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The
INCLUDING
Bank & Quotation Section
Railway Earnings Section
Railway & Industrial Section
Bankers' Convention Section
VOL. 96
Electric Railway Section
State and City Section
SATURDAY, MAY 17 1913
gite Thranicit.
PUBLISHED WEEKLY.
NO. 2499
Week ending May 10.
Clearings at1913.
1912.
Inc.or
Dec.
1911.
1910.
Terms of Subscription-Payable in Advance
Chicago
313,192,576 293,424,358 +6.7 274,283,072 273,175,060
Cincinnati
24,336,000
29,483,200 ---17.5
25,741,200
24,532,100
Cleveland
22,808,158
19,601,912 +16.4
17,813,870
19,500,582
Detroit
23,604,160
20387,577 +15.2
18,223,684
18,559,909
Milwaukee
14,535,441
13,717,530 +6.0
12,319,710
13,338,659
Indianapolis
8,087,394
8,222,411 -1.6
8,557,801
9,985,799
Columbus
6,382,100
7,118,000 ---10.3
5,812,900
6,190,400
Toledo
4,744,464
4,909,992 -3.4
4,230,480
4,088,255
Peoria
3,661,392
3,318,808 +10.3
2,894,343
2,769,799
Grand Rapids _ _
8,206,190
2,921,531
+9.8
2,926,908
2,658,555
Dayton
2,200,000
2,295,386 -4.2
2,080,447
2,225,426
Evansville
2,626,050
2,509,052 +4.7
2,643,674
2,446,280
Kalamazoo
967,000
807,004 +19.8
723,554
766,089
Fort Wayne _ _ _ _
1,488,844
1,075,104 +38.4
Terms of Advertisind-Per Inch Space
1,128,255
1,027,549
Springfield, Ill_ _
1,174,186
1,217,576 -3.5
986,321
1,044,291
$4 20 Akron
Transient matter per inch space(14 agate lines)
1,538,000
1,825,000 -15.7
614,000
950,000
Two Months
(8 times)
22 00
1,008,808
860,987 +17.2
862,482
1,007,021
Three Months (13 times)
29 00 Rockford
Standing Business Cards
Youngstown __
1,947,415
1,274,814 +52.8
1,023,039
933,377
Six Months
(26 times)
50 00 Lexington
796,867
805,780 -1.1
1,575,896
702,686
Twelve Months(52 times)
87 00 South Bend
1,705,946
673,360 +153.3
629,361
595,387
CHICAGO Oirrici-Geo. M.Shepherd,513 Monadnock Block;Tel.Harrison40LI. Springfield, 0..
658,847
518,430 +26.4
515,531
534,203
LONDON OFFICE-Edwards cfs Smith,1 Drapers' Gardens,E. C.
627,171
Bloomington
658,554 -4.1
549,622
550,295
Quincy
846,576
703,508 +20.3
626,866
602,940
WILLIAM B. DANA COMPANY, Publishers,
1,533,003
Canton
1,214,966 +26.3
1,107,814
1,034,203
501,459
498,368 +0.6
Jackson
457,363
P.O. Box 958. Front, Pine and Depeyster Stn., New York.
459.385
475,719
375,328 +23.4
418,634
Mansfield
468,697
578,635
520,729 +11.1
$92,845
427,447
Published every Saturday morning by WILLIAM B. DANA COMPANY, Decatur
404,494 +36.4
551,887
378,469
367,878
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Danville
428,000
400,000 +7.0
850,000
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the Company. Lansing
336,116
474,615 -29.1
286,285
287,869
Jacksonville, Ill_
364,118 +15.0
418,689
303,243
Lima
844,825
231,822
Ann Arbor
181,902
208,107
205,953 +12.6
CLEARING-HOUSE RETURNS.
395,264
465,396 -15.1
Owensbo:o
389,519
425,000
The following table, made up by telegraph, &c., indicates that the Adrian
69,326
54,467 +27.3
30,755
34,448
States
for
the
week
total bank clearings of all clearing houses of the United
Tot.Mid.West. 447,661,505 422,408,306 +6.0 392,526,684 390,795,702
ending May 17 have been $3,229,942,383. against $3,118,974,145 last
week and $3,530,314,899 the corresponding week last year.
San Francirco__ _
49,545,569
46,321,303 +6.9
46,919,559
43,648,620
Los Angeles
25,275,339
21,568,570 +17.2
18,728,006
17,093,816
Seattle
12,885,413
11,622,662 +10.5
13,977,101
11,128,982
Per
Clearings-Returns by Telegraph.
Portland
11,688,459
12,764,681 -8.4
11,326,034
1913.
1912.
Cent.
10,046,722
Week ending May 17.
Salt Lake City
5,424,089
7,405,780 -26.7
5,333,837
8,637,257
4,353,607
4,466,307 -25.3
4,662,833
5,175,339
$1,513,227,889 $1,759,391,829 -13.9 Spokane
New York
2,637,403
4,235,880 -37.7
4,083,423
5,060,734
129,521,956
148,365,981 -12.7 Tacoma
Boston
3,849,715
3,541,215 +8.7
3,337,416
3,069,721
Philadelphia
131,693,257
129,686,716
+1.6 Oakland
2,999,290
2,257,356 +32.9
1,540,000
1,400,000
Baltimore
30,338,835
28,707,243
+5.7 San Diego
2,244,552
1,274,149 +76.1
1,379,466
1,208,424
Chicago
261,090,678
256,661,908
+1.7 Sacramento
1,108,830
898,802 +23.4
867,453
948,778
St. Louts
70,799,849
-.07 Pasadena
70,285,563
1,092,856
894,955 +22.1
725,000
748,456
New Orleans
14,569,296
-4.6 Fresno
13,896,533
654,231
575,326 +13.7
504,505
550,000
San Jose...,
837,159
860,701 -2.7
734,045
579,691
Seven cities, 5 days
$2,150,054,711 $2,408,182,822 -10.7 Stockton
407,998
457,407 -10.8
536,610
500,000
Other cities, 5 days
542,783,461
531,216,409
+2.2 North Yakima _
295,651
255,378 +15.8
282,281
239,831
Reno
Total all cities, 5 days
$2,602,838,172 $2,939,399,231
-8.4
125,300,161 119,440,472 +4.9 112,088,450 112,884,990
Total Pacific
537,104,211
All cities, 1 day
590,915,668
-9.1
50,479,372
54,690,595
52,391,940 +4.4
48,532,468
Kansas City......_
Tntal ell (Mimi fru. unsalr
SR 990 059 552
SR ni/n Rld 500
..--R a
21,370,432
20,243,142
Minneapolis
__
18,871,877 +13.2
18,122,890
17,320,583
17,494,246 -1.0
16,579,412
Omaha
15,469,719
The full details for the week covered by the above will be given next St. Paul
8,627,015
9,227,245 -6.5
8,968,241
11,474,014
Saturday. We cannot furnish them to-day,clearings being made up by the
10,160,557
Denver
9,963,028 +2.0
7,893,467
9,581,879
clearing houses at noon on Saturday,and hence in the above the last day St. Joseph
8,116,316
7,720,368 +5.1
6,302,702
6,178,236
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
5,236,947
5,260,794 -0.5
4,360,849
3,969,577
We present below detailed figures for the week ending with Saturday
4,405,484
3,097,581 +42.2
Duluth
2,464,341
3,410,874
noon, May 10, for four years.
3,550,000
3,254,884 +9.1
Sioux City
2,345,181
3,289,662
3,569,855
3,704,928 -3.6
Wichita
3,405,961
2,894,717
2,177,883
2,105,107 +3.4
1,637,183
1,660,674
Lincoln
Week ending May 10.
1,640,731
1,659,319 +5.2
1,605,193
1,257,457
Topeka
Clearings at
1,409,302 +30.8
1,843,975
1,164,221
1,264,752
Davenport
inc. or
1,805,484 -10.9
1,609,809
1,335,427
1,029,841
1912.
Cedar Rapids
1913.
Dec.
1911.
1910.
510,606
1,135,856 -55.0
931,589
1,108,857
Fargo
655,817 -1.4
663,911
646,475
892,666
Colorado Springs
$
$
$
%
$
621,223 +6.2
517,644
659,674
588,319
1,703,007,155 2,067,458,703 -17.6 1,687,229,196 1,847.357,362 Pueblo
New York
372,128
362,590
387,847 -6.5
318,678
165,711,999 142,306,868 +16.4 144,374,650 157,007,774 Fremont
Philadelphia.
1,417,004 +31.2
1,336,292
1,859,623
1,059,802
53,610,946
Pittsburgh
48,777,914 +9.9
45,376,393
48,352,801 Waterloo
771,846
1,095.000
766,670 +42.9
874,969
32,638,995
Baltimore
36,316,357
36,034,521
+0.8
29,413,597 Helena
416,555
358,962 +16.0
105,660
190,000
12,046,208
10,132,027
Buffalo
11,295,575 +6.6
9,806,277 Billings
221,380
121,230 +86.2
162,156
160,000
6,100,000
6,192,231
6,380,897 -4.4
6,669,033 Hastings
Albany
450,235
518,344
466,920
337,806 +33.3
9,031,850
Washington
7,380,992
7,967,416 +13.3
7,229,929 Aberdeen
4,462,193
4,462,833 -0.01
Rochester
4,388,844
4,031,397
Tot.oth.West. 150,542,320 143,668,418 +4.8 128,420,252 139,540,082
3,258,118
2,500,000 +30.3
2,805,300
2,664,566
Scranton
2,724,502
2,348,323 +16.0
2,490,593
2,339,587
Syracuse
78,091,935
80,087,542 -2.4
71,613,880
75,992,250
1,962,020
1.611,360 +21.8
1,669,690 St. Louis
1,538,917
Reading
16,071,508
18,584,447 -13.5
19,467,367
17,756,364
1,849,555
1,631,415 +13.3
1,468,720 New Orleatui
1,440,806
Wilmington
13,146,335
Louisville
14,051,493 -6.4
12,781,104
12,863,577
1,534,975
1,662,016
-7.6
1,551,452
Wilkes-Barre
1,414,552
7,888,761 Not included in total
2,181,782
2,082,601
+4.7
Wheeling
1,917,935
1,940,166 Houston
9,237,500
8,359,500 +10.5
6,865,500
6,756,500
1,671,550 +27.0
2,017,923
Trenton
1,574,423
1,622,773 Galveston
7,993,909
8,576,056 -6.8
7,539,795
8,077,063
1,015,391 +0.6
York
1,021,612
1,063,594
916,385 Richmond
8,898,817
6,749,364 +31.8
5,721,618
7,016,726
1,499,938 +1.9
1,527,330
Lancaster
956,415
1,086,624 Fort Worth
12,622,496
13,236,052 -4.6
11,721,883
10,588,578
1,089,088 -5.6
1,027,874
Erie
860,154 Atlanta
908,250
7,425,558
7,143,993 +3.9
5,227,196
5,965,026
484,885 +15.7
Greensburg
562,242
613,644
494,546 Memphis
3,759,532
7,400,000
6,480,767 + 14.2
4,289,742
696,500 +6.9
Binghamton
744,300
547,300
509,200 Nashville
3,616,679
4,985,054 -27.5
4,435,253
3,804,556
496,632 +34.2
666,127
Chester
488,127
611,458 Savannah
3,624,684 +19.8
3,217,238
4,342,673
2,738,787
482,610 -4.2
Altoona
462,158
486,860
485,009 Norfolk
2,737,031 +16.9
2,935,188
3,201,540
2,527,588
Birmingham _ _
Montclair
515,857 Not Included in total
3,471,468 +15.2
2,969,063
4,000,000
2,476,637
Jacksonville _ _ _ _
2,264,501 +7.8
1,837,067
2,431,025
1,622,455
Total Middle 2,011,827,226 2,343,957,036 -14.2 1,955,819,301 2,127,279,324 Chattanooga___ _
1,769,406 -12.8
1,543,104
1,885,663
1,509,369
Knoxville
1,791,963 -4.0
1,720,437
2,309,293
1,585,538
Boston
160,092,899 159,721,880 +0.2 148,635,439 148,370,846 Augusta
2,127,583 +7.3
2,283,909
1,822,937
1,704,887
Providence
7,431,700 -8.4
6,727,600
7,572,900 Little Rock
7,422,700
1,608,634 +14.9
1,848,615
2,325,109
Hartford
2,400,000
5,572,374 -11.4
4,935,417
4,367,937
4,216,107 Oklahoma
1,011,533 +28.6
1,300,000
1,404,614
1,444,030
New Haven
3,093,749 -1.2
3,055,700
3,181,400
2,637,701 Mobile
1,889,584
1,970,758 -4.1
Springfield
1,339,089
1,361,303
' 2,719,592
2,765,000 -1.7
2,306,005
2,356,223 Charleston
3,107,259
3,273,348 -5.1
Worcester
3,120,000
910,000
+7.0
2,731,930
2,553,461
2,277,901
2,312,244 Macon
2,759,599
3,066,052 -10.0
3,161,551
Portland
2,593,012
2,122,241
2,031,168 +4.5
1,780,742
2,053,779 Austin
250,000
242,375 +3.1
280,278
284,907
Fall River
988,351
16.8
1,187,214
1,229,085
1,176,216 Vicksburg
328,034
403,108 -18.6
477,206
690,000
New Bedford
908,945
1,001,025 -9.3
1,081,876
1,006,465 Jackson
1,250,000
724,492 +72.6
659,939
Lowell
586,691
631,438 -7.4
655,942
608,807 Tulsa
862,933
860,373 +0.3
716,408
Holyoke
668,472
660,185 +1.3
546,174 Muskogee
633,920
481,640
Bangor
461,094 +4.5
504,243
Total Southern 197,623,449 209,201,477 -5.5 180,844,204 175,698,382
1114
3,118,974,145 3,415,696,077 -8.7 2 943,776 2703„119,055,882
Total all
Tot. New Eng_ 186.019.484 187 n9n 96151 --0 a 17.1 1117 inn 1/9 Q51 559
Outside N. Y_ 1 1,415,9131iT9-§-6 1,348,227,374 +5.0 1,256,546.974'17271,698,580
For Canadian Clearings see "Commercial and Miscellaneous News."
$10 00
For One Year
6 00
For Six Months
13 00
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7 50
European Subscription six months(including postage)
22 14s.
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Subscription includes following SupplementsBANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 tunes yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY(semi-annually) BANKERS'CONVENTIoll(yearly)
9
11
1384
THE CHRONICLE
[VOL. xcvi.
delve into the matter of profits, to ascertain if profits
OUR RAILWAY EARNINGS ISSUE.
are excessiveor at least if they are large enough to
We send to our subscribers,.to-day the May num- enable the producer to sell at greatly decreased prices
ber of our "Railway Earnings" Section. In this (thereby reducing the cost of living), without
publication we give the figures of earnings and ex- lowering wages. In such inquiries the same questions
penses for the latest month of every operating steam will come up as in the case of the regulation of the
railroad in the United States required to file monthly railroads. First there will be the question of the
returns with the Inter-State Commerce Commission proper rate of return to be allowed—in other words,
at Washington.
what profits would be adequate and properly comThis Earnings Supplement also contains the com- pensatory.
panies' own statements where these differ from the
Those business men who have encouraged harsh
Commerce returns or give fixed charges in addition. treatment of the railroads, or have been indifferent
to earnings, or where they have a fiscal year different thereto, or have urged that a very small return on
from the June 30 year, as is the case with the New the investment, say 6%, ought to be sufficient,
York Central Lines, the Pennsylvania RR. and may soon find the tables turned against themselves.
others.
They may have been making (we are not now referring to the tariff-protected industries, but to
THE FINANCIAL SITUATION.
business generally) 25%, or 40, or 50%. As soon as
We wonder if the business men of this country any of these business concerns have labor troubles,
realize the import and significance of the utterances the Government guns will be trained upon them,
that are coming so freely from Administration circles they will be told that such profits are unconsOonand from the halls of Congress, threatening manu- able, and that, say, 10 or 12% would be adequate.
facturers and others affected by tariff changes with As the movement proceeds the rate will be squeezed
investigation and punishment if, after the enactment down as in the case of the railroads and the business
of the new tariff schedules, these manufacturers man be told that he must be prepared to get along
should have the temerity to reduce wages or close up with only 5 or 6%.
their plants. The threat is that if any of these
The rate of return having been fixed at the inthings are done the Government, through extensive stance of those having nothing at stake except their
powers conferred upon it by law, will step in, conduct political fortunes, the next step will be to make ceran inquiry and determine whether these business con- tain that these business concerns really have the
cerns are really justified in taking action of this kind. amounts invested that they suppose they have.
The Government is determined that there shall be Here most rigid scrutiny will be applied, the railno stoppage of work, nor any reduction in wages, roads again furnishing an example of what to exnd matter how mistaken its tariff policy may be, pect. The manufacturer or producer claiming the
no matter how deeply cuts in the tariff may eat into right to a return on a certain capital will have to
profits, and no matter even if such cuts should show that his plant or establishment is actually
eliminate profits:altogether. If a government fiat worth the sum represented. If he counts upon
could really keep men in business when it is no longer netting a return on a fictitious or imaginary capital,
profitable to do so or could compel the maintenance his mind will be quickly disillusioned. Next will
of wages when conditions no longer warrant such come the question as to whether his methods are
wages, something might be said in extenuation of the efficient and his plant up to date, or whether it is
effOrt. As it is, the action cannot but create a obsolete and ought to be relegated to the scrapfeeling of deep concern and of great uneasiness.
heap with the capital invested in the same treated
In its present form the movement apparently has as so much money lost.
reference merely to the proposed tariff changes and
All these things are involved in the question of
their ef ect. In that aspect it is disturbing enough. profits, and are not mere suggestions of the imaginaWhat is chiefly to be feared, however, is that it tion. They will come up every time the Government
will not be confined to tariff matters. We may undertakes to insert its probe. Unfortunately, too,
be sure it will prove simply an entering wedge in owing to political necessities, the doubts will always
the way of making Government an increasingly be resolved against the business man. The decision
dominant factor in trade and business. The great will rest with the office-holder, who, however conpowers of the Government having once been employed scientious he may be, cannot fail to be influenced by a
for the purpose of determining business profits,the knowledge of the fact that he has more to gain poeffort, it may be confidently asserted, will not readi- litically by siding with the masses than by siding
ly be relaxed. Indeed, should occasion demand it with the business man. It will never be difficult
—and occasions always will arise demanding it, par- to charge inefficiency and to make it the pretext
ticularly when there are political exigencies to serve-- for extinguishing profits altogether on the plausible
its use will be extended in all directions. In the past theory that, under more efficient methods, there
when there have been labor troubles of prominence— would be profit enough.
a strike at the cotton or woolen mills in New England
If it be thought that we are indulging in gloomy
or at the rubber plants at Akron, Ohio, or at the forebodings, let it be remembered that twenty-six
steel plants in different sections of the country, or years ago, in 1887, when the Inter-State Commerce
in coal mines at one place or another—Governmen,a1 Law was put on the statute books, if any one had
inquiries, or suggestions of inquiry, have been quick suggested railroad regulation to the extent that we
to follow. But these investigations have generally find it to-day,the suggestion would have been laughed
gone no further than to determine the causes of the to scorn. Ex-President Roosevelt has for a long time
trouble and to provide remedies against their recur- been advocating the creation of an Industrial Comrence. Now there is to be a totally new departure. mission for the purpose of supervising business conInvestigations and inquiries are to take on an ex- cerns similar to the Inter-State Commerce Commistremely radical character. The plan now will be to sion in its regulation of the railroads, and with
MAY 17 1913.]
THE CHRONICLE
like character and functions. In this respect the
present Administration is simply exploiting the
Roosevelt policies, though we doubt not it will indignantly deny the insinuation. The Administration is also imitating Mr. Roosevelt in other respects.
It will be recalled how Mr. Roosevelt during the
whole of his second term, when his policies were opposed or when his strenuous advocacy of them caused
consternation in business and financial circles,
responded by threatening dire vengeance against
those who opposed him or who ventured to give voice
to their fears and dreads. When Mr. Roosevelt
was told that persistence in his course would lead
to disaster, he invariably indulged in a vehement
denunciation of those who dared to entertain the
thought, just as those identified with the Wilson Administration now denounce the suggestion that harm
can result from drastic tariff revision. The Administration Party will not believe that there can be anything wrong with its tariff policy; if ill results follow, they will be due, not to the tariff bill, but to
the wicked machinations of those to be affected by
the tariff changes.
What we have mentioned as possibilities with reference to regulation of business in general,is actually
laid down as a rule which the Administration now
proposes to adopt in regard to tariff-protected industries. The Government is not indulging in idle
threats. It means to use the weapon it has at hand
for this purpose. The movement has been making
rapid progress of late. One Democratic leader after
another has been expressing his views, all to the
same effect. Last week, in closing the debate on the
tariff bill, Mr. Underwood,of the Ways and Means
Committee of the House of Representatives, announced the attitude of the Democratic Party in the
matter without hesitation or qualification in the following words: "I give you notice now that when the
men from whom you bring that message (that the
tariff changes will act on labor and affect the wages
of the laboring man) endeavor to grind labor in the
interests of Republican politics, there is a bureau of
this Government that is going to ascertain the
reason why."
Mr. Underwood went on to say that there exists
a Bureau of Foreign and Domestic Commerce with
broad powers of investigation, which he described
as follows: "It not only has the power to 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." John Sharp Williams, of
the Senate Finance Committee, has also been taking
up the cudgels for the Government,and on Monday
of this week told the newsDaper correspondents that
the Sherman Anti-Trust Law, with its criminal
provisions, would be invoked against manufacturers
unwise enough to reduce wages because of the impending tariff reductions.
But most astounding of all has been the talk of
Secretary William C. Redfield on the subject. Great
importance must attach . to his remarks, for Mr.
1385
Redfield is head of the Department of Commerce
and will direct the work of the Bureau of Foreign and
Domestic Commerce, under whose auspices the inquiries will be conducted. Mr. Redfield expressed
himself quite freely last week, even before Congressman Underwood closed the debate on the tariff bill
in the House, while the present week he gave expression to views that are nothing less than startling in
their bearing upon Government control for the
future. In addressing the National Association of
Employing Lithographers on Wednesday of this week
(May 14) he made some amazing declarations. He
said the public looks with disfavor upon reductions
of wages and "it would not approve them for the sake
of maintaining profits." Furthermore, he expressed
the belief "that a reduction of wages is the easy
resort of the inefficient and the hall-mark of poor
management." This was followed by the further
statement that, "as, therefore, the reduction of
wages has direct social effects, and as the public has
the right to efficiency in its factory servants, the Dei
partment has undertaken to find out whether the
facts do or do not justify the threatened reduction."
It should be noted that Mr. Redfield lays down the
doctrine that the public has the right to efficiency
in factory management, thus applying the same rule
that has hitherto been applied exclusively to public
carriers and made the basis of the regulation of the
railroads. The general supposition has been that
inefficiency in factory management carried with it
its own punishment as an economic blunder,and that
the competition of the more efficiently-managed concerns would ultimately:crowd it out of business—a process which cannot be applied in the case of public
service corporations. Mr. Redfield elaborated his
thought in that regard still further in the following
paragraph:
"Observe that in saying the 'facts' one does not
merely mean the facts as they are, but also the facts
as they ought to be. Operating with bad equipment,
with unscientific treatment of material, with antiquated methods, in poor locations, with insufficient
capital and generally ineffective management, will
not be esteemed a satisfactory reason for reducing
wages."
For the immediate present the rules here laid down
are to apply only to tariff changes, but they are so
broad and sweeping in their character that even if
these changes should prove disastrous in their effects AhelAdministration could always put the blame
on the manufacturer instead of upon itself. In
their largest aspect, however, these rules will apply
to the whole future conduct of business in the United
States, for, as already stated, the Government,having
once entered upon this work,it will indubitably be
carried further and still further. Be it understood,
therefore, that in regulating business the Government will not consider "the facts as they are, but
the facts as they ought to be." This remark, it
must be borne in mind, has reference not to corporations, large or small, which are generally made the
special object of attack, but to business men and
business concerns of every nature and description.
Mr. Underwood early in April,in describing the plan
followed in drafting the tariff bill, stated that the
aim had been, not to protect the manufacturer in
any profit, and it is evident from the remarks made
by all those who assume to speak on behalf of the
Administration, that the level of profits everywhere
is to be cut to the bone.
1386
THE CHRONICLE
In the extract above, Mr. Redfield has mentioned
the things which the Government investigator will
always be looking for, and some of which he will always be sure to find if it suits his purpose, namely
(1) operating with bad equipment, (2) with unscientific treatment of material,(3) with antiquated methods, (4) in poor locations, (5) with insufficient capital, and (6) generally ineffective management. We
"very much fear that in fixing profits very few manufacturing or business concerns will escape condemnation on one or the other ground.
Like Mr. Underwood, Mr. Redfield lays emphasis
on the powers possessed by the Government for determining the facts, "not merely as they are, but as
they ought to be." He says that "on the scientific
side of such an inquiry, the great Bureau of Standards is of prime use." Then the Bureau of Foreign
and Domestic Commerce "has broad powers of inquiry into the cost of production, wages, general factory conditions and the like." He adds: "The Bureau of Corporations also has broad scope in studying accounting and cost-keeping methods, with the
right of subpoena, which it has in times past found
some need to exercise. If these three are not enough,
the. Bureau ofLabor Statistics in our sister Department of
Labor has powers of inquiry on the labor side which can
be made effective." Do our business men relish the
prospect here opened up? Does it not furnish occasion for the deepest solicitude and anxiety? As
President Wilson in his inaugural expressed the view
that he and the Democratic Party had been commissioned "to purify and humanize every process of our
common life," is there not reason to believe that the
next few years will be a period of very disturbed conditions?
The notable activity in building operations in
the United States witnessed in preceding months of
1913 continued in most sections during April, giving
an aggregate of contemplated outlay for the period
only moderately less than the record total of last
year, notwithstanding a considerably diminished
amount of work planned for in Greater New York.
With constant growth in population in practically
all sections of the country, and business on the whole
on a prosperous basis, it is only natural that there
should be a large demand for structures either for
dwelling or mercantile purposes. But the magnitude
of operations the last few years would almost seem
to indicate, in some localities at least, that provision
has been or is being made for a more or less remote
prospective demand that is uncertain, of being realized. This would appear to have been true locally,
more particularly of the boroughs of Manhattan and
Brooklyn, and evidence of a similar situation is
found in the returns from other cities of prominence.
On the other hand, at many of the smaller municipalities there has been recently a spurt in building
operations that mercantile and industrial expansion
seem to warrant. Conspicuous in this regard in
April may be mentioned Portland, Cambridge and
Lawrence in New England; Bayonne, Binghamton,
Erie, Harrisburg, Wheeling and Williamsport in the
Middle division; Akron, Evansville and Toledo in the
Middle West; Augusta, Dallas, Mobile, Nashville,
Shreveport and Tampa at the South and Butte,
Davenport, Dubuque, Lincoln and Boise in the Far
West. At such leading cities as Chicago,Indianapolis,
Los Angeles,Newark,Buffalo and San Francis.co,moreover,:much"greater activity than in 1912 is reported.
[VOL. xcvi.
Our compilation for this latest month covers 127
cities, of which 64 show gains in intended outlay over
April 1912, with the aggregate estimated expenditures reaching $101,701,976, against $107,490,515,
and comparing with only $88,255,414 in 1911.
Greater New York's exhibit for the month is the
poorest for April since 1904, a total of only $16,624,100, contrasting with $28,144,453 last year and $22,782,181 in 1911. For the 126 cities outside of New
York the aggregate at $85,077,876 is a new high
record for April and compares with $79,346,062 in
1912.
For the four months of the current calendar year
the showing is better than for any previous similar
period. The 16 New England cities report a moderate decline in the aggregate from last year, but
for the 29 municipalities in the Middle section (exclusive of New York) there is a fair gain; the 24 in
the Middle West exhibit an increase of some 40%,
the result for the 25 at the South is nearly 20% better
than in 1912 and on the Pacific Slope greater activity
has prevailed, the 13 cities reporting a total of expected outlay about 10% in excess of last year.
Combining the 126 cities outside of New York, the
contemplated expenditures for operations under permits issued during the four months total $239,793,405, against $215,149,900 in 1912 and $201,124,164 in 1911; Greater New York's figures are
$61,267,260 and $80,345,010 and $63,243,517, respectively, and for the whole country (127 cities)
$301,060,665 in 1913, against $295,494,910 in 1912
and $264,367,681 in 1911.
There would seem to be no let-up to the activity
in building operations in Canada as a whole, the April
aggregate being a new high record for the period
covered. Returns from 19 cities in the eastern portion of the Dominion indicate an appreciable increase in expenditures arranged for this year—$11,387,947, comparing with $8,231,384 in 1912—and the
aggregate for the four months, at $22,791,911, contrasts with $16,854,046 a year ago. Montreal,
Toronto,- Hamilton and London are the most conspicuous gainers. Of Western cities, 14 make reports furnishing a month's total slightly ahead of
last year, but the four months' aggregate shows a loss
of 1 1-3 million dollars. For Canada as a whole (33
cities) the April result is $19,910,558, against $16,591,789 and for the period since January 1 it is
$42,526,314, against $37,904,854.
The movement of aliens has set so strongly in this
direction of recent weeks that all fears of a dearth of
ordinary labor for some time to come seems to have
been thoroughly dissipated. The February official
statement of immigration indicated a perceptible
turn in the tide, but now we have the full returns for
March, which leave no doubt as to the trend, and the
result for April, as compiled by us, denotes an inward
movement during that month about equal to if not
in excess of any year since 1907. The inflow from
the countries directly involved in the Balkan War
continues very restricted, of course, but only in the
case of the Turks was the movement against us during March. On the other hand, from practically all
directions from which our immigrants are drawn in
important numbers, the arrivals were noticeably
greater than a year ago, the increases having been
especially conspicuous in such cases as the Polish,
Scandinavians, Russians and Dutch.
MAY 17 1913.]
THE CHRONICLE
1387
The latest official bulletin received, as already argued that in its final form the California bill was
stated, covers the month of March 1913, in which fully within the treaty obligations of the United
period the number of aliens admitted into the United States, and he insisted that it carried no intended ofStates was 121,241 (made up of 96,958 immigrants fence to Japan or any other nation, nor was it disand 24,283 non-immigrants); this compares with criminatory. The Governor attempts to shift the
110,948 in the corresponding month of 1912 and 96,- responsibility for offensive discrimination, if there
917 in 1911. For the nine months of the fiscal year be any, from the California Legislature to the Na1912-13 (July 1 to March 31 inclusive), the aggre- tional Government, and contends that there is no
gate arrivals were in excess of any year since 1906-07 more invidious discrimination against the Japanese
(the year antedating the latest cycle of real depres- in the California law than there is in the Federal
sion here), the gain over 1911-12 being quite marked, Naturalization Law. At the same time, he charges
as the contrast between 888,899 and 649,262 indi- that the same discrimination on the ground of incates. Against the alien arrivals in March, the out- eligibility to citizenship occurs in the Immigration
ward movement of steerage passengers was of no Law which was enacted by Congress at the recent
more than normal proportions for the time of year session. When the present constitution of Califorand well below either of the two preceding years. nia was adopted, more than thirty years ago, GovBut for the nine months of 1912-13 the departures ernor Johnson shows that it contained the following
were rather larger than in most earlier similar periods, declaration: "The presence of foreigners ineligible to
having reached 445,863, against 471,907 in 1911-12 become citizens of the United States is declared to
and only 372,610 and 264,673, respectively,in the two be dangerous to the well-being of the State, and the
preceding years. The net gain for the period from Legislature shall discourage their immigration by
July 1 to March 31 this year reached 443,036, against all means within its power." The Governor cononly 177,355 in 1911-12 and 349,786 two years ago. cludes his letter in these words:
The gross influx of aliens thus far in the current fiscal
We insist that, justly, no offence can be taken by any nayear has been, as in all years since 1893-94, most tion
to this law, and more particularly does this
to WI
largely from Italy, but departures have been un- clear in the instance of a nation like Japan, that,seem
by its own
usually heavy, so that the net arrivals were only laws, prevents acquisition of land by aliens. It is most re63,903, a total quite a little less than the net inflow spectfully submitted that; after all, the question is not
of Poles or Hebrews. Polish arrivals, in fact, were whether any offence has been taken, but whether justly
it should be taken.
for the nine months of 1912-13 in excess of those for
the full year 1911-12, and at a rate indicating a record
Governor Johnson's decision to sign the California
total for the twelve months. From Russia, more- Bill despite Japan's protest has been unofficially
over, the trend in the period covered was greater communicated to Viscount Chinda, the Japanese
than for any earlier complete year, and a relatively Ambassador as a matter of information, with the
large movement from Germany and England and understanding that Secretary Bryan may present
from Hebrew localities is to be noted.
later Governor Johnson's answer officially with such
Canada continues to be the Mecca toward which comment as he may wish to make in behalf of the
immigrants are turning in increasing numbers, ac- Federal Government. When the Ambassador has
cording to the official returns for the fiscal year received Secretary Bryan's formal communication,
1912-13 (April 1 to March 31), lately made public. it will be necessary for him to communicate it to the
During that period it would seem that 402,432 immi- Foreign Office at Tokyo and receive instructions for
grants entered Canada, of whom 150,542 came from preparing a rejoinder. Thus, a week may possibly
Great Britain, 139,009 from the United States and elapse before the next formal step is taken. As the
112,881 from all other countries combined,and each, Administration is known to hold the opinion that
in turn, a more or less substantial increase over the the California Bill does not violate any treaty with
movement for the previous year, and, therefore, con- Japan, it is expected that on this point at least
stituting a new high record. In connection with Washington will uphold the action of the California
these Canadian statistics, it is interesting to find that Legislature. The Japanese protest, which has not
the Province of Saskatchewan has evolved a unique been officially published, is said to be based almost
method, along co-operative lines, for the encourage- entirely on the question of national honor, the conment of immigration to that locality. The plan, tention being that the Alien Land Law is aimed at
briefly stated, is to divide the Province into districts, Japanese subjects because of their ineligibility to
each of which will have a special campaign whenever citizenship in the United States. Arrangements are
Canadian immigration work is being carried on, and progressing to make the document public simulmunicipalities, boards of trade, town and business taneously in Tokyo and Washington. To observe
firms will be able to follow up their work in Great diplomatic usage, the consent of both governments
Britain for settlement, labor and investment pur- must be obtained before such a course is adopted,and
poses. This is merely another and intelligent de- it is understood that President Wilson has agreed
velopment along the lines that have been so success- to the suggestion. It is intimated, however, that
ful in bringing to Canada a very desirable body of the Japanese protest is couched in neither vigorous
immigrants.
nor aggressive language, but is formal and friendly
in character. Contrary to earlier reports, the JapanThe relations between Japan and our own country ese Government has not suggested the Hague
appear to be reaching a point of some tension as a Tribunal as a means of settling the issue. From this
result of the determination of California to stand by the conclusion is drawn that Japan does not by any
its Alien Landholding bill. Governor Johnson on means regard the resources of diplomacy as having
Wednesday, in a letter telegraphed to Secretary of been exhausted to a point where arbitration is the only
State Bryan, declared that he considered it his duty resort. Press dispatches from Tokyo,reflecting the
to sign the bill unless some "absolutely controlling opinion of high Japanese officials that a permanent
necessity demands contrary action." The Governor and satisfactory settlement of the difficulty is con
1388
THE CHRONICLE
fidently expected in that capital, are regarded in
official circles at Washington as meaning that the
negotiations are at least assured of peaceful and
orderly progress and that there is little likelihood
of an evolution of feeling that might result in a rupture of diplomatic relations. Administration officials are quoted by Washington dispatches as believing that the Japanese Government is now well aware
of two important facts: First, that the United States
Government has honestly exerted itself to the extent
et of its resources to prevent the enactment of the legislation and, second,that in making treaties with the
United States, a foreign nation is expected to have in
mind the respective functions of national and State
government under our dual system and not to expect
the Administration to undertake to pass beyond the
Constitutional limitations in dealing with the States.
The draft of the formal reply to Japan's protest
was considered at a meeting of the Cabinet yesterday.
While the Administration at Washington ridicules
the idea of any possibility of war with Japan resulting
from the present strain, it is not unnatural that
precautions should be taken. But President Wilson
has ordered that nothing resembling a military or
naval demonstration shall occur while the diplomatic
'negotiations with Japan are in progress. The
only real danger appears to be contained in the
uncertain political atmosphere in Tokyo. The
present Ministry is a very young one, and should
the Jingoes in Japan be able to inflame public
sentiment and force out the present Ministry,
the new Cabinet might be more responsive to the
popular demand for satisfaction from the United
States. A new Cabinet might gain control through
the understanding that it would demand substantial
reparation from the United States for the alleged
insult to Japan.
I
[VOL. xcvz.
war and their nationalities; these matters are to be
settled by special conventions. An international
naval force commanded by Vice-Admiral Cecil Burney of the British Navy on Wednesday took possession of the fortress of Scutari. It was escorted into
the city by a Montenegrin guard of honor. This
force will continue in possession until the new Albanian Government has been established. The bulk
of the Montenegrin troops had already gone from
Scutari and the blockade of the Montenegrin coast by
the international warships was raised simultaneously
with the occupation of the fortress. Official figures of the Bulgarian losses in the war give the following estimate: killed, 330 officers, 29,711 men;
wounded, 950 officers, 52,550 men; missing, 3,193
men.
President Estrada Cabreria of Guatemala has complied with the demands of the British Government
for a settlement of the long standing British claims.
The British Foreign Office issued recently an ultimatum to Cabreria giving him until May 15 to settle
and a British warship was dispatched to Puerto
Barrios to emphasize the demand. The arrangement
effected provides that $1 out of every $1 50 export
tax paid on each quintal of coffee be allotted to the
payment of interest on the external debt. The
Guatemalan Minister at Washington,in announcing
the result, declared that the adjustment would aid
in carrying out the proposed loan of $30,000,000 by
New York bankers, with the proceeds of which
Guatemala expects to pay off the English debt, reform
its currency system and establish a national bank.
The French Minister at Mexico City on Tuesday
last is reported by press dispatches to have presented an autograph letter from President Poincare
to President Huerta recognizing officially the Mexican Government. It is also stated that cablegrams
to the Mexican Foreign Office announce that autograph letters are on the way from Germany, Italy,
Argentina and Brazil. Our own Government has
not taken official action, notwithstanding President
Huerta's reminder to Ambassador Wilson of the
limitations imposed upon the latter in official intercourse with the Mexican Government. Mr. Wilson
has been doing business with a de facto Government
in the City of Mexico, and, although he has not been
able to extend political recognition as desired by the
Huerta element, he will continue to transact the
necessary business of the American Embassy at
that capital for the present. It is not expected that
his passports will be given to him or that he will be
recalled in view of the almost certain confusion that
would follow among the large American colony in
Mexico if the American Ambassador were to leave the
country summarily. Enrique Martinez Sobral,
Mexican Consul-General at New York, received a
dispatch from his home Government last week
directing him to return to Mexico City. The ConsulGeneral asked why his presence was desired at this
time, and received peremptory orders to report at
once. He then resigned, and will, he states, not
return to Mexico while the Huerta Administration
is in power. Sobral was appointed by the late President Madero. Little, if any, improvement seems
to have taken place this week in the military and
political situation in the Southern Republic.
The final stages of the Balkan War as between the
Allied States and Turkey have now been reached.
The Turkish peace delegates have already arrived in
London. They will be joined by the Bulgarian,
Greek, Servian and Montenegrin delegates early next
week and conferences will immediately begin at
St. James' Palace. An alleged text of the draft
of the treaty prepared at the Ambassadors' Conference and which it is reported to be the present intention of the Powers to insist upon, has been published by the "Matin" in Paris this week. There
are seven articles in the treaty. The first contains
a promise of perpetual friendship between the Sultan
of Turkey and the Kings of Greece, Montenegro,
Servia and Bulgaria. The second article agrees
that Turkey will abandon all territory on the European Continent west of a line drawn from Enos on
the Aegean Sea to Midia on the Black Sea,except
Albania. Article three provides that the exact frontier lines are to be determined by a commission to be
named by the German Emperor, the Austrian Emperor, the President of the French Republic, the
King of England and the Czar of Russia. Article
four provides that Turkey shall yield Crete to Greece.
Article five stipulates that Turkey will leave to the
decision of the Commission described in Article three
the settlement of the fate of all the Ottoman islands
in the Aegean Sea and the peninsula of Athos as
well as of Mount Athos. Article six leaves to the
Walter Hines Page, the new Ambassador from the
Allied sovereigns the settlement of the questions
States to the Court of St. James, sailed on
United
to
prisoners of
of finance. Article seven relates
MAY 17 1913.1
THE CHRONICLE
the White Star liner Baltic on Thursday to his new
post. Before sailing he declared in an interview:
"I am going to London for diplomacy, not entertainment. I am a true Democrat and shall follow
the precedents established by my predecessors as far
as I am able and do my best to maintain the friendly
relations that have so long existed between the two
countries." Cable dispatches from London contain
the news that the London Trades Council representing 50,000 trade unionists passed a resolution on
Thursday expressing resentment at the appointment
of Mr.Page on the ground that he is a bitter opponent
of organized labor. The resolutions requested Sir
Edward Grey, the Secretary of Foreign Affairs, to
protest against receiving him. The London Trades
Council, according to cabled advices from London,
took this action as a result of a letter received from
the Allied Trades Council of Greater New York.
Official denial is furnished by the Council in New
York, however, that any such letter was sent.
The virtual failure of the Brazilian loan in London,
to which we referred in last week's "Chronicle," has
continued to exert a restraining influence in the
London market this week. There has also been more
or less financial strain on the Continent, particularly
in Berlin, which has been credited with selling
securities on the London market quite freely. In
the British eentre financial attention has been
centred upon the Chinese loan which is to be offered
on Wednesday at 90 in London and on the Continent. In Paris the price will be 1% above London
as a result of the official French tax. The bonds
will be 5 per cents and will run until 1960. The
distribution among the various groups, now that the
American bankers have withdrawn, will include
(approximately): London $37,000,000; Paris, $37,000,000; Berlin, $30,000,000; St. Petersburgh,
$14,000,000; and Brussels, $7,000,000. London and
Paris are to divide between them the share properly
belonging to Japan, while the share awarded to Brussels is a part of the Russian quota. For every 00
subscription a deposit of £10 is required on application, a further payment of £10 on allotment, of
£35 on July 3 and of £35 on Aug. 5. The bonds are
already selling in London at 1@13/2% premium.
The first installment of the loan by the bankers was
paid to China on Thursday. The amount was
$1,200,000.
We referred last week to the new policy that is
gradually developing among British investors to ignore the middleman in making investments. By
this is meant a policy of refraining from subscribing
to the offerings of bankers acting as underwriters
and issuing descriptive prospectuses. Recent experience has demonstrated to the satisfaction of
many investors that they would have made better
bargains had they ignored the original offering and
awaited the opportunity to purchase the securities
on the regular market on which the underwriters
subsequently sold at a discount from the issue
price, being enabled to do this by splitting or throwing off entirely their underwriters' commission.
The London "Daily Mail," as quoted in a press
dispatch from the British centre this week, adds some
additional light on this interesting development. It
says:
1389
mission for many days, and many in the city are expressing
the opinion that it may have a revolutionary effect upon the
present system of loan issuing and underwriting. Perhaps
the most remarkable circumstance is that as soon as the
prospectus appeared, offering the loan at 97, it was offered
on the Stock Exchange at 96. It has been obtainable at
that discount, or even a lower price, ever since; so that it
has paid investors to buy the stock in the market rather than
to subscribe for it on the prospectus. The scant response
which the public have made to recent applications for capital
is indicated by the following instances: Brazilian 5s,
$55,000,000 offered, 6 per cent taken; City of Edmonton 5s,
$5,340,000 offered, 20 per cent subscribed; Grand Trunk
Pacific Railway 4s, $10,000,000 offered, 20 per cent subscribed; Madras & Southern Mahratta, Railway 4s, $12,500,000 offered, 10 per cent subscribed; Madeira Mamorely 53/2s,
,000,000 offered, 13 per cent subscribed; New South
Wales 4s, $15,000,000 offered, 16 per cent subscribed;
State of Bahia 5s, $5,000,000 offered, 15 per cent subscribed;
Union of South Africa 4s, $15,000,000 offered, 6 per cent
subscribed; Western Australia 4s, $10,000,000 offered, 13 per
cent subscribed. The question being discussed is that the
public have become loth to subscribe for stock which they
believe the underwriters can afford, by reason of the commission they receive, to sell subsequently at a lower price
than the issue price, and that the Stock Exchange has
begun to realize the public's attitude. The public sea in.
the underwriter not so much one who insures that the loan
shall be subscribed in return for its commission as a middleman, who, as it were, has an opportunity of obtaining stock
at a lower price than the public in order that he may pass
it off at a profit subsequently. They prefer not to subscribe
but to await an opportunity of dividing that profit. They
feel that if, when these issues were made;the stock were
offered them at a more attractive price,there would be less
need to pay the underwriters so high commissions. It is
another practical protest, if indirect, against the existence of
the middleman, which protest is one of the features of presentday finance."
The London settlement began on Wednesday and
showed only a small speculative account in the
American shares. Contangoes for these shares
opened at 4% and closed at 4%, the latter being
also the rate of the last previous settlement. It is
again reported from London that a $25,000,000 loan
has been arranged there and at Paris for the Mexican
Government. The terms have not yet been announced. Lord Cowdray of the Pearson Syndicate
has, it is said, been active in the negotiations, but
not through Coutts Bank, as previously reported.
Later dispatches aver that the proceeds of this loan
will be utilized exclusively for railroad construction
and improvements.
In Paris some liquidation has taken place incidental to the fortnightly settlement; this showed contangoes 4 to 5%, which is a high basis for the French
market. The French rente has ruled slightly
firmer. The explanation of the recent weakness in
the French premier security at the time the European
situation displayed such distinct improvement was
that it resulted from the sales by the Credit Foncier
and other French institutions which had furnished
support during the previous period of extended
depression. With the improvement in rentes the
general market for securities manifested added
strength, and Russian industrials were conspicuously
strong, due to the expectations that Russian industries will participate on an active scale in the work
of reconstruction that will soon follow the waste
caused by the Balkan War. Cable advices state,
however, that the proposed government loans have
been postponed until investment conditions become
more favorable.
Berlin seems to have been under a financial strain
'The long series of rebuffs to new loans at the hands of
to itself during the week. Private bank
peculiar
investors reached a climax in the ill success of the great
Rothschild issue. It will remain a topic of financialidis- discounts have been maintained at 532% and above,
1390
THE CHRONICLE
and money has all along been quoted at 6%,;which is
still the official Bank rate.
Balkan States securities have reflected the more
tangible prospects of peace, Bulgarian 6s having
advanced 2 points to 104 and Greek monopoly 4s
closing M point higher at 563/2. Servian unified 4s,
however, are without change at 82, as also are
Turkish 4s at 86, Russian 4s at 90/
'
4 and German Imperial 3s at 75. French rentes closed at 85.223/
francs, comparing with 84.90 a week ago, while
British Consols finished at 751
/
4, which compares
with 7514 last week.
Private bank discounts have been well maintained
at all the European centres. In Lombard Street
short bills and also ninety-day bills are at 3 13-16@
4% was the single rate
3%%. A week ago 35
for both long and short bills. Day-to-day money
in London closed at 3@334%, which is an advance
of M% for the week In Paris 4% remains the combination rate at the private banks and is the same
as the official Bank of France figure. Outside banks,
4%. In Berlin, according to
however, still name 37
.last night's cable dispatches, 5M% was the private
bank rate, which is an advance of WI% for the week,
and money is still quoted at 6% at the German
eentre. The outside rate at Amsterdam remains at
/%.
37
4%, at Brussels 4 7-16% and at Vienna 55
The official bank rates at the leading foreign centres
are: London 432%, Paris 4%, Berlin 6%, Vienna
6%,Brussels 5% and Amsterdam 4%. The Bank of
Bengal at Calcutta and the Bank of Bombay still
continue to quote 6%.
The Bank of England's weekly statement was somewhat of a disappointment to Lombard Street,according to London cablegrams, because of the percentage
of reserve to liability, which, though 50.25%, is regarded as too low for the season. The proportion,
however, is an increase from 49.90% last week, but
compares with 52.30% in 1912, 51.27% in 1911 and
53.36% in 1910. The gold holdings registered a
decrease of £513,661, while the total reserve showed
a contraction of £219,000, notes reserved a reduction of £131,000, notes in circulation a decrease of
£513,661. The market received the •benefit of a
reduction of £530,000 in public deposits, but loans
were reduced £584,000. The total bullion holdings
figure £36,361,981. A year ago they were £39,832,338 and in 1911 £37,700,987. The reserve this week
is £26,210,000, comparing with £29,499,353 in 1912
and £28,278,017 in 1911. Meanwhile the loans
(other securities) aggregate is £30,878,000, which
compares with £30,530,822 one year ago and £29,655,058 in 1911. Our special correspondent furnishes the following details of the gold movement into
and out of the Bank for the Bank week: Imports,
£89,000 (of which £7,000 from France and £82,000
bought in the open market); exports, £200,000,
wholly to Chile, and shipments of £403,000 net to the
interior of Great Britain.
The Bank of France in this week's return records
an increase in its gold of 9,131,000 francs but a
decrease of 2,636,000 francs in silver. Notes in
circulation have declined 51,825,000 francs, general
deposits have increased 2,450,000 francs, discounts
show a nominal increase of 150,000 francs, treasury
deposits are 24,225,000 francs higher, while bank
advances decreased 14,775,000 francs. The Bank
is still in a weaker position than a year ago and the
[VoL. xcvi.
recent engagement of $10,000,000 in gold at New
York is undoubtedly a part of the general strengthening movement that is being consistently carried on
by the Bank. The gold holdings are but slightly
in excess of the two.preceding years, silver shows a
large reduction, circulation has expanded about
400,000,000 francs and discounts have also expanded
about 578,000,000 francs. The exact comparisons
show a total stock of gold of 3,254,454,000 francs
against 3,241,225,000 francs in 1912 and 3,240,925,000 francs in 1911. The Bank's stock of silver
stands at 600,873,000 francs and compares with
812,450,000 francs in 1912 and 854,050,000 francs
the year preceding. Meanwhile circulation has
increased during the year to 5,613,897,000 francs
from 5,215,156,140 francs and discounts have expanded to 1,677,357,000 francs from 1,099,455,397
francs one year ago.
For mercantile and other routine purposes the
local demand for funds is light. The supply likewise is limited but seems quite sufficient for the
demand. Thus an easy tone may be said to prevail.
Funds for investment,'however, continue scarce and
bankers are showing no disposition to test the market
with additional bond offerings. The next event of
importance in this direction is the $45,000,000 corporate 432% stock issue that is to be offered by the
City of New York on May 20. Financial interests
in general are awaiting the result of this offering with
keen interest. It is expected that, as the securities
are of a popular character, a fair amount of small
proposals at favorable figures will be filed by interests
who are desirous of obtaining the full amount they
bid for. On the Broad Street curb, however, sales
of fair quantities of the new securities have been
reported at 100 9-16@10054 while the old 43%
bonds of 1962 have sold as low as 96 8. The New
York Central has announced the financial plan by
which a physical combination of the New York
Central and Lake Shore and certain other subsidiary
lines is to take place and be financed by two general
blanket mortgages. This financing, however, will
not make immediate demands upon the money market. The new securities, in fact, will not be offered
until the autumn, as it is announced that the New
York Central has provided itself with the necessary
cash to carry out its elaborate improvement plans
during the summer. The fact that the market has
been able to furnish an additional $4,000,000 in
gold for shipment to Paris without forcing important
advances in rates is suggestive, as already noted, of
the poor home demand rather than of a large supply.
Advices from Washington suggest a general demand
upon the Treasury Department for Government funds
at 2%,which the Secretary of the Treasury recently
fixed upon as the rate. Grain that has been held
back by the farmers in the hope of obtaining higher
prices is now moving freely from the farms and, of
course, requires financing. Saturday's statement of
the New York Clearing House showed a decrease in
cash held by the banks and trust companies of $103,000. There was a reduction, too, of $3,949,950 in
the cash requirements, owing to a contraction of
$17,479,000 in deposits that followed payments
of loans amounting to $17,323,000. Thus the
cash surplus for the week indicated an increase
of $3,846,950 to $19,802,600, which compares
with $11,920,300 at the corresponding date last
year.
MAY 17 19131
THE CHRONICLE
The range in call money this week has been
2@3%,the latter figure having been the maximum
each day of the week until Friday, when 27A% was
the highest. Monday's lowest was 23/2% and
ruling rate 2%%; on Tuesday 29% was both the
lowest and the renewal figure; Wednesday's lowest
% was
was 2%%, with 27A% ruling; on Thursday23
the minimum and 3% the renewal basis; Friday's
4%. Time
lowest rate 23/2% and renewal figures 23
money showed a slight fractional gain for the week,
closing at 3%@4% for sixty days, 4% for ninety
days, 4@414% for four months, 43'@432% for
five months and 43/2@4%% for s.;,x months. Commercial paper is not pressed for sale and is not in
active demand. Closing quotations are 53i@53/2%
for sixty and ninety-day endorsed bills receivable and
for four to six months' names of choice character;
others are quoted at 53
4@6%•
Sterling exchange has ruled firm as a result of the
firm discounts abroad and the renewal to some extent of the money strain in Berlin. Two additional
shipments of $2,000,000 each have been arranged to
Paris, the first going by Wednesday's boat and the
second by to-day's (Saturday's). Rates, however,
are still well below the arbitrary figures at which it
is computed that the precious metal can be forwarded
across the Atlantic without loss. This week's shipments make the total to Paris during the present
movement $10,000,000; this, it is reported, completes the original order of the Bank of France,
which, it is understood, is assuming the loss in foreign
exchange in order to strengthen its position. The
Bank is thus anticipating the large demands that are
to be made upon Paris during the next few months
in the form of the French Government's loans and
also the loans that will be required by• the Balkan
States, which will look to Paris as one of the chief
lenders. Press cable accounts predict that foreign
private bank rates and money rates will continue
firm and for this reason it is not considered unlikely
in sterling exchange circles that the Bank of France
may increase its order for gold so long as the metal
can be obtained at the present reasonable basis.
At Paris the private rate by most of the banks is
maintained at the Bank of France rate.
Offerings of bills have been quite light during the
week, the chief supply of finance bills being from
Canadian banks which have been dr wing on their
London balances. Importers have not been free purchasers of exchange, which is readily explained by the
natural tendency of the new tariff bill to interfere with
the free movement of merchandise across the Atlantic.
Money seems to promise more activity abroad than
at home during the next few weeks,though when crop
requirements on this side become insistent, such a
situation will not unnaturally be appreciably modified. An agreement was yesterday reached between
the American and Canadian exporters on the one
hand and the British importers on the other hand, on
new terms on which bills shall be drawn from this
side against grain shipments. Exporters, under the
new arrangement, will draw 7-day bills instead of
60-day bills, which has been the custom for years,
including the old sailing-vessel days. Although the
North American Grain Exporters' Association held
out for a long time for a three-day bill, a settlement
upon a seven-day basis is regarded a victory.
The Continental exchanges have been rather irregular. The London check rate in Paris closes
1391
at 25.203/2 francs, which compares with 20.20 francs
a week ago. At Berlin sterling closed at 20.45%
marks, comparing with 20.45 marks one week ago
and 20.47 marks a fortnight ago. Berlin exchange
in Paris as reported by cable yesterday was quoted
at 123.22 francs, comparing with 123.17 francs
a week ago.
Compared with Friday of last week, sterling exchange on Saturday was weaker, with demand quoted
at 4 86@4 8605, cable transfers at 4 8640@4 8645
and sixty days at 4 8260@4 8270. On Monday
trading was dull, operations being restricted, owing to
observance of the Whitsuntide holidays abroad; demand ruled slightly lower at 4 8595@4 8605 and cable transfers at 4 8635@4 8645; sixty days advanced
5 points to 4 8265@4 8275. Firmer discounts abroad
and light offerings of commercial bills here induced
an advance on Tuesday to 4 8615@4 8625 for demand, 8 8650@4 8660 for cable transfers and 4 8275
@4 8285 for sixty days. There was a further advance in the early transactions on Wednesday of 20
points, demand at one time touching 4 8645 and cables 4 8685; later, however, this was partially lost
and a weakeritone developed, although the closing
range was above Tuesday's final quotations, at
4 8625@4 8635 for demand,4 8660@4 8670 for cable
transfers and 4 8290@4 83 for sixty days; the main
influences were increasing firmness in English discounts and selling for speculative account. On
Thursday the market ruled steady but very dull;
demand remained unchanged from the previous
day's close at 4 8625@4 8635 and cable transfers
at 4 8660@4 8670, while sixty days declined to
4 8275®4 8285. On Friday the market ruled irregular. Demand bills and cable transfers were without
change; sixty-day bills declined 5 points. Closing
quotations were 4.8270@4 8280 for sixty days,4 8625
@4 8635 for demand bills and 4 8660@4 8670 for
cable transfers. Commercial on banks closed at
4 814@4
1
82% and documents for payment at 4 82/
1
@4 83. Cotton for payment ranged from 4 823
to 4 823/2, grain for payment 4 823/eo4 82%.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $7,135,000 net in cash as a result of the currency movements for the week ending May 16.
Their receipts from the interior have aggregated
$14,482,000, while the shipments have reached
$7,347,000. Adding the Sub-Treasury operations
and the gold exports, which together occasioned a
loss of $4,600,000, 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 $2,535,000,
as follows:
Week ending May 16 1913.
Banks' interior movement
Sub-Treasury oper. and gold exports_
Total
Into
Banks.
Out of
Banks.
314,482,0001
20,800,000,
Net Change in
Bank Holdings.
$7,347,000 Gain 37,135,000
25,400,000 Loss 4,600,000
$35,282,0001 332,747,000 Gain $2,535,000
The following table indicates the amount of bullion
in the principal European banks.
May 16 1912.
May 15 1913.
Banks of
Gold.
£
England__ 36,361,981
Franco_ _ - 130,074,520
Germany _ 48,939,150
Russia c _ _ 159,419,000
Ails. Run _ 50,209,000
Spain _ _ _ _ 18,110,000
Italy _e___ 48,727,000
Netherl'ds 13,586,000
Nat.Beig - 7,838,667
Sweden _ 5,718,000
6,904,000
Switzerl 1
Norway _ _ 2,132,000
Silver.
Total.
Gold.
' .£
£
36,361,981 29,832,338
24,034,520 154.109,040 129,619,120
14,800,000 63,739,150 44,593,900,
7,125,000 166,574,000 149,197,000
10,564,000 60,773,000 52,613 000
29,822.000 47,932,000 17,022,000
4,050,000, 50,777,000 42,115,000
677,100 14,263,100 12.179,000
3,919,333 11,754,000 6,646,000
5,718,000 4,793,000
6,904,000 6,435,000
2,132,000 1,981,000
£
Silver.
Total.
£
£
39,832,338
32,494,280 162,143,400
16,976,750 61,520,650
7,669,000 158,866,000
12,713.000 65,326,000
29,990,000 47,012,000
3,662,000 45,777,000
924,890 13,103,890
3,323,000i 9,969,000
4,793,000
6,435,000
1,981,000
Tot. week.526,049,318 94,991,953621,041,271 507,006,358 107,752,920 614,759,278
Prey. week 524,891,445 96,472,427 621,363,872506,480,252 107,931,503614,411,755
1392
THE CHRONICLE
A NEW PROPOSAL FOR INTERNATIONAL
PEACE.
The statement of our Administration's purposes
in the matter of international peace, made by the
Secretary of State at the recent dinner of the Hundred Years Peace Committee, introduces in a formal
way a proposition which may conceivably play an
important part in future discussions of the problem.
The spirit in which this Committee is now preparing
to celebrate the century of good relations between
ourselves and Great Britain—which will have ,been
completed in 1914—has been notably in evidence
in other directions. Whatever may be said of the
state of affairs in Europe, nothing is more manifest
at the present time than that the disposition of the
American people is wholly averse to anything looking toward international disputes, and is in favor of
measures which would guarantee good relations with
the rest of the world. Nothing, in fact, could
better prove this general temper of our people than
their attitude pending the vexatious controversy
with Japan. An interesting and curious sidelight
to the same effect has been shown by the statement
of cordial approval by certain large manufacturers
of war material in this country—an action which
certainly shines by contrast with the recent unpleasant revelations regarding the intrigues of certain
German armament manufacturers.
Secretary Bryan, addressing the Peace meeting
last week, Friday, stated that two weeks before, at
the President's direction, he had presented simultaneously to the representatives of thirty-six nations
represented at Washington a proposition for the
averting of international collisions. In this formal
proposition Mr. Bryan went on:
"The President expresses not only his willingness,
but his desire, to enter into agreement with every
other nation, great or small, that, so far as our nation
and that contracting nation are concerned, there will
be no war, no declaration, no announcement of
hostilities, until the question in dispute has been
investigated by an international tribunal and its
report made known."
"I believe," Mr. Bryan continued, "that this
proposition is as .long a step in the direction of
peace as has ever been proposed. It does not mean
to take the place of arbitration treaties. Make
all you can; submit to arbitration every question
that you can agree to submit; but when you are
through you will find—at least we have found thus
far—that there are certain questions that are
excepted. .... It is the purpose of this plan to
provide time for passion to subside, for reason to
regain its throne, and it is the hope of those who
believe in the plan that when it is adopted between
this nation and other nations it will then be adopted
between other nations until the nations of the earth
will be knitted together by this agreement."
Objections will undoubtedly be forthcoming as to
the practicability of such a plan. Victory in war,
it has already been suggested, is extremely apt nowadays to go to the nation which strikes first, and particularly to the nation which (as in the case of Japan's
war with Russia and our own war against Spain)
strikes before its antagonist suspects that it is ready
to do so. Postponement of hostilities until the
neutral party or parties to whom the case had been
submitted should report would obviously remove
that advantage, and might, therefore, be complained
[VOL. xcvi.
of as the handicap of a nation—perhaps one whose
cause for war was righteous—in its endeavor effectively to uphold its rights.
But this objection, after all, merely repeats in
another form the objection urged to every other
proposition heretofore made with the purpose of
averting unnecessary warfare. The same objection
would, in fact, hold against submitting any dispute
whatever to the Hague Tribunal; it would certainly
hold as against the submission of every dispute.
It would stand against arguments for restricting
armaments through international agreement; since,
certainly, the nation which had been able to steal a
march in the matter of military preparations would
be best able to strike effectively when war began.
In short, the objection in its very nature amounts
to saying: We propose to go to war whenever we
see fit, and to impose no restraint on hasty or impetuous action with that purpose in view.
That is to say, the argument against these plans
for promoting peace begs the whole question. Yet
the question is one which must be settled, and which
cannot be light-heartedly waved aside. The present
situation of Europe is the most striking commentary
on the need for some better safeguard. What we
are witnessing, not only in the actual condition of
affairs abroad, but in the proposals of future policies
by the great continental governments, is a Condition
governed by actual war expenditure in time of peace.
Not only so, but numerous recent incidents, during
the period of diplomatic tension, have shown what
might have happened on this occasion and what may
conceivably happen in another like it.
There have been occasions in the past when the
scuffle between French residents and German visitors at the French town of Nancy might have provoked a war. There have been many times when the
Montenegrin controversy would have led to war with
the impetuous Austrians. How Europe has regarded
this situation has been abundantly illustrated through
the hoarding of money by the Continental citizens
and the paralysis of the market for new securities.
The one ray of light in this difficult situation is
the manner in which, under the skilful and statesmanlike diplomacy of Sir Edward Grey, the neutral
Powers have been held together in disposing of the
numerous vexed questions arising from the Balkan
War. Russia and Austria, which lately had large
armies ready for the field massed on their respective
frontiers, have demobilized those forces. Russia
has bidden Montenegro, her Slav protege, to withdraw from Scutari. Austria has announced that it
will act only in accordance with the will of the other
Powers. So far the situation is altogether reassuring; yet it cannot be overlooked that this harmony
among the great Powers has been due much more to
a fear of the consequences from an outbreak under
the present peculiar circumstances than to an abstract wish for peace.
The work of the Powers, through their assembled
Ambassadors, however effective it has been to date,
is not yet completed. The problem of Albania remains, and it is no slight problem. A turbulent community, stirred up already through the intrigues of
various native generals and feudal lords, such as
Essad Pasha—whose own action at the time of Scutari's surrender seriously complicated the situation—
the task of insuring for Albania an orderly government will be no easy achievement. It may be
doubted, in view of the division of sentiment in
MAY 17 1913.]
THE CHRONICLE
1393
Albania itself, whether the vague proposal of a for- , fit to practice the code of the duel in their relations
eign prince will turn out to be acceptable to the peo- with one another. President Wilson's suggestion is
ple themselves. It is not clear how far they and their in the nature of a direct inquiry as to whether they
leaders will assent to whatever delimitation of their will also refuse to surround that barbarous code with
border is agreed upon.
the human restrictions applied to it by individuals,
All this explains the long delay in the formal an- even when settlement of private animosities by a fight
nouncement that the peace treaty in the Balkans has was the practice of the day.
been finally concluded. That delay has been discouraging to the financial markets because its reasons are misunderstood by the public at large, and
THE CASE FOR HIGHER RATES.
because, in any case, it prolongs existing uncertainThe expected petition of the Eastern trunk line
ties. On the other hand, the delay is itself encour- roads for a rehearing of the
application for leave to
aging, because it indicates that the Powers are not increase rates, decided in
February 1911, was made
now inclined to terminate their negotiations through on Wednesday. Their increasin
g burdens are many
temporary compromises]and measures which will be and go far beyond the wage
increases, which are
speedily defeated or upset in the early progress of themselves heavy and are
virtually fixed charges in
events, but are resolved to settle, as finally as is that they do not accurately
conform to fluctuations
possible at the present time, the map of Southeastern in the volume of traffic. Capital
charges increase;
Europe and the distribution of sovereignty in that taxes increase; legislation puts on
the roads such
district.
loads as "full crew" laws, elimination of grade crossThe entire episode, so far as concerns the activity ings, liability and compensation acts, compulso
ry
of the neutral Powers, suggests beyond question a installation of various appliances, not
all
of
them
possibly greater usefulness than before in such com- practically useful. Further,
many millions of new
bined action on their part. Yet it would not be safe capital must be expended for
enlarging yards and
to ignore the patent fact that selfish motives have pre- terminals, laying more tracks,
installing blockdominated even in this conference, and will always signal systems, and buying new
rolling-stock. Terpredominate, and that they will not always present minal facilities must be enlarged,
or the uselessness
themselves, as on the present occasion—when, in- of having the "neck" too small
for the "bottle" will
deed, uncertainty and fear as to what would happen be shown. Railways must
grow physically, or their
to a government which defied and deserted the con- power to keep up with growing
public needs must
ference of Powers has been a dominating motive. fail; there is no escape
from the alternative.
Such misgivings might easily be found not to exist
The roads say they are prepared to show that the
on another occasion of the sort. European alli- new money must be largely
provided by issuance of
ances and European secret treaties might, as was the new securities "and that
such necessary capital
case on the eve of the Franco-PrussianWar,have been cannot, under existing transportation
rates, be obadjusted into a very different shape, distincly less tained except on terms which would
be prohibitive
favorable for peace. Furthermore, there stands out or which the carriers generally would
not be justithe highly important fact that, while Europe's peo- fied in assuming." Here, as we
have repeatedly
ple as a whole have this time stood firmly against the pointed out, is really the
crux of the matter; for alpolicy of war between the greater States, there is though the public at large
may continue thoughtlessly
no assurance of such an attitude on another similar indifferent to the well-being
or otherwise of the roads,
occasion. People as well as governments have to be the inability to render the
service indispensably
restrained on occasions of the sort. The experience required is something upon which
the general public
of Greece, when an excited population forced the hand is bound to take an interest. The
petitioners say
of its Government in the unlucky experiment of the that net earnings from present rates
cannot furnish
Turkish War in 1897, and even the history of our a surplus margin equal to command
ing the credit
own war of 1898,sufficiently illustrates this important "necessary to enable them to
secure the additional
fact.
capital required for suchinecessary purposes, and it
The Hague Tribunal still remains, and will continue is only through an increase
in freight rates that this
undoubtedly to enlarge its sphere of usefulness. It can be accomplished." To
meet an objection to
is reasonable to suppose that, as times go on, formal the advances sought in
1910 because those were
arbitration treaties will similarly be enlarged in mainly "in the so-called
class rates," the increase
scope. But recent experience has abundantly shown asked now is upon commodi
ty as well as class rates,
that something more than this is necessary. The and is put at the very moderate
figure of five per
effort at a mutual pledge to submit to friendly out- cent.
side consideration a dispute which threatens war,
There has been a persistent disposition, officially
and to do this in advance of the first hostilities, is a as well as unofficially, to dwell
upon the growth of
matter of great interest for this reason.
gross earnings and pass over the course of net earnEven under the code of the duel,formerly practiced ings, although the latter are necessarily
the real test
so universally throughout European States, though of the health of any business; not how
much is done,
now happily proscribed by enlightened public opin- but how much is earned clear, is
the rule by which all
ion, etiquette demanded consideration of a dispute operations are judged. On
another page we give
by friendly outsiders in advance of the final extreme our compilation of the revenues
of United States railmeasures, and required that the efforts of such out- roads for the month of March, and
these show that
siders to adjust the quarrel should be respected by gross earnings, as compared with
the same month of
the antagonists, even if such intervention proved to be last year, increased a little over
10 millions, but
ineffective. Refusal to entertain such friendly over- net decreased over 44 millions.
It is true that this
tures was regarded, even in those days, as evidence particular unfavorable result
is partly chargeable
of brutality or infatuation on the part of one or the to the damages wrought by the
floods, but to offer
other disputant. Nations, unfortunately, still see this explanation really strengthe
ns instead of weak
1394
tt
THE CHRONICLE
ens the argument, since unfavorable occurrences are
certain to intrude themselves into any business
operation, and any business which cannot develop
and maintain a surplus to serve as buffer against
them is dependent for its life upon uninterrupted
fair weather. These misfortunes are to railway business as conflagration is to fire insurance, in which
it has been proved again and again that so-called
"surplus" is the only means of withstanding the blow
of conflagration. The analogy can be carried a step
farther; for if the public expect insurance stockholders to make good a conflagration deficit, they will
not do so unless they are allowed to count on a good
rate of profit in normal times. Similarly, when railroads come to the investment market for new loans,
they must "show" and satisfy the lenders; telling
hard-luck stories and pleading the harshness of statutes and regulative commissions will not win them a
dollar.
The case presented now by the roads is very moderately couched as to language and so cogent in its
sharp outlining of the immovable conditions that it is
perhaps stronger than ever before. We desire to
point out that it is not traversed by or to be met by
the position the "Chronicle" has taken—namely,
that resistance to wage-increases would be sounder
and more permanent than consent to alternating
increase of wage and increase of rates, even if the
roads still had their original power to make their own
rates. The difference is that now the wage increases,
large and menacing though they are, constitute only
one factor, and the rest of the case is sufficiently
grave. It is becoming too plain for concealment
that the subject does not, in the real sense, rest with
the Commission, and cannot be disposed of arbitrarily by it. The answer of that body to the roads'
petition is only one step in the final decision, and it
will be for the ,general welfare to clearly understand
that.
THE CLINCH WITH ORGANIZED LABOR.
The local traction outbreak in Cincinnati and
other present situations of exigency show that the
greatest single menace to stability and prosperity
is political domination by organized labor.
Each successive strike in the long series hag involved two simple fundamental propositions: that
when workers cannot agree with their employers as to
wages or other conditions, it is their right and duty
to walk away from the premises and stay away; then
and thus they start an effective and impartial arbitration. Self-interest ordinarily, and public needs
in case of public utilities of any kind, compel the employer to yield, and work resumes, the strikers having gained their case. This is peaceful "arbitration."
A very few instances (at long intervals) to the contrary merely prove the rule that violence and riotous
attacks on persons and property immediately undertake to prevent the employer from discovering
whether he is below the market standard for labor
wages and conditions or the employees are above it;
the asserted doctrine is, that whoever has once engaged in a work owns that work, either to stay in it
or to abandon it, and may attack persons and property in alleged. self-defence. So the striker has
evolved the strike-breaker, and the first step of a
strike proceeds to the next stage of rioting and local
war, to which we have ignobly allowed ourselves to
become wonted.
[VOL. xcvi.
The steps of this And its termination are so constantly before our sight that no details need be related; it is all familiar, as it is all wrongly treated.
The public vaguely sympathizes with the striker as
probably wronged and certainly the under dog in the
struggle, but the powerful factor is that the public
objects to being inconvenienced and refuses to accept
present suffering as the price of future safety. The
cars must run, say the public; so, instead of requiring violence to be suppressed and punished at whatever cost, the employers are required to stop the disturbance by yielding to the disturbers.
Recognition of the union, yielding to some of the
demands, a pretended "arbitration"—these are the
regular terms called for and exacted as the price of
a truce which lasts until labor is ready for the next
advance. It is a path worn by re-treading. We
lately had it with the engineers; then with the firemen; it is begun with the trainmen; it is in Cincinnati
just now. Instead of calling upon every power in
government to put down lawlessness and enforce
a genuinely free settlement, local and higher officials
turn cowards and side with the mob.
• Now, it is vain to try dissuasion upon a power
which is humanly selfish and has been so steadily
hardened by surrenders to it. The railroad engineers
—formerly the least aggressive, because men of a high
comparative average of intelligence and probably
conscious of the responsibilities of their vocation—
have been gradually infected, for it is not long since
their chief representative threatened this city with
being brought to starvation within a week. It is
idle to tell railway employees that they will bankrupt
the,roads; they have already replied that wages are a
first lien always, and receivers' money is as good as
any other.
The Mayor of Cincinnati, "after a conference with
Union leaders," sent a demand to the traction company there to appoint an arbitrator by a named hour,
"or an application will be made to throw the company
into receivership." So the newspapers said, but
repression of the men who were preventing the operation of the cars was hardly pretended. A recent war
in Yonkers (ended in the usual way) was favored by
an ordinance which, in terms, prevented hiring strikebreakers. A recent bill in the Pennsylvania Legislature—failed for this time, but certain to reappear—
forbade taking any man into train service within the
State unless he had previously had 18 months' experience in similar work, and for three months on the
same road that wished to hire him. There is a bill
somewhere in the U. S. Senate proposing to limit
hours of labor by denying inter-State carriage to
the product of any concern which disregards the
specified hours. The bill, already mentioned, for a
comparatively sound "compensation" in this State,
was vetoed yesterday, avowedly because Gov. Sulzer
favois, such legislation as is approved by the workingmen themselves, and not what the lawmakers and
the casualty companies offer them," the real explanation being that organized labor, having once objected,
refuses to confess an error and accept a defeat. Over
five years ago Mr. Gompers was sentenced to a year's
imprisonment for a deliberate violation of a Court order; now the year is reduced to 30 days, with a considerable prospect (for judges are only men, after all)
that it will be wiped off on some technical hairsplitting. It is confidently declared that President Wilson
will accept the exemption rider which Mr. Taft so
ately vetoed, and will seek to condone such a weak
MAY 171913.]
THE CHRONICLE
1395
surrender by excuses, such as that other funds can be ary we had the prodigious gain of $38,128,677 in
used and no wrong act by organized labor shall be gross (18.28%) and of $18,781,777 gain in net, or
left unprosecuted. We also have open warnings, 41.28%. We showed at the time that the extraoras noted in our article on "The Financial Situation," dinary increases for this month were wholly due to
that any stoppage of works or cut in wage because of exceptional causes, following in the main from the
tariff reductions shall be looked into and put on trial, extremely cold weather experienced in January last,
and that if the Bureau of Foreign and Domestic year in contrast with the unusually mild weather exCommerce and the Bureau of Corporations has not perienced the present year. In February the gain
claws enough, "the Bureau of Statistics in our sister in gross as compared with 1912 proved to be only
Department of Labor has powers of inquiry on the $14,389,312, or 6.59%, and in net no more than
labor side which can be made effective." This re- $2,002,769, or 3.49%.
For March now the gain in gross is of yet smaller
calls, and concurs with, the announcement by organized labor, long ago, that while wages can be proportion than for February, while in the net there
periodically raised, no reduction will be tolerated is an actual falling off. For the month of April the
indications are that the showing will be no better, •
under any circumstances.
The statement need not be pursued farther, for though in the case of the anthracite coal roads comfrom the local pvernment of cities through the ex- parison will be with the period of suspension of mining
ecutive and legislatures of the States, and through in 1912. This conclusion follows from the circumCongress (and there is fear that the White House stance that the effects of the floods in the central
may be added to the list), there runs the same omi- sections of the country were more severely felt in
nous menace that all the men in office and the poli- April than they were in March. The reason is that
ticians are in terror of the large and solid "vote" in March the floods were an influence only towards
wielded by organized labor. That organization hard- the vepy close of the month. In April, though the
ens and enlarges with each successive private and lines were again open, damage had to be repaired,
public surrender to it. Shut our eyes to it, try to and railroad operations still remained more or less
belittle it, continue crying "peace" where there is crippled; in the worst afflicted districts, where many
none; it is a condition of incipient or potential of the city streets had been running streams and where
industrial and social war, growing more serious with buildings had been submerged to the second and third
each new yielding.
stories, it has, in many instances, been found impos-What can be done about it? Attempt to match an sible even yet to get back completely to normal conunorganized few against massed numbers is hope- ditions, and necessarily, therefore, the volume of
less, because political preponderance goes only by the trade and business in the flooded sections in April
count of votes. Labor now virtually makes our laws, must have been on a greatly restricted scale. This
writes and ratifies our constitutional changes, and makes it certain that the comparisons of earnings
is somewhat influencing and openly threatening our for April, when the returns shall become available
courts. One thing can be done, and one only; at the several weeks hence, will be little if any better than
next open difference between employers and em- those now disclosed for March.
- —Increase or Decrease—
ployees, when the strike comes, put the violence down. March (463 roads)—
Amount.
1912.
1913.
%
3,215 1.33
237,295 Inc.
240,510
Miles of road
Assert this paramount duty in government, if it re- Gross earnings
3249,230,551 $238,634,712 Inc. $10,595,839 4.46
169,466,421 Inc. 14,870,984 8.79
184,337,405
quires an army and martial law over an entire State. Operating expenses
Net earnings
$64,893,146
$69,168,291 Dec. $4,275,145 6.13
The place to break into the solid control of the labor
Stated in brief, we have for the month of March
masses by their leaders is with those masses. The
way to do that is to shatter the leaders' impregna- a gain of $10,595,839 in gross earnings, or 4.46%,
bility. The first struggle in which they are made to but attended by an augmentation in expenses of
yield to law and order will exhibit their vulnerability $14,870,984, thus producing a loss in net of $4,275,and loosen their grip somewhat on their subjects. In- 145, or 6.13%. The roads in the eastern half of
cidentally, the people who obey the laws in their own the country have fared particularly bad, as would be
persons would acquire a new sense of self-respect and expected. Here we have (speaking of the roads cola touch of courage, while simultaneously the poli- lectively) a decrease in both gross and net and much
ticians would begin to take notice of a turn in the the largest in the latter. And bearing in mind the
course of events. The longer this turn is put off prospect of equally unfavorable returns for the month
for the sake of to-day's comfort, the deeper and se- of April, it is not surprising that the managers of
these properties should the present week have made
verer it will be when it is forced upon us.
application to the Inter-State Commerce Commission
for permission to make a slight increase in freight
RAILROAD GROSS AND NET EARNINGS
rates.
FOR MARCH.
Added significance attaches to the unfavorable
Our compilation of the gross and net earnings of showing for March (treating the roads as a whole)
United States railroads for the month of March by reason of the fact that last year, too, the showing
does not present very flattering comparisons. The for March was indifferent, so it cannot be conresults as to gross are indifferent and those as to tended that comparison is with exceptionally large
net earnings poor. Of course the floods in the Middle figures in 1912. Our compilations for March 1912
and Middle Western States, which came in the clos- registered only $12,955,678 gain in gross (5.77%),
ing week of the month and so seriously interfered and of this but $848,494 was carried forward as a
with railroad operations at that time, and!the effects gain in the net, indicating how cost of operation was
of which were felt throughout the whole of the early rising at that time. Going a year further back, we
weeks of April, are in part responsible for the unfavor- find that there was an actual loss in both gross and
able exhibit now presented; but, as a matter of fact, net in March 1911; by the figures of the Inter-State
the showing has been getting poorer with each suc- Commerce Commission, the loss in gross wasl$11,ceeding month as.the year has progressed. In Janu- 264,790 and the loss in net $9,148,129. In the year
1396
THE CHRONICLE
preceding,large expenditures were also a conspicuous
feature of the returns; according to the tabulations
of the Inter-State Commerce Commission there was
an increase in gross in March 1910 of no less than
$32,887,440 but the gain in net was no more than
$8,664,106. In March 1909, of course, there were
striking gains in both gross and net-$22,190,078
in the former and $14,303,842 in the latter; but
these gains followed largely as the result of the large
losses sustained in 1908, the year following the 1907
panic. In 1908 the Commission had not yet begun
to give out comparative figures. Our own compilations at that time were somewhat incomplete,
owing to the circumstance that earnings were running
SO poorly that a number of big companies withheld
their figures, as they did not care to disclose the magnitude of their losses. On an aggregate of only
152,058 miles of road, our statement then showed a
decrease of $21,531,681 in gross and of $6,543,631 in
net. We estimated that for the entire railroad mileage of the country the falling off in gross for the
month must have been about $34,000,000, with a
shrinkage of $10,000,000 in net.
In the following we give the March totals back to
1896. For 1911, 1910 and 1909 we use the InterState Commerce figures, but for preceding years we
give the results just as registered by our own tables
each year-a portion of the railroad mileage of the
country being always unrepresented in the totals,
owing to the refusal of some of the roads to give out
monthly figures for publication.
[VOL. xcw.
stances of reduced net, showing the part played by
increasing expenses, notwithstanding that floods and
other special circumstances did not come in to accentuate the upward trend of the expense accounts.
The Great Northern, with $628,529 gain in gross,
falls $231,807 behind in net, and the Chicago :Burlington & Quincy has $81,648 decrease in gross and
$218,758 decrease in net. The Chicago & North
Western having lost in gross in March last year, the
present year has no less than $727,013 gain in gross,
but only $136,971 gain in net. The Northern Pacific,
with $690,930 addition to gross, has added $134,041
to net. Generally speaking, the roads in the western
half of the country have substantial gains in gross
and moderate gains in net,following either indifferent
returns last year or positive losses of large amount.
The Rock Island, for example, has $604,570 increase
in gross and $163,084 increase in net; last year
this system showed $438,238 decrease in gross and
$346,129 decrease in net. The Union Pacific, which
now has $896,432 gain in gross and $374,722 gain in
net, last year had $340,485 decrease in gross and
$487,566 decrease in net, and the Southern Pacific,
which in March 1913 adds $778,702 to gross and
$194,020 to net, last year fell behind $260,960 in
gross and $214,129 in net. Among other Western
roads that have done well the present year may be
mentioned the Milwaukee & St. Paul, with $978,737
addition to gross and $468,275 addition to net, and
the Atchison, with $702,607 increase in gross and
$265,276 increase in net.
Among Southern roads those with lines connecting
Gross Earnings.
Net Earnings.
Year.
Year
Year
Inc. (-I-) or
Year
Inc. (+) or with the flooded district plainly show the effect, the
Year
Given.
Preceding. Dec.(-).
Preceding. Dec.(-).
Given.
Louisville & Nashville having lost $13,879 in gross
March.
$
$
$
and
$339,970 in net. The Southern Ry. has added
1896
52,393,09 51,220,449 +1,172,644 16,004,390 16,051,229
-46,839
1897 -.- 56,662,33 55,792,864
+869,474 17,992,125. 16,567,339 +1,424,786
but only $91,226 to net. The
1898 ___ 65,920,85 57,313,69 +8,607,153 21,833,9101 18,045,866 +3,788,044 $477,986 to gross
1899 __ 71,322,133 66,789,833 +4,532,300 23,576,797 21,872,71 +1,704,084
1900
81,946,09 72,318,54 +9,627,55 26,782,183 23,895,78 +2,886,403 Atlantic Coast Line has done unusually well this time,
1901 _
96,738,82 88,034,673 +8,654,153 32,780,439 28,903,19; +3,877,243
1902 ___ 97,290,104 92,943,633 +4,346,471 31,299,387 30,736,551
+562,836 with $496,175 improvement in gross and $313,415
1903 _ - 106,208,709 91,541,5/ +14,667,126 33,406,751 28,846,90: +4,559,843
1904 ___ 110,945,05 110,057,629
+287,426 30,628,797 34,291,16i -3,662,363 in net, but in March last year had $277,929 decrease
1905. 120,507,724 110,277,421 f 10,230,303 36,878,227 31, 4,4 2 +5,223,825
1906 _ 129,838,70 116,861,229 +12,977,479 40,349,748 35,312,906 +5,036,842 in net.
The two New England systems, namely the
1907 _ 141,580,502 128,600,109 +12,980,393 40,967,927 40,904,113
+63,814
141,193,819 162,725,50
1908
21,531,681 39,328,523 45,872,1
-6,543,631
1909 ___ 205,700,01 183,509,935 +22,190,078 69,613,713 55,309,871 +14,303,842 New York New Haven & Hartford and the Boston
1910 _ _- 238,725,772205,838,332 +32,887,440 78,322,811 69,658,70 +8,664,106
1911 _ 227,564,915238,829,70 -11,264,790 69,209,357 78,357,48 -9,148,129 & Maine, have only trifling gains in gross and very
1912 _ 237,564,332224,608,65 +12,955,678 69,038,987 68,190,493
+848,494
1913
249,230,551 238,634,712 +10,595,839 64,893,146 69,168,291 -4,275,145 heavy losses in net-the New Haven $680,648 loss
in net and the Boston & Maine $140,507. In the
Note.-Includes for March 141 roads in 1896, 127 in 1897, 137 in 1898, 123 in
1899, 126 in 1900, 123 in 1901, 126 in 1902, 107 in 1903, 101 in 1004, 101 in 1905, following we show all changes for the separate roads
96 In 1906, 94 in 1007; in 1908 the returns were based on 152,058 miles of road; In
1909, 233,702; in 1910, 239,691; In 1911, 244,081; in 1912, 238,218; in 1913, 240,510. for amounts in excess of $100,000, whether increases
Neither the Mexican roads nor the coal-mining operations of the anthracite coal
roads are included In any of these totals.
or decreases, and in both gross and net:
As far as the separate roads are concerned there are
PRINCIPAL CHANGES IN GROSS EARNINGS IN MARCH.
Increases.
Increases.
some heavy decreases in the case of the roads in the
$978,737 El Paso & Southwest_ _ _
Chicago Milw & St Paul_
$124,272
Virginian
Pacific
Union
124,123
eastern half of the country and these decreases in Southern Pacific_ _ _ _ 896,432
Texas
& Pacific
778,7u2
123,108
727,013 Chicago St P Minn & Om
113,002
& North West__
not a few instances extend to the gross as well as to Chicago
702,607 St Louis Southwestern
106,619
Atch Topeka & Santa Fe
690,930 Chicago Great Western
105,860
Pacific
the net. Thus the Baltimore & Ohio has $352,440 Northern
628,529 Nash Chatt & St Louisv_
104,448
Great Northern
102,945
024,264 Mobile & Ohio
Missouri Pacific
loss in gross and $1,009,452 in net. The Pennsyl- Rock
604,570
Island
496,175
Atlantic Coast Line__
Representing 38 roads
vania, on the lines directly operated East and West Southern
Railway
477,986
in our compilation_ _$12,639,718
Kansas & Texas
Missouri
453,160
of Pittsburgh, has $269,436 decrease in gross and Minn St Paul & S S M_ - 377,840
Decreases.
a352,031 Philadelphia & Reading- $525,231
Y Central & Hud Riv_
$1,967,098 decrease in net. The New York Central N
401,262
Norfolk & Western
298,124 Lehigh Valley
385,997
Central
252,856 Central of Now Jersey-reports $352,031 gain in gross, but a loss of $100,709 Michigan
352,440
Wabash
238,685 Baltimore & Ohio
11269,436
Phila Bait & Wash
228,940 Pennsylirania
in net. This is for the Central proper. Including St Louis & San Fran_ _ _
216.512
215,481 Wheeling & Lake Erie_
181,220
Yazoo & Miss Valley_ _
186,981 Chesapeake & Ohio
168,875
the various auxiliary and controlled roads,the whole Pittsburgh
& Lake Erie__
184,830 Cleve Clue Chic & St L
146.455
169,913 Chicago & Alton
Seaboard Air Line
143,096
going to form the New York Central System, there is Western Pacific
165,808 Delaware Lack & West_
137,997
158,350 Chicago & Eastern Ill_
Elgin Joliet & Eastern_
Hocking Valley
133,239
a gaini of $443,559 in gross but a loss of $1,177,995 Kansas City Southern_ - 156,953 Toledo
106,760
& Ohio Central
145,088
Lake Shore & Mich Sou_
140,054 Duluth Miss & Northern
102,361
in net. The leading anthracite coal roads all have Florida East Coast
137,600
Minneap & St Louis
Representing 14 roads
136,400
Delaware & Hudson_ _ _ _
large losses in both gross and net this time, the pro- Colorado
in our compilation__ $3,270,881
130,302
& Southern_
are on the basis of the returns filed
duction of anthracite last year in March having been Nole.-All the figures in the above
with the Inter-State Commerce Commission. Where, however, those refor any system, we have combined tho separate
exceptionally heavy,in preparation for the complete turns do not show the total
roads so as to make the results conform as nearly as possible to those given
suspension of mining the next month.
in the statements furnished by tile companies themselves.
a These figures cover merely the operations of the New York Central
Including the various auxiliary and controlled roads, like the MichiWestern roads have done much better than East- Itself.
gan Central, the Lake Shore, the "Big Four, the "Nickel I'late," &c., the
whole going to form the N. Y. Central System, the result is a gain of $443.ern roads, the reason being that with them compari- 559.
y These figures represent the lines directly operated east and west of
son is with poor results in 1912, but even in the case Pittsburgh,
Eastern lines showing $291,879 increase and the Western
decrease. For all lines owned, leased, operated and conlines
of these Western roads there are some striking in- trolled,$561,315
the result for the month is a loss of 333.149.
THE CHRONICLE
MAY 17 1913.]
1397
made with it-should also bear some relation to the capital and surplus
PRINCIPAL ORANGES IN NET EARNINGS IN MARCH.
Decreases. of the bank and that the total deposit that a bank be permitted to receive
Increases.
Pennsylvania
y$1,967,098
$468,275
Paul..
Chicago Milw & St
from one person,firm or corporation should not be more than a reasonable
1,009,452
374,722 Baltimore & Ohio
Union Pacific
680,648 percentage of its capital and surplus. Large deposits are, of course,
313,415 N Y N H & Hartford__ _
Atlantic Coast Line..__ _
521,401 tempting to a bank, but they are often a source of great weakness, particu280,467 Philadelphia & Reading..
Missouri Kansas & Texas
265,276 Central of New Jersey
479,643 larly where a very large account, subject to the check of one individual or
Atch Topeka & Santa Fe
Valley
Lehigh
438,631
_
_
228,228
Fran.._
San
&
St Louis
339,970 corporation, is carried with a bank having a small capital and surplus.
227,168 Louisville & Nashville_ __
Pere Marquette
338,387 It is conceded that the amount to which a bank may become a creditor is
194,020 Lake Shore & Mich Sou_
Southern Pacific
292.162
&
Chicago
171,754
properly a subject of regulation and it would seem with equal propriety
Alton
Missouri Pacific
289,761 that there should be some limitation, based upon its capital and surplus, on
163,084 Clev Cinc Ch Sr St L__ _ _
Rock Island
288,533 the
159,095 Del Lack & Western....__
Seaboard Air Line
amount to which a bank may become indebted to a depositor.
240,855
147,751 Chesapeake & Ohio
Norfolk & Western
231,807
136,971 Great Northern
Chicago & North Western
218,758
M.._
..
S
S
&
134,233
Chicago
Quincy_
&
Paul
Burl
Minn St
That any attempt to lower wages or close factories because
188,276
134,041 Wheeling & Lake Erie......
Northern Pacific
171,372 of
126,484 NY Chic & St Louls____
Chicago Great Western..
the passage of the pending tariff bill is likely to bring upon
140,507
_
Southern_
122,805
City
&
Boston Maine
Kansas
139,015 the offender an immediate investigation by the Government
118,675 Cinc Hamilton & Dayt__
Western Pacific
138,444
117,922 Northern Central
Denver & Rio Grande_
137,606 to determine the justification of such a movement was em107,442 Chicago & East Ill
Texas & Pacific
136,691
St Louis Southwestern_ _
107,213 Hocking Valley
125,512 phasized this week by both Secretary Redfield of the Depart-.
San Pedro Los A & S L.._
105,760 Duluth Miss & Northern
118,191 ment of
Florida East Coast
102,763 Michigan Central
Commerce and John Sharp Williams of the Senate
107,788
Vandalia
al00,709
Riv.
Finance Committee. The remarks of Secretary Redfield,
N Y Central & Hud
supplemental to those made by him last week, were addressed to the members of the National Association of
a These figures cover merely the operations of the New York Central Employing Lithographers in session at Washington on the
Michiitself. Including the various auxiliary and controlled roads, like the
gan Central, the Lake Shore, the "Big Four," the "Nickel Plate," &c., the 14th inst. His comments were occasioned by a statement
whole going to form the N. Y. CentralSystem, the result is a loss of $1,177,contained in a circular issued by the Association in
995.
y These figures represent the lines directly operated east and west of which it was predicted that idleness and a cut of
Western
the
$660,857
and
decrease
Pittsburgh, the Eastern lines showing
lines $1,306,241 decrease. For all lines owned, leased, operated and con- wages would be suffered with the reduction in the tariff
trolled, the result is a loss of $2,183,853.
on their products. That Mr. Redfield might think it the
When tile roads are arranged in groups or geo- duty of his Department to inquire into their business
graphical divisions the distinction in the character methods,if there was a fulfillment of the prediction,is evident
from the following extract which we take from his remarks:
of the returns between Eastern and Western roads
"If I grasp the public mind at all clearly, it holds unfavorable views
is made clearly apparent. The first three groups toward reduction of wages except under the direst necessity. It would
not approve them for the sake of maintaining profits, least of all as a means
have heavy losses in net and two of them also have of political menace. Furthermore, there is a belief that the reduction of
is the easy resort of the inefficient and that it is the hall-mark of poor
losses in the gross. The remaining groups have gains wages
management.
"I believe this to be so. As, therefore, the reduction of wages has direct
in both gross and net. Our summary by groups
social effects, and as the public has the right to efficiency in its factory
is as follows:
servants, the Department has undertaken to find out whether the facts
Representing 23 roads
in our compilation.... $4,307,564
SUMMARY BY GROUPS.
Gross Earnings
1912.
Inc.(-1-)or Dec.(-).
1913.
Section or Group.
MarchGroup 1 (16 roads) New England
Group 2(85 roads) East & Middle
Group 3 (63 roads) Middle West
Groups 4 & 5 (84 roads) Southern_ _ _ _
Groups 6 & 7 (77 roads) Northwestern
Groups 8 & 9 (93 roads) Southwestern
Group 10 (45 roads) Pacific Coast_
Total (463 roads)
Group No. 1
Group No. 2
Group No. 3
Groups Nos.4 & 5
Groups Nos.6 & 7
Groups Nos.8 & 9
Group No. 10
Representing 25 roads
in our compilation__ $8,841,217
11,507,944
60,412,271
33,130,782
35,773,670
54,246,921
39,477,040
14,681,923
11,435,393
60,964,858
33,743,613
33,296,301
50,171,371
35,669,947
13,353,229
+72,551
-552,587
-612,831
+2,477,369
+4,075,550
+3,807,093
+1,328,694
0.63
0.91
1.87
7.43
8.12
10.67
9.95
249,230,551 238,634,712 +10,595,839 4.46
Net Earnings
-Mileage1912. Inc.(+)orDec.(-).
1913.
1913. 1912.
%
$
$
$
7,654 7,647 2,129,970 3,018,874 -888,904 29.44
26,717 26,468 14,627,895 18,298,243 -3,670,348 20.06
25,629 25,458 6,277,814 9,168,018 -2,890,204 31.29
39,530 39,194 10,910,858 10,146,942 +763,916 7.54
67,334 66,138 15,536,190 15,256,519 +279,671 1.83
55,949 55,196 10,022,051 8,435,801 +1,586,250 18.80
17,697 17,194 5,388,368 4,843,894 +544,474 11.24
240,510 237,295 64,893,146 69,168,291 -4,275,145 6.13
Total
NOTE.-Group I. includes all of the New England States.
Group II. Includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia
Group ///. Includes all of Ohio and Inaiana; all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV.and V.combined include the Southern States south of the Ohio and east
of the Mississippi River.
Groups VI. and V//. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois; all of South Dakota and North Dakota and
Missouri north of St. Louis and Kansas City; also all of Montana, Wyoming and
Nebraska, together with Colorado north of a line parallel to the State line passing
through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south of
Denver,the whole of Texas and the bulk of Louisiana: and that portion of New Mexico north of a line running from the northwest corner of the State through Santa Fe
and east of a line running from Santa Fe to El Paso.
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah
and Arizona and the western part of New Mexico.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 49
shares, of which 39 shares were sold at the Stock Exchange
and 10 shares at auction. No trust company stocks were
sold.
Shares. BANKS-New York.
10 Amer. Exch. Nat. Bank
*37 Commerce, Nat. Bank of.. _ _
*2 Mech.& Metals Nat. Bank.-
Low.
229
185
250
High.
229
1897
250
Close.
229
185
250
Last previous sale.
Apr. 1913- 233
May 1913- 190
Nov. 1912- 270
do or do not justify the threatened reduction.
"Observe that in saying the 'facts,' one does not merely mean the facts
as they are, but also the facts as they ought to be. Operating with bad
equipment, with unscientific treatment of material, with antiquated
methods, in poor locations, with insufficient capital and generally ineffective management will not be esteemed a satisfactory reason for reducing
wages.
"The public looks for better things through its producers and for things
that accompany efficiency. The investigation will not be carried on in a
trust-bursting spirit. There is no desire to destroy anything. On the
contrary, while it will be a certain and thorough beginning where some inquiries have left off, content with no superficial facts, It will be directed to
the development of the industry and will be carried out in a spirit of helpfulness.
"Possibly few people realize what efficient machinery the Department
of Commerce has for making such an investigation. For example, on the
scientific side of &itch an inquiry the great Bureau of Standards is of prime
use. In the present inquiry (that of the pottery industry) the clay products
section of this Bureau, located at Pittsburgh, will take an active part,
and if and when other industries come under investgation, well-trained,
scientific men and good equipment are ready in chemistry and mechanics
and many other lines to do similar work.
"The Bureau of Foreign and Domestic Commerce, under whose direct
auspices the present inquiry proceeds, has broad powers of inquiry into the
cost of production, wages, general factory conditions and the like.
"The Bureau of Corporations also has broad scope in studying accounting
and cost-keeping methods, with the right of subpoena which it has in times
past found some need to exercise. If these three are not enough, the
Bureau of Labor Statistics in our sister Department of Labor
has powers of inquiry on the labor side which can be made
effective. The Department of Commerce exists for the purpose of promoting American industry in commerce at home and abroad. It intends to
do its work as well as it can with the force and funds provided. As the
head of that Department, I feel that while its scope in aiding commerce is
broad and has many phases, one of these phases which is important is that
of turning light upon inefficiencies wherever they can be found.
"I have spoken frankly, gentlemen, on this particular line, because T
have received a circular issued under the auspices of your own association
from which I take these words, referring to the reduction in the tariff on
the goods in which you are interested as producers:
"'This means workmen thrown out of jobs. It means that wages must
go down in order to compete. It may mean longer hours than forty-eight
hours a week.'
"You have been, yourselves, you see, as frank as I, and your statement
was made first. If in the final result the words I have quoted are put into
effect by you in a substantial degree, it may become the duty of the Department of Commerce to inquire into your business methods."
Senator Williams on the 12th inst. gave warning that the
Department of Justice would be prepared to deal with
*Sold at the Stock Exchange.
manufacturers and producers threatening to close factories
it could be established that concerOn Wednesday the Governors of the Stock Exchange or reducing wages where
He is quoted in the New York
had
taken.
action
been
ted
the
of
petition
voted to grant the
members to close on
saying:
as
"Sun"
Saturday, May 31, the day following Decoration Day. The
"The Sherman Anti-Trust Law gives ample authority for the prosecution
New York Cotton and Coffee Exchanges will also enjoy the of any men who shall enter into any agreement or understanding to cut
or reduce output to restrain freedom of competition in trade. ,
wages
holiday.
double
In its monthly letter reviewing financial and commercial
conditions, the First National Bank of Birmingham, Ala.,
makes the following interesting suggestion regarding the
limitation of bank deposits:
gx The present national banking laws seek to provide against undue extension:of credits by limiting the amount that can be loaned by a bank to any
one firm, person or corporation to 10% of its capital and surplus. It
would seem desirable that credits by the public to a bank-that is, deposits
"The injunction has been used frequently against trade unions to prevent
them from engaging in sympathetic strikes or secondary boycotts. It may
well be within the legal limits to prevent the closing of industrial plants
with the definite object of coercing Congress.
"I understand that the President and Secretary Redfield intende to hay
the Bureau of Corporations inquire into the conditions which influence business men to reduce wages because of the new tariff bill. It may develop
from this inquiry that an agreement or conspiracy existed for concerted
action in closing industrial plants which would lead to criminal prosecutiond."
1398
THE CHRONICLE
• A. Barton Hepburn, Chairman of the Board of the Chase
National Bank of this city, upon his return to New York
yesterday after a trip of several months in Europe, made
the following comments as to the views abroad of conditions in the United States, according to the "Wall Street
Journal":
As to European investments in American securities, the general attitude may be summarized. Bankers, manufacturers and others with whom
I talked say as to your rails, your principal roads are either being prosecuted by your Government or are threatened with prosecution. Your
industrials, those that are large enough and sufficiently potential to attract foreign investors, are in the same condition, actual or pending Governmental prosecution for alleged violation of the law. Why should we put
money into them? Why should we invest in American securities, either
rails or industrials? To the European citizens it is inconceivable that the
Government can fail to enforce its construction of the law. Any securities placed abroad under existing conditions must pay a price greater than
their normal credit justifies, or would in normal conditions be necessary.
xcvi.
_
to the free entry of wood pulp and paper, because the free
entry privilege is granted to Canada under the only clause
of the Canadian Reciprocity Act which is operative. The
Court at the same time held that the Treasury Department
had placed a correct interpretation on the Canadian Reciprocity agreement by immediately admitting wood pulp and
paper free without reciprocal action by Canada. The question as to the right of free entry of wood pulp and paper
claimed by Norway, Russia and Austria-Hungary was
referred to the courts after ex-President Taft had declined
to accord such privilege. The pending -tariff bill grants
free entry to wood pulp and paper not exceeding 23/i
cents per pound in value; the Canadian Reciprocity Act
makes the limit of value 4 cents per pound.
"It is certainly incumbent upon statesmanship and busiThe United States Supreme Court on the 12th inst.
ness management," Mr. Hepburn said,"to bring harmonizing refused to grant the petition of Attorney General McReyco-operation out of present warfare and confuiion in this nolds for a rehearing in the Minehill & Schuylkill Haven RR.
country, and do it speedily."
case. As we have previously indicated in these columns,
the Supreme Court on April 7 decided that the road, which is
Announcement is made from Washington, this week, of the leased to the Philadelphia & Reading RR., is not "engaged
authority accordld to the national banks by Secretary of in business" within the meaning of the Corporation Tax Law
the Treasury McAdoo to withdraw United States 2% bonds and, therefore, is not subject to the corporation income tax.
placed as security for Government deposits,and to substitute In seeking a rehearing of the case Attorney General Mctherefor Philippine, Porto Rican, Hawaiian or District of Reynolds contended that every "income-producing" act
Columbia bonds, on condition that the 2% bonds withdrawn of a corporation is within the law; he furthermore argued that
be used as security for additional circulation by banks which the decision would make it possible not only for railroads, but
have not as yet taken out the full amount of circulation all other corporations,to'avoid taxation with respect to any
authorized by law. The reports from Washington state business done by them simply by leasing their plants.
that in connection with the Secretary's recent order, charging 2% interest on all Government deposits, the banks asked
Charles C. Glover of Washington was brought before the
permission to withdraw United States 2s to a certain extent House of Representatives on the 9th inst. and formally
and substitute as security the other bonds,because such bonds reprimanded by Speaker Clark for the assault committed
paid interest ranging from 3.65 to 4 per cent. In making by him upon Representative Thetus W. Sims on April 18.
the concession the Secretary stipulated that the withdrawn The attack was said to have been occasioned by a speech
Government 2s must be used at once as security for circula- made by Representative Sims during the last session of
tion in order to preserve the parity of the 2s. It is also Congress in which he is reported to have criticized Mr. Glover
announced that the Secretary,in distributing the additional for his connection with the proposed sale of land to the
$10,000,000 of Government deposits, in accordance with Government. As we stated in our issue of May 3 a comhis recent notice, will give preference to those national mittee of the House which investigated the matter presented
banks whose outstanding circulation amounts to not less a report finding Mr. Glover to be "guilty of a breach of the
than 40% of their capital stook.
privileges and a contempt of the House of Representatives".
