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The
INCLUDING
Bank Sc Quotation Section
Railway Earnings Section
VOL. 96
SATURDAY, MAY 10 1913
Throuirle.
"
Electric Railway Section
State and City Section
Railway & Industrial Section
Bankers' Convention Section
PUBLISHED WEEKLY.
NO. 2498
Week ending May 3.
Clearings at
1913.
1912.
Inc. or
Dec.
1911.
1910.
Terms of Subscription-Payable in Advance
Chicago
319,670,763 361,678,663 -11.6 299,906,183 300,012,054
Cincinnati
28,107,300
24,477,950
23,987,950
32,058,950 -23.6
Cleveland
19,984,147
24,747,421
20,122,947
22,191,798 +11.5
Detroit
18,433,156
24,993,315
19,048,518
24,132,483 +3.6
Milwaukee
12,677,110
15,411,518
13,609,759
14,293,703 +7.8
Indianapolis _ _ _ _
9,701,608
8,600,313
8,360,710
11,619,036 -26.0
Columbus
6,878,200
6,182,400
5,590,800
6,235,000 -0.9
Toledo
4,304,222
4,577,575
4,665,252
4,019,762 +7.1
Peoria
2,050,000
3,039,519
3,508,195 -41.6
3,467,678
Grand Rapids..
3,196,870
3,057,394
3,247,113 -1.5
2,813,153
Dayton
2,000,000
2,181,999
2,211,241
2,235,496 -10.5
Evansville
2,499,793
2,758,736
2,353,227 +6.2
2,780,700
Kalamazoo
741,253
699,193 •
768,749 -3.6
764,557
Fort Wayne _ _ _ _
1,421,743
Terms of Advertising-Per Inch Space
1,242,539
1,115,502
1,258,036 +13.0
Springfield, Ill_ _
1,218,164
1,072,621
1,166,062 +4.5
1,044,129
4 20 Youngstown
Transient matter per inch space(14 agate lines)
1,215,330
1,225,806
1,221,724 -0.5
1,074,659
l'
Two
Months
(8 times)
12 00 Lexington
756,629
795,792
936,933 -19.2
828,916
Three Months (13 times)
29 00 Rockford
819,552
825,364 -0.7
773,341
Standing Business Cards / Six Months
696,800
(26 times)
50 00 Quincy
746,859
708,266
759,205 -1.6
688,653
Twelve Months(52 times)
87 00 Akron
1,785,000
1,876,000 -4.9
830,000
782,300
CHICAGO OFFICE-a no. M.Shepherd,513 Monadnock Block;Tel.Harrison 4012. South Bend
1,593,829
601,501 +165.0
598,196
603,139
1,441,090
1,104,749
Canton
1,431,933 +0.7
LONDON OFFICE-Edwards alb Smith,1 Drapers' Gardens, E. C.
1,111,004
569,502
803,773
Bloomington
660,575 +21.7
652,438
WILLIAM 13, DANA COMPANY, Publishers,
424,002
Danville
454,112
523,461
442,907 +2.5
P.0. Box 958. Front. Pine and Depeyster Ste.,
Jackson
400,562
520,610
405,000
485,000 +7.3
New York.
Jacksonville, Ill_
618,671
534,109
432,443 +23.5
465,256
737,304
618,505
532,365
585,874 +25.9
Published every Saturday morning by WILLIAM B. DANA COMPANY. Springfield, 0..
375,518
457,219
371,104 +23.2
371,447
Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Dana, Mansfield
521,545
493,851
501,587 +4.0
396,026
Vice-Presidents: Arnold G. Dana. Sec. Addresses of all, Office of the Company. Decatur
Lima
420,000
335,674
383,597 +9.5
397,219
Ann Arbor
293,648
214,464
247,810 +18.6
214,263
Adrian
42,855
46,215
45,185 -5.2
42,650
CLEARING-HOUSE RETURNS.
Owensboro
460,529
435,000
443,632 +3.8
453,513
The following table, made up by telegraph, &c., indicates that the Lansing
440,000
400,000 +10.0
350,000
total bank clearings of all clearing houses of the United States for the week
Tot.Mid.West. 455,559,918 503,409,647
420,078,188 425,009,265
ending May 10 have been $3,148,896,926, against $3,477,530,427 last
week and $3,415.719,842 the corresponding week last year.
45,561,032
53,847,014
San Francisco__ _
52,107,420 +3.3
51,403,089
16,422,605
Los Angeles
26,432,463
20,829,587
24,367,416 +8.5
11,419,551
Seattle
12,082,178
10,265,167
+3.2
11,704,741
Clearings-Returns by Telegraph.
Per
10,247,983
Portland
11,572,568
10,997,120
1913.
11,610,234 -0.3
Week ending May 10.
1912.
Cent.
8,047,135
Salt Lake City
5,378,505
5,985,067
7,075,459 -24.0
5,430,633
3,870,263
$1,426,210,457 $1,720,164,497 -17.1 Spokane
4,340,562
4,378,962 --11.6
New York
6,240,340
136,024,484
2,334,883
132,512,443
+2.6 Tacoma
Boston
4,314,999
4,173,139 --44.1
3,429,614
4,030,267
139,108,385
117,450,147 +18.4 Oakland
Philadelphia
3,579,774
4,198,366 -4.0
1,952,130
1,273,754
Baltimore
30,121,761
+0.4 Sacramento __ _ _
30,239,603
1,640,497 +19.0
1,592,749
1,550,000
Chicago
+8.1 San Diego
2,708,762
250,386,491
270,769,278
2,346,129 +15.4
1,600,000
St. Louts
618,324
+1.3 Fresno
1,006,877
67,801,101
66,939,207
650;000
1,111,156 -0.5
New Orleans
529,306
-5.2 San Jose
585,984
14,848,778
550,314 +6.5
555,926
14,083,406
North Yakima_ _
475,000
334,849
524,875
433,674 -22.8
Seven cities, 5 days
857,896
949,589
981,737
$2,084,236,714 $2,332,423,324 -10.6 Pasadena
829,923 +14.5
Other cities, 5 days
+2.4 Stockton
681,770
857,324
515,926,281
699,929
528,218,964
721,928 +18.8
Reno
300,000
260,000
275,000
250,000 +4.0
Total all cities, 5 days
-8.3
$2,612,455,678 $2,848,349,605
Total Pacific
128,203,656 127,499,358 +0.6 117,695,581 113,089,943
All cities, 1 day
530,441,248
-5.5
567,370,237
56,217,768
Kansas City_
47,677,075
55,213,714 +1.8
48,114,730
Mntal all Piling for wasilr
55 152 Roe 0961
t•I Al K ,,710 SiA0
-I•a
22,010,858
Minneapolis
20,469,221
20,842,979 +5.6
19,772.518
16,714,545
Omaha
16,776,270
+38.5
12,063,603
15,063,233
details
for
the
week
The full
covered by the above will be given next
8,752,239
12,789,442
10,816,941
10,684,686 -18.1
Saturday. We cannot furnish them to-day, clearings bang made up by the St. Paul
9,618,674
9,564,475
9,824,629 -2.1
8,563,568
clearing houses at noon on Saturday. and hence in the above the last day Denver
7,491,795
6,469,938
8,259,220
Joseph
6,421,802
-9.3
St.
of the week has to be in all cases estimated, as we go to press Friday night.
5,505,465
4,517,800
5,462,881
4,836,140 +13.8
We present below detailed figures for the week ending with Saturday Des Moines
3,120,525
4,345,633
2,635,076
3,331,015 -6.3
Duluth
noon, May 3, for four years.
3,552,320
3,090,631
2,655,855
3,164,986 +12.3
Stout City
2,819,523
3,392,411 -2.3
3,313,895
3,235,493
Wichita
1,506,049
1,724,086
1,765,296
Lincoln
1,941,653 -11.2
Week ending May 3.
1,995,827
2,203,625
Clearings at1,782,150
2,027,882 +8.7
Davenport
1,384,487
1,307,108
1,734,069
Inc. or
1,299,457 +0.6
Topeka
822,019
1913.
317,091
1912.
654,679
Dec.
1911.
Colorado Springs
700,000 -54.7
1910.
1,372,804
1,696,921
Cedar Rapids
1,698,350
2,126,354 -20.2
592,481
565,844
'
i
Pueblo
649,970
$
683,769 -17.8
$
$
%
NewlYork
744,344
2,016,896,218 2,217,746,428 -9.1 2,084,833,751 2,332,681,616 Fargo
396,617
623,794
753,172 -47.4
1,206,821
Philadelphia -- -. 185,878,717 180,646,568 +2.9 173,281,097 173,763,303 Waterloo
1,855,704
1,363,323
1,575,158 +17.8
Pittsburgh
1,072,626
900,000
+2.9
65,523,335
850,946
874,196
59,962,613 +9.3
53,815,117
55,131,144 Helena
Baltimore
379,700
278,096
38,563,652
362,094
420,519 -33.8
42,957,775
10.2
36,832,442
31,223,787 Fremont
Buffalo
565,353
382,624
10,785,511
304,006 +25.9
464,003
10,692,989 +0.9
10,362,457
9,781,987 Aberdeen
Washington
180,000
210,000
8,083,218
205,045 +2.4
208,781
7,993,229 +1.1
8,190,426
8,134,056 Hastings
386,822
Albany
5,600,000
226,917
343,310 +12.7
135,040
6,268,753
6,597,362 Billings
10.7
5,640,366
Rochester
5,789,430
6,101,453 -6.5
5,103,782
5,264,919
2,924,075
Tot.oth.West_ 148,522,622 144,867,904 +2.5 135,034,592 140,479,436
3eranton
2,600,000 +12.5
3,020,348
2,981,885
3,030,234
3,374,557 -10.2
3yracuse
2,797,259
3,010,377
79,236,728
1,877,098
79,443,755
1,895,873 -1.0
79,127,155 +1.0
71,063,983
Reading
1,659,713
1,657,016 St. Louis
16,261,730
1,794,954
1,555,253 +15.4
16,126,770
16,765,442 --3.0
16,849,963
Wilmington
1,508,539
1,647,310 New Orleans
12,748,375
1,684,205
1,558,538 +8.1
12,502,865
16,080,802 -20.7
11,169,937
Wilkes-Barre
1,406,177
1,595,015 Louisville
12,471,996 Not included in total
1,902,347 +27.9
Wheeling
2,432,329
1,877,296
2,088,430 Houston
8,013,041
1,848,248 +83.9
8,442,947
8,293,430
Fronton
8,377,272 -4.3
3,389,506
1,957,898
1,548,500 Richmond
York
9,934,000
1,120,410 -17.1
6,985,000
7,111,000
8,321,500 +19.4
928,215
1,112,992
1,043,855 Galveston
Lancaster
1,589,070 -0.6
9,087,906
7,285,227 +24.7
5,550,360
7,114,378
1,579,782
1,050,516
1,036,274 Fort Worth
Erie
11,998,865
12,649,499 -5.1
12,288,547
939,564 +14.7
10,408,570
1,077,689
921,453
930,931 Atlanta
_
Greensburg _ _
6,602,951 -3.0
6,406,677
6,684,036
5,432,028
635,294 +5.2
668,634
616,352
673,422 Memphis
Binghamton
6,629,976
5,430,856 +22.3
5,189.058
3,654,177
572,300 +18.5
678,900
563,700
457,100 Nashville
5,610,214 -22.0
Chester
4,373,163
5,332,925
3,972,579
863,356 -23.2
663,600
634,847
589,808 Savannah
3,731,064 -0.2
3,724,939
Altoona
3,003,181
3,694,804
562,551
508,286 +10.7
430,878
458,356 Norfolk
3,558,250
3,197,702 +11.3
Birmingham __ _ _
Montclair
2,685,567
455,828 Not included in total
2,831,086
3,100,000
2,920,000 +6.2
Jacksonville _ _ _
2,634,035
3,024,596
2,262,176
2,065,144 +9.5
1,216,378
Total Middle .• 2,360,411,853 2,553,422,904 -7.6 2,397,781,543 2,642,135,316 Chattanooga
1,526,879
1,991,761
Little Rock
1,882,168 +5.3
1,788,452
2,125,249
1,595,004
162,511,800 174,866,121 -7.1 153,830,862 176,041,128 Knoxville
2,245,715 -28.9
Boston
1,838,232
1,834,370
2,405,108
8,336,300
2,230,146 +7.8
Providence
2,321,173
1,803,189
8,862,100 -5.9
8,699,600
8,427,200 Augusta
1,456,756
5,158,671
liartford
1,812,753 -19.6
1,549,467
1,609,055
5,457,780 -5.5
5,184,000
4,482,245 Charleston
1,688,981
New Haven
2,902,890
1,300,000 +29.9
1,624,728
1,691,164
2,960,944 -2.2
2,743,675 Mobile
3,151,599
1,566,345
2,901,829
Springfield
1,501,483 +3.7
2,536,000
2,978,918 -2.6
2,150,000
3,059,672 Oklahoma
2,368,672
2,432,559
Portland
2,426,105
3,326,832 -26.9
2,077,137 +16.8
1,015,000
3,099,006
2,133,180
2,279,944 Macon
2,339,211
1,800,000
Worcester
2,570,138 -9.0
1,297,858 +38.7
1,774,130
1,173,788
2,187,492
2,333,587 Austin
Fall River
217,498
1,212,636 -12.9
1,056,470
217,075 +0.2
289,096
302,848
1,169,024
1,075,311 Vicksburg
New Bedford
334,521
943,710
1,010,549 -6.6
345,186 -3.1
485,107
490,000
982,548
1,085,281 Jackson
Lowell
908,428
571,966 -10.9
509,589
660,850 +37.5
918,137
613,766
520,689 Tulsa
Holyoke
663,714
781,128 -1.4
770,442
721,011 -8.0
765,100
682,635
619,848 Muskogee
Bangor
458,899 +26.6
580,860
307,046
Total Southern 194,396,501 195,715,90.5 -0.7 179,112,968 178,303.145
3,477,530,427 3,728,730,034 -6.7 3,431,012,816 3,701,685,685
Total all
Total New Eng. 190,435,877 203,814,316 -6.6 181,310,424 202,924,905
Outside N. Y_ 1,460,634,209 1,510,983,606 -3.3 1,346,179,56511,369,004,069
For Cana1ian Clearings see "Commercial and miscellaneous News."
$10 00
For One Year
6 00
For Six Months
13 00
European Subscription (including postage)
European Subscription six months(including postage)
22
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Subscription includes following SupplementsBANK AND QUOTATION(monthly) 1 RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINcifi(monthly
STATE AND CITY (semi-annually) RANKERS' CONVENTION (yearly)
1324
THE CHRONICLE
THE FINANCIAL SITUATION.
It is definitely announced that application will be
made next week to the Inter-State Commerce Commission by the trunk line railroads for authority to
make a 5% advance in freight rates. With that end
in view, the Commission is to be asked to:re-open
the case which was decided against the roads by the
Commission in February 1911. That the railroads
are entitled to this advance there cannot be the
shadow of a doubt. But we expressed doubts last
week as to the expediency of such a move. To us it
seems far more important to take a resolute stand
against further increases in wages. The engineers
have already been given their increase and so have
the firemen and enginemen. Now the railroads are
confronted with a similar demand from the conductors and trainmen, which, if granted, will add no less
than $17,000,000 to the yearly pay-rolls of the railroads in Official Classification Territory, as the Eastern district is technically known. The demand is
for a 20% increase in wages and a strike vote of the
men is already being taken to force the managers of
the roads to yield, or at least to consent to arbitration, the result of which will be in line with previous
experience and give the men a good share of what
they are asking for.
According to the officials of the roads,the position
of this class of employees in asking for a new advance
in wages is wholly untenable, present Wages being
more than adequate for the service. Under these
circumstances it is clearly the duty of the managers
to resist the demands of the men and persist in the
refusal, even if the actual result be a strike. It
seems to us, however, the roads cannot ask for an
increase in rates and at the same time refuse this
further demand for higher wages, no matter how
unreasonable it may be. It must be either one
or the other. The public will, we are sure, put up
with the inconvenience of a strike, seeing how hard
pressed the railroads are,if thereby an advance in rates
can be avoided; but to ask it to submit to a strike
and also to prepare for higher rates at a time when
business will be sadly deranged by tariff changes
will, we are afraid, be more than the public will be
willing to submit to. In such event, too, popular
sympathy would be with the striking employees.
It would be argued that as the roads had petitioned
for better rates, they could well afford to pay these
workers higher wages. On the other hand should
the railroads yield to the demand of the conductors
and firemen they would gain nothing, even if the
Inter-State Commerce Commission should, after
lengthy hearings and long delay,sanction:the proposed
increase in rates. The one would simply offset
the other, leaving the roads no better off in the end.
It is for this reason that we think the move illadvised at the present time.
The probable attitude of the Inter-State Commerce
Commission must also be taken into serious consideration. The plea for higher rates will necessarily be
based primarily upon the advances in wages that the
roads have been obliged to make. Yet at the time
of the previous adverse decision of the Commerce Commission on the rate question two years ago, the roads
were able to show additions to their yearly pay-rolls
agg egating no less than $34,338,358 by reason of
advances in wages then just agreed upon. But this
did not avail to secure for the roads the increased
rates desired. It seems to have bileri forgotten, too,
[Vol, xcvi.
that the Commerce Commission on that occasion
made a clear and unequivocal declaration of policy
with reference to uncalled for advances in wages.
For the benefit of those who may have forgotten this
declaration, we give the same herewith, though it
has been printed several times in these columns. It
is from the opinion of Commissioner Prouty:
"Railroad labor, certainly organized railroad labor,
is probably as well paid, and some say better paid,
than labor of other kinds, upon the average. Railroad employees will hardly expect to receive wages
which exceed those paid to other forms of labor for
the same grade of service, and this Commission certainly would not permit the charging of rates for the
purpose of enabling railroads to pay their laborers
extravagant compensation as measured by the general
average compensation paid labor in this country as
a whole. It is likely, therefore, that the labor item
of these railroads will not in the immediate future
much increase unless there should be a general advance in all prices."
It will be observed that the Commission expressly
said it "would not permit the charging of rates for
the purpose of enabling railroads to pay their laborers
extravagant compensation," Szc. Supposing, however, the Commission should yield its objection on
this ground, it would still be necessary to satisfy
shippers, or at least those who always assume to
act for shippers. In this class belongs Mr. Louis
D. Brandeis, who is now appearing as a "private
citizen" in the proceedings of the Inter-State Commerce Commission with reference to the New Haven
road, and who, at the time of the previous trunk
line hearing for advanced rates, was one of the most
vigorous opponents, op behalf of shippers, of the
proposed advance, and put forth the argument that
the railroads of the United States could save $1,000,000 a day if they practiced proper economy in
operation. Mr. Brandeis is still active in the same
direction and now thinks there ought .to be a Federal
Bureau of Costs to determine the cost of operations,
and that no advances in rates should be granted
until this Bureau had figured out the cost of operations. Here is what Mr. Brandeis has to say on the
subject, according to an interview with him published
in the "Evening Post" of this city on Wednesday
of the present week:
"It is one of Mr. Brandeis's ideas that there should
be a Federal 'Bureau of Costs,' whose business it
would be to examine and report upon the cost of
operation in all branches of railroading; making
allowances for differences of condition in different
parts of the country, so as to establish a "common
denominator" and indexes of allowance for those conditions; but establishing at last a system of costs for
all of the elements of operating expense and maintenance. Until it is ascertained what is the legitimate
cost of maintaining and operating railroads under
any given set of conditions, he thinks, no increase of
railroad rates should be allowed, as there is no means
of knowing whether or not the roads making the demand are entitled to higher rates."
Thus it seems likely the move for higher rates
will be strongly antagonized the same as it was in
1910-11, while being at the same time apparently
inadvisable for the reason already mentioned.
All talk of the "difficulty" and "slowness"
of the process prescribed by the Federal Constitution for its own amending is now answered and rebuked, as it has never been so emphatically before,
MAY 10 1913.
THE CHRONICLE
1325
by the easy and swift movement to ratification of I very high, the loss of area through winter-killing
the latest amendment, which transfers the election comparatively small, and work on other crops has
of United States Senators from legislatures to the progressed so rapidly that the seeding of oats is said
people direct. Official notice of ratification is not to be completed over the greater part of the allotted
yet given, but assent of the requisite 36 legislatures area and the plant is showing well above ground in
has been obtained,and so quietly that there has been central and northern portions and is well advanced
very little public mention of the matter during this south.
one year since it passed Congress.
The Department of Agriculture's report on winter
The jumble of words "adopted" by the Roosevelt wheat May 1 indicates in reality a slight improvement
party in Chicago August 7 last contained this:
during the month past, the average condition being
"Constitution should be easily amended. The stated as 91.9, against 91.6 April 1, 79.7 on May 1
Progressive Party, believing that a free people should last year, 86.1 in 1911 and a ten-year average of 85.6.
have the power from time to time to amend their The abandonment of area resulting from winterfundamental law so as to adapt it progressively to killing was, as intimated above, much smaller than
the changing needs of the people, pledges itself to usual and decidedly less than n the previous year.
provide a more easy and expeditious method of It was, in
fact, only 1,449,000 acres, or 4.5% of
amending the Federal Constitution."
the territory planted last fall, leaving under the crop
Probably Mr. Roosevelt read the old document now 30,938,000 acres, the greatest acreage ever rein his youth, but, although he has twice sworn "to ported except that harvested in 1903 (32,511,000
preserve, protect and defend" it, we would not affirm acres) and comparing with but 26,571,000 acres in
positively that he is familiar with its prescribed 1912. In 1912 the loss of area through abandonment
method of amendment. However that be, if he did was especially heavy-6,469,000 acres, or 20.1% of
not write the Chicago platform he approved it, and the previous fall's planting—and in 1911 it reached
therefore is responsible for its misrepresentations. 3,118,000 acres, or 9%, and in 1910 nearly 432
The people whom he influences have been purposely million acres, or 13.3%. The percentage of abanled to believe that the Constitution fortified itself donment this spring does not appear to have been
against change. Senator La Follette's "Weekly" heavy in any of the States of large production, being
repeats this,holding the immovability of the document placed at IA of 1% in Missouri, 2% each in Illinois
up as the chief barrier to national development and and Nebraska, 3
in Indiana, about the same in
insinuating openly that it is somehow or other a bul- Ohio, 6% in Kansas and 7% in Oklahoma.
wark of the rich,, behind which they have firmly
As regards condition in the individual States this
placed themselves. So his journal proclaims what year and last, the 'contrast is especially marked
is called a "Gateway" amendment, designed to make in Illinois, where the comparison is between 94
change easy and to break down this protection of the and 52, Indiana 91 and 52, Ohio 91 and 53, Missouri
rich and free the common people.
95 and 72, Nebraska 97 and 85, Kansas 91 and 80
Instilling this notion into the heads of the great and Michigan 83 and 64. The Government, followmass whose reading is chiefly unscrupulous journals ing the plan inaugurated a year or two ago, works out
and who do very little thinking, is one explanation of a quantitative estimate of the yield per acre of
their desire to alter a document which they hear winter wheat on the basis of the average condition
denounced but probably have never seen.
May 1, assuming average variations to prevail herePutting aside for the moment the merit or demerit after, and reaches the conclusion that 91.9 would
in this latest amendment, the fact is that it has been indicate a yield of 16.6 bushels, or an aggregate crop
swept along to ratification in barely one year after it from the 30,938,000 acres of 513,571,000 bushels.
passed Congress. If the people—wisely or unwisely, This, it is hardly necessary for us to say, is a very
with deliberation or without it—set their minds much larger production than secured in most earlier
upon any change, they can get it quickly. This is years and compares with 399,919,000 bushels in
the answer to all talk about "ease" or "difficulty" or 1912 and 492,888,000 bushels in 1906—the record
that "a free people should have power" to make up to now. No details of the quantitative estimate
changes. They prove, by exercising it, that they are given, but from private reports we learn that
have it and have always had it; formerly, they had there is a disposition to look for some 125 million
clearer notions and were willing to move carefully in bushels in Kansas,against 91 millions in 1912 and
such a grave matter. Their disposition to rush head- Oklahoma is expected to turn out over 30 millions,
long has been deliberately fomented by misrepresen- against 20 millions.
tations.
Commercial failures in April 1913 were greater
Winter wheat, starting with an excellent condition in number than for the corresponding month of
April 1, and with favoring weather since, gives a any previous year, while the amount of liabilities
better crop promise at this time than for quite a num- was within 2 Million dollars of the large total of 1908
ber of years past. That is to say, the current out- A few failures contributed a considerable proportion
look is for a larger product per acre than is often se- of the mouth's general debts-24 defaults having
cured, and as the area to be harvested is almost of been for an aggregate of $6,169,414. It is a notable
record proportions, falling below that of 1903 only, fact, too, that a comparatively small number of
expectations are that, with normal weather the next large insolvencies (112 for amounts over $100,000)
two or three months, the final yield will be of a mag- contributed $46,471,223 out of the 95 million dollars
nitude never before reached. The current season liabilities reported for the four months since Jan. 1.
contrasts sharply with a year ago. Then, not only
Among the important commercial disasters of the
was the condition of wheat below the average and month may be mentioned the Woman's World Pub
the percentage of abandoned area excessive, but' a lishing Co., Chicago, with debts of a little over lid.0
backward and rainy spring delayed planting of a million dollars; J. L. Kesner Co., dry goods, N. Y.,
other crops. TI.is year winter-wheat condition is 13 millions; Hirzel, Feltznam -Sx Co., N. Y.,'team.
1326
THE CHRONICLE
ship agents, $317,447; N. Y. Livery & Auto Co.,
$553,631; Smit Bros. & Probstein, diamonds, N. Y.,
$445,793; Martin-Phillips Co., cotton, Memphis,
$403,000; Lesser-Ely Cotton Co., Memphis, about
half a million, the last two claimed to have resulted
from the overflow of the Mississippi River; and Chas.
Simons' Sons, Inc., hosiery, N. Y., $243,843.
Messrs. R. G. Dun & Co.'s investigations, which
furnish the basis for our deductions, indicate that the
number of failures in April this year was 1,314, involving liabilities of $18,445,355, these contrasting
with 1,279 and $16,874,727 the previous year, 1,206
and $16,924,776 in 1911 and 1,309 and $20,316,468,
the latter apparently the heaviest total of indebtedness for the particular period covered. For the four
months of 1913 the aggregate number of insolvencies is 5,772 and the amount of debts represented
$95,277,632, or only nominally less than in the year
of depression-1908. In 1912 the figures were respectively 6,107 and $79,887,050, and in 1911
reached 5,191 and $76,576,537. In each of the various
grand divisions into which the failures are segregated
the volume of debts is of greater magnitude for the
four months this year than in 1912, with the comparison least favorable in trading classes, it being between 45% million dollars and 36 millions. Among
manufacturers, 373 million dollars represents the
% millions a
four months' total this year, against 323
year ago.
In Canada failures were greater in number in
April than last year-125 against 107—and the
amount of liabilities, at $1,514,069, contrasts with
only $745,622, both the manufacturing and trading
divisions contributing to the increase. For the four
months of 1913 there were 533 defaults, for $6,453,130, against 536 for,$3,865,637,in 1912 and 482, for
$4,218,296, in 1911; manufacturers show a considerable increase in indebtedness, $3,059,056 comparing with $1,146,157, but there is a very noticeable
decline from 1910. In trading lines the contrast
is between $2,804,102 and $2,530,556, and in "other
commercial" between $589,972 and $188,611.
[Vora. xcvi.
reassemble on May 20, and in the meantime proposals defining the limit and status of the new Albania
will be submitted to the European governments.
Advices from Constantinople state that the Porte
has instructed Essad Pasha, the former commander
of Scutari, who has declared himself King of Albania,
to put himself under the orders:of Djavid Pasha,commander of the Ottoman troops in Macedonia.
Should Essad Pasha obey his instructions, it will
necessarily relieve the situation as regards Albania
and permit the plans of the Powers to be carried out.
The Ottoman Government has opened negotiations
with Greece for the transportation of Turkish troops
to Asia Minor and the Bulgarians are reported to
be withdrawing from Tchatalja, from which place
Turkey is preparing to send her army to Asia Minor.
On Saturday last, May 3, the Porte replied to the
Powers' note in reference to peace negotiations for
a settlement of the war. The Ottoman Government
accepted the invitation of the Powers for the Turkish
army to cease hostilities and suggested that the peace
conference take place in London.
The Anti-Alien Land-Holding Bill drawn by California's Attorney-General was passed by the California Senate at 12:45 on Saturday morning by a
vote of 36 to 2, after nearly ten hours of debate.
Later in the day it was passed by the Assembly. It
is now in the hands of Governor Johnson, who will
delay signing it until the last possible moment so
that opportunity may be given for hearing whatever
protests President Wilson may desire to make.
The Governor is required by California law to sign
or veto all Acts within ten days of the final passage,
provided the Legislature remains in session for that
length of time. Otherwise he has thirty days. As
the Legislature has not yet adjourned, it will be
necessary for Governor Johnson to act on or before
Tuesday, May 13. As re-drafted by Attorney-General Webb, the principal provisions of the bill are
as follows:
(1) Aliens eligible to citizenship may acquire and hold
land to the same extent as citizens.
(2) All other aliens are limited to the specific rights conOn Monday, May 5, Premier Asquith announced
upon them by the existing treaties between the
ferred
in the British House of Commons the receipt of a
United States and the nations of which such aliens aro citimessage from King Nicholas of Montenegro stating zens or subjects. In the case of the Japanese, the bill prothat the latter was prepared to evacuate Scutari and' hibits ownership of farming or agricultural lands, while
leave the disposal of the captured city to the Powers. permitting them to own residences and factories, manuOther dispatches stated that King Nicholas presided factories and shops.
Leases of agricultural land by such aliens are permitted
on the preceding Saturday at a Crown Council at (3) period
of not exceeding three years. There is a quesfor a
which all the generals of the Montenegrin army were tion as to whether renewals would be lawful.
present and it was decided by a majority of two votes (4) Aliens ineligible to citizenship cannot inherit land.
to yield to the Powers. It is reported that King Upon the death of an alien landholder his property shall be
Nicholas will abdicate the Montenegrin throne in sold by the Probate Court and the proceeds distributed to
heirs.
favor of his son. Definite arrangements for the his(5) The State specifically reserves its sovereign right to
evacuation of Scutari by the Montenegrins have, enact any and all laws in future with respect to the acquisiaccording to latest dispatches, not yet been con- tion of real property by aliens.
(6) Present holdings of ineligible aliens are not affected,
cluded. It is reported that the Powers, through their
that they cannot be bequeathed or sold to other
except
representatives at Cettinje, are negotiating with
aliens classified among those not eligible to citizenship.
Montenegro as to the date on which the foreign
naval contingent shall land and take possession of
The place. The naval contingent is expected to
remain in Scutari until an Albanian Government has
been established. Bulgaria and Servia, according
tpia Sofia dispatch to the London "Times," have
accepted Russian arbitration of their differences.
ThdAmbassadorial Conference has had a number of
sittings at London during the week, but no real effort
seems to have been made to arrive at definite results. It is now expected that the Conference will
Cable advices from Tokio declare that the announcement of the final passage of the California
bill has not created marked excitement. The agitators and those who have been making hysterical
outcries against the proposed legislation are declared
to have disappeared and the sudden cessation of the
excitement is taken to indicate that it was largely
manufactured. Keishiro Matsui, Vice-Minister of
the Foreign Office at Tokio, in an interview, ,expresses the Japanese Government's appreciation
MAY 10 1913.]
THE CHRONICLE
of the attitude of the Government, the press and
people of the United States. "The Government
and people of Japan," said the Minister, "must
endeavor to discover a fundamental cause of the
differences and preserve the rights and dignity of the
people of the respective countries by the friendliest
exchange of views on the part of both governments."
Viscount Chinda, Japanese Ambassador at Washington, yesterday (Friday) filed with Mr. Bryan,
Secretary of State, a formal protest against the California Land Bill. The protest is to receive formal
consideration by the Cabinet to-day.
On Monday the Lower House of the Arizona
Legislature passed an anti-alien ownership bill that is
declared to be more drastic than the California legislation of the same character. The bill prohibits any
alien who has not declared his intention of becoming
a citizen from acquiring title to land. The measure,
however, is not disturbing the Administration at
Washington, as there are no large colonies of Japanese
in Arizona. China is said to be preparing to join
Japan in its formal protest against the California
bill. Ownership of lands in California by Chinese
has diminished considerably within the last few
years, but many Chinese land-owners still are there,
and it is with a view of protecting them against the
loss of their property that the Chinese Government is
said to be contemplating a protest.
The British House of Commons on Tuesday rejected on the second reading the Dickinson Bill by a
vote of 266 to 219. The bill would have enfranchised
6,000,000 women. It proposed to grant the right to
vote to every woman who, if she were a man, would
be entitled to be registered in respect of a household
qualification within the meaning of the Act of 1884;
also every woman who is the wife of a man entitled
to be registered in respect of a household qualification and who has resided in the qualifying premises
during the period required by law. No woman could
vote until she had reached the age of twenty-five,
and no woman could be disqualified by reason of
marriage from registering and voting. Sir Edward
Grey, Foreign Secretary, spoke in favor of the bill,
but Premier Asquith voted against it, as did also six
other members of the Ministry, including Messrs.
McKenna, Pease, Samuels, 'Churchill, Harcourt
and Hobhouse. The Ministers voting in favor, aside
from Sir Edward Grey, were Messrs. Lloyd-George,
Birrell, Runciman, Buxton, Ackland, Wood, Macnamara, Sir Rufus Isaacs and Sir John Simon. The
responsibility for the defeat of the bill is placed on
the militant suffragettes, whose wild, law-breaking
tactics alienated the sympathies of suffrage supporters. Referring to this feature, the London "Times,"
speaking editorially, said: "The majority is not very
large, but in the circumstances it is decisive. It
tells the militants as plainly as anything can that
they are on the wrong road if they wish to get votes
for women. The point on which we wish to insist is
that the women themselves have turned back the
tide that was apparently running in their favor, and,
though we'do not regret that fact, we do regret the
means by which it has been brought about."
The reign of terror under which England is suffering
from the current wave of suffrage insanity seems to
be increasing daily. An attempt to wreck St. Paul's
Cathedral was made on Wednesday, a bomb that by
mere accident had not exploded having been discovered by the verger who conducts sightseers
1327
through the building. While there is no proof, it is
believed that it was placed there by suffragette
sympathizers, though it is not impossible that every
sinister happening in England at the present time
will be credited to the suffragette movement.
King Alfonso of Spain is on a visit to Paris. Significance is attached to the event in political circles
in Europe on the ground that it may be the first
step in the entrance of Spain into the Triple Entente
of France, Great Britain and Russia. The Spanish
monarch arrived on Wednesday. Aside from the
supposed political significance, the visit has attracted
attention as a result of the discovery of an alleged
plot of anarchists to kill the Spanish King. Several
anarchists who have been arrested were found to have
been in correspondence with well known Spanish
anarchists and several documents were seized.
Extraordinary police and military precautions were
taken. This is the first time that the Spanish ruler
has visited Paris since 1905, when he was the guest
of President Loubet, on which occasion anarchists
hurled a bomb at him, but missed the King, though
injuring twenty-eight sightseers.
Provisional President Huerta of Mexico has sent
what is in effect an official ultimatum to Washington
demanding recognition. General Huerta uses most
polite, diplomatic language. He takes the ground
that, without recognition on the part of the American
Government of the new Mexican Government, the
present United States Ambassador, Henry Lane
Wilson, will be considered a friend of Mexico and
always a welcome guest; but will not be regarded as
an Ambassador. General Huerta further informs
President Wilson that questions pending between
the United States and Mexico will be accepted in the
spirit of Washington's terms, but will receive no
further consideration and will not be settled until
"Mexico is in a position to take up the questions on
an equal basis, dealing with a friendly and equally
sovereign, if not equally powerful, nation." General
Huerta pointed out that his Government had been
recognized by Great Britain and soon would be by
Spain, while probably Germany, France, Italy and
Austria would give recognition. He had, he said,
taken a government with a bankrupt treasury and
a demoralized army and had been able to' establish
it in such a way that its finances no longer were
insolvent and its army was being reorganized rapidly.
He had given and would continue to give protection
to American interests but would not recognize the
United States officially. Washington advices of a
reliable character state that Mexico's demands will
not in any way change the determination of the
present Administration to proceed with caution.
The National Assembly of China on Monday, by
a vote of 229 to 143, adopted a resolution to the effect
that the signing of the Five Power loan of $125,000,000 without the authority of Parliament was unlawful and a gross violation of the Constitution. The
vote followed five hours of stormy debate, during
which the acting Premier attempted to justify the signing of the agreement on the ground that it had been
authorized by the Advisory Council. The Peking
correspondent of the London Daily Telegraph reports
that the three Ministers who signed the contract
for the Five Power loan are to be impeached. Elsewhere we refer to the position of the Chinese loan
1328
THE CHRONICLE
on the London and Paris markets. A Peking despatch
to the "Daily Telegraph" represents the members of
the Five Power group as being dissatisfied with the
prospect of an Austrian loan, and this threatened
important developments. The correspondent says
that, according to the present arrangement, the Austrian loan of $17,500,000 is to be floated three months
after the Five Power loan of $125,000,000. Large
sums already have, been handed over and there is
some mystery about the whole business. It is
understood that the lenders are really the Krupp
and Skoda armament companies, who are trying to
secure a monopoly in furnishing arms and steel to
the Chinese.
The most prominent members of the Kuo MingTang, the Southern Chinese political society, Are
attempting to arrange a compromise with the Peking
Government on the basis of giving Yuan Shih-Kai
the Presidency for five years by exacting a promise
from him that he never again will take office and that
all Government expenditure shall;be properly audited.
The promoters of the movement admit that the Yuan
Shih-Kai form of administration is the best for all
parties and that Yuan is the only man who can guide
the destinies of China at the present moment. At
the same time they wish to prevent a permanent
personal rule.
The European financial situation seems hardly
to show improvement corresponding with that suggested in the political atmosphere. British consols,
as reported by cable last evening, closed at 75 A,
which compares with 74 11-16 on Friday of last
week. The French rente closed at 84.90, which
represented a recovery from 84.80 from Wednesday,
though still below 85.70 the closing figure a week
ago. The improvement in the political world follows
the decision of King Nicholas of Montenegro to
place the future of Scutari at the disposal of the
Powers. After that point had been conceded,
there was no further apparent incentive for alarm.
On the other hand, while both money rates and private bank discounts have appreciably weakened, the
London market has received additional admonition
that the actual supply of capital for fixed investments
still is light. According to cabled advices, the Brazilian loan of £11,000,000 in 5 per cent bonds, which
was issued publicly in London and offered privately
in Paris, met with very poor success so far as subscriptions from the public were concerned. The
loan was brought out by the Messrs. Rothschild and
only 10% of the full amount was subscribed by the
public, the underwriters themselves being compelled
to take up the entire remainder. The explanation
of these poor results, according to London bankers
whose views have been cabled to this side, is that
the loan was too large and that in view of Brazil's
well known unfavorable financial position,the bonds
should have been offered at a much larger discount
than 97.
An additional excuse for the poor results of the
Brazilian offering is the new policy that seems to
have become quite general among British investors
so far as distributions by means of prospectuses are
concerned. The experience of the last few weeks
suggests that it has been cheaper to wait and purchase such securities in the open market after the
subscriptions have been filled. It has been found
that considerable offerings of these securities have
been promptly made on the market at discounts
xevi.
from the official prices contained in the prospectuses.
While no definite information is available showing
specific instances of sales by underwriters, the opinion
seems to have gained ground in the London market
that underwriters have been willing to take a slice
off their commissions and thus indirectly offer securities in the open market at substantial concessions
from the prices named in the prospectuses. The
almost humorous recurrence of backing and filling
in conjunction with the attempts to finally complete
the $125,000,000 Chinese loan has again been a
feature of the European markets. As stated in
the Chronicle last week, contracts had been newly
signed, and it was proposed to offer on May 8 the
bonds for public subscription at 99 in London and
on the Continent. It was predicted that London
and Paris would take by far the greatest share.
The offering was not publicly made, however, and
seems to have been indefinitely delayed. The
renewal of unsettled political conditions in the
Oriental Republic has again raised the question of
the stability of the new government and the members
of the Five Power Syndicate, to quote a London
cable dispatch, are asking their respective governments for advice and guaranties on this important
question. Meanwhile the syndicate will refrain from
publicly offering the securities and will refrain also
from handing to the Chinese Government any payments provided for in the loan contract. The
United States is the only one of the Great Powers
that has thus far given official recognition to the
new Chinese Government. The other Powers, it
will be recalled, did not feel disposed to accept the
invitation of Mr. Bryan, our Secretary of State, to
grant recognition simultaneously by all the great
nations. Cable advices from Paris suggest that
recent reports of the success of the Japanese loan
offered at that centre were exaggerated. There
seems still to be some underlying nervousness
at the French centre, and the fact that this week
(including a shipment of $2,000,000 to be made
by to-day's steamer) no less than $6,000,000 in
gold has gone forward from New York to Paris,
while foreign exchange shows a distinct loss in
the transaction, is significant. The gold, it is
understood has been purchased by the Bank of
France, which is standing the loss in question.
It is intimated that the French Government itself
may find it necessary to delay its 1,500,000,000franc loan or to change its form from long-term
bonds to treasury notes, owing to the high ideas as
to interest rates that are now entertained by French
investors. In Berlin and also in Vienna there has
been considerable improvement shown in the financial markets. Dispatches from Paris contain the significant suggestion that extensive purchases of securities have been made by important interests very
intimately connected with European politics, one
r eport being that the ruler of one of the Balkan States
had personally purchased a large volume of securities as a speculation for a rise in quotations.
Balkan State securities on the London market,
while firmly maintained, show few changes. Greek
monopoly 4s closed without alteration at 56, Servian
unified 4s at 82, Turkish 4s at 86 and Bulgarian
6s at 102; German Imperial 3s remain at 75, while
point to 90%.
Russian 4s have advanced
While the official European banks have all maintained their discount rates, private bank discounts
are distinctly easier. In Lombard Street 31A% is the
MA.Y 1, 1913.]
THE CHRONICLE
rate for both long and short bills, there being no
discrimination as to maturities at the moment.
Bills to arrive sold yesterday at 3 9-16%. A
week ago 4% was the rate for both sixty and ninetyday bankers' acceptances. Day-to-day money in
London closed at 2@3%, which compares with
3@33-1% on Friday of last week. In Paris the
bankers' combination still hold discounts at 4%,
the official Bank rate, but outside buyers are
naming 378% and some business has been done
4%. In Berlin, after
from this side as low as 33
advancing to 5%% early in the week, the closing private bank rate is 514%, though money is
still quoted at 6% at the German centre. The out4%,at Brussels
side rate at Amsterdam remains at 37
4 7-16% and at Vienna a reduction of M% to 5%
has taken place. The official bank rates at the
leading foreign centres are: London 4 2%; Paris
4%;Berlin 6%;Vienna 6%;Brussels 5%,and Amsterdam 4%. The Bank of Bengal at Calcutta and the
Bank of Bombay continue to quote 6%.
The Bank of England lost £891,576 in its gold holdings this week and £801,000 in its total reserve.
Nevertheless, the proportion of reserve to liabilities
increased to 49.90%, against 49.22% a week ago,
this result necessarily following a reduction in liabilities. There was a decrease in public deposits
of £1,541,000 and in ordinary deposits of £811,000.
Meanwhile, bills matured to the extent of £1,523,000
and notes reserved decreased £836,000. The holdings of bullion now amount to £36,875,642. One
year ago the stock was £39,688,165 and in 1911
£37,000,627. The reserve stands at £26,429,000,
comparing with £29,212,035 in 1912 and £27,292,902
in 1911. As already noted, the proportion of reserve
to liabilities is 49.90%, which compares with 51.20%
one year ago and 50.64% in 1911. The outstanding
loans (other securities) aggregate £31,462,000, and
compare with £31,494,687 in 1912 and £29,354,749 in
1911. Our special correspondent furnishes the following details of the gold movement into and out
of the Bank for the Bank week: Imports, £1,179,000
(of which £150,000 from Egypt and £1,029,000
bought in the open market); exports, £125,000 (of
which £59,000 to. Peru and £75,000 ear-marked
Straits), and shipments of £1,946,000 net to the interior of Great Britain.
The return of the Bank of France suggests the
necessity that is responsible for the shipment from
New York of $6,000,000 in gold to Paris this week.
The gold holdings of the French institution are about
13,000,000 francs in excess of those of a year ago,
but the silver holdings are 210,000,000 francs less,
while outstanding note circulation is 408,000,000
francs higher and discounts show an expansion of
505,000,000 francs. The weekly statement records
an increase of 1,371,000 francs in gold and of 5,995,000 francs in silver. Note circulation was reduced
for the week 83,050,000 francs, and bills discounted
indicate a contraction of 187,825,000 francs. Treasury deposits declined 31,850,000 francs and advances
were increased 23,350,000 francs. The total holdings of gold now amount to 3,245,323,000 francs,
which compares with 3,232,700,000 francs one year
ago and 3,236,375,000 francs in 1911. The silver
stocks are 603,509,000 francs, comparing with
813,900,000 francs in 1912 and 850,675,000 francs in
the year preceding.
-1329
The Imperial German Bank reported an increase
in its gold item for the week of 13,669,000 marks
and the increase in total cash was 24,086,000 marks.
Its other items were uniformly favorable, a reduction
of 75,425,000 marks being shown in note circulation,
of 29,180,000 marks in loans and of 38,192,000 marks
in discounts. Treasury bills were reduced 18,136,000
marks and ordinary deposits were 9,576,000 marks
lower. The total cash holdings now amount to
1,248,041,000 marks. One year ago the item stood
at 1,230,400,000 marks and in 1911 it was 1,139,320,000 marks. Combining loans and discounts we
have 1,330,287,000 marks as against 1,156,420,000
one year ago and 1,029,540,000 marks in 1911.
Outstanding circulation amounts to 1,965,179,000
marks. In 1912 at this date it was 1,705,320,000
marks and in 1911, 1,613,360,000 marks.
The local market for money has presented additional evidence of the steady contraction in the
demand for funds by the Stock Exchange and for
mercantile or industrial uses. Notwithstanding engagements of gold for Paris aggregating $6,000,000,
a fractional reduction has taken place in the rates
asked by lenders. This clearly suggests that trade
is slackening and that manufacturers are becoming
much more cautious, owing to the imminence of
traiff changes. There is, however, a good demand in
sight for funds, and should there be a revival in trade
and industrial activities in the summer. When
preparations become necessary for financing the
crops, it will, presumably, not take long to demonstrate that the money situation is largely one of
superficial ease. There will, for instance, be an unusually large amount of refunding necessary during
the .closing months of the current year. This, of
course, is not a demand for new capital; nevertheless,
it will require increased money rates to be paid by
borrowers if recent experiences may be regarded as an
accurate indication. According to a compilation
prepared by "The Journal of Commerce," the security issues scheduled to mature between May 1 and
the end of the current calendar year reach $330,124,226, which compares with $105,370,100 during
the corresponding month of 1912. It is further
shown that the burden of refunding this large amount
will fall chiefly on the three months of May, June
and July, in the course of which $205,042,726, or
nearly two-thirds of the grand total, becomes due.
Of the total maturities for the year $220,459,226
represent short-term notes issued by railroad companies. This is especially significant of the problem
that the railroads have before them,namely their inability to sell long-term bonds on a favorable basis
and the necessity that forces them to supply their
urgent needs by means of temporary financing.
Banking interests are looking forward to the results
that will be shown on May 20, when $45,000,000 in
New York City 432% corporate stock is to be
offered for subscription. This will be regarded
as a test of the investment situation. According to
the statement of the New York Clearing House last
Saturday, the cash surplus of the banks and trust
companies in the Association amounted to $15,955,650, which was an increase of $809,950 for the week,
and compares with a surplus of $14,276,750 a year
ago. The actual cash in the Clearing-House institutions indicated a decrease of $1,129,000, but with a
contraction of $7,953,000 in deposit reserve requirements were reduced $1,938,950.
1330
The range in call money this week has been 2@3%.
On Monday and Tuesday 3% was the highest, 2%
the lowest and 23/2% the ruling quotation; on
Wednesday the extreme figures were again 2 and
3%, with 29% the renewal basis; ,Thursday's highest was 3% and lowest and ruling rate 24%; Friday's maximum was 3%, minimum 23/2%, and renewal basis 29%. Time money closed fractionally
lower for the week at 33/2%@3%% for sixty days,
4%for ninety days,4@43% for four months,43@
43/2% for five months and 432% for six months.
Commercial paper is in light supply and apparently
in equally light demand. Closing rates are 5@532%
for sixty and ninety day endorsed bills receivable and
for four to six months' names of choice character;
3 @6%.
others are quoted at 5%
With the passing of the war cloud in Europe and
lower discounts and money in London, sterling exchange this week has ruled distinctly easier. Paris
has taken $6,000,000 in gold in New York, presumably for the Bank of France, as foreign exchange rates
on their present basis suggest a considerable loss
in the transaction. A fair amount of bills has been
sold on this side against the shipments and as the
shippers, Lazard Freres, have been selling francs
for next Tuesday's steamer, additional shipments
of gold on that day are expected. Early in the
week there were some inquiries for remittances
of May dividend and interest payments to European
holders of American securities, but, taken altogether,
the demand for exchange was not active. Demand
bills and cable transfers have ruled relatively weaker
than sixty-day bills. British trade is still active,
and will require correspondingly large banking facilities. The monthly statement of the British Board
of Trade shows that the volume of April business continued on virtually a high-water-mark basis, imports
for the month amounting to £62,956,000, comparing
with £60,414,742 in 1912, and exports aggregating
£43,052,000, against £32,887,127. Since Jan. 1
the imports into Great Britain have amounted to
£259,245,000, as against £248,238,820 in 1912, and
the exports have reached £170,360,000, against
£151,508,239. As a matter of current interest in
sterling exchange circles, it may be stated that the
North American Export Grain Association is seeking
to have a change made in the United Kingdom grain
contract as regards the drawing of grain bills. Communications are proceeding by cable between the
association and the London Corn Trade Association
and similar British associations. The American
interests desire a change in the contract from sixtyday bills to sight bills. The British associations are
willing to compromise on a seven-day bill, but no
final agreement has yet been reached.
There have been slight changes in the Continental
exchanges during the week. The London check
rate in Paris closes without net change at 25.20 francs.
At Berlin sterling closed at 20.45 marks, comparing
with 20.47 last week. Berlin exchange in Paris, as
reported by cable yesterday, was quoted at 123.173/2
francs, comparing with 123.073/2 francs a week ago.
Compared with Friday of last week, sterling exchange on Saturday was unchanged, with demand
still quoted at 4 8670@4 8680, cable transfers at
4 8705@4 8715 and sixty days at 4 83@4 8310. On
Monday the opening was weaker and there was a
slight decline on the report of an engagement of gold
forLexport and easier English discounts; later in the
[VOL. xem
THE CHRONICLE
day the tone became firmer, though demand closed
5 points lower at 4 8665@4 8675 and cable transfers
at 4 87@4 8710; sixty days advanced to 4 8310@
4 8320. The market continued weak on Tuesday
and demand receded to 4 8660@4 8670, cable transfers to 4 8695@4 8705 and sixty days to 4 8305®
4 8315. On Wednesday sterling broke sharply, demand and cables touching new low levels for the current movement; the chief influences were renewed
weakness in discounts in London and reports of
additional gold shipments for Europe; the range was
4 8640@4 8650 for demand, 4 8675@4 8685 for
cable transfers and 4 83@4 8310 for sixty days.
There was a further decline of 15 points on Thursday,
due for the most part to the increasing ease in English
discount rates and speculative selling here; demand
was quoted at 4 8625@4 8635, cable transfers at
4 8660@4 8670 and sixty days at 4 8290@4 83. On
Friday the market declined 20@25 points on freer offerings of grain bills. Closing quotations were 4 8270@
4 8280 for sixty days, 4 86@4 8610 for demand and
4 8640@4 8650 for cable transfers. Commercial on
8@4 82% and documents for
banks closed at 4 813/
payment at 4 82@4 82%. Cotton for payment
ranged from 4 823' to 4 823', grain for payment
4 823/@4 82%.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $7,734,000 net in cash as a result of the currency movements for the week ending May 9.
Their receipts from the interior have aggregated
$14,134,000, while the shipments have reached
$6,400,000. Adding the Sub-Treasury operations
and gold exports, which together occasioned a loss of
$6,455,000, the combined result of the flow of money
into and out of the New York banks for the week
appears to have been a gain of $1,279,000, as follows:
Out of
Banks.
Week ending May 0 1913.
Into
Banks.
Banks' interior movement
Sub Treas. operation...and gold exp'ts
$14,134,000
19,068,000
$6,400,000 Gain $7,734,000
25,523,000 Loss 0,455,000
$33,202,000
$31,923,000 Gain $1,279,000
Total
Net Change in
Bank Holdings.
The following table indicates the amount of bullion
in the principal European banks.
May 2 1912.
May 8 1913.
Banks of
Gold.
— —
.1
England. 36,875,642
France_ _ .1129,709,320
Germany _ 48,939,150
Russia.. __ 158,576,00
Aus.'Jun_ 50,181,000
Spain _ ___ 18,056,000
Italy _ _ _-I 46,727,000
Netherl'd 13,544,000
Nat.Beig -1 7,527,333
Sweden .4 5,718,000
Switzer''dl6,906,000
2,132,000,
Norway.
-i
—
Tot. week.524,891,445
Prey.week 527.339,2811
Silver.
Total.
Gold.
Silver.
Total.
£
.0
£
39,688,105
36,875,642 39,688,165
15,520,161,864,040
24,139,960 153,849,280 129,308,52 32,55
16,000,000 64,939,150 44,543,900 16,976,75g 61,520,650
7,214,000 165,790,000 149,197,000 7,669,000 156,866,000
10,617,000 60,798,000 52,650,00 12,782,0081 65,432,000
30,003,000 48,059,000 17,019,000 30,008,00 47,027,000
3,662,00 45,777,000
4,050,000 50,777,000 42,115,00
940,90 13,013,900
684,800 14,228,800 12,073,00
3,763,667 11,291,000 6,674,667 3,337,333 10,012,000
4,793,000
5,718,000 4,703,000
6,437,000
08
13
2:9
6
6,437,000
1,981,000
1,981,000
————
96,472,427 821,383,872506,480,252 107,931,503614,411,755
95,225,927 622,565,208506,327,928 108,156,847614,484,775
P.0.010111
;888
THE SUFFRAGE AND THE
HOUSE OF COMMONS.
The vote of the British House of Commons on
the Woman Suffrage bill, last Tuesday night,
resulted in a majority of 47 against the proposal,
the vote being 266 to 219. The measure proposed
a grant of the [Parliamentary franchise to every
woman having the same household qualification as
that which had been stipulated in extending the
franchise of men in !the Act of 1884; also to every
woman who is.the wife of a man entitled to exercise
suchifranchise. The voting age was placed at twen-
MAY 10 1913.1
THE CHRONICLE
1331
The Parliamentary movement having failed in
ty-five years. In general, the bill was a duplicate
of the bill which had been proposed in several pre- 1908 and 1909, public disorders on the part of women
ceding sessions.
advocates of the suffrage began. It was in 1909
In last Tuesday's vote, the personality of the that women besieged the entrance to the House of
voters was in several respects noteworthy. The Commons, ending by chaining their persons, on 9ne
Premier, Mr. Asquith, voted against the bill; such occasion, to the iron railing of the gallery in order to
eminent Ministerial colleagues as Sir Ed ward Grey prevent their removal by the police. Similar atand Mr. Lloyd-George voted in its favor. Mr. tempts at the invasion of Ministerial offices in DownBonar Law and Mr. Balfour, the leader and former ing Street followed. These demonstrations were
leader of the Opposition, both of whom had been offset by the organization in Great Britain of an
credited with favoring the proposal, did not vote anti-suffrage party among women, headed. by Mrs.
at all, and only 22 of the 219 votes in favor, of the Humphrey Ward, and a petition with 243,000 signabill came from the Opposition. The same bill was tures was presented to Parliament. It increased
defeated last year by a vote of 222 to 208, and the the legistlative deadlock, and, when the suffrage
increase in the majority against it, since that time, bill again failed of enactment in 1910, the era of
from 14 to 47, was ascribed to the sensational activity personal assaults on individuals and property began.
of the so-called "militant suffragettes" during the
These attacks were as indiscriminate as they were
intervening period.
violent. Even such advocates of the suffrage as
The vote of last Tuesday brings up for new con- Mr. Winston Churchill and Mr. Lloyd-George
sideration the woman suffrage movement in Eng- became the mark of disorderly demonstrations by
land, in this country and elsewhere—a movement suffragettes, designed to break up public meetings.
which, for various reasons, has been a matter of Mr. Asquith was subjected to a personal and physical
exceptional public interest and of both social and attack at an entertainment in a private house by
political importance during the past few months. The an infuriated woman of decent family. When, in
demand for conferring the general suffrage upon 1912, through the ruling of the Speaker, the Woman
women is by no means as new as many people appear Suffrage amendment to the Franchise Reform Bill
to think. It was the focus of much political agita- was excluded, organized attacks on property began.
tion in this country as long ago as 1850, when its They took the form, first, of window-smashing in
advocates were known as the party of "Woman's the streets; then, under the incitement of a particuRights." In the United States, during the sub- larly violent advocate of the cause, Mrs. Pankhurst,
sequent years, the suffrage was conferred on women of bomb-throwing and arson. Buildings were set
by Wyoming (then a territory) in 1869; by Colorado on fire in the city ,and the country, the contents of
in 1893; Idaho and Utah in 1896; Washington in mail boxes were destroyed, railway appliances were
1910, and California in 1911. At last November's tampered with, and a sort of reign of terror was
election a constitutional amendment authorizing presently under way.
woman suffrage was voted upon in six States of the
From this it naturally followed, first, that the
Union. It was adopted by the people of Arizona, public meetings of these women had to be protected
Kansas and Oregon, but defeated in Michigan, by the police from dangerously hostile mobs; next,
Wisconsin and Ohio. An "equal suffrage" plank that the Problem of carrying out the ordinary prison
was also inserted, during last year's Presidential sentences on convicted offenders, when they refused
campaign, in the national platforms of the Socialist, to eat while confined in their cells, became as serious
Progressive and Prohibition parties. There were from one point of view as it was ludicrous from
said at the close of last year to be 250,000 American another. The present impossible situation, in which
women enrolled as members of the National Woman's the British Government releases such women, nomSuffrage Association, and two million women in inally "under observation," if they have refused to
the United States who were eligible to vote at all eat in jail, has been the necessary result. In the end
State elections equally with men. More recently, there can be no doubt that such bold defiance of
another vote on the woman suffrage constitutional law will be dealt with in a spirit of severity such as
amendment resulted in an adverse majority of 96,144, has not yet been applied by the Government.
against a majority of less than 800 last November.
Concerning the actions of the so-called militant
The movement, so far as concerns the present suffragettes, there can be no possible difference of
generation, has riot been confined to the United States opinion among clear-headed and right-thinking peror England. Norway and Australia have within sons. We may perhaps best sum up the general
recent years conferred the franchise upon women; impartial opinion on this aspect of the situation by
the semi-independent State of Bosnia, in the Balkan quoting a statement addressed to the American
region, has done the same. Agitation for woman Woman's Suffrage Association by Mrs. Andrew D.
suffrage has of late been actively promoted in variou's White, herself a life-long advocate of woman sufother European States. But by far the greater frage. In refusing to contribute to the Association's
interest has attached to the recent experience of funds unless its officers should publicly denounce the
England. Organized agitation for woman suffrage attitude of the English agitators, Mrs. White rein that country may be said to have really begun in marked:
1906, when the Liberal Party came in. The Liberal
"I see our own kinswomen across the sea sowing the
Premier of that day, Campbell-Bannerman, was wind to reap the whirlwind—sowing seeds of lawhimself an avowed suffragist, and bills were intro- lessness which we may see in our day, I greatly fear,
duced in Parliament to confer the franchise on women. blossoming in an anarchism more terrible than anyParliament was, however, lukewarm. Under poli- thing yet known to history...It resembles the kicktical pressure it granted consideration to the suffrage ing and biting of spoiled children, the raving and
gibbering of insane
idiots—and the unbridled
bills, and on occasion gave them a majority on the license of the most and
abandoned criminals. . . .
first reading, but itdid not press them to the neces- What it may cost other human beings, innocent
sat
—Ve7ond/andlthird1considerations
though they be, for them to grasp at the objects
1332
THE CHRONICLE
[Wit. xcvi.
of their desire by whatever means may come to hand, has a plausible sound to people brought up to remember the use of that argument in our Revolutionary
does not touch their minds."
We feel that we cannot improve on this statement War. Yet the argument itself, even as applied to
of the case, and we need only add that Mrs. White's men, is of extremely doubtful force—as may be seen,
characterization of these women indicates one unmis- for instance, in the fact that a resident of New Jertakable phase of the existing agitation—namely, that sey owning property in New York is taxed on that
the English outbreak in its present shape is really a property without enjoying any right to vote for the
" psychological or pathological phenomenon—the re- public officers who impose the New York taxes and
sult of the influence on ill-balanced minds of cer- administer the tax receipts. Back of all other contain social and political tendencies of the day, which siderations stands the problem, at the present
have operated in many other directions than woman- moment, whether women as a whole really desire
suffrage agitation, and whose character is generally the suffrage. It is impossible to ignore, when one
determined, first, by the passionate demand for undertakes to draw comparisons with such aggressudden reversal of long-standing institutions and sive .movements for the franchise as occurred in
traditions concerning which there is no general pub- 1848, that on those occasions there was never an
lic criticism, and next, by the adoption of a mode organized opposition party, except among people
of reasoning which reverses all previous thinking who had reasons of their own—autocratic power or
processes of the race. Women writers who have corrupt control of votes, for instance—to deny such
defended the English suffragettes have gravely extension of the franchise; whereas, at the present
argued, in well-known English periodicals, that the moment the anti-suffrage associations are numeriabsence of women from active service in the fighting cally powerful and politically deserving of consideraranks during times of war is purely a consequence tion. When one considers the inevitable difficulties
of the conspiracy of men. Other similar articles which surround a negative campaign on questions of
lfave seriously based their conclusions on the assump- this sort, it cannot be denied that this opposition,
tion that the whole situation is governed by what among women themselves, to the grant of women sufthey call "sex-antagonism"—meaning by that the frage creates a situation which gives ground for serious
existence, as a matter of course, of mutual dislike debate as to either the necessity for action on the
and hatred between men and women of the human question at this time or the wisdom of it.
race. How much these extraordinary outgivings con• PHILADELPHIA'S BOND SALE.
firm Mrs. White's view of the situation, and how
In our "State and City Department" to-day, on
far they indicate a species of mental derangement in
the women who have participated in the English page 1375, we refer to the fact that in April, as in
March, large amounts of municipal bonds failed to
movement, should be evident at a glance.
takers, and that in the case of other issues specfind
It is clear that such a situation—moral and social,
had to be granted in order to place
concessions
ial
by
rather than political, in the problems involved
.fact that the City of Philadelphia
The
loans.
the
intrinsic
the
of
it—supersedes all consideration
week over $4,000,000 of 4% bonds,
a
within
sold
has
best
The
age
argument.
the
woman-suffr
merits of
to run,at par, has no important
years
opinion, even among those who advocate general having thirty
general investment situation.
the
upon
bearing
extension of the suffrage to women,is coming to agree
is
it
a matter of pride that a market
,
To
Philadelphia
on the proposition that the outbreaks of the suffracity's bonds bearing the low
for
be
that
found
could
before
to
end
gettes must be dealt with and put an
sold is not large,and there
amount
the
but
of
rate
4%,
conor
properly
rightly
the general problem can be
the offering which
attending
s
circumstance
some
are
plainly
was
feeling
this
of
sidered. The influence
manifested, as we have shown, in the Parliamentary are exceptional.
Philadelphia's treasury is enriched by millions of
vote of last Tuesday. It would quite probably
floated,which
exhibit itself in any important vote on the general dollars, the proceeds of loans formerly
specified
purposes
the
for
only
expended
be
may
question in the United States.
which,
and
the
loans,
authorizing
ordinances
the
in
Of the general argument regarding woman sufThese
now.
expended
be
cannot
reasons,
various
for
our
frage, therefore, we shall at present only express
in
and
deposited
the
banks
are
others,
with
funds,
and
adoption
hasty
sweeping
the
own opinion, that
city.
that
of
companies
trust
a
political
be
would
time
this
at
program
of such a
As a matter of reciprocity, wheri the city desires
leap in the dark. It is tacitly, yet altogether too
is
obviously, assumed that only women fit for voting to float a new loan at a rate lower than that which
banks
the
loans,
municipal
new
for
.fixed
would cast their ballots at elections and that all generally
with
such women would do so; yet this is in the face and trust companies which have been favored
subscribe
of a very strong possibility that the large number deposits of public funds come forward and
of educated women who now oppose female suffrage for the new bonds.
In addition, the city's Sinking Fund Commission
would refuse to vote when the suffrage was conferred upon them. If this were to be so, the last subscribed for about one million of the issue. Then
stage of the resultant situation might easily be much there were a number of public-spirited citizens, inworse than the first. It must further be remarked cluding the Mayor,who subscribed,and the balamce
that the experiment of the suffrage in our Western was taken by small investors. As the bonds are
States is no sufficient criterion for the country as a free of tax in Pennsylvania, the interest paid is
whole. The character of the population in those really equivalent to 4.4% paid upon a taxable secommunities is altogether different from the character curity.
At the very time that subscriptions were being reof the population in the densely settled Eastern
States, and the actual working out of woman suf- ceived at par for the new bonds, a sale of outstanding
4 at the PhilaPhiladelphia City 4s was made at 993
frage is more or less debatable even in the West.
$50,000 of the
of
block
A
Exchange.
Stock
delphia
The argument for woman suffrage on the ground
Phila.that "taxation without representation is tyranny," outstanding 4s was offered to a prominent
MAY 10 1913.]
THE CHRONICLE
delphia firm at 99%, but was refused through patriotic motives, the desire of the brokers being not to
break the market to the disadvantage of the city.
School district 4s of the City of Philadelphia were
also offered at 999. These bonds are free of tax
but they are not acceptable for all the purposes that
the regular city bonds may be used for, although
their security is unquestioned.
Philadelphia has outstanding 3% bonds for which
the bids run as low as 873/ for those which mature
in 1930. The city also has outstanding some 33/2s,
for which prices range downward to 9332 asked for
those which mature in 1937. The purpose of the
city authorities in not raising the rate on new bonds
above 4% is to protect the market for bonds already
in the hands of the public. Very naturally, the action
of New York City in advancing the rate on the bonds
which are offered for sale the present month to 43/2%
has been to depress the market value of Philadelphia
4s and the 43.is. Philadelphia's purpose is laudable,
but it is very doubtful if the sale just accomplished
can be successfully repeated, especially for a larger
amount.
There is some question, too, about the ultimate
market effect. If any of the banks holding city deposits have bought the new bonds under duress at
par, they may be inclined to part with them for less
than par under the belief that it is better to take a
small loss and have the proceeds of the sales of the
bonds available for banking purposes which will give
a greater return than 4%.
Thus, in the end, the liberal buying by institutions
may defeat the aim of the municipal authorities.
An examination of the offerings of bonds all over the
country, as shown in our "State and City Department," will be quite convincing that the attractive
rates for municipal securities range from 43/2 to 5%,
and if this general condition continues it will be very
difficult for one city to prevent the market value of
its bonds from being affected by general investment
conditions.
LABOR LEADERS AND THE COURTS.
The difficulty of finally settling how much respect
for courts must be shown by Mr. Samuel Gompers
in his conduct is brought to mind again by still
another decision in review of the contempt proceedings against him growing out of his disregard of
an injunction issued over five years ago. A court
in the District of Columbia forbade him to continue
his public attack on the Bucks Stove & Range Company, but he decided in his own mind that the Court
was trying to deny the Constitutional right of free
speech. After going back and forth between courts,
an appellate court has now reaffirmed the contempt
judgment, although somewhat reducing the sentences.
It is not of much intrinsic consequence tohave
Mr. Gompers serve thirty days in jail, a discipline
which would hardly produce in him any chastening
of spirit or softening of speech; yet thereIare good
reasons why this should be enforced upon him.
The first is that there has never been more:occasion
than now to affirm in sight of men the dignity of
courts and their power to maintain the same through
their decisions, even when those do not accord with
the opinions of their fellows. A court without:power
to compel acquiescence in its deliberate conclusions,
and emphatically a court obliged to trim its:course
according to the prospect of pleasing or displeasing
1333
the people, would be a court without self-respect
and incapable of rendering any real public service.
A second reason is that while the clamor against
alleged special favor obtained by capital continues,
the real menace is the increasing power of organized.
labor. It is almost hopeless for employers and'
emphatically hopeless for the railroads to attempt.
to match organization against organization, becausecapital can never effect so compact an organization.
as labor and because the force of numbers is on
the other side. The count at the polls is a count.
of noses and does not consider the brain behind thenoses; therefore, not only is organization deemed an
outrage when used by capital and a natural and
wholesome self-defense when used by labor, but
attempt to match a handful against a multitude is
like trying to fight a stream of wasps with one's
bare hands. The situation we have reached is this:
organized labor includes such a multitude of persons
and is so solidly massed and so forcibly hurled
toward its own class desires that the politicians, in
Congress as well as in all legislatures, are in mortal
fear of it. What it has accomplished in compelling
wage increases from the railroads is cumulative
and still fresh in recollection. It dominates the
legislature of this State, as it does others. It has
just driven through Congress anew the same vicious
rider of exemption from the Sherman Act which
Mr. Taft so lately vetoed; this has been done notwithstanding protest by.Senators Root and Borah,
and another Senator actually defended it as a needed
discrimination in favor of labor to offset the vested
interest which capital has been allowed to acquire in
the country. A candid explanation would confess
that politicians who dread being turned out more
than they dread doing wrong dare not refuse anything
which so solid a "vote" demands.
The arrogance and selfishness in this organization
have grown by discovering its own power, and
grow further with every concession which is yielded
to it, for the sake of a miserable present, temporizing "peace" when there is no peace. Another
evidence of this has just been furnished in this State,
where the American Federation of Labor demanded a
compensation bill containing a feature which, by the
positive testimony of labor representatives in several
other States, would be bad for labor as well as all
other interests; the Federation insisted, however,
and when its bill failed in the legislative scramble
and a far better one recommended by Commissioner
Emmet passed instead, it accused Mr. Emmet of
pernicious, if not of wrongly-conceived, activity and
sought to make trouble for him; further, it threatens
to procure a veto of the bill which did pass.
The explanation is that labor organization has
passed the stage of willingness to stop and reasqn
calmly, even on its own class desires; it fixes upon
an object, lays its course for that, and jams ahead
over any obstacle, almost resembling the dreaded
army of ants in tropical countries which will not
deviate from its straight line when once started.
The heads of the labor army care less for some particular demand of theirs than for the effect which
defeat may have on the rank and file. They consider, not incorrectly, that their control over the
mass must be absolute, in order to be effective;
their ability to deliver the great "vote" which they
hold above the politicians' heads must be undoubted,
To the mind of the organized workman, Mr. Gompers
appears the power behind the ruler and therefore
1334
to
THE CHRON ICLE
[VOL. xcw.
the dictator of public policies and the real lawmaker; those charged with responsibility for its administhis is too near to the truth, but if he loses the tration.
It was eminently fitting that a property and a
glamour of impregnability and infallibility the
bondsmen who take voting orders from him, as to company so situated and at the same time so essential to the welfare of the State of Michigan and so
strikes and at the polls, may begin to ask questions.
The lines are becoming more distinctly drawn. bound up in its activities should be made the subject
The clinch of determining whether organized labor of a most careful investigation. The Committee
shall make and interpret the laws for its own selfish was appointed by the Michigan Legislature in Janends, and whether it shall override employers in uary and carried on its work for a period of six or
determining wages and the conditions of employment, seven weeks. Its report is now available and the
must come; evading and deferring it merely increase conclusions arrived at have come as a surprise to many.
its severity without avoiding it. Every "arbitrated" It was a Legislative committee solely, consisting of
strike and every strike prevented by yielding makes the Lieutenant-Governor, John Q. Ross, with two
members of the Senate and two members of the
the situation worse.
be
of
the sight
Assembly. The purpose of the inquiry was indicated
A timely and wholesome aid would
in
thus
proving
the joint resolutions adopted authorizing the
is,
that
he
confinement,
Mr Gompers in
These resolutions charged that maniis
above
and
not
investigation.
strutting,
lordly
his
a man, after all
pulation of the security issues had resulted in an
law and court.
increase of the road's indebtedness without a corresponding benefit to the company and its property;
A RAILROAD INVESTIGATION
that the present outstanding indebtedness of the
AND ITS RESULT.
Wide publicity deserves to be given to the report road is greatly in excess of its actual value;that,owing
of the Michigan Legislative Committee which has to its financial condition, the company was not giving
been investigating the condition of the Pere Mar- to its patrons that efficiency of service demanded
quette RR. The railroads of the United States of public service corporations, and that the proper
in recent years have been most fiercely assailed. All operation and development of this railroad system is
sorts of false allegations have been made against necessary to the progress and upbuilding of the State
them and have been iterated and reiterated with of Michigan.
How far have these charges been substantiated?
so much positiveness that the public has begun to
charges
the
The
Committee finds, of course, that the Pere Marof
back
truth
believe that there must be
invested
has not been such an efficient transportation
quette
been
has
money
actual
little
made—that
in them, that their capitalization is fictitious and that agency as it should be. That was a foregone conin the endeavor to earn a return on such capitaliza- clusion under the circumstances. But to what does
tion the patrons of the roads and. their employees the Committee attribute the detective service and
alike are being fleeced; in other words that transpor- the other delinquencies? The report is no whitetation rates are too high and wages lower than they wash. The different episodes in the financial hisshould be. This feeling lies at the bottom of the tory of the property prior to 1906 are strongly
legislative hostility, Federal and State, that has criticized, and some exceedingly severe strictures are
been so much in evidence in recent years, and passed on the different managements that the propalso accounts for the fact that even when the treat- erty has had. This part of the report is marked by
ment accorded the roads is manifestly unfair, the strong bias, which is to be regretted, since in other
respects the report is discriminating in character.
effort goes unrebuked.
It is because the Committee evidently started
The allegations against the roads are usually
preconceived notions adverse to the road that
with
vague and general, making it impossible to present
force must be given to the conclusions which
we
added
therefore,
When,
them.
evidence in disproof of
have a concrete example of a railroad system which attribute responsibility for the unfortunate condition
has been mercilessly assailed by the press and the poli- of the property to other and outside causes entirely
ticians and whose condition is made the subject of beyond the control of the owners and those who have
inquiry and analysis, the result is certain to prove been administering the property for them. In the
instructive and enlightening, and to furnish occasion first place, it is a surprise to find an unqualified
for testing the accuracy of the wide-spread accusa- statement that the whole of the bonded indebtedness
tions against the railroads generally. Such a test of the property represents a legitimate investment of
is afforded by the inquiry which .has just been con- money. The remark on this point is to the following
cluded into the causes of the unfortunate condition effect: "Much has been said and printed about
of the Pere Marquette RR. And no better illustra- watered bonds, but your committee is satisfied that
the money represented by the funded debt of approxtion could have been found for the purpose.
and
imately $70,000,000 has been paid into the Pere
The system gridirons the State of Michigan
Marquette corporation, that all the bonds are honest,
add
to
greatly
hostile Legislative action has served
none of them is watered, and that the persons
year,
last
When,
that
embarrassment.
to the company's
the Michigan Railroad Commission denied authority owning them have honest claims against the Pere
to issue new securities to provide for maturing Marquette on account of said bonds."
Nothing could be stronger than this and thus even
obligations, there was no alternative but to seek
shelter in a receivership, and receivers to-day are in the case of a property where there has certainly
still operating the property, while no less than five been considerable faulty and blundering financiering,
protective committees,representing:different interests the charge of watered bonds falls to the ground.
in the property, have been formed. It follows as What are we to imagine must be the position of that
a matter of course that, being hampered by financial vast number of other railroad systems which have
and physical drawbacks, it has not been possible never been in the least vulnerable in that respect.
for the property to perform its functions as a public As to whether the $28,384,600 capital stock of the
barrier to the satisfaction either of the patrons or Pere Marquette represents dollar for dollar of
MAY 10 1913
THE CHRONICLE
property, the Committee does not undertake to
express an opinion, saying it has been able to secure
little information on that point. The fact that
there is such a heavy debt against the road in bonds
has led the Committee to believe that the question
as to whether the stock was or was not in any degree
watered is of little importance at this time.
Though the company has had an existence of only
thirteen years, the present receivership is the second
within that period. The former receivership occurred in December 1905, when Judson Harmon was
put in charge of the property. While the Committee
expresses the opinion that bad management has been
a potent cause of the company's downfall, it is worthy
of note that the Committee gives it as its judgment
"that up to the appointment of Judson Harmon
as receiver the company had not earned any profit
whatever. In fact, the Committee does not believe
that the road had up to that time earned enough
money to keep its property in reasonable repair."
It is further added that "had the $2,907,485 which
was paid out as dividends been put into the repair
of the property and to offset its natural depreciation,
it would have been in comparatively no better condition than when the system was organized."
The Harmon receivership lasted two years. The
situation since then has not [improved. For the
year ending June 30 1908 there was a deficit of
$393,666 in the amount needed to meet expenses and
charges. For the year ending June 30 1909 there
was a surplus of only.$40,650. For the year ending
June 30 1910 there was a surplus of $469,713. For
the year ending June 30 1911 there was a deficit
of $1,813,761 and for the year ending June 30 1912
the deficit was $1,979,680. For the five years combined there was a net deficit of $3,676,303. The
report takes occasion to add: "Nothing has been
discovered by the Committee which would indicate
that during this period there was any improper handling of the company's funds. It paid heavier discounts on the sale of its securities than it would have
had to pay had it been in a better financial condition."
The further statement is made that "during nearly
all of this time the territory along the line of the
Pere Marquette was in an extremely prosperous
condition and the gross earnings of the road increased
every year."
In an enumeration of the reasons for the company's
dismal failure, the Committee is forced to admit,
as already stated, that the causes were largely
beyond the control of the owners. The first reason
given is that the management was lacking in ability
or was hampered in execution. But in the enumeration of the other reasons,it is made evident that the
management, like that of the railroads generally
throughout the United States, had most trying conditions to contend against. Wages, we are told,
have steadily increased during the entire life of the
road, the percentage of increase from 1900 to 1912
being about 43%. About half of this increase has
occurred since 1907 and the increase since 1909,
it is stated, has been nearly 20%. As an illustration,
the increase in the gross amount paid out in wages
of employees for the year ending June 30 1911
over the amount paid for the year ending June 30 1910
was $1,022,000. Thus, even in the case of .this
unfortunate and bankrupt property, labor, so far
from having been robbed by a "grasping" railroad
corporation, has been exacting a steadily increasing
toll from such corporation.
1335
A very considerable increase in the cost of locomotives, cars, ties, rails and all classes of equipment
generally, and also in fuel, is given as a third reason
for the road's downfall. As a fourth reason we have
the great increase in taxes, which for the period
from 1907 to 1912 rose 40%, the taxes in 1907
having been about $478,000 and for 1912 about
$668,000. As a fifth and final reason a decrease in
average passenger and freight rates is given.
In the last analysis, we see, the Pere Marquette
has suffered from the same causes as the railroads
generally, though its• powers of endurance were
weakened by its financial involvements.
What are the remedies? It is frankly admitted
that the continued operation of the Pere Marquette
RR. is absolutely essential to the welfare and prosperity of the people of the State of Michigan,and
then the following picture is furnished of the utter
helplessness of the railroads generally under present
conditions. This is what the Committee says:
"Under present laws the State, in substance, limits
the income of the railroad by regulation of its
passenger and freight rates. The outlay of the railroad is also in great degree determined by circumstances not under the control of the railroad. It
has little to say as to the amount of wages it has to
pay, which is the largest element in its expense.
The State tells it that it must expend large sums in
modern service requirements and safety appliances.
It will thus be seen that the State, in large measure,
says both how much it shall earn and how much it
shall spend." The Committee adds he incontrovertible conclusion that "under such circumstances
every fair-minded person will agree that, granting
honest, economical and efficient management, any
capital, honestly invested in a railroad, is entitled to
receive a fair return on such investment."
The rate situation, it is admitted, is bad, particularly in the case of the Pere Marquette. In 1907 the
Legislature passed a law limiting the passenger fare
to 2c. a mile on all railroads the gross earnings of
which equaled or exceeded $1,200 per mile for each
mile of road operated by any given company. While
the Committee believes that this is only a comparatively small element in the troubles of the road, it is
satisfied that a flat rate of any amount applied alike
to both main lines and branch lines is not a proper
method of regulation. But it is pointed out that at
least two-thirds of the freight carried on the Pere
Marquette is inter-State, and the rates charged for
such freight are regulated by the Inter-State Commerce Commission and not by the State. "We feel
that the inter-State freight rates," says the report,
"determined as they are by the business of large trunk
lines with which the Pere Marquette has to compete,
in the division of which Michigan is a part, are inadequate as applied to this road and that the State
might well aid in securing a readjustment."
The branch lines of the system, it is found, are
operated at an actual loss and are a heavy drain
on income. Nevertheless, these branch lines "form
a network of railroad over the State which is of very
great importance to the State and to its development, in many instances being the only means of
transportation for prosperous communities." Hence
it is imperative for the good of the State that their
operation should be continued, and the belief is expressed "that some legislation should be provided
permitting the Pere Marquette to charge enough'son
such lines to pay what the service costs."
1336
THE CHRONICLE
[VOL. xcvi.
134,354), leaving, therefore, a very substantial gain
for the United States roads by themselves—over
$3,000,000.
The roads chiefly represented in our tabulations
are Southern cotton-carrying and Western graincarrying roads,and though the former had to contend
with a diminished cotton movement, Western roads
had a tremendous advantage in a grain movement
of exceptional dimensions. Another circumstance
has tended to make the comparisons more favorable
than they otherwise would be. In April last year
coal-mining was suspended over large sections of the
country. In the anthracite regions no coal was
mined at all, though it is only proper to remark that
none of the distinctive anthracite carriers are ever
included in 'our early statements. In the bituminous
districts mining was also suspended for the greater
part of the month, especially in Western Pennsylvania and in the Middle Western and some of the
Southwestern States, pending the taking of a referendum vote of the miners to decide whether the terms
of settlement agreed on at the close of March between the mine owners and the representatives of
the, miners should be accepted. Another adverse
RAILROAD GROSS EARNINGS FOR APRIL.
feature in April last year was the overflow of the
In presenting to-day our preliminary statement of Mississippi River. This was the worst overflow
the gross earnings of United States railroads for the of the Mississippi ever experienced, occasioning
month of April, the important fact to bear in mind extremely heavy losses in earnings on the lines in
in interpreting the figures is that results for a con- close proximity to the Mississippi or running parallel
siderable body of roads were adversely effected by with it, as also the roads connecting with these lines
the serious floods encountered in the Middle and —the chief sufferers being the.Illinois Central, the
Middle Western States the latter part of March.
& Ohio and the Yazoo & Mississippi Valley.
These floods, as has been previously set out in these
The fact that revenues were thus heavily reduced in
columns, did tremendous damage to railroad prop- a number of directions last year has served to make
erty and also interfered with railroad operations for the comparisons correspondingly more favorable
a greater or less period—on numerous lines, indeed, the present year. It has also served to obscure the
completely interrupted operations while the floods part played by the 1913 floods in the central part
were at their heighth. The adverse effects were felt of the country. In at least one instance, however,
through the whole of the early part of April; in some this year's loss is exaggerated by reason of the
cases conditions can hardly be said to have been peculiar situation existing last year. We refer to
restored to the normal even yet. The statement the Chesapeake & Ohio. It so happened that the
applies not merely to the railroads but to the con- miners on the lines of this system continued at work;
duct of trade and business generally in the afflicted mining elsewhere being suspended, the output was
districts. The waters have now receded; as, how- greatly increased, with the result of giving the
ever, many city streets were running streams when Chesapeake & Ohio a gain in earnings of $577,462.
the flood was at its crest, and buildings were sub- Following this large gain last year, the loss of $784,merged to the second and third stories, it will be a 311 reported by the same road the present year
obviously loses some of its significance. Nor can it
long time before the effects will have passed away.
which
compilations
include
only
the
roads
As our
be regarded as entirely due to the floods in Ohio,
make it a practice to furnish early estimates of their Indiana, &c.
revenue, comprising barely one-third the railroad
As showing how largely comparisons the present
mileage of the country, and as these roads do not year are controlled by the results last year, we may
include some of those which suffered most from the note that the Buffalo Rochester & Pittsburgh,
causes mentioned, it is quite likely that the present which last year suffered some loss in earnings on
statement is more favorable than the completed account of the suspension at the coal mines, this
statement will be found to be when the returns are year has $237,388 increase. The Mobile & Ohio,
all in. It is, nevertheless, a satisfactory feature which then had $263,394 loss in earnings, now has
that on the basis of the returns as far as received $198,354 increase. The Illinois Central, after $522,there is a very substantial gain in earnings as com- 100 decrease, has $159,632 increase and the Yazoo &
pared with the corresponding month last year, Mississippi Valley, after $203,270 decrease, has
notwithstanding the drawbacks mentioned. Briefly $192,053 increase. Then, also, the Southwestern
stated, there is an increase of $4,243,312, or 6.51%, roads, which fared indifferently the previous year,
on the 88,229 miles of road represented. The total in part by reason of poor crops, in part by reason
includes, as is always the case with our early state- of the suspension of coal mining and in part because
ments, three important Canadian systems, namely of high water, are nearly all able to report greatly
Thus the
the Canadian Pacific, the Grand Trunk Railway and enlarged revenues the present year.
the Canadian Northern, but the increases for these Missouri Kansas & Texas has $303,395 increase, the
Canadian systems are no longer of the same tremen- Missouri Pacific $580,000 and the St. Louis Southdous extent as in the past (the aggregate for the western $101,000. The Great Northern in the Northwhole three *combined being this time only $1,- west, with $871,644 gain, is one of the large systems
It is significant that in concluding its report the
Committee is moved to say: "We realize that some
of the statements made in the conclusions reached in
this report are not in accordance with the prevailing
ideas concerning the Pere Marquette or the regulations to be provided by the State. We understand,
however, that we were appointed to ascertain and
report the truth of the matters involved and to make
such recommendations as we were able to make in
accordance with our judgment." In other words,
popular prejudices would have.favored different conclusions but the facts—the hard, solid, unconquerable facts—would not admit of it. It is to the
credit of the Committee that it did not allow its
judgment to be warped in these respects. By reason
of the fact that the general conditions mentioned as
being responsible for the misfortunes of the Pere
Marquette are the same as those which operate so
oppressively on the railroads elsewhere in the United
States, the report is of great value outside of the
particular case involved. The lesson should not be
lost on our legislative and governmental bodies who
have been so harsh in their treatment of the railroads.
1337
THE CHRONICLE
MAY 10 1913.].
We have referred to some of the adverse influences
which is able to show further considerable expansion
we
existed last year. Despite that circumstance;
that
following
the
In
year.
previous
after a gain the
show all changes for the separate roads for amounts however, earnings collectively recorded a substantial
in excess of $30,000, whether increases or decreases increase. For the roads furnishing early returns
the gain then was $5,643,482, or 9.66%. In 1911,
PRINCIPAL CHANGES IN GROSS EARNINGS IN APRIL.
Increases.
Increases.
$871,644 Colorado & Southern__ __
$61,100 however, our early statement showed $1,238,713
Great Northern
580,000 Seaboard Air Line
56.313
Missouri Pacific
decrease, or 1.99%. Prior to 1911 the record was
549,154 Minneap & St Louis
54,323
Grand Trunk
448,000 Toledo St Louis & West__
54.131
Canadian Pacific
361,118
of almost continuous gains, except that a very
one
38.552
Southern
Wabash
303,395
Missouri Kansas & Tex.._
contraction occurred in 1908 following the
275,432
Representing 22 roads
heavy
Hocking Valley
$5,126,854
237,388 in our compilation
Buffalo Roch & PIttsb...
198,354
Mobile & Ohio
panic of 1907, as will be seexiby the following:
Yazoo & Miss Valley..
Chicago & Alton
Illinois Central
Canadian Northern
Chicago Ind & Louisv_ _ _
St Louis So Western
Louisville & Nashville_
Western Pacific
192,053
164,438
159,632
137,200
111,516
101,000
97,654
74,457
Decreases.
$784.311
Chesapeake & Ohio
118.157
Cin N. Orl & Tex Pac -__
33,500
Central of Georgia
Representing 3 roads
$935,968
In our compilation
It wil be observed that the Central of Georgia has
fallen $33,500 behind and we may note that some
other Southern roads have also suffered reductions
in revenue, but for minor amounts. That no doubt
follows from the contraction in the cotton movement.
The cotton shipments overland were 108,346 bales,
against 138,255 bales, and the receipts at the Southern
outports aggregated only 380,741 bales in April 1913,
as against 502,917 bales in April 1912, as may be
seem by the following:
RECEIPTS OF COTTON AT SOUTHERN PORTS IN APRIL AND FROM
JANUARY 1 TO APRIL 30 IN 1913, 1912 AND 1911.
Since January 1.
April.
Ports.
1913.
1912. 1 1911.
bales. 125,658 141,360
27,513 38,082
85,377 78,753
17,909 14,860
1,752 23,339
59,265 94,910
9,600 11,750
10,570 11,233
226
12,673 22,411
27,256 59,428
3,168 6,565
Galveston
TexasCity, &c
New Orleans
Mobile
Pensacola, &c
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
Newport News,&c
64,219
55,589
3,769
2,922
29,538
1,774
2,680
202
5,430
12,036
1913.
1912.
824,870 1,156,501
245,980 315,146
363,751 708,270
45,345 135,491
30,792 173,604
217,296 737,341
37,675 155,032
40,750 109,442
565
110
41,365 181,160
125,336 254,333
24,869
46,047
1911.
603,468
250,975
474,349
45,867
72,906
252,039
51,734
28,449
726
64,530
108,471
1,140
380,741 502,9171 178,159 2,019,317 3,951,754 1,954,654
Total
The Western grain movement, as already stated,
was very much larger than that of last year, and this
applies to all the different cereals. For the four
weeks ending April 26 the receipts of wheat were
12,711,000 bushels, against 7,323,343 bushels, the
receipts of corn 8,793,000, against 7,413,880 bushels,
the receipts of oats 12,536,000, against 9,886,821
bushels and the receipts of barley 5,264,000, against
1,895,095 bushels. Adding rye, the receipts of the
five cereals combined for the four weeks this year
aggregated no less than 40,448,000 bushels, against
only 26,815,949 bushels in the corresponding period
last year. In the table we now insert we show the
details of the Western grain movement in our usual
form.
Four wks. endlag April 26.
Chicago1913
1912
Milwaukee1913
1912
Si. Louis1913
1912
Toledo1913
1912
Detroit1913
1912
Cleveland1913
1912
Peoria1913
1912
Duluth-1913
1912
Minneapolis-.
1913
1912
Kansas City1913
1912
Omaha1913
1912
Total of all1913
k 1912
WESTERN GRAIN RECEIPTS.
Flour.
Wheat.
Corn.
Oats.
(bbls.)
(bush.)
(bush.)
(bush.)
628,000
506,206
186,000
102,374
Barley.
(bush.)
•
1,361,000 3,302,000 6,574,000 2,175,000
014,800 2,579,800 5,655,600
800,400
337,000
193,200
372,000
332,760
820,000 1,081,000
540,800
570,600
201,000 1,203,000 1,868,000 1,168,000
480,555 1,628,610 1,441,600
226,790
22,000
14,400
Rye.
(bush.)
202,000
101,00g
227,000
113,950
391,000
4,400
91,000
65,000
178,000
215,800
186,000
37,500
25,000
28,439
4,000
39,548
62,000
77,738
235,000
125,308
3,000
2,685
41,000
26,675
332,000
153,575
321,000
206,446
1,894
233,000
181,700
184,000
70,800
739,000
858,747
553,000
548,113
259,000
101,732
71,000
8,400
17,000
52,370
972,000
665,325
11,000
112,000
291,744
164,000
40,549
28,000
3,750
197,000 1,121,000 1,563,000
642,310
297,450
395,320
224,000
65,310
6,400,000
4,114,240
909,000
1,269,400
583,000
367,600
991,000
763,000
863,000
Increase (-I-) or
Decrease (-).
Year
Preceding.
Year
Given.
$
-8,546 0.02
35,887,851
36,570,132 +5,897,515 16.13
40,802,578 +1,661,733 4.07
44,562,898 +5,522,229 12.39
45,643,860 +4,402,473 9.65
52,093,060 +5,749.505 11.03
61,413.330 +8,398,980 13.67
53,825,303 -2,425,402 4.51
47,140,179 +4,103,262 8.70
46,946,012 +5,463,693 1.64
68,521,631 +11,044,527 16.12
57,884,380 -11,486,050 19.85
43,104,976 +5,648,072 13.10
52,437,828 +8,323,925 15.87
62,220,320 -1,238,713 1.99
58,452,774 +5,643,482 9.66
65,197,418 +4,243,312 6.51
Milts.
93,813
95,472
92,452
95,189
93,923
93,696
99,450
83,301
79,469
75,829
91,929
78,027
75,931
83,660
86,488
84,961
86,071
0.72
1.19
1.28
2.10
3.14
1.55
1.98
2.76
1.60
2.26
1.69
1.51
2.02
2.82
1.91
1.89
2.50
93,813
95,472
92,452
94,916
93,923
93,696
99,450
83,301
79,469
75,829
91,929
78,027
75,931
83,660
86,488
84,961
86,071
0.72 143,231,183 146,410,077 -3,178,894 2.17
1.19 169,183,383 145,709,416 +23,473,967 16.11
1.28 168,596,988 161,727,613 +6,869,375 4.24
2.11 204,218,414 176,355,301 +27,863,113 15.79
3.14 205,862,063 188,890,916 +16.971,147 8.98
1.55 225,617,790 209,367.916 +16,249,874 7.76
1.98 269,474,440 237,871,314 +31.603,126 13.28
2.76 203,888,689 207,669,892 -3,781,203 1.82
1.60 199,516,795 187,699,261 +11,817,534 6.30
2.26 213,037,494 183,266,795 +29,770,699 16.24
1.69 296,069,926 274,505,101 +21,564,825 7.89
1.51 184,447,156 212,117,121 -27,669,965 13.04
2.02 191,806,638 173,891,825 +17,914,813 10.30
2.82 238,997,469 205,678,312 +33,319,157 16.20
+278,490 0.12
1.91 242,986,508 242,708,018
1.89 248,985,054 231,794,387 +17,190,667 7.42
2.50277,561,305 253,035,295 +25,074,257 10.52
35,879,305
42,467,647
42,464,311
50,085,127
50,046,333
57,842,565
69,812,310
51,399,901
51,243,441
52,409,705
79,566,158
46,398,330
48,753,048
60,761,753
60.981,607
64,096,256
69,440,730
Note.-We do not include Mexican roads in any of the years.
To complete our analysis we furnish the following
six-year comparisons of the earnings of leading roads
arranged in groups.
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
April.
1913.
1912.
1909.
1910.
1911.
1908.
$
$
$
$
$
$
Canadian Pac_ 11,476,000 11,028,000 8,672,025 7,985,230 6,384,038 5,497,736
835,091
947,340
945,771
Chic & Alton__ 1,120,682
956,244 1,059,642
623,779
797,145
Chic Gr West.* 1.030,150 1,013,578
962,522 1,098,071
197,930
260,503
209,423
279,389
252,880
236,708
Dul So Sh &Atl
Great North__ 5,940.098 5,068,454 4,548,315 5 197,107 3,887,372 3.483,481
270,063
705,740
302,348
651,417
627,747 (402,418
Minn & St L_}
225,405
245,694
264,867
Iowa Cent.
Total
20,533,173 18,970,573 16,106,959 16,172,853 12.773,360 11,133,485
* Includes Mason City & Fort Dodge and the Wisconsin Minnesota & Pacific.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP
April.
1913.
1912.
1911.
1908.
1909.
1910.
$
554,241
464,423
$
432,259
Buff Roch & P
404,780
Chic Ind dr Lou
Grand Trunk)
Gr Trk Westj 4,685,256 4,136,102 3,747,251 3,567,367 3,142,748 2,934,991
Det CH &M
Canada Atl.
Illinois Cent_c 4,408,391 4,248.759 4,770,859 64,685,230 4,391.602 3,995,718
82,010
75,441
79,705
87,279
89,168
90,367
Tol Peor & W.
244,293
349,004
275,041
294,873
293,477
291,950
Tol St L & W_
2,432,238 2,071,120 2,294,263 2,224,979 2,103,422 1,814,718
Wabash
3
896,569
657.136
Total
i
659,181
545.620
$
685,448
517,097
$
512,524
516,891
13,515,873 12,044,823 12,398,762 11,878,646 11,006,918 9,908,769
b No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of the LndianapolLs Southern beginning with July 1910.
EARNINGS OF SOUTHERN GROUP.
1,000
1,293,000J12,711,000 8,793,000 12,536.000 5,264,000 1,144,000
1,100,564 7,323,343 7,413,880 9,880,821 1,895,095 296,810
April. Roads. Miles.
1897.... 127 94,489
1898____ 125 96,616
1899.... 119 93,643
1900.... 111 97,191
97 96,874
1901____
1902.... 88 95,147
80 101,421
1903____
68 85.599
1904_ ___
1905.... 58 80,740
1906.... 56 77,543
1907.... 65 93,472
1908._ _ _
53 79,203
50 77,484
1909____
50 86,023
1910_ _ __
50 88,142
1911____
1912_ _ __
44 86,559
45 88,229
1913._
Jan. 1 to April 301897_ _ __ 127 94,489
1898._ 125 96,616
1899.... 119 93,643
1900.... 110 96.918
97 96,874
1901._
1902.... 88 95,147
1903.... 80 101,421
68 85,599
1904____
58 80,740
1905____
56 77,483
1906._ _ _
65 93,472
1907_ _ _ _
1908.... 53 79,203
1909.... 50 77,484
1910.... 50 86,023
50 88,142
1911____
1912..... 44 86,559
45 88,229
1913__
April.
1,127,000
753,200
Gross Earnings.
Mileage.
Year InI Year
Given. Preced'g crease
1913.
1912.
1911.
1
1910.
1909.
I
1908.
$
402,167
$
400,920
$
349,040,
I
$
375,589
$
283,740,
I
$
250,941
338,276
111,918
97,202
1,095,200
3,113,796
821,520
4,729,591
656,451
2,110,201
5,570,111
571,334
78,560
124,316
100,272
897,784
2,536,334
724,703
4,127,363
919,845
1,881,488
4,815,548
774.604
1
308,998
133,775
106,215
897,840
2,700,954
764,596
4,394,263
927,439
1,815,481
4,773,435
774,433
248,080/
128,827
107,851
791,265
2,183,233
682,238
3,619,651
821,065
1,529,493
4,229,607
749,904
208,301
112,954
99,043
736,527
1,718,853
613 381
3,271,226
694,410
1,306,775
3,787,681
750,077
Ala Great Sou_
Ala NO&TPN 0 ar N E. a338,276
Ala & Vicksb_ al11,918
a97,202
Vicks Shr & P
Central of Ga. 1,061,700
Ches & Ohlo_c 2,329,485
703,363
CM N 0& T P
Lou &Nashv _b 4,827,245
854,805
Mobilo & Ohio
Seaboard A L_ 2,166,514
Southern Ry__ 5,608,663
763,387
Yazoo & M V.
19.265,685 19,616,520 17,529,857 17,973,018 15,374,954 13,550,169
I
- ---a April 1913 not yet reported; taken same as last year.
b Includes the Louisville & Atlantic and the Frankfort & Cincinnati in 1913.
1912, 1911, 1910 and 1909.
c Includes Chesapeake dr Ohio of Indiana, beginning July 1 1910.
Total
1338
THE CHRONICLE
[VOL. xcvi.
EARNINGS OF SOUTHWESTERN GROUP.
The Underwood Tariff Bill, with its income tax, freewool and gradual free sugar provisions, passed the House of
Representatives on Thursday by a vote of 281 to 139.
$
$
$
96
3
93
Colo & South. 1,083,333 1,022,233 1,082,058 1,291,769 1,096,856
989,142 Discussion of the bill, paragraph by paragraph, was conDeny & Rio Gr 1,783,300 1,811,600 1,782,269 1,906,882 1,723,952 1,432,772
Int dr Grt Nor_
755,000 734,000
678,054
052,872 653,759 496,062 cluded in the House on Wednesday night, but, with the
Mo K & Tex_a 2,293,608 1,990,213 2,069.302 2,233,637 2,001,752 1,520,746
Missouri Pac__ 4,737,000 4,157,000 4,031,981 4,282,364 3,688,076 3,079,978 demand of Representative Mann, the Republican minority
St Louis S W__
940,000 839,000
782,585
746,207 657,660 leader, for the full reading of the bill as engrossed, an ad819,570
Texas & Pacific 1,301,455 1,274,559 1,077,757 1,221,513 1,073,008
894,262
journment was taken until two o'clock the next afternoon.
Total
12,893,696 11,828,605 11,504,006 12,408,607 10,984,510 9,070,620
The passage of the bill was effected through the vote of
a Includes Texas Central In 1913, 1912, 1911 and 1910 and Wichita Falls Lines 274 Democrats, 2 Republicans, 4 Progressives and 1 Indefrom Nov. 1 1912.
pendent, while the 139 votes against the bill were cast by
We now add our detailed statement comprising 120 Republicans, 14 Progressives and 5 Democrats. The
all the roads that have thus far furnished returns for five Democrats who recorded their disapproval of the bill.
were Representatives Broussard, Dupre, Morgan and Lazaro
April.
of Louisiana and Smith of New York. The two RepubliGROSS EARNINGS AND MILEAGE IN APRIL.
cans who voted for the bill were Representatives Cary and
Stafford; the Progressives voting with these two were
Gross Earnings.
Mileage.
Name of Road.
Representatives Kelly and Rupley of Pennsylvania; Nolan
Inc.(+) or
1912.
1913.
