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The.
oninutrial
INCLUDING
Bank Sic Quotation Section
Railway Earnings Section
VOL. 96
fittattriat
littintriv
Railwdy & Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Section
SATURDAY, MAY 24 1913
Thranicle.
PUBLISHED WEEKLY.
NO. 2500
Week ending May 17.
Clearings at1913.
ILeico.r
1912.
I
1911.
1910.
Terms of Subscription-Payable in
Advance
*10 00
For One Year
6 00
For Six Months
13 00
European Subscription (including postage)
7 50
European Subscription six months (including postage)
22 14s.
Annual Subscription in London (including postage)
£1. lie.
Six Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following SupplementsBANK AND QUOTATION(monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNINGS(monthly)
STATE AND CITY (semi.annually) BANKERs'CONVENTION (yearly)
Chicago
310,818,586 303,232,897 +2.5 269,505,000 270,638,706
Cincinnati
24,948,800
29,271,300 -14.8
23,823,600
22,968,100
Cleveland
25,019,453
23,393,919 +6.9
18,628,325
20,147,649
Detroit
29,850,645
25,758,810 +15.9
22,746,986
22,089,287
Milwaukee
15,618,662
13,941,662 +12.0
12,703,071
11,584,560
Indianapolis _ _ _ _
10,059,783
11,910,147 -15.5
7,935,299
9,438,616
Columbus
6,741,900
6,830,100 -1.3
5,238,100
5,818,400
Toledo
5,937,203
5,193,910 +14.3
4,732,937
4,339,190
Peoria
3,200,000
2,950,000 +8.5
2,669,947
3,055,587
Grand Rapids_ _ _
3,570,833
3,220,354 +10.9
2,916,446
3,297,908
Dayton
2,000,000
2,027,826 ---1.4
2,145,458
2,450,216
Evansville
2,835,427
2,480,272 +14.3
2,592,814
2,276,866
Kalamazoo
808,439
787,389 +2.7
796,092
712,679
Terms of Advertising-Per Inch Space
Fort Wayne __ _ _
1,266,724
1,119,592 +13.1
1,086,323
896,279
Youngstown _ _
1,511,722
1,451,576 +4.1
984,899
938,718
Transient matter per inch space(14 agate lines)
$4 20 Springfield, Ill_
1,113,104
1,032,171 +7.8
1,024,052
908,784
Two Months
(8 times)
22 00 Rockford
1,079,164
870,124 +24.0
900,632
838,316
Three Months (13 times)
29 00 Akron
Standing Business Cards
1,829,000
2,344,000 -22.0
1,072,000
1,100,000
Six Months
(26 times)
50 00 Lexington
811,750
785,109 +3.4
1,035,196
737,745
Twelve Months(52 times)
87 00 Canton
1,694,611
1,486,161 +14.0
956,032
1,144,200
CHICAGO OFFICE-GOO,M.Shepherd,513 Monadnock Block;Tel.Harrison 4011 Quincy
740,494 -4.9
704,505
615,958
681,182
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens, E. C.
Bloomington..
872,717
604,035 +11.4
522,649
532,403
South Bend
1,816,369
584,600 +210.7
584,358
516,961
WILLIAM B. DANA COMPANY, Publishers,
Decatur
475,415
534,650 -11.0
408,928
372,387
Jackson
652,422
P.O. Box 958. Front. Pine and Depeyster Sts.,
673,081 ---3.1
467,393
New York.
627,949
Mansfield
465,912
414,577 +12.4
391,869
362,072
632,095
528,345 +19.7
476,246
443,377
Published every Saturday morning by WILLIAM B. DANA COMPANY. Springfield, 0
438,137
393,605 +11.3
424,577
361,002
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana, Danville
425,000
454,118 -6.4
384,560
323,826
Vice-Presidents; Arnold G. Dana. Sec. Addresses of all, Office of the Company. Lima
Jacksonville __
300,183
239,887 +25.2
293,187
215,651
Ann Arbor
195,279
203,693 -4.2
183,420
192,592
Adrian
57,353
28,719 +99.7
49,033
CLEARING-HOUSE RETURNS.
64,679
Owensboro
421,871
445,041 -5.2
346,713
425,000
The following table, made up by telegraph, &c., indicates that the Lansing
410,000
400,000 +2.5
350,000
total bank clearings of all clearing houses of the United States for the week
Tot.Mid.West. 458,383,064 448,332,414 +2.7 388,990,100 390,500,889
ending May 24 have been $3,114,588,871, against $3,238,682,383 last
week and 23,147,834,724 the corresponding week last year.
San Francisco _ _
52,548,258
48,769,219 +7.7
45,336,226
45,345,028
Los Angeles
26,277,758
24,614,468 +6.8
19,729,418
17,205,322
Seattle
13,419,638
11,486,497 +16.8
11,150,880
10,502,262
Clearings-Returns by Telegraph.
Per
Portland
13,195,041
11,510,812 +14.6
10,188,690
10,679,748
1912.
Cent.
Week ending May 24.
1913.
6,390,484
Salt Lake City
7,172,763 -10.9
6,195,304
7,083,055
4,518,906
4,696,735 -3.8
4,017,007
4,823,267
New York
$1,444,013,304 $1,553,362,244
-7.0 Spokane
• 2,772,337
4,563,288 -39.2
3,935,416
4,668,022
Boston
115,207,981
127,149,489
-9.4 Tacoma
3,467,574 +14.0
3,953,919
3,246,214
3,104,643
Philadelphia
130,391,047
117,406,129 +11.1 Oakland
3,300,000
2,595,539 +27.2
1,620,000
1,500,000
Baltimore
29,294,523
28,895,595
+1.4 San Diego
2,116,528
Sacramento
+12.2
1,885,657
1,359,522
1,425,385
Chicago
253,555,935
248,321,947
+2.1
Pasadena
1,000,667
1,139,086 -12.1
872,658
950,000
St. Louis
67,159,175
67,374,422
-0.3
1,133,052
888,754 +27.6
675,000
643,040
New Orleans
13,703,070
14,624,791
-6.3 Fresno
Stockton
946,868
840,834 +12.6
743,523
611,912
593,752
607,980 -2.3
Seven cities, five days
490,247
438,797
$2,053,325,035 $2,157,134,617
-4.8 San Jose
431,886
458,475 -5.9
451,960
Other cities, five days
491,313
545,297,618
490,278,946 +11.2 North Yakima_ _
Reno
299,335
261,876 +14.3
219,800
235,285
Total all cities, five days
Total Pacific_ 132,898,429 124,959,557 +6.4 110,231,865 109,706,979
$2,598,622,653 $2,647,413,563
-1.8
All cities, one day
515,964,218
500,421,161
+3.1
53,338,271
Kansas City.._ _ _
50,536,528 +5.5
49,318,797
47,915,435
mho all p1t1pst for week
13.114.hRfl.R71 SR 147 RIA. 7911
-1 9 Minneapolis _ _ _ _
22,204,769
18,801,294 +18.1
16,762,856
18,535,694
17,384,716
16,512,359 +5.3
Omaha
15,986,659
17,035,012
The full details for the week covered by the above will be given next St. Paul
9,358,898
10,206,302 -8.3
8,597,795
10,237,500
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
9,128,905
8,793,908 +3.8
8,475,875
9,900,584
clearing houses at noon on Saturday, and hence in the above the last day St. Joseph
8,098,734
7,205,812 +12.4
6,535,837
6,588,908
of the week has to be in all cases estimated, as we go to press Friday night. Des Moines
4,429,530 +35.8
6,016,706
4,340,775
4,119,345
We present below detailed figures for the week ending with Saturday Duluth
3,344,152
2,776,050 +20.5
2,250,511
3,694,688
• noon, May 17, for four years.
2,912,932 +20.4
3,506,931
2,428,859
Sioux City
3,065,590
3,328,047 +4.0
3,462,508
3,293,140
Wichita
2,907,949
2,008,900
1,777,358 +13.0
Lincoln
1,487,329
1,425,145
Week ending May 17.
1,228,527 +23.6
1,518,170
1,400,927
Davenport
1,377,338
Clearings at
Topeka
1,576,168 +8.8
1,714,976
1,666,785
Inc. or
1,427,996
Cedar Rapids_ _ _
1,343,372
1,433,643 -8.2
1,269,359
1912.
1913.
Dec.
1,427,996
1911.
1910.
Waterloo
1,687,043
1,494,851 +12.9
1,110,478
1,000,000
1,065,412
Helena
766,215 +39.0
955,830
964,853
691,192
414,847 +42.7
1,809,580,942 2,120,383,546 -14.7 1,947,124,574 1,669,657,284 Fargo
737,886
New York
910,284
770,412
_ 157,436,452 155,070,688 +1.5 146,293,085 145,045,290 Colorado Springs
700,745 +10.0
Philadelphia
672,074
744,248
590,079
601,456 ---1.9
Pittsburgh
654,012
66,273,566
532,737
51,776,886 +8.7
48,942,498 Pueblo
47,762,605
291,135
365,446 -20.3
269,728
37,003,609
Baltimore
34,460,320 +7.4
262,525
30,249,975 Fremont
31,834,796
395,794
305,050 +29.7
12,795,418
394,203
481,910
11,806,949 +8.4
Buffalo
10,225,237 Aberdeen
10,457,294
393,771
275,703 +42.8
8,165,792
_
95,709
Washington
175,000
8,014,309 +1.9
7,139,301 Billings
6,980,752
184,422 -6.1
173,087
6,389,292
193,800
180,000
5,923,528 +7.9
Albany
6,048,428 Hastings
5,865,875
5,364,640
4,730,534 +13.4
Rochester
4,097,352
4,363,426
Tot. oth.We,st.. 148,387,933 136,627,193 +8.6 128,899,224 134,580,765
2,926,546
3,013,007 -2.6
Scranton
2,468,516
2,510,155
3,078,781
2,447,286 +25.8
Syracuse
2,695,038
2,640,981
82,192,462
82,439,527 -0.3
75,144,154
2,193,984
77,164,093
1,798,694 +22.0
Reading
1,626,221
1,565,180 St. Louis
17,111,775
Orleans_ __ _
17,057,385 +0.3
21,798,637
1,660,136
16,532,076
1,779,404 -6.7
Wilmington
1,551,977
1,800,403 New
12,618,365
15,869,352 -20.5
Louisville
13,310,264
12,578,276
1,227,064
1,444,410
+17.7
Wilkes-Barre
1,417,716
1,497,990
8,440,798 Not included in total
2,266,149 -4.1
2,173,549
Wheeling
1,748,073
1,587,383 Houston
8,058,500
7,975,000 +1.0
6,737,500
6,268,500
1,743,203 +6.1
1,860,832
Trenton
1,498,069
1,487,014 Galveston
7,712,909
8,355,855
8,241,517 -8.4
7,216,912
057,523 ---8.0
York
881,971
867,776
932,323 Richmond
12,582,232 -5.3
11,917,957
11,127,328
9,719,122
Lancaster
1,387,049 +20.0
1,664,946
996,117
996,733 Atlanta
7,611,227 +10.2
8,385,000
5,551,460
Worth
6,328,870
1,053,280 +13.0
Erie
1,190,036
883,408
903,886 Fort
-1.2
6,929,984
6,848,262
7,041,334
Binghamton _ _ _ _
5,439,024
657,300 +7.0
703,400
509,600
453,600 Memphis
8,376,998 -18.8
6,802,096
4,291,578
Greensburg
3,575,642
602,284 +8.5
653,398
543,347
483,040 Nashville
4,779,025 -14.2
4,100,000
4,796,053
4,198,419
Chester
556,600 +25.0
695,735
570,346
480,272 Savannah
+9.0
3,485,411
3,777,499
Norfolk
3,194,079
3,025,485
602,206 +7.4
Altoona
646,648
495,292
499,657 Birmingham
3,418,503 -1.6
3,363,917
____
2,210,088
2,189,646
Montclair
488,508 Not included in total
2,157,235 -27.0
1,574,015
Knoxville
1,681,346
1,671,869
3,285,000 +14.6
3,766,214
2,783,561
2,333,554
Total Middle _ 2,114,784,083 2,412,267,809 -12.3 2,218,553,903 1,939,242,982 Jacksonville _ _ _ _
2,199,911 +38
2,279,742
Chattanooga.._
1,941,348
1,803,876
1,767,870
1,490,365
-15.7
1,806,662
157,694,627 177,628,905 -11.2 153,563,144 145,907,922 Augusta
1,723,182
Boston
2,392,411 -11.9
2,107,496
1,607,568
9,743,500
1,866,618
Providence
10,045,900 -3.0
8,274,900
8,438,700 Little Rock
1,460,598
1,889,914 -22.7
1,830,828
4,916,061
1,445,158
5,318,047 -7.6
Hartford
4,265,703
3,781,174 Charleston
1,784,414
1,492,012 +19.6
2,225,406
3,225,060
2,350,000
New Haven
3,028,954 +6.5
2,728,227
2,715,498 Oklahoma
1,459,676
1,241,582 +17.6
1,229,511
3,080,635
1,604,282
3,030,498 +1.6
Springfield
2,258,839
2,401,260 Mobile
2,592,908
3,486,183 -15.3
2,850,000
2,168,369
837,841
2,604,267 -16.7
Portland
2,079,351
1,887,566 Macon
2,430,075
1,968,698 +25.6
3,405,425
1,369,091
2,866,590
2,716,953 +5.5
Worcester
2,875,221 Austin
2,418,688
239,985
233,051 +3.0
216,921
1,074,144
226,218
1,195,046 -10.1
Fall River
1,276,404
992,974 Vicksburg
355,625
273,215
+30.0
367,104
1,183,125 -8.6
1,083,961
390,000
New Bedford _ _
1,102,847
945,113 Jackson
1,059,288
699,387 +51.6
591,240
602,997 -5.3
571,200
Lowell
607,220
496,097 Tulsa
746,579
687,759 +11.8
818,793
586,657 +15.4
676,957
Holyoke
559,723
468,839 Muskogee
486,198 +5.3
512,028
Bangor
446,291
Total Southern 198,595,722 202,500389 -2.9 187,114703 172857754
3,238,662,363,3,530,314,899 -8.3 3,212,671,132 2,916,599,731
Total all
r Tot. New Eng.. 187,613,132 208,427,537 -10.0 179,581,337 170,710,362
Outside N. Y_ 1,429,081,42111,409,931,353 +1.4 1,265,548,558 1,246,942,447
6,..For Canadian Clearings see "Commercial and Miscellaneous News."
THE CHRONICLE
1446
ELECTRIC RAILWAY SECTION.
A new number of our "Electric Railway" Section.
revised to date, is sent to our subscribers to-day. The
editorial discussions in the same embrace the following topics: "Progress in the Electrification of Railmays," "Educating the Public Against Electric
tt .Railway Accidents" and "Electrical Railways in
Critical Emergencies,"
,011111•01111•10M
THE FINANCIAL SITUATION.
All sorts of explanations are being offered to account for the result of the New York City bond sale.
It is admitted that, in view of the high interest rates
ruling in all parts of the world, New York City has
done about as well as could be expected under the circumstances. The fact remains, however, that the
city has had to issue 4% bonds as against only
43ls in 1912, in 1911 and 1910 and against but 4s
in 1909, and that even with a 4% issue it has been
able to realize only a very trifling premium on its
$45,000,000 of bonds. It is useless to disguise the
*t that such an outcome is disappointing. It must
be remembered that we are not dealing with an obligation possessing elements of instability or as to
whose soundness the remotest suspicion can be entertained, but with a security of a gilt-edged character—what was described by a leading financial
institution a few years since as a "premier" security.
Less than ten years ago the city had no difficulty
in selling 314% bonds and in obtaining a very substantial premium for the bonds at that rate of interest. When,finally, the interest was raised to 4%,it
was thought that that was about the best rate of
return the investor in municipal bonds could ever
look for in the case of a city of high standing, and parricularly the financial centre of the country. Yet,
0, and instead of inwe now see the rate up to 4327
in a desire to get
another
vestors tumbling over one
they are
issues,
long-term
choice
some of these
aggregate
The
e.
indifferenc
of
attitude
an
assuming
of the subscriptions reached $76,000,000, but the
bulk of the bids came from banking and bond houses
who do not want the bonds for investment but for
re-sale. Some bids were also put in as a matter of
business policy, since it is obviously a distinct advantage for a bond or a stock house to have its
name prominently mentioned as a bidder in connection with a large New York City loan. The day after
the opening of the bids, the bonds dropped below par
on the Stock Exchange, some sales being reported
at 99 8, indicating clearly the absence of any urgent
demand for the bonds, notwithstanding their attractive rate of interest.
We are told that the demand for investment capital is in excess of the supply and reference is made
to the fact that new loan issues in Great Britain have
latterly been meeting with poor success, almost
regardless of the character of the offerings, the underwriters in some recent instances having been obliged
to retain 90% of the loan themselves. As an offset
to this, however, the $125,000,000 Chinese loan
offered the present week in London, Paris and Berlin
proved a tremendous success, the bonds commanding
a premium before the time set for the closing of
subscriptions and the portion allotted to Great Britain
($37,500,000) having been over-subscribed 15 to, 20
times. This would seem to indicate that considerable investment capital is available after all, even in
London, a conclusion which is emphasized when w
[Vora. xcvi.
bear in mind that the Chinese loan is hardly to be
classed with gilt-edged investments.
One circumstance that is habitually lost sight of
in the current discussions of the subject is that confidence, or the lack of it, plays as important a part
in affecting security values and determining the success of new loans as money market conditions. The
reader need hardly be told that the investment demand for securities, new or old, is largely controlled
by the tone and feeling in investment and financial
circles. It is beyond dispute that confidence just
now is at a very low ebb in this country. There may
be, there assuredly are, doubts and qualms and misgivings in the financial centres of Europe which have
a sort of reflex action upon the markets in this country, but the worst on the other side is not a circumstance to what exists here. There may be room for
difference of opinion as to what accounts for the
feeling of insecurity, but as to the fact itsdlf there can
be no question. The change of Administration, the
disturbing remarks made by Mr. Woodrow Wilson
even before his advent to the Presidential office, the
radical nature of the new tariff legislation, the pernicious statements of Vice-President Marshall suggesting that the right of inheritance might be taken
away and property rights confiscated, the loose talk
of Congressman Underwood, Senator John Sharp
Williams and Secretary of Commerce Redfield,
threatening that the Government would avail of its
powers and examine the books and accounts of business concerns for the purpose of ascertaining profits and determining efficiency—all these have combined to create a feeling of great uneasiness under
which capital, proverbially timid, has become
alarmed, and,instead of seeking investment or engaging in reproductive enterprise, is for the time being
seeking cover. In a word, the state of things existing during the Roosevelt regime is being reproduced
—and from the same causes.
It is a mistake to suppose that money market conditions alone have to be taken into consideration in
interpreting or accounting for the course of security
values. Capital in abundance may be available
but the times may be such that it can only be obtained at high or excessive cost. New York City in
February 1908, following the panic of 1907, floated
$50,000,000 of 432% bonds on an interest basis of
4.29@4.38%. In November of the same year
the city was able to sell $12,000,000 of long term 4s
on an interest basis of only 3.89%. There is no
reason to think that the investment capital available was any greater on the one occasion than
on the other, but at the earlier period confidence
was still lacking and the capital could not be coaxed
out of its hiding places.
The rise in interest rates which has been going
on for several years, and which apparently reflects
a world-wide condition, may be due to deep underlying causes, but some of the most potent of them lie
close to the surface. Granting that there have been
many contributing factors in the appreciation in the
value of money, and that these have come from all
parts of the world, it is undoubtedly true that in
this country there has been in recent years a dominant force affecting security values adversely, and that
the influence of this depressing agency has inevitably
extended to all other quarters of the globe. We,
would ask, therefore, whether responsibility may not
rest, in the main, with us for the higher price that has
to be paid for money and for capital? We have
MAY 241913.]
THE CHRONICLE
reference to the railroad situation. During the last
ten years the position of United States railroads has
gone from bad to worse. These railroads comprise
the largest body of investments to be found anywhere in the world, their outstanding stock and bond
issues aggregating over 19,000 million dollars—in
exact figures, $19,208,935,081 on June 30 1911.
Through adverse legislation, national and State,
through political assaults of various kinds and
through the insatiate demands of labor,the credit of
these concerns has been seriously, impaired, and
the stability of investments in the same imperiled.
Accordingly, the railroads have had to pay steadily
enhancing rates for new supplies of capital, while
at the same time old issues of stocks and bonds have
been uninterruptedly depreciating in value. The depreciation, as is known,has been very striking and has
extended to both stocks and bonds. It has extended,
also, to all the various shades of railroad securities,
good, bad, and indifferent—those of the very highest
character and those whose merit was not beyond
question. And the movement, as already stated,
has been in progress for several years, gaining in force
as adverse conditions against the railroads have
multiplied and their effects have become more and
more apparent.
Is it reasonable to suppose that this change in
railroad security values could go on without influencing all other forms of investments. With the highest
class of railroad bonds down to figures where the
yield to the purchaser is 4 to 43/2%, as against the
previous return of 3@3%,how was it possible to
avoid a corresponding rise in the interest rates in
municipal bonds. Could municipalities expect to
when the best railroad
continue to borrow at 3
bonds could be bought to net 4 and 43/2 and (more
recently) close to 5%.
It should be remembered that both forms of investment in large measure find lodgment in thesame places
—thatis,go into the vaults of savings banks,insurance
companies, and other financial institutions who are
in close touch with the market and fully acquainted
with what is going on, and who do not hesitate to
change from one form of investment to another if
there is any advantage in so doing. Abroad, too,
must not the advance in the rate of return upon
American railroad securities have exercised a potent
influence in determining the rates of interest and the
course of prices for securities of all classes and descriptions? With American "rails" yielding a greatly
improved return, would not the European investor
be quick to demand a higher rate on other investments.
When, in April, the Chicago Milwaukee & St. Paul
RR., in placing $30,000,000 general mortgage bonds,
found itself obliged to raise the rate of interest from
4 to 432%, and even then had to let the bonds go at
less than par—a public offering at 993/2, yielding
subscriptions not much more than $20,000,000—
everyone in financial circles was quick to recognize
that there would have to be a complete readjustment
of values throughout the security world to this new
state of things, and that another 43,70 new bond
issue by New York City such as was put out in 1912
was now out of the question—that the rate would
have to be raised to at least 432%. The effect upon
high-grade investments of all kinds (not only bonds,
but also shares) was immediate, and a general further
shrinkage in prices on top of the previous shrinkage
quickly occurred.
1447
Is there the least reason for doubting that a similar
process of adjustment has been going on throughout
the security world, here and abroad, during the recent
years when railroad credit has been suffering so
seriously and railroad values have been declining as
the result. The curious aspect of the matter is that
the cost of the policy of repression towards the railroads is seen to fall ultimately upon the public itself.
Not only is borrowing by the railroads made more
difficult and more costly, but our municipalities have
to pay higher rates when appealing to the money
market, thereby adding directly to the burden of the
tax-payers.
Thus we have an old economic truth again confirmed. If capital is called upon to take extra
risks, or bear extra taxes or burdens, reimbursement
of some kind for the added cost is not likely to be
long delayed. This is the working out of a natural
law. There was more than a mere coincidence
between the announcement in March and April of
the determination of the dominant party in Congress
to impose an income tax, to be deducted "at the
source" from interest payments on corporate bonds,
and the simultaneous rise in interest rates on a whole
host of new bond and note issues that were negotiated
about the same time. The same thing happened
that always happens on such occasions; a charge
has been added to the cost of capital to cover the new
tax. Evidently this week's New York City bond
sale conveys an instructive lesson.
Our foreign export trade passed into new high
ground for the period of the year in April 1913, the
value of the merchandise shipped hence having
exceeded by over 203/ million dollars the total for
the month in 1912, which in turn had been the record
by some 21 millions. It is to be noted too, that this
year's April aggregate quite appreciably exceeded
that for March—a very unusual and practically
unprecedented occurence. Furthermore, coincident
with this augmentation in exports there was a drop
in imports of 183/ millions from April 1912, leaving
a favorable balance—net exports— greater than ever
before recorded at this time of year; and carrying
the balance for the lapsed portion of 1912-13 up to
near the highwater mark for the ten-month period,
made in 1907-08, when with depression existing here
imports fell off sharply.
As in March, there was a contraction in cotton
shipments in April as compared with last year, but
much less in degree, and a falling off in the outward
flow of cattle, hogs and sheep. The other articles
going to make up the advance statement of exports
each showed a gain, however, cotton-seed oil and
provisions slight, mineral oils moderate and breadstuffs very heavy. The total of all consequently
was not only well above that of a year ago, but an
April record. Other commodities, manufactures,
etc., also went out much more freely this year than
last; in fact of the 203/ million dollars increase referred to above,149j millions are here accounted for.
The total value of the merchandise exported in April
this year was $199,801,201 against $179,300,342
in 1912 and $157,987,550 in 1911. For the ten
months of the fiscal year the export aggregate also
surpasses that of any previous similar total, having
been $2,107,859,574, or 217 millions greater than in
1911-12 and 353 millions more than in 1910-11.
The large increase over a year ago has been furnished
in greatest measure, in the order named, by bread-
1448
ts
THE CHRONICLE
stuffs, iron and steel and manufactures, copper,
mineral oils and wood and manufactures. Cotton
has gone out much less freely this year (the yield
having been materially less) but, owing to the higher
price, the value is only 30 million dollars, or about
6%, below last year, though the quantity shipped in
the current fiscal year is 20% smaller.
The merchandise imports in April were $144,168,920 against $162,571,159 in the month of 1912 and
$119,826,706 in 1911, and for the ten months of the
fiscal year the contrast is between $1,545,907,303
and $1,366,536,251 and $1,274,604,761, the 1912-13
total, needless to say, being a high record. Here,
also, some of the commodities exhibit considerable
expansion in 1913 over 1912. In this category we
mention art work, hides and skins, fibers (flax, etc.),
raw silk, coffee, copper manufactures, chemicals
and wool. The export balance for the ten months
reaches $561,952,271, against 524 millions in 1911-12
and 480 millions in 1910-11. The 1907-08 balance
was 6313' millions.
The gold movement during April 1913 was comparatively small in either direction but netted an
import balance of $1,004,098, cutting down the net
exports for the ten months of 1912-13 to $3,479,295,
this comparing with a similar balance of $5,727,462
in 1911-12, net imports of $51,206,810 in 1910-11
and exports of $80,625,540 in 1909-10.
The Fall River cotton mills dividend record for
the second quarter of 1913 can be taken as reflecting
within certain limits an improvement in business in
that important manufacturing centre since the current year opened, notwithstanding the difficulty that
has been experienced in obtaining an adequate supply
of operatives to keep machinery fully at work.
Reports from Fall River, in fact, have until quite
recently indicated that the mills as a whole were
doing a profitable trade, with the advantage in favor
of those establishments running on coarser yarn
goods; and some of the mills are stated to have done
very well. Latterly there has been a slowing up
in the demand for goods pending the passage of the
Underwood tariff bill, with its drastic reductions in
the rates of duty upon foreign-made cottons that
come into competition with those of home manufacture. Naturally until that measure is out of the
way there can be no activity until the effect of the
new rates is manifest.
The second quarter's dividend exhibit, while better
than that for the corresponding period of 1912, is
nevertheless less 4atisfactory than for most earlier
years. One corporation that made no distribution
for the first quarter resumed payments to shareholders, but five other mills are still among the nonpayers, and the length of time since owners in these
establishments have had return on their investments
varies from 1M to 3 years. As regards the remaining
thirty-one mills, it is to be stated that one (the Pilgrim) declared the second dividend (on its preferred
stock), in ten instances the rate of distribution was
higher than a year ago and in twenty cases (most of
them merely following the conservative plan inaugurated years ago of adhering to a certain percentage without regards to earnings) the 1912 rate was
simply maintained. Altogether the amount to be
paid out in dividends in the second quarter of 1913
isI$357,625, or an average of 1.22% on the capitalization of $29,356,670; in the period of 1912 there was
distributed a somewhat smaller amount—$287,117—
[VOL. xcvi.
or an average of 1%, but in 1911 shareholders received 1.23% on their investment and in 1910 no
less than 1.67%. Moreover, in only five of the sixteen years since 1896 has a lower rate been paid for
the second quarter than that of the current year.
Furthermore, for the elapsed half-year the return
has not been up to the average of recent times,
reaching 2.38%, against 1.80% in 1912, and as much
as 2.83% in 1911 and 3.59% in 1910. The highest
half-yearly rate in our record is 4.70%, in 1907, and
the lowest 0.76%, in 1898.
The wedding which will take place to-day of.
Princess Victoria Louise, only daughter of the
German Emperor, to Prince Ernest Augustus of
Cumberland, is being made the basis of political
developments of acknowledged importance. The
occasion has served to bring together a remarkable
assemblage of royalty. The official receptions in
Berlin started on Wednesday with the arrival there
of the bridegroom and the state entry into Berlin
of King George and Queen Mary of England. On
Thursday Emperor Nicholas of Russia arrived.
The real attitude of the Emperor is suggested by
the granting of pardons to three English spies who
were undergoing terms of imprisonment in Germany.
In Berlin the Emperor's action is described as a
compliment to the British nation in recognition of
the presence of the King and Queen at the wedding.
It is also predicted in some official quarters that the
wedding will, in the near future, be followed by a
public declaration that an Anglo-German entente
has been completed. The Czar arrived in Berlin
on Thursday in an armored train. He drove between lines of troops,standing,shoulder to shoulder,
with fixed bayonets, along the route literally swarming with police in uniform and plain clothes. At the
same time King George was driving through side
streets back to the palace in an open motor car without apparent escort or guard. It is reported by
cable that Germany is to be given a free hand to
enlarge her empire in Central Africa in exchange for
giving up her rights in the Persian Gulf section of
the Bagdad Railway. This is said to be the reward
which the German Government has demanded from
England for consenting to the pending AngloTurkish Convention whereby Great Britain gets
control of the terminal of the Bagdad Railroad and
the Harbor of Koweit on the Persian Gulf.
The concededly serious illness of Emperor Yoshihito of Japan seems to have interposed somewhat of
a calming influence in the controversy that is going
on between the Japanese Government and our own,
resulting from the enactment by California of the
Anti-Alien Landholding Bill. A bulletin signed by
the eight Court physicians was issued on Thursday
evening and was the first news that was publicly
known of the Mikado's illness. The bulletin read:
"The Emperor, who has been suffering from a slight
cold, developed to-day inflammation of the lungs.
We do not consider his condition justifies anxiety,
but his temperature is high." The bulletin caused
much excitement and depression in Japan, notwithstanding its very moderate tone, the mere fact that
the Court physicians deemed it advisable to issue a
bulletin at all being taken as an indication of the
seriousness of the Emperor's condition. The present
Emperor succeeded to the throne on July 30 of last
year.
MAY 241913.]
THE CHRONICLE
Affairs in Japan are in such an unsettled state
that it would not be surprising, in the event of the
death of the Emperor, if a political upheaval of some
importance were to follow. The revolution in China
that has finally resulted in the establishment of a
republic has been watched very keenly in Japan.
It will be recalled that in February there was evidence of great popular unrest, which resulted in the
downfall of the Ministry and the establishment of
the present Cabinet. On Feb. 5, in the Japanese
Diet, after a vote of censure of the Government
under Prince Katsura, the then Premier, scenes of
great excitement were witnessed. The resolution
expressing the lack of confidence in the Cabinet
was introduced by Yukio Ozaki, leader of the
Constitutional Party, who charged Prince Katsura
with ignoring the Constitution and riding rough-shod
over the wishes of the people. President Wilson on
Thursday sent :the following message of sympathy
to the Japanese Emperor:
own boundaries as it sees fit. The next move, of
course, will be the response of Japan to Secretary
Bryan's note. The impression seems to be growing
in Washington that Japan intends to ask for her
subjects in the United States the privileges of American citizenship. Dispatches from Tokyo, both official and unofficial, indicate that the Japanese Government and people are determined that citizenship
must be demanded unless the California law is
eliminated.
The London Times on Saturday last gave special
prominence to a long article by Sir Valentine Chirol,
its foreign editor, treating the Japanese dispute
with the United States as a grave international issue.
The Times editorially takes the same view. The
article says in part:
"Reports received through press agencies are current to
the effect that Your Majesty is indisposed. I have heard
these reports with sorrow and with great concern. Should
they prove to be true, I desire to offer to Your Majesty for
myself and for the Government and people of the United
States the assurance of my sincere sympathy, and to express
the ardent hope that your illness may prove to be of brief
duration and your recovery rapid and complete."
Governor Johnson of California on Monday signed
the law against which Japan protests. The Act
will go into effect ninety days from its date, or on
Aug. 17. After affixing his signature to the measure,
the Governor issued a statement repeating his former
declaration that he did not wish to take any action
that would in any way be inimical to the best interests of the nation, but that the people of California
had seen fit to cause the statute to be enacted, and
he felt it his duty to carry out their will. The
Governor had intended to delay signing the bill for
several days longer, but received word from Washington that President Wilson was waiting only on the
California Executive's action before submitting the
United States' reply to the Japanese protest. In his
statement Governor Johnson said: "Any man who
wishes another kind of law may consistently invoke
the initiative. No man who really wishes an alien
land law will sign a referendum as to this law. If
another law is sought, it may be done on an initiative
petition, and in the meantime the present law will
be in operation. To tie up the present law by
referendum means no law until Nov. 1914."
Within an hour after he had verified unofficial
dispatches from Sacramento that Governor Johnson
had signed the bill, William Jennings Bryan, Secretary of State, personally read to Viscount Chinda,
the Japanese Ambassador at Washington, the reply
drafted by State Department officials in co-operation
with President Wilson, to the Japanese objections.
The reply has not been published, but exchanges
between the two governments are in progress providing for its simultaneous publication in the near
future. The reply, it is reported, in general terms
asserts the belief of the Administration that the California statute does not violate the existing treaty,
while it further intimates that the Federal Government, having done all in its power to prevent legislation, which, although not involving any violation
of the treaty, might in any way cause annoyance to
a friendly Power, is powerless to interfere with the
acts of a sovereign State, which has the right to
deal with questions of land-ownership within its
1449
"The ultimate point of the dispute does not affect the
United States alone, still less California. It is a world
question essentially. The fears of the inhabitants of the
Pacific slope are exaggerated and premature, but they are
not entirely groundless. No useful purpose can be served
by blind condemnation of the tendencies of public opinion
in the Western States. They do not spring so much from
race hatred as from the instinct of self-preservation, and if
the present minor dispute is composed, they will assuredly
recur. The time has come when Japan is disposed to challenge the very essence of the attitude of Western nations
toward Asiatics. She asks admission to the comity of nations on equal terms.
"Japan's challenge comes at a moment that is fraught
with peculiar danger. Japan is entering upon a new era.
Her elder statesmen have nearly all passed away and few
are left to check the impulses of popular passion. The semidivine attributes of the ruler no longer serve to sway or soothe
the nation in moments of anger. Japanese democracy is
knocking at the doors of the council chambers and we fear
it is a democracy which is headstrong, excitable and inexperienced, qualities which are shared in a greater or less degree by all democracies. We are thus on both sides confronted by a situation of very special difficulty."
Arizona's new Alien land law was signed on Saturday. This is not regarded in Washington as seriously complicating the negotiations with Japan
because the Act does not contain the same direct
bar against Japanese as in the California Act. It
is intimated, however, that because of its adverse
effect upon Mexican land-owners in Arizona a protest will be filed by the Mexican Government notwithstanding the rather irregulat status of the diplomatic relations that at present exist between Mexico
and our own country. The new law absolutely
prohibits ownership of land in Arizona by any alien,
whether eligible to citizenship or not. Though it
was understood to be the intent of the Legislature
to exclude only Asiatics from the land, this measure
is so sweeping in its terms as to apply to Mexicans
in that State. There are a large number of wealthy
Mexican in that State, who, though retaining their
Mexican citizenship, reside in Arizona and own
property there. The new law gives them five
years in which to dispose of such property.
The Balkan plenipoteniaries representing the allied
Balkan States met privately in London on May 20
for the purpose of preparing a request to the Powers
that the peace proposals be modified in several instances. At the same time the Ambassadors met
Sir Edward Grey of the British Foreign Office, to
discuss the situation, particularly the Greek representations regarding the Albanian frontier and the
Aegean Islands. The peace delegates have all arrived
at London, but negotiations will not begin formally
until the allies and the Powers have their final
proposals drawn up. The Bulgarian Minister of
1450
THE CHRONICLE
[VOL. xcvi.
Finance,T. Theodoroff,who is to represent Bulgaria at
General Mario G. Menocal was inaugurated as
the financial conference in Paris in connection with the President of the Cuban Republic on Tuesday last,
Balkan settlement, in a published interview declares succeeding Jose Miguel Gomez. Dr. Enrique Jose
that the Allies will ask for a war indemnity from Tur- Barona assumed the office of Vice-President. In
key of $400,000,000, of which Bulgaria's share would his inaugural address President Menocal declared that
be $200,000,000. Numerous precedents,the Finance he would devote all his energies to giving the country
Minister says, support the Balkan demand. The a clean business administration which will foster
Allies do not ask to be indemnified for indirect the industries of the island and develop its splendid
losses due to the state of war, but for reimbursement resources, which will welcome foreign capital and
of purely military expenditures and the cost of pen- immigration and maintain friendly relations with all
sions for those incapacitated and for the families of the nations, especially with the United States, to which
killed. It was on these considerations that the sum Cuba is so closely linked by bonds of mutual affecof $400,000,000 was based.
tion and interest. The American Minister, Arthur
The Balkan news, aside from the financial stand- M. Beaupre, congratulated President Menocal in
point, is not without its interesting sidelights. behalf of President Wilson.
Essad Pasha, who commanded the Turkish army at
Scutari throughout the seige and later proclaimed himThe predominating influence in the foreign situaself King of Albania, has, according to reports that tion this week has been the Chinese loan of £25,000,have reached Trieste, been assassinated at Tirana. 000, which was duly offered for public subscription
It is intimated that the murder may have been the on Wednesday at 90 in London and on the Continent,
result of a blood vendetta and that it was carried out except in Paris, where the issue price was 91, because
by relatives of General Hassan Riza Pasha, who of the official French tax. A very active effort was
preceded Essad as commander at Scutari and whose made to assure the success of the offering, and it
death Essad is supposed to have been responsible seems probable that a considerable degree of enthusifor. Press dispatches from Salonica and Athens asm was manufactured. The result of the issue was
report a serious conflict between the Bulgarians and a large over-subscription, amounting, according to
Greeks. Recent fighting led to the establishment of some estimates (there have been no official results
a neutral zone near Salonica, but on May 20 a strong announced yet) to twenty times the offering. The
Bulgarian force with artillery violated the zone and bonds are 5 per cents and run for a term of 47 years,
was hotly opposed by the Greeks. The result of redeemable by annual drawings commencing in the
the engagement has not been disclosed. The fighting eleventh year. They are specifically secured by a
continued during the whole day and artillery was charge on the revenues of the Chinese Salt Adminisfreely used to cover the infantry attack. A Sofia tration. The price paid by the Five Nation Group
dispatch says that a definite territorial agreement of bankers to China is understood to be 84, thus proexists between Servia and Greece, excluding Bulgaria viding a difference between this figure and 90@91,
from all the region West of the rivers Vardar and the issue price, in profit, less the expenses of promoBrogalnitza. By this agreement Greece would tion. The London "Daily News," in analyzing the
obtain Salonica, Florina, Vedena, Kakuss, Seres, transaction editorially, figures that, in return for
Rama, and Kavala. Servia, on the other hand, will assuming a debt of £25,000,000, the Chinese Governget Struga, Ochrida, Monastir and Prilep. The ment gets only £21,000,000. Of this, £12,000,000
Greek Government has decided to prolong for another has to be paid over immediately in settlement of
month the moratorium or suspension of the payment outstanding debts to foreign countries and £2,000,000
of specie by the State Bank, despite the protests of is earmarked for the reorganization of the salt tax.
the Committee of the Bourse.
There thus remains only £7,000,000 for the large
work of reconstruction which faces the Republic.
The Paris Journal prints a dispatch from its
The expectations that the Chinese loan would prove
Corunna correspondent announcing that the steam- a spectacular success was responsible for a cheerful
ship Ypiranga has arrived there with a Mexican feeling on the London Stock Exchange and Contidelegation on board. The delegation visited Ex- nental bourses early in the week. But on Thursday
president Diaz and requested him to return to Mexico considerable irregularity and depression
developed
and take the reins of government once again, but when it was reported (though subsequently
denied)
did not receive a direct reply. A press dispatch that the offering, so
far as Berlin is concerned, had
from Mexico City states that late on Tuesday night proved highly
disappointing. The German centre
the Mexican Congress gave its sanction to an agreewas allotted £6,000,000 of the loan, and the actual
ment for a loan of $100,000,000 at 6% interest to
German subscriptions were finally reported at about
be placed at 90 and run for ten years. The loan, it
times that amount. But the Chinese loan
five
is stated, is to be guaranteed by 38% of the customs
receipts. The Mexican National Bank was named abroad, like the New York City $45,000,000 offeras the representative of the bankers in the supervision ing at home, both failed to act as stimulating influof the disbursements. The transaction, however, is ences on the general financial situation. In London
not complete, as several articles of the bill authorizing there have this week been active demands made upon
it are yet to be ratified and considerable discussion the market for capital, notwithstanding that some of
has been aroused by charges reiterated by many the recent offerings have been concededly unsatisfacdeputies that the Lest offer for the loan had not been tory. Thus, a Montreal loan of £1,400,000 in 4%
accepted by the Government, the Minister of War bonds that was offered last week remains to the exhaving, it was charged, negotiated a better offer. tent of 66% in the hands of underwriters. New issues
President Huerta, it is reported by press dispatches pending in the British capital include an Indian Railfrom Mexico Oity, has threatened to dissolve Con- way loan of £500,000 in 4%. The Royal Mail Steam
gress and declare a dictatorship unless opposition Packet Company is offering £1,200,000 in new stock
to the loan is withdrawn.
at 112M, presumably for financing the acquisition of
the Nelson line of steamers to South America. The
MAY 241913.]
THE CHRONICLE
1451
2s at 99; another evidence of the financial situation at the
City of Lausanne is offering £480,000 in 43/
in Lon- German centre. There was an unofficial offering
placed
being
is
a Hungarian municipal loan
London
part
be- of New York City bonds in Berlin and Hamburg on
the
98,
about
bonds at
don in 5
DoTuesday but the results were negligible.
The
£1,200,000.
of
total
of
a
ing £800,000 out
Private bank discounts as quoted by cable last
minion Steel Corporation is offering £500,000 in 6%
preference shares at 96. The Great Northern Ry. evening are a shade lower for the week. In Lombard
is offering £750,000 in preference shares and £500,000 Street short bills closed at 3 8@34% and ninety
in deferred shares. The Armstrong-Whitworth Co. day bankers'acceptancesat3%@311-16%.A week ago
4% was the range for both long and short
is offering £1,000,000 in preference shares and Wil- 3 13-16@37
Day-to-day
money in London closed at 23%@,
bills.
preference
Co.
also
£1,000,000
in
&
Beardmore
liam
shares, while the British-American Tobacco Co. is 3%, which compares with 3@314% last week. The
4%.
seeking £1,000,000 in new capital; a block of £350,- private rate in Paris has been reduced A%,to 37
000 of the Province of Saskatchewan one-year notes In Berlin the private bank discounts were reported
4% basis, and a by cable at 5/%,which compares with 53/2% a week
has been placed in London on a 43
ago, while money is now quoted at 4%, which comlarge Russian railway loan is pending.
made
had
pares with 6% a week ago. The outside rate at Amunderwriters
It is evident that British
/
8% and at Brussels 4 7-16%.
remains at 37
enthusisterdam
whatever
in
participate
active preparation to
1
to 53
4%,is reported.
asm developed out of the demand for the Chinese At Vienna an advance of 4%,
bonds. It will now be interesting to wait the reports The official Bank rates at the leading foreign centres
Paris 4%, Berlin 6%, Vienna
showing the volume of subscriptions to these various are: London 4
issues. The effect of the offerings, which, it will 6%, Brussels 5%, and Amsterdam 4%. The Bank
be observed, are as a rule attractive, has been a of Bengal at Calcutta and the Bank of Bombay still
liquidation in British investment securities. Consols, continue to quote 6%.
for instance, as reported by cable last evening, closed
Decided improvement in the British financial
at 74 13-16, which represents a loss of 7-16 for the
week. Meanwhile, the London & Northwestern Ry. situation is suggested by the weekly return of the
closed at 1333%, a net loss of % point for the week; Bank of England published on Thursday. Cabled
Great Eastern Ry. shares closed at 613%, against 63 a advices from Paris suggest that a reduction in both
week ago, and Great Western at 1153%, against 1173j. the Bank of England and Bank of France discounts
Balkan State securities have, taken altogether, been may be expected in the near future by tacit agreewell maintained, awaiting definite results of the for- ment. Of the £800,000 South African gold offered
mal peace negotiations. Bulgarian 6s, however, in the London market on Monday, £250,000 was
closed 1 point lower at 103, though Greek monopoly secured by India, the remainder going to the Bank.
4s are M point higher at 57 and Servian unified The holdings of gold coin and bullion in the weekly
4s remain at 82, as also do Turkish 4s at 86. Rus- statement showed an expansion of £1,344,982 and
3 point lower at 90 and German Im- the total reserves increased £1,566,000. The prosian 4s are %
perial 3s finish without alteration at 75. French portion of reserve to liabilities now stands at 50.80 o,
Rentes have ruled irregular, closing (after an advance which compares with 50.25% a week ago and 51.33%
to 85.90 frs. on Thursday) at 85.55 francs, as a year ago. Notes reserved increased during the
against 85.223/ francs a week ago. British Con- week £1,519,000, public deposits showed an expansols, as already noted, closed at 74 13-16, which com- sion of £287,000, while outside deposits record the
pares with 753-i a week ago.
large increase of £2,234,000. Outstanding circulaAdvices from Paris are rather more satisfactory tion showed a curtailment of £221,000. The loan
than from either London or Berlin. The French item (other securities) indicated an increase of
correspondent of the "Journal of Commerce" wires £1,002,000. The Bank's bullion holdings now amount
the result of an interview with one of the leading di- to £37,706,963; one year ago the total was £40,036,rectors of the Societe Generale, who predicts that 726 and in 1911 it was £38,331,578. The reserve
great monetary relief will succeed the present rush figures £27,776,000 against £29,602,376 in 1912 and
of new issues, which, he says, are encouraging large £28,806,338 in 1911. The loans aggregate £31,880,sums of hoarded funds to leave the hiding places 000 against £31,718,980 one year ago and £29,593that they have occupied in the last six months. The 400 in 1911. Public deposits amount to £13,946,000
early-week advance in French Rentes accompanied against £20,453,522 one year ago and £15,059,357
rumors that the Minister of Finance has abandoned in 1911, while ordinary deposits stand at £40,720,000
for the present the proposed new issue of Rentes, and as against £37,189,445 in 1912 and £40,554,061 in
is preparing Treasury bonds and fresh import duties to 1911. These large deposits are thought, according
wipe out the Budget deficit. The Banque de Paris to the financial article in the London Times yesteris reported to have arranged a Mexican loan of 375,- day, to indicate that bankers' balances are sufficient
000,000 francs, but advices from Mexico City declare to admit of an easy market. Our special corresponthat a hitch in the negotiations has taken place.
dent furnishes the following details of the gold moveSome degree of underlying strain still seems evi- ment into and out of the Bank for the Bank week:
dent in the German financial situation. Some cor- Imports, £783,000 (of which £6,000 from France,
respondents cable that this condition is suggestive £17,000 from Australia and £760,000 bought in the
of political nervousness the basis of which is as open market); exports nil, and receipts of £562,000
yet below the surface, but that it is concerned in net from the interior of Great Britain.
some way with the relations of the Balkan Allies
over the spolis of war. To clarify the situation
The weekly return of the Bank of France reflected
peace must first be declared between these Allies and the arrivals of the first consignments of the gold in
Turkey and then the question of final readjustment the present export movement of the precious metal
will, it is urged, become a serious one. Recent from New York, showing an increase in the total
sales by Berlin of Canadian Pacific stock have been holdings of 24,938,000 francs. Silver also showed an
1452
THE CHRONICLE
[VOL. xcvi.
of $622,200 in the reserve requirements resulting
from an increase of $5,390,000 in deposits. The
total cash surplus now stands at $25,579,400, and
compares with $20,902,500 one year ago.
The range of call money this week has been 2M@)
3%. Monday's extreme figures were 2%@23/2%,
with 2%% the ruling quotation; on Tuesday 3% was
the highest and 23/2% the lowest, and 2%7
0 the renewal basis; Wednesday's maximum was 3%, minimum 2%% and ruling rate 2%%; on Thursday the
range was 2%@3%, with 27
A% still the ruling quotations; Friday's highest and lowest were respectively
3 % the ruling quotation. Time
3 and 23/2%, with 24
money closed at fractional concessions for the week,
final figures being 332@3%% for 60 days, 3%@4%
for 90 days, 3%@4% for four months, 43i@44%
1
for five months and 4M@4%% for six months.
Commercial paper, as we have already noted, is in
better demand, though the supply is not large.
Closing quotations are 53@53/2% for 60 and 90-day
endorsed bills receivable and four to six months'
The weekly statement of the Imperial Bank of names of choice character; others are quoted at
Germany as reported last Saturday indicated an 5%@6%.
increase of 31,153,000 marks in gold and of 49,099,The market for sterling exchange continues firm
000 marks in cash. There was a decrease of 125,467,000 in outstanding circulation and of 7,275,000 but not active. An additional engagement of $2,marks in treasury bills. Deposits increased 87,315,- 000,000 in gold was exported to Paris on Thurs000 marks and loans showed a contraction of 9,438,- day's French steamer, making the total to the French
000 marks and discounts of 63,327,000 marks. The centre for the present movement $12,000,000.
cash holdings, according to the report in question, This engagement was somewhat of a surprise in
amounted to 1,325,685,000 marks. At the same sterling exchange circles, as it had been generally
date in 1912 the total was 1,264,300,000 marks and understood that the Bank of France had given an
in 1911 1,180,440,000 marks. Combining the loans order for a round $10,000,000. However, the deand discounts, we have a total of 1,258,662,000 marks, mand for funds in Paris as well as in London is exwhich compares with 1,100,100,000 marks in 1912 ceptionally active at the moment and it is evident
and 989,980,000 marks in 1911. The outstanding that the Bank of France is strengthening itself for
note circulation aggregates 1,849,708,000 marks. a campaign of considerable magnitude. Berlin seems
One year ago the total was 1,617,820,000 marks and to be again under financial strain and London is
two years ago it was 1,525,060,000 marks.
being deluged with applications for loans of routine
requirements as distinguished from those that are
No important change in the local money situation likely to emanate as a result of the Balkan War.
seems to have developed this week. For time com- Thus it appears that Paris will very probably be
mitments early maturities are freely obtainable for the chief lender to the States in Southeastern Europe
all mercantile and non-speculative purposes, al- and the current gold movement is suggestive of the
though there is a rather firmer tendency shown for fact that preparations are under way. That the
maturities that will carry into the period of active outward gold movement has been entirely arbitrary
crop requirements. That an additional engagement when foreign exchange rates are considered there can
of $2,000,000 in gold for Paris and of $100,000 in the be no question. Additional testimony in the same
precious metal for Venezuela should have passed direction is contained in our Government's monthly
virtually unnoticed by lenders is significant of the statement of foreign trade, which indicates that the
limited demand for funds. The New York City exports of merchandise are keeping up their remark$45,000,000 432% bond issue which was offered on able proportions, while importations are slowing
Tuesday may not be regarded as an important factor down, which is not unnatural in view of the early
in the market thus far. The conditions of the Comp- changes to be announced in the tariff that will admit
troller's sale required a deposit of but 2% and tem- many classes of merchandise at much lower customs
porary receipts only have thus been distributed. rates. The April foreign trade figures have been reThe New York banks are experiencing some delay viewed above. They are exceedingly favorable and
in the return of their funds by Southern banks, par- suggest that, should the money situation at home
ticularly those in Mississippi. Evidence seems to be develop sufficient activity, there would be no great
accumulating from all sections of the slowing down difficulty in securing the return of a considerable
of business resulting from the approaching promul- part of the precious metal that has thus far this year
gation of a new tariff that will, if present promises arbitrarily left our shores. The new arrangement
are kept, materially affect existing conditions of for drawing seven days' bills instead of sixty-day bills
trade and industry. Commercial paper is in rather against grain exports, to which we referred in last
better demand, as sixty and ninety-day maturities week's issue, will, it is expected,stimulate shipments
would release funds at the beginning of the crop of our cereal crops.
movement. Saturday's statement of the New
The movement of the Continental exchanges has
York Clearing-House indicated an expansion of again been irregular this week. The London check
$6,399,000 in the cash reserve, and of $5,776,800 rate in Paris closed at 25.213/ francs, which compares
in the cash surplus, there having been an increase with 25.203' francs a week ago. At Berlin the ster-
increase, namely 12,825,000 francs. There was a
satisfactory decrease in obligations, circulation, for
instance, showing a contraction of 109,300,000 francs
and discounts of 52,900,000 francs. The Bank's advances also decreased 10,350,000 francs. An expansion was recorded of 53,750,000 francs in general
deposits and of 47,875,000 francs in treasury deposits. The bank now holds 3,279,294,000 francs
in gold. One year ago its stock was 3,258,250,000 francs and in 1911 3,240,125,000 francs.
The silver stock is 613,689,000 francs, comparing
with 814,000,000 francs one year ago and 854,100,000 in 1911. The item of circulation does
not make a favorable comparison however, with
recent years, as it amounts to 5,504,488,000 francs,
against only 5,161,017,000 in 1912 and 5,038,067,000
francs in 1911. Discounts are likewise still in
advance of recent years. They amount to 1,623,550,000 francs and compare with 1,240,854,599 in
1912 and 1,030,863,584 francs in 1911.
MAY 24 1913.]
THE CHRONICLE
ling check rate closed at 20.44 marks, comparing
4 marks a week ago. Berlin exchange in
with 20.443
Paris, as reported by cable yesterday, was quoted
at 123.273/2 francs, comparing with 123.22 francs
a week ago.
Compared with Friday of last week, sterling exchange on Saturday was unchanged for demand and
sixty days at 4 8625@4 8635 and 4 8270@4 8280,
respectively; cable transfers advanced 5 points to
4 8665@4 8675. On Monday the opening was firm,
with an advance of about 20 points, on light offerings
of bills and renewed firmness in discounts abroad;
demand moved up to 4 8645@4 8655, cable transfers
to 4 8680@4 8690 and sixty days to"418285@4 8295.
The market ruled extremely dull alliday on Tuesday,
with but slight changes in quotations; the range was
as follows: 4 8650@4 8655 for demand, 4 8680@
4 8685 for cable transfers and 4!8290@4 83:for sixty
days. On Wednesday, after early weakness caused
by some recession in English discounts, when demand
and cables declined 5 points, the undertone became
firmer, and the close was unchanged for demand at
4 8650@4 8655 and 4 8680@4 8685 for cable transfers, while sixty-day bills advanced to 4 8295@
4 8305. Sterling rates were lower on Thursday as a
result of further easing in discounts at London and
the strong weekly Bank of England statement issued
there; demand declined to 4 8640@4 8650, cable
transfers to 4 8670@4 8680 and sixty days to
4 8290@4 83. On Friday the market opened weak
and declined 20 points. Subsequently a partial recovery set in and final rates were only 5@10 points
lower. Closing quotations were 4 8285@4 8295 for
sixty:days, 4 8630@4 8640 for demand bills and
4 8660@4 8670 for cable transfers. Commercial on
2 and documents for
banks closed at 4 813,1@4 823/
payment at 4 823.@4 8278. Cotton for payment
ranged from 4 823@4 823/
2; grain for payment
4 823/@4 82%.
1453
THE PATERSON EPISODE.
The conviction of Patrick Quinlan by a Paterson
jury on Wednesday of last week, under the charge
of incitement of striking laborers to violence, taken
along with the incidents which have followedras
a sequel to that conviction, brings upfor consideration
some matters of very general interest. The trial
which resulted in that conviction had to do with
events of last February. Paterson's mill population
has for some time past appeared to be a hot-bed, not
merely of labor agitation, but of anarchical doctrines
not wholly dissimilar to those of the Chicago anarch.
ists of 1886. To what extent these doctrines actually
controlled the laboring community as a whole was
for a considerable time in doubt. This propaganda,
though disguised under the name of Syndicalism
and under the title of International Workers of the
World for the active organization, is in fact that of
opposition to all present institutions of government:
Their denunciation of the entire existing scheme of
public administration is carried to such extent by
the Syndicalists that it has placed them in direct
and bitter hostility even with the Socialist Party—
whose members, indeed, the Syndicalists denounce
as impostors and traitors.
The Syndicalist, as is well known, bases his doctrine on the idea that the laborers are to get possession of the manufacturing and producing plants for
their own private interests. As to how they are to
do'this, opinions among the Syndicalists seem to have
differed. The moderate advocates of the movement
say that such ownership may be acquired simply
through general stoppage of work by laborers—so
prolonged as to make the.industries in question valueless to their present owners. The extremists go
so far as at least to hint that the industrial plants
shall be simply seized and held.
In the case of the Paterson-episode, there had been
a strike at the silk mills, with the usual labor demonThe New York Clearing-House banks, in their strations. What brought the matter to its present
operations with interior banking institutions, have stage was the intervention of certain Syndicalist
gained $12,788,000 net in cash as a result of the cur- agitators, who themselves took the centre of the stage
rency movements for the week ending May 23. and proceeded with an organized propaganda in
Their receipts from the interior have aggregated behalf of public disorder. A number of those agita$17,782,000, while the shipments have reached tors came from distant points, and had no personal
$4,994,000. Adding the Sub-Treasury operations concern with the situation at Paterson. One of the
and the gold exports, which together occasioned a International Workers of the World, a woman, had
loss of $7,318,000, the combined result of the flow made to an excited audience of two thousand laborof money into and out of the New York banks for ers a speech declaring it to be their duty to drag
the week appears to have been a gain of $5,470,000, from the mills by violence all laborers who had
as follows:
refused to obey the strike order. According to the
evidence on which the Grand Jury's finding was
Week ending May 23 1913.
Into
Net Change in
Out of
Bank Holdings.
Banks.
Banks.
based, Quinlan thereupon jumped to his feet and
$17,782,000
Banks' interior movement
$4,994,000 Gain $12,788,000 moved that the men present proceed at once to do
18,380,000
Sub-Treas. oper. and gold exports__ _
25,698,000 Loss 7,318,000
$36,162,000 $30,692,000 Gain $5,470,000 this.
Total
As it happened, no very serious violence on the
The following table indicates the amount of bullion part of the strikers followed. But the suit was
in the principal European banks.
entered on the ground of incitement to disorder and
anarchy, and undoubtedly voiced the feeling of lawMay 23 1912.
May 22 1913.
Banks of
abiding people in Paterson that the time had come
Total.
Gold.
Silver.
Silver. I
Total.
Gold.
to put a stop to this industrial reign of terror.
37,060,963 40,036,726
England_ _ 37,706,963
f 40,036,726 Quinlan's trial began May 7. It at once involved a
France _ _ _ 131,172,040 24,547,520 155,719,560 130,330,400 32,560,080 162,890,480
Germany 50,496,800 15,000,000 65,496,800 47,319,400 17,665,750 64,985,150
veracity. Six policemen testified that
Russia _ 159,449,000 7,125,000 166,574,000 149,619,000 7,804,000 157,423,000 conflict of
Aug. Hun 50,291,000 10,680,000 60,971,000 52,722,000 12,756,000, 05,478,000
Spain _ _ 18,134,000 29,952,000 48,086,000 17,024,000 31,130,000; 48,154,000 Quinlan's action was such as has been above desItaly
46,727,000 4,050,000 50,777,000 42,314,000 3,700,000' 46,014,000
Nether''ds 13,587,000
738,300 14,325,300 12,187,000 1,035,400i 13,222,400 scribed, and the defendant's lawyers were wholly
Nat.Belg_ 7,922,000 3,961,000 11,883,000 6,634,0003,317,000 9,951,000
WitSweden _ 5,718,000
4,793,000
4,793,000 unable in any way to shake this testimony.
5,718,00
Switzer''d 6,908,000
6,445,000
6,445,000
6,908,00
defence
simply
Quinlan
the
declared
that
Norway _ _ 2,132,000
for
nesses
2,132,000
2,132,000
2,132,000
The jury
Tot. week.530,243,803 96,053,820626,297,723 511,556,526 109,968,230621,524,756 did not speak at all on that occasion.
week
526,049,318
Prey.
94,991,953621,041,271 507,000,358 107,752,920614,759,278
disagreed, and a new trial was at once begun. On
1454
THE CHRONICLE
[VoL. xcvi.
Wednesday of last week, the new jury found against
The truth is, as we have hitherto pointed out, that
the defendant. It was stated afterward that six not only the Socialist Party, but the labor unions
ballots had been necessary, of which the first stood as a whole, are at heart altogether hostile to this
9 to 3 against the defendant, the last being, of course, organization and to the Syndicalist party—knowing,
unanimous. It was admitted on all hands that the by instinct if not by reasoning, that such a movement
judge's charge was particularly fair. The possible is bound eventually to defeat itself and to prejudice
penalty for the offence for which Quinlan has been every organization which should become identified
convicted is imprisonment for seven years.
with it. It is, indeed, necessarily true of a faction
Now, the question of fact in the evidence referred or organization preaching such doctrines that its
to may undoubtedly be differently regarded by hand is against every man. It is against all the
different people. The jury was probably influenced institutions which civilization has thus far provided
by the consideration that no motive existed for the for the protection of the private citizen, and it has
police to testify falsely, whereas abundant motive nothing to propose as a substitute for those instituexisted for false testimony by the labor agitators; tions.• The main teaching of the Quinlan episode,
and, unfortunately, these were the only people therefore, next to the fact that public law is still a
present. It is reasonable to suppose that the ex- defence against this sort of reckless incitement to
perience in the McNamara trial of last year, when disorder, is that our people, even of the wage-earning
similar assertions of a "police frame-up" were set classes, are not in sympathy with crazy attempts to
at rest by the confession of the guilty men, had some undermine the necessary props of civilization—any
influence on this jury's opinion. But the point of more than the women of England are in sympathy
particular importance is that a fair trial has been with the similar campaign of anarchy undertaken by
held, and that a fairly selected jury has found against members of their own sex whose minds have been
the defendant. If they found wrongly, either on unsettled through the violent advocacy of female
the'facts or on the law, the higher courts will extend suffrage.
the same protection to Quinlan as they would to any
other defendant in any other case; and, in fact, the THE UNITED STATES AND THE SOUTH
New Jersey Supreme Court last Thursday took the
AMERICAN SITUATION.
South America is likely to prove as much of a
somewhat unusual step of granting to the other
defendants in this Paterson matter their petition Pandora's Box to the United States as the Balkan
to be tried by a jury selected from some other county States are to Europe. No one can forecast the
than that in which Paterson is situated.
problems that may appear at any time arising in
All this makes the reception of the Quinlan ver- any one of the South American States, nor say
dict by the "International Workers of the World" how they may at once involve the United States.
and their sympathizers a matter of special interest. Moreover, the Monroe Doctrine and the Panama
After a first and hasty suggestion that dynamite Canal may be regarded as under the same lid, so
might well have been employed against the Court, surely are they to be involved in any South American
the outgivings of the disappointed leaders took the difficulty.
It is to be recognized that South America emform of direct and public declarations of a purpose
to "throw all Paterson into darkness" through crip- braces two distinct groups of States. Chili, Argenpling the working force on the city lighting plants. tina and Brazil are to be classed by themselves.
Every garage and every street car in the city was to Mr. Bryce has recently said, "Argentina is indeed
be tied up; public utilities were to be absolutely a constitutional republic", and "Chili, of all the
paralyzed. The defendant himself advised his au- South American States, is the one which best answers
dience to boycott every merchant who does not to European or North American notions of a free
actually favor the International Workers of the World. constitutional commonwealth." No one of these
Last Saturday, in a speech in Union Square in this States is to be classed with the "notoriously lawless
group in Central America," of which, the President
city, he thus set forth his purposes:
"Something is going to break loose in Paterson. of one, Panama, said recently, in his inaugural
Paterson is a dangerous place to live in just at this address: "Of all the alarming conditions in our
time,no matter in what direction you are looking. .. country, none is more sinister than our apparent
And we are going to win this strike or Paterson unfitness for democratic government, as evidenced
will be wiped off the map. If the strike is not won, by the fact that twice in the only
general elections
Paterson will be a howling wilderness and a graveheld,
it
have
has
been
we
necessary
to
ask the friendly
yard industrially, because the workers will not stay
the
United
of
offices
States
in
order
to avert bloodthere. We have had too long and bitter a fight to
lay down what we have gained so far. Heaven shed." We have had twice to interfere in Cuba and
might fall and hell might break loose, but the strike are in a constant state of interference in Hayti and
is going to be won."
San Domingo. Colombia has a bitter grievance
The attitude of the organization of which the con- against us, and the Mexican mind cannot be disvicted labor leader was a member is clearly indicated abused of the idea of our possible interference with
in all this. The threats, however, have resulted in them. With the most peaceful intentions in the
nothing whatever. Neither the street cars nor the world, we cannot quiet the conviction, both in South
lighting plant have been interfered with; so far as America and in Europe, that we either intend, or
can be observed, matters are going on in Paterson by the course of events will be convinced that it is
much as they did before the jury's finding except our duty, to occupy, if not to annex, one or another
for unusual precautions by the authorities. That of these lesser States. Whatever we may think
rather plainly suggests lack of influence by this of it, this is the condition which we have to face.
organization over even the laboring men of Paterson; Furthermore, we are continually being drawn into
it certainly indicates that the leaders of that particu- relations which are likely both to increase our relar faction are stronger in words and threats than they sponsibilities and to make the situation more complex.
are or are likely to be in achievement.
Treaties are to-day at the door of the Senate requir
MAY 241913.]
THE CHRONICLE
145.1
ing "the approval of the United States" in proposed of Ruaton, off Honduras. In 1864 France landed
schemes of financial rehabilitation in Nicaragua her troops in Mexico, having been backed up originally by England and Spain, and kept them there,
and Honduras.
Chili, Argentina and Brazil may be regarded as establishing Maximillian upon the throne, and only
soon to reach, if they have not already reached, a withdrawing them in 1867 no less because Marshall
position in which they have opinions of their own as Bazaine was needed elsewhere than because of our
to whether we should interfere in their affairs, and resentment. In 1875 German war vessels blockaded
will claim the right to establish such relations as they Nicaraugua and only withdrew when her demands.
deem fit with European Powers. They may already were satisfied.
think they ought to be included in the "police force
During the existence of the Doctrine the United
of the Western Hemisphere", as an American writer States has acquired large areas of territory which
on international law has lately suggested. We are belonged to other American States, the last of which
rapidly getting into a new situation full of pos- is the Panama strip, all under circumstances to
complications, even before the Canal is opened.
raise grave question as to our disinterestedness,
The Monroe Doctrine of to-day, by the course of and in the aggregate quite sufficient to account for
events, is fast becoming a very different matter from the prevailing views as to our possible intentions,
what it was two decades ago, not to say in 1823 when and seriously to affect the validity of our assumed
it was promulgated. The "extension of their sys- right of exclusive control. Up to the end of 1850
tem" by European Powers to some portion of the we had acquired from Mexico no less than 580,895
"American Hemisphere", which was then feared, square miles of territory. It is to be kept in mind,
was quite a different thing from the possibilities that in one way or another we have also annexed
which the Doctrine is now extended to cover. The the Sandwich Islands, the Phillippines and Porto
positions we have taken in the Venezuelan case and Rico. Meanwhile, in innumerable instances, the
in regard to Magdalena Bay have committed us United States has enforced and collected claims of
to accepting responsibilities which may well give us every sort, good, bad and indifferent, made by Amerpause. The time is approaching when we shall have cans against South American States. Our warships
to ask whether we are prepared to prohibit other have been constantly available for such purposes at
nations from protecting their citizens, or conducting the summons of our ministers and consuls.
business in such a way as they may think best, or
When we so far forgot our original pledge under
collecting their debts, in South America; or, if the Monroe Doctrine as to European and Asiatic
so, are we ready ourselves to guarantee their affairs that the last Administration made a prorights? It will be in either case a large under- posal for nationalizing the Manchurian railways,
taking.
Russia and Japan took the Fourth of July 1910 for
In view of the situation as it has developed, it their prompt reply, that if the Manchurian status
may be well to remind our readers of the history of quo were menaced "they would come to terms as to
the Monroe Doctrine and the views that have been the measures they might deem necessary to take for
taken with regard to it. These have recently been the maintenance of the status quo," reminding us
reviewed by a writer in the "Fortnightly Review". that the Monroe Doctrine has a double edge as well
He points out that, as promulgated by President as a double responsibility.
Monroe and amplified by John Quincy Adams, the
Meanwhile, foreign interests are rapidly growing
implication was that if Europe kept away from in all parts of South America. Italy sends a hundred
America, the United States would abstain from thousand laborers every year to South Brazil and
interference with European possessions at that time Argentina to aid in the harvests, in connection with
in America, or with the course of events in Asia whom sharp controversy recently existed with Italy
and Africa. Though the original form of the because of the holding back of their wages by their
Doctrine was a suggestion from the English Govern- employers. England and Germany have important
ment, it was not long before Canning, the English business interest in both countries and in Central
Prime Minister felt called upon to protest against America. There are said to be more than six thouits extension against colonies as "very extraordinary", sand Germans settled in Guatemala, and England
and "one that England was prepared to combat in has long owned Guiana and Honduras. Germany •
the most unequivocal manner." Bismarck, in turn, also has original claims both in Venezuela and the
denounced it as "a piece of international impertin- West Coast, dating back to the 16th century, which
ence." The French jurist and statesman, M. 01li- are now revived. The Canal also is rapidly creating
vier, regarded it as "losing its validity the moment new problems. Exactly what they will be, or what
the United States adopted the policy of territorial form they may take, when the Canal is thrown open,
expansion." In 1895 Lord Salisbury declared that no man can forecast. The London "Morning Post"
the Monroe Doctrine, "while entitled to respect on recently said:
account of its originator and the great nation which
Whatever they may wish, the Democrats will
promulgated it, was, nevertheless, no international
unable to escape from the responsibility which
be
law and had never been accepted by the government
on their country in Central America. They
rests
adding,
"The Government of
of any other country;"
cannot throw over the Monroe Doctrine, and if they
the United States is not entitled to affirm as universal, stand by the rights which it asserts for the United.
a proposition with reference to a number of indepen- States, they will be bound to accept the corresponddent States for whose conduct it assumes no responsi- ing duties.
