u r in g th e e a rly p a r t
to o la te to c o m p e n s a te fo r all th e b u sin ess t h a t h a d b e e n lo s t, th e y e a r of th e se a so n w ere n o t fu lly re a liz e d o n a c c o u n t of th e la rg e ly d e c re a s e d
clo sed m o re s a tis fa c to rily th a n h a d b een th o u g h t p o ssib le . T h e s tro n g
d e m a n d fo r Ice r e s u ltin g fro m th e less f a v o ra b le w e a th e r of th e la tte r h a lf.
re s o u rc e s of th e c o m p a n y a n d th e w ide ra n g e o f fa c ilitie s a ffo rd e d b y its
E a rn ln g 3 fro m th e m a te ria l d e p a r tm e n t w ere la rg e ly re d u c e d o n a c c o u n t of
35 m ills, w ith th e ir u p -to -d a te e q u ip m e n t, h a v e a g a in b e e n p ro v e d .
a s tr ik e In th e b u ild in g tr a d e s , w h ich re s u lte d In a s u sp e n sio n of b u ild in g
A c q u is it io n .— T h e c o m p a n y h a s been f u r th e r re in fo rc e d b y th e a c q u is i­
o p e r a tio n s d u r in g a larg e p a r t of th e b u ild in g se a so n .
tio n o f th e R o c h d a le W oolen M ills In M a s sa c h u s e tts, fa m e d fo r th e ir c a rd e d
T h e p o lic y of m a in ta in in g th e p ro p e r tie s h a s b e e n c o n tin u e d a n d th e
w o o len fa b ric s . T h is p la n t, in e x c e lle n t c o n d itio n , w ith th e b e s t of Its a m o u n t of $260,224 h a s b ee n u sed fo r th is p u rp o s e a n d d e d u c te d fro m th o
m a c h in e ry , h a s b ee n p u rc h a s e d a t a m o s t fa v o ra b le p ric e , a n d Is n o w In e a rn in g s . P r e f e r r e d d iv id e n d s N o. 24 a n d N o . 25 of 3 % w ero p a id .
o p e r a tio n . I t Is a n Im p o rta n t a d d itio n to o u r fa c ilitie s .
O u tlo o k .— A t th is w ritin g Icc fo r th e co m in g y e a r ’s b u s in e s s h a s b ee n
S t r i k e .— S in ce th e close o f th e y e a r, a s e rio u s la b o r d is tu rb a n c e h as
h a r v e s te d , a n d , fo r th e s eco n d tim e In f o r ty y e a rs , w as g a th e r e d In c o n ­
o c c u rre d In th e W a sh in g to n , W o o d , A y e r a n d P ro s p e c t m ills o f th is co m ­ tin u o u s ly fre e z in g te m p e r a tu r e . T h e a d d e d e x p e n se of h a n d lin g Ice of
p a n y , a s w ell as In all th e m ills of o th e r m a n a g e m e n ts a t L a w re n c e , M ass. su ch u n u s u a l th ic k n e s s as th e e x tr e m e ly co ld w e a th e r p ro d u c e d Is so m e ­
T h r o u g h o u t th is tro u b le th e c o m p a n y h a s m a in ta in e d Its p o licy of g r a n tin g
w h a t c o m p e n s a te d fo r b y Its e x t r a o r d in a r y p u r it y a n d h a rd n e s s , m a k in g
a h e a rin g a t a n y tim e to a n y of Its ow n em p lo y e e s w h o m ig h t c a ll u p o n
It, th e re fo re , m o s t a c c e p ta b le fo r d o m e stic use; a n d v a s tly s u p e rio r to
th e r e s id e n t re s p o n s ib le a g e n ts . I t s h o u ld be u n d e rs to o d t h a t th e m ills m a n u f a c tu r e d Ice f o r c o o lin g p u rp o s e s . T h is c o n d itio n will r e s u lt in th e
a t L a w re n c e p a y w ages a s h ig h a s a re g iv e n fo r th e s a m e k in d of w o rk s u b s titu tio n In m a n y In sta n c e s of n a tu r a l Ice fo r a r tific ia l re f r ig e r a tio n a n d
a n y w h e re else In th e U n ite d S ta te s , a n d s u b s ta n tia lly tw ic e a s h ig h a s a re
w o u ld In d ic a te th a t th e y e a r 1912 w ill b e o n e of s a tis f a c tio n b o th to th e
p a id In th e m o s t f o r tu n a te c o u n trie s of E u ro p e .
c o m p a n y a n d Its c u s to m e rs .
T a r i f f .— E v e n If ta riff a g ita tio n Is re n e w e d In th e p re s e n t sessio n of
A c o n tin u a n c e of th e p r e s e n t a c tiv i ty in b u ild in g o p e ra tio n s a n d fillin g
C o n g ress, It Is p ro b a b le t h a t th is ca n s c a rc e ly h a v e a s s e v ere a n e ffec t l s a n d re q ire m e n ts fo r p ro p o s e d tr a c k e le v a tio n s h o u ld r e s u lt In p ro d u c in g
u p o n A m e ric a n b u sin e ss a s It h a d In 1911. T h e p re s e n t d e m a n d fo r w o o len ' a t le a s t th e u s u a l e a rn in g s In th is d e p a r t m e n t d u r in g 1912.




THE CHRONICLE

M a r . 9 1 9 1 2 .]

American Radiator Co., Chicago.
(R e p o r t f o r F i s c a l Y e a r e n d in g J a n . 31 1912.)
Pres. Clarence M. Woolley, March 6 1912, wrote in brief:

P la n t s .— T h e c o m p a n y ’s fa c to rie s In C h ic ag o w ill o n th e c o m p le tio n of
th r e e n ew p la n ts a b o u t A p ril 1 h a v e a c a p a c ity of n e a rly 1,000 to n s■p ci
clay. T h e W isc o n sin re s e rv e h o u ses a re now b e in g p a r tia lly u t lzca to
s u p p ly Ice to n e a r-b y c itie s a n d t o w n s . w h o se c o n tin u o u s g ro w th w ill g ia u u
a lly c o n v e rt th e e x p e n se s of c a r r y i n g th e s e p la n ts in to a p ro c.
D a ir v F a r m s .— T h e s a tls f a c tr o y re s u lt of th e first fu ll
. r ^ o .iiUk
o f th e Ice-c ream d e p a r t m e n t a n d th e n e c e s s ity of h a v in g Ig h -g rad o mine
a n d c re a m p r o d u c e d u n d e r s tr ic tly s a n ita r y m e th o d s f o r 'u s e In th is c o n
n e c tlo n . h a s b e e n so a p p a r e n t t h a t th e m a n a g e m e n t hasi d e d d e d .to ^ u tiliz e
th e c o m p a n y ’s v a rio u s fa rm s In N o r th e r n Ih ln o la 'a n d S o u t■
• u a n tv
fo r th e e s ta b lis h m e n t of d a iry fa rm s fo r th e p ro d u c tio n i of a s u p e rio r^ q u a lity
of m ilk a n d c re a m fo r th is p u rp o s e , a n d su ch use: w in [also a d d Ja ig e iy to
th e fe r tility of th e soil. T o t h a t e n d . d u rin g th e p a s t fa ll th e r e w w i n
s ta lle d a t o u r .L a k e la n d F a rm h c a ^ C r y s t a ^ L a k e ^ H I., a j a r g e J i e r

m t t o n f y b ee n s e lf-s u s ta in in g , b u t h a s sh o w n ® s

u

b

s

t

‘of th e

sy & a u w K ,sa

to b e Issued1 f o ? p ro p e rtie s a c q u ire d fo r f u tu re e x te n s io n of th e b u sin e ss
to no issu eu lo i
1)V .(lc m o rtg a g e . T h e m o n e y s re c e iv e d fo r
^ ned bronrd ^ o ld ° w e re P u0sedfodr th e p u rp o s e o t re tir in g all of t h e o ld p u ts ta n d fn p
m o rtg a g e b o n d s a n d c o lla te ra l n o te s a n d th e c a n c e lla tio n of a ll
re fu n d in g m o rtg a g e b o n d s a n d also p ro v id in g a s u b s ta n tia l
w o r k in a c a p ita l
T h is re d u c e s th e b o n d e d d e b t to t h e o n e Issue of first
m o rtg a g e b o n d s. d a te d J u ly 1 1911 a n d p la ces th e c o m p a n y In a s tio n g
n o d tlo ii (V . 03. p . 50, 349. 411; V . 92, n . 1503.)
fl A w Jft — A n a u d it of th e b o o k s of th e c o m p a n y for th e y e a r 1910 a n d a n
a n n ra ls a l of its p ro p e rtie s as of D ec. 31 1910 w as m a d e b y th e A u d it
C o m p a n y of N ew Y o rk . O u r p u b lis h e d s ta t e m e n t of e a rn in g s fo r t h a t
v e a r w a s v erified b y t h a t c o m p a n y , a n d its v a lu a tio n s o f o u r p ro p e rtie s
(w hich w e h a v e sin ce a d o p te d ) m o re t h a n c o n firm e d v a lu e s p re v io u s ly
c a rrie d o n o u r b o o k s. T h e p ro p e rtie s w ere fo u n d to b e in good c o n d itio n .
R E S U L T S F O Il

Y E A R S E N D IN G

N e t e a rn in g s -----------------D e d u c tio n s —
207,594
I n t.o n bds„ coll, notes,& c,
R e s e rv e fo r ta x e s , &o 11,035
R e d e m p . of coll. t r . n o te s
P re f e r r e d d iv id e n d _____ (6 )1 7 9 ’.700

1908.
$
407,552

181,141

1 7 1 ,7 4 9
1 3,000

"26,468
(6) 179,700*(4 H ) 134580

T o t a l ________________
398,989
151,287
S u rp lu s fo r y e a r . .......... P re v io u s s u r p lu s ------------ 1,790,231
A p p ro p . fo r c a p ita l In v est.
-------- R e a liz e d fro m d lv . w a r’s.
7°
T o ta l s u rp lu s D ec. 3 1 .

31.
1909.
$
789 ,8 8 7

DECEMBER

1910.
$
461,355

1911.
$
550,270

1,94 1 ,5 9 4

(6)179,889

387,317
74,038
704,387
951,800

342,189
447,698
310,689

364,038
4 2 ,914
2 7 3 ,7 7 5

1,790,231

764,387

310,689

♦ T he p ro f. d lv . In 1909 w as 4 > $ % , p a id O ct

1 1909 fo r n in e m o n th s .

BALANCE SH EET DECEMBER

31.

1911.
8
4.000.
Common
s
to
c
k
__
P la n t . .................12,569,086 11,505,920
1,000 Preferred s t o c k ... 3.000.
1st M. bds. In treas.
44,130 B onds...................... 4,300,000
Kef. M. bds. sink, fd................. 99,032 0% coll, gold notes
I n v e s tm e n t..........
36,663
217,643
In v e n to rie s ........... 1 421,362 / 302,943 R e s e rv e s ................
N otes p ay a b le___
30,250
l
145,203
Ice h a rv e s t.........../
113,170 Accounts p ay a b le.) 208,074
241,323
C a s h .......................
Notes re c e iv a b le ..) 429,727 / 28,457’ P a y -ro lls ................/
l 363,924 Interest a c c ru e d ......................
Accts. receivable./
Com. dlv. (w arrants)
-----­
S u r p lu s .................. 1,941,594
1911.

1910.

S

A fr e ts

L ia b ilitie s —

S

T o t a l ................. 13,698,161 12,604,445

1910.
S
4.000.
000
3.000.
000
1.982.000
1.300.000
117,370
39,107
/ 163,401
) 59,655
74,437
78,244
1,790,231

S to c k D iv id e n d .— F o r m a n y y e a rs n o d iv id e n d s w ere p a id o n th e c o m m o n
s to c k , th e h o ld e rs th e r e o f a p p r o v in g o f th e p o licy of c o n s e rv a tio n u n til su ch
tim e as th e p ro fits th u s re s e rv e d w o u ld e n a b le th e c o m p a n y to b e p la c e d in
a s tr o n g fin a n c ia l p o s itio n .
T h e b o a rd o f d ire c to rs a t Its la s t m e e tin g , b e lie v in g th e tim e h a d a r r iv e d
w h en a m o d e ra te p o r tio n of th e re s e rv e d p ro fits c o u ld b e d is tr ib u te d to th e
h o ld e rs of th e co m m o n s to c k , w ith o u t p re ju d ic e to th e m a in te n a n c e of
e x is tin g fin a n cial p o lic ie s,d e c la re d a 10% d iv id e n d s , p a y a b le In th e c o m m o n
s to c k M arch 3 0 . (V . 9 4 , p . 353.)
,
.
,
.
R e s u lts .— T h e y e a r j u s t clo sed h a s b e e n o n e of m o d e r a te b u sin ess d e p re s ­
s io n b u t th e n u m b e r o f n ew b u ild in g s c o n s tr u c te d th r o u g h o u t th e c o u n tr y
w as g r e a te r th a n th e p re c e d in g y e a r. D ue to th is c o n d itio n , a la rg e r v o lu m e
o f n ew b u sin ess w as a v a ila b le fo r th is lin e o f I n d u s tr y . T h e lo w er c o s t of
r a w m a te r ia ls e n a b le d th e c o m p a n y c o n s is te n tly to e s ta b lis h r e d u c e d sellin g
p ric e s t h a t f u r th e r e n c o u ra g e d th e g ro w th of th e b u sin e ss a n d p ro m p te d
m a n y o w n ers of o ld b u ild in g s to ta k e a d v a n ta g e o f th is o p p o r tu n ity to Im ­
p ro v e th e ir p ro p e rtie s b y In s ta llin g m o d e rn s y ste m s of h e a tin g .
Im p r o v e m e n ts .— T h e c o m p a n y h a s c o n tin u e d to m a k e p ro g re ss In th e
r e fin e m e n t of m a n u f a c tu r in g m e th o d s , a n d th e e n la r g e m e n t of c a p a c ity .
F o r e ia n B u s in e s s .— T h e E u ro p e a n b u sin e ss c o n tin u e s to p ro s p e r.
T h e G e rm a n c o m p a n y h a s h a d a su ccessfu l y e a r. T h e v o lu m e of b u sin e ss
a n d th e n e t p ro fits w ere In ex cess of th e p re c e d in g y e a r . T h e c o m p a n y h a s
tw o fa c to rie s , o n e a t S c h o c n e b e c k o n th e R iv e r E lb e , to s u p p ly th e e a s te r n
p a r t o f t h a t c o u n tr y , a n d o n e a t N eu ss o n th e R iv e r R h in e , th e w e s te rn
s e c tio n . T h e la t t e r p la n t w as e n la rg e d d u r in g th e y e a r.
T h e F re n c h c o m p a n y w ith its p la n t a t D ole h a s In crea se d th e v o lu m e
o f b u s in e s s a n d p ro fits d u r in g th e p a s t y e a r.
.
,
T h e E n g lis h c o m p a n y h a s lik ew ise e x p e rie n c e d a y e a r o f g ro w th in
v o lu m e a n d In n e t p ro fits. A s u b s ta n tia l in c rease In p r o d u c in g c a p a c ity
w as p ro v id e d b y th e e n la r g e m e n t o f th e w o rk s a t H u ll, fro m w h ich p o in t
e x c e lle n t s h ip p in g fa c ilitie s a r e a v a ila b le f o r th e tr a d e It se rv e s In G re a t
B r ita in , T h e N e th e rla n d s , S c a n d in a v ia , S o u th A m ., A fric a a n d th e O rie n t.
T h e I ta lia n c o m p a n y w ith Its p la n t a t B rescia, w h ich w as c o m p le te d la s t
y e a r, Is In su ccessfu l o p e r a tio n . T h e v o lu m e o f b u sin ess h a s In crea se d a n d
c o n s is te n t e a rn in g s h a v e b ee n r e a liz e d . T h e o u tlo o k In I ta ly Is g r a tif y in g .
D u rin g th e y e a r a c o m p a n y w as o rg a n iz e d In A u s tr ia a n d c o n tr a c ts le t fo r
th e c o n s tr u c tio n o f a fa c to r y a t W ie n e r - N e u s ta d t, 30 m iles fro m V ie n n a .
T h is f a c to r y w ill b e re a d y fo r o p e r a tio n e a rly In 1913.
T h e g e n e ra l m a n a g e m e n t o f th e E u ro p e a n c o m p a n ie s Is c o n d u c te d fro m
a n e x e c u tiv e o ffic e in P a ris , w h ere a n ew b u ild in g Is b ein g c o n s tr u c te d to
se rv e as h e a d q u a r te r s fo r th e F re n c h c o m p a n y a n d a s g e n e ra l offices fo r th e
o ffic ials of th e s e v e ra l c o m p a n ie s In E u r o p e . T h is b u ild in g w ill b e r e a d y
f o r o c c u p a n c y d u r in g th e c o m in g s u m m e r.
.
T h e E u r o p e a n c o m p a n ie s a re o w n e d in to ta l b y tills c o m p a n y . T h e
o rig in a l I n v e s tm e n t o n ly Is in c lu d e d In th e re a l e s ta te a n d p la n t Ite m in th e
fin a n c ia l s ta t e m e n t h e re w ith p r e s e n te d . N o d iv id e n d s h a v e b ee n d e c la re d
b v th e s e c o m p a n ie s , th e p ro fits h a v in g b ee n u tiliz e d fo r e x te n s io n s to th e ir
b u s in e s s . S u ch In co m e, th e re fo re , Is n o t In clu d ed In o u r b a la n c e s h e e t.
R E S U L T S F O R Y E A R S E N D I N G J A N U A R Y 31.
1 9 1 1 -1 2 .
1910-11.
1 9 09-10.
1908-09.
T r a d in g p ro fits
- - $ 1 ,3 1 2 ,0 5 2 $ 1 ,1 9 7 ,5 1 7
$ 9 7 1 ,6 0 0
$901,254
7 % d lv o n p r e f " sto c k ___ $210,000
$ 2 1 0,000
$210 ,0 0 0
$ 2 1 0,000
D l v . o n c o m m o n s t o c k . . (1 0)615,000
(1 0)569,000 (8 )4 0 0 ,0 0 0 (6)3 0 0 ,0 0 0
000
000
B a la n c e , s u r p lu s ______ $487,052
$418,517
$ 3 6 1 ,6 0 0
$ 3 9 1 ,2o4
B A L A N C E S H E E T J A N . 31
1912.
1911.
1911.
1912.
S
Liabilities—
$
A9
.
S
♦ P la n ts,p at’ts.& c. 9,699,359 9.837,762 Stock, p re fe rre d .. 3,000,000 3,000,000
C a s h ....... ............... 1,607,121 1,115,058 Stock, com m on__ 6,150,000 0,150,000
111,396 Accounts and bills
286,971
Notes receivable. .
336,045
p a y a b le ......... ..
328,412
Accts. receivable 2,401,604 1,911,726
Supplies ................ 1,490,577 2,030,270 B a la n c e _________ 6,007,220 5,520,167

T o tal ..................13,698,161 12,604,445

American Bank Note Company.
1 e a r e n d in g D e c . 31 1911.)
President Warren L. Green says in substance:
(R e p o r t f o r F i s c a l

b 0 [°Thot ¥ a nm phfent y r e p o r t1 c o n l a T n f iian d so rn e p ic tu re s o f th e c o m p a n y ’s
p la n ts In N . Y . C ity , C hicago, P h ila d e lp h ia a n d O tta w a .]

A p p ro p ria tio n s , & c-----I n t . o n s to c k s u b s c r ip .P r e f . d iv id e n d s ( 6 % ) ---C om m on d iv id e n d s (4% )
D lv s . on s h a re s o f c o n ­
s tit u e n t co s. o u ts ta n d ’g

1911.

1910.

1909.

1908.

$693,502
16,595

$716,520
35,084

$664,581
41,553

$376,130
4 1 ,8 3 6

$710,097

$751,604

$706,134

$ 4 1 7,966

j/$160,000

$145,000

269,738
179,826

269,735
179,822

$139,000
19,000
247,288
164,825

239,8 2 6
159,884

8

1,055

1,048

90

$609,572
$100,525

$595,612
$155,992

$571,161
$134,973

$399,800
$ 1 8,166

.. I n c l u d e s a p p r o p r i a t i o n s f o r d e p r e c i a t i o n o n I n v e s t m e n t s ,
fo r p e n s io n f u n d , $30,000; f o r i n s u r a n c e f u n d . $ 1 0 ,0 0 0 .
C O M B IN E D B A L A N C E S H E E T D E C .

1911.
S

Assets —
Real estate, bldgs.,
machinery, A c. 8,747,012
M at’ls & suppl’s &
work in progress 1,104,538
Accts. receivable.
878,901
N otes receivable..
10,528
M arketable Invest.
2,543
C ontract deposits.
65,654
Special d e p o sits..
89,288
Cash ___________
546,142
D eferred charges.
9,913

1910.
S
8,385,553
903,114
1,021,204
40,102
43,518
05,000
82,387
477,559
17,640
11,126,407

— V . 94, p . 353.




$120,000

31.

1911.
S
Preferred sto ck __ 4.495,888
Common sto ck __ 4,495,898
Shares of constlt.
cos.not held byA.
14,367
B .N .C .(b’k val.)
325,499
Acc’ts p ay ., &c__.
Bills p ayable.........
760,000
R e s e rv e s ...............
235,500
S u r p lu s .................. 1,127,367
Lia b ilitie s —

T o t a l ..................15,485,632 15,006,212

Hart, Schaffner & Marx, Chicago.
12 M o n th s e n d in g D e c . 31 1911.)
At the annual meeting in N. Y. City on January 22
President Harry Hart said in substance:
{R ep o rt f o r

C horine in N a m e .— O n J u n e 17 1911 th e U n ite d B a n k N o te C o rp o ra tio n
a s s u m e d th e n a m e o f th e A m e ric a n B a n k N o te C o. A t th e sa m e tim e th e
su b sid ia rie s ce ase d to e x is t a s su ch b u t h a v e b e e n c o n tin u e d a s b ra n c h e s
R es u lts —-The d e p re s s io n a n d g e n e ra l feelin g of u n r e s t w h ich p e rv a d e d
b u s in e s s a n d fin a n c ia l circles in th e U n ite d S ta te s d u rin g th e p a s t y e a r w as
l a r g e l^ rcfle o tc d in o u r d o m e s tic b u s in e s s . T h is w as e sp e c ia lly n o tic e a ­
ble d u rin g th e first six m o n th s . A s e v id e n c in g th is c o n d itio n , a s c o m p a re d
w ith 1910, th e r e p r i n t o rd e rs fo r s to c k c e rtific a te s show a d e c re a se of J 4 /o T h e fo reig n b u sin ess, h o w e v e r, h a s sh o w n a s a tis fa c to ry In crease 0VC1'V .,*,*'
P l a n t s __D u rin g th e p a s t y e a r a ll o f th e p la n ts o f th e company w ith in
th e ra d iu s o f N ew Y o rk C ity W ere m o v e d a n d c o n c e n tra te d In th e n ew
h iilld in c s In th e B o ro u g h of th e B ro n x . T h is v ir tu a lly re s u lte d In th e se
p la n ts being o p e ra te d a t th e ir n o rm a l c a p a c ity o n ly ele v e n m o n th s of th e
S e a r In s te a d o f tw e lv e . I n Its c o n s tru c tio n a n d e q u ip m e n t th e B ro n x
're p re s e n ts to -d a y th e m o s t m o d e rn , e ffic ie n t a n d a d v a n c e d ty p e
C o w n PT h o T r i n ity P la c e p ro p e rty , n o w v a c a n t c o n s is tin g o f te n lo ts
Im m e d ia te ly in th e r e a r o f T r in ity C h u rc h , h a s n o t y e t b ee n s o ld , b u t th e
a n d a n d b u ild in g s s itu a te d a t th e c o rn e r o f 83d S t . a n d th e E a s t Itlv e r ,
f o rm e rly o c c u p ie d b y th e I n te r n a tio n a l B a n k N o te C o., h a v e b een s o ld .
T h e r n a n a r e m e n t h a s also d ec id ed , ow ing to local c o n d itio n s to rem o v e o u r
I t a l i a n S f a n t i n th e sam e m a n n e r, a n d a re se rv e o f $120,000 h a s b een s e t u p
to* ac co m p lish th is e n d . A ll o u r re a l e s ta te c o n tin u e s free fro m m o r tg a g e .
t0 outtoo/t — 'T h e c o n d itio n o f b u sin ess a t th e close o f th e y e a r w as m o s t s a tis ­
f a c to r y
A t t h a t tim e we h a d a g re a te r a m o u n t of u n filled o rd e rs o n o u r

D e d u ct —

T o t a l ..................15,485,632 15,006,212

* A fter deducting 8300,000 for depreciation In 1912, against $200,000 In 1911
—V. 94, p. 353.

— V. 93, p. 411.

P ro fits o v e r ex p e n se s , re ­
p a irs a n d d e p re c ia tio n
M lsc ., less In te re s t p a i d .

695

1910.
S
4,496,200
4,496,194
13,590
540,733
552,849
1,026,841

T o t a l .................. 11,454,519 11,120,407

O u r firs t y e a r sh o w s a m o s t s a tis f a c to r y v o lu m e o f b u s in e s s . T h e n e t
p ro fits, h o w e v e r, n e c e ssa rily sh o w a re d u c tio n b ec au se o f th e e x t r a o r d in a r y
c o n d itio n s w h ich h a v e p re v a ile d d u r in g th e p a s t y e a r, d u e to th e g a r m e n tw o rk e rs ’ s tr ik e In C h icag o , a p o s itiv e b asis fo r th e s e ttle m e n t of w h ich w as
o n ly re a c h e d w ith th e sig n in g o f a n a r b i tr a ti o n a g re e m e n t o n M ch . 13 1911.
T h e d ir e c t c o s t a n d losses of th e s tr ik e u p to N o v . 26 1910, u n d e r th e
c o n tr a c t of p u rc h a s e , w ere b o rn e b y th e o ld c o - p a r tn e r s h ip . B u t, e x c lu siv e
o f th e se d ir e c t lo sses, th e In d ire c t losses d u e to th e s tr ik e h a v e b e e n v e r y
la rg e , a n d th e s e a re b o rn e b y th e n ew c o m p a n y . T h e s tr ik e a lso c a u se d
th e 1911 s p rin g d eliv eries to fall s h o r t o f o rd e rs b y a b o u t $ 1 ,0 0 0 ,0 0 0 .
lh ls
Is th e o n lv s tr ik e I l a r t , S c h a lfn e r & M arx h a v e h a d sin ce 1896.
O u r fin a n c ia l a ffairs a re In s p le n d id c o n d itio n a n d th e r e Is n o In d e b te d n e s s
e x c e p t fo r c u r r e n t b ills.
R E S U L T S F O R 12 M O N T H S E N D I N G D E C . 31 1911 A N D
YEARS
1909-10, A C .
Y ea rs e n d in g about N o v . 2 8-------------12 M o s . to
1906-07.
1907-08. ' 1908-09.
1909-10. D e c . 31 ’l l .
Slip**
S10 7^2 485 $11 152,746 $ 1 4 ,0 7 8 ,3 2 7 $ 1 5 ,2 3 4 ,5 0 8 $ 1 5 ,0 1 2 ,8 4 8
Net profits".^10 9 3 7 !057
9 0 ^ 6 5 8 ? i : 3 57,990
937,3 8 1
4 3 0 .2 8 0
T h re e q u a r te r ly d iv id e n d s a t r a t e o f 7 % p e r a n n u m o n p re f.)
266,0 0 0
s to c k (c o m p a n y b e g a n b u sin e ss M ay 25 1 911---------------------r
________________________________________ >
O th e r d e d u n tlo n s
B a la n c e c a rrie d fo rw a rd to s u r p lu s ----------- ----------- —
.__ ■$ 1. 6 4,280
N o t e .— R e s u lts fo r 1910-11 as a b o v e a re sh o w n a f t e r c h a ig in g n o t o n ly
o p e r a tin g , sellin g , a d m in is tr a tio n a n d g e n e ra l e x p e n se s , b u t also sp ecial
s tr ik e e x p e n se s .
I T E M S F R O M G E N E R A L B A L A N C E S H E E T O F D E C . 31 1911.
A ss e ts, ex c lu siv e of g o o d -w ill, tr a d e n a m e s a n d t r a d e - m a r k s ------ $ 5 ,7 3 3 ,3 3 0
T o ta l c u r r e n t lia b ilitie s ----------------------------------- ------------- -------------484
T h e c o rp o ra tio n h a s re tire d b y p u rc h a s e d u rin g th e p a s t y e a r o()0
s h a re s of Its p re f. c a p ita l s to c k , a t a c o s t of $ 5 0 ,896. m a k in g th e a m o u n t
o u ts ta n d in g , $ 4 ,9 5 0 ,0 0 0 : co m m o n s to c k . $ 1 5 ,0 0 0 ,0 0 0 . C o m p a re v . 9 2 ,
p . 1181, 1376, 1439.— V . 94, p . 282, 126.

Union Natural Gas Corporation, Pittsburgh, Pa.
{ R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
Pres. T. N. Barnsdall, Pittsburgh, Pa., Feb. 13, wrote:
S in ce th e la s t a n n u a l r e p o r t, y o u r c o m p a n y , th ro u g h its u n d e rly in g c o m ­
p a n ie s , h a s a c q u ire d 177,685 a c re s of new oil a n d g as leases a n d .s u rre n d e re d
149,692 a c re s t h a t h a v e p ro v e n u n p ro d u c t v e, a n d now h o ld s 4 ®^.253 a c re s.
I n a d d itio n , y o u r c o m p a n y ow ns a o n e -h a lfIn te re s t I n
l ac re s In W e st
V irg in ia , th ro u g h Its o w n e rsh ip of a stools I n t h e ) R£ s®™e Gas_Co
D u rin g th e y e a r y o u r c o m p a n y h a s d rille d 104 w ells, or w m en 74 w ere
g as w ells 2 w ere oil w ells a n d 28 w ere u n p ro d u c tiv e , a n d n o w l as a. t o t a l «of
9 oil w ells in O hio. 635 g as w ells In
a n d I c n n ., a n d , th r o u g h
its stn o k in th e R e se rv e G as C o., a o n e-h alf In te re st In 303 w ell in w . V irg in ia.
T h e re w ere laid In field lines 3 2 .0 m iles; In m a in lines 16.9 m iles; in e x te n ­
sio n s in c itie s a n d to w n s 33.8 m iles; a to t a l of 83.3 m iles of p ip e .
T h re e a d d itio n a l u n its , of 325 h .p . e a c h , d ire c t c o n n e c te d g a s-e n g in e
g a s co m p re sso rs, w ere In s ta lle d In th e M cK in le y s ta tio n fo r u se o n th e
l r a d f o r d Pa n d W a rre n tr a n s p o r ta tio n lin es. T h e p rln lc p a l p a r t of th e n v p ftrn e n t h o w e v e r h a s b ee n In c o n n e c tio n w ith th e N o rth e rn O h io field,
t h e p ro d u c in g a r e a of w h ich h a s b ee n v e ry m a te ria lly e x te n d e d d u rin g th e
y e a r a n d a la rg e Increa se in a c re a g e a n d v o lu m e of g as a c q u ire d
I t is th e
p u rp o s e to o b ta in a d d itio n a l m a rk e ts fo r th e In crea se d s u p p ly o f g as.
& ew c o n s u m e r fo r y e a r, 3.812; to t a l c o n su m e rs a t close of y e a r, 94 .6 1 5
[T he u n d e rly in g c o m p a n ie s a re s u p p ly in g th ro u g h th e ir o w n d is tr ib u tin g
s y ste m s g as to B ra d fo rd a n d W a rre n in P e n n s y lv a n ia a n d th e to w n s in

696

THE CHRONICLE

O h io m e n tio n e d In V . 00, p . 1485; .also In C h a u n c e y , E d iso n , F re n c h C ree k ,
L itc h fie ld a n d S y c a m o re . " T h e y a re also d e liv e rin g a t th e c i ty lim its a n d
s u p p ly in g g a s o n a fa v o ra b le p e rc e n ta g e b asis, th ro u g h d is tr ib u tin g sy ste m s
o w n ed b y o th e r c o s ., In S a n d u s k y , D ela w are , D a y to n a n d L a n c a s te r , O .” ]
O P E R A T IO N S

O F T IIE C O R P O R A T IO N A N D IT S
U N D E R L Y IN G
C O M P A N IE S F O R C A L E N D A R Y E A R S .

1911.
G ro ss e a rn .,g a s ,c le c .,A c . 5 3 ,7 79,005
O p c r. e x p ., Incl. ta x e s ,
d rillin g , r e n ta ls , ro y ­
a ltie s , A c......................
1,447,958
G as A e lc c . p u r c h a s e d - 699,470

1910.
5 3 ,6 01,380

1909.
5 3 ,4 7 3 ,4 4 2

1903.
5 3 ,3 7 7 ,1 1 7

1,289,589
595,280

1,134,401
437,602

1,067,450
4 0 4,946

N e t Inc. fro m o p c r ___ 5 1 ,6 3 2 ,2 0 7
I n te r e s t on b o n d s , A c .5240,695
D iv id e n d ( 1 0 % ) -----------900,000
D e p re c ia tio n __________
42 6,8 95

5 1 ,7 10,511
8 2 1 8,525
900,000
525,797

81 ,9 0 1 ,4 3 9
5235,891
900,000

81,90 4 ,7 2 1
5250,705
900,0 0 0

5 1 ,5 0 7 ,5 9 0
564,677

81 ,6 4 4 ,3 2 2
572,189

51,135,891
8 1 ,1 5 0 ,7 0 5
5765,548
5754,010
B A L A N C E S H E E T D E C . 31.
1911.
1910.
1911.
Assets—
In a b ilities —
$
$
S
'In v estm en t” . *17,232,476 17,107,934 C apital s to c k ____ 9,000,000
lionds, “U nion” , . 1,500,000
U nderlying bonds. 1,082,000
N et acets. payable
773,669
T otal surplus____ 4,876,807
S u rp lu s

...

T o t a l .............. 17,232,476

17,107,934

T o t a l __

.17,232,470 17,107,934

* A fte r d e d u c tin g 5952,691 fo r d e p r e c ia tio n .— V . 94, p . 491.

Guggenheim Exploration Co., New York.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 30 1911.)
Pres. Daniel Guggenheim, New York, Dec. 30 1911, wrote:
A n a ly s is o f w ith in s ta t e m e n t sh o w s s u rp lu s o f 5 2 3 ,4 7 4 ,1 7 8 , a n In crease
o f 5 8 ,3 4 9 ,5 8 9 fo r th e y e a r. O f th is Increase 86 ,7 4 7 ,1 4 9 re p re s e n ts n e t p ro ­
ce ed s from th e sale of A m e ric a n S m e lte rs S e c u ritie s C o. c o m m o n sto c k .
T h e fo llo w in g ta b le show s fo r th e la s t th re e y e a rs , th e to t a l p ro fits p e r
s h a re , p ro fits In ex c ess o f d iv id e n d s a n d to t a l s u rp lu s a t e n d of y ea r;
Y e a r e n d in g —
% P r o fit.
D ie s . P a id . Y e a r 's B a t ., S u r . T o ta l S u r p .
D ec. 31
1909
.- .1 1 .0 %
8 2 ,0 7 4 ,8 4 0
5213,376
813 ,8 5 7 ,0 6 5
D ec. 31 1 9 1 0 ________ 16.1?;,
2 ,0 7 9 ,3 3 0
1,267,524
15,124,589
D ec. 30 1 9 1 1 -----------£ 1 7 .7 %
2 ,0 7 9 ,3 3 0
£ 1 ,6 0 2 ,4 4 0
23,4 7 4 ,1 7 8
£ E x c lu s iv e o f sa le o f A m e ric a n S m e lte rs S e c u ritie s co m m o n s to c k .
I n o rd e r to still f u r th e r Increa se th e e a rn in g s , It is th e p u rp o s e of th e
d ir e c to rs fro m tim e to tim e , a s o p p o rtu n itie s o ile r, to In v est in o th e r p ro p ­
e r tie s w h ic h , In th e ir o p in io n , w ill y ie ld s a tis fa c to ry re tu r n s .
S ince th e a c tu a l v a lu e of th e s h a re s of y o u r c o m p a n y Is In ex c ess of th e
b o o k v a lu e , th e d ire c to rs h a v e d ec id ctl, in re sp o n se to in q u irie s fro m a
n u m b e r o f s to c k h o ld e rs , a s to th e p re s e n t v a lu e of th e ir s h a re s , to p u b lish
th e a c tu a l n u m b e r o f s h a re s o f th e v a rio u s se c u ritie s h e ld b y th e c o m p a n y ,
w ith th e e x c e p tio n of th e c o m p a ra tiv e ly s m a ll Item of " m isc e lla n e o u s In­
v e s tm e n ts ,” th u s e n a b lin g s to c k h o ld e rs to a p p ro x im a te fo r th e m s e lv e s th e
p r e s e n t v a lu e of th e ir s h a re s , b a s e d u p o n th e m a r k e t v a lu e o f th e co m ­
p a n y ’s h o ld in g s, b u t e x c lu siv e o f g o o d -w ill.
A S S E T S ( A L L C A R R IE D A T C O S 'D A S S H O W N B Y H A L . S H E E T D E C . 30.
[Offsetting cap.stk. 522,000,000, and surp. in 1911 823,471,178; in 1910 S15,124,589
1911.
1910.
1911.
1910.
O th .p ro p .A in v .—
8
8
T reasury s to c k __ 1,206,700 1,206,700 E speranza, L t d . . .
15,044
302,331
Am. Sm. Sccur.G’o.
U tah Copper Co_. 9,101,767 9,022,986
Series A s to c k -.13,860,000 13,860,000 A laska-Y ukon prop.
Common s to c k .(A ll sold.)
1
and equipm ent. 1,170,230
6% b o n d s _____ 1,500,000
......... . Yukon Gold Co. .. 9,883,088 9,786,409
4,293 Mlscel. Investm 'ts
F u rn ., fixtures, Ac.
2,704
831,179
17,224
725,895
111113 & accts. coll.
121,483
C a s h .................... 7,721,933 2,198,750
T otal a ssets___ 45,474,178 37,124,589
N ote. —The foregoing includes; Esperanza L td ., 3,016 shares (par Cl a share__
£3,016); U tah Copper Co., 404,504 shares (par $10 a share—$4,045,010); Yukon
Gold Co., 2,769,639 share:; (par 35 a share—$13,848,195); Alaska Y ukon properties
and equipm ent, cost 81,170,230, and miscellaneous Investm ents, S831,179 —
V. 93. p. 1536.

Railway Steel-Spring Co., New York.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c . 31 1911.)
I’res. F. F. Fitzpatrick, New York, March 7, wrote in brief:
R e s u lts . — T h e n e t e a rn in g s , a f t e r a n a llo w a n c e of $150,000 fo r d e p re c ia ­
tio n , w ere 5 1 ,2 1 7 ,0 1 5 . A fte r p a y m e n t o f th e in te r e s t ($188,964) on th e
L a tr o b c p la n t b o n d s , a n d th e r e g u la r d iv id e n d of 7 % on th e p re f. s to c k
a n d also m a k in g th e n e c e ss a ry re s e rv a tio n fo r a c c ru e d In te re s t to D ec. 31
1911 on th e In te r-O c e a n p la n t 5% gold b o n d s , th e re h a s b een c a rrie d to
th e s u rp lu s a c c o u n t 5 3 9 ,7 8 7 . T h e d e c re a se In th e n e t e a rn in g s w as d u e
to th e m a rk e d c u r ta ilm e n t of b u y in g b y th e ra ilro a d s . [See A m erican
S te e l F o u n d rie s a b o v e .— E d .I
A c q u is it io n . — O n O c t. 1 1911 th e m a n u fa c tu rin g p la n t of th e In tc r-O c e a n
S te e l Co. w as a c q u ire d . T h is p la n t c o v e rs a b o u t 80 a c re s of la n d a t C hicago
H e ig h ts, III., u p o n w hich Is lo c a te d a th o ro u g h ly m o d e rn fa c to ry , b u ilt
d u r in g 1909-1910, w ith th e m o s t Im p ro v e d m a c h in e ry , a d a p te d to th e
m a n u fa c tu re of s te e l tire s a n d a llie d p ro d u c ts .
T h e c o m p a n y , to a c q u ire th is p ro p e rty , Issued 5 3 ,5 0 0 ,0 0 0 5% b o n d s d u e
O c t. 1 1931, w h ich a re a first lien th e re o n , w ith a n a n n u a l sin k in g fu n d of
5 1 2 5 ,0 0 0 , co m m e n c in g A p ril 15 1914. T h e In te re s t a n l sin k in g fu n d re ­
q u ire m e n ts on th e s e b o n d s a f t e r A p ril 1 1914 w ill a m o u n t to 5300,00 0 , su b ­
je c t to a d e c re a se e a c h y e a r e q u a l to th e In te re s t c h a rg e o n th e b o n d s re ­
tir e d . I t Is e s tim a te d t h a t th e new p r o p e r ty w ill e a rn c o n s id e ra b ly m o re
t h a n Its fixed c h a rg e s. (See b o n d o ffering, A c., V . 93, p . U 0 8 , 942, 733.)
S in k in g F u n d . — T h e s in k in g fu n d for th e L a tro b c p la n t b o n d s re d e e m e d
a n d ca n c e le d 5136,000 b o n d s , re d u c in g th e a m o u n t o u ts ta n d in g to 5 3 ,6 7 2 ,­
0 0 0 . T h e to t a l a m o u n t r e tir e d b y th e s in k in g fu n d to d a te Is 58 2 8 ,0 0 0 ,
r e d u c in g th e a n n u a l fixed c h a rg e from $225,000 to $ t8 3 ,6 0 0 .
S ta tu s . — T h e g e n e ra l b a la n c e s h e e t In d ic a te s t h a t th e q u ic k o r liq u id as s e ts
a r e 5 4 ,6 8 2 ,0 1 2 a n d th e c u r r e n t liab ilities $ 4 1 6,286, a n excess of 5 4 ,2 6 5 ,7 2 6 .
T h is Is re fe rre d to b e c a u se of th e in c rease o v e r so m e p re v io u s y e a rs a n d
Its re la tio n to th e s ta b ility of th e c o m p a n y . T h e p r o p e rty Is In e x c e lle n t
p h y s ic a l c o n d itio n , th ro u g h ly p re p a re d to m e e t a n y d e m a n d fo r I t ; o u tp u t .
E A R N IN G S ,

EXPENSES.

CHARGES,

A c.

1911.
1910.
G ro ss e a rn in g s ___________ $ 6 ,1 6 0 ,4 9 6 $10 ,0 3 5 ,4 3 5
M fg ., o p c r., m a ln t., & c$ 4 ,793,481 $7 ,7 3 4 ,5 3 5
C h a rg e d off fo r d e p re c . 150,000
350,000

1909.
$ 7 ,8 4 3 ,2 9 3
$ 5 ,782,751
194,078

N e t e h m l n g s .. . . . . . . $1 ,2 1 7 ,0 1 5
I n t . o n L a tro b c b o n d s , .
$188,964
I n t . o n In te r-O c e a n b d s .
43,264
D iv id e n d s o n p ro f. (7 % )
945,000

$ 1 ,950,900
$195,823

$1,866,461
$202,702

$975,619
$209,692

945,000

945,000

944,986

$39,787

$810,077

$718,759 d ef.51 7 9 ,0 5 9
---------(3)404,994

$39,787

$ 8 1 0,077

$718,759 d c f.$ 5 8 4 ,053

B a la n c e ____________
D iv id e n d o n o o m m o n __
S u rp lu s

..

BALANC E

1911-

SHEET

1910.

DEC■

1908.
$ 5 ,9 2 0 ,4 6 4
$ 4 ,7 7 4 ,9 4 5
169,900

31.

1911.
1910.
$
§
P l a n t s ......... . . j . .33,745,839 30,267,235 Preferred s to c k ...13,500,000 13,500,000
M erch andise......... 1,621,953 2,209,726 Common s to c k .-.13,500,000 13,500,000
Stocks, bonds, &o.
399,491
242,342 Latrobc bonds----- 3,672,000 3,808,000
______
Acc’ts rece iv ab le.. 1,148,047 1,463,938 Inter-O cean bonds 3,500,000
O ther Item s...........
28,125
147,917
31,662 Acc’ts payable__
212,021
Cash ...................... 1,484,396
870,981 Reserved for divi­
dends.taxes, Ac.
268,369
266,085
S u r p lu s _________ 3,839,565 3,799.778
T o t a l ..................38,427,851 35,085,884
— V. 93; p. 1108.




Lia b ilitie s —

T o t a l ..................38,427,851 35,085,884

[V O L . L X X X X I V .

Quincy Mining Co.
31 1911.)
Pres. William R. Todd, N. Y ., Feb. 15, wrote in substance:
( R e p o r t f o r th e F i s c a l Y e a r e n d in g D e c .

F i n a n c i a l .— A f te r p a y m e n t of n o te g iv e n S t. M a r y ’s C an a l M in era l L a n d
C o ., d u e J u ly 1 1911, a n d fo r s u rfa c e r ig h ts S e c tio n 14, 8 1 5 8 ,0 0 5 , w e h a d
n e t c u r r e n t a s s e ts o n J a n . 1 1912 of 8972,499
D iv id e n d s .— A d iv id e n d of 51 p e r s h a r e , 110,000 s h a r e s , p a r 5 2 5 , o r
8 1 1 0 ,0 0 0 , fo r th r e e m o n th s e n d in g D ec. 31 la s t, h a s b e e n d e c la re d , p a y a b le
M arch 25 n e x t, m a k in g to t a l a m o u n t p a id fro m e a rn s , of p a s t y e a r 5 4 4 0 ,0 0 0 .
S a le s .— S a le s of c o p p e r d u r in g 1911 w ere m a d e a t p ric es ra n g in g fro m
12
to 14 'A c ts . p e r p o u n d , a n d a v o ra g e d 12.725 c t s ., b u t th e h ig h e r r a te s
p r e v a ile d o n ly d u r in g th e la s t few w eek s of th e y e a r; th is In c re a se In v a lu e
a ffe c ts b u t a s m a ll p o r tio n of th e y e a r ’s p ro d u c tio n . O p e r a tin g c o s ts h a v e
n o t m a te r ia lly c h a n g e d a n d m in e d e v e lo p m e n t h a s c o n tin u e d as in p re v io u s
y e a rs , n ew o p e n in g s d u r in g 1911 b e in g a b o u t 2 8 ,5 0 0 ft.
P R O D U C T S , E A R N IN G S . E X P E N S E S ,

A c.

R efin ed c o p p e r, lbs_
G rq ss in c o m e ----------M in in g e x p e n s e s ____
O p e n in g m in e ex p en s
S m e ltin g , tr a n s p ’n ,

1911.
3 2 ,5 5 0 ,4 4 0
- - 2 2 ,2 5 2 ,9 4 3
$ 2 ,8 5 4 ,8 0 5
__
1,786,400
223,178
c.
198,602
115 0 ,186

1910.
3 4 ,1 7 7 ,3 8 0
2 2 ,5 1 7 ,0 1 4
52,97-1,086
1,762,313
2 1 0 ,0 4 7
209,5 2 2
56,733

1909.
3 5 ,0 2 5 ,2 2 5
2 2 ,5 1 1 ,9 8 4
5 3 ,0 3 4 ,8 1 0
1,765 ,9 0 5
216,1 3 1
200,461
58,749

1908.
3 2 ,7 5 4 ,7 4 5
2 0 ,6 0 0 ,3 6 1
$ 2 ,7 9 6 ,2 3 0
1 ,9 8 0 ,8 0 7

T o ta l e x p e n se s - N e t p r o f i t _________
O th e r I n c o m e ______

$ 2 ,2 5 8 ,4 8 6
$596 ,3 1 9
17,859

$ 2 ,2 4 8 ,2 1 5
$725,871
28.732

$ 2 ,2 4 7 ,3 0 6
$787,504
12,756

$ 2 ,2 0 3 ,8 5 8
$592,372
16,393

T o ta l n e t in c o m e . C o n s tru c tio n , c o s t___

175,081
4 7 ,9 1 0

$614,178'
5 7 5 4,603
5 8 0 0 ,2 6 0
$ 6 0 8 ,7 6 5
5106,581
511 1,910
5 1 1 1,410
$ 1 04 ,6 0 5
(16 % )4 4 0 ,0 0 0 (1 8 )4 9 5 ,0 0 0 (1 8 )4 9 5 ,0 0 0 (1 0 )4 4 0 ,0 0 0

B a la n c e , s u r p lu s .

$ 6 7 ,5 9 7

$ 1 4 7,693

$ 1 9 3 ,8 5 0

$ 64 ,1 6 0

O F R E C E IP T S F R O M O R G A N I Z A T I O N T O D E C . 31
1911 A N D 1910.
T o 1912.
T o 1911.
T o 1912.
T o 1911.
Expenditures fo r — $
8
Receipts from —
S
$

GENERAL SU M M A R Y

Real estate & per­
Stock ($2,750,000)
m anent im p ro v . 7,058,442 6,793,855
and s c rip ........... 2,150,000 2,150,000
M iscellaneous___
108,598
108,598 Copper & s ilv e r..*71,023,579 68,168,774
O perating ex p e n . .45,939,802 43,681,316 I n te r e s t____ . . .
421,757
407,802
D iv id e n d s ...........-19,880,000 19,440,000 Sale real estate,
Net current assets.
972,499 1,062,908
A c............. ..........
361,005
360,100
T o_ t a l ..................73,959,341 71,086,677

T o t a l .................. 73,959,341 71,086,677

* R epresents sales of 480,156,347 lbs. of copper.
N o te .—On Jan . 1 1912 the cu rren t assets, Including cash, copper, supplies and
Investm ents am ounted to $1,249,934; accounts, A c., payable, $277,435; balance
net cu rren t assets as above, $972,499.— V. 92, p. 880.

Union Switch & Signal Co.
( R e p o r t f o r F i s c a l Y e a r e n d in g D e c .
G ross
S u rp .
D lv s.
D lv s.

1911.
r e c e ip ts ___________ 5 4 ,1 3 9 ,9 0 2
o v e r I n t. A d e p r e c .
826,172
o n c o m m o n (\ 2 % ) .
470,9 2 6
o n p re fe rre d (12% )
6 0,000

S u rp lu s fo r y e a r . -------

$ 2 9 5,246

1910.
$ 6 ,2 5 9 ,0 9 3
1,231,507
2 4 0,000
59,784
$ 9 3 1,723

B A LA N C E SH E E T DEC.

31 1911.)

1909.
$ 2 ,6 2 5 ,1 3 3
325,983
240,0 0 0
59,712

1908.
$ 2 ,1 2 3 ,5 4 3
77,849
240,000
59,712

$26,271 d f . $221,8 6 3
31.

1911.
1910.
1911.
1910.
Assets—
Lia b ilitie s —
S
S
S
S
Cash ..........................1 364,766
116,766 Common s to c k ......... 3,951,163 3,500,000
Bills A accts. receiv-1 251,397 1,590,343 Preferred sto ck ____ 500,000
500.000
Stores and contracts 1 199,060 1,761,562 Bonds ........................
44,000
71,000
Real estate A bldgs. 1 179,923 1,173,011 Accounts p ayable__ 263,588
266,169
M ach., toots A flx t’s . 806,345 803,097 Bills p ay a b le............. 200,000 355.000
P a t e n t s ..................... l 100,000
900,000 Unclaimed dividends ______
1,468
In v e s tm e n ts ............. 123,240
118,740 A djustm ent reserve. 150,000
121,595
Insurance not ma­
Approp.for new bldg.
25,000
tu red ......................
2,667
4,177 Surplus ac c o u n t. . . * 1,893,647 1,649)464
Total ......................7,027,398 6,467,697
______

T otal . . . . . . j ___ 7,027,398 6,467,697

* After adding $205,150 for prem ium on stock and deducting $119,610 for depre­
ciation of patents and S136.602 for losses on inventory and accounts receivable
— V. 94, p. 634.

G EN ER AL IN V E S T M E N T N E W S ,
RAILROADS, INCLUDING ELECTRIC ROADS.
Altoona & Logan Valley Electric Ry.— A c q u i s i t i o n . — The
comptmy has acquired the Logan Light & Power Co. of
Tyrone, Pa., which will he operated in conjunction with the
subsidiary Home Elec. Lt. & Steam Ileatg. Co. of Tyrone.
T h e n ew p u rc h a s e , to g e th e r w ith th e p la n t a t B ellw o o d , P a ., a n d re ­
c e n tly c h a rte r e d lig h tin g c o m p a n ie s In 5 s u r r o u n d in g to w n s, will g iv e th e
H o m e c o m p a n y a b r o a d e r field fo r e le c tric lig h t a n d p o w e r e x te n s io n a n d
d e v e lo p m e n t. I n a d d itio n to th e m o d e rn a n il u p - to - d a te p o w e r p la n ts a t
A lto o n a , P a ., a n d T y ro n e , P a ., o w n ed b y th e c o m p a n y , a c o n t r a c t h a s
b ee n m a d e fo r a d d itio n a l p o w er to m e e t th e In c re a sin g re q u ir e m e n ts of
b o th th e ra ilw a y a n d lig h t d e p a rtm e n ts a n d In su re a c o n tin u o u s s e rv ic e
in ca se of a te m p o r a r y s h u t- d o w n .— V . 8 4 , p . 1365.

American Cities Co.— N e w D ir e c to r s . — Irving Bonbright
and S. H. March, of Ladenburg, Thalmann & Co., have been
elected directors to succeed William P . Bonbright and lt. M .
Cannon, respectively.— V. 94, p. 558.
American Railways, Philadelphia.— S t o c k . — The Phila.
Stock Exchange on March 2 authorized the listing (when
issued) of §350,000 additional stock, making the total
listed $6,713,150.
T h is a d d itio n a l c a p ita l s to c k w as to b e Issu ed o n a n d a f t e r M ch. 1 1912
In p a r t p a y m e n t fo r th e p u rc h a s e a n d a c q u is itio n of th o to ta l co m m o n s to c k
of $ 2 ,0 0 0 ,0 0 0 of th e O h io V alley E le c tric R y . C o ., lo c a te d a t H u n tin g to n
VV.Va.; also th e to ta l c a p ita l s to c k a n d p r o p e r ty of th e C itiz e n s ’ L ig h t A Ice
Co. of H u n tin g to n , VV.Va. S ee V. 9 2 . p. 1435; V .0 3 , p . 4 6 8 , 957, 1385, 1784 .

Arkansas Oklahoma & Western H R . — R a t i f i e d . —The
stockholders on Feb. 13 duly ratified the sale to tho Kansas
City & Memphis Ry. on basis shown in V. 94, p. 205.
T h e s h a re h o ld e rs a r e th e re fo re r e q u e s te d to p r e s e n t th e ir s to c k p r o p e rly
en d o rs e d to th e P r e s id e n t o r S e c r e ta r y of th e c o m p a n y In o r d e r t h a t th e
sa m e m a y b e ta k e n u p a n d c a n c e le d , a n d t h a t th e y m a y re c e iv e th e ir p ro
r a t a s h a re o f th e c a p ita l s to c k of th e K an sas C ity A M em p h is R y .C o .io r ,
fo r c o n v e n ie n c e , th e s to c k m a y b e s e n t to th e N ew Y o rk T r '
'
Y o rk .— V . 94, p . 205.

Atchison Topeka & Santa Fe Ry .— B o n d

S u b s c r i p t i o n s .—

Of the $9,394,000 “California-Arizona Lines 1st & refunding
mtge.” 4 Y^f/o 50-yr. gold bonds offered in the New York marketlastweek, about 75% were, it is said, disposed of within
24 hours and additional amounts have since been sold; of
the £1,830,000 offered in London, the underwriters were
compelled to take 83%, owing to the disturbed investment
conditions duo to the coal strike.— V. 94, p. 629, 486.

Mar . 9 1912.]

THE CHRONICLE

697

Canadian Northern Ry.— L o a n f o r M o n tr e a l T e r m in a ls — ing about 5.05% income, the new “first mortgage 5%
sinking fund gold bonds,” to be dated April 1 1912 and due
Morgan, Grenfell & Co., London, on Feb. 21 wrote:
April 1 1942, but redeemable, all or any, at 105 and int. on
R e fe rrin g to y o u r c o m m u n ic a tio n of F e b . 5, th e s ta t e m e n t w ith re g a rd
to th e p u rc h a s e of te rm in a l b o n d s of th e C a n a d ia n N o rth e rn R y . C o. is n o t any interest period; also subject to redemption for sinking
c o r r e c t, f t Is tr u e t h a t . In c o n ju n c tio n w ith M essrs. H a z a rd B ro s. & Co.
To be author­
h e re , w e h a v e m a d e a d v a n c e s to th e C a n a d ia n N o rth e rn R y . C o. in c o n ­ fund on and after April 1 1917 at 105 and int.
n e c tio n w ith th e new te rm in a ls a t M o n tre a l, b u t n o Issue of b o n d s is a t ized, $2,500,000; to be presently issued, $1,000,000.
Par,
p r e s e n t In c o n te m p la tio n .— V . 94, p . 349, 206.
$1,000 (c*).
Int. A. & O. Trustee, Pennsylvania Co.
Canadian Northern Western Ry.— L i s t e d . —The Toronto for Ins. on Lives & Granting Annuities. Tax-exempt in Pa.
Stock Exchange lias listed the $4,000,000 40-yr. 4% bonds,
d b y (a) firs t m o rtg a g e u p o n th e e n tir e e le c tric ra ilw a y s y s­
due May 1 1941, guaranteed, principal and interest, by the te mS e. c ua re
g g r e g a tin g a b o u t th ir ty - f iv e m iles, in c lu d in g sln ln g s , c o n n e c tin g
F r a n k lin a n d OH C ity a n d I n te r m e d ia te t e r r ito r y b y ro u te s o n b o th sid es
Canadian Northern Ry. See V . 93, p. 1724.
of th e A lle g h e n y R iv e r, a n d w ith b ra n c h e s fro m O il C ity to R o u sev llie
Chicago Elevated Rys.— D i v i d e n d s o n C o n tr o lle d C o m p a n ­ a n d S Iv e rly . (6) B y p le d g e of th e e n tir e c a p ita l s to c k of th e C itiz e n s’ L ig h t
w e r C o., w h ich fu rn is h e s e le c tric c u r r e n t fo r lig h t a n d p o w e r in O il C ity
ie s ' S t o c k s . —Checks were sent out on March 1 for dividends a&n dP oIts
s u b u r b s . T h e C itiz e n s’ T r a c tio n C o. also o w n s a n d o p e r a te s .Mon­
on the stocks of the South Side, Northwestern and Metropoli­ a rc h P a r k , a w e ll-e q u ip p e d a m u s e m e n t p a r k s itu a te d h a lf-w a y b e tw e e n
O
il
C
ity
a n d F r a n k lin . M an y In d u s tr ia l e n te r p r is e s a re lo c a te d a lo n g th e
tan Elevated companies, most of which is owned.
c o m p a n y ’s lin es, th e t o t a l p o p u la tio n s e rv e d b ein g a b o u t 3 0 ,0 0 0 .
T h e p a y m e n ts , w h ich w ere d e c la re d F e b . 9 to h o ld e rs o f re c o rd F eb . 23,
a r c 1 '< % on th e s to c k of th e S o u th S id e E le v a te d , 2 % on th e p re f. s to c k of
th e N o rth w e s te rn E le v a te d a n d 1 14% o n th e p re f. s to c k of th e M etro p o li­
ta n E le v a te d . T h e p a y m e n ts w ere n o t m a d e to c o v e r a n y p a r tic u la r p e ri­
o d s b u t a rc s ta te d b y th e C hicago p a p e rs to be s e m i-a n n u a l d is b u rs e m e n ts
a t th e sa m e y e a rly ra te s t h a t w ere In fo rce w h en th e c o n tro l of th e v a rio u s
p ro p e rtie s w as ta k e n o v e r b y th e C hicago E le v a te d R y s . s y n d ic a te , a b o u t
six m o n th s ag o .— V . 93, p . 1461.

Chicago Indianapolis & Louisville Ry.—F u r th e r D a ta a s
The present issue of $2,500,000 1st
M. 5% bonds of the Monon Coal Co. was offered last week by
the Equitable Trust Co. and lledmond & Co.

to C o a l C o m p a n y B o n d s .—

S ta tem en t b y

P r e s id e n t F a ir f a x

H a r r is o n , C h ic a g o , F e b . 2 1

1912.

T h e ra ilw a y c o m p a n y w as in s tr u m e n ta l [in 1 9 1 1| in th e o rg a n iz a tio n of
M o n o n C oal C o., a n d h a s e n d o rs e d o n s a id b o n d s Its u n c o n d itio n a l g u a r a n ty
(sec form of g u a r a n ty , V. 93, p . 50) of th e p a y m e n t of th e I n te re s t th e re o n
as it sh all a c c ru e . T h e ra ilw a y c o m p a n y h a s also e n te r e d in to a tra ffic
a g r e e m e n t w ith th e co a l c o m p a n y a s s u rin g It fa c ilitie s fo r m a r k e tin g its
c o a l on fa ir te rm s , f t Is b eliev ed t h a t th e s e a r r a n g e m e n ts will p ro v e m u ­
tu a lly p ro fita b le a n d s a tis fa c to ry . W h a t th is n ew tra ffic w ill m e a n to th e
r a ilw a y Is a p p a re n t fro m th e f a c t t h a t th e gross to n n a g e m o v e d b y it fo r
th e y e a r en d e d .June 30 1911 w as 3 ,6 5 6 ,1 7 9 to n s , of w h ich b u t 492,581 to n s
w ere b itu m in o u s co a l, w hile th e p r e s e n t o u tp u t of M o n o n C oal Co. Is a t th e
r a t e of 2 , 000,000 to n s p e r a n n u m , m o s t of w hich w ill u ltim a te ly b e c a rrie d
b y th e ra ilw a y c o m p a n y In a d d itio n to its o th e r b u s in e s s .
S t a t e m e n t by H . N . T a y lo r , P r e s , o f M o n o n C o a l C o ., C h ic a g o , F e b . 2 2 1 9 1 2 .

T h e se b o n d s a r e a firs t m o rtg a g e on th e e n tire p r o p e r ty , a p p ro x im a te ly
2 3,814 a c re s of c o a l la n d s a n d rig h ts o w n e d in fee, to g e th e r w ith m in in g
m a c h in e ry , b u ild in g s . Im p ro v e m e n ts , a b o u t 54,000 f t. of e le c tric a l h a u la g e
tr a c k s , & c., th e e q u ip m e n t co v e rin g s e v e n m in es n o w In o p e ra tio n . T h e
m o rtg a g e a n d th e b o n d b o th p ro v id e fo r a c u m u la tiv e sin k in g fu n d c o m ­
m e n c in g in 1914, w h ich Is a n o p e ra tin g c h a rg e (a h e a d of b o n d In te r e s t) ,
a t th e r a t e of 3 c e n ts p e r to n o n a ll c o a l m in e d , w ith a m in im u m of n o t less
t h a n $60,000 p e r a n n u m . In th is w a y n o t less th a n $ 2 ,3 5 5 ,0 0 0 of th e
b o n d s now o u ts ta n d in g w o u ld b e re tir e d b efo ro m a tu r it y , a n d of th is
a m o u n t $ 1 ,035,000 w o u ld be d e riv e d fro m I n te re s t o n th e re tire d b o n d s,
w h ich will be k e p t a liv e In th e s in k in g fu n d . T h e p a y m e n ts to th e sin k in g
fu n d w ill rise g ra d u a lly fro m $60,000 to a b o u t $170,000 p e r a n n u m , a n d
th e b o n d s a rc c a lla b le th e re fo r a t p a r a n d in t. T h e issu e Is also s u b je c t to
re d e m p tio n as aft e n t ir e t y a t 110 a n d In te re s t.
T h e p ro p e rtie s a rc s itu a te d a d ja c e n t to th e C hicago In d ia n a p o lis &
L o u isv ille R y. In C lay, G reen , S u lliv a n a n d V igo c o u n tie s In I n d ia n a , In
th e T e rre H a u te field. T h e co a l a c re a g e o w n ed c o m p rises 23,8 1 4 ac re s,
a n d In m o s t of tills te r r ito r y th e re Is m o re th a n o n e v ein of c o a l— In so m e
p la ces as high as s ix . A s th is c o a l will a v e ra g e c o n s id e ra b ly b e t te r th a n
f e e t. It Is safe to e s tim a te t h a t It w ill m in e 5,000 to n s to th e a c re of w o rk lb lc c o a l, w hich w o u ld m a k e th e to ta l to n n a g e 3 8 6 ,4 5 0 ,0 0 0 to n s . T h e
o w e s t ro y a lty p a id In th is field h a s b e e n 3 cent3 p e r to n , a n d It w ill be seen
t h a t th e ro y a lty v a lu e of th e p ro p e rty a m o u n ts to c o n s id e ra b ly m o re th a n
$15 000 000
T h e o p e ra tin g v a lu e of th e co a l a m o u n ts to s e v e ra l tim es
t h a t sum
A t th e p re s e n t r a t e of o u tp u t a b o u t 2 ,0 0 0 ,0 0 0 to n s p e r y e a r,
th e p o s itiv e co a l re s e rv e sh o u ld la s t o v e r 150 y e a rs .
C e rta in o th e r c o a l p r o p e r ty , a g g re g a tin g m o re t h a n 3,000 a c re s , w hich
fo r so m e tim e p a s t h a s b e e n c o n tro lle d b y th e ra ilw a y c o m p a n y fo r fu el
s u p p ly , Is also o p e ra te d b y th e M onon C oal Co. u n d e r lease, a n d Is In a d d i­
tio n to th e a b o v e m e n tio n e d 23,814 ac re s of c o a l la n d s a n d r i g h ts o w n ed .
T h e M onon C oal Co. h a s In o p e ra tio n s e v e n m in es on th e la n d s It o w ns
a n d o n e o n th e le ased la n d s re fe rre d to , w ith a p re s e n t o u tp u t of a p p r o x i­
m a te ly 8,000 to n s p e r d a y . T h e lo c a tio n of Its m in es n e a r C h icag o a n d
In d ia n a p o lis gives It a m a r k e t n o t o n ly In th o s e c itie s , b u t also a lo n g th e
C h ic ag o In d ia n a p o lis & L o u isv ille R y . a n d In th e g r e a t te r r ito r y N o rth w e s t,
w h ich Is w ith o u t Its o w n co a l s u p p ly . T h e c o m p a n y w ill also s u p p ly all
th e co a l u s e d b y th e ra ilw a y c o m p a n y . T h e p r o p e r ty Is a lso re a c h e d b y
th e P e n n s y lv a n ia , C hicago & E a s te rn Illin o is, Illin o is C e n tra l a n d C hicago
T e r re H a u te & S o u th e a s te rn .
T h e s to c k c o n tro l re s ts w ith th e C hicago In d ia n a p o lis & L o u isv ille R y .
C o. a n d a s s o c ia te d In te re s ts .
D ire c to rs: I I . N . T a y lo r a n d F a irf a x H a r r i­
so n . C hicago; F re d e ric k W . S te v e n s , re p re s e n tin g J.. P . M organ & C o.;
J a m e s Im b rio of W in . M orris Im b rie & C o., N ew Y o rk ; A . W . K rc c h of
N ew Y o rk , P re s , of E q u ita b le T r u s t C o., w ill s h o rtly b e m a d e a d ir e c to r .
B efore th e M onon C oal C o. a c q u ire d th e s e p ro p e rtie s th e y w ere ex a m in e d
b y J o h n F . W a llac e, fo rm e rly C hief E n g in e e r of th e P a n a m a C an a l, w ho
e s tim a te d th e p o s itiv e co a l re s e rv e a s 3 0 0 ,0 0 0 ,0 0 0 to n s , a n d th e p ro b a b le
re s e rv e a s 100,000,000 to 175,000,000 to n s a d d itio n a l. T h e p ro p e rtie s
h a v in g b ee n fo rm e rly o p e ra te d In c o n ju n c tio n w ith th e C hicag o T e rre
H a u te & S o u th e a s te rn R y ., s e p a ra te e a rn in g s a re n o t o b ta in a b le , b u t o n
la s t y e a r's o u tp u t M r. W allace s ta t e s t h a t th e n e t e a rn in g s s h o u ld b e $ 2 1 4 ,­
000, o r 3 Yi tim es th e s in k in g fu n d , a n d t h a t o n th e c o m p le tio n of lm p ro v e incnt'-- a n d e x te n s io n s w hich a rc now b e in g p u t In to effe c t, n e t e a rn in g s
s h o u ld b e $394,000, o r n e a rly 7 tim e s th e s in k in g fu n d r e q u ir e m e n ts .—
V . 04, p . 629.