Dec.(-). 1913. 1912. of California and Bryan of Washington; Kent of California
was the Independent who voted for the bill. Out of the
Alabama Great Southern_
402,167
400,920
+1,247
309
309 total enrollment
Ann Arbor
of 433 of the House, the New York "Times"
184,542
191,567
292
-7,025
292
Buffalo Roch & Pitts__-896,569
659,181 +237,388
573
573
Canadian Northern
1,745,300 1,608,100 +137,200 4,297 3,891 points out only 12 were absent, while one member was present
Canadian Pacific
11,476.000 11,028,000 +448,000 11,458 10,986 but did not vote. When the bill
came up for final action a
Central of Georgia
1,061,700 1,095,200
-33,500 1,915 1,915
Chesapeake & Ohio
2,329,485 3,113,796 +784,311 2,323 2,280 motion to re-commit it to the Ways'and Means Committee
Chicago & Alton
1,120,682
956,244 +164,438 1,026 1,026
Chicago Great Western_ _ 1,030,150 1,013,578
+16,572 1,498 1,496 with instructions that it be immediately reported back.
Chicago Ind & Loulsv
657,136
545,620 +111,516
616
616 with several changes was presented by Representative
Chic New On & Tex Pac_
703,363
821,520 -118,157
337
337
Colorado & Southern_
1,083,333 1,022,233
+61,100 1,809 1,814 Payne. The latter's proposal was:
Denver & Rio Grande__ _ 1,783,300
,
Apr11.
1913.
1912.
Western Pacific
518,300
Detroit & Mackinac
112,085
Duluth So Sh & Atl
260,503
Georgia South & Fla_ __ _
196,681
Grand Trunk of Canada'
Grand Trunk Western' 4,685,256
Det Or Hay & Milw_
Canada Atlantic
Great Northern
5,940,098
Hocking Valley
624,887
Illinois Central
4,408,391
Internat & Gt Northern_
755,000
Louisville & Nashville_.- 4,827,245
Macon & Birmingham.- _
10,578
Mineral Range
78,546
Minneap & St Louis__ _ -}
705,740
Iowa Central
Missouri Kansas & Texas a2,293,608
Missouri Pacific
4,737,000
Mobile & Ohio
854,805
Nevada-Cal-Oregon
32,703
Norfolk Southern
y210,018
Rio Grande Southern_ _ -54,458
St Louis Southwestern_ - _
940,000
Seaboard Air Line
2,166,519
Southern Railway
5,608,663
Tenn Ala & Georgia
12,561
Texas & Pacific
1,301,455
Toledo Peoria & Western._
87,279
Toledo St Louis & West_
349,004
Wabash
2,432,238
Yazoo & Miss Valley_ _ _ _
763,387
1911.
1910.
1909.
1908.
1,811,600
443,843
122,781
252,880
199,095
-28,300 2,598 2,555
+74,457
937
937
-10,696
411
358
+7,623
625
616
-2,414
395
395
4,136,102
+549,154 4,548 4,533
5,068,454
349,455
4,248,759
734,000
4,729,591
12,199
64,721
651,417
+871,644
+275,432
+159,632
+21,000
+97,654
-1,621
+13,825
+54,323
7,782
351
4,763
1,160
4,919
105
127
1,585
7,345
352
4,763
1,160
4,722
105
127
1,585
That the committee report back a provision for the creation of a nonpartisan tariff commission; that the committee also report back the Payne
substitute wool bill, offered during the last session of Congress and also
during the debate last week,and that the cotton schedule be framed in accordance with the report of the Taft Tariff Board, now out of existence,
through refusal of the Democratic House to provide the necessary appropriation; that other schedules should not be revised until a tariff commission
reported on the difference in the cost of production at home and abroad,
and that all duties, wherever possible, be made specific instead of ad valorem.
Representative Underwood made a point of order against
that portion of the motion calling for the creation of a tariff
commission, which he insisted was not germane to the bill;.
1,990,213 +303,395 3,817 3,399
4,157,000 +580,000 7,233 7,233 Speaker Clark sustained Mr. Underwood, and an appeal
656,451 +198,354 1,114 1,114 from the Chair's decision made
by Mr. Mann was tabled on
37,259
--4,556
237
237
y201,585
+8,433
608
608 motion of Representative Underwood by a vote of 274 to
44,353
+10,105
180
180
Still another motion by Representative Payne to
839,000 +101,000 1,609 1,514 143.
1,110,201
+56,313 3,070 3,046
eliminated, was
5,570,111
+38,552 7,036 7,089 re-commit, with the tariff board provision
9,329
+3,232
94
94 lost by a vote of 123 to 296. Representative Murdock, on
1,274,559
+26,896 1,885 1,885
89,168
-1,889
247
247 behalf of the Progressives, moved to re-commit the bill
294,873
+54,131
451
451
2,071,120 +361,118 2,514 2,514 with instructions to increase the tax on incomes in excess.
571,334 +192,053 1,374 1,372 of $100,000; to provide for a non-partisian tariff commission;.
Total (45 roads)
69,440,730 65,197.418 +4,243,312 88,229 86,071 to consider the tariff schedule by schedule, and to increase
Net increase (6.51%)_
Mexican Roads (not in eluded in total)-the rates in the cotton and wool schedules. This motion
Interoceanic of Mex
794,488
830,237
35,749 1,031 1,084
Mexican Railway
Y555,100 y495,600
+59,500
395
361 was defeated by a vote of 255 to 19; a move to secure a roll
Nat Rys of Mexico.,
3,843,764 5,024,128 -1,180,364 6,135 6,001 call, asked for by Mr.
Murdock, was voted down by a vote •
a Includes Texas Central in both years.
of 264 to 48.
z Now includes Mexican International in both years.
That any proposed wage reductions threatened on account
y These figures are for three weeks only in both years.
of the tariff revision will be the subject of investigation byBANKING, FINANCIAL AND LEGISLATIVE NEWS. the Government, was indicated in remarks made by RepreThe public sales of bank stocks this week aggregate 15 sentative Underwood just before the bill was passed. He is
shares, of which 10 shares were sold at auction and 5 shares credited in the Philadelphia "Inquirer" with saying:
The statement has been made that this tariff bill will act on labor and,
at the Stock Exchange. One lot of 16 shares of trust com- affect
the wages of the laboring man. I give you notice now that when the men
pany stock was also sold at auction. A sale of 10 shares from whom you bring that message endeavor to grind labor in the interests
of Citizens-Central National Bank stock, the first in a year, of Republican politics, there is a bureau of this Government that is going
was made at 1843' -an advance of 5% points over the price to ascertain the reason why.
Along the same lines ho is quoted in the New York "Times"
in May 1912.
with the following:
Shares. BANKS-New York.
Low. High.
Close. Last previous sale.
10 Citizens-Cent. Nat. Bank____184Ys 1841 184X May 1012- 1783i
*5 Commerce, Nat. Bank of
190
190
190
April 1918- 1873/i
TRUST COMPANY-New York.
16 Mutual Alliance Tr. Co
1353,6 135M 135;4 Oct. 1908- 156X
*Sold at the Stock Exchange.
The nomination of John Purroy Mitchel of this city
as Collector of Customs at New York to succeed William
Loeb Jr. was forwarded to the Senate by President Wilson
on the 7th inst. Mr. Mitchel is now President of the
Board of Aldermen. Among the number of persons who
had been suggested as apt .to receive the appointment
during the past two months, Frank L. Polk, formerly President of the Municipal Civil Service Commission, had been
considered most likely to get the position, but he was opposed by Senator O'Gorman because recommended by Secretary McAdoo without consultation with Mr. O'Gorman.
President Wilson on the 7th inst. also sent to the Senate
the nomination of George W. Guthrie of Pittsburgh to be
Ambassador to Japan. Mr. Guthrie is Democratic State
Chairman of Pennsylvania and was formerly Mayor of
Pittsburgh.
We have established a Bureau of Foreign and Domestic Commerce that
goes far beyond anything that these gentlemen desire to obtain in their tariff
board, and it is weirfor the country to know it. It not only has the power
lo investigate the questions of cost, either here and abroad, the amount of
Imports and exports,and American consumption,but when a great manufacturing institution is ready to threaten its laborers with a reduction of wages
because they say there has been adverse action and legislation in Congress,
or to reflect on the action of the Government of the United States, that
Bureau has the power to walk into their offices and ascertain whether,there
is real reason for their cutting the rates of wages of their labor or whether
it is merely a selfish attempt to put money into their own pockets.
Similar utterances to the effect that wage reductions
incident to the Tariff Bill would be the subject of Federal
investigation were made by Secretary Redfield of the_Department of Commerce on Monday of this week. According to
dispatches from Washington, he declared that if reductions
in wages of workingmen follow the enactment of the Democratic Tariff Bill, the investigating powers of the Government
will be invoked to establish whether they are justified.
It was also stated that President Wilson had indicated
approval of Mr. Redfield's purpose. Mr. Redfield said
that probably the first inquiry would be into the pottery
industry. A further statement from him on Tuesday
with regard to the pottery inquiry, said:
The Secretary of Commerce, by direction of the President, has instructed
the Chief of the Bureau of Foreign and Domestic Commerce to have made
MAY 10 1913]
THE CHRONICLE
1339
by the expert commercial agents of his bureau a thorough inquiry into the
stone and ceramic pottery industry of the United States and in the competitive pottery districts of England, France and Germany.
teen States, and the factors covered were crop conditions
and outlook, industrial conditions and outlook, effect of
The same day Secretary Redfield was quoted by the proposed tariff changes and income tax, financial situation,
and real estate, mortgage borrowing and new building.
Washington correspondent of the "Times" as saying:
I don't want to say that every industry that under the new tariff declares President John W. Platten, in announcing the results of his
It must shut down or reduce wages is to be investigated. Whenever, after inquiries, states that from the reports summarized it is evicareful examination and full consideration of all the facts, it appears that dent that, while
conditions in some respects vary materially,
an investigation may do some good, may help the industry to a clearer view
of its opportunities, either by better management or a readjustment of its the concensus of opinion may be outlined as follows:
organization—by any of the modern, scientific methods of betterment—
(a) Geneially favorable crop prospects, but with offsets in certain secthen we shall investigate, all, mind you,in a kindly, helping, upbuilding way, tions as the result of a cold and backward spring.
investigations
authorized
by
The
Congress under the Act of last August
(b) Practically normal conditions up to the present time along manuare not in the nature of proceedings against trusts. This is not a trust- facturing lines. There exists, however, unmistakable consideration looking
busting matter, but a genuine effort to get at the real causes and conditions toward a slowing down until the future can be more clearly determined.
that beset an industry, conditions that may prevent it from holding its
(c) Apparent approval of, or at least resignation to, tariff changes in
own fairly in competition with the rest of the world.
'many communities, except for an entirely natural disposition to oppose
The Tariff Bill as passed differs in only a few comparatively drastic changes calculated to disturb industries in the districts affected.
Almost universal indifference to, or approval of, the proposed income tax,
immaterial respects from the bill introduced with the open- this
attitude being apparently due to the relatively small percentage of
ing of Congress on April 7.• The principal changes made people personally concerned in its operation.
(d) Firm maintenance of high money rates, and a strong disposition on the
have been referred to from week to week in these columns. part
of banking institutions to adopt a policy of increasing caution.
The schedules passed upon since our reference to the bill
(e) The sound condition of the real estate market as a whole, speculation
last Saturday have,like the others,suffered but slight changes. being confined to a few cities, and this owing largely to local causes. Comparative abundance of mortgage funds, although at higher rates. Activity
in the consideration of the cotton schedule on the 2d, a In
new building in many cities and the more prevalent use of local capita
which
proposed In mortgage operations, which has in a measure offset the partial withnumber of Republican amendments, one of
a cotton substitute,similar to that offered by the Republicans drawal of some of the larger lenders.
last year, were voted down. An amendment adopted on
that day changed the rates on chocolate and cocoa, so as to
provide an advalorem duty of 8% on unsweetened chocolate;
2 cents a pound on sweetened chocolate valued at 15 cents
a pound or less, and 25 cents ad valorem on unsweetened
chocolate worth more than 15 cents a pound. The wool
schedule was passed without amendment last Saturday,
notwithstanding the fact that the Republicans sought to
effect the adoption of an amendment as a substitute. This
substitute, prepared by Representative Payne, provided
a rate of 15% on raw wool, and comparative rates based on
a duty of 18 cents a pound on the wool content of the various
stages of manufactured wool. The adoption of this substitute was defeated by a vote of 193 to 74 for the retention of
the Underwood schedule. , The free list—free wool, free
meats, etc.— was approved in large part on Monday, this
section of the bill being completed on Tuesday, no changes
Of any especial moment being made in it; cod oil was placed
on the free list, and engravings imported for religious,
social and educational organizations were also put on the
free list; sawdust was also made free of duty,and according to
the "Journal of Commerce" another Committee amendment
adopted was to make the proposed retaliatory duty of onetenth of a cent a pound on chemical wood pulp or paper imported from a country levying export taxes on these products
extend only to quantities of imported wood pulp sufficient
to manufacture an amount of paper equal to the foreign
import. Unprinted calender paper has also been added to
the free list; cliffstone, freestone, granite and sandstone
suitable for ornamental or building purposes are excluded from
free duty privileges. A Committee amendment adopted
imposes on the Secretary of Agriculture the duty of fixing;
regulations for free importation of breeding animals. During the debate on free wool on Tuesday, Representative
Payne offered his amendment to create a tariff commission
(the proposal he advanced during the closing debate on the
bill). A point of order made by Mr. Underwood that the
Amendment was not germane to the bill was sustained
by the Chair, and when an appeal from the decision was
•sought by Representative Mann, the House sustained the
.Chair by a vote of 164 to 87. An amendment offered by
Representative Sharp, a Democrat of Ohio, providing for
.8, duty of 20% on raw wool—the rate carried in the Underwood bill of last year—was defeated. Several committee
changes were made in the income tax section of the bill, all
but two of these being technical in character and dealing
largely with phraseology. The two important amendments
in this section, as reported in the "Times", are:
First—Exempting from the payment ofincome tax all cemetery companies
no part of whose net income inures to the benefit of any private stockholde
or individual, and which are not conducted for profit.
Second—Providing that "payments made by or credited to the insured
on life insurance, endowment or annuity contracts upon the return thereof
to the insured at the maturity of the term mentioned in the contract shall
not be included as income.
The Sundry Civil Appropriation Bill, carrying the provisions exempting labor unions and farmers' organizations from
prosecution under the Sherman Anti-Trust Law, was passed
by the United States Senate on the 7th inst. The bill passed
the House of Representatives on April 22, but a minor
change made in the Senate sends it back to the House.
Under the provisions referred to,it is stipulated that no part
of an appropriation of $300,000 for the enforcement of the
Anti-Trust Law shall be used to prosecute labor unions and
farmers' organizations. The incorporation of these provisions in the bill at the last session of Congress resulted in the
veto of the measure on March 4by President Taft, who declared the exemption clauses to be "class legislation of the
most vicious sort." During the debate on the bill in the Senate before its passage on the 7th inst., Senator Gallinger
proposed that it be amended by striking out the provisions
in question, but the motion was defeated by a vote of 41
to 32. Senator Cummins sought to defer action on the bill
until the 17th inst. for the purpose of having the Senate
Inter-State Commerce Committee report on the advisability
of permitting the exemptions embodied in the bill, but his
motion to this end was lost by a vote of 43 to 31.
A strong resolution opposing the discrimination in the
application of the Anti-Trust Law embodied in the proposed
legisktion was adopted by the Executive Committee of the
Merchants' Association of New York on April 28. The
resolution is as follows:
Whereas, The spirit of our institutions and laws requires the impartial
enforcement of law, without discrimination as between different factors
of our citizenship; and
Whereas, The Sherman Anti-Trust Law is general in its terms and is
applicable to all who may combine or conspire contrary to the'terms
thereof; and
Whereas, The Sundry Civil Appropriation Bill, now pending before
Congress, contains provision forbidding the Attorney-General's Department from expending certain moneys thereby apprOpriated in prosecuting.
under the Sherman Anti-Trust Law, labor or agricultural organizations;
now, therefore, be it
Resolved, That the Merchants' Association of New York emphatically
condemns the provisions of the Sundry Civil Appropriation Bill prohibiting
the Attorney-General's Department from using any of the funds thus
appropriated in prosecuting labor or agricultural organizations on the
following grounds:
First. Because it is class legislation of the most vicious type, creating
discrimination and distinctions between different elements of the population;
Second. Because the provision referred to constitutes an attempt, by indirect means, to amend the Sherman Anti-Trust Law through the medium
of a rider to a general appropriation bill.
Be it further resolved, That the Association use every effort in the endeavor to obtain the elimination of these provisions from the bill prior
to its enactment.
The announcement that the House of Representatives
would undertake consideration of currency legislation about
June 1 was made on Thursday, following a confetence between President Wilson, Representative Underwood of the
Ways and Means Committee and Representative A.Mitchell
Palmer, Chairman of the House caucus. Mr. Underwood,in
referring to his talk with the President, said:
In view of the widespread attention commanded by preWe came up to find out what the House should do while the Senate i
vailing economic conditions and the proposed tariff and in- considering the Tariff Bill. The President is disposed to want currency
come tax legislation, the United States Mortgage & Trust legislation at this session, so I think the House will take a recess of about
three weeks, during which the Banking and Currency Committee will be
Co. of this city has made a canvass of the situation in these organized,
and we will all be ready for work June 1.
respects throughout the country, and this week submits a
It is expected that a special message urging action with
-summary of the reports received by it. The inquiries:in the regard to
currency legislation will soon be forthcoming from
matter were addressed to mortgage representatives and fithe President.
mancial correspondents in thirty-eight cities located in nine-
1340
THE CHRONICLE
The spring meeting of the Executive Council of the
American Bankers' Association was brought to a close on
Wednesday after a three-days' session held at Briarcliff
Manor, N. Y. Currency legislation wa,, perhaps, one of the
most important of the discussions at the meeting, and the
urgency of the enactment of such legislation was emphasized
in a resolution introduced by Oliver J. Sands of Richmond,
and adopted on Tuesday, which we quote as follows:
44
"Whereas, in the opinion of the Executive Council of the American
Bankers' Associa.ion, banking and currency legislation is of paramount
importance, and that such legislation should be had at the earliest possible
moment,so as .Ao be of service when the changes which are about to take
place in the general fiscal policy of the Government are put into effect; and
"Whereas, it is not the policy of the American Bankers' Association to
suggest the form of such legislation, but only In general terms to recommend
to the President and Congress the adoption of such a plan as will meet the
requirements of this country after a careful study of proven systems of
other great commercial nations; therefore, be it
"Resolved, that the Executive Council of the American Bankers' Association recommends to the American Bankers' Association that it take
action to bring to the attention of the President and Congress the necessity
for prompt banking and currency legislation."
[VOL. xcvi.
The receipt of invitations from Atlanta for the 1914
Convention and from San Francisco for the 1915 meeting
were announced at this week's sessions by Secretary Farnsworth.
In an address at the annual banquet of the trust companies
of the United States, held at the Waldorf on Thursday
night, the late J. P. Morgan was eulogized in an address by
Col. George Harvey, editor of "Harper's Weekly." A silent
toast in memory or Mr. Morgan was also drunk by the 60G
bankers present at the gathering. Speaking in praise of
Mr. Morgan, Col. Harvey,introducing his remarks under the
title of "A Public Soul," said:
To my mind it seems peculiarly fitting, in speaking of the trust companies.
of America, to speak of Mr. Morgan, for he, like yourselves, was in truth
a trustee rather than a banker. He was a trustee of billions of money for
millions of people—the greatest trustee, probably, the world has everknown. He possessed what Carlyle pronounced the greatest need of the
world—a public soul.
I shall not attempt to depict even the most salient characteristics of
Mr. Morgan. It is not necessary. Happily, it fell to his lot toward the
The adoption of the above was preceded by the presenta- last, by his own testimony
given under great stress, to stand revealed betion of the report of the Federal Legislative Committee, of fore the eyes of his countrymen for what he really was. I say happily,
which E. F. SI,vinney, President of the First National Bank because I chance to know that he himself was happy in the consciousness.
that belief. Although mentally as strong as ever, physically he was sadly
of Kansas City, Mo., is Chairman, and a letter from James • of
broken when summoned to Washington. At his age and in his condition,
B. Forgan, President of the First National Bank of Chicago, It was the severest ordeal of his life; but it was for the best, as he himself
Vice-Chairman of the Currency Commission. In his com- came to realize.
"I hated to go," he said to me with characteristic simplicity the day bemunication Mr. Forgan stated that:
fore he sailed away. "I hated to go, but I am glad I went. I think I
'"In accordance with the resolution of the Association, passed at its did some good."
convention at Detroit last fall, the Commission stands ready to 'co-operate
It was a comprehensive utterance in his usual few words—a revelation,
with any and all people in devising a financial system for this country too, of his innermost thought and aspiration.
which shall place us on a par with the other great commercial and comCol. Harvey also took occasion to refer to Vice-President
peting nations, a system which shall give the American people of all classes
and conditions financial facilities and industrial advantages to which they Marshall and some of his utterances as follows:
are entitled.' We will continue to watch the progress of legislation in
The trouble with him seems to be that, like Mr. Bryan in former days,
Congress and at the proper time the Commission will be called together for he must needs talk occasionally through a cocked hat. Ho is like what we
th consideration of any plan that may be authoritatively proposed."
used to call in England a fine door-yard horse—one that prances up to the
Mr. Swinney's report, referring to a meeting of the Federal stoop in the greatest style imaginable and starts off with the highest of
steps, but as soon as he turns the corner he drops head and tall and settles.
'Legislative Committee in Washington, said:
down to a good steady gait.
"We learned during our visit at Washington that what is known as a
I am confident that it is only a question of time when Mr. Marshall will
currency bill is being prepared, and while the information which we got was
of a confidential character, and therefore cannot be discussed, we believe it discover that the chief menace to our country to-day lies not so much in the
activities of the predatory rich as in incitement of the predatory poor.
the duty of this Committee to call attention to this bill, and suggest that it is
Festus J. Wade, President of the Mercantile Trust Co. of
of great importance that this matter be looked after and followed up
closely, as the bill as originally outlined was of a drastic nature and one St. Louis, appealed to the New York bankers to "join in an
which, we fear, would bring great hardship upon the business world. We,
however, were impressed with the earnest desire of those having this bill in endeavor to reduce the high cost of living and to stop the
charge to secure practical suggestions which would aid in training beneficial insidious tirades against the railroads, which are gradually
legislation."
undermining the good sense and economic principles of the
Objectionable features of the proposed income tax were
dealt with in the report of Thomas B.Paton, General Counsel
of the Association, one of those he cited being the imposition
of impracticable duties upon banks and others as collecting
agents of the tax for the Government at the source of income.
Mr. Paton pointed out that an effort has been made to have
the bill changed so as to permit banks to deduct from gross
income taxes paid on shares of stock. The change which
has been effected through the efforts of the Association, viz.:
the exemption from the tax of mutual savings banks not
baying a capital stock represented by shares, was also referred
to by Mr. Paton. The Bill of Lading Committee reported
that the Pomerene Bill has been re-introduced in the present
session of Congress, and an endeavor will be made to procure
its passage this spring.
A report dealing with the revision of the constitution of
the Association was presented on Wednesday by the Committee assigned to take up that question, and the revised constitution which it has drafted will be submitted for approval
at the annual convention to be held in Boston in October.
The Committee proposes to abolish the office of Chairman
of the Executive Council, the draft providing that the President of the Association shall be Chairman of the Executive
Council, and that in his absence the Executive Council shall
elect one of its members as Chairman pro tern. "One
reason," the report says, "for the abandonment of the
chairmanship of the Council was to banish as far as possible
political activities from the Council meetings." Some of the
other changes embodied in the revised draft are outlined as
follows:
State Vice-Presidents are elected by Stow Bankers' Associations and are
not merely nominated by such Associations, as heretofore.
The members of the Executive Council are elected by the State Bankers'
Associations, and not, as heretofore, merely nominated by those organizations.
The Currency Commission is treated as a special creation of the Association and is created with provisions for the continuation of its membership,
and it is especially provided that it shall not be subject to the rules enacted
for the control and membership of the General Convention Committee,
The Nominating Committee is to be elected by the State Bankers' Asso
ciations of the various States and receive their authority from their Associations.
Sections are authorized to be established and regulated by by-law, and in
this connecticn a by-law is proposed which authorizes the establishment
by tho Council, if it shall see fit, of two additional sections, viz.: a National
Bank Section and a State Bank Section.
The draft also makes provision for the introduction of original resolutions
nder the proper order in the proceedings of the Convention without referace for approval or disapproval of the Executive Council.
whole nation." With respect to currency reform, he urged
that Senator Owen and Congressman Glass "appeal to the
greatest banks of this nation (a preponderance of them are
found in New York) to give them counsel and advice in the
forming of a bill that will meet the needs of the nation."
A comprehensive survey of so-called "Blue Sky" legislation
to regulate the purchase and sale of securities is furnished in
a bulletin just distributed by the Investment Bankers' Association of America to its members through its Secretary,
F. R. Fenton, of Chicago. The wide and unusual scope of
service that the Association has performed is indicated by
the fact that legislative conditions in every State are covered
by the report, which prints, in toto, every "blue sky" statute.
that has been enacted to date of issue, along with other interesting matter on the subject. In a recapitulation of the
status of "blue sky" legislation in the thirty-seven legislatures
that have convened this year,the Association's bulletin shows:
that to date twelve States, namely Arizona, Arkansas, Idaho,
Kansas, Maine, Missouri, Montana, North Dakota, Oregon,
South Dakota, West Virginia and Vermont, have passed
laws. The Investment Bankers' Association, which has
already gone on record as favoring any well-devised law that
eliminates the fraudulent dealer, points out that in nearly
every State that has passed a "blue sky" law the statute is
a close copy of the unrevised Kansas Act, placing unfair
burdens on the legitimate dealer. In some States, it is to
be noted, modifications have been brought about through
the efforts of the Association members, its general and
assistant counsel and local co-operating bodies. The bulletin prints a copy of the message of Governor S. M. Ralston
of Indiana, who vetoed a "blue sky" bill of the Kansas
variety on the grounds of unconstitutionality, appointing a
commission to give deliberate study to the subject. The
report also shows that three States—Iowa,. Michigan and
Colorado—have passed bills in their legislatures, and that
the same still awaited the approval of the Governors; that
eleven State legislatures have adjourned this year without
passing "blue sky" laws, and that twelve legislatures are
now considering legislation of this character. It is significant from the report, that, with little exception, the States
that enacted statutes are the smaller investment centres of
the country, while the States that have been going slow on
MAY 10 1913.1
THE CHRONICLE
1341
the matter are the more important investment markets. sistent with other opinions from the same tribunal in analoIn addition to the information which it submits on "blue gous cases. In his brief to the Court the Attorney-General,
sky" legislation, the bulletin sets out important facts relating according to the New York "Times," says in part:
The test with respect to corporations, fixed by the law. aS construed by
to the proposed Income Tax law.
the previous decisions of the Court, is whether the corporation is engaged in
President George B. Caldwell of the Investment Bankers' an income-producing business.
It is not taxable simply because it is a
Association announces that the legislative and other matters corporation, or because it may be receiving an income on property which it
controls.
But
it
is
taxable
owns
or
as a corporation:it does positive,
in which the Association is interested will be considered at affirmative acts which produce a netwhen,
income over a certain amount..Every
of
the
Board
of
Governors
meeting
to be held in St. income-producing act of a corporation is within the law.
the
Louis May 16 and 17. It is expected that consideration
The State,which created the Minehill Co.,expressly authorized it to lease
will be given to the Income Tax bill now before Congress.
Upon request, G. G. Henry of William Salomon & Co.
has had printed in booklet form the address delivered by
him before the Finance Forum on Wednesday evening,
Apri130 regarding"A Practical Way to Accomplish Banking
and Currency Reform." As the solution for the reform of the
banking and currency system, Mr. Henry advocates a plan
to endow the Treasury Department at once'with some of
the powers conferred upon the National Reserve Association
under the Aldrich plan, adding others little by little and taking care that control of its functions shall be neither exclusively political nor exclusively financial, but distributed substantially as in the Aldrich plan. To carry out his ideas, he
suggested the following remedial measures:
1. Repeal the so-called Aldrich-Vreeland amendment to the National
Bank Act providing for emergency currency, which expires by limitation
next year.
2. Amend the National Bank Act to prohibit note issues by national
banks, provide for the retirement of outstanding notes, and arrange for
the exchange of the consol. 2s for 3s without the circulation privilege, or
330 if necessary; grant to national banks the right to accept drafts or bills
of exchange drawn upon them, properly secured, and arising out of commercial transactions, the amount of such acceptances not to exceed one-half
the capital and surplus of the accepting banks.
3. Take some division of the Treasury Department, probably7the Division of Loans and Currency, enlarge its powers and scope, and provide for
its supervision (under the Secretary of the Treasury) by an advisory board,
made up as the Board of Governors of the National Reserve Association
is selected in the Aldrich plan.
4. Endow the Division of Loans and Currency with the following powers:
(a) To issue circulating notes which shall be the direct obligation of the
United States, payable on demand.
(b) To accept deposits from national banks only, upon which it will allow
no interest, such deposits to count as part of the bank's reserves.
(c) To re-discount,for and with the endorsement of any bank having
a deposit with it notes and bills of exchange arising out of commercial
transactions, which have a maturity of not more than twenty-eight days,
and which were drawn at least thirty days prior to the date of re-discount,
the amount re-discounted not to exceed the capital of the bank for which tho
re-discounts are made, nor to exceed four times the average amount of the
bank's deposits with the division.
(d) To re-discount as above bills having more than twenty-eight days
but not exceeding ninety days to run, provided the bills are endorsed or
accepted by another national bank which is a member of the clearinghouse of a central reserve city.
(e) To purchase in the open market the acceptances of national banks,
which must be of the character known as prime bills, such acceptances
not to have more than ninety days to run, and to bear the endorsement of
the bank selling the same, which must be other than the acceptor.
(f) To deal in gold coin and bullion.
(g) To deal in foreign exchange having not more than ninety days to run,
which must be prime, double-name paper.
(11) To maintain bank accounts and establish agencies in foreign countries.
5. Impose upon the Division the following duties and limitations:
(a) That minimum rates of discount shall be established weekly,to be
uniform throughout the United States.
(b) That all demand liabilities of the division, including deposits and
circulating notes, shall be covered to the extent of 50% by a reserve of gold,
either coin or bullion, or certificates, except that $150,000,000 shall be
deemed sufficient cover for the outstanding greenbacks, providing, however,
that whenever in the opinion of the advisory board, the public interests
so require, the division may continue to issue notes until the reserve falls
to 33 1-3% of outstanding liabilities, after which no additional notes can
be issued.
(c) That all liabilities shall be fully covered by gold reserve or by notes or
bills, or bills of exchange arising out of commercial transactions, as above
defined, except that $150,000,000 gold shall be deemed sufficient to cover
outstanding greenbacks.
(d) That no circulating notes in excess of $900,000,000 which are not
covered by an equal amount of gold reserve shall be issued unless in the
opinion of the advisory board the public interests so require, and that no
notes in excess of 51,200,000,000 ,unless fully covered, shall be issued under
any circumstances.
its road. The leasing of its railroad, therefore, and not its operation, is
at present the primary business of this corporation.
By virtue of this legiElative authority to lease its road the Minehill Co. is
in the same position as a corporation authorized by its charter to acquire,
rent, lease, and dispose of real estate. It must be admitted, in view of the
decision of the case of the Park Realty Co. (220 U. S., 107, 170), that
such a corporation would be subject to taxation in respect to the income
produced by the exercise of those powers.
The Minehill Co. was not taxed because it was doing business as a railroad, but because, as a corporation, it was leasing its property as well as investing the income received therefrom. To tax it for these positive incomeproducing acts is not to tax the railroad business now conducted by its
lessee, the Reading Co. Since the law authorizes the Reading Co. to
deduct from its gross prcfits the amount it pays the Minehill Co. as rental,
if the Minehill Co.be not taxable with respect to such amount, instead of
being a case of double taxation it is a case of no taxation at all.
The result, as the Government understands the decision of the Court, is
that not only railroads but all other corporaions may avoid taxation with
respect to any business done by them simply by leasing their plants. So,
also, the stockholders of a corporation may organize a holding and operating
corporation, leasing its plant to the latter corporation at a rental so high
as to leave it no taxable income, while, at the same time, the lessor corporation would not be taxable on its income.
In the estimation of James J. Hill, Chairman of the Board
of the Great Northern Ry., an exceptional period of prosperity would be witnessed in this country if a ten-years'
adjournment of Congress could be effected. The suggestion that a quietus be put on Congressional legislation was
made by him in an address on "The Development of the
Northwest," delivered at the St. Paul Town Criers' Home
Products dinner on the 1st inst. The remarks grew out of
a reference to legislation restricting immigration, one result
of which, he declared, would be to divert the tide of immigration to the Argentine Republic and develop that country at
the expense of the United States. Commenting on this,
Mr. Hill said:
"Why,it is the Argentine Republic that puts the price on our wheat and
our corn, and it is our good statesmen at Washington who apparently are
doing all in their power to abet this. Restriction of immigration cannot
fall to mean any.hing else except turning our back on desirable foreigners
and seeing them turn to the Argentine Republic, where cheap land and
cheap labor permit that country to dictate our prices.
"Still, our illustrious statesmen are trying to keep the workmen out of
this country. If we could just tie a bell on each one of these fellows and put
on a pair of long ears, then box them up and adjourn Congress, we should
be doing something worth while. If we could get them to stay adjourned
for ten years, then, in my opinion, this country would see an unprecedented
period of prosperity. Business men could carry on big undertakings then
without fear of legislative interruption.
"But we couldn't do this—adjourn Congress for ten years— for it would
take away the occupation of some of these gentlemen—some of these
gentlemen who never earned an honest dollar in their lives, and never could,'
In affirming on the 5th inst. the contempt of court judgments against Samuel Gompers, John Mitchell and Frank
Morrison, respectively President, Vice-President and Secretary of the American Federation of Labor, the Court of
Appeals of the District of Columbia reduced Gompers'
sentence from twelve months to thirty days; at the same time
the sentences of nine months imposed in Mitchell's case and
the six months' sentence of Morrison were vacated, and each
was instead fined $500. The opinion of the Court was
written by Justice Van Orsdel and concurred in by Justice
Robb. Chief Justice Shepard dissented and held that the
whole decision should be reversed; that contempt of a
Federal court was a criminal offense and that the statute
of limitations had run in the case. In holding the original
Copies of the booklet presenting Mr. Henry's remarks sentences to be unreasonable, the majority opinion of the
may be had upon request at the office of his firm at 25 Broad Court said in part:
"To permit respondents to escape punishment would be a travesty upon
Street.
Justice, but we think that the penalty_imposed is so unreasonable as to
The possibility of the evasion of the corporation tax by the
organization of leasing companies,owing to the recent decision
of the United States Supreme Court in the case of the Minehill & Schuylkill Haven RR., has resulted in Attorney-General McReynolds petitioning the U.S.Supreme Court for a rehearing of that case. As we reported in our issue of April 12,
the Supreme Court, in a decision handed down on April 7,
decided that corporations leasing all their property and
having no income except that yielded by the lease are not
considered as "doing business" and are therefore not amenable to the tax. Mr. McReynolds maintains that under
this ruling the effectiveness of the whole corporation tax
law is at stake, and that the Court's opinion seems incon-
demand modification.
"The differences which necessitated tee injunction have been settled.
The sole purpose of punishment, therefore. is to give reasonable assurance
that respondents will in the future respect the authority of the courts.
While the injunction was issued to restrain the most subtle and far-reaching
conspiracy to boycott that has come to our attention, the boycott has
ceased and the necessity for the injunction no longer existed at the time
this case was tiled below.
"A penalty, therefore, which would have been justifiable to prevent
further defiance of the order of the Court, but for the settlement, would
now be needless and excessive. Had the Court below imposed penalties
not greatly in excess of those which we now deem adequate, we would not
feel justified in holding that there had been an abuse of discretion. Since,
however, the penalties imposed are so unreaionably excessive, and we are
called upon to modify the judgments, we prefer to err, if at all, on the side
of moderation.
"No one, however, can read this record without being convinced tha
respondent Gompers has been the chief factor in this contempt; hence, a
1342
THE CHRONICLE
severer punishment is merited in his case than in the cases of the other
respondents."
The contempt proceedings grew out of an alleged violation of an injunction issued in 1907 restraining the American
Federation of Labor and its officers from conducting a
boy..3ott against the Bucks Stove & Range Company of
St. Louis. The sentences which are now modified
were • originally imposed by the Supreme Court of the
District of Columbia in December 1908, and were affirmed
by the Court of Appeals of the District of Columbia in 1909.
In May 1911 the sentences were set aside by the U. S.
Supreme Court, largely on technical grounds, but it was
left for the lower court to initiate new proceedings. In
June 1912 the three labor men were again found guilty of
contempt by the Supreme Court of the District of Columbia,
and in July 1912 the earlier sentences of twelve, nine and six
months, rovemtively, were again imposed. Preparatory
to appealing the case to the U. S. Supreme Court the atterneyes for the labor leaders asked for a stay of sentence on
the 8th inst.
• The Colorado Legislature at its recent session enacted into
law a bill providing for a new banking code and giving the
State Banking Commissioner additional powers. Among the
measures which failed to pass was one calling for the guaranty
of bank deposits and another requiring private banks to incorporate. A bank deposit guaranty bill passed by the
Colorado Legislature in 1911 carried a referendum provision
calling for its submission to the people at the 1912 elections.
In October 1912, however, Judge Shattuck held the law to
be unconstitutional. This ruling was made in an action
brought by A. E. Carlton of Cripple Creek, who contended
'that the bill had gone through the House illegally, having
failed, he alleged, to receive a majority vote, as required by
the constitution.
[VOL. xcvi.
organizations of its kind in the country, has had as its officials and directors at various times the best-known bankers
in Providence.
The Utica Trust & Deposit Co. of Utica began business
on April 24 in its handsome new home on the corner of
Genesee and Lafayette streets, which has been constructed
at a cost of $175,000. The building—a monumental structure intended solely for the bank's own use—follows the classic Renaissance style. On the Genesee Street side there are
four massive fluted columns with beautiful Corinthian capitols, which, with the lofty bronze grilled paneled windows,
lend an air of beauty and strength to the structure. The
main banking room is not only handsome, but is also equipped
with every necessity and comfort known to modern banking.
The floor of the main room is of Terranazzo marble with a
mosaic border; the wainscoting is of Easton green and English veined and Italian marbles, while the walls and the
beautiful, ornamental ceiling are tinted in light green and
old ivory, carrying out the general color scheme of the marble.
The grills are of statuary bronze and the wickets are based
with the same marble as the wainscoting. The directors'
room is particularly attractive, being paneled from floor to
ceiling in solid mahogany. The large table is built of Mexican mahogany with chairs to match. Particular mention is
warranted of the safe-deposit department, where every convenience, including six coupon rooms, is provided for customers. In the outer lobby is placed a huge bronze tablet
five feet high by thirty inches, bearing the company's name,
that of its first President, the late Hon. James Schoolcraft
Sherman, and the names of its present officers, who are
J. Francis Day, President; Charles S. Symonds, D. Clinton
Murray and George E. Dunham, Vice-Presidents; Graham
Coventry, Secretary, and Charles J. Lamb, Assistant Treasurer.
An account of what has been thus far accomplished with
The Fidelity Trust. Co. of Philadelphia has transferred
regard to the Panama-Pacific Exposition is contained in the $1,000,000 from undivided profits to surplus, thereby
following extract from the last monthly letter issued by the raising the surplus to $11,000,000. In February the stockAnglo & London Paris National Bank of San Francisco.
holders took action towards increasing the capital from
Preparations for the Exposition are now taking a visible form and are $2,000,000 to $4,000,000, and on May 15 the company; will
proceeding with great rapidity. Actual erection has been begun of but one
certificates for new ones. The
of the palaces—the machinery building—but contracts for several have been begin the exchange of old
let, the grounds have the appearance of one vast lumber yard, and the work- usual quarterly dividend of 10% has been declared by the
men are already numbered by thousands. The organization is about com- directors, but this distribution applies only on the old
pleted and all the departments are getting down to strenuous work. More
than 100 congresses and conventions are already arranged to be held dur- capital.
ing the Exposition, for whose accommodation a permanent auditorium,
for which $1,000,000 has been sot aside, will be erected on city property
In the civic centre.
David A. Howe has been elected President of the Hamilton
Trust Co. of Philadelphia. William Gibbons, formerly
President, has become Vice-President.
Otto L. Dommerich of L. F. Dommerich & Co. has been
city.
this
of
Bank
Pacific
the
of
director
a
elected
Charles F. Kolb Jr., Cashier of the Textile National Bank
of Philadelphia, has been appointed Assistant to President
D.
E.
of
firm
banking
Morgan
&
the
of
Terry
George T.
Harry Brocklehurst. L. L. Darling has been elected Cashier
Co. of this city died on the third inst. in his ninety-first year. to succeed Mr. Kolb.
Mr. Terry was the oldest member of the New York Chamber
of Commerce. During his sixty years as a banker in this
Frederick G. Boyce Jr. has been elected a Vice-President
city, he was connected as Vice-President, director or trustee of the Mercantile Trust & Deposit Co. of Baltimore. Mr.
with many organhations, the banking institution with which Boyce is a member of the banking firm of Townsend Scott
he was identified having been the American Exchange Na- & Son and he will retire from that concern when he assumes
tional Bank, the Mercantile Trust Co. and the Metropolitan his new post, about May 15. At a meeting of the directors
Trust Co. The directors of the American Exchange Na- of the institution recently, it was decided to discard the titles
tional held a special meeting .on Wednesday and adopted of first, second and third vice-presidents and to designate
resolutions in his memory. Mr. Terry had been a member these officials simply as vice-presidents. The two other
of its directorate since 1882.
Vice-Presidents of the bank are Wilton Snowden and Joseph
Walker. Mr. Snowden was recently made President of
R.
Association,
Jersey
Bankers'
At the convention of the New
Central Savings Bank of Baltimore, as was announced
the
held at Atlantic City on the 2d and 3d inst., resolutions were
of April 19.
adopted endorsing the Boston Clearing-House plan of inter- in our issue
approved
the
State
also
ior check collections. The bankers
Following the recent establishment of the Munsey Trust
clearing-house system, and resolutions deploring the death of Co. of Baltimore, the organization has been undertaken of
J. P. Morgan, and characterizing him,in the words used by the Munsey Trust Co. of Washington, D. C. Frank A.
us, as a "massive and masterful man," were likewise adopted. Munsey, who is Chairman of the Board of the Baltimore
prospective company,
In celebration of its forty-second anniversary, the Bank institution, is to be President of the
capital:of $2,000,000, in $100.
Clerks' Mutual Benefit Association of Providence, R. I., which is being formed with a
the stock was payable on
in conjunction with the Providence Chapter of the Ameri- shares. The first installment on
of the subscription price
one-fourth
inst.,
6th
when
the
can Institute of Banking, gave a reception and banquet
on the evening of April 29. Addresses were made by was due.
Governor Pothier of Rhode Island, his Honor Joseph H.
An initial dividend of 10% was paid to depositors of the
Gainer, Mayor of Providence, Professor G. G. Wilson defunct Columbus Savings & Trust Co. of Columbus,
of Harvard, Clarence W. Barron of the Boston News Ohio, on the 1st inst. The institution suspended on Feb.
Bureau, William E. Knox, Comptroller of the Bowery
26 1912. •
Savings Bank, New York, and William S. Evans of the Philadelphia Chapter A. I. B. H. Howard Pepper, President of
The directors of the City Savings Bank of Youngstown,
the Mutual Benefit Association and Assistant Treasurer and Ohio, recently took action towards changing the name of the
Trust Officer of the Industrial Trust Co., acted as toast- institution to the City Trust & Savings Bank and increasmaster. This association, believed to be one of the oldest ing the capital from $100,000 to $200,000. The name of the
MAY 10 1913.
1343
THE CHRONICLE
The Bank of Italy of San Francisco has purchased the
bank was changed in 1910 from the Youngstown Savings &
Park Bank of Los Angeles and will operate it as its Southern
Banking Co. to its present title.
California Branch. The Bank of Italy has an authorized
The West Town State Bank of Chicago, recently organized capital of $2,000,000, a paid-up capital of $1,000,000 and
with a capital of $200,000 (which was mentioned in our issue assets of $13,500,000. Action toward raising the authorized
of April 12) formally opened for business in temporary capital from $1,000,000 to $2,000,000 was taken by the stockquarters at 2325 West Madison Street on the 1st inst. The holders on April 15, when it was decided to issue at present
officers of the institution are: Robert Forgan, President; 2,500 shares and dispose of them at $130 per share. The
George Beidler and J. E. H. Bradley, Vice-Presidents, and Park Bank has an authorized capital of $300,000, while the
Scott Ransom, Cashier. It is stated that the bank's per- paid-in capital was $225,000. Its deposits amounted to
manent home at Madison Street and Western Avenue will be $1,700,000. W. C. Durgin, who was President of the Park
completed about Nov. 1 next.
Bank, is Manager of the branch.
Seattle bankers are united in expressing their confidence in
Geo. M. Reynolds, President of the Continental & Commercial National Bank of Chicago, has returned to his office the integrity of Jacob Furth,Chairman of the Board of Direcin the bank after an absence of several months in California: tors of the Seattle National Bank of Seattle, who was found
guilty on April 18 by a Bellingham jury of having aided and
The stockholders of the Illinois State Trust Co. Bank abetted W E.Schricker, formerly President of a private bank
of East St. Louis, Ill., will meet on May 24 to vote upon the in La Conner,in receiving deposits after the latter institution
proposition to change the name of the institution to the Illi- was known to be insolvent. Resolutions bespeaking its
nois State Bank; at the same time they will also act on the confidence in Mr. Furth were adopted by the Seattle Chamquestion of reducing the capital from $300,000 to $200,000. ber of Commerce following the announcement of the verdict.
At a meeting of the directors on April 19, A. C. Johnson was Mr. Furth, who is seventy-three years of age, is one of the
made Vice-President to succeed the late L. B. Washburn. most prominent and respected bankers in the city. With
regard to the verdict, Mr. Furth said:
Robert E. Gillespie is President.
"The result was an unpleasant surprise, and, I feel, wholly unjustified
by the evidence or by law. In the end I think it will be clearly shown that
The management of the National Bank of Commerce of this
verdict was entirely wrong. I am qui& confident that no man familiar
Detroit contemplates increasing its capital from $750,000 with the case will believe me or my associates guilty of any intent to do
to $1,000,000. It is proposed to issue 2,500 new shares of wrong, or of any crime, even under the most technical construction of the
stock at $160 per share (par $100), the proceeds from the law.
The people who lost their money in the Schricker bank have every reason
sale thus equaling $400,000. Of this sum $250,000 will go to.feel hurt. It is not unnatural that they should seek reprisal where they
go to the capital and the remaining $150,000 will be added may. I cherish no unkindly feeling toward the prosecution of thecase,
I feel that it is the result of a mistake, a very unjust mistake.
to the surplus account. The present surplus and undivided although
The circumstances and the prejudice which made this verdict possible are,
profits amount to $493,260. A meeting of the stockholders I think, well understood. It is not pleasant for one who !has tried to lead
will be held on June 10 to authorize the issuance of the new an upright life to go through what I have been forced to meet. But I
stock. The rapid growth of the bank, which began business have no fear of the ultimate result."
on June'1 1907, is due to the efficient efforts put forth by
TRADE AND TRAFFIC MOVEMENT.
its officers, namely: Richard P. Joy, President; William
COPPER
AND CONSUMPTION.P. Hamilton, Vice-President; H. H. Sanger, Vice-President The statementPRODUCTION
of the Copper Producers' Association for the
and Cashier, and Charles R. Talbot, Samuel R. Kingston month of April, issued on Thursday, reported a decrease in
marketable stocks of copper of 28,720,162 lbs., following a
and William H. Courtaine, Assistant Cashiers.
reduction of 18,032,928 lbs. the previous month. Below we
The thirteenth anniversary of the incorporation of the give a comparison of the various items for April and the four
months this year and last. We also add figures showing
Minnesota Loan & Trust Co. of Minneapolis was celebrated the
European visible. supply.
on the 1st inst. In commemoration of the occasion souvenirs
Jan. 1 to April 30April
1913.
1912.
1912.
1913.
were distributed to all visitors, the men receiving leather
Stocks begin. period_lbs.104,269,270 62,367,557 105,312,582 89,454,695
wallets and the women leather purses, silk lined. The insti- Production
135,333,402 125,464,644 546,013,757 486,532,807
tution was authorized to begin business on May 1 1883 and
Total supply
239,602,672 187,832,201 651,326,339 575,987.502
forwas the first trust company organized northwest of Chicago. Deliveries
Domestic consumption 78,158,837 69,513,846 279,630,830 255,573,581
Exports
The original capital of $200,000 has been increased from time
85,894,727 53,252,326 296,146,401 255,347,892
to time until, in 1909, with the company's affiliation with the
164,053,564 122,766,172 575,777,231 510,921,473
_
Northwestern National Bank, it was raised to $1,000,000, Stocks end of period
75,549,108 65,066,029 75,549,108 65,066,029
visible supplywhere it now stands. In addition it has a surplus of $250,- European
72,331,840 112,392,000 90,471,360 128,313,920
Beginning of period
End of period
68,246,080 111,487,040 68,246,080 111,487,040
000. On April 4 1913 the affiliated institutions showed
combined capital, surplus and profits of $6,883,451 and reANTHRACITE COAL PRODUCTION.-Shipments of
sources of $38,575,312. Eugene A. Merrill, who brought anthracite coal to tidewater during April 1913 aggregated
about the company's formation, was its first President and 5,966,189 tons. In April 1912 mining was almost entirely
continued in that post for twenty-seven years; he has since suspended and the shipments for that month were made
been Chairman of the Board. The pregdency of the insti- up of accumulations of coal in the breakers and about the
mines. In the following we show the shipments by the
tution is now held by Edward W. Decker, who is also Presi- various carriers for April and the four months ending April 30
dent of the Northwestern National Bank.
1913 and 1912.
In accordance with the decision recently arrived at to dissolve the United States and Mexican Trust Co.of Kansas City,
Mo., the voluntary liquidation of its assets was begun on
the 1st inst. The organization did not engage in a banking
business; it was formed by Arthur E. Stilwell mainjy for the
purpose of financing the building of the Kansas City Mexico
& Orient RR. The officials of the trust company,in announcing the decision of the stockholders to liquidate, state that
it is no longer necessary for it to continue, since its interests
have been separated from those of the railroad company.
The road is now in receivers' hands. Mr. Stilwell withdrew
last year as President of the trust company and was succeeded
by E. Quincy Smith. The company has an authorized
capital of $2,000,000, of which $1,157,000 is paid in. A
committee of three has been appointed to conduct the liquidation, viz.: H. D. Estabrook, General Counsel for the company,J. F. Wallace of New York and W.B. Crisp of Detroit.
Hugh R. Lyle, Assistant Secretary of the Miss issipp
Valley Trust Co. of St. Louis, died on the 29th ult., his death
being due to injuries received in a fall. Mr. Lyle wasione
of the principal heirs to the estate of the late David P.
Rankon.
April
Jan. 110 April 30RoadPhiladelphia & Reading_ tons.1,180,1.15
31,3i4
4,579;408. 3,893,4590
Lehigh Valley
1,149,896
4,840 4,216,678
3,334,231
Central RR. of New Jersey
738,579
68
2,978,872
2,393,203
Delaware Lack. & Western
861,078 112,858
3,078,995
2,604,079
Delaware & Hudson
1,718,283
561,700---2,344,688
585,472
Pennsylvania
49,87
2,082,297
1,653,515
Erie
672,386 67,798
2,222,648
2,745,928
656.927
Ontario & Western
216,963
859,199
60
Total
5,966,189 266,625 22,886,065
18,475,976
LAKE SUPERIOR IRON ORE SHIPMENTS.-The
shipments of Lake Superior iron ore during April 1913 were
866,387 tons, against 204,042 tons in 1912, 331,645 tons in
1911 and 1,520,305 tons in 1910. In the following we compare the movement from the various ports for April 1913,
1912 and 1911.
PortEscanaba
Marquette
Ashland
Superior
Duluth
Two Harbors
Total
1913.
tons 217,029
1912.
80,530
-37,49453,481
8,i88
252,875 64,416
160,372
18,237
145,136 32,571
1911.
93,532
14,838
41,337
76,739
51,042
54,157
866,387 204,042 331.645
VonetaygiTommercialignglislittews
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week: A
[VOL. xcvi.
I1IE CHRONIC LE
1344
London.
r Week ending
May 9-
44
Per
When
Books Closed.
Fri.
Sat.
Mon.
Wed. Thurs.
Cent. Payable.
Tues.
Days Inclusive.
Name of Company.
d 27%
27%
27%
27 11-16 27 11-1627 13-11;
Silver, per oz
74 11-16 74 15-16 75
75 1-16 753-16 753.4
Banks.
dConsols, 2% per cents
May 13 Holders of rec. May 10
75 3-16 75 3-16 75 5-16 7554
3
d For account
743.4
Mechanics' & Metals National (guar.)
755.4
85.07% 84.90
84.85
84.80
dFrench Rentes (in Paris), fr. 85.42% 85.30
Miscellaneous.
77%
77%
763.4
76
77%
Amalgamated Copper Co__ _ 74%
Amalgamated Copper (guar.)
134 May 26 Holders of rec. Apr.26a
1% May 15 Holders of rec. May la
6954
69
70
69
Amer. Smelt. & Refin. Co 68%
American Bank Note, common (quar.)
6834
8
7%
7%
June 2 May 17 to June 2
7%
3
8
,An iconda Mining Co
American Cotton Oil, preferred
754
102%
102%
102%
102%
.Topeka dc Santa Fe_1013.4
May 15 Holders of rec. May la
American District Telegraph of New York 1
1023.4
102%
102%
10234
103
103
t Pr ferred
Amer. Graphophone, pref.(1u.)(No.60)..
1023.4
134 May 15 Holders of rec. May 1
101
10134
101
101%
101%
Baltimore & Ohio
2
June 30 June 22 to June 30
AmericanRadiator, common (guar.)
10134
82
82
82
8254
8234
8234
k„ Pee ferred
134 May 15 May 7 to May 15
Preferred (guar.)
248%
249%
249%
249%
244
ani dian Pacific
248%
June 16 May 29 to June 6
1
Amer. Smelt.& Ref., corn. (qu.)(No. 39)
64%
64%
66
on peake & Ohio
66%
1% June 2 May 17 to May 25
Preferred (guar.) (No. 56)
66
6634
15
15
15
15
15
% June 30 Holders of rec. June 14
15
Wargo Great Western
American Steel Foundries (quar.)
110%
110
10934
Juno 2 Holders of rec. Mayl5a
110
1 icago Milw. dr St. Paul_109%
111
5
American Tobacco, common (guar.)
20%
20%
2034
May 10 Holders of rec. Apr. 30
2054
20%
1 over & Rio Grande
American Utilities, pref. (guar.) (No. 5).
20%
35%
3554
35%
35
35
Pr )(erred
May 15 Holders of roe. May 8
4
Bond & Mortgage Guarantee (guar.)
3534
29%
29%
29%
29%
30
28%
'e
3% May 21 May 10 to May 20
British Columbia Packers' Assoc., COM__ _
45
45 •
4534
46
45
i hat preferred
3% May 21 May 10 to May 20
453.4
Preferred A & B
38%
36%
36
35
3654
3554
Butttrick Company (guar.)
% June 2 Holders of rec. May 19
,., ec3nd preferred
130
130
129%
13034
130
June 21 Holders of rec. June 7
Great Northern, preferred_ _130
85
Buckeye Pipe Line (guar.)
117
11654
1163.4
117
116
1% May 15 Holders of rec. Apr.30a
not Central
11634
Cambria Steel (guar.)
134
135
134%
136
135
135
Louisville & Nashville
Canada Cement, Ltd., pref. (qu.)(No. 13) 1% May 16 May 1 to May 10
25
24%
24%
25
1
2534
May 15 Holders of rec. Apr. 30
Canadian Converters, Ltd. (guar.)
11, issouri Kansas & Texas_ _ _ _ 24
62
62
62
62
62
62
1
June 16 Holders of rec. May 31
Preferred
Clerland & Sandusky Brewing, pref
36%
36
36
37
36
54 June 2d Holders of rec. May 15
3534
Columbus Gas & Fuel, corn.(guar.)
Missouri Pacific
58
57%
57
57
5754
1% June 16 Holders of rec. Mayl4a
Consolidated Gas (guar.)
Nat. RR. of Mex., 1st prof _ 57%
2334
23%
2334
$1.50 June 16 May 21 to June 16
2334
2334
Crescent Pipe Line (guar.)
2334
. econd preferred
102%
103%
104
105
3
June 15 Holders of roe. May 31
105
Crex Carpet
'. Y. Central & Hud. Riv_ _101%
30
30
3054
31
June 1 Holders of rec. Mayl5a
Deere & Co., preferred (guar.)
3034
'. Y. Ontario & Western_ _ _ _30%
108
108%
108
108
108
134 June 15 Holders of rec. May3la
Diamond Match (guar.)
10734
1' rfolk & Western
87
87
87
151 June 16 Holders of rec. June 2a
87
Eastern Steel,first preferred
Preferred
117%
117%
117%
118
234 July 1 Holders of roe. May3la
Eastman Kodak,common (guar.)
Northern Pacific
59
59
59
59
5956
June 2 Holders of rec. Apr.30a
5
50
Common (extra)
a Pennsylvania
83
83
82%
83
8334
134 July 1 Holders of roe. May3la
(guar.)
acting Company
8234
Preferred
46%
46%
46
46
46
154 May 31 Holders of rec. May 15
46
Federal Utilities, pref. (guar.) (No. 8)- a First preferred
46
46
46
463.1
May 15 Apr. 1 to Apr. 14
46%
4634
Galena-Signal 011, corn.(pay. in corn. stk.) 50e
a Second preferred
20%
20%
20%
21%
20
134 June 2 Holders of rec. Mayl4a
General Asphalt, pref. (qu.)(No. 24)
1934
, ock Island
98%
98%
9734
0934
101%
134 June 2 Holders of rec. May22a
100
General Chemical, common (quar.)
outhern Pacific
25%
2534
2534
25%
25%
25%
Gorham Mfg. Co., common (guar.)
234 May 12 Holders of rec. MaylOa
outhern Railway
70
70
7854
78%
Granby Consol. Min.,Smelt. & Pow., Ltd. $1.50 June 2 Holders of rec. Mayl9a
Preferred
51%
153%
153
17
154%
15234
5g%
65e. May 26 Holders of rec. May 20
17
Ilomestake Mining (monthly)(No.462)..
Union Pacific
86%
86%
87
8634.
to May 12
87
87 •
,
Mum.& Power Sec. Corp., pi.(qu.)(1
10.3) 1% May 15 May 1
Preferred
62
62%
61%
62%
62%
61%
May 15 Holders of rec. Apr. 23
Indiana Pipe Line (guar.)
$4
U.S.Steel Corporation
11154
111%
111%
11154
1113.4
1103.1
June 2 Holders of rec. May 10
Inland Steel (guar.)
Preferred
354
3%
3%
3%
354
334
June 2 Holders of rec. MaylOa
Internat. harvester of N.J.,pf.(qu.)(No.25)
*Wabash
9%
10
10
10%
10
10
Internat. Harvester Corp.,tiref.(qu.)(No.1) 134 June 2 Holders of rec. MaylOa
Preferred
59%
59
59
59%
5934
5934
June 2 May 15 to June 2
International Nickel. common (quar.).... 3
Extended 4s
if May 15 May 2 to May 15
a Price per chare. b .£ sterling. c Ex dividend. d Quotations here given are Internat: Silver, pref. (on acct, ace. divs.)
2
May 31 May 14 to June 3
Internat. Smelt. & Refg. (guar.)
fiat prices.
May 15 Holders of rec. May 5a.
Int. Smokeless Powder & Chem.. preferred 4
2
June 2 Holders of rec. May 21
Kings Co. Elec. L. & P.(guar.)(No. 53)
Juno 1 Holders of ree. May 31
Lackawanna Steel, preferred ((Mar.)
May 31 Holders of rec. Apr 30
31
Lehigh Coal & Nay.(qu.)(No. 138)
June 2 Holders of ree. May 16
3
Liggett & Myers Tobacco, corn. (guar.)
May 31 Holders of roe. May 15
2
Massachusetts Gas Cos., preferred
• National Banks.-The following information regarding May
Department Stores, corn. (guar.)
134 Juno 1 Holders of rec. Mayl5a
national banks is from the office of the Comptroller of the Mexican
1% May 31 Holders of rec. MaylOa
Petroleum. common (guar.)
50c. May 15 Holders of rec. May la
Currency, Treasury Department:
Miami Capper (guar.) (No. 5)
Middle West Utilities, pref. (guar.)
1% June 1 Holders of rec. Mayl5a
APPLICATIONS TO CONVERT APPROVED.
May 15 Holders of rec. Mar.13h
Ltd
&
Breweries,
1.54
Chicago
Milwaukee
National
First
into
Colbert,
"The
Okla.,
Bank,
The Colbert State
Mobile Electric, pref. (guar.)
134 May 15 Holders of rec. Apr. 30
Bank of Colbert." Capital, $25,000.
Montreal Lt., Ht. & P.(guar.)(No. 48).... 254 May 15 Holders of roe. Apr.30a
The Bank of Aylesworth, Okla., into "The First National Bank of National Biscuit, pref. (guar.)(No.61)
1% May 31 Holders of rec. Mayl7a
Ayle,sworth," Capital, $25,000.
National Carbon, pref. (guar.)
134 May 15 May 6 to May 15
CHARTERS ISSUED TO NATIONAL BANKS.
National Lead, preferred (guar.)
134 June 16 May 24 to May 27
April 23 to April 28.
Niles-Bement-Pond, pref. (quar.)
May 15 May 9 to May 15
134
10,373-The Central National Bank of London, Ohio. Capital, $100,000. People's Gas Light & Coke (guar.)
134 May 26 Holders of roe. May 3a
Farrar,
(Succeeds
Xerxes
Cashier.
;
President
Jones,
Horace G.
Pittsburgh Steel, pref. (guar.)
134 Juno 2 Holders of rec. Mayl5a
The Central Bank of London.)
Plttsb. Term. Warehouse & Tran.(mthly.) 18540. May 15 Holders of roe. May 8
$25,000. Pratt & Whitney, preferred (guar.)
I% May 15 May 9 to May 15
10,374-The Redwood National Bank, Redwood, N.Y. Capital,
Pressed Steel Car, pref. (guar.)(No. 57)
1% May 21 May 1 to May 20
Adam Bickelhaupt, President; H. L. Ketcham, Cashier.
May 15 Holders of roe. Apr.30a
4
10,375-The First National Bank of Adrian, Mo. Capital, $25,000. .J. C. Procter & Gamble, common (guar.)
May 15 Holders of rec. Apr.30a
2
Smith, President; L. R. Allen, Cashier. (Conversion of The Pullman Company (guar.)(No. 185)
June I May 15 to May 31
3
Bank of Adrian.)
Pure Oil, common (guar.)
N.
Capital,
J.
Bank,
Keansburg,
National
1 May 15 to May 31
Juno
Keansburg
2
(extra)
-The
Common
10,376
$25,000. Thomas W.Collins, President; C. B. Lohsen, Cashier. Quaker Oats, preferred (guar.)
134 May 31 Holders of rec. May 1
May 20 May 2 to May 20
2
10,377-The First National Bank of Fayette, Ala. Capital, $50,000. Railway Steel-Spring, common
1% May 15 Holders of rec. Apr.30a
A. M. Grimsloy, President; E. E. Thomasson, Cashier. (Con- Sears, Roebuck dr Co., common (guar.)._
version of The Fayette County Bank of Fayette.)
1% May 15 Holders of rec. May 8a
Silversmiths Company (guar.)
June 20 Holders of rec. May 28
20
10,378-The First National Bank of Orland, Cal. Capital, $25,000. Solar Refining
E .E .Martin, President; John J. Flaherty, Cashier.
Sou. Calif. Edison, corn. (guar.) (No. 13) 1% May 15 Holders of rec. Apr. 30
Southern Pipe Line (guar.)
Juno 2 Holders of rec. May 15
8
CHANGE OF CORPORATE TITLE.
234 June 14 Holders of rec. May20a
Standard Oil of California (guar.)
April 21.
(quar.)
May 31 May 13 to June 1
3
252-The Second National Bank of Pittslprgh. Pa., to "The First- Standard Oil of Indiana
May 31 May 13 to June 1
3
• Extra
Second National Bank of Pittsburgh.'
1 May 20 to June 1
Juno
10)
(No.
(guar.)
pref.
134
Brothers,
Stern
I% Juno 2
Studebaker Corporation, pref. (guar.)
Holders of roe. May 20
1
June
(guar.).
pref.
134
Elec.,
Eastern
Tennessee
DIVIDENDS.
July 1 Holders of rec. June20a
Underwood Typewriter,common (guar.)-- - 1
1% July 1 Holderslof rec. June20a
Preferred (guar.)
The following shows all the dividends announded for the
1% May 15 May 1 to May 15
Union-American Cigar, pref. (guar.)
future by large or important corporations:
134 May 31 Holders of rec. May 23
United Cigar Mfrs., pref. (guar.)
Dividends announced this week are printed in italics.
United Cigar Stores of Am., corn. (guar.). 1% May 15 May 2 to May 15
1%
May 15 May 5 to May 15
(guar.)
pref.
Jersey,
Printing
New
of
U.S.
June 28 Juno 3 to June 8
U.S. Steel Corporation, corn.(qu.)(No.38) 1
Per
Books Closed.
When
1%
May 29 May 6 to May 18
48)
(guar.)
(No.
Preferred
Cent.
Days
Inclusive.
Payable.
Name of Company.
U. S. Telephone, pref. (guar.)
134 May 15 Holders of rec. Apr.30a
3
May 15 Holders of rec. May la
Vacuum Oil
Railroads (Steam).
May 15 May 1 to May 15
4
2% June 26 Holders of rec. May 31 Warwick Iron & Steel
Alabama Great Southern,ordinary
3
Aug. 28 Holders of rec. July 19 Woolworth(F.W.)Co., corn.(qu.)(No. 4). 154 June 1 May 2 to May 21
Preferred
2
1%
_
June
30a,
_
rec.April
(guar.)
Holders
of
com.
Fe,
Santa
dr
Topeka
Atch.
254 May 10 Apr. 30 to May 9
a Transfer books not closed for this dividend. b Less income tax. d Correction.
Atlantic Coast Line RR., preferred
2% May 19 Holders of rec. MaylOa e Payable in common stock. f On account of accumulated dividends. h Transfer
Catawissa, let and 2d pref
1
July
Holders
2a
of
closed from May 2 to May 15, both days included.
June
books
1%
rec.
(guar.)._
corn.
1Vestern,
Chicago & North
July 1 Holders of rec. June 2a
2
Preferred (quar.)
Cleveland & Pittsburgh, reg. guar. (guar.) 1% June 2 Holders of rec. MaylOa
June 2 Holders of rec. May101
1
Special guaranteed (guar.)
Canadian Bank Clearings.-The clearings for the week
June 2 Holders of rec. Mayl7a
Cripple Creek Central,corn.& pref.(guar.) 1
May 20 Holders of rec. May 9 ending May 3 at Canadian cities, in comparison with the
2
(guar.)
Bound
Brook
&
Delaware
Apr.
to
10
27
May
11
May
2%
Georgia Sou. & Florida, 1st & 2d pref
same week of 1912,show a decrease in the aggregate of 3.1%.
Holders of rec. May 15
2
Interborough Rapid Transit (extra)
May 15 Holders of rec. May 1
$25
Mahoning Coal RR.,common
1% July 1 Holders of rec. Junclila
Week ending May 3.
Maine Central (guar.)
1% May 1 Holders of rec. Apr.26a
Clearings enMexican Northern
May 10 Holders of rec. Apr.19a
2
Inc. or
Missouri Kansas dr Texas, preferred
1011.
1910.
Dec.
1% June 19 Holders of rec. May3la
1912.
1013.
Norfolk & Western, common (guar.)
May 19 Holders of rec. Apr.30a
1
Preferred (guar.)
of
Holders
rec.
May
$
5
Canada1% M83131
$
Pennsylvania (guar.)
June 2 Holders of rec. May 15 Montreal
3
51,555,480 53,165,978 -3.0 51,090,700 40,618,221
Pittsburgh Bessemer & Lake Erie, preferred_
June 12 Holders of roe. May27a Toronto
1
43,805,526 45,035,994 -4.0 40,937,862 33,129,699
Reading Co., first preferred (guar.)
154 July 1 Holders of rec. June 2a Winnipeg
31,667,314 30,733,560 +3.0 24,707,240 18,006,065
Southern Pacific Co. (guar.) (No. 27)
2% July 1 Holders of rec. May3la Vancouver
Union Pacific, common (guar.)
11,881,885 12,459,505 -4.6 10,601,111 0,428,636
Ottawa
and
Street
Electric Railways.
3,818,973 5,858,264 -34.8 3,956,958 4,242,722
1,499,512
1% May 15 Holders of rec. Apr.30a Quebec
American Railways, preferred (quar.)_ _ _ _
2,418,524 2,823,652 -14.3 2,464,081
_
1% May 20 Holders of rec. Apr. 30 Halifax
Brazilian Tr., L. 8c Pow., Ltd.(guar.)
1,688,836 1,787,008 -4.7 1,631,606 2,274,881
2,901,193
2,078,379
2
June
+17.9
to
3,495,174
Hamilton
Central Arkansas Ry. & Light, pref. (guar.) 1% June 2 May 16
4,119,303
St. John
6
May 15
1.285,665 1,487,409 -13.8 1,752,480 1,475,199
Chicago Rye. pantie. centifs., Series 1
May 15 May 1 to May 15 London
1,572,645 1,690,633 -7.0 1,382,538 1,409,286
Connecticut Ry. dr Ltg., corn. & pref.(qu.) 1
Calgary
1% June 2 Holders of rec. Mayl7a
4,171,259 5,152,021 -10.0 3,849,770 2,765,129
Detroit United Ry. (guar.)
3,456,298 3,655,122 -5.4 2,796,534 1,818,821
Federal Light & Traciton, pref.(qu.)(No.12) 154 May 31 May 15 to May 31 Victoria
2% May 15 Apr. 20 to May 15 Edmonton
3,760,380 3,497,344 +7.5 2,231,693 , 1,381,539
Havana Electric Ry., L. & P., common
3
May 15 Apr. 20 to May 15 Regina
813,872
2,048,662 2,035,540 +0.6 • 1,429,919
Preferred
554,574
% May 15 Holders of rec. May 1 Brandon
506,046
548,812 +2.7
563,814
Illinois Traction, common (quar.)(No. 1)....
557,992
June
1
Holders
of
rec.
1%
626,076 -14.2
May25a Lethbridge
537,930
Kokomo Marion & West. Trac., Pref.(qu.)
50c. May 10 Holders of rec. Apr.30a Saskatoon
2,172,728 2,517,448 -13.7 1,123,500
Lehigh Valley Transit, preferred
537,738
526,676 +23.6
650,492
Pacific Gas & Elec. Co., p1. (qu.)(No. 29) 1% May 15 Holders of rec. Apr.30a Brantford
812,401
1,165,677 1,074,005 +8.5
Portland Ry., L.& Pow.(quar.)(No. 10).. 154 June 2 Holders of rec. May 12 Moose Jaw
1% May 31 Holders of rec. May24a Fort William
873,599 1,116,738 -21.8
Rochester Ry. 4 Light, preferred(guar.)__ _ _
2% May 15 Holders of roe. May 3a New Westminster
528,097 Not include d in tot al
Tampa Electric Co.(guar.) (No. 34)
500,926 Not include d in tot al
Tennessee Ry., Light dr Pow., pref.(quar.) 1% June 2 Holders of rec. May 12 Medicine Hat
May 21
Washington(D.C.)Ry.& El.corn.(guar.) 1% June 1
154 June 1
May 21
Total Canada
173.214,000178.751.211 -3.1 158,620,750 120,908,907
Preferred (quar.)_
134
134
1'5,4 il;
134
134
ti;oflL1UXiai au dAttsceliantonsBews
134
4
MAY 10 1013.]
THE CHRONICLE
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Shares.
200
10 Manursing Realty Co
10 Citizens Central Nat. Bank_184%
100 Texas Central RR.,common_100
60 Texas Central RR., pref_ _ _ _101%
50
14 Osmar Klopsch, Inc
16 Mutual Alliance Trust Co---135%
250 Mansfield fly., L. & P. C
pref. (hypothecated)
70
48 Ann Arbor Co., of.(hypoth.) 55
35 Ann Arbor Co.,com.(hypoth.) 20
• 115 Pacific Hardware & Steel
Co., pref
$9,000 lot
125 Pacific Hardware & Steel Co.,
Common, $50 each.-41,000 lot
35 National Fuel Gas Co
170
Shares.
Per cent.
20 Dover Plains Water Co
1023
227 Trow Directory P.& B. Co._ 5
500 United Copper Co., pref.__ _ 3%
7,000 United Copper Co., common_ %
150 Bontempi Rust-Proofing Co.$30 lot
Bonds.
Percent.
$1,000 Lake Placid Co. 1st 5s, 1921._ _95
24,000 W.-B.& Hazelton RR.Co. coll.
tr. term'l 55 (hypothecated)_69
200 Crescent Athletic Club 2d 5s_ _72
9,500 Muscogee Mfg. Co. 1st Os,'18_25
8,000 Muscogee Mfg. Co. 2d 4s,'18_ _ 5
5,000 Union Ferry Co. 1st 5s, 1920_ _96
500 N. Y. Chamber of Corn., inc_ _11
By Messrs. Francis Henshaw & Co., Boston:
Shares.
$ per sh.I Shares.
$ per sh.
1 Massachusetts Cotton Mills_ _ _ _115 I 7 Norwich & Worcester RR., pref-185
By Messrs. H. L. Day & Co., Boston:
Shares.
$ per sh. Shares.
$ per sh.
5 Franklin (N.H.) Nat. Bank_ _ _ _280
24 Plymouth Cordage Co., rights__ 7%
1 Massachusetts Cotton Mills_ _ _ _ 111
10 U. S. Envelope Co., preferred.._103A
10 Boston Wharf Co
120
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
34 Bkiyn. & Phila. Realty Co_ 35
7 Phila. National Bank
467%
6 Market St. Nat. Bank_185-185%
2 Third National Bank
2515
13 Northw. Nat. Bank, Minn_2913
50 People's Nat. Fire Ins. Co.,
$25 each
17%47%
15 German-Amer. Title & Tr.
Co., $50 each.
954
7 2d & 3d Streets Pass. Ry__ _245
5,000 Black Pearl Mining Co__ _.$5 lot
1,000 Ore. Blue Riv. Min. Co.,
$5 lot
$1 each
6,500 Kimball Creek Min. Co.,
$5 lot
$1 each
10,000 San Domin. Exp. Co.,31 ea_35 lot
75 Santo Domin.Sou. RR.Co_S5 lot
120
6 Textile National Bank
4 Girard National Bank_ _401-401%
2 Commonwealth T.I.dtTr.Co240%
975
1 Girard Trust Co
65 Indep. Trust Co., $50 each_105
Shares.
$ Per sh.
56 Real Est. Tr. Co., pref._ -96-96%
100 West End Tr. Co.,$50 each.110
6 Pennsyl. Co. for Ins., &c._.650
15 Lumbermens Ins.Co.,325 ea. 90
1 Pennsyl. Fire Insur. Co--- -398
42 Elmira & Wmspt. RR.,pref.,
70
$50 each
6 Germantown Pass fly
112
2 John B. Stetson Co., corn.
384 q-384%
10 Amer.Pipe & Construe. Co- _60
36 De Long Hook & Eye Co
95
10 Young-Smyth-Field Co.,pf. 90
18 Phila. Life Ins. Co., $10 ea- 10%
500 Kimberly Cons. Mines Co.,
$1 each
20e.
Bonds.
Per cent.
$1,750 Cleve.& Erie fly. Inc. 55'29- 8%
$6,250 Santo Domingo Sou. RR.Co.
temporary receipts for $2,500-85 lot
$30 Lehigh & Northampton Light,
Heat dr Power Co.,6% scrip__ _$11 lot
1345
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00s omitted.
Net
On Dep.
Surplus. Loans. Specie. Legate. withC.H. Deposit*. Reserve.
Average. Average. Average. Banks. Average.
$
$
$
$
$
$
%
Brooklyn
3,784,3 24,229,0 2,175,0
734,0 2,244,0 18,645,0 15.6+10.6
15,733,3 122,493,0 14,734,0
Bankers
44,0 11,891,0 98,396,0 15.0+10.7
U. S. Mtg.&Tr 4,554,0 35,601,0 4,155,0
335,0 4,048,0 29,901,0 15.0+11.7
1,300,2 19,584,0 1,995,0
Astor
56,0 1,601,0 13,656,0 15.0+10.0
Title Gu.& Tr. 11,469,0 34,636,0 2,117,0 1,192,0 2,375,0 22,094,0 15.0+ 9.6
24,240,8 169,740,0 17,406,0 1,033,0 19,356,0 115,780,0 15.9+14.3
Guaranty
1,315,5 7,029,0
Fidelity
559,0
237,0
828,0 5,193,0 15.3+12.2
Law.T.I.& T. 6,085,2 17,406,0 1,322,0
515,0 1,347,0 12,012,0 15.2+10.0
Colum-Knick _ 7,222,4 47,030,0 5,161,0
770,0 4,594,0 39,263,0 15.1+10.4
1,665,1 16,860,0 1,918,0
People's
403,0 1,995,0 15,472,0 15.0+11.2
11,866,3 43,656,0 3,853,0
New York _ _
652,0 3,203,0 28,909,0 15.5+10.0
1,242,2 9,204,0
Franklin
962,0
153,0
885,0 7,277,0 15.3+10.8
567,5 10,777,0 1,187,0
Lincoln
228,0 1,073,0 9,273,0 15.2+10.3
Metropolitan _ 6,187,9 22,345,0 1,982,0
9,0 1,939,0 12,785,0 15.5+13.1
612,1 10,783,0 1,136,0
Broadway_ _
460,0 1,284,0 10,868,0 14.6+10.4
Totals, Avge
97,845,8 591,373,0 60,662,0 6,821,0 58,663,0 439,524,0 15.3+11.7
Actual ligures May 3_ 592,350,0 58,236,0 6,958,0 55,985,0 436,014,0 14.9+11.3
The capital of the trust compan es is as follows: Brooklyn, $1,500,000; Bankers',
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000,000;
Lawyers'Title Insurance dr Trust,$4,000,000; Columbia-Knickerbocker,S2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
May 3.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits,
Averages.
$
$
1
133,650,0206,866,0 1,345,025,0275,832,0 73,362,0
Banks_
1,341,383,0
Trust cos_ 45,750,0 97,845,81 591,373,0 60,662,01 6,821,0 58,663,01 439,524,0
Total_ 179,400,0304,711,81,936,398,0336,494,0 80,183,0 58,663,01,780,907,0
Actual.
1,346,201,0 279,638,0 72,126,0
Banks_
1,342,401,0
592,350,01 58,236,0 6,958,0 55,985,0 436,014,0
Trust cos_
11
1
Total_
1,938,551,01337,874,0 79,084,0 55,985,0:1,778,415,0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
$ per sh. Bonds.
Shares.
Per cent charge. These returns cover all the institutions of this class
$1,000 Chattanooga fly. dr Light
35 Indep. F. I. Sec. Co.,$25 each.. 32
in the whole State, but the figures are compiled so as to
55
Co. 1st ref. 58, 1956
20 H. K. Mulford Co., full paid
92%
193
25 Union Passenger RI
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
Statement of New York City Clearing-House Banks following:
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below
shows the condition of the New York City Clearing-House are made up, see "Chronicle," V.86, p. 316.
members for the week ending May 3. The figures for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
the case of totals, actual figures at the end of the week
•
are also given.
State Banks.
Trust Cos.
Trust Cos.
State Banks.
Week ended May 3
outside of
in
in
outside of
For definitions and rules under which the various items
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. Y.
are made up,see "Chronicle," V.85, p.836,in the case of the
$
banks, and V.92, p. 1607, in the case of the trust companies.
$
$
$
Capital as of March 7._ _ _
22,850,000
65,900,000
8,798,000
11,950,000
By Messrs. Samuel T. Freeman & Co., Philadelphia:
DETAILED RETURNS OF BANKS.
We oniit two ciphers (00) in all eases.
Banks.
00* omitted.
qew York....
4anhattan Co
4erchants'___
dech.&Metals
kmerica
31ty
:•hemical
derch. Exch_
3utch.& Drov
lreenwtch
3mer. Exch._
3ommerco
,
acifie
'Mat. & Phen?cople's
[Ianover
.31tizens' Cent.
ga.ssau
darket & Fun
3letropolitan _
orn Exch.._
Imp.& Traders
Park
East River.-Fourth
3econd
First
Irving
Bowery
N. Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania- - - Lincoln
Garfield
Fifth
Metropolis ....
West 81de
Seaboard
Liberty
N. Y. Prod.Ex
State
Security
Coal & Iron
Union Exch..
Nassau, Bklyn
Capital. Surplus.I
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
600,0
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
Loans.
Average.
$
$
4,306,4 21,211,0
4,960,1 30,050,0
2,134,7 19,914,0
8,053,2 52,970,0
6,381,3 24,626,0
31,006,7 178,654,0
7,465,2 30,061,0
530,4
6,396,0
127,2
2,158,0
9,195,0
1,032,3
4,842,6 41,802,0
16,553,9 128,128,0
4,605,0
963,4
1,285,2 18,375,0
2,294,0
473,6
14,282,4 74,204,0
2,255,5 22,831,0
477,0 11,313,0
9,375,0
1,898,1
1,803,5 13,327,0
5,911,5 • 51,243,0
7,831,9 24,682,0
13,813,7 86,659,0
65,4
1,477,0
5,836,7 29,993,0
2,644,3 13,916,0
21,937,3 110,887,0
3,227,7 35,179,0
791,3
3,404,0
2,015,0
8,555,0
715,2
4,240,0
9,910,1 91,803,0
2,225,1 13,680,0
3,665,0
815,8
5,454,0
1,066,4
1,717,7 15,601,0
8,982,0
1,270,4
3,850,0
484,5
2,251,8 12,992,0
4,214,0
924,0
2,382,0 23,530,0
2,831,0 25,745,0
9,857,0
910,0
560,3 18,656,0
442,8 12,119,0
544,6
6,411,0
997,0
9,506,0
1,119,8
7,236,0
Surplus as of March 7_ _ _ _
Specie. Legals. Net Depos- ReAverage. Average. Us. Aver. serve.
$
$
4,220,0
737,0
7,023,0 1,487,0
3,872,0 1,253,0
10,529,0 3,048,0
4,829,0 1,458,0
38,287,0 5,878,0
4,809,0 2,677,0
1,470,0
161,0
529,0
72,0
2,438,0
200,0
8,351,0 1,860,0
15,577,0 8,399,0
516,0
662,0
2,887,0 1,585,0
516,0
148,0
16,560,0 5,093,0
4,904,0
612,0
1,953,0
986,0
884,0
1,952,0
253,0
3,405,0
9,429,0 6,718,0
3,713,0 1,942,0
20,608,0 1,928,0
124,0
345,0
6,893,0 1,900,0
185,0
3,124,0
23,486,0 1,511,0
5,578,0 3,173,0
809,0
89,0
1,366,0
683,0
920,0
212,0
24,427,0 5,523,0
2,942,0 1,169,0
558,0
385,0
1,389,0
264,0
3,827,0
868,0
2,303,0
309,0
423,0
583,0
1,252,0 1,970,0
966,0
293,0
5,288,0 2,037,0
5,870,0 1,142,0
2,681,0
313,0
5,586,0
390,0
2,643,0 1,222,0
1,241,0
437,0
2,002,Oj 350,0
l,35l,Oj 190,0
$
18,605,0
33,200,0
19,829,0
51,018,0
23,958,0
168,725,0
27,598,0
6,313,0
2,194,0
10,443,0
40,088,0
99,811,0
4,230,0
18,266,0
2,401,0
82,166,0
21,367,0
12,523,0
9,632,0
14,027,0
60,347,0
21,606,0
89,172,0
1,785,0
31,181,0
13,149,0
99,559,0
34,828,0
3,557,0
8,486,0
4,134,0
105,821,0
15,464,0
3,711,0
6,378,0
16,723,0
9,395,0
4,127,0
12,949,0
5,025,0
27,333,0
28,389,0
11,457,0
23,814,0
14,702,0
6,467,0
9,594,0
5,836,0
%
26.6
25.6
25.8
26.6
26.2
26.1
27.1
25.8
27.2
25.2
25.4
24.0
27.8
24.4
27.6
26.3
25.8
23.4
20.4
26.0
26.7
26.1
25.3
26.2
28.2
25.2
25.1
25.1
25.2
24.1
27.3
28.3
26.5
25.4
25.7
28.0
27.8
24.4
25.0
25.0
26.8
24.7
26.1
25.1
26.2
25.9
25.4
26.4
Totals, Avge_ 133,650,0 206,868,0 1345,025,0 275,832,0 73,362,0 1341,383,0 26.0
Actual:figures may 3_
1346,201,0 279,638,0 72,126,0 1342,401,01 26.2
I
Circulation.—On the basis of averages, circulation of national banks in the Clearing
House amounted to $46,595,000, and according to actual figures WM $46,589,000.
Loans and investments__
Change from last week_
38,888,200
168,762,700
12,932,285
'16,524,200
301,651,500 1,080,343,800
+2,968,000 +13,253,900
116,718,900
—23,200
180,158,800
—181,700
121,909,900
—476,300
185,185,400
+579,600
Specie
Change from last week_
55,988,100
+984,000
117,667,900
+1,421,000
Legal-tender A: bk. notes_
Change from last week_
21,771,0e0
+442,100
10,435,040
+276,700
Deposits
Change from last week_
348,016,600 1,162,610,300
+3,040,300 +26,521,100
Reserve on deposits
Change from last week_
95,225,900
+1,901,000
135,466,000
+2,198,900
22,076,800
—153,200
22,246,200
+327,900
P. C. reserve to deposits_
Percentage last week
28.2%
27.8%
16.77
16.77:
19.2%
19.3%
13.0%
12.8%
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks not only cash items but amounts due
from reserve agents. Trust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyas
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loca
Bon, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the city or State of New York, and ex-'
elusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any nubile department.
—Trust Cos.— —State Banks—
Total
Of
Reserve Required for Trust Companies
Total
Of
Reserve which Reserve which
and State Banks.
Required, in Cash. Required. in Cash.
Location—
15%
15%
Manhattan Borough
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
10%
Other Boroughs (without branches in Manhattan)15%
15%
7%%
15%
Brooklyn Borough, with branches in Manhattan_15%
20%
20%
15%
Other Boroughs, with branches in hfanhattan_ _ _15%
15%
15%
10%
5%
Cities of the first and second class
%
10%
Cities of the third class and villages
3%
Elsewhere in State
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
'louse. These figures are shown in the table below, as are
also the results (both actual:and average) for the Clearing-
1346
THE CHRONICLE
[VOL. xcvi.
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House
Members.
ActualFigures
Week ended May 3
Clear.-House State Banks and; Total of all
Members.
Trust Cos. Not: Banks &Trust
Average. in C.-II. Aver. Cos. Average.
$
(Nat. Banks
Capital: April 4 and
State Banks
Surplus March 7___
179,400,000
179,400,000
27,550,000
206,950,000
304,711,800
304,711,800
77,586,800
382,298,600
Loans and inveitments 1,938,551,000 1,936,398,000
Change from last week
-246,000 +12,017,000
568,023,300 2,504,421,300
+1,985,800 +14,002,800
Deposits
1,778,415,000 1,789,907,000
Change from last week -7,953,000
+9,119,000
a570,018,900 2,350,925,900
+1,716,300 +10,835,300
Specie
Change from last week
337,874,000
+1,785,000
336,494,000
+991,000
65,096,500
+368,700
401,590,500
+1,359,700
Legal-tenders
Change from last week
79,084,000
-2,914,000
80,183,000
-879,000
18,133,000
-201,800
88,316,000
-1,071,800
Banks: cash in vault__
Ratio to deposits__ __
351,764,000
26.20%
349,194,000
26.03%
12,605,900
13.74%
361,799,900
Capital
and
Surplus.
Loans,
Specie.
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
229,396,0
228,665,0
225,916,0
223,976,0
223,150,0
223,092,0
223,427,0
224,856,0
$
23,758,0
23,016,0
23,873,0
22,678,0
2.3,785,0
23,953,0
24,895,0
25,798,0
103,684,3
103,634,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
379,855,0
376,513,0
374,392,0
374,657,0
373,867.0
373,693,0
375,496,0
375,449,0
Banks.
Boston.
Mar. 15_
Mar. 22..
Mar. 29_
Apr. 5..
Apr. 12_
Apr. 19_
Apr. 26..
May 3_
Phila.
Mar. 15_
Mar, 22_
Mar. 29_
Apr, 5_
Apr. 12..
Apr, 19_
Apr, 26_
May 3_
Legals.
Deposits.
a
3,246,0 264,164,0
3,455,0 258,752,0
3,279,0 256,227,0
3,213,0 262,172,0
3,221,0 259,993,0
3,414,0 269,890,0
3,588,0 265,399,0
3,582,0 265,385,0
84,3„3,0
83,6,u,2,0
83,8'
05,0
86,80
°1,0
87,669,0
89,681,0
90,611,0
91,532,0
*412,101,0
.410,323,0
*404,847,0
*413,371,0
*409,070,0
*415,312,0
*411,732,0
*418,429,0
Circulotion.
Clearings
$
8,015,0
7,998,0
7,990,0
8,016,0
8,008,0
7,999,0
7,988,0
7,968,0
156,354,1
151,313,9
150,794,9
186,687,9
155,628,3
142,946,4
165,641,1
162,511,8
13,019,0
12,736,0
12,222,0
12,048,0
12,046,0
11,998,0
11,924,0
11,779,0
159,121,0
144,987,8
154,303,4
183,963,5
154,464,6
165,356,9
153,841,0
185,878,7
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $1,396,000 on May 3, against $1,249,000 on
April 26.
* "Deposits" now include the item of "Exchanges for Clearing house," which
were reported on May 3 ah $18,605,000.
Trust cos.:cash in vault
65,194,000
67,483,000
60,623,600
128,106,600
Aggr'te money holdings
Change from last week
416,958,000
-1,129,000
416,677,000
+121,000
73,229,500
+166,900
489,906,500
+287,900
Money on deposit with
other bks.S: trust cos_
Change from last week
Imports and Exports for the week.-The following are
the imports at New York for the week ending May 3, also
totals since the beginning of the first week in January:
55,985,000
-1,018,000
58,663,000
+5,193,000
18,232,100
+474,100
76,895,100
+5,667,100
FOREIGN IMPORTS AT NEW YORK.
Total reserve
Change from last week
472,943,000
-2,147,000
475,340,000
+5,314,000
01,461,600
+641,000
566,801,600
+5,955,000
Surplus CASH reserve
Banks (above 25%).._
Trust cos.(above15%)
16,163,750
def.208,100
13,848,250
1,554,400
Total
sur15,955,650
Change from last week
+809,950
15,402,650
-1,032,650
% of cash reserves of ti ustcosCash in vault
14.97%
Cash on dep. with bks.
11.37%
Total
26.34%
I
For Week.
Dry Goods
General merchandise
Total
iince January 1
Dry Goods
General Merchandise
Total 18 weeks
15.35%
11.77%
16.17%
1.19%
27.12%
17.36%
1913.
1912.
1011.
$2,311,152
18,504,7031
$2,440,963
18,673,403
1910.
$1,895,022
14,506,871
$2,721,385
13,450,859
$19,114,366 $20,815,855 $16,381,893 $16,172,244
$56,500,038 $52,308,7411 $53,462,139 $60,978,182
303,797,469 305,156,618. 256,508,101 288,421,518
$360,297,507 $357,965,3591$309,970,240 3349,399,700
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending May 3 and from Jan. 1 to date:
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $643,781,800, an increase of $8,434,200 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
EXPORTS FROM NEW YORK.
-1913.
For the week
Previously reported
1912.
1911.
1910.
$17,254,672 $17,133,244 $14,623,684 $13,131,969
328,259,065 283,812,915 260,040,606 213,197,838
The averages of the New York City Clearing-House banks
Total 18 weeks
$345,513,737 $300,946,159 $274,664,290 $226,329,807
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust.companies in Greater New York outside of the
Clearing-House, compare as follows for a series of weeks past: specie at the port of New York for the week ending May 3
and since Jan. 1 1913, and for the corresponding periods in
1912 and 1911:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
GREATER NEW YORK.
We omit two ciphers in all these figures.
Exports.
Loans and
Week Ended- Investments
Mch. 1
Mch. 8
Mch. 15
Mch. 22..
Mch. 29
April 5_ _ _
April 12.._
April 19__
April 26_
May 3._
2,537,706,3
2,537,841,3
2,520,950,6
2,479,043.8
2,471,291,0
2,480,000,2
2,478,605,0
2,466,922,1
2,490,418,5
2,504,421,3
Deposits.
2,384,828,3
2,384,382,3
2.365,131,7
2,320,345,1
2,311,797,8
2,323,497,8
2,316,870,6
2,316,141,5
2,340,090,6
2,350,925,9
Specie.
399,729,8
394,970,9
391,172,5
386,493,5
389,322,2
391,021,4
391,000,5
396,831,5
400,230,8
401,590,5
Legals.
89,767,5
89,618,7
90,547,2
91,605,4
91,962,6
88,953,2
89,359,2
89,015,9
89,387,8
88,316,0
489,497,3
484,589,6
481,719,7
478,098,9
481,284.8
479,974,6
480,359,7
485,847,4
489,618,6
489,906,5
558.904,1
552,648.9
547,076,9
542,086,8
546,523,9
545,825,7
544,508,5
552,496,4
560,846,6
566,801,6
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing-non-member
banks for week ending May 3,based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Capitat.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie, and
with
Net
InvestBank
C.-II. Deposits.
ments.
Notes. Banks,
New York City.
$
$
$
$
$
I
a
Manhattan and Bronx.
Washington Heights_ 100,0
350,4 1,688,0 155,0
85,0
211,0 1,428,0
Battery Park Nat_ __ _ 200,0
115,0 1,682,0 337,0
49,0
53,0 1,718,0
Century
500,0
507,5 5,844,0 672,0 348,0
629,0 6,809,0
Colonial
400,0
615,9 6,967,0 959,0 317,0
809,0 7,193,0
Columbia
300,0
758,1 6,178,0 602,0 518,0
846,0 7,088.0
Fidelity
200,0
178,8 1,083,0
62,0 118,0
120,0 1,040,0
250,0
Mount Morris
346,8 2,376,0 398,0
39,0
387,0 2,637,0
Mutual
200,0
461,0 5,526,0 607,0 416,0
710,0 5,847,0
New Netherland
200,0
305,5 3,623,0 385,0 131,0
220,0 3,507,0
Twenty-third Ward
200,0
101,8 2,040,0 215,0
99,0
278,0 2,186,0
100,0
Yorkville
527,4 4,336,0 592,0 231,0
756,0 4,776,0
Brooklyn.
300,0
689,7 3,726,0 340,0
First National
87,0
540,0 3,030,0
252,0
917,6 5,881,0 452,0 330,0
Manufacturers' Nat
523,0 5,376,0
1,000,0
639,1 10,952,0 1,386,0 640,0 1,585,0 13,002,0
Mechanics'
300,0
575,5 4,701,0 518,0 129,0
National City
827,0 4,637,0
200,0
176,8 2,558,0 188,0 136,0
North Side
266,0 2,607,0
Jersey City.
First National
400,0 1,365,4 4,391,0 269,0 234,0 1,754,0 3,174,0
815,8 3,329,0 259,0
Hudson County Nat_ 250,0
63,0
549,0 1,996,0
428,4 2,352,0 104,0 137,0
Third National
200,0
582,0 1,481,0
Hoboken.
4,439,0
National
660,8
232,0
220,0
First
31,0
334,0 1,708,0
283,8 3,381,0 192,0
Second National
125,0
50,0
368,0 1,524,0
6,097,0 10,821,1 87,033,0 8,902,0 4,188,0 12,347,0 82,764,0
Totals May 3
Totals April 26...._ 6,597,0 11,365,6 89,776,0 9,492,0 4,467,0,12,563,0 85,647,0
6,597,0 11,365,6 89,746,09,574,0 4,247,012,482,0 84,956,0
Totals April 19
Imports,
Gold.
TotMoney Entire Res
Holdings. onDeposit
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan. 1
Week.
Since Jan.1
323,329,401
714,000
112,351
$51,058
5,171
236,961
$2,047
22,057,639 • 69,013
235,124 1,244,388
53,445
Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indleg
Mexico
South America
All other countries
$237,171 $47,462,950
107,225 21,190,047
34,575 2,224,531
$410,477 $6,144,273
366,099 7,419,708
226,780 3,480,117
$1,116,486 $16,681,325
33,634 2,068,906
$13,279
24,310
4,169
74,341
1,928,161
922,012
482,013
11,958
$439
41,887
60,837
50,421
3,950
1,000
Total 1913
Total 1912
Total 1911
$46,692
61,011
1,513
333,620
3,003,218
1,139,371
658,848
$1,150,120 $18,767,130
734,133 17,091,328
902,340 16,871,265
$153,584 $3,448,285
264,065 3,950,999
313,211 2,685,193
Of the above imports for the week in 1913, $50,500 were
American gold coin and $349 American silver coin.
Aanking and financial.
Convertible Bonds
Write for our Circular No.615 entitled "Convertible Bonds," which
describes 41 well-known issues.
The par value of the outstanding
amountof the 41 issues is about $800.000,000. ,which indicates the
wide popularity of this type of investment.
Spencerjrask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, Ill. Boston, Mass, Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities,
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE STRERIll
BOSTON
THE CHRONICLE
MAY 10 1913]
Vanlitrs'
mune.
Wall Street, Friday Night, May 9 1913.
The Money Market and Financial Situation.-Under
ordinary conditions the news of the week would have given
a firm tone to the security markets if, indeed, they had
not caused a substantial advance in prices. It is a perfectly
logical sequence, however, when the railways of the country
are in such a predicament as they now find themselves and
new legislation at Washington is of such a character that,
if made effective, great harm may result to every important
industry of the country, that capital is timid and the security
markets at the great trade and financial centres are, so
far as their original, legitimate functions are conserved almost
out of business. Transactions at the Stock Exchange have
been exceptionally limited in volume and, to a very large
extent, professional in character, while fluctuations from
day to day and for the entire week have generally been so
narrow as to have practically no significance,
The news referred to include a Government report on
crop conditions as of April 30 which estimates the average
condition of winter wheat at 91.9, as against a ten-year
average of 85.6 and foreshadows much the largest crop of
this cereal ever harvested in the country. Another significant item was a report of idle cars, which shows that the
number was reduced 17,700 during the last half of April
and also shows, supplementing a previous report, a steadily
increasing volume of traffic during that mouth. The
Copper Producer's Association reports a reduction of 28,700,000 lbs. in the stock on hand, which is presumed to show a
good home and foreign demand.
The Bank of England makes only a fairly good weekly
statement and the needs at Paris are such that $6,000,000
gold has been shipped from here to the French capital, a
movement not in harmony with the current rate of exchange.
Notwithstanding this outflow and liberal drafts by interior
banks on their New York balances, local rates, espccially
for call loans,remain about the same as for some time past.
The open market rates for call loans at the Stock Exchange
during the week on stock and bond eollaterals have ranged
from 2@3%. Friday's rates on call were 2%@3%.
Commercial paper on Friday quoted at 5@53'% for 60 to
90-day endorsements and for prime 4 to 6 months' single
names and 534@6% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £891,576 and the percentage
of reserve to liabilities was 49.90 against 49.22 last week.
The rate of discount remains unchanged at 43' %,as fixed
April 17. The Bank of France shows an increase of 1,371,000
francs gold and 5,995,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
May 3.
Differences
from
previous week.
1912.
Averages for
week ending
May 4.
1911.
Averages for
week ending
May 6.
$
$
133,650,000,
134,150,000 134,150,000
Capital
206,866,000
197,731,000 200,234,400
Surplus
522,000 1,381,850,000 1,351,953,500
Loans and discounts_ _ 1,345,025,000 Inc.
48,165,000
169,000
46,595,000 Inc.
45,927,200
Circulation
Net deposits
1,341,383,000 Dec. 2.142,000.1,410,558,000 1,405,872,100
Specie
1,000 290,106,000 315,363,200
275,832,000 Dec.
Legal tenders
77,781,000
74,913,91)0
73,362,000 Dec. 1,121,000
!
Reserve held
349,194,000 Dec. 1,122,000 367,887,000 390,277,100
25% of deposits
535,500 352,639,500 351,468,025
335,345,750Dec.
Surplus reserve
13,848,250 Dec.
586,500
15,247,500
38,809,075
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
State and Railroad Bonds.-Sales of State bonds at
the Board include 86,000 New York 4s, 1958,at 100,$2,000
New York 4s,1960,at 100,$5,000 New York 48,1961,at99%,
$33,000 New York 4s,1962,99% to 99%,$10,000 New York
Canal 4s, 1962, at 97% to 100, $7,000 Palisade Park 4s at
5 and $20,000 Virginia 6s deferred trust receipts at 49.
99%
The market for railway and industrial bonds has been less
active than previously and only a few issues could be classed
as active at all. Of the latter, International Steam Pump
are conspicuous for having advanced 3 points and retaining
all but a fraction of the gain. Union Pacific, St. Paul and
the Atchison issues have also been relatively strong. On
the other hand Southern Pacifies have declined.
Foreign Exchange.-Sterling exchange has ruled weak
as a result of the improved political situation in Europe
and easier discounts in London. Engagements of gold for
export amounting to $6,000,000 were made for Paris but
those were arbitrary transactions not justified by foreign
exchange rates.