President Wilson, no less than Mr. Taft, will be
bility, that its interests are mightily concerned in
whatever may befall them, simply because they are forced to preserve order in all territory washed by
the Caribbean Sea. Political and military advensituated in the Western Hemisphere."
turers in small republics will pay little heed to mere
In 1835 England and France, in the face of it, exhortation, and if President Wilson does not wish to
established a successful naval blockade of the entire continue the Republican policy, he will have to find
Argentine Coast. In 1841 England seized the island some other means of enforcing his will.
1456
ti
THE CHRONICLE
It is clear that the situation in its possibilities is
so complex that it cannot be wisely dealt with
by falling back upon traditional declarations, or by
defiantly refusing to • listen. We must be openminded and prepared to deal with events as they
arise. "Athanasius against the world" was once
heroic; but no nation, however great, can afford to
take that position to-day when the world is accustoming itself to arbitration and is everywhere debating the conditions of universal peace. Even the
strongest nations realize that now they have to justify
themselves before the world. The Monroe Doctrine
has proved itself even more open to review and interpretation than the Constitution of the United States.
It occupies a historic place in the minds and hearts
of our people, but one not more warmly cherished
than our reputation as a champion of right and of all
who may be refused justice. There is danger that
these may come into conflict. We need to be reminded that the Doctrine is far more elastic than is
generally understood, and that when the time arrives,
as it seems probable that it soon will, when we shall
be called to deal with issues deeply concerning other
nations as well as our near neighbors, we shall not
feel compelled, because of our preconceptions, to
refuse to give them patient hearing, or to refre
behind the non possumus supposed to be created by
a name or a phrase.
Our historic relation to the Hague Tribunal, our
frequent, epoch-making resort to arbitration, and
the quick response of our people to the adjustment
of every international dispute and to every generous
act of our Government, like the return of the Chinese
indemnity, have given us a position from which we
cannot lightly suffer ourselves to be displaced.
New situations require new methods; and if there is
one thing in public affairs more certain than another,
it is that we have fallen upon new times. A new day
has dawned everywhere. On all sides the nations
are.cleaning house and getting rid of such of their old
political and administrative equipment as is found
to be out of date. We of the Western Hemisphere
cannot afford to be less alert. We owe it to ourselves
to hold the 'Monroe Doctrine with a light no less
than a firm hand, and to greet all overtures for friendly debate of mooted questions and of eventful
arbitration with hospitable candor. We should go
even further than Mr. Balfour, who in a speech at
Manchester said: "The time may come—nay, the
time must come—when some statesman of authority,
more fortunate even than President Monroe, will
lay down the Doctrine that between English-speaking
peoples war is impossible." We should say now
the United States is too great a nation to refuse to
any one a hearing, or to trample on another's rights, or
to provoke a war with anybody. We will not lightly
surrender our position as leaders in the cause of peace.
LIABILITY OF BANKS ON CHECKS OF
CORPORATION OFFICIALS.
There has been another decision in the much litigated case where the Havana Central Railroad Co.
seeks to recover money wrongly appropriated to his
use by a former official of the company. The point
at issue is the liability of a bank on the checks of a
corporation official who abused his authority as
such official by drawing a check in his own favor
against the funds of the corporation and then deposited such check to his own credit in another bank
where he kept his personal account, later drawing
[VOL. xcvi.
out the proceeds and applying the same to his own
use. The original action was against the Knickerbocker Trust Co., where the offending official kept
his account. On that occasion the Appellate Division
of the New York Supreme Court, concurring with
the lower Court, held the receiving bank liable on
the theory that the form of the check was such as to
put the institution on inquiry. The Court took the
view that if such inquiry had been made, the fact
could readily have been established that the corporation official had been engaged in defrauding the company and was making wrongful use of his powers.
As noted, however, in our issue of May 28 1910,
wherein we discussed the case at length, this ruling
of the Appellate Division was considered as involving
such far-reaching consequences and embodying such
an extension of the doctrine that any one dealing
with a fiduciary is bound to take notice of the relations existing between him and his trust, and, moreover, laid down a principle so impractical of application in modern-day affairs, and so in conflict with
prevailing practice in that respect, that all the leading banking organizations active in this State asked
for leave to be heard when the case was carried on
appeal to Albany. The American Bankers' Association, the New York State Bankers' Association and
the Trust Companies' Association of New York all
requested permission to put in briefs and be heard,
and counsel for these organizations were allowed to
make extended arguments in opposition to the position assumed by the Appellate Division. As it happened,. too, these arguments proved effective, and
the Court of Appeals reversed the lower Court.
The Court of Appeals held, in brief, that the Havana Central Railroad Co., by opening a deposit
account with the Central Trust Co., constituted the
latter corporation its agent as to all third parties
who might receive checks drawn upon that account
to determine whether such checks were genuine and
were drawn within the scope of the Treasurer's
agency as established by the contract between the
Central Trust Co. and the railroad corporation.
"When the Central Trust Co., by paying these
checks, declared to the Knickerbocker Trust Co.
that they were genuine obligations of the railroad corporation, which the Treasurer had authority to
draw, the Knickerbocker Trust Co. was not obligated by law to make any further inquiry, but was
authorized to deal with the proceeds of the checks
as the indi:idual property of the payee, and after it
has turned over such proceeds to him, it cannot be
compelled to restore them to the Havana Central
Railroad Co. merely because the Central Trust Co.
ought to have withheld payment of the checks."
It will be observed that this decision put the responsibility upon the Central Trust Co., which honored the check drawn upon the corporation's funds
by the defrauding official. The railroad company,
apparently profiting by the hint given, then began an
action against the Central Trust Co. Upon the
trial of the cause in the District Court of the United
States for the Southern District of New York, the
railroad company claimed that the form, face and
contents of the checks were, as a matter of law, such
as to put the defendant, the Central Trust Co., upon
inquiry. The trial Court ruled that the question was
one of fact for the jury to decide. The jury gave a
verdict in favor of the Central Trust Co. and an appeal was then taken to the United States Circuit
Court of Appeals, which has now affirmed the judg-
MAY 24 1913.1
THE CHRONICLE
ment of the District Court. The net effect of these
various decisions is that the railroad company has
failed to recover from the Knickerbocker Trust Co.
and has also failed to recover from the Central Trust
Co. In discussing the decision of the New York
Court of Appeals, three years ago, we pointed out
that it did not follow that the Central Trust Co.,any
more than the Knickerbocker Trust Co., could be
held liable for the money' misapplied by the Railroad
Treasurer, since the Central Trust Co. had doubtless
acted entirely within the scope of its authority.
It is easy to see that a treasurer may frequently
have to draw checks to his own order for the business of
the company, and the banking institution could not
be expected to distinguish such checks from those
wrongfully drawn for the treasurer's own use.
What, however, gives special importance to the
present decision of the U. S. Circuit Court of Appeals
is that, in the opinion handed down in the case, and
written by Judge Noyes (the Judges sitting on appeal
were Lacombe, Ward and Noyes), the doctrine of
agency between a bank and its depositor as laid down
by the New York Court of Appeals is expressly repudiated and disapproved. It is held that where a
corporation maintains an account with a bank under an arrangement by which, either expressly or
impliedly, drafts and checks are to be signed solely
by the treasurer of the corporation, and where a
check so signed is drawn by said treasurer to his
own individual order, and, after having been deposited in his own individual bank account, is presented
in the regular course of business to the first bank for
payment, the latter owes no duty to its corporation
depositor, before paying the same, to make any inquiry in reference to the said check, even although
the same is for a very large amount, unless the bank
has knowledge that the transaction involves a use of
the check for the treasurer's personal benefit.
Where it appears from the form and endorsement and
the presentation of the check that the treasurer
might be guilty of a breach of trust, and be attempting to misappropriate the moneys of his corporation,
and yet, on the other hand, in the same situation
there might be no breach of trust, it is held that the
transactions disclosed were not sufficient to require
the bank to question the check.
It may be desirable to furnish again a brief synopsis
of the facts of the case. The Havana Central Railroad is a New Jersey corporation and C. W. Van
Voorhis was its Treasurer. The company in February
1906 opened an account with the Central Trust
Company of this city under an arrangement by
which the checks drawn upon such account were to
be signed by Van Voorhis, as Treasurer of the company. Between April 21 1906 and June 15 1906
Van Voorhis drew three checks upon this deposit
account of the company, made payable to the order
of "W. M. Greenwood (who was the company's
purchasing agent) or C. W. Van Voorhis" and these
checks were signed "Havana Central Railroad Co.,
C. W. Van Voorhis, Treasurer." Van Voorhis had
an individual deposit account, as already stated,
with the Knickerbocker Trust Co. of this city and he
endorsed the checks and deposited them to his
credit. The checks were paid by the Central Trust
Company when presented and in fact two of them
were certified before being deposited with the Knickerbocker Trust. Subsequently, on his own individual
checks, Van Voorhis drew out the full proceeds of the
company's checks. The railroad company did
1457
not become aware until quite some time afterwards of
what had been done and since then has been engaged
in trying to recover first from the Knickerbocker
Trust Company and then from the Central Trust
Company the amounts which the Treasurer had
wrongfully applied out of the company's funds.
Judge Noyes, in delivering the opinion of the
Federal Circuit Court of Appeals, says that it is
the duty of a bank when a properly drawn check is
presented to pay it if there are sufficient available
funds. But the bank does not make payment because it is the trustee or agent of the depositor. It
makes it to discharge pro tanto the simple debt
which it owes to the depositor, who, by his check,
gives acquittance for it. When a corporation opens
a deposit account with a bank the latter must be
satisfied that the officer signing checks is authorized
to do so, and if it pay without question it takes the
risk of being held still liable for the amount irregularly paid away. But the bank assures itself of the
authority of the corporate officers for its own protection in discharging its indebtedness to the depositor and not as the agent of the latter. Judge Noyes
asserts that it is not correct to say that a depositary
bank is the agent of the depositor to determine
whether a check drawn conforms to the contract
between them. It rather determines the question at
its peril.
Rejecting the proposition that the obligation of
the defendant institution to the the plaintiff was that
of an agent,and looking at the case without regard
to the previous litigation, the Court goes into an
analysis of the facts and circumstances of the case
with a view to ascertaining whether the defendant
bank, the Central Trust Company, was put upon
inquiry by the checks in question. Judge Noyes
says so far as the trust company was concerned
there was nothing suspicious about the checks,
except that they were drawn by the general fiscal
officer to his own order and were endorsed by him;
other similar checks had been drawn and paid before;
the trust company did not know the history of the
checks. It did not have the knowledge of the
Knickerbocker Trust Company, he argues, that the
Treasurer was using the checks for his personal
benefit. That which it knew was that which appeared
on the checks themselves when presented for payment. It appeared that the Treasurer might have
been guilty of a breach of trust and have been attempting to misappropriate the moneys of his corporation.
On the other hand, there might have been no breach
of trust. The checks might have been drawn in
favor of the Treasurer for entirely legitimate corporate purposes. Transactions were disclosed which
might, or might not, have been breaches of trust
according to circumstances unknown to the defendant. In this state of things the Court thinks it was
not the duty of the Central Trust Company to
question the checks.
Lest it be assumed that a banking institution in
matters of the payment of checks is entirely relieved
of liability and the depositor is helpless to protect
himself, Judge Noyes goes on to say:
It must be observed that we are far from holding
that a bank is free under all circumstances to pay
without question checks drawn by corporate officers
to their own order. While a bank may deal with its
depositors at arm's length, it must take care to pay
out their moneys only upon authorized orders. If it
fail to use due care it may be required to pay again.
1458
44
THE CHRONICLE
Consequently, while in case of a corporate check
signed by an officer with express or implied authority,
the mere fact that it is drawn to his own order and
therefore may be improperly used will not require
the bank to question it. But if the bank have
knowledge that the officer is using the check for his
personal benefit, e. g., to pay his debt to the bank
or to deposit it to his personal credit, then the bank
is put upon inquiry and, if it fail to make it, pays
at its peril. But the bank owes this obligation not
because it is the representative of the depositor, but
because it has no right to discharge its debts to its
depositors except on their authorized orders, and a
check misused by a corporate officer cannot be
regarded by a bank having notice of its misuse as an
authorized order.
It must also be observed, from another point of
view, that to relieve a bank from questioning the
validity of checks in the form under consideration
works no real injustice to corporation depositors.
Corporations may protect themselves by requiring
counter-signatures, provided they notify the bank of
the requirement. If they do not choose to do so,
it may fairly be presumed that they prefer the risk
to the inconvenience. In such circumstances it is
not unfair to the depositor to say that if the bank
have notice or knowledge of wrongdoing it must make
inquiry, but that if nothing wrong in the history of
a check is brought to its attention, it is not called
upon to inquire about it; that a bank is not bound
to question every corporate check, regardless of
amount—and manifestly no line can be drawn—
merely because it is drawn by a corporate officer
to his own order."
Looked at in this way there is no hardship or injustice in these decisions. The railroad company has
failed to recover either from the banking institution
which held its funds or from the institution which
received the proceeds of the check that was used
to abstract the company's funds; but that is not
strange since in the first and last analysis responsibility for the defalcation rests with itself. It was
its official who committed the dishonest act. He
had full authority to draw upon the funds of the
railroad, and as the checks were in regular form and
neither trust company had any reason to suspect
anything wrong, it would be manifestly unjust to
hold them liable for the conduct and act of an officer
who proved himself unfit to hold a position of trust,
but who was the agent and appointee of the railrOad
and not of the banks. In these days of quick transactions and expeditious business methods,it is manifestly out of the question for a bank to endeavor to
verify every check drawn upon it or deposited with
it, so long as there is nothing apparently irregular
about it and it is executed with due authority and
the signatures are genuine. It is the duty of the
depositor to provide safeguards against wrongdoing
by those whom he selects to handle his cash, and the
above excerpt indicates how, in the case of a corporation, the safeguards can be applied.
ONE PARTICULAR IN WHICH THE INCOME
TAX SHOULD BE AMENDED.
After a few important changes had been made in
the,Income Tax Bill while before the caucus,twentyseven more were made in it during its passage by the
House on the 6th. There is one, however, which was
not made then and should be made by the Senate—a
change which so agrees with the purpose of the bill,
and, moreover,is free from sound objection, that we
feel sure it needs only to be understood in order to
win approval. We refer to the portion of the bill
[VOL. xcvi.
which practically constitutes debtors and trustees
deputy collectors of revenue in a small way.
Practically every person or organization, including
mortgagors and lessees, who owes money to another
or handles accruing dues for another as trustee, is
required to withhold and pay to the Government
the tax, on penalty of becoming responsible for it,
unless the one to whom the money is coming files
with such handler of it a certificate of tax-exemption.
Apparently this applies only to amounts over
$4,000, but a proviso immediately added seems to
nullify the limitation and make the deduction lie
upon all sums, large or small.
. Now a question which has hardly drawn any notice
as yet arises concerning this compulsory drafting
into one line of Government service. Whether this
be not an infringement of guaranteed personal rights
is a question we do not consider, since it may reach
the courts in due course; but it is pertinent now to
ask, by what right, in reason and justice, does
Government attempt to throw upon private persons
or corporations labor which lies outside their regular
business and in which they have no interest? Observe that it is not a matter of assessing and collecting
one's own tax—that is separately attended to; this
undertakes to force a large number of persons to not
merely pay their tax but help Government to catch
others and collect tax from them. It will involve a
large and costly labor. It will be an unpleasant and
ungracious task, involving explanations, correspondence, and a dissatisfaction which will be unjustly
directed against the involuntary "collectors" themselves. And no compensation for it is suggested.
The vice-president of a Philadelphia trust company
'(who is also a member of a special committee of the
American Bankers' Association on this subject) says
his company is trustee of nearly 175 millions in bonds
or other interest-bearing obligations, and he supposes
there are 20,000 owners, all liable to have the tax
taken off their coupons, apparently without regard
to whether they are themselves tax-exempt or not.
Nor does he see how the company can safely act
under the exemption affidavit provided for by the
section, unless that has been passed on by a Government officer; further, if by delay or other unforeseen
cause the claim for refund of the clipped-off tax is
not filed until after the money has got into Government hands, he thinks the owner will be left in the
lurch, since the bill contains no grant of power to
return it in such a case. It has been observed that
what Government once gets hold of is not hastily
refunded.
This last point raised concerns most nearly the individual whose accruing moneys are to be "sweated"
in course of passage to his hands; yet t also adds to
the labor and objurgation involved for the one who is
ordered to do the sweating. Representative Hull is
cheerful about his bill, saying that he thinks it just
and practicable and feels sure it will operate without
especial trouble. He is seriously mistaken. As we
pointed out at first, it will be a fount of vexation,
dispute and litigation, and this "source" portion
will not be the least troublesome.
Now, this part of the trouble is so easily and
naturally avoidable, by the simple expedient, already
suggested by the Chamber of Commerce of this city,
of requiring the persons and corporations referred to
in it to file with Government a schedule of the
payees of these sums, with the portion coming to
each, then leaving the collectors to do their own
MAY 24 1913.]
THE CHRONICLE
work, for which they are employed and paid, having
the data for it in their hands. Would this catch
taxable income at the source and avoid all occasion
to chase up and identify it?. It would as infallibly
as any other, as any supposed case will show. If
John Doe fails to report such money in his tax return,
or fails to make any return, the collector checks off
his case on the list furnished, and, if he is a taxable
person, promptly gets after him; knowing that the
facts of his payments are before the collector, John
Doe dares not attempt escape. That is the whole
of it.
Men who are versed in the complexities of business
easily perceive a simpler and better way to accomplish what Mr. Hull desires, namely making sure that
the tax will not be evaded. Their way is just as
effective for the purpose as his. It would avoid the
question of infraction of private rights which his involves. It would avoid imposing upon many persons
and corporations an unnecessary burden. For we
should observe that taxation can never be made
pleasant, nor can the wisest and most carefully
studiell plan avoid bringing in some friction, some
anger, some injustice and inequality, and, on top of
all else, some evasion or attempt at evasion. It is
the part of statesmen and good economists to keep
the inducements to evasion at the lowest, and to
have the minimum friction, expense and disturbance
in the methods of collection.
1459
a century of misgovernment among American cities proves,
what is very manifest to any one who studies the problem,
that a legislative body is not adapted to do administrative
work. A ministry is what is needed. The President's
Cabinet does the work for our nation, and the innumerable
commissions appointed by our States do the administrative
work, after a fashion, there; but ward-heelers, largely selfappointed, have administered our cities all too much in the
past. The so-called "commission" type of city government
substitutes a ministry for the legislative body, and, so far,
has worked great improvement. The small amount of
legislative work needed can well be accomplished by the
citizens directly at the annual elections.
Your article states: "The plan is used by about a dozen
cities of the South and West." If the "South and West" is
confined to Texas and the region west of the Rocky Mountains, the statement is approximately correct; but the fact
is that over two hundred cities in this country are now under
this form of government, and in every case improvemnt
over former conditions has occurred. The philosophical
reason for this improvement can be read, I think, in what
precedes.
Respectfully,
J. P. SNOW.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate only
30 shares, and were all made at the Stock Exchange. No
trust company stocks were sold.
Shares. BANKS—New York.
1 Amer. Esch. Nat. Bank
25 Commerce, Nat. Bank of
4 Corn Exchange Bank
Low.
230
181
315
High.
230
182
315
Close.
230
181
315
Last previous sale.
May 1913— 229
May 1913
185
Apr. 1913— 320
The nomination of John Purroy Mitchel as Collector of
the Port of New York was confirmed by the United States
Senate on the 20th inst. The Senate also confirmed on that
THE ARGUMENT FOR COMMISSION GOVERNMENT. day the nomination of George W. Guthrie of Pittsburgh as.
Ambassador to Japan.
Boston, Mass., April 29 1913.
To the Editor "The Commercial and Financial Chronicle,"
Charles J. Brand of Illinois was appointed by Secretary
New York City:
Houston of the Department of Agriculture as Chief of the
Sir.—Your comments on the adoption of a "commission" newly established Bureau of Markets in the Agricultural
form of government by Jersey City in the issue of April 26, Department. Concerning this new division, which was
page 1180, lead to the following reflections and comments:
created during the last session of Congress, Secretary
Representative assemblies for legislation and for the pur- Houston says:
There has been an insistent and growing demand that the Government
pose of a general court were held by the Teutonic races long
steps to help in the establishment of economic systems of distribution
before the history of these races was recorded. The three take
and markdting of farm products. Congress at the last regular session
estates of the States General of France and the two chambers made an appropriation of $50,000 to begin the work. Secretary Houston
of the English Parliament were organized to give represen- and Assistant Secretary Galloway recognize that the business of farming is
important part of the great business structure of the country, and
tation to the classes of people—the nobles, the clergy and an
economical methods of marketing farm products and the supplying of
the• burghers—into which the so-called feudal age left the farmers with proper credit facilities at reasonable interest rates are the
people divided. The unions of the nobles and clergy to form great practical problems that must be settled before radical improvement in
social and economic conditions of country life can be attained.
the Upper House of the English Parliament was a move of theThe
"office of markets" will, as far as possible, be manned by experienced
policy, as it was realized that if these two classes did not act men. The cotton-handling and marketing studies will be continued, and
as quickly as possible specific work with food products will be taken up.
as one, they would be overpowered by the commons.
Somewhat better prices for the producer and lower costs and better products
The bi-cameral governments (national, State and munici- for the consumer and manufacturer are the aim of the work. It is a
pal) of this country were adapted from the English model. difficult one, but much good is expected from it. Savings in selling and
reduction of loss through waste and improper business
The significant fact, that the separate bodies of the States handling expense andimportant
features of the department's activity.
General and Parliament were organized to give representa- organization will be
tion to distinct classes of the people, should not be overOn Saturday last, the 17th inst., Secretary of the Treasury
looked. These classes in Europe at the close of the feudal McAdoo made known the intention of his Department to
age were divided by lines as sharp and distinct as the division accept temporary bonds of municipalities as security
between slave and free in this country seventy years ago. for national bank deposits. Heretofore the Department has
It would seem that two-chamber government is anomalous declined to accept temporary bonds or certificates; in the
in a republic, but it works well in legislation, on the prin- case of New York City, however, which opened bids on
ciple that checking accounts is a good business proposition. the 20th inst. for 4
bonds, the Secretary announced that
When our American cities became so large that the town- the Department would accept the temporary certificates,
meeting government was unwieldy, the mistake was made, as when legally issued, as security for 30% of the Government
it seems to me, of adopting the bi-cameral system, whose deposits in national banks in New York. The certificates
genesis is given above, for governing them. That is, of are to hold good until the issuance of the bonds.
establishing a legislative body to do administrative work.
Another announcement on behalf of the Treasury DepartWhat is it that has made the English Parliament the most ment on the 17th, made through Acting Comptroller of the
efficien governing body that the world has ever seen? I Currency Thomas P. Kane, was to the effect that no reclaim it is the Ministry; evolved after the passing of the serve would be required against money deposited by officers
Stuart dynasty, taught, no doubt, by colonial expansion of the Government on which interest is paid to the United
over-seas and chastened by the American revolution. A States. It is stated that while reserves have not been rerepresentative legislative body sitting intermittently or quired in the past against deposits made directly by the
periodically to make and change laws and act as a general Treasury Department, they have been called for in the case
court and a Ministry appointed by the sovereign constantly of accounts of postmasters and clerks of courts.
on duty to administer and execute these laws.
•
This is ideal for a State, great or small. A city, however,
The policy of the Treasury Department in proposing to
is not a State. It can make ordinances, but not laws. Its exact interest on all Government deposits has resulted in the
work on these lines, after its charter and by-laws are estab- request by the Chemical National Bank of this city that it
lished, is very small. Its work of government is almost be relieved of Government funds held by it to the extent of
wholly administrative, and the miserable record of nearly $150,000. The Chemical is the first institution to make
1460
THE CHRONICLE
known its intention to relinquish its holdings of Government
moneys because of the new order. With regard to its
action President Martindale says: "In deciding to relinquish our Government deposits, amounting to $150,000, on
June 1 we are doing so in fairness to the rest of our depositors.
We could not consistently pay interest to the Treasury
while at the same time not allowing interest to our customers,
carrying in many cases much larger accounts with us."
44
Dissatisfaction has developed over the new ruling of the
Treasury Department under which the substitution of
Territorial bonds for Government bonds will be permitted
only upon condition that the latter be used as security for
additional circulation. This is evident from the remarks
in a circular issued this week by the banking house of C. F.
Childs & Co. of Chicago. We print the statement herewith:
Banks which have co-operated with the Government in the past as regular
depositories of Government funds are not permitted, in accordance with
the ruling of the Treasury Department of May 15, to substitute Territorial
bonds for Government 2% bonds as security for Government funds unless
the Government bonds are re-deposited to secure additional circulation.
This appears to be a policy of radical discrimination which operates to
the disadvantage of the old depository banks but to the distinct advantage
of those institutions which qualify to receive the new Government deposits.
In other words, a bank which complied with the requirements covering old
deposits is not given the same opoprtunity to re-adjust or liquidate its unprofitable collateral as is accorded to the banks which now accept the new
deposits.
There seems to be much dissatisfaction and criticism of the Government's
fiscal policy as regards the Government deposits. Each change of Administration permits the new officials to exercise discretionary powers, with resulting variations and rules governing the collateral required to secure
Government funds. Banks which have complied with previous rulings
'now find themselves restrained from participating in the full benefit of the
new ruling. Instead of enjoying the same advantages, the old depositories
can not sell their speculative 2s, but are required to retain them as a basis
of additional circulation and thereby extend their commitment involuntarily to support the artificial market for Government bonds.
A bank, however, is always at liberty to surrender its Government deposits and cease to co-operate further in that respect. Since the profit derived from the account by old depository banks has now been virtually
eliminated, as a result of the 2% charge, there remains little but the local
prestige of advertising as a regular Government depository.
When considering the vacillating rulings of the Treasury Department
over a period of years, together with the market fluctuation in the value of
the collateral required, the Government deposit account has developed into
an expensive luxury. The more recent variations in the rulings and conditions applicable to Government deposits may be summarized as follows:
Banks maintaining a proportionately large circulation account were formerly favored with allotments of Government deposits.
Preference is now given to banks maintaining circulation equal to 40%
of their capital.
Required security may include approved municipal bonds accepted
at 90% of appraised value.
Required security may include approved municipal bonds accepted at
75% of appraised value.
Required security may include any municipals approved by Department.
Required security may include only municipals "legal" for investment
in certain States.
Required security may include 70% Governments or Territorials and
30% municipals.
Required security may include certain railroad bonds at 90% of market
value, not exceeding par.
Required security may include only regular Government bonds.
Territorials become acceptable at 90% of market value, not exceeding
par.
Territorials become acceptable up to par, but not exceeding market value.
Territorials may be substituted for municipal bonds and Governments
may be substituted for Territorial bonds, but not conversely.
Territorials may be substituted for Governments only when the Governments are transferred to circulation account.
In general, all Government deposits are but temporary in character,
subject to withdrawal at any time at the discretion of the Secretary of the
Treasury. Under such circumstances the released collateral frequently
becomes an unprofitable investment which can only be liquidated at a loss.
In view of past experiences, institutions appear to have ample justification in declining to act as buffers for the support of the market for Government bonds, and even though some slight visible profit may be apparent,
there is certainly,little Inducement for institutions to pay substantial premiums for such bonds as are acceptable for the purpose of securing the deposits from time to time.
The proposal to have the Senate Committee on Finance
hold public hearings on the pending tariff bill was defeated
in the Senate on the 16th inst. by a vote of 41 to 36. The
recommendation that the Committee be instructed to conduct public hearings was submitted on the 9th inst. (the day
the bill reached the Senate) by Senator Penrose, the ranking
Republican member of the Committee; Senator Penrose
offered the proposal as an amendment to the motion of
Senator Simmons, Chairman of the Committee, who had
moved for reference without instructions. The Penrose
amendment was supplemented by another offered on the
13th inst. by Senator La Follette directing theCommittee
to submit to all manufacturers appearing before it or filing
protests against the bill a series of 16 questions relating to
the commodity they manufacture, the cost of production
In this and competing countries, the cost of labor here and
abroad, the transportation cost of principal markets here
and abroad, &c. This amendment was accepted by Senator
Penrose and the two were considered as one. In the vote
by which it was lost on the 16th inst., two Democrats,
[VOL. xcvi.
Senators Ransdell and Thornton of Louisiana, voted with
the Republicans in favor of public hearings, while Senator
Poindexter of Washington, a Progressive, voted with the
Democrats in opposition. On Tuesday of this week,the 20th,
discussion was had on a resolution offered by Senator Penrose, directing the Chairman of the Finance Committee to
report to the Senate a full list of all manufacturers and others
who have appeared before the majority members of the
Committee, or a sub-committee thereof, for hearing or conference relative to the bill. An amendment by Senator
Smith of Georgia for submission of names of manufacturers
who have appeared before minority members of the Committee and another by Senator Reed for making public a
record of manufacturers who had appeared before the Finance
Committee when the Dingley and Payne-Aldrich bills were
under consideration, were accepted, and when the Penrose
motion, with amendments, was about to pass, Senator
Lippitt proposed another which would require immediate
publication of all briefs filed with the Finance Committee.
Thereupon Senator Simmons moved that the whole matter
be referred to the Finance Committee and the motion was
carried, 42 to 29.
According to an announcement made by Chairman Simmons on Wednesday there will be no hearings on the bill by
the sub-committees after Tuesday next. This statement said:
"The Democratic members of the Finance Committee of the Senate
desire that all persons who wish to confer with the sub-committees with
reference to the schedules referred to them should do so before the close
of next Tuesday. After then the sub-committee will begin the work of
actually framing the schedules."
It is stated that by June 3 it is hoped to have the bill in
shape to be submitted to a Democratic caucus of the Senate,
and that efforts will be made to have it promptly agreed upon
in caucus and passed by the full Finance Committee so that
it may be reported to the Senate by June 7.
The veto of the Sundry Civil Appropriation Bill, because
of its provisiqns exempting labor unions and farmers' organizations from prosecution under the Sherman Anti-Trust
Law, is urged-upon President Wilson in a resolution adopted
on Tuesday at the annual convention of the National Manufacturers' Association in Detroit. In part the resolution
says:
"The moral effect of the proviso preventing the use of public funds
specifically appropriated to enforce the Sherman Act for the prosecutuon
of labor and agricultural combinations violating that statute in the public
mind and among the exempted classes is to condone the acts which
the law has condemned and to make the participants in strikes, boycotts
and all forms of labor disturbances believe they are justified in acts of lawlessness when done in furtherance of a trade dispute.
"It implicitly pledges the Administration to similar changes in the
substantive law which would approve and validate the most vicious forms
of the secondary boycott in inter-State commerce, including paralysis
of railroad communication, the ruin of custom, and the compulsory ,dis;
charge of non-union men as a means of compelling the acceptance of the
demand of the boycotting combination. Making it lawful and right for
one class of citizens to do that which would remain criminal and wrong
when done by another class insults the law-abiding members of the excepted
classes; offends the moral sense of our people, and, under the decisions
of our courts, would be likely to invalidate the Act and thus further the
sinister designs of those who would destroy that statute itself.
"Be it further resolved, that a copy of these resolutions be immediately
communicated to the President of the United States and spread upon the
records of this Association."
Resolutions were also adopted at the meeting urging the
establishment of a Federal department of manufactures; denouncing the principle of the closed shop;urging adequate protection for all American industries; protesting against the "abridgment of the rights of courts of equity to grantinjunctions
in labor disputes"; protesting aganst all "class legislation as
un-American and detrimental to the common good"; pledging loyalty to the judiciary; urging further and more efficient
enactment of workmen's compensation legislation and
approving the immediate enactment of all important and
necessary labor laws. At the final day's session, Thursday,
retiring President John Kirby Jr. was presented with a check
for $10,000 in recognition of his services.
A resolution appropriating $600,000 to make up deficiencies in the postal service was passed by the House of Representatives on the 10th inst and by the Senate on the 19th.
The resolution provides for an appropriation of $300,000 for
temporary and auxiliary post-office clerks and $300,000 for
substitute, auxiliary and temporary city delivery carriers.
During the debate on the resolution in the Senate, it was
shown that about half the deficiency is due to the increased
service under the parcel post system, while the other half is
due to the legislative provision enacted last year which limits
carriers to eight hours' work and requires the eight hours to
be confined within ten hours, and provides pay for overtime,
that results in additional clerks being necessary. This provision stipulates "that on and after Mar. 4 1913 letter-carriers
MAY 24 1913.]
THE CHRONICLE
in the city delivery service and clerks in first and second-class
post-offices shall be required to work not more than eight
hours a day; Provided, that the eight hours of service shall
not extend over a longer period than ten consecutive hours,
and the schedules of duty of the employees shall be regulated
accordingly."
As indicating the effect of this legislation, Senator Bristow
in the Senate debate said:
1461
the date has not yet been determined. Cleveland's invitation for the next meeting of the Board of Governors was
accepted. This meeting will take place probably in August.
The New York State Savings Bank Association held its annual meeting on Thursday at Delmonico's. Despite the intimations last week that the meeting was likely to be marked by
the withdrawal from membership in the Association of other
institutions following that of the Seamen's Bank for Savings,
there were no defections, and nothing of moment apparently
transpired at the meeting. While the legislative proceedings
affecting the savings banks were referred to by some of the
speakers, the Association, as a whole, did not undertake to
enter upon consideration of legislative matters. Commenting on the need of unity of action by the Association for the
enactment of legislation to correct existing defects in the
laws, the retiring president H. P. Brewster, President of
the Rochester Savings Bank said:
There had been an eight-hour law previously to this; they have been on
the eight-hour system all along; but this law requires that the eight hours'
work shall be performed within ten hours. I have a number of requests
from my own State asking additional help where it had not been needed
because it is now necessary either to employ additional carriers or to let
the work go undone. It is not due to any excessive amount of work imposed
upon the carriers, but because they could not arrange the eight hours within
the ten hours so as to make it convenient.to do the work. It is the fruits
of what appeared to me to be an unwise provision at the time in requiring
the carriers and the clerks in many offices where the trains did not run
conveniently to do their eight hours' work within the ten hours. To illustrate: Say Monday is a heavy day and Friday will be a light day. Under
the old system a carrier might work over half an hour on Monday and he
would be permitted to deduct that from some other day during the week,
During the past year there have been many important matters brought
putting in his forty-eight hours during the week, instead of exactly eight
hours each day. The repeal of that provision has necessitated this addi- to the attention of the association, the most important of which was the
tional expense, even where the burden of the service is no greater now Banking Department bill affecting savings banks. Of the numerous bills.
I think the only one which needs any reference on my part is what is known
than it was then.
the "reserve bill."
The additional expense incurred by the legislation, Senator asThe
large depreciation in market surpluses of the savings banks of this
Bristow inferred, would be about $3,600,000 a year. Senator State has, of course, been caused by many conditions. In some instances,
fact in a large majority of cases, it has been caused by a continued deMartin, in acknowledging that figure as likely to be correct, in
predation in the prices of
and, perhaps in some cases, the payment
stated that the $600,000 asked for covered a deficiency of of excessive dividends. securities;
But whatever the cause may be, the fact exists,
and some remedy must be found which will meet the general approval.of
only two months.
the savings banks of this State to correct this unfortunate condition.
A committee which is to investigate and report on the allUnless
this association can agree on some plan, it must, sooner or later,
advisability of installing mail service in the subways of Man- be referred to the members
of our Legislature for action. I think a large
hattan and Brooklyn and the Hudson Tunnels between majority of us feel that in making or opposing legislation we should have
mind the whole situation, rather than some bill that will affect the parNew York, Jersey City and Hoboken was appointed by in
ticular institution with which you or I may be connected.
Postmaster-General
Burleson on the 22d inst. It consists
With regard to the "reserve" bill, and its effect, if it had
of Joseph Stewart, Second Assistant Postmaster-General; become
a law, John M. Satterfield, Vice-President of the
Edward Morgan, Postmaster of New York, and Elijah M.
American Savings Bank of Buffalo, is quoted in the "Journal
Norris, Superintendent of the Railway Mail Service at
of Commerce" as saying:
New York.
During the year 1913 there were 72 savings
At the two days' session in St. Louis of the Board of Governors of the Investment Bankers' Association of America,
on the 16th and 17th inst., the question of "blue-sky" legislation, in which the Association has played a prominent
part in a country-wide campaign for sane laws, came up for
consideration. The Association's attitude toward this form
of legislation was indicated recently by its President, George
B. Caldwell, who said:
As an association, we have in no wise disapproved any law wisely drawn
to suppress the sale of "wild cat" securities and losses yearly borne by
honest but ignorant investors. We have been on the defensive only when
these laws or proposed laws unnecessarily and unjustly hamper legitimate
business. Our membership of 400 is composed of the largest and oldest
firms dealing in bonds, so we are largely a bond-dealers' organization.
In other words, our membership distributes over 75% of the secured form
of credit. Our greatest difficulty is and always has been to create a distinction between bond dealers and those who do business purely as brokers
or stock dealers. "Blue sky" legislation has clearly shown what real investment bankers are and should be as compared with the so-called "investmont banker" who sells cheap stocks referred to as "blue sky."
At last week's meeting of the Governors resolutions were
adopted commending such laws as will protect the investment public from fraud, and while urging that members
act together in complying with State requirements, it was
also'recommended that where laws are clearly unconstitutional or impossible of enforcement, joint action be taken
to test or amend them in order that the public be helpfully
protected and legitimate business be placed upon a satisfactory basis. In full the resolution is as follows:
Resolved. That the Board of Governors of the Investment Bankers' Association of America , having fully considered the so-called "blue sky"
laws which have been passed and are now under consideration in various
States, commend such laws as will protect the investment public from fraud,
and urge upon its members the fullest co-operation with State officials
having charge of the enforcement of such laws.
That they feel, however, that some of said laws are contrary to the right
of free contract and demand the filing of such reports and statements as
will make legitimate investment dealings impossible; so much so that they
feel that parts, at least, of such laws are impossible of enforcement.
The Board of Governors of the Investment Bankers' Association recommend: First, that all members act together in the matter of compliance with
State requirements. Second, that where laws are clearly unconstitutional
or impossible of enforcement, joint action be taken to test or amend such,
in order that the public be helpfully protected and legitimate business be
placed upon a satisfactory basis.
banks in New York State
which paid dividends to depositors at the rate of 4%. They paid $29,786,075 in dividends to depositors. Their total resources were on Jan.
1
1913 $887,000,000. Their average holdings of bonds are equal to about
42% of their total resources, which makes a total bond investment for the72 banks of about $372,000,000. If the Pollock reserve bill had passed,
and if it was in effect now and had been in effect from Jan. 11913.
and if it
had caused all 4% banks to reduce to 33.%, then the total
increase in surplus through reduction of dividends would, up to July
1 1913, amount to
$1,862,000. If the market value of the bonds held by these
72 banks
falls only one point from Jan. 1 1913 to July 11913, the surplus
depreciation will amount to about twice as much as the dividends
saved. It is
interesting to note that the total market value surplus of the
72 4%
banks was $80,576,000 on Jan. 1 1913.
E. P. Maynard, President of the Brooklyn Savings Bank,
was elected President of the Association over Luther R.
Mott, who was named in opposition to the nominating
committee's candidate.
The two remaining bills in the series of Stock Exchange
legislation were signed by Gov. Sulzer on the 19th
inst.
In all, eight of the bills have now been enacted into law,
while four failed of enactment. The six which had already
been approved were indicated in these columns last Saturday; the two which received the Governor's signature this
week are the bill which makes it a felony to trade against
customers' orders in stocks, bonds or other evidences of
debt of a corporation, company or association, and the bill
requiring brokers to give to customers a memorandum of the
sale or purchase of stock stating from whom it was bought
or to whom it was sold, together with the time when the
transaction occurred.
We print below the text of the bill passed by the New
York Legislature designed to make more stringent the law
against "bucket shops." The measure, which was signed
on April 9, is one of those recommended by Gov. Sulzer
along with other legislation affecting the Stock Exchange.
It carries with it a provision to the effect that no person is
to be excused from testifying at a trial upon the ground that
the testimony may tend to convict him of a crime, but it
is provided, furthermore, that a witness shall not be prosecuted for any incriminating matter or thing concerning which
The attitude of the Association toward the present pro- he may testify.
The law in its entirety is as follows:
posed income tax was also considered along with the brief
CHAPTER 236.
recently filed by its counsel with the Committee of Finance
An Act to amend the penal law in relation to bucket shops.
Became a
of the United States Senate. This brief was filed by the law April 9 1913 with the approval of the Governor. Passed, three
-fifths
Association on behalf of the investor for the purpose of urging being present.
The People of the State of New York, represented in Senate and
Assembly;
such amendments to the pending income tax bill "as may do enact as follows:
Section 1. Section 390 of Chapter 88 of the Laws of 1909, entitled
seem necessary to carry out what the Association believes
"An
Act providing for the punishment of crime, constituting
Chapter 40 of
to be the intent of its framers, and to make the proposed the
Consolidated Laws," is hereby amended to read as follows:
law workable and just in its operation." Chicago was seSec. 390. Acts prohibited; penalty for violation. Any person,
co-partner
looted as the meeting place of the next convention of the ship, firm, association or corporation, whether acting in his, their or it
right,
the
own
as
or
officer,
agent,
servant,
correspondent
or representative
Association. This gathering will convene early this fall; of another, who shall,
1462
THE CHRONICLE
1. Make or offer to make, or assist in making or offering to make, any
contract respecting the purchase or sale, either upon credit or margin, of
any securities or commodities, including all evidences of debt or property
and options for the purchase thereof, shares in any corporation or association, bonds, coupons,scrip, rights, choses in action and other evidences of
debt or property and options for the purchase thereof or anything movable
that is bought and sold, intending that such contract shall be terminated,
closed or settled according to, or upon the basis of the public market quotations of prices made on any board of trade or exchange upon which such
commodities or securities are dealt in, and without intending a bona fide
purchase or sale of the same; or,
2. Makes or offers to make or assists in making or offering to make any
contract respecting the purchase or sale, either upon credit or margin,
of any such securities or commodities, intending that such contract shall
be deemed terminated, closed and settled when such market quotations
of prices for such securities or commodities named in such contract shall
reach a certain figure, without intending a bona fide purchase or sale of the
same; or,
3. Makes or offers to make, or assists in making or offering to make,
any contract respecting the purchase or sale, either upon credit or margin,
of any such securities or commodities, not intending the actual bona fide
receipt or delivery of any such securities or commodities, but intending it
settlement of such contract based upon the difference in such public market quotations of prices at which said securities or commodities are, or are
asserted to be, bought or sold; or,
4. Shall, as owner, keeper, proprietor or person in charge of, or as officer,
director, stockholder, agent, servant, correspondent or representative of
such owner, keeper, proprietor or person in charge, or of any other person,
keep, conduct or operate any bucket shop, as hereinafter defined; or knowingly permit or allow or induce any person, co-partnership,firm, association
or corporation, whether acting in his, their or its own right, or as the officer,
agent, servant, correspondent or representative of another, to make or
offer to make therein, or to assist in making therein, or in offering to make
therein, any of the contracts specified in any of the three preceding subdivisions of this section,
Shall be guilty of a felony,and on conviction thereof shall, if a corporation,
be punished by a fine of not more than five thousand dollars for each offense,
and all other persons so convicted shall be punished by a fine of not more
than one thousand dollars or by imprisonment for not more than five years,
or by both such fine and imprisonment. The prosecution, conviction and
punishment of a corporation hereunder shall not be deemed to be a prosecution, conviction or punishment of any of its officers, directors or stockholders.
Sec. 2. Article 36 of such chapter is hereby amended by adding at the
end thereof a new section, to be Section 395, to'read as follows:
Sec. 395. Witnesses. No person shall be excused from attending and
testifying, or producing any book, paper, or other document before any
court or magistrate, upon any trial, investigation or proceeding initiated
by the District Attorney, grand jury or court, for a violation of any of the
provisions of this article, upon the ground or for the reason that the testimony or evidence, documentary or otherwise, required of him may tend to
convict him of a crime or to subject him to a penalty or forfeiture: but no
person shall be prosecuted or subjected to any penalty or forfeiture for or
on account of any transaction, matter or thing concerning which he may so
testify or produce evidence, documentary or otherwise, and no testimony
so given or produced shall be received against him upon any criminal action, suit or proceeding, investigation, inquisition or inquiry.
Sec. 3. This Act shall take effect immediately.
[VOL. xcvi.
deficiency according to the number of shares of stock held
by each. The defendants demurred to the sufficiency of the
complaint, first upon the ground of insufficiency of facts
alleged; second that the plaintiff, the Superintendent of
Banks, has not the legal capacity to sue, and third that the
Act which attempts to make stockholders liable violates the
Constitution of the United States and the constitution of the
State of New York. In writing the opinion Justice Whitaker
stated that the third ground was overruled without discussion
inasmuch as Section 7 of Article 8 of the constitution of New
York especially provides that stockholders of banks shall be
liable to creditors; moreover,the Special Term will not declare
an Act of the Legislature unconstitutional unless the violation is plain and patent upon the face of the statute. In
handing down the opinion of the Court with respect to the
liability of stockholders and the position of the Superintendent of Banking in attempting to enforce such liability,
Justice Whitaker said:
There have been constitutional provisions and statutes providing for the
liability of stockholders of banks (Sec. 7, Art.8 constitution of 1846; Sec, 7,
Art. 8 constitution of 1894; Chap. 226 Laws of 1849, &c.) As to methods
of enforcing the liability there have been statutes passed from time to time,
and it would not serve any purpose to set them forth in detail. *
*
The latest expression of the Legislature upon the question Ls Section 19 of
the Banking Law, as amended by the Laws of 1910, Chapter 452. This
Section is in conformity with a comparatively new and improved system
of taking charge of insolvent banks and winding up their affairs. It was
the intention of the Legislature to simplify the method. This Section provides that the Superintendent shall collect all the debts and accounts of the
bank and may,"if necessary to pay the debts of such corporation,enforce
the individual liability of the s;ockholders." This provision must have
some meaning and there is only one way for the Superintendent of Banks to
enforce this liability and that is by an action. lam of the opinicn, there
fore, that the right of the Superintendent of Banks to prosecute this action I_
not only founded upcn reason but is sustained by authority and that the
facts stated in the complaint are sufficient.
Several other questions were passed upon at the same time;
thus it was decided that record stockholders who have
assigned their stock but have failed to have the stock
transferred upon the books of the bank are presumably
liable; with regard to the affirmative defense of two of the
defendants, Edward N. Jesup and the People's Surety Co.
of New York, that they held stock as collateral security and
that it was never held by them in their own right, the opinion
overrules the demurrers to their defense, and points out
that under Sections 2 and 71 of the Banking Law and Section
58 of the Stock Corporation Law persons holding stock are
not liable, and states that "the mere fact that the stock
stood in their names upon the stock books of the bank does
On the 15th inst. Gov. Sulzer vetoed a bill which provided not make them liable—the stock book is
presumptive evidence
for the pensioning of savings bank employees after thirty only of the title. It may be
rebutted and the character
years of service. In a memorandum indicating his disap- of the ownership shown." The
opinion also holds that the
proval of the bill, the Governor said:
The object of this bill is commendable. Employees who have faithfully defense set up by Norman Seymour—in substance that the
erformed service for over thirty years or upwards. not only in savings banks directors of the defendant bank wasted, misapplied,illegally
ut in other industrial organizations, merit the financial assistance of their loaned and lost the funds of the bank, and that it was through
employers by pension or otherwise during their old age.
the negligence and misfeasance of the directors that the
The pensioning of the employees of the savings banks under the terms of
the measure now before me is to be accomplished out of the depositors' defendant bank became insolvent—is clearly no defense.
moneys. This diversion of the property of the depositors should not be "The directors," says the opinion, "could neither deprive the
made without their consent. (It might be suggested that if there are sufficient employees in the savings banks of the State interested in establish- creditors of their Constitutional and statutory rights against
ing a pension fund, that the insurance laws of our State now permit them to the stockholders, nor could they relieve the stockholders of
organize as a membership association and, by mutual contribution, to ac- their liabilities under the Constitution and the statutes".
complish the purpose sought
in this bill, and the opportunity is open for
the officers of the savings bank who have received the assistance of long
years of service of these employees to contribute from their money to the
support of this pension fund.)
I deem it improper, without the authorization of the depositors, to use
their money for the pensioning of the savings banks' employees.
I disapprove the bill.
The right of the New York State Banking Department
to enforce the liability of stockholders of defuirt banking
institutions has been upheld during the past month
both by the Court of Appeals at Albany and the Supreme
Court (Special Term) for the District of New York. The
decision of the Court of Appeals, handed down on April 1,
was given in the test case brought to recover from August
C. Scharmann, a stockholder in the failed Lafayette
Trust Co. of Brooklyn, the face value of his holdings in the
Interest of the creditors of the company. In February 1912
Justice Crane of the Supreme Court of Brooklyn sustained
the Banking Department in its efforts to recover from the
stockholders of the failed institution, and in November 1912
the Appellate Division of the New York Supreme Court
upheld the finding of Justice Crane by affirming judgment
against the stockholders of the trust company. The Court
of Appeals now affirms the decisions of the lower courts.
The other action referred to was brought by Superintendent Van Tuyl against Joseph G. Robin and others to ascertain the existing assets and liabilities of the failed Northern
Bank of New York, to .determine the deficiency of assets, if
any, and to compel the stockholders to contribute to such
After a serious illness of several months, the father of
William G. Fitzwilson, Assistant Secretary of the American
Pankers' Association, died in Richmond, Va., on May 18.
Mr. Fitzwilson was a- well-known and respected citizen of
Richmond, and was about seventy-five years of age.
Frederick B. Schenck, Chairman of the Board of Directors
of the Liberty National Bank of this city, died at his home
at Englewood, N. J. on the 21st inst. Mr. Schenck, who
was in his sixty-second year, entered the management of
the Liberty as President in January 1907, and served in
that capacity until March 1912, when he became Chairman
of its Board. Before associating himself with the Liberty,
Mr. Schenck had been connected with the Mercantile
National Bank for twenty-six years, and was its President
when he withdrew to direct the affairs of the Liberty.. At
the time of his death, Mr. Schenck was a director of the
Brunswick Terminal & Ry. Securities Company and the
Palisades Trust & Guaranty Company of Englewood.
Two of Mr. Schenck's brothers are likewise prominent as
bankers, Edwin S. Schenck being President of the Citizens
Central National Bank of this city and Henry A. Schenck
President of the Bowery Savings Bank.
John T. Terry has been elected to the board of the Metropolitan Trust Co. of this city to succeed his father, the late
John T. Terry Sr.
MAY 241913.]
THE CHRONICLE
Andrews H. Mars, Secretary of the Fidelity Trust Co. of
this city, has been elected a director of that institution.
Theodore F. Miller, President of the Brooklyn Trust Co.,
died on the 19th inst., his death resulting from a nervous
breakdown which he suffered several weeks ago, brought
about by overwork. Mr. Miller was made President of the
Brooklyn Trust Co. thirteen years ago—in June 1900—and
was continued in that capacity after the merger early the
• present year of the Long Island Loan & Trust Co. with the
Brooklyn Trust. Before undertaking the management of
the trust company, he had been Secretary and Treasurer of
the Henry R. Worthington Co., manufacturers of hydraulic
machinery. Mr. Miller, who graduated from the Columbia
Law School in 1871,had also formerly practiced law,and had
been connected with the law office of ex-Judge Reynolds and
with the office of Enoch L. Fancher, arbitrator of the Chamber of Commerce. Mr. Miller was in his sixty-third year.
He was a director of the Brooklyn City RR. Co., the
New York Telephone Co., the New York Title Insurance
Co., the New York Mortgage & Security Co., the Brooklyn
Savings Bank and a member of the Chamber of Commerce.
He had also been President of the Trust Company Association of the State of New York. He was, besides, Chairman
of the Board of Trustees of the College of the City of New
York, a trustee of the Brooklyn Heights Seminary and Chairman of the Committee on Commercial Education of the
Chamber of Commerce. Following the church services on
the day of Mr. Miller's funeral, Thursday, his body was
borne to the great hall of the City College, where a brief
eulogistic service was held in his memory.
1463
And on the unanimous request of all of the stockholders of the bank,it is
further ordered that the entire amount of this dividend be paid immediately
to Mr. Charles Adsit in grateful recognition and appreciation of honorable,
faithful and efficient leadership.
A complimentary dinner was held in the evening, attended
by Out-of-town bankers with whom Mr. Adsit had come
most closely in contact during his long term of service.
The First National Bank is the outgrowth of the exchange
office established by Martin Adsit in his general store in the
village of Hornellsville in 1849. The business grew and was
incorporated as a national bank in 1863. The late H.H.
Cook, then living at Bath, was the first President, and Martin Adsit the first Cashier. His son, Charles Adsit, entered
the bank at this time. When the elder Mr. Adsit became
President, Charles Adsit succeeded him as Cashier, serving
until he was elected President on the retirement of his father.
The bank started with $50,000 capital, which was later increased to $100,000. It has accumulated a surplus and
undivided profits of over $220,000, besides paying satisfactory dividends to the stockholders continuously without interruption.
A new financial institution was added to the list of those
operating in Boston with the opening in that city on the 15th
inst. of the Fidelity Trust Co., which has been created, as
we have heretofore noted, with a capital of $500,000 and a
surplus of $100,000. The institution has been established
in the Board of Trade Building. Its board is made up of
forty-four members—one of the largest directorates among
the Boston banking institutions. Its officers are Leonard H.
Rhodes, President; Edward C. Donnolly, James G. Ferguson, James D. Henderson and James M. York, Vice-PresiFrank F. McLeod, Treasurer, and Charles B.Strout,
Andrew T.Sullivan,President of the Nassait Trust Com- dents;
Bradlee and Salisbury S. Collinson, Assistant
Abbot
E.
pany of Brooklyn Borough, sailed on the 14th inst. for a
Treasurers.
tour of Europe. The directors of the institution have voted
him a four-months' leave of absence. E. T. Horwill, ViceThe organization of the Industrial National Bank of BosPresident of the company, will be the acting President until
ton is nearing completion, and it is expected that the instireturn.
Sullivan's
Mr.
tution will begin business shortly. Edgar R. Champlin is
Upon the recommendation of Uzal H. McCarter, President to be Chairman of the board of the new institution and Charles
cf the Fidelity Trust Co. of Newark, N. J., Henry Schneider D. Buckner will be the Cashier. As announced heretofore,
v as this week elected an Assistant Secretary and Treasurer the bank is to have a capital of $500,000 and a surplus of
of that institution. Mr. Schneider was advanced from a $250,000.
position of general bookkeeper, a place he had held for some
Another bank which is being formed in Boston is the Nayears, he having been connected with the institution since
1901. He is succeeded as general bookkeeper by Winfield tional Port Terminal Bank,with a capital of $200,000. An
application for a charter has been filed with the Comptroller
S. Shann.
the Currency at Washington. Among the petitioners are:
of
Robert M. Petty, formerly President of the defunct
R. Murphy, W. H. Bliss, J. W.Brine, M. Cluring and
John
Washington National Bank of Washington, N. J., who was
expected that the bank will open within
convicted last month on the charge of embezzling $30,295 A. L. Wilbur. It is
of Dewey Square.
locality
months
in
the
few
a
of the institution's funds, was sentenced on the 12th inst. to
eight years in the State prison at Trenton. The bank closed
Wm. S. Felton & Co. have made their usual compilation
its doors in November 1911. Petty had formerly been Mayor
of Washington and had also been President of a traction of the statistics of the Salem, Mass., banking institutions,
company. The difficulties of the bank were attributed to the figures being thop at the close of business April 4, the
the promotion of his trolley interests. An assessment of date 'of the last return to the national and State officials.
100% on the $50,000 capital of the bank is said to have been The capital of the national banks and trust companies is
paid by all the stockholders except Petty; even with the $850,000 and the surplus and undivided profits $846,421 32,
payment of the double liability, a deficit of about $100,000 a loss of $4,499 since Feb. 4, the date of the previous return,
the April 1 semi-annual dividends having intervened. The
is reported to have existed.
total deposits of the national banks and trust companies
Perry E. Wurst has been elected Trust Officer of the Fidel- are $6,445,676, a loss of $7,541 since April 4, and of the two
ity Trust Co. of Buffalo. This position is a newly-created savings banks $18,959,529 58, a loss of $60,957. The reone.
sources of the two co-operative banks are $1,285,010 56, a
A celebration of much interest to bankers was held at gain of $124,863 72. The aggregate resources of all the
the First National Bank of Hornell, N. Y., Tuesday, banking institutions of the city are $30,487,693, a gain of
May 20. The occasion was the semi-centennial of the in- $674,012.
stitution as a national bank and the completion of fifty years'
Allen M. Matthews has been appointed Assistant Cashier
continuous service with the bank by the President, Charles
of
the Corn Exchange National Bank of Philadelphia.
Adsit. May 20 was chosen for the date of the celebration
because of its being Mr. Adsit's birthday. The directors,
Edward E. Shields has been elected an Assistant Cashier
out of regard for Mr. Adsit's modesty, made the affair a
of
the Franklin National Bank of Philadelphia. Mr. Shields
very quiet one, and all the plans were kept secret as a surprise
had been Assistant Cashier_ of the First National Bank of
to him. In the morning the directors gathered at the bank
West Chester, Pa.
and passed the following resolutions:
Whereas, This bank has completed fifty years of corporate existence and
Several changes have taken place in the management of
usefulness as a national bank this year; and
Whereas, Our President, Mr. Charles Adsit, has served faithfully in the the National Bank of McKeesport, Pa., as a result of the
bank for all of this time, and for most of the time as Cashier and then recent death of the President, Thomas M. Evans. W. C.
President; and
director since the
Whereas, The stockholders and directors, after consultation, have felt Soles, who has been ViCePesident and a
bank's inception in 1887, has been elected as the new executhat his services and this record warrant recognition and public notice;
Resolved, That on this birthday we unite in extending to him cordial tive officer. John K. Evans, a brother of the late Presigreetings, and that we record our gratitude for his leadership and the
manner in which he has conducted the business of the bank, with fairness dent, has been elected Chairman of the Board,a newly
created office. James E. Patterson, associated with the
to the public and the stockholders, and with benefit to both;
Itt That in celebration of the facts stated, a special dividend of five per cent institution for more than twenty years, has been made
hereby
the
and
same
is,
out
of
declared, payable
on the capital stock be,
Vice-President, and Cashier D. H. Rhodes has also been
the undivided profits of the bank immediately;
1464
44
THE CHRONICLE
xcvi.
designated a Vice-President. J. W. Albig, Assistant Cashier Atchison, the members pledged themselves to bring about
has been made a director.
the organization of county banking organizations to cooperate
with the farmers and the State Agricultural College
Reports from Baltimore state that the present banking
firm of Middendorf, Williams & Co. is to be dissolved on in the development of the farm movement. The currency
June 1, when J. William Middendorf and H. Fessenden reform problem shared attention with the agricultural
Meserve will retire from active partnership. It is understood question. M.H. Mallott, President of the Citizens' Bank of
however, that Mr. Middendorf will continue to be associated Abilene, in his annual address as President of th-% Associawith the new partnership which is to be formed under the tion, gave expression to his ideas on currency as follows,
old firm name by R. Lancaster Williams, Frank A. Munsey according to the Kansas City "Star":
No plan appeals to me more strongly than that of the issuance of currency
and T. Garland Tinsley.
based on 50% of the value of clearing-house loan certificates. With
The annual convention of the Ohio Bankers' Association
will be held this year in Cleveland on Sept. 11 and 12.
The creation of the First Trust & Savings Co. of Cleveland as an adjunct of the First National Bank of that city
has been undertaken by interests in the latter. The relations between the two will be similar to those maintained
between the First Trust & Savings Bank and the First National Bank of Chicago and like organizations; the stock of
the First Trust & Savings Co. of Cleveland is to be held in
trust for the shareholders of the First National Bank of
Cleveland. The prospective company is to have a capital
of $1,250,000 (half the amount at which the First National
is capitalized) and each shareholder of the First National is
given the right to subscribe to the new stock at par to the
extent of 50% of his holdings in the national institution.
The arrangements with regard to the issuance of the stock
of the new company provide that it be trusteed with a committee of the First National, participating receipts being
issued to the shareholders. The First Trust & Savings Co.
will be housed in the First National Building. John Sherwin, President of the First National, will be at the head of
the proposed institution.
William R. Craven, Secretary of the Dayton Savings &
Trust Co. of Dayton, Ohio, is slated for the presidency of
the new United National Bank of Cincinnati, to be formed
with a capital of $1,000,000 and to be located at Fourth and
Vine streets in the Union Central Building. The new bank,
it is said, will open for business about Aug. 1. The United
Savings Bank & Trust Co. is also to be organized in connection with the new institution. E. D. Moody will be VicePresident. Mr. Craven has been Secretary and Manager
of the Dayton Savings & Trust for nine years and previous
to that he was connected with the Third National of Dayton for twelve years.
the
loans passed upon by the clearing-house committee, with the system of
clearing-house examinations whereby no bank can be a member which does
not habitually carry enough liquid assets and cash to settle its daily balances,
in gold or its equivalent, with every bank in the association a joint indorser
of the paper, we would have a currency system that would meet every
requirement and sustain public confidence.
This method would eliminate the central bank or the centralization
of capital and would be needed only under the unusual conditions which
periodically come under our present system.
That the plan adopted must be free from any speculative manipulation
through politics or by the aggregate •wealth of Wall Street is imperative.
The currency must be uniform in appearance and have the authority of the
Government behind it: it must be elastic to meet the varying needs of the
different sections of the country, and automatically be retired when the
emergency demanding it is past.
H. C. Nicolet, financial editor of the Kansas City "Star",
also had some thing to say about the currency and, in
declaring his belief that the forthcoming legislation will to
some extent embody the Aldrich principles, made the following remarks:
"The ill-fated so-called Aldrich plan fell by the wayside unhonored and
unsung because Senator Aldrich's name was attached to it. But the
men in charge of monetary legislation in Washington under the present
administration are working out plans largely embodying the essential principle of the Aldrich scheme.
"The traditional Democratic opposition to national banks and to Government deposits in banks is going to fade away as many other attitudes
of an opposition party have done when it acquired the sobering sense of
authority and responsibility, and the President of the United States, who
all his life, has associated with scientific men, is going to follow the advice
of the scientists and the political economists in this important matter."
Bernard G. Brinkman, Assistant Cashier of the Lafayette
Bank of St. Louis, is reported to have recently purchased
80 shares of the bank's stock, the price paid for the same, it
is said, having been in the neighborhood of $1,205 a share.
Mr. Brinkman is also President of the Paragould Trust Co.
of Paragould, Ark.
The Continental Trust Co. of St. Louis was incorporated
on the 15th inst. with a capital of $100,000 (half paid in).
It is stated that it will open for business next month in. the
Thurles Building, at Delmar and Hamilton avenues. The
new company will clear through the International Bank.
Van L. Runyan, former Assistant Cashier of the National
Bank of Commerce, will be Secretary and Treasurer of the
new company.
At the special meeting of the stockholders of North West
State Bank of Chicago on the 16th inst., the recommendation of the directors that the capital of the bank be increased
$100,000, or from $200,000 to $300,000, July 1, was ratified.
Present stockholders are permitted to subscribe for the new
The newly formed Farmers' National Bank of Topeka,
stock at par to the amount of one-half their present holdings
until June 10,and payment is to be made for same on or be- Kans., began operations on May 15; the application to organize the institution was approved by the Comptroller of
fore June 16. No fractional shares will be issued.
the Currency on May 8. The interests in the institution
May 5 marked the 10th anniversary of the American Na- at first secured a State charter, taking out a certificate under
tional Bank of St. Paul. In the decade of its operation the the name of the Kansas State Bank, but the bank's organibank has developed into an institution with deposits of about zation was not perfected until the Federal charter was se$2,500,000. The progress of the bank is shown in a compara- cured. With this charter as a basis, the contemplated institive statement issued by the officials; going back about tion was then converted to the national system. As we intwo and a half years we find that the deposits have grown dicated in a reference to the bank in our issue of the 3d,
from $1,885,390 Nov. 10 1910, $1,983,271 Dec. 5 1911, the Farmers' National opens under the presidency of J. W.
to $2,188,014 Nov. 26 1912 and to $2,474,825 April 4 1913. Thurston, who resigned as Cashier of the Bank of Topeka
The capital was recently increased from $200,000 to $400,- to undertake the management of the new organization.
000. The Northern Savings Bank is under the same man- Those assisting Mr. Thurston in directing the affairs of the
agement as the American National and the combined re- Farmers' National are A. Fassler, Vice-President; H. G.
sources of the two are $3,719,490. Ben. Baer is President West, Cashier, and F. F. Clinger, Assistant Cashier. The
bank has a capital of 8100,000 and a surplus of $20,000.
of the American National and H. B. Humason is Cashier.
The Bankers' Trust Co. of Salt Lake is the name of an
institution about to be organized which is to be owned by
the stockholders of the National Copper Bank of that city.
Under the articles of incorporation just filed, the capital of
the prospective company is fixed at $500,000. The institution will not engage in a banking business but will confine
itself exclusively to a trust and mortgage business. W. W.
Armstrong, President of the National Copper Bank, is to
be President of the company.
John Stites, Vice-President of the Louisville Trust Co. of
Louisville, Ky., was elected President of the institution on
the 6th inst. to succeed the late Hector V. Loving. Mr.
Stites became Vice-President of the company in January
1911. Previous to that time he was Chairman of the Board
of the Fidelity Trust Co. of Louisville—now known as the
Fidelity & Columbia Trust Co. Mr. Stites had also been
Vice-President and President, respectively, of the Fidelity
before his election as Chairman of the Board. William G.
Wetterer, Secretary of the Louisville Trust, and who has
The agricultural developmet t of Kansas formed one of been identified with
the company since its organization in
the most important topics ot discussion at the annual meet- 1884, has been elected a director to succeed
Mr. Loving.
ing of the Kansas Bankers' Association held on the 6th and
7th inst. at Hutchinson. On motion of ex-Governor W. J.
L. P. Hillyer, Vice-President of the American National
Bailey, Vice-President of the Exchange National Bank of Bank of Macon, Ga., was elected President of the Georgia
MAY 24 1913.]
THE CHRONICLE
Bankers' Association at the annual convention held at Macon on the 15th, 16th and 17th inst. Mr. Hillyer has been
an officer of the Association ever since it was established,
twenty-two years ago; for twenty years he held the post of
Secretary, while for the past two years he has been First
Vice-President. A feature of the convention was a luncheon
given by Mills B. Lane of Savannah, the first President of
the Association, to the surviving founders of the Association; the affair was attended by ten of the survivors. A
proposed banking bill, drafted by a special committee of the
Association, creating a Banking Department in the State
under the direction of a Superintendent, was endorsed at
the meeting. The banking institutions are now under the
supervision of the State Treasurer. Carrying out the suggestion of the retiring President, B. W. Hunt, that the
Association delegate a committee to represent the bankers
of Georgia before the Currency Committee of Congress,
J. A. McCord, Chairman of the Legislative Committee,
was authorized to name his own committee, which,
in addition to being vested with power to act for the
Association, is to work out a system of currency reform.
Under a resolution adopted,the President of the Association
is empowered to appoint an agricultural committee of three
members, which is to work toward the betterment of agricultural conditions in the State. A resolution was also carried endorsing Atlanta as the convention city in 1914 of
the American Bankers' Association.
Michael Cody, President of the Exchange National Bank
of Montgomery, was elected President of the Alabama
Bankers' Association at the annual meeting held at Dothan
on the 8th, 9th and 10th inst. The last day was devoted to
a pleasure trip to Panama City, Fla.
1465
Baker was embezzling the funds of the institution, and that he
represented himself to be acting as the fiscal agent of a pool.
Plans for unifying the interests of the Security Trust
& Savings Bank of Los7Ange1es and the Central National
Bank of that city are, it is understood, shortly to be put into
effect. The plan under which this is to be accomplished,
the Los Angeles "Times" states, will practically result in an
exchange of two shares of Central National Bank stock for
one of Security Trust & Savings Bank stock. The Central
National is to increase its capital from $300,000 to $1,000,000, while the Security Trust & Savings Bank will raise its
capital from $1,650,000 :to $2,000,000; the latter's stockholders will proportionately own a beneficial interest in the
$1,000,000 capital of the Central National, the name of
which is to be changed later to the Security National Bank.
Fred. F. Ouer, Cashier of the Anglo-California Trust Co.of
San Francisco, was elected Treasurer of the institution on
the 1st inst. Mr. Ouer will continue as Cashier in addition
to serving in his new office.
J. J. Rouse has been elected Cashier of the Fidelity
National Bank of Spokane, Wash., to succeed A. W. Lindsay, who has been made a Vice-President of the institution.
Mr. Rouse was formerly Cashier of the First National Bank
of Pullman, Wash.
Joel E. Ferris and George P. Hardgrove announce their
resignations as Treasurer and Assistant Secretary of the
Union Trust & Savings Bank of Spokane, and their association as a partnership under the firm name of Ferris & Hardgrove. The new firm will deal in municipal and corporation
bonds, first mortgages and other securities originating
in the Pacific Northwest. Its offices are in the Paulsen
Building, Spokane. Mr. Ferris had for the past five years
been manager of the bond department of the Union Trust
& Savings Bank; with his withdrawal from the institution
the department will be under the active direction of the
Secretary, Frank C. Paine.
With the conclusion on the 15th inst. of the annual convention of the Texas Bankers' Association, thirty-eight of the
bankers and their wives departed for a tour of the Panama
Canal and other Central American ports. The excursionists
are due to return to New Orleans on June 3. The convention was one of the most successful in the history of the orW.R.Phillips, who became Vice-President of the Northern
ganization, and the varied matters to which the bankers
Bank
& Trust Co. of Seattle, Wash., in January, has been
directed attention are indicated in the resolutions which were
adopted at .the meeting. In one of these, dealing with the elected President of the bank, succeeding John G. Price, who
has resigned to take the presidency of the Northern Bond &
floods of the Mississippi, it was set out that—
Mortgage Co. Mr. Phillips is also President of the BroadThe devastation of very large areas of valuable property and the heavy
loss of life which results each year from the overflow of the Mississippi way State Bank of Seattle.
River and its many tributaries demand that the control of these flood
waters be assumed by the United States Government.