T n e p u rp o s e s of th e p r e s e n t Issue of $ 1 ,0 0 0 ,0 0 0 , a n d a n a d d itio n a l $ 1 5 0 ,­
000 t h a t w ill b e is s u e d d u r in g th e p r e s e n t y e a r, a re to r e tir e $ 7 3 6 ,0 0 0 b o n d s
( o u t of a n Issue of $ 7 5 0 ,0 0 0 b o n d s) n o w o u ts ta n d in g o n th e p r o p e r ty ; to
e x tin g u is h th e B o atin g d e b t, a n d to p ro v id e fo r n e e d e d im p ro v e m e n ts a n d
e x te n s io n s to th e p r o p e r ty , th e d e e d of t r u s t p ro v id in g t h a t b o n d s c a n be
d r a w n d o w n fro m th e tr u s te e f o r n o t m o re t h a n 8 5 % -o f th e c o s t of a d d itio n s
o r e x te n s io n s to th e p r o p e r ty , a n d th e n o n ly w h en n e t e a rn in g s a p p lic a b le
to fix ed c h a rg e s s h a ll b e 1M tim e s th e I n te r e s t c h a rg e , in c lu d in g th e b o n d s
th e n a b o u t to b e Issu e d .
E a rn in g s fo r se v e n m o n th s e n d e d J a n . 31 1912: G rass e a rn in g s , $183 ,0 0 0 ;
n e t e a rn in g s , $ 7 0 ,5 1 3 ; in t e r e s t c h a rg e s o n $ 1 ,0 0 0 ,0 0 0 5 % b o n d s fo r se v e n
m o n th s , $ 2 9 ,1 6 6 ; b a la n c e , s u rp lu s , $ 4 1 ,3 4 7 .
[T he c o n tr o l of th e p r o p e r ty w as r e c e n tly p u rc h a s e d b y a s y n d ic a te h e a d e d
b y th e a fo re s a id b a n k e rs .] — V. 92, p . 1563.

Denver Laramie & Northwestern RR.—R e a d ju s tm e n t —
P a r t i c u l a r s . —The new Chairman of the board,
Nathaniel T. Guernsey of the law firm of Guernsey, Parker
& Miller, Des Moines, favors us with the following:

F u r th e r

T h e r e c e n t r e a d ju s tm e n t w as In s u b s ta n c e th is: T h e a c tu a l c o s t of th e
ro a d a n d e q u ip m e n t fro m D e n v e r to G reele y , a s It Is n o w in o p e r a tio n , w as
$ 2 ,2 5 9 ,0 0 0 . T h e b o n d e d a n d flo a tin g d e b t w as a p p r o x im a te ly $ 2 ,7 0 0 ,0 0 0 .
O f th e flo a tin g d e b t a p p r o x im a te ly $ 1 ,5 0 0 ,0 0 0 w as p a id b y th e Issu a n ce of a
few b o n d s a n d p re f. s to c k , le a v in g th e s itu a tio n s u b s ta n tia lly as fo llo w s:
T o ta l O u ts ta n d in g Ind ebtedn ess $ 1 ,2 0 0 ,0 0 0 o n P r o p e r ty C o s tin g $ 2 ,2 5 9 ,0 0 0 .
B o n d s Issu e d , $ 1 ,4 9 7 ,0 0 0 , of w h ich n o t so ld $689 ,0 0 0 ; o u t s t ’g $ 8 0 8,000
F lo a tin g d e b t [to b e p a id of sa le o n said $ 6 8 9 ,0 0 0 b d s . ] . ...............
3 9 2,000
A r r a n g e m e n ts w e re m a d e fo r p u tt in g th e m a jo r ity of th e c a p ita l s to c k
I n to a v o tin g t r u s t fo r a p e rio d of te n y e a rs , a n d a lik e a r r a n g e m e n t w as
m a d e w ith re fe re n c e to th e s to c k of th e c o a l c o m p a n y [C o lo ra d o -W y o m ln g
C oal C o.], w h ich o w ns t h e c o a l fields to w h ich It Is p ro p o se d to e x te n d tn e lin e.
T h e r o a d n o w b u ilt a n d In o p e r a tio n e x te n d s fro m D e n v e r to G reele y .
56 m iles. A n e x te n s io n to th e co a l fields In W y o m in g , to m a k e a n a g g re ­
g a te of 200 m iles, is th e p r e s e n t I m m e d ia te In te n tio n . S o m e w o rk o n th is
e x te n s io n h a s a lr e a d y b e e n d o n e , In c lu d in g th e ro c k w o rk a n d tu n n e l a c ro ss
th e C o n tin e n ta l D iv id e.
T h e t o t a l a u th o r iz e d s to c k Is $ 3 0 ,0 0 0 ,0 0 0 . I c a n n o t g iv e y o u th e e x a c t
a m o u n t of e ith e r p re fe rre d o r co m m o n w hich is o u ts ta n d in g . T h e to t a l
a m o u n t of B onds Issu ed Is $ 1 ,5 0 0 ,0 0 0 [$1,497,000], O f th e se . 689 h a v e n o t
b e e n so ld ; th e y a r e In th e tr e a s u r y a n d th e ir p ro cee d s w ill b e u sed In p a y in g
th e flo a tin g d e b t a n d p ro v id e fo r th e e x te n s io n I m m e d ia te ly c o n te m p la te d .
O ffic e rs . — N . T . G u e rn se y , D es M oines, l a . , C h a irm a n ; C h arles S c o tt J o h n ­
s o n , D e n v e r (re -e le c te d ). P r e s .; W . E . G reen , D e n v e r (re -e le c te d ), 1st V lceP re s .; F . A . B rid g e , M a d iso n , W ls., 2 d V lc e -P re s .; O tto H u b e r , R o c k Is la n d ,
111., T r e a s .; O . D . B e r r o th , D e n v e r, S e c .— V . 9 4 , p . 559.

Denver & Eio G icrce I E . — P r o p o s e d $25,000,000
7% A d j u s t m e n t I n c o m e B o n d s — P r e s e n t I s s u e to be $10,000,000.— Following a meeting of the directors, held on Thurs­
day, it was announced that a financial plan had been adopted
(subject to final approval by the board and ratification by the
shareholders),for the authorization of $25,000,000 7% ad­
justment mortgage income bonds, the present issue, $10,­
000,000, to be offered at par to the stockholders.
S ta te m en t G iv e n O ut by F . L . M a r s to n , o f D la t r & C o ., the C o m p a n y 's B a n k e rs .

I n o rd e r to p ro v id e fu n d s to c o v e r c o s t of g re a tly n e e d e d a d d itio n a l
tra c k a g e fa c ilitie s o n m a in lin e, p r in c ip a lly d o u b le -tra c k fo r a b o u t 100 m iles
In U ta h , w h ere tra ffic h a s b e e n b a d ly c o n g e s te d , a n d also to c o v e r p u rc h a s e
of a d d itio n a l lo c o m o tiv e s a n d fre ig h t c a rs , th e re w as s u b m itte d to th e
b o a rd to - d a y b y a sp ecial c o m m itte e o f d ire c to rs a p p o in te d fo r th e p u rp o s e
a te n ta t iv e fin a n c ia l p la n w h ich w as u n a n im o u s ly a p p r o v e d b y th e b o a rd ,
v iz .: a 7 % c u m u la tiv e a d j u s t m e n t m o rtg a g e b o n d issu e n o t ex c e e d in g
$ 2 5 ,0 0 0 ,0 0 0 , of w h ich It Is p ro p o s e d to o ffer In th e n e a r f u tu r e $ 1 0 ,0 0 0 ,0 0 0
to p re fe rre d a n d co m m o n sto c k h o ld e rs a t p a r In p ro p o r tio n to th e ir h o ld ­
in g s, th e e n tir e $ 1 0 ,0 0 0 ,0 0 0 to b e u n d e r w r itte n b y a b a n k in g s y n d ic a te .
T h e b o a rd a d jo u r n e d u n til n e x t T u e s d a y , w h en It Is e x p e c te d fo rm a l p a p e rs
w ill b e s u b m itte d .— V . 9 4 , p . 4 1 6 , 67.

Detroit Toledo & Ironton Ry.— D e f a u lt —F o r e c lo s u r e . — De­
fault having been made in the payment of interest due
March 1 1912 upon the $4,495,000 Detroit Southern RR.
OIro Southern division 1st M. 4s, the committee of holders
of these bonds, consisting of J. N. Wallace, Chairman; Will­
iam A. Read and Frederick II. Ecker, with F. E. MowIer
Sec., 31 Pine St., N. Y. City, has requested the trustee of
the mortgage to institute the necessary proceedings for
Chicago & Interurban Ry.— S u c c e s s o r C o m p a n y .—The its foreclosure. Over 75% of these bonds have been depos­
company has been incorporated with $1,000,000 authorized ited with the committee, and further deposits will be re­
stock, to take over the property of the Chicago & Southern ceived at the Central Trust Co., 54 Wall St., up to and
Traction Co. outside of the city limits.
including April 1 1912, without penalty.
T h e lin e now e x te n d s fro m K a n k a k e e to 7 9 th S t., C h ic ag o . U n d e r a
tra ffic a rra n g e m e n t w ith th e C hicago C ity I ty ., w h ich re c e n tly p u rc h a s e d
th e p a r t of th e lin e w ith in th e c ity lim its , I n te r u rb a n c a rs will be ru n to a
te rm in u s a t H a rris o n S t. a s s o o n as th e n e c e ss a ry o p e ra tin g d e ta ils ca n be
w o rk e d o u t. T h e C hicago C ity R y . w ill b u ild a c o n n e c tio n b e tw e e n th e
tw o lines a t 7 9 th a n d H a ls te d s tr e e ts , w h e re I n te r u rb a n p a sse n g e rs n o w
tr a n s f e r fro m I n te r u rb a n c a rs to s tr e e t c a rs of t h e C hicago C ity R y ., a n d as
so o n as p o ssib le In th e s p rin g will re h a b ilita te t h e p o rtio n of th e I n te r u rb a n
lin e w h ich It b o u g h t.
U n d e r a c ity o rd in a n c e re c e n tly p a s s e d , a n ex p re ss s e rv ic e w ill b e m a in ­
ta in e d o v e r th e In te ru rb a n lin e to th e p ro p o sed d o w n to w n te rm in u s d u r ­
in g c e rta in h o u rs of th e d a y a n d n ig h t. A y e a r ’s tr ia l Is g ra n te d u n d e r th e
o r d in a n c e . R e s id e n ts of M organ P a rk g a in a 5 -c c n t fa re to C h ic ag o u n d e r
th e p ro v isio n s of th e o rd in a n c e . C o m p a re C hicago & S o u th e r n T r a c tio n
Ite m In V . 94, p . 630.

Chicago & North Western Ry,—N e w
g e r A r r a n g e m e n ts . — See

P a c ific C o a st P a sse n ­

Union Pacific RR. below.— V. 94,

p. 487, 416.

Chicago Milwaukee & St. Paul Ry.—N e w

P a c ific C oast

T h e S e p te m b e r 1909 a n d M arch 1910 c o u p o n s o n O h io S o u th e r n d iv isio n
b o n d s w ere p a id M arch 1 1910. T h e S e p te m b e r 1910 c o u p o n s w e re alsop a id , th e M arch a n d S e p te m b e r 1911 c o u p o n s b e in g p u r c h a s e d b y th e c o n ­
s o lid a te d m tg e . b o n d h o ld e rs ’ c o m m itte e . V . 8 9 , p . 593; V . 9 3 , p . 5 8 9 .—
V. 9 4 , p . 350.

Elizabeth & Trenton (Electric) RR.— P r o p o s e d L e a s e . —
See Public Service Corp. of New Jersey below.— V. 90, p.1362
Indianapolis & Louisville Traction Co.— S a l e .— The prop­
erty will be offered for sale in Indianapolis on March 21.
J a m e s C . C h a p lin . V ic e -P re s id e n t o f th e C olonial T r u s t C o. o f P itts b u r g h ,
P a ., w ill p u rc h a s e th e lin e In th e In te r e s t o f th e b o n d h o ld e rs. B e th e l B .
V eech , P r e s id e n t of th e U n ite d S ta te s T r u s t C o ., L o u isv ille , r e p re s e n tin g
th e K e n tu c k y b o n d h o ld e rs , w ill p r o b a b ly be a s s o c ia te d \ \ l t h h im In th e
p u rc h a s e . T h e p r o p e r ty is to be o p e r a te d a s th o c o n n e c tin g lin k b e tw e e n
th e L o u isv ille & N o r th e r n R y . & L ig h tin g C o ., e x te n d in g fro m L o u isv ille
to S e lle rs b u rg , a n d th e I n d ia n a p o lis C o lu m b u s & S o u th e r n , e x te n d in g fro m
S e y m o u r to In d ia n a p o lis . T h e r u m o r t h a t th e lin e w ill be e x te n d e d toL o u lsv llle a f t e r th e r e o rg a n iz a tio n Is d e n ie d .— V . 9 3 , p . 4 4 -

Indianapolis Newcastle & Toledo Electric Ry.—S u i t .—
— V. 94, p. 349, 278.
Richard W. Ruffin of Boston late last month brought suit
Chicago & Southern Traction Co.—- S u c c e s s o r .— See Chi­ in the Superior Court at Indianapolis against David M.
Parry and others to compel the defendants to carry out a
cago & Interurban Ry. above.—-V. 94, p. 630, 350.
Citizens’ Traction Co. of Venango County, Pa., Oil City, contract which is alleged to have been made on June 15
&c., Pa. —B o n d s .— Brown Bros. & Co., Robert Glendinning 1911 for the sale of the road.
a g re e d to sell th e p r o p e r ty fo r $900 ,0 0 0
and W. H. Newbold’s Son & Co., all of Phila., it is under­ th eI tdIse e adlletog ebde tchoants uthmemdaetef edn dFaenbts. 20
1912, th e p u r c h a s e r to a s s u m e a ll t h e
stood, will shortly offer at or about 99 and interest, yield­ lie n s a n d In c u m b ra n c e s a g a in s t th e p r o p e r t y a n d th e d iffe re n c e b etw e en .
P a ssen g er

A r r a n g e m e n ts . —See




Union Pacific RR. below.

698

THE CHRONICLE

th e s a m e a n d $900,000 to b e p a id to th e d e fe n d a n ts . M r. P a r r y a n d W m . E .
S te v e n s o n b o u g h t th e p ro p e rty a t s h e r if f s sa le on A p ril 22 1011. T h e d e ­
f e n d a n ts s a y t h a t n o fo rm a l c o n tr a c t of sa le w as e n te re d In to , t h a t th e r e
w as s o m e ta lk a b o u t th e m a tte r , b u t t h a t n o th in g d e lin lte w as d o n e .—
V . 9 2 , p . 1243.

[VOL. L X X X XIV .

T h e p r o je c te d lines w h en fin a lly c o m p le te d from (a) H e n r y e tta , O k la ., to
O k la h o m a C ity , (b) W a g o n e r, O k la ., to J o p lin , M o ., a n d (c) D en iso n to
D allas a n d F o rt W o rth . T e x . (fo rm in g e x te n s io n s of th e 2 6 4 -m lle M isso u ri
O k la h o m a & G ulf R a ilw a y ) , G . G . F a g e t e s tim a te s , s h o u ld e a rn $ 4 ,6 9 0 ,0 0 0
g ro ss a n d $ 2 ,0 0 0 ,0 0 0 n e t. T h e ra ilw a y d u r in g th e th r e e m o n th s b eg in n in g
S e p t. 15 1911, It Is s ta t e d , e a rn e d g ro s s, $ 3 2 2 ,8 9 6 ; n e t a v a ila b le fo r fixed
c h a rg e s, $ 1 0 6 ,5 3 7 . See also V . 94, p . 487, 560.

Inter-State Railways, Philadelphia.— S a l e o f B o n d s . — The
•omnany, it is stated, has sold §300,000 Mercer County TracMissouri Pacific Ry.— F a v o r a b le D e c i s i o n . — The Missouri
fedn 'Co. 1st M. 5% bonds, which it held in its treasury, at Supreme Court e n b a n c on Mch. 1 denied the petition in the
a price slighljy below 90. The proceeds will be used to pay ouster proceedings brought in behalf of the State authorities
ofr 'floating debt.— V. 93, p. 104.
by Governor Hadley when he was Attorney-General.
Kansas City Mexico & Orient Ry.— R e c e iv e r s h ip . —The
T h e p ro c e e d in g s w ere b r o u g h t a g a in s t th e c o m p a n y , th e S t. L o u is Iro n
U. S. District Court at Kansas City, Kan., on March 7 ap­ M o u n ta in & S o u th e r n , W a b a sh a n il P acific E x p re s s c o m p a n ie s a n d A m e ri­
c a n R e fr ig e r a to r T r a n s it C o. T h e C o u rt h e ld t h a t It Is n o t a v io la tio n of
pointed Vice-Pres. and Gen. Man. E. C. Dickinson of th e a n t i- tr u s t law s of th e S ta t e fo r o n e c o r p o r a tio n to h o ld s to c k In a n o th e r
Kansas City, Mo., as receiver for the company on application u n le ss th e r e Is a n a t t e m p t to c o n tr o l Its a ffa irs th r o u g h th e o w n e rs h ip
s a n n o u n c e d th e d e c isio n , J u d g e B ro w n d is s e n tin g .
by creditors. On Mch. 8 J. L. Davidson of Wichita, Kan., Jthu edreg eo f.K c nJ undlsghe, Fwehrrls
o w as A s s is ta n t A tto r n e y - G e n e r a l w h en th e s u it w as
and M. L. Turner of Oklahoma City, Okla., were appointed I n s titu te d , d id n o t s i t . — V . 9 4 , p . 631.
additional receivers.
National Railways of Mexico.— B o n d s C a l l e d . —Fifty (§50,­
T h e re c e iv e rs h ip w as a s k e d fo r b y th e U n ite d S ta t e s & M e x ic a n T r u s t 000) equipment and collateral 5% gold bonds, first series,
C o ., as tr u s te e of firs t m o rtg a g e , u n d e r w h ich so m e $ 2 5 ,0 0 0 ,0 0 0 b o n d s a re
dated Oct. 1897, of the Mexican Central Ry., for payment
o u ts ta n d in g , a n d b y th e I n te r n a tio n a l C o n s tru c tio n Co. of D e la w a re , w ith
at par and interest on April 1 at cither the Old Colony Trust
c la im of $ 1 ,3 0 0 ,0 0 0 ; th e U n io n C o n s tru c tio n Co. of D e la w a re , w ith claim
f o r $ 1 4 6,000, a n d th e W e ste rn T ie & T im b e r Co. of A rk a n s a s , w ith a
Co. of Boston, Nat. Ry. of Mex., N. Y .,'o r Glyn, Mills,
c la im of $ 1 8 ,000.
Currie & Co., 67 Lombard St., London, E.C.— V. 94, p. 279.
S u b s ta n c e o f S ta te m e n t G iven O u t M arch 7 by P r e s id e n t S tilw c ll.
Nevada Water, Light & Traction Co.— R e c e i v e r s h i p . —
B u ild in g a n d ru n n in g ra ilro a d s in M exico Is a te rrib le th in g . T h e
S o u th e rn P acific h a d 44 b rid g e s d e s tro y e d la s t y e a r a n d h a s b ee n ob lig ed
Circuit Judge Kinsey at St. Louis on March 1 appointed
to s u sp e n d n ew c o n s tru c tio n . O u r e x p e rie n c e h a s b een s im ila r. W e h a d
Hiram Phillips, former President of the Board of Public Im­
b rid g e s to r n d o w n a n d tra c k s to r n u p la s t y e a r a n d h a v e b een o b lig ed to
s u sp e n d o p e ra tio n a n d s to p n ew c o n s tr u c tio n . T h e M ex ic an G o v e rn m e n t provements, receiver pending trial of a suit by Jacob
c o m p e n s a te d u s fo r th e loss of th e b rid g e s, b u t h a s n 't e s ta b lis h e d o rd e rly
Erb of Chicago to restrain the Missouri-Lincoln Trust Co.
c o n d itio n s u n d e r w h ich we c a n re s u m e o p e ra tio n a n d c o n s tru c tio n .
I
h a v e p e rs o n a lly ra ise d $ 2 8 ,0 0 0 ,0 0 0 fo r th e c o n s tru c tio n of th e ro a d from
,
selling bonds of the Nevada company.
a b o u t h a lf of It In th is c o u n tr y a n d a b o u t h a lf of it a b r o a d . M o st of t h a t
m o n e y Is s e c u re d b y 1st M . 4 % b o n d s . B u t in v e sto rs in n ew ra ilro a d s now
w a n t a 5% b o n d a n d It Is th e p u rp o s e o f th e re o rg a n iz e rs to a d j u s t th e
fin a n c e s so a s to give th e m t h a t s e c u rity . T h e re o rg a n iz a tio n p la n h a s
b e e n p re p a re d a n d I a m sa tisfie d t h a t th e re c e iv e rs h ip w ill n o t be of lo n g
d u r a t io n . I a m c o n fid e n t t h a t we w ill be a b le to ra is e th e m o n e y to co m ­
p le te th e ro a d . T h e re c e iv e rs h ip Is h a r d lu c k , b u t It’s j u s t o n e of th o se
th in g s a p t to h a p p e n to a n y b o d y . S ee a lso V . 9 3 , p . 1318; V. 94, p . 350, 559

P r o te c tiv e C o m m itte e . — Holders

of stocks and bonds of tire
Kansas City Mexico& Orient lty . and Kansas City Outer Belt &
Electric Ry. and of stocks of the International and Union
Construction companies, are notified, by advertisement on
another page, that a protective committee is about to be
formed, with the Columbia Trust Co. of 135 Broadway, as
depositary, and that they are invited to communicate with
the depositary, stating the amount of securities held by them.
— V. 94, p. 350, G8.
Kansas City Outer Belt & Electric Ry.— P r o te c tiv e C o m ­
m i t t e e . —See Kansas City Mexico & Orient Ry. above.—
V. 80, p. 2399, 871.
Lake Shore & Michigan Southern Ry.—E x t r a D i v i d e n d .—
An extra dividend of 6% has been declared on the §49,466,­
500 stock, payable March 29 to holders of record March 15,
being the same amount as in the two preceding years. See
Pittsburgh & Lake Erie ItR. below.— V. 94, p. 487.
Lehigh Valley Transit Co., Allentown, Pa.— B o n d s O ffe r e d .
— Edward B. Smith & Co., Phila., and Nelson, Cook & Co.,
Baltimore, are placing at 90 and int., netting 5.60%, §250,­
000 “refunding and improvement mortgage” 50-year 5%
gold bonds of 1910, due June 1 1960. Auth., §15,000,000;
total amount issued, Feb. 26 1912 (including §329,000 in
treasury), §3,625,000; reserved to retire underlying bonds,
§5,311,000; and for additions, improvements, &c., §6,064,­
000. See full particulars, V. 92, p. 185. Also map, &c.,
pages 7 and 8 of “El. Ry. Sec.”—V. 93, p. 1786.
Maine Central RR.— I n c r e a s e o f S to c k s o f S u b s i d i a r i e s .—
See Portland Terminal Co. and Sandy River & ltangeley
Lakes RR. below.— V. 94, p. 560, 68.
Maritime Coal, Railway & Power Co.— N e w B o n d s . —The
stockholders, it is stated, will vote on March 28 on authoriz­
ing a new issue of §1,000,000 bonds. There is at present an
authorized issue of §1,000,000 1st M. 6% bonds due April 1
1934, but callable at 110, of which §934,000 was at last
accounts outstanding.— V. 93, p. 344, 349.
Metropolitan Street Ry., New York.— N e w S e c u r itie s R e a d y
M a r c h 14— A s s e s s m e n t . —See New York Railways below.
— V. 93, p. 1787.
Michigan United Traction Co.— O f fic e r s a n d D i r e c t o r s . —
The following officers and directors have been elected;
O ffic e rs — P r e s id e n t, B . C. C o b b ;]V lc e -P rc s., F r a n k S llle m a n ; V lc c -P re s .
a n d G en. M a n ., J o h n F . C ollins; S e c ., R o b e rt M o rrisse y ; T r e a s ., J o h n VV.
G len d c n ln g ; A s s t. T re a s . a n d S e c ., S . E . W o lf, N ew Y o rk . M r. C o llin s
h a s b ee n G en eral M a n a g e r of th e T o le d o R y s. & L ig h t Co. a n d s u c c e e d s
A . W . M c L Im o n t, w h o b ec o m es V ic e -P re s id e n t of th e M ich ig an R y . E n ­
g in e e rin g Co. (w ith h e a d q u a r te r s a t K a la m a z o o ), w h ic h w as fo rm e d to
im p ro v e a n d e x te n d th e ro a d . VV. I I . F o o te is P re s , of th e E n g in e e rin g Co.
D ire c to rs — B. C. C o b b , G eorge E . H a r d y a n d J o h n C. W e a d p c k , N ew
Y o rk ; C. M . C la rk , P h ila d e lp h ia ; F r a n k S ille tn a n J r . , P h ila d e lp h ia ; VV. A .
F o o te , J o h n F . C ollins a n d A . VV. M c L Im o n t, J a c k s o n ; G eorge G . M oore,
D e tro it; T . W . A tw o o d , C airo , M ich .; B e n T . D a v is, L a n sin g .

M r. E r b b o u g h t th e p r o p e r ty fro m th e M lsso u rl-L ln c o lu Co. fo r $ 1 6 5 ,0 0 0 ,
p a y lu g . It Is s ta t e d , $ 2 5 ,0 0 0 c a sh a n d g iv in g b o n d s of th e c o m p a n y a s se­
c u r ity fo r th e re m a in d e r; b u t a s s e r ts th e p r o p e r ty d id n o t tu r n o u t as
e x p e c te d a n d w ish ed to s u r r e n d e r It a n d g e t b a c k th e a m o u n t p a id . A n
a p p e a l h a s b een ta k e n to th e S u p re m e C o u rt.— V . 91, p . 276.

New Orleans & Grand l3le Traction, Light & Power Co.,
Toronto.— N e w C a n a d ia n I n c o r p o r a tio n — P u r c h a s e . — This
company filed articles of incorporation under the Canadian
Companies Act on Feb. 27 .1912 with §10,000,000 capital
stock in §100 shares (the incorporators being Toronto law
clerks) as a holding company to take over the control and
electrify the New Orleans Southern & Grand Isle 11R.
(chartered Feb. 1911 as successor of New Orleans Ft. Jack­
son & Grand Isle RR., Algiers to Buras, La., 60 miles); also
to control the Algiers Ry. & Light Co. and presumably other
properties.
T h e d e a l fo r th e A lgiers R y . & L ig h t C o., It Is s a id , w as clo se d o n M ch. 1.
p u rc h a s e p ric e , S 2 0 0 .0 0 0 . C. E . A . C a rr, th e G e n eral M a n a g e r of th e G ra n d
Is ie r o a d , ca m e fro m Q u eb ec, w h e re h e w as In c h a rg e of e le c tric lig h t a n d
r a ilw a y c o m p a n ie s .

New York Central & Hudson River RR.— N e w V i c e - P r e s i ­
K. Vanderbilt Jr. has been elected a vice­
President of the New York Central and Lake Shore railroads.
Mr. Vanderbilt has been assistant to President Brown for
about a year, and will do work “such as is assigned,” just
as he did in his former position. He will be elected to similar
positions in other roads of the system.— V. 94, p. 560, 279.
New York & North Shore Traction Co.— M o r tg a g e A p ­
p r o v e d . —The P. S. Commission yesterday approved the
making of a mortgage to the Citizens’Savings & Trust Co.
of Cleveland for §3,000,000 and for the issue of §800,000
40-year 5% gold bonds thereunder, and also for the issue of
§757,500 additional capital stock.
d e n t . — William

T h e b o n d s a rc d u e M a rc h 1 1952, b u t s u b je c t to call a t 102 o n a n y In te re st
d a y . T h e p ro cee d s a re to b e u sed to r e tir e $350 ,0 0 0 1st M. b o n d s of S e p t. 1
1907 a n d fo r th e d is c h a rg e of I n d e b te d n e s s to th e N c w 'Y o rk & N a s sa u C on­
s tr u c tio n C o. fo r w o rk a lr e a d y d o n e o n th e lin es of th e c o m p a n y . A sp ecial
Issu e of $10,000 s to c k fo r w o rk in g c a p ita l Is also a llo w e d . T h e C o m m issio n
re q u ire s a sp ecial a m o r tiz a tio n s in k in g fu n d to b e e s ta b lis h e d to m a k e good
d is c o u n ts of $97,500 a n d a n o th e r fu n d of $ 3 4 2 ,0 0 0 , th e v a lu e of th e p ro p e r ty
w h ich w ill r e v e r t to th e c ity a t th e e x p ira tio n of th e f ra n c h is e .— V . 9 3 , p .9 4 0 .

New York Railways Co., New York City.— N e w S e c u r i t i e s .
— On March 7 the company took title to the property from
the reorganization committee and filed its new mortgages,
the total amount of bonds authorized being limited to §18,­
768,100 4s and §33,000,000 adjust, income 5s, respectively.
Notice is given, by advertisement on another page, that
on March 14 the new securities will be ready for delivery (in
temporary form), those issuable in exchange for certificates
of deposit representing Metropolitan St. Ry. refunding 100year bonds at the Farmers’ Loan & Trust Co., and those
allotted to tort claimants and stock (the latter all ^assess­
ments paid) at the Guaranty Trust Co. The final 75% of
the assessment is due March 14 at said trust company with
interest thereon from Jan. 1 1912 to that date. _
The Public Service Commission on Jan. 24 sanctioned the
issuance of the following plan (V. 93, p. 1533), viz.;
F ir s t re a l e s ta te a n d re f. m tg e . 4 % go ld b o n d s d a t e d J a n . 1 1912
( G u a r a n ty T r u s t C o., tr u s te e ) , d u e J a n . 1 1942 a n d r e d e e m ­
a b le a f t e r J a n . 1 1916 a t 105 a n d I n t e r e s t - . - - ----------- - — $ 1 6 ,76 8 ,1 0 0
A d ju s tm e n t in tg c . 5 % in c o m e g o ld b o n d s (F a r m e rs L o a n & T r .
C o., tr u s te e ) , d a te d J a n . 1 1912, d u o J a n . 1 1942 a n d r e ­
d e e m a b le a s a w h o le, b u t n o t In p a r t , a t 102
o n a n y firs t
d a y of J a n u a r y o r J u ly (I n te re s t n o n - c u m .) ---------------------------- 3 1 ,9 3 3 ,4 0 0
1 7 ,5 0 0 ,0 0 0
C a p ita l s to c k In $100 s h a r e s -------------------------- --------------------- —

Hodenpyl, Hardy & Co. of New York and E. W. Clark &
Co. of Philadelphia are furthering the enterprise. No secur­
ities, we are informed, will be sold at present.—V. 94, p. 631.
M a in te n a n c e a n d D e p r e c ia tio n F u n d — A m o r t i z a t i o n . —The
Missouri Oklahoma & Gulf RR.— N e w B o n d s — Subscrip­ Commission on Feb. 27 1912 ordered in substance:
tion books for the first issue of §10,000,000 1st M. 5% bonds,
re p a y in g I n te r e s t o n Its a d j u s t m e n t m o rtg a g e b o n d s
offered at 92 M or 475 francs (par §100 or 515 franps),were o r Td hiveidceonmd ps aonny ,Itsb esfo
to c k : (a) S h a ll, fo r th e p u rp o s e of m a k in g u p th e d lffcropened on March 2 at the Banque Franco-Ameri caine and en cc b e tw e e n th e v a lu e of th e p r o p e r ty m o rtg a g e d In a n d b y s a id m o rt­
es a n d th e face v a lu e of th e b o n d s w h ich h a v e b e e n a u th o r iz e d b y th e
Societe Centrale des Banques de Province at Paris; the gCag
o m m issio n a n d th e p a r v a lu e of th e s to c k , e s ta b lis h a n d m a in ta in a n
Banque d’Outremer at Bruxelles, the Banque de Commerce a m o r tiz a tio n fu n d , a n d sh a ll p a y in c a sh In to s a id fu n d , o u t of In co m e, In
ea ch c a le n d a r y e a r, b e g in n in g w ith 1912, n o t less th a n $ 1 0 8 ,0 0 0 p lu s 4 %
at Antwerp, &c.
u p o n a ll p r io r p a y m e n ts In to s a id fu n d , u n til s a id fu n d s h a ll a m o u n t to
T h e b o n d s a re d u e N o v . 1 1961 a n d a re c a lla b le o n o r a f t e r N o v . 1 1917
f o r th e s in k in g fu n d a t p a r a n d a s a n e n tire Issue a t 102 a n d I n t. I n te r e s t
M . & N ., lirst co u p o n (for 3 inos.) d u e M ay 1 1912. I s s u a b lc a t $ 2 7 ,5 0 0 p e r
m ile, of w h ich $2,000 per m ile to be re se rv e d to p a y In te re s t d u rin g c o n s tru c tio n
p erio d a n d for o n e y e a r th e r e a f te r . T h e s u rp lu s e a rn in g s of th e p re s e n t
M o. O k . & G ulf R y ., a fte r m e e tin g th e ch a rg e s of t h a t c o m p a n y , w ill, It is
s ta t e d , b e u sed to m e e t th e in te re s t a n d s in k in g fu n d c h a rg e s of th e p re s e n t
Issu e , w h ich fo r th e seco n d a n d th ird y e a rs of o p e ra tio n a re also g u a r a n te e d
b y th e c o n s tru c tio n c o m p a n y , th e W illiam ICeneUck Co. of K a n s a s C ity .




$ 1 6 ,5 0 0 ,0 0 0 . S aid fu n d s h a ll b e u s e d o n ly f o r th e p u rc h a s e a n d r e tir e m e n t
of m o rtg a g e b o n d s of s a id c o m p a n y o r fo r th e a c q u is itio n of p r o p e r ty fo r
c a p ita l o r I n v e s tm e n t p u rp o s e s . (b) B e g in n in g F e b . 27 1912 sh a ll s e t asUlo
ea ch m o n th , b eg in n in g J a n . 1 1912, fo r m a in te n a n c e a n d d e p re c ia tio n d u r ­
in g ea ch m o n th , a su m a t le a s t e q u a l to 2 0 % of Its gross o p e r a tin g re v e n u e
fo r su c h m o n th , a n d If th is a m o u n t Is n o t e x p e n d e d fo r re p a irs a n d m a in te ­
n a n c e w ith in t h a t m o n th , th e u n e x p e n d e d p o r tio n th e re o f sh a ll b e c r e d ite d
to th e a c c o u n t of “ a c c ru e d a m o r tiz a tio n of c a p ita l, In a c c o rd a n c e w ith
th e u n ifo rm s y s te m of a c c o u n ts p re s c rib e d b y th is C o m m issio n .

THE CHRONICLE

Mar. 9 1912 ]

699

Ladenburg, Thalmann & Co., $10,000,000 5% 10-year debs,
convertible into pref. stock at par. The sale is subject
to the ratification of the issue by the shareholders.
CompareV. 94, p. 560, 488.
S y n d i c a t e D i s s o l v e d . — The syndicate formed to introduce the
New York Westchester & Boston (Electric) Ry.— O p e r a - common stock on the Paris Bourse has, it is stated, been
i o n .—Trial trains were run over the road on March 2 and dissolved, the syndicate having sold all of the stock held by
t is hoped to announce an early date for the beginning of it, nearly 90,000 shares.
regular service between New Rochelle, White Plains and
T h e s e h a v e b e e n c o n v e rte d in to F re n c h b e a re r-c e rtific a te s , a p riv ileg e
fo r w h ic h $2 a s h a r e h a d to b e p a id in G o v e rn m e n t ta x e s . T h e m e m b e rs of
the Harlem River.
th e s y n d ic a te , i t Is r e p o r te d , re a liz e d a p ro fit of a b o u t $1 50 a s h a re . C om ­
[T he “ N ew Y o rk T im e s " o n F e b . 29 r e p o r te d t h a t th e d ire c to rs a r c d ls
p o sed to a c c e p t th e 2 0 % r e q u ire m e n t as re a s o n a b le , b u t a r e n o t In clin ed ,
h o w e v e r, to c o n c e d e th e r ig h t of th e C om m ission to re q u ire a n a m o r tiz a tio n
fu n d . S aid o n e d ire c to r: "W h ile w e w o u ld be willing- to c a rr y o u t th is p r o ­
v is io n , w e c a n n o t co n c e d e th e p o w e r of th e C om m ission to r e q u ir e It.
th e
T h ird A v e n u e ro a d Is c o n te s tin g th is m a t t e r v ig o ro u s ly .” — E d .] — V . 94,
p . 279, 208.

F iv e s p a n s of th e v ia d u c t n o r th of 17 4 th S t. w ere e re c te d la s t w eek , a n d
1 o u t of 49 c o n c re te s p a n s h a v e b een c o m p le te d .— V . 93, p. 731.

Norfolk Southern RR.— N e w D ir e c to r . — W. H. Williams,
Y.-Pres. of the Delaware & Hudson, has been elected a
director.— V. 94, p. 488.
North Carolina Public Service Co., Greensboro, N. C.—
B o n d s O f fe r e d . — W. N. Coler & Co., New York, and II. F.
Bachman & Co., Philadelphia and New York, are placing
at 92^2 and int., yielding 5.60% income, 8600,000 “first and
refunding” 5% sinking fund gold bonds, dated April 1 1909
and due April 1 1934, but subject to call, all or any, at any
interest date at 105. Par $100, $500, $1,000. Int. A. & O.
at Guardian Trust Co., N. Y., trustee. A circular shows:
C a p ita liz a tio n .

C a p ita l s to c k a u th o riz e d , 3 3 ,5 0 0 ,0 0 0 : o u ts ta n d in g a b o u t ----------$ 3 ,5 0 0 ,0 0 0
F ir s t a n d re fu n d in g 5s a u th o riz e d , $ 3 ,5 0 0 ,0 0 0 ; o u ts ta n d in g ------ 1,285,400
R e s e rv e d to re tire G reen sb o ro E le c . 1st M . 5s d u e 1930 ---------359,500
R e s e rv e d fo r e x te n s io n s a n d b e t te r m e n ts ----------------- 1,855,100
S e c u re d (a) b y a firs t m o rtg a g e o n a ll th e g as, c lc e trlc -llg h t a n d p o w er
a n d s tr e e t ra ilw a y p ro p e rtie s a n d fran ch ise s (now o w n ed o r h e re a f te r a c ­
q u ire d ) III G reen sb o ro a n d H ig h P o in t, N . C ., s u b je c t o n ly to $359,500
G re e n sb o ro E le c tric Co. 1st 5s. O f th e o rig in a l $750,000 G reen sb o ro E lec­
tr ic 5s $390,500 h a v e a lre a d y b een re tire d a n d p ro v is io n lias b een m a d e fo r
r e tir e m e n t of r e m a in d e r, (b) liy p le d g e of 3 ,2 0 5 of a to t a l o f 4 ,0 0 0 sh a re s
of th e c a p ita l s to c k of th e S a lisb u ry & S p e n c e r R y . C o. a n d b y a 50 - y e a r
lease of ttie l a tte r to th e fo rm e r c o m p a n y . [ E v e n tu a lly th e e n tir e 4,000
s h a re s will lie so p le d g ed .] T h e S a lisb u ry & S p e n c e r R y . C o. o w n s all th e
g a s , e le c tric a n d s tr e e t ra ilw a y p ro p e rtie s In S a lis b u ry , S p e n c e r a n d E a s t
S p e n c e r a n d tRe s tr e e t ra ilw a y p ro p e rtie s In C o n co rd , N . C. A d d itio n a l
b o n d s m a y bo Issued fo r 8 0 % of th e c o s t of p e rm a n e n t Im p ro v e m e n ts a n d
e x te n s io n s , p ro v id e d th e n e t e a rn in g s fo r th e p re c e d in g 12 m o n th s a rc 1 H
tim e s tlie lix cd c h a rg e s, In clu d in g all b o n d s th e n to lie Issued . S in k in g
fu n d of 1% p e r a n n u m o f gross e a rn in g s J u ly 1915 to 1020; 1
J u ly 1920­
1925 a n d 2 % 1925 to m a tu r it y .
S e rv e s w ith o u t c o m p e titio n a p o p u la tio n of 7 5 ,0 0 0 . F ra n c h ise s fa v o r­
a b le a n d e x te n d b e y o n d A p ril 1 1934. l i a s a 1 0 -y ear c o n tr a c t w ith th e
S o u th e rn P o w e r C o. fo r s u p p ly o f h y d ro -e le c tric p o w e r a t a low figure; also
o w n m o d e rn p o w e r p la n ts ( to ta l 2,750 h .p .) , v a lu a b le re a l e s ta te , office
b u ild in g s , tw o la rg e p a rk s , &c. M a n a g e m e n t p ro g re ssiv e a n d e ffic ie n t.
1908.
1909.
1910.
1911. est. ’12. est. ’13. est. ’14.
E a r n in g s —
$
$
$
$
$
$
$
G ross _ _ .......... 237 ,1 7 5 2 5 ?,0 8 5 299,071 347,659 403,000 400,00 0 520,000
N e t ( a fte r tx s .) 57,893 82,310 90,124 120,217 111,000 100,000 182,000
I n t e r e s t ______ 35 ,4 9 7 37,688 47,398 02,000 ..................................................
S u r p l u s ____ 22 ,3 9 6 44,622 48,720 58,217 ---------- ---------- ---------S a n d e rs o n & P o r te r (engineers) o f N ew Y o rk , w ho h a v e j u s t e x a m in e d
th e s e p ro p e rtie s , r e p o rte d F e b . 15 1912: “ T h e G reen sb o ro a n d H ig h P o in t
p ro p e rtie s , sin ce th e ir a c q u is itio n , h a v e been th o ro u g h ly m o d e rn iz e d . T h e
r e s u lts a rc re fle c te d In th e Increa se d e a rn in g s . T h e S a lis b u ry , S p e n c e r,
E a s t S p e n c e r a n d C o n co rd p ro p e rtie s h a v e o n ly r e c e n tly b een ta k e n o v e r,
a m i a n e q u a lly c o m p e te n t a n d ag g ressiv e m a n a g e m e n t, s u p p le m e n te d b y
im p ro v e m e n ts a n d e x te n s io n s , s h o u ld a c c o m p lish sim ila r re s u lts . B ased
u p o n th e Im m e d ia te a d o p tio n of tills p o lic y , we e s tim a te th e fo llo w in g
e a rn in g s fo r 1912 to 1914 [sec a b o v e ta b le — E d .] . W e c o n s id e r th e co m ­
m u n itie s s e rv e d a s s u re d o f a s te a d y a n d s u b s ta n tia l g ro w th , w h ic h sh o u ld
fa v o ra b ly a lfe c t th e b u sin ess a n d e a rn in g s .” See also V . 88 , p . 1128.
— V . 93, p . 1324.

Oregon-Washington RR. & Navigation Co.— B o n d s O f­
f e r e d . — Clark, Dodge & Co., New York, are placing at 92^
and int. an additional $400,000 “first and refunding mort­
gage” 4% gold bonds of 1911, unconditionally guaranteed,
principal and interest, by the Union Pacific RR. Co. by en­
dorsement on each bond. Authorized, $175,000,000; out­
standing, $36,067,500. A circular says:
O f th e r e m a in d e r, $ 3 ,9 3 2 ,5 0 0 m a y b e Issued to re c u p th e c o m p a n y fo r
e x p e n d itu re s a lre a d y In c u rre d , $ 2 3 ,380,000 a re re s e rv e d to r e tir e a lik e
a m o u n t of th e O reg o n R R . & N a v ig a tio n Co. co n so l. M , 4s, a n d tin; b a la n c e ,
$ 1 1 1 , 620,000 m a y be Issued fo r a d d itio n s a n d Im p ro v e m e n ts . [T h e re a r e
n ow liste d o n th e N . Y . S to c k E x c h a n g e $1 5 ,8 9 5 ,5 0 0 " 1 s t & re fu n d in g
b o n d s ,” serie s A , a n d on th e L o n d o n S to c k E x c h a n g e £ 4 ,0 0 0 ,0 0 0 “ firs t a n d
re fu n d in g b o n d s ,” serie s B .— E d .] S ee V. 92, p . 1437, 1500; V . 9 3 , p . 1600
E a r n in g s f o r Y e a r ended J u n e SO 1911 (A v e ra g e M ile s , 1 ,6 0 5 ).
G ross e a rn in g s __________$15 ,8 8 0 ,4 6 5 IT o ta l n e t In c o m e ------------ $ 3 ,6 6 0 ,1 5 5
N e t (a fte r ta x e s ) _______ $4 ,8 6 3 ,4 2 0 F ix e d c h a rg e s .......... ............ 1 ,5 9 0 ,0 6 5
O th e r In c o m e ___________
1 ,2 0 3 ,2 7 1 1B a la n c e ..................................
2 ,0 0 4 ,0 9 0
— V. 9 1. p. 68.

Ottawa (Can.) Electric Ry. Co.— N e w S t o c k . — Stock­
holders, it is stated, are offered the right to subscribe for
new stock at par to the extent of 50% of their holdings, to
cover expenditure on extensions, new roiling stock, and an
auxiliary steam plant. There is now $1,247,700 stock
outstanding.— V. 94, p. 631, 417.
Pacific Gas & Electric Co.—F i r s t C o m m o n D i v i d e n d . —The
directors will vote on March 15 on declaring a quarterly div­
idend (No. 1) of $1 25 per share on the $29,272,500 common
stock, payable April 15 to holders of record March 15.
Checks will be mailed.— V. 94, p. 351, 284.
Pennsylvania Co.— S a le o f B o n d s . —The company has sold
to the Union Trust Co. of Pittsburgh $10,000,000 Series E
4% collateral trust bonds free of Pennsylvania State tax,
due May 1 1952, guaranteed by the Pennsylvania RR. The
bonds are secured by an equal amount at par value of Pitts­
burgh Fort Wayne & Chicago Ry. guaranteed special 7%
stock. A part of the proceeds will be used at once and the
remainder will go into the treasury for future requirements.
— V. 93, p. 1789.
Pere Marquette RR.— N e w O f f ic e r s .—

p a r e V . 9 2 , p . 7 2 6 .— V. 9 4 , p . 560, 488.

Philadelphia (Pa.) & Easton Street R y.— R e c e iv e r s h ip . —
An application was filed in the Common Pleas Court of Bucks
County on Feb. 29 by John McAllister, a bondholder, for the
appointment of a receiver.
I t is In te n d e d to c flect a r e o ig a n iz a tlo n a n d re d u c e th e c a p ita liz a tio n
a n d p la c e th e r o a d o n a p a y in g b asis.
T h e re Is a m o rtg a g e of $ 1 ,0 0 0 ,0 0 0 to th e G ira rd T r u s t C o. of P h ila d e lp h ia ,
as tr u s te e , m a d e In 1907; a n u n s e c u re d llo a tln g d e b t o n $7,298; p ro m iss o ry
n o te s of $ 2 5,220 e x p e n d e d fo r c a rs a n d e q u ip m e n t; $ 1,993 ta x o n gross
re c e ip ts d u e th e S ta t e , a n d $396 u n p a id t a x o n c a p ita l s to c k .— V .85 p . 470.

Philadelphia Rapid Transit Co.— S a le o f B o n d s . — The first
block of $2,000,000 of the new bonds has, it is understood,
been sold at a price reported as 98M and int., and it is possible
a public offering may be made shortly.
T h e d ir e c to r s o f th e U n io n T r a c tio n C o. o n M arch 6 v o te d to e s ta b lis h
a sin k in g fu n d o f $ 3 5 ,0 0 0 a y e a r to r e tir e in p a r t th e $ 1 0 ,0 0 0 ,0 0 0 a u t h . issue,
to b eg in In liv e y e a rs a n d c o n tin u e d u r in g th e life of th e c o n tr a c t of th e
R a p id T r a n s it C o. w ith th e c ity , o r u n til 1957. T h e sin k in g fu n d w o u ld ,
th e re fo re , a m o u n t In 1957, w ith o u t I n te re s t, to $ 1 ,4 0 0 ,0 0 0 , b u t, in v e ste d
a t 5 % , th e in te r e s t w o u ld sw ell th e a g g re g a te a m o u n t to b e tw e e n $ 3 ,0 0 0 ,0 0 0
a n d $ 4 ,0 0 0 ,0 0 0 .— V . 94. p . 631, 209.

Pittsburgh & Lake Erie.— E x t r a D i v i d e n d 12%.— This
company, controlled by the Lake Shore & Mich. Sou. (N. Y.
Central) by ownership of $12,600,000 of the $25,200,000
stock, has declared an extra div. of $6 per share (12%), paya­
ble March 29 to stockholders of record March 15.
P rev io u s D iv id e n d Record (P er cent ) .
’86 t o ’9 1 . '92 to ’0 6 . 1907. 1 908. 1909.
1910.
1911.
1912.
6 y e a rly
10 y e a rly
12
11
10
10 & 40 e x t . 10 & 25 e x t . F e b .,5

19% N e w S t o c k . — Stockholders of record March 15 will be
permitted to subscribe at par, $50 a share, on or before
April 12, for $4,788,000 (95,760 shares) of new stock to the
extent of 19% of their respective holdings.— V. 92, p. 874.
Portland (Me.) Terminal Co.— I n c r e a s e o f S t o c k . —The com­
pany has filed in the office of the Secretary of State of Maine
notice of increase of authorized stock from $500,000 to $1,000,000.— V. 93, p. 940.
Public Service Corporation of New Jersey.— P r o p o s e d
L e a s e s . — Arrangements have been practically made to take
over under 999-year leases from April 1 the Riverside Trac­
tion and Elizabeth & Trenton RR., also the Cinnaminson
Electric Power & Heating Co. and Bordentown Electric
Light & Motor Co. (both controlled by the Riverside Co.),
negotiations for which have been pending for some time.
Formal agreements have not yet been signed and the sanction
of the Public Utilities Commission must be obtained.
U nder- th e te r m s o f th e le ase o f th e R iv e rsid e c o m p a n y , th e P u b lic S e r­
v ic e R y . a g re e s to p a y th e in te r e s t o n th e $868,000 o u ts ta n d in g 5 % b o n d s,
5% d iv id e n d s o n $ 2 6 6 ,0 0 0 p re fe rre d s to c k a n d a d iv id e n d o n $747,000 of
c o m m o n s to c k , a m o u n tin g to $ 1 4,193 th e firs t y e a r a n d in c re a s in g a n n u a lly
u n til th e 7 th y e a r, w h e n th e m a x im u m of $19,1 9 3 w ill h a v e b ee n re a c h e d ,
a t w h ich llg u rc it w ill r e m a in . T h e lesso r c o m p a n y is r e q u ir e d to raise
s u ffic ie n t n ew c a p ita l to r e h a b ilita te th e p r o p e r ty , in c lu d in g th e b u ild in g
of a larg e p o w e r h o u s e .
U n d e r th e lease of th e E liz a b e th & T r e n to n R R ., th e P u b lic S erv ic e R y .
w ill p a y 5% d iv id e n d s o n th e $ 1 8 0,300 p re fe rre d s to c k . N o d iv id e n d s w ill
be p a id o n th e $811 ,3 5 0 co m m o n s to c k fo r th e firs t tw o y e a rs , b u t In th e
th ir d y e a r 1% is g u a r a n te e d , w ith a n a d d itio n a l 1% a n n u a lly u n til th e s ix th
y e a r, w h en th e m a x im u m o f 4 % w ill be p a id .
T h e P u b lic S erv ic e R y . a g re e s, u p o n th e leg al c o n s u m m a tio n of th e lease,
to p ro cee d to r e h a b ilita te th e p o rtio n o f th e r o a d of th e E liz a b e th & T r e n to n
R y . b e tw e e n T r e n to n a n d M lllto w n , a c c o rd in g to p la n s a lr e a d y m a d e , a n d
to p ro cee d to c o n s tr u c t th e r e m a in in g p o rtio n of th e lin e, fo r w h ich a rig h to f-w a y lias b een se c u re d , fro m n e a r M e tu c h e n to E liz a b e th . I t Is also p a r t
of th e p la n to b u ild a n e x te n s io n fro m a p o in t n e a r T rc m le y to a p o in t of
c o n n e c tio n w ith th e R a ln v a y -A m b o y line o f th e P u b lic S erv ic e R y . T h is
e x te n s io n w ill be a b o u t tw o m iles in le n g th , a n d w ill affo rd r a p id serv ice b e­
tw e e n E liz a b e th a n d P e r th A m b o v .
W ith th e a c q u is itio n o f th e se tw o ra ilro a d p ro p e rtie s , th e P u b lic S erv ice
C o rp o ra tio n w ill h a v e d ire c t p h y s ic a l c o n n e c tio n s b ettv een th e n o r th e r n a n d
s o u th e r n d iv isio n s of its s tr e e t ra ilw a y s y ste m , w h ich it h a s n o t a t th e
p re s e n t tim e , a n d will s e cu re a n e n tr a n c e In to th e c ity of T r e n to n , th e
r a ilw a y lin es of w h ich a r c in o th e r h a n d s .— V . 9 4 , p . 68.

Riverside Traction Co.— P r o p o s e d L e a s e . — See Public Ser­
vice Corporation of N. J. above.— V. 94, p. 352, 280.
San Diego & Cuyamaca Ry.— S a l e . — See San Diego &
Southeastern Ry. below.— V. 89, p. 779.
San Diego Southern Ry.— S a l e . — See San Diego & South­
eastern Ry. above.— V. 90, p. 1555.
San Diego & Southeastern R y.— N e w C o m p a n y — C o n s o li­
d a t i o n . — The company was incorporated in California on
March 2 with $5,000,000 capital stock in $50 shares as a con­
solidation of the San Diego & Southern Ry. and San Diego &
Cuyamaca Ry.
T h e s to c k . I t Is s ta t e d . Is n e a rly all s u b s c rib e d , J o h n D . S p re c k e ls a n d
A d o lp h S p rcck les o w n in g c o n tro l, w ith R . C. G lllls o f L os A n g eles (a d ire c ­
to r of th e P acific E le c tric C o ., c o n tro lle d b y th e S o u th e r n P acific) th e n e x t
la r g e s t o w n e r, w ith $219 ,3 5 0 s to c k . T h e S a n D ieg o S o u th e r n R y . o p er­
a te d a lin e fro m S a n D iego to T Ia J u a n a , 18 m iles, a n d t h e C o ro n a d o B e lt
L in e , 25 m iles. T h e S a n D iego & C u y a m a c a R y . e x te n d s fro m S a n D iego
to F o s te r , 26 m iles. I t is p ro p o s e d to e x te n d th e lin e s a s f a r a s L os A ngeles
o n th e n o r th a n d E n s e n a d a , L o w er C alifo rn ia , a n d fro m S a n D iego th ro u g h
th e Im p e ria l V alley to th e G ulf of C a lifo rn ia o n th e s o u th , to b e o p e r a te d b y
e le c tric ity o r o th e r p o w er.

Sandy River & Rangeley Lakes R y . — I n c r e a s e o f S t o c k .—
The company has hied in the office of the Secretary of State
of Maine notice of increase of stock (all owned by the Maine
Central RR.) from $241,600 to $300,000.— V. 93, p. 941.
San Pedro Los Angeles & Salt Lake R y .— N e w M o r tg a g e
Philadelphia Co. of Pittsburgh.— D e b e n tu r e s S o l d . —The A u t h o r i z e d . —The stockholders on March 4 authorized the
company has sold to a syndicate, including Blair & Co. and new mtge. for $70,000,000. J. Ross Clark, 2d V.-Pres.,says:

G eorge C. C o n n , F re ig h t T ra ffic M g r., h a s b een e le c te d V ic e -P re s id e n t to
su ccee d A . P a tr la r c h e , w ho re s ig n e d . T h e e x e c u tiv e c o m m itte e c r e a te d
th e p o s itio n of A ss is ta n t G en . M g r., a n d F . I I . A lfre d , la te G en S u p t of
th e C. I I . & I). R y ., w as a p p o in te d to t h a t p o s itio n . T h e office o f G en
S u p t., fo rm e rly h eld b y W . I ). T ru m p , w ill be a b o lis h e d on A p ril 1 —
V . 94, p . 631, 488.




THE CHRONICLE

7 0 0

T h e p u rp o s e Is to c re a te a n a v a ila b le f u n d fo r g e n e ra l Im p ro v e m e n t. T h e
S a lt L a k e r o u te h a s s e v e ra l b ra n c h lines u n d e r c o n te m p la tio n . T h e co n ­
t r a c t fo r t h e c o n s tr u c tio n of th e O p h lr b r a n c h h a s b ee n le t to th e U ta h
C o n s tru c tio n C o ., a n d w o rk w ill be b eg u n on th is w ith in te n d a y s . T h is
w ill o p e n u p th e m in in g c a m p of O p h ir a n d m e a n s th e b u ild in g of te n m iles
o f r a ilro a d . T h e M o a p a b ra n c h w ill b e fin ish e d b y M arch 15. T h e m a in
lin e is in e x c e lle n t s h a p e sin c e w e b u ilt th e h ig h lin e th ro u g h M ead o w V alley ,
W a s h in g to n .— V . 94, p. 490, 124.

Third Avenue Ry., New York.— N e w S e c u r i t i e s L i s t e d .—
Tue application in connection with the listing of the securi­
ties of the new R a i l w a y company on the New York Stock Ex­
change, which was referred to last week, is given at length
on subsequent pages of to-day’s issue. The application con­
tains a description of the new securities and of the property
of the r a i l w a y and its controlled companies, the consoli­
dated income account for the years ending June 30 1910 and
1911 and the six months ending Dec. 31 1911, the balance
sheet of the Third Avenue Ry. of Dec. 31 1911, &c.
C e r tif ic a te s R e a d y . —The Central Trust Co. will on and
after March 6 issue interim certificates for 1st refunding M.
4% bonds and adjustment M. income 5s in exchange for out­
standing certificates of the old Third Avenue R a i l r o a d Co.
— V. 94, p. 632, 417.
Union Pacific RR.— N e io R o u te s a n d I m p r o v e d P a s s e n g e r
S e r v ic e f r o m C h ic a g o to P a c i f i c C o a s t. —-Substantially the
following statement was given out on Thursday respecting
the proposed arrangements with the Chicago & North Western
and Chicago Milwaukee & St. Paul for new through passen­
ger service between Chicago and the Pacific Coast.
S ta te m e n t

by

U n io n

P a c if ic O ffic ia ls (C o n d e n s e d ).

A s a s to p In th e p r e p a r a tio n fo r th e P a n a m a -P a c ific E x p o s itio n , n e g o tia ­
tio n s a re n e a rin g c o m p le tio n fo r th e v ir tu a l a d d itio n of tw o d is tin c t th ro u g h
ro u te s b etw e en C h ic ag o , C a lifo rn ia a n d P o r tla n d , ctTcctlve a b o u t M ay 15.
O ne of th e th re e n ew tr a in s b e tw e e n C hicago a n d C alifo rn ia w ill be an
e x tr a - f a r e tr a in o p e ra te d o v e r th e C hicago & N o rth W e ste rn a n d th e U n io n S o u th e rn P acific lines a n d It w ill c u t th e tim e b e tw e e n C hicago a n d S an
F ra n c isc o to 64 h o u rs , o r fo u r h o u rs u n d e r th e p re s e n t re d u c e d tim e of th e
O v e rla n d L im ite d .
• N e g o tia tio n s w ith th e C hicago M ilw au k e e & S t. P a u l h a v e n o t y e t been
c o m p le te d , b u t it Is p ro b a b le t h a t a n e x c lu siv e tr a in will be p u t o n o v er
t h a t ro a d In c o n n e c tio n w ith th e U n io n -S o u th e rn P acific, le a v in g C hicago
a t 10:30 a . m ., m a k in g th e ru n to S a n F ra n c isc o in 72 h o u rs . T h is new
tr a in w ill c a rry s ta n d a r d a n d to u r is t slee p in g c a rs n o t o n ly to S an F r a n ­
cisco , to w hich p o in t th e S t. P a u l a t p re s e n t Is o p e ra tin g c a rs, b u t also to
L o s A n g ele s a n d to P o r tla n d . T o th e tw o la tte r citie s th e S t. P a u l h a s n o t
h a d th ro u g h se rv ic e . T h is new tr a in w ill c h a rg e no e x t r a faro a n d It will
b e th e f a s te s t to u r i s t serv ic e In e x iste n c e b e tw e e n C hicago a n d S an F r a n .
T h e th ird new tr a in w ill bo a to u r is t c a r tr a in , le a v in g C hicag o a t n ig h t
o v e r b o th th e N o rth W e ste rn a n d th e S t. P a u l in c o n n e c tio n w ith th e U n io n S o u th e rn P aclfio. T h e C hicago & N o rth W e s te rn w ill r e ta in its L o s A ngeles
L im ite d a n d a lso Its O rc g o n -W a s h in g to n L im ite d , r u n n in g ex c lu siv e ly to
th e N o rth P acific C o a s t. T o C o lo ra d o no a d d itio n a l serv ic e w ill be p u t o n ,
b u t th e serv ic e w ill be Im p ro v e d a n d w ill be e x c lu s iv e o v e r th e N o rth
W e s te rn a n d S t . P a u l ro a d , re s p e c tiv e ly .— V . 94, p . 418, 69.

[VOL.

LXXXXIV

In th e ir In fa n c y . W ith th e d e v e lo p m e n t o f Its s p le n d id a g r ic u ltu ra l r e ­
s o u rc e s th e r e Is e v e ry re a s o n to e x p e c t a la rg e f u tu r e d e v e lo p m e n t, w hich
w ill g r e a tly e n h a n c e th e v a lu e of th e c o m p a n y ’s p r o p e r ty .
D ire c to rs (a n d o ffic e rs).— N eal C ro w n , P r e s .: C. C. Y a w k c y , V .-P rc s .:
M. C . E w in g T r c a s .; V . A . A ld e rs o n , S e c .; G . D . J o n e s , J . S . A le x a n d e r,’
C . F . W ilso n .