1347
To-day's (Friday's) nominal rates for sterling exchange were 4 84 for
sixty days and 4 87 for sight. To-day's actual rates for sterling exchange
were 4 827004 8280 for sixty days, 4 8604 8610 for cheques and 4 86400
4 8650 for cables. Commercial on banks 4 81% ®4 82% and documents
for payment 4 8204 82%. Cotton for payment 4 82%04 82% and grain
for payment 4 82).@4 8231.
The posted rates for sterling, as quoted by a rerresentative house, declined 54c. for sight to 4 87 on Thursday and remained at this figure the
rest of the week. Sixty days continued without change during the week
at 4 84.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21% less
1-3205 21% for long and 5 18% less 1-1605 18% less 3-64 for short.
Germany bankers' marks were 9431094 5-16 for long and 95 1-16 less 1-32
095 1-16 for short. Amsterdam bankers' guilders were 40% less 1-32®
403 for short.
Exchange at Paris on London, 25f. 20c.: week's range, 25f. 2131c. high
and 25f. 19e. low. Exchange at Berlin on London, 20m. 45pf.; week's range
20m. 47pf. high and 20m. 4531pf. low.
The range for foreign exchange for the week follows:
Sterling. ActualSixty Days.
Cheoues.
Cables.
High for the week... _4 8320
4 8680
4 8715
Low for the week_ _ A 8270
4 8640
4 86
Paris Bankers' FrancsHigh for the week_ __5 213/ less 1-16 5 17% less 3-64 5 i734 plus 1-32
Low for the week__ _5 2i7 less 1-32 5 1834 less 1-16 5 1834
Germany Bankers' MarksHigh for the week__ 94%
955
953.i plus 1-32
Low for the week_ - _ 9434
95 plus 1-32
0534 leas 1-32
Amsterdam Bankers' GuildersHigh for the week.__ 39 15-16
4034 plus 1-16 40 3-16 plus 1-32
Low for the week... 3934 plus 1-16
4034 less 1-16 40 3-161ess 1-16
Domestic Exchange.-Chicago, Sc. per $1,000 premium. Boston, par
St. Louis, 15e. per $1,000 premium. San Francisco, 10e. per $1,000 Premium. St. Paul, 40c. per $1.000 premium. Montreal, 15%c. premium.
Minneapolis, 50c. per $1,000 premium. Cincinnati, 25c. premium.
United States Bonds.-Sales of Government bonds at
the Board are limited to $8,500 Panama 3s coup. at 103A,
$5,000 3s coup. at 1023
4 and $500 3s reg. at 102%. For today's prices of all the different issues and for yearly range see
third page following.
Railroad and Miscellaneous Stocks.-The stock market has again been exceptionally dull, the transactions averaging only about 275,000 shares per day,as against an average
of nearly 675,000 shares during the corresponding week last
year. Prices have, in most cases, fluctuated over a very
narrow range and net changes are about evenly divided
between higher and lower. To-day's market was one of the
dullest of the year and the movement of prices wholly
'unimportant. A few exceptional features of the week are
worthy of note. Canadian Pacific regained nearly 4 points
of its recent decline and St.Paul closes 134 points higher than
last week. New York Central and New York New Haven
and Hartford, on the other hand, have declined each to the
lowest price in recent years,and Pennsylvania,in sympathy,
shows a net loss of over 2 points. The copper stocks have
been strong on a reduction of the metal in producers'hands,
while Rumeley Preferred has lost nearly 6 points within the
week.
For daily volume of business see page 1355.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS,
Sales
Week ending May 9. for
Week.
Range for Week.
Lowest.
Allis Chat tr recta 4th pd
3
5
Pret trust recta 4th pd
3001 11
Am Brake Shoe & F, pref
150,13134
Munswick Terminal_ __ _
6001 64
Canadian Pac subs 2d pd
200235
Chicago & Alton
100 1034
Colorado & Southern
i0(31
Comstock Tunnel
2,80t Sc.
Deere & Co, preferred_ _
2001 97
ioc 7434
Detroit United
Grt Nor subs 40% paid_ 1,20012354
53 124
Green Bay & W,deb B_
75 101
Homestake Mining
300 70
K C Ft S & Mom, pref._
520 68
Mackay Companies, prof
Nashv Chatt dr St Louis
12013334
Ontario Silver Mining_
1001 24
Philadelphia Co.(Pitts)_
200 88
Quicksilver Mining, pre
3251 534
United Cigar Mfrs
2001 4434
Preferred
4361 9834
United States Express.._
2001 58
U 5 Reduction & Refin_
10
1
Preferred
100 3
Virginia Iron, Coal & C_
850 43
Vulcan DetinnIng, pref.
120 78
West Maryland, pref
300 54
Highest.
May 7 5
May 8 13
May9
8
9113134
May
734
May 235%
May 7 104
May 8 31
May 3 8c.
May 7 97
May 3 7434
May 312434
May 9 134
May 5103
May 6 71
May 6 68
May 813334
24
May
May 9 88
May 6 6
May 9 45
May 5 103
May 3 58
May 7 1
May 9 3
May 8 45
May 5 78
May 9 55
Range since Jan. 1.
Lowest.
May 8; 434
May 71 1034
May 91129
May 8; 634
May 9,22934
May 7, 10
May 8 26
May 8 8e.
May 8 9574
May 3 73
May 5 121
May 5 124
May 5 100
May 6 6934
May 6 6634
May 8 13334
May 8 2
May 9 88
May 6 4
May 6 4334
May 7 9834
May 3 50
May 7 1
May 9 3
May
7l 43
May 5
78
May 6 54
Highest.
Apri 5
Apr, 13
Mar,136
May 84
May 239
Marl 18
Feb 33
Jan 130.
Apr 10034
Apr1 8054
Feb 12554
May 1734
Mar120%
May 78
Jan 69
May 170
Apr 24
May 9934
Feb 6
Mar 5034
May 103
Feb 66
May
Apr 4
May 54
May 90
May 674
134
May
May
Jan
Mar
Apr
Jan
Jan
Feb
Jan
Feb
Apr
Jan
Mar
Jan
Apr
Jan
Feb
Jan
May
Feb
May
Jan
Jan
Jan
Jan
Jan
Jan
Outside Market.-Total transactions on the "curb"
this week were very small, and while the tone of the market
generally was firm, price changes were in most instances
of little significance. United Cigar Stores common gained
over two points to 89% and finished to-day at 893'.
British-American Tobacco advanced from 2334 to 233/2,
reacted to 233g and moved back subsequently to 2334.
Tobacco Products preferred recorded transactions to-day,
for the first time this week, down from 853' to 85. Houston
Oil corn. sold up from 18 to 193'. Intercontinental Rubber
corn. was traded in at 1034. Standard Oil of N.J., after an
improvement of some five points to 353, rose to-day to 357
and clOsed at 355. Willys-Overland cora, weakened from
60 to 58 and recovered finally to 59. Amer. Light & Traction
corn. advanced 10 points to 390. In bonds, N. Y. City
432s "w.i." fluctuated between 100% and 100%, resting at
the close to-day at 100 11-16. The 414s of 1960 advanced
from 953 to 973-', the 4348 of 1962 selling up also to 973'.
Brooklyn Rap. Transit 5%, notes after a fractional advance
to 96, weakened to 95%. Some of the low-priced mining
shares showed activity. Copper stocks were steady. Braden copper improved.from 7% to 8 and closed to-day at
VA. British Columbia Copper moved up from 2% to 3.
Greene Cananea was off from 6% to 6% but sold back to
6%.
Outside quotations will be found on page 1355.
1348
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page
S7'OCKS-HIONEST AND LOWEST SALE PRICES
Saturday
May 3
ft
Monday
May 5
Tuesday
May 6
Wednesday
May 7
Thursday
May 8
FrIday
May 9
Sales of
....,
1V,.'t
Sh.tres.
STOCKS
NEW YORK STOCK
EXCHANGE
tat
Ranie Since Jan. 1.
On basis or 100-share tots
Lowest.
Highest.
Range tor Precious
Year 1912.
Lowest.
Highest,
Railroads
Feb 11134 Oct
99
9918 9914 99,
8 NU 99,
8 11,360 Atchison Topeka & S F.._ x9858 Apr 30 10638 Jan 6 10314
8 9914 09
,
4 9912 9078 9914 99,
Do pref
0013 May 7 10214 Jan 29 10138 Jan 10414 Feb
*9913 9978 *9912 9978 9944 9934 9913 8934 9934 9934 *9914 9934
870
501 Atlantic Coast Line RR_ 119 May 1 13338 Jan 9 513034 Dec 14812 Aug
121 121
*11912 12112 12112 12112 121 121
12012 12012 *12012 121
0714 May 1 10638 Jan 22 810114 Feb 11178 Apt'
9814 0814 9812 9878 9814 9858 9734 9838 9813 9818 981$ 9838 3,18) Baltimore & Ohio
91 Jan
8613 Aug
7934 May 9 88 Jan 10
Do pref
380
80
80
*79
80
*79
80
*79
80
8012 7934 80
180
9412 J'iy
7634 Jan
8834 8914 8934 9038 8834 9012 89
8978 8973 9034 8034 9038 16,400 Brooklyn Rapid Transit_ 58618 NIch 10 9258 Jan 9
Aug
Jan
9
283
22412
Meh
21812
Mch
10
26634
Pacific
Canadian
48,740
23714 23853 24053 24218 24078 24314 24133 24312 21033 24212 21014 242
325 Mch 19 362 Jan 13 305 Jan 395 Apr
Central of New Jersey
*320 350 *320 350 *320 350 .320 350 *320 350 *320 350
6814 Feb
8514 Oct
6212 May 8 80 Jan 2
18,200 Chesapeake & Ohio
64
64
6334 6434 6373 6434 6353 6414 6212 6413 6234 64
1558 i)eo
2014 Oct
13 Feb 25 1778 Jan 9
390 Chicago Gt West tr ctfs
*1334 15
15
1433 1438 *14
1514 1413 1412 1412 1412 *14
3012 Dec
3912 Apr
Do pref trust ctfs
28 N1c1110 35 Jan 0
265
30 *2' 33 30
*28
30
*29
30
12912 2913 30
*29
30
9933,13y 11738 Nov
10,950 Chicago Milw & St Paul_ 10514 May 1 11614 Jan 0
10712 10778 10714 108
10612 10658 107 103
10678 10734 10614 107
136 Apr 30 145 Jan 30 13914 Dec 146 Jan
Do pref
150
*13513 138
13613 13613 1138 138 *13512 138 *138 138 *13402 138
12814 12812 12203 12914 §12912 12212 1,510 Chicago & North Western 12734 Apr 26 138 Jan 11 13418 Dee 145 Apr
129 129
12914 12912 12812 129
1182 Feb 7 §189 Jan 6 188 Nov 198 Meh
Do pref
166
187,
1 18758 *185 190
*185 187 $185 185 *185 188 *185 190
6212 Apr
4514 Dec
4958 May 9 54 Jan 21
*4933 53
4953 4958
400 Cleve Cin Chic & St L
.4933 53
*4913 53
*4913 51
*4953 61
95 Dec 10112 Apr
00 Apr 11 9434 Jan 16
Do pref
90
*87
90
*87
90
*8614 95
*97
99 *____ 95
*87
17512
Feb
9
167
Jan
8
162
Dec
15312
May
15312
Delaware
&
Hudson
157
155
1,516
*155
157
*156 160 115712 15713 *158 161
155
395 Feb 25 445 Jan 13 630 Aug 597 Deo
Delaware Lack & West
*390 410 *390 410 *390 410 *390 410 *390 410 *391 400
24 Alch
1812 Ply
1834 Feb 25 2318 Jan 9
Denver & Rio Grande
21
.19
22
*19
21
.19
*19
21
*19
22
*19
21
3414 J'ne
33 Mch 15 41 Jan 10
Do prof
4014 Jan
30
134
31
140
36 .33
*33
34
34
*33
37
*33
38
7
*5
1134 May
7
812 Jan 2
8 Sep
*5
7
*5
7
6 Feb 24
Duluth So Shore & Atian
612 *512 612 ...5
*5
14 Deo
23 May
12 Apr 11 1614 Jan 2
Do pref
*12
1412 *12
1412 *1212 1412 *1213 1412 *1212 1414
*1113 14
6
Jan
30
25
3212
Dec
3918
Apr
Feb
2512
Erie
2912 2818 2878 2831 2873 2853 2318 17,700
28
2818 2813 2953 28
4712 Deo
677,, Apr
42 Feb 25 4912 Jan 30
Do 1st preferred
700
.4314 4438 44
4438 *44
4412 4353 4334 *4312 4412 4312 4312
38 Deo
48 Apr
3234 Meh19 41 Jan 30
Do 2d preferred
*3412 3512
400
*31
3514 3514 3514 3434 3518 *3434 3534 *3434 36
124 Feb 25 13258 Jan 0 126 Jan 14334 Aug
12612 12873 4,630 Great Northern pref
12512 12614 12613 127
120 12612 12634 12718 126 127
36 Jan
53 Sop
3114 Apr 29 4114 Jan 3
Iron Ore properties
31
1,700
3214 3212 3314 34 .34
34
*3112 34
3134 3134 *32
112 May 1 12878 Feb 5 12058 May 14118 Jan '
11238 11234 11234 11314 114 11414 113 11314 *11212 11412 113 11334 2,050 ILinots Central
22 J'ly
Jan
30
1614 Dec
1
195
8
May
14
1453 1453 1478 1514 1414 1514 1413 1458 1413 1458 1433 1412 6,870 Interboro-Metrcp v t W..
6338
Jan
6738
Oct
4834 Apr 30 6538Jan 30
Do pref
4834 5012 50
503s 4933 150
12,200
6238 4913 52
51
51
52
2212 May 3114 Sep
2234 May 1 2714 Jan 9
251 *2334 2512 *2334 2512
*2312 2438 *23
100 Kansa City Southern
02212 2413 24
24
May
6558
Itich
Jan
7
56
6112
10
Mch
6914
Do pref
5914 5914 *5953 60
60
300
60
60 *---- 60 *____ 60
18 Apr
1112 Jan
7 May 2 1112 Feb 3
100 Lake Erie & Western
*6
9
9
9
*714 9
*714 9
*714 9
*714 9
40 May
30 Jan
25 Mc h 18 35 Jan 6
Do pref
28
*2214 28
*2213 28
*2212 30
.2214 28
*23
30
*23
152 Mch 20 16838 Jan 2 15578 Feb 18534 Jan
15312 15434 15414 15514 15414 15512 11,400 Lehigh Valley
155 156
15373 155
15373 154
12834 May 1 14214 Jan 10 138 Dec 1/0 Aug
131 131
100 Louisville & Nashville
*130 13112 13212 13212 132 13234 131 131
13134 132
Manhattan Elevated
12714 Apr 26 13258 Feb 7 12878 1)ec 13834 Mel)
--__ -___ ---- --- --_- ---- __ _
___-_-2712 Jan
1812 J'ly
16 May 1 2314 Jan 2
70 Minneapolis & St Louis
38 Apr 30 47 Jan 29 §40 Feb 157 Jan
Do pref
15112
Jan
9
129
Feb
Aug
14214
Meh20
512834
Minn
St
P
Marie
&SS
iii- *13112 iii" 155- fii- *13112 fii- 155 iii" +173112 f:iit; ---2.65 Do
14112 NIch 11 §150 Jan 22 146 Dee 158 Aug
preferred
*138 148 *138 145 *138 145 *138 147 *140 150 *133 148
Dec
3158
2918
Jan
7
Melt
1
2512
May
2214
Missouri
Texas
Kan
&
2412
2334
243
3
2312
24
4,900
24
2373
24
2413
24
2338
23
5738 May 66 Apr
5934 Jan 14 6413 Apr 11
Do preferred
*59
62
*59
62
*59
62 .5913 62
62
*59
62
*59
3273 May 1 4358 Jan 0
33 J'ly
4734 Mch
3412 3412 35
3434 3573 3438 3514 *3512 86
3.314 3534 4,10C Missouri Pacif;c
36
6218 Oct
71 Jan
208 Nat Rys of Mex 1st pref_ z 5634 Feb 10 59 Melt 3
57
57
*50
57
57
57 •50
57
*50
5712 *54
*50
• 22 May 7 2712 Jan 2
2018 Oct
Do 2d preferred
3678 Jan
2238 22
2234 22
2213 2234 22
2258 23
2214 3,508
.2252 23
9918 May 9 10934 Jan 30 10618 Dec 12112 Apr
30,658 N Y Central & 1111.
10133 10112 10112 10238 10073 10134 9934 10114 9978 10012 9913 100
10234 May 1 12978 Jan 10 126 Deo 14214 Apr
103 10518 10334 10412 10234 10312 6,958 N Y N H & Hartford
10334 10478 10412 10512 10373 106
4138 Apr
2812 May 7 3378 Jan 11
2:/78 J'ne
2914 2812 29
*2813 2912 *2812 2913 2,008 N Y Ontario & Western_
29
.29
30
2934 30
10334 Mch 2O 11312 Jan 3 t10734 Feb 11914 Aug
10512 10512 1,222 Norfolk & Western
10533 100
105 10514 *105 103
*10134 10534 *105 106
Feb
92
J'ne
I)o
88
Feb
13
adjustment
pref_
8214
Meh
17
87
85
*81
85 .81
85
*81
85 .81
*81
86
86
*81
11314 May 1 12258 Jan 6 11538 Jan 13112 Aug
11412 11514 114 115
114 11414 11412 11434 11413 11458 4,711 Northern Pacific
11334 114
011158 May
12334 Jan 7 11978 Dec 12614 May
30,77! Pennsylvania
11412 11434 a112 11334 11238 1133* 11178 11238 112 11213 11153 112
0812 Jan 11112 Sep
9013 Apr 26 104 Jan 11
n013 94
10( Pittsb Cin Chic & St L
*0012 92
*9013 0112 9112 0112 .0012 94
*9012 94
Do preferred
10812 Jan 117 Feb
*100 115 *100 115 *100 115 *100 11512 *100 115 *100 115
15212 Mch 10 16878 Jan 2 14813 Jan 17914 Apr
16013 16034 161. 16212 16018 16234 15934 16138 161 16173 16034 16218 235,001 Readin••
9314 Apr
8 8934 Feb 25 9212 Apr 10
8712 J'ne
1st preferred
90
90
50(
.90
91
90
00
91
*90
91
*90
91
*93
92 Deo 10112 Apr
8778 Feb 25 95 Apr 10
2d preferred
91
131
9112 *89
9118 *89
9118 *80
0113 8912 8912 *88
.38
3012 Apr
2238 Dec
1714 May 1 2473 Feb 4
2014 11,10( Rock Island Company
1934 2012 1958 2058 1912 2038 2014 2012 20
1834 19
5958 Apr
4214 Deo
2914 May 1 4434 Jan 2
Do preferred
33
3314 *3214 3312 6,251
.3113 3218 3213 3212 3233 3318 3212 33
2912 Me
1712 Dec
1412 1212 1412 *1213 18
*1212 16
668 St Louis & San Francisco 1212 Apr 25 1934 Jan 11
14
*12
15
16
*13
6012 Jan
Feb 11
5812 Deo
69
May
6
50
preferred
Do
1st
.50
5514
50
50
*48
55
*45
15(
6512
55
*45
55
*50
11
Dec
433
4 Apr
Jan
2612
20
19
25
Apr
Do
2d
preferred
21
2014 2158 *2(134 2112 *2034 2112 21
771
21
2034 2034 21
. nn
4038 Oct
30
*29
30
*'1
30
20( St Louis Southwestern.... 29 Apr 29 3512 Jan 13
*28
30
80
30
30 .29
.29
8058
Oct
Jan
72
Apr
15
75
Jan
9
6
2
93
814
2
preferred
Do
*...)
10(
7212
*70
7212
7313
72
72
*7013 72
7238 *70
*70
1712 Apr 29 2034 Apr 1
18 Dec
2712 Apr
Seaboard Air Line
1812 _______ *1712 1812 *1713 18
•17
1814 .17
1814 *17
4218 Apr 30 483s Jan 29
6612 J'ne
4434 Deo
Do preferred
101
4258 4213 4213
*42
4214 *42
4214
4212 *42
*42
9312 May 7 110 Jan 30 10312 Deo 11512 Apr
99
9414 9713 9313 9578 951$ 9578 9513 9614 57,251 Southern Pacific Co
9712 9734 97
2612 Jan
32 Sep
2313 Apr 30 2838 Jan 2
3,30! Southern v tr ctfs stmpd_
24
2434 2414 2434 2414 2434 2434 2434 2458 25
2334 24
7514 may 1 8112 Mch 26
6814 Feb
8673 Oct
do
Do preferred
7612 7634 7634 7613 77
7658 7658 1,101
77
77
*7512 7618 76
1534
May
1
2258
Jan
8
2012
Jan
2612 Nol•
Pacific
Texas
&
30
,
.
•1513
18
1714 *1512 1712 *1513 1712
•16
17
1634 1714 *16
4934 Jan
3312 Deo
3312 Apr 29 4012 Jan 2
85
35
3378 3414 *34
35
1,60( Third Avenue (N Y)
35
3413 35
34
35
*31
1012 Deo
1638 Mch
Toledo St L & Western.... 11 Jan 21 13 Jan 9
1112 *9
12
*9
1212 *9
1112 *9
1112 .9
1112
*9
2212 May 6 2934 Jan 9
28 J'no
36 Apr
25
Do preferred
25
*22
25 .22
101
*2212 25
2213 221 *22
25
.22
• Twin City Rapid Transit 10318 Mch 24 10814 Jan 23 103 Deo 11118 Sep
*10312 105 *10312 106 *101 105 *10313 105 *10312 105 *10312 105
14534 Apr 29 16234 Jan 6 15034 Deo 17634 Sep
14814 14934 206,801 Union Pacific
14714 15033 14612 1487s 14314 149
14814 14834 14912 151
9612 Deo
8814 Oct
Do preferred
83 Meh 13 9312 Jan 6
*8314 81
22
8313 8312 *8314 85
81
18513 8518 84
*8314 85
3978 Deo
28 J'ly
23 Apr 28 3513 Jan 3
24
53 United Rys Inv't of S F
*2213 24
24
*2213 26
23
24
*2212 27
24
24
6918 Dee
57 J'ly
43 Apr 29 8112 Jan 2
Do preferred
27I
*4313 47
*4312 47
46
46
*45
47
§46
46
46
46
934 Mal
3
J'ne
4
Feb
334
17
Wabash
3
Feb
80
313
313
318
3
312
318
3
318 *3
*3
3
3
1238 J'ne
2278 Apr
9 Feb 21 1314 Jan 14
Me) Do preferred
938 93*
914 93*
*938 912
912 912
913 912
012 0'3
6414 Men
46
Jan
2
Deo
45
7
Jan
373
s
Western
Maryland
53
3912
3913
114012
4012
39
439
403*
*38
4014 3873 3878 4014
5
8 Jan 3
4 Jan
5
1134 Oct
5
5
37s May 1
*5
512
40, Wheeling & Lake Erie
5
53* *5
5
*413 5
11 Jan
3612 Oct
17 May 7 28113 Jan 13
Do 1st preferred
20
*16
19
19
1712 *16
19
*17
*1712 1912 17
18
*15
712
14
May
5
Jan
3
Oct
6
Jan
1712
2d
preferred
712
8
Do
52
818 818 *7
9
*7
10
*7
10
*712 9
46 Jan 15 5812 Apr 23
48 Feb
6212 Aug
51 Wisconsin Central
52
*5014 53
52
5213 5014 5014 *5013 53
§5234 5234 52
Industrial & Miscall.
60 Feb
9234 Oct
6534 Feb 25 8038 Jan 2
75
7353 7512 7313 75
7434 7534 7453 7534 151,10o Amalgamated Copper
7233 7313 74
5418 Deo
6338 Mob
4614 Jan 17 57 Jan 3
30 American Agricul Chem_
49
49
*4813 51
*4313 52
*4813 51.
*4912 54
*49
54
93 J'ly 10414 Meh
Do preferred
10o
9312 May 7 09 Jan 2
*94
95
9312 9312 *93
*9213 95
9434 *9212 95
*9212 95
4612 Dec
71 Sep
82
3113 3113 3113 3134 5,000 American Beet Sugar.-- 25 Mch 19 5012 Jan 2
2814 2812 2814 2912 2913 3114 30
90 Nov 10114 J'ne
Do preferred
78 Apr 15 86 Mch 6
*70
80 .65
80
80
*70
80
*70
•85
80
80
*70
1114 Feb
4738 Oct
2512 Jan 14 4678 Jan 31
83
8338 3234 3338 28,40 American Can
3213 3234 3312 3418 3214 3378 8134 33
0058 Feb 12614 Sep
91 Apr 28 12912 Jan 30
9112 93
2,250
Do preferred
9318 9134 93
94
93
9314 *92
9213 0212 93
49 Feb
6358 Sell
4814 4814 4914 4938 *4814 5012 4913 4912 *4813 4078 4938 4938 1,028 American Car & Foundry 4712 Feb 25 5638 Jan 2
112 Feb 25 117 Meh 5 115 Feb 120 May
114 114 *114 116 *114 115
368
Do preferred
115 115
11412 11412
*11314 115
6018 Deo
3734 Apr 26 4834 Jan 6
301.1 Oct
American Cities
*3712 40
*3713 40 .3712 40
*3713 40
*3712 40
*3712 40
8354 Deo
7514 Aug
6912 Apr 10 7812 Jan 2
10O
Do preferred
*7018 75 .7013 75
*6912 75
70
*7013 75
70
72
*70
6014 NOV
4214 May 6 5738 Jan 2
4512 Jan
44
2,45O American Cotton Oil
45
4214 41
4234 44
4312 4312 44
*43
45
*43
9914 Feb
9512 Mch 28 0634 Jan 10
95 Jan
Do preferred
9712
10
08
*9613 9812 *9612 9812 *95
*97 100
98
98
*97
714 Sep
613 Jan 8
4 Jan 14
3 Feb
American hide & Leather
413 *414 412 *414 413 *4
412 *4
412
412 *4
*4
34 Sep
Feb
25
2814
Feb
10
20
2212
Feb
*22
24
*21
24
10
preferred
24
O
Do
*22
23
*21
24
23
23
*21
3034 May
18 Jan
2518 2534 2614 4,725 American Ice Securities
20 Jan 2 2734 Apr 4
2534 23
25
25
2553 25
2438 2512 25
1778 Apr
9 Mcb
078
*9
American Linseed
9 Feb 25 1112 Jan 31
*014 10
*913 10
10
10
*9
*9
10
*9
30 Feb
43 Apr
*26
2712 *28
25 May 1 3112 Jan 31
2712
20
Do preferred
29
*26
27
27
27
27
27
*25
3134 Feb
323s May 1 4412 Jan 6
4712 NOV
34
34
83
33
720 American Locomotive
34
3413 3413 13313 3318 34
35
*33
103 Apr 26 10634 Jan 2 103 Jan 11012 Aug
Do preferred
10
*100 10312 *100 10312 *100 10312 103 103 *100 103 *100 10313
434 Jan
American Malt Corp
772 Feb 18 13 Jan 3
1918 Aug
*3
1012
10
.8
10
1012 *8
10
*8
1012 *8
*9
42 Jan
Do preferred
47 Feb 18 6112 Jan 3
51
50
31
52
6914 Aug
448
52
*48
52
*48
50
50
.48
52
84 Deo
84
20 Amer Smelters Sec pref 13 83 May 1 86 Jan 0
84
*83
8912 J'ne
81
84
84
8312 8312 *83
*82
*82
84
6612 1)eo
6714 6713 677s 9,125 Amer Smelting & Refin'g 6378 Mehl() 7434 Jan 30
67
67
91 Sep
66
6614 68
6612 6658 6714 68
Do preferred
47O
10014 Mch 19 107 Feb 7 10238 Jan 10933 Sep
102 102 *101 102 1102 102 §10134 10134
10138 10138 *10112 102
IC0 American Snuff
158 Apr 30 193 Jan 22 123 Mch 20314 Dee
*160 165 *161 168
165 165 *160 170 *160 175 *160 175
Jan
105
21
Do
6
99 Feb 10.5 Aug
104 Jan
preferred, new
.95 105 *100 105 *100 103 *100 105 *102 105 .100 105
_33
400 Amer Steel Found (new)._ 3018 Apr 29 4012 Feb 3
26 Jan
33 .31
4438 Oct
*31
3114 3114 32
32
32
32
32
32
-----
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
bit.
Banks
New York
195
Aetna
America 11___ 595
Amer Each__ z228
Battery Park 130
13oweryt--- '125
Bronx Borol ---0
Bronx Nat.._ 1,
Bryant Park11 150
Butch & Dr_ 130
century 1...._ 225
650
Chase
Ask
But
Banks
Chat dc Phen. 180
200 Chelsea Ext. 135
605 Chemical ___ 415
232 Citizens' Cen t18114
140 City
383
--. Coal & Iron.. 160
250 Colonial I-- 450
135 Columbia I__ 295
__. Commerce __ t190
140 Corn Exch 11. 315
230 Cosmopol'n 1 85
700 East River..
Ask
-__
150
425
____
393
165
---325
____
320
105
75
Ask
13/1
Banks
Fidelityl__ 165
175
4500
Avel_
Fifth
300 325
Fifth
960 990
First
180
188
Fourth
Garfield --------275
145
Germ-Amen 1 140
_ _ __
German Ex 1 400
Germanial„ 475 500
___ _
Gotham ___ 170
Greenwich 11.. 250
--600 700
Hanover
Banks
Harriman ___
Imp & Trad_
Irving
Liberty
Lincoln
Manhattan I
Mark & Fult_
Nlech tlt Met_
Merch Exch.
Merchants'__
Metropolis I_
Metropan 1
Btit
290
535
190
630
340
245
242
150
180
340
188
Ask
298
545
200
640
365
350
252
250
160
190
360
194
Banks
Mt Morris 7.
Mutual .1 _
Nassau
New Neth1._
Now York Co
New York__
Pacific 1........
Park
people's q___
Prod Exch 1_
Publid _ ___
Reserve
HU
200
200
195
210
850
390
255
360
240
165
250
88
Ask.
__
.._
210
225
8/5
405
265
367
250
170
300
90
Banks
Seaboard____
Second
Security 1-Sherman--....
States
23d Ward 1Union Exch.
Wash Ills I.
Westch AvIL,
West Side 1(..
Yorkville y__
Ma
430
375
130
135
175
155
275
160
450
520
As.4
---.
400
140 i
_ .....
225
_.
165
175
610 -
931d and asked prices: no sales on th s day tEx-nights. Mess than 100 shares. %State banks a Ex-div.38 rights b New stock. _I Ex 24% accum.d1v.
1Sale at Stock Exchang; or at auction this week. c First Installment paid. n Sold at private sale at this price. x Ex-dIv. 1 Full paid.
,
1349
New York Stock Record-Concluded-Page 2
MAY 10 1913.1
For record of sales during the week of stocks usually inactive, see second page precedingSTOCKS-MCl/BSI' AND LOWEST SALE PRICE'S
Saturday
May 3
.
Konday
May 5
Tuesday
May 6
Wednesday
May 7
Thursday
May 8
Friday
May 9
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range Since Jan. 1.
On basis 0/ 100-share lots.
Lowest
Industrial & Misc (Con)
300 American Sugar Refining 10934 Mch 19
•11012 11112 11134 11134 *11112 115 *11034 11412 11112 11112 111 III
11272 May 1
Do _preferred
11614 .111 116 *111 11614
0111 116 .111 116 *111 11614 *111
12812 128% 12838 12758 12838 6,680 Amer Telephone & Teleg 12758 May 9
12814 12858 12812 12878 128% 1287 12778 225,
1,925
225
23334
230
Apr 28
225
American
225
3
22512
Tobacco
218
226 226 *224 230 225
200 Preferred, new
10234 10234
103 103
101 Mch 12
*10212 103 *102 103 *10212 103 *10212 103
American
1634
10
200
22
.17
Mch
1758
22
1758
*1734
4
1734
Woolen
173
2212
*20
2212
*20
*7312 76
Do _ preferred
74 MaF 1
76
582
7512 •73
*7712 7912 7712 7734 74
*774 79
100 Amer Writing Paper pref 26 Mch 31
2634 2634 .26 28 .26 28 *26 23 *26 28
02612 28
3814 3813 3E4 3858 10,500 lAnaconda Cop Par $25 33% Feb 25
78 38
37
374 3812 3734 383
37
Assets Realization
105 *100 105
106 - -----'10)
104 Feb 28
_
------- 10*
*100 106
100 Baldwin Locomotive
46
46
*45
*45 -46
44 Apr 28
46
*45
4578 4578 .45
46
*45
Do preserred
105
145
*104%
110412
104%
104%
105
10412
*10212
10358 Feb 17
*10412
105
105
*10213
004)
Bethlehem Steel
3214 May 1
*3212 3312 *3212 3312 3312 3312
*3215 3312 338 3333 3234 33
Do preferred
6358 Feb 26
301
7111
7112 *70
7114 *6918 7112 *69
7034 71 .70
.6918 71
300 Brooklyn Union Gas
12658 May 1
127 127
127 127 *126 130
1 127 130 .128 133
*127 130 .
100
Butterick Co
2718 Mch24
*2712 29
*2714 29
*2712 29
28
28
*2713 29
.2712 29
3,203 Ca.iforn.a Petroi v t ctfs_
4014 41
4114 42
4
4034 41
41
3934 Apr 15
4113 42
41
41
Do preferred
1,254
63 Apr 29
6912 6912 70
71
7058 *69
-------- 697 70
68
68
200 Case(JI)ThreshMpftr cfs 9914 Mch19
*9912 10218
*9914 10312 .9914 10312 *994 10312 9912 991 *9912 103
1,750 Central Leather
2178 Apr 30
23
2258 2278 2238 2258 2258 2234 *2212 23
12234 2234 23
Do preferred
0114 May 1
230
9234 9281 923, .9134 0234 *92
9131 9212 9212
9234 *92
.92
3814 3912 385 39ce 3834 3934 3938 3934 3912 3958 12,500 dChino Copper__Par 15 3578 Feb 27
38% 39
1,500 Colorado Fuel &-Iron
31 Jan 14
3231 '32 32 3112 32 3112 32 32 32 3114 32 2,110
*31
Consolidated Gas(N Ir)_ 127 Feb 25
12912 12912 130 130% 129 13014 12918 12918 12913 12912 12978 130
10 Mch 4
1038 10'3 1,300 Corn Products Refining_
1014 1038 1014 1014 1014 1014 1014 1014 *1014 11
100
Do preferred
6313 Mch 13
68
*64
6518 6518 *65
68
68
*64
*64
68
*644 68
1534 1534 1,000 Distillers' Securities Corp 154 Apr 26
1514 1514 1538 1614 1578 1578 1558 1534 *1512 16
Federal Mining & Smelt'g 1314 Jan 13
18
*12
18
18
*12
*12
18
•12
18
*12
18
*12
Do preferred
33 Mch19
100
43
4013 4012 *38
42 .35
43
*35
42
*35
43
*35
z13413 Jan 24
*13813 14012 139 13912 13812 1388 13712 13812 *13812 14012 138 13814 1,300 General Electric
Gen Motors vot tr ctfs
26 Apr 30
29
*20
26
*23
26 *„.... 29 *_ 29
26
*23
*23
70 May 8
110 Do pret v t etfs
75
70 •70
416758 74
170% 7018 70
75
*70
75
*70
1,140 dGoldfleld Con M Par 110
178 Apr 30
2
17
178 2
2
178 2
2
178 2
2
2
28 Mch 18
600 Goodrich Co (13 F)
32
32
33
*32
34
*32
34
33
33
32 .32
32
9112 Feb 18
Do preferred
400
96
92
97
9134 9134 *91
94
94 .93
938 *91
.
191
3,745 dGuggenh Explor Par $25 42 Apr 30
46
46
4612 4514 458 451 46
46
44
*43
4558 46
*1658 1712 .1658 1714 1658 1658 17
1714 1712 1,10,; d Insp'n Con Cop Par$20 1558 Alch19
17
1634 17
303 Internal Harvester (old) 10334 Apr 25
*102 10412 10112 10534 105 105 .____ 109 .....,_ 109 *____ 109
11112 Mch 8
Do preferred
*112 __ .112__ .11212 ___ *11258 ___ •11258 ___ *11258 _
500 Internal Harvester of NJ 10012 Apr 30
__ 103 1-0418 103 1-0312 *101 1-013 *102 1-06 *10212 1-06
*101
112 Apr 7
100 Do preferred
113 113 *11212 1131, *11258 11312 *11258 11312 *1101
•112 1-1-3
200 Internal Harvester Corp_ 10034 Apr 30
•101
__ 10118 10418 10314 1031. *101 106 *102 106 .10212 1-06
11218 Apr 17
100 Do preferred
*11212 1131: 11312 11312 .11258 11358 •1107 _ __
•112 1-1-41 *112
338 May 8
150 Int Mer Marine stk tr cts
.".% 33r .33 -Mt
*314 334
*314 4
*312 334 *314 -4
1812 1712 3718 *16
200 Do pref stk tr ctfs
1712
171: .16
1634 Mch 13
1714 .17% 1834 .17
*17
014 .834 913 .812 9
9
812 May 1
400 International Paper
834 834
*812 912 .812 913
384 3812 *39
41
Do preferred
3958 *38
39
*3813 4012 *3813 4012
39
500
3814 May 3
614 614
1,200 Internat Steam Pump
718 718 *634 8
618 618
61
8
7
•6
6 May 5
2978 ----.27
Do preferred
28
1,400
35
530% 3058 *29
30
35
30
28 May 5
*85
8012 .85
8912 *85 -90
Kayser & Co (Julius)__.._ 8514 Jan 18
*85
*85
¶71)
90
90
*85
e9
.._ *102
___ *102 10813 *102 10812 *102 1•)3
Do 1st preferred
10734 Jan 22
*100 10812 *102
*60 73
*60
Kresge Co (8 /3)
73
*60
74 .60 74
*60
65
61 Mch 19
65
*60
*97
99
Do preferred
99 .97
09 .97
.0612 99 .97
99 .07
9734 Apr 26
99
*31
• _ 38 .31
38
38
*32
re 3
Lackawanna Steel
*32
38
37 Apr 25
*32
39
*94 100
98
*94
9512 9512 .90 100
301 Laclede Gas(St L)com
94
98
93
9212 May 1
;54
21212
215
Liggett
215
21212
217
*210
&
Alyers Tobacco 210 Apr 26
215 215 *215 217
400
*21212 218
Do _preferred
.111 116 *113 115 *111 118 *113 118 *113 118
100
11314 1131 1
113 Mob 6
Loose-Wiles Ilis tr co ctfs 30 Mch18
3213 *31
*31. 32
32
3212 *31
32
*31
321 4131
*31
1st
Do
preferred
99 May 3
*95 103
*95 103
100
*95 103
*95 103
99 .95 103
99
9018 May 7
100 Do 2d preferred
91
*85
91
01
9018 9018 *88
*88
91
*88
91
.88
165 Apr 25
268 Lorillard Co (P)
., 166 166
_ _ __ ___-_-__ *160 _ _ *160
preferred
112
May 7
---100 Do
0111 11312 *112 11312 *112 ' '12 112 112 *11112 11-27-8 112 112
100 May Department Stores_ 66 Feb 20
7312
*70
75
, .70
731 *70
7312 *70
7312 7312 *66
Do preferred
100 May 1
*9934 101 *100 145 *100 104 *100 105 41100 104
.100 104
6614 26.112 6472 0,450 Mexican Petroleum
561 Apr 15
66
6534 6714 6314 66
6534 6614 6632 67
2314 23
2312 2234 2278 2273 23
23 23 2,300 dMiami Copper___Par $5 214 Feb 19
2278 2278 23
112 Feb 21
300 National Biscuit-,
11518 1154 115 115 *112 11712 *115 11712
11534 11534 .116 117
11618 Mch 24
30 Do preferred
0118 11934 *118 11934 *118 11934 .118 11934 *118 11934 1118 118
500 Nat Enamel'g & Stamp'g 1212 May 7
13 13 13 1212 1212 *12 1312 *12 13
•1213 1312 13
82 May 9
200 Do preferred
86
*74
*74
84
84
82
86
84 .72
80
*75
82
471 477
454 Mch19
.48
*48
505 National Lead
50
50 .48
14914 4914 48
50
48
100 Do preferred
104 Meh 14
0108 108 .1011 10734 *106 10734 *106 10658 *106 10658 10658 10658
7
dNevada
17
Cons Cop Par $5 16 Feb 18
161 17
17
167 17
*16
17
1634 1678 1634 167s 2,400
600 New York Air Brake
72 .66
72
70
*66
70
65 Apr 30
70
70
70
70
70
70
76
76
78
*75
*75
7712 *75
200 North American Co(new) 75 Apr 30
77
78 .74
4.74
77
23
22
23
23
23
*21
2112 22
201k May 1
2213 2212 *22
2212 1,000 Pacific Mail
*3212 3412 *32
34
*3214 34
32
32 Apr 26
200 Pacific Telep & Teleg
3212 .32
34
*32
34
600 People's G L & 0(ChIc)_ 10812 May 3
10812 10812 109 10912 10912 10912 *109 110
10913 10912 10912 10912
18
18
1712
Coal
1834 1758 1758 18
174 Apr 28
*1714 18
1,000 Pittsburgh
18
18
18
83
*81
83
83
*80
7938 May 1
83 .82
83
420 Do preferred
080
84
181
81
2514 2438 2478 2433 2438 1,700 Pressed Steel Car
2412 2458 2512 2514 2512 25
*24
2312 May 1
*0613
*96
09
99
*05 100 .96
09
*9612 99
97 Feb 28
Do preferred
*96
99
115 115 *11413 117 .115 117
, 100 Pub Sem,Corp of NJ..... 115 Apr 28
.115 117 *11412 ___ *114 117
155 155 *153 156
155 May 8
965 Pullman Company
1557 15578 156 1561.1 156 156 5156 156
29
*27
29
2812 *27
*27
*27
2434 Feb 25
29
100 Railway Steel Spring
29
*27
2714 2714
98
*90
98
*90
98
*90
*90
93
Do preferred
98 Mch17
*90
98
98
090
1814 1814 1838 1814 1838 5,400 dRay Cons CopperPar$10 1634 Feb 19
1812 18
1838 13
1734 1734 18
*23
2434 *23
2412 2314 233
.224 23
2434 1,200 Republic Iron & Steel
234 2312 24
22 Apr 29
82
82
83
*82
*81
8312
Do preferred
900
82 Apr 29
8234 83
8212 8212 83
83
29
23
23
211
25% 30
1,000 Rumely Co (M)
2513 30
30
29
2913 297
2158 Apr 28
Do preferred
49 Apr 26
5634 6012 5814 5814 15518 5712 5458 5433 1,580
50
60
59
59
17014 17014 171 171
400 Sears, Roebuck & Co...... 16812 May 1
17212 17213 17012 17012 *169 172
.16812 172
32
.20
31
*29
Sloss-Sheffield
31
300
32
31
31
3012 3012 *29
*29
Steel it Ir 30 Apr 30
*31
3412 *3113 3412
3412 •30
35
Standard Milling
317 Apr 26
*30
*3114 35
35
• *27
58I2 56
56 *56 59 *56 59 *56 60 *56 60
Do preferred
100
*52
5212 May 1
2712
Studebaker
2731
2712
600
27
23
*27
Corp
27
2713 27% *27
23
(The)
2734
28 Feb 20
Do preferred
125
93 .8812 8012 *89
8834 8834
92
*88% 9212 *8812 92
288% Feb 20
.
1 88
700 dTennessee Cop_Par 135 3214 Jan 27
3412 3412 3514 3534 3414 3414 *3418 3512 _--- _-_-- 34'2 3412
10712 10712 *107 109 *1074 109 *10712 1-09 *10712 109
Texas Company (The)__ 106 Apr 26
*107 109
8653 8734 8512 86
89
7912 May 9
1,175 Underwood Typewriter__
82
81
81
85
*88
7912 791
•_,_ 11112 *____ 11112 *_..,.... 11113 *__
11112 *_ _ 11112 *___ 1111
Do _preferred
110 Apr 8
1
*5
6
512 *5
200 Union Bag & Paper
8
Al 5,
553
64
15474 534 75+3
412 Mch 18
3412 .2912, 344 *2912 3412 *2912 3412 *2912 3412
*29
36
*29
Do preferred
2934 Mch13
15
*10
14
14 .11
1212 1314 *1212 1412 *1212 14%
*11
800 US Cast Iron Pipe& Fdy 1212 May 7
51
*47
*--._
50
*46•
50
Do preferred
48
*46
300
49
*47
48
50
48• May 3
*6534 68
*oh 67 .68
70
*65.4 69
*6534 69
4166
69
U El Realty & Improv't_ 6534 Apr 30
615
63
6414 63
6334 63
6312 6314 6314 4,150 United States Rubber___ 5712 Feb 24
6312 6411 6334
10514
1043
4
1043
4
*10434
4
10514 *10412 10512 104 10458
Do 1st preferred__ 10378 Apr 29
800
*10434 10514 .1043
*75
90
92 .75
79
7638 Jan 3
Do 2d preferred
6114 5014 6012 '575
6018 6034 5934 6012 209,650 United States Steel
-ioi, "iiii;, 108 -1-4-4 -59128 107
5814 Itch 10
1065
10612
10(334 10612 10334 10612 16312 2,305
x10614 May 5
Do preferred
103 10812 210614 10634
5012 5112 5034 5112 5158 5134 5112 5134 10,070 dUtah Copper..
$10 4812 Apr 30
5013 5034 5012 5114 27%
30% 28
2834 284 2834 2812 2833 6,500 Virginia-Carolina Chem.. 2758 May 6
30
3033 3012 30%
98 100
98
101 101
984 *98 103
98 May 7
Do preferred
102 102 .101 101
900
65
65
.65
66
66
*65
16534 6534
65
65
6438 Apr 30
540 Western Union Teleg
*6434 66
6114 .61
61
62
62
61
6112 62
61
61
62
(11
2,000 Westinghouse El & Mfg.. 60 Apr 30
116
*110
*105 115' *105 115
11478 May 2
Do 1st prefc.rred
*100 115 *105 115 *112 115
8914 90
.90
91
91
8512 Mch19
8914 92
9014 0034 3,900 Woolworth (F W)
92
90
90
11012 HON *____ 112 1110 110 *110 111 *110 11012
10914 Mch 13
*110 112
Do preferred
125
Range lor Previous ,
Year 1912.
Highest
Lowest
Highest.
118 Jan 31
11658 Jan 28
140 Jan 3
29434 Jan 10
1061s Jan 27
21 Apr 17
81 Jan 3
3214 Jan 2
4112 Jan 2
120 Jan 7
532 Jan 8
1047 Apr 16
41I Jan 9
7212 Apr 4
13778 Jan 27
31 Feb 8
56% Feb 3
86 Jan 30
10358 Feb 6
3018 Feb 5
9714 Itch 3
4758 Jan 2
4112 Feb 3
14238 Jan 9
1718 Jan 31
7914 Jan 31
2134 Jan 2
18 Jan 22
44 Jan 2
187 Jan 2
3412 Jan 7
79 Jan 7
318 Nich 19
68 Jan 2
£0514 Jan 7
5338Jan 9
2033 Jan 3
11558Jan 30
116 Jan 28
108 Mch 7
113 May 5
10734 Mch 29
11312 May 7
458Jan 2
191 Jan 7
125 Jan 30
4813 Jan 30
1812 Jan 9
70 Jan 9
94 Feb 3
110 Jan 2
81 Feb 5
102 Jan 4
497 Feb 4
10413 Jan 8
235 Mch 6
116'2 Jan 23
3978 Lai 6
105 Jan 1
95 Jan 8
200 Jan 28
116I Jan 22
7678 Jan 2
105'2 Jan 2
7814 Feb 4
2612 Jan 4
128's Jan 3
12478 Jan E
1914 Jan 31
9214 Jan 3(
5614 Jan 1
10758Jan 21
20 Jan :
8212 Jan i
8112 Jan 14
3112 Jan 21
46 Jan 4
116 Jan i
2438Jan 1
05 Jan S
36 Jan 1
10118 Jan 1
118 Jan 21
165 Jan 2
35 Jan I
100 Jan I:
22 Jan i
2858 Jan 3]
894 Feb :
9214 Jan 1
9934 Jan ,
21312 Jan 1
4512 J.:n 2
4012 Jan 31
6678 Feb .4
36 Feb ,
9314 Jan 13
3912 Jan 4
12234 Jan 1i0
99'2 Jan 3
113 Jan 2
734 Jan
4134 Jan
1634 Jan 30
5634 Jan 31
77 Jan 9
6914 Apr 4
10934 Apr 9
8112 Jan 9
-694 Jan 2
11034 Jan 3
6058 Jan 2
434 Jan 3
114 Jan 3
7518 Jan 9
7914 Jan 2
11934 Jan 117
112 Jan 2
11512 Jan 8
11312 Dec
11612 Jan
13758 Jan
24118 Feb
10114 Jan
18 Nov
79 Dec
2518 Jan
$34 Feb
10513 Feb
49 Dec
10234 Feb
2734 Feb
5612 Feb
13712 Mch
28 Nov
4914 Dec
84 Dec
99% Dec
1612 Feb
80 Feb
$25 Jan
2318 Feb
13534 Dec
10 Jan
75 Dec
20 Dec
1114 Feb
3718 Jan
155 Jan
30 Feb
7014 May
$158 Dec
6014 Dec
105 Dec
$47 Dec
$1658 Dec
10514 Feb
1134 Nov
13312 may
124 Sep
1494 Mob
117,
32412.
10638 Jan
31 may
9412 Mch
4138 may
$48 Oct
12712 001
6034 Aug
1084 J'ne
5158 Oct
80 Sep
149 Aug
4018 Apr
7212 oat
4 Mcb
1534 J'ly
938 Jan
z4578 Jan
12 Dec
63 Dec
90 Dec
107 Dec
71 Sep
100 Oct
29 Mcb
10218 Dec
156,8 Jan
10512 Jan
3612 Dec
10212 Oct
90 J'ly
167 Mch
10734 Jan
69 Apr
105 Deo
6234 Apr
$2318 Feb
114 Dec
122 Dec
1214 Feb
88 Feb
5118 Jan
10512 Feb
21814 Jan
50 Feb
7412 Jan
2834 Dec
45 Dec
103 Jan
1634 Mch
77 Feb
2834 Feb
96 Feb
10634 Feb
15812 Feb
2712 Feb
9814 Dec
116 Jan
1534 Feb
6413 Feb
8914 Dec
9g12 Dec
140 Jan
3914 Jan
1614 Jan
53 Jan
30 J'ly
9012 J'ne
$3413 Feb
81 Jan
95 Dec
110 J'ne
458 Jan
3518 Dec
13 Feb
60 Jan
67 Jan
4514 Feb
10558 J'ly
75 Jan
6814 Feb
10714 Dec
$5212 Jan
4034 Deo
1144 Dec
7134 Dec
6614 Jan
114% Jan
11212 J'ly
9314J'ir
9512 Oct
10112 Dec
3358 Sep
1001? Oct
$5038 Nov
4334 Sep
14912 Aug
2218 Oct
8912 Oct
3614 Aug
2134 Sep
5234 Sep
18812 J'ly
4278 Sep
8234 Sep
$5 Mch
81 Sep
10912 Sep
46238 J'ne
$2118 Oct
12672 Sep
12134 Apr
778 Mch
26 Mch
1934 May
6278 May
34 Jan
8458 Apr
9534 Oct
104 Oct
8912 Oct
10512 Oct
5512 Sep
10834 Jan
225 Oct
118 Aug
4718 J'ly
10512 Nov
9234 Oct
21512 Oct
118 Aug
88 Oct
112 Jan
9012 Oct
13014 Sep
161 Apr
131 J'ne
26 Oct
9512 Jan
6814 Oct
11078 Nov
12418 Sep
85 Nov
8778 Aug
38 Sep
5538 Apr
12212 Oct
2714 Aug
10034 Aug
4078 Sep
10334 Aug
12078 Aug
175 Aug
4034 Sep
105 Aug
$241s Sep
35 Oct
9338 Oct
101 Nov
10313 Oct
221 Nov
5934 Sep
86 Dec
66 Oct
4912 Awl
9818 Aug
$4714 May
1305s Sep
11534 J'ne
11412 Sep
1773 May
6734 May
2212 May
6438 Oct
8612 J'ly
67% May
116 May
8512 May
8034 Sep
117 Sep
16712 Set)
5714 Jan
122 Mch
8614 Jan
891? Aug
126 Aug
11778 Oct
11634 J'ly
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney Isl'd
First
Flatbush
Greenpoint. _
Hillside%
Homestead
Manufact'rs
Meehanies'I.
Montauk 1-Na.ssau
Bla
Ask
135
280
140
155
300
155
155
125
100
425
225
140
220
85
400
200
205
Banks
Brooklyn
National City
North Side 1..
People's ----
Lita
Ask
275
175
145
295
200
155
Trust Co's
NY City
Astor
350
Bankers* Tr_ 465
B'way Trust_ 165
370
470
175
Trust Co's
N Y City
Central Trust
ColumbiaKnlekerbee
Commercial Empire
Equitable Tr.
Farm L & Tr
Fidelity
Fulton
Guaranty Tr.
1114
Ask
985 1000
510
300"
485
215
290
575
525
92
495
1210
225
305
580
Trust Co's Ilia
NY City
Hudson ____ 130
Law T I & Tr 190
Lincoln Trust 123
Metropolitan 435
Mutual Alliance
t13512
Mut'l (West140
ehester)-
Ask
140
200
133
450
150
Trust Co's Bid
Ask
NY City
NY Life &Tr 1030 1050
N Y Trust__ 620 630
Title Gil & Tr 470 480
Transatlantic 175
Union Trust_ 1240 1270
US !sing &Tr 450 460
United States 1090 1115
Washington _ 360 375
Westchester _
160
Trust Co's
Brooklyn
Brooklyn Tr_
Citizens' ___
Franklin
Hamilton
Home
Kings County
N3.533,111
People's
Queens Co
B.,
Ask
490
145
500
155
250
*0-- 285
118
125
530
130
290 302
90
100
*Bid and asked prices; 10 sales on this day
iLess than 100 shares. :Ex-rights. a Ex-dly and rights. b New stock. d Quoted dollars per share.
1851.2 at Stock Exchange or at auction this week. s Ex stock dividend. % Banks marked with a paragrapa (11) are State banks, z Ex-dividend.
1350
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now ali—"and interes1"—excep for income and defaulted bonds.
4
i
BONDS
_1
N. Y. STOCK EXCHANGE 4
.t•
.
- a.
Week Ending May 9.
Prtee
Friday
May 9
Week's
Range or
Last Sale
In
co,53
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 9.
t
Price
Friday
May 9
Week's
Range or
Last Sale
Range
Since
Jan. 1
tlid
Ast Low
High No. Low 4
Ask Low
High No. Low High Chesapeake & Ohio—
Bid
U. S. Government.
II 13 2s consol registered__d1930 Q-J 10014 10034 10012 Mch'13
10012 10118
100 102
Gen funding & inapt 5s__1929 J-J -___ 101 10078 Apr '13
U El 2s consol coupon
10114Jan '13 06
1,
144 mch
d1030 Q-J 10014 _
10
.6
10114 10114
113 ...:5 106 110
1st consol gold 5s
1939 M-N _ 10634 110
U S 3s registered
'
, 10212 10314 10212 Apr '13
k1918 Q-1
10212 10278
10938 Noy'12
1039 M-N
Registered
10234
5 10212 103
10234
U ti Is coupon
k1918 Q-1? 10213 _
9634 10 05 101
General gold 4 3,0
9634 Sale 0514
U 13 4s registered
11312 11312
1925 Q-F 11334 11418 11313 Apr '13 199.
92 MS
M
Registered
_ 9912 Mch'13 -- 0012 994
U 8 48 coupon
8712 20 8714 9251
1925 Q-F 114 11434 114 May'13 _ 11313 11414
Convertible 40
1930 F-A 8712 Sale 8714
U S Pan Canal 10-30-yr 2s 11936 Q-N 10014 101 10012 J'ne '11
Big Sandy 1st 4s
8213 88 854 Feb 13 -- 8518 8518
10318
8 iaU 3 Panama Canal Is g_1961 Q-S 10212 _.10318
J-D
D 85 _ _
4j
Coal River Ey 1st go 4s_1
8812 Oct
194
945
Craig Valley 1st g 5s
10017 10151
1940 J-J 10134 -81 _ _
Potts Creek Br 1st 4s
8434 Jan'13 --_ 8134 8434
Foreign Govern,ent.
1946 J-J
7
9634
9618 99%
_ 02 00 Apr '13 ---_ 90 934
R & A Div 1st con g 4s_1989 J-J
Argentine—Internal 5s of 1909_ M-S I 0612 Sale 9612
10 86 92
88
Chinese (Hukuang) Ity 5s £____ J-D j 87 8734 88
83 89 87 Mch'13 -- 87 88
2d consol gold 4s
1989 J-J
Imperial Japanese Government
Greenbrier By 1st gu g 48_1940 M-N 84
_ _ _ 05 Oct 10-8814 13 8658 904 Chic & Alton RR ref g 3s 1949 A-0
Sterling loan 43-s
1925 F-A I 8734 Sale 8658
— 67 67 Feb 13 -- 07 Iti".
8714 28 8558 8914
55 57 56
1 55 634
56
Railway 1st lien 3Ms
20 Series 43-s
1925 J-J 1 87 Sale 86
1950 J-J
80 83
. 8058 8058 Apr '13
_ 98 100
1031 J-J...
Chic B & Q Denver Div 4s_1922 F-A 9812 100 9978 Apr '13
Sterling loan 4s
100
i 9912 10212
1 83 8558
83
Republic of Cuba 55 eaten debt- M-S 11(ki Sale 100
Illinois Div 3s
1049 J-J 83 8358 83
3i
944 974
9514 9514 Apr'13
864 Aug 12 -1949 J-J .82
External loan 43s
1049 F-A 1_
Registered
4 sep9,417
22 9333 -68-30478 Sale 97
San Paulo (Brazil) trust 58_1919 J-J 1 97 974 9678 Feb '13-- 064 9712
4
Illinois Div 4s
1949 J --...li
i 86 8912
86
Tokyo City loan of 1912 5s____ M-S 8534 87 86
1949
Registered
92 9513
U S of Mexico St g 5s of
1899 7-J I 94 96 044 Apr '13
1919 A-0 ioiss 104 10338 Feb '13 -- 10333 1035g
Iowa Div sink fund 5s
87
84
Apr
'13
83
8312
Gold 4s of 1904
9911 9954 98 Mch'13 -- 98 994
8412
1954 -D
Sinking fund 4s
j These are p rices on the 6 asis- of 6510 g
NletbergaistkeareE
° 9514 9512 9614 Apr '13 -- 9014 07
7M
AIN
dxtension 4s
19
192
9658 Sep '12 -_-_
State and City Securities.
1927 M-N 95 _
98
11
Sale
9714
98
-S
N Y City-4;is
96 10034
11)60 M
9734 May'13
Southwestern Div 4s
1921 M-S 97 ___
-5134 1734
24 92
93
075, Joint bonds. See Great North
1959 M-N 9278 Sale 9278
4% Corporate stock
97,4
3 9212
93
4% Corporate stock
100 Apr '13
1958 M-N 93 9312 9234
Debenture 5s
9984 iocos
93
21
Sale
0212
9318
973
93
4
9212
1957 M-N
4% Corporate stock
9212 Sale 9113
62 0112 9614
General 4s
10258
7 10112 10512 Chic & E III ref & imp 4s g_1
74
Now 4 3,
1957 M-N 10158 Sale 10112
74 80
0
95
513
5
81161
7J
S ___. 74 74
1199
101 102
1st consol gold Os
1934 A-0 115 120 119 Jan 13
1917 M-N 10114 102 101 Apr '13
119 119
New 4 Ms
10158 27 10112 10512
105 10718 Feb '13
1037 M-N
1957 M-N 10112 's I, 10112
106 108
General consol 1st 5s
45i% Corporate stock
10612 Jan '13
10612 10611
10114
Registered
4%% assessment bonds_ _1917 M-N 10114 10112 10111
7 1004 10134
7 8212 80
97 8734 Feb '13
-A
14
83
9734 98
Par money 1st coal Is,,,_1
2 AF137
194
3%% Corporate stock_1954 NI-N --- - 8258 8258
- 101 100 Apr '13 — 100 10112
1961 l'il-S
Registered
N Y State-4s
-- -L
991,
9958 ___ 9912
10514 10514
Chic & Ind 0 Ely 1st 5s___1936 1:5 jar 1.68*14 1661-4 mciCia
0912 10134
1961 J-J
Canal Improvement 44
097 sale 994
15 994 10113 Chic Great West 1st 4s____1859 M-S 7534 76
100
4 75 7733
76
7534
Canal Improvement 4s_ _ _1062 J -J
100
2 100 10134 Chic Ind & Loulsv—Ref 6s_1947 J -J 116 ___ 120 Apr '13
100
120 123
11160 J -J --- - ---Canal Improvement 4s
J
101
10514 10514
. — - 10312 ,r1 y •10
. 10514 Feb '13
Refunding gold 5s
South Carolina 4;is 20-40_ _1933 J-J
094 --- 99 Apr '13 -- "or 99
Refunding 4s Series C-- _1
19I3 J-J -_,.9012 9558 Apr 11
Tenn new settlement 3s
1917
947 J-J _
Ind & Louisv 1st gu 4s
Virginia funded debt 2-3s 1991 J-j --------- 8612 Dee '11
_ . 87 80 J'ly '12
1956 J-J
49
20 45 59
49 Sal
40
Chic Ind & Sou 50-year 4s_1956 J -J _ . 91
9014 Aug '12
118 deferred Brown Bros ctfs-___
Chic L S & East 1st 4;0_1968 J -D
101 Dec '11
Chic Mil & St I' term!g 5s._1914 J - J 10038 _ _. 10018 Apr '13
Railroad.
1.004 10034
111095 Q-J
7434 7514 7514 May'13 ---- 7414 794
Gen'i gold 4s Series A.....e1989 J A nn Arbor 1st g 4s
9134 Sale 0158
9178 48 1)034 09
03 8 99 9234 98i,
8614 981z Feb '13
fxtch Top & S Fe gen g 4s_1995 A-0 933 Sale 9313
_ _
97
9813
Registered
79 Apr '13 -- 79 85
Registered
78 81
Apr '13 __ __ 9314 93
Gen'i gold 33-s Ser 13—e
89
9
198
e1
,-_
1995 A-0 -------9314
86 J'ne'14
Adjustment gold 4s
h1995 Nov 83 86 84 Apr '13-- 83 8814
Registered
e1199384
9
8712 80 Mch 13 J-j 8634 8712 87
Registered
87
86 86
25-year deben 4s
h1995 Nov
86 914
Stamped
83 88
102
Convertible 4 Ms
101 1014 10633
1)1995 M-N 85 87 84 Apr '13 1932 J-D 1017g 210.1q 10158
9912
3 9913 100
Cony 43 issue of 1909____1955 J-D 9934 100 9912
Convertible 4 Ms(wh issued).10134 Sale 10112 102
52 10034 1044
85 99 10534
100
Gen 4 Ms (wh iss)
Cony gold 4s
1055 J-D 9958 Sale 9912
9934 Sale 0912
9934 435 9914 9934
0934 535 984 10358
Chic & L Sup Div 5s_19211
Cony 4s (issue of 1910)_1960 J-D 9912 Sale 9878
103 loos
103 Apr '13
e 1" J -J 10272
100 318 994 10358
10-year cony gold 5s
Chic & Mo lily Div 5s___1926 J-J 10414 ____ 10414
1917 J -D 9978 Sale 9938
10114
1 10414 10614
Chic & P W 1st g Is
Debentures 4s Series K
10314 10 102,4 1034
1913 F-A -7„---- 9914 J'iy 'II ---_
1921 J-J 10314 Sale 103
1 "or
C AI & Puget 8d 1st gu 45_1049 J-J
9258
East Okla Div 1st g 4s
8812 Sale 88
1928 M-S 9258 9312 925s
8812
9 87 94
1004 101
6 8678 92
87
Dale & Grt Sou gold 5s___1916 J-J 10034 _ 10058 Apr '13
Short Line 1st 4s gold
1958 J-J 87 Sale 8678
10913 1104
Cal-Ariz 1st & ref 4 Ms
Dubuque Div 1st s f 6s___1920 J-J 10914
10912 Apr '13
1962 M-S - __. 9934 100 Mch'13-- 9934 10012
3 Fe Pres & Ph 1st g 5s 1942 M-S --------107 Feb '13 -- 107 107
Far & Sou assum g 6s___1024 J-J 112 ____ 1173a Aug 1 1
10213 1-021;
Chic & St Louis 1st 6s...._1915 M-S 103'
1034 Feb '13 --„ 1034 10318
La Crosse & D 1st 5s____19I9 J-J 10218 __ 10218 Apr '13
104 10434
Wig & Minn Div g 5s__1921 J -J 10278 ___ 101 Apr '13
AO Coast L 1st gold 4s___h1952 M-S 9034 Sale 8934
9034 23 8912 9514
10934 10934
98 Oct '06 -- 95 95
Wis Vail Div 1st 6s
Registered
1920 J-J 10813...,, 10934 Feb 13
111952 M-S
100
1 100 10013
_ 100
Mil & No 1st co
Ala Mid 1st gu gold 5s___1928 M-N 102 ___ 10634 Feb '13 --- 105 10634
J-D 100
cons 6s
____ 10018 Aug 12
Bruns & NV 1st gu gold 4s_1938 J-J
00 -__ _ 05 Aug 12 -.—
Extended 430
J-D
155- 10514
Chic & Nor West cons 7s_1
5 Q-F 10313 10312 103 Apr '13
1
199
91133
Charles & Say 1st gold 7s_1936 J-J 122
Extension 4s
88-18 ai 88 -921-2
1 0512 00
01952 M-N 80 Sale 88
1886-1026 F-A 9512
9512
L & N coil gold 4s
9512
Registered
06 90
05 90 Jan '13
1886-1926 F-A
Say F & W 1st gold 6s---1934 A-0 114 _ _ 1231s J'ne'12 __---89112 11 784 854
General gold 33,
1st gold 5s
1934 A-0 103 -- .1104 May'ii
0
1987 M-N 81 8314 8012
---97 100 97 Oct '12
Registered
8434 Jan '13
_
p11098877 Q-F 7012
1918 J-J
Sil Sp Oca & (I gu g 4s
84 8434
90 9034 ;.8912
00 52 89 11-371 General 4s
91
05
09 0234 0814
& Ohio prior 3)-s_.,,11)25 J -J
M-N 94.8
Sinking fund 6s____1870-1929 A-0 100 ____ 11134 Noy'll
7/1925 Q-J 88 ---- 89 Apr '13 _— 89 9012
Registered
9234 50 02 9778
Registered
/11948 A-0 9258 Sale 02
1879-1920 A-0 105 ____ 10934 Aug':
Gold 4s
9134 Sale 0112
9134
Registered
3 9112 97
Sinking fund 5s
1879-1928 A-0 104 ..— 101 Apr '13
h1948 Q-J
104
t
9234 701 9134 9718
20-yr cony 43s(wh iss)_1933 _ _ 9234 sale 9218
1879-1029 A-0 10212 ____ 104,4(Jet '12
Registered
Pitts June 1st gold 6s. __1922 J7
Debenture 5s
.1 106 - _ ._ 112 J Jan '12 ......
1921 A-0
91172 103
8713 161-2
99
1% D
01925 M-N 8414 86 871z Jan '13
Ae
per 12
Registered
FJunc & M Div 1st g 31,
3
1921 A-0 19013 192 10
P L E & %V Va Sys ref 4s_ _1941 M-N-.-_,- 864 8612
Sinking fund deb 88
104
101 10712
101
1933 M-N 1061-2
8634 11 8613 9014
88
8 87 9014
Southw Div 1st gold 3 3i s_1925 J -.I 8712 8812 88
10734 Aug • ti
Registered
.
1933 M-N
100 101
Apr 13
From Elk & Mo V 1st 6s_193:1 A-0 11813 — 12114 Mch'13
121(4 12114
Cent 01110 10 1st c g 4 Ms_1930 M-S -------100
_
Man 0 13 & N %V 1st 330 1941 J-J
Ci Lor & W con 1st g 5s_1933 A-0 "
09 ____ 9012 Sep '0'----1
105 '
1 613 Nle1113 ---- 10612 10612
Milw & S L 1st gu 3Ms
Mono!! River 1st gu g 5s_1919 F-A *10212 ___ _ 10214 J'ne'12 _—
1941 J-J (19
Mil L S & West 1st g 6s 1921 M-S nvi 11t 13 icidti
10912
Ohio River RR. 1st g 5s___1936 J-D 100 ____ 10312 Apr '13 __— 1551.2 1031-2
Ext & imp. s f gold 5s_1929 F-A 10512 10712 10714 Pt.:1) '13
General gold Is
10714 10714
1037 A-0 _ _ - 10412 10.,,2 Apr '12 _—
11418 11418
Ashland Div 1st g 0_1925 M112 ___ 11418 Feb '13
Pitts Clev & Tol 1st g 6s 1922 A-O 107 __ _. 11312 Feb '12 __—
Mich Div 1st gold 6s
11312 11313
1924 J -J 11313 ____ 11312 Alch'13
Pitts & West 1st g 4s
1917 J -J 9612 05 9618 Apr '13 ..... 0618 0618
9214 94
Mil Spar& N W 1st gu 4s_1047 14-S 9134 02 0214 May'13
Stat 1st Ely lst gu g 430_1943 J-D 01 ___ 91 J'ne'12 _—
115 Fly 'ii
Northw Union 1st 7s g_ _1917 %I- S 1074
Buffalo It & I' gen g Is
1937 M-s 1054 -- 10712 Mch'13 __— loir211033
Consol 4 Ms
1957 M-N — _ 10314 1034 Apr 13 ...- 103 10434
Winona & St 1' 1st ext 7s_1916 J -D 106I210812 Mch'13
10812 10812
1908 A-0 90 ____ 9534 Mch'13
All & West Ist g 4s gu
V534 0134 Chicago Rock Isi & Pac 6s_1917 J-J 106 16614 101
10014
3 105 10013
1943 J-J 100
10512 109 Aug 10
103 J'iy es
CI & Mali 1st gu g 5s
1917 J-J _
Registered
Roch & Pitts 1st gold 6s.._1921 F-A 10813.._ 1104 Apr '13.— 15572 ffoli
General gold 4s
1988 J -J
-8034 0413
Consol 1st g Os
1922 J-D 11014
11114 Mch'13 _
11114 11178
Registered
80
8 Dec871122 1
1088 J -J _8_7_ '10telt 0
Buff& Susq 1st reg g 4s_d1951 J-J
4512 4512 Apr '13 ...38 48
Refunding gold 4s
1034 A-0 833-4 8414 84
..
8438 13 55.
.12 89
20-year
58_1962
(ianada Sou cons gu A
A-0 .....,.100
10534 Sale 10534
43 10534 10614
debenture 53
1932 j-j 83 8078 80 Apr '13
86 90
•-, Registered
Coll trust Series L 4s
1962 A-0 ---- --__ 10034Jan '11
1914 M-N 93 ____ 9734 Sep '11
P45
Central of Ga 1st gold 5s__p1945 F-A 109 .__ . 1105,Itch '13
iiF 1165-8
1918 M-N
Chic R I & Pac RR 4s
Consol gold 5s
10434 -6 1034 101)
1945 M-N. 10434 Sale 10434
2002 M-N -5.6.1-4 811
951e :
6ji"j
.33
5i j unei1
,
913,
3
1t 360 5- 772
Registered
Registered
10614 Mch'13
10014 10614
1945 M-14
2002 M-N
634 6438
--It 1 Ark & Louis 1st 43,
1st pref income g 5s____p1945 Oct ---- .-- - 103 Dec '11
-65 8734 Feb '1:1
0_1934 %I-3
86 8734
103
Dec '11
2d pref income g 5s____p1945 Oct -------Bur() B & N—lst g 5s
1934 A-0 10712 110 10758 Apr '13
10758 10834
2d pref income g 5s stamped__ __ ______ 06 Nov'11
(3101F&NW Ist gu5s_1921 A-0 100 100 10114 Sep '11
3d prof income g 5s____p1945 Oct --- 112 107 Dec '11
& St L 1st gu g 7s
1027 J-D
3d pref income g 5s stamped__ _ __ ---. ____ 854 Oct '10 .___
Choc Okla& G gong 5s_o1919 J-J -66" 100
10012 10014
90 SW"
Chatt Div pur soon g 4s1951 .1-1) ---. 90 00 Feb '13
_ 106 Jan '13 _ 106 106
Consol gold 5s
1052 M-N 100
Mac & Nor Div 1st g 5s 1946 J-J 100 _ _. 10714 Jan '12 _.
Keok
074 9914 08
_
08 03
5s.1923
.
& Des Moines 1st
Mid Ga & Atl Div 5s
89 89
St Paul & K C Sh L 1st 4 Ms'41
_ 89 89 Feb'
1947 J-J 100 ____ 115 Nov'05 _—
9813
Mobile Div 1st g 5s
120 12072
1930 J D 1101; 12114 120 Apr '13
1946 J-J 100 __ 10934 May 11
Chic St I' M & 0 con 6s
Cen itit & II of Ga col g 5s_1937 M-N 0934 - - - - 1014 Apr '13
"0534 1613
; Cons Os reduced to 330 1930 J-D
_ 8914 Dec '12
Cent of N J gen'i gold 5s
1030 M-S
Debenture 58
11514
1987 .1.-J 11414 11512 11514
10012 17 100 1021
1 115 1194
166 100
1111 12013
Registered
11558 11812
h1987(-J 114 ____ 11612 Apr '13
Ch 81 1'& Minn 1st g Os_1918 M-N 11012
11012 Feb '13
Am Dock & Imp gu 5s___1921 J-J 10434 10512 10458 . 10458
5 10458 10512
North Wisconsin 1st 6s1030 J-J 11612_ 12958
Leh & Ilud It gen gu g 5s_1920 J-J 100 ____ 11)217 May'12
-1(-)iii4 10914
St P & S City 1st g 6s
10634 Apr '13
1919 $4-0 108
N Y& Long Br gen g 48_1041 M-S ._, r
Superior Short L 1st 53gg1930 M-3
_ _ 10i 12Jan '13
_ 10072 160(2
Cent Vermont 1st gtt g 4s_ _e11)20 Q-F 804 TN
Chic & West Ind gen g 6s__g1032 O-M 100 idii2
15658 107
mciCi5
8334 __-2 83 00
83
Consol 50-year 4s
84 891,
8412 80 84
8412
1952
J
J-J
Balt
id.! may..
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rapid Tran g 53_1945 A-0 ____ 10178 102 May'13
10114 10311
1st refund cony gold 4s___2002 J-J 884 Sale 884
8911 327 8614 0238
13k City lst con 5s_1916-1941 J-J *__ 102 10214 Mch'13
101 10212
Bk Q Co & S con gu g 5s__1041 M-N
93 08
98 98 Apr '13
Bkiyn Q Co & S 1st 5s--_1941 J -J 10
9812 Dee '12
00012.
s
Bklyn Un El 1st g 4-5s___1950 F-A
9 1(30 1-01-1-2
10012
ale
-- - 100
Stamped guar 4-5s
1950 F-A 100
100 10134
10034 Apr '13
Kings County El 1st g 4s_1949 F-A 80 84 8312 Dec '12
Stamped guar 4s
1949 F-A 80 84 84
6 84 88
84
4E1_1951
J-J
Nassau Elm guar g (Id
7612 77 7634 Apr '13
70 78
Conn ity & L lst&ref 5g 4 Ms '51 J-J
1014 XII()'12
1951 J-J 0531
Stamped guar 4 Ms
-65is 997
9878 Apr '13
Det United 1st cons g 4 3,0_1932 J-J
7018 72 70
7012 32 70 7514
Ft-Smith Lt & Tr 1st g 5s.1936 M-S - - - 914 93 Apr '12
Grand Rapids By 1st g 5s 1916 J-D 9812 _ _ 100 Sep '12
Havana Rice consol g 5s
1952 F-A
__ 97 98 Feb '13
-513- -61i"
I nterboro-Metrop coil 4 Ms-1956 A-0 • 7512 Sale 7514
7534 -575 74 8114
Street Railway
10414
Interboro Rap Tr 5s Ser A_1952 M-N 10378 Sale 1034
8958
Manhat Ry(NY)cons g 4s_1900 A-0 8912 Sale 8913
91
91
Stamped tax-exempt
1090 A-0 00 91
Metropolitan Street By—
Refunding gold 4s
2002 A-0 ___ 50 61 May-12
Farmers Loan & Tr elf
-- 6212 Jan '13
5934 Mch 12
Stamped
10112
Bway & 7th Av 1st c g 5s_1043 J-D 10113 Wale 10112
_ 10012 10112 Dec 12
Col & 9th Av lst gu g 5s__I903 M-S
- 9712 9712
Lox Ay & I' F 1st gu g 53_1093 M-S ;66'
74 J'ly '12
Third Av RR cons gu 4s_.2000 J -J
7412 J'isr '12
Central Trust Co certifs
74 Nov'12
Cent Tr Co ctfs stamped....
10512 105 Apr '13
ThirdAve By 1st g 5s__1937
Met %V 8 El (Chic) 1st g 4s_1938 F-A
844 9312J'iy '06
Milw Eiec ity & IA cons g 5s1936 F-A 1.004 10212 10412 Deo '11
_. 9414 01 Apr '13
Refunding & exten 4 3,0_1931 J-J
NIinneap St 1st cons g 55-1919 J-J
102 N ov'12
:
65 1211
.1(914
84
91 0511
0212 6213
4 l01l 10358
10 "9713 101
--
105 10758
'
'or If
No price Friday: latest this week. d Due April, e Due May, 6,Duo June. h Due July. 1 Due Aug. o Due Oct. p Due Nov. riDue Dec. Option mac
MAY
1351
New York Bond Record—Continued—Page 2
10 19i3.
E
a
BONDS
t
N. Y. STOCK EXCHANGE
,
Week Ending May 9
..,
Price
Friday
May 9
•Veek's
Range or
Last Sale
4.
cs2
MI
Range
Since
Jan. 1
High No. Low High
Ask Low
Bid
Cin II & D 2d geld 4%s__1937 J-J --- 98 10034 Oct '12 ____ ____ __
-„--- ---- -___
.„---911
J-J
1959
refunding
4s
1st &
- 8814 J'ne'12
1959 J-J -------1st guaranteed 48
1941 MN - — 97 9814 Meh'13 --- 9814 1004
Cin D & I 1st gu g 5s
-------88 Mch 11 ____ _
-..1923 M-N
0 Find & Ft W 1st gu 4s g
1953 J-J -- 8634 8634 Feb '13 ----8634 863-4
CHI 1 & W 1st gu g 4s_
... ____ .... m.
____
Day& Mich Isteons 430_1931 J -J __ ____
Inn Dec & W 1st g 5_1935 J-J __ 105 103 Dec '11 ____ ___ _ _.
1935 J -J
10712 Dee '02
1st guar gold 58
Cleve Cin C & St L gen 4s 1993 J -D -- -- 9112 9114 Apr '13 -___ 9014 923)
1031 J-J 8712 8934 8934
1 8812 92;
8934
20-yr deb 43.s
1939 J -J 84
90 90
90 Mch'13
Cairo Div 1st gold 45
Cin W & M Div 1st g 4s 1991 J-J ....... 85 8014 Feb '13 --- 894 8914
1 87 91
87
St L Divlst coil tr g 4s_1990 M-N 87 Sale 87
1990 M-N —....
91 Oct '07 ---- --- --Registered
1940 M-S 84—. 90 Dec 11
Spr & Col Div lstg4s
91 Apr '12 -----------1940 J-J 84 __
W %V Val Div 1st g 4s
;10514
CI St L& 0 consol 6s,... 1920 M-N 1044 ---- 10478 Meh'13-_-- 1047
.. k1986 Q-F 90 93 9712 Nov '12 -.-1st gold 4s
k1936 Q-F 87 91 90 Mch'13 - -- 90 90
Registered
Cin 8 & CI con 1st g 5s___1923 J -J 100____ 10718 fly '12
105 J'ne'12
1914 J-D
C 00& I consol 7s
,-,, ---- ,--- „,Consol sinking fund 7s1914 J-D --- ,- --,General consol gold 6s 1934 J-J -- 124 120 Mch'13 --.. 120 120
12112
Registered
1934 J-J
1940 A-0 85 __-_ 94 J'ly '08
Ind B & W 1st pref 4s
0 Ind & W 1st prof 5s___d1938 Q-J ------------------------,
,
Peo & East 1st con 4s
1940 A-0 8312 884 8814 Jan '13 —_ 8814 89
85 42 44 Mch'13 —_ 4318 4934
Income 4s
1990 Apr
3614
28 30 30 Xpr '13
29
Col Mid and 1st g 4s
194'7 J--J
-__- 28 26 Apr '13 .___ 26 26
Trust Co. certfs. of deposit_ _ _ __
7 90 947
9014
1929 F-A 9018 Sale 9018
Colorado & Sou 1st g 4s
9134 20 9034 911:
1935 M-N 014 9134 01
Refund & ext 4%s
1921 J-0 104 10014 10612 Apr '13 -- 10612 103
Ft %V & Den C 1st g Os
___ ---- --- ___
Conn & Pas MA's 1st g 4s-1943 A-0 —..- ____ __,..
1952 J-J --------100 May'10 --Cuba RR 1st 50-yr 5s g
1 lel Lack & Western—
xi el Morris & Essex lst7s_1914 MN 10238 --- 10278 Feb '13 -- 10234 1031,
1915 J -D 10458 .... 10412 Apr '13--- 10412 1061,
1st consot guar 7s
1915 J -D .
11138 Dec '10
Registered
- - --.
2000 J-D
90 Mch'12
1st ref gu g 33-is
1921 J-J 110 ---- 110 Apr '13 ---- iid- iff3i
N Y Lack & W 1st 6s
1923 F-A 10314 10558 1085k Feb '13 _ 10412 1064
Construction 5s
Term & Improve 4s
1923 M-N 9218 9034 95
1 05 07
95
Warren 1st ref gu g 3%s.._2000 le-A —. --_- 10218 Feb 03
Del & litid 1st Pa Div 7s-1917 IM-S 109 - __.- 11058 Meh 13 --__ 11053 1105;
Registered
1917 M-S --------149 Aug '01
97
43 9614 iii
1910 j-D 968 Sale 9678
10-yr cony deb 4s
let lien equip g 4%s
1922 J-.1 9714 9934 9812
0812
2 98 1011i
9614
4 9412 gel,
1st & ref 4s
1943 M-N 9614 Sale 96
Alb & Sus cony 33is
1940 A-0 84 85 84
84 8834
84 -__— _
Rens & Saratoga 1st 7s_ _1021 M-N 115 ---- 12112 May'12 __
11)env & It Or 1st con g 4s_ _1930 J-J 8512 89 8512 Apr '13 -_ 8512
93 967,
1936 J-J ---- --_-- 0312 Meh'13
Consol gold 4%s
1928 J -D ---- 9112 9612 Mar'13 ____ 9012 eg
Improvement gold 5s
1955 F-A 77 Sale 7612
77
12 7612 841,
1st & refunding 5s
109
Dec '12 ____ ___ _
Rio (Jr June 1st gu g 513_1939 J-D --------.
_ _
Rio (Jr So 1st gold 4s_....1940 J-J *---- 771 614 Apr '11
1940 J-J --,- 714 85 inch'08
Guaranteed
1930
J-J
83
83
833
4
Apr '13
82 fiEt,
Rio (Jr West 1st g 4s
Mtge & col trust 4s A1949 A-0 - - - _ 70 78 Apr '13 _
78 8
.
-----Utah Cent 1st gu g 4s_a1917 A-0 82 -_-- 97 Jan '08
96 _- 110 Sep '04
es Niel Un Ity 1st g 5s_1917 M-N
et & Mack 1st lien g 4s....1995 J-D --------88 Apr'13__ 88 - -gfi.
Gold 4s
1995 J-D ---87 87 Dee '12 __ _
Del itiv Tun-Ter Tun 4%s_1961 ,j-N --- 9734 97 Apr '13 ___ 97 - 1163;
Del T& I-0 S Div 1st g 4s 1941 31-5 -------- 75 Feb '12
Pul Missabe & Nor gen 5s_1041 J -J -------10414 Mch 13 ____ 104t4 1o'414
Du. & Iron Range 1st 53_1037 A-0 100 10358 100 Mar'13 ____ 100 100
1937 A-0 .„„ _ ---- 10612 Mch'08 _._— _ _ _.
Registered
2d Gs
1916 J -J 10012 .--_ 104 Feb '11
Du So Shore & At g 53_ _1937 J -J 100 ._ 10358 Feb '13 ____ 1035-8 10354
Vigil) Jol & East 1st g 5s_1941 m-N 102 ____ 110 Aug'12 .,.... _--- _.
X4rie 1st consul gold 7s
114
7 11112 115
1920 M-S 11318 Sale 11312
N Y & Erie 1st ext g 4s
1947 m-N .86 ---- 10112 J'ne '11 -- - —
.
1019 m-S 100 --- 103 Feb '13 __ 103 103
2d ext gold 5s
1923 m-s 9712
3d ext gold 4 3is
9934 Oct '12 _ _
---1920 A-0 10018
4th ext gold 5s
- 103 Mch'13 __ 103 10314
1028 J-3) 9214
5th ext gold 4s
100 Jan '12 __ --__.
N Y L E & W 1st g fd 7E4_1920 m-s — .1113-4 11534 J'ne'12
Erie 1st con g 4s prior___ _1906 J-J 83 85 8234
83
23 -82 —87 "
Registered
83 85 Sep '12 .... _ __.„. -__.
1998 J -J 7212 Sale 72
1st consol gen lien g 4s__ _1996 J-J
7212 14 7134 76
Registered
199e J -J *-_7,?
. 74 77 Apr '12
8914 894
1951 F-A SU
Peim coil tr g 4s
8918 25 89
1953 A-0 74 Sale 734
744 47 73 821
50-year cony 4s A
1953 A-0 7014 Sale 6978
7012 9'7 69 771
do
Series 13
1093
110
103
4
__ _
Apr '12 __
1016 J-D
Buff N Y & Erie 1st 7s
1982 m-N _.10812 106 Apr '13 ___ 100 - Hi
Chic & Erie 1st gold 5s
Clev & NIalion Vat g 53_1938 j-J 100 109 109 liay'12
1 12258 iii
Long Dock consol g 6s-1935 A-0 12312 124 12312 12312
Coal & RR 1st cur gu 6s.._1922 m-N _ - - - 10712 106 Dec '12 ____
Dock & Imp 1st cur 6s
1913 j-j 100 101 10018
10018
2 1001-8 H1612
1946 m-N 10112 107 10312 Aug 12 --N I' & Green L gu g 5s
0014 100
97 Apr'13-- 97 1011
N Y Sus & %V 1st ref 5s„..1937 J -J
1937 F-A
2d gold 4 ;,s
90 10014 Dec '00
1940 F-A - — 87 87 Apr '13 _
General gold 5s
85 87
1943 rj-N 104 ___. 10738 Feb '13 __
Terminal 1st gold 5s
1(738 138
1940A-0 103 -, - 11112Mav12
MidofNJ1stextUs
1042 J -D
98 08 Nch'13..:- -t iWlk&Ea1stgu5 - -66
Ev & Ind 1st con gu g 63_1026 j-j 104 108 106 May -12
1921 j-j 105 --,.. 110 Jan '13 __ 109 - 110
Evans & T 11 1st eons 6s
1942 A-0 99 102 0878 Mch'13 ___ 987s 987
1st general gold 5s
Mt Vernon 1st gold 6s-1923 A-0 --------108 Nov'11
1930 A-0 ---,..... 05 J'ne'12 ____ ---------_-Sull Co Branch 1st g 5s
1101-Ida E Coast 1st 4%s_ 1950 J-D —. 94 94 14Ich'13
3
1 ort St U D Co 1st g 4 As _1941 j-J s
8912 92 Aug 10 ----------1928 J-j __-. 74 _72 Mar'13 ___ 72 7(112
Ft W & Rio Cr 1st g 4s
//mat Northern1921 J-J 944 Sale 9438
9458 270 9312 pm4
0s-i B & Q coil trust 4s
1921 Q-J
9414 Salt 9414
Registered 8
9414 18 9312 96
971g Sale 97
974 20 97 1001
1st & refunding 4 Xs ser A 1901 J-J
1961
95
Registered
1933 J-J
97 98 Mch'13
98 981-4
St Paul M & Man 4s
1933 J-J 11858 ...-- 11812
1st consol gold Gs
11812 —3 11812 124,44.
1033 J-J -_-- 124 11914 Mel)'13 .._ . 11914 1191
Registered
Reduced to gold 4%s..1933 J -J 1001 10212 102
102
-3 102 1041 2
10834 J'ne '09 ____
Redstered
1933 J-J -------_
Price
Friday
May 9
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 9
Feet':
Range or
Last Sate
Range
Since
Jan. 1
a 51
High No. Low High
Bid
Ask Low
St P M & M (Continued)—
Mont ext 1st gold 4s____1937 J-D ---- 95 9614 Apr '13 _ — 9558 9614
1937 J-D
Registered
- - 9534 98 J'ne'll
1940 J -J
9258 Mch'11
Pacific ext guar 4s £
:"97 07 Sep '12 —
E Minn Nor Div 1st g 4s 1948 A-0
1922 J-J 1018
11414 Sep '12 _
Minn Union 1st g Os
J-J 120 _
12412 Feb '13 _
Mont C 1st gu g 6s
1937 J-J
13614 May'06
_
Registered
1937 J-J 107 - 111 108 Apr '13
1st guar gold 5s
_ 108
1937 J -J
Registered
1938 J-D idi
_ 110 - Feb 13
1st gold 5s
_
Gulf& S I 1st ref& t g 5s__b1952 J-J 9012 93 90 Apr '13
J-J
ItWegilisltSered"
59
2 J -J 98 9812 617
t
r Iocik
teV
giasite
lrsetdcons g 43is_ b_199
_ 97 10012 Sep '08 _
J-J
92 Apr '13
98
9 A-0 88
ColCol && T
94
H0y lst.
19
eextt4g94s-- —1
F-A 88 Els 9218 Apr '13
1st
Dec '12
10014
lions Belt & Term 1st 5s
J-J
1
1993575
I Ilinois Central 1st gold 413_1951 J-J 99 -___ 100 Alar13
i Registered
_
100 Sep '11
1951 J-J
1st gold 3%s
8878 Feb '13
1951 J-J
8811 Feb 13
Registered
J-J
Extended 1st g 33.s
9312May08
195
51 A-0
Registered
1951 A-0
1st gold 38 sterling
80 J'ly 09
M-S
Registered
1951 M-S
9414 961k
Coll trust gold 48
9424 Mar'13
1952 A-0 9514
Registered
92 9514 Sep '12
A-0 _
93. 96
1st ref 4s
1955
2 M-N 6012 91 91 Apr '13
83
93 8
93
814
Purchased lines 3 3is
1952 J-J _.. 83 83 Feb 13
1953 M-N 92 9712 9312 Apr '13
L N 0 & Tex gold 48
1953 M-N _
Registered
93 9.434Jan '11
1950 J-D
_
_ 9478 J'iy '12
Cairo Bridge gold 48
75t8 Nitw 12
1951 J-J _
'1E4 81
Litchfield Div 1st g 3s
81 81
ii58 81
May'13
Louisv Div& Term g 3%El 1953 J-J
J-J
8753t3 Aug'1
12
2
Registered
123 May'91)
F-A
Middle Div reg 55
19
95
21 F-A
Aug
Omaha Div 1st g 38
77
7512 Meta'12
St Louis Div & term g 3s_1951 J-J
1951 J-J —_ 7518
Registered
J -J
851k Oct '12
Gold 3%s
10118 Oct '99
1951 J-J
Registered
eried
v 1st g 3%s_...-1951 J-J
- 100 Nov '00
ig
nrstD
Sp
ure
1951 J-J
1951 F-A -_-_-_-_ 95 94 Fe6;;16
xra
3
-647
Western lines 1st g 4s
1951 F-A
Registered
1923 J-D
Bellev & Car 1st 6s
9412 J'ly '12
1932 M-S
Carb & Shaw 1st g 4s
10512 1051j
1951 J -D 1071111 10512 Apr '13
Chic St .14& N 0 g 5s
1951 J-D 105 111 114 Feb '11
Registered
90 Oct '09
1951 J-D
Gold 33is
1951 J-D
_
Registered
_ -01-2
1951 J-D 821i
Memph Div 1st g 4s
1951 J-D
Registered
1931 M-S 95 95t 98 J'ly 08
St L Sou 1st gu g 4s
92 937g
92 9438 92 Apr '13
1950 J-J
Ind Ill & la 1st g 4s
10514 107
4 142‘
,
e1)
)r :13
43
1919 M-N 100 105 1051
Int & Great Nor 1st g 0s
____
94 9038
95
Iowa Central 1st gold 5s_ 1938 J-D
60 6414
1951 M-S 58 60 60 Apr '13
Refunding gold 4s
1 amestown Franklin &
91 94
1959 J-D _..._ 9312 91 Apr '13
," Clearfield 1st 4s
i 70 72
70 70
70
Van City Sou 1st gold 3s 1950 A-0
is- Registered.
63 Oct '00
19.)0 A-0
-658 "ii"
8 -Ws
Ref & impt 5s
Apr 1950 J-J -(W39212 9814
12 Apr9
'
71923
Kansas City Term 1st 4s___1960 J-J ____ 9212 97%%
103 10818
100 102 103
103
ir ake Erie & W 1st g 53.-1
194
37
1 J1
97 10234
.._ 100 97 Mch'13
-I-A 2d gold 5s
102 10414 Joe 2
North Ohio 1st gu g 5s_ 1945 A-0
iof78 10414
19
940 J -J 100 10218 102 Men '13
Leh Vail N Y 1st gu g 4%8_1
10418 !day'.2
Registered
_ .
5 9434 97l
Lehigh Vail (Pa) coils g 4s_2
10
90
43
1M
9434
A-O
N
94.4
11O1 1114
111 May'13
Leh V Ter lty 1st gu g 5s_.....1941 A-0 11058
11118 Dec '11
Registered
10512 MO)'13
Leh Val Coal Co 1st gu g 5s_1933 J-J
i6Ei MEI;
Registered
1st int reduced to 48
1
19
933 „I
s' A
-Leh & N Y 1st guar g 4s
93 J'ne'12
119
045 54
M-s
S 85 Registered
_
1011k Feb '10
El C & N 1st pref 6s
1914 A-0
1914 A-0
103 Men 12
Gold guar 5s
107 108
Long 1s141 1st cons gold 5s_h1931 Q-J idi1-2 id/ 107 Meh'13
J-D
J
h1
1931, Q
8112 _ 9614 Meh'12
1st consol gold 4s
93 94
87_ 03 Feb '13
General gold 4s
id
9614 Nov'12
Ferry gold 4s
_ 97 9914 Oct '00
192
32 M
Gold 4s
J-D
S
-i 86 "8"ili
86
Unified gold 4s
1949 M-S 85 90 88
_ 10038 10412 Dec '08
Debenture gold 5s
1934 J-D
-if 06
9813 90 Apr '13
Guar ref gold 4s
1949 M-S
95 Jan '11
1949 m-S
Registered
NY .B & MB 1st con g 53_1935 A-0 ides - ;;;- 11014 Nov '06
103 103 1927 M-S 100 1(3414 103 Jan 13
N Y & R 13 1st g 5s
104 104
Nor Sh 13 1st con g gu 5s_o1932 Q-J 101 104 104 Apr '13
93 9312
95 93 Feb '13
Louisiana & Ark 1st g 5s1927 M-S
--d
Louisville & Nashville—
General gold 63
1930 J-D
Gold 5s
1937 M-N
Unified gold 4s
1940 J -J
Registered
1940 J-J
Collateral trust gold 5s
1931 5.1-N
E 11 & Nash 1st g Os
1919 J-D
1931 M-N
L Chi & Lex gold 4%s
1930 J-J
N 0& M 1st gold Os
1930 J-J
N 0& M 2d gold Gs
194 F-A
Paducah & Mem div 9s
Pensacola Div gold Os...... 1920 M-S
St Louis Div 1st gold 6s.._1921 M-S
2d gold 3s
1980 M-S
Atl Knox & Cin Div 4s
1955 M-N
Atl Knox & Nor 1st g 5s 1946 J-D
Ilender Bdge 1st s f g 6s1931 M-S
1987 J-J
Kentucky Cent gold 4s
L& N& M& M 1st g 43is 1945 M-S
L & N-South M joint 4s 1952 J -J
/11952
Registered
1937 -A
N Fla & 1st gu g 5s
N C Bdge gen gu g 4 3is 1945 J-J
Pens & Ati 1st gu g Os_..1921 F-A
1936 F-A
S & N Ala con gu g 5s
1945 M-S
L& Jeff lIdge Co gu g 4s
11018 Apr '13
11058 _
105 -__. 111 Mch'13
9312 94 9312
9378
9012 Sep '12
103 :2.
- 1064 Mch'13
106 _- 11012 Dee '12
97
_ 10434 Slay 12
11312
12014 Mch'13
110 ____ 11418 Feb '13
94 Oct '12
08812 _
10538
. 10512 Mch'13
los Ili 11212J my 12
6958 Sep 12
89 Sale 89
89
105
111 Jan '13
102 _ 106 Apr '11
89 if 89
89
100 10312 10314 Feb '13
____ 8712 8734 Feb '13
95 Feb '05
10912 Oct 12
9918
10112 Jan '13
1074 110 11014 Oct '12
10918 J'ly '12
_
9114 Men '12
75 _
11018 11438 11012 111
86 9312 9918
i661-4 1E4
4
-881-2 -03110 111
1
8834 014
103 10314
8734 90
101'i 1011k
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
New Orl lty & Lt gen 4,1413_1935 J-41
N Y flys 1st R 14; & ref 4s temp J-J
30-year ad.! hie 5s
a1942 A-0
Portland lty 1st & ref 5s-1930 M-N
Portland Ity Lt & Pow 1st
& ref cony s f 5s
1942 F-A
Portland Gen Elec 1st 55_1035 J -J
SI, Jos Ity L. & P lst g 5s 1937 M-14
@t Paul City Cab cons g 53_1937 J -J
Third Ave 1st ref 4s
1960 J-J
Adj Inc 5s
al91;11 A-0
Tr -City Ity & Lt 1st s f 5s...1923 A-0
Underground of London4 As
1933 J -J
Income Os
1948
Union Elev (Chic) 1st g 5s_1945 2C-15
United Rya Inv let lion coil
1926 M-N
. trust 58 Pitts issue
.
Street Railway
_... 8712 8534 Feb '13
85 8534 United Itys St L 1st g 4s___1934 J-J
7512 31 7458 79
75 7512 75
St Louis Transit gti 5s_ ___1924 A-0
5634 230 5434 60t, United Kits San Fr s f 4s__1927 A-0
5614 Salt 5513
101 101. Jan '13
101 101
Va Ity & ['ow 1st & ref 5s__1934 J-J
__ 9358 95 Mch'13 __
101
— - ---- 98 N
10312 Feb '13 _ _
---- - - -- 80
8014
8
80 8012
69
98
6814 09 6812
97
1
_-_- 97 97
734 _. 70
May'13
90
13)312 10312
7812 8258
08 7674
9012 9912
93
22 93
0212 93 93
8914 206 87
8918 Sale 87
---- -- 84 Oct '08
*No price Friday; latest bid and asked this week. a Due Jan.
95
73
1/
9534
9312
—
83
7078_ 7312 bleh'13
8-E 83 Nov'12
6018
60 Sale 5912
95 95 Jan '13
(las and Electric Light
Atlanta 0 L Co. 1st g 5s_1947 J-D 100 ___
1047s
Bklyn U Gas lit con g 5s_ _1945 M-N 105 10534 1(7418
1947 A-0 48 GO
54 Oct 12
Buffalo Gas ist g Is
Columbus Gas 1st g 5s_1932 J-J
1923 J-J
ido ido Apr '13
Detroit City Gas g 514
9558 Sep 08
1)et Gas Co. eon 1st g 5s
1918 F-A
-1 10118 Mch'13
Det Edison 1st coil tr 5s-1933 J-J idi
1st con g 5s___1932 M-S
10612 Oct 12
_
Eq G 1, N
5s_1940
J -D ids6
_ 100 Feb '13
Gas & Eke Berg(Joe g
100 Oct '09
(Jr Rap G L Co 1st g 5s____1915 F-A
102 Apr '13
Hudson Co Gas 1st g 5s___1949 M-N
984 Sep '12
Kan City (Nlo) Gas 1st g 5s 1022 A-0
Due F,11.).
(1 Due April.
Ii Du, July.
k Due Aug. o Due Oct.
7314 7334
15
"idi"a
'
94
95
17
s Option sale.