It was accordingly resolved that the Association approve and
indorse the plans for the Governmental control of these waters
as outlined in the Newlands Bill before Congress,andthe immediate consideration and early adoption of its provisions was
urged upon Congress. Another resolution adopted urged that
public hearings be given by the Senate Finance Committee on
the tariff bill; still another authorized the appointment by the
President of the Association of a committee offive "to devise
ways and means of assisting the farmers of Texas to market
their cotton and other farm products in the most profitable
manner." A resolution was also passed favoring the enactment of State legislation recognizing and regulating the business of public accountants. J. W. Hoopes was indorsed
under a further resolution for the office of Treasurer of the
American Bankers' Association. The retiring President of
the Association, II. R. Eldridge (formerly of the First•
National Bank of Houston, but now Vice-President of the
National City Bank of New York), in his annual address,
referred to the needs of currency legislation. The currency
problem was also the theme of B. D. IIarris, S ice-President
of the South Texas National Bank of Houston, who talked
on the subject of "Credit Currency." Nathan Adams,
Cashier of the American Exchange National Bank of Dallas,
is President of the Association for the ensuing year.
Charles F. Baker, formerly Assistant Cashier of the
Crocker National Bank of San Francisco, who pleaded guilty
on April 12 to an indictment charging the embezzlement of
$127,000 of the bank's funds, was sentenced on the 21st ult.
to ten years' imprisonment. Following the handing down
of the indictments against the defaulting Assistant Cashier,
the grand jury also (on the 12th ult.) returned indictments
against John C. Wilson of the Stock Exchange firm of
J. C. Wilson & Co.; B. A. Wilbrand, manager of the firm,
and Peter P. Burke, formerly its floor manager. The attorneys for J. C. Wilson & Co. are said to have issued a
statement pointing out that the firm had no knowledgi=
Joseph L. Jaffe has resigned as a Vice-President of the
Mercantile National Bank of Seattle to undertake the
management of the importing business of Martin & Co. of
San Francisco.
George W.Bates has been elected President of the Lumbermen's National Bank of Portland, Ore., to succeed G. K.
Wentworth of Chicago, resigned. Mr. Bates was made
Vice-President of the Lumbermen's National in March, when
his bank (the West Side Bank of Geo. W. Bates & Co.) was
consolidated with the Lumbermen's.
A recent issue of "Progress," the official organ of the
Walker Brothers' Bank, Salt Lake City, contains many
handsome photographs of their new building, to which we
have previously alluded in these columns. A copy of this
booklet will be mailed to any of the bank's friends upon request. We quote the following interesting paragraph from
"Progress":
"The Old Bank" is a historic institution in Salt Lake City and the intermountain region. From the tower of the skyscraper which it now occupies,
one can see, almost directly below, the spot where,in 1859, twelve years
after the earliest white settlers entered Salt Lake Valley, the firm of Walker
Brothers opened a store and bank in a two-story adobe and frame structure.
across the street and a little north of the present Walker Bank Building.
This was the first bank to be founded between St. Louis and California.
In January last the bank's capital was increased from
$250,000 to $500,000, so as to meet the institution's growing
needs; its expansion is evidenced in the fact that deposits
have increased during the past year $1,250,000. "Progress"
contains photographs of the bank's directors and its statf of
officers, which latter are: M. H. Walker, President; L. H.
Farnsworth, Vice-President; E. 0. Howard, Cashier, and
John H. Walker, H. M. Chamberlain and L. C. Van Voorhis, Assistant Cashiers.
J. M. Mackenzie, Assistant Manager at the head office in
Toronto of the Imperial Bank of Canada, died on Monday,
the 19th inst., following an operation on Saturday for appendicitis. Mr. Mackenzie had been in the employ of the bank
since 1882. He was fifty-six years of age.
1466
THE CHRONICLE
DEBT STATEMENT OF APRIL 30 1913.
The following statements of the public debt and Treasury
cash holdings of the United States are made up from official
figures issued April 30 1913. For statement of March 31 1913,
see issue of April 26 1913, page 1203; that of April 30 1912,
see issue of May 25 1912, page 1426.
[VOL. xcvz.
IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished us
this week with the details of the imports and exports of gold
and silver through that port for the month of March, and
we give them below in conjunction with the figures preceding, thus completing the results for the nine months of
the fiscal year 1912-13.
INTEREST-BEARING DEBT APRIL 30 1913.
IMPORTS OF GOLD AND SILVER AT SAN FRANCISCO.
Amount
Amount Outstanding
Interest
Issued.
Registered. Coupon.
Total.
Title of LoanPayable.
$
$
$
2s, Consols of 1930
Gold.
Surer.
Q.-J. 646,250,150 642,510,650 3,739,500 646,250,150
Months.
3s, Loan of 1908-18
Q.-F. 198,792,660 44,778,400 19,167,060 63,945,460
Coin.
4s, Loan of 1925
Bullion.
Cain.
Total.
Bullion.
Total.
Q.-F. 162,315,400 100,766,400 17,723,500 118,489,900
25, Pan. Canal Loan 1106.Q.-F. 54,631,980 54,608,580
23,400 54,631,980
1912-13.
2s, Pan. Canal Loan 1908-Q.-F. 30,000,000 29,675,420
$
$
8
$
$
$
324,580 30,000,000
195,341
3s, Pan. Canal Loan 1911.Q.-S. 50,000,000 37,223,500 12,776,500 50,000,000 July
195,341
5,254
39,807
45,061
. 500
223,255
2%s,Post. Say. bds.'11-12..J.-J.
223,755
53,717
53,717
1,314,140
1,091,020
223,120
1,314,140 August
178,565
255s, Post. Say. bds. 1912.J.4.
30,600
178,565
30,600
886,280
1,074,980
188,700
1,074,980 September..
259,294
October
253,993
352,200
91,100
513,287
443,300
11,084
51,639
16,995
62,723
Aggregate int.-bearing debt...1,144,379,310 911,540,250 54,166,360 065,706,610 November -.16,995
December
290,187
37,709
290,187
6,900
44,609
DEBT ON WHICH INTEREST HAS CEASED SINCE MATURITY.
107,000
129,784
January
136,784
35,647
35,647
3,108
February
174,873
107,222
177,981
104,622
2,600
March 31.
April 30.
194,216
535
March
194,751
Funded loan of 1891, continued at 2%,called May 18
59,781
50,781
499,773
231,109
730,882
1900, interest ceased Aug. 18 1900
227,766
2,600
225,166
55,000 00
55,000 00 April
Funded loan of 1891, matured Sept. 2 1918
23,650 00
23,650 00
781,294 1,022,962 2,704,256
Total 10 mos
Loan of 1904, matured Feb. 2 1904
369,554
695,144 1,064,698
13,250 00
13,250 00
Funded loan of 1907, matured July 2 1007
716,200 00
705,250 00
9 1A7252 14155.315 3.R22.50R
452_141
ens 91A 1 (lin nnA
Refunding certificates, matured July 1 1907
13,710 00
13,650 00 10 mos.'11-12_
Old debt matured at various dates prior to Jan. 1 1861
EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
and other items of debt matured at various dates
subsequent to Jan. 1 1861
903,780 26
903,780 26
Gold.
Sliver.
Aggregate debt on which interest has ceased
Months.
since maturity
$1,675,590 26 $1,664,580 26
Bullion.
Total.
Coin. I Bullion.
Coin.
Total.
DEBT BEARING NO INTEREST.
1912-13.
March 31.
April 30.
July
840,487
840,487
United States notes
$346,681,016 00 $346,681,016 00 August
407,781
400,631
7,150
Old demand notes
53,282 50
53,152 50 September....
1,000
1,000
508,997
508,997
National bank notes redemption account
22,659,281 00
21,982,033 50 October
1,500
1,500
1,154,572 1,154,572
Fractional currency, less $8,375,934 estimated as
Novenber.
440
_
103,350
103,790
1,122,662 1,122,662
lost or destroyed
6,854,609 90
6,854,609 90 December _500
500
1,001,089 1,001,089
575
1,000
1,575
1,426,975 1,426,975
Aggregate debt bearing no interest
$376,248,189 40 $375,570,811 90 January
February '
1,600
1,600
1,080,259 1,080,259
March
984,779
RECAPITULATION.
984,779
April
600
600
,06,711
806,711
Increase (-I-) or
April 30 1913.
Mar. 311913.
Decrease (-).
Total 10 moo
4,015
106,550
110,565
7,150 9,327,162 9,334,312
Interest-bearing debt
$965,706,610 00 $965,706,610 00
Debt interest ceased
1,675,590 26
1,664,580 26
-$11,010 00 10 mos.'11-12_
9,420 1,090,707 2,000,127
17,000 7,854,917 7,871,917
Debt bearing no interest._
376,248,189 40
375,570,811 90
-677,377 50
Total gross debt
$1,342,942,002 16 $1,343,630,389 66 -$688,387 50
Cash balance in Treasury.... 291,333,043 88
298,496,280 17 -7,163,236 29
Total net debt
glonetarifiCommercialguglifilxnents
$1,051,608,958 28 51,645,134,109 49 +$6,474,848 79
••••••••••••
*Includes $150,000,000 reserve fund.
English Financial Markets-Per Cable.
The foregoing figures show a gross debt on April 30 of
The daily closing quotations for securities, &o., at London,
$1,342,942,002.16 and a net debt (gross debt less net cash as reported by cable, have been as follows the past week:
in the Treasury) of $1,051;608,958.28.
London, 1
Week ending May 23.
Sat.
Mon. Tues.
Thurs.
Wed.
Frt.
d 28
281-18 281.16 27 15-1627 11.162731
Silver, per oz
d Consols, 255 per cents.... 7531
75 1-16 74 15-16 7431
74 13-16
7531
d For account
7554
75
74 15.167431
7531
7531
d French Rentes (inParis).fr. 85.3731 85.8755 86.2254 85.9734 85.90
85.55
Amalgamated Copper Co..._ 7631
76
7634
764
754
764
ASSETS.
LIABILITIES.
Am.Smelting & Refining Co. 6831
6855
69
6954
6854
6934
Trust Fund HoldingsTrust Fund Liabilitiesb Anaconda Mining Co
731
$
7%
754
7%
7%
731
Gold coin
1,075,198,169 00 Gold certificates
10255
1,075,198,169 00 Atch. Topeka & Santa Fe.. 1023_
102%
10231
10231
10294
Silver dollars
480,597,000 00 Silver certificates
Preferred
10231
480,507,000 00
10231
10255
10255
10231
10255
Silver dollars of 18902,709,000 00 Treasury notes of 1890_
101
10131
2,709,000 00 Baltimore & Ohio
101%
10131
101
10131
Preferred
82
8255
82
82
81%
81
Total trust fund
1,558,504,169 00
Total trust liabilities_1,558,504,169 00 Canadian Pacific
242%
24431
243%
243
24431
24331
General Fund HoldingsGen. Fund LiabilitiesChesapeake & Ohio
67
6631
6634
6631
6631
6731
Certified checks on banks
51,686 64 National bank 5% fund_
15
14
1455
24,470,101 50 Chicago Great Western
1431
1431
1431
Gold coin and bullion... 30,183,138 92 Outstanding checks and
110%
Chicago Milw.& St. Paul__ _10955
10931
11031 • 11055
11131
Gold certificates
85,005,170 00
14%
drafts
20
1831
1855
14,374,921 69 Denver & Rio Grande
1855
1934
Silver certificates
11,405,472 00 Disbursing officers' bal33
Preferred
34
3355
3355
34
3531
Silver dollars
12,775,856 00
ances
28%
29
2954
•
81,766,144 86 Erie
293
2954
2831
Silver bullion
1,971,185 77 Post Office Department
44%
4455
4454
44
First preferred
4454
4455
United States notes_ _ _ _
8,456,369 00
36
36
36
account
Second preferred
36
36
11,772,860 67
3555
Treasury notes of 1890.
13,766 00 Miscellaneous items_ _ _ _
130
130
130%
2,655,869 28 Great Northern, preferred-1V
129%
National bank notes
36,495,987 01
-118%
118
119
Illinois Central
118
Fractional silver coin
Total gen.liabilities_.. 135,039,898 00 Louisville & Nashville
21,624,333 05
135%
136
136%
13555
135
135
Fractional currency_ _ _ 230 27 Less paid checks and
23%
23%
24
Missouri Kansas & Texas.... 2434
2354
24
Minor coin
1,717,149 81
warrants in transit
61%
6155
0155
Preferred
61%
62
62
13,093,045 56
Bonds and interest paid
13,745 91
36
36
36
Missouri Pacific
36
35
3555
Net gen. liabilities__ 121,946,852 44 Nat. RR.of Mex., 1st pf_ _ _ _ 55
55
54%
55
54
55
Tot. In Sub-Trea.sles_ 209,714,090 38
20%
22
Second preferred
22
22%
22
20
In Nat. Bank Depositaries
102%
103
N.Y.Cent.& Hudson Riv_ _102%
10255
103%
10231
Credit Treasurer of U.S. 42,740,003 35
29%
N. Y. Ontario & Western.... 30
29%
2954
2954
30
Credit U. S. Ws. officers
Norfolk & Western
10855
5,499,520 60
108%
108
108%
108
108
Preferred
87
87
87
87
87
Total in banks
Northern Pacific
48,239,523 95
117%
117
11755
-55'
11855
11731
117%
In Treas. of Philippine Islandsa Pennsylvania
56%
56%
5654
57
5654
5655
Credit Treasurer of U.S.
2,414,641 09
a Reading Company
Cash balance and reserve82
82%
8255
824
8254
83
Credit U. S. di% officers
2,911,640 90 Total cash and reserve... 291,333,043 88
46
46
a First preferred
46
45%
46
4555
Made up ofa Second preferred
46
4654
4634
45%
4531
Total in Philippines...
5,326,281 99 Available
i§ -5i
141,333,043 88 Rock Island
17%
17
1931
18
1851
99
99
9831
and
Southern Pacific
10054
9955
10054
Reserve Fund Holdings25
Reserve Fund24%
Southern Railway
24%
2531
2534
24%
Gold coin and bullion__ - 150,000 000 00
78
7855
Gold and bullion_ _ _ _ 150,000,000
7854
Preferred
79
7854
7834
15331
15355
Union Pacific
155%
15234
154%
154
Grand total
1,971,784,065 32
87
1,971,784,065 32
863i
Grand total
863.4
Preferred
86%
86
8634
Corporation
6155
6155
6131
U.$. Steel
6134
61%
613.4
109
109
109
Preferred
108%
108%
109
TREASURY CURRENCY HOLDINGS.-The following
231
2%
234
2%
234
2%
compilation, based on official Government statements, shows Wabash
84
a
8
Preferred
8%
731
58
8835
48
Extended
58
5855
58
the currency holdings of the Treasury
58
beginning
the
TREASURY CASH AND DEMAND LIABILITIES.The cash holdings of the Government as the items stood
April 30 are set out in the following:
M
60
at
of
business on the first of Feb., March, April and May 1913:
Feb. 1 1913.Mar. 1 1913. Apr. 11013. May 11913.
Holdings in Sub-Treasuries$
$
$
$
Net gold coin and bullion
255,750,031 262,745,118 267,930,180 205,188,309
Net silver coin and bullion
30,068,649 33,858,670 30,547,359 26,152,514
Net United States Treasury notes
7,089
9,843
6,886
13,766
• Net legal-tender notes
8,560,513 8,456,369
0.971,816,
Net national bank notes
46,623,063 39,756,804 33,648,311 36,495,987
Net fractional silver
20,621,533 21,562,760 21,865,085 21,624,333
2,197,696
Minor coin, &c
2,287,552
1,424,316
1,782,812
a Price per share. b £ sterling. c Ex-dividend. d Quotations here given are
flat prices.
Commercial autlWiscellautousBeim
t
Total cash in Sub-Treasuries._365,239,877 367,950,468 363,982,6501359,714,090
Less gold reserve fund
150,000,000 150,000,000 150,000,000 150,000,000
Cash balance in Sub-Treasuries._215,239,877 217,950,468 213,982,650 209,714,000
Cash in national banks
46,580,889 49,068,483 47,731,531 48,239,524
Cash in Philippine Islands
6,380,564
4,847,339
5,192,919
5,326,282
Net cash in banks, Sub-Treas_268,201,330 271.866.290 MR 907,100 263,279,896
Deduct current liabilities a
122,1;5,310 124,n9,6G7.7
fr.„410,820 121,946,852
Available cash balance
145,846,020 147,036,683 148,496,280 141,333,044
a Chiefly "disbursing officers' balances." f Includes $1,971,185 77 silver bullion
and 31,782,812 63 minor coin, &c., not included in statement "Stock of Money."
•
National Banks.-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS.
May 8 to May 13.
10,382-The First National Bank of Ironton, Minn.. Capital, $25,000.
Isaac Hazlett, President; E. R. Ilaines, Cashier.
-The
Abington National Bank of Clarks Summit. Pa. Capital.
10,383
$25,000. Geo. H. Nichols, President; E. D. Morse, Cashier.
10,384-The First National Bank of Holden, Mo. Capital, $30,000.
Isaac G. Farnsworth, President; James H. Tevls, Cashier.
10,385-The First National Bank of Aylesworth, Okla. Capital, $25,000.
B. A. McKinney, President; Jas. N. King, Cashier. (Converston
of The Bank of Aylesworth.)
$25,000.
10,386-The First National Bank of Fort Meade, Fla. Capital,
of
S. H. Brown, President; L. L. Bean, Cashier. (Conversion
The Commercial Bank of Fort Meade.)
$25,000.
Capital,
Cal.
of
McFarland.
Bank
National
First
10,387-The
S. Mitchell, President; W. P. Laird, Cashier.
$25,000.
10,388-The State National Bank of Eufaula, Okla. Capital,
R. L. Simpson, President; Chas. L. Follansbee, Cashier. (Succeeds The First State Bank of Eufaula.)
19,389-The First National Bank of Gotebo, Okla. Capital, $25,000.
M. F. Pierce, President; C. A. Fisher, Cashier.
INSOLVENT BANK.
458-The First National Bank of Norwich, Conn., was placed in:the
hands of a receiver on May 7 1913.
VOLUNTARY LIQUIDATIONS.
9.417-The Benton County National Bank of Prosser, Wash., April 28
1913. Absorbed by the Prosser State Bank, Prosser, Wash
Liquidating agent, J. F. Sears, Prosser, Wash.
Breadstuffs figures brought from page 1506.-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.
Corn.
Wheat.
Oats.
Rye.
Barley.
bbls.196l8s. bush. 60 lbs. bush 56 lbs. bush. 32 lbs. bush.48obs. bu.58 tbs.
24,000
382,000
233,000 1,045,000 2,086,000
185,000
Chicago_ _ .._
36,000
142,000
216,000
52,000
101,000
43,000
Milwaukee__
122,000
161,000
17,000
907,000
Duluth
33,000
119,000
237,000
48,000
963,000
Minneapolis.
34,000
2,000
42,000
100,000
Toledo
43,000
6,000
7,000
Detroit
16,000
26,000
29,000
13,000
Cleveland
1,000
296,000
3,000
400,000
359,000
55,000
St. Louis__ _
38,000
1,000
162,000
151,000
24,000
54,000
Peoria
111,000
258,000
326,000
Kansas City.
106,000
116,000
256,000
'
Omaha
Total wk.'13
Same wk.'12
Same wk.'11
357,000
291,063
205,738
114,000
61,411
73.865
3,237,000 1,035,000
344,023
2,855,196
730,540
3,010,615
2,144,000
3,082,497
2,283,598
3,298,000
2,499,495
2,799,179
Since Aug. 1
1912-13_ 14,856,520 231,263,066 188,625,228 202,810,688 00,330,330 15819642
1911-12_ 10,479,545 122,807,428 164,244,085 126,949,295 59,758,421 7,655,602
1010-11_ 13.084.747 100.251.585 25411112 119 lAQ 907 0112 110 G99 .195 A 509 ARO
-
Total receipts of flour and gram at the seaboard ports for
the week ended May 17 1913 follow:
Wheat,
Flour,
bush,
bbls.
Receipts at173,000 2,122,000
New York
39,000 1,611,000
Boston
51,000 1,265,000
Philadelphia
838,000
51,000
Baltimore
454,000
New Orleans *____ 61,000
169,000
Galveston
1,000
11,000
Mobile
572,000
14,000
Montreal
Corn,
bush.
45,000
4,000
44,000
81,000
67,000
5,000
14,000
Rye,
bush.
5,000
10,000
Oats, Barley,
bush.
bush.
505,000 100,000
37,000
152,000
116,000
63,000
52,000
5,000
26,000 '178,000
904,000 278,000 67,000
260,000
Total week 1913_ 570,000 6,863,000
SinceJan. 1 1913_8,459,000 58,177,000 39,037,000 18,342,000 10502000 1443,000
8,021
44,341
728,074
319,316
334,884 5,422,377
Week 1912
SinceJan. 1 1912_6,649,081 31,041,104 21,889,600 14,449,393 2947,015 257,737
ports
foreign
for
Orleans
New
through
*Receipts do not include grain passing
on through bills of lading.
The exports from the several seaboard ports for the week
ending Mak 17 are shown in the annexed statement:
Wheat,
bush,
Exports from1,802,691
New York
526,824
Boston
Philadelphia ____ 472,000
641,400
Baltimore
New Orleans__ 193,000
170,000
Galveston
1,000
Mobile
A,556,000
Montreal
Flour,
bbls.
91,996
20,057
25,000
5,085
14,000
7,000
14,000 11,000
51,000
Corn,
bush.
4,067
43,440
42,000
63,641
31,000
198,148 229,138
60,099 195,553
Total week _ -5,362,915
3,282,012
Week 1912
Peas,
Rye, Barley,
Oats,
bush.
bush.
bush,
r bush.
120,267 34,814 168,942 16,700
1,000
28,000
38,015 64,280
5,000
388,000 43,000 169,000
552,282 142,100 365,942
293,723
59,590
16,700
2,594
The destination of these exports-for the week and since
July 1 1912 is as below:
Wheat
Flour
Since
Since
Since
Week
July 1
July 1
1Veek
July 1
Week
1912. May 17.
1912.
1912. May 17.
Exportsfor week and May 17.
bush.
bush.
bush.
bush.
bbls.
bbls.
since July 1 to-87,379 14,375,094
United Kingdom___103,571 4,740,670 3,171,090 72,049,339
56,541 21,902,889
36,275 2,017,264 2,155,325 69,117,679
Continent
623,019
1,075
34,600 1,082,775
Sou. & Cent. Amer_ 38,097 1,123,186
53,017 1,926,052
114,681
1,000
44,224 1,799,152
West Indies
49,216
61
82,118
lint. Nor. Am.Cols. 3,578
141,594
75
2,130,751
Other Countries_ _ _ _ 3,393 393,510
229,138 10155,900 5,362,915 144495,225
195,553 8,367,665 3,282,012 81,294,333
Total
Total 1911-12
198,148 39,017,864
60,099 32,446,576
The world's shipments of wheat and corn for the week
ending May 17 1913 and since July 1 1912 and 1911 are shown
in the following:
Corn.
Wheat,
1912-13.
Exports.
Week
May 17.
1912-13.
1911-12.
Since
July 1.
Since
July 1,
Week
May 17.
Since
July 1.
1911-12.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Busheos.
North Amer. 7,200,000 220,902,000 155,516,000 114,000 36,859,000 29,102,000
2,136,000 95,483,000 71,816,000 502,000 9,808,000 37,157,000
Russia
85,000 13,491,000 74,453,000
Danube_ -1 504,000 51,143,000 70,403,000
2,480,000 118,398,000 73,482,000 4,157,000 186,462,000 9,854,000
Argentina
Australia_ _ _ 1,400,000 40,004,000 50,324,000
'1,250,000 49,436,000 39,200,000
India
0th. countes, 120,000 6,854,000 9,897,000
Total_ _
15006000 582,220,000 470,728,000 4,858,000 246,620,000 150,566,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Corn.
Wheal.
United
Kingdom. Continent.
Total.
Byshels.
Bushels.
Bushels.
May 17 1913_ 25,488,000 31,416,000 56,904,000
May 10 1913._ 23,101,000 30,504,000 59,608,000
May 18 1912._ 30,280,000 29,184,000 59,464,000
May 20 1911_, 23,712,000 34,864,000 58,576,000
, 1467
THE CHRONICLE
MAY 24 1913.]
United
Kingdom. Continent,
Total.
Bushels.
Bushels.
Bushels,
6,095,000 10,157,000 16,252,000
4,947,000 8,500,000 13,447,000
6,078,000 9,690,000 15,768,000
3,902,000 5,457,000 9,359,000
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations:
Dividends announced this week are printed initalics.
Name of Company.
When
Per
Cent. Payable.
rBooks Closed,
IlDays Inclusive.
Railroads (Steam).
2% June 26 Holders of rec. May3la
Alabama Great Southern, ordinary
Aug. 28 Holders of rec. July 19a
3
Preferred'
131 June 2 Holders of rec.April 300
Atch. Topeka & Santa Fe,corn.(quar.)_ _ _
July
10 June 20 to July 10
common
RR.,
Line
Coast
331
Atlantic
24 June 30 Holders of rec. May3la
Boston & Albany (guar.)
4
July 2 May 25 to June 1
Boston & Lowell
231 June 30 Holders of rec. May3la
Canadian Pacific, corn. (quar.) (No. 68)
Aug. 1 Holders of rec. July18 a
Central RR. of New Jersey (guar.)
2
June 27 Holders of rec. June20a
Special
14
June
28 Holders of rec. June 6a
(quar.)
Chesapeake & Ohio
14 June 4 May 21 to June 3
Chestnut Hill (quar.)
(guar.)._
131
July
1 Holders of rec. June 2a
corn.
Western,
North
&
Chicago
2
July 1 Holders of rec. June 2a
Preferred (guar.)
June 13 Holders of rec. May3la
Cincinnati New On.& Texas Pacific, com_ _ 3
24 June 13 Holders of rec. May3la
Common (extra)
131 June 2 Holders of rec. May24a
Preferred (guar.)
Cleveland & Pittsburgh, reg. guar. (quar.) 131 June 2 Holders of rec. MaylOa
1
June 2 Holders of rec. Maybe
(quar.)
Special guaranteed
1
June 2 Holders of rec. Mayl7a
Cripple Creek Central, corn.& pref.(quar.) 24
June 20 Holders of rec. May28a
Delaware & Hudson Co.(quar.)
131 June 10 Holders of rec. May3la
Erie & Pittsburgh (guar.)
131 June 28 Holders of rec. June 6a
Hocking Valley (quar.)
44 June 28 Holders of rec. June 6a
. Extra
134 July 1 Holders of rec. Junelea
Maine Central (guar.)
14 June 30 Holders of rec. June 7a
New York New Haven & Hartf. (quar.)
May 31 Holders of rec. Mayl5a
$3
Norfolk
&
New York Philadelphia
131 June 19 Holders of rec. May3la
Norfolk & Western, common (quar.)
May 26 May 15 to May 19
(quar.)
Pennsylvania
• North
1% May 31 Holders of rec. May 5
Pennsylvania (quar.)
June 4 May 21 to June 3
Phila. Germantown & Norristown (quar.) 3
June 2 Holders of rec. May 15
3
Pittsburgh Bessemer & Lake Erie, pref
June 2 Holders of rec. May20a
Pitts. Youngs. & Ashtab., corn. & pi.(qu.) 1% June
12 Holders of rec. May27a
1
Reading Co., first preferred (quar.)
1 Holders of rec. June 2a
July
1%
27)__....
Southern Pacific Co. (quar.) (No.
2% July 1 Holders of rec. May3la
UnionPacific, common (guar.)
Street and Electric Railways.
1% June 14 Holders of rec. May3la
American Railways, common (quar.)_
2 May 16 to June 2
Central Arkansas fly. & Light, pref. (qu.) 131 Juno
June 2 Holders of rec. May 23
51.50
(qu.)_
sh.
participarg
pref.
Rys.,
Chic. Elev.
1 Holders of rec. May3la
June
Chippewa Valley fly., L. & P., pref. (qu.) 131
Holders of rec. Mayl5a
Columbus (0.) fly., corn. (guar.)(No. 40) 131 June 2
Holders of rec. Mayl7a
2
June
131
(quar.)
Detroit United fly.
May 15 to May 31
Federal Light & Trac., pref.(qu.)(No. 12) 134 May 31 Holders
of rec. May 15
June 1
1
Grand Rapids fly., common (guar.)
of rec. May25a
Holders
1
June
13-1
pret.(qu.)
Kokomo Marion de West. Trac.,
June 10 Holders of rec. May 31
3
Norfolk Ry. ofc Light
ig June 15 Holders of rec. May3la
Northern Ohio Tree. & Light, corn. (qu.)
Holders of rec. May20a
Northern Texas El. Co., corn.(qu.)(No.15) 134 June 2 Holders
of rec. Mayl9a
June 2
3
Pensacola Electric Co., pref.(No. 13)_
of rec. May 12
Holders
2
June
10)..
131
(No.
(quar.)
Pow.
Portland fly., L.&
Rochester fly. & Light, preferred (quar.). 15j May 31 Holders of ree. May24a
12
Tennessee fly., Light & Pow.. pref.(guar.) 134 June 2 Holders of rec. May
July 1 Holders of rec. June 21
1
United Light & Railways, corn. (quar.)__ _ _
234 July 10 Holders of rec. June 14
Virginia Ry. & Power, preferred (guar.)
May 21
Washington(D C.) RY.& El.com.(guar.) 134 June 1
May 21
13j June 1
Preferred (guar.)Miscellaneous.
June 2 May 20 to June 1
$3
Adams Express (quar.)
131 May 26 Holders of rec. Apr.26a
Amalgamated Copper (quar.)
June 2 May 17 to June 2
3
American Cotton Oil, preferred
American Express (quar.)
53 July 1 Holders of rec. May3la
American Gas (guar.)
131 May 31 Holders of rec. May 21
June 30 June 22 to June 30
2
American Radiator, common (quar.)
1
June 16 May 29 to June 6
Amer. Smelt. & Ref., corn. (qu.)(No.39)_
• iq June 2 May 17 to May 25
Preferred (quar.) (No. 56)
% June 30 Holders of rec. Junel4a
American Steel Foundries (guar.)
131 July 2 Holders of rec. June 20
Amer. Sugar Refg., corn. & pref. (quar.)
June 2 Holders of rec. Mayl5a
5
American Tobacco, common (quar.)
131 July 15 June 24 to July 7
Amer. Woolen, pref. (quar.) (No. 57)
131 May 31 Holders of rec. May 24
Associated Merchants, corn. (guar.)
34 May 31 Holders of rec. May 24
Extra
July 1 Holders of rec. June 14
1
Baldwin Locomotive Works, common
34 July 1 Holders of rec. June 14
Preferred
June 2 Holders of rec. May2la
Blackstone Vol. Gas & Elec., com.(qu.)(No3) 2
3
June 2 Holders of rec. May2la
Preferred (No. 2)
Borden's Cond. Milk, pref. (qu.) (No. 46)... 14 June 14 June 6 to June 15
134 July 1 June 15 to June 30
Brooklyn Union Gas (quar.) (No. 49)..
July 1 June 15 to June 30
.1
Extra
June 21 Holders of rec. June 7
$5
Buckeye Pipe Line (guar.)
2 Holders of rec, May 19
June
%
(quar.)
Butteriek Company
June 20 Holders of rec. May 23
$10
Calumet & Ilecla Mining (guar.)
2
June 2 Holders of rec. Apr.30a
Canadian Car & Foundry, common
June 18 June 3 to June 18
6
Chesebrough Mfg. Consolidated (quar.)
June 18 June 3 to June 18
4
Extra
5-12 June .2 Holders of rec. Mayl5a
Cities Service, corn. (monthly)
June
2 Holders of rec. Mayl5a
4
Preferred (monthly)
June 16 Holders of rec. May3la
1
Cleveland & Sandusky Brewing, pref
34 June 2 Holders of rec. May 15
Columbus Gas dr Fuel, corn.(quar.)
Columbus Gas & Fuel, pref. (guar.)
131 July 1 Holders of rec. June 15
14 June 16 Holders of rec. May 14a
Consolidated Gas (quar.)
$1.50 June 16 May 21 to June 16
Crescent Pipe Line (quar.)
June 15 Holders of roe. May 31
3
Crex Carpet
131 July 1 Holders of rec. Junel6a
Cuban-American Sugar, pref. (guar.)
14
June 1 Holders of rec. Mayl5a
(guar.)
preferred
Co.,
Deere &
14 July 15 Holders of rec. July 1
Detroit Edison (guar.)
154 June 16 Holders of rec. May3la
Diamond Match (quar.)
134 July 2 Holders of rec. June 4
Dominion Textile, common (guar.)
134 July 1 Holders of rem. June20a
duPont Internat. Powder, pref.(guar.)
131 June 16 Holders of rec. June 2a
Eastern Steel, first preferred
231 July 1 Holders of rec. May3la
Eastman Kodak,common (guar.)
June 2 Holders of rec. Apr.304
5
Common (extra)
131 July 1 Holders of rec. May3la
Preferred (quar.)
June 2 Holders of rec. May 20
4
Essex de Hudson Gas
134 June 15 Holders of rec. May23a
Federal Mining & Smelting, pref. (quar.)
May 31 Holders of rec. May 15
131
Federal Utilities, pref. (quar.)(No.8)
13-t June 2 Holders of rec. Mayl4a
General Asphalt, pref. (quar.) (No. 24)
131 June 2 Holders of rec. May22a
General Chemical, common (quar.)
134 July 1 Holders of rec. Junel9a
General Chemical, preferred (auar.)
2
July 15 Holders of rec. May3la
General Electric (guar.)
June 2 Holders of rec. Mayl9a
Ltd.
$1.50
Pow.,
&
Smelt.
Min.,
Granby Consol,
% June 2 Holders of rec. May 20
Harbison-Walker Refractories, corn. (qu.)
Homestake Mining (monthly)(No. 462).... 85e, May 26 Holders of rec. May20a
131 May 31 May 21 to May 30
Independent Brewing, preferred (guar.)._
10 May 31 May 21 to May 30
Extra (on account of accumulated diva.)
131 June 2 Holders of rec. Maybe
Inland Steel (quar.)
(No.25)
13-f June 2 Holders of rec. May10a
Internat. Harvester of N.J.,pf.(qu.)
Internat. Harvester Corp.,pref.(Ciu 3(No.1) 13-f June 2 Holders of rec. Maybe
June 2 May 15 to June 2
3
(quar.)
common
Nickel,
international
May 31 May 14 to June 3
2
Internat. Smelt. & Refg. (guar.)
x July 1 Holders of rec. June20a
Internat. Smokeless P. & Ch., corn. (qu.)
2 Holders of rec. May2la
June
2
_
53)
(No.
(quar.)
P.
&
Rings Co. Elec. L.
13-f July 1 Holders of rec. Junei6a
Kresge (S. S.) Co., pref. (quar.)
13-f June 16 June 1 to June 16
Laclede Gas Light, common (guar.)
231 June 16 June 1 to June 16
Preferred
IX June 1 Holders of rec. May 31
Lackawanna Steel, preferred (quar.)
2
June 2 Holders of rec. May 23
(qu.)_
corn.
Ltd.,
Milling,
lVoods
the
of
Lake
13-f June 2 Holders of rec. May 23
Preferred (quar.)
21
May 31 Holders of reo. Apr 30
Lehigh Coal & Nay.(qU-)(No. 138)
June 2 Holders of rec. Maylfia
Liggett & Myers Tobacco,common (quar.) 3
2
May 31 May 16 to May 30
Massachusetts Gas Cos., preferred
13-t June 1 Holders of rec. MaylSa
May Department Stores, common (quar.)_
14
May 31 Holders of rec. MaylOa
(quar.)
common
Mexican Petroleum,
114 June 1 Holders of rec. Mayl5a
Middle West Utilities. pref. (guar.)
1468
THE CHRONICLE
Per
1Vhen
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Montreal Cottons, Ltd., common (quar.)._
1
June 15 Holders of rec. June 5
Preferred (guar.)
1% June 15 Holders of rec. June 5
National Biscuit, corn. (quar.) (No. 60)._
134 July 15 Holders of rec. June28a
National Biscuit, pref. (guar.)(No.61).
1% May 31 Holders of res. Mayl7a
National Lead, common (guar.)
%, June 30 June 14 to June 17
National Lead, preferred (quar.)
1% June 16 May 24 to May 27
National Transit (guar.)
75c. June 16 Holders of rec. May3la
New York Air Brake (guar.)
1% June 20 Holders of rec. June 4a
N. Y. & Queens Elec. L. & P., pref. (guar.) 1
June 1 Holders of rec. May23a
New York Transit (guar.)
10
July 15 Holders of rec. June24a
North American Company (guar.)(No. 37)_
July 1 Holders of rec. June 16
134
Northern Pipe Line
Ju'y 1 Holdera of rec. JunelOa
5
Ogilvie Flour Mills, Ltd., pref. (guar.)
1% Juna 2 Holders of rec. May 21
Ohio Oil (guar.)
24.25 June 20
Extra
75c. June 20
Ontario Power of Niagara FalLs(qu.)(No.3) 134 June 2 Holders of rec. May26a
Rabat Brewing, pref. (quar.)
134 June 15 June 8 to June 15
Pennsylvania Lighting, common (No. 1)_ _
1
May 31 Holders of rec. May 19
People's Gas Light dv Coke (quar.)
134 May 26 Holders of rec. May 3a
Philadelphia Electric (quar.)
30%c. June 14 Holders of rec. l‘lay22a
Pittsburgh Brewing, pref. (quar.)
134 May 20 May 20 to May 30
Pittsburgh Steel, pref. (quar.)
134 June 2 Holders of rec. Mayl5a
Porto Rico-Amer. Tobacco
5/ June 5 Holders of rec. May 15
Pure Oil, common (guar.)
June 1 May 15 to May 31
3
Common (extra)
June 1 May 15 to May 31
2
Quaker Oats, corn. (guar.)
234 July 15 Holders of rec. July la
Preferred (guar.)
134 Aug. 30 Holders of rec. Aug. la
Quaker Oats, preferred (guar.)
1% May 31 Holders of rec. May 1
Quincy Mining (quar.)
$1.25 June 23 May 25 to June 4
Repubdc Iron ek Steel, pref. (guar.)
134 July 1 Holders of rec. Junel6a
Solar Refining
June 20 Holders of rec. May 26
20
Southern Pipe Line (quar.)
June 2 Holders of rec. Mayl5a
8
South Penn 011 (quar.)
10
June 30 May 21 to July 31
Special (payable in stock)
300g
Holders of rec. May 20
Southwestern Utilities Corp. (No. 1)._
% June 2 Holders of rec. May 20
Standard Gas & Electric, pref. (guar.)
2
June 15 Holders of rec. May 31
Standard Oil (of California) (quar.)
234 June 14 Holders of rec. May20a
Standard Oil of Indiana (guar.)
3
May 31 May 13 to June 1
Extra
3
May 31 May 13 to June 1
Standard 011 (Kansas) (quar.)(No. 27)... 10
June 30 June 1 to June 30
Special (payable in stock) (No. 28)-- 100g June 30 June 1 to June 30
Standard Oil of Nebraska
10
June 20 Holders of rec. May 20
Extra
5
June 20 Holders of rec. May 20
Special (payable in stock)
250 June 20 Holders of rec. May 20
Standard 011 of New Jersey (quar.)
5
June 16 Holders of rec. May20a
Standard 011 of New York
6
June 16 Holders of rec. May23a
Mindard Oil of Ohio (guar.)
5
June 28 June 1 to June 17
Stern Brothers, pref. (quar.) (No. 10)____
13.1 June 1 May 20 to June 1
Studebaker Corporation, pref. (quar.)__
134 June 2 Holders of rec. May20a
Tennessee Copper
75c. June 20 Holders of rec. June 10
Tennessee Eastern Elec., pref. (quar.)__
134 June 1 Holders of rec. May 20
Underwood Typewriter, common (quar.).
1
July 1 Holders of rec. June20a
Preferred (quar.).
134 July 1 Holders of rec. June20a
Union Stock Yards of Omaha (quar.)_ _ _ _
134 June 1 May 22 to May 31
United Cigar
pref. (quar.)
134 May 31 Holders of rec. May23a
United Cigar Stores
Mfrs.. Am.,p1.(qu.)(No.3)
June 16 June 3 to June 16
United Dry Goods Cos., pref. (guar.)
131 May 31 Holders of rec. May24a
U.S.Steel Corporation, corn.(qu.)(No.38) ni June 28 June 3 to June 8
Preferred (quar.) (No. 48)
134 May 29 May 6 to May 18
Utilities Improvement, corn. (monthly)
1-6 June 2 Holders of rec. May 15
Preferred (monthly)
A June 2 Holders of rec. May 15
Waltham Watch, pref. (No. 14)
3 • June 2 Holders of rec. May 20
Woman's Hotel (No. 12)
234 June 16 Holders of rec. June 2a
Woolworth(F.W.)Co.,corn.(qu.)(No.4). 134 June 1 May 2 to
May 21
Woolworth (F. W.) Co., pref. (quar.)
134 July 1 Holders of rec. JunelOa
a Transfer books not closed for this dividend. b Less income tax. d Correction
Payable in scrip. g Payable in stock. h On account of accumulated dividends.
134
I
BANK NOTES-CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &c.-We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit. The statement for April 30 1912
will befound in our issuefor May 25 1912, page 1427.
1912-1913.
Bonds and Legal Tenders
on Deposit for
Bonds.
April
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
June
May
30 1913
31 1913
28 1913
31 1913
31 1912
30 1912
31 1912
30 1912
31 1912
31 1912
30 1912
31 1912
734,448,060
732,688,750
731,943,480
734,273,150
732,544,640
731,366,680
730,257,280
728,984,230
727,317,530
725,505,460
724,493,740
724,265,600
Legal
Tenders.
Circulation Afloat UnderLegal
Tenders.
Bonds.
22,032,083 731,044,591
22,659,331 729,400,001
22,871,039 728,246,755
20,550,148 729,931,621
21,193,423 729,778,823
21,670,491 728,515,285
22,179,543 727,169,316
22,384,311 725,395,343
22,595,751 723,905,556
23,282,793 721,623,148
24,710,882 720,424,110
25,631,642 719,861,030
Total.
$
22,032,083 753,076,674
22,659,331 752,059,332
22,871,039 751,117,794
20,550,148 750,481,769
21,193,423 750,972,246
21,670,491 750,185,776
22,179,543 749,348,859
22,384,311 747,779,654
22,595,751 746,501,307
23,282,793 744,905,941
24,710,882 745,134,992
25,631,642 745,492,672
The following shows the amount of each class of bonds
held against national bank circulation and to secure public
moneys in national bank depositaries on April 30.
Bonds on Deposit
April 30 1913.
2%,U.S.Panama of 1936
4%,U. S. loan of 1925
3%, U. S. loan of 1908-1918
2%,U. S. Consols of 1930
2%, U.S. Panama 01 1038
3.65%, District of Columbia
•
Various, State, city and railroad
4%,manila Railroad
Various, Territory of Hawaii
4%,Philippine loans
4%,Porto Rico loans
8%,U.S.Panama of 1961
4%,Philippine Railway
Total
U. S. Bonds Held April 30 to SecureBank
PublicDeposits
Circulation.
in Banks.
$
52,516,620
31,252,700
21,235,200
600,606,900
28,836,640
734.448.060
Total
Held.
$
1,668,500
4,182,000
3,652,600
12,728,900
684,000
865,000
386,000
10,000
1,030,000
4,913,000
1,303,000
16,148,500
868,000
$
54,185,120
35,434,700
24,887,800
613,335,800
29,520,640
865,000
386,000
10,000
1,030,000
4,913,000
1,303,000
16,148,500
868,000
48.439.500
782.887.580
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits April 1 and
May 1, and their increase or decrease during the month of
April.
National Bank Notes-Total AfloatAmount afloat April 1
Net amount issued during April
Amount of bank notes afloat May 1 1913
Legal-Tender NotesAmount on deposit to redeem national bank notes April 1 1913
Net amount of bank notes retired in April
Amount on deposit to redeem national bank notes May 1 1913
$752,059,332
1,017,342
$753,076,674
$22,659,331
627,248
$22,032,083
I
[VOL. xcw.
FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
ferchandise Movement to New York.
Month.
Imports.
1912-13.
July
85,764,897
August_ _ _ 86,569,092
September 84,440,226
October _ _ 109,821,079
November 85,700,274
December 94,190,034
January _ _ 92,638,634
February _ 86,490,086
March __ _ 89,456,045
April
82,562,176
Exports.
I
1911-12.
$
69,247,13
74,673,583
73,303,594
77,295,842
75,572,105
81,713,427
87,174,820
80,426,110
94,289,890
95,298,037
1912-13• I
$
I
66,670,270
72,500,822
73,336,565
76.908450
82,031,311
78,460,992
83,086,109
74,536.674
84,214,736
77,483,831
1911-12.
Customs Receipts
at New York.
1912-13.
$
$
68,702,124 18,180,492
62,055,9571 18.322,73
70,231441 17,936,175
65,514,865 19,983,599
67,751t913 16P430.391
77,965,832 16,406,794
66,475 2051 18,769,817
69,345,53
4,18,152,304
72,192,950 17,476,298
70,515,6881 14,646,212
1912-13.
16,481,668
18,023,018
15,834,097
16,968,975
15,969,854
15,249,906
17,425,585
17,291,791
18,961,615
16,539,318
Total_ _ 897,632,543808,994,544 769,229,860680,751,609176,304,818 168,745,823
The imports and exports of gold and silver for the nine
months have been as follows:
Gold Movement at New York.
Month.
July ____
August_ _ _
September
October __
November
December
January...
February.
March ___
April
Imports.
Exports,
Exports.
1911-12. I 1912-13.
1912-13.
1912-13.
1911-12.
1,838,482
2,376,892
1,481,485
8,799,437
1,291,578
6,748,644
2,831,377
1,215,243
2,080,332
1,567,157
$
$
519,06
858.180
269,508
1,873,94
38,8
84,4
1,661,591
404,852
179,027
2,045,192
186,996 2,816,299
1,547,820
192,833 2,305,278
1,764,901
347,970
678,172
1,894,791 17,154,217 1,750,573
1,441,106 12,242,965 10,507,393
2,464,940 17,588,897 7,332,800
1,665,013
477,246 1,616,931
1912-13.
Silver-New York.
Imports.
$
585,335
893,282
613,718
1,383,46
1,038,301
1,920,363
2,358,323
1,099,776
1,624,950
1,169,116
$
5,687,472
5,006,940
5,410,412
4,909,601
4,546,630
6,565,294
4,935,045
4,159,853
4,467,353
5,091,924
Total__ 30,230,627 16,878,368 49,492,956 27,StO,38li 12,686,624 50,780,524
STOCK OF MONEY IN THE COUNTRY.-The following table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in circulation on the dates given. The statement for May 1 1912
will be found in our issue of May 25 1912, page 1427.
-Stock of Money May 11913- -Money in CirculationIn United
Held in
May 1
May 1
Stales.
Treasury.d
1913.
1912.
$
$
Gold coin and bullion
1,867,087,085 180,183,139 611,705,777. 605,360,930
Gold certificates a
85,005,170 990,192,999 951,967,329
Standard silver dollars____ 565,569,020 12,775,856
72,196,164
70,416,396
Silver certificates_a
11,405,472 469,191,528 475,307,024
Subsidiary silver
175,087,365 21,624,333 153,463,032 141,024,904
Treasury notes of 1890
2,709,000
13,766
2,695,234
2,069,817
United States notes
346,681,016
8,456,369 338,224,647 337,055,572
National bank notes
753,076,674 36,495,987 716,580,687 712,096,667
Total
3,710,210,160 355,960,092 3,354,250,068 3,296,198,639
Population of continental United States May 1 1913 estimated.at
97,056,000;
circulation'per capita, $34 56.
a For redemption of outstanding certificates an exact equivalent in amount of the
appropriate kinds of money is held in the Treasury,and is not included in the account
of money held as assets of the Government.
d This statement of money held In the Treasury as assets of the Government does
not include deposits of public money in national bank depositaries to the credit of
the Treasurer of the United States, amounting to $42,740,003 35.
GOVERNMENT REVENUE AND EXPENDITURES.
1912-13.
(0005 omitted.)
Feb.
Mar.' Apr. i l0Mos. Feb.
1911-12.
Mar.
Apr. 10 Mos.
Receipts$
s
$
$
$15
$
Customs
27,606 27,457 23,694 274,039 26,337 30,409 26,184 258,451
Internal f Ordinary_ 22,418 23,525 24,199 255,374 23,102 23,758 22,186 241,805
RevenuelCorp. tax.
519
9931 774 4,971
494
4341 634 3,820
Miscellaneous
4,261 4,745 4,786 45,919 3,999 4,695t 4,301 43,937
Total receipts
54,804 56,720,53,453 580,303 53,932 59,296 53,305 548,013
DisbursementsCivil and miscellaneous 12,862 13,904113,964 145,812 13,562 12,8241 15,907 149,470
War
10,613 11,143 13,361 137,335 10,477 11,371 12,098 129,128
Navy
10,641 9,753 11,819 110,324 10.750 10,690 12,830 115,697
Indians
1,438 1,752 2,006 16,848 1,354 2,028 2,019 16,693
Pensions
17,620 16,110 14,128 141,839 14,762 12,654 10,911 128,185
Postal deficiency
212 ____
676
49
2,174
Interest on public debt.. 1,317
633 3,705 20,460 1,004 "Lail 3,287 20,102
Panama Canal
3,093 3,568 2,821 33,889 2,861 3,133 2,489 29,473
1
Total disbursements.. 57,584 57,075 61,804 607,183 55,719 53,20159,521 591,012
Less repayment of unexpended balances__ 1,651 2,029! 1,877 1,957
713 1,4101 1,078
945
Total
55,933 55,046 59,927 605,226 55;006 51,791 58,443 590,067
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent.
1 Memb. N. Y. Produce Exch.. A15
41 Boston C.S.& Term. Co.,pt$1025
300 Brooklyn City RR., $10 each..155
400 Carbon Steel Co., 2d pref.-5100 lot
550 Mosher W. T. Boiler Co 4100 lot
20 Maxwell Motor Co., corn, and
$53 33 scrip
334
25 Maxwell Motor Co., 1st pref.
and $66 66 scrip
36
25 Maxwell Motor Co., 2d pref.
and $66 66 scrip
1334
10 Kektograph Mfg.& Dup. Co_$50
lot
Shares.
Per cent.
2 Live Stk. Soc. of Am.,$50 ea_
100 Amer. Connascent Nitrides
Co.,$5 each
1,000 Mt. Royal Mining & Reduc.
Co.,$1 each
1,000 Gold Reef Mg. Co., $1 each.. $55
791 Elmore Mines Consul., 35 ea- lot
201 Swan Elec. Mfg. Co.,$50 ea..
13,250 Howard Copper Co., $1 each
48 Strap. Pat. Dry Dk.Co.,Bos.
Bonds.
Per cent.
$5,000 Studebak.Corp.5%notes,'16 9334
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh.1 Shares.
sh.
4 Merchants' National Bank_....302 A I 17 Plymouth Cord. Co. righta____per5A
By Messrs. Samuel T. Freeman & Co., Philadelphia:
Shares.
$ per sh.iShares.
$ Per th.
4 Philadelphia Bourse, common.... 4 1034 West End Trust Co.(new stook)
220
15 John II. Stetson Co., common.._..380
MAY 241913.]
THE CHRONICLE
By Messrs. Barnes & Lofland, Philadelphia:
1469
DETAILED RETURNS OF TRUST COMPANIES.
Shares.
$ per sh. Shares.
$ per
400 Pomeroy Ink Co., Newark,
1 Provident Live & Tr. Co
875
pref., $10 each
1
28 Real Eat. T. I. & T Co
300
600 Morris Co.Tree. Co.stk.tr.ett. 1 h 60 People's Nat.Fire Ins. Co.,$25
10 Miners' Nat. Bank, Pottsville,
each
17%
$50 each
95
5 Frank. & So'wark Pass, Ry _ _362
5 Farmers' New Haymarket Co- 25(
1 John B. Stetson Co., common_380
3 Girard F. & Marine Ins. CO..250
3 Amer. Pipe & Construe. Co... 60
12 Hestonville M.& F.Pass. Ry.,
15 J. G. Brill Co., pref
99
pref
61
100 Standard Roller Bearing Co.,
Frankford
Tr.
Co.rights to sub
60
common, $50 each '
8
scribe @ $100
55-56
2 Young-Smyth-Field Co., pref_ 90
50 Passaic Steel Co
$12 lot 15 Farm.& Mech. Nat. Bk.1375-140%
12 First Nat. Bank, Philadelphia_220
500 Kimberly Cons. Mines Co.,
30 Fourth Street Nat. Bank_304-305%
$1 each
17e.
20 Franklin Nat. Bank
500-5005 Bonds.
Per cent.
4 Nat. State Bank, Camden.. _208%
208
$1,000 Springf. Wat, Co. 5s, 1926_ 94
20 Tradesmen's Nat. Bank_ _250-250% $1,000 Leavenworth Light, Heat &
7 Hamilton Trust Co., $50 each. 46
Power Co. 1st 34, 1923
90
25 Commonwealth T. I. & T. Cn_2383( $1,000 Scioto Val.Tr.Co.Ist 55,'23_ 92
16 West End Trust Co.,$50 each_110
$2,000 MILELRy.&Lt.gen.5s,1951 91N
24 Independence Tr. Co., $50 ea_105
$6,000 Middletown & Elizabethtown
5 Phila. Tr. S. D. dr Ins. Co_ _ __724
Street Ry. Co. 1st 5s, 1941
5%
,4
Trust Co..
00s omitted.
Net
On Dep.
Surplus. Loans. Specie. Legate. withC.H. Deposits. Reserve.
Average. Average. Average, Banks. Average.
$
$
$
$
$
$
%
Brooklyn ___ 3,784,3 24,425,0 2,111,0
703,0 2,726,0 18,442,0 15.2+12.8
Bankers
15,733,3 121,330,0 14,514,0
50,0 10,891,0 97,026,0 15.0+10.0
U.S.Mtg.&Tr. 4,554,0 35,069,0 4,094,0
332,0 4,034,0 29,496,0 15.0+11.8
Astor
1,300,2 19,083,0 1,919,0
46,0 1,625,0 13,089,0 15.0+10.3
TitleGuar AT.11,469,0 34,756,0 2,042,0 1,235,0 2,603,0 21,908,0 15.0+10.5
Guaranty
24,240,8 168,471,0 19,071,0 1,021,0 18,781,0 113,617,0 17.6+14.1
Fidelity
1,315,5 7,250,0
821,0
237,0
759,0 5,466,0 15.7+10.8
LawyersT.I&T 6,085,2 17,800,0 1,431,0
615,0 1,403,0 12,584,0 16.2+10.0
Col.-Knicker„ 7,222,4 48,766,0 5,288,0
770,0 4,442,0 40,282,0 15.0+10.0
1,665,1 16,774,0 1,973,0
People's
426,0 1,809,0 15,786,0 15.1+10.1
11,866,3 42,590,0 3,842,0
New York
693,0 3,126,0 28,095,0 16.1+10.0
1,242,2 9,496,0 1,026,0
Franklin
153,0
878,0 7,702,0 15.3+10.1
567,5 10,567,0 1,121,0
Lincoln
229,0 1,020,0 8,969,0 15.0+10.2
Metropolitan _ 6,187,9 22,361,0 1,937,0
9,0 1,801,0 12,969,0 15.0+12.1
612,1 11,905,0 1,347,0
Broadway.....
568,0 1,393,0 12,298,0 15.5+10.1
Totals, Avge
97,845,8 590,643,0 62,337,0 7,087,0 57,296,0 437,729,0 15.8+11.5
Actual figures May 17 595,791,0 59,390,0 8,971,054,324,0 439,069,0 15.1+11.0
Canadian Bank Clearings.—The clearings for the week
ending May 17 at Canadian cities, in comparison with the
same week of 1912, shows a decrease in the aggregate of
5.9%.
Week ending May 17.
Clearings at—
1913.
Canada—.
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Victoria
Quebec
Hamilton
Edmonton
Halifax
St. John
London
Regina
Saskatoon
Moose Jaw
Lethbridge
Brandon
Brantford
Fort William
New Westminster
Medicine Hat
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Inc. or
Dec.
1912.
$
56,576,475 57,520,897
43,646,141 49,000,000
28,977,789 29,925,066
11,591,930 12,192,531
3,453,467 5,456,376
4,088,261 5,590,950
3,484,704 3,612,457
3,102,401 2,481,569
3,450,198 3,195,797
4,502,738 4,279,473
1,720,426 1,887,857
1,470,591 1,717,657
1,967,615 1,572,920
2,177,154 2,153,508
2,254,127 2,561,360
1,132,955 1,116,107
442,034
630,546
629,697
779,020
660,321
618,423
918,395
937,947
612,032 Not incl. In
860,033 Not incl. in
—1.7
—10.9
—3.2
—4.9
—36.7
—26.9
—3.5
+25.0
+8.0
+5.2
—8.8
—14.4
+25.1
+1.1
—12.0
+1.4
—29.8
—19.3
+6.8
--2.1
total.
total.
The capital of the trust companies 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 & Trust,$4,000,000; Columbia-Knickerbocker.
$2,000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln.
000,000; Metropolitan, $2,000,000; Broadway, $1,000,000: total, $45,750,000. $1.-
1911.
1910.
46,764,171
37,107,396
23,028,418
10,222,265
4,191,293
3,806,946
2,704,240
2,724,411
2,532,290
1,907,911
1,747,441
1,842,266
1,525,723
1,441,416
1,201,219
706,260
499,739
498,395
459,270
39,318,545
24,993,487
16,180,399
8,298,142
4,589,051
2,888,455
• 1,983,662
2,335,568
1,620,684
1,447,935
1,921,911
1,565,305
1,343,389
774,853
Week
ending
Capital. Surplus.
May 17.
Loans.
Specie.
Averages.
$
$
$
$
Banks__ _ _ 133,650,0206,866,01,324,919,0278,279,
Trust cos_ 45,750,0, 97,845,8, 590,643,0, 62,337,
On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.
$
75,429,
7,087,
57,296,
1,323,701,0
437,729,0
Total_ _ _ 179,400,0304,711,81,915,562,0338,616, 82,616,0 57,296,01,761,430,0
Actual.
I
1,322,199,0279,248,'77,645,0
Banks
1,327,257,0
Trust cos_
595,791,0 59,390,0 6,971,0 54,324,0 439,069,0
1
Total_
.1,917,990,0,338,638,0 84,616,0 54,324,01,768,326,0
I
I
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
176,247,419 187,230,461 —5.9 144,911,070 109,726,200
Total Canada
New York) and those for the rest of the State, as per the
Statement of New York City Clearing-House Banks following:
and Trust Companies.—The detailed statement below
For definitions and rules under which the various items
shows the condition of the New York City Clearing-House are made up, see "Chronicle," V. 86, p. 316.
members for the week ending May 17. The figures for the
STATE BANKS AND TRUST COMPANIES.
separate banks are the averages of the daily results. In
the case of totals, actual figures at the end of the week
are also given.
Trust Cos.
State Banks
State Banks.
Trust Co..
Week ended May 17
outside of
in
in
outside of
For definitions and rules under which the various items
Greater N. Y. Greater N. F. Greater N. Y. Greater N. F,
are made up,see "Chronicle," V.85, p. 836,in the case of the
•
s
banks, and V.92, p. 1607, in the case of the trust companies.
$
$
$
Capital as of March 7....
22,850,000
464,814
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
003 omitted.
Capital. 1Surplus.
Loans.
Average.
Specie. iLegats. Net Depos- Re.
Average. Average. its, Aver. serve.
$
$
$
I
$
New York__
2,000,0 4,306,4 20,521,0 3,729,0
810,0 17,526,0 25.8
Manhattan Co 2,050,0 4,960,1 29,650,0 6,280,0 1,658,0 32,250,0 24.3
Merchants'_ _ _
2,000,0 2,134,7 20,098,0 4,144,0 1,247,0 20,245,0 26.6
Mech.&Metals 6,000,0 8,853,2 56,068,0 10,354,0 3,227,0 52,808,0 25.7
America
1,500,0 6,381,3 26,044,0 4,557,0 1,611,0 24,215,0 25.4
City
25,000,0 31,006,7 172,704,0 40,817,0 6,390,0 166,097,0 28.4
Chemical
__
3,000,0 7,465,2 28,352,0 4,723,0 2,666,0 25,805,0 28.6
6,392,0 1,385,0
Merchants'Ex.
530,4
257,0
e00,0
6,324,0 25.9
Dutch.&Drov
2,135,0
443,0
127,2
73,0
300,0
2,095,0 24.6
Greenwich _ _
9,214,0 2,489,0
210,0 10,513,0 25.6
500,0 1,032,3
American Ex_
5,000,0 4,842,6 39,816,0 8,364,0 1,398,0 37,779,0 25.8
Commerce __ _ 25,000,0 16,553,9 124,445,0 17,822,0 9,750,0 99,330,0 27.7
Pacific
532,0
500,0
4,637,0
655,0
963,4
4,305,0 27.5
Chat&Phenix. 2,250,0 1,285,2 18,454,0 3,037,0 1,687,0 18,597,0 25.4
People's
200,0
147,0
473,6 • 2,345,0
2,394,0 23.1
407,0
Hanover
3,000,0 14,282,4 74,788,0 15,420,0 5,728,0 82,076,0 25.7
Citizen's Cent. 2,550,0 2,255,5 22,503,0 5,122,0
612,0 21,229,0 27.0
Nassau
1,000,0
477,0 11,440,0 2,024,0
946,0 12,730,0 23.3
Market & Fult 1,000,0 1,898,1
9,124,0 1,632,0
889,0
9,144,0 27.5
Metropolitan _
2,000,0 1,803,5 13,210,0 3,138,0
250,0 13,628,0 24.8
Exch._
_
3,000,0
Corn
5,911,5 52,543,0 9,510,0 6,229,0 62,224,0 25.2
Imp.&Traders' 1,500,0 7,831,9 25,282,0 3,645,0 2,098,0 22,268,0 25.7
5,000,0 13,813,7 85,420,0 20,248,0 1,872,0 87,352,0 25.3
Park
250,0
65,4
1,429,0
East River_ -335,0
1,745,0 26.3
124,0
5,000,0 5,836,7 31,694,0 7,165,0 1,900,0 33,143,0 27.3
Fourth
1,000,0 2,644,3 13,842,0 3,084,0
Second
175,0 12,918,0 25.3
10,000,0 21,937,3 103,098,0 25,606,0 2,101,0 94,531,0 29.3
First
4,000,0 3,227,7 35,473,0 5,952,0 3,159,0 35,501,0 25.6
Irving
791,3
3,398,0
250,0
Bowery
812,0
84,0
3,565,0 25.1
8,139,0 1,377,0
N.Y.County500,0 2,015,0
689,0
8,066,0 25.6
4,217,0
715,2
German-Amer.
750,0
837,0
228,0
4,129,0 25.6
Chase
5,000,0 9,910,1 02,360,0 21,747,0 5,652,0 103,698,0 26.4
Fifth Avenue.
100,0 2,225,1 13,540,0 2,686,0 1,213,0 15,235,0 25.5
3,589,0
815,8
GermanExch.
200,0
559,0
388,0
3,760,0 25.1
5,340,0 1,427,0
Germania _
200,0 1,056,4
254,0
6,315,0 26.6
Lincoln
1,000,0 1,717,7 14,438,0 2,829,0
703,0. 14,401,0 24.5
Garfield
8,922,0 2,192,0
1,000,0 1,270,4
277,0
9,187,0 28.8
Fifth
250,0
3,906,0
484,5
526,0
515,0
4,229,0 24.6
Metropolis _ _
1,000,0 2,251,8 12,696,0 1,250,0 2,021,0 12,695,0 25.7
200,0
4,193,0
West Side__ _
924,0
882,0
293,0
4,871,0 24.1
1,000,0 2,382,0 23,500,0 5,784,0 1,878,0 27,620,0 27.7
Seaboard
1,000,0 2,831,0 23,165,0 5,893,0
Liberty
620,0 25,345,0 25.6
9,994,0 2.695,0
910,0
N.Y.Prod.Ex. 1,000,0
297,0 11,730,0 25.5
1,000,0
560,3 18,342,0 5,618,0
State
401,0 23,484,0 25.6
1,000,0
442,8 12,113,0 2,619,0 1,204,0 14,658,0 26.0
Security
544,6
6,298,0 1,179,0
Coal & Iron
1,000,0
396,0
6,228,0 25.2
Union Exch._
9,591,0 2,055,0
997,0
1,000,0
350,0
9,631,025.0
Nassau, Bklyn 1,000,0 1,119,8
7,457,0 1,342,0
197,0
6,082,0 25.3
Totals, Avge.. 133,650,0 206,866,0 1324,919,0 276,279,0 75,429,0 1323,701,0 26.5
Actual figures May 17-
1322,199,0 279,248,0 77,845,01327,257,0 26.8
Circulation.—On the basis of averages, circu ation of n atonal banks In the Clearing Howe amounted to $46,880,000,and according to actual figures was $46,823,000.
65,900,000
8,798,000
168,762,700
12,932,285
16,524,200
Loans and investments__
Change from last week_
303,035,400 1,082,517,300
—1,758,400
+378,100
117,182,500
+20,300
179,371,200
—50,600
Specie
Change from last week_
54,618,800
—1,525,800
120,407,100
+4,155,900
Legal-tender & bk notes_
Change from last week_
21,668,400
+302,300
10,592,700
+195,600
122,497,000
+383,300
184,431,700
—1,029,300
Surplus as of March 7....
38,888,200
11,950,000
Deposits
Change from last week_
348,651,700 1,167,560,100
—3,155,100 +9,119,800
Reserve on deposits
Change from last week_
93,117,400
—1,033,500
138,183,200
+3,723,900
22,080,800
+265,500
• 22,387,900
—953,700
P. C. reserve to deposits_
Percentage last week
27.5%
27.6%
17.0%
16.7%
19.1%
19.0%
13.2%
13.6%
+ Increase over last week. — Decrease from last week.
Note.—"Surplus" includes all undivided profits. "Reserve on deposits" includes
for both trust companies and State banks not only cash items but amounts due
from reserve agents. 'I•rust companies in New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to location as shown below. The percentage of reserve required is computed on the
aggregate of deposits, exclusive of moneys held in trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty dyas
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held in trust for it by any public department.
The State banks are likewise required to keep a reserve varying according to loca
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amendment of 1911) by bonds or obligations of the City or State of New York, and exclusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
—Trust Cos.— --Stale Banks—
Total
Reserve Required for Trust Companies
Of
Total
Of
Reserve which Reserve which
and State Banks.
Required. In Cash. Required. in Cash.
Location—
15%
Manhattan Borough
15%
25%
15%
Brooklyn Borough (without branches in Manhat.)15%
10%
20%
10%
Other Boroughs (without branches in Manhattan)15%
10%
7%%
15%
Brooklyn Borough, with branches in Manhattan_15%
15%
20%
20%
Other Boroughs, with branches in Manhattan._ _15%
15%
15
15%
class
second
and
Cities of the first
10%
5%
......%
Cities of the third clam and villages
10%
3%--%
Elsewhere in State
—__
i&77;
6%
The Banking Department also undertakes to present separate figures indicating the totals for the State Banks and
trust companies in Greater New York not in the Clearing
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-
1470
[VOL. xcvi.
THE CHRONICLE
Boston and Philadelphia Banks.-Below is a summary
House banks and trust companies. In addition, we have
oombined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
Philadelphia:
thus affording an aggregate for the whole of the banks and and
We omit two ciphers (00) in all these figures.
trust companies in the Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
114
Clear,-House
Week.ended May 17
Members.
ActualFigures
INat. Banks'
Capital April 4 and
State Banks
Surplus March 7._
Total of all
Clear.-House State Banks and
Members. Trust Cos. Not Banks &Trust
Average.
in C.-H. Aver. Cos. Average.
$ .
179,400,000
304,711,800
304,711,800
i
$
$
179,400,000
27,550,000
206,950,000
77,586,800
382,298,600
Loans and investments 1,917,990,000 1,915,562,000
Change from last week -3,238,000 -14,004,000
671,914,800 2,487,476,800
+2,030,900 -11,973,100
Deposits
1,766,326,000 1,761,430,000
Change from last week +5,390,000 -8,538,000
a574,955,200 2,336,385,200
+3,368,000 -5,170,000
Specie
•
Change from last week
338,638,000
+4,735,000
338,616,000
+2,958,000
66,372,400
+518,100
404,988,400
+3,476,100
Legal-tenders
Change from last week
84,616,000
+1,664,000
82,516,000
+2,242,000
b8,110,300
-23,400
90,626,300
+2,218,600
Banks: cash in vault__
Ratio to deposits
356,893,000
26.88%
361,703,000
20.57%
12,923,200
13.96%
364,631,200
Trust cos.:cash in vault
66,361,000
69,424,000
61,559,500
130,983,500
Aggr'te money holdings
Change from last week
423,254,000
+6,399,000
421,132,000
+5,200,000
74,482,700
+494,700
495,614,700
+6,694,700
Money on deposit with
other bks. & trust cos..
Change from last week
54,324,000
+2,558,000
57,296,000
+2,889,000
17,658,900
-576,300
74,954,900
+2,312,700
Total reserve
Change from last week
477,578,000
+8,957,000
478,428,000
+8,089,000
20,782,750
3,764,650
25,579,400
+5,776,800
24,547,400
+7,606,900
% of cash reserves of tr ust cos.Cash in vault
15.117
Cash on dep. with bks.
11.014
15.86%
11.57%
16.207
1.204
27.43%
17.40%
Total
26.12%
570,569,600
+8,007,400
92,141,600
-81,600
Surplus CASH reserve25,078,750
Banks (above 25%)_ _
500,650
Trust cos.(above15%)
Total
Change from last week
0
Banks.
Boston.
Mar. 29..
Apr. 5_
Apr. 12_
Apr. 19..
Apr. 26_
May 3..
May 10_
May 17_
Phila,
Mar. 29..
Apr. 5..
Apr. 12..
Apr. 19..
Apr. 25_
May 3_
May 10_
May 17
Capital
and
Surplus.
Loans.
Specie.
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
60,735,4
225,916,0
223,976,0
223,150,0
223,092,0
223,427,0
224,856,0
224,602,0
225,081,0
23,873,0
22,678,0
23,785,0
23,953,0
24,895,0
25,798,0
25,895,0
26,502,0
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684.3
374,392,0
374,657,0
373,867.0
373,693,0
375,496,0
375,449,0
374,765,0
374,972,0
Legals. Deposits.
a
Circulation.