The Committee made no report at the time as to the form
A protest against the proposal of the Secretary of the Treas- the punishment in the case should take, but later under a
ury to require the payment of interest beginning June 1 on all resolution they directed that in view of the apology of Mr.
Government deposits, both active and inactive, has been Glover a reprimand be administered. Following the
entered by William Hazzard and Frederick F. Blossom, on delivery of this reprimand Mr. Glover was discharged.
behalf of the Peoria (Ill.) Clearing-House Association. Speaker Clark in his reprimand said in part:
According to the St. Louis "Globe-Democrat," the Peoria
The freedom of speech and the immunity from being questioned elsebankers personally presented their grievances to Assistant where for words spoken in debate on the floor of the House and also of the
Senate, guaranteed by the Constitution, lie at the very root of our free inSecretary Williams on the 5th inst. During the hearing stitutions.
You violated both by your conduct. * * *
given them they pointed out that their banks are in a peculiar
It must be apparent that a Representative or a Senator in his individual
no more rights than any other citizen of the Republic,and he is
has
capacity
position because they handle a great amount of internal
clothed by the Constitution with the immunity from being questioned
revenue funds which they transfer every year to sub-treasury elsewhere
for words uttered in debate on the floor of the House, so that
cities, and they argued that some exception should be made they may speak their minds freely without fear and without embarrassment.
weal. If one person is permitted to go unpunished for
In their case because of the large volume of business transacted This is for the publicRepresentative
for words spoken in debate on the floor
an assault upon one
for the Government, sometimes at actual loss. It was con- of the House, every person can assault a Representative for words used in
tended that the national banks at Peoria barely break even debate on the floor of the House, and free speech is at an end—free governnow on the handling of upwards of $30,000,000 in internal ment is at an end.
Not only that, but to assault a Representative or a Senator for words
revenue receipts each year and in fact a statement was spoken in debate on the floor of the House might compel a good man
handed the Assistant Secretary showing that one Peoria who does not want to kill anybody to perform that very act.
Chair, therefore, reprimands you, Charles C. Glover, in the name of
bank last year actually lost $189 on the general work of andThe
by direction of the'House of Representatives, and directs the Sergeantat-Arms to remove youlfrom the Hall of the House and to discharge you
transferring Government money, cashing checks, etc. Fol- from
custody.
lowing the presentation of these facts before Assistant
Patrick Quinlan, one of the leaders of the Industrial
Secretary Williams, the latter is said to have advised the
Peoria delegates that the Government is not disposed to Workers of the World, and an agitator in the Paterson
require banks to transact business at a loss, and that some silk weavers strike, was found guilty on the 14th of having
form of readjustment would be made that would be satisfac- incited the strikers to injure others in a speech made bylhim
factory. He intimated, the "Globe-Democrat" says, that on February 25. The conviction was found in aTretriallof
the permanent deposits placed in the five national banks of the case, the jury in the first trial having been discharged
Peoria might be doubled or largely increased in consideration on the 10th inst. by Judge Klenert of the Court of Special
of the volume of Government business which they handle. Sessions in Paterson after its failure to agree. The convicThe Assistant Secretary is reported to have said that he has tion is the first important one in the ranks of the Industrial
received no protests from any other quarter.
Workers of the World and it was followed by a meeting of
protest on Thursday, at which the principal agitators were
Charles P. Neill, United States Commissioner of Labor spokesmen. Four other leaders are also under indictment
since 1905, and recently made Commissioner of Labor for "inciting to riot" in the Paterson strike, viz—William
Statistics in the new Department of Labor, has resigned from D. Haywood, Adolph Lessing, Carlo Tresca and Elizabeth
the Government's employ to enter the service of the American Gurley Flynn.
Smelting & Refining Co. Mr-. Neill will organize and conAn extended discussion of so-called "blue sky" legisladuct a labor department which is to be established by the
tion, by Arthur J. Edwards, of the Wells & Dickey company
company.
of Minneapolis, appeared in the "Commercial West" of
Under a decision of the Court of Customs Appeals at the 3rd inst. Mr,.Edwards remarks have particular referWashington on the 12th inst. European countries with which ence to the bills which were before the Legislature ofjMinnethe United States has "favored Inationsitreatiestarel entitled sota—one of the States Lwhere "blue sky" legislation was
MAY 17 1913.]
THE CHRONICLE
defeated, to the relief, Mr. Edwards points out, of those
who have taken an interest in this form of legislation.
"This feeling of relief", Mr. Edwards says, "extends to the
business men engaged in both large and small enterprises who
need to secure assistance from the public in their financing;
to the dealers in seasoned securities, and to those who have
studied the subject of 'blue sky' legislation in a friendly
way with a view to having Minnesota enact an adequate
law covering this subject. The discussion before the Legislature served a good purpose in acquainting the members
of that body with the real import of this type of legislation
and the extended scope which it takes in the way of regulating
the business of corporations. The probability of an extra
session this fall at which this subject may again be considered
makes it desirable that it have careful and accurate study
by the business men of the State,so that they may understand
its relationship to them and by those who are intimately
acquainted with the machinery of the business affected."
1399
Gov.Sulzer,reduces:from $5,000,000 to $2,000,000 the capital
and:surplus which a trust company of this State is required
to have to maintain a branch without the State, either in
the United States or in foreign countries.
A bill requiring commission merchants to pay a license
fee of $10 and to deposit a bond of $3,000 with the Commissioner of Agriculture "to insure an honest accounting of
moneys due the shippers of farm produce" was signed by
Gov. Sulzer on the 9th inst. The bill affects all "persons,
firms, associations or corporations rewiving, selling or offering for sale on commission within this State any kind of farm
produce." The bill was opposed by the New York Produce
Exchange, which sought to have it amended so as to apply
only to unprocessed and unmanufactured products, with
cereals exempted from the list. One of the members of the
Exchange was quoted as stating this week that "although
the framers of the bill have emphatically said that there was
no intention to bring the Produce Exchange under its ban,
Several of the bills affecting the New York Stock Exchange we cannot see how we are exempt under the wording. Posbecame laws this week with their approval by Gov. Sulzer. sibly we shall ask the courts for a ruling if the bill goes into
effect and most certainly pressure will be brought to bear
Three of them were signed on the 12th inst., viz:
The bill designed to prohibit the Stock Exchange from preventing its by this body to have the bill amende4 if it is made to apply
members from dealing with members of other exchanges. This bill takes to us."
effect on Sept. 1.
The bill relating to the reporting or publishing of fictitious transactions
in securities, which makes it a felony to report as a purchase or sale of stock,
bonds, &c., transactions in which there is no actual change of ownership.
The bill which makes it a felony to issue or publish any statement or
advertisement as to securities of financial condition of a corporation, company or association if the person issuing such statement has reasonable
ground to believe it false.
On the 14th inst. Gov. Sulzer signed the bill designed to
prevent brokers from transacting business after insolvency
and prohibiting the hypothecation of customers' securities.
Two other bills in the.series of Stock Exchange legislation
which were signed by Governor Sulzer last month are:
The Levy bill, which makes more stringent the law against "bucket
shops." This was signed on April 10.
The bill which makes it a felony to manipulate the market prices of securities, signed on April 11.
Other bills affecting the Stock Exchange which were passed
by the Legislature and are awaiting the Governor's signature
are:
The bill which makes it a felony to trade against customers' orders.
The bill requiring brokers to give customers a memorandum of the sale
or purchase of stock, stating from whom it was bought or to whom it was
sold, and indicating the day and hour of the transaction.
The principal bill in the entire series—that providing for
the incorporation of the New York Stock Exchange—failed
of enactment; it passed the Assembly on March 24 but was
killed in the Senate on May 2, when that body sustained the
adverse report on the bill presented by the Judiciary Committee. Another bill which failed to become a law is that
designed to prevent alleged discrimination by the New York
Stock Exchange in the listing of securities engraved by the
New York Bank Note Co. The bill under which it was proposed to increase the tax on transfers of stock from 2 cents
to 4 cents on each $100 of face value was allowed to die in
committee on the instance of Gov. Sulzer, because of the opposition which developed with its introduction. The bill
limiting the rates on call loans to 15% and that requiring
the filing with the Secretary of State of quarterly reports
by organizations whose securities are listed on the Exchange
were also allowed to die.
Under a bill signed by Gov. Sulzer on the 9th inst., the
directors of banks and trust companies are required to examine twice a year into loans and discounts made to officers
or directors or for the benefit of such officials or other organizations in which they have a beneficial interest. The bill
also requires that there be filed with the Banking Department
a statement of every liability to the bank or trust company of
every officer or director and corporation in which they are
beneficially interested.
On the 14th inst. Gov. Sulzer signed a bill permitting foreign banks which do not maintain an office in this State for
the transaction of business to make loans in this State secured by. mortgages on real estate, and to accept assignments
of mortgages covering real property situated in this State.
Another bill signed by Gov. Sulzer on the 14th inst. provides that the State Superintendent of Banks may require
officers of any bank or individual banker to open and keep
the books of the institution as he may prescribe,if it shall appear that they are not being kept so as to readily enable the
Superintendent to ascertain the true condition of the bank.
The bill incorporating the Rockefeller Foundation under
the New York State laws was signed by Gov. Sulzer on the
14th inst. As stated in this department on April 26, the
bill was passed on April 14 by the Senate and on April 24
by the Assembly. State incorporation was sought following the failure to secure the passage of a similar bill in Congress. At the time application was made for a State charter,
Jerome D. Greene, personal agent for John D. Rockefeller
stated that the movement did not indicate that efforts to
obtain a Federal charter had been abandoned. Representative Peters, however, who introduced the bill in Congress,
was quoted yesterday in the "Times" as saying that the
measure would no longer be urged upon the consideration of Congress. The bill provides for the administration of a philanthropic fund, to be donated
by Mr. Rockefeller, the income of Which is to be applied
in promoting the "well-being of mankind throughout
the world." The incorporators are John D. Rockefeller,
John D. Rockefeller Jr., Frederick T. Gates, Harry Pratt
Judson, Simon Flexner, Starr J. Murphy,Jerome D. Greene,
Wickliffe Rose and Charles 0. Heydt, "together with such
persons as they may associate themselves with and their
successors."
A bill passed by the Pennsylvania Legislature describing it
as a misdemeanor to make or use a false statement in writing
to obtain property, money, credit or extension of credit,was
signed by Governor Toner on the 8th inst.
A bill intended to clothe the Pennsylvania State Commissioner of Banking with power to wind up the affairs of insolvent
institutions under his jurisdiction was defeated in the House
on the 6th inst. by a vote of 84 in its favor and 86 against it,
but was called up for re-consideration on the 12th inst. and
passed by a vote of 123 to 46.
Announcement was made this week of the withdrawal of
the Seamen's Bank for Savings of this city from the New York
State Savings Bank Association. The institution is one of
the oldest and largest of the savings banks in the State. Dissensions among the members of the Association are reported
to have developed over the legislation affecting savings banks,
which it was sought to enact at the recent session, and these
differences are regarded as having been responsible for the
action of the Seamen's. One of its officials, however, is
quoted as stating that his institution took no active part in
the Association, and that it simply withdrew because it had
no use for it. The particular legislation which is said to have
stirred up differences among the members is that which would
have required the compulsory creation of a reserve fund by
the savings banks. This bill died in committee. The Assc:
ciation is to hold its annual convention in this city on Thursday next, the 22d inst.
The regular and independent tickets offered at the annual
election of the New York Stock Exchange on Monday met with
practically equal success in the contest for governors to
serve for four years. The regular ticket offered this week
was presented by a nominating committee elected on the
independent ticket last year; thus while the insurgents of
A bill affecting trust companies which was passed at the 1912 became the regulars this year, the conservatives of
recent session of the New York Legislature, and signed by last
pre ented thelindependent ticket'at the"current
1400
44
THE CHRONICLE
annual meeting. The independents in this year's ticket
renominated all of the retiring governors, while the regular
ticket contained the names of four of the retiring governors
in addition to six new names. The independentsfelt that the
Governing Committee as it existed should not be interfered
with, because ofthe "curiously complex and novel problems
confronting the Exchange". In addition it was pointed out
that last year's issue had to do with the method of nominating
the Nominating Committee; that the suggested changes had
since been adopted by the Governing Committee and had nothing to do with the election of members of the Governing Committee this year. Besides the election of the four named on
both tickets, the regulars succeeded in electing three others
of their candidates, and a similar number of the independent
nominees was elected. Of the successful candidates, those
whose names appeared on both tickets are E. V. D. Cox,
W. W. Heaton, William H. Remick and E. H. H. Simons;
the others elected with these are J.S. Halle,James H.Jenkins,
and Alfred Mestre, named on the regular ticket, and C. Ledyard Blair, William T.Floyd and William B.Potts,proposed
by the independents. Those on the regular ticket who were
defeated were M. B. Fuller, Charles P. Holzderber and Ed.
L. Rogers, while the unsuccessful contestants of the independents were Arthur W. Butler, Casimer I. Stralem and
James B. Tailer. There was no contest over any of the rest
of the nominees, both tickets being identical otherwise.
James B. Mabon has been re-elected President and Henry C.
Swords has been re-elected Treasurer. Eugene Meyer Jr.
has been elected a member of the Governing Committee to
serve three years; Dexter Blagden has been elected a member
of the Governing Committee to serve one year and Henry C.
Lawrence has been elected a Trustee of the Gratuity Fund
to serve five years. One of the heaviest polls on record was
cast at the election, a total vote of 712 out of an active membership of 750 having been recorded.
A change in the method of quoting odd lots on the New
York Stock Exchange will be adopted beginning Monday next
May 19. In accordance with regulations adopted by the
Committee on Arrangements, bid and asked prices for 10
shares will be carried on the noon list and on the tape at
the closing hour in case the 100-share prices are 5 or more
points apart. In explanation of this a circular issued by the
Exchange says:
•On the noon-day list and on the tape at the close, where the 100-share
quotation is 5% or more apart, the ten-share quotation may be substituted, if closer. On the list the ten-share bid or offer will be preceded by
a star. On the tape it will be followed by a C. The use of the 0 is rendered necessary by reason of there being no star on the wheel. As an example of the use of the letter C, a sample strip of tape is shown below,
with explanations of different possibilities, as follows:
(3)
(4)
(2)
(1)
. NWPr
. NWPr
.NWPr
NWPr
Closing
187.0.188.0.
185.1880.
187.0.190
185.190
Example 1: Chicago & Northw. pref. 185 bid for 100; 100 offered at 190.
Example 2: Chicago & Northw. pref. 187 bld for 10; 100 offered at 190.
Example 3: Chicago & Northw. pref. 185 bid for 100; 10 offered at 188.
Example 4: Chicago & Northw. pref. 187 bid for 10; 10 offered at 188.
Senator Stephen J. Stilwell of the New York Legislature
was indicted on a charge of bribery by the New York County
Grand Jury on the 12th inst. He pleaded not guilty on the
13th and furnished bail to the amount of $5,000. The indictment grows out of the charge of attempted extortion
made against him by George H. Kendall, President of the
New York Bank Note Co., who alleged that $3,500 had been
demanded by the Senator to insure a favorable report by the
Senate and Assembly Codes'Committee on the bill designed
to prevent the New York Stock Exchange from discriminating
against Mr. Kendall's company by refusing to approve
securities engraved by it. An investigation of the charges
was undertaken by the Senate Judiciary Committee last
month, and, following the presentation of its report to the
Senate, the latter exonerated the Senator on April 15 by
a vote of 28 to 21. Subsequently, Attorney-General Carmody, at the instance of Governor Sulzer, forwarded the
evidence in the case to District Attorney Whitman for
presentation to the Grand Jury. When Senator Stilwell
appeared in Court this week to answer to the Grand Jury
charge, Justice Seabury assigned State Senator James D.
McClelland as his counsel, Mr. Stilwell having declared that
he had no financial means to employ counsel. Senator
McClelland, who served on the Senate committee of investigation, has been Senator Stilwell's adviser since the case
has been in the hands of the Grand Jury. The trial will
begin next Wednesday.
xcvi.
his father, the late John T. Terry, whose name was inadvertently printed as George T. Terry in these columns last week
in a reference to his death.
The State Bank of this city has opened its new Madison
Square Branch at 7 West 26th Street under the management
of H. W. Vogel.
William F. Fitzsimmons and Arthur Platt Smith have
been made Assistant Secretaries of the Broadway Trust Co.
of this city. Mr. Fitzsimmons goes to his new post from
the Irving National Bank while Mr. Smith retires as
manager of the Schermerhorn Branch of the Mechanics Bank
of Brooklyn. The new manager of that branch succeeding
Mr. Smith is Alexander S. Ingram.
The conviction of Charles H. Hyde, formerly City Chamberlain, on the charge of having accepted a bribe as a publicofficer, was set aside by the Appellate Division of the Supreme
Court yesterday. Hyde was found guilty on Nov. 29 last
year by a jury in the Criminal Branch of the Supreme Court.
The indictment was returned against him on May 2 1911 and
resulted from the investigation into the affairs of the Carnegie
Trust Co. of this city. He had been sentenced to not lessthan two years nor more than three years and six months.
A suit brought in the name of the failed Union Bank of
Brooklyn Borough against nine former directors, to recover
$150,000 on a note endorsed by them, was dismissed by
Supreme Court Justice Manning on the 7th inst. Justice
Manning is said to have based his action on the ground that
the plaintiff had failed to show sufficient proof that the
directors had received any consideration therefor. The
disputed note, according to the Brooklyn "Eagle", was dated'
July 23 1907 and originated indirectly from the purchase by
the Union Bank of the People's Bank. In dismissing the
proceedings, Justice Manning pointed out that a now suit
could be instituted on the basis of smaller notes of $16,666 66
which each of the directors had signed as substitutes for thelarger note.
A hearing will be given to-day (the 17th inst.) by Governor
Sulzer on a bill empowering the Board of Claims to inquire
into and determine the claims of the depositors and creditors
of the Union Bank to reimbursement by the State. The bill
has passed both the Senate and Assembly. The proposed
legislation has been furthered by Assistant District Attorney
Louis Goldstein ofj Brooklyn, the special investigator of the
defunct institution. No return has been made to the depositors since the institution closed its doors in April 1910
and the bill seeks to compel the refund by the State of.
$3,600,000 to the depositors, lost, it is alleged, through the
negligence of the Banking Department.
The final order for the voluntary liquidation of the
Williamsburgh Trust Co. of Brooklyn Borough was signed
by Justice Aspinwall of the Supreme Court, Brooklyn, on
the 8th inst. The only creditor, it is stated, is the Metropolitan Trust Co. of this city, to which it is indebted to the.
extent of $750,128. The chief assets are said to be in stocks
and bonds to the amount of $1,254,332. There are also on,
hand unclaimed deposits of $15,638, which will be turned
over to the Banking Department to hold in trust for the
depositors. The Williamsburgh Trust Co. was placed in
voluntary liquidation under authority of its stockholders
granted in January 1911. An arrangement was entered into
whereby it borrowed from the Metropolitan Trust enough
money for the immediate payment of its depositors in cash.
The amount advanced by the Metropolitan was reported
as in the neighborhood of $1,250,000. A previous loan of
$1,500,000 from the Metropolitan served to bring about the
reopening of the Williamsburgh Trust in June 1908,following
its temporary suspension in October 1907.
P. A. Rowley, formerly with the Bank of Nova Scotia,
has been appointed Cashier of the Bank of Long Island, at
Jamaica, succeeding W. D. Llewellyn, resigned. Mr.
Rowley had been identified with the Bank of Nova Scotia forfifteen years and had recently been in charge of its Quebec
branch.
Julius A. Lebkuecher, a Vice-President of the Union National Bank of Newark and formerly Mayor of that city,
died on the 13th inst. Mr. Lebkuecher was born in Germany
sixty-nine years ago, but came to'this country with his parents when he was four years of age. With his cousin, George.
John T. Terry Jr. has been elected to the board of the Krementz, he organized the firm of Krementz & Co. in 1869,
American Exchange National Bank of this city to succeed and continued this connection until his death. In addition to.
MAY 17 1913.]
THE CHRONICLE
1401
serving as Mayor, to which post he was chosedin 1894, were 37,871; those of the Inter-State on the same date
Mr. Lebkuecher had been President of the Passaic Valley were $1,080,311. Frank N. Briggs is President of the InterSewerage Commission from 1902 until the current year. State Trust Co.
He was also a director of the Franklin Savings Institution of
A suit for $1,400,000, brought in March against Ben F.
Newark.
Edwards, who has since resigned as President of the National
H. G. Murray has been appointed receiver of the First Bank of Commerce in St. Louis, and his brother, George L.
National Bank of Norwich, Conn., which suspended on Edwards, formerly a director of the bank, was dismissed
by Judge Dyer in the United States District Court of St.
April 16.
Louis on the 5th inst. for want of jurisdiction. The proW. A. Briscoe, President of the Thames National Bank ceedings were instituted by John P. Herrmann, a stockholder
of Norwich, Conn., died on the 29th ult. of heart disease. in the institution, who claimed that the amount sued
for
Mr. Briscoe was fifty-six years of age.
was lost through the purchase in 1906 by the Commerce
Richard McAllister has been elected President of the Ma- of the Fourth National Bank of St. Louis. According to
rine Trust Co. of Atlantic City, N. J., succeeding Louis Mr. Herrmann's petition, the price paid for the Fourth National was $3,000,000, or at the rate of $300 a share, of which
Kuehnle, resigned.
$245 was for the assets and $55 a share for the good-will.
The new addition to the building of the Corn Exchange
A cash offer of $325,000 for the assets of the defunct ComNational Bank of Philadelphia is rapidly nearing completion, and the bank expects to be able to occupy it in the mercial Bank & Trust Co. of Louisville was recently refused
course of a couple of months. The institution has been by State Bank Commissioner T. J. Smith. The proposition
was made by the Realization Company of Chicago. The
seriously handicapped for room, but, with a new wing four
bank closed its doors on Jan. 22. Its deposits were in the
stories in height and,an enlarged banking room of80x100 ft.,
neighborhood of $700,000.
it is hoped that it will be able to properly care for the demands upon it incident to its steady expansion. A new feaWilliam C. Denny, Assistant Cashier of the Southern
ture is the installing of massive new safety deposit vaults in National Bank of Wilmington, N. C., has been elected
the basement, which will be a great convenience in the whole- Cashier to succeed J. W.Simpson, resigned. R. L. Henley,
sale district supplied by the bank. An entirely new equip- heretofore receiving teller of the institution, has succeeded
ment, throughout the main banking room is to be installed, Mr. Denny as Assistant Cashier.
marble and bronze being the principal factors in the beautiThe purchase of a large block of stock of the Dallas Trust
fication of the new quarters. On May 6 the bank's directors
declared the 109th semi-annual dividend of 5%,and in addi- & Savings Bank of Dallas, Tex., by capitalists consisting
tion, from the past six months' earnings, added $50,000 to largely of the present directors of the institution was resurplus, making that fund $1,700,000 (earned), and also cently announced in the Dallas "News." The stock, it is
charged off $50,000 on account of new buildings, showing stated, had been held by J. C. O'Connor, and the transaction
the prosperous condition of the bank. It has a capital of is said to have involved a sum approximating $300,000.
$1,000,000 and resources of $26,000,000. Charles S. Cal- S. J. Hay, President of the institution, and Henry D. Linswell is President, T. J. Jeffries and M. N. Willits Jr. are ley, are reported to have represented the purchasers in the
proceedings. The bank has a capital of $300,000; it is inVice-Presidents, and Newton W. Corson, Cashier.
timated that the amount may shortly be increased.
The Munsey Trust Co. of Washington, D. C., organized
Wilson C. Patterson, a Vice-President of the First National
under the presidency of Frank A. Munsey of New York,
opened for business on the 15th inst. Mr. Munsey is Chair- Bank of Los Angeles, and one of the foremost of the city's
man of the board of the recently organized Munsey Trust prominent business men, died at Naples, Italy, on the 1st
Co. of Baltimore. His associates in the management of the inst. of heart trouble. Mr. Patterson left Los Angeles on
Washington institution are Stuart Olivier of Baltimore and March 5, having .been granted a five-months' leave of abCharles S. Johnson of Washington, Vice-Presidents, and sence by the directors. His affiliation with the First NaC. H. Pope, Treasurer. The Washington institution has a tional Bank dated from 1905, when the Los Angeles National
capital of $2,000,000.
Bank, of which he had been President, was merged with
the First. Mr. Patterson was also President of the Empire
A movement is under way to increase the capital of the Securities Co., President of the West Coast Produce Co.,
Guardian Savings & Trust Co. of Cleveland, Ohio, from Vice-President of the Los Angeles Pressed Brick Co., and a
$1,000,000 to $2,000,000. Of the additional stock which is director of several financial and industrial organizations.
to be authorized, $750,000 is to be put out forthwith and He had also served as President of the Los Angeles Clearingoffered to the present stockholders at $200 a share, the other House Association. He was sixty-eight years of age.
$250,000 being held in the treasury and disposed of from time
to time to new interests. The institution has a surplus of
TRADE AND TRAFFIC MOVEMENTS.
$1,000,000, and this, like the present capital, will be augUNFILLED ORDERS OF STEEL CORPORATION.—
mented by $750,000 through the premium realized in the The United States Steel Corporation on Saturday, May 10,
issued its regular monthly statement showing the unfilled
sale of the $750,000 of new stock.
orders on the books of the subsidiary corporations at the
The vacancy in the office of First Vice-President of the close of April. From this statement it appears that the
German-American Savings Bank Co. of Cleveland, due to aggregate of the unfilled orders on April 30 was 6,978,762
tons, 490,194 tons less than on Mar. 31. In the following
the death of J. P. Koehler, has been filled by the induction we give the comparisons with previous
months:
Albert
Dr.
F.
to the post of
Meyer, the latter's place as
Tons.
Tons.
Tons.
_6,978,762
1913_
_
_
May
Apr.
31
30
May 31 1911-3,113,187
Second Vice-President being taken by Simon Skall. C.P. Mar.31 1913____7,468,956 Apr. 30 1912-5,750,983
1912____5,664.885 Apr. 30 1911____3,218,704
Feb. 28 1913____7,656,714 Mar.31 1912____5,304,841 Mar.31 1911____3,447,301
Koehler succeeds his father as a director.
1913.-7,827,368
Feb. 29 1912____5,454,200 Feb. 28 1911____3,400,543
Jan. 31
Dec. 31 1912.---7,932,164 Jan. 31 1912____5,379,721 Jan. 31 1911____3,110,919
1912____7,852,883 Dec. 31 1911____5,084,761 Dec. 31 1910____2,67‘,750
General Ceilan M. Spitzer, who early in the year retired Nov.30 1912____7,594,381
Nov. 30 1911__4,141,955 Nov.30 19102,760,413
Oct. 31
from the management of Spitzer, Rorick & Co. of Toledo, has Sept.
30 1912-6,551,507 Oct. 31 1911_3.694,328 Oct. 31 1910-2,871,949
Aug. 31 1912____6,163,375 Sept.30 1911__3,611,317 Sept.30 1910____3,158.106
decided to withdraw from all business activities because July
31 1912-5,957,079 Aug. 31 1911_3,695,985 Aug. 31 1910____3,537,128
31 1911...3.584,085 July 31 1910____3,970,931
of impaired health, and has therefore resigned as President June 30 1912-5,807,346 July
June 30 1911____3,361,058
and a director of the Spitzer-Rorick Trust & Savings Bank
Prior to July 31 1910 reports of unfilled orders were issued
and as a director of the Ohio Savings Bank & Trust Co. of only quarterly. In the following we show the totals at the
Toledo. H. C. brick, heretofore a Vice-President of the end of each quarter or period for which the figures were made
Spitzer-Rorick Trust & Savings Bank, has been elected to public, back to the organization of the Steel Company.
Tow.
Tons.
the presidency, and Carl B. Spitzer has been chosen to take June 30 1910— 4,257,794
Tons.
June 30 1907...v7,603,878 June 30
'3,192,277
Mr. Rorick's place as Vice-President. A. L. Spitzer,another Mar. 31 1910... 5,402,514 Mar.31 1907_ 4'8,043,858 Mar.31 1904_4
1904_4'4,136.961
Dec. 311909... 5.927.031 Dec. 31 1906...4'8,489,718 Dec.
1903_*3,215,123
Vice-President, continues in that capacity. Albert V. Foster Sept.31 1909_ 4,796.833 Sept.30 1906_ 4'7.936,884 Sept.31
30 1903—'3,728,742
June 30 1909.._ 4,057,939 June 30 1906_*6,809,589 June 30 1903...4.4,666,578
replaces General Spitzer on the board of directors.
Mar.31 1909... 3,542,595 Mar.31 1906_ 4'7,018,712 Mar.31 1903.„.5,410,719
The banking department of the Continental Trust Co. of
Denver has been purchased by the Inter-State Trust Co.
of that city. With the transfer which occurred on April 12,
the Continental Trust Co. permanently discontinues the
banking business. The deposits of the latter• on April 4
Dec. 311908.... 3,603,527 Dec. 31 1905_07,605,088 Dec. 31 1902_ 4'5,347,253
Sept.30 1908._ 3.421,977 Sept.30 1905_ ....5,865,377 Sept.30 1902_4,843.007
June 30 1908_ 3,313,876 June 30 1905_ 44,829,655 June 30 1902_ 4'4,791,993
Mar. 311908... 3,765,343 Mar.31 1905___*5,597,.560 Dec. 31 1901_*4.497,749
Dec. 311907... 4,624,553 Dec. 31 1904_ 4'4,696,203 Nov. 1 1901_4'2,831,692
Sept.30 1907—'6,425,008 Sept.30 1904___*3,027.436
* The figures prior to Dec. 31 1907 are on the old basis. Under the present
method only orders received from sources outside of the company's own interests
are shown. The amount as of Sept. 30 1904, shown above as 3,027.436 tons, Me
ormer basis, would, it is stated, be 2,434,736 tons on that now employed.
1402
THE CHRONICLE
truetaril,
I/1111 Crcia1Ercglish4rws
(From our own correspondent.]
London, Saturday, May 10 1913.
The Board of Trade returns tor April, which were issued
' on Wednesday, are highly satisfactory, bearing in mind
what apprehension has been excited by the Balkan War,
• and especially by the fear of a conflict between AustriaHungary and Russia. For all that, they are not quite so
good as at first sight they look. The value of the imports
, for the month amounted to £62,956,474, an increase over
the corresponding month of last year of £2,551,199, or 4.2%.
For the four months of the year so far, the total value aggregates £259,209,849, an increase over the corresponding period of last year of £10,999,057, or 4.4%. In the case of the
exports, the value for the month was £43,052,589, an increase over the corresponding month of last year of as much
as £10,165,462, or 30.9%. For the four months the value
of the exports aggregated £170,360,978, an increase of £18,852,739, or 12.4%. These export figures at first blush are
amazing until one calls to mind that the great coal strike,
• which threw business in the United Kingdom completely Out of
gear last year, began on Feb.26,and did not end until April 6.
The effects of the strike continued to be felt all through the
month of April, and they were felt much more, as the figures just quoted show, in the exports than in the imports.
Another point to be borne in mind is that Easter fell in April
last year, whereas it fell in March this year, in consequence
of which there were three more working days in the month
this year than last year. Still, when every allowance is
made, the figures are exceedingly encouraging, as they show
that, in spite of everything, the great growth of trade continues. Business, however, upon the Continent has been
more affected by the Balkan crisis than in the United
Kingdom. It has told very heavily, indeed, upon AustriaHungary, not so heavily by any means upon Germany,
though it has been severely felt there, and it has even told
•
upon France.
These very satisfactory trade returns have had a reassuring
• influence upon stock markets, especially upon the markets for
British railway securities. And the influence has been
greatly heightened by the decision of the King of Montenegro to yield to the Powers and allow then to settle the fate
of Scutari. Ever since that became known at the beginning of the week, an exceedingly optimistic feeling has prevailed on all the stock exchanges and bourses. Perhaps the
Vienna Bourse was more affected than any other, for pessimism had been greatest in Vienna and the projected expedition against Montenegro had engendered the fear that it
might lead to troubles with Russia. Consequently, there was
an extraordinary rise in all sorts of securities on the Vienna
Bourse on Monday, reaching from 10% to as much as 30%,
and in a few cases even more. In London, although there
has been a decided improvement, there has not been very
much increase in business, mainly because there have been
so many disappointments. The people are not prepared to
believe all the assurances given until they find that peace
has actually been signed.
Money is very tight in Vienna, where it is nearly up to the
official minimum. It is considerably tighter in Germany
than it was a week before, because there have been a considerable number of new issues, especially loans to Austria,
and hoarding has not come to an end. In Paris the banks are
not showing any great inclination to lend freely. But here
at home the value of money is somewhat declining. The
discount rates are tending downwards, though most people
feel that it is too soon yet to let them decline; for, owing to
the extremely good trade, the provinces are taking very large
amounts both of coin and of notes. It is true that, on the
other hand, the Bank of England is receiving all the new gold
that comes in. In the week ended Wednesday night it
received from abroad over a million sterling. For all that,
the return issued on Thursday shows a decrease in the total
reserve of £800,951.
• The India Council offered for tender on Wednesday 60
lacs of its bills and telegraphic transfers, and the applications
exceeded 587 lcas, at prices ranging from is. 4 1-32d. to
• 4s. 4 3-32d. per rupee. Applicants for bills at is. 4 1-32d.
were allotted 10% of the amounts applied for, while applicants for telegraphic transfers at is. 4 1-16d. were allotted
10%, and above in full.
• Messrs. Pixley & Abell write as follows under date of
May 8:
•
GOLD.-There has been no Continental demand for the bar gold in the market
this week, which amounted to £882,000. India has taken £256,000, and the bulk
of the balan:e goes to the Bank of England. Since our last the Bank has received
£797,000 in bar gold and £150,000 from Egypt in sovereigns; .C50,000 has been withdrawn for Peru and £75,000 has been set aside for the Straits Settlements note
guarantee Land, geld portion. Next week we meet E831,500 from South Africa.
For the week-Arrivals: South Africa, £682,000; West Africa, £40,000; Inlia
£120,000; New Zealand, £15,000; China, £5,000; Brazil, £20,000; total, £882,000.
Shipments: Aden, £1,000; Bombay, £210,000; total, .C211,000. For month April-Arrivals: Ge-many, £50,000; France, £220,000; India, £639,000. Shipments: Holland, £101,000: Germany, £171,000; France, /3139,000; India, £999,000.
SILVER.-Fluctuations in prices have been small during the week and to-day's
rates of 27 11-16d. for cash and 27 15-16d. tor forward are the same as those quoted
on 1st inst. Only a moderate business has been transacted,but China continues
. to absorb the small amounts on otter, speculators at the moment being unwilling
to take advantage of the present level of prices in view of a possible issue of the China
loan before very long. As long as China continues a buyer the market is likely to
move within narrow limits. The Indian Bazaars have been small sellers on balance.
Stocks of silver in Bombay are further reduced to £875,000, but this week's shipment to the East is again small and supplies here remain at :£3,700,000. The last
Indian currency returns show a decrease of ten lees in the currency reserve, which now
stands at 15.50 crores, with 6 crores in the sliver branch of the gold standard reserve.
Under normal conditions rupees should commence to flow back to the treasury from
now to the end of August. The Bombay quotation is Rs. 7034 per 100 tolahs.
For the week-Arrivals: New York, £213,000; New Zealand, £5,000; total, £218,000.
[VoL• xcvi•
Shipments: Bombay, £80,000; Colombo, £1,000; Shanghai, £50,000; total, £131,000.
For the month-Arrivals: Germany, £43,000; France, £37,000. Shipments: Russia, £137,000; Germany, £152,000; France, £36,000; Holland, £97,000.
English Financial Markets-Per Cable.
The daily closing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
London.
Week ending May 16.
Sat.
Mon.
Tues.
Silver, per oz
d 28
28 3-16
d Consols, 234 per cents_ ___ ____
75 3-16
d For account
755-16
d French Rentea (in Paris), fr 85.10
84.95
Amalgamated Copper Co__ _
7834
69
Amer. Smelt. & Refin. Co__
S Anaconda Mining Co
774
10234
Ater's. Topeka & Santa Fe__ _
Preferred
10234
Baltimore & Ohio
10034
Preferred
8234
Canadian Pacific
24734
Chesapeake & Ohio
6534
15
Chicago Great Western
Chicago A/11w. & St. Paul_
10934
Denver & Rio Grande
2034
Preferred
3534
Erie
29
First preferred..44%
Second preferred
3534
A
130
Great Northern, preferred
g
117
Illinois Central
Louisville & Nashville'A
13434
244
Missouri Kansas & Texas
0
w
62
Preferred
36
Missouri Pacific
ti
57
Nat. Rli. of Mex., 1st pref
14
22%
Second preferred
t.
1014
N. Y. Central & IIud. River
294
N. Y. Ontario & Western_ _ _
P.,
Norfolk & Western
.4
108
q
Preferred
87
;
1 44
Northern Pacific
11734
a Pennsylvania
584
o
a Reading Company
81 Yi .
ttl
46
a First preferred
46
a Second preferred
Rock Island
2034
Southern Pacific
9834
Southern Railway
2534
Preferred
78
1524
Union Pacific
•
8634
Preferred
61
U. S. Steel Corporation
1104
Preferred
334
Wabash
Preferred.
10
Extended 4s
50
1Ved.
2834
7534
7534
84.95
7734
6934
774
1025
/
s
10234
101
8414
2454
68
15
11034
2034
3534
2934
45
36
13034
11734
135
25
62
3634
57
224
10234
30
10834
87
11734
5834
8234
46
46
2034
9834
2534
7834
15335
8634
6134
11034
334
10
59
Thurs.
Frt.
28%
2834
7534
7534
75%
75%
85.0734 85.2234
76%
76%
6834
6834
74
7%
10234
102%
10234
10234
101
101
82%
82%
24434
24534
673466%
15
15
109%
110
20%
2034
35'4
35%
2934
2934
444
45
3534
36
12934
129%
11734
118
13434
135
24%
24%
62
62
35%
36
57
5534
22
21%
10234
10234
294
2934
10834
108
87
1W3,i
11734
564
58%
82
82
46
46
4634
20%
iei-q
9834
98
2534
2534
78
78
15234
15334
86%
86%
6134
6134
111
106
234
3
9
8
57%
57
a Price per share. b .£ sterling. c Ex-dividend. d Quotations here given are
flat prices.
Commercial audDliscella=CMSgt.111S
Breadstuffs figures brought from page 1434.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Oats.
Corn.
I Barley. I
•
Rye.
bb13.1961bs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.lbush.48lbs. bu.56 lbs.
378,000
40,000
165,000
612,000 1,506,000 2,196,000
40,000
182,000
225,000
83,000
58,000
125,000
15,000
83,000: 249,000
863,000
35,000
174,000
150,0001
1,238,000'
46,000
45,000:
142,0001
60,000
52,000,
5,000
7,000
107,000,
109,000,
39,000
3,000:
1,000
1,000
2,000
393,000
673,000
59,000
680,0001
36,000
2,000
128,000
273,000
24,0001
60,000
135,000
465,000; • 213,000
147,000
165,000
31/,000,
:
350,000 4,576,0001 3,063,000 3,620,000 1,064,000 133,000
Tot. wk. '13
352,497
81,569
Sarne wk.'12
233,487 2,538,724 3,636,869 2,884,352
748,051
69,053
265,075 2,859,992, 3,729,912 3,040,410
Same wk.'11
Chicago....Milwaukee _
Duluth
Minneapolis
Toledo
Detroit
Cleveland_
St. Louis__ _
Peoria
Kansas City.
Omaha
Since Aug. 1
1912-13..:_ 14,499,520 227,965,966 186,481,228 14-9,579,688 89,301,330 15705642
10,188,482 120,307,933 161,161,588 124,094,099 59,414,398 1,594,191
1911-12
1910-11_ _ 12,819,009 187,452,407 232,379,514 155,287,348 59,191,883 4,818,224
Total receipts of flour and grain at the seaboard ports for
the week ended May 10 1913 follow:
Receipts atNew York
Philadelphia
Baltimore
New Orleans .__ _ _
Newport News_ _ _
Galveston
Mobile
Montreal
St. John
Wheat,
Flour,
bush,
bbls.
172,000 1,891,000
930,000
38,000
49,000 1,208,000
720,000
48,000
510,000
66,000
222,000
20,000
16,000
59,000
Total week 1913._ 468,000
Since Jan. 1 i013..7,880,000
294,405
Week 1912
Since Jan. 1 1912_ _6,314,197
Corn,
bush,
33,000
2,000
47,000
62,000
88,000
48,000
18,000
20,000
486,000
213,000
Oats, Barley,
bush.
bush,
477,000 101,000
51,000
16,000
113,000
91,000
76,000
18,000
2,000
Rye,
u.bush.
,82
Bostn
5,000
43,000
32,000
728,000 149,000 80,000
318,000
6,180,000
51,314,000 38,777,000 17,438,000 10224000 1376,000
539,198
104,109
3,088
222,024
2,503,602
26,518,727 21,570,284 13,721,319 2902,674 249,716
.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
ending May 10 are shown in the annexed statement:
Exports fromNew York
Boston
Philadelphia ____
Baltimore
New Orleans_._ _
Newport News_
Galveston
Mobile
Montreal
St. John
Wheat,
bush,
728,359
338,999
432,000
48,000
536,000
Corn,
bush.
31,362
68,607
19,000
2,000
17,000
48,000
Flour,
bbls.
71,427
11,031
41,000
37,092
15,000
Oats,
bush,
40,235
1,000
1,000
Peas,
bush.
3,064
15,000
1,000
2,000
20,000 20,000
22,000
59,000
494,000
2,000
Total week__ _ _2,722,358 205,969 278,550
2,416,763 • 103,381 215,144
Week 1912
539,235
212,713
3,000
425,000
213,000
Rye, Barley,
bush,
bush.
123,080
98,000
)
2:13,3g3 10
The destination of these exports for the week and since
July 1 1912 is as below:
MAY 17 1913.]
THE CHRONICLE
1103
Corn
Books Closed.
When
Per
Since
Name of Company.
Days Inclusive.
Cent. Payable.
Week
July 1
May 10.
1912.
Miscellaneous,
bush.
bush. Adams Express (guar.)
June 2 May 20 to June 1
83
135,571 14,287,715 Amalgamated Copper (quar.)
134 May 26 Holders of rev. Apr.260
9,401 21,846,348 American Cotton Oil, preferred
June
2 May 17 to June 2
3
4,450
621,944 American Express (guar.)
$3 July 1 Holders of rec. May3la
55,749 1,873,035 American Radiator, common (quar.)
June 30 June 22 to June 30
2
36
49,155 Amer. Smelt. & Ref., corn.(qu.)(No.39)_
June 16 May 29 to June 8
1
762
141,519
Preferred (quar.) (No. 56)
Pi June 2 May 17 to May 25
American Steel Foundries (quar.)
34 June 30 Holders of rec. Junel4a
0,926,762
2,722,358
278,550
139132,310
205,969 38,819,716 Amer. Sugar Refg., com. & pref. (quar.)
Total
134 July 2 Holders of rec. June 2a
215,144 8,172,112 2,416,763 78,012,321
103,381 32,386,477 American Tobacco, common (quar.)
Total 1911-12
5
June 2 Holders of rec. Mayl5a
Columbia Packers' Assoc., corn_ _ _
334 May 21 May 10 to -May 20
The world's shipments of wheat and corn for the week British
Preferred A & B
334 May 21 May 10 to May 20
ending May 10 1913 and since July 1 1912 and 1911 are shown Brooklyn Union
Gas (guar.) (No. 49)
134 July 1 Holders of rec. June 14
Extra
1
July 1 Holders of rec. June 14
in. the following:
Butterick Company (quar.)
% June 2 Holders of rec. May 19
Buckeye Pipe Line (quar.)
June 21 Holders of rec. June 7
$5
Wheat.
Corn.
Canadian Car & Fdy., common
June 2 Holders of rec. Apr.30a
2
Chesebrough Mfg. Consolidated (quar.)
June 18 June 3 to June 18
6
1912-13.
Exports.
1911-12.
1911-12.
1912-13.
Extra
June 18 June 3 to June 18
4
Cleveland & Sandusky Brewing, prof
June 16 Holders of rec. May3la
1
Since
Week
Since
Since
Since
Week
Columbus Gas & Fuel, corn. (quar.)
34 June 2 Holders of rec. May 15
May 10.
July 1.
July
1.
July 1.
1.
July
May 10.
Consolidated Gas (quar.)
134 June 16 [folders of rec. Mayl4a
Crescent Pipe Line (guar.)
$1.50 June 16 May 21 to June 16
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Cres Carpet
June 15 Holders of rec. May 31
3
North Amer. 3,923,000 213,702,000 150,692,000 153,000 36,745,000 29,082,000 Deere 8, Co., preferred
134 June 1 Holders of rec. Mayl5a
(quar.)
2,456,000 93,347,000 71,264,000 383,000 9,306,000 38,783,000 Diamond Match
Russia
13-4 Junel6d Holders of rec. May3la
Danube_ _ _ _ 944,000 50,639,000 70,187,000 485,000 13,406,000 73,518,000 Dominion Textile,(quar.)
common (quar.)
13-4 July 2 Holders of rec. June 4
Argentina.. 2,760,000 115,918,000 69,610,000 3,596,000 182,305,000 6,199,000 Eastern Steel, first
preferred
154 June 16 Holders of rec. June 2a
Australia_ _ _ 800,000 38,604,000 50,012,000
Eastman Kodak,common (quar.)
234 July 1 Holders of rec. May3la
India
1,640,000 48,180,000 37,722,000
Common (extra)
5
June 2 Holders of rec. Apr.30a
0th. countr's
48,000 6,734,000 9,385,000
134 July 1 Holders of rec. May3la
Preferred (quar.)
Essex & Hudson Gas
4
June 2 Holders of rec. May 20
4,617,000
458,872,000
145.562.000
241,762,000
Total....
_
567,124,000
_
12576000
Federal Mining & Smelting, pref. (qaar.)_ _
_
134 June 15 Holders of rec. May 23
Utilities, pref. (quar.)(No. 8)..--134 May 31 Holders of rec. May 15
The quantity of wheat and corn afloat for Europe on dates Federal
General Asphalt, pref. (quar.) (No. 24).,.
June 2 Holders of rec. Mayl4a
134
General Chemical, common
mentioned was as follows:
134 June 2 Holders of rec. May22a
(quar.)
General Chemical, preferred (guar.)
134 July 1 Holders of rec. June 19
Granby
Consol. Min.,Smelt.& Pow., Ltd. $1.50 June 2 Holders of rec. MaylOa
Wheat.
Corn.
Harbison-Walker Refractories, tom. (quar.)_
34 June 2 Holders of rec. May 20
Homestake Mining (monthly)(No. 462)_ 65c. May 26 Holders of rec. May20a
United
United
Independent Brewing, preferred (quar.)_ _ _ _
1% May 31
Kingdom. Continent. Total.
Kingdom. Continent. Total.
Extra (on account of accumulated divs.)
30 May 31
Inland Steel (quar.)
Bushels.
Bushels.
Byshels.
Bushels.
Bushels.
Bushels.
134 June 2 Holders of rec. MaylOa
May 10 1913__ 23,104,000 36,504,000 59,608,000 4,947,000 8,500,000 13,447,000 Internat. Harvester of N.J.,pf.(qu.)(N0.25) 134 June 2 Holders of rec. MaylOa
May 3 1913_ 23,464,000 36,528,000 59,992,000 4,123,000 7,080,000 11,212,000 Internat. Harvester CorP.,pref.(qu.)(No.1) 134 June 2 Holders of rec. MaylOa
3
June 2 May 15 to June 2
May 11 1912._ 29,792,000 26,720,000 56,512,000 4,114,000 7,726,000 11,840,000 International Nickel, common (quer.).
2
May 31 May 14 to June 3
May 13 1911__ 23,384,000 31,312,000 54,696,000 3,638,000 5,058,000 8,696,000 Internat. Smelt. & Refg. (quar.)
Kings Co. Elec. L.& P.(guar.)(No.53)_ _ 2
June 2 Holders of rec. May2la
Kresge (S. S.) Co. pref. (guar.)
July
1 Holders of rec. Junel6a
134
National Banks.-The following information regarding Lackawanna Steel, preferred (guar.)
134 June 1 Holders of rec. May 31
national banks is from the office of the Comptroller of the Lehigh Coal & Nay.(qu.)(No. 138)
May 31 Holders of rec. Apr 30
$1
Liggett & Myers Tobacco,common (quar.) 3
June 2 Holders of rec. MaylOa
Currency, Treasury Department:
Massachusetts Gas Cos., preferred
2
May 31 May 16 to May 30
May Department Stores, common (quar.)_
Pi June 1 Holders of rec. Mayl5a
APPLICATIONS TO CONVERT APPROVED.
Mexican
31 Holders of rec. MaylOa
Petroleum.
May
Pi
(quar.)
common
State
Bank
First
of Crawford, Tex., into "The First National Bank
The
Middle West Utilities, pref. (guar.)
134 June 1 Holders of rec. Mayl5a
of Crawford." Capital, $30,000.
NOW WIN
MEM 4.4.321ishi National Biscuit,
134 July 15 Holders of rec. June28a
corn.
(quar.)
(No.
60)
CHARTERS ISSUED TO.NATIONAL BANKS.
National Biscuit, pref. (quar.)(No.61)._ - 13-4 May 31 Holders of rec. Mayl7a
:
May 1 to May 6.
National Lead, preferred (guar.)
134 June 16 May 24 to May 27
10,379-The Snell National Bank of Winter Haven, Fla. Capital,$30,000. Ontario Power of Niagara Falls
(qu.)(No.3) 134 June 2 Holders of rec. May26a
H. W. Snell, Pres.; Lester Windsor, Cashier. (Succeed,s_11. W. Pabst Brewing, pref. (guar.)
134 June 15 June 8 to June 15
Snell & Co., bankers, Winter Haven, Fla.)
Pennsylvania Lighting, common (No. 1)„.. 1
May 31 Holders of rec. May 19
10,380-The Farmers' & Merchants' National Bank of Achille, Okla. People's Gas Light & Coke (guar.)
134 May 26 Holders of rec. May its
Capital. $25,000. R. B. Lemon, Pros.; W. E. Holland, Cashier. Philadelphia Electric (guar.)
30%c. June 14 Holders of rec. May 22
(Succeeds the First State Bank of Achille.)
Pittsburgh Brewing, pref.(guar.)
154 May 29 May 20 to May 30
10,381-The First National Bank of Colbert, Okla. Capital, $25,000. Pittsburgh Steel, pref. (quar-)
134 June 2 Holders of rec. Mayl5a
W. H. McCarley, Pres.; Tom Hamilton, Cashier. (Conversion Porto Rico-American Tobacco
5/ June 5 Holders of rec. May 15
Pressed Steel Car, pref. (quar.)(No. 57)
of the Colbert State Bank.)
..erLai
134 May 21 May 1 to May 20
Pure Oil, common (quar.)
3
June 1 May 15 to May 31
VOLUNTARY LIQUIDATION.
Common (extra)
2
June 1 May 15 to May 31
48-The First National Bank of Pittsburgh, Pa., April 19 1913. Con134 May 31 Holders of rec. May 1
solidated with the Second National Bank of Pittsburgh, which has Quaker Oats, preferred (qu.ar.)
$1.25 June 23 Holders of rec. May24a
changed its title to "The First-Second National Bank of Pitts- Quincy Mining (quar.)
Railway Steel-Spring, common
2
May 20 May 2 to May 20
burgh." Liquidating agent, Oscar L. Telling, Pittsburgh, Pa.
June 20 Holders of rec. May 26
20
7.495-The First National Bank of Aubrey, Tex., April 14 1913. To Solar Refining
June 2 Holders of rev. MayllSo
8
be succeeded by The First Guaranty State Bank of Aubrey. Southern Pipe Line (quar.)
South Penn Oil (guar.)
Liquidating agent, II. G. Musgrove, Aubrey, Tex.
June 30 May 21 to July 31
10
Special (payable in stock)
Holders of rec. May 20
300g
9,137-The Shelbina National Bank, Shelbina, Mo. April 28 1913.
34 June 2 Holders of rec. May 20
Succeeded by The Old Bank Trust Co., of Shelbina. Liquidat- Southwestern Utilities Corp.(No. 1)
Standard Oil of California (guar.)
ing agent, J. H. Wood, Shelbina, Mo.
234 June 14 Holders of rec. May2013
Standard Oil of Indiana (quar.)
May 31 May 13 to June 1
3
Extra
3
May 31 May 13 to June 1
Standard Oil (Kansas)
June 30 Holders of rec. May 31
10
DIVIDENDS.
Special (payable in stock)
100g June 30 Holders of rec. May 31
The following shows all the dividends announced for the Standard Oil of Nebraska
10
June 20 Holders of rec. May 20
Extra
5
June 20 Holders of rec. May 20
future by largo or important corporations:
Special (payable in stock)
20 Holders of rec. May 20
25g
June
this
week
announced
are printed initalics.
Dividends
Standard Oil of N. J.(WO
5
June 16 Holders of rec. May20a
Standard 011 of New York
6
June 16 Holders of rec. May 23
Stern Brothers, pref. (quar.) (No. 10)_ _
Per I When
Books Closed.
134 June 1 May 20 to June 1
Studebaker Corporation, pref. (quar.)
Cent. Payable.
Name of Company.
Days Inclusive.
134 June 2 Holders of rec. May202
Tennessee Eastern Elec., pref. (quar.)___ _
134 -June 1 Holders of rec. May 20
Underwood Typewriter, common (quar.)_
1
July 1 Holders of rec. June2013
Railroads (Steam).
Preferred (guar.).
Alabama Great Southern, ordinary
234 June 28 Holders of reo. May3la
134 July 1 Holders of rec. Jtme2013
Union Stock Yards of Omaha (guar.)
134 June 1 May 22 to May 31
Aug. 28 Holders of rec. July 19a
3
j Preferred
134 May 31 Holders of rec. May23a
Atoll. Topeka & Santa Fe,corn.(quar.)
134 June 2 Holders of reo.April 30a United Cigar Mfrs., pref. (quar.)
334 July 10 June 20 to July 10 United Cigar Stores of Am., PI. WO(No.3) 13-4 June 16 June 3 to June 16
Atlantic Coast Mne RR., common
Canadian Pacific, corn. (guar.) (No. 68)_
234 June 30 Holders of rec. May 31 U.S.Steel Corporation, corn.(qu.)(N0.38) 134 June 28 June 3 to June 8
Preferred (quar.) (No. 48)
Catawissa, first and second preferred '
234 May 19 Holders of rec. MaylOa
134 May 29 May 6 to May 18
Woman's Hotel (No. 12)
Chesapeake de Ohio (guar.)
Juno 28 Holders of rec. Juno 6a
1
234 June 16 Holders of rec. June 2a
134 Juno 4 Holders of rec. May 20 Woolworth(F.W.)Co.,corn.(qu.)(No.4). 134 June 1 May 2 to May 21
Chestnut Hill (quar.)
Chicago & North Western, corn. (quar.)- 134 July 1 Holders of rec. June 2a Woolworth (F. W.) Co.. preferred (quar.)
134 July 1 Holders of rec. June-10
Preferred (quar.)..
2
July 1 Holders of rec. June 2a
is Transfer boqks not closed for this dividend. b Less Income tax. d Correct'on.
Cleveland 8v Pittsburgh, reg. guar. (quar.) 134 June 2 Holders of rec. May 10a
e
Special guaranteed (quar.)
Payable
in
1
scrip and being on account of dividends due Dee. 1 1912 and Mar. 1
June 2 Holders of rec. MaylOa
Cripple Creek Central,com.& pref.(quar.) 1
June 2 Holders of rec. Mayl7a 1913,in arrears. f Payable In scrip. g Payable in stock. h On account of accumu2
May 20 May 10 to May 19 lated dividends.
Delaware & Bound Brook (quar.)
(guar.)
Co.
Hudson
Delaware de
234 June 20 Holders of rec. May28a
134 Juno 28 Holders of rec. June 6a
Hocking Valley (guar.)
434 June 28 Holders of rec. June 6,1
Extra
134 July 1 Holders of rec. Junelfla
Maine Central (guar.)
Auction Sales.-Among other securities, the following,
13.5 June 30 Holders of rec. June 7a
Nell York New Haven & Hartford (quar.)_.
$3
May 31 Holders of rec. Mayl5a not usually dealt in at the Stock Exchange, were recently sold at
New York Philadelphia it Norfolk
(quar.)
IA June 19 Holders of rec.
Norfolk & Western, common
auction in New York, Boston and Philadelphia:
1
May 19 Holders of rec. May3la
Preferred (quar.)
Apr.30a
By Messrs. Adrian H. Muller & Sons, New York:
2
May 26 May 15 to May 19
North Pennsylvania (guar.)
134 May 31 Holders of rec.
Pennsylvania (guar.)
May 5 Shares.
Per Cent.
Per Cent. Bonds.
June 4 Holders of rec. May 20
Phila. Germantown dt Norristovm (quar.)_ 3
25
35 Rumson Country Club
$5,000 Detroit Sou. RR.,0.5.Div.
3
June 2 Holders of rec. May 15
Pittsburgh Bessemer & Lake Erie, pref._ _
217 Benj. Moore & Co.(N. J.).._160
lst 46
Pills. Youngs. & Ashtabula, corn. & PI.(au.) 134 June 2 Holders of rec. May20a
$60,000 Yellow Taxicab Co. 2d Os,
10 Amer. Exchange Nat. Bank_229
1
June 12 Holders of rec. May27a
Reading Co., first preferred (quar.)
May 1913 coupons on (hypoth'd) 80
200 Yellow Taxicab Co., pref.,
134 July 1 Holders of rec. June 2a
Southern Pacific Co. (quar.) (No. 27)
810,000 Amer. Cities Co. coll. tr.
v.t.c. (hypothecated)
40
234 July 1 Holders of rec. May3la
Union Pacific, common (quar.)
1919, J-J
55,
Co.,
Taxicab
corn.,
Yellow
2,000
90
,
Railways.
Street and Electric
v.t.c. (hypothecated)
10
134 June 14 Holders of rec. May3la
American Railways, common (quar.)
134 May 20 Holders of rec. Apr. 30
Brazilian Tr., L. & Pow., Ltd.(quar.)
By Messrs. R. L. Day & Co., Boston:
Central Arkansas Ry. & Light, pref. (qu.) Pi Juno 2 May 16 to June 2
Chippewa Valley Ry., L. & P., pref. (guar.). 134 June 1 Holders of rec. May3la Shares.
$ per sh. Shares
$ prr,
21.50 May 16 May 11 to May 16
Citizens' Traction, Pittsburgh
6 Nat. Bank of Commerce. N. Y_18534 4 Connecticut River RR
202
Columbus (0.) Ry., corn. (guar.) (No. 40)
134 June 2 Holders of rec. Mayl5a
(Salem)__
- _210
35 Plymouth Cord. Co. rights-83(-8
Co.
Tr.
Naumkeag
6
334 June 2 Holders of rec. Mayl7a
Detroit United Ry. (quar.)
27
coin
1 Boston Athenaeum
326
Federal Light & Trac., pref.(qu.)(No. 12) 134 May 31 May 15 to May 31 22 Merrimack Mfg. Co.,
2 Nashur. Mfg. Co., $500 each. _575
5 H. B. Clariin Co., 1st pref
so
Ft. Wayne & Nor.Ind. Tract., pref
$3e May 7 Holders of rec. Apr. 30
140
4 Naumkeag Steam Cot. Co
1
Grand Rapids fly., common (guar.)
Juno 1 Holders of roe. May 15
14734-150 Bonds.
Per ttf.
Kokomo Marion & West. Trite.. pref.(qu.) 134 June 1 Holders of rec. May25a 27 Bigelow Carpet Co
Mills
Everett
34
110-11034
$1,000
Chicago,
Ill.,
4s,
1914
9934
Northern Texas Elec. Co.,com. (qu.) (No.15) 134 June 2 Holders of rec. May20a
Pensacola Electric Co., preferred (No. 13)- 3
June 2 Holders of rec. MaylOa
By Messrs. Francis Henshaw & Co., Boston:
Portland Ry., L.& Pow.(quar.)(No. 10). 134 June 2 Holders of rec. May 12
Rochester Ry. dr Light, preferred (quar.). 134 May 31 Holders of rec. May24a Shares.
$ per sh. Shares.
$ Per 11",
Tennessee Ry., Light & Pow., pref.(quar.) 134 June 2 Holders of rec. May 12
2 Androscoggin Mills
140
590 Guadalupe Plantation Co-8750 lot
Washington(D C.)Ry.& El.coin.(guar.) 134 June 1
May 21
95
1 Chicopee Mfg. Co
5 U. S. Envelope Co., pref
104.4
Preferred (guar.).
134 June 1
May 21
1 Bay State St. Ry., 1st pref._120
Flour-Since
Since
July 1
Week
Week
July 1
1912.
1912. May 10.
Exportsfor week and May 10.
bush.
bush.
bbis.
since July 110bbls.
United Kingdom_ _132,779 4,637,099 1,640,138 68,877,319
Continent
30,018 1,980,989 1,072,172 66,962,351
9,250 1,018,175
Sou. & Cent. Amer_ 14,709 1,085,089
113,681
56,737 1,754,928
West Indies
78,540
Brit. Nor. Am. Cols. 1,160
2,130,751
37,149 390,117
Other Countries..
1401
[VOL. xcvi.
THE CHRONICLE
DETAILED RETURNS OF TRUST COMPANIES.
$ per sh.
Shares.
85 IndependenceTr.Co.,350 ea.110-110
On Dep.
Net
Trust Cos. Surplus. Loans. Specie. Legals. withC.H. Deposits. Reserve.
725
2 Phila. Tr. S. D.& Ins. Co
005 omitted.
Average. Average. Average. Banks. Average.
300
35 Real Est. T. I. & Tr. Co
96
7 Real Est. Trust Co., prof
$
26 West End Tr. Co., $50 each —11014
Brooklyn
3,784,3 23,817,0 2,170,0
612,0 3,194,0 17,865,0 15.6+15.0
2 Fire Assn. of Phila., $50 each_ _ 348
Bankers
3843
15,733,3 121,391,0 14,508,0
49,0 11,206,0 97,014,0 15.0+ 10.3
1 John B. Stetson Co., corn
U.S.Mtg.&Tr. 4,554,0 34,913,0 4,074,0
60
334,0 4,247,0 29,382,0 15.0+ 12.4
12 Amer. Pipe & Construe. Co
Astor
1,300,2 19,176,0 1,986,0
48,0 1,641,0 13,232,0 15.3+10.2
5 Young-Smyth-Field Co., pref._ 90
40 Phila. Life Ins. Co., $10 each 103.i-11 TitieGuar.&Tr. 11,469,0 34,804,0 2,083,0 1,205,0 2,680,0 21,967,0 15.0+ 10.8
Guaranty __ - _ 24,240,8 170,934,0 15,704,0 1,030,0 14,361,0 111,410,0 15.0+11.4
25 H. K. Mulford Co., $50 each... 55
Fidelity
1,315,5 7,075,0
15 U.S. Loan Soc. of Phila.,$10 ea. 16
595.0
235,0
832,0 5,265,0 15.7+12.1
LawyersT.I&T 6,085,2 17,372,0 1,325,0
1 Lancaster Ave. Impt. Assn_ _ _ _ 26
518,0 1,371,0 11,909,0 15.4+10.2
363
Col.-Knicker_ _ 7,222,4 47,585,0 5,245,0
1 Frank. & So'wark Pass. Ry
775,0 4,380,0 40,005,0 15.0+ 9.8
Per.Cent. Peoples'
1,665,1 17,168,0 1,938,0
Bonds.
426,0 1,979,0 15,766,0 15.0+10.9
New York_ __ _ 11,866,3 .43,531,0 3,702,0
$1,000 Berwyn Wat. Co. 1st 6s, w.102
697,0 3,226,0 29,085,0 15.1+10.0
Franklin
1,242,2 9,501,0
$1,000 Springfield Wat. Co.5s, 1926 94
995,0
155,0
892,0 7,614,0 15.1+10.4
$500 No. Spring. Wat. Co.5s, 1928 94
Lincoln
567,5 10,652,0 1,152,0
221,0 1,022,0 9,154,0 15.0+10.0
Metropolitan _ 6,187,9 22,690,0 1,951,0
9,0 1,992,0 13,161,0 14.8+13.1
By Messrs. Samuel T. Freeman & Co., Philadelphia:
612,1 11,748,0 1,349,0
Broadway
573,0 1,384,0 12,116,0 15.8+10.2
Per Cent.
Shares.
$ per sh. Bonds.
gok $4,000 Atian. C. Gas let 5s, 1960._ 82k Totals, Avge 97,845,8 592,357,0 58,786,0 6,887,0154,407,0 435,005,0 15.0+11.1
25 J. G. Brill, pref
1933i $1,000 Suburban Gas of Phila. 1st
2 Union Pass. Ry., $50 each
Actual figures May 10 591,911,0 57,668,0 7,006,0151,766,0 431,816,0 14.9+10.7
cons. 58, 1952
100k
$1,000 Spring!. Wat. Co. 5s, 1926_ 94
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
20 Monon. St. Ry. Co., $50 each__ 294
5 Gd. Rapids dz Ind. Ry. Co
20
5 Schuylkill Bank, $50 each
$4 lot
10 No. Amer. Coal Co., $25 each_51 lot
10 People's Nat.F.Ins. Co.,$25 ea. 18k
10 Indepen. F. I. See. Co., $25 ea 32
3 Manufacturers' Nat. Bank
133k
6 First National Bank
223
15 Franklin National Bank
500
1 Girard National Bank
401
'7 Kensington Nat. Bank, $50 ea_110k
6 Philadelphia Nat. Bank
467
11 Cent. Tr.& Sav. Co., $50 each_ 653
10 Commercial Trust Co
430
15 Farmers"rr. Co., Mt, Holly_ _ _140
5 rights to subscribe Frankford
60
Trust Co. @ $100
20 Phila. Co. for Guar. Mtges__ _ _200
.-The clearings for the week
Canadian Bank Clearings.:ending May 10 at Canadian cities, in comparison with the
same week of 1912, shows an increase in the aggregate of
1.6%.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week ending May 10.
Clearings at—
1913.
Canada—
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Calgary
Hamilton
Victoria
St. John
Halifax
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
1912.
Inc. or
Dec.
+3.6
58,431,203 56,404,041
43,938,540 45,581,209 —3.6
34,618,756 30,076,054 +15.1
12,623,545 13,188,819 —4.3
4,520,419 6,621,203 —31.7
3,969,632 3,298,497 +20.3
4,566,868 5,760,280 —20.7
3,282,914 2,962,150 +10.8
3,700,680 3,337,052 +10.9
1,815,591
1,796,601
+1.1
2,670,653 1,908,105 +40.0
1,935,087 1,930,568 +0.2
4,062,844 3,876,293 +4.8
2,343,840 2,029,522 +15.5
568,645
647,318 —12.2
562,444
693,950 —18.9
2,181,783 2,564,879 —14.9
686,930
581,130 +18.1
1,288,175 1,303,502 —1.1
1,012,617 1,271,717 —20.4
686,489 Not incl. in total.
750,627 Not incl. in total.
1911.
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 dc Trust,$4,000,000; Columbia-Knickerbocker,$2,000,000;
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,750,000.
1910.
46,458,109 42,145,255
37,671,734 30,203,459
22,020,417 17,128,131
10,721,243 9,080,226
.342,923 3,888,386
2,702,372 2,815,100
6,072,232 2,861;596
2,325,421 1,753,759
3,116,086 1,718,938
1,695,325 1,435,640
1,692,819 1,820,926
1,480,024 1,340,841
2,205,945 1,255,453
1,239,114
738,245
492,653
476,153
574,248
1,058,369
531,472
796,183
Week
ending
Capital. Surplus.
May 10.
Loans.
Specie.
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
Averages.
$
$
$
$
$
$
$
Banks_ _ _ _ 133,650,0206,866,0 1,337,209,0276,872,0 73,387,0
1,334,963,0
Trust cos.. 45,750,0, 97,845,8 592,357,0 58,786,0 6,887,0 54,407,0 435,005,0
Total... 170,400,0304,711,8 1,929,566,0335,658,0 80,274,0 54,407,0 1,769,968,0
Actual.
1
Banks__ __
1,329,317,0276,235,0 75,946,0
1,329,120,0
Trust cos_
I 591,911,0 57,668,0 7,006,0 51,766,0 431,816,0
Total
I
'1,921,228,0333,903,0 82,952,0 51,766,0 1,760,936,0
The State Banking. Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
Total Canada
188.781,166 185,832.890 +1.6 146,196,689 118,662,108
following:
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V.86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS ANDITRUST COMPANIES,
members for the week ending May 10. The figures for the
separate banks are the averages of the daily results. In
the case of totals, actual figures at the end of the week
State Banks
Trust Cos,
State Banks,
Trust Cos.
Week ended May 10
in
in
outside of
outside of
are also given.
Greater N. Y. Greater N. Y. Greater N. Y. Greater N. 7.
For definitions and rules under which the various items
$
$
8
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
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
Capital. Surplus.
Loans.
Average.
New York _ _
2,000,0 4,306,4 21,572,0
Manhattan Co 2,050,0 4,960,1 30,200,0
2,000,0 2,134,7 20,385,0
Merchants'. _
6,000,0 8,853,2 54,939,0
Mech. & Met_
America
1,500,0 6,381,3 25,393,0
25,000,0 31,006,7 175,432,0
City
Chemical
_
3,000,0 7,465,2 28,194,0
Merchants' Ex
600,0
530,4
6,460,0
300,0
127,2
Butch. dc Drov
2,167,0
500,0 1,032,3
Greenwich
9,198,0
Amer. Exch.- 5,000,0 4,842,6 40,519,0
25,000,0 16,553,9 127,784,0
Commerce
963,4
4,641,0
500,0
Pacific
Chat.& Phen_
2,250,0 1,285,2 18,031,0
2,344,0
473,6
People's
200,0
Hanover
3,000,0 14,282,4 76,507,0
Citizen's Cent. 2,550,0 2,255,5 22,540,0
477,0 11,387,0
,Nassau
1,000,0
9,443,0
Market & Fult 1,000,0 1,898,1
Metropolitan _
2,000,0 • 1,803,5 13,211,0
Corn Exch.- _
3,000,0 5,911,5 52,396,0
Imp.& Trad_ _
1,500,0 7,831,9 25,052,0
Park
5,000,0 13,813,7 85,001,0
1,456,0
East River
250,0
65,4
Fourth
5,000,0 5,836,7 31,295,0
Second
1,000,0 2,644,3 13,975,0
First
10,000,0 21,937,3 105,608,0
Irving
4,000,0 3,227,7 35,620,0
3,409,0
250,0
791,3
Bowery
N.Y.County.
8,379,0
600,0 2,015,0
German-Amer.
4,252,0
715,2
750,0
Chase
5,000,0 9,910,1 92,297,0
Fifth Avenue_
100,0 2,225,1 14,026,0
German Exch..
200,0
3,666,0
815,8
Germania
200,0 1,056,4
5,353,0
Lincoln
1,000,0 1,717,7 14,744,0
Garfield
1,000,0 1,270,4
9,019,0
Fifth
250,0
484,5
3,824,0
Metropolis
1,000,0 2,251,8 12,819,0
West
200,0
924,0
4,175,0
Seaboard
1,000,0 2,382,0 23,867,0
Liberty
1,000,0 2,831,0 22,643,0
N. Y.Pro. Ex. 1,000,0
910,0
9,878,0
1,000,0
560,3 18,527,0
State
442,8 12,184,0
1,000,0
Security
544,6
1,000,0
Coal & Iron
6,400,0
997,0
9,499,0
Union Exch.- 1,000,0
Nassau, Bkiyn 1,000,0 1,119,8
7,498,0
Specie. Legals. Net Depos- ReAverage. Average. its, Aver. serve.
$
4,118,0
6,999,0
4,032,0
10,896,0
4,553,0
41,475,0
4,121,0
1,427,0
403,0
2,423,0
8,189,0
17,764,0
473,0
2,782,0
450,0
16,487,0
4,768,0
2,249,0
1,537,0
3,663,0
9,732,0
3,811,0
20,229,0
295,0
7,275,0
3,197,0
22,581,0
5,992,0
830,0
1,372,0
856,0
22,227,0
3,049,0
559,0
1,434,0
3,288,0
1,968,0
• 481,0
1,264,0
011,0
5,202,0
6,329,0
2,609,0
5,471,0
2,475,0
1,229,0
2,093,0
1,304,0
1329,317,0 276,235,0,75,946,0 1329,120,0 26.4
Ciradation.—On the basis of averages, circu ation of national banks in the Clearing House amounted to $46,828,000, and according to actual figures was $46,802,000.
Loans and investments_
Change from last week_
Specie
Change from last week..
38,888,200
168,762,700
12,932,285
16,524,200
304,793,800 1,082,139,200
+3,142,300 +1,795,400
117,162,200
+443,300
179,421,800
—737,000
56,144,600
+158,500
116,251,200
—1,416,700
21,366,100
10,397,100
715,0 18,830,0 25.6 Legal-tender & bk. notes..
—38,300
—404,000
1,494,0 33,300,0 25.5
Change from last week_
1,376,0 20,609,0 26.2
351,806,800 1,158,440,300 122,113,700 185,461,000
3,100,0 52,059,0 26.8 Deposits
+203,800
1,530,0 24,501,0 24.8
Change from last week. +3,790,200 —4,170,000
+275,600
6,148,0 169,453,0 28.1
94,150,900 134,459,300
21,815,300
2,413,0 24,868,0 26.2 Reserve on deposits
23,341,600
—1,075,000
—1,006,700
—261,500 +1,095,400
193,0
6,361,0 25.4
Change from last week_
70,0
2,075,0 22.7
16.7%
19.0%
27.6%
195,0 10,424,0 25.1 P. C. reserve to deposits.
13.6%
16.7%
28.2%
19.2%
1,396,0 38,293,0 25.0
Percentage last week....
13.0%
9,828,0 102,802,0 26.8
656,0
4,251,0 26.5
-I- Increase over last week. — Decrease from last week.
1,641,0 17,885,0 24.7
151,0
2,424,0 24.7
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
5,199,0 84,438,0 25.6
611,0 20,818,0 25.8 for both trust companies and State banks not only cash items but amounts due
1,009,0 12,964,0 25.1 from reserve agents. Trust companies in New York State are required by law to
885,0
9,369,0 25.8 keep a reserve proportionate to their deposits, the ratio varying according to lo249,0 14,162,0 27.6 cation as shown below. The percentage of reserve required is computed on the
6,303,0 62,551,0 25.6 aggregate of deposits, exclusive of moneys held In trust and not payable within
2,035,0 22,157,0 26.3 thirty days, and also exclusive of time deposits not payable within thirty dyas
1,823,0 86,928,0 25.3 represented by certificates, and also exclusive of deposits secured by bonds or
131,0
1,720,0 24.7 obligations of the State or City of New York, and exclusive of an amount equal to
1,900,0 32,851,0 27.9 the market value (not exceeding par) of bonds or obligations of the State or City
197,0 13,227,0 25.6 of New York owned by the bank or held in trust for it by any public department.
1,617,0 93,516,0 25.8 The State banks are likewise required to keep a reserve varying according to loca
3,082,0 35,601,0 25.4 tion, the reserve being computed on the whole amount of deposits exclusive of time
93,0
3,603,0 25.6 deposits not payable within thirty days, represented by certificates (according
686,0
8,302,0 24.7 to the amendment of 1910), and exclusive of deposits secured (according to amend226,0
5,121,0 26.2 ment of 1911) by bonds or obligations of the City or State of New York, and ex5,251,0 103,776,0 26.4 clusive of an amount equal to the market value (not exceeding par) of bonds or
1,013,0 15,819,0 25.6 obligations of the State or City of New York owned by the company or held in trust
411,0
3,802,0 25.5 for it by any public department.
—Trust Cos.— —State Banks—
255,0
6,337,0 26.6
Of
Total
Total
Of
680,0 15,148,0 28.1 Reserve Required for Trust Companies
Reserve
which Reserve which
and State Banks.
317,0
9,095,0 25.1
Required. in Cash. Required. in Cash.
Location—
4,169,0 25.0
550,0
15
15
o
%
1,960,0 12,782,0 25.2 Manhattan Borough
104,
20%
10%
294,0
4,883,0 24.6 Brooklyn Borough (without branches in Manhat.)15%0
15%
(without
Boroughs
branches
in
Other
2,142,0 27,673,0 26.4
73i%
Manhattan_15%
Manhattan)15%°
157
0
20%
20%
715,0 25,297,0 27.8 Brooklyn Borough, with branches in
15%
15%
15%
301,0 11,563,0 25.1 Other Boroughs, with branches in Manhattan_ ....15%
10%
6%
390,0 23,551,0 24.8 Cities of the first and second class
10%
1,204,0 14,577,0 25.2 Cities of the third class and villages
3%--%
—_
6%
6,384,0 25.4 Elsewhere in State
ill%
398,0
9,575,0 25.5
350,0
The Banking Department also undertakes to present sepa6,069,0 24.8
195,0
Totals, Avge_ 133,650,0 206,866,0 1337,209,0 276,872,0 73,387,0 1334,963,0 28.2
Actual figures May 10_
Surplus as of March 7........
rate 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-
1405
THE CHRONICLE
MAY 17 1913.]
Boston and Philadelphia Banks.-Below is a summary
House banks and trust companies. In addition, we have
of the weekly totals of the Clearing-House banks of Boston
oombined each corresponding item in the two statements, and Philadelphia:
thus affording an aggregate for the whole of the banks and
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Week ended May 10
Clear.-House Clear.-House State Banks and Total of all
Trust Cos. Not Banks &Trust
Members.
Members.
ActualFigures
Average. in C.-II. Aver, Cos. Average.
S
$
{Nat. Banks
Capital April 4 and
State Banks
Surplus March 7_
Banks.
179,400,000
179,400,000
304,711,800
304,711,800
$
$
27,550,000
206,950,000
77,586,800
382,298,600
Loans and investments 1,021,228,000 1,929,566,000
Change from last week -17,323,000 -6,832,000
569,883,900 2,499,449,900
+1,860,600 -4,071,400
1.760,936,000 1,769,068,000
Deposits
Change from last week -17,479,000 -10,939,000
a571,587,200 2,341,555,200
+1,568,300 -9,370,700
Specie
Change from last wee
333,003,000
-3,971,000
335,658,000
-836,000
65,854,300
+757,800
401,512,300
-78,200
Legal-tenders
Change from last wee
82,952,000
+3,868,000
80,274,000
+91,000
b8,133,700
+700
88,407,700
+91,700
Banks: cash in vault_
Ratio to deposits... _
352,181,000
26.49%
350,259,000
26.23%
13,017,100
14.02%
363,276,100
Trust cos.:cash in Valli
64.674,000
65,673,000
60,970,900
120,643,900
416,855,000
Aggr'te money holding
-103,000
Change from last we..
415,932,000
-745,000
73,088,000
+758,500
489,920,000
+13,500
Money on deposit wl
other bks.& trust eos
Change from last wee
51,766,000
-4,219,000
54,407,000
-4,256,000
18,235,200
+3,100
72,642,200
-4,252,900
Total reserve
Change from last wee
468,621,000
-4,322,000
470,339,000
-5,001,000
92,223,200
+761,600
562,562,200
-4,239,400
Surplus CASH reserve
'tanks (above 25%).
Trust cos.(above15%)
10,901,000
def.98,400
16,518,250
sur.422,250
Total
Change from last wee
19,802,600
+3,846,950
16,940,500
+1,537,850
14.97%
10.70%
15.09%
11.11%
16.16%
1.03%
25.67%
26.20%
17.19%
% of cash reserve of tru et
in vault
Cash In
Cash on dep. with bks
Total
Capital
and
Surplus.
Loans.
Clearings
$
3
Boston.
$
Mar. 22_ 60,735,4 228,665,0 23,016,0 3,455,0 258,752,0 7,998,0 151,313,9
Mar. 29_ 60,735,4 225,916,0 23,873,0 3,279,0 256,227,0 7,990,0 150,794.9
Apr. 5_ 60,735,4 223,976,0 22,678,0 3,213,0 262,172,0 8,016,0 186,687,9
Apr. 12.. 60,735,4 223.150,0 23,785,0 3,221,0 259,993,0 8,008,0 155,628,3
Apr. 19_ 60,735,4 223,092,0 23,953,0 3,414,0 269,890,0 7,999,0 142,948,4
Apr, 28_ 60,735,4 223,427,0 24,895,0 3,588,0 265,399,0 7,988,0 165,641,1
May 3_ 60,735,4 224,856,0 25,798,0 3,582,0 265,385,0 7,968,0 162,511,8
May 10_ 60,735,4 224,602,0 25,895,0 4,004,0 263,141,0 7,974,0 160,092,9
Phila.
*410,323,0 12,736,0 144,087,8
83,602,0
Mar, 22_ 103,684.3 376,513,0
.404,847,0 12,222,0 154,303,4
83,895,0
Mar. 29_ 103,684,3 374,392,0
.413.371,0 12,048,0 183,963,5
86,881,0
Apr. 5_ 103,684,3 374,657,0
*409,070,0 12,046.0 154,464,6
87,639,0
Apr, 12_ 103,684,3 373.867,0
.415,312,0 11,998,0 165,356,9
89,681,0
Apr. 19_ 103,684,3 373,693,0
.411,732,0 11,924,0 153,841.0
90,611,0
Apr. 26_ 103,684,3 375,496,0
.418,429,0 11,779,0 185,878,7
91,532,0
May 3_ 103,684,3 375,449,0
.414,861,0 11,603,0 165,712,0
91,903,0
May 10_ 103,684,3 374,763,0
-a Includes Government depos Is and the item "due to other banks." At Boston
Government deposits amounted to $1,388,000 on May 10, against $1,396,000 cka
May 3.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on May 10 as $14,703,000.
Imports and Exports for the week.-The following are
the imports at New York for the week ending May 10, also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
1913.
For Week.
I
Dry Goods
General Merchandise
1910.
1911.
1912.
$2,617,866
15,995,650
$2,193,519;
19,267,2911
$2,073,855
12,904,086
$2,649,520
14,868,249
$18,613,516 $21,460,810 $14,977,941i $17,517,769
I
$59,117,904 $55,002,260 $55,535,9941 $63,627,702
319,793,119 324,423,909 269,412,1871 303,289,767
Total
Since January 1.
Dry Goods
General Merchandise
$378,911,023 $379,426,169 $324,948,1814366,917,469
I
I
Total 19 weeks
+ Increase over last week. -Decrease from last week.
derheee 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 3646,825,900, an increase of $3,044,100 over last week. In
theicase of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
Circulation.
Legals. Deposits.
a
Specie.
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 10 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1910.
1911.
1912.
1913.
$18,566,623 217,562,421 $15,269,140 212,263,73.5
345,513,7371 300,046,159 274,664.290 226,329,807
For the week
Previously reported
$364,080,360 $318,508,580 $289,933,430 $238,593,542
Tptal 19 weeks
The averages of the Now York City Clearing-House banks
for
the
with
those
State
banks
combined
and trust companies,
The following table shows the exports and imports of
and trust companies in Greater New York outside of the
at the port of New York for the week ending May 10
specie
of
weeks
past:
series
a
for
follows
as
compare
Clearing-House,
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.
Imports.
Exports.
Loans and
Week Ended- Investments
Deposits.
2
2,537,841,3
Mch 8
2,520,950,6
Mob.15
2,479,043,8
Mob. 22
2,471,291,0
Mob. 29
April 5.- 2,480,000,2
April 12.- 2,478,605,0
April 19......_ 2,466,922,1
2,490,418,5
April 26
3.... 2,504,421,3
May
May 10_ . 2,499,449,0
2
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
2,350,925,0
2,341,555,2
Specie.
Legals.
2
2
3
$
394,970,9 89,618,7 484.589,6 552,648,9
391,172,5 90,547,2 481,719,7 547,076,9
386,493,5 91.605,4 478.098,9 542.086,8
389,322,2 91,962,6 481,284,8 546,523,9
301,021,4 88,953,2 479,974,6 545,825,7
391,000,5 89,350,2 480,359,7 544,508,5
396,831,5 89,015,9 485,847,4 552,490,4
400,230,8 89,387,8 489,618,6 560,848,6
401,590,5 88,316,0 489,906,5 566,801,6
401,512,3 88,407,7 489,920,0 562,562,2
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing-non-member
banks for week ending May 10, based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Ca p4-
Surplus.
Loans,
On
Legal
Disc'ts
Tender Deposit
and
Specie. and
with
Net
InvestC.-H. Deposits.
Bank
mewls.
Notes. Banks.
$
New York City.
Manhattan and Bronz.
350,4 1,768,0 156,0
93,0
207,0 1,497,0
Washington Heights- 100,0
115,0
200,0
1,620,0
327,0
55,0 1,736,0
53,0
Battery Park Nat-507,5 5,906,0 685,0 341,0
500,0
651,0 5,837,0
Century
615,9 7,056,0 1,001,0 247,0
400,0
953,0 7,255,0
Colonial
758,1
300,0
6,077,0 589,0 494,0
768,0 6,890,0
Columbia
178,8 1,122,0
200,0
60,0 122,0
143,0 1,077,0
Fidelity
346,8 2,343,0 401,0
250,0
42,0
338,0 2,608,0
Mount Morris
461,0 5,570,0 618,0 425,0
200,0
466,0 5,902,0
Mutual
305,5 3,566,0 416,0 138,0
211,0 3,507,0
200,0
New Netherland
101,8 2,019,0 239,0 103,0
254,0 2,193,0
200,0
Twenty-third
527,4 4,320,0 595,0 262,0
084,0 4,796,0
100,0
Yorkville
Brooklyn.
689,7 3,761,0 359,0
534,0 3,090,0
93,0
300,0
First National
917,6 5,775,0 441,0 355,0
623,0 5,259,0
252,0
Manufacturers' Nat
639,1
11,145,0
13,274,0
711,0
1,345,0
1,557,0
1,000,0
Mechanics'
575,6 4,734,0 544,0 143,0
771,0 4,715,0
300,0
National City
176,8 2,530,0 187,0 134,0
286,0 2,578,0
North Side
200,0
Jersey City.
First National
-0 400,0 1,365,4 4,399,0 269,0 290,0 1,352,0 3,140,0
815,8 3,368,0 238,0
Hudson County Nat.. 250,0
000,0 1,945,0
74,0
428,4 2,386,0 107,0 150,0
828,0 1,226,0
ThirdNational
200,0
Hoboken.
First National
660,8 4,384,0 211,0
71,0
320,0 1,683,0
220,0
Second National
64,0
406,0 1,355,0
125,0
283,8 3,366,0 195,0
Totals May 10
6,097,0 10,821,1 87,215,0 8,983,0 4,411,0 12,073,0 81,563,0
Totals May 3
6,097,0 10,821,1 87,033,0 8,902,0 4,188,0 12,347,0 82,764,0
Totals April U.__ 6,597,0 11,365,0 89,776,0 9,492,0 4,407,0 12,563,0 85,647,0
Gold.
Toni'oney Entire Res
Holdings. onDeposit
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week.
Since Jan. 1
$109
1,431
1,330
64,891
59,760
21,072
26,049,689 $29,379,090
714,000
137,351
25,000
5,171
50,000; 22,107,639
5,000i 1,249,388
26,129,689253,592,639
24,490 21,214,537
1,100 2,225,631
Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
15;044
$5,417
•
3,950,
1,000
21,077,366319,844,505
1,555,259 18,646,587
915,375 17,780,640
Total 1913
Total 1912
Total 1911
$46,692
61,120
2,944
334,950
3,968,109
1,199,131
679,920
$148,593 $6,292,866
409,692 7,829,490
98,791 3,578,908
$961,086 $17,642,411
113,194 2,182,100
3,086
Eines Jan.1
33
21,941
31,032
82,513
$13,279
29,727
4,169
74,374
1,950,102
953,044
564,526
$140,936 $3,589,221
178,653 4,129,652
478,132 3,163,325
Of the above imports for the week in 1913, $1,330 were
American gold coin and $33 American silver coin. •
Vaulting and
Wanda'.
Convertible Bonds
Write for our Circular No.615 entitled "Convertible Bonds," which
The par value of the outstanding
describes 41 well-known issues.
amountof the 41 issues is about $800.000.000. which indicates the
wide popularity of this type of investment.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, III, Boston, Mass. Albany, N. V.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE STREST
BOSTON
w1406
THE CHRONICLE
Vaulters'
55c. per $1,000 premium. Montreal, 4634c. premium. Minneapolis,55c.
per $1,000 premium. Cincinnati, par.
antic.
Wall Street, Friday Night, May 16, 1913.
The Money Market and Financial Situation.-Business at the Stock Exchange has again this week been greatly
restricted. Not since the Easter holiday week, ending April
15 1911,have the transactions aggregated so small an amount,
and then the dull period was relatively short, while now it
has already been long continued.
Some developments of the week have been important.
First in point of time came an announcement of a plan for
consolidating the New York Central lines into one corporate
organization and the necessary financing in connection
therewith. Second, came the Government report of foreign
trade for the month of April and for the ten months ending
May 1st, showing that for both periods the exports of
agricultural products were the largest on record. Later,.
reports from the iron and steel industry show that orders are,
as heretofore, gradually falling off, although, as is well known,
orders booked months ago will keep practically all mills
running full time well into the summer. After the close of
business on Thursday announcement was made of a cut in
the New York New Haven & Hartford's dividend rate from
8 to 6 rer cent, a matter not unexpected, however,
'I he lank of England's weekly statement, while showing a
perceatage of reserve fractionally above 50, also shows that
the actual amount of reserve is smaller than at any corresponding date in a dozen years or more. The Bank of France
shows larger cash holdings than of late, but these are still
nearly 0,000,000 smaller than in 1912 and over 7,000,000
smaller than in 1911. Four millions of gold have been
shipped or engaged for shipment from here to Paris this
week, making.$10,000,000 for the month thus far; but the
statements referred to suggest that the movement may be
further continued, although, now as last week, the exchange
market is against it. Notwithstanding these conditions
abroad, the local money market continues relatively easy.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 23/3@3%. Friday's rates on call were2%@2%%. Commercial paper on Friday quoted at 53j@532% for 60 to
90-day endorsements and for prime 4 to 6 months single
names and 53A @6% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease in bullion of £513,661 and the percentage
of reserve to liabilities was 50.25, against 49.90 last week.
The rate of discount remains unchanged at 43/2%, as fixed
April 17. The Bank of France shows an increase of 9,131,000
francs gold and a decrease of 2,636,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1913.
Averages for
week ending
May 10.
Differences
from
previous week.
1912.
Averages for
week ending
May 11.
1911.
Averages for
week ending
May 13.
Capital
133,650,000
134,150,000 134,150,000
206,866,000
Surplus
197,731,000 200,234,400
Loans and discounts__ _ 1,337,209,000 Dec. 7,816,000 1,391,642,000 1,335,639,700
Circulation
233,000
46,828,000 Inc.
48,019,000
46,025,100
1,334,963,000 Dec. 6,420,000 1,421,867,000 1,390,297,500
Net deposits
276,872,000 Inc. 1,040,000 290,106,000 316,203,100
Specie
Legal tenders
23,000
73,387,000 Inc.
77,753,000
75,265,300
Reserve held
25% of deposits
350,259,000 Inc. 1,065,000
333,740,750 Dec. 1,605,000
3(8,164,000
356,466,750
391,468,400
347,574,375
Surplus reserve
16,518,250 Inc._ 2,670,000
12,697,250
43,894,025
.
.
Note.-The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issuel by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Foreign Exchange.-With firmer discounts abroad
sterling exchange has this week ruled steady. Additional
exports of gold to Paris amounting to $4,000,000 have been
arranged, but these have been special transactions and are
arbitrary so far as foreign exchange rates are concerned.
To-day's (Friday's) nominal rates for sterling exchange were 4 8334 for
sixty-day and 4 87 for sight.
To-day's actual rates for sterling exchange
were 4 827064 8280 for sixty days, 4 862564 8635 for checks and 4 8660
4 8670 for cables. Commercial on banks 4 813404 82% and documents
for payment 4 82346,4 83. Cotton for payment 4 823404 8234 and grain
for payment 4 82%04 8234.
The posted 'rates for sterling exchange as quoted by a representative
house were not changed during the week from 4 8334 for 60 days and 4 87
for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21 /
1 s6
5 2134 less 1-16 for long and 5 1834 less 1-1665 1834 less 1-32 for short.
Germany bankers' marks were 9434 694 5-16 for long and 9534 less 1-320
9534 for short. Amsterdam bankers' guilders were 4034 less 1-1664034
less 1-32 for short.
Exchange at Paris on London, 25f. Age.; week's range, 25f. 2134c.
hI8h and 25f. 19c. low.
Exchange at Berlin on London, 20m.45 gpf.; week's range, 20m. 4634pf.
high and 20m. 45mpf.low.
The range for foreign exchange for the week follows:
Sterling. ActualSixty Days.Cables.
Cheques.
High for the week _A 83
4 8685
4 8645
Low for the week ___4 8260
4 8635
4 8595
•
Pans Bankers' FrancsHigh for tho week _521345 18%
51734 less 1-32
Low for the week _5 21 8
5 18% less 3-32 51834
Germany Bankers' A arksHigh for the week -_ 9434
95g
9534 plus 1-64
Low for the week ___ 943.1
95
95%
Amsterdam Bankers GuildersHigh for the week __ 3934 plus 1-16
403-16 less 1-16
4034
Low for the week
39%
40 3-16 less 3-32
4034 less 1-16
Domestic Exchange.-Chicago. par. Boston, par. St. Louis, 15e.
per $1,000 premium. San Francisco, 20c. pera1,000 premium: St. Paul.
[VoL. xcvi.
State and Railroad Bonds.-Sales of State bonds at
the Board are limited to $1,000 New York 4s,1962,at 99%,
and $20,000 Virginia 6s def. trust receipts at 49 to 493/
2•
The market for railway and industrial bonds has
been less active than heretofore reported and only a few issues
have been traded in at all. In a very limited number of
cases have price changes had any significance whatever.
Rock Island 4s are unique in a decline of 2 points.
United States Bonds.-Sales of Government bonds at
the Board include $10,000 2s reg. at 1003., $1,000 3s reg.
at 102% and $1,000 Panama 3s coup. at 103%. For to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.-The stock market
has, as noted above, been the most inactive in more than two
years pastr; and prices, now as then, have declined. Daily
transactions averaged only 182,500 shares, as against 275,000 last week and 703,250 a year ago. Fluctuations have
generally been narrow and changes in almost every active
issue are to a lower level. The market to-day was less active
than on any previous day of the week, only about 146,000
shares having been traded in, but the tone was somewhat
firmer and fractional recoveries were generally recorded. Of
a list of 25 of the most active stocks only 2 are fractionally
higher than last week.
Central of New Jersey had a sensational drop of 30 points
from the last previous sale. Lehigh Valley has also been
weak. Canadian Pacific declined 53j points and recovered
2. As a partial offset to these movements, Brooklyn Rapid
Transit closes nearly 2 points higher and Southern Pacific
shows a net gain.
American Tobacco declined nearly 8 points before the dividend came off. It is now 13 points lower than last week.
Only Rumeley preferred of the industrial list shows a net
gain for the week.
For daily volume of business see page 1416.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
•
STOCKS.
Week ending May 16.
Sales
Allis-Chal recta 4th paid
American Express
Am Teleg dr Cable
Batopilas Mining
Brunswick Terminal_ _ _ _
Canada Southern
Can Pac subs 2d paid_ _ _
Colorado dr Southern
Deere & Co., pref
General Chemical
Preferred
Green Bay & W,deb B_
Homestake Mining
K C Ft S & Mem, pref
Keokuk dr Des Moines
Lake Shore dr Mich Sou_
Long Island
Mackay Companies_ _ _ _
Nash Chatt & St Louis_
Pittsburgh Steel, pref__ _
Quicksilver Mining
Preferred
St L & S F--C & E Ill
new stock trust certfs_
C dr E Ill prof cents
United Cigar Mfrs
U S Express
U S Reduction dv Refg_ _
Virginia Iron, C & C
Wells, Fargo
Co
West Maryland, pref_ _ _
Range for Week.
Range since Jan. 1.
for
1Veele.
Lowest.
Highest.
Lowest.
Highest.
100 534May
100 164 May
15 61%May
20 $134May
100 634May
100 5834May
127233%May
100 32 May
120 98 May
5 185 May
12 104 May
36 1134May
20 103 May
150 6934May
200 7 May
81 470 May
20 3734May
100 82 May
135 135 May
100 943-May
300 334May
100 534May
14 534May 14 434
15 164 May 15 160
14 6134May 14i 58
10 $19iMay 10 $1
13 634May 13 633
13 5834May 13 5834
1323333May 1322934
12 az May 12 26
13 98 May 13 953-3
14 185 May 14 175
15 104 May 15 104
12 1234May 12 1134
16 103 May 16 100
16 6934May 16 6934
13 7 May 13 534
14500 May 14 470
15 3734May 15 39
15 82 May 15 81
14 135 May 14 13334
16 9456May 16 9434
12 4%May .16 334
16 53iMay 16 4
April 534
Jan 170
Mar 6634
Jan $134
May 834
May 63
May 239
Feb 33
April 10034
Jan 185
May 1093-3
May 1734
Mar 12034
May 78
11 45 • May
100 9634May
395 44 May
52 56 May
%May
200
200 43 May
100 112 May
100 55 May
15 48 May
1 9634May
13 4434MaY
14 56 May
%May
12
10 43 May
12 112 May
13 55 May
Feb, 543-3 Jan
May. 9634 May
Mar 5034 Feb
Feb 66
Jan
May 13-3 Jan
Jan
May 54
Jan 125 April
May 6734 Jan
15
15
10
14
12
13
12
13
45
9634
433-3
50
%
43
110
54
Jan 7
May 500
Mar 433-3
Mar .87
May
Feb
Jan
Jan
Mar
Feb
April
Jan
Jan
Mar
Jan
Jan
Mar
Jan
May
May
Jan
Jan
May 170
Jan
May 100
Jan
May 434 May
Febi 6 May
Outside Market.-This week's session on the "curb"
was decidedly the dullest in many weeks, there being scarcely
any important price changes outside of the Standard Oil stocks.
These latter were easily the feature, the numerous dividend
announcements this week, from the large stock dividends to
the regular cash declarations, being responsible for a marked
rise, as eVidenced by the quoted prices which we report in
another column of this issue. Standard Oil of N. J. gained
4 points to 359. Standard Oil of N. Y., on the announcement of the proposed 400% stock dividend, moved up about
30 points to around 703. A stock dividend of 100% by
Standard Oil of Kansas brought a rise of some 20 points. A
sharp advance of some 50 points to around 480 took place
in Standard Oil of Nebraska, due to the declaration of a 25%
stock dividend. United Cigar Stores common weakened
from 893/2 to 883%, sold up to 903 and back finally to 893/3.
British-Amer. Tobacco advanced from 233 to 233/3. Intercontinental Rubber corn. sold at 93. Willys-Overland
corn. advanced 2 points to 66 and was traded in to-day at
653/3. American Light & Traction corn. moved down from
390 to 374. Renewed interest was reported in bonds, Chicago Elevated 5% notes on heavy trading advancing from
97 to 983/i and reacting finally to 97%. Brooklyn Rapid
Transit 5% notes rose from 95% to 953%, but weakened subsequently to 95%. N. Y. City 43/3s,"w.i.," sold down from
100 11-16 to 100 9-16 and at 100% finally. N. Y. City
43s of 1960 receded from 973i to 97, the 43s of 1962 weakening from 97% to 963
%. Copper shares were neglected.
Braden Copper was off from 7% to 7% and closed to-day
at 73%. Giroux fell from 2 5-16 to 2 and ends the week at
2 1-16. Greene Cananea declined from 6% to 6%, the final
figure to-day being 63%. Nipissing weakened from 83% to
8%,then advanced to 9,reacting.subsequently to 8%.
Outside quotations will be found on page 1416.
1407
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usuaTly inactive, see preceding page
STOCKS-111011IC3T AND LOWEST SALE PRICES.
Saturday
May 10
Mondly
May 12
Tuesday
May 13
iVednesday
May 14
Thursday
fay 15
Fridati
Way 16
9913 £912 0014 9912 9958 9953 99'8 9934 P-14 9912 0913 9912
*Ws 9934 9938 96 8 0034 0034 1'334 9934
.
9914 99% 19914 99
12112 11113 *121 122
12112 12112 *12078 12112
12012 12012 *120 122
9758 9734 9758 9738 971'8 9318 0318 9335 9; '4 9838 9338 9S18
) *79
*79
*79
80
t) 80
81) *79
80
80
.
79
8934 8914 8933 8913 9( 2
8912 89
314 9118
*8912 9018 89
:712 239 23618 23734 2:178 22334
24013 21178 24034 242
23918 241
295 295 *290 303 *295 30) *295 101
320 320 296 305
6478 863r; 133•8 66
6414 65
63% 6334 6314 6314 6234 65
1412 1453 1458 •1334 14
11,
8 *1314 1412 *14
•14
*1334 1438
*2958 3112 30
2934 2934 2958 2958 *2914 3) *2914 2978
30
107 10713 10338 10652 10314 10732 10012 107
108 10314 10614 1081
13134 13534 13414 13412 13313 13412 134 134
*13534 138
135 136
12912 12934 12912 12912 12914 12912 *129 1302
*12913 130 *12913 130
183 188 *181 189 *181 189 §182 182
*185 190 *185 190
*49% 83
*4952 53
*4933 53
*4953 53
4958 41)58 *4958 53
00
*87
*87
90
90
90
*3818 95
*87
*8818 95
00
15112 15112 *151 157 *15113 151
154 154
15014 15214 *151 155
135 395 *390 400 .391 400 *390 400 *390 400 *390 4.03
*19
22
21
21
.
19
*19
*19
22
20
*19
*19
20
*33
36
38
35
*33
*33
35
13112 8412 *34
135
1,6
*5
*5
7
7
7
*5
7
*5
7
*6
*5
7
*1212 1414 *1212 1412 *1213 1412 *1213 1412 *1212 1412 *1212 1412
2812
2818 2833 28
2814 2772 2812 2838 2812 2814 2833 23
4234 4234 4258 4134 43
4313
4318 4318 4234 43
43
43
*3412 36
35
3413 3412 3134 3434 *3413 3512 *3112 3513 35
12512 128
12814 12614 12614 12614 12318 12652 12534 12812 12534 128
34
*3314 35
34
31
34
34
*33
35
34
34
*33
*11314 114
114 11418 11413 11434 11412 11412 *114 115
11314 114
1438 1438 1378 14
1414 1378 14
1432
14
1378 141,3 14
4913 5018 4878 4914 49
4934 4938 4934 4878 4918 4913 3934
132814 2513 2313 2312 *2312 2512 24
*22
2512 *2278 24
24
*5913 6018 5914 5914
*5912 61
•5913 6112 *5912 8012 *5914 60
9
*7
*714 9
*7
9
9
*714 913
9
*714 9
*2213 28
*23
*20
*2213 30
23
80 .
28
*20
30
28
15434 15434 15314 15112 15314 15112 153 15412 15234 15358 *153 154
13158 13158 131 131 *18013 131
131 13118
13184 13134 13078 131
12832 12832
12714 12712
Sa.es 01
the
Week
Shares.
3,6e
340024
STOCKS
NEW YORK STOCK
E XCHANGE
Rosie Since Jan. 1.
On basis to 100-48ate 1083
Lowest
1itoheit.
Railroads
Atch*.son Topeka & S F__
Do p
Atlantic C
reo
fast Line lilt_
Balt!more & Ono
Do pref
Brooklyn itapid Trarsit.
Ranoe lor Previous
Year 1912.