1352
BONDS
b
N. Y. STOCK EXCHANGE
Week Ending May 9
New York Bond Record—Continued—Page 3
Price
Friday
May 9
Week's
Range or
Last Sale
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
_—
'NA anila RR—Sou lines 4s_1936 M-N
261k Apr '00 —
_
exican Cent inc g 3s tr rects_
1917 A-0
Equip & coil g 5s
77 Mch'lO
Mex Internat 1st con g 4s 1977 M-S
_
-Stamped guaranteed
1977 M-S
79 Nov'10
Minn & St L 1st gold 7s
1027 J-1) 112 120 12412 Oct '12
Pacific Ext 1st gold 6s_ _1921 A-0
103 11018 Aug 11
1st consol go.d 5s
-6<i"100'94 Mch '13
1934 M-N 9212 96
6014
1st and refund gold 4s_ _ _1049 M-S 6014 Sale 5912
6 5012 6272
Des M & Ft 1) 1st gu 4s 1935 J-J
_ _. 81
7934 Dec '12
StP&SSM con g 4s int gu 1038 J -J .._ 9158 92 Apr '13
917 07
1st Chic Termi s f 4s•
1941 NI-N _ 94 9714 J'ne'12
Md S& A 1st g 4s int gu_1926 J -J
9614 May'12
9614
Mississippi Central 1st 5s 1949 J-J
E3-4 9812 Mch '11
9112
-861;
Ado Kan & Tex 1st gold 4s 1990 J-D 9112 Sale 9112
2d gold 4s
4 78 8134
7818
91990 F-A 78 80 78
1 9734 9912
99
1st ext gold Is
1944 M-N 09 Sale 99
7312 7334
1 7334 7712
1st & refund 4s
7334
2004 M-S
1 8378 87
8378 8412 8434
Gen sinking fund 43's_..__1036 J-J __8134
7814 Apr '13
St Louis Div 1st ref g 4s 2001 A-0
7712 7814
102 102
Da.& Wa 1st gu g 5s
1940 NI-N 9712 _ 102 Apr '13
82 Apr '13
82 8778
Kan C & Pac 1st g 4s
1990 F-A 82
103 108
M0K& E 1st gu g 5s
1942 A-0 10212 10312 103 Apr '13
10312 10412
M K & Ok 1st guar 5s
1942 M-N ___102 103 Apr '13
975; 9912 9912 Apr '13 -- 99 10114
M K& T of T 1st gu g 5s_1942
90 103
96
Sher Sh & So 1st gu g 5s_1942 J-D 06 Sale 06
10112 Mch'13
10112 10112
Texas & Okla 1st gu g 5s 1943 VI-S
10512 14 104 10612
Missouri Pac 1st cons g 6s 1920 M-N 105 10512 10514
0812
5 98 100
Trust gold 55 stamped__a1917 M-S 98 Sale 98
-- 07 May 12
-a1917 M-S
Registered
- -03-8
1st collateral gold Is
1920 F-A 9714 0812 9814 Apr '13
1920 F-A
Registered
4 Sale -683-4 69 10 6834 7034
40-year gold loan 4s
1945 M-S 68-39612 9612 May'll
3d 7s extended at 4%
1938 M-N
8412 11 -if- -01959 M-S 84 Sale 84
1st & ref cony 5s
91 9134
1919 F-A 00 __ 91 Mch'13
Cent Br Ry 1st gu g 4s
81 Dec '12
1948 J-D 79
Cent Br UP 1st g 4s
— 110 Mch'05
Leroy &OVAL 1st g 53_1926 J-J
9212 Apr '13
Pac 1.1 of Mo 1st ext g 4s 1938 F-A
-921; -El;
2d extended gold 5s__1938 J-J idi" idi- 103 Apr '13
103 103
103
& S gen con g 53_1931 A-0 103 Sale 103
102 106
flt L Ir
_ 104 Oct '12
Gen con stamp gu g 5s_1031 A-0
81
8158 8012
Unified & ref gold 4s
79 -05;
8012
1929 J-J
8078 Oct '12
Registered
1929 J-J
8112
4 8112 8312
Riv & U Div 1st g 4s
1933 M-N 8112 Sale 8112
96 Jan '13
96 96
Verdi V I & W 1st g 5s_1926 M-S
114 11714
Mob & Ohio new gold 6s
1927 J-D iii" II-41-2 114 Apr '13
11234 11234
- 11312 11234Jan '13
1st extension gold 6s____h1927
82 Apr '13
82 8578
General gold 4s
1938 NI-S
108 109
Montgom Div 1st g 5s
1947 F-A 10734 110 108 Mch'13
8578 Dee '12
_
_
St L & Cairo coil g 4s__e1930 Q-F
1931 J-J 87 8734 92 Nov 12
Guaranteed gold 45
iddii 161.ashville Ch & St L 1st 7s1913 J-J 10014 10034 10014 Apr '13
106
100 10814
1928 A-0 10512 10612 106
1st consol gold 5s
111 111
1923 J-J 107 ____ 111 Jan '13
Jasper Branch 1st g 6s
10513 10512
McM M W & Al 1st 6s
1917 J-J 10258 _ _ _ 10312 Jan '13
T & P Branch 1st Os
1917 J-J 10258 __ 113 J'ly '04
8218 8813
Nat Itys of Mex pr lien 4%8 1957 J-J --- 85 84 Apr '13
Guaranteed general 4s
7614 78
1977 A-0 -- 80 77 Feb '13
97 9678 Feb '13
9678 9678
Nat of Mex prior lien 430_1926 J-J 76
7612 Jan '13
1st consol 4s
7612 7612
1951 A-0 75 Apr '13
N 0 Mob & Chic 1st ref 5s_1960 J-J 60 71
75 87
N O& NE prior lien g 6s_p1915 A-0 10012 10314
— -7912
7912 Sale 7912
New °dean:: Term 1st 4s 1953 J-J
7913 8712
85 Sale 843s
85
N Y Central& LE
22 8312 87
g 330_1997 J-J
82 Apr '13
82 8634
Registered
1997 J-J
girj 8814
8834 39 8,712 9112
"
Debenture gold 4s
,
1934 M-7.
93 May'12
Registered
1934 M-82
85 7634 -01-2
Lake Shore coil g 330
1993 F-A -id.- -81" _81
8014 16 76 8014
Registered
1993 F-A 80 8178 80
75 7812
Mich Cent coil gold 33s1998 F-A 74 77 77 Mch'13
75 78 Sep '12
Registered
1998 F-A
98 98
Beech Creek 1st gu g 4s 1936 J-J 94 __ 98 Apr '13
90
24
99 May'11
Registered
1936 J-J 10
_
2d guar gold Is
1036 J-J
Registered
1936 J-J
Beech Cr Est 1st g 330_b1951 A-0
0ei-'1i
Cart & Ad 1st gu g 4s
1981 J-D 80____
Couv & Oswe 1st gug 5s...1942 J-D 104 _ _
95
"dis
8
Jan-'15
Mob & Mal 1st gu g 4s
1991 M-S
9834 988
N J June It guar 1st 4s
1986 F-A 0012 ____ 105 Oct '02
Registered
1986 F-A
N Y & liarlem g 330
2000 M-N 8312 -__ 871 Dec '12
-Registered
2000 M-N
10712 107 - Feb '13
10512 107
N Y & Northern 1st g 5s 1927 A-0
93 9778 Aug'11
N Y& Pu 1st cons gug 43_1993 A-0 —
Nor& Mont lstgug 5s
1916 A-0
13112 Jan '09
Pine Creek reg guar 6s
1932 J-D 11212
2
1041
107
Mch'13
104
104
i661-4
0
5s__h1922
A-0
R W & con 1st ext
101 101 Mch'12
—Oswe & 11 2d gu g 5s____e1915 F-A
It W& 0'1' It Ist gu g 52_1918 hl-N 101 _ 101 J'ne'10
-66- -66Rutland 1st con g 4%s_ _1941 J-J 88 — 90 Apr '13
79 84 8314 Feb '13
8314 84
Og & L Cham 1st gu 4sg
- 1948 J-J
92 J ne 09
Rut-Canad 1st gu g 4s 1949 J-J
fad" 1061-2 108 Sep '12
St Lawr& Adir 1st g 5s
1996
2d gold Os
1996 A-0 110 ____ 11012 Mch'12
Utica & Bik Itiy gu g 4s 1922 J-J 9213... 9978 Noy'll
8512 -gill
86
Lake Shore gold 330
1997 J-D 80 87 8534
8634 Feb '13
Registered
1997 J-D
8834 88
40 9014 9234
Debenture gold 4s
1928 M-S 9034 Sale 9034
91
25-yr gold 4s
9058 24 8978 9258
1931 M-N 9038 Sale 9038
93 Oct '12
Registered
1931 M-N
Ka A& U It 1st gu c 53_1038 J-J ioi"
Mahon Cl RR 1st 5s_1934 J-J 105 11012
hic-11'
- -11.
Pitts & L Erie 2d g 5s___a1028 A-0 106 ___ 105 Apr '12
Pitts Mei( & Y 1st gu Os_1932 J -J 112 __ 1301 Jan '09
2d guaranteed Gs
1934 J-J 112
12314 Alch'12
Mcliees& 13 V 1st g 6s_1918 J-J 10312
Michigan Centra. Is
1931 M-S 10638 Hi- iii" Jan '12
Registered
1931 Q-M
119 J'ne'06
4s
1940 J-J
98 Apr '12
—9812 Noy'll
Registered
1040 J-J
J L & S 1st gold 3%s_1951 M-S
—__
J'ne'08
_ 85 83
1st gold 3%s
83
1052 M-N
83 8612
20-year debenture 4s1929 A-0
88 88 Apr '13
8734 89
N Y Chic& St L 1st g 4s_1937 A-0 95 Sale 9412
94 9912
95
9712 9712
9712 Jan '13
Registered
1937 A-0
86
Debenture 4s
1931 M-N 8512 87 8312
9 8312 89
-651-4
-
----
_
N
g
.
dts
BONDS
N. Y. STOCK EXCHANGE r
t
Week Erding May 9
...a.
1, VoL XCVI.
Price
Friday
May 9
Vo4a
Range or
ga
Last Salea4,5!
Range
Since
Jan, 1
Bid
Ask Low
N Y C & II R—(Con)—
High No, Low High
West gflore 1st 4s guar___2361 J-J 9438 Sale 9312
9432 27 9312 9814
03
Registered
1 03 9712
N 17 Cent Lines eq tr 43s 1
J -1 -9
9312.1'1y '11
31 j
29
36
-2— -9
-3— 100
— -N Y New Haven & Haat—
Non-cony deben 48
1955 J-J _— 83 84 Apr '13
84 8912
Non-cony 4s
1956 M-N
87 8812
Cony debenture3s
%s
1956 J -J
87
1 8
7 AP
pr 13
3:::: 78 87
78
Cony debenture 6s
52 119 126
120 Sale 119
120
Harlem It-Pt Ches 1st 4s_11954
j-j
948 M-N
-_
13 & NY Air Line 1st 4sI955 F-A
Cent New Eng 1st gu 4s...1961 J-J -„- -96 0
990
991
:442 '1
4 -66174
11,
N'o
Ee
n hev'1
13
2
2 2 -661Housatonic It cons g 5s
1937 NI-N 103
ho 110
— 110 b'eb '13
NY W'clies&B 1st ser I 430'46 J-J
91 Sale 10
00
7 Aug,
9100 36 90 9814
N H & Derby cons cy 5s 1918 M-N
------New England cons 5s
1945 J-J
---- - - —
-1361-2 Mch'12
Consol 4s
_ _ 84 8314 Feb '13
M:N
7 jj
Providence Secur deb 4s_1
95
45
19
817; -a;
88
88
91
7
88
87 9212
NYO& W ref lstg 4s___421992 M-S
9212 J'ne'12
Registered $5,000 only__c1992 MS
8958 Feb '12
.
General 4s
Norfolk Sou 1st& ref A 58_ 19
F -TDA 06 9734 9778 Apr '12._. -68-12 -661;
1j
06
55
Norf& Sou 1st gold Is
100 100
98_ 100 Mch'13
Norf & West gen gold 6s
11958 118 Apr '13 -- 118 120
--N
41 M-N
193
Improvement& ext g 6s 1934 F-A 116 121 123 Jan 13 -- 123 123
New River 1st gold 6s
1932 A-0 11512 119 12034 Feb '13 _ _ 12034 12034
N & W lly 1st cons g 4s_1996 A-0 9312 04 9212
0312 23 9212 09
98 Jan '11 -Registered
90 9112 Apr '13 --- - 9012 -9234
DWI 1st I & gen g 4s
6A
J- 7 - __
994
194
104 Apr '13 __ - _ 104 11272
10-25-year cony 4s
104 106 107 Apr '13
10-20-year cony 4s
10672 11112
Convertible 4%s(wh.is.)1119
993
338
22 Alj:DS 10458 Sale 10312 10134 91 10212 107
91 88 May'13
1941 -J---5
Pocala 0 & C Joint 4s
8712 92
C C & T 1st guar gold 5s 1922 J-J 100 106 10534 Jan '13
10534 10534
Selo V & hr E, 1st gu g 4s 1039 M-N 8512 ---- 8012 Apr '13
8934 9532
94
171
933
4
04
Sale
9334 9832
Northern Pacific priori g 4s 1997 Q-J
95 Apr '13 _
95 9732
Registered
1997 -J —.
6618 Sale 66
General lien gold 3s
6614 24 60 6814
65
1 65 68
Registered
6512__ _ 9
60
5 Apr '13 -- 90 9212
St Paul-Duluth Div g 4s_.
F 8685
a122999944677 -E
101120(A '12
Dul Short L 1st gu 5s____1916 M-S 90 _
St P & N P gen gold 6s___1923 FA —_- 113 113 Mch'13.___ 113 113
11212 11534 Aug '11
Registered certificates_1923 Q-F
St Paul & Duluth 1st 5s__1931 F-A 10112 ___ 107 Jan 12
1023s Jan '13
2d Is
1917 A-0 101
10218 10232
1st consol gold 4s
94 J'ne'12
1968 J-D
Wash Cent 1st gold 4s
.7-E. 9118 Apr '11 ::::
1948 Q-M :1
Nor Pac Term Co lst g 6s 1933 J-J 1107....,. 11078 Apr '13
id3-4 11133
Oregon-Wash 1st & ref 4s_1961 J-J ---- 89 89
89
89 9114
pacific Coast Co 1st g 58..1946 J-D 9912 Sale 0913
9913 _2_ 99 10112
ennsylyania RR1st real est g 4s
10114 Mch'13
1923 M-N
10114 10114
107 110 Mel''12
Consol gold Is
1919 NI-S
Consol gold 4s
10012 Mch'13
1601; 1061;
N -117- Sale 967
J -D
9718 128 9058 971,
Convertible gold 3%3_319
5M
94
12
9612 Apr '13 ..—. 901z 97
Registered
9834 Sale 0834
Consol gold 4s
9913.
2
.
.
7 9834 10234
10018 0914 Feb 13
Alleg Val gen guar g 4s 01
119
994
412
85 iVi
M
j- S
9914 991
1) It It It & B'ge 1st gu 4s g '36 F-A 90
100 Sep '12
Phila Balt& W 1st g 4s
inl :0
13
0912 110002
100 100
1943 M-N -- _Sod Bay & Sou 1st g 5s
Jan
1924 J-J
Sunbury & Lewis 1st g 4s_1936 J-J 92 ---U N J RR & Can gen 4s 1944 M-S 9712 ---- 161.1;
Pennsylvania Co—
10
02%
32ja.
10.21583
02
112
Guar 1st g 4%s
1921 J-J 10
10214 104
Registered
10214 10234
87 89 Sep 12
Guar 3s coil trust reg_1
j-j
-S
1 Nl
19
93
27
__ 8614 Apr '13
Guar 3 s coil trust ser B_1941 F-A
-E;
3 8814
75
38 Deo85
'2
138
8
05
Trust Co ctfs gu g 330_1016 M-N 97
8533
853 -gE3;
Guar 330 trust ctfs()
1042 JD
Guar 3 As trust ctfsD
8734 Jan 12
1944 J-D 8638
-1768;
Guar 15-25-year g 4s
9514
a's
""
9511Feb'1
92
Cin Leb & or gu 4s g
0218 921,
9513
94
32
1N
AI-O
N
19
Cl & Mar 1st gu g 430 1935 M-N
110 Jan '05
9:0
61
10
97
1
03
13444 j1),
CI& Pgengug 430serA 1942 J-J 1_j,0
Febeo
l y '11
Series B
1942 A-0
Int reduced to 330_1942 A-0
;9
12
9
Series() 3%s
1948 M-N 86 -___ 0918 Oct '12
Series D 350
1950 F-A 88
91912 I
Erie & Pitts gu g 330 B 1940 J-J
MIa
a yq
Series 0
_ 0018 J'i'12
1940 J-J
05
Grit & I ex 1st gu g 43s.1941 J-J
10112 Feb 13
10112 10113
Pitts Y & Ash 1st cons Is_1927 M-N 103 __1013 May 10
Tol W V& 0gu 4%8A
1931 J-J 97 _ 10212 J'ne'12 _192
,
58
8(t
N)c
ov'12
12
Series B 4%s
1933 J-J 97
Series 0 4s
1942 hl-S - 98
RIF fa;
104 101 Mch'13
PO 0& St Lgu 430A_1940 A-0
101 101
1942 A-0 --- 10314 101 Mch'13
Series 13 guar
106 Joe 11
1942 M-N
Series 0 guar
98
1945 hl-N
Series D 4s guar
7 D
Aep°
90
r:13
1949 F-A
2 .7:: -id" "66"
Series E 33/as guar g
9514 Jan '13
1953 MJ--ND
054 0514
Series F gu 4s g
9712 Jan 13
1957
Series G 4s guar
9711 9712
'
:L. 11312 Nov 11
pe
Colt L
pe&
1932 A-0 ME
k'
luu
lsitsc
tognes5s
-- 106 Feb '13
1921 Q-F
idd" 106
2d gold 4%s
--- 95 9312 Jan '11
55 54 Jan '13
Pere Marquette--Ref 43—.
25
1 H-1\1
5195
J-J
"Er
Refunding guar 4s
8 Sale 5478
5478
1955 J-J 51751 5472
Ch & W M 5s
08 Oct '12
1921 J-D 92 __
_
Flint & P M g 6s
1920 A-0 101 101 10012 Apr '13
10-61; Nen;
06 00 Feb '13
1st consol gold Is
1939 IVI-N
95 96
97 9612 Feb '13
Pt Huron Div 1st g 5s 1939 A-0 _ _
9612 MI
Sag Tus & H 1st gu g 4s1931 F-A
8314
7-7-811
Feb '13 -- 83 8314
Philippine By 1st 30-yr s f 4s '37 J-J
Phts Sh & L E 1st g 5s
1940 A-0 108 __ 108 Apr '13
108 108
1134 Nov '11
1st consol gold Is
1943 J-J
9-134
"ar
s "9713
Sale
4s1997 J-J
ReageWsei
?eflen g
1907 J-J
0518 POYI
— "d17-8 999-417315 843 APr99'44:
Jersey Cent coil g 43
17
33
.2
1 947a 9034
.
Atian City gu 4s g
9
195
51
A J-1
"tir
62747834 81 Apr '13
1947 J-J
Q tJo & Ur Isl 1st g 4s
i.--) t Louis & San Francisco—
115 11414Jan '13...- ii414 11414
General gold 6s
1931 J-J
102
6 102 10434
General gold 5s
1931 J -J 102 Sale 102
_
7 132 Dec '12
85 1
St L & S F RR cons g 4s_1996 J-J 71 77'8 82l
Gen 15-20-yr Is
1927 M-N if3; Sale
_ 100 100
_2
'
313 —9
Southw Div 1st g 5s
1070253 Jan7
1947 A-0
7212 7634
Refunding g 4s
727 Sale
1951 J-J
eus4Mch 11
Registered
—
1951 J-J
87.58.
MISCELLANEOUS BONDS—Continued on Next Page,
Gas and Electric Light
Kings Co El L & P g 5s____1937 A-0
Purchase money 6s
1997 A-0
Convertible deb 6s
1922 M-S
Ed El Ill Bkn 1st con g 4s_1930 J -J
Lac Gas L of St L 1st g 5s-e1919 Q-F
Ref and ext 1st g 5s
1934 A-0
Milwaukee Gas L 1st 4s_1927 M-N
Newark eon Gas g Is
1948 J-D
NYUEL 11 & P g 5s
1948 J-D
Purchase money g 43
1940 F-A
Ed hi III 1st cons g 5s
1995 J-J
NY&QEI L & P 1st con g 5s 1930 F-A
N Y & Rich Gas 1st g 5s_..1921 M-N
Pacific U & El Co Cal G & E
Corp unifying & ref 5s
1937 111-N
Pac PJW & Lt 1st & ref 20-yr
5s Internat Series
1930 F-A
Pat & Passaic G & E 5s
1949 M-S
Gas and Electric Light
10434 10434 Peo Gas & 0 1st con g 63_1943 A-0 ____ 117 11618 Mch'13
10134
9
Refunding gold 5s
113 114
1947 H
S 10012 10178 101
NI-s
Registered
-- 103 Feb '09
1947
10212 Apr 13
10
88
118 10
88
24
Ch G-L & Cke 1st gu g 5s_1937
10314 Oct '12
Con G Co of eh 1st gu g 5s1936 J-D
100 102
Ind Nat Gas & Oil 30-yr 5s '36 rs4-31 ____ 90 93 Mch'12
10014 Aug'12
Gas
8914 90
Fuel
1st
Mu
gu g 5s 1947
Philadelphia Co cony 5s
9712
9712
1
1919 F-A
it7i12 9712 Feb '13
"i; 1511"4 1031; Cony deben g 5s
1922
4 84 8612 Stan Gas & El cony s f 6s 1926 J-D 07 98 09 Apr '13
101 Dec '11
10658 10812 Syracuse Lighting 1st g 5s 1951 J -D _ _
100 10118 Syracuse L & P 55
1954 J-J
8512 J'no'12
109 Feb '01
—
Trenton G & E 1st g 5s
1949 rn-s 100
102 Jan '13
Union Elec L & P 1st g 58_1932 H-S
6 9318 96
9312 Sale 9314
Ref & ext 5s
1033 M-N 92
713
9'7 Deo '12
9312
1950
Utica El L & P 1st g 5s
9412 0412 Utica Gas & E ref 5s
95 9412 Mch'13
1057 JJ
id„ Gr.
100 _
10258 J'ly '12
10
992
6138 1(-33 103
103
Westchester Leg g 5s
1950
*No price Friday:latest bid and asked. a Due Jan, 5 Due Feb. e Due May. a Due June. h Due July. o Due Oct. p Due Nov. Q
100 10412 10434 Feb '13
114 112 Feb '13
12278 122 Dec '12
8818 ____ 8818 Apr '13
10078 101 101 Apr '13
,.___ 101 10014 Apr '13
0058 8914 Apr '13
'led .— 10614 Apr '12
10134
10158 1017-8 10158
8412
84 85 8412
103
_ 10632 Apr '13
__
100 Mch'13
9212fly '09
_
11512 11611
10012 10172
iji1-2 fa;
-;
9'7i13 -1
9;
09 1001a
idi"idi"
4110
on sale.
MAY
New York Bond Record—Concluded—Page 4
10 19131
INIMMIMIIMM.r.
BONDS
13533
—
i
b3
N. Y. STO0A. EXCHANGE
'-,a,
Week BacUng May 9.
Price
Friday
May 9
Veek's
Range or
Last Sale
;
g
q
Range
Since
Jan. 1
Bid
Ask Low
High .6 o. Low High
bt L & San Fran (Con)
110 11314
'13 —
IC 0 Ft S & Al con g 6s___1028 M-N 10812 109 110 Apr73
7212
Sale
21 7212 78
'7212
4s_1036
A-0
Ry
ref
g
M
K0 Ft S &
7712 J'ly '12
1036 A-0
Registered
10312 J'ly '12 _.
K C & M R& B 1st gu 5s_1929 A-0 92
9912 10 "itirs 16618
Ozark & Ch 0 1st gu 55 g_1912 A-0 Ms 093-4 0912
2 8612 00
1989 M-N 8612 Sale 8612
8712
It L 8 W 1st g 4s bd ctfs
7812 80 7812
1 78 80
781;
2d g 4s Inc bond ctfs___431989 J -J
7814
6 7814 81
1932 J-D 7878 79
7878
Consol gold 4s
Gray's Pt Ter 1st gu g 5s_1047 JD -__ —__ 10118 Apr 'o, _.
8314 Sale 8314
84
"5 "ii" "853"4
1943 J -J
111 A & A Pass 1st gu g 4s
1919 J-J
04 Oct 'oi, _.
El 14` & N P 1st sink i g 5s
'13 _
1950 A-0 ---------8512Feb
---- - _
85 851;
Seaboard Air Line g 4s
1950 A-0 8112 gi 8212 Apr '13
8212 86
Gold 4s stamped
_.
1950 A-0 -__ ___ _ _
' Registered
-ii - io "76" "7714
71.78
01940 F-A 72 Sale .
Adjustment 5s
1059 A-0 72 7518 7412 May'13 _. __ 7112 79
Refunding 4s
Ati-13irm 30-yr 1st g 4s_e1933 31-S 85 88 8414 Mch'13 _. __ 8414 88
85 -___ 9178 Mch'13 _. — 9134 9178
1049 J-J
Car Cent 1st con g 4s
___ 10314Jan '23'. __ 10314 10314
Fla Cent & Pen 1st g 5s 1918 J -J
___- -____ 101 Nov'12 -.J
100
193
1st land gr ext g Is
107 3'11,2'12
Consol gold 5s
1043 J-J
10418 104 Apr '13 -.
Oa & Ala Sty 1st con 5s_ _0194' J -J
19
02 1103'8
10234 10312 10234 Apr '13 _. --1
0518
Ga Car & No 1st gu g 5s 1929 J-J -1926 J-J 100 10618 105 May'12
Scab & Roa 1st 5s
Southern Pacific Co—
48 89 93
92
Gold 4s (Cent Pac coll)_/1949 J-D 02 Sale 89
May'13
Registered
.
11049 J-1) --------8612
8778
20-year cony 4s
g1929 34-S 8714 Sale 8714
44 0
92
886
0
71:442 ti946
335:
32
43
Cent Pac 1st ref gu g 4s__1949 F-A 0178 Sale 9034
---- 0412 J'ly '12 _.
Registered
1949 P-A - _
f
Mort guar gold 3 is_../1923) J-D 8712 88 88 Apr 13
Through St L 1st gu 4s_1054 A-0 -- -- 893s 8934 Apr '13 _.
84
934 13
01'2 4
G 11 & S A 34 & I' 1st 5s_1031 M-N 100 10618 104 Mch'13 _. 7: 10
Gila V (.1 & N 1st gu g 55_1924 M-N -------- 10218 J'ly '12 _.
Eons E & NV T 1st g 5s_1933 M-N 100 ____ 103 Dee '12 _.
1933 M-N 100 103 10414 May'12 _.
1st guar 5s red
11 & 'I' C 1st g 5s int gu 1937 J-J - — 109 10914 Sep '12 ...
1921 A-0 „- - 94 93 Apr '13 _. __ -63" "63 Gen gold 4s int guar
Waco & N W div 1st g Gs 1930 M-N 110 — — 11914 Alch'10 _
16638
1941 J-J 100 10412 106 Jan '13 .. A & N W 1st gu g 5s
:
. 110
02
7 10
110
10
7
Morgan's La & T 1st 7s1918 A-0 110 Sale 110
1920 J-J 104 10718 107 Jan '13 ..
1st gold Cs
1938 A-0 105 ____ 112 Feb '07 _
No of Cal guar g 58
Ore & Cal 1st guar g 5s_1927 J-J 101 --__ 102 Mch'13 _
So Pac of Cal—Gu g 5s 1937 M-N 10312 ---- 110 May'07 So Pac Coast 1st gu 4s g_1937 J-j 78 ____ 9112 Sep '12 _
San Fran Tenni 1st 4s_1950 A-0 -- -. 83 8858 Feb '13 Tex & N 0 con gold 5s 1943 J-J ..„- 10018 10158 May'll _
1955 J-J 89 Sale 884
8912 41
So Pac RR 1st ref 48
Southern10418 85 104 10718
1994 .r-J 10334 104 104.
1st consol g Is
19434 10434
1904 J-J -„- - — 105 Sep '11 _
Registered
7618 19 7514 7812
Develop & gen 4s Ser A 1956 A-0 Ws Sale 7512
Mob & Ohio coil tr g 4s_1938 M-S „_,- 8312 8314 Apr '13 _, -- 8318 8612
1996 J-J 19212 107 107 Mch'13 . __ 107 107
Nlern Div 1st g 4 A-5s
1951 J -J 83 8512 8314 May'13., -. 8314 8812
St Louis div 1st g 4s
1918 J -.I 105 ____ 10514 Sep '12
Ala Cen lt 1st g 65
8612 8714
1948 J-J 8318 ---- 87'i Jan '13 _
AO & Danv 1st g 4s
1048 J-J 83---- 8214 Feb '14.
2d 4s
- --.
Atl & yad 1st g guar 4s_1049 A-0 75 --1916 J-J 10112 ---- 15E3-4 Dec-'11 _
Col & Greenv 1st Gs
101
"
E 'I' Va & (in Div g 5s1930 J -J 10212 -_--- 101
8 108 1095o
109
1956 M-N 10812 Sale 10814
Con 1st gold Is
1938 M-S 10014_.-- 10518 J'ly '12 _
E Ten reor lien g 5s
12 6418 Mch'13 _
"ii" "641
1046 A-0 63
Ga Midland 1st 3s
1922 j_j 108 f.,..„ 110 Mch'13 _
10978 110
Oa Vac 1:y 1st g 6s
Knox & fink. 1st g 6,
1925 j_j 108 114 11112 Mch'13 _ _ 11112 112
10512
Nov
12
_
100
___
Mob & Bir prior lien g 5s_1045 J-J
79 Mch'13 .
73
1045 J-J
Mortgage gold 4s
17
___-4 10214 Mch'13 _
06
2 17.
06
21-2
1915 J -J 10112 1013
Rich & Dan con g 6s
10312 Jan '13 -- 10312 10:112
1927 A-0 100
Deb Is stamped
1048 m-ry 70 _ _._ 73 Sep '12 .
Rich & Meek 1st g 4s
90 10214 101 Feb '13 _
iof 101"
So Car & Ga 1st g 5s__191 Ni-er
1111e rj-• 10212 __ __ 112 Oct 116 _
Virginia Mid ser 0 6s
10314 Nov '12
1921 fis-.b 10014
Series D 4-Is
1926 fia-s 10112 _.10434 Jan '13
lova 10434
Series E Is
1931 m-s 101 —_ 101 Mch'13 .--- 104 105
Series F Is
General 5s
1036 m-N 10212 ---- 10814 Jan '13 _
10814 10814
-___
104
104
May'13
_
j-.1
Va & So'w'n 1st gu 5s_2003
--- 104 10858
1st cons 50-year 5s__ _ _1958 A-0 - . 95 02 Apr 13._ 92 9578
W 0 & W 1st cy gu 4s1924 F-A t'i . _ _. 0312 Sep '12 .
Feb
'13
,
101
......
West N 0 1st con g 6s
1914 j_j 101358
Spokane Internat 1st g 5s....11)55 J-J -------10212 Apr '11 _
ruler A of St L 1st g 43-s_.1930 A-0 100 102 101 Feb :13.
I- 1st con gold 5s___1894-1944 F-A 102 108 111 Aug 12 _
5
8812
1953 j_j 89 5934 8812
Gen refund a f g 4s
St L M Bge Ter gu ;5s_ _193(1 A-0 ---- --- 10618 Sep '12.
104 10414 May'13
"000 J-1)
Tex & Pac 1st gold Is
q"000 Mch-_,„ 48 51 Nov12.
2d gold inc Is
9612 — - 0912 Apr '11 _
1931 J -J
La Div B L 1st g 5s
W Min W & N W 1st gu 58_1930 F-A ,_-_, - ___ 1(1612Nov'04 _
1935 j_j 10312 1061 10512 Apr '13 _
105'z 10614
Tol & 0 0 let g 5s
1935 A-0 10212 10334 10734 J'ne'12 _
Western Div 1st g 5s
100
5 idd" 100
1935 J-D - — 100 100
General goki 55
9112 9112
Kan & M 1st gu g 4s__1990 A-0 ---- 011 9112 Feb '13 _
97 09
2d l0-year 5s
1927 J-J -- 93 0712 May'13 _
90
2 00 9112
Tol P & W 1st rid 4s
1917 J-J 66 Sale 00
To! fit L & W pr len g 3 As_1925 j_j - — 84 84 Dec '12
SO-year gold Is
1050 A-0 52 53 5112 May'13 sl 5113
Coll tr 4s g Ser A
1017 F-A -„. 65 88 Deo '12 _
Tx'11 ain & Buff 1st g 4s__//1046 J -I) 82 8838 89 APr .13 89
l027 li
"Sister & Del 1st con g 58_1028 J-D _ — 103 10278 Apr '13 _
06
412
104
1-2
‘-) 1st refund it 4s
1052 A-0 --- 84 8512J'ae'12 _
Union Pacific1st RR & land grant g 4s_1047 J -J 0638 Sale 9578
0612 48 9518 0938
Registered
9812 9812
1947 J-J 0378
9812 Feb '13
1027 J-J
92 Sale 01
64 0012 97
20-year cony 4s
02
g2008 M-S 9112 Sale 0034
0112 44 9012 9512
1st & ref 4$
3 91 0334
Oro Ity & Nay :on g 4s_1946 J-D 9214 Sale 0218
9214
11018
5 109 11218
Ore Short Lino 1st g as_1022 F-A 110 1111 10012
1946 J-J 105 Sale 105
105
1 10412 109
1st consol ;55
1029 J -D 110 Sale 00
9014 51 8834 0318
Guar refund 48
1926 J -J --------108 May'll.
—
Utah & Nor gold 5s
1933 J-J ____
1st extended 45
—
93 94
andaa
ll cons it 4s Ser A_1955 F-A 0312 ---- -93 An-r-'13
-.
.
Ni
ch,13
93
037
8
9212
93 93
Consol 4s Series 13„.._1957 M-N
N' era Cruz & P 1st en 4 Y4 s_1034 J-J -- 90 94 Oct *12.
03
Virginian 1st Is Series A —1062 M-N 9712 Sale 9712
4 971 -68.4
-.
V-
E -a
BONDS
N. Y. STOCK EXCHANGE t•
Week Ending May 9.
abash 1st gold Is
1939 M-N
2d gold Is
1039 F-A
Debenture Series B
1039 J-J
1st lien equip s fd g Is...__1921 M-S
1st lien 50-yr g term 4s 1954 J-J
1956 J-J
1st ref and ext g 4s
Cent Trust Co ctfs
Do Stamped
Equit Trust Co ctfs
Do Stamped
Det & Ch Ext 1st g 5s___1941 J-J
Des Moin Div 1st g 4s---1939 J-J
1941 A-0
Om Div 1st g 3
1941 M-S
Tol & Ch Div 1st g 4s
Wab Pitts Term 1st g 4s 1954 J-D
Cent and Old Col'Jr Co certs_
Columbia Tr Co ctfs
1054 J-D
2d gold 4s
Trust Co certfs
Wash 'Fermi 1st gu 3%s___1045 F-A
1945 F-A
1st 40-year guar 4s
West Maryland 1st g 4s_1952 A-0
1937 J-J
West N F & Pa 1st g 5s
1993 A-0
Gen gold 4s
d1943 Nov
Income Is
Wheeling & L E 1st g 5s..„1026 A-0
Wheel Div 1st gold 5s___1928 J-J
Exten & Impt gold 5s____1930 F-A
1949 M-S
RR 1st consol 4s
1922 J-J
20-year equip s f 5s
Winston-Salem S B 1st 4s 1960 J-J
Wis Cent 50-yr 1st gen 4s_1949 J-J
Sup&Dul div & term 1st 4s '36 M-N
Price
Friday
May 9
Feet's
Range or
Last Sale
The
Range
Since
Jan. 1
High No, Low High
Bid
AR Low
10312 24 103 10612
10312 Sale 10318
95 9912
06
96 Sale 96
90 J'ne'12
9812 -oil;
97 100 9812 Apr '13
80 _ _ _ 80 Mch'13
80 80
58
16 5414 6474
5712 58 5712
50 52 5212 Apr '13
51 51
5018
5018 51
5018
5014 84 Nov '12
53 Sale 53
52 6134
53
105 10712 107 Feb '13
107 107
80 Aug'12
65
65 Apr '13
"E""ii
75 ____ 80 May'13
80 80
16 ____ 1538 May'13
1538 2612
17 Sale 15
1714 126 1412 2712
1612 17
16
16
2 15 28
1
May'13
1
158
2
1
78
78
78 112
78 214
8412 8738 Oct '11
__-100 Sep '12
8018 11 -fd" "837;
so if 7978
1 10434 10714
103
10484
10434
86 Oct '12
—
34 Feb '07
10114 Hifi
10114 May'13
idd
loo 100
100 Feb '13
99 lulls
____ 99 99 Feb '13
80 8054
---- 8014 80 Apr '13
9812 Feb '11
-8938 -H_ 90 8958 Feb '13
1
4
9012 22 8912 91/
ki18 9038 90
8914 9012
80 87 8934 Mch'13
_-
_-_-
---
--
Manufacturing & Industrial
62 57 Dec '12
Allis-Chalmers 1st 5s
1936 J-J
5112 5413 5034 May'13
Trust Co ctfs deposit
-9
10018
8.9
54 1
-6
0i
172
Am Ag Chem 1st c 5s
1928 A-0 100 10018 100
98 9714
Am Cot Oil ext 4s ____p1915
96 9612 98 May'13
5 93 95
93 Sale 93
Debenture 5s
1931
9314
2
073
651
%
074
0
2 10
100
7 10
142
Am Hide & L 1st s f g 6s
1919 M-S 100 Sale 100
75
Amer Ice Secur deb g 6
1925 A-0 74 75 75
104
Am Smelt Securities s f 6s_1928 F-A 10338 10378 1037s
9912 0912
100 9912 Jan '13 ___
Am Spirits Mfg g Gs
1015 M-S
93
Am Thread 1st col tr 4s_1919 J-J
19
19
11:19
2301
5
19
3 !!
1 !. 120
92 Apr '13
Am Tobacco 40-yr g 6s
1944 A-0 19
120 Nov•12
1944 A-0
Registered
Gold 4s
1951 F-A 96 98 9614 May'13
.708•3812
Registered
1951 F-A
Am Writg Paper 1st s f 5s_1919 J-J
-8
;:
;
1 1
111-44- 16
85%j
0
11;
3
15i31
893
Baldw Loco Works 1st 55.._1940 M-N 103 Sale 10
34_
4
2%4 9764
9863
9658 .:_8
2_0
.1. 9
986
5
Beth Steel 1st eat 81'5s
1926 J-J 964 Sale 9618
ist & ref Is guar A
8378
1942M-'N 8312 sale 8314
9512 38 9334 97
Cent Leather 20-year g 5s_1925 A-0 9518 Sale 9518
Consol Tobacco g 4s
01 1134
A
,cpbr0:3
1951 F-A -96064
006
6,1144
4 I.
997
36% 9
3 9
Corn Prod Ref s f g 5s
1931 M-N
1st 25-year s f 55
90
534 93
6141934 M-N
Cuban-Amer Sugar coil tr 6s 1918 A-0 90 96 9454 Feb '13 _
9434 96
6412 18 64 70
Distil Sec Cor cony 1st g 5s_1927 A-0 64 6414 64
a611e2 9854
E I du Pont Powder 4%s1936 J-D .
!S9
9534
0
.
842
8,41334 48 9
84
5 0
General Baking 1st 25-yr Gs_ 1036 J -D
Apr
Gen Electric deb g 33-s
1942 F-A 7812 80 7812 Mch'13
10378
10
72
7%
2 10
85
21,Debenture Is
1952 M-S 10378 104 10312
9912 25 9812 100
Gen'i Motors 1st lien 6s
1915 A-0 9938 9912 9834
8634 86
Ill Steel deb 4-s
891k
8612
1940 A-0
10014 40
Indiana Steel 1st 5s
__- Sale 9912
6 18096 105
9
111
1952 M-N 10014
Int Paper Co 1st con g 6s 1918 F-A 100 10112 102 Ap:'13
1 85 9134
Consul cony s f g 5s
85
1935 J-J 84 85 85
68
Int St Pump 1st s f 5s
115 5978 as,
1929 M-S 6712 Sale 5978
95
Lackaw Steel 1st g 5s
1923 A-0 ____ 90 9414
1st con Is Series A
7634 29
73 8
904
6134
3 941s
1950 M-S 7612 7712 73
24018
5-year convertible 5s__1915 M-S 19
S
12
a0
l1e2 12
90
4:
1 Ma y
9
Liggett & Myers Tobac 7s..1944 A-0
19
13
8964
78 19
'
4113
8
2
299
6
2:
:
38
29
1951 F-A
58
28013 19
19
73858 May
971334
1944 A-0 9738____ 19
Lorillard Co (P)7s
9712 20 97 9978
1951 F-A 97 98 97
Is
1 97 100
9714
9714 9714
Mexican Petrol Ltd cnv Cs A_'21 A-0
89
Nat Enam & Stpg 1st 5s 1929 J-D -89 Sale 89
98
511
812 8
_ 89
Nat Starch 20-yr deb 5s
1930 J-J --.- 8812 3812 Feb '13 ___5
9638
National Tube 1st Is
1952 M-N 9814 Sale 9614
12 99
10018 42
812 19
09
31k
N Y Air Brake 1st cony 6s_1928 M-N 100 Sale 9912
Sty Steel Spgs 1st s f 5s
eh
r :1133
19
05
2 % NAip
05
278
14
1921 J-J 19
9558
78 102
:::: 102
Repub I & S 1st & col tr 5s_1934 A-0
987'r23
1 0-30-year 5s s f
1940 A-0 00 9014 9014 May'13
Standard Milling 1st 5s
88
98— S818
95
8 May'3
,51,8
97152 !
88 8
9
89
1930 M-N __
2
1
The Texas Co cony deb 6s_1931 J-J
15 97 10078
Union Bag & Paper 1st 5s_1a
1.1)
---- 86 90 Feb '13
Stamped
— 87 9114 Jan '13
U S Leath Co s f deb g 6s 1913
-100 10014,
U S Realty & I cony deb g 5s_'24 J-J 85 Sale 18050 "r8
'
513
20 35 27
27
U S Rod & Refg 1st g 6s
1931 J-J
)
912
10173 Sale 1003
1 10
:
0,0
211140 84
8
253
0 10
US Rubber 10-yr coil tr 6s ,
001-71t38a Jan
89
23
734
Registrd
262 iUd
- fa*
,412
U 8 Steel Corp--I coup __d1963 M-N iddis
98"
10012
S f 10-60-yr 5sIreg ___d1963 M-N 10014 Sale 100
9558 30
Va-Car Chem let 15-yr 5s..1923 J-D 9532 Sate 95
a
,
2
23
74
West Electric 1st Is Dec 1922 J-J 10118 10112 10118
19
0
10112 _19
010
93
12
81
2_ 18
9154 19 190023142
Westinghouse E & 31 s f 53_1931 J-J 0112 Sale 9112
9612 Apr '13
10-year coll tr notes 5s 1917 A-0
Telegraph ec Telephone
71738 66 88 90
712 A pr8.
83
a3
1e 10
S
10
Am Telco & Tel coil tr 4s 1929 J-J
Convertible 4s
1036 M-S 1080778
9
10
478
20-yr cony 43s(when iss) 1033 M-S 10114 Sale 101
10178 175 101 10414
Chicago Telephone 1st 5s 1923 J-D
---Commercial Cable 1st g 4s_2397 Q-J
---78 ..--- -821-2 Dec '12
Registered
2397 Q-J
8312 Nov •11
9814
9814 9814
Cumb'd T & T 1st & gen 5s_1937 J-J
keystone Telephone 1st 5s_1935 J-J -01-2 _ _
85 Aug'12
Metropol Tel&Tel 1st s f 55_1918 M-N '10018 1007; 11-)034 Mch'13
_ 15634 10132.
Mich State Telep 1st 5s_ _ 1924 F-A 99 100 93
1 -9
67
Z1-:
08
6
06
!
111
NY&NJ Telephone Is g_1920 M-N 199080051
1086
9931i
1 May99'
08131142
NY Telep 1st& gen s f“5s 1939 m-N
38 '76 98
Sale
Pac Tel & Tel 1st 55
Sale
1937 J-J
0
0621
11
111,424. 190
9
9995
8
3
2
27
4
11 ,
South Bell Tel& T 1st s f 5s 1041 J-J
Sale
West Union col tr cur 55—.1938 J-J 9
9812
99
912
99912 Sale 9
Fd and real est g 43s..,....1950 M-N
9212
Mut Un Tel gu ext 5s____1941 M-N
10
94
2 J'ne'11
Northwest Tel gu 4)O g_1939 J-J 90 ____ 93 Jan '13
"ii" "Id"
3:1
MISCELLANEOUS BONDS—Concluded.
Miscellaneous
Coal e:. Iron
80
3 7914 827a.
97 J'ly '22
Burl & Susq Iron s 1 5s___1932 J-D
Adams Ex coil tr g 4s
1948 M-S 80 -- 80
85 91 Nov'll
9032 13 8934 92
Debenture 55
a1926 g— _ Armour & Co 1st real estOis '39 J-D 9032 Sale 90
Col l"& I Co gen s f g 5s___1943 F-A 95 9812 95 Apr '13
89
,5 89 8912
1952 A-0 ___- 89 89
95 9912 Bush Terminal 1st 4s
Cui Fuel gen 6s
94
9512 94
1004 J'ne•12
1 94 98
1955 J-J
Consol Is
1910 M-N
Co. Indus 1st & col 5s gu_1934 1"-A 78r4 30 7314
1960 A-0 ---- 9334 94 Apr '13
7814 11 7812 85
94 94
llidgs 5s guar tax ex
Cons Ind Coal Me 1st 5s
CS J'ne'li
145 190
1935 J -D 75 80
Chino Copper 1st cony 68_1921 J-J 155 170 150 Mch'13
Cons Coal of Md lst&ref 5s 1050 J-D
10114 13 9912 10813
1)3 Oct '12
10014 101 10034
Inspir Cons Cop 1st 65 (rects)__
Or iiiv Coal& (3 1st g 6s__h1919 A-0
1922 X7-"ci 6318 Sale 6212
100 10238 Apr '06
8318
2 6214 861,1
_- list Mercan Marine 4 is
a1& II C & 0 lets f g 5s-19
_ 08 Jan '13
Int Navigation 1st s f 53-1929 F-A 7834 Sale 7834
7834
2 78 7934
98 08
51 J-J
rocaa Con Collier 1st s f 5s.,1957
8758 8758 Mch'13
J -J
8712 3778 Mge Bond (N Y)4s set 2-1966 A-0
et L ilock Mt& P 1st 5s
1932 J-J ;944:::: -11611955 ▪ -J
9912 9913
10-20 yr 5s series 3
2 -661;
ie7 78 76 31ch'13
70 80
53
Tenn Coal gen
1939 J-J
8612 8812 8912 Feb '13
-10158 100
100
Morris & Co 1st s f 4As
1951 J-J
8912 8912
18 100 103
Binh Div 1st consol 6s
1951 F-A 82 83 83 Apr '13
1017 J-J 10112 10334 101 Apr '13
N Y Dock 50-yr 1st g 4s
8214 84
101 103
4 Tenn Div 1st g Gs
1932 J-J 10012 10214 10212 Mch'13
Niag Falls Pow 1st 55
111917 A-0 ___ 10334 102 Feb 13
102 10214.
102 102
Can ii AI Co 1st gu g 6s__1922 J-D ____ 101 110 Jan 09
Ontario Transmission 5s....-1945 M-N
92 Dec '12
ta-i Fuel let g Is
1931 M-S
Pub Serv Corp N J gen 5s 1959 A-0 9138 Sale 9138
9134 45 "if""sir
ictor iqiel 1st s f 5s
1953 J-J "id" Wale "id" "id
107
12 loo 121
4 "id" RayConsCopper 1st cony 6s1921 J-J 107 Sale 107
1 -79i3Wash Water Pow 1st 5s
1939 J-J
a Iron Coal&Coke 1st g Is 1949 M-S 93 07 93 May'13
102 Dec '-----93 98
I
%.31goarlce b'riday:latest bid and asked aDue Jan dDue ADM eDue May oDue Juno hDue July kDue Auz oDue Oct pOae Nov cDue Dec sOption sale
O...
1354
CHICAGO STOCK EXCHANGE-Stock Record.
STOCKS-HIGHEST AND LOWRST SALM PRICES
Saturday
May 3
Ifonday
May 5
Tuesday
May 6
,Vednesday
May 7
Thursday
May 8
Friday
May 9
Salm
of the
Week
Shares
STOC CS
CHICAGO STOCK
EXCHANGE
Railroads
Chicago hey Rys com100
10 Do pref
100
501 Chic Rys part ctf "1"--_
355 Chic Rys part ctf "2"___
279 Chic Rys part ctf "3"___
10 Chic Rys part ctf "4"___
Kansas City Ry Sr Lt_100
Do _pref
100
Streets W Stable (3 L.100
Do prof
100
Miscellaneous
3218 3212 3334 3334 3214 3312 32
323 331
1600 American Can
333
33
33
100
9218 9212 93
9318 9134 93
93 - ----- ----93
_
9112 93
850 Do prof
100
•____ 450 I.__ 450 *__ 450 *____ 451)
Last Sale 450 Apr'13
American Radiator_100
0133 136 .133 136 *13112 136 *13113 136
Last Sale 135 May'13
Do prof
100
.48
53 .50
52
...,
52 .50
_ _
.50
51
51
52
10 Amer Shipbuilding_100
*100 10112 10014 10014 *10014 102 .10014 102 .100 10112 .100 1-01-12
180 Do prof
100
1284 12858 12312 12858 12812 12812 *12814 12834 12838 12838 12734 1281
350 Amer Telep & Teleg_100
*58
61
524 5312 ----- ---.58
61
55
53
57
55
306 Booth Fisheries cotn_100
*81
81
83
79
81
7934 7412 77
75
80
7512 7512 1,475
Do 1st prof
100
.50
54
*50
Last Sale 55
54 .50
54
54 .50
Jan'13
Cal & Chic Canal & D 100
.49
50 .49
50
5014 5012 *4912 5014 *4913 5014 *4912 5014
19 Chic Pneumatic Tool_100
Last Sale 142 May'12
Chicago Totephone 100
*Ho- 2-03- Hi" 2-01-- *5.55- 16172 .200 20112 200 200
100 Chicago Title Sc Trust 100
204
134 134
134 134
135 135
134 134
135 135
---- _-363 Commonw•th-Edison.100
1012 104 1014 *10
1014 1014 1014 1014 *10
1012 1038 1038
400 Corn Prod Ref Co com100
Last Sale 77 Feb'13
Do prof
100
•15.6- lin- iiii" 16114 *i.5i 10i112 'jai) fiii lot 101 ___
203 Diamond Match
100
34 .32
33 .32
32 .31
32
34
33
33
32- -3-i200 Goodrich (B.F.) com_100
*9512 9822 9612 9612 .96
97
*98
97
*96
97
*96
97
50 Hart Shaft Sci Marx pf100
69
69
*68 -___ .68 ____ .68
69
*68
69
91 ilinois Brick
68
6818
100
-- --_- 77_
Last Sale 10614Mar'13
Internat Harvester Co100
•-rit;71- Iii- iii lii"
Last Sale 7633 Aug'12
Knickerbocker Ice pf_100
*1113 118 .116 118 .115 117 .115 117
Last Sale 115 Apr'13
National Biscuit
100
*118 11934 *118 11934 .118 11934 *118 11934
Last Sale 118 Mar'13
Do prof
100
11612 11612 .114 120 .114 11712 11613 11658
116 116 .116 122
260 National Carbon
100
*115 120 *115 120 *11314 118 *114 11712
Last Sale 115 Apr'13
Do pref
100
51
*5214 53
504 5012 --------85 Pacific Gas & El Co 100
51
*5214 53
51
51
92
*89
92 .89
*89
92
*89
92
*89
92 .89
preferred
2
Do
100
10812 10834 10914 10912 10912 110 .10914 110
10913 10934 10912 10912
662 People's Gas L&Coke.100
78
.75
78 .75
*75
78
*75
73
Last Sale 79 Mar'13
Pub Serv of No III com 100
9512 9512 95
98
93
9512 *-- 96 *__ 96
100
96
60 Do prof
028
32 .28
32
*28
32
*28
32
Last Sale .___Rumely common__ _100
25 Apr'13
.58
*58
60
60 .59
61
.59
100
61
Last Sale 56 Apr'13
Do pref
16934 17078 171 173
16914 172
16853 171
171 17114 170 17058 8,065 Sears-Roebuck com_100
*118 120 .119 122 .119 122 .119 122
Do prof
100
Last Sale 119 May'13 ....._ _
*2712 2812 2712 2712 2713 2712 *2712 2812 .2712 2812 27
200 Studebaker Corp com.100
27
*89
91
.89
91
Do prof
.89
91
*89
Last Sale 92 Deo'12
100
91
10514 10538 10518 10512 105 10512 10478 1051
541 Swift & Co
105 105
43 0
100
*240 250 .240 250 *240 250
50 The Quaker Oats Co_100
245 245 ------------------*103 107 *103 107 .103 107 .103 107
Do prof
Last Sale 10512 Apr'13
100
*163 16412 164 164
240 Union Carbide Co
16518 16518 •16414 16518 16518 16512 166 166
100
Ps 118 *113 134 *113 134 *113 112 *118 112
•118 134
5 Unit Box Bd & P 0o_100
5978 6018 6034 6114 5958 61
6018 6034 5973 6033 2,150 U S Steel corn
5958 60
100
*107 10712 10712 10712 10712 10712 1074 1074 ..--- -_ __
107 Ward, Montg'y & Co prof
*10
12 .10
12
Last-Sale 11 -Apr'13
12
*10
12
*10
Western Stone
100
Last Sale 9134 Mar'13
Woolworth,corn
100
*22
*80
9114
*2012
.631
314
•17
*3413
*7
*40
30
88
9138
2112
7
314
20
40
8
45
*22
*80
9112
*2078
7
*234
*17
*3412
*7
*40
30
88
9112
22
7
314
20
40
778
45
*25
*85
9212
2212
7
*234
*17
*3412
*7
*40
30
83
9312
2212
712
314
20
40
778
45
.25
*85
93
22
74
*278
*17
*3412
.7
.40
Jan'13
30
Last Sale 30
88 83
88 .80
83
9614 9614
95
94
94
2112
2218 2112 2112 21
712 ..--612 6'2
3
*234 --3
*278 3
fast Sale 18 Nov'12
20
40
Last Sale 41 Nov'12
Apr'13
Last Sale 8
778
Last Sale 45 Mar'13
45
Chicago Banks and Trust Companies
NAME.
NAME.
Dividend Record
Capital Stop. et
Stock.? Profits? In
In
Per- Last Paid.
(00s om Wed.)
1911. 1912. iod.
Bid. Ask.
American State__ 8200,01 $177,6
2M
Apr'13, 138 210 215
Calumet National
100,0
60,9
None An Jan '13, 6 150 ___
Capital State__
200,0
22,5 Org. J an. 27 '13. V.95, p. 1585 110 112
Central Mfg Dist_
250,0
17,1 Beg. b us. Oct 7'12 V. 95, p. 944 143 143
Coat & Corn Nat_ 21,500,0 9,768,6 10
10
Q-J Apr '13, 3 300 302
Corn Exch Nat.._ 3,000,0 6,307,5 ill
Q-J Apr 13, 4 416 420
16
Drexel State
200,0
105,6
ts
Q-J Apr'13, 135 202 206
6
Drovers' Dee Nat
365,4
750,0
Q-J Apr'13, 234 250 255
10
Englewood State..
56,9
200,0
Q-J Apr'13. 2 180 186
8
First National
10,000,0 11,696,1
12
17 Q-M mch31'13,4 433 435
FIrstNat Englew'd
223,8 12
150,0
12M Q-M Mch31'13, 212 315 -516,6 Priv ate Ba nk
Foreman Bros.__ 1,000,0
766,7
Q-J
8
Ft Dearborn Nat.. 2,000,0
8
- 2 i35 i'-r5
200,0
z23,6 Org. N ov '25 1912
Halsted St State_
137 139
HibernianIlk Assn 2,000,0 1,118,5 Not pu blished -se.note (%)
(7)
200,0
35,0 Beg. b us Aug '12. V.95, p.273. 138 142
Hyde Park State.
194,7 10
400,0
Kaspar State__..
J-J Jan '13, 5 236 240
10
25,3
200,0
Beg. b us Apr 8'l1 V.92, p. 1004 105 110
Lake View State..
200,0
z58,6
Lawndale State...
Q-J Apr'13, 2 210 220
562,5 10 181-2e Q-M Apr '13, 3 260 268
Live Stk Exch Nat 1,250,0
Mech&TradState
200,0
52,6 Beg. b u.s.Aug 26'1 '2 V 95. p 593 133 140
Nat 13k of Repub. 2,000,0 1,445,1
8
8
Q-J Apr' 13, 2 225 229
694,9
2,000,0
National City
Q-J Apr'13, 1 194 197
National Produce
109,8
Q-J Apr '13, 114 165 168
250,0
91,4
North Ave State..
200,0
7
Q-J Apr'13, 138 143 146
7
North Side St Say
200,0
10,6
6
Q-J Apr'13, 114 119 122
North West State 14200,0
48,6
5
Q-J Apr '13, 1% 215 225
Ogden Ave State_
200,0
7,2 Org. N ov. 27 '12. V.95, p. 1944 100 111
People'.Stk YdaSt
500,0
104,1
Q-J Apr'13, 2 34 240 250
OM
10
200,0
Second Security.._
11,0 Beg. b us Nov 1'11 V.93, p. 1235
400,0
164,8
Security
6
6
CFJ Apr 13, 2 5E5 HO
200,0
122,8
South Chicago Say
Q-J Apr'13, 2 215
8
8
200,0
South Side State..
20,3
6
6
CF.2 Apr'13, 114 130 153
State Bank ofChic 1,500,0 2,522,1 12
12
CFJ Apr'13, 3 393 395
200,0
State Bank of Italy
46,8 Beg. b u.s.Aug 19'1 2 V.95, p.523 142 145
245,0
250,0
Stock Yards Say..
10 CFNI Mch 31 13,3 300 ___
8
131,1
500,0
Union Bk of Chic_
6 M-N May'13, 3 175 178
Washingt'nPkNat
16,0
100,0
6
634
Apr'13, 238 200 ___
CentralTrCoofIll 4,500,0 1,984,1
8
8
Q-J Apr'13, 2 228 230
363,5 10
500,0
10&2e J-J Jan '13, 7 300 330
Chicago City B&T
302,1
Q-J Apr'13,
Chicago Say B &T 1,000,0
146 150
24
Chicago Title &Tr 5,600,0 12,263,2
8 Q-J Apr'13, 2134 .....
8201
600,0
488,8 8&2o &Sae Q-J Apr'13, 254 222 225
Colonial Tr de Say
Cont&ComTr &S 3,000,0 1,844,2
250,0
147,8
Drovers Tr & Say
8M "10"
Apr'13, 234 255 -_-:
None Q-M Dec30'11, 4
First Trust & Say 5,000,0 2,879,2 16
FtDearbornTr&S
14,8 Beg. b us.Apr 3'11 V.92, p.929
250,0
109,1 Beg. b us.Apr 8'12 V.04, p. 1030
Franklin Tr & Say
300,0
Greenebaum Sons 1,500,0
244,9
10
Q-J Apr'13, 234
.J-J Jan '13, 3 i53 ___
Guarantee Tr & S
200,0
6
243,3
Q-J Apr '13, 8 525 .._
Harris Tr & Say.... 1,500,0 2,274,8 12
12
Home Bank & Tr..
300,0
71,7 Beg. b us.Apr 10'l 1.V.92.p.1004 148 151
Illinois Tr & Say_ 5,000,0 10,180,6 16&4e Mole
Apr '13, 4 490 500
Kenwood Tr dr Sav
7&2e Q-J Apr '13, 14 170 ___
200,0
87,7
7
Lake ViewTr&Sav
Apr '13, 135 2
200,0
s79,3
6
10
12
5 2
11
22
0
LaSitileStTr&Sav 1,000,0
263,4 Beg. b us. Ma y.10
Liberty Tr dr Say250,0
26,1 Org. D eo. 6 '12.
175
Market Tr dr Say200,0
226,7 Org. S ept. 5 '12. V. 95, p. 593 20 Ha
Merc'ntileTr&Say
250,0
39,7 Beg. b us.J'iy 1'12 V. 94, p. 484 165 ___
Merchants'L &Tr 3,000,0 7,067,7 15
Q-J Apr'13, 4 429 435
16
Michigan Ave Tr..
Q-J Apr'13, 134 140 143
200,0
87,2
Mid-City Tr &Say
500,0
102,6 C-o-m
-:b us. Ap 10'l 1.V.92,p.1004 220 223
Northern Tr Co.... 1,500,0 2,837,5
Q-J Mch31 13,2 320 325
8
8
Nor-West Tr & S250,0
141,9
J-J Jan '13, 4 270 275
8
8
Old Colony Tr & S
200,0
52,7 Beg. b us.J'ne 1 11 V.92, p. 1537 123 125
People's Tr & Say
500.0
215,2
Q-J Apr'13, 238 310 315
8
• Pullman Tr & Say
300,0
269,5
Q-J Apr'13, 2 180
8
8
Sheridan Tr & Say
200,0
48.3
3
Q-J Apr'13, 138 133 iai
iai iiia
Range for Year 1913
Range for Previous
Year 1912.
Lowest,
Lowest,
30
83
88
20
6
8
Jan 3
May 9
Jan 14
Apr 29
Mch 11
May 2
Highest.
30 Jan
91 Jan
9814 Jan
2618 Jan
812 Jan
438 Apr
25 Nov
1./0 May
83 Dec
1934 Nov
O J'ne
3 Oct
1414 Aug
40 Oct
6 Itch
85 Jan
3
20
30
13
2
5
8 Mch 1
45 Mch18
912 Jan 3
45 Mch18
26 Jan 14
91 Apr 28
450 Apr 8
133 Apr 2
50 Jan 22
100 Feb 8
12734 May 9
5212 May 8
744 May 8
55 Jan 29
484 Alch19
452 Jan 31
12914 Jan 30
500 Feb 11
135 May 1
55 Jan 13
10311 Jan 2
13934 Jan 8
71 Jan 3
8973 Jan 6
55 Jan 29
52 Jan 10
200 Apr 26
130 Apr 26
1018 alch 19
77 Feb 11
100 Apr 28
23 Mch 18
94 1\1ch22
6612 Mch 24
10614 Feb 24
212 Jan 7
145 Jan 5
1612 Jan 31
77 Feb 11
11014 Feb 3
53 Feb 13
984 Jan 14
7612 Jan 31
115 Jan 29
112 Feb 24
118 Mch19
11511 Mch 14
114 Mch 10
60 Apr 28
12812 Jan
123 Jan
12213 Fob
118 Jan
63 Jan
108 May 2
79 Mch 6
95 May 6
25 Apr 25
56 Apr 25
168 May 1
11834 Apr 30
27 Feb 21
116 Jan 9 10312 .ian
8212 Jan 25 z 80 Dec
10158 Jan 13 z 98 Dec
69 Feb 21
944 Dec
974 Feb 6 z 11912 Apr
21434 Jan 2 140 Jan
12434 Feb 17 12113 Jan
31 Feb 13
3078 .Ply
92 Dec
10778 Mch 6
984 Jae.
280 Feb 15 215 Jan
10812 Feb 15 1054 Jan
20611 Jan 10 z13334 May
112 Fen 10
38 May
6834 Jan 2
5858 Feb
10834 Men 5
O Sep
1412 Jan 2
112 Jan 3
10453 May 1
235 Jan 22
10512 Apr 28
163 May 1
1 Jan 17
5812 Mch 10
10513 Feb 19
10 Mch17
8714 Mob 24
3
14
17
25
27
Highest.
40 Apr
9334 Jan
10438 Jan
38 Jan
11 Jan
578 Jan
25 Sep
504 Jan
1178 Apr
52 Jul
1112 Jan
47 Oct
91 Feb 120 Sep
325 Feb 405 J'iy
131 Jan 135 Apr
45 Aug
61 Oct
100 Feb 10638 Oct
138 Dec 19878 Mch
39 Mch
70 Deo
77 Mch
95 J'ne
49 Feb
6558 May
44 Mch
5512 Oct
13712 Jan 145 Mch
184 Jan 222 J'ne
13514 Jan 150 Melt
214 Col
10 Feb
87 Oct
87 Oct
103 J'iy 11134 Feb
63 Dec
8012 Sep
97 Deo 1024 Moil
56 Jan
731x Sep
10513 Dee 12678 Sep
67 May
7033 Aug
114 Dec 16124 Apr
12214 Oct 13034 May
103 Nich 135 Sep
115 Feb 120 Jan
z 61 J'iy s 67 Apr
12238 Oct
S 9112 Apr
r1071s Apr
9878 Nov
z10312 Oct
22112 Nov
12534 J'ne
49 Aug
9712 Aug
10014 Apr
397 Nov
110 Jan
234 NOV
178 Jan
801s Sep
15
Nov
Dividend Record
Capital Surp
Per- Last Paid.
In
Stock. I Profits.? In
1911. 1012. tod.
(00s om died.)
% Bid. Ask.
Southwest Tr & S $200,0
Q-1%.1 m
V.01
$23,8 Org. J uly5 '12
951,
0p1,1
.
3 181; 123
162 128
71
Standard Tr &Say 1.000,0
414,8
_
Stockmen's Tr &8
J-J Jan '13, 3 150 155
54,8
6- -.6
200,0
Union Trust Co.._ 1,200,0 1,558,9 8&28
8 Q M Mch 3113,2
WestSideTrdsSay
400,0
121,3 8&24 8&2.4 Q-M Apr '13, 3 300
Woodlawn Tr & 8
Q-J Apr '13, 234 215 220
10
100,6
034
200,0
Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week ending May 9
Interest
period
Price
Friday
May 9.
IVeek's
Range or
Last Sale
Bids
Sold
Range
for
Year 1913
No. Low
Ask Low
High
Am Tel de Tel coil 4s---1929 J - J it.
91
91
91 Feb '13
Armour & Co 434s
8973 9178
1939 J -D 58934 .iir 90
90
Auto Eiec 1st M 6s
8 M-N 2
103
927
824 Apri1'12
.
84
r
..
.
Cal Gas & El unif & roll%
----Chicago City Ry 5s
8 15 1004 10173
02588 Mar0.0172
1027 10 - A 10034 Sale
06
- 19
Chia City & Con Rys 56_41927 A -0 2 80
81 89
81
8414 81
Chicago Eley Ry 5s
9612 984
9012
1914 J - J 2 9634 9714 964
Chlo Pneu Tool 1st 5s....a1921 J - J 2 90
94
90
9112 9114 Aprii'13
Chicago Rys 5s
9812 14 Ms 10014
9834
O
A
Sale
9833
-F
A
9434
Chic Rys 5s
93
series 19A2.7,
'A" A
Chic Rys 4s
814 8634
a
l
82
aeries "B" J -D 2 82 S9a4ie
9412 93 Jan '13
Chic Rya 4s
93
series "C" F - A
03
100 Jan '12
Chio Rys coil 6s
.....
72 Mch '13
Chic Ry Pr m 111 g 43_c1119
J 2-His -'-ii72
76
F -- A
99
17
3J
50
50
Chic Ry Ad1 Inc 4s_c1927 Mayl 2 50 Sale
47
58
10013 17 10014 10113
Chicago Telephone 5s.....1923 J -D 210012 Sale 10038
9618 Deo '12
Cicero Gas Co ref G m_1932 J - J 2.---- 98
102
13.101 1031.
Commonw-Edison 5s......,1943 SI- 5 10173 Sale 10134
00
578
Commonw Elect 5s---b1943 1.1- /3 210012 10112 10
105
078
1 Ion 10223
09
08141 Apr110
Cudahy Pack 1st NI 5s---1924 NI- N :10018 -- 19
1.0112
3
10018 10011
Dia Match Con deb 68___1920
--- 105 10318
-iiii
Gen Mot 6% 1st L notes-1915 A -05
Int Har 3-yr 5% g notes-1915 F - A ...
9-i...10058 May'12
Inland Steel 1st M g 0_1928
1054 April'12
..........
Kan City Ry & Light Co
1913 11-N -.. ---- 90 Oct '12
58
87 Jan .13
1928 J:J 5.--- 87
Lake St El-lst 5.1
82
Mete W Side El 1st 4s-1938 F A 5 701$ Sale
7912
7912
1 79
:
A
J 2-- 79
1938 JF
784
7812
TVs 81
Extension g 43
NIII El Ry & Lt 1st g 5s-1926 j _ j 2103 10412 10473 April 12
.. ..
ref & ext 430_1931
do
5 94
944 95 April'12
--8773.89
Morris & Co 430
1930 J. - J I 86
____
8778 Mch '13
1952 11- N
Nat Tube 1st g 53
- ......
1922 A -0 2101 ....- 103
2
Nor Shore El 1st g 5.1
AlparYn:12
4N
°314
1st & ref g 5e---1940 A -0 5 9934 10012 100 Jan '13
Sh Gas of III 1st 5s_1937 F - A -- ---- 9512 Sept '12
Nord°
13
'
4
513
North West El 1st 4s
i yho
1911 M- S
95,
142i Jmuc
,
00
19
. 99) 1002.
N W G L & Coke Co 5s-1928 Q -M
11 95
97
Ogden Gas 5s
1945 11-N 5
2-9
65
671 --9:1-11512 Sept '12
Itop Gas L & C 1st 6s_-_1943 A -0 -1 10058 10212
Refunding gold 5s
1947 NI- S 210068 1-01-1-4
1
12
102 103
Chic Gas L & C 1st 53_1937 J - J 2102 10212 1(11
8
1
:222
3
911.:91
pparrryili'
NAAip
10012 10012
4A
:
0097
012
1
Consum Gas 1st 53
:
... 9
:
:
1936 J - D
8
5% A pri91'5133
90
100 10014
10
Mutual Fuel Gas 1st 53 1947 NI-N 2-1Z).
62 9413 974
Pub Serv Co let rel g 50_1956
j_
95
9034
9034
South Side Elev 430.-1924 J - J 590
91
9 9034 9324
Swift & Co 1st g 514
1 994 10014
1014 J - J 2-- 0973
Tri-City Ry Sr Lt coil
trust lien s 1153
1923 A 0
Union Elee (Loop) 5s
1045 A -0 --- ---U S Gypsum 1st g 5s__1922 N1-• E3
_ j 510113 fdil-2 01108a005111
Western Eleo Co 5s
101 YE
.
1022 J
be added t
Note-Accrued interest m uot
Chicago bon d prices.
Bid and asked prices; no sales were made on this day. j April 4 (close of business)
nationai banks and April 5 (opening of business) for State institutions. S NI
vice Friday; latest price this week. 5 Sept. 1 1911. If Dividends not published: stock allfor
Continental & Commercial National Bank. a Due Dec. 31.
acantrel
the
by
0 Due June. c Due Feb. d Due Jan. 1. e Extra dvidend. z Sales reported beginning April 18.
g Dividends are paid Q. J. with extra payments Q. F. 8 Capital to
be Increased to 5300,000. V.96, p. 1135. 5 Dec. 31 1912, o Ex. 24% accumulated dividend. w Feb.
4 1013. y Nov. 28 1912. z Feb. 5 1913.
Volume of dusiness at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY
Week ending
May 9 1913.
Stocks.
Railroad,
Shares. I Par Value.
Bonds.
88,225 $7,990,000
270,998 24,263,300
334,815 30,094,250
300,320 26,963,250
192,943 17,577,800
187,643 16,353,050
_
1,374,944 $123,241,650
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
$699,500
1,813,000
1,768,500
1,981,500
1,732,000
1,302,500
$36,000
43,000
57,000
42,000
25,500
53,000
$9,350,000
$256,500
Week ending May 9,
1913.
U. S.
Bonds.
State
Bonds.
1912.
$6,500
2,000
5,500
$14,000
Jan. 1 to May 9.
1912.
1913.
51,294,826
33,361,746'
1,374,944i
3,637,150
Stocks-No.shares___
$123,241,650 $329,208,550 $2,997,650,100 $4,805,845,750
Par value
$293,500
$60,600
$1,000
Bank shares, par
$500i
Bonds.
$867,000
$358,000
Government bonds
$20,500
$14,000!
9,739,500
7,331,000
256,500;
1,260,500
State bonds
310,456,000
204,931,000
9,350,000 13,784,500
RR. and misc. bonds_
$321,062,500
$212,620,000I
Total bonds
$9,620,500 $15,065,500
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES
Philadelphia.
Boston.
Week ending
May 9 1913.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
1356
THE CHRONICLE
MAY 101913.1
6,196
11,120
12,183
8,718
11,220
10,290
4,200
8,901
6,643
4,063
6,265
3,981
$24,200
37,000
8,000
29,000
51,000
6,000
3,183
8,117
8,938
8,261
8,530
9,192
2,792
9,348
10,476
7,021
4,821
6,989
Bond
Sales.
$32,942
26,550
31,500
32,700
20,200
23,700
59,727
34,053
$155,200
46,241
41,447
$167,492
Listed Unlisted
Shorn. Shares.
Bond
Sales.
Listed
Shares.
Unlisted
Shares.
Inactive and Unlisted Securities
1 Ask
Indust and Miscell-(Con) 13919
101
Am Steel Fdy Gs 1935_A-0
71
FA 69
Deb 4s 1923
50 195 200
American Surety
98
412
.4
____5
pref
Thread
American
60
46
3
40
efounders com.100
98
100 96
117 12529
AmerA mer
Preferred
TY9
100
80
83
Deb g Os 1909
112 2
67
6912 Amer Writing Paper____1
81N
-0O 98
15
110 116
Barney & Smith Car com 100 n 10
80
65
75
Preferred
80
--__ 95
Bliss(E W)Co corn
)e
1(
5
)0
130
87
95 I Preferred)
303
'Bond & Mtge Guar
14
82 115
Borden's Cond Milk
0
90 21192
Short-Term Notes
1071g
Preferred
Amal Copper Is 1915__M-8 9858 9878
1913_J-D 100 10018 British Col Copper Co____9
195 1478 3
Bait & Ohio 4
9558 96
52
Brown Shoe corn
Bkiyn Rap Tr 5s 1918_ _J-J
Preferrel
87
712 91
10
80
8 4
Ches & Ohio 4s 1914_ -I-0 9878 9918
Casualty Co of America_100 110 120
Chic Elev Rye Is 1914_34 9612 97
9958 100 Celluloid Co
80
2 135
100 13
Cin Ham & 1) 4s 1913___J-J
42
45
Erie 6s April 8 1914__A-08 9918 10038 City Investing Co
97
Preferre.1
9934
99
Coll Is Oct 1 1914___A-0 09
84
Coll 53 April 1 1915__A-0 9712 9812 e Claflin (H B) Co com_ _19080
85
100 32
e 1st preferred
Gen'l Motors tits '15-See NY StkEx list.
88
e 2d preferred
Hudson Companies52
1
V
Os Oct 15 1913___A-015 98 100 Cluett.Peabody& Co com100
99
Preferred
100 96
9934
Ill Cent 454s 1914___J-J 99
80
100 70
Sot & Gt Nor Is 1014__F-A 9734 9814 Consol Car Heating
100 1212 18
9912 100 Consol Rubber Tire
Inter Harvester Is '15_F-A
75
Preferred
90
K C Ry & Lt 6s 1912M-S 1 86
1
60
2(3 1
100
Debenture 4s 1951
Lake Sh & Mich So 4125.'14
4
,
6
50
100 8
Michigan Central 4125,, 1914 9912 9934 Continental Can corn
94
100
98
Preferred
Minn & St L g 6s 1914__F-A 95
100 1334 14
98 e Crucible Steel corn.
Mo Kan & Tex Is 1915_M-N 97
89
100 88
e Preferred
Missouri Pacific Is 1914_1-D 9634 9714
212
eN YC Lines Eq 55 1913-22 b 5.10 4.80 Davis-Daly Copper Co___10 *214
45.6s Jan 1914-1925___J-J b 5.10 4.80 duPont(EI) de Nem Pow 100 u130 135
-4.80
100
b
5.10
e
Preferred
is
41 Jan 1914-1927___J-J
45
N Y Cent 4yis 1914____M-S 9912 997s Emerson-Brantingham 100 32
91
100 85
99
9912
Preferred
4128 1915__
13
Is Apr 21 1914 ____A-021 10.) 10014 Empire Steel & Iron corn 100 10
45
100 40
Preferred
NYNH& Hartf Is '13_J-D 0978 10018
St L & S F Is 1913 opt_J-1) 99 100 e General Chemical com_100 183 200
e Preferred
100 103 107
egi Sept 1 1914 opt_ M-S 99 100
9834 k Hackensack Water CoSeaboard Air L Ity5s'16 NI-S 98
83
85
9912
119
Southern Is 1916__F-A
Ref g 4s '52 op 1912___J-J
65
99
West Maryland Is 1915_J-J 07
Hale & Kilburn com
100 58
Westingh'se El & M 6s 1913 100 10012
1st preferred
100 97,2 99
98
t
5% notes Oct'17-SeeN Y Stk Ejx 12
2d preferred
100 98
3
6
Havana Tobacco Co....100
5 10
Railroad
Preferred
100
65
15
C Chic & Alton corn
1st g Is June 1 1922 J-D 61
100 10
40 Hecker-Jones-Jewell Milling
C Preferred
100 25
C Chic St P M & Om
100 120 140
1st 6s 1922
M-S 100 10112
15 •
e Preferred
100 135 150 Herring-Hall-Marvin _100
100
e Colo & South corn
Hoboken Land & Improve't
36
912 3
70
2
e 1st preferred
100 6
1st 5s Nov 1930
51-N 102
.
.
70
100 60
e 2d preferred
3
Hocking Val Products__100
40
e N Y Chic & St L corn _100 5518 53
35
1st g Is 1961
100 8
90
5,4 19
00
2 e Ingersoll-Rand com_10
e 1st preferred
4
0 100 e 20 preferred
100
92 _ -912 1018
Northern Securities Stubs__ 103 107
Intercontin Rub com
9
80
10
32 Internat Banking Co.__.100 105 110
Pitts Bess & Lake Erie...I0 .28
61 International Nickel__ 100 130 133
Preferred
50 *57
e Railroad Securities CoPreferred
100 102 105
312 4
ln C stk Cr ctfs Ser A
85 International Salt
100
West Pac 1st Is 1933__M-S. 80
82
1st g Is 1951
A-0 / 4912 6112
Standard Oil Stocks
Per share International Silver pref_100 127 132
£1 *1712 18
Anglo-American 011
J-D 10913 1104
1st Os 1948
Atlantic Refining
100 600 610 Internat Smelt & Refg 100 115 125
se
100 300 320 Lanston Monotype
100 84
Borne-Scrymser Co
212
Buckeye Pipe Line Co_ _50 •166 169
109
Lawyers' Mtge Co
Chesebrough Mfg Cons-100 670 680 Lehigh Val Coal Sales-50 210 220
70
Colonial 011
100 105 120
Manhattan Shirt
10218
100 1875 1950
Continental 011
Preferred
Crescent.Pipe Line Co__50
1E •15,
Manhattan Transit
87
3 8
Camberiand Pipe Line..100 *7
88
2
Mortgage Bond Co
100 100 104
Eureka Pipe Line Co_ _100 368 375 e National Surety
100 185 195
Galena-Signal 011 cons..100 180 188 e New York Dock com 100 ---- 19
42
Preferred •
100 140 146
e Preferred
39
8 203
30 14
34
7
N Y ,Arli ee.
Indiana Pipe Line Co....10 :142
9 19
80
IJreSc
ecou1
r ty _ _ _ 10
110
National Transit Co
25
ti
1,
3g
412
N Y Transportation
New York Transit Co_ _100 335 342
60
Northern Pipe Line Co..100 114 118
Niles-Bern-Pond com_100 45
Ohio Oil Co
*129 131
Ohio Copper Co
10
"4
7i1
21s
Prairie Oil & Gas
100 295 305 e Ontario Silver
Solar Refining
100 685 700 Otis Elevator corn
)
10? 712 80
99
Southern Pipe Line Co 100 255 262
Preferred
22
8 9
15
South Penn 011
100 t 210 220 e Pettibone-Mulliken Co 9
100
92
*110 120
Rights
e 1st preferred
100 83
lOts
Sou West Pa Pipe Llnes_100 157 163 Pittsburgh Brewing
3614
Standard 011 of Calif..._l00 178 180
Preferred
Stand Oil of indiana...-100 _318 323 e Pittsburgh Steel pref.
:
118 100
19
Standard Oil of Kansas..100 545 560 Pope Mfg Co corn
100 16
55
Stand Oil of Kentucky__100 385 400
Preferred
51
2
Stand 011 of Nebraska__100 330 340 Pratt &Whitney pref-1
8 10
10
90
Stand 011 of N J (old)__100 1060
. Producers Oil
0 jig'
Stand Oil of N J
100 355 360 Realty Assoc (Bklyn)
0 131 9
18
08
39
Standard 011 subsidiaries... *705Remington fypewt'r com100 38
100 675 085
Standard 011 of N Y
100 99 1001,
1st preferred
70
5
Standard 011 of Ohio...100 26
100 09 100Ie
2d preferred
Swan & Finch
100 190 200
Royal Bak Powd com_100 195 200
Union Tank Line Co_......100 68
69
Preferred
corn_100 s ,0,100
1111
Vacuum Oil
100 178 180 e Rumely (M) Co
33 Safety Car Heat & Lt-100 111 112
Washington 011
10 .30
Waters-Pierce Oil
100 1475 1550 Sears,Roebuck&Co--SeeN Y Stk E
Tobacco Stocks
C Preferred-See Chic Stk Ex us t.
(See also Stock Exchange List)
296 299
Singer Mfg Co
Amer Cigar corn
100 12
40
85
0 19
35
0 Sta
pnrd
efaerrdreC
doupler corn 138
2S2 35
Preferred
100
100 105 111
Amer Machine & Fdy_100
75
Stern Bros pref
23
84 5
British-American Tobac..L1 4,4
25
312 Sulzberger & Sons Co p1-100
78
96
198 92
Conley Foil
100 270 290 Texas & Pacific Coal
100 95 100
e Heime (Geo W) com_100 140 160 e Texas Pacific Land Tr_100 93
95
e Preferred
100 108 116
Top
nroepfa
erhr1:1
6inn
(
eN
wev)-SeePhlla Stk E 1101
Johnson Tin Foll&Metal 100 195
4
7
Trenton Potteries corn..i00
10
85
0
60 2
MacAndrews & Forbes_ 100
as
Porto-Rican-Amer Tob..100 210 225 Trow Directory
19
00
9 --59 IS
Reynolds (It J)Tobacco_100 255 265
100 s
18 s
United Copper
Tobacco Products corn..100 110 130
Preferred
100
Preferred
100 82
86 e United Dry Goods_ __ _100 95
981.
e Preferred
e United Cigar Mfrs corn 100 4418 4478
100 10012 104
103 U S Casualty
e Preferred
.100
100 190 200
10
914 18
14
912 U P
SeE
efnevrree
lo
ape corn
United Cigar Stores com.100 18
100 110 125
Preferred
100
1031g
Weyman-Bruton Co...100 200 300 U S Express_- _- _2101 56
60
110
10
118
Li
S
e Preferred
Finishing
10
5
100
100 160 170
Young (J S) Co
Preferred
as
100 30
I ndustrial&Miscellaneou s
let g 5s 1919
90
J-J 80
145
135
100
C Adams Express
Con g Is 1929
70
J-D / 7812 7912 e U
Col Cr g 45 1947
e preffnederuesdAlcohol___ _1
50
5
65
'100
4 3
100 105 110
Alliance Realty
100
.10
*4812
corn...
4912 U S Steel Corporation- 199 87
Amer Bank Note
50 *5234 53
Preferred
Col s f Apr Is 195100 1911 114
100 170 175
American Book
Col s I Apr Is 1951 not opt 114
100
139 14212 US Tit Gu & Indem
American Brass
100 -- -- 82
American Chicle corn....100 195 200 e Virginia Iron C & C...100 44
63
Preferred
100 96
99 C Wells Fargo & Co
112
e American Express
100 160 163
Westchester & Bronx Title
1
195
Am Graphophone coM -100 20
45
& Mtge Guar
100 164 179
Preferred
100
80 e Westinglfse Air Brake_50 .13454 lask
American Hardware_ -100 134
s-Overland
ferred
com
100 58
61
Amer Malting 13s 1914 J-D 100 jail;
9' ,
100 45
Amer Press Assoe'n
50
00
9 8
89
8 92
WPioirlitehington(HR)Co 0_1
19
Telegraph and Telephone
C Amer Teleg & Cable.._100
e Central & South Amer_100
Comm'l Un Tel (N Y)___25
Empire & Bay State Tel..100
Franklin
100
e Gold & Stock Teleg
100
e Mackay Cos corn
100
e Preferred
100
e Northwestern Teleg--50
Pacific & Atlantic
25
e Pac Telep & Teleg pref_100
25
Southern & Atlantic
B1id
8
Act
62
110
110
72
72
7
9934
22
All bond prices are now "and interest" except where marked '1."
Ask
Street Railways-(Con ) LiLt
77
Bid
Ask United Lt & Itys cora___100 74
Street Railways
79
100 77
1st preferred
74
100 71
2d preferred
New York City
20 United Rya of St LBleed( St & Fu! Fy stk_ _100 17
100 11
62
70
J-J
Com vot tr etfs
1st mtge 4s 1950
100 3112 3.16%
e Preferred
100 1(50 170
B'y & 7th Ave stk
100
09 100 Wash Ry & El Co
J-J
2d mtge 5s 1914
100
Preferred
Broadway Surface 111176
992
217:4
8
2 9
J-D 8
'8
72
1:31:
4s 1951
J-J 100 103
1st Is 1924
3214 33
100
Tr&WatPow
10
West
Penn
100
stock
Cent Crosstown
100
104
Preferred
1st mtge 65 1922_ _M-N
3
1
Cen Pk N & lilt ltstock_100
Christopher & 10th St stk100 125 135 Electric, Gas Sr Power Cos
New York City
Dry Dock E B & BattJ-J 101 103
J-D 100 105 Cent Un Gas Is 1927
1st gold Is 1932
39 e Kings Co El L & P Co-100 116 117
F-A I 33
Scrip Is 1914
New Amsterdam GasEighth Avenue stock__ _100 300
10112
1st consol Is 1048
F-A / 09 ior
Scrip Gs 1914
-j12, 10412
J-J
42d & Cr St Fy stock_ _100 260 285 NY&ER Gas Ist 5s'44 j
J-J 100 102
Consol Is 1945
100 --42d St NI & St N Ave
100 155 160
PA-S 1..-. - _ e N Y Mutual Gas L
1st (is 1910
55
Ninth Avenue stock
100 155 170 N Y & Q El L & Pow Co_100 45
77
100 68
Preferred
3
Second Avenue stock
100
1
- 60
33 N Y & Richmond Gas__ _100
Consol Is 1048 etfs F-A j 25
eSixth Avenue stock..._100 103 112 North'n Un 1st Is 1927_M-N 101/ 102
J-J
Sou 13oulev 55 1945
8912 100 Standard G L 1st Is '30 M-N 102 104
A-0 91
09
Other Cities.
So Fer 1st Is 1919
80
50 *78
80 Am Gas & lace com
Tarry WP & NI Is '28_ _M-S / 75
'
38
45
4
45
20
28 & 29th Sts Is '06 Mrs A-0 / 10
395
Preferred5
1009
Lt & 'frac corn
Twenty-third St stock..100 240 265 Am
108
100
Preferred
-- Union Ry 1st Is 1942 F-A 102
Westchester 1st Is '43_J-J 92 -95 Amer Power & Lt corn..100 1V) 72
100 8012 82
95
Preferred
Yonkers St RR Is 1946_A-0 88
38
Bay State Gas
50
*14
Brooklyn
3,2 5
Atian Ave RR con Is'31A-0 101 103 Buffalo City Gas stock_100
113
115
97
101
Cities
corn.
...100
Service Co
B 15 & W E Is 1033-A-0
86
100 85
Preferred
10 133 160
Brooklyn City RR
14
131tlyn ligts 1st Is 1941_A-0 101 103 Columbia Gas & Elec _100 13
70
75
J-J
1st Is 1927
100 08 101
Coney Isl & Bklyn
95
80
87 Con Gas of N J Is 1936_ _J-J
1st cons g 4s 1948
J-J
Con g 4s 1955
78
83 Consumers' L II & PowJ-J 97 160
Brk C & N Is 1939
5s 1938
_•
Nassau Elea 1st Is 1944 A-0 102 10314 Consumers Power (Minnj
)-D 199
1st & ref 55'29 opt'145I-N 87
N Wmsburgh & Flatbush8812
92
1941-1'-A
95
July
Denver G & El Is 1940_M-N
1st 45s
05
117
J-J 100 103 Elizabeth Gas Lt Co....100 325
Steinway 1st (is 1922
Essex & Hudson Gas
Other Cities.
IOU 130
103
104
Gas
&
El
Bergen
'31F-A
Co....
100
87
con
Is
let
90
Buff St Ry
83
Gr't West Pow Is 1946_ _J-J
A-0
Deb 65 1917
85
-66 Hudson County Gas....100 123 131
COm'w'ith Pow Ily & L_100 64
10038
42
8712
Indiana
Lighting
Co....
8312
100
Preferred
F-A 60
10069
69
71
4s 1958 opt
8 Conn Ry & Ltg corn...
50 90
76 Indianapolis Gas
100 70
e Preferred
.
__
92
1st g Is 1952
I Detroit United Ry..-100 73
-°
0 -nJackson Gas Is g 1937 AFederal Light & Trac..._100 2712
10
77
80 eLaclede Gas preferred 100
Preferred
8112 8334 Madison Gas Os 1926 A-0 -- ---•Havana Wee Ry L & P 100
100
9912 Narragan (Prov) El Co_ 50 *
92
•preferred
J-J i0i 105 Newark Gas 6s Apr '44_Q-J 124 125
e Loulsv St Is 1930
Newark Consol Gas
--e New On Rys & Lt com_100
100 67
No Stud L II & P 5s 1938A1-90
8 19
08
0
4 Preferred
100 ____ -9612 Pacific Gas & E cons..... OU 5014 51
sN Y State Itys com
73
Preferred
87
100 86
eNor Ohio Tr & Lt com_100 69
_9
..2
7_ _
Pub Serv Corp of N J-See Stk E x listPat & Pas Gas &
St Joseph Gas 53 1907 _J-J
Tr ctfs 6% perpetual.... 105
7812 791 Standard Gas & El (Del) 50 *11
12
No Jer St 1st 4s 1948 M-N
74
Preferred
100 73
50 *3712 38
Cons Tract of N J
J4) 10112 10212 UnitedEleetric of N J....100 87
93
1st 55 1933
1st g 4s 1949
8112
New'k Pass Ry Is '30_J-J 105 106
United Gas & Elec Corp_j
100 230
Rapid 'Iran St Ry
1-00 13112 3512
8312
Preferred
A-0 102
1st Is 1921
78 "f6- Western Power corn....10
17
J C Hob & Pat 45'49 M-N
80
9 8159
126
100 12.11247
46
So J Gas El & Trac
Preferred
99 Western States Gas & Elle°
M-S 08
Cu g 55 1953
No Stud Co Ry 65 1914 J-J 100 ---1st & ref g Is 1941 op_J-D 9212 95
J-J 100 Con NI Is 1928
95 _
Ext Is 1924______M-N
Ferry Companies
Pat Ry con Os 1931__J-D 110
B & N Y 1st 6s 1911
90
J-J 80
2d 6s 1914 opt__A-0 100 10012 NY&ER Ferry stock 100
11
8
Republic Ry & Light_100 2312 25
60
1st Is 1922
50
NI-N
100 7312 7412 N Y & Hob Is May '46__J-D 98
Preferred
20
Tennessee Ity L&P com_100 18
IIob Fy 1st 55 1946 M-N 103
7412 N Y & N J Is 1946
100 73
Preferred
.. 10th & 230 Sts Ferry....100
(Toledo Rys & Light... _100 _-- .6
35
25
7
4 9
J-D 115
Trent P & It Is 1943
1st mtge Is 1919
65
J-D 55
6512 Union Ferry stock
Union Sty Gas & El com_100 64
17
100 16
Preferred
100 8612 8812
1st Is 1020
97
M-N 94
*Per share.
b Basis.
a And accrued dividend.
It Listed on Stock Exchange but usually inactive. /Flat price.
t New
n Nominal.
s Sale price.
Ex subsidiaries. z Ex-div.
y Ex-rights.
Includes all new stock dividends and subscripthms.
e Listed on Stock Exchange but infrequently dealt in: roe=
Isles. if any, will be found on a urecedinz Page.
IN"
12
'13
1°312
10612
BOSTON STOCK EXCHANGE-Stock Record.
1356
s.1 ARE PRICES-NOT PER CE.V7'UM PRICKS
Saturday
May 3
onday
May 5
Tuesday
• May 6
Wednesday I Thursday
May 7
May 8
Friday
Slay 9
Sales
ol the
Week
Shares
STOC
BOSTON STOCK
EXCHANGE
Last Sale 9913 May'13
9914 *9912 9934
9918 *9938 9938 *99
Last Sale 10038 Apr'13
10014 *100 10014 *100 10013 *9912 9934
199 199
198 1E9
197 198
197 197
198 193
197
8712 8914 8312 93
8713 89
8934 8914 9014 8814 90
181 181 *181 187
181 181
181 185
181 181
55 If- 56 57 5314 57 5312 5714 56 5712 55 57
260
-•260
*260 ____ *251 260 *Last Sale 260 Apr'13
71.r71",
_
_
.712
*712 ____
*712
Last Sale 74 Apr'13
•____ 66 *___ 66 *____ 65 *___ 66
Last Sale 65 Apr'13
Last Sale 7
May'13
8 * 8
*43 ____ *43
*43
;la
_ Last Sale 43 Apr'13
*166 168 *166 168 *166 193
Last Sal., 166 Feb'13
*ma 1-6.3
.103 105 *103 105 *103 105
103 103
103 103 *103 105
Last Sale 230 Apr'13
MI- 164'- 10-1- 1-65- la;1-6i- 10312 104 104 104 *103/
1
4 104
119 119 119 119 119 119 '119 11912 11912 11912
*S312 8412
84
84
84
* - 8412 84
'101
•4100 _ _ *100
10012 10012 *101
*i6O
1612
16% 1612 *161
16
/
4 1612 161
1612'
/
4 -1-61
/
4 16% 1818 •16
73/
1
4*
_ 7312 *7212 734 73
1173
7378 73
7212 73
73
101 10514 10134 10512 ii3:1 106
10352 10412 10234 101
10314 105
Last Sale 120 Apr'13
Last Silt 200 De3'12
161 181
16013 16012
16012 163
iii- 161 '160
Last Sale 34 Apr'13
1
4 14858 14914 14914
11;4 14973 15073 148 14378 147 147 148/
*8312 8412 *8312 ____ 85 85 *8312 85 *8312 8412 *8312 8412
•130 140 *130 140 *130 140 *130 140
Last Sale 135 May'13
71
7312
74
*74
74
*71
74
74 •___ 74
Last Sale 93 May'13
.
90
95
•90
95
*90
95
*90
95
Railroads
Atch Top & Santa Fe_100
Do pref
100
100
137 Boston & Albany
100
3,836 Boston Elevated
100
94 Boston & Lowell
100
2,201 Boston & Maine
Boston & Providence_100
Boston Suburban El Cos_
Do prof
Boston & Wore Elec Cos..
Do pref
Chic June By & USY_100
17 Do pre
Connecticut River___100
100
1201 Fitchburg prof__
155 Ga By & Eiec stmpd_100
100
25 Do pref
100
50 Maine Central
425 Mass Electric Cos_100
231 Do pref stamped _100
3,777 N Y N II & Hartford_100
100
Northern N H
Norwich & Wor pref_100
100
60 Old Colony
Rutland, pref
100
250 Union Pacific
100
10 Do pref
100
Vermont & Mass__100
189 West End St
50
Do pref
50
50
50
50
50
49 • 50
81
80
*51
94
94
94
9412 94
9412 *9312 0414 9312 94
*313 334
334 334 .312 334 *313 334 *313 334
*1814 1112 *1814 1812 *1814 1812
1812 19
19
19
111 111 *111 11112 11134 112
11178 112
11134 112
114 11412
11412 11412 11412 11412 *113 115
113 113
/
4 12812 12758 12814
128 12812 1281
12812 12334 12814 129
Last Sale 21
Apr'13
7414 .1F1177I
4 74
775.4 773-4 77
7414 7412 7412
7712 7734 65 *____ 65 *____ 65 *____ 65
Last Sale 6412 Apr'13
.
96 ____ *96
96
96 *_96
*96 ____ *96
*684 6
;Ei4 6
578 678 *534 6
*534 6
*534 6
11
11
1114
12
*11
12
*11
1114 *11
111
/
4 1114 *11
1114 1114
••---- 1114 *___. 1114 *10
1114
268 26814
268 268
287 270 *_ 270 *260 269
269
13812 139
138 13912 13°.34 140
13914 13912 133 13812 13814 139
8834 8878
8873 89
•8812 9812 8734 89
89
89
8858 89
8934 89/
1
4
894 90
90
90
89
89
90
90
00
90
*21618
21712
.216 217
216 21613 216 216 *21512 21714 *216 21712
*313 314
314 314 *3% 34 *312 312 •34 312
'25
Last Sale 23--31a-y30
*20
30 .20
'
20,
*21
30
63
6813
*68 ____ *88
*6312
*63
142 142
142 142
14112 142
-01404 142
142 142 *____ 141
Last Sale 90 May'12
156 155
iEi- 153 Hi- 1E6'- 155- 11;6- 15434 155 15413 15412
15
15
*1412 15
4,1412 15 '1158 15 *1458 15 •1434 15
10134 105
105 105
105 105
/
4 10511 10134 10518 10434 105
1051
2734 2734 2733 2712 2712 2712 2712 2713 2713 2712 *2712 2734
28
*2712 2318
28
28
2778 2818 *2714 2818 2734 28
28
118 118
0.99
138 *1
*34 118 *.99
118
112
15312 15412 155 15712 15412 1561: 153 15412 153 154
155 fif1-2
4758 4758 4758 4773 47/
48
48
48
4758 4778 48
1
4 48
2734 2734 2734 2734 2734 2734 2714 2712 *2712 2734 2714 2714
5978 60
6058 6138 6912 8118 5912 6014 6014 6058 80
6012
107 107
4106 10634 107 107
10373 lows 10012 107
Miscellaneous
311 Amer Agricul Chem 100
152 Do pref.100
50
290 Amer Pneu Service
50
80 Do pref
100
133 Amer Sugar Refin
100
68 Do pref
3,148 Amer Telep & Teleg_100
American Woolen_ _100
100
Do pref
934
Amoskeag Manufacturing
Do prof
25
12 Atl Gulf & WISS L_100
100
Do pref
250
10
35 East Boston Land
100
92 Edison Bloc Illum
100
570 General Electric
605 MassachusettsGasCosl00
678
Do pref
100
30 Morgenthaler Lino- 100
604 Mexican Telephone
10
N 14 Cotton Yarn____100
100
17 Do pref
100
264 N E Telephone
Portland (Me) Elec-100
100
146 Pullman Co
. 17 Reece Button-Hole- 10
100
72 Swift & Co
25
247 Torrington
25
67
Do pref
100 Union Copper L & M 25
100
1,108 United Fruit
914 Un Shoe Mach Corp.. 25
25
410 Do prof
8.383 U S Steel Corp
100
57 Do pref
100
.99
.100
-•195
8738
-•185
51
51
9112
•94
334 334
•18
19
11112 11134
11312 11434
12814 12878
iaa-
Range Since Jan. 1.
On basis of 100-sh3re lots
II tghest.
Lowest
Range tor Previous
Year 1912.
Lowest
Highest.
160 May 1
34 Mch25
14658 Apr 30
8313 Alch19
135 May 2
71 May 9
93 Mch 20
1
4 Feb 11114 Oct
10614 Jan 2 103/
10138 Feb 4 10114 Nov 10414 Feb
215 Jan 2 21112 Sep 22212 Apr
11414 Jan 30 112 Dec 13434 Mch
205 Jan 27 202 Nov 218 Jan
94 Dec 10012 Jan
97 Jan 3
290 Jan 3 290 Dec 300 Apr
May
10 Dec
713 Feb 19
80 J'ne
65 Men 7
70 Dee
1212 Jan
714 Mch 6
7 Dec
57 Jan
45 Jan 24
50 Aug
166 Feb 14 165 May 170 Jan
107 Mch 5 10712 Oct 112 J'ne
260 Jan 13 263 J'iy 272 Jan
122 Feb 8 119 Dee 128 Jan
126 Feb 10 124 J'ne 3179 Apr
33 Dec
85 Mch 27
9112 Jan
110 Mch 13 125 Dec 14738 May
16 Dec
2318 Jan
1938 Feb 4
Dec
7238
83 Feb
79 Feb 5
126 Dec 14238 Apr
130 Jan
130 Feb 21 12812 Oct 143 Jan
200 Oct 21212 Jan
17613 Feb 11 c174 J'ne 187 Jan
70 Jan
41 Jan
33 Mch25
16214 Jan 6 152 Dec 17614 Sep
93/
1
4 Deo
8911 Sep
9012 Jan 9
150 Feb 27 150 Dec 164 Jan
80 Oct
8878 Feb
8112 Feb 8
96 Nov 10312 Mch
100 Jan 3
4714 Jan 17
9312 May 8
334 May 1
18 Apr 30
11012 Mch 19
11134 Mcla 12
12758 May 9
1634 Feb 28
74 May 8
6412 Apr 23
96 Apr 21
5 Jan 10
10 Jan 7
11 Jan 14
267 May 3
135 Feb 25
87 Apr 28
89 Apr 30
212 Mch 17
3 Jan 16
17 Apr 9
6378 Apr 7
141 may 1
57 Jan 11
9914 Jan 2
412 Jan 3
2334 Jan 11
11813 Jan 3
11714 Feb 1
14012 Jan 3
21 Apr 30
81'2 Jan 7
75 Jan 14
100 Jan 23
6 Apr 15
12 Jan 3
15 Feb 8
28812 Jan 10
18634 Jan 2
9312 Jan 22
9558 Mch24
2191
/
4 Apr 12
312 Feb 8
50 Apr 2
9113 Jan 11
160 Jan 11
9918 May 1
100 Mch19
190 Apr 30
8712 May 7
181 May 5
5314 May 6
280 Mch 17
712 Feb 19
65 Mcii
5 Feb 25
43 MO 6
166 Feb 14
102 Mch25
230 Apr 22
101 Mch l7
11812 Apr 2
8278 Feb 4
100 Apr 29
161
/
4 May 3
7212 May 9
10234 May 9
120 Apr 18
1
4 Jan 2
Milo -18W/
1412 Apr 15 My Apr 2
104 Apr 30 108 Mch 5
2714 Jan 28 2812 Jan 15
27 Mch28 2814 Jan 20
1 Apr 22
2 Jan 4
150 Msy 1 132 Jan 3
4712 May 1 '6534 Feb 4
27 Jan 20 2812 Feb 3
5818 Meh 10 69 Jan 2
10838 May 6 111 Jan 30
54 Dec
98 Dec
3 Aug
14 Men
11334 Dec
11414 Dec
13712 Jan
22 Nov
7914 Nov
75 Nov
.29014 J'ne
5 Aug
1012 Aug
1034 Jan
27212 Sep
155 Jan
58818 Ply
93 Dec
21412 Dec
212 Mch
10 Dec
90 Dec
14814 Ocn
7.212 Jan
158 Feb
1334 Jan
9812 Jan
21 Slay
28 J a 31
.85 Jan
71171 Sep
4614 Jan
2712 Dec
5838 Feb
10718 Feb
6334 Mch
105 Mch
514 J'ne
2412 Nov
133/
1
4 May
12334 Aug
149 Moll
30 Mch
9414 Mch
84 May
105 Mch
9 Feb
20 Jan
1714 May
300 Mch
189 Dec
95 Oct
9878 Feb
22-) Aug
412 J'ne
105 Jan
107 Mch
164 Sich
90 Mch
PA Aug
17/
1
4 Apr
10918 Sep
32 Jan
81 Apr
334 Apr
20812 J'ne
5712 Aug
2934 Sep
8058 Sep
11038 Oct
Mining
1114 Apr
6 Jan 4
8 Dec
112 May' 6
25
163 Adventure Con
/
4
11
/
4 •114 11
•112 2
•112 2
112 112 •1
112 1%
814 May
214 Jan :3
2 Dec
34 Apr 28
25
*34 .4- ,.