Clearings
256,227,0
262,172,0
259,993,0
269,890,0
265,399,0
265,385,0
263,141,0
267,028,0
7,990,0
8,016,0
8,008,0
7,999,0
7,988,0
7,968,0
7,974,0
7,973,0
150,794,9
186,687,9
155,628.3
142,946,4
165,641,1
162,511,8
160,092,9
157,694,6
*404,847,0
*413,371,0
*409,070,0
*415,312,0
*411,732,0
*418,429,0
*414,861,0
*419,351,0
12,222,0
12,048,0
12,046,0
11,998,0
11,924,0
11,779,0
11,603,0
11,570,0
154,303,4
183,963,5
154,464,6
165,356,9
153,841,0
185,878,7
165,712,0
157,436,5
$
3,279,0
3,213,0
3,221,0
3,414,0
3,588,0
3,582,0
4,004,0
4,028,0
83,895,0
86,381,0
87,639,0
89,681,0
90,611,0
91,532,0
91,903,0
93,136,0
a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to $1,331,000 on May 17, against $1,388,000 on
May 10.
* "Deposits" now include the item of "Exchanges for Clearing House," which
were reported on May 17 as $13,899,000.
Imports and Exports for the week.-The following are
the imports at New York for the week ending May 17, also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT NEW YORK.
$2,299,362
14,482,399
Dry Goods
General Merchandise
Total
•
Since January 1.
Dry Goods
General Merchandise
1911.
1912.
1913.
For Week.
$2,978,985
16,771,680
1910.
I
$2,102,129
14,253,891
$2,061,972
11,276,023
$16.781,761 $19,750,665 $16,356,020 $13,337,995
$61,417,266 $57,981,245 $57,638,123 $65,689,674
334,275,518 341,195,589 283,666,078 314,565,790
1 3395,692,784 $399,176,834 $341,304,201 $380,255,464
Total 20 weeks
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 17 and from Jan. 1 to date:
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; kith this item included,
deposits amounted to $647,660,900, an increase of $835,000 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
EXPORTS FROM NEW YORK.
1012.
1913.
1910.
1911.
$18,344,757 $15,914,468 $15,370,511 $14,154,718
364,080,3130 318,508,580 289,933,430 238,593,542
For the week
Previously reported
Total 20 weeks
$332,425,117 5334,423,048 $305,303,941 5252,748,260
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York outside of the
specie at the port of New York for the week ending May 17
Clearing-House, compare as follows for a series of weeks past: and
since Jan. 1 1913, and for the corresponding periods in
1912 and 1911:
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
Mch.
Mch.
Mch.
April
April
April
April
May
May
May
15.._
22____
29____
5____
12____
19____
26____
3____
10____
17_ ___
$
2,520,950,6
2.479,043,8
2,471,291,0
2,480,000,2
2,478,605,0
2,466,922,1
2,490,418,5
2,504,421,3
2,499,449,9
2,487,476,8
Deposits.
Specie.
Legals.
Si
2,366,131,7
2,320,345,1
2,311,797,8
2,323,497,8
2,316,870,6
2,316,141,5
2,340,090,6
2,350,925,9
2,341,556,2
2,336,385,2
5
Is
391,172,5
386.493,5
389,322,2
391,021,4
391,000,5
396,831,5
400,230,8
401,590,5
401,512,3
404,988,4
s
90,547,2
91,605,4
91,962,6
88,953,2
89,359,2
89,015,9
89,387,8
88,316,0
88,407,7
90,626,3
481,719,7
478,098,9
481,284,8
479,974,6
480,359,7
485,847,4
489,618,6
489,906,5
489,920,0
495,614,7
$
547,076;
542,086,
546,523,
545,825,7
544,508,5
652,496,4
560,846,6
566,801,6
,
562,562,2
570,569,6
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing-non-member
banks for week ending May 17,based on average daily results:
We omit two ciphers (00) in all these figures.
Banks.
Capital.
Surplus.
On
Legal
Loans,
Tender Deposit
Disc'ts
Net
Specie. and _. with
and
C.-II. Deposits.
Bank
InvestNotes. Banks.
MeritI.
New York City.
i
$
$
$
Manhattan and Bronx.
Washington Heights_ 100,0
350,4 1,733,0 153,0
Battery Park Nat___ 200,0
115.0 1,623,0 337,0
Century
500,0
507,5 6,040,0 666,0
Colonial
400,0
615,9 . 7,119,0 993,0
Columbia
758,1 6,046,0 669,0
300,0
Fidelity
200,0
60,0
178,8 1,166,0
Mount Morris
250,0
346,8 2,351,0 391,0
Mutual
209,0
461,0 5,536,0 584,0
Netherland
New
200,0
305,5 3,538,0 427,0
Twenty-third Ward
200,0
101,8 1,999,0 225,0
Yorkville
100,0
527,4 4,337,0 587,0
Brooklyn.
First National
300,0
689,7 3,865,0 378,0
Manufacturers' Nat
252,0
917,6 5,646,0 469,0
Mechanics
1,000,0
639.111,090,0 1,335,0
National City
300,0
575,5 4,703,0 528,0
200,0
North Side
176,8 2,469,0 188,0
Jersey City.
400,0 1,365,4 4,413,0 206,0
First National
815,8 3,400,0 231,0
Hudson County Nat- 250,0
200,0
428,4 2,635,0 104,0
Third National
Hoboken.
220,0
660,8 4,280,0 199,0
First National
125,0
283,8 3,348,0 195,0
Second National.Totals May 17
Totals May 10:
Totals May 3
3
97,0
56,0
325,0
339,0
476,0
120,0
46,0
424,0
142,0
96,0
241,0
$
234,0
127,0
623,0
831,0
894,0
123,0
328,0
571,0
216,0
254,0
663,0
$
1,480,0
1,744,0
6,058,0
7,474,0
6,926,0
1,116,0
2,614,0
5,844,0
3,519,0
2,149,0
4,785,0
87,0
598,0 3,209,0
344,0
740,0 5,152,0
679,0 1,535,0 13,136,0
121,0
701,0 4,652,0
143,0
307,0 2,532,0
282,0 1,275,0
569,0
59,0
563,0
140,0
3,117,0
1,977,0
1,449,0
311,0
556,0
1,575,0
1,331,0
71,0
50,0
6,097,0 10,821,1 87,337,0 8,827,0 4,344,0 12,076,0 81,389,0
6,097,0 10,821,1 87,215,0 8,983,0 4,411,0 12,073,0 81,563,0
6,097,0 10,821,1 87,033,0 8,902,0,4,188,0 12,347,0 82,764,0
Gold.
TotMoney Entire Re
Holdings. onDeposi
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan. 1
$4,038,266 $33,417,356
714,000
137,451
100
5,171
22,107,639
1,249,388
$4,038,366 $57,631,005
1,600 21,216,137
100,200 2,325,831
Total 1913
Total 1912
Total 1911
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
1,330
Since Jan.1
$10,135
200
258,504
35,561
32,438
$46,692
71,255
2,944
335,150
4,226,613
1,234,692
712,356
$336,836 $6,629,702
387,587 8,217,077
83,674 3,662,482
$278,242 $17,920,653
122,158 2,304,258
$1,554
90
40,583
56,708
8,276
16,374
3,950
1,000
5401,130 $20,246,235
356,845 19,503,432
931,653 18,718,293
Total 1913
Total 1912
Total 1911
Week.
$13,279
31,281
4,160
74,464
1,990,685
1,009,752
572,802
$107,211 $3,696,432
494,916 4,624,568
1-7,419 3,180,744
Of the above imports for the week in 1913, $200 were
American gold coin and $90 American silver coin.
Vaulting and financial.
Convertible Bonds
Write for our Circular No.615 entitled "Convertible Bonds." which
describes 41 well-known issues.
The par value of the outstanding
amountof the 41 issues is about $800,000,000. which indicates the
wide popularity of this type of investment.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK.
Chicago, Iii, Boston, Mass. Albany, N. Y.
Members New York Stock Exchange.
White, Weld & Co.
Bonds and Investment Securities.
14 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE Brliger
BOSTON
1471
THE CHRONICLE
MAY 24 1913.]
afx-
alike& J azette.
Wall Street, Friday Night, May 23, 1913.
The Money Market and Financial Situation.-In the
absence of other matters of interest, the new City bond
issue absorbed a good deal of attention in financial circles,
especially during the early part of the week. The offering
was a success only in that the amount was over-subscribed
and netted the City a small fraction more than par. Later,
these bonds showed a tendency to weakness, a few selling
fractionally below par. Other than this nothing has occurred to create any enthusiasm within, or attract attention
from without,the Stock Exchange, and therefore a record of
the week's operations is more or less uninteresting.
The most hopeful and promising feature of the general
situation is at the moment undoubtedly the crop prospects
in all parts of the country. It is, of course,too early to make
any predictions or estimates, except of the most general
character, but if these prospects are realized we shall have
enormous harvests and a sure source of revenue therefrom,
the importance of which is not likely to be overestimated.
While awaiting the ingathering of crops, our national
politics and legislation and the world's financial situation
are of paramount consequence.
The leading foreign bank statements show, some further
improvement, but this has not yet been attended by a
reduction of official discount rates. Evidently a full
restoration is still some distance in the future. The hoarded
gold seems to come out very slowly, if indeed it is coming at
all; the larger amount shown in these statements being only
about equal to the amount received from here. The latter
will be increased in due course by $2,000,000-shipped this
week. The local money market is unchanged.
The Government's final report of international trade for the
month of April shows an excess of exports amounting to
$55,600,000 and for the ten months ending April 30th an
excess of $561,900,000. These figures sufficiently explain
the present foreign exchange market and suggest that the
gold recently sent abroad, under special conditions, may
easily be brought back if occasion required.
The open market rate for call loans at the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2Y2@3%. Friday's rates on call were 23/b @3%.
Commercial paper on Friday quoted at 53@53'% for 60 to
90-day endorsements and for prime 4 to 6 months single
names and 5%@6% for good single names.
The Bank of England weekly statement on Thursday
showed an increase in bullion of £1,344,982 and the percentage of reserve to liabilities was 50.80,against 50.25 last
week. The rate of discount remains unchanged at 432%,as
fixed April 17. The Bank of France shows an increase of
24,938,000 francs gold and 12,825,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.)
1013.
Averages for
week ending
May 17.
Capital
Surplus
Loans and discounts
Circulation
Net deposits
Specie
Legal tenders
Reserve held
25% of deposits
Differences
from
previous week.
1912.
Averages for
week ending
May 18.
1911.
Averages for
week ending
May 20.
$
$
s
$
133,650,000
131,150,000 134,150,000
206,866,000
195,115,700 200,234,400
1.324,919,000 Dec. 12,290,000 1,375,207,000 1,332,045,400
46,880,000 Inc.
52,000
47,360,000
46,065,600
1,323,701,000 Dec. 11,262,000 1,413,862,000 1,386,927,700
276,279,000 Dec.
593,000 292,873,000 317,482,000
. 75,429,000 Inc. 2,012,000
77,381,000
74,924,500
351,708,000 Inc. 1,449,000
330,925,250 Dec. 2,815,500
370,254,000
353,465,500
302,406,500
346,731,925
45(174575
16,768.500
20.782.750 Inc. 4,264,500
Surplus reserve
Note.-The Clearing House now issues a statement weekly, show ng the actual
the
as
well
above
as
morning,
averages.
the
of
banks
The
on Saturday
condition
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to the Clearing House, appear on
the second page preceding.
Foreign Exchange.-The market for sterling exchange
this week has shown a steady undertone, although towards
the close there were rather free sales of finance bills. An
additional engagement of $2,000,000 in gold was arranged
for Paris and $100,000 was forwarded to Venezuela.
To-day's (Friday's) nominal rates for sterling exchange were 4 83% for
60 days and 4 87 for sight. To-day's actual rates for sterling exchange
were 4 828504 8295 for 60 days, 4 863004 8640 for cheques and 4 86600
4 8670 for cables. Commercial on banks 4 81%04 82% and documents
for payment 4 82%04 82%. Cotton for payment 4 82%04 82% and
grain for payment 4 82%04 823.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 83% for 60'days and 4 87 for sight.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21% less
1-1605 213 loss 1-32 for long and 5 183 less 1-1605 18% le.ss 1-3'2 for
short. Germany bankers' marks were 945( ®94 5-16 for long and 95%0
95%?s 1-32 for short. Amsterdam bankers' guilders were 40% less 3-32
©40 less 1-16 for short.
Exchange at Paris on London, 25f. 21%c.; week's range, 25f. 223-dc. high
and 25f. 20%c. low. Exchange at Berlin on London, 20m. 44pf.; week's
range, 20m. 45%pf. high and 20m. 44pf. low.
The range for foreign exchange for the week follows:
Sixty Days.
Cheques.
Sterling, Actual.Cables.
4 8655
4 8690
High for the week_ _ _4 8305
4 8620
4 8650
Low for the week......4 8270
Paris Bankers' Francs8%
3 le1:6
less 1-32 5 118
3 34
2 5 18
17 less 1-16
High for the week...._5 21
less
Low for the week_ __5 21
Marks
Bankers'
Germany
95
3-16
95%
High for tine week.-- 94 5-16
95% less 1-32
95g less 1-32
Low for the week _ _ .. 94g
Amsterdam Bankers' Guilders4034
loss 1-32
40 3-16 less 3-32
High for the week_ __ 39%
4034 less 3-82
40 3-16 less 1-16
Low for the week.. _ _ 39% less 1-16
i Domestic Exchange.-Chicago,20c. per $1,000 premium. Boston, par.
San
premium.
Francisco,
20c.
$1,000
per $1,000
'.. Louis, 40c. per
5 mium. St. Paul, 60c. per $1,000 premium. Montreal, 1534c. prom'Minneapolis, 65c. per $1,000 premium.
i
State and Railroad Bonds.-Sales of State bonds-at the
Board include $7,000 New :York 4s, 1962, at 9934 to 99%,
$2,000 N.Y. Canal 4s, 1962, at 99% to 993% and $15,000
•FtVirginia 6s deferred trust receipts at 483' to 49.
There has been more activity in the market for railway and
industrial bonds accompanied by a few exceptionally wide
fluctuations in prices. As a whole, however, the market has
been steady to firm, within a narrow range, and only a'few
issues have been traded in. The additional activity mentioned is due to the movement of a few issues, including
Atchison, Baltimore & Ohio, Rock Island, Brooklyn Rapid
Transit and the St. Louis & San Francisco issues. The latter
declined precipitately, showing a loss of 11 and 53 points,
respectively, for the gen. 5s and the ref. 4s. Other changes
are wholly unimportant, and several active issues close at the
same level as last week.
United States Bonds.-Sales of Government bonds at
the Board are limited to $1,000 3s coupon at 103 and $10,0011
Panama 2s 1936 at 100%. 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 continued,as for some time past,in a dull,listless, unin-teresting state throughout the week. No change in the'
tone has-taken place from day to day and although therei
was a little more activity than last week, no significance
attaches to that fact. Daily transactions averaged 210,000
shares, against 182,000 last week and 450,000 for the corresponding week last year. The characteristics of the week
were accentuated to-day when only 153,500 shares were
traded in and fluctuations were exceptionally narrow,
irregular and unimportant
Practically the only special movement worthy of note has
been a sensational decline in St. Louis & San Francisco
issues, both bonds and shares. The 2d preferred stock
closes with a loss of over 7 points, having dropped from 185.
%. On the other hand Lehigh Valley has advanced
to 113
332 points, Union Pacific and Southern Pacific have been
strong on rumors of a new plan and several other stocks are
fractionally higher.
For daily volume of business see page 1479.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Weekending May 23. for
Week.
Range for Week.
Lowest.
,I
Highest.
Range since Jan. 1.
Lowest.
Highest.
Allis-Chal recta 5th paid 1,900 734May 20 73jMay 17 73.1MaY
7% May
200 1534May 17, 1634May 23 1534 May 1634 May
Pref recta 5th paid___
Am Brake Shoe AG Fdry_
200 92 May 211 9434May 23 92 May 0634 Jan
Jan
28 85 May 20, 85 May 22 85 May 94
Am Coal Products
10 180 May 21;160 May 21 160
Feb
Jan 170
American Express
100 95 May 231 95 May 23 95
; Jan
May 99
Am Wat Wks & Guar, pf
900230 May 17 232 May 22 22934 May,239 April
Can Pac subs 2d paid__ _
10 108 May 19 108 May 19 108
May 11234 Feb
Cent & So Am Teleg_ _ _ _
100 10 May 191 10 May 19 10
Mar 18
Jan
Chicago & Alton
100 2534May 191 25%May 19 2534 May 25% Feb
Preferred
100 2834May 22, 2834May 22 26
Jan
Feb 33
Colorado & Southern..
35 73 May 20; 73 May 20, 73 April 80% Feb
Detroit United
6 9334May 171 9334May 171 93 April 9334 May
E I duPont Powd pref
Jan 185
.5 184%May 20118434May zy, 175
Mar
General Chemical
78,106 May 17 106%May 22. 104 May 10934 Jan
Preferred
Feb 12534 April
Gt Nor subs 40% paid_ _ 1,06012334May 19 12434May 21 121
Jan
100,150 May 19 150 May 19 150 May 180
Helme (G W)
Jan
2001 8 May 19 8 May 21 734 April 39
Int Agile Corp v t c
78
69
;
TEM
17
May,
May
69
17,
May
69
lool
prof
M
&
S
Ft
C
X
60500 May 17 500 May 22 470 May500 May
Lake Shore & M S
2001 37 May 22 38 May 21 37 May 4334 Jan
Long Island
Jan
Mar 87
300 82 May 20 82 May 20 81
Mackay Companies_ _ _ _
1001 67%May 22, 6734May 22 6634 Jan 69 April
Preferred
1001 90 May 20 90 May 20 00 May 99% Jan
Mexican Petrol, pref _
Jan
131135 May 17135. May 17,13334 May 170
Nash Chatt & St Louis_ _
Jan 6334 Jan
1301 55%May 191 5534May 19 56
N Y Chic & St Louis_ _ _
100457 May 20157 May 20157 May 157 May
Pitts Ft W & Chicago_ _
100 434May 171 434May 17 334 May 434 May
Quicksilver Mining
Feb 8 May
920 634May 17' 8 May 17 4
Preferred
lii
E
&
-C
F
St L
4 40 May 19 40 May 21 40 May 5434 Jan
new stock trust certfs.
Jan
100 90 May 17 90 May 17 88 April 98
Sloss-Sheff S & I pref._
Jan
100 2%May 21 234May 21 1 2.4 April 3
Toledo Rys 4, Light_ _ _
100 45 May 23 45 May 23 4334 Mar 5034 Feb
United Cigar Mfrs
Jan
May 101
130 95 May 20 95 May 20; 94
United 1)ry Goods
100 10134May 22 101%May 22,401 Apr1110534 Jan
Preferred
Mar
100 89%May 22; 8934May 22 8834 April 97
U 5 Indus Alcohol pref.. _
May 21% Jan
125 15 May 23, 15 May 23 15
Vulcan Detinning
West Maryland pref.._ _
2001 55 May 201 55 May 201 54
May 6734 Jan
Weyman-Bruton
200,240 May 22240 May 22240 May 30034 Jan
Outside Market.-"Curb";trading this week was again
of small proportions, practically all the attention being given
to Standard Oil shares and the new New York City bonds.
Prices, though slightly irregular at times, held fairly firm.
Standard Oil of N. J. advanced from 359 to 368 and closed
to-day at 364. United Cigar Stores corn. moved up from
895/i to 91 and ends'the weeleaq9034. British-Amer. Tobacco eased off from 233 to 233j. TobaccoTroducts pref.
gained 2 points to 85. Emerson-Brantingham corn. was a
weak feature, losing 2 points to 30. Willys-Overland corn.
also displayed weakness,r.selling:down from 663,the opening,
to 63. In bonds the new N. Y.;City 43's,"w. i.," monopolized attention and dropped from 100% to 100 and rested
finally at 100 1-16. Thereafter trading was on the Exchange, where the bonds sold down from 100 to 99% and up
to 1003. N. Y. City 43.s of 1960 weakened from 96Mto
4,the 43s of 1962 losing overWpoint to 95 7-16. Brook953
lyn Rapid Transit 5% notes improved from 953% to 95 9-16
and reacted to 95 7-16. Chic.;Elevated 5% notes rose from
97 to 97%. Copper shares were easier. Braden1 Copper
4 and closed to-day
4 to;63
was active and dropped from173
at 63'. Girouqweakened from 2 1-16to31 15-16 and recovered to 2. Greene-Cananea:moved downlfrom 6% to 69.
Outside quotations will be found_on!page_1479.
1472
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding
page
STOCKS-H1OH11.57. AND
Saturday
May 17
Ilfenday
May 19
Tuesday
May 20
Lowssr sAms
Wednesday
May 21
PRICES.
Thin:day
May 22
Friday
vray 23
Sales of
me
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Hanle Since Jan, 1.
On basis et 100-3nare tots
Lowest.
Ranoe for Previous
Year 1912,
H tohest.
Lowest.
Highest:
Railroads
0033 9912 9942 9912 9913 997
9914 997
99
9953 9914 9953 10,400 Atchison Topeka & B F.._ x9853 Apr 30 10633 Jan 6 10314 Feb 11134
Oct
19934 9934 9914 9912 .99
9912 *9914 9934 9912 9034 .99
9934
410
Do pre(
9914 May19 10214 Jan 29 10133 Jan
.
12013 122
12113 12112 12213 12212 .12173 12212 1,
28
214 19
600 Atlantic Coast Line RR_ 119 May 1 133:8 Jan 9 313034 Dec 10414 Feb
28
23
14
2 *12113 12312
14813 Aug
9333 9812 931 98.73 9833 98
9838 0813 2,100 Baltimore & Ohio
9813 9812
0734
May
1 10633 Jan 22 110114 Feb 11172 Apr
7912 791
*m a 7013
7914 7914 7913 7918 *7813 79%- •79
500
79
Do pref
79 May22 88 Jan 10
8613 Aug
91 Jan
9073 9158 9114 918 91% 9173 91
9118 9173 9133 92
92
29,170 Brooklyn Rapid Transit. 2861s Meh 10 9253 Jan 9
7634 Jan
236 23778 23512 23778 23614 23712 237 238
9413 J'ly
235% 23312 23634 23713 51,620 Canadian Pacific
21812 Mch 10 26634 Jan 9 22612 Mch 283 Aug
0295 315 *295 315 *295 315 .295 315 *295 315 *295 315
Central of New Jersey
295 May13 362 Jan 13 305 Jan 395 Apr
61
6430 6434 6478 6412 6514 6413 65
6434 6553 6478 6514 7,500 Chesapeake & Ohio
6213
May
Jan
2
6814
80
8
Feb
8514 Oct •
.1334 1438 1334 1334 14
14
*1313 1414 13% 1373 .1313 14
300 Chicago Gt West tr ctfs
13 Feb 25 1773 Jan 9
1553 Deo
2014 Oct
*29
30 .28
30 .2813 2912 *2813 30 .2813 30 .
2812 2973
Do pref trust ctfs
28 Mch
35 Jan 9
3013 Dec
3912 Apr
10612 10634 10634 103
10758 10853 10718 103
10713 10113 10734 10813 8,000 Chicago Nillw & St Paul_ 10514 May 10
993
11614
Jan
3
J'ly
1
9
11753 Nov
134 134 *13312 135 *13412 13312 13512 138
13614 138% 113613 13812
Do
615
pref
13312 May15 145 Jan 30 13914 Dec 146
12934 12934 .129 13012 12912 12912 130 130
1301$ 13018 12913 13013
800 Chicago& North Western 12734 Apr 26 138 Jan 11 13418 Dec 145 Jan
Apr
*181 185 .181 185 .181 185 .181 184 .181 184
181 181
100
Do pref
181 May23 1189 Jan 6 183 Nov 198 Mch
*4953 53 .4953 53
*4953 53
*4953 53
4953 4953 .4952 53
100
Cleve
Cin
Chic & St L.__
4912 May 9 54 Jan 21
4514 Dec
6212 Apr
.88
95 .88
95 .88
05
95
•88
*88
95
90
00
180
Do pref
90 Apr 11 9434 Jan 16
95 Deo 10112 Apr
•153 155 *152 155 1154 154
15613 156% 15612 15613
154 156
700 Delaware & Hudson
15034 May10 167 Jan 8 162 Dec 17812 Feb
.390 400 :'395 400 .395 400 1395 400 .395 400 *395 400
40 Delaware Lack cc West
395 Feb 2.5 445 Jan 13 530 Aug 397 Deo
1831 1933 18
1812 1758 1753 18
18 .1713 1812 *1713 19
1,100 Denver & Rio Grande
1753 May20 231s Jan 9
1813 J'15, 24 Melt
3213 3213 3173 3212 32
32 .32
35
*32
35 .32
35
600
Do prof
3173 May19 41 Jan 10
:1414 .J'ne
4614 Jan
*434 61: .434 612 *434 7
.5
.434 7
612
Duluth So Shore & Allan
6 Feb 24
812
Jan
2
8 Sep
*1213 1412 *1212 1412 .1212 1412 .1253 1412 42
1134 Stay
43
34 1414
7
1213 1213
Do pref
100
12 Apr 11
1614 Jan 2
14 Deo
23 May
28
28:,f 2753 283
2753 2814 23
2814 2814 2834 28
Erie
2314
10,400
2513
Feb
3213
25
Jan
6, 30 Deo
3013 Apr
43
431.: 4212 4212 43
*4212 4312 43
43
4314 *42
4313
Do 1st preferred
42 Feb 25 4913 Jan 30
1,100
577, Apr
4713 Dec
3412 3412 *34
3413 35
36
*34
36
3514 3514 *3434 3513
Do 2d preferred
3234 Mch19 41 Jan 30
401)
38 Deo
48 Apr
126 12613 12614 12613 126 127
12613 12634 12658 12738 12673 127
8,000 Great Northern pref
124 Feb 25 13253 Jan 9 126 Jan 14334 Aug
34
3414 333. 3412 34
3412 3314 3314 33
Iron Ore properties
33
3313 3313 1,700
3114 Apr 29 4114 Jan 3
36 Jan
53 Sep
115 115
115 1151 1 11514 11514 11473 11473 11434 11434 115 115
1,100 Hanois Central
112 May 1 12873 Feb 5 12033 May 1411s Jan
1433 1433 143, I
1453 1434 1413 1434 1453 1434 1413 1413 3,600 Interboro-Nletrcp v t Of_
1373 May12 195s Jan 30
1614 Deo
22 J'iy
4934 4934 1033 L.'
51
5113 5058 50% 5013 5118 5012 51
5.900
Do pref
4834 Apr 30 6653Jan 30
5333 Jan
6733 Oct
*22
2314 23
233-: 2278 2273 .2213 24
22% 2258 *2213 24
400 Kansa- City Southern
2258 May22 2714 Jan 0
2213 May 3114 Sep
59
59
*58
60 .58
60 .53
6034
100
6034 .58
Do pref
60% *58
59 Si ay 17 6113 Jan 7
56 May 603 Nick
*714
*714 918 *714 91 .
712 712 *713 9100 La
Lake
D En
714 918
per f Western
:
7 May 2 1112 Feb 5
1112 Jan
18 Apr
.22
30
*22
29 .22
29 .22
29 .20
35 .30
35
2.5 Mch 18 35 Jan 6
30 Jan
40 May
•15314 154
153 154
1543.1 15518 154 16412 154 15613 15514 15813 10,950 Lehigh Valley
159 Mch 20 1685* Jan 2 15572 Feb 13534 Jan
*131 132
13134 132
13214 13214 *132 133
132 134
13234 1333s 1,800 Louisville & Nashville
12834 May 1 14214 Jan 10 133 Deo 170 Aug
12853 1281
12934
130
12912 12912
13034 1303.1
:
820 Manhattan Elevated
12714 Apr 26 13251 Feb 7 1287s Dee 13834 Mch
16
16
1513 Ws
200 Minneapolis & St Louis_
1512 May23 2314 Jan 2
184 J'ly
2712Jan .
Do pref
38 Apr 30 47 Jan 29 140 Feb 167 Jan
15513 133-1-2 131 131 .129 133 *129 133
131 131
1317s 1317s
500 Minn
o StrP
eiz
errSed
S Marie 312834 Mch 20 14214 Jan 9 129 Feb 16412 Aug
*135 137 .135 145 .135 145 .135 145 .135 145 .135 145
14112 Itch 11 1150 Jan 22 148 Deo 158 Aug
O2314 24
2212 2314 2213 23
23
2314 23
24
2313 2358 4,700 Missouri Kan & Texas
2214 May 1 29I Jan 7
2511 Dec
3153 Itch
60
60
5973 5972 .50
62
4'59
62 .59
6014 *3912 0014
no
Do preferred
5934Jan 14 6413 Apr 11
d lag May 66 Apr
3413 3434 3313 3412 3434 35
35
3514 3453 3533 3434 3434 9,525 Missouri Pacific
3278 May 1 4332 Jan 0
35
J'ly
4734 Nick
*48
56
4'50
57 .50
57
4'50
57
*46
53
Nat Rya of Meat lat pre_ s 5634 Feb 10 59 Meh 3
4.46
52
6213 Oct
71 Jan
213g 2134 2112 2134 *2114 22
1073 2114 1834 193* 18?3 2033 7,610
DO 2d preferred
1834 May22 2712 Jan 2
2633 Oct
3973 Jan
9938 9932 9932 10012 0973 10014 9934 100
100 10034 10014 10033 9,589 N Y Central & H R
9853 May12 10934 Jan 30 10613 Dec 12112 Apr
10512 10573 10434 10512 10513 10534 105 10514 105 10512 *105 106
3,700 N V N H & Hartford......_ 10234 May 1 12978 Jan 10 126 Dec 14214
Apr
291g 2913 2814 29
2834 2872 2853 2878 2834 29
2834 2873 2,000 N Y Ontario & Western.. 2814 May19 337s Jan 11
2.+78 J'ne
4133 Apr
105 10553 10553 10553 10538 10512 *105 108
108 106
108 10614 1,:.1 Norfolk & Western
10334 Itch20 11313Jan 3 110734 Feb 11014 Aug
.
81
85 .81
85 .81
85 .81
85
8473 847 *81
Do adjustment pref.... 8214 Mch 17 87 Feb 13
90
200
88 J'ne
92 Feb
11413 1141 11413 11412 11438 11434 11413 11412 11433 11513 1147s 115
3,940 Northern Pacific
11314 May 1 12253 Jan 6 11533 Jan 13112 Aug
11038 11053 11038 11012 11038.11012 110 11038 11013 11014
10934 11032,030 Pennsylvania
10934 May23 1233 Jan 7 11978 Dec 12614 May
.
91
95
*9012 95
93
93 .91
93 .9012 95 .9013 95
100 Pittsb Cm Chic & St L.._ 9011 Apr 26 104 Jan 11
9812 Jan 11112 Sep
•100 115 .100 115 .100 115 *100 115 .100 115 .100 115
Do preferred
10313 Jan 117 Feb
15933 16014 15913 16053 16014 16138 16018 16118 160 162
161 16134 177.200 Readin.
2
15213 Mch 10 1687s Jan 2 14813 Jan 17914 Apr
.88
90 .88
90 .
88
89 .87
89 .87
89
*87
1st preferred
89
s 8934 Feb 25 9212 Apr 10
8713 J'ne
0314 Apr
•89
90
*89
9013 *89
9018 89
89 .87
89 .
300
87
2d preferred
89
8773 Feb 25 95 Apr 10
92 Deo 10112 Apr
1714 1858 1513 1714 16
1714 1714 1773 1712 1812 1733 1814 34,170 Rock Island Company
1514 May19 247s Feb 4
22/
1
4 Dec
3912 Apr
2913 31
2712 2934 2912 3033 2953 3034 3014 3138 3012 3114 15,300
Do preferred
2712 May19 4414 Jan 2
4224 Deo
1932 Apr
513 9
1053 11
9
978
9
918
634 77s 5,100 St Louis & San Francisco
713 812
512 May19 1934 Jan 11
291 mcti
1712 Dec
40
*35
37
38 .37
13914 3914 35
40
3114 35
35
1,125
Do 1st preferred
3114 May23 59 Feb 11
5812 Deo
6912 Jan
17
1512 1353 1478 1213 1414 11
1812 12
1634 14
1273 21,445
Do 2d preferred
11 May23 29 Jan 11
2612 1)eo
.3013 3138 3012 3913 *30
404 Apr
7132
313
300 St Louis Southwestern_
3034 3034 .29
3112
361k Jan 13
29
Apr
29
2934 Jan
40113 Oct
7214 .7034 7214 .707 7214 .70
*70
7214 .70
7214 *7113 7234
Do preferred
7113 May13 75 Jan 9
6812 Jan
9042 Oct
17
17
*1614 17
1634 1634 *1612 1712 17
*16
17
1712
350 Seaboard Air Line
1634 May20 2034 Apr 1
18 Dec
2712 Apr
4112 4112 4012 4114 41.14 4114 *4012 42
*40% 4134 .4034 4113
Do preferred
700
4013
May19
4853 Jan 29
3612 J'ne
404 Deo
96
9614 9573 9614 96
9753 9634 9712 9634 9812 9714 9758 20,900 Southern Pacific Co
May 7 110 Jan 3
10312 Deo 11512 Apr
2414 2412 2378 24
2373 2438 .24
2458 2414 2412 2414 2414 3,050 Southern v tr ctfs stmpd.. 9313
2312
Apr
30
2858
Jan
2
2012
Jan
32 Sep
7613 7613 7634 7614 7612 77
7612 7673 *7638 7714 7634 7714 1,210
Do preferred
do
7514 May 1 8112 Mch 26
6814 Feb
8873 Oct
•15
17
15
1612 1612 1534 16 .15
1612 11513 1512
17
410 Texas & l'acific
1534 May 1 2252 Jan 8
2012 Jan
343
3413 3413 3412 3434 3414 3434 34
3312 3412 3334 3413 2,800 Third Avenue (N Y)
2412 Nov
3313
Apr
29
4011
Jan
2
3312 Deo
4314 Jan
110
10
10
10
11
1114 .--- 11
.3
1312 .8
1212
310 Toledo St L & Western
9 May13 13 Jan 9
1012
Dec
21
23 .___- 25 .20
.
1618 Itch
24
23
2214 2212 *
2213
200
Do iiereferred
217s May16 2934 Jan 9
28 J'ne
10313 10353 *101 105 .10312 105 .10353 105 .10353 105 .155T3 1043
38 Apr
Twin City Rapid Transit 10313 Mch 24 10814 Jan 23
200
4
103 Deo 11113 Sep
14812 14938 14853 14914 14373 15073 14913 15012 14912 15238 17:1 102 144,200 Union
Pacific
14534 Apr 29 16234 Jan 6 15034
8313 8312 .8314 8414 18314 8314 *8334 85 .8314 85
Dee 17634 Sep
8412 8472
360
Do preferred
83 Mch 13 9312 Jan 6
8814 Oct
.
22
23
K12 Dec
2234 2234 2273 2278 *22
23
23
23
23
554) United Rys Inv't of S F..... 2212 May12 3512 Jab 3
23
.437 46 .44
28 J'ly
3147s Deo
47
.4578 4578 .44
47
*4312 47
*4334 47
100
Do preferred
43 Apr 29 631* Jan 2
57
J.17
691s
Deo
*253 234
213 212 .214 234 *214 234
213 212
214 234
500 Wabash
212 May15
4 Feb
334 J'ne
1134 May
753 77
, 738 734
75* 733
713 734
752 734 2,400
712 712
Do preferred
714 May18 1314 Jan 14
1238 J'no
2273 Apr
*38
4013 .39
4012 *39
4013 *3912 4013 •39
4012 3812 40
Western Maryland
200
Jan
Jan
45 Dec
6414 Metz
*413 513
433 434 *413 513 *413 5
.412 5
100 Wheeling & Lake Erie.- 37
.412 5
31 May 7
1 46
4 Jan
8 Jan 2
1)14 Oct
3
*15
18
*15
*15
19
18
*15
19
*15
*15
l
Dlo
18
o 21d preferredstprefted
19
17 May 7 281s Jan 13
11 Jan
3613 Oct
*7
812 .7
10
*7
10
.7
10
*6
8
.6
9
713 May 5 14 Jan 3
6 Jan
1712 Oct
*5014 63
503 5012 *5014 53 '45013 5212 .5012 6212 *5012 53
300 Wisconsin Central
46 Jan 15 5813 Apr 23
48 Feb
6232 Aug
Industrial & Miscall.
•
74
74% 7312 7412 7373 75
737s 75
7313 748 74
Amalgamat
7453 77,090
ed Copper
6534 Feb 25 803s Jan 2
60 Feb
9234 Oot
49
*4814 St .
49
4813 53 .48
53
49
49
•47
13
300 American Agricul Chem_
4614 Jan 17 57 Jan 3
5413 Deo
0353 Melt
*93113 94
*9212 95
*93
95
*9213 95
*9213 95
*9212 95
Do preferred
m:
7 99 Jan 2
a
a 20
2m
9
73
2:2
98 J'ly 10414 Melt
3014 3014 2034 2952 2913 2913 .28
30
*2858 2958 30
30
750 American Beet Sugar
25 Itch 19 5013 Jan 2
4612 Deo
.65
77 Sep
80
*65
80
7212 7212 *70
80 •70
80
*70
80
Do
10
preferred
Mch
86
10
Nov
317$ 3214 3213 33
10114 J'ne
3213 3318 3213 33
3233 3318 3234 3273 20,300 American Can
2523 Jan 14 467, Jan 31
1114 Feb
92% 9213 9212 9253 9234 93
4733 Oct
9212 9234 9253 93
9234 9234 2,500
Do preferred
0
1 Jan 32
293
pbr 25
4
97
A8
112 F
8 156
9033 Feb 12614 sop ,
48% 4814 *4814 4914 4838 4838 .4813 4934 .4814 4912 *48
4934
300
American
Car
ac
Foundry
49
Feb
*11312 115
113 11358 *112 11353 .112 11358 .112 114 •1127$ 114
6332 Sep
200
Do
preferred
112 Feb 26 117 Mch 5 115 Feb 120 May
*37i3 40
*3712 40
*3713 40
*3713 49
*3713 40
3712 38
200 American Cities
3712 May23 4834 Jan 6
.7013 75
*703s 75
*6913 75
3034 Oct
Ms Dec
*6013 75
*7038 75
71Is 7113
200
Do
pr
preferred
*3913 42
7514 Aug
42
498
41
41
$234 Dee
39
41
3973 4114 40
4018 4,000 American Cotton 011
2
69'2
39 Mar
78
5742 Jan
JanJ
Ap y21
1
4512 Jan
*9214 9413 *9112
*9213 ____ .93 ---_ .93
0014 Nov
95
*9314 98
Do preferred
Jan
18
0
5,
4
2
98
3
95
*4
412 *4
412 *4
Jan
412 *4
41
*4
412 *4
0014 Feb
413
American tilde & Leather 95
44 Jan 211
14
*2113 23
3 Feb
*2112 23
2213 2213 2214 2214 .21
714 Sep
23
*21
23
Do preferred
2214 May21 2814 Feb 10
492
20 Feb
25 .22
25
24 Sc
2478 2478 2312 2458 23
241
1,000 American Ice Securities- 20 Jan 2 2734 Apr 4
912 013 *918 10
.9
914
3014 May
18
Jan
*912 10
*912 10
2 : 2h
10
4
300 American Linseed
Feb
9
1112
25
Jan
31
•28
29
*26
1773 Apr
Mch
27
*26
27 .26
28 .26
27
264 2613
Do preferred
•3214 33 .3213 33
30 Feb
43 Ayr
33
3234 33
33
3234 33
33
33
1,300 American Locomotive- 32
410
25 IhM1a
1 441 .j
Jan
Jan 36
1
4'101 103 .101 103 *102 103 *102 103 *102 103 .102 103
4712 Nev
3134 Feb
100 Am
Dert
pref
o can
si
err
ah
e
d
eorp
May14
102
7
%
10634
Jan 2 103 Jan 11012 Aug
*8
10
*8
10
*8
10
*8
10
*8
10
Feb 18 13 Jan 3
luss Aug
• *43
434 Jan
52 .45
4'43
52
52
*48
52
4'48
50
50
1
Amer50 Do preferred
47 Feb 18 6112 Jan 3
111114 Aug
*81
42 Jan
83
18234 8234 •8238 8333 '38234 833s *8273 8333 *8214 8314
Smelters
25
Sec
prof
B
83
May
1 845 Jan 9
$02 J'ae
84 Dec
6653 6634 6634 67
665s 6712 6653 6713 843% 6734 67
Smelting
6711
Amer
1,500
&
Refia'g 6378 blch19 7434 Jan 30
eats Deo
91 Sep
•10113 103
102 102
10213 1021s 1017s 10173 102 102
10133 1015,
725
Do preferred
10014 Mch 19 107 Feb 7 1023s Jan 1094s Bop
*160 180 •165 175 .165 175 *166 180 .165 180
175 177
200 American _
158 Apr 30 193 Jan 22 123 Mch 20424 Dee
.
102 10.5 *102 105 .102 105 •102 10.5 *10213 106 *10212
105
ef
S
erred
nuff.new
104 Jan 6 105 Jan 21
99 Feb 105 Aug
•30
32
31
31
*30
32
*30
32 •30
32
31
st Amer SWe-4 Found (new)._ S013 Apr 29 4012 Feb 3
31
26 Jan
4433 Oct
.941
•
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Ask
Bid
Banks
New York
Aetna
190 200
America j
590 600
Amer Excel_ t230__
Battery Park 130 14.
0
Bowery1
425
--Bronx 13oro1 _-__ 250
Bronx Nat.... 180
195
Bryant Parkl 150
____
Butch & Dr_ 130 140
Century 1.- 225
230
Chase -....... 640 070
Banks
Bid
Ask
Chat & Phon. 180 184
Chelsea Ex/. 135
150
Chemical ___ 405 420
Citizens' Con 180
188
City
380 385
Coal & Iron_ 160
___
Colonial 1--.. 450
.......
Columbial_ 295
325
Commerce
t181 t182
Corn E'xohli- t315
---Coarnoporn1 85
05
Bast River--- -76
Basks
BM
Fidelityl____ 185
Fifth Ave 1_ 4500
Filth
300
First
960
Fourth175
Garfield__
Germ-Aloes'1 fa
German Ex 1 400
Oermaniai__ 475
Gotham- -- 170
Greenwich-1_ 250
Hanover
ess
Book.
HarrimanImp & Trail..
325 Irving
990 Liberty
185 Lincoln
270 Manhattan 1
145 Mark & Mit_
Mech & Met_
500 mreck gbbal_
--- Merchants'
__ metropousI_
601 Metroporn 1
Ask
175
Bid
285
525
190
630
340
340
215
237
150
180
345
100
Ask
293
531
200
840
380
350
252
242
180
190
355
100'
Banks
I
Mt MorrillMutual I _
Nassau
I
New Neth1
New York C
New York___
Pacific ¶
I
Park
I
People's 1
Prod Exeh 1
Pablieil
Reaerve.-
1.311
200
290
195
210
850
400
255
363
240
165
250
43
Ask,
Banks
---- Se‘bmtd---S000nd
210 Security 1
225 Sherman
875 State1
__234 WardlUpton Exalt266
368 Waeh lila .1
250 %Vesta Avi
170 West Side 1200 Yorkville 1.40
18811
Ask..
43°
371
130
136
•
iii
11
iTi
116
1721
100
400
WO
IA
ifir
ill.
*Bid and asked prices; no sales on this day tEx-rights.
'Lees than 100 shares. iState banks. a lts-dlY.111 tights kNew stook.
Mate at Stook Zschango or at auction this week. stint
5..._1ft 24.13,0181111421t air"!
installment paid. n Sold at private sale at this price.
x Bla-cliV.
Full PAM.
New York Stock Record-Goricliffied-Page 2
MAY 24 1913.1
1473
For reCard et sales during the week et stacks srsuallY inactive, see second page preceding.
STOCKS-RIGNMST AND corrssT sALN
Monday
Mop 19.
gatursisy
May 17.
Tuesday
'fey 20.
Wednesday
May 21.
Thursday
May 22
h'rktely
May 23
SiVes of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
flange Since Jan. 1.
On bags o/ 100-share lots.
Lizsesl
Industrial 8c Misc (Con)
020 American Sugar Refining 10412 May12
120 110
110 110 .110 111
110 111
110 1104
4109 111
Do preferred
20
*111 1164.111 116 §11112 11112 .110 116 .111 11(3 .111 11614
11134 May12
2,080 Amer Telephone & Teleg 12712 May12
129 129
12814 12814 .12731 12838 12333 12812 12812 12812 1284 129
226 2211
22712 22712 *210 228 1227 227
320 American Tobacco
213 Apr 23
10215 22012 220 220
500 Preferred, new
10333 10'334 *103 10412 *103 104 .103 10412
103 103
101 Mch 12
103 103
40 American Woolen
20
1614 Mch 10
•1712 2212 .1712 -2212 81712 2212 .1712 2212 .1712 2212 120
Do preferred
07612 79
77
200
79
79
.77
7714 7714 7712 7712 *77
74 Mai' /
78
Amer
20
Writing Paper pref 20 Itch 31
.23
29
1264 2612 .26
23
.26
28
29
*26
29
*2E3
3734 3734 3733 3731 3734 33
3712 374 3712 38
377s 3778 3,164 aAnaconda Cop Par $25 334 Feb 25
Assets Realization
1100 106 .100 101
.100 106 .100 106 .102 106
103 Mav16
84612 47
1,200 Baldwin Locomotive
47
49
49
47
49
44 Apr 28
4912 4912 50
1)0 preferred
•10478 1051 1 .10178 10514 .10173 1051 t *105 10514 .10478 10514 .105 10514
10353 Feb 17
200 Bethlehem Steel
3212 .32
321 *32
*3212 331 2
*32
3212 .32
3213 May13
3212 3212 33
Do
(300
preferred
6973 6978 71
70
•6973 71
71
6358 Feb 26
694 6918 70
70
70
600 Brooklyn Union Gas
131 131
13012 13012 .123 131 .129 131 .129 131
12653 May 1
131 131
Butterlck Co
29
.2712 29
.2713 29
•28
.2712 29
274 Alch24
.2712 29
*2711 29
4034 4034 41
4111 4114 42
3434 37,4 32,000 Ca.iforma Petrol v t ctfs_
3414 May23
37
4112 3612 38
Do preforred
1,800
.69
64
63 Apr 29
(3634
72
67
6912 6978 .63
(38
70
64
(38
330 Case(JI)ThreshMpftr cfs 9914 Mch19
.9912 10012 *904 1034 *9912 10012 .9912 10012 9934 9934 100 100
1,400 Central Leather
2234 2234 2238 224 2314 2311
2178 Apr 30
2312 2312 2334 2234 23
23
Do preferred
350
914
357,, Aaby 1
9234 .92
.92
9212 19212 9212 9212 9234 *9212 93 .9212 93
4158 17,000 dChino On/per-Par 45
Feb 27
3334 3334 3312 3873 3838 3918
3.813 3018 3878 4058 40
.304 3114
3014 May22
314 1,400 Colorado Fuel & Iron_
32
.31
31
3112 314 3112 3014 3112 31
413014 13014 .12912 131
13118 13l12 13138 13112 13138 13312 13218 13314 8,150 Consolidated Gas (N Y)_ 127 Feb 25
goo
Corn
Products
ItefinIng_
•1018 1038 1014 1011
10 Mch 4
1014 104 .104 104
1014 104 1014 1014
Do preferred
65
.6114 6818 .6458 (33
6312 Itch 13
1351 2 1,100
65
65
65
6512 .65
63
50 Deere & Co pref.
974 9758
93
9538 Apr 28
.974 9818 .974 9318 .9712 9818 .9712 98
§98
Distillers'
450
Securities
Corp
1618
.1513
1514 Apr 26
.1538 1534 1538 1512 .1514 113
*1518 113
1534 1534
Federal Mining & Sinelt'g
17
.14
1314 Jan 13
17 .
•14
.14
17
.14
17
114
17
.14
17
Do preferred
*3312 42
33 Mch19
42
*35
42
.35
43
.35
42
.35
42
.35
uen
eo
n
1387s 139
1,240015 G
213413 Jan 24
13878 13978 .13812 1394
1139 139
138 1384 13812 139
Motors vol trctrs
30
*26
25 May15
30
30 .27
.27
.2512 30
.25
30
30
.25
oMaolpref v t ctfs
er
75
7312 73
70 May 8
.70
.72
73
77
.72
77
.71
77
•71
2,600 dGoldfiekl Con M Par $10
.14 2
14 2
2
2
178 2
14 Apr 30
14 2
2
2
1,650 Gloothich Co(B Y)
28 Mch 18
32
3018 .30
32 .30
.30
32
304 3014 30
30
30
Do preferred
9112 Feb 18
0312 9312 93
93
*9114 0312 .9112 931 2
200
*9212 9112 .934 911
dGuggenh
1,325
Explor
Par 325 42 Apr 30
4634 4673 4658 47
4712 *47
47
47
.46
4713
46
46
155 Mcii19
17
4,050 a Insp'n Con Cop Par$20
174 1718
17
17
1714 1712 174 1714
17
§1713 1712
100 Internal Harvftuter (old) 10314 Apr 25
10413 10112 .103 106
109 .____ 109 *104 10(3
•____ 100
goo
Internal
Harvester
103 103 .10212 101 *10212 101 ,10212 104
104 10418
of N J 10013 Apr 30
•10212 106
300
Do preferred
111 May12
1114 11212 .____ 11318
11318 .11214 116
•110 11258 111 111
1024 10258 .10212 105 .10212 104 .10212 ____ 10334 10331
200 Internal Harvester Corp_ 10014 Apr 30
•10313 106
100
Do preferred
111 May12
•1104 11114 .110 11258 "110
__
.11214 1134 11313 11318
Int Met Marine stk Sr cts
338 May 8
.334 4
.334 4
.333 4
...3% 4
.333 4
.338 4
Do pref stk tr ctfs___
1511 16
1514 May10
1714
115
•16
.15
17
15
200
1712
.1514 1712 .15
International
Paper
813 May 1
*834 014 .
1,000
812 .012 *834 034
034 934
934 934
912 934
Do preferred
30
3814 May 3
40
40
39
*3812 4012 13914 3914 40
40
40
600
40
.7
10
.7
6 May 5
10
.7
10
.7
714
§714
10
10
*7
10 Internal Steam Pump
28 May 5
33
•28
.30
Do preferred
35
.30
40
35
38
.30
.30
40 .30
.85
90
.85
00
Kayser & Co (Jullus)
8514 Jan 18
.85
89
89
.85
.85
39
.85
89
4.102 10812 .102 10812 .10212 107 .103 108 .102 ____ .102
1)o 1st preferred
10734 Jan 22
.60
65
.60
65
61 Mch 19
.6212 65
.6212 65
Kresge Co (S 8)
46213 85
•62
(35
.97
9912 *97 '0912 .97
9912 .97
9714 Apr 28
Do preferred
9912 •97
9912 *97
9912
.33
33
39
.32
.32
39
37 Apr 25
.32
Lackawanna Steel
39
.33
39
.33
39
.92 100
96
.92
.92
97
.02
0212 May 1
97
94
94
.92
97
100 Laclede Gas (St L)coin
212 212 .215 217 .210 217 .210 217 .210 217 *210 217
100 Liggett & Myers Tobacco 210 Apr 26
112 112 *110 115 .112 115
•109 115 .110 117 .110 114
200
Do preferred
112 May21
.3012 32
3212 3112 3112 .31
33
.3012 32
3212 3118 3112
600 Loose-Wiles ills tr co ctfs 30 51121118
99
99
*9778 99
.0812 99
.9773 99
.28
99
99
99
Do 1st preferred
99 May 3
200
• _ 91 •
_ 91 .____ 0012 90
90 .__ 9012
100
Do 2d preferred
9012
90 May21
•16.5 170
.161 170 •165
_
170 170
100 Lorillard Co (P)
16013 May12
Do preferred
*11112 11212 .11112 11212 .11112 11212 112 112 *111 113 .111 113
100
112 May 7
300 May Department Stores_
72
7012 .67
70
.6514 71
71
.63
72
.613
.6514 71
66 Feb 20
Do preferred
16
100 May 1
•100 10212 .100 10212 .100 10212 .101) 103 .100 10712 110212 1024
6511 6338 6434 6318 6414 13,100 Mexican Petroleum
63
63
5613 Apr 15
•84
6114 6412 6512 65
700
23
dMiami
Copper_
23
23
23
23
__Par 35 2153 Feb 10
23
23
23
23
23
23
23
500 National Biscuit
112 Feb 21
114 114
11312 1144
11313 11414 .112 115 .11212 115
*11414 115
Do preferred
1164 Mch 24
*116 118 .117 118 *110 113 .115 118 .115 118 .1174 113
12i4 May14
100 Nat Enamel'g & Stamp'g
13
•13
13
•12
13
.12
13
.12
1214 1214 .12
13
Do preferred
78 May 22
200
84
78
78
84
.70
.78
80
84
80
.75
85
600 National Lead
4513 Mch19
47
47114 48 .43
494
48
47
43
.48
47
.46
.46
Do preferred
104 Mch 14
*10413 10612 .10412 107 *10413 107 .10413 107/21107 103 .10514 109
dNevada Cons Cop Par 55
1612 1658
16 Feb 18
1613 U358
1612 1612
1638 1612 1612 1634 1634 1671
.
.63
65 Apr 30
70
70
71
.63
71
.63
•68
71
71
16934 70
s 1204 New York Air Brake
714 72
•7118 73
.70
73/2 7112 7214 .70
73
.70
450 North American Co(new) 7112 May22
72
223g 2234 .22
23
.22
2012 May 1
.23
23
22
23
22
.22
23
200 Pacific Mall
31
33
*31
3114
31
.30
300 Pacific Telep & Teleg_ _ _
.3012 32
32
31
31 Slay19
.30
3112
*108 10912 109 109
109 109 .10818 10913 1004 10912 10912 10912
650 People's G L IC C (Chic)_ 10812 May 3
•1714 20
.17
19
1738 1738 •1714 1812 1738 1734 •1718 13
174 Apr 28
400 Pittsburgh Coal
*804 8212 .8012 82
81
8112 .804 82
181
Do preferred
81
82
7953 May 1
32
470
2412 .24
25
•24
•24
25
.24
250 Pressed Steel Car
2413 2412 3434 244
25
2312 May 1
.95 100 .95 100
.05 100 .95 100
0573 may15
Do preferred
•95 100
.95 100
0114 115 .114 11514 •114 11514 •114 11534 .114 11514 .11418 11514
Pub Seri,Corp of N J
11413 May13
155 154 .153 15512 151 154 .154 150
•154 15512 15414 155
815 Pullman Company
15314 May12
.24
27
29
27
.26
20
.2634 27
.27
29
100 Railway Steel Spring
30
.27
241 Feb 25
97
.91
97
.91
.91
97
preferred
1)0
*92
97
95
034 934
91 May10
100
*01
18
18
18
18
1778 1813 111
174 18
1814
1634 Feb 10
181s 1878 5,425 dRay Cone CopporPar$10
*2213 24
*224 21
*2314 24
•23
*2213 24
24
ioo Republic Iron & Steel
22 Apr 29
23
23
.8014 8214 8214 8214
8112 8112 8134 82
8013 81
Do preferred
8013 May19
.8013 82
9l0
23
274 274 28
28
29
29
.26
2153 Apr 26
500 Rumely Co (NI)
29
*26
27
27
.51
58
54
51
51
54
55
49 Apr 26
514 5178
5412 5412 •51
Do preferred
500
165 16(312 16612 16712
16612 16612 16518 166
165 165
165 165
1,400 Sears, Roebuck & Co_ _ _ _ 165 Nlay10
35
.31
33
33
35
.31
.31
35
•31
.31
34
35
100 Sloss-Sheffield Steel & 1r 30 Apr 30
321s 3213 .3114 33
34
432
3258 3258
34
.32
34
.32
200 Standard Milling
3178 Apr 26
60 .58
.57
60
1056
5378 534
59
58
*5712 60
53
325
Do preferred
5213 May 1
.2612 27
.2(312 2712 .2612 2712 .26
2678 264
2712 2612 27
300 Studebaker Corp (The)
26 Feb 20
•89
00
92
.88
92
9024 9034 00
300
92
Do preferred
*884 9113 *89
28812 Feb 20
.35
3412 .34
354 354
1,100 dTennessee Cop__Par 325 3214 Jan 27
3412 3412 3453 3412 3412 3434 35
105 105
106 106
106 10612 106 100
1,100 Texas Company (The)
10512 10512 .105 109
105 May22
.80
82
814 4114 *814 83
83
225 Underwood Typewriter
83
182
8114 8114 .80
7012 May 9
•
111'2
11113 •____ 11112
11112 .____ 11112
11112
1)o preferred
110 Apr 8
290 Union Bag & Paper
;5T2 534
54 51 2 *54
512 *514 513
512 512. .54 512
412 Itch 1.3
200
3434 .30, 3438 .30
344 .30
*30
Do preferred
34
3433 23
.3212 3412
29% Sich 13
.12
15
15
.12
*12
U S Cast Iron Pipe& Fdy
15
15
.12
•12
15
.12
15
1212 May 7
55
*43
50
.43
1.)0 preferred
50
4143
.47
.4712 50
50
.4712 50
43 May 3
6534 6512 (3512 .55
6534 .65
100 U ti Realty & Improv't_
.65
67
.6434 6634 .0434 6634
6513 May20
6214 6214 6213 63
3,100 United States Rubber
624 6234 6213 6258 6214 6314
6213 63
5712 Feb 24
10478 10478 105 105
310412 10514 .1044 105
370
Do 1st preferred
10518 1054 .10478 10518
1034 Apr 29
•75
02
.75
92
Do 2d preferred
.75
92
00
.75
4175
02
7612 Jan 3
60
5938
6012
5911 6034 5913 OA
5912 130
594 6018 134,224 United States Steel
5814 lich 10
1054 10818 1054 10(34 10518 10534 10518 10618 10.534 10614 4,431
Do preferred
106 10(3
10513 May10
5013 50
514 5012 504 7,600 dUtah Copper__ _Par $10 4812 Apr 30
5038 5058 50% 5014 5012 504 50
26
,
0
2611 2613 2712 28
2
97
018 .0
013 2
.2
96
2614 28
27
.26
2,250 Virginia-Carolina Chem_
2514 May13
105 .100 105 .100 105 .100 110
.974 99
Do preferred
91 May12
100
.63
66
8514 654 .55as 66
.65
66
65
65
68
*65
425 Western Union Telw_ _ _
6153 Apr 30
62
62
03
62
82
6212 62
6214 6,140 WeetiLgi-ouse El & Mfg_
0112 6112 6112 62
60 Apr 30
114 114 .111 114
100
4105 115 *105 115 .105 115 .110 115
Do 1st preferred
114 May10
914 914 .0014 92
•90
9112 *00:4 92
9134 9274 914 0124
854 Mch19
900 Woolworth (I? W)
11012 1114'110 112 .1104 111 .11018 1114
200
•110 111 *110 111
Do preferred
10914 Meh 13
.184
_
isheSt
118 Jan 31
11653 Jan 28
140 Jan 3
29414 Jan 10
10(318 Jan 27
21 Apr 17
81 Jan 3
3214 Jan 2
4112 Jan 2
120 Jan 7
5312 Jan 8
1054 May16
41'! Jan 0
7212 Apr 4
13778 Jan 27
31 Feb 8
5612 Feb 3
88 Jan 30
103% Feb 6
3018 Feb 5
9714 Itch 3
4738 Jan 2
4112 Feb 3
1423 Jan 9
1713 Jan 31
7914 Jan 31
10018 Jan 16
2184 Jan 2
18 Jan 22
44 Jan 2
187 Jan 2
3413 Jan 7
79 Jan 7
318 Mch19
68 Jan 2
.0514 Jan 7
533 Jan 9
203 Jan 3
11553 Jan 20
108 Mch 7
113 May 5
1074 110129
11313 May 7
45 Jail 2
191k Jan 7
1253Jan 30
4812 Jan 30
1813 Jan 9
70 Jan 0
94 Feb 3
110 Jan 2
81 Feb 5
102 Jan 4
4973 Feb 4
10413 Jan 8
235 Mch 6
11613 Jan 23
394.1.1n 8
105 Jan 9
95 Jan 8
200 Jai. 28
11611 Jan 22
7673 Jan 2
10512 Jan 2
7814 Feb 4
2613 Jan 4
12812 Jan 3
12478 Jan 8
1914 Jan 30
9214 Jan 30
5614 Jan 2
10738 Jan 27
20 Jan 2
8212 Jan 8
8112 Jan 14
3113 Jan 22
46 Jail 4
116 Ja i 8
2433 Jan 2
95 Jan 9
38 Jan 7
1011$ Jan 7
118 Jan 21
165 Jan 2
35 Jan 9
100 Jan 13
22 Jan 2
28% Jan 31
8.914 Feb 1
9214 Jan 7
9934 Jan 4
21312Jan 2
4512 J.,n 28
4013 Jan 31
667/ Feb 4
36 Feb 6
9314 Jan 13
3912Jan 4
12234 Jan 10
0913 Jan 3
113 Jan 21
714Jan 3
4134 Jan 3
164Jan 30
5614 Jan 31
77 Jan 9
6912 Apr 4
10914 Apr 9
8113 Jan 9
6918 Jan 2
11034 Jan 30
6053 Jan 2
434 Jan 3
114 Jan 3
7518 Jan 9
7914 Jan 2
11934 Jan 17
112 Jan 2
1154 Jan 8
Range tor Previous
Year 1912.
Lowest
Highest,
1134 Dec 13312 May
11512Jan
124 Sep
14918 moi
13758 Jan
21113 Feb 32413,11y
11)114 Jan
1O33 Jan
18 Nov
31 May
79 Dec
9412 11th
2513 Jan
4133 May
$34 Feb' $43 Oct
10512 Feb 12712 Oet
49 Dec
6014 Aug
10214 Feb 10313 J'no
2714 Feb
51'3 Oct
5612 Feb
80 Sep
13712 Mch 149 Aug
28 Nov
4013 Apr
4914 Dec
7213 Oct
84 Dec
9512 Oct
9978 Dec 1014 Deo
1612 Feb
3353 Sep
80 Feb 1001? Oct
$25 Jan $5018 Nov
23'3 Feb
4314 Sep
13514 Dec 14312 Aug
10 Jan
2213 Oct
75 Dec
831? Oct
995 Dec 1004 Dec
20 Dec 14
861
812
4J
A21
17
g.
1114 Feb
2134 Sep
3713 Jan
5234 Sep
155 Jan
40 Feb
4278 Sell 1
7,111 May
8234 Sep ,
4128 Dec
45 Melt
6014 Dec
81 Sep
105 Dec 10912 Sep
$47 Dec 256253 J'ne
$1653 Dec $2113 Oct
10514 Feb 12673 Sep
4 Mch
1511 J'ly
913 Jan
24573 Jan
12 Dec
63 Dec
90 Dec
107 Dec
71 Sep
100 Oct
2.1 lich
1024 Dec
150,3 Jan
1(1513 Jan
3613 Dec
10,13 Oct
3)0 J'ly
167 Mcb
10734 Jan
69 Apr
105 Dec
623 Apr
3234 Feb
114 Dec
122 Deo
1214 Feb
88 Feb
5113 Jan
10513 Feb
$1814 Jan
50 Feb
7413 Jan
2814 Dec
45 Dec
103 Jan
1614 Mch
77 Feb
2834 Feb
96 Feb
10614 Feb
15812 Feb
2712 Feb
9814 Dec
$16 Jan
1534 Feb
6413 Feb
8914 Dec
9913 Dec
140 Jan
3914 Jan
1614 Jan
53 Jan
30 J'ly
9013 J'ne
$3413 Feb
81 Jan
95 Dec
110 J'ne
453Jan
3513 Dec
13 Feb
50 Jan
67 Jan
4514 Feb
10538, J'ly
75 Jan
1814 Feb
10714 Dec
3521. Jan
4014 Dec
1144 Dec
7134 Dec
614 Jan
1147$ Jan
11212 J'ly
9314fly
773 Men
26 Mch
19 4 May
6273 May
34 Jan
845* Ap3
9514 Oct
109 Oct
8912 Oct
10513 Oct
5512 Sep
10,04 Jan
225 Oct
118 Aug
4713 J'ly
10513 Nov
9214 Oct
21513 Oct
118 Aug
88 Oct
112 Jan
9012 Oct
$3014 Sep
161 Apr
131 J'ne
213 Oct
9512 Jan
6814 Oct
11071 Nov
$2418 Sep
85 Nov
8778 Aug
38 Sep
5533 Apr
12212 Oct
2714 Aug
10014 Aug
4078 Sep
10314 Aug
12078 Aug
175 Aug
4014 Sep
105 Aug
$2418 Sep
35 Oct
931 Oct
101 Nov
10313 Oct
221 Nov
5934 Sep
36 Deo
66 Oct
4913 Aug
9818 Aug
$4714 May
13058 Sep
11514 J'ne
11412 Sep
1778 May
6714 May
'2212 May
6433 Oct
8613.1'1y
674 May
110 May
8512 May
8034 Sep
117 Sep
36712 Sep
5714 Jan
122 Meh
8614 Jan
8912 Aug
126 Aug
11773 Oct
11614 J'ly
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Banks
Brooklyn
Coney lard 1
First
Flabb nab
Circenpolnt _
1111301de1.j
Homestead t
1.3sonfact'rs _
Bia
135
280
140
83
400
190
Montauk 1._
Nassau
Alt
156
300
155
155
125
100
425
210
140
220
llts
Banks
Brooklyn
National City 280
North SIdisi- 175
Peoilles -.-- 145
Trust
A it
300
200
155
Co's
N Y CM/
340
Astor
Bankers' Tr. 480
13'way Trust_ 160
360
470
170
Trust Co's
N Y City
Central TrustI
ColumbiaKniek
Cornmereiai Emplro
Equitable Tr
1-'arznL,bTrI
Fidelity
liulton
Ututranty Tr.
Bid
Ast
000
1000
400
510
03
433
290
660
1200
233
305
570
Trust Co's I
N Y City I
Hudson ___.I
Law T I & 'FrI
Lincoln lruStl
Metropolitan I
Mutual Am- I
sacs
Mull (W
chester)-
ELI
.434
130
190
123
4.30
140
195
133
440
130
140
140
150
Trust Co's Did
N Y City
NY Life & Tr 1030
N Y Trust__ 620
Title Clu & Tr 465
TransaUanttc 175
Union Trust_ 1240
US litg ds Tr 445
United States 1095
Washington. 360
Westchester
Ask
4(01
As2
1050
630
475
490
145
500
155
250
285
125
Trust Co's
Brooklyn
Brooklyn Tr_
Citizens'
Franklin __
IlainItton
127-1T Home
455
Kings County
1110
Nassau
375
People's
160 Queens Co ._
270
118
530
130
290
icii"
103
el3k1 and asked prices; no ;ales on this day. lbws than 100 shares. Iltz-rijlita. 4 Ex-dIT. and rights. 2. New stock. d Quoted
per share.
e at Stock Exchange or at auation this week, s arripook dividend. Rshici marked with a paragraph (7) are State banks.dollars
z13z-ctiriclead.
1474
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are now all—"and interest"--excep for income and defauded bonds.
Le3
Price
Friday
May 23
BONDS
ba
N. Y. STOCK EXCHANGE _ 2.,
2.-,- ii;
Week Ending May 23.
•Freek's
Range or
Last Sale
1
gn
,al,
Range
Since
Jan. 1
Sv.
BONDS
t•
N. Y. STOCK EXCHANGE
t
Week Ending May 23.
Price
Friday
11233 23
.Veek's
Range or
Last Sale
z
Range
Since
Jan, 1
High No. Low High
Ask Low
Bid
Low filch Chesapeake & Ohio—
100 102
10012 10073 Apr '13
Gen funding & impt 5s_1929 J-J
10014 1014
2 106 110
10012
1939 M-N 106 10634 10612
1st consol gold 5s
10114 101 14
_ 10933 Noy 12
1939 11,1-N
Registered
10212 10278
191)2 M-S 93 99 9634
0312 13 05 IOC*
General gold 4s
10212 103
0613 0013
9912 Mch'13
1992 51-S
11312 11312
Registered
1930 F-A 86 8614 864 • 864 34 8614 9253
%
11312 11414
Convertible 4s
8513
8513
13
Feb
8212
8513
88
J-D
1944
Big Sandy 1st 48
Coal River My 1st gu 4s 1945 J -D 85 ___ 8812 Oct 12
102 1-0318
4
10012 1-61-31940 J-J 100 ____ 0134 Nich'13
Craig Valley 1st g 5s
8134 8434
8434 Jan '13
81,4
Potts Creek Br 1st 4s_1946 J-J
Foreign Govern,ent.
00 0312
— 9134 90 Apr '13
1989 J-J
1 9613 994
II & A Div 1st con g 4s
98
Argentine—Internal 6s of 1900_ M-S i 97 974 98
87 88
83 80 87 Mch'13
1989 J-J
7 86 92
29 consel gold 4s
8712
Chinese 1 Hulitiang) My 5s £____ J-D I___ 8714 87
_
95 Oct '10
Greenbrier My 1st gu g 4s_1940 M-N 84
Imperial Japanese Government
67 63
8812 45 8658 0038 Chic & Alton RR ref g 3s_1949 A-0 65 67 67 Feb '13
1925 F-A i 8653 Sale 8653
Sterling loan 4 J-is
55 6312
53 May'13
55 61
1950 J-J
Railway 1st lien 3As
1925 J-J j 8514 83 8678 May'13 --__ 8553 8914
2d Series 4%8
5 98 100
9858
Chic B & Q Denver Div 4s_1922 F-A 9853 100 9853
1931 J -J i 79 ____ 8053 Apr '13 _-- 80 83
Sterling loan 4s
83 8553
1949 J-J 83 8412 8314 May'13
Illinois Div 33, s
Republic of Cuba 5s eaten debt.. M-S 0:04 10012 100 May'13 --- 9912 10212
_ 864 Aug 12
1949 J-J 824
Registered
9514 9514 Apr '13 ___ 9412 0714
1949 F-A l _
js
(
External loan 4'
94 0512 9414
9434 19 9333 933
1949 J-J
Illinois Div 4s
San Paulo (Brazil) trust 5s_1919 J-J :..— 9733 964 Fen '13 ____ 0653 97t2
97 Sep '12
---- -2 85 8012
1949 J-J
85
Registered
Tokyo City loan of 1912 5s_ _ _ M-S 85 Sale 85
10338 10333
'13
Feb
10333
104
4
ioi3
0518
92
13
9412
A-0
1919
9413
Div
5s
Iowa
fund
sink
Sale
9412
U 8 of Alexico s f g 58 of......1890 Q-J I
1 08 0012
0812
33 8312 85
1919 A-0 9312 9334 0813
85
Sinking fund 4s
85 85
1954 J -D
Gold 4s of 1004
9614 07
1927 M-N ---- 93 1614 Apr '13
Nebraska Extension 4s
1 These are prices on the b asts of $5 go I,
9658 sep '12
--1927 Vi-N .95 _
Registered
State and City Securities.