Western Maryland Ry. — E x t e n s i o n C o m p le te d .— It is an­
nounced that the first train over the 87-mile connecting line
with the Pittsburgh & Lake Eric, extending from a point 2
miles west of Cumberland, Md., to Connellsville, Pa., will be
run on April 14.— V. 94, p. 209.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adirondack Electric Power Corporation.—Safe o f B o n d s . —
Harris, Forbes & Co. and the Boston house of N. W. Harris
& Co. have purchased approximately $5,000,000 1st M. 5%
bonds. This company was formed in December last to
take over the so-called Hudson River Electric properties, and
will be under the management of the Stone & Webster As­
sociation of Boston.— V. 94, p. 561.
Allis-Chalmers Co.—R e o r g a n iz a tio n P l a n . — It is reported
that at next Tuesday’s meetings of the bondholders’ and
stockholders’ protective committees, the reorganization plan
is likely to be agreed upon.
.
T h e p re fe rre d s to c k is to b e a sse sse d $20 a n d th e co m m o n s to c k $10 a
s h a re , to p ro v id e $ 5 ,2 1 2 ,0 0 0 ; th e $ 1 1 ,1 4 8 ,0 0 0 1st M . b o n d s to bo e lim in a te d
b y s u b s titu tio n of new p re fe rre d s to c k w ith a b o n u s of co m m o n sto c k ;
c o n tr o l of th e c o m p a n y to b e p la c e d in h a n d s of v o tin g tr u s te e s ; n ew s to c k
Is to be issu e d to co m m o n a n d p re fe rre d s to c k h o ld e rs as w ell a s to b o n d ­
h o ld e rs fo r th e old s to c k a n d In c o m p e n s a tio n fo r th e a s s e s sm e n t.
S te p s a r e to b e ta k e n a t o n ce to o b ta in a frie n d ly re c e iv e r, th e a p p lic a tio n
to co m e b efo re th e N ew J e r s e y c o u r ts . W h e n th e re o rg a n iz a tio n Is eirecte d
th e c o m p a n y w ill p o ssess s u ffic ie n t w o rk in g c a p ita l In p la ce of th e p re s e n t
la rg e Ilo a tin g d e b t a n d w ill n o t h a v e th e b u r d e n of $550,000 fixed c h a rg e s,
to g e th e r w ith s in k in g fu n d p a y m e n ts w h ich w o u ld h a v e b e g u n w ith th «
y e a r 1912.— V . 9 4 , p . 69.

American Bank Note Co.— R e p o r t . —See “Ann. Reports.”
N e w D ir e c to r . — Charles H. Sabin has been elected a director
to fill a vacancy.— Y. 94, p. 353.
American Cigar Co.— R e p o r t . — See “Annual Reports.”
N e w D ir e c to r s . — E. S. Edwards, E. W. Hill and P. J.
Hanlon have been elected directors to succeed George
Arents Jr. and Frank II. Roy, and to fill a vacancy.—
V. 92, p .1501.
American Gas & Electric Co., New York.— N e w S t o c k . —A
circular dated Feb. 28 1912 olFers to holders of common stock
of record March 15 the right to subscribe at par ($50 per
share) at the office, 30 Church St., N. Y., on or before
Wabash RR.— T im e f o r D e p o s i t s E x t e n d e d . —Notice is April 15 for $500,000 common stock (of the $1,000,000 un­
given by the Pierce Protective committee, by advertisement issued) to the extent of 20% of their respective holdings.
T h e n ew c e rtific a te s w ill be Issu ed a f t e r J u ly 1 1912 a n d p a y m e n t th e r e f o r
on another page, to holders of first refunding and extensions
a y be m a d e e ith e r 50 % A p ril 15 1912 a n d 50 % J u ly 1 1912, o r th e final
bonds that permanent engraved certificates of deposit of the m
p a y m e n t m a y be a n tic ip a te d a f te r A p ril 15 1912. su ch p a y m e n t (as w ell
Equitable Trust Co. are now ready in exchange for temoorary a s th e first In s ta llm e n t) to b e a r In te re s t a t 5% to J u ly 1 1912.— V .9 4 ,p ,5 6 1 .
certificates. Holders of bonds are requested to deposit 'the
B o n d s '. —The Phila. Stock Exchange has listed $285,700
same with the Equitable Trust Co. before April 15, after additional coll, trust 5% gold bonds due Feb. I 2007,
which date no further deposits will be received except upon issued in exchange for shares of the Electric Co. of America,
such conditions as the committee may fix.— V. 94, p. 632,561. making the bonds listed $6,066,800 and reducing that com­
Wausau (Wis.) St. RR.— B o n d s O f fe r e d . —The First Savings pany’s stock on the list to $152,270.— Y. 94, p. 561.
& Trust Co., Milwaukee, is offering at a price to yield over
American Milling Co., Philadelphia.— B o n d s . —The hold­
5% the unsold portion of $350,000 1st M. 5% gold bonds, ers of the $3,494,470 capital stock (par of shares $10) will
dated Jan. 1 1912, due Jan. 1 1932, redeemable on any inter­ vote March 12 on authorizing an issue of $350,000 1st M.
est date after Jan. 1 1917 at 102 and int. Wisconsin Valley 10-year 6% bonds to be secured by a first mtge. upon the
Trust Co., Wausau, trustee. Par $500 and $1,000 (c*). company’s three plants.
Int. J. & J. The company does all of the electric light,
P a r t of th e p ro c e e d s w ill b e u se d to r e tir e th e p re s e n t m o rtg a g e o n th e
power and street railway business in the city of Wausau, Wis. S u p e rio r p la n t ($67,500) a n d th e b a la n c e fo r im p ro v e m e n ts to th e S u p e rio r
D ig e s t o f L e tte r fro m N e a l B r o w n , P r e s . W a ifs a u S t . R R ., W a u s a u , F e b .2 4
T o ta l C a p ita liz a tio n —

C a p ita l s to c k (fu lly p a id in c a sh , o w n ed ch iefly b y
$100,000
o v e r 100 le a d in g b u sin e ss m e n of W a u s a u ) _______ $400,000
F ir s t M . 5s (a firs t lien on all p re s e n t a n d f u tu r e p ro p ) 1,000.000
350,000
T h e $650,000 b o n d s h e ld In escrow ca n o n ly be Issued fo r n o t ex c e e d in g
8 0 % of th e a c tu a l c o s t of p e rm a n e n t a d d itio n s a n d e x te n s io n s w h en th e n e t
e a rn in g s fo r th e tw o p re c e d in g c a le n d a r y e a rs , a f t e r m a in te n a n c e , ta x e s a n d
2 % of th e o u ts ta n d in g b o n d s ,a s a n a n n u a l s in k in g fu n d ,s h a ll be a t le a st
X Yi tim e s th e I n te re s t c h a rg e s o n all b o n d s th e n o u ts ta n d in g a n d u p o n th e
b o n d s th e n s o u g h t to b e Issu e d . T h e s in k in g fu n d w ill be u sed to c a n cel
b o n d s o r fo r th e a c q u is itio n of new p ro p e rty , fo r w h ich n o a d d itio n a l b o n d s
s h a ll b e Issu e d .
E a r n in g s f o r E a c h o f the T h re e Y e a rs e n d in g J u n e 30 1909, 1910, 1911
a n d fo r the C a le n d a r Y e a r 1911.
1908-09.
1909-10.
1910-11.
1911.
G ross in c o m e --------------.$ 1 1 3 ,8 7 5
$139,062 $142,304 $145,933
N e t e a rn in g s - .........................................
57,271
77,144
71,253
71,913
D e p re c ia tio n .............- .....................
.............
20 ,0 0 0
20,000
20,000
I n te r e s t c h a rg e s ..........................
13,041
9,406
6,701
17,500
S u r p l u s ............................................- $43 ,3 3 0
$47,738
$44,552
$34,413
T h e n e t ea rn in g s fo r th e c a l. y e a r 1911, $51 ,9 1 3 , a f t e r d e d u c tin g $20,000
fo r d e p r e d a tio n , a re a lm o s t th r e e tim e s th e in te r e s t c h a rg e s.
In th e 4 y e a rs e n d in g J u n e 30 1911 th e c o m p a n y d e c la re d fro m Its n e t
e a rn in g s d iv id e n d s a m o u n tin g to 3 6 % a n d c a rrie d to s u rp lu s $ 8 9 ,8 4 6 .
F o rm e d In 1908 b y c o n s o lid a tio n of th e W a u s a u S t. l i l t . Co. a n d th e
W a u s a u E le c tric C o., b o th p ro s p e ro u s c o m p a n ie s , a n d do cs all th e e le c tric
lig h t, p o w e r a n d s tr e e t ra ilw a y b u sin e ss In trie c ity of W a u sa u a n d a d ja c e n t
te r r ito r y . T h e in tc r u r b a n s tr e e t ra ilw a y Is p ra c tic a lly new , c o n s is tin g of
9 Vi m iles of tr a c k m e a s u re d a s sin g le tr a c k , e x te n d in g fro m th e n o rth e r ly
lim its of th e c ity v ia th e v illa g e of S chofield to th e v illag e of R o th s c h ild s .
T h e c o m p a n y h a s o v e r 100 p o w e r a n d 2,0 0 0 lig h t c o n s u m e rs. A la rg e p a r t
of th e d is trib u tio n lines h a v e b ee n r e b u ilt w ith in th e la s t fo u r y e a rs . O w ns
all th e rig h ts to u se th e w a te r of th e W isc o n sin R iv e r w ith in th e c i ty of
W a u s a u , w ith o n e s m a ll e x c e p tio n , a n d h a s In th e h e a rt of th e c ity a h y ­
d r a u lic In s ta lla tio n of 3,300 n .p . b u ilt o n so lid g r a n ite ro ck fo u n d a tio n s :
also ow ns a d a m s ite a n d llow age rig h ts fo r th e so -called T ra p n e w a te r
p o w er, a n u n d e v e lo p e d b u t I m p o r ta n t re s e rv e a s s e t, lo c a te d 10 m iles a b o v e
th e c ity o n th e W isconsin R iv e r. H a s d e v e lo p e d a n d fo r sa le a p p r o x i­
m a te ly tw ic e th e a m o u n t of e le c tric a l e n e rg y now c o n s u m e d , w h ich will
e n a b le th e c o m p a n y la rg e ly to in c re a s e its re v e n u e w ith o u t a d d itio n a l
e x p e n se o r In v e s tm e n t. A lso ow ns a m o d e rn s te a m a u x ilia ry p la n t w ith
600 h . p . w a te r-tu b e h ig h -p re ss u re b o iler a n d 750 k. w . tu r b o -g e n e r a to r . ■
T h e s tr e e t ra ilw a y fra n c h ise e x te n d s u n til 1940. A t a n y tim e b efo re th e
e x p ira tio n of th is fra n c h ise , th e c o m p a n y h a s th e r ig h t, u n d e r th e W isco n ­
s in P u b lic U tility A c t, to a c c e p t a n I n d e te rm in a te p e rm it. T h e e lectric
lig h t, h e a t a n d p o w e r fra n c h ise s a re a lre a d y u n d e r a n in d e te r m in a te p e r­
m it. co v e rin g th e e n tire c ity a n d th e v illag e s of S ch o field , W e sto n
a n d R o th s c h ild s .
T h e c ity of W a u sa u , w ith a p o p u la tio n of a b o u t 18,000, Is lo c a te d In th e
g e o g ra p h ic a l c e n tre of W isco n sin . I t Is th e fin a n c ia l a n d c o m m ercial
c e n tre of a reg io n la rg e r t h a n th e S ta t e of M a s sa c h u s e tts. T h e a g r ic u ltu ra l
a n d m a n u fa c tu rin g In te re s ts of th e u p p e r W isconsin V alley a re p r a c tic a lly




p la n t. In c lu d in g th e e re c tio n of a la rg e g ra in e le v a to r a n d fo r w o rk in g
c a p ita l a n d o th e r n e c e s s a ry p u rp o s e s . '

R e p o r t . —For

A u th o riz e d . O u ts ta n d ’g.

S a les.

cal. year 1911 and 10 mos. end. Sept . 30 1910:
M f g . P r o f . O th .ln c .S c ll.E x p .G e n .E x p . In t .,& .c .U a l.,S u r

e a r 1911 $ 1 ,1 6 5 ,9 1 1 $ 1 4 4,509 $10,841 $ 7 1 ,6 3 5 $54,458 $ 1 1 ,7 7 0 $1 7,487
9 8 .7 0 6
10 m o . '10 1,215,664 d c f l 6 , 513 19,390 ------ $ 0 5 ,8 2 3 -------(?)
E x tr a o r d in a r y c h a rg e s , $ 8 8 ,2 4 5 , a risin g o u t of o p e r a tio n s in 1910, (1)
tu r n e d th e a fo re s a id s u rp lu s fo r 1911 In to a d eficit of $ 7 0 ,7 5 8 , a n d (2 ), in
c o n n e c tio n w ith a loss of $ 3 8,770 o n sa le of s to c k in o th e r c o s .. In c re a se d
th e to ta l d e fic it fo r 1910 to $ 1 9 7 ,3 2 1 .— V. 93, p . 470.
\

American Snuff Co.— R e p o r t . — See “Annual Reports.”
F i r s t D i v i d e n d U n d e r N e w C o n d i t i o n s . — A quarterly divi­
dend of 2% (the first since the sale of part of the properties
to the Geo. \Y. Helme and Weyman-Bruton companies,
V. 94, p. 280) has been declared on the $11,001,700 common
stock, payable April 1 to holders of record Mch. 16. This
compares with 5% and 2% ’extra in Oct., July and April last
and 5% and 3% extra in Jan. 1911. See also Geo. W. Helme.
and Weyman-Bruton companies below.
M e e tin g P o s t p o n e d . —The special meeting of stockholders
to vote on decreasing the board from 17 to 11 was adjourned
from Mch. 5 to April 23, owing to lack of a quorum.
T h e s to c k h o ld e rs a d o p te d a n a m e n d m e n t to th e b y -la w s w h ich p ro v id e d
t h a t In case th e p ro fits a re In ex cess of th o s e of 1911 10% sh a ll be d iv id e d
b e tw e e n th e P r e s id e n t a n d th e V ic e -P re s id e n ts . I n case th e r e a re th re e
V ic e -P re s id e n ts , as a t p r e s e n t, th is 10% of th e ex cess p ro fits sh a ll bo e q u a lly
d iv id e d a m o n g th e fo u r o ffic ers, eacli re c e iv in g 2 Y % , b u t In ca se th e r e a re
o n ly tw o V ic e -P re s id e n ts , th e n th e 10% s h a ll be d iv id e d 4 % to th e P re s i­
d e n t a n d 3 % to e a c h o f th e tw o V ic e -P re s id e n ts .

N e w D i r e c to r . — J. B. Harwood has been elected a director.
There are now 11 directors.— V. 94, p. 280.
Atlantic Refining Co., Philadelphia.— D ir e c to r s R e d u c e d .—
The stockholders voted to reduce the number of directors
from 9 to 7.
The following were elected:
F.

T h e fo llo w in g w ere e le c te d : J . W . V an D y k e, W . P . C u tle r, W . M . I r is h ,
C. L ew is, J o h n W . L ib e rm a n , J . A b le tt a n d M . O. M o c k to n .— V. 85, p. 223.

Baldwin Locomotive Works., Philadelphia.— N e w D i ­
D. Shedcl, President of Marshall Field & Co.,
Chicago, has been elected to succeed R. L. Taylor, who re­
signed.— V. 94, p. 552, 210.
Canadian Westinghouso Co.— D i v i d e n d I n c r e a s e d . — A
quarterly dividend of 1 % % (No. 28) has been declared on
r e c to r . —John

Mar . 9 1912 |

THE CHRONICLE

701

Cumberland County Power & Light Co., Portland, Me.—
the §4,370,000 stock, payable April 10 to holders of record
&c.,
Mch. 30, comparing with \ X
A % quarterly for April 1905 to S to c k — E a r n in g s .. —A. B. Leach & Co., New York,
Jan. 1912, inch, with a bonus of */£ of 1% in July 1911 and are placing preferred stock of this recently enlarged com­
pany. Capitalization, common stock, §2,700,000; pref. 6%
1% in Jan. 1911.— V. 92, p. 1038.
Chicoutimi (P. Q.) Pulp Co.— S t a t u s . — G. A. Stimson & cum. stock, §2,300,000; bonds, §947,000.
s o f C o m p a n y a n d its S u b s id ia rie s 1911 — E s tim a te d 1912
Co., Toronto and London, who some time ago offered at 95 C o m b in e d E a r n in g1911.
E s t. 1912.
E s t. 1912
and int. §30,000 1st M. 5% bonds due July 1 1922, said:
G ro ss............ .-$ 2 ,0 1 9 ,6 1 9 $ 2 ,2 5 3 ,1 7 2 F ix e d c h a rg e s _____________$697 ,1 5 6
T h e m ills a t C h ic o u tim i, P . Q ., h a v e a c a p a c ity of 250 to n s of m e c h a n ic a l
p u lp p e r d a y . F o r th e p a s t y e a r [1010] th e n e t e a rn in g s (a f te r m a in te n a n c e )
a m o u n te d to $ 2 1 9 ,7 7 0 , o r o v e r 16 tim e s th e b o n d In te re s t; 7 5 % of th e c o m ­
p a n y ’s p ro d u c t Is so ld u n d e r c o n t r a c t fo r th e n e x t liv e y e a rs . T o ta l a ssets
D ec. 31 1910, $ 1 ,9 0 5 ,2 0 0 , o r o v e r s ix tim e s th e o u ts ta n d in g b o n d issu e.
[O n M arch 1 1912 a q u a r t e r ly d iv id e n d of 1 lA % w as p a id o n th e c a p ita l s to c k
as a g a in s t 1% q u a r t e r ly In th e p a s t.] — V . 92, p . 563.

N e t - - - .............
7 3 4,084 1 ,0 0 2 ,5 8 5 6 % o n p r e f . s to c k _________ 138,000
B a la n c e , e s tim a te d s u rp lu s f o r 1 9 1 2 ____________________________ 167,429
S ee V. 94, p . 350; V . 92, p . 465.

C o n d e n s e d E x t r a c ts fro m O fficial C irc u la r o f M arch 1912.
T h e C h ild s C o m p a n y Is a N . Y . S ta te c o rp o ra tio n w ith c a p ita l of $ 7 ,0 0 0 ,­
0 0 0 , o f w h ich $ 3 ,0 0 0 ,0 0 0 Is p re fe rre d s to c k a n d $ 4 ,0 0 0 ,0 0 0 Is c o m m o n .
M a in ta in s a d iv id e n d of 7 % o n Its p re f. s to c k a n d 10% o n Its c o m m o n . On
J a n . 1 of th is y e a r It d e c la re d a n e x t r a d iv id e n d of $ 1 ,0 0 0 ,0 0 0 . I t h a s no
b o n d e d d e b t. H a s u sed b u t little o f Its b o rro w in g c a p a c it y ,a n d h a s m o re
th a n s u ffic ie n t c a sh o n h a n d fo r a ll Its p u rp o s e s . I t s n e t p ro llts fo r 1911
e x c e e d e d $ 1 ,0 0 0 ,0 0 0 (V . 94, p . 281; V . 93, p . 1791). T h e re Is a g r e a t d e ­
m a n d fo r e v e r In crea se d fa c ilitie s in N ew Y o rk a n d a s till g r e a te r d e m a n d
th r o u g h o u t th e U n ite d S ta te s a n d else w h ere , fo r th e c o m p a n y 's b ra n c h e s In
c itie s of 100,000 in h a b ita n ts a n d o v e r.
T o fu rn is h c a p ita l for th is g re a t w o rk of e x te n d in g th e p r o p e r ty , w e h a v e
I n c o rp o ra te d th e C nllds H eal E s ta te Co. of N ew Y o rk , th e c a p ita l s to c k
b olng held b y th e C hilds C o m p a n y , a n d th e m a n a g e m e n t v ir tu a lly th e sam e
a s th e C hilds C o m p a n y . T h e b u sin ess of th e R e a l E s ta te C o m p a n y Is to
b o rro w m o n e y on Its b o n d w ith w hich to b u y re a l e s ta te , ta k e le ases, Im p ro v e
th e b u ild in g s , d e c o ra te a n d fu rn is h th e sa m e re a d y for th e o p e ra tio n of th e
C h ild s C o m p a n y ’s lu n c h ro o m b u s in e s s . T h e C hilds C o m p a n y a g ree s to
r e n t th e s a m e , fu lly e q u ip p e d a n d fu rn is h e d , a t a p ro llt s u ffic ie n t to m e e t
th e In te re s t a n d p rin c ip a l o n th e b o n d s of th e C hilds Ile a l E s ta te Co.
T h is C hilds b u sin ess w as e s ta b lis h e d a s a c o -p a rtn e rs h ip b y C hilds B ro s .,
In 1889, w ith a c a p ita l o f $ 1 ,0 0 0 , a n d In 1898 w as In c o rp o ra te d a s th e
C h ilds U n iq u e D a iry C o. A fte rw a rd s th e sa m e m a n a g e m e n t e s ta b lis h e d
a n o u t-o f-to w n b ra n c h k n o w n a s th e C h ild s D in in g I la ll C o. L a te r , In
1902, th e p re s e n t C hild s C o m p a n y w as In c o rp o ra te d a n d to o k o v e r th e
p a r e n t c o m p a n y a n d Its o u t-o f-to w n b r a n c h . L a te r , in 1904, th e C h ild sw o rth C o m p a n y w as e s ta b lis h e d , of w h ich th e C h ild s C o m p a n y w as th e
p rin c ip a l o w n e r of Its s to c k . F in a lly , In 1910, th e C hilds C o m p a n y p u r­
c h a s e d th e e n tir e c a p ita l s to c k of th e C h lld sw o rth C o m p a n y a n d n o w Is th e
a b s o lu te o w n e r of v ir tu a lly all th e s to c k of th e s u b s id ia ry c o m p a n ie s a n d
th e b u sin e ss of th o s e c o m p a n ie s h a s v ir tu a lly been w o u n d u p a n d Is n o w a
p a r t o f th e ono c o m p a n y , C hilds C o m p a n y , w hose c o m m o n s to c k h a s so ld
a s h ig h a s $250 p e r s h a re on th e N ow Y o rk “ c u r b ” .— V . 93, p . 48.

o p e r a tin g six s h a f ts a n d tw o m ills. T h e d e p o s its of le a d m in e ra l In th is
d is tr ic t o c c u r d is s e m in a te d th r o u g h a b o d y of lim e s to n e o n a scale t h a t ,
so f a r as is k n o w n , is u n p a r a lle le d else w h e re In th e w o rld . T h e c o m p a n y
h a s b e e n In su ccessfu l o p e r a tio n f o r 20 y e a rs a n d h a s e x h a u s te d th e o re
o n a b o u t 90 ac re s. T h e se b o n d s a r e s e c u re d b y a clo se d firs t m o rtg a g e on
all th e la n d , p la n ts a n d o th e r a s s e ts , w h ich h a v e b e e n a p p r a is e d a t $ 1 0 ,0 0 0 ,­
000 [la n d , $ 8 ,0 0 0 ,0 0 0 ; p la n ts a n d e q u ip m e n t, $ 2 ,0 0 0 ,0 0 0 ], b e in g o v e r
fo u r tim e s th e a m o u n t of th is Issu e. T h e c o m p a n y h a s c o n t r a c te d fo r th e
d is p o s itio n of Its e n tir e o u tp u t fo r 3 A y e a rs a t th e m a r k e t p ric e fo r le a d ,
b u t w ith a m in im u m su ffic ie n t to In s u re s u ffic ie n t e a rn in g s to p a y I n te r e s t
a n d s in k in g fu n d c h a rg e s o n th e s e b o n d s .
T h e c o m p a n y h a s a n a u th o r iz e d Issue of $ 1 0 ,0 0 0 ,0 0 0 s to c k , of w h ich
$ 6 ,5 7 8 ,3 0 0 Is n o w o u ts ta n d in g , o n w h ic h d iv id e n d s of 6 % p e r a n n u m a r e
b e in g p a id . T h e n e t e a rn in g s fo r th e y e a r en d in g O c t. 1911 w e re in ex cess
of $ 7 1 4 ,0 0 0 a n d fo r th e firs t q u a r t e r of th is y e a r a m o u n te d to $ 2 1 6 ,5 3 4 , o r
a t th e r a t e of a p p r o x im a te ly $ 8 6 6 ,0 0 0 fo r th e e n s u in g y e a r. (D w ig h t A .
J o n e s , N . Y ., P r e s id e n t.
C o n tro lle d b y s a m e in te r e s ts a s S t. J o e L e a d
C o. a n d M iss. R iv e r & B o n n e T e r re R y ., see V . 9 3 , p . 5 8 9 .)— V .8 2 ,p . 1370.

Doe Run (Mo.) Lead Co., New York.— B o n d s O f f e r e d .—
A. G. Edwards & Sons, New York City and St. Louis, Mo.,
are placing at a price to yield about 6% the entire authorized
Childs Company (Restaurants), New York.— R e a l E s ta te , issue of §2,200,000 3-year 1st M. 6% sinking fund gold bonds,
R o n d s , tfee.— See Childs Real Estate Co. below.— V. 94,p.281. dated Mch. 1 1912 and due Mch. 1 1915, but redeemable, all or
Childs Real Estate Co. of New York.— O f fe r in g o f B o n d s part, on 30 days’ notice at 101 and int. Int. M. & S. at St.
b y D e p e n d e n c y o f C h ild s (R e s t a u r a n t ) C o . — This company, Louis Union Trust Co., St. Louis (trustee) or Mechanics’ &
whose entire capital stock is owned by the Childs Company, Metals’ Nat. Bank, New York. Sinking fund must redeem
is offering at par §200,000 6% series A gold bonds, due Sept. 1 §200,000 bonds Sept. 1 1912, §200,000 bonds Mch. 1 1913,
1929, being the first issue under a mortgage dated Sept. 1 §200,000 bonds Sept. 1 1913, §300,000 bonds Mch. 1 1914,
1909, total authorized §20,000,000, of which not more than §300,000 bonds Sept. 1 1914. A circular says:
§500,000 may be issued in any one year (V. 93, p. 48, 41).
O w n s a b o u t 6 ,7 0 0 a c re s of o re la n d In S o u th e a s t M isso u ri o n w h ic h I t Is

Citizens’ Gas Co. of Indianapolis.—E a r n i n g s .—
C a le n d a r
Y ea r—

G ross
In c o m e .

E xpenses
& Taxes.

Net
E a r n in g s .

l lo n d
A d ju s t.
B a la n ce ,
In tere st D e p ’n ,& c . S u r p lu s .

1 9 1 1 ................. $ 7 0 4,280 $565,956 $138,330 $35,109 $3,081 $ 1 0 0,140
1910 _ ............... 525,584
4 3 3 ,570
92,014
3 2 ,1 5 5
----59,859
T h e re w ere p a id fro m th e e a rn in g s as a b o v e In 1911, d iv id e n d s of 6 y i % .
c a llin g fo r $06 ,7 4 8 , a g a in s t 4 'A % , c a llin g fo r a b o u t $43,000 In 1910, le a v in g
a b a la n c e of $33,392 In 1911. a g a in s t $16,859 (a p p ro x im a te ) In 1910.
T h e d iv id e n d s h e re to fo re p a id w ere: O n J a n . 1 1911, tw o of 1 H % e a c h ,
th e firs t o u t of p ro fits w h ich a c c u m u la te d d u rin g 1909 a n d th e s e c o n d o u t of
p ro fits fo r th e first h a lf of 1910; N o. 3 on M arch 31 1911, 3 % , o u t of p ro fits
t h a t a c c u m u la te d u p to D ec. 31 1910; N o . 4 o n S e p t. 28 1911, 3 % fo r th e
first h a lf of 1911, a n d N o . 5, 3 H % fo r p ro fits u p to D ec. 31 1911, p a y ­
a b le M arch 28 1912.
T h e b a la n c e s h e e t of D eo. 31 1911 sh o w e d s to c k (less a m o u n t in tr e a s u ry ) ,
$ 1 ,0 5 0 ,0 0 0 ; 1 st M. b o n d s (less a m o u n t In tr e a s u ry ) , $ 5 7 5,000; d e b e n tu r e
b o n d s , $ 2 5 ,0 0 0 .— V. 94, p 633.

Cleveland (O.) Stone Co.— N e w S to c k — D i v i d e n d s . — The
limit of capital stock having been increased from §3,000,000
to §4,000,000, stockholders of record Feb. 16 are offered
the right to subscribe at par (100 per share) on or before
March 15 for §600,000 of the new stock to the extent of 20%
of their respective holdings.
S u b s c rip tio n s a rc p a y a b le e ith e r (a) 33 1-3% A p ril l 1912, 33 1-3% J u ly 1
1912, 33 1-3% O c t. 1 1912; o r (b ) In full A p r il 1, o r (c) 33 1-3% A p ril 1 a n d
66 2 -3% J u ly 1. T h e new c e rtific a te s of s to c k w ill b e issu e d c ith e r A p ril 1,
J u ly 1 o r O c t. 1, a c c o rd in g as p a y m e n t In fu ll Is m a d e .
E x t r a c ts o f L e tte r from E . A . A lc rritt. Sec. & T r e a s ., C le v e la n d . O ., J a n . 11.
T h e c o m p a n y h a s b een p a y in g a 6 % d iv id e n d , p a y a b le 1 V i %. q u a r te r ly ,
f o r t h e p a s t 13 y e a rs . D u rin g t h a t tim e It h a s la rg e ly In crea se d Its h o ld in g s
of p r o p e r ty , so t h a t to - d a y Its b u sin ess a n d p ro s p e c tiv e b u sin e ss h a v e In­
c re a se d to su c h a n a m o u n t t h a t It h a s to re ly u p o n th e b a n k s fro m tim e to
tim e fo r m o re w o rk in g c a p ita l t h a n th e d ire c to rs feel It s h o u ld be cal cd
u p o n to d o . • * * If s a id Increa se of s to c k Is a u th o riz e d a n d w o rk in g
c a p ita l p ro v id e d , th e d ire c to rs e x p e c t o n A p ril 1 191 2 to b eg in p a y in g q u a r ­
te r ly d iv id e n d s o n th e b asis of 7 % p e r a n n u m , o r 1 H % q u a r t e r ly , a n d h o p e
to b e a b le to c o n tin u e o n a t le a s t t h a t b a s is .— V . 9 3 , p . 5 3 1 .

Consolidated Gas, Electric Light & Power Co. of Balti­
more.— N e w S t o c k . —A circular dated Feb. 28 1912 offers
to all shareholders of record March 25 the right to subscribe
at par ($100 a share) on or before April 25 1912 for §700,000
new ordinary capital (common) stock to the extent of 5%
of their present holdings, common or preferred.
P a y m e n ts m a y be m a d e b e tw e e n M arch 25 1912 a n d A p ril 25 1912 a t
c o m p a n y ’s office, 100 W e st L e x in g to n S t., B a ltim o re ; o r b y E u ro p e a n
su b sc rib e rs a t th e offices o f K ttc a t & A ltk c n , 9 B is h o p s g a te , L o n d o n , E . C .,
a t £ 2 0 10s. 11 ‘4<1. p e r s h a re . A ll s h a re s so p a id for In full w ill r a n k w ith
th e e x is tin g s to c k fo r th e fu ll d iv id e n d a c c ru in g fo r th e q u a r t e r e n d in g
J u n e 30 1912. S u b s c rip tio n w a r r a n ts w ill be m a ile d a b o u t M arch 25 1912.
S h a re c e rtific a te s, to be tra n s fe rre d In to th e n a m e s of now h o ld e rs In tim e
fo r th e “ r ig h t s ,” m u s t re a c h th e tr a n s f e r a g e n t (C o n tin e n ta l T r u s t C o .,
B a ltim o re ) n o t la te r t h a n 3 p . m . o n M arch 25 1912.

Eastmans Limited.—E a r n i n g s . — For calendar years:
C a le n d a r
Y e a r -—

N e t T ra d in g P r o f it s .

O th er
In c o m e .

In c o m e
Tax, A c.

D e p rec’ n
v r it.O ff.

B a la n c e ,
S u r p lu s .

1 9 1 1 .................................... £ 9 0 ,1 9 6
£ 2 ,1 4 6
£ 8 ,9 9 3
£ 7 ,0 0 0
£ 7 6 ,3 4 9
1 9 1 0 - - - ’- ........................ .. 109,615
3 ,1 7 9
8 ,6 0 0 1 0 ,0 0 0
9 4 ,194
F ro m th e s u rp lu s e s as a b o v e , £ 7 6 ,3 4 9 a n d £ 9 4 ,1 9 4 In 1911 a n d 1910, re ­
s p e c tiv e ly , th e r e w ere d e d u c te d d iv id e n d s of 8 % o n b o th classe s o f s h a re s ,
ca llin g fo r £ 3 7 ,6 7 9 o n th e p re fe re n c e s h a re s a n d £ 4 7 ,1 8 3 o n th e o r d in a r y ,
le a v in g a d e fic it of £ 8 ,5 1 3 In 1911. T h e b a la n c e c a rr ie d f o r w a r d D ec. 31
1911, a f t e r a d d in g £ 1 9 ,7 7 5 b r o u g h t fo rw a rd fro m 1910, w as £ 1 1 ,2 6 2 .—
V . 92, p . 599.

Federal Biscuit Co., New York.— B i d s o r P l a n s R e q u e s te d .
— Bids will be received by Receiver Cornelius W. Wickersham at his office, 43 Exchange Place, on or before March 25
at 10 a. m., for the purchase of the assets or the submis­
sion of plans for the disposition of the assets or the reor­
ganization of the whole or part of the business. A hearing
in the matter will take place on March 25 before Judge
Hough.— Y. 94, p. 126.
Glidden Varnish Co., Cleveland, O.— I n c r e a s e o f S t o c k . — A
meeting of the stockholders has been called to vote on increas­
ing the capital stock from §1,000,000 to §2,000,000, half of
the new stock to be common and half preferred.
T h e p ro c e e d s of th e n ew s to c k w ill b e u sed to e x te n d t h e b u sin e ss In o th e r
c o u n trie s . T h e c o m p a n y Is, to a g r e a t e x t e n t, a clo se c o r p o r a tio n . T h e
o fficers a rc : P r e s id e n t, F . II. G lid d e n ; V Icc-P res., F . A . G lid d e n ; S e c r e ta r y ,
F . K . G lid d en ; T r e a s u r e r , VV. J . G lid d e n . A m o n g th e d ir e c to r s a r e J a m e s
I I . D e m p se y , C. A . G rasselll a n d O. M. S ta ffo rd . H e a d q u a r te r s , M ad iso n
A v c ., N . VV.. a n d B e re a R o a d . C le v ela n d .

(Geo. W.) Helme Co.—F i r s t D i v i d e n d . — An initial quar­
terly dividend of 1 z/ i % has been declared on the $4,000,000
preferred stock, payable April 1 to holders of record March 16.
Checks arc mailed.— V. 94, p. 282.
Idaho-Oregon Light & Power Co.— B o n d s C a l l e d . —Two
1st M. 6% bonds of the Boise-Payette River Electric Power
Co., dated Oct. 1 1901, for payment at 105 and int. on Apr. 1
at the Old Colony Trust Co., trustee, Boston.— V. 93, p. 533.
Inland Steel Co. of Chicago.— S to c k O f f e r e d . —The stock­
holders on March 5 voted to increase the authorized stock
from §7,500,000 (of which §6,750,000 was at last accounts
outstanding) to §10,000,000; also the immediate sale of new
stock equal to 15% of the amount outstanding (say §1,022,­
500). Stockholders of record March 5 are offered the right
to subscribe for the new stock until April 6 at 125, payments
to be made in three equal installments on June 1, Sept. 1 and
Dec. 1 and to draw full dividends from time made.
T h e p ro c e e d s w ill b e u s e d to b u ild fo u r n ew o p e n - h e a r th fu rn a c e s a n d a
p la te m ill, w h ic h , It is s ta t e d , w ill In crea se th e o p e r a tin g c h a rg e s n o t m o ro
th a n 15% a n d In crea se th e b u sin ess a n d th e e a rn in g s of th e c o m p a n y to a
m u c h g r e a te r e x t e n t .— V . 9 4 , p . 355.

International Harvester Co.— Q u a r te r ly
dent McCormick says:

S t a t e m e n t . — Presi­

P r e s e n t c o n d itio n s a r e s u b s ta n tia lly th e s a m e as a t d a te of la s t q u a r t e r ly
s t a t e m e n t. V o lu m e of b u sin e ss fo r y e a r 1911 In C a n a d ia n N o r th w e s t Is
la rg e ly In ex c ess of 1910. U n f a v o r a b le w e a th e r c o n d itio n s , fo llo w in g h a r ­
v e s t, a n d In a b ility of C a n a d ia n r o a d s to h a n d le tra ffic , o w in g to v e r y b a d
w e a th e r , h a s sc rio u s lv d e la y e d c o lle c tio n s In t h a t te r r ito r y .
U n s a tis f a c to r y c o lle c tio n s In 1911 w ill sh o w a n in c re a se o n b a la n c e s h e e t
of p a y a b le s a n d r e c e iv a b le s . I t Is d iffic u lt to g iv e a n I n te llig e n t fo r e c a s t
fo r 1912 as tr a d e c o n d itio n s a r c m o re u n s e ttle d th a n u s u a l a t th is tim e ; b u t
th e g e n e ra l o u tlo o k fo r co m in g y e a r Is a li ttl e b elow th e a v e ra g e .— V . 94, p .
2 1 1 , 126.

B o n d s S o l d — M o r e N o te s R e ti r e d . —The Continental Trust
Co. of Baltimore haspurchased §1,000,000 4 j^% Consolidated
Gas Co. bonds and has invited the Fidelity & Deposit Co. to
participate in the same. The bonds have been syndicated
Kansas City Gas Co.— I n j u n c t i o n . — Judge Van Valkenby the institutions, the agreement providing that the sub­ burgh in the Federal Court on March 2 enjoined the city
scribers shall not sell the bonds under 98)^ and interest. from enforcing the ordinance providing fines when gas is
The syndicate will run until Oct. 1.
less than 5 inches water pressure.
T h e b o n d s sold a rc a p a r t of th e c o lla te ra l b e h in d th e $ 4 ,0 0 0 ,0 0 0 3 -y e a r
5% c o lla te ra l t r u s t n o te s of th e G as, E le c tric L ig h t & P o w e r C o ., w h ich
m a tu r e J u ly 1 1913. O rig in a lly th e c o m p a n y in te n d e d to r e tir e o n ly
$500,000 of th e n o te s (V . 94, p . 563), re le a s in g $625,000 of C o n s o lid a te d
G as Co. 4 ) j % b o n d s , b u t In vie w of th e good I n v e s tm e n t d e m a n d , It h a s
b e e n d e e d e d to ca ll $ 1 ,0 0 0 ,0 0 0 of th e n o te s , th u s re le a s in g $ 1 ,2 5 0 ,0 0 0 of
th e b o n d s . O f th is a m o u n t, $250,000 w ill be h e ld In th e c o m p a n y ’s tr e a s ­
u r y .— V . 94, p . 633, 563.




T h e C o u rt s ta t e d , h o w e v e r, t h a t h e w o u ld n o t In te rfe re w ith th e s u it In
th e S ta t e C o u rt to a d j u s t th e p ric e of g as to fit th e k in d of se rv ic e g iv e n ,
s a y in g t h a t t h e S ta t e C o u rt h a d a s m u c h ju r is d ic tio n o n t h a t p o in t as th e
1 ^ h e f i n j u n c t i o n w as g r a n te d o n th e g ro u n d t h a t th e c i ty p a s s e d t h e o r d i­
n a n c e to lin e th e c o m p a n y in o rd e r to p u n is h I t. T h e C o u rt s a id t h a t i t w as
n o t sh o w n t h a t th e c o m p a n y c o u ld d o a n y m o re th a n It h a s to g iv e th e p r o p e r
a m o u n t of g a s .— V . 94, p . 564. j ...................

703

THE CHRONICLE

Kansas Natural Gas Co., Pittsburgh, Pa.— E a rn in g s .—
C a lendar
Y ear —

Gross
In co m e.

S u r p lu s
a fter C harges.

D cprectalio n .

1 9 1 1 . . .............................. $ 4 ,5 0 9 ,6 4 6
§ 1 ,2 7 1 ,3 3 6
$ 1 ,2 7 1 ,3 3 6
1 9 1 0 _________________ 4 ,3 6 0 ,8 1 1
1 ,8 5 5 ,6 8 1
1 ,3 1 6 ,1 2 1
T o t a l s u r p l u s D e c . 31 1 9 1 1 , $ 6 0 4 ,3 4 5 .— V . 9 4 , p . 4 1 9 , 2 1 1 .

B a la n ce,
S u r p lu s .
.
§ 5 0 9 ,5 6 0

Kings County Lighting Co.— A p p l i c a t i o n to I s s u e B o n d s . —
The company has applied to the P. S. Commission for per­
mission to issue $729,000 1st M. bonds to retire $250,000
debenture bonds, reimburse the company for $134,000 al­
ready expended to acquire property, and for future acquisi­
tions.—V. 93, p. 1468.
Lawyers’ Mortgage Co., New York.—-S to c k I n c r e a s e — The
stockholders on Feb. 26 authorized the increase in the stock
from $4,000,000 to $6,000,000. Compare V. 94, p. 419, 212.
Liggett & Myers Tobacco Co.— E n g r a v e d B o n d s R e a d y .—
The Guaranty Trust Co., trustee of the 5% bonds of the
company and of the P. Lorillard Co., is ready to deliver
engraved bonds on surrender of temporary certificates.—
V. 94, p. 490.
(P.) Lorillard Co.— E n g r a v e d B o n d s R e a d y . —See Liggett &
Myers Tobacco Co. below.— V. 94, p. 419, 283.
New York State Steel Co., Buffalo, N. Y.— O f f ic e r s . — F. E.
Porter has been elected President and G. II. Sicard, Sec.-Tr.

[VOL. LXXXXIV.

Prairie Oil & Gas Co.— D i v i d e n d .— A dividend of 7%
($7 per share) lias been declared on the $18,000,000 stock
of this former subsidiary of the Standard Oil Co. of N. J.,
payable Mch. 30 to holders of record Feb. 29.
O f t h e § 1 8 ,0 0 0 ,0 0 0 s t o c k , t h e S t a n d a r d O il C o . o f N . J . r e c e n t l y o w n e d
a n d d l s t r i n u t e d t o I ts s h a r e h o l d e r s § 1 7 ,9 9 7 ,4 0 0 .
C o m p a r e S t a n d a r d OH
C o . o f N . J . , V . 8 5 , p . 2 1 6 ; V . 9 3 , p . 1 3 9 0 .— V 8 5 , p . 2 8 6 .
T h e p a y m e n t Is s t a t e d t o b e a q u a r t e r l y o n e , p l a c i n g t h e s t o c k o n a 2 8 %
a n n u a l b a s is .
D is tr ib u tio n s la s t y e a r a m o u n te d to 2 3 % , 15% h a v in g b e e n
p a i d in F e b r u a r y a n d 8 % In A u g u s t , s o t h a t t h e n e w b a s is r e p r e s e n t s a n
In c re a s e o f 5 % In th e a n n u a l r a te .
S in c e 1 9 0 6 t h e a u t h o r i z e d c a p i t a l s t o c k .of t h e c o m p a n y h a s b e e n I n c r e a s e d
f r o m $ 1 0 ,0 0 0 ,0 0 0 t o $ 2 0 ,0 0 0 ,0 0 0 , o f w h ic h § 1 8 ,0 0 0 ,0 0 0 Is o u t s t a n d i n g ,
'l'h e c o m p a n y a ls o h a d o u t s t a n d i n g , It Is s t a t e d , § 1 8 ,0 0 0 ,0 0 0 b o n d s , b e tw e e n
§ 1 ,0 0 0 ,0 0 0 a n d $ 2 ,0 0 0 ,0 0 0 o f w h ic h h a v e b e e n r e t i r e d o u t o f e a r n i n g s .
If
t h e r e m a i n i n g b o n d s a r e r e t i r e d , t h e m a t t e r w ill. It Is s a id , p r o b a b l y b e
f in a n c e d f r o m t h e p r o c e e d s o f t h e s a le o f a d d i t i o n a l s t o c k . — V . 8 5 , p . 2 2 6 .

Provident Loan Society of New York.— R e p o r t .—
C al. Y ear —
In co m e. E x p e n s e s.
N e t.
1 9 1 1 ..........................
$ 8 1 5 ,9 3 3
§ 2 2 6 ,7 0 3 $ 5 8 9 ,2 3 0
1 9 1 0 ---------7 0 9 ,1 2 3
2 0 0 ,6 5 8 5 0 8 ,4 6 5
T h e a m o u n t l o a n e d In 1911 w a s $ 1 3 ,5 1 4 ,3 0 7 , a g a i n s t
L o a n s o u t s t a n d i n g D e c . 31 1 9 1 1 , $ 6 ,2 1 1 ,0 9 7 , a g a i n s t
F u n d s e m p l o y e d , $ 6 ,6 4 4 ,9 9 5 , a g a i n s t § 6 ,0 2 8 ,6 4 3 .— V .

In te re st.

S u r p lu s .

$ 3 3 0 ,6 7 5
§ 2 5 8 ,5 5 5
2 7 8 ,4 3 0
2 3 0 ,0 3 5
$ 1 1 ,9 4 5 ,1 5 4 In 1 9 1 0 .
§ 5 ,6 1 1 ,4 6 2 In 1 9 1 0 .
92, p . 530.

Pure Oil Co.— R e n o r t. — See “Annual Reports.”
N e w O f f ic e r s . — The following changes are announced:
W . C . M c B r id e h a s b e e n e l e c t e d V I c e - P r e s . t o s u c c e e d L . K . H y d e a n d
N . I I . W e b e r , f o r m e r l y S e c ., a ls o b e c o m e s T r e a s . , s u c c e e d i n g W . W . T a r b e l l
In t h e l a t t e r p o s it io n .
C . L . S u h r a n d E u g e n e M a c k e y h a v e b e e n e le c t e d
d i r e c t o r s , s u c c e e d i n g J . G . I .a m o n t a n d J . G . J e n n i n g s . — V . 0 3 , p . 1 3 8 9 .

T h e c o m p a n y w ill r e s u m e m a n u f a c t u r i n g o p e r a t i o n s a t B u f f a lo s h o r t l y .
A b l a s t f u r n a c e w ill b e b lo w n In a b o u t A p r i l 1 .— V . 8 8 , p . 1 6 1 .

Republic Iron & Steel Co .— T e n d e r s A s k e d . — Blair & Co.
Old Dominion Co. of Maine.— D i v i d e n d I n c r e a s e d . —A offer, by advertisement on another page, to purchase at 105
int. on behalf of the company 260 1st M. and collateral
quarterly dividend of 75 cents (an increase of 25 cents) has and
trust sinking fund gold bonds, due Oct. I 1934. The firm
been declared, payable April 6 to holders of record Mch. 20. reserves
the right to reject any and all tenders.— Y. 94,
T h r e e m o n t h s a g o 50 c e n t s a s h a r e a n d a n e x t r a d i v i d e n d o f 50 c e n t s
p. 275, 634.
w a s d e c l a r e d m a k i n g t h e t o t a l d i s b u r s e m e n t s f o r 1911 $2 2 5 p e r s h a r e . —
V . 94 p . 4 1 9 .
Rubber Goods Manufacturing Co.— D i v i d e n d s A g a i n I n ­
Otis Steel Co., Cleveland.— R e - i n c o r p o r a tio n . —The share­ c r e a s e d . —A dividend of 6%, payable March 15 to holders of
holders of the Otis Steel Co., Ltd., were to meet in London record‘March 9, has been declared on the $16,941,700 com­
on Feb. 29 to confirm the plan for vesting the assets and mon stock (all of which, except about $200,000, is owned by
business in the Otis Steel Co., incorporated in Ohio on Jan. 3 the U. S. Rubber Co.), comparing with 3% in Dec. last, 2%
1912. A circular signed by A. A. Whitmee, Secretary of in Sept, and March 1911 and 1% in June 1911.
the English company, says in brief:
P rev io u s D iv id e n d Record o f C om m on S to ck (P er C e n t).
T h e O t i s S t e e l C o . [o f O h lo l w ill h a v e a s h a r e c a p i t a l o f $ 1 0 ,0 0 0 ,0 0 0 [ p a r
$ 1 0 0 a s h a r e l , o f w h ic h $ 5 ,0 0 0 ,0 0 0 w ill b e p r e f . a n d $ 5 ,0 0 0 ,0 0 0 c o m m o n .
T h e p r e f . s t o c k w ill b e e n t i t l e d t o a c u m u l a t i v e p r e f e r e n t i a l d i v i d e n d a t r a t e
o f 7 % p e r a n n u m , a n d In t h e e v e n t o f w in d i n g u p , t o p r i o r i t y In c a p i t a l
p lu s a p r e m i u m o f 2 0 % .
T h e a s s e t s a n d u n d e r t a k i n g o f t h e O t i s S t e e l C o .,
L t d ., w i t h c e r t a i n e x c e p t i o n s , w ill b e t r a n s f e r r e d t o t h e n e w c o m p a n y a s
o n J a n . 1 l a s t , s u b j e c t t o a ll d e b t s o t h e r t h a n t h e d e b e n t u r e s t o c k .
T h e p u r c h a s e p r ic e p a y a b l e b y t h e A m e r i c a n c o m p a n y Is $ 2 ,7 6 4 ,9 0 0 In
p r e f . s t o c k a n d § 4 ,1 5 6 ,3 0 0 in c o m m o n s to c k .
A r r a n g e m e n ts h a v e b e e n
e n t e r e d I n to b y w h ic h t h e w h o le o f t h e [.£ 2 61,7101 d e b e n t u r e s t o c k w ill b e
p a i d o ff b y m e a n s o f $ 1 ,1 1 4 ,9 0 0 p r e f . s to c k a n d $ 2 7 8 ,8 0 0 c o m m o n s t o c k o u t
o f t h e a b o v e p u r c h a s e p r ic e . T h e b a la n c e , § 1 ,6 5 0 ,0 0 0 o f p r e f . s t o c k a n d
§ 3 ,8 7 7 ,5 0 0 o f c o m m o n s t o c k , w ill b e r e t a i n e d b y t h i s c o m p a n y , a n d t h e
d i v i d e n d s r e c e i v e d t h e r e o n d i s t r i b u t e d a m o n g I ts m e m b e r s .
[ T h e E n g l is h
c o m p a n y h a s o u t s t a n d i n g £ 3 3 0 ,0 0 0 c o n s o li d a te d c a p i t a l s t o c k — - E d .]
T h e r e w ill r e m a i n u n i s s u e d In t h e t r e a s u r y o f t h e A m e r i c a n c o m p a n y $ 2 ,­
2 3 5 ,1 0 0 p r e f . s t o c k , a n d p o w e r w ill b e t a k e n t o is s u e $ 5 ,0 0 0 ,0 0 0 b o n d s , if
a n d w h e n r e q u i r e d f o r t h e f u t u r e d e v e l o p m e n t o f t h e b u s in e s s .
The
A m e r i c a n c o m p a n y w ill a p p l y 8 ,4 3 7 s h a r e s o f i t s c o m m o n s t o c k , f u lly p a i d ,
a s a f u n d in p a r t f o r s p e c i a l r e m u n e r a t i o n t o t h e p r e s e n t o f f ic e r s a n d e m ­
p lo y e e s o f t h i s c o m p a n v a n d In p a r t t o p r o v i d e a n I n t e r e s t in t h e b u s in e s s
fo r m e m b e rs of th e s ta ff; p r e s e n t a n d f u tu r e .
S e e a ls o V . 9 4 , p . 1 2 7 .

1900.
19 0 1 . 1902 to 1905.
2
3
N one
— V . 93 , p . 1791.

1906.
1

1907.
1

1908.
1909.
1910.
4
1
1
8

1911.

Sheffield (Ala.) Coal & Iron Co.— P r o te c tiv e A g r e e m e n t. —A
committee has been formed consisting of James Gaylcy,
Randal Morgan, August Heckschcr, Alfred Clifford and W. R.
Walker, with James R. Floyd, 165 Broadway, N. Y., as
Secretary and the Bankers Trust Co. as trustee, and asks
deposits of bonds and pref. and common stock, notes, claims,
interests and equities, with a view to mutual protection.
T h e d e p o s ito r irre v o c a b ly c o n s titu te s th e c o m m itte e a n d th e ir su c ce sso rs
h is a t t o r n e y s a n d a g e n t s , t o e x e r c i s e s u c h p o w e r s a s t h e y , In t h e i r d i s c r e ti o n ,
m a y d e e m d e s ira b le to e n a b le th e m to c a r r y o u t th e p u rp o s e s of th is a g re e ­
m e n t , I n c l u d i n g f u ll p o w e r t o e f f e c t a s a le o f t h e a s s e t s , In w h o le o r In p a r t ,
t o p r e p a r e , p u b l is h a n d d e c l a r e e f f e c tiv e a p l a n o f r e o r g a n i z a t i o n a n d m o d i ­
f ic a ti o n s f r o m t im e t o t im e t h e r e o f , a n d to e x e r c i s e e x c r y o t h e r f u n c t i o n
o f o w n e r s h ip o f s a id c la i m s , r e s p e c t i v e l y .
S e e V . 9 3 , p . 1538; V . 8 3 , p . 1626.
T h e b o n d i n t e r e s t d u e J a n . 1 191 2 is in d e f a u l t , n o t e s f o r § 8 2 ,0 0 0 w ill
m a t u r e A p r i l 1 1 9 1 2 , a n d n o n e o f t h e f u r n a c e s h a s b e e n o p e r a t e d s in c e N o v .
1 9 1 0 . T h e r e a r e $ 6 1 4 ,5 5 0 1 s t M . b o n d s o u t s t a n d i n g . — V . 9 3 , p . 1 5 3 8 .

Ozark Power & Water Co.— U n d e r w r itin g O v e r s u b s c r ib e d .
— The $1,500,000 underwriting recently offered by II. L.
Coal & Mining Co., East St. Louis, 111.— F o r e ­
Doherty & Co. to common stock of the Ozark Power & Water c loSouthern
s u r e S u i t . —The Belleville Savings Bank, as holder, it is
Co. and pref. stock of the Electric Bond Deposit Co. was stated,
of $14,000 bonds, brought suit in the Circuit Court
several times over-subscribed.
at Belleville, 111., to foreclose the mortgage of 1905, under
A l l o t m e n t s a r c b e in g m a d e o n t h e b a s is o f f u ll s u b s c r l p t l o n s 't o a ll d e s ir in g
which $1,100,000 bonds have been issued.
n o t m o r e t h a n § 2 ,0 0 0 ,a n d 2 5 % o n t h e b a la n c e o f a ll s u b s c r i p t i o n s f o r m o r e
t h a n § 2 ,0 0 0 .— V . 9 4 , p . 5 6 5 .

I t Is a ll e g e d t h a t t h e I n t e r e s t a n d s in k i n g f u n d p a y m e n t s a r e In d e f a u l t

t t h e b u s in e s s Is i m p r o v l d c n t l y h a n d l e d .
A n o f f ic ia l s t a t e s t h a t
Pennsylvania Steel Co.— C a lle d B o n d s . — 145 ($145,­ at hned s ut hi ta W
ill b e o p p o s e d o n t h e g r o u n d , a m o n g o t h e r s , t h a t t h e t e r m s o f t h e
000) “Cornwall Ore Banks” 5% bonds dated Oct. 1 1902, m o r t g a g e r e q u i r e a m a j o r i t y o f t h e b o n d h o l d e r s to j o i n in a f o r e c lo s u r e s u i t ,
t p a y m e n ts fo r a b o u t
for payment at 105 and interest on April 1 at Girard Trust tah ya et atrh ea ncdo ma phaanlfy, hb aust bIfe eItn wuenrae blleef tt oa lomneee tn oItsw IItn t we roeus ld
s o o n b e o n I ts f e e t
Co., trustee, Philadelphia.—V. 92, p. 1252.
a g a i n , a s I t h a s b e e n e a r n i n g a b o u t $ 10,000 a m o n t h s in c e S e p t . 1 9 1 1 .—
V . 93, p . 801,
People’s Gas Light & Coke Co. (of Chicago).— S a le o f
Southwest Pennsylvania Pipe Line Co., Oil City, Pa.—
B o n d s . — Wm. A. Read & Co., New York, Boston, London
E.C., and Chicago, purchased this week, and have mostly D i v i d e n d . — A dividend of $5 per share has been declared on
sold, their price being 102 and int., $3,000,000 refunding the $3,500,000 stock of this former subsidiary of the Standard
mortgage 5% gold bonds of 1897, due Sept. 1 1947. The Oil Co. of N. J., payable April 1 to stock of record March 15.
0 0 s t o c k ( p a r § 1 0 0 ) , § 3 ,4 9 9 ,6 0 0 w a s d i s t r i b u t e d t o t h e
bankers offer the unsold bonds, by advertisement on a pre­ s h aOr fe htoh led e$r3s ,5o 0f 0t ,0
h e S ta n d a r d o il C o. o f N . J . u n d e r th e d is in te g r a tio n p la n
ceding page. Authorized, $40,000,000; reserved for prior (V . 9 3 , p . 1 3 9 0 ). C o m p a r e V . 8 5 , p . 2 1 6 , 7 9 0 .
liens, $19,446,000; outstanding, $18,400,000.
Standard Milling Co., New York.— P r e f . D i v i d e n d I n ­
S in c e 1 8 9 7 s o m e $ 1 0 ,0 0 0 ,0 0 0 c a p i t a l s t o c k h a s b e e n s o ld a t p a r f o r c a s h .
c r e a s e d . — A (semi-annual) dividend of 3% has been declared
T h e a c q u i s i t i o n s , e x te n s i o n s a n d b e t t e r m e n t s t h u s p r o v id e d f o r c o m e u n d e r
on the $6,900,000 5% non-cumulative pref. stock, payable
t h e lie n o f t h i s I s s u e , I n c l u d i n g a 2 0 - s t o r y o f fic e b u i l d i n g o n t h e L a k e f r o n t
a t C h ic a g o .
April 15 to holders of record April 8, comparing with 2%
T h e r e p o r t f o r t h e y e a r 1911 (V . 9 4 , p . 4 8 6 ) s h o w s t h a t t h e n e t p r o f i ts
each in Oct. and Apr. 1911 and Oct. 1910, 1
in Apr. 1910
In 1 9 1 1 , a f t e r p a y m e n t o f a ll p r i o r c h a r g e s , w e r e e q u i v a l e n t t o o v e r s e v e n
t i m e s t h e i n t e r e s t r e q u i r e m e n t s o n t h e is s u e .
I n t h e t e n y e a r s t o D e c . 31
and Oct. 1909 and 1]^% regular and K of 1% extra in April
1911 n e t p r o f i ts a v e r a g e d a b o u t $ 5 ,5 3 4 ,0 0 0 , o r n e a r l y 3 t im e s t h e a v e r a g e
1909 and Oct. 1908.
a n n u a l b o n d I n t e r e s t c h a r g e o f a p p r o x i m a t e l y § 1 ,8 7 8 ,0 0 0 .
D u rin g t h a t
p e r i o d t h e r e w a s c h a r g e d to in c o m e a n d r e s e r v e d f o r e s t i m a t e d d e p r e c i a ­
t i o n o f p l a n t , & c ., a n a g g r e g a t e o f § 7 ,7 0 6 ,0 0 0 .
D i v i d e n d s h a v e b e e n p a id
In e a c h y e a r s in c e 1 8 8 9 , 6 % b e in g p a id In e a c h y e a r f ro m 18 9 7 ( e x c e p t In
19 0 6 w h e n 5 % w a s p a id ) t o a n d I n c l u d i n g t h e f ir s t q u a r t e r o f t h e U sc a l y e a r
1 9 0 9 , s in c e w h ic h t im e t h e r a t e h a s b e e n 7 % u p o n $ 3 5 ,0 0 0 ,0 0 0 s t o c k o u t ­
s ta n d in g .— V . 94, p . 486.

D iv id e n d Record o f P referred S lo c k (P er C e n t).
1903.
1904 t o 1 9 0 6 .
A p r ., 1
2 y e a rly
— V . 93, p . 1021.

1907.
3

1908.
J M

1909.

1910.
3>^

1911.
4

1912.
A p r ., 3

Standard Oil Co. of Indiana.— I n c r e a s e o f S t o c k . —The
Phelps, Dodge & Co.— C o p p e r P r o d u c t i o n . —The produc­ stockholders on March 7 voted to increase the capital stock
tion of copper by the Copper Queen, Detroit and Mocte- from $1,000,000 to $30,000,000. Compare V. 94, p.634, 420.
a n d O fficers. — W . F . C o w a n ( P r e s . ) , I ,. J . D r a k e ( V i c c - P r c s . ) ,
tezuma mines, owned by Phelps, Dodge & Co., for the two G . D irectors
W . S t a h l (S e e . a n d T r e a s ) D r . W . M . B u r t o n a n d A . D . E d d y . — V
months ended Feb. 29 1912 was 21,122,671 lbs., as compared 9 4 , p . 6 3 4 , 4 2 0 .
with 19,647,601 lbs. in 1911, as follows:
Standard Wood Co.— I n j u n c t i o n .— Judge Coxe in the U. S.
P ounds—
January.
F e b ru a ry .
T otal.
District Court in this city on March 8 in the suit brought by
191 2 ----------------------------1 0 ,8 9 2 ,3 9 1 1 0 ,2 3 0 ,2 8 0
2 1 ,1 2 2 ,6 7 1
the Government, granted a perpetual injunction restraining
1 9 1 1 ----------------------------0 ,7 8 9 ,6 3 9 9 ,8 5 7 ,9 6 2
1 9 ,6 4 7 ,6 0 1
C u s to m o r e s b u s in e s s a d d e d a f u r t h e r a m o u n t f o r t h e t w o m o n t h s o f
the company and its alleged subsidiaries from continuing a
1 ,0 4 3 ,3 7 9 l b s . . i n 1 9 1 2 , a g a i n s t 2 ,3 8 9 ,5 3 0 lb s . In 1 9 1 1 .— V . 9 4 , p . 7 0 .
kindling-wood combination in restraint of trade.
Pioneer (Sugar) Mill Co., Ltd., Hawaii.— I n c r e a s e o f S to c k .
T h e G o v e r n m e n t a lle g e d t h a t t h e d e f e n d a n t s h a d c o m b i n e d t o l lx p r ic e s .
—The stockholders have voted to increase the capital stock T h e d e c r e e Is p r a c t i c a l l y a n o r d e r f o r d i s s o l u t i o n . T h e s u b s id i a r i e s n a m e d
ood C o. a n d th e P e n n s y l­
from $2,750,000 to $4,000,000 and to reduce the par value av raen: i a TWhoeo dS cChor .,a daellr oWf Po eo nd n Cs yolv., a tnhi ea ; Kt heey Cs toonnwe a W
y W o o d C o . o f M a in e a n d t h e
from $100 to $20 per share. A 30-cent dividend policy was E m p i r e W o o d C o . o f N e w J e r s e y ; a is o s e v e r a l s m a l l c o s . In N . Y . S t a t e .
decided upon.
. United Shoe Machinery Corporation.— F a v o r a b le D e c is io n .
M a n a g e r W e l n z h c i m e r ’s r e p o r t s h o w e d a fin e y e a r , t h o u g h e x c e s s o f r a i n ­ —Judge Putnam in the U. S. District Court at Boston on
f a ll h a d l o w e r e d t h e s t r e n g t h o f t h e c a n e j u ic e
T h e c r o p w a s 2 9 ,1 8 4 4 3 7 5
March 2 sustained the demurrers of the 5 defendantsSto 4
to n s I o f Z s u g a r .— V . 7 7 , p . 2 1 0 2 .
?q



Mar . 9 1912. j

THE CHRONICLE

of the 5 counts in the two indictments returned by the
Federal grand jury.
„

T h e f o u r c o u n t s r e f e r r e d t o c h a r g e d c r i m i n a l c o n s p ir a c y ; t o m o n o p o liz e
a n d r e s t r a i n t r a d e in v i o la t io n o f t h e S h e r m a n A n t i - T r u s t A c t .
T h e re ­
m a i n i n g c o u n t , w h ic h Is w o n b y t h e G o v e r n m e n t , c h a r g e s m o n o p o ly
t h r o u g h t h e s y s t e m o f le a s e s o n p a t e n t e d m a c h i n e r y . A t t h e ‘ ’" L ”
'
d tc tm e n t3 w e re r e tu r n e d , th e r e w a s a s ix th d e fe n d a n t, J a m e s J . S to rro w .
b u t h is c a s e w a s l a t e r d ls m is s le d b e c a u s e t h e o f fe n c e s c h M g ^ a g a l m t h im
d a t e d h a c k s o lo n e t h a t t h e y w e r e b a r r e d b y t h e s t a t u t e o f l i m i t a t i o n s .
T h e C o u r t s a y s In t h e c o u r s e o f t h e o p i n io n t h a t t h e o r ig i n a l c o m b i n a ­
t i o n m a i n t a l n e d b y t h e U n i t e d S h o e M a c h i n e r y C o . w a s v a l i d , a n d c r i t ic i z e d
t h e D e p a r t m e n t o f J u s t i c e f o r h a v i n g t a k e n c r i m i n a l s t e p s a g a i n s t t h e o f­
f ic ia ls o f t h e c o m p a n y b e f o r e t h e A c t c o v e r i n g t h e a ll e g e d o f fe n c e s w a s in tC T h e 4 G o v e r n m e n t h a s b e e n g r a n t e d a n e x e n s l o n o f t i m e t o M a r c H
t o A p r i l 2 In w h ic h t o a p p e a l f r o m t h e d e c is i o n t o t h e U . S . S u p r e m e C o u r t
o n a Pw r l t o f e r r o r .
I t is s t a t e d t h a t t h e d e f e n d a n t s w ill a ls o a p p e a l f i o m
t h e d e c is i o n a g a i n s t t h e m o n t h e o n e c o u n t . — V . 9 4 , p . 2 8 .), 2 1 3 .