484
34
60 Algomah Mining.,
*34 .90
34
___ .
.90
*34 1
25 30 May 1 4214 Jan 3
6018 J'ne
36 Dec
32
480 Allouez
3212 3212 3212 0212 3212 :32
33
-3212 -325-2
32
60 Feb
9258 Oct
73:4 7434 7358 7.313 7418 7458 7478 7558 7434 7534 6,140 Amalgamated Copper 100 654 Feb 25 8014 Jan 2
72% 73
2412 Feb
May 1 32/
35 Oct
1
4 Feb 10
2434 2514 2134 2512 2478 25
2434 2434 2412 2412 2414 2414 2,030 Am Zinc Lead & Sm., 25 2414
21 Feb 18
412 Mch 6
2 Jan
618 Apr
3
3
314 31
/
4
314 314
314 334
313 334 2,810 Arizona Com'i ctfs dep..
3 , 3/
1
4
Aonanza Dev Co-- 10 .31 Jan 18 .43 Men 13 .25 Nov .55 Apr
Last 8-le .40 Mar'13
••.37
.40'0.37
.40
.40'0.37
.40 *.37
212 May 9
7 Feb 3
314 334
4/
1
4 Dec
914 J'ne
213 213 5,881 3os&CorbOop&SIIMg 6
21.8 3
278 31
/
4
3
8'4e
334 41/4
4 Jan 4 21540 J'iy
11s Apr 28
534 Apr
2
2
300 Butte-Balaklava Cop 10
*2
2
2
2',f,
214 *2
214
2
214 *2
6134 J'ne
1912 Feb
27/
1
4 29
281
/
4 30
2814 2914 2812 2834 2914 2912 2312 2914 7,025 Butte & Sup Cop(Ltd) 10 25 May 1 45 Jan 2
6712 Feb
8312 Aug
6318 63/
1
4 8313 6334 6312 84
1,772 Calumet & Arizona__ 10 59 Feb 18 7213 Jan 2
6313 64
6313 64
637 65
pr 3
20
1 555 Jan 2 405 Feb 616 Sep
455 455
455 455
451 455
454 455
455 460
460 463Feb
50 Calumet & Hecla_--1612 Dec
2712 Apr
m
18 Jan 6
A
15
214 F
25 ;33
'1312 1414 .1312 1412 14
14
*1214 14
14/
1
4 1412 *1312 1412
205 Centennial
5 3534 Feb 27 4713 Jan 2
2514 Feb
6014 Nov
3812 3378 3834 3334 3314 3812 3914 3912 3958 395; 3934 3934
330 Chino Copper
Cons Mercur Gold.,..., 1 .02 Mch25 .02 Mch25 311 Nov .09 Jan
.03
Last .3:1 .02 Apr'13
.03
.03
4- .03
4812 Dec
6013 Apr
4318 4334 4334 43
ii
43
43
4312 1,059 CopperRange Con Co 100 41 Apr 29 63 Jan 2
41
4212 4212 43
712
312 Oct
4 Jan 27
3 Apr 12
20
List Sate 3
Daly-West
*234 3
May'13
*234 3
•234 3
9234 3
1634 Sep
1214 Jan
/
4
985 .41ast Butte Cop Min_ 10 1114 Feb 24 1518 Jan 2
1112 1112 1134 1134 11/
1
4 111
12
12
1178 12
1178 12
Jan
2
6
i,
1,:eA
A pr
Feb
25
9
25
54
Sranklin
6
6
8
675
6
6
6
6
"8
612
6
6
578
3
678 S
Deep
c
6
1
2/
1
4 218
238 214
993 Giroux Consolidated_ 5 1% Apr 26 3% Jan 2
218 214
2/
1
4 218
.
21
/
4 214
218 2%
33 Feb
7734 Nov
6317 1,250 Granby Consolidated_100 55 Feb 18 7312Jan 2
6412 83
6134 62
63
C3,2 63
64
6212 6312 63
913 Jan 2
712 Feb
1118 Oct
20
reene-Cananea
6/
1
4 Apr 26
/
4 2,087'
678 61
634 61,
634 634
634 678
_ 634 634
673 678
22 Oct
37 J'ne
61,J dancock Consolidated 25 1612 Feb 19 25 Jan 2
1812 1818 1814 1812 1812 1812 1812 1812 1913 1913 1912
'18
.70 Dec
2 May
34 Jan 3
25
14 May 8
75 Helvetia Copper
34
14 * .23
14
*14
34
*14
34
*14
kl
34
*14
1118 Sep
23 Apr
23
814 Apr 30 17 Jan 2
175 Indiana Mining
10
91
/
4 10
9
'
9
9
9
9/
1
4 •834 9
84 912
211
/
4 Jan
1632 Dec
Inspiration Consol C. 20 1512 Feb 19 1818 Apr 14
'
01614 17
Last Sit 1634 Apr'13
17
*16
*1634 1712 *1614 17
4012 Jan
6534 J'ne
aty33 59 Jan 4
75 Island Creek Coal__ 1 :1 Ilp
48
4814 .4314
*4818 ......_
*18/
1
4 _
4812 4812 4818 4818
85 Jan
9114 Aug
0 87'z Jan 10
Do pref
76
8214 8214 •82 -11:1- *82 -83
- 8214 8214 8234 8234 8214 8214
203
24 J
Aapnr
33
718
/
4 Jan 2
4F
Neob
Il
641 Isle Royale Copper_ 25 22 Feb 19 331
2212 2212 23
23
23
*23
2312 2314 2314
234 2213 23
258Jan 14 3% Feb 15
Kerr Lake
5
34 3%. *3',4 3'4 *3%. 34 *34 34
'
34 3%.6 *34 3%4
112 Jan 7
332 Feb 4 .80 Jan
3 May
Keweenaw Copper__ 25
•134 2% •134 2% *134 2% *134 214
Apr'13
Last Sale 2
2234 Deo
49 Apr
25 1134 May 1 2613 Jan 3
1212 1212 1234 1234 1234 13
1312 1314 1314
731 Lake Copper Co
1212 1234 13
41, Feb
614 Jan 3
8 Apr
25
334 Mch 1
La Salle Copper
414
414 *4
Last Sal( 4
May'13
*334 414 *334 418 *4
*6
104 Dec 1412 J'ne
638 May 2 1012 Jan 2
510 'Mason Valley Mines_ 5
6313 633 *64 612 •614 612
Vs 633
633 612
612
512 Jan 2
*314 4
19
0
5 Dec
914 Jan
Apr
,e b 3
314 F
g
*312 4
3/
1
4 334 *3/
90 vlass Consol
*313 42 *312 4
1
4 4
n
,2 an
234 Jan
1812 Apr
6 Apr 30 g14
612 612
7
7
7
7
612 634
7
813
812 812 1,775 Mayflower
2134
6
20
3:
3
1 dJain
3038 Sep
'
12234 23
,
212 Miami Copper
*23
234 2318 2312 2214 2234 2213 2212 *2234 23
2 Apr 8
25
Dec
5 Michigan
1I4 Apr 24
112 112 *114
134 *114
134 *114 2
.114 2
*114 112
73 J'ne
4912 4912 *50
25 4
*49
4934 4934 5012 51
--7 Feb 24 65 Jan 7
51
80 Mohawk
4934 50
5112
D
A,
e
pr
82 Sep
24
5
9314
1:
22
1,
ne
31634 17
i:4
84 ,DJD
Ta
z:o
25 Nevada Consolidated_ 5 164 Feb 13 1934 Jan 4
17
17
*1614 17
1718 1718 *1614 17
167a 13713
63
144 A
€9
Jan
pr
212 Jan 2
113 Apr 30
112 112 *112 134 .112 134 *113 134
134 134 *11 3
30 New Arcadian Copper 25
112
Me1129
912
812
Mch
4
220
5
Nipissing Mines
8% 8%
84 8•3
878 878 *834 Cs *834 137t *834 878
39.18 Oct
Faa
:
en
3412 Jan 2
2
4;4
2 Jj
15 2414 Feb 11
2814 2838 284 29
2812 29
2312 2334 2834 2914 2834 2014 3,638 North Butte
1 may 3
om aty
234 Jan 2
25
475 North Lake
1:61;30:1:443 J'neApr
1
1
1
118
1
1
1'A
1
1
1
.14
Dee
30
34
Jan
4
Mining
25
l
Apr
14
10 0 ibway
*1
114
134 *1
112 *114 134 *114 134 --ii4 --134
25
312 3/
1
4
3/
1
4 3/
4
41
/
4
412 5/
1
4
514 538 1,350 Old Colony
1
4
4
4
4612 47
41 PI
Z N 55 Jan!
558 Old Dominion Co..47
47
474 48
4634 47
47
47
4714 4714
cch
me
25 8012 May 1 107 Jan 2 100
0 D
84
125 04^eola
81
84
85
87
85
*33
85
•83
84
84
8712
0
2
39
:13 j:onve
Nov
19
1
1734 Apr 30 2814 Jan 2
20
1,076 Pond Creek Coal
1912 1934 20
1973 20
1914 1913 1912 194 20
66
25 65 Feb 24 80 Jan 3
68
68
307 Quincy
67
66
6734 63
67
6512 66
6512 67
2413
2418 Sep
011 Jail
10 1653 Feb 19 22 Jan 3
7
12
11738 18
*18
1838 13
181
/
4 •18
1
4 1838 *1814 1813
55 Ray Consol Copper
1838 18/
1747788
•112 11
/
4
11
/
4 1/
1 Jan
1
4 *113 134 •112 173
112 Apr 22
3 Jan 2
113 134 •113 134
200 Santa Fe Gold & Cop.. 10
Aug
10
978 10
934 May 1
1312Jan 2
10
978 10
10
934 934
625
97s 0Shannon
. 315-78 34 93
2334 2334 24
10 9
Shattuck-Arizona
2414 2414 2414 244 2114 2414 2414
-1 Feb 19 2813 Jan 3
17914 Fj
DF
b
c
411748
.
3.25
5 .20 Jan 8 .35 Jan 18
.32 .30
.33 *.25
.32 *.25
.32 * .25 .32
35 South Utah M & S
4818 rly
24 Feb
*2714 2734 2312 2812 *23
310 Superior
2834 2312 2812 2812 2014 -ior4 -iiii-4
25 2412 Feb 18 4012Jan 2
Dec
Jan
353 373
314 313
332 3% 1,146 Superior& Boston Min 10 1% Jan 2 e438 Feb 4
314 312
3% 3% *314 312
51 Apr
28
216 Ja n
28
29
25 26 Feb 19 38 Jan 3
2812 28
*2712 2812 29
•28
2912 *28
23
70 Tamarack
4
Dec
912
Apr
25
*312 4
Trinity
9
6 Jan
170
334 334
312 Apr 29
212 372
334 334
312 3%
35s 3/
1
4
2120eo
41148 Met!
•2
2% .2
21
/
4 214 *218 2,4,--------200 Tuolumne Copper
1 1% Apr 26
212 .0.2.4", 218
312 Jan 28
3934
31
4 JNaonv x5034 Sep
39
39
b
4012 40
--.14
3,061 U S Smelt Ref & Min_ 50 3814 Feb 25 4312 Jan 2
394 4012 40
40
An
--14 Ail
47 Jan
47/
1
4 4712 4612 47
5234 Sep
4634 47
4612 47
3,317
Do pref
50 4-it
R
47
47
4634 47
May 5 60 Jan 6
138 113
31113
114
114
238 Jan 3
118 114
118 May 6
635 Utah-Apex Mining_ _ 5
114 114
1 14 114 ---5921123 Jan,J y
•714 734
712 712
2038 Apr
278 Utah Consolidated
5
714 714
714 714
8
714 3fraY 0 1114 Jan 2
8
*734
*5014 5034 *5014 5114 *3014 5014 *3114 5134 513/3 5134 *5112 5134
6/38 Sep
10 49 Mehl° 60 Jan 2
50 Utaa Copper Co
.1
114 *1.
134 Dec
114 *1
Jan 2
F
112 *1
573 Jan
114
300 Victoria
25
114 114 *1
114
Apr
O134 2
*158 2
734 McIa
*158 2
:318 Dec
*238 __
100 Winona
214 214 *212 234
'5
491
48
50
49
43
43
5034 50
54
25 47 May 7 76 Jan 3
65 Dec
47
4814 48
588 Wolverine
1334 Apr
.7,5
41.90
.01 *.90
1 ..90
3, Feb 20
hi Jan 9
1 *.90
1 Dec 11 Mob
Last Srle 1
May'13
Wvaidott
1
•Bid and asked priced. a New stook. e Ass't paid. 6 Ex-stock div. 11 Ex-rights. a Ex-dlv. and rights z Unstanwed.
21 .!, ,
1357
Boston Bond Record
MAY 10 1913.]
r
BONDS
BOSTON STOCK EXCHANGE It
..., a.
Week Ending May 9.
--
Pries
Friday
May 9
1Veek's
Range or
Last Salo
4
0
gg.
Range
BONDS
Bina IBOSTON STOCK EXCHANGE It
...a.
Week Ending May 9.
Jan. 1. I
Price
Friday
May 9
ireek's
Range or
Last Sale
gl:
CO QS
Kange
Since
Jan. 1.
re0
High No Low High
Ask Low
Bid
High No. Low High
Ask Low
99 102 General Motors 1st 5-yr 68_1915 A-0 99 9912 99% Apr '13 ____ 9938 egs,
9954 Apr '13 ___
Am Agrieul Chem 1st 5s___1928 A-0
9412 10 9312 9614
9414
9458
9458
J-J
4(4_1921
tr
88
coil
Q
&
B
8954
0
Nor
54
Gt
88
877
874
J-J
88
45-1929
tr
coil
Am Telep & Tel
9518 Apr '13 _-- 9412 9578
1
1921 Q-J
10212 100
Registered 4s
1936 M-S 101 105 10338Mch'13 _
Convertible 4s
1917 A-0 -------- 1-17 Apr '08 __ ____ ......
1933 __ _ 10112 Sale 10112 10178 38 10138 1C1414 Ia Falls & Sioux 0 1st 7s
20-iear cony 4 As
1925 A-0 ___ 96 92 Feb 13 ___ 92 92
89% j'ne'12 __ ---- -__ Kan C Olin & Spr 1st 5s
Am Writ Paper 1st o f 5s g_1919 J---J -------- 131
Kan 0 Ft Scott & Mem 63 1928 M-N 1081;10912 110 Apr '13 ___ 109 113
.
1915 111-N
J'ne'12
Am Zino L & S deb 63
1934 M-5 _ _ 90 9012Feb '13 _ 904 904
Ran C M & B gen 4s
----------------____
'12
....dep_
of
J'ly
82
ctfs
65
1st
Cop
Corn
Ariz
1934 M-5 7812 80 7812 Apr '13 ___ 78 80
Assented income 5s
Atch Top & 8 Pe gen g's 1995 A-0 ___ ....„ 93 Apr '13 __- 93 98
A-0 9918 100 994 Apr '13 __... 9912 101%
53_1929
Adjustment g 4s____July 1995 Nov 837; 864 8758 Nov'12------- Kan C & M Ry & Br 1st
_
115 .1'ne'08
- ____ Marq Hough & Ont 1st 6s 1925 A-0 _
July 1995 M-N ; _ ___ 8912 Sly '12
Stamped
12 94 - -97 97
4-J ___. -9634 9634
1929
---Mass
Gas
As
4
--------_
J-D
'12
1955
9958
Sep
100% 10434
50-year cony 4s
I)eben 4 s
Dec 1931 J-J .. __ _ _ 9438 Apr '13 __-_ 9458 948
1 11058Mch'll.
1917 J-D 995
10-year cony 5s
1917 J-J 15.9 1(7)(1 994 Apr '13 ...... 9834 994
3 59 825, Mich Telephone 1st 5s
60
AM Gti f .‘c W I SS Lines 58_1959 J-J -------- 60
90
3 90 93
1935 M-N ...._ 90 9518Feb '12 .... __-_ New Rug Cotton Yarn 5s_1929 F-A 90 9012 90
Boston Eiev 3 - r g 4s
New Eng Teieph 55
1915 A-0 99 ____ 101 Apr '13 -. 101 101
1916 J-J
Lowell 93
10014 Mch'09 _
Boston
1011, 16 10034 101%
5s
1932 A-0 10112 Sale 101
1944 J-J
___ 104120ct '0t, Boston & Maine 4'As
1945 J-J ___- ---- --- - ----- - ---- -.-- -..
__ _ _ _....... ----- _ New England cons g 5s
1937 F-A
Improvement 4s
__ ---___Boston
Term 1st 48
1939 A-0
_1942 F-A-_
---------95 F-e-b '12 _
Plain 4f,
River
New
(The)
5s
102
cony
1934 J-J --------71 Dec '11. . ____ __
102
____
'13
Jan
Os
102
J--,J
____
cons
1918
___
Ely
Bur & Mo
9214 Mch'12
11158Sep '11 . _ -- ---- N Y N II & H con deb 3%8_1956 J-J
Cedar Rap & Mo Riv 1st 7s 1916 M-N
Mch'13
__-_ 120 12518
______ 120
Cony deb 6s
1948 J-J -------1 82 89$4
831,
Cent Vermt 1st g 4s_ _May 1920 Q-F 84 --85 8312
Old Colony gold 4s
1924 F-A ____ ____ 101 Apr '09 ____ __ ___
o B & Q Iowa Div 1st 5s__ _1919 A-0 1007 1041 11113 Oct '07 -.. ____ ___.
___ _ ,,„
....
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Sep
9878
Oregon
&
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J-D
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45_1946
98
con g
.. 05 Apr '13 ____ 95__
1919 A-0 -- -_ ---Iowa Div 1st 4s
___ Greg Sh Line 1st g 63
1922 F-A 1101 1115 11158 Oct '1
1922 F-A 083 1001 9978 Feb '12.
Denver Eaten 4s
_ _ ___
__
'12
Jan
_
5
9
Marquette
J-J
deb
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6s_.1912
g
-----_
_...
12
Mch'12
_ 08
Nebraska Exton 4s
1927 M-N -------_
1919 J -J 1021-4 ____ 103 Jan '11
-___ Repub Valley 1st s f 6s
9812 Dec '12
B&SWsf 4s
1921 M-5 ._
'10
-----------704 Dec
; 854 Savannah Elec 1st cons 5s 1952 J-J
Illinois Div 3lis
1949 J-J --__ --- -. 8371 Mch'13 ....... 837
1:63
ilii4
....
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5s
g
i(
Seattle
1930
1st
,
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F-A
98%1003
2
9914
J-J 99 9912 9914
195s
Chic Jet fly & Stk Yds
1919 M-N 92 94 92 Apr '13 --- 92 98
81 8611 Shannon-Ariz 1st 68 g
Coll trust refunding g 48_1940 A-0 80 81 81 May'13 _
1929 J-J ____ -_ _ 97 Apr 'o, ____ _ ___g 58
Ch Milw & St P Dub 1) 6s 1920 J-J --------11028Feb '13 ____ 11038 1103( Terre Haute Elec
_ _ -. . 10034 Mch'13 -- -- 1003-4 100%
5s
g
Torrington
1918 M-S
1st
-___
-Ch M & St P Wis V div 63_1920 J-J _ ___ __ 11358Feb '11
10018 J'ly '11 __ __ __
1931 M-N 88 00 91 May'12 ....... ..... ____ Union Pac RR & Id gr g 45_1947 J-J 9638 9718
Ch & No Mich 1st gu 5s
9218 10178 %las-1"
9138
-year
.J.1
20
4s
1927
cony
93
2
921_
'13
98
9412
Apr
94
J-D
1921
Chic & W Mich gen 5s
9512 Msy'13 _ _ 954 964
95
____
gen
Fruit
4
J-J
f
s
United
923
1
--%s
-1920 J-D ___ ____ 0712Sep '11 ____ .
Concord & Mont cons 4s
1925 J -.1 __ 934 9434 Apr '13 ---, 9334 953*
Debenture 4 34s
Cudahy Pack (The) lstg 5... 1924 M-N _--- -.10014 Aug '11.
1004
1 1.0014 10134
10014
M-N
5s
Steel
5
U
0-613-yr
1
Apr1983
Co
---____
'12
A-0
1928
Aug
100
Current River 1st 5s
.....- _. West End Street Ry 4s_...1913 P-A 973-4 -___ 99 May'r2 ___ ___ ____
1946 A-0
'79 804 Sep '12
Det Or Rap & W 1st 4s
1111'4 Oct 12
1914 M-S
991:
4%s
Gold
99
'13,...__
---M-N
1940
5s
Feb
f
-09
_.
s
1st
Coal
Dominion
1916 M-N -------- 971Feb '13 _.-- lifl; iiifil
Gold debenture 4s
1915 M-5 98
- 103% Apr '05 -----------Fitchburg 43
__ ___
9812 Noy'll
1917 F-A
Gold 4s
1927 M-S
95 Oct '12 _
45
13 -977;10052
99
&
1932 J-J 99 Sale 9834
Teleph
5s
Tel
Western
122
122
....
'13
Feb
6s
1st
1933
A-0
V
Mo
11838-122
&
Elk
Fremt
_
__
'12
Feb
1)358
____
____
J-J
1st
Cent
4s1949
gen
Wisconsin
_
'12
Mch
6s
122
1933 A-0 ____
Unstamped 1st
NOTE.-Buyer Dees accrued interest in addition to the purchase price for all Boston bonds. • No price Friday; latest bid and asked. I Fiat prices.
I
Bid
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, TVeekly, Yearly
Share 'rico I-Not Per Centurn Prices
Saturday
May 3
Jonday
May 5
Tuesday
May 6 ,
Wednesday
May 7
Thursday
May 8
*1084 11154 .1618 11012 •_..,.112 *-- 110 *_--___*_-__ 11212 *___- 11212 111
*110 114
1834
19
19
20
19 -2-014 20
19
19
6014 6014 6014
*5912 6012 60 6014 .5912 01
___ _ _ __-- *115 122 ...-:1712 17-12 -- ---- .1713 --- 18
--- --_
-- --_- --- ----27
27
2738 27
-27; 17-1-4 -274 -2-7-1-4 -27
;5'.
49
*1178
4734
38
7454
*1114
*26
8512
*767
2214
3412
578
*4312
2238
2312
*80os
578
*4934
85
Friday
tray 9
Sales
0/ the
,Feek.
Shzres.
10
11112 11112
110
25
111 *1104 112
19 .1834 1914 1,305
118
6014 6014 6014
12012 .118 120
130
*1712 18
18
---- -- ---- -----3,433
27
2714 27
Range Since Jan. 1,
ACTIVE STOCKS
(For Bonds and Inactive
Stocks see below)
Lowest
Higtest
Lange for Previous
Year (1912).
Lowest
Baltimore
Con Gas El L & Pow.100 105 Jan 13 120 Jan 16 96 Jan
pref
100 110 Jan 13 12034 Jan 31 101 Jan
Do
814 Jan
100
Houston Oil tr ctfs
1734 Jan 2 23 Apr 4
Do
pref tr cds_100 5934 Apr 29 68 Jan 9 5314 Jan
50 11912 May 2 123 Apr 2 121 Dec
Northern Central
100
1712
Seaboard Air Line
21 Jan 30 18 Dec
100 431 '
pref
P4eaby28
I.
Do
1 4734 Jan 24 4512 Mch
United Rs,& Electric- 50 23 Jan 6 27% Apr 3 1814 Jan
Highest
117 May
116 Apr
2518 Nov
7212 J'ly
130 Apr
2714 May
5534 J'ne
2858 Sep
Philadelphia
2 Feb 6
1 J'ne
7 Jan
2 Feb 6
American Cement... 50
212
47 Sep
50 3734 May 7 r4912 Feb 24 4012 Oct
105 American Railways
3812
554 Oct
50 4838 May 8 5358 Jan 9 4112 Mch
4828 4828 2,255 Cambria Steel
1212 J'ly
-- ---2,, Electric Co of America 10 11% Jan 29 1218 Jan 9 1112 J'ly
.117
Jan
5838 Aug
*4712
358 Elec Storage Battery_l00 47 Apr 30 5414 Jan 9 5234
4312
8-3912 Dec
ctfs100 37 Mch 10 42% Feb 4 18 Apr
tr
Asphalt
Gen
510
39
39
7312 Dec
pref tr ctfs_l00 7172 Feb 25 7712 Feb 4 5934 Apr
Do
570
*7512 76
13 Sep
O Apr
1118 Jan 14 1314 May 9
127s 1314 8,070 Keystone Telephone_ 50
3514 Sep
130 Lake Superior Corp 100 26 Feb 26 3112 Jan 9 27 Feb
2613 261
100
Mch
Sep
8778
Jan
3
9312
5
May
85
50
ctfs_
tr
437 Leh & Nav
8558 8528
92% Jan
/4 Jan 3 7818 Feb
50 7638 Mch 10 841
672 Lehigh Valley
77% 771
1678 Sep
84Jan
1534 Jan 4 2378 Mch 28
975 Lehigh Valley Transit 50
22% 22%
3312 Dec
32 Jan 13 3712 Mch 28 23 Jan
50
pref
Do
320
---,
50 1155% May 9 61% Jan 9 80 Dec 6314 Apr
557 -5618 6,745 Pennsylvania RR
5614 Feb
50 4312 Apr 3 50 Jan 8 4934 Dec
45 Philadel Co (Pittsb)
4412
*44
2454 Sep
21% Apr 30 2434 Feb 14 11078 Jan
2214 2258 1,525 Philadelphia Electf _ 25
2812 Jan 3 2218 May 29 Sep
50 23 may
2358 3,380 Plana R T vot tr ctfs
23
Apr
7414
8914
Jan
2
50
10
Mch
7612
84%Jan
Reading
8,975
81%
8112
814 Apr
6 Dec
1
612 Jan 13
518 Mal 13
5"13 5% 2,764 Tonopah Mining
53 Sep
50 4958 Mch 13 5113 Jan 9 4934 Feb
4934 49% 1,430 Union Traction
9238 Aug
50 8434 Apr 30 40112 Feb 3 8614 Jan
742 United Gas Impt
8512 8512
*2
-3-81-2;5 - iii;
4834 4834
49
1214 *1178 1214
48
48
48
3812 381*
38
7454 75
7512
1158 *1114 1134
27 .27
28
85
857
85
7734 7734
77
2214 2234 23
3412 35
3518
456%.
.
6712 115614
44
44
44
2238 2238 2212
2312 2314 2314
8014 80% 8118
57
534 534
50
60
50
858 8514
85
;51
38
--5837.I
4812 4812 4812 4812 4838
*1178 1214 *11% 1214 .1178
4734
4734 48
4734 48
3834 3834 .
38111 39
39
7512 7512 7512 7512 7558
1158 12
1134 1214 1134
2612
*27
28 .27
28
8538 8514 8514 854
85
77
7728 7714 7,14 7738
2234 227
2234 2234 2234
*344 35
*344 3512 3434
5618 56% 56 56% 56
*433 44
*4354 44
44
2214 2238 2214 2214 2218
23
2312 23
233
233
f,‘
8014 81
79% 80% 8028
534 57
534 6
554
5014 4934 4934 4934
50
85
8518 8538 85
851$
PHILADELPHIA
Inactive Stocks
10
American Milling
Amer Rya pref
100
Cambria Iron
50
Central Coal & Coke 100
Preferred
j
100
Consol Trac of N J..„100
Harwood Electric
100
50
Huntington & B T
50
Preferred
10
Insurance Co of N A
Inter Sm Pow & Chem 50
Kentucky Securities_100
100
Preferred
Keystone Telep, pref_ 50
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
Minehill & Schuyl II- 50
Nat Gas Elec Lt & P..100
100
Preferred
North Pennsylvania- 50
Pennsy warrants(w 0--50
Pennsylvania Salt
Pennsylvania Steel_100
100
Preferred
Phlia Co(Pitts) 5% prt 50
6% cumulative pref. 50
Philo, German & Norris 50
Phila Traction
50
10
Railways General
Tonopah Belmont Dey 1
8 nited Cos of N J. _100
United Trac Pitts prof 50
Virginia By & Power..100
Preferred
100
Warwick Iron & Steel_ 10
Washington-Va Ity_l00
Preferred
100
Welsbach Co
100
West Jersey & Sea Sh.. 50
Westmoreland Coal- 50
400
Wilkes Gas & Elee
York Railway
50
Preferred
60
Is;"Iii4
.81.4
Alk
-38
4838
1214
48
39
7534
13
2612
8512
7738
2234
3434
5618
44
2214
2338
8078
578
4934
8538
PHILADELPHIA
Bonds
Prices are all "and
. 138
ig -- Alt & L interest"
V Elec 4 Hs'33F-A
-.
43
88 90 Am Gas & Elec 5s'07_F-A
81 82 Am Itys 58 1917-A-0
7314 _ _ AU 0 Gas 1st s f 5s '60 J-J
38 _. Berg&E13rew lstes'21 J-J
_
. Bethleh S't1 6s 1998_Q-Ir
__. Ch Ok & G gen 5s 1919 J-J
7 22 Con Trac of N J 1st 5s '33
____ ........Del Co Rys tr ctfs 4s'49J-J
___. ____ Edison Elec 5s 194,e_A-0
- --- -- Elm & Peoples Tr tr ctfs_
9
Fr Tac & II 1st 55 '40_J$
---- Gen Asphalt 58 1916_M-S
---____
____ ...... Ham Elec 1st Os 1942 M-S
____ ___ Interstate 48 1943.....F-A
Keystone Tel 58 1935__J-J
30 ____ Lake Sup Corp inc 5s'24 0
80
Lehigh Nay 4,10 '14 Q-J
Gen M 4;0 g 1924_Q-F
__.: -534 -,- - Leh V 0 1st 5s g 1933_J-J
10312 104 Leh V ext 4s 1st 1948_J-D
Consol (is 1923 __._J-D
_ .... .....
_
Consol 4;is 1923_ J-D
Annuity 65
40 41
Gen cons 4s 2003__M-N
41214 4314
___ ___ Leh V Tran con 4s '35 J-D
1st serie.s A 4s 1935_M-S
8214 823-4
1st series 13 5s 1935 M-S
__
_ _
-8 - -618 MarketStEl 1st 4s'55M-N
__ __ NatLII&P ser13 55 '19 J-3
___ .... New Con Gas 5s 1948_J-D
-- N Y Ph & No 1st 4s'39.14
Income 4s 1939
M-N
___
Pa & N Y Can 5s '39_A-0
41
------Penn Steel 1st 5s'17_M-N
-- --____ 78 People's Tr tr ctfs 48_1943
._._ ___ P Co lst&coll tr 53'49M-5
Con & coil Lc 58'51 M-N
........Phil Elec gold tr ctfs_A-0
- ......
Trust ctfs 4s 1949--J-J
____
1412 P & E gen M 5s it '20_A.0
14
Gen M 4s g 1920_A-0
37 38
Bid
Ask
--
PHILADELPHIA
Ph & Read 2d 5s1933 A-0
Ex Imp M 4s 1947_A-0
Terminal 55 g 1941 (11-F
_ _ _ _ P W & B col tr 45 '21...74
8512 -88 Read Trac 1st 6s '33__J-J
1 Koch By & Leon 53'54J4
....
_
____ ....Spanish
-Am Ir 6s '27__J-J
Stan'd Gas & El 6s'26 J-D
8 ... Stand SU Wks lst5s'28 J-J
1167_ 100 U Trac Ind gen 5s '19_J-J
4 ..._ Un Rys tr ctfs 43 '49 _J-J
1015United Rys Inv 1st coll tr
NI N
5 f 5s 1926
__- 1064
831-2 8334 Welsbach 5 f 58 1930_J-D
- - - - -- W11-B G&E con 5s '55_J-J
York Rys 1st 55 1937.J-D
9512 _
10312 1033-4
BALTIMORE
5914 5912
Inactive Stocks
924 9214
72 73 Atlan Coast L (Conn)_100
100
Canton Co
_ 103 Consolidation Coal„..100
100
__ 10812 Georgia Sou & Fla
100
1st preferred
___ _
100
2d preferred
111 11314
100
G-B-S Brewing
Bonds
Prices are all "and
ii- --interest"
______
----------- Halt City 3 is 1930-J4
----- --- 48 1954-1955-Various
M-N
5s 1916
...... 9'7
__ ____ Anacostia & Potom 5s A-0
---- ---- Ati C'st cony deb 4s_M-N
- Ati Coast L(Ct)ctfs 58J-D
J-J
5-20-yr 4s 1925
_ -. B S P & C 15t 4%8'53 F-A
....-- --- Balt Trac 1st 5s '29_M-N
No Balt Div 55 1942J-D
85 86
...... 9834 Cent Ry cons 5s '32_M-N
Ext & Imp 5s 1932 M-8
90 -_
10334 __ Chas City Ry 1st 5s'23 J-J
81 11114 Chas Ry G & El 58'99M8
let __ __ City & Sub 1st 53 1922 J-D
9812 98114 City&Sub (Was) 1st 5s '48
--..
• Bid and asked; no sales on this day. 11Ex-clly. and rights. I $15 paid. 4 13X paid. I $17;1 paid.
Rid
Ask
BALTIMORE
___ ___ Coal & 0 Ry 1st 58'19A-0
Coal & I Ry 1st 5s'20 F-A
____ 001 & Grnv 1st 6s 1916 J-J
-------.....
9814 __ Consol Gas 5s 1939-_J-D
A-0
Gen 4 3444 1954
:-_-__ 1001; Cons G E-& I' 4 3is '35 J-J
10014 10038 Consol Coal 5s 1950 J-D
_ _. 99 Fair & CI Tr 1st 5s'38 A-0
10212 ____ Ga & Ala 1st con 55'45.14
Ga Car&N 1st 1.8 g '29 J-J
72 - -73 Georgia I' 1st 6s 1922__J-J
Ga So Sc Fla 1st 5s '45_J-J
7514 78 G-B-5 Brew 3-4s '51_M-S
_. 92 Houston Oil div ctfs F-A
_ _ _ Knoxv Trac 1st 53'28 A-0
94 - -944 MaconRySzLt 1st 5s'53J4
Md Elec Ry 1st 5s '31 A-0
Memphis St 1st 55 '45...14
Monon V Trac 5s '42 J-D
____ __ Mt Ver Cot Duck 1st 55„
130_ __ NptN &0 P 1st 53'38M-N
95 98 N & A Terml 5s '29._M-S
25 __ Nor&Port Tr 1st 5s'36 J-D
90 ___ Norf Ry & L 5s'49__M-N
78 . _. North Cent 4 Ms 1925 A-0
Series A 5s 1926____J4
-2
1
Series B 58 1926____J-J
Pitt Un Trac 5s 1997__J-J
Poto Val 1st 5s 1941___J4
934 94 Say Fla St West 5s '34 A-0
A-0
934 -- Scab Air L 4s 1950
10214 .. _ Scab & Roan 58 1928__J-J
___ 99 South Bound 1st 5s_A-0
-93 98 U El L&P 1st 43,65'29M-N
_ _ _ 103 Un Ry Sc El 1st 4s '4.9 M-I3
J-D
90 _
Income 48 1949
94 95 Funding 5s 1936 J-D
104 _ _ _ _
Cony notes 5s 1914 J4
105 106 Va Mid ad ser 6s '16..M-5
103 __
4th ser 3-4-Is 1921 M-5
103 _ ___
5th series 5s 1928.__M-S
100 ___ Va (State) Is new '32.../4
95 97
Fund debt 2-33 1991 J-J
1024 -___ West IT 0 con Os 1914..J-J
101 ____ Wil dc Weld 5s 1035-J-J
Ask
-.
_ .. 95
99 1001
102
106 16511
9412
88 88%
,. _ _ -....
694
104 .._.
1034 ---_-- --_ _
103 -..,
39% 40
798 81
10C1 105%
Bid
--
-97 - 97%
___ ._
- 734
7234
95 --_.
__933*
-- 88
-98 9834
9912 _.
104 .-.
104 .--.
97 -_-103 --105 ......
82 -- -103 10338
104 -...
9012 ---832 -,,
84 641;
87
10712 109 102 -- -.__ „....
_.104%
......
------ - ...
..,-... 7.•4
THE CHRONICLE
1358
Itxtiestinetxt and Watirciati intelligence.
RAILROAD GROSS EARNINGS.
ft
The following table shows the gross earnings of every STEANI 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
stat merit to show the fiscal year totals of those roads whose fis .al year does not begin with July, but covers some other
peni d. The returns of the electric railways are brought together separately on a subse7uent 77a7e.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 :o Latest Date.
Previous
Year.
Previous
Current
Year.
Year.
Ala N 0& Tex Pac2
$
$
$
s
3
s
N 0& Nor East.. 1st wk Apr
62,000 2,998,012 2,954,038 N Y Ont & West___ March..___ 692,344 755,777 7,117,525 6,909,362
57,000
Ala & Vicksburg_ 1st wk Apr
27,000 1,460,989 1,323,529 N Y Susq & West__ March....__ 328,523 333,635 2,811,173 2,950,863
32,000
Vicks Shrev & P.. 1st wk Apr
23.000 1.769.150 1,718,612 Norfolk Southern._ 3d wk Apr
29,000
68,711 2,858,517
72,910
Ann Arbor
57,553
59,372 1,904,513 1,942,294 Norfolk & Western.. March---_ 3,568,830 3,270,707 32,942,970 2.562,572
4th wk Apr
Atch Topeka & S Fe March....__ 9,523,890 8,821,567 89,498,443 80,683,663' Northern Pacific...... March....__ 5,619,874 4,928,944 55,187,255 29,244,104
47,580,314
Atlanta Birm & Atl March____ 311,447 292,046 2.494,051 2,524,321 Northwestern Pad_ February .. 230,605 206,677 2,497,353 2.393,068
Atlantic Coast Line March..___ 3,759,121 3,262,947 27,353,161 24,862,766 Pacific Coast Co...._ February _ 572,130 462,624 5,362,142 5,068.261
Chariest & W car March__ 203,945 170,192 1,465,915 1,485,090 Pennsylvania RR__ March_ ___ 14849127 14527249 135836759 122641108
Lou Bend & St L March___
101,163 110,031
974,608
13alt Ches & Ati_ March__
20,276
930,086
17,512
239,190
207,410
1 Baltimore & Ohio_ March___: 7,789,857 8,142,297 76,006,069 68.437,417
Cumberland Vail March_ ___ 295,059 259,978 2,619,818 2,218,122
B & 0 Ch Ter RR March__ 130,779 139,222 1,334,065 1,163,232
Long Island
March__ 807,070 757,849 8,480,329 7,903,606
Bangor & Aroostook March-- 327,108 336,499 2,343,708 2,591,978
Maryrd Del & Va March-8,088
9,225
119,360
103,119
Bessem & Lake Erie March____ 500,917 413,082 6,361,439 5,810,473
N Y Phila & Norf March..___ 296,931 256,662 2,708,520 2,454,077
Birmingham South.. March__ 120,480
Northern Central March____ 1,050,735 1,134,763 9,946,301 0,632,062
635,926
79,172
920,864
March__ 3,731,291 3,727,351 36,617,411 34,403,739
Boston & Maine
Phil Bait & Wash March........ 1,787,368 1,558,428 15,707,266 14,254,580
Buff Koch & Pitts 4th wk Apr 311,740 197,754 9,018,783 7,852,263
W Jersey & Seash March__ 459,166 428,377 4,863,876 4,756.384
Buffalo & Susq
March-- 213,629 218,900 1,850,076 1,874,526 Pennsylvania Co
March__ 4,500,198 4,627,655 49,320,439 41,860,050
Canadian Northern 4th wk Apr 565,000 495,500 18,582,900 15,947,000
Grand Rap & Ind March _ ___ 444,114 467,544 4,197,355 3,888,031
Canadian Pacific 4th wk Apr 3,513,000 3,387,000 115541377 100374374
Pitts C C & St L. March_.._ 3,222,968 3,656,826 33,835,260 30,547,804
Central of Georgia_ 4th wk Apr 308,700 297,600 11,954,301 11,978,262
Vandalia
March__ 787,994 878,019 8,537,810 7,764,587
Cent of New Jersey March..___ 2,327,031 2.745,293 24,257,692 23,073,360
Total Lines....
Cent New England_ March__ 293,238 337,880 2,177.682 2,623,365
East Pitts & E
March__ 20522657 19849622 101795702 174210353
Central Vermont.... February _ 286,823 280,515 2,790,555 2.711,780
West Pitts & 1.3.._ March__ 9.065,377 9.751,573 90,987.374 85,065,834
Ches & Ohio Lines_ 4th wk Apr 956,538 1.065,971 29,042,332 28,569,610
All East &West March..___ 29588034 29601194 288783077 259276186
Chicago & Alton__ _ 4th wk Apr 314,723 291,371 12,748,927 12,346,914 Pere Marquette
March__ 1.395,394 1,299,316 13,305,003 12,598,470
Burl
Chic
&Quincy March_
7,129,395 7,211,044 72,501,538 66,462,035 Reading Cop Chic Great \Vest- 4th wk Apr 258,121 238,322 11,643,166 10,689,950
Phila & Reading_ March__ 3,998,525 4,576,754 38,919,822 35,304,845
Chic Ind & Louisv_ 4th wk Apr 187,219 164,627 5.792,683 5,431,649
Coal & Iron Co March__ 1,371,005 4,824,180 31,035,149 30,921,836
Chic Milw & St P_ I March__ 7.596,900 6,618,162 71,947.201 59,630.678
• Total both Cos... March__ 5,369,530 9,400,934 69,954,971 66,226,682
Chic Mil & PugS 1
Rich Fred & Potom March.. _ __ 281,114 221,236 2,131,836 1,812,406
oChic & North 'West March____ 6,845,476 5,872,022 65,653,679 57,677,973 Rio Grande June..... February 63,988
62,381
806,079
691,783
!Chic St Paul M&O
- 1.351.408 1,240,485 13,231,246 11,637,374 Rio Grande South 4th wk Apr
16,803
12,954
423,820
548,538
Chicago T H & SE.. February
March_- - 141.823 177.695 1,341,886 1,313,856 Rock Island Lines
March__ 5,594,102 4,989,532 54,410,219 48,862,557
CM Ilam & Dayton March....-_ 678,611 764,909 7,767.156 7,518,411 Rutland..
March__
270,071 2,772,434 2,576,337
Colorado Midland.. March...... 119,446 115,887 1,480,557 1,431,886 St Jos & Or Island.. February _ 268,792
100,419 114,382 1.079,799 1,075.996
b Colorado & South 4th wk API' 332.168 313,519 12,692,008 12,001.082 St L Iron Mtn & So March..___ 2,872,580
2,538,065 26,173,967 23,047,204
Cornwall
March____
145,435 St L Rocky Mt & P March..... 204,929 199,269 1,693,676 1,517,743
20,499
182,033
17,906
Cornwall & Leban_ March-- _ 228,868 St Louis & San Fran March..___ 3,678,459 3,462,772 35.144,762 32,384,859
34,964
318,264
23,257
Cuba Railroad__
f Chic & East 111_ March..... 1,268,382 1,406,379 12,367,083 12,004,538
March...._- 460,741 404,344 3,335,162 2,722,857
Delaware & Hudson March..--- 1,998.762 1,772,363 18,241,916 16,407,838
Total all lines
March........ 4,946,840 4.869,151 47,511,845 44,389,397
Del Lack & West March..___ 2,789,349 2,932,445 30,274.527 27,693,411 St Louis Southwest 4th wk Apr 304.000 268,000 11,256,513 10,119,309
Deny & Rio Grande 4th wk Apr 547,000 566,700 20,637,034 19,440,698 San Pod L A & S L. February - 797,569 742,169 6,818,163 5.815,310
Western Pacific April
518,300 443,843 5,138,149 4,340,422 Seaboard Air Line 4th wk Apr 532,328 522,669 20,531,137 19,255.348
Denver NW & Pac_ February _
855,189 Soutnern Pacific...-.
809.283
69,875
63,857
_ 11415290 10397064 108286635 99,464,337
Detroit Tol & 1ront February - 120,430 165,294 1,170,355 1,228,130 Southern Railway.... 4th
March__wk Apr 1,752,470 1,646,514 57,727,665 53,493,344
Detroit & Mackinac 4th wk Apr
36,983 1,031,534 1,025,477
36,010
Mobile& Ohio
4th wk Apr 352,911 283,920 10,103,906 9,306,404
Dui & Iron Range March_
104,465 114,401 4,859,560 4,759,101
Cin NO & Tex P_ 4th wk Apr 318,703 289,118 2,603,620 8,027,705
Dui Sou Sh & Ati 4th wk Ajai
73,727
77,694 2,736,632 2,578,989
Ala Great South_ 4th wk Apr 149,207 153,851 4,323,159 3.985,012
Elgin Joliet & East.. March
1,144,564 986,215 9,900,662 7,543,883
60,589 2,160,996 2,074,488
62,387
Georgia So & Fla_ 4th wk Apr
El Paso & Sou West March
765,934 641,662 6,497,849 5,580,701 Spok Port & Seattle March.._... 390,755 383,147 4,025,282 3,662,246
Erie
March
4.894,403 4,777,051 47,155,987 43,404.213 Tenn Ala & Georgia 4th wk Ai'
211,378
2,855
88,750
3,649
Fairchild & N E
March......
2,630
3,853
21,402 Tennessee Central.. March........ 142,756 125,206 1,257,595 1,134,447
21,362
Fonda Johns & Glov March....
79,609
74,201
737,185
704,098 Texas & Pacific-- - 4th wk API' 427,468 443,642 15,424,663 14,649,600
Florida East Coast_ March....
726,988 586,934 3,810.171 3,128,956 Tidewater & West.. March..
78,208
7,303
7,996
71,921
Georgia Railroad
March..
32,327 1,143,269 1,074,015
32,569
291.118 302.066 2.376,932 2,643,981 Toledo Poor & West 4th wk Ai)i
Grand Trunk §yst- 4th wk Am' 1,523.144 1.318.817 45,910,640 40,765,908 Toledo St L & West 4th wk Apr
72,575 3,550,411 3,256,664
93,241
Grand Trk 'West_ 3d wk Apr 153,932 140,243 5,917.660 5,370,203 Union Pacific Syst_ Macch____ 7,010,253 6,104,520 71,803,642 65,128,924
Det Or H & Mil_ 3d wk Apr
45,400
40,060 1,994,231 1,829,055 Virginia & So West.. March__ 145.699 151,129 1,335,081 1,307,304
Canada Atlantic_ 3d wk Apr
45,049
41.5501,944,901 1,674,884 Virginian
March__ 564,197 414,518 4,610,676 3,612,916
Great North System April
5,940,098 5,068,454 64,706,747 54,602,378 Wabash..
April
2,432,238 2,071,120 26,506,866 23,646,100
Gulf & ship Island.. March_...._ 188,022 160,517 1,567,852 1,497,376 Western Maryland: IVIarch
629,128 655,538 5,647,461 5,395,725
Hocking Valley
4th wk Ar 231,173 123,735 6,310,750 5,984,635 Wheel & Lake Erie.. March
464,031 680,543 5,945,375 5,810,442
Illinois Central...... April
4,408,391 4,248,759 53,621,765 48,926,546 Wrightsv & Tennille March
37,510
39,416
249,565
284,991
Internat & Grt or. 4th wk Apr 268,000 250,000 9,730,895 8,838,742 Yazoo & Miss Vail.. April
763,387 571,334 9,287,185 8,292,528
a Interoceanic Alex_ 4th wk Apr 278,023 278,106 7,436,829 7,056,704
.
Kanawha & Mich_ March
234,457 211,063 2,435,249 2,369,324
Previous
Current
Kansas City South_ March- 891,434 734,481 8,102,196 7,031,703
Various Fiscal Years.
Year.
Year.
Period.
Lehigh Valley
March..
2,963,284 3.364,546 31.973,908 29,031,803
Louisiana & Arkan_ March...... 164,108 137,010 1,257.437 1,081,198
'3
$
s Louisv & Nashv 4th wk Ar 1,534,070 1,403,046 49,694,408 47,214,648 Delaware & Hudson
Jan 1 to Mar 31 5,933,856 5,273,921
Macon & Birm'ham April
10,578
144,250 N Y Central & Hudson RIver_e_ Jan 1 to Mar 31 28,502,468 24,591,339
12,199
136,955
Maine Central
March
981,249 913,185 8,534,988 8,050,469
Lake Shore & Michigan South Jan 1 to Mae 31 14,272,336 12,422,946
Maryland & Penna. March....
Jan 1 to Mar 31 1,388,181 1,355,471
41,012
35,903
326,529
378,230
Lake Erie & Western_n
a Mexican Railway- 3d wk Apr 197.900 163,200 7.050,300 6,775.200
Chicago Indiana & Southern_ Jan 1 to Mar 31 1,140,285 1,125,279
Mineral Range___.. 4th wk Apr
23,304
Jan 1 to Mar 31 8,554,929 7,419,670
Michigan Central
20,839
638.718
714,728
Minn & St Louls_l 4th wk Apr 167,445 163,057 8,235,116 6,483,331
Jan 1 to Mar. 31 7,936,019 7,389,061
Cleve CM Chic & St Louis
Iowa Central__ f
Jan 1 to Mar il
Peoria & Eastern
856,845
781,581
Blinn St P & S S M_ Match.... 1,748,329 1,513,138 16,367,175 12,819,929
Jan 1 to Mar 31
Cincinnati Northern
287,859
308.792
Chicago Division March........ 956.366 801,776 8,178,731 7,000,709
Jan 1 to Mar 31 4,653,430 3,901.499
Pittsburgh & Lake Erie
Mississippi Central.. March_...._
96.287
73,830
665.085
790,240
New York Chicago & St Louis Jan 1 to Mar 31 '3,085,412 2,824,515
u Mo Kan & Texas.. 4th wk Apr 745.267650,901 27,554,036 24,001,891
Jan 1 to Mar 31 1,177.158 1,242.875
Toledo & Ohio Central
z Missouri Pacific 4th wk Apr 1,460,000 1,337,000 52,305,194 45,606,263
Total all lines
Jan 1 to Mar 31 69,854.928 63,363,026
Nashv Chatt & St L March.. _ 1.145.8651.041.417 10,01,5,824 9,088,155 Pennsylvania Railroad
Jan 1 to Mar 31 43,259,277 40,479,376
_- 1,156,864 1,519,403 50,442,400 52,057,761
a Nat Rys of isdex t_ 4th wk Apr
Baltimore Cliesap & Atlantic_ Jan 1 to Mar 31
49,356
39,120
Nevada-Cal-Oregon 4th wk Apr
9,025
12,694
Cumberland Valley
296,567
342,175
Jan 1 to Mar 31
862,763
718,076
N 0 Mobile & Chic_ March...... 217,338 171,605 1,887,732 1,464,267
Long island
Jan 1 to Mar 31 2,211,740 2,069,250
Maryland Deiaw & Virginia Jan 1 to Mar 31
sN Y C & Bud Riv_ March...... 9.204,204 8.929,559 85.746,762 79.751,100
26,726
17,863
. Lake Shore& M S March
N Y Pladadelphia & Norfol.: Jan 1 to Mar 31
4,754,600 4,609,512 43,510.030 38,038,900
838,475
726,068
Northern Central
n Lake Erie & W_ March__
444,881 490,905 4,574,249 4.252,123
Jan 1 to Mar :31 3,112,189 3,093,998
Chic Ind & South March......
- 390,566 424,989 3,350,311 3,075,043
Philadelphia Bait & Was i
Jan 1 to Mar 31 4,929,821 4,459,674
Michigan Central March...... 2,972,193 2,719,337 26,229,289 23,524,746
Jan 1 to Mar 31 1,159,457 1,096,104
West Jersey & Seashoec
Cleve CI C & St L March.... 2,551,495 2,720,370 25,955,441 23,395,090 Pennsylvania Company
Jan 1 to Mar 3113,8119,737 12.45(1,258
Peoria & Eastern March.-- 272,748 288.121 2,780,263 2,435,588
Jan 1 to Mar 31 1,..,o7,8
1,201,528
Grand Rapids & Indiana_
Circin-ati North March
91,550 116,035 1,089,748 1,016.784
Pitts Cincin Chic & St Louis. Jan 1 to Mar 3110,489.559 10,049.485
Pitts & Lake Erie March
Jan 1 to Mar 31 2,608,809 2,564,255
1,595,556 1,410.726 14,745,117 12.272,764
Vandalia
N Y Chic & St L.. March
940,086 1,026,986 9,584,376 8.690,718
Total lines-East Pitts & Erie Jan 1 to Mar 31 59,207,78S 55,127,170
Tol & Ohio Cent_ March
-West Pitts& Erie Jan 1 to Mar 31 28,567,315 26,589,308
357.778 464,538 4,121.120 4,073,249
Tot all iinesal)ove March
-A11 lines E & W.. Jan 1 to Mar 31 87,775,104 81,716,479
23575651 23201073 221686808 200526097
NY N H & Mutt March
207,416
234,044
5.478.474 5.476,408 51.755.703 48,171.976 Rio Grande Junction
Dec 1 to Feb 28
777,299
Rutland
733,452
Jan 1 to Mar 31
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Current
Year.
Previous
Year.
Increas( :r
Decrease.
%
s
S
leage. Cur. Yr. Prev. Yr
S
S
$
Bd week Feb 40 roads)..... 14,066,724 13,205,501
July
tfi
+861.223 6.52
230,712 227,194 245,595,532 222,587,872 +23,007,660 10.3,
dth week Feb 40 roads)..... 15,306.958 14.764,047
August
+542,911 3.68
239,230 235.404 276,027,416 251,067,032 +25,860,384 10.31
1st week Mar 36 roads).... 12,792.883 12,094,600
+698,283 5.77
September-237,591 235.140 272,209,629 252,318,597 +19,891,032 7.81
2d week Mar (39 roads)____ 14,205,350 13,181.128 +1,024,222 7.77
October -......237,217 233,545 293,738,091 258,473.408 +35,264,683 13.6,
Bd week Mar (39 roads).- 13,777,914 13,159,330
+618,584 4.70
November_237,374 233,305 270,430,016 244.461.845 +31,968,171 13.01
ith week Mar(39 roads).- 19.450,337 19,016,822
+433,515 2.22
December -238,072 234,146 263,768,603 234,087,361 +29.681,242 12.613
1st week April39
1 roads)---- 12.980.560 13.312,977
-332,417 2.50
January -235,607 232,179 246,663,737 208,535,060 +38,128,677 18.213
2d week April 39 roads)--- 13,544,895 13,489,096
+55.799 0.41
February-240,986 237,756 232,726,241 218,336,929 +14,389,312 6.51
Bd week April 40 roads)..--- 14,098,561 13,402,134
+696,427 5.20
March
85,963 71,710,950 67,400,090 +4,310,860 6.513
88,311
ith week April 40 roads)___- 18.903,550 18,059,025
+844,525 4.68
April
88.229
86.071 -69,940,730 65,197,418 +4,243,312 6.5'
_
a Mexican currency. b Does not include earnings of Colorado Springst Cripple Creek District Railway from Nov. 1 1911. e Includes the BosIon & Albany. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Hallway, the latter of which, being a Canadian
road.does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & In.iianaitit.g Includes the Cleveland Lorain & Wheeling Ry. in both years. n Includes the Northern Ohio ER. p Includes earnings of Mason City & Ft. Dodge and
Wisconsin Minnesota & l'acific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. I Includes the ivIezican International. u Includes
the Texas Central in both years and the Wichita Falls Lines in 1912, beginning Nov. 1. a Includes not only operating revenues, but also all other
fecelpts. z Includes St. LouisIron
_ _ _ Mountain
_ &
.'Southern.
_ _
_
_
%
Monthly Summoner.
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the fourth week
of April. The table covers 40 roads and shows 4.68%
increase in the aggregate over the same week last year.
Fourth Week of April.
1359
THE CHRONICLE
MA.Y 10 1913.]
1913.
1912.
-Gross Earnings--NetEarnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
160,870
263,863
Mar 1,079.349
972,731
10,339,863 9,280,040 3,106,612 2,696,789
St Louis Southwest_a_
July 1 to Mar 31
Southern Railway240,819
242,745
806.721
Cinc New Or & T P b_Mar 839.206
7,900,255 7,206,185 2.728,907 2,461,777
July 1 to Mar 31
Increase. Decrease'
113,010
99.903
401,436
Ala Great Southern b Mar 431,043
3,920,992 3.584.092 1,147,873 1,096,253
July 1 to Mar 31
4,644
246,847
292,557
978,164
Mobile & Ohlo_b_ __ _Mar 1,081,109
1,819
9,249,101 8,649,953 2,502,277 2,375,573
July 1 to Mar 31
113,986
Mar
122,357
1.455,893
Pacific_b
229,799
1,332,785
&
Texas
69,500
14,175,554 13,375,040 3,060,299 3,684,653
July 1 to Mar 31
126,000
Mar
2,439,766
318,486
416,265
2.201,081
_b
Wabash
11,100
24,074,628 21,574,980 5,626,641 4,903,180
July 1 to Mar 31
109,433
23,352
19,799
a Net earnings here given are after deducting taxes.
22,592
b Net earnings here given are before deducting taxes.
29,585
18,649
f After allowing for outside operations and taxes, operating income for
19,700 Mar. 1913 was $450,668, against $200,650; from July 1 to Mar. 31 was
973 $7,127,524 in 1913, against $4,746,763 last year.
3,967
s After allowing for miscellaneous charges to income for the month of
1,798
March 1913, total net earnings showed a deficit of $7,594, against a credit
$235,127 last year, and for the period from July 1 to Mar.31 were $1.148,of
204,327
972-this year, against $1,912,772.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Indianapolis & Loutsv
Tex Pac
Cinc New On
Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida_ _ _ _
Grand Trunk of Canada
Grand Trunk Western
Detroit Grand Haven & Mil
Canada Atlantic
Hocking Valley
International & Great Northern
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Rys of Mexico
Nevada-California-Oregon
Rio Grande Southern
Seaboard Air Line
St Louis Southwestern
Southern Railway
Tennessee Alabama & Georgia_
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_ _ _ _
149,207
153.851
57,553
59,372
311,740
197,754
565,000
495,500
3;513,000 3,387,000
308,700
297,600
956.538 1,065,971
314,723
291,371
258.121
238,322
187,219
164,627
318,703
289,118
332,168
313,519
566,700
547,000
36,983
36,010
77,694
73,727
60,589
62,387
Total (40 roads)„
Net increase (4.68%)
18,903,550 18,059,025 1,367,526
844,525
1,523,144 1,318,817
Roads.
123,735
231,173
250,000
268,000
278,106
278.023
1,534,070 1,403,046
20,839
23,304
163,057
167,445
107,438
18,000
650,901
745,267
1,460,000 1,337,000
283,920
352,911
1,156,864 1,519,403
12,694
9,025
12,954
16,803
522,669
532.328
268,000
304,000
1,646,514
1,752,470
2,855
3,649
443,642
427,468
32,327
32,569
72,575
93.241
94,366
123,000
68,991
Interest Charges and Surplus.
83
131,024
2,465
4,388
Roads.
362,539
3,669
3,849
9,659
36,000
105,956
794
16,174
242
20,666
523,001
Net Earnings Monthly to Latest Dates.-The table
following shows the gross and net earnings of STEAM railroads and industrial companies reported this week:
-Int., Rentals, etc.- -Thtl. of Net Earns.Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
Bangor & Aroostook_ _ Mar 113,103
997,045
July 1 to Mar 31
Denver & Rio Grande_ _Mar 553,889
5,039,139
July 1 to Mar 31
27.532
Louisiana & Arkansas....Mar
243,283
July 1 to Mar 31
7,038
Nevada-Cal-Oregon_ ___ Mar
63,893
July 1 to Mar 31
N Y Ontario & Western_Mar 138,966
July 1 to Mar 31
1,097,333
Norfolk & Western
Mar 453,554
July 1 to Mar 31
4,117,998
Rio Grande Southern.._..Mar
19,028
July 1 to Mar 31
172,689
Mar 650,614
St L Iron Mt & So
July 1 to Mar 31
5,759,604
St Louis Southwestern_Mar 233,167
July 1 to Mar 31
2,060,965
114,308 zdef19.150
x35,490
959,045xdef168,748 x115,680
484,798 cdef66,856cdef133,889
4,547,285 c1,537,372 c723,077
31,253
z42,325
x26,077
229,515 x213,580 z138,802
5,945 zdef1.511
25,149
58,300
x30,034
x16,428
107,362
def5,793
45,109
998,146 • 960,942
687.931
463,g60 x851,393 x691,065
4.250,873 x8,995,040 x6,810.873
z865 zdef25,674
19,345
172.230 zdef 197zdef151,744
591,712 x347,591 z302,124
5,397,184 z2,443,308 x1,547,395
x53,851
199,115 x117,682
1,783,052 z1,749,236 z1,550,829
c These figures are after allowing for other income and for discount and
exchange. The sum of $10,000 is deducted every month from surplus and
placed to the credit of renewal fund. $10,000 is also deducted each month
- for the refunding mortgage sinking fund.
-Cross Earnings- -Net Earnings
Previous
Current
Previous
z After allowing for other income received.
Current
Year.
Year.
Year.
Year.
Roads.
$
RAILWAY AND TRACTION COMPANIES.
145,805 ELECTRIC
83,545
336,499
Bangor & Aroostook_ __Mar 327,108
951,394
658,290
2,343,768 2,591,978
July 1 to Mar 31
Jan. 1 to latest date.
399
Latest Gross Earnings.
2,403
2,561
Birmingham & Southe_Mar . 8,256
13,787
Name of
24,865
32,215
66,455
July 1 to Mar 31
Previous
Current Previous Current
Road.
Week or
3287,915
sdef5,947
Year.
Year.
Mar 1,134,910 1,281,365
Year.
Chicago & Alton_ a
Year.
lonth.
11,628,245 11,390,670 31,713,360 32,477,481
July 1 to Mar 31
Chic Burl & Quincy_ b_ _Mar 7,129,395 7,211,044 1,869,683 2,088,441 American Rys Co.___ March ___ 399.664 374,346 1,172,548 1.097.784
July 1 to Mar 31
72,501,538 66,462,035 27,080,291 22,928,772 Atlantic Shore Ry-_- March_
63,724
68,058
25,674 23.770
118,781 c Aur Elgin & Ch Ry_ March
379,879
405,463
Chicago hid & Loulsv __Mar 477,951
141,502 133,523
48,033
534,936
171,308
157,285
July 1 to Mar 31
58,130 52.319
5,135,547 4,886,029 1,403,922 1,405,107 Bangor By & Elec Co March _
Baton Rouge Elec Co March ___
34,058
37,573
12,311 10,879
571,799 Binghamton Railway March __ 20,139
Delaware & Hudson_ b_Mar 1,908,762 1,772,363
656.495
96,623
90,569
33,169
5,933,856 5,273,921 2,234,448 1,761,056 Brazilian Trac & L P March ___ 1977,297 1657,757
Jan 1 to Mar 31
5,711,967 4,785,904
8.009
21,560
22,731
7.514
273,812 Brock & Plym St Ry_ March ___
389,334
Denver & Rio Grande_a Mar 1,780,145 1,717,731
1802.475 1821.950 1.802,475 1.821,950
18,853.734 17,629,098 5,352,289 4,152,202 Bklyn Rap Tran Syst.January
July 1 to Mar 31
28,099 24,410
Cape Breton Elec RylMarch
76,430
86.075
308,552
106,911
474.360
__Mar
-def11,764
January
70.852 47,567
Western Pacific_ b _
70.582
47.567
Cent Park N & E Ely
4,619,849 3,896,579 1,244,862
694,457 Chattanooga Ry & Lt March -- 93,157 81,332
238,993
July 1 to Mar 31
277.668
27,981 25,686
Cleve Painesv & EastiMarch_ _
72,407
80,624
Grand Trunk of CanadaClev South%v & Col__ March __ 87,172 86,316
243,304
259,991
944,101
803,459 Columbus(Ga) El Co February _ 45.690 41,885
Mar 3,684,427 3,206,537
96.213
86.201
Grand Trunk Ity
562,853 492,601 1,730,623 1,517,366
32,145,462 28,419,265 8,000,896 6,453,485 Commonw P Ry & Lt March _
July 1 to Mar 31
Isl & 13klyn___ January __ 108,152 98.218
108,152
98,218
30,659 Coney
50,125
540,668
Grand Trunk Western Mar 607,826
Dallas
Electric
March
508,867
Corp_
_
__
174,809 143.057
407,978
970,964 Detroit United Ry__ 3d wk Apr 233,144
5,506,664 4,981,425 1,020,084
July 1 to Mar 31197,606 3,601,657 3,068.065
48.477
50,749
164,001 def32,362 def9,733 DDEB& Bat (Roe) January _ _ 48.477 50.749
Detroit(Jr Hay & Mil Mar 184,927
278,662
262,489
191,813 Duluth-Superior Trac March __ _ 99,276 90,998
July 1 to Mar 31
19,734
1,889,010 1,702,048
East St Louis & Sub.. March ___ 215,594 201,018
628,908
577,863
Mar 200,986
168,381
Canada Atlantic
def3,406 def16,059 El Paso Electric Cos_ March __ _ 76,386 63.053
232,605
194,474
1,823,018 1,575,987
def3,610
107,754 42d St M & St N Ave January _ _ 153.831 127,313
July 1 to Mar 31
153.831
127,313
517.355
431,869
Mar 5,475,696 4,847,167 1,705,164 1,936,971 Galv-Houst Rice Co_ March __ _ _ 188,967 149,417
Great Northern _ b
March
Co
Ry
Rapids
Grand
302,918
287,674
98.599
105.883
58.766,649 49,593,924 26,024,554 23,094,032
July 1 to Mar 31
Harrisburg Railways March _
77,972 70,806
208,151
220,948
137,010
67,529
54,186 Havana Electric Ry_ Wk May 4 54,770 51,192
866,893
Louisiana & Arkansas a Mar 164,108
947,722
339,806 FIonolulu Rapid Tran
427,937
1,257,437 1,081,198
July 1 to Mar 31
& Land Co
March ..._ 52,683 46,110
137,496
155.516
Mar 4,925,451 4,939,330 1,052,292 1,392,262 Houghton Co Tr Co_ March
Loutsy & Nashy_ b
_ 25,638 24,485
72.128
68,580
July 1 to Mar 31
44,867.163 42,485,057 12,095,619 13,241,210 Hudson &Manhattan January __ 330,380 318,699
330.380
318.699
Idaho Traction Co_ March ___ 33,505 31,448
94,964
87,038
Mo Kan & Texas_b_ _ _ _Mar 2,469,433 2,016,273 1563,208 .f282,741 Illinois Traction..
___ 624,070 590,277 1,880.461 1,790,362
25,260,428 22,011,678 18,152,439 15,556,918 Interboro Rap Tran_ March
July 1 to Mar 31
March ___ 2958.105 2859.256 8,461,708 8.329.474
232,251 Jacksonville Trac Co March _ _ 59,2201 51,257
158,598
229,792
147.047
Nashv Chat & St L_ b_ _Mar 1,145,865 1,041,417
93,289 92,120
261,391
10,015,824 9,088,155 2,236,095 2,128,543 Lake Shore Rice Ry_ March_
282,342
July 1 to Mar 31
134,065 109,302
Lehigh Valley Transit March _
310,515
374.116
_Mar
26,734
10,678
5,592
-Oregon
b30,556
Nevada-Cal
Lewis Aug & Watery March ___ 48,595 42,610
115,682
134.896
309,472
71,034 Long Island Electric_ January __
90,428
259,308
July 1 to Mar 31
12.742
15.090
15.090 12.742
936,622
986.718
152,471 Milw El Ry & Lt Co.. February _ 465.508 453.695
Mar 692,344
755,777
133,173
N Y Ont & West a
191,911
_
80.794
Lt,
February
Milw
Co
Tr
&
164.326
Ht
95,462
7,117,525
1,686,077
6,909,362
2,058,275
July 1 to Mar 31
206.381
Monongahela Vail Tr March ___ 71.997 63.179
178,005
Norfolk & Western_b_Mar 3,568,830 3,270,707 1,215,247 1,067,496 Nashville Ry & Lt.. March __ _ 174,934 168,647
532,255
491,721
32,942,970 29,244,104 11,951,949 10,319,106 N Y City Interboro January __ 46,915 33,005
July 1 to Mar 31
46.915
33,005
January __ 28,163 24.131
N Y & Long Isl Tr
28.163
24.131
33,279 N V & North Shore January __
322,890
Mar 1,395,394 1,299,316
Pere Marquette_ a
10,791
9.815
10.791
9,815
13,305,003 12.598,476 2,603,137 1,866,526 N Y & Queens Co
July 1 to Mar 31
January __ 103.585 90.624
103,585
90,624
__
March
1206.307
Railways_
1125,027 3,413,622 3,239,864
221,238
120,054
63,699 New York
Rich Freds & Potom_b_Mar 281,114
14,188 13.771
39,478
37,244
2,131,836 1,812,406
624,923 Northam Easton & W March ___
809,019
July 1 to Mar 31
North Ohio Trac & Lt March _ _ _ 227,145 215,888
823,487
687,181
33,505
19,862
52,287
def6,362 North Texas Elec Co March ___ 186,895 139,192
Rio Grande Southern b_Mar
486,726
367,375
379,467
165,641
494.080
4,531
11,629 Ocean Electric (L I). January -5,154
July 1 to Mar 31
4,531
4,154
Paducah Tr & Lt Co.. March ___ 24,662 23,656
75,700
71,279
Rock Island Lines-b.-Mar 5,594,102 4,989,532 1,321,059 1.067,975 Pensacola Electric Co March ___
70,590
67,585
48,862,557
31
14,282,187 12,651,062 Phila Rap Trans Co_ March ___ 2009:442 1883:3'93 5,786.667 5,417,254
54,410,219
July 1 to Mar
270,071
Mar 268,792
38,434
49,332 I'ort(Ore)RyL&P Co. March __ __ __ 514,896 543.138 1,628,565 1,593,278
Rutland b
March
73.943 68,030
209,930
193,730
733,452
101,183
777,299
Jan 1 to Mar 31
105,857 Portland (Me) RR February
_ 655,734 661,206 1,357,374 1,381.992
Puget Sd Tr Lt & P
St L Iron Mt&
963,099
_ _a Mar 2,872,580 2,538,085
875,029 Richmond Lt & RR_ January __ 25,192 23.667
25,192
23.667
26,173,967 23,047,204 7,935,352 6,680,244 St Joseph(Mo)Ry,Lt.
31
So_July 1 to Mar
Heat & Power Co_ March ___ 103,807 94,320
306,866
288,562
St Louis & San Fran_b_Mar 3,678,459 3,462,772 1,234,989 1,006,354 Santiago
Elec Lt & Tr March _
37,713 31,432
114.133
96,274
35,144,762 32.384,859 12,056,224 10,562,491
July 1 to Mar 31
Savannah Electric Co March ___ 67,003 58,963
196,789
173,760
January -- 81,368 70.780
Chicago & East Ill_ b_Mar 1,268,382 1,406,379
81,368
245,769
70,780
383,375 Second Ave (Rec)
12,367,083 12,004,538 3,051,404 3,311,223 Southern Boulevard.. January _
9,076
14.081
14.081
JU1Y 1 to Mar 31
9,076
Staten Isl Midland January __
17,915 16,320
16.320
17.915
Total all lines_b
Mar 4,946,840 4.869,151 1,480,758 1,389,729 Tampa Electric Co.__ March ___ 65.678 62.057
196.191
182.467
to
44,389,397
Mar
47,511,845
July 1
31
15,107,628 13,873,714
[VOL. xcvi.
THE CHRONICLE
1360
Name of
Road.
. Latest Gross Earnings.
Jan. 1 to latest date.
Week or
Month.
Current
Year.
January __
Third Avenue
Twin City Rap Tran_ 4th wk .Apr
Underground Elec Ry
of LondonLondon Elec By.. Wk Apr 26
Metropolitan Dist.. Wk Apr 26
London Gen Bus Wk Apr 26
Union By Co ofNY0 January _ _
UnionRyG&ECo(Ill). March _ _ _
United Rys of St L February _
United Rita of San Fr January__
Westchester Electric_.January
Yonkers Railroad_
January _ _
York Railways
March _
Youngstown & Ohio.. March.. _ _ _
Youngstown & South February__
Current Previous
Year.
Year.
Previous
Year.
305,568
326,444
326,444 305.568
204,511 187,417 2,726,889 2,536,358
£14,435
£12,615
£65,970
201.749
387,918
924,368
697,317
40,805
28.486
61,052
18,978
10,931
£13,365 £247,505 £243,835
£12,494 £224,154 E213,251
£54,065 £945,031 £718,407
180.130
201,749
180,130
923,076
315,800 1,190,809
893,419 1;921,563 1,825,814
671.393
697.317
671,393
41,277
40,805
41,277
52,207
28,486
52,207
176,960
56.003
167.859
54,304
53,523
19,106
22.668
10,551
20.648
C These figures are for consolidated company.
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
Roads.
-Gross Earnings-- -Net Earnings---Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
62,035
Aug-Aiken Ry & El_a_ _Mar
174,684
Jan 1 to Mar 31
Brooklyn Rapid Transit..b6,085,162
Oct 1 to Dec 31
12,680,683
July 1 to Dec 31
Chautauqua Traction_b29,220
Jan 1 to Mar 31
141,469
July 1 to Mar 31
27,981
Cleve Painesv & East a_Mar
80,624
Jan 1 to Mar 31
Coney Island & Bklyn_ a341,354
Oct 1 to Dec 31
Jan 1 to Dec 31
1,585,990
Detroit United Ry_ b_ _ _Mar 1,029,298
Jan 1 to Mar 31
2,913,589
Federal Light & Trac_ _Mar 203,017
Jan. 1 to Mar 31
627,724
Lake Shore Elec Rya _ _Mar
93,289
Jan 1 to Mar 31
282,342
Massachusetts Elec Cos_ b2.027,976
Jan 1 to Mar 31
7,028,306
July 1 to Mar 31
N Y City Interborough-aOct 1 to Dec 31
136,145
Jan 1 to Dec 31
466.743
N Y& Long Island Trac-aOct 1 to Dec 31
92,607
Jan 1 to Dec 31
392.000
N Y & Queens County_aOct 1 to Dec 31
323,543
Jan 1 to Dec 31
1.331,318
Richmond Light & RR _ aOct 1 to Dec 31
82,157
Jan 1 to Dec 31
375,374
Schenectady Railway_ bJan 1 to Mar 31
310,968
Staten Island Midland_aOct 1 to Dec 31
59,391
Jan 1 to Dec 31
289,374
Third Avenue-aOct 1 to Dec 31
982,172
Jan 1 to Dec 31
3,840,570
Unit Lt& Rye (Sub Cos)Mar 484,411
July 1 to Mar 31
4,280,794
51.773
157,546
31,117
86,054
24,724
75,072
5,768,480 2,590,109 2,380,174
12,182,325 5,633,038 5,271,477
25,686
72,407
def2,451
60,541
12,767
32,819
9,578
23,349
304,534
1,409,273
870,195
2,468,211
176,140
541,785
92,120
261,391
80,932
440,319
345,833
928.829
85.566
276,548
30,367
94,645
61,878
348,963
304.761
831.815
73,452
238,206
33,175
90,595
1,910,085
566,204
548,530
6,775,726 2,478,514 2,320,651
95,075
314,097
33,437
97,315
3,927
44,019
88,661
389,169
4,277
54,190
11.399
108,174
301,115
1,253,991
26,898 def34,445
23,971 def16,921
78,686 def10,919
362,032
30,363
' 7,425
37,610
275,530
118,763
98,069
56,244
279,728
5,933
66,965
9,040
51,711
398.187
369,092
936,324
3,680,411 1.557,855 1.682,317
158,887
417,333
189,817
3,823,936 1,814,490 1,561,252
a Net earnings here given are after deducting taxes.
b Net earnings here given aro before deducting taxes.
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- --Bal. of Net Earns.-Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports os steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of April 29. The next will appear in that of May 31.
Pennsylvania Company
Entire capital stock owned by Pennsylvania RR. co.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Samuel Rea, Pittsburgh, Pa., March 26 wrote
in substance:
Mileage.-The increase (335 miles) in the mileage operated by the Pennsylvania Company is due to the inclusion of the Cleveland Akron & Cincinnati By. which had heretofore been operated under its own organization.
Results.-The total operating revenues of all lines directly operated
were $62,950,425, an increase of $9,277,123, or 17.28%, due to better
business conditions in the territory served, especially in the iron, steel and
bituminous coal trade, as compared with the depressed conditions of 1911.
There was an increase of $7,788,500, or 19.60%,in the revenue from freight
traffic, due to an increase of 21.80% in the number of tons handled, and
an increase of 23.94% in the tonnage mileage.
The total operating expenses increased $7,684,179, or 20.79%, due to
increased maintenance expenditures and to repairing extensive sections
damaged or destroyed by heavy rains and floods in the summer; also to
severe weather in January and February 1912; to higher wages; the operation of the "extra train crew law"; increased cost of fuel and other materials, and improved construction to meet the requirements of heavier
rolling stock. Taxes increased $308,960, 9r 12.72%.
The net income after providing for rentals,interest, &c., was $12,702,639.
an increase of $1,058,159. From this net income, appropriations were
made aggregating $3,286.139 for sinking and other reserve funds,$3,000,000
for additions and betterments, $5,600,000 for dividends upon the outstanding capital stock and $84,133 for the payment of maturing principal of
equipment obligations, leaving a balance of $732,368, which was transferred to profit and loss.
Sale of Securities.-To provide for the purchase of additional equipment
and real estate, for the construction of additional tracks, yards, sidings,
&c., there were issued and sold $10,000,000 of Pennsylvania Company
Guaranteed 4% Gold Trust Certificates, series "E," dated May 1 1912
and maturing May 11952. (V. 94,768.)
Matured Bonds.-The 1st, 2d and 3d M. bonds of tho Pittsburgh Ft.
Wayne & Chicago Ry. Co. matured on July 11912, and full provision was
made for the payment and cancellation of such of the bonds as had not
already been retired through the sinking funds.
Road and Equipment Expenditures.-On the Pittsburgh Fort Wayne &
Chicago Ry. the principal additions consisted of the construction of a fourth
main track from Adams, Ind. to Fort Wayne, 2.44 miles, about half completed Dec. 31, the construction of about 8 miles of third track, the construction of the foundation for a new and commodious passenger station
at Fort Wayne, the continuation of track-elevation work at Fort Wayne
and Chicago and the completion of a number of subways in connection
therewith, completion of all foundation work for the new double-track
lift bridges across the Calumet River In South Chicago and contract
awarded for the fabrication and erection of the superstructure, completion
of a large portion of the new overhead bridge at WashingtonSt., Chicago,
completion of new brick passenger stations at South Chicago, Ill., Hobart
and East Chicago, Ind., and the acquisition of real estate for new passenger
station at Canton, Ohio.
On the Pittsburgh Youngstown & Ashtabula Ry. the third and fourth track
work from Wampum to Edenburg has been practically completed, the grading and masonry were completed for a second track in Ashtabula.
On the Cleveland ea Pittsburgh RR. new passing sidings and yards have been
completed, grading was started for a second track from Bayard to Kensington, the enlargement of the yard facilities at Bedford was completed and
good progress was made upon the track elevation work in Cleveland, and
the new ore dock mentioned last year was put in operation during the year.
Securities Owned.-The securities owned by the company at Dec. 31 1912
held at a valuation of 3202,920.418, produced an income of $12,833,223.
Acquisitions.-Your holdings of stocks were increased by the purchase
of a substantial interest in the Belt Railway Co. of Chicago, by the conversion into Norfolk & Western By. Co. common stock of $910,000 convertible
bonds, by the purchase of practically all the stock and the entire bond issue
of The Ohio River & Western By. Co., a narrow-gauge line extending from
Bellaire to Zanesville, Ohio, about 110 miles, and by the receipt of special
betterment stock from the leased lines in settlement of betterment accounts.
Statement as to $16,236.642 Expended during 1912 for Construction, Equipment, &c.-Lines West of Pittsburgh.
.:
[Incl. in Road and Equip. accounts InAlblaoli.heshi eets ofthe
Companies ($7,683,358)Penn. Co. Lines($8,553.284)Pennsylvania Com any_.$1,955,729 P. C. C. & St. L. Lines....$6,434.832
658,785
Ft. W.& Chic. y ___ 3,247.661 Vandalia RR. Lines
1,819,361 Gr. Rap.& Indiana Lines_
258,351
Cleve. & Pittsburgh RR__
25
78
3:248
Pits. Young. & Asht. By: 639,859 Independent companies
1
61:3,764 Sundry branch roads
Tol. Col.& Ohio Riv. RR
276,909
Other companies
Aug-Aiken Ry & Elec.. Mar
15,721
20,519
10,598
9,003
Jan 1 to Mar 31
53,937
46,347
32,117
28,725
Brooklyn Rapid TransitOct 1 to Dec 31
2,018,059 1,950,642 x739,216 x564,063
OF THE PENNSYLVANIA COMPANY DEC. 31 1912
July 1 to Dec 31
4,075,661 3,955,418 x1,870,915 x1.577,814 STOCK HOLDINGSAGGREGATING
(AT PAR) $230,030,700.
Chautauqua Tractpennszilvanlia S
1:2
000 P
50
3,0
40
$
15
erteerem
iC
inolaR
coym......:$7,7
Dalt°. & Ohio RR., pref
35
838:6
0900
Jan 1 to Mar 31
17,714
zdef19,043
Balto.
&
Ohio
RR.,
corn
July 1 to Mar 31
73,346
def9,916
240,000
Penn.
'runnel & Term. fly.. l0,000,000
Belt By. of Chicago
Cleve Painesv & East.. _ _Mar
10,421
9,757
2,346
def180 Cambria
22,504,100 Pitts. Cin. Ch. & St. L., pref_22,462,200
Steel Co
Jan 1 to Mar 31
31,120
29,717
1,699
def6,368 Central Indiana By
60,000 Pitts. Cin. Ch. & St. L. corn_23,390,300
Coney Island & BrooklynClev. &Pitts. RR.guar. spec. 3,872,050 Pitts. Ft. Wayne & Chicago
Oct 1 to Dec 31
82,081
46,095,200
82,068
x6,002
z10,891 Cleveland Akron & Cin. Ity_ 7,498,488 By. Co., guar. special
Jan 1 to Dec 31
329,796
328,062 z136,791
277,535 Ctn. Richm. dr Ft. Wayne_ _ .... 1,277,000 Putts. Youngstown dr Ashta
1,000,000 bula By. Co., preferred_ .... _ 5,775,000
Mar 180,309
Detroit United By
177,406 z182,924 x144,834 Chic. Ind. & Eastern Ry
250,000 Pitts. Y'town & Ash. ay.,corn. 2,100,000
537,413
Jan 1 to Mar 31
537,165 x450,037 z344,536 Englewood Conn. By
Erie & Pitt-s. RR., guar. spec_ 845,000 Pitts, Joint Stock Yards Co.._ 500,000
34,954
31,769
Lake Shore Elec Ry___ _Mar
def4,587
defl.594 Grand Rapids & Indiana By.... 2,965,900 South Chic. & Southern RR__ 842,500
104,193 def10,184 def13,598 Lake Erie & Pittsburgh Ry_ _ _ 2,150,000 Terre Haute & Peo. RR., pref. 1,126,200
104,829
Jan to Mar 31
Lo
Lltutils
evr
Massachusetts Electric CosilleaB
mrlidRgR
e.c
,o
spec. bett't 2,099,400 Terre Haute & Pee. RR.,corn. 204,800
16
1:03
13
1:4
200
489,692
902,000 Tol. Peoria & Western By..- _2
450,045
116,159
Jan 1 to Mar 31
58,838
July 1 to Mar 31
1,400,968 1,427,008 1,077,546
893,643 Norfolk & Western By., pref.Ohio5,000,000 Tot. Columb. & Ohio Riv. By. 8,000,000
Norfolk &Western By., coin.. 3,190,000 Vandalla RR
N Y City Interborough30
200
0:0
000
2,000,000 Youngstown & Ravenna RR.. 2,0
22,860
z5,403 zdef18,096 Ohio Connecting By
Oct 1 to Dec 31
28,862
652,600 Wheeling Terminal By
91,593 zdef14,562 zdef45,654 Ohio River &Western Ry
Jan 1 to Dec 31
113,961
1,447,802
Ont. Tran. Co.. 125,000 Miscellaneous
Pennsylvania
N Y & Long Island Trac-15,609 xdef12,722 zdef3,022 Penn.sylvania Steel Co., pref.- 1,158,300
Oct 1 to Dec 31
17,434
63,969 zdef11,923
Jan 1 to Dec 31
67,372
x45,791 BONDS OWNED BY THE PENNSYLVANIA COMPANY DEC. 31 1912
N Y & Queens CountyAGGREGATING(AT PAR) 1334,028,612.
xdef44,442
65,554
Oct 1 to Dec 31
71,580
zdef99,643 Cln. Leb.& Nor. cons. M.4% $400,000 Ohio River & Western lstM.4% $600,000
Jan 1 to Dec 31
282.144
259,838zdef257,635zdef276,118 Chic. Ind.& E'n let M.5%.. 500,000 Penn. Steel roll'g stk. tr. 4%. 900,000
Richmond Light & RRChic. Ind. & E'n gen. M.6%. 100,000 Penn. St. fr. car tr. 4% gold__ 3,300,000
x9,587
Oct 1 to Dec 31
31,742
31,768
515,655 Cen. Ind. By. 1st M.4% gold 750,000 Penn. St. eq. impt. tr. 4%___ 4,000,000
Jan 1 to Dec 31
z103,762
131,955
8,800,000
127,019
589,656 Erie dc Pitts. RR. deb. 355%.. 360,112 Penn. gen. frt. eq. tr. 4% _
Cr. Rap.& Ind. Ry.2d M.4% 3,237,000 Penn. RR. water sup.tr W.__ 5,000000
Schenectady Railway& St. L. Ry. 1st M.6% __ 500,000 Tol. Peoria & West. lit M.4% 1,248,000
Jan 1 to Mar 31
278,489
41,244
38,624
562,236 Ind.
Miscellaneous
2,150,000
blocks
L.E.& Pitts. Ry. 1st M.4 yi%
983,000
Staten Island MidlandLong Island RR.equip. trust_ _1,700,000
LA Oct 1 to Dec 31
14,162
13,684 zdef7,752 zdef4,468
Total par value of stocks, $230,630,700; par value of bonds, $34,028,612; total,
0.1 Jan 1 to Dec 31
x11,752 zdef2,662
56,432
54,783
$261,659,312; cost, as per general balance sheet, $202,920,418. Of the foregoing
Third Avenuesecurities there are deposited as collateral with the various mortgages and trust
Oct 1 to Dec 31
241,501
97,972 x365,145 x301,576 obligations stocks of a par value of $121,057,100. (The principal changes in the
Jan 1 to Dec 31
942,154
429,616 x1,483,170 21,257,187 stock holdings from a year ago (all increases) were: Cleveland & Pittsburgh Bit. speUnit Lt & Rys(SubCos)_Mar 112,056
91,657
77,760
67,230 cial guaranteed, $1,219,100; Belt By. of Chicago, $240,000 (new Item); Norfolk dr
July 1 to Mar 31'
869,441
832,335
945,049
728,917 Western By. common, $910,000; Pittsburgh Ft. Wayne & Chicago ity. guaranteed
special, $1,993,400, and the new items of Ohio River & Western By.. $625,600
and the Youngstown & Ravenna BR.. $320,000. In bonds owned the principal
z After allowing for other income received.
MAY 10 1913.j
1361
THE CHRONICLE
Erie & Pittchanges were the new items of Ohio River & Western 1st M.4% $600,000;
burgh RR. gold debentures 3!% $360,112, and the following decreases: Long
Island RR. equip. trusts, $300,000: Penna. Steel frt. ear trusts 4%, $1,000,000;
Penna. Steel rolling stock trust 4%,$300,000; Penna.Steel equip. tr. 4%,$1,000,000;
Penna. gen. frt. equip. tr. 4%, $2,200,000; Penna. RR. water supply trust eerts.,
$1,000,000.-Ed.)
INCOME ACCOUNT.
1911.
1912.
1011.
Other Income1912.
Dividends and int.
$
Oper. Revenues12,760,723 12,206,516
received
47,526,730 39,738,230
Freight
311,109
9,545,608 9,254,578 Joint faeilities,rents 338,492
Passenger
375,092
1,100,351 1,113,451 Miscell. rents_ _ _ _ 280,984
Mail
1,573,032 1,417,081 Hire of equip., bal. 178,006 def.20,185
Express
645,603
Other transp. rev_ 2,085,326 1,834,714 Sundry other inc. 417,549
314,347
1,119,378
Non-transP. rev
Gross income_ _ _29,512,542 27,767,321
Total over. rev_62,950,425 53,673,301
DeductExpensesMaint.way&struc_ 0,440,847 6,666,532 Int. on bonds_ _ _ _ 5,298,188 5,090,634
248,026
Maint. of equipt_ _11,161,332 9,511,530 Other interest_ _ _ 267,127
982,746
944,468 Lease of oth. roads 10,423,441 10,258,566
Traffic
414,472
Transportation_ _ _21,906,260 18,730,151 Joint facillties,rents 681,941
111,145
139,205
1,152,227 1.106,552 Miscellaneous_
General
Dividends, 7% _ _ 5,600,000 5,600,000
44,643,411 36,959,232 Add'ns & better'ts 3,000,000 2,500,000
Total
Net oper. revenue_ 18,307,014 16,714,070 App.skg.,&c.,fd__ 3,286,139 3,132,446
168,265
84,133
Outside oper., def.
32,205
35,825 Car trust-prine'l
2,738,020 2,429,060
Taxes
Total deduens_28,780,174 27,523,554
732,368
243,767
Oper. income_ _15,536,788 14,249;185 Balance
Note.-The lines "operated directly by the Pennsylvania Company," aggregating
include:
above,
shown
are
which
of
miles
earns,
Dec. 311912, gross and net
1,680.93
Controlled by Stock or Otherwise- Miles.
Miles.
Operated under Lease470.53 Pitts. Ohio Valley & Cincinnati_ 15.09
Pitts. Ft. W.& Chicago
23.05
12.23 South Chicago & Southern
Massillon & Cleveland
51.52
82.97 Branches W. N.Y.& Pa. Ry
Erie & Pittsburgh
5.72
205.50 Youngstown & Ravenna, &c
Cleveland & Pittsburgh
137.56 Used jointly with other companies 73.61
Pitts. Youngst. & Asht. RY
337.94
Toledo Columbus & Ohio River.
335.21
Cleve. Akron & Cincinnati
GENERAL BALANCE SHEET DEC. 31.
1911.
1912.
1911.
1912.
LiabilitiesAssetsRoad dr equip. _a18,142,911 16,053,052 Common stock_ 80,000,000 80,000,000
Funded debt_ _ _130,423,548 122,094,548
Securs. of prop.
Equip. trusts__ 7,687,022 8,106,332
147,500
Stocks pledged 92,068,537 86,100,816 Misc. funded obl.
Stk. unple'd. 33,367,197 35,729,342 Loans& bills pay. 600,000 5,600,000
lids. unple'd_ 8,481,669 7,471,251 Traffic balances 1,667,170 1,629,200
Other invests_ .b83,835,627 83,442,54/ Vouchers&wages 5,069,119 4,529,798
813,857
790,799
7,257,908 4,122,632 Matured interest
Cash
70,620 8,301,750 Misc. accounts_ 4,617,705 4,005,540
Marketable SCO'S
895,497
Loans & bills me 2,476,509 1,592,052 Unrnat'd int.,&c. 919,918
891,014 Taxes accrued_ 1,552,843 1,242,492
Trot., &c., bal.. 1,415,633
733,916 Over. reserves__
809,931
1,176,159
Agents, &c__ _ 1,290,238
Materials ,k supp 3,570,790 2,827,652 Ltabil. on acct.
3,009,237 2,806,339
of prov. funds 4,284,554 3,940,754
M iscellaneous _
Advances, &C-. 6,705,115 5,103,132 Other deferred
1,371,055
Sink., &c.,funds 7,778,131 7,455,275 'credit items__ 1,139,224
Approp.surplus c24,177,213 19,842,840
Other deferred
937,545 Profit and loss__ 8,007,451 7,855,800
debit items_ 2,293,432
with one of 12,000 h.p., bringing the total capacity up to 50,000 h. P. La
addition, an auxiliary generating plant of 7,000 h. p. is maintained in the
center of the city, ready for immediate service.
New Office Building.-There has been erected at 14th and 0 Streets,
N. W., a •substantial four-story office building of modern fireproof construction for the executive offices of your company and the operatingstaff of the Potomac Electric Power Co.
Potomac Electric Power Co.-New contracts .were negotiated covering
an aggregate installation of 125,865 16 c. p. lamp equivalents. Franchises
and lighting contracts were secured at Takoma. Kensington, Gaithersburg
and Washington Grove, all in Maryland. Ten private isolated plants were
closed down and their business taken over. The widespread use of Mazda
lamps has caused some curtailment of income from incandescent lighting.
it being necessary to secure therefrom nearly twice the connected load to
maintain the revenue. Total connected load on Dec. 31 1912 was 48,637.4
k. w., an increase of 4,521 k. w., while the total equivalent in 16 c. p.lamps
was 972,748, an increase of 90.436 over 1911.
ENTIRE SYSTEM FOR CALENDAR YEARS.
1909.
1910.
. 1911.
1912.
63,537,190 60,314,248
Paying passengers
4.316c.
average fare
4.305c
do
20,424,051 20,995,292
Free transfers
3.164c.
3.221c.
Total average fare
16,212
Electric customers
19,447
Gross earnings •
$4,648,328 $4,336,519 $4,123,560 $4,080,064
2,110,579.
2,151,829
Operating expenses_ _ _ _1 2,528,224! 2,190,611
200,028
210.781
219,593
1
Taxes _ _
Net earnings
$2,120,104 $1,926,315 $1,760,950 $1,769,457
10,602
23,311
16,152
13,233
Miscellaneous Income..
Total
DeductInterest
Miscellaneous _ _
$2,133,337 $1,942,467
$1,784,261
$1.780,059
$1,087.336 $1,077,666 $1,056,439 $1.030,265
13,179
13,893
20,271
Total
$1,107,607 $1.091,560 $1,069,618 $1,030,265
$749,795
Surplus
$714,643
$1,025,730
$850,908
(56.64)
Pc.of op. exp. to earns_
(57.27)
(55.57)
(54.39)
425,000
425,000
425,000
Div. on pref. stock (5%)
425,000
(1)65,000
Div. on common stock _ (4)260,000 (2)130,000 (2)130,000
$259,795
$159,643
$340,730
Surplus
$295,908
The surplus income, after providing for fixed charges, was $1,025,730.
Adding profit on investments, $1,207, and deducting dividends paid by
the Washington Ry.& Electric Co.,$685,000. there was a balance of $341,938. Deducting distribution to conductors and motormen under profitsharing plan, $19,123, depreciation on equipment (railways), $65,574;
removal of abandoned tracks, $1,047; charged off, account Glen Echo Park,
$1,000; fire loss, $22,513: $84,700 sinking fund requirements, Potomac
Electric Power Co.; $16,841 loss due to abandonment of street lighting
equipment Pot. Elec. Pow. Co., and loss on other equipment
dismantled, P. E. Pow. Co., $2,327, leaving balance to credit of profit and
loss, $128,812.
BALANCE SHEET OF WASHINGTON RY.& ELECTRIC CO.
1912.
1911.
1911.
1912.
Liabilities-AssetsCost of property 31,835,097 28,182,972 Preferred stria_ _ _ 8,500,000 8,500,000
855,629 Common sleek... 6,500,000 6,500,000
Co'.s stk.& cons.4s 853,965
Funded debt.._ _a16,471,468 13,093,518
Potomac Electric
516,290
100,000 Deprec. reserve__ 516,290
Power Co. loan_ 200,000
78,717
5,140 Accounts payable_ 254,364
Inv.in sundry secs
56,500
.cos.)
(sub
.
y
pa
Bills
94,431
101,883
supp_
&
Materials
Total
262,228,314
262,228,314
271,769,555
271,769,555
Total
121,877
83,598
149,252 Accrued interest__
Accts. rec, sub. cos. 40,757
30,373
45,341
77,480
46,290 Accrued taxes_ _ _ _
Accts. reedy., misc.
a After deducting reserve for accrued depreciation of equipment, 83,172,687. Prepaid
4,328
damfor
6,001
Reserve
Insurance.
cos.
&c.,
for
affil.,
construcprop.,
b Other investments in 1912 include advances to
46,407
79,862
34,266
ages & renewals.
Disset on oblig'ns__
tion, equipment and betterments, $11,389,990: physical property, $3,363,194, and Cash
339,250
374,950 Profit & loss,surp. .1,032,516
964,762
securities, pledged, $10,307,500, and unpiedged, $58,774,943. c Appropriated
income,
surplus in 1912 includes 66,717,858 for additions to property through
Total
33,532,623 29,813,665
33,532,623 29,813,665
Total
since June 301907;$7,282,392 funded debt retired through sinking funds, $647,595;
Invested in sinking funds: $5,198,760 invested In other reserve funds, and 84,330,608
*After adding $860,profit on investments and deducting $54,406 depreas a reserve for additions and betterments.-V.96, p. 791.
ciation on equipment, $1,000 charged off account Glen Echo Park, $50,192
charged off account Rockville reorganization and $12,965 distribution to
conductors and motormen under profit-sharing plan.
Washington (D. C.) Railway 8z Electric Co.
a The funded debt, $16,471,468, as above, includes $937,950 Washingten Ry. & Elec. consol. 4s in the treasury, there being $9,704,400 of these
(Report for Fiscal Year ending Dec. 31 1912.)
bonds in the hands of the public. The debt of the company also includes
the bonds of the former Columbia Ry. Co., the Metropolitan RR. Co.
Pres. Clarence P. King, Feb. 1, wrote in substance:
and the Anacostia & Potomac River RR.
Results.-The gross earnings were $4,648,328, shoeing an increase of'
The total funded debt of the system, incl. the debt of-the controlled cos.
$311,809, and the serpius income (after charges) was 81,025,730, being ($8,487,000), is $24,958,468. See page 128 of "Elec. Ry." Section.
an increase of $174,823. Dividends aggregated $685,000, including 5%
Note.-The net income cf the whole system for 1912, as shown above in
on pref. stcck and 4% on corn. ,contrasting with 2% in 1911). The the incomeaccount, was $1.025,730, of which $155,272 was applied directly
sinking fund of Potomac Electric Power Co. called for $84,700.
the subsidiary companies without passing through the profit and loss
by
Charges to anstruction Account for Additions, Extensions and New Equip- account of the Washington Ry.& Elect. Co.-V.96, P. 948.
ment.--(a) Railway companies, $422,538, less credits from retirement of
house
car
(loss
of
above
salvage
and
fire
insurance
cars, destruction by
United States Rubber Co., New York.
$22,513). abandonment of tracks, &c., $24,4,501, net charge, $178.037,
not including considerable amounts not yet due on contracts for cars, etc.
for Fiscal Year ending March 31 1913.)
(Report
(b) Potomac Electric Power Co., net, $534,046.
Changes in Funded Debt.-The company issued during the year $399,000
P. Colt, May 11913, wrote in substance:
Samuel
President
M.
1st
6s
for
exchange
in
Brightwood.
$250,000
45,
additional consol.
Consolidated Statement.-As the company now owns all but a fraction of
Ry. Co. maturing Oct. 1 1912 and $149,000 for extensions, betterments
and improvements; $313,000 were sold during the year. The l'otomac 1% of the common stock and the great bulk of the pref. stock of the Rubstatements
El. Power Co. issued $638,000 consol. M.5s, of which $381,000 were sold. ber Goods Mfg. Co., we include this year in our consolidated
Consolidation.-The consolidation with the Anacostia & Potomac River the operations of the latter company. For comparison, the statements of
RR. Co. and the Brightwood Ry. Co. added 37.78 miles single track both companies as made last year should be considered (V.94, P. 981, 1311).
The operations of the Canadian Consolidated Rubber Co., Ltd., the
to the mileage actually owned by the company. We have transferred to
General Rubber Co. (see V. 95, p. 1544), the United States Tire Co. and
the Potomac Electric Power Co. our interest in the Great Falls Power Co.
Washington& Rockville Ry. Co.-The receivership of this controlled com- the Rubber Regenerating Co. (the latter recently acquired) are not inpany was terminated in Oct. 1912, and the company refunded its debts cluded in the consolidated statements. The dividends, however, derived
loy issuing $100,000 new 1st M.5% bonds out of a total authorized issue from the same go to make up the profits of the year.
Total Surplus-Reserve.--As now shown, the total surplus includes the
of $250,000 [Am. Security & Trust Co. of Washington, trustee) and increased its capital stock $200,000, making the total stock now out $250,- surplus of the Rubber Goods Mfg. Co., that of the U. S. Rubber Co. for
000. (V. 95, p. 1209). This settlement so scaled the liabilities that your last year having been reduced by the common stock dividend, $5,000,000,
and having been augmented by $2,254,700 gain by the conversion during
company charged to profit and loss $50,192.