9134 9734
1021 7A-S 97 ..... 9734 May'13
9734 15 96 10034
Soutnwestern Div 48
1960 M-S 9612 97 9614
N Y City-44s
Joint bonds. See Great North
_,_ 10013 Sale 994 1001.3 2900 9973 10013
4 ,,s temp reels (w 1) _ _1063
9934 10013
100
Apr
'13
Ali-N
1913
8
975
02
20
9314
Debenture 5s
M--N 92 Sale 92
1959 ..4% Corporate stock
03
24 9112 His
03 Sale 9212
9212 9734
General 4s
1958 M-N 9134 9212 9314 May'13 ___
4% Corporate stock
74 80
73 74 May'13
4 CI:11f t
073
9212
J
1:-8
J
A
16
5
8
5
0312
9
1
g_1
4s
9234
so
E
on
&imp
r
g
ll
li
____
Os
d
lf
e
o
9258
-N
19571M
4% Corporate stock
119 119
119 Jan -13
1934 A-0 112
10134 39 101 10512
19571M-N 10012 101 101
New 4)-is
100 108
.16-134 1074 Feb '13
1937 M-N
General consol 1st 5s
102 101 Apr '13 -___ 101 102
1917'M-11
New 43-is
1004 10013
1O61 Jan '13
10512
26
1004
10158
1004
101
10014
Registered
M-N
4;.i % Corporate stock_1957
9734 98
'13
Feb
9734
97
N
-A
IF
‘'
2
7
4
3
2
9
1003
Pu
101
4
1
r
u
101
m
eg
isetneery
10134
edlst coal 5s
4A % assessment bonds_1017 M-N 10012 101
27 82 80
83
1054 M-N 82 Sale 82
33,i % Corporate stock
10514 10514
--15
--.)- iof- 1061-4 16611 Mell'
J1936
--__
'13
Apr
100
100
5s
Chic
lst,
.0058
&
10112
C
Ind
My
M-S
1961
N Y State-4s
2 75 7733
7512
9912 10134 Chic Great West 1st 4s
1959 1`,1-S 75 7534 75
- 0912 May'13 __
1061 J -J ---10078
Canal Improvement 4s
1 111;12 125
11612
9953 tu 9012 10118 Cho—
9053 Sale 9912
s Ref 68_1047 J -J 116 _ 11612
1962 J -J
Canal improvement 4s
10514 10514
'13
Feb
10514
__
101
May'13
100
--_100
_
_
-J.993
1013
4
J
48_1960
Canal Improvement
11
Apr
9553
6012
----1031
'10
'
J
J -j
17 j
2317
194
Refunding 4s Series C
South Carolina 4;•is 20-40_1933 J-J ----Ind & Loulsy 1st gu 4s1956 J-J .___ 87 83 J'ly
99 ...... 99 Apr '13 — - 99- -661913 J -J
Tenn new settlement 3s
9014 Aug '12
Virginia funded debt 2-3s 1991 J-J -------. 8617 Dec '11 — _ __ _ _ Chic Ind& Sou 50-year 4s_1956 J -J ____ 91 104
Dec 11
40
15 48 -50 Chic LB & East 1st 4%8_1969 J -D
48 49 4873
fis deferred Drown Bros ctfs___ --_
10013 faq
10033
Chic Mil& St P tenni g 5s 1914 J-J i663-11 air; 10033
3 90,4 99
91 92 9173
9178
Gen'l
gold
J-J
4s
„e1989
Series
A_
Railroad.
9813
97
8
797
'13
Feb
0812
74
5
Registered
74
7514 74
•-- 96,4
73
/1995 Q-J
A no Arbor 1st g 4s
79 85
.04 82 79 Apr '13
Gen'i gold 33-6s Ser 13
J-1 8
989 Q
e1989
944 104 9234 9818
(itch Top & S Fe gong 4s_1995 A-0 9414 Sale 944
'11
J
J'ne
-J
80
2
0
84
933
109
Registered
e11
_--_
98
9314
'13
9314
Apr
1995 A-0
Registered
1 86 9173
87
-if- Wale 87
25-year deben 4s
1 83 8814
84
86 84
/1995 Nov
Adjustment gold 4s
10113 Sale 10133
10173 86 10118 10633
Convertible 4%s
8712 83 Mch'13 _ _ 80 86
/1995 Nov
Registered
10034 10413
65
10153
10134
102
Sale
4
issued)-Convertible
(wh
s
M
9 83 83
8514
/1005 M-N 8412 8434 8434
Stamped
9073 291 9914 9978
9973 Sale 994
0012 100
jj--e 1989 -J-5
Gen 4 As(wh iss)
Cony 48 Issue of 1009_1955 J-13 ... .. ____ 9912 May'13 ___
15 103 10453
103
10213 10338 103
58_1921
J-J
g
Div
Sup
L
&
Chic
90
44
0934
9914
Sale
10534
9014
J-D
1955
•
Cony gold 4s
10414 10614
Chic & Mo My Div 5s_1926 J-J 10312 - 10133 May 13
9953 337 9858 10358
Cony 45 (issue of 1910)_ _ _ 1960 J-D 0038 z•iale 9014
10234 10514,
1921 J-J 102 10313 10279 May'13
Chic & I' W 1st g 5s
994 294 994 10558
1917 J-D 0912 Sale 994
10-year cony geld Is
46 87 94
88
88
83
Sale
J-J
____
4s_1949
M
C
&
_-_
'11
J'ly
gu
1st
9914
Sd
Puget
_
-__
F-A
Debentures 4s Series K_1913
10058 101
1916 J-J 10034 - - -- 10033 Apr '13
Dak & Grt Sou gold 5s
1928 M-S -- -: 9312 93 May'13 ---- 92 -931-2
East Okla Div 1st g 4s
10912 11033
10912 Apr '13
1920 J-J 10712
Dubuque Div 1st s f 6s
1958 J-J 8612 8713 8612 Ma3'13 --__ 8612 92
Short Line 1st 45 gold_
i
Aug
11733
_
111
J-J
9812
1924
2
&
6s
Far
g
assum
Sou
9812
10012
9812
081
-1962
M-S Cal-Ariz 1st & ref 43s..
1021g 1O2'
10113
Apr
10213
'13
La
__
•13
107
-107
Feb
107
1919 J-J
Crosse & D 1st 5s
8 Fe Pres & Ph 1st g 5s 1942 M-S ------10212 10434
10212
Wis & Minn Div g 5s
- 10212
38
___ 10318 Feb '13 —_ 10313 1034
1921 J. - si 10213 lei
1915 M-S
Chic & St Louis 1st 6s
10934 10034
1093
___
Feb
4
13
10712
0514
8912
13
Wis
9112
J-J
1920
Vail
Div
63
1st
4
3
90
Sale
91
Atl Coast L 1st gold 4s___h1952 M-S
100 10013
100 May'13
Mil & No 1st eons 63
1913 J-D 100
h1952 m_s
_ _ 98 Oct '06 ---. 95 95
Registered
10013 Aug'12
1913 J-D 100
--__ 105 10634
Extended 4 jis
'13
Feb
4
1063
11412
4-N102
1
,
5s___1928
gold
gu
1st
Mid
Ala
4
10312 13 lid fa'12 -.-- ---- ____ Chic & Nor West cons 7s 1915 Q-F 10312 104 10312
Bruns & W 1st go gold 4s_1938 J-J 88 90 95 Aug
9513 'JO
1886-1926 F-A 9512 _ _ 9512 May'13
____ ____ ...,_,.. ___
Extension 4s
___
Charles & Say 1st gold 7s_1936 J-J 122
00 06
1886-1926 10--A _ _ _ 95 96 Jan '13
Registered
88
37 8734 -9212
8814 8773
o1952 M-N 8712 __L & N cell gold 4s
7813 8513
____ ____
General gold 3As
1987 M-N 81 8314 81 May•13
Say F & W 1st gold 6s__1934 A-0 114 ____ 12313 j'ne'12
84 8434
8453 Jan '13
p1987 Q-10 80
Registered
11053 May'll -- __
1934 A-0 103 _
1st gold 5s
9533 41 9234 08,4
1987 M-N 95 Sale 05
General 4s
'12
Oct
97
100
97
J-J
1918
4s
g
gu
U
&
Oca
Sp
Sil
11134 Noy'll
Sinking fund 6s____1879-1920 A-0 10613
904 30 89 -9134
1925 J-J 9013 Sale 8973
')alt & Ohio prior 3%s
1879-1929 A-0 10513 ___. 10934 Aug'11
89 Apr '13 --_ 89 0012
Registered
88
/1925 Q-J
, Registered
1iii-i- C6E104 May'13
104
Sinking
1879-1929
5s
A-0
92
fund
974
4
913
42
9233
Sale
9214
A-0
/1948
Gold 4s
10433 Oct '12
1870-1920 A-0 103
Registered
h1948 Q-J 914 92 0134 May'13 —__ 9112 97
Registered
-5558 103
1921 A-0 101 ____ 10034 May'13
Debenture 5s
9212 750 9134 971s
92 Sale 9134
20-yr cony 4%s(wh iss)_1933
_
1921 A-0 98 _ 101 Dec '12
Registered
Pitts June 1st gold Gs_ _1922 J---J 106 -___ 112 Jan '12 —_ _ _
151- 107
Sinking fund deb 5s
1933 M-N 102 104 104 May'13
i iii -8912
86
P June & M Div 1st g 3-3is1925 M-N 83 --- 80
10734 Aug'11
1933 M-N
Registered
P L E & W Va Sys ref 4s1941 NI-N 85 853-4 8634 May'13 ---, 8612 9014
4
119 fif2marn
119
113
Frem
&
1033
Elk
6s
1st
V
Mo
A-0
3
88
83
87
9014
Salt
83
-J
J
Southw Div 1st gold 3 •68_1925
_
_ 1012 Sep '00
6014
Man 0 13 & N W 1st 3 As 1041 J -J
Cent Ohio it 1st c g 4 .6s__1930 fi,l-S -------- 100 Apr 13 _-__ 100 101
1941 J-J 6914
Milw S List gu 3 yis
Cl Lor & W con 1st g 5s1933 A-0 101 105 1,,612 Mch'13 ---- 10612 10612 .Mil L&
15572 flit;
8 & West 1st g 6s_1021 NI-S 10812111 1661-2 Api•-•15
10214 J'ne•12
Monon River ist gu g 5s__1919 F-A. .10058
10714 10714
Ext & imp. s f gold 5s_1920 F-A 1061s 10712 10714 Feb '13
10312 10312
Ohio River RR 1st g 5s___1936 J-D 100 ___ 10312 Apr '13---11418 11413
Ashland Div 1st g 6s
..10412 11)..),2 Apr '12 __ _ ____
1925 114-S 1124 _ _ _ 1144 Feb '13
1937 A-0
General gold 5s
11312 11312
Mch'13
11312
_
11118
Mich
Div
6s......1924
gold
1st
—
J-J
'12
Feb
11312
____
ioi
Pitts Clev & '1'l 1st g 6s_1922 A-0
9134 1/4
92
May'13
93
92
Mil
M-8
4s_1047
N
1
Spar&
gu
1st
W
9612 _ _. 97 May'13---- 96 8 -97
Pitts & West 1st g 4s1917 J-J
_
Northw Union 1st 7s g_ _1017 M-S 10714 - - 115 J'ly '11
Stat Isl Ry ist wig 4 Y5s_1943 J -D 91 ...... 91 J'0e•12 -___ .....„.
2
1W110812
Melf13
10614
1
&
Winona
P
St
7s_1916
ext
1st
J
-D
--__
.Mch'13
10712
_
107
2
1054
11
03-8
1937 M-S
Buffalo It & P gen g 5s
105 10612
100
106
917
1.9
7J
J-- J 1047s
1957 M-N 97 ___ 10314 Apr 13 ___ 103 10434 Chicago Rock Isl & Pac 6s_ 1
Consol 4 5,
6s
109 Aug 10
'1'6E12
_
_
Registered
.—._
'13
953
_
Mch
4
4
953
924
053
4
A-0
1998
gu
All & West 1st g 4s
r5
14
88
U Sale 8612
General gold 4s
_
1943 J-J 100 ____ 103 J'ly 08 — __
CI & Mah 1st gu g 5s
____ 90 91 Dec '12
_ 10814 May'13 ---- 10814 11-0(2
Registered
Roch & Pitts 1st gold 6s.._1921 F-A 108
8413 59 .735is Si)
3
837
8413
84
e
1
R
9
93
9
19
1
A
j
4
88
1
8
funding
__
4s
1
0
-j
gold
Mch'13
11114
111
11112
4
10912
J-D
1117
1922
8
Consol 1st g Os
mil 00
83
20-year debenture 5s
1932 J-J 82 Sale 8014
Buff& Susry ist reg g 4s___91951 J-J .---- 49 4512 Apr '13 _-__ 38 48
_ 9734 Sep •11
Coll trust Series L 4s_1914 M-N
57 10534 10614
106
flanada Sou cons gu A 5s_1962 A-O 106 Sale 10534
4
043
Joel!
95
4s
_
P
•
191851-N
_
'11
4
1003
Jan
1962
A-0
•--, Registered
5814 752 ET334 -6.
18
0
00
20
.. 11058 jytch•13 ___. 110 11058
Chic 11 I & Pac 1111 4s
671
2 61N
M
N1-- N 53 Sale 5634
-N
Central of Gs 1st gold 5sp1945 F-A 100
0338 044
635 Jan '13
-_
Registered
10412 101/
- 105 10412 May'13 1945 M-N
Consul gold 5s
8734
'13
Feb
80
4
873
--------10614
83
43-s1034
Iii
Louis
&
Ark
1st
M-S
--_
Mch'13
10814
10614
M-N
1945
Registered
10712 10831
_ 110 10712 May'13
Bur (J 11 & N—lst g 5s
1934 A-0
1st prof income g 5s -_p1945 Oct ____ _ _ 103 Dec '11 __ __ _
(9 It I F& NW 1st gu5s_1921 A-0 100 100 11)514 Sep '11
2d pre,' income g 5s- __p1945 Oct -------- 105 Dec '11 -...._ __
j-1)
1927
&
M
7s
St
g
gu
1st
L
---------'JO
Nov
90
---__
---'11
2d pref income g 5s stamped---• -5573 1-6034
--6618 • 3
Choc Okla & G gen g 5s__o1919 J-J 9073 Hui - -1167-3
3d pref income g 5s_ „p19 Oct -----: 112 - 107 Dec '11
106 100
1952 M-N 100 __ ..• 109 Jan '13
---_-_
Consol gold 5s
3 Oct '10 --------_ ---------85t
3d pref income g 5s stamped--98
May'13
OS
03
Des
&
1st
Keok
Moines
5s.1923
A-C)
---'13
Feb
00
4
9939713
0
9
90
90
Chatt Div pur mon g 4s1951 J---D ____
81 89
81
St Paul & li 0 Six L 1st 4 Ms'41 F-A
- 89 81
Mac & Nor Div 1st g 5s,.,,1046 J-J 100 _ 10714 Jan '12 --_. -120 12078
Chic St P M & 0 con 63_1930 J•D i
118 120 Apr '13
1047 J-J 100 __ :115 Nov'05 ---- ---Mid Ga & Atl Div 5s
6s
3
Cons
'12
to
Dec
804
reduced
Yjs
_
_
1030
„.„
__
.8014
J-D
---11
May
1093,i
1946 J-J 100 __
Mobile Div 1st g 5s
3
93
1930 M-S 9838
Debenture 5s
9812 13 -cnr 1-617Cen UR & B of Ga col g 5s_1937 M-N 0934 106. 10133 Apr '13 ---- 0934 1-01-3-3
nu 12012
- 11912 Feb '13
Ch St P et Minn 1st g 6s 1918 M-N 116
1087 J-J 114 11533 11458 May'13 --.. 11458 11933
Cent of N J gen'l gold 5s
1st
Wisconsin
68_1030
North
11812
12953
116
May•00
1
J-J
11334
114
h1987 Q-J 114 Sale 111
Registered
1 185- fai
1919 A-0 10614 Sale 10614
St P & S City 1st g 0s
10614
9 10412 10512
10434
_ 10512 10412
Am Dock & Imp gu 5s___1921 J-J
Superior Short L 1st 5sgg1930 M-S 102
__ 10212 May'12 ---- ----Leh & Dud It gen gu g 5s_1920 J-J 100
fOr
15
.
gong
Ind
West
mcif
Chic&
6s__q1932
DI/
712
lo
106
10012
.......
1-0012
Q-M
10012 Jan '13
N 11 & Long Br gen g 4s_1941 M-S _ _
8434 50 84 8913
Consol 50-year 4s
1952 J-J
8413 87 8434
Cent Vermont 1st gu ft 4s_e1920 0-F 8112 -86 - 83 May'13 ___ 83 90
U. S. Government.
U S 2s consol registered_91930 Q-J
91930 Q-J
U 8 2s consol coupon
11918 Q-10
U S Is registered
11918 Q-1,̀
U 8 Is coupon
1925 Q-F
U S 48 rearistered
1925 Q-F
U 8 4s coupon
17 S P84,1 Canal 10-30-yr 2s11986 Q-N
1061 Q-S
U 8 PaMania Canal Is g
High No.
Ask Low
Ma
__ _ 10014 10014 May'13 -10033 _
10114 Jan '13.
10273 10333 10212 Apr '13 _
1
103
10212
103
11334 11412 11312 Apr •13
114 May'13_
11414 _
100 101 10012 J'ne 11 ____
103 ___ 10313 May'13 ----
1081
10633
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
10373 13 10234 10434
Interboro Rap Tr 5s Ser A_1952 M-N 10334 1034 10334
8912 95
8912 May'13
Manhat Ry(NY)cons g48_1990 A-0 ___ 89
2 8813 9512
8812
Stamped tax-exempt
894 834
1090 A-0
Metropolitan Street Ry—
6212 6212
Refunding gold 4s
2002 A-0 ___ 50 64 May'12
62l Jan '13
Farmers' Loan ,SG Tr ctt
5934 Mch '12
Stamped
10l1 103)4
Bway & 7th Av 1st c g 5s_1943 J-D IOC10234 10112 May'13
9853 10112 Dec 12
Col & 9th Av 1st gu g 5s__1993 1‘1-S
_
May'13
9712
97l 101
g
gu
1st
F
P
5s-1993
&
9912
Lox Av
74 J'iy '12
Third Av html cons gu 4s__2000 J-J
7412 J'ly '12
Central Trust Co certifs
. —
74 Nov'12
Cent Tr Co etfs stamped _ _
10512 May'13
105 107ii
Third Ave My 1st g 5s____1937
*Mr
034 J'ly '06
Met W S El (Chic) 1st g 43_1938 F-A
1664
MllwEheclty& Lt cons g 581926 F-A
iff; 1nil 10034 May'13
91 91
exten 4 4is..._1931 J-J 9113 9212 01 Apr '13
Refunding
102 Nov'12
Minneap St 1st cons g 5s_1910 J
•No price Friday:latest this week. d Due April. c Due May, i Due June, hi Due July. k Due Aug. o Due Oct. p Due Nov. ethics DeC. . Option Nal&
Street Railway
Brooklyn Rapid Tran g 5s_1945 A-0
1st refund cony gold 4s___2002 J-J
Bk City 1st con 58_1016-1941 J-J
I3k Q Co & 8 con gu g 58_1941 111-N
Bklyn Q Co & S 1st 5s-1941 J -J
Bklyn Un El 1st g 4-5s1950 F-A
1950 F-A
Stamped guar 4-5s
Kings County El 1st g 45_1949 F-A
1949 F-A
Stamped guar 4s
Nassau Eiec guar gdd 4s_1951 J-J
Conn My & L lst&ref 5g 43's '51 J-J
Stamped guar 4 3.5s
1951 J-J
Dot United ist cons g 4 %s_1932 J-J
Ft Smith Lt & Tr 1st g 58_1936 M-S
Grand Rapids My 1st g 53_1916 J-D
Havana Elec consol g
F-A
Interboro-Metrop coil 4;is...1956 A-0
_ _ 10178 10153
3 10114 10314
10178
0014 828 864 9238
_9013 Sale 8933
10214 Mch'13
101 10212
93 98
93 Apr '13
101 101
lif05 101 101
101
9 100 10112
10014
_ 100 100
100 10134
_
10012 May'13
80 84 8312 Dec '12
3 -lir 86
84
80 83 84
76 78
-- 77 7612 May'13
9512 ___ 1014 J'ne'12
9512.
9873 Apr '13
8
-9-071)
7012 12 70 751
7012
70 71
9114 93 Apr '12
100 Sep '12
98 98
_ 07 98 Feb '13
7578 110 74 8114
4 Sale 7512
i5 3-
MAY 24 1913.]
I
ONDS
k
11. Y__, STOCK EXCHANGE vi
...i s.
Week Ending May 23
1475
New York Bond Record—Continued—Page 2
Pries
rrielate
May 23
Wears
Range or
ln
Lail Said
tqc%
Range
Bitted
Jan. 1
Pries
Friday
May 23
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 23
Range
Since
Jan. 1
•Peers
Range or
Lan Sate
If Oh No. Low H
Ask Low
Bid
High No. Low High St P M & M (Continued)—
Ask Low
Bid
9033 9614
9312 9314 Apr '13
Mont ext 1st gold 4s____1937 J-D .
10034Oc( '12 ___ _ _ _ _ _
Oln H & D 2d gold 4 Ms___1937 3-J ...— 10114
J'no '11
98
-D
J
1937
Registered
9534
_
9112
--------1959 J-J
1st & refunding 4s
_
11
Alch
9233
J-.1
_1940
_
_
..
£
Pacific
ext
4s
guar
12
J'ne
8614
1959 J -J ___ 8/
1st guaranteed 4s
.oi 97 Sep 12
0
E Alinn Nor Div 1st g 4s11148 A-0
98_1 01_,
1041 M-N _- 97 9814 Ach 13
Cm n I)& 1 1st gu g 5s
4_ 1_
1922 J -J 109l _
Minn Union 1st g 6s
___
-_—__.88 Men1i_
CFind& FtW 1stgu4sg_1928A-N
124 Nit;
3
12114 S
ite '12
w.,,
120
4;614
Mont
C
1937
J-J
____
1st
6s
g
gu
'13
90 8634Feb
1953 J-J
On I & W 1st gu g 4s
13614 May'01
1937 J-J
Registered
------..-.-----------------Day & Mich 1st cons 4 Ms_1031 J-J ---108 109
103
'13
Apr
J-J
10512_
1st
1937
guar
gold
Os
'12
Dec
10
105
J-J
1935
Ind Dec & W 1st g 5s
_ i5g
1937 J -J
Registered
- ___ 10713 Dee '02
1935 J -J
1st guar gold 5s
110 110
ifa - Feb '13
Will & S F 1st gold 5s_1C38 J -D 11)7
5 9014 9:1.13
9073
0073
91
.-_
-I)
J
4s1993
gen
L
St
&
(2
Cin
Cleve
usts
90
9012 OJ 90 Apr '13
Gulf& 8 I 1st ref& t g 5s_b1052 J-J
11/31 J-J 8812 8934 8934 May'13 --- 8812
20-yr deb 43.s
91052 J -J
Registered
90 130
8433
90 Alch'13
1939 J -J
Cairo Div 1st gold ds
-96 - ioN
- -98
9712 98
Ws_1999 .1-J
85 9012 8014 Feb '13 --- 8914 80,4 (lock Val 1st cons g,
(tin W & M Div 1st g 4s_1091 J-J
10012 Set' '08
I L Registered
1999 J -J
89 i'via '13 _—_ 87 91
St L Divlst coil tr g 4s__ _1990 M-N --- 91
1948 A-0 "gd- _97. 92 Apr 13 -- 92 92
1990 M-N .,------ 4- 41 Oct '07 - -- _ _ _ _ __. Col & 11 V 1st ext g 4s
Registered
1955 F-A 86 921 9218 Apr '13-- 9213 9234
Col & 'rot 1st ext 4s
___
_
__
..___
11
Dec
119
-84
Af-S
4s__1040
1st";
Div
Col
Spr &
10014 Dee '12
1040 J -J 84 ___ 91 Apr '12 ___ _ ____ Botts Belt & Term 1st 5s_ _1037 J -J
W W Val Div 1st g 4s
100 10233,
_ 100 Mar'13
J -J .66
1920 M-N 103 ---_ 10478 Mel''13 -- 10178 10514 1 Ilinois Central 1st gold 48_1051
C 1St L& C consol 6s
100 Sep '11
1951 J-J
I Registered
12
Nov
93
0712
90
Q-F
k1936
1st gold 4s
-8g78.
'13
Feb
J
8878
1951
-J
s
3
gold
1st
90
90
'13
91
Mel'
90
11936 Q-F 83
Registered
8812 881
1951 J-J
Registered
- ---- 8812 Feb 13
Cln S & CI con 1st g 5s___1923 J-J 100 ____ 10713J'iy '12 .--- --- ---_
1951 A-0 ---- ---- 9312 May'u:,
3
g
1st
Ms
Extended
—_
-'ne'12
J
1C15
101--D
J
7s
1914
C C C & I consol
1951 A-0 ____
_
Registered
_ _ _ --- --- -_ -Consol sinking fund 7s_1914 J-D ---- --1951 M-S
80 J'ilbo
_
1st gold 3s sterling
- -- 120 120
General consol gold es_1034 J-3 ---, 121 120 - Mch'13
1951 91-13
Registered
12112
1934 J -J
Registered
(3414 i)61j
-651; May'13
1952 A-0 9312 _
Coll trust gold 4s
1040 A-0 85 -_— 9.1 J'iy '08
Ind 13 & W 1st prof 4s
- 9514 Sep '12
1952 A-0 _ _ _ 6E34
Registered
0 Ind & W 1st pref 5s_a1938 Q-J --------------------------90 96
1955 M-N 90 Sale 90
4s
ref
1st
13
1).9
__
8874
Jan
8814
85
-,.-Peo & East 1st con 4s
1940 A-0
15 83 83
91
1952 J -J -_ 83 83 Feb13
Purchased lines 3 1-is
35 43 44 Meh'13 ____ 4318 4933
Income 4s
1990 Apr
03 9614
1953 M-N 9-3- 94
L N 0& Tex gold 4s
28
3 23 3614
28 Sale 23
Col Mid and 1st g 4s
1' J -J
1953 51-N
03 9
1
94
13
n4
1 Jan
33
Registered
30 26 Apr '13 __-_ 26
26
Trust Co. certfs. of deposit-------28_
9478 J'ly '12
1050 J-D
Cairo Bridge gold 4s
14 90 9173
0038 Sale 0038 . 91
1929 FColorado & Sou 1st g 4s
_ 73 7513 Nov'12
1051 J -J
9413
Litchfield Div 1st g 3s
11
4
9114
,
90
9112
92
9012
-N
M
1935
Refund & ext 4 ie,s
-if - -gi'
"d so 81 May'13
Louisv Div& Term g 3 Ms 1953 J-J
____ 10612 108
Ft W & Den 0 1st g Os_1921 J-D 104 106 10612 Apr '13 ---83 Aug'12
1953 J-J
Registered
____.-_ _
..___
___Conn & Pas Itivs 1st g 48_1943 A-0 ---- ---- 100
123 May'99
1921 F-A lad"
Middle Div reg 5s
May'10
------J
J
_1952
Cuba RR 1st 50-yr 58 g
fel 7518 Aug 12
1951 F-A _
Omaha Div 1st g 3s
el Lack & Western—
70I Mcli 12
St Louis Div & term g 38_1951 J -J —__ 75
10253 10233 May'13 -- 10238 10318
el Morris & Essex lst7s_1914 M-N 10213
1951 J -J ____ 751,
Registered
1041
105
0412
May'13
10512
---10412
J-D
1915
7s
1st conso. guar
Oct '12
8512
J
1951
-J
Gold
As
3
---10
Dec
---3
113
1
--1915 J -D
Registered
10113 Oct '99
1951 J -J
Registered
bleb'12 .
2000 J-D -------- - 0,._
1st ref gu g 3
100 Nov '00
_
Spring
Div
J
1st
hs
3
1951
g
-J
11133
10934
4
10934
10934
4
1003
J-J
1921
Os
N Y Lack & W 1st
1951 J- J
Registered
----3 10558 Feb '13 4- — 10412 1061,
1923 10-A 10314 1053
Construction 5s
94 94
94 Feb-qa
1951 F-A
Western lines 1st g 4s
Term & Improve 48_ _1923 M-N 9412 9634 95 May'13 ..—_ 95 97
F-A
1951
Registered
10108
Feb
03
.,_,_,---F-A
2000
3s
g
gu
Warren 1st ref
Afa
2
16
1171'
y
"
idS
J-D
Belies'
1923
&
Car
1st
es
1917 M-S 109 ---- 11058 Alch'13 ---- 11033 1105-3
Del & hod 1st Pa Div 7s
9412 J'iy '12
1932 M-S
Carb & Shaw 1st g 4s
-„. 149 Aug 01
1917 M-S
Registered
idEl; 16E1;
1951 J-D 1071 ill 10512 Apr '13
97
ii -661; "tii - Chic StL&NOg 5s
9073 07 97
1916 J-D -_„_,10-yr cony deb 4s
Feb '11
111
114
105
J-D
1951
Registered
9714 10113
1922 J-J 07 0712 9814 May'13
1st lien equip g 43.s
'09
Oct
90
1951 J-D
Gold 35s
2 9412 eal,
9013
1943 M-N 06 9612 9558
1st & ref Is
- - -1951 J-D
843, 11 84 8834
Registered
1940 A-0 84 8438 8438
Alb & Sus cony 3s
-921-2 A u-g-i
1951 J-D 8218
Alemph Div 1st g 4s
1921 M-N 115 ---- 12112 May'12 ......, _ _
/tens & Saratoga 1st 7s
1951 J-D
Registered
8513 May'13 ____ -851, 8011
8533 89
Deny & It (Jr 1st con g 4s_1936 J -J
St I. Sou 1st gu g 43
1931 M-S 85 951z
931. Meh'13
93 9573
1930 J-J 0412 -_,.
Consul gold 43s
1 -151"
92
._ 9433 92
Ind Ill & la 1st g 4s
1950 J-J
1928 J-D ---- 95 8 9612 Mar'13 ___. 9612 99
Improvement gold 5s
10214 107
1 - 10312 10214 May'13
8414 hot & Great Nor 1st g 6s
1919 51-N 0214
32 ge
77
1955 F-A 70 Sale 76
1st & refunding 5s
94 9933
9412
May'13
94
_
J-D
Iowa
1938
_
__
___
Central
5s
gold
1st
____
'12
Dec
100
-------1939 J-D
Rio GrJunc 1st gu g 5s
5873 6414
61
May'13
5873
68
Refunding gold 4s
1951 M-S
1040 J-J ........ 7T12 6112 Apr '11 ...... ____ _
Rio Ur So 1st gold 4s
1940 J -J.___ 7112 85 Meh %./3 ____ _ -- - -_ 1 arnitown Franklin &
Guaranteed
91 94
91
01
91
,-;
J-D
1959
1st,
Clearfield
4s
83
8312
6
82 8514
8314
1939 J-J 8212
Rio Or West 1st g 4s
70 72
I,'an City Sou 1st gold 33.._1950 A-0 6812 70 70 May'13
1949 A-0 ..„.— 78 78 Apr '13 ---- 78 81
Mtge & col trust 4s A
• Registered
_ 63 Oct '00
1950,A-0
'08
Jan
07
---82
A-0
4s..a1917
g
gu
1st
Cent
Utah
9714 99
11
9714
9714
&
Sale
4
Ref
973
J-J
1950
impt
5s
Apr
'04
Sep
110
00 ---Des Aloi Un Ity 1st g 5s...._1917 Al-N
1 9233 964
9238
Kansas City Term 1st 4s___1960 J -J ____ 9238 9233
. -88
ga
Det & Mack 1st lien g 48_1995 J-D 84 ---- 88 Apr '13 ---10113 10613
✓
ake Erie & W 1st g 5s---1937 J-J 10112 103 102 May'13
____
'12
87
Dec
87
82
-D
J
1905
Gold 4s
97 10234
1941 J-J ____ 100 07 Alch'13
- .1-4 2d gold 5s
____ ili Es,
Dot Itiv Tun-Ter Tun 4 Ms_1001 M-N ---- 95 97 Apr '13
North Ohio 1st gu g Os,. _,,1945 A-0 _ _ 10018 10414 J'ne'i2
_ ___
____
10414
Dot T dc 1-0 S Div 1st g 4s1941 ra-s -- - - ---- 75 Feb '12
Leh Vail N Y 1st gu g 45is_1940 J-J 100 10218 102 Mch'13
-'13
i.0414
Afeh
10414
(1
4
--------10
Dul Missabe & Nor gen 5s_1941 J -J
10413 May'12
1940 J - J
Registered
58 100 Mar'13 __-- 100 100
Dul & Iron Range 1st 5s...._1937 A-0
3
7
63
94
2
94
08 ---- -- --- - Lehigh Vail (Pa) cons g 4s_2003 M-N •111
1937 A-0 --------10512 Merl'
Registered
1104 11114
111 May'13
1941 A-0
Leh V Ter Ity 1st gu g 5s
1915 J-J 100 ---- 104 Feb '11 ____
2d es
_ 11113 Deo '11
1941 A-0
Registered
1937 J-J 100 -_-. 10358 Feb '13 ---- 10358 1035-3
Du So Shore & At g 5s
lair, lairs
'13
Mch
10512
Leh Val Coal Co 1st gu g 53_1933 J-J
fUlgin Jol & East 1st g 5s 1941 M-N 102 --,_ 110 Aug '12 _.. _
.1933 J-J
Registered
12
fig
Lurie 1st consol gold 7s_1920 M-s 111 11312 11312 May'13 —_ lif1933
J-J
-1st int reduced to 4s
N Y & Eric 1st ext g 4s_1947 M-N „„.. ---- 10112 J'ne '11
-66"
1945 M-S 9018
) ---- 103 Feb '13 ..-- 163 - idi - Leh & N Y 1st guar g 4s
1919 M-S 10,
2d ext gold Os
Registered
1945 M-S
9934 Oct '12
1923 M-S 9712 3d ext gold 43.0
1611i Feb '10
C & N 1st pref 6s
1914 A-0
- 103 Mch'13
1920 A-0 10018
iGi" foli. ElGold
4th ext gold 5s
103 Men 12
guar Os
1914 A-0
- 100 Jan '12
1928 J -D 0214
---- __ - _
5th ext gold 4s
1,57- 108
107
107 Alch'13
1047
lsid
1st
Long
Q-J
cons
5s-h1931
gold
_112
11534 J'ne'12
N Y L E & 1V 1st g fd 7s_11120 NI-S -9614 51ch'12
9112 _
1st consol gold 4s
n1931 Q-J
i -gi- -ii 84
1996 J-j 83 Sale 83
Erie 1st con g 4s prior
6:3 94
93 Feb '13
1938 J-D 87
General gold 4s
1996 J -J
83 85 Sep '12
Registered
192291-S 66 100 9614 Nov'12
Ferry gold 4 Ms
1 -iv.,'iv 7218
1966 j-j 7214 7314 7213
1st consol gen lien g 4s
9914 Oct '00
1032 J -D _97
_
Gold 4s
1096 j-j
77 Apr '12
-- .._ _ _
Registered
3
" 6611949 i.,1-S ag 90 86 Slay'13
Unified gold 4s
1051 F-A 89 92 89
8914 17 89 00
Penn coil tr g 48
10412 Dec 'OS
1934 J -D
Debenture gold 5s
1053 A-0 7312 Sale 73
7334
0 73 8214
50-year CODY 4s A
96
61
1949 M-S -66""gi" 96 Apr '13
Guar ref gold 45
7033 53 69 7713
1953 A-0 701a Sal( 6978
Series B
do
95 Jail '11
1949 M-S
1093142 11
_._.108
3 ....._:: i6s
0G0 Apr :112
1916 J-D 103
.iii.- NRegistered
Buff N Y & Erie 1st 7s
11004 Nov 06
Y .13 & M 11 1st con g 5s_1935 A-0 Rid"
Chic & Erie 1st gold 5s-1982 M-N
103 103
10.313
192751-S 100 iof34 103 Jan 13
N Y & It B 1st g 5s
Clev & Mahon Val g 5s_1938 J-J 100 124 109 May'12
101 104
Nor Sh13 1st con g gu 5s_01932 Q-J 100 101 104 Apr '13
4 fii 12214 May'13 ___.: 12/i1935 A-0122
Long Dock consol g 6s
93 931s
93
Feb
'13
1)5
--_
1027 M-S
Louisiana & Ark 1st g 5s
eo '12
Coal & RR 1st cur gu es_l922 M-N 05 D 10712 1
1.66
&
1007
Louisville
3
Nashville—
10018
a
M
Y'13
.--8
10613
1061&
1st
Dock
Imp
cur 0_1913_j
11018 11433
111 May'13
_
_
11073
J-D
1930
_
____
Os
General
gold
12
Aug
109
10312
10112
1946 M-N
N Y & Green L gu g 5s
11012 III
111 Mch'13
1037 ."11-.N 101
Gold Os
1937 J-J 05 08 97 Apr '13 ---- 97 - 1.6111
N Y Sus & W 1st ref .is
24 9313 9913
94
9334 94 9312
1.340 J -J
Unified gold 4s
'06
2d gold 4;s
1037 F-A ---- 00 10014 Deo '13
'12
Sep
9612
J-J
1040
Registered
Apr
-87
85
84
87
1940 F-A
General gold 5s
ijeTI; MA;
1931 M-1,4 ioi 105 10638 Alch'13
Collateral trust gold 5s
Terminal 1st gold 5s
1943 m-N 103 ---- 10738 Feb '13 __-_ 10733 108
11012 Dec '12
E Ii & Nash 1st g Gs
1019 J-D 106
- 11112 May'12
Mid of N J 1st ext 5s
1040 A-0 103
12
May
4
L
1043
_
&
Cin
97
Lex
gold
Ms
4
1931
5I
-N
Wilk & Ea 1st gu g 5s
1942 J -D ,,,- 98 98 mel
3 ---- 98 99
"
ii61"4 13014
N 0 & 51 1st gold 6s
12014 Mch'13
1930 J-J 11312
Ev & Ind 1st con gu g 68_11)26 j-4 10518 108 106 May'12
11418 1141$
N 0& NI 2d gold 6s
11413 Feb '13
1930 J-J 110 _
1921 j-j 104 10612 110 Jan 1:3 -- 109 110 Evans & 'I'll 1st cons 6s
'12
Oct
94
&
Mom
Paducah
div
4s
1946
F-A
1942 A-0 -- 102 9878 blch'13 _-- 987s 9573
1st general gold 5s
10513 10538
Pensacola Div gold Gs
10512 Meh'13
1920 M-S 10.331
1923 A-0 --------108 Nov '11 _-- __ __
Mt Vernon 1st gold 6s
St Louis Div 1st gold 6s 1921 M-S 107 109 11211.3 ly 12
Soli Co Branch 1st g 5s1030 A-0 --------95 J'ne'12 -3s
12
gold
Sep
2d
6953
1980
M-S
Ti,lorkla E Coast 1st 40_1950 J-D --- 94 04 Mch'13 _-- 94 063.4
-8812 04
Ati Knox & Cin Div 4s_1955 M-N "igti 66'- 8812 Ma','13
-I- ort St U 13(20 1st g 4Ms _1041 j-j --------92 Aug '10 __--110 111
Atl Knox & Nor 1st g 5s 1946 J-0 105 ____ 111 Jan '13
1928 j-j ____ 74 72 Mar'13 -- 72 - -7613
--Ft W & Rio (Jr 1st g 4s
'11
Apr
_
_
_
_
f
106
102
s
1st
6s_1931
g
Ildge
'lender
54-S
r_i_reat Northern—
2 -ggs; -04
8334
1987 J-J
8834 Sale 8834
Kentucky Cent gold 4s
0434 Sale 9412
9473 228 9312 9614
‘..X 0 11 & Q coil trust 4s-1021 J-J
103 10314
L& N& M& M 1st g 4 Ms 1945 51-S 100 10312 10314 Feb '13
9438 0512 0414
1921 Q-J
0 9312 96
9438
Registered h
8734 90'
Feb
'13
8734
-J
J
87
4s_1952
____
joint
Al
L & N-South
9734 .9812 981s
9812 12 97 100%
lst & refunding 4 Xs ser A 1961 J -J
95 Feb '05
h1U52 (2-3
Registered
95
1961
___
10034
__
____
--Registered
12
1091200
F-A
2
-1162
1937
gu
1st
N
5s
8
g
Fla&
J-J
1933
90 98 Mch'13 _ _
08 9814
St Paul M & Man 48
2 1511;
151110112 Jan '13
9913
N & (.3 1.3dge gen gu g 4 Ms 1945 J -J
1933 J -J 118 ____ 11812 May'13 ___-_
- 11812 12411
1st consol gold Os
1921 F-A 10713 ii6 11014 Oct '12
Pens & Atl 1st gu g 6s
1933 J-J 11814 124 11914 Mcli'13 —_ 11014 11914
Registered
10918
J'iy
'12
5s
g
1936
_
F-A
.
gu
con
Ala
N
10441
S&
102
1 10034
Reduced to gold 4 Ms..1933 J -J 1001 13 10034
1945 M-S 83 8812 0114 Men'12 ...„
_-_ 10834 J'no'09 ____ ..— ....— L& Jeff I3dge Co gug 4s
1933 J-J ---- ---Registered
-
D
-
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
g5 8534
New Orl Ity & Lt gen 4;48_1935 J-J 83 8712 8534 Feb '13
701, 45 7438 79
75 Sale 7434
N Y Itys 1st R E & ref 4s temp j-J
5713 299 5434 6018
a1942 A-0 5034 Sale 5633
30-year adi Inc 5s
101 101 Jan '13
101, 101
Portland Ity 1st & ref 53.-1930 SI-N
Portland Ry it & Pow 1st
95
06
___
Meh'13
95 96
5s
f
s
F-A
cony
1942
ref
&
101.
_
_
Portland Gen Eke 1st 5s_1935 J-J •_ _
St Jos lty L,11 & 1' 1st g 5s1937 M-N 95 ---- 98 Nov'08
10312
Feb
'13
10312
1631"3
g
-_cons
5s_1937
Cab
St Paul City
8018 17 7812 8258
1000 -J 80 8014 80
Third Ave 1st ref 4s
69
20 68 7673
a1960 A-0 6812 694 6834
AdJ Inc Os
91
May'13
0612 9912
HAI
f
9014
55-1923
s
A-0
TrI-City Ity & Lt 1st
Underground of London9312
9312
9212 9534
12
Sale
1933
9312
J-J
43's
87 9312
1948
8712 90 8953 May'13
Income 68
Union Elev (Chic) 1st g 5s_1945 Y-15 — — — 84 Oct '08
United ltys Inv 1st lieu coil
73 83
1926 M-N
7312 —. 76 May'13
trust
Pitts issue
, rlday; latest bid and asked this week. a Due Jan,
-'
Street Railway
United Rya St L 1st g 49_1934 -J
St Louis Transit gu Os._..1924 A-0
United lilts San Fr.f 4s_1927 A-0
Va Ity & Pow 1st & ref 5s_1934 J-J
Gas and Electric Light
Atlanta U L Co. 1st g 5s___1947 J-D
Bklyn U Gas 1st con g 5s_1945 M-N
1947 A-0
Buffalo Gas 1st g 5s
1932 J-J
Columbus Gas 1st g 5s
1923 J -J
Detroit City Gas g 5s
Det Gas Co. con 1st g 58-1018 F-A
J-J
5s-1933
tr
coll
Pet Edison 1st
1932 M -S
1st con g 5s
Eq GLN
Gas & Elec Berg Co c g 5s 1949 J -D
1915 F-A
(Jr Rap G I. Co 1st g 5s
1949
Hudson Co Gas 1st g 5s
Ran City M o) Gas 1st g 5s 1922 A-0
u Due Feb. a Due April.
Du. July.
85
4 60
0839273 93
7312 Mch'13
83 Nov'12
59
58
95 Jan '13
1055-8
7314 7384
27
57l
94
87
93
1665-8
54 Oct 12
6612 May'13
0558 Sep 08
10118 Nich'13
10612 Oct 12
100 Feb '13
100 Oct '09
102 Apr '13
0812 Sep '12
k Due Aug. 0 Due Oct. s Option sale.
1476
BONDS
N. Y. STOCK EXCHANGE
Week Ending May 23
ft
New York Bond Record—Continued—Page 3
li
h
A
34.
Pies
Irriday
May 23
reat's
a
Range or.e..3
Lan Salt
sitA
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
t
Week Ending May 23
[voL. xcvi.
Price
Friday
Mad 23
Vett s
Range or
Last Sale
09
Range
Since
Jan. 1
id
Ask Low
High No. Lott High N Y 0 & It R—(Con)—
Did
Ask Low
High No, Low High
'KA anlia RR—Sou lines 4s_1936 M-N __. .
West Shore 1st 4s guar___2361 J-J 94 Sale 9334
9438 13 9312 984
.11.1. wean Cent Inc g 3s tr rects_
-_, -251-2 Ap-r-'iio -_-_-_-_ --- -Registered
92 9212 9212
2361 J-J
9212
1 _11
.
32
.
2.
9f
!
.
Equip & coil g 5s
1917 A-b -... — -N Y Cent Lines eq tr 4;-i
-----10012 J'17 '11 ____
Mex Internat 1st con g 4s.._1977 M-S
77 Meh '10 ___
N Y New Haven & ilartf—
Stamped guaranteed
1877 5I-S
79 Nov '10 -- --Non-cony deben 4s
1955 J-.1 ....... 8818 84 Apr '13
Minn & St L 1st gold 7s
1927 J-D 112 120 12412 Oct '12 ____ -_-_-_-_ --:Non-cony 46
1956 31-N _- _ 87 87 Apr '13
84 8
87
88
84
3
Pacific Ex t 1st gokl Os__ _1931 A-0 _ _ 108 11013 Aug 11
Cony debenture 3%is
-- - 1956 J-J 77 80 78 Apr 13
73 87
1st consol god 5s
1934 M-N 93 Sale 0212
93
Cony debenture Is
7 9212 100
1948 J- J 11914 11912 119
11934
117
.
1
19
.._.
1.
26_
1st and refund gold 4s
114.11 M-S 59 60 6014 May'13 ...... 5912 6272
Harlem 11-Pt Ches 1st 4s_1954 NI-N ..... _ _--_ 9914 Nov 12
Des M & let 1) 1st gu 4s 3,43 J -J ____ 31
7934 Dee '12 ____
B & N Y Air Line 1st 4s 1955 F-A
9912 J'no '12
__ _ _ _.
14 StP&SSM con g 4s int gu 1138 J -J —__ 9158 92 Apr '13 ____ 917i 97
Cent New Eng 1st gu 4s 1961 J -J ___ 90 9014 lIch'13
9014 9014
1st Chic'Fermi s f 4s
/941 M-N _ 94 9714 J'ne'12 ____
Housatonic R cons g 5s_,1937 M-N 103 ____ 110 Feb '1
. 119 119
M 35 & A 1st g 4s lot gu_1926 J -J
N Y %V 'cLies&13 lat ser 1 43is'46 J -J 9073 91 91
9.614 --- 9614 May 12 -- --- -15
90
9814
Mississippi Central 1st 56_1041 1-J „.... 923-4 13812 lAch 11
N II & Derby cons cy 5s_1918 M-N
107 Aug'10
--- __-Mo h an & Tex 1st gold 4s_199 I J-I) 90 931 904 May 13 ---_ 8912 9514
N
(lo
wnE
sonig4
la
snd cons 5s
1945 J -J ____ ____
----2c1 gold 4s
g1911 1?-A 78 794 78
/812
6 73 8134
1g45 J-J
"itifi mai12
1st ext gold 5s
98
1944 m-N 98 931 93
1 9734 9912
Providence Seem'deb 4L 1957 M-N
8314 Feb '13 _-- -f;f7i -831..
4
1st & refund 4s
72 72 May'13 ...._ 72
7712 N Y 0& W ref 1st g 4s_ ___g1992 M-S 88 91 9012
_2004 M-S 70
9012 10 .
8_7_.
.
922!
Gen sinking fund 4 Ms „1938 .J-J
May'l
8334
__ 8334 87
83 8434
Registered 35,000 only_ _g1992 11-S __
J'ne'12
9212
____
St Louis Div 1st ref g 44_2001 A-0 _,..- _ . 7814 Apr '1 ___. 7712 784
General 4s
8958
-___
Feb
'12
2
1
—
Da.& Wa 1st go g 5s
102 Apr '1 __ 102 102
1940 M-N 9712 __-_
N orfroalk8S
oo
utillssttg&
olid
•e5
fsA 5s 1"
F-D
8
981 j
A __-- 9734 9778 Apr '12 ---- -SW12 -51;
Kan C & Pac 1st g 4s
1990 F-A 82 _-__ 82 Apr '1 ____ 82 8774
-N
N 93 -__ 100 illeh'13 ___ 100 100
93
4 1 MMo K & E 1st gu g.5s...,....1942 A-0 100 1021 103 Apr '13 _-__ 103 103
Norf& West gen gold 6s.. _ _1
___ 1105-3 118 Apr '13 __-- 118 120
M K & Ok lst. guar 5s, _1942 M-N --_- 201 103 Apr '13._ 10312 1944
Improvetnent & ext g 6s_ _1934 F-A 11633 121 123 Jan 13 _ _ 123 123
M .E. & T of '1' 1st gu g 116_1942 M-S 94 991 991s May'13 --__ at) 101 14
New River 1st gold 6s_
1932 A-0 11512 123 12034 Feb '13 __ 12034 12034
Sher Sh & So 1st gu s 66_194211-D 95 100 96 May'l ____ 96 103
Ni&
tegW
istItryed
lst cons g 4s_ 1996 A-0 92 94 924
93
33 9212 99
Texas & Okla 1st gulds 1943114I-S ,..-- 10514 10112 Itch '1 --__ 1014 10112
98 Jan '11 ..
Missouri Pac 1st con*f 6s_1920,1M-N 10434 105 105 May'13 ___ 104 106is
Dly'l 1st 1 & gen g 48_
.
A
1
O
J
9
4
8934
4
Sale
8
.
I,
I -i13893
9
4
4 1-6
8931
12
1
i3
74
Trust gold 5s statOtsl_a19171M-S 98 9812 974 May'13 —__ 974 100
10-25-year cony As
— - 101 Apr '13 __
10.
s
Registered
01917IM-S ---- -,- - 97 MaY 12
_
_.,..
10-26-year cony 4s
-s
u i6S Elsie 104
105
64
11113
104
lst collateral gok4 4s
1020 F-A ..z.... 9814 934 Apr '13 -- 97 99/
Convertible 4 Yis (wh.is.)11199
1
4
10414 Sale 104
23 5141
93
338
10414 34 10212 107
Registered
1920 F-A -„- -„...,.r ..
Pocah C & C joint 4s_ _ _1941 -J---I5 ___ 89 88 May'13 __ 874 92
40-year gold imp* 4s
1945 M -S 68 60 6812 MaY'13 __—__ 6202 fai,
CD C& T let guar gold 5s_ _1922 J -J 100 198 10534 41111 '13 ___ 10634 10534
5d is extended At 4%.,__1938 M-N -_,,, - 9612 9612 May 11
Selo V & NE lit gu g 4s_ _1939 M-N 8513 ---- 8912 Apr '13 ____ 8934 9538
lit & ref cony 58
8434
E iii, ii Norlhei
195'3 31-S 8312 8373 8312
e rsntel'
rea(t
dfie prior I g 48 1997 1.3-J 937s Sale 9334
04
67 9334 0858
Cent Br Ry Ise gu g 4,2
1919 F-A 00 —_- 91 Mch'13 ____ 91 9134
6
96
54 Apr6
'
6133
3 ___9_ 0
1997 Q-J.661;
96
5 9
67838
14
Cent Br U P 1st g 4s
1948 J-D 79 __ 81 Dec '12
General lien gold 30
---- --Sale
Leroy & C V AL 1st g 5s_1928 J-J -„. _ __ 110 Men105
Registered
F 65 6614 65 May'13 —.. 65 68
(.2-F
047 (4a2
ci'847
Pac It of Mo 1st ext g 4s.._1933 F-A 88 ---- 9213 Apr '13
9212 9318
St l'..ul-Duluth Div g 4s__1996 J -D 86 ....-- 90 Apr '13 ____ 90 9213
2d extended gold 5s
1938 J-J 101 102 103 Apr '13 _ 103 103
Dull Short L 1st gu 5s____ 1111684-S 96 _ ___ 10112 Oc-t '12
102
ft L 1r M & 8 gen con g 23_1931 A-0 102 105 102
7 102 108
St P & N P gen gold Gs_ __1923 F-A ...__ 112 113 licit'13 ...... iiS" Hi'
194 Oct '12
Gen con stamp Cu g 53_1931 A-0 -,-2
d
1togistered
cortificates__1923 -F - — 112 11533 Aug '11
8112
Unified Sc ref gold 4s
9 79 8252
1929 1-J 81 813-4 8118
S
w
t1,'
1sli
it
sac11s°ul
& 11 Auth 1st 3s-93
11 I -A 10112 _ _ _ 107 Jan '12 —_
1929 J-J -„.. — _ . 807t Oct '12
Registered
Si
____ 191 May 13
1917 A-0 10112 —__
idi 1E4
Riv & 0 lily 1st g 4s
81
1933 111I-N 50 8134 81
1 81 8312
gdol4ds4s
94 Joe 12 _.
lgo
e
1,
ti
94
68
5 (4-IN
.1 -D ___
Verdi V I & %V 1st g 5s-1926 M-S
„_ . _ 96 Jan '13 .__ 96 96
Cent
°
___ 93 9118 Apr '11
l
Mob & Ohio new gold 6s
1927 J -D 1134 11912 114 Apr '1 ..._ 114 11714 N,
Pac
1*_1
Term Co 1st
133
J -J 1104.—_ 1104 Apr '13 __ _
g 6s_1
1st extension gold 6s___h1927 Q-J 108 11312 1124Jan '13 __ 11234 11234 Oregon-Wash 1st & ref
42_1961 J-J *4 89 May'13 ___ i8
1-6
94 iit
ili314
-4
General gold 4s
1938 M-S ...., — - 82 Apr '13
. 82 8573 Pacific Coast Co 1st g 58_1946 J -D ii14 TOO
9912 May'13 sil 99 10112
Montgom Div 1st g 5s-1947 F-A 19734 110 108 Itch'13 ___ PM 109
3- eansylvanlaR14St L & Cairo coil g 4s____e1930 Q-1 8712 _ . _ 3574 Dec '12
lst real est 4s
10114 Meh'13
1023
1 1114..
.,
10114 10114
Guaranteed gold 4s
1931 J-J 87 9234 92 Nov 13
C,onsol gold5s
.
9 Mell'I2
a)
if :::: Ur 19
10
ashville('ii & St L 1st 7s 1913 J-J 10018 101 10018
1004
2 10018 101
Consol gold 4s
99
-66" 1561;
1
1st consol gold 5s
1928 A-0 10512 106 106 May'13 ____ 106 10814
Convertible gold 33-5s___Xitg 11
9718 60 9658 9713
):1
1%
)
-l -iirs ,
;7110- 97
Jasper Branch 1st g 6s
1923 J -J 1064 ____ 111 Jan '13 __ 111 111
Registered
01915 J-D --__ 9612 Apr '13
9612 97
51c.51 M W & Al 1st 6s
1917 J2J 10314 ..... _ 10313 Jan '13 ___ 10512 10512
Coritiol gold 4s
1948 M-N 9912 Sale 9918
9978
9 9834 10234
1917 g__J 10314 __ 113 J'ly '04 __
T & I' Branch 1st 6s
Alleg Val gen guar g 4s___1942 111-8 ........ 10018 9914 Feb '13
9914
9914
Nat itys of Mex pr lien 4 3-is 1957 J -J --... 81 84 Apr '13 _ _ 8218 8812
D R R It & Irge lst gu 48 g '36 F-A 90 -- — 100 Sep '12
Guaranteed general 48_1977 A-0 ---- 77 77 Feb '13 ____ 764 78
Phila Balt& 1% 1st g 4s---1943 11-N ---- 99 10004
n
:
0
13
3
kid"
iiki"
Nat of Mex prior lien 4 Ms_1920 J-J ---. 97 9673 Feb '13.. 964 9673
Sod Bay & Sou 1st g 5s_1924 J-J -- --- _
Jan
1st consol 4s
1951 A-0 -„. 7578 7612Jan '13 ...
7612 7513
Sunbury & Lewis 1st g 4s_1936 J-J 92
NO A1013 SC Chic 1st ref 56_1960 J -J 01 sale 61
823s 15 61 87
&c
Ca
o
4s__1944
L
9812
i51
.
gen
---1ki-S
3
Mari'h
__
____
_ _ _ _ Pennsylvania
NO & N B prior lien g 6s__p1915 A-0 10012 10314
7912 May'13 ...New Orlesnz Term 1st 4s 1953 J-J -,„ 85
G ar 1st g 4 3.isu
7912 8712
1921 J -J 10258 __ 10253 10214
1 10214 104
N Y Central & II It g 3 As_11397 J -J
8434 854 8434
8478 13 8313 87
Registered
1921 J- J 10113 —_ 10234 May'13
10214 10234
Registered
1997 J-J ---- ---- 82 Apr '13 ___ 32 8834
Guar 3 s coil trust reg-1937 M-S 864 .. _ _ 87
87
5 87 87
Debenture gold 4s
89
1 8712 'nit
1034 1111-N 88 89 89
Guar 3y-is coil trust ser 11_1941 F-A 854 ---_ 8614 Apr '13
8533 8614
Registered
May'12
93
-_,
1934 141-N
Trust Co ctfs gu g 3;is_ _ _1916 M-N 97 __-_ 974 Deo '12
Lake shore coll g 33-is
8112 138 7634 83
1993 F-A 51 Salt 81
Guar 3%s trust etfs0
1942 J -D 8533 864 8538 May'12
854 854
8012 May'13
Registered
1993 F-A 804 81
Guar 3 As %russet& D
76 8014
1944 J-D 854 ____ 8714 Jan '12
80
Mien Cent coil gold 3 Yis_1998 F-A 7612 80 80
7 75 80
Guar 15-25-year g 4s
1931 A-0 94 9518 9512 May'13
944 964
Registered
CM Leb & Nor gu 4s g
1998 F-A 77 80 7712 1131"13 --- 76 7712
1942 M-N 85 — 9213 Feb '13
9213 9312
Beech Creek 1st gu g 4s 1936 J-J
Cl & Mar 1st gu g 4 As_193544-N
94 -- 98 Apr '13 __ 93 98
98 _.110 Jan '05
Registered
CI& P ge4a gu g 4Hs see A 1942 J -J 100 _.10734 Deo '11
1936 J -J
92 ---- 99 1431'11 ---- ---- ---2d guar gold 5s
.
1936 J-J 1064 Series B
1942 A-0 100 ..... 10934,1'1y '00
_
Registered
1936
lot reduced to 3;is
1042 A-0 ___ _
9114 Feb '12
Beech Cr Ext 1st g 3kis..b1951 A-0 - - -Series C 3 .is
- 1948 1,1-N 86 ____ vOis Oct '12
Cart & Ad 1st gu g 4s
titi oct 1.: ____ -- ---1981 J-D iii
Series D 33-is
1t.,U F-A 86 8753 90 May 08
Gouy Sc Oswe 1st gu g 5s 1942 J -D 104
Erie & Pitts gu g 3;is 11_1440 J-J _— — 9112May 12
Moli & Mal lst gu g 4s
1991 81-S -_,-- ---- 9832 Jan '13
Series C
- ...98/
1940 J -J
1
4 98's
901s J'ly '12
N J Junc it guar 1st 4s
1986 F-A 9912..— 105 Oct '02 _____ __
Or It & 1 ex 1st gu g 43,
0_1941 J-J 95 — 10112Feb 13
l011 10113
Registered
1986
Pitts Y & Ash 1st cons 5s_1927 M-N 103 --__ i
t ros .1
114icoy 10
-_
2
N Y & Harlem g 3As
2000 121-N gi4 -- 814 Dee'-.1 __
Tol W V& 0 gu 43,6s A
1931 J-J 97
- _
Registered
2000 1111-N ---Series B “is
1933 J-J 98 ____ 10248 Nov 12
N Y & Northern 1st g 5s_1927 A-0 --10712 107 Feb '13 __ 1054 DV
Series C 4s
1942 11-S ___. 98 9553 Oct 12
N Y & Pu 1st cons gu g 4s_1903 A-0 ---- 93 9778 Aug'11 -..--- ----P C U& St I. gu 43-5s A- _1940 AzO
N 7:1_7_ _ 101: JA
101 10314
M.pn
cr
h
e'
111331
Nor& Mont 1st gu g 5s
1916 A-0 - - ---Series B guar
--- ___ ---- ---1942 A-0 10113 10314 101 Mch'13
101 101
Pine Creek reg guar 6s
Series 0 guar
1932 J -D 11-i12..„. I3-1-12 Jan 'Oil -11142 51
R NV & 0 con 1st ext 5s_h1922 A-0 102 10412 104 Lich 13 ___ 104 10014
Series D 4s guar g
1.-A
1
,
94
N ...... 98 97 Dec '12
49
51
101 Mch'13 _. _ __ ---()awe& R 2d gu g 5s____e1915 1?--A
Series E 3 yis guar
—_...... _
90 90
R NV & 0 T It 1st gu g 5s 1918 NI-N 191 __ 104 J'as'10
___ _
Series li" gu 46 g
1953 J-D --- ..... 9514 Jan '13
9514 954
Rutland 1st con g 4 s_-..1941 J-J 88 -_-_ 90 Apr '13 __ 90 90
Series CI 4s guar
1957 81-N
9713 9713
Og & L Chain 1st gu 4s g 1948 J -J -.... 80 8314 Feb '13 __
8314 84
14
'
712j
C St L & I' 1st con g 58.-1932 A-0 jai":::. 19
Naonv 13
1
Rut-Canad 1st gu g 4s_1949 J -J „„_,
J no 09 ____ ___
Peo & Pok Bn 1st g tie
106 Feb '13
1921 (4-F ____
idi" log"
St Lawr& Adir 1st g 58_1996 J --J 100 10912 08 Sep '12
_
2d gold 4 As
31921 M-N --- 95 la13 n :1
13
1
2d gold 86
_ 11913 licti'12
190t A-0 110
Pere Marquette--Ref 4s__11155 J -J __ 594
Jan
54 54
Utica Sc 111k Itiv gu g 4s 1922 J -J
9212 __ .... 997s Noy '11
.
7: May'13_ ..
Refunding guar 4s
1955 J -J _ — 60 _5_4
51 6.174
Lake Shore gold 33,6s
1997 J-1) 88 87 89
8618 35 8512 8812
Ch & W M 5s
Registered
1997 J-1) 8433
8412 May'13 _
Flint & P M g Is
8412 88
1920 A-0 101 101 10013 Apr '13
1061; 16612
Debenture gold 4s
1928 31-5 91 Sale 9078
91
48 9014 9234
1st consol geld 52
9.
3. 9%
8 Feb''ct :13
D -0-4— -i-.
1 Aj
AIN
1 :3
29
2
95 96
25-yr gold 4s
1931 M-N 8934 Sale 8913
90
54 8912 9258
Pt Iluron Div 1st g 5s_1939 A-0 1)2 97
9612 Feb '13
964 9613
Registered
1931 all-N „„ __ . 93 Clot '12 ___ ___ -Sag Tus & 11 1st gu g 4s_1931 F-A ---: ..i.o..
Ka A & (I It 1st gu c 58_11)38 J-J 102 -- __--- ___ --- Philippine Ity 1st 30-yr s f 4s '37 J -J
/5
75
"fr> 8314
Mahon (Y1 lilt 1st 5s
1934 J-J 1051s 1101 11113 Mch 11 ____ -___ Pits Mt& L 14 lst g 5s
1940 A-0 107 __-.. 108 Apr '13
108 108
Pitts & L Erie 2d g 5s___./.1928 A-0 106
Ilio Apr '12 ___—__
1st consol gold 5s
1943 J -J 105 __ 11314 Nov '11
— - Pitts McK & Y 1st gu 6s_193:. J-J 112 -___ 13014Jan '0i•
— — _ ____ I,eading Co gen g 4s
1997 J-J 944 Sale 944
9458 71 91(s 9713
2d guaranteed Is
12314 Mcia'12
1934 J-J 112
1997 ,j-J ....... 0518 9534 Apr '13
-- ---- LI, Itegistercx1
0512 9613
____
____
__
Jersey Cent coil g 4s
_ Mcliees& 11 V 1st g 68_1918 J -J 10312
9
..t2 .
92
514.
-0
J .9
115
.
jr1951 A
95
8 944 9034
Michigan Centre. 5s_
____
1931 611-8 1061
/
4 112 ill Jan 'ii Allan City gu 4s g
Registered
1931 j-NI ---- - .... 119 J'neli5 .. _—_ —_ ..ZtJo& Gr 1st 1st g 4s
1947 J-J ....... 80 -81 - Apr '13
if" 84
4s
1940
.--)t Loulo& San Francisco—
Registered
9812 Noy'll
1940 J -J - -General gold Is
1031 J-J __ 11512 1144 Jan '13 _--- 1141, 11414
J L & 8 1st gold 3As
1951 M-S -„- ---- 90 J'119 "04 ---- -,- -,General gold 5.
102 10434
1031 J -J ..... 103 102 May'13
1st gold 3iis
1952 121-N 82 ____ 83 May'13..— 83 8612
St L & 8 10 RR cons g 4s..-1908 J -J --- 85 8512 Dec '12 _-:-_-_
20-year debenture 4s
1929 A-0 — 87 88 Apr '13 ____ 8734 89
Gen 15-20-yr 58
7612 329
1927 M-N 6834 Sale 6534
II Y Chic& St L 1st g 4s...1937 A-0 94799i2
4 9512 9512
94
9512
3
Southw Div 1st g 5s
1947 A-0 ____ __. 100 Jan '13 ._ _ _ 100 100
Registered
9713Jan '13 _
1937 A-0
9712 9712
Refunding g 414
1951 J-J
6634 side 6634
7134 361 6634 7634
Debenture 48
87 8513 May'13.
8312 89
1931 at-N
Registered
1951 J-J ______ 8034 lick'll
MISCELLANEOUS BONDS—Continued on Next Page.
N
f,.. 101
------92
-_
-as.; -H.;
..0.
(Jai and Electric Light
• Kings Co BILl P g 5s____1937 A-0
Purchase money 60
1997 A-0
Convertible deb 6.s
11122 14-S
Ed EII11.1.1kn 1st con g 42-1939 J-J
Lac Gas L of St L 1st g _e1919 Q-F
Ret and ext 1st g 55
1934 A-0
liwaukee Gas L lit 4s
1927 111-N
ewark Con Gas g 5s
1943 J-D
N Y
E L II & P g 5s
1948 J-D
Purchase money g 48
1949 F-A
Ed Li 111 1st cons g 511
1995 J-J
Y&QEIL & P litt con g as 1930 F-A
Y & Rich Gas 1st g 50...._ 1921 111-N
Ling UI El Co Cal &
Corp unifying& ref +Sc.—JOST -N
Pac Fowl LS 1st& ref 20-yr
Si Internet Series.
193 F-A
Pat& Passaic G & E
M-S
•
Gas and Electric Light
10434 10434 Peo Gas & 0 1st con g 68_1943 A-0
_ 117 11614
11614
6 11513 11614
113 114
Refunding
gold Si
e
io'd 10078 10034 May'13
1947
10012 1014
103 Fob '09
Rwl
1947 31-S
864 8812
10212 Apr 13
Ch (.4-L & Cke 158 gu g 58..1937 J-J
1521-2 jai;
10074 1024
16'112 10314 Get '1
Con G Coot Ch lst gu g 531236 J-D
100 102
____ 92 93 hich'12
Ind Nat Gas & Oil 30-yr 58 '36
394 90
Mu Fuel Gas lit gu g 53_1047 11-N
— 10014 Aug'12
Philadelphia Co cony 58_1919 F-A ___ 9712 9712 May'l
1511-4
. 151;
1
Cony deben g 5s
1922 NI-N ....... 97 9712 Feb '13
9712 98
8313 8812 Stan Gas & El cony if 68_1926 J-D
.0774 0612
981}
9 9614 1091e
10834 10818 Syracuse Lighting 1st g 5s 1951 J -D
101 Deo
9913 1014 Syracuse L & P 5s
8513.1'116'12
1954 J-J
- -- Trenton Ui K lit g 5s
log Feb '91
1949 54Union J8l.c L & P lit g 5s 1932 11-S 98 -- 102 Jan '1
lai- 102
-. 94 984
9334
984 96
Ref & ext Si...193314-N 92
97 Dee '1
i/t3eis El L & P 1st g 5s
J 1111 --1950
.98 944 Mehl.*
9413 941.2 11 ties Gas & E ref 5s
OS .1957 J-J
Too _
1024.1W '12
— —
Westchester Lys g Si
195 J-D 1024 Sale 1091
1021i
*No arise Friday;Leto% bid sad asked. a Due Jan. b Dee Feb. 5 Due May. g Due June. is Des July. s Due Oct.
p Due Nov. s Option sale. •
100 10412 10434 Feb '13
_ 114 113 Fob '13
_ 12278 122 Dee '12
834 Apr '13
_ 101 101 May'13
99 100 10014 Apr '13
884 3914 8914 Apr '13
103 -- 1064 Apr '12
10174
10134 Sale 10134
834 84 834
84
10653 Apr '13
103
9912 151-4 100 marls
---- 9312 J'1Y '09
MAY 24 1913.]
BONDS
N.
STOOK 11XCHANOL Is 2
Y
Week !sliding May 23.
New York Bond Record-Concluded-Page 4
Price
Friday
.113) 23
V eek's
Pante or
past Sale
Range
Since
Jan. 1
BONDS
N. Y. STOCK EXCHANGE
Week gliding May 23.