Lowest
z0838 Apr 30 10638 Jan 6 10314 Feb
9933 May14 1024 Jan 29 11111N Jen
119 May 1 13333 Jan 9 113034 Dec
9714 slay 1 10033 Jan '22 (40114 Feb
1,600
100
80“4 Aug
7984 May 9 88 Jan 10
19,409
73318 Men 10 9253 Jan 14
1634 Jan
86
30
3
21813 Mch 10 26314 Jan 9 2'2..17 Mel
63,6
(
(-'1a
eP
nl
N
P
trda.lao
a
e
e
w
li
nf
fersey
235 May13 362 Jan 13 305 Jan
24,200 Chesapeake & Ohio
6212 May 8 80 Jan 2
6314 Feb
100 Chicago tit West tr etfs
13 Feb 25 174 Jan it, 1553 Dec
Do pref trust ctfs
350
28 Melt it 35 Jan 9' 3033 Dec
4,050 Chicago Milw & St Paul_ 10514 May 1 11614 Jan 9' 9938 J'iy
agopL
pref
)
ico
13312 May15 145 Jan 30 13914 Dec
750
00 Ch1
2,2
North Western 12734 Apr 28 134 Jan 11 13443 Dec
ref
1182 Feb
20 cieDvoe i)n
5
400
;mu Jan 6 188 Nov
Cm Chic & St L
4953 May
54 Jan 21
4514 Dec
Daowaprreef
90 Apr 11
00 Dei
1.100
9434 Jan 16
95 Dec
& Hudson
15054 May10 167 Jan 8 162 Dec
395 Feb 25 445 Jan 13 530 Aug
130 Delaware Lack & West
Denver & Rio Grande.... 1834 Feb 25 2318 Jan 9
1812 J'ly
Do pref
Mch 16 41 Jan 10
20
344 J'ne
Duluth
thPSo
ref Shore & Atlan
6 Feb 24
812 Jan 2
8 Sep
Do pref
12 Apr 11 164 Jan 2
14 Dec
2512 Feb 26 3212 Jan 6
10,501 Erie
30 J
Dec
42
preferred
1st
Do
Feb '25 4913 Jan 30
1,300
4712 Dec
3234 Mch19 41 Jan 30
Do 2d preferred
700
38 Dec
'Great Northern pref.... 124 Feb 25 14
31
258Ja
14 Jan
3,61,
Jan 9
3 1326
0
Iron Ore properties
3114 Apr 29
800
112 May 1 12873 Feb 5 12058 May
1,000 Illinois Central
1373 May12 1958 Jan 30
4,900 Interboro-Metrop v t ctf_
1614 Dec
4834 Apr 30 6533Jan 30
D
no
ss_ prof
10 Ka
4,5
300
634 Jan
Southern
2234 May 1 2714 Jan 9
21211122
594 Mch 10 6112 Jan 7
Do
100
ref
BO May
7 May 2 114 Feb 5
100 Lake Erie & Western._
Jan
25 Mch 18 35 Jan 6
Do pref
30 Jan
152 Mcb20 16833 Jan 2 15578 Feb
8,000 Lehigh Valley
800 Louisville & Nashville-. 12834 May 1 14214 Jan 10 138 Dec
12714 Apr 26 13253 Feb 7 12873 Dec
800 Manhattan Elevated
Minneapolis & St Louis__
1812 J'ly
16 May 1 2314 Jan 2
Do pref
38 Apr 30 47 Jan 29 ;40 reb
13118 13112 13013 131
13112 13112 *13112 133
132 182 .13112 183
825 Minn St P 8c El S Marie :12834 Mch20 14214 Jan 9 129 Feb
*138 148 *138 143 *133 148 .138 148 *136 138 *187 147
Do preferred
14113 Itch 11 1160 Jan 22 146 Dec
24
2314 2438 *2314 2413 *2312 24
*2378 2438 2312 2378 24
1,700 Missouri Kan & Texas
2513 Dec
2214 May 1 2913 Jan 7
0012 18012 0013 *5978 8012 *59
*59
62
*60
82
*59
Do preferred
30
5934 Jan 14 6413 Apr 11
6013
5738 May
4,800
*3478 3514 35
3534 3418 8514 3458 8538 8438 35
Missouri
Pacific
324 May 1 4353 Jan 9
85
8513
35 J'ly
*51
53
*50
57 •49
57
Nat Rys of Mex 1st pref.. z 5634 Feb 10 59 Mch 3
*50
57
*50
/56
*43
56
6218 Oct
2112 23
*22
2212 2134 22
2158 *21
Do 2d preferred
21 May15 2712 Jan 2
2113 2112 21
2113 1,300
264 Oct
991. 9912 9938 16,300 N Y Central Se H R
9834 9912 9138 9918 9858 6938 9873 9978 99
984 May12 1093 Jan 30 1064 Dee
10312 10113 104 10438 10413 10514 10412 108
10312 10312 10313 104
10234 May 1 1294 Jan 10 126 Dec
6,760 NYNH& IIartford
3012 12014 2914 *2814 3012 *28
N Y Ontario de Western_
*28
2.3
2812 May 7 3378 Jan 11
30
*28
*28
30
2078 J'ne
10532 10538 10514 10588 1051s 10514 10514 10514 10514 10512 2.150 Norfolk & Western
*10513 103
1034 Mch 20 11312 Jan 3 :1074 Feb
85
*81
*81
85
*81
85
*81
Do adjustment pref._ 8214 Mch 17 87 Feb 13
85
85
*81
*81
85
88 J'ne
11414 11414 11373 11438 11378 11438 114 11413 114 '114
Northern
2,750
114 14114
11314 May 1 1224 Jan 6 11533 Jan
Pacific
11153 11134 11078 11158 11058 11118 11013 11113 11018 11014 11013 11058 86,680 Pennsylvania
1104 May14 12334 Jan 7 11978 Dec
95
*6012 95
01.4 9113 4.91
*9012 94
*9013 95
*9012 96
100 Pittsb Cin Chic & St L.... 9013 Apr 28 104 Jan 11
9813 Jan
*100 115 41100 115 *100 115 *100 116 *100 115 *100 115
Do preferred
10882 Jan
161133 16114 15914 18072 15834 18(t18 15918 16058 159 16013 159 160 206,600 Readily
15213 Mch 10 16878 Jan 2 1484 Jan
9() *88 90
*83
90
*88
90
80
90
90
90
90
400
1st preferred
8934 Feb 25 9212 Apr 10
8712 J'ne
4,88
9113
9118 *89
9118 *89
*89
91
*89
91
2d preferred
9113 *83
8773 Feb 26 95 Apr 10
92 Dec
194 1873 1913 9,000 Rock Island Company
194 1973 19
1978 194 19
1978 1933 20
1714 May 1 2473 Feb 4
2283 Dec
8213 83
3214 2,300
82
Do preferred
84
3213 3234 34
*3214 3313 3213 83
2914 May 1 4434 Jan 2
4214 Deo
1214 1,550 St Louis & San Francisco 12 May16 1934 Jan 11
12
1312 1858 1212 13
1213 1213 01212 15
15
*12
174 Dec
170
Do 1st preferred
41
140
43
148
47 May14 59 Feb 11
47
*40
62
47
O40
60
50
5812 Dec
3,550
Do 2d preferred
184 20
1813 May16 29 Jan 11
;204 2053 2011 2073 21
21
20
2034 1934 20
2612 Dec
200 St Louis Southwestern... 29 Apr 29 354 Jan 13
*28
3134 *80
3434 *28
*31
3113
8434 81
81
31
31
2934 Jan
7214
100
7113 May13 75 Jan 9
Do preferred
7214 *70
7238 *71
•71
7238 7113 7212 •70
7214 *70
684 Jan
Seaboard
400
17
Air
Line
May16
17
1734 1734 '
2034
31712 18
Apr
17
18
*17
18
017
1
*17
18
18 Dec
400
Do preferred
4218 4218 *42
4158 May16 4833 Jan 291
4252 42
42
*4134 4212 414 4134 4152 4153
4434 Dec
9558 9578 9472 9512 9518 9818 9513 96
9312 May 7 110 Jan 30
9514 9512 9558 0613 8,800 Southern Padflc Co
2 102312
6
2478 2478 2414 2458 2414 2514 2434 25
Southern
2,500
tr
ctfs stmpd. 2312 Apr 30 2858 Jan
v
2434 2434 2414 244
Jan
*7613 7712 78
7514 may 1 8112 11ich26
*7513 77
76
76
76
700
76 .75
Do preferred • do
76
681i Feb
77
*1513 1713 *15
1712 164 1618 16114 17
500 Texas & Pacific
*1614 1714 1813 1812
1534 May 1 2258 Jan 8
2017 Jan
85
*33
35
*34
3113 84
550 Third Avenue (N
3414 3414 3414 3413
3312 Dec
3312 Apr 29 4012 Jan 2
*9
9
11
*3
11
10
400 Toledo St L& Western....
*8
11
.8
12
9 May13 13 Jan 9
1013 Dec
25 020
*22
25
*22
25
•22
25
*20
100
25
2173 May16 2934 Jan 9
Do preferred
2173 2178
28 J'ne
*104
106
105
105 3110313
*101 105 *10312 105
*104
300 Twin City Rapid Transit 10318 Mch 24 10814 Jan 23 103 Dec
10334 10334
14778 14913 11818 14938 14712 14834 14734 149
14838 14834 14778 149
94,000 Union Pacific
14534 Apr 29 16234 Jan 6 15034 Dec
18314 8314 *83
*8314 84
83 Meh 13 9312 Jan 6
81
85
*3314 85
Do preferred
160
8314 8314 184
6814 Oct
2212 2212 23
*22
23
24
*22
*2213 24
24 .22
21
300 United Rys Inv't of8 F.._ 2283 m ay 12 3512 Jan 3
28 JIY
4173 4178 *44
*4314 46
*4334 47
*4312 47
*4313 47
43 Apr 29 6313 Jan 2
Do preferred
45
109
67 J'ly
27
118
8
3
3
212
213
May15
234
Wabash
3
212
4
3
Feb 3
1318 31s
212 2,300
334 J'ne
713 May16 1314 Jan 14
718 758 6,110
Do ,)referred
712 818
778 0813
034 034 *04 034
1238 J'ne
914 914
4012 *39
4012 *39
4012 8333 89
as
4012 *39
*39
88
3748 Jan 7 46 Jan 2
810 Western Maryland
45 Dec
412
*413
5
*413
413
613
May
1
8 Jan 3
378
700 Wheeling & Lake Erie_
*412 582 434 5 *413 5
4 Jan
515
19 '
18
4115
•15
18
*15
19
5116
18
19
*16
17 May 7 2818 Jan 13
Do 1st preferred__
11 Jan
*7
10
10
*7
9
713 Slay 5 14 Jan 3
*7
9
*7
*7
Do 2d preferred
10
*7
10
6 Jan
8
*5014
503
5012
53
*5038 53
*5013 53
800 Wisconsin Central
*5012 53
*5012 53
46 Jan 15 5812 Apr 23
48 Feb
Industrial & Miscell.
'7434 75
7414 75
7414 7558 7458 7534 7313 7458 7358 7458 82,150 Amalgamated Copper
60 Feb
6534 Feb 25 804 Jan 2
4712
4918 *47
60
*4814 53
700 American Agricul Chem.. 4614 Jan 17 67 Jan 3
*49
5013 *4914 51
*49
51
5412 Dec
*9213 94
*9213 95
*9212 95
Do preferred
*9212 95
95
*924 91
*93
9312 May 7 99 Jan 2
98 J'ly
*3014 3114 8014 8014 3014 3034 3034 3113 *3014 3114 3014 3114 1,500 American Beet Sugar
25 Mehl() 5012 Jan 2
464 Dec
•70
80
*70
80
Do preferred
4,70
80
*70
80
80 •70
*70
80
78 Apr 15 86 Mch 6
IA) Nov
3234 3234 8218 3234 3218 3314 3134 33
32
3238 32
3258 13,350 American Can
2512 Jan 14 4673 Jan 31
1114 Feb
9213 08
0268 93
937i 94
924 9213 9233 93
2,253
Do preferred
9212 93
91 Apr 28 1294 Jan 31.1
9058 Feb
*4814 4914 4778 4814 *4778 4813 4812 4812 *4818 49
700 American Car & Foundry 474 Feb 25 6633 Jan 2
48
43
49
Feb
*114 115
11373 114 *112 115 *112 115 *112 115 *11314 115
250
Do preferred
112 Feb 25 117 Mch 5 115 Feb
*3712 4f3
*3712 40
*374 40
*3713 40
*3712 40
*3713 40
American Cities
3734 Apr 26 4834 Jan 6
3014
Oct
*7114 75
*714 75
*71
76
*6973 7214 7013 7012 *70
Do preferred
100
7812 Jan 2
75
694 Apr 1
7614 Aug
*4212 45
45
*42
*42
4113 6,010 American Cotton OIL
46
*42
45
3934 4212 41
3934 May15 5738 Jan 2
452 Jan
9612 9613 98
*9312 100
98
19318 9818 9612 9012 .0211 ____
810
Do preferred
9513 Nich 28 9634 Jan 10
95 Jan
*4
•2 *4
412 *4
413 *4
412 *1
412 *4
American Hide & Leather
412
4 Jan 14
618 Jan 8
3 Feb
23
*21
*21
23
*214 23
*214 23
23
*2112 23
Do preferred
*21
2212 Feb 25 2814 Feb 10
20 Feb
25
2533 2513 2512 *23
26 .23
25
700 American Ice Securities
2512 2512 *2412 26
Jan
20
2 2734 Apr 4
Jan
18
912
353
958
.933 04 '5913 978
9
9
*9
912 1,030 American Linseed
913
9 Feb 25 1112 Jan 31
1) Mch
23
*27
*26
*26
29
2.)
27
27
27
600
Do preferred
2712 2713 27
25 MaY 1 3133 Jan 31
30 Feb
3273
3
324
327
3213
3214
8213
1,600
3212
327
3 827s
3234 3214
American Locomotive- 32 May10 4412 Jan 6
32
3134 Feb
102 102 *101 103 *100 103
200
Do preferred
*103 103 *100 103 *101 103
102 NI ay 14 10634 Jan '2 103 Jan
*84 10
10
*8
10
10
*8
*3
American Malt Corp....
1012 *8 . 10
*8
74 Feb 1S 13 Jan 3
434 Jan
60
50
*48
*48
53
5212
52
*43
200
52
60
Do preferred
60
*49
47 Feb Is 61l Jan 3
42 Jan
583
8312 081
834 83
400 Amer Smelters Sec pref B 83 May 1 86 Jan 9
8313 8312 '
8333
81
84
84
*83
84 Dec
6712 6853 6714 6614 6614 6614 6634 7.140 Amer Smelting & Refin'g 6373 Mch19 744 Jan 30
685k 6718 6638 6834 60
6612 Dec
10312 1034 *10012 10212
10353 104
700
10233 10243 *102 10212 *102 104
Do preferred
10014 Mch 19 107 Feb 7 10238 Jan
*160 170 *161 175 *160 175 *160 175 *160 175 '5161 175
American Snuff
158 Apr 80 193 Jan 22 123 kich
*102 10.5 *101 105 '5102 105 *102 105 *102 105 *102 105
Do preferred, new...... 104 Jan 6 105 Jan 21
99 Feb
32
*30
*30
32
32
*30
*31
33
32
*30
32 '530
Amer Steel Found (new). 3018 Apt 29 4012 Feb 3
26 Jan
•
1114 yi-i;
Holiest
11134 Oct
10114 Feb
14 •82 Aug
lils Ap.
91 Jan
9412 J'ly
283 Aug
395 Apr
831t Oct
210, Oct
3912 Apr •
11753 Nov
146 Jan
145 Apr
198 Mob
6213 Apr
10112 Apr
17612 Feb
597 Dec
24 Mob
4614 Jan
11,74 May
23 May
3918 Apr
577„ Apr
48 Apr
14334 Aug
53 Sep
14113 Jan
22 J'ly
6738 Oct
3114 Sep
654 Mcb
18 Apr
40 may
18534 Jan
170 Aug
13834 Mob
2713 Jan
§57 Jan
15413 Aug
158 Aug
3153 Mob
66 Apr
4734 Mob
71 Jan
364 Jan
12112 Apr
14214 Apr
4138 Apr
11914 Atu
92 Feb
13112 Aug
12614 Mal
11112 Sep
117 Feb
17914 Apr
9114 Apr
10112 Apr
3012 Apr
594 Apr
2912 Mob
6912 Jan
4334 Apr
4033 Oct
8058 Oct
2712 Apr
5612 J'ne
11513 Apr
32 Sep
8678 Oct
2012 Nov
4933 Jar
1648 Mch
36 Apr
11118 Sep
17634 Sep
9612 Dec
3978 Dec
694 Dec
May
2273 Apr
6414 Mch
1134 Oct
3158300*
1712 Oct
62 3 Aug
9234 Oct
6358 Mob
10414 Mcb
7r Sep
10114 J'ne
474 Oct
12614 Sep
6338 Sep
120 May
6013 Dec
8334 Dec
8014 Nov
9914 Feb'
714 Sop
34 Sep
3334 May
1773 Apr
43 Apr
4713 Nov
11012 Aug
1918 Aug
6914 Aug
8912 J'ne
91 Sep
owls Sep
20314 Dec
105 Aug
4438 Oct
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
LINew York
Aetna
195
America 1i-__ 500
Amer Exch 1229
Battery Park 130
Boweryll-- 425
Bronx Bort/ ---Bronx Nat_ kJ)
Bryant Parki 150
Butch & Dr. 130
225
Century 1
650
Chase
Ask
Banks
B1,4
Ask
Banks
Ask
ilia
Chat & Phen. 180
175
.... Fidelityl.__ 165
200 Chelsea Ext. 135
4500
I.
Ave
Fifth
150
600 Chemical -__ 410 425 Filth
300 325
____ Citizens' Can 184
960 990
189 Flest
140 City
380 385 Fourth
180
188
--- Coal & Iron- 160
165 Garfield --------270
250 Colonial li--- 450
....... Germ-Amer 9 140
145
1.15
Columbia 11._ 295 325 German Ex 411 400
_ - __
___ commerce _ 1185 118973 Germantal- 475
500
140 Corn Exeh 1. 313 317 Gotham
170
---230 CosmoPorn I 85
105 Greenwich I 250 -_
700 East River_
75 Hanover
685 700
Banks
1344
Harriman __ 285
Imp & Trad 530
190
Trying
630
Liberty
Lincoln
Manhattan 3 340
Mark & Fiat. 245
Mech & Met 9250
Men% Exch 150
Merchants'
180
Metropolis I 340
kletroporn 3 188
Ask
295
540
200
640
365
350
252
......
160
190
360
194
Banks
Mt klorris I_
Mutual I
Nassau
New Netht„
New York Co
New York_
Pacific .§
Park
People's 41_
Prod Rich I.
Publieli
Reserve
tn,
200
290
195
210
850
390
255
360
240
165
250
88
Ask.
Banks
ma
.... Seaboard__ 430
Second
375
210 Security 1,
130
225 Sherman_
135
815 StateI
405 23d Ward I_ 175
265
Union Exch. 155
367
Wash Irts I. 275
250
Westch An_ 180
170
West Side 1. 450
300
YorkvUle I- 590
90
Ask
ioli"
140
225
165.
......
176
61.
0.
*Bid and asked prices: no sales on th s day :Ex-rights. ;Less than 100 shares. ¶State banks. a Ex-div.53 right; 0 New stock. jEx
110011133. Mr.
:Sale at Stook Exchatz. or at auction this week. c First InstaLiment paid. is Sold at private sale at this price. a Ex-div. I Full24%
paid.
For record of sales during the week of stocks usually inactive, see second
STOCZCS-NlemmsT AND LOWEST SALE PIIICES
Saturday
May 10
[VOL. xcvi.
New York Stock Record-Concluded-Page 2
1408
Mondv
May 12
Tuesday
May 13
Wednesday
May 14
Thi rsday
May 15.
Friday
May 18.
SVes of
the
Veek
Shur..
STOCKS
NEW YORK STOCK
EXCHANGE
vage preceding.
Linos Since Jan. 1.
On basis of 100-share lots.
Lowest
Ranoe tor Previous
Year 1912.
Highest
Industrial & Misc (Con)
4,100 American eugar Ref nIng 10313 May12 118 Jan 31
gloss 111
10213 111
101 11038 10934 11012 .109 111 1109 111
Do preferred
100
11134 May12 11658 Jan 23
*111 11614 11134 111,11 .110 115 *111 1164 *111 116 *111 11611
12758 12 38 2,02e Amer l'elepnone & Teleg 12713 `Say 12 140 Jan 3
•12734 12514 12712 12718 12752 1231.; .12734 12812 128 128
on) American Tobacco
218 Apr 28 29434 Jan 10
23314 23014 22712 2293, 220 227 *220 215 .220 230
1230 233
101 Itch 12 10013 Jan 27
612 Preferred, new
/
4 10234 .102 103 *102 103
/
4 10234 10234 1021
•10214 10214 *102 1021
A al er1can Woolen
1634 Itch 10 21 Apr 17
*1734 2212 *1712 22
/
4 22
.1734 2212 *171
*17
23
*17
22
Do preferred
74 Mae 1 81 Jan 3
620
77
71
73 .76
70
78
75
75
731s '(54 .711
*74
10) Amer Writing Paper, pret 26 51c8 31 3214 Jan 2
2,3
2727 *21'3 28 .26
28
29 .23
29
*28
028
/
4 Feb 25 4112 Jan 2
3814 3714 3758 3713 3712 2,400 a Anaconda Cop Par 325 331
1
4 3814
37/
33
33
3712 31
103 103
10.! Assets Realization
103 May16 120 Jan 7
*100 105 .10.) 105 4.102 105 *102 108 *102 103
.4613 47
44 Apr 28 53.2 Jan 8
47
203 .3aelwin Loe, motive
47 .46
45 .86
46
46
*45
48
045
10518 101'8
10353 Feb 17 10518 May16
303 Do preeerred
1010413 105 .10113 10172 *10'12 10178 10458 10.38 105 105
824 May13 4l Jan 0
3....2
209 Bethlehem Steel
3212 *32
3218 3214 3214 8214 *32
*3214 3314 *3214 33
63'8 Feb 13 7212 Apr 4
71
.6934 '7!
103 Do preferred
06914 7112 69'8 61''3 .C314 7012 .6933 7112 .69
May 1 13713 Jan 27
Coo
Brooklyn
121228
12812
12313
12934
130
Union
Gas
128
123
1211
/
4
127
0127 132 *117 132
2e.8 Melee' 31 Feb 8
.2712 29 .2713 29
Butterick C'o
.2713 29
.2713 29
*2713 29
*2713 29
40/
1
4 41
41
41
2,800 Ca. forn.a, Petrol v t ctfs, 3934 Apr 15 6613 Feb 3
4012 4034 4054 41
4012 41
4034 403
63 Apr 13 86 Jan 30
*83 73 .69 72
Do preferred
70
.10il
70 .69
73 .63
*54
69
69
Case(J1)TbreshMpftr cfs 9911 Mch19 10:358 Fob 6
*9912 10218 *9712 10218 *3912 1e012 .9912 10012 *9912 10012 .9912 10012
2173 Apr 30 30 3 Feb 5
23
*2214 23 .2213 2.3
23
650 Central Leather
2238 21' 8 2238 23
.2212 23
9114 May 1 9714 etch 3
9234 19231 9234 *92
Do preferred
10
9234 4'92
931
/
4
9234 *92
9214 .92
*92
8,7034ChIno Copper___Par 35 3578 Feb 21 4738 Jan 2
1
4 3914 3934 394 3912 1573 3918 3834 39
394 3934 394 39/
31 Jan 14 4112 Feb 3
3112 31
31
4.2313 12
31
520 Colorado Fuel & Iron
.304 23
31
31
32
.31
13114 12912 1301; 12958 130
7,e0.) Consolidated Gee(N Y)_ 127 Feb 25 14238 Jan 9
1294 no 130 13178 z13018
180 130
10 filch 4 174 Jan 31
1
4 1014 1012 1018 1018 1014 1014 1,103 Corn Proaucts Refining_
/
4 10/
101
•1014 108 104 1014
634 Mob 13 7914 Jan 31
68
*C114 e3
fioe
Do preferred
6414 6514 .64
88
58 .35
68 .54
4335
goo Destillerl' Securities Corp 1514 Apr 26 2134 Jan 1.
1576 1513 *1534 1534 s'.14 1314
.1513 1512 •154 1814
.154 16
Federal Mining & Smeleg 134 Jan 13 18 Jan 22
*12
18 .12
18
18 .12
18
18 .12
18 .12
*12
33 Mcb19 44 Jan 2
Do preferred
4.35
43
*35
42
43
42 .35
48 .35
035
42 .35
:13112 Jan 24 187 Jan 2
/
4 138 133
1,021 General Electric
138 138 .138 13812 137 13 1371
13734 131
183 12.3
25 MaY15 3413 Jan 7
29
25
25 .25
29
423
30
150 Gen Motors vot tr etre_
29 .20
26
4.20
128
70 May 8 79 Jan 7
130
40o prof v t eve
*7214 7312 *724 77
75
7312 .70
77 .70
72 .70
72
1
4 Mch 19
3/
11
/
4 Apr 30
213
2
218
2
2
2
2
2
13,250 dG oldfield Con M Par 310
2
2
2
2
23 Mehle 68 Jan 2
8013 3013 301s 308 1,300 Goodrich Co(B F)
3134 3034 8034 8013 31
31
*3112 22
Jan 7
eeb
18
.0514
9113
Do
preferred
09
100
9214
.00
.9112
95
V214
98
*914
.024 0412
05
.90
1
4 Jan 9
300 dGuggenh Explor Par $35 42 Apr 30 53/
451
/
4 *45
46 .15
46
4534 4534 45
4614 .15
*4512 451
2038 Jan 2
1714 1734 1714 1712 171i 1758 1712 1712 1714 1714 1714 1712 4,500 3 Insp n Con Cop Par$20 153s Mehl))
lInternat Harvester (old) 10334 Apr 25 11553Jan 30
109 *____ 103 *____ 109 4.103 108
- 109 ''
•
100 1
1114 Mch 8 116 Jan 26
Do preferred
73 ___
_ . Nior9.
•ii2E8 ___ 'Hi
200 Internet harvester of N J 1((0)3 Apr 30 103 Mch I
10234 10334
el0213 106
*10213 foa ,.- to:33 foi. *10213 foo 10434 10134 .11013
May12 113 May 5
Do
preferred
111
1124
620
11213 .11018
11133 1113s
. 111 11112 .1104 111
200 Internet Harvester Corp_ 10034 Apr Fe) 10.34 vich 29
4 1
211(1,4 :1
1(1111-2 1
113
1 10134 .1(11112
laiis 1111-s lies 1??1.:
11M;
1 1g12 11111.1.
111 May12 11313 May 7
720 Do preferred
458 Jan 2
338 May 8
100 Int Met Marine stk tr cts
334 334 .318 4
*313 334
- 4.313 334 4'34 --3-3-4
-.111-3 --2-3-1
Do pref stk It Ws_
*16
17
161
/
4 Mch 13 1913 Jan 7
*1614 17
13
171. .16
4.16
13
*16
1712 *16
812 May 1 12/
1
4 Jan 111
878 918
500 International Paper
9
9
94 934
4,8t2 012 *812 94
.84 g
200 Do preferred
8814 May 3 4813 an 34)
/
4 .3813 40
40
38/
1
4 381
40 .38
3814 8814 .3813 4012 *33
10
.7
100 Internet Steam Pump_
10
.7
6 May 5 1812 Jan e
10
.7
8
8
81. .612 10
.7
35 I
23 May 5 70 Jan 9
200 Do preferred
83 4..._ 35 *---- 35 .
3113 8113 .29
35
1180
8514 Jan 18 94 Feb 3
Kayaer & Co(Jullus)__
90
*85
90 1
V0 .85
90
•85
*85
90
90 .83
4183
/
4 Jan 22 110 Jan 2
130 1s6 preferred____ 1071
*102 10812 1102 10612 .102 10811, *101 1084 .102 10813 *102 10813
61
Mch 19 81 Feb 6
.60
65
Kresge
Co
(8
5)
*60
6/5
65
*60
65
.60
65
85 .60
4430
9734 Apr 28 102 Jan 4
0912
9912 *97
Do preferred
9912 .97
93 .97
98 .97
4.91'
93
097
/
4 Feb 4
37 Apr 25 491
Lackawanna Steel
39
39 .32
4.32
*12
33
83
39 .32
30 .23
*32
Laclede Gas (St L)corn__ 9212 May 1 10112 Jan 8
*02
03
.192
95
•92 100 .93 100
.93 100
913
4192
200 Liggett & Myers Tobacco 210 Apr 26 235 Meh 6
219 21913 .215 220 '215 219 .215 219 .210 217
•218 220
113 Ma 6 11612 Jan 23
100 Do preferred
113 113 .110 117 1109 117 1110 117 4.11013 116 *110 115
100 Loose-Wiles Bis tr co ars 30 Mchl8 34e2 Jan 6
4 3012 32
*3013 82 1
31
31
33
32 .31
32 .31.
1131
Do lst preferred__ e9 May 3 103 Jan 9
90 .0i1
/
4 00
.97
99
*97 103 .93
.95 103 4.____ 103
0018 May 7 95 Jan 8
Do 24 preferred
*85
91 .--__ 91 *„.... 91
91
*86
91 .____ et
*88
1604 May12 200 Jan 28
300 Lorillard Co (P)
163 163 .101 _ 165 105
_ 16012 1604 *161 163
*160
113 May 7 118I Jan 22
263 Do preferred
4'112 1E12 1112 11212 *111 1121 .11114 11212 .112 1E12 11212 11212
100 May Department Stores.. 66 Feb 20 7678 Jan 2
*6514 71
*6514 72
72
*87
72
72 .362 7313 .67
72
100 May 1 1051* Jan 2
Do preferred
41100 101 •9934 101 *100 101 .100 101 4.100 101 *100 104
5813 Apr 15 7814 Feb 4
6414 3,400 Mexican Petroleum
6312 Ce 14 64
6412 (2334 6412 64
6514 6312 65
65
dMiamt
211
/
4 Feb 19 2612 Jan 4
Copper-__Par
$5
3
1,100
2278
227
8
223
2278
4
2278
23
22
4
27,18
2234
2313
23
23
112 Feb 21 1281* Jan 3
300 National Biscuit
115 115 .114 116 .11412 116
*113 1174.112 11712 114 115
/
4 Jan 8
Do preferred
1108 Mch 24 1241
360
11912 11912 119 12) 1.119 120 1120 120 .117 118
119 119
275 Nat Enamerg & Stamp'g 1214 May14 1914 Jan 30
12
112
12
1214 1212 112
*1214 1314 *1214 13
*1214 13
82 Mae 9 9214 Jan 30
Do preferred
78
84 .75
84
*74
.75
84
410
84
88 .70
•70
454 Mch19 5614 Jan 2
610 National Lead
47
4.46
47
47 .46
47
47
4813 47
4812 .47
4.47
1
4 Jan 27
101 Mcn 14 107/
200 Do preferred
010813 10734 *10513 107 *105 1051 10512 10513 108 101) .105 10613
16$4 1634 16118 1614 1612 1611 2,800 dNevada Cons Cop Par $5 16 Feb 18 20 Jan 2
/
4 1634
161
/
4 1634 *1653 1678 161
Apr 30 821* Jan 8
65
Brake____
Air
New
York
71
70
*67
71
*07
72
.33
.68
72
.65
73
*68
74
350 North American Co(new) 7214 May16 811 Jan 14
724 7214 *70
74
*70
79
73
73
74 .70
74
2013 May 1 3112Jan 22
22
400 Pacific Mail
*21
2212 22
2214 2214 2113 2113 4 2113 2214 .12114 22
32 Apr 28 46 Jan 4
34
3213
32
32
.31
200 Pacific Telep .Sc Teleg_
3213
34
34
.32
*32
34
*82
382 People's G L 3:0(Chle)_ 1084 May 3 115 Jan 8
109 109 .10812 10913
*109 10934 .10312 10213 *103 10912 109 109
1
4 Jan 2
171
/
4 Apr 28 24/
Pittsburgh Coal
*1714 1812
.1714 18
*1713 14
1
4 19
1
4 20 .17/
•17/
1
4 20 .17/
79/
1
4 May 1 95 Jan 9
Do preferred
*8012 82
100
*8012 83
83
1078 8078 *8012 82
*80
*8113 83
234 May 1 38 Jan 7
500 Pressed Steel Car
*2412 2513 *2414 2414 2413 2112 2412 2412 2412 2412 2414 2414
19578 May15 1014 Jan 7
100 Do preferred
9578 4.578 .95 100
093 10) .96 100
*9(312 10.) .93 100
300 Pub Serv Corp of N J.._ 11412 May13 118 Jan 21
11412 115 .1143; 115 *114 115.2 .114 115
115 115
•115 117
15314 May12 165 Jan 2
1,098 Pullman Company
155 156
155 155 4.15.1 135
153 154
15412 15412 15314 154
4 Feb 25 35 Jan 0
21,
400 Railway Steel Spring
*26
2712
28
27 .26
27
29
29 .27
*27
20
4.27
91 May16 100 Jan 13
Do preferred
200
91
9114 91
98
91
93 .93
98 .190
98 .90
.90
5,200 dRay Cons CopperPar$10 leliFeb 19 22 Jan 2
1734 13
18
171
/
4 18
1818 1778 1813 18
1838 18
18
1
4 Jan 31
23
23 .22
830 Republic Iron & Steel- 22 Apr 29 28/
23
2313 23
2314 *2213 2412 .2114 24
23
8114 May16 894 Feb 1
4.811, 8313 8178 gee 82
82
81/
1
4 811
/
4 814 811
22
82
/
4 1,223 Do preferred
211
/
4 Apr 28 9214 Jan 7
2812 2718 2718 .2512 29 .2814 29
23
800 Rumely Co (M)
23
2818 2818 27
49 Apr 26 9934 Jan 4
Do preferred
55
65
1,000
55
5578 55
55
5513 5518 55
55
55
55
1,700 Sears, Roebuck & Co_ _ _ _ 165 May16 21312 Jan 2
168 169
165 16534
16912 16934 *167 171 .167 171
170 170
10u Sloss-Shefeield Steel & It 30 Apr 30 4512 Jen 28
*30
35
31
31
.30
83 .30
35
31
.29
4.29/
1
4 31
31/
1
4 Apr 26 4012Jan 81
31
25 Standard Milling
3412 *31
4.32
34
4.3318 3318 .32
31
3412 *31
*32
524 May 1 6878 Feb 4
Do preferred
*56
60
50
*58
60
159
59
60
60 .55
.1.53
61
.58
800 Studebaker Corp (The)... 26 Feb 20 86 Feb 6
23
2638 2612
2614 27
2734 2734 2714 2734 .27
*27
23
:8813 Feb 20 934 Jan 13
00
Do preferred
*89
93
9214 9214 90
300
93
*89
92
/
4 •89
0132 911
780 dTennessee Cop__Par $25 324 Jan 27 39l Jan 4
3412 3112 3114 2.414 10 Vs 3118 .3412 3512 3418 3418 3334 8118
1
4 Jan 10
106 Apr 26 122/
100 Texas Company (The)
10713 10713 *1054 109
•10712 109 .1074 109 4.1074 109 *10712 109
7912 May 0 991x Jan 2
do
eriv
83
200 UnD
io
,roedar
'yepdewriter
83 .80
83 .30
*80
7912 7913 80
80 .78
•78
111.13
110 Apr b 113 Jan 21
11112 4._
11112 .111113 *.
11112 ...
11112 4._
•__
734 Jan 3
412 Mch 18
100 Union Bag & Paper
:
572 534 ;W2 04
6r2 512 ;Us 514 ;3i3 534 'if: 53 ;
2934 Mch 13 4134 Jan 3
Do preferred
3438
341
/
4 *30
311 430
4.2913 303 *2012 3413 *30
3412 *32
15
400 US Cast Iron Pipe& FdY 1212 May 7 11534 Jan 30
15
*12
15 .12
1
4 4.13
1334 13/
15
1313 nil *13
48 May 8 5634 Jan 31
50
14734 473 *48
50
220 Do preferred
46'8 *47
43
*47
49
49
*47
6534 Apr 80 77 Jan 0
303 U S Realty & Improv't
6533 6578 6534 6514
68 .3514 68 .6534 63 .6534 63
.66
6234 62/
1
4 1,500 United States Rubber...... 5712 Feb 24 6913 Apr 4
63 .6112 63
62
6212 4.6113 6212 63
6214 63
Aapnr 29
10
73574 J
3 180013143
r 9
10412 10412 10413 103
600 Do 1st preferred
10112 10113 .104 105
10113 10112 *101 105
92
Jan
Do 2d preferred
92 .75
*75
03
*75
90
*75
92
*75
5814 Meh 10 691
/
4 Jan 2
5934 5913 591
6014 5912 6014 59
/
4 132,483 United States Steel
1
4 5934 59
5012 59/
1
4 58/
10512 May10 1101
/
4 Jan 30
2,675
Do preferred
/
4 1051, 10614 10612 10578 10573 10534 106
10513 103 *10512 1084 1051
51
514 5118 511) 8,200 dUtah Copper___Par $10 41312 Apr 30 60/
1
4 Jan 2
5112 5218 5158 5214 5158 52
5158 52
2514 May13 431s Jan 8
2514 2613 2538 2611
7,100 Virginia-Carolina Chem_
1
4 284 2514 2612 2512 28
25/
2612 28
Jan 3
94
97
May12
114
97
93
preferred
.9412
Do
9512
9512
1,825
9514
9112
97
94
98
98
6433 Apr 30 7518 Jan 9
65
*85
68
587 Western Union Teleg
65
65
6534 6534 6514 6534 6518 6513 165
62
60 Apr 30 794 Jan 2
62
62
800 Westleg'uouse El & Mfg_
6112 6112 *61
62
62
6134 62
62
*61
114 May10 11914 Jan 17
200
Do 1st preferred
214 114 4.105 114 .105 11412 *105 115 *105 115 4.105 114
2,200 Woolworth (F W)
5:
11m
lee1319
Icli13 112 Jan 2
92
10
89
*90
91
8912 9138 907s 9078 9014 9014 *8012 0112 .90
115)2Jan 8
Do preferred
rr
*110 11012 .110 11019 .110 112 .110 111 .110 111 *110 Ill
Es
Gotten
Highest,
11312 Deo
115)3 Jan
13758 Jan
24118 Feb
10114 Jan
18 Nov
79 Dec
251
/
4 Jan
$34 Feb
1051., Feb
49 Dec
10234 Feb
2734 Feb
5612 Feb
13712 Mee
28 Nov
494 Dec
84 Dec
99/
1
4 Dec
1612 Feb
80 Feb
325 Jan
2313 Feb
135/
1
4 Dec
10 Jan
75 Dec
20 Dec
1114 Feb
371
/
4 Jan
155 Jan
JO Feb
7014 May
$133 Dec
604 Dec
105 Dec
$47 Deo
41858 Dec
10514 Fob
1134 Nit
13313 May
124 see
14918 mole
32412 ely
10333 Jan
31 May
944 mee
4133 May
$48 Oct
12712061
6034 Aug
10813 J'ne
5158 Oct
bU Sep
149 Aug
4018 Apr
7212 Oct
954 Oct
1014 Dee
3358 Sep
1001? Oct
0038 Nov
4334 Sep
1494 Aug
2218 Oct
8912 Oct
3614 Aug
21/
1
4 Sep
5234 Sep
18813 J'IY
4278 see
3234 Sep
$5 Mch
81 Sep
10912 Sep
r$8238 Jul
$2118 Oct
126/
1
4 Seel
12134 Apr
4 Mch
1534 J'1Y
1138 Jan
x451
/
4 Jan
12 Dec
63 Dec
90 Dee
107 Dec
71 Sep
100 Oct
el Me h
10218 Deo
156,3 Jan
10512 Jan
3612 Dec
10413 Oct
18) J'ly
167 Men
10734 Jan
69 Apr
106 Deo
6234 Apr
32318 Feb
114 Deo
122 Dec
1214 Feb
88 Feb
5118 Jan
10312 Feb
$1814 Jan
le) Feb
744 Jan
2834 Deo
45 Deo
103 Jan
1634 Mch
77 Feb
2034 Feb
Ins Feb
10034 Feb
16812 Feb
2712 Feb
9814 Deo
$14 Jan
1534 Feb
I:44 Feb
8914 Deo
gel* Deo
140 Jan
3914 Jan
1614 Jan
63 Jan
110 J'ly
0313 J'ne
$34I Feb
81 Jan
93 Dec
110 J'ne
41
/
4 Jan
851
/
4 Dec
13 Feb
50 Jan
67 Jan
454 Feb
10558 J'ir
75 Jan
t3I4 Feb
10714 Dec
$3213 Jan
4034 Deo
11178 Dec
711
/
4 Dec
661.3 Jan
11418 Jen
11312 ny
e30,,Ply
71
/
4 Mch
28 Mch
1934 May
6278 May
84 Jan
84/
1
4 Apr
9534 Oct
109 Oct
8912 Oct
10512 Oct
5513 Sep
10334 Jan
225 Oct
118 Aug
471
/
4 J'ly
10533 Nov
921
/
4 Oot
21512 Oct
118 Aug
88 Oct
112 Jan
2013 Oct
$3014 Sep
161 Apr
131 J'ne
28 Oct
1)513 Jan
6814 Oct
1107s Nov
$2418 Sep
85 Nov
/
4 Aug
871
38 Sep
5538 Apr
12212 Oct
2714 Aug
10034 Aug
401
/
4 Sep
10334 Aug
12078 Aug
175 Aug
40/
1
4 Sep
105 Aug
$214 Sep
35 Oct
93/
1
4 Oct
101 Nov
10313 Oct
231 Nov
59/
1
4 Sep
35 Deo
013 Oct
4912 Aug
9818 Aug
$171 1 May
13058 Sep
11334 Jul
11412 Sep
1773 May
67/
1
4 May
2212 May
6438 Oct
8612 J'ly
6773 May
115 May
8512 May
8034 Sep
117 Sep
$8713 Sep
5714 Jan
122 etch
8614 Jan
894 Aug
126 Aug
117/
1
4 Oat
116/
1
4 J'ty
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney Ist'd 1
Feet
Flatbush -Greenpo(nt111113134.._
Homestead 1
Manufaet're _
Mechanicel.
Montauk 1-Nassau
Bid
Ask
135
280
140
155
300
155
155
125
100
425
225
140
220
85
400
200
205 -
Banks
Brooklyn
National City
North Side 5,.
People's __
Bid
Ask
275
175
145
295
20()
165
Trust Co's
N Y City
350
Astor
Bankere Tr. 4(30
(Sway Trust_ 165
370
470
175
Trust Co's
N Y City
Central Trust
ColumbiaKnickerboe
Commercial
Empire
1-equitable Tr
Farm L & Tr
Fidelity
Fulton
Guaranty Tr.
Bid
Ask
990
1000
505
88
300
485
515
92
495
1200
ifg" 225
290 305
563 573
Trost Co's
N Y City
Hudson
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Westchester)
Bid
Ask
130
190
123
425
140
200
133
440
130
140
140
150
Ask
Trust Co's Bid
N Y City
1050
1030
NY Life & Tr
N Y Trust- 620 630
Title Go & Tr 470 475
Transatlantic 175
Union Trust_ 1240 1276US Mtg &Tr 450 460
United States 1095 1110
360 375
Washington
Westchester
160
Trust Co's
Brooklyn
Brooklyn Tr.
Citizens'
Franklin
Hamilton ...Home
Kings County
N9,33211
People's -Queens Co
Lea
Ask
490
145
500
153
250
285
125
270
118
530
130
290
300",
103
*Bid and asked prices: no sales on this day. Mess than 100 shares. 2e:ix-rights. a Ex-div. and rights. b New stock, d Q soled dollars per share.
-dividend.
fiiale at Stock 122:Change or at auction this week. 3 Ex-stock dividend. If Banks marked with a paragraph OD aro Stato banks, z Ex
1409
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jas, 1 1909 the Exchange method of quoting bonds was changed, and orsces are now all--"and interest"—except for income and defaulted bonds.
Ees
BONDS
...
q
N. Y. STOCK EXCHANGE rE
:40...
Week Ending May 16.
Price
Friday
Hay 18
Range
Since
Jan. 1
Veers
Range or
Last Sale
F"
0,.
Price
BONDS
N. Y. STOCK EXCHANGE1.E
Friday
Week Ending May 16.
A-- a. Mai 16
Range
Since
Jan. 1
.Vest's
Range or
Lam Sale
Bid
Ask Low
High No. Low High
Bid
Ask Low
High No. Low High Chesapeake & Ohio—
100 102
Gen funding 8: impt 5s___1929 J-J ____ 101 10078 Apr '13
10014 10012 10014
10014 10 10014 101is
2 106 110
1st consol gold 5s
1939 M-N 10612 Sale 10612
10114 10114
10014
1064
_ 10114Jan '13
Registered
10938 Nov '18
1939 31I-N
102112 10278
10234 10314 10212 Apr '13
General gold 43'8
1992 M-S 11631024 103
10234 10314 10234 May'13
4 Sale 9612
9634 40 "OK nil'
9912 9912
Registered
0912 Mch'13
1992 WS _
11312 11312
11334 11412 1134 Apr '13
72 8678 92%
Convertible 43s
871
1930 F-A 1147 Sale 8678
11312 11414
114
_ 114 May'13
Big Sandy 1st 4s
8518 8518
1944 J-D 8212 88 8518 Feb 1'
10014 101 10012 J'ne II
Coal River ity 1st gu 4s 1945 J -D 85 . _ _
8812 Oct 1',
102 10318
10212 __ 1034
10318
10012 1014
Craig Valley 1st g 5s
1940 J -J 10134 __ ,0134 Aleh'13
b1,
Potts Creek Br 1st 4s
4 84,4
1046 J -J
8114 __ .. 8434Jan '1'
Foreign Govern.ent,
90 0312
R& A Div 1st con g 4s
1989 J-J ___ 92 90 Apr '1
1 964 0918
Argentine—Internal 58 of 1909_ M-S 1 9634 98 97
97
157 88
2d consol gold 4s
1989 J -J 83 89 87 Mch'1'
86 92
Chinese (Ilukuang) Hy 5s £____ J-D 1 87 8734 88 May'13
Greenbrier Ey 1st gu g 48_1940 M-N 93 •_ 95 Oct 1
Imperial Japanese Government
oi- (18
Sterling loan 4jis
1925 F-A 1 883 8834 875
8838 27 86% 9038 Chilc & Alton RR ref g 3s_1949 A-0 ____ 67 67 Feb 13
1 55 6312
Railway 1st lien 3}is___ _1950 J -J
55 __ . 53
58
4 85% 8914
2d Series 43's
1925 J -J 1 87 8834 861
87
4 98 100
80 83. Chic B & Q Denver Div 4s_1922 F-A 0848 100 9812
981
Sterling loan 4s
1931 J -J I 783_ __ 805 Apr '13
Illinois Div 3Ms
1949 J -J 8314 Sale 8314
2 9912 10212
8314 22 83 5543
Republic of Cuba 58 exten debt_ al-8 t 9078 10012 100
100
9.113 9714
Registered
1949 J -J .8212 _
8614 Aug l'
External loan 4348
1949 F-A 1- - — 9614 9514 Apr '13
Illinois Div 4s
16 -938
1949 J -J
9478 Sale 9478
9648 9712
95
San Paulo (Brazil) trust 5s_1919 J-J 1 97 9714 967 bet) 13
Registered
1949 J -J .
. . 97 Sep 1 •
86 894
Tokyo City loan of 1912 5s___ _ M-S 8.5
8612 86 May'13
Iowa Div sink fund 5s
1054 11)334
1019 A-0 101%104 103% Feb '13
4 92 95.8
94
U 8 of Mexico s f g es of_1899 Q-J 1 94 96 94
Sinking fund 4s
1919 A-0 9812 9834 98 Mch •13
98 0914
Gold 4s of 1904
8412 16 8312 841.
1954 J-D 8412 Sale 8412
Nebraska Extension 4s
1927 M-N 9514 984 9814 Apr '1
9514 97
1 These are prices on the b asts o/ $5 to £
Registered
1927 M-N 95
965s Silo i2
State and City Securities,
Southwestern Div 4s
1921 M-S 97 ___
9134 -9134
39 96 10034
9734 May'l
98
N Y City-44s
1965 NI-S 97 Sale 97
Joint bonds. See Great North!
9312 27 92 97%
4
Corporate stock
1959 M-N 9314 Sale 927
19131M-N - ___ -___ 100 Apr 1:3
Debenture 6s
9934 10018
6 9212 9784
9314
4% Corporate stock
1958 M-N 93 9312 927
19581M-S 925 Sale 9214
General 4s
9312
2 9212 97%
23 9112 Mg
92
4% Corporate stock
1957 M-N 93 9318 9312
74
74 May'l
74 80
10153 73 10112 10512 Chic & E Ill ref & imp 4s g_1955 J-J New 43es
11.057 M-N 101% Sale 1014
-- 120 119 Jan 1 •
1934 A-0 11612
1st consol gold 6s
119 119
101 102
1917 1(4-N 101 _ . 101 Apr '13
New 4 3is
1937 81-N --. 10434 1074 Feb '1
General consol 1st 5s
106 108
10134 15 10114 10512
1957 M-N 10134 Sale 10112
4% Corporate stock
193784-N __ _ .__ 10612 Jan '1
10612 10614
Registered
10138 52 10034 10134
43-% assessment bonds_1917 M-N 101 ____ 10114
1942'F-A ___ - 97 9734 Feb '1'
8212
Pur money 1st coal 5s
4 82% 86
9734 98
3% Corporate stock— _1954 M-N 8238 Sal( 8238
Registered
,,,—__
1961
100
9953
101
Nt-S
100
Apr
'13
10112
N x State-49
4
Chic & Ind C Ry 1st 5s___1936 Ili 101 10514 10514 Itch'13 _ 15514 16E1994 10114
1961 J -J 9934 10012 9912 May'13
Canal Improvement 4s
76
17 75 7738
09% 10118 Chic Great West 1st 4s____1959 M-S 75 7534 75
- ...— 9973 Ma!,'13
1982 J -J
Canal improvement 4s
116
___
-J
120
J
6s_1947
125
Apr
1'
120
Chic
Ind
&
Loulsy—Ref
9912
___.
100
May'13
100
10134
-J
J
1961
Canal Improvement 4s
10514 Feb '13
1947 J-J 101 .
10514 10514
liefunding gold 58
South Carolina 4 3-is 20-40_ _ 193 J-J --- ...... 10:312J •iy 10
1917 J-J _— 9c082 9563 Apr 11
9999
Refunding 4s Series C
99 ____ 99 Apr '13
11113 J -J
Tenn new settlement 3s
87
86
_
_
J'ly
1'
J-J
1956
4s
gu
Loulsv
1st
8612
Deo
'11
Ind
&
Virginia funded debt 2-3s 1991 J-J -----Chic Ind & Sou 50-year 4s 1956 J -J____ 91 9014 Aug 1 •
48 59
4912
Os deferred Browii Bros ctfs___ ---- Vi 50 49
----104 Dec 11
Chic L S & East 1s14 ;•es
1969 J -D
10018 1003
Chic Mil& St P terml g 5s 1914 J-J 10038...,.. 10018 Apr '13
Railroad.
92
12 9034 99
1 7414 79%
Gen'l gold 48 Series A___e1089 J-J 9174 Sale 9134
7434
5199 Q-J 73 7514 7434
A nn Arbor 1st g 4s
97 9814
9414 92 9234 98%
Registered
e1989 -J _ — 964 984 Feb '1 •
ixtch Top & 8 Fe gong 43_199' A-• 94 Sale 9334
79 8.5
Gen'l gold 3;is Ser ll_e1989 j-J
0 82 79 Apr 'I
1995 A-0 ---------9314 Apr '13
Registered
, 9314 98
- -1 83 8814
85
51995 Nov 83 86 85
e1989 J-J --------86 J'ne'll
Registered
Adjustment gold 48
86 'J17s
25-year deben 4s
731995 Nov..,_ - 8712 86 Mch 13
1934 J-J 87 8714 87 May'l
Registered
74 10118 10038
86%
1017
51095 M-N 85 8553 8514
Convertible 4 3is
1932 J-D 10153 Sale 10168
Stamped
56 10034 10418
102
4 iti (wh issued)._ __-.. 10158 Sale 10153
Cony 48 issue of 1009____1955 J-I) -.__.. ___ 9912 may.14 -6
1 9983:0'2 288608534 Convertible
9934 Sale 9938
9974 195 9914 9934
Gen 4%s(wh iss)
9934 :
195 J -D 993s Sale 993
e 1989 .1 -J
Cony gold 4s
103 104%
Chic & L Sup Div g 5s___1921 J-J 102 10338 103 Apr 1'
1960 J-D 9938 .8aie 9938
9938 63 984 1038
Cony 48 (Issueof 1910)
997 120 994 10513
5 10414 1064
104
Chic & Mo Ely Div 5s___1926 J-J 10312 ___ 10438
1917 J -D 994 Sale 9912
10-year cony gold 55
8 10234 10514
103
Chic & P W 1st g 5s
1913 r-A .„--- 9914 J'ly '11
1921 J-J 10278 Sale 10278
Debentures 4s Series K
93
16 87 94
C M & Puget 8d 1st gu 4s_1949 J-J
1
-1052
8714 8834 88
88
7- 119
1928 id-s 94 934 93
- 71(3
-2
East Okla Div 1st g 4s
100% 101
Dak & Oct Sou gold 5s
8612
8012 92
1958 J -J 864 874 8612
1916 J-J 10034.._ 10038 Apr '1
Short Line 1st 4s golci
10912 11032
Dubuque Div 1st 8 f 63_1920 J -J 10712 ____ 10912 Apr '1
9034 0012
1962 hi-5 - _ - 9912 100 mee.13 __
Cal-Ariz 1st & re/ 4 6ts
Far & Sou assum g 6s
1924 J-J 111 _ .., 11738 Aug 11
S Fe Pres & Ph 1st g 5s 1942 M-S „„ _ _ .._ 107 Feb '13
La Crosse & D 1st 5s
1-(1i1.4
1034 10318
1919 J-J 101 10218 10218 Apr '1
Chic & St Louis 1st 68_11)15 M-S *103 -_--- 1934 Feb '13
9114
104 10434
8 8912 95%
Wis & Minn Div g 5s
1921 J -J 102 __ 104 Apr '13
ALI Coast L 1st gold 4s___51952 M-S 9114 Sale 9034
111952 M-8 -------- -98 Oct '013
Wis Vail Div 1st 6s
10934 10934
1920 J-J 10712 ___ 10934 Feb 13
10
95
5 10
90
534
Registered
Mil & No 1st cons 6s
1913 J-D 100 ....... 100 May'l
100 lows
— _0634 Feb •13
Ala Mid 1st gu gold 5s_ __1928 M-N 10
Extended 4 hs
1913 J-D 100 __ 1004 Aug i Bruns & W 1st gu gold 4s_1938 J -J 90 _ ... 95 Aug 12 -•
Chic & Nor West cons 7s 1915 Q-F 10318 10414 103 Apr '13
103 10514
-- -— - --Charles & Say 1st gold 7s_1936 J-J 122
954 9(4
Extension 4s
1886-1926 F-A 9512 _..__ 9512 May'13
27 573 921
88
01052 84-N 877s 8843 873
L & N coil gold 4s
96 96
Registered
1886-1926
96
Jan
'1
F-A
95
_
12318
.
S'ne
12
......
114
Bay F& W 1st gold 6s____1934 A-0
81
784 854
1987 M-N 81 8314 81
General gold ”is
11053 hiar 11
1934 A-0 103
1st gold 5s
84 8434
Registered
p1987 Q-F 80 -_-_ . 8434Jan '1
1018 J-J 07 100 97 Oct '12
Sil Sp Oca & 0 gu g 4s
25
923
4 9814
951944
90%
General
95
95%
4s
'198784-N
"
4
g1
5
-,
1
0
1
:
3
91
7
00
:
12
:
00
:.18.:e
nalt & Ohio prior 3 Yes
1925 J -J
Sinking fund 88_11879-1929 A-0 106 .._ 11134 Nov•Ii
89 2 9 t
0 Registered
89 ,..... 89 Apr '13
51925 Q-J
9212 66 9134 9778 stmilstered
1879-1929 A-0 105 —.. 10934 Aug 'e k
Gold 4s
51948 A-0 92 Sale 9134
1 104 105
104
g fund 5s
1879-1929 A-0 104 --- 104
Registered
51948 Q-J 9134 9212 9134 May'13
10468 Oct 1
Registered
1879-1929 A-0 103
0-yr cony 4 3is(wh iss).._1933 _ _ 924 Sale 9238
9234 304 9134 971k
-5978 103
10034
Debenture 5s
__- 10034
1921 A-0 101 1041
Ms June 1st gold 6s_ __1922 J---J 106 ..... 112 Jan '12 .._
Registered
1921 A-0
---- 101 Dec 12
:
June& M Div 1st g 3-hs1925 .34-N -_,-- 86 8712Jan '13
9
012:
-1
1 :
; -8712
Sinking fund deb 5s
104 1071k
___- ---- 104 May'13
8634 — o 86 2 9014
1933 NI-N 102
PLE & W Va Sys ref 4s__1941 M-N 85 8678 8612
Registered
- ---- 10734 Aug 11
1933 M-N
5 87 ee
Southw Div 1st gold 3 3,68_1025 J -J 8734 Sale 8734
8734
Frem Elk & Mo V 1st 6s 1933 A-0 118 ---- 119
119 12114
100 10
Cent Ohio It 1st c g 4}is__1930 M-S ,,,- ---- 100 Apr la
119
Man (I 13 & N W 1st 3}is 1941 J-J
6914 ____ 9012 Sep 09
Cl Lor & W con 1st g 5s.._1933 A-0 101 105 u04 Mch'13
Milw & 8 L 1st gu 3As
1941 J-J 6914
Monon River 1st gu g 5s__1919 F-A , .. 10078 10214 J'ne 12
Mil L S & West 1st g 6s 1921 M-S 10812 111 10912 Apr '13
10912 11212
1221
1-G6
E11-3
2
Ohio River RR lst g 58_1936 J-D 100 _ _ 10312 Apr '13 :---- 1
107)4 10714
Ext & imp. s f gold 5s 1929 F-A 10512 10712 10714 I. eu '1'
__
1937 A-0 _, — 10412 104,;Apr '12 ---_General gold 5s
11415
112
____
11418
68_1925
M-S
11418
Ashland
g
Feb
Div
1st
'13
Feb
'12
---11312
107
A-0
1922
g
6s
Tol
1st
Pitts Cloy &
11312 11312
Mich Div 1st gold 6s
1924 J-J 111 .___ 11312 Mch'13
96I 97
97
Pitts & West 1st g 4s,__1917 J -J 964 --- - 97
Mil Spar& N W 1st gu 4s_1947 M-S 92 9368 91
92
11 914, 94
Stat Isi Ry lstgug 4}is 1943 J -D 91 -___ 91 J'ne'12
Northw Union 1st 7s g
1917 M-S 1074 __ _ . 115 J'ly '11
11.0is
1937 M-S 1054 —... 10712 Mell'13
Buffalo R & P gen g 5s_
jo;j2 10812
Winona & St P 1st ext 7s_1916 J -D 10614._ . 1084 Mch'13
103 10434
1057 NI-N --- ----- 10314 Apr 13
Consol 414s
105 1064
___ 9534 Mch'13
904 9534 Chicago Rock Isl & Pac 68_1917 J-J 106 10614 10614 May'13
1998 A-0 9
All& West 1st g 4s gu
10512
109
Aug
1
Registered
1917
J-J
J'iy
08
____
103
100
Cl & Mah 1st gu g 555-1943 J -J
4
10 1634 -94188
General gold 48
8712 88 874
1988 J-J ___81-2
i6
3i
874 6
10814
Roch & Pitts 1st gold 6s 1921 F-A 10814 -_ 10814
1988 J -J _ _ . 90 91 Dec 12
Registered
Consol 1st g 6s
1922 J-D 110 11112 11114 Mch'13
8412
84
24
8418
Refunding
4
gold
1934
8374s
A-0
4512 454 Apr '13
Buff& Susq let reg g 4s___d1051 J-J
20-year debenture 5s
5 86 110
8634
1932 J -J __ 8612 86%
10578 Sale 10534
29:6
10:5
Sou cons gu A 5s_1982 A-0 *---131:4 1
106
.013
116
_1:
:
1
Coll trust Series 14 4s1914 M-N .93 ____ 9734 Sep ii
1962 A-0 „... _ ,. 10034 Jan '11
Re istered
2 Mch 13
P 4s
1918 M-N __ 95 9434J'ne'li
F-A
1st
gold
5s__p1945
um
of
Ga
Central
110.
Chic it 1 & Pac RR 4s
1045 M-N ....-- 10512 10412
2002 M-N 571 Sale 57
5933 220 -8/ 6634
Consol gold 5s
10-134 —a 10412 109
63% 6436
1945 M-ei ---- Registered
2002 M-N ---,
10614 Mch'13
10014 10614
Registered
- ---- 6358 Jan '13
It 1 Ark & Louis 1st 43.0_1934 M-S __ _. 83 8734 Feb '13
86 8734
_ 104 Doe '11
1st prof income g 5s____p1945 Oct ---13ur C it & N—ist g 5s
10712 10834
10712
1934 A-0 _ _ _ 110 10712
2d prof income g 5s_ _p1945 Oct --------- 105 Dec '11 _
---(.) It I IP & N W 1st gu5s_1921 A-0 100 106 10814 Sop 11
2d prof income g 5s stamped__ _ __ - - - ---- 96 Noy'll
M & St L 1st gug 7s
::::
1927 J-D ____ --- ---3d prof income g 5s____p1045 Oct --- 112 107 Dec '11
-Choc Okla& Ci gen g 5s__o1919 J-J
96 100 10034 Apr '13
1001 100S
3d prof income g 5s stamped__ _ _ -_-. _ _. 8518 Oct '10
Consol gold Os
1952 NI-N 100 ___. We Jan '13
106 106
Chatt Div pur mon g 4s 1951 J--1) ---- 410 90 Feb '13
Kook
&
Des
Moines
1st
5s.1923
9934
98
A-0
974
May'13
_
Div
10714Jan
'12
Nor
1st
g
5s
100
98 98
1946 J-J
Mac &
St Paul & K C Sh L lst 4}.is'41 F-A ___ 89 89 Feb '13
89 89
1947 J-J 100 __ 111 Noy'06
Mid Oa & Ad Div 5s
Chic St PM & 0 con 6s_1930 JD 116 12018 120 Apr '13
120 12078
10934 May 11
1046 j-.I 100_
Mobile Div 1st g 58
Cons
J-D
_
.
6s
reduced
to
3
}0-1930
-----8914
Dec '12
"Oki foils
Con RR & 13 of Gs col g 5s_1937 M-N 9934 - 10134 Apr '13
- ;
7
1930 M-S 9774 9812 98
Debenture 5s
29 -jig" 10
981
11458 —3 11453 11938
Cent of NJ gen'l gold 555_1087 J-J 114 11534 11453
Ch St P & Mhan 1st g 6s 1918 M-N 116 —__ 11912 Feb '13
51087 Q-J 114
_ _ 11334
119 1204
. 1008
1334 10
18
51122
11334 ..“1
Registered
North Wisconsin 1st 6s
1930 J-J 116 ____ 12953 May•09
Am Dock & Imp gu 58_1921 J-J 104% jos% 104% May'13
107
1919 A-0 106 10814 106
St P & S City 1st g 6s
106 10014
Leh & Bud R gen gu g 5s_1920 J-J 100 _ _ _ 10212 may'12
Superior Short L 1st 5sgq1930 M-S 102 _
- _ _10012Jan '13
1001* 10012
N Y & Long Br gen g 48_1941 M-S
IOU,0'Chic& West Ind gen g 6s__q1932 Q-M 106 107l107 Men'
83 90
- 13
Cent Vermont 1st gu g 4s e1920 Q-F 8114 gd 83 May'13
Consol 50-year 45
84 8918
1952 J-J 84 87 844
841*
U. S. Government.
U 8 2s consol registered_d1930 Q-J
d1930 -J
U S 2s consol coupon
k1918 -F
U El 3s registered
k1918 -F
U S Is coupon
1925 -F
U 8 4s registered
1925 -F
U 5 4s coupon
Us l'an Canal 10-30-yr Zs k1936 -N
U 8 Panama Canal Is g_1961 -S
t
i.:
-S.-
Canada
-
MISCELLANEOUS BONDS—Continued on Next Page,
Street Railway
Brooklyn Rapid 'Iran g 59_1945 A-0
1st refund cony gold 4s___2002 J-J
Bk City 1st con 58_1916-1941 J-J
13k Q Co & S con gu g 5s__1941 M-N
Bklyn Q Co & S 1st 58_1941 J-J
13klyn Un El 1st g 4-5s__1050 F-A
1950 F-A
Stamped guar 4-5s
Hinge County 1111 1st g 45_1949 F-A
1949 F-A
Stamped guar 43
Nassau Eiec guar gild 48..1951 J-J
Conn Ity & L lst&ref 5g 4 3is '51 J-J
1951 J-J
Stamped guar 4 }is
Dot United 1st cons g 4.4s,,1932 J-J
Ft Smith Lt & Tr 1st g 5s.._1936 M-S
Grand Rapids ity 1st g 5s 1916 J-D
Havana Elec consol g 5s
1952 F-A
InterbOro-Metrop coll 44-is_1956 A-0
Street Railway
101% 10134
103%
1 10114 10314 Interboro Rap Tr 58 Sec A_1952 M-N 10378 104 10334
10134
8912 Sale 8818
8912 8912
8912
894 312 8614 92% Manhat Ry(NY)cons g 43_1990 A-0
8878
_
1990 A-0 884 Sale 8812
10214 Mch'13
Stamped tax-exempt
101 10212
_ _— 98 98 Apr '13
Metropolitan Street Ry—
98 08
100 101
2002 A-0
84 May'12
9812 Dec '12
Refunding gold 4s
100 101 10012
621 Jan '13
Farmers Loan & Tr ctf
10012
3 100 CO;
10012
.10012
Stamped
1004
6934 Mch 12
1 100 101%
80 84 8312 Dec '12
Ilway & 7th Ay 1st c g 53_1943 J-D 100
10112 May'13
80 84 84 May'13
Col & 9th Ay 1st gu g 5s__1993 M-S
ia612 10112 Dec 12
-la- 867612 77 761s
Lox Ay & P F 1st gu g 5s_1993 M-S
7612
9712 May'13
78 78
05
10148 ree'12
Third Ay RR cons gu 4s__2000 J -J
-- - 74 J'ly '12
05
987 Apr '13
Central Trust Co certifs
744 J'ly '1::
-911:7-8
70 72 70
7012 34 70 7514
Cent Tr Co ctfs stamped
74 Nov'12
__ 9114 93 Apr '12
Third Ave Ry 1st g 55-___1937
105%
1054
1st
g
984
_ 100 Sep '12
(Chic)
48_1938
F-A
Met W S El
8414 9312.1'1y '06
____ 07 98 Feb '13
Milw Elec ity& Lt cons g 5s1926 F-A 1003
-61 'Ili
.
4 1024 10034
10034
7512 81 74 8114
7512 Sale 7514
Refunding & exten 43s,,_1931 J-J
9112 93 91 Apr '13
Minneap St 1st cons g 5s___1919 J-J
- - - 102 Nov'12
24 10234 10434
2 8912 96
3 8812 954
824 824
Hai* 10338
Jay- aft,
3
15641164
91
91
•No price Friday:latest this woek. d Due April. e Due May. g Due June. 5 Due July. k Due Aug. o Due Oct. p Due Noy. qDue Dec. Option sale.
[VOL.xcvz
New York Bond Record-Continued-Page 2
1410
-
BONDS
n4,.;
=
STOCK EXCHANGE 4.1i:
N. Y.
Week
Ending May 16
Price
Friday
May 16
Veat's
Range or
Last Sale
I
n
az
Range
Since
Jan. 1
Bid
Ask Low
High No. Low High
Cin it & D 2d gold 4;is____1037 J-J ......- 10114 10034 Oet '12 ____
_
_
9112
1959 J-J
1st 434 refunding 4s
1959 J-J
8614 J'ne'12
V
1st guaranteed 4s
_
1941 M-N
Cin D & I 1st gu g 5s
97 9814 Mch'13 .___ 9814 101118
0 Find & Ft W 1st go 4s g_1023 M-N ---- ----88 Moll II ___
Cin I & W 1st go g 4s___1953 J-J
90 8634 Feb '13 ____ 863-4 -863-4
Day& Mich 1st cons 43.0_1931 J-J
____ ____
____ ---- ---- ---Ind Dec & W 1st g 5s
1935 J-J--105 103 Dec '12 ____ ---- -_ _
1st guar gold 5s
10712 Dec 02
1935 J -J
Cleve Cln C & St L gen 4s 1993 J -D
01
5 9014 9238
. 9078 91
20-yr deb 4 3is
8712 8934 8934 May'13 ____ 8812 9238
1931 J-J
Cairo Div 1st gold 4s
90 Mch'13 --- 90 90
1939 J -J 8414
8914 8914
Cin W & M Div 1st g 4s 1991 J-J
9012 8914 Feb '13 _89
8812 89
i 87 91
St L Divlst coil tr g 4s....._1900 M-N
Registered
-- 91 Oct '07 ____ ___ ___
1990 M-N
Spr & Cot Div lstg4s
84 -_ 90 Deo It ___ ___ ____
1940 M-$ ._01 Apr '12 _.._ _
'W W Val Div 1st g 4s
1940 J-J 84
C 1St L& C consol 6s_1920 M-N 10478 106 10478 k1ch'13-- 10478
- 16814
1st gold 4s
141936 Q-F 90 03 9712 Nov 12 .___
k1936 Q-F 88 91 90 Mch'13 __-_ 90 90
Registered
Chi S Sc CI con 1st g 58_1923 J-J 100 ____ 10718 J'iy '12
C C 0 & 1 consol 7s
1914 J -D --------106 J'ne'12
Consol sinking fund 7a 1914 J-D
124 120 Mch.la ......_ No' iici
General consol gold 68_1934 J-J
1934 J-J -„. 12112 .___
ttegIstered
lnd 13 & W 1st prof 48-1940 A-0 '85 ---- 94 J'iy '08 ---- -- __
0 Ind & W 1st pref 5s___d1938 Q-J -. -----------. •
---- ---- ---- _ _
7% 8814n '13 ___ 8814 gcj
1940 A-0 85
Peo & East 1st con 4s
35 43 44 MO'13 income 48
1990 Apr
4318 4934
28
30 28
28
Cot Mid and 1st g 4s
• 5 28 3614
194'7 J--J
30 28 Apr '13 ____ 26 26
Trust Co. certfs. of deposit__ _ _
91
1929 F-A 9018 9034 0014
Colorado & Sou 1st g 4s
19 90 9478
92
28 9034 9412
1935 M-N 9114 92 92
Refund & ext 4 3is
Ft W & Den 0 1st g 6s
1921 J-D 104 10614 10612 Apr '13 -- 10612 108
Conn & Pas ltivs 1st g 4s 1943 A-0
---- ____
__ ___ ____ __ _
Cuba RR 1st 50-yr 58 g _1952 J-J ------ 100 Ma-y-'10
I lel Lack & Western10238
1-1 el Morris & Essex lst7s_1914 M-N 10212 --10238
3 10238 10318
10412
1915 J-D 104 ...... 10412
1st consol guar 7s
2 10412 105i2
---- 11138Deo '10 _
Registered
1915 J-D
68
1st ref gu :g 3 ,
2000 J-D „ „3
---- 90 Mob'12 _
N Y Lack & W 1st 8s_,....1921 J-J 1093-4 ---- 110 Apr '13 -- 110 11138
Construction 5s
1923 F-A 10314 1055s 1O51 Feb '13 _
10412 1001a
Term & Improve 4s
1923 M-N 92% 9634 95
95
1 95 9'7
10315 Feb 03
'Warren 1st ref gu g 33-0_2000 F-A
Del & ilud 1st Pa Div 76_1917 M-S 109 --- 11058 Mch'13-. ii63; ii.63-4
ttegistered
1917M-$ ------- 149 Aug'01
97
10-yr cony deb 4s
24 9614 98
1915 J-D 97 977s 9678
9814
2 9714 1011s
1st lion equip g 43is
1922 J-J 9814 Sale 9714
4 9412 994
9512
1st & ref 4s
1943 M-N 9614 9612 951s
8412 21 84 8834
All) & Sus cony 33,
1946 A-0 8412 Sale 8412
0
_ ___
1921 M-N 115 -„- 121% May'12 ____
Rens & Saratoga 1st 7s
87
17 -851k 8912
Deny & R Or 1st con g 48_1036 J-J 8534 89 8512
Consol gold 4 .iti
1936 J-J
-,;
13 -..-- 93 9578
9312 Moll'
1928 J-D
w5 a 9612 Mar'13 __ 964 99
Improvement gold 5s
1955 F-A 7634 77 7634
1st & refunding 58
77
22 761s 8414
Rio Or June 1st gu g 5s-1939 J-D -------- 109 Dec '12
'11_---- 614 Apr
Rio Or So 1st gold 4s_1940 J-j
7712 85 Moh'08
Guaranteed
1940 J-j
1939 J-J 83 8312 83
83
Rio Or West 1st g 48
-igi,
Mtge & col trust 4s A
1949 A-0 --------78 Apr '13 -- 78 81
Utah Cent 1st go g 4s_a1917 A-0 82 ..--- 07 Jan '08
Des Moi Un By 1st g 5s
____ _
1917 M-N 9
_
6 ---- 110 Sep '04 .._-_
Det & Mack 1st lien g 4s.....1905 J-D 54 -,,,..- 88 Apr'
13 - -- 88 - -alGold 4s
1995 J -D 82 57 87 Dec.12 _I._ __
Pet Ely Tun-Ter Tun 4)0_1961 m-N
9734 97 Apr '13 ___ 97 8-8
Del T & 1-0 S Div 1st g 48 1941 m-S --------76 Feb '12 ____
Dui Missabe & Nor gen 5s_1941 J -J -.. , 10414 Meh'13 __ 10414
- idit4
100
1035
A-0
100 Mar'13 ___ 100 100
Du.& Iron Range 1st 58_1937
1937 A-0 -„ - ---- 1061 Mch.08
Registered
1916 J-.1 10012 ___ 104 Fob '11
2d 68
De So Shore& At g 5s
1937 j-j 100 --- 10358 Feb '13 ___ Ws jolt;
•
'Wight Jol & East 1st g 5s 1941 m-N 102 - . 110 Aug'12 _ .
1020 m-s 111 11312 11312 May'13 L.: Hifi iii r1e 1st consol gold 7s
-.10112 Joe'11
1947 M-N
N Y Sc Erie lst, ext g 4s
1919 itA_S 100 ......- 103 Feb '13 __ Rd'.
14
2d ext gold 55
1923 M-S 971a --. 9934 Oct '12
3d ext gold 4)4s
10018 --.103 Mch'13
4th ext gold 58
103 1031a
1920 100 Jan '12
8th ext gold 4s
1928 j-D 921
_11134
11554 J'ne'12
4„NY I. E & W 1st g fd 7s_1920 61-s
Erie 1st con g 4s prior___ _1996 j-j 8314 85 8234 May'13 ____ 82 - "ii
83 85 Sep '12
Registered
1996 J-J
16 7134 76
73
1st consol gen lien g 4s_....1996 j-j 72 73 7214
Registered
1906 j-J
77 Apr '12
-Penn cod tr g 48
1951 F-A 89 8958 8914
8914 17 89 90
50-year cony 4s A
7334 22 73 8214
1953 A-O 73 7312 73
Series B
do
7014 19 69 771/
1953 A-0 6958 70 70
Buff N Y Sc Erie 1st 7s1916 J-D 103 10934 110 Apr '12
__
1082 m-N ___. 10812 106 Apr '13 ___ 100 - HI'
Chic Sc Erie 1st gold 5s
Clev & Mahon Val g 5s_1938 j-j 100 103 109 May'12
1224 Sale 12214
Long Dock eonsol g 6s-1935
12214
i
_ - .. 10712 106 Deo '12
Coal & Kit 1st cur gu 60_1922
1913 j-j 100 101 100% May.13 __ fi4 fool,
Dock & Imp 1st cur 6s
Aug
'12
107
10312
10112
N '.e Sc Green L gu g 5s_194 m-N
N Y Sus Sc W 1st ref 5s.....1937 j-j 9612 10012 97 Apr '13 _- 97 foil.
90 10014 Deo '06
2ti gold 4 s
1937 F-A
General gold 5s
85 87
1940 F-A
- 87 87 Apr '13
Terminal 1st gold 5s
11.143 m-N 104 -- - _ 10738 Feb '13 ____ 10738 108
11112 May12
Mitt of N J 1st ext 5s
1040 A-0 103
Wilk & Ea 1st gu g 5s
1942 j-D -...- 98 98 Mch'13-- 98 09
1926 J -J 104 108 106 May-12
Ey & End 1st con gu g 6s
Evans & '1' li 1st cons 68
1921 j-j 105 ,-,- 110 Jan .13 ___ 109 110
1st general gold 5s
1042 A-0 10014 102 9873 Mch'13 _- 987a 987
Mt Vernon 1st gold 6s
1923 A-0 --------108 Nov'll ___ ___ ___.
Still Co Branch 1st g 58_1030 A-0 --------95 J'ne'12
Viorida E Coast 1st 4 30_1959 J-D ---- 94 94 Mch'13 ____ 94 - "iiii
_
-1-. orl,St U D Co lstg 4;0_1941 j-j -------92 Aug '10 .._
Ft W sc Rio Gr 1st g 4s__1928 j-j ...-- 74 72 Mar'13 __ 72 761
Llreat Northern1021 J.-.) 945$ Sale 9412
0 B Sc Q coil trust 4s
0488 194 9312 961
1 9312 96
9414 9412 9414
1921 Q-J
9414
Registered h
1st & refunding 4gs ser A 1061 J-J 9712 9812 97 May'13 ___ 97 1005
95
1061 _
Registered
1033 J-J
St Paul M Sc Man 4s
98 9814
- 9612 98 Mch'13 ..
1933 J-J 118 ___ 11812 May'13 _- 118%1241
1st consol gold Os
1933 J-J 11718 11812 11914 Mch'13 ___ 11914 11914
Registered
1 102 1041
102
Reduced to gold 00_1933 J -J 10014 102 102
1933 J-J -------10814 J'ne'09 __ ---__
Registered
i g
A0
--
A-0
66-N
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 16
Price
Friday
.1i ay 16
Veet's
Range or
Lust Sat*
gQc.%3
Range
Since
Jan, 1
Old
St P M & M (Continued)Asi Low
High No. Low Highs
Mo
ite
ngtis
etxetre
l,
sit gold 4s____1937 J4)91 9312 9614 Apr '13
9558 9614
1937 J -D .... 9534 118 J'Ito'11
_
_
Pacific ext guar 48 .€
1940 3 -J
. .... 9258 Meh '11 _.
97 Sep 12 _
E Minn Nor Div 1st g 48 1948 A-0 ____ 07
_
Minn Union 1st g 6s_ _ 1022 J-J 10918 . _ .. 11414 Set) 12
•
1937 J -J 120 __ .12412 Feb '13
Mont(list gag Os
124 Nit;
1937 J-J
13614 May .01
Registered
1937 J-J 10512
1st guar gold 5s
- 11.1 108 Apr '13
ids idyl"
1937 J -J __ 100
Registered
Will Sc S F 1st gold 5s.._ _1938 J-1) 107
110 110
110 Feb '13
9012 93 90 Apr '13
Gu
itle
fg&
istSer
le,
list ref& t g 58_91952 J -J
90 (3513
91952 J -J
[jock Val 1st cons g 43,68_1991J J -J
98 - -6sit2 38
"Og
6
1999 J-J ____ 97 WW2 Sep '08
Registered
Col& ft V 1st ext g 4s_1948 A-0 65 _ __ 92 Apr '13
Col Sc Tol 1st ext 4s
1955 1.4.-A ' 68 9218 9218 Apr '13 ____ :
776
2
2:
7 .9
43
!
3
1937 J -J ____ ____ 100.4 Dee '12
Nous Belt & Term 1st 5s
1 llinois Central 1st gold 48_1951 J-J ____ _ _ 100 Mar'13
10234
i Registered
1951 J-J .- ___ 100 sep '11
_
1st gold 33,s
-4 887
1951 J -J
8878 Feb '13
1051 J -J .... - _ . _ 8812 Feb 13 .__ 8812 8812
Registered
1951 A-0 ____ ____ 1)312 ..atty•0:.
Extended 1st g 33.6s
1951 A-0 ____ ____
Registered
1st gold 3s sterling
1051 M-8 ---- ---- 136 - J'iy- 69
1051 WS - - -- - Registered
-- 1052 A-0 *9514 . -- -6E1-2
Coll trust gold 4s
1 9414 9012
-661.2
A-_O
N ..______. 91
1,
05
52
5m
9514 Sep 12
Registered
1st ref 4s
91
91
91 96
1952 J -J --- 83 83 Feb 13
Purchased lines 33is
83 .8.3
L N 0 Sc Tex gold 48
1,
95
53 M
m-- iN
I .
93
:
93_,f_a 94 9312 Apr '13
$ 9434 Jan '11
1.:egistered
Cairo Bridge gold 48
1950 J-D 8/ - ..., • U478 J'iy 12
Litchfield Div 1st g 38_1051 J -J _ „ - 73 (518 Nov 12
962.481
Lo
Rueig
81 May'13
81
sivstD
erie
vd& Term g 3 ,68 1053 J -J
79 81
83 Aug 12
1953 J-J
Middle Div reg 55
1921 F-A 100 - -_ -_.1
- 123 May'95
Omaha Div 1st g 3s
1951 F-A ---- - -- 7518 Aug 12
7513 Mch'12
St Louis Div & tern g 38_1951 J-J
77
Registered
1951 J - J :
:
:_. _7_5213
8512 Oct '12
Gold 33's
1951 J-J - --__ _ 10113 Oct '99
Registered
51 J -1. ____ _ _ _ 100 Nov '00
195
Spring Div 1st g 3 -Sta
_Registered
95
51 b
l.'
,-A -- 95 "tii Feb '13
94 94
Western lines 1st g 48_19
Registered
Roney Sc Car 1st 6s
11712 May10
Carb Sc Shaw 1st g 48
193
23
2M
j-S
D 16'..:::: 9412 J'iy '12
Chic St L& NO g 56
1951 J-D idi'ifs iii - 0512 Apr '13
Registered
.
1951 j-D 105 111 114 Feb '11
Gold 3hs
90 Oct '09
Registered
1951 j
J -6
1) ---- ---Mernph Div 1st g 411
1951 J-D 821-8 ---_-..: -9.2
.1-2 Au-g-ii
Registered
1951 J-D - - -- - - - St L Sou 1st gu g 4s
1931 M-S 85 9512
Ind Ill Sc la 1st g 48
02 933b
1950 J -.I 92 9434 02 Apr '13
int & Great Nor 1st g 63_1019 61-N 10212 105 02.4
1 10214 107
10214
Iowa Central 181 gold 68
2 94 99%
94
1038 J-D - _ 95 94
Refunding gold 4s
1951 M-S ii 61
59
7 5878 6414
5878
lamestown Franklin Sc
U Clearfield let 4s
2 91 94
1959 J-D ___ 91
91
91
Van City Sou 1st gold 38-1905500
,
_6„ai
13ls .15
7% 70 May'13 __ 70 72
-11-x- Registered.
A-0 -------- 63 Oct '00
Ref Sc impt 58
"973;"Vir
9738
9738
Apr 1950 J-J
97
9212
Kansas City Term let 48_1960 J-J __ 9288 9212
1 0212 9614
f ake Erie & W 1st g 58_1937 J-J 102 Sale 0118
4 1011$ 10e8$
102
97 1D234
-I-3 2d gold 56
1041 J-J -- 100 07 Mch'13
North Ohio let gu g 514_1945 A-0 ___ 102 0414 J'no'12
151.78 fa;
.
.
158
.. 02 Mch'13
Leh Vail N Y 1st gu g 40_10
J .1_0_0._ 10
94
40 Ji_J
10418 May'12
Registered
-9378 9713
9378
Lehigh Vail (Pa) cons g 48_2003 M-N 937s --- 9378
11012 11114
-0
0 111 -- 11 May'13
1941 ALeh V Ter Ry 1st gu g 6s_1
11118 Dec,'11
Registered
1061* itiEli
m5121104'13
Leh Val Coal Co let gug 58_1933 J-J 194
Registered
lit
1st int reduced to 48
NY 1st guar g 48-.1
104
,45 Im
VI-S ___
'
-15
__ -H- J'isRegistered
El(7 & N 1st pref 6s
1914
4 A --0 :-_ _- -- ..----_;- -6112 Fer3;10
Gold guar 55
03 Men 12
Long lsid 1st cons gold 5s_h1031 Q-J 1043107
4 107 107 Mch'13
1st consol gold 4s_..._al931 Q-J 9112._ _ _ 9614 Meh 12
General old 4s
1938 J-D 87
iat93 94
. 93 Feb '13
Ferry gold 4 As
1922 teu-S ____ 06 9614 Nov.12
Gold 4s
1932 J -D ____ 97
9914 Oct '06
86 89's
Unified gold 4s
1940 m-S 88 90 86 May'13
1934 J -D 4. _ _ 10034 10412 Dec '08
Debenture gold Os
01 96
1949 m-S 90 02 96 Apr '13
Guar ref gold 48
95 Jan '11
Registered
94
39
5M
A-O
S i66.- --;:- 11014 Nov '06
N Y 13 & NI B 1st con g 5821°
103 far
192784-S 100 1043-4 103 Jan 13
NY&R.1.1 lstg 5s
104 104
Nor Sh B 1st con g gu 5s_ol932 Q-J 100 104 104 Apr '13
93 93%
Louisiana Sc Ark 1st g 58_1927 M-S -. 95 93 Feb '13
Louisville Sc Nashville0182 114
158
1 1101
111
General gold Os
1030 J-D 11078 ___. 111
Gold 5s
-N
J 104 - ___ 111 Mch'13
10
93
40
7M
ir9334 47 9312 9918
Unified gold 48
933 Sale 9358
1940 J-J
Registered
-------- 9612 Sep '12
10614 id63"
4
Collateral trust gold 5s-1931 M-N
l
- 10638 Mch'13
E II & Nash 1st g 6s
1919 J -D 106 .- 11012 Dec '12
10434 May 12
14131 NI-N 07
L Cin & Lex gold 43,68
12014 Mch'13
12014 13014
1030 J -J 11312
N O& Mist,gold 6s
A 110 -- 11418 Feb '13
-J
1i4' 1141$
N 0& M 2d gold 68
04 Oct '12
Paducah& Nlem dlv 4s-__1
194
36
9j
F
- -_ -__-: 10512 Mch'13
1920 M-8 16E34
10512 1E4
Pensacola Div gold 6s
10
.
8
...!If
._ 11212 J ly 12
m
1,
92
80
1 itg
St Louis Div 1st gold 68-1
2d gold 3s
6938 Sep 12
8812 89 8812
Atl Knox Sc Cin Div 48-.1055 M-N
8834
7
:
(131 6
:1
Atl Knox Sc Nor 1st g 5s_1946 J-D 105 _ __ _ 111 Jan '13
Render Bdge lst s f g 68_1931 M-S 102 _ 106 Apr '11
214
19
98
45
7I
JIs--;1
sitdg44
10
80
9 16
enm
01
t gio
312 89 May'13
tutikriesz
L
Ka
enN
08,53
7 103196.0i.1
(4c a. 2
-S
10314 Feb '13
_1
119
9,35
52
72 v(
J-__ AJ
J .
L & N-South M joint 4s_h
1:0
-i
.i...2
:
:
8:
7 : 8734 Feb '13
Registered
95 Feb '05
10912 Oct 12
N Fla & 8 1st gu g 5s
12
10112 Jan '12
01945 J-J 9913
N& 0 Bdge gen gu g 4 3,
Pens Sc Atl lst gu g 6s-.1921 F-A 10718 110 11014 Oct '12
8 & N Ala con gu g 56-.1936 1.1-A
_ .-- 10818 J'iy '12
L & Jeff Ildge Co gu g 48.-194 M-S 80 __ _ 9114 Mcn'12
-887
-
Leh&
il ---- --
MISCELLANEOUS BONDS-Continued on Next Page,
Street Railway
Street Railway
7334 7334
7313 Mch'13
85 8534 United liys St L 1st g 48-.1934 J-J
New On Ity Sc Lt gen 4 qs_1035 J-J
8534 Feb '13
7414 Sale 7434
83 Nov'12
7518 93 7458 79
N
& ref 4s letup J-J
ltys 1st 11
St Louis Transit gu 58____1924 A-0
41
59
7' 67
al942 A-0 5638 Sale 56
5638 294 5434 6018 United lilts San Fr s f 48-1927 A-0 51 -- -- 5712
30-year adj die 5s
93 96 Jan '13
94 95
101 101. Jan '13
Portland By 1st Sc ref 58-1930 M-N
101 101
Va By Sc Pow 1st Sc ref 5s_1934 j-J
Portland By Lt Sc Pow 1st
(las and Electric Light
Sc ref cony s f 5s
95 Mch'13
95 06
1942 F-A
101
Portland Gen Elee 1st 5s_1935 J -J
Atlanta 0 L Co. 1st g 58.-1947 J-D
jai% iQ4i May'13
soi" N
St Jos Ity,1,II Sc P 1st g 5s 1937 M-N
Bklyn U Gas 1st con g 58....1045 M-N
62 54 Oct 12
10312 Feb '13
St l'aul City Cab cons g 58_1937 J-J
1947 A-0
103': 10312 Buffalo Gas 1st g 5s
8018 --ttie 7034
Third Ave 1st, ref 4s
80'. I 38 7312 8'258 Columbus Gas 1st g 58
1960 J-J
1932 J-J
100 -9.913 -661-2
Adj inc 5s
6131, 10 68 767s Detroit City Gas g 58
1923 J-J
a1960 A-0 6812 69 6834
9558 Sep 08
97
Tri-City
Sc Lt 1st s f 5s_1923 A-0 .- 97 9678
5 9612 9912 Det Gas Co. eon 1st g 5s
1918 F-A
10118 Mch'13
Underground of LondonDet Edison 1st colt tr 5s-1933 J-J
107 10612 Oct 12
9312 15 9212 9234 Eq G L N Y 1st con g 58_1932 841-8
43-is
9212 9312 9212
1933 J-J
895(
8812 90 89%
Income 6s
100 Feb '13
87 9312 Gas & Elee Berg Co c g 58_1949 J-D
• 1948
1915 F-A
101 100 Oct '04)
84 Oct '08
Union Elev.(Chic) 1st g 58_1945 K-15
_ Or Rap G L Co 1st g 5s
United Rys Inv 1st lien coil
102 Apr '13
Hudson Co Gas 1st g 58-1949 M-N
73 83
76 May'13
1926 M-N 7312
Kan City (Mo)Gas 1st g 5s 1922 A-0
9813 Sep '12
• trust 5s Pitts issue
d Due April. h Duo July. 14 Duo Aug. U Due Oct. a Option sale.
•No price Friday; latest bid and asked this week. a Due Jan. 6 Due Feb
•
1411
New York Bond Record—Continued—Page 3
MAy 17 1913.]
it •
BONDS
N. Y. STOCK EXCHANGE
, Week Ending May 18
t
Veck's
Range or
Last Sale
Price
Friday
May 16
Range
Since
Jan. 1
Bid
Ask tow
Iligh No. Low High
lk I anlia RR—Sou lines 4s_1036 M-N
2312 Apr '01
_
AVJ exican Cent inc g 3s tr rects_
1917 A-0
Equip & coil g 55
77
Meh'lO
4s_1977
M-S
con
g
1st
Internet
Mex
79 Nov '10
1077 M-S
Stamped guaranteed
2412 Oct '12
Minn & St L 1st gold 7s___1927 J-D 112
108 11018 Aug 11
1921 A-0
Pacific Ext 1st gold 6s
94 100
1934 M-N 9212 09 91 INIch'13
1st consol god 5s
1949 M-S 59 6014 6014 May'13
5912 6278
1st and refund gold 4s_
7934 Dee '12
Des M & Ft 1) 1st gu 4s 1935 J -J ___ 81
-1)178
- 97
9158 92 Apr '13
M StP&SSM con g 4s iutg11 1938 J -J
11)41 M-N
_ 04 9714 3'116'12
1st Chic Term!s f 4s
MSS& A 1st g 45 int gu_1926 J -J
9614 -- 0614 May•12
---- -1)812 Nich 11
Mississippi Central 18t 5s_1949 J-J _
91
-5 8912 0514
Mo han & Tex 1st gold 4s 199 .1-1) 907 _ _ _ _ 1078
78 80,
g1990 F-A 7838 7918 78 May'13 _
2d gold 48
9734 9912
1st ext gold 5s
1044 INI-N 08 9834 91 May'13
1 72
7712
72
1st & refund 4s
2004 M-S 72 ha:: 72
4 8334 87
8334
8334 8434 8334
Gen sinking fund 4}is__ _ _1936 J-J
7814 Apr '13 — _
7712 7814
St Louis Div 1st ref g 4s_ _2001 A-o
102 102
102 Apr '13
Dal & Wa 1st gu g 5s
1940 M-N ioiC8
8778
82 Apr '13 ___. 82
Kan C & Pac 1st g 4s
1090 F-A 82
_ 103 108
Mo K & E 1st gu g 5s
1042 A-0 ---- 10213 103 Apr '13
10312 10412
M K & Ok 1st guar 58___ _1942 M-N ._ 102 103 Apr '13
91 101 14
9912
K&lvi
T of T 1st gu g 58_1042 M-S o'i12 09 9912
Sher Sh & So 1st gu g 5s 1942 J-D 05 100 96 May'13 -- 96 103
100%
10112
10112
Mch'13
Texas& Okla 1st gu g 5s_ _1943
2 104 10612
105
Missouri Pac 1st cons g 6s_1920 MN 105 Sale 105
9712
0 0714 100
Trust gold 5s stamped_ _a1917 M-8 0714 99 9714
07 May 12 ____
- - -a1917 M-S
Registered
0814 9814 Apr '13 —__ 97 9938
1920 F-A
1st collateral gold 5s
FA
1020
Registered
12 6812 -f133-4
6814 6912 -6-8.1-2
-88.341945 M40-year geld loan 4s
9612 9612 May 11
1938 114-N
3d 7s extended at 4%
11 -gi- 8S 8418
8414
8313
8512
1959
M-S
1st & ref cony 5s
0134
ill
91 Mch'13
1919 F-A 90 __
Cent Br lty 1st gu g 4s
81 Dec '12
1048 J-1) 79
Cent Br U P 1st g 4s
Meti
'05
110
55_1926
J-J
1st
g
AL
. Leroy &C V
t;•11.2
9212 Apr '13
Pee It of Mo 1st ext g 4s 1938 F-A
103 103
1938 J-J 1.61- 1E - 103 Apr '13
2d extended gold 5s
102
102 106
10234
102
Sale
5s_1031
A-0
con
g
&
S
gen
Ir
M
SS
104 Oct '12
Gen con stamp gu g 5s 1931 A-0
79 -E5-8
-t113-4 8012 May'13
Unified& ref gold 4s
1929 J-J
8078 Oct '12
Registered
1029 J -J
8112 8312
Riv & U Div 1st g 4s
1933 M-N 80 81 8112 May'13
16 Jan '13
06 96
Verdi V I & W 1st g 5s
1920 M-S
114 11714
1927 J -D 113 11)3 114 Apr '13
Mob & Ohio new gold 6s
11234 112114
11312 11254 Jan '13
let extension gold es____1/1927 Q-J
82 Apr '13
82 8578
General gold 4s
1938 M-S
108 109
4 110 108 Mch'13
Montgom Div 1st g 5s
1947 F-A i6i38578 Dec '12
St L & Cairo coil g 4s____e1930 Q-F 8712
Guaranteed gold 4s
1931 J-J 87 9234 02 Nov 12
10014 101
Mashville Ch & St L 1st 7s 1913 J-J 10014 10012 10014 Apr '13
106 10814
LI 1st consol gold 5s___ _1928 A-0 1053A 10618 106 May'13
111 111
Jasper Branch 1st g 6s- —1923 J - J 108 ___ _ 111 Jan '13
10512 10512
- 10512 Jail '13
McM M W & Al 1st 68_1017 J -J 1034
_ 113 J'ly '04
-T & P Branch let Os
1917 J-J 11318 _
8218 8812
84 Apr '13
Nat Rya al\lex pr lien 43s 1957 J - J
77 Feb '13
7614 78
Guaranteed general 4s
1077 A-0 ---- 77
0674 0878
1/678 Feb '13
- 07
Nat of Mex prior lien 4 Ms_1920 J-J
7612 7612
7613 Jan '13
1st consol 4s
1051 A-0 _-_- 76
01
71
75 Apr '13
75 87
N 0 Mob & Chic 1st ref 58_1960 J -J
_
-NO& NE prior lien g 6s__p1915 A-0 10012 10314 7912 Mav'13
7912 8712
88
New Orleans Term 1st 4s_1953 J-J
847i Sale 8412
85
8312 87
N Y Central & 11 11 g 3 Ms_1097 J -J
_ 82 Apr '13
82 8634
Registered
1097 J-J
874 9112
8834
1934 M-N 88 89 8834
Debenture gold 4s
03 May'12
Registered
1034 M-N
83
110 -./64 83
1993 F-A -82 - -8234 81
Lake Shore coil g 3 3ls
76 8014
Registered
191)3 F-A 81 82 8012 May'13
75 7812
7812
Mich Cent coil gold 3 M8_1908 F-A 78 83 7612
7712 17 76 7712
1998 F-A 77 - _ _
Registered
04
_
_
98
Apr
'13
Sit3 98
Beech Creek 1st gu g 4s_1936 J-J
1936 J-J 02 _ _ _ _ 1)9 May'11
Registered
1936 J-J 1004 ---2d guar gold 5s
_
Registered
1036 J-J ---Beech Cr Ext 1st g 3 Ms_b1051 A-0 Cart & Ad 1st gu g 43-1981 J -D 80
Gouv & OSWO 1st gu g 5s 1942 J -1) 104 _
0838 0838
Mob & Mal 1st gu g 48_1901 M-S 5---- 05 983k Jan '13
(12
119 Oct '02
1986 F-A
N J June R guar 1st 4s
Registered
1986 F-A
2000 M-N 83 -__ _ 87I Dcc '12
N Y & Harlem g 33s
2000 M-N
Registered
10712 107 - Feb '13
10512 107
N Y & Northern 1st g 5s 1927 A-0
N Y & Pu 1st cons gu g 46_1093 A-0 ____ 03 9778 Aug '11
1916 A-0
Nor& Mont 1st gu g 5s
l31' Jan '09
Pine Creek reg guar 613_1932 J -D frit;
104 i6J17,
11 W & 0 con 1st ext 58 h1922 A-0 102 10412 104 Mela'13
_ 101 101 Meh '12
Oswe& It 2d gu g 5s
e1015 F-A
_ 101 J'ne'10
W&OT It lstgug 5s_1918 M-N i61
90 90
88
_ 00 Apr '13
Rutland 1st con g 4 Ms___1941 J-J
8314 84
79 8212 8314 Feb '13
Og & L Chem 1st gu 4s g 1948 J- J
02 J no 01)
Itut-Caned 1st gu g 4s_1049 J
---St Lawr& Adir 1st g 5s
1006 J -J Rid' 1661-3 108 Sep '12
11912 Meh'12
2d gold es
190(: A-0 110 _
---- ---9213
9978 Nov '11
Utica & Blk Itiv go g 4s 1022 J-J
---86
gi34
8512
86
Lake Shore gold 3Ms
8512 8812
1997 J -D
8412 30 8412 88
8414
Registered
1997 J-D
9058
Debenture gold 4s
0034 23 9014 9234
1028 M-S 904 01
9014 14 8934 9251
25-yr gold 4s
1931 di-N 8934 Sale 8934
Registered
- 1931 M-N
- - • 93 Oct '12
lie A & It 1st gu c 5s...1938 J -J 102
---Mation CI RR 1st 58_1934 J -J 105 ii.612
- 1111 Mch'll
---- ---Pitts & L Erie 2d g 5s-1928 A-0 106 _ _ 11.10 Apr '12
---Fitts Mel( & Y 1st gu 6s_1932 J-J 112 _ _ _ 13018 Jan '09
12914 Mon '1k
1934 J-J 112
20 guaranteed Gs
A ti - g 10312
)g1
Mchees& /3 V 1st g 6s
10638 11.2
. ill" J8,13-'12
Michigan Centre. 5s
1931 Q-M
119 J'ne '06
Registered
1940 J-J
98 Apr '12
45
1940 J-J
9812 Nov'l 1
Registered
J L & S 1st gold 3 Ms_1951 M-S
- - - 91) J'ne'08
1052 M-N b.
g5
83 May'13
1st gold 3 jis
8734 89
88 88 Apr '13
20-year debenture 4s-19211 A-0
4 94 99'2
9478
Y Chic& StL lstg 4s_11)37 A-0 -„9478 Sale 9412
9715 Jan '13
1137 A-0
9712 971°
It egistereu
1931 M-N 85 86 8512
15 8312 89
86
Debenture 4s
Price
Friday
16
CON DS
N. Y. STOCK EXCHANGE tl>
Week Ending May 16
V..e.t
Rang. or
Last Sale
A
Range
Since
Jan. 1
03 .19
High No. Low
/7111
3
13i4
Ask Low
N Y C & It It—Won)—
9412 26 9312 984
West Shore 1st 4s guar___2361 J-J 9334 9434 94
_2 9_278 93 May'13
JJ -J
Registered
_ 10012 riy '11 -----------_0_
N I' Cent Lines eq tr 4 M s 2193362
1
N Y New Haven & liartf—
1955 J-J ...._ 86 84 Apr '13 ___ 84 894
Non-cony deben 4s
74
77
8 88
1956 M-N ___ 87 87 Apr '13 _—_ 8
Non-conv.4s
____ 81
78 Al)! 13 _
Cony debenture 3 Ms
119
128
-.
6
i
11912
120
-1
11912
Sale
j
J
69
6
4
8
6
19
Cony debenture
_ 9914 Nov 12 ____ ___ _Harlem it-Pt Ches 1st 4s_1054 MN
13 & N Y Air Line 1st 4s_ _1955 F-A -------- 9912 J'no '12 _ __ _
Cent New Eng 1st gu 4s.:_1961 J-J ____ 90 9014 Mch'13 ____ 9014 9014
110 110
1037 M-N 108 _ _ _ 110 Feb '13 __
Housatonic It cons g 5s
Aog9100 27 90 084
NY W'ches&B 1st ser I 4 Ms'46 J-J 0073 92
97
1
____ ___- __-N H & Del by cons cy 5s 1018 M-N __ __ _ _ _ _ 10
2:: ____ _—
New England cons 5s1945 J-J
- - - - - - - - -9
-912 M e-h- 1.2
Consol 4s
8 "gii
j-j
N :77- -go 8314Feb '13 ___. -1;f756
7 Wi
94
Providence Secur deb 4s.._1
19
.
.
12
9012
4.
8_7... _9_2
NI 0& NV ref lst g 4s____g1992 VI-S 88 01 88
9212 J'ne'12 —
Registered $5,000 only_g1992 M-8
8958 Feb '12 ____
G
Reg
en
,
-3--4 9773 Apr '12 _ _ _ _ -661-2 -661-1
1 -1-16-- -- ii-f
Nor
Fi.faksS
1j
36
00
0ullssttg&
196
oirde5
fsA 5s _ _1
-N 98 __ um Mch'13 __ 100 100
31 ivI
NI94
1
1.0
gold 6s
Norf & west
1194 118 Apr '13 __-- 118 120
gen
Improvement & eat g 6s 1934 F-A i Ws 121 12? Jan 13 ____ 123 123
12034 12034
1932 A-0 11512 118 12034 Feb '13 ._
New R
sitver
ee
rdlst gold 6s_
9358 19 9212 99
Nip
&
1996 A-0 0234 04 9318
oi-v2
I,V
5i Ry 1st cons g 4s
1996 A-0 ____ ____ 98 Jan '11 ____
-661-2 142-34
1944 J -J _-- 90 _ 9112 Apr '13
g44ss
4s
,,,_ 101 Apr '13 ._
104 11274
-25
ir&c
cony
10134 —56 10412 1111I
10-20-year cony
M....J:1)S ii5i3; Salc 10412
12 101 104
10434 54 10212 107
Convertible 4 Ms (wh.is.)111999333282
88 May'13 ._-_ 8712 92
__ 01
Pocah C 8; C joint 4s_ _1941 J---I5 103
C & T 1st guar gold 5s 1922 J -J 100 106 10534 Jan '13 __-• 10534 10534
Scilto
egVis&N
e E 1st gu g 4s _ _1939 M-N 8512 - - _.8912 Apr '13 ____ 8934 9534
terd
58 9334 9858
94
Northern Pacific priori g 4s 1997 Q-J
94 Sale 934
1997 -J --------05 Apr '13 — __ 15 9738
6614 33 66 684
General lien gold 3s
a2047 -F 6614 Sale 66
65 08
Registered
0165
7
190
04
a2
..4..
s....,:1
5 6614 65 May'13 -___
9
66
-F
S
D 86 93 00 Apr '13 ____ 90 9213
MDStoll'.s.uhlo-rDtuLlultshtDguivug
___ 1002 Oct '12 ____
Hi'iir
St P & N P gen gold 63_1923 F-A ____ 112 - 113 Mch'13
-------__
—
.