The Maryland Legislature has enacted a law restoring to the company the same period of 2d pref. stock Into 1st pref. stock on the basis of 4
shares of second for 3 shares of first. The surplus Is also increased by $6,the four-zone method of fares, instead of the three-zone method.
Future Financing.-During the past seven years, the cash expenditures 909,275, being the difference between the par value of the common stock of
for new construction, additional equipment, extensions, betterments and the Manufacturing Co. purchased by the U. S. Rubber Co., and the price
improvements, have averaged about $1,000,000 per annum. For 1912 paid therefor; resulting, with the year's operations, in a present surplus of
the expenditures, including balances due or to become due on contracts for $23,545,629.
From this surplus the directors have set up as a reserve $7,000,000 availcars and other equipment, have been considerably in excess of the above
in the several
average, while for the future the requirements are likely to be even greater able for depreciation. The fixed surplus formerly appearing
the surplus of each of
than in the past. The company has practically reached the limits of its statements of the two companies, which represented
their acquisition, and
borrowing powers under existing mortgages, all of its 4% bonds reserved their several subsidiary companies at the time of
subject to division, may also be
for new construction, extensions, additions and improvements, have been which amounts to $14,504,714, not being
property valuations.
issued and only $271,000 of the consols of the Potomac Electric Power Co. applied whenever deemed advisable in reductiontoofhave
the fiscal year end
decided
purposes.
been
The
has
.-It
Year
such
Fiscal
in
of
entire
tter
Change
ma
for
providing
issued
be
to
remain
date
the reports are made
when
the
being
this
the
into
31,
distant future has been given Dec.31 instead of March
a plan for permanent financing
up for the Federal Government. It is therefore desirable that the annual
careful consideration but no final conclusion has been reached.
in March instead of in
Business.-The railway companies carried 83,961,241 passengers during meeting be held on the third Tuesday
May. and in
Volume of Business.-The net sales for the year were $91,782,862,
the year, of which 20,424,051 were free transfers. The average faro was
of the Canadian company were $7,199,336. In
4.305c. per pay passenger carried. The average fare was 3.221c. per addition the net sales prices
were
lower
than
during
year.
the
selling
previous
On
transfers.
the
cases
the
Dec.
including
1912
most
Potomac
31
passenger carried,
Electric Power Co. had 19,447 customers, an increase of 3.235.
The sales of the General Rubber Co., U. S. Tire Co. and Rubber RegenerMaintenance of Railway and Lighting Properties.-In 1908, $512,266; ating Co. are not included, their product not adding to the aggregate
1909, $630,901; 1910, $669,632; 1911, $657,379; 1912, $674,927; total, product of manufactured goods.
Profits.-The net profits for the year were $7,544,218, after bringing
$3,145,105. Also in 1912 profit and loss was charged with $65,574, as
depreciation on equipment; total so charged since 1909, $245,574.
down to market price the inventories of crude rubber and other materials.
Rolling Stock of the System.-This now numbers 726 cars of all types; 66 Of this profit, however, $219,131 pertains to the minority stock interest
new pay-within semi-convertible cars seating 50 are now being delivered, In the Rubber Goods Mfg. Co. and a subsidiary. The net profits, after
having centre-entrance, low-step, double-trucks, four motors, uniform deducting all interest on funded and floating debt and also the dividend
wheels, steel sides, metal window frames, cross seats, aisles, air brakes, payments, were 21,730,755. Both the net earnings and volume of business
air sanding devices and an automatic heating and ventilating system. are the largest in the history of the company-the percentage of net profit
A sample new double-decker center-entrance car to seat 100 passengers is on net sales being, however, but about 8%.
Dividends.-The regular dividends of 8% upon the first pref. stock and
expected to be in service during July.
There have been put in service during the year 50 new 14-bench open 6% on the 2d pref, stock have been paid. 1 here have also been paid on
common stock cash dividends at the rate of 4% for the first three quarters
cars, 31 new center-entrance cars, &c.
Power Houses.-Electric current for both railway and lighting systems and at the rate of 6% for the last quarter of the year and also in July last
is generated with Curtis turbo-generators in the modern fire-proof plant a dividend of 20% in common stock (V. 94, p. 1703; V. 96, p. ion). ow
Capitalization.-In June 1912 the authorized first pref.stock wasincreased
at Benning on the Anacostia River and is distributed by the Potomac
Electric Power Co. During the past year a 2,700 h. p. unit was replaced from $40,000,000 to $70,000,000 and the authorized common stock from
1362
ft
THE CHRONICLE
$25,000,000 to $40,000,000, and the right was given to convert the 2d pref.
stock into 1st pref. stock. Undor the plan authorized, $5,000,000 of common stock was declared from the surplus as a dividend to the common
stockholders; $10,000000 1st pref. stock was offered pro rata to the stockholders at par, of which $9,699,400 has been subscribed and paid for; and
up to this time $9,018,800 out of $10,000,000 2d pref. stock has been
converted into 1st pref. stock. The company also renewed a former offer
to exchange Rubber Goods pref. stock into 1st pref. stock of the U. S.
Rubber Co., under which offer $817,800 has been exchanged during the
year.% (V. 94, p. 1453, 1512, 1703; V. 95, p. 116, 1688.)
Tire Operations.-The Morgan & Wright tire plant at Detroit is being enlarged to more than double its former capacity and a new tire mill at Berlin, Canada, is about completed.
Our sales of tires for the first 3 months of this cal. year show an increase
of about 40% over those of the corresponding months of last year.
Acquisition of the Rubber Regenerating Co.-Your board has no doubt that
not only will the direct earnings of the Rubber Regenerating Co. fully
demonstrate the wisdom of its purchase by our company at the price of
$6,000,000 in our common stock, but that the indirect advantages to your
company will far surpass even the direct returns. (V. 96. p. 291, 366.)
Crude Rubber-Far Eastern Plantations.-During the past fiscal year crude
rubber has had a downward tendency, the extreme prices for fine Para being
$1 23 on Aug. 22 1912 and $0 90 on March 311913.
The development of our plantations in Sumatra has continued during the
year. We now have planted with Hevea rubber trees(Fine Para)32,500
acres, comprising 3,900,000 trees. We now look for the first rubber from
our own estates next autumn, a year earlier than expected. It would
seem inevitable that our company must realize great benefit when the time
arrives that we obtain at least a large portion of our requirements of crude
at its cost of production in Sumatra.
Profit Sharing.-The profit-sharing plan, as adopted last year, met with
much favor and was very generally taken advantage of. Your directors
have decided to make a similar offering this year at $65 (instead of $45), at
which price, with increased dividend, the yield will be as great.
Office Building.--Our new 20-story office building, corner of Broadway
and 58th St., New York City, is a most gratifying success. Our company
Itself occupies at present ten floors, as well also the basement and subbasement. Nearly all of the remaining space has been rented to good
tenants and the unoccupied residue should also be let before the end of the
present renting season.
Maintenance.-It has not been our custom to make specific charges for
general depreciation, our many plants being maintained in the highest
efficiency and all repairs and replacements being charged to expense
account. The setting up out of surplus of a reserve available for depreciation of $7,000,000 is referred to above.
Outlook.-The present condition of the business of the company is very
satisfactory and the outlook for the future is most promising. Our sales of •
merchandise have substantially increased the past year over any previous
year (V. 96, p. 731). The lower prices prevailing for crude rubber and the
certainty of an ample supply of the crude product of the best quality from
the cultivated plantations of the Far East would indicate a future expansion
of the rubber-manufacturing industry to a far greater extent than would
have been possible if the source of supply of the crude article had continued
limited, as in past years, to the wild growth or the rubber tree in the
forests of Brazil and elsewhere. Whatever the Government shall finally
tio with respect to the tariff we believe will be done for the welfare and
prosperity of the whole people.
CONSOL, INCOME STATEMENT (incl. RUBBER GOODS MFG. CO.).
Net sales, footwear, tires, mechanical and miscellaneous_ _ _ _891,782,862
Deduct-Cost of manufacture, selling, gen. exp. and taxes ____ 81,307,155
Operating profits
Other income (net)
$10,475,707
84,123
Total income
$10,559,830
Less-Int. on funded and floating debt, $2,170,599; int. allowed
customers for prepayment, $736,459; total
2,907,058
$7,652.772
Net income
105.555
Deductions for bad debts
profits
$7,544.218
Net
Dividends-U. S. R. Co. (first pref. 8%,$3,736,782; 2d pref.
$1,390,000; total, $5,594,332);
6%,$467,550;common 4%
divs. to minority R. G. M.Co. and sub. co., $205,623; total_ 5,799,955
b$1,744,263
Sul plus for period
Additions to surplus-adjustment R. G. M.common stock from
ccst to par value, $6,909.275; capital gain in conversion of 2d
pref. into 1st pref. stock, $2,254,700; transferred from re9,554,867
serves to surplus, $390,892; total _
$11,299,130
Surplus U.S. R.Co. April 1 1912 and R.G. M.Co,Jan. 1 1912_ 17,436,607
$28,735,737
Total
Deduct-Stock dividend on common, 20% (paid July 8 1912).
12,000,000
$5,000,000; reserve for depreciation, $7,000,000; total
Surplus March 31 1913
$16,735,737
[VoL. xcvl.
The reduction works treated for all companies during the year 3,889,203
dry tons of ore and other cupriferous material at Anaconda and 1,189,039
dry tons of ore and other cupriferous material at Great Falls. Of this
4,486,873 tons was ore from company mines, 581,032 tons purchased ore and
1,337 tons precipitates and cleanings from the old works, yielding:
Total Annual Production at Anaconda and Great Falls.
1912.
1911.
1910.
Fine copper,lbs
294,474.161 259,407,093 266,608,461
Silver, oz
9,731,561
11,014,737
9,534,888
Gold, oz
48,950
61,314
57,259
Wages.-Early in the year there was a marked improvement in the price
of the copper metal, and a three-year contract was entered into with. the
Butte Miners' Union wherein it was mutually agreed that when the monthly
price of electrolytic copper is 15 cts. and over and under 17 cts., the wages
of all men employed underground shall be increased 25 cts. above the
minimum wage scale of 83 50 per day; and that when the price of copper is
17 cts. and over the wage scale for underground men shall be increased an
additional 25 cts. per day, the agreement being such that the contract is
automatic, and that corresponding reductions in the increased wage scale
will take place when the price of copper falls below the figures named.
Similar contracts for the same period, providing for an increase of 25 cts.
per day when the price of copper is 15 cts. per lb. and over, were entered
into with the other employees. These contracts will expire on June 11915.
Development.-There was done in the mines of the company during the
year, in the form of drifts, crosscuts, upraises, winzes and shatfs, 34.1 miles
of development work, and a large tonnage of ore in excess of the amount
extracted was added to the ore reserves. The shafts of the different properties were sunk to additional depths aggregating 4,736 ft.
The Modoc, Anaconda, St. Lawrence, Steward and Tramway shafts
were sunk to a depth corresponding to the 2,800-ft. level of the High Ore
mine, at which depth the new drain tunnels connecting all mines with the
High Ore shaft will be established. The developments generally have been
satisfactory, but especially so in the ground tributary to the Leonard,
Tramway, Badger, State, West Gray Rock, Original, Steward and Gagnon
shafts. On the bottom level of the last three mentioned shafts a continouus
shoot of ore of good grade and width was developed for over 2,800 feet.
The shaft at the Southern Cross mine, located. about 20 miles from the
city of Anaconda,is being sunk to the 500-ft. level. While the ore from this
proyerty contains practically no value so far as copper content is concerned,
it carries very fair gold values and is in addition a valuable aid to smelting.
Improvements.-The work preparatory to using compressed air, electrically developed, for hoisting purposes was carried on continuously, and
the main hoisting engines at 8 shafts were operated by compressed air.
Electric haulage is being installed generally, with marked success.
Coal Department.-The mines at Belt, Washoe and Diamondville show:
1912.
1911.
1910.
In Tons837,815
800,073
828,531
Coal produced
Shipped to other departments
514,208
508,913
449,421
Sold
316,647 • 309,242
244,685
Used at coal mines
78,922
74,513
69,868
The coal mines at Belt have reached such a depth that the mining of
coal cannot be carried on economically,and it is probable that this property
will be closed during 1913. These mines in 1912 produced 82,654 tons.
Washoe Smeltery.-One section of the concentrator was remodeled and
the results based upon three months' continuous operation proved it to be
an absolute success. There is available at the Washoe Reduction Works
many millions of tons of tailings, all of which would be amenable to profitable treatment should the new process prove successful.
Great Falls Smeltery.-This smeltery, built in 1889, having become somewhat antiquated, it was decided to erect in 1913 a new steel structure,
using, however, the stacks and flues built several years ago, and the same
electrolytic refinery and blast furnace department. The 12-ft. cylindrical
converter was supplanted by a converter 20 ft. in diameter. The new smeltery will be equipped with converters of this type.
Lumber Department.-The sawmills of the lumber department at Hamilton, Hope, Bonner and St. Regis cut during the year 73,541,349 ft. of lumber [against 128,334,239 ft. in 19111 and 43,360,629 ft. were purchased.
There were sold commercially 54,189,160 ft. and 83,183,847 ft. were shipped
to the mines and used at the mills for repairs and construction, &c., decreasing the stock of finished lumber on hand by 20,471,029 ft.
Subsidiary Departments.-These show for the year profits of $308,346.
Butte Anaconda & Pacific Ry.-Good progress was made during the year
in the electrification of this railway from the mines at Butte to the reduction
works at Anaconda,and the road should be in full operation some time during 1913. On Nov. 1 1912 the Georgetown extension of the Butte Anaconda & Pacific By. was completed. Steam locomotives will be used in
operating this extension, as it is not considered that there will be a sufficient
volume of business to warrant electrification, at least for the present.
TrafficInt.,
Gross
Net
Bal.,
DietTons. Passenger. Income. Income. Taxes,&c. dends.
Sur.
1912 _-_5,715,540 265,829 $1,281,306 $190,603 $86,170 $30,000 $74,433
1911 __ _4,659,696 191,794 1,058,003 192,708 85,764 60,000 46,944
1910 -5,101,187 197,240 1,207,250 267,636 84,614 60,000 123,022
Also a stock dividend of $1,500,000 (150%) paid in 1912.
PROFIT AND LOSS ACCOUNT OF ANACONDA COPPER CO. FOR
YEARS ENDING DEC. 31.
1909.
Receipts1910.
1912.
1911.
Sales cop.,silver & gold-$51,723,032 $38,918,637 $30,943,509 $11,591,845
46,582
54,551
Royalties, &c
107,075
52.486
32,147
195,219
Income from investm'ts
158,375
248,425
50,000
57.228
Rental of properties,&c.
64,986
69,829
11,733
Miscell. receipts
6,483
28,102
Net profits subsid. depts.
after
308,346
256,302
376,014
280,813
Copper,depreciation_silver & gold on
hand,(cop.at cost,sill,.
& gold at sell. price)_ 14,895,384 14,343,155 14,736,503
5,986,964
b Of this surplus $13,567 pertains to minority stock interests.
CONSOLIDATED BALANCE SHEET MARCH 31 1913.
(Not including assets or liabilities of General Rubber Co., Canadian Consol. Rubber Co., Ltd., U. S. Tire Co. and Rubber Regenerating Co.)
Assets ($185,770,827)Property and plant (incl. shares of Canadian Consolidated
Total receipts
$67,262,041 $53,890,474 $46,391,126 $18,000,084
$105,687,668
Rubber Co., Ltd., and Rubber Regenerating Co.)
DisbursementsInventories, manufactured goods and material, $30,384,520;
Copper,
silver
and
gold
$5,986,964 $6,169,245
37,841,324
total
cash, $7,456,804;
on hand Jan. 1
$14,343,155 $14,736,503
29,574,082
Bills & loans rec., $1.281.809; accts. rec., $28,292,273; total..
Copp.,silv.&gold taken
Stock owned in General Rubber Co., $5,000.000: securities,
over with pur. prop_
7,415,984
including stock and bonds of U. S. Rubber Co. held by sub5,511,820
11,439,680 Mining exp., incl. devel_ 16,905,772 14,493,824 12,628,535
sidiary companies. $6,439,680; total
105,490
3,626,897
Ore purch. (incl. transp ) 4,836,823
2,986,488
Sinking fund cash in hands of trustees, $382,760; miscella160,932
1,242,287 •
975,917
1,228,073 Trans. of ore to red. wks. 1,381,810
neous, $845,313; total
2,819,021
7,744,570
Reduc.exp.,inci. deprec. 8,863,801
7,203,880
Liabilities ($165.770.827)Trans. of metals to East,
First pref. stock, $57,281,300; second pref. stock, 3981,200;
1,163,307
refining & selling exp_ 3,730,455
3,422,660
3,001,378
$94,262,500 Administ'n
common stock, $36,000,000* total
60,326
exp., &c___
394,063
307,670
330,847
pref.
sock,
Co.
Mfg.
$1,596,100;
minority
Minority R. 0.
Deprec'n
of
plants,
&c.,
R. G. Mfg. Co. corn. stock, $60,000; minority stock sub1,009,453
written off
1,693.600
sidiary of It. G. Mfg. Co. $37,500; total
10-year 6% collateral trust sinking fund gold bonds, $18,000,Total disbursements_351.465,332 $45,574,411 $40,529,993 $15,990,141
19,975,500 Balance
000; bonds of subsidiary companies, $1,975,500; total
$15,796,709 $8,316,063 $5,861,133 $2,009,943
Loans and notes payable, $17,750,696; mdse. accts. payable,
124,830
59,626
21,349,942 Add interest
$2,840,191;'accrued int., taxes, &e., $759,055; total
9,825,486
Due Gen. R. Co., $8,125,142; les. for divs., $1,700.344; total_
Total net income ___-$15,856,335 $8,316,063 $5,861,133 $2,134,773
reserve
for
de$423,349;
of
bonds,
redemption
Reserve for
$140,230
$272,344
7,423,349 Interest
preciation, $7.000,000; total
Dividends
(10%)10,831,250 (8)8,608,750(8)6,930,000 (8)2,400,000
Fixed surpluses (subsidiary cos.), $14,504,714; surplus
31,240,451
(March 31 1913), a$16,735.737; total
Balance for year.. _ _sur.$5,025.085 def.3565.031df$1,209,097 def.$265,227
BALANCE SHEET DEC. 31.
g Of this surplus, $190,107 pertains to minority stock interests.
1911.
1912.
1911.
1912.
The contingent liabilities for certain guaranties, which are offset by corLiabilities$
15
$
Assets$
assets,
are
not
included.
contingent
responding
Cap.stk. issued 108,312,500 108,312,500
The data as to those companies whose fiscal year ends on Dec. 31 are Mines, mining
claims,land4c 68,204,021 67,652,350 Accts. & wages
for the year so ended.-V.96, p. 1027,867.
payable Sr taxes
Buildings, saw16,169,125 15,933,493 accrued
4,811,882 4,751,688
mills, do
Anaconda Copper Mining Company.
5,915,299 0,011,238 Dividend warTimber lands
[Amalgamated Copper Co. owns $76,875,000 of the $108,312,500 stock.] Invest'ts in sunrants not pre8,921
7,264
dry companies.. 6,289,350 5,426,398 sented
(Report for Fiscal Year ending Dec. 31 1912.)
335,774
242,564 Dividend payPrepaid ins., &c.
Materials&supp. 2,768,871 2,537,218 able January
na2:1B
Pres. B. B. Thayer, N. Y., May 1, wrote in substance:
1,686,059 1,919,179 Surplus
Mdse. for sale
Results.-The mines and reduction works were operated without serious Cop.,sliver&gold 14,895,384 14,343,155
interruptions and the tonnage of ore hoisted and treated was greater and Accts.rec.& cash 8,813,969 4,072,194
the output of copper correspondingly larger than for several years previous.
125,077,851 118,142,789
Twenty-two shafts were operated.
Total
125,077,851 118,142,789
Total
The mines of the company produced during the year 4,576,289 tons of
*After adding stock dividend (co's proportion) received from the Butte Anaconda
ore and 3,668 tons of precipitates, or a total of 4,579,957 tons [contrasting
St Pacific By.(7,650 shares of 3100 each), amounting to 3765,000.-V. 95, p. 819.
with 3,848,673 tons in 19111.
Ngg,g)
MAY-10 1913.1
THE CHRONICLE
1363
Special attention was paid during the year to the further introduction of
the various steels made from the new Mayan ore. More than 750,000 tons
of rails are now in service containing various proportions of this ore, and are
givigg excellent results under heavy traffic conditions.
Products of your manufacturing plants were shipped during 1912 to all
the States of the Union excepting Arizona, to Canada, Great Britain, Cuba,
Jamaica, Porto Rico. Mexico, Panama, Argentina, Brazil, the Hawaiian
Results.-The year shows a gain of $147,513 in gross earnings, and an in- Islands, the Philippines, Korea and Japan.
crease of $189,026 in net (after all charges), as compared with 1911-12.
Sale of Stock in Cornwall ee Lebanon RR.-In March 1913 the 10,852 shares
There has been a steady increase in wages and in prices of materials entering of the stock of this road, owned by your subsidiary, the Pennsylvania Steel
into the cost of production, and there seems to be a further tendency in this Co. of Penna., was sold at $115 per share to the Pennsylvania RR. Co.
direction. Market conditions generally showed some improvement, the (V. 96, p• 94 •
Urgent NO of Improvements and Additions to Plants.-During the past
total tonnage sold being in excess of that for the previous year. The new
plants continue to develop greater efficiency as regards both increased ca- ten years your companies have been furnished with adequate supplies of
pacity and economic production, and the operating results have further fuel and other raw materials, and the plants should now be able to convert
demonstrated the superior advantages to be derived from these installations. these raw materials more economically into finished products and
Bands, &c.-All litigation having been successfully terminated, the re- increase their output. The diversification of the products of the Sparrow's
ceivers of the National Salt Co. made a pro rata distribution to its pref. Point plant, which now manufactures only rails and billets and whose marstockholders, your company receiving in June 1912, as its proportionate ket is correspondingly limited, is an immediate and absolute necessity. The
share of such distribution, the sum of $101,783. With the money so re- older open-hearth furnaces at Steelton plant should be replaced with those
ceived, the trustees, under your mortgage of 1901, purchased and retired of' a modern type. Additional rolling mills, which will enable this plant to
$170,000 par value of your bonds.
furnish a larger variety of sizes and shapes in the special steels made from
Prospects.-The outlook for the coming year is favorable, the one unfa- Mayan ore, are also necessary. (See V. 94, p. 1312.)
vorable prospect being the possibility of salt being placed on the "free list."
Bonds.-Your board is now engaged in the consideration of plans to enable
The result of such action cannot at this time be forecasted, although there your company to finance these necessary improvements, which during the
is no question it would have some effect on market conditions in certain next few years will probably require about $10,000,000, for which bonds
localities.
or other securities will be issued; of this issue, $3,000,000 have been sold at
FINANCIAL OPERATIONS FOR FISCAL YEARS ENDING FEB. 28. par without commission. The proceeds of this sale will take care of the expenditures to be made in 1913.
1911.
1912.
1913.
Net earnings of the subsid, cos. after deducting
OPERATIONS AND FISCAL RESULTS-YEARS ENDING DEC.31.
all exp. of oper. and producing, admin.,
1911.
Production (gross tons)- 1912.
1910.
1909.
taxes, insur., selling cost,&c
$664,647 $519,134 $488,807
729,000
Coal
813,000
790,000
Rec'd in cash as part consideration for sale of
690,000
643,000
771,000
698,000
Western property
100,000 Coke
1,587,000
Iron ore
1,748,000
1,471,000
1,000,000
596,000
535,000
757,000
700,000
Total
$664,647 $519,134 $588,807 Pig iron
807,000
Steel ingots
681,000
847,000
800,000
DeductionsEarningsInt. on Internat. Salt Co. bonds, on Retsof
2,729,499
3,779,825
3,809,458
$351,745 $346,895 Income from operation*_ 3,113,819
Min. Co. bonds and on 3-yr. coll. tr. notes_
Inc.from invest.,int.,&c.
250,362
149,726
249,371
196,821
Misc. acc'ts & indebt.incurred prior to Mar. 1
143,440
1910
Earnings,
all
2,979,861
4,029,196
4,006,279
sources..
3,263,545
Internat.
Salt
Co.,
includMiscellan. exp. of
bonds
1,091,506
1,126,456
1,053,924
1,120,968
26,455 Interest on
ing office rents, legal exp., State tax. &c-- 367,588
31,035
' outDivs. paid on stock of subsids. owned by
Net income
2,209,621
1,888,355
2,902,740
2,885,311
28,320
10,000
side interests
Deprec. plant & equip._ _
553,729
457,262
855.403
526,855
605,803
601,374
576,462
320,411
$367,588 $411,101 $526,790 Sk. fd. sub. cos.' bds
Gain in cash assets
$297,059 $108,033 $362,017
Bal. to prof. & loss_ _ 1.050,089
829,719
1,470,874
2,038,045
-V.96, p. 1232, 1025.
P.& I. acct., beg. of yr.. 4,710,716
5,360,991 '5,302,410
4,419,365
International Salt Company.
(Report for Fiscal Year ending Feb. 28 1913.)
Pres. Mortimer B. Fuller, Scranton, Pa., Apr. 21 wrote
in substance:
Pennsylvania Steel Company.
(Report for Fiscal Year ending Dec. 31 1912.)
The report, signed by Effingham B. Morris, Chairman,
and Edgar C. Felton, President, May 1, says in substance:
Output.-The figures show an increase in 1912 in all items excepting coal.
The capacity of your coal mines was considerably greater than in 1911,
but the scarcity of railroad cars during the last half of 1912 kept production
at about 50% of what it would have been under normal conditions.
Results for 1912.-During the early months of' the year the demand for
your products was small. Beginning in May, however, an improvement
set in and prices advanced from the extremely low levels of the beginning of
the year, until at its close they were about the same as in 1910. At the
same time costs rose, because of the higher prices paid for supplies and the
increase in wages which was made at midsummer. The higher prices obtained for your products during the latter part of the year were, moreover,
not reflected to any appreciable extent in the earnings for the year, shipments being almost entirely on account of the early low-priced orders.
These conditions are illustrated by a comparison of the tonnage shipped,
invoiced values and profits for 1912 and 1911. While the tonnage of finished products shipped in 1912 was 19.3% greater than in 1911, the invoiced value of these shipments was only 12.7% greater and the gross profits were 9.5% greater. Although the net income for 1912 is $320,000 in
excess of that for 1911, it is not sufficient, after providing for sinking funds
and the depreciation accounts, upon the same basis as in the past, to meet
the regular dividend requirements. The results of the past two years, and
the necessity of expenditures for additions to and betterments of theplant
and facilities, especially at Sparrow's Point and Steelton, to enable your
company to keep pace with its competitors, made it essential to reduce the
dividend paid on the pref, stock. A dividend on this stock of 134%,payable on May 1, has accordingly been declared, making 5% for the year 1912
out of the earnings'of that year (as against 7% in 1911-V.96, p. 1233)•
• Results since 1901.-The total net earnings from operation of your company since 1901 (the year of incorporation of the Pennsylvania Steel Co. of
N. J.) have been $39,440,000. of which $14,159,000 have been distributed
In dividends on the pref. stock, no dividends having been paid on the common stock. The balance of $25,281,000 has been expended upon the improvement of the plants, the acquisition of requisite raw materials, for
payments to sinking funds and interest on bonded debt. This record shows
the earning power of your company and also is evidence of the continuous
expenditure of large sums of income as well as of capital required by the
rapid changes in the methods of steel-making.
Capital Expenditures.-In addition to approximately $2,800,000 expended
during the year for ordinary and extraordinary repairs and upkeep, and
currently charged to cost of production, the additional sum of $1,284,249
was expended for additions and improvements to the plant. Of this
amount, $253,627 was charged to capital account and the balance to reserve accounts and to costs of manufacture.
Bonds.-The bonded debt was decreased $745,000 during the year by
the payment of the following: $186,000 Cornwall bonds, $125,000 cokeoven bonds, $308,000 Spanish-American bonds, $66,000 Penn-Mary bonds
and $60,000 Maryland Steel Co. car trust bonds, this last being the final
payment on the $600,000 of this issue.
Coal Mines.-These are situated in Cambria and Indiana Counties, in
Pennsylvania.
During the year three new mines were developed and one
of the old mines having been worked out, was abandoned,leaving in operation or in condition to operate Dec. 31 a total of seven mines. The amount
expended for improvements and betterments during 1912 was $138,726,
of which $16,588. the cost of additional coal lands and of miners' houaes, was
capitalized; the balance, covering largely the cost of opening and developing the new mines, is being charged currently to the cost of the coal.
Iron Ore Mines.-The mines of the Cornwall Ore Bank Co., located at
Cornwall, Pa. produced 390,000 tons of iron ore in 1912, compared with
374,000 tons in 1911.
Of your two iron milling properties in Cuba, the older one, located near
Santiago. on the south coast, produced 537,000 tons of iron ore in 1912(compared with 513,000 in 1911), being a record output for these older mines.
The newer property, at Nine Bay, on the north coast, produced 821,000
tons in 1912 compared with 698,000 tons in 1911. The sum of $151,343
was expendea for laetterments and improvements and was, as customary,
charged currently to the cost of mining.
Manufacturing Properties.-At the Steelton plant, two of the five blast furnaces were in operation at the beginning of the year. A third was put in
blast in June and a fourth in August. Only open-hearth steel was made during 1912. At the beginning of the year only one of the three open-hearth
plants was in operation; at the end of the year all of tile available openhearth furnaces were in use. At the Lebanon plant, one of the two blast
furnaces was in operation throughout the entire year. The second furnace
went into blast in December. At Steelton, the additions cost $355,978,
of which $15,109 was capitalized and the balance charged to the reserve
accounts and to costs of manufacture.
At the Sparrow's Point plant, two of' the four blast furnaces were in operation throughout the year, and a third furnace was added in November.
Only Bessemer steel was made until in October the increasing orders warranted the starting of the open-hearth plant, which had not been in operation since September 1911. At the Marine Department, one large collier
for the U. S. Navy, two freight steamers of 9,000 tons capacity each and
four smaller vessels were completed. This department on Dec. 31 1912 had
sufficient orders on hand to keep it busy for an entire year. The new construction during the year at Sparrow's Point consisted principally in the rebuilding of the second of the blast furnaces and in additional equipment to
the marine department. The amount expended was $602,683, of which
$145,667 was charged to capital account and the balance to reserve accounts and to costs of manufacture.
5,760,805
6,190,710
6,773,284
6,457,410
Miscell. adjustments_ _
Cr.1,138 Dr.4,0,738
Dividends
(5)1,028,040(7)1,439,256(7)1,412,293(7)1,155,000
I'. & I. acct. end of yr..
4,733,903
4,710,716
5,360,991
5,302,410
* After, payment of all expenses of operation, including ordinary and
extraordinary repairs and upkeep, approximately $2,800,000 in 1912, agst.
$2,826,981 in 1911), currently charged during the year to cost of production.
CQMBINED BALANCE SHEET JAN. 1.
1912.
1913.
1913.
AssetsLtaMlUtes$
Property account_44,029,932 43,199
052
,2
.15 Preferred stock ___20,560,800 20,560,800
Investments-sunCommon stock_ _ _10,750,000 10,750,000
dry securities_ 1,164,065 1,195,855 Sub. cos.' stock
Sinking fund.
484,731
540,125
not owned
12,700
12,700
Materials,supplies
Bonded debt
19,271,000 20,016,000
and products in
Accts.& pay-rolls.. 2,957,671 1,657,210
course of manuf. 9,055,767 9,582,678 Bills payable
3,456,000
750,000
Accounts receivle 5,849,257 3,323,130 Divs. payable_ .._ _ 308,412
719,628
Bills receivable_
940,002
53,521 Accr. Int. & taxes.. 342,649
303,748
Cash
869,381
880,278 Profit and loss_ _ _ 4,733,903 4,710,716
Total
62,393,135 59,480,802
-V. 96, p. 1233, 1160.
Total'
62,393,135 59,480,802
GENERAL INVESTMENT NEWS.
RAILROAD'S, INCLUDING ELECTRIC ROADS.
Birmingham Ensley & Bessemer (Electric) RR.Bonds.-Morris Brothers, N. Y., Phila. and Portland, Ore.,
have prepared a circular regarding the 1st M.5% gold bonds,
dated Mar. 1 1911 and due Mar. 1 1941, but redeemable at
105 and int. on or after Mar. 1 1921. Par $1,000, $500 and
$100 (c*). Int. M.& S. at Equitable Tr. Co. of N. Y., trus.
Digest of Bankers' Circular May 1913.
Incorporated in Alabama with power to own, lease and operate urban
and interurban electric railroad and general railroads, for transportation
of mail, express, freight and passengers; also to supply current for lighting
and power purposes. Capitalization:
1st M.5% gold bonds, issued and outstanding, $2,450,000; reserved for extensions, betterments, &c., $1,050,000; totaL$3,500.000
Capital stock (pref., $1,500,000; common, $3,000,000)
4,500,000
The cost of the 28 miles of track, completed a few months ago and now
in operation between East Lake and Ensley, has been $1,346,000, and there
has been expended about $450,000 for uncompleted work on the Bessemer
and Pratt City end. These amounts do not include franchises and
rights-of-way acquired. When the lines, are completely equipped and
in operation from East Lake to Bessemer and Pratt City, there will have
been issued about $2,650,000 bonds, leaving $850,000 of the issue for such
further extensions and improvements as may be deemed advisable.
The lines at present extend from the eastern limits of Greater Birmingham, through a thickly settled residential and manufacturing section, and
through the centre of the city of Birmingham to Ensley. The line traverses
Fifth Ave. which is rapidly becoming the business centre of Birmingham,
and passes
'by subway under the Union Ry. station. At East Lake is
located a public park and at Ensley the plant of the Tenn. Coal, Iron &
Ry. Co.(a subsidiary of U. S. Steel Corp.), which employs over 8,000 men.
From Ensley the lines will run via Corey, passing the mills of the American
Steel & Wire Co., to employ 1,200 men, and the Woodward furnaces, employing about 4,000 men, to Bessemer, a city which, with its suburbs, has
an estimated population of 25.000.
The 99-year franchise through Greater Birmingham covers the transportation of freight and when the line is completed to Bessemer and Pratt
City freight service will be inaugurated, aided by physical connection with
all the steam railroads entering Greater Birmingham. Application for
additional franchises has been made, and reported on favorably by the
City Engineer, penetrating the entire business district and covering both
North and South Birmingham. Will operate in Bessemer under perpetual
franchise, and where there are no franchises on private right of way. A con-electric interests whereby
tract will shortly be entered into with new hydro
we will secure our power at much less than it now costs us.
Property.-Road all double-track, heavy rails, well-ballasted, creosoted
ties; 25 pay-enter steel coaches, 30 dump cars, 12 flat cars, 4 box cars, 8
steel gondola cars (100,000-1b. cap.), 3 electric motor freight cars, 1 steam
shovel, 1 steel crane car, car barn, sub-stations and storage rooms.
Estimated Annual Earnings (a) Present Line, Based on Results for March and
April; (b) When Completed to Bessemer and Pratt City, Year end. July 1914.
•
Present
When
Present
When
Line. Completed
Line. Completed
Gross earnings_ _ _8216,000 $420,000 Interest on bonds.. $67,390 8132.500
97,200 210,000 Surplus
Net earnings
29,900
77,500
[The Birmingham-Tuscaloosa Railway & Utilities Securities Corp. was
incorporated in Virginia March 13 1913 in connection with the enterprise.
maximum,
85,000,000;
Capital:
minimum.$3,000. Directors at incorporation: F. E. Calkins, Pres., N. Y. R. Mitchell Brown, Vice-Pres., Norfolk,
Va.; Henry Cross, Sec.-Treas., Phila.; John T. Reid.j-V. 96, D. 1156.
1364
THE CHRONICLE
Boston & Maine RR.—Action Deferred.—The directors
on May 6 deferred action on the next quarterly dividend
until the June meeting. The dividend, it is understood, has
not been earned and it was expected would be passed. Compare V. 96, p. 789.
Floating Debt.—In addition to the $12,000,000 4% 1-year
notes due June 10, bills payable aggregating $2,500,000
mature June 2. An official statement says:
*4
On Aptil 1 1913 Boston & Maine had note obligations aggregating $2,500,000. Had it been unable to meet these note obligations it would have
been forced into the hands of a receiver. Owing to a peculiar situation,
it was unable, of its own ability, to finance these notes. The New Haven
was able to come to its financial support, and,through its financial strength,
New Haven advanced to Boston & Maine $2,500,000 on Mar. 31. due from
Boston & Maine Juno 2 1913. Rate on this money is 5 %,and the New
Haven gave the benefit of its financing to Boston & Maine, without commission charge on the transaction.—V. 96. p. 1295, 1020.
Brazilian Traction, Light & Power Co., Ltd.—Pref.
Stock.—Press reports state that the company will issue $10,000,000 6% pref. stock. There is listed on the London
Stock Exchange $100,361,400 of the $120,000,000 authorized
common stock.—V. 95, p. 1039.
Chicago & Milwaukee Electric ER.—Authorized.—U.S.
District Judge Landis has made an order giving permission
to Receiver Johnson to purchase the property of the Waukegan Fox River & Western Electric RR. for $56,000.—
V. 96, p. 1156, 135.
Chicago City Ry.—Favorable Decision.—The Illinois
Supreme Court on April 19 affirmed the decision of the
Superior Court of Cook County in the suit brought by
Clarence H. Venner as the holder of 200 shares of the company's stock, which held valid the agreement dated Jan. 1
1910, creating the Chicago City & Connecting Railways
Collateral Trust.
xcvi.
Digest of Bankers' Circulars.
The first mortgage bond's are a legal investment for savings banks and trust
funds in N. Y., Mass. ,Conn., N.J., N. H., Me. R. I. and in several other
States, and the consols in N. Y., Conn., R. I. arid other States.
Of the authorized issue of consols, $2,155,000 were reserved to retire
the 1st M. bonds, and the balance, $753,000, for the construction of an
entrance into the City of Milwaukee. As the first mtge. has been extended
to June 1 1934, and as entrance into Milwaukee is now obtained over the
tracks of the Chicago Milwaukee & St. Paul, these bonds will in all probability never be issued. The consol. issue is, therefore, practically closed.
All of these bonds are a direct obligation of the Chicago Milwaukee &
St. Paul Ry. Co., payment of principal and interest having:been assumed.
Thefirst mortgage bonds are an absolute first (closed) mortgage at $16,803
per mile on an important part of the main line and branches of the Ch. Mil.
& St. Paul Ry. Co., aggregating 128.25 miles of road, extending from North
Milwaukee to Green Bay, Wis. Prior lien to $5,092,000 Mil. & Nor.
consols, extended at 43i% to June 1 1934.
The consols are a direct first lien at less than $17,500 per mile on 292.46
miles of road extending from Green Bay, Wis., northward to Champion,
Mich., together with several branches; further secured by 2d lien on 128.25
miles of road,(subject only to 1st M.); total road covered, 420.71 miles.
extending into the Lake Superior iron ore district, and therefore an important part of the St. Paul system.
Income-Account for Fiscal Year ending June 30 1912.
Gross earnings
$63,122,743!Interest and rentals_ _ _ _$10,193,847
Total net(after taxes)_ _ _$20,124,293 I Balance, surplus
$9,930,446
For the 8 months ended Feb. 28 1913 the gross earnings show an increase
$11,337,786,or over 21%,and net an increase of $7,829,479. or over63%.
These issues are followed by the following securities, which, at present
tarket prices, represent an aggregate equity of about $400,000,000:
$76,226,655 debenture 4% bonds; $48,850,800 convertible 4
bonds;
3116,274,9007% pref.stock, and $116,348,200 common (paying 5% per ann
Holders of bonds of the two above-mentioned issues maturing June 1 1913 who desire to avail themselves of the privilege of extension at the respective prices above set forth
must deposit their bonds before 3 p. m. Tuesday, May 13,
at the Farmers' Loan & Trust Co..—V. 96,p. 1156, 1088.
Chicago & North Western Ry.—Status.—An official
is quoted as saying:
"Our management is not contemplating any new financing and does not
need to consider any at present, but is not boasting about it. The business
of the lines is showing steady improvement over a year ago." [The large
increase in operating expenses, as shown by statements of monthly earnThe defendants included besides the Chicago City By. and its directors, ings, is said to be due, in great measure, to the fact that the company
4 other street railway companies, viz. the Calumet & South Chicago Ry., is making extensive improvements. —V. 96, p. 1156, 789.
the Hammond Whiting & East Chicago Electric By., the Southern St. By.
Chicago Railways.-6% on Partic. Certifs.—A dividend of
and the Chicago & Western Ry.,the trustees and members of the committee
named in the agreement, and others. Among other relief asked for was an 6% has been declared on the 8% cum. participation certifs.,
Injunction restraining the combining, merging, consolidating or uniting of
capital stock or management of the Series 1. The previous distributions were 6% in Feb.last,
the property, franchises,
of the other defendants or the elevated roads 6% in Oct. 1912,8% in Sept. 1909 and an initial payment of
earnings,
Chicago City By. with those
in the city. In answer to the contention that the trust agreement has 4% in Nov. 1908. This leaves the payments
10% in arrears.
practically effected a consolidation of the 5 street railway corporations
An official statement says that the dividend is declared in accordance
by indirection without a compliance with the statute and in violation of
the constitution, the Court holds that,in spite of the common ownership with the policy of the company to pay off accumulated dividends as rapidly
of their stock, the companies remain separate corporations and there has as earnings will permit.
been no merger, the other properties being operated by the Chicago City
Official Statement.—Chairman Henry A.Blair,in a pamphBy. under contracts fixing the manner of operation, accountion and
amount and time of payment by and to each company. As to possible let of 31 pages, explains to the shareholders the difficulties
consolidation with the elevated roads, it is held that this cannot take place that stand in the way of ample dividends.
without the passage of an ordinance which may not be passed. While
The pamphlet also covers various other pcints raised by the protective
anticipated unlawful acts of directors of a corporation may, it is stated, committee,
which consists of Joseph Biefeld, J. Milton Oliver, Napoleon
furnish ground for an injunction, fear alone of such illegal action is not Picard, Henry C. Brummell and W. R. Bentham,
sufficient—the act to be enjoined must be one the doing of which is actually 40,000 of the 214,000 shares.—V. 96, p. 1153, 1088.and claims to represent
threatened or may with reasonable certainty be expected if not enjoined.
Chicago & Western Indiana RR.—Gen. M. Called Bds.
—V. 96. p. 1015. 62.
One hundred and twelve ($112,000) 6% gen. mtge. bonds of 1882, for
Chicago Elevated Railways.—Merger—Through Routing. payment June 1 at 105 and int. at office of J. P. Morgan & Co.—V. 96.
—The City Council of Chicago on April 28, by a vote of p.419.
42 to 15, adopted resolutions ordering investigation of
dealings of the traction and elevated railways with the city,
and suspending negotiations for their merger until the inquiry is made. Opposition to the extending of franchise
grants by a 20-year period also stands in the.way of a merger.
Condensed Letter from Management to Chairman Local; Transportation Committee, May 2.
[In reply to the inquiry why the through routing of the tral ns of the elevated companies has not been put into effect, although Stone & Webster
reported that such through rowing wculd increase the earnings.]
1. Ever since the Chicago Elevated Railways acquired con trol of the
elevated railroad properties, a negotiation has been pending w ith the city
for the merger of all the elevated and surface lines on 13road1 plans involving
extensive subway's. If, during that negotiation, the elev ated roads had
been developed into one unified, independent system, much of the work
necessary to that end would not have fitted into the general merger plan;
hence, it did not seem advisable to undertake the expense of unifying the
elevated roads so long as it seemed probable that before it could be accomplished the City Council would pass an ordinance for the general merger.
2. The unification of the elevated roads as a separate system involves the
permanency of the Union Loop, and we have always been told that the city
would not consider any proposition which did not ultimately remove it.
3. The elevated roads cannot be completely unified without permission
from the city to make certain changes in the steel structure, to extend existing platforms, &c. No such new grant has ever been offered.
4. The Union Loop was constructed at a cost of many millions of dollars, under city ordinances duly approved. Nevertheless, after many
years the city instituted a legal proceeding asking the courts to declare the
ordinances void on the ground that they were illegally passed, and that the
loop structure be destroyed. It has not seemed wise, at large expense, to
undertake through routing (which must be based upon the maintenance of
the loop) in the face of this suit.
5. In our judgment, the general merger plan, involving surface and elevated lines and subways, is the only real solution of the transportation
problem for this city. But if the city wishes to abandon this plan and to
provide for a unification of the elevated roads as a single system, we are
entirely willing to use our best endeavors to bring about such unification,
provided the city will co-operate.
It is not true that the cqmpanies have postponed unification in order
to obtain valuable concessions from the city. It has always been our intention to endeavor to bring about the consolidation of the elevated roads
and the through routing of the elevated trains in case the city should see
fit not to authorize the larger plan of merging all surface and elevated lines.
[Signed Henry A. Blair, Ira M.Cobe and Samuel Insult.
[In a subsequent letter the management expressed its willingness (when
the necessary rights are granted by the city not only to through-route the
north and south elevated trains, using the Loop for that purpose, but also
to establish free transfer stations between the north and south trains and the
trains for the Metropolitan Co., and also between the north and south
trains and the trains of the Oak Park Co., partially by Aug. 1 and complexly
by Oct. 1. The State Senate on Apr. 30, by a vote of 35 to 0, passed Senator Glackin's bill empowering the city to compel the elevated roads to issue
universal transfers and otherwise to tax and regulate their rates.j—V. 96.
p. 1296, 1156.
Chicago Milwaukee & St. Paul Ry.—Underlying Bonds
Offered.—Potter, Choate & Prentice and Harris, Forbes &
Co. New York, are offering by adv. on another page, at
993 and int. and 98 and int., respectively, yielding 4.53%
and 4.65%, the following underlying assumed bonds of the
former Milwaukee & Northern RR., extended from June 1
1913 to June 1 1934 at 4% interest:
Dated. Authorized. Issued.
Milwaukee & Northern RR.—
1880 $2,155,000 $2,155,000
$2,155,000 1st M.436% bonds
1884
8,000,000 5,092,000
5,092,00Q consol. M. 43,6% bonds
Par, $1,000 (c*). Int. J. & D. Trustee, Farmers' Loan & Trust Co.
Cincinnati (0.) Traction Co.—Agitation for City Ownership.—The Ohio Legislature in its last hours passed a bill
at the instance of the Cincinnati administration, providing
that the city may purchase this company's property "upon
paying therefore just compensation" (but only after favorable vote at city election), and in the meantime can give the
company an 'indeterminate grant" to operate.
The measure as originally drawn permitted any Ohio city to purchase the
local street railways and other utilities, but it was amended so as to apply
only to a company operated in whole or in part under the "Rogers Law of
April 22 1896, in other words, to this company. Its constitutionality,
therefore, is questioned.
Herbert L. Bigelow, whose bill to annul the company's 50-year contract
with the city was killed in committee at Columbus, has started a campaign
for immediate city ownership, and at a public meeting of the proposed
"Public Ownership League" in Cincinnati on May 3 headed a committee
which, with Dr. Flank Caldwell, William Schwelkert, Charles Spicer and
State Senator Cook as the other members,formulated the following platform,
then adopted: "We demand immediate municipal ownership of the Cincinnati Street Railway with the object to secure: (1) Three-cent fare.
(2) Free universal transfer. (3) More and better cars. (4) Shorter hours
and union wave for all employees. (5) Prompt extension where needed.
"We declare for the submission of a municipal ordinance by initiative
and we pledge the support of this league to secure the petition necessary
to have this ordinance placed upon the ballot andjorganize for Its adoption.'
Mr. Bigelow at the meeting, it is reported, said: "This is going to be
one of the greatest campaigns Cincinnati ever had. We will have to fight
the special interests. The bankers will set up an awful cry of usurping
power, taking away private property and destroying credits. Yes, we will
have to fight the.best talent that money can secure and influential men
can obtain to create sentiment against us.
"The first thing necessary is to have an 'ordinance passed. This could
be done by the City Council, but it won't. This Council will never pass
this legislation, but you gave yourselves the right to pass it yourself. Just
forget that you have a City (Donnell. It don't matter what Mayor Hunt
does or says. We people have the power to bring about municipal ownership."—V. 96, p. 1156.
Cleveland Akron & Cincinnati Ry.—Earnings.—
Net
Other Int. & Hire
Calendar
Operating Net (after
Income. o Equip. Income.
Year—
Revenues.
Taxes.
1912
$3,857,477 $870,739 $10,065 $252,505 $628,298
14,472
1911
823,128
590,892
246,708
3,562,712
From the net income as above, 2628,298 in 1912, there was contributed
to sinking funds $16,294; paid on account of principal of car trusts, $5,599;
appropriated for additions and betterments, $155,896, and disbursed in
dividends, $450,000; leaving a surplus of $508.—V. 94, p. 1448. 1504.
Cleveland Cincinnati Chicago & St. Louis Ry.—
The recent flood damage to the lines of the Cleveland Cincinnati Chicago
& St. Louis By., the Peoria & Eastern By, and the Cincinnati Northern
RR. covered the States of Ohio, Indiana and Illinois, but was heaviest
between Columbus and Indianapolis. Within this territory about 40
bridges across the Miami, Olentangy, Mad, White Water, White and Blue
rivers, and their tributaries, were washed out and either totally or partially
destroyed. There were also numerous washouts of embankments and tracks
aggregating 25 to 30 miles in length. Of the 40 permanent bridges damaged, 19 will require replacement with steel superstructures, aggregating
about 7,000 tons. The remainder will be repaired or replaced with concrete structures. The largest single structure destroyed was the White
Water River Bridge west of Cincinnati, consisting of two double-track
165-ft. through-truss spans, built in 1906.—V. 95, P. 1541.
Commonwealth Power, Rys. & Lt. Co.—Sub-Cos.—
See Michigan & Chicago Railway below; also seo Michigan Railways
under Michigan United Railways below, and compare plan V. 96, p. 1296.
Denver & Salt Lake RR.—In Possession.—The sale o
the Denver Northwestern & Pacific Ry. to the reorganization
MAY 10 1913.]
THE CHRONICLE
committee on April 28(V.96, p. 1276) having been confirmed
by the Court, the new company has assumed control as of
May 1. The officers of the new company are:
Pres., Newman Erb; Vice-Pres. and Gen. Mgr., W. E. Morse; Trees.,
Ward E. Pearson; Sec., H. B. Blanchard; Aud. and Asst. Sec., E. W.
Meyer.—V. 96, p. 1088, 553.
Detroit Toledo & Ironton Ry.—Plan Operative Covering
Ohio Southern Division.—Holders of outstanding certificates
of deposit representing more than 50% of the Detroit Southern RR., Ohio So. Div. 1st M. 4s deposited under the deposit agreement of the Wallace committee dated Nov.8 1909,
not having filed dissent to the plan of reorganization dated
April 14 1913(V. 94, p. 1156)., such plan has become binding
on all holders of certificates of deposit issued under the deposit agreement, and the plan has been declared operative.
Bondholders and
of certificates of deposit will be permitted to
share in the reorganization only upon subscribing and paying to Central
Trust Co. of N. Y. the depositary, 54 Wall St., $500 in N. Y. funds for
each bond of $1,000
'deposited by them, the first installment of 20% being
now called and payable on or before May 10 1913. The depositors on the
completion of the reorganization will in exchange for each $2,000 of bonds
deposited and in consideration of each $1,000 in cash payable by them
receive $1,000 in new adjustment mortgage bonds, $2,000 in new pref.
stock and $1,000 in new common stock, as provided in plan. Further
deposits may be made on or before May 10 1913. See V. 96, p. 1156, 1228.
Evansville Suburban & Newburgh Ry.—Bonds Called.
Two first M.6% bonds of $1,000 each, Nos. 373 and 553, and one of $500
No. 194, dated July 1 1904, for payment at 105 and int. on July 1 at
Mercantile Tr. & Savings Bank. Evansville, Ind.
Hudson & Manhattan RR.—Special Meeting to Authorize
New Bonds.—Tho shareholders will vote May 29 on authorizing the new 40-year bond issue called for by the plan of
readjustment (V. 96, p. 202, 208), viz.:
Present Issue. Int.
Auth.
Trustee.
Dated.
1st lien& ref.M.Feb 1 1913 Cent. Tr. Co. $65,000,000 $37,035,000 5%
Adjust. in M_Feb 1 1913 Guar. Tr. Co. 33,574,000 33,574,000 _ _ _
The plan, which has been assented to by about 99% of the holder
of the 43i% bonds and by 97% in interest of the shareholders, reduces
the fixed interest charge from 33,021,660 a year to $1,851,750 a year.
See map on page 65 of "Ry. & Ind. Section" and compare V. 96, p. 202,
208, 553, 716, 1083.
Illinois Traction Co.—First Common Dividend.—An
31 of 1% has been declared on the $9,initial dividend of /
984,900 common stock,payable May 15 to holders of record
April 30.—V. 96, p. 1222, 652.
Joplin & Pittsburg Ry., Kans.—Bonds.—The P. U.
Commission on May 1 granted the company permission to
issue $1,050,000 6% refunding bonds in order to retire at
once, the 6% debentures due Apr., 1 1920.—V.90,p. 1170.
Laramie Hahn's Peak & Pacific Ry.—New Committee.—
A new committee has been formed, consisting of Eugene J.Fabens (Chairman) and James W. Greene, Edward B. Carleton and Robert P. Clapp,
to represent the first mortgage bondholders. Messrs. Greene and Carleton
have resigned from the Pavey-Gault committee on the ground that, in
their opinion, the interests of the first mtge. bondholders and those of the
holders of the refunding bonds conflict and that it is best to disassociate
them. 'rho committee in a circular requests the 1st M. bondholders not
to consent to the issuance of the $315,000 receiver's certificates asked for
by the Hemphill committee, and advises the bondholders to request the
trustee to foreclose the mortgage.—V. 96, p. 1297, 1021.
1365
[The shareholders on May 7 authorized the purchase of the St. Louis &
Cairo RR., now leased, and ..he crea.ion of $3,000.000 M. & 0., St. Louis
Division, 5% gold bonds, secured thereon. Compare V. 94, p. 207.
New Orleans Railway & Light Co.—Sale of Notes.—
The company has just sold to Bertron, Griscom & Co.
$4,000,000 3-year 6% gold debentures due June 1 1916,
of which $2,500,000 will be issued immediately for the payment of maturing obligations and for extensions and improvements. The remaining debentures will be sold for extensions
and improvements during the next three years. It is announced that a large part of these debentures has been
placed abroad, and Bertron, Griscom & Co. have associated
with themselves in the sale of the remaining debentures
Messrs. E. H. Rollins & Sons.
chen3
d1i—
ng
asr.
me
3M
1913
—V.96.
Gross
Net(after
Bond
Balance,
Misc.
Earnings. Taxes,&c.) Deduc.
Interest. Surplus,
$1,777,637 $734,494 $37,511 $390,520 $306,463
1,730.711
730,142
395,532
17,597
p. 1022, 360.
New York Central & Hudson River RR.—Proposed
Guaranty.—The company has applied to the P. S. Commission for permission to guarantee the payment of the principal
and interest of $3,627,000 50-yr. bonds proposed to be
issued by the Boston & Albany RR. for refunding 4s due
Oct. 1 1913 (V. 96, p. 946, 651).—V. 96, p. 1298, 1229.
New York New Haven & Hartford RR.—Offices Combined.—V.-Pres. A. R. Whaley has been appointed head of
the engineering, construction and maintenance department,
in addition to his duties as head of the operating department.
V.-Pres. E. H. McHenry, who has been at the head of the engineering,
construction and maintenance department, recently resigned, effective
May 1.—V. 96, P. 1157, 863.
Northern Ohio Traction & Light Co.—Bill Vetoed.—
Governor Cox of Ohio on May 6 vetoed the Wise-Alger bill, which would
have given county commissioners the power to revoke perpetual franchises
of any street or interurban railway company in cases where the grant was
without time limitation and had extended more than 20 years. The
Governor states that the measure tended more toward confiscation than
regulation of such properties. Those furthering the bill hold, it is stated,
that it would affect only the Northern Ohio Traction & Light Co. in Stark
County.—V. 96, p. 355.
Ohio Electric Railway.-2d M.Bonds.—Stock Reduction.
—The Ohio P. S. Commission on April 30 informally authorized the issuance of $3,000,000 of 2d M. 5% 20-yr. gold
bonds at not less than 80, provided $3,500,000 of the outstanding capital stock be retired. The new financing will
provide for the extensive repairs made necessary by the
recent floods.—V. 95, p. 237.
Ohio Traction Co., Cincinnati.—Purchase Agitated.—
See Cincinnati Traction Co. above.—V. 96, p. 1157, 948.
Pacific Electric Ry.—Alliance—Bonds.—
See Pacific Light & Power Corp. under "Industrials" below.-V.96.p.1298.
Pere Marquette RR.—Report of Committee.—
See editorial on a previous page.—V. 96, p. 1298, 1229.
Pittsburgh & Susquehanna RR.—Sale.—The property
Long Island RR.—Adams Express Co. to Handle Express will be sold by Receiver A. H. Palm June 2 at Osceola Mills
Station on the line of the road.—V. 95, p. 1684.
Business.—President Peters on May 6 said:
The Long Island RR. Co. has decided to enter into a contract with the
Southern New England RR. Corporation.—Vetoed.—
Adams Express Co.for the handling of the express business on Long Island,
believing that the express company,operating over so many railroads and
covering so large a portion of the country, will be lin better position to make
through rates and to perform through service than has been possible under
the operations by the railroad company of its own express service. The
proposed contract will take effect June 1 1913.—V. 95, p. 939, 1089.
Los Angeles Railway Corp.—Alliance—Bonds.—
See Pacific Light & Power Corp. under "Industrials" below.—V.96,p.487.
Manistee & North Eastern RR.—Earninys.—
Net (a'fter
Interest
Hire of
Calendar Gross
Mina- Balance,
Taxes).
Charges. Eqiup.
laneous. for Year.
Year— Earns.
$129,694
$71,894
$15,654
$281
$41,865
1912 - _ _$584,699
136,487
74,565
15.816
281
sur 45,825
. 1911 — 582,867
Of the surplus as above in 1912,$40,000 was used for retirement of bonds,
series AA,leaving $1,865.—V. 95, p. 39.
Maritime Col:di Ry. & Power Co.—New Securities.—
Negotiations for the sale of a considerable block of the company's securities, it is announced, have been successful, and it is contemplated to carry
out during the ensuing year large extensions to the power plant at Chignecto
and electrification of the colliery plant at Joggins Minos, in order to cope
with the increasing demand for coal and electric power.
Directors Elected.—William Hanson, A. E. Dyment, Alex. MacLaurin,
William Ewing, G. Ratcliffe Hulme, W.L.Madgen, Hon. Senator William
Mitchell and Hon. Senator N. Curry.
Officers.—President, William Hanson; Vice-Pres., A. E. Dyment; Soc.,
R. Wilson.—V. 95, p. 233.
Mexican Northern Ry.—Dividend Reduced.—A semiannual dividend of 1
was paid on May 1 on the $3,000,000 stook, comparing with 2% semi-annually in 1910
to 1912 inolusive.
Previous Dividend Record
(Per Cent.)
1892. '93. '04. '95-'99. '00. '01. '02. '03. '04-'08. '09. '10. '11. '12.
5 4% 2% 13. None. 13 4 4 4
6 4 y'ly.
6%
6h
—V.91, p. 1026.
Mine Hill & Schuylkill Haven RR.—/plic. to Reopen.
See items in "Banking, Financial & Legis. News,•,—
96, p. 1298, 1089.
Minneapolis & St. Louis.—Earnings 9 Mos.end. Mar.31.
87,529,376 I Fixed charges
Gross earnings
$1.619,900
Total net inc. (aft. taxes)_$2,081,6011Surplus
$461,701
During the same period there was expended for maintenance of way and
structures and maintenance of equipment, all of which was charged to
operating expenses, $1,891,885 (or $289,643 more than in the corresponding
period of the previous year), representing permanent improvements for
grade reduction, ballast, heavier rails, &c. Gross earnings for the first
3 weeks of April show an increase of $49,935 over the same period last year.
96, p. 487, 482,
Mobile & Ohio RR.—Exchange of 4% St. Louis & Cairo
Collateral Gold Bonds.—A. Iselin & Co., 36 Wall St., having
received the deposit of a large amount of the $2,500,000 4%
St. Louis & Cairo collateral gold bonds, announce that up to
and incl. May 15 1913 they will, subject to the terms of the
offer of the company dated Feb. 13 (V. 96, p. 554), accept
additional bonds of this issue (with Nov. 1 1913 coupons
attached) for exchange,$ for $,for Mobile & Ohio, St. Louis
Div., 5% M. gold bonds. See adv. on another page.—
V. 96, p. 554, 863, 1022.
Governor Pothier of Rhode Island on May 5 vetoed the bill passed by the
Legislature permitting the lease of the road to the Central Vermont Ry.
for the term of 99 years on the ground that the control of the road would
be placed beyond the reach of the State. The terms of the proposed lease
are not specified in the bill. The purpose of the Act, it was stated, was to
facilitate the financing of the work.—V. 96, p. 654. )
Texas & Pacific Ry.—New Vice-Pres.—E. F. Kearney,
heretofore General Superintendent of Transportation of the
Ry., has been chosen a Vice-President, to
Missouri Pacific Ry.
President of the International
succeed Thomas J.
& Great Northern Ry.
George J. Gould announces that this is done in pursuance of the policy
of separating operating personnel and operating administration, which has
heretofore been common as between the two companies. Judge Freeman
who,in addition to his other duties, has heretofore also exercised supervision
of the legal departments, now becomes General Counsel, and the company
thus retains the benefit of his many years' experience in its service.—
V. 96, p. 864, 197.
Toronto (Can.) Street Ry.—City Authorized to Purchase.
—The Ontario Legislature on April 23 passed a bill authorizing the city to purchase the company's property.
Permission to purchase the property of the Toronto Electric Light Co.
was given to the city under a previous Act. The Mackenzie interests, in
control of both companies, have, it is stated, agreed with the city authorities upon a price for both properties, provided, however, they are sold together, viz.: $160 per share for $11,000,000 Railway stock and $135 per
share for the Electric Light Co. stock. With the outstanding $3,658,960
Railway bonds and $1,000,000 Electric Light bonds,the total prices to be
paid by the city for the respective properties is $21,258,960 and $6,400,000,•
or an aggregate of $27,658,960.
Under the bill power is given to the city to purchase the Toronto Ry.;
also the rights and interests of all companies and persons owning or operating electric or street railways within the city and such parts of them lying
outside of the city as the city may deem it expedient to purchase. No agreement or by-law providing for such purchase shall be submitted to the electors for their assent until lt is approved by the Hydro-Electric Power Commission of Ontario and also by the Lieutenant-Governor in Council. For
the purpose of providing for such purchase the city may borrow the money
required therefor and issue debentures (which shall not be counted as part
of the general debenture debt of the city), payable within not more than
40 years and bearing such rate of interest as the city may deem proper,
without the necessity of submitting the debenture issue to the electors.
The money borrowed may be secured by a mortgage upon all electric and
street railways and electric-light systems owned by the corporation, including those purchased under the Act. The management of the Street
Railway and Electric-Lightsystems shall be vested in a Commission to be appointed by the City Council, to consist of three members„ but no member
of the Council shall be a member of the Commission.—V.96, p. 942, 488.
Underground Electric Railways of London.—Guar.
Stocks.—The London Stock Exchange has been asked to list:
Central London Railway—£1.423,899 guaranteed assented ordinary
stock; £460,976 guaranteed assented preferred stock, and £609,499 guaranteed assented deferred stock, in lieu of similar amounts of ordinaiy pre,.
(erred and deferred stock. (V. 95, p. 1542,.—V. 96, p. 801, 786.
Union Pacific Mt.—Extension to July 1.—The U. S.
Supreme Court on Monday granted the company an extension of time until July 1 within which to present to the lower
Court an acceptable plan for the separation of the Union
1366
THE CHRONICLE
xcvi.
Pacific and the Southern Pacific companies. Attorney- issued this week, shows earnings of the various gas comGeneral McReynolds in a memorandum to the Court said:
panies included in the system for the year ending Dec.31 1912:
- I submit the question without expressing any opinion thereon whether
Operating Net (alter Other
Interest,
DIMBalance,
this Court has jurisdiction to grant the relief now asked. Under the peRevenues. Taxes). Income.
dtc.
dends.
Surplus.
culiar circumstances, I am of the opinion that to extend the time during
s
$
$
$
3
$
disposing
of
the
stock in question may be presented until
which a plan for
Como!. Gas Co_ _14,001,729 3,369,726 6,158,976 635,400 5,988,990 2,904,312
July 1 1913 may be greatly to the public interest. Among other things, New Ams. Gas Co_ 2,799,280 917,731
96,904 1,065,550
def.50,916
such an extension possibly may result in bringing about a state of affairs N.Y.Mut.Gas Co__ 1,562,408 317,138
77,352
22,917 790,418(11.418,845
which will render unnecessary certain troublesome litigation now in con- Stan. Gas Lt. Co__ 1,754,914 581,806
34,384
79,660 .407,313 129,217
templation. Accordingly, I am willing that the time be enlarged until Cent. Un. Gas Co_ 2,245,738 940,132
20,100 204,860
755,372
July 1 1913. But I emphatically oppose any extension beyond that date, Nor. Un. Gas Co__ 1,091,920 450,673
1,607
76,005
370,274
and with equal emphasis oppose an order granting the District Court AstoriaL.11.8(P.Co. 4,000,616 1,416,657
2,771 750,306
669,122
power to enlarge such time as it may decide.
27,456,605 7,993,863 6,392,094 2,834,698 7,186,721 4,364,537
New Officer.-W. V. S. Thorne, director of purchases, Total
26,007,978 8,269,520 5,955,549 2,780,007 6,755,454 4,689,608
1911
has been elected a Vice-President of the Union Pacific and Year
Compare V. 96, p. 357, 718.
the Oregon Short Line and the Oregon-Washington RR. &
Navigation Co.-V. 96, p. 1230, 1158.
United Railways & Investment Co.-Proposed Plan to
Resume Dividends.-A committee was appointed at the
annual meeting recently held to formulate a plan for the resumption of dividends on the $16,000,000 5% cumulative
pref. stock, or the adjustment of the overdue dividends
amounting to about 323%. The committee consists of:
Consolidated Gas, Electric Light & Power Co. of
Baltimore.-Bond Allotment.-Of the total issue of $3,406,550 consolidated mortgage debenture stock, approximately
$2,500,000 has, it is stated, been allotted to foreign investors
and $1,000,000 to local investors. The English banking
house of Kitcat & Aitken will head a syndicate to underwrite the foreign allotment and a local syndicate of bankers
will underwrite the amount allotted to American investors.
Geo. W. Bacon, Sidney H. March, Mason B. Starring, Patrick CalA cablegram from London states that about 50% of the issue has been
houn and Geo. H. Bean. The committee is to report within 90 days. left for the English underwriters.
-See V. 96, p. 1300. 1232.
The first meeting will be held next week.-V. 96, p. 1161, 1153.
Rubber Tire Co.-Earnings.Wheeling &.Lake Erie RR.-Directors.--At the annual Cal.Consolidated
Total
Gross
Other
Total
Net
Interest on
Inc.
Income. Expenses. Earns. Inc. Debs.
meeting on May 7 five directors were elected for the 3-year Year. Sales.
236,365 $4,513,358 $4,399,338 $114,020(4%)$114,020
term, namely (a) E. S. Cook, W. A. Turner and Myron T. 1912___$4,276,993
1911___ 3,383,532 95,562 3,479,094 3,365,074 114,020 (4%)114,020
Herrick of Cleveland and William R. Nicholson of Philadel- .-V. 94, p. 1319, 769.
phia by the majority (Wabash-Pittsburgh Terminal) interCopper Range Consolidated Co.-Earnings.-For year:
Mining, &c.,
Taxes
Net
Interest
ests, and (b) Ralph E. Cohen of Steubenville by the minority Calendar Copper
Paid.
Expenses.
Profits.
Received.
Year.
Sales.
interests. The minority interests control the other ten 1912_ __$6,071,095
$2,258,207
$164,157
$3,661,837
$13,106
163,373
3,447,100
520
1,045,174
directors. See V. 96, p. 1299.
1911_ _ _ 4,655,127
Copper Range RR. surplus after interest in 1912, $103,775, against
$53,532 in 1911; total income, $2,361,982, against $1,098,706,• Atlantic
Mining Co. (acquired July 1 1911) net receipts, $40,385; total income in
1912, $2,402,368, against $1,098,706. Deduct general expense of consolidated company, $83,992 (agsinst $66,851), and one-half Champion net
See Long Island RR. under "Railroads" above.-V. 96, p. 282, 137.
profits, $625,810 (against $227,294), leaving $1,692,566 balance for 1912,
$804,561.
Alabama Co.-New Officers.-J. William Middendorf, against
Dividends paid in 1912(2%) call for $788,428, leaving balance, surplus,
for 1912, $904,138. Dividends in 1911 (4%)called for $1,357,104, leaving
of Baltimore has been elected President.
1. Dec.
9 17
taa
sni1519
7.7535
surplus
)1 Ina$17,365. The total surplus Dec.31
Other Officers.-H. W. Coffin, Vice-Pres., and Thomas J. Whitten,
Sec. and Treas. The executive committee is composed of Hennen Jennings, 1912
Joshua Levering, W. C. Page, H. Fessenden Meserve and William C.
Crows Nest Pass Coal Co.-Earnings.Seddon.
Divs. pd. Bal., stir., Tot. Surp.
Directors.-J. William Middendorf, W. Berkeley Williams, Hennen Cal. Prof. on Prof.from Divs. Loss
0). or def.
Dec. 31.
Jennings, William C.Page,Joshua Levering, Summerfield Baldwin, William Year. Coal&Coke. lands,&c. Rec'd. Secs.sold. - (14/
3
$
$
$
$
$
C. Seddon, Henry Shriver, Cumberland, Md., and Clarence J. Jacobs,
___. sur471,454
419,424
786 1,717
392,990 79,395
Wilmington. The property was taken over April 26.-V.96,P.1158,1023. 1912_
1911_def263,232 52,094 10,484 __-- 62.110 def262,764 def52,030
American Beet Sugar Co., New York.-Earnings.-V.92, p. 1563. 798.
Balance,
4'ch.31 Gross Int., Taxes, Add'ns, Pref.Divs. Common
Diamond Match Co.-New Officer.Dividends.
Surplus
(6%)
Year. Income. Depr.,&c. Bett.,&c.
W. A. Fairburn, formerly Gen. Supt. in charge of manufacturing ,has
$300,000 (134)$187,500 $393,555
1913 __$6,538,787 $5,657,731
elected Vice-Prest. with similar duties,and also a director,to succeed
been
518,601
$756,972
750,000
300,000
(5%)
19129,005,194 6,679,621
R. W.Roloson, who resigned.-V.96, p. 792.
-v.
p. 64.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co., New York.-New Contract.-
Armour & Co., Chicago.-New Vice-Presidents.The number of Vice-Presidents having been increased from one to three,
'Arthur Meeker and P. J. Dunham have been elected additional Vice-Presidents.--V. 96, p. 282, 204.
Bergner & Engel Brewing Co., Phila.-Bonds.The shareholders voted May 5 to increase the indebtedness from $1,500,000):consisting of 1st M.6s due 1921, to $2,000,000.-V. 95, p. 1124.
Bethelehem Steel Corporation.-Application to List.-
The London Stock Exchange has been asked to list the $15,200,000 1st
lien and refunding mortgage 5% 30-yr. gold bonds series A of Beth. Steel
Co. (sold last year V. 94, p. 1450).-V. 96, p. 1300, 1023.
Brooklyn Union Gas Co.-P. S. Commission reports:
Balance,
DiviOther
Int. &
Calendar
Operating Net (after
dends.
Surplus.
Taxes). Income. Rentals.
Year- Revenue.
$9,934,602 $2,304,076 $174,177 $823,523 $1,439,880 $214,850
1912
9,467,930 2,434,685 177,552 822,135 1,259.895 530,207
1911
Total gas sales in 1912, 13,063,925 M cu. ft.-V.95, p. 1405, 1333.
California Oilfields, Ltd.-Earnings.-
Cal. Tot. Net Net(after Deben. Reserve Ord. Div. Bal., Amt.fd.
(30%). Surp. Dec. 31.
Taxes.) Interest. Fund.
Year. Income.
£
£
2,465 45,511
113,000
11,000
20.000
146,465
_185,536
1912_
43,046
7,384
113,000
12,000
132,384
1911_ _171,633
-V. 85, p. 280.
Eastern Steel Co., N. Y. and Pottsville, Pa.-Dividend.
A quarterly dividend of 1%% has been declared on the $2,_000,000 7%
cum. first pref. stock, payable June 16 to holders of record June 2. An
initial distribution of the same amount was made on April 30 last.V. 96, p. 1091, 949.
General Asphalt Co., Philadelphia, Pa.-Earnings.-
Total Pf. Divs.
Net Trading Other
Total
Year ending
Profits. Income. Deduc'ns. (5%).
Jan. 31- Income.
1912-13 ____$14,995,323 $2,131,640 $94,731 $882,673 $657,000
16,542,281 1,954,272 114,763 994,738 657,000
1911-12 _
-V. 94, 1-3.--1447, 1386.
Balance,
Surplus.
$686,698
422,567
Great Northern Iron Ore Properties.-Earnings.All
Did'ds.
Balance,
Total
Total
Calendar
Surplus.
Receipts.
Exps. (50c. Sh.) Surplus.
2ear$2,704,152 $73,172 $750,000 $1,8g0,980 $3,453,054
1912
1,572,073
1,539,242
750,000
2,377,539 88,198
1911
Distributions, $750,000 as above, are 50c. per share for both years.V. 96, p. 1544, 682.
Greene-Cananea Copper Co.-No Dividend.-
The directors have voted not to pay a dividefid at this time on the $50,000,000 stock. A dividend of 25 cents per share (par $20) was paid on
March 1 1913 and similar disbursements were made on Nov.30 and Aug.31
1912 and also on March 1 1912, the initial payment (V. 94, p. 282). The.
directors of the subsidiary Greene Consol. Copper Co. have also decided
not
to pay a dividend, the last payment having been 45 cents per share
Called.
-Bonds
Co.
Steel
Cambria
%)on Feb. 28 last, the same amount having been disbursed on Nov.29
One hundred and forty-three (Stl43.000) 1st M. 30-year 5% gold bonds (43i
and Aug. 30 1912; last previous payment was 60 cents per share (6%)
and
Sinking
Fund,
at
101
payment
by
Co.
for
Water
Manufacturers'
of the
Jan.
23 1912.1
int. on June 1 at Girard Trust Co., Philadelphia.-V. 96, p. 1158, 1090.
"Owing to the unsettled conditions now prevailing in Mexico, it has
been decided that action on the current dividend be deferred until conditions
Central Foundry Co., New York.-New Director.become more settled. It Is not yet known how the operations
James N. Wallace, President of the Central Trust Co., has been elected in Mexico
of the company will be affected as the result of the present political situaa director to succeed Nathan D. Bill.-V.96, p. 1090.
tion. Cananea has recently been the scene of conflicts of Federal and State
of traffic as to compel us to
Chesebrough Manufacturing Co., N. Y.-New Officer. forces, resulting in such serious interruption
more than one-half of our mines
C. W. McGee has been elected a trustee to fill a vacancy and also Vice- largely curtail our operations. At presentsoon
conditions will enable Us to
President, a position he has filled since the retirement of R. E. Burke. are closed and we are unable to tell howthat
conditions will improve from
again increase. While we are hopeful
-V.93, v. 1604.
now on, it is apparent that a return to normal conditions will be gradual."
Cleveland & Sandusky Brewing Co.-Divs. Resumed.- -V. 94, p. 282.
A dividend of 1% has been declared on the $2,502,0006% non-cumulative
Harwood Electric Co.--Control Sold.-Pros. .Alfred D.
preferred stock, payable June 16 to holders of record May 31, being the
first dividend since the quarterly dividends of 1% on the common stock Pardee has sold to the Lehigh Navigation Electric Co.
declared,
preferred,which
were
originally
the
on
134
%
($2,386,500) and
subsidiary) his majority
payable Dec. 15 1907, but payment of which was deferred until Dec. 15 (Lehigh Coal & Navigation Co.
1912 (V. 95, p. 1334). It is understood payments are expected to be holdings in the stock and has retired from the management.
continued at the same rate.
The purchase was made on private terms and Is not extended to include
Dividend Record (Per Cent.)
the minority shares. Compare V. 94, p. 354; V. 96, I). 049.
1899. 1900. 1901. 1902 to 1905. 1906. 1907. 1908 to 1912. 1913.
*6
None. June, 1
6
6 None. 6 yearly.
Indian Refining Co.-Plan Operative.Pref. stock 6
_ __
4 • *4
None.
Corn. stock -None paid
The shareholders' committee, Evans R. Dick, Chairman, has decided
*Including dividends declared payable in Dec. 1907, but part paid- in that depositors holding certificates of deposit representing a sufficient
of Nov. 12 1912
December 1912.-V. 95, p. 1334.
amount of the capital stock deposited under the agreement
has accordingly been dehave duly assented, and the plan (V. 96, P. 1025)
Columbus (0.) Gas & Fuel Co.-Earnings-Directors.- clared
depositors under said agreement. Be-effective
and
all
binding
on
1911-12.1910-11.
1909-10.
1912-13.
March 31 Year80% and 90% of the stock, it is stated, has assented and the $1,200,$473,319. $378,997
$452,464 tween
$354,250
Net income
See plan V. 96, p. 1025, 1017.
275,000
275,000 000 notes have been fully subscribed.
275,000
275,000
Pref. dividends(5%)
-New Officers.York.
New
Ingersoll-Rand
Co.,
$198,319 $103,997
$177,464
Balance for comm Lon_ $79,250
has been made Chairman of the
W. L. Saunders, formerly President,
Butler Sheldon,m1. G. Addison and W. A. Gillwere elected directors, Board,
formerly 1st V.-P., becomes
Doubleday,
new
George
position;
a
representing the tenority interests, to succeed C. D. Firestone, G. W.
is now 1st V.-P. and Treas.;
Pres.; W. R. Grace,formerly V.-P. and Treas.,
Sinks and E. K. S.wart. This will result in the naming of a new executive
been elected Vice-Presidents, and G. R.
have
Henry
Lang
and
Grace
P.
J.
committee -V. 96 p. 1232, 288.
Sec.,
and
-P.
V.
respectively.-V. 96, p.
remain
F.
A.
Brainerd
and
Elder
1232. 1092.
Computing-Tabulating-Recording Co.-Earnings.-C. T. R. Expenses
3 Mos., -Prop. Profits Sub. Cos.
International Cotton Mills Corporation.-Extension.Dtvs.Paid Bal.,
Profits Res. for Balance Exp.(less Bond
ending
The directors have, it is announced, arranged for an extension from May 5
Mar.31. Sub. Cos. Deprec. Available. Int.Rec.) Interest. (M). Surp.
including May 15,of the stockholders right to subscribe for the new
and
to
$105,000
$104,573
$42.107
$18,168
$324.729 $54,881 $269,848
1913
125,225 preferred stock to be issued under the re-financing plan, V.96, p. 1232.281.116 47,905 233,211
2,986 • 105,000
1912
V. 96, p. 1232. 289.
-V. 96. p. 1300, 1086.
International Steam Pump Co., . Y.-Charges Earned.
Consolidated Gas Co. of New York.-Earnings.-The
report of the Public Service Commission, First District, -An official statement issued on May 5 says:
MAY 7 0 1913.]
THE CHRONICLE
1367
Notes Guaranteed as to Principal and Interest by Mr.H.E. Huntington.
for the
Attention has been called to the affairs of the company because,
The guarantor of these notes owns the entire $20,000,000 capital stock
dividend on its
first time since its organization in 1899, the payment of the unfounded
Los Angeles Railway Corp.; owns and controls substantially all the
the
of
and
so
is
of
this
Much
comment
passed.
been
pref. stock has
capital stock of the Pacific Light & Power Corp.; owns the
so misleading to holders of the company's securities that some brief state- $21,716,000
entire capital stock of the Huntington Land & Improvement Co., which
ment is deemed appropriate.
of unencumbered valuable real estate in Los Angeles,
large
holdings
owns
impaired
greatly
due
to
unusual
competition,
Temporary conditions,
Pacific Co.,the Chesapeake
the earnings of the company during the past fiscal year. Nevertheless, the Cal.,and vicinity: is a director of the Southern
company kept its organization and plants up to standard and maintained & Ohio fly. Co. and many other corporations.
of
policy
Be Pledged as Collateral.
May
or
its
has
of
Companies Whose Bonds Are
rigidly adhered to
Description
its volume of business. The company
promptly meeting all its current obligations, and its present earnings are
[Compare "Elec. fly. Section" and pages 173 and 187 of Ry.& Ind. Sec."'
the
on
all
dividends
for
and
fixed
of
requirements
charges
excess
well in
The Los Angeles Railway Corporation does the entire local street railway
pref. stock of its subsidiary companies.
business of Los Angeles, operating 371 miles of track; outstanding bonded
Important economies have recently been effected, resulting in the saving debt consists of $14,270,000 "First & Ref." 5s (see V. 96, p. 487) and $5,of upwards of $150,000 per antrum. This will be followed by further sub- 295,000 prior liens; net earnings in 1912 were almost twice the interest on
stantial progress in the same direction.-V.96, 13. 1025, 1301.
ndEeldeadreicbt.
totalpa c
Railway Co. operates a system of about 800 miles of elecPacific
Kings County Elec. Light & Power Co.-New Officers. tric
radiating from Los Angeles; all its $74,000,000 capital stock and
railway
succeed
to
t
W. F. Wells, Gen. Mgr., has been elected Vice-Presiden
Ref. M. bonds (about $21,000,000 issued) are owned by
the
of
$15,596,000
W. W. Freeman, and Daniel J. Creem a director to succeed the late Seth the Southern Pacific Co. Net income for 7 mos. ended Jan. 31 1913 is reL. Keeney.-V. 96, p. 656. 649.
ported at $317,298 after allowing for all interest charges, including interest
on the Ref. M. 5s (V. 95, P. 750, 1208; V. 96, p. 1298).
Lanston Monotype Machine Co.-Earnings.The Pacific Light & Power Co. 1st M. 5s ($7,994000 outstanding) are a
1908-09.
1909-10.
Yr. end. Feb. 28 1912-13.
1910-11.
1911-12.
mtge. on the modern Redondo steam-generating plant, 48,000 h. p.
first
$309,964
Net aft.dep'n. $509,025
$605,069 $505,468
$614,397
capacity, and by several smaller generating plants, together with about
Dividends _ _ _(6)360,000 (6) 360,000 (6) 329,698 (1 M)75,000
400 miles of transmission lines.
The Pacific Light & Power Corporation "First & Ref." 5.9 are a first mtge.
$430,468 $309,964
Bal. surplus.. $149,025
$275,371
$254,397
on the two new power plants of 67,000 h. p. aggregate
W. U. Parsons ha.s been elected a director to succeed his brother, Henry (V. 94, p. 634, 356)
capacity, 240 miles of transmission lines, &c., comprising the new
initial
1381.
p.
94,
Parsons, and T.0.Camp in Place of J. S. Bryan.-V.
development at Big Creek now approaching completion; also a general lien
Lehigh Coal & Navigation Co.-Purchase.on properties covered by the Pacific Light & Power Co. 1st 5s. The lien
is shared ratably by the $2,388,000 6% bonds (mentioned below) which
See Harwood Electric Co. above.-V.96. p. 1087, 949.
are already amply secured by pledge of Southern California Gas Co. let
Michigan Sugar Co., Detroit.-Pref. Dividend Omitted. M.6% bonds (V. 91. p. 1769).
The directors have decided to omit the payment of the regular quarterly Gross Earninos of Pacific L.&P. Corp. and Its Predecessor (Pacific L.&P. Co.)
dividend of 1 % on the $3,703,500 6% cum. pref. stock. At the previous
Calendar Years-Increase Since 1907 Over 90%•
quarterly meeting the dividend on the $7,471,170 common stock was re1911.
1909.
1910.
1908.
1907.
duced from 7%, the rate in force since Feb. 1910: 1% quarterly was paid
578
;
912
$1,796,899 $1,923,510 $2,026,197 $2,255,277 $2,1446
paid
in
was
$1,281,055
Nov.
dividend
of
%
35A
in Aug. and Nov. 1909, and a stock
Resultsfor Cal. Years 1912 and 1911 and 2 Mos. ended Feb. 281913 and 1912.
1910 (V. 91, p. 133).-V. 91, p. 1577.
also
company.]
rev,
Co.,
from
that
Gas
Cal.
So.
by
provided
(Excl. int.
Nevada California Power Co.-Earnings.Year 1912. Year 1911.2 Mos.'13.2 Mos.'12.
Balance,
Divs.
Gross Net (after Bond,&c. Res.& Bonds
$2,446,578 $2,255,277 $434,204 $393,822
Cal.
Gross earnings
disct.
Interest.
Surplus.
Red'm'd.
Paid.
&c.)
taxes_ _ _ _ $999,895 $1,026,578 $1.85,214 $157,486
Year- Earns. Taxes
after
earnings,
Net
3
$
$
3,893
19,482
.39,398
100,313
Other income
1912 __872,844 580,572 157,438 14,350 81,757 (4) 182,660 144,367
1911 _772,846 560,025 167,323 20,650 74,302 (2) 91,330 206,420
$1,100,208 $1,065,976 $204,696 $161,379
income
Total
-V,-96, p. 493.
87,894
78,603
471,342
Bond and other interest... _ _ 481,072
New England Telephone & Telegraph Co.-Earnings.
$594,634 $126,093 $73,485
$619,136
Balance
Interest on $10,000,000 "First & Ref." 5s is not included in interest
charges until the completion of the new plants at Big Creek, which are
scheduled for operation during the second half of the current year. By the
substitution of the hydro-electric for steam generated power, I estimate
that the reduction in operatng expenses, based on 1912 results, would be
Ref." 5s.
over $500,000, or more than enough to cover int. on "First & street
railBusiness.-Generates and sells electricity for light, power and
New York Edison Co.-Results.-For calendar year, as ways
plants
generating
operating
present
at
vicinity,
in Los Angeles and
reported to the Public Service Commission:
with a rated capacity of 78,800 h. p., about 80% of which represents steam
Operating Net (after Non-Oper. Interest, Divid'ds. Balance, plants. The remarkable growth of the territory, combined with the fact
Surllus. that the present plants are being operated at substantially full capacity,
CalendarRevenue. Taxes &c.) Income. Rent, c. (6%).
8
Year$
make additional facilities imperative. The new construction will also ena1912 ____21,024,941 11,663,451 1,166,070 3,973,998 3,009,204 5,846,319 ble the company to substitute hydro-electric for the present steam-generated
1911 -_- -19,689,851 11,402,388 1,080,564 3,801,796 3,009,204 5,671,952 power. About 80% of the output Is scld under term contracts to the Los
Total surplus Dec. 31 1912, after deducting $2,989,853 for renewal and Angeles Railway Corp. and the Pacific Electric Railway Co.
contingency reserves, &c., and crediting sundry adjustments amounting
Authorized. Outstanding.
Capitalizationto $118,264 (net), was $26,352,220.-V. 96. p. 1092, 65.
$5,000,000 $1,182,000
First preferred stock, 6% cumulative
10,000,000 9,975,000
5%
preferred
cumulative
stock,
Second
Div.
Corn.
York.
-No
New
Co.,
Niles-Bement-Pond
25,000,000 10,559,500
stock
Common
The directors have decided not to declare a dividend at present on the Underlying (closed M.) bds.(Pac. L.&P. 1st 5s,&c.)
8,344,000
yearly First & Ref. 5% bonds ($10,000,000 out and $1,$8,500,000 common stock. Payments have been made at 6%
on
made
been
35,000,000 10,000,000
since 1905, the last quarterly distribution of 1% having
treasury)
in
075,000
2,500,000
5,000,000
March 31 last. A statement issued by the stockholders says:
One-year 6% guar. gold notes (present Issue)
"While it is not passible to predict the exact effect of new tariff regulation,
There are also outstanding the $2,388,000 6% bonds, due July 11915,
there must be at the outset a condition of uncertainty which necessarily secured by $3,405,000 1st M.6% bonds of Sou. Cal. Gas Co., which, for
imposes caution in the distribution of earnings until such time as the out- cal. year 1912, reported net earnings equal to over 13i times its fixed
come shall be more definitely known.
"Conservatism at the present time is further suggested by the lass charges.-V.96, p. 1160. 365.
suffered at Niles Tool Works, a plant at Hamilton. Ohio, on Mar. 25-27,
Petaluma(Cal.) Water & Pow.Co.-City Purch.Proposed.
when the property was flooded and manufacturing was necessarily stopped.
See "Petaluma,Cal.," in "State and City" department.-V.70.P.897.
Work of restoration and resuming of operations is in progress and shipments
are now being made, but it is not yet passible to state what loss will be.
Phelps, Dodge & Co.-Copper Production.-The produc"Your board is convinced that the stockholders will approve the course
it has taken, and will feel that the temporary suspension of common stock tion of copper by the Copper Queen, Detroit and Moctezuma
dividends will increase rather than lessen the value of their holdings."
mines, owned by Phelps, Dodge & Co., for the four months
Dividend Record of Common Stock (Per Cent.)
April 30 1913, was 45,236,457 lbs., as compared with
ending
1913.
1902.
1905-'12.
1903.
1904.
1901.
1900.
8
8
6 yearly. Mch.,1% 43,363,599 lbs. in 1912, as follows:
6
7
3
1912.
1913.
Pounds.
1912.
1913.
Pounds.
-V. 92, p. 398.
11,517,338 10,928,169
11,510,711 10,892,391 March
January
11,689,357 11,312,759
Pacific Light & Power Corporation, Los Angeles.- February._ _ _ _10,519,051 10,230,280 April
Dividends
Balance,
Interest
Gross Tot. ezpens„ Net
Cal.
Surplus.
Paid.
Year. Earnings. Tazes,&c. Earnings, Paid.
$
$
(7) 2,810,859 312,256
1912_16,324,305 12,855,609 3,468,696 345,581
1911___13,849,394 10,718,591 3,130.802 135,315 (6)1) 2,644,521 350,965
-V. 95, p. 1043, 970.
Mr. Huntington in Control.-It was announced in Los Angeles
on April 22 that H. E. Huntington had purchased the complete holdings of W.(4. Kerckhoff and Allan C. Balch in the
Pacific Light & Power Corporation, and had sold to them his
interest in the Midway Gas Co. and in the Southern California Gas Co. Kerckhoff & Balch, it is stated, will continue
the development of their interests in the San Joaquin Valley,
which include the Joaquin Light & Power Corporation.
Offering of One-Year 6% Collateral Trust Guaranteed Notes.
-William Salomon & Co., N. Y. and Chic., are placing, at
par and int., $2,500,000 "one-year 6% collateral trust guaranteed gold notes," direct obligations of the company, and
unconditionally guaranteed, prin. and int., by H. E. Huntington. Dated May 1 1913 and due May 1 1914, but redeemable as a whole or in part (by lot) at any time at 100
and int. on 30 days' notice. Int. M. & N. in N. Y. or Los
Angeles. Issue limited to $5,000,000; present issue, $2,500,000. Par $1,000 (0). Trustee, U. S. Mtge. & Tr. Co.
The remaining $2,500,000 6% notes may be certified upon the pledge of
additional bonds of the issues below described and subject to like restrictions; they may not be issued after May 11914,shall not extend more than
12 mos. from date of ISSUO and shall not mature before May 1 1914.
Digest of Letter from Vice-President C. E. Graham, Dated May 21913.
of two new power plants
Purpose of Issue.-Principally for the completion
Fresno County, Cal., with initial
now under construction at Big Creek,
over
the
25%
originally contemplated
of
increase
capacity of 67,000 h. p.,an
53.600 h. p. capacity for which $10,000,000 "First and Refunding" 5%
bonds were sold; also completion of 240 miles of transmission lines to Los
Angeles, &c.
Security-Bond Issues That Have Been or May Be Deposited by the Corporation or the Guarantor.
Deposited. Deposit Price. Total Issue.
"First and
Corp.
fly,
Angeles
Los
$1,650,000 95-$1,567,500. $14,270000,
Ref." M. 5s, due 1940
Pac. El. fly. Co.ref. M.5s, due 1961 1,000,000 90- 900,000abt21000,000
Pacific L.& P.Co.lst M.5s, due 1942 700,000 95- 665,000 7,994000
See below.
Pac.L.& P. Corp. First & Ref. 5s_ _None as yet 80-
Total (at deposit price must afford
33,132,500
margin of25% over par of notes)63,350,000
The collateral may be changed, provided that it shall always consist of
-sufficient of any two or more of the aforesaid is-sues, taken at the prices
above named, to provide a margin of 25% over the face value of the notes
outstanding. The annual interest on the collateral pledged would, under
any of these conditions, exceed 6% on the notes. Not more than half the
collateral, however, shall consist of any one issue.
45_,236,457 43,363,599
Total (pounds) for four months
Customiores businesTnaed a further amount or the four months of
3.313,233 lbs. in 1913, against 2,603,604 lbs. in 1912.-V.96. P. 943,557.
Prairie Oil & Gas Co.-Balance Sheet.-Dividends.BALANCE SHEET DEC. 31.
-. 14 1912.
1911.
1912.
$
LiabilitiesAssetsstock
Capital
1,352,576
Real estate.. _ _ 2,416,537
-18,000,000
Personal prop.25,195,837 27,426.224 paid up
Merchandise _30,497,067 21,442,990 Accts. pay'le_ 1,214,012
20,753 Bonded debt_ 9,000,000
Cash on hand_ 1,830.340
37,217,688
Accts. recetv_ 5,491,919 5,208,639 Balance
1911.
18,000,000
1,536,006
17,000,000
18,915.176
65,431,700 55,451,182
Total
Total
65,431,700 55,451,182
3.Dividend payments Ina
.de
.,he stock duritig the year(25%)aggregated
$4,500,000: the increase in surplus ($18,302.512) plus the dividend payments makes a total of $22.802,512. F. S. Smithers & Co. in a circular
letter say that probably part of this sum represents an increase in inventory
valuation due to the advance in the prices of crude oil during the year; but
that the total of $22,802.512 (equivalent to 127% on the $18,000,000
stock)shows an earning capacity which "should serve to reassure those share
holders who have become apprehensive since the dividend was passed."
In regard to the decision to omit the payment of dividends at present.
President O'Neil in a circular dated May 3 says:
the extensions
"The present condition of our business, in relation toproducing
propnecessary for the care of new fields, with the acquisition of
to the marerty and extension of our main lines so as to increase our outlet
as necessity,
kets, is such that it is concluded the part of wisdom, as well
in these directions, the
to conserve our resources for a time and use them property,
maintain and
policy being, in brief, to build up and operate the
-V.96, p. 1160.950.
shareholders."
the
in
its
of
interests
business
its
expand
•••
.
"
avatist
.
_
-V.96.'V
Rogers-Brown Iron Co.-Bonds Called.-
One hundred ($100,000) 1st M.5% gold bonds Nos. 601 to 700 inclusive,
of the Buffalo & Susquehanna Iron Co., dated July 1 1902, for payment
at par on June 2 at N. Y.Trust Co.-V.93, p. 1793.
(M.) Rumely Co., La Porte, Ind.-New President, &c.C. S. Funk, who has been connected with the International
Harvester Co. since its organization and for the past six
years has been its General Manager, has resigned to become
President of the M.Rumely Co.,and will take direct charge,
the office of General Manager having been abolished.
The board of directors has been reorganized so that a majority of its
members represent the interests who are financing the company's requirements. An executive committee has been appointed consisting of Pres.
Funk,James A. Patten, Elisha Walker of William Salomon & Co.,and John
H. Guy, the recently-elected Vice-Pros, In charge:of finances. The finance
1368
THE CHRONICLE
committee consists of Pres. Punk, Elisha Walker and Max Horwitz of Hallgarten & Co. Mr. Funk's acceptance of the presidency follows an investigation of the condition of the company,in which he has taken an active part.
Financing.—William Salomon & Co. and Hallgarten &
Co. and others interested in the company have agreed to
provide, upon unsecured notes, $2,000,000 for additional
working capital. The company has also arranged with its
• principal banks in New York and Chicago for the necessary
lines of credit covering its seasonal borrowings. These
arrangements, it is believed, adequately provide for the
financial requirements of the present season.
Statement by Bankers.—In a printed statement, issued yesterday, William Salomon SL. Co. and Hallgarten & Co. say:
We have
xcvi.
Secured by pledge of First Lien 5% bonds of the company ($1,500 of
bonds for every $1,000 of notes issued), being a portion of an authorized
$20,000,000 first lien 20-year sinking fund 5s, dated Jan. 2 1911, and due
Jan. 2 1931; int. J. & J. 2 in N. Y. or Los Ang. Those bonds are secured
by a first lien upon all real property and interests in real property now owned
(with a few exceptions) aggregating over 240,000 acres of valuable oil lands,
which are valued on the books of the company at $42,519,333. Ralph
Arnold reports the valuation of the physical property of the company and
Its interests in the physical property of its subsidiary companies as in excess
of $71,500,000.
The proceeds from the sale of this issue of notes will be largely used in
refunding maturing; obligations, which will make the item of interest but
slightly different from that for 1912. Followed by $31,147,000 capital
stock on which diva. of 7.2% per annum are paid. See also report for 1912
In last week's issue, page 1294.
United Fruit Co.—London Issue a Success.—
The London allotment of the $12,000,000 4-year 6% coupon gold notes
deferred making any statement regarding the company until
by Lee, Higginson & Co., understood to have been $3,000,000,
the completion of a readjustment of its management and affairs, which has offered
was
heavily oversubscribed, the notes immediately selling at a premium.
been in progress for several weeks. We feel that investors in the securities
pf the company are now entitled to a full statement of the measures which See V.96, p. 1302.
nave been taken for the reorganization of the management of the company
United Gas Improvement Co., Philadelphia.—
and of the grounds for our belief that the enterprise is essentially sound.
Thomas Dolan and Effingham B. Morris have been elected directors to
The temporary difficulties in which the company recently found itself succeed Clement A. Griscom, deceased,
and to fill a vaacncy.—V. 96, p.
were the direct result of a too rapid expansion of its business with an 1293, 1026.
extravagant executive management and without full appreciation of the
United States Reduction & Refining Co.—Earnings:—
unusually large amount of capital required in the agricultural implement
trade, in which credits averaging 18 mos. or more are habitually given.
Total
Calendar
Exp.,Taxes,
Net
Balance,
*Bond
The combined sales for 1911 of the constituent companies (other than the
Year—
Income. Matnt.,ctc. Income.
Interest,
Deficit.
Northwest Thresher Co., acquired late in 1912) were reported to be about 1912
$182,190
$44,374
$137,816
$01,500
$46,316
$10,000,000; in 1912 about $17,500,000. As a result of this rapid increase, 1911
96,779
85,289
11,490
80,410
91,900
the company carried over into 1913 greatly increased current assets, but
* Does not include interest on bonds in sinking fund.—V. 94, p. 16933
also a large floating debt.
At various times during 1912 estimates and reports had been made by the
Vulcan Detinning Co., New York.—New Officers.—
company as to the earnings for the year, and we had ourselves employed
Prank W. Speir and Cl. M. Knight have been elected Secretary and
independent certified public accountants to check the company's estimates Treasurer,respectively,to succeed Leslie J. Saul and Chas. P. Hull. It. W.
and generally examine the condition of its affairs. The reports made to Tucker has been elected a director in place of S. J. Bloomingdale.— V. 96,
us in Oct. 1912 indicated that earnings of at least $2,200,000 for the year p. 1302, 1207.
might confidently be relied upon. As late as Dec. 1912 the company
(F. W.) Woolworth Co.—Sales.—
furnished a profit and loss statement and tentative balance sheet as of
Apr.1913.
1912.
Increased
4 Mos. 1912 Increase.
1913.
Sept. 30 1912, showing upwards of $2,100,000 earned for the first 9 months
$4,800,561
of the year. Fooling that we had every reason to believe that the business, $4 996,487
$195,9261$17,929,242 $15,627,052 $2,302,190
while expanding rapidly, was actually showing liberal profits, we purchased —V.96, p. 1093, 731.
in Feb. last $10,000,000 of the company's 2-year 6% notes,convertible into
common stock at par. We were then assured that with the proceeds of
these notes,and moderate seasonal borrowings from the banks, the company,
—The firm of Henry L. Doherty & Co., bankers, 60 Wall
would have sufficient funds to handle the volume of business then contemSt., have just issued another group of their charts illustrating
plated.
Subsecguently, during the annual audit, we were for the first time led to the relations of public utility securities,
railroad securities
believe that neither we nor our accountants had received full or reliable
information from the officers of the company regarding its true manufac- and industrial securities. They point out that the intrinsic
We
position.
accordingly
turing and financial
arranged to have elected merits of one class of securities as compared
with another
as Vice-President in charge of finances, Mr. John H. Guy, in whose integrity and capacity we have implicit confidence. Mr. Guy took office about are dependent first on the relative safety of the principal
eight weeks ago. He found that the officers had planned to increase the invested and second on the relative earnings per
$100 involume for the current year to about $28,000,000, and that contracts for
the purchase of materials and other arrangements had been made vested. The chart, having three sections, shows in Section
with that in view. It was apparent that so great an expansion would result No. 1 the way the capital issued by these three groups of
in the employment of a much larger amount of capital than had been estimated. A reduction in this volume to $22,000,000 was, therefore, made. companies has increased during a period of ten years. In
Upon the publication on April 2 of the annual report, which showed that Section No. 2 it shows the way the net earnings on
the earnings for 1912 had fallen far short of the company's estimates, the
company's banks, most of whose loans had been paid out of the proceeds this capital have increased and decreased during the same
of the sale of the $10,000,000 of 2-year notes, became distrustful of the period. From the data of the first and second sections the
management, and hesitated to extend to the company the usual seasonal
credits, upon which it relied to enable it to carry on its business until the net earnings per $100 of securities outstanding were calculated and are illustrated in Section No. 3. These figures
autumn, when most of its collections are made.