:41
VC
t477
P7108
Fridau
May 24
Vea's
Range or
Last Sale
51
Range
Since
Jan, 1
High No. Low litah
Bid
A sX Low
Bid
IIig).
As). Low
St L & San Fran (Con)
1 10812 11314 VI/abash 1st gold 59
10812
10
112 10812
°2
113 10161
103 Noti 1.
1939 M-N 101 103 10212
K C Ft 8 & M con g tls_ 1928 :',11-N
13 6912 78
T 2(1 gold Is
72
95 9012
9538 May'13
1030 F-A 9514 06
KU Ft 8& M Ity ref g 43_193 A-0 6912 Sale 6912
Debenture Series 13
103 A-0
Registered
7712 J'ly '12
90 J'ne',2
1939 J -J
1st
_
lien
'1 2
equips fog 5s
10312
6;1; -9813
1921
_ 100 99 May'13
K C & M BSc B 1st gu 5s_1920 A-0 92 _
,
,100,
1st lien 50-yr g term 9s1054 J -J
9914
9914 10 -)60Ozark Sc (lit 0 1st gu 5s g_1912 A-0
6980
80 Alch'13
80 80
1st ref and ext g 48
8612
7 86 90
1989 M-N 86 Sale 86
56 57 564
1956 J -J
57
St L S W 1st g 45 bd etfs
____
Cent Trust Co ctfs
78
SO
7812 May'13
78 79
5
5414
48
50 6012 5212 Apr '13
1 :
6
5 11
2d g 45 Inc bond ctfs___p1989 J -J
Do Stamped
5 7814 8;
1932 J -I) 7812 80 7834
79
Consol gold As
48 48 May'13
Equit Trust Co etfs
10115 Apr 07
65 64 Nov '12
_
Gray's Pt Ter let gu g 5s_1947 .1-D
Do Stamped
2 -811-2 -8E3-4
8112
11)43 J -J
81 8112 8112
50
50 -7 50 613k
$ A& A Pass lst go g 4s
Det & Cb Eat 1st g 5s___1941 J -J 10212 10712 11/7 Feb '13
1019 J-J *___ 10712 104 Oct sei
SF & N l' 1st sink f g 8s
107 107
Des Moln Div 1st g 46-1939 J -3
85
13512
Seaboard Air Line g 4s
1115 A-0
851 Feb '13
SO Aug ' 2
Om Div 1st g 3 Sig
1 82 86
_ (i5 Apr '13
1950 A-0 8112 82 82
82
Gold 4s stamped
65 65
1941 A-0 65
'I'ol & Ch Div 1st g 4s
Registered
195 A-0
1941 M-8 75 ____ 77
77 --1 75 00
3 70
Adjustment Is
o1049 F-A 71% 72 7l7
72
1614
7714 Wab Pitts Term 1st g 45_1954 J-D 17
1614
1 7112 79
Cent and Old Col Tr Co certs_
Refunding 4s
1 154313
1959 A-0 73 76 7514
7514
16
17
16
2 26
7%
16% 75
3
Columbia 'Fr Co ctfs
8414 88
-Atl-Birm 30-yr 1st g 4s__c1933 M-S 85 -___ 8414 Ifeh'13
15 28
1712 May'13
1512 17
2d gold 4s
9134 0175
Car Cent 1st con g 4s
OU
1949 J -J
1
9175 Mch '13
11 May'13
1
1054 J-1.)
2
14 11
73 214
Trust Co certfs
B0:314 10:114
1(13(4 Jars '13
Ha Cent & Pen 1st g 5s_1918 J -J
75 May'13
-- Wash Terml 1st gu 3 As___1945 F-A 82 8.11. 874 Oct '11 ---- -- - - - 1st land gr ext g Is
1930 J -J 100 __ _ _ 104. Nov'12
let 40-year guar 4s
Consul gold 5s
1943 J -J
'12
1045 F-A 90 _ _ _ 100 Sep 12 107
%Vest Maryland 1st g 4s
104 - 11)5
Ga & Ala By 1st con 5s__o1945 J -J
79
1952 A-0 79 80
- 10412 101 Apr '13
7135
10234 10313 West N Y & Pa 1st g 53_1937 J-J *11/312
Ga Car & No 1st gug 5s-1929 3-J i(i_ 10234 Apr '13
103114
1 10
73
914 1
10314 13
-i
0i
7174
3
Gen gold 9s
1920 J -J 100 iWls 105 May'13
Seals SS Boa 1st 5s
1943 A-0 ---- 8(334 86 Oct 12
Income Is
34 Feb s.7
Southern Pacific CoWheeling & L E 1st g 5s _ 1026 N
36 89 93
92
A -o0
v
Goiu 4s (Cent Pac coII)_k1949 J-I) 9134 Sale 91
10114 May'13
1- 111--800
1--800
0--000
0--(1
08-1
01 12
8613 9512
Wheel Div 1st gold 59_1928 J-J -- - - ---- 100 Feb '13
1:egistered
11949 J -I)
8612 May'13
Exten & Insp5 gold Is____1930 F-A ---- 99 Feb 13
20-year cony 4s
8734 234 87 9'314
91920 M-8 374 sale 8715
.1110 1st consol 4s
80 80 Apr '13
9114 15 0014 9(3 12
Cent Pac 1st ref gu g 4s__1949 F-A 9114 92 9134
20-year equip s f 5s
9412 J'ly '12
93121-cOil
ISegIstered
949 JJ
•
1922
1049 F-A
ss 01
Winston-Salem S3 B 1st 43_11160 J-J
"sici - 895 Feb '13
-893-a 91
Mort guar gold 3 Sis_11929 J-I) 8712 89 88 May'13
is Cent 50-yr 1st gen 4s 11/99 J -J
8934 9112
8912 9015 May'13
_ 8012 8934 Apr '13
8912 9158
Through St L 1st go 43_1954 A-0
104 10434
Sup&Dul div & term 1st 4s '36.M-N 88 83 8934 Alen '13 _-_ 8914 9012
G it & 8 A M & P 1st 55_1931 M-N lad 10615 104 Mch'13
_ 1031s 10218.1'1y 12
Gila V 0& N 1st gu g 5s_1024 M-N
'12
Manufacturing
Deo
103
•--Sc Industrial
lions E & W T 1st g 5s 1033 M-N
Allis-Chalmers 1st 5s
11(36 J -J _ 62 57 Dec '12
1933 PA-N 199 105 10414 Itay'11
1st guar 55 red
Trust Co &Is deposit
5034 63
3114 Sale 51
52
11 & 'I C 1st g 55 int gu_1037 J -J ____ 108 10014 Sep '12
Am
Ag
Chem
097
1st c Is
94 93 Apr '13
1028 A-0 9834 Sale 0834
8 9834 101%
1921 A-0
Gen gold 45 int guar_
Am Cot Oil ext 4s
_ 11814 Mak'10
44-1l 95 Sale 95
95
2 95 97%
Waco& N W city 1st g6s
- 1930 NI-N lid
9212 93 93 May'13
Debenture 5s
93 95
1941 J -J 100 16112 100 Jan '13
A & N W lst int g 53
Am Hide & L 1st s f g 63_1
51-8 00 100 99
_ 110 May'13
931 14-N
1019
9912 10 90 10312
Nlorgan's La & '1 1st 7s 1018 A-0 110
75
Amer Ice Secur deb g 6 _1925 A-0
74
76%
1920 J -J 10512 "thili 107 Jan '13
• 1st gold 6s
00 10070312
5
Am Smelt Securities s f 68_1926 F-A 1:0:1:: 103
112 F•ls '01
o
173
0513
102 105
1938 A-0 10:1
No of Cal guar g Is
Jan
Am Spirits Mfg g Os
10113 May'13
9913 9912
Ore & Cal 1st guar g 55_1927 J -J 101
90 93 91 May'13
Ain Thread 1st col tr 4s
1919
5 tv1
J:S
J
So Pac of Cal-Cu g 5s1937 M-N 10315 _ _ 116 May 07
91
93,
4
1034
0 Nolv19132
11912 1205*
_ _ 9115 Sep '12
Am Tobacco 40-yr g Os
1944 A-0 119 120 1 2
So Pac Coast 1st gu 4s g_1937 J -J 80
4
Registered
A
Nan Fran 'Fermi 1st 4s 195 A-0
8712 884 Feb '13
54
1A
pi0
1,
94
-i81
,1 00
-ti(114 9713
Gold 4s
Tex & N 0 con gold $s_1943 J-J ---10015 1014 May'll
1051 F-A 9612 97 1*7 May'13
41 8812 94(
__
8712
00
1:(i Vac lilt 1st ref 4s
8034 Sale 89%
Registered
1955 J-J
-if - -964
Am Writg Paper 1st, f 5s_1919 J-J
Southerny'43
8936
ilin
ac
314 j
0
89'
2
3
104
754
103 10314
16 10312 10715 Baldw Loco Works 1st 58_11)40 M-N 2 18
03
7315
1994 J-J 10334 Sale 1034
168 18
1st consol g Gs
105 Sep '11
5 95 964
10424 10424 Both Steel let ext at 5s
1904 J-J
Registered
1926 J-J
7613 40 7514 7812
612 96
10 824 8634
93
lst d; ref 3s guar A
99
273 8
Develop & gen 4s Her A 1956 A-0 7534 Sale 7534
11)42 14-N 8
9535 19 933.4 07
Mob & Ohio coil tr g 9s1938 M-S 70 84 8314 Apr '13
83% 8612 Cent Leather 20-year g Is 1925 A-0 95% Sale 9514
107 107
9614 9714
Mein 1)1v 1st g 4 SS-5s_1996 J-J 10212 107 107 Mch'13
Consol Tobacco g 4s
1951 F-A ____ 07 9614 Apr '13
83 8512 8412
34'2
1 8314 8812 Corn Prod Itef s f g 5s
1951 J -J
9534 9614
St Louis div 1st g 4s
1931 M-N 9012 94. 9614 Feb '13
90 9313
1018 J -J 105 __ _ _ 105% Sep .2
Ala Cen 10 1st g Os
let 25-year a f Is
1934 M-N 9014 95 9014 May'13
83%
8714 Jan '13
9434 90
1948 J-J
Atl & Danv 1st g 9s
8612 5714 Cuban-Amer Sugar coll tr Gs 1918 A-0 90 96 9434 leb '13
Sale 64
8214 Feb '14
2d 4s
64
6 64 71.)
1948 J -J 83 _ _
---- Distil See Cor cony 1st g 5s-1927 A-0 04
85
1
08 0
K du Pont Powder 4 Sis_1036 J-1) 84 Sale
844 27 84 00
AM & Yad 1st g guar 4s1949 A-0 72 _....
---43-4DeZ1;-1-1
95
General Baking 1st 25-yr 63_1936 J-D
v534
Col & Groenv 1st Gs
Apr '13
1910 J -J 10112 - - 1(_ 101 May'13
Gen Electric (lets g 33.is
77 82
11142 F-A __ 77 77 May'13
IC T Va & Oa Div g 5s
1930 J -J 103
108%
10814
8 103 109¼
Debenture 5s
Con 1st gold Is
11/52 N1-8 10312 101 10338
102%1051s
104
195 M-N 108
Gaol Motors 1st lien 6s
_ 10515 J'ly 12
99
2 9812 100
E Ten roor lien g 5s
1015 A-0 9834 99 9334
1938 M-8 1991i _
(13 WI; Ill Steel deb 43s
but*
051s
0 Sale
e 19000
2 85
Ga Midland 1st Is
808
5,3
19
1040 A-0 18
8
00800
53,34
1946 A-0 63% 6412 6415 glch'13
Indiana Steel 1st Is
1097
14 9914 10114
.Ito
1952 fel-N
1922 J-J 103_ 110 Mch'13
Gs Pac By 1st g 6s
hit Paper Co 1st con g 65_ 1,
108 112
9 100 105
9):14
Knox & Ohio 1st g 68.-1925 J-3 108 ill 103 May'13
0°11301 cony s f g 5s
7 84 9134
83 861s 85
8515
Mob & Bir prior lien g 5s_1945 J -J 100 ____ 10513 Nov 12
hit St Pump 1st s f Is
79
73 _ _ _ 79 Mch'13
70
67
59% 8534
11145 J -J
Mortgage gold 45
1029 M-S 6612 Sale 6612
10134 10212 Lackaw Steel 1st g 5s
1014
95 9634
• 1923 A-0 - 9511 9612 May'13 _
Rich & Dan con g Gs
1915 J -3 101 10234 10134
let con Is Series 'ss
70
5
76
10312 10315
1927 A-0 100 10412 103l Jan '13
73 8014
1050 M-8 74 7612 0
Deb Is stamped
3-year convertible 5s
92 93 96
95
Rich & Meek 1st g 4s__1948 M-N 70_ 73 Sep '12
1915 M-8
12012
S
10
28
:
11112 12012
99 lot
1 110/s 12213
1900
0
28
5
012 :
Liggett & Myers Tobac 7s_1944 A-0 1
99 May'13
i14
1019 M-N 9912 io
So Car & Ga 1st g 5s
20
'05
10212
Out
111
9612
9934
Is
Virginia Mid ser 0 6s
1951 F-A
- - -.1916 M-S
_ 103 1 Nov'12
4 11912 12213
11934
1104
Lorillard Co (1?) 7s
119_3
_ 11 Sale
9
Series 1) 4-3s
1921 M-S 1004
1944 A-C .
9714
. 10424 Jan '13
9712 17 97
Is
9975
10434 10454
Series IS Is
1926 M-8 101%
1951 F-A
97
6 97 100
101 105
Mexican Petrol Ltd cnv 6s A..'21 A-0
Series F Is
104 Itch'13
1931 M-8 1014
- 9714 97
General Is
1936 M-N 10233 iditi 10814 Jan '13
10814 10814 Nat Enam & Stpg 1st 5s 1029 J-D -8.8-13 Sale 8813
3912 13 3812 95%
___
Vs & So'w'n 1st gu 53_2003 J -J 10112 ____ 104 May'13
88 88's Feb '13
8812 8812
1030iki
1
104 108% Nat Starch 20-yr deb 5s
52 J
951 Sale
let cons 50-year Is
27 9574 9911
1958 A-0 9212 Salo 9212
% National rube 1st 55
1 92
9212
9% 10 9912 103
91/
_ 9315 Sep '12
e2 957
W 0 & W 1st cy 160 4s
1924 F-A 92
N Y Air Brake 1st cony Gs_19281M-N
1914 .4-J 10034 loft, 101 Feb '13
West N 0 1st con g 6s
ity Stool Spgs 1st s f 5s
92
54
4m
Ap
ciri:13
11/21 J-J
95% 0812
9510
10212 Apr '11
okane Internat 1st g 5s_1955 J-J
Repub I & 8 let & col Cr Is_ 10
1024 102%
94
30
4A
A:0
0
_ 10134 104 Feb '13
01i -899987 18
980 m8490113
8
9
9_2
10-30-year 5s s f
`orA of St L 1st g 4%3_1939 A-0
10312 i
4 10 807s 92%
i547
61
Standard Milling 1st 5s_ _ 1930 M-N
8911
88
1st con gold 5s___1894-11)44 F-A 102 103 111 Aug'12
90
8.04 May'13
1953 J-J .
'rho Texas Co cony deb 6s_11.131 J-J
Gen refund 3 f g 4s
973* Sale 9712
97,
4 41 97 10038
- 1061g Sep '12
86 00 Feb '13
1g) 92
Union Bag & Paper lit 5s_193
1030
St L M Bge Tor gu g 5s 1930 A-0 100
103 May'13
- 89 9114 Jan '13
3912 0114
Stamped
2000 J-1)
Tex & Pac 1st gold 5s
fo'11-4
100 Apr '13
lig) 10014
U S Leath Cost deb g Gs 1913 M-N
q2000 gich s_ 40 61 Nov'12
26 gold Inc Gs
9913 Apr '11
3 8412 May'13
-8479812
8412 89
U
8
Realty
&
1
conv
deb
g
LA Div li L let g Is
5s_'24
1931 J -J
J
-J
---Nev'e4
10612
30
27
23
U
May'13
2927
S Bed & liefg let g 6s
W giinW & N NV 1st gu 5s_1930 F-A
1931 J-J
2 28 IOU 10334
10512 Apr '13
a J1(.110,1110
Uti
n e€
1/3
1,
14
Itimuted
bet
3
1014 Sale 10
her 10-yr coll Cr65.1.0
T_9Idz 0 0 1st g 58
1935 J -J i631918
8
10324 10724 J'ne'12
Western Div 1st g 5s
1935 A-0
May'13
U
3 Steel Corp-J coup _d1963 M-N
145 1(934 151"
100
1935 J-1) 16d
General gold 5s
;7). 19
00
971
f 10-60-yr 5slreg _41963 M-N
10111
9111 Feb '13
: 1 9934 102
_ _• 91
1990 A-0
1Can & IS1 1st gu g 4s
9,513 10 9412 98
Va-Car Chem 1st 15-yr 53_1923 J -D 94 95 - 95
98 93 May'13
1027 J -J
20 20-year 53
West
Electric 1st Is Dec 1922 J-J 10074 101 101
101
8 1004 10234
90 90 May'13
1917 J-J
Tol P Ss W 1st gold 4s
Westiughotsse It & 54 s f 53_1031 J -J _90
v6
01132 Apr9113 21 9012 94
0
Tol St 1.& W pr lien g 3Sis_1025 J-J _ 84 84 Dec '12
lo
.
_.
13 Sale
10-year coil Cr notes 5s_1017 A-0
fl 67'a
63
9612 96%
1050 A-0 Gi 3212 5212
40-year gold 48
Telegraph Cc Telephone
Coll Cr 45 g Her 1.
1017 1.0-A _
63 68 Dec '12
Am Telep & Tel coil tr 4s 136
r liam & Buff 1st g 43_7)194 G J-D if 88% 89 Apr 13
1029
88 89
8753 83 577s
83
0 N
48 86 110
J:s
..1
Convertible 4s
ister & Del let con g 58_1928 J -I)
10212 110%
!Of!.
1.
04_1.
100 103 103 Apr '13
102% Apr '13
2
20-yr cony 43-e (when iss) 1933 bi-8 101 Sale 1007
1st refund g 4s
10115 86 111()7 104%
_
11)52 A-0 84 8612 J'uo'12
Union PacificChicago '1 elephone 1st 5s 1923 J-D
grant
land
g
&
48_1947 J -J
let lilt
-8
230
97 Q1
Q- J -783i
iii12
2
-h
De
ot-:-1:2
9634 50 9513 99311 Commercial Cable let g 45..23
96% Sale 904
Registered
1947 J -J
Registered
- 9813 9813
_ 9812 Fob '13
1027 .1--J
-98-98- ioCai
Cumb'dT & '1' 1st& gen 5s..1937
20-year cony 4s
91 19 91
9175 56 90% 97
(19008 114-8 ._ 9112 91
19
8
08
S
04
34 ItchgY
AI;Ia ':111323
91
1st & ref 4s
11 9012 951k Keystone Telephone 1st 58_1935 J-J
15934 1913$
80
911 1-0-01-2
3 91
Ore Ity & Nay !on g 4s_..1046 J-D 61-12 Sale 9112
9115
9334 glotropol Tel&Tel 1st s(55_1918 14-N 16
97 10114
1924 F-A 98 00 98 Alay'23
1 109 11215 Mich bitate Telep 1st 5s
Ore Short Lino 1st g 6s_1922 F-A 109% 111% 10912
101)12
1046 J-J 10453
3 104%109
N Y & NJ Telephone 511g-1:2
105
1st consol ;* 58
10434
May
1 30
7 111
.1:1:1
1920 J -D 89 'Sate 89
-30 915% 98
Guar refund 48
961g "i61-2 19053:s4
8934 23 8834 931 N Y Tolep 1st& gen f 4Iis 1939 M-N -5E1;
1920 J -J
9814 35 98 101
Pac Tel & Tel 1st Is
Utah & Nor gold 5s
93 934 98
108 May'll
1033 J-J -▪ -- 99
let extended 45
South Bell Tel& 'Flits f Is 1941 J-J
99'_s S0a8l3e, ig73
9
00
8
9:: 13, 9812 101
0 0874 10213
Njandalla cons g 45 Her A-1953 F-A
West Union col tr cur 53-1938 J-J
93 94
93 Apr '13
11/57 M-N
4 9114 964
93% 93
7 Consol 4s Series B
1950 M-N
led and real set g 4 Sis
93 03
Ich'13
Vera Cruz & P 1st gu 4lis_1939 J-J -___ 90 04 Out '12
9134 10
9I% J'ne9211
Mut Un Tel gu ext 5s
1941 M-N
Virginian lit Is Series A _1062 M-N 9712 97% 9712
03 Jan '13
Northwest Tel gu 4 As g_1934 J-J
93 93
9715 14 -9/1; -983-4
1.y
--8
ly
MISCELLANEOUS BONDS-Concluded.
. Coal & Iron
Miscellaneous
Buff Sc Susq Iron s 1 5s____1032 J-D
80 82 80
1948
Adams Ex colt tr g 4s
97 J'ly 121
Debenture Is
85
Si Nov'll
a1926 M-8 _Armour & Co lit real e3t4Sis '39 J-1) 90 Sale 90
8
90
92
138 24
2 8
79
91344 821
Col it & I Co gen s f g 5s___1s)43 F-A ciE or
1052 A-0 -- 89
97
Bush Terminal 1st 43
80 May'13 ____ 89 80/s
97
94 94 sias.13 ____ 9
Col Fuel gen Is
1955 J-J
3014
Consol .58
1919 M-N
84
912 90
10714 J'ao'12
1960 A-0 -- -- 9334 91 Apr '13 ____ 94 04
ol Indus 1st & colt Is gu_ 1934 10-A 79 81
7314
79%
Ilidge 5s guar tax ox
Cons Ind Coal Me 1st 5s
315 Pne'll
1 212 10
1935 J-1) _- 80
Chino Copper 1st cony 65_11)21 J-J 1
65
1 11
1 0211
2 145 190
162
__ 94
ons Coal of Mci lst&rof 5s 1950 J-D
93 Oct '12
Inspir Cons Cop 128 Os (rects)__
7 9915 Imo
9:
15 :7.
i.61.; Ifa.ly
...
r fly Coal& 0 1st g 6s_h1919 A-0
100 1024 Apr'06
(5 61
Int Mercan Marine 4Sis_1922 ri-63
6114
63
27 6214 66%
oan & 110 & C 1st s f g 5s.1951 J-J _. 96 93 Jan '13
lot Navigation 1st s f 5s-1929 F-A 79 Sale 79
79
4 78 791
98 93
M12 87% 875 Mcir 13
esti Con Collier let if 55_1957 J -J
8712 87% Mge Bond (N Y) 4s ser 2-1066 A-0
$ L Bock Mt& P lit 55_1955 J -J
_ 73 76 itch'13
1032
9912 9914
10-20 yr Si series 3
J-J
76 80
in Coal gen fis
100 May'13
1051 J-j
1039 J Morris & Co 1st s f 4 55
100 103
8714 8/12 8912 Feb '13 ......
Mimi Div 1st consol 65_1917
10334 101 Apr '13
1951 F-A -__- 83 82 May'13 __ 82 84 ,
N Y Dock 50-yr 1st g 4s
101 103
Tenn Div 1st g as
102 102 Feb 13
1032 J -J 10012 1017 1021$ gleh'13 ...... 102 10514
al917 A-0
Nlag Falls Pow 1st 53
102 103
Cali 0 M Co 1st gu g 68_1022 J -D - 104 110 Jaa '09
1945 M-N _
Ontario Transmission 5s
92 Dec '12 _.
_Utah Fuel lit g 55
1931 M-8
Pub Serv Corp N J gen 5s 1959 A-0 963-4 130114 16 -901-s -41
l. ale 9012
Victor Fuel lit s f Is
80 -1111 - Ma-y'
RayConsCoppor 1st cony 651921 J-J 106%103 10713
1053 J -J
- -1.
3
"'his; 80
6 100 121
10714
Va Iron (JoalScCoke 1st g Si 1940 M-8 i3
. 95 93 May'13
1939 J-J
Wash Water Pow lit 5s
93 03
102 Deo '12 ____
*No price Friday: Latest bid aud asked aDue Jan allue Anr11 eDue May al.)iie shine hDue July /Due Aug oDue Oat Dllue Nov dine Dec sOption sale
i
t
idei
1011,
CHICAGO STOCK EXCHANGE-Stock Record.
1478
S7OOICS-11IGHEST AND LOWEST SALE PRICES
Saturday
May 17
*fonday
'fay 19
Tuesday
:fay 20
Wednesday
May 21
Thursday
May 22
Friday
May 23
*2412 30
*2413 30
*2413 30
*2413 30
Last Sale 30 Jan'13
*79
33
*79
85
Last Sale 84 May'13
85
85
1379
.79
.8812 90
89
*8812 90 ' 8912 8912 8934 90
89
90
9012
21
2118 2018 2.275 2014 2034 2014 21
22
*21
.613 7
*612 7
6
*613 7
6
6
6
*234 3
*234 3
Last Sale 3
May'13
*234 3
*234 3
*18
2212
2212 *18
2212 *18
Last Sale 18 Nov'12
2212 .18
*3413 40
*3413 40
*3412 40
*3413 40
Last Sale 41 .Nov'12
712
712 *7
*7
712 *7
7
7
712 *7
*7
712
45
*40
45
Last Sale 45 Mar'13
*10
*40
45
45
ft *40
3178 3214 3234 33
3212 33
3214 33
3213 3318 3234 3278
9213 9212 9212 0212 9234 9231 9234 DA 9258 93
93
93
• _ 450 *___ 45) *____ 450
450 450 *___ 445
*13112 133 *13112 136 *134 ____ *134_
Last Sale 133 May'13
*50
51
51
*5J
51
.50 -51- *50
51
*50
50
50
*1-- 10014 *____ 10014 100 100 *____ 10014 *____ 100 *__ 100
12814 12814 12814 12814 12314 12814 12812 12812 12878 12878 129 129
5012 51
52
5013 5012 4115
*45
52
*45
52
*74
77
77
*74
77
7512 7512 7534 7534
*74
Last Sale
54
&I
*50
*50
54
*50
54
4150
50
4934 497s *4912 50
50
4934 4934 50
*Last Sale 142 May'12
'291 205
202 1611-2 252- 163 - *202 205 *202 205 *202 205
13113 13112
131 131
131 131
131 131 *130 135 *130 133
1014 1014 *10
1012 1014 101 1 *10, 1012 1038 1038
Last Sale 77 Feb'13
103 103
15234 1-62-4 lin 103
f6.i- la; 10212 103 103
•
3012 31
3013 3112
31
31
3013 Ms 30
32
313
.
30
*9612 97
9312 9612
*9613 97
*9613 97
*9613 97
*9612 97
70
70
6812 6812 4163
6812 6812 6812 *6812 69
*6734 69
Last Sale 10614Mar'13
Last sale 7638 Aug'12
-if;71 77 ;r7:1- .117 - ;ii113 113
'115 117 *115 117 41113 115 41113 115 *113 115
Last Sale 119 May'13
*11614 119 9.1614 119 *11614 119 *11614 119
11613 11612 *11612 120
1311612 124 *11612 124 *11612 124
*11434 11512 *11434 11512 11513 11512 11512 11512 *11434 11012
50
50
51
*50
4912 50
50
.
52
*50
52
92
*89
92
;i5- 92
*89
92
92 .89
*89
92
*89
109 10912 10938 10938 lows 10938
13109 10913 10938 10938 109 109
Last Sale 79 Mar'13
78
*75
78
*75
*75
78
*75
78
9312 *93
9312 *93
*93
9312
93
9312 93
*93
93
93
Last Sale 25 Apr'13
28
*27
4127
28
*27
*27
28
23
*53
58
52
4153
58
58
52
58 .53
*53
53. 58
.
168 16712 16553 16714 16473 16712 166 16713
16512 166
16512 166
*118 121
117 117 *119 122 *118 119 *118 119 *118 119
27
2612 2612 *28
27
*23
27
*26
*26
27
Last Sale 92 Dec'12
91 .
91
91 .89
*89
89
91
4139
10134 105
10518 10518 105 10514
105 105
10434 105
10434 105
*225 230
227 230
223 229 *225 230
23013 23013 233 233
104 104
104 104
*104 10412 *104 10412 104 104
10313 101
164 164
*16212 165 *162 165
161 164 *163 164
Last Sale 113
*118 134 *11s 134 *118 134 *113 134
6014
5912 60
5934 60
5933 8014 5973 6018 5958 6058 60
*107 10714 10714 10714 10714 10714 *107 10712 *107 10712 10714 10714
Last Sale 11 Apr'13
12
*10
12
12 .10 • 12
*10
.10
Last Sale 9134 Mar'13
58 --Jan-lia
Sales
of the
Week
Shares
Range /or Year 1913
Range for Franca-I
Year 1912.
Lowest.
Lowest,
Railroads
Chicago Eley Rys com100 30 Jan 3
Do pref
100 83 May 9
88 Jan 14
200 Chic Rys part ctf
20 Apr 29
681 Chic 1tys part ctf "2"___
6 Aleh 11
67 Chic !tits part elf "3"___
3 May 2
Chic Rys part ctf "4"___
Kansas City Ity & Lt_100
100
Do pref
25 Streets W Stable C L_100
634 May14
• Do prof
100 45 Mehls
Miscellaneous
100 28 Jan 14
1,950 American Can
100 0 91 Apr 28
700 Do pref
2 American Radiator 100 450 Apr 8
100 133 Apr 2
Do pref
10 Amer Shipbuilding_ _100 80 Jan 22
100 100 Feb 8
Do prof
5
357 Amer Telep & Teleg_ _100 12738 May13
125 Booth Fisheries com_100 504 May16
100 Do 1st pref
100 744 May16
Cal & Chic Canal & D 100 55 Jan 29
85 Chic Pneumatic Tool_100 4813 NIch19
Chicago Telephone_ 100
56 Chicago Title & Trust 100 200 Apr 26
216 Commonw'th-Edison.100 130 Apr 26
300 Corn Prod Ref Co com100 104 Mch 19
Do pref
100 77 Feb 11
100 Diamond Match
100 100 Apr 28
1,000 Goodrich (B.F.) com..100 23 Mch 18
10 Hart Shaft'&I Marx pf100 94 Mch22
100 6613 Mch24
160 lib:lois Brick
Iuternat Harvester Co100 10014 Feb 24
Knickerbocker Ice pf_100
10 National 13iscult
100 112 Feb 24
Do pref
100 118 Mch19
100 11512 Itch 14
40 National Carbon
100 114 Mch 10
65 Do prof
110 Pacific Gas & El Co....100 494 May20
Do
100
preferred
320 People's Gas L&Coke.100 108 May 2
Pub Sery of No 111 corn 100 79 Mch 6
Do pref
91
100 93 May16
Rumely common
100 25 Apr 25
50 Do pref
100 52 May23
2,406 Sears-Roebuck com 100 164 May16
100 117 May19
3 Do pref
50 Studebaker Corp com.100 2612 May16
Do pref
100
100 10138 May 1
400 Swift & Co
153 The Quaker Oats Co_100 227 May21
100 10313 'May21
293 Do prof
100 18213 May16
Union
Co.,,,
Carbido
85
Unit Box Bd & P Co_100
1 Jan 17
100 5813 Mch 10
2,250 U S Steel corn
130 Ward, Montg'y & Co prof 10522 Feb 19
Western Stone
100 10 Mch17
100 8714 Mch 24
Woolworth,corn
Chicago Banks and Trust Companies
NAME.
STOC.CS
CHICAGO STOCK
EXCHANGE
NAME.
Dividend Record
1 Capital Surp. d;
Stock.) Profits I In 1 In !Per- Last Paid.
(00s om Uted.)
1911. 1912. Lod.
% Bid. Ask.
Highest.
30 Jan
91 Jan
9814 Jan
2613 Jan
812 Jan
438 Apr
3
20
30
13
2
5
912 Jan 3
45 Alch18
4812 Jan 31
12914 Jan 30
500 Feb 11
135 May 1
55 Jan 13
1034 Jan 2
13914 Jan 3
71 Jan 3
8973 Jan 8
55 Jan 29
52 Jan 10
212 Jan 7
145 Jan 5
1623 Jan 31
77 Feb 11
11014 Feb 3
53 Feb 13
9512 Jan 14
7613 Jan 31
115 Jan 29
12812 Jan 3
123 Jan 11
12212 Feb 17
118 Jan 25
83 Jan 27
25 Nov
40 Apr
933., Jan
90 May
83 Dec 10438 Jan
1934 No. 38 Jan
6 J'ne
11 Jan
54 Jan
3 Oct
25 Sep
1414 Aug
let
40
50't Jan
1178 Apr
6 Mch
52 J'ne
35 Jan
1113 Jan
91 Feb
325 Feb
131 Jan
45 Aug
100 Feb
138 Dec
39 Itch
77 Mell
49 Feb
'44 Mch
13712 Jan
184 Jan
13514 Jan
10 Feb
87 Oct
103 J'ly
63 Deo
97 Dec
56 Jan
10512 Dec
67 Mai
114 Dec
12214 Oct
103 Mch
115 Feb
z 61 J'iy
47 Oct
126 Sep
405 J'lY
135 Apr
61 Oct
10638 Oct
19873 Mch
70 Deo
95 J'ne
65$8 May
5512 Oct
145 Mch
222 J'ne
150 Mch
2112 Oct
87 Oct
11134 Feb
8012 Sep
10212 Mch
7312 Sep
12678 Sep
7638 Aug
16112 Apr
13034 May
135 Sep
120 Jan
67 Apr
116 Jan 9 10312 Jan 1224 Oct
8212 Jan 25 z 80 Dec z 9412 Apr
10132 Jan 13 .0 98 Dec 210712 Ayr
69 Feb 21
9412 Dec
9878 Nov
9738 Feb 6 z 9912 Apr 210312 Oct
21434 Jan 2 140 Jan 22112 Nov
12434 Feb 17 12111 Jan 12534 J'ne
34 Feb 13
3078 J'iy
49 Aug
974 Aug
92 Dec
1074 Mch 6
9834 Jan 10924 Apr
280 Feb 15 215 Jan 397 Nov
10813 Feb 15 10512 Jan 110 Jan
20612 Jan 10 313534 May 234 Nov
i78 Jan
33 May
112 Feu 112
6834 Jan 2
53521 Feb
8012 Sep
10834 Mela 5
1412 Jan 2
9 Sep
15 Nov
112 Jan 3
Dividend Seci)rd
Capital Surp.
Per- Last Paid.
In
Stock. 1 Profits.) In
% Bid. Ask.
(00s om Wed.)
1911. 1912. iod.
V. 95, p. 18. 122 126
523,8 Org. J uly 5
Southwest Tr & S $200,0
Q-M Mcii 10 13,11, 170 171
Standard Tr & Say 1,000,0
414,8
J-J Jan '13, 3 150 155
6
54,8
200,0
Stockmen's Tr & S
8 Q M Mch 31'13,2
Union Trust Co__ 1.200,0 1,558,9 8.1,2e
Apr '13, 3 565 7:
121,3 8,k2e 8&2e
400,0
WestSide Tr&Say
100,6
10
200,0
Woodlawn Tr dv S
955
Q-J Apr '13, 234 215 220
234I____ Apr'13, 111 215 220
American State.... 3200,0 4177,6
60,9
100,0
Calumet National
6
None An Jan '13, 0 150
22,5 Org. J an. 27 '13. V.95, p. 1585 103 110
200,0
Capital State_ ___
17,1 Beg. b us. Oct 7'12 V. 95, p. 944 143 150
Central Mfg Dist250,0
Q-J Apr '13, 3 295 297
10
Cont & Cora Nat- 21,500,0 9,768,6 10
Q-J Apr 13, 4 412 416
10
_Corn Exch Nat-- 3,000,0 6,307,5 18
6
105,6
Q-J APC13, 134 210
6
200,0
brexel State
10
Apr'13, 234 250 255
Q-J
365,4
10
750,0
Nat
Drovers' Dep
Q-J Apr '13, 2 180 188
8
200,056,9
634
Englewood State_
BONDS
17 Q-M Mch31'13,4 4 434 437
10,000,0 11,696,1 12
First National
Bids
Ranee
Price
:Veek's
InterCHICAGO STOCK
1234 Q-M Meh31.13, 212 330 150,0
223,8 12
FirstNatEngiew'd
Sold
for
Range or
Priam,
est
EXCHANGE
516,6 Priv ate Ba nit
Foreman Diva._ 1,000,0
Year 1913
Last Sale
tray 23.
Week ending May 23. period
Q-J Apr'13, 2 ioi 275
8
Ft Dearborn Nat_ 2,000,0
8
766,7
135 140
u22,0 Org. N ov 25 1912
kvol,0
lialsted St State_
High
Ihigh No. Low
1118
Ask Low
! HibernlanBk Assn 2,000,0 1,118,5 Not pu Wished -see note OD
91
91
9J -J
29
91 Feb '13
93
Am Tel Sc Tel coil 48„ 19
35,0 Beg. b us Aug '12. V. 95, p. 273.
200,0
Hyde Park State_
1 -D i§or4 9034 904
0014 20 8973 9178
Armour & Co 4558
J-J Jan '13, 5 230 240
10
194,7 10
400,0
Haspar State____
_
3214 April'12
34
180
Auto Elm 1st M 05
21)0,0
25,3 Beg. to us.Apr 811 V.92, p.1004 105 110
Lake View State_
9618 May'12
9612 97
9187 11-N
Cal Gal & El unit & ref 53 19
____ Q-J Apr '13, 2 215 225
57,7
200,0
Lawndale State__
i6518 -f6f7;
'
10033 62
1927 F - A 10018 Stoic 100l
Chicago City fly 5s
562,5 10 10&2e Q-M Apr '13, 3 200 265
Live Stk Exch Nat 1,250,0
8034 10 8034 89
8114 8034
Chic City & Con Ity5 5s_d1927 A -0 80
52,6 Beg. b us.Aug 26'1 2 V 95, p 593 134 140
200,0
Mech&TradState
0612 9814
1
.
9678
9678
9714
9634
-J
J
51
By
loilev
Chicago
229
225
2
13,
Apr'
Q-J
8
13
Nat Bk of Repub. 2,000,0 1,445,1
94
90
9112 9124 Aprh'13
14 J - J t 38
021
19
Chic Pneu Tool 1st 53....a1
Q-J Apr'13, 155 193 198
6
6
694,9
National City____ 2,01)0,0
9812 24 9818 10014
9814
1927 ("-A 9814 Sale
Chicago Itys 53
Q-J Apr '13, 155 185 168
6
6
109,8
250,0
National Produce
9434
t_. 9234 93 May'13
93
-0
A
'
27
'A
1
Chic
series
146
5s
ltys
143
13,
Apr
Q-J
7
7
91,4
134
200,0
North Ave State_
J -1) I.-..- 8258 82 May'13
8Ps 8154
Chic Rys 48
series
J Apr'13, 155 125 130
6
6
10,6
200,0
North Side St Say
93
93
series "C" 1°-A t____ 9412 43 Jan '13
Chic itys 45
Q-J Apr '13, 1% h180 187
6
5
48,6
North West State 2200,0
100 Jan '12
1913 F - A
• Chic Rys coil Os
7,2 Org. N ov. 27 '12. V.95, p. 1944 105 112
200,0
Ogden Ave State_
--7i- 75
Chic fly Pr m NI g 4s.c1997 J -J t---- W- 72 Alch '13
Q-J Apr'13, 2 55 240 250
955 10
104,1
500,0
People'.•StkYdat
47
53
50
50 May'13
Niayl
AdJ
IV
Chic
4s___e1927
Inc
1235
p.
V.93,
1'11
Nov
us
b
Beg.
11,0
200,0
Security__
Second
10014 1017a
6
10012
10013
-D
:10014
J
1923
1003
4
5sTelephone
2
Chicago
6
255
Q-J Apr 13,
164,8
6
400,0
Security
9018 Dec '12
98
Q-J Apr'13, 2 215Cicero Gas Co ref (1 m...1932 J -J
8
8
122,3
200,0
South Chicago Say
10112 55
ioi
'
'
S /10114 Sale 10114
1943
Commonw-Edison 5s
Q-J Apr'13, 13,3 130 155
6
6
20,3
200,0
South Side State.,
10078 10212
Commonw Elea 59_01943 NI- S :10012 10114 10078 May'13
Q-J Apr'13, 3 392 390
12
State Bank ot Chic 1,500,0 2,522,1 12
Iowa 10012
Cudahy Pack 1st M &L....1924 NI- N :10018 10038 10012 May'13
46,8 Beg. b us.Aug 19'l 2 V.95, p.523 142 145
200,0
StateBank of Italy
105 May'13
105 10812
105
1920
2Dia Match Con deb 65
10 Q-I51 Mch 31 13,3 300 __
8
245,0
250,0
Stock Yards Say9934 April'12
99
Gen Mot 6% 1st L notes_1915 A -0 98
8 M-N May'13, 3 179 182
6
181,1
500,0
Union Bk of Chic_
10058 May'12
...
int liar 3-yr 5% g notes-1915 F - A
6% Q-J Apr'13, 23-3 200 __
6
16,0
100,0
Washingt'nPkNat
..........
10518 April'12
Inland Steel 131 M g 6.4_1928
Q-J Apr'13, 2 225 227
8
.8
CentralTrCoofIll 4,500,0 1,984,1
Kan City fly & Light Co
10&2e J-J Jan '13, 7 300 • 30
363,5 10
500,0
Chicago City ma
90 Oct '12
1913 51-N
55
Q-J Apr'13, 135 147 150
6
6
302,1
Chicago Say B &T 1,000,0
87 Jan '13
J -,J I__ 87
Lake St P.1-1st 55
8 (5-1 Apr '13, 2 202 205
8
Chicago Title &Tr 5,600.0 12,263,2
81 -"ii
7812
38 F - A 81 Sale
928
19
Metr W Side El 1st 43-1
488,8 gdae 8&2e Q-J Apr'13. 234 222 224
600,0
Colonial Tr & Say
7813 May'13
1933 J -J 7613 80
Extension g 45
OD
Cont&ComTr&S 3,000,0 1,844,2 Not pu bashed --se e note (1)
A
10413
F
12
1103
Aped
55_1926
10478
___
255
g
1st
Lt
&
El
Nill
fly
Q-J
23-4
Apr'13,
10
fiyi
147,8
250.0
Drovers Tr & Say
9412 95 Aprli'12
ref & ext 4555 1931 J -J 94
do
None Q-M Dec30.11,4 _--First Trust & Say 5,000,0 2,879,2 16
1939 J -J 86
8613 8734 May'13
Morris & Co 455s
14,8 Beg, b us.Apr 3'l1 V.92, p.929
250,0
FtDearbornTr&S
1952 -N
10034 May'12
.....a;
Nat Tube 1st g 53
109,1 Beg. b us.Apr 8'12 V.94, p. 1030 ial ;
300,0
Franklin Tr dr Sav
1922 A - 1101
10314 Apra'12
Nor Shore El 131 g 5s
Q-J Apr'13, 255
244,9
235 10
Greenebaum Sons 1,500,0
1st & ref g 55-1940 A -0 t 9934 10012 100 Jan •13
' do
J-J Jan '13, 3 iii iii
50,06
200,0
Guarantee Tr Sc S
9512 Sept '12
58_1937
1st
111
A
01
F
Gas
Sh
Nor
-525
8
'13,
Apr
Q-J
12
Harris Tr & Say
1,500,0 2,274,8 -ii10014 July '11
1 NI- S
15
North West 141l 1st 4L-194
71,7 Beg. b us.Apr 10'l 1.V.92,p.1004 148 152
Home Bank & Tr_
300,0
9934 1004
9934 Mch '13
N W G L & Coke Co 5.3-1028 Q -AI I-5673 Illinois Tr & Say_ 5,000,0 10,180,6 16&43 16&4e a Apr '13, 4 490 500
9434
9434 97
9434
Ogden Gas 5s
- N t 9434 Salo
7&28 Q-J Apr •13, 134 170 -_Kenwood Tr&Say
7
87,7
200,0
11012
Sept
'12
65
C
&
L
Gas
1st
Peop
1943 A -0
Q-J Apr '13, 15,3 200 212
6
200,0
LakeViewTr&Say
6
279,3
1O05 102
Refunding gold 5s
1947 II- tia74 10114 10034 May'13
120 123
263,4 Beg. b us. Ma y'10
LaSalleStTr&Say 1,000,0
101 103
101 May'13
Chic Gas 1. Sc C 1st 59-1937 J -J
175 - _250,0
26,1 Org.D cc. 6 '12.
Liberty Tr & Say_
10012 April'13
10012 10013
_1930
Consum Gas 1s1 58_
J -D
200,0
226,7 Org. S opt. 5 '12. V. 95, p. 593 120 122
Market Tr & Say_
100 10014
Mutual Fuel Gas latis 1947 11-N 1100" 16633 100 April'13
_
250,0
Merc'ntileTr&Say
39,7 Beg. b us.J'ly 1'12 V. 94, p. 484 165 __
9413 9738
9414 9538 May'13
Pub Serv Co lit rdl g 53.1950
Q-J Apr'13, 4 430 435
10
Merchants'L &Tr 3,000,0 7,067,7 15
91
93
9034 9314
South Side Eiev 4359-.1924 J -J 93 Sale
67,2
___ Q-J Apr'13, 1134 140 143
200,0
_
Michigan Aye Tr_
9973 10014
2
994
100
s
997
4
Co
Sc
993
53
g
J
1st
J
1914
Swift
223
220
/
1.V.92,p.1004
102,6
500,0
Co
'1
10
Ap
us.
rn.1)
&Say
Mid-City Tr
Tr -City Ry Sc Lt eon
8
Q-J Meh31 13,2 316 320
8
Northern Tr Co__ 1,500,0 2,837,5
9814 April'12
1923 A trust
J-J Jan '13, 4 270 275
8
8
141,9
250,0
Nor-West Tr & S.
85 April'12
1)) 55......-1945 A -0
1058
(51.0
Union
52,7 Beg, b us.J'ne I'll V.92, p.1537 125 128
200,0
Old Colony Tr & S
100 May'12
S
U S Gypsum 181 g 53.__1922
215,2 -8 Q-J Apr'13, 234 305 312
500,0
People's Tr & Bay
101 -fol2-12 101 April'13
.
1922 J -J 111702 10
Western Eleo Co 53
8
Q-J Apr'13, 2 180
269,5
300,0
8
Pullman Tr & Say
200,0
48,3 ---3 Q-J Apr'13, 1.34 133 jai'
Sheridan Tr & Say
be added t o all Chicago bon d prices.
Note-Accrued interest in ust
t 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 business) for State institutions.
Sept. 1 1911. 11 Dividends not published; stock all acquired by the Continental Sc Commercial National Bank. a Due Dec. 31.
price Friday; iate3t price this week.
with
payments
extra
J.
Q.
beginning
paid
18,
April
F.
Q.
q
are
Dividends
reported
Due June. c Due Feb. d Due Jan. 1. e Extra dyklend. 11 Ex-rights. z Sales
* Capital to be increased to 4300.000. V.96, P. 1135. Dec. 31 1912. u Apr, 30 1913. v F.x. 24% accumulated dividend. y NOV. 20 1012, 2 Feb.6 1913.
Chicago Bond Record
iao
MAY 24 1913.1
THE CHRONICLE
1479
Indust and Miscell-(don) Bi/ Ash
Am Steel Fdy Gs 1035_A-0 99 101
71
69
F-A
Deb 45 1923
50 195 200
American Surety
..1
419
American Thread pref___5
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
4319
DAILY, WEEKLY AND YEARLY
Amer Typefounders com.100 40
)112 97
,13: 13
10
raPreferred
100
Deb g 6s 1939
Stocks.
Railroad,
2
112
Amer Writing Paper____100
U. S.
State
&c
15
Wee:, ending
com 100 n 10
Car
Smith
Barney
&
Bonds.
Bonds.
Bonds.
Shares. I Par Value.
80
May 23 191:3.
Preferred
80
50 75
Bliss(E W)Co cons
435,000
83,712 57,671,200
5734,000
130
Saturday
Preferred)
62,000
162,924
14,736,650
1,553,500
300
Monday
Bond & Mtge Guar
.......
41,500
214,239 19,251,400
1,381,500
Tuesday
11 115
Bop
0832 88
reefn
rd
Cdond Milk com.100 19
ersre
'
Short Term Notes
1,878,001) 1,484,500
14,274,300
159,1383
10712
Wednesday
$1,000 Amal Copper Is 1915_51-S
433,500
302,987 27,319,150
2,575,000
100
Thursday
10018
0
5
)
5
_
(
1109
Co_
4
3 3
1013-1-D
Copper
:27202827
British Col
Bait Sr Ohio 43.0
169,000
I 5";,156 14,099,600
1,179,000
Friday
i00 4812 52
9538 9534 Brown Shoe corn
Rap Tr 5s 1013_ __J-J
Bklyn
,-----92
100 87
1014_1-1) 9834 99
Preferred
(
51,000 Ches 3c 01110 41s 1014_34
1 1,0i ,.S
J1 597,352,300 10,405,000 82,215,500
Total
110 120
yluualIoIntcydeCsctooinogf
Chic Elev Rys Is
135
2 109072
94
08
On Clam & D 4s 1013_ __J-J 9
45
100
latls
CCe
Week ending May 23.
Jan. 1 to May 23.
Co
Sales a;
Erie 6s April 8 1914A-0:3 100 10038 C
97
Preferred
Coll Is Oct 1 1914___A-0 9914 100
New York Stoat
84
2
3(i
8
1012.
0 I''1
1180
1913.
Exchange.
1912.
1913.
Coll 53 April 1 1915A-0 9712 9812 e Clafiln (El B) Co com_1
e 1st preferred
100 -- Gen'l Motors 6s'15-See NY Stk:_.x list.
88
e 2d preferred
60,507,326
100 84
35,383,063
1,076,8011
IIudson Companies2,438,367
Stocks-No. shares__
51
ere
Clu,
ttieP
e ibody& Co com100 45
ea
rr,
Os Oct 15 1913___A-015 98 100
. l'ar value
$97,352,300 4221,361,100 43,171,033,500 45,367,139,200
99
$308,800 Ill Cent 456s 1014____J-J 9914 9934
1
100 06
867,500
812,400
Bank shares, par
83,000
80
Int & Gt Nor 55 1914F-A 9734 0814 Consol Car Heating_ 100 70
Bonds.
9912 100 Cop
4898,500 Inter Harvester Is '15_F-A
nrseoflerr
Reudbber Tire
100 1312 1712
4371,000
$9,500
81,000
Government bonds
75
10,943,500 KC fly & Lt Os 1912_10-S
9,851,500
418,000
2,215,500
State bonds
68
338,732,000 Lake Sh & Mich So 4128.'14 9934 i116220,779,000
-(9) 1
A19
Debenture 4s 1951
9,405,000 12,788,000
RR. and misc. bonds_
9912 9934 Continental Can com
100 4312 48
Michigan Central 4135_ 1914
91
96
5350,570,000 Minn dc St I. g 6s 1914_ F-A 94
Preferred
$231,001,500
Total bonds
$11,621,500 413,215,500
98 e Crucible Steel corn_
19
9 819334 14
00
Mo Kan & Tex 55 1915_M-N 97
89
e Preferred
Missouri Pacific 53 1914.J-D 9612 97
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
232
199 .212
88
EXCHANGES
eN YC Lines Eq 5s 1913-22 b 5.12 4.80 Davis-Daly Copper Co___10
453s Jan 1914-1925___J-J b 5.12 4.80 duPont(EI) de Nem Pow 100 u130 135
9414
4 Em
830
0
9.
e
9111 4
9.
b5
1914-1927_3-J
Jan
433s
Philadelphia.
Boston.
32
re
ra
P
e
ofnefr
rBed
10
9 23
90
antIngharn1
N Y Cent 4As 1914___M-S
Week ending
88
Preferred
100 82
M-N 9834 9914
4123 1915_
Bond
Unlisted
Listed
Bond
Listed Unlisted
13
May 23 1913.
10014
Empire
Steel
10
&
Iron
10018
corn
100
..._A-021
Apr
Is
2111)14
Sales.
Shares. Shares.
Sales.
Sham. Shares.
45
40
Preferred
NYNH& Haat 5s '13_3-1) 9954 100
98 100 e General Chemical coin_19
0 ISO 185
09
L
opt_J-D
St
S
&
If
1913
Is
$19,000
3,101
1,484
$15,000
3,980
4,809
98
e Preferred
Saturday
100 101 10612
Os Sept 1 1914 opt___M-S
38,700
7,874
3,443
28,000
4,305
6,303
g 9834 k Hackensack Water CoMonday
70,000 Seaboard Air L Ry5s'16 M-S -gi
10,147
4,293
14,500
5,619
7,909
85
Ref g 4s '52 op 1912
Tuesday
9912
J-J 83
99
F-A
Is
Southern
34,100
1916
4,187
4,634
46,000
3,048
9,626
65
Wednesday
9812 Hale dr Kilburn corn
100 58
60,000 West Maryland 53 1915_3-J 97
8,275
0,641
42,000
4,920
6,697
Thursday
1st preferred
100 07,2 99
El & M Os 1913 100 10012
Westingh'se
31,500
5,498
11,117
10,000
7,684
0,940
98
Friday
20 preferred
100 96
5% notes Oct'17-.See NY Stk E x list
--6
100
3
Havana Tobacco Co
Railroad
39,08215253,300
34,612
29,556 $155,500
42,284
Total
10
5
912 15
100
Preferred
e Chic dr Alton corn
100
65
1st g Is June 1 1922 J-1) / 61
.... 40
e Preferred
100
100 120 140 Hecker-Jones-Jewell Milling
Chic St P M dr Om
1s 100 10112
1st 68 1922
e Preferred
100 130 150
15
7
30 Herring-Hall-Marvin ... 0-0
100 28
&
Colo
corn
South
•
All bond prices are now "and interest" except where marked
Improve't
dr
Land
Hoboken
70
6612
e 1st preferred
100
101
65
1st 53 Nov
Street Railways-(con ) 11 id Ask
e 2d preferred
100 60
1
.. 1N
Products._
Hocking Val 19301\
75
Bid Ask United Lt & Rys com_100 73
eN Y Chic & St L corn...100 5519 58
Street Railways
40
J-J
35
1st g Is 1961
79
100 77
1st preferred
e 1st preferred
100 05 ---100 100
71
20 preferred
100 69
e 20 preferred
100 8014 90 e Ingersoll-Rand com
New York City
Preferred
e
107
103
20
LRys
St
of
United
17
100
Stubs__
Northern
stk_..
Securities
Bleeck St Sc Ful Fy
Ks 10,2 Pitts Bess & Lake Erie-50 *28
100 011 "fr
32 Intercontin Rub com...._i00
100
70
Com vet tr Ws •
60
J-J
1st mtge 4s 1950
100 105 110
100 3314 34
Internet Banking Co
01
e Preferred
100 150 165
Preferred
50 *57
D'y & 7th Ave stk
9012 e Railroad Securities Co100 90
dal Nickeltfoen
100 126 128
err
85 Inrrrenfa
9914 100 Wash Ry & El Co
J-J
2d mtge 53 1914
00103212 105
92
100 90
Preferred
ll! C stk In ctfs Ser A
Broadway Surface 11114
J-D 8314 8338
82 International Salt
1100
43 1051
West Pac 1st Is 1933__M-S
J-J 99 102
1st 58 1924
5119
share
1.
8
P
100
---_
3332
1st
1051
Is
Tr&WatPow
g
Penn
West
10
Oil
Standard
Stocks
Cent Crosstown stock 100
71 132
492
1812 International Silver pref_A1-00
100 7712 7812 Anglo-American Oil
O I12
£1 .18
Preferred
1st mtge Os 1922_ __ _M-N ioi- 104
110'9
1st 6s 1948
Atlantic Refining
100
1
3
Cen Pk N dr E It Itstook_100
10 Internet Smelt & Refg..
2 3835
30
30
0 11
..1-0D
5 125
9912
100 8
Borne-Scryinser Co
Christopher & 10th St stk100 120 132 Electric, Gas & Power Cos
100 837s 8419
Lanston Monotype
Buckeye Pipe Line Co...10 .168 170
New York City
Dry Dock E 13 Sc Batt209
:ig
190 _ci)
Chesebrough Mfg Cons_100 675 1380 Lawyers' Mtge Co
.J-D 99 101 Cent Un Gas 5s 1927.._J-J 101 103
1st gold 5s 1932
215
100 105 115 Lehigh Val Coal Sales_ --50 2
Colonial Oil
38 e Kings Co El L & P C0-100 11512 118
F-A /37
Scrip 53 1914
60
100 1900 1925 Manhattan Shirt
Continental 011
New Amsterdam GasEighth Avenue stock _100 300
10312
*61
63
Preferred
_50
CoLine
Pipe
4
993
101
Crescent
J-J
1948
68
consol
1st
Tor
99
/
F-A
Scrip 6s 1914
159
1__
0
:12
0
_
1
20
75
70
Transit
Manhattan
100
Line
104
101
Pipe
J-J
'44
Cumberland
42d & Cr St Fy stock...100 260 285 N Y&ER Gas 1st 55
104
Mortgage Bond Co
.1-3 08 101
Eureka Pipe Line Co_ _100 370 374
Consul 58 1045
42d St M & St N Ave...100
135
202
Surety
National
e
199
.100
155
160
L....100
corn.
011
Gas
Galena-Signal
Mutual
Y
N
e
m-s
1st 6s 1910
19
00g 175
0
100 141 144 a New York Dock corn-10
55
Preferred
Ninth Avenue stock. ...100 155 170 N Y & 1,2 El L & Pow Co_100 45
4019
e Preferred
77
100 68
Indiana Pipe Line Co....10 .132 135
Preferred
3
1
Second Avenue stock__ -100
ln 200
1.00
2
2
1
o
ec
8
c
*34
4
S
4
s
3
N
igee
urity
t
i
i
r
A
,
Y
50
65
100
Co
25
Gas
Transit
National
Richmond
/25
&
32
Y
N
Consol 5s 1943 ctfa_F-A
110
Ins
New York Transit Co___100
eSixth Avenue stock....100 103 112 North'n Un lit Is 1927..M-N 99 101
120 12334 419
'
N Y Transportation
Northern Pipe Line Co..100 113 116
8012 100 Standard G L 1st 5s '3014-N 100 103
J-J
Sou Boulev 5s 1045
80
100
.130
75
133
com
25
Niles-Bem-Pond
Ohio
Co
011
96
Other
88
Cities.
A-0
So Fer 1st 55 1919
10
*34
100 302 305 Ohio Copper Co
75
Prairie Oil dc Gas
50 *73
80 Am Gas & Elec corn
Tarry WP & M 55 '28....M-S /75
219
2
12
45
100 z740 750 e Ontario Silver
Solar Refining
50 .43
20
Preferred
28 & 29th Sts 5s '06 et's A-0 / 5
7812 80
Otis Elevator corn
Southern Pipe Line Co 100 249 251
100 370 380
Twenty-third St stock 100 '240 265 Am Lt & 'frac corn
99
230
1225
98
100
100
Preferred
South Penn 011
100 106 108
Preferred
Union fly 1st 5s 1942.._F-A 103 107
22
.125 130 e Pettibone-NIulliken Co 100 10
05 Amer Power & Lt coin..100 68
Rights
70
Westchester 1st 5s '43..1-3 92
92
e 1st preferred
100 8012 81
Preferred
Sou West Pa Pipe Lines_100 160 162
93
Yonkers St RR 55 1940.A-0 88
1032
176
178
Pittsburgh
Brewing
as Standard 011 (California)100
.14
so
Bay State Gas
36
Preferred
312 5
Buffalo City Gas stock..100
Stand Oil of Indiana..._100 322 324
Brooklyn
100
e
580
570
Pittsburgh
00
Steel
pref..
.100
99
__100
101
corn..
Co
(Kansas)
Service
Cities
011
Standard
Atlan Ave ItR con 55'31A-0 101 103
19
2
20
10
:
84
100 83
Preferred
Stand 011 of Kentucky. 100 425 430 Pope Mfg Co corn
BB&WE 53 1933____A-0 0612 100
54
Preferred
10 154 158 Columbia Gas & Elec_100 1112 1179 Stand 011 of Nebraska__100 270 275
Brooklyn City RR
9
00
9
1
59
101
pref
&
Pratt
Whitney
.
__
J-J
65
70
Stand
011
N
1927
of
J
5s
lot
13klyn ilgts 1st Is 1041_A-0 101 103
3 366 Producers 011
100 139679
100 98 101 Con Gas of N J Is 19:313 J-J 95 _ _ Stand Oil of N J
Coney Is! dr Bklyn
9 112
37
110
00
19
Standard Oil subsidiaries..- *715 - --- Realty Assoc (Bkiyn)_1
87 Consumers' L H dr Pow80
J-J
1st cons g 4s 1948
39
712 RemingtonTypewt'r com100 38
707
100
Y
Standard 011 of N
83
5s 1033
78
J-J
Con g 4s 1955
9912
1st preferred
-D 100Standard 011 of NY w 1__ _ 142 144
1)7 100 Consumers Power (Minn)J-J
Brk C & N 53 1939
9912
275
preferred
8712
280
2d
8612
'1481-N
opt
100
Ohlo
'29
of
53
Oil
ref
Standard
&
1st
103
10112
Nassau Lice let 55 1944 A-0
88 193
98
8
Royal Bak Powd corn....100 19
97
100 203 215
Swan & Finch
Denver G & El Is 1949_111-N 05
Xi Wmsburgh & 1"latbush106
st
100lax
73
Preferred
100 325
Union Tank Line Co....100 71
95 Elizabeth Gas Lt Co
92
1st 4yia.July 11.141_11.-A
list
100 176 178 a Rumely (M) Co corn-See
100 130 iiE Vacuum 011
J-J 100 103 Essex & Hudson Gas
Steinway 1st Os 1922..
100 109,2 11012
31 Safety Car Heat dr Lt
10 .29
89
100 86
Washington 011
Gas dr El Bergen Co
Other Cities,
100 1500 1600 Sears,Roebuck&Co-SeeN Y Stk E x List
Waters-Pierce Oil
Buff St fly let con Is '31F-A 10312 10512 Get, West Pow 55 1946-J•J
•
o See Chic Stk Ex lis t.
Preferred
c
2
5
30
8
3 14
7
28
8
WO 13
Tobacco Stocks
65 Hudson County Gas
Com'w'ith Pow Sty & L.100 64
302
100
Singer
(See also Stock Exchange List)
100
38 Indiana Lighting Co_
100 87
Preferred
40
9
95
100 120 140 Standard Coupler corn_.100 23
Amer Cigar corn
F-A71
43 1958 opt
100 60
•Conn Ity & Ltg com
100 105 111
95
Preferred
Preferred
100 85
50 95 Dig76 Indianapolis Gas
100 70
e Preferred
74
e
91
55 St rn Bros pref
Amer Machine & Fdy_100 48
A-0 88
1st g Is 1952
100 71
76
*Detroit United Ity
95
a
9
British-American Tarte_ £1 *234 2314 Sulzberger St Sons Co
29 Jackson Gas Is g 1937 A-0 ---100 27
Federal Light & Trac
100
5
0
100
Coal..,.
115612
Pacific
275
290
&
Texas
Conley
100
Foil
preferred_100
100
76
79 cLaclede Gas
Preferred
---- C Reline (Geo W) corn. 100 150 160 e Texas Pacific Land T _ 00 92 105
84 Madison Gas Os 1926 A-0
e Havana Lice fly L & P 100 82
e Preferred
100 110 116 TonopahNlin(Nev)-ScePhila Stk E x list
_ -9612 Narragan (Prov) El Co_ 50' 83 _02
100 90
e Preferred
7
4
Trenton potteries cam_ _100
123
103
'44..4.1-3
Johnson Tin Foll&Metal 100 160 ISO
J-J
Apr
Newark Gas 63
g Loulsv St Is 1930
sts
50
Preferred new
Newark Consol Gas_100 06 --- MacAndrews & Forbes_100 195 205
a New On Rya & Lt com_100
_
110909
215 230 Trow Directory
100
100
'fob
-93
-6
67
4
1938A-0
No
100
L
Porto-ltican-Amer
find
II
P
&
55
e Preferred
38
100
4
1
/
United Copper
4934 50,2 Reynolds (11 J)Tobacco_100 255 265
i
100 - 9012 Pacific
ed E corn.
eN Y State Rye com
6
100
3
Preferred
8612 Tobacco Products com 100 110 130
73
100 85
eNor Ohio Tr 3c Lt corn_100 69
97
100 95
85 e United Dry Goods
8412
100
92
list
88
x
E
Pat
Stk
&
100
Preferred
Pas
Gas
Elec
&
3-See
Pub Bevy Corp of N
100 x99 102
47
e Preferred
91
0 United Cigar Mfrs corn 100 43
J-J 87
Tr Ws (1% perpetual.... 105 10612 St Joseph Gas 5s 1937
103 U S Casualty
100 190 200
_100
Stapnrd
e Preferred
efaerrdroCa
79
las & El (Del) 50 • Oh 1012
NoJer St 1st 45 1918 M-N
10 125
0 _1___
00
10
9012 US Envelope corn
90
com.100
74
Stores
Cigar
73
United
100
Cons Tract of N J
114
111
Preferred
100
834 39'2
35
United Electric of N J..100
Preferred
50 *8
J-I) 101
1st 55 1933
100 56 "ii"
...100 235 245 U S Expreas_ ____
Co.
16672
81
Weyman-Bruton
4s
e
g
80
1st
J-1)
1U5
1949
'30_J-J
58
Ry
Pass
New'k
10
0
20
UP
Srl
1 17
10
,
eiefnrirsod
hing
100 1
e Preferred
-- United Gas & Elec Corp_100 31
3112
Rapid Tran St fly.._.i00 230
35
5
0
9
390
10
100
.
Preferred
8312 Young (J S) Co
100 80
A-0 102
1st 53 1921
90
1st g 55 1919
us
Industrial&Miscellaneo
7712
7812
18
17
Western
100
Power
com
M-N
'49
4s
Pat
ea
J C Hob
9 - 68
80
s1-1 6
.1100
e Adams Express
Preferred
So J Gas El & True...100 123 127
35
100 30
ohol
Indus A012c9
Preferred1
J-D
99 Western States Gas & ElCol In g 4s 1947
199 42
43
M-S 98
Cu g Is 1953
100 87 100
P1
7328
10
0'2 a fgn
195
174
C
e
U
I
100 /1
95
0212
net
Realty
&
1st
g
Alliance
Is
op-J-D
1041
--100
J-J
1914
fly
Os
No Ilud Co
Corporation.4812
Steel
4912
S
U
...I0
corn.
Note
Amer
Bank
J-J 100 -Con M 5s 1028
Col s f Apr 5s 1951 op 1911 114
53
50 .52
Ferry Companies
Preferred
95
111-N
Ext 58 1924
Col s f Apr 5s 1951 not op 114
100 170 175
00
80
American Book
B dcN Y 1st es 1911
Pat fly con 6s 1931-14) 110
82
Tit Gu & Indem_..100
1:38
140
US
100
11
8
Brass
100
Ferry
NY&Elt
stock
American
A-0 100 1001.
2d 6s 1914 opt
48
10
41
100 200 205 a Virginia Iron C & C
50
60
81-N
American Chicle com
1st Is 1922
24
Republic Ity & Light_100 22
100 112 118
99 e Wells Fargo & Co
96
100
J-D
'46
Ilob
53May
9814
Preferred
&
9912
Y
N
74
100 72
Preferred
Till
dr
Bronx
Westchester
160
165
100
_
102
Express
1946....M-N
a American
Hob Fy 1st 58
19
Tennessee Ry L&P com_100 18
100 164 188
& Mtge Guar
50
J-J 97
Am Graphophone corn_ 100 100 7212 7512 NY&NJ 531946
Preferred
80 e WestIngh'se Air Brake_60 "133 135
100
35
Preferred
eToledo Rys & Light___ _100
134 212 10th & 23d Sts Ferry.._.100 25
60
65
com...100
____
Willys-Overland
134
-100
J-D 55
65
American Hardware_
1st mtge Is 1919
Trent P & II 53 1943
J-D 95
94
100 as
Preferred
100 16,2 18
Amer Malting Os 1914 J-D 100 10114
Union fly Gas dr El com..100 64
65 Union Ferry stock
ss
80
pf_100
45
40
100
Worthington(HR)Co
Assoo'n
M-N
Press
94
97
Amer
1st Is 1920
Preferred
88
100 87
8 New
s Sale price.
n Nominal.
k Listed on Stock Exchange but usually inactive. tX bat price.
b Basis.
a And accrued dividend.
"Per share.
tel
a Listed on Stock Exchange but Infrequently dealt in; rectled
y Ex-rights.
e Includes all new stock dividends and subscriptions.
Ex-div.
es Ex uo.ucliaries.
Volume of Business at Stock Exchanges
Telegraph and Telephone 1E1f:14 .4 cr
e Amer Teleg & Cable_ __100 5519 66
e Central & South Amer_100 106 109
Conrail Un Tel (N Y)___25 98 110
72
Empire St Bay State Tel_100 60
50
100 40
Franklin
__-e Gold & Stock 1 eleg
100
83
100 81
e Mackay Cos corn
6312
100 64
e Preferred
e Northwestern Teleg____50 110 llii
95 65
75
Pacific & Atlantic
9214
e Pac Teiep St Teleg pref_100 89
95
25 87
Southern dr Atlantic
2
Inactive and Unlisted Securities
12
18t.
:1163
sales.
v. will be found on a preceding Dage•
1480
BOSTON STOCK EXCHANGE-Stock Record.
rIlARIS PRICES-NOT PER CEN7'LIM PRICES
Saturday
Monday
Tuesday !Wednesday Thursday
May 17
May 19
May 20
May 21
May 22
4111
Priddy
May 23
Behr
of Ms
Week
%hates
STOCKS
BOSTON STOOK
EXCHANGE
Range Sines .748. 1.
On bash al 100-slays 14*
Range Par Previous
Yea, 1912.
LOssssi.
MOM.
Lowest.
Highest.
Railroads
.
9938 9058 *9933 9938 *9938 917/1 9912 9912 9938
Atch
Top
&
Santa
3
*994
2
99
60
99
Fe-100
3
4
9914
May
1
9913
10614
Jan
99'
2
2
10378
•9952 100
.9913 9934 *9914 9934 *904 100
11114 Oct
*9913 9934
10 D0 Pre
100 994 May19 10132 Feb 4 10114 Feb
*194___ .191 194
Nov 10414 Feb
192 19212
56 Boston & Albany.,..-100 190 Apr 30 215 Jan
19213 193
19212 19212
2 21113 Sep 22212 Apr
8714 88
8734 8834
8513 8713 8534 161-4 8414 8614 8478 8512 4,954 Boston Elevated
100
8414
May22
11414
Jan
30 112 Dee 13434 Mch
186
*186 190 .