2 115% Aug '11 :L.
Registered certifie,ates_1023 Q-F i6i
.1_3.
1122
107 Jan 12
_
St Paul & Duluth 1st 5s 1031 F-A
1.617 1112-3-8
101
2(i 5s
1017 A-0 10112 ____ 101
-94 J'ne 12 :::..1.. ---- - - -1st consol gold 48
1068 J-D
Wash Cent 1st gold 4s_1948
- --- -iii - 9118 Apr '11
Nor Pac Tern) Co 1st g 6s1933 VI ii67;.__ _ 11078 Apr '13 ---- if.63-4 iiii
89 9113
Oregon-Wash 1st & ref 48_1961 J-J ____ 80 89 May'13 __
9912
1 99 10112
acific Coast Co 1st g 5s_1046 J-D 9912 Sale 9912
ennsylvania RR1923 M-N ____ ____ 10
1st real est g 4s
a 114 Mch'13 --- 1014 1014
Consol gold 5s
1019M-S107 110 Meh '12
Consol gold 4s
1143 M-N --------10012 Mch'13 --__ 1601; 1564
9718 86 0658 074
Convertible
e gold 3 Ms01915 J-D 9718 Sale 9673
9612 Apr '13 ____ 9612 97
Registered
Consol gold 4s
9934 16 9834 10234
o1
10
94
18
6M
j:N
D 0934 Sale 9918
Alleg Val gen guar g 4s___1042 M-S _ 10018 9914 Feb '13 ___- 9914 994
II It R It & irge 1st gu 4s g '36 F-A tici ___ 100 Sep '12
_______......: idr
___ H.:
:: iO(5"
Phila Balt & NV 1st g 4s___1943 M-N --------100 Jan '13..
1e2 Jan '03
Sod Bay & Sou 1st g 5s___1924 J-J -_
Sunbury & Lewis 1st g 48_1038 J-J 02 _
U N J RR & Can gen 48_1944 M-S 9712 68.12 iCiii-z 318;-;'-12 :_-_-_-_
Pennsylvania Co—
1021- J -J 10258 sale 10258 1 0234 22 10214 104
Guar 1st g 4 3is
1 10214 102,54
10234
1821 J -J 10112 -___ 10234
Registered
Guar 3 Ms coil trust reg_1937 54-5 8538 87 89 Sep '12 ___ _
-iE3-8 "g64
---_
Apr
'13
_
_-_
8614
F-A
853
8
B_1941
coil
Guar 3 Ms
trust ser
Trust Co ctfs gu g 35's
1916 M-N 07 ____ 97b8 Dee '12 ___.
Guar 3 Hs trust ctfs C
1942 J -D 8538 8614 8538 May'12 ___ -g.6i8 -glii
Guar 3 Ms trust ctfs D
1944 J-D 8558 ____ 5784 Jan '12
04 0518 1512 May'13 __ -- -1/i1-2 -Ws;
Guar 15-25-year g 4s
Cin Leb & Nor gu 4s g
32
1M
A:N
U 85 --_ 0211Feb '13 ____ 0212 9213
194
01 & Mar 1st gu g 4 Ms_1935 M-N 08 ____ 110 Jan '05 ____ __- _—
_.
___- _.
CI & P gen gu g 4 Ms ser A 1942 J -J 100 — — 10754D00 '11 ___ ......
_00
1;
14 r
..:::: 10
Series 13
1942 A-0 1_0
.
0
J'elYb
12
9 -_-_-_-_
;0
Int reduced to 3 Ms_1942 A-0
___ ____
Series C 3}is
1948 M-N 86 _ ... _ 11018 Oct '12 ____ _1950 F-A 86 8758 90 May 08 ____ ___ _ _
Series D 3 Ms
Erie & Pitts gu g 3 Ms B 1940 J-J __ -___ 0112May 12 ____
__ __-.
____ 904 J'ly '12
1940 J-J
Series C
95 ---- 10112 Feb '13 ____ 10112 1014
Gr..kt & l'ex 1st gu g 4-s_1941 J-J
---- ___.
.
Pitts Y & Ash 1st cons 5s_1927 M-N 103 --__ 109 May"10 ____ ......
To! NV V & 0 gu 4s A
1931 J -J
98 _ _ 10238 Nov:12 ____
1933 J-J
Series B 43s
97
_
.
1
19°525'38
J'neiL :1
12
2I i -- -- i 1 ---1942 M-S
Series C 4s
I' C C & St L gu 4 Ms A
1940 A-0 iji 104 101 Mai'13 __ 101 - 10312
1942 A-0 101 1031 101 Mch'13 ____ 101 101
Series 13 guar
Series 0 guar
1942 M-N ------- -_ 106 J'ne 11 ___ ---- —.
___97 Dec '12
Series I) 4s guar
1945 81-N _ _ 98
_ . 00 Apr '13 ::-..-.. 90 90
Series E 3 Ms guar g
1949 F-A
Series F gu 4s g
-------- 9514 Jan '13 ____ 9514 9514
10
957
3M
J-D
N -1 _ __ _ 0712 9713
Series GI 4s guar
19
14
742 Jan 13
C St L & P 1st con g 58_1932 A-0 I0-3
.- :-_-_ .
Peo & Pek Un 1st g 68
1921 0
-.-•r --------108 Feb '13 _ _ _ _ i.iij- lair
__
2d gold 4;s
81921 1NI-N ____ 95 9313 Jan 11
54
Pere Marquette—Ref 4s___1955 J-J ____ 5012 54 Jan '13 ___ 54
_ i5
1955 J-J -- 55 547g May'13
Refunding guar 4s
56
1i; i.6
2
54
61 .
78
_
1921 J-D 92 __ _ 98 .1(.1 '12
Ch & W AI 5s
1920 A-0 101 104 10012 Apr '13
Flint & P Mg 6s
96 Feb '13 ___ 95 98
1939 M-N ___ 96
1st consol geld 5s
084 964
Pt Huron Div 1st g 5s_1139 A-0 02 97 9812 Feb '13
.
_
JJisg
___ o __ i1,Fey.ii
SagTia&H1stgug4s 1931I:A
____---8.
3;
83
Philippine IV 1st 30-yr $ f45 '37
1940 A-0 107 ___ . 108 Apr '13 -_-_-_-_ 103 108
l'i.,ts Sh & L E 1st g 5s
1943 J -J 105 ___ 11314 Nov '11
1st consol gold 5s
9434 55 "tiiii ifi
1997 J-3 9412 945-8 9412
1)eading Co gen g 4s
9534 Apr '13
9512 9f314
1997 J-J
IL Registered
0512 78 8
94
178 8
94
834
1951 A-0 _ : 9512 9538
Jersey Cent coil g 4s
_. __ _: ____ _ _.
il4 _.. . _:.
1951 J -J
Allan City gu 4s g
1947 J -J ____ 30 81 - Apr 13
't Jo & Or Is' 1st g 4s
. t Louis& San Francisco—
10
14
444
General gold 6s
1931 J-J ____ 115 11414 Jan '13
11104
2g
General gold Os
1931 J -J ____ 103 102 May'13
85
8512 Dec '12
St L & S I? RR cons g 4s 1906 J -J
1927 M-N
7718 72 7634 824
Gen 15-20-yr 5s
763 Sale 7634
Jan '13 __ 100 100
Southw Div 1st g 55„-1947 A-0 ---- ----100
,
7834
Refunding g 4s
7234 112 72
1051 J-J
72
e 72
Registered
1051 J -J ---- -----0034 Itch '11
___.......
p
MISCELLANLOUS BONDS—Continued on Next Page.
Gas and Electric Light
Kingc Co'L L & 1.4 g 5s____1937 A-0
1997 A-0
Purchase money Os
1122 M-S
Convertible deb Cs
Ed Li Ill Min 1st con g 48_1939 J-J
Lac Gas L of St L 1st g 5s-e1010 Q-F
Ref and eat 1st g 5s
1934 A-0
Milwaukee Gas L 1st 4s
1927 111-N
Newark Con Gas g 5s
1948 J-D
NYGEL 11 & 1) g 5s
1948 J-D
Purchase money g 4s
1949 F-A
Ed Li 111 1st cons g 5s
1915 J-J
NY&QE1L & P 1st con g 5s 1930 F-A
N Y & Rich Gas 1st g 5s
1921 M-N
Pacific G & El Co Cal G & 10
Corp unifying& ref 5s
1037 M-N
Pac Pow & Lt 1st & ref 20-yr
8s Internet Series
1030 F-A
1949
Pat & l'assaic & fl 5s
9358 04
leo
95
_
9358
0334
9.112 Mch'13
10258 J'ly '12
•No price Friday,latest bid and asked. a Due Jan,
Gas and Electric Light
10434 10434 Peo Gas& C 1st con g 6s___1943 A-0
1947 M-S
Refunding
gold 5s
114
113
1947 M-S
Registered
8818 8812
Ch G-L & Cke 1st gu g 5s_1137 J-J
Con G Co of Ch 1st gu g 5s1936 J -D
10078 10212
Ind Nat Gas & Oil 30-yr Os '36 M-N
100 102
Mu Fuel Gas 1st gu g 5s 1947 M-N
8914 1)0
1019 F-A
Philadolphie Co cons' 5s
1922 M-N
Cony deben g Os
10114 1031-2
84 8612 Stan Gas & El cony s I 6s_1926 J -D
10658 10812 Syracuse Lighting 1st g 5s 1951 J-1)
1154 J -J
9912 10118 Syracuse L & P Os
& li 1st g 5s_ _1949
frenton
Union Elec L & I' 1st g 5s 1932 54-S
1933
7 9313 96
Ref & ext Os
Utica El L & P 1st g 5s__ _195( J-J
1157 J -J
9412 9412 Utica Gas & E ref 5s
‘Vestchester
1951 J -U
--
100 10412 10434 Feb '13 ._ _ _
114 112 Feb '13_
_ 12278 122 Dee '12
b__. 8818 8818 Apr '13 ____
101 Sale 10078
3
101
—_ 101 10014 Apr '13 ___
- - 9058 8914 Apr '13 ...._
102 ---- 1064 Apr '12
102
20
10178 Sale 10134
8412
5
8418 salc 8418
105 ____ 10658 Apr '13 __
11
100 Sale 1012
100
0212 J'iy '00
b Due Feb.
a Due May. q Due June. ii Due July.
____ 117 11618 Mch'13
10012 10078 10034 May'13
103 Feb '09
10212 Apr 13
1611, 10314 Get '12
_ _ 90 93 Mch 12
10014 Aug ;2
-_-_-_-_ -9713 9712 May'13
. _ 9712 9712 Feb '13
0812 ',act: 97
9812
____ 100 101 Dec It
85'2 J'ne 12
ht. Feb '01
98
_
102 Jan '13
92 _- 97 Dec '12
101
1004 Dec '11
06
103
103 Sale 103
o Due Oct.
1154 11812
10012 10172
10213 fay;
9712 971g
9712 98
97 1004
102 103
103
1054
p Due Nov. s Option sale.
1412
New York Bond Record—Concluded—Page 4
BONDSEXCHANGE, i la
N. Y STOCK
0
.,a
Werk
mailing May 16.
T
70797z7o77 7700777770.,-,zmo,-,7-,779zmTmm9.g79cv,o9,
37479997779<990 777m9.47977.4z7
r
Yeek's
Range or
Lan Sale
1.
0
0401
Range
Since
Jan. 1
1115
BONDS
N. Y. STOCK EXCHANGE t
„sb
Week Ending May 16.
Price
Friday
May 16
Yeas
Range of
La.0 Sale
.4,53
Range
Since
Jan, 1
Bid
Ask Low
High No. Low High
Bid
Ask Low
VW No. Low High
10812 10912 110 Apr '13 .--_ 110 11314 IA/abash 1st gold 5s
1939 N1-N 103 Sale 103
10614 36 103 10612
72 Sale 72
13 7214 78
73
1 v 2d gold 5s
1939 F-A 9514 96 9538
1 95 9913
9538
7712 J'ly '12 _.
Debenture Series B
1939 J-J
90 J'ne .2
92 ____ 10312 fly '12 ___—_ —_ _
1st lien equip s fd g 5s
1921 M-S "if' 100 99
1 -9812 081,
99
9912 Sale 9938
9912 23 9918 10013
1st lien 50-yr g term 4s 1954 J-J 80 80 Mch'13
80 80
8658 13 8612 90
8612 8712 8614
1st ref and ext g 4s
1956 J-J 5634 Sale 5512
574 33 5414 644
7814 __ 7813
7812
4 78 80
Cent Trust Co ctfs
50 5013 5212 Apr '13
51 54
78 79 7872
7878
7 7814 8]
Do Stamped
____ 5014 48
2 48 51
48
___._ 10118 Apr 0/ --- - - EquIt Trust Co ctfs
55 04 Nov '12
82
-8112 8414 82
8 ii 8534
*
Do Stamped
56 5112
531
5112 -614
1071 104 Oct '09 -- -- __ __
-_
Det & Ch Ext 1st g
J -J 105 10712 107 Feb '13
107 107
-------- 8512Feb '13 ____ 85 8514
Des Moin Div 1st g
J-J
-- 80 Aug •.2
82 8213 82
8212
1 82 86
Om Div 1st g 33s
1941 A-0 65 ___. 65 Apr '13
85 -6
.Tol & Ch Div 1st g 43
1941 M-S 76 .
75
19 75 80
75
-ii" lEraii -f17-8
-ii - a -fr "7714 Wab Pitts Term 1st g 4s 1054 J -D 1812 18 1538 May'13
1533 2612
75 76 7412 May'13 ---- 7412 79
Cent and Old Col Ti' Co certs_
1738 Sale 1634
1778 78 1412 271s
85 88 844 Mch'13 ---- 8414 88
Columbia Tr Co ctfs
1613 18 1713
1712 10 15 28
85 ...... 9178 Mch'13 ---- 9134 9178
2d gold 4s
1
1954 J-D
1 May'13
1
2
1
-------10314 Jan '13 ---- 10314 10314
72 1
Trust Co certfs
78
15
78 214
lee _.. 104 Nov'12 ______
Wash Terml 1st gu 3)0_1945 F-A 82 841 8758 Oct '11
------- 107 J'ne'12
1st 40-year guar 4s
90
100 Sep '12
1945 F-A
...... 10412 104 Apr '13 ---- 104 105
West Maryland
1952 A-0 7914 Sale 7914
g 4s
31 "fir
80
102 10312 10234 Apr '13 ---- 10234 10312 West N Y & Pa 1st
10434 May'13
1st g 53-1937 J-J 10312
10434 107,4
100 10614 105 May'12 --__
Gen gold 4s
1943 A-0
- g1 3-4 86 Oct '12
-- _Income 5s
34
d1943
Nov
Feb
'07
9112 Sale 9113
92
22 89 98
Wheeling_& L E 1st g 5s__1926 A-0 ieni"
14)114 May'13
10114 10113
.
8612 May'13 ..,,,. 8612 9512
Wheel Div 1st gold 58_1928 J-J
100 Feb '13
100 100
el;§,
-tr; 87
8738 157 87 9334
Exten & Impt gold 5s____1930 F-A
'W- 99 Feb 13
99 1014
9112 Sale 9114
9112 37 0014 9812
RR 1st consol 4s
._ 8014 80 Apr '13
1949
80 8058
. _ 9412 J'ly '12 __ . . _
20-year equip s f 5s
0812 Fob '11
1922 J-J
9412 1/6
. 88
88
ii gg - if
1 8958 Feb '13
07,
8
987
Winston-Salem B 1st 4s_1960 J-J
-ggs
___ 8938 8934 Apr '13 --- 8934 9112 Wis Cent 50-yr 8
J
Ms
43._1049
9018
1st
gen
8912 902
1
100 10618 104 Mch'13 --- 104 10134
Sup&Dul div & term 1st 4s '36 M-N 88
8934 bleb 13
89,4 9013
------10218 J'ly '12 ---- --- -100 _
103 Dec '12 ---- ---- _
Manufacturing Ec Industrial
100 105 10414 May'12 ---- —.
Allis-Chalmers 1st 5s
62 57 Dec '12
1936 J-J
... .... 108 10914 Sep '12--. . Trust Co ctfs deposit
5014 83
5113
_- 54,2 5034 May'13
. 94 93 Apr '13 __ -93 - -93 - Am Ag
1st c 5s
99 1017s
1928 A-0 9953 Sale 9958 100
iiii ..T... 11914 Mch'10 ---- ..,.,.. __ Am CotChem
Oil ext 4%3 ____p1915 O-F 96 9614 9614
9614
96
9714
190 10412 106 Jan '13 ---, 100 10638
Debenture 5s
93 95
1931 Pa-N 9212 93 03 May'13
10912._ 110
110
2 110 110
Am Ride & L 1st s f g 63_1919 M-S 0912 Sale 9912 100
15 9913 10312
105 1071; 107 Jan '13 --- 107 107
Amer Ice Secur deb g 6
74 7634
1925 A-0 74 75 75 May'13
105
.112 Feb '07 --Am Smelt Securities s f 63_1926 F-A 1033s Sale 103
12 102 105
1031
10118 §-ale 10118 10118
i Mil;id' Am Spirits Mfg g 6s
1915 M-S ____ 100 9913 Jan '13
9913 9912
10313 ___. 116 May 07 -- ---- ._. Am Thread
1st col tr 4s......1919 J-J 91 Sale 91
91 9334
91
89 _ 0112 Sep'12...
- Am Tobacco 40-yr g 6s
1944 A-0 119 -- 120 Apr '13
11913 12054
_ __. 873-4 8858 Feb '13 ---- 886
Registered
;
120 Nov 12
1944 A-0
__. 10018 10158 May'll ---- .__
Gold 4s
- 973 97
1951 F-A 7-7
97
'gra 971
8912 90 8933
90
53 -8812 -9412
Registered
1951 F-A
96311J'ne 12
Am Writg Paper 1st s f 5e_1919 J-J 8113 Sale 8712
871
10312 Sale 10312 104
11 10312 107% Baldw Loco Works 1st 5s...1940 M-N
Salo 103
103 10314
10314
- 105_
Sop '11 ....t. 10434 10434 Beth Steel 1st ext s f 5s1926 J-J 96 9632 90
9613 10 95 9634
7614 61 7514 7812
761s Sale 76
1st & ref 53 guar A
8313 72 8258 8534
1942 M-N 8234 83 83
„,.. 84 8314 Apr '13 --- 8318 88t2 Cent Leather 20-year g 5s_1925 A-0 9514 Sale 9514
9512 41 9314 97
10213 107 107 Mch'13 ---- 107 107
Consol Tobacco g 4s
. 97 9614 Apr '13
9614 9714
1951 F-A
83 8514 8314 May'13 ---- 8314 8812 Corn Prod Bets f g 5s
9014
Feb
'13
M-N
1931
9534 9614
i
612
966
3
105 ____ 10514 Sep '12 ---- ....
1st 25-year s f 5s
90 9312
1934 M-N 9014 95 9014 May'13
8318
8714 Jan '13 ---- 861; 8714 Cuban-Amer Sugar coil tr 6s 1918
A-0 90 96 9434 Feb '13
9454 90
83 ....... 8214 Feb '14 ---- ---Distil Sec Cor cony 1st g 55_1927 A-0 64 6412 64
64
11 64 70
75
E I du Pont Powder 4%s 1936 J-D 8418 Sale 84
8414 31 84 80
10112 ...... 10i3-4DeCt-ii -___- General Baking 1st 25-yr 6s_ 1936 J-D __ 98 95 Apr '13
95 9514
103 ---- 104 May'13 --- 104 - 106 - Gen Electric ueb g 3%3_1942
2 77 82
F-A 7518 77 77
7813
I 108 10954
10838 - - - - 10812 10812
Debenture 5s
102% 10811
1952 M-8 104 Sale 10334 101
10012 --.._ 10518 J'ly '12 ---- ... . Gen'l Motors lot lien 15s_ 1915 A-0 9834 99 994 May'13
9812 100
6312 0412 6413 Mch'13
(ii- Si12 III Steel deb 4).is
8534
6 8534 8912
8534 8534
1940 A-0
108 rr.,-- 110 Mch'13
109% 110 Indiana Steel lot 5s
10014 14 9914 10114
1952 M-N 1501; Sale 100
2
108
hit
1/4
108
Paper Co lot con g 63_1918 F-A 100 10074 102 Apr '13 -- 102 105
108
108
112
Consol cony s f g 53
21 84 9134
100 ---- 10512 Nov 12 -- ---- __
85
1935 J -J 8418 8612 84
Int St Pump 1st s f 55
79 70
6711
73 - - 79 hich'13
6 5972 8834
1929 M-S 0012 68 67
1013
1021,
102
Laokaw
4
10214 81ch'13 — _
Steel 1st g 5.9
10112
1923 A-0 _ 95 9512 May'13
95 9034
lot con 5s Series A
10312 10311
7634 17 73 8014
100 101 1031k Jan '13
1950 M-S is 7612 7612
. 5-year convertible 5s
70 ,- - - 73 Sep '12 • - - --1915 M-S 9413 96 944
43 93 96
85
9914 10214 99
Liggett
99
i 09 la'
& Myers Tobac 7...1944 A-0 121 Sale 12012 121
4 1197a 12218
10212 -- -- 112 Oct '06 ---- ---53
1951 F-A 9812 Sale 9714
8 9612 9934
982
10014 ---- 10311 Nov'12 ---- --Lorillard Co (P)72)
11912 11958 24 1194 12212
1944 A-0 11912
10112 --- - 10434 Jan '13
1043
5s
;10434
1951 F-A 19718 9712 97
0712 10 97 9972
101 ---- 104 Mch'13 --- 104 105
Mexican Petrol Ltd cnv Os A..'21 A-0
__ 9714 9'114 May'13
97 100
10212 ---- 10814 Jan '13 ...._ 10814 10814 Nat Enam & Stpg 1st 53_1929 J-D -8812
- 89 8812
8812
8812 9512
104 ---- 104 May'13 ---- 104 10851 Nat Starch 20-yr deb 53_1930 J-J
8813 3312 Feb '13
8812 8812
...... 95 92 Apr 13 ---- 92 9578 National Tube 1st 5s
1952 M-N 96 Sale 96
31 96 9912
96
92 ---- 9312 Sep '12 ---- TT-N Y Air Brake 1st cony 6s_1928 M-N 9912 9934 1/912
2 9912 103
9934
10034 --- - 101 Feb '13 ---- 101 101
Ry Steel Spgs 1st s f 5s_ _ 1921 J-J 9514 97 954 Apr '13
954 984
.__ ---- 10213 Apr '11 --- - --- _ _ Repub 1 & S 1st & col tr 58_1934 A-0 10278
1024 Mal'13
10271 1024
- 10134 104 Feb '13 --- 10312 104
10-30
0014 30 8972 924
-year 5s s f
1940 A-0 90 9034 0014
Mi.108 111 Aug'12 ---__ _ Standard Milling 1st 5s
_ 88 88 May'13
1930 M-N
88 8912
90 ---- 8934
8934
1 8312 893-4 The Texas Co cony deb 6s_1931 J-J 97 9734 98
10 97 10072
98
..,..,- 10618 Sep '12 --- - -.- _ _ Union Bag & Paper 1st 5s_1930 J-J __ 86 00 Feb '13
90 92
WI;10412 103
Stamped
1 103 10714
103
1930 J-J _. 87 91l Jan '13
8912 9114
48 51 Nov'12 ---- --- -- U S Leath Co.f deb g 6s 1913 M-N
100 Apr '13
100 10014
9612 _--- 11912 Apr '11 ---- ---- _. U S Realty & I cony deb g 15s_'24 J-J
2 8412 89
8412
,
8478
,
„ 10612 Nov'04 --- -.-_. U S Red & Refg 1st g 6s
1931 J-J 20 .30 27 May'13
25 27
foil; 10412 10513 Apr '13 --__ 10512 j".(1.614 IT S Rubber 10-yr coil tr 6s.1918 J-D 10158 Sale 19112 10178 60 100 1934
10213 10334 10734 J'ne'12 --1918 J-D ---- -- 10318 Jan • iu
. Registered
100 - - 100
U S Steel Corp—J coup __d1963 M-N 9978 Sale 9934 10014 187 "i63:tia"
100
i MCI MO
....
2Feb '13 ---- 9113 9111
S f 10-60-yr 5sIreg __d1983 M-N 0934 Sale 9934 10038
---- 9i8i:
9934 102
Va-Car Chem 1st 15-yr 58_1923 J-D 95 9538 951a
6 97 99
9898
9538 13 9412 98
--- 92 90
1 90 9111 West Electric 1st 5s Dec 1922 J-J 10118 Sale 101
90
101)2 14 10038 10234
___ 84 84 Dec '12 ____
___. Westinghouse E&Mef 53_1931 J -J 9078 9118 90%
9 9034 94
9112
53 Sale 52
14 5112 871I
63
10-year coil tr notes 5s 1917 A-0
96 9613 Apr '13
9612 9678
65 68 Dec '12 --- ---- --Telegraph & Telephone
-81 8838 89 Apr 13 --- 88 89
Am Telep & Tel coll tr 4s 1929 J-J 83 Sale 8753
46 86 90
88
___. 103 10278 Apr '13 __ 10278 10111
Convertible 4s
1036 M-S 100 103 103 Apr '13
10212 1104
20-yr cony 4%3(when iss) 1933 M-S 101 Sale 10073 10138 99 10072 10114
- — 84 8512J'ue'12 --- ---Chicago Telephone 1st 53_1923 J -D
9658 36 9513 9931 Commercial Cable 1st g 43_2397 Q-J 78 --- 8213 Dec '12
9614 9634 9814
9378 _
Registered
9813 Feb '13 _
9313 9811
2397
8312 Nov '11
97
9013
Cumb'd T & T 1st& gen 53_1937
91 Sale 9078
92 100
98
9818 10
6 9012 9511 Keystone Telephone 1st 53_1935 J-J -Ors -- 86 Aug 1
9112 Sale 9112
91
2
9112 93 9112
1063-4 101;
9134
3
5 91 1,31 Metropol Tell Let lots f 5s_1918 M-N lOOlg 10
.2 10034 Mch'13
2 109 11211 Mich State Telep 1st 5s
10912 11118 10914 110
07 10114
1924 F-A 08 100 98 May'13
N Y & NJ Telephone Os g..1920 M-N *100 ..
4 10412 109
105
10434 10514 105
10314 May'11
N
883
18
Y
4
Telep
9311
91 Sale 8913
1st& gen s f4)is 1939 M-N 98 15628 96
90
'
.
9634 28 08 -68
---- ----108 May'll ____ .-__ ___. Pac Tel & Tel 1st 53
9912 20 981 1101
1937 J-J 9813 Sale 9888
____ 99
_
____ ---- ---- ---• South Bell Tell T 1st s f 5s 1941 J-J 99 Sale 9858
11 0812 101
99
934 ____ 93 Apr '13 ____ 93 94
West Union col tr cur 53_1938 J-J 9878 Sale 9873
3 9878 1024
99
9213 9373 93 Mch'13 ____ 93 93
FU and real eat g 4 Ms
9114 9613
1950 M-N ---- 92 92 May'13
___ 96 94 Oct '12 .... __,... _.
Mut Un Tel gu ext 5s
104 Jul'11
1941 M-N 9 9714 983,
9734
-9733 9734 9712
Northwest Tel gu 43s g..1934 J-J 00 _--- 93 Jan '13
93 93
MISCELLANEOUS BONDS—Concluded.
999oz.79977000/omile7.v,-,
7 pilm1/90
St L & San Fran (Con)
K C Ft S & M con g 63_1928
K 0 Ft S & M Ry ref g 48_1936
Registered
1938
KC& M R& B Istgu 53_1929
Ozark Sr Ch C 1st gu 5s g_1912
It L S W 1st g 43 bd ctfe_1989
2d g 4s Inc bond ctfs_.._.,p1980
Consol gold 4s
1932
Gray's Pt Ter 1st gu g 58_1947
11 A & A Pass 1st gu g 48_1943
$ F& N P 1st sink 1 g 544_1919
Seaboard Air Line g 43....._1950
Gold 45 stamped
1950
RIstered
1950
Adjustment 5s
o1949
R unding 4s
1959
Atl-Birm 30-yr 1st g 4s__e1933
Car Cent 1st con g U
1949
Fla Cent & Pen 1st g 53-1915
1st land gr ext g 55
1930
Consol gold 58
1943
Oa & Ala Ry 1st con 5s_o1945
Ga Car & No 1st gu g 5s....1929
Seab & Ron 1st 53
1925
Southern Pacific Co—
Gold 43 (Cent Pac coll)_k1949
Registered
k1949
20-year cony 4s
g1929
Cent Pac 1st ref gu g 4s_1949
Registered
1949
Mort guar gold 3 Ms__k1929
Through St L 1st gu 4s..1054
9 H & 8 AM& P 1st 5s_1931
Gila V G & N 1st gu g 5s-1024
Roue E & W T 1st g 5s_1933
1933
1st guar 58 red
H & T 0 1st g 5s int gu-1937
1921
Gen gold 4s int guar
Waco& N W div 1st g6s 1930
A & N W 1st gu g Os
1941
Morgan's La & 'I' 1st 7s_1918
1920
1st gold 6s
No of Cal guar g 5s
1938
Ore & Cal 1st guar g 5s_1927
Bo Pac of Cal—Gu g 53;-1937
So Pac Coast 1st gu as g_1937
San Fran Terml 1st 4s...1950
Tex & N 0 con gold 5s 1943
So Pac RR 1st ref 45
1955
Southern1st consol g 5s
1994
Registered
1994
Develop & gen 4s Ser A._1956
Mob & Ohio coil tr g 4s_1938
Mem Div 1st g 4%-5s
1996
St Louis dlv 1st g 4s
1951
Ala Con R 1st g 6i3
1918
Atl & Danv 1st g 4s
1948
2d 48
1948
Atl & Yad 1st g guar 4s 19,19
Col & Greenv ist 63
1916
E T Va & Ga Div g 59_1930
Con 1st gold 5s
1956
E Ten reor lien g 5s
1938
Oa Midland 1st 33
1946
Oa Pac By 1st g 613
1922
Knox & Ohio 1st g 6s
1925
Mob & Bir prior lien g 53_1945
Mortgage gold 43
1945
Rich & Dan con g 6s____1915
Deb 5s stamped
1927
Rich & Meek 1st g 43
1948
13_0 Car & Ga 1st g 5s
1919
Virginia Mid ser 0 68_1916
Series D 4-5s
1921
Series E 5s
1926
Series F 15s
1931
General 5s
1936
Va & Elo'w'n 1st gu 542_2003
1958
let cons 50-year 5s
W 0 & W 1st cy gu 4s....1924
' West N Cl 1st con g 6/5_1914
.,•:)kane Internet 1st g 5s.._1955
er A of St L 1st g 4%3_1939
1st con gold 5s_1894-1944
Gen refund s f g 43
1953
St L M Bge Ter gu g 50_1930
Tex & Pac 1st gold 5s
2000
.11d gold inc 5s
q2000
La Div B L 1st g 53
1931
W MinW & N W 1st gu 58_1930
Tol & 00 1st g Os
1935
Western Div 1st g 5s
1935
General gold 58
1935
Kan & M 1st gu g 4s
1990
2d 20-year 5s
1927
01 P & W 1st gold 441......_1917
0188 L& W prlieng 3%e-1925
• SO-year gold 4s
1950
• Coil tr 4s g Ser A
1917
Tor Ham & Buff 1st g 4s_h1946
Ulster & Del 1st con g 5s..1928
.11-0 1st refund g 4s
1952
Union Pacific—
let RR & land grant g 43_1947
• Registered
1947
20-year cony 4s
1927
lot & ref 4s
92008
Ore Ry & Nay ion g 4s1946
Ore Short Line 1st g 68_1922
lot consol • 55
1948
• Ouar refund 43
1929
Utah & Nor gold 5s
1926
1st extended 4s
1933
Vandalia cons g 4. Ser A 1955
v Consol 4s Series B____1957
Vera Cruz & P 1st Fru 4%s-1934
Vindnian 1st Os Series A __1962
Pliee
Friday
May 16
[VOL. xcvi.
-617"
1o314
-H.;-663;
Coal Ec Iron
Miscellaneous
Huff& Susq Iron s I 5s___1932 J-D
97 J'ly '22
-Adams Ex coil tr g 4s
1948 81-8 80 82 80
2 7914 82%
80
Debenture 5s
a1926 M-S
_ 85 91 Nov'll
Armour & Co 1st real est4%s '30 J -D 9034 Sale 90
9038 12 8934 92
(701 F St I Go gen
g 5s___1943 F-A 0.0' 97 93 Apr '13
95 -111i18 Bush Terminal 1st 4s
1952 A-0
89 8912
89 89 May'13
Col Fuel gen 6s
1919 M-N
10714 J'ne'12
Consol 55
94 96
1955
J -J __ 9512 94 May'13
Col Indus 1st & coil 5s gu_1934 F-A 7813 7913 7814
7813 85
78,
Bldgs 5s guar tax ex
94 94
1960 A-0
- 9334 94 Apr '13
Cons Ind Coal Me 1st 5s___1935 J-D 75 80 85 J'ne'114
Copper 1st cony 63_1921 J-J 150 165 150 Mch'13
Chino
145
190
Cons Coal of Md let&ref 5s 1950 J-D ___ 94 93 Oct '12
-- Inspir Cons Cop 1st 63 (rects)__
14 9913 10818
10012 Sale 10012 101
Or Riv Coal & 1st g 6s_h1019 A-0 ....100 10258 Apr '06
Int Mercan Marine 4%s
621.
3
684
1922
63
X=c3
63
63
Sale
Kan & H 010 lots f g 53_1951 J-J
98 98 Int Navigation 1st s f 5s
98 Jan '13
1929 F-A --- 7914 7834 May'13
78 79.4
Pocah Con Collier 1st s f 514_1957 J -J -811-2 8758 8732 Mch'13
8713 8774 Mge Bond (N Y) 4s ser 2_1966 A-0
St L Rock Mt& P 1st 53_1955 J-J 76 78 76 Mch'13
76 80
10-20 yr 5s series 3
M
1932 J -J
"iiis
Tenn Coal gen 53
1951 J-J 100 1014 100 May'13
100 103
Morris & Co 1st s f 4%s___1939 J -J
8912 891g
-882 8912 Feb '13
Birm Div 1st consol 63-1917 J-J 10112 10334 101 Apr '13
101 103
N Y Dock 50-yr 1st g 4s.__1051 F-A
82
1 82 84
83 82
; Tenn Div 1st g Os
01917 A-0
_
102 102
Niag Falls Pow 1st 5s
4 102 Feb 13
1932 J -J 16612 10172 10218 Mch'13 — 109 10214
• Cab.0 M Co 1st gu g 64_1922 J-D ---- 1033
104 110 Jan '09
Ontario Transmission 55....-1945 M-N
_ 92 Dec '12
Utah Fuel 1st g 59
1931 M-S
Pub Serv Corp N J gen 5s...1959 A-0 0114 Sale 91
9138 25 91 93
Victor Fuel 1st s f 5e
1953 J-J _80 80 Ma-y'
;"tid
-79-3
--1.
3
RayConsCopper 1st cony 631921 J-J 107 Sale 107
107
8 106 121
Va Iron Coal&Coke 1st g 5s 1949 M-S 6i 07 93 May'13
93 93
Wash Water Pow 1st 5s___I939 J-J
102 Deo '12
*No price Iiriday;,atest bid and asked all ue Jan datte April eDue May gDue June hDue July kDue
Aug oDue Oct pDue Nov cDue Dec sOption seals
1413
CHICAGO STOCK EXCHANGE-Stock Record.
81'OCKS-1110HIC21' AND LOWKS7' SALA' PRICHS
,._
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
May 16
May 15
May 14
May 13
May 12
May 10
Sate?
of the
Week
Shares
STOC :S
CHICAGO STOCK
EXCHANGE
Lowest.
Railroads
Chicago Elev Rye com100
an'
Sal
30
*25
ar)
*25
30
30 .25
*25
----------------100
Do pref
84
50
84
84
83
88
*75
88
*75
230 Chic lays part ctf "1"___
_ 90
---8912 804 8811 -8812 -------881: 8812 90
89
.88
ctf
part
Bye
"2"--_
Chic
2171:
750
22
2214
2112
2214
*214
2212
22
22
22
211:
*201:
Chic Rye part ctf "3"___
Sal 1:
y'
: 7
*61
7
00
7
*6
7
sa
_ ___
_
----------------3
100 Chic Bye part ctf "4"___
3
*234 3
*234 3
*234 3
Kansas City By & Lt-100
221:
221: .18
Laat-Sale 18 Noy'12
'17
221: *18
*18
20
100
Do pref
*341: 40
Last Sale 41 Noy'12
*341: 40
*3412 40
*341: 40
_
714 ___
634
31 Streets W Stable C L_100
712
: *7
71
712 *7
*7
100
pref
Do
.40
45
Last
*40
45
45
Mar'13
5
4
_
Sale
*40
45
*40
Miscellaneous
100
1,950 American Can
32
3214
3214 32
3234 3278 3218 3234 3218 3318 3134 33
100
Do pref
850
9258 9258 9212 9278 0211 9213 9238 9278
9334 9334 9212 93
1 American Radiator_100
450
450 450 *___- 450 *__-- 450 *____ 450 *____ 450
100
Do pref
10
133 13113 *13112 135 *13112 136 *13113 136 *13112 136 *13112 136
30 Amer Shipbuilding_100
51 *- 51 *____ 51 *_ 51 *____ 51 *__ 51
51
100
Do pref
10
f____ 102
10014 10014 .---- 102 *____ 10014 s_ _- 10014 *---- 10014
175 Amer Telep & Teleg 100
___
128 128
128 128 -_
91274 128
12758 12814 *12712 128
150 Booth Fisheries com_ 100
*5012 54
*501: 51
*5013 5312 504 5013 5012 501: 5014 -5014
100
630
Do 1st pref
7414 75
76
75
7818 77
*75
771: *75
76
771: 78
Cal & Chic Canal & D 100
Jan'13
Last Sale 55
*50
54
54
*50
54
*50
.50
54
37 Chic Pneumatic Tool-100
50 *---- 50 *___ 50
50
4978 4978 494 4978 ---- ---Chicago Telephone_ _100
Last Sale 142 May'12
Chicago Title & Trust 100
*Hi)" IOC' .ioi- 2-(ii- *Ziii- 2-(:; - *H)i- iiii- Last Sale 201 May'13
671 Commonw'th-Edison.100
13111 1311: 131 131
132 132
132 132 *132 135
132 132
____
400 Corn Prod lief Co com100
: 1014 1014
1012 101
*10
: 1014 1014 104 1038
101
100
1)o pref
Last Sale 77 -Feti'13
95 Diamond Match
___ ____
100
103 103
100.i2 1611-2 *10012 iiiii; .151- ccii- la- loll"
'
___
_
325 Goodrich (B.F.) com_100
304 31
.32
31
31
31
31
31
68
Hart
---------0612
Shaft
Marx
&,
--__
97
p1100
-VITI:
9612
97
9013 901: 97
*0613 07
llinois Brick
Last Sale6818 May'13
69
100
.68
69
*68
69
*68
69
*08
Internat Harvester Co100
Last Sale 10614Mar 13
Last
Sale
i'lKnickerbocker Ice pf_100
wii"
Aug'12
763
s
if"
;ii"
;771- ;77.-1,Apr'13.
National
Last Sale 115
Biscuit
100
0115 117 *115 117 *115 117 *115 117
Do pref
100
100
119 119 *118 11934 *118 11934 *118 11934 *118 11934 *118 119341
90 National Carbon
100
:124
:1161:I
1161
1161: 1161: *116 120 *116 124 *1161
Do
pref
100
Last Sale 115 -Apr'131
1,114 120 .114 120 *11412 120 *1141: 1154
15 Pacific Gas & El Co 100
5014 5014
52
*50
52
*50
52
*50
52
*50
52
*50
Do
preferred_
_100
*89
92
92
*89
92
.89
92
02 .89
089
---- --576 People's Gas L&Coke.100
109 10912 10912 10934 10913 10913 109 1094 109 109
Pub Serv of No Ill com 100
78
*75
Last Sale 79 Mar'13
78
*75
78
.75
78
*75
100
Do pre
161
93
9311 9354 9314 9324 93
91
*92
04
94
•___ 95
Bumely common....100
Apr'13
32
*28
Last Sale 25
32
*28
32
*28
32
*28
100
Do pref
bast Sale 56
Apr'13
00
*53
00
*58
00
*58
60
*58
1694 17012 16813 10911 16514 169
164 16534 3,707 Sears-Roebuck corn.. 100
16934 17078 16914 170
100
Do pref
5
119 119 *119 122 *119 122 *119 122 *119 122 *119 122
100 Studebaker Corp com.100
27
27
2613 2013
23
*261: 271: *MI 271: *2612 271: *27
100
Do pre
Last Sale 92 Dec'12
91
*89
91
*89
91
*89
91
*89
100
247 Swift & Co
10434 1017 1014 1047 105 105
10431 105
10434 105
*10434 105
The Quaker Oats Co_100
230 230 - -------- - 50_
*240 245 *240 245 *230 245
100
Do ',ref
121
10113 1011:
*10412 106 *10111 106 *10412 103
105 105
100
295 Union Carbide Co
16212 1-05
167 167
164 164
163 103
106 166
165 165
Co_100
P
&
Bd
Box
Unit
May'13
134 *14
•115
134
134 *Ds
*118
134
Ds
Sale
Last
100
5013 5978 59
51 593
5918 5958 1,925 U S Steel COM
5958 5918 8018 594 60
107 10713 ----- --- 107 107
212 Ward, Montg'y & Co pref
10712 10713 107 10712 107 107
12
.10
12
Last Sale 11
.10
12
12 .10
Apr'13
100
*10
We.stern Stone
Last Sale 9134 Mar'13
100
Woolworth,corn
Chicago Banks and Trust Companies
NAME,
Dividend Record
Capital Burp. &
Per- Last Paid.
In
In
Stock.? Profits 1
1911. 1912. iod.
(00s on* Med.)
Bid.
NAME.
Aa.
Range for Year 1913
Highest.
Range /or Previous
Year 1912.
30 Jan 3
91 Jan 20
9814 Jan 30
2618 Jan 13
81: Jan 2
438 Apr 5
634 MaY14
45 alch18
81s Jan 3
45 Mch18
26 Jan 14
91 Apr 28
450 Apr 8
133 Apr 2
50 Jan 22
100 Feb 8
12758 May13
504 May16
7414 May16
55 Jan 29
481: Mch10
461: Jan 31
12914 Jan 30
500 Feb 11
135 May 1
55 Jan 13
1034 Jan 2
139$4 Jan 3
71 Jan 3
8978 Jan 8
55 Jan 29
52 Jan 10
200 Apr 26
130 Apr 26
1018 Etch 19
77 Feb 11
100 Apr 28
28 Mch 18
94 alch22
661: Mch 24
10814 Feb 24
212 Jan 7
145 Jan 5
161: Jan 31
77 Feb 11
11014 Feb 3
53 Feb 13
981: Jan 14
761 Jan 31
115 Jan 29
112 Feb 24
118 Mch19
1151: Mch 14
114 Mch 10
50 Apr 28
12812Jan 3
123 Jan 14
12212 Feb 17
118 Jan 25
63 Jan 27
108 May 2
79 Mch 6
93 May16
25 Apr 25
56 Apr 25
164 May16
11834 Apr 30
2612 May16
:Jan
116 Jan 13 1031
821: Jan 25 z 80 Dec
1014 Jan 13 a 98 Dec
69 Feb 21
9412 Dec
9738 Feb 6 s 991: Apr
21434 Jan 2 140 Jan
12434 Feb 17 1211: Jan
34 Feb 13
3078 J'ly
92 Dec
10778 Mch 6
9334 Jan
280 Feb 15 215 Jan
10812 Feb 15 1051: Jan
20812 Jan 10 213534 May
38 May
Vs Feu 10
5858 Feb
8834 Jan 2
10884 Men 5
9 Sep
141: Jan 2
112 Jan 3
10458 May 1
230 May14
10413 May15
16212 May16
1 Jan 17
581: Mch 10
10512 Feb 19
10 hich17
874 Mcb 24
47 Oct
111: Jan
91 Feb 128 Sep
325 Feb 405 J'ly
131 Jan 135 Apr
45 Aug
61 Oct
100 Feb 10838 Oct
138 Dec 19878 Mat
70 Dec
39 Mob
95 J'ne
77 Mch
654 May
49 Feb
551: Oct
44 Mch
1371: Jan 145 Mob
184 Jan 222 J'ne
13514 Jan 150 Mob
211:005
10 Feb
87 Oat
87 Oct
103 J'ly 11154 Feb
:Sep
83 Dec
801
97 Dec 10212 Mch
58 Jan
731: Sap
10512 Dec 12678 Sep
87 Mai
7638 Aug
114 Dec 16118 Apr
12214 Oct 13084 Mai
103 Mch 135 Sep
115 Feb 120 Jan
s 61 J'ly s 67 Apr
Dividend Record
Capital Surp. &
Stock.' Profits.? In
In
Per- Last Paid.
(005 om Wed.)
1911. 1912. iod.
Southwest Tr & S $200.0
323,13 Org. .Puly 5
414,8
Standard Tr & Say 1,000,0
8
54,8
6
200.0
Stockmen's Tr &
8
Union Trust Co__ 1,200,0 1,558,9 8&28
400,0
121,3 8&2e 8&2e
WestSide Tr&Say
10
934
100,6
200,0
Woodlawn Tr & S
40 Apr
934. Jan
10438 Jan
38 Jan
11 Jan
54 Jan
25 Sep
to
:Jan
1178 Apr
52 J'ne
25 Nov
90 May
83 Dec
1934 Nov
6 J'ne
3 Oct
1414 Aug
40 Oct
6 Mch
35 Jan
Jan 3
May 9
Jan 14
Apr 29
?deb 11
May 2
30
83
88
20
8
3
II:ghest.
Lowest.
12238 Oct
z 941: Apr
*1074 Apr
9878 Nov
21031: Oct
22118 Nov
12534 J'ne
49 Aug
9V: Aug
10914 Apr
397 Nov
110 Jan
234 Nov
178 Jan
801: Sep
15 Nov
----------
Bid. Ask.
'12. V. 05, p. 18. 122 126
(3-11I Mch 1013,14 170 171
.1-2 Jan 13, 3
150 155
@ 38 Mch 31'13,2
Q-M Apr '13, 3 566
Q-2 Apr 13. 233 215 220
•
Apr'13, 13( 215 220
233
American State-- 5200,0 $177,6
60,9
6
None An Jan '13, 6 150
100.0
Calumet National
22,5 Org. J an. 27 '13. V.95, p.1585 108 110
200,0
Capital State_ -_
17,1 Beg. b us. Oct 7'12 V. 95, p. 944 148 150
250,0
Central Mfg Dist_
Cont & Corn Nat_ 21,500,0 9,768,6
10
10
Q-J Apr '13, 3 299 300
Corn Each Nat__ 3,000,0 6,307,5 16
16
Q-J Apr 13, 4 413 417
200,0
Drexel State
105,6
6
6
Q-2 Apr'13, 134 202 206
Drovers' Doi) Nat
Q-J Apr'13, 233 250 255
305,4 10
750,0
10
200,0
Englewood State.
56,9
633
8
Q-J Apr'13, 2 180 186
BONDS
FirstNational
10,000,0 11,696,1
12
17 Q-M Nich31'13,4 3.4 433 430
Range
Bids
;Veers
Price
InterCHICAGO STOCK
150,0
223,8 12
FiratNatEngiew'd
1233 Q-M a1ch31'13, 213 330 --Sold
for
Range or
Friday
est
EXCI1ANGE
516,6
Foreman Bros
1,000,0
Priv ate Ba nk
1913
Year
5
7
16.
Ifay
Sale
57
.
Last
period
55i
Week
May
ending
766,7
16.
Ft Dearborn Nat_ 2,000,0
2
Q-J
8
Apr'13,
8
u22,0 Org. N ov 25 1912
136 139
200,0
Halsted St State_
High
High No. Low
814
Ask Low
Hibernian 13k Assn 2,000,0 1,118.5 Not pu blished -se note (11)
(11)
91
91
Am Tel & Tel coU 4s____1929 J -J
35,0 Beg. b us Aug '12. V.05, p.273. 138 142
91 Feb '13
200,0
Hyde Park State903:
8978 917s
1939 J -D 31807
9038
Armour & Co 414s
194,7 10
400,0
10
J-J Jan '13, 5 236 240
Kaapar State...-1928
so "si- 8214 April'12
Auto Elm 1st M ta
25,3 Beg. b us.Apr 8'l1 V.92, p. 1004 105 110
200,0
Lake View State_
9618 May'12
57,7
Cal Gas & El unit & ref 5a 1937 NI-N t 981: 97
200,0
Q-2 Apr'13, 2 215 225
Lawndaie State
1927 F - A 10038 Sale 10018
10034 48 -1.6618 1677;
562,5 "io" 1512-e Q-M Apr '13, 3 260 265
Chicago City By 5*
Live Stk Each Nat 1,250,0
89
Chic City Si Con Rys 5a.c11927 A - j 8114 Sale
52,6 Beg. b u.3.Aug 20'1 2 V 95, p 593 133 140
8114
8112 10 81
200,0
Mach &Trad State
1 9613 9814
97
1914 J -J I 9634 0714 97
Q-J Apr' 13, 2 225 229
Chicago Elev By 5s
8
8
Nat 11k of Repub. 2,000,0 1,445,1
911: 9114 Aprie13
94
90
Chic Pneu Tool 1st 59„a1921 J -J I 88
0
694,9
Q-J Apr'13, 134 193 196
National City
2,000,0
9858
8 9818 10014
1927 F - A j 984 9853 984
Chicago itys 5s
6
6
109,8
National Produce
Q-J Apr '13, 134 165 168
250,0
93 May'13
9434
93
Chic Rye 55
7
series 'A" A -0 j____ 94
7
91,4
Q-J Apr'13, 13i 143 146
North Ave State_
200,0
82
82
8178 8134
Chic Itys 45
North Side St Say
200,0
aeries "B" J -D j 82 Sale
6
10,6
6
Q-J Apr'13, 133 120 123
'13
Jan
93
93
93
F
A
220
215
it
9413
North West State *200,0
6
48
48,6
1%
Chic
sexism
Apr'13,
"C"
6
Q-2
100 Jan '12
200,0
7,2 Org. N ov. 27 '12. V.95, p. 1944 105 111
1913 F - A
Chic Rys coil 6e
Ogden Ave State_
--72
72 Mch '13
75
500,0
104,1
933 10
People'c Stk )(cleat
Q-J Apr'13, 2 33 240 250
Clue Ry Pr m M g 4s.c1997 J -J 31 711k 74
58
11,0 Beg. b us Nov
50 May'13 ---- 47
56
200,0
650
Mayl
Second Security
By
Chic
4s_c1027
Inc
Ad)
p.1235
V.93,
164,8
400,0
6
10034 33 10014 1017a
Security
Q-J Apr 13, 2 iW) 260
Chicago Telephone 5s
1923 J -D 10058 Sale 10013
122,8
'200,1)
9618 Dec '12
8
8
14-2 Apr'13, 2 215 ___
South Chicago Say
Cicero Gas Co ref G m..1932 J - J J---- 98
20,3
Q-2 Apr'13, 133 130 135
10158
iOi8
200,0
6
South Side State.
1943 Ai- S 1011: Sale 1013:
Commonw-Edison 53
10078 10212
12
12
Q-J Apr'13, 3 303 395
Commonw Eleo 51_61943 M- S 210012 10114 10078 May'13
StateBank of Chic 1,500,0 2,522,1
46,8 Beg. b us.Aug 19'1 2 V.95, p.523 142 145
1004 May'13 -- 10028 10018
200,0
Cudahy Pack 1st M 53_1024 38-N
State Bank of Italy
8
a - 105 May'13 _-__ 105 10814
250,0
11001,.6.
245,0
10 Q-M Mch 31 13,3 300Dia Match Con deb 68_1920
Stock Yards Say_
Goo Mot 6% 1st L notec_1915 A - 3198 99 9934 Aprie12
500,0
6
181,1
6 M-N May'13, 3 178 No
Union 11k of Chic_
int liar 3-yr 5% g noted-1915 F - A
10058 May'12
100,0
Washingt'nPkNat
16,0
6
Q-J Apr'13, 233 200 ___
1054 April'12
Inland Steel 1st al g 63_10'28
Q-J Apr'13, 2 227 229
----8
8
Central fr CootIli 4,500,0 1,084,1
Kan City By Si Light Co
500,0
363,5 10
10&2e J-J Jan '13, 7 300 330
Chicago City B&T
90 Oct '12
302,1
1913 M-N
5s
6
6
Q-J Apr'13, 133 140 150
Chicago Say B &T 1,000,0
87 Jan '13
-in' 87
1928 J -J j____ 87
Lake St 83-1st 58
8
Q-J Apr'13, 2 201 203
8
Chicago Title &Tr 5,600,0 12,263,2
79
79 Sale
82
79
600,0
488,8 8&20 8&2e Q-J Apr'13, 233 223 226
23 79
Matt W Side El 1st 48_1938 F - A
Colonial 'fr & Sav
7818
774 81
1,844,2
80
3,000,0
-J
J
May'13
S
1938
&
Tr
g
Extension
48
Coin
Coat&
147,8
250,0
833
10
MU El Ity Si Lt 1st g 5s._1026 F - A 31103 1041: 1044 Apra 12
Q-J Apr'13, 23.3 255 _
Drovers Tr & Say
941: 95 April'12
-None Q-M Dec30'11,4 -- ..ref Si ext 4338_1931 J _J j 94
do
First Trust & Say 5,000,0 2,879,2 16
14,8 Beg. b us.Apr 3,11 V.92, p.929
22 8734 89
8734
8/34
1939 J -J j 85 • -__
250,0
Morris Si Co 430
FtDearbornTr&S
109,1 Beg. b us,A pr 8'12 V.94, p.1030
10034 May'12
1952 M-N
Nat Tube let g 51
300.0
Franklin Tr & Say
233
244,9
10314 Apr11•12
10
Q-J Apr'13, 234
1922 A -0 8101
Nor Shore El let g 5.8
(Ireenehaum Sons 1,500,0
-1045- -10050,0
J-J Jan '13, 3 ii:i Thi
let Si ref g 5s_1940 A -0 j 9934 10012 100 Jan '13
do
200,0
Guarantee Tr & S
----12
Q-2 Apr '13. 8 525 ___
Nor Sh Gas of 111 1st 53..1937 - A ---- -- 951: Sept '12
1,500,0 2,274,8 12
Harris Tr & Say
10014 July '11
1911 al- S
71,7 Beg. b ua.Apr 10,1 1.V.92,p.1004 148 150
North West El 1st 4s
300,0
Home Bank & Tr_
9934 Mch '13
9953 1001.
Apr '13, 4 490 500
N W G L Si Coke Co 51-1928 Q -M I-5578
Illinois Tr & Say_ 5,000,0 10,180,6 16&4e 18&4e
May'13
951:
97
95
7&2e (4-.1 Apr'13, 134 170Ogden
1945 41-N L.- 95
Ogden Gas 55
170..
7
87,7
200,0
Kenwood Tr & Say
1151: Sept '12
6
Apr '13, 133 200
Peep Gas L Si C 1st 08_ _1943 A 6
e79,3
200,
Lake Vie w'fr&Say
10034
8 10033 102
1947 al- S hi0O'i Sate 10034
118 121
Refunding gold 58
263,4 Beg. b tui. Ma y'10
LaSalle StTr &Say 1,000,0
101,
3 101 103
'12.
Liberty 'Fr Si Say_
26,1 Org. D ea.
175Chic Gas I. Si C lst 58_1937 I -J :101 Sate 101
250,0
10012 April'13
1001: 10011
_1936 J Market Tr Si Say_
Consum Gas let
200,0
:26,7 Org. S apt. 5 '12. V. 95, p. 593 120 155
100 April'13
100 1004
1st Se 1947 NI-N tioo"
Mutual Fuel Gas5s.Mere'nttioTr&Say
250,0
39,7 Beg. b us.Jely 1'12 V. 94. p. 484 165 ___
955: May'13
95
941: 973s
Merchants'L &Tr 3,000,0 7,007,7 15
Q-J Apr'13, 4 430 435
Pub San; Co 1st tel g 58_1956
10
91
9034 May'13
_
9034 9314
Michigan Ave Tr_
Q-2 Apr'13, 14 140 143
200,
67,2
South Side Elea 4338____1924 - a 190
9978 Sale 0978
1014 J 994
99% 10014
500,0
Mid-City Tr &Say
102,0
Swift Si Co let g 58
us. Ap 10'l 1.V.92,p.1004 220 223
1,500,0 2,837,5
Northern Tr Co
Q-J Mch31 13,2 318 322
Tr -City By Si Lt colt
1923 A 9814 Aprie12
250.0
Nor-West Tr & S.
J-J Jan '13, 4 270 275
141,9
8
trust lien s f 55
1945 A -0
200,0
85 April'12
52,7
Old Colony Tr & S
,lee (Loop) 5.1
'
Union
ue.J'ne 1 11 V.92, p. 1537 124 125
500,0
215,2
100 May'12
People's Tr & Say
U S Gypsum 1st g 5.1.....1922 M- S
8
Q-2 Apr'13, 233 310 315
1922 J -J 3110112 10253 101 April'13
300,0
-ioi- 101
269,5
2
Pullman Tr St Say
'13,
fa
Apr
Co
Elec
180Western
8
Q-J
200,0
48,3
Sheridan Tr & Say
3
Q-2 Apr'13, 134 133 iii
be added
o all Chicago bon d prices.
Note-Accrued interest m tat
• Chicago Bond
ecord
--ia -
Jai iaa
NO
• Bid and asked prices; no sales were made on this day. t April 4 (close of business) for national banks and April 5 (opening of businees) for State institutions.
price Friday; latest price this week. 1 Sept. 1 1911. ¶ lalyidends not Published; stock all acquired by the Continental Si Commercial National Bank. a Due Dee. 31.
a Due June. c Due Feb. d Due Jan. 1. e Extra dvidend. s Sales reported beginning April 18. e Dividends are paid Q. J. with extra payments Q. F. s Capital tie
he increased to 5300.000. V.96, D. 1135. 1 Dec. 31 1912. is Apr. 30 1013. •Ex. 24% accumulated dividend. a Nov. 28 1912. s Feb. 5 1913.
BOSTON STOCK EXCITANGE-Stock Record.
1414
SHANE -. lel:H.•LS-NOT P3I1 CENTUM PRICAS
Saturday
May 10.
Monday
May 12.
Tuesday !Wednesday
May 13.
May 14.
Thursd.ty
.vrav 15
Fr.:day
May 16
9912 49918 0912 .99558 100
*9938 9912 *9914 9912 9914 9914
*9953 100
100
.0958 100
Last Sale 10038 Apr'13
*9938 9934
197
195 105
194 194
195 197
195 195
195 195
8912 89
91
00
8712 8934 8714 83
90
90
91
187 .175 187 .175 187
186 188
183 183
184 184
57
57
55
56
57
5612 57
5712 5612 58
56
.260 ____ .250 ____ 250 230 *250 ___- *____ 260
Last Sale 712 Apr'13
- *712
.712
*712 ---- *713
W
Last Sale 65 Apr'13
66
66 *---.. 66
May'13
Last Sale 7
8
•
8
8
745Last Sale 43 Apr'13
*43
.43 ____ *43 ____
Last Salt 165 Feb'13
• - 166
166 *--- 166 *____ 166
_
ia 105 .10313 105 .10312 105 *10313 105 .10313 105 *10313 105
___ .200 ____ *200
.200
_ 210 210 .200
101 1371
- 10312 10312 102 103
101 10112 *101
*NO10034 101
1st Sale 1912M'y'13
,
1
*118
.11612 118 *11718 1.712 .117 11773 '
.84 -843-4 8438 8412 8412 8412
4 8334
83,
102 102
101 101
101 101 *10012 101 .1::412 101 .10352
-1618 16
11
1612 16
16
•16
1012 16
16 .
16
16
73
74
73
*7314 74
73
*73
734 73
7312 *73
73
10414 10512 10158 10014
10334 10334 10333 10373 10312 10458 104 105
Last Sale 120 Apr'13
115 183 181 *160 163
•
160 ffir
rs 1-0.
61-8 *165"
35
30
30
*31
40 .31
31
40 .31
40 .31
31
O1484 14852 14778 14778 .14914 14912 .14838 14858 14818 1484 *14858 14878
83 .
.8314 8414 .8314 8414 .834 8414 83
8314 8334 .8314 8334
130 130
.
130 140
137 137 .130 140 .130 140
7112 71
71
.71
73 .71
72
•
73 • *71
721
- .
3
9012 .90
;68
92
90 .90 ____ 90
90
90
00
*499
•9958
195
89
•-L5
Bales
of she
'V&A'
:hares
STOC.15
BOSTON STOOK
i.;*.X.CHANGE
Rattle &nee
1.
On busts of 100-share lots
Lowest
11 silliest
flange lor Previous
Year 1912,
LOW&U
H tallest.
ilailroads
50 Atch Top & Santa Fe_100
100
pref
80 11(...,ton & Albany
100
100
2,289 Boston Elevated
100
32 Boston 5c Lowell
100
511 Boston & Maine
1 Boston & Providence_100
Boston Suburban El Coi_
130 pref
Bostou & Wore Elee Cos_
Do prof
Chic Junc lty & US Y_100
13 Do pre
4 Connecticut River_ _100
218 Fitchburg pref__ ____100
Ity & Bloc stmpd_100
100
sO .14o pref
100
60 Maine Central
257 Mass Electric Cos
100
225
Do pref stamped _100
3,281 N Y N .11 & Hartford_100
100
Northern N 11
100
101 ild Colony
100
30 ,tutland, pref
20 Union Pacific
100
100
1
Do pref
3 Vermont & Mass.... 101
6 West End St
5f
91
Do prof
50
9918 May 1
100 Mch19
190 Apr 30
8714 May 16
181 slay 5
5314 May. 6
250 May14
712 Feb 19
65 itch 7
5 Feb 25
43 Mob 6
166 Feb 14
102 Mch25
210 May14
10014 May13
11812 Apr 2
8278 Feb 4
100 Apr 29
10 May12
7212 May 9
10234 May 0
120 Apr 18
160 May 1
30 May15
14658 Apr 30
83 May ,4
130 alas 15
71 May Ii
90 May12
10614 Jan 2 10173 Feb 11114 Oct..
10138 Feb 4 10114 Nov 10414 Feb.
215 Jan 2 21117 Sep 22212 Apr.
11414 Jan 30 112 Dee 11434 Mch
205 Jan 27 202 Nov 218 Jan
97 Jan 3
04 Dec 10012 Jan
290 Jan 3 200 Dec 303 Apr.
1
May
74 Feb 19
10 Dec
65 Men 7
J'ne
70 Dec
1213 Jan..
714 itch 0
7 Dee
5,4 Aug
45 Jan 24
57 Jan
160 Feb 14 i65 Mas 170 Jail
107 Merl 11 10,12 Oct ill J'ne
260 Jan 13 26,2 J'ly 272 Jan _
113. Dec 128 Jan
122 Feb
120 Feb 10 Li J'ne :179 Apr
s.1 Dec
9113 Jar'
ileh 27
110 Merl 13 125 Dec 14718 May
2318 Jan
16 Dec
11.38 Feb 4
83 Feb
7233 Dec
79 Feb h
126 Dec 14238 Apr
130. Jan
130 Feb 21 12.1 2 Oct 141 Jan
17613 Feu 11 1174 due 187 Jan
70 Jan
35 Mch25
41 Jan
16214 Jan 6 152 Dec 17614 Sep
3012 Jan is
8912 Sep
9378 Dec
150 Feb 27 120 Dec 164 Jan
80 Oet
8112 Feb 8
61/78 Feb
It) Nov 10313 Mai
100 Jan 3
aiseellaneous
F313 Amer Agricul Chem_ _100
Do pref
_ _ _100
309
Amer Pneu Service__ 50
50
Do prof
106
100
1,107 Amer Sugar Refin
100
257 Do prof
2,312 Amer Teiep & Teleg_100
American Woolen_ _100
593 Do pref
100
Amoskeag Manufacturing
18 Do prof
112 Atl Gulf&WISS L_100
Do pref
100
181 East Boston Land
10
46 Edison Elec Illuru
100
100
478 General Electric
McElwain(WH)let pf 100
1,765 MassachusettsGasCosl00
100
Do prof
78
10 Morgenthaler Lino__ _100
10
70 Mexican Telephone
N E Cotton Yarn___ _100
100
20 Do pref
100
65 N ft; Telephone
100
290 Pullman Co
10
63 Reece Button-Hole
260 Swift & Co
100
25
181 Torrington
25
55 Do pref
55 Union Copper L & M 25
100
828 United Fruit
654 Un Shoe Mach Corp_ 25
25
401
Do pref
100
5,430 U S Steel Corp
218 Do prof
100
47 May15
9314 May15
312 May10
18 Apr 10
10858 May12
11112 May14
12713 May12
1834 Feb 28
74 May 8
6412 Apr 23
90 Apr 21
5 Jan 10
10 Jan 7
10 May15
267 May 3
135 Feb 25
Od Apr 30
87 Apr 28
89 Apr 30
212 Mch 17
3 Jan 16
17 Apr 9
6378 Apr 7
141 May 1
153 May12
1412 Apr 15
104 Apr 30
2714 Jan 38
27 Mch28
1 Apr 22
150 May 1
4714 May14
27 Jan 20
5818 Itch 10
10538 May12
6334 Melt
54 Dec
57 Jan 11
1/8 Dec 105 Itch
9954 Jan 2
514 J'ne
412 Jan 3
Aug
2112 Nov
2334 Jan 11
14 Slob
11812 Jan 3 11334 Dec 1,3338 Mar
11714 Feb 1 11414 Deo 12134 Aug
149 Mch
15053 Jan 3 1:5112.0w
22 Nov
30 ifcb
21 Apr 30
9414 itch
7014 Nov
113 Jan 7
84 May
75 Nov
76 Jan 14
100 Jan 23 29014 J'ne 105 Mch
9 Feb
5 Aug
6 Apr 15
20 Jan
1012 Aug
12 Jan 3
1714 May
1034 Jan
lb Feb 8
2882 Jan 10 27212 Sep 300 Mch
18634 Jan 2 155 Jai, 189 Deo
104 Jan 13 103 Apr 107 Jan
95 Oct
i532 Jan 22 28818 J'iy
9558 Mch24
93 Dec
9878 Feb
21958 Apr 12 2144 Dec '221 Aug
212 N1ch
312 Feb
417 J'ne
50 Dec 105 Jan
50 Apr 2
9112Jan 11
90 Dec 107 Itch
160 Jan 11 11:14 00, 164 Itch
11551s Jan '2 158 Feb 184 Aug
l738 Apr
1334 Jan
1612 Apr 2
108 Mob 5
9812 Jan 10918 Sep
2812 Jan 15
2/ May 32 Jan
2814 Jan 20
31 Apr
28 Jan
2 Jan 4 .85 Jan
334 Apr
182 Jan 3 1174 Sep 20812 J'ne
6534 Feb 4
5712 Aug
4614 Jan
2712 Dec
2813 Feu 3
2934 Sep
69 Jan 2
sili8 Sep
5833 Feb
111 Jan 30 10718 Feb 11538 Oct
•
51
49
5012 .49
47
50 .
48
4834 48
47-4
0312 9378 9312 0378 9354 1;512 9713 9378
0312 94
*::3 4
.312 334 *313 358
313 358 .338
18 .18
*1814 1812 18
1814 18
1813 .18
1812
110 11012 110 Ill: 4 109 109
10858 11078 109 110
11112 112 .112 113
11134 112
112 113
112 112
12712 128
12758 12813 128 12812 12734 12814 12778 12818
Last Sale 21
1812
1812 .17
Apr'13
.17
751
7614 7712 77
7714 77
7712
7514 78
'
ii" 7/672 75
Last Sale 6412 Apr'13
65
W"
96
96
"iii" W. :: 96
96
96
96
*534 6 • ;B34
.534 6
578 578
578 578
*534 6
1212 .
12
1212 *11
.11
Last Sale 1114 May'13
11
114 *11
11
11
10
1114 1014 11 .104 11
10
•10
10
10
267 267 .251 267
287 267
268 288
267 267
267 267
138 13812 13734 13813 13734 13884
138 13834 138 13812 13734 139
93
.0812 97
*95
Last Sale 07 May'13
98
*95
89
90
90
89
8958 00
8812 19- 8914 90
90
90
89
8.084 .8758 89
89
8034 90
8914 8034 *8914 8.934 .88
*21813 21712 216 216 .21513 21534 .216 21712 .216 217 .21614 21634
.318 313
3
3
34 318 .318 312 •318 312
34 34
420
.20
30 .20
80
Last Sale 23 May'13
30 .20
+68
87112 68
.88
.88 ____
.88
_
'
140 142 .140 142 *140 14
-4 - 141 141
-1/- 141 11.
141 141-*63153 154
154 154
154 156
155 15514 155 156
15334 154
.1434 15
15
15
15
15
15
15 •15
1578
•
105
10478 105
10
,
10458 105
10478 10473 10484 105
i; 105
'271 2734 2713 2712 2'. I 2712 2712 2712 .
27
274 2712 2712
*2778 2812 .28
28 .
2818 2 .2 2712 28
2734 -___ *2712 2813
Ill •1
.1
113 *1
112
114 *1
112
1
1
1
15413 15512 15513 150
15413 156
155 15512 15412 156
154 158
48
48
48
48
4758 4814 4714 4734 474 4753 4714 48
2712 2712 274 28
2713 2712 274 2712 2714 2712 2714 2712
5958 59
5912 5978 59
8014 5033 6014 5018 5933 5912 5958
10578 10578 10538 10512 10558 10558 106 10634 105 106
50
50
94
94
312 358
'
01814 1812
111 111
11412 11412
12734 128
Mining
6 Jan 4
5 Dec
1114 Apr
1 May12
25
Con
Adventure
hm
583
27 A
112 *114 113
112 113
114 .1
14 113
1
114 114
1 330 Jan 3 300 Apr 370 J'ly
meaby21
70 F
25 23
'300 315
300 300
300 300 .295 300 .295 300 300 300
.34 May16
214 Jan 3
814 May
2 Dee
.70 ..40 .70
.34 .34
80
34
34
34 ..60
Al
4214 Jan 3
5018 J'ne
35 Dee
3
16
70
5 A ligo9um
ez
an Mining
33
33
3212 *3212 3312 33
32
32
•32
25
32
Jan
2
25
0253
8014
Oct
Feb
Feb
60
654
100
6,282
Copper
Amalgamated
7534 7358 7412 7434 75
7458 75
7458 7538 75
ii- lifli
2412 Feb
13 Ors
224 May13 3278 Feb 10
24
24
2234 23
3,518 Am Zinc Lead & Sm. 25
23
2334 2218 23
2213 23
2234 23
412 Mch 6
2 .1511
Cift Apr
1 2 Feb 18
314 354 .34 312
570 Arizona Commercial_ 0
338 353
314 312
312 312 4,31X4 312
104 J'ne
7 Feb
412 Dec
118 May10
14 238
158 134
112 1%
14 134
134 134
114 113 8,710 Ilos&CorbCop&SIlisag 5
4 Jan 4
531 Apr
17,2 Apr 28
J'iy
303 Butte-Balaklava Cop 10
*24 213
218
258 .2
218 .2
218 218 *2
2
2
6134 J.no
1912 Feb
2712 3,611 autte&SupCop(Ltd) 10 25 May 1 45 Jan 2
2734 28
2838 2833 2718 2833 2718 28
274 2734 27
:4112 Aug
6712 Feb
6312 1,312 Calumet & Arizona_ 10 59 Feb 18 7212 Jan 2
6334 64
04
63
63
6413 8434 8313 8414 6334 61
2271 555 Jan 2 405 Feb ii15 Sep
,
5 44135534
2
6 Calumet & Hecla
480 460 .455 460 +455 480
*445 448 .455 460
455 455
25 1214 Apr 30 18 Jan 6
1512 Dec
2712 Apr
enc
nieapi
f3leta
inte
13 .1213 1312 1212 1213
6
355
50 o
4 1313 1312 1312 1212 1234 13
Feb
4712 Jan 2
5014 Nov
231, Feb
per
8938 3912 3958 3934 3912 3953 Z938 393E 394 3878 39
39
1;122 Apr
30
1)7
, u7
48
,112
557 (lopperRange Con Co 100 41 Apr 29 53 Jan 2
43
43
4212 4212
424 4332 43
43
43
43
1912 43
4 Jan 27
212 May13
20
30 Daly-West
3
24 213 *234 3 .
234 234
.214 3
24
16 ,1 Sep
1214 Jan
10 eh ette Cop Min- 10 1/ 4 Feb 24 1518 Jan
54
34 1,4081
1112 1134 1112 1134 *
112
12 113
15
114 1134 1112 1134 1134 12
9 Jan 2
534 May15
25
Apr
Franklin
8
6
6
578 578 *534 654
6
534 514
10
1611448 Apr
8 3% Jan 2
3
578 8
Deep
c • 6
A.
,pr2
2
21,..(4
1 4 2,010 Giroux Consolidated_ 5 1% J.eh
6
2
21
/
2
2/
4 214
23
1 4 2,f
,4 2j1.
1-'8
2
7:113 Jan 2
7/34 Nov
33 Feb
1,122 Granby Consolldated_100
6318 6278 63
634 6312 63
63
6211 63
6312 6234 83
94 Jan 2
114 Oot
712 Feb
1
Apr
,elsb 26
4 4.1
16
65
6% 6%
634 €14
6% 673 1,60) Greene-Cananea
634 673
673 6%
634 67t
22 Oct
25 Jan 2
15/ J'ne
1,965 Hancock Consolidated 29
5
1912 19
11512 1 '3
19
1812 19
19
19
1914 .19
116118
py 3
20
:3 rA
i r
y
10 2773 Jan 10 35 Apr 28
*32
35 .12
35
35
Last Sale 35 Apr'13
*32
35 .32
34Jan 3
.70 Dec
May
123 IlHeedilveeYtiaGCooldpper
*AO
.75 ..25
.75 +.30
.75 .30 .40 +.40 .75
.75 ..40
Sep
au
ry3
10
8
0 17 Jan 2
14
4
2I
M
A
,ep
5:
25 18
2 1.) Indiana Mini's.'
978
078 *9
9
9
913 912
978 073 .9
11338 Deo
2153 Jan
1873 Apr 14
20
171 .
5
1738 1738 •17
1712 .17
17
17
;--) Inspiration Consol C. 2
1712 .
8% 19712
1712 +17
4012 Jan
6534 J'ne
•
48
4712 4734 4678 4714 47
752 Island Creek Coal
48
1 4873 May13 59 Jan 4
4.1
.4812 _
85 Jan
1 8112 May13 8712 Jan 10
9114 Aug
129
82
82
8112 8113 8134 82
8134 82
6 Isle Do pref
82 Si- *2
22
11-42
82
112 -8
2034 Jan
3714 Nov
26 22 Feb 10 33/8 Jan 2
23 .2212 23
*2284 2314 23
2212 2134 21
Royale Copper
23
2 Apr
,4'4 Feb 15
17
4 31
318 Feb
2154
.34 314
/4 .
3'4 35
4 ;5 Kerr Lake
314 3%
314 314
314 314
313 314
338 Feb 4
80 Jan
Jan
3 May
15 Keweenaw Copper
2
25
2
5
•134 214
2
.134 178 *1
134 134 .1
3
2234 Dec)
49 Apr
1312 1253 13
25 1134 May 1 2612 Jan 3
1,:-1-1 Lake Copper Co
413
12
12
1212 124 1213 1212 g74 12
412 Feb
334 81011 1
25
514 Jan
8 Apr
454 .334 414
2=5 La Salle Copper
378 4' *378 414
*4
4
412
4
Jan 2
1412 J'n•
1014 Dec
'
a,..,„,,17)
: iS
m
Ias
ess
once
Ve
ase
llely Mines. 5
638 84
C14
.
6
6
578 May15 1012
578 8
614 614 *8
614 638
513 Jan 2
41.1133r L
914 Jan
(
:1314.
25
5 Dec
.313 4
3'1 312 .153 4
34 313 *334 414 *34 4
1514 Jan 2
Apr
2 Deo
18
914
234 Jan
738 712
25
4.: 1 Mayflower
8
8
713 8
712 712
*8
812
734 734
3033 Sep
233 Jan
*2258 23
65 Miami copper
2212 2212
5 2134 Feb 19 2613 Jan 3
2234 2234 .2234 23 .2234 23
*2234 23
512 Apt
2 Apr 8
:2e4 meinel
250 Michhan
556
1,58
.14 14
112 *118
113 •118 112
112 .1
114 114 .1
Aet)
r 11 65 Jan 7
25
115 Mohawk
50
52
4917 *49
25 4114 o
051
50
51
*49
51
50
1:
51
1814 Jail
1612 1634 10
470 Nevada Consolidated_ 5 1613 Fe11 18 1934 Jan 4
34
1658 1634 1638 1658 .1613 1634
11
, 1C1'8
1658 lf .
.
p
ni3r
A'e
721.41 JS
213 Jan '2
112 Apr 30
Dec
270 Ne
*158 2
AnenC.l
Copper 25
.113 2
i pwA
rcir
issle
8,
2 134 *134 2
153 134 *11,
84 itch 4
421
5•18 178
912 Mch29
to
878 878
3
834 8%
F"8 878
834 L34
39.3 Oct
2234 Feb
:143 2,070 North Butte
15 2414 Feb 19 3412 Jan 2
21,14 21
2858 29
2813 2858 2812 2834 2834 2 73 2.814 2812 ;
634 Apr
213 Dec
1 May 3
234 Jan 2
25
1
1
1
1
1
2.5
1
'
,5 North Lake
1
1
1
1/
14
1
1
•132
112 Dec
0134 /an
514 Jan 4
1 Apr 30
25
134 .138 134 .133 134 .138 112
Mining
O°11dil"CvaoYloy
138 112
'258 Jan
1314 May
554
6
412 413
838 Jan 2
458 434
5C
1°
0
412 4.4
413 438
4,
4 5
44 Jan
64 Oct
4812 4712
25
25 41 Feb N 56 Jan '
*47
4714 47
*4612 4713
141 Old Dominion Co
47
47
47
47
47
t3
.
82
86
87
25 8013 May 1 107 Jan 2 100 Dec 11027 J'ne
8112 84
85
13
85
88
85
85
15 itch
29 NoV
531,
114
2 6
1912 1978 •1914 1934 19
114 2.2
1812 1834 1
10 1734 Apr 30 2814 Jan 2
C
areek Coal
,
1214
6
73
1912 1i"2 is)
9°
P
Qciriely
7
12
74 D
Fe
co
b
:
9
8 12 J'
an
onv
e
C8
25 614 May18 80 Jan 3
•67
68 .67
68 .67
63
6558 67
68
1053 Jan
2418 Sep
18 .1734 18
.
18
18
10 1653 Feb 19 22 Jan 3
1318 18
1814 1778 1814 18
18
z40 Ray Consol Copper
43 Dec
67 Apr
.35
70 St Mary's Min Land- 25 37 Apr 20 46 Jan 3
37 .1 1
F.,17
37 .37
31'2 37
3012 37
3 Jan 2
May
112 112 --lig -118 2
39 ,
112 113
.112 134
133 May 16
112 11:
113 112
anta lee Gold & Cop_ 10
-.--0
jan
1312 Jan 2
9
1 .
17
41
7 Aug
8;
8.34
818 817
814 8.13
hannon
813 1,
812 834
4
2,365,
Febi.48/ 3812 Jan 3
134'
24
lt 2.7
744 28
21
24
2334 24
4
24
2414 2438 2334 2117 24
565 Shattuck-Arizotia
D
De
ee
417
1174
88 j
Air
pr
Last Sale .30 May'13 ----__ south Utah M & s
.32
9.20
1..25
.32 ..25
.35 *.25
5 20 Jan 8 .35 Jan 18
Feb
2 40Ip Jan 2
2
11i
4.1h
12Feel3 18
20
2612 2012
*274 28
2712 26
2714 11
27
28
*27
340
e488 Feb 4
318
34 33E *3
3
318 1.021 Superior25
Superior& Boston Cop 10
314 353
.
314 333
314 338
20
21414 Jan
51 Apr
1128
2712 *27
25 '10 Feb 19 38 Jan 3
27
51
29 .27
28
28
28
29
27
155 Tamarack
Jan 9
4 Dec
314
3
3
917. Apr
3
312
May15
3.12 31, .3
338 338
445 Trinity
*34 378
31,Jan 28
16
5
rY2
'..12 Deo
41114 Mob
233
.24 214
*21A 21, ▪
/a 211
50 Tuolumne Copper__ _ 21
3/
e s .24 23,
5 13%
23
24 Jan x5068 Sep
394 3912 39
39t2 79
39
70
D
SS
e mepitrelftef & Min.. 5C 3814 Feb 1.5 4:412 Jan 2
3914 394 39
65 50 Jan 6
47
4611182
3(
6,
1
46
47 Jan
134 4
47
4634 47
30
9314k
1:1-017 U
4834 4884 4134 4335 4878 47
5234 Sep
2118Jan 3
May
1 Nov 3112. Feb
14
7
112 113 .
134
134
*114 112 . 114 114
131 134 .11i
1530 Utali-A-e, Ntinin r....714 May 6 1114 Jan 2
2033 Apt
(An J'iy
713 712
*712 8
*734 8
731 734
712 734
145 Utah Consoli.!ated___ 5
753 753
5112 5112 *5114 5134 5158 51.5s 52
10 49 Mehl0 00 Jan 2
5212Jan
5112
013a Sep
503 5112 *51
52 .
95 Uta , Copper Co
2 Jan 2
ineryi42
l
a
114
.1
134 Dec
178
578 Jan
1
1
1
1%
.1
13
,4
118 118 *1
25
5
1%. .1
120 s'ict,'rip
413 Jan 2
234
.2
734 Mon
178 178 .2
2
2
212
234 .2
318 Dec
120 Winona
*134 2
1334 Apr
51
514 54
51
53
51
51
51
51
5 47 May 7 76 Jan 3
460 Wolverine
5112 51
65 Dec
50
517 Jan 9
1, Me/i
1
.90
••.90
1
.90 ..90
11 Feb '20
.98 .00 .90
1 Doc
"5
500 IV yandott
3t
.00
34
• Bid and asked prices. a New stock. s Ain't pald. 0 Ex-stook div. N Ex-rights. a Ex-div. and rights z Unstanaped.
Boston Bond Record
MAY 17 1913.)
BONDS
Price
,Veek's ;
Range
bl:
irtIday
BOSTON STOCK EXCHANGE v 6
Range or
v.,, Since
Week Ending May 16.
May 16
'-. a.
Last Sale
Jan. 1.
cc
,
.
Rid
Ask Lew
High No. Loto 11101
Am Agricul Chem 1st 5s___1928 A-0 _ _ .... 9934 Apr '13 --99 102
Am Telep & Tel coil tr 4s-1929 J-J 88 Sale 8758
71 86 8034
88
1936 MConvertible 43
1033a Mch'13 ___ 10212 106
---------.
20-year cony 4 Ms
1933 _., - __
10112 10112
3 10138 10114
Am.Writ Paper 1st s f Ss g_1919 J-.1
8978 J'ne•12 ____
1915 M-N ---------131 J'ne•12 ....
Am Zinc L & 8 deb 6s
gen
g
Fe
A-0
..s_1995
S
017-8 9414 93 Apr '13 ---- 93 98 Atch Top &
Adjustment g 4s____July 1995 Nov 8378 8718 8758N ov 12 ..._ - _ ......
July 1996 M-N
Stamped
. ._
8912J'Iy 12 ___ ___ ___
45
cony
1966 J-D 9878
60-year
- 995810134 Sep '12 ..... _....9)
10-year cony 6s
1917 J-D
710% Mcb '11.
-tl Gul& W I SS Lines 68_1969 J-J ---- ------59
69
4 69 623,
Boa & Corb 1st cony at 68_1923 M-N ----------8
___ _. 0 Apr 13 ........ 80 85
Boston Elev 3..- r g 4s
1935 M-N
9518 FeO •12
___
Boston & Lowell 4s
1916 J-J
.0014 Me12•01 . ____ ___
Boston & Maine 4 Ms
1944 J-J ----------10412Oct '0, __-_ ___. __ ....
Plain 4s
----------95
1942 F-A.
Feb'12
_ ...
.
Bur & Mo Riv cons 65
1918 J-J
02 Jan '13
fa 1-052.
;Butte El & Pow 1st 58
1951 J-D
Qedar Rap & Mo Riv 1st 7s 1916 M-N
11158 Sep '11
Cent Vermt lst g 4s___May 1920 Q-F 8338 85 8312 Mal,'13-- 82 - -893;
19111 A-0 10172 10418103 Oct '07..--- _ _ _
0 B & Q Iowa Div 1st 5s
Iowa Div 1st 4s
1919 A-0
95 Apr '13__-- 95 98
Denver Eaten 4s
1222 F-A 0818 10018 9018 Feb '12
Nebraska Eaten 4s
1927 M-N .
0812 Mch'12
B&SWsf 48
1921 M-S
9813 DeC '12-- _ ___
Illinois Div $3s
8378
- 8518
1949 J-J -----------8318 Mch'13 .
Chic Jct By & Stk Ydti Ss 1914 J-J 99 Sale 99
6 9858 10031
99
Coll trust refunding g 48..1940 A-0 - 820
2 80 8612
80
Oh Milw & St P Dub D 6s.._1920 J-J
11031Feb '13 .___ 11038 11038
h M & St P WLs V dly 6s 1920 J-J
__ _ 113.8Feb '11 ___--- -h & No Mich 1st gu 5s
1931 M-N 88 -90 91 May'1', .___ _____
9212 98
94 Apr '13
1921 J-D 9414.
Chic & W Mich gen Ss
1.712Sep '11._ __ __
1920 J-D -_Concord & Mont cons 4s
96 96
1949 A-096 Mch'13
Copper Range 1st Ss
10014 Aug'12 ____ ____ ___
Cudahy Pack (The) lstg 5.. 1924 M-N
100 Aug'12.- __-_ ____
1926 A-0 ...
Current River 1st 59
1946 A-0 76 80 8014 Sep '12
Det Or Rap & W 1st 4s
1940 M-N 91 991 99 Feb '13- 99 9912
Dominion Coal 1st $ f 5s
1927M-8 ---- -----06 Oct '12
Fitchburg 4s
Fremt Elk & Mo V 1st 68_1933 A-0 1187 -22 Feb '13 ___ 122 122
122 Mch '12
_ __
1933 A-0
Unstamped 1st 63
---
1415
BONDS:
I
, ,'
BOSTON STOCK EXCHANGE it
Week Ending May 16.
-.a,
leek's
Range or
Last Sate
angt
Since
,r..s..-I Jan. 1_
H ot No
(114
Ask Low
General Motors 1st 5-yr 6s_1915 A-0 99 9912 9938 Apr '13
9038 9934
Gt Nor C B & Q col: tr 4s__1921 J-J 9412 Sale 9414
9434
9 9312 1161
Registered 4s
1921 g-J ______ 93!3 Apr '1'.; -- 941.1 957,
____
_
lIouston Elec 1st s f, )1 6s_1926 F-A
la Falls & Sioux C ls. 1-4_ _ .1917 A-0 .......__ 117 Apr Os
Kan 0 Clin & Spr 1st 5s._1925 A-0 _. 93 92 Feb 13 _
92 22
Kan 0 Ft Scott & Mem 6s1928 M-N 108 11212 1.812 10812
6 10812 113
_ _.
763 Jan '13
K 0 Ft S & M By ref 48 gu_1:136 A-0
7638 7632
1 , al-8 ____ 90 901, Fel,,13
Kan C M & B gen 4s
90i2 9012
Assented income 5s
lt,.,'M-S 7812 SO 7812 Apr '13 ..... 78 80
Kan 0& M By & Br 1st 5s_1929 A-0 9918 9978 100
100
1 9912 1013s
115 .Pne OS
Marq Hough & Ont 1st 6s 1925 A-0 .. .
1929 J-J 9558 9612 9634 May'13
Mass Gas 4 Ms
"64 97
9438 16 94 9432
Deben 4 ;is
Dec 1931 J-J ____ _ . 94
Mich Telephone 1st 5s
1917 J-3 99 100 9918 Apr '13 ..... 08'4 1912
90
6 90 93
New Eng Cotton Yarn 5s 1929 F-A 90 9012 90
New Eng Teleph 5s
1915 A-0 99 ___ 101 Apr 13
101 101
10112 43 10034 10112
55
1932 A-0 10112 ;Sale 10118
New River (The) cony 5s 1934 J -J ____ ____ 75 Dec i 1
N Y N H & II con deb 3;0_1956 J-J
9214 Meh '1'. _
Cony deb 6s
1948 J-J -------.120 Mch'13
iici" Nit;
Old Colony gold 4s
1924 F-A ____ ____ 101 Apr 'u.
---- •--Oregon By & Nay con g 4s_1946 J-D 9118 9218 9878 Sep '0- -Oreg Sh Line 1st g 6s
1922 F-A 10938 11138 111380,A'1: ---Puget Sd Elec By 1st 6s.
_1932 F-A
Repub Valley 1st s f 6s_......1919 J-J 10214 ____ 103 Jan '11 ._
_
Savannah Elec 1st cons 5s 1952 J -J _ _ _.._ _ 7014 Dec '10
Seattle Elec 1st g 5s
1930 F-A 100 10218 10312 Mch'13 ... 103l 1031k
Shannon-Ariz 1st 68 g
1919 M-N 9C1 93 90
92
9 90 96
Terre Haute Elec g 5s
1929 J-J ___ -.... 97 Apr '41; ......
Torrington 1st g 55
1918 M-S __ .___ _ 10034 Mch'13 ___ 16641664
Union Pac RR & Id gr g 43..1947 J-J 0618 9638 10018 J'Iy.'il _.. -_
20-year cony 4s
1927 J-J .__ _
10178 Slas"12
,
United Fruit gen s f 4Ms
1923 J-J 92 a 92
92
2 "0" -6614
Debenture 45s
1925 J-J __ 03 9434 Apr '13 _
9334 9535
U S Steel Co 10-60-yr 68 Apr1963 M-N __ ___ - _ 10014 10014
9 10014 lot%
West End Street By 4s-r_1915 F-A __ ___ :))) May 12
1914 M-S
Gold 4 Ms
9918Oct '11
1916 M-N --------97
____ __
Gold debenture 4s
971k g71
18Feb '13
1917 F-A
Gold 4s
_ 9812Noy'll ......
977k 10033
1932 J-J 99 Sale 99
99
Western Teleph & Tel 5s
Wisconsin Cent 1st gen 4s 1949 J-J --------9358Feb '12
Price
Friday
.1tait 16
NOTE.-Buyer pays accrued Interest in addition to the purchase price for all Boston bonds. •No price Friday; latest bid and asked. 11 Flat prices.
se.e.
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Veekly, Yearly
'her, Pre.:,;-Not Per C.:intern Prices
Saturday
May 10.
fonday
May 12.
............ .108
11112
*111 112
*1812 20
1914
60
60
60
...... __ .....
*1712 1814 --ii
4838
*1178
134712
*3834
78
1318
*2612
8514
7714
*2212
*3412
5578
*4334
2234
2314
8014
558
4978
8514
,Vednesday
May 14.
Thursday
May 15.
Friday
Vey 16.
110 .-__ 11013 ..._ 11012 .107 110
11112 11112 1114 11112 .110 11212
112
20
19
1914 .1812 19 .184 19
60
60 60
5978 8978
60 60
____ *11813 -___ .....- 1194 117 117
---- --- ---- ----__ 1712 18
42
.41
if 21 3673 27
27'4 2714if li
110 .___
11112.
1914 ;i6T4
60
60
__ .11712
---- ----
-27;
3 "iiViii;
4838
1214
48
3914
7614
1312
28
8514
774
2258
35
68
4412
23
234
804
514
60
8514
Tuesday
May 13.
_
-at-3- ---------;iii2
4733 48
4712 4734 4738 4734 4514 47
.1134 1214 .1134 1214 .1134 1214 .1134 1214
4714
474 48
4714 4713 47
4712 48
39 40
3934 4034 4031 4038 40 40
7612 77
77
78
z7614 7612 .7634 7614
13
1314 1278 13 .1238 13
1234 1234
2612 2612 .26
27
27
27 .26
2612
8514 8514 .85
8612 8514 8614 854 8514
7658 7712 78%78% .7612 7634 7613 7612
2212 2212 .2214 2234 2214 2214 *22
2212
3412 3413 3478 3478
.3412 36 .3414 36
6512 56% 6532 11558 5514 6638 5514 5514
4334 44
4334 4334 .4334 44
44 44
2278 2314 2234 2234 2258 2238 2238 2234
2312
2312 .23
23 .23
.23
2314 23
8018 7038 7934
79%79% 7912 8018 80
551; 514
5% 5%
534 534
534 534
4934 4978 4934 4978 4978 4978
4978 50
85 8514 85 85
85 86313 86 85
PHILADELPHIA
Bit
Ask
Sales
of the
Week.
Shires.
90
210
77
25
116
2.708
ACTIVE STOCKS
tI
f
t
Range for Previous
Year (1912). .
Lowest
Highest
Lowest
_Baltimore
Con Gas El L & Pow_100 105 Jan 13 120 Jan 16 96 Jan
100 110 Jan 13 12034 Jan 31 101 Jan
prof
Do
Houston Oil tr ctfs
100
81., Jan
1734 Jan 2 23 Apr 4
prof tr ctfs_100 5934 Apr 29 68 Jan 9 5334 Jan
Do
50 117 May16 123 Apr 2 121 Dec
Northern Central
eaboerd Air Line_ _ 100
1712 May 1 21 Jan 30 18 Dec
Do
100 4312 Feb 28 4734 Jan 24 4512 Mch
prof
United By & Electric.. 50 23 Jan 6 2753 Apr 3 1814 Jan
Hiohes:
117 May
116 Apr
2618 Nov
72,2 J'ly
LW Apr
2,14 Slay
5634 J'na
2658 Sep
Philadelphia
.2
21.,
American Cement
69
1 J'ne
2 Feb 6
2 Feb
7 Jan
.38
60 3734 May 7 14912 Feb 24 4013 Oct
78 American Railways
8812
47 Sep
4,924 Cambria Steel
47
48
60 4514 May 15 5358Jan 9 4112 Men
5518 Oct
1178 Jan 29 1213 Jan 9 1112 J'ly
.124 - - ----,- Electric Co of America 10
1212 J'ly
620 Elec Storage Battery_100 47 Apr :•0 5414 Jan 9 5234 Jun
4714 -47-14
5838 Aug
3912 3912 2,947 Gen Asphalt tr ctfs 100 37 Mee 10 4278 Feb 4 18 Apr
3912 Dec
Do
prof tr ctfs_100
1,694
7312 Dec
: 78
7112 Feb 15 78 May13 6914 Apr
*751
1234 1234 1,890 Keystone Telephone_ 50 1118 Jan 14 1312 Mayi0
13 Sep
5 Apr
351 Lake Superior Corp..A00 26 Feb 26 3112Jan 9 27 Feb
.26
27
3514 Sep
384 Leh 0 & Nav tr ctfs_ 60 85 May 6 931 Jan 3 8778 Mch 100 Sep
8618 8513
60 7638 Mehl° 841/4 Jan 3 7818 Feb
.7612 7634
682 Lehigh Valley
9272 Jan
1534 Jan 4 2378 Mch 28
2214 2214
812 Jan
458 Lehigh Valley Transit 60
1678 Sep
50 32 Jan 13 3712 Mch28 23 Jan
pref
76
3434 3434
Do
3312 Dec
/
1
,
60 65;f. May15 61% Jan 9 60 Dec 63%1 Alm
65
6538 8,634 Pennsylvania RR
4334 4334
275 Philadel Co (Pittsb).... 50 4312 Apr 3 60 Jan 8 4934 Dec
5614 Feb
224 2234 2,832 Philadelphia Electi
2158 Apr 30 2434 Feb 14 111678 Jan
25
2434 Sep
23
2314
730 Phila B T vot tr afti- 60 23 Slav 6 2812 Jan 3 2218 May 29 Sep
50 7612 Mch 10 84% Jan 2 7414 Jan
79%79% 2,866 Reading
8914 Apr
780 Tonopah Mining
658 858
612
6 Dec
Jan 13
1
518 Mob 13
814 Apr
40
60
144 Union Traction
50 4958 Mch 13 5112Jan 9 4934 Feb
53 Sep
8434 86
946 United Gas Impt
9233 Aug
50 8434 Apr 30 9112 Feb 3 8614 Jan
PHILADELPHIA
Bid
Ask
PHILADELPHIA
Ph & Read 2d 55 1933 A-0
Inactive Stocks
Bonds
American Milling
m2
10
Ex Imp M 4s 1947_A-0
Prices are all "and
Amer Rya prof
100 Mo. .......
_.
Terminal Os g 1941 Qinterest"
Cambria Iron
50 42
. P W & II col tr 4s '21.-J
Alt & L V Elec 4 Ms'33FCentral Coal & Coke 100 88 90 Am Gas & Elec 5s '07.1P-A .7.2 851-2 R• ead Trac 1st 66 '33__J-J
Preferred
100 81 82 Am Rys Ss 1917
A-0 ___ 9614 Roch Ry & L con 5s '54J-J
onsol Trac of N J
100
Ad C Gas 1st s f 5i4 '60 J-J
Spanish-Am Ir 63 '27-J-J
100 -ii' -ages Berg&EBrew lst6s'21 J-J
arwood Electric._
. .... Stan'd Gas & El 6s'26 J-D
untington & B T.._ 60
....... Bethieli S't1 83 1998_Q-F ii6/3 - _ Stand St' Wks lst5s'28 J-J
Preferred
50 -- _ Ch Ok & G gen 5s 1919 J-J
100 U Trac Ind gen 5s '19_J-J
10 2134 2178 Con Trac of N J 1st 63 '33 Ws:--__ Un Rys tr ctfs 4s '49 _J-J
urance Co of N A
rin
...... Del Co Rys tr ctfs 4s'49J-J
S Pow & Chem 50
Inter
_ United Rys Inv 1st coil tr
Kentucky Securities...100
Edison Elec 6s 1946 A-0
-- 10612
s f Os 1926
M-N
100
Preferred
Elec & Peoples Tr tr ctfs_ 8378 - __ Weisbach s f 6s 1930_J-D
prefpref..60
"ii - "ii. Fr Tac & H 1st 58 '4O_J-J
eystone Telep,
Wil-B G&E con 58 '55_J-J
eystone Watch Case 100 ---- ---- Gen Asphalt 5s 1916_M-S 96 -061-3 Y• ork Rys 1st 68 1937..J-D
10 --- Harw Elec 1st Gs 1942 M-S ...._ _ 103
t Brothers
50
_
--Interstate 4s 1943
ttle Schuylkill
F-A 6914 6912
BALTIMORE
inehill & Schuyl H.._ 50 5712 -- Keystone Tel 5s 1935__J-J 9134 92
Inactive Stocks
at Gas Elec Lt & P 100 30 -_ Lake Sup Corp Inc 5s'24 0 --- 73 Atlan Coast L (Conn)_100
100 80
100
Lehigh Nay 4 Ms '14_Q-J
Canton Co
Preferred
60
Gen M 4 Ms g 1924..Q-F --Consolidation Coal___100
orth Pennsylvania
100
ennsy warrants(w1)---- - 47 5 Leh V 0 1st 65 g 1933_J-J ---- 16612 Georgia Sou & Fla
1st preferred
50 10312 10413 Leh V ext 45 1st 1948..J-D
_
100
ennsylvania Salt
2d preferred
100
ennsylvania Steel._100
Consol Os 1923
. iiii4
J-D al
-643; Consol 4 Ms 1923 _J-D
Preferred
G-B-S Brewing
100
100
Annuity 6s
Bonds
Phila Co(Pitts) 4% prf 40 4012 __...
J-D
Gen cons 4s 2003__M-N "ii" -iiii
Prices are all "and
4212
6% cumulative pref. 6
interest"
-:-- L• oh V Trani con 48 '35 J-D
hila German & Norris 60
1st series A 4s 1936_M-S ---- ---- Bait City 33is 1930-J4
bile Traction
50 8134 -8312
1st series B as 1936 M-8 -4s 1954-1955__Vatious
allways General..
10
Os 1916
onopali Belmont Des, 1 -61-4 -63-8 MarketStEl 1st 43'55M-N
M-N
ii
11.1nited Cos of N J
Anacostia & Potom 58 A-0
NatLii&P serB 58 '19 J-J 100
-United Trac Pitts prof 50 Ati C'st cony deb 4s_M-N
.... --- New Con Gas 55 1948_J-D
Virginia By & Power...100 ..... - - -•
N Y Ph & No 1st 43'39 J-J
All Coast L(Ct)ctfs Os J-D
Preferred
5-20-yr 4s 1925
Income 4s 1939 ___M-N
J-J
100
Warwick Iron & Steel.. 10 Ws 1034 Pa St N Y Can 5.s '39..A-0
B SP&C 1st 4
'53 F-A
Washington-Va Ry_ 100
-ifkii2 Balt Trac 1st Os '29..M-N
Penn Steel 1st 55 '17..M-N
Preferred
100
No Balt Div Os 1942J-D
- -ifi Pegple's Tr tr ctfs 4s_1943
Welsbach Co
100
9858 Cent By cons Os '32...M-N
_- P Co lst&coll tr68'49M-S
'West Jersey & Sea Sh. 60 -6.614 _--Ext & Imp 53 1932 M-8
Con & coil tr 5s'51 M-N -6
.63-4 90
Westmoreland Coal- 60
phil Bice gold tr ctfs_A-0 10312 104 Chas City By 1st 53'23 J-J
Wilkes Gas & Elec ....100
Trust ctfs 48 1949_J-J 80 81 Chas Ry G & El 5s '99MS
6
York Railway
1134 -11.
City & Sub 1st 53 1922 J-D
•
P & E gen M 5s g '20-A-0
Preferred
60 38 39
C• ity&Sub (Was) 1st 5s '48
Gen M 48 g 1920
A-0
• Bid and asked; no sales on this day. 11Ex-div. and rights. II $16 paid. 4 1311 paid.
61794 Pad.
E
Range Since Jan. 1.
(For Bonds and Inactive
Stocks See below)
Bid
Ask
-
BALTIMORE
Coal & C By 1st 5s'19A-0
---- --- Coal & I By 1st 5s'20 F-A
j_ii
..8
4
:.
- 11414 Col & Grnv 1st 6s 1916 J-J
____ Consol Gas 5s 1939.--J-D
Gen 41is 1954
A-0
_ 1661; Cons G E & P 4 Ms '35 J-J
1003; 101 Consol Coal 5s 1950....1-D
98 Fair & CI Tr 1st 68'38 A-0
.
1-3 103 Ga & Ala 1st con 5s'46 J-J
.
162
Ga Car&N 1st Os g '29 J-J
-iti -73 - Georgia P 1st 6s 1922_J-J
Ga. So & Fla 1st Os '45_J-J
75 7612 0-B-S Brew 3-45 '51-M-8
91 92 Houston Oil div ctfs F-A
Knoxv Trac 1st Os '28 A-0
-9412 MaconRy&Lt 181 5s'53J-J
Md Elec Ry 1st 63'31 A-0
Memphis St 1st 6s '45_J-J
Monon V Trac 5s '42 J-D
Mt Ver Cot Duck 1st Os__
136 _ NptN & 0P 1st 5s'38M-N
__ 95 N St A Terml 5s '29....M-S
25
Nor&Port Tr 1st Os'36 J-D
90
Norf Ry & L 5s'49__M-N
76
North Cent 4 Ms 1925 A-0
1
Series A Os 1926--J-J
Series B Ss 1926.-J-J
Pitt Un Trac 5s 1997__J-J
Polo Val 1st 55 1941 ___J-J
94 Say Fla & West 5s '34 A-0
96 Seab Air L 4s 1950_A-0
10234 Saab & Roan 5s 1926__J-J
99 South Bound 1st 6s A-0
76
. 95 U El Lid'1st 4148.29M-N
.... _. 104 Un Ry & El 1st 4s'49 M-S
11080272; 9212
J-D
Income 48 1949
Funding Os 1936 J-D
95
Cony notes Os 1914 J-.:
-_-_-_: 10414
Va M id 3d s 6s '1261_ -•
105
4th ser 3-4er
7_7.
-.