In order that we might be in a position to deal with this emergency, we
caused a further examination to be made with the aid of Mr. Guy and ex- include all of the railroads of the United States, all of the
perts in the agricultural implement business, and reached the conclusion large industrials listed on the New York Stock ExchanKP,
that, while the management had been improvident in its policy of rapid during this period and most of the large gas and
electric
expansion, and while the book-keeping prior to the administration of the
present Comptroller (who was appointed only a few months ago) had been companies.
Imperfect, and while much of the information which had been furnished to
—The investment bond firm of Barr, Lyon & Co., Pittsus and to our accountants regarding the financial position of the company
and its requirements was most inaccurate and misleading, the enterprise burgh, was dissolved on May 1 1913. The new firm of
was essentially a sound one. We believe that the assets and liabilities were C. M. Barr & Co. has been organized to continue the busicorrectly shown in the annual statement as of Dec. 311912, basedl upon the
audit of Messrs. Barrow, Wade, Guthrie & Co. Our investigation confirms ness of buying and selling investment bonds, in which Mr.
the belief that the company's products are popular, successful and readily Barr has been engaged for over ten years, having started
salable. What the company needed was new management, together with
the financing of its immediate requirements. To that end, we ourselves, his career with J. S. & W. S. Kuhn, Inc., in 1903. Mr.
and others interested in the company, have arranged to /advance to the Barr will have associated with him some strong financial
company $2,000,000 which is to remain in the business at least until the end
of next year, and we also brought about the election of a new President, a men and he expects to immediately enlarge the scope of
reorganization of the board and the appointment of satisfactory executive his selling operations, but will adhere to the same conservaand finance committees.
On the strength of the arrangements above outlined, the company has tive methods that have characterized his work in the past.
been able to re-establish linos of banking credit to the extent of $3,500,000,
—Mr. Orme Wilson and his sons, Orme Wilson Jr. and
which is deemed to be sufficient for this year's seasonal requirements.
It is impossible at present to make any accurate forecast of the earnihgs R. Thornton Wilson 2d, announce this week that they have
for the year. The profits will undoubtedly suffer from the mistakes of the formed
a partnership to carry on a general banking business
late management. For these reasons, and in order to maintain as strong a
cash position as possible, the directors have determined to take no action under the firm name of R. T. Wilson & Co. at 14 Wall St.,
in respect to dividends on the preferred stock until the outcome of the this city. The new partnership will continue the business
business for the present year is known. See V. 96, p. 1099, 1084.
San Joaquin Lt. & Power Corporation.—Contract.— as heretofore of the old-time banking house of R. T. Wilson
& Co., which was organized shortly after the Civil War.
The senior member of the new firm, M. Orme Wilson, was
a partner in the old concern for many years.
—Harris, Forbes & Co. and Potter, Choate & Prentice
of this city are jointly offering for public investment two issues
of Chic. Milw. & St. Paul Ry. Co. "Milwaukee & Northern
Sears, Roebuck & Co.—Sales.RR." bonds. A legal investment for savings banks and trust
April 1912. Increase.
1913.
1913.
4 mos. 1912.
Increase. funds in N. Y., Conn., R. I. and several
other States. De$8,213,000 $7,962,131 $250,869 $31,898,949 $28,691,413 $3,207,536
—V. 96, p. 1,026.423.
scriptive circulars upon application. See to-day's adverthe
"Chronicle' and our "General Investment
tisement in
Solar Refining Co.—Dividend—Stock Increase.—
A dividend of 20% has been declared on the $500,000 capital stock, News Dept." for full particulars.
payable June 20 to holders of record May 26, being the same amount as
—When alterations are completed, Morris Bros. of Porton Dec. 20. The latter was the first distribution since the disintegration
of the Standard 011 Co. of N.J.
Philadelphia and Now York will move into larger
The stockholders will vote on June 16 on increasing the authorized stock land,
from $500,000 to $2,000,000. The new stock, it is reported, may be issued quarters on the fourth floor of 141 Broadway, this city.
as a 300% stock dividend.—V. 95, p. 1276.
The concern's new offices will occupy the entire Broadway
Underwood Typewriter Co.—Earnings.—
front of this building. Morris Bros. make a specialty of
The net earnings for the quarter ending Mar. 31 1913 were $600,857,
against $501,852 for the corresponding period in 1912. The monthly earn- Pacific Coast securities, dealing extensively in municipal
ings were: Jan., 3229,829, increase $66,076; Feb., $203,845, increase $39,- and corporation bonds.
249; March, $167,183, decrease $6,320.
—The Stone & Webster Engineering Corporation, Boston,
It was stated after the meeting of the directors on Thursday that the
board had decided not to increase the dividend on the common stock at the has recently issued three handsomely illustrated pamphlets
present time on account of tariff probabilities and general business uncerdescribing (1) hydro-electric plants constructed by them for
tainties.—V. 96, p. 943, 657.
Union Oil Co. of California, Los Angeles.—Notes.— twelve important companies; (2) Pawtucket-Woonsocket
Torrance, Marshall & Co., Now York, Los Ang. and San Fr., high-pressure gas system of Blackstone Gas & Electric Co.;
are placing, at par and int., the unsold portion of $2,000,- (3) progress of hydro-electric development of Mississippi
000 coll, trust gold 6% notes, the first of an authorized $4,- River Power Co.
—Thompson, Towle & Co., Boston and New York, will
000,000, dated May 11913,and maturing in nine semi-annual
installments, $400,000 on May 11914, thereafter 8450,000 be pleased to supply upon request copies of a map setting
each 6 mos., but callable at 103 and int. Par $1,000 (0). forth the territory served by the Montana Power Co.;also
A block of the notes is also being placed by the William R. showing that part of the Chicago Milwaukee & St. Paul line
Staats Co., Los Aug. and San Fr. An advertisement shows: which is to be electrified.
Principal and interest (Q.-F.) payable in gold at the Los Angeles Trust
—A. H. Bickmore & Co., bankers, announce that they
& Say. Bank,Los Angeles (the trustee), or Anglo & London Paris Nat Bank.
San Francisco, or Bankers Trust Co., New York City.
have removed their offices to 111 Broadway.
The company has arranged with the J. G. White Eng. Corp. for the
engineering and construction of a 6,000 k.v.a. hydro-electric plant on the
Tule River near Springville, Cal., installation of a 3,000 k.v.a. generator
at power house No. 2, a 3,750 k.v.a. generator and water wheel at Kern
River Canyon plant, installation of 6,250 k.w. steam turbine boilers and
auxiliaries and buildings at Bakersfield steam plant and installation of
4-666 k.v.a. transformer and revision of switching arrangements for plant
No.3(compare Pacific Light & Power Corp. above.).—V.96, p. 1093, 558.
THE CHRONICLE
MAY 10 1913.1
Tommtrcial Times.
COMMERCIAL EPITOME.
Friday Night, May 9 1913.
Trade is good and the feeling is noticeably more cheerful
at the West and South. Yet there is undoubtedly a conservative feeling, too. The impending tariff changes explain this. Bank clearings are appreciably smaller than a
year ago. The outlook for the grain crops, however, is favorable. Export business in wheat has been large. - Trade
is especially good at the Northwest and Southwest. The
East hesitates. Iron and steel are in somewhat less urgent
demand. Many commodities have declined. The tariff
bill has passed the House of Representatives and now goes
to the Senate.
LARD has been in moderate demand and steady; prime
Western $11.35; refined for the Continent $11.60 for South
America at $12.35.; for Brazil in kegs, $13.35. Lard futures,
though showing no marked changes, have been inclined of
late to be rather easier, with the receipts of hogs larger. Today prices showed little change, though hogs were 10 cents
higher on light receipts.
DAILY CLOSING PRICES
Sat.
May delivery
cts..10.85
July delivery
10.70
September delivery
_10.75
OF LARD FUTURES IN CHICAGO,
Fri.
Wed. Thurs.
Mon. Tues.
10.9714 10.9216
10.90
10.92M 10.85
10.7716 10.75
10.7214 10.75
10.85
10.80
10.80
10.80
10.75
10.85
1369
COTTON.
Friday Night, May 9 1913.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
59,793 bales, against 71,230 bales last week and 81,197
bales the previous week, making the total receipts since
the 1st of Sept. 1912 9,101,740 bales, against 11,185,367
bales for the same period of 1911-12, showing a decrease
since Sept.1 1912 of 2,083,627 bales.
Sat.
Galveston
Texas City
Port
Aransas Pass,&-c.
Now Orleans
Mobile
Pensacola
Jacksonville, &c..
Savannah
Brunswick
Charleston
Georgetown__
Wilmington.. _ - _
Norfolk
N'port News,.kc
New York
Boston
Baltimore
Philadelphia__
Mon.
Tues.
Thurs.
Wed.
3,166
4,35'7
5,584
_ _
2,829
____
1.460
____
2r,5
536
2,155
491
3:585 2',5i4
1,515
2,445
1:gid
1:84i
386
-545
__
'756
_
568
_
516
358
1,764
64
51'7
4
----
----
536
----
86
574
____
____
-- __
81
----
1,115
---_
1,555 2E,5ffi
-5115
-58
.
_
_
155
196
230
____
540
___
-io§
--__
-___
o.nin
--5'i
-_,._
100
Fri.
Total.
2,265 19,661
590
590
1,053 137,155
1,351 4,110
-----4
2,071 11,693
650
650
180 2,119
__
iO 1-,632
1,064 4,530
__
_
58
„,
1,395
187
566
229
1.395
287
R.27d. in St7A1 80.702
PORK has been steady and fairly active; mess $21 75@ Totals this week_ 9.953 11.532 12_040
$22 25, clear $21@$22 51,family $23 50@$25. Beef steady
following
shows
the
The
week's
total receipts, the total
with only a moderate trade; mess $19@$20, packet $21@
$22, family $22@$24, estra India mess $35@$36. Cut since Sept. 1 1912, and the stocks to-night, compared with
meats stronger. Stocks are light; pickled hams, 10 to 20 last year:
lbs., 143'g@153c.; bellies, clear, fo..b. New York, 6 to 12
1912-13.
1911-12.
Stork.
lbs., 16@170. Butter,creamery extras,28M @29c. Cheese,
Receipts to
State whole milk colored specials 13c. Eggs, fresh-gathered
This Since Sep This Since Sep
May 9.
Week. 1 1912. Week. 1 1911.
1912.
extras 22o.
1911.
OILS.-Linseed quiet and easy. Flaxseed has latterly Galveston
19,661 3,705,362 17,1103,437,453 127,406 171,789
99 585,634
declined at the Northwest. Consumers in many instances Texas City
590 661,393
8,176
51
129,750
272,714
Arthur
are averse to purchasing beyond their actual requirements, Port
127,666
Aransas Pass, &c_
1
owing to the weakness recently developed. The weather New Orleans__ _ _ 137.155 1,327,566 8,714 1,575,517 72,298 68,762
66,845
50
9,811
has been favorable for painting operations. City raw,Ameri- Gulfport
9 .010
6,320
4,110 204,889 1,671 368,633
Mobile
can seed, 48@49c.i boiled 49@50c.; Calcutta 700. Cotton- Pensacola
210,510
115,482
544
_
49,760
14.273
4
seed oil easier; winter 7.00@7.80o.; summer white 7.00(4) Jacksonville, &c.. 11.693
60,082
1,211,083 13:733 2,322,181
88,236
7.80c. Cocoanut oil steady; Cochin 10%@11c.• Ceylon Savannah
7,857
2,423
650 229,492 5,000 402,320
Brunswick
22,455
19,999
615 410,280
2,119 299,931
10 @10%c. Chinawood steady at 7)4@7Y:c. Corn Charleston
1,145
110
Georgetown
5.70@5.75c. Cod steady at 39@41c.
5,363
20,259
Wilmington
1,032 337,247 1,071 540,697
43,159
37,538
4,530 502,759 5,602 722,575
COFFEE has been quiet and steady; No. 7 Rio 11%c.; Norfolk
35,379
N'port
News,
&c..
102,842
mild grades in only moderate demand. Fair to good Cucuta, New York
-5436 14,144 '87
115,570 153,660
.9
10,663
13Yl@133
9,040
229
43,797
888 59,367
/0. Coffee futures have fluctuated within com- Boston
9,579
Baltimore
11'6,139
4,368
1,395
69,624
1,959
paratively narrow limits. In other words, they have pre- Philadelphia
1,373
1,685
287
4,330
38
2,240
sented no striking features. There have been some rumors
Total
59,7939,101,740
66,517 11186367 488,898 599,068
_
of strikes in Brazil, which may possibly delay the marketing
of the new crop, if continued. Nobody seems to have an
In order that comparison may be made with other years,
idea whether they will or not,or for that matter whether there
give below the totals at leading ports for six seasons:
is any important trouble. The trade seems suspicious of we
bullish rumors. Receipts keep up pretty well. Big inter1908.
1909.
1910.
ests received some 90,000 bags on May contracts, and are be- Receipts at- 191,3. • 1912. I 1911.
27,180
15,403
8,021
lieved to have latterly tried to advance prices. To-day prices Galveston ___ 19,661 17,110 13,762
587
4,052
1,097
99
City,&c
590
were somewhat higher on light transactions. Washington Texas
16,595
20,170
34,191
26,972
8,714
New Orleans..
13,133
advices are that the valorization case is likely to be reopened Mobile
2,062
4,496
2,285
1,109
1,671
4,110
7,473
16,085
7,842
9,831
13,733
Savannah
11,693
in the Senate. Senator Norris of Nebraska asks for the seiz- Brunswick__ _
1,648
250
5,000
650
ure of the ,valorized coffee still in New York and that pro- Charleston,&c
383
491
1,577
2,119
615
509
3,302
4,062
538
1.032 . 1,071
1,611
ceedings be instituted against those identified with valori- Wilmington__
6,255
3,147
4,618
2,979
5,062
Norfolk
4.530
zation here.
178
N'port N.,&c
1,836
2,673
2,275
2.902
2,455
4,205
All others_ _ _ _
Closing prices were as follows:
Jan
11.44011.45
Feb
11.44 11.45
March__ _ _11.49 11.50
April
11.49011.50
52,472
98,754
50,379
60,325
59,793
56,517
Total this wk.
Q.,.,. af 1 o In, 7.4A 111Rk2R7 R 154 772 a son 01 A 0 2117 41111 7 79A 425
SUGAR.-Raw, lower; centrifugal, 96-degrees test,
3.33c.; muscovado, 89-degrees test, 2.83c.; molasses, 89degrees test, 2.58c. The Atlantic ports receipts for the week
were heavy. They were 68,923 tons against 71,978 last
week and 43,398 last year. The estimated meltings were
36,000 tons as compared with 40,000 last week and 56,000
last year. Refined quiet and unchanged; granulated 4.30c.
PETROLEUM steady; barrels, 8.50@9.50c.• bulk, 4.80@
' 73 to 76
5.80c.; cases, 10.80@11.80c. Naptha, steady;
drums $8.50 extra.
degrees, in 100-gallon drums, 25
2c.; 74 to 76 degrees 253c.; 68 to
Gasoline, 86 degrees, 293/
70 degrees, 2234c., and stove 21c. Spirits of turpentine,
434143 Mc. Common to good strained rosin $4.75.
TOBACCO has continued quiet but firm for both binder
and filler. Sumatra meets with merely the routine demand.
High prices were paid at the Rotterdam sale last Saturday;
1,700 bales were taken for America. Members of the trade
here will attend the convention to be held next week at
Atlantic City. Interesting questions will come up for discussion, among which the tariff will not be the least important.
COPPER has been firm but not active; Lake 15%@159c.,
electrolytic also 15%@15Yic.; offerings small. Stocks in
April decreased no less than 28,720,000 lbs. London has
latterly declined somewhat. Tin, spot here 504c.; the advance was due to speculative buying and a rise in London.
Lead 4.35c. Spelter 5.50c. Pig iron quiet; the production
in April was 2,752,761 tons, against 2,763,569 in March.
No. 1 Northern $17 25@$17 50, No. 2 Southern $16 75@
$17 25. Bar iron active at $1 65@$1 70 at tidewater.
Coke in better demand. Steel firm but less active.
Sheets and tin plates have been in good demand.
The exports for the week ending this evening reach a total
of 132,119 bales, of which 61,147 were to Great Britain,
8,373 to France and 62,599 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
May
11.1011.1
June
11.17011.20
July
11.25 11.26
August -11.35 11.40
Sept
11.44 11.45
October.. _11.43 11.45
Nov
11.43011.44
11.43 11.44
Dec
Week ending May 9 1913.
Exported toExports
from-
Great
ContiBritain.France. neat. I Total.
From Sept. 1 1912 to May 9 1913.
Exported toGreat
Britain.
i
____ 8,940 31,019 1,281,236
Galveston - 22,079
1,887 399,698
1,887
Texas City.
31,480
l'ort Arthur
12,921
Ar.Paes,&cNewOrleans 13-,iii 2,6(36 9-,igii 25-,ii67 676,138
Mobile_ - - - 4,671I 4,671 56,264
24,058
Pensacola..5,4541 5,454 119,261
Savannah...
7,0001 7,000 104,347
Brunswick
5,193 5,193 69,392
Charleston
106,043
Wilmington
16,211
Norfolk __ _
291
N'portNews
New York_ 14-,131 5,:f75 6,273 25",iiii 235,904
2,900 145,643
Boston _ _ _ _ 2,90
3,994
Baltimore_ _
. 3,203 3,203
2,446 41,847
35
-Philadera.._ 2.051-)113 -____
507
--____
_
PortI'd, Me
14,06 14,060
San Fran_
---2,742 2,742
_
Pt.Towns'd.
-- -Total._ 81,147 8,373 62,559 132,1193,329,235
France.
Contisent.
Total.
383,867 1,333,1342,998.237
146,793 84,006 630,497
27,949 70,321 129,750
16,048
8,606 37,575
139,003 383,294 1,198,435
25,562 45,315 127,141
34,791 56,532 115,381
62,869 584,621 766,751
97,768 206,115
5,000 143,952 218,344
59,673 138,985 304,701
500\ 53,878 70,589.
291
47.436 150,068 433,405
9,621 155,264
2,500 31,513 38,007
7,735 49,582
507
234,116 234,116
96,525 96,525951,991 3,529,9907,811,216
Tot.1911 12 55 052 45_112 56.678 99.7224,066.930 1.118.7844.685.1959.870.909
Note.-N.Y
Y. exports since Sept. 1 include 19,673 bales Peru, &c.,to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amount': of cottcri on shipboard, not
cleared, at the ports narriod. We add similar figures for
New York.
1370
THE CHRONICLE
On Shipboard, Not Cleared for-
May 9 at-
Great
GerOther CoastBritain. France. many. Foreign wise.
New Orleans... 2,463
Galveston _ _ __
7,934
Savannah _-----Charleston__
Mobile---Norfolk
New York_ _
2,500
Other ports_
3,000
,'
Total.
Leaving
Stock.
3,159 2,435 7,350
4,656 16,50,1 14,494
----------
104 15,511
3,599 47,187
300
300
____
____
____
500 5,500
20,156 20,156
2,000
____ 5 100
---4,000
56,787
80,219
59,782
19,999
3,510
17,382
110,470
42,495
Total 1913
15,897 7,915 25,439 23,844 24,659 97,754
Total 1912_ 25,755 21,918 33,500 23,739 20.210 125,122
Total 1911- 14.409 5.557 30.842 14.113 8.205 73.126
390,644
473,946
325.344
--_-
5,000
100
-___
500
1,000
Speculation in cotton for future delivery has again been
on a.moderate scale within a comparatively restricted range
of prices. Latterly the tendency has been towards some advpn.
ce,owing to complaints of dry weather east of the Mississippi and fears that largo exports might be made from New
York to Liverpool. On Thursday 10,377 bales were actually exported to Great Britain from this port and 1,041 to the
Continent. Some complaints have been received of backward crop conditions in Georgia, Alabama, Mississippi., and
also in parts of Texas. There have been some indications,
too,that the market had become oversold. The general sentiment has been bearish for some time past. it has found
expression in considerable short selling. The short account
finally reached unwieldy proportions. The stopping of a large
amount of May notices and persistent rumors that some 60,000
bales will be shipped from New York to Liverpool, together
with the recent dry weather in the Eastern Gulf and Atlantic
States have combined to make bears more cautious. The
New York stock has been steadily decreasing at the rate
of two or three thousand bales a day. It has now fallen off
about 16,000 bales since May 1. Latterly Liverpool has
been buying July and October here. October was bought,
it was understood,on a new straddle. The feature of the Liverpool market has been steady buying by the Continent
of new crop months. These months at times have shown
more strength than the old-crop deliveries, partly under
the stimulus of covering of shorts and partly because of
steady buying for long account from some source-whence it
has not been altogether clear, but supposedly, in part at
least, from European spinners. Latterly, too, the cotton
goods market has shown rather more steadiness. The Balkan
situation has improved. Germany's trade in textile goods is
said to have increased. British exports of yarns and cloths
make a good exhibit. The financial situation has improved.
European politics seem less threatening. On the other hand
no very marked advance has taken place. There is widespread skepticism in regard to reports that dry weather.is
doing harm to the plant. A dry May is universally considered a good thing for the cotton crop. It tends to develop the tap root. It prepares the plant to face whatever danger awaits it later on. In other words, it is a.
wet May and
not a dry May
which
is recognized by cotton authorities as dangerous to the plant.
The South has a good "season" in the ground. Winter and
spring rains were abundant. Many favorable crop accounts
are coming from various parts of the belt. Latterly the
tendency has been towards warmer weather. Spot markets
have been generally quiet. At Memphis some decline was
reported. The South is believed to be carrying big stocks.
Within a day or two scattered rains have occurred east of
the Mississippi River, which are believed to have been
beneficial. The West reports that the tariff agitation has
at length affected general trade to some extent. To-day
prices first advanced on dry weather and covering and then
receded on rains in Georgia and South Carolina as well as
Alabama and Oklahoma and liquidation. New York
exported 5,381 bales to France and 1,850 bales to the Continent. Spot cotton closed at 12 cents for middling uplands
showing an advance for the week of 15 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 3 to May 9Sat. Mon. Tues. Wed. Thurs. PH.
Middling uplands
11.85 11.85 11.90 12.00 12.00 12.00
NEW YORK QUOTATION FOR 32 YEARS.
The quotations for middling upland at New York on
May 9 for each of the past 32 years have been as follows:
1913_c
12.00 1905_c
7.75 1889_c
8.05 1897_c
11.06
1912
11.30 1904
13.80 1896
8.25 1888
10.00
1911
15.75 1903
11.15 1895
6.81 1887
10.94
1910
15.50 1902
9.62 1894
9.31
7.25 1886
1909
10.90 1901
8.12 1893
10.88
7.81 1885
1908
10.65 1900
11.69
9.88 1892
7.38 1884
1907
11.90 1899
6.25 1891
11.00
8.94 1883
1906
11.95 1898
12.38
6.58 1890
12.00 1882
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Spot Market
Closed.
Saturday___
Monday _
Tuesday _ _
Wednesday_
Thursday __
Friday
Quiet..
Quiet
Steady,5 pts. adv_
Steady. 10 pts. adv_
Quiet
Steady
Total
Futures
Market
Closed.
Steady
Steady
Steady
Steady
Very steady..
Steady
SALES.
Spot. Contecti Total.
2,100
3,200
5,300
600
6,046
528
600
6,046
8.674
3,800 12,474
528
[VoL. xcvi.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
May 3. May 5. May 6. May 7. May 8. May 9. Week.
MayRange ____ 11.35-.42 11.25-.38 11.35-.42 11.37-.42 11.38-42 11.40 .50 11.25;.50
Closing____ 11.35-.36 11.35-.37 11.34-.35 11.37-.39 11.42-43 11.40 .42--JuneClosing____ 11.40-.42 11.39-.41 11.36 - 11.43-.45 11.49-51
JulyRange ____ 11.43-.51 11.35-.45 11.39-.51 11.43-.53 11.44-.53 11.50 .62 11.35 .62
Closing____ 11.45-.46 11.44-.45 11.39-.40 11.46-.47 11.52-53 11.51 .52--Aug.
Range ____ 11.22-.28 11.12-.23 11.19-.27 11.23-.32 11.25-.32 11.30 .40 11.12 .40
Closing__ 11.23-.24 11.22-.23 11.19-.20 11.25-.27 11.30-.31 11.30 .31--Sept.Range ____ 11.00-.02 10.91-.97 11.01-.04- 0 -- 0-11.08 .10 10.91 .10
Closing... 10.98-.99 10.97-.99 10.95-.97 11.06-.08 11.04-.06 11.01 .03--Oct.Range ____ 10.88-.95 10.83-.90 10.88-.98 10.94-.04 10.94-.05 10.93 .06 10.83 .08
Closing__ 10.92-.93 10.89-.90 10.88-.89 10.99-.00 10.98 -10.95 .96--Nov.
Range ___ - 0-10.88 -- 0 -- 0 -11.05 --0 -10.88 .05
Closing____
Dec.Range ___ 10.90-.97 10.84-.91 10.88-.98 10.95-06 10.96-.06 10.95 .08 10.84 .08
Closing_ 10.93-.94 10.90-91 10.90-91 11.00 -10.99-.00 10.97 .98--Jan.Range ____ 10.88-.93 10.81-.88 10.86-96 10.93-03 10.94-04 10.92 .05 10.81 .05
Closing__ _ 10.90-.91 10.87-.88 10.86- 87 10.97-.98 10.97-.98 10.93 .94--Feb.- 0 --0--0
Range
@
Closing__ _
MarchRange ____ 10.97-.99 10.93-.94 10.95-.96 11.01-.10 11.04-.12 11.01 .04 10.93 .12
Closing---- i0.90-.01 10-.94.96 10.95-.97 11.04-.06 11.05-.06 11.02 .03--AprilClosing__
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
May 91913.
1912.
1911.
1910.
Stock at Liverpool
bales.1,151,000 1,316,000 923,000 658,000
Stock at London
5,000
5,000
5,000
4,000
Stock at Manchester
65,000 114,000
90,000
57,000
Total Great Britain stock
1,221,000 1,435,000 1,018,000 719,000
Stock at Hamburg
13.000
8,000
9,000
10,000
Stock at Bremen
471,000 641,000 195,000 264,000
Stock at Havre
304,000 310,000 257,000 261,000
Stock at Marseilles
3,000
4,000
2,000
2,000
Stock at Barcelona
25,000
22,000
11,000
22,000
Stock at Genoa
40,000
25,000
48,000
28,000
Trieste
at
Stock
25,000
13,000
11,000
8,000
Total Continental stocks
881,000 1,046,000 524,000 581,000
Total European stocks
2,102,000 2,481,000 1,542,000 1.300,000
India cotton afloat for Europe..
82,000 167,000 162.000
81,000
Amer. cotton afloat for Europe_._ 293.599 314,055 193,471 208,473
Egypt,Brazil,&c.,afit.for Europe_
20,000
38,000
54,000
36,000
Stock in Alexandria, Egypt
180,000 171,000 155,000 107,000
Stock in Bombay, India
915.000 664,000 635,000 742,000
Stock in U. S. ports
488,398 599,068 398,470 501,561
Stock in U. S. interior towns
411,598 260,522 277,410 317,590
U. S. exports to-day
24,538
11,859
7,000
14,174
Total visible supply
4.532,133 4,639,819 3,413,351 3,370,483
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 962,000 1,210,000 794,000 585,000
Manchester stock
47,000
73,000
87,000
44,000
Continental stock
846,000 1.015,000 482,000 531,000
American afloat for Europe
293,599 314,055 193,471 208,473
U. S. port stocks
488.398 599,058 398,470 501,561
U. S. interior stocks
411,598 260,522 277,410 317,590
U. S. exports to-day
7,000
24,538
11,859
14,174
Total American
3,070,133 3,499,819 2,225,351 2,202,483
East Indian, Brazil, ttc.Liverpool stock
73,000
189,000 106,000 129,000
London stock
4,000
5,000
5,000
5,000
Manchester stock
27,000
10,000
17,000
21,000
Continental stock
31,000
42,000
35,000
50,000
India afloat for Europe
82,000 167,000 162,000
81,000
Egypt, Brazil, &c., afloat__ _ __
38,000
54,000
36,000
20,000
Stock in Alexandria. Egypt
180,000 171,000 155,000 107,000
Stock in Bombay, India
915.000 664,000 635,000 742,000
1,462,000 1,140,000 1,188,000 1,168,000
3,070,133 3,499,819 2,225,351 2,202,483
Total East India, &c
Total American
Total visible supply
4,532,133 4,639,819 3.413,351 3,370,483
Middling Upland. Liverpool
8.18d.
6.68d.
6.53d.
8.42d.
16.05c.
Middling Upland, New York
10.85c.
12.00c.
15.90c.
Egypt, Good Brown, Liverpool_ _ 14.45d.
1034d.
11 Xd. 15 3-16d.
11.00d.
Peruvian, Rough Good,Liverpool 9.65d.
11.25d.
9.25d.
Broach, Fine, Liverpool
73id. 7 5-16d.
(Md.
6 7-16d.
7d.
Tinnevelly, Good, Liverpool
7%d.
6 7-16d. 6 1-16d.
Continental imports for the past week have been 36,000
bales.
The above figures for 1913 show a decrease from last week
of 98,937 bales, a loss of 107,686 bales from 1912, an excess
of 1,118,782 bales over 1911 and a gain of 1,161,650 bales
over 1910.
COTTON
QUOTATIONS
MIDDLING
AT
FOR
OTHER MARKETS.-Below are the closing quotations
principal
middling
cotton
cotton at Southern and other
of
markets for each day of the week.
Week ending
May 9.
Closing Quotations for Middling Cotton onSarday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
Galveston
12K
New Orleans.._.. 12K
Mobile
11K
Savannah
12
Charleston
11K
12
Norfolk
Baltimore
12
Philadelphia
12.10
12
Augusta
Memphis,
12K
12K
St. Louis
Houston
12%
11%
Little Rock
12 3-16
1231
11n
12
123-16
123-16
11 Yi
12
11U
11%
12
12.10
12
12x
12K
12h
11%
11N
12
12.15
12
12X
12X
12
ii%
11VA
123-16
i23-i6
11M
1IN
1134
12
12
12.25
12
12g
12;1
12
11%
123-16
123-16
11
11$
11 4
12
12
12.25
12
12
12
12
ii%
12%
1234
11%
12
11U
12
12
12.25
12
i23i
12X
12
ii%
THE CHRONICLE
MAY 10 1913.]
1371
WEATHER REPORTS BY TELEGRAPH.-TelegraphAT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments for ic advices to us this evening from the South report that rain
to-night,
items
stocks
and
the same
for the has been quite general in the Southwest during the week, but
the week and the
corresponding period for the previous year-is set out in
in many localities along the Atlantic and Gulf dry weather
detail below.
has prevailed and moisture is claimed to be needed. PlantMovement to May 9 1913.
Movement to May 10 1912.
ing is making good progress where not already finished.
Texas advices refer to rather low temperature, but state that,
Ship- Stocks
Ship- Stocks
Receipts.
Receipts.
Towns.
meats. May
ments. May
with that exception, the crop has a good start, with acreage
Week. Season. Week.
9.
10.
Week. Season. Week.
increased and fertilizers being used by many planters.
34
21,044
40 5,294
221 1,411
24,861
Ala., Eufaula _ _
43
Galveston, Tex.-Rainy weather has been general throughMontgomery.
570 152,988 2,477 18,389
369 191,139 1,260; 4,528
219 117,140
Selma
671 3,558
290' 2,817 out the State, with good precipitation in most localities.
187 143,234
27 41,453___
439
Ark., Helena_ _
143
144
68,972
139
with that exception the
211 178,987 1,8
Little Rock_ _
9 2 26,113 2,099 209,522 1,138 17,765 Temperatures have been low, but
5
Ga., Albany__ _
23,973
134
623 crop has a good start with a decided increase in acreage.
32,364
355 1,150
9
225 106,256 4,900 10,033
Athens
256 183,083 3,000 11,149 Farm work is well advanced. Fertilizers are being used by
607 156,730 1,637 9,804
Atlanta
427 273,673 3,967 6,754
1,515 328,539 6,138 44,094 4,979 535,797 7,183 50,466 many planters, insuring a larger yield per acre. There has
Augusta
Columbus .._ _
157
74,302 1,275 16,627
82,817 1,575 5,200 been rain on two days during the week, the rainfall being
147
Macon
60 36,515
170 2,497
70,188
606 11,101
87
121
Rome
66,1141 1,400 1,400 sixteen hundredths of an inch. Average thermometer 70,
50,439
82
302 7,901
68 140,581
La.,Shreveport
278 140,092 1,145 5,449 highest 76, lowest 64.
389 4,579
613
,Col'mbus
7
67
26,182
80 36,931
109 1,081
Abilene, Tex.-It has rained heavily on one day of the
162
4
Greenville _
44,443
54 49,146
_
143
6
Greenwood _ _
95,091 1,000 3,000 week, the precipitation being three inches and sixty-two
150 108,937 2,150 8,000
____
8,822
1,020
_
_
_
Meridian
621 100,887
1,087
56,208 2,090 7,351
255 1,296 hundredths. Minimum thermometer 50.
Natchez
19,811
3
250
800
18,045
Brenham, Tex.-There has been light rain on four days
207
Vicksburg
1
_
68 37,759
24 1,119
29,009
17
100 during the week,
___
Yazoo City_ _
29,898
___
176 3,267
22,416
__
the precipitation reaching fifty-seven hun21,389
1
619,359 10,09
Mo.,St. Louis_ 7,iO9 533,471 7,946 29,821 9,93
3
440 dredths of an inch. The thermometer has ranged from 58
355
N.C., Raleigh_
125
22,252
249
336
10,176
97
0., Cincinnati_ 2,883 209,134 3,390 27,507 4,177 246,717 3,796 13,494 to 84, averaging 71.
110
180
10
7,421
5
140
30,194
Okla., Hugo*._
Cuero, Tex.-Rain has fallen on one day during the week,
19,232..- _ 2,792
_ _. 16,542 1,000 4,000
S.C., Greenw'
Tenn.,Memphis 1;181 786,680 12852 74,898 7,746 914,963 12,222 38,655 the rainfall being four hundredths of an inch. Highest
321
7,182
9
299
410
6,797
310
-__
Nashville ___ _
17,291
____ 1,103
585 thermometer 84, lowest 52, average 68.
199
144
17,376
31
Tex., Brenham
43,907
___
350
__
53
54,763
6
Dallas, Tex.-There has been rain on two days the past
Clarksville_ _
500 4,400
400 130,400
___
200 97,962 1,500
Dallas
45,137
___
4 week, the rainfall reaching one inch and twenty-eight hun175
975
16
5 50,6.
Honey Grove_
9,3703,248,032 13,393 87,440 7,5172,986,164 10,867 56,461 dredths. The thermometer has averaged 68, ranging from
Houston
714 150,871 2,203 1,211
194
49 165,983
312
Paris
50 to 86.
--- Henrietta, Tex.-We have had rain on two days during the
Total, 33 towns 20,4546,068,677 65,915411,598140,431 7,593,565 64,550260,522
week, the precipitation reaching three inches and sixty hun*Last year's figures are from Louisville, Ky.
dredths. The thermometer has averaged 65, the highest
OVERLAND MOVEMENT FOR THE WEEK AND being 82 and the lowest 48.
Kerrville, Tex.-There has been rain on two days during
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made the week, the precipitation being one inch and fifty hunup from telegraphic reports Friday night. The results for the dredths. The thermometer has averaged 65, the highest
week and since Sept. 1 in the last two years are as follows:
being 84 and the lowest 46.
Lampasas, Tex.-There has been rain on three days during
-1912-13--1911-12May 9Since
Since the week, the precipitation reaching one inch and fifty-four
Shipped' Week. Sept. 1.
Week. Sept. 1
Via St. Louis
7,946 507,687
10,091 600,617 hundredths. The thermometer has ranged from 50 to 82,
Via Cairo
500 223,118
a2,561 a230,887 averaging 66.
Via Rock Island
53
19,968
183
8,247
Luling, Tex.-We have had light rain on two days during
Via Louisville
1,480
75,926
3,425 154,798
Via Cincinnati
786 121,692
1,434 114.575 the week, the rainfall reaching twenty-four hundredths ofVia Virginia points
2,241 128,009
2,246 182,413 an inch. The thermometer has averaged 72, ranging from
11,643 359,889
Via other routes, &c
4,698 424,270
56 to 88.
24,649 1,436,189
Total gross overland
24.638 1,715,807
Nacogdoches, Tex.-We have had rain on three days during
Deduct Shipments2,271 131,895
2,852 183,733 the week, to the extent of three inches and twenty-six hunOverland to N. Y., Boston,&c..
1,312 115,602
1,642
Between interior towns
96,183 dredths. The thermometer has ranged from 54 to 78, aver3,124
Inland, &c., from South
90,400
64,460
2,392
aging 66.
Total to be deducted
6,707 337,897
6,886 344,376
Palestine, Tex.-We have had rain on two days during the
Leaving total net overland*_ 17,942 1,098,292
17,752 1,371,431 week, the rainfall reaching sixty-two hundredths of an inch.
Thermometer has averaged 69, ranging from 56 to 82.
*Including movement by rail to Canada. a Revised.
San Antonio, Tex.-There has been light rain on three days
The foregoing shows the week's net overland movement has
been 17,942 bales, against 17,752 bales for the week last year, during the week, the precipitation reaching seventy-six hunand that for the season to date the aggregate net overland dredths of an inch. The thermometer has averaged 72, the
highest being 88 and the lowest 56.
exhibits a decrease from a year ago of 273,139 bales.
Weatherford, Tex.-It has rained on two days of the week,
-1912-13
1911-12
In Sight and Spinners'
Since
Since the rainfall reaching three inches and fifty-eight hundredths.
Week.
Takings.
Sept. 1.
Week.
Sept. 1. The thermometer has ranged from 44 to 80, averaging 62.
59,793 9,101,740 56,517 11,185,367
Receipts at ports to May 9
Ardmore, Okla.-We have had rain on four days during the
17,942 1,098,292
Net overland to May 9
17,752 1,371,431
Southern consumption to May 9_ 59,000 2,028,000 56,000 1,844,000 week, the rainfall being three inches and thirty-one hunTotal marketed
136,735 12,228.032 130,269 14,400,798 dredths. The thermometer has ranged from 45 to 82, averInterior stocks in excess
314,562 *24,119
*36,461
160,085 aging 63.
Marlow, Okla.-There has been rain on two days during
Came into sight during week_ _..104,274
106,150
Total in sight May 9
12,542.594
--__ 14,560,883 the week, the rainfall being two inches and forty-three hunNorth. spinners' takings to;May 9 18,184 2,248,447
49,310 2,311,229 dredths. Average thermometer 65, highest 75, lowest 45.
New Orleans, La.-There has been rain on two days of the
*Decrease during week.
past week, the rainfall being one inch and eighty-seven
Movement into sight in previous years.
hundredths. The thermometer has averaged 73, the highest
Bales. Since Sept. 1WeekBales.
being 85 and the lowest 54.
77,594 1910-11-May 12
1911-MaY 12
11,069,732
Shreveport, La.-We have had rain on two days during the
82,281 1909-10-May 13
1910-MaY 13
9,685,230
121,600 1908-09-May 14
12,574,420 week, the rainfall reaching one inch and fifty hundredths.
1909-May 14
Thermometer has ranged from 55 to 80, averaging 68.
NEW ORLEANS OPTION MARKET.-The highest,
Helena, Ark.-The river is falling; now 24 feet on the
lowest and closing quotations for leading options in the New gauge. Rain has fallen on one day during the week, the
Orleans cotton market for the past week have,been as follows: rainfall being fourteen hundredths of an inch. Highest
thermometer 82, lowest 57, average 68.
Sat'day, Monday, Tuesday, Wed'day. Thursd'y. Friday,
Little Rock, Ark.-It has rained on three days of the week,
May 3. May 5. May 6. May 7. May 8. May 9.
the rainfall reaching ninety-four hundredths of an inch.
May11.98-.03 11.97-.07 12.05-.13 12.07-.10 12.10-.15 12.12-.19 The thermometer has ranged from 52 to 80, averaging 66.
Range
Columbus, Miss.-We have had rain on one day of the
12.00-.03 12.05 - 12.02-.04 12.08-.10 12.15-.16 12.1$-.15
Closing
Julyweek, the precipitation reaching eight hundredths of an inch.
11.80-.84 11.75-.88 11.84-.95 11.88-.96 11.90-.96 11.91-.03
Range
Closing
11.82-.83 11.87-.88 11.84-.85 11.92-.93 11.95-.96 11.93-.94 The thermometer has averaged 71, the highest being 89
Augustand the lowest M.
Range11.39-.40 11.36-.43 11.42-.52 11.50-.56 11.51-.57 11.51-.82
Vicksburg, Miss.-We have had rain on one day during
Closingg
11.41-.42 11.43-.44 11.43 -11.53-.M 11.55-.57 11.53-.55
Sentemberthe week, the rainfall being three hundredths of an inch.
-It%
11.12-.14 11.12-.14 11.03-.10 11.21-.23 11.22-.25 11.20-.22 The thermometer has ranged from 58 to 81, averaging 71.
OctoberMemphis, Tenn.-Dry all the week. Weather favorable
Range
10.99-.05 10.94-.02 10.97-.07 11.03-.13 11.07-.14 11.06-.18
planting, which is nearing completion. The thermomeClosing
11.01-.02 11.01-.02 10.97-.98 11.00-.10 11.11-.12 11.08-.09 for
Decemberter has averaged 70, the highest being 83 and the lowest 55.
Range
10.97-.02 10.93-.00 10.90-.06 11.03-.12 11.06-.12 11.06-.17
Nashville, Tenn.-We have had no rain during the week.
Closing
11.00-.01 10.99-.00 10.96-.97 11.08-.09 11.10-.11 11.07-.08
JanuaryAverage thermometer 70, highest 84, lowest 56.
Range
11.05-.06 11.00-.04 11.00-.05 11.15 -11.13-.15 11.18
Mobile, Ala.-There has been rain on one day the past
Closing
11.05-.06 11.03-.05 11.00-.01 11.12-.14 11.14-.16 11.11-.13
week, the rainfall reaching fifteen hundredths of an inch.
ToneSteady. Quiet.
Quiet.
spot
Quiet.
Quiet.
Quiet.
The thermometer has averaged 75, ranging from 59 to 90.
lat......1.
,
Si......a...
,
ai....%A.=
Vi......
ci•--a•
Montgomery, Ala.-The cotton plant is very small. Rain
wawa,•
1../04,11,1/•
IJIAAGIr..,•
../V0A.,•
1.1,11•
[VOL. xcvi.
THE CHRONICLE
1372
is badly needed. No rain has fallen this week. The thermometer has ranged from 60 to 88, averaging 74.
Selma, Ala.-Rain is badly needed. We have had rain
on one day ot the week, the precipitation being fifteen hundredths of an inch. Average thermometer 71, highest 85,
lowest 58.
Madison, Fla.-It has rained on two days of the week,
the rainfall reaching thirty hundredths of an inch. The
thermometer has ranged from 58 to 91, averaging 77.
Tallahassee, Fla.-There has been rain on one day of the
week, the rainfall reaching twenty hundredths of an inch.
The thermometer has ranged from 57 to 91, averaging 74. .
Augusta, Ga.-Dry all the week. Average thermometer
73, highest 93, lowest 54.
Savannah, Ga.-Dry all the week. The thermometer has
averaged 75, ranging from 54 to 96.
Charleston, S. C.-There has been no rain during the week,
Average thermometer 73, highest 87, lowest 59.
Greenville, S. C.-There has been rain on one day of the
past week, the rainfall being one hundredth of an inch.
The thermometer has averaged 72, the highest being 91
•
and the lowest 53.
Charlotte, N. C.-We have had rain on one day during
the week, the rainfall reaching fifteen hundredths of an inch.
The thermometer has averaged 73, ranging from 55 to 91.
Greensboro, N. C.-We have had no rain during the week.
Average thermometer 71, highest 90, lowest 53.
Raleigh, N. C.-Rain has fallen on two days of the week,
the precipitation reaching eight hundredths of an inch.
The thermometer has averaged 74, ranging from 54 to 94.
WORLD' SUPPLY AND TAKINGS OF COTTON.
--1911-12.
1912-13.
Cotton Takings.
Week and Season.
Week.
Week.
Season.
Season.
4,916,221
4,631,070
Visible supply May 2
1,603,418
2,135,485
Visible supply Sept. 1
American in sight to May 9.-- - 100,274 12,542,594 106,150 14,560,883
53,000 1,977,000
88,000 2,188,000
Bombay receipts to May 8
151,000
9,000
291,000
24,000
Other India ship'ts to May 8....
959,000
2,000
989,000
2,000
Alexandria receipts to May 7 _ _ _
195,000
266,000
5.000
Other supply to May 7*
4,850,344 18,412,079 5,086,371 19,446,301
Total supply
DeductVisible supply May 9
4,532,133 4,532,133 4,639,819 4,639,819
318,211 13,879,946
231,211 10,837,946
87,000 3,042,000
Total takings to May 9_a
Of which American
Of which other
446,552 14,806,482
335,552 11,913,482
111.000 2,893,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the total estimated consumyltion by Southern mills,
2,028,000 bales in 1912-13 and 1,844,000 bales in 1911-12-takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners, 11,851,946 bales in 1912-13 and 12,962,482 bales in 1911-12 of
which 8,609,946 bales and 10,069.482 bales American.
1912.
1913.
831 lbs. Shirt- Cot'n
ins, common Mid.
Upl's
to finest.
32s Cop
Twist.
d. s.
d.
Mch
0 11 6
21 10
28 10% 0 1134 8
Apr.
4 103-160113-16 6
11 iO3-160J113--16 6
18 10 1-16011 1-16 6
11 6
0
25 10
M'y
2 9 15-160 10% 6
0 10% 6
9 10
d.
d.8. d.
s. d. d. d.
3 011 6
3 011 6
3 011
3 011
234011
2 011
6
6
5
434
83i lbs. Shirt- Corn
tags, common Mid.
to finest.
Upl's
32s Cop
Twist.
s. d. a.
6.91 93-16 @103-16 5 1034011 21-4 6.11
6.17
10% 6 0 011 3
6.94 9 5-16
6.96 9 5-16 0
6.95 95i 0
6.91 9h '0
6.77
2 011 4% 6.72 934
2 P11 434 6.68 9%
1034 6
10% 6
10U 6
1034 6
0 011
1 on
1%011
1%011
3
431
5
5
0 10% 6 1 011 3
0 10% 6 1%011 3
6.17
6.44
6.62
6.56
6.37
6.53
SHIPPING NEWS.-Shipments in detail:
Total bales.
NEW YORK-To Liverpool-May 2-Carmania, 070....May 711,347
Cedric, 10,377
To Manchester-May 2-Thespis, 1,798 upland, 386 Sea Isl... 2,184
500
To London-May 2-Minnetonka, 500
100
To Hull-May 3-Marengo, 100
To Havre-May 3-Rochambeau, 42 Sea Island__ May 8Clan MacIver,2 124 upland,100 Sea Island; Mississippi,3,129
5,423
upland, 28 Sea Island
501
To Bremen-May 7-Bremen, 501
50
50
Anna,
-Sant'
2
-May
Marseilles
To
1,747
To Hamburg-May 3-President'Lincoln, 1,747
346
To Rotterdam-May 3-Kursk,346
To Genoa-May 2-Italia, 589; Mendoza, 200....May 72,589
Principe di Piemonte, 1,800
To Naples-May 2-Mendoza, 100.._ May 7-San Giovanni,
690
540; Principi di Piemonte, 50
100
To Leghorn-May 2-Italia, 100
300
To Venice-May 2-Martha Washington, 300
GALVESTON-To Liverpool-May 2-Colonial, 1,107_May 6
11,897
-Pancras, 10,790
10,812
To Manchester-May 5-Maria de Larrinaga, 10,182
6,490
To Bremen-May 2-Breslau, 6,490
2,450
To Barcelona-May 7-Martin Saenz, 2,450
1,887
TEXAS CITY-To Liverpool-May 5-Albanian, 1,887
9,552
NEW ORLEANS-To Liverpool-May 5-Custodian, 9,552
3,831
To Belfast-May 9-Ramore Head, 3,831
1,450
To Havre-May 9-Meltonlan, 1,450
1,450
To Dunkirk-May 9-Meitonian, 1,450
762
To Antwerp-May 6-Tintoretto, 762
958
To Barcelona-May 2-Martin Saenz, 958
To Genoa-May 3-Citta di Palermo, 4,032.. May 96,799
Sicilia, 2,767
465
To Venice-May 3-Filippo Artelli, 465
200
To Trieste-May 3-Filippo Artelli, 200
200
To Mexico-May 3-City of Tampico, 200
MOBILE-To Liverpool-May 1-Nitonlan, 3,971__.May 64,671
Arlin°, 700
SAVANNAH-To Hamburg-May 2-Newton Hall, 3,581__ _
May 3-Windermere, 643_ __May 7-Kelvinhead, 430_ _ -- 4,65-4
800
To Barcelona-May 2-Emilia S. de Perez, 800
7,000
BRUNSWICK-To Bremen-May 8-Ethelstan, 7.000
5,193
CHARLESTON-To Bremon-May 2-Pola, 5,193
BOSTON-To Liverpool-April 30-Sachem, 2,750_ _ May 72,900
Arabic, 150
3,203
BALTIMORE To Bremen May 3-Rhein, 3,203
PHILADELPHIA-To Liverpool-May 2-Welshman. 1,787_ --- 1,787
309
To Manchester-May 7-Manchester Mariner, 309
350
To Genoa-May 5-Ancona,350
14,060
SAN FRANCISCO-To Japan-May 3-Mongolia, 14,060
2,742
PORT TOWNSEND-To Japan-May 6-Awa Maru, 2,742_ _
132,119
Total
LIVERPOOL.-Sales, stocks, &c., for past week:
May 9.
May 2.
April 18. April 25.
36,000
50,000
43,000
47,000
Sales of the week
1,000
2,000
2,000
2.000
Of which speculators took
1,0001,000
Of which exporters took_ .._
1910-11.
1911-12.
31 ,000
43,001)
35,000
.
39.000
Sales, American
2,000
11.000,
5,000
Actual export
58,000
89,000
•
67.000
75,000
Forwarded
1,151,000
1.168,000
1.186,000
1,220,000
Total
stock-Estimated
14,000
16,000
902,000
978,000
993,000
Of which American
1,031,000
7,486,021
7.190,863
40,000
81,000
43,000
51,000
Total imports of the week__
34,000
66,000
22,000
32,000
Of which American
165,000
148,000
158,000
This Since
This Since
155,000
Amount afloat
139,000
121,000
125,000
Week. Sep. 1. Week. Sept. 1.
124.000
Of which American
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May '7.
Receipts (cantars)This week
Since Sept. 1
1912-13.
10,000
7,415,678
Export (bales)-
This Since
Week. Sept. 1
To Liverpool
To Manchester
To Continent
To America
3,500 185,993 4,000 182,941
191.484 6,250 206,941
8,500 344,533 10,000 321,754
2,000 114,871 3,500 96,988
2,750 197,864
5,500 201,518
7,750 351,627
5.000 109,645
14,000 836,881 23,750 808,624 21,000 860,654
Total exports
Note.-A canter is 99 lbs. Egyptian bales weigh about 750 lbs.
INDIA COTTON MOVEMENT FROM ALL PORTS.
May 8.
Receipts at-
1012-13.
1911-12.
1910-11.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
88,000 2,188,000 53,000 1,077,00085,000 2,033,000
Bombay
S ace September 1.
For the Week.
Ex ports
from-
Great
Great Conti- Japan
Britain. nest. &Chin Total. Britain.
Bombay1912-13._ 2,001 17,001 23,00. 42,000i
10,001 49,001 59,0001
1911-12_
1910-11_ 5,001 17,001 11,000 33,000
Calcutta1,001 1,001 2,000
1912-13._
1,000
1.00I
1911-12._
2,00i
2,00
1910-11._
Madras19i2-13.
1911-12._
1910-IL.
All othe
1912-13_ 2,001 8,001 12,0.1 22,00t
8,00i
8,001
1911-12._
3,00i
3,001
1910-11._
I
Total all1912-13_ 4,
6,001 36,00' 66,00
1911-12- ___----19,001 49,001 68,00
1910-11_. 5.000 22.001 11.001 as.ond
ContiJapan
nest. ct China
Total.
r
20,00 268,000/ 679,000 967,000
8,000 224,000 718,000 950,000
43,000 688,000 450,000 1,181,000
3,0001
2,000j
3,00i
14,000
15,000
31,000
16,000
9,000
18,0001
33,000
26,000
52,000
4,0001
2,0001
8,000
18,000
3,000
18,000
i,00c
5
I
22,000
6,000
26,005
14,000 130,000
5,000 92,000
28,000 196,000
83,000 236,000
22,000 119,000
5.000j 229,000
41,000 439,000 778,000 1,258,000
17,000 334,000 750,00011.101,000
82.000 933.000 473.00 1.488.005
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday.
Monday.
Market, {
12:15
Moderate
P.M.
demand.
Fair
business
doing.
Spot.
Tuesday. Wednesday. Thursday.
Friday.
Good
demand.
Quiet.
Quiet.
Moderate
demand.
Mid.Uprds
6.68
662
6.62
6.62
6.66
6.68
Sales
Spec.&exp.
8,000
500
8,000
500
6,000
500
10,000
1300
7,000
300
6,000
300
Quiet
Steady Quiet unch.
Quiet Steady gen.
Quiet
Futures.
30331pts. 23404 pts. to 34 Pt.
Market { 102 pts. 13403 pts. 5 pts.
decline.
advance.
advance.
decline.
decline,
decline.
opened
Steady St'dy unch. Very sto'dy Very st'dy
Steady
Market. I St'dy unch
to 34 pt. 63188731 33104 pts. to 134 pts. 304 pts. 134 pt. dec.
4
advance. to 2 pts. ad
advance, advance
advance. pts. dee
P. M.
The prices of futures at Liverpool for each day are given.
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Thurs.
Fri.
Wed.
Tues.
Mon.
Sat.
4
1231 1231 1231 4 1231 4 1231 4 1251 4 1231 p.m.
p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m. p.m.
d. d. d. d. d. d. d. d. d. (I.
d.
d.
6 4131 35.6 3431 36 3854 36 385.6 4031 42314231 4431
Way
Way-June ____ 6 41 3531 34 36 38 36 38 40 42 42 44
lune-July ____ 6 3931 34 32 34 3531 34 36 38 3954 3954 4154
itily-Aug_ _--_ 6 363131% 29 31 3254 31 32 35 36 3631 38
kug.-Sep- --__ 6 26 21 1854 2054 g2 2031 22 25 26 26 28
3ept.-Oct. ____ 6 12 07 05 07 09 08 10 1354 133-413 14
3ct.-Nov. ---- 6 05 00 98 00 02 01 0354 0631 0654
01 04 04 034 033i
Srov.-Dec ---- 6 02 98 95 9754 9954 98
Dec.-Jan- --__ 6 01 97 94 9654 9854 97 00 03 03 025,4 023-4
fan.-Feb_ __-- 6 01 9631 94 96 98 97 0954 0255 0231 02 02
Ereb.-Mar ____ 6 02 97 95 97 99 98 0031 0255 0354 03 03
0454 04 04
3-Sar.-Apr --- 6 0231 98 96 98 00 99 01 0454 05',
ns nA
07 00 01 00 02 0554
GO
firs.• -MfaV
May 3
to
May 9
MANCHESTER MARKET.-Our report received by
BREADSTUFFS.
cable to-night from Manchester states that the market is
Friday Night, May 9 1913.
quiet for yarns and firm for shirtings. Merchants are not
Flour has been quiet and more or less depressed. The
willing to pay present prices. We give the prices for to-day
below and leave those for previous weeks of this and last effect of a decline in wheat has been perceptible. Export
trade has been injured by a dispute in regard to the form of
year for comparison.
MAY 1.0 1513.]
THE CHRONICLE
contract between American shippers and British importers.
The production at Minneapolis, Duluth and Milwaukee
last week was 342,660 barrels, against 343,885 in the previous week and 348,960 in the same week last year. Kansas
flour has been more easily sustained
than other descriptions. But,taking the market as a whole,it is plain that
buyers still adhere to the policy of purchasing only from
hand to mouth. It is a course which they have pursued for
many months past, as is well known, and at present there
seems nolikelihood ofits being abandoned in the near future.
Wheat has declined, mainly owing to good crop prospects
and lower foreign markets. Rallies have occurred from time
to time, but they were traceable more to an over-sold condition of the market than to anything else. The prospects in
the winter-wheat belt are described as brilliant. Also, of
late, scattered rains have occurred in the Northwest, where
they were most needed. The Government report put the
condition of winter-wheat on May 1 as 91.9%, against 91.6
a month ago on April 1 and 79.7 on May 1 last year. The
indicated crop of winter-wheat is put at 513,571,000 bushe.ls,
against 399,919,000 bushels last year. This is a good increase, even if not so great as some had looked
for. The yield per acre is put at 16.6 bushels,
against 15.1 last year. In Germany the crops .are
growing rapidly. In France the outlook is described
as generally satisfactory. In Russia it is generally
excellent. That is also the case in Roumania. In Italy the
prospects are mostly favorable. The same is true of Portugal,North Africa and the Punjab district of India. Threshing is progressing in the United Provinces of India. Premiums on red wheat at Kansas City have declined of late 5 to 7
cents per bushel. At one time the export trade was quite
light. On the other hand, the world's stock of wheat continues to decrease quite rapidly. The falling off last week
was 11,261,000 bushels, against 12,811,000 in the same week
last year. The total world's stock is now stated at 171,639,000 bushels, against 185,613,000 a year ago. Export sales
have latterly increased. On Thursday exporters took
240,000 bushels, chiefly from Duluth, and it was also reported.that 3.20,000 bush. were taken via Baltimore. From
the United Kingdom the crop reports have not been favorable.
Very wet weather has injured the winter wheat and delayed
the seeding of the spring-wheat crop. Native supplies of
wheat in Franco are still small. In parts of Germany rain
is needed. Also the world's shipments fell off to 11,062,000
bushels last week against 13,136,000 in the previous week and
.12,224,000 in the same week last year. Still the general
drift of prices, as already intimated, has been downward.
This was due not only to favorable crop reports and a decline
in Europe, but also to an impression that tariff legislation.
on wheat may affect American trade injuriously. There
has even been talk, to the effect that there is likely to be free
•wheat as well as free flour. This has caused heavy selling
in the Northwest, despite the fact that Winnipeg prices
have been much higher than those at Minneapolis and
Duluth. The dulness of the flour trade has also militated
against any improvement in wheat prices. Finally there
has been very heavy liquidation of long holdings by speculators. Last Tuesday one Chicago operator threw over
1,000,000 bushels. To-day prices advanced sharply, especially on May,which rose two cents. The abandonment
of acreage was greater than expected. The Government
report also put the crop less than many had expected by
25,000,000 to 30,000,000 bushels. Chicago reports cash
business in four days amounting to 1,000,000 bushels,mostly
for export. There was a pressure to cover shorts in the May
delivery. Abandoned acreage, according to the Government
report, was 1,449,000 acres.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
cts. 4134 4131 411 41% 4131 42
No. 2 white
42
42
41, 41% 42
42%
DAILY CLOSING PRICES OF OATS FUTUR S IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 35% 35% 353' 353's 35% 3531
July delivery in elevator
3494 34% 3494 3431 34% 35
Sept. delivery in elevator
3431 3434 3431 3431 3431 35
1373
higher by aitfra,ction. The contract stock at Chicago fell
off to 1,379,000 bushels, against 2,744,000 a year ago.
Some reports of dry weather in Illinois and Iowa have had
a more or less steadying effect. There has also been some
talk to the effect that the acreage is likely to be decreased.
The Ohio acreage, according to the State report, will be only
87% of that planted in 1912. The complaints of dry weather
west of the Mississippi River have been accompanied by
buying of distant futures by country commission houses at
Chicago. Actions proverbially speak louder than words.
To-day prices advanced, partly on unfavorable crop reports
from Illinois. In fact the whole belt needs rain. Shorts
covered freely.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts.1.15 1.13 1.13 1.13 1.11 1.11
May delivery in elevator
1.0031 9931 98
9831 98% 9834
July delivery in elevator
9931 9831 9731 9734 9631 9731
Sept. delivery in elevator
9731 9631 9631 9631 9631
98
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 9031 9031 8931 883's 8834 8934
July delivery in elevator
90% 8931 89% 89
91
8931
Sept. delivery in elevator
9031 9034 89
893 8831 8931
The following are closing quotations:
FLOUR.
Winter, low grades_ _ _ _$3 35@$3 75 Spring clears
$3 80®$4 15
Winter patents
5 25 ® 5 75 Kansas straights. sacks.. 4 30 4 70
Winter straights
4 50 4 60 Kansas clears, sacks__ 3 75 4 00
Winter clears
4 25 4 30 City patents
5 95 6 25
Spring patents
4 75 5 00 Rye flour
3 65 3 90
Spring straights
4 50 4 60 Graham flour
4 OOtt 4 75
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelN. Spring, No. 1
$1 0031
No. 2
elevator Nominal
N.Spring, No.2
Steamer
elevator Nominal
9831
Red winter, No. 2
11
No. 3
c.i.f. Nominal
Hard winter, No 2
1 0131 Rye, per bushelOats, per bushel, newNo. 2
69
Standards
42
State and Pennsylvania_ _Nominal
No. 2, white
4234 Barley-Malting
56@65
No. 3
4134
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange: The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts al-
Flour.
I
Corn.
Wheat.
Oats.
I
Barley.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. Inish.481bs. bu.56 Ms.
Chicago_ _
151,000 1,762,000 1,002,000 2,175,000
377,000
42,000
Milwaukee _
116,000
211,000
47,000
48,000
256,000
65,OCO
Duluth
472,000
39,000
1,000
Minneapolis.
1,186,000
26,000
145,000
235,000
50,000
Toledo
14,000
38,000
43,000
Detroit
9,000
2,000
8,000
11,000
68,000
58,000
Cleveland
5,000
1,000
102,000
1,000
39,000
St. Louls..
59,000
446,000
672,000
352,000
2,000
Peoria
59,000
18,000
397,000
162,000
45,000
1,000
Omaha
418,000
231,000
135,000
Kansas City.
507,000
327,000
214,000
Total wk.'13
Same wk.'12
Same wk.'11
330,000
284,968
276,310
4,942,000
1,955,276
2,083,636
2,852,000
3,461,803
3,324,170
3,573,000
2,337,568
3,151,050
984,000
336,565
739,557
169,000
87,486
39,740
Since Aug. 1
1912-13___ 14,149,520 223,389,966 183,418,228195,959,688 88,237,330 15572642
1911-12___ 9,954,995 117,769,209 157,524,719 121,209,747 59,061,901 7,512,622
1910-11-- 12553,934 184,592,415 228,649,602 152,246,938 58,443,837 4,748,571
Total receipts of flour and grain at the seaboard ports for
the week ended May 3 1913 follow:
Flour,
Receipts atbbls,
Neu, York
157,000
Boston
35,000
Portland, Me
3,000
Philadelphia
41,000
Baltimore
20,000
New Orleans•
59,000
Newport News....
1,000
Galveston
Mobile
10,000
Montreal
3,000
12,000
St. John
Wheat,
bush,
864,000
131,000
151,000
398,000
477,000
405,000
Corn,
bush,
122,000
104,000
147,000
5,000
7,000
46,000
141,000
420,000
34,000
70,000
51,000
Oats, Barley,
bush,
bush.
288,000 241,000
69,000
1,000
47,000
19,000
119,000
89,000
99,000
35,000
76,000
Rye,
bush.
1,000
33,000
4,000
64,000
23,000
Total week 1913._ 341,000 3,134,000
439,000
822,000 284,000 102,000
Since Jan. 1 1913__7,421,000 45,134,000 38,459,000 16,710,00010075,000 1296,000
Week 1912
298,339
905,401
169,063
717,166
11,853
9,251
Since Jan. 1 1912_ _6,019,792 24,015,125 21,347,660 13,182,121 2798,565 246,628
• Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
Indian corn has declined, partly in sympathy with wheat. ending May 3 are shown in the annexed statement:
Chicago has shown less strength than the Southwestern marWheat,
Corn, Flour,
Oats,
Rye, Barley,
Peas,
Exports frombush,
bush.
bbls.
bush,
bush,
bush.
bush.
kets. May corn at Kansas City has been at a noteworthy New
York
666,076
63,350 57,639 141,269
141,982
6,074
premium over May at Chicago. Planting is well under way Portland, Me_ ___ 151,000
3,000
47,000
19,000
Boston
24,000
32,092
1,000 26,228
in Illinois. A big acreage may be expected in the corn belt. Philadelphia ___. 251,000 65,913
70,000 30,000
1,000 26,000
Large operators at Chicago have been good sellers. On the Baltimore
383,762 216,002
4,177
12,775 47,143
Orleans____
221,000
36,000 22,000
8,000
other hand, however, the receipts have been comparatively New
Newport News
1,000
light. Country offerings at Chicago have been unexpectedly Galveston
203,000
14,000
49,000
small. The stock of contract corn at Chicago has dropped Mobile
7,000 10,000
420,000
12,000
76,000
to 210,000 bushels, against 688,000 a year ago. Cash prices St. John
have been firmer than those for future delivery. May corn
Total week__ _2,319,838 458,265 185,908 287,044 99,371 209,982 6,074
1,617,718 265,710 153,712 112,612
897
has shown more strength than other deliveries. The weather Week 1912
conditions have been in the riytin good, and this, together
The destination of these exports for the week and since
with the influence of a decline in wheat, has counted against July 1 1912 is as below:
Wheat
Flour
Corn
corn quotations. Yet the light receipts have been something
Since
Since
Since
of a check on short selling. To-day prices advanced, partly
Week
Week
July 1
July 1
Week
July 1
1912.
May 3.
for week and May 3.
1912.
May 3.
1912.
in sympathy with wheat. Receipts continued light. Colder Exports
bbls.
bats.
bush.
since July 1 tobush.
bush.
bush.
and unsettled we9ther at the West may delay planting. United Kingdom___ 86,971 4,504,320 1,095,540 67,236,413
273,995 14,152,144
42,373 1,944,973 1,167,390 65,890,182 116,109 21,836,947
Continent
This caused covering.
1,070,380
22,452
Sou. & Cent. Amer_
57,008
1,038,925
10,000
617,494
DAILY CLOSING PRICES OF NO. 2 MIXED CORN IN NEW YORK. West Indies
31,774 1,698,191
113,681
57,385 1,817,286
Sat. Mon. Tues. Wed. Thurs. Fri.
not. Nor. Am.Cols. 2,110 77,380
49,119
776
Cash corn
nom. nom. nom nom. nom. nose. Other Countries
228 352,968
2,130,751
140,757
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
185,908 9,648,212 2,319,830 136409,952 458,265 38,613,747
TWAI
May delivery in elevator
cts 5431 546
153.712 7.956.968 1,617.718 75,595,558 265,710,32,283,096
5431 5431 5534 5531 Total 1911-12
JulY delivery in elevator
5531 65
55
558
55% 56
Sept. delivery in elevator
The world's shipments of wneat and corn for the week
5631 56
5531 56
5631 5631
OATS have been steadier than other grain. They have ending May 3 1913 and since July 1 1912:and 1911 are show
fluctuated within very narrow limits. At one time they were in the following:
Wheat.
Week
May 3.
Corn.
1911-12.
1912-13.
Exports.
Since
July 1.
Since
July 1.
1911-12.
1912-13.
Week
May 3.
Since
July 1.
Since
July 1,
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
North Amer. 3,448,000 209,774,000 146,380,000 374,000 36,592,000 29,026,000
1,752,000 90,891,000 70,408,000 298,000 8,923,000 36,145,000
Russia
Danube_ _ _ - 992,000, 49,695,000 68,723,000 315,000 12,921,000 71,784,000
3,688,000 113,158,000 66,170,000 2,321,000 178,709,000 3,054,000
Argentina
Australia_ _ _ 720,000: 37,804,000 49,100,000
344,000, 46,540,000 37,170,000
India
0th. countr's 128,0001 6,686,000 9,177,000
Total ____ 11072000 554,548.000447,128,000 3,308,000 237,145,000 140,009,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
ft
United
Kingdom. Continent.
Corn.
Total.
Bushels.
Bushels.
Bushels.
May 31913.... 23,464,000 36,528,000 59,992,000
April 26 1913_ 25,016,000 37,528,000 62,544,000
May 4 1912._ 30,960,000 23,248,000 54,208,000
May 61911._ 22,152,000 t .
United
Kingdom. Continent.
Bushels.
4,123,000
3,715,000
3,036,000
2,525,000
Total.
Bushels.
Bushels.
7,089,000 11,212,000
7,990,000 11,705,000
5,100,000 8,136,000
4,326,000 6,851,000
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 3 1913 was as follows:
In ThousandsNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
afloat
Milwaukee
Duluth
Minneapolis
St. Louts
Kansas City
Peoria
Indianapolis
Omaha
On Lakes
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat, Corn. Oats. Oats. 'Rye. Barley. Barley.
bush, bush. bush. bush. bush, bush, bush. bush.
145
32
10
18
409
143
100
395
24
5 _ _._
2
21
119
6
171
59
46
235
18
2 __ _74
111
_--206
365
224
112
-__101
444 ____
48421
- --zoo :::: --54 -iiii --1,979 -ii5 1,712
5 - --- ---154 ____
160
579_ _ _
19
28 _ _ _ _
90
182 ____
31 -ioi ---____
5,448 ____ 2,379 3,896
131
- ----ii --jo - --139 -555
___
150
62
332 -2-ii
433 -iiii
47
11,453 2,855
235
550 ._ _ _
7
790---20,060 _-- 2 _ _ __
124 ---9
115
1,230 ---_- -83
__
296
2,222
222 :::: --ii ---- - --18
1 ---22
::::
303
162 ____
i -- ii
__ __
--,
551__
462 1,014
72
337
823
193 .___
1,400 __ _
Total May 3 1913_47,157 4,468
Total April 26 1913_50,823 3,549
Total May 4 191241,722 5,916
CANADIAN
Canadian Bonded
Wheat. Wheat.
bush. bush.
Montreal
412
Ft.William&Pt.Arthur_10,550
Other Canadian
6,609
966
7,270 8,704
918
9,445 9,483
7,490 9,969 3,885
GRAIN STOCKS.
Canadian Bonded
Corn. Oats. Oats.
bush. bush. bush.
14 1,257
____
_ ___ 6,126
14 7,887
16 9,993
4 7,898
SUMMARY.
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush. bush.
47,157 4,468 7,270 8,704
966
17,571
____
14 7,887 ____
684 1,706
742 2,653
651 1,269
Total May 3 1913_64,728 4,468 7,284 16,591
966
Total Apri126 1913__68,738 3,549 9,461 19,476
918
Total May 4 1912_64,003 5,916 7,494 17,867 3,885
303
385
465
Canadian Bonded
Rye. Barley. Barley.
bush, bush. bush.
156
156
87
90
Total May 3 1913_17,571
Total April 26 1913_ _17,915
Total May 4 1912_22,281
American
Canadian
[VOL. xcw.
THE CHRONICLE
1374
__
_ _
___
Bonded
Rye. Barley. Barley
bush, bush. bush.
684 1,706
303
156 _684 1,862
742 2,740
651 1,359
THE DRY GOODS TRADE.
303
385
465
dency of prices and in the hope of still further reductions.
In dress goods a fair volume of business is moving, but
chiefly in fancy novelty dress woolens. Men's wear trade
for Fall is restricted the proposed reduction of the duty on
clothes to 30 per cent greatly restraining business in clothing.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 3 were 11,587
packages, valued at $1,011,019, their destination being to the
points specified in the tables below:
1913
New York to May 3Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
1912
Week.
7
22
2,480
297
2,608
948
727
54
324
882
3,238
Since
Jan. 1.
452
306
25,290
6,783
13,510
11,207
14,937
1,199
5,921
26,175
24,452
Week.
517
82
__-____
____
148
1,180
75
1,051
1,245
441
Since
Jan. 1.
1,633
650
33,690
7,955
26,353
6,908
19,767
1,271
6,935
27,438
25,903
11,587
124,232
4,739
158,503
The value of these New York exports since Jan. 1 has been
$9,707,442 in 1913, against $10,721,601 in 1912.
Markets for domestic cotton goods hold steady, although
quiet conditions are still noticeable in many directions.
Orders are mostly for prompt deliveries as in veiw of the tariff
reductions buyers for the time being are not disposed to
operate very far ahead. Many merchants,. however, consider the outlook very favorable as stocks in the hands of
jobbers are low and it is only a question of time when they
(buyers) will have to enter the market on a more liberal scale.
At times at this period of the year supplies of domestic cotton
goods in the hands of large distributing houses have been
large, but it has now been learned that at present stocks on
hand in many of the prominent houses are the smallest known
for some time past. The notice of the closing of a number
of the large Fall River mills was responsible for considerable
talk among the trade, but it was the general opinion that the
real meaning of the shut-down was due to a desire on the
part of manufacturers not to be caught with large supplies
on hand when the new tariff bill goes into effect, as with a
readjustment of prices they would undoubtedly have to
suffer heavy losses. Sheetings and drills are selling in a
moderate way for nearby shipment at steady prices; a fair
business is reported in ginghams and dress cottons, while
fancy cottons are being purchased for both immediate and
nearby delivery. Carpets are selling well and another auction of about 30,000 bales of rugs and 10,000 rolls of carpetings will take place during the early part of the coming week.
Print cloths have displayed a steadier undertone with the
trading moderate. Gray goods, 383 -inch standard, are
quoted at Sc.
WOOLEN GOODS.-Men's wear and dress goods'markets
are generally quiet-that is, as far as Fall business is concerned, although according to reports from the West jobbers
in that section of the country are doing a very satisfactory
business in dress goods for the next Fall season. The tariff is
causing hesitancy on the part of many large buyers and mills
are not displaying any great desire to go ahead with the manufacture of goods unless they can be convinced that buyers
will accept deliveries and not cancel their orders when the
new tariff becomes law.
FOREIGN DRY GOODS.-Markets for linens are seasonably quiet as buyers have their requirements for the hear
future pretty well covered. A fair demand, however, is
reported for spot goods and prices are steady. As regards
burlaps, the situation shows little change, the market continuing quiet and featureless. The undertone is steady,
influenced by firm reports from Calcutta. Lightweights are
quoted at 5.75c and heavyweights at 8.25c.
New York, Friday Night, May 9, 1913.
Textile markets are unsettled with the tariff putting a
quietus on all business beyond the Summer months. The
trade is in a process of adjustment to the new conditions which
will follow the radical cuts to be made, and in many quarters
there is approval of the course of the Administration in making the reductions in one stroke rather than gradually. Now
that the new tariff bill has passed the House, it is considered
that the worst is known, and while the heavy vote in its Importations and Warehouse Withdrawals of DryGoods
favor gives little encouragement for further revision or
amendment by the Senate, still it is safe to say that any Imports Entered for Consumption for the Week and Since Jan. 1,
Week Ending
further changes made will be of a favorable nature. In
Since Jan. 1 1913.
May 3 1913.
Value.
Pkgs.
Pkgs.
Value.
staple cotton goods conservatism is evident on all sides.
of
Manufactures
The easier trend of prices recently has been checked by the
2,858,245
11,572
109,298
450
Wool
15,969,377
scarcity of supplies arising from the policy of curtailment
55,895
2,318
590,143
Cotton
26,069 11,933,295
563,848
Silk
1,327
adopted by all producers immediately following, the first
8,508,206
41,528
316,174
1,461
Flax
5,792,162
publication of the new tariff. Jobbers are very slow in
59,863
Miscellaneous
106,633
3,159
placing orders for Fall goods, delaying as much as possible
45,061,285
195,827
Total 1913
8,715 1,686,096
in expectation of lower prices later. Manufacturers and sellTotal 1912
10,279 1,856,200 202,746 42,612,727
ing agents are, however, warning them that there is no accumWarehouse Withdrawals Thrown Upon the Market.
ulation of stocks and that supplies will not be more plentiful Manufactures of1,131,897
4,700
60,700
Wool
227
as the season progresses than they are now, and that to delay
3,591,887
12,193
169.459
Cotton
604
1,412,237
3,277
61,343
too long will mean a scramble for goods later, and possibly
Silk
160
10,122
2,202,381
106,038
Flax
499
higher prices. Retailers are also conservative on Fall busi48.699
1,928,58g
76,773
Miscellaneous
2,734
ness, as they, too, fear that purchases made now will prove
78,991 10,266,990
474,313
withdrawals
Total
4,224
tariff
new
the
bill.
passage
of
after
the
The
unprofitable
8,715 1,686.096 195.827 45,061,285
feature of the week in cotton goods was the announcement Entered for consumption
Total marketed 1913
12,939 2,160,409 274,818 55,328,275
that several of the Borden mills at Fall R ver would suspend
14,389 2,278,343 306,973 53,420,268
Total marketed 1912
operations indefinitely on May 12th. The reason advanced
Imports Entered for Warehouse During Same Period.
by the owners for the closing of the mill was that the ex- Manufactures
oftremely dull market for prints did not warrant a continuance
6,703
153,221
1,601,239
491
Wool
13,723
222.679
3,828,180
829
Cotton
of the present scale of operation; but the consensus of opin3.337
99,611
1,337,670
236
Silk
ion in the trade is that the suspension is due to the proposed
13,084
207,263
2,745,298
1,030
Flax
64.475
72,093
1,926,366
3.216
Miscellaneous
cuts in the tariff, and that many other mills will follow suit
or greatly curtail their output. It is also stated that the
754,867 101,322 11,438,753
5,802
Total
8,715 1,686,096 195.827 45,061,285.
market can ill afford to lose the produc ion of these mills, Entered for consumption
as stocks are now low enough despite he recent dullness.
14,517 2,440,963 297,149 56,500,038
Total imports 1913
13,283 2,311,152 310,606 52,808,741
Buyers for export are still withholding owing to the easier tenTotal imports 1912
THE CHRONICLE
MAY 1.0 1913]
1375
4
$TAlle AND CITY
DtriiiIIMENT.
MUNICIPAL BOND SALES IN APRIL.
Unsuccessful attempts to market municipal bonds in
April were even more numerous than in the previous month,
when the loans which failed to find takers amounted to 153
millions. Last month there were over fifty instances where
bonds failed to sell, and the total of such loans, including
311,108,300 4s of the State of Louisiana, was 18 millions.
Some of the larger issues offered, but not sold, were as follows:
$11,108,300
State of Louisiana (4s)
1,500,000
Cook County, Ill. (4s)
Paterson, N. J. (4 Ms)
565,000
Mecklenburg Co.,N.C.(434s)
325,000
State of Idaho (48)
310,000
Reading, Pa. (4s)
300,000
Nashville, Tenn.(4 Ms)
300,000
Portland, Ore. (4s)
300,000
Duval County, Fla. (5s)
250,000
Passaic, N. J.(4Ms)
Franklin Co., Ohio (4Ms)___
Steubenville, Ohio (4 Ms)___
Wilkes-Barre, Pa.(4Ms)____
Sevier County, Tenn. (5s)._
Toledo; Ohio (4s)
Akron, Ohio (4Ms)
Long Beach S. D., Cal. (5s) _
Camden, No. Caro. (5s)____
$236,000
213,000
200,000
200,000
185,000
150,000
146,500
140,000
125,000
It will also be noticed that in quite a few cases of late it
has been impossible to dispose of bonds without granting
certain concessions to the purchasers. As stated on a subsequent page of this issue, the State of Missouri, in order to
sell its remaining 3%% Capitol building bonds, aggregating
about $2,500,000, had to pay a commission of $47 75 per
thousand, making the price received 95.225. Even at that
figure only $750,000 of the bonds were taken immediately,
the balance to be delivered in the sum of $500,000 every six
months. The city of San Francisco, by agreeing to make no
further sales of bonds until October, obtained par for a block
of $5,104,000 5s on April 18, the same to be delivered $1,000,000 in May, June, July, August and September. That
these same conditions still continue is illustrated by the private sale the current month (May) of $3,975,000 43.70
Pittsburgh bonds to a local trust company,with the understanding that the proceeds of the sale remain on deposit
with the purchaser, who will pay 3% interest on the same.
The municipal bonds sold during the month of April
amounted to $25,370,805. In addition, $52,434,385 temporary loans were negotiated and $24,477,701 debentures
placed by Canadian municipalities, including the following
loans offered during the month. in London: £1,068,000 5s
of Edmonton, Alta.; £1,000,000 4s of the Province of Saskatchewan; £400,000 43/2s of the Province of Manitoba;
£553,000 5s of Regina, Sask; £415,700 5s of Port Arthur,
Ont.; £102,700 43/2s of Prince Albert, Sask., and £187,600
5s of Maissonneuve, Que.
In the following we furnish a comparison of all the various
forms of obligations put out in April in the last five years:
1913.
1912.
1911.
$
1910.
1909.
will be devoted to the payment of interest on the notes and
to the retirement of,a portion of the principal at par. Although the nominal maturity of the issue is Jan. 1, 1919, the
plan of amortization by numerical sequence makes the notes
practically a serial issue. It is estimated that the whole
amount will have been retired at the end of the fifth year.
The notes are now being offered by the National City
Bank at prices ranging from 100.65, to yield 5% for those
which are to be paid off in 1914, to 99,to yield 634%,for the
installments which mature in 1918.
Bristol, Tenn.-Commission Form of Government Adopted.
-Papers state that this city on May 6 adopted the commission form of government by a majority of 29 votes.
Ohio.-Lower Court Upholds Act Permitting Issuance of
Bonds to Repair Flood Damage.-Common Pleas Court Judge
Geoghegan on May 5 rendered a decision holding constitutional the Snyder Act, an emergency measure recently passed
by the Legislature to permit counties, townships and municipalities to issue bonds to repair damage done by the floods
of March and April. This ruling was made in an action to
prevent the issuance of 8125,000 such bonds of the city of Cincinnati advertised to be sold on May 5. It is announced that
the case will be appealed. The validity of the law is attacked on the ground that, as it specifies"the floods of March
and April 1913," it is made to apply only to certain counties
damaged, and is therefore special legislation.
Portland, Ore.-Commission Government Approved.-The
election held May 3 resulted in favor of the new charter providing a commission form of government. The vote is reported as 17,064 to 16,842.
Bond Calls and Redemptions.
Arecibo, Porto.Rico.-Bond Call.-Notice is given that
$15,000 6% bonds of 1902, Nos. 64 to 78 inclusive, will be
redeemed at par on or after July 1 at the office of Mueller,
Schall & Co.,45 William St., N. Y. Int. will cease July 1.
Mayaguez, Porto Rico.-Bond Call.-On or after July 1
payment will be made at the office of Mueller, Schall & Co.,
45 William St., N. Y., of bonds numbered 171 to 200 inclusive, for $1,000 each, issued Jan. 1 1902. Interest will
cease July 1.
Spokane, Wash.-Bond Call.-The following special improvement bonds are called for payment at the City Treasurer's office on May 15:
Paring.
Dist. No. of Bds.
679 21-55, incl.
Walk.
16
Altamont Street..__ _124
Sewer.
4
Gardner Avenue_ _ _ _707
3
McClellan Street.. _ _594
4
Seventeenth Avenue.433
4 14-21, incl.
Third Ward
NameOlive Avenue
Grade.
NameDist. No. of Bds
Ash Street
523
9-10
Cedar Street
399
8
Cochran Street
146
H)
Fairview Avenue._ _..568
10
Freya Street
907 2-6 incl.
Lacy Street
509 15-1, incl.
Sherwood Street_ _ 824
6
Twentieth Avenue_ _277
19-20
Bond Proposals and Negotiations this week
have been as follows:
AITHIN COUNTY(P.O. Aitkin), Minn.-BOND SALE.-On Mar.29
$18,820 Jud. Ditch No. 1 bonds were purchased by the State of Minnesota
at par.
ALBANY', Albany County, N. Y.-BOND OFFERING.-Proposals
will be received•until 11 a. m. May 21 by J. M. Foil. Comptroller, for the
102,282,891 60,029,837 69,149,992 57,150,234 63,635,462 following
Total
434% tax-free bonds, aggregating $546,500:
1912 street-impt. bonds. Denom. 31,000 and $400. Due
The number of municipalities emitting permanent bonds $194,000 reg.
$19,400 yearly from June 1 1914 to 1923 incl.
reg. extension-of-water-system bonds. Denom. $1,000. Due
and the number of separate issues made during April 1913 100,000 $5,000
yearly from June 1 1914 to 1933 incl.
were 261 and 320;respectively. This contrasts with 239and 100,000 reg. new-high-school bonds (fourth series). Denom. $1,000.
Due $5,000 yearly from June 1914 to 1933 incl.
326 for March 1913 and with 378 and 460 for April 1912.
100,000 impt. of State St. coup. bonds (third series). Denom. $1,000.
Due June 11963.
For comparative purposes we add the following table,
32,700 reg. public-impt. bonds (Central Ave. impt.). Denom. $1,635.
Due $1.635 yearly from June 1 1914 to 1933 incl.
showing the aggregates of long-term issues for April and the
16,000 reg. public-impt. bonds (for purchase of lands and fire apparatus).
four months for a series of years:
Denom. $800. Due $800 yearly from June 1 1914 to 1933 incl.
3,800 public-impt. bonds. (Lark St. grading). Denom. $190. Due
Month of
For the
Month of
For the
$190 yearly from June 1 1914 to 1933 incl. This lot of bonds,
Aprti.
Four Months.
April.
Four Months.
it is announced, will be purchased by the Comptroller for the Sink$97,232,263 1902
$25,370,805
$6,735,283
$38,254,819
1913
ing Funds.
97,951,422 1901
9,298,268
22,317,243
33,192,622
1912
Date June 1 1913. Int. J. & D. by mailed checks and at office of City
162,026,305 1900
14,157,809
38,562,686
48,650,275
1911
20,691,260
124,708,581 1899
7,477,406
26,098,992 Tress. The legality of these bonds will be examined by Caldwell, Masslich
1910
37,462,552
117,402,998 1898
3,570,963
27,336,696 & Reed of New York and Arthur L. Andrews of Albany. Opinions as to
1909
21,426,859
13,060,323
112,196,084 1897
48,631,385 legality will be furnished successful bidder. Bids include accrued interest.
1908
4,521,850
78,235,067 1896
19,909,004
19,072,118 Cert. check for 29 of bonds bid for, payable to Charles E. Walsh, City
1907
8,469,464
8,725,437
65,755,686 1895
29,496,406 Treasurer. required.
1906
40,409,428
11,599,392
76,137,234 1894
35,718,205
1005
ALBANY, Gentry County, Mo.-BONDS VOTED.-At the election
9,175,788
11,814,584
58,333,230 1893
26,680,211 held Apr. 29 the proposition to issue the $19,000 5-20-year (opt.) electric1904
17,626,820
48,803,588 1892
6,723,000
28,987,431 light-plant-constr. bonds(V.96, p. 1243) carried by a vote of 293 to 22.
1903
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance), Box Butte
Owing to the crowded condition of our columns, we are County,
Neb.-BIDS.-The following bids were received on May 1 for
obliged to omit this week the customary table showing the the $22,000 5% 20-yr. coupon building bonds offered on that day (V. 96.
1038):
p.
month's bond sales in detail. It will be given later.
Cutter, May & Co., Chicago, $22,033.
C. H. Coffin, Chicago, $22,022, less $250.
C. H. Speer & Sons Co., Chicago, $22,051, less $600.
Spitzer. ?Lorick & Co., Toledo, $22,000, less $740.
A. J. Hood & Co., Detroit, $22,003, less $869.
We are advised that the bonds may be sold to the State at par and int.
434s.
for
Alaska.-Legislature Adjourns.-The Territorial LegislaALICEVILLE,
Pickens County, Ala.-BOND SALE.-On April 15
ture of 1913 adjourned on May 1,
the $10,000 (not $11,000. as at first reported) 6% 10-yr. gold coup. waterworks-ext. tax-free bonds were awarded to F. L. Fuller & Co. of Cleveland.
Dominican Republic.-Notes Offered.-The Dominican Ohio,
at par.
Republic has sold to the National City Bank $1,500,000 of
ANDERSON COUNTY (P. 0. Palestine), Tex.-BOND SALE.-AC(opt.) court-house bonds regisits 6% sinking fund treasury notes dated Jan. 1 1913 and cording to reports, the 3150,000 5%
23 (V,96, p. 1314) have been sold to
by the State Compt. on Apr.10-40-yr.
due Jan 1, 1919. The. notes constitute a general credit tered
Hoehler & Cummings of Toledo for $150,350 (100.133), int. and printing
obligation of the Domin!can Republic, and the payment of of bonds.
the semi-annual interest installments and the amortization of
ANDERSON SCHOOL DISTRICT (P. 0. Anderson), Anderson
So. Caro.-BONDS VOTED.-At the election held May 6 the
the principal of the debt are specifically secured, it is said, by County,
proposition to issue the $100,000 5% 40-yr. bldg. bonds (V. 96, P. 1243)
pledge of $30,000 monthly from the customs' receipts of the carried by a vote of 152 to 31.
Republic. The monthly payments of $30,000 are to be
APEX GRADED SCHOOL DISTRICT, Wake County, No. Caro.
BONDS VOTED.-The election held Apr. 26 resulted, it is stated, in favor
made direct to the National City Bank and on each semi- of
the question of issuing the $12,500 6% 30-yr. coup. bldg. bonds (V. 96.
annual interest date the accumulated monthly installments p. 890).
Permanent loans(U.5.)_ 25,370,805 22,317,243 38,562,686 20,691,260 37,462,552
Temporary loans (U. S.)_ 52,434,385 28,776,803 26,067,557 24,642,630 19,541,649
Canadian loans(perm't)_ 24,477,701 9,535,791 4,519,749 11,816,344 6,631,261
News Items.
I 376
THE CHRONICLE
APPALACHIA, Wise County, Va.-BONDS VOTED.-The proposition to issue $21,000 sewer-system-constr. bonds carried, reports state, at
the election held Apr. 29 by a vote of 114 to 9.
ARTHUR SCHOOL DISTRICT(P.O. Arthur),Ida County,Iowa.
BONDS VOTED.-Reports state that this district on Apr. 14 voted in favor
of the proposition to issue the $10,000 building bonds (V. 96, p. 1109).
AUGUSTA COUNTY (P. 0. Staunton), Va.-BOND OFFERING.
Proposals will be received until 12 m. May 21 by J. N. McFarland, Co.
Treas., for $250,000 5% coup. 10-30-yr. (opt.) tax-free South River Dist.
road impt. bonds (V. 95, p. 1420). Denom. $1,000. Date July 1 1913.
Int. J. & J. at Staunton Nat. Bank. No deposit required. Bonds will
be issued as needed, the first issue being for not over $100,000. A like
mount of 4% bonds was offered on May 1 (V. 96, p. 1243).
AURELIA, Cherokee County, Iowa.-BOND OFFERING.-Proposals
11 bit received until 12 a. m. May 14 by L. P. Nelson, Clerk, for $7,000
gas and $2,500 water-works coup. bonds at not exceeding 5% int. Denom.
(7) $1,000 and (5) $500. Date June 1 1913. Int. semi-ann. at Town
Treas. office. Due June 1 1933, subject to call after June 21 1923. Cert.
check on an Aurelia bank or by a draft on a solvent Chicago or New York
bank, payable to Town Treas.. required. Bonds to be delivered and paid
for within 30 days from time of award.
BAYONNE, N. J.-BOND SALE.-On May 6 the three issuesof 434%
gold coup. or reg. school bonds, aggregating $338,000 (V. 96. p. 1109),
were awarded to the Mechanics' Trust Co. of Bayonne at 100.035 and int.
The City Bank of Bayonne bid par and int.
BEAVER, Beaver County, Pa.-BOND OFFERING.-Proposals wil
be received until 8 p. m. May 13 by the Town Council, G. R. Bovard, Sec.,
for $15,000
% tax-free refunding bonds. Denom. $500. Date June 1'
1913. Int. semi-ann. at office of Boro. Treas. Due serially from 1916 to
1942. Cert. check for $500 required.
BELLEVUE SPECIAL SCHOOL DISTRICT (P. 0.Bellevue), Huron
and Sandusky Counties, Ohio.-BOND SALE.-On May 1 the $40,000
5% coup. building bonds dated May 1 1913 (V. 96 p. 1109) were awarded
to the First Nat. Bank of Bellevue for $40,126 50 (100.316), int. and
cost of printing. Other bids follow:
Terry,Briggs & Slayton, To1440,220F1oehler & Cummings, Tol_..$40,027
Sidney, Spitzer & Co., Tol_ 40,040 Spitzer, Rorick & Co., Tol__ 40.000
All bidders offered accrued-int. In addition to their bids.
BENTON COUNTY (P. 0. Fowler), Ind.-BOND SALE.-On Apr. 30
four issues of 4A % 10-yr. road bonds aggregating $28,960, were awarded
to City Nat. Bank, Lafayette Loan & Trust Co. Ed. O'Gara of Lafayette
for $29,103-making the
'
and J. F. Wild & Co. State Bank of Indianapolis
price 100.493. Denom.$345,$374. $372 and $357. Date April 151913.
Int. M.& N•
-4841 .4i .44.1 .14 it •
ci
-; 4 -• J I
BERKELEY, Alameda County, Cal.-BONDS TO BE OFFERED
SHORTLY.-We are advised by the City Clerk under date of April 28 that
this city will shortly offer for sale the $475,000 sewer and $95,000 fire-dept.
bonds voted April 12 (V. 96, p. 1244.)
SCHOOL DISTRICT (P. 0. Bessemer
-13IntittEll, CITY GRADED
City), Gaston County, No. Caro.-BOND SALE.-On May 1 this district disposed of an issue of $20,000 6% 30-year bldg. and equip. bonds.
It was reported In last week's "Chronicle" that bids for the above bonds
would be received up to May 20, this date having been taken from an official advertisement in a Southern paper.
BLOOMFIELD, Essex County, N. J.-BONDS OFFERED BY BANKERS.-J. S. Rippel of Newark is offering to investors $200,000 5% coup
(with privilege of registration) funding bonds. Denom. $1,000. Int.
M.& N. Due $20,000 yrly. after May 1 1915.
BOISE COUNTY SCHOOL DISTRICT NO. 14 (P. 0. Montour),
Idaho.-BOND SALE.-The following bids were received on April 22 for
the $6,700 6% 10-20-yr. (opt.) coupon bldg. bonds offered on that day
(V. 96. p. 1170):
97 Keeler Bros., Denver
92
Chas. H. Coffin, Chicago
James Wright & Co., Denver_ _961
-- the bonds will be awarded to the State
We are advised, however, that
at par and int.
BOSTON, Mass.-BOND SALE.-During the month of April this city
disposed of at par, to the Trust Funds, $100,000 4% 45-year Dorchester
Tunnel bonds dated Jan. 1 1913.
BOX BUTTE COUNTY (P. 0. Alliance), Neb.-BIDS REJECTED.
All bids received for the $65,000 5% 20-year coup. court-house bonds offered on Mar. 31 (V. 96, p. 811) were rejected, reports state. The bonds
will now be offered at private sale.
BOYD, Lac Qui Pane County, Minn.-BOND SALE.-On March 29
$7,600 municipal bonds were purchased at par by the State of Minnesota.
BRADLEY COUNTY (P. 0. Cleveland), Tenn.-BOND OFFERING.
-This county is offering for sale the $25,000 5% 30-yr. road-impt., $25,000 high-school and $10,000 industrial school bonds recently authorized
(V. 96, p. 1314).
CAMDEN COUNTY (P. 0. Camden), N.73.-BOND OFFERING.
Further details are at hand relative to the offering on May 14 of the $60,000
% coupon or reg. bridge-constr. bonds (V. 96, p. 1314).
to $75,000
Proposals for these bonds will be received until 11 a. m. on that day by the
Director of Bd. of Chosen Freeholders. Denom. $1,000. Date May 1
1913. Int. M.& N.at the U.S. Mtge.& Tr. Co. N. Y.City. Due May 1
1933. Cert.check on a national bank for 5% of bonds bid for (not exceeding
$3,000), payable to Co. Collector, required. Bonds to be delivered and
paid for on or before June 10. Purchaser to pay accrued interest. Bids to
be made on blanks furnished by the Board.
-7FroCANASTOTA, Madison County, N. Y.-BOND OFFERIN
posals will be received until 5 ,p. m. May 17 by the Vill. Trustees and C. IT.
Hoffman, VIII. Pres., for $60,000 reg. st.-impt. bonds. Denom. $1,000.
Date July 1 1913. Int. (rate to be named in bid) M.& N. Due $2,000
yrly. on Nov. 1 from 1913 to 1942 incl. Cert. check or a N. Y. draft for
5% of bonds bid for, payable to F. W. Dew, VII. Treas., required.
CARROLL COUNTY(P.O. Delhi), Ind.-BOND SALE.-On Apr. 28
the two issues of 43•6% tax-free road bonds, aggregating $8,100 (V. 96, p.
1244) were awarded, it is stated, $5.000 Jose Garrison Road bonds to J. F.
Wild & Co.State Bank of Indianapolis at 100.66, and $3,100 S. F.Alibaugh
Road bonds to Levi Dodge of Delhi for $3,131 50(101.016).
CART HIGH SCHOOL DISTRICT, Wake County, No. Caro.BONDS VOTED.-A favorable vote was cast on Apr. 26, it is reported, on
the question of issuing the $25,000 6% 30-year coup. high-school-bldg.
bonds (V. 96, p. 891).
CASCADE COUNTY (P. 0. Great Falls), Mont.-BOND SALE.
On April 18 the $45,000 5% 20-year coup. Missouri River bridge construction bonds (V. 96, p. 891) were awarded to Wells & Dickey Co. of Minneapolis at 103.20 and int.-a basis of about 4.75%•
CASTAVA SCHOOL DISTRICT (P. 0. Castava), Monoma County,
Iowa.-BOND OFFERING.-This district is offering for sale the $2,000
5% bonds. Authorized by vote of 25 to 1 at an election held April 26.
(V. 96, p. 1038). Due July 1 1923, subject to call.
CELINA, Mercer County, Ohio.-BONDS NOT SOLD.-No bids
were received on May 6 for the $80,000 4}i% 20-40-yr. (ay.) coup. sewerage bonds offered on that day (V. 96, D. 1110)•
CHATTANOOGA, Tenn.-BOND OFFERING.-Proposals will be
received until 3 p. m. May 20 by T. 0. Thompson, Mayor, for $116,000
Ridgedale Annexation and $34,000 Orange Grove Annexation 4%%
coupon 30-year bonds. Proceeds will be used to provide sewers, streets
and other public improvements.• Denom. $1,000. Date June 2 1913.
Int. J. & D. at National City Bank, N. Y. City. Cert. check for 1% of
bonds bid for, payable to J. M. Payne, City Treasurer, required. Bids
must be for both issues and made on blank forms furnished by the City
Treasurer. Those bonds will be certified as to genuineness by the Columbia-Knickerbocker Trust Co., and their legality approved by Caldwell,
Masslich & Reed of N. Y. C., whose favorable opinion will be delivered to
successful bidder. Purchaser to pay accrued interest.
The official notice of this bond offering will appear next week among the advertisements elsewhere in this Department.
CINCINNATI, Ohio.-BONDS NOT SOLD.-No bids were received
on May 5for the $125,000 4 % flood-emergency bonds offered on that day
xcvi.
(V. 96, p. 1244). For details concerning suit to restrain the issuance of
these bonds see item under Ohio on a preceding page.
CLEVELAND Ohio.-BOND SALE.-Dispatches state that the Sinking Fund Commission has agreed to sell $855,000 43.4% bonds to Harris,
Forbes & Co. of New York on a 4 % basis. See V. 96, p. 1039.
COLUMBIA SCHOOL DISTRICT (P.0.Columbia), Marion County,
Miss.-BONDS DEFEATED.-The question of issuing $15,000 bldg. bonds
failed to carry, reports state, at a recent election.
COOK COUNTY (P. 0. Chicago), Ill.-BOND OFFERING.-Proposals will be received until 1 p. m. May 19 by R. E. Kenyon, Supt. of
Public Service, for the following 4% gold coup. tax-free bonds (V. 96, p.
1244):
$1,800,000 series "K" new county detention hospital constr. bonds, this
being the unsold portion of an issue of $3,000,000. Denom.
$1,000. Date June 1 1911. Due $100,000 yrly. on June 1 from
1914 to 1931 incl.
500,000 series "L" detention hospital bonds. Denom. $500. Date
June 1 1911. Due 50,000 yrly on June 1 from 1914 to 1923 incl.
1,000,000 series "M' infirmary bonds. Denom. $1,000. Date June 1
1913. Due $50,000 yrly. on June 1 from 1914 to 1933 incl.
Int. J. & D. at office of Co. Treas. Cert. check for 2% of bonds bid for,
payable to A. A. McCormick, Pres. of Bd. of Co. Commrs., required.
Bonds to be delivered and paid for at 10 a. m. June 1.
CORONA SCHOOL DISTRICT !Riverside County, Cal.-BOND OFFERING.-Proposals will be received until May 14, it is stated, by the
County Supervisors (P. 0. Riverside), for the $9,000 5% athletic-groundspurchase bonds voted Apr. 12(V. 96, p. 1170).
CRESCO SCHOOL DISTRICT (P. 0. Cresco), Howard County,
Iowa.-BONDS VOTED.-According to reports the proposition to issue
$15,000 school bonds (V. 96. p. 1110) carried at the election hold April 23
by a vote of 321 to 160.
CROGHAM, Lewis County, N. Y.-BOND OFFERING.-Proposals
will be received until 2 p. m. May 12 by Edw. Gremert, Vii. Clerkfor
$8,000 village-hall-constr. tax-free bonds at not exceeding 5% int. A'uth.
Chap. 64 Consol. Laws of N. Y. Denom.$500. Date July 1 1913. Int.
J. & J. at the Black River Nat. Bank, Low-ville. Due $500 yrly. on July
from 1918 to 1933 incl. No deposit required. Bonded debt $27,000:
Assess. val. 1912 $100.000.