703

C h a r le s M . E v e r e s t o f R o c h e s t e r , E d w i n P r l z e r , G e o r g e C . W h a l e y , C n a s .
C . B e d f o r d a n d C h a r le s C . C a m p b e ll o f N e w Y o r k w e r e r e - c l c c t c d d i r e c t o r s .
T h e p r o p o s itio n to in c re a se th e n u m b e r o f d ire c to r s fro m 5 to 8 w a s p r a c ­
t i c a l l y c a r r i e d , b u t w ill b e a c t e d o n b y t h e d i r e c t o r s n e x t w e e k . — V . 9 4 , p .
491
.

Weyman-Bruton Co.— F i r s t D i v i d e n d . —An initial quar­
terly dividend of 1M% has been declared on the $4,000,000
preferred stock, payable April 1 to holders of record March 16.
Checks are mailed.— V. 94, p. 285.
(F. W.) Woolworth Co.—F i r s t D i v i d e n d . —An initial quar­
terly dividend of 1%% has been declared on the $15,000,000
7% cum. pref. stock, payable April 1 to holders of record
March 11.— V. 94, p. 567.

—The 1912 edition of “Moody’s Analyses of Railroad In­
United States Gypsum Co., Chicago.— S a le o f N o t e s — The
company has sold to a syndicate headed by A. G. Becker vestm ents,” a valuable annual issued by the well-known
of Chicago $1,500,000 6% 5-year dbns.dated April 15,1912. financial writer and analyst, Mr. John Moody, has been is­
sued. This volume contains complete analyses of the rail­
T h e p r o c e e d s w ill b e u s e d t o r e t i r e f lo a t in g d e b t a n d f o r a c q u is i ti o n s a n d
Im p ro v e m e n ts.
T h e 8 3 8 3 ,0 0 0 o u t s t a n d i n g b o n d s ( s u b j e c t t o r e t i r e m e n t
roads in the United States and Canada, and by an original
b y a s in k i n g f u n d a t t h e r a t e o f 5 5 0 ,0 0 0 y e a r l y ) a r e n o t t o b e d i s t u r b e d .
I t is a ls o d e n ie d t h a t t h e d i r e c t o r s h a v e a n y i n t e n t i o n a t t h i s t i m e o f l i q u i d a t ­ and unique method all the bond and stock issues are given
i n g a n v p a r t o f t h e a c c u m u l a t e d d i v id e n d s o n t h e p r e f e r r e d s to c k , n o w
“ratings,” just as Bradstreet’s and Dun’s give ratings to
a m o u n tin g to a b o u t 4 0 % .
T h e re p o rt of th e c o m p a n y fo r th e y e a r e n d ­
merchants. Thus, bonds and stocks of demonstrated in­
i n g D e c . 31 Is I n t h e h a n d s o f t h e a u d i t o r s a n d w ill b e I s s u e d s h o r t l y . —
vestment strength are rated “Aaa,” or “Aa,” while those
V . 9 4 , i). 2 8 5 .
United Wireless Telegraph Co., New York.— P la n o f R e ­ lower down in the scale get ratings of “Ba,” “B ,” “C,” “ D ,”
o r g a n iz a tio n d a te d F e b . 1 1912.— Arthur P. West, R. M. &c., according to their investment strength. These ratings
Owen and A. A. Du Ban, as executive committee of the re­ are determined by a careful study of each issue, all of the. fac­
organization committee, room 2210, 55 Liberty St., N. Y., tors which go to give a particclar issue strength or weakness
give notice to the 30,000 shareholders (there are outstand­ being given proper consideration. There are over 1,500 dis­
ing about 1,200,000 shares; par, $10) that those desiring tinct bond issues described and rated in the book, and it is
to participate in the reorganization must on or before interesting to note that 1,269 of these issues, or over 84%,
March 15 deposit their certificates, properly endorsed, with receive a rating which means that they are in “high grade
the reorganization committee, along with a check payable to classes,” and absolutely safe investments. And of the re­
the Broadway Trust Co. to cover an assessment of 50 cents maining 16%, over two-thirds have substantial investment
a share. After payment of the assessment and provided strength, which means that approximately 95% of all quota­
the bid of the committee at the forthcoming bankruptcy ble bond issues on American railroads are to be regarded as in
sale shall be accepted, each two shares of the present stock a substantial investment class; only the remaining 5% be­
will be exchanged for one $5 share in the new company.
ing in large degree speculative. And in the analyses of
D ig e st of S ta te m e n t by C o m m itte e .
stocks, some interesting facts aiealso presented. Here we
I n J u n e a n d J u l y 1911 r e c e i v e r s o f t h e p r o p e r t y w e r e a p p o i n t e d b y t h e
find that nearly 68% of all quotable stock issues on American
S t a t e c o u r t s o f M a in e , N e w Y o r k , N e w J e r s e y , O h io , W a s h i n g t o n , C a li­
railroads are in the “A” classes as investments. The book
f o r n i a L o u i s ia n a , T e x a s a n d o t h e r S t a t e s .
T h e p e t i t i o n f o r t h e I n v o lu n ­
t a r y b a n k r u p t c y w a s H ied i n t h e U . S . D i s t r i c t C o u r t o f M a in e , a n d S c l d e n
is published at 35 Nassau St., New York, by the Analyses
I la c o n N Y C i ty , w a s a p p o i n t e d a s s o le r e c e i v e r , w i t h a u t h o r i t y t o m a k e
Publishing Co.
a p p l i c a t i o n s t o h a v e v a r i o u s S t a t e r e c e i v e r s s u r r e n d e r t h e c o m p a n y ’s p r o p ­
e rty to h im .
I n S e p t . 1911 t r u s t e e s in b a n k r u p t c y w e r e a p p o i n t e d , M r.
— Clarence Hodson & Co., brokers, whose principal office
I la c o n r e t i r i n g ; t h e t r u s t e e s n o w a r e H o n . J o h n H o w a r d H i l l , P h i li p G .
is in the Essex Bldg., Newark, have opened a branch office
C lif f o rd , b o t li o f P o r t l a n d , M e ., a n d R o b e r t H . M o n tg o m e r y o f N . Y . c i t y .
L a s t N o v e m b e r a l a d y l i v i n g in W a s h i n g t o n , D . C ., w r o t e t o R . M .
in the Steneck Bldg., River St., Hoboken, under the manage­
O w e n , r e l a t i n g h o w s h e h a d p u t a ll h e r s a v in g s In t h e c o m p a n y u p o n t n e
ment of Gen. J. L. Stoppelbein. This house, which makes a
r e p r e s e n t a t i o n s o f C h r i s t o p h e r C. W il s o n a n d o t h e r o f fic e r s o f t h e c o m p a n y . n o w In J a il , p a y in g 5 4 0 a s h a r e t h e r e f o r .
T h e reu p o n a g ro u p or
specialty of New Jersey securities, as well as negotiating the
s to c k h o l d e r s h a v i n g c o n s id e r a b l e h o l d in g s a p p o i n t e d a, t e m p o r a r y c o m ­
sale of entire issues of bonds and stocks of public service cor­
m
i t t e Ce COnbiStlllK
c o n s is t in g Ul
o f A ir ut huui ir P
ArQ
r mn-f
IlllttC
i ,. W
»v ews t ,. R
tv-. M . Oy w e n a n d . R...o1,b1-e1r, t h tnth-lp
s tro n g .
S u b s e q u e n t l y a t m e e t in g s h e ld In N . Y . C i ty , a t w h i c h h o m e r s o f
porations and high-class industrials, is about to open an ofh u n d r e d s o f t h o u s a n d s o f s h a r e s w e r e r e p r ^ e n t e d , t h e f o llo w in g p e r m a
rice in the Manhattan Life Bldg., 66 Broadway, N. Y. City,
n e n t r e o r g a n i z a t i o n c o m m i t t e e w a s a p p o i n t e d , th ei P h i l a d e l p h i a c o m m i t t e e
h a v i n g c o m b i n e d w i t h t h e N . Y . c o m m i t t e e a n d t h e N o . 1 W a ll S t . c o m
in charge of D. Strother Walker, manager of the firm’s se­
curities underwriting department.
m ‘r e o r g a n i ' ^ l M ^ m n ^ l 11 e e : A r t h u r P . W e s t . C h a i r m a n ( r e s id e n t V . - P r e s .
N a t S u r e t y Co
1 1 5 B r o a d w a y , N . Y . C i ty ) ; R . M . O w e n , L a n s in g , M ic h ;
— Charles H. Deppe has tendered his resignation as Vice­
iN at. o U l Cly
» ______ _«- 7\r IT h n l d n r rtf nm» yt.nMr
o f 8 1 8 0 .President of McCoy & Co., Chicago, and accepted a partner­
ship in the comparatively new bond firm of Mayer & Walter,
Cincinnati, which will hereafter be known as Mayer, Deppe
A rm s tr o n g , S e a ttle ; A rn o ld W . B r u n n e r, P a te r s o n , N . J .; G e o rg e W . W h ite ­
& Walter. Mr. Deppe is returning to his old home, where
s id e , 27 W il l ia m S t . , N . Y . C i ty .
„ , , .
,
,
A p p r a is a l F ile d in the B a n k ru p tc y C ourt by the O fficia l A p p r a is e r s fo
for five years he was associated with the Union Trust &
C ertain A s s e ts A ggregating $ 4 1 5 ,6 3 7 .
S e a t t l e , W a s h . , f a c t o r y s i t e a n d b u i l d i n g ( t h e m o r t g a g e o f $ 1 4 ,0 0 0
Savings Co. and before that for many years with the old
is c la i m e d a s t h e p r o p e r t y o f t h e c o m p a n y a n d is n o w In l l t l g a tlo n ) 5 2 1 .5 0 0 e q u i p m e n t a n d m a t e r i a l s , a b o u t $ 1 0 ,0 0 0 ------------- 5 3 1 ,oOO bond house of Seasongood & Mayer.
P a c if ic d i v is io n , 129 s h ip i n s t a l l a t i o n s , $ 6 4 ,5 0 0 ; 18 s h o r e s t a ­
— Charles H. Gilman and Henry Lewis have formed a
__________________ ______ - ............. - .......................
9 1 ,o u u
tio n s $27 0 00
co-partnership under the firm name of Charles H. Gilman &
J e r s e y C I t y . ’N . ,f. (1) B lo c k 2 1 1 1 , c o n s is t in g o f 2 3 l o t s o f l a n d w i t h
f o u n d a t i o n p i li n g In p la c e a n d a r c h i t e c t s p l a n s , ( $ 1 1 ,0 4 1 ,‘le s s
Co. of Portland, Maine, which will conduct a general busi­
m o r t g a g e . $ 4 ,5 0 0 ) $ 6 ,5 4 1 ; (2) f a c t o r y e q u i p m e n t a n d m a ness in investment securities, succeeding to that of Charles
6 8 ,5 9 0
4 ,6 4 7
C a r n e g le T r u s t C o-, a c c o u n t , $ T ,2 3 2 ; b a n k b a l a n c e , $3 ,4 ' 15
....
II. Gilman. Mr. Lewis was formerly with C. E. Denison &
A t l a n t i c d i v is io n , 2 4 5 s h ip I n s t a l l a t i o n s , 5 1 2 2 ,5 0 0 , a n d 22 s h o r e
Co. of Boston.
s t a t i o n s , $ 3 1 ,5 0 0 ; s t a t i o n a t 42 B r o a d w a y , $ 2 , 5 0 0 ---------------------- 1 5 6 ,5 0 0
G r e a t L a k e s d i v is io n , 69 s h ip I n s t a l l a t i o n s , 5 3 4 ,5 0 0 ; 18 s h o r e s t a ­
— Bolger, Mosser & Willaman, 19 S. La Salle St., Chicago,
t io n s S27 0 0 0
..............- .......................... ............................................................
6 1 ,5 0 0
O f f ic e f u r n i s h in g s In N e w Y o r k , L o n d o n a n d C l e v e la n d , a b o u t -----1 ,4 0 0
are offering Sioux Falls, So. Dak., water and sewer 5s at price
T h i s c o m m i t t e e d o c s n o t m a k e a n y s t a t e m e n t in r e s p e c t t o t h e a c c u r a c y
to yield 4.55%. Bonds are dated Dec. 1 1911 and run to
of th is a p p ra is a l.
I n a d d itio n th e r e to th e re a rc o u ts ta n d in g a c c o u n ts re ­
Dec. 1 1931, principal and interest payable at the Chemical
c e iv a b l e e s t i m a t e d a s w o r t h , n e t , $ 5 0 ,0 0 0 ; a ls o n u m e r o u s p a t e n t s w h i c h t h e
c o m m i t t e e b e li e v e t o b e o f l a r g e v a l u e , a n d c la i m s a g a i n s t v a r i o u s o f fic e r s
Nat. Bank, New York. Descriptive circular will be mailed
o f thm c o m p a n y
T h e t r u s t e e s a lo n e o r w i t h o t h e r s a r e n o w p r o s e c u t in g
on request.
s u i t s a g a i n s t G e o r g e H . P a r k e r a n d C h r i s t o p h e r C . W ils o n , f o r m e r o f fic e r s
o f t h e c o m p a n y , f o r t h e p u r p o s e o f e n f o r c in g p a y m e n t o f l a r g e s u m s w h ic h
—-The Philadelphia bankers, Mellor & Petry and Henry &
West, are advertising in this issue their joint offering (already
»
• t r u s t e e , ' o e ttm c M e
in t h e s u m o f $ 7 5 ,0 0 0 , l a r g e ly t o p a y t h e e x p e n s e s i n c u r r e d {“ c o n n e c t i o n
sold) of $1,900,000 Harwood Electric Co. first and refunding
w i t h v a r i o u s S t a t e r e c e i v e r s h ip s .
T h e r e a r e a ls o n u m e r o u s p r o v a b l e c la i m s
mortgage sinking fund 6% bonds. This advertisement is
a g a i n s t t h e e s t a t e , a n d I t is e s t i m a t e d t h a t a p p r o x i m a t e l y $ 1 2 o ,0 0 0 w ill
b e r e q u i r e d t o p a y t h e s e c la i m s a n d t h e b a n k r u p t c y e x p e n s e s
1 he new
inserted in the “Chronicle” as a permanent record.
c o r p o r a t i o n m u s t a ls o h a v e s u b s t a n t i a l w o r k i n g c a p i t a l .
A t l e a s t $ 3 0 0 ,0 0 0 ,
— Messrs. Williams, McConnell & Coleman, 60 Wall St.,
t h e r e f o r e , is n e c e s s a r y t o I n s u r e a s a t i s f a c t o r y r e o r g a n iz a t io n .
W c a rc In fo rm e d t h a t th e tru s te e s in te n d f o rth w ith to a p p ly fo r a u th o r i ty
N. Y ., are issuing a handbook of public utility securities,
t o s e ll a t p u b l ic a u c t i o n a s o n e p a r c e l a ll o f t h e a s s e t s e x c e p t t h e s u i t s a n d
embracing more particularly the issues of “holding compan­
c la i m s a g a i n s t v a r i o u s o f fic e r s a t a p r ic e n o t le s s t h a n t h e s u m o f $ 5 5 0 ,0 0 0 .
I T h c s a le s e t f o r M a rc h 15 h a s l e e n p o s tp o n e d t i l l A p r i l l o .
L a .l
ies,” such as American Cities Co., American Gas & Elec.,
P la n of R e o rg a n iza tio n .— I t Is p r o p o s e d t o f o rm a n e w c o r p o r a t i o n u n d e r
t h e la w s o f N e w Y o r k , w i t h a n a u t h o r i z e d c a p i t a l In s h a r e s o f $ 3 e a c h
Amer. Light & Trac., &c., &c.
a b o u t e q u a l to th e n u m b e r of s h a re s s u b s c rib e d u n d e r th e te rm s of th is
— Noyes & Jackson, Chicago stock brokers, 124 Adams St.,
n l a n a n d t o h a v e t h e n e w c o r p o r a t i o n p u r c h a s e f r o m t h e t r u s t e e s in b a n k r n n t c v a ll t h e a s s e t s , i n c l u d i n g p a t e n t s , e x c e p t t h e s u i t s a n d c la i m s a g a i n s t
announce the admission of Washington G. Sturgess into their
o f fic e r s o f t h e o ld c o m p a n y .
E a c h le g itim a te s to c k h o ld e r of th e p r e s e n t
firm as a general partner. Solomon Sturgess also becomes
h a n k r u o t c o m p a n y s h a ll h a v e t h e r i g h t t o e x c h a n g e t w o s h a r e s o f s t o c k in
t h e o ld c o m p a n y ( p a r $ 1 0 e a c h ) f o r o n e s h a r e o f s to c k ( p a r v a l u e $5) In
associated with the firm of Noyes & Jackson. The Sturgesses
t h e n e w c o m p a n y , p r o v id e d t h e s t o c k h o l d e r a ls o p a y s 5 0 c . In c a s h f o r e a c h
have long been favorably known in Chicago financial circles.
s h a r e o f s t o c k in t h e o ld c o m p a n y w h ic h h e o f fe r s f o r e x c h a n g e .
N o d is ­
t i n c t i o n w ill b e m a d e b e tw e e n p r e f e r r e d a n d c o m m o n s t o c k o f t h e b a n k r u p t
__Bodell & Co., Providence, R. I., announce that George
c o rp o r a tio n fo r th e re a s o n t h a t th e p re f. h a d n o p re fe re n c e a s to a s se ts .
T h e r e Is n o w p e n d in g In t h e S u p r e m e J u d i c i a l C o u r t f o r t h e C o u n t y o f
A. MacDonald, who has been Treasurer of the North Adams
C u m b e rla n d M e a s u it fo r th e p u rp o s e o f h a v in g c e rta in s to c k Issu e d to
Trust Co., North Adams, Mass., for the past eight years,
C h r i s t o p h e r C W i l s o n a n d o t h e r s d e c la r e d I n v a l i d .
T h e c o m m l b e e c o u ld h a v e a r r a n g e d w i t h a r e s p o n s i b le c o r p o r a t i o n t o
has resigned his position, and will represent their firm in
u n d e r w r i t e 5 2 0 0 0 0 0 f o r t h e s u m o f $ 5 ,0 0 0 , b u t w a s u n w i l li n g t o i n c u r
Western Massachusetts, with headquarters in Springfield.
th e ex p en se
T h e r e a r e a p p r o x i m a t e l y 1 .2 0 0 ,0 0 0 s h a r e s in t h e h a n d s o f
a b o u t 3 0 .0 0 0 d i f f e r e n t s to c k h o l d e r s , a n d t h e e x p e n s e i n v o l v e d i n c o r r e ­
—Attention is called to the announcement in our adver­
s p o n d in g w i t h i n d iv i d u a l s t o c k h o l d e r s is s o g r e a t t h a t , w h c w c w e lc o m e
t h e f u ll e s t i n q u i r y f r o m g r o u p s o f s t o c k h o l d e r s w h o s e h o l d in g s a g g r e g a t e
tising columns of the opening of the new Chicago bond and
a n y c o n s id e r a b l e n u m b e r o f s h a r e s , w c c a n n o t u n d e r t a k e t o r e p l y t o I n d i ­
banking house of Chapman, Mills & Company.
v i d u a l r e q u e s t s f o r f u r t h e r o r s p e c ia l I n f o r m a t io n .
V. 9 3, p . 1108.
__C. E. Denison & Co., Boston and Cleveland, are in the
Vacuum Oil Co.— I n c r e a s e o f S to c k A u t h o r i z e d .—The stock­
holders on Feb. 29 authorized an increase in the stock from market for Ohio municipal bonds, particularly in coupon
form
$2,500,000 to $15,000,000 (V. 94, p. 491).




704

THE CHRONICLE

[ V o l . I.XXXXIV.

Hjtepca'ts a t u l j D o a v n m it s .
T H E PENNSYLVANIA R AI LR OAD COMPANY
SIXTY-FIFTH ANNUAL REPORT— FOR YEAR ENDING DECEMBER 31 1911.
G e n e r a l O f f ic e , B r o a d S tr e e t S t a t i o n ,
P h i l a d e l p h i a , M a r c h 1 s t, 1912.

Ih e expenditures were principally for new ore docks at
Cleveland, and the elevation of tracks in Port Wayne, con­
The Board of Directors submit herewith to the Stock­ struction of new yards at Moravia, and additional main
holders of The Pennsylvania Railroad Company a synopsis tracks on the Pittsburgh Youngstown & Ashtabula Railway,
of their Annual Report for the year 1911:
second track on the Pittsburgh Cincinnati Chicago & St.
O p e r a t i n g r e v e n u e s , r a i l lin e s d i r e c t l y o p e r a t e d _____ ______ $ 1 5 7 ,4 8 7 ,4 1 2 70
Louis Railway and Vandalia Railroad.
O p e r a t i n g e x p e n s e s , r a i l lin e s d i r e c t l y o p e r a t e d
1 1 3 ,2 2 8 ,3 9 3 03
GENE RAL REMA R KS.
N e t o p e r a t i n g r e v e n u e ______________________________________ $ 4 4 ,2 5 9 ,0 1 9 67
O u t s id e o p e r a t i o n s . D e f ic i t _____________________________ _____
1 ,5 2 5 ,2 0 1 96
It will be noted in the General Income Account that while
the revenue from passenger transportation shows an increase
T o t a l n e t r e v e n u e ___________________________________________ $ 4 2 ,7 3 3 ,8 1 7 71
T axes 6 .8 2 6 ,0 6 9 53
of $838,159 53 over 1910, it being the largest in the Com­
pany’s history, the gross revenues of the railroad lines for
O p e r a t i n g i n c o m e __________
$ 3 5 ,9 0 7 ,7 4 8 18
R e n t a l s p a i d ( r o a d s o p e r a t e d o n b a s is o f n e t r e v e n u e ) ____
1 ,5 1 7 ,1 1 1 48
the year show a reduction of $2,969,S85 76, due principally
to a decrease in merchandise freight revenue and a small
N e t o p e r a t i n g I n c o m e o f T h e P e n n s y l v a n i a R a i l r o a d C o - _ $ 3 4 ,3 9 0 ,6 3 6 70
O th e r Incom e:
decrease in coal and coke revenue. The decrease in gross
D i v i d e n d s a n d i n t e r e s t o n s e c u r i ti e s
revenues was partially offset by a saving of $1,584,235 19,
o w n e d -------------------------------- ---------------- __ $ 1 4 ,4 5 0 ,5 9 3 95
or 1.38 per cent, in operating expenses, so that the decrease
H ir e o f e q u i p m e n t , i n t e r e s t G e n e r a l A c ­
c o u n t , a n d o t h e r I t e m s _______________
2 ,7 7 5 ,8 8 0 10
1 7 ,2 2 6 ,4 7 4 05
in the net operating revenue for the year, compared with
1910, was $1,385,650 57. The transportation expenses in­
G ro s s i n c o m e - .............................................. .......................... ..................$ 5 1 ,6 1 7 ,1 1 0 75
F i x e d c h a r g e s ---------------------------------------------------------------- ----------__
1 4 ,2 9 8 ,7 5 9 70
creased chiefly because the increased wage schedules were
operative the entire year, as against only for about eight
N e t i n c o m e ____________ _________ ______________________________$ 3 7 ,3 1 8 ,3 5 1 05
F r o m t h is N e t I n c o m e a m o u n t s h a v e b e c d d e d u c t e d f o r
months in 1910.
t h e f o llo w in g :
Taxes, which have been continually increasing in the last
A p p r o p r i a t i o n t o t h e T r u s t of O c t o b e r 1878
$ 3 1 9 ,7 5 6 11
P o r tio n of p r in c ip a l of E q u ip m e n t T r u s ts .
3 ,0 7 6 ,8 5 3 00
few years, show a further increase for the year of $451,333 77,
A m o u n t e x p e n d e d in r e v i s io n o f g r a d e s
due principally to the taxes paid on the completed New York
2 ,2 6 5 ,8 8 7 29
a n d a l i g n m e n t s , e t c ---------------------- ---------C a s h d i v i d e n d s a g g r e g a t i n g 6 p e r c e n t ____
2 5 ,9 5 0 ,8 5 7 2 5
Tunnel Extension.
R e s e rv e fo r A d d itio n s a n d B e t te r m e n t s .4 ,0 0 0 ,0 0 0 0 0
35 613 353 65
In rentals paid roads operated on the basis of not revenue,
the decrease is due principally to the absorption by the
B a l a n c e t r a n s f e r r e d t o c r e d i t o f P r o f i t a n d L o s s _________
$ 1 ,7 0 4 ,9 9 7 4 0
Pennsylvania Railroad Company of the Allegheny Valley
C O N D E N S E D G E N E R A L B A L A N C E S H E E T D E C E M B E R 3 1 S T 1911.
ASSETS.
Railway on April 7th, 1910, when the payment of its leasehold
P ro p e rty in v e s tm e n t:
rental consequently ceased.
R o a d ................ ......................................................... . $ 2 6 7 , 0 3 1 ,1 1 5 98
l he greater part of the decrease in fixed charges compared
E q u i p m e n t - ...................... ...................................... 1 3 0 ,3 9 2 ,4 3 7 73 $ 4 0 3 4 2 3 ,5 5 3 71
with 1910 is duo to the payment at maturity in that year
S e c u r i t ie s o w n e d ---------------------------------------------------------------------3 2 1 ,5 4 0 ,7 1 0 02
of the General Mortgage Bonds and Short-Term Notes
S e c u r i t ie s u n d e r le a s e o f U . N . J . R R . & C . C o . . . .
2 ,5 5 9 ,6 6 0 2 5
M is c e lla n e o u s I n v e s t m e n t s _____________ . . . ______
.
1 , 045,308 02 referred to in the last annual report.
------5 1 ,0 7 6 ,3 3 9 53
C ash
After meeting all liabilities, including the necessary pay­
M a te r ia l s a n d s u p p l i e s __________________________________ ____
14 6 5 0 ,1 4 0 02
C a sh a n d s e c u r itie s in s in k in g , in s u ra n c e a n d o th e r re s e rv e
ments to the Sinking Funds, the net income for the year
f u n d s ---------- ---------3 2 ,8 8 4 ,3 5 4 19
was $37,318,351 05. The decrease in this item of only
C a s h a n d s e c u r i t i e s In P r o v i d e n t F u n d s . _____
6 2 2 9 160 33
O t h e r a s s e t s -----------------------------------------------------------------3 6 ,2 3 3 )5 2 8 71
$457,133 03, compared with 1910, is due to the saving re­
sulting from the retirement of your fixed obligations, as ex­
$ 8 6 9 ,0 4 3 ,0 6 3 78
plained in the preceding paragraph, which was effected
L IA B IL IT IE S
C a p i t a l S t o c k ------------------------------------------------ $ 4 5 3 ,8 7 7 ,8 5 0 00
through the issue of capital stock. Out of the net income
C o n v e r ti b l e b o n d s r e c e i p t s e x c h a n g e a b l e
remaining, $319,756 11 was contributed to the Trust Fund
f o r s t o c k ----------------------------------------------------2 ,7 1 0 0 0 $ 4 5 3 ,8 8 0 ,5 0 0 0 0
P r e m i u m r e a l iz e d o n C a p i ta l S t o c k f ro m
of October 1878, and dividends of 6 per cent were paid
J a n u a r y 1 s t 1 9 0 9 ------------------------------------------------------ ---------7 ,0 5 0 ,1 7 5 0 0
aggregating $25,950,857 25, leaving a balance of $11,047,­
F u n d e d D e b t of T h e P e n n s y lv a n ia R a il­
737 69, a decrease of $2,008,364 35, compared with 1910.
r o a d C o m p a n y _____________________________$ 1 6 2 ,9 3 0 ,3 7 0 0 0
Car Trust Principal payments of $3,076,853 00; Extraordin­
F u n d e d D e b t o f C o m p a n ie s w h o s e p r o p e r ­
tie s h a v e b e e n a c q u i r e d b y T h e P e n n ­
ary Expenditures of $2,265,887 29 were also made, and
s y l v a n i a R a i l r o a d C o m p a n y __________ .
5 4 ,5 4 6 ,5 0 0 0 0
$4,000,000 00 transferred to the Reserve for Additions and
G u a r a n t e e d S t o c k T r u s t C e r ti f ic a te s , P h tld e l p h l a W il m in g t o n & B a l ti m o r e R a i l ­
Betterments to provide such additions and betterments as in
r o a d a n d N ew Y o rk P h ila d e lp h ia & N o r­
the judgment of the management should not be charged to
f o lk R a i l r o a d C o m p a n i e s -------------------------1 4 ,8 2 2 ,2 5 0 0 0
E q u i p m e n t T r u s t O b l i g a t i o n s ---------------------- 2 6 ,7 5 7 ,8 2 7 78
Capital Account, and the remaining balance of Net Income,
M o r t g a g e s a n d G r o u n d R e n t s P a y a b l e ___
3 ,7 9 1 ,0 6 0
69 2 6 2 ,8 1 8 ,0 0 8 4 7
$1,704,997 40, was credited to Profit and Loss.
S e c u r i t ie s r e c e i v e d w i t h t h e le a s e o f t h e U . N . J . R R . & C .C o
There were charged against Profit and Loss Account ad­
2 , 5 5 9 .6 6 0 2 5
L i a b i l i t y o n a c c o u n t o f P r o v i d e n t F u n d s ____________________
6 ,2 2 9 ,4 6 6 3 3
vances to branch and affiliated companies, as hereinafter
O t h e r L i a b i l i t i e s _______________________________________________
3 5 ,1 0 3 .8 8 9 99
A d d i t i o n s t o p r o p e r t y s in c e J u n e 3 0 t h 19 0 7 t h r o u g h in c o m e
stated, which, with adjustments made to sundry accounts,
3 3 ,9 8 8 ,1 3 3 01
R e s e r v e s f ro m I n c o m e o r S u r p lu s :
aggregated $1,351,651 04, leaving the balance to the credit
I n v e s t e d In S i n k in g , R e d e m p t i o n a n d
of Profit and boss on December 31st 1911 $27,397,808 16.
o t h e r r e s e r v e f u n d s ____________________ $ 3 3 ,8 4 7 ,7 7 5 42
C a r T r u s t P r i n c i p a l c h a r g e d o u t In a d ­
As foreshadowed in the report for the year 1910, an allot­
v a n c e , a n d r e s e r v e f o r A d d i t io n s a n d
ment of ten per centum of capital stock, at par, was made
B e t t e r m e n t s ____ ______ _______ _________
6 ,7 3 7 ,5 9 0 15
4 0 ,5 8 5 ,3 6 5 57
to
stockholders of record May 5th 1911, and was fully sub­
P ro fit a n d L oss
2 7 ,3 9 7 ,8 0 8 16
scribed for, realizing at par $41,201,600.
' ' rlM
,
.
,
$ 8 6 9 ,6 4 3 ,0 6 6 78
The expenditures on road and equipment during the year
lhe number of tons of freight moved on the five general consisted of the following:
divisions east of Pittsburgh and Erie in 1911 was 125,175,068,
Additional property for enlargement and improvement of
a decrease of 4,683,285, or 3.61 per cent; the number of the freight station facilities at Norristown, Lancaster, Harris­
passengers was 67,445,714, a decrease of 2,533,743, or 3.62 burg and Uniontown, and for the abolition of grade crossings
per cent.
hereinafter mentioned.
The Railroad Companies east of Pittsburgh and Erie in
Right of way for small branch lines in the bituminous coal
which your Company is interested show satisfactory results. regions.
Detailed statements of their operations will be found in their
Awards under right-of-way condemnation proceedings on
respective annual reports, as well as in the full report of the Darby Creek Low-Grade Line between Philadelphia and
your Company.
Paoli, and purchase of additional right of way between
The number of tons of freight moved on the lines west Colonia and Waverlv, New Jersey, the eastern section of the
of Pittsburgh was 138,743,881, a decrease of 14,997,240. relief line between Morrisville, Pa., and Newark, N. J.
The number of passengers carried was 34,392,215, an in­
Considerable progress was made in the re-building of the
crease of 399,781.
Cortlandt Street Ferry, New York City, which will probably
The operating revenue of all lines east and west of Pitts­ be completed in 1912.
burgh for the year 1911 was 8336,351,868 56, operating
The new four-track elevated line and passenger station at
expenses, $261,210,277 67, and operating income, $75,141,­ Bristol, mentioned in the last annual report, were completed
590 89, a decrease in operating revenue, compared with and put in service during the year, and all main line grade
1910, of $9,863,630 41, and a decrease in operating income crossings in that city were thereby eliminated.
of $3,650,990 86. There were 413,184,812 tons of freight
The Newark Rapid Transit Line, described in the annual
moved on the entire system, being a decrease of 28,030,405 report for 1910, which provides a frequent multiple unit
tons, and 168,725,921 passengers carried, an increase of electric service to and from the Hudson Terminal, Cortlandt
680,046.
and Church streets, New York, via Manhattan Transfer
There were expended during the past year for construc­ Station to Park Place, Newark, New Jersey, was completed
tion, equipment and real estate on the Lines West of Pitts­ and placed in operation November 26th 1911.
burgh $12,350,447 84, of which $8,801,922 97 were charged
The construction of the eastern section of the six-track
to Capital and $3,548,524 87 to Surplus Income.
system between Morrisville, Pennsylvania, and Newark,




Mar . 9 1912.]

THE CHRONICLE

New Jersey, was undertaken by beginning the construction
of two additional tracks adjoining the present four-track
main line from Colonia to Bay Way, west of Elizabeth, in­
cluding the elevation of the existing main line tracks through
Rahway. The extension'of the six-track system through
Elizabeth to Waverly, including line and station improve­
ments, will be carried forward when the necessary municipal
authority has been obtained.
Grade crossings at Coatesville, Christiana, Jeannette,
Trafford, and at Lambert Street, Pittsburgh, were abolished
by the construction of undergrade bridges.
A new freight transfer station was constructed during the
year at Harrisburg for the purpose of facilitating the move­
ment of merchandise freight and increasing car-loading.
Considerable extensions to the various car shops and addi­
tions to the tools and machinery were made during the year.
The improvements at Greensburg, including a new passen­
ger station and the revision of grade and completion of the
four-track system, mentioned in the last annual report, were
practically completed during the year.
The change of grade and extension of the track facilities in
West Brownsville Yard, to reach the elevation of the new
double-track Monongahela River bridge at that point, were
begun during the year, and contracts have been awarded for
the construction of the bridge, to replace the present single­
track bridge.
The Northumberland Classification Yard, also mentioned
in the last annual report, jointly owned by this Company
and the Northern Central Railway Company, were completed
during the year and placed in operation.
The construction of a sixteen-span double-track steel
bridge over the West Branch of the Susquehanna River at
Montgomery, to replace the present single-track bridge at
that point, was autnorized and begun during the year.
The aggregate expenditures made by the Company for
construction and equipment during the year on its own lines
and those of the Harrisburg Portsmouth Mt. Joy & Lan­
caster Railroad Company and United New Jersey Railroad
& Canal Company, operated .under long-term leases, com­
prising the main line system between New York and Pitts­
burgh (including $599,3(53 01 on account of water trust
certificates), were $14,319,530 65.
This sum was disposed of as follows:
C h a r g e t o R e s e r v e f o r A d d U lo a s a n d B e t t e r ­
m e n ts a p p ro p r ia te d o u t of In c o m e of p re v i­
o u s y e a r s ______________________________________ $ '1 ,7 0 0 ,0 0 0 00
C h a r g e d t o I n c o m e f o r t h e y e a r 1 9 1 1 _________ 2 ,2 0 5 ,8 8 7 29 ^
P r o v i d e d o u t o f E q u i p m e n t D e p r e c i a t i o n R e s e r v e -------------C h a rg e d to C a p ita l A c c o u n t:
I t o a d _______*___________________________________ $ 1 ,8 8 9 ,4 9 9 17
E q u i p m e n t _____________________________ _______ 3 ,0 7 1 ,4 5 6 95
-----------------------

^
1 ,7 9 2 ,6 8 7 24

5 .5 6 0 ,9 5 0 12

T o t a l ..................................................................................................................... $ 1 4 ,3 1 9 ,5 3 0 6 5

The charges to Capital Account were further increased
$482,054 88 by the absorption of the Ridgway & Clearfield
Railroad, making the total charges to that account for the
year $6,043,011.
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 ex­
penditures made out of Income since June 30th 1907 on the
roads embraced in the Balance Sheet. Therefore, of the
foregoing $0,965,887 29, Income expenditures not properly
chargeable to capital account $3,040,229 03 on the lines
owned, and on the Harrisburg Portsmouth Mt. Joy & Lan­
caster Railroad Company, have been so included in the Road
and Equipment Account for the year 1911, but the balance
of $3,326,295 25, leasehold expenditures for the United New
Jersey Railroad & Canal Company, and $599,363 01 for
water supply Trust Certificates are accounts not dealt with
in the Balance Sheet of this Company.
An offsetting liability appears on the credit side of the
Balance Sheet, entitled “Additions to Property since June 30
1907, through Income,” in which is carried not only the
$3,040,229 03, but also the payments through Income on
account of Car Trust Certificates amounting to $3,076,853 00
for 1911 and $(537,644 07 for previous years, aggregating
$6,754,726 10.
There is also included in the General Balance Sheet, in the
Cost of Equipment, $1,792,687 24, covering the net expendi­
tures for equipment purchased during the year 1911 out of
the Reserve for Accrued Depreciation of Equipment, estab­
lished under the regulations of the Inter-State Commerce
Commission. From the total cost of equipment is also de­
ducted the Reserve for Accrued Depreciation of Equipment,
$10 489,877 77, so that the net book value of the equipment
can be ascertained.
The accrued depreciation can be reduced only to the extent
of the original cost of any equipment retired, but as the
original cost is not sufficient to replace the retired equipment
and provide for the accrued depreciation, the Company, in
conformity with its established practice, will maintain the
standard and value of its equipment, and the amount which
remained unapplied December 31st 1911, viz.: $4,290,­
028 35, will be spent for equipment ordered but not yet
received.
The improvement of the Company’s passenger facilities in
the City of Philadelphia, the necessity for which was ex­
plained in the last annual report, has been given most careful
consideration during the year, and the Board of Directors




705

have about concluded that it should be accomplished by in­
creasing the tracks and platforms and enlarging the station
facilities at Broad Street Station and North Philadelphia
Station.
Consideration is also being given to the separation of
through and local train traffic at Broad Street Station, and
whether the electrification of some of its suburban lines
would not afford material relief at that terminal. This de­
cision will bo announced when the studies now being made
by the experts have been concluded.
The principal construction work on the other lines in
which this Company is interested was as follows:
On the Northern Central Railway In Baltimore, the con­
struction of the new passenger station and the enlargement
of facilities and re-arrangement of tracks, were practically
all completed during the year, as well as the Orangeville
round-house, which was paid for jointly by the Philadelphia
Baltimore & Washington Railroad and the Northern Central
Railway Companies. The old round-houses at Mt. Vernon
Yard was abandoned and the service is now performed at
Orangeville.
There is practically no change to report in the status of
the proposed lease by this Company of the railroad, property
and franchises of the Northern Central Railway Company,
which was fully explained in the report for 1910. The lease
has been duly authorized by both companies and approved
by the Public Service Commission of Maryland, and, but for
the impediment occasioned by impending litigation, insti­
tuted by a small number of minority stockholders, in the
United States Circuit Courts for the Eastern District of
Pennsylvania and for the District of Maryland, respectively,
said lease would have been promptly executed and delivered.
Under its provisions the lease and the rental payments be­
came effective January 1st 1911, and therefore when the
lease is fully executed and delivered, it will necessitate a
just and equitable accounting between the lessor and the
lessee, in such manner as will properly protect and preserve
the rights and interests of each party in conformity with its
terms and conditions.
Expenditures have been made by the Philadelphia Balti­
more & Washington Railroad for the extension of the fourtrack system at various points, and the construction of a
car-load delivery yard at New Jersey Avenue, Washington,
D. C.
On the Delaware Railroad a new station was constructed
at Dover, Delaware, and the second track extended from
Broad Creek to Laurel.
The Pennsylvania Tunnel & Terminal Railroad Company
has issued its certificate of indebtedness for $84,861,420 44
to this Company in settlement for the construction of the
New York Tunnel Extension and Station, including $1,896,­
004 92 advanced to that Company during the year 1911, for
the completion of its railroad. This certificate, and $15,000,­
000 of its full-paid Capital Stock, are included in the detailed
List of Securities owned by this Company, and are carried
on the Balance Sheet at valuations, respectively, of $57,­
461,419 44 and $1. The balance of its Capital Stock, namely
$10,000,000, is owned by the Pennsylvania Company. The
results of funding this indebtedness is reflected in the Gen­
eral Balance Sheet.
The Company during the year made further advances,
aggregating $4,531,000 00, to the Long Island Railroad
Company for the improvement of its railroad and facilities
and the construction of new lines and equipment, and will
receive in payment therefor a four per cent debenture of that
Company.
.
In pursuance of action taken at last annual meeting of the
stockholders, the Ridgway & Clearfield Railroad, whose
capital stock had been previously owned and its road oper­
ated by this Company, was absorbed by and became part
of The Pennsylvania Railroad on April 1st 1911.
Effective May 1st 1911 the Bedford & Bridgeport Railway
Company and the Bedford & Hollidaysburg Railroad Com­
pany, two branch lines of the system, in Central Pennsyl­
vania, were merged, and now constitute the Hollidaysburg
Bedford & Cumberland Railroad Company.
On the Cambria & Clearfield Railway the construction of
the Bear Run Branch was begun and it will be completed in
1912. The Burley Branch was completed during the year
and the telephone system for train dispatching on the Bellwood Division was also placed in operation, 'this Company
advanced $352,088 22 to meet these and other construction
expenditures which the Cambria & Clearfield Raihvay Com­
pany could not pay, and charged the amount against Profit
and Loss Account.
The work of improving the grade and alignment on the
Western New York & Pennsylvania Railway, mentioned in
the last annual report, was continued during the year. To
meet its construction and equipment expenditures for the
year, advances aggregating $888,790 81 were made by this
Company to the Western New York & Pennsylvania Railway
Company, which is substantially owned by and is leased to
this Company, and that Company being unable to pay the
same, this amount was charged against the Profit and Loss
Account.
This Company has received a note for $107,111 28 from
the New York Connecting Railroad Company to cover ad­
vances made to the latter during the year for construction
and right-of-way expenditures. ^*:
:•

THE CHRONICLE

706

The New York Connecting Railroad Company— the capital
stock of which has been owned for many years one-half each
by this Company and the New York New Haven & Hartford
Railroad Company—is constructing a railroad from a con­
nection with the Long Island Railroad, near the boundary
line between the Boroughs of Brooklyn and Queens, New
York City, through the latter Borough to and over the East
River and Randall’s and Ward’s Islands, to a connection
with the New York New Haven & Hartford Railroad near
Port Morris, in the Borough of Bronx, and also a connection
from said main line to the New York Tunnel Extension in
Sunnyside Yard, Long Island City. Contracts have been
awarded for the steel work for the East River Bridge, and
its viaducts and approaches, on the north into Bronx Bor­
ough and on the south into the Borough of Queens, Long
Island.
Upon the completion of the railroad, and the exercise of
trackage rights to be obtained from the Long Island Railroad
Company between the said connection and its Bay Ridge
terminals on New York Harbor, the freight traffic inter­
changed between the Pennsylvania and New Haven Systems,
now transported by floats between the Pennsylvania ter­
minals on the west side of the Hudson River and the New
York New Haven & Hartford Railroad Company’s linos at
Port Morris—a distance of about 14 miles—will be floated
from Greenville, New Jersey, to Bay Ridge, Long Island—
a distance of about 3 Y i miles—and thence moved by rail to
Port Morris. The connection with the Tunnel Extension
will permit a direct all-rail movement via the Pennsylvania
Station, New York City, for the passenger traffic inter­
changed between the two systems. The New York Connect­
ing route will materially increase the facilities for, and
expedite the movement of, the New England passenger and
freight traffic, and will avoid congestion of the New York
Terminals and Harbor, and the delays which often arise in
float service due to fog, ice, tides and the crowded condi­
tions of the Hudson and East Rivers.

[VOL. LXXXXIV.

About three years will be required to construct the New
York Connecting Railroad, including its East River Bridge
and Viaducts, and the cost thereof—estimated at about
$15,000,000, in addition to the $5,000,000 previously ad­
vanced in equal amounts by the 'two Owning Companies
and represented by its capital stock and notes— will be pro­
vided for through an issue of its •securities. The principal
and interest of these securities will be guaranteed by this
Company and the New York New Haven & Hartford Rail­
road Company, and the line operated pursuant to an agree­
ment between the two Companies, under which they will
participate in its profits or meet its deficits.
The securities held by the Company December 31st 1911
at a valuation of $321,540,716 02, produced a direct income
during the year of $14,450,593 95.
Under the provisions of the Pension Department the
following officers were retired:
Chas. E. Pugh, First Vice-President, on February 28th
1911, after a service of fifty-two years, the last eighteen as a
Vice-President; Theodore N. Ely, Chief of Motive Power,
June 30th 1911, after forty-three years’ service; and George
V. Massey, General Counsel, December 31st 1911, after
thirty-five years’ service.
These officers carry with them the best wishes of the
Board and their associates, that, after such faithful and able
service, so fully appreciated by the Board and so well known
to the Stockholders, they may enjoy for many years a wellearned relaxation from their arduous duties and responsi­
bilities.
By order of the Board,
JAMES McCIlEA,
P r e s i d e n t.
S t o c k h o ld e r s m a y o b t a i n
a p p l y i n g to o r a d d r e s s i n g

c o p ie s o f t h e

A nnual

R e p o rt c o m p le te

by

L E W I S N E I L S O X , S ecreta ry,
B ro a d S tre e t S ta tio n , P h ila d e lp h ia , P a .

[C om parative sta tistics o f opera tio n s, revenue, charges, & c ., w ill be fo u n d in
the “R a ilr o a d D ep a rtm en t" on a p revio u s page.]

T H I R D AVENUE RAILWAY COMPANY,

N E W Y O R K CITY

DIGEST OF OFFICIAL STATEMENT TO THE NEW YORK STOCK EXCHANGE IN CONNECTION WITH
THE LISTING ON THE EXCHANGE OF THE SECURITIES OF THE NEW COMPANY.
N e w Y o r k , F e b r u a r y 17 1912.
Application is hereby made for the listing of the following:
$ 1 5 ,7 9 0 ,0 0 0 I n t e r i m c e r t i f i c a t e s o f C e n t r a l T r u s t C o ., e x c h a n g e a b l e f o r a
lik e a m o u n t o f p e r m a n e n t e n g r a v e d F irs t R e fu n d in g M ortgage
5 0 - y c a r 4 % g o ld b o n d s , c o n s i s t i n g o f c o u p o n b o n d s f o r S I , 0 0 0
a n d $ 5 0 0 e a c h , a n d r e g i s t e r e d b o n d s f o r $ 1 ,0 0 0 a n d $ 5 0 0 o r
s u c h m u l t i p l e s o f $ 1 ,0 0 0 a s m a y b e a u t h o r i z e d b y t h e B o a r d
o f D i r e c t o r s , s u c h c o u p o n a n d r e g i s t e r e d b o n d s b e in g I n t e r ­
c h a n g e a b l e ; w i t h a u t h o r i t y t o s u b s t i t u t e o n t h e l is t t h e p e r ­
m a n e n t e n g r a v e d b o n d s in e x c h a n g e f o r s a id i n t e r i m c e r t if i c a t e s .
T h e s a i d $ 1 5 ,7 9 0 ,0 0 0 b o n d s a r c p a r t o f a t o t a l a u t h o r i z e d
is s u e n o t t o e x c e e d i n t h e a g g r e g a t e $ 4 0 ,0 0 0 ,0 0 0 .
2 2 , 5 3 6 ,0 0 0 I n t e r t m c e r t i f i c a t e s o f C e n t r a l T r u s t C o ., e x c h a n g e a b l e f o r a
lik e a m o u n t o f p e r m a n e n t e n g r a v e d A d ju s tm e n t M ortgage
50- Y ea r 5 71, In co m e Gold R o n d s, c o n s is t in g o f c o u p o n b o n d s
f o r $ 1 ,0 0 0 a n d $ 5 0 0 e a c h , a n d r e g i s t e r e d b o n d s f o r $ 1 ,0 0 0 a n d
$ 5 0 0 , o r s u c h m u l t i p l e s o f $ 1 ,0 0 0 a s m a y b e a u t h o r i z e d b y t h e
B o a r d o f D i r e c t o r s , s u c h c o u p o n a n d r e g i s t e r e d b o n d s b e in g
i n t e r c h a n g e a b l e , w i t h a u t h o r i t y to s u b s t i t u t e o n t h e l is t p e r ­
m a n e n t e n g r a v e d b o n d s in e x c h a n g e f o r t h e s a id i n t e r i m c e r ­
t if ic a t e s .
T h e s a id $ 2 2 ,5 .3 6 ,0 0 0 b o n d s a r e t h e t o t a l a u t h o r i z e d
is s u e .
1 6 ,5 9 0 ,0 0 0 f u ll - p a i d a n d n o n - a s s e s s a b l e C a p ita l S to c k, d i v i d e d i n t o 1 6 5 ,9 0 0
s h a r e s o f t h e p a r v a lu e o f $ 1 0 0 e a c h , b e in g a il c o m m o n s t o c k ,
a n d b e in g t h e e n t i r e a u t h o r i z e d I s s u e .
D E S C R IP T IO N

OF

F IR S T

R E F U N D IN G

M ORTGAGE

4%

BO ND S.

Farmers’ Loan & Trust Co. as trustee to secure an issue
of $5,000,000 First Mortgage 5% Bonds, payable July 1 1937.
A D J U S T M E N T M O R T G A G E 5 % IN C O M E

BO ND S.

The Adjustment Mortgage Bonds are secured by mortgage
covering all the property, real and personal, and all the
stocks, bonds, notes and obligations of other companies
owned, and all property which may be acquired as provided
in the Adjustment Mortgage dated Dec. 20 1911 to United
States Mortgage & Trust Co., as trustee. This mortgage is
subject to tiie above-mentioned First Mortgage of The Third
Avenue Railroad Co., dated July 1 1887, and is subject also
to the above-mentioned First Refunding Mortgage of the
Railway Company.
The bonds are dated Jan. 1 1910 and?are payable Jan. 1
1960, with interest from Jan. 1 1912, payable semi-annually
on April 1 and October 1 at the office or agency of the
Railway Company in New York City at such rate, not ex­
ceeding 5% per annum, as the Board of Directors from time
to time shall determine and declare, out of the available
surplus income as defined in said mortgage.
The interest until Dec. 31 1912 is non-cumulative and the
interest after Dec. 31 1912 is cumulative. No interest is
due and payable except when and as declared by the Board
of Directors out of available surplus income as determined
by the Board, such determination and declaration to be
made on or before Sept. 1 and March 1 in each year, begin­
ning with Sept. I 1912, in respect of the income for the pre­
ceding six months ending June 30 and Dec. 31, respectively,
and the interest declared due and payable is to be paid on
the next succeeding Oct. 1 and April 1, as the case may be.
The coupons attached to the coupon bonds represent in the
order in which they are numbered the successive installments
of interest, irrespective of the date when the interest accrued
or of the amount of the installment. Both principal and in­
terest of the bonds are payable without deduction for any
tax which the company or the trustee may be required to
pay thereon or to deduct or to retain therefrom under any
present or future law of the United States, or of any State,
county or municipality or other taxing authority therein.
The adjustment bonds are redeemable, in whole, but not
in part, on the first day of any month, upon advertisement
of notice once in each calendar week during the three calendar
months next preceding the date of redemption specified in
such notice, at their faGe value, together with the cumulative
interest that may have accrued thereon and be unpaid, and
any non-cumulative interest that may have been declared
due and payable thereon, but remain unpaid. Holders have
the voting rights hereinafter mentioned.

These bonds are secured by a first refunding mortgage
covering all the property of the company, real and personal,
including all the railroads, franchises and equipment, also
stocks, bonds, notes and obligations of other companies
owned, and all property which may be acquired as provided
in said mortgage, dated Dec. 20 1911, to Central Trust Co.
of New York, as trustee. The stocks, bonds, notes and
other obligations of the controlled companies must be
pledged with the trustee, and, except as otherwise provided,
the mortgage prohibits the increase of the capital stock or
the creation of additional indebtedness (except for current
operating debts) of the controlled companies, unless the new
shares of stock and the evidences of such additional indebted­
ness (including current operating debts of more than six
months’ standing) be acquired by the Railway Company
and pledged with the trustee, or other effective provision
made to continue the priority of the lien of the mortgage.
The bonds are dated Jan. 1 1910 and are payable Jan. I
1960, with interest at 4% per annum, payable semi-annually
on Jan. 1 and July 1 at the office or agency of the Railway in
New York City, both principal and interest being payable
without deduction for any tax which the Company or the
trustee may be required to pay or to deduct or retain there­
from under any present or future law. The bonds are re­
deemable on any first day of January or July after July 1 1914
at 105% and interest,upon three months’ notice by advertise­
ment. In case of default for three months in the payment of
any interest, the trustee, upon written request of the holders
of a majority in amount of the bonds then outstanding, must, O R G A N I Z A T I O N — R I G H T O F H O L D E R S O F A D J U S T M E N T B O N D S
by notice in writing delivered to the Railway Company, de­
T O V O T E U N T I L 5 ";, I N T E R E S T F O R F I V E C O N S E C U T I V E
Y E A R S (A S L O A C C U M U L A T IO N S ) IS P A ID .
clare the principal of all bonds then outstanding to be due and
Third Avenue Railway Co. was incorporated in April 1910
payable. The mortgage is subject to the First Mortgage of
The Third Avenue Railroad Co., dated July 1 1887, to The under Sections 9 and 10 of the Stock Corporation Law of the




Mar 9 1912 ]

THE CHRONICLE

State of New York, and on Dec. 31 1911 it took over the
property and franchises which formerly belonged to The
Third Avenue Railroad Co. (foreclosed—sale confirmed
April 13 1910). The Certificate of Incorporation bears date
April 19 1910 and was recorded in the office of the Secretary
of State at Albany on April 21 1910, and in the office of the
Clerk of New York County on April 22 1910. The certificate
of incorporation and the Adjustment Income Mortgage
provide that until full interest at the rate of 5 % perannum,
together with any accumulations, shall have been paid upon
the Adjustment Mortgage 50-year 5% income bonds for live
consecutive years, all registered owners of registered Adjust­
ment Mortgage Bonds, without coupons, or registered Ad­
justment Coupon Bonds, and all persons in whose names any
such coupon Bonds shall have been registered only for voting
purposes prior to the date of the meeting, shall have the
right to vote, in person or by proxy appointed in writing, at
each stockholders’ meeting for the election of Directors and
on all questions upon which stockholders may vote, and to
cast one vote in respect of each $100 face value of such bonds.
In consideration for the property and franchises acquired
by the Railway Company, as well as the amount in money
payable to it or for its account under the plan dated Dec. 2
1909 (V. 90, p. 168; V. 93, p. 1464; V. 94, p. 209), the Rail­
way Company will issue $15,790,000 First Refunding Mort­
gage 50-year 4% Gold Bonds, $22,536,000 Adjustment
Mortgage 50-year 5% Income Gold Bonds and $16,590,000
full-paid and non-assessable common capital stock.
NEW

T o o ld b o n d h o l d e r s ( a lo n g w i t h 6 0 % In a d j u s t m e n t M . b o n d s
a n d 2 5 % In s t o c k ) , b e in g 1 5 % o f p r i n c i p a l a n d 1 0 % In p a y ­
m e n t o f u n p a i d I n t e r e s t -------------------------------------------- ------------------- $ 9 ,3 9 0 ,0 0 0
T o o ld s to c k h o l d e r s o n p a y m e n t o f $ 4 5 p e r s h a r e , b e in g 4 0 %
( w ith 4 5 % n e w s t o c k ) ---------------------------------------------- ---------------------- 0 ,4 0 0 ,0 0 0
R e s e r v e d f o r u n d e r l y i n g b o n d s [ to r e t i r e a ll o f t h e s e , $ f o r $,
$ 1 2 , 1 1 8 , 000 , s e e l is t b e lo w — E d .] a n d f o r f u t u r e e x t e n s i o n s ,
b e t t e r m e n t s a n d I m p r o v e m e n t s u n d e r r e s t r i c t i o n s s p e c if ie d
In t h e m o r t g a g e ......... ....................................................................$ 2 4 ,2 1 0 ,0 0 0
A d ju s tm e n t M ortgage 5 % In co m e Gold R o n d s, dated J a n . 1 1 9 1 0 .
I s s u e l i m i t e d t o $ 2 2 ,5 3 6 ,0 0 0 — t o p r e s e n t b o n d h o l d e r s , b e in g
6 0 % o f p r i n c i p a l , ........................................................... ........................... . . . $ 2 2 , 536,000
S to c k, P resent and T o ta l A u th o rize d Is su e , $ 1 6 ,5 9 0 ,0 0 0 .
T o o ld b o n d h o l d e r s , b e in g 2 5 % o f p r i n c i p a l ______________________ $ 9 ,3 9 0 ,0 0 0
T o o ld s t o c k h o l d e r s o n p a y m e n t o f $ 4 5 p e r s h a r e ______________ 7 ,2 0 0 ,0 0 0

B a s is o f E xchange o f Old fo r N ew S e c u ritie s.
----- W ill be E xchanged fo r -----E a ch $ 1 ,0 0 0 P a r V alue o f D eposited
1st R e f. A d j . M .
B o n d s a n d S to c ks, v iz.:
A f. 4 s . In co m e 5 s .
S to c k.
C o n s o l id a t e d m t g e . 4 % g o ld b o n d s ______________$ 2 5 0
C o n s o l, m t g e . 4 % g o ld b o n d s , “ s t a m p e d c t f s . ” _ 2 3 0
C o m . s to c k o n p a y m e n t o f $ 4 5 0 p e r $ 1 ,0 0 0 p a r . 4 0 0

$600
600
—

$250
250
450

The following amounts of the securities of the Third Avenue
Railroad Co. have been deposited under the plan, namely
$37,504,000 4% First Consolidated Mortgage bonds out of
$37,560,000 outstanding, and $15,587,300 capital stock out
of $15,955,800 outstanding.
By agreement dated Dec. 29 1911 all claims in favor of or
against the Metropolitan and New York City companies and
their receivers, against or in favor of the companies in the
Third Avenue system and their receivers, were compromised,
and the Railway Company acquired all of such claims against
its Controlled Companies, and it is expected will now be able
to readjust their affairs and terminate the receivership of said
companies. This will be done as promptly as practicable.
P R O P E R T Y O F T H E R A IL W A Y C O M P A N Y A N D IT S C O N T R O L L E D
C O M P A N IE S .

There arc about 275 miles (single track) of street surface
railroads in the system, of which about 59 miles arc under­
ground electric, about 197 miles overhead trolley and about
19 miles horse railroads. Electric storage battery cars are
used upon a portion of the horse railroads.
----- K in d a n d M ilea g e -----U nderground
H orse.
E lectric.
T o ta l.
T h e R a i l w a y C o . o w n s ( a ll In I lo r o u g h o f M a n l i a t.) 2 8 .5 7
T h e D ry D ock E a s t B ro a d w a y * H a tte r y C o.
o w n s (a ll In B o r o u g h o f M a n h a t t a n ) ---------- --------6 .9 3
T h e 42<1 S t . M a n h a t t a n v l l l e & S t . N i c h o la s A v c .
l t y . C o . o w n s ( a ll In I lo r o u g h o f M a n h a t t a n ) __ 1 7 .0 0
K ln g s b rlc lg c R y . C o . o w n s (a ll In I'lo r. o f M a n h a t . ) 6 .7 0

.3 8

2 8 .9 5

2 1 .7 8
6 .7 0

Overhead
T ro lle y .

U n i o n R a i l w a y C o . o f N . Y . C i ty o w n s ( p r i n c ip a l ly
In l l o r . o f B r o n x a n d a s h o r t lin e In M a n h a t t a n ) . 9 0 .9 4
T h e S o u t h e r n B o u l e v a r d R a i l r o a d C o . o w n s (all
In B o r o u g h o f B r o n x ) ________________
7 .8 7
T h e B r o n x T r a c t i o n C o . o w n s (a ll In B o r . o f B r o n x ) 1 9 .0 2
T h e Y o n k e r s R a i l r o a d C o . o w n s (In Y o n k e r s a n d
o t h e r p l a c e s In W e s t c h e s t e r C a u n t y ) ____________ 3 8 .4 2
W e s t c h e s t e r E l e c t r i c R a i lr o a d C o . o w n s (In M o u n t
V e r n o n a n d o t h e r p l a c e s In W e s t c h e s t e r C o u n t y ) 4 0 .4 9
ESTATE

OW NED

BY T IIE

C O M P A N IE S

IN

9 0 .9 4
7 .8 7
1 9 .0 2

THE

SY STEM .

S q u a re F e e t.
R a i lw a y C o m p a n y : D e p o t a n d o f fic e b u i ld i n g , 1 2 9 th a n d 1 3 0 th S t . ,
3 d a n d L e x i n g t o n a v e s ---------------------- .
8 3 ,8 3 7
F o u r p o w e r h o u s e s a n d d e p o ts (a) B a y a r d S t . , E l i z a b e t h S t . a n d
B o w e ry , 2 0 ,0 0 0 s q . f t . ; (b ) 2 d a n d 3 d a v e n u e s , 6 5 t h a n d 6 6 t h
s t r e e t s , 1 2 2 ,5 0 8 s q . f t . ; (c) 1 2 ? th a n d 1 2 9 th s t r e e t s a n d A m s t e r ­
d a m A v o ., 3 9 ,9 6 7 s q . f t . ; (d) A m s t e r d a m A v c . b e tw e e n 1 8 5 th
a n d 1 8 6 th s t r e e t s , 1 6 ,3 5 0 s q . f t ---------------------------------- --------------------1 9 8 ,8 2 5
T w o p o w e r h o u s e s (a) 1 2 9 th a n d 1 3 6 th s t r e e t s , e a s t o f A m s te r d a m
A v o ., 2 9 ,8 1 6 s q . f t . ; (b) 2 1 6 - 2 1 8 th s t r e e t s a n d 9 t h A v c . a n d H a r ­
le m R i v e r , 1 3 5 ,0 0 0 s q . f t ---------------------------------------------------------------- 1 6 4 ,8 1 6
C a r h o u s e — 2 1 6 - 2 1 8 th s t r e e t s , 9 t h a n d 1 0 th a v e n u e s ______________ 1 2 5 ,9 4 8
V a c a n t l a n d —-2 1 5 th S t . a n d H a r le m R i v e r , 7 ,5 0 0 s q . f t . ; s t a r t e r ’s
o f fic e — 1 2 th A v c . a n d M a n h a t t a n S t . , 74 s q . f t ___ ______ ______
7 ,5 7 4
F o r t y - s e c o n d S t . M a n h a t t a n v l l l e & S t . N i c h o la s A v c . R y . C o .:
B u s in e s s p r o p e r t y ( le a s e d ) — 4 2 d S t . , b e tw e e n P a r k & L c x I n g t o n a v s . 4 ,9 3 8
C a r h o u s e — 1 2 9 th a n d 1 3 0 th s t r e e t s a n d M a n h a t t a n s t r e e t _______ 2 8 ,8 4 6
D r y D o c k E a s t B r o a d w a y & B a t t e r y R R . C o .:
C a r h o u s e s — G r a n d , C o r le a r s a n d M o n ro e s t r e e t s , 1 3 ,7 8 8 s q . f t . ;
1 4 th a n d 1 5 th s t r e e t s a n d A v e . B ., 5 7 ,0 8 4 s q . f t .
_ 7 0 ,8 7 2
C a r h o u s e s a n d s t a b l e s (a) M o n r o e , C o r le a r s a n d C h e r r y s t r e e t s ,
2 7 ,8 7 5 s q . f t . ; (b) C o r le a r s , C h e r r y a n d G r a n d s t r e e t s , 2 1 ,2 2 Q s q .f t.5 2 ,0 9 5
U n i o n R y . C o .: S t a b l e a n d s to r e r o o m — S o u t h e r n B o u l . & 3 d A v e . . 1 0 ,7 6 8
C a r h o u s e s (a) 1 3 7 th a n d 1 3 8 th s t r e e t s , 3 1 ,3 2 0 s q . f t . ; (b) E a s t
1 7 5 th S t . , 4 6 ,6 4 0 s q . f t ------------------------ ------------- --------------------------- 7 7 ,9 2 0




S g u a r e F eet.
U n i o n B y . C o .: P o w e r h o u s e s (a) E a s t 1 7 2 d S t . , 6 0 ,5 4 4 s q . f t . ; (b)
1 7 5 th S t . (In c l. c a r b a r n ) , 4 9 ,0 6 2 s q . f t . ; (c) B r o o k A v e . , n e a r
1 6 5 th S t . , 7 ,3 0 0 s q . f t _____________________________________________ 1 1 6 ,9 0 6
C a b le h o u s e — E a s t 1 9 0 th S t . a n d H a r le m R i v e r _________ __________
4 ,1 2 4
V a c a n t l a n d — W o lf ’s L a n e a n d O ld B o s t o n R o a d _________________ 2 3 4 ,0 0 0
Y o n k e r s R R . C o . a t Y o n k e r s : P o w e r h o u s e a n d c a r h o u s e — M a in S t .
a n d B u e n a V i s ta A v c . , 2 6 ,8 6 5 s q . f t . ; c a r h o u s e — W e b s t e r A v e . ,
6 7 ,0 0 0 s q . f t __________________________________________________________ 9 3 ,8 6 5
W e s t c h e s t e r E R c t r l c R R . C o .: P o w e r h o u s e ( o n l e a s e d l a n d ) — N o r t h
0
3 d A v e . , n e a r S i d n e y A v e . , M t. V e r n o n _________________________
C a r h o u s e — C o l u m b u s a n d S o u t h F u l t o n a v e n u e s , A lt. V e r n o n ___ 5 3 ,8 2 0
V a c a n t l a n d (a) W a s h i n g t o n A v e ., N e w R o c h e l le , 1 9 ,9 9 5 s q . f t . ;
(b ) S i x t h S t r e e t , M t. V e r n o n , 2 8 ,0 8 5 s q . f t ______________________ 4 8 ,0 8 0

This real estate is well situated and includes ample and
well-equipped car and storage houses, horse barns, repair
shops and offices, and a well-equipped, efficient power-house
and plant, sub-stations and distributing systems, horses,
wagons, tools, cars and other equipment, materials and sup­
plies necessary for the operation of their railroads.
Some of the franchises were granted many years ago and
are perpetual and the terms of many of them are much more
favorable to the companies than it would be possible to ob­
tain at the present time.
U nderground

C ars O wned —
E lectric.
O w n e d b y t h e R a i l w a y C o _______ 1 ,0 9 6
O w n e d b y c o n tr o lle d c o m p a n ie s
75
o r t h e i r R e c e iv e r s ______________

H o rse Storage O vcr'd Service
C ars. B a tt’y . T ro lley . C a rs.
18

T o ta l
C a rs.