-55 19
0th series 5s 1025_ _
-Va (State) 38 new '1,2-1-J
100
_ "if" Fund debt 2-3s 1991 J-J
102 - 103 West N 0 con 6s 1914_J-J
100 102 Wit & Weld be 1335___J-J
Did
Ask
95
10012
jai"
0412 95
8712
_ ...a
egi2
10‘
-- i6i10612
104
40
793 81
100 104
97
WI;
1114 fi'
98
9312
88
98
99
104
104
166 104
...0
166 10354
103 105
90 92
83 83t2
6418 6454
87
107 109
10212 10414
102 103
10412
i15451310114,
105
1416
xcw.
THE CHRONICLE
p.
Volume of Business at Stock Exchanges
Telegraph and Telephone Birt A lk Indust and Miscell-(Con) 111 I Ask
Am Steel Fdy 6s 1935_A-0 90 101
e Amer Teleg & Cable.....100 5518 66
110
Deb 4s 1923
e Central & South Amer...100
71
F-A 69
Comnfl Un Tel (N Y)___25 98 110
American Surety
200
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
413
72
American Thread pref
Empire & Bay State Tel_100 60
1.?5
,1
5
_2
DAILY, WEEKLY AND YEARLY
Franklin
4312
60 Amer Typefounders corn.100 40
100 40
e Gold & Stock Teleg
98
100 01Prefd
100 11514
e Mackay Cos coin
M-N
98 100
-8
Deb g (is 1939
100 81 -8
Stocks.
Railroad,
e Preferred
112 2
6812 Amer Writing Paper.......100
100 64
U. S.
Week ending
State
C Northwestern Teleg____50 110 115
15
Barney & Smith Car corn 1000 10
Bonds.
Bonds.
May 16 1913.
Bonds.
Shares. I Par Value.
80
75
1la a g
Pacific & Atlantic
Preferred
25 66
e Pac Teiep & Teleg pref_100
80
96
Bliss(E W)Co corn
$33,000
Saturday
$405,500
67,358 55,906,800
50 122 130
95
Preferred)
25 87
$500 Southern & Atlantic
64,500
1,037,500
Ilonday
164,645 13,574,600
303
Bond & Mtge Guar
85,500
Tuesday
1,029,500
191,618 16,721,800
141 115
19
Borden's(;ond Milk coin.1
Short•Term Notes
1800 2
32,500
1,000
Wednesday
1,239,000
180,234 15,542,900
10712
Preferred
40,500
10,500 Amal Copper 5s 1915_ M-S 9812 9878
1,344,500
Thursday
193,404
17,507,900
Balt & Ohio 43is 1913_J-D 100 10018 British Col Copper Co____0
49,000
278 3
105 11
Briday
1,337,000
147,197 12,777,200
Si
Bklyn Rap Tr 55 1918_ _J-J 9514 0534 Brown Shoo corn
92
Preferred
$305,000 $12,000 Ches & Ohio 4s 1914__J-D 9878 9918
Total
044,516 582,031,100 $6,443,000
0734 Casualty Co of America_1
Chia Eley Rye 5s 1914__J-J 97
10
76 120
110
00 148
On Ham & D 4s 1913___J-J 99
Celluloid Co
100 132 135
,
4 100
Jan. 110 May 16.
Sales at
Week ending May 16.
10
4
25
45
014 City Investing Co
Erie es April 8 1914__A-08 100
100 9
New York Stock
9934
97
Coll 5s Oct 1 1914__A-0 99
Preferred
1913.
1912.
1912.
I
Exchange.
1913.
84
Coll 5s April 1 1915_A-0 9712 u814 e Claflin (H B) Co corn...100 80
100
- s80
e let preferred
Gen'l Motors 6s'15-See NY StkEx list.
34,306,202
3,774,133
58,088,959 Hudson
914,5161
Stocks-No.shares..._
88
e 2d preferred
Companies$82,031,100,$339,982,350 $3,079,681,200 35,145,828,100.
Par value
52
98 100 Cluett,Peabody& Co com110
° 45
i
$64,500
$2,900
$296,400 Ill6s Oct 15 1913__A-015
$3,0001
Bank shares, par
99
9928 9934
Preferred
100 06
Cent 43s 1914__J-J
Bonds.
80
!
lest & Gt Nor 55 1914__F-A 0734 9814 Consol Car Heating_ _100 70
$22,000
$370,000
$12,000
$889,000 Inter Harvester
Government bonds
1212 18
9912 100 Consol Rubber Tire._..100
'15_F-A
791,000
7,636,000
305,0001
10,530,500 K C Ry & Lt es 65
state bonds
75
Preferred
1912__M-S
100 60
6,443,0001 15,488,000
211,374,000
325,944,000 Lake Sh & Mich So 4125.'14 0934 160 AR.and misc. bonds
60
Debenture 4s 1951
A-0 / 50
50
Michigan Central 4128.. 1914 9912 9934 Continental Can corn.....100 46
$16,301,000
$6,760,0001
$219,380,000
$337,363,500 Minn & St L g 6e 1914__F-A 94
Total bonds
97
94
Preferred
100 89
98 e Crucible Steel corn..
Mo Kan & Tex 53 1915..M-N 97
100 1378 14
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
8712 8774
Missouri Pacific 551914_1.D 9634 9714
e
Preferred
100
EXCHANGES
eNYC Lines Eq 55 1913-22 b 5.10 4.80 Davis-Daly Copper Co..__10 •23
,(8 253
4s Jan 1914-1925-34 5.10 4.80 duPont(EI) de Nem Pow 100 u130 135
Boston.
e Preferred
4;is Jan 1914-1927___J-J b 6.10 4.80
Philadelphia.
100 - 9414
40
N Y Cent 4;is 1914___M-S 9912 997 Emerson-Brantingham_100 32
Week ending
00
9912
100 82
Listed Unlisted] Bond
Preferred
412s 1915-__
Bond
Listed
Unlisted
M-N 99
May 16 1913.
13
Shier's. Shares. I Sales.
Se Apr 21 1014 ____A-021 10018 10014 Empire Steel & Iron corn 100 10
Sales.
Shares. Shares.
45
Preferred
100 40
NYNH & Hartf 53'13_J-D 9934 100
100
99
180
100
e General Chemical com_100
4,671
8,253
$23,200 St L & S F bs 1913 opt_J-D
urday
523,000
4,436
3,408
104 100
6 l'referred
9,436
6,699
6s Sept 1 1914 opt_ _M-S 99 100
50,000
49,000
7,720
6,551
nday
9834 k Hackensack Water Co100
7,335
53,100 Seaboard Air L Ity5s'16 NI-S 98
6,736
20,700
7,730
11,160
esday
412
58
Ref
F-A 99
l
e0
90,
12=1
.1 8
J0
-0
48,500 Southern Se 1916
8,881
5,340
Wednesday
28,000
4,602
11,730
65
98
91; Hale
4
11'
l15b2urunp
22,000 West Maryland Ss 1915.44 07
10,344
9,653
5,930
8,685
Thursday
7,000
100
10012
let
Westingh'se
El
&
M
preferred
135
1913
100
21,000
9,180
3,409,
9712 99
8,079
7,597
35,000
Trlday
2d preferred
98
5% notes Oct'17-See N Y Stk E Z list
Havana Tobacco Co--1
6
51,682 $218,100
36,5821
Total
10
003
0 1)1
48,746
40,555 $171,700
Railroad
10
Preferred
100
6
S Chic & Alton corn
15
65
100 10
let g 5e June 1 1922 J-1) / 61
C Preferred
40
100 24
Hecker-Jones-Jewell Milling
e Chic St P tel & Om___100 120 140
let 65 1922
M-S 100 10111
C Preferred
7
15
100 130 150 Herring-Hall-Marvin _100
All bond prices are now "and Interest" except where marked '1."
e Colo dr South corn
32
Hoboken Land & Improve't
100 30
Street Rallways-(Con ) 1,ta. ,is
e let preferred
1st Sc Nov 1930
100 6612 70
M-N 102 78
1314 Ask United Lt & Rye corn......100 73
Street Railways
e 2d preferred
70
1
3
Hocking Val Products._100
100 60
80
let preferred
100 76
40
eN Y Chic & St L core 100 5518 58
2-3 35
let g 5s 1961
2d preferred
73
100 70
New York City
e let preferred
100 95 --- e Ingersoll-Rand corn _ _ _100 100
20 United Rye of St LBleeok St de Ful Fy stk_100 17
C 2d preferred
e Preferred
100 02
100 8014 90
70
Corn vet tr Ws
100 1014 11
J-J 60
0
10
let mtge 4s 1950
Intercontin Rub coin_ 100
Northern Securities Stubs- 103 107
e Preferred
100 ____ 3314 Pitts Bess & Lake Erie__50 *28
100 160 170
Wy & 7th Ave stk
32 Internet Banking Co._ _ _100 105 110
92
9914 100 Wash Ry de El Co
100 91
J-J
2d mtge be 1914
61
International NIckel
100 130 133
Preferred
50 .67
92
Preferred
105
100 91
Broadway Surface RRPreferred
e Railroad Securities Co8278 83
J-J 100 103
85 International Salt
43 1951
J-D
4
1st fts 1924
111 C stk tr ctfs Ser A
82
10 West Penn Tr&WatFow 100 32
3338 West Pee let 53 1933-M-S 81
let g Sc 1961
5112
Cant Crosstown stock 100
Per shore International Silver pref_11100
0000 032
1271' 132
Preferred
100 7712 7812
lit mtge 85 1922____M-N loi- 104
Standard 011 Stocks
19
3
1
le 6s 1948
t 11012
Ll *18
Qin Fk N &E R Rstock _100
Anglo-American 011
100 615 630 Internat Smelt & Refg_ _AjMriatopher & 10th St stk100 120 132 Electric, Gas & Power Cos
:
.
100 1 140
Atlantic Refining
15
901: 125
New York City
8412
100 290 316 Lanston Monotype
Borne-Serymser Co
Dry Dock E B ic Batt110000
101
J-5
103
28
02
1 209
J-D 99 101 Cent Un Gas be 1927
Buckeye Pipe Line Co_ _50 .105 170 Lawyers' Mtge Co
let gold 5s 1932
F-A / 3712 3978 e icings Co El L & P Co_100 115 116
Chesebrough Mfg Cons_100 670 080 Lehigh Val Coal Sales.... _50 205 215
Scrip be 1914
60
Colonial 011
100 100 125
Ilglith Avenue stock__ _100 300 __-_ New Amsterdam Gas00 52
Manhattan Shirt
54 9912 10012 Continental 011
1st consol bs 1948
F-A / 99 101
10312
100 1900 2000
Scrip 6s 1914
Preferred
60
134
Crescent Pipe Line Co....5O .60
Manhattan Transit
1
158
62d de Gr St Fy stock...10 260 285 N Y & lilt Gas 1st 5s'44 54 101 104
Consol be 1945
J-J 98 101
80 Mortgage Bond Co
Cumberland Pipe Line_ 100 76
42d St NI & St N Ave_ _100 ___ ---100 100 104
e N Y Mutual Gas L
100 155 160
P/I-.5
lit 6s 1910
195
Eureka Pipe Line Co_ 100 368 378 6 National Surety
55
100 155 iiii N Y dr Q ElL & Pow Co.100 45
NinthAvenue stock
Galena-Signal 011 cora 100 180 190 6 New York Dock corn__ IL
° --5
18 - - 19
71
1
3
100 68
Preferred
e Preferred
Second Avenue stock..._100
100 140 146
42
Preferred
60
31 N Y & Richmond
Consol 5e 1948 etfs F-A / 25
N Y Mtge & Security... 100 198
Indiana Pipe Line Co ...50 .130 140
30 20$
1927_M-N i66 102
100 103 112 North'n Un 1st bs Gas......100"
44
th Avenue stock
N Y Title Ins Co
1(1(
(
) .
10334 110
25 * 42
National Transit Co
8912 100 Standard G L 1st 5s '30 rd-N 102 104
u Boulev bs 1045
J-J
N Y Transportation
414
New York Transit Co_ _100 332 342
99
Oilier Claes.
A-0 91
Fer let 5s 1919
Northern Pipe Line Co...100 113
coin_ _100 60
80
7;
50 .78
80 Am Gas & Elea corn
ry WP & M Sc '28_1111-S I 75
Ohio Oil Co
23 •128
Co
10
*19(6
45
60 *43
Preferred
20
213
$S A 29th Sts be '06 Ws A-0 / b
Prairie 011 ee Gas
e Ontario Silver
100 300
100 370 380
1115 Otis Elevator corn
80
Solar Refining
Twenty-third St stock_ _100 240 265 Am Lt & Tree corn
100 695 3
100 106 108
Preferred
99
Union Ry let be 1942....F-A 103 107
Southern Pipe Line Co_ 100 243 256
Preferred
red
73
95 Amer Power & Lt corn....100 70
South Penn 011
Westchester 1st 5e '43..5-5 92
110
000
00 8
97882
15
811 22
100 i215 230 e Pettibone-Mulliken Co 110
100 8012 83
91
Preferred
95
Rights
let preferred
Yonkers St ItR be 1940_ A-0 88
1018
s
.
3
1
5
0
7
18
50
5
0
0
Bay State Gas
*14
511 Sou West Pa Pipe Lines_100 158 108
Brewing
3612
Pitsburgh17 Preferred
174
312 b
Buffalo City Gas stock 100
Brooklyn
Standard 011 of
Stand 011 of Indiana_ __100 320 330 e Pittsburgh Steel pref__100 93 - - -UM Ave RR con 5s'31A-0 101 103 Cities Service Co corn...100 110 114
19
86
100 85
Preferred
B & W E 5s 1933___A-0 9612 100
Standard 011(Kansas) _100 575 500 Pope Mfg Co coin
12t2 Stand Oil of Kentucky. 100 385 400
54
10 152 157 Columbia Gas & Elec...-l00 12
Preferred
rooklyn City RR
51°6
1
72
0° 10
J-J 68
000
Pratt & Whitney pref___1110
1st be 1927
klyn Hgts let Sc 1941-A-0 101 103
Stand 011 of Nebraska ..100 270 290
100 98 101 Con Gas of N J be 1930 54 95
100 130
Producers 011
Coney Isl dr Bklyn
Stand 011 of N J (old)__100 1066
J-J 80
100 110 115
87 Consumers' L 11 & PowRealty Assoc (1)klyn)
let cons g 4s 1048
Stand Oil of N J
100 356 364
39
J-J
JD 100 ___ _
78
83
Ss 1938
Remington rypewt'r com100 38
Con g 4s 1953
Standard Oil subsidiaries...- .710
99 1001s
Brk C & N Sc 1939_ __ .J-J 97 100 Consumers Power (Mines)let
Standard 011 of N Y
100 703 ifi8812 Standard 011 of Ohio...100 265 275
10
°0 90 1001s
let & ref Sc'29 opt'1451-N 87
jklaseau Elec 1st os 1944 A-0 10112 103
preferred
Id preferred0
95
97
100 195 200
Denver U & El be 1949.51-N
N Wmsburgh dr FlatbushRoyal Bak Powd com
Swan & Finch
100 200 220
92
95 Elizabeth Gas Lt Co_. 100 325
F-A
100 104 106
70
Preferred
Union Tank Line Co
let 4s July 1941
100 68
Steinway 1st Gs 1922___..J-J 100 103 Essex & Hudson Gas__ 100 130 i5.6"" Vacuum Oil
100 175 180 6 Rumely (M) Co corn-See StkEx list
90
Gas & El Bergen Co.... 100 87
Other Cities.
32 Safety Car Heat & Lt__ _100 111 112
Washington Oil
10 .28
85
Buff St Ity 1st con Sc '31F-A 103 104 Gr't West Pow 5s 1946.-J4 83
Waters-Pierce Oil
100 1500 1000 Sears,Roebuck&Co--SeeN Y Stk E x list
LOO 128 131
67 Hudson County Gas
e Preferred-See Chic Stk Ex lie t.
Com'w'ith Pow fly & L_ IGO 65
Tobacco Stocks
42
100 38
(See also Stock Exchange List)
88 Indiana Lighting Co
100 87
Preferred
299
69
F-A 66
g oCuopler coin._1
71
4s 1958 opt
Sittaignedrar1C11fC
40
Amer Cigar corn
95
°
0 Conn Ry & Ltg corn. ..100 69
1°
0°
0 23
100 120 130 S
95
70 Indianapolis Gas105
1(10 70
111
•Preferred
Preferred
100 85
90
a
t
A-0
5
65
Stern Bros pref
76
let g bs 1952
100 X 7112 -- -Amer Machine & Fdy_100 47
a Detroit United Ry
96
Preferred& Sons Co
95
1ederal Light dr Trac_.._100 2612 29 Jackson Gas 58 g 1037 A-0 ---British-American Tobac..£1 .2314 2312 Sulzberger
10
0
00
0
0 1:2
100
10012 Conley Foil
100 76
79 eLaelede Gas preferred.._100 :::: -Preferred
100 275 290 Texas & Pacific Coal.....
1)105
16
1
0
0
0
7
2
0
140
1926
A-0
T
e Le a
ox
ps
a hPacificNle,v
e Ilelme (Geo W) corn...100
Madison Gas 6s
@Havana Elea Ry L dr P 100
00
a)_
ri(1 Tr_ 10
-6.3
-Stk E x list
9612 Narragan (Prov) El Co_ 60
100
•Preferred
e Preferred
100 109
7
4
•Louisv St 55 1930
J-J 104 106 Newark Gas Os Apr '44_Q-J 123 125
Johnson Tin Foil&Aletal 100 160 180 'Fronton Potteries corn...S"P11110103
65
100 98 --- MacAndrews & Forbes_ _100 195 205
100 60
Newark Consol Gas
I New Or! Rye & Lt com_100
Preferred new___
..8:._ Porto-Rican-Amer Tob.100 215 230 Trow Directory
00
5 .
%
0 18
100
•Preferred
100 6712 ij No Ilud L H & P bs 1938A1-00
48
100
9
4-12 Reynolds(R J)Tobacco_100 255 265
rn_
34
IN Y State Rye com........100 - _ 9012 Pacific Gas & E corn......
United Copper
6
3
100
otor Ohio Tr & Lt corn _100 69 73
Preferred
Preferred
Tobacco Products corn...100 110 130
97
0 95
pub Serv Corp of N .1-See Stk E x list Pat & Pas Gas & Elee......100 88 92
8
46
5 6 Unpl
y Goode...-.100
100 82
erlrgerd10
Preferred
e
102 10211
J-5 --Tr etfe 6% perpetual...__ 105 10612 St Joseph Gas 5s 1937
Preferred
it United Cigar Mfrs corn 100 4412
100 100 200
No Jer St let 4s 1948 M-N
10
103
U S Casualty
_100
7812 7912 Standard Gas & El (Del) 60 • 9
6 Preferred
100 110 125
50 *37
3712 United Cigar Stores com.100 8914 8912 U S Envelope coin
Cons Tract of N J
Preferred
100 73
74
10412
100
let 5s 1933
Preferred
93
J-1) 10112 10212 United Electric of N J. .100 87
Preferred
100 110 114
60
100 66
81
J-D 80
Newle Pass Ry Sc '30..J-J 103 10612
U S Express.- --lit g 43 1049
•Weyman-Bruton Co_.100 200 300
6
10
Rapid Tran St Ry
3512
100 230 --- United Gas & Eleo Corp _100 33
U 5 Finishing
100 110 120
e Preferred
100 30
35
Preferred
let Sc 1921
A-0 102
8312 Young (J S) Co
100 160 170
Preferred____ .....100 80
J-J 80
00
J C Hob & Pat 4s'49 51-5 17
28
4,2 179
26 Western
beta
100 1814 17
Industrial&Miscellaneous
p
Powercom
J-J 55
70
43
So J Gas El dr Trac_100
45
0,2 e ij
Co
snIn
gSd
abules910
100 41
100 135 17
e Adams Express
ohol........100 30
1212c9
ht-S 98
Cu g Sc 1953
65
99 Western States Gas & El5-1) / 7812
Col tr g 48 1947
100 87 100
e Preferred
No Hud Co Ry 6s 1914 J-J 100 ---. let & ref g be 1941 op_J-D 9212 95
100 105 110
Alliance Realty
J-J 100 .......
Con 51 5s 1928
Amer Bank Note corn.....S0 *4812 4912 U E5 Steel Corporation95
rd-N
Col s f Apr 5s 1951 op 1911 114
Ferry Companies
Ext be 1024
53
Preferred
50 .52
Col s I Apr be 1951 not opt 114
Pat Ry con 6s 1931__J-D 110 ..B & N Y 1st 63 1911
American Book
100 170 175
-.
0
90
11
U S Tit Gu & Indem
100
82
2d 6s 1914 opt____A-0 100 100121 N Y & E It Ferry stock....100
-14 88
American Brass
100 138 140
let 5s 1922
60
45
60
Republic Ry & Light-100 2312 25
M-N
American Chicle corn....100 195 200 6 Virginia Iron C & C...100 41
100 7212 75 N Y dr Hob Sc May '46....J-1) 98
e Wells Fargo & Co
99
100 108 116
Preferred
Preferred
100 96
Westchester & Bronx Title
19
Ilob Fy let Le 1916 M-N 103 --- e American Express
T1Pinessee Ry L&P com 100 18
100 160 108
74 NY&NJbe 1946
.14 97
Preferred
184 168
100 z 72
Am Graphophone com _100
PreferredseuaA
r ir Brake1_0
2
212 10th & 23d Ste Ferry
edo Rye & Light__ _100
50 *134 135
100 25
100
36
Preferred
uggvee
h9
J-D 65
-tO
r1and corn....100
69
I1layl'astit
let mtge .5e 1919
t P & H bs 1943___J-D 95 _ ..
r ‘VW&
65
100 134
American Hardware
100 1612 18
100 :
7
513 92
651s Union Ferry stock
n Ry Gee de El com_100 64
Amer Malting (is 1914 _J-D 100 i6i1-4
85
51-N 04
97
88
let 5s 1920
eferred
40
100 42
100 87
Amer Press Assoe'n
Worthington(11R)C0 Pf-100 80
to
Inactive and Unlisted Securities
rar
11372 Olieos-CBoepmp-otr'o
!
ko
853
•Per share.
a And accrued dividend.
b Basis.
k Listed on Stock Exchange but usually inactive. /Flat price.
a Nominal.
s Sale price.
8 NeiW 818,0411
CI
.
subsIdlarles.
x Ex-div.
y Ex-rights.
s Includes all new stock dividends and subscriptions. 0 Listed on Stock Exchange but infrequently dealt hE record
U any, will be found on a preceding page.
filo
1417
THE CHRONICLE
MAY 17 1913.1
lnuestment and *ailroatl Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including such latest week or month. We add a supplementary
sta,t ment to show the fiscal year totals of those roads whose fisaI year does not begin with July, but covers some other
pen d. The returns of the electric railways are brought together separately on a subseptent page.
Latest Gross Earnings.
ROADS.
Week or
Month,
Current
Year.
Previous
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Current
Year.
Previous
Year
ROADS.
Week or
Month.
Current
Year.
July 1:o Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
8
I
3
i
$
$
Ala N 0& Tex Pac$
5
• N 0 & Nor East_ April
313,117 338,276 3,254,129 3,230,314 N Y Ont & West___ March__ 692,344 755,777 7,117,525 6,909.362
328,523 333,635 2,811.173 2.950,863
Ala & Vicksburg.. April
157.715 111.918 1,586.704 1,408,447 N Y Susq & West__ March..
Vick Shrev & Pac April
143,292
97,202 1,883,442 1,792,814 Norfolk Southern.._ 4th wk iiii 121,958 113,625 2.980,475 '2,676,197
Ann Arbor
4th wk Apr
57.553
59,372 1,904,513 1,942,294 Norfolk St Western_ March..__.. 3,568,830 3,270,707 32,942,970 29,244,104
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 47.580,314
Atlanta Birm St Atl March..
311,447 292.046 2,494.051 2,524.321 Northwestern Pac_ March........ 259,527 224,790 2,756,880 2,617,858
Atlantic Coast Line March_
3,759,121 3,262,947 27,353,161 24.862,766 Pacific Coast Co___ March..___ 619,711 600,543 5,981,854 5,668,804
Chariest & W Car March..
203,945 176,192 1,465,915 1,485,090 Pennsylvania RR.... March..___ 14849127 14527249 135836759 122641103
239,191
207,410
17,512
20,276
Lou Fiend & St March...
Balt Chas Sr Atl_ March..___
974,608
930,086
101,163 110,031
g 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
March..___ 807,070 757,849 8,480.329 7,903,606
Long Island
B & 0 Ch Ter RR March_
130,779 139,222 1,334,065 1,163,232
103,119
119.360
8,088
Maryl'd Del & Va March__.._
9,225
Bangor & Aroostook March_.._
327,108 336,499 2,343,768 2,591,978
Bessem & Lake Erie March__ : 500,917 413,082 6.361,439 5,810,473
N Y Phila. St Norf March____ 296,931 256,662 2,708,520 2,454,077
Northern Central March..___ 1,050,735 1,134.763 9,946.301 9,632,062
635.926
Birmingham South_ March_ _ 920,864
79.172
120,480
Phil Bait & Wash March__ 1,787.368 1,558,428 15,707,266 14,254,580
Boston & Maine
March_ _:: 3.731,291 3,727,351 36,617,411 34,403,739
W Jersey & Seash March....__ 459,166 428,377 4,863.876 4,756.384
Buff Roch & Pitts_ 1st wkMay 211,567 210,586 9,230,350 8,062,849
Buffalo St 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
Grand Rap St Ind March......_ 444,114 467,544 4,197,355 3.888,031
Canadian Northern 1st wkMay 472,400 391,200 19,055,300 16,338,200
Pitts C 0 8c St L_ March__ 3,222,968 3,656,826 33.835,260 30,547,804
Canadian Pacific.... 1st wkMay 2,572,000 2,439,000 118113377 102813374
March........ 787,994 878.019 8,537,810 7.764,587
Vandalla
Central of Georgia.. 1st wkMay 238,600 230,400 12,792,901 12,217,662
Total Lines....
Cent of New Jersey March.... 2,327,031 2.745,293 24,257,692 23.073,360
East Pitts & 'E
March....__ 20522657 19849622 191795702 174210353
Cent New England_ March.... 293,238 337,880 2,177,682 2,623,365
March.._.... 9,065,377 9,751.573 96,987,374 85.065,834
West Pitts & E
Central Vermont.... March........ 323,390 338,655 3,113,945 3,050,436
All East &West March.._.... 29588034 29601194 288783077 259276186
Ches & Ohio Lines.. 1st wkMay 1)23,581 580,252 29,632,913 29,149,862
March__ 1,395,394 1.299,316 13,305.003 12,598,478
Chicago & Alton.- 1st wk May 265,729 239,05' 13,014.656 12,585,966 Pere Marquette
Chic Burl & Quincy March........ 7,129,395 7,211,044 72,501,538 66,462,035 Reading CoPhila & Reading_ March.... 3,998.525 4,576.754 38,919,822 35.304,845
p Chic Great West.. 1st wkMay 230,462 229,013 11,873,628 10,918,968
Coal & Iron Co.... March-- 1.371,005 4,824.180 31.035,149 30,921,836
Chic Ind & Louisv_ 1st wkMay 145,073 126,132 5,933,540 5,557,781
Total both Cos_ March.... 5,369,5309,400,934 69,954,971 66,226,682
Chic Milw & St P..1 March....... 7,596,900 6,618.162 71,947,201 59,630,678
Rich Fred & Potom March_ .. __ 281,114 221,236 2,131,836 1,812,406
Chic Mil & Pug8i
rChic & North West March__ _ 6,845,476 5,372,022 135,653.679 57,677,973 Rio Grande June_
February _
63,988
691,783
62,381
806,079
'Chic St Paul M&O March
1,351,408 1,240,485 13,231,246 11,637,374 Rio Grande South._ 1st wkMay
11.900
433,872
10,052
560,438
Chicago TH&SE.. March.... 130,980 182,337 1,472,866 1,496,194 Rock Island Lines
March........ 5,594,102 4,989,532 54,410,219 48,862,557
March....__ 268,792 270,071 2,772,434 2,576,337
Cin Ham & Dayton March.-- 678,611 764,909 7,767,156 7,518,411 Rutland
Colorado Midland- March.......119,446 115,887 1,480,557 1,431,886 St Jos & Grand Isl'd March........ 108,3061 109,563 1.188,105 1,185.564
b Colorado & South 1st wkMay 253,137 228,941 12,945,145 12,230,023 St L Iron Mtn & So March__ 2,872,580 2,538,065 26,173.967 23,047,204
Cornwall
204,929 199,269 1.693.676 1.517,743
March....
20,499
145,435 St L Rocky Mt St P March....
17,905
182,033
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- _ March-- _ 460,741 404,344 3,335,162 2,722,857
f Chic St East III_ March....__ , ,382 1,4 6,3 9 12,367,083 12,004,538
Delaware & Hudson March_ _
Total all lines...... March.._.._ 4,946,840'4,869,151 47.511.845 44,389,397
1,908,762 1,772,363 18,241,916i16,407,838
Del Lack 8c West_ March....,. 2,789,349 2,932,445 30.274.527j27.693.411 St Louis Southwest.. 1st wkMay 235,000 217,000 11,514,863 10,336,040
Denv & Rio Grande 1st wlay 423,900 422.700 21,060,934 19,863,398 San Pad L A & SL.. March........ 787.561 742,567 7,605.724 6,557,876
Western Pacific April
518,300 443,843 5,138,149 4,340,422 Seaboard Air Line_ lst wk May 523,544 507,170 21,054.681 19,762,518
Denver N W & Pa.March......_
63,233
75,492
872,516
930.691 Southern Pacific
March_ _ __ 11415290 10397064 108286635 99,464,337
Detroit Tol & Iron March__
111,901 161,074 1,282,256 1,389,204 Southern Railway.._ 1st wkMay 1,293,681 1,257,706 59,021,346 54,751,050
1st
wkMay
Mackinac
25,725
Detroit Sc
24,670 1,057,259 1,050,156
Mobile & Ohio 1st wkMay 244,665 200.774 10,348,571 9,507,178
Dul & Iron Range.... March.... 104,465 114,401 4,859,560 4,759.101
Cin N 0& Tex P_ 1st wk May .197.703 173,484 8,801.323 8,201,189
66,112
60,851 2,802,744 2,639,840
Ala Great South_ 1st wk May
Dul Sou Shore & Atl 1st wkMay
88,058
81,551 4,411.217 4,066,563
1,144,564 986,215 9,900,662 7,543,883
Georgia So & Fla_ 1st wkMay
Elgin Joliet & East.. March
42,568
43,803 2,203,564 2,118,291
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
90,917
2,655
2.167
114,033
March.... 4,894.403 4,777,051 47,155,987 43.404,213 Tenn Ala & Georgia 1st wk May
Erie
704,098 Tennessee Central_ March_ _
737.185
74,201
142,756 125,206 1.257,595 1,134,447
79,609
Fonda Johns & Glov March...-.
_- 270.996 272,729 15,748,006 14,922,329
Florida East Coast.. March.-- 726,988 586,934 3,810,171 3.128,956 Texas & Pacific....._ 1st wkMay
7,996.
291,118 302,066 2,376,932 2,643.981 Tidewater & West.. March.......
71,921
Georgia Railroad.... March
Toledo Peor & West 1st wkMay
16.904
16:502 1,160,173 1.090,517
Grand Trk Pacific_ 4th wk Apr 148,287
76,542
71,449 3,626,953 3,328,113
Grand Trunk Syst.. 1st wkMay 1,060,639 909,651 46,971,279 41,675,559 Toledo St L & West 1st wkMay
6,104,520
7,010,253
Mach........
71,803.642 65,128.924
Grand Trk nest_ 4th wk Apr 196,616 176,907 6,114.276 5,547,110 Union Pacific Syst_
Det Or H & Mil_ 4th wk Apr
58,178
51,745 2,052,409 1,880,800 Virginia & So West.. March........ 145,699 151,129 1,335,081 1.307.304
Canada Atlantic_ 4th wk Apr
58,778
56,797 2,003,679 1,731,681 Virginian
March__ 564,197 414.518 4,610,676 3,612.916
2,071,120
26,503,863 23,646,100
Great North System April
2,432,238
April
5,940,098 5,068,451 64,706,747 54,662,378 Wabash
629,128 615,538 5.617,461 5,395,725
Gulf & Ship Island.. March........ 188,022 160,517 1,567,852 1,497,376 Western Maryland.. Marcla _
hocking Valley.... 4th wk Ar 231,173 123,735 6,310,750 5,984,635 Wheel & Lake Erie_ March
464,031 l, ),513 5,915,375 5.816,442
Illinois Central_ _ _ _ April
249,565
284.991
4,408.391 4,248.759 53,621,765 48.926,546 Wrightsv & Tennille March__
37.5191 39,416
Internat & Grt Nor 1st wkMay 161,000 163,000 9,891,895 9,001.742 Yazoo & Miss Vail_ April
- 763,3871 571,334 9,287,185 8.292,528
a Interoceanic Mex. 1st wk May 156,351 1/9,933 7,593,180 7,236,637
Kanawha St Mich.... March
Curren:
Pre7ious
234,457 211,063 2,435,249 2,369,324
Various Fiscal Years,
Kansas City South.. March._ 891,434 734,481 8,102,196 7,031,703
Period.
Year.
Year.
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
Jan 1 to Mar 31 5.933,856 5,273.921
s Loulsv & Nashv 1st wkMay 1,148,305 1,043,745 50,842,713 48,258,393 Delaware & Hudson
144,250 N Y Central& Hudson River_e_ Jan 1 to Mar 31 26,502,488 24,591.339
136,955
10,578
12,199
Macon & Birm'ham April
Lake Shore & Michigan South Jan 1 to Mar 31 14,272,336 12,422,946
March........ 981,249 913,185 8,534,988 8,050,469
Maine Central
Jan 1 to Mar 31 1.388.181 1,355.471
Lake Erie & Western_n
326,529
41,012
35,903
378,230
Maryland St Penna. March........
Chicago Indiana & Southern.. Jan 1 to Mar 31 1,140,285 1,125,279
a Mexican Railway.. 3d wk Ain 197,900 163,200 7.050,300 6,775,200
Jan 1 to Mar 31 8,554,929 7,419,670
Michigan Central
652,688
Mineral Rango___ 1st wkMay
13.970
730,758
16,030
Jan 1 to Mar 31 7,936.019 7.389,061
Cleve Cln Chic & St Louis
Minn & St Louis.... 1st wkMay 162,198 147,364 8.397,314 6.630,695
Jan 1 to Mar 31
Peoria & Eastern
856,845
Iowa Central......jj
781.581
Jan 1 to Mar 31
Cincinnati Northern
287,859
Minn St P & 8 S
308,792
March
1.748,329 1,513,138 16,367,175 12,819,929
Jan 1 to Mar 31 4,653,436 3,901,499
Chicago Division March...-. 956.366 801,776 8,178,731 7,000,709
Pittsburgh & Lake Erie
Mississippi Central.. March...-.
790,240
73,830
96,287
New York Chicago & St Louts Jan 1 to Mar 31 3,085.412 2.824,515
665,085
Jan 1 to Mar 31 1,177,158 1,242,875
Toledo & Ohio Central
u Mo Kan & Texas_ 1st wkMay 498,775 427,402 28,052,811 24,429,293
Jan 1 to Mar 31 69,854,928 63,363,028
r Missouri Pacific.. 1st wkMay 1,077,000 970,000 53,382,530 46.576,613
Total all lines
Nash," Chatt & St March...-. 1,145,865 1,041,417 10,015,824 9,088,155 Pennsylvania Railroad
Jan 1 to Mar 3143,259,27740,479,376
Nat Rys of Mex t_ 1st wk May 713,599 1,019,740 51,155,999 53,077,501
39,120
Baltimore Chesap & Atlantic_ Jan 1 to Mar 31
49,358
7,587
9,280
349,762
Nevada-Cal-Oregon 1st wk May
305,847
Cumberland Valley
Jan 1 to Mar 31
862,763
718,076
1,887,732
1,464,267
217,338 171,605
N 0 Mobile & Chic.. March
Long Island
Jan 1 to Mar 31 2,211,740 2.069,250
New On Grt North.. March
161,595 129,419 1,307,420 1,221.488
17,863
Maryland Delaw & Virginia Jan 1 to Mar 31
26,726
N Y Philadelphia & Norfolk Jan 1 to Mar 31
728,068
838,475
/N Y 0 & Hud Riv_ march.... 9,204,204 8,929,559 85,746,762 79,751,100
Lake Shore& M 8 March.... 4,754,600 4,609,512 43,510,030 38,038,900
Northern Central
Jan 1 to Mar 31 3,112,189 3,093,998
p Lake Erie & W- March
444,881 490,905 4,574,249 4,252,123
Philadelphia Bait & Was_.... Jan 1 to Mar 31 4,929.821 4,459,674
West Jersey & Seashore
Jan 1 to Mar 31 1,159,457 1,096,104
Chic Ind & South March......_ 390,566 424,989 3,350,311 3,075,043
Michigan Central March
Jan 1 to Mar 3113,869.737 12,450,258
2.972,193 2.719.337 26,229,289 23,524,746 Pennsylvania Company
Grand Rapids & Indiana_ _ Jan 1 to Mar 31 1,257.803 1,201,528
Cleve C C & St L March....... 2,551,495 2,720,370 25,955,441 23,395,090
Pitts Cinch) Chic Sc St Li.. Jan 1 to Mar 31 10,489,559 10,049,485
272,748 288,121 2,780,263 2,435,588
Peoria & Eastern March
.1ah 1 to Mar 31 2,608,809 2,564,255
Vandalia
91,550 116,035 1,089,748 1,016.784
Cincin-atl North March
Total lines-East Pitts Sc Erie Jan 1 to Mar 31 59,207,788 55,127,170
1,595.556 1,410,726 14,745,117 12,272,764
Pitts & Lake Erie March
-West Pitts& Erie Jan 1 to Mar 31 28,567,315 26,539,308
N Y Chic & St L.. March..„.. 940,086 1,026,986 9,584,376 8,690,718
-All lines E & W_ Jan 1 to Mar 31 87,775,104 81,716,479
Tol & Ohio Cent.. March.... 357.778 464,538 4,121,120 4,073,249
23575651 23201073 221686808 200526097 Rio Grande Junction
Dec 1 to Feb 28
234,044
Tot alliines above March
207,416
N y N 1-1 & ifartf march...._.. 5,478,474 5.476.408 51.755.703 48.171.976 Rutland
Jan 1 to Mar 31
777.299
733.452
ML
a
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summarier.
current
Year.
Previous
Year.
Increas( or
Decrease.
%
S
$
8
4
s
Vfileage. Cur. Yr. Prey. Yr.
$
July
4th week Feb (40 roads)...._.. 15,306,958 14,764,047
+542,911 3.68
230.712 227.194 245,595,532 222,587,872 +23,007.660 10.34
1st week Mar (36 roads)...._.. 12,792,883 12,094,600
239,230 235,404 276,927,416 251,067,032 +25,860,384 10.30
August
+698,283 5.77
2d week Mar (39 roads)........ 14,205,350 13,181,128 +1,024,222 7.77
September 237,591 235,140 272.209,629 252.318,597 +19,891,032 7.88
3d week Mar (30 roads)........ 13,777,914 13,159,330
October
237,217 233,545 293.738.091 258,473,408 +35,264,683 13.64
+618,584 4.70
4th week Mar( 39 roads)._ 19,450,337 19,01(1,822
November...237,376 233,305 276.430,016 244,461,845 +31,968,171 13.07
+433,515 2.22
1st week April30
April(39 roads)........ 12,980,560 13,312.977
December -238,072 234.146 263,768,603 234,087,361 +29.681,242 12.68
-332,417 2.50
2d week April 39 roads)____ 13,544,895 13,489,096
235,607 232,179 246,663,737 208,535,060 +38,128,677 18.28
January
+55,799 0.41
3d week April 40 roads)......_ 14,098,561 13,402,134
February_ _ _240,986 237,756 232.726,241 218,336,929 +14,389,312 6.59
+696,427 5.20
week April 40 roads)...._- 18,903,550 18,059,025
240.510 237,295 249,230,551 238,634,712 +10.595,839 4.46
+844,525 4.68
March
jet week May (38 roads)____ 13.500.980 12.921.233
April
88,229 86,071 69.940.730 65.197.418 +4.243.312 6.51
+579.703 4.49
a Mexican currency. b Does not include earnings of Colorado Sprinrs& Cripple Creek District Railway from Nov. 1 1911. e Includes the Boston & Albany. the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian
road,does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and E vansville & IndianaRR.g
eludes the Cleveland Lorain & Wheeling By. in both .Years. n Includes the Northern Oalo RR. p Includes earnings of Mason City & Ft. Dodge and
Wisconsin Minnesota .11c Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes the Mexican International. u Includeu
the Texas Central in both _years and the Wichita Fails Lines in 1912. beginning Nov. 1, • Includes not only operating revenues, but also all other'
raceints. x Includes St. Louis Iron Mountain & Southern.
1418
THE CHRONICLE
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earnings for the first week
of May. The table covers 38 roads and shows 4.49%
increase in the aggregate over the same week last year.
First week of May.
ft
1913.
1
1912.
$
$
Alabama Great Southern
88,058
81,551
Buffalo Rochester & Pittsburgh
211,567
210,586
Canadian Northern
472,400
391,200
Canadian Pacific
2,572,000 2,439,000
Central of Georgia
238,600
230,400
Chicago & Alton
265,729
239,052
Chesapeake & Ohio
590,581
580,252
Chicago Great Western
230,462
229,018
Chicago Ind & Louisville
145,073
126,132
Cin New Orleans & Tex Pac_ _ _
197,703
173,484
Colorado & Southern
253,137
228,941
Denver & Rio Grande
423,900
422,700
Detroit & Mackinac
24,679
25,725
Duluth South Shore & Atlantic
66,112
60,851
Georgia Southern & Florida__ _
42,568
43,803
Grand Trunk of Canada
Grand Trunk Western
909,651
1,060,639
Detroit Gr Hay & Milw.__ _
Canada Atlantic
Internat & Great Northern_ _ _ _
163,000
161,000
Interoceanic of Mexido
179,933
156,351
Louisville & Nashville
1,148,305 1,043,745
Mineral Range
13,970
16,030
Minneapolis & St Louis
147,364
162,198
1
Iowa Central
427,402
Missouri Kansas & Texas
498,775
Missouri Pacific
970,000
1,077,000
200,774
Mobile & Ohio
244,665
National Railways of Mexico__
713,599 1,019,740
9,280
Nevada-California-Oregon
7,587
10,052
11,900
Rio Grande Southern
217,000
St Louis Southwestern
235,000
523,544
507,170
Seaboard Air Line
1,293,681 1,257,706
Southern Railway
2,655
2,167
Tennessee Alabama & Georgia_
272,729
Texas & Pacific
270,996
16,502
Toledo Peoria & Western
16,904
Toledo St Louis & Western____
71,449
76,542
Total (38 roads)
Net increase (4.49%)
13,500,986 12,921,283
.
Increase. Decrease.
S
6,507
981
81,200
133,000
8,200
26,677
10,329
1,444
18,941
24,219
24,196
1,200
1,046
5,261
$
Latest Gross Earnings.
Name of
Road.
1,235
2,000
23,582
104,560
2,060
14,834
71,373
107,000
43,891
306,141
1,693
1,848
18,000
16,374
35,975
488
916,087
579,703
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.
Previous
Current
Cutrent
Previous
Year.
Year.
Year.
Companies.
Year.
$
$
$
Keystone Telephone_ __ _Apr
25,492
24,962
25,286
25,218
Jan 1 to Apr 30
101,565
100,081
101,223
96,671
Southern Cal Edison_ __Mar
z94,831
61,846
68,509
x96,465
Jan 1 to Mar 31
182,879 x311,761
204,798
x345,950
x After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
150,988
402
5,093
[VoL. xcvi.
1,733
336,384
Net Earnings Monthly to Latest Dates.-In our
''Railway Earnings" Section or Supplement, which accompanies
to-day's issue of the "Chronicle," we give the March figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the March results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
Is devoted. We also add the returns of the industrial companies received this week.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current I Previous
Year.
Year.
S.
I
$
374,489 374,271 1,547,037 1,472,055
American Rys Co__ _ April
March.. _
25.674 23.770
68.058,
Atlantic Shore Ry_
63,724
C Aur Elgin & Ch Ry_ March _ _ 141,502 133,523
405,463
379,879
Bangor Ry & Elec Co March _ _ _
171,308
58,130 52.319
157,285
Baton Rouge Elec Co March
34,058
12,311
10,879
37,573
Binghamton Railway March
96,623
20,139 33.169
90,569
Brazilian Trac & L P March
1977.297 1657,757 5.711,967; 4,785,904
Brock & Plym St Ry_ March
21,560
8.009
7,514
22,7311
Bklyn Rap Tran Syst January
1802.475 1821.950 1,802,475i 1.821.950
Cape Breton Elec Ry March
76,430
28,099 24,410
86,075;
Cent Park N & E Riv January
47,567
70,582 47,567
70.582;
Chattanooga Ry & Lt March
93.157 81,332
277.668
238,993
Cleve Painesv & East March_. 27,981 25,686
80,6241
72,407
Clev Southw & Col.._ March
87,172 86,316
259,991
243,304
Columbus(Ga) El Co March.._ _ _47,379 41,149
143,592
127,350
Commonw P Ry & Lt March
562.853 492,601 1,730,623; 1,517,366
Coney Isl & Bklyn_
January
108,152 98,218
108,152.
98,218.
508.867
Dallas Electric Corp_ March
174,809 143,057
407,978'
Detroit United Ry.._ 3d wk Apr 233,144 197,606 3,601,657 3.068,065
48.477
50,749.
48.477 50.749
DDEB& Bat (Rec) January
278.662
262,489
99,276 90,998
Duluth-Superior Trac March
577,863'
215,594 201,018
628,908
East St Louis & Sub_ March
76,386 63,053
232,605
194,474El Paso Electric Cos.. March
153.831 127,313
153,831; 127,313'
42d St M & St N Ave January
188,967 149,417
431,869517,355
Galv-Houst Elec Co_ March
287,674
302,918:
Grand Rapids Ry Co March .._ _ 105,883 98,599
74,140 69,397
277,548
Harrisburg Railways April
295,088
Havana Electric Ry_ Wk Mayll 54,671 51,082 1,002,393
917,975
Honolulu Rapid `Fran
March .__
52.083 46,110
& Land Co
155,516
137.496
25,638 24,485
72,128
68,580
Houghton Co Tr Co_ ;March ___
330,380
318,699
Hudson &Manhattan January __ 330,380 318,699
94,964
87,038
Idaho Traction Co March ___
33,505 31,448
Illinois Traction_ _ ;March __ 624,070 590,277 1,880,461 1,790,362
Interboro Rap Tran..,March __ 2958.10.5 2859,256 8.461,708 8,329,474
147,047
Jacksonville Trac Co March ___
158,598
59,220 51,257
261,391
Lake Shore Elec Ry_'March.._
282,342
93.289 92,120
Lehigh Valley Transit March __. 134.065 109,302
310,515
374.116
115,682
Lewis Aug & Watery March ___
134,896
48,595 42,610
12,742
Long Island Electric_ January __
15,090 12.742
15,090
Milw El.Ry & Lt Co_ March__.- 515,540 407,910 1,502,258 1,404,532
Milw Lt, lit & Tr Co March_ ___ 102,799 84,641
248,967
294,710
Monongahela Vail Ts March _ _. 71.997 63,179
178,005
206,381
Nashville Ry & Lt_ _ _ March ___ 174.934 168,647
494,721
532,255
46.915 33,005
33,005
N Y City Interboro_ _ January __
46.915
28.163 24,131
24.131
28,163
NY & Long 1st Tr. January __
9,815
10.791
10.791
N Y & North Shore_ _ January __
9,815
90,624
103.585 90.624
N Y & Queens Co _ January
103,585
New York Railways_ March ___ 1206.307 1125,027 3,413,622 3,239,804
37,244
Northam•Easton & W March
39,478
14.lSS 13.771
623,487
687,181
North Ohio Trac & Lt March ___ 227,145 215,888
367,375
486,726
North Texas Elec Co March --- 186.805 139,192
4,154
Ocean Electric (L 1)_ January __
4,531
4,6.11
4,154
75,700
71,279
Paducah Tr & Lt Cc _ March
24,062 23,656
70,590
Pensacola Electric Co March ___
67.585
21,767 22,309
Phila Rap Trans Co_ March _ _ _ 2009.442 188:1.373 5,786.667 5,417,254
Port(Ore)RyL& P Co. March ___ 544,896 543,138 1,628,565 1,593,278
73.943 68,030
Portland (Me) RR_ . March ___
209,930
193,730
Puget Sd Tr Lt & P.. March_ ___ 701,941 691,518 2,059,315 2,073,510
25,192 23,667
23,667
Richmond Lt & RR_ January __
2:5.192
M o)Ry.Lt.
St Joseph(Mn)
306.866
288,562
Heat & Power Co_ Marc_ _ _ 103,807 94,320
37.713 31.432
96.274
Santiago Elec it & Tr Ni arch _ _ _
114.133
173,760
67.003 58,963
196.789
Savannah Electric Co March _ _ .
January _
81.368
70,780
81,368 70.780
Second Ave (Rec)_
9,076
Southern Boulevard_ January _
9.076
14.081
14.081
16,320
16.320
17.915
17.915
Staten 181 Midland_ _ January _
182.467
65,678 62,057
106.191
Tampa Electric Co_ _ March
305,568
January _ _ 326,444 305,568
:326,444
Third Avenue
Twin City Rap Tram. 4th wk Apr 204,511 187.417 2,726.889 2,536,358
Underground Elec Icy
of LondonLondon Elec Ry_ _ Wk May 3 £14,280 .C13,760 2261,775 £257,595
Metropolitan Dist_ Wk May 3 /12,984 £12,405 £237,138 .C225,656
London Gen Bus_ _ Wk May 3 £63,117 £50,443 £1,008,148 1768,850
201,749
180,130Union Ry Co ofNYC January .._ 201,749 180.130
UnionRyG&ECo(III). March _-.. 387.918 315,800 1,190,809
92:3,076
1 2,802,815
United Rys of St L.. _ March_ _ _ _ 1047,488 977,001 2,969,05.
697.317 671.393
697.31,
671,393
United lilts or San Fr January _ _
40,805 41,277
Westchester Electric.. January _ _
41,277
40,805
28.486 52.207
52,207
Yonkers Railroad._ January _ _
28.486
57,987 54,076
April
221,935
234,947
York Railways
18,978 19,106 _2
53,523
Youngstown & Ohio_ March.-_ 54
2:6
30
68
4
10,931 10.551
troungstown & South February
_ 20.648
consolidated
company.
c These figures are for
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
5
Bellefonte Central_ b_ _ _ _Apr
6,812
6,631
1,681
2,147
Jan 1 to Apr 30
26,516
24,079
6.423
4,194
Genesee & Wyoming_bJan 1 to Mar 31
35,046
19,597
17,569
7,006
July 1 to Mar 31
120,293
74,141
67,027
36,186
Greenwich & Johnsonville_ bJan 1 to Mar 31
31,813
25,254
18,135
10,105
97,274
81,348
50,350
36,110
July 1 to Mar 31
&
Hudson
Riyer-bLehigh
144,776
437,553
443,779
171,125
Jan 1 to Mar 31
1,356,681 1,242,589
450,824
457,647
July 1 to Mar 31
Little Falls & Dolgeville_ b19,624
7,406
19,131
6,582
Jan 1 to Mar 31
66,903
18,288
July 1 to Mar 31
61.462
20,770
NYNH & Hartford.,
-Jan 1 to Mar 31
15,875,527 15,208,974 3,483,849 4,819,642
July 1 to Mar 31
51,755,702 48,171,975 16,723,558 17,039,322
Toledo Peoria & West_a_Apr
89,168
87,279
def4,570
4,818
July 1 to Apr 30
1,146,684 1.074,017
197,117
209,579
INDUSTRIAL COMPANIES.
-Gross Earnings- -Net Earnings
Current
Previous
Current
Previous
Year.
Companies.
Year.
Yea,.
Year.
$
Electric Railway Net Earnings.-The following table
Edison Elec (Boston)_ _ _Apr 541,548
480,208
309,560
275,883
July 1 to Apr 30
5,388,209 4,910,747 3,120,742 2,940,678 gives 'the returns of ELECTRIC railway gross and net
Keystone Telephone_a_ _Apr 103,880
100,110
50,778
50,180 earnings reported this week:
-Gross Earnings- -Net Earnings-Jan 1 to Apr 30
414,243
394,427
196,752
21,2,788
Previous
Current
Current
Previous
Southern Cal EdisonMar 351.702
329,200
154,749
162,519
Year.
Year.
Year.
Roads.
Year.
Jan 1 to Mar 31
516,848
1,108,938 1,046,713
517,313
$
$
S
$
22,438
18,206
a Net earnings here given are after deducting taxes.
Columbus (Ga) Elec_a_Mar
47,379
41,149
64.286
62,778
b Net earnings hero gven are before deducting taxes.
Jan 1 to Mar 31
143,592
127,350
17,376
10,756
Harrisburg Railways_ __ _Apr
74,140
69,397
Interest Charges and Surplus.
40,568
72.974
Jan 1 to Apr 30
277,548
295,088
-Int., Rentals, &c.- -Bal. of Net Earns.- Hudson Valley Ry-bCurrent
Previous
l' viola
Current
41,941
29,543.
125,609
Jan 1 to Mar 31
160,991
Year.
Year.
Year.
Road?.
Year.
173,623
203,838
482,744
July 1 to Mar 31
519,470
$
14,964
15,689
66,590
Middlesex & Boston_ _ __Apr
71,477
Bellefonte Central
244
Apr
1,441
1,903
240
187,406
187,603
712,963
755,396
July 1 to Apr 30
July 1 to Apr 30
976
5,463
3,218
960
140,811
124,538
467,910
Milw Elec Ry & Lt_a_NIar 515,540
Genesee & Wyoming405,561
379,025
1.502,258 1,404,532
Jan 1 to Mar 31
Jan 1 to Mar 31
x3,089
8,141
14,863
def1,135
32,078
84,641
26,227
102,799
July 1 to Mar 31
z22,377
24,747
45,033
11,439 Milw Lt, Ht & Trac_a_ _Mar 294,710
248,967
89.324
65,964
to Mar 31
Jan
1
•
Greenwich & JohnsonvilleRys_bState
York
New
Jan 1 to Mar 31
x8,451
9,195
10,360
x1,628
1,812,627 1,723,107
648,880
601,885
Jan 1 to Mar 31
July 1 to Mar 31
z25,721
26,674
24,954
x14,290
691,518
278,791
279,492
Puget Sd Tr, L & P_ a_ _Mar 701,911
Lehigh & Hudson River2,059,315 2,073,510
788,639
874,887
Jan 1 to Mar 31
Jan 1 to Mar 31
x59,671
90,450
85,414
80,675
July 1 to Mar 31
252,504 x199,431 5216.114 Troy & New Englandb252,588
4.612
4,431
def253
975
Jan 1 to Mar 31
Little Falls & Dolgeville27,423
26,600
14,106
13,797
July 1 to Mar 31
Jan 1 to Mar 31
x5,192
x1,223
2,511
5,705
July 1 to Mar 31
311,326
303,663
11,414
977,001
13,908 . x7,318
x7,476 United Rys of St La.Mar 1,047,438
880,913
2,969,051 2,802,815
834,686
Jan 1 to Mar 31
N Y N H & Hartford24,225
Jan 1 to Mar 31
5,872,152 5,638,403 xdf1102964 x836,301 York Railways_ b
57.987
54,076
25,218
Apr
98,983
July 1 to Mar 31
15.408,200 16,704,753 .x3,861,305 x6,051,761
104,272
234,947
221,935
Jan 1 to Apr 30
Toledo Peoria & West_ _Apr
24.655
23,682 xdf22,226 xdf11,380
a Net earnings here given are after deducting taxes.
July 1 to Apr 30
243,076
239,002
x22,992
b Net earnings- here given are before deducting taxes.
x1,622
Roads.
MAI' 17 1913.]
THE CHRONICLE
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Roads.
Year.
8
1,500
6,634
15,804
Columbus (Ga) Elec_ __ Mar
16.706
16,766
20,107.
44,179
Jan 1 to Mar 31
46,012
Hudson Valley fly71,933 zdf39,337 rd f40.653
Jan 1 to Mar 31
81,791
July 1 to Mar 31
218,766 xdf16,357 zdf42,207
222,605
2,040
1,037
Middlesex & Boston_ _ __Apr
13,649
13,927
45,688
51,561
July 1 to Apr 30
136,042
141,718
z59,780
x77,888
62,127
67,610
Milw Elec fly & Lt__ __Mar
Jan 1 to Mar 31
181,567
201,298 x227,757 z187.868
x13,762
z26,777
Milw Lt, Ht & Trac_ _ _ _Mar
50,846
57,751
z29,037
Jan 1 to Mar 31
z70,518
163,976
172,827
New York State RysJan 1 to Mar 31
423,207
376,757 z272,389 z273,827
132,284
130,082
Puget Sd Tr, L & P___ _Mar
148,709
147,208
345,611 • 458,683
Jan 1 to Mar 31
443,088
416,204
Troy & New EnglandJan 1 to Mar 31
3,010
3,156 zdef1,972 zdef3,313
z5,194
July 1 to Mar 31
8,894
9,046 zdef5,515
x89,949
z88,244
United Rys of St Louls_Mar 222,945
225,652
x221,074
Jan 1 to Mar 31
676,850 z817,126
669,287
3,669
4,418
York Railways
Apr
21,203
20,848
17,079
21,161
Jan 1 to Apr 30
83,214
84,645
z After allowing for other income received.
ANNUAL F'EPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have been published during the preceding month will be
given on the last Saturday of each month. This index will
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issuo
of April 29. The next will appear in that of May 31.
Western New York & Pennsylvania Ry.
(Report for Fiscal Year ending Dec. 31 1912.)
Pres. Jno. P. Green, Phila., April 7, wrote in substance:
The total operating revenues show an increase of $1,580,179, or about
compared with 1911, largely duo to an increase of over $1,500,000, or 24.31%, in the freight revenues. Operating expenses Increased
$1,020,798, or 14.46%, owing chiefly to the increased traffic handled
and to the severe weather conditions in January and February 1912, and
the embargo placed on traffic for Canadian roads, which caused an accumulation of cars in yards and entailed considerable expense for rehandling.
Gross inceme amounted to $1,194,104: but, while shoeing an increase
of $530,856, or 80.04%. It was not sufficient to meet your fixed and other
charges, the resulting deficit being $670,412. Additions and betterments
not properly chargeable to capital account increased this deficit to a total
of $893,140, which amount was charged to profit and loss account.
Construction and Equipment Expenditures.-Net increase in road as per
balance sheet, $209,378; net increase in equipment (rebuilding cars, &c.),
$253,444: total, $462,822. Of this total $222,728 was charged against
income,representing mainly expendiatres for re-arrangement of tracks and
sidings, improvement of bridges, trestles and buildings, interlocking,
shop tools, increased weight of rails and rebuilding of equipment.
Met ger of Subsidiary Companies.-The Genessee Valley Canal RR. Co.
and the Genessee Valley Terminal RR. Co. have been consolidated as the
"Pennsylvania & Rochester RR. Co."
• Improvements.-In order properly to take care of the increasing traffic
brtween Pittsburgh and Buffalo passing over your road, It has become
necessary to reduce the grades and Improve the railroad and yard facilities
between Oil City and I3uffalo via Brocton and the ChautauquaBranch,
and in this way more fully utilize it as the principal route for passenger and
freight traffic between Pittsburgh and Buffalo; and this work has been
authorized. As the result of these improvements, the heavy grades will
be restricted to relatively short distances, and a route made available which
is 58 miles shorter than the present route via Oil City, the Salamanca
Branch and Olean. This ill not only effect satisfactory operating economies, but its use will postpone for several years double-tracking and
other expenditures on the present route.
OPERATIONS AND FISCAL RESULTS,
1912.
1911.
1910.
1909.
650
650
operated_ _
650
650
road
Miles of
Opetations1,982,620
1,949,715
2.014.047
1,916,336
Passengers carried
Passengers carried 1 mile 59,575,687 59,386,472 58,852,774 56.731,189
2.049 cts.
2.055 cts.
2.055 cts
Rate per pass. per mile.. 2.073 cts.
12,410,480 10,307,122 11,407,425 10,281,422
Freight (tons) carried
Freight(tons cared 1 m.1540265,586 1221376,113 1374663,740 1235448,777
Rate per ton per mile _0,508 cts. 0.500 cts. 0.500 Os. 0.507 cts.
442
441
456
Avge. train-load (tons).
536
106.0 cts.
104.2 cts.
100.1 cts.
Earns. per pss. train in_ 102.2 cts.
223.8 eta.
221.3 cts.
Earns. rev. agt.train m.. 272.5 cts.
235.3 cts.
$13,020
$11,997
Gross revenue per mile_ _
$12,107
$14.542
Earnings1,160.387
Passenger
1,199,458
1,228,964
1.215,006
Freight
7,683.099
6,735,415
6,156,195
6,180,733
478,031
Mail, express, &c
538,082
523,396
474,228
20.08%, as
Total earnings
$9,450,146 $7,869,967 $8,458,269 $7,794,613
Expenses$1,335,411
1,231,456
Maint. of way, &c
1,395.284
1,481,147
1,974.379
2,255,542
Maint. of equipment_ _. 2,263,421
1,701,654
161,918
152,815
165,546
145,795
Traffic ..
4,107,273
3,520,332
3,718,516
Transportation
3,122,241
180,379
212,136
166,395
151,730
General
8,080,159
7.059.361
7,701,283
6,602,567
Total
211,674
185,629
184,379
186.138
Taxes - (87.74)
earns.
(93.23)
(92.06)
(87.09)
to
P.c. exp.& taxes
1,158,314
624.977
572,606
1,005,908
Net earnings
INCOME ACCOUNT.
1911.
Deductions (con.)- 1912.
1911.
1912.
$69,012
$1,158,314 $624,977 Miscell. rents____ $66,237
Net earnings
15,152 Bond interest__ 931,587
940,649
Joint facilities, rents 14,548
23,118 Other
445,616
516,433
21,242
Miscel. rents, &c..
& betterts. 222,728
Add'asinterest__.
137,297
Gross income_ _$1,194,104 $663,248
Total deductions.$2,087,244 51,951,923
DeductHire ot equip., bal. $318,494 $326,773 Balance, deficit__ 8893,110 $1,2S8,675
32,576
Joint facilities, rents 31,765
BALANCE SHEET DECEMBER 31.
1911.
1911.
1912.
1912.
Liabillties-Assets8
$
$
Road & equip't a57,822,384 57,356,697 Capital stock_ _ _ _20,000,000 20,000,000
Securities pledged.
29,990,000 29,990,000
9 Funded debt
10
Other investments
370,523
3,759 Equipment trusts_ 247,018
3,759
562,428
271,000 Mortgages
Cash
562,428
269,027
Securities in tress. 422,244
422,244 Working advances. 8,097,797 7,310,815
Miscellaneous _ _ 428,587
431,452 Construc.,&c.,ady. 7,751,036 7,253,823
b 8,445,047 7,773,096 Miscellaneous __ _ 340,469
Deficit
372,824
Matured interest_ 268,840
270,815
Unmatured int.. 100,180
100,360
27,569
Taxes accrued_ _ _
33,292
67,391,050 66,259,157
67,391,059 66,259,157
Total
Total
ajAfter deducting reserve for accrued depreciation, $428,585.
1419
b After deducting $1,948,633 for appropriated surplus, consisting of
additions to property since June 30 1907 through income, $1,763,365. and
car trust principal charged out in advance, $185,268.-V. 96, p. 1299.
Chicago Railways Company.
(Report of Chairman, Dated April 23 1913.)
Chairman Henry A. Blair, in a pamphlet dated at Chicago
Apr. 23 1913 makes substantially the following statement
bearing on the fifth annual report, already published for
the year ending Jan. 31 1913 (V. 96, p. 1153):
Valuation of Property-Price at which City May Purchase.-Under the ordinance of Peb.11 1907(V.84, p. 1123), the cost of construction, reconstruction and equipment, extensions and additions to the company's plant and
property, together with its percentages for brokerage, conducting the work,
furnishing the equipment, &c. (generally 15%, aggregating to Jan.31 1913
$5,496,734), was, on Jan. 311913, as certified by the board of supervising
engineers, $46,708,586. If, therefore, the city had, under the ordinance,
made the purchase of the property on Jan. 31 1913, it would have been
obligated to pay therefor $77,488,461, including:
$29,000,000
(a) Value of the property fixed by ordinance June 30 1906
1,779,875
(b) Value of additions, June 30 1906 to Feb.'11907
(c) Construction and reconstruction, Feb. 1 1907 to Feb. 1 1908 1,809,172
(d) Construction,reconstruction, equipment,extensions and ad44,899,414
ditions, Feb. 1 1908 to Jan. 1 1913
Company's Percentages on New Construction, &c.-Up to Jan. 31 1913,
the supervising engineers had authorized certificates as follows: For work
done, $37,281,167; for company's percentages thereon, $5,496,734; for
Chicago Consolidated Traction property acquired. $3,930,684; total,
$46,708,585. An amount of $45,955,000 of 1st M. bonds has been authorized for the above total. Of said 1st M. bonds, $3,900,000 were given in
part payment for the Consol. Traction property inside the city limits,
and the remainder, viz., $41,555,000, have been sold at a discount of $3,486,850. Therefore the profit of the company to date has been its percentage of $5,496,734, less discount, $3,486,850, or $2,009,884, this last item
Including $500,000 bonds unsold. The 15% allowed, $5,496,734, has been
disposed of as follows: Credited to interest and discount, $3,676,782; balance used to write down the excess valuation of the property.
Excess of Funded Debt Over Valuation at which City Has Right to Purchase.In carrying out the plan of reorganization of Oct. 15 1907, it was necessary
to incur a not funded debt of $38.199,347. while the price at which the city.
under the ordinance, was entitled to purchase the property as of Feb. 1 1908
was only $32,589,047. being an excess offunded debt of 85.610,300.
Tne property of the Chicago Consolidated Traction Co. inside the city'
limits was acquired under ordinance of Oct. 10 1910 (V. 91, p. 1025), which
allowed the property to figure as a credit upon our capital account for only
$4,021,982, being the appraised value Nov. 1 1909 of the physical assets
$3,930,686, plus $91,297 for additions and improvements Nov. 1 1909
to Dec.6 1910. It was necessary, in addition thereto, in order to acquire
complete title, to deliver: Consol. M. Series "13" bonds, $270,000; purchase money bonds, $4,073,000; incomes, $2,500.000; total. $6,483,000.
The original excess of $5,610,300 has been increased by thelast mentioned
,and by injury suits, claims, &c., and has been reduced by pay$6843000.
ments and by the consolidated mtge. sinking fund ($250,000 annually), so
that the total excess of funded debt is $9,955,004.
Funded Debt Feb. 1 1913, $87,443,465 (Against Purchase Price, $77,480,461).
First M:bonds
545,455.000 I Purchase money bonds_- $3,969,620
Consols, "A"
15.861,800 I Adjust. incomes
2,379,234
17,160,47515-year coll.5% notes_ _ _
498.000
2.119,336 1
Division of Annual Receipts.-The total net income of the company for
the last fiscal year, after deducting oper. expenses and taxes, funds contributed to renewals and 5% upon the valuation at which the city is entitled to purchase the property, was $2,569,826, but under the terms of the
ordinance (V. 81, p. 1123). the city was entitled to receive 55% of this,
or $1,413,404, while we had to be content with 45%, or $1,156,422.
As the valuation at which the city on Jan. 31 last was entitled to purchase
was $77,488,461, while our funded debt was $87,443,464 (all bearing interest at 5%, excepting only $6,348,853 at 4%), or an excess of $9,955.004
above said valuation, it will be readily perceived that the 5% on the valuation retained by the company is insufficient to pay all the interest on its
funded debt by the interest upon the said excess of $9,955.004, to say nothing of(1) the $260,000 required annually by the sinking fund of the consol.
M., and (2) non-partnership expenses, that is to say,,expenses not recognized by the city in the settlement of accounts with it, since not incurred
in the actual operation of the road.
The item of $120.574 for corporate expenses and adjustments in the last
annual report (V. 96, p. 1153) is a part of the non-partnership account, and
embraces (a) $33.639 expenditures to trust companies for commissions,
paying intereat on bonds, trustees' fees, certifying bonds, expenses for engraving bonds, &c. (b) $86,934 is the city's share of the interest accruing
on daily cash balances.
Cash Items in Balance Sheet.-In the last report, there appears as "cash
and cash items" the sum of $5,984,681. embracing, with minor items: Renewal reserve fund, $982,291; special construction account, derived from
sale of bonds. $1,000,000, and cash, general fund, $3,828,615. Critics
who infer that the company here possesses large funds which might be
devoted to dividends forget that these cash items include the city's share
of undivided net receipts, amounts attributable to reserve funds, accrued
sinking fund, accrued interest and accrued taxes.
The net surplus,as shown by the balance sheet, is $435,511.
Rehabilitation. Extensions, Etc.-This work to Jan.31 1913 includes:
296.16 miles
Single track rehabilitated
50.63 miles
Single track for now extensions
52,000 k. w.
Capacity installed in power stations and new sub-stations
In electric transmission there have been constructed 795 miles of single
duct; 620 miles of lead-covered cable, 346. miles of auxiliary cable, 433
miles of overhead feeder, 286 street miles of poles, 479 miles of trolleys.
Cars constructed by Pullman Co. in 1909, 600, and in 1910, 350; steel cars.
50; construction cars, 2; reconstructed cars, St. Louis type, 328. and payenter, 39; constructed in company's shops in 1912, turtle-back type, 215;
total, 1,584.
Six now car stations constructed, total car capacity, 1,111.
Five old car stations reconstructed, total car capacity, 544.
Power houses converted into sub-stations, 3; new sub-stations, 7; total, 10.
Added to the capacity of shops,sq. ft. of buildings, 268,700.
There were also added to shop machinery 415 machines and motors with
floating tools.
Aggregate Cost $46,708,586for Rehabilitation, Extensions, &c., to Jan. 31 1913
Appraisal value of Chicago Consol. Traction city lines and
$4,021,982
improvements 1909-10 ($91.297)
Rehabilitation and extensions: Track work, $19,348,792;
electric lines, $4,593,652; rolling stock, $9,640,150; real
estate and buildings, $4,154,399; power house and sub-station equipment, $1.225,699; stores and supplies, $974,845;
42,686,604
tunnels and bridges, $2,749,067
The company has also been permitted to withdraw from the renewal
fund and expend for renewals from Feb. 1 1911 to Feb. 1 1913. $2.509,461.
During the last fiscal year separately the company rehabilitated 21.32
miles of single track and made extensions amounting to 18.01 miles of
single track, and now owns 487.11 miles of single track. For the last fiscal
year the cost of rehabilitation, re-equipment and extensions, plus our percentages, was $3.421,949, while the expenditures from the renewal fund
aggregated $1,163,446.
Of the present 487.11 miles of single track, there still remains not rehabilitated old tracks representing 140.32 miles of single track. It is contemplated during the present fiscal year to rehabilitate 43 miles and make
extensions of 8.to 12 miles of single track, not including tracks In yards, &c.
During the year 1912-13 the company added to its passenger car equipment 204 closed double-truck cars and also completely rebuilt 52 doubletruck cars, and also added 3,000 k. w. capacity to its sub-stations. During
the same year the work on the Washington St. and LaSalle St. tunnels was
finally completed, and both of said tunnels are now in operation.
(The statement ends with long extracts from the circular of July 22 1912
(V. 95, p. 236, 419) regarding the acquLsition of the city lines of the Chicago Consolidated Traction Co., and also a resume of the litigation of
various sorts in which the company is interested, but from which the management apprehend no serious loss. -V.96, p. 1364, 1153.
1420
THE CHRONICLE
Calumet & South Chicago Railway Co.
(Report for Fiscal Year ending Jan. 31 1913.)
JOINT PARTNERSHIP INCOME ACCOUNT WITH CITY FOR YEARS
ENDING JANUARY 31.
1909-10.
1912-13.
1910-11.
1911-12.
Passenger receipts..__), $1,138,353 J $960,159
$821,754
$925,420
Other receipts
59,423
60,057
1
70,757
Total
$1,138,353 $1,030,916
Oper. exp., taxes and renewals, as per ord'nce
750,060
721,626
$985,477
$881,177
689,834
616,824
Net earnings
2295,643
$264,353
$388,293
3309,291)
COMPANY'S INDIVIDUAL INCOME ACCOUNT FOR YEAR ENDING
JAN. 31 1912 AND 1911.
1912-13. 1911-12.
1912-13. 1911-12.
Total
$473,617 $526,178
Int. on cap.,as certif'd
Interest on bonds_ _ _ _ 204,683 167,455
by Board of Supervising Engineers_ __$450,373 $415,707
23,244 110,471
Other income
$473,617 $526,178
Total
Net income
.$268,934 $358,723
xcvi.
BALANCE SHEET (INCL. UNITED METALS SELLING CO.IN 1912.)
Dec. 31 '12. Apr.30 '12. Apr.30 '11. Apr.30 ,10.
AssetsInv. in securities, &c_x_182,469,209 178,512,048 184,356,800 159,881,245
Loan to Washoe Copper
Co.for smelter constr.
7,200,000
Due for copper delivered 3,757,384
3,960,396
•Due from smelting and
4,871,491
3,079,914
mining cos.,&c
8,439,973
2,541,929
Cash
1,182,881
9,179,232
Div. rec. An. Copp. Co. 2,303,179
Total
198,152,626 194,193,605 189,228,291 170,161,159
LiabilitiesStock
153,887,900 153,887,900 153,887,900 153,887,900
*2-year 5% gold notes
12,527,000 12,500,000 12,500,000
Notes payable
3,500,000
Due to mining cos
7,496,235 4,828,047
Freight, taxes and int.
22,565
118,558
accrued, &c
240,8'76
Dividend payable May.....
__
186,57851,538,879
769,440
769,439
Surplus and reserve_ _ _ _ 24,000,614 21,252,201 18,452,393 15,481,255
Total
198,152,626 194,193,605 189,228,291 170,161,159
z Represents ownership in copper mines, mining claims, mining plants,
F Bonds outstanding, $4,325,000, against $4,075,000 in 1912. Purchase reduction works, refineries, coal mines, sawmills, standing timber, water
price of 'property, $9,192,583, against $8,914,567 in 1912; franchises in rights, land, &c. * Includes on Dec. 31 1912 also $27,000 other notes.
-V. 96, p. 717.
1912. $5,000,000, and current assets, $391,511.-V. 96, p. 1088.
Youngstown & Ohio River (Electric) Railroad Co.
(Report for Fiscal Year ending Dec. 31 1912.)
Gross earnings
Operating expenses
1912.
$239,528
127,770
1911.
$234,459
122,135
1910.
$208,707
113,947
1909.
$166,689
84,072
earnings
OrNet
Taxes'and rentals
$111,758
$112,324
$94,760
$16,230
$17,768
$12,468
Interest on bonds
50,000
50,000
37,500
Preferred dividends__(4% %)45,000 (3 ,6)35,000 (1 A)15,000
Fa,
lc, Balance, atm). or der_ _def.$1,010 sur.$11,094 sur.$29,792 sur.$71,601
. Analysis of earnings in 1912: Passenger, $168,078; freight, $48,156
power, $21,126; misc., $2,168; total, $239,528. Miles of main track, 36
gross per track mile,$6,654; net,$3.105. Car mileage: Passenger, 500,111
freight, 172,941. Gross income per car mile: Passenger, $0.3826; freight
$0.2785. Passengers carried, 816,732; avge. fare per passenger, $0.197.
BALANCE SHEET DECEMBER 31.
1911.
1912.
1912.
1911.
LiabilitiesAi
$
Assets1,000,000 1,000,000
Road & equipment_ _3,229,908 3,200,000 Preferred stock
Common
stock
1,000,000 1,000,000
New construction &
9,980
29,622 Bonds issued
betterments
1,000,000 1,000,000
2,559
8,071 Bonds to be issued_ 200,000 200,000
Cash
18,092 Bills payable
Accounts receivable_ 21,146
4,033
8,066
3,947
1,503 Accounts payable_ _
Material and supplies
15,913
8,050
488
392 Taxes, &c., accrued_ 12,183
Prepaid accounts
10,573
Accident, &c., res've 19,152
13,391
Surplus
16,747
17,600
3,268,028 3,257,680
Total
-V.96, p. 1023, 948.
Total
3,268,028 3,257,680
Standard Oil Co. of New York.
(Balance Sheet Jan. 1 1913.)
1913.
AssetsReal est.,mach.,&e.24,139,895
41,800,039
Merchandise
Cash & debts rec_ _21,963,266
957,325
Stocks & bonds_
Teams & fixtures_ 1,271,143
4,059,660
Navigation
1912.
21,264,480
34,557,083
26,428,190
5,924,417
1,025,943
3,010,131
94,191,328 92,210,244
Total
-V.95. p. 1750, 55.
1913.
Liabilities$
Capital stock
15,000,000
Accounts payable_16,151,713
Floating debt_ __ _ 3,653,277
Surplus
59,386,338
Total
1912.
$
15,000,000
16,254,508
15,854,609
45,101,127
94,191,328 92,210,244
Amalgamated Copper Co., New York.
(Report for the Eight Months ending Dec. 311912.)
Pres. John D. Ryan, New York, May 10, wrote in subst.:
American Beet Sugar Company, New York.
(Report for Fiscal year ending March 31 1913.)
Pres. H. Rieman Duval, N. Y., April 25, wrote in subst.:.
Additions.-The usual provision for additions has not been called for
this year, because those authorized last year were deferred, on account of
the drouth in California. They are now, with some additions, under way,
but the use of the Buttner-Meyer pulp drier at Oxnard (the efficiency of
which was proven by the one unit operated this year) has resulted in an
economy of about $200,000 which will go far towards the completion of
all additions now authorized. The remaining five units will probably be
completed before the beginning of' the coming campaign at Oxnard.
Output.-There were produced 1,659,143 bags of sugar, which is an increase of 96,194 bags over last year. There was a decrease at Oxnard
and Chino of 199,685 bags and an increase at Rocky Ford, Las Animas.
Lamar and Grand Island of 295,879 bags. Las Animas and Lamar were
not operated last year. There remained unsold March 31 1913 523,283
bags, against 134,265 bags at the same time last year.
The decrease in California was caused by an unusual drouth, which.
as late as the first week in March 1912, threatened that there would be
insufficient beets for a full campaign at either factory. In California
beets cost 75 cents per ton more than last year, resulting from the competition of four new factories built in the past three years. This increase
amounted to 20 cents,per bag on Oxnard and Chino sugar, which production
is 61.6% of the total product. The cost of the entire product increased
but 9 cents per bag.
Results.-Receipts decreased, $2,466,408; expense decreased, $1,021,890.
The receipts here do not include the value of sugar carried over, nor does
expense include factory cost.
The decrease In receipts is due to a decline in the price of sugar, and the
limited demand. To March 31 1912 there had been sold 1,623,724 bags,
at an average yield of $4 79 per bag at the factories. This year we sold
1,270,125 bags, at an average of $4 28 per bag at the factories.
On Jan. 1 1912, by reason of the rapid sale ofsugar at comparatively high
prices, the company had no outstanding bills payable. With exactly the
reverse conditions this year, the company a outstanding bills payable on
Jan. 1 1913 were $2,435,000.
These conditions prevented the payment of further dividends on the
common stock, because dividends could not be paid on borrowed money.
nor on anticipated profits on unsold sugar.
Beet sugar although it is in all respects equal to cane, has to stand a
prejudicial differential of 10 cents to 20 cents per bag-and much beet
sugar has been sold this year by small and anxious producers from 25 cents
to 40 cents per bag less than cane.
The increase in interest charge of $48,838,was incurred because the Inability to sell sugar, compelled the borrowing of money for campaign:purposes.
Land and Farm Operations.-These operations, which, last year, produced
a net income of $10,999. this year show a deficit of $53,492. The erection
of four factories during the past few years in the limited territory in Southern
California, from which Oxnard and Chino draw a large supply of beets,
has led to endeavors to develop new beet lands. An area of about 15,000
acres was leased, on crop rental, at San Fernando, between Los Angeles
and Oxnard, but the drouth being excessively severe in that region, a very
small crop was raised, and a not expenditure of about $32,000 was incurred
and is included in the $53,000 decrease. It is expected that in the coming
year, with normal rainfall, the crops will contribute much to its repayment.
Outlook.-It is apparent that the operations of the company, so far as
controllable by its management, have been successful.
The failure to reap a larger reward is due to natural, uncontrollable.
world-wide conditions, which affected, in like manner, all sugar manufacturers and refiners.
The high prices of sugar in 1911 and early in 1912 were the direct result
of drouth in Europe, where production from 8,105,000 tons in 1910 fell to
6,346,000 in 1911. The reverse conditions of 1912-13 were brought about
by an increase in European production to 8,450,000 tons and in the
Cuban from 1,895.000 to 2,250,000 tons. The worlds total production is
estimated to be 18,086,000 tons, a record crop, making an increaselof
2,183,000 tons over the preceding year.
OPERATIONS AND INCOME ACCOUNT.
1912-13.
1911-12.
1910-11. 1909-10.
1,562,949
1,659,143
Production (bags)
1,623,724
1,270,125
Sales (bags)
Aver, yield per bag$479
,
22
88
3
523
1
134,265
Unsold March 31 (bags).
12:84
0 99
3 38,344,793 $6,983,772
Receipts from operations $6,490,775 $8,93
Land & farm oper. (not)
25,872
48,011
61,252
12,219
Other income
$6,538,787 $9,005,194 38,357,012 $7,009,644
Total gross
Oper. exp., incl. depreciation, repairs, &c_ _ -- $5,382,721 $6,503,293 $6,134,428 $5,363,281
53,385
84,375
88,371
77,618
Taxes
29,970
Int.on ctfs.of indebt ness.
70,233
46,159
50,320
1,482
Other interest
80,000
80,000
80,000
80,000
Rental Las Animas
7,554
15,211
53,493
Land & farm oper.(net).
58,440
15,380
Charges carried over_ -2,397
311
1,848
2,826
Other deductions
300,000
300,000
300,000
300,000
Pref. dividends(6%)Common dividends_ --(134,)187,500 (5)750,000
653,364
See note
756,972
Approp.for dep'n&add'ns
Change in Year.-The report covers the eight months ending Dec. 31
1912,the fiscal year having been changed to the calendar year.
Full details of the operations and finances of the Anaconda Copper Mining Co. for 1912 are given in the report of thatcompany[see V.98,p. 1362).
Results.-The improvement in the metal market mentioned in our
report of last year continued until well toward the close of 1912, and the
average price received was in excess of that for any year since1907. There
was a very active business during the first half of the year and accumulated
stocks of the metal were all sold out in that period. In addition, orders
were booked calling for the delivery of almost the entire output of therefineries to the end of September. A fair trade with consumers was done
until October, when the breaking out of the Balkan war caused European
manufacturers to cease buying almost entirely, although they continued
until the end of the year to work up metal on hand and in the warehouses.
The visible stocks in Europe were thus reduced to about 35,000 long tons-a
very small amount considering that our exports during the year and for the
two years previous averaged about 350,000 tons. Stocks in she United
States and Europe decreased in the year 1912 over 20.000 tons, and consumption, both here and abroad, was the largest in our history.
The increase in production was not as great as expected and was no more
than required to maintain the equilibrium between production and consumption.
Prices.-Early in 1913 sharp concessions were made in the prices ruling
in the latter half of 1912. From the first of January to the date of this
olvieo
ss
usmopllio
rtIm
e
na
months'
ti,:2t:olatleu?
.tuTly
n of the mines,
scKoh
linjoarfer
report
e3egvuer stVe
We
present production, and as there is no large new production in sight that
can come on the market for several years at least, we feel that the metal
market is in a sound and healthy condition and look for satisfactory earnings for some time to come.
Anaconda Copper Mining Co.-This subsidiary earned in the year 1912
on a normal production from its mines about twice the net amount earned
in 1911, added to iss surplus $5,790,085 and increased its dividend to the
rate of $3 per share, or 12% on its capital stock.
• Dividends an Stock of Amalgamated Copper Co.-It was considered reasonTotal deductions_ --- 36,145,231 38,486.593 $7,366,717 35,912,391
able and safe by your directors to increase the dividend of your company
$518,601 ' $990,295 $1,097,253
Balance,surplus
$393,555
to the rate of 6% per annum at the October declaration.
was expended for addiNote.-During the fiscal year 1909-10 $470,291
Investments.-The increase of $3,957,162 In your investments is accounted
for by the purchase during 1912 of 150,000 shares of stock of the Inspira- tions and improvements and charged to capital account.
tion Consolidated Copper Co. [par $20 a share, total $3,000,000 out of
SHEET MARCH 31.
BALANCE
$14,458,960 outstanding; V. 94, p. 126, 355, 1387J, $1.000,000 bonds of the
1913.
1912.
1912.
1913.
Butte Anaconda & Pacific By. Co., and other small investments, all of
stock...$
Assets$
$
which were paid for in cash.
common
15,000,000 15,000
$000
Factories, lands,
250
0:0
000 5,000,000
equipment, &c.20,000,000 20,000,000 Preferred stock-- 5,00
RESULTS FOR FISCAL PERIODS.
9
330,660 Bills Payable
St ck of other cos_ 408,326
o
itrvp.
18 Mos. end.
Years ending April 30
650,973 1,604,869 Accotmtsand tp
Cash
dends unpaid__ 365,544
1910.
Dec. 31 '12.
1911.
634,495
1912.
Accts.
ts and bills rec. 734,380 ,499,686
Unexpended
$6,505,611 $6,647,006 $6,048,896 $5,963,968 Materials,supplies,
Net income
112,690
$3,847,198 $3,847,198 $3,077,758 $3,077,758
drs. 107,238
Dividends
2,535,849 1,188,438 ReserveceedsLfo.rAd.ebpn
&c.(cost)
(2%)
(2%)
(23i%)
(2%%)
Per cent
Expenses advanced
732,794
183,024 and additions__ 448,914
acct. campaign_ 193,439
$2,748,413 $2,799,808 $2,971,138 $2,886,210
Work'g cap. res've 2,676,270 2,326,698
Balance, surplus
21,252,201 18,452,393 15,481,255 12,595,045
Prey. sur. and reserve
24,522,966 23,806,677
24,522,966 23,806,677 Total
Total
$24,000,614 $21,252,201 $18,452,393 $15,481,255 -v. 96. D. 1386. 64.
Stir. & res've
MAY 17 1913.]
Galena-Signal Oil Co.
(Balance Sheet Dec. 31 1912.)
AssetsPlants.,contets,&c
Mdse. & Inventory
Accts.& notes rec_
-Cash
1912.
$
9,111,583
1,342,873
4,906,313
1,292,468
1421
THE CHRONICLE
1911.
7,772,273
1,374,430
3,953,623
1,491,594
16,653,237 14,591,920
Total
-Nr. 96, p. 865, 205.
Preferred stock..__
Common stock_ _ _
Accounts payable_
Surplus
Total
1912.
1911.
2,000,000
8,000,000
1,771,228
4,882,009
2,000,000
8,000,000
1,200,573
3,391,347
16,653,237 14,591,920
MacAndrews & Forbes Co.
(Report for Fiscal Year ending Dec. 31 1912.)
INCOME ACCOUNT.
1912.
1911.
1912.
1911.
Net domestic profits.630,425
225,498
Pref. divs. (6%)._ _191,234
Net foreign profits_ _ _313,532 *1,282,539 Common diva-(10%)300,000(27)810,000
Div.& int. received__ 45,484
491,234 1,035,498
Total
Total profits
989,441 *1,282,539 Balance, surplus__ A98,207
247,041
*After deducting $99,443 for undistributed expenses.
Co. and the Sao Paulo Tramway. Light & Power Co. of whose capital
stocks this company owns about 99% and 99%%,respectively.
The tramway, electric light, power, gas and telephone services of these
two companies are extending rapidly, and it has been deemed necessary
to provide funds for the extension and enlargement of the systems. The
proceeds of this issue of shares will be used to repay bank loans contracted
for the above extensions and enlargements, and to provide the moneys required for the completion of the works now under construction, including
the tunnel carrying the water of the Pirahy River into the Rio das Lagos
reservoir, and the new 32,000 h. p. hydro-electric installation in the Rio
des Lages power station to utilize this new water supply. This tunnel has
been under construction for the past two years, and will be completed by
July next. The additional water obtained is capable of developing about
70,000 h. p., of which 30,000 will be utilized at once and the remaining
40,000 h. p. held in reserve for future requirements. With the present
hydro-electric installations of the Rio de Janeiro Tramway, Light & Power
Co., the total capacity will be 84,000 h. p.
Earnings.-The increased earnings from the sale of this power and from
other extensions to the different services will greatly exceed the amount
required to pay the dividend on these preference shares. Without taking
these increased earnings into account, the income of the company available
for dividends for the present year should be at least £1,800,000.
Shareholders Given Preference.-Subject to the shareholders authorizi
its creation, this issue has been underwritten and will be publicly issued
In London at par, Canadian terms, on or before June 1 1913, and shareholders of record on May 20 1913 who so desire will be given a preferential
allotment of one preference share for each 15 ordinary shares held by them,
provided they notify the company on the enclosed form on or before the
date of issue, which will be advertised in the usual manner,at the same time
• enclosing a remittance for the amount payable on application, namely.
$10 per share with application, a further $20 a share being payable on
allotment and the final $70 per share on June 16.-V. 96, p. 1364.
BALANCE SHEET DECEMBER 31.
1911.
1912.
1912.
1911.
AssetsLiabilities$
$
Real est., mach.,&c_4,316,6861
2,984,500 3,758,300
Preferred stock
British Columbia Electric Ry.-Debenture Stock Listed.
Mater. & supp., &c_2,995,612f7,229,627 Common stock
3,000,000 3,000,000
The London Stock Exchange has listed a further issue of £750,000 43(%
Stock in other cos_ __ 596,833 1,000,000 Bills & accts. payable 836,084 1,120,967
perpetual
consol. debenture stock,
Cash
254,901 460,982 Sund. provis'ns acct. 270,041 774,111 (V. 96, p. 284).-V. 96, p. 1295, 946.making the total listed £2,787,155
Bills and accounts reReserve for depreen 744,376 •
701,096 202,889
ceivable
372,066 165,658 Surplus
Canada Southern Ry.-Bonds Listed in London.The London Stock Exchange has listed the $22,500,000 consol. guar.
Total
8,536,097 8,856,267
Total
8,536,097 8,856,267 50-year 5% gold bonds, Series A.-V. 96, p. 200,
553, 789.
-V. 06, p. 206.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Anthracite Coal Roads.-Wage Increase.-
Charles P. Neill, U. S. Commissioner of Labor, umpire, on May 15 decided the questions on which there had been a long deadlock which were
submitted to him by the Anthracite Conciliation Board. The men were
awarded a 7% bonus under the sliding scale for March 1912, the last month
under which the latter was in operation, The sliding scale was abolished
on Apr. 1 1912, when the new agreement went into effect. This means,
t is stated,a distribution of' about $500,000 for back pay.-V.94, p. 1448.
Baltimore & Ohio RR.-Favorable Decision.-The Court
of Appeals of Maryland on May 9 handed down a decision
on the appeal from that of Judge Gorter in the Circuit Court
of Baltimore, permitting the issuance of the $63,250,000
43% convertible bonds, which sustains the company's contention that it is not compelled to obtain the approval of the
P. S. Commission of Maryland before issuing new securities
(V. 96, p. 200, 651, 715). The Court says:
In our opinion, Baltimore & Ohio RR. Co. is subject in many respects
to jurisdiction of the Public Service Commission of Maryland as to matters
done or to be done within this State. It is proper to require Baltimore &
Ohio RR. Co. to file an application or report with the Public Service Commission stating with reasonable fullness such facts as may be requisite to
enable the Commission and those legitimately interested therein to ascertain whether any proposed issue or issues of bonds or certificates of indebtedness is or are in fact bona fide and for consideration; but beyond that, it is
not subject to the jurisdiction of the said Commission as to the financing
of the system known as the Baltimore & Ohio RR. Co., extending through
a number of States, either in respect to determining the aggregate amount of
its capital stock, bonded indebtedness, the prices at which its bonds or
certificates of indebtedness shall be sold, or where or how the money realized
from the sale thereof shall be expended.
In accordance with the foregoing conclusions, these cases will be remanded to the Circuit Court No. 2 of Baltimore City without either affirming or reversing the decree appealed from, in order that the decree entered
by the said Cburt on the25thday of February 1913 and the 7th day of March
1913 may be modified according to the terms set forth in paragraph No. 2
of this per curiam opinion. The reasons for the conclusions herein contained
will be set forth in an opinion hereafter to be filed.
Bonds Ready.-Holders of full-paid subscription receipts
for the convertible bonds are notified that the same will be
exchanged for bonds at the Central Trust Co., New York,
on and after May 19.-V. 96, p. 1295, 1088.
Boston & Eastern Electric RR.-Notes Not Sold.-The
financing of this enterprise has yet to be arranged, none of
the 1-year 6% notes recently advertised having been sold.See V. 96, p. 1156, 946.
Boston & Maine RR.-Extension of Notes.-The $12,000,000 one-year 4% notes which mature on June 10 will, it is
expected, be extended for one year, the rate of interest to be
probably 5% or 6%. The notes will be offered by two
or three prominent New York banking houses.
Amendment to Mass. Savings Bank Law.-See "Massachusetts" in "State and City" Department, V. 96, p. 1037.
-V. 96, p. 1364, 1295.
Boston Revere Beach & Lynn RR.-Application.-The
Mass. RR. Commission on May 13 heard the application to
issue $150,000 1st M. 43
/
2% bonds (the remainder of the
$1,000,000 authorized issue) to provide in part for the $304,782 floating debt.-V. 95, p. 1402.
Boston & Worcester Street Ry.-Bonds Authorized.The Mass. RR. Commissioners have approved an issue of
$1501000 20-year 432% bonds, the proceeds to be used to fund
floating debt and for equipment.-V.95, p. 815.
Brazilian Traction, Light & Power Co., Toronto.Pref. Stock.-The official circular issued with reference to the
meeting of the shareholders called for May 23, to consider
the proposed issue of $10,000,000 6% cumulative preference
stock, is signed by Secretary J. M. Smith and says in subst.:
Pref. Stock-To Be
Convertible.-With reference to the creation of an issue
of 100,000 shares, or $10,000,000, 6% cum. preference
shares, convertible into ordinary shares at any time on the basis of 1 2-10 shares of preference stock for one sharo of ordinary stock, I am directed to say:
The holders of these pref, shares will receive on July 1 1913 interest of
%,and the regular quarterly dividend dates will be Oct., Jan., Apr. and
July. The company will not issue any debenture or mtge. bonds without
the consent of two-thirds of the preference shares at the time being outstanding.
Extensions.-Such increase is required for the _purpose of providing for
the financial requirements of the Rio de Janeiro Tramway, Light & Power
Canadian Pacific Ry.-Offer to 1st M. Debenture Holders.-The company offers to purchase at par and int. from
any of the holders the outstanding 1st M.5% sterling debentures due July 1 1915 ($34,998,633 in amount).
The funds providing for the retirement were secured by the recent sale
of $60,000,000 new stock at $175 a share, the second installment on which is
now being paid. The bonds comprise the only bonded debt on the Canadian
Pacific proper. Compare V. 95, p. 889, 1402.-V. 96, p. 715, 486.
Catawissa RR.-New President.-George McCall of Dick
Bros. & Co. has been elected President to succeed the late
C. A. Carson.-V. 72, p. 1187.
Chesapeake & Ohio Ry.-Regular Quarterly Dividend.The regular quarterly dividend of 1%% has been declared,
payable June 28 to holders of record June 6. As to extra
dividend on Hocking Valley Ry. stock see that co. below.
Joint Lease.-The company late in 1912 leased jointly with
the Virginian Ry. for 5 years the two railroads in West Virginia owned by it (Piney River & Paint Creek RR.and White
Oak Ry.), together aggregating about 30 miles.
The rental, it is reported, provides $60,000 over taxes and maintenance.
V 96. p. 1156. 1020.
Chicago Railways.-President's Statement.For official reply
tb recent criticisms, see "Annual Reports."
Plan for Operation of All Surface Lines of City as One System.
-The Chicago Transportation Committee on May 12 approved, subject to ratification by the City Council, the plan
presented by the Chicago City Ry. Co. and the Chicago
Railways for an operating agreement outlined as follows:
All surface lines in the city shall enter into an operating agreement which
shall become effective as soon as approved by the City Council. This
agreement, among other things, shall provide for:
a. Unified operation of surface railways which will have the same effect
as regards service to the public as if the lines were owned by one company.
b. A 5-cent fare throughout the city on surface lines. This will give a
5-cent fare in lieu of 10-cent in Calumet district, south of 79th St.
c. Through cars from one division of the eity to another, making possible
more rapid service.
d. Through routing of all cars so far as the local services balance-which
will eliminate all switchbacks and most of the present looping of cars in the
downtown district-and will increase the downtown terminal facilities
approximately 30%.
e. Purchase of additional cars to utilize during rush hours the additional
track facilities In the downtown district-this will give an increased efficiency of 30% during heavy traffic.
f. If in any year after the establishmentof unified operation the rate of
return to the companies shall be less than the rate under separate operation, the shortage will be deducted from the divisible net receipts the following year-before the division between the companies and the city:
provided, however, that should a shortage arise, the companies shall be
entitled thereafter to receive out of the divisible net receipts any amount in
excess of the agreed rate of return, until the shortage shall be repaid.
0. City to authorize companies to invest renewal and other funds more
profitably than at present.
h. Companies to be given right to lease, when approved by Board of
Supervising Engineers, real estate now owned but not necessary for the
operation of the properties, thus enabling both the companies and the city
to derive an income from property which cannot immediately be sold to
advantage.-V. 96, p. 1364, 1153.
Chicago St. Paul Minneapolis & Omaha Ry.-Bonds
Oversubscribed.-Rhoades & Co. and White, Weld & Co. offered on Monday, at 973 and int., to yield about 5.20%,
$2,500,000 debenture gold 5s dated 1912 and due Mar. 1
1930. Auth. $15,000,000; outstanding (including this
issue), $7,500,000; reserved for additions and betterments
and additional equipment, $7,500,000. While the bonds
have all been sold, the adv. appears for record on another
page. A circular shows:
Total funded debt, including this issue, outstanding at the rate of less
than $22,500 per mile of road owned. No increased mortgage debt can be
created except to enlarge or extend the property, without giving these bonds
equal security with such additional bonds secured on the same property.
Trustees, Central Trust Co. and James N. Wallace.
Tot. Op.Rev. Net Income. FizedChgs. Bal. Sur.
EarningsYear ended June 30 1912..-$15,135,426 $4,122,304 $2,037,701 $2,084,603
.
9 mos. ended Mar. 31 1913_ 13,078,850 3,553,902 1,685,795 1,868,107
The company is very closely allied with the Chicago & North Western Ry.
vitally
important part of the Chicago & North Western
Co. and forms a
System (compare V. 94, p. 487).-V. 95, p. 812.
Columbus Marion & Bucyrus (Electric) RR.-Sold.At the foreclosure sale in Marion,0.,on May 10 the property
was bid in for $103,080 (two-thirds of its appraised value) by
James H. Caldwell of Troy, N. Y. Chairman of the bondholders' committee.-V.96, p. 1088, 862.
4a-4
The new company, it is said, will be capitalized for $250,000. For the
time being the operating agent for the bondholders will be George Whysall,
who was one of the receivers.-V.96. P. 1088. 862.
1422
THE CHRONICLE
Columbus (0.) Ry., Light & Power Co.-New Stock.The Ohio P. S. Commission has been asked to sanction the
issue of $1,353,930 common stock as follows:
I, For working capital, $500,000; to pay indebtedness of underlying com-
panies to Columbus R.& Light Co., $534,630; to purchase bonds of Columbus Ry. Co. and the Columbus Light, Heat & Power Co., now owned
by the Columbus Ry. & Light CO., $319.300. The entire stock issue is to
go to the Columbus By. & Light Co., the money represented by the new
stock having been expended in betterments on properties of underlying cos.
An appraisement by Stone & Webster places the physical valuation of the
street railway, electric-lighting and power and heating properties at
$12,457,474, exclusive of franchises or good-will.--V. 96, p. 1228.
Commonwealth Power, Rys. & Light Co.-Sub-Cos.See Grand Rapids Holland & Chicago By. above and Michigan & Chicago
Ry. below; also see Michigan Rys. under Michigan United Rys. below, and
compare plan V. 96, p. 1296.
Cuban Central Railways, Ltd.-Listed in London.The London Stock Exchange has listed a further issue of £350.000 5%
debenture stock, making the total listed £900.000.-V. 93. p. 16?, 940.
[VOL. xcvi.
Erie RR.-Extension of Bonds.-
See New York Lake Erie & Western Docks & Improvement Co. under
"Industrials" below.-V. 96, p. 1296.
Fort Wayne & Northern Indiana Traction Co.Scrip Div.-The directors on April 21 declared a scrip dividend of $3 per share upon the $2,500,000 6% pref. stock,
payable to stockholders of record April 30 1913, covering
in full the arrears of dividend payable 1% on Dec. 1 1912
and 1 2% March 11913.
Condensed Letter from Assistant Secretary, Phila., April 30.
The scrip will be non-Interest-bearing, redeemable within five years
from this date, at option of company, or before that time, as it may determine, in the pref. stock at par, or if such optional power has not been
exercised, the holder, at his option, may, at any time during such period,
convert such dividend certificate into pref, stock at par.
During the 6 mos. preceding March 1 1913, an excess over the required
pref. dividends was earned. The business, however, is growing rapidly.
and it is absolutely necessary to enlarge the power house, and a contract
has been entered into for increasing its capacity to over 18,000 k.w. It will
be a year of considerable expenditure, and it is felt to be stable policy to
pay these two dividends in scrip and use the surplus for the development
work. The growth of Fort Wayne at the present time is very great. Fort
Wayne is the heart of the entire system, and it is iniperative to meet the
municipal growth with adequate power anti equipment.
Gross
Earnings.
Net
Other Taxes
Fixed
Balanc
Earnings. Earnings. Inc.
PeriodPaid. Charges. Surplus.
Yr.end.Mar.3113$1,735,697 $741,179 $6,422 $58,104 3512,139 $177,358
Yr.end.Dec.31'11 1,540,038 602,077 66,025 51,027 499,881 117,195
If the business conditions of the country are not disturbed, considerably
increased surplus should be shown from May 1 1913 to May 1 1914. The
recent flood, fortunately, did not seriously affect the property, but reduced
somewhat the gross and net earnings. Such earnings, however, for those
two months exceeded the earnings of 1912.-V. 06. P. 1296.
Dallas Electric Co.-Incorporation.-This company was
incorporated in Maine on May 3 with $7,000,000 of a,uth.
capital stock, presumably as a 're-incorporation of the Dallas
Electric Corporation of New Jersey, a Stone & Webster company, with the same authorized share capital. See "Electric Railway" Section.
Danville Champaign & Decatur By. & Light Co.Offering of Bonds of New Subsidiary of Illinois Traction Co.Merrill, Oldham & Co. are offering at 923/ and int. a block
of "Consolidated and Refunding Collateral Trust" 5% gold
bonds of this holding company, a subsidiary of the Illinois
Gary & Interurban RR.-Finances.-No information
Traction Co.(see map,&c., page 26 of "El. Ry. Section",arid is available as to the rumor that the company contemplates
report, V.96, p. 1222). Dated Mar. 1 1913 and due Mar. 1 making a bond issue. The plan of February last, under which
1938, but redeemable at 104 and in on•any interest date. the consolidation took place provided, in substance:
Interest payable M. & S. in Boston. Par $1,000 c*G7,r*.
(1) The capital stock of the Gary & Intertutan R R. Co. shall be
(with the privilege of increasing the same to $7,500,030) for
Trustee,Boston Safe Deposit & Trust Co. A circular shows: 55,000,000
extensions, betterments, &c. in $100
Captalization.
Capital stock
Bonded debt: Collateral trust 5s (this issue)
Underlying bonds (mortgages closed)
Earnings of Constituent Cos. for Cal. Year 1912.
Gross earnings
Net earnings after taxes)
Interest on this issue and all prior liens
$3,688,000
2,092.000
2,617,000
$1,629,892
$732,220
235,450
shares, and shall consist of $4,030,000
common stock and $1,000,000 6% non-cum. pref. stock, the latter to
share on the same basis with the common stock in any and all dividends
declared in any one year after 6% on the profstock and 4% on the coni.stock.