*187 195 *187
Last Sale 186 May'13
Boat.= & Lowell
100 181 May 5 205 Jan 27 202 Nov 213
6013 -6314 6114 6112 60 81
61
58
Jan
1,144 Barton & Maine
58
6012 59
60
100 5314 May 6 97 Jan 3
25U 260'
*250 260 .
94 Dec 10012 Jan
250 260 •250 200
Last Sale 250 May'13
Boston & Providence_100 250 May14 290 Jan
•712
_ *712
_ *713
3 290 Dee 300 Apr
*713
---712
50
Boston
713
*713
-Suburban
El Co...
74 Feb 19
712Feb 19
*---- 66 *---- 06
10 Dee
May
*__- 66
Last Sale 65 Apr'13
Do pre(
*
_
05 bleb 7 65 Men 7
8 *
8
70 Dec
8 • _
80 J'ne
Last Sale 7 May'13
Boston & Worc Elect Co..,
6 Feb 25
714 Mch 6
;i5
7 Dec
1312 Jan
*43
*43
Last
Sale
43
Do
Apr'13
pre(
43 Mcb 6 45 Jan 24
•
166 •
50 Aug
168
57 Jan
*-- 160
166 166 .166 167
5 Chic June Ry & USY_100 106 Feb 14 166
*1153r3 105 'ioi 105 *iit
Feb 14 185 May 170 Jan
105
103 103 *103 105 *103 165
10 Do prof
102 Mch25 107 Mch 15 10712 Oct 112 J'ne
*200
_ .200_ *900
*200 ---Last
Sala
210
Coruanct
M49
.
13
kut River___100 210 May14 260 Jan 13 260 J'ly 272
101 101
101 101
-- '102
Jan
*102
103 103
10114 102
38 Fitchburg pref__100 10034 May13 122
*117 11778 '117 11774 *117 IliFs *117 11778 *116
Feb 8 119 Dee 123 Jan
11714 117 117
20 a Ry &Klee atmpd..100 117 May23 126
*84
Feb 10 124 J'ne s179 Apr
8414 8414 *834 85
34
34 *84
8414
63
*84
Do
8434
prof
100 827k Feb 4 85 Mch27
*10012 foi *10012 101 *10013 101
83 Dec
914
101 101 *101 -___ *101
72 Maine Central
100 100 Apr 29 110 Mch 13 125 Dee 14733 Jan
•16
1612 10
16
*16
May
1612 *16
1613 16
16
1513 1513
116 Mass Electric 0oe
100 1514 May24 193 Feb 4
16 Dec
7314 7314 73 7314 *73
2312
Jan
73
74
73
7273 73
7212 73
84
Do prat stamped _100 7212 May 9 79 Feb 5
7236 Dec
10513 10614 105 10512 105 106
83
105 10533 10514 10534 10513 10514 1,676 NY N H&Hartf
10234 May 9 130 Jan 9 126 Dee 14238 Feb
ord_100
Apr
Last Sale 120 Apr'13
Northern N H
100 120 Apr 18 130 Feb 21 12812 Oct 143 Jan
.iio" gi" 4.ii45 0
- *161 __-- •
fa1-2 *160 16.5
1634 16313
5 Old Colony
100 180 May 1 17613 Feb 11 x174 Jul 187 Jan
.
30
-- '30
*30
*30 -Last Sale 31 May'13
Rutland. pref
30
May15
100
86
Mch.25
41
14913 14913.
149 fill; *150 116;
Jan
70 Jan
8 15013 1504 15013 15013 *15134 1524
90 Union Pacific
100 14632 Apr 30 16214 Jan 0 152 Dec 17814 Sep
*8312 84 *8312 84 *8313 88 *ark 84
Last Bak 83 May'13
Do pre
100 83 May14 9012Jan 9
8913 Sep
9372 Des
*130 --- *130
Last Sale 130 May'13
Vermont & Mass___-100 130 May15 150 Feb 27 160 Dec
;iF WI; ;H.- -7 *71
104 Jan
- 7213 7212 72
72
7118 714
93 West End St
60 71 May 9 8113 Feb 8
*90 95
so lid'
80 Oct
8374 Feb
90 lii
88 83
8812 8812 388 00
103 Do peel
50 88 MAy21 100 Jan 3
96 Nov 10312 Mch
Miscellaneous
4914 4114 4938 60
49 49
260 Amer Agricul Chons_100
9313 9312 9334 934 *9312 94
93Z 94
92 Do prof
100
•314 834 *312 234 'Ps 334
247 Amer Pneu Service
313 513
50
*18
1813 1834 1834 *18
184 *18
19
100 Do prof
50
1104 111
11034 1104 111 111
11013 1104
-149 Amer Sugar Refbs
100
113 113 *113 116
113 113 *113 116
36 De peel
100
128 1284 12314 12834 12812 12914 12873 12012 2.255 Amer Telep & Teleg_100
*17
184
Last Sale 21 Apr'13
American Woolen____100
7713 7778 "iris WI; 7713 7733 7712 774
282 Do
*____ 6434 60
*__ 60
60
60 60
35 Amoskeeg Manufacturing
95 95
*95 96
*95 96
1
Do pref
-;84
46%
*534
574 51$ ":/178
6
*534 6
1 Atl Gulf & WISS L-100
*11
1112 .11
1112 *11
1112 11
11
*1034 11
141
1034 1034
De prof
100
1012 1034 O10
1012
11
10
1034 *......_ 11
11
East Boston Lend
10
*251 267 267 287 •251 265 260 260 265 265
261 261
61 Edison Mac Illtum
100
138 13812 13814 13812 13814 139
1384 139
13813 140 1394 1294
447 General Electric
100
96
*95
96
96
98
96
96
06
*95 96
5 McElweln(WH)lst_pf 100
9014 9014 9014 0034 91
92
92
9213 92 92 -95" 91
2,032 54assachusetoGasl00
6813 8812 3912 6912 89
8934 804 8012 89
89
8878 89
519 Do peel
100
*216 21712 216 216
21712
217 217 *21712 220 *217 218
445 Mergenthale
100
.313 312 *313 312 *313 21712
312 *34 32
Last
313 Marla
Mexican Telephone-_ 10
*20
30 *20
30 .20
30 *20
30
Last Sale 23 May'13
N
Cotton
E
Yarn.......
.100
68 68
68 68
6712 6712 *8712
67 67 *67 ____
20 Do lora
100
141 142 *141 143
1,12 143
142 119- *141 143 *142 143
71 N E Telephone
100
156 156
15473 15172 155 155
153 154 *153 154
15412 15412
112
Pullman
Co
100
*15
1514 .15
1532 *1434 184 *1473 1514
Lest Sale 15 May'13
Reece Button-Hole.... 10
105 105
10134 105
10473 10513 105 105
10434
10434
1053
3
105
260
Swift & Co
100
2712 2712 2712 2712 .27
2712 2713 2712 2713 2713 *27
28
122 Torrington
25
2813 2818 *2712 2813 *2712 2818 *2713 2813
*2713 2813 *2712 2813
2 Do pref
25
.1
112 *1
112 .
1
1
112
Last Betel
112
May'13
Union Copper L & M 25
156 157 155 158
155 15534 155 156
15433 1554 15234 156
437 United Fruit
100
4734 43
4713 4712 4714 4714 4714 4712 47
47
1.678 Un Shoe Mach Corp_ 25
47
*2714 2712 *2714 2712 *2714 2713 2714 2712 2713 4714
2712 2714 2712
48 Do pref
25
5912 60
5934 60
5972 6012 5984 6014 5934 6034 60 604 2.754 U S Steel Corp
100
10534 10534 106 108 •10534 10613 *10534 106 *10534 10014 10614 10012
29 Do pref
100
49 49
49 49
9312 9378 9373 9378
•338 4
*358 334
*18
1812 *18
1812
110$4 11034 10934 11034
113 113 .112 114
12814 12812 128 12814
*17
1812
754 'W.
7712 78 -7
'
*;er per
47 May15 57 Jan 11
54 Deo
9314 May15 991
44j
Jan 8
2
98 Dee
84 May10
3 Aug
13 Apr 30 12
13
814
2 Jan 13
1
14 Meh
10833 May12
11334 Dec
1114 May14 11714 Feb 1 11414 Dec
12713 May12 1401k Jan 3 13713 Jan
164 Feb 28 21 Apr 30
22 Nov
74 May 8 8112 Jan 7
7914 Nov
60 May20 75 Jan 14
75 Nov
95 May19 100 Jan 23 z9014 J'ne
5 Jan 10
13 Apr 15
5 Aug
10 Jan 7 12 Jan 3
1012 Aug
10 May15 15 Feb 8
1034 Jan
260 May21 28312 Jan 10 27212 Sep
135 Feb 25 111884 Jan 2 155 Jan
96 Apr 30 104 Jan 13 103 Apr
87 Apr 28 9313 Jan 22 58818 J'ly
884 May17 9531 Me.h24
93 Dec
212 Mch 17 21914 Apr 12 21412 Dec
3 Jan 16
313 Feb 8
212 hich
17 Apr 9 9
50
112 Lj
Aapnr 11
2
00 Deo
6373 Apr 7
90 Dec
141 May 1 160 Jan 11 14814 ()ot
153 May12 16513 Jan 2 158 Fob
1413 Apr 15 11313 Apr 2
1334 Jan
104 Apr 30 108 Mch 5
0813 Jan
2714 Jan 28 2813 Jan 16
27 May
27 Mch28 2814 Jan 20
28 Jan
1 Apr 22
2 Jan 4 .85 Jan
150 Elsy I 18
22
812 J
Faenb 3 4174 Sep
47 May22 5534 Feb 4
4014 Jan
27 Jan 20
274 Dec
5814 Mch 10 69 Jan 2
5Z138 Feb
10538 May12 111 Jan 30 10718 Feb
Mining
2
2
2
134 178 *112 2
2
0138 2
450 Adventure Con
1 May12
25
6 Jan 4
300 300 .295 305 *295 305 .295 310 ---- -25 Ahmeek
25 279 Feb 24 830 Jan 3
12
12 .15 .17
.20 .40 .40
590 Algomah Mining..
.40
12
.15 May20
12
25
214 Jan 3
32
32
33
3214 3214 3314 3311 3214 3214
33
170 Allouez
25 80 May 1 4214 Jan 3
7378 7414 7414 75
74
7478 7334 7434 74
7412 3,471 Amalgamated Copper 100 654 Feb 25 8014 Jan 2
2234 23
2234
23
23
23
23 2314 23
1,054 Am Zinc Lead & Sm. 25 22:
23
23
2:1
17
) 18
3 8278 Feb 10
314 314
3
318
3
3
314
3
3
318
800 Arizona Commercial_ 5
413 Mch 6
114 DI
112 112
113 114
114
114
1
118 4.430 Bos&Corbeop&SliMg 5
1 May23
7 Feb 3
.
2
212 .
2
213
21,f8 21
/
6
2
2
*172
2
Butte-Bal
40
aklava
17
3
Apr
28
Cop
4
10
Jan 4
2712 28
2734 23
2734 2734 2734 2811 2778 28
2,255 Butte & Sup Cop(Ltd) 10 25 May 1 45 Jan 2
6312 64
6334 6334 6334 64
64
6414 6413 85
905 Calumet & Arizona
58
9 1.
k:eb 2
18
1 7212 Jan 2
10.43
458 460 *455 458 455 455 455 460
x151 451
63 Calumet & Hecht
25
555 Jan 2
*1213 1312 *1212 1312 13
13
1318 1212 1212
13
430 Centennial
FebAp 30
25 31283144 Apr
27 18 Jan 6
*3853 39 .3834 3918 3878 3918 3918 4014 404 4138
485 Chino Copper
5
472 Jan 2
4212 43
43
43
4213 43
43 43
43 43
209 CopperRange Con Co 100 41 Apr 29 53 Jan 2
*234 3
212 234 *212 3
*213 3
185 Daly-West
*234 3
24 May13
20
4 Jan 27
*1113 12
1134 1134 1112 1113 1112 1112 1113 1112
625 East Butte Cop Min_ 10 1114 Feb 21 15i Jan 2
514 512 4.84 534 *534 6
*514 6
*514 6
25 Franklin
514 May19
9 Jan 2
25
1% 2
2
1% 1%
2.
1% 2
1% 2
3,736 Giroux Consolidated., 5
r
2
1
6
8 3% Jan 2
38112 6212 63 64
63
6312 62
63
624 6234 1,395 Granby Consolidated..100
7313 Jail 2
AprFeb
634
634
653 634
6%
634 634
63s 634
834 634 1,875 Greene-Cananea
912Jan 2
20 0;f4 May20
1812 1812 1813 1812 *1812 6%
*1814 19
19
*1834 1912 1878 1873
1613
135
Hancock
Feb 19 25 Jan 2
Consolidated 25
*32
35 *32
35 .32
*32
35
35
Last Sale 35 Apr'13
2773 Jan 10 35 Apr 28
Holley Gold
10
•.40 .60 •.35 .60
4
14 •.35
34 *.35
10 Helvetia Copper
34 *.35
34
.
34Jan 3
853
25
9
9
912 912
94
912
913
95*
235 Indiana Mining
9
9
17 Jan 2
25
*1714 1734 *17
1712 1733 1738 *1634 1712 .17
171: *1634 1714
40 Inspiration Congo' C., 20 181
5:
10
44
t
Feb
3
1
8
9
1873
Apr 14
• *4613
47
47 '
47-47
47 *47 ____ *47
-30 Island Creek Coal_ 1 4678 May13 59 Jan 4
*8112 82
8112 8112 814 81.13 *8112 82 *8113 82
82 -82
50
Do pref
1 8112 May13 8713 Jan 10
2234 2234 2234 2234 *2213 23
2233 2273 23
2313 23
2314 1,180 Isle Royale Copper- 25 22 Feb 19 33/3 Jan 2
*3% 314
314 314
314 314 *314 331
250 Kerr Lake
314 314
314 314
233Jan 14 334', Feb 15
5
•11„, 112 *1
2
*1/4 112 •114 112
Last Sale 134M87 '13
Keweenaw Copper...,, 25
us Jan 7
338 Feb 4
12
12
12
12
12
12
12
12
12
12
12
12
315
113
Lake
4 May 1 2612 Jan 3
Copper
Co
*334 414 *4
25
.414 5
412 *413
412 412
412
30 La Salle Copper
514 Jan 3
412
25
•
334 Melt 1
48
614
6
6
6
*578 6
6
6
6
680 Mason Valley Mines, 5
574 May15 101 Jan 2
312 312 .3313 4
312 312
*312 4
312 812
384
81
65 Mass Gonsol
100
0
25 26
pbrr 3
A
,ep
4 kA
0
314
512 Jan 2
714 714 *7
738
7
7
714
714 714
120 Mayflower
714 714
1514 Jan 2
25
.
132233 23 *2212 23
2313
234
*2213
23
*2234
*2234
23
4 Miami Copper
23
2612 Jan 3
411, 112
118 118 4.114 112 *113 112 *1ls 112 *113 113
20 Michigan
2 Apr 8
"ii
•49
50 *4912 50
50
50
50
50
50
112 Mohawk
50
50
14 FebY12
35 47
24 65 Jan 7
*1612 1634 1612 1612 1638 1612 1512 1612 164 51
17
1634 17
305 Nevada Consolidated_ 5 1618 Feb 18 1934 Jan 4
*14 134 •112 134
113
113212 24
112 112
18
435 New Arcadian Copper 25
212 Jan 2
*872 9
9
9
872 873
8% 8% *834 81
87s 873
75 Nipissing Mines
2
812 Etch 4
5
912 Meta°
28
28
2812 2812 29
29
2813 29
29
2868 2833 1,267 North Butte
29
13
1'1
4F
Mear
15 24
19
1
3413
Jan 2
.99
1
8134 2
*134 214 *134 24 •134 214 *134 214
180 North Lake
25 .99 May17
234 Jan 2
114
*114 112
1
1
118 •1
14 *1
113 *1
11
335
Glibway Mining
314 Jan 4
25
434 434
413 412 •412 5
5
5
5
44 4$3
5
255 Old Colony
25
838Jan 2
47
47 *46
47
47
47
47
*46
46
46
*4612 47
120 Old Dominion Co
31 '
k
Ael3li
25 44
r 26
33
56 Jan 2
*8212
82 83 *83
84
84
80
87
88
85
196 Osceola
014
12 M
Ap
25 80
ary30
1
Jan 2
107
1814 -181; 1812 1812 1814 1812 1812 85
19
181k 1824 1912 19
Pond Creek Coal
1,
10
2814 Jan 2
6112 62
62
6214 8214 83
63 63 26134 62
63 63
245 Qui*cy
25 6112 May 16 80 Jan 8
18
1813 1818 1818 1818 1812 *1773 1813 1773 1813 1814 1814
Cosseol
9515 Ray
Copper.... 10
22 Jan 3
*37
38 •37
3812 *37
38 *37
38
38
337
38
38
5 at Mary's Min Land. 25 1
37"F
Aepbr 29
19 40 Jan 3
138 133
138 138
114 114 *11s 114
114 114 *11$ 14
695 Santa Pe Gold dc Cop.. 10
114 May20
3 Jan 2
8
813 812
818
912
9
9
83
4
834
9
9
1.719 Shannon
10
734 May18 1312 Jan 2
2378 2378 2334 2378 24
24
24
2414 2414 24
24
2414
340 Shattuck-Arizona_.... 10
Jan 3
*14 .32
2812
*14 .32
*14 .33
.
14 .32
Last Sale .30 May'13
South Utah M & /3-- 5 .2
20
1 Jan
an 19
8 .35 Jan 18
27 27
21333 27
27
27
27
2714 2814 2814 2734 2812
425 Supericr
2413 Feb 18 404 Jan 2
25
3
312
*3
318
3
3
3
3
*273 3
234 8
1,407 Superior& Boston Cop 10
e432 Feb 4
*271: 29
28
28
*28
29
2714 2714 28
28
*2714 2712
55 Tamarack
25 26 Feb 19 38 Jan 8
*3
312 *3
334
3
334 334
3
314 312 *314 512
115 Trinity
j
ba
ia
ny12
5
6 Jan 0
25
*218 238 .212 238 024 233 .213 233
Last Sale 214 May'13
Tuolumne Copper-- 1 1% Apr 20
312 Jan 28
89 39
39
39
3912 3913 89
39
39
39
39
89
913 U S Smelt Ref & Min- 50 8814 Feb 25 4313Jan 2
4638 4634 4613 4634 4634 4034 464 4634 4634 4634
47
47
774 Do pre
4812
May
Jan 6
50
5
50
112 112
113 112 •133 14
112 112
112 14
131 138
625 Utah-Apex Mining-. 5
118 May 6
23s Jan 8
734 734
712 712
713 733
74 714
713 712
712 712
345 Utah Consolidated- 5
74 May 6 1114Jan 2
51
51
5014 5073 "1013 51
5012 5012 5034 5034 *5034 5114
115 Utah Copper Co
1
49 Mch19 60 Jan 2
1
1%
,f, •1
•1
14
Last Sale 113 May'13
•134 214 °134 11
Victoria
25
mp
134 A
2 Jan 2
ary2t
2
134 134
2
2
134 134
*113 134
310 Winona
ism
25
412 Jan 2
5112 50
51
51
5112
5112
50
51
513
4 61
51
119 Wolverine
.34 1
25
Jan 3
47
76
•34 .90
May
.34 .90
7
•34 .00
Last Sale 34 May'13
Wvandott
25
Vs Jan 9
34 Feb 20
•Bid and asked prices. a New stock. s AWL paid. b Ex-stock
div. it Ex-rights. a Li-el/v. and rights s Unstamped.
112 112
300 300
.40 .40
33
33
74$13 7434
2315 2318
*314 312
113 114
.
2
218
2733 2733
6313 6334
460 460
1212 1212
*3838 3878
*4212 4314
234 234
*1112 1178
512 512
2
218
8234 63
5 Dec
300 Apr
2 Dee
35 Dee
60 Feb
2412 Feb
2 Jan
413 Dec
2146 J'iy
1912Feb
5712 Feb
405 Feb
1513 Dec
2514 Feb
4813Dec
34 Oct
1214 Jan
678 Sop
3 Dec
33 Feb
712 Feb
22 Oct
16 May
.70 Dee
114 Sep
1632 Dec
4012 Jan
85 Jan
2034 Jan
2 Apr
.80 Jan
2234 Dee
44 Feb
1014 Dee
5 Dee
234 Jan
2332 Jan
132 Dee
5012 Jan
1814 Jan
2 Dee
534 Jan
2234 Feb
218 Dee
112 Dee
233 Jan
44 Jan
100 Dee
15 Mch
7212 Dee
1618 Jan
43 Deo
1 Jan
9 Jan
17 Feb
14 Dee
24 Feb
1 Dee
28 Jan
4 Dee
21213••
34 Jan
47 Jan
1 Nov
912 J'ly
5212 Jan
144 Dee
314 Dec
66 Dee
1 Bed
6334 Mch
105 Mc%
534 J'ne
2412 Nov
13358 May
12334 Aug
149 Mch
30 Mch
9414 Mch
84 May
105 Mch
9 Feb
20 Jan
1714 May
800 Mch
189 Deo
107 Jan
05 Oct
984 Feb
229 Aug
412 J'ne
105 Jan
107 Etch
184 Etch
184 Aug
1738 Apr
10918 Sep
32 Jan
31 Apr
334 Ain
20812 J'ne
5712 Aug
2934 Sep
804 Sep
11638 Oct
1114 Apr
870 J'Iy
814 May
5018 J'ne
9258 Oct
35 Oct
673 Apr
914 J'ne
534 Apr
6134 J'ne
8312 Aug
615 Sep
2712 Apr
5014 Nov
6613 Apr
712 Melt
1034 Sep
1614 Apr
6111eApr
7734 Nov
114 Oct
37 J'ne
30 Nov
2 May
23 Apr
2152 Jan
0534 J'ne
9114 Aug
3714 Nov
312 Feb
3 May
49 Apr
8 Apr
1412 J'ne
014 Jan
1813 Apr
304 Sep
512 API'
73 J'ne
2432 Sep
814 Apr
914 Deo
8932 Oct
634 Apr
1634 Jan
1314 May
64 Oct
13012 Jo.
29 Nov
Di Jul
2412 Sep
67 Apr
472 May
1772 Aug
344 Nov
114 Apr
4378 J'iy
473 Jan
51 A nr
94 Apr
41183 Etch
25033 Sep
5234 Sep
rho Feb
2032 Apr
6782 Sep
674 Jan
734 Mob
IP
ttti.
MAY 24 1913.)
Boston Bond Record
BONDS
BOSTON STOCK EXCHANGE
Week Ending May 23.
Price
Friday
M ay 23
Week's
Range re
Last Sale
Range
since
Jas. 1.
High No. Law High
Ask Lew
99 102
9934 Apr '13
88
53 86 8934
8734 Sale 8734
10212 106
101 104 10332 Meh'13
101
101
3 101 10414
8972 Joe 12
131 J'ne'12
9432
837 9434 9412
6 93 98
8278 8513 8738 Nov 12
8917 J'iy 12
994 9972 10434 Sep '12
994 9978 1114 Mch 11
59 "Es;
- 59 May'13
80 Apr 13
SO 85
9512 Feb '12
10014 lick'09
104120e1 '0,
95 Feb '12
102 Jan '13
1112 102
SW
Am Agricul Chem 1st 5s___1928 A-0
Am Telep & Tel coil tr 48_1920 J-J
Convertible 4s
1036 -8
20-year cony 4%s
1033
Am Writ Paper 1st s f 5s g_1919
1015 M-N
Ain Zinc L 3: deb es
Atch Top & S Fe gen g 4S1995 A-0
Adjustment g 4s____July 1005 Nov
July 1995 M-N
Stamped
1055 J-I)
50-year cony 4s
1917 J-D
10-year cony 5s
& W I SS Lines 58_1959 J-J
Atl
/los& Corb 1st cony s f 6s 1 923 M-N
1035 -N
Boston Eley 3 - r 8 4s
1916 J -J
Boston & Lowell 4s
1944 J-J
Boston & Maine 4 Yita
1942 F-A
Plain 4s
1013 J-J
Bur & Mo Ely eons es
1951 J-D
Butte El & Pow 1st 5s
Cedar Rap & Mo Ely let 7s 1916 M-N
Cent Vernit 1st g 4s.._ _May 1020 Q-F
C B & Q Iowa Div 1st 58_1919 A-0
1012 A-0
Iowa Div 1st 4s
1922 F-A
Denver Eaten 43
11)27 61I-N
Nebraska Exton 41
1921 M-S
13 &S Wsf 4s
Illinois Div 33s
1049 J-J
Chic Jet lty & Stk Yds 5s 1915 J-J
Coll trust refunding g 4s_1940 A-0
Oh Milw & St I' Dub D 6s 1920 J-J
Oh M & St P Wis V div es 1920 J-J
Oh & No Mich 1st gu 5s
1931 -N
Chic & W Mich gen 5s
1021 J -D
Concord & Mont cons 4s
1020 J-D
Copper Range 1st 5s
1949 A-0
Cudahy Pack (The) lstg 5, 1924 1161-N
Current River 1st 5s
1926 A-0
1946 A-0
Det Or Rap & W 1st 4s
Dominion Coal 1st s f 5s
1940 116-N
Fitchburg 4s
1927 M-S
Fremt Elk & Mo V 1st 13s 1933 A-0
Unstamped 1st es
1933 A-0
11152Sep '11
3338 _
8312 May '13
1014 101121103 Oct '07
98
- - - - -- 93
9812 101318 1)919 Feb '12
0812Mch'12
_ 9812 Deo '1?
8376 Mch'13
9914
9014 -- 9918
79 84 80
8012
- - 11038 Feb '13
113,
2 Feb '11
83 90 91 Mails
9334 05 94 Apr '13
1.71:Sep '11
91 95 95 Mch '13
- 10014 Aug 'I:.
100 Aug '12
_
75 80 8014 Sep 'I'S
---- -- 99 Feb '13
95 Oct '12
122 Feb '13
11872
122 Mch '12
----
82
59Z
95
98
8372 8511
15 984 1003e
10 80 8612
11038 11036
9212 98
_
95 95
- _
99
0912
122.- 122
1481
g.3
BONDS
Price
BOSTON STOCK EXCHANGE '.
Friday
Z
. _tray
Week Ending May 23.
.01.,
23
Week's
Range or
Lan Sale
tanye
Since
Jan. 1
High No Law 11 gli
Ask Low
Rid
General Motors 1st 5-yr 68_1915 A-0 99 9912 9938 Apr '13'
DUN 9934
Gt Nor C B & Q coil tr 48_1921 J -J
944 13 9312 9614
9112 9472 9412
Registered 4s
1921 Q-J 04 ____ 9414
9414 9578
9414
Houston Elec let 8 f gen 5s_1925 F-A
La Falls & Sioux (31st 7s
1917 A-0 ....._
117 Apr '08
Kan (3 Cita (3: Our it 5s
1925 A-0 __ 96 92 Feb 13 _.
02 92
Kan C Ft Scott & Mom 6s_ _1928 06-N 11
0812 May 18
1081l13
K C Ft S & M fly ref 4s gu_l 936 A-0 ---------763Jan '13
7638 764
Kan C M & 13 gen 4s
1934 III-S
__ 90 9012 Feb '13
904 9012
Assented income bs
1934 16-8 :_
80 7814
7814
5 78 80
Kan C & M fly & Br 1st 58_1929 A-0 100 10034 100 May'13
9912 10138
Marti Hough & Ont 1st es 1925 A-0 -- -.- 115 J'ne'0113
Mass Gas 4%s
1929 J-J
4
063"fivi4 Sale 06
0634,
Deben 4 3-513
Dec 1931 J-J 94 Sale 94
94 9438
94
Mich Telephone 1st 5s
1917 J -J
99 100 0018 Apr '13
New Eng Cotton Yarn 53_1929 F-A 9012
90
90
9014 1
814 93
91'
New Eng Teleph 5s
1915 A-0 99
101 Apr '13
_ 101 101
5e
1932 A-0 101 Sale 10078
101 ---8 10034 10112
New River (The) cony 5:3_1934 J-J
76 Dec '11
N Y N H & 11 con deb 3%3_1954 J-J
9214 Meh'12
Cony deb 6s
1948 J-J --120 Mch'13
120 1251k
Old Colony gold 4s
1924 F-A
101 Apr '09
Dregon fly & Nay con g 4s..1948 J-D 9133 924 9834Sep '02
()mg Oh Line let g 6s
1922 F-A 109411032 111380ct '12
Puget Sd Elec By lst 5s
1932 F-A
1919 J -J
Repub Valley 1st s f es
103 Jan '11
savannah Elm 1st eons 5s 1952 J-J
757014 Deo '10
1030 F-A 100 1021; 10312 Mch'13
battle Elm 1st g 5s
1919 M-T4 90 92 90
iihannern-Ariz 1st es g
91
1929 J -J____
Terre Haute Elec g 5s
97 Apr '07
1918 PA-S
Torrington let g 5s
10034 Mch'13
J-J
9638
4s_1947
9634 10018 J'ly '12
Union Pax RR & Id gr g
1927 J-J
9118 9173 10173 May'12
20-year cony 48
1923 J-J
92 _ _92 May'13
United Fruit gen s f 4 As
92 961.j
1925 J-J__ 93 9434 Apr '13
Debenture 43s
0334 9ais
U 8 Steel Co 10-60-yr 5s Apr1963 M-N -9-972 10014 10014 May'13
10014 10134
West End Street fly 4s_ _1915 F-A 9734 ...._ 99 May12
9933Oct '12
Gold 43s
1914 PA-S 9914
974 Feb '13
Gold debenture 4s
1916 61-N 974
Gold 48
984 Noy'll
1917 F-A
Western Teleph & Tel 5s
99 9912 987a
1932 J-J
6.f171ii
-i -6:45•
2914 12 0
Wisconsin Cent let gen 48 1949 J-J
8872 9012 034 Feb '12
NOTE.-Buyer pays accrued interest In addition to the purchase price for all Boston bonds. * No price Friday; latest bid and asked. 1i Flat erica).
Philadelphia and Baltimore Stock Exchanges-Stock Record, Daily, Weekly, Yearly
Share ['rico'-Not Per Cannon Prices
Saturday
May 17
•____
*11012
19
.5912
'117
•17
Monday
May 19
Tuesday
May 20
11012 .... 10638 *105
11212 •____ 11212 *103
19
1812 1812 1834
.5912
6012 *5912 61
12038 *117 1203a .11712
;5534
-267s •Yi"
;5F
48
*1134
4714
*39
.7513
13
.26
85
*7612
*2214
3434
65,4
•4331
2258
'23
79'3(6
5,2
4978
8434
48
1214
4714
3912
76
13
27
85
7684
2238
3434
5538
4414
224
2312
80
VA
4978
85
27
2718
38
38
4818 4812
•1178 1214
4712 4712
.39
3932
7512 7512
1234 13
.26
27
85
.84
7638 704
2212 2212
.3414 3434
/4
553
/
4556
44
44
2238 224
.23
2312
79%;3();(6
538 512
50
50
85
85
10912 .105
.107
19
19
61
60
---- *11712
_--
*41
2678 2672
-3812 3812
48
48
.1172 1214
4712 4712
3912 40
76
76
.1234 13
26
2634
84
8412
*7712 7738
*2214 2234
.34
3434
5514 5532
44
44
224 2278
2312
.23
8038 80'3(4
5'/6 5,4
50
50
85
85
PHILADELPHIA
Wednesday
May 21
-i573
Thursday
May 22
Friday
May 23
110 .105 110 .105 109
11112
.110 112
1914 ;I-814 -1914
-. .1812 1914
60
60
60
60
60
11834 11834
---- .118
•1634 1712
.41
42
27- 27 2718 274 2714
33
38
48
48
.1178 1214
.47
48
.3912 4014
76
70
1234 1231
2614 2612
84,4 8412
*7712 7732
224 2238
*34
3434
55;1655'4'6
44
44
2272 23
2314 2314
801,4 8012
*51
/
6
50
50
, 8472 85
;:ii" WI;
477a 4812
.1172 1214
474 4712
3912 3014
*7538 7614
.1238 13
.26
27
85
85
.7734 78
2214
22
*34
35
551
/
6558
/6
*4334 4414
2223.1 2234
2312 2373
80;(680%
5:f4 5346
50
5014
85
85
*2
212
.38
3814
*484 4834
.1172
474 4712
40
40
76
76
*1238 13
26
26
85
8532
7734 7734
.2134 2212
3412 3412
54% 5512
*4334 4414
2212 2234
2373 24
8032 80%
4% 518
5012 5014
8532 8512
PHILADELPHIA
Bonds
Prices are all "and
132 112
interest"
100 ____
Alt & L V Elm 4 343.33F-A
42
88 90 A• m Gas & Elee 5s'07_F-A
Am ltys 5s 1917__A-0
81
8212 A
AtI 0 Gas 1st s f 58 '00 J-J
74 _
35 364 Berg&EBrew lst63'21 J-J
6$ 1998_Q-F
-___ 12 Bethleh
Ch Ok & G gen 5s 1919 j-J
2-f3; 2172 Con Trac of N J 1st 5s '33
De/ Co Itys tr ctfs 4s'49J-J
Edison Elec 5s 1946__A-0
Elec & Peoples Tr tr ctfs_
• Tee & II let 5s '40..J-J
Can Asphalt 5s 1916_M-S
Harw Eloc 1st Is 1942 M-S
_ ____ Interstate 48 1943___ P-A
5712
Keystone Tel 55 1935__J-J
30 ___ Lake Sup Corp inc 53'24 0
80
Lehigh Nay 4 -is '14 Q-J
Gen M 4%s g 1924_Q-F
471 Leh VO 1st 5s g 1933_J-J
104 105 Leh V ext 4s lst 1048_J-D
C3onsol 6s 1923
_J-D
Oonsol 4%s 11123_ _J-D
4012
Annuity 6s
J-I)
Gen cons 4s 2003__M-N
4212
L• eh V Tran con 4s '35 J-D
series A 44 1935..M-8
-3213 83
let series B 541 1935 M-8
_
MarketStICI let 4s'55M-N
63g
NatLII&P sor13 58 '10 J-J
---- N• ow Con Gas 5s 1948_J-D
- N Y Ph & No 1st 48'39 J-J
Income 4s 1039
M-N
1018 1034 Pa & N Y Can 58 '39_A-0
Penn Steel let 3e;'17..M-N
_
ig People's Tr tr etes 4s_1943
P (3o Ist&coll tr 541'49M-8
_
ecco
go
eoirti&
llld
tr tr
5setf.
'91 _M
A 0N
60 phil
:
Bid
ACTIVE STOCKS
Sales
of the
11'eek. (For 'Bonds and Inactive
Stbcks see below)
Shares.
600
115
92
2,275
Le3Wf31
Highest
Philadel ph in
American Cement
50
2 Feb 6
2 Feb 6
20 American Railways.... 50
3734 May 7 24912 Feb 24
50
2,209 Cambria Steel
4514 May15 535 Jan 9
Electric Co of America 10
1172Jan 29 1218Jan 9
47 Apr 30 5414 Jan 9
385 Klee Storage 13attery_100
37 Mch 10 4272 Feb 4
835 Gen Asphalt tr ctfs 100
7112 Feb 25 78 May13
Do
pref tr etfs_100
150
111:: ,•In 14 1312 May10
305 Keystone Telephone_ 50
26
eb 26 3112 Jan 9
419 Lake Superior Corp_l00
50 84 May20 9313 Jan 3
169 Leh C & Nay tr ctfs
15 Lehigh Valley50 7638 Men 10 84;f4 Jan 3
1534 Jan 4 2378 Mch28
552 Lehigh Valley Transit 50
Do
32 Jan 13 3712 Mch28
pref
50
115
7,486 Pennsylvania RR
50 54% May23 61'5,46 Jan 9
16 Philadel Co (Pittsb)
50
4312 Apr 3 50 Jan 8
1,599 Philadelphia Electi_ 25
2132 Apr 30 2434 Feb 14
4,526 Phila R 'r vot tr ctfs
50
23 May 6 28'2 Jan 3
3,795 Reading
50
7612 Mch 10 841.X6 Jan 2
1
4% May23
2,987 Tonopah Mining
612Jan 1350 494 Mc1113 5112 Jan 9
1,551 Union Traction
50 8434 Apr 30 9112 Feb 3
058 United Gas Impt
Ask
Eanle tor Previous
Fear (1912).
Lowest
Baltimore
Con Gas El L & Pow_100 105 Jan 13 120 Jan 16 96 Jan
Do
pref
100 110 Jan 13 1208 Jan 31 101 Jan
814 Jan
Houston Oil tr ctfs
100
1734 Jan 2 23 Apr 4
Do
pref tr ctfs_100 5934 Apr 29 68 Jan 9 53,14Jan
Northern Central
50 117 May16 123 Apr 2 121 Dec
Seaboard Air Line100
1712 May 1 21 Jan 30 18 Dec
Do
prof
100
434 Feb 28 4754 Jan 24 4512 Mch
United fly & Electric_ 50
23 Jan 0 2738 Apr 3 1814 Jan
PHILADELPHIA
Ph & Road 2d 5s 1033 A
Ex Imp M 4s 1947_A-0
Terminal Sc g 1041 Q-1?
P W & 13 col tr 4s '21__J-J
-E1
;
85 8
Read Tree let Os '33__J-J
___ 9612 Koch fly & L con 5s '54J-J
- _
Spanish-Am Ir es '27__J-J
Stan'd Gas & El 6s'26 J-D
Stand St' Wks lst5s'23 J-J
11634
9978 i6V"
Tree Ind gen 6s '19..J-J
- _ Un Rye tr ctfs 43 '49 _J-J
10134
United Rye Inv let coil tr
s f 511 1926
M-N
831-4 -81 Welsbach $ f 55 1930 J-D
SVII-B uscr, con 5s '55_J-J
954 _ _ York Rys 1st 5s 1037_J-D
10212 10314
5834
BALTIMORE
Inactive Stocks
9134 0214
73 Allan Coast L (Conn)_100
100
___ 100 Canton Co
10
Consolidation Coal
100
1071s Georgia Sou & Fla
100
let preferred
100
2(1, preferred
lift, 113
100
CI-B-S Brewing
Bonds
Prices are all "and
interest"
J-J
13alt City 33is 1930
4s 1954-1955___Variou
M-N
05
AnL
5 est4a
1016 & Potom 5s A-0
At! O'st cony deb 4....M-N
All Coast L(COetfs Sc J-D
5-2(3--yr 4s 1925
J-J
13 S P & 0 leit 4%8'53 F-A
13a31 Tree let Sc '29_ M-N
No Belt Dly be 1942J86
Cent By cons 54 '32_M-N
il
Ext & Imp 51 1932 M-8
-9934 90
108(2 104 °has Olty By let 6e2.1 J-J
Trust elf% ls 1949__J-J 8044 8114 Chas By 0 & El 5s '99M9
1312 1372 P & E gen M 58 g '20_A-0 103as 105 City & Hub let Os 1922 J-D
Gen Ni 48 g 1920
37 38
Otty&Sub (Was) let 63'41
A.-0
• Bid and asked; no Wes on 1514 day. ¶ Ex-411. sad delta.
13)i paid.
$19 paid.
$1734 Bald.
Inactive Stocks
10
American Milling
100
Amer Itys pref
50
Cambria. Iron
Central Coal & Coire 100
100
Preferred
100
Consol Trac of N J
100
Harwood Electric
50
Huntington & 1.1T
60
Preferred
Insurance (3o of N A.._ 10
Inter Sin Pow & Chem 50
Kentucky Securities 100
100
Preferred
Keystone Telep, pref_ 50
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
50
Minehlli & Schuyl H
Nat Gas Elec Lt & 1' 100
100
Preferred
50
North Pennsylvania
Pennsy warrants
Pennsylvania Salt____ 50
Pennsylvania Steel___100
Preferred
100
Phila. Co(Pitts) 5% prf 50
6% cumulative pref. 50
Phila. Oerivan & Norris 50
50
Phila Traction
10
Railways General
Tonopah Belmont Dm, 1
United Cos of N J
100
United Trac Pitts pref 50
Virginia Ity & Power_ _100
Preferred
100
Warwick Iron & Steel 10
Washington-Va lty__:100
Preferred
100
Weisbach Co
100
West Jersey & Sea Sh_ 50
Westmoreland Coal
50
Wilkes Gas 3: Elec
100
50
York Railway
Preferred
50
Range Since Jan, 1.
Bti I Ask
Highest
117 May
116 Apr
2518 Nov
7212 J'ly
130 Apr
2714 May
5534 J'ne
264 Sep
1 J'ne
7 Jan
4012 Oct
47 Sep
4112 Mch
5518 Oct
1112 J'ly
1212 J'ly
5234 Jan
5832 Aug
18 Apr
3912 Dec
5934 Apr
7312 Dec
6 Apr
13 Sep
27 Feb
3514 Sep
8772 Mch 100 Sep
7818 Feb
9272 Jan
1678 Sep
812 Jan
23 Jan
3312 Dec
60 Dec 63
Apr
4'334 Dec
5014 Feb
111678 Jan 2434 Sep
29 Sep
2218 May
8914 Apr
7414 Jan
814 Apr
0 Dec
53 Sep
4934 Feb
1,232 Aug
864 Jan
BALTIMORE
Coal &(3 Ry 1st 5s'19A-0
Coal & I It,' 1st 5s'20 F-A
Col & Grnv 1st es 1916 J-J
9814 Consol Gas Os 1939__J-D
Gen 43-is 1054
A-0
10014 Cons G & P 4%s '35 J-J
Iowa (3onsol Coal 5s 1950....J-D
9713 Fair & Cl Tr 1st 6s'38 A-0
Ga & Ala 1st con 5s '45 J-J
Ga Car&N 1st 5s g '29 J-J
721,
Georgia P 1st (Is 1922_J-J
Ga So & Fla 1st bs '45_J-J
7414
O-B-S Brew 3-48 '51_M-S
92 Houston 011 div ctfs F-A
Knox,/ Trac lse 5s '28 A-0
9412 MaconRy&Lt let 53'53J-J
Md Bloc fly let 56 '31 A-0
Memphis St 1st 53 '45._J-J
Almon V Tree be '42 J-D
Mt Ver Cot Duck 1st 58.._
NptN & 0 P let 5s'38M-N
130
N & A Term! 58
054
25
Nor&Port Tr lit 5s'38 J-D
00
Norf Ity
L 5s '49__1.
1 1-N
78
North Cent 4%s 1925 A-0
1
Series A 6s 1926____J-J
1926__J-J
Series B 5s
Pitt Un Trac 5s 1997__J-J
Poto Va1 1st es 1041--J-J
Say Fla & West 5s '34 A-0
9113
A-8
93 gve Seab Air L 4s 1050
_ Seab & Roan Os 1926__J-J
1014
99 South Bound let 53 A-0
941 [7 161 L&P let 4%8'29M-N
102 Un By & El lit 48'49 M-8
Income 4s 1949_J-D
981 921
Funding Sc 1936 J-D
Cony notes 5s 1914 J-J
10434
Va 1,11(1 3d ser es '16_M-S
fag
103
4th ear 3-4-Is 1921 M-S
103
bth series 56 1026_11-8
100 jai Va (litate) 3s new '32_J-J
96
Fund debt 2-38 1991 J-J
West N 0 con es 1914_J-J
101
Wil & Weld 5s 1235___J-J
Lad
93
9912
Ask
idea;
105
9312 941
87 88
86 88
99 100
103
102
ioi3012
101
0612
9534
__
6972
-------
98
_
9614
99
105
105
97
103
106
81
102,2
104
90
8312
648,4
8714
10314
lOOli
103
16614
108 107
TIIE CHRONICLE
1482
Anuestnxeut
and 'fat:twat' intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEM{ 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
statement to show the fiscal year totals of those roads whose fis aI year does not begin with July, but covers some other
pen d. The returns of the electric railways are brought together separately on a subse uent paje.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July Ito Latest Date.
Current
Year.
Previous
Year
3
3
$
$
Ala N 0& Tex Pac.313,117 333,276 3.254,129 3,230,314
N 0 & Nor East_ April
157,715 111,918 1,586,704 1,408,447
Ala & Vicksburg_ April
97,202 1,883,442 1,792,814
143,292
Vick Shrev & Pac April
41,681 1,991,479 2,025,652
43.255
2d wk May
Ann Arbor
9,523,890 8,821,567 89,498,443 80,883,663
Atch Topeka & S Fe March
311,447 292,046 2,494,051 2,524,321
Atlanta Birm & Atl March_ __
Atlantic Coast Line March___: 3,759,121 3,262,947 27,353,161 24,862,763
203,945 176,192 1,465,915 1,485,090
Charlest & W Car March
101,183
,
974,608
,
Lou Hend & St L March
7,567,179 7,589,078 83,573,249 76,026,494
g Baltimore & Ohio_ April
130,779 139,222 1,334,065 1,163,232
B & 0 Ch Ter RR March
327.108 336,499 2,343,768 2,591,978
Bangor & Aroostook March
500,917 413,082 6,361,439 5,810,473
Bessern & Lake Erie March
79,172
120,480
635,926
920,864
Birmingham South_ March
3,731,291 3,727,351 36,617,411 34,403,739
March
Boston & Maine
Buff Roch & Pitts 2d wk May 252,949 210,586 9,483,299 8,273,435
March_...... 213,629 218,900 1,850,076 1,874,526
Buffalo & Susq
Canadian Northern 2d wk May 480,200 389,000 19,535,500 16,727,200
Canadian Pacific.... 2d wk May 2,617,000 2.518.000 120740377 105331374
Central of Georgia_ 2d wk May 233,000 226,700 12,425,901 12,444,362
2,327.031 2,745,293 24,257.692 23,073,360
Cent of New Jersey March
293,238 337,880 2.177.682 2,623,365
Cent New England.. March
Central Vermont.... March.....__ .
323.300 338,656 3.113,945 3.050,436
Ches & Ohio Lines_ 2d wk may 671.358 '630,480 30,304,271 29,780,342
Chicago & Alton...... 2d wk May 265,574 239,051 13,280,230 12,825,017
7,129,395 7,211,044 72,501,538 66,462,035
Chic Burl & Quiny March..
p Chic Great West.. 2d wk ay 286,007 260,932 12,159,635 11,179,900
Chic Ind & Louise.. 2d wk May 143,805 120,607 6,077,345 5,678,388
7,596,900 6.618,162 71,947.201 59,630,678
Chic Milw & St P_1 March
Chic Mil& PugS f
6,845,476 5,872,022 65,653,679 57,677,973
oChic & North West March
1,351,408 1,240,485 13,231,246 11.637,374
rOhic St Paul M&O March
130,980 182,337 1,472,866 1,496,194
Chicago T H & SE.. March
533,798 702,747 8,300,954 8,221,158
Cin Ham & Dayton April
Colorado Midland_ March......119,446 115,887 1.480,557 1,431,886
256,190 219,857 13,201,335 12,449,880
5 Colorado & South 2d wk a
145,435
182,033
17,906
20,499
March
Cornwall
228,868
318,264
23,257
34.964
Cornwall & Leban_ March._
460,741 404.341 3,335,162 2.722,857
Cuba Railroad...... March_..
Delaware & Hudson March....:: 1,908,762 1,772,363 18,241,916 16,407,838
Del Lack & West.. March..... 2,789,349 2,932,445 30.274,527 27,693,411
Deny & Rio Grande 2d wk May 416,000 415,000 21,476,934 20,278,398
518,300 443,843 5,138,149 4,340,422
Western Pacific April
930,691
872;516
75,492
Denver N W & Pac March......_
63,233
111,901 161,074 1,282,256 1,389,204,
Detroit Tol & Iront March..__
23,804 1.080,519 1.073,960
23,260
Detroit & Mackinac 2d wk MaY.
104,465 114.401 4,859.560 4,759,101
Dul & Iron Range March___
63,089 2,866,287 2,702,929
63,543
Dul Sou Shore & ALI 2d wk Ma3-,
1,144,564 986,215 9,900,662 7,543,883
Elgin Joliet & East_ March
765,934 641,662 6,497,849 5,680.701
El Paso & Sou West March
4.894,403 4.777.051 47,155.987 43.404,213
March
Erie
737,185
74,201
704,098
79,609
Fonda Johns& Glov March..
726,988 586,934 3,810.171 3,128,956
Florida East Coast_ March
March...... 291,118 302,006 2,376.932 2,643.981
Georgia Railroad
Grand Trk Pacific_ 1st wk May 129,892
Grand Trunk Syst_ 2d wk May 1.104,297 952,083 48.075.576 42.627.642
Grand Trk West_ 1st wk May 144.146 127,994 6,258,422 5,675.104
39,798 2,096,436 1,920.598
44,027
Dot Or H & Mil_ 1st wk May
41,151 2,049,750 1,772,832
46,071
Canada Atlantic_ Ist wk May
5,940,098 5,068,454 64,706,747 54.662,378
Great North System April
1,567,852 1,497,376
160,517
188,022
March
Island_
Ship
&
Gulf
4th wk Apr 231,173 123,735 6,310,750 5,984.635
Hocking Valley
4,408,391 4,248,759 53,621,76548,026,546
April
Illinois Central
Internat & Grt Nor 2d wk May 174,000 183,000 10,065,895 9,184.742
zInteroceanic Mex. 2d wk May 160,913 174,012 7.754,093 7,610,649
234,457 211,063 2,435,249 2,369,324
Kanawha & Mich March..
848,768 709,502 8,950,965 7.741,206
Kansas City South_ April
3,530,767 1,924.229 35,604,675 30.956,032
April
Lehigh Valley
164,108 137,010 1,257.437 1,081,198
Louisiana & Arkan_ March
r Louisv & Nashv 2d wk gay 1,165,720 1.069,170 52,008,433 49,327,563
144,250
136,955
12,199
10,578
Macon & 1:11rm'ham April
981,249 913,185 8,534,988 8,050,469
March
Maine Central
326,529
378,230
35,903
41,012
Maryland & Penna_ March_
I Mexican Railway.. 4th wk AU 229,700 230,700 7,280,000 7,005,900
667,357
746,492
14,669
2d wk May
15,734
Mineral Range
Minn & St Louls--1 2t1 wk May 109.983 154,281 8,567,302 6.784,976
Iowa Central__ I
1,748,329 1,513,138 16,367,175 12,819.929
Minn St P & 88 M. March
956,366 801,776 8,178,731 7,000,709
Chicago Division March..
665.085
790,240
73,830
96,287
Mississippi Central.. March3 Mo Kan & Texas_ 26 wk gi3; 642,523 475,556 28,595,334 24,904,849
:Missouri Pacific 2d wk May 1,170,000 974,000 54,553,040 47,549,875
Nashv Chatt & St L March.... 1,145,365 1,041,417 10,015,824 9.088,155
z Nat Rys of Mex t_ 2d wk May 768,394 1.076,400 51,924,393 54,153,901
356,031
10,008
315,855
6,269
Nevada-Cal-Oregon 2d wk May
N 0 Mobile & Chic_ March...-. 217,338 171,605 1,887,732 1.464.267
129,419
1.307,4201,221,488
161,595
MarchNew Orl Girt North_
IN Y C & Hud Ely_ March__ _ 9,204,204 8,929,559 85.746.762 79,751,100
Lake Shore& M S March.... 4,754,600 4,609,512 43,510.03038,038,900
444,881 490,905 4.574,249 4.252,123
n Lake Erie & W_ March..__
Chic Ind & South March__ - 390,566 424,989 3,350,311 3,075,043
Michigan Central March....:: 2,972,193 2,719.337 26,229,289 23,524,746
2,551.495 2,720,370 25,955,441 23,395,090
Cleve C 0 & St L March
272,743 288,121 2,780,263 2,435.588
Peoria & Eastern March
91,550 116,035 1,089,748 1,016.784
Cincin-mti North March......
Pitts & Lake Erie March....... 1,595,556 1.410.726 14,745.117 12,272,764
940,085 1.026,980 9,584,376 8,690,718
N Y Chic & St L. March
Tot & Ohio Cent_ March...._ 357.778 464,538 4,121,120 4,073,249
23575651 23201073 221686808 200526097
Tot all lines above March
a .1.7A AlA a AIR ans Al TAA 701 4R _171 _078
pa. -v• Nr vr sc. TT....-1. TN...eth
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
g
A
A
$
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
N Y Smog & West__ March_
.
;
62,138 3,103,337 2,794,964
63,237
Norfolk Southern__ 2d wk Mi
Norfolk & Western_ March....__ 3,568,830 3,270,707 32,942,970 29,244,104
Northern Pacific__ March__ 5,619,874 4,928,944 55,187,255 47,580,314
Northwestern Pac_ March..... 259,527 224.790 2,756,880 2,617,858
Pacific Coa3t Co___ March__ 619,711 600,543 5,931,854 5,663,801
Pennsylvania RR_.. March..___ 14849127 14527249 135836769 122641103
20,276
207,410
239,190
17,512
Bali Ches & Ati_ March__
Cumberland Vail March..-_ 295,059 259,978 2,619.818 2,218,122
March_...._ 807,070 767,849 8,480,329 7,903,608
Long Island
9,225
103,119
8,088
119,360
Maryl'd Del & Va March____
N Y Phila & Nor! March...... 296,931 256.662 2,708,520 2,454,077
Northern Central March__ 1,050,735 1,134,763 9,046,301 9,632,062
Phil Bait & Wash March_ ___ 1,787,368 1,558,428 15,707,266 14,254,580
W Jersey & Seash March...... . 459,166 428,377 4,863.876 4,758,384
Pennsylvania Co_ _ _ March..... 4,500,198 4,627,655 49,320,439 41,860,050
444,114 467,544 4,107,355 3,888,031
Grand Rap & Ind March.._
Pitts 00 & St L.. March_ ..-_
-- 3,222,968 3,856,826 33,835,260 30,547,804
Vandalia
March__ 787,994 878,019 8,537,810 7.764,587
Total Lines__
East Pitts & E
March..___ 20522657 19849622 191795702 174210353
West Pitts & E_ March..__.. 0,065,377 9,751,573 96,987,374 85,065,834
All East &Wesi March_ ___ 29588034 29601194 288783077 259276188
Pere Marquette
March_-__ 1,395,394 1,299,316 13,305,003 12,698,478
Reading CoPhila & Reading_ March__ 3,998,525 4,576,754 38,919,822 35,304.845
Coal & Iron Co.... March____ 1,371,005 4,824.180 31,035,149 30,921,030
Total both Cos.... March__ 5,369,530 9,400,934 69,954,971 66,226,682
Rich Fred & Potom March__ 281,114 221,238 2,131,836 1,812,408
72,521
60,075
751,858
878,600
Rio Grande Junc March.....
9,697
13,651
443,569
674,089
Rio Grande South 2d wk May
Rock Island Lines.... March____ 5,594,102 4,989,532 54.410.219 48,862,557
270,071
2,772,434 2.576,337
March..___ 263,792
Rutland
,5
,
1,188,105 1,185,564
St Jos & Grand lard March____
St L Iron Mtn & So March____ 2,872,580 2,538,065 26,173,967 23,047,204
204,929 199,269 1,693,678 1,517,743
St L Rocky Mt & P March..__
St Louis & San Fran March___: 3,678,459 3,462,772 35,144,762 32,384,859
f Chic & East Ill_ March..... 1,`„6,3 12,367,083 12,004,538
Total all lines..... March...... 4,946,840 4,869,151 47,511,845 44,389,397
St Louis Southwest. 2d wk iy 226,000 220,000 11,740.863 10,556,040
San Ped LA & 8 L. March......787,561 742,567 7,605,724 6,557,876
472,026 456,117 21,526,707 20,218,635
Seaboard Air Line 2d wk a
Southern Pacific.. March...... 11416290 10397064 108286635 99,464.337
1,157,609 60,269,664 55,908,659
May
wk
1,248.318
2d
Railway
Southern
2d wk May 258,233 200,239 10,606,804 9,707,417
Mobile & Ohio
Cin N 0& Tex /11- 2d wk May 209,307 189,951 9,010,630 8,391,140
84,441 4,498,651 4,151.004
87,434
Ala Great South_ 2d wk May
43,803 2,246,883 2,162,094
43.319
Georgia Sou & Fla 26 wk May
390,755 383,147 4,025,282 3,662,240
Spok Port & Seattle March_ ..
93,084
.
2,167
117,092
3,059
1enn Ala & Georgia 2d wk astir
Tennessee Central_ March..__.. 142,756 125,206 1,257,595 1,134,447
Texas & Pacific...... 2d wk May 288,809 274,621 16,036,815 15,196,951
71,921
78,208
7,303
7.996
Tidewater & West. March_
19,718 1,183,730 1,110,235
.iii
23,557
Toledo Peor & West 2d wk M
80,502 3,720,148 3,408,620
93,195
Toledo St L & West 2d wk May
Union Pacific Syst_ March...... 7,010,253 6.104,520 71,803,642 65,128,924
Virginia & So West_ March..___ 145,699151129 1,335,081 1,307,304
,
414,518 4,610,676 3,612,918
March___
Virginian
- 2,432,233 2,071,120 26,503,366 23,646,100
A ril
Wabash
Western Maryland_ March.... 629,128 655,638 5,647,461 5.395.725
379,728 380,002 0,325,104 6,190,445
Wheel & Lake Erie_ April
284,991
249,565
39,416
37,510
Wrightsv & Tennille March.....
763,387 571,334 9.287,185 8,292,528
Yazoo & Miss Vail.. April
Various Fiscal Years.
Period.
Jan 1
Delaware & Hudson
NY Central & Hudson RIver_e_ Jan 1
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western_n
Chicago Indiana & Southern- Jan 1
Jan 1
Michigan Central
Cleve Cin Chic & St Louis- Jan 1
Jan 1
Peoria & Eastern
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
Pennsylvania Railroad
Baltimore Chesap & Atlantic.. Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Delaw & Virginia Jan 1
N Y Philadelphia & Norfolk... Jan 1
Jan 1
Northern Central
Jan 1
Philadelphia Bali & Wasa
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Pitts Cincin Chic & St Louis.. Jan 1
Jan 1
Vandalia
Total lines-East Pito & Erie Jan 1
-West Pitts& Erie Jan 1
All lines .5 & W.. Jan 1
Dec 1
Rio Grande Junction
_Tan 1
Rutland
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
til
Current
Year.
Previous
Year.
$
8
Mar 31 5,933,356 5,273,921
Mar 31 28,502,468 24,591.339
Mar 31 14,272,336 12,422,948
Mar 31 1,388,181 1,355.471
Mar 31 1,140,285 1,125,279
Mar 31 8,554,929 7,419,670
Mar 31 7,936,019 7,389.061
781,581
856,845
Mar 31
308.792
287,859
Mar 31
Mar 31 4,653,436 3,901,499
Mar 31 3,085,412 2,824,515
Mar 31 1,177,158 1,242,875
Mar 31 69,854.928 63,363,026
Mar 31 43.259,277 40,479,375
39,120
49.356
Mar 31
718,076
Mar 31
862,763
Mar 31 2,211,740 2.069,250
17,863
Mar 31
26,726
Mar 31
726,068
838.475
Mar 31 3,112,189 3,093,998
Mar 31 4,929,821 4,459,674
Mar 31 1,159,457 1,096,104
Mar 31 13,809,737 12,450,258
Mar 31 1,257,803 1,201,528
Mar 3110.489,559 10.049,486
Mar 31 2,608,809 2,584,255
Mar 31 59,207.788 55,127.170
Mar 31 28,567,315 26,589,308
Mar 31 87.775.104 81,716.479
267,492
306,565
Mar 31
733.452
777.290
Mar 2
AGGREGATES' OF GROSS EARNINGS-Weekly and Monthly.
.
Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
Monthly Summarie:.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
$ •
$
$
Wileage. Cur. Yr. Prey. Yr
July
230,712 227,194 245,595,532 222,587.872 +23,007,660 10.84
+698,283 5.77
1st week Mar (36 roads).- 12.792,883 12,094.800
251.067,032
+25,860,384
10.3(
276,927.416
August
235.404
239,230
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 7.81
+618,584 4.70
ad week Mar (39 roads)____ 13.777,914 13,159,330
258,473,408 +35,284.683 13.64
293,738,091
October
233.545
2.22
-.237,217
roads)____
+433,515
39
(
19,450,337
Mar
19.016,822
4th week
845_ +31,938.171 13.01
November-237,376 233,305 276,430,018 244461,
-332,417 2.50
1st week April 139 roads)---- 12,980,580 13.312,977
December -238,072 234,140 203,768,603 234,0E4.301 +29.681,242
+55,799 0.41
26 week April 39 roads).- 13,544,895 13.489,096
+38,128,677 18.2
208.535.060
12.63d
248.863,737
232,179
-235.607
January
5.20
+696,427
13,402.134
14,098.561
week April 40 roads)---February.-_240.986 237.756 232,726.241 218.336,929 +14,389.312 0.1
+844.525 4.68
4th week April 40 roads)---- 18,903.550 18,059.025
240,510 237,295 249.230,551 238,634.712 +10,595,839 4.4C
March
+579.703 4.49
1st week May (33 roads)._ 13,500,986 12,921.283
88,229 86.071 69.940.73065.197.418_ +4,243,312 6.5
April
+826,152 8.24
2d week May (40 roads)____ 14,069,124 13,242,972
-Creek District Railway from Nov. 1 1911. e Includes the Be..
a Mexican currency. b Does not include earnings of Colorado Springs Cripple
the latter of watch, being a Canallas
ton& Albany, the New York & Ottawa, the Si. Lawrence & Adirondack and the Ottawa & New York Railway,
g
f Includes Evansville & Terre Haute and Evansville & Indianantt.
road,does not make returns to the Inter-State Commerce Commission.
of Mason City & Ft. DAge and
earnings
Includes
n
years.
p
both
Includes
RR.
the
Ohio
Northern
eludes the Cleveland Lorain & Wheeling Ry. In
the Mexican International. tt lncltidSS
Wisconsin Minnesota 3; Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati. t Includes
but also all °tale
the Texas Central In both years and the Wichita Falls Lines in 1012, beginning Nov. 1. v Includes not only operating revenues,
receipts. z Includes St. Louis Iron Mountain & Southern.
1483
THE CHRONICLE
MAY 24 1913.]
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separately the earningsfor the second week
of May. The table covers 40 roads and shows 6.24%
increase in the aggregate over the same week last year.
Second week of d'ay.
1913.
Alabama Great Southern
Ann Arbor
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Central of Georgia
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Indianapolis & Louisy_
Chic New Or!& Texas Pacific_ Colorado & Southern
Denver & Rio Grande
Detroit & Mackinac
Duluth South Shore & Atlantic_
Georgia Southern & Florida..
Grand Trunk of Canada
I
Grand Trunk Western
Detroit Gr Haven & Milw_ _
Canada Atlantic
International & Great Northern
Interoceanic of Mexico
Louisville & Nashville
Mineral Range
1
Minneapolis & St Louis
Iowa Central
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
National Railways of Mexico
Nevada-California-Oregon
Norfolk Southern
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia..
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western_ _ _ _
1912.
Increase. Decrease.
$
$
84,441
87,434
41,681
42,255
252,949
210,586
389,000
480,200
2,627,000 2,518,000
233,000
226,700
630,480
671,358
265,574
239,051
260,932
.286,007
143,805
120,607
189,951
209,307
256,190
219,857
416,000
415,000
23,804
23,260
63,089
63,543
43,319
43,803
$
2,993
574
42,363
91,200
109,000
6,300
40,878
26,523
25,075
23,198
19,356
36,333
1,000
1,104,297
952,083
152,214
174,000
160,913
1,165,720
15,734
169,988
183,000
174,012
1,069,170
14,669
154,281
$
544
454
484
INDUSTRIAL COMPANIES.
-Int., Rentals, &c.- -Bal. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Companies.
$
$
9,370
11,723
Apr
4,756
4,781
Canton Electric
Houston Gas & Fuel27,116
44.167
13,373
13,766
Jan 1 to Mar 31
86,035
101,397
51.663
48.443
Apr 1 to Mar 31
x85,956
x97,200
72,703
76,398
Kings Co Elec Lt & Pow_Apr
x429,264
x450,628
320,781
290.607
30
Apr
to
Jan 1
7,724
Apr
10,337
7.032
6,373
Muncie Elect Lt
29,516
39,127
28,092
25,327
Jan 1 to Apr 30
8,645
Apr
8.086
7,817.
11,840
Electric
Rockford
39,090
54,390
31,432
31,317
Jan 1 to Apr 30
26,159
Apr
29,292
17,314
12.027
Scranton Electric
109,874
59,025
144,272
48.051
Jan 1 to Apr 30
Westerly Lt & Power7,350
5,113
6,863
4,988
31
Mar
to
1
Jan
33,463
20,286
34,718
17,844
Apr 1 to Mar 31
.
6.437
Apr
5.030
7.528
4,039
Wheeling Electric
24,891
28,989
22,338
17,655
Jan 1 to Apr 30
z After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
9,000
13,099
96,550
1,065
15,707
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
$
$
$
$
374,489 374,271 1,547,037
American Rys Co___ April
26,078
91,691
23,638
April
Ry___
Atlantic Shore
308,006 c Aur Elgin & Ch Ry_ March
405,463
141,502 133.523
58,130 52.319
171,308
3,739 Bangor Ry & Elec Co March
37,573
12.311 10,879
1,101
Baton Rouge Elec Co March .._
90,569
3,954
Binghamton Railway March __ _ 20,139 33,169
1657,757
5,711,967
1977.297
6,000
P
March
L
&
Trac
Brazilian
7,514
22,731
8,009
15,909
Brock & Plym St Ity_ March
1802.475 1821.950 1,802,475
90,709
Bklyn Rap Tran Syst January
86,075
24,410
28,099
892
March
Cape Breton Elec Ry
70,582
70.582 47,567
14,188
Cent Park N & E Riv January
•
277.668
3,839
93,157 81,332
Chattanooga Ry & Lt March
80,624
12,688
Cleve Painesv & East March_ _-- 27,981 25,686
259,991
87.172 86,316
Clev Southw & Col__ March
143,592
14,069,124 13,242,972 1,161,024 334,872 Columbus(Ga) El Co March .. _ _ _ 47,379 41,149
Total (40 roads)
826,152
562,853 492,601 1,730,623
Net increase (6.24%)
Commonw P Ry & Lt March
108,152
108,152 98,218
Coney lsl& Bklyn_ __ January
174,809 143,057 .508,867
Dallas Electric Corp_ March
3,889,956
249,065
288.299
wk
Apr
4th
Ey__
United
Detroit
Net Earnings Monthly to Latest Dates.-The table D I)E B & Bat(Rec)January
48,477
48,477 50.749
278,662
99,276 90,998
perior Trac March
following shows the gross and net earnings of STEAM rail- Duluth-Su
628,908
201,018
215.594
Sub_
March
&
Louis
East
St
roads and industrial companies reported this week:
232,605
76,386 63,053
El Paco Electric Cos_ March
153.831
153.831 127.313
- 42d St M & St N Ave January
-Gross Earnings- -Net Earnings
517.355
199.417
188,967
Co_
March
Elec
Galv-Houst
Current
Previous
Previous
Current
302,918
105,883 98,599
Grand Rapids Ry Co March
Year.
Year.
Year.
Year.
Roads.
295,088
74,140 69.397
Harrisburg Railways April
$
$
$
$
Havana Electric Ry_ Wk May 18 54,174 49,494 1,056,569
Baltimore & Ohio_ b_ _ _ _Apr 7,567,179 7,589,078 1,550,980 2,419,341 Honolulu Rapid Tran
i AA Al ft
in
4R1
22,686,907
MR
A2
22,800,227
March
83,573,249 76,026,494
& Land Co
July 1 to Apr 30
Houghton Co Tr Co_ March _
Central of New England- b_
318,699
330.380
330.380
January
473,742 Hudson &Manhattan
351,841
857,260 .904,591
Jan 1 to Mar 31
94,964
33.505 31,448
Co.._ March
2,777,680 2,623,363 1,330,238 1,311,532 Idaho Traction
July 1 to Mar 31
624,070 590.277 1,880,461
March
Traction_ _
109,173 Illinois
702,747 def73,171
Cinc Hamilton & Day_a_Apr 533,798
Rap Tran_ March ___ 2958.105 2859.256 8,461,708
Interboro
1,731,175
8,300,954 8,221,158 1,390,923
158,598
July 1 to Apr 30
Jacksonville 'Trac Co March _-_ 59.220 51,257
282,342
Lake Shore Elec Ry_ March_ _ _ 93,289 92,120
Del Lack & West_ b498,608
124,492 110,210
9,028,227 8,519,095 3,150,387 2,967,793 Lehigh Valley Transit April
Jan 1 to Mar 31
134,896
48,595 42,610
208,320 Lewis Aug & Watery March
261,284
709,502
Kansas City Southern_ b Apr 848,768
15.090
15.090 12,742
January
8,950,965 7,741.206 3,351,755 2,468,719 Long Island Electric_
July 1 to Apr 30
_ _ _ 515,540 467,910 1,502,258
Co_
March..
Lt
&
Ry
El
Milw
201,507 Mllw Lt, Ht & Tr Co March_ __ _ 102.799 84.641
Apr 3,530,767 1,924,229 1,125,311
Lehigh Valley_b
294,710
July 1 to Apr 30
35,504,675 30,956.032 11,585,080 9,742,862 Monongahela Vali Tr April
277,446
71,065 65,227
532,255
Nashville Ry & Lt_ _ _ March _ _ _ 174.934 168,647
Pitts Shaw & Nor_ b46.915
Interboro__
_
46,915
166,475
33,005
January
31
to
125,386
456,054
1
558,783
Mar
Jan
N Y City
28,163
n18,023 N Y & Long Isl Tr_ _ __ January _ _ 28,163 24,131
60,075
72,521
n21,756
Rio Grande Junction_ _ _Mar
10,791
January
Shore_
10.791
9,815
North
&
Y
N
n80,247
306,565
n91,969
267,492
Dec 1 to Mar 31
103.585
103,585 90,624
N Y & Queens Co _ _ January
Ulster & Delaware_bYork Railways_ March __ _ 1206.307 1125.027 3,413,622
New
4,087 Northam Easton & W March
15,245
170,170
192,454
Jan 1 to Mar 31
39,478
14.188 13.771
222,338 North Ohio Trac & Lt March _-- 227.145 215,888
217.213
810,372
833.236
687,181
July 1 to Mar 31
186,895 139.192
486,726
North Texas Elec Co March
98,470
24,915 23,551
INDUSTRIAL COMPANIES.