__

_

38

1 ,1 3 4

83

248

60

484

During the receiverships 878 new cars were purchased, and
nearly all other cars overhauled and put in thorough repair.
STO CK S
A N D B O N D S IO F
CONTROLLED
C O M P A N IE S
S T A N D IN G , A N D A M O U N T S T H E R E O F O W N E D A N D
PLE D G E D TO SEC U R E T H E N E W BO ND S.

Am ount

S E C U R IT IE S .

F ir s t R e fu n d in g M ortgage 4 % Gold D onds, dated J a n . 1 1 9 1 0 — L im ite d to
$ 4 0 ,0 0 0 .0 0 0 — P resent Is su e , $ 1 5 ,7 9 0 ,0 0 0 .

REAL

707

S to c ks —
O u tsta n d in g .
T h e D r y D o c k E a s t B r o a d w a y & B a t t e r y R R . C o . . $ 1 ,2 0 0 , 0 0 0
( T h e b o n d h o l d e r s ’ c o m m i t t e e h a s In a d d i t i o n p u r c h a s e d f o r a c c o u n t o f t h e R a i lw a y C o . $ 6 9 ,3 0 0
o f t h i s s to c k .)
T h e F o r ty - s e c o n d S tr e e t M a n h a tta n v llle & S t.
N i c h o la s A v e n u e R a i l w a y C o _____________________ 2 ,5 0 0 ,0 0 0
. ( T h e b o n d h o l d e r s ’ c o m m i t t e e h a s In a d d i t i o n p u r ­
c h a s e d f o r a c c o u n t o f t h e R a i lw a y C o . $ 8 0 0 ,2 0 0
o f t h i s s to c k .)
U n i o n R a i l w a y C o . o f N e w Y o r k C i t y _______________ 2 ,0 0 0 ,0 0 0
K l n g s b r l d g c R y . C o . ( th e c o m p a n y a ls o o w n s s u b ­
s c r i p t i o n f o r t h e r e s i d u e o f t h e a u t h o r i z e d s to c k
o f $ 1 ,0 0 0 ,0 0 0 ) ______________________________________
8 ,6 0 0
T h e Y o n k e r s R a i l r o a d C o ___________________________ 1 ,0 0 0 ,0 0 0
T h e S o u t h e r n B o u l e v a r d R a i l r o a d C o _______________
2 5 0 ,0 0 0
W e s t c h e s t e r E l e c t r i c R a i l r o a d C o ____________________
5 0 0 ,0 0 0
T h e B ro n x T r a c tio n C o . (e n tire s to c k o w n e d b y
U n i o n R a i l w a y C o . ) ..........................
5 8 ,1 0 0
B onds—
T h e F o r ty - s e c o n d S t. M a n h a tta n v llle & S t. N ic h ­
o l a s A v e n u e R y . C o . 2 d M o r tg a g e I n c o m e b o n d s
( th e R a i l w a y C o m p a n y h o l d s a n a d d i t i o n a l $ 1 0 0 ,­
0 0 0 o f t h e s e b o n d s a s c o ll v t e r a l f o r n o t e o f s a id
F o r t y - s e c o n d S t r e e t C o m p a n y ) ____________________ 1 ,6 0 0 ,0 0 0

OUT­
•
•

O f w h ich
P ledged.
$ 1 ,1 2 8 ,7 0 0
■ •

1 ,6 7 1 ,1 0 0

2 ,0 0 0 ,0 0 0
8 ,6 0 0
9 9 2 ,5 0 0
2 4 8 ,3 0 0
5 0 0 ,0 0 0
5 8 ,1 0 0

1 ,3 8 2 ,0 C '0

U N D E R L Y I N G B O N D S O U T S T A N D I N G [ $ 1 2 ,1 1 8 ,0 0 0 ] .
T h i r d A v e n u e R R . C o .:
F i r s t M . 5 % g o ld b o n d s , d a t e d 1 8 8 7 , d u e J u l y 1 1 9 3 7 _________ $ 5 ,0 0 0 ,0 0 0
F o r t y - s e c o n d S t r e e t M a n h a t t a n v l l l e & S t . N i c h o la s A v e n u e R y .
1 ,2 0 0 .0 0 0
C o . l s t M . 6 % b o n d s o f 1 8 8 0 , p a y a b l e M a rc h 1 1 9 1 0 . . ..............
S e c o n d M . 6 % in c o m e g o ld b o n d s , p a y a b l e J a n . 1 1 9 1 5 $ 1 ,­
'
6 0 0 ,0 0 0 , le s s $ 1 ,3 8 2 ,0 0 0 o w n e d b y t h e R a i l w a y C o . a n d
$ 1 0 0 ,0 0 0 h e ld a s c o l l a t e r a l f o r n o t e ( d e c r e e o f f o r e c lo s u r e
a n d s a le m a d e J u n e 2 3 1 9 1 0 , b u t n o s a le h a s b e e n h a d ) ; o u t . .
1 1 8 ,0 0 0
D ry D o ck E a s t B ro a d w a y & B a tte r y R R . C o. g e n e ra l M . 5%
g o ld b o n d s o f 1 8 9 2 , d u e D e c . 1 1 9 3 2 _____________________________
9 5 0 ,0 0 0
5 % c e r t if i c a t e s o f I n d e b t e d n e s s , p a y a b l e F e b . 1 1 9 1 4 ( u n s e c u r e d ) 1 ,1 0 0 ,0 0 0
U n i o n R a i l w a y C o . o f N e w Y o r k C i ty 1 s t M . 5 % g o ld b o n d s o f
1 8 9 2 , p a y a b l e A u g . 1 1 9 4 2 _______________________________________ 2 ,0 0 0 ,0 0 0
S o u t h e r n B o u l e v a r d R R . C o . 1 s t AI. 5 % g o ld b o n d s o f 1 8 9 5 ,
p a y a b l e J u l y 1 1 9 4 6 _______________________________________________
2 5 0 ,0 0 0
Y o n k e r s R R . C o . 1 s t AI. 5 % g o ld b o n d s o f 1 8 9 6 , p a y a b l e A p r i l 1
1 9 4 6 ( $ 8 ,0 0 0 o w n e d b y U n i o n R y . C o . o f N e w Y o r k C i t y ) ____ 1 ,0 0 0 ,0 0 0
W e s t c h e s t e r E l e c t r i c R R . C o . 1 s t AI. 5 % g o ld b o n d s o f 1 8 9 3 ,
p a y a b l e J u l y 1 1 9 4 3 ______________________________________________
5 0 0 ,0 0 0
C O N S O L I D A T E D IN C O A IE A C C O U N T O F A L L T H E C O A I P A N I E S j
------- Y ea r ended J u n e 3 0 -------- S i x M o s . e n d .
Dec. 31 1 9 1 1 .
1910.
1911.
T o ta l tra n s p o rta tio n rev e n u e
$ 7 ,5 3 8 ,3 5 0 82 $ 8 ,0 8 3 ,6 4 8 9 5 $ 4 ,3 8 5 ,5 0 4 27
R e n t o f tra c k a n d te rm in a ls
1 2 7 ,9 8 2 83
1 9 6 ,4 2 3 31
’
6 5 ,2 8 3 9 5
( I n c l u d in g I n te r - c o . I te m s )
R e n t o f e q u i p m e n t ( I n c lu d in g
'
1 4 8 ,8 7 0 0 7
1 5 6 ,8 5 7 2 9
8 1 ,1 4 7 89
i n te r - c o r ti p a n y I t e m s ) . .
R e n t o f l a n d a n d b u i ld i n g s (In c l.
4 3 ,5 2 8 94
'
7 3 ,4 4 0 34
8 1 ,9 4 8 28
In te r-c o m p a n y ite m s ) . .
S a le o f p o v e r ( I n c lu d in g I n t e r ­
4 5 0 ,9 9 3 13
.
7 5 9 ,5 8 4 93
8 5 5 ,3 2 3 C9
c o m p a n y I t e m s ) _________
4 2 ,5 0 0 0 0
8 5 ,0 0 0 00
A d v e r t i s i n g _______ ______ _
8 5 ,0 0 0 0 0
208 05
4 7 8 54
S u n d r i e s ________ __________
.
3 0 9 10
T o ta l o p e ra tin g re v e n u e
$ 8 ,6 7 0 ,8 4 5 21 $ 9 ,4 5 9 ,6 7 9 4 6 $ 5 , 1 3 1 ,8 6 5 11
O p e r a t i n g e x p e n s e s ( I n c lu d in g
c o m p a n y I t e m s ) ______________
$ 5 ,8 5 5 ,9 9 7 2 5 $ 3 , 1 5 0 ,8 5 6 97
R e n t o f tra c k a n d e q u ip m e n t
( I n c lu d in g l n t e r - c o . I t e m s ) ___
2 4 0 ,3 9 8 0 0
3 4 7 ,1 4 0 80
1 9 1 ,0 5 0 78
T a x e s a c c r u e d __________________
3 0 9 ,6 1 4 0 9
5 4 1 ,8 3 0 17
5 8 6 ,1 7 9 02
T o ta l
o p e ra tin g
ex p en ses,
r e n t s a n d t a x e s _____________ $ 6 ,2 5 5 ,7 2 9 72 $ 6 ,7 8 9 ,3 1 8 0 7 $ 3 ,6 5 1 ,5 2 1 84
O p e r a t i n g I n c o m e ______________ $ 2 ,4 1 5 ,1 1 5 49 $ 2 ,6 7 0 ,3 6 1 39 5 1 ,4 8 0 ,3 4 3 27
N o n - o p c r a t l n g I n c o m e _________
3 3 ,0 5 6 01
2 7 ,1 6 3 93
8 ,0 3 6 66
G r o s s I n c o m e ................................... $ 2 ,4 4 8 ,1 7 1 50 $ 2 ,6 9 7 ,5 2 5 32 $ 1 ,4 8 8 ,3 7 9 93
* I n te r e s t d e d u c tio n s —
I n t e r e s t o n $ 5 ,0 0 0 ,0 0 0 T h i r d
$ 1 2 5 ,0 0 0 0 0
$ 2 5 0 ,0 0 0 00
A v e n u e R R . 1 s t AI. 5 s ____ i $ 2 5 0 ,0 0 0 0 0
In te re s t o n fu n d ed d e b t of
c o n tr o l le d c o m p a n i e s —
4 2 d S t . M . & S t . N ic h o la s
A v e . R y . C o . $ 1 ,2 0 9 ,0 0 9
7 2 ,0 0 0 0 0
3 6 ,0 0 0 00
7 2 ,0 0 3 0 0
1 s t AI. 6 % b o n d s _______
D ry D ock E . B . & B a tte r y
R R . C o . $ 9 5 0 ,0 0 0 g e n .
4 7 ,5 0 0 0 0
4 7 ,5 0 9 0 0
2 3 ,7 5 0 0 0
m o r t g a g e 5 % b o n d s ____
U n i o n R y . C o . $ 2 ,0 0 0 ,0 0 0
1 0 0 ,0 0 0 0 0
1 0 0 ,0 0 0 0 0
5 0 ,0 0 0 00
1 s t M . 5 % b o n d s _______
S o u th e rn B o u le v a rd R R .
1 2 ,5 0 0 0 0
6 ,2 5 0 0 0
C o . $ 2 5 0 ,0 0 0 1 s t 5 % b i s .
1 2 ,5 -0 00
Y o n k e r s R R . C o . S I , 9 0 0 ,5 0 ,0 0 0 0 0
0 0 0 1 s t M . 5 % b o n d s ___
2 5 ,0 0 0 0 0
5 0 ,0 0 0 0 0
W e s t c h e s t e r E l e c t r ic R R .
C o . $ 5 0 0 ,0 0 0 1 s t M . 5 %
2 5 ,0 0 9 00
2 5 ,0 0 0 0 9
1 2 ,5 0 0 00
1 6 5 ,2 7 6 4 5
1 9 9 ,6 0 6 29
8 7 ,1 5 7 62
I n t e r e s t o n r e c e i v e r 's c e r t if i c a t e s
1 9 ,0 6 3 13
2 0 ,1 9 7 22
6 ,3 0 8 4 3
I n t e r e s t , m is c e ll a n e o u s --------—
$ 7 4 1 ,3 3 9 58

$ 7 7 6 ,8 0 3 51

$ 3 7 1 ,9 6 6 0 5

B a l a n c e ............................................. $ 1 ,7 0 9 ,8 3 1 92 $ 1 ,9 2 0 ,7 2 1 81 $ 1 ,1 1 6 ,4 1 3 8 8
* N o I n t e r e s t p a i d o n In c o m e b o n d s o f 4 2 d S t . M . & S t . N i c h o la s A v e n u e
R y . C o ., n o r o n c e r t if i c a t e s o f I n d e b t e d n e s s o f D r y D o c k E a s t B r o a d w a y
& B a tte r y R R . C o.
......................
. . . .

THE CHRONICLE

708
B A L A N C E S H E E T O F T H E T H IR D

AVENUE

R R . J A N . 1 1912.

ASSETS.
P r o p e r t y a c c o u n t — R a i l r o a d s , f r a n c h is e s , r e a l p r o p e r t y ,
e q u i p m e n t , s t o c k s , n o t e s , b o n d s a n d o t h e r o b l ig a t io n s o f
o th e r c o m p a n ie s o w n e d b y T h ird A v e n u e R a ilw a y C o m ­
p a n y , a n d p r o p e r t y a n d c a s h r e c e i v a b l e u p o n c o m p l e ti o n
o f r e o r g a n iz a tio n , In c lu d in g c a sh e s tim a te d a t a b o u t
$ 2 ,7 5 0 ,0 0 0 t o b e r e c e i v e d f r o m r e o r g a n i z a t i o n c o m m i t t e e $ 0 9 ,4 0 2 ,9 0 4 94
T h i s I te m I n c l u d e s t h e f o llo w in g :
R a ilr o a d p roperty: 28 9 5 -1 0 0 m il e s ( s in g le t r a c k ) r a i l r o a d
In B o r o u g h o f M a n h a t t a n , o n T h i r d A v e n u e . 1 2 5 th
S t r e e t , A m s t e r d a m A v e n u e a n d o t h e r s t r e e s t , f r a n c h is e s
a n d e q u ip m e n t: re a l p r o p e r ty , p o w e r h o u se s, c a r-h o u se s
a n d o t h e r b u i ld i n g s a n d t h e i r e q u i p m e n t ; 1 ,0 9 0 p a s s e n ­
g e r c a r s , 38 s e r v ic e c a r s a n d t h e i r e q u i p m e n t ,
iStocks of Controlled C om panies at P a r V alue: (a) T h e 4 2 d
S t . M a n h a t t a n v I U c & S t . N i c h o la s A v e . R y . C o ., $ 1 ,­
6 7 1 ,1 0 0 .
(b ) D r y D o c k E a s t B r o a d w a y & B a t t e r y R R .
C o ., $ 1 ,1 2 8 ,7 0 0 .
(c) U n i o n R y . C o .. $ 2 ,0 0 0 ,0 0 0 .
(d)
K i n g s b r l d g e R y . C o ., $ 8 ,0 0 0 .
(e) Y o n k e r s R R . C o .,
$ 9 9 2 ,5 0 0 .
(/) W e s t c h e s t e r E l e c t r i c R R . . $ 5 0 0 ,0 0 0 .
(g) S o u t h e r n B o u l e v a r d R R . C o ., $ 2 4 8 ,3 0 0 .
R o n d s o f C ontrolled Com panies-. 4 2 d S t . M a n h a t t a n v I U c &
S t . N i c h o la s A v e . R y . C o . 2 d m t g e . I n c o m e b o n d s , p a r
$ 1 ,4 8 2 ,0 0 0 ( $ 1 0 0 ,0 0 0 t h e r e o f h e ld a s c o l l a t e r a l ) .

P ro m isso ry notes o f a n d open accounts a g a in st controlled
com panies: F a c e v a l u e p r i n c i p a l , $ 2 0 ,2 0 5 ,7 2 0 2 5 .
Receivable fro m r eorganization com m ittee up o n com pletion of
reorganization: C la im s a g a i n s t c o n t r o l l e d c o m p a n i e s :
$ 8 0 0 ,2 0 0 p a r v a lu e c a p i t a l s t o c k o f t h e 4 2 d S t . M a n h a t t a n v l l l e & S t . N i c h o la s A v e . R y . C o .; $ 6 9 ,3 0 0 p a r v a lu e
c a p ita l s to c k o f D ry D o c k E a s t B ro a d w a y & B a tte r y
R R . C o ., a n d c a s h e s t i m a t e d a t a b o u t $ 2 ,7 5 0 ,0 0 0 .
C u r r e n t a s s e t s o f t h o r e c e i v e r s h ip :
C a s h a n d c a s h I t e m s ____________________________* $ 9 3 ,4 2 5 42
C u r r e n t a c c o u n t s r e c e i v a b l e — c o n t r o l l e d c o s . . 8 0 0 ,2 0 2 57
C u r r e n t a c c o u n t s r e c e i v a b l e — s u n d r y - - .............. 3 8 6 ,6 0 6 21
M a te r ia l s a n d s u p p l i e s __________________________ 3 8 3 ,0 6 4 0 5 — 1 ,7 2 9 ,2 9 8 2 5
C i t y o f N e w Y o r k — C o r p o r a t e s t o c k . . .................................. '------2 ,5 0 0 00
D e fe rre d a s se ts :
P r e p a y m e n t s , $ 5 ,6 0 6 3 8 , a n d a c c r u e d
r e n t a l s , $ 2 0 6 2 5 _____ _______________ _________- .............................
5 ,8 1 2 63
T o t a l ......................................................................................... - .......................... . $ 6 1 ,1 4 0 ,5 1 5 82

L IA B IL IT IE S .
C a p i ta l S t o c k , c o m m o n — I s s u e d a n d o u t s t a n d i n g ____________ $ t 6 ,5 9 0 , 0 0 0
F u n d e d d e b t:
F i r s t M o rtg a g e B o n d s o f T h o T h ird A v e n u e
R a i l r o a d C o . ( s u b j e c t t o w h ic h t h e r a i l ­
r o a d s a n d f r a n c h is e s o f T h e T h i r d A v e n u e
R a i l r o a d C o . w e r e p u r c h a s e d ) ____________ $ 5 ,0 0 0 ,0 0 0 00
F i r s t R e f u n d i n g M o r t g a g e B o n d s ____________ 1 5 ,7 9 0 ,0 0 0 0 0
A d j u s t m e n t I n c o m e M o r t g a g e B o n d s _______2 2 ,5 3 6 ,0 0 0 0 0
------------------------ 4 3 ,3 2 6 ,0 0 0
I n t e r e s t a c c r u e d o n F i r s t R e f u n d i n g M o r tg a g e B o n d s t o t h e
a m o u n t o f $ 9 ,3 9 0 ,0 0 0 , 2 y e a r s , 4 % t o D e c . 31 1911 ( u n d e r
a g r e e m e n t o f M a y 2 0 1 9 1 0 ) ...................
7 5 1 ,2 0 0
C u r r e n t lia b i li ti e s
of th e
r e c e i v e r s h i p _______________
1 9 1 ,2 7 8
2 8 2 ,0 3 7
A c c r u e d t a x e s ___________

00

00
00
00
82

T o t a l ...................................... ............................ ....................... .......................... .$ 6 1 ,1 4 0 , 5 1 5 82
* T h e r e Is a ls o t o b e r e c e i v e d f r o m t h e r e o r g a n i z a t i o n c o m m i t t e e c a s h
e s t i m a t e d a t a b o u t $ 2 ,7 5 0 ,0 0 0 , I n c lu d e d a b o v e u n d e r “ P r o p e r t y A c c o u n t . ”

[V o l .

l x x x x iv .

The Railway Company hereby agrees to publish annually
an income account for the previous fiscal "year and a balance
sheet showing its assets and liabilities at the end of the fiscal
year; and, after the readjustment of the affairs of the Con­
trolled Companies and the termination of pending receiver­
ships, to publish annually an income account for the previous
year of the Controlled Companies and balance sheets showing
their assets and liabilities at the end of the fiscal year; and
to maintain a transfer office in the City of New York; also
to give at least ten days’ notice in advance of the closing of
the books of the Railway Company for any purpose.
Date of annual meeting second Wednesday in November in
each year. End of fiscal year, June 30.
Registrar of Stock, United States Mortgage & Trust Co.,
No. 55 Cedar St., New York City.
Stock Transfer Agent, Central Trust Co. of New York,
No. 54 Wall St., New York City.
Main office of the Railway Company, No. 2396 Third
Avenue, New York City.
Officers: President, Frederick W. Whitridge; Vice-Presi­
dent and General Manager, Edward A. Maher; Secretary,
Frederic J. Fuller; Treasurer, A. D. Sage; Auditor, Reune
Martin.
Directors: Frederick W. Whitridge, James N. Wallace,
Adrian Iselin, Harry Bronner, Frederick H. Shipman, W.
Emlen Roosevelt, John W. Flatten, Albert W. Scholle,
Joseph H. Seaman, George W. Davison, Edward A. Maher,
Franklin L. Babcock and Milton Ferguson.
Respectfully submitted,
THIRD AVENUE RAILROAD COMPANY,
By Frederick W. Whitridge, President.
This-Committee recommends that there be admitted to
the list the above-described interim certificates for First
Refunding Mortgage 4% Fifty-Year Bonds up to $15,790,­
000; interim certificates for Adjustment Mortgage FiftyYear Income 5% Bonds up to $22,536,000, with authority to
substitute the permanent engraved bonds on official notice
of issuance in exchange for the interim certificates; also
Capital Stock up to $16,590,000, all on official notice of
issuance under the terms of this application.
WM. W. HEATON, C h a ir m a n .
Adopted by the Governing Committee Feb. 28 1912.
GEORGE W. ELY, S e c r e ta r y .

L A C K A W A N N A S T E E L COMPANY
AND SUBSIDIARY COMPANIES

ANNUAL REPORT FOR THE FISCAL YEAR ENDED DECEMBER 31 1911.
C i t y o f L a c k a iv a n n a , E r i e C o u n ty ,
N e w Y o r k , M a r c h 13 1912.
T o th e S to c k h o ld e r s :

In the report sent you a year ago attention was called to
the decline in the prices of steel which began during 1910
and continued throughout the year, and also to the dimin­
ishing sales during the last half, and particularly during the
last quarter of that year. The demand for your Company’s
products continued small during the first half of 1911, and
though somewhat increased during the latter part of the
year, was, as a total, unsatisfactory, as evidenced by the
shipments for the year. During the month of May 1911
there was a serious break in prices, so that the business done
during the last half of the year was at the lowest figures,
conditions considered, that have ever obtained in this
country, being in most instances lower than those of 1909.
The average price of $27 67 per gross ton, received by your
Company for its products in 1911, is $1 25 per ton less than
the corresponding price for 1910. This price, together with
the reduced shipments and the greater costs of operation in
1911 over 1909 and 1910, accounts for the reduction in
earnings against those years.
Your Company received during 1911, from mines which it
owns, or is interested in, and from other sources, 987,314
gross tons of iron ore, and produced a total of 844,829 gross
tons of coke and 735,980 gross tons of pig iron. It also
produced 345,038 gross tons of Bessemer ingots and 453,214
gross tons of Open Hearth ingots, a total of 798,252 gross
tons of steel ingots of all kinds.
Shipments of products were as follows, all in gross tons,
the figures for the years 1908, 1909 and 1910 being given for
comparison:
S t a n d a r d R a l l s _________
L i g h t R a l l s ________________________
A n g l e B a r s , F i t t i n g s , e t c ________
S t r u c t u r a l S h a p e s _________________
P l a t e s ________________
M e r c h a n t S t e e l P r o d u c t s . . ______
S h e e t B a r s , S l a b s , B ille ts a n d
B lo o m s ______
P i g I r o n a n d M is c e ll a n e o u s ..............

u n i,
2 2 5 ,6 9 9
1 8 ,5 2 1
3 5 ,4 2 4
1 1 6 ,5 8 1
5 2 ,7 3 6
7 7 ,0 1 0

1910.
3 6 3 ,5 7 7
2 6 ,2 8 8
6 0 ,0 7 1
1 4 6 ,6 4 1
8 7 ,4 6 9
6 7 ,1 5 0

1909.
2 7 8 ,8 8 5
3 3 ,7 8 7
4 3 ,9 0 1
1 3 8 ,0 2 1
6 0 ,9 5 3
4 1 ,6 0 7

1908.
1 9 0 ,7 6 3
2 0 ,2 5 3
1 6 ,7 1 9
7 2 ,8 1 6
3 3 ,8 3 2
1 7 ,9 2 1

9 2 ,9 6 7
1 4 1 ,4 0 5

1 5 9 ,7 6 1
1 7 1 ,5 5 8

2 0 1 ,4 5 5
1 1 5 ,0 4 4

1 0 4 ,1 0 8
2 0 ,4 3 8

7 6 0 ,3 6 3 1 ,0 8 2 ,5 1 5

9 1 3 ,6 5 3

4 7 6 ,8 5 0

month of September 1911, and, as anticipated, contributes
much to the greater diversification of your Company’s
products, following the established policy of your Directors.
In order to meet the increasing demand for Open Hearth
steel, your Company’s producing capacity will be increased
during the year 1912 about 35%, by the construction of two
60-ton furnaces and a Hot Metal Mixer for the Open Hearth
Department, as authorized by your Directors during the
latter part of 1911. Further additions to your Open Hearth
ingot capacity will have to be made in the near future.
During the year $287,000 face value of bonds of Subsidiary
Companies were redeemed and canceled.
Appended hereto are the Balance Sheet, Profit and Loss and
Income Accounts, duly certified by Messrs. Price, Water­
house & Company, Chartered Accountants. It will be
noticed from these statements that there has been a reduc­
tion in current liabilities of $986,821 67 during the year,
and that the working capital, as represented by the surplus
of current assets over current liabilities, amounts to $16,­
107,78.3 13. Attention is called to the reduction in Inven­
tory of $2,244,922 67 and to the gain in Cash of $2,061,­
346 62, making total cash on hand $4,623,224 74; also to the
increase in Sinking and Reserve Funds of $855,945 02, and
to the increase in Surplus.
Orders on hand have increased since January 1st, and are
now greater than at any time since July 1910, and it is hoped
that, with the removal of existing political uncertainties,
better prices will obtain and general business conditions be
more satisfactory.
Your Board of Directors takes pleasure in acknowledging
the loyal and efficient services of the officers and employees
of Lackawanna Steel Company and its several subsidiary
companies.
By order of the Board of Directors,
E. A. S. CLARKE, P r e s i d e n t.
C E R T IF IC A T E O F C H A R T E R E D

A C CO UNTAN TS.

T o th e D ir e c to r s o f th e L a c k a w a n n a S te e l C o m p a n y :

We have examined the books of the Lackawanna Steel
Company and its Subsidiary Companies for the year ending
December 31 1911, and certify that the Balance Sheet at that
V Your properties have, during the past year, been main­ date and the relative Income Account are correctly prepared
tained in high physical condition.
therefrom.
The new Merchant Bar Mill mentioned in the report of a
We have satisfied ourselves that during the year only actual
year ago was completed and put in operation during the additions and extensions have been charged to Property
T o ta l




THE CHRONICLE

Mar . 9 1912.]

Account; tliat full provision has been made for depreciation
and extinguishment in accordance with the definite plan
adopted by the Directors and approved by ourselves; and
that the treatment of deferred charges is fair and reasonable.
The valuations of the inventories of stocks on hand, as
certified by the responsible officials, have been carefully and
accurately made at cost, and full provision has been made
for bad and doubtful accounts receivable, and for all ascer­
tainable liabilities.
,
We have verified the cash and securities by actual inspec­
tion or by certificates from the depositaries, and
We Certify that in our opinion the Balance Sheet is prop­
erly drawn up so as to show the true financial position of the
combined Companies on December 31 1911, and that the
relative Income Account is a fair and correct statement of
the net earnings for the fiscal year ending at that date.

709

I
COMMERCIAL EPITO M E.
F r i d a y N i g h t , M a r c h 8 1912.
Trade is increasing. The West is cheered by favorable
outlook in the win ter-wheat country. Textile industries
continue to improve. Copper is higher. Iron and steel are
rather more steady. Bank clearings are notieeably larger
than for the same week last year. Commodity prices as a
rule are firm or higher.
G E N E R A L S T O C K S O F M E R C H A N D IS E .

P R I C E , W A T E R H O U S E & C O .,
_________________Chartered A c c o u n tin '* .
L A C K A W A N N A S T E E L C O . A N D S U B S ID IA R Y C O A IP A N IE S .
P R O F I T A N D L O S S A C C O U N T F O R Y 'E A R E N D I N G D E C . 31 1 9 1 1 .
G r o s s S a le s a n d E a r n i n g s ------------------------------------------------ $ 2 1 ,0 4 0 ,3 8 6
67
L e s s — M a n u f a c t u r i n g a n d P r o d u c i n g C o s ts a n d O p e r a t i n g
„„ .
E x p e n s e s _______________________________________________ 17 ,3 9 4 ,3 0 6
91
-

T o t a l N e t I n c o m e f r o m M a n u f a c t u r i n g a n d O p e r a t i n g $ 3 ,6 4 6 ,0 7 9
76
D i v i d e n d s o n I n v e s t m e n t s i n C o m p a n ie s n o t c o n t r o l l e d , n e t
I n c o m e f r o m p r o p e r t y r e n t e d , e t c -----------------------------5 2 6 ,6 3 7
31
C o m m e r c ia l D i s c o u n t a n d I n t e r e s t ------ --------o8,27(> >.»
T o t a l I n c o m e _______________________

$ 4 ,2 3 0 ,9 9 3 3 6

D ed u ct — A d m i n i s t r a t i v e , s e ll in g a n d g e n e r a l e x p e n s e s , I n ­
e lu d i n g T a x e s -------------------------

7 3 9 ,5 1 4 91

N e t E a r n i n g s f o r t h e y e a r 1 9 1 1 , p e r I n c o m e A c c o u n t ------ -- $ 3 ,4 9 1 ,4 7 8 4 5
I N C O M E A C C O U N T F O R Y E A R E N D I N G D E C . 31 1 9 7 1 .
T o t a l N e t E a r n i n g s o f a ll p r o p e r t i e s a f t e r d e d u c t i n g a ll e x ­
p e n s e s , In c lu d in g o r d in a r y re p a irs a n d m a in te n a n c e , b u t
n o t R e n e w a l e x p e n d itu re s a n d o th e r a p p ro p r ia tio n s f o r th e
c u r r e n t y e a r , w h ic h a r e d e d u c t e d b e lo w --------------------------------$ 3 ,4 9 1 ,4 7 8 4 5
D educt — I n t e r e s t o n B o n d s a n d D e b e n t u r e s —
L a c k a w a n n a S t e e l C o m p a n y ................................ - $ 1 ,7 5 0 ,0 0 0 0 0
S u b s i d i a r y C o m p a n ie s ---------------------------3 5 4 ,9 0 0
00
R e n t a l s a n d R o y a l t i e s ------------------------

$ 2 ,1 0 4 ,9 0 0 00
1 0 1 ,5 3 6 0 0
----------------------- 2 ,2 0 6 ,4 3 6 0 0

B a l a n c e -----------------------------------------------------$ 1 ,2 8 5 ,0 4 2 4 5
L e ss— A p p ro p ria tio n s :
F o r S in k in g F u n d s o n B o n d s a n d E x h a u s tio n
$ 2 6 0 ,0 5 6
20
o f M in e r a ls _____________________________
F o r D e p r e c i a t i o n a n d A c c r u in g R e n e w a l s . - .
9 4 2 ,1 8 3 18
----------------------- 1 ,2 0 2 ,2 3 9 38
P r o f i t f o r t h e y e a r ______________________________________________
$ 8 2 ,8 0 3 07
S u r p lu s a t J a n u a r y 1 1911 ___________
3 ,7 4 7 ,7 0 4 14
N e t S u r p lu s a t D e c e m b e r 31 1 9 1 1 ------------------------------

$ 3 ,8 3 0 ,5 0 7 21

W e h a v e a u d ite d th e b o o k s a n d a c c o u n ts of th e L a c k a w a n n a S te e l C o m ­
p a n y a n d i ts S u b s i d i a r y C o m p a n ie s f o r t h e y e a r e n d in g D e c e m b e r 31 1 9 1 1 ,
a n d w e c e r tif y t h a t th e a b o v e In c o m e A c c o u n t c o rr e c tly s e ts f o rth th e
r e s u l t s o f t h e o p e r a t i o n s o f t h e c o m b i n e d C o m p a n ie s f o r t h e y e a r e n d i n g
a t t h a t d a te .

P R IC E , W A T E R H O U S E

& C O ..

Chartered A c co u n ta n ts.
54 W il l ia m S t r e e t , N e w Y o r k , F e b r u a r y 2 0 1 9 1 2 .
C O N S O L I D A T E D B A L A N C E S H E E T D E C E M B E R 31 1 9 1 1 .

ASSETS.
C o s t o f P r o p e r t y , R e a l E s t a t e , B u i ld i n g s , P l a n t , M a c h i n e r y , e t c . :
A s a t D e c e m b e r 31 1 9 1 0 ------------------------------ $ 6 4 ,1 5 6 ,7 6 2 69
A d d i t i o n s d u r i n g 1 9 1 1 ------------ --------------------- _ 1 . 0 3 0 ,3 6 9 ^
^
I n v e s t m e n t s i n O r e C o m p a n ie s , e t c -----------------------------------------C a s h in H a n d s o f T r u s t e e s A c c o u n t o f B o n d S i n k in g F u n d - S t o c k o f L a c k a w a n n a S t e e l C o m p a n y In H a n d s
o f T r u s te e s a t p a r ( d e d u c te d c o n tra ) . —
$ 2 5 0 ,0 0 0 0 0

^

^

6 ,4 0 3 ,6 6 6 56
4 3 8 ,0 0 0 0 0

C u r r e n t A s s e ts :
I n v e n t o r i e s _________________________- . . ------M is c e lla n e o u s A c c o u n t s R e c e i v a b l e . - - - - - C u s t o m e r s ’ A c c o u n t s (le s s R e s e r v e ) ______
N o t e s R e c e i v a b l e ------------------ . . . ----------------C a s h i n B a n k s a n d o n H a n d ........... ...........

$ 9 ,9 7 0 ,1 4 6 4 6
3 1 2 ,4 6 0 74
3 ,4 4 8 ,9 4 4 33
3 3 7 ,7 8 2 51
4 ,6 2 3 ,2 2 4 74
------------------------- - 1 8 ,6 9 2 ,5 5 8 78
D e f e r r e d C h a r g e s --------------------- --------------------------------------------------1 7 2 ,0 8 8 60
$ 0 0 ,8 9 3 ,4 4 6 33

L IA B IL IT IE S .
C ° I s s u c d — 3 4 o !7 8 0 s h a r e s o f $ 1 0 0 e a c h .......... $ 3 4 ,9 7 8 0 0 0 0 0
L e ss — A m o u n t o f s t o c k in h a n d s o f T r u s t e e s
2 5 0 ,0 0 0 0 0
------------------------- $ 3 4 ,7 2 8 ,0 0 0
C a p ita l S to c k o f th e L a c k a w a n n a I ro n & S te e l C o m p a n y n o t
h e ld b y L a c k a w a n n a S t e e l C o m p a n y , 2 2 0 s h a r e s $ 1 0 0 e a c h
2 2 ,0 0 0
B o n d e d D e b t:
L a c k a w a n n a S te e l C o m p a n y :
F i r s t M o r t g a g e 5 % C o n v e r ti b l e G o ld
B o n d s d u e 1 9 2 3 _________ _________- 3 1 5 ,0 0 0 ,0 0 0 0 0
F i r s t C o n s o l id a t e d M o r t g a g e G o ld B o n d s
d u e 1 9 5 0 — S e r ie s A , 5 % C o n v e r ti b l e - . 1 0 ,0 0 0 ,0 0 0 0 0
------------------------- 2 5 ,0 0 0 ,0 0 0
S u b s i d i a r y C o m p a n ie s ’ B o n d s ______________
7 ,0 5 8 ,0 0 0
D e b e n t u r e s — F i v e - y e a r 5 % C o n v e r t i b l e G o ld D e b e n t u r e s
1 0 ,0 0 0 ,0 0 0
d u e 1 9 1 5 ____________________________
C u r r e n t L i a b il it ie s :
C u r r e n t A c c o u n t s P a y a b l e a n d P a y - r o l l s . - $ 1 ,4 8 6 ,1 4 3 84
B ills P a y a b l e -------------------------4 2 4 ,5 3 1 66
T a x e s a n d I n t e r e s t A c c r u e d --------------- ---------6 7 4 ,1 0 0 15
—---------------------- 2 ,5 8 4 ,7 7 5
S i n k in g a n d R e s e r v e F u n d s :
D e p r e c i a t i o n a n d R e p l a c e m e n t F u n d s ...... $ 4 ,7 5 1 ,7 8 6 34
M in e s E x t i n g u i s h m e n t a n d B o n d S i n k in g
F u n d s ___________________________________ 2 ,6 6 0 ,8 6 1 99
C o n t i n g e n t a n d M is c e lla n e o u s O p e r a t i n g
F u n d s __________________
2 5 7 ,5 1 2 14
--------------- ---------7 ,6 7 0 ,1 6 3
^ B a l a n c e a s a t D e c e m b e r 31 1 9 1 0 -------------- $ 3 ,7 4 7 ,7 0 4 14
A d d — P r o f i t s to r y e a r 1911 a s p e r I n c o m e
A c c o u n t --------------------------8 2 ,8 0 3 07
-------------------------

00
00

00
00
00

65

47

3 ,8 3 0 5 0 7 21
$ 9 0 ,8 9 3 ,4 4 6 3 3

W e h a v e e x a m in e d th e b o o k s a n d a c c o u n ts of th e L a c k a w a n n a S te e l
C o m p a n y a n d i t s S u b s i d i a r y C o m p a n ie s f o r t h e y e a r e n d in g D e c e m b e r 31
1 911, a n d w c c e rtif y t h a t th e a b o v e B a la n c e S h e e t c o rr e c tly s e ts f o rth th e
f in a n c ia l p o s it io n o f t h e c o m b i n e d C o m p a n ie s , a t t h a t d a t e .
P R I C E , W A T E R H O U S E & C O .,

C hartered A cco u n ta n ts
54 W il l ia m S t r e e t , N e w Y o r k , F e b r u a r y 2 0 1 9 1 2 .




C o ffe e , B r a z il
C o ffe e , J a v a . .
C o ffe e , o t h e r . .
S u g a r ---------H i d e s ________
C o t to n
_____
M a n ila h e m p .
S ls a l h e m p ___
F l o u r ________

M ch. 1

F eb . 1

M ch. 1

1912.

1912.

1911.

- b a g s 1 ,9 5 8 ,1 2 8 2 ,0 2 0 ,4 3 5 2 ,1 1 3 ,7 0 9
.m a ts
4 8 ,5 2 0
4 6 ,0 8 7
4 6 ,7 2 5
-b ag s
2 5 1 ,8 5 3
2 5 0 ,0 5 9
2 6 1 ,9 0 0
hhds.
7 3 ,6 4 5
7 ,8 0 0
6 2 ,5 5 0
3 ,2 4 4
6 ,2 3 1
- .N o .
4 ,5 0 0
-b a le s
1 8 6 ,2 6 4
2 6 8 ,2 3 5
1 7 3 ,5 0 0
-b a le s
4 ,8 8 9
2 ,4 5 0
1 ,4 6 8
.b a le s
424
485
220
- b b ls .
5 5 ,6 0 0
6 5 ,4 5 0
8 0 ,4 0 0

LARD on the spot has been quiet at 9.30c. for Prime West­
ern and 9.20c. for Middle Western. Refined lard has been
quiet and firmer; Continent 9.45c.; South America 10.25c.
The speculation in lard futures has been more active., but
of late the trend of prices has been downward, owing to
selling by packers and liquidation.
D A IL Y C L O S IN G P R IC E S O F L A R D F U T U R E S IN N E W Y O R K .

S a t.
M ay
J u ly

d e l i v e r y __________ 9 .3 5
d e l i v e r y __________ 9 .5 5

D A IL Y

C L O S IN G

P R IC E S

S a t.
M ay
J u ly

d e l i v e r y ____
9 .4 2 H
d e l i v e r y _________ 9 .5 7 H

M on.

T u es.

W ed.

T h u rs .

9 .4 5
9 .6 5

9 .5 2
9 .6 7

9 .4 5
9 .6 5

9 .3 2
9 .5 2

OF LARD

FU TURES

M on

T ues.

9 .3 7 H
9 .5 5

9 .4 2 H
9 .6 0

W ed .
9 .3 7 U
9 .5 5

IN

F ri
9 .3 5
9 .5 5

C H IC A G O .

T hurs.
0.20
9 .3 7 Vi

F r i.
9 .2 7 y*
9 .4 5

PORK on the spot has been steady; domestic trade dull,
but export demand good; mess $17 25@$17 50; clear $17@
$17 75; family $19@$20 50. Beef has been quiet and steady;
mess $12; packet $13; family $15 50. Tallow quiet and
steady; City 6c. Stearines quiet and steady; oleo 8@8h£c.;
lard 9j^@10c. Butter firmer; creamery extras 3 1 ^ c .
Cheese firm; State, whole milk, white, fancy, 17%@18c.
Eggs lower at 22c. for Western firsts.
OILS.—Linseed dull and lower; City, raw, American seed,
72@73c.; boiled 73@74c.; Calcutta, raw, 80c. Cottonseed
quiet; winter and summer white 5.75c., crude 4.54@4.67c.
Cocoanut steady; Cochin 9 ^ @ 9 ^ c .; Ceylon 8%@9c. Corn
firmer at 5.35@5.40c. Lard steady; prime 75@85c. Cod
steady; domestic 52@53c.
COFFEE on the spot has been quiet; Rio No. 7, 14^ @
l l ^ c .; Santos No. 4, 1 5 ^ @ 1 5 ^ c. West India growths
have been quiet; fair to good Cucuta 16h£@ 16^c. The
speculation in futures has been on a moderate scale, with
narrow changes in prices. The tendency has been upward
much of the time, however, owing to persistent through not
aggressive support from leading spot interests. Some local
traders who have sold the near months have purchased the
distant. The receipts continue liberal and there is a dis­
position to increase crop estimates.
Closing prices were as follows:
M a r c h ___1 3 . 3 0 c . I J u n e ________ 1 3 .4 0 c . I S e p t
1 3 .5 2 c . I D e c e m b e r 1 3 .4 8 c .
A p r i l ____ 1 3 .3 0 c . J u l y ________ 1 3 .4 5 c . ] O c t o b e r . . 1 3 . 5 0 c . ( J a n u a r y - , 1 3 . 4 6 c .
M a y ___ - 1 3 .3 5 c . I A u g u s t . . 1 3 .4 8 c . | N o v e m b e r 1 3 .4 9 c . | F e b r u a r y - l $ 4 7 c .

SUGAR.— Raw has been quiet and easier; centrifugal,
96-degrees test, 4.52c.; muscovado, 89-degrees test, 4.02c.;
molasses, 89-degrees test, 3.77c. Granulated has been quiet
and steady at 5.80c. The visible supply of sugar in the
world is stated at 2,970,000 tons, against 1,440,000 a year
ago.
PETROLEUM.—Refined has been active and firm; bar­
rels 8.10c., bulk 4.60c., cases 9.90c. Gasoline meets with a
good demand; 86 degrees in 100-gallon drums 21c.; drums
$7 50 extra. Naphtha has been firm; 73@76 degrees in 100gallon drums 18)^c.; drums $7 50 extra. Spirits of turpen­
tine firmer at 51c. Rosin steady; common to good strained
$6 70.
TOBACCO.—Binder continues to display a fair degree of
animation. Stocks of this variety in the hands of manufac­
turers had in many cases apparently become exhausted, ne­
cessitating free purchases. Other descriptions have con­
tinued to move slowly, the purchasing being of a hand-tomouth character. There has been little doing in Sumatra,
partly for the reason, however, that supplies in this market
are light and of rather poor quality , a fact which makes con­
sumers hold aloof until the spring inscriptions occur abroad.
Havana is meeting with a fair demand. The general market
presents a steady tone.
COPPER on the spot has been more active and firmer;
lake 14.60@14%c., electrolytic 14.50@14.55c. Some are
predicting an advance to 15c. in the not distant future. Tin
has been easier on large and increasing supplies; spot 42 % c .
Spelter has been firmer at 4.90c. Lead has been easier at
3.97^0. Pig iron has been more active and steadier. Pro­
duction is increasing. No. 1 northern $14 95@$15 25, No.
2 Southern $14 50@$14 75. Structural material has been
in larger demand.

THE CHRONICLE

710

On S h ip b o a rd , N o t C leared fo r —

COTTON.
F r i d a y N i g h t , M a r c h 8 1912.
THE MOVEMENT OF THE CHOP as indicated by our
telegrams from the South to-night is given below. For the
week ending this evening the total receipts have reached
203,159 bales, against 283,687 bales last week and 288,510
bales the previous week, making the total receipts since
Sept. 1 1911 10,049,245 bales, against 7,686,356 bales for
the same period of 1910-11, showing an increase since Sept. 1
1911 of 2,362,889 bales.________________________________
R e ceip ts at —
G a l v e s t o n ____ .
T e x a s C i t y _____
P o r t A r t h u r , &c
N e w O r l e a n s ____
G u l f p o r t ____ . .
M o b ile
_____ .
P e n s a c o l a _______
J a c k s o n v i l l e , & c.
S a v a n n a h ---------B ru n s w ic k .
_
C h a r l e s t o n -------G e o r g e t o w n -----W i l m i n g t o n -----N o r f o l k _________
N ’p o r t N e w s , Jcc.
N e w Y o r k _______
B o s t o n _________
B a l ti m o r e
. ..
P h i l a d e l p h i a ____

S a t.

M on.

T u es.

9 ,2 7 6
1 ,0 8 4

1 0 ,6 2 4
616

1 6 ,2 2 4
613

8 ,2 1 0

9 ,4 6 5

981

1 ,2 7 1

156
5 ,4 9 2

6 ,8 6 9

16
____
—

1 0 ,9 3 6
____
823
____
83
9 ,2 6 4
____
1 ,0 1 2
____
1 ,5 0 6
2 ,7 6 6
____
____
7
____
—

8 ,1 1 2
603
____
5 ,9 8 6
____ .
1 ,1 2 2
____
____
7 ,6 2 6
____
692
100
2 ,2 9 9
972
—
85
108
____
—

3 4 ,5 9 4

4 3 ,2 3 4

2 7 ,7 0 5

1 ,0 3 4

846

1,340.
1 ,6 3 8

2 ,8 5 7
2 ,0 0 0
____

50
26
—
2 9 ,2 9 6

T o ta ls th is w e e k .

W ed.

F r i.

T h u rs.
5 ,4 4 5
882
____
1 8 ,2 5 1
____
572
____
____
5 ,9 6 2
____
1 ,1 8 5
—
1 ,8 5 3
1 ,4 3 7
—
—
1
—
—
3 5 ,5 8 8

T otal.

5 ,7 4 8
777
3 ,5 8 4
2 ,5 9 2
2 ,7 5 6
402
—
948
4 ,2 2 2
—
920
—
1 ,5 4 8
1 ,2 6 0
2 ,0 4 1
—
102
5 ,8 4 2
—

5 5 ,4 2 9
.4 ,6 0 5
3 ,5 8 4
5 5 ,4 4 0
2 ,7 5 6
5 ,1 7 1
____
1,1 8 7
3 9 ,4 3 5
____
5 ,6 8 9
100
1 1 ,4 1 2
1 0 ,0 7 3
2 ,0 4 1
13 5
260
5 ,8 4 2
—

3 2 ,7 4 2 2 0 3 ,1 5 9

The following shows the week’s total receipts, the total
since Sept. 1 1911, and the stocks to-night, compared with
last year:_____ ________________________________________
1 9 1 1 -1 2 .

■

R e ceip ts to
M ch 8 .

G a lv e sto n

T h is
w eek.

—

..

P o rt A rth u r, & c.
N ew O r le a n s ..
G u l f p o r t -----------M o b i l e _____ i . . .
P e n s a c o l a ________
J a c k s o n v ille , & c.
S a v a n n a h ___
..
C h a r l e s t o n _______
G e o r g e to w n ____
W ilm in g to n
.
N o r f o l k ___ _______
N ’p o r t N e w s , & c .
N e w Y o r k . -----B o s to n —
. .
B a l t i m o r e ________
P h i l a d e l p h i a ____

1 9 1 0 -1 1 .

S in c e S ep
1 1911.

5 5 ,4 2 9 3 ,1 4 4 ,0 2 1
5 6 5 ,8 9 7
4 ,6 0 5
2 ,5 8 4
2 1 7 ,7 3 6
5 5 ,4 4 0 1 ,3 8 3 ,4 1 8
5 7 ,4 3 4
2 ,7 5 6
5 ,1 7 1
3 4 0 ,3 0 9
1 7 9 ,1 4 4
4 8 ,5 8 1
1 ,1 8 7
3 9 ,4 3 5 2 ,1 1 6 ,1 3 9
3 4 4 ,1 9 8
5 ,6 8 9
3 8 1 ,0 0 9
100
580
1 1 ,4 1 2
4 8 3 ,2 9 4
1 0 ,0 7 3
6 1 9 ,6 6 0
2 ,0 4 1
2 2 ,7 6 5
135
4 ,3 7 3
4 3 ,0 0 5
26 0
9 7 ,5 1 8
5 ,8 4 2
154
............

T o t a l ___________ 2 0 3 ,1 5 9 1 0 0 4 9 2 4 5

T h is
w eek

S to c k.

S in c e S e p
1 1910.

1912.

1911.

3 3 6 ,4 2 7
2 2 ,2 7 3

1 1 3 ,2 2 8

2 9 2 ,9 3 3
1 5 ,0 0 0
6 4 ,2 6 0

1 3 6 ,1 1 1
5 ,4 6 8
1 7 ,6 3 0

1 8 7 ,2 4 9
1 7 ,3 6 5
4 5 ,6 4 8

7 0 ,2 2 3
5 ,2 0 *
2 2 ,0 8 5

1 9 ,6 8 5
4 6 .3 4 4

4 ,7 9 1
2 0 ,7 8 0

1 7 2 ,7 6 8
8 ,6 2 5
1 2 ,7 1 9
1 ,7 4 0

2 3 9 ,6 6 7
4 ,0 3 4
4 ,2 0 5
4 ,0 8 2

7 2 ,3 6 2 7 ,6 8 6 ,3 5 6 1 ,2 4 3 ,0 3 6

6 5 4 ,1 0 5

2 5 ,4 1 4 2 ,5 4 5 ,4 9 2
8 ,6 1 0
3 0 6 ,5 9 2
306
2 2 7 ,1 8 0
1 5 ,1 7 2 1, 3 t5 ,4 8 S
881
3 4 ,0 0 9
950
2 3 0 ,4 2 7
1 0 3 ,3 1 2
2 3 ,2 4 0
353
1 0 ,3 0 5 1 ,3 1 9 ,4 9 3
2 1 8 ,5 8 2
409
2 7 2 ,1 3 6
461
1 ,0 3 0
4 ,2 3 4
3 9 0 ,5 0 7
2 ,9 5 6
5 2 3 ,4 7 1
3 ,8 4 8
50
6 ,8 9 5
874
3 3 ,4 5 8
1 ,4 8 7
1 0 0 ,8 7 7
315

In order that comparison may be made with other years,
we give below the totals at leading ports for six seasons:
R eceipts a t —

1911.

G a l v e s t o n ___
T e x a s C lty ,& c
N ew O rle a n s .
M o b i l e _______ '
S a v a n n a h ___
B r u n s w i c k ___
C h a r l e s t o n , &c
W ilm in g to n ..
N o r f o lk —
.
N ’p o r t N . , &c
A ll o t h e r s -----T o ta l th is w k_

5 5 ,4 2 9
8 .1 8 9
5 5 ,4 4 0
5 ,1 7 1
3 0 ,4 3 5

1910.

|

1909.

1908.

‘ 5 .7 8 9
1 1 ,4 1 2
1 0 ,0 7 3
2 .0 4 1
10 180

2 5 ,4 1 4
8 .9 1 6
1 5 ,1 7 2
950
1 0 ,2 0 5
409
461
4 ,2 3 4
2 ,9 5 6
_______
3 ,6 4 5

2 2 ,4 6 5
7 ,3 4 6
2 5 ,6 4 3
3 ,7 1 3
1 1 ,3 0 4
3 ,0 2 0
1 ,6 6 7
971
3 .8 7 9
471
1 ,4 6 4

4 0 ,6 9 5
1 7 ,8 4 5
3 3 ,5 5 2
4 ,9 4 4
1 1 ,9 3 5
2 ,7 7 3
3 199
3 ,1 9 2
6 ,2 0 6
155
2 ,2 6 3

2 0 3 ,1 5 9

7 2 ,3 6 2

8 1 ,9 3 3

1 2 6 ,7 5 9

1907.
3 9 ,6 8 4
6 ,6 5 1
2 3 ,7 0 7
2 ,9 3 3
1 0 ,6 5 1

1906.
7 9 ,6 0 5

1 4 ,4 6 9

3 8 ,7 1 7
1 ,7 1 6
1 8 ,1 7 6
1 ,208
1 ,319
4 ,4 7 2
1 1 ,7 3 3
1 ,1 6 7
11 ,0 9 1

1 0 9 ,4 8 9

1 6 9 ,2 9 4

' V .1 8 8
5 ,4 4 2
4 ,7 6 4

S in c e S e p t . 1 . 1 0 0 4 9 2 4 5 7 ,6 8 6 ,3 5 6 6 ,1 3 2 ,1 2 6 8 ,3 1 7 ,4 5 8 7 ,0 4 6 ,8 1 3 8 ,5 1 5 ,3 8 2

The exports for the week ending this evening reach a total
of 273,355 bales, of which 82,266 were to Great Britain,
17,694 to France and 173,395 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1911:
Week emit no March
Exported to —
Exports
from —

Conti­
Great
Britain Fr'nce. nent.

1912.

From Sept. 1 1912 to Mch 8 1912.
Exported to—

Total.

Gceat
Britain. France.

Conti­
nent.

Total..

28,851
84,164 113,015 1,141,875 245,536 1 ,093,586 2,483,99.7
G a lv e sto n . .
12,520, 381,089 92,658
12.52C
69,533 543,283
Texas C i ty ..
20,121 61,971
83,13'.' 165,231
l ’t . A r th u r. &
4,743 6,032 22,357 3 3 ,132 579,833 127,489 382,805 I.0C 0.127
N ew O rleans
63,498 55,536 100,815 21!),879
9,825
9 ,825
M o b ile _____
19,978 49,137
179,503
80,388
P e n sa co la . .
21.232
23,202
7 ,7 5 6
44,434
G u l f p o r t __
....
7,756
25,276
Savannah . .
21,287 4S,5$3 412,811 160,170 907,581 t .480,568
__
152,151 303,413
4,921
4,921 151,262
B r u n s w ic k ..
29,186
191,208 220,391
C h a rle s to n . .
13,083 13,083 126,440 105,545 203,819 435,801
W ilm in g to n .
12,885
____
3,083
275
15,908
N o r f o l k ____
275
____
N e w p o rt Ne»
N ew Y o r k . .
6,853
837
5,425 13,115 189,817 65~843 225,790 481,480
5,505 132,214
B o sto n ____
3,623 126,709
3.C23
5,870
79,471
101,301
300
1,700
15.96?
B a ltim o re . .
400 i,6 o o
48,065
11,969
P h ila d e lp h ia
03,034
547
547
2,800
P o r tla n d . Me
2,809
170,657 170,657
8,619
S a n F ra n cisc o
8,019
81,470
84,470
4,001
4,631
S e a ttle ____
38,952
38,952
T a c o m a ___
____
............
P o r tla n d , O re .
___
P e m b i n a __
4,8 5 8
4,868
D e tro it...............
.....
...
T o t a l ___

M c h . 8 a t—

In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We^add similar figures for
New York.
. . .

Great
B r ita in . F ra n ce
2 8 ,7 0 4
7 8 ,9 4 9

1 1 ,1 8 8
7 ,4 7 8

4 ,0 0 0
2 0 ,£ 7 2

G e r­
m an ? /.

Other Coast­
F o reig n w ise.

T otal.

2 ,9 1 1

1 3 ,8 5 0

2 ,6 6 6
1 2 ,0 0 0

1 ,0 0 0

’ 1 ,5 0 0
1 3 ,0 0 0

4 .0 0 0
2 .0 0 0

590 7 1 ,7 8 5
2 ,7 2 0 1 3 ^ ,6 0 8
1 ,7 5 9
4 ,0 0 0
3 ,0 0 0 4 0 ,4 3 3
1 5 ,0 0 0 1 5 ,0 0 0
8 ,5 0 0
2 7 ,0 0 0

T o t a l 1 9 1 2 . . 1 4 6 ,3 2 5
4 0 ,4 5 5
T o ta l 1911.
T o t a l 1 9 1 0 . . 3 5 ,0 9 5

2 2 ,5 7 7
8 ,0 3 9
1 3 ,5 0 9

6 1 ,0 4 3
3 8 ,9 1 8
4 5 ,4 8 5

4 9 ,8 3 0
2 8 ,5 5 6
3 5 ,4 6 8

2 1 ,3 1 0 3 0 1 ,0 8 5
1 2 ,3 5 3 1 2 8 ,3 2 1
1 6 ,8 2 0 1 4 6 ,3 7 7

N ew O r le a n s ..
G a lv e sto n . . .
S a v a n n a h -----C h a r l e s t o n ------M o b i l e ________
N o r f o l k ---------N e w Y o l’k -----O t h e r p o r t s ___

8 ,4 3 0
2 4 ,2 6 3

2 2 ,8 7 3
1 9 ,1 9 8
1 ,7 5 9

L ea vin g
S to c k.
2 2 1 ,1 4 8
2 0 3 ,8 1 9
1 8 5 ,4 9 0
4 1 ,6 4 8
2 3 ,8 2 7
3 1 ,3 4 4
1 6 4 ,2 6 8
7 0 ,4 0 7
0 4 1 ,9 5 1
5 2 5 ,7 8 4
4 9 6 ,0 5 7

Speculation in cotton for future delivery has been fairly
active at some advance. The rise was due largely to bad
weather at the South and manipulation by powerful bull in­
terests. Buying by leading trade interests has also played
an important part in the transactions. So has that of
Waldorf-Astoria, Wall Street and Southern operators, in­
cluding some at New Orleans and Memphis. An operator
who traded heavily some years ago, has returned to the mar­
ket as a buyer on a large scale. Some leading Southern
shorts have covered freely, even while regarding the advance
as fictitious— that is, as something produced by manipula­
tion, rather than by' sound considerations founded on the
real situation in the cotton trade, i. e., the largest crop ever
known, an unprecedented visible supply of American cotton
and the existence of perhaps the largest strike in the coal
trade of England ever known in the world’s history Then
there is the probability that the next acreage will again be
full, while the copious winter rains and the very heavy rains
complained of within the last week or two mean that the
South has the best "season” in the ground known for years,
and that, with average weather, another large crop may not
unreasonably be expected. Two record-breaking crops came
together in 1897-98 and 1898-99, and why, it is asked, cannot
the same thing be done again, now that with an augmented
acreage the South has shown itself able to produce a crop
that is very generally conceded to be about 16,000,000 bales?
However this may be, the trade has preferred to base its
transactions and prices on wintry temperatures both east
and west of the Mississippi Riser during the past week, and
at times very heavy rains in the Mississippi Valley and in the
Atlantic and Eastern Gulf States, and on the reports that
the season for crop preparations is three or four weeks lateand
that, in all probability, the erop may get a later start than
last year. As for the great English coal strike, ap­
parently in all the markets it has been assumed as a matter
of course that it was altogether too grave a menace to human
society to admit of its lasting long. Prime Minister Asquith
has not brought in a minimum-wage bill as yet, but with his
colleagues in the British Ministry has made strenuous efforts
to reach a settlement of the trouble. As it is a matter fraught
with serious consequences to labor unions with their reduced
funds, to the political fortunes of men in power, and to the
vast industries of England, to say nothing of the millions not
employed in those industries, many cling to the hope that a
solution of the dispute will soon be reached. It may be a
fact of some significance not unrelated to the cotton situation
that at Wednesday’s by-election in South Manchester,
England, formerly a Liberal stronghold, a Unioinst candi­
date was elected by a good majority, which is regarded as a
severe blow to the existing Asquith Ministry. The prin­
ciple of the minimum wage is said to have been practically
agreed to by both mine owners and mine workers. Latterly
heavy liquidation of long accounts has been noticed. Much
of the floating short interest has been forced to cover. Ex­
ports, however, are large, spinners’ takings liberal and the
textile industries improving. To-day prices declined for a
time under profit-taking, both at home and abroad, though
weather predictions were unfavorable, but closed slightly
higher, owing to predictions of rain, snow and cold weather
over the belt, with a cold wave in parts of Texas. Spinners’
takings were larger than the previous estimates, and reports
arc persistent to the effect that the great coal strike in the
United Kingdom is likely to end soon. Large spot interests
were buyers. Spot cotton was 5 .points higher, making 30
points rise for the week, ending at 10.70c. for middling up­
lands, with trade quiet.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
M c h . 2 to M ch . 8 —
S a t.
M id d l in g u p l a n d s _______________ 1 0 .3 5

M on.
1 0 .3 5

T ucs.
i o .4 5

W ed
1 0 .4 5

T liu r s .
1 0 .0 5

F ri
1 0 .7 0

NEW YORK QUOTATIONS FOR 32 YEARS.
1 9 1 2 .c . . .

. 1 0 .7 0
11 3 0
1 9 1 0 _____ .1 4 .8 0
. 9 .8 5
1909.
1 9 0 8 . . . . . 1 1 .4 5
1 9 0 7 _____ - 1 1 . 1 5
1 9 0 6 _____ _ 1 1 .2 5
1 9 0 5 _____ - 7 .9 0

1 9 0 4 .e ____
1903 .
1 9 0 2 _____
1 9 0 1 _____
1 0 0 0 _____
1 8 9 9 _____
1 8 9 8 ____
1 8 8 7 ______

1 6 .2 5 1 8 3 6 .c ------ 7 .6 2 1 8 8 8 .C______ 10.1!)
_ 9 .9 5 1 8 9 5 . .
1 8 8 7 ____
0 .8 1
1 8 8 0 . .............. » .1 »
_ 9 .1 9 1 8 9 4 . - . ____ 7 .6 2
8 .8 8 1 8 9 3 .
9.1!) 1 8 8 5 _________1 1 .3 8
. 9 .5 0 1 8 9 2 .
. 7 .0 0 138 1 _______ 1 0 .8 8
. 6 .5 6 1 8 9 1 . . .
8 .8 8 1 8 8 3 _________1 0 .1 9
1 1.38 1 8 8 2 _______ 11.81
. 6 .2 5 1 8 9 0 .
. 7 .2 5 1 8 8 0 . . . ____ 10.11) 1 8 8 1 _________1 1 .1 9

MARKET AND SALES AT NEW YORK.
S p o t M a rket
Closed.

82,266 17,694 173,395 2 7 3 ,3 5 5 3 .3 6 0 ,2 3 3 MJ0,993J.3,911,157 8,262,383

T o ta l 1910-11. 30,132 22,658 62,060 111,850 2 ;108,702 3 3 1 ,6 1 3 2 ,5 7 5 ,5 6 5 6 ,378,010




[VOL. LXXXXIV.

S a tu rd a y —
M o n d a y .. . .
T uesday —
W ednesdayT h u rsd ay . .
F r i d a y --------T o t a l ____

Q u i e t,
Q u ie t
Q u i e t,
Q u ie t
Q u i e t,
Q u i e t,

F u tu re s
M a rket
Closed.