2. The capital stock ofsaid consolidated co. shall be distributed as follows:
a. To holders of the 4% 20-year coil, trust bonds of Goshen South Bend
& Chic. RR. Co., dated Jan. 11912,issued under trust agreement of Dec. 1
1911, 5100 pref. stock and $100 com, stock of the consolidated company
for each $150of said collateral trust bonds offered for surrender and cancellation and a like amount of stock shall be deposited with the Central Trust
Co. of Ill., as trustee, successor to Western Tr. & Say. Bank, under said
trust agreement of Doc. 1 1911 on account of any of said collateral trust
bonds not so exclianged, sucn stock to be hold as security for said bands
and for the benefit of the holders thereof in the same manner as the trustee
held shares Of Gary & Interurban By. Co., or stock trust certificates therefor.
b. To the owners of all outstanding shares of capital stock of the Gary
& Interurban By. Co. $100 pref. stock and $100 common stock for each
four shares of their stock of the Gary & Interurban By. Co.
c The stockholders of the Valparaiso & North. By., except the Goshen
South Bend & Chic. RR. Co., shall receive $100 common stock for each
four shares of their capital stock of the Valparaiso & North. Hy.
d The stockholders of the Goshen South Bend & Chic. RR. Co. shall
receive $2,602,500 of the corn. stock of the consolidated company.
e $112,500 pref. stock and $75,000 common'stock aro intended to be
issued to reduce the floating debt of the consolidated property.
The total issue of stock outstanding of the consolidated company will
thereupon be $1,000,000 pref. stock and $3,707,800 common stocks.
3. The aggregate indebtedness of the consolidated company, with the
coll, trust bonds of the Goshen South Bend & Chic. RR. Co. retired as
aforesaid, will then be approximately $2,310,000, as follows: Gary & Interurban By. Co., $1,503,000; other companies, $807,000.
"TheGeneraiNlanager and the Superintendent have estimated the net
earnings of the consolidated company for the year 1913 as sufficient to take
care of all interest charges and leave a substantial surplus applicable for
dividends upon its stock. The milegage of the consolidated company will
be approximately 85 miles of street and interurban railway serving the
Hammond,East Chicago, Gary, Valparaiso and La Porto.-V.96, p. 359.
Balance for sinking fund, depreciation and dividends
$406,770
Earnings (calendar years)- 1909.
1911.
1912.
1910.
$1,201,440 $1,365,348 $1,471,783 $1,629,892
Gross earnings
Net earnings
$552,599 $577,488 $684,281 $732,220
The company controls substantially all the electric, gas, street railway
and public heating systems in the Illinois cties of Danville, Decatur,
Champaign and Urbana, which have a combined population, according to
the U. S. Census of 1910,of 79,677 [including, we understand, the Danville
Street By. & Lt. Co., Decatur Ry. & Lt. Co.(V. 92. p. 322), and Urbana
& Champaign Ry., Gas & El. Co.-Ed.l. These public utilities are under
the efficient management of the Illinois Traction Co. and have been in
successful operation for many years. According to appraisal of Messrs.
Stone & Webster, the physical properties have a value of appeoximately
56,789,000, or more than $2,000,000 in excess of the total bonded debt,
Including the bonds herein described. This value includes the ordinary
overhead charges, but is exclusive of franchise values or development costs.
Security for This Issue.-All the stocks and bonds of the constituent companies, excepting only $2,617,000 underlying bonds which mature from
1914 to 1933, and for the payment of which bonds of this issue are reserved.
There is in addition to the $2,617,000 underlying bonds a contingent liability arising from the guaranty by two of the constituent cos. of bonds of
the Danville Urbana & Champaign (interurban) Ry. Co., whose net earnings amply cover its interest requirements. These coll, trust bonds can
be issued only to finance the requirements of the constituent cos., and all
future issues of stocks or bonds by the latter must be pledged under this
collateral trust issue, thus giving it a lien which in practical effect is similar
to that of a refunding mortgage issued directly upon the respective properties. The sinking fund,it is estimated, will retire about 40% of total debt.
Grand Rapids Holland & Chicago (Electric) BY.The total bond ISSI10 is limited to $15,000,000, of which $2,092,000 are
now issuable, $2,617,000 are reserved to retire underlying bonds, and the Change in Control.-Pres. Benjamin S. Hanchett on May 6
balance, $10,291,000, may be issued only for additions and improvements announced the sale of the control of this property to the
to the constituent properties to the extent of80% of the cost thereof, when
annual net earnings are 1% times the interest requirements on all bonds, Commonwealth Power, Ry. & Light Co. (see plan, V. 96,
p. 1296). Mr. Hanchett will continue as Pres.-V.79, p.627
including those then to be issued and the underlying bonds.
Franc/rises-The franchises covering gas, electric and heating extend
Guayaquil & Quito Ry.-Coupons.--It was announced in
with few exceptions many years beyond 1938. The street railway franchises
expire at various dates before that date, the laws of Illinois not permitting; London on or about May 1 that Glyn, Mills, Currie & Co.
long-term franchises, as in the case of lighting companies. As the net earnings from gas, electricity and heating alone are about 1% times the total were prepared to pay coupon 24 (duo Jan. 2 1911) of the 1st
nterest requirements, the franchise situation adequately safeguards the M. 5% gold bonds.
security for the bond issue.
The eighth amortisation of the 6% prior lien mortgage gold bonds took
Population of Cities ITrading and Manufacturing Centres in Rich Agricultural place in London on Jan. 15, the amount to be applied being £8,121. Tenders at £89 17s. 6d. and under were accepted in full and at .C89 18s. 9d. for
Districts Near the Soft-Coal Fields).
Danville. Decatur. Champaign. Urbana. Total. . about 30%. Funds-for the July 1913 interest and sinking fund on.the prior
31,140
12.421
27,871
8,245
79,677 lien bonds,It is understood, are already on deposit in London.-V.96, p. 62.
1910
9,008
5,728
51.844
20,754
16,354
1900
Hagerstown & Frederick (Electric) Ry.-Consolida44%
54%
38%
Increase
70%
50%
lion, &c.-This company was recently incorporated in Maryland April 7 1913 with $3,000,000 of auth. capital stock in
$50 shares, 81,000,000 being 7% cum. prof. p. & d., callable
at par, as a consolidation of the folloi,ving
' companies owning
Decatur (Ill.) Railway & Light Co.-Control.See Danville Champ. & Decatur Ry. & Lt. Co. above.-V.92, p. 322.
in the aggregate 81 miles of trolley track. The basis of
Eastern Texas Traction Co.-Prospectus.--The "Manu- exchange of stock as understood (also the amount of old
•
facturers' Record" of Baltimore on Mar. 27, in its descrip- bonds outstanding at the time of merger) follow:
Due.
Terms of Exch.-. Old Stk. New Corn. New Pf. Bds.Now Out.
tive advertisement section, had a two-page article: including Fred.
11992162
& Hag P.Co4300,000 $300,000
map, regarding the plan for a 91-mile electric railway. Hagerstown Ry___ 380,000 152,000 $228,000 $230000.,000000:66 May 11916
July 1 1924
120,000-5
120,000 120,000
between Dallas and Bonham, Tex., via Greenville, for pas- Hag.&Myersv.Ry_
Feb. 1 1922
Hag.&Boonsb.Ry_ 120,000 120,000
110,000-5
senger, freight and express service. We cite the following:
Hag.& Nor. RR.. 200,000 200,000
0
0 000
%5 zoo
2
10
Danville (Ill.) Street By. & Light Co.-Control.-
See Danville Champaign & Decatur Ry.& Lt. Co. above.-V.76,p.1300.
The line will run from Dallas to Bonham through the cities and towns
of Garland, Rockwall, Fate, Royse, Josephine, Caddo Mills, Greenville
and Wolfe City. Total length, 91 miles, penetrating the cream of the black
lands of Texas, which in density of population is ahead of any other portion
of Texas. Population of the five counties to be traversed, about 400,000.
Construction work well under way; the stretch between Dallas and Garland
about ready for the rails, and construction in progress between Garland and
Greenville, and engineering work between Greenville and Bonham. The
Dallas-Garland section will be completed within a few weeks and the entire
line between Dallas and Greenville probably by Oct. 1. Wooden trestles
are eliminated where possible, and the culverts of any size are concrete.
There will be a concrete viaduct across the Elm Fork of Trinity River,
between Rockwall and Garland, 2,200 ft. in length.
There are about 900 owners of stock in the territory along the line, and
the directors will be leading citizens who own stock. Officers: Pres.,
Forest E. White, Dallas; Active V.-Pres. and Gen. Mge., J. W. Crotty,
Dallas; V.-Pres. and Gen. Counsel, Joseph F. Nichols, Greenville; V.Pres., W. A. Williams, Greenville; Sec., I. A. Miller, Dallas; Treas.,
Ellis Birdsong, Greenville. Compare V. 96, p. 359.
Edmonton Dunvegan & British Columbia Ry.-Debenlure Stock.The London Stock Exchange has listed scrip, fully paid, for a further
issue of £738,356 1st M. 4% deben. stock, 1942,guaranteed by Province of
Alberta, making the total listed £1,438.356.-V. 96, p. 419, 62.
J
M
na
lry. 5
1 1929
6
Myers&CatoctinR-y. 22,500
5,000
17,500
Frederick RR.,com 650,000 518,000 132,000 880,000 (incl.$410,000
collateral)
Pref.stk.6%cum. 170,000
170,000
Fred. Gas & EI.Co. 100,000 100.000
k 181,500-5%
1929
Preferred stock_ 100,000
100,000J
It is proposed to make a mortgage to secure not exceeding 310,000.000
first & refunding mortgage 5% bonds of $1,000 each, of which $3,300,000
will be issued in the near future on account of improvements, new rolling
stock, extension of electric-light and power system, and to refund, It is
supposed, a large part of the old underlying bonds. Allen & Peck, Inc..
engineers and managers of public utilities, Syracuse, are the general managers. The officers are: Pres., Emory L. Coblentz. Frederick, Md.; VicePrest's, Frederick C. Todd and Henry Holzapfel Jr.; Treas., Thomas H.
Ilaller. Frederick, Md.; Sec., Victor M. Cusliwa, Hagerstown, Md.
Helena (Mont.) Light & Railway.-Decision.---
The Montana Supreme Court on Feb. 13, reversing the District Court
in the suit brought by the city, hold that the city had no power to enforce
an ordinance which required the company to light its tracks within the city
limits without cost or expense to the city, and particularly at street intersections. The opinion by Chief Juxtice Brantly quotes at length from
the franchise granted to operate a street car line and also the State law
which, it is held, applies to steam roads only, and requires the "lighting of
any railroad track or route within a city or town the cars of which are propelled by steam or otherwise," and the construction of crossings where the
rack intersects any street, alley or public highway.
MAY 17 1913.]
THE CHRONICLE
It is stated that the franchise might have incorporated other requirements, but in the absence of a specific agreement, the city had no right to
impose any burden other than such as it might impose upon others in the
same position.-V. 91, P. 1095.
Hocking Valley Ry.-4
Extra Dividend.-In addi4%,an extra dividend of
tion to the quarterly dividend of 13
43% has been declared on the $11,000,000 stock ($8,825,800
of which is owned by the Ches. & Ohio), both payable
June 28 to holders of record June 6.
This makes an average of 7% on the corn. stock from Jan. 1910, the present management having obtained control early in that year. Compare
V. 95, P. 680.
Previous Dividend Record (Per Cent.
1913.
1901. '02. '03. '04. 05. '06. '07. 1908 to '11. Dec.'11. '12.
3
7 AMar.1
33.6 4 (J.& J.)
3
3
3
3
3
134
-y. 96. P. 1021.
Illinois Traction Co.-New Subsidiary.-Bonds.See Danv. Champ.& Dec. Ry.& Lt. Co. above.-V.96, p. 1222, 1365.
Joplin & Pittsburgh Ry.-Convertible Debentures Offered.-Cooke, Holtz & Co., Chicago, are offering at par and
int. $300,000 6% gold debentures of 1910, due Apr. 11920,
but convertible after April 1 1915, if not previously called for
redemption (at par and int.) into general mortgage 6% bonds
(closed mortgage), due Apr. 1 1920, the issuance of which was
recently approved by the Missouri and Kansas authorities.
Int. payable A. & 0. at Cont. & Comm. Trust & Savings
Bank of Chicago, trustee. Par $500 and $1,000.
Digest of Letter from Pres. Joseph J. Heim, April 28 1913.
Operates a high-speed electric railway, city and interurban system, in
and between the cities of Joplin. Mo., and Pittsburgh, Kan., via Asbury,
Waco and Carl Junction; also (a) Pittsburgh via Cherokee, Weir city,
Scammon and Mineral to Columbus on the south, and (b) Frontenac, Dunkirk, Radley, Franklin, Arma Croweburg and Mulberry to Girard on the
north; total, 96)i miles of main track, steamirallroad standards, with steel
and concrete bridges, low grades and heavy steel rails, all modern and wellequipped. Owns and operates 3 generating plants operated with steam, substations, repair shops, car barns, &c., and at Joplin purchases hydro-electric
current at low cost under long-term contract. Private right-of-way except in
cities and towns, where company has long-term franchises without burdensome restrictions.
Capitalization March 31 1913Authorized. Outstanding.
Common stock
$5,000,000 $3,300,000
Preferred rights
2.000,000
853.900
Debentures 6% (this issue)
1,050,000
1,050,000
First mortgage 5% bonds
5,000,000
1,750,000
Earnings for 12 Months ending March 31 1912-13.
1911-12. 1912-13.
1911-12. 1912-13.
Gross income_ __ _$479,694 $549,8791Int. on first 5s
$87,500
Net earnings
$198,821 $226,323
do 6% cony. debs
63,000
Balance, surplus
75,823
Interest on these debentures is payable out of the net earnings after providing for oper. expenses and interest on 1st M. bonds above mentioned,
and has always been promptly met. As additional security for these debentures, the company recently authorized, executed and deposited in
escrow with the Chicago Title & Trust Co., Chicago, as depositary a
closed issue of $1,050,000 general mortgage 6% bonds, dated April 11913,
due April 11920. Unless said debentures shall have been previously called
for redemption, the holders thereof have the right to exchange the same for
a like amount of said general mortgage 6% bonds at any time after April 1
1915. The company covenants that it will not permit, upon the property
now owned any mortgage or lien prior to said general mortgage except
that of the 1st M. above mentioned. Under the first mortgage there are
now outstanding $1,750,000 bonds (less than $18,500 per mile of main
track), and additional first mtge. bonds may be issued for not exceeding
80 % of the cost of permanent extensions, enlargements and additions,
provided the annual net earnings are twice the annual interest charge on all
1st M. bonds outstanding, including those proposed to be issued. (Compare V. 90, p. 914.)
The earnings are increasing rapidly and the outlook is morel than satisfactory.-V. 96. 0. 1365.
1423
Michigan & Chicago (Electric) Ry.-New Securities.This company, whose property is expected to form part of
the system of the Commonwealth Power Railway & Light
Co.,when enlarged under the plan outlined May 2(p. 1296),
has been authorized by the Michigan RR. Commission to
increase its capital stock from $3,000,000 to $6,000,000
($1,017,000 for cash) to issue $3,260,000 bonde.to take up
a previously authorized issue, and later, when required, to
issue a further $3,512,500 of bonds for new construction, &c.
A despatch to the Detroit "Free Press" says:
This authorization covers the expense of providing terminals, tracks, &c.,
for the road in Grand Rapids; a hydro-electric power plant on the Manistee
River; an extension of its lines to Otsego and the establishment of terminal
facilities in Allegan. The road is now in process of construction between
Kalamazoo and Grand Rapids. A mortgage for $3,000.000 was filed in
August 1909 to the Chicago Title & Trust Co., as trustee, covering the
then proposed railway between Kalamazoo and Grand Rapids.
Michigan Railways.-Lease-Stock,
See Michigan United Railways below.-V.96, P. 1298.
Michigan United Railways.-Bonds-Lease.-D.Arthur
Bowman & Co., St. Louis, recently offered at the market
price, yielding 532%, $100,000 "first and refunding" gold
5s of 1906, due May 1 1936. "Principal and interest guaranteed" (through lease) by the Michigan United Traction
Co. and the Michigan Railways Co. Outstanding, $7,208,000; reserved for prior liens, $3,079,000, and for future
extensions and additions.
The property of the company was taken over on Jan. 1 1911 under a
999-year lease by the Michigan United Traction Co. (the operating company), incorporated In Michigan with a paid-up capital of $100,000. All
the stock of the Michigan United Traction Co. is owned b/
Dec.h
Michigan
Railways Co., which was organized as a holding company in Me. in
191_,I. V. 94, p. 681 by the banking houses of Hodenpyl, ardy & Co.'of
N. Y. and E. W. Clark & Co. of Philadelphia, and which acts as the colessee of the Michigan United Railways Co. The Michigan Railways Co.
has a capital of $10.000.000, $4,000,000 of which is 6% pref. stock; $2,000,000 of the common stock has been paid in cash and under the terms of the
lease this amount is to be retained in the treasury of the Michigan Railways
Co. During the continuance of this lease the company agrees not to create
any bonds or other obligations that will take precedence over the obligations under the lease, except such as may be issued to defray the actual cash
cost of existing properties which may be subsequently acquired or for the
cost of construction of new properties.
The bonds offered are a 1st M. on 113 miles of city and interurban electric railroad and subject to underlying liens on all the property of Michigan
United Railways Co.consisting of 259.37 miles of electric railway from
Lansing to St. Johns,'Lansing to Owosso and Corunna, Lansing to Jackson,
and the city lines of Lansing, and also on terminal, resort and other property valued at over $1,000,000. These bonds are guaranteed by the Michigan United Traction Co. and Michigan Railways Co., who under the terms
of the 999-year lease agree to pay the interest and principal on the bonds
and the dividends on the stock of the Michigan United Railways Co. See
Commonwealth Power. Railway & Light Co. plan in V. 96, p. 1296.
Earnings of Michigan United Ry. Property Operated by Michigan United
Traction Co. for 12 Months ending Jan. 31 1913.
Gross earnings
$1,680,7531Bond interest
$
Net after taxes
644,171 lBalance, surplus
5
12
19
4.
'8
32
51
0
-V.94, p. 207.
Midland Valley RR.-lst M. Bonds Offered.-Harris,
Forbes & Co.,New York,N. W. Harris & Co., Inc.,oston,
the Harris Trust & Savings Bank, Chicago, and Drexel &
Company, Philadelphia, are placing, at 92and int., yielding
over 5
$4,500,000 of the new 1st M. 5% 30-year gold
bonds, dated April 1 1913 and due April 1 1943, but redeemable as an entire issue at 1023/2 and int. on and after April 1
1916 upon 6 weeks' notice. Interest A. & 0. in N. Y. and
Kansas City Clay County & St. Joseph (Electric) Ry. Phila. Trustee, Girard
Trust Co., Phila. Application, it
-Operation.-The company on May 5 opened for operation is stated, will be made to list
these
its line between Kansas City and'St. Joseph, 52 miles, being Digest of Letter from Pres. Charles E. bonds on N.Y.Stock Exc.
Ingersoll. Phila., May 10 1913.
10 miles shorter than any of the steam lines between the two
Security.--A first mortgage upon all property now owned or hereafter
cities. The line to Excelsior Springs was opened in Jan. last. acquired, including leaseholds, terminals, equipment, &c., being
a first
lien at less than $14,500 per mile on 348 miles of
railroad (being a direct
It is proposed to start hourly passenger service between Kansas City and
St. Joseph. Regular service every hour and a half is maintained to Excel- first mtge. on company's 297 miles and a first collateral lien on the
sior Springs with 4 limited trains extra each way, stopping only at Kansas 51 miles of Wichita & Midland Valley RR. through pledge of all of the $1,
City, Liberty and Excelsior Springs. Arrangements are being made for 025,000 bonds and $460,000 of the $503,300 common stock); also by pledge
of all the bonds and stock of the Sebastian County Coal & Mining Co. upon
express, freight and mail service on both divisions.
Incorporated in Missouri Mar. 23 1911. Of the 86 miles, 79 are on about 18,256 acres of semi-anthracite coal lands, 16,354 acres being owned
private right of way. Stock authorized, $10,000,000; outstanding at last and 1,902 acres leased. Actual cash cost of properties to present owners
accounts, $3,000,000; par $100. Bonds authorized, $10,000,000 first gold is over $12,000,000, these $4,500,000 bonds thus representing less than 38%.
The railroad extends from Wichita, Kan., to Ft. Smith and Hoye,
30-year 5s, dated Sept. 1 1911; outstanding $3,000,000; denomination
31.000(0)Equitable Trust Co. N.Y., and JohnIF.Downing, Kansas City, the centre of the coal-bearing territory of Western Arkansas and Eastern
Ark.'
trustees. Sal3ject to call on dept. 1 1915 or any interest day thereafter Oklahoma, and through its connections (the Rock Island, Santa 1re,
at 105 and int. Sinking fund on Sept. 1 1917 and each Sept. 1 thereafter Mo.Pac.,St. Louis & San Fr., Kansas City Sou. and M.K.& T.) has direct
% of total amount of certified bonds. Pres., W. A. Medill; V.-Pres., outlets to Kansas City, St. Louis, Memphis, New Orleans and Galveston.
G. D. Beardsley, both of Kansas City; Treas., H.J. Pritchard, New York; Owns railroad equipment which cost $2,584,000. Weight of rails, 65 to
75 lbs. Maximum grade,6-10 of 1%. Shops at Muskogee, well equipped.
See., H. M. Beardsley.
Terminal acreage,
acres. The 18,256 acres of land contain over
Kansas City Ry. & Light Co.-Interest Paid Promptly on 110,000,000 tons of300
minable coal, and there is also tributary to the eastern
of line some 45,000 other acres containing about 300,000,000 tons.
Ref. M. 5s.-Further Deposits.-The committee of holders of part
CapitalizationAuthorized, Outstanding
the first lien refunding 5% gold bonds, maturing May 15 Preferred stock
$5,000.000
$4,006,500
1913, announced on May 12 that it had arranged for the pay- Preferred stock
$5.000,000
$4,006,500
stock
16,000,000
4,006,500
ment by the company at the office of the New York Trust- Common
First mortgage bonds, present issue
(see below)
4,500,000
Co., N. Y. City, of the interest due May 15 1913, on certifi Adjust. M. income bonds, interest payable only if earned,
$3,512,500 "A";$2,000,000 "B"
5,512,500
cates of deposit (if presented), as well as on the bonds. For
The authorized issue of 1st M. bonds is $15,000,000. Of the unissued
the present further deposits are being received at said trust bonds, $500,000 are to be issued for improvements and betterments at the
company's option. The remaining $10,000,000 bonds may be issued only
company. Compare V. 96, p. 1021, 1297.
to reimburse the company for 85% of the cash cost of permanent additions,
improvements, extensions and equipment, providing the anLaramie Hahns Peak & Pacific Ry.-Resignation of betterments,
nual net earnings are 134 times the interest on all the outstanding 1st M.
Trustee.-The Guaranty Trust Co. of New York has resigned bonds and those proposed to be issued, unless, in the case of extensions,such
be modified by the bankers.
as trustee under the general mortgage dated June 15 1909. restriction as to earnings
Earnings for Calendar Year 1912.
-V. 96, p. 1365, 1297.
Gross earnings
$1,479,853 Other income
$126,166
56,773
Lorain Ashland & Southern RR.-Consolidation.-An Oper. exp., taxes & rentals 1.242.818 Income coal properties
earnings
Net
$2370351
Total
net
agreement of consolidation of the Lorain Ashland & Southern
income
$419,974
225,000
RR.and the Ashland & Western Ry. under this title has been Annual interest on present $4,500,000 1st M. bonds
Surplus
filed in the office of the Secretary of State of Ohio. Stock
$194.974
1910.
1911.
1912. Increase 4 Yrs.
authorized, $4,500,000. Compare V. 96, p. 1297.
Gross earnings_$91997,965.
0 4 31,348,080 $1,352,607 $1,435.446 over 43%
The freight traffic is unusually well diversified, income during the last
Mexican Railway.-Earnings.various
from
year
classes
fiscal
of
6 mos.end. GrossNet
freight being as follows: Agricultural
Other Deben. Divs. Bal., sur.
Net
products, 17.43; animal products, 6.82; forest products, 7.98; manufacDec 31. (Mez.)
(Sterrg). Income. Int.
(Mex.)
Paid.
or def.
tures, 22.77; merchandise, 16.92; mine products. 26.39; miscellaneous, 1.69;
total,
.
96.
100%
P.
554.
.-V
1012 -4,268,901 2,259,394 370,712 2,564 72,750 160,707 def181
1911_---4,053,091 2,145,287 "219,159 1,148 72,750 148,024 def467
Mine Hill & Schuylkill Haven RR.-Favorable Decision.
Cal. Year1912 -8,715,019 4,693,605 478,697 3,825 145,500 336,914 sur108
See items in "Banking, Financial & Legis. News."-V.96, p. 1365, 1298.
1911 -8.428,468 4.383,163 447,944 3,103 145,500 307,321 def1,774
Nashville (Tenn.) Traction Co.-New Co.-Franchise.-Dividends as above include 4% (4102,164) on the 1st preference stock
for each of the 6 months' periods and 8% (E204,328) for the year; on the Mayor Howse on May 3 signed the ordinance granting the
second preference stock 3% (430,359) for the 6 months' periods
6% Co. the right to lay tracks and operate cars over about 30
(£60,71'7)for each year; on the ordinary stock 1 % (£28,184) for theand
6 mos.
in 1912 and 11-16% (415,501) for the 6 mos. in 1911 and 3 3-16% (571,869) miles of streets and also operate a commercial light4 g
for the calendar year 1912 and 1%% (42,276) in 1911.-V. 91. p. 1026.)
system. The electors will vote on the franchise on Sept. 25.
1424
THE CHRONICLE
[VoL. xcvi.
The franchise is for 40 years, with the option on the part of the city to sion. and when and if the above-mentioned consent of holders of 75% of
purchase the property at any time after 30 years, the company to pay the the 3M % Lake Shore collateral bonds, shall have been obtained, it is incity 3% of the gross revenues. The company was incorporated in Tennessee tended to formulate and to submit to the stockholders, for their conon Dec. 28 last with $500,000 capital stock and is controlled by men inter- sideration, a plan for the consolidation of the New York Central, the Lake
ested in the Detroit United Ry.and local parties. The company will operate Shore and certain other New York Central lines west of Buffalo.
principally on streets not already covered by the Nashville By.& Light Co.
Proposition to Holders of Company's "332% Gold Bonds,
and extend into the suburbs. The incorporators were: Walter 0. Parker
of Nashville; George N. Ilendrie, Russell A. Alger, Henry Ledyard and Lake ,Shore Collateral."—In consideration of their consent to
Muir
Detroit.
of
W.Howie
the consolidation of the New York Central, the
New York Central & Hudson River RR.—New Mortgages—Merger Plan.--The shareholders will vote June 16
on making two mortgages (1) the first covering the present
property and limited to $167,102,400, being just the aggregate amount of the company's outstanding collateral 3s
(secured by pledge of Lake Shore and Michigan Central
shares) and its debenture 4s, the new bonds to be 4 per cents
and issuable only in exchange for said collateral 33's and debenture 4s. (2) A refunding and improvement mortgage(to have a lien on the present property immediately following
the mortgage first mentioned) and on such further properties
as the directors shall decide, to provide for future additions
and improvements, for funding note issues and for general
refunding. The lien of the present 1st M. is to be extended
to cover the lines recently merged.
When the plan so outlined has been carried out, it is proposed to absorb by consolidation the Lake Shore and other
dependencies west of Buffalo.
The official circular dated May 14 says:
on Road Now Owned—Limited to
(I) Proposed New 4% Mortgage
$167.102.400. lssuable Only to Retire Coll. 33is and Deb. 4s.
The board has authorized the execution of a new mortgage covering the
railroad now owned by the railroad company, its leasehold interests in
the New York & Harlem RR., the West Shore RR., the Beech Creek RR.
and the Troy & Greenbush RR., and three-quarters of the stock of the
Hudson River Bridge Co., all subject to the railroad company's 1st M.
dated June 1 1897, to the rights of the N. Y. New Haven & Hartford RR.
Co. between Woodlawn and 42d St., New York, and of the N. Y. Ontario
& Western By. Co. between Cornwall and Weehawken, and, as to their
respective properties, also to the underlying mortgages of such lessor companies and of the Rome Watertown & Ogdensburg RR. Co. and other
companies recently merged into or consolidated with the New York Central,
and to existing trackage contracts.
The indentures under which were issued the railroad company's 3%
Lake Shore collateral bonds ($90,578,400), its Michigan Central collateral
bonds ($19.336,000), its 4% debentures of 1904 ($48,000,000) and its 4%
debentures of 1912 ($9,188,000), provide that if the railroad company shall
place a new mortgage upon its property those bonds and debentures shall
be secured thereunder. In compliance with these provisions, the abovementioned bonds and debentures also will be secured by it.
(a) Proposition to Exchange the Company's Lake Shore Collateral 3Ms Assenting
to Merger for the Same Amount of New 43.
It is proposed to offer to holders of the company's 3M % Lake Shore colwho shall consent to the proposed consolidation of the Lake
bonds
lateral
Shore & Mich. Southern Ry. with the New York Central (the consent of
75% in amount being requisite), and as a consideration for such consent,
the privilege, after such consolidation shall have been consummated, of
(=hanging their 33i% bonds, par for par,for 4% bonds to be issued under
more
and secured by this new mortgage. The railroad company owns
board of
than 90% of the Lake Shore stock, and in the opinion of the
directors a consolidation is desirable in the interest of both companies,
as thereby,the properties may be operated and financed as a unit, and there
may be effected a more equitable division of earnings and expenses.
(b) Liens to be Created by This $167,102,400 Mortgage.
(a) A lien securing 4% bonds issuable only in exchange for and to retire,
par for par, the railroad company's 334% Lake Shore collateral bonds, its
• % Michigan Central collateral bonds and its 4% debentures above mentioned, and securing equally with such 4% bonds such of those debentures
as shall not be exchanged therefor. (b) A, lien prior to the lien of all other
bonds issuable thereunder or secured thereby, securing so many of the
• % Lake Shore collateral bonds and Michigan Central collateral bonds as
from time to time shall not have been exchanged for such 4% bonds, this
provision being made in order to comply with the terms of the indentures
under which such collateral bonds were issued.
It is to be provided that the total amount of bonds which may be issued
under or secured by the proposed new mortgage cannot at any time exceed
$167,102,400—the aggregate of the 334% Lake Shore collateral bonds, the
Michigan Central collaterals and the debentures above mentioned.
Mortgage" to Cover
(2) Proposed "Refunding and improvement
Present Property (Subject to Aforesaid New Mortgage) and
Decide.
Shall
Directors
as
Properties
Such Other
The board also has authorized the execution by the company of a Refunding and Improvement Mortgage (hereinafter for convenience referred to as
the "Improvement Mortgage") to cover the same property and interests
above mentioned and such additional property, if any as the board may determine to include thereunder, but as to the respective properties covered
thereby, to be subordinate to the lien of the first-mentioned mortgage and
of such other mortgages as may be upon any of the additional property.
(a) Purpose to Provide for Improvements and General Refunding.
The company now has under way and in prospect extensive improvements
necessary to enable it properly to care for the constantly increasing business
passing over its railroad. The number of through main tracks is being
increased in some places to six, in others to four, grades are being reduced,
alignments improved,and changes in, and additions, to yards and terminals
are being made, with a view to handling increased traffic at decreased cost
the value of the
The improvements mentioned should add materially to
earnings.
railroad company's property and to the amount of itsissued
to provide, in
Under this improvement mortgage bonds may be
additions; also to
whole or in part, for these and future betterments and to
time for capital
fund short-term notes issued by the company from time
purposes, and to provide for other corporate needs of the company and of
will have
a successor consolidated company. The improvement mortgage
also general refunding features, and will authorize the refunding of bonds
of the New York Central, or of a successor consolidated company, upon
consolidated comits lien being extended to cover the property of such mortgage
will bear
pany. The bonds to be issued under the improvement
to time may fix.
time
from
directors
of
board
the
as
interest
such rates of
(b) Mortgage Not to be Closed—Limitations on Issues Above $500,000,000.
In order to avoid the disadvantages of a closed mortgage, there is to be
no limitation expressed in dollars on the amount of bonds which may be
issued for these purposes; but provision is to be made that, if at any time
the aggregate amount of bonds secured by the improvement mortgage
shall be $500,000,000, no further bonds thereafter shall beissued thereunder,
except for refunding purposes,for more than 80% of the cost of work done
or property acquired and subjected to its lien, nor unless such further issue
shall have been authorized by a majority vote of the stock represented
and which may be voted at a meeting of the stockholders called to consider
the question of such further issue.
(3) Lien of Present 1st Mortgage to be Extended to Include Roads
Recently Merged.
The New York Central's first mortgage of 1897 to secure its bonds to an
amount not exceeding $100,000.000 covers the leases to it of ten railroads,
&
of which six, the Spuyten Duyvil & Port Morris, the Rome Watertown
Ogdensburg (including the Utica & Black River, the Oswego & Rome, the
Niagara Falls Branch and the Carthage Watertown & Sackets Harbor),
&
the Mohawk & Malone, the Carthage & Adirondack, the Gouverneur
Oswegatchle and the New York & Putnam, have recently been merged into
or consolidated with the New York Central. The board also has authorized
the execution of a supplemental mortgage to the Central Trust Co. of N. Y.,
asatrustee, extending the lien of the first mortgage to cover these railroads
brought in by merger or consolidation, so that the lien upon the properties
will take the place of the lien on the leasehold interests.
L (4) Consol. with Lake Shore and Other Lines West of Buffalo.
F When the action of the board of directors as outlined in this circular shall
have been approved by the stockholders and by the Public Service Commis-
Lake Shore
& Michigan Southern Ry. Co. and other of the New York
Central Lines, the company offers holders of these 33's the
privilege of exchanging the same at any time after such consolidation shall have been consummated, par for par, for
said new 4% mortgage bonds, due Feb. 1 1998, c*&r*.
A circular says in substance:
Such holders as desire to avail of this offer will fill out and deliver the enclosed printed form of consent, and, within 30 days after notice by mail so
to do,are to deposit their bonds with either J. P. Morgan & Co., New York;
Morgan, Grenfell & Co., London, or Morgan, Hades & Co., Paris. If, for
any reason, the proposed consolidation shall not be consummated, tho deposited 334% bonds will be returned upon surrender of receipts. Depositors will receive the interest paid on deposited bonds, and no charge will
be made in connection with such deposit. Holders consenting to consolidation will be under no obligation to make such exchange and after such
consolidation they may, if they so elect, recover possession of their 3
bonds, which then will have the mtge. security hereinafter described.
At any time after holders of 75% in amount of all the outstanding 334%
bonds shall have given their consent, this offer may be withdrawn as to such
holders of such bonds as shall not theretofore have given such consent.
Properties to be Under Lien of Proposed $167,102,400 4% Mortgage.
(1) All the railroads now owned by the N. Y..Contral, including all the
railroads recently merged into it, among others the Rome Watertown &
Ogdensburg RR., Utica & Black River RR., Niagara Falls Branch RR.,
Carthage Watertown & Sackets Harbor RR., N. Y. & Putnam BR. and
N. Y. & Ottawa RR.
Subject only (a) to the 1st M. of the N. Y. Central, dated June 11897,
securing bonds to an authorized amount not exceeding $100,000,000, and
(b) as to the respective properties covered thereby, also to the underlying
mortgages upon the railroads so merged with the N. Y. Central and to
existing trackage contracts.
(2) All the leasehold interests of the N.Y.Central in the N. Y.& Harlem
RR. West Shore RR., Beech Creek RR. and Troy &.Greenbush RR.
'
Subject
only to said 1st M.of the N. Y. Central, to the rights of the N. Y.
New Haven & Hartford RR. Co. between Woodlawn and 42d St., N. Y.,
and of the N. Y. Ont.& West. By.Co. between Cornwall and Weehawken,
and, as to the respective properties covered thereby, to the underlying
mortgages of the lessor companies, and to existing trackage contracts.
(3) Three-quarters of the stock of the Hudson River Bridge Co., owning
two bridges at Albany, subject only to the Now York Central's said 1st M.
Bonds Secured by the New $167,102,400 Mortgage—Lien.
(a) The new 4% bonds, payable Feb. 11998, and, equally with them so
many of the N. Y. Central debentures of 1904 and 1912 (now aggregating
$57.188,000) as shall remain unexchanged for said 4% bonds. The 4%
bonds may be issued, par for par, only in exchange for and to retire such
Lake Shore and Mich. Central collateral bonds and the N. Y. Central debentures of 1904 and 1912, such securities aggregating $167,102,400.
(b) By lien prior to the lien of all other bonds issuable thereunder or secured
thereby, so many of such Lake Shore collateral 3A % bonds (total $90,578,400) as may not be exchanged for 4% bonds, and the so-called Michigan
Central collaterals ($19,336.000)•
to Have Lien on
New 4s Given in Exchange for Lake Shore Collateral 3
Lake Shore Road as well as on New York Central.
Following the consolidation of the Lake Shore with the N. Y. Central,
the latter's new 4% bonds to be issued in exchange for the 3;•6% bonds
(Lake Shore collaterals) will be secured further by a mortgage on the railroad now owned by the Lake Shore, which mortgage will secure no other
bonds on an equality with them and will be subordinate only to the mortgages securing the present Lake Shore bonds ($50,000,000 1st M.) and debentures ($100,000,000) and such of these 3As as may not be exchanged.
Thus, the consenting holders of 33 % bonds who avail themselves of the
privilege of exchange now offered will then receive 4% bonds which will be
secured by mortgage lien on the railroads now owned by the New York
Central Co. and the Lake Shore Co.
Thus also, after consolidation shall have been consummated, the unexchanged 33 % bonds will have a mortgage lion prior to that of the 4%
bonds upon the railroads now of the N. Y. Central and of the Lake Shore,
the lien of such unexchanged bonds upon the Lake Shore By. taking the
place of the present lien upon Lake Shore stock.
The N. Y. Cntral will pay the tax which will entitle the collateral bonds,
the debentures and the new 4% bonds to the exemption provided for in the
existing mortgage tax laws of N. Y. State.—V. 96, p. 1365, 1298.
Bill Vetoed.--See New York & Harlem RR. below.—
V. 96, p. 1365, 1298.
New York & Harlem RR.—Bill Vetoed.—Governor Sulzer
on Thursday vetoed,the bill passed by the N. Y. Legislature
at its recent session which was expected to pave the way for
consolidation with the N. Y. Cent. & Hudson River RR.
The bill would permit consolidation upon consent of two-thirds of the
stockholders, but protects the minority holders by granting them the right
of a settlement on the basis of an appraisal to be made by a committee
to be named by the Supreme Court. The N. Y. C.& H. R. RR, does not
hold quite two-thirds of the Harlem stock, more than one-third of the holders having thus far refused to accept the company's offer of $175 per $50
share. The bill, which was of a general nature, was, it is understood,
satisfactory both to the company and the minority stockholders. The Governor objected to a section of the bill which he stated might be construed
so as to permit corporations having 'perpetual franchises to acquire the property of other companies with limited franchises and thereby make tbe latter
perpetual. Corporation lawyers who have studied the bill are said to hold
that the contention is not tenable.—V. 95. P. 10-10.
New York New Haven & Hartford RR.—On 6% Basis.—
A quarterly dividend of 1M% has been declared on the stock,
payable June 30 to holders of record June 7, comparing with
2% quarterly from 1895 to March 1912, inclusive. This
step, which had been generally expected, reduces the annual
rate from 8% to 6%.
1873-1893.
1894.
Dividend Record (Per Cent:)
1895 to March 1913 (inclusive).
Junel4%
913.
9
nergaularmterloylieynolds on May 8
vesifigation.—Attorney-8G
2%
(e
1°Inear
announced that he would at an early date appoint a special
attorney to conduct an investigation for the Department of
Justice into the matters upon which hearings have been going on recently before the Inter-State Commerce Commission.
—V. 96, p. 1365, 1157.
New York Railways.—Veto.—Governor Sulzer on May 15
vetoed the bill making it mandatory to discontinue the
operation of horse cars on the streets of N.Y.City Jan. 11914.
The Governor expressed approval with the object of the bill, but stated
that it was in some respects improperly drawn. The only former horsocar
lines not already provided to be converted is that running on Desbrosses St.
and an application to substitute storage battery cars thereon is pending
before the P. S. Commission.—V. 96, p. 1298, 1157.
Oregon Short Line RR.—Substitution of Collateral.—
The company some time ago, it is stated, substituted,
in place of the $108,000,000 Southern Pacific Co. stock forming part of the collateral under the refunding gold mortgage
MAY
n 1913.]
THE CHRONICLE
of 1904 (under which $45,000,000 have been sold and $55,treasury) the following:
000,000 were held in the Union Pacific
stock'
$4,000,000 N. Y. Central &
$6,170,000 Baltimore & Ohio common
Hudson River RR. stock; $3,306,000 San Pedro Los Angeles & Salt Lake
RR.4% bonds and the $55,000,000 Oregon Short Line refunding 48 of the
same issue theretofore held in the Union Pacific treasury. The collateral
therefore now consists of $7,206,400 Bait.& Ohio pref. stock and $16,425,400
corn. stock, $12,000,000 of N. Y. Central stock, $27,577,000 San Pedro Los
Angeles & Salt Lake 4% bonds and $55,000,000 of Ore. Sh. Line refund.4s.
The company, therefore, holds unpledged in the interest
of the Union Pacific, the entire $126,650,000 of Southern
Pacific Co. stock which the U.S. Supreme Court in its decree
recently directed the former to dispose of.—V.96, p. 136.
Pennsylvania RR.—Warrants.—The warrants entitling
stockholders of record May 5 to subscribe pro rata at par on
or before May 31 for 10% of their holdings in new stock to
an aggregate amount of $45,387,795 were mailed on Tuesday
(V. 96, p. 1089).
Stockholders.—The quarterly dividend to be paid May 31
will, it is announced, be distributed to 78,800 shareholders
(anincrease of 3,308 over the number receiving the February
payment.
are women. The
Of the stockholders, 37,902, or 48.28% of the total
number of stockholders in Pennsylvania is 25,604, or 32.62%; in New
York, 13,417, or 17%; and of the foreign holders, 10,735, or 13.67% of
the total.—V. 96, p. 1298, 1089.
People's Traction Co., Galesburg, 111.—Sold.—
The McKinley Syndicate (which controls the Illinois Traction Co. and
Western Rys. & Light Co.) has purchased the stockholdings of Treasurer
Charles S. Harris, amounting, it is said, to 1,375 out of 1,500 shares.
H.II. Carnahan of Champaign has been elected President.—V.75, p. 1032.
Pittsburgh & Shawmut RR.—Decision.--The Appellate
Division of the Supreme Court last month on an agreed statement of facts held that under the $12,000,000 mtge. of 1909 to
the Central Trust Co. of New York, as trustee, the latter
should be compelled to deliver only 46,639 of the $1,246,247
bonds that had been applied for.
The decision, we are informed, will not be availed of because an equivalent
of bo ds has been delivered under more recent requisitions. The opinion
was iven in the "New York Law Journal" of April 24.—V.96, p. 488, 361.
: ates.-5% Increase Asked.—A committee representing
the Eastern railroads on May 14 made a formal application
to the Inter-State Commerce Commission for a reopening
of the case for an increase of rates which was decided against
the roads in Feb. 1911, and a horizontal increase on both
commodity and class rates. The new rate8 would apply to
all inter-State shipments in the territory north of the Chesapeake & Ohio system and east of the Mississippi River.
See editorial remarks on page 1393 and also on page 1324
in last week's "Chronicle."—V. 96, p. 1229.
Reading Co.—Proposed Suit.—It was announced on May 9
that Attorney-General McReynolds has in preparation a new
suit against the company and its subsidiaries, the Philadelphia & Reading Ry. and the Reading Coal & Iron Co.,
alleging violation of both the Sherman law and the commodities clause of the Inter-State Commerce Act.
The suit will, however,it is stated, not be filed until the decree enforcing
the decision of the U. S. Supreme Court in the Temple Iron Co. case is
entered in the U. S. District Court in Philadelphia, probably in the latter
part of this month. Compare V. 96, p. 1090, 554.
. Seaboard Air Line Ry.—Guaranteed Bonds.—
See Tampa & Gulf Coast RR. below.—V. 96, p. 1157, 864.
Southern Pacific Company.—Sale of Equipment Trust
43s.—The first block of $5,000,000 equipment trust 432%
certificates of a newly authorized issue of $10,120,000 was
offered by Kuhn, Loeb & Co. on May 13 at 98% and int.
for equal amounts of every maturity, yielding slightly below
5% on the investment, and was, it is announced, heavily
oversubscribed within an hour.
from
Dated March 1 1913. Maturing in ten equal annual installments
on any interest
March 1 1914 to March 1 1923, but subject to redemption
date on or after March 1 1918 at 10234%,upon 90 days notice. Certificates
of the Commercial Trust Co. of Phila., trustee. Par $1,000(c8). Principal and interest payable in gold coin without deduction for taxes. Principal represents 90% of the cost of new equipment (see V. 96, p. 1090.)
—V. 96, p. 1229, 1158.
Springfield & Central Illinois Traction Co.—New
Project.—This Illinois corporation, which on May 1 increased
its auth. stock from $20,000 to $20,000,000, has filed a
$20,000,000 mortgage to Chicago Title & Trust Co. and the
Agency Co., Ltd., of London, Eng., as trustees.
The Southern Illinois Traction Co., an allied concern, uth. stock now
$7,500,000, has also filed a, $20,000,000 [mortgage to thea trustees above
named. It is claimed that an English syndicate has agreed to purchase
the bonds.
The road is projected to extend from (a) St. Louis to Terre Haute, via
East St. Louis, Collinsville, Troy, St. Jacob, Highland, Kinmundy Louisville, Newton and Marshall; (b) Springfield to Duquoin via Pawnee, Raymond, Butler, Hillsboro, Greenville, Carlyle, Nashville and Pinckneyville.
The President, Isaac A. Smith, a St. Louis engineer, is in London, where he
went to finance the enterprise. General offices, Pierce Bldg., St. Louis.
1425
The bonds bear the following endorsement: "For value received
Seaboard Air Line Railway hereby guarantees to the lawful holder of the
within bond due and punctual payment by Tampa & Gulf Coast RR.Co.
of the principal and interest thereof in gold coin of the U. S. of America
as therein provided. (Signed for Seaboard Air Line by Vice-President,
witnessed by Secretary.)"
Pres. Charles H. Brown estimates the earnings for the first year after
completion of the 77 miles at $200,000 and the net revenue at $70,000, or
nearly twice the interest charge. The surplus earnings of the Seaboard Air
Line Ry. for the fiscal year ended June 30 1912. after payment of all
fixed charges, were $2,148.924.
Temple & Northwestern Ry.—Sheriff's Sale.—
The property of the company was sold at the Court House in Belton,Tex.,
on May 6 at Sheriff's sale to W. S. McGregor of Temple, Tex., who in
March last acquired control and proposes to extend the road under the ne*
name of Temple Northwestern & Gulf Ry. The property In Bell County
sold for $1,340 and that in Hamilton County for $433. See V. 96, p. 791.
Union Pacific RR.—Southern Pacific Co. Stock a Free
Asset.—See Ore. Short Line RR.above.—V.96, p. 1365, 1230.
United Properties Co. of California.—Trustees Appointed.—On May 7, following the placing of the affairs of
F. M. Smith in the hands of the Mercantile Trust Co. of
San Francisco, as trustee, because of the refusal of the banks
to renew his outstanding notes, aggregating about $7,500,000, this company, in which Mr. Smith is said to own 605
of the $200,000,000 capital stock, was temporarily placed in
charge of the following trustees pending the preparation of
some general plan of financing: Vanderlyn Stow, W. A. Biz:
sell, James K. Moffitt, Gavin McNab (attorney for William
S. Tevis), W.I. Brobeck (attorney for Smith).
Statement Made to Creditors of F. M. Smith by Advisory Committee.
We wish to advise you that F. M. Smith, by a trust agreement dated
May 5 1913, conveyed to the Mercantile Trust Co. of San Francisco all of
his properties, consisting of stocks and bonds of Eastern and California
corporations, and particularly the stock of the Pacific Coast Borax Co.
(V. 95, p. 821), The Realty Syndicate (see "Industrials" V. 93, p. 592) and
the corporations holding the properties formerly owned by the Oakland
Traction Co.(V. 93, p. 871; V. 95, p. 544, 619) and the "Key Route Sustem" [the San Francisco Oakland & San Jose Consol. Ry., which, along.
y the
with the Oakland Rys. and other properties, is controlled'United
Properties Co.—Ed.] The Mercantile Trust Co., under this trust agreement, holds the actual title, but the administration and control of all of
these properties are vested in the undersigned as an advisory committee.
The reason for the above transfer Is to vest in a board of five disinterested
persons the management and control of all of Mr. Smith's interests until
such time as a satisfactory solution of the present situation can be worked
out. Mr. Smith has for some years past financed his very large holdings
upon a temporary basis only by the issuance of secured notes upon shortterm maturities. It is the purpose of the advisory committee to make a
full investigation of Mr. Smith's affairs, with a view, if possible, of arriving
at some general plan of financing whereby all of Mr. Smith's obligations
will be properly protected.
The committee believes that any attempt to realize upon the collateral
sectuites held under Mr.Smith's outstanding obligations will tend adversely
to affect the market for these securities, and that the best way to preserve
their value is to let things remain for the present as they are. [Signed by
Frank B. Anderson, John S. Drum, Mortimer Fleishhacker, W. W. Garthwaite and C.0. G. Miller, advisory committee, with John S. Drum as Sec.
Extracts from "San Francisco Chronicle" of May 8.
Some idea of the immense property holdings which "Borax" Smith was
carrying may be had from the list turned over to the bank and the trustees,
among which are the following: (a) 95% of the stock of the Pacific Coast
Borax Co.', which owns 51% of the stock of the Borax Consolidated of
London, and in which latter corporation Smith personally held 25% of the
stock. From these holdings he was receiving an annual income of approximately $400.000. (6) 95% of the Realty Syndicate, the value of which is
given as $8,000,000. (c)60% of the $200,000,000 stock of the United Properties Co. In addition to this, Smith owned $2,000.000 of stock in banks
and insurance companies and other strong institutions, all of which is
pledged for his personal notes. These notes,amounting to over $7,000,000,
are scattered from the Atlantic to the Pacific and from the Canadian
boundary to the Mexican line.
The financing of the United Properties Co. was done on the piecemeal
plan. The subsidiary companies had over $10,000,000 of bonded debt,
and, owing to Smiths attitude [of preferring to finance with his own and
other notes], no refunding issue was ever made. The Unitcyl Properties
Co. itself has only $2,375,000 of its 1st M. Issue outstanding, of which
$1,500,000 are owned inside the company, while of the debenture bonds less
than $1,000,000 are held outside and $2,275,000 within, of which Tevis and
Hanford hold $1,500,000. These debenture bonds carry no Interest before
1917, and after that share only in earnings. They were exchanged for other
property,and in the open market are quoted at $4 on the $100. The Rollins
$2,500,000 3-year loan [of the Oakland Rys., V. 95, p. 544] was replaced
by a 10-month's loan for $2,500,000, due June 12 1913. Arrangements
have been made to take up this loan.
Will.,m S. Tevis denies that there is any possibility of a dismemberment
of th. United Properties Co. "Our expectation," he says, "is that this
committee will hande the properties in a business-like manner. With the
enormous resources and potential values in these companies, there is every
rezvon to believe that they will now, as in the past, attract the attention
of .trong financial houses, which have been ready to furnish the funds to
pis ble them to be operated on the most economical basis consistent with
go.xl business practice. I have no doubt at all but that the result will be
most happy in Emery respect."
It is stated that on four separate occasions Tevis and Hanford had secured
he foreign capital necessary to finance the large undertakings in the
United Properties Co.,and that each time Smith turned down the proposal,
saying that he could do very well without such assistance. [Subsequently
it was rumored that Mr. Smith had not paid in full for his 60% interest in
the company's stock and had not carried out an alleged agreement to
deliver to the company all of the 75% in the stocks of the companies which
he brought into the combine. See also page 92 of "Electric Railway Seetion.1"—V. 95, p. 1209.
Urbana & Champaign Ry. Gas & El. Co.—Control.—
See Danville Champ.& Decatur By.& Lt. Co.above.—V.76,p.1302.
Virginia Railway & Power Co.—Listed.—The N. Y.
Stock Exchange has listed $500,000 additional refunding M.
Tampa & Gulf Coast RR.—Guaranteed Bonds.—Jas. B. 5% bonds due 1934, making the total listed $11,503,000.
Colgate & Co. and Townsend Scott & Son of Baltimore have
Earnings.—For the nine months ending Mar. 31 1913:
$202,652
$3,630,512 Taxes and licenses
Gross earnings
purchased $750,000 1st M.5% gold bonds of this new com- Net
810,241
$1,816,591 Bond interest
earnings
74,250
pany, guaranteed as to principal and interest by Seaboard Other income
63,149 Rental
Sinking fund
30,090
Air Line Ry, Dated April 1 1913 and due April 1 1953.
$1,879,740 Dividend (pref. and corn.).. 491,229
Total
net
Interest payable A. & 0. in New York and Bait. Auth.,
$271,278
surplus, for the nine months
$5,000,000; outstanding, $750,000. Trustee, Continental Balance,and
loss surplus Mar. 31 1913, $1,178.139.—V. 96, p. 717. 655.
Profit
Trust Co., Baltimore.
lines now
built and under construction
These bonds are a first lien on
aggregating 77 miles, the total amount issued with respect to this mileage
being $750,000, or at the rate of loss than $10,000 a mile.
The railway will connect Tampa with •Belair, St. Petersburg, Tarpon
Springs and Port Richey, Fla., running from a connection with the Tampa
Northern RR., owned by the Seaboard Air Line Ry., through the Pinellas
Peninsula. A50-year trackage agreement giving the Tampa & Gulf Coast
RR. entrance into Tampa and the use of Tampa terminals, has been made
with the Tampa Northern RR. Co., and this agreement is subject to the
lien of these bonds.
The remaining bonds can be issued only for extensions or branches t
$12,000 of bonds per mile of main track, or, in the case net earnings for a
times the interest on all bonds outpreceding year shall have shown 1
standing, then and in that event additional bonds may be issued subject
to the limitation that, when added to all bonds outstanding, the total of
bonds issued shall not sassed $17,500 per mile of main track.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Alabama Co any.—Payment.—
A dividend of 50% has been paid to the unsecured creditors of the
predecessor company, the Alabama Consolidated Coal & Iron Co., the
remainder to be paid in August. Operations are said to be progressing
in a satisfactory manner. The Clifton furnace output of the company sells
at $1 above the usual Alabama pig iron.—V. 96. p. 1366. 1158.
American Agricultural Chemical Co.—Fires.—
The plants at Baltimore and Buffalo were recently destroyed by flee.
—V. 95, p. 681.
1426
THE CHRONICLE
[VOL.. xcvi.
American Tobacco Co.-Suit Dismissed.-Judge Mayer said pref. stock and the cancellation of $12,500 thereof anin the U. S. District Court on May 15 denied the application nually (callable at 110 and div.) and the outstanding balance
made by Otto S. Jonas, an independent tobacco dealer, to on Apr. 1 1933, or the entire amount at 110 upon dissolution.
have the disintregration plan approved by the U. S. Circuit Digest of Letter from S. T. Morgan (Pres. of Virginia-Caro. Chem.Co.)
Organized in Maine on March 19 1913 with an auth. capital stock of
Court of Appeals set aside on the ground that it was not
and has acquired desirable property at Carteret, Middlesex
drawn in accordance with the decree of the U. S. Supreme $1,150,000,
Co., N. J., fronting on Staten Island Sound, where it proposes to erect a
modern fertilizing plant, the sale of the pref. stock providing for this and
Court dissolving the trust.
for working capital. The Va.-Caro. Chemical Co. owns
and agrees to hold
The complainant claimed that he had suffered damages to his business
from the connection formerly existing between the Metropolitan Tobacco the entire present issue of $100,000 common stock and any shares thereof
Co and the old American Tobacco Co. The Court held that it could not subsequently acquired, so long as any of the pref. stock is out. No bonds.
consent
of
Without
75% of the outstanding pref. stock voting at a meetreview the decision of a higher court and sustained the objections interposed
bx the American Tobacco and United Cigar Stores companies.-V. 96, ing duly called, the corporation cannot: (1) Authorize any additional,or
prior, pref. or (2) create any mortgage (but this shall not prevent purchasep. 787, 421.
money mortgages or the acquisition of properties subject to mortgages or
Baltic Mining Co.-Earnings.--the pledging of accounts receiv., securities, warehouse certificates, &c., as
Calendar
Copper
Int.
Mining Taxes Divs. Bal., Sur. collateral in the regular course of business); (3)consolidate with any other
Total
corporation, or (4) sell all or substantially all of its properties. On other
4t
Year- Receipts. Recd. Receipts. Profits. & Int. Paid.
or Def.
matters the pref. shareholders will have no voting power (though entitled
$
1912
2,160,313 5,037 2,165,350 758,671 61,276 700,000 def. 2,605 to attend all stockholders' meetings), except that during any default in
1911
1,927,036 ____ 1,927,306 593,483 63,268 500,000 sur.30,215 the prompt payment of pref. dividends on shares as aforesaid, or otherwise,
the pref.stock may be voted to the same extent as any other stock. TransTotal surplus Dec. 31 1912 was $306,107.
fer agent and registrar, New York Trust Co.
Beloit (Wis.) Water, Gas &'Electric
The Va.-Caro. Chemical Co. unconditionally guarantees the punctual
Judge Spiegel in the Superior Court at Cincinnati on May 8 awarded judg- performance of all the covenants of the pref. stock by an agreement dated
ment to the Union Savings Bank & Trust Co. in the suit brought by Philip Apr. 11913, an original of which is filed with the N. Y. Trust Co.,and said
S. Briggs for an accounting in respect of a large block of stock turned over guaranty and a reference to said agreement are endorsed by the guarantor
to the company in 1906 and which the company, it is held, owns outright. on each pref. certificate. In case the Va.-Caro. Chemical Co. shall fail
to perform any of the provisions of the guaranty within 90 days after notice
The Union Trust Co. is also the mortgage trustee.-V.95, P. 113.
of default, it shall be under obligation to purchase on demand any and all
Booth Fisheries Co.-Earnings.pref. shares then outstanding at 110% and accrued dividends, and such
The net earnings for the quarter ending Mar. 31 1913, after deducting obligation shall be a claim upon its surplus net earnings and assets ahead
interest on bills payable, taxes, insurance, replacement and repairs, were of its own $20,000,000 pref. and $27,984,400 common shares. Said comlast
quarter
the
corresponding
year.
$202,958, agst. $65,399 for
-V. 96. pany also has the option to purchase on any dividend date on 30 days' notice
p. 655. 650.
In writing any of the pref. stock at 110 and div.(compare V.95, p. 360,39).
British-American Tobacco Co., Ltd.-New Stock.-All
shareholders are offered the privilege of subscribing at par
(£1 a share) on or before May 22 for £1,000,000 additional
5% cum. pref. shares (pref. p. & d.), subscriptions to be paid
is. (or 24 cts.) on application, 9s. June 30 and 10s. Aug.31.
Digest of Letter from Sec. A. M. Rickards, London, May 15 1913.
To provide additional capital to meet the constantly increasing business,
as well as the requirements for further extensions thereof, the directors
offer to the shareholders at par one million additional pref. shares,ranking
part passu with the issued pref. shares. The authorized pref. share capital
Is £4,500,000 in shares of £1 each, of which £2,100,000 have already been
issued. The present issue will therefore bring up the total issued pref.
shares to £3,100,000.' There are no debentures or bonds.
Statement of Profits Made and Divs. Paid on Ordinary Shares-Sept.30 Years.
1909-10.
1910-11.
1911-12.
1904-05. 1906-07.
Audited profits_ _ _ Z711,483 £1,031,325 £1,358,384 £1,655,880 £1,981,159
26;4%
Div. on ord. shares 12%
23%
31%
37%%
The profits for the six months ended March 31 1913 show a satisfactory
increase upon the profits for the corresponding 6 months in 1911-12.
Applications for shares should be made upon the accompanying forms
at the Nat. Provincial Bank of England, Ltd., London, or at Lloyds,
Bank, Ltd., London, or any branch of either, or at Guaranty Trust Co. in
New York or London or Farmers' Loan & Trust Co., New York or London.
Where no allotment is made, the deposit will be returned in full, and where
the amount allotted is less than the amount applied for the balance will be
applied towards the June 30 installment. A brokerage of 1%d. per share
will be paid on all shares allotted to shareholders in respect of applications
made on forms bearing a broker's stamp.-V.95, p. 1743.
Brooklyn Union Gas Co.-Extra Dividend of 1%.
An extra dividend of 1% has been declared in addition to the regular
13 % quarterly, payable July 1 to holders of record June 14.
In Jan. and July 1912 and Jan. 1913 similar extra dividends were paid on
account of the 9%% difference between distributions made and an average
of 6% yearly since 1906. Compare V. 94, p. 1451; V. 95, p. 1333.
Previous Dividend Record Since 1900 (Per Cent).
1901-03. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912.
6
6
8 yearly. 9%
8%
3
0
6
8
53-1
-V. 96, p. 1366.
Consolidation Coal Co., Baltimore.-Listed.-The New
York Stock Exchange has authorized $6,190,500 stock to be
added to the list on notice of issuance in exchange for 10year 6% convertible secured bonds, due 1923, making the
total authorized to be listed $31,190,500.
Earnings.-For two months ending Feb. 28 1913:
Earnings (all sources)_ _ _42,368,102 Deduct-Bond interest
Open. exp., taxes & insur_ 1,794,037 Sinking funds
Depreciation
57,124 Net income
Net
516,941
$183,508
45,122
288,310
• Ally.-See Elk Horn Fuel Co. below.-V. 96, p. 1016.
Cumberland Pipe Line Co.-Report, &c.-
Pros. Towle says: "There is pending before the Inter-State Commerce
Commission a proceeding involving the rates of this and other pipe line
companies. No one can forecast the order that may be made in that proceeding, or its effect upon oil revenue.'
The gross profits for the year ending Dec. 31 1912 were $88,982; dividends (6%), $60,002. balance, surplus, $28,980.
Balance Sheet Dec. 31 1912 (Total Each Side, $1,277,102).
$1,165,887 Capital stock
Plant
$1,000,000
39,318 Accounts payable
Accounts receivable
25,701
Cash
71,896 Depreciation reserve
99,636
Profit and loss
151,765
-V. 95, p. 1334.
Davenport (Iowa) Locomotive Works.-Bonds.-Julius
Christensen, Philadelphia, is offering at 983i and int.
$400,000 6% gold s. Id. bonds dated April 1 1913 and due
April 1 1943, but callable at 105 and int. on any interest
•
date. Par $500 and $1,000.
All of these $400.000 bonds or their proceeds must be held by the trustee
until the $250,000 old bonds are retired, making this issue a first lien.
These bonds will also reimburse the company for expenditures on the new
plant completed in 1910. Capitalization:
1st M.6% bonds auth., $1,000,000; outstanding, this issue
$400,000
Reserved for 75% of cost of future additions under rigid
• Canadian Cottons, Ltd.-Earnings.restrictions
$600,000
Balance, Pref. stock auth. $300,000; outstanding
Bond Pf. Dies. ReNet
Other
Total
Mar 31.
91,500 •
Pro.s. Income. Interest. (6%). serves. Surplus. Common stock auth. $1,000,000; outstanding
Year- Sales.
510,000
Incorp. In Iowa, succeeding to business of the W. W. Whitehead Co.
1912-13 34,407,164 $481,503 $167,008 $207,500 $215,797 $20,000 $205,213
174,477 be un in 1903. Assets (appraised) Dec. 31 1912, not incl. good-will,
1911-12 3,859,801 434,000 155,977 201,000 214,500
$&.;9,142. Net earnings in 1912 after deducting $32,296 for deproc. and
--N. 95, p. 1544.
taxes, $60,408. Pres., E. S. Johnson.-V. 89, p. 228.
Casein Co. of America.-Earnings.Davison Chemical Co., Baltimore.-Pref. Stock.-Pros.
Expenses,
Preferred
Reels from
Calendar
Balance,
Sub. Cos. Deprec.,&c.
Dividends.
YearSur. or Def. C. Wilbur Miller has made the following statement:
(4
%
$36,306
)$40
,000
1912
$36,356
def.$39,500
son the further development of this company it has seemed wise to make
42,309
(8%) 80,000
122,764
1911
sur.
455 provisions for financing for some time ahead. For this reason there has
-V.95, p. 45.
been authorized an issue of 7% (cumulative) convertible pref. stock to
amount of $1,500,000, and arrangements have been made with Robert
Chesapeake & Albemarle Canal Co, (formerly Albe- the
Garrett & Sons of Baltimore to purchase $600,000 of this amount at the
marle & Chesapeake Canal Co.).-Canal Sold to U. S. proper time. The company proposes to take up certain new lines of development which should greatly increase its profits, but it will take some
Government-Partial Liquidation.-The voting trustees, James time
to perfect such ialans, and none of the stock will be offerd for sale
M. Edwards, Robert L. Harrison and Orme Wilson, in cir- until the plans are fully worked out. Compare V. 94, P. 829.
cular dated at New York, May 12, say in substance:
The company has consummated the sale of its canal and appurtenant
property to the U. S. of America for $500,000 and has received the purchase
money. The remaining property consists of about 4.000 acres of timber
land in Norfolk County, Va., the title to which is in litigation. The company has contracted to convey to the U. S., without additional consideration, about 1,000 acres of this land as soon as its title is established. The
company has no debts for which reserve has not been made in cash. The
present capital stock is $550,000, divided into $300,000 pref.and $250,000
common (all in shares of $100 each).
In order to distribute $450,000 of the money received from the U. S., the
stockholders on May 5 1913 voted that the entire pref. stock be retired at
par and accrued dividend, and that the common stock be reduced to
$100,000. All stockholders, therefore, are notified to surrender their certificates to William Byrd, Asst. Sec., at 59 Wall St., and receive as of
May 15 par and accrued dividend on the pref. stock, par on 60% of the
common stock and a new certificate of reduced common capital stock for
40% of their holdings of common shares. The directors have declared a
dividend of 31 87% per share on the pref.stock,covering the period from
San. 1 1913 to May 15 1913. [The canal was opened to navigation, free
of toll, May 1, when control of it was taken over by the Federal Government. The Government, it is said, expects to expend $1,000,000 improving the canal, which will be used largely by torpedo boats and other
small vessels.-V.91, p. 1771.
Easton (Pa.) Light & Fuel Co.-Purchase.Samuel R. Kirkpatrick & Co. of Philadelphia have purchased all of the
company's securities and intend to make extensive improvements. The
officers of the new company are: Pres., Frederick H. Treat; Samuel Kirkpatrick, Sec. and Treas., both of Philadelphia.-V. 00, p. 0000.
Electric Properties Co., New York.-Plan of May 7
1913.-The shareholders are asked,before June 1,to deposit
their stock certificates with the Eq. Trust Co., 37 Wall St.,
as depositary under the following planothich has received the
unanimous approval of the directors:
Exch. of Old Securitiesfor New- Now Out. New Issues. Basis Exchange.
rs
e.
sh
daiv
orm.
eccfu
rra
Five-year 6% red. scrip
s
Fhoa
Pref.stock 6% cum.(pf. p.& d.) $3,920,200 34
,9
42
10
1,2
50
30
3
6% scrip,$ for 3.
Accum.div.Feb.1'10 to Apr.30'12 411,533
do do year end. Apr.30'13- 208,981 To be paid in full in cash.
Common
6,000,000 4,000,000 3 shares for 2.
st
io
scr
cketion of the committee the readjustment may be effected by
thoend
reincorporation, in which event the authorized stock issues shall be $4,000,000 each instead of 36,000,000 each as at present. If, however, the new
company be organized under the laws of N. Y. State, its common stock
may,in the committee's discretion, be created without a par value, in which
case such common stock shall consist of 40,000 shares. If the company be
Colorado Fuel & Iron Co.-Settlement.reincorporated, notes of the new company will be issued in lieu of scrip of
The company has arranged to settle the litigation brought by the U. S. the existing company. The plan is to be carried out by a committee, conGovernment to recover 5,800 acres of land in Las Animas County on the sisting of John F. Wallace, Henry R. Hayes and Albert M. Chambers,
basis of the return of 60% of the land in controversy, or 3,480 acres (V. 92, which will act without compensation or charge against the depositors.
p. 598). The land was originally filed as forest land and later turned over
Statement from Secretary John Seeger, N. V., MaY 8 1913.
to the company. Representatives of the Government claim that the lands Condensed
On July_ 1 1912 a syndicate composed of Wm. Morris Imbrie & Co.,
involved are worth $1,000,000, but those of the company state that their
Stone & Webster, Westinghouse El. & Mfg. Co. and the Equitable Trust
value is not over 350.000.-V. 96. p. 491.
Co. of N. Y. acquired a controlling interest in the stock and became directly interested in the management. In view of the plans of the new interColumbia Gas & Electric Co.-New Director.eats for the expansion of the business of Electric Properties Co. and of
William P. Phillips of J. & W. Seligman & Co. of New York has been
elected a director to succeed G. H. Worthington of Cleveland.-V. 96, Westinghouse, Church, Kerr & Co. (entire capital stock owned by the
Properties
Company), the executive committee has recently made an app. 1210, 1125.
praisal of the assets of the two companies, with the result that the book
Consumers' Chemical Corporation.-Guar. Pref. Stock. valuations have been reduced in the aggregate 31,357,205.
The combined net earnings of the two companies for the 12 months ended
-Hallgarten & Co. and Blair & Co., New York, are placing April
1 1913 were $455,034, as against $155,000 for the 12 months ended
privately, at 105 and div., the total auth. $500,000 7% cum. April 11912,
and the combined net earnings from July 1 1912 up to April 1
were at the rate of $515,000 per annum, the net earnings for the 0
pref. stock (pref. p. & d., dividends A.& 0.) of this now sub- 1913
months ended April 1 1913 being 3386,080, as compared with $148,000 for
sidiary of the Virginia-Carolina Chemical
hich, by the 9 months 1911-12. Westinghouse, Church, Kerr & Co. has a large
Co.,i% divs. on amount of profitable business on hand.
endorsement, unconditionally guarantees the
MAY 171913.]
THE CHRONICLE
Consol. Bal. Sheet of the Two Cos., Assuming Consummation of Readjustment.
Liabilities ($10,233,617)Assets ($10,233,617)$3,920,200
$380,871 Preferred stock
Cash
2,346,534 Common stock
4,000,000
Securities owned
1,371,195 Taxes accrued
4,351
Accounts receivable
1,858,084 Notes payable
900,000
Notes receivable
4,250,000 Accounts payable
404,105
W. C., K.& Co
22,175 Five-year 6% scrip.. _
411,533
Furniture and equipment..
108 Pf. divs. yr. end.Apr.30'13 208,981
Materials in stock
4,650 Surplus
384,445
Erection tools
(Notes receivable of $1,200,000 will be payable on the consummation on
July 1 1913 of the arrangements entered into in connection with the acquisition by Westinghouse, Church, Kerr & Co. of the stock of the Electric
Properties Co. held by the Westinghouse Machine Co. and the sale of such
stock holdings to the syndicate.
In addition to $1,357,205, previously written off from the book value of
the assets of the two companies,the book value of the item "W.C.IC. &
Co." has been reduced from $5,000,000 to $4,250,000J
Assuming that the combined net earnings continue at only the same rate
as for the period since April 11912, the income should be sufficient to pay
the full current pref. dividends and the interest on the new 5-year 6% scrip,
and leave earnings equivalent to 4.876% upon the reduced common stock.
-V. 95, p. 238, 113.
142'7
Eureka Pipe Line Co.-Report, &c.The profits for the year ending Dec. 31 1912 were $2,618,389; dividends paid (30%), $1,499,989; balance, surplus, $1,118,400.
Balance Sheet Dec. 31 1912 (Total Each Side, $10,904,145)•
$5,000,000
Plant
$9,358,283 Capital stock
322,091
Other investments
585,563 Accounts payable
712,927
Accounts receivable
340,558 Reserves
4,869,127
619,741 Profit and loss
Cash
-V. 94. p. 985.
Galena-Signal Oil Co.-Balance Sheet.Balance Sheet Dec. 31 1912 (total each side $16,653,237)•
Preferred stock
Plants, contracts and
$9.111,583 Common stock
trade-marks
Merchandise, per invent'y 1,342,873 Accounts payable
Accts. & notes receivable_ 4,906,313 Surplus
1,292,468
Cash
-V. 96, p. 865, 205.
$2,000,000
8.000,000
1,771,228
4,882,009
General Chemical Co.-Listed.-The New York Stock
Exchange has authorized to be listed $498,300 additional
stock on notice of Issuance in payment for the $332,200
stock of the Pulaski Mining Co. not owned by the
Elk Horn Fuel Co.-Offering of let M. Convertible Gold minority Chemical
Co.
Notes.-Federal Utilities (Inc.) and Guaranty Trust Co. General
The Pulaski Mining Co. was incorp. in N.J. Nov.29 1902 and is engaged
of New York and Fidelity Trust Co. and Mercantile Trust in manufacturing sulphuric acid and iron products at Pulaski, Va. Cap.
issued, $1,250,000 in $100 shares. Owns entire $130.000 stock of
& Deposit Co. of Baltimore are offering,at 933/i and int., stock
Virginia Mining Co., owner of 3,000 acres of mining land in Carroll Co.. Va.
yielding over 63/2%, the total issue of $4,000,000 1st M. Pulaski Mining Co.1909.
1908.
1910.
1912.
1911.
Net earnings
$236,782 $117,301 $86,595 $95,161 $80,382
5% 5-year convertible gold notes, dated May 1 1913 and due Dividends
56,000
paid
76,000
60,000
56,000
94.823
May 11918, but redeemable at option of company (in whole
Earnings.-For 3 months ending March 31 1913:
or in part by lot) on any interest date upon 60 days' notice Net profits
$616,029 Common dividend (1 %)$147,640
Deduct-Fire ins. reserve_ _ _ 15,000 Chgd. off plant & inv. swot_
4,518
at 105 and int. Convertible at option of holders after Nov. 1 Pref.
dividend (13i %)
200,920 Balance, surplus
$247,951
1913 and until Feb. 1 1918, or until 30 days before redempTotal surplus March 31 1913, $4,995,320.-V. 96, p. 556, 418.
tion, into Consolidation Coal Co. stock at par for notes and
General Electric Co.-New Directors.-I. S. Reeler
105 for stock, with cash adjust. of int. and div. Par $1,000 (Assistant Secretary) and C. P. Moore have been elected
and $5000. Interest M. & N. Prin. and int. payable directors to succeed J. P. Morgan and J. P. Ord, both dewithout deduction for any tax. Penn. State tax refunded. ceased.-V.96, p. 1303, 1293.
Y., trustee.
Guar. Trust Co. of N.
Independent Brewing Co. of Pittsburgh.-Dividends.
At the offered price the right of conversion is virtually a 5-year call on
the Consolidation Coal Co. stock, receiving the issue at about 984.
Digest of Letter from Pres. C. W. Watson, Fairmont, W. Va., May 7'13
Capitalization, All Outstanding (company incorp. in W. Va. in Feb. 1913).
Stock ($7,000,000 is 5% cumulative pref. stock)
$26,000,000
First mtge. 5-year 5% convertible notes (closed issue)
4,000,000
The books show a surplus of over $1,000,000, incl. over $500,000 cash.
Security for these Notes, a Direct Obligation of the Company.
(1) Direct first mortgage on land in fee and mineral fights (a)
184,829 acres in the Elkhorn region in Eastern Ky., practically all in "Elkhorn coking coal field," and (b) 14,650 acres
in Randolph and Upshur counties, W.Va.(known as the Rich
Mountain properties), now under operation; total
199,479 acres
(2) Capital stock of Beaver Creek Consol. Coal Co., out of •
15,758 shrs.
55,150 shares outstanding
Said company owns in the Elkhorn coking field, free from
all encumbrances,about 50,000 acres of land in fee or mineral
and mineral rights, all of which the Elk Horn Fuel Co. has the
right to purchase at $60 per acre prior to April 30 1918, free
of taxes or other expenses in the meantime.
(3) Entire capital stock of Mineral Fuel Co., an operating company owning 4,500 acres in the Elkhorn coking coal field, and
having an outstanding bond issue of $1,200,000, of which
$800,000 is reserved for development purposes. Cap. stock..12,000 shrs.
(4) $4,400,000 stock of Consolidation Coal Co., market value
44,000 shrs.
over $4,000,000, paying dividends of 6% per annum
The company also owns 1,800 shares of an issue of 1,036 shares of the
in fee or
of
land
Tennis Coal Co., which owns approximately 49,200 acres
mineral and mineral rights in Leslie, Perry, Harlan and Knott counties, Ky.
these lands being worth probably over $700,000.
Revenue.-Estimate for first year of its operation, $303,000, viz.: Dividends at rate of 6% on $4,400,000 Consol. Coal Co. stock, $264,000;
earnings from Mineral Fuel Co., the Rich Mtn. properties, and certain
leases now in force upon other properties subject to the mtge., 339,000.
The Mineral Fuel Company will continue to operate its property, but
the remaining properties it is proposed to lease to reputable lessees, thus
obviating large capital expenditures. Applications for leases are pending
and satisfactory guaranty has been furnished that there will be procured
leases to responsible operators, satisfactory to the mortgage trustee, covering not less than 20,000 acres of the coal land, requiring a minimum annual
production of not less than 2,000,000 net tons and a minimum royalty of
10 cts. per ton, beginning not later than April 11915;thus providing an additional income of not less than $200,000 per annum from April 1 1915;
also considerable income during 1914.
Properties.-The land owned and under option is in my judgment, about
60% of the Elkhorn coking coal field, and lies principally to the north of
the recent development in the same field by the Consol. Coal Co., being
mainly in the watersheds between the Kentucky and Big Sandy rivers
and north along Beaver Creek and other tributaries of Big Sandy, Kentucky
and Licking rivers. The lands to the extent of 75 or 80% are underlaid
by the Elkhorn seam, which produces the highest grade of coking, gasproducing, open-hearth malleable and by-product coal, and they should
yield an aver. of 5,500 net tons per acre,the seams being from 4 to8 ft. thick.
Analysis, being, it is Believed, the Average Quality for Entire Region.
Volatile.
Fixed Carbon.
Ash.
Sulphur.
Phosphorus.
Moisture.
.004
35.00
4.00
.175
59.00
2.00
The views expressed above as to the character and value of the coal are
fully borne out by the reports of Edward V. d'Invilliers and Frank Haas,
and are endorsed by J. C. C. Mayo and George W. Fleming. Messrs.
Haas, Mayo and Fleming place a value at forced sale in excess of $15,000,000 on all of the property of the company (exclusive of the stock of the Consolidation Coal Co. owned by it), while in my own opinion the property
owned in fee and mineral rights, upon which the mortgage is a direct first
lien, alone largely exceeds $10,000,000. The coal is in large demand for
gas-producing plants, by-product and coke ovens, malleable iron furnaces,
&c., and I predict that within a few years there will be an additional demand for 10,000,000 tons thereof annually.
Railroad Facilities.-This field, hitherto without railroads, now enjoys
special advantages. The L.& N. is operating . through the land of the
Mineral Fuel Co. and is providing 5,000 steel cars for its service. The
0. & 0. is building a 22-mile branch up the right fork of Beaver Creek
(completion guaranteed by Jan. 1 1914), and has agreed to build further
extensions up Mud Creek. The B. & 0. has purchased surveys (a) up the
left fork of Beaver Creek and will begin construction at once;(b) the Rockcastle survey up Shelby Creek. The Carolina (Jlinchfield & Ohio RR. line
npo
nronnnCitj is expected to be in
orfalk
an
)
d
now building between Dare, Valm
withina year, giving
connection stoi Atlantic
ernotrntrsy
.
operation
xien nree
f4 by these railroads nthis
made and
aggregate $55,000,000.
Consolidation Coal Co.-! regard the $4,400,000 of stock of the Consolidation Coal Co. alone as ample security for the $4,000,000 issue of notes.
Said company is now producing at the rate of upwards of 12,000,000 tons
Per annum, and last year earned over 10% on its $25,000,000 of stock; it
owns a majority of the stock of Metropolitan Coal Co. of Mass., which
sells about 1,000,000 tons of coal annually in Boston, and a majority of the
stock of the Northwestern Fuel Co. of -Wisconsin, which distributes over
3,000,000 tons annually. (See also V. 96, p. 1016, 792; V. 92, p. 464.)
Management.-The officers and directors, who are heavily interested in
the property, include: Pres. C. W. Watson, Fairmont, W. Va.(Chairman
of the Board Consolidation Coal Co.); V.-Presidents, J. C. C. Mayo,
Paintsville, Ky.,J. N.Camden, Versailles, Ky., George A. Baird, Chicago,
and George W. Fleming, Baltimore; Treas. S. D. Camden, Parkersburg,
W. Va.; Sec., J. W. M. Stewart, Ashland, Ky.; W. A. Ohley, Charleston,
W. Va.; J. A. Clark and 0. S. McKinney, Fairmont, W. Va.; C. T. Williams and J. C. Fenhagen, Baltimore; John E. Bucking.ham, Paintsville,
Ky.; Edward Cornell and A. E. Nusbaum, N. Y J. T. Davis, Cincinnati.
It is intended to add representatives of well-known banking interests.
The usual quarterly dividend of 14% has been declared on the 33,965,150 7% cum. pref. stock, payable May 31, also an extra dividend of
M of 1% on account of accumulated dividends thereon, reducing the
amount of the latter to 263(.-V.95, p. 1401.
International Smelting & Refining Co.-Earnings.1909.
1911.
1910.
1912.
Cal. Year$1,002,191
$1,235,713
$1,219,037
$1,106,047
Net income
Dividends
(8%)800,000 (8%)800,000 (8%)800,000 (3%)300,000
4
.
91$
9.
4 p. 1564.
935,713
02v
Balance, surp__ $306,047$$2
nos.These results include the income of subsidiary
Keystone Telephone Co., Phila.-New Voting Trust.Over a majority of the outstanding common stock ($5,000,000) having
consented, the voting trust which expired last year has been renewed. The
new trust certificates will shortly be listed in Philadelphia. • Compare
V. 95, p. 300.-V. 96, D. 139.
Kings County Electric Light & Power Co.-Listed.The New York Stock Exchange has authorized to be listed
$543,000 6% convertible debenture bonds due 1925, with
authority to add $1,957,000 on notice of issuance in exchange
for temporary receipts, making the total amount to be listed
$2,500,000 (V. 95, p. 1687).-V. 96, p. 1367, 656, 649.
Kinloch Long Distance Telephone Co. of Missouri.Deprec'n Miscell. Balance,
Bond
Calendar
Gross
Net (after
Earnings. Taxes, &c.). Interest. Reserve. Reserves. Surplus.
Year1912
31,509.763 $764,755 $286,232 $181,243 $5,600 $291,680
279,444
180,000 8,400
1911
1,448,273
739,731
271,887
Dividends at the rate of 6% per annum on the $2,800,000 capital stock
outstanding call for 3168.000 yearly.-V.94, p. 1122.
(S. S.) Kresge & 00.-Sales.
Increase
1913-April-1912.
Increase.1 1913-4 Mos.-1912.
$821,123
$828,067
$991,052
3169,929133,556,716 $2,728,649
-V 96, p. 1159, 946.
Michigan Lake Superior Power Co.-Plan Effective.The 1st M.bondholders'comm.,John Pitcairn, Phila., Chair.,announces
that no dissents were filed to the plan of reorganization, and the plan, including the agreement with the Union Carbide Co., has, therefore, become
effective. The mortgage will be foreclosed with all possible dispatch.
See plan, V. 96, p. 1159.
Mineral Fuel Co.-Underlying Bonds.See Elk Horn Fuel Co. above.
Montreal Light, Heat & Power Co.-Stock Increase.The stockholders will vote on June 4 on increasing the authorized stock from $17,000,000 to $22,000,000.-V. 95, p. 364.
National Steel & Wire Co.-New Suit.William James Henderson, on behalf of himself and other stockholders,
on May 13 brought suit in the Supreme Court in this city against Henry
E. Iluntington, the Knickerbocker Trust Co., as trustee for the bondholders of the National Consolidated Wire & Cable Co., and depositary under
a trust agreement of the certificates of stock of the Steel & Wire Co., and
others. A similar suit was dismissed in the U. S. District Court on March
11 on the ground of lack of jurisdiction. Compare V. 96, p. 793.
Nevada-Utah Mines & Smelters Corp.-Time Extended.
Trippe & Co., syndicate managers, 25 Broad St., N. Y., announced that
the privilege to subscribe to the "modified plan" has been re-opened for one
month, closing June 10.-V. 94, p. 1320; V. 95, p. 180.
New River Co.-Lease of Railroads.See Chesapeake & Ohio Ry. under "Railroads."-V.90, p. 1092, 946.
New York Lake Erie & Western Docks & Improvement
Co.-Offer to Extend.-J. P. Morgan & Co. offer by advertisement on another page to the holders of the $3,396,000
6% bonds maturing July 1 to extend the same for 30 years.
with int. unless redeemed at an earlier date in accordance
with the terms of the Extension Supplement, with interest
at 5% per. annum, payable at the office of the Erie RR.,
N. Y., on Jan. 1 and July 1 yearly. The present lien of the
bonds is to remain unimpaired both as to principal and interest. The Erie Railroad Co. as lessee of the mortgaged propthe extension.
erty, has given its assent to'
In order to avail themselves of the extension privilege holders must deposit their bonds with J. P. Morgan & Co. on or before June 2. July 1
coupons will be cashed at the time of such deposit. The bankers will at
any time prior to the maturity of the bonds buy, at par and accrued interthe bonds of holders who do not desire to extend the same. Geo. F.
Brownell, general solicitor of the Erie RR.,advises the firm that,in his opinion, the extended bonds will be tax-exempt in New Jersey.-V.56, p. 83.
New York Mutual Gas Light Co.-New Directors.-
W. G. Rockefeller and Donald G. Geddes have been elected directors to
succeed S. S. Palmer, deceased, and George Zariskie, who resigned. See
Consolidated Gas Co. under "Annual Reports."-V.95, p. 1687.
1428
THE CHRONICLE
New York Telephone Co.—Favorable Decision.—
The Appellate Division of the Supreme Court last week, reversing the
decision of the lower Court, granted an injunction restraining the use of
the name of the Metropolitan Telephone & Telegraph Co., under which a
company has been organized which is allied to the Telepost Co. and is
offering its securities to the public. The Court says: "The name is not
fairly descriptive of any business in which they are engaged or propose to
engage. They in fact do no business and are apparently organized only
for the purpose of issuing securities as subsidiaries or auxiliaries of a company proposing to build a projected line of telegraph between New York
and Chicago."—V. 96. D. 1301. 1233.
tt
Northern Mississippi River Power Co.—Guaranteed
Bonds Offered—New Hydro-Electric Plant to be Leased to
Minneapolis General Electric Co.—H. F. Bachman & Co.,
Phila. and N. Y., are offering at 95 and int., by adv. on another page, the unsold portion of the present issue of $2,100,000 1st M.5% bonds, dated Mar. 15 1913 and due June 1
1938. Total auth., $2,500,000. An official description of
the property was in the "Chronicle" of April 5 (p. 1026).
Further particulars follow:
Guaranteed, principal and interest, by the Northern States Power Co.,
whose surplus net earnings for the year ending Feb. 28 1913, after all fixed
charges, were over five times interest charges on this entire bond issue.
Additionally secured by a 48-year lease of all the property to the Minneapolis General Electric Co.at a minimum rental sufficient to meet the interest on these bonds as it accrues and the principal at maturity. The stock
of the Minn. General Electric Co. was recently acquired by the Northern
States Power Co. at a cash cost of $7,950,000.
The Minneapolis General Electric Co. covenants that upon the payment
of the above notes it will purchase the property of the Northern Mississippi
River Power Co. and as part of the purchase price will assume the payment
of these bonds, principal and interest. Compare V. 96, p. 1026.
[Vol, xcvi.
the deposit receipts to which subscribers will be entitled when subscriptions
are paid in full.—V. 96, p. 1126, 878.
"
Standard Oil Co. (of Kan.).—Increased Div.—Stk. Div.
The stockholders on May 14 authorized an increase in the stock from
$1,000,000 to $2,000,000. A cash dividend of 10% has been declared, also
a stock dividend of 100%,both payable June 30 to holders of record May 31.
The cash dividend compares with 37 and 2% extra on Dec. 14 1912 and
3% and 4% extra on Feb. 28 1913.
Balance Sheet Dec. 31.
1912.
1911.
1912.
1911.
Assets—
$
$
Liabilities—
$
$
Real est.& plant 591,940 601,545 Capital
1,000,000 1,000,000
1,194
Personal prop'ty
1,241 Acc'ts payable
233,442 585,226
Merchandise ___ 843,795 966,971 Undivided pron31,088,479
32,289
100
Cash
100
Due from banks 91,300
25,735
21,922
Acc'ts receivable 793,592
2,321,921 1,617,515
Total
Total
2,321,921 1,617,515
F. S. Smithers & Co. in a circular say that dividends were paid in 1912
amounting to 5% (3% and 2% extra) on Dec. 14, calling for $50,000.
This payment, together with the $1,056,109 increase in undivided profits,
Indicates total earnings of $1,106,190 for the year, equivalent to 110% on
the $1,000,000 outstanding stock, or 55% on the $2,000,000 stock as increased by vote of the stockholders on May 14.—V.96,P. 1093, 291
Standard Oil Co. of Nebraska.—Extra and Stock Div.—
A regular cash dividend of
(the third since the disintegration of the
Standard 011 Co. of New Jersey
h been declared on the $800,000 stock,
17as
also an extra cash dividend of 5 0 and a stock dividend of 25% ($200,000).
all payable June 20 to holders of record May 20. This increases the outstanding stock to $1,000,000. A stock dividend of 33 1-3% (also $200,000)
was paid on Apr. 15 last.—V. 94, p. 1388.
Standard Oil Co. of New York.—Proposed Stock Div.—
The stockholders will vote on June 5 on increasing the capiOmaha (Neb.) Water Co.---2d Payment on 2d Preferred.— tal from $15,000,000 to $75,000,000. If the increase is apThe Farmers' Loan & Trust Co. of New York gives notice that it will proved, it is proposed to declare a 400% stock dividend to
on or after May 22, upon presentation of the certificates of beneficial holders of record June 13. See "Annual Reports."
interest pertaining to 2d pref. stock ($1,000,000 outstanding), make a
further (second) payment amounting to $5 per share, equal to 10% of the
par value of the certificates, in connection with the dissolution of the company. The first payment of 50% or 25% was made on Oct. 1 1912. The
first pref. stock was paid in full on Aug. 7 1912.
See advertisement on another page.—V. 96, p. 1026, 950.
Pennsylvania Lighting Co.—First Common Dividend.—
An initial dividend of 1% has been declared on the $1,000,000 common
stock, payable May 31 to holders of record May 19.
Current earnings are, it is stated, at the rate of over 3% on the common
stock.—V. 92, p. 398.
0 has also been declared, payable June 15 to holdA cash dividend of 67
ers of record May 23, being the same amount as disbursed on June 15 1912,
20% having been paid on Dec. 20 1911.—V.95, p. 1750.
Stone Telegraph & Telephone Co.—Sale May 28.—
Receiver Lawrence F. Sherman,84 State St., Boston, announces that the
property will be sold at auction at his office on May 28, free of all encumbrances, pursuant to decree of U.S. Dist. Court (of Me.) dated Mar.5 1913
in suit of Charles S. Johnson. The proceeds will first be applied on account
of bonds issued under mortgage of Dec. 29 1908. Federal Trust Co..
Boston, trustee and intervenor.—V. 76, p. 756.
United Box Board Co.—Earnings.—
Gross
30
Net
Sub.Cos, Total
Balance,
Interest
People's Gas Light & Coke Co. of Chicago.—Listed. Mar.
Year—
Earntngs. Earnings. Profits. Profits.
Surplus.
Paid.
—The New York Stock Exchange has listed $3,000,000 addi- 1913
$470,902 $190,871 $3,713 $194,584 $65,027 $129,557
413,709
155,022
65,525
89,498
144,294 10.729
tional refunding M. 5% bonds due 1947, which were sold 1912
United States Steel Corporation.—Unfilled Orders
early last year for acquisitions, extensions and betterments,
making the total amount listed $18,400,000 (V. 94, p. 702). April 30.—See "Trade and Traffic Movements" on page
1401.—V. 96, p. 1293, 1234.
—V. 96, p. 1233, 485,
Virginia-Carolina Chemical Co.—Guar. Pref. Stock.—
Philadelphia Electric Co.—On 7% Basis.—A quarterly
See Consumers' Chemical Corporation above.—V. 95, p. 360.
dividend of 1%%,or at the rate of 7% yearly, has been deWalpole Tire Rubber Co.—Notes Offered.—
olared on the paid-in stock, payable June 14 to holders of
Stockholders are offered the right to subscribe at par for an issue of $750,record May 22, comparing with a 6% rate from Dec. 1908 000
6% three-year convertible notes, dated April 1 1913 and due April 1
1916 and convertible at any time into 7% cumulative pref. stock at par.
to March 1913 and a 5% rate from June 1902 to June 1908.
The
proceeds will be used to take up the floating debt.—V. 95, p. 1478.
There is outstanding 324,987,750 stock on which $17 50 per share (par
$25) has been paid in.
Youngstown (0.) Sheet & Tube Co.-50% Stock Div.—
Dieidend Record (Per Cent).
'02-'07. '08. '09-'12.
1913.
DIVIDENDS.—
5 y'ly. 5Y6 6 y'ly.
On amounts paid in cash
See below. $1 $1 5()
Also extra paid ;in stock
In March 1908 a $2 25 assessment was called,a $1 stock dividend forming
part of the payment, and in March 1910 an assessment of $1 50, a dividend
of the same amount being applicable thereto.—V.96, p. 1084, 557.
Plymouth Cordage Co. Boston.—Option to Subscribe.—
A dividend of 50%, payable in common stock, has been declared on the
$10,000,000 common stock, payable July 1 to holders of record May 14.
The regular quarterly cash dividend of 1%% on the preferred and 2% on the
common stock have also been declared, payable at the same time. The
remaining $5,000,000 common stock recently authorized is to be reserved
for extensons and improvements.—V. 96, p.1302,1027.
—"More About Equipment Bonds" is the second and latest
booklet which Freeman & Co., specialists in equipment
trust issues at 34 Pine St., this city, have issued and will
mail to all inquirers on request. The bankers state in their
advertisement in our issue of Saturday last that railroad
equipment bonds are "safer than first mortgage bonds.
No railroad can operate without cars, locomotives and general rolling stock, therefore railroad bonds or notes secured
such equipment are paid,principal and interest, when the.
Porto Rican-American Tobacco Co.-5% Scrip Div.— on
A scrip dividend of 5% has been declared on the $2,000,000 stock, paya- mortgage bonds are in default. You should buy railroad
ble June 5 to holders of record May 15, in place of the regular quarterly equipment bonds becuase they are absolutely safe, can be
cash payment of 4t
0 due at that time, being the same amount as in March
last. The scrip mill bear 6% interest the first installment being due quickly converted into cash, yield from 4.60% to 5.75%,
Jan. 1 1914 and thereafter payable semi-annually, and will be redeemable permit you to choose your own maturity and even in times
in cash or stock at par at the option of the company on or before June5 1916. of panic and severe depression depreciate but very little.
On Dec. 5 last a regular quarterly cash payment of 4% was made,together
Special descriptive list of car trust securities suitable for inwith a 20% scrip dividend. Compare V.96, p. 557.
dividual investors, institutions and corporations will be
Quincy (Copper) Mining Co.—Dividend Reduced.—
A quarterly dividend of $1 25(5%) per $25 share has been declared paya- mailed upon application with the booklet "More About
ble June 23 to holders of record May 24, comparing with $1 50 in March
last and Dec. 1912, $1 25 (5%) in Sept. and Tune last, $1 (4%) quarterly Equipment Bonds."
from Dec. 1910 to Mch. 1912, incl., $1 25'(5%) in Sept. and June 1910 and
—At 95 and accrued interest, H. F. Bachman & Co. of
$1 50(6%)in March 1910. Compare V.90, p. 508.
1512 Chestnut St., Phila., and 14 Wall St. this city, own and
Previous Annual Dividend Record (Per Cent) Since 1894.
'95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 1913
offer, subject to previous sale, $2,100,000 Northern Miss48 80 48 26 38 36 36 28 22 20 24 50 54 18 16 20 16 20 March,6
issippi River Power Co. 1st M.5% bonds. These bonds are
—V.96, p. 1016, 950.
guaranteed, principal and interest, by the Northern States
Ray Consol. Copper Co.—Earnings and Production.—
The operating profit for the quarter ending Mar. 31 1913, including as Power Co. and are due June 1 1938. For the investment feaoperating profits the disbursed earnings of the Ray & Gila Valley RR., tures of this security, see the page advertisement elsewhere
were $678,875; misc. income, rentals, Sze., $5,751; total net profit, $682,other detailed in626. These earnings are based upon a price of 15.153c. per lb. for copper. in our advertising columns to-day, also
The total production of copper contained in the concentrates for the formation in the "General Investment News Dept."
quarter ending Mar.31 1913 was 12,369,696 lbs. (average monthly produc—White, Weld & Co. and Rhoades & Co. of this city are
tion. 4,123,232 lbs., against 10.490,661 lbs. for the quarter ending Dec. 31
1912 (average monthly production, 3,496,887 lbs.). The average monthly to-day jointly advertising as a permanent matter of record
production for 1912 was 2.988.454 lbs.—V.96, p. 1160.
the new $2,500,000 issue of Chicago & North Western Ry
Sheridan (Wyo.) Coal Co.—Bonds Called.—
System "Chicago St. Paul Minneapolis 64 Omaha Ry. Co.'
Twenty-four ($24,000) 1st M.6% gold bonds dated June 11 1903 for payment at par and int. on July 1 at Union Trust Co.,Chicago.—V.94, p. 1511. 5% debenture bonds of 1930. These securities were offered
quickly sold. See advertisement for particuSouth Penn Oil Co., Pittsburgh.-100% New Stock this week andto-day's
news item in the "General Investment
lars and also
Offered at Par-300% Stock Dividend.—
The stockholders having on May 1 voted to increase the stock from News Department."
$2,500,000 to $12,500,000. the directors on May 10 declared a stock divi—For the benefit of national bank officers, Folsom &
dend of 300% to holders of record May 20. Stockholders of the last-named
date are also offered the right to subscribe for 100% of their holdings Adams, 45 Wall St., this city, have compiled an interesting
($2.500,000) at par, payment to be made on or before July 31.
circular showing the profits to be made through the purchase
The usual quarterly cash dividend of 10% has also been declared, payable
of Government bonds to obtain additional deposits under
June 30 to holders of record May 20. Compare V. 96, p.657.
Secretary McAdoo's recent ruling and to secure circulation.
Southwestern Utilities Corp'n.—First Dividend.—
An initial dividend of
of 1% has been declared on the $15,000,000 capi- Free copy will be mailed to all inquirers.
tal stock, payable June 2 to holders of record May 20. See adv. pages.
— A circular analyzing the recently published statements
In connection with the declaration of the dividend, the Electric Bond &
Share Co. gives notice that it will pay to holders of voting trust certificates of some of the Standard Oil Subsidiary Companies has just
of Southwestern Utilities of record May 20 the amount of dividends repre- been issued by Gilbert Eliott & Co., 37 Wall Si., New York,
sented by the stock deposited, and also to the subscribers to the 5-year 6%
notes the amount of dividend payable on account of stock represented by specialists in Standard Oil stocks.
The shareholders, having voted to issue $500,000 additional stock at
150, the directors offer to each stockholder of record May 6 the right to
subscribe at State St. Trust Co., Boston, until 2 p. m. May 26, for one
new share for every six shares now held. Subscriptions are payable to said
trust company (a) in 5 installments of $30 a share, May 26, June 26,
July 26, Aug. 26 and Sept. 26. or (b) subscriptions may be prepaid and
certificates of stock will be issued when any subscription is paid in full.
Stock issued before July 1 will carry the July dividend. Stock issued
before Sept. 1 will carry the September dividend. The company will not
buy or sell rights. All inquiries should be addressed to the trust company,
33 State St.. Boston.—V.96, p. 1301.
1429
THE CHRONICLE
MAY 171913.]
4
plc Tomutertial
COMMERCIAL EPITOME.
COTTON.
Friday Night, May 16, 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
61,064 bales, against 59,793 bales last week and 71,230
bales the previous week, making the total receipts since
September 1st, 1912 9,162,804 bales, against 11,227,977
bales for the same period of 1911-12, showing a decrease
since Sept. 1 1912 of 2,065,173 bales.
Friday Night, May 16 1913.
On the eve of tariff changes trading is conservative and
on a reduced scale. New business in iron and steel is comparatively small, though the orders on hand are said to be
heavy. Large sales of wheat have been made for export.
Wheat clearances for the week are over 7,000,000 bushels,
the largest in a single week in 11 years. Trade at the West
is more confident than at the East. Collections on the whole
are rather slow. Building continues active. Bank exTotal.
Sat.
Mon. Tues. Wed. Thurs. Fri.
changes are noticeably smaller than those at this time last
Galveston
13,106
2,263
1.808
2,644
2,456
2,496
1,439
year. Speculation is for the most part dull. Copper has Texas City
366
311 1,352
318
____
46
311
been stronger. Warmer weather is needed to stimulate re- Port Arthur
____
___- 7,100 7,100
____
____
____
Aran. Pass, &c
tail trade. Very large sales of carpets have been made. In New
Orleans
16;566
3-,294 1.:186 27798 4-,728 2-,458-6 LiVi'i
the main the situation is sound, but there is a widespread dis- Gulfport
---------- 2,020
------------Mobile
374
365
62
289
204
726
position to go slow until the tariff question is out of the way.
LARD has been steady, with Prime Western $11 35; Pensacola1,000
Jacksonville,&c_
_
2F,46
1,iiii 1,56'7 Oii 1-,8e§ 2r,00a 10cirii
refined for the Continent $11 60; for South America $12 35, Savannah
Brunswick
_
950
950
and for Brazil in kegs $13 35. Lard futures have advanced Charleston
358 1,701
ii§
518
ii;
5iA
go
in response to higher quotations for hogs. On a single day Georgetown
_
Wihnington
- 55 -ioo -Ail
-85 -566 -HO
-.6
the receipts of hogs at Western points were 88,000, against Norfolk
627
609
634 4.719
507
840 1,502
101,000 on the same day last year. This was an exceptional
New
York
Packers
case, but for all that hog prices have been rising.
Boston
---'i -148
---' ------------- ---------have been buying and supporting September. Supplies of Baltimore
,588
588
-_
-_
Philadelphia....
340
____
998
54
106
389
109
beef cattle on the farm are much smaller than a year ago.
0 119
7 120
0 102 In 202
2 100 12 94K 21 1125
Tritsabxthigarpplr
To-day prices declined,owing to long liquidation.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
The
following
shows
the
week's
total
receipts,
the total
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
11.0254 since Sept. 1 1912, and the stocks to-night, compared with
11.10
May delivery
cts-10.875 10.873i 10.92% 11.00
10.85
10.8234 10.90
July delivery.
10.75
10.7734 10.80
last year:
10.90
10.95
10.90
10.85
10.80
September delivery---_10.80
PORK has been quiet but steady; mess $21 75@$22 25;
1912,13.
1911-12.
Stock.
Receipteto
clear $21@$22 50; family $23 50(025. Beef steady with
This Since Sep This • Since Sep
1 .k.A4ay 16.
a light trade; mess $19@$20; packet $21@$22; family $22@
1'.
1912.
1Veek. 1 1912. 1Veek. 1 1 1911. I 1913.
$24; extra India mess $35@$36. Cut meats firm; pickled
13,106 3,718,468 10,8933,448,346 117,088 130,544
Galveston
hams, 10 to 20 lbs., 143'@15%sc.; bellies, clear, f.o.b. New Texas
49 585,683
8.211
1,352 662,745
City
York, 6 to 12 lbs., 16@17c. Butter, creamery extras, Port Arthur
196,507
7,100
7,100 136,850
76,207
127,967
28 /2@29c. Cheese, State whole milk, colored specials, Aransas Pass,&c_
1,584,681
72,391
9.164
61,506
1.343,866
16,300
New
Orleans____
123
/
1 @130. Eggs, fresh-gathered extras, 2232@23e.