DANVILLE, Hendricks County Ind.-BOND OFFERING.-Aecording to reports, proposals will be received until May 12 by the Town Trustees, C. Ft. Humston, Town Clerk, for $5,000 43-% bonds, Denom.$1,000.
Date May 15 1913. Int. ann. Due $1,000 in 5, 9, 13, 17 and 20 years
from date.
DAYTON, Ohio.-BOND OFFERINGS.-In addition to the six issues
of 5% coupon (assessment) bonds, aggregating $22,700, offered for sale on
May 12(V.96, p. 1170), the following 5% coupon (assessment) impt. bonds
will also be offered on that
$11,200 Wayne Ave. paving
day*.
bonds. Denom. (10) $1,000, (1) $1,200.
Date Feb. 1 1913. Due $1,200 on Feb. 1 1914 and $1,000 yearly
on Feb. 1 from 1915 to 1924 inclusive.
2,100 Dennison Ave. bonds. Denom. $1,000 and $1,100. Date Feb. 1
1913. Due $1,000 on Feb. 1 1915 and $1,100 on Feb. 1 1918.
9,500 Miami Chapel road bonds. Denom. (9) $1,000, (1) $500. Date
Mar, 1 1913. Due $500 on Mar. 1 1914 and $1,000 yearly on
Mar. 1 from 1915 to 1923 inclusive.
4,000 Laura Ave.-impt bonds. Denom. $1,000. Date Feb. 1 1913.
Due on Feb. 1 as follows,$1,000 in 1914, 1916,1917 and 1918.
14,500 Bolender Ave.-paving bonds. Denom.(13) $1,000 (1) $1,500. Date
March 1 1913. Due $1,500 on March 1 1915, $1,000 on March 1
1917 and $2,000 yrly. on March 1 from 1918 to 1923 incl.
5,800 Neibert St.-impt. bonds. Denom.(5) $1,000 (1) $800. Date Feb. 1
1913. Due on Feb. 1 as follows: $800 in 1914,$1,000 in 1915, 1916
and 1917 and $2,000 in 1918.
5,600 Clifton Drive-impt. bonds. Denom. (5) $1,000 (1) $600. Date
Feb. 1 1913. Due on Feb. 1 as follows: $600 in 1914, $1,000 in
1915. 1916 and 1917 and $2,000 in 1918.
Interest semi-annually in New York. Certified check on a national bank
for 5% of bonds, payable to City Auditor, required. Bonds to be delivered
and paid for on May 12 at the City Treasurer's office.
Proposals will also be received until 12 m. May 12 by G. W. BM,City
Aud., for $800,000 5% coup. flood emergency bonds. Denom. $1,000.
Date May 1 1913. Int. M.& N.in N. Y. Due $80,000 3,early on May 1
from 1923 to 1932 incl. Cert, check on a nat. bank for $40,000, payable
to City Aud., required.
Proposals will also be received until 12 m. May 19 by G. W.Bush, City
Auditor, for the following coupon improvement bonds:
water-works improvement bonds. Denom. $1,000. Due
$45,000 4
$5,000 yearly on April 1 from 1917 to 1925 inclusive.
72,200 4%% storm water-sewer bonds. Denom.(71) $1,000,(1) $1,200.
Due 32,200 on April 1 1926 and $10,000 yearly on April 1
from 1927 to 1933 inclusive.
18,300 434% sidewalk and str. (city's portion) bonds. Denom. (17)
$1,000. (1) $1,300. Due $3,300 on April 1 1924 and $5.000
yearly on April 1 from 1925 to 1927 inclusive.
4,800 5% Valley St. assessment bonds. Denom. (4) $1,000. (1)
$800. Due $800 on April 1 1914 and $1,000 yearly on
April 1 from 1915 to 1918 inclusive.
40,900 431% General St. repair bonds. Denom. (39) $1,000.(1) $1,900.
Due $10,900 on April 1 1928 and $10,000 yearly on April 1
from 1929 to 1931 inclusive.
12,200 5% Keowee St. impt. (assess.) bonds. Denom. (11) $1,000,
(1) $1,200. Due on April 1 as follows $2,200 in 1914,
$2,000 in 1915 and 1917 and 33.000.in 1916 and 1918.
Date April 1 1913. Int. A. dc 0. in New York. Certified check on a
national bank for 5% of bonds, payable to City Auditor, required. Bonds
to be delivered and paid/for on May 19 at office er "ltv '1` ensurer.
DEERWOOD, Crow Wing County, Minn.-BOND SALE.-On
April 29 the $15,000 5% 18-yr. (aver.) water-works bonds (V. 96, p. 1245)
were awarded to the Duluth Securities Co.. of Duluth at par and int less
8% commission.
DELANO, Wright County, Minn.-BOND OFFERING.-Proposals
will be received until 8 p. m. May 19 by Fred Brandes, VII. Recorder, for
$8,000 water-works-impt. bonds at not exceeding 6% int. Denom.$1,000.
Date July 1 1913. Int. semi-ann. at such places in Minnesota as the
purchaser may desire. Due July 1 1928. Cert. check for 4% of amount
of bid required.
DELAWARE TOWNSHIP (P. 0. Nemaha), Sac County, Iowa.BONDS VOTED.-According to local newspaper reports, this township
recently authorized an issue of $10,000 in bonds to erect a school building
at Nemaha, by a vote of 109 to 21.
DELAWARE TOWNSHIP (P. 0. Mt. Blanchard), Hancock County,
Ohio.-BOND ELECTION.-Reports state that an election will be held
May 13 to vote on the proposition to issue bonds for the centralization of
schools.
DUNELLON, Marion County, Fla.-BOND SVOTED.-By a vote of
54 to 3 the question of issuing $50,000 street-paving, sewerage-system and
electric-light and water-works-plant purchase bonds carried, it is reported,
at an election held Apr. 29.
DYERSBURG SCHOOL DISTRICT (P. 0. Dyersburg), Dyer
County, Tenn.-BONDS VOTED.-Reports state that the proposition
to issue the $25,000 5% coup. high-school bldg. bonds (V. 96, p. 1245)
carried at the election held May 5 by a vote of 141 to 89.
DYSART, Tama County, Iowa.-BIDS REJECTED.-All bids received on May 2 for the $10,000 20-year municipal-electric-light bonds offered on that day (V.96, p. 1245) were rejected.
EAU CLAIRE, Eau Claire County, Wis.-BONDS TO BE OFFERED
SHORTLY.-We are advised by the City Compt.that the $75,000 Chippewa
River bridge-constr. bonds voted March 25 (V. 96, p. 1039) will shortly
be offered for sale.
ELLICOTT SCHOOL DISTRICT (P. 0. Talconer), Chautauqua
County, N. Y.-BOND OFFERING.-Proposals will be received until
8 p. m. May 19, it is stated, by F. R. Ford, Clerk Board of Education.
for $25,000 14 2-3-year (average) school bonds. Int. semi-annual.
ELLSWORTH INDEPENDENT SCHOOL DISTRICT (P. 0. Ellsworth), Hamilton County, Iowa.-BONDS VOTED.-The proposition
to issue 315,000 school-construction bonds recently submitted to the
voters (V. 96, p. 1039) carried, it is stated.
EMPORIA, Lyon County, Kans.-BONDS NOT TO BE SOLD:
-We
are advised by the City Clerk under date of May 5 that the $3,650 86 5%
MAY 10 1913.]
THE CHRONICLE
r
-itme.s()
114G5,smianlo
1alrds, Series No. 2, recently authorized (V. 96, p.
1377
HUTCHINSON, Reno County, Kans.-BON OFFERING.-Further
details are at hand relative to the offering on MayD13
of the $20,000 43 %
ERIE SCHOOL DISTRICT (P. 0. Erie), Erie County, Pa.-BONDS 20-year coup. bridge-constructio
n bonds voted April 1 (V. 96, p. 1316).
AWARDED IN PART.-We are advised that $30,000 of the
Proposals for these
will be received until 3 p. m. on that day by Ed.
tax-free bonds (V. 96, p. 1315) have been disposed of at par. $63,000.4% Metz, City Clerk. bonds
Auth. Sec. 1029, Gen. Stat. 1909. Denom. $1.000.
ESCAMBIA COUNTY (P. 0. Pensacola), Fla.-BONDS AWARDED Date May 1 1913. Int. M. & N. in Topeka. Certified check for $500.
IN PART.-On April 29 $50,500 of the $101,500 43/2% coup. bonds payable to the "City of Hutchinson," required.
(V.96,1). 1111) were awarded to J. S. Reese at 95 and int.
IDAHO.-BONDS NOT SOLD.-No bids were received on April 30 for
Date Oct. i'11.
the seven issues of 4% •10-20-year bonds, aggregating
EVERETT, Snohomish County, Wash.-BOND SALE.-On April
$310,000, offered
28 on that day (V. 96,
$30,508.48 Oakes Ave. impt. bonds were awarded, it is stated,
p. 1171).
the
to
Citizens' Bank & Trust Co. of Everett for $30,889 83 (101.25) and int. Other
INDEPENDENCE, Montgomery County, Kans.-BONDS VOTED.
bids follow:
The propositions to issue $15,000 and $20,000 railroad-aid 5% 20-year
J. E. Price & Co., Seattle $30,508 48!Carstens & Earle, Seattle_$30,585 48 bonds (V. 96, p. 965) carried
at the election held May 2.
EXLINE SCHOOL DISTRICT (P. 0. Exline), Appanoose
ITAWAMBA COUNTY (P. 0. Tupelo), Miss.-BOND SALE.
County,
-On
Iowa.-BONDS VOTED.-An issue of $3,500 school-addition bonds
has, Apr. 7 the $65,000 6% road bonds(V.96, p. 813) were awarded to Hoehler
according to reports, been voted.
& Cummings of Toledo for $66,700 (102.615) and in
Denom. $500.
FLINT, Genesee County, Mich.-BOND SALE.-The City Clerk Date July I 1913. Int. J.& J. Due $500 yearly July 1 from
1923 to 1937
advises its that the $25,000 4%% I-25-yr. (ser.) general obligation bonds incl. and $57,500 July 11938.
offered without success on April 10 (V. 96, p.
IUKA, Pratt County, Kans.-BONDS DEFEATED.-According
1171) have been disposed of
to
locally at par.
newspaper reports, the question of issuing railroad-aid bonds was deFONTANELLE, Adair County, Iowa.-BONDS VOTED.-It is
fcated at a recent election.
reported that a favorable vote was cast
JACKSON,
County, Miss.-BOND ELECTION.-The elecwater-works and electric-light bonds. recently on the proposition to issue tion to vote on Hinds
the question of issuing $250,000 refunding
filtrationplant-constr. bonds will be held June 7, it is stated, and notand
FRAMINGHAM, Mass.-NOTE SALE.-Reports state that an Issue
June 3, as at
first reported. (V. 96, p. 1316.)
of $19,000 43/2% notes was recently awarded to R.
of
Co.
Day
&
Boston
L.
at 100.319. Due part yearly from 1914 to 1923 incl.
JASPER COUNTY (P. 0. Paulding), Miss.
NOT SOLD.FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND OFFERING. No bids were received on May 5 for the $25,000-BONDS
5% 25-yr. bonds offered
-Proposals will be received until 10
a. m. May 26 by the Board of County on that day (V. 96, p. 1111).
Commissioners, J. Scott, Clerk, for $42,000 5% bridge bonds. Denom.
JEROME TOWNSHIP SCHOOL DISTRICT (P. 0. Plain
$1,000. Date May 1 1913. Int. M.& N. at office of Co. Treas. Duo on Union County,
City),
Ohio.-BOND SALE.-On May 1 the
6% 23/2-yr.
May 1 as follows: $10,000 in 1922,
and 1924 and $12,000 in 1925. (aver.) coup. school bonds(V. 96, p. 1246) were awarded$3,500
the Commercial
Certified check on a Franklin County1923
national bank or trust co. (or cash) Savings Bank of Marysville for $3,511 15 (100.315) andtoint.
Other bids
for 1% of bonds bid for, payable to Bd. of Co. Commissioners, required.
follow:
BONDS AWARDED IN PART.-Dispatches state that of the eleven Sidney, Spitzer & Co.,
T0l__*$3,512 I Hoehler & Cummings, Tol_ _ _$3,507
issues of 5% road-impt. bonds, aggregating $467,000,
First Nat. Bank,Barnesville_ 3,511 The
offered
on
May
7
Bank
of
Marysville
3,500
(V.96, p. 1171), only $131,000 were disposed of at a price slightly above par.
* This bid appears to be higher than that of the purchaser,
but is so given
FRANKLINTON, Franklin County, No. Caro.-BOND OFFERING. by the Secretary of the Board of Education.
-Proposals will be received until May 24, it is stated, by J. W. Daniel,
JOHNSTOWN, Cambria County, Pa.-BONDS
NOT SOLD.-No
Town Clerk, for $12,000 6% 15-year (avgo.) street-improvement bonds.
sale was made on May 7 of the $50,000 4% 10.30-year (opt.)
coup. Hayes St.
bridge bonds offered on that day (V. 96, p. 1171).
FREDONIA, Chautauqua County, N. Y.-BOND SALE.-On May 1
the $16,700 reg. East Main St. paving bonds (V. 96, p. 1245) were awarded
KANDIYOHI SCHOOL DISTRICT (P. 0. Kandiyohi)
, Kandiyohi
to Douglas Fenwick & Co. of N. Y.for $16,713 (100.077) and int. for 4.80s. County, Minn.-BONDS VOTED.-School bonds
amounting to $6,000
Other bids follow:
were recently voted by this district, it is stated.
Adams & Co., Now York-$16,762 and interest for 5s.
TOWNSHIP
KEENE
SCHOOL DISTRICT(P.O. Keene), Coshocton
Isaac W. Sherrill, Poughkeepsie-$16,728.39 and interest for 5s.
County, Ohio.-BOND SALE.-On May 1 the
$14,000 5% coupon highCitizens' Trust Co.. Fredonia-$16,700 and interest for 5s.
school-constr. bonds (V. 96, p. 1246) were awarded
to Commercial Nat.
GARY, Lake County, Ind.-BONDS OFFERED BY BANKERS.
- Bank of Coshocton at 101.075 and int. Other bids follow:
The Moyer-Kiser Bank of Indianapolis is offering to investors $15,000
Farm. & Merch. Bk. Co.,
!Cosh.
Nat.Bk. Coshoct_$14,007 75
% 10-year police and fire-station bonds. Denom. $1,000. Date
Warsaw
514,150 45 Sidney SpitzerdiCo ,Tol _*514,000
April 4 1913.
*Less $200 for expenses.
GERMAN FLATTS, Herkimer County, N. Y.-BOND
KENNEDY HEIGHTS (P. 0. Cincinnati), Hamilton County,
SALE.
On April 29 the $6,000 coupon bonds (V.
p. 1245) were sold at public -BOND OFFERING.-Proposals will be received until 12 m. May Ohio.
31 by
auction to Edwin Chapman at par and int.96,
for 43/2s. Adams & Co., N. Y., II. Appleton, Vil. Clerk, for the $6,000 5% 10-yr.re-surfacing
repairing
bid $6,002 for 5s.
street-impt. bonds voted April 7 (V. 96, p. 1171). Denom.and
$500. Date
GETTYSBURG, Potter County, So. Dak.-BON
1913.
April
Int.
A.
0.
Cert.
25
&
check
for 5% of bonds bid for, payable
D SALE.-Local
papers state that an issue of $5,000 city-hall-building bonds
to Vil. Treas., required. Bonds to be delivered and paid for within
was recently
10
sold to the State.
days from time of award. Purchaser to pay accrued interest.
GRANT COUNTY SCHOOL DISTRICT NO. 80, Wash.-BOND
KIRKWOOD SCHOOL DISTRICT (P. 0. Kirkwood), St. Louis
SALE.-On April 28 the $10,000 1-5-year (opt.) building bonds
Mo.-BOND ELECTION.-The election to vote on the proposi96, p. County,
1111) were awarded to the State of Washington at par for 53/2s.(V.
to issue $50,000 building bonds (V. 96, p. 1316) will be held May
Causoy, tion
12,
Foster & Co. of Denver bid 100.12 for 6s. Denom. $1,000.
It is reported.
GREENE COUNTY (P. 0. Greeneville),Tenn.-BONDS VOTED.
LANCASTE
R,
Erie
County,
Y.
N.
-BOND
OFFERING.
-Proposals
- will be received
The question of issuing the $500,000 road-impt. bonds(V.96,
until 8 p m. May 12, it is stated. by Peter P. Adolf,
p.666) carried Village
at the election held March 29.
Treasurer, for $16,000 1-10-year (ser.) paving bonds. Certified
check for 2% required.
GREENS CREEK COMMON SCHOOL DISTRICT NO. 52, Texas.
BONDS VOTED.-On April 19 the question of issuing building;
LAURAMIE SCHOOL DISTRICT (P. 0. Stockwell), Tippecanoe
bonds County, Ind.-BOND
carried by a vote of 45 to 20, it is stated.
OFFERING.-Proposals will be received until
GROSSE POINTE PARK, Wayne County, Mich.-BOND ELEC- 2 p. m. May 21 by J. A. Poyner, Trustee, for $30,000 43.% bldg. bonds.
Denom.$1,000. Date June 11913. Int. F.& A. Due $2,000 on Aug. 1
TION.-Reports state that an election will be held Juno 3 to
vote on the 1914 and $1.000 each six months from Feb. 1 1915 to Feb. 1 1928
proposition to issue public-improvement bonds.
and $1,000
on Juno 1 1928. Cert. check on a Tippecanoe County nat. or State
bank
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND SALE.-The for $500, payable to above Trustee,
required.
$22,160 5% county-ditch-construction bonds (V. 96, p. 80) were awarded
LAWRENCE, Nassau County, N. Y.-BOND OFFERING.
on Jan. 20 to Tillotson & Wolcott Co. of Cleveland. Int. J. & J. at tho
-Proposals
County Treasurer's office.
will be received until 12 m. May 17 by N. J. Pettit, Vil. Clerk,
for $7,500
HARRIS COUNTY (P.O. Houston),Tex.-BOND OFFERING.-Pro- reg. gold bridge bonds. Denom. $500. Date June 1 1912.
Int. (rate to
posals will be received until Juno 2 by W. 11. Ward, Co. Judge, for
$1,- be named in bid) J. & D.at Columbia-Knickerbocker Trust Co. in N. Y.C.
000,000 4j% special-road bonds. Denom. $1,000. Int. semi-ann.
at Duo $500 yrly. on June 1 from 1917 to 1931 incl. Cert. check on an inplace to suit large purchaser, otherwise at N. Y., Chicago and Houston. corporated bank or trustco. for 2% of bonds bid for, payable
to P.B. Olney
Bids will be received on $50,000 or multiples thereof. Cert. check for 1% Jr., Vil. Clerk, required. These bonds will be certified as to
genuineness
of bonds bid for required.
by the Columbia-Knickerbocker Trust Co. and their legality approved
by
The official notice of this bond offering will be found among the
Hawkins,
Delafield
&
Longfellow
of N. Y. C., whose opinion will be furadvertise
merits elsewhere in this Department.
nished to the purchaser.
HARTINGTON SCHOOL DISTRICT NO. 8
The official notice of this bond offering will be found among the advertise0. Hartington)
Cedar County, Neb.-BOND SALE.-On May 1 the(P.
$28,000 4%% coup. ments elsewhere in this Department.
high-school-bldg. bonds(V.96, p. 965) were awarded to
the
State
of
MinneLAWRENCE TOWNSHIP (P. 0. Stockwell), Tippecanoe County,
sota at par and int.
-BOND OFFERING.-According to reports,
HEBRON SCHOOL DISTRICT (P. 0. Hebron), Licking County Ind.
will be received until 2 p. m. May 21 by J. A. Coyner, Twp.proposals
Ohio.-BONDS VOTED.-At the election held Apr. 29,
Trustee, for $30,000
proposition
% school bonds. Denom. $1,000. Date June 1 1913. Int.
to issue $40,000, not $30,000, as reported in V. 96, p. 1246,the
semi-ann.
building
bonds
carried, reports state.
LINCOLN, Neb.-BOND OFFERING.-Proposals will be
until
12 m. May 26 by Roscoe C. Ozman, City Clerk, for $14,200received
HEMLOCK SCHOOL DISTRICT (P. 0. Hemlock), Saginaw
Paving
County, No. 89 paving assess. bonds at not exceeding 5% int. Denom, Dist.
Mich.-PRICE PAID FOR BONDS.-We are advised that the price
to be
paid
designated
purchaser.
by
Date
Juno
1 1913. Int. annually at the City
for the $10,000 5% building bonds awarded on May 1 to Bumpus & Co.
Treas. office or to the State Treas. Due one-tenth yrly. on May
of Detroit (V.96, p. 1316) was 101. Denom.81,000. Date April
1 from
Interest A. & 0. Duo $1,000 yearly from 1914 to 1923 inclusive.151913. 1914 to 1923 incl. Cert. check for $100 required.
LINDEN
TOWNSHIP
SCHOOL
DISTRICT (P. 0.4 Linden),,Union
HOBOKEN, Hudson County, N. J.-BOND OFFERING.-Proposals
County, N. J.-BOND SALE.-The two issues of 5% coup.
or reg.school
will be received until 4 p. m. May 14 by the Mayor and Council, J. II. bonds, aggregating
$57,000 offered on April 25 (V. 96, p. 1172)have been
Londrigan, City Clerk, for $300,000
purchased
by
J.
S.
Rippel of Newark, who is now offering them to in% reg. or coup. re-pavement
bonds. Int. J.& J. Due July 11943. Certified check (or cash)for 35,000 vestors at a price to yield about 4.70%.
required. Bonds will be certified as to genuineness by Columbia-KnickerLONG BEACH, Los Angeles County, Cal.-BOND ELECTION
bocker Trust Co., Now York, and the legality will bepassed on by Hawkins, POSED.-Local papers state that the following six propositions to PROissue
bonds,aggregating $1,235,000, will shortly be submitted to a
Delafield & Longfellow, New York.
vote:$350,000
for sewers,
for an incinerator. $50,000 for a pier at
Gate,
The official notice of this bond offering will be found among the advertise- $400,000 for$35,000
a horseshoe pier at Pine and American avenues,Devil's
ments elsewhere in this Department.
a city hall and $200.000 for betterments in the water system. $200,000 for
•HOLTON, Jackson County, Kans.-BONDS VOTED.-AccordIng
IT LONG-BRANCH, Monmouth County, N. J.-BOND
to May 5 the
SALE.,-On
local newspaper reports, the question of issuing $23.110 electric-light-sys$120,000 5% 30-yr. paving bonds (V. 96. p. 1246) were
awarded
tem-ext. bonds carried at the election held Apr. 29 by a vote of 457 to
to R. M. Grant & Co. of N. Y.at 100.25. Denom. $1,000.
89.
Date May 1
1913. Int. M.& N.
4, I..t* • r.
HOT SPRINGS,Fall River County, So. Dak.-BONDS NOT SOLD.
Lys;
No award was made on March 3 of the $9,000
LORAIN,
Lorain
County,
Ohio.-BOND OFFERING.-Proposals
gold refunding city-hall
bonds offered on March 1 (V. 06, p. 666).
will be received until 12 m. May 31 by E.P. Keating,
City Aud.,for $38,500
5% coup. street-Intersection (city's portion) bonds. Auth.
HOUSTON, Harris County, Tex.-WARRANTS AUTHORIZED.
Sec.
Gen.
Code.
Denom. $500. Date May 15 1913. Int. M. & S at 3939,
On May 1 the City Council passed an ordinance, it is stated, providing - of Sinking
Fund Trustees. Due $2,500 on Sept. 15 1915 and $1,50 iffice
for
the issuance of 51.200.0005% warrants. It is further stated
on
Sept.
15
that
$800,000
from
1916
1923
to
incl. Cert. check on a Lorain bank r,..Yds%
of these warrants will be issued immediately by the city and
any
the six national banks of Houston to pay off an indebtedness placed with nat. bank for $1,000, payable to City Treas., required. Bonds ti ho deof $620,000 livered and paid for within 10 days from time of award.
due the Union Nat. Bank of Houston, and to care for the
current
expenses
of the present month and the anticipated expenses of
LOUDON TOWNSHIP (P. 0. Fostoria), Seneca
next month.
Ohio.BOND OFFERING.-Reports state that proposals willCounty,
HUDSON, Columbia County, N. Y.-BOND
be received until
OFFERING.-Proposals Juno 2 by the Twp. Trustees for 516,000
% road-impt. bonds offered
will be received until 2 p. in. May 19 by II. M. James,
without
success
May
on
1.
City Clerk, for
$27,800
% coup. or reg. street-improvement bonds. Denom.
LOWRY CITY SCHOOL DISTRICT (P. 0. Lowry
(27) $1,000,(1) 5800. Date June 2 1913. Int. J.& D. Duo $4,800
County, Mo.-BOND SALE.-On May 1 the $7,000 5%City), St. Clair
in 1925 and bldg.
5-20-yr. (opt.)
bonds(V.96, p. 1246) were awarded to Lowry City Bank,
$5,000 yearly from 1926 to 1929 and $3,000 in 1930. Certified
Lowry City
check for at par, less expense of bonds. Denom.$100 and $500.
Date May 1 1913.
2% of bonds bid for, payable to City Treasurer, required.
These bonds Int. ann. on May 1.
were advertised for sale as 43s on April 28, but no award
was made.
LYERLY SCHOOL DISTRICT (P. 0.
Chattooga
V. 96, p. 1316.
County, Ga.-DESCRIPTION OF BONDS.-We Lyerly),
are advised
$10,000 5% building and equipment bonds voted Apr. 5 (V. 96. that the
The official notice of this bond offering will be found among
p. 1172)
the
advertisebear
date
of
July
ments elsewhere in this Department.
15 1913. Denom.(10) $250,(10)
(10) $450. Int.
ann. Due $250 yearly on Jan. 15 from 1914 to 1923$300.
incl., 8300 yearly on
1378
THE CHRONICLE
[VOL.
xcvi.
1934 to John Nuveen & Co., Chicago-$12,125 for 6s.
Jan. 15 from 1924 to 1933 incl. and $450 yearly on Jan. 15 from
C. H.Coffin & Co., Chicago-$12,121 for 6s.
1943 incl.
H. Rollins & Sons, Denver-312,120 for 6s.
County, E.
e
,
Whitesid
Lyndon)
0.
CT
(P.
DISTRI
H. C. Speer & Sons Co., Chicago-312,061 for 6s.
SCHOOL
LYNDON
carried,
bonds
building
to
on
issue
County, No. Caro.
Ill.-BONDS VOTED.-The propositi
MT. AIRY TOWNSHIP (P. 0. Mt. Airy), Burry
for sale the $80,000 5%
reports state, by a vote of 88 to 24 at the election held Apr. 26.
-BOND OFFERING.-This township is offering
G.
OFFERIN
D. 1317). Denom.
d
(V.
96,
-BOND
authorize
coup. highway-impt. bonds recently
MACKINAC COUNTY(P.O. St. Ignace), Mich.
issue of $100,000 $100, $500 or $1,000. Int. semi-ann. A E. Smith is Chairman of High-Proposals will be received until June 2 for 856,000 of an
held
election
an
at
625
to
of
by
a
924
vote
d
way Commission.
5% 15-yr. road bonds authorize
NorthumApr. 7.
MT. CARMEL SCHOOL DISTRICT (P. 0. Mt. Carmel),
and Board berland
County, Pa.-BOND SALE.-The $100,000 43 % tax-free bonds
MADISON, Wis.-BONDS PROPOSED.-The City Council
it is
schooldue $4,000 yearly for 25 years (V. 96, p. 1247) have been awarded,
of Education are considering the issuance, it is stated, of $120,000
stated, to M. M.Freeman & Co. of Philadelphia.
building bonds.
-On
SALE.-On
MT. PLEASANT, Westmoreland County, Pa.-BOND
MADISON COUNTY (P. 0. Winterset), Iowa.-BOND SALE.
to G.M.
and sewer bonds
May 5 the $13,000 4 ,6% 29-yr. tax-free street-paving
Apr. 29 $36,000 5%.13-year (aver.) funding bonds were awarded
basis of about (V.
were awarded to J. S.& W.S. Kuhn,Inc., of Pittsburgh,at
1317)
p.
96,
Bechtel & Co. of Davenport for $36,560 (101.55) and int.-a
for 55.
4.838%. E. H. Rollins & Sons of Chicago bid 100.125 and int.
100.05 and int.
IZED.-An
an), Riley
MT. VERNON,Knox County, Ohio.-BONDS AUTHOR
MANHATTAN SCHOOL DISTRICT (P. 0. Manhatt
(opt.)
for the issuance of
10-20-yr.
$90,000
ordinance was passed Apr. 28, it is stated, providing
County, Kans.-BOND SALE.-On May 1 the
to
were awarded
and Norton St. underground waterways.
Chestnut
E.
$22,000
high-schcol-bldg. bonds dated July 1 1913 (V. 96, p. 666)
bids:
PART.
the Fidelity Trust Co.of Kansas City at par and int. for 4.88s. Other
MULBERRY, Polk County, Fla.-BONDS AWARDED INoffered on
Harris Trust & Savings Bank, Chicago-390,371 for 5s.
Of the three issues of 6% coup, bonds, aggregating $45,000,
5s.
for
20
,303
$20,000
and
n-$90
water-works
Manhatta
Bank,
30-yr.
First National
April 1 (V. 96, p. 740). the $20,000
Bond Co. of ChiH.C.Speer & Sons Co., Chicago-$90,151 for 5s.
sewer bonds were awarded on that day to the Hanchett
Cutter, May & Co., Chicago-$90,011 for 5s.$750 for 5s.
cago. Int.(water bonds) M.& S.,(sewer bonds) J. & J.
less
Par
CityKansas
Co.,
e
Commerc '1 rust
-BONDS VOTED.-Local
MURPHY, Cherokee County, No. Caro.
J. R.Sutherlin & Co., Kansas City-Par leas $950 for 58.
was cast at the election held Apr. 29
S VOTED.-On May El newspapers state that a favorable vote
hydro-electric-plant bonds.
MANNING, Carroll County, Iowa.-BOND
$70.000
to
issue
on
propositi
a
by
vote
the
on
carried
1316)
p.
the question of issuing $9,000 water bonds(V. 96,
Neche), Pembina County,
NECHE SCHOOL DISTRICT (P. 0. it
of 145 to 129.
-This district, is stated, has voted to issue
Pa.-BONDS VOTED.-The No. Dak.-BONDS VOTED.
MARCUS HOOK, Delaware County,bonds
bonds.
(V.96, p. 1247) carried. $2,000 school-enlargement
question of issuing the $59,000 street-impt.
VOTED.-According
NEODESHA, Wilson County, Kan.-BONDS
at the election held May 6 by a vote of 113 to 63.
on to issue $20,000 railroad-aid
-On May 3 the to local newspaper reports, the propositi
SALE.
-BOND
38 at an election held
to
412
of
vote
a
MARION, Marion County, Ohio.
by
carried
1172)
p.
96,
bonds
(V.
e
bonds
and fire-engine-hous
13,500 5% 19X-yr. (aver.) police-station
Denison & Co. of Cleveland for Apr. 25.
V. 96, p. 1041) were awarded to C. E.
), Wilson County, Kans.
bids follow:
NEODESHA TOWNSHIP (P. 0. Neodesha
13,677 60 (101.315) and int. Other'Caleb
the proposition to issue $10,000
L. McKee & Co.,
-BONDS VOTED.-Reports state that
Sidney Spitzer&Co., T0l_$13,662 00
to 12 at the election held Apr.26.
580
162
of
$13
s
vote
a
by
Columbu
carried
bonds
-aid
I
75
railroad
0
Spitzer. Rorick & Co., To1.13,65
), Craven County,
& Cummings, Tol _ 13.535
NEWBERN SCHOOL DISTRICT (P. 0. Newbern
Brighton-Ger.Bk.Co. Cin. 13.643 75 I Hoehler
olis), Ind.-BOND OFFERING.- No. Caro.-BONDS VOTED.-The proposition to. issue $20,000 impt.
MARION COUNTY(P.O.Indianap
by a vote of 340 to
6
bridgeMay
held
5%
,
33
election
the
the
sale
$500,000
bonds carried, reports state, at
This county, it is stated, is advertising for
1172).
269.
construction bonds authorized Apr. 10 (V. 96, p.
SALE.-On
BOND
County,
Conn.l
Marion), McDowel
NEW LONDON, New London County
MARION SCHOOL DISTRICT (P. 0.
-This district is offering for Apr. 30 the $100,000 4% 30-yr. coup. municipal-building bonds, bids for
North Carolina.-BOND OFFERING.
to E. H.
awarded
1913.
1
wore
May
Date
1317),
$500.
p.
96,
which were received on Apr. 28 (V.
sale $12,000 5% 30-yr. school bonds. Denom.
School Committee.
Rollins & Sons of Boston at 93.655.
Int. M.& N.in N.Y. G. I. White is Sec. of Graded
s
Ferry),
-Report
VOTED.
Martin's
S
(P. 0.
NEW LONDON, Henry County, Iowa.-BOND
MARTIN'S FERRY SCHOOL DISTRICTG.
-Proposals will be re- state that this town recently voted $15,000 water-works bonds.
Belmont County, Ohio.-BOND OFFERIN
the
$22,500
for
Ed.,
of
Bd.
Clerk
OFFER-BOND
ceived until 5 p. m.June 5 by C.L. Bishop,
NEW PHILADELPHIA, Tuscarawas County, Ohio.
7626 and 7627, Gen. Code. Date
until 12 m. May 31 by A. D. Schlegel,
5% school bonds. Auth. Secs. 7625,
S. Due $500 on Mar. 1 and ING.-Proposals will be received
(city's portion) bonds. Date on
pt.
day of sale. Denom.(45) $500. Int. M.&pay
street-im
5%
for
$23,450
Aud.,
City
check
Cert.
int.
accrued
part each six months from
Sept. 1, beginning Mar. 1 1914. Purch. to
or about June 1 1913. Int. semi-ann. Due1%
of bonds bid for, payable
for $500, payable to Bd. of Ed., required.
April 1 1914 to April 11938. Cert. check foraccrued
interest.
-On April 29 to
pay
SALE.
to
r
-BOND
Purchase
Ohio.
required.
County,
Treas.,
City
Stark
LON,
MASSIL
reis
it
awarded,
was
bonds
ter-sewer
CT (P. 0. New Philaan issue of $30.800 4 % storm-wa
NEW PHILADELPHIA SCHOOL DISTRI
G.-Proposals
OFFERIN
-BOND
Ohio.
County,
ported, to the First Nat. Bank of Massillon at par.
was
Tuscara
be received delphia),
Stormer, Clerk Board of EduMEMPHIS, Tenn.-BOND OFFERING.-Proposals will 434% 50-yr. will be received until 12 m. June 9 by A. A.
96, p. 1172).
(V.
voted April 10
until 12 m. May 12 by A. B. Hill, Secy. Bd. of Ed.,for $40,000 semi-ann. cation, for the $130,000 5% school bonds
Denom. $500. Interest
Auth. Secs. 7625 to 7627 inclusive, Gen. Code.
site-purchase and shcool-bldg. bonds. Denom. $1,000. Int.
to Dec. 9
1914
9
June
from
semi-annual. Due $2,000 each six months
Cert. check on a Memphis bank for $1,000 required.
1929 incl.
- 1920 incl., $3,000 each six months from June 9 1921 to Dec. 9incl.
OFFERING.
Cer1935
9
MERCHANTVILLE, Camden County, N. J.-BOND:
Dec.
to
1930
9
from
Juno
months
each six
$4,000
and
Mayor,
Bennett,
K.
A.
by
14
May
m.
p.
8
until
Proposals will be received
1% of bonds bid for required.
96, p. tified chock for
(V.
22
Apr.
G.
voted
bonds
pt.
OFFERIN
street-im
-BOND
Ind.
30-yr.
),
%
Kentland
0.
$100,000
the
for
NEWTON COUNTY (P.
& D. at First Nat.
May 14, it is stated, by F. 0.
1316). Denom. $1,000. Date June 1 1913. Int. J.
Proposals will be received until 1 p. ,6m.
bonds. Denom.
impt.
highway%
to
43
payable
for,
$5,725
bid
.
for
of
bonds
2%
Treasurer
for
check
Rich, County
Bank, Merchantville. Cert.
7 1913. Int. semi-annual.
$300, except one bond of $325. Date April
Harry Knox Oakford, Boro. Treas., required.
the advertisements
be found among the advertiseNEW YORK CITY.-BOND OFFERING.-Among
The official notice of this bond offering will
notice of the 345.000,000
on a subsequent page will be found the official
er Prenderments elsewhere in this Department.
Comptroll
by
Brunswick), N.J.-BOND SALE. 434% gold reg. or coup. corporate stock to be sold
MIDDLESEX COUNTY(P.O. Newwas
awarded on Jan. 13 $8,500 4 % gast at 2 p. m. May 20. The details of this loan and terms of offering were
-The First Nat. Bank of South River
price 100.374. Denom.(8) $1,000 given in last week's "Chronicle," page 1317.
armory bonds for $8,531 87, making the
$1,000 yriy. from 1925
OFFERING.-Proposals
(1) $500. Date Dec. 15 1912. Int. J. & D. Due
NILES, Trumbull County, Ohio.-BOND
1933.
$500
Thomas, City Auditor, for
and
to 1932 incl.
will be received until 2 p. m. June 5 by Homer
l
-BOND OFFERING.-Pro- $7,224
ent assess. bonds. Auth. Sec. 91, Municipa
improvem
street%
MILLERSBURG, Holmes County, Ohio.S.
4
Franks Jr., Vii. Clerk, for Code. Denom. (1) $224, (14) $500. Date May 1 1913. Int. M. & N.
posals will be received until 12 m. June 2 by assess.
1918
to
Sec.
Auth.
1915
from
1
bonds.
Nov.
on
$3,170.26 4% Crawford St. sewer-constr.$631.79. Date Mar. 11913. Due $1,224 on Nov. 1 1914 and $1,500 yearly
City Treasurer, recheck for 2% of bonds bid for, payable to
3916, Gen. Code. Denom.(1) $643.10, (4)
time of
on Mar. 1 1914 and incl. Cert.
be delivered and paid for within 10 days from
to
Bonds
Int. M. & S. at office of the Mayor. Due $643.10
quired.
of
10%
for
check
1918 incl. Cert.
interest.
$631.79 yearly on Mar. 1 from 1915 to
and award. Purchaser to pay accrued
delivered
be
to
Bonds
LOAN.
required.
Treas.,
RARY
VII.
to
-TEMPO
payable
, Mass.
bonds bid for,
r to pay accrued int.
NORFOLK COUNTY (P.O. Dedham)
was awarded
paid for within 10 days from time of award. Purchase
, dated May 8 and due Dec. 8, discount.
- -On May 6 a loan of 3100,000Trust
N. J.-BONDS NOT SOLD.
Co. of Boston, at 4.25%
Safe Deposit &
MILLVILLE, Cumberland County,
Boston
the
to
pt.
-year
street-im
20
%
6
,
43
Wash.-BOND ELECTION.
No bids were received on May 2 for the $60,000
NORTH YAKIMA, Yakima County,
(V. 96, P. 1317) will
bonds offered on that day.
of issuing the $300,000 sower-ext. bonds
bids were received The question
on June 1. •
state
reports
vote,
a
to
d
MINNEAPOLIS, Minn.-BONDS NOT SOLD.-No
submitte
be
aggregating $577,500,
-BOND ELECTION.-Reon May 8 for the five issues of 4% 30-yr. bonds,
NORWOOD, Hamilton County, Ohio.
17 to vote on the question of
offered on that day (V. 96, p. 1172).
state that an election will be held June
ports
State
the
April
of
$35,000 water-softeningand
month
the
n
works-extensio
waterMINNESOTA.-BOND SALES.-DurIng
$105,000
issuing
$32,800.
aggregating
purchased at par the following eight issues of4% bonds,
system-installation bonds. Date.
Purpose.
Amount.
CT (P.O. Norwood), Hamilton
Name of Place.
April 10 1013
NORWOOD CITY SCHOOL DISTRI
$10,000 School
G.-Proposals will be received until
Clay County Cons. Dist. No. 1
l April 10 1913 County, Ohio.-BOND OFFERIN
Municipa
4,000
_
Co_
,
Aitkin
Township
by H. Ryland, Clerk Bd. of Ed.,
5)
moh
May
Esquaga
April 10 1913 12 m. May 12(time extended from
2,500 School
1247):
Lyon County Cons. Dist. No.43 __
April 4 1913 for the following 5% bonds (V. 96, p.Due
do
800
on May 22 1915, 1916.
$10,000
Meeker County Dist. No. 59
bonds.
tion
April 10 1913 $40,000 high-school-erec
do
Ottertail County Cons. Dist. No. 101. 2,500
1917 and 1918.
April 10 1913
do
2,000
on May 22 1919
$5,000
Due
bonds.
Pennington Co. Cons. Dist. No. 57
-bldg.
school
St.
Marion
1913
10
10,000
5,000 Municipal April
Starbuck, Pope County
and 1920.
10 1913
April
School
6.000
5
22 1913. Int.
No.
May
Dist.
Date
Cons.
Steele County
Auth. Sec. 7629 Gen. Code. Denom. $500.
L BONDS.-ConcernIng the
. Bonds to be delivered and paid
MISSOURI.-SALE OF STATE CAPITO
A.& 0. at the First Nat. Bank, Norwood
bid, payable to
Deal,
of
P.
5%
E.
for
Mr.
by
check
advised
are
we
Cert.
bdnds,
award.
10 days of time of
sale of the 33i% State Capitol
that the Mercantile Trust Co. for within
required. Purchaser to pay accrued int
the State Treasurer, under date of May 5,State
par for the Clerk Bd. of Ed..
paying
,
-According
$750,000
the
from
G.
outright
OFFERIN
bought
has
of St. Louts
OAKLAND, Alameda County, Cal.-BOND
the same time the
until May 23 by H. A. Magill, City
same, less a commission of $47.75 per thousand.0. At
or whatever part may to reports. proposals will be received
bonds.
school
$212,000
and
Trust Co. contracted for an additional $2,000,00
nt-impt.
The contract is Clerk, for $222,000 water-fro
be left unsold at the time of maturity of said contract. sum of $500,000
Oakmont), Allegheny
OAKMONT SCHOOL DISTRICT (P. 0.
until
for the delivery and payment of these $2,000,000 in the
be made July 1 this County, Pa.-BOND OFFERING.-Proposals will be received
every six months, the first payment and delivery to
Treas., for $25,000 43i% coup.
7 p. m. May 12 by M. W.Bottomfield, Dist. $1,000. Date May 1 1913.
year.
offered
Denom.
first
was
bonds.
and
0
dg.-impt.
The entire issue of bonds amounted to $3,500,00were disposed of. On or reg. school-bl
. Due $5,000 on May 1
& N. at the First Nat. Bank, Oakmont
Int.
for sale in Dec. 1911. At that time only $158,500and
are exempt from State tax.
$124,000 allotted. in 1918,
M. 1923, 1928, 1933 and 1938. Bonds
District," required.
Jan. 15 1912 the unsold bonds were re-offered
"School
the
to
of
$2,balance
a
Certified check for 2% of bid, payable
Subsequently we reported the sale of $917,500, leaving
Mich.-BOND ELECTION PROcontracted for.
OAKWOOD, Wayne County consideri
300,000. As stated above, this portion has now been
calling of an election
the
ng
on to issue
village, it is stated, is -improvement bonds.
MONROE CITY, 111.-BONDS VOTED.-The propositi at the elec- POSED.-This
to vote on the question of issuing public
$78,000 water-works-construction bonds carried, reports state,
, San Bernardino
Ontario)
ONTARIO SCHOOL DISTRICT (P. 0.
tion held April 28 by a vote of 329 to 119.
the $50,000 5%
are advised County, Cal.-BONDS VOTED.-The proposition to issue
29 by a vote of
April
MONROE, Green County, Wis.-BOND SALE.-We
held
election
the
ear (aver.) impt. bldg. bonds (V. 96. p. 1112) carried at
bonds will be
these
under date of May 5 that an issue of $20,000 5% 10i-y
that
under date of April 30
bonds has Just been awarded to E. H. Rollins & Sons of Chicago at 102 and 470 to.51. We are advised
days.
offered for sale in about 40
int.-a basis of about 4.75%.
So. Caro.-BONDS VOTED.
ORANGEBURG, Orangeburg County,-works
NO. 6 (P. 0.
bonds (V. 96, p. 1112)
MOSCOW INDEPENDENT SCHOOL DISTRICTMay
2 the $12,000 _Tho question of issuing the $60,000 water
Moscow), Latah County, Idaho.-BOND SALE.-On96,
Apr. 29.
held
election
the
at
state,
reports
p.
carried,
were
1247)
(V.
10-20-year (opt.) coup. high-school-bldg. bonds
143 (P. 0. Orchard),
NO.
ORCHARD PARK SCHOOL DISTRICT -The question of issuing
awarded to the Spokane & Eastern Trust Co. of Spokane at 100.10, int.
Clarke County Wash.-BONDS VOTED.
and blank bonds for 530. Other bids follow:
hold April 26 by
election
the
at
stated,
is
Wm. Sweet & Co.. Denver-$11,472 for 5s, 511.904 for 5s and $12,192 $8,000 building 'bonds carried, it
for 6s.
a vote of 35 to 5.
County.
,
5s.
Wayne
for
Orrville)
$11,905
5s
and
Causey, Foster & Co., Denver-$11,562 for
ORRVILLE SCHOOL DISTRICT (P. 0.
5% school-impt. bonds
Hanchett Bond Co., Chicago-$11,683 for 58, $12,047 for 5s and $12,127 Ohio.-BOND SALE.-On May 2 the $25,000Bank
at par
of
Cleveland
Nat.
First
the
for 6s.
(V. 96, p. 1112) were awarded to
Jas. N. Wright & Co., Denver-$12,018 for 534s. $12,140 for 6s.
and int. Other bids follow: $25,026 and int., less $50 for legal expenses.
5%s and
Sidney Spitzer & Co., Toledo-$12,001 for for
Co.,
Toledo,
&
Sidney Spitzer
6s.
int., less $500 for legal expenses.
Spitzer, Rorick & Co., Toledo-$12,261 60
Hoehler & Cummings,Toledo,825,025 and
less $325 for legal expenses,
Weil, Roth & Co., Cincinnati-312,184 for 6s.
Spitzer, Rorick & Co., Toledo,$25,011 and hit.,
6s.
for
1
-$12,13
Detroit
&
Hood
J.
A.
I
MAY
1913]
THE CHRONICLE
1379
r OTTAWA, Franklin County, Kans.-BONDS AUTHORIZED.
- election will be held May 26 to submit to a vote the proposition
to issue not
According to local newspaper reports, an ordinance was passed April 30 more than
$35,000 5% bldg. bonds. Int. A.& 0.
providing for the issuance of $60,000 refunding bonds.
ROGERS SCHOOL DISTRICT (P. 0. Rogers), Bell County, Tex.
OXFORD JUNCTION SCHOOL inslaticrr AND. 4 (P. (). Oxford BONDS VOTED.-Local
newspapers state that the question of issuing the
Junction), Jones Cknrnty, Iowa.-BOND ELECTION.-An election. $35,000 building bonds (V.
96, p. 667) carried by a vote of 105 to 10 at the
will be held May 12, reports state, to submit to a vote the question of issu- election held April 22.
ing $10,000 building bonds.
RUTHERFORD COUNTY (P. 0. Rutherfordton), No. Caro.PAITOIA commit (P. c). Batesville), Miss.-BOND OFFERING.- BONDS VOTED.-Reports state that a favorable vote was cast at the elecProposals will be received until 10 a. m. May 21 by R. W.Draper, Chancery tion held April 26 on the proposition to issue $250,000 road bonds (V. 96.
Clerk, for the $50,000 536% 5-20-yr. (opt.) bridge and road-constr. bonds p. 1042).
(V. 961, p. 1317). Dmiorn. $500. Date May 7 1913. Int. ann. at Bank
SACRAMENTO COUNTY (P. 0. Sacramento), Cal.-BONDS
NOT
of Batesville, Batesville. AL deposit of $2,500 required.
SOLD.-No bids were received on April
30 for the $33,000 6% Reclamation
PARIS, Henry County, Tenn.-BOND OFFERING.-Proposals will Dist. No. 407 bonds offered on that day (V. 96, p. 1248).
ST. JAMES SCHOOL DISTRICT (P. 0. St. James), Watonwan
be received until 2 p. m. May 27 by the Finance Committee, R. L. Dunlap,
Chairman,for the $65,000 5%'30-yr.coupon sewer-sy
stem,school, and water County, Minn.-BONDS VOTED.-Reports state that an issue of $20,000
and light-plant-impt. bonds voted April 19(V.96, p. 1317).Denom.$1.000 4% bonds has been voted.
Date July 1 1913. Int. J. dc J. at place to suit purchaser. A deposit of
ST. MARYS TOWNSHIP (P. 0. Decatur),
County, Ind.2% is required. Official circular states that the municipality
has never BOND OFFERING.-Proposals will be received Adams
until 10 a. m. May 20,
defaulted in the payment of either principal or int.
obligations reports state, by D. J. Sunman, Twp. trustee, for
its
of
any
on
$16,072 43 % school
and that there has never been any question raised affecting or concerning bonds. Denom. $574.
Date May 20 1913. Int. M.& N.
the validity of these bonds, also that no previous issues have ever been
SALINAS, Monterey County, Cal.
defaulted or contested.
ELECTION PROPOSED.
-An election will probably be held in -BOND
PATEMSON, N. J.-BONDS NOT SOLD.-No bids were received for decide whether or not this city shall the near future, It is reported, to
issue
$150,000
school and $15,000
the $400,000 sewer refunding and $165,000 school 434
bonds.
% gold coup. bonds park
offered on May 8. V. 96, P. 1173.
SAN FRANCISCO, Cal.-BOND ELECTION PROPOSED.
-Local
papers state that the proposition to issue $3,500,000
PAWNEE comm. (P. 0, Lammed), Kans.---BOND ELECTION.
municipal-rai
An election will be held May 20 to submit to a vote the question of issuing constr. and equipping bonds will probably be submitted to the people lwayat an
election
on
or about July 1.
3100000 (not $80,000 as mentioned in V. 96, p. 1247) 4% court-houseconstruction bonds.
SAYBROOK TOWNSHIP SCHOOL DISTRICT, Ashtabula
County,
PETALUMA, Sonoma County, Cal.-BOND ELECTION.-Accord- Ohio.-BOND OFFERING.-Proposals will be received until 9
P. ra.
ing to newspaper reports an election will be held Juno 10 to submit to a vote May 23 by M. D. Payne, Clerk (P. 0. Ashtabula)
F. D. No. 3 for a
the question of issuing $375,000 bonds for the purchase of the physical $1,200 6% bldg. bond. Auth. Sec. 7629 Gen. Code.R.Date
"day of sale".
Int. A. & 0. at office of Treas. of school district.
property of the Petaluma Power & Water Co.
Cert. check for $50,
payable to Clerk, required.
PHILADELPHIA, Pa.-SUBSCRIPTIONS FOR c171
,LOAN.-SubSCHENECTADY, N. Y.-BONDS NOT SOLD.-No bids
scription lists which were opened May 1 for the $7.000,000 4% bonds ofwere'received,
it
stated,
is
for
the $100.000 school and $100,000 garbage-dispo
fered at par (V. 96, p. 1247) were closed at noon on May 7, a total of $4.sal bonds
144,400 bonds having been subscribed for. We refer in an article in our offered on May 7.
BOND
SALE.
-Reports
further
state that $37,000 fire and bridge 4%
editorial columns to the peculiar circumstances attending this sale. As
previously stated, the city intended to sell only one-half of the total issue bonds have been purchased by the Sinking Fund Commissioners.
at this time, as this will provide all the funds of which the city is in immediSCOTT COUNTY (P. 0. Gate City), Va.-BONDS VOTED.-The
ate need.
election held April 29 resulted ,it is stated, in favor of the propositions
to
PLAZA SCHOOL DISTRICT (P. 0. Willow), °Herm County, Cal.-- issue road bonds in the following Magisterial Districts (V. 96, p.
BOND ELECTION.-According to reports, an election to vote on a propo- $31.000 in Fulkerson. $100,000 in Estillville and $35.000 in Johnson. 1113):
sition to issue $6,000 building bonds will be held May 27.
SCRANTON SCHOOL DISTRICT (P. 0. Scranton), Lackawanna
PIANYUKIUM HIGHWAY DISTRICT (P. (). Plummer), Kootenai County, Pa.-BOND
OFFERING.-Attention is called to the official
County, Idaho.-BOND OFW:R/Pai.---ProposIMs will be received
May 17 by G. J. McFadden. Sec, for $45,000 5% highway bonds. until advertisement elsewhere in this department of the offering on May 26 of
the $150,000 43.6% coup. school bonds. For details and terms of offering
POCOMOKE CITY, Worcester County, Md.-BOND OFFERING.
Proposals will be received until 3 p. na. May 27 by E. J. Tull, Mayor, for see V. 96, p. 1318.
SENECA FALLS(Town), Seneca County, N. Y.-BONDS NOT SOLD.
435,000 5% tax-free street-impt. coup. bonds. Authority CluqWw 164. -No
award was made on May 7, it is stated, of the $110,000 7-yr.
(ay.)
Acts of 1012. Denom.$500. Date July 1 1912. Int. J.& J. Due July 1 refunding bonds offered
on that day (V. 96, p. 1248)•
1952; subject to call after July 1 1932 on 30 days' notice.
SHASTA COUNTY (P. 0. Redding), Cal.-BONDS PROPOSED.
The official notice of this bond offering will be found among the advertise- Reports state that this county is contemplating the
issuance of 3500.000
road-impt. bonds.
ments elsewhere in this Department.
SHREVEPOR
T, Caddo Parish, La.-BONDS TO BE OFFERED
POLK COUNTY (P. (). Livingston), Tex.-BONDS DEFEATED.
- SHORTLY.-According to reports, the
The proposition to issue the $200,000 Justice Precinct No.
$101.500 43-6% ser. municipal1 road bonds improvement bonds (V. 96,
p. 814) voted March 4 will be offered for sale
(V• 96, p. 967) was defeated at the election held Apr. 26.
some time during June.
PONTIAC, Oakland Cknulty, Mich.-BOND OFFERING.
SOLON TOWNSHIP (P. 0. Solon), Cuyahoga County, Ohio.will be received until May 12. it is stated, for the $50,000 -Proposals
park bonds BONDS NOT SOLD.-Only one
voted April 7 (V. 96. p. 1173).
bid was received on
5 for the $10,000
5% 5y6-yr. (ay.) coup. highway-impt. bonds offered on that day
(V. 96.
PORTLAND, Ore.-BOND ELECTION.-The election to vote on
the p. 1113), this being rejected.
following propositions will be held June 2, reports state (V% 96, p.
1318):
SPRINGVILLE, Erie County, N. Y.-BOND OFFERING.-Proposals
$2,000,000 for purchase of park and playgrounds: $850.000 for construction
m. May 24, reports state. by A. J. Fitzpatrick,
of a bridge in South Portland; $300,000 for purchase of Ross Arland: $250,- will be received until 8
p.1-6-yr. (aver.) highway-impt. bonds. Int. semi
000 for the purchase of land and erection or a building for the Oregon Ills- VII. Clerk, for $21.000 6
tuical Society: $200,000 for erection of incinerator plants and $90,000 ann. Cert. check for 2% required.
STEARNS COUNTY (P. 0. St. Cloud), Minn.-BONDS NOT
for the purchase of Council Crest for parks.
SOLD.
BIDS REJECTED.-All bids received on May 6 for the $1,250,000 434% -No bids were received on May 1 for the $18,278 4%
reg, ditch-fund bonds
30-year gold dock bonds offered on that day (V. 96, p. 1247) were rejected.
offered on that day (V. 96, p. 1248).
The highest Ind received was 95.64 from Henry Teal of Portland and the
STERLING COUNTY (P. 0. Sterling City), Texas.-BONDS
WINTIA was 91.07 from the Provident Say. Bank & Trust Co. of Cincinnati. TERED.
REGIS-On April 30 the State Comptroller registered $10,000
5%
POUGHKEEPSIE, N. lt
SALE.-On May 5 the $119,000 10-40-year (opt.) bridge bonds.
434% 20-year coup, tax-free refunding bonds(V. 96, p. 1248) were
awarded
STERLING TOWNSHIP (P. 0. English), Crawford County, Ind.
to Blodget & Co. of N. Y. at 100.147 and fiat. Other
bids follow:
BOND OFFERING.-Proposals will be received
Poughkeepsie Savings Bank, Poughkeepilo
2 p. m. May 17,
$119,000 reports state, by A. T. Robertson, Twp. Trustee,until
FailkIll National Wink, Poughkeepsie
for
$4,000
%
school
bonds. Denom. $200. Int. semi-ann.
Isaac W. Sherrill, Poughkeepsie (no $25,000 worth)
25,092
STEVENSVILLE SCHOOL DISTRICT (P. 0. Stevensville), Ravalli
PREBLE SCHOOL TOWNSHIP (P. 0. Preble),
Adams County, Ind. County,)Mont.-BOND ELECTION.-The
-BOND OFFERING.-According to reports,
question of issuing $17,500
proposals will
site-purchase and bldg. bonds will be submitted to a vote, it is stated,
until May 20 by D. Hoffman, Township Trustee, for $7.680 be received
on
% school Juno 25.
bonds. Denom. $768. Date May 20 1913. Interest M. &43i
AT.
TACOMA, Wash.-BOND ELECTION.-Reports state that an election
PIPTITA1WHCOMPTY (P. O. Greencastle), Ind.-BOND
- will be held to-day (May 10) to submit to a vote the following
Proposahrwill be received until May 15, it is stated, by A. L.OFFERING.
bond proRest, County positions, aggregating $247,000: $87,000
municipal-street-car-line across
Treasurer, for the following 4A % road bonds:
the tide-flats, $102,000 sanitary-storm-sewer-impt., $40,000 municipal-farm
43.240 road bonds. Denman. $162. Date May 5 1913.
$18,000
and
road-impts
9,980 road bonds. Denom. $499. Date May 5 1913.
TALLAHASSEE, Leon County, Fla.-BONDS VOTED.-According
PUTNAM COUNTY (P. (). Ottawa), Ohio.-BOND °PPP:RITM.
-- to local newspaper reports this city has recently
Proposals will be received until 12 m. June 9 by J. B. Roose, Auditor,
voted $45,000 water-main
for and electric light-ext. and paving bonds.
the following 5% bonds, aggregating $46,500:
$23,500 I)an Sheldier stone-road-impt. bonds. Denom. (1) $500, (23)
TARKINGTON PRAIRIE, Liberty County, Tex.-BONDS VOTED.
$1,000. Due $500 in 1917, $3,000 in 1018 and $4,000 yearly -This place, it is stated, has voted to issue 118.000 school-bl
dg. bonds.
Amin 1917 to 1923 inclusive.
TEXAS.-BOND OFFERING.-Proposals will be received until
13,5130 John Roger stone-road-impt. bonds.
June 1.
Denom.
$500, (12) by 0. B. Colquitt, Governor,at Austin.for $2,000,000 coupon penitentiary$1,000. Due $1,500 in 1917 and $2,000 yearly(3)
from 1918 to impt. bonds. Bids are requested at both 4 and 5% int. Denom. $1,000.
1923 inclusive.
ann.
Int.
at
State
Treasury
or
at
fiscal
agency
of State of Texas in
9,500 W. H. Tobias stono-road-impt. bonds. Denom.
C.
3500. Due $500 Due in 30 years. opt. any interest-paying period after 10 years. N.Y.
in 1917 and $1,500 yearly from 1918 to 1923
•
TUPPER LAKE SCHOOL DISTRICT (P. 0. Tupper Lake), FrankAuth. Sec. 6949. ()en. Code. Date July 11913. inclusive.
Int.
J.
&
J.
at
office
County Treasurer. Certified check (or cash) for $1.000
County, N. Y.-BONDS VOTED.-The question
issuing $15,000
on an Ottawa. lin
bank, payable to Auditor, required. Blank bonds to be
bldg. bonds carried at the election held May 6 by a voteof
of 124 to 73.
furnishedby successful bidder.
UNION CITY, Ind.-BOND OFFERING.-Proposals will be received
until 7:30 p. m. May 19 by the Common Council, it is stated
RAVENNA, Portage County, Ohio.-BOND OFFERING.
for $16 000
-Proposals
will be received until 12 nr. Juno 2 by W. A. Root, City Aud.. for $30.000 6% funding bonds. Ross C. Sutton City Clerk.
5% sower- impt. bonds. Auth. Sec, 3939, Gen. Code. Derwin.
UNION COUNTY (P. 0. Marysville), Ohio.-BOND OFFERING.
$500.
Int.
1913.
J.
& D. at Second Nat. Bank. Ravenna.
Date Juno 1
Proposals will be received until July 1, reports state, for $105,000
5% flood$3,000 each six months from June 1 1922 to Dec.1 1926,incl. Cut. Duo emergency bonds. Denom. $100. Due july 1 1914-1916.
•,
for $500, payable to City Treas., required. Bonds to be delivered andcheck
paid
UNION TOWNSHIP SCHOOL DISTRICT, Union County, N. .for within 5 days from thno of award.
BOND SALE.-On April 15 $47,500
$45,000 5% school bonds were
RAYMOND SCHOOL DISTRICT (P. 0. Raymond), Union County, awarded to J. S. Rippel of Newark and
at 100.276. Denom. $500. Date
Ohio.-BONDS DEFEATED.
-The question
issuing $25,000 building May 11913. Int. M.& N. Due 1943.
bonds failed to carry, at an election held May of
3. The vote ms 73 "for"
UTE SCHOOL DISTRICT (P. 0. Ute), Monona
and 95 "against."
Iowa.
BOND ELECTION.-According to newspaper reports theCounty,
question
RIDLEY PARK,Delaware County,Pa.-BONDS TO BE RE-OFFERED
$16,000 bldg. bonds will be submitted to the voters on May 12.of issuing
SHOR7'L Y.-We are advised by the Chief Burgess under date of May
1 that
VANCE COUNTY (P. 0. Henderson), No. Caro.-BOND OFFERING.
this borough will re-offer for sale in June for 4 ,ito the $35,000 30-yr. bonds,
-Proposals will be received until 6 p. m. May 31, It is stated,
offered without success on April 8 as 4s (V. 96, p. 1113.)
by W. B.
Daniel, Chairman good roads Commission,
the $200.000 5% highwayROCHESTER, N. Y.-NOTE OFFERING.-Proposals will be received impt. bonds voted recently (V. 96, p. 1319).for
Int. semi-ann. Cert. check
until 2 p. m. May 12 by E. S. Osborne, City COITIpt.,
required.
for
$500
for
$50,000
Pinnacle
Ave.-pipe-line notes, payable eight months from May
16 1912. They will
VAN WERT COUNTY (P. 0. Van Wert), Ohio.-BOND
be drawn with int and made payable at the Union Tr. Co.
OFFERING.
to designate rate of int. and denomination of notes desired.of N. Y. Bidder -Proposals will be received until 1 p. m. May 17 by the Road Commrs•
for $5,000 41,
6% coupon Jenkins Free Turnpike No.82[mot bonds. Auth.
NOTE SALE.-On May 6 the two issues of eight
aggregating $130,375 (V. 90. p. 1318), were awarded, it is months' notes, Sec. 7282 Gen. Code. Denom. (2)4300,(11) $400. Date June 11913.
stated, at 4% 7.) Int. M.& S. Due $300 on Sept. 1 1914 and 1915 and $400
Interest and $4 premium.
yriy. on Sept. 1
from 1916 to 1926 Incl. Cert. check for $500, payable to Road
Commrs.,
MOIOCIEWOCMD SCHOOL imunnucm (P. c). Rockwood),
Somerset required. Bids must be unconditional.
County, Pa.-BOND SALE.-On May 2 the $12,500
5% tax-free bldg.
VERMILLION COUNTY (P. 0. Newport), Ind.-BOND SALE.
bonds V. 96. p. 1173) were awarded to the Farmers &
Merchants
Nat.
On May 7 the two issues of4%% highway-impt. bonds,aggregating $16.600
Banko Rockwood at 105 and int.
(V. 96, p. 1319), were awarded, it is stated, to Breed, Elliott & Harrison
ROCKY MOUNT, Edgecombe County, No.
of
Indianapolis
at
int.
and
par
-BOND
Car.
ELECTION.
-An election will be held May 26 to vote on the
of issuing not
VICKSBURG, Warren County, Miss.-BIDS REJECTED.-All
more than $135.000 sewerage and paving-ext. and questions
bids
not
more
than
$65,000
received on May 5 for the $50.000 5% high-school-bldg. bonds offered
municipal-gas-works 5% coupon bonds. Int. J. & J.
on
that day (V. 96, p. 1249) were rejected, reports state.
ROCKY BICODFICT GRADED SCHOOL
(p. c). Rocky
WADSWORTH TOWNSHIP (P. 0. Wadsworth), Medina County,
Mount), Edgecombe County, No. Car.rmummum
-BOND ELECTION.-An Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. May 19
THE CHRONICLE
13.40
by G.H. Wuchter, Twp. Clerk,for $3,000 534% coupon Road No. 2 impt.
0.
"series 0" bonds. Denom. $500. Date April 14 1913. Int. A. &and
at Wadsworth Nat. Bank, Wadsworth. Due $1,000 on April 1 1926 to
payable
2%
bid
of
for
for,
bonds
check
Cert.
1927.
1
April
on
$2,000
Twp. Treas., required. Bonds to be delivered and paid for within 10 days
from time of award. Purchaser to pay accrued int. Bonded debt, incl.
tills issue, $44,000. Assess. val. 1912 $5,332.600.
WASHINGTON.—BOND OFFERING.—According to Seattle newspapers, C. V. Savidge, Secy. of Bd. State Capitol Comm., will call immediately for bids on $4,000,000 20-yr. bonds at not exceeding 5% int., to
be issued against State Capitol land grant.
WASHINGTON, No. Cat.—BONDS VOTED.—The voters of this place
recently authorized the issuance,it is stated, of $150,000 electric-light-plantextension and water-works and sewerage bonds.
WATERVLIET, Albany County, N. Y.—BONDS TO BE OFFERED
SHORTLY.—Local papers state that the City Chamberlain has been
directed to offer for sale an issue of $40,350 43 % sewer and paving bonds.
These bonds were awarded to Isaac W.Sherrill of Poughkeepsie on April 15
(V. 96, p. 1174) but subsequently refused by him on the ground that the
the issue had not been advertised the required number of days.
WAYNESBURG SCHOOL DISTRICT (P. 0. Waynesburg), Greene
County, Pa.—BOND OFFERING.—Proposals will be received until 12 m.
May 23, it is stated. by F. F. Sutton, Secy. of School District, for $17,500
5% school bonds. Int. semi-ann. Cert. check for $500 required.
WAYNE COUNTY (P. 0. Richmond), Ind.—BOND SALE.—On
May 1 the $51,000 4Ji % gravel-road-impt. bonds (V. 96, p. 1249) were
awarded, it is stated, to the Second Nat. Bank and the Dickinson Trust
Co. of Richmond at their joint bid of $51,526 (101.313)•
WEBSTER SPRINGS SCHOOL DISTRICT(P.O. Webster Springs),
69
Webster County, W. Va.—BOND SALE.—April 30 the $20,000
to the First
10-30-yr. (opt.) bldg. bonds (V. 96, p. 1174) were awardedDate
April 1
Nat. Bank, Webster Springs, at 101.50. Denom. $100.
1913. Int. ann. on April 1.
WEST ORANGE, Essex County, N. J.—BIDS REJECTED.—It is
stated that all bids received on May 6for the two issues of 43i% gold coupon
bonds, aggregating $70,000 (V. 96, p. 1249) were rejected. They will be
re-offered as 5s.
WILKES-BARRE CITY SCHOOL DISTRICT (P.O.Wilkes-Barre),
Luzerne County, Pa.—BOND OFFERING.—Proposals will be received
coup. bonds.
until 12 m. June 2 by A. W. Moss, Sec., for $100,000 4
Date June 1 1913. Cert. check for $5,000 required.
[VOL. xcvi.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WILKES-BARRE TOWNSHIP, Pa.—BOND SALE.—An issue of
$29,000 5% tax-free bonds has, it is stated, been awarded to M. M. Freeman & Co. of Philadelphia.
WILLSBURG SCHOOL DISTRICT (P. 0. Milwaukee), Clackamas
County, Ore.—NO BOND ELECTION.—We are advised that the reports
stating that an election would be held to vote on the question of issuing
$10,000 20-yr. school bonds (V. 96, p. 1043) are erroneous.
WILMELDING, Allegheny County, Pa.—BOND SALE.—On May 5
0 tax-free street-impt. bonds(V.96, p. 1249) were awarded
the $40,000 43i7
to the Western Reserve Investment Co. of Cleveland. The other bidders
were the Safe Dep. & Tr. Co., J. W.& W. S. Kuhn Inc. and the Mellon
Nat. Bank, Pittsburgh.
WILSON, Wilson County, No. Car.—BOND OFFERING.—Proposals
will be received until 12 m. May 20 by T.0. Hhinant,Clerk Bd.of Com'rs.,
for the $80,000 street-impt. and $80,000 electric-light and power-plant 5%
30-yr. coupon bonds voted April 15 (V. 96, p. 1175). Int. J. & J. ann. at
office of Town Treas., or at some bank in N. Y. City. at the option of purchaser. Cert. check for $2,500, payable to Town Treas.. required.
WILSON CREEK SCHOOL DISTRICT (P. 0. Wilson), Grant
County, Wash.—BOND ELECTION PROPOSED.—Roports state that
an election will be held to vote on the question of issuing $20,000 bldg. bonds.
WINTHROP, Suffolk County, Mass.—BOND OFFERING.—Proposals will be received until 12 m. May 12 by H.W.Aiken, Town Treasurer.
for $39,873 4 % coup. bonds for streets and other municipal purposes.
Date April 15 1913. Int. A. & 0. at Old Colony Trust Co., Boston.
Due $4,000 yearly on April 15from 1914 to 1922 incl. and $3,783 on April 15
1923. These bonds will be certified as to genuineness by the Old Colony
Trnst Co., hich will further certify that the legality of the ISSUE) has been
gfeBoston, whose opinion will be furaro
ahm
urthc
oo
approved ige
GerraywthG
by RpogreAu
WOOD COUNTY (P. 0. Bowling Green), Ohio.—BOND SALE.—On
May 5 the $50,000 57, coup. road-impt. bonds (V. 96, P. 1114) were
awarded to the Wood County Savings Bank, Bowling Green, at par and
int. Sidney Spitzer dc Co. of Toledo bid $50,017, with some contingencies.
WORTHINGTON, Franklin County, Ohio.—BOND SALE.—An
May 5 the $3,000 5% 25-yr. water-works bonds (V. 96, p. 1175) were
awarded to the Worthington Says. Bank Co. of Worthington at par and int.
YOUNGSTOWN, Ohio.—BOND SALE.—The following bids were
received on May 5 for the five issues of bonds, aggregating $187,055, offered on that day (V.96 p. 1249):
NEW LOANS.
NEW LOANS.
$7,500
A SAFE INVESTMENT
For Small Investors and Large Investors
Individuals, Corporations, and a Legal Investment for Trustees
Exempt from all Personal Taxes
On MAY 20th, 1913
the Comptroller will sell at his office in
THE CITY OF NEW YORK
$45,000,000
%
2
1/
CoM Corporate Stock of the City of New York
Payable March 1st, 1963
Issued in Coupon or Registered Form
Interchangeable at will after Purchase
Coupon Interest Payable
AT OPTION OF HOLDER
in New York or London
The Greater New York Charter provides that bids may be made
for as small an amount as $10 and in multiples of $10.
Sflid bids in a sealed envelope, enclosed in another envelope adessed to the Comptroller. A Deposit of Two Per Cent. of Par Value
Must Accompany Bid. Such deposit must be in money or certified
check upon a New York State Bank or Trust Company, or any National
Bank.
....1.1.11/11.111•111.111•10
PURCHASES FOR SINKING FUNDS
The Comptroller of The City of New York will purchase on tenders
on and after June 2nd, 1913, for the account of the several Sinking
Funds, Bonds or Stock of The City of New York, or of any of the
former corporations now included therein, that are now held by the
public, to the amount of Five Million Dollars ($5,008,000), giving
preference to such tenders as are on a basis mr,st favorable to the City.
For fuller information see "City Record," published at Nos. 96
and 98 Reade Street, New York, or consult any Dank or Trust Company. Send fol descriptive circular to
WILLIAM A. PRENDERGAST,Comptroller,City of New York
280 Broadway, New York
Village of Lawrence, N. Y.,
BRIDGE BONDS
Sealed proposals will be received by the Board
of Trustees of the Village of Lawrence, at the
office of the Village Clerk in said Village, until
12 M. ON THE 17TH DAY OF MAY, 1913,
for the purchase at not less than par and accrued
Interest of $7,500 Bridge Bonds of tho Village of
Lawrence. Said bonds will be registered bonds.
dated June 1, 1912, of the denomination of $500
each, numbered from one (1) to fifteen (15),
Inclusive, bearing interest at a rate not exceeding
five per centum (5%) per annum, payable semiannually on the first days of June and December
of each year, one (1) of said bonds in order as
numbered being payable on June first in each of
the years 1917 to 1931, inclusive, both principal
and interest of said bonds being payable in gold
coin of the United States of America, or its
equivalent, at Columbia-Knickerbocker Trust
Company, New York City. Said bonds will be
awarded to the person offering to take them at the
lowest rate of interest.
A certified check on an incorporated bank or
trust company, to the order of Peter B. Olney Jr.,
Village Treasurer, for two per cent of the par value
of the bonds bid for, must accompany each proposal. Proposals should be addressed to N. J.
Pettit, Village Clerk, Lawrence, New York, and
enclosed in a sealed envelope marked "Proposal
for Village of Lawrence Bridge Bonds." The
Board of Trustees reserves the right to reject any
and all bids.
The bonds will be prepared and certified as to
denomination by the Columbia-Knickerbocker
Trust Company, and will be approved as to legality by Messrs. Hawkins, Delafield & Longfellow,
Attorneys, of New York City, whose opinion will
be furnished to the purchaser.
H. HOBART PORTER,
President of the Board of Trustees.
$100,000.00
Borough of Merchantville, N J.,
4%% STREET-IMPROVEMENT
BONDS
The Council of the Borough of Merchantville
any part
invites sealed proposals for the whole or bonds
of
of $100,000 00 of Street-Improvement
date
the denomination of $1,000 each, bearing
per centum,
June 1, 1913, with interest at 4A_
payable semi-annually at the First National Bank
of Merchantvillo, New Jersey. said bonds to be
Payable thirty years from date of issue.
Proposals for the above-mentioned bonds, addressed to Hon. Alfred K. Dennett, Mayor, MerStreetchantville, N. J., endorsed "Proposals for by
the
be received
Improvement Bonds," will
Clerk of the Borough until WEDNESDAY_,
of
hour
EIGHT
the
to
MAY 14, 1913, up
day, who will cerO'CLOCK P. M. of the same
of their receipt by him.
tify thereon the time
opened at a
Said proposals shall be publicly
meeting of the said Council to be held in the
Council Chamber of the said Borough of Merchantville on Wednesday, May 14. 1913, at eight
o'clock P. m•
No award will be made on any bid below the
par value of the bonds.
Said proposals must be accompanied by a certified check, payable to Harry Knox Oakford,
Borough Treasurer, for two per centum of the
amount of the par value of the bonds bid for.
The Mayor and Council reserve the right to
reject any or all bids as may seem best to them
in the interest of the Borough.
issue
Any information with regard to this bond
will be furnished by addressing
McALLTSTER,
W. F.
Borough Clerk
MAY 10 1913.]
THE CHRONICLE
1381
$350 $1,900 $72,200 $100,000 $12,605 Treas., for $5,000 5 1-5% school debentures, repayable in 20 annual installments of principal and interest.
Issue. Issue. Issue. Issue.
Issue.
City Savings Bank,Youngstown*$350 *31,900
EDMONTON, Alberta.-DESCRIPTION OF BONDS.-Subscriptions
$72,200 $100,055 *$12,611 were received until April 26 by Kleinwort,Sons & Co.in London for £1,068.Spitzer, Rorick & Co., Toledo_
100,417
Sidney, Spitzer & Co., Toledo_
5% coupon sterling bonds at 100.50. As stated last week (V. 96, p.
000
•
*100,786
C.E. Dennison & Co., Clev
1321) only 20% of the loan was subscribed for. The proceeds of the issue
100,631
Western-German Bank, eine_
will be used by the city to repay temporary loans, for street railways,
bids
Successful
*
telephones, power plant and other public works. Denom. £100. Int.
Spitzer, Rorick & Co. of Toledo declined the water-works bonds and A. & 0. Redeemable £171,300 April 1 1923 and £896,700 April 1 1933.
these were awarded to the Mahoning Nat. Bank of Youngstown.
Principal and interest payable at the offices of Messrs. Kleinwort, Sons &
offered
accrued
interest
in
bidders
addition
to their bids.
All
Co., London, or, at the option of the holder, in currency at par of exchange
YOUNGSTOWN SCHOOL DISTRICT (P. 0. Youngstown), Ma- at the Imperial Bank of Canada, Toronto or Montreal.
honing County, Ohio.-BOND SALE.-On May 5 the $100,000 5%
ELKHORN, Man.-DEBENTURE ELECTION.-An election to vote
1036-yr. (ay.) coup. bonds (V. 96, P. 1249) were awarded to Hayden, on a by-law to raise $6,000 for a skating and curling rink will be submitted
Miller & Co. of Cleveland at 100.37 and int. The following conditional to the voters on May 17,it is stated.
bids were also received:
FILLMORE, Sask.-DEBENTURES VOTED.-Reports state thatithe
Sidney Spitzer & Co., T0l..$101,0311Spitzer, Rorick & Co., T0l_$100,180
Council recently voted in favor of the proposition to issue $4,500 skating
Hoehler & Cummings, Tol_ 100,5371
and curling rink debentures.
GRASS LAKE (Rural Municipality No. 381, P. 0. Salvador), Sask.
-DEBENTURE.SALE.-On April 7 the $10,000 5% 20-installment debentures (V. 96, p. 895) were awarded to H. 0. Thompson at 90.40. Other
bids follow:
k ACTON Ont.-DEBENTURE ELECTION.
-Reports state that an Flood Land Co., Regina__ _ _*$9,1501Wood,Gundy & Co., Toronto $8,953
election will be held May 12 to submit to a vote the question of issuing Flood Laud Co., Regina
9,030 Brent, Noxon & Co.. Toronto_ 8,811
$6,500 5% school-improvement debentures.
0.11. Burgess & Co.,Toronto.. 8,960
* This bid was the first submitted by the company, being subject to
AMOS SCHOOL DISTRICT NO.2416(P.O.Seven Persons), Alta.DEBENTURE SALE.-An issue of $1,200 636% bldg. debentures has been confirmation.
awarded to the Western School Supply Co. of Regina at par. Date April 15
HARRIS (Rural Municipality No. 316), Sask.-DEBENTURE SALE.
1913. Int. ann. in April. Due April 15 1923.
-The $10.000 6% 20-yr. permanent-impt. debentures (V. 96, p. 1175)
BARRIE, Ont.-DEBENTURE OFFERING.-Proposals will be re- have been awarded to Wood, Gundy & Co. of Toronto, it is stated.
ceived until 2 p. m. May 22 by E. Donnell, Town Clerk, for $9,757.25
LETHBRIDGE, Alta.-DEBENTURES AWARDED IN PART.-On
10-year sewer,$25,600 20-year permanent roadways and culverts,$7,000 30- April 28 $200,000 5s of the 14 issues of debentures, aggregating $427.year hydro-electric-distributing-plant and $50,000 30-year Collegiate- 52238 (V. 96, p. 1115), were awarded to Wood, Gundy & Co. of Toronto
debentures.
interest
payable
Principal
and
Institute-improvement 6%
at 89.50. We are advised that the purchasers have been given an option
in annual installments.
on the balance for two months from April 28 1913 at the same price for 6s
BATTLEFORD PROTESTANT PUBLIC SCHOOL DISTRICT and an equivalent interest price for 43-6s.
LUNENBURG,N. S.-DEBENTURE OFFERING.-According to newsNO.71, Sask.--DEBENTURE SALE.-We are advised that the remaining
$75,000 of an issue of $100,000 6% 30-yr. debentures (V. 96,_p. 1114) paper reports, proposals will be received until May 15 for $15,000 436%
have been purchased by Wood, Gundy & Co. of Toronto at 92. The price 20-year sewerage debentures. G. R. Love is Town Clerk.
paid for the $26,000 issue also awarded to this firm (V.96, p. 1114), was 92.
MAISONNEUVE, Que.-NEW LOAN.-Subscription lists for £187,600
CALGARY, Alta.-DEBENTURE SALE.-An issue of $263,500 43,6% 5%
coupon permanent-improvement debentures offered
par in London
20-year local-improvenent debentures was awarded to Brent, Noxon & Co. by Coates, Son & Co., closed April 23. The loan, it isat
met with
of Toronto at 90 and int. in April. Denom. $1,000. Date Jan. 1 1913. poor response, 90% being left with the underwriters.stated,
Denom. £100.
Interest J. & J.
Int. payable May 1 and Nov. 1, in sterling, at Bank of Montreal, London.
CANNINGTON, Ont.-BONDS TO BE OFFERED IN AUGUST.-We or in currency in Montreal at holder's option. Re-payable Nov. 1 1952.
are advised that the $12,000 5 % 30-year hydro-electric-power-plant
MEDICINE HAT SCHOOL DISTRICT, Alta.-DEBENTURE SALE.
debentures voted April 15 (V. 96, P. 1175) will be offered about August.
the month of April Wood, Gundy & Co. of Toronto purchased an
• CARDSTON, Alta.-DEBENTURES VOTED.-The proposition to -During
issue
of $115,000 5%.debentures. Date Nov. 11913. Due Nov. 1 1942.
issue $11,000 improvement debentures (V. 96, p. 1175) carried, it is reported, at the election held April 23.
MIDLAND, Ont.-DEBENTURE OFFERING.-Proposals will be reDALHOUSIE, N. B.-DEBENTURE OFFERING.-Proposals will be ceived until 12 m. May 19 by F. R. Weston, Town Treasurer, for the
received until June 10 by A. J. Leblanc, Town Clerk, for $30,000 5% $8,000 sidewalk and $15,000 water and light-improvement 5% debentures.
30-year water-works and electric-light-system debentures. Denom. $500.
Due in 30 annual installments of principal and interest.
Date June 1 1913. Interest J. & D.
The official notice of this debenture offering will be found among !the adverDARLINGTON SCHOOL DISTRICT, Ont.-DEBENTURE OFFERING.-Proposals will be received until May 12 by E. H. Stevens, Sec.- tisements elsewhere in this Department.
Canada, its Provinces and Municipalities.
NEW LOANS.
NEW LOANS
$300,000
$11,458,000 Forty-Year Bonds
CITY OF HOBOKEN, N. J.,
State of Tennessee, Refunding Bonds
•
RE-PAVEMENT BONDS
Public notice is hereby given in accordance
with a resolution of the Council of the City of
Hoboken, passed on the Twenty-third (23d) day
of April, 1913 and duly approved on the Twenty' of April, 1913, that sealed profifth (25th) day
posals for the purchase of bonds of the City of
Hoboken, to be known as Re-Pavement Bonds,
in the amount of $300,000 00, to run for a period
of Thirty years from July 1, 1913, coupon or
registered, at the option of the bidder, will be
received at the meeting of the Council to be held
on WEDNESDAY, MAY 14, 1913, at 4 o'clock
p.m.
Bidders to state prices on bonds bearing interest
at the rate of four and one-half per cent (436 %)
per annum, payable semi-annually on the first
days of July and January in each year.
All proposals to be addressed to the Mayor and
Council of the City of Hoboken, N. J., and endorsed "Proposals for Re-pavement Bonds," and
shall be accompanied by a certified check or cash
for the sum of-Five Thousand ($5,000) dollars.
The legality of the issue of the aforesaid bonds
will be assed on by Messrs. Hawkins, Delafield
& Longfellow, and preparedand certified to by
the Columbia
--Knickerbocker Trust Co.
The Mayor and Council reserve the right to
reject any or all bids if deemed in the.interest of
the city so to do.
By order of the Council,
JAMES H. LONDRIGAN,
City Clerk.
$150,000
City of Scranton School District,
432% COUPON BONDS
The City of Scranton School District offers for
sale $150,000 436% coupon bonds. Bids to be
in not later than 7:30 o clock Monday evening,
MAY 26, 1913.
For particulars address E. D. Fellows, seer°.
tary, Scranton, Pa.
$100,000
DUE JULY 1st, 1953
Interest at the rate of 4%,payable January 1st and July 1st, either at the office of the Treasurer
Tennessee,
or
at
the office of the Fiscal Agent of Tennessee in New York City.
In Nashville,
Coupon bonds of the denominations of 31,000 each with privilege of registration as to principal
and exchangeable for bonds registered as to principal and interest.
The Funding Board of Tennessee, composed of B. W. Hooper, Governor; W. P. Hickerson,
Treasurer; George P. Woollen, Comptroller; and R. R. Sneed, Secretary of State; will receive sealed
bids for the above bonds until SATURDAY, THE 31ST DAY OF MAY. 1913.
Bids will be received for one bond or any multiple thereof or for the entire issue, but a certified
cheek upon a national bank or a regular depository of the State of Tennessee, payable to the order
of the State Treasurer,in an amount equal to 2% of the face value of the bonds bid for, must accompany
each bid, and any successful bidder who fails to pay for the bonds when delivered shall forfeit to the
State 2% deposited as liquidated damages.
To all bidders who are awarded no bonds by the Funding Board will be returned the 2% so deposited within three days.
The bonds will be delivered and payments accepted in either Nashville, New York City, Boston,
Baltimore, Philadelphia or Chicago, at the option of the purchaser.
$9858,000 of these bonds will be delivered and will haveto be paid for by July 1st, 1913. The
remaining $1,600,000 will be delivered and will have to be paid for by October 1st, 1913.
The bids shall be unconditional bids upon blank forms without interlineation or erasures. These blank forms will be furnished upon application to the Funding Board, Nashville, Tennessee, or to the National Park Bank. New York City.
The bids must be tendered in sealed envelopes addressed to the Funding Board, Nashville, Tennessee, and will be opened in Nashville at the office of the Governor in the presence
of the Funding Board and any ono else who desires to be present at 10 A. M., Monday,June
2nd, 1913.
The legality of the bonds will be approved by Dillon. Thomson & Clay of New York City.
The form, tenor and terms of the bonds and coupons will be approved by the AttorneyGeneral of Ten nestree.
These bonds are a legal investment for savings banks in the State of New York,expressly
held to be so by an opinion dated March 14, 1913, of Honorable Thomas Carmody, AttorneyGeneral for the State of New York.
The right is expressly reserved to reject any or all bids.
WEALTH AND RESOURCES OF TENNESSEE.
The State refunded its bonded indebtedness of $16,000,000 in 1883. Since then it has paid in
interest, without any default, $14,651,702 22. and on April 11, 1913, had in the Treasury in cash
$2.020,006 23.
COMPARATIVE STATEMENT,
1883
1912
Taxable wealth
$249,653,973 Taxable wealth
$625,686,792
Property owned
Property owned
5,116.378
Penitentiary. Asylum, &c
1,579,475
$251,233,448
$630,803,170
State debt
$16,000,000 State debt
$11,458,000
Percentage of Indebtedness as cornPercentage of indebtedness as compared with taxable wealth
6.4 per cent.
pared with taxable wealth
1.8 per cent.
Total interest-bearing debt of the State
311,458,000
Receipts from all sources for one year Dec. 19, 1911, to Dec. 19, 1912
4,666,537
Full descriptive circular of State financial condition on request.
This 30th day of April 1913.
B. W. HOOPER, Governor,
W.P. HIOKERSON, Treasurer,
GEORGE P. WOOLLEN,Comptroller,
Funding Board of Tennessee.
R. R.SNEED,Secretary of State.
Wilkes-Barre, Pa., City School District
43'% COUPON BONDS
The Wilkes-Barre (Pa.) City School District
will accept sealed bids at not less than par and
accrued interest for an issue of $100,000 436%
coupon bonds, to be dated June 1, 1913. Bids
are to be accompanied by a certified check for
$5,000, and must be in the hands of ,the Scretary
of the Board by noon of JUNE 2, 1913. The
Board reserves the right to reject any and all
bids. Further informatien given bY
A. W. MOSS, Secretary.
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
F. WM. KRAFT
LAWYER.
Specialiizng in Examination of
Municipal and Corporation Bonds
1037-9 FIRST NATIONAL BANK BLDG..
CHICAGO, ILL.
THE CHRONICLE
1382
MIRROR SCHOOL DISTRICT(P.O. Mirror), Alta.-DEBENTURES
VOTED.-According to newspaper reports, this place recently voted in
favor of the proposition to issue debentures for school purposes.
MOOSE JAW, Sask.-DEBENTURE SALE.-Wood, Gundy & Co. of
Toronto have purchased, It is reported, $200,000 5% debentures.
NORTH VANCOUVER,B. C.-DEBENTURE OFFERING.-Proposals
will be received until May 14, time extended from April 30(V. 96, p. 1250),
by W. A. Brown, City Clerk, for $6,000 road-machinery, $32,000 waterworks, $27,000 street, $5,500 lanes, $28,000 subway and $215,000 school
5% 50-year debentures voted recently. Interest semi-annual.
OSHAWA, Ont.-DEBENTURE SALE.-On Apr. 23 the two issues of
5% 20-Installment debentures, aggregating $76,873 34 (V. 96, p. 1176),
were awarded, it is stated, to Brent, Noxon & Co. of Toronto.
OUTREMONT, QUO.-DEBENTURE OFFERING.-Proposals will be
opened on June 11 by the Town Council for $300,000 of an issue of $500,000
43,6% local-improvement debentures voted April 7 (V. 96, p. 1176).
Denom. $1,000 or to suit purchaser. Date May 1 1913. Due in 1955.
PENTICTON, B. C.-DEBENTURE SALE.-An issue of $30,000
5% debentures, due Nov. 1 1952, was purchased by Wood, Gundy & Co.
of Toronto during April.
PETERBORO, Ont.-DEBENTURE SALE.-Wood, Gundy & Co. of
Toronto purchased during April $76.000 5% debentures due Dec. 311941.
%
PICTON, N. S.-DEBENTURE SALE.-An issue of $10,000
electric-light-ext. debentures was purchased by F. B. McCurdy & Co. of
Halifax during April. Date May 1 1931. Due 1943.
RED DEER, Alta.-DEBENTURE OFFERING.-Proposals will be
received until 12 m. May 22 by A. T. Stephenson, Commissioner, for
$24,328 50 30-year and $2,040 47 7-year local-improvement 6% debentures. Due part yearly.
REGINA PUBLIC SCHOOL DISTRICT NO. 4 (P. 0. Regina),
Sask.-PURCHASE OF DEBENTURES.-Reports state that the purchases
of the $500,000 5% 20-yr. building debentures recently sold at 95 (V. 96, p.
1321) were Spitzer, Redd( & Co. of Toledo.
RUDY (Rural Municipality No. 284), Sask.-DEBENTURES
AUTHORIZED.-Reports state that this municipality will borrow $10,000
for permanent improvements. J. B. Stoehr is Sec.-Treas. (P.O.Glenside).
RUSSELL TOWNSHIP (P. 0. St. Onge), Ont.-DEBENTURE
OFFERING.-Proposals will be received until 11 a. m. May 31 for $10,000
5% bridge and pier-construction debentures, repayable in 20 annual installments of principal and interest at the Royal Bank of Canada in Embrun. F. J. Larocque is Municipal Treasurer.
SACKVILLE, N. B.-DEBENTURE SALE.-J, M. Robinson & Sons
of St. John purchased during March $23,000 5% debentures at 98.50.
Dato Dec. 311911. Due Dec. 311941.
SANDWICH, Ont.-DEBENTURE SALE.-An issue of $7,000 5%
20-installment water-works debentures was purchased by the Dominion
Securities Corp., Ltd., of Toronto during the month of April.
SASKATOON, Sask.-DEBENTURE ELECTION.-The propositions
to issue the following debentures will be submitted to a vote on May 16:
$15,419 90 Eleventh St.-water-main-constr. (city's share); $33,725 68
sewer and water-mains-constr.; $5,000 to cover an over expenditure upon
the Nurses' Home; $9,000 Saskatchewan Crescent and Victoria Ave. Hillsimpt.; $15,000 King Edward school-purchase; $40,000 storm-water-sewerconstr.; $45.000 sewer and water- connections in homes; $50,000 pumpingplant-sedimentation-basin-constr.; $50,000 force-water-main-construction
[VOL.
xcvi.
across So. Saskatchewan River; $100,000 main-intercepting-sewer-constr.;
$185,000 municipal-hospital-equip. and constr.; $100,000 highway; $20,000
Bd. of Health and Bd. of Works equip.; $100,000 municipal-street-railwayext. and $150,000 electric-light and power-system -constr.
BONDS PROPOSED.-We are advised under date of April 30 that the
city is at the present time preparing an issue of stock to be placed on the
London market aggregating $2,000,000. Of this amount $500,000 is for
street railway and the remainder for various purposes, including extensions
to the electric-light and power plant, water-works plant, the laying of sewers and water mains as local improvements, and various other purposes.
SAULT STE MARIE, Ont.-DEBENTURE SALE.-The Dominion
Securities Corp., Ltd., of Toronto purchased during the month of April
$47,000 5% 3 -yr. school debentures.
STRASSBTJRG, Sask.-DEBENTURE OFFERING.-Further details
at
relative to the offering on May 20 of the following 6% coup.
aredebentures:
$12,000 electric-light-plant debentures. Authority vote of 84 to 7 at
election held Apr. 14. Date Apr. 15 1913.
5,000 fire-equip. debentures. Date July 1 1911.
Proposals for these debentures will be received until 8 p. m. on that day
by S. L. A. Smyth,Sec.-Treas. Duo in 20 ann. installments of prin. & int.
TILLSONBURG, Ont.-LOAN VOTED.-The proposition to raise
$25,000 as a loan to the Snedicor-Hathaway Shoe Co. of Detroit (V. 96,
p. 1250) carried, it is stated, at the election held April 28.
TORONTO, Ont.-DEBENTURE SALE.-During the month or March
G. A. Stimson & Co. of Toronto purchased $935,000 4% debentures due
July 11918. Later reports state that this city has disposed of an additional $1,000,000 debentures to G. A. Stitnson & Co. of Toronto.
VERMILION, Alta.-DEBENTURE OFFERING.-Proposals will be
received until 12 m. May 31 by II. P. Long, Sec.-Treas., for $4,000 electriclight-ext. and $4,000 street and highway-improvement 6% debentures.
Due in 20 annual installments of principal and Interest.
WALKERVILLE, Ont.-DEBENTURE SALE.-During the month of
April $44,909 43,i and 5% 10-install, debentures were purchased by the
Dominion Securities Corp., Ltd., of Toronto.
WATROUS, Sask.-DEBENTURE SALE.-An issue of $83,000 debentures has been disposed of, according to reports.
WEST KILDONAN SCHOOL DISTRICT NO. 8 (P. 0. Inkster),
Man.-DEBENTURE OFFERING.-Proposals will be received until
6 p• m. May 15 by Thos. Cassidy, Sec.-Treas. of Trustee Board, for $100,000 5%% 20-year school bonds. Interest annual on March 1.
WETASKIWIN, Alta.-DEBENTURE SALE NOT CONSUMMATED.
-Reports state that, owing to some technicality, the sale of the $48,334 03
7% 20, 30 and 50-yr. debentures to Terry, Briggs & Slayton of Toledo in
March (V. 96, p. 895) was not consummated.
WINGHAM, Ont.-DEBENTURE ELECTION.-13y-laws to raise
$6,500 for purchase of road machinery and $5,000 for water-works-extension
will be submitted to a vote on May 19, ills reported.
WINNIPEG, Man.-RESULT OF DEBENTURE ELECTION.-The
election held May 1 (V. 96, p. 1115) resulted in favor of the issuance of
$1,250,000 Salter St. subway debentures and in tho defeat of the question
of issuing $150,000 Princess St. subway debentures. The vote is reported
as 1,903 "for" to 714 "against" and 972 "for" to 1,504 "against," respectively. A three-fifths majority was necessary.
NEW LOANS.
NEW LOANS.
NEW LOANS
$35,000
$27,800
$83,000
Pocomoke City, Maryland, CITY OF HUDSON, N. Y., CITY OF GOLDSBORO, N. C.
5% Street Improvement Coupon
Bonds
Sealed proposals will be received by the Mayor
and Council of Pocomoke City, Maryland, until
THREE O'CLOCK P. M., TUESDAY, MAY
27TH, 1913, for $35,000 in bonds, or any part
thereof, issued under the provisions of Chapter
164. Acts of the General Assembly of Maryland,
January Session, 1912, for the purpose of grading,
paving, curbing, draining and otherwise improving the streets and highways of Pocomoke City,
in Worcester County, State of Maryland, and of
placing or re-laying sewers under the streets to
be improved under said Act.
Said bonds are issued in denominations of five
hundred dollars, dated July 1st, 1912, and bear
interest at the rate of 5% per annum, payable
semi-annually on the first day of January and
July in each and every year until the maturity
thereof; are exempt from County and Municipal
taxation and mature on the first day of July,
1952, but contain this endorsement, namely
that the Mayor and Council of said Pocomoke
City shall have the full right and privilege upon
thirty days' notice to the holders thereof, to pay
any or all bonds issued under said Act at any time
or times after the first day of July. 1932.
No bid will be accepted at less than par, together
with such interest as may be accrued from July
1st, 1912, the date of said bonds. The Mayor
and Council of Pocomoke City, Maryland, reserve the right to reject any and all bids.
For further information address
E. JAMES TULL, Mayor,
Pocomoke City, Md.
$1,000,000
HARRIS COUNTY, TEXAS,
SPECIAL ROAD BONDS
Harris County, Texas, will sell all or any part
of $1,000,000 Special Road Bonds, June 2, 1913.
Bids will be received on $50,000 or multiples
thereof. Certified check 1% bid. Interest
43%, semi-annually, at place to suit large purchaser; otherwise at New York, Chicago and
Houston. Denomination $1,000. Assessed valuation $125,000,000. Indebtedness, $3,229,000.
Tax rate, 67c. on $100.00.
Address bids to
W. H. WARD, County Judge,
Ilouston, Texas.
STREET-IMPROVEMENT BONDS
Sealed bids will be received for $27,800 StreetImprovement Bonds of Hudson, N. Y., until
2 O'CLOCK P. M. MONDAY, MAY 19, 1913.
These will be registered or coupon bonds, at the
option of the purchaser, and will date from
June 2, 1913. and be issued in denominations of
81.000 each, with the exception of one bond,
which will be for $800, and bear interest at the
rate of 4 Yi per cent per annum, payable semiannually on December 2d and June 2d each year
thereafter, and will mature as follows: $4,800 in
1925; $5.000 in each year 1926-1929 inclusive,
$3,000 in 1930, when the last bond will be paid.
Proposals must be accompanied by mailed
check payable to the order of the City Treasurer,
for two per centum of the amount of bonds bid
for, and also by a statement in which the bidder
shall elect whether bonds so bid for shall be
coupon or registered bonds. The right is reserved to reject any and all bids. Address all
bids in a plain sealed envelope bearing the following marking, and no other: "To the Finance
Committee of the Common Council of the City
of Hudson, N. Y. Bid for Street-Improvement
Bonds." Bids may be sent, care of HENRY M.
JAMES. City Clerk. Hudson, l. Y.
SECURITIES
Sealed bids for the purchase of bonds of the City
of Goldsboro, North Carolina, in the sum of
$83,000 will be received by the Clerk of said City
up to Twelve O'clock M. on MAY 28TH, 1913.
at his office in said city, at which time and place
the Board of Aldermen will meet and open said
bid for consideration. Said bonds to bear interest at the rate of 5% per annum and to run
as follows: $15,000 funding bonds, thirty-seven
years; $36,000 water bonds, thirty-eight years;
$9,000 fire-department bonds, thirty-three years;
$23,000 street-improvement bonds, forty years.
Bonds to bear date of May 1st, 1913, with
Interest coupons attached, payable semi-annually.
Right reserved to reject any and all bids submi.ted. Certified check equivalent to three per
cent of amount of bonds bid for, payable to the
City of Goldsboro, N. C., must accompany each
bid. No bids will be considered for less than par.
All of aforesaid issue of bonds has been held
valid by the Supreme Court of North Carolina.
101IN R. IIIGGINS,
Mayor of the City of Goldsboro, N.C.
D.J.13ROAD II URST,
City Clerk, Goldsboro, N.C.
$450,000
Belzoni Drainage Dist. of Belzoni, Miss.,
$23,000
6% DRAINAGE BONDS
Town of Midland, Ontario,
The Commissioners of the Belzoni Drainage
5% DEBENTURES
District of Belzoni. Washington County, Mississippi, now have for sale an issue of $450,000
Sealed tenders will be received by tho undersix per cent Drainage Bonds. Address
signed up to noon May 19th, 1913, for the PurS. cAsTLENIAN, President,
chase of the following:
Belzoni, Washington County,
(1)
$8,000 00 Permanent Sidewalks,30 years,5%.
Mississippi.
(2) 15,000 00 Water and Light Improvements, 30
Years, 5%.
of
Re-payable in equal annual installments
Ontario.
Principal and Interest at Midland,
ESTABLISHED 1885.
Legislature
(1) Ratified by Special Act of the
of Ontario, 1913.
Munici(2) Approved by Ontario Railway and
pal Board.
Simcoe.
of
County
the
by
guaranteed
Both
First Nat. Bank Bldg., Chicago
FRANK R. WESTON,
Treasurer.
SCHOOL,
Midland, May 1st, 1913.
H. C. SPEER & SONS CO.
COUNTY AND MUNICIPAL BONDS
HODENPYL, HARDY & CO.
STACY & BRAUN
14 Wall St., New York
Railway, Street Ry.,Gas &Elec.Light
WATER WORKS,IMPROVEMENT
AND FUNDING BONDS.
Investment Bonds
Toledo
Cincinnati
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BLDG.
CHICAGO
@FedFRASER