S A L L 'S .
■ S p o t.

C ontr’ct. Total.

5 p ts . d e c .. . Q u ie t
.................
........ .............. S t e a d y . ......—
10 p t s . a d v . F i r m ________ B a r e ly s t e a d y
20 p t s . a d v
V e ry s t e a d y . . .
F i r m ..................... .. 1
5 p t3 . a d v

—
- - ..
200
100
- -

3 ,6 6 6
____
____
900

3 ,6 6 6
____
200
100
900

1

300

4 ,5 0 0

4 ,8 0 0

F U T U R E S . — T h e highest, low est and closing prices at
N e w Y o r k the past week h a ve been as follows:
____
Si

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A T T H E I N T E R I O R T O W N S the m o ve m e nt— th a t is,
the receipts fo r the week and since Sept. 1, the shipm ents
fo r the week and the stocks to-night, and the same item s
fo r the corresponding period fo r the p revious y e a r is set
o u t in d e ta il below.

<T5 ■

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TIIE CHRONICLE

Mar. 9 1912

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© i > u © © o © it* > q o © c o © c iO © to © c « © © © to < o © to i

t h e VISIBLE SUPPLY OF COTTON to-night, as made
m ade up b y cable and telegraph, is as follow s,
fo re ig n
stocks, as w e ll as the a ilo a t, are this wee.e s re tu rn s , and
consequently a ll foreign figures arc b ro u g h t dow n to lh u rsd a y evening. B u t to m ake the to ta l the com plete figuios
fo r t o - n i g h t (F rid a y ), we add the ite m of e xp o rts fro m the
M a rch 8 —

S t o c k a t L iv e r p o c
S to c k a t L o n d o n

S to c k a t H a m b u rg -

S t o c k a t Mars eil les -

1912.
1 .1 7 4 ,0 0 0

2,000

9 2 ,0 0 0

10 11.

,2 9 0 .0 0 0
7 ,0 0 0
1 1 7 .0 0 0

1 .2 0 8 .0 0 0 1 ,4 1 4 ,0 0 0
7 ,0 0 0
4 ,0 0 0
2 9 3 ,0 0 0
5 8 1 ,0 0 0
3 2 6 ,0 0 0
3 1 8 ,0 0 0
2,000
4 ,0 0 0

20,000

S to c k a t T rie s te
T o t a l C o n t i n e n t a l s t o c k s -----------

22,000

3 2 ,0 0 0
5 ,0 0 0

4 0 ,0 0 0
4 ,0 0 0

9 7 0 ,0 0 0

6 9 7 ,0 0 0

1910.
9 0 0 ,0 0 0
5 ,0 0 0
5 9 ,0 0 0

1009.
,4 5 4 ,0 0 0
9 ,0 0 0
8 5 ,0 0 0

1 ,5 4 8 ,0 0 0
1 4 ,0 0 0
0,000
4 7 1 ,0 0 0
2 7 0 ,0 0 0
3 5 9 ,0 0 0
3 8 9 ,0 0 0
4 ,0 0 0
3 ,0 0 0
5 0 ,0 0 0
8,000
5 8 ,0 0 0
5 2 ,0 0 0
2,000
4 ,0 0 0

9 6 1 ,0 0 0

7 3 2 ,0 0 0

9 3 8 ,0 0 0

2 .2 3 8 .0 0 0 2 ,1 1 1 ,0 0 0 1 ,0 9 0 ,0 0 0 2 ,4 8 0 ,0 0 0
T o t a l E u r o p e a n s t o c k s -------2 3 0 ,0 0 0
1 5 4 ,0 0 0
1 7 4 ,0 0 0
9 2 ,0 0 0
I n d ia c o tto n a llo a t fo r E u r o p e —
2 4 0 ,9 6 2
4 3 8 ,7 2 9
4 3 2 ,3 0 5
A i n c r . c o t t o n a l l o a t t o r E u r o p e . . 8 4 4 ,0 2 1
3 0 ,0 0 0
4 9 ,0 0 0
5 7 ,0 0 0
6 1 .0 0 0
E g y p t .B r a z l l , & c ., a l K .f o r E u r o p e .
61
1 0 4 ,0 0 0
2 3 0 ,0 0 0
3 0 7 ,0 0 0
7 ,0 0 0
S t o c k In A l e x a n d r i a , E g y p t -------22 5;>7
4
9
7
,0
0
0
7
5
0
,0
0
0
4
7
9 000
6
2
5
,0
0
0
S t o c k In B o m b a y , I n d i a . _ .
R *
6 5 4 ,1 0 5
0 4 2 ,1 3 4
7 0 0 ,4 5 7
1 ,2 4 3 ,0 3 0
S t o c k In U . S . p o r t s ---------5 8 5 ,8 1 0
7 2 1 ,3 5 3
5 5 2 ,0 0 4
5 7 3 ,1 2 2
S t o c k In U . S . I n t e r i o r t o w r
1 ,4 9 5
4 ,2 0 9
1 0 ,7 8 2
3 1 ,6 6 3
U . S . e x p o r t s t o - d a y - ............
5 .9 6 4 ,8 4 2 4 ,0 9 6 ,2 9 3 4 .3 0 1 ,4 1 5 5 ,3 0 0 ,0 9 7
O f t h e a b o v e , t o t a l s o t A m e r i c a n a n d o t h e r d e s c r i p ti o n s a r e a s fo llo w s :
A m e r ic a n —
8 3 1 ,0 0 0 1 ,3 4 4 ,0 0 0
.1 ,0 0 7 ,0 0 0 1 ,1 0 8 ,0 0 0
L i v e r p o o l s t o c k --------------------5 0 ,0 0 0
0 7 ,0 0 0
9 4 .0 0 0
0 7 ,0 0 0
M a n c h e s t e r s t o c k . ...................... ..........
6 8 7 ,0 0 0
8 9 9 ,0 0 0
6 0 2 ,0 0 0
9
4
5
,0
0
0
C o n t i n e n t a l s t o c k -------------------------^
i
2 4 6 ,9 6 2
4 3 3 ,5 0 5
4 3 8 ,7 2 9
A m e r i c a n a f l o a t f o r E u r o p e -------»8 41 4“ .0
- 92-1r
6 4 2 ,4 3 4
7 0 0 ,4 5 7
6 5 4 ,1 0 5
,244 33 ,0
,0 33 66
U . S . p o r t s t o c k s ..................
. 11,2
5 8 5 ,8 1 0
7 2 1 ,3 5 3
5 5 2 ,9 6 4
U . S . I n t e r i o r s t o c k s --------------------- 55 7<33 ,1
>J2j 22
1 0 ,7 8 2
4 ,2 0 9
1 ,4 9 5
U . S . e x p o r t s t o - d a y --------------------'3 1 ,6 6 3
4 7 7 0 .8 4 2 3 .5 7 1 .2 9 3 3 ,0 4 7 4 1 5 4 .1 7 5 ,0 9 7

E a s t I n d ia n , B r a z il, & c .—
L i v e r p o o l s t o c k . - ...................... ..
L o n d o n s t o c k ...................................

S t o c k In B o m b a y ,
T o ta l E a s t I n d ia
T o ta l A m e ric a n

.
.
.
.
.
.
.
.

1 0 7 ,0 0 0

2,000

2 5 ,0 0 0
2 5 ,0 0 0
9 2 ,0 0 0
6 1 ,0 0 0
2 5 7 ,0 0 0
6 2 5 ,0 0 0

122,000
7 ,0 0 0
2 3 .0 0 0
3 5 ,0 0 0
1 5 4 ,0 0 0
5 7 ,0 0 0
2 3 0 ,0 0 0
4 9 7 ,0 0 0

6 9 ,0 0 0
5 ,0 0 0
9 ,0 0 0
4 5 ,0 0 0
236 000
3 0 ,0 0 0
1 0 4 ,0 0 0
7 5 0 ,0 0 0

9 ,0 0 0
1 8 ,0 0 0
3 9 .0 0 0
1 7 4 .0 0 0
4 9 ,0 0 0
3 0 7 ,0 0 0
4 7 9 .0 0 0

1 ,1 9 4 ,0 0 0 1 ,1 2 5 ,0 0 0 1 ,3 1 4 ,0 0 0 1 ,1 8 5 ,0 0 0
.4 ,7 7 0 ,8 1 2 3 ,5 7 1 ,2 9 3 3 ,0 4 7 ,4 1 5 4 ,1 7 5 ,0 9 7

the past week have been 197,000
bales.
T h e above figures fo r 1912 show a decrease fro m la s t week
of 68,939 bales, a gain of 1,268,549 bales o ver 1911, an e x ­
cess of 1,603,427 bales o ve r 1910 and a g ain of 604,745 bales
o ve r 1909.

s i?

T h e above to tals show th a t the in te rio r stocks have d e ­
c r e a s e d d u rin g the week 21,967 bales and are to-night 20,158
bales m ore th a n a t the same tim e la st ye a r. The receipts
a t a ll tow ns have been 90,235 bales m ore th a n the same
week la st yea r.
O VER LA N D M O VEM EN T FOR TH E W E E K AND
S IN C E S E P T . 1.— W e give below a s ta te m e nt show ing the
o ve rla n d m o ve m e nt fo r the week and since Sept. 1, as made
up fro m telegraphic rep o rts F rid a y n ig h t. T h e results fo r
the week and since Sept. 1 in the la st tw o years are as follow :
------- 19 1 1 - 1 2 ----------

M a rch 8 —
S h ip p e d —

D educt S h ip m e n ts —

------- 1 9 1 0 - 1 1 --------

S in c e
S e p t. 1.

W eek.

S in c e
S e p t. 1.

W eek.

.1 8 903
_ 2 701
.
624
. 5 ,1 2 4
. 7 ,9 8 4
- 8 ,3 2 4
.1 9 ,1 0 7

4 7 0 648
45 485
3 ,8 9 7
1 1 7 ,3 3 7
8 7 ,8 6 7
1 5 6 ,3 9 3
3 1 0 ,5 3 0

1 ,4 6 3
1 ,1 2 6
4 ,2 1 5
4 ,0 6 8

4 1 5 136
1 7 5 ,3 1 8
2 5 ,7 0 8
1 0 6 ,4 2 7
5 8 ,2 8 8
1 4 3 ,7 6 8
1 4 3 ,8 2 4

.0 2 ,7 6 7

1 ,1 9 2 ,1 5 7

1 9 ,9 4 5

1 , 0 6 8 ,4 6 9

. 6 ,2 3 7
1 1 ,8 7 6
989

1 4 5 ,0 6 0
6 7 ,8 1 8
2 8 ,2 6 3

2 ,4 1 1
3 ,0 4 8
932

1 4 1 ,5 4 5
3 9 ,3 4 5
3 2 ,7 1 1

5 808
3 ,2 6 5

T o t a l t o b e d e d u c t e d ...... ............ . 1. 199,1,10022

2 4 1 ,1 4 1

6 ,3 9 1

2 1 3 ,6 0 1

4 3 ,6 6 5

9 5 1 ,0 1 6

1 3 ,5 5 4

8 5 4 ,8 6 8

L e a v in g t o t a l n e t o v e r a n d

In c lu d in g m o v e m e n t ! y ra il to C a n a d a .

T h e foregoing shows the w eek’s net o verla nd m o ve m e n t
has been 43,665 bales, against 13,554 bales fo r the week last
yea r, and th a t fo r the season to date the aggregate net o v e r­
land e x h ib its an increase o ver a y e a r ago of 96,148 bales.

110,000

.5 ,9 6 4 ,8 4 2 4 ,6 9 0 ,2 9 3 4 ,3 6 1 ,4 1 5 5 ,3 6 0 ,0 9 7
X U Lew V io im v
.
7 .0 6 d .
5 .0 8 d .
8 .0 5 d .
6 .0 3 d .
M id d l in g U p l a n d , L i v e r p o o l . . . .
1 4 .5 5 c .
1 5 .1 0 c .
9 .8 5 c .
10 7 0 c .
M id d lin g U p l a n d , N e w Y o r k — ..
10 H d .
1
8 7-16(1.
. 9 ,ll-1 0 d .
l l.S O d .
1 0 .5 0 d .
7 .7 5 d .
1
9 .1 0 d .
7 H d . 4 15-16(1.
7 7 -16d.
7 5 -1 6 d .
7 l-1 0 d .
4 JS d.
. 5 ll-1 0 d .
T ln n e v c lly , G ood, L iv e rp o o l-




o io ro ‘ t- 4
'-‘ u
—
© tO © i—
4CD© Cl i-4Cl
© co to Vi I V* Ci ©4^ 00 *-»bk COCo© 03 © © © M cococi © © © © < © © © © ©
o»Xk©oi a3.©©t-‘-k j4 k .^ © « a c i« © © c i© 4Ucoco©©©-vjo©*vjcD434©
to© © © * c io o to c o to © © © c o w ^ © c o c o c D © ^ o o ^ © H * c o o ^ w o o ^ ro

►—
4 ro *-4© to ©

1 9 1 0 -1 1 --------

S in c e

S in c e
I n S ig h t a n d S p in n e rs '
S e p t. 1.
T a k in g s .
W eek.
R e c e i p t s a t p o r t s t o M c h . 8 -----------2 0 3 ,1 5 9 1 0 .0 4 9 ,2 4 5
9 5 1 ,0 1 6
N e t o v e rla n d to M ch. 8 —
- - - - - 4 3 ,6 6 5
1 .3 4 2 ,0 0 0
S o u t h e r n c o n s u m p t i o n t o M c h . 8 . j o ,0 0 0

7 2 ,3 6 2
1 3 ,5 5 4
5 0 ,0 0 0

S e p t 1.
7 .6 8 6 ,3 5 6
8 5 4 ,8 6 8
1 ,2 6 8 .0 0 0

1 2 ,3 4 2 ,2 6 1
4 7 2 ,8 8 5

1 3 5 ,9 1 6
• 2 3 ,4 9 3

9 ,8 0 9 ,2 2 4
5 0 2 ,1 8 6

C a m e i n t o s g n t . d u r i n g ------------------------------------ - - - - - - ­
T o t a l In s i g h t M c h . 8 ----------------- --------- 1 2 ,8 1 4 ,9 4 6$

1 1 2 ,4 2 3

8 8 ,4 7 9
11 ,,6688,479

2 1 ,7 6 7

JLUUll ------------------------------------------ . o l
I n t e r i o r s t o c k s In e x c e s s ---------------- - 1 ,9 6 7

N o r t h , s p i n n e r s ' t a k i n g s to M c h . 8

7 1 ,9 3 9

W eek.

1 0 ,3 1 1 ,4 1 0
1 ,6 9 4 ,5 1 5

* D e c re a se d u r in g w e e k .

M o vem en t in to sig ht in p revious years:
W ppIc__
1910— M ch.
1909— M ch.
--- M ec nh .
1 9 09 8 —

D ales.
D ales. ' S in c 'e ' S° e p Jt .A —
1 9 0 9 - 1 0 — M c h . 1 1 ................ 8 ,7 4 1 ,3 1 9
1 1 .......................
I S q I ro
1
9
0
8
-0
9
—
M
c
h
.
1
2
...............
1
1
,3 3 1 ,1 2 4
1 2 ................... ..........
h . ----------------------------------1 4 _______ 9 ,4 4 3 ,7 8 2
1144.................
..............
............................
.1. .7. 9. . ,0....
4 8 1 9 0 7 -0 8 — -Mivc..,.

Q U O T A T IO N S F O R M I D D L I N G C O T T O N A T O T H E R
M A R K E T S . — B elow are the closing q u o ta tio n s of m id d lin g
co tton a t S o u the rn and o th e r p rin c ip a l co tton m a rke ts fo r
each d a y of the week.

713
W eek en d in g
M a rch 8 .
G a l v e s t o n _____
N ew O rle a n s --.
M o b i l e _________
S a v a n n a h _____
C h a r l e s t o n _____
W ilm in g to n .N o r f o l k _______
B a l t i m o r e ____
P h ila d e lp h ia - ­
A u g u s t a -----------M e m p h i s ______
S t . L o u i s ---------H o u s t o n ---------L i t t l e H o c k ____

THE CHRONICLE
C losing Q uotations fo r M id d lin g Cotton o n S a t'd a g .
10 7 -1 6
10 3 -1 6
10 W

10 A
10 A

lo w
io w
1 0 .6 0
10 W
10 W

iow

lo w

M o n d a y . T uesday. W ed’d a y . T h u rs d ’y.
11

10%
10 %
10 3 -1 6

10 7 -1 6
10 3 -1 6

toy

10 A
10%

10 A
10 A
10 A

10 A

10 5*

io y

105*
1 0 .7 0

1 0 .6 0

10
10 A
10 A

A

10 1 3 -1 6

10 A

10 9 -1 6

10 A
10 A
10 %
10 A
10 A
10 A

1 0 .7 0

io ys
io h

io

11

10 A
10 A
10 H

a

10%
10 A

105*

10 A

11
10 9 -1 6
10 5 -1 6
10 5 -1 6
10 Vs
10 5 -1 6
10 A
10 A
10 9 0
10 A
10 A
10 A
11
10 5 -1 6

11

10 0 -1 6
10 7 -1 6
10 5 -1 6
10 W
10 5 -1 6
10 W
10 W
1 0 .9 5
10 H @ w

low

low
11
low

N E W O R L E A N S O P T IO N M A R K E T . — T h e highest,
lo w est and closing q uo ta tio n s fo r leading options in the N ew
S a t ’day,
M ch. 2.

M o n d a y , T uesday, W ed’d a y, T h u rs d ’y, F r id a y ,
M c h . 4 . M ch . 5. M c h . 6 . M c h . 7 . M c h . 8 .

M a rch —
R a n g e _______ 1 0 .4 5 -.4 9 1 0 .4 0 -.5 0 1 0 .5 5 -.6 3 1 0 .6 1 -.7 3 1 0 . 66- .7 7 1 0 .7 4 -.8 2
C l o s in g ----------- 1 0 .4 8 -.4 9 1 0 .4 8 -.4 9 1 0 .6 2 -.6 3 1 0 .5 7 -.5 8 1 0 .7 6 — 1 0 .7 6 -.7 7

A p r il —

R a n g e _______ — @ —
C l o s in g ---------- 1 0 .4 9 — 1 0 .5 0

M ay—

— @ — — @ — — @ — — @ —
— 1 0 .6 4 — 1 0 .5 7 — 1 0 .7 6 — 1 0 .7 5 —

M e m p h i s , T e n n . — R a in has fa lle n on thre e days d u rin g the
week, the ra in fa ll reaching one inch and fo rty- five h u n ­
d red ths. T h e th e rm o m e te r has ranged fro m 26 to 48,
avera g ing 37.
M o b ile , A l a .— W e have had ra in on thre e days d u rin g the
week, the ra in fa ll reaching one inch and eighteen h u n d re d th s .
T h e th e rm o m e te r has averaged 57, ran g in g fro m 32 to 71.
M o n tg o m e r y , A l a . — F a rm w o rk is v e ry b a c kw a rd .
T h e re
has been ra in on three days d u rin g the week, to the e x te n t of
one inch and fifty-one hu nd re d ths. T h e th e rm o m e te r has
ranged fro m 35 to 62, avera g ing 48.
S e l m a , A l a . — W e have had ra in on five days of the w eek,
the p re c ip ita tio n being one inch and tw en ty- thre e h u n d re d th s .
A ve ra g e th e rm o m e te r 49, highest 60, low est 33.
S a v a n n a h , G a . — R a in fa ll for. the week one inch and th irty one hu n d re d ths , on three days. A ve ra g e th e rm o m e te r 47,
hig hest 56, lowest 39.
C h a r le s to n , S . C . — W e have had ra in on fo u r days of the
past week, the ra in fa ll being one inch and th irty - fo u r h u n ­
d red ths. Averag e th e rm o m e te r 45, highest 52, low est 38.
C h a r lo tte , N . C .— '1 here has been ra in d u rin g the week, to
the e x te n t of one inch and fo rty- eig ht hu nd re d ths. A ve ra g e
th e rm o m e te r 36, highest 55, lowest 27.

W O R L D ’S S U P P L Y A N D

R a n g e _______ 1 0 .4 7 -.5 3 1 0 .4 2 -.5 4 1 0 .5 5 -.6 9 1 0 .6 1 -.7 7 1 0 .6 9 -.7 9 1 0 .7 2 -.8 2
C l o s in g ---------- 1 0 .5 1 -. 52 1 0 .5 3 -.5 4 1 0 .6 8 -.6 9 1 0 .6 3 -.6 4 1 0 .7 6 -.7 7 1 0 .7 5 -.7 6

June—

R a n g e _______
C l o s in g _______
J u ly —
R a n g e _______
C l o s in g _____
A u g u s t—
R a n g e _______
C l o s in g ____ .
Septem ber —
R a n g e _______
C l o s in g _______
October —
R a n g e ----------C l o s in g _______
D ecember —
R a n g e _______
C l o s in g _____
January—
R a n g e _______
C l o s i n g . ............
T one—
S p o t ________
O p tio n s . . . .

— @ — 1 0 .4 9 — 1 0 .6 1 -.6 7 — @ — — @ — 10.86 —
1 0 .4 8 — 1 0 .5 0 -.5 2 1 0 .6 7 -.6 9 1 0 .6 2 -.6 4 1 0 .7 8 — 1 0 .7 9 —
— @ — — @ — ■1 0 .5 9 -. 63 — @ — — @ — — @ —
1 0 .4 5 -.4 6 1 0 .4 9 -.5 0 1 0 .6 5 -.6 7 1 0 .6 0 -.6 2 1 0 .7 5 - . 77 1 0 .7 7 -.7 8
1 0 .3 9 -.4 3 1 0 .3 5 - .4 7 1 0 .5 0 -.6 5 1 0 .5 8 -.7 3 1 0 .6 7 -.7 7 1 0 .7 0 -.8 0
1 0 .4 2 -.4 3 1 0 .4 6 -.4 7 1 0 .6 3 -.6 4 1 0 .5 8 -.5 9 1 0 .7 3 -.7 4 1 0 .7 4 -.7 5
1 0 .4 1 -.4 4 1 0 .4 0 -.4 8 1 0 .5 3 -.66 1 0 .6 l- .7 5 1 0 .7 0 -.7 7 1 0 .7 5 - 81
1 0 .4 5 - .4 6 1 0 .4 8 -.4 9 1 0 .6 5 -. 66 1 0 .6 1 -.6 2 1 0 .7 6 -.7 7 1 0 .7 7 -.7 8
1 0 .4 5 -.5 0 1 0 .5 3 — — @ — — @ — 1 0 .7 6 -.8 1 — @ —
1 0 .4 9 -.5 0 1 0 .5 3 -.5 5 1 0 .7 0 - .7 1 1 0 .6 4 -.6 5 1 0 .8 0 -.8 1 1 0 .8 1 -.8 2
F irm .
S te a d y .

Q u i e t.
S te a d y .

F irm ,
V ery s ty .

F irm .
S te a d y .

F irm .
S te a d y .

1 9 1 1 -1 2 .

1 9 1 0 -1 1 .

1 9 0 9 -1 0 .

G ro s s o v e r l a n d f o r F e b r u a r y ________ b a le s
2 3 2 ,3 1 6
1 4 7 ,8 7 8
8 8 ,1 6 6
G r o s s o v e r l a n d f o r 6 m o n t h s ...... ............... ..
1 ,1 2 7 ,1 0 8 1 ,0 3 9 ,3 3 5
7 9 8 ,8 0 6
N e t o v e r l a n d f o r F e b r u a r y _______________
1 8 8 ,5 3 8
1 1 7 ,1 4 2
0 3 ,2 6 0
N e t o v e r l a n d f o r 6 m o n t h s _______________
9 0 5 .2 6 3
8 3 4 ,9 8 3
0 0 0 ,3 9 0
P o r t r e c e i p t s In F e b r u a r y ...... .................. .......... 1 ,2 6 4 ,5 0 9
5 3 0 ,2 8 5
3 2 7 ,8 6 9
P o r t r e c e i p t s in 6 m o n t h s _________________
9 7 8 0 ,3 7 4 7 ,5 7 3 ,7 3 0 5 ,9 8 9 ,3 6 5
E x p o r t s in F e b r u a r y _______________________ 1 ,1 9 2 ,4 5 1
8 0 2 ,4 8 0
3 6 4 ,9 0 9
E x p o r t s i n 6 m o n t h s ____ ; ________________
7 ,9 2 2 ,9 6 6 6 ,2 2 3 ,7 7 3 4 ,5 3 0 ,8 3 8
P o r t s t o c k s o n F e b . 2 9 -----------------------------1 ,3 5 9 ,5 0 3
7 1 9 ,0 1 7
0 5 0 ,1 1 1
N o r t h e r n s p i n n e r s ’ t a k i n g s t o M a r c h 1 ___ 1 ,6 0 0 ,1 2 2 1 .6 5 5 ,2 5 3 1 ,6 4 6 ,0 9 4
S o u t h e r n c o n s u m p t i o n t o M a r c h 1 _______ 1 ,2 7 9 ,0 0 0 1 ,1 9 3 ,0 0 0 1 ,3 4 0 ,0 0 0
O v e r la n d t o C a n a d a f o r 6 m o n t h s (In ­
c l u d e d i n n e t o v e r l a n d ) ________________
9 3 ,9 5 9
1 0 5 ,9 4 6
8 2 ,9 0 8
B u r n t N o r t h a n d S o u t h in 6 m o n t h s ____
125
22
1 ,9 1 5
S t o c k s a t N o r t h , i n t e r i o r m a r k e t s F e b . 29
1 4 ,4 7 1
1 9 ,8 5 8
1 6 ,0 5 1
C a m e In s i g h t d u r i n g F e b r u a r y ___________ 1 ,4 8 2 ,0 4 7
7 6 2 ,4 2 7
5 3 4 ,4 2 9
A m o u n t o f c r o p i n s i g h t M a rc h 1 ________ 1 2 ,4 6 5 ,0 3 7 1 0 ,1 4 9 ,7 1 3 8 ,5 7 0 ,7 5 5
C a m e in s i g h t d u r i n g b a l a n c e o f s e a s o n . .
1 ,9 8 2 ,6 1 9 2 ,0 8 0 ,2 0 0
T o t a l c r o p __________________________________
1 2 ,1 3 2 ,3 3 2 1 0 ,6 5 0 ,9 6 1
A v e r a g e gross w e i g h t o f b a l e s ------------------5 1 5 .2 4
5 1 1 .6 8
5 0 7 .5 1
A v e r a g e net w e i g h t o f b a l e s ----------------------4 9 1 .2 4
4 8 7 .6 8
4 8 3 .5 1

W E A T H E R R E P O R T S B Y T E L E G R A P H . — Tele g ra p hic
advices to us this evening fro m the S o u th ind icate th a t ra in
has been q u ite general d u rin g the week and the te m p e ra tu re
has been hig he r. A n u m b e r of o u r correspondents state
th a t fa rm w o rk is v e ry b a ckw ard , h a v in g been in terfered
w ith b y w e t w eather.
G a lv e s to n , T e x . — T he re has been ra in on tw o days d u rin g
th e week, the ra in fa ll being sixteen hu n d re d ths of an inch.
T h e th e rm o m e te r has ranged fro m 46 to 64, averaging 55.
A b i l e n e , T e x . — W e have had lig h t ra in on three days of the
week, the p re c ip ita tio n reaching seventeen hu n d re d ths of an
nch. M in im u m th e rm o m e te r 30.
P a le s t i n e , T e x . — W e have had ra in on three days d u rin g
the week, the ra in fa ll reaching two inches and seventy-four
h u n d re d th s .
M in im u m th e rm o m e te r 36.
S a n A n t o n i o , T e x . — I t has rained on fo u r days of the week,
the p re c ip ita tio n reaching fifty- five hu n d re d ths of an inch.
L o w est th e rm o m e te r 38.
T a y l o r , T e x . — Th e re has been ra in on tw o days d u rin g the
week, the ra in fa ll being one inch and th irty - fo u r hu nd re d ths.
M in im u m th e rm o m e te r 38.
S h r e v e p o r t, L a . — W e have had ra in on fo u r days of the week
the ra in fa ll reaching tw o inches and fifty- tw o hu nd re d ths.
T h e th e rm o m e te r has ranged fro m 35 to 61.
N e w O r le a n s , L a . — W e have had no ra in d u rin g the week.
T h e th e rm o m e te r has averaged 60.
V ic k s b u r g , M i s s . — W e h a ve had ra in on five days of the
week, to the e x te n t of one inch and eighteen hu nd re d ths.
T h e th e rm o m e te r has averaged 51, ran g in g fro m 38 to 68.
H e le n a , A r k . — Too w e t and cold fo r fa rm in g .
W e have
had ra in on fo u r days of the week, to the e x te n t of three
inches and eig hty-fo ur h u n d re d ths . T h e th erm o m ete r
has averaged 39.9, ran g ing fro m 32 to 50.
L i t t l e R o c k , A r k . — R a in has fa lle n on three days of the
w eek, to th e e x te n t of tw o inches and fifty-seven hu nd re d ths.
A v e ra g e th e rm o m e te r 41, hig hest 50, low est 32.




OF CO TTO N.

1 9 1 1 -1 2 .

W eek.

1 9 1 0 -1 1 .

S ea so n .

W eek.

S ea so n .

V i s ib l e s u p p l y M a rc h 1 _________ 6 ,0 3 3 ,7 8 1
4 ,8 6 1 ,0 6 0
V i s ib l e s u p p l y S e p t . 1 . .
...
1 ,6 0 3 ^ 4 1 8
1 ,4 9 5 ,5 1 4
A m e r i c a n In s i g h t t o M a r c h 8 ___
2 7 9 ,8 5 7 1 2 ,8 1 4 ,0 4 6
1 1 2 ,4 2 3 1 0 ,3 1 1 ,4 1 0
B o m b a y r e c e i p t s to M a r c h 7 ____
100,000 1 ,4 8 7 ,0 0 0
7 1 .0 0 0 1 ,3 6 7 ,0 0 0
O t h e r I n d i a s n l p ’t s t o M a rc h 7 . .
2 4 .0 0 0
7 6 ,3 0 0
2 1 5 ,3 0 5
A l e x a n d r i a r e c e i p t s to M a r c h 0 .
2 0 ,5 0 0
8 9 2 ,2 0 0
11.00 0
5 4 7 .0 0 0
O t h e r s u p p l y t o M a r c h 6 * _____
3 ,0 0 0
4 ,0 0 0
1 7 4 ,0 0 0
1 9 8 .0 0 0
T o t a l s u p p l y ___________
1 7 ,0 4 7 ,8 6 4 5 ,0 8 3 ,4 8 3 1 4 ,5 3 4 ,2 2 9
D educt —
V is ib le s u p p l y M a r c h 8 _________ 5 ,9 6 4 ,8 4 2 5 ,9 6 4 ,8 4 2 4 ,6 9 6 ,2 9 3 4 ,6 9 6 ,2 9 3
T o t a l t a k i n g s t o M a r c h 8 ___
O t w h ic h A m e ric a n
________
O f w h ic h o t h e r ___ ____ _____

4 7 2 ,2 9 6 1 1 ,0 8 3 ,0 2 2
3 8 3 ,7 9 6 8 ,8 9 6 ,5 2 2
8 8 ,5 0 0 2 , 1 8 6 ,5 0 0

3 8 7 .1 9 0
2 8 7 .1 9 0

9 ,8 3 7 ,2 9 6
7 ,5 3 3 ,6 3 1
2 , 3 0 4 ,3 0 5

100,000

IN D IA CO TTO N M O V E M E N T FR O M A L L P O R TS .

F irm .
S te a d y .

C O T T O N C O N S U M P T IO N A N D O V E R L A N D M O V E ­
M E N T T O M A R C H 1.— B elow we present a synopsis of the
crop m o ve m e nt fo r the m o n th of F e b ru a ry and the s ix
m on ths ended Feb . 28-29 fo r three years:

T A K IN G S

C o t to n T a k i n g s .
W eek a n d S easo n .

— @ — — @ — — @ — — @ — — fa —
1 0 .5 4 -.5 6 1 0 .5 7 — 1 0 .7 2 — 1 0 .6 5 — 1 0 .7 8 — 1 0 .8 0 —
1 0 .5 1 -.5 7 1 0 .4 8 -.5 9 1 0 .6 0 -.7 5 1 0 . 66-. 84 1 0 .7 5 -.86 1 0 .7 9 -.9 0
1 0 .5 6 -.5 7 1 0 .5 7 -.5 8 1 0 .7 3 -.7 4 1 0 .6 9 -.7 0 1 0 .8 2 -.8 3 1 0 .8 3 -.8 4

[VOL. LXXXXIV

1911-12.

March 7.
Receipts at —

Week.

1910-11.

Since
Sept. 1.

1909-10.

Since
Sept. 1.

Week.

Week.

Since
Sept. 1.

B o m b a y ....................................... 100,000 1 .4 S 7 .0 0 0 1 7 1 ,000 1,367,000 122,000 2 ,0 9 3 ,0 0 0

For the Week.

Exports
from —

Since September 1.

Great Conti- l Ja pan |
Britain. nenl. <iC h in a Total.

Great
Britain.

B om bay—
1 9 1 1 -1 2 .
19101909- 1 0 .
C a lc u tta —
1 9 1119101909- 1 0 .
M a d ra s—
191119101909- 10.
All o t h e r s 1 9 1119101909-

10.
1,000
10,000

T o ta l a ll—
191119101909-10

11
2,000
4 6 ,000
37 .0 0 0 3 ,0 0 0
1,000 3 8 .0 0 0 4 5 .0 0 0 81,0.10

15,000; 1 3 ,000 28,000
...........i 22,000
2 7 .000 4 5 ,0 0 0 72,000

3 .000

11
2.000
20.000
12
11

7,000

1,000
12.
11.
12
11

2,000

15,000

12

15.000

Conti­ 1 Ja pan
nent. <fe China.
135.000
478,000,
55 2 .0 0 0

20,000
49.000

2.000
2,000

1.000

3.0 0 0

6.000
ll.OOOi
17.000

2,000

2.000
8,000

5,000.
18.000

7.000

15.000

11.000

13.000 2 8 ,0 0 0

4 1 9 ,0 0 0 557,000
2 8 0,000 778,000
4 69,000 1,070,000
1,500
13,000
14.0U0

9,500
26,000
34.0 0 0

4.000

8.000

1,000

7,800
20,005
13.000

4 .000
27.000
17.000

4 4 .000
135,000
9 7 .000

11,000
1,300
1,000

59.000
10)3,300
115,000

11,000
57,000
73.000

190.000
642.0001
674,000

432,300, 633,300
294,3051 993,305
4 8 5 ,0 0 0 1 ,2 3 2 ,0 0 0

A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S .
A le x a n d r ia , E g y p t,
M arch 6.

1 9 1 1 -1 2 .

1 9 1 0 -1 1 .

1 9 0 9 -1 0 .

1 6 0 ,0 0 0
6 , 6 9 1 ,5 5 5

8 0 ,0 0 0
7 ,0 9 9 ,8 1 0

3 0 ,0 0 0
4 ,7 9 7 ,4 4 3

T h is
S in c e
W eek. S e p t. 1.

S in c e
T h is
W eek . S e p t. 1.

T h is
S in c e
W eek. S e p t. 1 .

L i v e r p o o l _____ _______
6 ,7 5 0 1 5 3 ,5 2 8
M a n c h e s t e r ___________ 8 ,2 5 0 1 7 9 ,3 7 0
C o n t i n e n t a n d I n d i a . . 1 3 ,7 5 0 2 5 2 ,2 9 9
A m e r i c a . ____________ 7 ,0 0 0 6 8 ,3 3 1

3 ,7 5 0 1 7 6 ,1 3 6
8,000 1 7 9 ,3 0 9
1 1 .7 5 0 2 8 8 ,5 3 7
2 ,2 5 0 9 0 ,4 0 7

1 2 2 ,9 9 9
7 ,5 0 0 1 0 4 ,7 5 8
9 ,0 0 0 2 3 0 ,1 1 7
5 2 ,4 4 9

2 5 ,7 5 0 7 3 4 ,3 8 9

1 6 ,5 0 0 5 1 0 ,3 2 3

R eceip ts ( c a n t a r s ) — •
T h is w e e k ________________
S in c e S e p t . 1 _________

E x p o rts ( b a l e s ) —
To
To
To
To

T o t a l e x p o r t s ________

3 5 ,7 5 0 6 5 3 ,5 2 8

N o te .— A c a n t a r Is 9 9 lb s .

E g y p t i a n b a le s w e ig h a b o u t 7 5 0 l b s .

M A N C H E S T E R M A R K E T . — O u r re p o rt received b y cable
to-night fro m M anchester states th a t the m a rk e t is firm fo r
b o tn ya rn s and sh irtin g s. T h e dem and fo r b o th y a rn and
clo th is good. Wre give the prices fo r to-day below and
leave those fo r p revious weeks of this and la s t y e a r f o r com­
parison.
1912.

Twist.

d. a. d .

<1.
19
26

2

1911.

8A lbs. Shirt- Cot’n
ings, common M id.
to finest.
Vpl's

32* Cop

s. d .

@
@

OH 5
OH 5

45*@ 10 6
5 @ 10 7 A

8 11-16(3)

OH 5

5 5 *@ 10
65*@ 11
75*@ 11
75*011

SA
sv,

9 85*
16 9
21 9

@ 9 1 3 -1 6 5
@
10 5
10 5
@

10 5
1 8 15 -1 6 ®
8 0 1-161® 10 A 5

8
0
1

1

75*@ 11 1
9 @ 11 -2 5 *

d.

Inos. common
to finest.

Twist.
d.

5.4 0 U A
5.5 0 1 1 H
5,77
5.9 0
5.85
5.93

85* lbs. Shirt-

32* Cop

d. a. d .
@
@

11
10 H
io H

@
@
@
10 7 -1 6 ®

5.91 10 7 -1 6 ®
6.03 105* @

s . d.

C ot’n
M id.
V p l’s
d.

12 A
12
5

9
9

@ 11 3
@ 11 3

8 .0 5

6

9

@ 11 3

8.02

5
5
5

75*© U 0
7 @ 10 105*

7.88
7.77
7.56
7.61

115* 6
115* 5

7 @ 10 105*
05* @ 10 10

7.64
7.66

125*
115*
115*
11M

8

@ 11 1

713

THE CHRONICLE

MAB. 9 1912.

FALL RIVER MILL D IV ID E N D S—On page 671 will
be found the statement of Fall River mill dividends forthe
first quarter of 1912.
SHIPPING N E W S — As shown on a previous page, the
exports of cotton from the United States the past week have
reached 273,355 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
T o ta l bales.
N E W Y O R K — T o L i v e r p o o l — M a r c h 2 — C e v lc , 6 , 8 o 3 ------ ---------------T o H a v r e — M a rc h 2 — R o c h a m b e a u , 8 3 7 ----------------------T o I l r e m e n — M a rc h 0 — P r l n z F r i e d r i c h W il h e lm , 9 5 0 --------------T o H a m b u r g — M a rc h 2 — P e n n s y l v a n i a , 1 0 9 . . ------------------------T o A n t w e r p — M a r c h 1— K r o o n l a n d , 100 - - - - - - - - -- - - - - - - - T o G e n o a — M a rc h 1—- B e r lin , l .o o o ; I t a l i a , 0 9 .) — M a r c h o

0 ,8 5 3
837
950
109

100

2 ,0 7 0
T o m m i e s — M a rc h 1 — B e r li n . 2 8 5 ; C a r m a n l a , 5 5 0 ; I t a l i a , 2 0 0
___M a r c h 5 — L u i s i a n a , 1 0 5 ---------------------------------------------- -1 .1 4 0
T o V e n ic e — M a rc h 5— A r g e n t i n a , 4 0 0 -----------------------------------------400
T o T r i e s t e — M a rc h 5— A r g e n t i n a , 5 0 ----------------------------- -G A L V E S T O N — T o L i v e r p o o l — M a rc h 7 — R o a t h , 1 3 ,4 8 8
-------* 3 ,4 8 8
T o M a n c h e s t e r — M a rc h 5 — M e rc e d e s d e L a r r i n a g a , 1 5 , 3 6 3 - - . - l o ,J 0 3
T o B r e m e n — M a rc h 1— R e l ia n c e , 1 1 ,2 0 2 ; S a n t a r e n , 6 , 0 5 1 ; W in d ­
s o r H a l l , 5 , 9 0 2 . . - M a r c h 4 — C l o u s h t o n , 1 4 ,5 3 2 . . M a r c h 5—
•>0,07o
R o y a l, 7 .5 2 9 .
M a r c h 6— S l g m a r l n g e n , 1 0 ,7 9 9 -------------T o H a m b u r g —M a r c h 1— J u r a , 7 , 2 0 3 .
M a rc h 5— E l le r tc , 1,999 9 ,2 0 2
T o R o t t e r d a m — M a rc h 1— S a n t a r e n , 9 1 7 . - ------------------------------H '
T o A n t w e r p — M a rc h 1— H o r n b y C a s t le , 2 , 4 6 1 ------ ---------------------- f , 4 P i
T o G h e n t — M a rc h 1— H o r n b y C a s tle , 5 , 7 8 4 . . -------- ------------------T o G e n o a — M a rc h 1— S i c a n l a , 9 . 0 2 5 ------------------------------------------T o N a p l e s — M a r c h 1— S i c a n l a , 100 . . . -----------------------------------10”
T E X A S C I T Y — T o L i v e r p o o l — M a rc h 6— E n g i n e e r , 1 2 ,5 2 0 ........... - 1
N E W O R L E A N S — T o L i v e r p o o l — M a rc h 7 — L o u i s ia n i a n , 4 , 0 0 0 . .
4 ,0 0 0
T o L o n d o n — M a rc h 2 — C r o w n o f C a s t il e , 7 4 3 -----------------------------'4 "
T o H a v r e — M a r c h 6— C a lif o r n io , 0 ,0 3 2 ---------------------- ---------------- V-032
T o H a m b u r g — M a r c h 5 — B r l s g a v l a , 1 ,8 2 1 . -------- ---------------n 'r - f i
*
T o B r e m e n — M a r c h 4 — J a p a n e s e P r in c e . 9 , 5 1 2 -------------------------T o R o t t e r d a m — M a rc h 4 — H a m m e r s h u u s , 3 0 2 -------------- --------- ­
---------4 ,3 1 0
T o V e n ic e — M a rc h 8 — M r a v , 2 , 3 1 9 -------------------------T o T r i e s t e — M a rc h 8 — M r a v , 2 ,0 5 0 — ------------ -------- -------- - “ , 0 .>o
T o G e n o a — M a rc h 4 — D o w la ls , 5 , 6 8 2 -------------- —
.....................
T o F l u m e — M a rc h 8 — M r a v , 6 1 1 ------------------------------------------------„
M O B I L E — T o H a v r e — M a r c h 1 — C e n t o , 9 .8 2 5
..........................
G U L F P O R T — T o B r e m e n — M a rc h 0— F e r n l e y , 7 ,7 .> 6 ................
7 >7 J0
S A V A N N A H — T o L i v e r p o o l — M a rc h 1— B a r b a r y , 0 , 3 0 4 . . - M a r c h
6— S t a n f i e ld , 8 , 4 5 1 ---------- --------- ------------------------------------------------- * 4 ,8 1 5
T o M a n c h e s t e r — M a rc h 0— T h e s s a l y , 10 4 0 1 . . ------------------------ 1 0 ,4 6 1
T o H a m b u r g — M a r c h 0 — E a s t w o o d , 2 . 1 5 3 ........ ....................... .............
4 ,1 0 5
T o B r e m e n — M a rc h 2 — H e r m , 8 , 0 2 3 ------------------------ -------------------- 8 ,0 2 3
'M ” V
T o T r i e s t e — M a rc h 5— J a d c v a , 3 , 1 0 0 . . .........................- .......................
o .o O l
T o G e n o a — M a rc h 5 — J a d e v a , 5 ,5 6 1 .............. ...............- .................. - - T o F l u m e — M a rc h 5— J a d c v a 1 5 0 . .
----lo 0
T o B o m b a y — M a rc h 1— B a r b a r y ,
1 , 3 5 0 .. .M a rc h
0— S ta n ­
f i e l d , - 9 5 0 ____ _______ _____________________________________________
2 ,3 0 0
B R U N S W I C K — T o B r e m e n — M a rc h 2 — G l e n a e n , 4 ,9 2 1 --------- . . .
4 ,9 2 1
W I L M I N G T O N — T o B r e m e n — M a rc h 4 — M a l t b y , 1 3 ,0 8 3 ---------------- 1 3 ,0 8 3
N O R F O L K — T o H a m b u r g — M a rc h 7 — S t e i c r m a r k , 2 7 5 . . .
--------275
B O S T O N — T o L i v e r p o o l — M a rc h 1— M ic h i g a n , 3 ,0 2 3
..
...
3 ,0 2 3
T o M a n c h e s t e r — M a r c h 1— B o s t o n ia n , 6 0 0
. . . ........ ..............
600
B A L T I M O R E — T o B e l f a s t — M a rc h 4 — A l l a n t o n , 4 0 0 ----------------------400
T o H a v r e — F e b . 28 — P h i l a d e l p h i a n , 1 , 0 0 0 ............................. ................
1 .0 0 0
"0 0
T o H a m b u r g — M a r c h 2 — B u l g a r i a , 3 0 0 . -------------- . . . ---------P H I L A D E L P H I A — T o A n t w e r p — F e b . 2 9 — M e n o m in e e . 5 4 7 -------.>47
S A N F R A N C I S C O — T o J a p a n — M a rc h 5— S i b e r i a , 8 , 6 1 9 ----------------- 8 ,0 1 9
S E A T T L E — T o J a p a n — M a r c h 2 — T a c o m a M a r u , 4 ,0 6 1 ---------------4 ,o u i

Spot.
M a rk e t,
12:15
I*. M .

Saturday.
1
|
J

D u ll.

M onday.

Tuesday■ Wednesday. Thursday.

Q u ie t.

F a ir
b u sin ess
d o in g .

M o d e ra te
dem and •

M ld .U p l’ds.

5-89

5-85

5-90

5-97

S a l e s _____
S p e c .& e x p .

5,0 0 0
500

6,000

7,000
500

8,000

Futures.

1,500

500

Friday.

F a ir
business
d o in g .

G ood
dem and6.03

5 -9 9 .

10,000
1.000

8,000
500
S te a d y a t
5 p o in ts
d ec lin e .

S te a d y a t
2 p o in ts
advance-

M a rk e t
opened

B a re lv s ty .
1 3(3)5 p ts .
, d e c lin e .

M a rk e t,
4
P . M.

F irm a t
F irm a t B a re ly s ty .
1 S te a d y a t
S te a d y a t
Q u ie t a t
3 54 @6 p ts . l@ 2 5 4 p ts . 4 54 @ 5 p ts- 9(3)10 p ts . 154@ 4 p ts . a t 1(3)154
a d v a n -e .
advance.
d e c lin e .
d e c lin e .
advance.
) d e c lin e .

Q u ie t a t
1 p o in t
d e c lin e .

Q u ie t a t
2 J4 p o in ts
advance.

S te a d y a t
4 @ 5 p ts .
advance.

B R EA D ST U FFS.

F r i d a y N i g h t , M a r c h 8 1912.
Flour lias sold more freely at the Northwest as well as in
St. Louis, and a fair business has bee.fi done here. At
Kansas City trade has been quiet. Prices have been firm
but despite the rise in wheat any attempt to advance prices
materially has caused lessened buying. The total output
at Minneapolis, Duluth and Milwaukee last week was
838,995 barrels, against 331,645 in the previous week and
297,235 last year. The sales have been estimated in most
cases at 75 to 100 per cent of the output, which is a notice­
able improvement, but the buying is still in small lots,
rather than in round quantities. Export trade has been
slow, though on Wednesday 4,000 barrels were sold at
St. Louis for foreign markets.
Wheat has advanced, mainly owing to a good cash de­
mand. At Minneapolis a better cash trade was reported
at lc. to lj^ c. over May for No. 1 Northern. It appears
that 500,000 bushels were sold there to go to Southern
Minnesota grinders. The stock there has decreased. Kansas
City reports that 700,000 bushels will be moved out of
store there within the next three weeks. At St. Louis
there was some increase in the demand for flour. On
Tuesday country millers bought 200,000 bushels in Kansas
City and 100,000 in St. Louis. The receipts at the North­
west have fallen off. The total American supplies includ­
ing Canadian, increased for the week 350,000 bushels
less than in the same week last year. It is true, on the
other hand, that crop advices have been generally favor­
able, both from the West and from Europe. The World's
stock, too, increased for the week 3,740,000 bushels, against
only 910,000 last year. The stock in the United States
is 66,982,000 bushels, or nearly 20,000,000 more than a
year ago and double what it was two years ago. The
2 7 3 ,3 5 5
T o ta l
World’s shipments have noticeably increased, reaching
The particulars of the foregoing shipments for the week, 10,208,000 last week, against 8,624,000 last year. Many
arranged in our usual form, are as follows:
preferred to await the Government report on farm reserves
Great F rench Ger- — O th .F u ro p e— M e. t.,
which was issued to-day. Private estimates have all been
B r ita in , po rts, m a n y . N o rth . S o u th . &c J a p a n . T o ta l.
1 3 ,1 1 5
much smaller than the total a year ago. Later in the week
837
1 .0 5 9
100 4 ,2 6 0
N e w Y o r k -------- 0 ,8 5 3
1 1 3 ,0 1 5
9 ,7 2 5
...
G a l v e s t o n ______ 2 8 ,8 5 1
0 o ,-7 7
9 ,1 6 2
the market became quiet and rather irregular, awaiting
1 2 ,5 2 0
T e x a s C i t y --------- 1 2 ,5 2 0
— - - - - ___ - - - ­
the Government report on farm reserves. Meantime, how­
3 3 ,1 3 2
III
0 ,0 3 2 1 1 ,3 3 3
3 6 - 1 0 ,6 6 2
N e w O r e a n s ___ 4 ,7 4 3
9
,8
2
5
M o b i l e _________
____
D ,8 2 5
......
.........
ever, the Northwestern stock has been steadily decreasing.
7 ,7 5 6
G u l f p o r t ...........
.........
.........
7 ,7 5 6
------Some Buenos Ayres dispatches state, too, that the quality
4 6 ,5 6 3
S a v a n n a h ______ 2 5 ,2 7 0
1 0 .1 7 0
- 8",8 ’l l 2 ,5 6 6
4 ,9 2 1
B r u n s w i c k ____
____
____
4 ,9 2 1
------of the wheat arriving there is unsatisfactory. Though
1 3 ,0 8 3
W i l m i n g t o n ------- ------------- 1 3 ,0 8 3
------Argentine shipments are increasing they are still much
275
N o r f o l k _________
---.
275
3 ,6 2 3
smaller than at this time last year. Stocks are decreasing
B o s t o n ________ 3 ,6 2 3
------------------1 ,7 0 0
B a l t i m o r e ______
400
1 ,0 0 0
300
------at Kansas City and St. Louis at a rate which attracts atten­
547
P h i l a d e l p h i a ----- ------------------J 47
8 ,6 1 9
. . . 8 ,0 1 9
tion. In three days the supply of No. 2 red fell off at St.
S a n F r a n c i s c o . . ------------------------4
,0
0
1
.
.
.
4
,6
0
1
S e a t t l e ------------- ------------------------Louis 50,000 bushels. The stock at Kansas City decreased
T o t a l ________ 8 2 ,2 0 6 1 7 ,6 9 4 1 1 4 ,1 8 0 1 0 ,1 7 1 33.404 2 ,3 0 0 1 3 ,2 8 0 2 7 3 ,3 5 5
in 48 hours 72,000 bushels. At Minneapolis millers and
LIVERPOOL.—By cable from Liverpool we have the fol­ elevator interests have been buying May wheat. Yet the
lowing statement of the week’s sales, stocks, &c., at that port: export business has been dull and though the receipts show
some recent decrease they are to all appearance large
Feb. 16.
F eb . 2 3 .
M c h . 1.
M ch. 8 .
enough to supply the current demand. To-day prices
5 7 ,0 0 0
4 8 ,0 0 0
4 4 ,0 0 0
6 3 .0 0 0
S a le s o f t h e w e e k ........... b a l e s .
6,000
5
.0
0
0
1,000
1,000
O f w h ic h s p e c u l a t o r s t o o k . .
hardly moved, everybody awaiting the Government report
2,000
3 ,0 0 0
3 .0 0 0
3 ,0 0 0
O f w h ic h e x p o r t e r s t o o k —
on farm reserves, which was not issued until the afternoon.
5 1 ,0 0 0
4 3 ,0 0 0
5 3 .0. 0. .0
3 8 ,0 0 0
S a l e s , A m e r i c a n ..............................
2 7 ,0 0 0
1 3 ,0 0 0
22,000
Prices receded. slightly. Yet the cables were higher and
120,000
1 1 6 ,0 0 0
9 2 ,0 0 0
the Minneapolis stock has during the week decreased 100,­
1 , 112,000 1 , 102,000 1 ,1 7 4 ,0 0 0
T o t a l s t o c k — E s t i m a t e d -------- 1 , 1 1 0 ,0 0 0
9
8
8
,0
0
0
9
9
3
,0
0
0
1
,0
0
7
,0
0
0
O f w h ic h A m e r i c a n -------------1 ,0 0 0 ,0 0 0
000 bushels, 24,000 bushels of No. 2 red were sold to export
1 3 3 ,0 0 0
1 3 4 ,0 0 0
1 7 5 ,0 0 0
T o t a l I m p o r t s u f t h e w e e k ___
1 9 5 ,0 0 0
and within a few days 32,000 bushels of Manitoba also for
100,000
1 0 3 ,0 0 0
1 5 7 ,0 0 0
O f w h ic h A m e r i c a n ________
1 6 7 ,0 0 0
4
1
0
,0
0
0
3 3 8 ,0 0 0
3 5 6 ,0 0 0
export. Farm reserves on March 1st, according to the
A m o u n t a f l o a t _________ ______ - 4 0 9 ,0 0 0
3 0 2 ,0 0 0
2 9 2 ,0 0 0
3 0 2 ,0 0 0
O f w h ic h A m e r i c a n ------------- 3 4 9 ,0 0 0
Government figures, turned out to be 122,025,000 bushels,
L I V E R P O O L S T O C K T A K I N G — A m e r i c a n I n c r e a s e , 1 1 ,4 6 6 ; B r a z il ia n
against 162,705,000 a year ago, 160,214,000 two years ago,
i n c r e a s e , 9 3 1 ; W e s t I n d i a n I n c r e a s e , 1 ,7 7 3 ; A f r i c a n I n c r e a s e , 1 ,1 8 9 ; t o t a l
and 143,692,000 in 1909, thus confirming the belief that
I n c r e a s e , 1 5 ,3 5 9 .
E g y p t i a n d e c r e a s e , 2 ,9 3 6 ; P c r u v a n d e c r e a s e , 9 1 6 ; E a s t
I n d ia n d e c re a s e , 439; to ta l d e c re a s e , 4 ,2 9 1 .
N e t i n c r e a s e , 1 1 ,0 6 8 .
farm reserves are unusually small.
YORK.
The prices for futures at Liverpool for each day arc given D A I L Y C L O S I N G P R I C E S O F WSHa t.E A TM oFnU. T TUuRes.E S WI Ned. NTEhW
u rs. F r i.
below. Prices are on the basis of upland, good ordinary N o . 2 r e d ________ ___________________ 1 0 0 1 0 5 X 105
1 0 5 5 4 106
10614
M a y d e l i v e r y In e l e v a t o r _________ 107 54 107
10614
1 0 7 1 4 1 0 714 10714
clause, unless otherwise stated.
J u l y d e l i v e r y In e l e v a t o r .
102 14 102 1 4 102 14
103 14 103
103
D A I L Y C L O S I N G P R I C E S O F W H E A T F U T U R E S I N C H IC A G O .
M on.

S a t.
12 541 12 54
p . m . | ) .m .

T ues.

W ed.

F r i.

T h u rs.

4
12 54 4
12 54
12 54 4
12 54 4
12 54 4
p . m . p .m . p .m . p . m . p . m . p . m . p . m . p .m . p m . p . m .

S a t.

M on.

M a y d e l i v e r y In e l e v a t o r _____
.1 0 4 14 103 54
J u l y d e l i v e r y In e l e v a t o r _________ 9 8 54
9 7 54
S e p te m b e r d e liv e ry In e le v a to r
. 96 U 9514

T u e s . W ed.

T h u rs. F r i.

103 54 104 14 103 14 103 14
9 7 54 08 14
9 8 1 4 98
9 514 96
951 4
9 5 54

Indian corn advanced for a time, then receded on better
weather, a lessened cash demand and freer marketing. It
is believed, too, that the farm reserves were under-estimated
54
in recent statements. Of late there have been expectations
54
that the Government figures^to be given out to-day would
54
54
approximate 900,000,000 bushels, against 1,163,000,000
bushels last year. ‘IfiThelworld’s shipments increased to 4,­
54
199,000 bushels.Bagainst 3,409,000 in the previous week.
The American visible supply, moreover, has increased 752,­
000 bushels, against a decrease in the same week last year
of 922,000 bushels. It is still 3,000,000 to 8,000,000 bushels
The tone of the Liverpool market for spots and futures smaller than at this time for the past two years, respectively;
each day of the past week and the daily closing prices of but, on the other hand, cash corn here is 24 cents a bushel
higher than at this time last year. This discounts a good
spot cotton have been as follows:
____ '5
____ 5
____5
____ 5
____ 5
____r>
____ 5
____ 5
____ 5
____ 5
____ 5
____ 5
____ 5
------ 5

01

67
02 54 66
61
02 54 66
67
00
67 54 69
02 54 04
04
07
70
0 5 54 69
70
04
07
05 54 69
04
05 54 68 54 70
67
06
67
04
01 54 63
0 0 54 63 54 05
01 54 59
62
63
57 54 59
00
62
50
57 54 61
59
56
57 54 60 54 02
59
57 54 00 54 62
50
59
58 54 01 54 63
57
00
59 54 02 54 04
58
01

05
05




54 7 3
54 73
74
54 70
54 70
75
54 73
71
54 09
08
08
08
09
70

54 77
54 7 7
54 78
7 9 54
7 9 54
54 79 54
7 0 54
71 5 4
54 73
72
71 54
71 54
72 54
7 3 54

75
75
7 5 54
7 0 54
7 6 54
70
7 3 54
7 1 54
70
08 54
08 54
08 54
09 54
7 0 J4

81
81
81 54
82
82
82
79
7 0 54
75
73 54
73 54
73 54
71 5 4
7 5 54

79
79
79
79
79
79
70
74
72
71
71
71
72
73

80
80
80
81
81
8 0 54
78
75
73 54
72
72
72
73
74

714

THE CHRONICLE

[VOL. LXXXXIV.

deal, even a llo w in g fo r an u n u s u a lly large consum ption fo r
T h e statem ents of the m ove m e nt of b readstulfs to m a rk e t
feeding due to the e xc e p tio n a lly
severe w in te r. B ig ind icated below are prepared b y us fro m figures collected b y
“ longs" have been selling. To-day large interests in the the N e w Y o r k Produce E xchange. T h e receipts a t W este rn
p ro visio n trad e b o ug ht a t a fra c tio n a l decline in futures, b u t la ke and r iv e r p o rts fo r the week ending last S a tu rd a y and
cash prices a t the W est were firm to j^ c . higher. F a rm re­ since A u g u s t 1 fo r each of the la st three years has been:
serves on M a rc h 1, according to G o ve rn m e n t figures, are
884,069,000 bushels, against 1,165,378,000 bushels a ye a r Receipts at— Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
ago, 977,561,000 tw o years ago and 1,047,763,000 in 1909.
bblS.HKilbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushAftlbs. bu .56 tbs.
T h is shows p la in ly enough th a t fa rm reserves are u n u s u a lly C h i c a g o ___
134,624
3 84,100
2 ,7 6 3 ,7 5 0
2 47,400
1,840,800
37,000
16,600
M ilw a u k e e ..
143,750
3 19,420
197,600
sm a ll.
183,000
29,700
D A IL Y C L O S IN G P R IC E S O F N O . 2 M IX E D C O R N IN N E W Y O R K .

S a t.

M on.

T u es.

W ed. T h u rs . F r i.
73%
74 %
74 3^

C a s h c o r n . - - - - - - - - - - - ...........................7 3 34
7 3 % 73 %
n o m . n o m . n o m . n o ra. n o m .
M a y d e l i v e r y In e l e v a t o r ------------------n o m .
D A I L Y C L O S I N G P R I C E S O F C O R N F U T U R E S I N C H IC A G O .

S a t.
M a y d e li v e r y in e l e v a t o r ------------------ 71 %
J u l y d e li v e r y In e l e v a t o r .............. ..
71%
S e p t e m b e r d e li v e r y In e l e v a t o r ____ 7 1 %

M on.

T iies.

71% 70%
7 1 % 71
7 1 % 71

W ed. T h u rs . F r i.
7 1%
71

71 %
71%
71%

71
71

71%
71%

Oats, lik e o th e r grains, have advanced, b u t have la t t e r ly
receded, o w ing to lo ng liq u id a tio n , b e tte r w ea th er and a
fa llin g off in the cash dem and, accompanied b y d eclining
cash prices. T h e n the visib le A m e ric a n su p p ly increased
fo r the week 1,353,000 bushels, against a decrease in the
same tim e la s t y e a r of 1,262,000 bushels. N o. 2 w h ite oats
here are 25 cents a bushel hig he r th a n a y e a r ago, som ething
w h ich in the ju d g m e n t of some ofFsets the fact th a t the visib le
s u p p ly in th e U . S. is 3,500,000 bushels less tha n a ye a r
ago. I t is a t the same tim e 5,500,000 la rg e r th a n a t this tim e
in 1910. To-day prices advanced, p a rtly on b u yin g b y v e ry
p ro m in e n t interests. M r. James P a tte n is g en e ra lly und er­
stood to have been b u y in g h e a v ily of la te. C o u n try houses
a t the W est were b u y in g Septem ber.
D A IL Y

C L O S IN G P R IC E S O F O A T S IN

S a t.

M on.

NEW

T u es.

YORK.

Wed. T h u rs. F r i.