66,845
19,811
Gulfport
10,035
10,159
OILS.-Linseed quiet but firm. Flaxseed prices at Mobile
2,020 206,909 2,005 370,638
210,501
1,000 116,181
Duluth have latterly shown an upward tendency, though no Pensacola
544
Jacksonville, &c_
302
50.062
14,273
marked changes occurred. City, raw, American seed, 48@ Savannah
56,258
64.792
10,274 1,221,357 8,962 2,331.143
950 230,442 1,163 403,483
2,979
49c.; boiled 49@50c.; Calcutta 70c. Cottonseed oil higher, Brunswick
Charleston
1.701 301,632
14,661
19,742
622 410,902
partly owing to an advance in lard. The actual consuming Georgetown
110
24
1,169
Wilmington
811 338,058
844 541,541
4,507
20,670
demand is not up to expectations. Winter 7.10@8c.; sum- Norfolk
4,719 507,478 4,726 727,301
38,757
33.470
mer white 7.10(0c. Cocoanut oil steady; Cochin 10A® N'port News.&c_
102,842 1,463
36,842
York
14,144
100
6,087
92,893 157.524
11.e.• Ceylon 10 Yi @10%c. Chinawood in fair demand at New
Boston
43,942
145
786
11,067
60,153
9,091
73 t 473
/0. Corn 7.70@5.75c. Cod firm at 39@41c.
70,212 1,495 117,634
Baltimore
588
3,603
9,026
12
998
5,328
2,252
4,622
1,105
COFFEE has been quiet with No. 7 Rio 114c. of late; Philadelphia
mild grades quiet; fair to good Cucuta 133©13%
3 c. Coffee
ota
futures have been variable, advancing at one time and then
In order that comparison may be made with other years,
receding on heavy selling by Europe. The local trade has
also sold. Bulls predict a small 1913-14 crop and think the we give below the totals at leading ports for six seasons:
statistical position is gradually working in their favor. But
1908.
1909.
1912.
1911. ' 1910.
the trade in general is indifferent. The country adheres to Receipts at-- 1913.
a waiting policy. It evidently views low-crop estimates with Galveston ___ 13,106 10,893 14,689 14.465 22,891 16,055
.
8,452
49
4,666
suspicion. To-day prices were lower with trading light at Texas City Arc
Orleans_
16,300
9,164
21,750
16.955
26,139
15,819
home and abroad. Receipts at Rio increased somewhat. New
Mobile
2.020
2,005
3,049
690
4,630
2,327
Savannah
'10.274
8.962
7,352
11,388
14.518
8,019
Closing prices were as follows:
May
June
July
August
11.20 11.21
11.22 11.23
11.25 11.26
11.34 11.35
September.11.43 11.44 January __11.45 11.4
October___11.43 11.44 February _11.47 11.4
November.11.44 11.45 March____11.48 11.4
11.48 11.49
December_11.44 11.45 I April
SUGAR-Raw lower. The London cables have latterly
been lower. The visible supply of sugar is now 3,630,000
tons against 2,540,000 last year. Receipts were heavy
Atlantic port receipts for the week were 40,686 tons against
68,923 last week and 42,465 last year. Centrifugal, 96,
degrees test, 3.27c.; muscovado, 89 degrees test, 2.77c.;
molasses, 89 degrees test, 2.52c. Refined unchanged and
inactive; granulated 4.30e.
PETROLEUM higher; barrels 8.70(0.70c.; bulk 5@6c.,
cases 11@12c. Naphtha steady; 73 to 76 degrees, in 100gallon drums, 25 2c.; drums $8 50 extra. Gasoline, 86 degrees,29 2c;74 to 76 degrees,253c.;68 to 70 degrees, 223c.,
and stove 21c. Spirits of turpentine 423/
2@43c. Common
to good strained rosin $4 80.
TOBACCO has continued quiet. Manufacturers adhere
to the policy of buying only in small lots. They are not
running their factories to their full capacity and are making
for the most part, it is said, the cheaper sort of goods. The
tariff agitation still has a more or less depressing effect.
After the tariff is settled, things, it is hoped, will improve.
Sumatra leaf meets with the usual demand at this time of
the year. Cuban leaf is slow.
COPPER has been stronger; Lake 15 A @15Nc.; electrolytic 15.70(4)15Ni:3.; London has latterly been easier and this
has not been without some effect on New York. Lead spot
4.35c.; spelter 5.500. Tin has dropped sharply; spot 4.90c.
London fell suddenly on Wednesday £3 10s. on the spot,
to get into line with a recent decline in futures. Trade here
quiet. Pig iron quiet and weaker; No. 2 East at foundry
$16 (016.25; No. 2 Southern $11.75@$12. Steel products
less active, with the tendency of prices downward. Specifications are in some cases reported at 20 per cent less than
shipments and are falling off in pipe, sheet tin plates and
wire prOducts. Labor is reported restless at the foundries.
Premiums are a thing of the past.
Brmlswick _ _ _
CharlestonAc
Wilmington...
Norfolk
N'port ...dee
Allot,
950
1,701
. 811
4.719
2.731
Tot th!s 10c.
61,064
-.
011:1C0 r3eps. 1- 11.10Z.6U4
1,163
646
844
4,726
1,463
2,695
7,806
6,647
2,365
1,230
42,610
64,970
75,376
86,430
53,068
iicieu
400
1,001
551
3,706
765
1,927
4,463
18,076
a,ztlf,fqa o,vut,.foo
2,288
2,440
2,388
6.771
.0V.3,00U I.
648
4,735
4,235
uo
The exports for the week ending this evening reach a total
of 95,652 bales, of which 36,344 were to Great Britain,
2,619 to France and 56,689 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
Week ending May 16 1913.
Exported toExports
from-
Great I
Conti
Britain.!France. nest.
Galveston_ _
Texas City_
Pt. Arthur_
Ar.Pfusokc.
New rs 7.727 2,6i
_
Mobile.........
Pensacola-Savannah_
Brunswick _
Charleston
Wilmington
brorfolkN'portNew
New York_
Boston _ _ _ _
Elfdthnore...
Philadelp'a_
Porti'd, Me.
San Fran_
Pt. Towns'd
From Sept. 1 1912 to May 16 1913.
Exporte11 so-
Great
Total. Britain. France.
15,375 15,375 1,281,236 383,86
399,69 146,79
27,949
31,48
12,921 16,04
5,978 16,324 683,865 141,603
56,264 25,562
1,000 1,665 24,058 34,791
8,770 8,77 119,261 62,869
108,347
6:6778 73,367 5,00
106,043 59,673
16,211
50
291
20-,283
8-,827 29;ii.- 256,506 47.92
314_
314 145,957
6,iii1 6,981
3,994
2,5
41 4,086 45,892
4,Zli
50
---3-,4,-t4 3,544
_
3,673 3,673
Total____ 36,3
Conti
nest.
Total.
,848,5093,013,612
84,006 520 507
/0,321 129,750
8,606 • 37,575
389,272 1,214,740
45,315 127,141
57,532 116,381
593,391 775,521
97,768 206,115
146,952 225,319
138,985 304,701
53,878 70,589
291
159,156 463,585
9,621 155,578
38,494 44,988
7,776 53,668
507
237,16 237,160
100,198 100,198
2,619 56,689 95,6523,365,898 955,0783,586,94 7,907,916
Tot. '11-'12 22,764 15,255 64,848 102,8674,089.694 1,133,2734,750,1429,973,109
Note.-N Y.exports since Sept. 1 include 19,780 bales Peru,&c., to Liverpool.
• In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
1430
THE CHRONICLE
On Shipboard, Not Cleared for-11
day
Great
GerOther Coast16 at-Britain. France. many. Foreign wise.
New Orleans__ 4,533
Galveston ____ 11,036
Savannah ____
Charleston____
Mobile
1.540
Norfolk
200
New York_
1,500
-• ports
Otb,
2,800
Total 1913- 21,609
r Total 1913.... 28,672
Total 1911
25,181
tt
871 4,091 7,059
5,745 13,433 18,066
Total.
Leaving
Stock.
16,645 16,845
3,800
11,200
55,837
67,108
55,958
14,661
1,575
16,625
89,093
45,620
7,116 33,044 26,325 19,045 107,139
9,788 23,389 19,195 20,595 101,639
8,759 27.773 20,906 7,985 90.604
346,477
416,903
288,632
-.7166 8:866
6,856
-866
-(1645
8,400
16,554
1,700 49,980
300
300
1-,5156
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Saturday, Monday, Tuesday, Wed'day, Thursd'u, Friday,
May 10. May 12. May 13. May 14. May 15. May 16.
Week.
MayRange ____ 11.42-.43 11.43-.59 11.48-.57 11.42-.48 11.40-.42 11.38-.42 11.38-.59
Closing____ 11.47-.48 11.51-.52 11.45-.47 11.42-.43 11.40-.41 11.46-.48---
JuneRange ___-- 0 --0-- 11.65- 0 --0--I-I0-- 11.65
Closing____ 11.56-.58 11.60-.62 11.53-.55 11.48-.51 11.47-.49 11.53-.55---
JulyRange ____ 11.52-.60 11.58-.68 11.58-.71 11.52-.61 11.51-.56 11.47-.59 11.47-.71
Closing____ 11.59-.60 11.64-.65 11.58-.59 11.53-.54 11.52-.54 11.58-.59---
Aug.
.1-.34 11.27-.36 11.27-.47
Range ____ 11.34-.37 11.36-.44 11.35-.47 11.31-.39 11.3
Closing..___ 11.36-.37 11.30-.41 11.35-.36 11.33-.34 11.31-.32 11.37-.39--Speculation in cotton for future delivery has been on a Sept.
lrry. small scale and prices have accordingly fluctuated
Range ____ 11.09 -- © -- 11.16 11.08 --0 --0 - 11.08-•16
11.08-.10 11.12-.14 11.06-.08 11.03-05 11.01-.02 11.03-.05--within narrow limits. The net changes for the week were Oct.Closing____
slight but downward. The weather, however, at times has
Range ____ 10.95-.03 10.99-.12 10.99-.11 10.96-.04 10.94-.00 10.89-.98 10.89-.12
Closing____ 11.02-.03 11.06-07 11.00-01 10.97-.98 10.95-.96 10.97-.98--not been considered altogether favorable. Complaints have Nov.
been general, especially east of the Mississippi, that condiRange ____ - © -- og -11.10-.11-0-- @ --0 -11.10-11
Glosing___ _
tions have been abnormally dry and cool. Warm rains, it Dec.
was declared, were needed very generally east of the MissisRange ____ 10.98-.03 11.00-.14 11.00-.13 10.97-.04 10.06-.01 10.90-.99 10.90-.14
Closing____ 11.03-04 11.07-.08 11.01-02 10.98-.99 10.96-.97 10.98-.99--sippi. The New York stock has been steadily decreasing
and July maintains a good premium over October. At times' Jan.
Range ___ 10.95-00 10.98-.12 10.98-.11 10.94-.02 10.94-.98 10.88-.95 10.88-.12
Closing___ 10.99-00 11.05-.06 10.98-.99 10.95-.96 10.94-.95 10.94-.95--it has been 61 points over October. The exports, moreover,
have been liberal from New York, reaching during the past Feb.
Range
Closing____
week approximately 30,000 bales, mostly to Great Britain.
In such circumstances there have been some fears of bull March
Range ___ 11.04 -11.12 -11.08-.i7- © -11.03 -- @ -11.03-.17
manipulation in the July delivery. London members of the
Closing__ 11.06-.08 11.12-.14 11.07-.08 11.03-.05 11.02-.04 11.02-.04--cotton trade insist that the world's consumption of American April
Range
cotton will reach 14,750,000 bales this season, including
Closing____
5,700,000 bales for the United States and Canada. The rainTHE VISIBLE SUPPLY OF COTTON to-night, as made
fall in the month of April was bel?w normal in Texas, Ala- up by cable and telegraph, is as follows. Foreign stocks,
bama, Tennessee and North Carolina by 1 to 1.65 inches. as well as the afloat, are this week's returns, and conseSomething like 40,000 bales.have recently been exported quently all foreign
figures are brought down to Thursday
from New York. The trade is more willing to believe that evening. But to make the total the complete
figures for
the estimates that some 50,000 bales may go out in the near to-night (Friday), we add the item of exports from the
future will be realized. On the other hand, however, the United States, including in it the exports of Friday only.
weather of late has become rather warmer east of the MissisMay 161913.
1912.
1911.
1910.
Stock at Liverpool
bales.1,132,000 1,259,000 865,000 636,000
sippi and some rains have fallen in Mississippi, Alabama, Stock
at
London
4,000
5,000
6,000
4,000
Georgia, North Carolina and South Carolina. Some of the Stock at Manchester
76,000 117,000
87,000
63,000
crop reports, moreover, have been favorable. Some think
Total Great Britain stock
1,213,000 1,380,000 958,000 693,000
the reports of retarded growth have been,to some extent at Stock
at Hamburg
13,000
8,000
10,000
9,000
least, exaggerated. As regards the possibility of July manip- Stock at Bremen
449,000 589,000 196.000 235,000
at
Havre
Stock
254,000
287,000
309,000
243,000
ulation, it is contended in some quarters that such a contin- Stock at Marseilles
2,000
3,000
3,000
2,000
gency is rather remote, inasmuch as the stock here has been Stock at Barcelona
11,000
22,000
21,000
22,000
at
Genoa
25,000
Stock
27,009
40,000
48.000
so well picked over that in all probability considerable low- Stock at Trieste
8,000
11,000
25,000
13,000
grade cotton will be tendered on July contracts. Also spinTotal Continental stocks
839,000 991,000 510,000 545,000
ners' takings have recently fallen off materially. The statistical position is regarded by some as less bullish than it
2,052,000 2,371.000 1.468,000 1,238,000
Total European stocks
90,000 109,000 164,000 173,000
was a while ago. Certainly the disparity between the visible India cotton afloat for Europe
310,581 353,040 171,561 204,239
Amer. cotton afloat for Europe
supply now and what it was a year ago is less marked. Egypt
Brazil,&c.,aflt. for Europe 30,000
36,000
37,000
11,000
Furthermore, the state of the cotton goods business leaves Stock in Alexandria, Egypt
172,000 162,000 144,000 105,000
942,000 673,000 634,000 745,000
Stock in Bombay, India
much to be desired. Yarns have latterly been dull and Stock
in U. S. ports
453,616 518,542 379,236 479,532
weaker. There is at least a. possibility of a prolonged struggle Stock in U. S. interior towns
386,698 239,883 240,118 272,779
11,890
5,482
9,706
24,467
over the tariff in the United States Senate. That,it is urged, U. S. exports to-day
would naturally mean a prolonging of suspense and of the
Total visible supply
4,448,785 4,467,947 3,202,382 3,238,256
Of the above, totals of American and other description are as follows:
dulness in cotton goods business. Latterly spot markets
Americanhave been dull. Liverpool's spot sales have dwindled notice- Liverpool
stock
bales. 945,000 1,145,000 733,000 549,000
ably, though this may have been due partly to the Whitsun- Manchester stock
44,000
72,000
51.000
stock
464,000 494.000
804,000 960,000
tide holidays. A dry May is usually considered beneficial Continental
American afloat for Europe
310,581 353,040 171,561 204,239
for the cotton plant, provided it has moisture enough to get U. S. port stocks
453,616 518,542 379,236 479,532
S. interior stocks
386,698 230,883 240,118 272,779
a good start. To-day prices declined early on rains east of U.
U. S. exports to-day
11.890
5,482
24,467
9,706
the Mississippi and also west of the river, but advanced later,
2,962,785 3,309,947 2.084,382 2,053,256
Total American
owing to covering of shorts and the firmness of July. July
East Indian, Brazil, &c.
was 61 points over October. Very heavy rains fell in Texas. Liverpool
187,000 114,000 132,000
stock
87,000
5,000
4,000
6,000
4,000
The Atlantic States are supposed to need further precipita- London stock
25,000
29,009
15,000
9,000
Manchester
stock
tion. Spot cotton closed at 12 cents for middling uplands, Continental stock
35,000
31,000
46,000
51,000
90,000 109,000 1 64,000 173,000
India afloat for Europe
being unchanged for the week.
30,000
36,000
37,000
11,000
Egypt, Brazil, &c., afloat
The rates on and off middling, as established Nov. 20 1912 Stock
172,000 162,000 144,000 105,000
in Alexandria, Egypt
942,000 673,000 634,000 745,000
bylthe Revision Committee, at which grades other than Stock in Bombay, India
middling may be delivered on contract, are as follows:
1,486,000 1,158,000 1,178,000 1,185,000
Total East India, &c
Fair
c 1.50 on
Strict mid, fair __1.30 on
1.10 on
MiddUng fair
Strict good mid_ ___0.68 on
Good middling__ __0.46 on
Strict middling.___0.24 on
Middling
a
Basis
Strict low mid
0.35 off
Low middling
0.80 off
Strict good ord
1.40 off
Good ordinary
2.15 off
Strict g'd mid. ting_0.35 on
Good mid. tinged_c_ Even
Strict mid. tinged..0.15 off
Middling tinged_ _0.30 off
Strict low mld.ting_0.85 off
Low mid. tinged_.2.00 off
Middling stained__0.90 oft
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
2,962,785 3,309,947 2,084,382 2,053,256
Total American
4,448,785 4,467,947 3,262,382 3,238,256
Total visible supply
6.72d.
8.(1
Middling Upland, Liverpool
8.406.
6.47d.
15.25C.
Middling Upland, New 'York....
12.00c.
16.15c.
10.65c.
63:
1-60
10.45d, 10 5-16d. 11 5-16s. 1511.
Egypt, Good Brown, Liverpool
Peruvian, Rough Good,Liverpool 9.65d.
9.40d. 11.25d.
7ya.
Broach, Fine, Liverpool
6 7-16d.
6}icl.
75d.
d.
Tinnevelly, Good, Liverpool
6 7-16d. 6 1-18d.
7%d.
Continental imports for the past week have been 63,000
bales.
The above figures for 1913 show a decrease from last week
NEW YORK QUOTATIONS FOR 32 YEARS.
of 83,348 bales, a loss of 19,162 bales from 1912, an excess
The quotations for middling upland at New York on of 1,186,403 bales over 1911 and a gain of 1,210,529 bales
May 16 for each of the past 32 years have been as follows:
over 1910.
1913_c
'8.20 1897_c
7.88 1889_c
12.00 1905_c
11.06
QUOTATIONS FOR MIDDLING COTTON AT
1912
13.80 1896
8.25 1888
11.75 1904
10.00
1911
6.81 1887
11.40 1895
15.95 1903
10.88 OTHER MARKETS.-Below are the closing quotations
1910
7.25 1886
9.50 1894
15.90 1902
9.19 of middling cotton at Southern and other principal cotton
1909
7.81 1885
8.06 1893
11.35 1901
10.88
1908
7.25 1884
., 9.75 1892
11.00 1900
11.50 markets for each day of the week.
May"10;to May 16Middling_uplands
1907
1906
12.06 1899
12.00 1898
Sat. Mon. Tues. Wed. Thurs. Fri.
12.00 12.10 12.10 12.00 12.00 12.00
6.19 1891
6.38 1890
8.88 1883
11.94 1882
11.00
12.31
Week ending
May 16.
MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday__
Monday ___
Tuesday ___
Wednesday_
Thursday __
Friday
Quiet
Quiet, 10 pts. adv
Quiet
Quiet, 10 pts. dec.._
Quiet
Quiet
Total_
Futures
Ma:ket
Closed.
Firm
Steady
Steady
Steady
Steady
Steady
SALES.
Spot. Contr'cl Total.
500
500
101
136
367
300
1,300
436
1,667
604
2,100
2,704
101
Galveston
New Orleans__ _
Mobile
Savannah
Charleston
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rock-
Closing Quotations for Middling Cotton on-
Sat'day. Monday. Tuesday. 1Ved'day. Thursd'y. Friday.
12 3-16 12 3-16 12 3-16 12 3-16 12 3-16
12 3-16 12 5-16 12 5-16 12 5-16 12 5-16
11%
11X
11Y1
11X
11%
12
12
12
12
12
11%
11g
11N,
i13
11X
12%
12M
12
12A
12
12A
12%
12X
12%
12X
12.25
12.35
12.25
12.25
12.35
12H
12 1-16 12 1-16
123i
12
12
12N
12Vi
12%
12X
12
1234
12M
123i
12
12
12
12'
123i
12
11%
11%
11%
11%
11%
11%
12%
12 3-16
11%
12
11N
12
12%
12.25
12
12X
123i
THE CHRONICLE
MAY 17 1913.]
1431
WEATHER REPORTS BY TELEGRAPH.-Our teleAT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments for graphic reports this evening from the South indicate that the
the week and the stocks to-night, and the same items for the weather has been favorable in the main during the week,
corresponding period for the previous year-is set out in
beneficial rains having fallen over much of the belt. Reports
detail below.
from Texas are especially favorable. From some points
Movement to May 18 1913.
in Alabama and along the Atlantic,there are complaints that
Movement to May 17 1912.
moisture is still needed.
Receipts.
Ship
Towns.
Stocks
Ship- Stocks
Receipts,
menu. May
meets May
Galveston, Tex.-The weather during the week has been
Week. Season. Week.
16.
17.
1Veek.
Week. Season.
comparatively cool, but beneficial rains occurred in the latter
-4
21,048
Ala., Eufaula.. _
67 5,231
20 1,403 portion and optimistic reports are being received
24,873
12
from all secMontgomery_
270 153,258
706 17,953
297 191,436
543 4,292
Selma
161 117,301
440 3,279
229 143,463 1,609 1,437 tions. We have had rain on one day of the week, the pre4
Ark., Helena
41,500
10
628 cipitation being one inch and twelve hundredths. Average
2
181
191
69,163
Little Rock
536 179,523 1,023 25,626
408 209,930 1,546 16,627
Ga.,Albany_.___
23,973
_
609 thermometer 74, highest 80, lowest 68.
18
1,150
32,368
4
Athens
346 106,602 1,397 8,982
231 183,313 1,400 9,979
Abilene, Tex.-We have had rain on one day of the week,
Atlanta
636 157,366 1,641 8,799
469 274,142 1,566 5,657
Augusta
1,011 329,550 6,131 38,974 2,441 538,238 7,612 45,295 the rainfall being two hundredths of an inch. Minimum therColumbus.
122
74,424 1,100 15,649
82,974 1,570 3,787 mometer 52.
157
Macon
62
332 2,241
36,577
70,264
303 10,860
76
Brenham, Tex.-It has rained heavily on one day of the
Rome
178
222 1,659
50,617
66,522
180 7,899
481
La.,Shrevepor
29 140,609
444 4,164
278 140,370 1,266 4,461 week, the rainfall reaching one inch and forty-two hunMiss.,Col'mb •
499
237
26,681
37,082
527
351 1,229
151
Greenville
56
49,202
162 dredths. The thermometer has ranged from 58 to 88, aver2
44 443
197
Greenwood
__ _ 108,937 1,000 7,000
BOO 2,500 aging 73.
95,091
____
Meridian
295
913 101,800 1,753 7,982
56,495
299 7,347
Cuero, Tex.-We have had rain on one day during the week,
Natchez
____ 1,334
19,848
50
38
18,045
750
Vicksburg
227 the rainfall reaching four hundredths of an inch. The
96 37,855
76
49 29,058 ____ 1,168
therYazoo City---- 22,416
29,898
___
___
100
163 3,104
Mo.,St. Leas_ 3,178 536,649 4,677 28,322 6,858 626,217 7,975 20,272 mometer has ranged from 52 to 86, averaging 69.
N.C., Raleigh_
409
429
22,650
260
100
398
10,287
111
Dallas,
Tex.
-We
have
had light rain on one day during
0. Cincinnati_ 2,741 211,875 3,268 26,980 5,524 252,241 5,255 13,763
110
7,521
Okla., Hugo*
100 the week, the rainfall being thirty-two hundredths of an inch.
6
30,200
5
100
6
___ 2,792
__ _
19,232
16,542
S.C., Greenw'd
500 3,500 The thermometer has ranged from 56 to 92, averaging
__
74.
Tenn.,Memphis 4,354 791,034 9,875 69,377 8,319 923,282 11,042 35,932
Henrietta, Tex.-Rainfall for the week, two hundredths of
262
170
377
6,908
108
111
30
7,290
Nashville
185
17,305
17,476
999
Tex., Brenham
500 an inch, on one day. Average thermometer
15
119
100
74, highest 92,
Clarksville_ _ _
____
118
11
43,907
54,773
210
53
10
lowest 56.
Dallas
300 130,790
____
700 4,000
97,962
Honey Grove_
45,137
50,664
___
___
997
4
___
Huntsville, Tex.-We have had good rain on one day of the
Houston
6,9613,252,993 12,800 81,601 7,2202,993,384 9,592 54,081
Paris
87 150,958
62 1,236 1,033 167,016 1,243
102 week, the precipitation being one inch and ten hundredths.
Total. 33 town 22,1626.990.839 47.062386.6981 36.144 7.629.7091 56.783239.882 Average thermometer 72, highest 86, lowest 58.
Lampasas, Tex.-Rain has fallen on one day of the week,
*Last year's f gures are for Louisville, Ky.
OVERLAND MOVEMENT FOR THE WEEK AND the precipitation being ten hundredths of an inch. AverSINCE SEPT. 1.-We give below a statement showing the age thermometer 69, highest 90, lowest 48.
Longview, Tex.-It has rained on one day during the week,
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the the rainfall being forty hundredths of an inch. Average
thermometer 75, highest 90, lowest 60.
week and since Sept. 1 na the last two years are as follows:
Luling, Tex.-Rain has fallen on one day of the week,the
----1912-13----1911-12Since
May 16Since precipitation reaching one inch and eight hundredths. The
Week, Sept. 1.
ShippedWeek.
Sept. 1
4,677 512,264
Via St. Louis
7,975 60S.592 thermometer has averaged 75, ranging from 60 to 90.
Via Cairo
1,150 224,268
a2,031 a232,918
Nacogdoches, Tex.-It has rained on one day of the week,
Rock
185
Island
Via
20,153
100
8.347
Via Louisville
1,282
77,208
2,782 157,580 the rainfall reaching one inch and twelve hundredths. The
Via Cincinnati
1,344 123,036
1,289 115,864 thermometer has ranged from 58 to 84, averaging 71.
Via Virginia points
1,462 129,471
1,763 184,176
Palestine, Tex.-There has been good rain on one day durVia other routes, &c
8,346 432,616
9,218 369,107
ing the week, the rainfall reaching one inch and four hunTotal gross overland
19,318 1,455,507
24,286 1,740,093 dredths. The thermometer has averaged 74, ranging from
Deduct ShipmentsOverland to N. Y., Boston, &c_ _ _ 1,731 133,626
2,393 186,126 58 to 90.
Between interior towns
1,261 116.863
1,348
97,531
Paris, Tex.-There has been heavy rain on three days*
Inland, &c., from South
91,408
1,008
1,118
65,578
during the week, the rainfall reaching four inches and sixteen
Total to be deducted
4,000 341,897
4,859 349,235 hundredths. The thermometer has averaged 74, ranging
Leaving total net overland*.. 15,318 1,113,610
19,427 1,390,858 from 58 to 90.
*Including movement by rail to Canada. a Revised.
San Antonio, Tex.-It has rained heavily on one day
Tho foregoing shows the week's net overland movement has during the week, the rainfall being one inch and ninety
been 15,318 bales,against 19,427 bales for the week last year, hundredths. Lowest thermometer 52, highest 88, average
and that for the season to date the aggregate net overland 73.
Taylor, Tex.-There has been heavy rain on one day during
exhibits a decrease from a year ago of 277,248 bales.
the week, the rainfall being two inches and eighty-two
-1912-13
1911 12
In Sight and Spinners'
Since
Since hundredths. Minimum thermometer 58.
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Weatherford, Tex.-There has been rain on one day of
Receipts at ports to May 16
61,064 9,162,804 42,610 11,227.977
Net overland to May 16
15,3181,113,610
19,427 1,390,858 the week, the rainfall reaching thirty-eight hundredths of
Southern consumption to May 16 59,000 2,087,000
56,000 1,900,000 an inch. The thermometer has ranged from
58 to 90,
Total marketed
135,382 12,363,414 118,037 14,518,835 averaging 75.
Interior stocks in excess
*24,900
289,662 *20,639
139,446
Memphis, Tenn.-We have had rain on one day during the
week, the rainfall being one hundredth of an inch. The therCame into sight during week__..110,482 1i,6
--5_3_,(r.a.
97,398
Total in sight May 16
14",-6-5-8,281 mometer has averaged 70, ranging from 56 to 84.
Ardmore, Okla.-Rainfall for the week, two inches and
North.spinners' takings to May16 21,248 2,269,695 41,128 2,352,357
ton hunderdths, on one day. Average thermometer 74,
*Decrease during week.
highest 92, lowest 55.
Movement into sight in previous years.
Holdenville, Okla.-It has rained on three days of the week,
WeekBales!! the rainfall
Bales.
Since Sept. 1reaching one inch and twenty-five hundredths.
1911-May 19
11,158,146
88,414 1910-11-May 19
1910-May 20
The
thermometer has ranged from 56 to 93, averaging 74.
76,363 1909-10-May 20
9,761,593
1909-May 21
120,115 1908-09-May 21
12,694,535
Marlow, Okla.-Rainfall for the week, sixty hundredths
NEW ORLEANS OPTION MARKET.-The highest, of an inch. on one day. Average thermometer 71, highest
lowest and closing quotations for leading options in the Now 89, lowest 54.
Orleans cotton market for the past week have been as follows:
Alexandria, La.-We have had rain on three days during
the week, the rainfall being two inches and seven hundredths.
Sat'day, Monday, Tuesday, Wed'day. Thursd'y. Friday,
The thermometer has ranged from 58 to 88, averaging 73.
I ay 10. May 12. May 13. May 14. May 15. May 16.
New Orleans, La.-We have had rain on one day of the
Mayweek, the precipitation being one inch and twenty-three hun12.21-.22
12.25-.31
12.1/5-.20
Range
12.18-.24 12.18-.19 12.15-.23
Closing
12.20-.22 12.25 -12.24-.25 12.17 - 12.18-.20 12.24-.26 dredths. Average thermometer 76, highest 88, lowest 64.
JulyShreveport, La.-Rain has fallen on two days of the week,
Range
11.93-.03 11.96-.07 12.00-.11 11.95-.05 11.96-.00 11.90-.02
Closing
12.02-.03 12.06-.07 12.02-.03 11.96-.97 11.97-.98 12.01-.02 to an inappreciable extent. Average thermometer 74, highAugustest 88, lowest 60.
11.58-.67 11.61-.71 11.56-.61 11.55-.56 11.50-.58
Range
Eldorado, Ark.-There has been rain on two days during
Closing
n
11.61-.63 11.67-.68 11.62-.63 11.56-.57 11.57-.58 11.59-.60
the week, the rainfall being one inch and forty-one hunSeptember_
_
1 )-- 0
Range
11.23 -- 0-- 4
dredths. The thermometer has averaged 70, the highest
Closing
11.28-.30 11.32-.34 11.2 -.29 11.21-.23 11.23-.25 11.26-.28
being 84 and the lowest 56.
OctoberRange
11.09-.16 11.11-.22 11.13-.24 11.08-.17 11.07-.13 11.01-.12
Helena, Ark.-We have had rain on two days during the
Closing
11.15-.16 11.20 .21 11.15 .16 11.09 .10 11.09 .10 11.12 .13
week. The thermometer has averaged 68, ranging from
Decemberang0
11.09 .16 11.12 .21 11.12-.23 11.07-.16 11.05-.12 11.00-.08 51 to 87.
Closing
11.15-.16 11.20-.21 11.14-.15 11.08-.09 11.07-.08 11.11-.12
Little Rock, Ark.-It has rained on three days of the week,
JanuaryRange
11.16
- 0-11.16-.26 11.12-.16 11.10 -- 0 - the rainfall reaching seventeen hundredths of an inch. The
Closing
11.18-.19
11.11-.13 11.09-.11 11.14-.16 thermometer has ranged from 52
11.19-.21 11.23-.25
to 86, averaging 69.
larchRange
11.24 -11.20-22- (4 Columbus, Miss.-There has been rain on three days of the
Closing
11.20 - 11.28 -11.25,26 11.19 - 11.19-.21 11.22-.24
past week, the rainfall being fifty-nine hundredths of an inch.
ToneQuiet. Steady. Steady. Quiet.
The thermometer has averaged 71, the highest being 89 and
Spot
Quiet.
Quiet.
Ontions
Steady. Steady. Steady. Steady. Steady.
Firm.
the lowest 53.
“
...
g
ir
••
-•
Meridian, Miss.-It has rained on three days during the
week, the rainfall reaching two inches and fifty-two hundredths. Average thermometer 71, highest 86 and lowest 56.
Vicksburg, Miss.-There has been rain on two days of the
week, to the extent of four hundredths of an inch. Thermometer has averaged 73, ranging from 59 to 85.
Mobile, Ala.-There is much complaint of drought, poor
stands and cotton not sprouting. Rain has fallen on three
days of the week,the precipitation being one inch and twentydays of the week, the precipitation being twenty-eight hundredths of an inch. The thermometer has averaged 74,
the highest being 82 and the lowest 62.
Montgomery, Ala.-There has been beneficial rains in most
sections this week, but more moisture is needed. We have
had rain on two days of the week, the precipitation reaching
Une inch and twelve hundredths. The thermometer has
averaged 73, the highest being 85 and the lowest 61.
Selma, Ala.-There has been rain on three days of the past
week, the rainfall being one inch and fifty-two hundredths
of an inch. The thermometer has averaged 71.5, the highest
being 83 and the lowest 59.
Gainesville, Fla.-Rain has fallen on one day during the
week, to the extent of fifteen hundredths of an inch. Average thermometer 72, highest 86, lowest 59.
Madison, Fla.-There has been rain on two days during
the week, the rainfall reaching ninety-five hundredths of an
inch. Thermometer has averaged 72, ranging from 63 to 84.
Tallahassee, Fla.-We have had rain on two days of the
week, the rainfall reaching fifty-one hundredths of an inch.
The thermometer has averaged 73, ranging from 58 to 87.
Augusta, Georgia.-Rain has fallen on two days during
the week, to the extent of twenty-seven hunderdths of an
inch. Average thermometer 69, highest 87, lowest 51.
Savannah, Ga.-We have had rain on three days during
the week, the rainfall reaching seventy-three hunderdths of
an inch. Thermometer has averaged 70, the highest being
87 and the lowest 58.
Washington, Ga.-We have had no rain during the week.
The thermometer has averaged 75, ranging from 54 to 86.
Charleston, S. C.-Rain has fallen on one day of the past
week, to the extent of one hundredth of an inch. The thermometer has averaged 70, the highest being 85 and the
lowest 55.
Greenville, S. C.-Dry all the week. The thermometer has
ranged from 42 to 86, averaging 64.
Spartanburg, S. C.-Rain has fallen on one day of the week,
the rainfall being forty-two hundredths of an inch. Average
thermometer 67, highest 91, lowest 43.
Charlotte, N. C.-We have had only a trace of rain during
the week. The thermometer has ranged from 44 to 89,
averaging 67.
Greensboro, N. C.-Rain has fallen on one day during the
week, to the extent of seventy-two hundredths of an inch.
Average thermometer 62, highest 85, lowest 39.
Raleigh, N. C.-It has rained on one day of the week, the
rainfall reaching twelve hundredths of an inch. The thermometer has ranged from 40 to 86, averaging 63.
- Dyersburg, Tenn.-We have had no rain during the week.
The thermometer has ranged from 46 to 88, averaging 67.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
Cotton Takings.
Week and Season.
1912-13.
Week.
Season.
1911-12.
Week.
Season.
4,639,819
4,532,133
Visible supply May 9
i.603,418
2,135,485
Visible supply Sept. 1
97,398 14,658,281
American in sight to May 16_ _ _ 110,482 12,653,076
45,000 2,022,G00
Bombay receipts to May 15_ _ _ _ t75,000 2,263,000
6,000
157,000
303,000
12,000
Other India ship'ts to May 15__
1,500
960,500
990,000
1,000
Alexandria receipts to May 14_
1,000
196,000
270,000
4,000
Other supply to May 14*
Total supply
DeductVisible supply May 16
[VoL. xcvr.
THE CHRONICLE
I 43?
4,734,615 18,614,561,4,790,717 19,597,199
INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India 'ports for the week and for the season from
Sept. 1 for three years have been as follows:
May 15.
Receipts at-
1912 13.
1911-12.
1910-11.
Since
Week, Sept. 1.
Since
Week. Sept. 1.
Since
Week. Sept. 1.
Not received. 45,000 2,022,000 69,000 2,092,000
Bombay
For the Week.
Exports
Irons-
Since September I.
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
Bombay1912-13__
27,000
1911-12__
31,0001
1910-11__
Calcutta3,000
1912-13__
1911-12__
1910-1L _
Madras1912-13__
1911-12__
1910-11__
All others1912-13__ 1,000 ti,000
6,00
1911-12_
1910-11_:. 4;666 10,000.
Total all1912-13_
1911-12_.
1910-11_
ContiJapan
nent. & China. Total.
Not received.
8,000 251,000 727,000 986,000
9,000 36,000
25,000 56,000 43,000 719,000 475,0001,237,000
1,0001 4,00
_
195
19
2,000 8,00
___ 6,00
7;00
0
21,00
3,000
2,000
3,000
17,000
15,000
31,000
17,000
9,000
18,001
37,000
26,000
52,000
4,000
2,000
8,000
18,000
3,0001
18,0001
L000i
22,000
8,000
26,200
-15,000 144,00Q
5,000 98,000
32,000 206,000
33:666, 9,660 42,666
200
85,000 244,000
22,000 125,000
12,000 250,000
17;666\ 367,666 759;666 1,143-,00a
4;666 41,0001 32,195 77,195 86,000 974,000 505,200 1,565,200
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria, Egypt,
May 14.
Receipts (cantars)This week
Since Sept. 1
1912-13.
1911-12.
1910-11.
9,000
7,424,624
12,000
7,202,863
14,000 .
7,500,069
This Since
Week. Sept. 1
Exports (bales)To Liverpool
To Manchester
To Continent
To America
Total exports
This Since
This Since
Week. Sept. 1. Week. Sept. 1.
1,500 187,578 1,000 183,941
191,484 4,000 210,971
6,750 351,323 3,250 324,074
1,000 115,196 2,5001 99,488
1,750 199,611
____ 201,493
7,00 359,134
100 109,844
0.250 846.181 10.750 819.374
9.350 870.082
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that the market is
steady for both yarns and shirtings. Merchants are buying very sparingly. We give the prices for to-day below and
leave those for previous weeks of this and last year for
comparison.
1912.
1913.
325 Cop
Twist.
83i lbs. Shirt- Corn
ing:, common Mid.
Upi's
to finest.
d. s.
d.
Mob
28 1014 @ 1134 8
Apr.
4 103-180113-16 6
11 103-180113-18 6
18 101-160111-16 6
0
ii 6
25 10
M'y
2 9 15-16'4 1014 6
(a) 10% 6
9 10
© 10% 6
16 10
d.
32s Cop
Twist.
s. d. d. d.
834 lbs. Shirt- Corn
ings, common Mid.
to finest.
Uprs
d. s. d.
s. d. d.
3 @II 6
6.94 9 5-18 @ 10% 6 0 011 3
6.17
3 011 6
3 011 6
2141511 5
2 1511414
6.96 9 5-18 @
6.95 9%15
6.91 914
15
6.77 914
6.17
6.44
6.62
6.58
10% 8
10% 8
1054 6
1034
0 @11.3
1 011 434
114 011 5
IMO'. 5
2 @11 414 6.72914
15 10% 6 1 011 3
11 4% 6.68 9% (43 10% 6 1341511 3
2
2 011 4% 6.72 9 11-160 1034 6 1%011 3
6.37
6.53
6.47
OUR COTTON ACREAGE REPORT.-Our cotton acreage report will probably be ready about the 18th of June.
Parties desiring the circular in quantities, with their business
cards printed thereon, should send in their orders as soon as
possible, to ensure early delivery.
SHIPPING NEWS.-Shipments in detail:
Total bales.
NEW YORK-To Liverpool-May 9-Caronia, 2,567_ _ May 13Cevic,7,873_ May 14-Baltic,8,730 upland, 1,107 Peruvian 19,277
806
To Hull-May 14-Galileo, 806
200
ToLondon-May 9-Mesaba, 200
649
To Bremen-May 9-Prinz Friedrich Wilhelm, 649
To Hamburg-May 9-Westerwald, 460_May 13-Patricia,
660
351
To Antwerp-May 9-Kroonland, 351
3,567
To Genoa-May 9-Berlin, 3,467; Verona, 100
200
To Naples-May 9-Car athia, 200
100
To Venice-May i3-Kaiser Franz Josef I, 100
To Fiume-May 13-Kaiser Franz Josef I.,400; Laura,600_ _ __ 1,000
_May 10-Satsuma,000 2,300
COTTON CONSUMPTION AND OVERLAND MOVETo Japan-May 7-Indrawadi, 1,400_..May
11,743
Bremen-May 10-Quernmore, 11,743
MENT TO MAY 1.-Below we present a synopsis of the GALVESTON-To
3,632
To Hamburg-May 15-Anglo-Egyptian, 3,632
crop movement for the month of April and the eight months NEW ORLEANS-To Liverpool-May 12-Arrino, 171; Wayfarer,
6,727
___
_
____
6,556
ended April 30 for three years.
1,000
To London-May ______________ 1,066
2,619
To Havre-May 9-Virginie. 2,619
964
1912-13. 1911-12. 1910-11.
To Hamburg-May 12-Rokeby, 964
4,793
To Genoa-May 12-Dinnamare, 4,793
100
bales
138,255
Gross overland for April
108,346
72,637
To Naples-May 12-Dinnamare, 100
21
Gross overland for 8 months
1,406,238 1,674,909 1,213,382
To Mexico-May 10-City of Mexico, 21
100
Net overland for April
74,521
93,150
56,131
To Port Barrios-May 9-Co pename, 100
Net overland for 8 months
1,000
1.076,980 1,349,493
961,930 PENSACOLA To Barcelona-May 14-Marianne, 1,000
Port receipts in April
389,327
520,827
184,147 SAVANNAH-To Hamburg-May 14-Nordkap, 2,621.....May 15
9,018,846 11,103,285 8,037,699
Port.receipts in 8 months
4,570
North Wales, 1,949
Exports in April
492,743
689,757
245,141
250
To Rotterdam May 12 Manchester Spinner, 250
Exports in 8 months
7,630,901 9,727,545 6,888,435
3,650
To Barcelona-May 15-Lucia, 3,650
585,055
Port stocks on April 30
700,318
431,236
300
To Trieste-May 15-Lucia, 300
Northern spinners' takings to May 1_
2,223,843 2,253,895 1,917,087 CHARLESTON-To Liverpool-May 9-Nitonlan, 3,975
3,975
1,954,000 1,760,000 1,625,000
Southern consumption to May 1
3,000
To Bremen-May 14-Agenoria, 3,000_ _ __,,z
Overland to Canada for 8 months (inBOSTON-To Liverpool-May 9-Winifredian, 230- May jj
314
cluded in net overland)
123,498
_____
116,257
124,080
Franconia,84
125
143
Burnt North and South in 8 months
22 BALTIMORE-To iiriaice-n- -il-a-y- io=nranaenbi.iig-, - ,edg;
27,523
12,702
Stock at Northern interior markets May 1
21,055
6,981
maringen, 2,595.. May 14-Neckar. 2,358
585,848
718,977
Came in sight during April
330,631 PHILADELPHIA-ToLiverpool-May
9-4iaverford, 4,045
4,045
Amount of crop in sight May 1
12,410,826 14,411,778 10,938,629
41
Antwerp-May 8-Menominee, 41
1,631,538 1,193,703 SANTo
Came Insight balance ofseason
3,044
FRANCISCO-To Japan-May 10-Nippon Maru, 3,044_
16,043,316 12,132,332 PORT TOWNSEND-To Japan-May 12-Panama Maru, 3,673_ _ 3,673
Total crop
516.53
513.98
Average gross weight of bales
510.50
491.53
Average net weight of bales
488.98
485.50
95,652
Total
1,448,785 4,448,785 4,467,947 4,467,947
285,830 14,165,776 322,770 15,129,252
Total takings to May 16a
217,830 11,005,776 287,270 12,200,752
Of which American
68,000 3,110,000
35,500 2,928,500
Of which other
Europe
from
Brazil, Smyrna, West Indies, &c.
*Embraces receipts in
t Estimated.
a This total embraces the total estimated consumption by Southern mills,
2,087,000 bales in 1912-13 and 1,900,000 bales in 1911-12-takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners, 12,078,776 bales in 1912-13 and 13,229,252 bales in 1911-12 of
which 8.968.776 bales and 10.300.752 bales American.
THE CHRONICLE
MAY IT 1913.]
1433
The particulars of the foregoing shipments for the week, 738,000 • bushels, against 176,805,000 a year ago. Export
sales have latterly been liberal. Domestic mills have bought
arranged in our usual form, are as follows:
Great French Ger- -0111.Europe- Mar..
more freely. On the other hand, however, there has latBritain. ports. many. North. South. &c. Japan. Total. terly been some reaction
in prices, owing to profit-taking
20,283 ____ 1,309
351 4,867 ---- 2,300 29,110
New York
Galveston
-- 15,375 ____
15,375 and more favorable crop reports from some parts of the West.
964 ---- 4,893 121 -__- 16,324 Kansas City has recently offered No.2 red at 90 cents. The
New Orleans... 7,72'7 2.619
- 1,000
Pensacola
1,000
4-,8'.76 -§50 3,950 -------Savannah
____ ____
8,770 world's shipments last week were 12,576,000 bushels,against
3,975
3,000
Charleston
--__ - --- ---6,975 11,072,000 in the previous week and 11,744,000 in the same
Boston
314---- ---314
6-,981
Baltimore
____ ____
6,981 week last year. The world's visible supply decreased for,
Philadelphia _
4
41
____ ____
4,086
the week only 1,901,000 bushels, against a decrease in the
_____
San Francisco---------____ 3,044
3,044
Port Townsend_
____ 3,673 3,673 same time last year of 8,808,000 bushels. In Germany the
crop outlook is favorable. That is also the case in Southern
Total
36,344 2.619 32,199
642 14,710 121 9,017 95,652 Russia. In Roumania beneficial rains have fallen.
ImThe exports to Japan since Sept. 1 have been 330,949 bales provement is noted in Italy's crop prospects. In Australia the
from Pacific ports and 9,200 bales from New York.
new crop has a good start. Favorable crop reports come from
Argentina. Though rains are said to be needed in Illinois
LIVERPOOL.-Sales, stocks, &c., for past week:
and the Ohio Valley, the crop outlook on the whole is favoraApril 25.
May 8. May 14. ble in this country. To-day prices advanced. Within 24
May 2.
Sales of the week
19,000
36,000
43.000
50,000
Of which speculators took
1,000 hours big cash sales were made at Chicago. Export clear.
1,000
2,000
2,000
Of which exporters took__ _1,000
ances from this country and Canada for the week exceed
Sales. American
31,666
17-,60.6
43.000
35-,(566
Actual export
2.000
4,000 7,000,000 bushels. The world's shipments are expected to
10,000
11,000
Forwarded
58,000
89.000
55,000 be smaller for the week, notably those from Russia. Com67.000
Total stock-Estimated
1,186,000 1,168,000 1,151,000 1,132,000
Of which American
962,000
978,000
945,000 plaints of dry weather still came from the West, and there
993,000
Total imports of the week... 43.000
81,000
40,000
40,000 were reports of damage by chinch bugs in the Southwest,
Of which American
66,000
22.000
34,000
31.
Amount afloat
148,000
158,000
165,000
155,000 especially from Kansas.
Of which American
125,000
121,000
139,000
132,000
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Saturd,ap.
Monday.
Market,
12:16
P.M.
Tuesday. Wednesday. Thursday.
Fair
business
doing.
Quiet.
Friday.
Dull.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri. "
No. 2 red
cts_111
114
112
114
114
111
May delivery in elevator
9854 99
9834 9834 9834 99
975% 97% 96
July delivery in elevator
X 9634 9634 9691
September delivery in elevator_ _ _ 9634 9634 9534 9534
9534 9534
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
fay delivery in elevator
cts_ 8934 8954 89
889/ 885% 895%
July delivery in elevator
8954 8944 889/a 8754 88
8834
September delivery in elevator
895% 8934 8834 8754 88
8834
Indian corn has on the whole been firmer. No large net
advance has taken place. Yet corn has sympathized to
Sales
HMIsome extent with firmness in wheat. Also the crop moveHOLE8,000
5,000
5,000
HOLZSpee,texp
DAY.
DAY.
500
600
600
DAY.
ment has been very small. On Thursday Chicago got only
67 cars. Whenever the price recedes at all, offerings from
Futures.
Steady,
Quiet,
Quiet,
Market
4€)5 points 3@4 points 34@i point
the country promptly decrease. Shorts have been good
opened
advance, decline.
decline.
buyers at times. The squeeze in oats has had some effect
Market,
Steady,
Quiet,
Quiet,
on corn. Contract stocks at Chicago are small. At the
4
4i@534 334@4 ma. 34 point
same time it is said that the short interest in May corn at
p. m.
pts. adv, pts. dec.
decline.
Chicago
rather large-according to some rumors even.
The prices of futures at Liverpool for each day are given decidedlyis
so. Big interests have been buying May. Latterbelow. Prices are on the basis of upland, good ordinary ly, however,
there have been beneficial rains over the greater
clause, unless otherwise stated.
part of the belt and favorable crop reports have been the
The prices are Om in pence and 100ths. Thus: 6 50 means 6 50-100d.
rule. It is noticed, too, that on any upturn the offerings
increase somewhat. To-day prices advanced, partly in.
May 10
Tues.
Wed.
Mon.
Thurs.
Sat.
Fri.
response to the rise in wheat and covering of shorts. Counto
4 1234i 4 1234 4 1234 4
/ay 16. 123411234 1234 4
1234
try offerings have increased somewhat on the rise.
P. P.m. P.m P..m P.m. P.m. p.m. p.m. P.m. P.m. P.m. P.m.
)011d.Upl'
6.76
.
May
May-Jun
June-July,
July-Aug
Aug.-Sep
Sept.-Oct
Oct.-Nov.
Nov.-De
Dec.-Jan
Jan.-Feb
Feb.-Ma
Mar.-A
Apr.-Ma
May-Ju
d.
HOLIDAY.
6.73
8.72
d. I d. •
d.
d. d. d. d. d. d. d.
6 4934 50 47 4634 4534 46
6 49 4934 463. 46 45 4534
6 46 4634 4334 43 42 4234
6 4234 4234 3934 39 38 38
6 3234 3234 2934 29 28 28
HOLI- 6 1834 1834 15 1434 14 14 HOLIDAY. 6 11 11 07 07 0634 0634 DAY.
6 08 08 04 04 0334 0334
6 07 07 03 03 0234 0234
6 0654 0634 02 0234 02 02
6 0734 0734 03 0334 03 03
6 0834 0834 0434 0434 04 04
6 0934 0934 0534 0534 05 05
06 06 0534 0534
BREADSTUFFS.
Friday Nipht, May 16 1913.
Flour has been quiet but steady, owing to the firmness of
wheat. The production at Minneapolis, Duluth and Milwaukee last week was 369,585 barrels, against 642,660 in
the previous week and 306,435 in the same week last year.
Buyers have continued for the most part to hold aloof, purchasing only from hand to mouth, especially as many of
them have no faith in the stability of prices for wheat at
this level. Europe recently bought to some extent, but has
latterly withdrawn from the market. Northwestern mills
have been disposed to maintain their prices quite firmly,
and at the Southwest quotations have also been firm. But
the fact remains that trade for the most part has been confined to small lots.
Wheat has advanced, partly on reports of poor germination at the West and an oversold condition of the market.
Liverpool authorities take the ground that, while the world's
shipments during the next few weeks are likely to be heavy,
the requirements of Europe will be so large that even a heavy
movement will not prove burdensome, as the stocks at all
the principal receiving ports of Europe are abnormally light.
Those of the United Kingdom aggregate only about 8,000,000
bushels. Continental countries, it is pointed out, are consuming imported wheat on a large scale. France in April
used over 5,600,000 bushels of foreign wheat. Germany also
imported heavily during April, even if her imports were not
quite up to expectations. Germany, however, is apt to import most freely during May, June and July. It looks to
some as though Europe would have to increase its purchases
from India for a time, and after that from the early harvested
wheat of North America. The Danube, it is believed, will
not be able to furnish the usual quantity of wheat during
July and August. Recently Liverpool prices were• strengthened by reports of dry weather in the spring-wheat States of
this country. The world's stock of wheat is stated at 169,
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 5534 5634 55% 5534 5534 56
July delivery in elevator
5634 5634 5534 5534 5534 56
September delivery in elevator.... 57
57
5634 5634 5634 5654
Oats have attracted a good deal or attention. A squeeze
in May oats his been one of the features of the week. This
was partly due to reports of a bad start for the crop in parts
of Indiana and Illinois. Shorts in all deliveries have been
roughly handled. The May option, as already intimated,
has led the rise. On Monday there was an advance of
1%o. in that delivery. The plant is said to be very small
in both Indiana and Illinois after a late planting. All sorts
of sensational reports may be expected, but the truth seems
to be that the short interest has become over extended.
On Wednesday, however, came reports of heavy rains where
they were most needed. This ended drought talk for the
time being. Yet it remains true that the market has been
active all the week and there has been a good cash demand.
Prices advanced again on Thursday when there were reports
that the rains in Illinois and the Ohio Valley turned out to
be insufficient. Big commission houses at Chicago have
been good buyers. Some large cereal interests are said to be
heavily long of May and insist on taking delivery. To-day
prices were higher, May advancing 1 cents on covering
on stop-loss orders. Some adverse crop reports, due to dry
weather, are coming from big States. The cash demand
was good.
DAILY CLOSING PRICES OF OATS IN NF.W YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Standards
cts 4234 43
4334 4334 4334 44
No. 2 white
43
4314 44
44
44
4434
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 3634 3734 3734 37
3734 38)4
July delivery in elevator
3534 3654 355% 35)4 3534 36%
September delivery in elevator
3534 35
3534 34% 35
3554
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
4 50 4 60 Kansas clears, sacks__ 3 7558 4 00
Winter straights
Winter clears
4 25i 4 30 City patents
5 95 6 25
4 7558 5 00 Rye flour
Spring patents
3 6558 3 90
Spring straights
4 5058 4 60 Graham flour
4 00 4 75
GRAIN.
Wheat, per bushel-f. o. b.
Corn, per bushelN.Spring. No. 1
$1 0034
No. 2
elevator Nominal
N.Spring, No.2
9834
Steamer
elevator Nominal
Red winter, No. 2
1 11
No. 3
c i f Nominal
Hard winter. No. 2
1 0044 Rye, per bushelOats, per bushel, newNo. 2
6834
Standards
State and Pennsylvania., Nominal
44
No. 2, white
4434 Barley-Malting
554465
No. 3
4334
THE CHRONICLE
1434
AGRICULTURAL DEPARTMENT REPORT ON
CEREALS, &c.-The report of the Department of Agriculture, showing the condition of the cereal crops on May 1,
was issued on the 7th inst., and is as follows:
The Crop Reporting Board of the Bureau of Statistics of the United
States Department of Agriculture estimates, from the reports of correspondents and agents of the Bureau, as follows:
The area to be harvested as of May 1 was about 30,938,000 acres, or
4.5% (1,449,000 acres) less than the area planted last autumn, but 16.4%
(4,367,000 acres) more than the area harvested last year, viz.: 26,571,000
acres. In 1911 the area was 29,162,000 acres and in 1910 27,329,000 acres.
A condition of 91.9% on May 1 is indicative of a yield per acre of approximately 16.6 bushels, assuming average varia.ions to prevail thereafter.
On the estimated area to be harvested, 16.6 bushels per acre would produce
513,571.000 bushels, or 28.4% more than in 1912, when the yield was
399,919,000 bushels. 19.370 more than in 1911, when the outturn was
430,656,000 bushels and 18.3% more than in 1910,iwhen the production
was 434,142.000 bushels.
The average condition of rye on May 1 was 91.0, compared with 89.3
on April 1. 87.5 on May 1 1912 and 89.6 the average for the past ten years
on May 1.
The average condition of meadow (hay) lands on May 1 was 88.5, compared with 85.7 on May 1 1912 and a 10-year average on May.1 or 88.5.
Stocks of hay on farms on May 1 are estimated at 10,828,000 tons
(14.9% of crop). against 4,744,000 tons (8.6%) on May 1 1912 and 86,73.000 tons (12.6%) on May 1 1911.
The average condition of pastures on May 1 was 87.1. compared with
81.7 on May 1 1912 and a 10-year average on May 1 of 86.1.
Of spring plowing 67.2% was completed up to May 1, compared with
82.8% on May 1 1912 and a 10-year average on May 1 of 65.7.
Of spring planting 5.70% was completed up to May 1, compared with
48.9% on May 1 1912 and a 7-year average on May 1 of 54.3.
For other tables usually given here, see page 1402.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports May 10.1913 was as follows:
In ThousandsNew York
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
Toledo
Detroit
Chicago
Milwaukee
Duluth
Minneapolis
St. Louis
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.
32
149
11
150
399
141
571
579
4
38
2
21
19
334
7
-56
15
290 1,055
2
87
98 __
166
362
538
106 ---- ---- ---108
937
------33
665
1,647 "ii55 ..- -ioi -55i ---,
1,632 1-iiii
4 --_- --115 -88
437
18
28 ____
77
285
30 -65 "2,018 3,582 ____
5,286
---17
30
4942 274
516 -i577
19
482 -iia
47
9,840 2-,i65
198
535 ____
2
692 ____
19,268
2 ---99 1107
--__
1,060
80
270
2,026
6
190 ---11
1
25
221
144
320 1,000 ___- -- i -in
548
76 ____
52
150 ____
490
1,884
269
678 1,798
778
Total May 10 1913_45,474 6,219 5,814 8,105
303
684 1,706
966
Total May 3 1913_47,157 4,468 7,270 8,704
255
1,001
589
3,287
9,485
6,471
4,716
1912_38,180
11
Total May
961
37
Total May 13 1911_25,449 ---- 5,146 8,988
STOCKS.
GRAIN
CANADIAN
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush. bush. bush, bush. bush.
437 __
8
1,59514 1,365
Montreal
6,529
-8,529
Ft.William & PLArthur 7,710
----- 2,197
7,983
Other Canadian
437
8
14 10,091
156
14 7,887
95
2 7,499
74
339 6,898
____
SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye, Barley. Barley.
bush. bush. bush, bush. bush. bush, bush. bush.
269
678 1,798
778
45,474 6,219 5,814 8,105
437
8
14 10,091 ____
17,288 ____
Total May 10 1913_17,288
Total May 3 1913 17,571
Total May 11 1912 18,480
Total May 13 1911 8,370
American
Canadian
778
Total May 10 1913_62,762 6,219 5,828 18,196
966
Total May 3 1913._64,728 4,468 7,284 16,591
Total May 11 1912_56,660 4,716 6,473 16,984 3,287
Total May 13 1911_33,819 ____ 5,485 15,886 ___
686
684
589
37
2,235
1,862
1,096
1,035
269
303
255
THE DRY GOODS TRADE.
New York, Friday Night,M ay 16 1913.
There is little change to report in connection with the drygoods situation during the past week, new business continuing on a narrow scale. The progress of the tariff bill in the
Senate is being followed with keen interet and some en*couragement is derived from the numerous reports that it will
meet with strong opposition before passage. It is believed
by some that opposition to the free list will be so pronounced
as to effect a compromise whereby wool and other items may
be restored to the taxable list. The easiness in cotton goods
of the past two weeks has entirely disappeared and the market shows a rallying tendency, especially in print cloths,
where minor advances have been scored. The bulk of the
business moving is in the nature of spots for filling in purposes and goods overdue on delivery. Jobbers are constantly watching the spot situation and are not finding supplies very plentiful. They also show a greater willingness
to operate for fall,but only through fear that mill curtailment
will cause too great a scarcity of supplies for them to delay
too long. Mills are reported to be preventing any accumulation of stocks and are also very conservative about accepting business for delivery during the fall, owing to the uncertain raw material situation. The continued cool weather has restricted local retail trade, but reports from out-of-town to jobbers indicate a normal retail business throughout other sections of the country. The large retail houses are, of course,
not anxious to stock up heavily in advance at present prices
while there is a possibility of much lower values following
the passage of the tariff bill. Export business is very quiet,
lower prices having failed to bring out orders. There are
reports that buyers for India have been bidding for Pepperell
drills at prices slightly under the market, but no business
has been closed. Advices from China indicate that goods
are moving to the interior more freely, but there is no in
[VOL. xcvi.
quiry for further supplies. Men's wear and dress goods
markets are quiet. Some cancellations are reported in
men's wear, with only a moderate amount of new business
being placed for fall. Clothiers are very much concerned
over the tariff and are not making up any more than they
are reasonably sure of disposing of. There is a fair demand
for novelty dress woolens, but business in dress goods is
also restricted.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 10 were 4,038
packages, valued at $268,216, their destination being to the
points specified in the table below:
New York to May 10Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-1912
Since
1913Since
Week. Jan. 1.
Week. Am. 1.
462
37
1,1570
10
390
52
702
84
25,290
6,819 39,509
6,783
1,178
9.133
390 13,900__
26.353
7,724
g16
11,865
658
950 20,717
15,512
575
1,383
112
1,251
52
7,304
369
6,275
354
2,432 29,870
1,515 21,690
949 26,852
24,852
400
4,038 128,270
12,714
171,217
The value of these New York exports since Jan. 1 has been
$9,975,658 in 1913, against $11,403,474 in 1912.
Generally speaking, the undertone of markets for domestic
cotton goods has been very steady during the past week,
with some improvement noted in the demand. Reports
from salesmen on the road who are out seeking additional
business,however,are less encouraging as,owing to the belief
in lower prices on the part of buyers, salesmen are only
able to make little headway on late orders. There has,
nevertheless, been improved buying of crashes, prints and
other staples for forward delivery, as stocks in the hands of
many jobbers are depleted and they have been forced to
enter the market. Colored cottons, particularly the coarser
Fades, hold steady and are in fair demand. Drills are
irregular, while trading in fancy cottons for prompt delivery
is confined for the most part to specialties. Ginghams also
rule steady, with staple goods for quick shipment none too
plentiful. Sheets and pillow cases are said to be in p, bettersold position than many believed, some of the more popular
brands of wide shootings being under order for three months
or .more. An encouraging feature in the situation is the
activity,in carpets and the steady prices at which they are
selling despite the outlook for tariff changes. Print cloths
have been more active and prices steadier. A large portion
of the business placed has been for future delivery, with
some shipments booked as late as December. Gray goods,
383/
2-inch standard, are quoted at 5c.
WOOLEN GOODS.-The effect of tariff uncertainty
continues to restrict business in the markets for men's wear
and dress goods. Concessions are reported on light-weight
men's wear. A number of mills are said to be offering these
in order to move stocks, as they desire to get rid of their
holdings before the new tariff goes into effect. Buyers of
heavy-weight goods are moving cautiously, as, in view of
the proposed tariff changes,they believe prices will be lower.
While there has been fair ordering of dress goods, markets
in general rule quiet.
FOREIGN DRY GOODS.-Inquiries have been more
and
numerous in the markets for linens during the past week
fair sales have taken place. There has been a more active
demand for housekeeping lines for fall delivery and orders
taken have been booked subject to tariff changes. While a
number of buyers expect sharp reductions in prices, in all
likelihood the downward revision will be much smaller than
anticipated. Dress linens have been active, with merchants
reporting an improved demand for colored goods. The market for burlaps has again ruled featureless. Light-weights
are quoted at 5.750. and heavy-weights at 8.10o.
Importations and Warehouse Withdrawals of DryGoods
for the Week and since Jan.t.
Imports entered for Consumption
itiCeic Ending
Since Jan. 1 1913.
May 10 1913.
Value.
Pkgs.
Value.
Pkgs.
Manufactures of2,937,458
11,922
79,213
350
Wool
2,642
633,930 58,537 16,603,307
Cotton
28,054 12,446,654
513,359
1,085
Silk
8,840,908
332,702 43,211
1,683
Flax
5,886,051
61,805
93,889
1,942
Miscellaneous
46.714,378
7.702 1,653,093 203,529
Total 1913
8,414 1,720.917 211,160 44,333.644
Total 1912
Warehouse Withdrawals Thrown Upon the Market.
Manufactures of81,060
4,970
1,212,957
270
Wool
168,049
3,759,938
12,804
611
Cotton
1,494,645
82,409
3,497
220
Silk
112,590
530
10,652 2,314,971
Flax
95,579 50,426 2,024,167
1,727
Miscellaneous
3,358
539,687 82,349 10,806,677
Total withdrawals
7,702 1,653,093 203,529 46,714,378
Entered for consumption
11,060 2,192,780 285,878 57,521,055
Total marketed 1913
13,322 2,141,866 320,295 55,562,134
Total marketed 1912
for
Warehouse
During Same Period.
Entered
Imports
Manufactures of1,733,050
7,350
647
131,811
Wool
4,257,676
14,857
1,134 1,129,495
Cotton
1.441,943
3,605
268
104,273
Silk
2,962,811
13,488
404
217,513
Flax
2,008,047
66.305
81,681
1,830
Miscellaneous
964,773 1115,605 12,403,525
4,283
Total
7,702 1,653,093 203,529 46,714,378
Entered for consumption
11,985 2,617,866 309,134 59,117,904
Total imports 1913
10,640 2,193,519 321.246 35,002,260
Total imports 1912
THE CHRONICLE
MAY 17 1913.1
- STATE, AND Calf DtiitilITNITVT.
News Items.
1435
fund for the current year. In addition bills were passed by
the Senate permitting the transfer of the alleged surplus in
the sinking fund to the general fund. In the Assembly, however, these measures met the fate of the bills to repeal Chapters 356 and 357 mentioned above, being overlooked during
the closing hours.
On May 14 the Governor vetoed a bill providing for the
submission to the voters on June 3 of the question of holding
a convention to revise the constitution, the delegates to
be elected at the general election this fall. The constitution
at present provides for the holding of a convention in 1916.
Another important measure passed by the Legislature
prior to adjournment and known as the Murtagh-Patrie
Hydro-Electric Bill, provides for the immediate expenditure of $650,000 for the construction of a State power plant
at Visscher's Ferry, where electric current is to be generated
with power obtained from surplus waters of the barge canal.
Under the bill the State is authorized to build lines for carrying the current to the eight municipalities within the
capital district. The municipalities may dispense the Statedeveloped current to private consumers as well as use it
for the lighting of streets and public buildings.
Only one bill was passed affecting savings bank invest-.
ments. This is now known as Chapter 416 of the Laws of
1913 and permits savings banks to invest in bonds of any
State issued to refund bonds which were legal investments at
maturity or time of payment. The amendment is to subdivision 3 of Section 146 of Chapter 10, Laws of 1909,
which now reads as follows, the matter in italics being new:
Baton Rouge La.-Commission Form of Government
Orleans papers state that the question
Approved.-New'
of establishing a commission form of government carried
at the election held May 13 by a vote of 472 to 39.
California.-Legislature Adjourns.-The fortieth California Legislature adjourned May 12. Among the laws
enacted at this session was a "blue sky" measure to regulate
investment securities.
Guatemala.-Claims of British Bondholders Adjusted.Arrangements were completed this week whereby the deferred
payment of interest to British holders of bonds issued in
1895 will be resumed. An agreement was signed at Guatemala City on May 14 by the British Minister and a representative of the Guatemalan Government providing for the
resumption of interest payments under the guaranty made
at the time the bonds were issued, that is, the allotment of
$1 of each $1.50 of the Guatemalan coffee export tax collected.
Payments under this arrangement were regular until 1898.
Since then the British Government, acting for the bondholders, has been unable to obtain any satisfaction from
Guatemala. The Guatemalan Minister, Juaquin Mendez,
is now endeavoring, it is said, to arrange for the floating of
In the stocks or bonds or interest-bearing obligations of any state
a $30,000,000 bond issue, out of which Guatemala promises of3.
the United States which has not within ten years previous to making
to pay the $10,000,000 principal due British bondholders such investment by such corporation defaulted in the payment of any part
of either principal or interest of any debt authorized by the Legislature of
and adjust other foreign indebtedness.
any such State to be contracted; and in the bonds or interest-bearing obliof any State of the United States, issued in pursuance of the auNew York State.-Legislative Proceedings.-The Legis- gations
of the Legislature of such State, which have, prior to May twentylature concluded its regular session for 1913 on May 3. Prin- thority
ninth, eighteen hundred and ninety-five, been issued for the funding or
any previous obligation of such State theretofore In default
cipally because of the failure of the Legislature to pass a settlement ofsaid
funding or settlement obligation there has been no default
on which
direct primary law in the form desired by the Governor,it was and
in the payment of either principal or interest since the issuance of such
announced that a special session would be called and on funding or settlement obligation, and provided the interest on such funding
or settlement obligation has been paid regularly for a period of not less than
(May 8) the date for this session was fixed for June 16. ten
years next preceding such investment; and in the stocks, bonds or interAnother purpose of Governor Sulzer in convening the Legis- est-bearing obligations of any State of the United States, issued in pursuance
the authority of the constitution or the Legislature of such State, to refund at
lature in extra session is to secure the repeal of two bills of
before maturity or within ninety days after maturity any of the bonds or
which he signed on April 25 and which were intended to or
obligations of such State which at their maturity, or at the date of their payment
paid before maturity, were legal investments for savings banks under the profacilitate the sale of State bonds. These measures became If
visions of this subdivision, on which refunding obligation there has been no
Chapters 356 and 357 of the Laws of 1913; the former default
in the payment of either principal or interest since the issuance thereof.
exempts bonds or other obligations issued by the State of
Toronto, Ont.-City Authorized to Acquire Railway and
New York from the provisions of the inheritance tax law, Electric-Light Properties.-See "Toronto Street Ry." in our
while Chapter 357 amends Section 190 of the Tax Law so General Investment News Department last week, page 1365.
as to provide that corporations paying franchise taxes
which shall own any State bonds shall have credited to them
annually 1%%,instead of 1%,of the par value of all bonds
Bond Proposals and Negotiations this week
bearing not exceeding 3% interest, and also be allowed a
further credit of M of 1% on all holdings at more than 3% have been as follows:
and not exceeding 4%. These measures were severely critiACCOMAC COUNTY (P. 0. Accomac), Vs.-BOND OFFERING.
m. May 26 by J. D. Grant Jr., Celrk
cized on the ground that they would occasion a large loss Proposals will be received until 2 p.
(opt.) coup. road-impt. bonds
5-30-yr.
5%
$10,000
the
for
Sup.,
of
Bd.
of revenue to the State, and the Governor on April 28, after voted March 15 (V. 96. p. 963). Denom. $100. Int. semi-ann. at office
a conference with Mr. Lawson Purdy, President of the New of County Treas. Cert. check for $100 required.
ALBANY, Linn County, Ore.-BOND OFFERING.-Proposals vrilYork City Tax Commission, and representatives of the
be received until8 p.m. May 28 by F.E.Van Tassel,City Recorder,for $71.
State Comptroller's office, caused to be prepared and intro- 087
58 6%, coup. impt. bonds. Denom. (1) $87 58, (142) $500. Data
duced bills to repeal the two laws. These repeal bills were Apr. 1 1913. Int. A.& 0. Due Apr. 1 1923. subJect to call any int. paypassed by the Senate on April 29 but were overlooked in ing date after Apr. 1 1914. Cert. check for 2% of bonds bid for required.
ALCORN COUNTY (P.O. Corinth), Miss.-BOND SALE.-Reports
the Assembly during the closing hours. On May 6 the state
that the Hanchett Bond Co. of Chicago was recently awarded $4,000
Governor issued a proclamation particularly for the benefit agricultural school bonds at par and int.
ALLIANCE, Stark County, Ohio.-BOND OFFERING.-Proposals
of those who are holders of, or intend to purchase State
will be received until 12.30 p. m.June 2 by 0.0.Silver, City Aud., for the
bonds, announcing his intention to secure the passage of following
bonds:
these repeal bills at the special session, thereby speedily $7.150 00 5% st.-impt. (assess.) bonds. Denom.(10) $500 (5) $430. Date
May 1 1913. Due $1,430 YrlY. on Sept. I trom 1914 to
taking away any advantages accruing to State bonds by
1918 inclusive.
reason of Chapters 356 and 357.
15.194 50 5% st.-impt. (assess.) bonds. Denom. (30) $500 (5) $38 90.
Date April 1 1913. Due $3,038 90 yriy. on Sept. 1 from'
Subsequent to the introduction of the repeal bills referred
1914 to 1918 incl.
to above, a bill was introduced increasing the interest rate 1,500 00 4M% sanitary-sewer-constr. (city's portion) bonds. Denom.
This measure
$500. Date April 11913. Due April 11928.
on all future issues of State bonds to 4
Int. semi-ann. at office of the City Treas. Cert. check on a national or
was passed by both Houses and is now in the hands of the State
bank for 3% of bonds bid for, payable to City Treas., required. Bids
must be made on blank forms furnished by the City Aud. Successful
Governor.
bonds.
Another measure which was introduced but failed to pass bidder to furnish blank
Montgomery County, N. Y.-BOND ELECTION.
proposed a credit in the payment of bank taxes similar to that AnAMSTERDAM,
election will be held May 22, it is reported, to vote on the question oilsallowed under Chap. 357 in the payment of franchise taxes. suing $100,000 Mohawk River bridge-construction bonds.
AMSTERDAM, Jefferson County, Ohio.-BONDS VOTED.-The
The present tax on bank shares is 1% and the proposed law
of issuing the $19,000 (not $15,000 as reported) 5% water-works
directed that there should be deducted annually from this question
bonds(V. 96, p. 1243)carried by a vote of 88 to 36 at the election held May 1.
amount an amount equal to 1% of the par value of all
ANDERSON COUNTY (P. 0. Palestine), Tex.-DESCRIPTION OF
$150,000 5% court-house bonds awarded on April 4 to
State bonds bearing not exceeding 3% interest and IA of BONDS.-The
Hoehler & Cummings of Toledo for $150.350 (100.133),int. and printing
1% of bonds bearing not exceeding 4%. The amount to be of
bonds (V. 96, p. 1375) are in the denom. of $1.000 each and bear date
of April 10 1913. Int. A.& 0. Due April 10 1953, subject to call begincredited in no case to exceed the amount due for taxes.'
10 1923.
An unsuccessful attempt was also made during the latter ning April SCHOOL
DISTRICT (P. 0. Anita), Cass County, Iowa.
ANITA
part of the session to repeal the law passed in 1911, known as BOND
SALE.-We are advised by the Secretary Board of Education that
the secured debt ,tax law, exempting bonds or other obliga- the $32,000 school bonds recently voted (V. 96, p.1170) have been sold.
eount-y7ore7=i30-ND OFFERING:7=1;74
tions secured by property located outside the State from the -ANSINGTON7Gillarn..
posals will be received until 8 p.In. June 3 for the $5,0006% 5-10-yr.(opt.)
annual tax on personal property and substituting a tax of electric-lig12
.626, p
2
.
:1314)•
.talant bonds voted April 21
M of 1% annually.
PORARY-LOAN.-O;
an=l' EBORO, Bristo County,171ass.-TEMwas
amended at this session so as May 10 a loan of $40,000. in anticipation of taxes, due in six months, was
The secured debt tax law
it is stated.
Wildey
Bank
discount,
Savings
at
4.55%
the
to
awarded
registered
covering mortgages issued
to permit bonds to be
BAGLEY SCHOOL DISTRICT (P. 0. Bagley), Guthrie County,
on property within or without the State. This bill, which is Iowa.
-BOND SALE.-We are advised by the Sec. of the Bd. of Ed. under
now in the hands of the Governor, is known as the "Blauvelt data of May 5 that this district has disposed of the $18,000 5% bldg. bonds
voted Mar. 29 (V. 96, p. 1038).
Bill."
BALTIMORE, Md.-BONDS TO BE OFFERED SHORTLY.-It has
It was the intention of the Governor to avoid at this session been
announced that the following 4% reg. city stock will be offered at
the levying of a direct tax which has been imposed during public sale early next month: $2.000,000 sewerage, due 1961; $1.500,000
due 1958; $650,000 paving, due 1961; $100,000 Jones' Falls, due
water,
time
years,
for the first
since1905,to make up a 1961; $375,000
the last two
conduit, due 1962: $325,000 annex improvement, due 1951;
deficit in the State budget. To take the place of this tax $170,000 dock, due 1961, and $80.000 school-house, due $961.
the
sinking funds which,
it was proposed to divert a part of
BARR TOWNSHIP SCHOOL DISTRICT (P. 0. Washington)
Daviess County, Ind.-BOND SALE.-On May 6 the $17,500 4i44
according to the Commission of Inquiry, are largely in ex- 8-year
(aver.) school bonds (V. 96, p. 1243) were awarded to Breed, Elliott
cess of requirements. The feasibility of this plan was ques- & Harrison of Indianapolis for $17,662 (100.925) and int. Other bids were:
& Co.. Indianap__$17,6601People's Nat. Bank, Wash -$17.575
Wild
F.
J.
bill
a
was passed protioned, however, with the result that
M. Campbell & Son, Ind_ 17,605 Fletcher-American Nat. Bk.,
viding for a direct tax to meet the requirements of the sinking E.
17,530
Indianapolis
Wash. Nat. Bank. Wash_ --- 17,575
1436
THE CHRONICLE
BARRY SCHOOL DISTRICT (P. 0. Barry), Pike County, Ill.PRICE PAID FOR BONDS.-We are advised that the price paid for the
$9,000 5% 2-6-yr. (ser.) bldg. bonds awarded to the Farmers State Bank
of Pittsfield in March (V. 96, p. 1243) was $9,015 (100.166). Denom.
$500• Date April 1 1913. Int. ann. on March 1.
BAUGO SCHOOL TOWNSHIP (P. 0. Elkhart), Elkhart County,
Ind.-BOND SALE.-On May 10 the $15.000 4%7 8-yr. (aver.) bldg.
bonds (V. 96, p. 1243) were awarded to J. F. Wild 8:Co. of Indianapolis
for $15.287 (101.913) and int. Other bids follow:
Breed, Elliott & Har., Ind..$15,2861E.M.Campbell Sons& Co.,Ind. $15,190
The bonds are dated July 1 1913.
BELLEVUE, Huron County, Ohio.-BOND SALE.-On May 10 the
$1,495 50 6% 5%-year (average) coupon Kilbourne St. assessment bonds
(V. 96, p. 1170) were awarded to the First Nat. Bank of Bellevue for
$1,523 90 (101.905) and interest. Other bids follow:
Secur. S. B.& Tr. Co., Tol*$1,530 50 Provident Savings Bank &
Bellevue Say. Bk., Bellevue 1,521 40
Trust Co., Cincinnati_ --$1,507 50
[VOL. xcvi.
livered and paid for on June 1 1913. Purchaser to famish blank bonds at
his own expense.
CENTRE TOWNSHIP SCHOOL DISTRICT (P. 0. Centre), Howard
County, Ind.-BOND SALE.-On May 9 the $12,000 434% 7-year
(average) Darrough Chapel school-impt. bonds (V. 96, p. 1314) were
awarded to J. F. Wild & Co. of Indianapolis at 100.35 and printed bonds.
Other bids follow:
Howard Nat.. Bk., Kokomo_$12,0261Breed, Elliott & Harrison,
Farmers Tr. & S. Bk., Kok__ 12,0111 Indianapolis
$12,006 50
In addition, all bidders offered to furnish printed bonds.
CHANUTE SCHOOL DISTRICT (P. 0. Chanute), Neosho County,
Kans.-BOND OFFERING.-According to reports, proposals will be received until 7 p. m. May 19 by Jeanette Groom, Clerk Bd. of Ed., for the
$110,000
% 20-yr. school bonds voted April 23(V. 96, p. 1314.) Cert.
check for 1% required.
CHATTANOOGA, Tenn.-BOND OFFERING.-Attention is called to
the official advertisement elsewhere in this department of the offering on
* This bid appears to be higher than that of the purchasers, but is so May 20 of the $116,000 Ridgedale Annexation and $34,000 Orange Grove
Annexation
% 30-year coupon bonds. For details and terms of offering
given by the Auditor.
BENKLEMAN, Dundy County, Neb.-BOND OFFERING.-We are see V. 96, P. 1370.
The official notice of this bond offering will be found among the advertiseadvised by the Mayor under date of May 11 that the $20,000 water and
$5,000 electric-light bonds recently voted (V. 96, p. 1038) will be offered ments elsewhere in this Department.
for sale within the next 30 to 60 days.
CHELAN COUNTY SCHOOL DISTRICT NO. 29, Wash.-BOND
BERLIN HEIGHTS SCHOOL DISTRICT (P. 0. Berlin Heights); OFFERING.-Proposals will be received until 1 p. m. May 24 by C. E.
Erie County, Ohio.-BOND ELECTION.-The question of issuing $5,000 Buttles, County Treasurer (P. 0. Wenatchee),
for $1,500 1-10-year (opt.)
school bonds will be submitted to a vote on May 19. it is stated.
building bonds. Int. (not to exceed 67
°) ann. at office of County Treas.
BERRIEN COUNTY (P. 0. St. Joseph), Mich.-BOND OFFERING.
- A deposit of 1% of bonds bid for, payable to County Treas., required with
Proposals will be received until 12 m. June 5 for $100,000 of an issue of each bid except that of the State of Washington.
$500,000 47
° 15-year road-impt. bonds recently voted (V. 96, p. 1314)•
CHERRYVILLE, Gaston County, No. Caro.-BONDS TO BE OFDenom. $1,000. Int. semi-ann. H. Roebeck is Chairman of Special Com- FERED SHORTLY.-We are advised that this
town will offer for sale in
mittee.
the near future the $31,000 bonds voted May 6.
BILLINGS, Yellowstone County, Mont.-BOND OFFERING.
CHESTER SCHOOL DISTRICT (P. 0. Chester), Delaware County,
F. T. Woods, Mayor, will offer for sale at public auction at 12 m. June 24 Pa.-BOND OFFERING.-According to reports, proposals will be
received
the $575,000 5% gold coupon municipal-water-works-constr. bonds voted until 10 a. m. May 29 by T. E. Clyde, Chairman of
School Board, for $75,March 25 (V. 96, p. 1038). Auth. Secs. 3454 to 3464 incl. Revised 000
% 25-year (ay.) school bonds. Int. semi-annual. Certified check
Date
Jan.
$1,000.
1
1913. Int. J. & J. at office
Codes 1907. Denom.
required.
of City Treas., or at some bank in N. Y., to be designated by the City for 3%
CINCINNATI, Ohio.-BOND OFFERING.-Proposals will be received
Treas. Due Jan. 1 1933, subject to call $100,000 Jan. 1 1918; $200,000
until
12
m. June 16 by I. D. Washburn, City Aud, for $560,000 434%
Jan. 1 1923 and $275,000 Jan. 1 1928. An unconditional cert. check for
$10,000, payable to City Treas., required. Official circular states that 40-yr. park bonds. Auth. Secs. 3939 and 3942 Gen. Code. Denom.$500.
there is no controversy as to the right of the city to issue these bonds, the Date May 1 1913. Int. M.& N. Cert. check for 5% of bonds bid for
corporate existence of the city, the boundaries thereof, or the title of the required. Purchaser to pay accrued interest. Bids must be made on
present officers to their respective offices, and that no previous issue of blank forms furnished by the City Auditor.
bonds has ever been contested; also that there has never been a default or
CLAIBORNE COUNTY (P. 0. Port Gibson), Miss.-BOND OFFERcompromise of a city obligation.
ING.-Proposals will be received until 2 p. in. June 2 by the I3d. of SuperBROOKFIELD, Linn County, MO.-BONDS TO BE SOLD LOCALLY. visors, B. H. Morehead, Chancery Clerk, for $10,000 5% 20-yr. bridge-The City Clerk advises us under date of May 12 that the $40,000 city- constr. bonds. Denom. $1,000. Int. ann. at Port Gibson.
hall and $10,000 water-main-extenion bonds voted April 1 (V. 96, p. 1110)
CLALLAM COUNTY (P. 0. Port Angeles), Wash.-BOND SALE.
We are advised by the County Auditor that on Jan. 9 $300,000 10-20-yr.
will be sold to local parties.
road and bridge bonds were awarded to the Harris Tr. & Say. Bank
BROOKLYN TOWNSHIP (P. 0. Brooklyn), Cuyahoga County, (opt.)
Ohio.-BOND OFFERING.-Proposals will be received until 2 p.m.June 10 of Chicago at 100.10 for 5s. Denom. $1,000. Date May 1 1913. Int.
by C. J. Herr, Twp. Clerk. for $3,000
% coupon highway-impt. bonds. M.& N. It was previously reported that $150,000 of this issue was awarded
Denom. $500. Date June 14 1913. Int. A. & O. at office of Twp. Treas. to E. H.Rollins & Sons of Chicago, in joint account with A. B. Leach & Co.
Duo $500 yrly. on Oct. 1 from 1914 to 1919 incl. An unconditional cert. of Chicago.(V.96, p. 375.)
check on a bank other than the one making the bid, for 10% of bonds bid
CLARENDON, Monroe County, Ark.-BOND OFFERING.-Profor, payable to Twp.
required. Bonds to be delivered and paid for posals will be received until 3 p. m. May 20 by the Board of Impt. for apwithin 10 days from time
of award. Purchaser to pay accrued interest.
Treas.,
proximately $60,000 water-works and sewer systems impt. bonds. J. W.
BUFFALO, N. Y.-BOND SALE.-During the month of April the Hooper is Secretary.
following six issues of 4% bonds, aggregating $273,649 51, were disposed of
CLARION SCHOOL DISTRICT (P. 0. Clarion), Wright County,
at par:
Iowa.-BOND SALE.-On April 30 $45,000 5% building bonds were
Purpose.
Amount.
Date.
Due.
awarded, it is stated, to F. J. Younker of Des Moines.
$30,000 00_ _Grade crossing
April 1 1913 July 1 1914
CLARK COUNTY (P. 0. Springfield), Ohio.-BOND OFFERING.
*170,000 00_ _Certificates of indebtedness.. April 1 1913 July 1 1914 Proposals
(sealed or verbal) will be received until 2 p. m. June 2 by the Bd.
29,500 00_ _Water refunding
April 1 1913 April 1 1938 of Co. Comm'rs,
J.
M.
Pierce,
Co.
Aud.,
for
%
coup.
$100,000
flood514
*18,500 00_ _Certificates of indebteiness
April 1 1913 July 1 1914
bonds. Date June 2 1913. Int. J. & D. at office of Co. Treas.
22,000 00_ _Certificates of indebtedness_ _ _April 15 1913 July 1 1914 emergency
$5,000 yearly on June 2from 1914 to 1933 incl. Cert. check on a local
3,649 51_ _Monthly local work
April 15 1913 Apri115 1914 Due
bank
for
$1,000,
payable to Co. Treas., required. Denom, $1,000. Bonds
*Purchased by local banks. The remaining issues were taken by the to be delivered and
paid for within 15 days from time of award.
Comptroller for the city's various sinking funds.
CLARKE
COUNTY
0. Vancouver), Wash.-BOND OFFERING.
BUHL, St. Louis County, Minn.-BOND OFFERING.-Proposals will -According to reports,(P.
will be received until 11 a. m. May 24
be received until 8 p. m. May 21 by F. J. Demel, Village Recorder, for the by W. R. Fletcher, Co.proposals
Treas.,
for $29,000 high-school bonds at not exfollowing 6% gold coup. tax-free bonds authorized by a vote of 78 to 26 ceeding 6% interest.
at an election held April 21:
CLOVIS, Fresno County, Cal.-BOND OFFERING.-Proposals will
$80,000 municipal refunding bonds. Due $35,000 in 1 year, $35,000 in 2
be received until 8 p. m. May 26 for the following 5% bonds voted March 25
years and $10,000 in 3 years from date of issue.
(V.96, p. 1039).
20,000 municipal water, light and heat bonds. Duo in 3 years.
Denom. $1,000. Date June 15 1913. Int. semi-annual at the First $24,000 sewer bonds. Denom. $600. roue $600 yrly. for 40 years.
25,000 water-works bonds. Denom. $833 33 1-3. Due $833 33 1-3 yrly.
State Bank, Buhl. Certified check or bank draft on a Minnesota bank
.from 10 to 30 years.
for 2% of bonds bid for, payable to Village Treasurer, required. No debt
Int. semi-ann. L. E. Weldon is City Clerk.
at present. Assessed valuation, $9,658,736.
CLYDE,
Sandusky County, Ohio.-BOND SALE.-On May 12 the
BURLINGAME, San Mateo County, Cal.-BONDS VOTED.-At
the election held Apr. 30, the proposition to issue $25,000 city-hall-constr. three issues of 5% street-impt. bonds, aggregating $44,000 (V. 96.p. 1314)
were awarded to the Clyde Say. Bank Co. of Clyde for $44,094 (100.213)
bonds carried by a vote of 277 to 107.
CABELL COUNTY (P. 0. Huntington), W. Va.-BOND OFFERING. and int. Spitzer, Rorick & Co. of Toledo bid par.
COFFEYVILLE, Montgomery County, Kan.-BOND SALE.-We
-Proposals will be received until May 20 for $100,000 4%% 20-30-year
are advised that the $7,185 51 534% coupon street-impt. bonds authorized
road-impt. bonds. D. I. Smith is Pres. of County Court.
on
Dec. 16 1912 (V. 95, p. 1762) have been awarded to Spitzer, Rorick &
CALEXICO, Imperial County, Cal.-BOND ELECTION.-On
May 19, reports state, the question of issuing $9,000 water-works and Co. of Toledo at 100.25.
BONDS
NOT TO BE OFFERED AT PRESENT.-The City Clerk advises
additional fire-protection bonds will be submitted to the voters.
that the $30,000 57
° 20-yr. railroad-aid bonds voted April 1 (V. 96,
CALIFORNIA SCHOOL DISTRICT, Washington County, Pa.- us
1244)
will
p.
not be issued until the completion of the road from Coffeyville
BOND SALE.-Reports state that J. S. & W.S. Kuhn, Inc., of' Pittsburgh to Nowata, Okla.
have been awarded $15,000 5% tax-exempt bonds, dated April 1 1913.
COLUMBUS,
-BOND OFFERING.-Proposals will be received
CAMDEN COUNTY (P. 0. Camden), N. J.-BONDS NOT SOLD.
- until 2 p. m. MayOhio.
19 by the Sinking Fund Trustees, M.A. Gemunder, Sec.,
No sale was made on May 14 of the 875,0004%% 20-yr. coup. or reg. bridge for
the
following
4%
tax-free
bonds
construction bonds offered on that day (V. 96, p. 1376).
$20,000 sanitary-garbage-disposal bonds. Date Sept. 29 1910. Due
CANTON, Stark County, Ohio.-BOND OFFERING.-Proposals
Sept. 1 1920.
will be received until 12 in. May 19 by E. 0. Brumbaugh, City Auditor,
20,000 sanitary-garbage-disposal bonds. Date Mar. 1 1911. Due
for the following 43% coupon street-improvement bonds:
Sept. 11920.
$32.000 Liberty St. storm water-sewer-extension bonds. Denom. $1,000.
43,000 refuse-disposal bonds. Date Apr. 17 1911. Due Sept. 1 1931.
Due Mar. 1 1923.
75,000 electric-light-plant-ext. bonds. Dato Apr. 17 1911. Due Sept. 1
1,000 Logan Ave. sewer-construction bond. Due Mar. 1 1918.
1941.
24,900 South Cleveland Ave. impt. bonds. Denom. (24) $1,000. (1)
50,000 Milo main-trunk-sewer bonds. Date Juae 30 1911. Duo Sept. 1
$900. Due $4,000 on Mar. 1 1915, 1916 and 1917 and $3,000
1931.
incl.
and
yearly on Mar. 1 from 1918 to 1920
$3.900 on Mar. 11921.
35,000 Summit Street bridge and subway bonds. Date Jan. 30 1912.
3,400 Walter Ave. impt. bonds. Denom. (3) $1,000, (1) $400. Due
Due Mar. 1 1932.
$1,000 yearly on Mar. 1 from 1915 to 1917 incl. and $400 on
50,000 water-main-ext. bonds. Date Apr. 26 1912. Due Sept. 1 1942.
Mar. 1 1918.
50,000 motor fire-apparatus bonds. Date Apr. 261912. Due Sept. 1 '32.
20,000 Belvidere Ave. impt. bonds. Date Oct. 4 1909. Due Sept. 1 '21.
8.600 South Cleveland Ave.(city's portion) bonds. Denom.(8)$1.000.
28,000 Mound St. impt. bonds. Date Oct. 10 1907. Due Sept. 1 1919.
(1) $600. Due Mar 1 1921.
30,000 Schiller St. impt. bonds. Date July 25 1910. Due Sept. 11923.
400 Walter Ave. (city's portion) bond. Due Mar.1 1918.
25,000 Hight St. impt. bonds. Date June 30 1911. Due Sept. 1 1922.
27,700 Dueber Ave. (assessment) bonds. Denom.(1) $700,(27) $1,000.
14,000 Michigan Ave.impt. bonds. Date Oct. 31 1911. Due Sept. 1 '22.
Due $4,000 yearly on Mar. 1 from 1915 to 1920 incl. and $3,700
Denom.$1,000. Int. M.& S., payable at office of City Treas. on streetMar. 1 1921.
3.300 Struble St. (assessment) bonds. Denom. (1) $1,300, (2) 31,000. impt. bonds and at office of the fiscal agency of the City of Columbus in
Y. C. Cert. check for 2% of bonds bid for, required. Official circular
Due $1,000 on Mar. 1 in 1916 and 1917 and $1.300 on Mar. 1 1918. N.Y
400 Struble St. (city's portion) bond. Due Sept. 1 1917.
states that the city has never defaulted in the payment of either principal
Date Mar. 1 1913, except last issue ($400 Struble St. bond), which is or interest on any of its bonds. The above are not new issues, but securities
dated Sept. 1 1912. Interest semi-annual. Certified check on a Canton held by the Sinking Fund as an investment.
bank for 5% of bonds bid for, payable to City Treasurer, required. Bonds
COSHOCTON COUNTY (P. 0. Coshocton), Ohio.-BOND SALE.
to be delivered in Canton and paid for within 30 days from time of award. -On
10 $100,000 5% flood-emergency bonds were awarded, it is
Successful bidder to furnish blank bonds at his own expense. The three stated,May
to the Coshocton Nat. Bank of Coshocton at 100.102.
last issues were offered without success on Mar. 24 (V. 96. P• 665)•
CRAWFORD
COUNTY ROAD DISTRICT NO. 1 (P. 0. Bucyrus),
CASCADE COUNTY (P. 0. Great Falls), Mont.-BONDS VOTED.
- Ohio.-BOND OFFERING.
-Proposals will be received until 12 m. June 7
According to reports, the proposition to issue $85,000 jail-construction bonds by
F.
G.
Ackerman,
Co. Aud. for $16,000 5% coupon bonds. Denom.
(V. 96, p. 1314) carried at the election held May 3.
$500. Int. A. & 0. at office of'Co. Treas. Due $2,500 April 1 and Oct. 1
CEDAR HEIGHTS SCHOOL DISTRICT (P. 0. Cedar Falls), Black- 1917. $1.500 on April 1 and Oct. 1 in 1919 and 1920, $1,000 April 1 and
hawk County, Iowa.-BONDS VOTED.-The proposition to issue $4,000 Oct. 1 1921, $1,500 April 1 1923 and $1,500 Oct. 1 1923. Deposits of $200
bldg. bonds carried, reports state, at the election held May 3 by a vote of required. Bids must be unconditional and include accrued interest. Successful bidder to furnish and pay for blank bonds.'
57 to 13.
CENTRALIA SCHOOL DISTRICT (P. 0. Centralia), Marion
CRYSTAL LAKE TOWNSHIP (P. 0. Frankfort), Benzie County,
County, Ill.-BOND ELECTION.-An election will be held May 24, it is Mich.-BOND OFFERING.-Proposals will be received until June 5 for
stated, to vote on the question of issuing building bonds.
$20,000 5% highway-impt. bonds. Denom. $1,000. Duo $4,000 yrly.
CENTER JUNCTION INDEPENDENT SCHOOL DISTRICT (P. 0. from 1923 to 1927 incl. B. W. Snider is Twp. Clerk.
Center Junction), Jones County, Iowa.-BOND OFFERING.-ProCUBA, Allegany County, N. Y.-BONDS VOTBD.-The issuance of
posals will be received until 8 p. m. May 21 by W. A. Stingley, Sec. School $10,000 paving bonds was authorized by a vote of 142 to 15 on May 13.
Board, for the $9.000 5% school bonds voted Mar. 1. Date June 11913. Due $500 yearly beginning 1914. We are advised that the bonds will be
Int. semi-annual. Certified check for $200 required. Bonds to be de- offered "as soon as possible."
MAY 17 1913.]
THE CHRONICLE
CULLMAN COUNTY (P. 0. Cullman), Ala.-BOND SALE.-On
May 7 $160,000 30-yr. bonds were awarded to A.E. Jackson.
CULLOWHEE TOWNSHIP (P. 0. Cullowhee), Jackson County,
No. Caro.-BOND SALE.-This township has sold an issue of $20,000road
bonds, according to newspaper reports.
CULPEPER COUNTY (P. 0. Culpeper), Va.-BOND OFFERING.
-Proposals will be received until 10 a. m. June 2 by W. E. Coons, Clerk,
for $40,000 5% series "2," Catalpa Magistirial Dist. bonds. Denom.$500.
Int. ann. Due $4,000 yrly. on Jan. 1 from 1925 to 1934 incl. Cert. check
for 5% of bid required. These bonds are part of an issue of $120,000,
$40,000 of which have already been sold (V. 95, p. 497).
CUSTER COUNTY SCHOOL DISTRICT NO. 155, Mont.-BOND
SALE.-On May 12 $5,000 5-7-year (opt.) building bonds, dated June 1
1913, were awarded to the State Board of Land Commissioners at par.
Denom. $500. Interest annual.
CUT BANK, Teton County, Mont.-BOND OFFERING.-Proposals
will be received until 8 p. m. May 26 by J. W. Coburn, Town Clerk, for
$26,000 6% 14-20-yr. (opt.) electric-light and water-works bonds. Denom.
$1,000. Int. J. & J. beginning Jan. 1 1914.
DALLAS TOWNSHIP (P. 0. Bucyrus), Crawford County, Ohio.
-BOND OFFERING.-Proposals will be received until 12 m. May 31 by
C.A.Guiss, Civil Engineer,for $30,000 5% coup.road-impt. bonds. AuthSec. 7035 et seq., Gen. Code. Denom. $500. Int. A. & 0. at office of
Twp. Treas. Due part yrly. each six months from April 1 1916 to Oct. 1
1932 incl. Cert. check for $200 required. Bids must be unconditional.
Purchaser to furnish blank bonds.
DALLES CITY (P. O. The Dalles), Wasco County, Ore.-BOND
OFFERING.-Proposals will be received until 12 m. June 10 by G. F. Ross,
City Recorder,for $12,000 5% 20-year gold bonds. Denom.$1,000. Date
July 1 1913. Int. J. & J. at office of fiscal agency of State of Oregon in
N. Y. City. Certified check for 5% of bonds bid for required. Bids must
be unconditional. The legality of these bonds will be approved by Storey,
Thorndike, Palmer & Dodge of Boston, whose favorable opinion will be
furnished purchaser.
DAVIESS COUNTY (P. 0. Washington), Ind.-BOND OFFERING.
-Proposals will be received until 10 a. m. May 20, it is reported, by J. L.
Clark, Co. Treas.,for $2,538 4 % Washington Twp.highway-impt. bonds.
Denom. $126 90. Int. semi-ann.
DAYTON, Ohio.-BONDS AWARDED IN PART.-Of the thirteen
issues of 5% coupon (assessment) street-impt. bonds offered on May 12
(V. 96, p. 1376), the $11,200 Wayne Ave. paving bonds were awarded on
that day to the Dayton Savings & Trust Co. of Dayton for $11,201
(100.008) and interest.
Subsequently the following bonds were sold at private sale at par and
accrued interest: $9,500 Miami Chapel Road, $14,500 Bolender Ave.,
$12,600 Carlisle Ave. and $6,500 Sewer District No. 8 to the Merchants'
National Bank, and $5,800 McDonough St., $4,700 Cincinnati St., $5,800
Neibert St., $4,000 Laura Ave. and $5,600 Clifton Drive to the City Trust
& Savings Bank of Dayton.
The $800,000 5% 1434-year (average) coupon flood-emergency bonds
also offered on May 12 (V. 96, p. 1376) were awarded to Harris, Forbes &
Co. of N. Y. at 101.921 and int. Other bids for this issue were:
Biodget & Co., Boston_ _ _ 4809,360[Ten Dayton banks
$800,000
Spitzer, Rorick & Co.. Tol__ 801.3761
DEDHAM, Mass.-TEMPORARY LOAN.-Reports state that a loan
of $40,000, due Nov. 3 1913, has been negotiated with Loring, Tolman &
Tupper of Boston at 4.94% discount.
DEER PARK, Spokane County, Wash.-BOND OFFERING.-Proposals will be received until 8 p. m. June 3 by F. E. De Vol, Town Clerk,
for the $11,500 6% coup. or reg. gold funding bonds authorized April 2
(V. 96, p. 1245). Denom. $500. Date May 1 1913. Int. semi-ann. at
Town or State Treas. office. Due May 11925, subject to call inl 5,10and
15 years after date. Cert. check for 10%, payable to Town Clerk, re-.
quired. Bonded debt May 5 1913, $10,000. Floating debt $13,249.
As.sessed -valuation 1912, $235,000.
DELAWARE, Delaware County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 31 by F. D. King, City Aud. for
the following 57 coup. impt. bonds:
$12,264 84 N. Washington St. impt. bonds. Denom. (1) $264 84, (24)
$500. Due $1,264 84 on Sept. 1 1914, $2,000 on Sept. 1 1915
and 1916 and $1,000 on Sept. 1 from 1917 to 1923 incl.
4,058 73 E. Central Ave. impt. bonds. Denom. (1) $58 73, (9) $400.
Due $458 73 on Sept. 1 1914 and $400 yrly. on Sept. 1 from
1915 to 1923 incl.
Date June 1 1913, Int. J. & D.at Sinking Fund depository.
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND SALE.-On
May 8 $5,600 434% highway-impt. bonds were awarded to J. F. Wild &
Co., Indianapolis, for $5.616 (100.285) and int. Denom. $280. Date
April 14 1913. Int. M. & N. Due $280 each six months from May 15
1914 to Nov. 15 1923 incl.
DES MOINES, Polk County, Iowa.-BOND SALE.-On May 7 the
$145,500 5% Des Moines and Raccoon Rivers channel-impt. bonds (V• 96,
p. 1315) were awarded to Geo. M. Bechtel & Co. of Davenport,it is stated,
for $145,832-making the price 100.228.
DICKSON COUNTY (P. 0. Charlotte), Tenn.-BONDS VOTED.
Reports state that a favorable vote was cast at the election held April 26
on the proposition to issue $250,000 road-improvement bonds.
DODGE COUNTY SCHOOL DISTRICT NO. 50, Minn.-BOND
SALE.-On March 29 the State of Minn. purchased at par $15,000 school
bonds.
DOYLESTOWN SCHOOL DISTRICT (P. 0. Doylestown), Bucks
County, Pa.-BOND SALE.-The $20,000 4% 20-yr. bldg. bonds voted
Dec. 12 1912 (V. 95, p. 1696) were sold on May 5, according to reports.
Denom.(50) $100 and (30) $500•
DUVAL COUNTY (P. 0. Jacksonville), Fla.-BOND SALE.-On
May 7 the $250,000 5% 30-yr. gold coupon road bonds (V. 96, p. 1110)
were awarded to Estabrook & Co. of N.'Y. at 100.55 and int.
DYERSBURG, Dyer County, Tenn.-BOND OFFERING.-Proposals
will be received until May 26 by the Aldermen and W. A. Fowlkes Jr..
Mayor,for the following 5% coup. bonds:
$75;000 Dyer County funding bonds. Auth. Mar. 27 (V. 96, p. 1170).
Denom. $1,000. Date Apr. 1 1913. Int. A. & 0. at trustees' office. Due Apr. 1 1933, subject to call $5,000 yearly beginning
Apr. 1 1918.
25,000 high-school-bldg. bonds of the city of Dyersburg, voted May 5
(V. 96, p. 1376). Int. semi-ann. Due 20 years.
EATON, Preble County, Ohio.-BOND OFFERING.-Proposals will
be received until June 2 by C. F. Ressler, Vii. Clerk,for $4,000 534% streetrepair bonds. Auth. Sec. 3939 Gen. Code. Denom. $500. Date May 1
1913. Int. ann. Due $500 yrly. on Sept. 1 from 1914 to 1921 incl. Cert.
check for 10% of bonds bid for payable to Vil. Clerk, required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
ELLICOTT (Town) UNION FREE SCHOOL DISTRICT NO. 6
_(P. 0. Falconer), Chautauqua County, N. Y.-BOND OFFERING.
Further details are at hand relative to the offering on May 19 of the $25,000
coupon or reg. bldg. bonds at not exceeding 6% int. (V. 96, p. 1376)
Proposals for these bonds will be received until 8 p. m. on that day by the
Bd. of Ed., P. R. Ford, Clerk, Denom. to suit purchaser. Date July 1
1913. Int. ann. or semi-ann. (on such dates as purchaser may elect),
payable at First Nat. Bank, Falconer and in N. Y. exchange, if holder
desires. Due $2,500 yrly. on July 1:from 1927 to 1936 incl. Cert. check
for $250 required. Official advertisement states that there is no controversy or litigation pending. Bonded debt $23,500. Assess. val. $912,2911
actual val. (est.) $2,000,000.
ENGLISH, Crawford County, Ind.-BOND OFFERING.-Proposals will be received until 2 p. m. May 23,reports state, by J. S. Melton,
Town Treas., for $2,400 434% bonds. Denom. $240. Int. semi-ann.
Duo $240 yearly for 10 years.
EUGENE, Lane County, Ore.-BOND OFFERING.-Proposals will be
received until 7.30 p. m. May 28 by R. S. Bryson, City Recorder, for
$100,000 25-yr. water-plant impt. and ext. bonds at not exceeding 5% int.
Denom. not less than $500 nor more than $1,000. Int. semi-ann. Cert.
check for 2% of bonds bid for, required.
Proposals will also be received until 7:30 p. m. on the same day by the
City Recorder for the foUowing impt. bonds at not exceeding 6% int.
1437
$6,850 Fairmount• Boulevard-impt. bonds. Denom. $350, $250 and $500.
$27,000 Thirteenth St.-impt. bonds. Denom. $250 and $500.
Date of bonds to be agreed upon between the Common Council and
purchaser. Int. semi-ann. Cert. check for 2% of bonds bid for required.
FAIRPORT, Monroe County, N. Y.-BOND SALE.-On May 10 the
$40,000 1534-yr. (ay.) gold sewer and disposal plant bonds(V. 96, p. 1315)
were awarded to Isaac W.Sherrill & Co. of Poughkeepsie at 100.375 for 5s.
FARRELL (P. 0. So. Sharon), Mercer County, Pa.-BONDS
VOTED.-The question of issuing the $125,000 434% 30-year municipal
water-plant bonds (V. 96, p. 1039) carried at the election held April 8.
FORT DODGE SCHOOL DISTRICT (P. 0. Fort Dodge), Iowa.BOND OFFERING.-Bids will be entertained by this district for $65,000
434% 10-20-year (opt.) site-purchase and building bonds voted May 9.
Interest annual. C. F. Luncombe is President of the School Board.
FORT PAYNE, De Kalb County, Ala.-BOND OFFERING.-Proposals will be received until June 1 for the $10,000 4% 20-year school-bldg.
bonds(V.96, p. 1245). Auth., vote of 127 to none at the election held May
5. H. B. Brock is Mayor.
FOWLER TOWNSHIP (P. 0. Cortland), Trumbull County, Ohio.
-BOND OFFERING.-Proposals will be received until 1 p. m: May 31 by
H. W. Scheidegger, Two. Clerk, for $15,000 5% road-impt. bonds. Auth.
Secs. 7004 and 7005, Gen. Code. Denom. $500. Date May 15 1913.
Int. M.& N. Due $500 each six months from Oct. 1 1914 to April 1 1929
incl. Cert. check for $500. payable to Twp. Treas., required.
FRAMINGHAM, Mass.-DESCRIPTION OF NOTES.-The $10,000
bridge and $9,000 sewerage 434% notes awarded on April 28 to R. L. Day
& Co. of Boston at 100.319(V.96, p. 1377) are in the denom. of $1,000 each
and bear date of April 29 1913.Int. A.& 0. Due part yearly on April 29
from 1914 to 1923.
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND OFFERING.
Proposals will be received until May 20 by F. J. Geis, County Treasurer.
for $12,900 434% highway-impt. bonds. Denom. $645. Int. semi-annual.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.-BOND OFFERING.
-Proposals will be received until 10 a. m. May 31 by the Board of County
Commissioners, John Scott, Clerk, for the following 5% road-impt. bonds:
$6,000 Godown road bonds. Due $2,000 yrly. on April 1 from 1916 to
1918 incl.
114,500 New Albany and Reynoldsburg road bonds. Due $35,000 on
April 1 in 1916 and 1917 and $44,500 on April 1 1918.
43,000 Kidner and Taylor road bonds. Due $10,000 on April 1 1916.
$15,000 in 1917 and $18,000 on April 11918.
40,500 Richardson road bonds. Due $12,500 on April 1 in 1916 and 1917
and $15,500 on April 1 1918.
32,500 Thrush road bonds. Due $10,000 on April 1 in 1916 and 1917
and $12,500 on April 1 1918.
91,500 Scioto Riverway road bonds. Due $20,000 on April 1 in 1916 and
1917 and $51,500 on April 1 1918.
8,000 Atcheson road bonds. Due $2,500 on April 1 in 1916 and 1917 and
$3,000 on April 11918.
Auth. Secs. 6912-1 and 6956-15, Gen. Code. Denom. $500. Date
April 1 1913. Int. A. & 0. at office of Co. Treas. Cert. check on a Franklin Co. national bank or trust company or cash for 1% of bonds bid for,
payable to Board of Co. Commrs., required. These bonds were offered
without success on May 7(V.96, p. 1171)•
PURCHASERS OF BONDS.-The purchasers of the four issues of 5%
road-impt. bonds, aggregating $131,000, sold on May 7 (V. 96, p. 1377)
were as follows:
$49,500 Boehm road bonds to the Western-German Bank of Cincinnati for
$49,701 27 (100.406).
25,000 Park road bonds to Barto, Scott & Co. of Columbus for $25,017
(100.068).
24,000 Groveport road bonds to Barto, Scott & Co. of Columbus at par.
32,500 Livingston road bonds to the Ohio Nat. Bank of Columbus at par.
FRANKLINTON,Franklin County, No. Caro.-BOND OFFERING.
-Further details are at hand relative to the offering on May 24 of the $12,000 6% coup. street-impt. bonds (V. 96, p. 1377). Proposals for these
bonds will be received until 12 m.on that day by J. W.Daniel.Town Clerk.
Denom. "optional." Date June 1 1913. Int. J. & D. at Hanover Nat.
Bank, N. Y. Due $6,000 in June 1923 and 1933. Cert. check for $100.
payable to the Town Clerk, required. No debt at present. Assessed
valuation 1912, $716,952.
FREMONT, Sandusky County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 20 by the Finance Committee for
$28,000 434% coupon Wood St.-impt. (assess. and city's portion) bonds.
Denom. (20) $400 (40) $500. Date May 1 1913. Int. A. & 0. at office
of Sinking Fund Trustees. Due $1,400 each six months from April 1 1914
to Oct. 1 1923 incl. Cert. check for $200 required. Bids must be unconditional.
Proposals will also be received until 12 m. June 3 by the Council Clerk
for $5,500 4j{% coup. water-works-ext. bonds. Denom. $500. Date
June 11913. Int. A. & 0. at office of Sinking Fund Trustees. Due $500
each six months from April 1 1914 to April 1 1940 incl. Cert. check for
$200 required. Bids must be unconditional.
Proposals will be received until 12 m. June 10 by the Clerk of Council
for $2,000 434% coup. sewer-construction (city's portion) bonds. Denom.
$500. Date June 1 1913. Int. A.& 0.at office of Sinking Fund Trustees.
Due $500 every six months from April 1 1914 to Oct. 1 1915 incl. Cert.
check for $200 required. Bids must be unconditional.
BOND SALE.-On May 13 the $3,500 434% coupon Wilson Ave. impt.
bonds (V. 96, p. 1171) were awarded to the First Nat. Bank of Fremont.
it is reported, at par and interest.
FREMONT SCHOOL DISTRICT NO.3(P. 0. Fremont), McPherson
County, Kans.-BONDS VOTED.-Reports state that this district
recently voted $1,500 building bonds.
FRIENDSHIP, Allegany County, N. Y.-BOND SALR.-On May 8
the $16,000 street-paving bonds (V. 96, p. 1245) were awarded to Adams
& Co. of N. Y. for $16,010 (100.062) and int. for 4.80s. Denom. $1,000.
Date June 1 1913. Int. J. & D. Due $1,000 yearly.
GATESVILLE SCHOOL DISTRICT (P. 0. Gaterrille), Coryell
County, Texas.-BONDS VOTED.-This district on May 7 voted in
favor of the proposition to issue $25,000 high-school-building bonds,
reports state.
GENESEE COUNTY (P. 0. Flint), Mich.-BOND OFFERING.
Proposals will be received until May 23 by F. A. Wertman, County Clerk,
for $100.000 of an issue of $500,000 434% county road, series "D,' bonds.
Denom.$1,000. Date June 11913. Int. ann.on March 15. Due $25,000
yearly on March 15 from 1925 to 1928 inclusive. Certified check for $1,000.
payable to County Treasurer, required.
GERMAN TOWNSHIP (P.O. New Bremen), Auglaize County, Ohio
-BOND ELECTION.-According to Toledo newspaper reports, an election will be held May 20 to vote on the proposition to issue $1,500 side
walk bonds.
GLENDALE SCHOOL DISTRICT, Los AngelesirCounty, Cal.BONDS VOTED.-By a vote of 467 to 170 this city on May 8 authorized
the issuance, it is stated, of $52,000 school-impt. bonds.
GLENDORA SCHOOL DISTRICT (P. 0. Glendora), Los Angeles
County, Cal.-BONDS VOTED.-Reports state that this district on
May 3 voted in favor of the proposition to issue the $40,000 grammarschool bonds (V. 96. P. 1315)•
GROVE CITY SCHOOL DISTRICT (P. 0. Grove City), Mercer
County, Pa.-BONDS VOTED.-This district recently voted in favor of
the proposition to issue $75,000 bldg. bonds (V. 96, p. 1171). The vote,
reports state, was 331 to 231.
HAMILTON, Butler County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. May 23 by H. A. Grimmer, City Aud..
for $100,000 5% coup. flood-debris-removing bonds. Denom. $500.
Date May 1 1913. Int. M. & N. Due $10,000 yearly on May 1 from
1938 to 1947 incl. Certified check for 5% of bid, payable to City
Treasurer, required. Bonds to be delivered and paid for within 10 days
from time of award.
HAMILTON, Hamilton County, Tex.-BONDS VOTED.-By a vote
of 87 to 48, the proposition to issue $6,000 sewer bonds carried, report&
state, at the recent election.
HAMLET, Richmond County, No. Caro.-BONDS VOTED.-At an
election held May 6 the voters, it is said, authorized the issuance of $10,000
bonds for school purposes, $15,000 for a sewerage-system and $5,000 for
ffireeir-improvements.
1438
tt
THE CHRONICLE
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERING.
Proposals will be received until 12 in. June 2 by E.J.Carey,City Aud., to
$40,000 5% court-house-construction bonds. Auth.Sec. 5642-1, Gen. Code.
Denom.$1,000. Date June 11913. Int. J. & D.at office of County Treas.
Due $8,000 yearly on June 1 from 1919 to 1923, incl. Certified check on a
Hardin County bank for 10% of bonds bid for required.
HARTFORD TOWNSHIP (P. 0. Orangeville), Trumbull County,
Ohio.-BOND OFFERING.-Proposals will be received until 1 p. m.
June 7 by C. A. Newman, Twp. Clerk, for $5,000 5%, road-iinpt. bonds.
Auth. Sec. 7033 et. seq. Gen. Code. Denom. (7) $500, (6) $250. Date
June 1 1913. Int. M. & S. at Orangeville Say. Bank. Orangeville. Due
$750 each six months from March 1 1914 to Sept. 1 1916 incl. and $500 on
March 11917. Cert. check for $500, payable to Twp. Treas.. required.
HENDERSON TOWNSHIP, Vance County, No. Caro.- BOND
OFFERING.-Proposals will be received until 5 p. m. May 20 by C. A
Lewis, Sec. Board of Trustees, for $30,000 57
0 coupon tax-free graded school
bonds. Auth., vote of 316 to 21 at election held April 8. Denom. $1,000.
Date July 11913. Int. J.& J. Due 30 years, opt. $1,000 yearly beginning
5 years from date. Certified check for $500, payable to the Board of Trustees, required. Purchaser to furnish blank bonds. Bonded debt, $17,000;
no floating debt. Assessed valuation 1912, $4,473,826.
HIGH POINT, Guiltord County, No. Caro.-BONDS VOTED.
The propositions to issue $50,000 sewer and water and $50,000 school
bonds carried at the election held May 6. The vote was 832 to 43 and
833 to 28, respectively.
HOLTON, Jackson County, Kans.-BOND OFFERING.-Proposals
will be received until May 20 by C. R. Peters, City Clerk, for the $23,110
30-year electric-light-extension bonds voted April 29 (V. 96, p. 1377)•
Denom. $1,000. Interest (rate to be named in bid). Amount of bonds
to be sold may be reduced according to the cost of the extension.
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. May 22, it is stated, by L. Ryan,
County Treasurer, for $25,400 Dimmit, $13,660 Banto, $12.740 Lawrence, $8,400 Small, $44,600 Kenworthy, $3,400 Tarkngton, $44,000
Hammer, $7,200 Hodgin, $16,400 Kennedy, $8,000 Kimbel and $6,000
Derck road-Improvement bonds. Date May 1 1913.
HUDSON COUNTY (P. 0. Jersey City), N. J.-BONDS AUTHORIZED.-A resolution was passed May 8, it is stated, providing for the
issuance of $110,000 boulevard bonds. Denom. $1,000.
HURON COUNTY (P. 0. Norwalk), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. May 26 by the Bd. of Co. Commrs.,
J. E. Smith, Co. Aud., for $38,000 5%70 coupon bridge-impt. and constr.
bonds. Denom. $500. Date May 1 1913. TInt. M.& N. at Co. Treas.
office. Due $1.000 each six months from May 1 1914 to Nov. 1 1919:
$2.000 each six months from May 1 1920 to Nov. 1 1925 and $1,000 on
May 1 and Nov. 1 1926. An unconditional cert. check on a bank other
than the one making the bid for 5% of bonds bid for, payable to J. J. Mc
Mann, Co. Treas. required. Bonds to be delivered and paid for within
of award.
10 days from time'
HUTCHINSON, Reno County, Kans.-BOND SALE.-On May 13
the $20,000 434% 20-year coup. bridge-constr. bonds (V. 96. p. 1377)
were awarded to the State Exchange Bank of Hutchinson at par and int.
The Commerce Trust Co. of Kansas City, Mo.. bid par less $680 for attorney's fee.
ITHACA, Gratiot County, Mich.-BOND OFFERING.-Proposals
will be received until May 27 for $18,000 5' street-paving bonds. Auth.
vote of 429 to 24 at election held May 5. Due $3,000 yearly from 1926
to 1931 inclusive.
KANSAS.-BONDS PURCHASED BY STATE.-The following nineteen issues of bonds, aggegating $206,022 19, were purchased ar par by the
State of Kansas during the month of April:
Amount. Int.
Place.
Purpose.
Date.
Due.
833,500 00 5 Abilene
Improvement_Nov. 1'12 Nov. 1 '13-'22
1,50000 6 Barton Co.S.D. No.96 School house_ _Mar.31'13 Jan. 1 '14-'18
15,000 00 5 Bennington
Water
Mar. 1'13 Mar. 1 1943
6,000 00 5 Blue Mound
Light
April 1 '13 April 1 1925
5,000 00 5 Decatur Co.S.D. No. 101 School house_ _April 1'13 April 1 '16-'25
3,000 00 5 Dickinson S. D.No.9__ __School house_ _April 1'13 April 1 '23-'28
20,000 00 5 Garden City
Light
Jan. 1 '13 Jan. 1 1943
6,300 00 5 Hutchinson
Improvement_April 1 '13 April 1 '14-'23
35,000 00 5 Madison
Water dr light_April 1'13 April 1 1933
1,500 00 6 Marion S. D. No.48
School house_ _Apr.11 '13 Jan. 1 '15-24
1,500 00 6 Marion Co.S. D.No. 112 School house_ _April 7'13 July 1 '14-'18
7,00000 5 Meade Co.S.D. No.2_ School house_ _April 1 '13 April 1 1928
2,500 00 5 Oketo
Light
Jan 1 '13 Jan. 1 '17-'25
Sewer
April 1'13 April 1 '14-'23
*8,300 00 5 Salina
Jan. 1'13 Jan. 1 '14-'23
16,380 00 5 Seneca
Sewer
Water dt light_Mar. 1 '13 Jan. 1 '18-'33
20,000 00 5 Turon
Paving
Mar. 1'13 Mar. 1 '14-'18
1,425 94 5 Wichita
Mar. 1'13 mar:1 '14-'23
Paving
12,116 25 5 Wichita
10,000 00 5 Wilson Co. Jt. S.D. No. 1 School house_ _Jan. 1'13 Jan. 1 '14-'21
*The sale of these bonds was previously mentioned in V. 96, p. 1248.
The above bonds are all subject to call at any interest-paying period.
KEOKUK, Lee County, Iowa.-BOND SALE.-Local papers state
that an issue of $443,000 5% 10-yr. (serial) funding bonds has been awarded
to Geo. M. Bechtel & Co. of Davenport at par.
KEY WEST, Monroe County, Fla.-BOND SALE.-We are advised
by the Auditor under date of May 7 that this city issued on Feb. 17 $50,000
5% 30-yr. coupon park-site-purchase bonds. Date Nov. 1 1911. Int.
M.& N.
KING COUNTY SCHOOL DISTRICT NO. 37, Wash.-BOND
OFFERING.-Proposals will be received until 10 a. m. May 24 by W. H.
Hanna, Co. Treas. (P. 0. Seattle), for $2,500 2-10-yr. (opt.) coupon bldg.
bonds. Auth. election held April 26. Denom. $500. Int. (rate not to
exceed 6%)ann.at office of Co. Treas.,or at fiscal agency of State of Wash.,
in N. Y. City. Cert. check or draft for 1% of bonds bid for, payable to
Co. Treas., required, except with bid from State of Wash. Bonds will be
ready for delivery June 1 1913. No bonded debt. Outstanding warrants
11.,
$65 95. Assessed val. $70,710.
KING COUNTY SCHOOL DISTRICT NO. 79, Wash.-BOND
OFFERING.-Proposals will be received until 11 a. in. May 24 by W. H.
Hanna, Co. Treas. (P. 0. Seattle), for $2,500 2-10-yr. (opt.) coupon bldg.
bonds. Anti'. election held April 19. Denom. $500. Int. (rate not to
exceed 6%)ann. at office of Co. Treas., or at fiscal agency of State of Wash.
In N.Y. Cert. check or draft for 1% of bonds bid for, payable to Co. Treas.,
required, except with bid from State of Wash. Bonds to be ready for
delivery June 11913. No bonded debt. Outstanding warrants $1,189 13.
Assessed val. $273,765.
-••1,.....-.....11:61•11,04110VVWWII.
P' KINSTON, Lenoir County, No. Caro.-BONDS VOTED.-The election held in this city on May 6 resulted in favor of issuing the $50,000 building and equipment bonds (V. 96, p. 1316), according to reports.
KNOXVILLE SCHOOL DISTRICT (P. 0. Knoxville), Tioga
County, Pa.-BOND SALE.-On May 13 $30,000 43% tax-free school
bonds were awarded, it is stated, to J. S. & W. S. Kuhn, Inc., of Pittsburgh. Date May 1 1913. Int. M.& N. Due $5,000 yearly beginning
May 1 1917.
LAKE TOWNSHIP SCHOOL DISTRICT (P. 0. BellefoaltriM,
Logan County, Ohio.-BOND SALE.-On May 14 the $3,500 534%
7-year (average) school-building bonds (V. 96, p. 1246) were awarded, it is
stated, to the Bellefontaine National Bank at 101.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.-BOND OFFERING.-Proposals will be received until June 3, it is stated, for $100,000
Road District No. 1 bonds.
I' These bonds were awarded on March 5 to Breed, Elliott & Harrison of
Cincinnati (V. 96, p. 892), but subsequently refused by them.
LAURELVILLE VILLAGE SCHOOL DISTRICT (P. 0. Laurelville),
Hocking County, Ohio.-BOND OFFERING.-Proposals will be received
until 12 m. May 29 by M. E. Archer, Clerk Bd. o; Ed.. for $12,000 53
bldg. bonds. Auth. Sec. 7625 Gen. Code. Denom. (8) $200,•1(8) $250,
(8) $300. (8) $350, (8) $400. Date "day of sale". Int. M. & N. at Salt
Creek Valley Bank, Laurelville. Due on March 15 and Sept. 15 as follows:
$200 from 1914 to 1917 incl.; $250 from 1918 to 1921 incl.; $300 from 1922
to 1925 incl.; $350 from 1926 to 1929 incl. and $400 from 1930 to 1933 incl
Cert. check for 10% of bonds bid forior, ayable to R. H. Hilliard,Treas.
required.
LESTERSHIRE, Broome County, N. Y.-BOND SALE.-On May 13
.00 0 sewer bonds were awarded to Douglas Fenwick & Co. of New York
0 .1( fcr 4.85s.
[VOL. xcvi.
LINCOLN CENTER (P. 0. Lincoln), Lincoln County, Kans.BOND ELECTION PROPOSED.-According to reports, an election will be
held in June to vote on the question of issuing $135,000 city-hall-construction bonds.
LINTON TOWNSHIP SCHOOL DISTRICT (P. 0. Pimento), Vigo
County Ind.-BOND SALE.-On May 10 the 320000 434% 534-year
(ay.) building bonds (V. 96, p. 1171) were awarded, it is stated, to J. F.
Wild & Co. of Indianapolis at 100.525.
LITTLE VALLEY, Cattaraugus County, N. Y.-BOND OFFERING.
-Proposals will be received until 7 p. m. May 19, reports state, by R. H.
Pratt, VII. Clerk, for $17,460 5-29-yr. (ser.) bonds. Cert, check for $200
required.
LODI, Columbia County, Wis.-BOND OFFERING.-Proposals Will
be received until 8 p. in. May 20 by J. F. Collin, Vii. Clerk,for $12,000 5%
coupon city-hall-constr. bonds voted April 1. Denom. $1,000. Date
May 15 1913. Int. ann. on Jan. 15 at VII. Treas. office. Due $1,000
yearly on Jan. 15 from 1914 to 1925 incl.
LOUISIANA SCHOOL DISTRICT (P. 0. Louisiana), Pike County,
Mo.-BONDS VOTED.-Reports state that the proposition to issue $42,000
5% building bonds carried at the election held May 6, by a vote of 511 to
172. Denom. 3500. Due in not more than 20 years.
LOUISVILLE, Stark County, Ohio.-BOND SALE.-On May 12
$20,000 5% 434-year (ay.) street-Improvement bonds were awarded, reports state, to Spitzer, Rorick & Co. of Toledo at par.
LOWELL, Middlesex County, Mass.-BOND OFFERING.-Proposals will be received until 10 a. in. May 27, it is stated, by the City Treas.,
for $115,000 456% municipal bonds. Date May 1 1913. Due part yearly
from 1914 to 1923 incl.
L0WVILLE, Lewis County, N. Y.-BONDS VOTED.-The proposition to issue the $6,000 Mill Creek arch construction bonds (V. 96,P. 1172)
carried, reports state, at the election held May 9.
LUCE SCHOOL TOWNSHIP, Ind.-BOND OFFERING.-Proposals
will be received until 2 p. m. May 31 by Schuyler 0. Ferguson, Township
Trustee (P. 0. Richland City), for $24,000 5% bonds. Denom. $1,000.
Date July 1 1913. Interest semi-annual.
LUMBER BRIDGE SCHOOL DISTRICT (P. 0. Lumber Bridge),
Robeson County, No. Caro.-BOND OFFERING.-Proposals will be
received until 12 m. June 14 by M. L. Marley Chairman of District, for
$12,000 6% 30-yr. school bonds. Int. semi-ann. Cert. check for $100
required.
MACKINAC COUNTY (P. 0. St. Ignace), Mich.-BOND OFFERING.-Further details are at hand relative to the offering on June 2 of the
$50,000 5% 6-19-year (serial) coupon road-construction bonds (V. 96, p.
1378). Proposals for these bonds will be received until 10 a. m. on that
day by M. Hoban, Chlarman Board of Supervisors. Auth. vote of 924 to
625 at the election held April 7. Denom. $500. Date July 11913. Int.
annually in July at First Nat. Bank, St. Ignace. No deposit required
with bid. No bonded debt at present. Floating debt, $11,0100. Assessed
valuation 1912, $3.673,198.
MADISON COUNTY(P. 0. Marshall), No. Caro.-BOND OFFERING.
-Proposals will be received until 12 m. Juno 2 by the Bd. of Co. Commrs.,
W. C. Sprinkle, Chairman, for the $300,000 5% road-met, bonds voted
April 22 (V. 96, p. 1316). Int. semi-ann. Due not less than 25 nor more
than 40 yrs., as may be agreed upon between purchaser and said Bd.
Delivery $50,000 as soon as practicable and the remainder as funds are
needed. Cert. check for 5% of amount bid for required.
MALDEN, Middlesex County, Mass.-BOND SALE.-Reports state
that on May 13 this city disposed of $119,000 4% paving and sewer bonds.
MARICOPA COUNTY (P 0. Phoenix), Ariz.-BOND SALE.-The
$30,000 6% 10-20-yr. (opt.) Road Dist. No. 1 impt. bonds (V. 96, p. 80)
were purchased on Fair. 27 by the Valley Bank of Phoenix at 102. Denom.
$500. Date Feb. 15 1913. Int. F.& A.
MARION, Marion CountyOhio.-BONDS REFUSED.-Newspaper reports state that C. E. Denison & Co. of Cleve. declined to accept
the $13,500 5% 19%-yr. (aver.) police and fire-station bonds awarded to
them on May 3(V. 96, p. 1378), as their attorneys declared that the bond
ordinance was illegally drawn.
MARION TOWNSHIP (P. 0. Marion), McDowell County, No. Caro.
-BONDS VOTED.-Reports state that this township on May 13 voted in
favor of the question of issuing $50,000 road bends,
MARYSVILLE SCHOOL DISTRICT (P. 0. Marysville), Union
COUNTY, Ohio.-BONDS NOT SOLD,-No bids were received on May 12
for the $80,000 434% 203(-year (average) building bonds offered on that
day (V. 96, p. 1316). It is reported that the bonds will be re-advertised
immediately as 5s.
MEMPHIS, Tenn.-BONDS NOT SOLD.-No sale was made on May 12
of the $40,000 434% 50-year'site-purchase and bulding bonds offered on
that day (V. 96, p. 1378). We are advised that the bonds will be offered
at private sale.
MERTZON SCHOOL DISTRICT (P. 0. bIertzon), Irion County,
Tex.-BONDS VOTED.-An issue of $8.000 high-school-building bonds
was, according to reports, authorized at an election held May 3 by a vote
of 39 to 4.
MEXICO, Oswego County, N. Y.-BOND OFFERING.-Proposals
will be received until 2 p. in. May 24 by 0. A. Peck, Village Treasurer, for
$50,000 coupon water-works-construction bonds,at not exceeding 5% int.
Denom. $1,000. Date June 1 1913. Int. J. & D. at National Bank of
Commerce, N. Y. Due $2,000 yearly'onlJune 1 from 1918 to 1942, incl,
Certified check or a N. Y. draft for $1,000, payable to Village Treasurer.
required. No debt at present. Assessed valuation 1912, $500,000.
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-BOND SALE.-On
May 13 $28,000 4% notes, offered but not awarded on April 19 (V. 96, p.
1316), were awarded, it is stated, to Blake Bras. & Co. of Boston at par.
Date May 11913. Due $2,000 yearly Dec. 1 1913 to 1926 inclusive.
MILLERSBURG, Holmes County, Ohio.-BOND OFFERING.-In
addition to the $3,170 26 434% Crawford St. sewer-constr. (assessment)
bonds to be sold on June 2(V. 96. P. 1378), the following 434% street-impt.
(assessment) bonds will also be offered
$9,585 09 East Jackson St. impt. bonds. Denom. (1) $1,012 50, (9)
$952 51. Due $952 51 on Mar. 1 1914 and $952 51 yearly on
Mar. 1 from 1915 to 1923 incl.
2,695 84 So. Monroe St. impt. bonds. Denom.(1) $275 20,(9) $268 96.
Due $275 20 on Mar. 1 1914 and $268 96 yearly on Mar. 1 from
1915 to 1923 incl.
Auth. Sec. 3916, Gen. Code. Date Mar. 1 1913. Int. M.& S. Cert.
check for 10% of bonds bid for, payable to VII. Treas., required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
MILLERSBURG SCHOOL DISTRICT (P. 0. Millersburg), Holme
County, Ohio.-BOND OFFERING.-Proposals will be received until 12
m. May 26 by G.H.Lange, Clerk Bd. of Ed.for $35,000 of the $40,000 5%
bldg. bonds voted Apr. 15 (V. 96, p. 1172). Auth. Secs. 7625 to 762,
incl. Gen. Code. Denom. $500. Date May 26 1913. Int. M. & S,
Due $500 each six months from Sept. 1 1914 to March 1 1949, incl. Certified check for 2% of bonds ibd for, payable to Board of Education, required.
MILWAUKEE, Wis.-BONDS AWARDED IN PART.-Of the three
issues of 434% coupon bonds, aggregating $255,000, offered on may 8 the
$50.000 fire-dept. bonds have been awarded to the Wisconsin Trust Co.
of Milwaukee at 100.353 and the $30,000 to John De Wolf of Milwaukee at
100.353. Denom. $500. Date Jan. 1 1913. Int. J. & J. at the City
Treasurer's office. Due one-twentieth of each issue yearly. The issue
unsold is- $175,000 for bridges. Denom. $750. The remaining details
are similar to those in the above issues.
MINNEAPOLIS, Minn.-CERTIFICATE SALE.-On May 8 the $5,286 50 5% 8-yr. (aver.) special certificates of indebtedness (V. 96, ID. 1172)
were awarded, it is stated, to the Union Investment Co. at par and int.
MINTURN SCHOOL DISTRICT, Madera County, Cal.-BOND
OFFERING.-The Board of County Supervisors (P. 0. Madera) has decided to offer for sale, it is stated, $5,000 bonds of this district. Denom.
$1,000.
MITCHELL, Davison County, So. Dak.-BOND ELECTION.-On
June 10 a vote will be taken, it is reported, on the question of issuing
$60,000 bonds to install a municipal telephone system.
MOHAVE COUNTY (P. 0. Kingman), Ariz.-BIDS REJECTED.All bids received for the $100,000 5% road and bridge bonds offered on
April 30 (V. 96, P. 892) were rejected.
MAY 171913.].
THE CHRON CLE
1439
MONTCLAIR, Essex County, N. J.-BOND OFFERING.-Proposals
OAKLAND,
County, Cal.-BOND OFFERINn.-Proposals
will be received until 8 p. m. June 9, it is stated, by S. H. Wenck, Town will be received Alameda
until 12 m. May 22 by H. E. Magill,
City Clerk, for the
Treasurer, for $49,000 434% 2934-year school bonds. Int. semi-annual. following
434% bonds:
Certified check for $1,000 required.
$222,000 municipal-impt. bonds of 1909. Date Jan. 1 1910. Due
MOOS
MONTICELLO SCHOOL DISTRICT (P. 0. Monticello) Drew
yeariy.
County, Ark.-BOND SALE.-This district on April 10 awarded $30,000
312,000 school and auditorium bonds of 1911. Date June
15 1911.
6% 10-20-year (serial) high-school bonds to the Wm. R. Compton Co. of
Due $8,000 yearly.
St. Louis. Denom. $500. Date May 1 1913. Int. M.& N.
Denom. $1,000. Int. semi-ann.
City Treas. office or at Nat. City
MONTVALE, Bergen County, N. J.-BOND SALE.-On May 9 the Bank, N. Y. Cert. check or cash forat
2%
bonds bid for, payable to Prost.
$30,000 5% 30-yr. coupon or reg. funding bonds offered without success of the Council, required. Delivery of of
to be made within thirty
on April 18 (V. 96, p. 1247) were awarded to the Ilackensack Trust Co. of days from award of sale. Bids must bebonds
made on blank forms furnished
by the City Clerk. Purchaser to pay accrued
Hackensack at par and mt.
interest.
legality of
this
issue
has
been
approved by Dillon, Thompson & Clay ofThe
MORGAN COUNTY (P. 0. McConnellaville), Ohio.-BOND SALE.
N. Y. Official
-Despatches state that the New First National Bank of Columbus has circular states that the city has never defaulted in the payment of any of
its
obligations
and
that
there
is
no
been awarded $80,000 104-year (average) bridge and $20,000 234-year
or litigation pending or
threatened, concerning the validity controversy
(average) road 5% bonds at 100.81.
of the
issues, the corporate
existence of the city or the title of the officersabove
to their respective offices.
MOUNT OLIVE GRADED SCHOOL DISTRICT, No. Caro.-BOND
OIL CITY, Benango County, Pa.-BOND OFFERING.
ELECTION.-A vote will be taken June 10, it is stated, on the question
will be received until 1 p. m. June 2 by B. R. Bromley, City -Proposals
of issuing $10,000 improvement bonds.
Treasurer, for
454% tax-free permanent improvement bonds.
MT. CARMEL SCHOOL DISTRICT (P. 0. Mt. Carmel), Wabash $40,000
Denom. $1,000.
Date May 1 1913. Int. M. & N. Certified check
for $500 required.
County, Ill.-BONDS VOTED.-AccordIng to reports a favorable vote
OLD FORT TOWNSHIP (P.O. Old Fort),
was cast at a recent election on the proposition to issue high-school-bldg.
County, No.
Caro.-BONDS VOTED.-This township on MayMcDowell
bonds.
13 voted in favor of the
proposition to issue $20,000 road bonds, it is reported.
MT. PLEASANT SPECIAL SCHOOL DISTRICT (P. 0. Mi. PleasORIENTAL
,
Pamlico County, No. Caro.-BONDS VOTED.-This
ant), Clinton County, Ohio.-BOND SALE.-On May 10 the $12,000
5% 634-year (average) coupon site-purchase and building bonds place, according to reports, has voted to issue $10,000 school building bonds.
T. 96, p. 1317) were awarded to the Clinton County National Bank of
OLEAN, Cattaraugus County, N. Y.-BOND OFFERING
Wilmington, it is stated, at par and interest.
will be received until 10 a. m. June 2 by the City Clerk for.-Proposals
the
MT. STERLING SCHOOL DISTRICT (P. 0. Mount Sterling), 4%% 20-year reg. police-station and jail-construction bonds voted$22,000
9
Brown County, Ill.-BOND SALE.-The Secretary Board of Education 1912 (V. 95, p. 1636). Denom. to suit purchaser. Date July 1Dec.
1913.
advises us under date of May 12 that the $22,000 bonds recently voted Int. J. & J. cert. check for $1,000, payable to "City of Olean, required.
(V. 96, p. 1172) have been disposed of.
ORTON LEVEE DISTRICT (P. 0. Ashdown), Chicot County,
Ark.
MUNICH SCHOOL DISTRICT, Madero County, Cal.-BOND -BOND OFFERING -According to reports, proposals will be
SALE.-On May 5 the $4,5006% 1-6-yr. (ser.) bldg. bonds(V. 96, p. 1247) until 10 a. m. June 9 by J. J. Battle, Pres. Board of Directors, forreceived
$40,000
were awarded to A. A. Watson of Napa, Cal., at par and int. Denom. 6% 10-25-year levee bonds.
$750. Date May 5 1913. Int. ann. in May.
OVERCTJP DRAINAGE DISTRICT, Jackson and Woodruff CounMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.-BOND SALE.
- ties, Ark.-BOND SALE.-On May 9 the $85,000 5-20-year (serial)
On May 6 the $100,000 5% bridge-constr. bonds (V. 96, p. 1317) were drainage bonds (V. 96, p. 1173) were awarded, it is stated, to the Arkansas
awarded to the Old Citizens' Nat. Bank of Zanesville at par. Denom. Bank & Trust Co. and the First Nat. Bank of Newport at par for 6s.
$1,000. Date May 1 1913. Int. M.& N. Due $10,000 yrly. from 1915
OXNARD, Ventura County, Cal.-BOND OFFERING.-Proposals
to 1924 incl.
will be received until 8 p. m. May 27 by G. R. Bellah, City Clerk,
for the
NEBO TOWNSHIP (P. 0. Nebo), McDowell County, No. Caro.- $100 000 5% gold coupon tax-free municipal-water-works bonds. Denom.
BONDS VOTED.-According to reports, this township on May 13 voted $500. Date May 1 1912. Int. M. & N. at City Treas. office. Due
$4,000 yearly May 1 from 1922 to 1946 incl. Cert. or cashier's check on
$10,000 road bonds.
a bank of California for 5% of bonds bid for, payable to City Clerk,
NEW BEDFORD, Bristol County, Mass.-TEMPORARY LOAN.
re- quired. Bonds to be delivered and paid for at City Treas,
office or any
Reports state that a loan of $200,000, due Nov. 13 1913, has been negotiated
place designated by purchaser, within 20 days from time of award.
with the National Shawmut Bank of Boston at 4.50% discount.
must be unconditional. These bonds were offered without successBids
on
NEWBERRY COUNTY (P. 0. Newberry), So. Caro.-BOND
April 1 (V. 96, p. 1112.)
FERING.-Proposals will be received until 3 p. m. May 30 by W.OFA.
PARKERSBURG, Wood County, W. Va.-BONDS VOTED.-The
McSwain, Chairman Special Commission, for $49,000 20-year coupon
question of issuing the $200,000 street-paving bonds (V. 96, p. 966) carried,
refunding bonds at not exceeding 5% int. Denom. in multiples of $100, to reports
state, at the election held May 6 by a vote of 1,060 to 313.
suit purchaser. Date Jan. 1 1913. Int. annually at office of County
PEND OREILLE COUNTY (P. 0. Newport), Wash.-BOND SALE.
Treasurer. Certified chock for $500, payable to county, required.
-On
May
5 the $28,000 20-year gold coupon funding bonds(V. 96, p.
NEWCOMERSTOWN, Tuscarawas County Ohio.-BOND OFFER- were
966)
awarded, it is stated, to the State of Washington
at par for 534s.
ING.-Proposals will be received until 12 m. May 23 by H. Dillehay, VII. The
county
reserves the option of redeeming any or all bonds after
Clerk, for $5,000 6% coup. street-impt. bonds. Denom.$1,000. Date
one year.
PERRY COUNTY (P. 0. New Lexington), Ohio.-BOND
Apr.211913. Int. ann. in Apr. at Oxford Bank, Newcomerstown. Due
SALE.
$3,000 on Apr. 21 1915 and $2,000 on Apr. 211916. Cert. check for 10% On May 8 the $15,000 534% 5-year (average) bridge and culvert impt.
of bid, payable to Vii. Treas.,required. Bonded debt May 13 1913,$3,000. bonds (V. 96, p. 1317) were awarded to the Perry County Bank of New
Lexington, it is stated, for $15,301, making the price
Assessed val. 1912, $2,429,680.
102.066.
PHILADELPHIA, PA.-AMOUNT OF LOAN
NEW LONDON TOWNSHIP (P. 0. Nevi/London), Huron County)
SUBSCRIBE FOR.
Ohio.-BOND SALE.-On May 14 the $15,000 5% 84-year (average, Press dispatches state that on May 16 it was announced by Dthe
City
Treasurer
that
the total amount of the $7,000.000 loan subscribed
coupon New London Road District construction bonds offered on May12
for was
(V. 96, p. 1317) were awarded, reports state, to Spitzer, Rorick & Co. of $4,150,000, leaving a balance of $2,850,000 subject to future disposal.
(See V. 96, p. 1379.)
Toledo.
PHILADELPHIM GRADED SCHOOL DISTRICT, Robeson
NEWPORT, R. I.-TEMPORARY LOAN.-A loan of $60,000, due
Sept. 5, has been awarded, reports state, to Loring, Tolman & Tupper of ty, No. Caro.-BOND OFFERING.-Proposals will be received untilCoun12 m.
June 14 by Wm. Tiddy, Chairman (P. 0. R. F. D. Red
Boston at 4.65% discount.
Springs) for
$15,000 6% 30-year gold bond. Cert. check for $100 required.
NEWTON COUNTY (P. 0. Kentland), Ind.-BOND SALE.-On
PIERCE COUNTY SCHOOL DISTRICT NO. 10 (Tacoma),
May 14 the $5,725 4%% highway-impt. bonds (V. 96, p. 1378) were
Wash.
awarded to J. F. Wild & Co. of Indianapolis for $5,737 50-making the BOND SALE.-On May 2 $200,000
% 20-yr. bldg. bonds were awarded
to the State of Washington at par and interest for 434s.
price 100.218.
PINELLAS COUNTY (P. 0. Clearwater), Fla.-BOND
NEW YORK CITY.-TEMPORARY LOANS.-The following
SALE.
It is stated that John Nuveen & Co. of Chicago
time securities (revenue bonds, bills and corporate stock notes) were shortpurchased the $370.001
issued 5% coupon road bonds offered on April 15 (V.have
96, p. 1112)•
during April:
PLEASANT
TOWNSHIP
Rev. Bds. 1913. Int•
Amount. Rev. Bills.
,Seneca County,
Int.
-BONDS VOTED.
Amount.
According to newspaper reports, this townshipOhio.
Current exp__ 4 3-5
$650,000 00 Current exp__*4
on May 7 voted in favor
$3,489,863 01 of
Current exp...4
the question of issuing $25,000 road-improvement bonds.
1„
Current exp__*3
997,345
89
Current exp.. 44
209,000 00 Current exp_ _*4 15-16 z469,428 14
POLK COUNTY (P. 0. Tryon), No. Car.-BOND S4LE.-O"li
Current exp__ 45
Kay 5
400,000 00 Current exp_ _*4 A
z952,476 38 the $100,000 30-yr. coupon road-impt. bonds(V.96, p. 1318)
were awarded
Current exp__ 434
1,500,000 00 Current exp- _*4 A
to 0. W. McNear & Co. of Chicago at par for 514s.
z965,535
88
Current exp__ 4
7,000,000 00 Current exp_ _*4
a1,909,103 47
PONTIAC, Oakland County, Mich.-BONDS NOT SOLD.
Current exp__ 334
3,500,000 00 Corp. Stock Notes-No bids
were received on May 12, it is stated, for the $50,000 44%
Current exp.. 3 11-16 9,000.000 00 Water
431
park bonds
1,500.000 00
Current exp.... 334
5,000,000 00 Water
3
3,000,000 00 offered on that day (V. 96, p. 1379).
PORTER TOWNSHIP SCHOOL DISTRICT (P. 0. Portsmouth
Special
*44
165,300 00 Water
434
2,491,267 10
),
Special
132,000 00 Var.mun .pur.
434
.3
3.000,000 00 Scioto County, Ohio.-BOND SALE.-On May 12 $17,500 5% 22-year
Special
3
100,000 00 Var. mun.pur.*4 Ys
2,989,462 34 (average) school bonds were awarded, it is stated, to the First and. Central
national banks of Portsmouth at their joint bid of
$17,510-making the
Total
$50,485,235 32 price 100.057.
PORTLAND, Ore.-BIDS REJECTED.-As stated last
the bids
*Rate of discount; figures in "Amount" column represent proceeds of received on May 6
for the $1,250,000 454% 30-yr. gold dock week
bonds (V. 913.
loan after deducting discount. a Payable in francs. z Payable in £ sterling. p 1379) were rejected.
These offers were as follows:
Ifenry
Teal, Portland
NILES SCHOOL DISTRICT (P. 0. Niles), Trumbull County, Ohio.
95.641E. H. Rollins & SODS
-BOND OFFERING.-Proposals will be received until 12 m. June 9 for Wm. A. Read & Co., N. Y_ _94.81 A. B. Leach & Co. Chicago-92.311
$195,000 434% 40-year high-school-building and improvement bonds
N. W. Halsey & Co.
authorized at an election held May 12 by a vote of 427 to 203.
Union Trust Co.
*For $100,000 worth.
I Prov. Say. B. & Tr. to., Cin_*91.07
NORTH DAKOTA.-BOND SALES.-During the month of April the
BONDS
NOT
SOLD.
-The
highest
bid
received on May 7 for the $500.000
following sixteen issues of bonds, aggregating $80,831, were purchased by 4% 25-year gold
water bonds offered on that
was 87.125 and int. from
the State at par:
Morris Bros. of Portland and C. E. Denisonday
& Co. of Cleveland. We
mt. Purpose.
Amt. I
Nameare
Date.
Due.
under date of May 10, however, that no award
has yet
Badland School District__ $800 4 Building Sept. 16'12 Sept. 16 32 :.dvised
made.
City
Council
on May 9 authorized the purchase of $122,000been
1.800 4 Building Mar. 20'13 Mar.20'23 bonds with money
Berlin School District_
of the above
in
the
General
Sinking
Fund.
__z16,481
5 Drain
Cass County
Apr. 15 '13
BOND PROPOSITION WITIIDRAWN.-On May 9 the 'Council
Harmony School District_ 3,000 4 Refund'g Afar. 20'13 Mar. 20'33 withdrew
also
from the ballot for the June 2 election, the
Hauland School District__ 11,450 4 Building Mar.20'13 Mar.20'33 $300,000
to issue
bonds for the purchase of Ross Island. Theproposition
District_
_ _ 1,000 4 Building Mar.20'13 Mar. 20'33
other questions to
Haynes School
be
voted
upon
were
referred to last week. V. 96, p. 1318.
800 4 Building Mar. 20'13 Mar. 20'23
Makim School District__
POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND OFFERING.
1,500 4 Ref.&fund.Mar. 20'13 Mar.
Mountain School Dist_
20'23 Proposals
-*10,000 4 Funding Mar.20'91 Mar.
will be received until 10 a. m. May 20, reports state, by
North Dakota
20
'21
*18,000 4 Refund. May 15 '90 May 15'20 Schenck, County Treasurer, for $11,400 434% Black Twp.Highway A. A.
North Dakota
imps.
bonds.
Denom.
Building
Novi Hradic Sch. Dist_- 1,000 4
$285. Interest semi-annual.
mar. 20'13 Mar. 20'23
Proposals will also be received until 2 p. m. June 21 by Joseph R.
Outlook School District
2,000 4 Funding Mar. 20 '13 Mar.
'33 County
Haines,
Treasurer, it is stated, for $40,000 434% bonds. Denom.
Pisek School District
6,000 4 Building Mar. 20'13 Mar.20
20
'23
$500.
Interest
semi-annual. Due 10 years.
Roosevelt School DLstrict_ 4,000 4 Building mar. 20.13 mar. 20.33
St. Croix School District
2,000 4 Building mar. 20.13 mar. 20.33
POUGHKEEPSIE, Dutchess County, N. Y.-BOND OFFERING.
Spring Creek Sch. Dist
1,000 4 Building Mar. 2c,.13 mar. 20.23 Proposals will be received until 12 m. May 19 by W. H.
Frank,
for $100,000
% coupon tax-free high-school bonds. Denom. Mayor,
$1,000.
z Duo $3.296 20 on Apr. 15 in 1916, 1918, 1920, 1922 and 1924.
Date Feb. 11913. Int. F.& A.at Columbia-Knickerbocker
Co. N.Y,
•These bonds were purchased from brokers.
or at Falikill Nat. Bank, Poughkeepsie, in N. Y. exchange.Tr.Due
'
Feb. 1
NORWOOD CITY SCHOOL DISTRICT (P. 0. Norwood), Remit. 1923. Cert. check on an incorporated bank or trust company for 2%
ton County, Ohio.-BOND SALE.-The following bids were received on of bonds bid for, payable to City Treas.. required. These bonds wifi
May 12 for the two issues of 5% bonds, aggregating $50,000, offered on be certified as to genuineness by the Columbia-Knickerbocker Trust Co.
and their legality approved by Hawkins, Delafield & Longfellow of
that day:
City, whose opinion will be furnished to successful bidder. Bids N. Y.
$10.000
must be
$40,000
Both
made on blank forms furnished by the city. Purchaser to pay accrued
Issue.
int.
Issue.
Issues.
Provident Say. Bk. & Tr. Co., Cinc----*$10,068 00
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND
$50,085 following
SALE.-The
Western-German Bank Cincinnati
bids were received on May 5 for the two issues of 445%
10,056 89 *$40,131 63
10-year
W.E. Pox & Co., Cincinnati
road-impt. bonds, aggregating $13,220 (V. 96. IL 1379i6
10,004 90 40,017 60
Reading Bank
10,010 00
.980
$3,240
First Nat. Bank, Norwood
10,003 80 40,015 50
Issue.
e.
*Successful bids.
Central National Dank, Greencastle
*S1
10:0
50
03
0 $3,250 00
30
70
Breed,
Harrison,
Elliott
Indianapolis
&
NORWOOD GRADED SCHOOL DISTRICT (P. 0. Norwood),
First
National Bank, Greencastle
Stanley County, No. Car.-BOND OFFERING.-Proposals will be re10,030 00 3,256 00
J. F. Wild & Co., Indianapolis
celved until 2 p. m. May 20 by L. W.Halt,Chairman,for the
10.023 50 3.254 50
30-yr. Meyer-Riser Bank, Indianapolis
ooupon bldg. bonds voted April 22(V.96. p. 1317). Denom.$15,000
9,981 00 *3
3
.24
.
6
0
1 00
$1,000.
Date
Roachdale Bank, Roachdale, Ind
July 1 1913. Int. J. & J. in Now York City.
* Successful bids
1440
tt
THE CHRONICLE
[VoL. xcw.
R. Compton Co. of St. Louis at
PRINCETON SCHOOL DISTRICT (P. 0. Princeton), Franklin were awarded to Little & Hayes and 1W.
1913. Int. M. & N.
County, Kans.-VONDS VOTED.-It is stated that this district on May 6 101.50. Denom. $500. -tDate May
bonds:
bldg.
SHAKER HEIGHTS, Cuyahoga County, Ohio.-BONDS NOT'
voted 85 to 61 in favor of the question of issuing $8,000
s SOLD.-No bids were received on May 12, it is reported, for the eight
PULASKI, Pulaski County, Va.-BOND OFFERING.-Proposal
of 5% coupon street-impt. assessment bonds, aggregating $94,933,
will be received until 3 p. m. June 3 by the Finance Committee, N. A. issues
offered on that day (V. 96, p. 1174).
Shuff, Chairman,for 350.0005% 30-year coupon sewerage bonds. Denom.
"Town
to
SHARON SCHOOL DISTRICT, Madera County, Cal.-BOND SALE.
to!sult purchaser. Int. J. & J. Cert. check for $1,000, payable
_on May 5 the $5,000 6% 1-8-Yr. (aver.) bldg. bonds (V. 96, P. 1248)
of Pulaski," required.
were awarded to A. A. Watson of Napa, Cal., at par and int. There were
RACINE, Racine County, Wis.-BOND OFFERING.-A.J. Eisenhut, no
other bidders. Denom. $625. Date May 5 1913. Int. ann. in May.
% park-site-purchase
City Treas., will sell at 2p. m. May 19 the $50,000
1
May
Date
bonds voted March 18 (V. 96, p. 893). Denom. $1,000.
Pot SHELBY, Richmond County, Ohio.-BOND SALE.-On May 12
on May 1 the five issues of 5% street-impt. bonds, aggregating $15,440 (V. 96. P.
1913. Int. M.& N. at office of City Treas. Due $3,000 yrly.1933,
incl. 1248), were awarded to the First National Bank of Shelby,it is stated,for
from 1914 to 1923 incl. and $2,000 yrly. on May lffrom 1924 to
Successful bidder to furnish cert. check for $2,000, payable to "City of $15,581 30 (100.915) and interest.
Racine."
SHELBY COUNTY (P. 0. Sidney), Ohio.-BOND SALE.-On May
RALEIGH, Wake County, No. Car.-BOND OFFERING.-Proposals 12 the two issues of 5A % bonds, aggregating $101,750 (V. 96, p. 1318),
Sawyer,
H.
W.
Commrs.,
were awarded to Hayden, Miller & Co. of Cleveland for $103,665 (1.01.882)
will be received until 12 m. May 28 by the City
int.
City Clerk, for 3350.000 5% 30-yr. coupon water-works bonds. Denom. and
p & Mayer, Cin_-$102,210
Spitzer & Co., Tol_ _$103,507 1Seasonod
Sidney
$1,000. Date June 1 1913. Int. J. & D. Cert. check for $5,000 required. Citizens' Nat. Bk. Sidney.. 102,987 People s Say. & Loan Co..
In The official notice of this bond offering will be found among the advertise- Spitzer, Rorick & do.,ToL_ 102,853 Sidney Ex. Bk., Sidney- 102,188
101,950
ments elsewhere in this Department.
Hoehler & Cummings,Tol__ 102,260 First Nat.
(P. 0. Ravina),
RAVINA INDEPENDENT SCHOOL DISTRICTApril
SHELBY COUNTY (P. 0. Memphis), Tenn.-BONDS NOT SOLD.
21
the
and
$3,500
Lturnpike
-On
5%road,
SALE.
D
the
of
$600,000
Charles Mix County, So. Dak.-BON
award was made, it is stated,
awarded to the No
on May 5 (V. 96, p. 1248).
offered
bonds
6% 20-yr. reg. tax-free bldg. bonds (V. 96, p. 1173) were
bridge
First Nat. Bank of Barnesville, Ohio,for $3,551-making the price 101.571.
SNOHOMISH COUNTY SCHOOL DISTRICT NO. 4, Wash.-BOND
Other bids follow:
1-20-yr. (opt.) bldg. bonds were awarded
$3,501 SALE.-On April 1 the $20,000
H. C. Speer & Sons Co., ChIc$3,517'Chas. H. Coffin, Chicago
to the State of Washington at par for 5s. Date April 1 1913. Int. M.Az N.
Pearsons & Taft, Chicago_ _ _ 3,515 I
No. Car.-BONDS VOTED.-It is
County,
Rowan
SPENCER,
laInt. M. & N.
-F. S. reported that the issuance of $50,000 water and light bonds was authorized
READING, Middlesex County, Mass.-TEMPORARY LOAN.
election.
recent
a
at
Mosely & Co. of Boston have been awarded a loan of $30,000 in anticipation
OFFERING.SPENCER COUNTY (P. 0. Rockport), Ind.-BOND
of taxes due April 15 1914, at 4.55% discount.
m. May 31, it is stated, by J. T.
(P. 0. Red Oak), Proposals will be received until 10 a.%
RED OAK INDEPENDENT SCHOOL DISTRICT
highway-impt. bonds. Denom.
$5,600 4A
for
Aud.,
Co.
Stevenson,
this
that
state
district
-Reports
Ellis County, Tex.-BONDS VOTED.
Int. ann. on Dec. 2.
on May 3 voted 62 to 10 in favor of the proposition to issue the $15,000 $280.
Rowan County,
SPENCER SCHOOL DISTRICT (P. 0. Spencer),
building bonds (V. 96, P. 1113.)
g to local newspaper reoprts this
Springs), Robeson No. Car.-BONDS VOTED.-Accordinbonds
RED SPRINGS SCHOOL DISTRICT (P. 0. Red will
school
$10.000
voted
recently
district
be
until
received
-Proposals
.
OFFERING
County, No. Caro.-BOND
-Local papers
SPRINGFIELD, Clark County, Ohio.-BOND SALE.
12 m. June 14 by A. B. Pearsall, Chairman,for $15,000 6% 30-year school
of $9.085 25 4A%
state that the Sinking Fund Trustees have sold an issue
bonds. Certified check for $100 required.
Springfield at
of
Bank
Nat.
First
the
to
bonds
-sewer
St.
-BOND OFFERING.-Pro- tax-free Henry
RIVERSIDE, Riverside County, Cal.
27, It is stated, by H.0. Cree, par and int.
posals will be received until 9:15 pl. m. May
.-Reports
OFFERING
-BOND
Int.
Ind.
bonds.
water-works
STARKE COUNTY (P. 0.Knox),
City Clerk, for $1,160,000 5f 1-40-yr. (ser.)
required. These bonds were offered but state that proposals will be received until May 26 by F.Joseph, Co. Treas.
semi-ann. Cert. check for 1
bonds.
road
gravel
1173).
4A%
for $7,000
not sold on March 11 as 43s(V.96, p.
-BOND OFFERING.
STEITBENVILLE, Jefferson County, Ohio.-BOND OFFERING.
ROANE COUNTY (P. 0. Kingston), Tenn.
6 by G. P. Lindsley, County Proposals will be received until 12 m. June 2 by H. W. Patterson, City
Proposals will be received until 12 m. June
school Auoi.,for the following 4%% bonds:
-year
25
5%
the
for
$25,000
Clerk,
County
Evans,
H.
D.
Judge, and
$500. $40,000 Market-house bonds. Date May 1 1913. Due $4,000 yrly. OD
bonds recently authorized (V. 96, P. 1173). Denom.(10) $100,(48)
to
Sept. 1 from 1914 to 1923 incl.
Int. semi-annual. Certified check for 1% of bonds bid for, payable
1
8,600 West Adams St., State St. and Union Ave. bonds. Date Dec.
required.
Trustee.
T. E. Eblen, County
1912. Due $1,500 yrly. on March 1 from 1914 to 1918 incl.;
VOTED.-The propoROANOKE, Randolph County, Ala.-BONDS
and $1,000 on March 1 1919.
59'
96.
(V.
bonds
light
30-yr.
$20,000
and
sewer
sitions to issue the $20,000
200,000 water-works bonds. Date April 1 1913. Due $10.000 yrly. on
p. 1113) carried, it is stated, at the election held May 1 by a vote of 130
Sept. 1 from 1916 to 1935 incl.
on March 1 as
to 28 and 98 to 56 respectively.
10,500 Wilkins Ave. bonds. Date Dec. 1 1912. Due
Pinnacle
$2,500 in 1914 and 1915. $1,500 in 1916, 1917 and
follows:
ROCHESTER, N. Y.-NOTE SALE.-On May 12 the $50,000
M.
R.
Pressprich
to
awarded
were
1379)
1918 and $1,000 in 1919.
Ave. Pipe Line notes (V. 96, p.
& Co., N. Y., at 4.70% int. and $3 premium. Other bidders were:
7,500 Ohio St. bonds. Date Dec. 1 1912. Due $1,500 yrly. on Mar. 1
Int. Prem.
Int. Prem.
from 1914 to 1918 incl.
2
50
to City
Y.4.80
N.
Co.,
&
Coler
T. J. Swanton, Rochest_4.75 $12 00 W.N.
Int. semi-ann. Cert. check for 3% of bonds bid for, payable
an& Co.,N.Y.4.85 2 00 Treas.,
10 days from
required. Bonds to be delivered and paid for withinreported'
H.Lee Anstey, N. Y_ _ _ _4.75 7 00 L.vonHoffm
that
00
6
N.
Y_4.85
&
Co.,
was
Bros.
Sutro
It
00
interest.
21
accrued
_4.80
pay
to
Roch_
time of award. Purchaser
Luther Robbins,
to private parties.
chs&Co.,N.Y.5.00 7 50 the
Parkinson & Burr, N. Y_4.80 11 00 Goldman,Sa
above-mentioned street-impt, bonds were sold were
without
offerqd
bonds
water-works
$200,000
The
1174).
p.
Doug. Fenwick& Co.,N.Y.4.80 9 00 Bond & Goodwin, N.Y..5.50
96,
(V.
ROCHESTER, Beaver County, Pa.-BOND OFFERING.-Proposals swesss on April 14 (V. 96. p. 1174.)
DISTRICT, TusJ. W.Doncaster,
SUGARt;AEEK AND SHANESVILLE SCHOOL
will be received until 8 p. m.May 19 by the Town Council,
to vote on
County, Ohio.-BOND ELECTION.-An election
will be held
Secy., for $40,000 4A% coupon bonds. Denom. $1.000. Date Oct. 1 carawas
bonds
bldg.
-schooljoint-high
$23,000
issue
to
a proposition
check
Cert.
incl.
1941
to
1928
from
1
Oct.
on
Due
0.
&
A.
Int.
reports.
1912.
of bonds was May 20, according to
-BOND OFFERING.
for $500, payable to Bore. Treas., required. A similar issue
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
(V. 95,
12 m. June 10 by W. W.
awarded J. S.& W. S. Kuhn, Inc., of Pittsburgh on Dec. 23 1912
Proposals will be received, it is stated, until Hamilton
gravelTownship
%
4%
$31.145
for
Treasurer,
County
Howard,
p. 1764.)
April 15 1913. Interest semi-annual.
The official notice of this bond offering will be found among the advertise- road bonds. Date
SUPERIOR, Wis.-BOND OFFERING.-Proposals will be received until
ments elsewhere in this Department.
bonds. R. E. McKeague, COY
ROSEBORO SCHOOL DISTRICT (P. 0. Roseboro), Sampson June 1, it is stated, for $65,000 school
County, No. Car.-Reports state that this district on May 6 voted in Clerk.
SYLVA TOWNSHIP (P. 0. Sylva), Jackson County, No. Car.favor of the question of issuing $10,000 building bonds.
Lucas County, BOND SALE.-Reports state that this township has disposed of an issue
RUSSELL SCHOOL DISTRICT (P. 0. Russell),
of issuing the $13,000 (not $15,000 of $30,000 road bonds.
Iowa.-BONDS VOTED.-The question
12 by a vote
May
held
election
the
at
carried
bonds
bldg.
TACOMA, Wash.-BOND SALE.-This city during the month of April
as first reported)
issued the following special improvement assessment bonds, aggregating
of 175 to 58.
issues
two
the
-Of
PART.
IN
AWARDED
$48,415 05:
ST. PAUL, Minn.-BONDS
Due
Date.
Int.
offered on May 12 (V.96, P. 1318).
Purpose.
Amount.
of 43i% bonds, aggregating $175,000,
April 2 1913 April 2 1918
of
MinneCo.
Dickey
&
Wells
to
awarded
65_ _Grading
been
have
$2,657
orks
$50,000 water-w
2 1918
April
1913
2
April
7
921 10_ _Grading
apolis at 100.03 and int. Other bids follow:
7 April 2 1913 April 2 1918
$175,981 79
2,145 30_ _Water mains
Merrill, Oldham & Co., Boston
April 9 1923
1913
9
April
7
78
175,953
_Paving
York
80_
5.315
Wm.14'. Coler & Co., New
7 April 9 1913 April 9 1923
& Co., Chic., par, less $1,700. 10,618 10_ _Paving •
Minn.L.& Tr. Co. of Minn. and A.B.Leach
7 April 14 1913 Apr1114 1918
67o 1-year street- 11,820 15_ _Sewer
BOND SALE.-Local papers state that six issues ofby
6 April 18 1913 April 18 1923
&
Kalman
O.
O.
purchased
were
85,
70_ _Paving
3,671
impt. bonds, aggregating 3209.732
7 April 26 1913 April 26 1918
rn Trust Co. of St. Paul
7,733 45_ _Grading & Walks
Co., the First National Bank and the Northweste
7 April 26 1913 April 26 1918
on April 23 to White, Grubbs
3,531 80_ _Concrete Walks
at par. A like issue of bonds was awarded
P.
1248).
96,
(V.
of
Co.
Minneapolis
&
& Co. of St. Paul and Wells Dickey
Bonds are subject to call part yearly:
the propositions to isms
reports
to
g
but that sale was not consummated.local assessment bonds was awarded
-Accordin
BONDS DEFEATED.
An issue of $16,739 05 6% 1-year
bonds aggregating $250,000 for municipal purposes (V. 96, p. 1379) were
recently, it is reported, to Wells & Dickey Co. of Minneapolis and White, defeated
May 10.
held
election
the
at
Grubbs & Co. of St. Paul.
(P. 0. Taylor Springs),
TAYLOR SPRINGS SCHOOL DISTRICT
(P. 0. St. Pauls), Robeson
VOTED.-A recent election is said
ST. PAITLS SCHOOL DISTRICT.-Proposals
will be received until Montgomery County, Ill.-BONDS
County, No. Caro.-BOND OFFERING
of the issuance of $4,500 building bonds.
in
favor
resulted
have
6%
for
to
$15.000
District,
of
Chairman
McEachern,
0. Wiggins), Morgan
12 m.June 14 by A. R.
THE NILE IRRIGATION DISTRICT (P.
30-year gold school bonds. Cert. check for $100 required.
.-Proposals will be received until 12 in.
-BOND OFFERING.-Pro- County, Colo.-BOND OFFERINGE.
for $18,000 6% bonds.
Pres.,
Morse,
SALEM, Columbiana County, Ohio.
E.
of
Bd.
Directors.
the
by
29
for
May
City Auditor,
less than 95% of par value
posals will be received until 12 m. June 6 by G. Holmes,
March 4 (V'. 96. p. 8931. Int. semi-ann. Bids will not be entertained for
.
the $29,000 4%% refunding bonds authorized
bonds.
1
1913.
of
April
Date
.-ProAuth. Sec. 3916, Gen. Code. Denom. $1,000.
check for 2% of
LLE, Thomas County, Ga.-BOND OFFERING
Certified
THOMASVI
1921.
1
April
Due
$50,0.
the
&
A.
for
Interest
Bonds to be de- posals will be received until June 2 by A. A. Riley, City Clerk,
bonds bid for, payable to the City Treasurer, required. Purchaser to pay 000
12 (V. 96. P. 893),
4% gold coupon school-impt. bonds voted March
for.
arranged
livered and paid for within 10 days from time of award.
otherwise
Date July 1 1913. Int. J. & J. in N. Y. unless
check for $1,000.
accrued interest.
NO.6(P.O. Nogales), Due 85,000 yrly. on July 1 from 1933 to 1942 incl. Cert.
SANTA CRUZ COUNTY SCHOOL DISTRICTreceived
until 10 a.m. payable to "City of Thomasville'. required.
OFFERING......
Ariz.-BOND OFFERING.-Proposals will be
TIPTON COUNTY (P. 0. Covington), Tenn.-BOND
$10.000 6% gold bldg.
May 29 by Phil. Herold, Clerk, Bd. of Co. Sup., for
E. Stephenson, Co.
Int. ann. at Co. Treas. Proposals will be received until 12 m. June 9 by S.and
building
bonds,
bonds. Denom. $1,000. Date May 29 1913. and
1922, $3,000 in 1927 Judge, for 350,000 5% 25-yr. coup. school-site Cert. check for $1,000
office. Due on May 29 as follows: $2,000 in 1918
No bonded voted May 5. Denom. $500. Int. semi-ann.
and 1932. Cert. check for 2% of bonds bid for, required.
required.
debt. Assess. val. of dist. 1912 $324,000.
.-ProTRENTON, Gibson County, Tenn.-BOND OFFERING.-Proposals
SAVANNAH, Chatham County, Ga.-BOND OFFERING
Mayor, for will be received until 7:30 p. m. June 13 for $25,000 5% 30-year refunding
Davant,
J.
It.
by
16
June
12
m.
until
received
be
will
posals
96,
(V.
23
April
authorized
bonds
check for $500 required. J. Freed Is City
the $213,000 4%% coupon refunding
$500. Int. J. & J. in N. Y. and bonds. Int. J. & J. Cert,
p• 1318). Denom. (125) $1,000 (176)
for
Treasurer.
bid
bonds
of
for
check
Cert.
17
1943.
1
July
Savannah. Due
the advertiseJuly 1 1913. Bonds which mature
The official notice of this band offering will be found among
required. Bonds will be deliverable in
part payment for new bonds.
July 1 can be used at their face value
ments elsewhere in this Department.
.
-Local
.
DECLINED
papers
OFFERING
-BOND
SCOTT COUNTY (P. 0. Forest), Miss.
TULSA, Tulsa County, Okla.-BONDSrefused to accept the $40,000
by the Chancery Clerk for state
Proposals will be received until 12 m. June 2
that Exchange Nat. Bank of Tulsa has
bonds
to
'
awarded
District
Supervisors
reg.
them
tax-free
6%
$75,000
of
and $25,000 'Public-market 5%
the remaining $25,000 of an issue
election held March 20 1912. public-park
No. 1 bonds. Auth. vote of 210 to 158 at an&
March 18 (V. 96. p. 967).
or
office,
Treas.
Co.
at
J.
J.
Int.
-BOND
1913.
1
.
Mont.
July
Date
ELECTION
$500.
Denom.
TWIN BRIDGES, Madison County,
$5,000 on July 1 in 1927.
at place to be agreed upon by purchaser.forDue
it is reported. on the question of issuing
1% of bonds bid for, payable A vote will bo taken on May 24,bonds
585)•
p.
96.
1928, 1929, 1930 and 1934. Cert. check
(V.
states that there Is the $17,000 water-works-system
to Prest. Bd. of Superv., required. Official circular
validity of these bonds
UNION CITY, Ranlolph County, Ind.-BOND OFFERING.
no controversy or litigation pending affecting the
that no previous issue Further details are at hand relative to the offering on May 19 of the $16,000
and
district,
of
the
or
boundaries
existence
the
of
or
Proposals for these bonds will be
1379).
by
the
promptly
p.
paid
96,
(V.
been
bonds
refunding
bonds
always
that
have
5%
has been contested and
reports state, by the Common
received until 7:30 p. m. on that
county.
Denom. $500. Due $1,000 yearly
SALE.-On May 12 Council, It. C. Sutton, City Clerk.day'
to call after 10 years.
subject
SCOTT COUNTY (P. 0. Benton), Mo.-BONDbonds
thereafter;
yearly
$2,000
and
years
(V. 96, p. 1173) for 5
the $40,000 5% 123 -year (ay.) court-house-building
MAY 17 1913.]
THE CHRONICLE
VICTORIA COUNTY (P. 0. Victoria), Tex.—BONDS VOTED.—Reports state that the propositions to issue the $45,000 Nursery Precinct road;
;54,000 Bloomington Precinct drainage and $45,000 Lake Placid Precinct
road bonds were favorably voted at the election held Apr.26(V.96, p.1249).
WADSWORTH, Medina County, Ohio.—BOND OFFERING.—Proposals will be received until 12 m. June 3, it is stated, by H. E. Heirs,
Tillage Clerk,for $12,500 5% 9,year (average)street-improvement bonds.
Certified check for 5% required.
WACO SCHOOL DISTRICT NO.30(P.O. Waco), Cleveland County
No. Car.—BOND OFFERING.—This district is offering for sale $5,000 6%
30-yr. bldg. bonds. Auth. vote of 40 to 22 at an election held May 6.
Date to suit purchaser.
WARREN COUNTY (P. 0. Williamsport), Ind.—BOND OFFERING.
—Proposals will be received until 1 p. m. May 22, it is stated, by A. II.
Hann, County Treasurer, for the following 4)i% gravel-road bonds:
$5,000 road-improvement bonds. Denom. $250. Int. semi-annual.
9,700 road-improvement bonds. Denom. $485. Int. semi-annual.
WASHINGTON, Beaufort County, No. Caro.—BONDS VOTED.—
The question of issuing $15,000 (not $150,000 as first reported) sewer and
water-works bonds(V.96, P. 1380) carried, it is stated, at the election held
May 5.
WASHINGTON COUNTY(P.O. Salem),Ind.—BOND OPFERINO.—
Proposals will be received until 10 a.m. May 20, it is stated, by R. W. Purlee, Co. Treas., for the following 4 % highway-impt. bonds:
$15,900 Polk Twp. bonds. Denom. $795. Int. semi-ann.
17,000 Washington Twp. bonds. Denom. $850. Int. semi-ann.
rWASHINGTON COUNTRY DISTRICT, Ohio County, W. Va.—
BOND ELECTION.—On May 21 there will be submitted to a vote the
question of issuing $18,000 6% coupon school-building bonds. Denom.
$750. Date Sept. 1 1913. Int. annually at Bank of Fulton in Fulton,
W. Va. Due Sept. 1 1947.
WASHINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. West
local
Toledo), Lucas County, Ohio.—BONDS VOTED.—According to
newspaper reports, the question of issuing $40,000 building bonds carried
at the election held May 10 by a vote of 361 to 186.
OFFERING.—
WELLS COUNTY (P. 0. Bluffton), Ind.—BOND
27 by James A. McBride.
Proposals will be received until 1:30 p. m. May
County Treasurer, it is stated, for twelve issues of 4M% highway-impt.
bonds, aggregating $67.520. Date May 15 1913.
WEST NEW YORE(P.O. Station 3, Weehawken), Hudson County,
N. J.—BOND OFFERING.—Proposals will be received until 8 p.in. May 20,
it is stated, by J. L. Wolfe, Town Clerk, for.$26,0001street-opening bonds.
Cert. check for $250 required.
NEW LOANS.
$40,000
Borough of Rochester, Pa.,
43% COUPON BONDS
Sealed bids will be received by thel:Town
Council of the Borough of Rochester, Pa., up to
II O'CLOCK P. M. MONDAY, MAY 19TH.
1113, for the purchase of $40,000 of coupon
bonds of said Borough. Said bonds are in
denomination of $1,000, dated October 1st,
1912, 'and bear interest at the rate of 43 %,
payable semi-annually. The first of the said
bonds are due and payable October 1st, 1928,
and the last thereof on October 1st, 1941. Detailed information may be obtained from the
undersigned, Secretary of Council. Bids must
be sealed, marked "Proposals for purchase of
bonds," and accompanied by a certified check of
5500.00, drawn on the order of the Borough
Treasurer as a guaranty of good faith. The
right is reserved to reject any or all bids.
JAMES W. DONCASTER,
Secretary of Council,
Rochester, Pennsylvania.
r
$1,000,000
HARRIS COUNTY, TEXAS,
1441
WHITMAN COUNTY SCHOOL DISTRICT NO. 45, Wash.—BOND
OFFERING.—Proposals will be received until 2 p. m. May 20 by H. H.
Wheeler, Co. Treas.(P. 0. Colfax), for $3,000 5-10-yr. (opt.) bldg.-equip.
bonds. Denom. $500. Date July 11913. Int. (rate not to exceed,.6%)
ann. at office of Co. Treas. or at fiscal agency of the State. Cert.sheek or
draft for 1% of bid, payable to Co. Treas., required.
WHITMAN COUNTY SCHOOL DISTRICT NO. 138, wash.—BOND
OFFERING.—Proposals will be received until 2 p. m. May 27 by H. H.
Wheeler, Co. Treas. (P. 0.(Jolfax), for $1,500 2-5-yr. (opt.) bldg. bonds.
Denom. $500. Date July 1 1913. Int. (rate not to exceed 6%)iallo.
at office of Co. Treas, or at fiscal agency of the State. Cert. cheekier
draft for 1% of bonds bid for, payable to Co. Treas., required.
WHITE, Brookings County, So., Dak.—BOND OFFERING.—Proposals will be received until 7 p. m. June 2 by R. E. Cameron, City;Aud..
for $13,000 water and $5,000 light 57. 20-yr. bonds V. 96, p. 1174. Auth.
vote of 86 to 39 at the election held April 15. Int. semi-ann. Cert, check
for,.3% required.
WINDSOR TOWNSHIP FRACTIONAL SCHOOL DISTRICT/N0.16,
Huron County, Mich.—BOND OFFERING.—Proposala will be received
until May 24 by II. Kretzschmer, Director (P.0.Bay Port R.F. D.No. 1__,)
for $4,200 5% school bonds. Int. ann. Due $200 in 5 years and $400
ann. thereafter.
WINTHROP, Suffolk County, Mass.—BOND SALB.—On May 12
tne $39,873 4 % coup. municipal bonds (V. 96. D. 1380) were awarded to
Estabrook & Co. of Boston at 101.46 and int.
WOBURN, Middlesex County, Mass.—TEMPORARY LOAN.—A
loan of $20,000 in anticipation of taxes due Oct. 15 has been awarded,,to
Curtis & Sanger of Boston, it is reported, at 4.64% discount.
WOOD COUNTY(P.O. Bowling Green), Ohio.—BOND OFFERING.
—Proposals will be received until 1 p. In. June 2 by the Co. Commrs.,
C. E. Stinobough, Co. Aud.,for the following 57. coupon road-impt. bonds:
$50,000 A. W. Graham, William Ducat and Charles Kapp road bonds.
Date June 20 1913.
50,000 Geo. A. Blair and Jacob Schramm road bonds. Date July 1 1913.
Auth. Secs. 6926 to 6956 Gen. Code. Denom. $1.000. Int. M. & S.
at Co. Treas. office. Due $5,000 every six months from March 1 1914 to
Sept. 1 1918 incl. Bids must be made separately for each issue. Cert.
check on a Bowling Green bank for $1,000 of each issue bid for required.
Purchaser to pay accrued interest. These bonds were offered without
success on April 1 (V. 96, p. 1114.)
WOOD RIDGE (P. 0. Rutherford), Bergen County, N. J.—BOND
OFFERING.—Proposals will be received until 8 p.m., May 27.it is reported.
by A. Stoeffler, Chairman Finance Committee, for $20,000 5% 30-Yr.
road bonds. Int. semi-ann. Cert. check for $400 required. These bonds
were offered without success as 4s on Feb. 25(V.96.P. 816).
NEW LOANS.
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 wifl sell at his office in
THE CITY OF NEW YORK
$45,000,000
SPECIAL ROAD BONDS
Harris County, Texas. will sell all or any part
$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, 57c. on $100.00.
Address bids to
W. H. WARD, County Judge.
Houston, Texas.
Gold Corporate Stock of the City of New York
Payable March 13t, 1963
Issued la Coupon or Registered Form
htterchaageeisle at will alter Purchase
Coupon Interest Payable
AT OPTION OF HOLDER
BLODGET & CO.
In New York or London
BONDS
The Greater New York Charter provides that bids may be made
for as small an amount as $10 and in maniples of $10Seind bids in a sealed envelope, enclosed hi another envelope addressed to the Comptroller. A Deposit of Two Per Cask of Par Value
Must Accompany Bid. Such deposit must be in money or certified
check upon a New York State Bank or Trost Company, or may National
Bank.
60 STATE STREET, BOSTON
30 PINE STREET, NEW YORK
STATE, CITY & RAILROAD BONDS
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION
PURCHASES FOR SINKING FUNDS
SEASONGOOD & MAYER
on and after June 2nd, 1913, for the account of the several Sinking
Ingalls Building
CINCINNATI
HODENPYL, HARDY & CO.
14 Wail St., New York
Railway, Street Ry.,Gas & Elec,Light
SECURITIES
The Comptroller of The City of New York will purchase on tenders
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 ($5,0430,000), giving
preference to such tenders as are on a basis mr,st favorable to the City.
For fuller information see "City Record," published at Not 96
and 98 Reacle Street, New York, or consult any Bank or Trust Company. Send los decoriutive circular to
WILLIAM A. PRENDERGAST,Comptroller,City of NewYork
280 Broadway, New York
1442
THE CHRONICLE
[VOL. xcvi.
WOOSTER, Wayne County, Ohio.-BOND OFFERING.-Proposals
BURNABY, B. C.-DEBENTURES VOTED.-The questions of issuing
will be received until 12 m. Juno 7 by J. B. Minier, City Aud., for $35,000 $500,000 road-impt., $40,000 hospital, $25,000
school-inn:It. and $50,000
5% 20-yr. coup. street-impt.(city s portion) bonds. Denom. $500. Date sidewalk debentures carried, reports state, at a recent
election.
April 1 1913. Int. A. & 0. at office of Sinking Fund Trustees. Cert.
CALGARY, Alta.-DEBENTURE SALE.-An issue of $75,000 4 ti%
check for $1,750, payable to City Treas., required. Bids must be for all or
20-yr. debentures has been purchasel by O. A. Stimsoni& Co. of Toronto
none.
WOOSTER SCHOOL DISTRICT (P. 0. Wooster), Ohio.-BOND it is stated.
DFFERINO.-Proposals will be received until 12 m. May 29 by H. H.
CARDSTON, Alta.-DEBENTURE OPFERING.-ProposalsitwillFbe
Miller, Clerk Board of Education, for $6,000 5% school-repair bonds. received until 7.30 p. m. May 21 for $11,000
6% 20-yr. various impt. deAuth. Section 7629, General Code. Denom. $500. Date May 29 1913. bentures. Auth. vote of 47 to 2 at the election held Apr.23(V.96,
p. 1381)
Int. semi-annual. Due $1,000 yearly Mar. 15 from 1920 to 1925, incl.
Thos. C. Rowborry Is Sec.-Treas.
WYANDOTTE SCHOOL DISTRICT (P. 0. Wyandotte), Wayne
Ont.-DEBENTURE
CMAPPLE,
OFFERING -Proposals will be reCounty, Mich.-BOND ELECTION.-Reports state that an election will ceived until May 31 by J. A. McNabb, Sec.-Treas., for $1,500 school
be held May 20 to vote on the question of issuing $12,500 McKinley school debentures. Duo in 15 ann. Installments of principal and interest.
mpr. bonds.
CONQUEST, Sask.-DEBENTURE SALE.-Reports state that the
YAKIMA COUNTY SCHOOL DISTRICT NO. 31, Wash.-BOND Flood Land Co.of Regina has purchased the $6,5006% 15-Install.
permanent
OFFERING.-Proposals will be received until 10:30 a. m. May 24 by J. F. impt. debentures.
Wood, Co. Treas. (P. 0. North Yakima), for $3,500 2-5-year (opt.) bldg.
DOMINION OF CANADA.-DEBENTURE SALES.-The Alberta
impt. bonds at not exceeding 6% int. Auth. Secs. 117, 118, 119, &c.,
of Edmonton was awarded the following school-building
Code of Public Instruction, Laws of 1897, pages 357 ot seq.; also an election School Supply Co.
held April 19. Date "day of sale", or on the first day of some month, at debentures at par:
Thirty Issues, Apgreyatiny $108,600, Purchased in March.
option of bidder. Int. annual at County Treas. office. Bonded debt,
$1,500. Floating debt,$509. Assess. val., $409,890.
Districts in Province of Alberta.
Amount. Int.Due.
Name2811
No.
S.
D.
$1,800 7
Cappon
Mar. gr1913 10-install.
Cherhill S. D. No. 2735
1,000 7
Mar. 9 1913 10-install.
Crocus Plains S. D. No. 2693.,_... 1,200 7
Mar. 13 1913 10-install.
ACTON, Ont.-DEBENTURES VOTED.-Reports state that a by-law Edson S. D. No. 2298
60,000 7
May 1 1913 30-install.
providing for the issuance of $6,500 school-impt. debentures carried at the Ferrodale S. D. No. 1902
2,000 7
Mar. 15 1913 10-install.
Froehol S. D. No. 2821
election held May 12.
1,500 7
Mar. 8 1913 10-install,
1,000 7
Mar. 1 1913 10-install.
ATHABASCA LANDING SCHOOL DISTRICT NO. 839 (P. 0. Garden Valley S. D. No. 2887
Mar. 28 1913 10-install.
1,500 7
Athabasca Landing), Alta.-DEBENTURE SALE.-On April 1 the Guilboult S. D. No. 2885
S. D. No. 2863
Mar. 17 1913 10-install,
1,000 7
$40.000 6% 30-instaliment bldg. debentures offered on March 15 (V. 96, Heathdale S.
D. No. 2596
Mar. 24 1913 10-install.
1,600 7
p.743) were awarded to the Western School Supply Co. of Regina at 91.623. Hollyrood
Lobby S. D. No. 2673
Mar. 10 1913 10-install.
800 7
Denom. $1,000. Int. ann. In February.
Lyson S. D. No. 2707
1,500 634 Mar. 28 1913 10-install.
BOLLARD SCHOOL DISTRICT NO. 2474 (P. 0. Medicine Hat), Moose 11111 S. D. No. 2727
Mar. 31 1913 10-install.
800 7
Alta.-DEBENTURE SALE.-An issue of $1,000 634% bldg. debentures North Park S. D. No. 2803
1,200 7
Mar. 21 1913 10-install.
has been awarded to the Western School Supply C/o.4of Regina at par. Peyton S. D. No. 2855
1,200 634 Mar,13 1913 10-install,
Date May 11913. Int. ann. Due May 1 1923.
1,200 634 Mar. 24 1913 10-install.
Rawleigh S. D. No. 2810
1,400 634 Mar. 10 1913 10-install.
BRANDON, Man.-DEBENTURE ELECTION PROPOSED.-News- Rustle S. D. No. 2720
800 7
Mar. 13 1913 10-install.
paper reports state that an election will be held shortly to submit to the South Athabasco S. D. No. 2768
1.500 634 Mar. 28 1913 10-install.
Summer 11111 S. D. No. 2763
voters a lay-law to raise $50,000 for extending the hospital.
1.500 7
Mar. 28 1913 10-install.
DEBENTURE SALE.-The Provident Securities Co. of Toronto has Sunnybank S. D. No. 2771
10,000 7
May 1 1913 10-install.
Tollerton S. D. No. 2878
been awarded $50,000 434% 30-yr. debentures, reports state.
2141411
Canada, its Provinces and Municipalities.
NEW LOANS.
NEW LOANS
$11,458,000 Forty-Year Bonds
$83,000
CITY OF GOLDSBORO, N. C.
State of Tennessee, Refunding Bonds
DUE JULY 1st, 1953
Interest at the rate of 4%,payable January 1st and July 1st, either at the office of the Treasurer
in Nashville, Tennessee, or at the office of the Fiscal Agent of Tennessee in New York City. •
Coupon bonds of the denominations of $1,000 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
check upon a national bank or a regular depository of the State of Tennessee, payable to the order
ofthe 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 falls 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 deWelted v4thin 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 have to 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 one 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 Tennessee.
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, AttorneyCieneral for the State of New York.
The right Is expressly reserved to reject any or all bids.
SINKING FUND PROVISION.
The Act under which these bonds are to be issued makes the following provisions for sinking
fund and for redemption:
Section 6. Be it further enacted, That for the purpose of providing means for the liquidation
and retirement of the bonds herein authorized and issued under the provisions of this Act, a sinking
fund is hereby created into which shall be paid on the first day of each and every month during the
life of the bonds hereunder issued, or until all of such bonds shall have been paid and retired, an
amount equal to five per cent of the gross revenues coming into the State Treasury during the proceding month. The State Treasurer shall open and keep on his books in his office an account designated "Sinking Fund Account," which shall show accurately and specifically all payments made
Into and all disbursements from said sinking fund and no disbursements shall be made from said
sinking fund for any purpose except as herein directed.
Section 7. Be it further enacted, That the funds paid into the sinking fund herein provided
shall be used only for the payment and retirement of the bonds provided for in this Act.
Section 8. Be it further enacted, That at least twice in each year the Treasurer shall advertise
In one or more of the financial papers published in the City of New York, and in a daily newspaper
published in the City of Nashville, for sealed tenders of bonds issued under this Act, addressed to
the Chairman of the Funding Board; such advertisement shall state the amount of bonds to be
purchased and the date and place of delivery, and the time of publishing such advertisement in each
of said City of New York and Nashville shall be at least ten days before the date on which such
tenders shall be received. On the date so named such tenders shall be opened in the presence
of the Funding Board and so many of the bonds so offered as can be purchased from the Sinking
Fund then on hand shall be purchased at the lowest price or prices named in such tenders, and appropriation of the Sinking Fund for such purpose is hereby made. And all bonds so purchased,with
the coupons thereto attached, if any, shall forthwith be canceled.
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.
COIIPARATIVE STATE VIENT.
1883
1912
Taxable wealth
$625,686,792
$249,653,973 Taxable wealth
Property owned
Property owned
5316,378
Penitentiary. Asylum, &o
1,579,475
$251,233,448
$630,803,170
State debt
$16,000,000 State debt
$11.458,000
Percentage of Indebtedness as comPercentage of indebtedness as com1.8 per cent.
pared with taxable wealth
pared with taxable wealth
6.4 per cent.
Total interest-bearing debt of the State
$11,458,000
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. HICKERSON, Treasurer,
GEORGE P. WOOLLEN, Comptroller,
Funding Board of Tennessee.
R. R.SNEED. Secretary of State.
WATER WORKS,IMPROVEMENT
AND FUNDING BONDS.
Sealed bids for the purchase of bonds of toe 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 'Dear interest at the rate of 5% per annum and to run
as follows: $15,000 funding bonds, thirty-seven
years: 536,000 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 submivted. 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 lees than par.
All of aforesaid Issue of bonds has been held
valid by the Supreme Court of North Carolina.
JOHN R. BIGGINS,
Mayor of the City of Goldsboro. N.C.
D.J. BROAD HURST,
City Clerk. Goldsboro, N.0.
STACY & BRAUN
Investment Bonds
Toledo
Cincinnati
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks,
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St.,
CHICAGO
ESTABLISHED 1885.
H. C. SPEER & SONS CO.
First Nat. Bank Bldg., Chicago
SCHOOL,
COUNTY AND MUNICIPAL BONDS
Charles M. Smith & Co.
CORPORATION AND
MUNICIPAL BONDS
FIRST NATIONAL BANK BLDG.
CHICAGO
MAY 17 1913.]
1443
THE CHRONICLE
LAST MOUNTAIN VALLEY (Rural Municipality IVO. _ 0), Sask.OFFERING.-Proposals will be received until June 7 by
10-install. DEBENTURE
A.
Graham, Sec.-Treas. (P. 0. Govan),for $10,000 6% 20-yr. debentures..
10-Install.
10-install. (V. 96, p. 1321).
LONDON, Ont.-DEBENTURE OFFERING.-Proposals will be re10-1,stall.
10-it stall. ceived until 4 p. m. June 2 by J. S. Bell, City Treasurer, for the following.
10-Install. coupon debentures, aggregating $764,500:
10-install. $75,000 43i% city-hall debentures. Due June 30 1941.
10-install. 125,000 434% city-hall debentures of an issue of $250,000. Due June 30,
10-install.
1953
90,000 434 electric-light-plant debentures. Due June 30 1943.
water-works-equipment debentures. Due June 30 1943.
72,000 434
Twelve Issues, Aggregating $17,000, Purchased in April.
sanatorium debentures. Due June 30 1943.
15,000 4
Districts in Province of Alberta.
28,000434%Victoria hospital debentures. Due June 30 1943.
Due.
Amount. Int.
Date.
Namemotor combination fire-truck debs. Due June 1 1923.
7,500 5
Apr. 30 1913 10-install. 200,000 4
$400 7
Akenstadt S. D. No. 1995
general consolidated loan debentures. Due June 30 1933.
1,600 7
Apr. 30 1913 10-install.
Charing S. D. No. 2880
public-school debentures. Due June 30 1942.
10,000
4
1,600 7
Apr. 22 1913 10-install.
EastwaY S. D. No. 2904
13,000 434 public-school debentures. Due June 1 1928.
1,200 7
Apr. 11 1913 10-install.
Elmer S. Ii. No. 2481
public-school debentures. Due June 1 1943.
70,000
434
Lavada S. D. No. 2872
1,300 7
Apr. 22 1913 10-install.
ci public-school debentures. Due June 1 1943.
33,000 4
Apr. 2 1913 10-install.
Peavine S. D. No. 2197
800 7
16,000 434% public-school debentures. Due June 1 1943.
-install.
1,500 7
Apr. 30 1913 10
Rose Cliffs. D. No. 2840
10,000 434% public-school debentures. Due June 1 1928.
1,000 7
Apr. 11 1913 10-install.
Shady Lane S. D. No. 2805
Denom. $1,000, except issue of $7,500 motor combination fire-truck
Wilberforce S. D. No. 2905
Apr. 10 1913 10-install. debentures which consists of 7 bonds of $1,000 each and one for $500.
1,500 7
Wildwoods S. D. No. 2922
Apr. 25 1913 10-install. Int. J. & D. at office of City Treasurer or at any branch of the Molson's
1,500 7
Bank in Canada. Certified check for $1,000 required, if bid is made for
Districts in Province of Saskatchewan.
the whole block, or 2% of bid if same is for less than $25,000. Debentures
Lakewood Vale S. D. No. 1266_ __$3,000 7
Apr. 25 1913 10-Install. to be delivered at Molson's Bank, London, on June 30. Purchaser to pay
Apr. 1 1913 10-Install. accrued interest.
1,600 7
Red Rock S. D. No. 1314
MONTREAL PROTESTANT SCHOOL DISTRICT, Que.-DEBENDRYDEN, Ont.-DEBENTURES VOTED.-The election held May 3
resulted, it is stated, in favor of four by-laws providing for the issuance of TURE OFFERING.-Proposals will be received until 9 a. m. June 12 by
the following debentures (V. 96, p. 1249): $2,500 for lands for waterpower C.J. Binmore,Treas.(197 Peel St.)for $500,000434% 30-year school bonds.
developments; $2,500 for telephone system; $5,000 for municipal-hall;
NEEPAWA, Man.-DEBENTURE SALE.-According to reports,
$6.000 to acquire from the Dryden Timber & Power Co.,Ltd., electric- $145,000 30-year water-works and $15,000
10-year local improvement 6%
light system.
debentures have been sold at 97.
ELMSTHORPE (Rural Municipality No. 100), P. 0. Avonlea, Sask.
PRESTON, Ont.-DEBENTURES NOT SOLD.-We are advised by
-DEBENTURE SALE.-On April 20 the $12.000 6% general-impt. the Town Clerk and Treas. under date of May 12 that no sale
yet been
debentures (V. 96, p. 1115) were awarded to the Flood Land Co. of Regina made of the $18,000 5% loan debentures (V. 96, p. 1250.) has
at 97. Brent, Noxon & Co. of Toronto bid $11,416.
ST. PETER'S (Rural Municipality No. 369), Sask.-DEBENTUREFERNIE, B. C.-DEBENTURE OFFERING.-This city is offering for OFFERING.-ThIs municipality is offering for sale, reports state, $15.000
sale the following 6% coupon debentures:
permanent impt. debentures. M. T. Reynolds is Sec.-Treas. (P. 0.
Date
Aug.
1
1912.
debentures.
$1,000.
Denom.
school-constr.
$25,000
Annaheim).
Due Aug. 1 1942.
5,000 school-equip. debentures. Denom. $1,000. Date Aug. 1 1912.
SOUTH COLCHESTER TOWNSHIP, Ont.-DEBENTURE OFFERDue Aug. 1 1922.
ING.-This township is offering for sale $29,238 80 5% 15-yr. Richmond10,000 electric-light-ext. debentures. Denom. $500. Date May 1 1913. drain debentures. Int. ann. J. H. Madill is Twp.Clerk (P.0. Harrow).
Due May 11943.
SUTHERLAND, Ont.-DEBENTURE ELECTION.-On May 22.
5,000 city storehouse-constr. debentures. Denom.$1,000. Date June 15
reports state, the question of issuing $5,800 hydro-electric debentures wilt
1912. Due June 15 1922.
glint. ann. at the Home Bank of Canada, Fernie. 0. W.Ross is City Cl'k. be submitted to the burgesses.
SWIFT CURRENT SCHOOL DISTRICT NO 167, Sask.-DEBEN
GREEN COURT SCHOOL DISTRICT NO.2859(P.O. Green Court),
Alta.-DEBENTURE SALE.-On April 7 $1,000 7% building debentures TURE OFFERING.-Proposals will be received until May 25 by J. T..
were awarded to the Alberta School Supply Co. of Edmonton at par. Date Dodds, Sec.-Treas., for $20,000 school debentures at not exceeding 8%
int. Due in 20 ann.installments.
Oct. 74914. Int annually in Oct. Due Oct. 7 1922.
TRENTON, Ont.-DEBENTURE OFFERING.-Proposals will be re
ThingY7Taii.-ZDEBENTUBEOFFTTITIVO.-Proposals will becireceived until 6 p. m. June 7 by A. Holm, Sec.-Treas.. for $15,000 6%20- ceived until May 19 by J. W.Delaney, Town Treas.,for $15,000 5% deben
tures. Int. annually. Due in 30 annual installments.
year municipal-bldg. debentures.
Districts in Province of Saskatchewan.
Mar. 31 1913
$1,700 7
Airl e S. D. No.880
1,700 634 Mar. 28 1913
Copenhagen S. D. No. 941
1,400 634 Mar. 10 1913
F'undale S. D. No. 686
1,800 631 Mar. 10 1913
Gwyfe S. D. No. 937
1,500 634 Mar. 13 1913
Heathland S. D. No. 1166
Mar.24 1913
1,500 7
Russelton S. D. No. 778
1,200 634 Mar. 10 1913
Sunrise S. D. No. 521
Jan. 1 1913
2,000 7
Vendetta S. D. No. 874
1,300 634 Mar. 24 1913
Weewona S. D. No. 855
NEW LOANS
NEW LOANS
NEW LOANS.
$150,000
$23,000
$350,000
CITY OF RALEIGH, N. C., Town of Midland, Ontario, City of Chattanooga, Tenn.,
WATERWORKS BONDS
5% DEBENTURES
NOTICE OF SALE.
Sealed tenders will be received by the undersigned up to noon May 19th, 1913, for the purchase of the following:
(1) $8,000 00 Permanent Sidewalks,30 years,5%.
(2) 15,000 00 Water and Light Improvements, 30
years, 5%.
Re-payable in equal annual installments• of
•
Principal and Interest at Midland, Ontario.
(1) Ratified by Special Act of the Legislature
of Ontario, 1913.
(2) Approved by Ontario Railway and Municipal Board.
Both guaranteed by the County of Simcoe.
FRANK R. WESTON,
Treasurer.
Midland, May 1st, 1913.
Sealed proposals will be received by the Commissioners of the City of Raleigh WEDNESDAY,
MAY 28TH, 1913, AT 12 O'CLOCK M. for
the purchase of $350,000 five per cent 30-year
()coupon bonds dated June 1st, 1913. Interest
payable semi-annually. In denominations of
$1,000 each. Each bid must be accompanied
by certified check for $5,000 and addressed to
the undersigned. The right to reject any and
all bids is reserved.
W. H. SAWYER,
City Clerk.
$450,000
Belzoni Drainage Dist. of Belzoni, Miss.,
6% DRAINAGE BONDS
The Commissioners of the Belzoni Drainage
District of Belzoni, Washington County, Mississippi, now have for sale an issue of 3450.000
Ix per cent Drainage Bonds. Address
E. CASTLEMAN, President,
Belzoni. Washington County,
Mississippi.
F. WM. KRAFT
$100,000
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 43-4%
coupon bonds, to be dated June I, 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 information given by
A. W. MOSS. Secretary.
Municipal and Corporation Bonds AMERICAN MFG a CO.
1037-9 FIRST NATIONAL BANK BLDG..
MANILA, SISAL AM JUTS
CORDAGE
FOR SALE
$25,000
REFUNDING BONDS.
Speciallizng in Examination of
CHRONICLE VOLUMES
Sealed bids will be received at the Mayor's
office in Chattanooga, Tenn., until 3 o'clock p. m.
on TUESDAY, MAY 20, 1913, for one hundred
and fifty (150) 434 per cent semi-annual couponVends of the City of Chattanooga, Tenn., for
one thousand ($1,000) dollars each, dated June 2,
1913, principal and interest payable at the National City Bank, New York City. Maturity
of bonds thirty (30) years after date. Thirtyfour of said bonds will be denominated Orange
Grove annexation bonds, and the remaining onehundred and sixteen (116) Ridgedale annexation
bonds of the City of Chattanooga of 1913, and all
are issued for sewers, streets and other improvements in the territory recently annexed to said
city.
The bonds will be certified 'by ColumbiaKnickerbocker Trust Company, of New York,
and the purchasers will be furnished with the legat
opinion of Caldwell, Masslich & Reed, New York,
as to their validity.
All bids must be accompanied by a certified.
check payable to J. M. Payne, City Treasurer,
for an amount equal to 1 per cent of the amount
of the bonds to be sold, the same to be forfeited
if the bidder shall fail to accept and pay for the
bonds awarded.
The right is reserved to reject any and all bids.
Address bids to T. C. Thompson, Mayor,
Chattanooga, Tenn.
CITY OF TRENTON,TENN.,.
LAWYER.
CHICAGO, ILL.
Bonds for Public Improvements in
Recently Annexed Territory.
Sales Office:
Noble & West Sts., Brooklyn, N. Y.
Second-hand volumes In good condition for
The City of Trenton, Tenn., will receive bids
for the purchase of $25,000 City of Trenton Municipal refunding bonds until JUNE 13, 1913,
7:30 P. M., at which time they will be publicly
opened and read. Bonds bearing interest at the
rate of 5%, payable semi-annually July 1st and
January 1st of each year, will run for 30 years
without redemption clause.
The assessed valuation is $880,000 and bonded
Indebtedness, including this issue, about $65,000.
Certified check in the sum of $500.00 will accompany each bid.
The right is reserved to reject any and all bids.
JOE FREED. City Treasurer,
City of Trenton, Tenn.
11. 0. HUSTON & CO., Consulting Engineers,
Memphis,Tenn.
sears vrior to 1908
EDWIN R. CASE
GEO. IB. EDWARDS
Tribune Building, NEW YORK, N. Y.
FOR SALE-Timber, Coal, Iron, Ranch and
No better State
lie better SeeestIllee
other properties.
COMMI3RCIAL St FINANCIAL CHRONICLE
15 EXCHANGE PLACE
Negotiations, investigations. Settlements..
JERSEY CITY
Tel,. 751 and 112
Purchases-of Property, Information.
138 Front St..' New York
NEW JERSEY SECURITIES
1444
THE CHRONICLE
[VOL. xcvi.
grnst Tonzpantes.
gnatneevs.
CHARTERED 1853
ESTABLISHED 1894
United States Trust Company of New York
sorb,:13acon travis
45-47 WALL STREET
Capital,
. .
Surplus and Undivided Profits
4
fi119i1eer5
- $2,000,000 00
- $14,020,801 12
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON, President
WILLIAM M. KINGSLEY, Vice-President
WILFRED J. WORCESTER,Secretary
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. Secy
TRUSTEES
JOHN A. STEWART, Chairman of the Board
WILLIAM ROCJIIEFELLER
LEWIS CASS LEDYARD
WILLIAM M. KINGSLEY
ALEXANDER E. OUR
LYMAN J. GAGE
WILLIAM STEWART TOD
WILLIAM H. MAOY JR
PAYNE WHITNEY
•
OGDEN
MILLS
WILLIAM D. SLOANE
EDWARD W. ISRELDON
EGERTON L. WINTHROP
FRANK LYMAN
CHAUNOEY KEEP
CORNELIUS N. BLISS JR
JAMES STILLMAN
GEORGE L. RIVES
HENRY W. de FOREST
JOHN OLAFLIN
ARTHUR CURTISS JAMES
ROBERT I. OAMMELL
JOHN J. PHELPS
FINANCIAL
AND
ENGINEERING REPORTS
VALUATIONS OF RAILROADS
AND
PUBLIC UTILITIES
115 BROADWAY, NEW YORK
NEW ORLEANS
SAN FRANCISCO
THE J. G. WHITE COMPANIES
..111111=1111•11
CHARTERED 1864
UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE, 80 BROADWAY
Fifth Avenue Branch,
Plaza Branch,
425 Fifth Avenue, corner 38th St.
786 Fifth Avenue, corner 60th St.
Modern Safe Deposit Vaults at both Branches.
Capital $1,000,000
ENGINEERS - MANAGERS
FINANCIERS
43 Exchange Place, - NEW YORK
Chicago.
San Francisco.
London.
Manila, Para, Buenos Aires, Santiago,
chtn.
Surplus (earned) $7,700,000
ALLOWS INTEREST ON DEPOSITS
Acts as Executor, Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf,of Individuals, Institutions or Corporations.
IllinoisTrast&SavingsBank
Alfred E. Forst.all
Charles D. Robison
FORSTALL AND ROBISON
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owner. or Flitaeek6
Inadtations.
NEW YORK CI1Y11
84 William St.,
CHICAGO
Capital and Surplus,
$15,000,000
Pays Interest on Time Deposits, Current and Reserve Accounts.
Deals in Investment Securities and Foreign Exchange.
Transacts a General Trust Business.
CORRESPONDENCE INVITED
C. G. YOUNG
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alain S. Miller
Alex. 0. liminphrrys
HUMPH REVS & MILLER,Ins.
ENGINEERS
1110.11M111111MElm
Power—Light--Gas
Mellon National Bank
PITTSBURG
H, PA.
8-26
3% on RESERVE ACCOUNTS
is paid by this bank
Correspondence is invited
CAPITAL, -
165 BROADWAY. . . . NEW YORK
Mining gngintevs,
H. M. CHANCE & CO.
Mining Engineers and (ieologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA. PA
$6,000,000
Ebe Caovernment Eccountant
P. 0. SOX 27. MAIN OFFICE.
WASHIMUTON. D. C.
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
Girard Trust Company
31PMIAL ORGAN OF THE ASSOCIATION OP
LMERICAN GOVERNMENT A(XIOUNTAITES
PHILADELPHIA
Chartered 1836
CAPITAL and SURPLUS,$10,000,000
& MONTHLY MAGAZINE OF /NTERINIT TO
ASSOUNTING AND FINANCIAL OFFICERS
OF MUNICIPALITIES, BANKS. RAILWAYS
LED OTEER PUBLIC SERVICE CORPORA.
MOM.
E. B. Morris, President.
'0 DE FOUND IN ALL LEADING CERTIFIED
PUBLIC ACGOUNTAN'M OFFICES.
@FedFRASER