60%
60
59%
59%
60
S t a n d a r d s ................................. - .................. 6 0 %
N o . 2 w h i t e _____________ __________ - 61
61
60%
60
60
60
D A I L Y C L O S I N G P R I C E S O F O A T S F U T U R E S I N C H IC A G O ,
r >i
S a t.
M o n . T u es. W ed. T h u rs. F r i.
M a y d e li v e r y in e l e v a t o r . . ................. 5 3 %
53
5 2 % 53
52% 52%
J u l y d e li v e r y l a e l e v a t o r ----------------- 4 9 % 4 9 %
4 9 % 49
48% 48%
S e p t e m b e r d e l i v e r y I n e l e v a t o r ------ 4 2 34 4 1 %
41% 41%
4 1 % 42

T h e fo llo w in g arc closing q u otation s:
FLOUR.
5 0 ® 53 75 K a n s a s s t r a i g h t s , s a o k s ? 4 9 0 @ 5 5 10
0 0 ® 5 15 K a n s a s c le a r s , s a c k s ___ 4 4 5 ® 4 60
5 0 ® 4 60 C i ty p a t e n t s ____________ 6 4 0 ® 6 70
0 0 ® 4 25 R y e H o u r ................................. 4 5 0 ® 5 2 0
3 5 ® 5 60 G r a h a m H o u r __________ 4 1 5 @ 4 60
9 0 ® 5 2 0 C o r n m e a l , k iln d r i e d ___ 3 6 5 ® 3 70
4 0 ® 4 7 5 j B u c k w h e a t , c w t _______ 2 7 5 ® 2 8 5
G R A IN .
C o rn , p e r b u s h e l—
W h e fio , p e r b u s h e l — t . o . b .
C ents.
N o . 2 ............................. f .o b .
N . S p r i n g , N o . 1 ......................51 25
74%
N . S p r in g , N o . 2 ...................... 1 2 0 35
S t e a m e r ____ e l e v a t o r
nom .
R e d w i n t e r , N o . 2 . . ............. 1 0 6 > ^
N o . 3 ________ e l e v a t o r
nom .
H a r d w i n t e r . N o . 2 ________ 1 1134 R y e , p e r b u s h e l—
N o . 2 W e s t e r n _______
O a t s , p e r b u s h e l, n e w —
C ents.
96
S t a n d a r d s _______________
6 0S t a t e & P e n n s y l v a n i a
N o m in a l
N o . 2 w h i t e __________________
6 0 B a r l e y — M a lt in g ...........51 2 2 @ 5 1 3 2
N o . 3 w h i t e __________________
59 3$

W i n t e r , lo w g r a d e s ____ 53
W i n t e r p a t e n t s _________ 5
W i n t e r s t r a i g h t s _______ 4
W i n t e r c l e a r s ___________ 4
S p r i n g p a t e n t s _________ 5
S p r lu g s t r a i g h t s ------------- 4
S p r in g c l e a r s ........... ............. 4

A G R IC U L T U R A L
D E P A R T M E N T ’S R E P O R T
ON
C E R E A L S T O C K S .— T h e A g ric u ltu ra l D e p a rtm e n t’s re p o rt
on cereal stocks, &c., was issued on M a rc h 8 as follows:
T h e C r o p R e p o r t i n g B o a r d o f t h e B u r e a u o f S t a t i s t i c s o f t h e U n ite d
S t a t e s D e p a r t m e n t o f A g r i c u l t u r e e s t i m a t e s , f ro m r e p o r t s o f c o r r e s p o n d e n ts
a n d a g e n t s , t h a t t h e Q u a n t i t y o f w h e a t o n f a r m s o n M a rc h 1 w a s a b o u t
1 2 2 ,0 2 5 ,0 0 0 b u s h e ls , o r 1 9 .6 % o f t h e 1911 c r o p , a g a i n s t 1 6 2 ,7 0 5 ,0 0 0 b u s h e ls ,
o r 2 5 .6 % o f t h e 191 0 c r o p o n f a r m s o n M a rc h 1 1 9 1 1 , a n d 1 6 0 ,2 1 4 ,0 0 0
b u s h e ls , o r 2 3 .4 % o f t h e 19 0 9 c r o p o n f a r m s o n M a r c h 1 1 9 1 0 .
A bout
56 1 % o f t h e c r o p w ill b e s h i p p e d o u t o f t h e c o u n ti e s w h e r e g r o w n , a g a i n s t
55 6 % of t h e 1910 c r o p a n d 6 1 .1 % o f t h e 1909 c r o p s o s h ip p e d .
i- ^ T h e q u a n t i t y o f c o r n o n f a r m s o n M a r c h l w a s a b o u t 8 8 4 ,0 6 9 ,0 0 0 b u s h e ls ,
o r 3 4 .9 % of t h e 1911 c r o p , a g a i n s t 1 ,1 6 5 ,3 7 8 ,0 0 0 b u s h e ls , o r 4 0 .4 % o f t h e
1 9 1 0 c r o p o n f a r m s o n M a r c h 1 1 9 1 1 , a n d 9 7 7 ,5 6 1 ,0 0 0 b u s h e ls , o r 3 8 .3 %
o f t h e 1909 c r o p o n f a r m s o n M a rc h 1 1 9 1 0 . A b o u t 2 0 .5 % o f t h e c r o p w ill
b o s h ip p e d o u t o f t h e c o u n ti e s w h e r e g r o w n , a g a i n s t 2 2 .9 % of t h e 19 1 0 c r o p
a n d 24 9 % o f t h e 1909 c r o p s o s h i p p e d . T h e p r o p o r t i o n o f t h e t o t a l 1911
c r o p w h ic h Is m e r c h a n t a b l e is a b o u t 8 0 . 8 % , a g a i n s t 8 6 .4 % o f t h e 1 9 1 0
c r o p a n d 8 2 .5 % o f t h e 19 0 9 c r o p .
T h e q u a n t i t y o f o a t s o n f a r m s o n M a rc h 1 w a s a b o u t 2 8 9 ,9 8 8 ,0 0 0 b u s h e ls ,
o r 31 4 % o f t h e 1911 c r o p , a g a i n s t 4 4 2 ,6 5 5 ,0 0 0 b u s h e ls , o r 3 7 .3 % o f t h e
191 0 c r o p o n f a r m s o n M a rc h 1 1 9 1 1 , a n d 3 6 5 ,4 3 2 ,0 0 0 b u s h e ls , o r 3 6 .3 % ,
o f t h e 1909 c r o p o n f a r m s o n M a rc h 1 1 9 1 0 . A b o u t 2 8 .8 % of t h e c r o p w ill
b e s h ip p e d o u t o f t h e c o u n ti e s w h e r e g r o w n , a g a i n s t 3 0 .6 % o f t h e 1 9 1 0 c r o p
a n d 3 2 .7 % o f t h e 19 0 9 c r o p s o s h i p p e d .
, ,
T h e q u a n t i t y o f b a r l e y o n f a r m s o n M a rc h 1 w a s a b o u t 2 4 ,7 6 0 ,0 0 0 b u s h e ls ,
o r 1 5 .5 % o f t h e 1911 c r o p , a g a i n s t 3 3 ,4 9 8 ,0 0 0 b u s h e ls , o r 1 9 .3 % o f t h e 1910
c r o p o n f a r m s o n M a rc h 1 1 9 1 1 , a n d 4 2 ,6 0 2 ,0 0 0 b u s h e ls , o r 2 4 .6 % o f t h e
1 9 0 9 c r o p o n f a r m s o n M a r c h 1 1 9 1 0 . A b o u t 5 7 .2 % w ill b e s h ip p e d o u t o f
t h e c o u n ti e s w h e r e g r o w n , a g a i n s t 5 0 % o f t h e 19 1 0 c r o p a n d 5 2 .5 % o f t h e
19 0 9 c r o p s o s h ip p e d .

As of in te re s t in connection w ith this re p o rt, we g ive below
a s ta te m e n t covering the stock of corn on M a rc h 1 fo r a
series of years, as made up b y us fro m the A g ric u ltu ra l D e­
p a rtm e n t’s figures:
C orn.

P roduct of
P rev io u s Y ear.
B u sh els.

M a r c h 1 9 0 1 ____________ 2 ,1 0 5 ,1 0 2 ,5 1 6
1902
..........1 ,5 2 2 ,5 1 9 ,5 9 1
1903
____ 2 ,5 2 3 ,6 4 8 ,3 1 2
1904
____ 2 ,2 4 4 ,1 7 6 ,9 2 5
> .4 6 7 ,4 8 0 ,9 3 4
1905
_
1906
. .,- 2 ,7 0 7 ,9 9 3 ,5 4 0
1 8 0 7 ................. . - . 2 ,9 2 7 , 4 1 6 ,0 9 1
1908
_ . - - 2 ,5 9 2 , 3 2 0 ,0 0 0
1909
. .- .2 ,6 6 8 ,6 5 1 ,0 0 0
1 9 1 0 . . = ------ .- - 2 ,5 5 2 , 1 9 0 ,0 0 0
1911
_ .- - 2 .8 8 6 , 2 6 0 ,0 0 0
1912
_ ...2 ,5 3 1 ,4 8 8 ,0 0 0

On H a n d
M arch 1.
B u sh els.

P er
C ent.

C onsum ed or
D istrib u ted .
B u sh els.

7 7 6 .2 0 0 .0 0 0
4 4 3 .4 5 7 .0 0 0
1 .0 5 0 .6 0 0 .0 0 0
8 3 9 .0 5 3 .0 0 0
9 5 4 .2 6 8 .0 0 0
1 ,1 0 8 ,0 0 0 ,0 0 0
1 ,2 9 8 ,0 0 0 ,0 0 0
9 6 2 .4 2 9 .0 0 0
1 .0 4 7 .7 6 3 .0 0 0
9 7 7 .5 6 1 .0 0 0
1 .1 6 5 .3 7 8 .0 0 0
8 8 4 .0 6 9 .0 0 0

3 6 .9
2 9 .2
4 1 .6
3 7 .4
3 8 .7
4 0 .9
4 4 .3
3 7 .1
3 9 .3
3 8 .3
4 0 .4
3 4 .9

1 ,3 2 8 ,9 0 2 ,5 1 6
1 ,0 7 9 ,0 6 2 ,8 9 1
1 ,4 7 3 ,0 4 8 ,3 1 2
1 ,4 0 5 ,1 2 3 ,9 2 5
1 ,5 1 3 ,2 1 2 ,9 3 4
1 ,5 9 9 ,9 9 3 ,5 4 0
1 ,6 2 9 ,4 1 6 ,0 9 1
1 .6 2 9 .8 9 1 .0 0 0
1 .6 2 0 .8 8 8 .0 0 0
1 .5 7 4 .6 2 9 .0 0 0
1 .7 2 0 .8 8 2 .0 0 0
1 .0 4 7 .4 1 9 .0 0 0

T h e stock of w h ea t on M a rch 1 fo r 12 years is shown in the
subjoined table:
'

P roduct o f
P rev io u s Y ear.
B u sh els.

‘ W h ea t.
M a r c h 1901
1902
- ........
1903
1904
.........
1905
........
1906
____
1907
..
i g 0 8 ____________
1909
____
1910 ......................
1911
1912
.........




5 2 2 ,2 2 9 ,5 0 5
7 4 8 ,4 6 0 ,2 1 8
6 7 0 ,0 6 3 ,0 0 8
6 3 7 ,8 2 1 ,8 3 5
5 5 2 ,3 9 9 ,5 1 7
6 9 2 ,9 7 9 ,4 8 9
7 3 5 ,2 6 0 ,9 7 0
6 3 4 ,0 8 7 ,0 0 0
6 0 4 ,6 0 2 ,0 0 0
6 8 3 ,3 5 0 ,0 0 0
6 3 5 ,1 2 1 ,0 0 0
6 2 1 ,3 3 8 ,0 0 0

On H a n d
M a rch 1.
B u sh e ls.

Per
C ent.

C onsum ed or
D istrib u ted .
B u sh els.

1 2 8 ,1 0 0 ,0 0 0
2 4 .5
1 7 3 ,7 0 0 ,0 0 0
2 3 .2
1 6 4 ,0 0 0 ,0 0 0
2 4 .5
1 3 2 ,6 0 8 ,0 0 0
2 0 .8
1 1 1 ,6 5 5 ,0 0 0
2 0 .1
1 5 8 ,4 0 3 ,0 0 0
2 2 .9
2 0 6 ,6 4 4 ,0 0 0
2 8 .1
1 4 8 ,7 2 1 ,0 0 0
2 3 .5
1 4 3 ,6 9 2 ,0 0 0
2 1 .6
1 6 0 ,2 1 4 ,0 0 0
2 3 .4
1 0 2 ,7 0 5 ,0 0 0
2 5 .6
1 2 2 , 0 2 5 ,0 0 0 _ 1 9 . 0

3 9 4 ,1 2 9 ,5 0 5
5 7 4 ,7 6 0 ,2 1 8
5 0 6 ,0 6 3 ,0 0 8
5 0 5 ,2 1 3 ,8 3 5
4 4 1 ,3 4 4 ,5 1 7
5 3 4 ,5 7 6 ,4 8 9
5 2 8 ,6 1 6 ,9 7 0
4 8 5 ,3 4 6 ,0 0 0
5 2 0 ,9 1 0 ,0 0 0
5 2 3 ,1 3 6 ,0 0 0
4 7 2 ,4 1 6 ,0 0 0
4 9 9 ,3 1 3 ,0 0 0

2 2 ,850

M in n e a p o lis.
T o l e d o ..........
D e t r o i t ..........
C le v e la n d . .
S t. L o u is __
P e o r i a ..........
K a n s a s C ity .

162,413
1 ,470,130
58.000
18,166
3 ,975
135,600

6,535
708
5 2 ,390
3 8 ,500

T o ta l w k . ’12
S a m e w k. ’l l
S a m e w k . ’10

142,35.'.
248.960
33,000
22,257
52,327
3 8 0,800
86,600
197,400

4,292
199,640

3,134
16,250

106,800

143,900
126,000
69,25$
3 4 ,620
3 99,600
319,567
607,900

s ib 200

3 ,6 0 0

2 ,494,934
1 ,793,215
4 ,2 3 7 ,4 3 0

4 ,7 8 4 ,0 1 5
3 ,9 4 0 ,4 2 6
4 ,6 7 6 ,8 0 5

3,1 8 8 ,1 0 3
2 .3 7 7 ,6 7 0
3 ,6 5 7 ,5 6 8

099,132
870,7 Go
1,744,189

92,884
96,120
142,789

12.000

272,807
276,500
405,917

1,000

2,200

S in ce A u g . 1
1 9 1 1 - 1 2 ... 7 ,516,213 188,736,365 131,089,934 96,8 6 7 ,3 2 4 53,4 4 4 ,4 4 0 6,636,663
1 9 1 0 - 1 1 ... 10,134,608 165,373,070 199,731,826 129,675,656 5 0 ,028,511 4,029,922
k* 1 909-10__ 13,618,910 194,565,787 116,922,308 3 4 ,4 1 4 ,1 4 4 5 7 ,8 2 2 ,1 6 2 5,24 4 ,1 8 8

T o ta l receipts of flo u r and g ra in a t the seaboard p o rts fo r
th e week ended M a rc h 2 1912 follow :
Flour,

Receipts at—
bbls.
N ew Y o r k ................. 143,958
B o s t o n . . . ...............
2 4 ,955
P o r tla n d , M e_____
8,000
P h i l a d e l p h i a _____
40,684
B a ltim o r e ..................
4 8 ,i3 7
N ew O rlea n s * ____
31,93 i
N e w p o rt N e w s ___
1,600
G a lv e s to n .....................................
M obile____________
3 ,0 0 0
M o n tr e a l....................
7 ,326

Wheat,
bush.

Corn,
bush.

298,400
134,998
193,000
142,528
40,497
48,600

Oats,
bush.

3 49,875
119,609
14.000
108,821
574,401
235,400

Barley,
bush.

Rye,
bush.

3 99,550
82,177

152,516

5,750

1 3 L 934
108,312
03,000

1,000

3 3 '6 oo

9 .000
3 .0 0 0
2 2 ,7 0 6

14,936

86.000

4 6 ,4 7 1

T o ta l w eek 1 9 1 2 .. 358,591 1,437,494
1,500,106
S in ce J a n . I 1 9 1 2 ..2 ,8 0 1 ,3 0 8 10,052,478 1 7 ,669,116
W eek 19 1 1 .
4 0 3,260 1 ,113,590 2 ,5 5 8 ,2 8 0
S ince J a n . 1 19 1 1 . .3 ,2 0 8 ,2 9 0 7 ,$ 8 5 ,6 9 5 2 7 ,4 5 0 ,5 3 6

14,686

8 0 7,679 168,452
5,8 9 3 ,6 1 7 1905,637
656,434
57,246
8 ,4 2 0 ,2 2 8 1038,133

20,436
110,429
3,450
18,580

T h e e xp o rts fro m the several seaboard p o rts fo r the week
ending M a rc h 2 are shown in the annexed statem ent:
Wheat,

Corn, Flour,

Oats,
bush.

Exports from —
bush.
bush.
bbls.
N ew Y o rk ______ 255,823
400,527 70,075
P o r tla n d , M e ___
193,000
14,000
8,0 0 0
B o s to n ................... 240,925
103,257 10,304
P h i l a d e l p h i a ____
4 0 ,000
197,000 51,000
B a ltim o re ...............
03,706 1,237,491 14,931
N ew O r l e a a s -----12,500
60,000
9,429
N e w p o rt N e w s.........................
8 6 ,000
1,600
M o b ile .........................................
8 ,0 0 0
3 ,0 0 0
T o ta l w e e k ------1,307,052 2 ,1 0 1 ,2 7 5 2 2 0,939
W eek 1 9 1 1 ...........1,257,287 3 ,3 7 3 ,9 2 3 193,171

Rye,
bush.

Barley,
bush.

20,565

Peas,
bush.

17,000

1,574

3% 100

1 3 ,5 7 i

55 ,6 6 5
3 ,8 0 0

_____ 30,571
.............................

2,074
1,850

T h e d estin atio n of these exp o rts fo r the week and since
J u ly 1 1911 is as below:
- Flour -

Since
J u ly 1

Week
Exports tor week and! Mch. 2.
Since J u ly 1 to —
bbls.

1911.

bbls.

U n ite d K in g d o m .. .1 2 6 ,5 2 6 3 ,2 7 4 ,4 7 5
C o n t in e n t .................. . 28,985 1,342,066
S o u . & C e n t. A n ier’. 47,555
739,922
W e st I n d ie s ............. . 2 5 ,606
881,983
B r it. N o r. A m . Colsu
3 6 ,0 4 6
O th e r C o u n t r i e s .. . _ 1,267
220,697

■Wheat—
Since
J u ly 1

Week
M ch. 2.
bush.

1911.

bush.

938,203 3 7 ,3 9 4 ,3 6 9
3 57,249 2 4 ,2 4 7 ,5 8 9
11,000
528,922
1,500
12,588
2 3 .000

----------- Corn-------------

Since
J u ly 1

Week
M ch. 2.
bush.

1911.

bush.

842,773 1 1 ,281,148
13,714
28,040
400
1,762

760,817
1 ,353,258
13,278
25,434

T o t a l .......... ..............2 29,939 6,495,189 1,307,952 02,206,468 2,10 1 ,2 7 5 27,303,540
T o ta l 1 9 10-11______193,171 6 ,104,993 1,257,267 3 8 ,0 9 8 ,1 9 0 3 ,3 7 3 ,9 2 3 3 2 ,804,277

T h e w o rld ’s shipm ents of w heat and corn fo r the week
ending M a rc h 2 1912 and since J u ly 1 1911 and 1910 are shown
in the fo llo w ing :
Wheal.
Exports.

N o rth A rner.
R u s s i a ..........
D a n u b e ___
A rg e n tin a . .
A u s t r a l ia . . .
I n d i a ______
O th . c o u n tr ’s

1911-12.

Week
M ch. 2.

Since
J u ly 1.

Since
J u ly 1 .

Week
Melt. 2.

Bushels.

Bushels.

Bushels.

Bushels.

3 .6 8 8 .0 0 0 120,156,000 8 6 .017.000 1.904.000
1.384.000 5 9 .8 3 6 .0 0 0 152,744,000 1.462.000
680,000 5 6 .2 5 7 .0 0 0 7 2 .056.000 8 33,000
1.576.000 2 9 .2 9 0 .0 0 0 4 3 .434.000
1.600.000 3 6 .6 8 4 .0 0 0 3 2 .2 8 0 .0 0 0
1,104,000 3 1 .0 3 4 .0 0 0 3 2 ,0 0 0 ,0 0 0
176,000
7 ,4 5 3 ,0 0 0
0 ,154,000

T o t a l ____1 1020S0Q0

Since
J u ly 1.
Bushels.
2 1 .8 1 4 .0 0 0
3 0 .9 2 5 .0 0 0
5 2 .9 0 7 .0 0 0
60,000

Since
J u ly 1 .
Bushels.
3 0 .0 8 2 .0 0 0
10.721.000
18.891.000
8 8 .390.000

10,760,000 124,721,000 1,199,000 108.706,000 118,034,000

T h e q u a n tity of w heat and corn a flo at fo r E u ro p e on dates
m entioned was as follows:
Corn.

Wheat.
United
Kingdom.

Continent.

Total.

Bushels.
Bushels.
M ch. 2 1 9 1 2 .. 24.7 5 2 .0 0 0 10 , 688,000 3 5 .4 4 0 .0 0 0
F e b . 24 1 9 1 2 .. 22.6 5 6 .0 0 0 10 ,000,000 3 2 .3 5 6 .0 0 0
Bushels.

M ch. 4 1 9 1 1 .. 21.4 8 8 .0 0 0 28.0 3 8 .0 0 0 •19,570,000
M ch. 5 1910
29.6 8 0 .0 0 0 15.360.000 4 5 ,040,009
M ch. 6 1909. 13.520.000 24.0 8 0 .0 0 0 57.6 0 0 .0 0 0

United
Kingdom.

Continent.

Total.

Bushels.

Bushels.

Bus-els.

4 .1 4 0 .0 0 0
5.2 0 2 .0 0 0
4.2 7 6 .0 0 0
2 .3 8 0 .0 0 0
2.7 2 0 .0 0 0

6.0 7 7 .0 0 0 10.217.000
5 (559,000 10.761.000
6 .290.000 10.566.000
2 .8 0 5 .0 0 0 5 .18 5 .0 0 0
2 .5 5 0 .0 0 0 5 .27 0 .0 0 0

T h e visib le su p p ly of g ra in , com prising the stocks in
g ra n a ry a t p rin c ip a l p o ints of accu m u latio n a t la ke and
seaboard ports M a rc h 2 1912, was as follows:
C A N A D IA N G R A IN S T O C K S.

In Thousands.

Canadian Bonded
Wheat. Wheat,
buih. bush.

M o n treal ............
26
P o r t A r t h u r .........................5,283
F o r t W illia m .................... 10,142
"
a llo a t.................. 5 ,330
O th e r C a n a d ia n ............... 4,776
T o ta l
T o ta l
T o ta l
T o ta l

M ch.
F eb .
M ch.
M ch.

2
24
4
5

1 9 1 2 .-2 5 ,5 3 7
1 9 1 2 ..2 4 ,0 0 9
1 9 1 1 .. 9,539
1 9 1 0 .. 10,784

____

Canadian Bonded
Corn. Oats. Oali.
bush. bush. bush.
3

258
1,491
2,209
82
1,621

3
2
9
31

5,061
4,938
6,579
297

Canadian Bonded
Rye. Burley. Barley,
bush. bush.
bush.
____

87

____

U N I T E D S T A T E S G R A IN S T O C K S .

I n Thousands.

Am er. Bonded
Wheat. Wheat,
bush. bush.

N ew Y o r k ..............................1,154
B o s to n ________________
3
H
P h ila d e lp h ia . ................
B a l ti m o r e ______________ 1,045
8
N ew O r l e a n s .....................
G a l v e s t o n ................
167
B uffalo _________
1,605
“
a flo a t............... 1,719
T o le d o ________________ 1.351
.

T o ta l M ch.
T o ta l M ch.

Ill Thousands.

M ch.
F eb.
M ch.
M ch.

7,671

2,053

587

2
24
4
5

509
148
218
2,080
448

324

265

'3 6 3
180
168
129

'1 7 6
214
. . . .

.5 7 ,0 8 0
.57,5 7 3
.3 9 ,8 6 8
.2 5 ,7 8 3

T o ta l M ch.

Am er. Bonded
Corn. Oats. Oats.
bush. bush. bush.

12

126
13,773
999

.

O m a h a ..........

T o ta l
T o ta l
T o ta l
T o ta l

326
365
136
104

.. . .

—

46
190

111

'4 2 8

503
1,364
491
464
1,540

2,951
3,709
183
1,483
244
1,795
247
134
622
34
1,453

3,184 14,256 14,366
2 ,0 5 8 13,601 13,992
11,804 15,520
14,357 9,039
SUM M ARY.

Bonded
Wheat. Wheat.
bush.

135
59

Am er. Bonded
Rye. Barley. Barley,
bush. bush. bush.
____
6
92
3

1

122

1

54
80

548
393

'1 04

131

'1 0 4

'184
264
189
692
24

57
129

Corn.
bush.

____

285
275
—

. . . .

5',276

120

18,662
2,404
3,947
14

S t. L o u is ___
V a g s a s C ity .
P e o r i a ............

—

122

1,014

342

8

_____
_____

3
28

96

1,003
1,047
251
734

2,615
2,659
1,341
2,917

—

1,394
948
_____

Bonded
Oats. Oats.
bush. bush.

..5 7 ,0 8 0
..2 5 ,5 3 7

3,184 14,256 14,366
3 5,661

1,394

1912 82,617
1912 81,582
1911 49,407
1910 .36,5 6 7

3,184 14,259 20,027
2 ,0 5 8 13,603 18,928
11,813 2 2 ,099
14,388 9,336

1,394
948

25
_____

585
593
_____

Bonded
R ye. Barley. Barley
bush. bush. bush.
1,003
—

—

2,615
87

1,003 2,702
1,017 2,746
25 L 1,420
734 2,965

585
585
593

_____

TH E DRY GOODS TRADE.
N e w Y o r k , F r i d a y N i g h t , M a r c h 8 1012.
In most divisions of the dry goods market the situation
remains firm, with buyers daily gaining more confidence in
values and increasing their orders against future require­
ments. In staple cottons commission houses have received
substantial orders on standard lines of sheetings, both brown
and bleached, as well as all descriptions of cotton wash
dress fabrics. As stocks in the hands of jobbers and retail­
ers are very low, very prompt deliveries are being urged in
most cases. Retailers are ordering more freely in order to
meet the spring and early summer demand, and, with low
supplies, this buying bids fair to continue well through the
season. Several new lines of dress goods have been opened
during the week by prominent factors, with prices much
higher than last season. The new lines are very extensive,
and manufacturers, evidently expect a good demand through
the coming fall and winter. In print cloths, orders are com­
ing through steadily on moderate lots and mills are very
firm in their price ideas. Many buyers arc, however, still
restricting their orders to immediate requirements, in the
hope of more attractive prices later. Export. demand has
improved considerably, orders have been received for addi­
tional supplies of standard drills for India, and some very
substantial orders have been placed on sheetings for China
account. Yarn buyers are complaining of the excessive
prices named by spinners and are buying only when supplies
are needed at once. While many accuse spinners of unduly
advancing prices, the latter claim that they are only en­
deavoring to secure values which will net them a reasonable
margin of profit. Owing to the scarcity of stocks, any fluc­
tuation in the market for raw material continues to make it­
self immediately felt, and spinners arc at sea as to what
they may have to pay for raw material in the future. The
coal strike in Croat Britain has caused a suspension of opera­
tions in the linen mills at Belfast, which will tend still fur­
ther to delay receipts of linens in this market. As deliver­
ies were already behind and stocks are very low, buyers are
displaying considerable anxiety as to covering their spring
and early summer requirements. Importers arc warning
linen buyers to secure whatever is available at present in the
market, as they cannot promise to make deliveries with any
degree of certainty. Woolens and worsteds continue to
work into a stronger position, several prominent lines being
completely sold up and withdrawn, llie bulk of the de­
mand is for high-grade, well-styled goods, manufacturers of
the lower grades not doing so well. Labor conditions at
Lawrence, Mass., have improved considerably during the
week. More operatives are daily returning, and with the
American Woolen Company’s offer of a 7% increase in wages
late in the week, much hope is held forth for an early settle­
ment of the difficulties.
DOMESTIC COTTON GOODS.—-The exports of cotton
goods from this port for the week ending March 2 were 14,222
packages, valued at $1)05,095, their destination being to the
points specified in the table below:
1 9 1 1 ---------

S in c e
N ew Y o rk to M a rch 2 —
W eek. J a n . 1.
G re a t l i r l t a l n . . -------- -----------------------------187
717
O t h e r E u r o p e --------------------------------------------C h i n a ---------------- -----------------------------------------I n d i a _____________________________________
A r a b i a -------------- — -------------------------------A f r ic a - - ........... - --------- -------------------------------W e s t I n d i e s .........M e x ic o - .....................
C e n t r a l A m e r i c a ---------------------------------- - - S o u t h A m e r i c a -----------------------------------------O t h e r C o u n t r i e s ---------------------------------------T o ta l

715

THE CHRONICLE

Mar . 9 1912.]

fi
------2 ,4 5 5
4 ,2 2 8
879
1 ,7 1 1
30
404
1 ,4 9 0
2 ,8 3 2

___________________ ______________ 1 4 ,2 2 2

118
9 .7 4 5
4 ,2 5 2
0 ,2 2 9
2 ,9 9 3
1 0 ,7 3 8
597
3 .0 2 9
1 2 ,4 1 2
1 0 ,8 5 8
6 4 ,6 8 8

W eek.

S in c e
J a n . 1.

409
1 ,2 2 4
1 ,8 5 1

154
13 5
9 ,5 0 3
3 ,0 9 0
6 ,7 1 1
797
7 ,0 1 0
3 42
3 ,4 5 6
1 1 ,0 6 1
7 ,9 3 7

6 ,9 1 7

5 0 ,1 9 6

49
34
283
1 ,4 5 5
355
1 ,1 9 2

65

(iRTlie value of these New York exports since Jan. 1 has been
$4,818,480 in^!912,Iagainst^$3,771,999 in 1911.




Business in domestic cottons is of fair volume, and while
markets hold strong, further advances are looked for. The
fact that mills at Lawrence have deemed it necessary to ad­
vance wages, in order to settle the labor troubles, is taken to
mean that the increase in cost of production will have to be
accounted for in the form of higher prices for goods. At the
present basis of operations, manufacturers have complained
about the narrow margin of profits, and if they are now com­
pelled to pay more to keep their mills running, they will have
to exact higher prices for their goods or else cease production.
General advices from Western and Southern points tell of
steadily improving conditions, with many jobbers, owing to
depleted stocks, anxious to secure prompt shipments of
goods that are not due until the middle of the current month
or the first of April. Bleached cottons are in steady demand
and several advances have been announced. Staple ging­
hams arc taken freely, with a number of the leading brands
decidedly scarce, both in first and second hands. Brown
cottons are also active and sales are said to have been of large
enough proportions to take care of the possible output of
many lines for the next four or five weeks. Prices for brown
sheetings have been advanced J^c. a yard to a basis of 5 % c .
for 4-yard standard construction. Wash fabrics , which
have been more or less neglected as compared with other
lines of goods, are receiving more attention. This trade,
particularly in northern sections of the country, has been
hampered by the severe cold weather, but late mail advices
report increasing activity among buyers. The distribution
of blankets and napped goods has been large, and prices have
ruled firm. Tickings, drills and denims are in good request
for immediate use, while a steady demand is noted for cotton
goods for export account, with India a buyer of drills. Print
cloths and convertibles are firmly held and substantial sales
have been made for both prompt and future delivery. Gray
goods, 38J^-inch standard, are quoted firm at 4}^c.
WOOLEN GOODS.— Men’s wear and dress goods markets
are active, with many of the large producers reported sold
ahead for some months to come. The tendency of values is
upward, a number of lines of fancy men’s wearopened lately
having been priced higher than a year ago. Reports from
Lawrence are more encouraging and the general feeling is
optimistic.
FOREIGN DRY GOODS.— No abatement is noted in the
demand for linens, which continues to grow, especially for
stock goods. Orders for prompt delivery as a rule are small,
but they are so many in number that the aggregate of busi­
ness is satisfactory. The English coal strike has caused con­
siderable anxiety, as it will no doubt have its effect in delay­
ing shipments. It is hoped there will be a quick settlement
of the difficulties. A good business is being transacted in
burlap futures, but spot goods are still scarce and prices very
firm. Lightweights are quoted 6 to 6.25c. and 10^-ounce
6.90 to 7c.
Importations and Warehouse Withdrawals of Dry Goods.
a
a
2
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716

THE CHRONICLE
P a g e.

3

£ Ite

(& h v o

PUBLISHED WEEKLY.
T e rm s o£ S u b s c rip tio n — P a y a b le In A d v a n c e
F o r O n e Y e a r ...................................................................................................................... $ 1 0 0 0
F o r S i x M o n t h s ....................................................................................................................
6 00
E u r o p e a n S u b s c r i p t i o n ( in c l u d i n g p o s t a g e ) ....................................................... 1 3 0 0
E u r o p e a n S u b s c r i p t i o n s ix m o n t h s ( in c l u d in g p o s t a g e ) .............................
7 50
A n n u a l S u b s c r i p t i o n i n L o n d o n ( i n c l u d i n g pi s t a g e ) ...................................£ 2 1 4 s .
S i x M o n th s S u b s c r i p t i o n i n L o n d o n ( in c l u d i n g p o s t a g e ) ...........................£ 1 11 s.
C a n a d i a n S u b s c r i p t i o n ( in c l u d i n g p o s t a g e ) ................ ..................................... $ 1 1 5 0

S u b s c r ip tio n in c lu d e s fo llo w in g S u p p le m e n ts —

(3

B a n k a n d q u o t a t i o n (m o n th ly ) I R a h w a y a n d I n d u s t r ia l
tim e s y e a r ly )
R a i l w a y K a i o i .v o s (m o n th ly )
E l e c t r ic R a il w a y
tim e s y e a r ly )
S t a t k a n d C i t y (s e m i-a n n u a lly ) | B a n k e r s ’ C o n v e n t io n ( y e a r ly )

(3

T e rm s o f A d v e rtis in g — P e r I n c h S p a c e
T r a n s i e n t m a t t e r p o r i n c h s p a c e ( 1 4 a g a t e l i n e s ) ............................................... $ 4 2 0
( T w o M o n th s
(•< t i m e s ) ................................... 2 2 0 0

S ta n d in g B usiness Cards <
) S ix M o n t h s

/ooHH?68! ............................. ko

( 2 0 t i m e s ) ................................... 5 0 0 0
' T w e l v e M o n th s ( 5 2 t i m e s ) ................................... 8 7 0 0
O H I C A O O O F F I C E —P l i n y B a r t l e t t ,5 1 3 M o n a d n o c k B l o c k ; T e l .H a r r i s o n 4012.
L O N D O N " O F F I C E — E d w a r d s & S m i t h , 1 D r a p e r s ’ O a r d e n s , E . C.
W IL L IA M
IS . D A N A C O M P A N Y , P u b l i s h e r s ,
P . O. B ox 9 5 8 .
F r o n t. P in o a n d D c p e y s te r S ts ..
N ow Y o rk ,

M U N IC IP A L B O N D

SALES

IN

FEBRUARY.

D u rin g F e b ru a ry $28,546,021 p e rm a n e n t and $30,089,663
te m p o ra ry loans w ere negotiated b y m u n ic ip a litie s in the
U n ite d States. I n the D o m in io n of Canada $2,684,128
debentures were disposed of.
I n the fo llo w in g we fu rn is h a com parison of a ll the va rio u s
form s of o b ligatio ns p u t o u t in F e b ru a ry of the last five years:
1012.
1911.
1010.
1900.
1908.
$
$
$
§
§
P e r m a n e n t loan* (U . S .)_ 28.548.021 2 2 ,1 5 3 .1 4 8 1 8,604,453 1 7 ,941,816 60,914,174
T e m p o ra ry loans (U . S . ) .3 0 .0 8 9 ,6 6 3 12,990,054 2 2 ,7 2 1 ,8 4 5 3 1 ,0 4 9 ,0 8 0 7,5 1 6 ,0 6 7
C a n a d ia n loans ( p e r m a n ’t) 2 ,6 8 4 ,1 2 8
9 0 3 ,8 4 6 1,472,233 2 ,7 5 7 ,3 7 0 1,633,259
B o n d s o f U . S. Possessions ................................................................... 3 ,0 0 0 ,0 0 0
.................
T o t a l .................................... 61,31 9 ,8 1 2 3 6 ,0 4 7 ,0 4 8 42,7 9 8 ,5 3 1 5 4 ,7 4 8 ,2 6 6 70,0 6 4 ,0 0 0

T h e la rg e r and m ore im p o rta n t issues included in o u r lis t
of p erm a n e n t bonds sold last m o n th are as follows: $9,390,­
000 43^s of Los Angeles, Cal. (sold a t p riv a te sale); $1,800,­
000 4s of A lle g h e n y C o u n ty, P a.; $1,200,000 6s of M ississippi
C o u n ty D raina g e D is tric t N o. 9, A r k . ; $1,170,000 5s of San
Francisco, Cal.; $545,000 4}<£s of B uffalo , N . Y .; $538,500
4 j^ s of O m aha, N eb.; $500,000 4s of C uyahoga C o u nty, Ohio;
$500,000 4s of P o rtla n d , O re.; $490,000 4)^s of H a m ilto n
C o u n ty , Te n n .; $377,000 4 ^ s of San Jose, Cal.; $369,000 5s
of T rin id a d , Colo.; $324,000 43^s of K e a rn e y , N . J.; $300,­
000 5s of Lew is C o u n ty, W a sh ., and $300,000 5s of S io u x
F a lls , So. D a k .
T h e nu m b e r of m u n ic ip a litie s p lacing long-term bonds and
th e nu m b e r of separate issues m ade d u rin g F e b ru a ry 1912
were 231 and 293, resp e ctively. T h is contrasts w ith 280 and
398 fo r J a n u a ry 1912 and w ith 270 and 357 fo r F e b ru a ry 1911.
F o r c o m p a rative purposes we add the fo llo w ing table,
show ing the o u tp u t of long-term issues in this c o u n try fo r
F e b ru a ry and the tw o m on ths fo r a series of years:
Month 0/
February.
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902

....................$28,314,021
.................... 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
................... 12,614,459

For the
Two Months
$51,3 5 8 ,5 6 7
100,663,423
34,923,931
4 7 ,2 6 0 ,2 1 9
7 1 ,8 5 7 ,1 4 2
4 7 ,7 0 5 ,8 6 6
3 6 ,6 9 8 .2 3 7
17,746,884
3 1 ,7 9 5 ,1 2 2
2 1 ,0 9 2 ,7 2 2
23,5 3 0 ,3 0 4

Month 0 /
February.
1 9 0 1 ............... . . $4,2 2 1 ,2 4 9
1900 ............... . . 5 ,137,411
1899 ............... . . 7,0 3 8 .3 1 8
1898 .......... .. . . 9 ,3 0 8 ,4 8 9
1897 ............... . . 12,676,477
1896 ............... . .
4,4 2 3 ,5 2 0
1895 ............... . . 5 ,7 7 9 ,4 8 6
1894 ............... . . 11.966,122
1893 ............... . . 5 ,0 7 1 ,6 0 0
1892 ............... . . 7,7 6 1 ,9 3 1

For the
Two Months
$ 13,462,113
25,511,731
13,114,275
17,456,382
23,0 8 2 ,2 5 3
10,931,241
16,111,587
19,038,389
10,510,177
14,113,931

I n the fo llo w in g table we g ive a lis t of F e b ru a ry loans to
the a m o u n t of $28,546,021 issued b y 224 m u n ic ip a litie s . I n
the case of each lo an reference is made to the page in the
‘C h ro nicle” w here an account of the sale is g iven.
FEB RU A RY

P age

N am e.

BOND SA LES.

R a te .

M a tu r ity .

1914
7 1 9 . A d a m s C o u n t y , N o . D a k ________ 7
5 7 6 . A l b a n y , O r e ___ _______ __________ 5
d l9 2 1 - 1 9 3 1
1942
5 0 3 . A l l e g h e n y C o u n t y , P a ____________ 4
5
646.
6 4 6 ..
A n d e rs o n C o u n ty . T e x a s _ 5
(1193 2 -1 0 5 2
5 7 7 ..
A n d r e w s C o . C o m .S . D . N o . 2 ,5T e x .d l9 2 2 - 1 9 3 2
5 7 7 ..
A r g e n t a , A r k __________ ___ 5 )4
1 9 1 3 -1 9 1 5
5 7 7 ..
A rm s tro n g C o u n ty C o m . S c h .
5
d l9 1 7 -1 9 3 2
6 4 6 ..
A u b u r n , N . Y _________ _ 4 )4 1 9 1 2 -1 9 3 1
5 0 3 ..
A v a l o n , N . J _____________ 5
1942
5 0 3 ..
B a l n b r l d g e , G a . (4 I s s u e s ) _________
5
5 7 7 . . B a k e r C i ty , O r e _________________ 6
d l9 1 3 - 1 9 2 2
7 1 9 . - B a k e r C i ty , O r o _______ ______ ___ 6
d l 9 1 3 -1 9 2 2
5 7 7 ..
B a r b e r t o n C i ty S . D .. O h i o 4________
)4
5 7 7 . - B a y C ity I n d . S c h . D l s t . , T e x a s 5
d l 9 1 7 -1 9 5 2
5 7 7 . - B a y o u B i jo u D r . D l s t . , L a ____ 5
1 9 1 6 -1 9 3 1
6 4 6 - .B a y v l e v v , I d a h o _________________ 5
5 7 7 ..
B e e C o u n t y C o m . S c h . D l s t.
N o . 14, T e x a s ________________ 5
d l9 1 7 -1 9 5 2
6 4 6 ..
B e l g r a d e , M o n t ................
6
d l9 2 2 -1 9 3 2
646.
4
577.
5
(1192 2 -1 9 5 2
5 0 3 . . B e t h a n y & P i n e R i v e r ’ U n io n
1927
4 )4
577.
6
d l9 1 4 - 1 9 1 7
646.
1927
4 )4




A m o u n t.

P ric e.

$ 3 5 ,0 0 0
7 5 ,0 0 0

1 0 1 .6 0
1 0 0 .9 8

3 0 ,0 0 0
1 5 0 ,0 0 0
1 ,5 0 0
3 0 ,0 0 0

1 0 4 .4 0
100
100
1 0 0 .1 0

4 ,5 0 0
3 0 ,4 6 0
1 5 ,0 0 0
1 0 0 ,0 0 0
3 ,9 2 3
7 9 ,3 8 7
4 8 ,0 0 0
4 ,0 0 0
6 0 ,0 0 0
3 ,5 0 0

100

1 0 ,0 0 0
1 1 ,5 0 0
1 0 0 ,0 0 0
4 ,0 0 0

100
1 0 1 .7 5
1 0 0 .6 8
100

8 ,0 0 0
5 0 ,0 0 0
2 5 ,0 0 0

100
1 0 3 .5 2

1 0 0 .7 5
1 0 3 .5 0
100
1 0 0 .5 3
1 0 6 .0 4
100

[VOL. LXXXXIV
N am e.

R a le .

M a tu r ity .

1 9 1 3 -1 9 2 2
6 4 6 ..
B o is e C i ty , I d a h o (2 I s s u e s ) _7
5 0 3 ..
B o l li n g e r C o u n t y , M o _________ 6
«1914
7 1 9 ..
B o n d T o w n s h i p , 111___________ 6
1 9 1 4 -1 9 2 1
1 9 2 0 -1 9 2 1
6 4 6 . - B o w l i n g G r e e n , O h i o _____________ 4
5 7 7 . . B o w m a n C o u n t y , N o . D a k ____ 6
1915
5 0 3 ..
B r a i n t r e e , M a s s .................................4
1 9 1 2 -1 9 2 1
(2 1 9 3 2 -1 9 5 2
7 1 9 . _ B r o w n w o o d , T e x a s ______________ 5
4 2 8 . - B u f f a l o , N . Y . (4 I s s u e s ) ________ 4 X
____
7 1 9 ..
B u f f a lo , N . Y . .................................. 4
1 9 1 3 -1 9 2 2
4 2 8 . . B u r r O a k , K a n s _______ ______ ___ 5 )4
1932
7 1 9 ..
B u t t e S c h . D l s t. N o . 1, M o n t . . 4 )4 d 1 9 2 2 -1 9 3 2
5 0 3 ..
B y e r s I n d . S c h . D l s t . , T e x a s . . 5 d 1 9 3 2 -1 9 5 2
4 2 8 - - C a n a j o h a r l e , N . Y _____________ 4 )4 ______________

A m o u n t.
P r ite .
$ 6,000 100
8,000 1 0 1 .9 *
4 ,0 0 0
1 3 ,5 0 0
3 5 .0 0 0
1 5 .0 0 0
1 5 .0 0 0
5 4 5 ,0 0 0
2 4 ,2 6 0
2 5 .0 0 0
5 0 .0 0 0

12.000

lO O " "

10 1 .1 0

1 0 1 .8 5
1 0 2 .4 0 3

100

1 0 2 .5 0

fob""""

100
J 6 .5 0 0
( 2,000
10 1
7 1 9 . . C a p e M a y C o u n t y , N . J ________ 4 )4
19171922
'6 ,0 0 0 1 1 0 0 .7 5
7 1 9 . . C a p e M a y C o u n t y , N . J ________ 4 )4
19181937
1 0 ,0 0 0 J t O l 0 1 .5 0
5 7 7 . . C h a f f e e U n . H ig h S . D ., C a l . . . 5
1 9 2 0 -1 9 5 1
1 0 0 ,0 0 0
1 0 4 .4 6 1
503 . - C h a m p a i g n C o u n t y , O h i o _______4
1 9 ,4 8 0
100
5 7 7 . . C h i c a g o , I I I .— S o u t h P a r k D l s t . 4
9 0 .0 0 0
9 9 .8 5
646
C h lU I c o th e , M o ...... ............................... 5
1932
1 0 .0 0 0
10 1
5 0 3 . . C l a r k C o . S . D . N o . 6 , W a s h . . 4 )4
1932
1 0 0 ,0 0 0
100
7 2 0 . . C l e b u r n e , T e x a s ...................................5
d 1 9 3 2 -1 9 5 2
1 7 8 .0 0 0
1 0 2 .5 3
5 7 7 . C o r p u s C h r ls tI , T e x a s __________ 5
d l9 3 .2 r l9 5 2
1 5 0 .0 0 0
101
6 4 6 . C o w d e n S c h . D l s t . , I l l _________ 5
192 7
10,000 1 0 1 . 1 2 . ■#
5 0 3 . - C r e s s k l ll , N . J ...................................... 5
191319 2175 .0 0 0
1 0 1 .2 5
646
C u y a h o g a C o u n t y , O h i o ____i _ _ 4
5 0 0 .0 0 0
1 0 0 .8 9 1
646
' a 1933 " "
D a l la s , T e x a s ____________________4 )4
100.000 1 0 1 .4 1
7 2 0 . . D a l l a s S . D . N o . 6 9 , S o . D a k ___ 6
192 7
10.000
7 2 0 . D e c a t u r , T e x ____________________ 6
d 1 9 2 2 -1 9 5 2
8,000
7 2 0 . . D e n t o n C o u n t y , T e x a s _________ 5
(1192 2 -1 9 5 2
7 5 .0 0 0
6 4 6 . D e s A lo ln e s , I o w a ______________ 5
1 9 1 4 - 1915
4 1 .0 0 0
100
5 0 4 - D l m m l t C o . C o m .S .D .N o . 2 ,T e x . . .
d 1 9 2 2 -1 9 5 2
5 .0 0 0
100
5 7 7 - D r y a d S c h . D l s t . , W a s h .................5
(1 1 9 1 3 -1 9_2 7
6 ,5 0 0
720 . D u m o n t , I o w a __________________ 5 )4 (1 1 9 17-1922
7 .0 0 0
4 2 8 . E a s t P a l e s t i n e V lll. S . D .. O h io . 5
5 0 ,0 0 0
1 1 0 .0 7
720
. 5
d l 9 2 2 -1 9 5 2
4 0 ,0 0 0
1 0 1 .5 1 2
578
. 5
1 9 2 2 -1 9 3 2
2 5 ,0 0 0
1 0 0 .1 0
578
. 4
1922
2 1 5 ,0 0 0
1 0 3 .6 0
504 . . F a l m o u t h , K y .
. 5
1 9 1 7 -1 9 3 1
7 ,5 0 0
102
428
. 5
1927
1 0 ,0 0 0
1 0 3 .4 5
504.
d l9 3 2 -1 9 5 2
. 5
5 ,0 0 0
100
429.
d l 9 3 1 -1 9 5 1
. 5
1 2 ,0 0 0
100
578.
1942
. 6
8 0 .0 0 0
1 0 2 .3 4 7
504.
. 5
d l 9 1 7 -1 9 3 2
2 ,0 0 0
100
578.
. 4
2 5 ,0 0 0
1 0 0 .1 0 4
647.
4 )4 1 9 3 1 -1 9 4 0
1 0 0 ,0 0 0
1 0 5 .5 3 1
647.
. 5
01914
6 ,3 6 0
1 0 1 .5 9
5 7 8 . . F u l t o n S p e c . I t . D ., M o ________. 5
1 0 0 ,0 0 0 1 /1 0 0 .7 5 5
6 4 7 . - G a ll i p o ll s , O h i o ................... ............... 4
192 2
1 8 ,0 0 0
1 0 0 .5 2 2
5 0 4 . .G a lv e s to n C o u n ty C o m . S c h .
5
d l9 1 7 - 1 9 3 2
3 ,0 0 0
100
5 0 4 . - G a lv e s to n C o u n ty C o m . S c h .
D ls t. N o . 1 2 , T e x a s _________ 5
d l9 2 2 - 1 9 3 2
2 ,3 0 0
100
7 2 0 . - G o r e e I n d . S . D . , T e x ___________ 5
(11931-1951
1 2 ,0 0 0
6 4 7 . - G o w r i c , I o w a ------------------ --------- -- 5
d 1 9 2 2 -1 9 3 2
3 ,9 0 0
98
578.
4
1 9 2 2 -1 9 2 3
4 5 ,0 0 0
1 0 0 .0 3 4
429.
4 )4
1 5 ,0 0 0
1 0 0 .4 2
429.
5 0 ,0 0 0
4 H
1 0 2 .4 8 9
5 0 4 . .G u n te r I n d . S c h . D ls t., T e x a s . 5
d l9 2 2 -1 9 5 2
4 ,2 0 0
100
G 47.
5
1936
1 0 0 ,0 0 0
100
578.
5
1942
1 4 3 ,0 0 0
1 0 1 .3 5
578.
193 2
4 Vx
6 5 ,0 0 0 )
578.
4H
1942
7 5 ,0 0 0 \ 1 0 0 .8 7 4
578.
1942
4 H
3 5 0 ,0 0 0 J
21.
5
1 9 1 2 -1 9 2 1
7 ,0 0 0
1 0 3 .4 5 3
504.
2 0 ,0 0 0
4 )4
1 0 1 .4 0
6 4 7 . . H a r r i s b u r g , P a ____________
2 0 ,8 0 0
Par
5 0 4 - H a r r i s C o . C o m .S .D .N o . 2 ,
5
1932
2 ,0 0 0
100
647 .H e lb lg S c h . D ls t., T e x a s .
2 5 .0 0 0
100
504
4 .3 0
1923
2 0 .7 3 8
505
19 2 7
4X
5 5 ,0 0 0
721 . . H o u s t o n C o u n t y , T e x . (2 Iss u e s ) 5
1 7 4 ,0 0 0
505
4
2 0 ,0 0 0
1 0 0 .3 0
647
5
d l9 3 2 -1 9 4 2
1 3 0 ,0 0 0
100
578
4 X
4 0 ,0 0 0
578
4 )4
3 4 ,1 0 0
578
5
1932
9 ,5 0 0
100
505 .I t h a c a , N . Y .
4
01927
5 0 .0 0 0
721
6
(11916-1921
1 0 ,0 0 0
1 0 2 .5 6 5
647
4 .4 0 1 9 1 3 -1 9 2 2
3 6 ,6 5 5
100
647
4 .4 0 1 9 1 3 -1 9 2 2
3 0 ,3 3 9
1 0 0 .2 4
647
1 9 1 3 -1 9 2 5
2 6 ,0 7 5
4 )4
100
647 ..J e f f e r s o n C o u n ty , I n d .
5 ,0 4 8
1 0 1 .2 8 7
429
3 0 ,0 0 0
4 )4
1 0 1 .6 6
647
3 7 ,5 0 0
1 0 2 .1 3
4 )4
505
6
1 9 1 3 -1 9 2 2
2 0 ,2 3 4
1 0 0 .5 0
647
3 2 4 ,0 0 0
1 0 2 .1 9 2
4 )4
721.
3 0 ,0 0 0
100
5 ,4 d l 9 2 1 - 1 9 3 l
5 0 5 - . K l n g C o . S . D . N o . 8 3 , W a s h . . 5 4 d l 9 1 3 -1 9 2 2
4 ,0 0 0
100
721
6
4 0 ,5 0 0
578.
1 9 1 3 -1 9 2 2
4 4
5 ,0 0 0
1 0 3 .0 3
505­
5
1 0 0 ,0 0 0
100
578.
4
1942
1 0 0 .0 0 0
1 0 1 .6 6 7
578.
6
7 ,0 0 0
1 0 1 .5 0
721.
5
3 0 0 ,0 0 0
1 0 4 .1 1 4
6 4 7 . -L e w isto n ,
5
d l9 2 2 - 1 9 3 2
2 3 .5 0 0 1/101.68
721.
5
1931
1 5 ,0 0 0
647.
6
1932
1 0 ,0 0 0
1 0 2 .8 8
505.
6
01925
1 5 0 ,0 0 0
1 1 0 .2 3 *
505.
4 4
3 ,0 0 0 ,0 0 0
505_
4 4
3 ,5 0 0 ,0 0 0
505.
4 ,0 1 4 ,4 0 0
4 4
721 .
5
d l9 3 1 - 1 9 5 1
1 4 ,0 0 0
6 4 8 . L o u i s v il le , N e b ------------------------ 5
1 6 ,0 0 0
7 2 1 . L o w e ll, M i c h ________ __________
1 3 ,0 0 0
1 0 1 .0 0 7
4 4
5 0 5 . L y f o r d I n d . S c h . D ls t. T e x a s
5 ,0 0 0
d l9 3 2 -1 9 5 2
100
505.
a !9 1 7
5 ,0 0 0
5
1 0 4 .0 7 5
5 0 5 . M c L e n n a n C o. C om . S . D . N o.
6 3 . T e x a s ................... ...................... 5
2,000 100
7 2 1 ..
M a d is o n C o u n t y , O . (10 I s s u e s ) . 5
3 5 ,3 4 0
1 0 2 .6 6 2
1917
5 7 8 ..
M a d is o n C o u n t y , O h io (2 Iss u e s ) 5
20,000 1 0 4 .9 1
a 1923
5 7 8 ..
M a g n o lia , O h i o ..... ...........................4 )4
10,000 1 0 3 .0 1 7
a l9 2 4
6 4 8 ..
M a lv e r n , O h i o _______________ 4 )4
1 8 ,5 0 0
1 0 3 .9 6
5 7 8 . - M a n c h e s t e r , G a .............. .................... 5
1 9 3 2 -1 9 4 1
1 5 .0 0 0
9 8 .5 8
1op?
4 2 9 ..
M a n c h e s t e r I n d . S . D ., I o w a _4 )4
2 4 .0 0 0
1 0 0 .7 5
d l 9 2 2 -1 9 3 2
7 2 1 _ _ M a n it o u S c h . D l s t . , C o lo _______5
5 7 8 . - M a n i to w o c , W Is _________________ .
d l 9 2 1 -1 9 5 1
7 2 1 . . M a r l i n , T e x a s ------------------------------. 5
1 0 ,0 0 0 1 0 0
1 9 1 3 -1 9 3 3
5 7 8 ..
M a s s e n a , N . Y _______________ 4 )4
K,
3 0 ,0 0 0
4 2 9 ..
M a x w e l l s . D . N o . 7 , N e b . ......5 5
2 0 ,0 0 0
100
d l 9 1 3 -1 9 2 2
505. .
M e d f o r d , O r e . . __ ___________ 6 6
100
2 2 ,0 0 0
1942
5 7 8 ..
M e rc e r C o u n t y , N . J --------------4
. 4
1 8 ,0 0 0 £ 1 0 0
1932
5 7 8 ..
M e rc e r C o u n t y , N . J --------------4
. 4
7 ,3 7 5 £ 1 0 0
1942
6 4 8 ..
M e r c e r C o u n t y , N . J _________4 4
1 5 .5 0 0 £ 1 0 0
5 7 8 . . M i l w a u k e e , O r o _________________ 6
1921
100
1 6 .0 5 4
7 2 2 ..
M in n e s o t a (11 I s s u e s ) ............... 4 4
100
1 7 ,9 9 0
5 7 9 ..
M is s is s ip p i C o . D r . D l s t . .N o . 9 ,
A r k ...... ............................... ..
’ 6
1 0 0 .1 0
----------------- 1 ,2 0 0 .0 0 0
579.
- M i s s o u la C o u n t y , M o n t ___
101
4 )4 d l 9 2 2 - 1 9 3 2
1 0 0 ,0 0 0
6 4 8 ..
M o lin e , 111____________________ 55
1 0 4 .8 4 4
1 0 0 ,0 0 0
648. .
M o n r o e v ille , O h io (2 I s s u e s ) _5 5
1 9 1 3 -1 9 2 2
1 0 3 .3 9
8 ,4 3 9
5 7 9 ..
M o s e ly C r e e k D r . D ., N o . C a r o6. 6 1 9 1 5 -1 9 2 4
1 0 0 .8 0 5
4 5 ,0 0 0
5 0 6 . - M o u n t a i n G r o v e , M o ____________ 55
d l 9 1 7 -1 9 3 2
1 0 0 .2 8 5
2 0 ,0 0 0
4 3 0 ..
M o u n t V e r n o n , N . Y ...................... 4 )4
1 0 0 .8 8 3
19 1 5
1 3 5 ,0 0 0
648. .
M u r r a y , K y . _ .....................................
5 7 9 . - N a s h C o u n t y , N o . C a r . (4 Iss u e s ) 66
1942
6 5 ,0 0 0
3 6 9 . - N e w C a s t le , I n d ...................................4 4
1 0 0 .0 5
2 5 ,0 0 0
1 0 1 5 -1 9 2 4
5 0 6 . - N e w L o n d o n , C o n n . ........ ............... 44 X
5 0 ,0 0 0
1 0 3 .0 7
6 4 8 ..
N o r t h T a r r y t o w n , N . Y _____ 44.2.200
7 2 ,0 0 0
1 0 0 .0 7 8
(21934
5 7 9 ..
0 . a h a , N e b . (4 I s s u e s ) .................44 )4
5 3 8 ,5 0 0
1 0 1 .3 3 7
)4
579. .
0 . a n g e C o u n t y , T e x a s ............. 5
d l9 2 2 -1 9 5 2
2 0 0 ,0 0 0
100
5 7 9 . - P a d u c a h , T e x a s (2 I s s u e s ) _____ 5 5
94
d l9 2 2 - 1 9 5 2
3 7 ,0 0 0
648. .
P a r k t o n G r a d e d S . D ., N o . C a,r o6. 6
1 2 ,5 0 0
5 7 9 ..
P i c k a w a y T w p . S . D . , O h i o _4 )4
((1922
1 0 3 .7 6 1
4 )4
3 0 ,0 0 0
5 7 9 . - P l n e v l l l e , L a _____________ _______ 55
19 5 2
100
9 ,0 0 0

1

P a g e.

N am e.

R a te .

M a tu r ity .

1 9 1 7 -1 9 3 1
f2 2 _ _ P ln e y D r a in a g e D is tr ic t, A r k —
0
8 4 8 ..
P l a i n C i ty VU1. S . D . , O h i o ------------- \ Y i
""b Io m ””
6 4 8 . . P l a in f ie l d , W i s ---------------------------- 4 .4 9
5 0 6 ..
P l a n t e r s v l l l c I n d . S . D „ T e x . . . d l9
5 1 0 -1 9 3 1
19126 4 8 ..
P o r t e r C o u n t y , I n d ---------- 4 ) 4
1937
5 7 9 . - P o r t l a n d , O r e ------------------------------ 4
<11913-1922
7 2 2 . - P o r t l a n d , O r e ------------------------------ 6

P ric e.

A m o u n t.
$ 6 5 ,0 0 0
2 .5 0 0
2 ,9 0 0

2,000

1 0 5 .6 7 ”

100
100

100
19215 ,8 0 0
9 5 .5 8
5 0 0 .0 0 0
7 4 8 ,6 3 9 / 100 t o
l 1 0 2 .5 1
120.000 1 0 3 .3 9 3
19 2 2
5 7 9 . P o u g h k e e p s i e , N . Y . (2 I s s u e s ) . 4 ) 4
99
4 1 .5 0 0
5 8 0 . R i c h m o n d , V a ---------------------------- 4
2 8 ,0 0 0
1931
«
6 4 8 . R i d d l e , O r e . (2 I s s u e s ) ................. ..
11,00
0
1 0 3 .0 8 1
a
1
9
2
2
-1
9
4
4
R i p l e y , W . V a ...................................... ®
722
100
d l 9 2 2 - 1 9 4 2 j 1 3 0 .0 0 0
1VI.. Y
V _____________ _____ 4
5 0 6 - - R o 'c h e s t e r , N
100.000 10 0 .10 1
99
1 8 ,0 0 0
1
9
2
3
4
)*
6 4 9 . - S a c C o u n t y , I o w a ...........................1 0 0 .3 9 2
2 5 .5 0 0
6
6 4 9 . - S t . J o h n s , O r e ------100,000 1 0 0 .3 0
1 9 1 4 -1 9 1 9
5 0 6 . - S t . L o u ts C o . S . D . N o . 3 5 . M in n . 5
100
2 ,6 3 9
19 1 8
430.
- S a l a m a n c a , N . Y ------------- 4 .7 0
1 0 4 .7 8
5 5 .0 0 0
3 6 9 - . S a I e m , O h i o -------------------------------- 4 Yi
1 0 2 .6 0
3
0
.0
0
0
1
9
2
7
-1
9
4
2
6
5 8 0 . - S a n B e n i to , T e x . - - - - - 7 - - - - - - 1 0 6 .0 4 4
,1
7
0
,0
0
0
5
5 0 6 - - S a n F r a n c i s c o , C a l. (3 I s s u e s ) - 1 0 0 .3 3 3
3 7 7 .0 0 0
19131952
5 0 6 . - S a n J o s e , C a l - - - - - - - - - - .............. 4 ) 4
2 5 .0 0 0
d l9 2 5
5 0 6 - - S a n t a A n a G r. S . D .. C a l . ............ 5
200.000 1 0 2 .4 6 ”
506- S a n t a A n a H . S . D ., C a l . - -5 - - - 3 .0 0 0
1 9 2 1 -1 9 2 6
6 4 9 _ S c o t l a n d N e c k O r . S . D .. N o .C a . 6
9 8 .8 4 ’
1 5 .0 0 0
1927
506.
- S h e l b y , N o . C a r . . .............. 5
100,000 1 0 1 .5 1 1
723. .
5 h e l b y C o u n t y , T e n n ......... 4 ) 4
1 0 1 .4 3 3
3 0 0 .0 0 0
580 . - S i o u x F a l js , S o D a k ------------------ 5
109
5 0 .0 0 0
d 1 9 2 7 -1 9 4 2
849 - - S m y t h C o u n t y , V a . - - - - - - - - - - 6
20.000 1 0 4 .2 5
19 3 2
4 3 0 S o u t h Z a n e s v il le S . D .. O h t o . . 4 ) 4
9 4 ,8 9 0
7 2 3 . S p o k a n e , W a s h . (7 I s s u e * ) ............ 6
102.02
5 0 .0 0 0
6 49 - - S p r I n g f l e ld , O r e ........... ........................
100
5 .0 0 0
507- S p u r I n d . S . D ., T e x a s ....
10.000 1 0 0 .5 0
19 3 2
5
507.
- S t a t e s v i l l e , N o . C a r ...............................
..........................
1 0 0 .3 3
1 9 1 3 -1 9 1 6
1 .5 0 0
6
723. .
5 t o d d a r d S c h . D l s t . , C a l - ---------------------------------106
1 0 5 .0 0 0
19 4 4
6 e s)
580 .
- S u m m e r s C o ., W . V a . (2 Issu
1 0 0 .7 1
20,000
1942
5
6 4 9 - - S y l v e s t e r . G a -----------------------------100
2 5 .0 0 0
1931
580 - _ T a l l h t n a , O k l a .............. ..................- - 6
1 0 1 .6 8 9
4 5 .0 0 0
580. T a m a q u a , P a ------------------ 4 ) 4 d l9 2 2 - 1 9 4 2
100
1 9 1 3 -1 9 1 7
1 1 ,8 0 0
7 2 3 - . T a m p I c o , I I I -------------------------------- 5
20.000 100
5
5 0 7 . - T e x a s C i ty I n d . S . D . . T e x a s —
7
5
.0
0
0
581. T o p e k a , K a n ........................
10 1.20
3 6 9 .0 0 0
d l 9 2 2 -1 9 3 2
5 0 7 . - T r i n i d a d , C o l o ---------------------------- 5
100
6 6 7 ,6 6 7
5
----------------6 4 9 . - T u l s a C o u n t y . O k l a - - - ------ -- —
10 1.6 8
9
,4
0
0
4
)
4
5 8 1 - - U h r l c h s v l l l e , O h io (2 I s s u e s ) - - 9 5 .8 3
12.000
d l9 2 1 -1 9 3 l
5 8 1 - - U n l o n . O r e . - - - - - - ............................ 5
1 0 5 .8 0 2
7 5 .0 0 0
1942
607 - . U n I o n C o u n t y . N . J -------------------- 4 ) 4
1
0 4 .6 0
5
0
.0
0
0
d
l
9
2
6
5 8 1 - - U n l v e r 8l t y P l a c e s . D ., N e b ------1 0 0 .0 9
2 2 ,6 2 9
4 3 1 - - U t l c a . N . Y .......................................... 4 ) 4
5 0 .0 0 0
5 0 7 - - V a n N u y s S . D ., C a l ......... ............... 5
9 8 .4 6
3 2 .5 0 0
d l9 1 7 -1 9 3 2
6 4 9 - .V e r m I l l I o n , S o . D a k - ------ - - - - ­ 5
1 0 1 .0 3 8
1 7 .0 0 0
(11920
5 8 1 - . V e r n o n T w p . S . D . N o . 7 ,M I c h . 4 )4
9 9 .0 2
4 0 .0 0 0
1932
5 8 1 - . W a l l a W a ll a , W a s h ........................... 4 Yi
1 0 9 .3 3
1 5 .0 0 0
649. .
W a r r e n , O h i o ........................... 4 )4
102 8 5
2 ,6 0 0
d"l 9 1 7 -1 9 3 2
5 8 1 - . W a r r e n C o u n t y , M is s — - - - - - - 5
1 0 0 .3 3
5 0 .0 0 0
7 2 3 ..
W a s a t c h C o . I I . S . D lst.-, U 5t a h . d l 9 1 7 - 1 9 3 2
8 .5 0 0
6 4 9 - - W a s e o a , M in n --------------------------1,2001
1 9 1 5 -1 9 1 7
4 )4
431.
- W a s h i n g t o n C . I I . . O h o . ...................
191219 1 61 ,5 0 0 / 1 0 0 .3 2
4 3 1 . - W a s h i n g t o n C . H . , O h i o ................. 4
1 0 2 .2 8 6
19131932
11.00 0
649 . - W a t e r t o w n . S o . D a k .........................
4 0 .0 0 0 1 0 6 .0 3 7 5
6 4 9 - - W e l d o n , N o . C a r ..............................1
8
.0
0
0
1
9
2
1
-1
9
3
2
507.
- W e s t A llis , W l s ....................
1 0 0 .3 3 4
3 8 .0 0 0
1 9 1 7 -1 9 3 5
508.
- W h i t e P l a in s , N . Y ............
100
9 .0 0 0
581.
- W h ite S a lm o n , W a s h . . 6
1 0 5 .1 6
9
0
.0
0
0
” 'a l 9 3 4 ’
6 4 9 - . W o o d l a n d H . S . D ., C a l - - ------- 5
1 0 0 .3 6
1 .5 0 0
1 9 1 2 -1 9 1 6
6 4 9 . - W o o s t e r , O h i o ---------------------------- 4 ) 4
1 0 0 .0 8 2
200.000
1922
582.
- W o r c e s t e r , M a s s ---------- 3 ) 4
T o t a l b o n d s a le s f o r F e b r u a r y 1 9 1 2 (231 m u n ic ip a l! t i e s , c o v e r i n g 2 9 3 s e p a r a t e I s s u e s ) ------------------------ /c5 2 8 ,t> 4 o .u ^ r

a A v e ra g e d a te of m a tu rity ,

d S u b j e c t t o c a ll I n a n d a f t e r t h e e a r l i e r
y e a r a n d m a t u r e In t h e l a t e r y e a r
fc N o t 1a '; 1“ d,l n , 5 3 ?,• 9 8 9 ’®6q
, ‘
o o r a r y l o a n s r e p o r t e d , a n d w h ic h d o n o t b e lo n g In t h e l is t, x t a k e n b y
s in k i n g f u n d a s a n I n v e s t m e n t , y A n d o t h e r c o n s i d e r a t i o n s .
R E V IS E D T O T A L S F O R P R E V IO U S M O N T H S .

T h e fo llo w in g item s included in o u r to tals fo r previous
m onths should be e lim in a te d fro m the same. W e g ive the
page nu m b e r of the issue of o u r paper in w hich the reasons
fo r these e lim in a tio n s m a y be found.
P age.

N a m e of M u n ic ip a lity .

6 4 6 - - A n d e r s o n C o u n t y , T e x a s ( J a n u a r y l i s t ) - - - ....................................
6 7 7 . - B l y t h e S c h o o l D i s t r i c t . C a l. ( J a n u a r y l i s t ) . . ..............................
7 8 0 - - H a y v v a r d s , C a l. ( J a n u a r y l i s t ) - - - - ...................................................
7 2 1 - - S l o u x F a l ls . S o . D a k . ( J a n u a r y lis t)
............................................6 4 9 - . T u l s a C o u n t y , O k l a . ( S e p t e m b e r l i s t ) ----------------------------------649 - - V e r m I l lI o n , S o . D a k . ( A u g u s t l i s t ) -----------------------------------6 4 9 - - W a r r e n C o u n t y , N . Y . ( J a n u a r y U s)t ...........................................

$ l o 2 ,n n n
,Z * rn n
, * ‘ ,5 0 0
3 0 0 ,0 0 0
3 2 .5 0 0
5 0 .0 0 0

W e have also learned of the fo llo w in g a d d i t i o n a l sales fo r
p re vio u s m onths:
P a g e.

R a te.

N a m e.

..
_
_
.
.
6 4 7 . . H e t t i n g e r C o u n t y , N o . D a k — .-

5
5
6
5
5
5H
6
6
6
. . 4 Yi
.. 5
i- 5 Yi

5 7 9 - .O g d e n ,

M a tu r ity .
19 4 2
1931
19 3 2
(1192 7 -1 9 5 2
d l9 2 1 - 1 9 5 1
1941
1917
(11916-1931
(1 1 9 22-1932
1942
(1 1 9 13-1932

A m o u n t.
$ 1 5 ,0 0 0
1 5 ,0 0 0
1 0 ,0 0 0
1 2 ,5 0 0
2 ,0 0 0
8 ,5 0 0
5 ,0 0 0
3 5 ,0 0 0
3 ,0 0 0
5 0 ,0 0 0
1 1 0 ,0 0 0
5 ,0 0 0

P rice.
1 0 0 .1 7
100
100
100
100
1 0 1 .6 1
100
100
100

A l l the above sales (except as indicated) arc fo r J a n u a ry .
These a d d itio n a l J a n u a ry issues w ill m ake the to ta l sales
(n o t in clud in g te m p o ra ry loans) fo r th a t m o n th $23,014,540.
A d d itio n a l sales and e lim in a tio n s fo r 1911 m ake the revised
t o ta l fo r th e y e a r $396,859,646.
DEBENTURES

P a g e.

SOLD

B Y C A N A D IA N

N am e.

FEB
A
>1m
A*m
o in
u nit. IJr/co

M U N IC IP A L IT IE S IN
1951
1 9 1 3 -1 9 3 2
1932
1 9 1 2 -1 9 3 1
1 9 1 3 -1 0 4 2

- 5
- 5
7 2 4 . - K a m l o o p s , B . C ................................ . 5
6 5 0 - - L e s l i e , S a s k -----------------------------6 5 0 ..L u s e la n d S c h . D ls t., S a s k .
.. 6
7 2 4 - .M a c k l l n S . D . N o . 2 4 2 0 , S a s k . - 6
. 5
.
5 0 9 - - P e n t i c t o n , B . C ------ -- ------------■ 5 0 9 - - P o l n t e C l a ir e , Q u e . (3 I s s u e s ) . -

6 5 0 - -P r ic e S c h . D is t., S a
660 - - P r i n c e A l b e r t , S a * k -

.M. a-1..—
tu r ity .

_ .

. 5
. 5
. 5

7 2 4 --D u n d a s, O u t




717

THE CHRONICLE

Mae . 9 1912.]

1 9 1 3 -1 9 3 2
1937
1927
193 2
1932
193 2
1932

5
4 Y* 1 9 3 2 & 1 9 6 2
6
1 9 1 3 -1 9 2 2
5
195 2
5
1942
1942
1932
193 2
- BH

$ 8 3 ,0 0 0
6 ,0 0 0
8 ,5 0 0
7 ,0 0 0
2 0 0 ,0 0 0
1 3 ,5 0 0
4 ,0 0 0
9 0 ,0 0 0
1 ,5 0 0
8 ,5 0 0
1 0 ,0 0 0
1 1 ,0 0 0
2 0 ,0 0 0
1 0 ,5 8 0
5 9 0 ,0 0 0
1 ,5 0 0
1 0 0 ,0 0 0
1 2 5 ,0 0 0
7 5 ,0 0 0
3 0 0 ,0 0 0
4 .0 0 0
8 .0 0 0

9 0 .1 7
9 5 .6 2
1 0 1 .1 3 3

Page.

N am e.

M a tu r ity .

R a te .

6 5 0 - - S t . B o n i f a c e , M a n .................... ..............
724 . . S t . J e a n B a p tis te of P o ln to a u x
T r e m b l e s , Q u e ...............................- 6
7 2 4 . . S c o t t S c h . D l s t. N o . 2 0 0 7 , S a s k . 6
5 8 2 . . S o u r i s , M a n _______________________ 5
5 8 2 . . S o u r i s , M a n _______________________ 6
5 8 2 . . S o u r i s , M a n _______________________ 5
6 5 0 - - T l l l s o n b u r g , O n t - ...........................
7 2 4 . . T o r o n t o T o w n s h i p , O n t __________ 5
5 8 2 - - Y o r k t o n , S a s k . ............................

19 4 2
19 2 2
19 4 2
1942
19 3 2
5 1 9 1 3 -1 9 3 2
1 9 1 3 -1 9 4 2
5 1 9 1 3 -1 9 4 2

T o t a l d e b e n t u r e s s o ld In F e b r u a r y .

A m o u n t.

P ric e .

$ 6 5 7 ,6 7 8
6 5 ,0 0 0
1 ,0 0 0
9 3 ,5 7 0 1
2 8 ,0 0 0 /
3 7 ,0 0 0
9 ,0 0 0
7 ,5 0 0
1 0 8 ,3 0 0

9 6 .5 0
1 0 0 .6 1
1 0 1 .7 4 6
9 7 .1 1

$ 2 ,6 8 4 ,1 2 8

News Items.
Adrian, Lenawee County, Mich.—C o m m is s io n

P l a n o,
G o v e r n m e n t R e je c te d . — A n election held M a rch 6 resulted in

th e defeat of the q uestion of a d op ting the com m ission plan
of g o vernm e nt.

Appleton, Outagamie County, Wis.—C o m m i s s i o n F o r m
o f G o v e r n m e n t A d o p t e d . — A n election held re c e n tly resulted,
i t is stated, in fa v o r of the a d o p tio n of the com m ission fo rm
of g o vernm e nt.

Canada (Dominion of).— P o p u l a t i o n i n 1911.— Revised
figures of the 1911 Census show tne p o p u la tio n of the D o m in ­
ion to be 7,204,527, an increase of 1,833,212 o ver 1901. T h e
figures b y provinces are g ive n as follow s in the M o n tre a l
“ G aze tte” of M a rc h 1:
In crea se.

1911.
3 7 4 ,6 6 3
3 9 2 ,4 8 0
4 5 5 ,6 1 4
3 5 1 ,8 8 9
4 9 2 ,3 3 8
.- - 2 ,5 2 3 ,2 0 8
9 3 ,7 2 8
- .- 2 , 0 0 2 , 7 1 2
...
4 9 2 ,4 3 2
--.
8 ,5 1 2
1 6 ,9 5 1
N o r t h w e s t T e r r i t o r y ---------------

1901.
7 3 ,0 2 2
1 7 8 .6 5 7
2 5 5 ,2 1 1
3 3 1 ,1 2 0
4 5 9 ,5 7 4
2 , 1 8 2 ,9 4 7
1 0 3 ,2 5 9
1 ,6 4 8 ,8 9 8
9 1 ,2 7 9
2 7 ,2 1 9
2 0 ,1 2 9

3 0 1 ,6 4 1
2 1 3 ,8 2 3
2 0 0 ,4 0 3
2 0 ,7 6 9
3 2 ,7 6 4
3 4 0 ,2 6 1
D e c .9 ,5 3 1
3 5 3 ,8 1 4
4 0 1 ,1 5 3
Dec. 1 8 ,7 0 7
Dec. 3 ,1 7 8

_____________________ - - . 7 , 2 0 4 , 5 2 7

5 ,3 7 1 ,3 1 5

1 ,8 3 3 ,2 1 2

P ro v in c e —
A l b e r t a ----------- ----------------------B r i t i s h C o l u m b i a -------------------M a n i t o b a -------------------------------N e w B r u n s w i c k ---------------------N o v a S c o t i a ---------------------------O n t a r i o ---- ---------------------------P r i n c e E d w a r d I s l a n d ---------Q uebec
---------- ------------------S a s k a t c h e w a n ------------------------

T o ta ls

...
...

T h e r u ra l p o p u latio n is 3,924,083 and the increase in ru ra l
was 555,065, or 16.48% ; and in u rb a n the p o p u la tio n in ­
crease was 1,278,147, o r 6 3 .8 3 % .

Eau Claire, Eau Claire County, Wis.— C o m m is s io n F o r m
o f G o v e r n m e n t A p p r o v e d . — T h e question of e s ta b lish in g the
comm ission fo rm of g o ve rn m e n t was adopted, re p o rts state,
a t a recent election.

Merrill, Wis.— V o te o n C o m m is s io n F o r m o f G o v e r n m e n t .—
T h e vo te cast a t the election held Feb. 20, w hich resulted in
the defeat of the comm ission fo rm of g o ve rn m e n t ( V . 94, p.
575), was 486 “ fo r” to 594 “ a g ain s t.”
Mississippi.— L e g is la tu r e A s k s R e s ig n a tio n o f U n i t e d S ta te s
S e n a t o r . — B o th branches of the S ta te L e g is la tu re on M a rch 5
adopted a resolutio n dem anding the resig na tio n of L e ro y
P e rcy fro m the U n ite d States Senate, to w hich he was elected
b y the la s t Leg isla ture. T h e resolu tio n says:
“ W h e r e a s , S e n a t o r L e r o y P e r c y , s u b s e q u e n t t o h is e le c t io n b y a le g is la ­
t i v e s e c r e t c a u c u s , r e p e a t e d l y d e c la r e d If I t w a s s h o w n t h a t h e d i d n o t
p o s s e s s t h e ‘t r u s t a n d c o n f id e n c e o f t h e p e o p le o f M i s s i s s i p p i , ’ h e ‘w o u ld
r e s i g n h is c o m m i s s i o n a t t h e f ir s t s e s s io n o f t h e L e g i s l a tu r e t h e r e a f t e r ’; a n d
W h e r e a s . In a c o n t e s t f o r t h e f u ll t e r m o f U n i t e d S t a t e s S e n a t o r , t o b e g in
M a rc h 4 1 9 1 3 , S e n a t o r P e r c y r e c e i v e d o n l y 2 1 ,5 2 1 v o t e s o u t o f a t o t a l o f
1 3 2 ,4 0 1 c a s t In t h e p r i m a r y e le c t io n A u g u s t 1 1 9 1 1 ; a n d
W h e r e a s , T h i s L e g i s l a tu r e h a s f o r m o r e t h a n tw o m o n t h s p a t i e n t l y w a i t e d
f o r a f u lf il m e n t o f h is s o le m n p l e d g e t o t h e p e o p le ;
R e s o l v e d , T n a t S e n a t o r P e r c y , h a v i n g r e c e i v e d le s s t h a n o n e v o t e o f e v e r y
s ix a t s a id e le c t io n . Is In n o s e n s e t h e r e p r e s e n t a t i v e o f t h e p e o p le o f M is s is ­
s ip p i l n t h e U n i t e d S t a t e s S e n a t e . "

Missouri.— S u p r e m e
S a le o f S a m e

U pon

C o u r t U p h o ld s S ta te C a p i t o l B o n d s a n d
C o m m is s io n B a s i s . — On M a rch 1 the

M isso u ri S uprem e C o u rt declared c o n s titu tio n a l the $3,­
500,000 3 y 2 % S ta te C a p ito l bonds, $282,500 of w hich have
been sold. V . 93, p. 227. T h e C o u rt also holds th a t there
is in the le g isla tive A c ts a u th o riz in g the issue a c le a rly
im p lie d pow er w hich au tho rizes the B o ard ©f F u n d Com ­
missions to en te r in to a co ntract w ith some financial agent
to procure purchasers who w ill ta ke the bonds a t th e ir p a r
va lu e and co n trac t to agree to p a y such agent o u t of the
proceeds of the sale a reasonable commission fo r the services
rendered. T h e bids received on Jan. 15 offering to ta ke the
bonds and sell the same on a commission basis have been
rejected, and it is said th a t the fo llo w in g m ethods of selling
the bonds are now being considered:
1. T o re-advertise fo r d ire c t and com m ission bids.
2. T o m ake no fu rth e r a tte m p t to sell the bonds u n t il the
n e x t L e g is la tu re convenes, w hen m oney m a y be a p p ro p ria te d
fo r the p a y m e n t of a comm ission to b ro ke rs fo r h a n d lin g the
issue if then found necessary.
3. T o deposit the bonds w ith the S ta te depositaries and
keep them upon the m a rk e t c o n tin u o usly. T h is p la n con­
tem plates the a d ve rtis e m e n t of the bonds in the newspapers
fro m tim e to tim e , callin g a tte n tio n to th e ir d e s ira b ility as
an in ve s tm e n t.
Omaha, Neb.— S u p r e m e C o u r t D e c la r e s V a l i d C o m m is s io n
F o r m o f G o v e r n m e n t. — T h e S ta te S uprem e C o u rt on M a rch 2
up held , i t is said, the comm ission fo rm of g o ve rn m e n t app ro ve d ’b y the voters of this c ity on Sept. 2 1911. V . 93, p.682.
Orange, Orange County, Texas.— E le c tio n o n C o m m is s io n
F o r m o f G o v e r n m e n t. — A n election w ill be held A p r il 2, i t is
stated, to vo te on the question of ad o p ting the com m ission
fo rm of g o vernm e nt.
P la tte v ille , G ra n t
County, Wis.— C o m m is s io n F o r m
o f G o v e r n m e n t R e je c te d . — I t is reported th a t a t a recent elec­
tio n the question of ad o p ting the com m ission fo rm of g o vern­
m e n t was rejected.

718

THE CHRONICLE

New York City.— Assessed V a l u e s and, T a x R a te s f o r 1912.
— A s stated i n la s t w e e k ’s “ C hro nicle ,” the B o ard of T a x
Com m issioners on M a rc h 1 fo rw a rd e d to the B o ard of Aiderm en fo r th e ir a p p ro v a l the assessment ro lls of re a l and p er­
sonal p ro p e rty fo r 1912. T h t fo llo w in g table presents b y
boroughs the assessment of each separate class of p ro p e rty
fo r th is y e a r and 1911.

[VOL. LXXXXIV*

South Carolina.— L e g is la tu r e A d j o u r n s .— T h e 1912 Legis­
la tu re of this S ta te ad jo u rned Feb. 29.
B r o w n C o n s o l B o n d B i l l .— W e referred la s t week (V . 94,.
p. 645) to a b ill re c e n tly passed p ro v id in g fo r the re fu n d in g
of o u ts ta n d in g B ro w n consol bonds and stocks. T h is A c t
is g iven in fu ll below:

AN ACT
T o P r o v i d e f o r t h e E x e r c i s e b y t h e S t a t e o f i t s O p t i o n t o C a ll In a n d P a y
t h e W h o le o r A n y P a r t o f t h e B r o w n B o n d s a n d S t o c k s , I s s u e d U n d e r a n
A c t E n t it le d , “ A n A c t to P ro v id e fo r th e R e d e m p tio n o f T h a t P o r tio n
o f th e S t a te D e b t K n o w n a s th e B ro w n C onsol B o n d s a n d S to c k s ,b y
t h e I s s u e o f O t h e r B o n d s a n d S t o c k s , ” A p p r o v e d D e c e m b e r 22 A . D . 1 8 9 2 .
S ec tio n 1. lie it enacted b y t h e G e n e r a l A s s e m b l y o f t h e S t a t e o f S o u t h
C a r o li n a : T h a t t h e S in k in g F u n d C o m m is s io n p r o v i d e d f o r b y S e c ti o n 5
o f a n A c t e n t i t l e d " A n A c t t o p r o v id e f o r t h e r e d e m p t i o n o f t h a t p o r t i o n
o f t h e S t a t e d e b t k n o w n a s t h e B r o w n c o n s o i b o n d s a n d s to c k s , b y I s s u e
o f o t h e r b o n d s a n d o t h e r s t o c k s , ” a p p r o v e d D e c e m b e r 2 2 A . I). 1 8 9 2 , b e ,
a n d Is h e r e b y , a u t h o r i z e d t o e x e r c is e , o n b e h a lf o f t h e S t a t e , t h e r ig h t *
o p t i o n a n d p r iv i le g e r e s e r v e d t o t h e S t a t e In S e c ti o n 2 o f t h e s a id A c t ,
e n t i t l e d , “ A n A c t t o p r o v id e f o r t h e r e d e m p t i o n o f t h a t p o r t i o n o f t h e
S t a te d e b t k n o w n a s th e B ro w n co n so l b o n d s a n d s to c k s , b y Issu e o f o th e r
b o n d s a n d s t o c k s , " a p p r o v e d D e c e m b e r 22 A . D . 1 8 9 2 , t o c a ll i n a n d p a y
t h e w h o le o r a n y p a r t o f t h e Is s u e o f b o n d s a n d s t o c k s , e la te d t h e 1 st o f
J a n u a r y , A . D. 1 8 9 3 , k n o w n a s r e d e m p t i o n B r o w n b o n d s a n d s t o c k s , a n d
I s s u e d u n d e r t h e p r o v is i o n s o f t h e s a d A c t .
Grand Totals of Real Estate by Boroughs.
S ec tio n 2 . T h a t In o r d e r t o o b t a i n s u c h f u n d s a s m a y b e n e c e s s a r y , in
a d d i t i o n t o t h e s in k i n g f u n d n o w In c h a r g e o f s a id ' c o m m i s s i o n , t o p a y
Queens.
Richmond.
M anhattan.
Bronx.
Brooklyn.
Totals.
s a i d o u t s t a n d i n g r e d e m p t i o n B r o w n b o n d s a n d s t o c k s , t h 6 s a id c o m m i s ­
s io n s h a ll c a u s e t o b e p r e p a r e d a s u f f i c i e n c y o f b l a n k s o f c o u p o n b o n d s a n d
S
8
S
8 .
8
8
c e r t if i c a t e s o f s to c k o f u n i f o r m d e s ig n a n d a p p e a r a n c e , t o b e c o lo r e d , a s
1 9 1 2 .. 5,035,485,413 616,521,378 1 ,6 7 4 ,742,409 45 6 ,7 5 0 ,5 3 9 78,399,151 7 ,8 6 1 ,8 9 8 ,8 9 0
w ill p r o v i d e f o r a t o t a l is s u e o f a n a m o u n t ( fa c e v a lu e ) i n t h e a g g r e g a t e
446,5
6
9
,3
5
2
80,003,911
1 9 1 1 .. 5,037 ,8 7 2 ,6 8 5 605,222,933 1,689,171,283
7 ,8 5 8,840,104
o f s u c h b o n d s a n d c e r t if i c a t e s o f s t o c k n o t to e x c e e d t h e a g g r e g a t e o u t ­
s ta n d in g a m o u n t of b o n d s a n d s to c k s t h a t h a v e b e e n o r m a y b e Issu e d
10,181,187
11,298,445
3,0 5 8 ,7 2 6
u n d e r a n A c t e n t i t l e d “ A n A c t t o r e d u c e t h e v o l u m e o f t h e p u b l ic d e b t ,
D ec
2,387.272
14,428,874
1,604,760
a n d p ro v id e fo r th e p a y m e n t o f th e s a m e ,” a p p ro v e d 2 2 d D e c e m b e r A . D
1 8 7 3 , a n d A c t s a m e n d a t o r y t h e r e t o , a n d o t h e r A c t s p r o v id i n g f o r th ef u n d i n g o f b ills o f b a n k o f t h i s S t a t e , A c t s to f u n d p a s t - d u e I n t e r e s t o n
PER SO N A L PR O P E R T Y .
c
o n s o ls , a n d a n A c t t o p r o v id e f o r t h e s e t t l e m e n t o f t h e c o n s o l i d a t e d d e b t
Personal ---------Corporation -------- — Non-Res. Personal—
Ordinary
o f t h e S t a t e , in a c c o r d a n c e w i t h t h e d e c is io n o f t h e S u p r e m e C o u r t o f
of Estate.
Resident.
Non-Res. Ordinary. Saxe Law.
Personal.
S o u t h C a r o li n a , a p p r o v e d D e c e m b e r 2 3 18 7 9 a n d a n A c t a m e n d i n g t h e
Boroughs.
s a m e a p p r o v e d 1 9 th F e b r u a r y 1 8 8 0 , a n d o t h e r A c t s a u t h o r i z i n g t h e Is s u e
M a n h a tta n —
$
o f s a id c o n s o ls , a n d u n d e r t h e s a id A c t e n t i t l e d “ A n A c t t o p r o v i d e f o r
19 1 2 ____ .1 2 5 ,4 6 4 ,1 6 7 36,2 0 3 ,7 9 0 7 6 ,4 8 3 ,8 0 0 25,7 7 0 ,5 5 0 13,750,020 3 ,7 9 4 ,7 9 5
t h e r e d e m p tio n of t h a t p o r tio n of th e S ta te d e b t k n o w n a s th e B ro w n
H) 11__
117,266,147 5 5 ,4 7 2 ,2 1 0 7 4 ,4 0 9 ,1 0 0 2 4 ,2 9 4 ,9 0 0 14,789,000 3,5 6 6 ,5 9 5
c o n s o l b o n d s a n d s to c k s b y t h e I s s u e o f o t h e r b o n d s a n d s t o c k s , ” a p p r o v e d
B ro n x —
D e c e m b e r 2 2 d A . D . 1 8 9 2 , a n d a ls o a n y o t h e r l ik e b o n d s a n d s t o c k w h i c h
909,183 1,513,800
2 ,0 9 4 ,6 1 5
7 7 ,600
19 1 2 ____
m a y b e h e r e a f t e r I s s u e d In p u r s u a n c e o f s a id A c ts o f t h e G e n e r a l A s s e m b l y ,
97 8 ,0 7 0 1 ,395,600
2 ,5 3 9 ,2 2 5
74,000
1911____
s a i d b o n d s t o b e o f t h e d e n o m i n a t i o n s o f liv e h u n d r e d a n d o n e t h o u s a n d
B ro o k ly n —
d o l la r s a n d s a i d c e r t if i c a t e s o f s to c k t o h a v e t h e i r r e s p e c ti v e f a c e v a l u e ’
621,400
1912____ 33,6 0 5 ,2 9 5 7,2 1 5 ,5 9 0 7 ,2 6 6 ,7 0 0
45,000
l e f t b l a n k , s o t h a t t h e s a m e m a y b e lin e d a s m a y b e m o s t c o n v e n i e n t f o r
1911____ 39,5 8 6 ,3 4 5 8,2 5 2 ,8 7 1 7 ,3 8 1 ,7 0 0
591,700
43,000
th e p u rp o s e of th e e x c h a n g e h e re in p r o v id e d fo r.
T h a t s a id b o n d s a n d
Q u e e n s—
c e r t if i c a t e s o f s to c k s s h a ll b e a t i n t e r e s t f r o m t h e d a t e o f t h e i r Is s u e u n t i l
1912____
3 ,9 8 0 ,7 5 0 1,085,300 1,204,700
126,000
t
h
e
d
a
t
e
o
f
t
h
e
i
r
m
a
t
u
r
i
t
y
,
a
t
t
h
e
r
a
t
e
o
f
f
o
u
r
p
e
r
c
e
n t (4 % ) p e r a n n u m
1911 .
3 ,6 8 1 ,5 7 5
5 8 5,600 1,001,700
71,000
p a y a b l e s e m i - a n n u a l l y , a n d a f t e r s a id d a t e o n t h e f ir s t d a y o f J u l y a n d
R ic h m o n d —
J a n u a r y In e a c h y e a r , a t t h e S t a t e T r e a s u r y , In t h e c i t y o f C o l u m b i a , o r
874,700
455,785
1912____
3 5 9 ,5 0 0
60,500
a t t h e a g e n c i e s o f t h e S t a t e In t h e c it i e s o f C h a r le s t o n a n d N e w Y o r k ,
1911____
1,019,540
5 4 5,245
31 8 ,0 0 0
60,000
w h ic h p l a c e s o f p a y m e n t s h a ll b e e x p r e s s e d o n t ii e f a c e o f t h e b o n d s , a n d
s a k l b o n d s s h a ll h a v e c o u p o n s a t t a c h e d t h e r e t o f o r t h e i n t e r e s t w h ic h s h a l l
T o t. 1912. 166,019,527 45,8 6 9 ,6 4 8 8 6 ,8 2 8 ,5 0 0 2 6 ,6 5 6 ,0 5 0 13,750,020 3 ,8 3 9 ,7 9 5
b e c o m e d u e o n s a id b o n d s , a s h e r e i n a b o v e s t a t e d , a n d t h e i n t e r e s t o n s a id
T o t. 1911 164,092,832 65,833,996 8 4 ,5 0 6 ,1 0 6 25,0 9 1 ,6 0 0 14,789,000 3 ,6 0 9 ,5 9 5
c e r t i f i c a t e s o f s to c k s h a ll b e p a id s e m l - a n n u a l iy In t h e m a n n e r n o w p r o v id e d ,
I n c r e a s e ___
1,926,695
2 ,3 2 2 ,9 9 4
1,564,450
23 0 ,2 0 0
b y la w .
19,964,348
D e c r e a s e ___
1,038,980
S ectio n 3 . S a id b o n d s a n d c e r t if i c a t e s o f s to c k s h a ll b e c o m e p a y a b l e a t
t h e e n d o f t h e t e r m o f f o r t y y e a r s f r o m t h e f ir s t d a y o f J a n u a r y , A . I). 1 9 1 2 ,
GRAN D TO TALS OE PER SO N A L PR O P E R T Y BY BO RO U G H S.
b u t t h e S t a t e s h a ll r e s e r v e t o I ts e lf t h e r i g h t to c a ll In a n d p a y t h e w h o le
o r a n y p a r t o f t h e Is s u e a t a n y t im e a f t e r t h e e x p i r a t i o n o f t w e n t y y e a r s
Manhattan.
Bronx.
Brooklyn.
Queens.
Richmond.
Totals.
m
f r o m d a t e o f is s u e , b u t in s u c h e v e n t t h e b o n d s f ir s t c a ll e d In w ill b e t h o s e
o f t h e h i g h e s t n u m b e r s o r l a s t Is s u e d , a n d t h e r e a f t e r t h e r e g i s t e r e d b o n d s
$
S
S
S
S
$
o r s t o c k , c a llin g f ir s t t h e h i g h e s t n u m b e r s o r l a s t I s s u e d c e r t i f i c a t e s .
T hat
4,595,1 9 8
1 9 1 2 .. 281,467,122
4 8 ,753,985
6 ,396,750 1,750,485 34 2 ,9 6 3 ,5 4 0
s a id c o u p o n b o n d s a n d c e r t if i c a t e s o f s to c k s h a ll b e s ig n e d b y t h e G o v e r n o r
4,986,8 9 5
1 9 1 1 .. 289,797,952
5 5 ,855,616
5 ,339,875 1,942,785 357,9 2 3 ,1 2 3
o f t h e .S ta te , c o u n te r s ig n e d b y t h e C o m p tr o l le r G e n e r a l, a n d h a v e t h e
g r e a t s e a l o f t h e S t a t e a f f i x e d t h e r e t o b y t h e S e c r e t a r y o f S t a t e , w h ic h
7,101,631
391,697
192,300
8 ,3 3 0 ,7 3 0
D ec . .
14,959,583
s ig n i n g a n d s e a l i n g s h a ll b e m a d e a n d d o n e a t t h e t i m e o f t h e i r i s s u e a n d
1,056,875
n o t b e f o r e : t h e c o u p o n s s h a ll b e a r t h e s i g n a t u r e o f t h e S t a t e T r e a s u r e r ;
h is n a m e b e in g l i t h o g r a p h e d o r e n g r a v e n t h e r e o n .
T h a t t h e s a id c o u p o n
b o n d s s h a ll b e e x c h a n g e a b l e f o r c e r t if i c a t e s o f s t o c k , a n d s a id c e r t i f i c a t e s
GRAN D TOTALS BY BO RO UGH S O F R E A L AND PER SO N A L P R O P E R T Y .
s h a ll b e e x c h a n g e a b l e f o r c o u p o n b o n d s : P ro vid ed , T h a t n o b o n d o r b o n d s
s h a ll b e I s s u e d in e x c h a n g e f o r s to c k s o p r e s e n t e d e x c e p t In t h e s u m o f o n e
Brooklyn.
Queens.
Richmond.
Bronx.
Manhattan.
Totals.
h u n d r e d d o l la r s o r m u lt ip l e s t h e r e o f , a n d t h a t f o r a n y f r a c t i o n a l p a r t
r e m a in i n g o f s u c h c e r t if i c a t e o r c e r t i f i c a t e s o p r e s e n t e d n e w c e r t if i c a t e s
8
8
S
8
8
S
o f s to c k b e Issu ed .
1 9 1 2 .. 5 ,316,952,535 621,116,5 7 6 1,723,496,394 4 63,147,289 80,1 4 9 ,6 3 6 8,2 0 4 ,8 6 2 ,4 3 0
S ectio n 4 . T h a t a ll b o n d s a n d c e r t if i c a t e s o f s t o c k s u r r e n d e r e d , h e r e a f t e r
1 9 1 1 .. 5,327,670,637 610,209,828 1,745,026,899 451,909,227 8 1,946,696 8,2 1 6 ,7 6 3 ,2 8 7
p r o v id e d f o r , s h a ll I m m e d ia t e l y u p o n s u c h s u r r e n d e r b e c a n c e l e d a n d file d
b y t h e S t a t e T r e a s u r e r w i t h t h e p e r m a n e n t r e c o r d s o f Ills o f f ic e , a n d a
21,5 3 0 ,5 0 5
10,718,102
1,797,060
11,900,857
c o r r e c t r e g i s t r y s h a ll b e k e p t b y t h e S t a t e T r e a s u r e r o f a ll e x c h a n g e s
1 1,238,662
10,906,748
In c . .
m a d e u n d e r t h e p r o v is i o n s o f t h is A c t , s o a s to e x h i b i t In a s e p a r a t e a c c o u n t
a n d c o n v e n ie n t f o r m t h e n a m e s o f t h e h o l d e r s t h e r e o f a n d t h e n u m b e r a n d
a m o u n t s o f a ll s u c h b o n d s a n d s to c k s r e c e i v e d I n to t h e T r e a s u r e r ’s o f f ic e ,
' W it h the above figures as a basis, the ta x rates fo r 1912 t o g e t h e r w i t h t h e n u m b e r s a n d d e n o m i n a t i o n s o f a ll b o n d s a n d s t o c k s
i s s u e d In e x c h a n g e t h e r e f o r o r s o ld b y h i m u n d e r t h e p r o v is i o n s o f t h i s
(given on the $100 v a lu a tio n ) have been fixed as follow s, A
c t.
A n d t h e S e c r e t a r y o f S t a t e Is h e r e b y r e q u i r e d to k e e p a t a ll t i m e s
a c o r r e c t r e g i s t r y o f a ll t h e b o n d s s e a l e d b y h im u n d e r t h e p r o v is i o n s o f
1911 and 1910 figures being g ive n fo r com parison:
til ls A c t .. A n d t h e G o v e r n o r Is In l ik e m a n n e r h e r e b y r e q u i r e d t o k e e p
1912
—
1912.
1911.
1910.
a s im il a r r e g i s t r y o f a ll b o n d s s ig n e d b y h i m , e a c h r e g i s t r y to b e a c c e s s ib l e
M a n h a tta n a n d T h e B r o n x ................................................... 81.83
8 1 .72248
81.75790
t o p u b l ic a t a ll t im e s .
B ro o k ly n .................................................................................... . 1.87
1.75502
1.81499
S ectio n 5 . T h a t a ll c o u p o n s o f s a id b o n d s , a n d a ll I n t e r e s t o r d e r s o f s a id
Q u e e n s ............................................................................................ 1.84
1.73645
1.8107H
c e r t i f i c a t e s o f s t o c k , t h e I s s u e o f w h ic h b o n d s a n d c e r t i f i c a t e s o f s t o c k Is
R ic h m o n d ................................................................................... 1.92
_
1.81657
1.87502
h e r e i n p r o v id e d f o r , a n d t h e p r in c i p a l o f s u c h b o n d s , w h e n t h e s a m e b e c o m e
H e re to fo re the ta x ra te has been fixed on the firs t M o nd a y d u e , s h a ll b e r e c e i v a b l e In p a y m e n t o f a ll t a x e s w h ic h s h a ll b e c o m e p a y a b l e
g t h e y e a r In w h i c h s a k l c o u p o n s a n d I n t e r e s t o r d e r s o r
in J u ly , b u t u n d er the recent la w , p re v io u s ly referred to in tt oh e t hper inSct iapt ae l douf r si na id
b o n d s s h a ll b e c o m e p a y a b l e , e x c e p t f o r t h e t a x l e v i e d
o u r colum ns, m a k in g taxes p a yab le sem i-annually (M a y 1 f o r t h e s u p p o r t o f p u b l ic s c h o o ls , a n d t h e f a c t t h a t t h e s a k l p r in c i p a l a n d
and N o v . 1), the a n n u a l ra te nas to be fixed b y the B o ard of cc oo uu pp oo nn ss aarned s oI nrteecr ee isvt a bo lred esrhsa, ll r ebsep ee cx tpi rveeslsye, d aonnd t ht hei sf a pc ele do gf et hIse shaekrle bbyo n dd es ­,
A ld e rm e n n o t la te r th a n the th ird d a y in M a rch (w hich is c la r e d t o b e a c o n t r a c t b e tw e e n t h e S t a t e o f S o u t h C a r o li n a a n d e v e r y
d c e r t if i c a t e s o f s t o c k , w h ic h p le d g e s h a ll b e e x ­
n o t a S a tu rd a y , S u n d a y o r legal h o lid a y ). T h is law also hp roelsdseerd oof n s at hkel fbaocne dos f as na id
b o n d s a n d c e r t if i c a t e s o f s to c k .
p rovides th a t each ra te s h all be fixed in cents and hu n d re d ths
S ectio n 6. T h e s a k l S i n k in g F u n d C o m m is s io n a r e h e r e b y a u t h o r i z e d
n d I n s t r u c t e d t o s e ll t h e Is s u e o f b o n d s h e r e i n p r o v id e d f o r f r o m t i m e toof a cent upon each d o lla r of assessed v a lu a tio n . I t w ill be at im
e , a s t h e y m a y d e e m a d v is a b l e , a t t h e h i g h e s t p r e m i u m o b t a i n a b l e , .
noted th a t the 1912 rates are rep o rted on this basis.
a t n o t le s s t h a n p a r o r f a c e v a lu e , a n d t h e p r o c e e d s t h e r e o f s h a ll b e a p p li e d
Law so n P u rd y , P resid e n t of the B o ard of T a x Com m is­ t o t h e p a y m e n t o f t h e s a i d R e d e m p t i o n B o n d s a n d S t o c k s , is s u e d u n d e r
t h e A c t o f 1 8 9 2 , a n d t h e c o n s o li d a te d b o n d s a n d c e r t if i c a t e s o f s t o c k s ,
sioners, has issued the fo llo w in g s ta te m e n t concerning the c o m m o n l y c a lle d B r o w n C o n s o ls , a n d t o n o o t h e r p u r p o s e .
S ectio n 7 . T h a t t h e s a ie o f t h e b o n d s o r c e r t if i c a t e s o f s t o c k , I s s u e o f
1912 values:
w h ic h Is h e r e i n a b o v e p r o v id e d f o r , s h a ll b e m a d e b y t h e S i n k in g F u n d
T h e t o t a l a s s e s s e d v a l u e o f r e a l a n d p e r s o n a l e s t a t e Is $ 8 ,2 0 4 ,8 6 2 ,4 3 0 .
C o m m is s io n , a n d a c o r r e c t r e g i s t r y o f s u c h b o n d s a n d c e r t if i c a t e s o f s to c k
F o r 1911 I t w a s $ 8 ,2 1 6 ,7 6 3 ,2 8 7 .
T h e In c re a s e In th e a s se s s e d v a lu e of
w h e n s o ld s h a ll b e k e p t In t h e s a m e m a n n e r a l r e a d y p r o v id e d f o r in t h i s
r e a l e s t a t e Is a l i t t l e o v e r $ 3 ,0 0 0 ,0 0 0 a n d t h e d e c r e a s e In t h e a s s e s s e d v a l u ­
A c t , a n d t h e p r o c e e d s o f s u c h s a le s s h a ll b e k e p t a s a s e p a r a t e f u n d , t o
a t i o n o f p e r s o n a l e s t a t e is a b o u t $ 1 5 ,0 0 0 ,0 0 0 .
T h e d e c r e a s e In t h e a s s e s s e d
b e u s e d e x c lu s i v e l y f o r t h e fin a l r e d e m p t i o n o f s u c h B r o w n B o n d s a n d
v a lu e o f p e r s o n a l e s t a t e Is d u e In p a r t t o t h e g r e a t e r c a r e w i t h w h ic h t h e
s to c k s is s u e d u n d e r t h e A c t o f 1 8 9 2 , a n d s a i d c o n s o li d a te d b o n d s a n d c e r t i ­
r o lls w e r e p r e p a r e d a n d In p a r t t o t h e o p e r a t i o n o f t h e S e c u r e d D e b t la w ,
f ic a te s o f s to c k h e r e i n b e f o r e d e s c r i b e d a s s h a ll n o t b e e x c h a n g e d f o r t h e
u n d e r w h ic h a b o u t $ 7 5 0 ,0 0 0 w a s c o l l e c t e d d u r i n g t h e m o n t h o f S e p t . , 1 9 1 1 .
b o n d s a n d c e r t if i c a t e s o f s t o c k , t h e I s s u e o f w h ic h Is p r o v id e d f o r In t h i s
T h e n e t I n c r e a s e In t h e a s s e s s m e n t o f o r d i n a r y r e a l e s t a t e Is s m a l l a s
A c t : P ro vid ed , however. T h a t t h e S i n k in g F u n d C o m m is s io n , If, in t h e i r
c o m p a r e d w i t h r e c e n t y e a r s , b u t t h e I n c r e a s e f o r t h i s y e a r s h o u ld b e t a k e n
j u d g m e n t I t Is b e s t t o d o s o , s h a ll h a v e a u t h o r i t y to e x c h a n g e , i n w h o l e
n c o n n e c tio n w ith th e In c re a se fo r 1911, w h e n th e to ta l In cre a se w as o v e r
o r In p a r t , t h e n e w f o u r p e r c e n t b o n d s f o r B r o w n C o n s o ls u p o n s u c h t e r m s
8 1 4 m illio n s .
a s m a y b e s t s u b s e r v e t h e p u b l ic w e l f a r e .
T h e d e c r e a s e in t h e a s s e s s e d v a l u e o f s p e c i a l f r a n c h i s e a s c c r t lf l e d b y t h e
S ectio n 8 . T h a t f o r t h e p u r p o s e o f d e f r a y i n g t h e e x p e n s e s t o b e I n c u r r e d
S t a t e B o a r d o f T a x C o m m is s io n e r s a m o u n t e d t o $ 2 6 ,0 0 0 ,0 0 0 . T h i s w a s
In c a r r y i n g o u t t h e p r o v is i o n s o f til ls A c t , t h e s u m o f e i g h t t h o u s a n d d o l la r s .
m a i n l y d u e t o a d v e r s e c o u r t d e c is i o n s .
T h e r e Is a f u r t h e r a p p a r e n t r e ­
If s o m u c h b e n e c e s s a r y . Is h e r e b y a p p r o p r i a t e d to b e d r a w n o n t h e w a r r a n t
d u c t i o n o f $ 4 1 ,0 0 0 ,0 0 0 , b e c a u s e f o r t h e f ir s t t im e t h e S t a t e b o a r d , a c t i n g
o f t h e C o m p tr o l le r G e n e r a l, to b e a p p r o v e d b y t h e S i n k i n g F u n d C o m ­
u n d e r a n a m e n d m e n t t o t h e la w e n a c t e d In 1 9 1 1 , h a v e e q u a li z e d t h e s p e ­
m is s io n .
c ia l f r a n c h i s e a s s e s s m e n t s
T h is e q u a liz a tio n h a s b e e n r e q u ir e d b y th e
Sectio n 9 . T h a t t h e S t a t e T r e a s u r e r b e , a n d is h e r e b y , a u t h o r i z e d t o u s e
c o u r t s e v e r s in c e t h e d e c is io n r e n d e r e d b y J u d g e E a r l e .
E v e r y y e a r s in c e
so m u c h o f th e g e n e ra l f u n d a s m a y b e n e c e s s a ry fo r th e p a y m e n t o f th o
t h e n t h e c o u r t s h a v e b e e n b u r d e n e d b y b e in g o b l ig e d t o p a s s o n p r a c t i c a l l y
d i f f e r e n c e In I n t e r e s t o n e x c h a n g e o f b o n d s , a m i t h e r e c e i p t o f t h e p e r s o n
e v e r y s p e c i a l f r a n c h is e a s s e s s m e n t , a n d t h e y h a v e u n i f o r m l y e q u a li z e d
r e c e i v in g t h e s a id d i f f e r e n c e In I n t e r e s t s h a ll b e t h e S t a t e T r e a s u r e r ’s
t h e s e a s s e s s m e n t s b y r e d u c i n g t h e m t o t h a t p e r c e n t a g e o f f u ll v a lu e w h ic h
v o u c h e r th e re fo r.
th e S t a te B o a rd of E q u a liz a tio n a c c o rd s to e a c h c o u n ty .
S ectio n 10. T h a t s a k l b o n d s a n d c e r t if i c a t e s o f s t o c k s h a ll b e f r e e f r o m
A s a r e s u l t o f t h i s p r o c e s s , t h e r e h a s a lw a y s b e e n a d e f i c ie n c y in t h e c o l­
a ll S t a t e , c o u n t y a n d m u n ic i p a l t a x e s w h a t s o e v e r .
l e c t i o n o f t a x e s I n a ll p a r t s o f t h e S t a t e , a n d e s p e c i a ll y In t h i s c i t y .
T h is
S ectio n 11. T h a t t h e S in k in g F u n d C o m m is s io n a r c h e r e b y a u t h o r i z e d ,
d e f i c ie n c y h a s a m o u n t e d t o o v e r $ 7 5 0 ,0 0 0 In t h e C i ty o f N e w Y o r k , a n d
in t h e i r d i s c r e t i o n , t o p e r f o r m a ll a n d s i n g u l a r e v e r y a c t n e c e s s a r y t o c a r r y
t h a s b e e n n e c e s s a ry to a d d th is s u m to th e b u d g e t of th e s u c c e e d in g y e a r.
o u t t h e p r o v is i o n s o f t h i s A c t , n o t h e r e i n s p e c if ic a lly g i v e n , a n d w h ic h a r e
N o w t h a t t h e S t a t e b o a r d h a s e q u a li z e d t h e a s s e s s m e n t , t h e r e w ill b e n o
n o t I n c o n s i s te n t w i t h t h e p r o v is i o n s h e r e o f ; a n d In o r d e r t o h a v e t h e s a k l
o n g e r t h i s d e f i c ie n c y In c o ll e c ti o n , a n d t h e d e f i c ie n c y I te m s w ill h e r e a f t e r
b o n d s a n d s t o c k s p r o m p t l y p l a c e d . If t h e c o m m is s io n s h a ll a t a n y t i m e
b e le s s .
d e e m I t a d v i s a b l e , t h e S i n k in g F u n d C o m m is s io n a r c h e r e b y a u t h o r i z e d
R E A L ESTATE.
1912.
1911.
— Inc. or Dec .—
(O rd in a r y real e s ta te ._ S 4 ,675,6-11,742 84,6112.553,510 In c . 84 3 ,0 8 8 ,2 3 2
M a n h a tta n ^ C o rp o ra te rea l e s ta t e __ 82,0 0 7 ,0 7 1
8 0 ,6 6 8 ,0 7 5 In c .
1,338,996
IS p e cla l fra n c h is e s ___
2 7 7 ,8 3 6 ,6 0 0
3 2 4 ,6 5 1 ,1 0 0 Dec. 46,8 1 4 ,5 0 0
(O rd in a ry rea l e s t a t e . .
555,6 7 4 ,6 4 3
5 4 0 ,7 4 5 ,3 5 8 In c .
14,929,285
B r o n x ------( C o rp o ra te rea l e s ta te _ _
3 7 ,5 4 1 ,2 9 5
3 7 ,0 3 3 ,9 7 5 In c.
507,320
IS peclal fra n c h is e s ___
2 3 ,3 0 5 ,4 4 0
2 7 ,4 4 3 ,6 0 0 D ec.
4,1 3 8 ,1 6 0
(O rd in a ry rea l e s t a t e . . 1 ,5 5 6 ,2 8 1 ,4 3 9 1,5 5 5 ,7 8 2 ,4 8 3 In c .
498,956
B ro o k ly n .( C o rp o r a te real e s t a t e . .
2 3 ,8 4 4 ,9 8 0
2 3 ,4 4 8 ,5 0 0 In c .
3 9 6,480
IS peclal fra n c h is e s ___
9 4 ,6 1 5 ,9 9 0
1 0 9,940,300 D ec. 15,324,310
(O rd in a ry rea l e s t a t e . .
4 1 8 ,4 3 8 ,9 3 6
40 7 ,3 5 8 ,1 0 7 In c . 11 ,080,829
Q u e e n s ..( C o r p o r a t e rea l e s t a t e . .
2 3 ,2 7 9 ,6 1 4
2 2 ,8 1 0 ,8 4 5 In c .
468,769
(S pecial f ra n c h is e s ____
15,0 3 1 ,9 8 9
1 6 ,400,400 D ec.
1,368,411
(O rd in a ry rea l e s t a t e . .
7 3 ,5 4 2 ,8 9 1
74,8 8 6 ,3 1 1 D ec.
1,343,420
R ic h m o n d ( C o rp o ra te rea l e s t a t e . .
2 ,4 9 7 ,4 8 0
2 ,5 3 4 ,9 0 0 D ec.
37,420
(S pecial fra n c h is e s ____
2 ,3 5 8 ,7 8 0
2 ,5 8 2 ,7 0 0 D ec.
223,920

Boroughs —

i




t o o f f e r a n d p a y a c o m m is s io n t o p a r t i e s p l a c i n g s a id b o n d s a n d s t o c k ,
■and t w e n t y t h o u s a n d d o l la r s o f t h e f u n d s b e lo n g i n g t o t h e s in k i n g f u n d ,
a r e h e r e b y a p p r o p r i a t e d t o p a y s u c h c o m m i s s i o n , If s o m u c h b e n e c e s s a r y :
P r o v id e d , however, T h a t t h e y s h a ll h a v e s a id b o n d s a n d s to c k s p l a c e d
w i t h o u t p a y in g a c o m m i s s i o n . If p r a c t i c a b l e : P ro vid ed T h e s a le s h a ll b e
a t a p r ic e r e a l iz i n g n o t le s s t h a n t h e f a c e v a l u e o f t h e b o n d s t o t h e S t a t e ,
a f t e r p a y m e n t o f t h e c o m m is s io n .
S ec tio n 12. T h a t a n y t r u s t e e , e x e c u t o r , a d m i n i s t r a t o r , g u a r d i a n , c o m ­
m i t t e e , r e c e i v e r , m a s t e r , c le r k o f c o u r t , o r a n y o t h e r p e r s o n s a c t i n g In a n y
f id u c i a r y c a p a c i t y w h a t e v e r , w h o a s s u c h h o ld s a n I n v e s t m e n t o f t r u s t
f u n d s o r o t h e r w i s e a n y c o n s o l b o n d s o r s to c k o f t h i s S t a t e , t h e r e f u n d i n g
o f w h i c h Is c o n t e m p l a t e d b y t h e p r o v is i o n s o f t h i s A c t , s h a ll b e , a n d h e
o r t h e y a r e h e r e b y , v e s te d w i t h f u ll a u t h o r i t y t o e x c h a n g e t h e s a id b o n d s
•or s t o c k s o h e ld b y h im o r t h e m f o r t h e n e w f o u r p e r c e n t s to c k r a t e s :
P ro vid ed , S u c h e x c h a n g e s h a ll b e o f fe r e d t o h i m o r t h e m , a n d h o ld t h e
n e w s t o c k o r b o n d s s o r e c e i v e d a n d e x c h a n g e d s u b j e c t t o e a c h a n d a ll o f
t h e u s e s , t r u s t s a n d p u r p o s e s f o r o r u p o n w h i c h t h e b o n d s o r s to c k s o
e x c h a n g e d w e r e h e ld ; a n d t h e s a id t r u s t e e , e x e c u t o r , a d m i n i s t r a t o r ,
g u a r d i a n c o m m i tt e e , r e c e i v e r , m a s t e r , c le r k o f c o u r t , o r o t h e r p e r s o n ,
s h a ll b e a n d h e o r t h e y a r c h e r e b y , d e c la r e d f r e e f r o m l i a b i l i t y o r a c c o u n t ­
a b i l i t y w h a t s o e v e r t o t h e i r s e v e r a l cestui que tru sts o r b e n e f i c ia r ie s , b e c a u s e
o f h is o r t h e i r a c t i o n In m a k i n g s u c h e x c h a n g e In a c c o r d a n c e w i t h t h e
n r o v ls l o n s h e r e i n b e f o r e s e t f o r t h .
S ectio n 13 T h a t $ 2 5 ,0 0 0 s h a ll a n n u a l l y b e p a i d b y t h e S t a t e T r e a s u r e r
t o t h e S i n k in g F u n d C o m m is s io n o f t h e S t a t e a s a n a c c u m u l a t i v e s in k i n g
f u n d f o r t h e r e t i r i n g o f t h e b o n d s a n d s to c k s p r o v i d e d f o r I n t h i s A c t.
Section 1 3 a . T h a t t h e b o n d s a n d s t o c k s a n a I n t e r e s t p r o v i d e d f o r I n t h i s
A c t s h a ll b e p a y a b l e In g o ld .
S ectio n 14. T h a t t h i s A c t s h a ll t a k e e ff e c t f r o m a n d I m m e d ia t e l y a f t e r
t h e d a t e o f I ts a p p r o v a l ; t h a t a ll A c t s a n d p a r t s o f A c t s I n c o n s i s te n t w i t h
t h e p r o v is i o n s o f t h i s A c t , b e , a n d t h e s a m e a r e h e r e b y , r e p e a l e d .

T e x a s .— O p in io n o f A tto r n e y - G e n e r a l’s D e p a r tm e n t C o n ­
c e r n in g S c h o o l D i s t r i c t V a l u a t i o n s . — T h e D a llas “ N ew s” says
th a t on Feb. 29 A ssistan t A tto rn e y- G e n e ra l O. C. F u n d e r­
b u rk held th a t an independent school d is tric t, re ta in in g its
o w n ta x a tio n m a c h in e ry and n o t surre n d e rin g same to the
c o u n ty a u th o ritie s, m a y ad op t ta xa b le values d iffe re nt fro m
those adopted fo r S tate and c o u n ty purposes, even to exceed­
in g the la tte r values. Com m on school d is tric ts can n o t ex­
ceed the v a lu a tio n adopted fo r S tate and c o u n ty purposes,
as a ll of th e ir ta x a tio n m ac h in e ry is placed in the hands of
c o u n ty a u th o ritie s.
V ir g in ia .— L o w e r H o u s e o f G e n e r a l A s s e m b ly R e fu s e s to
T a k e U p I n c o m e T a x R a t i f i c a t i o n .— B y a vo te of 54 to 20 the
lo w e r b ranch of the L e g is la tu re on M a rch 6 declined to ta ke
up a b ill r a tify in g the proposed Incom e T a x A m e n d m e n t to
th e Fe d e ra l C o n s titu tio n .

Bond Calls and Redemptions.
Denver, Colo.— B o n d

C a ll.— The

fo llo w in g

bonds

are

called fo r p a y m e n t M arch 31:
STO RM S E W E R BO N D S.
S u b - D ls t. N o . 2 o f th e N o r th D e n v e r S to rm S e w e r D ls t. N o . 1. B o n d
N o. 7.
J
„
•
S o u t h C a p i to l H i l l S t o r m S e w e r D l s t . B o n d N o . 5 5 .
S A N IT A R Y S E W E R B O N D S.
E a s t S id e S a n i t a r y S e w e r D l s t. N o . 1.
B onds N os. 246 a n d 247.
P a r t o f S u b - D l s t . N o . 6 o f E a s t S id e S a n i t a r y S e w e r D l s t . N o . 1. B o n d s
N o s . 1 t o 4 , I n c l u s iv e .
„
.
S u b - D i s t . N o . 8 o f E a s t S id e S a n i t a r y S e w e r D l s t . N o . 1 .
B o n d N o. 89.
IM P R O V E M E N T B O N D S .
C a p i t o l H i l l I m p r o v e m e n t D l s t. N o . 6 .
B ond N o. 8.
C h e r r y C r e e k I m p r o v e m e n t D l s t. N o . 1.
B o n d s N s . 104 t o 1 0 6 , In c h
E a s t S id e I m p r o v e m e n t D l s t. N o . 2 .
B o n d s N o s. 40 a n d 41 .
E v a n s I m p r o v e m e n t D l s t.
B ond N o. 70.
N o r t h S id e I m p r o v e m e n t D l s t. N o . 6 .
B o n d s N os. 37 a n d 38.
N o r t h S id e I m p r o v e m e n t D l s t. N o . 1 5 .
B o n d s N o s . 5 t o 9 , I n c lu s iv e .
S o u t h D e n v e r I m p r o v e m e n t D l s t. N o . 5 .
B o n d s N o s. 28 a n d 29.
S o u t h D e n v e r I m p r o v e m e n t D l s t. N o . 7 .
B o n d s N o s . 1 t o 1 7 , I n c lu s iv e .
P A V IN G B O N D S .
A l l e y P a v i n g D l s t. N o . 1 4 .
B o n d N o . 14.
A l l e y P a v i n g D l s t. N o . 2 2 .
B o n d N o. 8.
A l l e y P a v i n g D l s t. N o . 2 5 .
B o n d s N o s. 6 a n d 7.
U p o n t h e r e q u e s t o f t h e h o l d e r s o f a n y o f t h e a b o v e b o n d s , r e c e i v e d 10
d a y s b e f o r e t h e e x p i r a t i o n o f t h i s c a ll , t h e T r e a s u r e r w ill a r r a n g e f o r t h e i r
p a y m e n t a t t h e B a n k e r s T r u s t C o ., N e w Y o r k C i ty , b u t n o t o t h e r w i s e .

Tacoma, Wash.—B o n d

C a l l . —T h e

fo llo w in g bonds are

called fo r paym ent:
D istrict —
Local
L ocal
Local
Local
Local
Local

Im
Im
Im
Im
Im
Im

p ro v em en t
p ro v em en t
p ro v em en t
p ro v em en t
p o rv cm cn t
p ro v em en t

N o . o f B onds.
D is tr ic t
D is tr ic t
D is tr ic t
D is tr ic t
D is tr ic t
D is tr ic t

N o.
N o.
N o.
N o.
N o.
N o.

7 5 0 _______
3 2 0 ________178
1 7 7 _______ 19
5 0 1 ................ 1 5 3
0 3 ------------4 7 8
5 4 5 ------------ 31

1 and 2
to 196,
to 25,
to 184,
to 505,
to 48,

I n c l.
ln c l.
ln c l.
ln c l.
ln c l.

I n t . C eases.
F e b . 2 8 1912
M ch. 1 1 9 1 2
M ch. 1 1 9 1 2
M c h . 2 1912
M c h . 3 1912
M c h . 4 1912

Bond Proposals and Negotiations this wee*
kave been as follows:
A D A M S C O U N T Y ( P . O . H e t t i n g e r ) , N o . D a k . - - B o n d S a le .— O n F e b . 2 0
t h e $ 1 5 ,0 0 0 7",', 2 - y r . s e e d - g r a in b o n d s s o ld o n F e b . 1 t o t h e U n i o n I n ­
v e s t m e n t C o . in M in n e a p o lis a t 1 0 1 .6 0 a n d l n t . w e r e r e - a w a r d e d t o t h a t firm
a t t h e s a m e p r ic e .
D enom . $500.
D a t e M a rc h 1 1 9 1 2 .
I n t. M . & S.
A D K I N S C H O O L D I S T R I C T , M c D o w e ll C o u n t y . W . Y a .— B o n d S a le .—
O n M a r c h 1 t h e $ 4 0 ,0 0 0 5 % c o u p , t a x - f r e e s c h o o l b o n d s (V . 9 4 , p . 4 2 7 )
w e r e a w a r d e d t o M c C o y & C o . o f C h ic a g o a t 1 0 2 .9 1 2 5 a n d I n t .
O th e r
b i d s fo llo w :
W o o d ln , M c N e a r & M o o r e ,C h .$ 4 1 ,0 3 8 C o ffin & C r a w f o r d . C h i c ____ $ 4 0 ,5 0 0
S e a s o n g o o d & M a y e r , C l n . . 4 0 ,9 3 0 W m . R . C o m p to n C o ., S t . L . 4 0 ,2 7 7
M a y e r , W a l t e r & C o ., C l n ___ 4 0 ,9 0 9 O tis & H o u g h , C l e v e la n d - . 4 0 ,1 0 0
C u t t e r , M a y & C o ., C h i c a g o . 4 0 ,0 0 0
U lc n & C o ., C h i c a g o ________4 0 ,7 1 7
W e ll, R o t h & C o ., C l n ______ 4 0 ,5 6 0 F a r s o n , S o n & C o ., C h i c a g o . . 4 0 ,0 0 0
A . J . H o o d & C o ., D e t r o i t . . . 4 0 ,5 1 1 ]
A-GAWAM. H a m p d e n C o u n t y . M a s s . — B onds V o ted .— I t Is s t a t e d t h a t
o n M a r c h 6 t h e q u e s t i o n of I s s u in g $ 1 8 ,0 0 0 s c h o o l- b ld g , b o n d s w a s f a v o r a b l y
v o te d u p o n .
A L C O R N CO U N T Y ( P . O. C o r i n t h ) , M is s .— B o n d O ffe rin g .— F u r t h e r
d e t a i l s a r e a t h a n d r e l a t i v e t o t h e o f f e r in g o n A p r i l 2 o f t h e $ 1 1 ,5 0 0 5 %
1 0 - y r . r c g . t a x - f r e e r e f u n d i n g b o n d s (V . 9 4 , p . 5 7 6 ) . T h e y w ill b e s o ld a t
p u b l i c a u c t i o n a t 2 p . in . o n t h a t d a y ( A p r il 2) b y O . M . H i n t o n , C h a n c e r y
C le rk .
D enom . $500.
D a te A p ril 1 1912.
I n t . A . & O . a t C o r i n th .
C e r t , c h e c k f o r $ 1 ,0 0 0 , p a y a b l e t o t h e . C l e r k , Is r e q u i r e d .
A L E X A N D R I A . D o u g l a s s C o u n t y . Alinn.— B o n d E le c tio n .— A n e le c t io n
w ill b e h e ld M a rc h 12 t o v o t e o n a p r o p o s i t i o n t o Is s u e $ 3 0 ,0 0 0 5 % b u i ld i n g
bonds.

A L P I N E H I G H SC HO O L D I S T R I C T NO. 1, U t a h C o u n t y . U t a h . — B o n d
O ffe r in g .— P r o p o s a l s w ill b e r e c e iv e d u n t i l 10 a . m . M a rc h 16 b y t h e S e c re ­
t a r y o f t h e H i g h S c h o o l B o a r d ( P . o . A m e r i c a n F o r k s ) f o r $ 6 0 ,0 0 0 5 %
b ld g , b o n d s .
D a t e A p r il 1 1 9 1 2 .
D u e 2 0 y e a r s , o p t . a f t e r 10 y e a r s .
O f f ic i a l c i r c u l a r s t a t e s t h e r e Is n o l i t i g a t i o n p e n d in g a n d t h a t t h e r e h a s n e v e r
b e e n a n y d e fa u lt.
N o b o n d e d d e b t . A s s e s s , v a l. $ 5 ,3 9 2 ,6 2 5 .
A M E R I C U S , S u m t e r C o u n t y , G a .— D escription o f B o n d s .— T h e $ 5 0 ,0 0 0
c l e c t r l c - l l g h t - p l a n t a n d $ 1 0 ,0 0 0 w a t e r - w o r k s b o n d s t o b e v o t e d u p o n M c h . 2 0
(V . 9 4 , p . 6 46) w ill, if a u t h o r i z e d , b e a r 4 y2% i n t . a n d r u n f o r 3 0 y e a r s .
.
A T L A N T I C C I T Y , N. J .— B o n d O ffe rin g .— P r o p o s a l s w ill b e r e c e i v e d
u n t i l 12 m . M a rc h 23 b y I ). I t . B a r r e t t , C i ty C o m p ., f o r $ 1 0 0 ,0 0 0 3 5 - y r .
w a t e r a n d $ 2 0 ,0 0 0 2 0 - y r . c l t y - l m p t . 4 M % c o u p , b o n d s .
D e n o m . $ 1 ,0 0 0 .




719

THE CHRONICLE

Mar . 9 19i 2

D a te J a n . 1 1912.
I n t . J . & J . a t t h e H a n o v e r N a t . B a n k in N e w Y o r k .
B o n d s m a y b e r e g is te r e d a s to p r in c ip a l o r a s to b o th p rin c ip a l a n d I n te r e s t
a n d w ill b e d e l i v e r e d M a r c h 2 8 1 9 1 2 , u n l e s s a s u b s e q u e n t d a t e s h a ll b e
m u tu a lly a g re e d u p o n .
B la n k fo rm s fo r b id s fu rn is h e d b y c ity .
L e r t.
c h e c k f o r 2 % o f b o n d s b i d f o r , p a y a b l e t o t h e C o m p tr o l le r , r e q u i r e d .
P u r c h a s e r to p a y a c c ru e d I n t.
T h e b o n d s w ill b e c e r t if i e d a s t o g e n u in e ­
n e s s b y t h e C o l u m b i a T r u s t C o . o f N e w Y o r k , a n d w ill b e e x a m i n e d a s t o
l e g a l i t y b y D illo n , T h o m s o n & C la y o f N e w Y o r k , w h o s e o p i n io n w ill b e
fu rn is h e d to th e p u rc h a s e r.
B A K E R C I T Y , B a k e r C o u n t y , O r e .— B o n d S a le .— T e r r y , B r ig g s & S l a y ­
t o n o f T o l e d o w e r e a w a r d e d o n F e b . 16 a t 1 0 0 .5 3 t h e $ 7 9 ,3 8 7 6 4 6 % 1 -1 0 y e a r ( o p t.) I m p r o v e m e n t b o n d s o f f e r e d o n F e b . 12 (V . 9 4 , p . 4 2 8 ) .
D enom .
$500.
D a te J a n . 2 1912.
I n te r e s t J . & J .

B A L D W I N P A R K S C H O O L D I S T R I C T ( P . O. B a l d w i n P a r k ) , Los
A n g e le s C o u n t y . C al .— B o n d s V o ted .— A n e l e c ti o n h e l d F e b . 6 r e s u l t e d in
f a v o r of a p r o p o s i t i o n t o Is sue $15 ,0 00 5 % 1- 30 -y r. (ser.) b ld g , b o n d s .
B A R B E R T O N C I T Y S C H O O L D I S T R I C T ( P . O. B a r b e r t o n ) . S u m m i t
C o u n t y , O h io . — B i d s .— T h e o t h e r b i d s r e c e i v e d o n F e b . 19 f o r t h e $ 48,000
4 M "o c o u p , b o n d s a w a r d e d t o S t a c e y & B r a u n o f T o l e d o f o r $ 5 0 ,9 0 3 88
(1 0 6 .0 4 9 ) a n d I n t . ( V . 9 4 , p . 5 7 7 )
F i r s t N a t . B a