Northw Pennsylv Ry April
4.154
4,531
4.531
- Ocean Electric (L I)__ January - 24,662
-Gross Earnings- -Net Earnings
23,656
75,700
Co
March
Lt
&
Tr
Paducah
Previous
Current
Previous
Current
70,590
21,767 22,309
Pensacola Electric Co March
Year.
Year.
Year.
Year.
Companies.
1998,245 1903,908 7,784.912
Phila Rap Trans Co.. April
$
$
$
$
Port(0re)RyL&P Co. March _ _ _ 544.896 543.138 1,628,565
209,930
14,126 Portland (Me) RR_ _ March __ _ 73.943 68,030
16,504
27,358
Apr
31,958
Canton Electric
Puget Sd Tr Lt & P_ March_ _ _ _ 701,941 691,518 2,059,315
Houston Gas & Fuel-a25,192
23,667
25.192
RR..
January
&
40,490 Richmond Lt
57,934
108,585
Jan 1 to Mar 31
130,397
137,698 St Joseph(Mo)Ry,Lt,
Apr 1 to Mar 31
149,840
394,563
348,859
306.866
Co.. March ___ 103.807 94.320
Power
&
Heat
153,633 Santiago Elec Lt& Tr April
Kings Co El Lt & P_a__Apr 447,304
168,574
421,225
149,105
34,972 33,244
1,908,718 1,790,294
699,944 Savannah
Jan 1 to Apr 30
750,299
196.789
67,003 58,963
Electric Co March
81,368
491.407 Second Ave (Rec)_
695,275
January _ _ 81,368 70,780
683,184
g Mexico Lt & Power._ _.Apr 792,620
14,081
3,063,050 2,911,481 2,245,971 2,165,332 Southern Boulevard_ January
9.076
14.081
Jan 1 to Apr 30
17.915
17.915 16,320
14,097 Staten 1st Midland_ January _ _
Apr
17,360
32,900
38,598
Muncie Elec Lt
March
Co.._
196.191
Electric
65,678
62,057
Tampa
54,843
67,219
132,129
160,409
Jan 1 to Apr 30
January
326,444
326.449 305,568
Third Avenue
16,462
19,926
Apr
Elect
34,603
36,873
Rockford
City Rap Tran_ 1st wk May 160,189 153,671 2,887,078
85,822
70,407 Twin
148,299
161,016
Jan 1 to Apr 30
Underground F,iec By
38,186
46,606
Apr
65,006
of London75,194
Scranton Elect
157,925
203,297
London Elec Ry Wk May10 £14,030 £13,305 £275,805
280,858
318,493
Jan 1 to Apr 30
M etropolktan Dist.. Wk May10 £13,100 £12,316 £250,238
Westerly Lt & Pow-aLondon lien Bus... Wk May10 £63,327 £54,916 £1,071475
31
Mar
12,337
11,975
25,734
28,714
Jan 1 to
201,749
January __ 201.749 180.130
118,959
51,307 Union Ry Co ofNYC
55,004
107,862
Apr 1 to Mar 31
UnionRyG&ECo(I11). March _ _ _ 387,918 315,800 1,190,809
Apr
25,633
10,476 United Rys of St L_ March _ _ 1047.488 977,001 2,969,051
12,558
20,347
Wheeling Electtic
40,805
42,546 Westchester Electric_ January _ _ 40,805 41,277
51,327
104,867
86,223
Jan 1 to Apr 30
28,486
January __ 28.486 52.207
Yonkers Railroad_
234.947
57,987 54,076
April
a Net earnings here given are after deducting taxes.
York Railways
54,304
19,106
18.978
Youngstown & Ohio_ March_
b Net earnings here given are before deducting taxes.
35,970
13.302 12.191
Youngstown & South March.
g These results are in Mexican currency.
gross
of
earnings.
30%
n These figures represent
c These figures are for consolidated company.
592,523
475,556
1,170,000
974,000
258,233
200,239
768,394 1,076,400
6,269
10,008
63,237
62,136
13,651
9,697
226,000
220,000
472,026
456,117
1,248,318 1,157,609
3,059
2,167
288,809
274,621
23,557
19,718
93,195
80,507
66,967
196,000
57,994
Interest Charges and Surplus.
Roads.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
Central New England247,822 x156,913 x233,863
203.209
Jan 1 to Mar 31
693,577 x699,032 x645,957
676,124
July 1 to Mar 31
Del Lack & WesternJan 1 to Mar 31
2,394,539 2,241,868 z1,978,334 x2,397,482
Pitts Shaw & Nor129.602
243,016
Jan 1 to Mar 31
x92,972
153,691
8,333
9,690
13,423
Rio Grande Junction_ _ _Mar
8,333
68,636
46,914
33.333
Dec 1 to Mar 31
33,333
Ulster & Delaware55,165 zdef41,633 xdef49,12
58,790
Jan 1 to Mar 31
x42,055
2.49,95
182,298
186,112
July 1 to Mar 31
Previous
Year.
$
1.472,055
89,802
379,879
157,285
34,058
96,623
4,785,904
21,560
1.821.950
76,430
47,567
238.993
72,407
243,304
127,350
1.517.366
98.218
407,978
3,317,130
50.749
262,489
577,863
194,474
127.313
431,869
287.674
277.548
967,469
127 40R
318,699
87,038
1,790,362
8.329,474
147,047
261,391
420,725
115,682
12.742
1.404,532
248,967
243,232
494,721
33.005
24.131
9,815
90,624
3,239,864
37,244
623,487
367.375
88,540
4,154
71,279
67.585
7,321,162
1,593.278
• 193,730
2,073,510
23,667
288.562
129,518
173.760
70.780
9,076
16,320
182.467
305,568
2,690,029
£270,900
£237,972
£823,766
180,130
923,076
2,802,815
41,277
52,207
221.935
53,523
32,839
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings- -Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
306,006
311,923
American Light & Trac_Apr c323,176 c316,138
1,371,399 1,301,628
c1,343,347
30
Apr
c1,414,071
to
1
Jan
4,191
1,484
_Apr
26,078
23,638
By-b-Shore
Atlantic
9,945
12,425
89,802
91,691
Jan 1 to Apr 30
65,942
_Apr
Lt,P&Tr_
67,185
Consol Cities
342.456
347.752
Jan 1 to Apr 30
Federal Lt & Tract..a176,779
263,555
409,593
627,724
Jan 1 to Mar 31
560.656
812.118
1,918,843 1,419,003
Apr 1 to Mar 31
Roads.
1484
THE CHRONICLE
[VOL. xcvi.
-Gross Earnings- -Net Earnings
1912-13.
1911-12.
1910-11.
1909-10.
Current
Previous
Current
Deduct disc.,comm.and
Previous
Year.
Year.
Year.
taxes on securities sold
Year.
$241,030
$441,467
$
Deprec.
$
of property..___
$
$
$74,817
Illinois Traction Co_aConsol. Gas Co. guar'ty _$79,609
79,760
Jan 1 to Mar 31
80,000
1,895,953 1,795,430
722,343 - Diy. on pref. stock(5%)
781,830
306,467
300,000
300,000
Apr 1 to Mar 31
300,000
7,516,169 6,940,426 3,121,920 2,802,057 Div. on corn. stock__(7%)2,729,987(7)2,721,198
(7)2,558,408 (6)2,035,794
Internet Ry (Buffalo)_ bReserve for contingencies
1,000,000
Jan 1 to Mar 31
1,546,267 1,438,588
475,814 Securities & accts. receiv595,402
July 1 to Mar 31
able written down __ 9,508,247
4,662,111 4,474,270 1,934,382 1,825,739
Book value of the corp.
Lehigh Valley Transit_ b Apr 124,492
110,210
55,172
59,818
stock owned of cos.
Jan 1 to Apr 30
498,608
420,725
207,459
249,124
whose charters have
0 Mexico Tramways_ _ _ _Apr 583,558
551,712
323,693
been surrendered
286,923
106,183
Jan 1 to Apr 30
2,080,965 2,153,234 1,089,446 1,107,022 Guar. div. on Con. Gas
Monongahela Vail Tr_ b_Apr
Co. pref. stock
78,716
71,065
65,227
44,865
38,983 Exp.
Jan 1 to Apr 30
&
taxes
(new secur.)
138,162
277,446
243,232
179,796
144.599
Miscellaneous
220
4,667
Northern III Lt & Tr-aJan 1 to Mar 31
55,830
40,441
16,060
15,052
Total
$12,834,595 .$4,211,657 53,179,198 $2,857,281
Apr 1 to Mar 31
204,410
132,296
91,492
61,762 Tot. surp. at close of yr.. $5,767,601 $5,394,152 $5,062,594
$4,610,779
Northwestern Penne_ ___Apr
24,915
a Additions to profit and loss ($9,789,902) includes profit on
23,551
der 277
4,857
property
Jan 1 to Apr 30
98,470
88,540
15,478
11,648 sold, $713,118; premium on stocks and bonds sold and exchanged, $165,678:
profit
Phila Rap Tran
on
capital
stock
and
Apr 1,998,245 1,903,908
bonds
companies
other
of
804,845
sold,
742,020 increase
$5,595,429; net
book
on
July 1 to Apr 30
value
of certain natural gas company securities
19,711,038 18,665,570 7,878,923 7,189,005
$3,314,561, and miscellaneous, $1,116.-V. 96, p. 791, 361. reappraised.
Republic Ry & Lt_aJan 1 to Mar 31
612,813
697,931
267,949
234,590
Apr 1 to Mar 31
2,755,206 2,467,866 1,092,875
984,307
International Harvester Company.
Utilities Improvement_ _Apr 145,559
143,101
Jan 1 to Apr 30
(Report for Fiscal Year ending Dec. 31 1912.)
586,949
578,412
Virginia Ry & Power_ b_ _Apr 398,452
375,171
200,245
The remarks of Pres. Cyrus H. McCormick, together
181,999
July 1 to Apr 30
4,028,964 3,790,190 2,016,836 1,781,346
with the balance sheet of Dec. 31 1912, will be found at
Wash Balto & Annapolis Apr
59,345
63,199
24,238
31,909
length on subsequent pages. Below we give the usual comJan 1 to Apr 30
250,271
215,215
113,765
95,451
Wisconsin Gas & Elec_a_Mar
59,482
51,514
12,942
13,400 parative tables for several years.
Jan 1 to Mar 31
184,791
160,715
47,998
45,446
COMBINED INCOME ACCOUNT.
a Net earnings hero given are after deducting taxes.
1912.
1911.
1910.
1909.
b Net earnings here given are before deducting taxes.
Sales for year
125,438,104 108,033,596 101,166,359 86,614,550
c These returns consist of dividends received.
Misc.earns.
chgs.
&
1,080,134
(net)
715,572
828,529
869,766
g These results are in Mexican currenty.
126,518,238 108,749,168 101,994,888 87,484,316
DeductInterest Charges and Surplus.
Cost of mfg.& distrib'g_ 98,088,043 82,393,688 76,641,370 67,669,234
repairs & maint. 3,241,256
-Int., Rentals, &c.- -Bal. of Net Earns.
3,488,950
2,911,945
- Ordin'y
Experimental, developCurrent
Previous
Current
Previous
ment & patent exp's
Roads.
746,148
Year.
Year.
640,505
567,933
Year.
Year..
Admlnistr xi & gen. exp's
740,390
670,755
610,883
589,753
$
Fire insurance fund.
250,000
250,000
250,000
Consol Cities Lt,P&Tr_ _Apr
250,000
29,279
36,663
Renewals & minor Imps.
776,359
678,867
575,000
567,152
Jan 1 to Apr 30
118,715
223,741
Res've for pension fund_
250,000
250,000
250,000
250,000
Reserve for industrial
Federal Lt & Tracaccident fund
Jan 1 to Mar 31
250,000
123,664
250,000
85,075
91,705
139,892
250,000
Res've
for
Apr 1 to Mar 31
plant
deprec.
413,191
293,222
398,926
267,434
& ore extinguishment.. 2,308,138
1,987,910
Illinois Traction Co1,848,957
1,827,381
Res've for conting. losses
Jan 1 to Mar 31
500,148
487,395
281,682
234,949
& coll. exp. on receiv_ 1,100,000
1,070,000
1,000,000
Apr 1 to Mar 31
880,000
1,988,722 1,895,014 1.133,198
007,043 Interest on loans
2,372,308
1,547,095
1,003,981
558,056
Internat Ry (Buffalo)Div. on pref. stock(7%) 4,200,000
4,200,000
4,200,000
4,200,000
Jan 1 to Mar 31
402,458
352,640 z200,752 z139,378 Div. on common stock.. (5)4,000.000 (5)4,000,000c(4)3,200,000
July 1 to Mar 31
1,057,818
989,633 x902,277 x876,586
Lehigh Valley Transit.._ _Apr
Total deductions
118,322,641 101,427,770 93,310,069 76,791,576
45,818
41,616
14.000
13,556
Jan 1 to Apr 30
8,195,597
181,937
7,321,398
160.217
8,684,819 10,692,740
67.187
47,234 Balance, surplus
Monongahela Vail Trac_Apr
24,111
18.260
20,754
20,723
c Also a stock dividend of 33 1-3%
) paid on the common
Jan 1 to Apr 30
96,421
73,044
83,555
71,555 stock in Jan. 1910 from accumulated ($20,000,000
surplus.
Northern Ill Lt & TractJan 1 to Mar 31
7,466
COMBINED BALANCE SHEET DECEMBER 31.
3.313
8,594
11,740
Apr 1 to Mar 31
30,459
13,250
61,033
48,512
1912.
1911.
1910.
Phila Rapid Transit_ _ _ _Apr 762,444
Assets748,630
42,401
def6,610
$
$
$
July 1 to Apr 30
7,624,963 7,403,295
253,960 def214,291 Plant, property, &c
79,265,617 76,585,001 71,887,402
Deferred
charges
to
operations
Republic Ry & Lt191,512
206,888
190,215
Insurance fund assets
1,484,238
Jan 1 to Mar 31
1,514,313
164,427
133,825
1,514,313
103,521
100,765 Materials
supplies
75,060,216 69,592,781 61,646,435
Apr 1 to Mar 31
588,008
538,079
504,867
446,229 Notes andand
accounts receivable
81,498,378 69,751,421 55,506,547
Virginia Ry & Power:.__Apr
126,758
118,965
x81,121
z67,958 Cash
5,420,583
6,074,152
4,561,171
July 1 to Apr 30
1,243,990 1,183,018 x843,629 x655,666
Wash Balto & Annapolis Apr
Total
23,772
22,125
x990
242,920,544 223,724,556 195,306,083
z10,344
Jan 1 to Apr 30
Liabilities95,329
88,511
z20,631
x8,717
Common stock
Wisconsin Gas & Elec.._ _Mar
80,000,000 80,000,000 80,000,000
8,894
8,525
x4,825
z5,330 Preferred stock
Jan 1 to Mar 31
60,000,000 60,000,000 60,000,000
26,660
25.836
x23,810
z20,486 Purchase money obligations
296,000
879,500
1,125,000
Bills
payable
After allowing for other income received.
35,260,220 30,918,342 13,778,045
Aud. vouchers, accr. int., taxes, &c
11,687,115
8,334,730
7,913,112
Preferred dividend (payable March)_ 1,050,000
1,050,000
1,050,000
Common dividend (payable January) 1,000,000
1,000,000
800,000
Depreciation & extinguishment res've 11,643,084
9,708,607
8,082,073
Special maintenance reserve
1,597,949
1,340,811
1,282,121
Collection expenses on receivables...... 1,100.000
1,000,000
900,000
Insurance fund
2,612,940
2,061,400
1,544,892
Pension fund
1,298,568
1,027,719
761,291
Annual Reports.-An index to annual reports of steam Industrial
accident fund
788,125
512,500
250,000
railroads, street railways and miscellaneous companies which Contingent reserve
3,000,000
2,500,000
1,750,000
31,586,544 23,390,947 16,069,549
have been published during the preceding month will be Surplus
given on the last Saturday of each month. This index will
Total
242,920,544 223,724,556 195,308,083
-V.96, p. 1159. 866.
not include reports in the issue of the
Roads.
III
ANNUAL REPORTS.
"Chronicle" in which
it is published. The latest index will be found in the issue
of April 29. The next will appear in that of May 31.
Westinghouse Electric & Mfg. Co., Pittsburgh.
(Report for Fiscal Year ending March 31 1913.)
Philadelphia Company of Pittsburgh.
In our advertising columns on a previous page may be
found an official summary of the annual report, including
(Report for Fiscal Year ending March 31 1913.)
extracts from the remarks of Chairman Guy E. Tripp, the
The report of President Reed, the company's income ac- balance sheet of Mar. 311912-13 and the profit and loss account, balance sheet and stockholdings, and the combined count for the late fiscal year. Mr. Tripp says in part:
Results.-The sales billed for the year were in excess of any previous year
income account of the Philadelphia Co. and the affiliated
In the history of the company. The ratio of manufacturi
ng profit to
operating cos., will be found on subsequent pages.
billed increased over last year, but unusually keen competition in all sales
your
ReceiptsFrom gas
From oil
Miscellaneous
INCOME ACCOUNT.
1912-13.
1911-12.
1910-11.
;6,769,313 $6,483,323 $6,215,421
246,655
93,340
281,081
36.309
41,861
42,338
Gross earnings
Operations, taxes, &c
$7,052,277
3,151,200
$6,618,524
2,650,649
$6,538,840
2,513,910
Net earnings
$3.901,077 $3,967,875
Divs. and int. received_ $1,161,334 ;1,777,475
Rents
113,244
146,838
Interest, discount, &c
1,080,073
844,519
$4,024,930
$1,677,082
137,767
690,926
Total income
$6,255,728 $6,736,706 $6,530,705
DeductPaid leased companies
$23,241
$10,267
$10,292
Interest on bonds, &c
1,565,740
1,221,900
1,051.162
Improve'ts, extens., &c_ 1,198,811
917,639
1,633,827
Miscellaneous int., &c
49,794
56,033
204,814
Total
52,837,586 $2,205,839 52,900.095
Surplus for year
$3,418,142 $4,530,867 $3,630,610
Add previous surplus_ _ _ 5,394,152
5,062,594
4,610,779
Additions to prof. & loss a9,789,902
12,348
403
Total
$18,602,196 $9,805,809 $8,241,792
company's activities prevailed and still continues.
Orders.-The value of unfilled orders as of Mar. 31 1912 was $8,137,961;
as of Mar. 31 1913, $12,061.473.
1909-10.
Surplus.-The surplus as of Mar. 31 1912 was $6,648,964. This balance
$6,032,795 was'increased, by the net income for the year and various items
in
578,138 the statement of profit and loss, to a gross surplus of $9,932,203.detailed
Against
this surplus have been charged dividends declared during the year on the
pref. stock at the rate 0(7% per annum ($279,909) and 3 diva of 1% each,
$6,610,933 aggregating $1,053,666, on the corn. stock; also misc. charges totaling
2.460,152 $283,187. These charges reduced the surplus to $8,315,442, against which
depreciations of investments aggregating 3966,919 were written off, leaving
$4,150,781 the surplus as of Mar. 311913,shown in the same bal. sheet, $7,348,522.
$1,644,406
So far as your foreign companies are concerned, while further depreciation
159,603 is possible in some of them, it will probably be more than offset by the
547,995 appreciation of others; so that, after the final adjustment resulting
liquidation of the Russian Co., to which further reference is made from
herein$8,502,785 after, it is believed that, under existing conditions, their aggregate
book
value will be a fair actual value.
$10,180
Liabilities.-The 4-year notes issued under the plan for the discharge of
1,049,660 the receivers of your company matured Jan. 1 1913, and were paid.
1,042,797
During Dec. 1912 and Mar. 1913 the company borrowed,with treasury
268,805 securities as collateral, $3.500,000on notes maturing in June and
Sept. 1913.
On Aug. 1 1913 the issue of $4,000,000 3-year coll. notes made Aug. 1 1910
$2,371,442 will mature. The directors have under consideration plans to provide for
$4,131,343 these maturities which, it is expected, will effect a considerable
reduction.
3,336,696
[The pamphlet report contains a complete statement of investments as of
Mar.31 1913 compared with 1912. As to Electric Properties Co.,see V. 96,
p. 1426, and for Lackawanna & Wyoming Valley Rapid Transit Co., now
$7,488,040 Iming reorganized on conservative basis, see V. 96, p. 1297.1
MAY 24 1913.]
THE CHRONICLE
RESULTS FOR YEARS ENDING MARCH 31.
1909-10.
1910-11.
1911-12.
1912-13.
$39,977,565 $34,196,446 $38,119,312 $29,248,682
Gross earnings
32,510,547
25,695,704
35,406,293
30,604,850
_
_
expenses_
Operating
a
$4,571,272 $3,591,596 $5,608,765 $3,552,978
Net earnings
Other Income$330,792
$272,055
$388,510
$294,887
Interest and discount
720,681
615,299
478,810
647,908
Int. & div. received_ _
628,177
749,212
Miscell.-royalties, &c_
53,768
108,969
$4,752,038
income
$5,567,836
$7,124,297
$5,169,540
Total
Deductions from IncomeInt. on bonds and debs_ 21,103,424 $1,116,308 $1,076,554 $1,112,320
409,672
376,000
416,000
496,000
Int. on collateral notes_
106,720
99,319
92,933
Miscellaneous interest
80,863
504,942
Depreciation
606,129
371,668
243,522
Prop.exp.bd.& note issue
90,000
90,000
76,667
Miscellaneous
95,260
113,975
209,369
176,171
Total deductions_ __ _ 22,403,804 $2,307,945 $2,243,191 $2,108,876
Balance, surplus
$3,164,032 $2,444,093 $4,881,106 $3,060,664
Other Profit & Loss CreditsP.& L.Rim. begin. year $6,648,964 $5,964,225 $5,668,948 $8,980,335
Profit on bds. purch. &
retired through sk.fd_
1,747
4,177
8,7221
5,200
Prof. on deb. ctfs. purch.
11,415
Ad. prop.& plant acct
27,221
459,399 •
117,100
Accts. rec. prey. writ.off
172,336
Miscellaneous
47,985
43,372
90,239
806
Gross surplus
$9,932,203 $8,534,947 $11,230,362 $12,094,576
Profit c*, Loss ChargeVarious P.& L.charges_ 0;1,250,107 41,253,956 c$4,636,342 46,075,741
Div. on pref.
_(7%0279,909 (7)279,909(15%)629,795(8%)349,886
Div. on corn.stock__stock_ _(3%)1,053,666 (1)352,118
Total surplus Mar. 31 $7,348,522 $6,648,965 $5,964,225 $5,668,948
a Includes factory costs, embracing all expenditures for patterns, dies,
new small tools and other betterments and extensions. Also inventory adjustments and all selling, administration, general and development expenses.
C "Various profit and loss charges" include in 1912-13 depreciation of
Investment, $966,920, against $1,050,285 in 1911-12, and misc. $283,187,
against $203,671; in 1910-11 include depreciation of securities-U.S. Elec
Ltg. Co. stock, $431,092, and Consol. Elec. Lt. Co. stock and bonds,
$307,121; difference between direct liability established for Walker Co.
bonds and appraised, sound value of property mortgaged, $455,085; depreciation of securities owned, $2,852,915; reserved for notes and accounts
receivable, $589,774, and xniscellaneous, $355; in 1909-10 they include
depreciation of securities owned and accounts receivable, $5,723,251; reserved for accounts receivable, $329,181; miscellaneous, $23,309.
BALANCE SHEET MARCH 31
1913.
Assets1912.
1911.
Factory plants (incl. real estate,
buildings, mach., equipl, &c.).....$20,467,225 $19,195,188 $17,692,146
160
Sink,fund to redeem cony.5% bonds
445
Cash
5,259,335 8,340,381 6,634,677
Cash-Spec. deposit&for coupons,&c.
105,107
90,228
28,280
Notes receivable
3,796,941
3,395,426
2,946,551
Accounts receivable
8,920,820 7,976,044
9,494,731
Due from subscrip'ns to capital stock
44,788
46,928
53,929
Raw materials, supplies and work
completed and in progress, goods
18,510,223 13,119,286 14,321,474
on consignment, &c
23,882,860 23,384,516 24,034,636
Investments a
Charters, franchises, patents, insur6,198,195 6,169,180 6,195,307
ance and taxes prepaid, &c
813,333
903,333
Exp. incident to issue of bds. & notes
993,333
1485
Consolidated Gas Co. of New York.
(Report for the Year ending Dec. 31 1912.)
The Public Service Commission, First District, has made
public the income accounts and balance sheets of the company and its subsidiaries (subject to revision) for the calendar
year 1912.
The list of investments of the Consolidated Gas Co. on
Dec. 31 1908 (total book value, $53,967,134) and also the
advances to subsidiary and affiliated companies (amounting
on that date to $28,538,720) were given in V. 89, p. 1664.
OPERATIONS OF CONSOLIDATED GAS CO.
1912.
1911.
1911.
1912.
$
Oper.
.Expenses$
8
*Sales of GasCommerc't lIght'g 11,124,825 10,921,687 Cost of gas manuf.. 2,589,899 2,639,821
1,918,374 1,730,321 Gas bought
3,353,254 2,916.697
Prepaid gas
241,522
Municipal lighting 232,492
14,824 Tot, prod. exp. 5,943,153 5,556,518
9,953
Westch. Ltg. Co_ Distribution exp.. 1,745,613 1,392,604
Total sales__13,285,644 12,908,354 Comm'',gen% &c. 1,728,531 1,638,136
Cost of manufac'g
252,466
239,128
residuals sold
231,605
Sale of residuals__ 247,813
387,926 Residual expense_
16,208
13,337
Rent gas stoves,&c. 425,082
43,965
43,190
Sundries
Total over. exp_ 9,665,110 8,839,722
Total gas revenues14,001,729 13,592,711 Net before taxes_ 4,336,619 4,752,989
* Sales of gas in 1912 include 13,906,745 M.Cu. ft. commercial lighting®
80c.; 2.404,467 M.Cu. ft. prepaid gas 0 80c.; 309,989 M.cu. ft. municipal
lighting 0 75c., and 19,907 M.cu. ft. to Westchester Lighting Co.0 50c.
INCOME ACCOUNT FOR YEARS ENDING DEC. 31 OF CONSOLIDATED GAS CO. AND CONTROLLED COMPANIES.
-Consolidated Gas Co.- -Astoria Lt.H.&P.Co.1911.
1912.
1912.
1911.,
$
$
4,000.616
3,385,200
Operating revenues____ 14,001,729 13,592,711
2,459,662 2,075,867
Operating expenses_ _ _ _ 9,665,110 8,839.722
896.801
124.296
916.801
114,293
Taxes
54,600
50,091
Uncollectible bills
1,416,657
1,195.040
Operating income_ _ _ _ 3,369,727 3,801,588
2,772
2.238
Non-operating income _ 6,158,976 5.731.112
1,419,429
9,528.703 9,532,700
1,197,278
Gross income
675,124
656.167
613,642
635,400
Int. on funded debt,&c_
75,183
75,095
Rentals
(6%)5,988,990(6)5.988.990
Dividends
750,307
688.736
Total deductions_ _ _ _ 6,624,390 6.645,157
669,122
508,542
2,904,313 2,887.543
Balance,surplus
-New Amster. Gas Co.--N.Y.Mut.GasLt.Co.1912.
1911.
1911.
1912.
1,562,408
1,581,297
2.799,280 2,751,015
Operating revenue
1,117,164
1,413,524
1,116,208
Operating expenses_ _ _ _ 1,653,938
124,091
211,278
115.174
215.791
Taxes
11,270
4,016
10,577
11,820
Uncollectible bills
339.338
1,114,943
317,138
917,731
Operating income_ _ _ _
76,327
Non-operating income._ _
96,376
77,352
96.904
Gross income
415,665
394,490
1,014,635
1,211,319
Interest
19,103
22,918
1,065.550
1,059,493
Dividends
(23)790,418 (9)309.294
$87,998,988 $82,620,654 $82,395,510 Balance
Total
def.50,915 sur.151.826 def.418,846 sur.87,268
Liabilities-Cent. Union Gas Co.- -North. Union Gas Co.Preferred stock
$3,998,700 $3,998,700 $3,998,700
1912.
1911.
1911.
1912.
Common stock
36,700,288 36,700,288 36,694,587
$
$
$
$
20,262,000 19,944,000 19,957,000
Convert, sink. fund 5% gold bonds
2,245,738 2.056,603
1.091.820
909,048
1,800,000 Operating revenue
1,540,000
1,540,000
Debenture certificates •
850,000 Operating expenses_ _ _ _ 1,198,889
Walker Co. bonds guaranteed
850,000
850,000
1.103,310
588,191
527,992
Collateral notes (6%)due Aug 1913_ b4,000,000 64,000,000 4,000,000 Taxes
89,991
99.894
__ __
51,833
47,152
do
dor%)due Juno 1913_ 2,000,000
1,123
6.823
11.255
1,320
Uncollecti-ble-bills
do
do
5%)due Sept 1913_ 1,500,000
450,673
852,047
332,584
income_
_
_
.940,132
Operating
do
do
5%)due Oct. 1917_ 52,720,000 b2,720,000
2,720,000
1,607
306
13.450
20,101
4, 5, 6 and 15-year 5% notes
959,250
1,383,650 Non-operating income.._
1,383,650
Subscription to capital stock of Cana452,280
332,890
865,497
Gross income
960,233
dian Westinghouse, Ltd
78,462
60,850
Interest
204,210
1 76.006
200,3711
1.
Accounts payable
3,361,359
2,454,675 Rents
2,187,666
4,4891
Interest, &c., accrued, not due
559,752
572,804
437,503
Balance, surplus
254,428
661,287
376,274
755,372
Preferred dividend payable April 1569,977
139,954
69.977
-Standard
Gas Lt. Co.- United ELLt.&P.Co.Common dividend payable April 30_
351,469
352,118
1912.
1911.
1912.
1911.
Real est. M.assumed in purch. prop_
483,000
228,200
493,000
$
Syndicate agreement note & account
300,000
1,754,914
1,732,104
2,601,149
2,309.337
Reserves for invest., adjustments,&c.
834,214
1,294,178
1,630,774 Operating revenue
Miscellaneous
99,607
1,037,597
610
970,032
1,202.481
941 Operating expenses
1,094,426
Profit and loss surplus
7,348,522 6,648,964
131,626
124,149
5,964,225 Taxes _
83,211
107.223
3,885
3,943
Uncollectible bills
14,573
12,085
Total
$87,998,988 $82,620,654 $82,395,510
633,980
581,806
1,300,884
Operating income_ _ _ _
1.095,603
a Investments include stocks, bonds, debentures and collateral trust Non-operating income.. _
35,740
34,385
15,207
16.669
notes, including thoSe of affiliated European and Canadian Wastingh. Cos.
669,720
616,191
1,316,091
1,112,272
Gross income
S For list of collateral securing these notes see V. 92, p. 1633.-V. 96, Interest,
73,836
79,660
737,559
&c
737.718
p. 424, 66.
Prof. dividends(6%)..
257,742
257.742
Common dividends
(3)149,571 (4)199,428
United Box Board Co., Chicago.
Balance, surplus
578.532
138.714
374.553
129.217
(Report for Fiscal Year ending Mar. 29 1913.)
RESULTS OF OPERATIONS OF UNITED BOY BOARD CO. AND
SUBSIDIARY COMPANIES.
Years endingMch. 29 '13. Mch. 30 '12. Apr. 1 '11. Mch. 26 '10.
Gross earnings
$415,205
$393,895
$413,709
$470,902
$134,816
Repairs & improv'ts_ _
$128,564
$123,819
$136,278
Idle mill charges
40,544
42,018
38,936
27,146
Taxes and insurance_ _ _
34,039
36,010
38,166
35,114
Administration expenses
78,441
71,546
72,952
67,135
Total
$280,031
$278,070
$278,038
$269,415
Net earnings
$190,871
$144,294
$137,135
$115,857
3,714
Earns, of subsid. cos_ .. _
10,720
3,811
33,089
$194,585
Total net earnings
$155,023
$140,946
$148,946
charges
*65,027
Interest
*65,525
172,352
168,526
$129,558
Balance for the year_ _
$89,498 def.$31,406 def.$19,580
* Does not include interest on general mortgage or collateral trust bonds
of United Box Board & Paper Co.
CONDENSED BALANCE SHEET.
Mch. 29 '13. Mch. 30 '12. Apr. 1 '11.
Assets$14,688,468 $15,807,679 $15,818,519
a Plants,equip. and good-will
31,251
31 717
32,098
Personal prop. at gen. offices and mills
2,369,047
2,363,541
1,214,687
Stocks and bonds
81,191
46,229
84,071
Cash
2,832
51,971
3,035
Notes receivable
326,588
385,563
291,839
Accounts receivable
589,674
472,380
516,745
Merchandise, materials and supplies_
17,817
37,151
1,570
Deferred charges
Deficit
34,913
$18,106,868 $19,196,616 $17,997,104
Total
Liabilities$15,000,000 $15,000,000 $14,000,000
Capital stock
Gen. mtge. & coll. tr. bds. & sundry
3,550,990
bds.& mtges.(not liabils.of this co.) 2,344,000
3,442,990
Current liabilities
559,183
552,270
496,472
Res.for accr. int., taxes & sundry ch_
36,643
41,983
57,642
Surplus
49,800
168,615
Total
$18,106,868 $19,196,616 $17,997,104
a Includes in 1912 and 1911 46,280 shares of American Strawboard Co.,
included
in
1913.-V.
96, p. 1428.
not
MISCELLANEOUS INFORMATION AS OF DEC. 31.
Consolidated Gas Co. 1912.
Consolidated Gas Co. 1912.
1911.
1911.
No.consumers' meters 483,727 476,931 Miles of gas mains..___ 837.56 827.74
Street lamps-Holder capac.(M.cu.ft.) 53,770 43.770
Welsbach
11,911
12,569 Capacity (24 hours)Open flame
4
6
Coal gas wks.(M.cu.ft.)9,500
9,500
Water do do do
41,500 41,500
Astoria L. New Am. N.Y.Mut. Cent.Un. Nor.Un. Stand.Gas
H
Gas Co. Gas LI.Co. Gas Co. Gas Co. Light Co.
Gas made(M cu.ft.) 6,492,440 4,275,006 2,455,931 3,310,759
2,248,226
128,151
54,966 659,253 1,437,237
46,235
Gas bought
173 3,145,760 1,862,341 2,391.200 1,265,158 2,068,711
Sold consumers_ _
86,421
96,755 1,437,237
26,454
46,180
Supplied 0th. cos_
15,518
2,746
6,565
6,410
1,901
9,107
Used by company_
66,631
For Cons. Gas C0_6,490,068 883,872 426,446
323.94
169.26
154.8
169.02
203.14
Gas main (miles)_
0.698
18,595
32,435
14,926
11,950
17,420
3
No. service pipes_ _ _
46,309
86,917
45,650 *57,359
3 101,733
No. consum's meters
23,221
39,101
28,422
No.appliances rented
13
7
1
4
5
4
Holders
Capacity of holders
1,195
11,880
20,815
8,581
14,800
(M cubic feet)_ _ _ _ 15,000
*The number of consumers was 61,130.
BALANCE SHEET OF CONSOLIDATED GAS CO. DEC.31.
1912.
1911.
1911.
1912.
AssetsFixed capital_ _a52,694,479 51,819,774 Capital stock_ _ _99,816,500 99,816,500
1,238,100 1,245,100
Free investments_59,664,438 59,624,454 Funded debt
Cash
1,272,748 3,593,732 Taxes accrued_ _ 2,447,7341 5,304,132
unmatured
Temp.advances to
108,2161
associated cos_ _31,776,302 27,896,724 0th. current liabil.10,676,555 7,307.027
Prem. on stk.,&c.13,951,397 13,951,897
Accts. rec. with
401,205 Renewal & contin419,312
City of N. Y
648,724
gency account... 8,655,194 7.637,613
Consumers'sects. 660,368
0th. current assets 2,757,491 2,328,540 CasivtIttei and In642,988
Mater. & supplies 850,257 1,037,722 surance reserve. 696,701
109,564
57.335 Corporate surp_b12,614,559 11,602,863
Suspense
150,204,959 147408,210
Total
150,204,959 147408,210
Total
a After deducting $568,190 for accrued amortization.
b After deducting reserve for renewals and contingencies. $1.664.111, and
surplus adjustments, $128,495.
1486
Note.-The company has contingent liabilities aggregating $21,825,000,
consisting of bonds of Westchester Lighting and merged companies, which
are guaranteed both as to principal and interest.
NEIV AMSTERDAM GAS CO.BALANCE SHEET DEC.31.
1912.
1911.
1911.
1912.
$
Fixed capital_ _ _ _a41,161,459 41,154,210 Capital stock
21,165,C00 21,165,000
Other investments 462,259
450,844 Mortgage bonds. 19,235,000 19,235,000
Cash
80,153
193,650 Taxes accrued...... 381,7621 715,550
Temp.advances to
Unmatur. int.,&c.
60,2081
associated cos
75,000 Due associated cos. 1,000,000 1,196,422
Accts. receiv. with
265,496
Miscell. accounts_
636,747
City of N. Y
57,425
60,911 Renewal & continConsumers' accts. 125,173
117,157
2,862,024 2,629,790
gency account
Mlscell. account&
111,022 Casualties & insur78,433
Materials & suppl_ 252,487
306,364
97,013
111,684
mace reserve
Pre-payments
13,686
15,112
Corporate deficit.z3,221,350 2,820,001
Assets-
ts
Total
xcvi.
THE CHRONICLE
45,452,425 45,304,271
45,452,425 45,304,271
New York Edison Co.
(Report for Fiscal Year ending Dec. 31 1912.)
The Public Service Commission, First District, has made
public the company's report for the calendar year 1912.
K. W. Hours.
Sales of Electric Current.
1912.
1911.
21,755,929 Municipal St. ltg.-are @ 3.39c
$739,606
$639,835
1,082,137 Municipal st. Itg.-incandes. ® 7.97c.
86,220
78,357
8,195,720 Lighting municipal bldgs. (4) 4.96c_ _ _
406,600
376,970
239,798 Municipal heat and power ® 6c
17,492
14,388
1,166,800 Miscellaneous municipal
7.67c_
89,516
86,615
235,646,809 Commercial metred lighting 0 6.73c_ 15,862,524 14,200,820
30,348,448 Commercial metred power
3,203,794
8.01c_ _ 2,432,195
24,067,460 Railroad corporations 0 0.61c
73,747
147,546
61,668,962 Other electrical corporations 0 1.32c_
743,559
816,078
1,338,642 Breakdown service og 7.79c
124,619
104,260
18,190,359 Misc. sales of current (4) 1.63c
296,143
102,308
Total sales
$20,995,077 $19,648,116
INCOME ACCOUNT FOR CALENDAR YEARS.
1912.
1911.
1910.
1909.
Total sales of current_._$20,995,077 $19,648,116 $18,003,480 $15,545,860
Miscellaneous revenue__
47,626
29,864
41,735
7,398
NEW YORK MUTUAL GAS CO. BALANCE SHEET DEC. 31.
Total oper. revenue__ $21,024,941 $19,689,851 $18,051,106 $16,553,258
1912.
1912.
1911.
1911.
Production expenses..._ $2,801,606 $2,478,031 $2,155,258 $2,133,661
Liabilities-.
AssetsDistribution and repairs 1,578,155
945,229
1,193,015
1,393,474
Fixed capital
a2,805,557 2,898,665 Capital stock__ 3,436,600 3,436,600 Utilization expenses_ _ _ _
772,093
818,950
952,507
898,475
Free investments_ 1,054,503 1,044,489 Taxes accrued_ _ _ _
288,5271 460,275 Commercial expenses_ _ _ 1,212,447
713,554
791,985
1,012,238
Cash
1,390,114 1,634,893 Unmatur. int.,&c:. 137,464j
General & miscellaneous 1,375,150
808,563
1,167,864
974,391
Accts. receiv. with
0th. current Habil. 343,405
231,339
Total operating exp.. $7,919,865 $6,950,082 $5,933,599 $5,373,101
City of N. Y
27,936 Insur., &c., reserve
27,915
89,150
77,662 Taxes
1,261,320
1,270.052
1,115,543
1,186,867
87,993 Other reserves_ __
Consumers' acc'ta
83,740
120,000
120,000
180,305
67,328
87,220
142,063
17,739 Corporate surplus 1,069,964 1,488,809 Uncollectible bills
Other accounts__ _
14,760
Total revenue deduc's $9,361,490 $8,287,462 $7,207,686 $6,630,707
102,970
Materials & suppl_
108,501
Operating income
$11,663,451 $11,402,389 $10,843,419 $9,922,550
a 1,166.071
1,080,564
1,150,500
1,004,030
Total
Total
5,485,110 5,814,685
5,485,110 5,814,085 Yon-operating income
Gross income
$12,829,522 $12,482,953 $11,993,928 $10,926,580
a After deducting $710,351 for accrued amortization.
Deductions from incomeb$3,973,988 $3,801,797 $3,791,099 $4,041,954
3,009,204
3.009,204
2,897,100 2,703,060
Dividends (6%)
STANDARD GAS LIGHT CO. BALANCE SHEET DEC. 31.
Balance, surplus
$5,846,330 $5,671,952 $5,305,729 $4,181,566
1912.
1911.
1912.
1911.
Consists
of
interest
$99,005; miscell.
a
revenues,
$1,070,387;
dividends,
Assets$
$
rents, &c., $33,123, and non-oper. revenue deductions $36,445.
Fixed capital_ _ _..a12,844,344 12,550,687 Capital stock_
9,281,400 9,281,400
other interest,
S
Includes
1912
interest
on
funded
$1,695,882;
in
debt,
46,090 Mortgage bonds__ 1,195,000 1,195,000
Free investments..
79,359
$917,010; rent of other plant, $47,656; subway rents, $1,303,362; other
Cash
934,088 1,270,684 Taxes accrued_ __ _
218,5961 341,749 rents, $15,750; amortization of premium on debt (Cr.), $5,661.
Accts. receiv. with
Unmatur. Int.,&c_
9,9581
The number of consumers on Dec. 31 1912 was 138,650, against 119,971
6,761
City of N. Y
6,681 0th. current Habil. 324,917
146,167 in 1911, and the number of active meters was 168,814 (Manhattan, 135,412;
Consumers' accts.
78,778
85,635 Renewal & continBronx,
33,402), against 143,586.
Materials dr supp_
62,399
68,222
gency account__ 2,259,551 2,273,578
Other accounts
28,361
27,783 Reserves
57,838
48,480
NEW YORK EDISON CO. BALANCE SHEET DEC. 31.
16,216
Suspense, &c
15,833 Corporate surplus_ 6703,046
785,241
1912.
1911.
1912.
1911.
AssetsLiabilities5
$
$
$
Total
14,050,306 14,071,615
Total
14,050,306 14,071,615
Total
403,701,064
a After deducting $91,391 for accrued amortization.
z After debiting reserve for contingencies and renewals, 3323,218, and
surplus adjustments, $27,216.
a After deducting $34,584 for accrued amortization.
b After deducting $211,489 for renewals and contingencies and $76 for
surplus adjustments.
CENTRAL UNION GAS CO. BALANCE SHEET DEC. 31.
1912.
Assets-
1911.
1912.
Liabilities--
1911.
Fixed capital_ __ _a10,234,558 10,018,177 Capital stock_
3,500,000 3,500,000
Free investments_
305,199
298,079 Funded debt
3,555,000 3,555,000
608,161 Accrued liabilities
Cash
235,227
210,347
412,418
Other current liaAccts. receiv. with
46,969
44,560
bilities
City of N. Y.._
432,414
173,836
82,115 Renewal & contin77,822
Consumers' accts_
76,371 gency account__ _ 1,133,496
140,338
Other accounts_
984,778
110,460
101,557 Reserves, &c
Materials & supp_
64,284
55,131
Temp.advances to
Corporate surplus_63,068,285 2,550,539
associated cos
800,000
2,682
Pre-payments
13,253
Total
11,963,826 11,231,702
Total
11,903,826 11,231,702
a After deducting $26,904 for accrued amortization.
b After deducting $237,626 for surplus adjustments.
NORTHERN UNION GAS CO. BALANCE SHEET DEC. 31.
1912.
1911.
1912.
1911.
Liabilities$
$
$
Fixed capital_ _..123,0l2,224 117843,366
Free investments_13,344,483 11,104,768
Bound invest'ts__ 1,635,090 1,609,456
Cash
654,874 1,596,008
Due from assoc.
cos
1,024,092 1,343,628
Acc'ts receivable,
City of N. Y
645,480
607,256
Consumers' accts. 2,350,847 2,118,256
Other accounts... 1,395,305 1,035,934
Mat'ls & supplies_ 3,119,738 2,327,336
Suspense
1,449,114 2,355,152
Prepayments
10,650
9,391
Total
148,641,897 141950,551
148,641,897 141950.5
Total
a After deducting renewal and contingency reserve, $2,989,853, awl
miscellaneous debits, 313.302: and adding $131,567 miscellaneous credits
-V. 96, p. 1367, 1092.
Brooklyn Union Gas Company.
(Report for Fiscal Year ending Dec. 311912.)
The Public Service Commission, First District, has made
public the income account and balance sheet (subject to revision) for the calendar year 1912.
Assets-
Fixed capital
a3,812,232 3,619,368 Capital stock _ _ _ _ 1,500,000 1,500,000
Free investments_
11,338
10,232 Mortgage bonds__ 1,250,000 1,250,000
Cash
61,452
166,529 Taxes accrued_
105,9601 209,332
Accts. reedy. with
Unmatur. int.,&c_
10,417!
City of N. Y__ _
75,917
71,992 Other current ha.
Consumers' accts_
33,345
33,645
bilitles
269,642
164,631
Other accounts_ _ _
21,465
9,430 Renewal & continMaterials & suppl_
37,888
28,649
gency account
335,135
387,780
Temp.advances to
Reserves
15,295
11,786
associated cos_ _
200,000
Corporate surplus_ z724,550
478,353
Pre-payments
300
501
9,707
8,891
Suspense
Total
4,263,644 3,949,237
Total
4,263,644 3,949,237
a After deducting $54,361 for accrued amortization.
z After deducting $129,161 for renewals and contingencies and deducting
$917 for surplus adjustments.
ASTORIA LIGHT HEAT & POWER CO. BALANCE SHEET DEC.31.
1912.
1912.
1911.
1911.
AssetsLiabilities$
$
$
Fixed capital__ _ _a14,292,668 13,361,185 Capital stock_ _ __ 500,000
500,000
Free investment&
111,893
Cash
134,847
Accts. receiv. with
associated cos
Consumers' acc'ts
32
Other accounts_ _ _
392,689
Material & suppl_
535,309
Temp.advances to
associated cos._ 2,369,764
Total
375,000
375,000
84,563 Funded debt
169,700 Due assoc. cos_ _13,707,302 12,607,302
98,990
389,075
Accrued liabilities..
282,450
1,407,334 Miscell. accts._ _
21 Renewals and con869,944
286,266
tingency account 1,177,724
178,696
725,442 Reserves
120,659
Corporate surplus_61,517,040 1,172,537
17,837,202 16,034,517
Total
17,837,202 16,034,517
a After deducting $32,093 for accrued amortization.
S After deducting $215,681 for renewals and replacements and $25,498
for surplus adjustments.
UNITED ELECTRIC LIGHT & POWER CO. BALANCE SHEET DEC. 31,
1912.
1911.
1912.
1911.
AssetsLiabilities-
Fixed capital__ _ _a13,941,931 11,724,376 Capital stock
5,318,434
Free investments_ 1,112,031 1,107,571 Mortgage bonds 4,838,000
46,482
415,462 Due associated co's 2,737,480
Cash
Accts. receiv. with
Accrued liabilities
3,759
27,740
37,987 Other current liaCity of N. Y.....
204,458
bilities
Consumers' accts_ 234,336
1,714,528
258,261 Renewal & continOther accounts_ _ _
84,810
Material & suppl. 236,641
148,503
gency account
1,412,962
Temp.advances to
Casualties and inassociated cos
surance reserve..
62,310
175,000
Suspense, &c
7,667
83,585
Corporate deficit. 2220,835
535,232
Total
16,087,473 14,515,435
Total
5,318,434
4,838,000
6,197
3,156,030
1,142,345
54,429
16,087,473 14,515,435
a After deducting $32,093 for accrued amortization.
x After debiting $341,295 for renewals and contingencies and crediting
$77,160 for surplus adjustments.-V.96, P. 1366. 718.
Capital stock____50,153,717 50,153,71
Mortgage bonds. 38,116,000 38,076,0
Oblig'ns for con12,800,00
struc'n advs.
3,82
Due assoc. cos_ _ _15,062,767
Current liabil's___ 1,058,377 1,220,77
Accr'd liabilities__ 2,775,024 2,942,06
Renewal & contingent acc't_ A3,602,130 11,917,7 •
Casualties & in148,489
14P,4
surance reserve_
0th. res'ves, &c__ 1,373,173 1,310,4
Corporate surp_a26,352,220 23,377,4
*Sales of GasCommercial lighting
OPERATIONS.
1912.
1910.
1911.
$
$
8
8,325,563 7,999,198 7,714,987
341,180
343,880
347,359
182,163
186,170
179,029
882,044
782,492
988.306
9,841,219 9,404,151
9,027,001
93,383
63,779
25,703
9,934,602 -9,467,930 -9,052,704
Prepaid gas
Municipal lighting'
To other corporations
Total sales
Rent and miscellaneous
Total operating revenues
Operating expenses3,657,905
3,309,946
3,165,580
Production expenses
1,912,021
1,694,353
Distribution, repairs & general exp.. 2,088,822
1,312,828
1,262,152
1,232,549
General amortization
7,059,556
6,484,119
Total operating expenses
6,092,482
527,320
502,529
Taxes
482,724
43,650
46,598
Uncollectible bills
35,944
7,630,526 7,033,246 6,611,150
Total revenue deductions
2,304,076
Operating income
2,434,684
2,441,554
Non-operating income
174,177
177,552
162,939
Total income
2,478,253
2,604,493
2,612,2'36
DeductInterest
826,172
810,494
809,7711
Rents
13,029
12,3631
Dividends
(8)1,439,880 (7)1,259,895(734)1349775
2,175,947
Total
2,263,403 2,082,029
428,546
Balance, surplus
214,850
530,207
* Sales of gas in 1912 include 10,412,611 M.cu. ft. commercial lighting 0
municipal
80c.; 426,476 M. cu. ft. gas prepaid ® 80c.; 248,226 M. cu. ft.
lighting 0 75c.; and controlled gas corporations as follows (M. Cu. ft. 0
50c.): Flatbush Gas Co., 746,885; Newtown Gas Co., 713,324; Woodhaven
Gas Lt. Co., 227,439; Jamaica Gas Lt. Co., 155,193, and Richmond 11111
& Queens Co. Gas Lt. Co., 133,771.
MISCELLANEOUS INFORMATION AS OF DEC. 31.
1912. 1911.
1912
1911
No. of consumers_ __361,845 346,633 Holder capacity (M.
31,723 31,723
Street lamps
cubic feet)
12,649 12,424
Miles of pipe lines
962.08 924.68 Daily capacity of
No. of holders
29
29 mfg.plants(M.cu.ft.)10,100 70,100
BALANCE SHEET DEC. 31.
1912.
1912.
1911.
1911.
$$
Assetss
a
-
billitsiteosc
Fixed capital_ __a32,804,219 33,206,235 CaLpilata
k....A7,998,500 17,998,500
Adv, to assoc. cos.. 3,630,018 3,056,070 Funded debt
15,001,500 15,001,500
Free investments_ 1,740,018 1,740,018 Working advances
14-4
duo assoc. cos_
Cash
2,842,457 2,807,431
29,843Coll , 22,679
888,382 Taxes accrued.... 2,102,516
Material & suppl's 1,043,559
• P5,5 A
Unmat'd
in,
823,716
&c..
Misceil. assets
6865,984
827,265 4,182,611
673,401 0th. curr. liahils„ 1,470,901
Suspense, &c
798,613
,..1.14-4 1
Corporate surplus c6,294,314 , 5,989,963
V
Total
43,724.869 43,105,253
Total
43,724,80943,195.253
a After deducting $6,687,348 for accrued amortization.
b Miscellaneous assets in 1912 Inc! We accounts receivable, City of New
York, $60,989, and consumers, $605,190; other current assets, $199,805.
c After adding $89,531 surplus adjustments.-V.96, P. 1366.
THE CHRONICLE
MAY 241913.]
1487
• International Smelting St Refining Co.
Associated Oil Co. (California).
for Fiscal Year ending Dec. 31 1912.)
(Report
1912.)
31
Dec.
(Report for Fiscal Year ending
For this subsidiary of the Amalgamated Copper Co., Pres.
e:
in
substanc
wrote
1,
April
Sproule,
Wm.
Pres.
business. John D. Ryan as of May 15 reports in substance:
-1912 has not been a satisfactory year in the fuel oil
Results.
reached a point in 1912 at which
General over-production, a feature of 1911,
to reduce drilling and draw from our
It was deemed the conservative course
we increased our oil in storage
year
the
During
purchased.
supply of oil
1912 8,106,616 bbls.
1,523,0300 bbls., having on hand Dec. 31
which had operated our
Merger.-The Associated Transportation Co.,
, was dissolved in 1912, surpipe lines and vessels as a separate corporation
assets, and that portion of the
rendering to the Associated Oil Co. all its
The change
business is now handled as a department of this company.
reduced administration and other expenses.SS. Rosecrans met with two
Marine Department.-Early in 1912 our
e of $150,000 for repairs. Our
serious accidents, resulting in an expenditur
and their cargoes
fleet was then uninsured. Later in the year all vessels
the Rosecrans (21,000 bbls.
1913
Jan.
During
insurance.
by
covered
were
underwriters
the
from
We
received
wrecked.
capacity) was totally
$250,000, being amount of the policy carried on that ship.
will be let at
bbls.,
of
62,000
with
capacity
steamer,
new
a
for
Contract
an early date for delivery about the middle of 1914.
begun on a new refineryat
Refinery.-Since Jan. 1 1913 construction has
10,000 bbls. crude
Avon. on San Francisco Bay, with capacity for handling
distillate. It is exoil per day. It will manufacture gasoline and engine
before Jan. 1.
pected that this plant will be ready for operation
Valley oil fields pass through
Both of our pipe lines from the San Joaquin
The main lines of the Southern
our refinery site and will serve the refinery. pwoperty,
which has also deep.
the
cross
companies
Fe
Santa
and
Pacific
is included in the
water frontage for a wharf, construction and cost of which
oil for the operation of
plan for handling our business. Supply of refiningcontracts
and from the
hase
oil-purc
our
by
for
is
provided
this refinery
production of our own properties.
we completed the drilling
Production and New Development.-During 1912 McKittrick
, 1; Midway,
of wells as follows: Kern River, 4; Lost Hills, 3; and it is expected that our
2. During 1913 active drilling has been resumed
has already inIt
year.
the
for
increase
e
considerabl
show
will
production
33,000 bbls. over March 1912.
creased. During March 1913 we produced
we own in the Lost Hills,
No wells were drilled during the year on property
lease there. One gas well and
under
property
on
completed
but 3 wells were
properties in the
McMurtry
our
on
one oil well were drilled and completed
have been finished
Buena Vista Hills. Since Jan. 1 1913 two other wells
properties.
on the McMurtry
1913 the board has declared a dividend
Dividends Resumed.-Since Jan. 11913
to stockholders of record April 10
April 15
[No. 5] of 1%%, payable that
policy of the company to pay semithe
be
it
suggestion
1913, with the
may determine, such dividends
annually, or itt such intervals as the board
may justify. [Preas the net earnings and cash available for that purpose
$321,165; No. 2,1%,
11905,
Feb.
vious dividend record: No. 1,1%,
Aug. 11905, $335,084; No. 3, 13 %,Feb. 11906, $446,059; No.4, 13 %,
Mar. 1 1907, $446,059. V. 96, p. 948.1
Finances.-The cost of Avon Refinery and of the new steel tank steamer
will aggregate about $1,750,000, and provision has already been made for
these payments without borrowing or selling bonds.
The administrative and field departments have been reorganized, effecting a reduction in pay-rolls of over $100,000 per year.
Outlook.-It is believed that the company will not need any new financing
increased
in 1913. Our affairs are in a promising condition. We look for
earnings, and the completion of the new refinery will establish the company
on a basis desirable to the stockholders.
off a
Amortization.-The company has adopted the policy of writing
that the book value of the
liberal amount annually for depreciation in order
basis.
e
a
conservativ
on
be
may
period
given
property at the end of any
of20 years.
Our sinking fund retires our entire bond issue within the limit
R YEARS
CALENDA
FOR
CO.
OIL
ED
ASSOCIAT
OF
INCOME ACCOUNT
1909.
1910.
1911.
1912.
1
$15,420,83
9t
$22,079,63
5
Sales and other revenue..$16,170,967 $20,192,99
Divs from other than
305,4781
144,689
601,651
proprietary cos
$16,772,618 $20,337,684. $22,385,117 $15,420,831
Total receipts
DeductionsProduc,transp., admin.,
purchase of oil, &c__ _812,737,106 $15,910,911 $18,086,448
115,130}$12,402,185
140,933 .
43,383
Int.on notes & def. pay's
75,473
113,625
157,892
Taxes
139,029
438,558
687,754
775,265
Interest on bonds
717,221
1,215,294
1,718,215
Depreciation reserve_ _ _ 1,828.527
with
Results.-Regular operations at all plants were seriously interferedThis,
throughout the year by continued reconstruction and extensions.
copper
together with the expense incurred by the enforced closure of the
plant at International, has resulted in high operating costs, but before the
end of the current year we shall have disposed of all important work of this
kind, and operations should then become normal, when it is expected
that important reductions in operating cost will result. Profits on the whole
are satisfactory and point to more gratifying results in the future.
Tooele Plant, International, Utah.-(a) Copper Department.-We operated
the usual number of reverberatory furnaces until September, when the
closing of the Bingham mines, due to the miners' strike, necessitated the
suspension of copper smelting; the furnaces remained closed until towards
are
the end of February 1913, when work was resumed, and operations rest
again normal, with every indication that they will so continue for the
its
but
changed,
not
was
plant
of the year. The capacity of the copper
the reefficiency was increased by the installation of additional boilers in
converter
the
for
baghouse
a
of
t
erection
the
and
y
departmen
verberator
gases; hereafter leady mattes from the blast furnaces will be treated in the
copper converters.
(b) Lead Department.-No. 1 furnace went into commission in February
and No. 2 furnace in April, both of which operated continuously to the end
the
of the year. Construction in this department was pushed throughout
until
year,but, owing to delayed deliveries on structural material,it was not
furnaces
March 1913, or about four months later than estimated, that
yet to comNos. 3 and 4 were in operation. It will require several months of
the work
plete the installation of the last unit of this equipment. Most
of construction of the blast furnaces has been finished and the present year
The
at
present.
ed
n
contemplat
of
constructio
completion
the
see
should
accessories and
plant will then consist of five blast furnaces with necessary
will have a capacity of 1,200 to 1.500 tons of charge daily.
facilities
Tooele Valley Ry.-This company largely extended its trackage
equipment was
both at Tooeie Junction and International. Additional
t
the
to
enlargemen
due
business
increased
greatly
of
care
take
to
purchased
of the plant at International.
Co., a subsidiary
East Chicago Plant.-The International Lead Refiningthe
important part
of the International Smelting & Refining Co., finished
which time a
of its construction and commenced operation in October, by
awaiting treatconsiderable quantity of bullion had accumulated and was 168 x 416 ft.,
building,
refinery
main
ment. This plant consists of the
ft.; brick change house:
all steel and concrete; brick office building, 128 x 36
storage tracks, &c.
36 x 70 ft.; brick baghouse, 65 x 56 ft., enlarging
1 tankhouse begun
No.
Raritan Copper Works.-The work of
having been raised from
in 1911 was pushed to completion, its capacity
of the plant
capacity
total
The
month.
per
lbs.
13,000,000 to 22,000,000
furnaces were replaced by
is 35,000,000 lbs. per month. Several of the old and
have been
extensions
changes
Many
capacity.
larger
a
of
new ones
plant.
completed or are now being made in other parts of the
RIES).
SUBSIDIA
INCOME ACCT. FOR YEAR END. DEC. 31 (INCL.
1909.
1910.
1911.
1912.
Tolls on copper and net
$4,423,398 $3,442,259 32,512,108 $2,442,901
profit on metals
67,517
60,682
85,819
85.730
Interest and discount_
76,125
64,142
11,126
28,262
revenues..
ous
Miscellane
$4.537,390 83.539,204 $2,636,932 $2,586,543
Total income
Mfg.and operating costs $3,182,421 $2,081,915 $1,328,955 $1,079,012
46,005
62,889
47,702
47,689
General expenses
16,538
15,320
• 17,507
Taxes
225,813
226,359
175,229
183.726
Depreciation
$3,431,343 $2,320,167 $1,634,741 $1,350,830
Total
$1,106,047 $1,219,037 $1,002,191 $1,235,713
Net income
(8%)800,000 (8)800,000 (8)800,000 (3)300,000
Dividends
8935.713
$202,191
$419,037
6306,047
Balance, surplus
SUBSIDIARIES).
COMBINED BALANCE SHEETS DEC. 31 (INCL.
1911.
1912.
1911.
1912.
$
Liabilities$
Assets10,000,000
,000
.......i0,000
stock
Capital
Plants, rys., &c_ _11,554,147 9,966,080 Accounts payable_ 6,501,491
608,227
191,750
Supplies on hand_ 290,817
71,118
86,227
___
Ores&metalsonh'd 5,866,408 1,943,571 Pay-roll labor_
605,198
12,535 Res've for deprec'n 613,013
21,732
Insur. unexpired__
875,925 Reserve for unreAccts. receivable_ 1,446,567
213,162
fined copper tolls 323,310
53,695
207,357
Cash
1,862,988 1,556,941
11,090 Surplus
Miscellaneous_
5
Total dedqctions____$15,542,174 $18,571,438 $19,930,904 $13,258,43
$1,230,444 $1,766,246 $2,454,213 $2,162,396
Surplus for year
As to dividend of 1M % paid April 15 1913 (the first since March 1907),
19,387,029 13,054,646
Total
19,387,029 13,054,646
Total
see remarks above and also V. 96. p. 948.
Co.
Note.-Tho report says: "In 1912 the Associated Transportation
-V.96, p. 1427.
Co.
Oil
with
was
Assaciated
merged
tly
in
1911)
independen
operated
(which
for the two years therefore do not
Combined receipts and disbursements
does not indicate difference in results,
compare. The apparent decrease method
of accounting."
in
change
by
but is largely caused
ASSOCIATED OIL CO BALANCE SHEET DECEMBER 31.
RAILROADS, INCLUDING ELECTRIC ROADS.
1912.
1911.
1911.
1912.
$
LiabilitiesAmerican Cities Co.-Debentures Guaranteed.- 1014.
Assets40,000,000 40,000,000
Capital stock
See New Orleans Railway & Light Co. below.-V.96, p. 1028.
Oil lands & leases_27,875,594 27,063,942. Bonds
15,579,000 15,033,000
Personal property
209,077
138,832
Vouchers,&c
Atlantic Northern & Southern RR.-Re-Sale.---The
& improvern'ts..18,910,305 12,637,396 Accounts payable- 982,745
710,610
at Atlantic, Ia., May 15.
Stocks and bonds_ 9,135,229 16,221,114 Fight
131,191 property was re-sold by Receiverthe
132,116
671,460
748,675
Shaw syndicate, bid $294,000
Sinking fund
The Blakedell syndicate, representing
340,829
352,535
716,534 Interest accrued
for the south end. The
604,870
$120,000
Abeles
Robert
Material & supp
and
line,
entire
for
the
214,945
on purch_
due
Bal.
256,934
1,256,156
The successful bidder, if the
19.
May
on
Cash
116,698 Court was to consider the bids
1,757,356 1,468,748 Def.galn land sales
12 to make good his bid.-V. 96,
June
Bills & accts. roc
until
have
will
is
confirmed,
sale
Int.Exp,
3,718,512 3,097,780 Pan,Pac.
Mdse. on hand
p. 946, 715.
25,000
stock subscrip
175,325
85,205
Deferred assets.- _
119,568
199,576
Boston & Maine RR.-Sale of Notesfor Refunding,
Bond disc., &c__ _ 1,696,471 1,504,422 Miscellaneous.. 4,678,630
2,184,702
453,976 Deprec'n reserve
had sold to J. P.
Due from affil. cos. 1,896,775
6,436,643 5,810,598 Pres. Mellen announced on May 17 that he
533,341 Surplus
Oth.conting.assets. a910,173
GENERAL INVESTMENT NEWS.
Total
68,595,322 64,800,973
Total
68,595,322 64,800,973
a "Other contingent assets" in 1912 include Los Angeles investment,
$227,582; Catch Basin Assn., $22,376; Panama Pacific International Exposition stock, $50,000; due from proprietary cos., $507,450, and prepaid
premiums on marine insurance, $102,765.
INCOME ACCOUNTS OF AFFILIATED COMPANIES.
Sterling- -West Coast Oil- -Calif. Coast Oil1912.
1911.
1912.
1911.
1911.
1912.
$158,175 $484,721 $156,851 $175,113 $240,655
_8144,704
Gross revenue_
Deduct$140.909 $87,131 $41,734 $50,039
Oper., &c., exp. $02,788 $85,034
26,276
26,404
96.521
62,227
38,028
Deprec. reserve _ 38,088
10,408
146,000 161,000
Dividends
$149,358 $214,138 $237,315
Total deduc_$130,876 $123,062 $247,838
sr.$13,828 sr$35,113sr.236,883 sr.$7,493df$39,025 sr.$3,340
Balance
Oilated
-Amalgam
-Calendar Year 1912
Pioneer Salt Lake Arcturus
Year ending Dec. 31
1911. MidwayOil. Oil Co. Oil Co.
1912.
$4,607,652 $4,061,345 $110,275 $618,230 $183,830
Gross revenue
Deduct&c__ $3,704,075 $3,493,915 $54,520 $450,329 $80,310
Operating,&c., exp..
6,319
Interest on notes,
9,522
3,725
8,382
22,192
Taxes
78,578
58,661 120,115
99,611
69,015
Depreciation reserve__
9,700
100,000
131,400
600,000
Dividends
Total deductions___$4,395,282 $3,668,418 $174,635 $689,722 $172,313
sr.3212,370 sr$392,927 df$64,360df$71,492 sr$11,517
Balance
Among the asset of the Amalgamated Oil Co. are stocks owned valued at
in
the bal sheet, incl. all the stock of Salt Lake Oil Co.
shown
as
,
$5,085,396
of the La Habra Water Co.
and of the Arcturus Oil Co. and about 20 shares
The balance sheets of the sub-companies show capitalization (all stocks,
companies
(total), $629,350; and (2)
y
(1)
Proprietar
no bonds) as follows:
affiliated companies, $9,494,880.-V. 96, p.1231.
Morgan & Co.(a)$12,000,000 Boston & Maine RR.6% 1-yr.
and
[coupon]notes dated June 1 1913[par $1,000 and $5,000];
(b) $2,000,000 Connecticut River RR.5% 1-yr. notes of tthe
of
same date. The B.& M.issue provides for the retiremen
1913, and is
the $12,000,000 1-year 4% notes due June 10 &
in
offered at par and int. in N. Y. by J. P. Morgan Co. andR.
Boston by Kidder, Peabody & Co., F. S. Moseley & Co.,
L. Day & Co. and Estabrook & Co. The Boston allotment
($6,000,000) is legal for savings banks in Mass. Practically
the entire amount, it is understood, has been sold.
News Bureau" on May. 19 said:
The "Boston River
5% notes will probably be taken privately and
The Connecticut
to the general impression, these notes
not offered to the public. Contrary
to take up the $2,500,000 which the Boston
are not issued to provide funds
the New Haven at 53 %. That loan
& Maine borrowed on Mar. 31 fromConnecticu
t River notes are, therefore,
will be renewed. The $2,000,000
due the New
equivalent to Just so much new money. The $2,500,000
notes are being received
Haven matures June 2. iThe maturing B. & M.
for the new
payment
in
10,
June
to
int.
and
maturity
par
by the bankers at
96, p. 1421, 1364.
notes at par and
Boston Suburban Electric Cos.-Retirement of Pref.
Stock.-The shareholders authorized on May 22 (1) the cancellation of the 32,387 shares of cum. pref. stock outstanding;
pref. to
(2) the issue of notes in place of same, holders of thefor
their
have the option of taking cash or notes, or both,
stock. Divs. to the amount of $10 00 a share have accumu$4
lated on the pref. stock. The pref. (no par value) bears
a share cum. divs. There are now $1,100,000 coupon notes
outstanding.
1488
THE CHRONICLE
The "Boston News Bureau," May 23, said: "The stockholders authorized an issue of $2,000,000 9-year notes, with interest not exceeding
5%
per annum. These notes are to be issued to retire pref.shares at a price considered reasonable by the trustees. No price will be named, tenders being
accepted upon terms deemed advantageous to the trust. There are 32,387
pref. shares outstanding with a present market value of $2,137,542, taking
the stock at $66 a share.-V.95, p. 817.
[VOL. xcvz.
Receiver's Estimates-Saving, &c.,from Power Plant and Entrance to Marion.
-As Now Over.- -Results of Proposed Construction
Gross Net. less Say. on NetEarn.Saved on Total
Being
Earns. Taxes. Power. Pow.Sold. Track. Net, Abt. 5% on
$33,161 $8,310 $3,000 $1,250 $1,600 $14,100 $280,000
1913
1914
35,482
8,892
3,000
8,000
1,800
21,600
430,000
1915
37,965
9,515
3,000
9,000
2,000
23,500
470,000
1916
40,624 10,182
3,000 10,000
2,200
25,200
500,000
Taking Nov. and Dec. 1912 and Jan. and Feb. 1913, we find the increase
in gross earnings is slightly in excess of 7%, and I therefore take 7% as a
basis on which to work out the future earnings for the property.
to Nov. 1 1911, local option conditions resulted in abnormal travel Prior
from
Marion to Bucurus. During 1912 there was paid to the Marion By.,
& Power Co. about $2,200 for the use of .76 miles of track and power Lt.
for
same.-V.96, P. 1421.
Canadian Pacific Ry.-Offer to 1st M. Bondholders.Baring Bros. & Co. in London have sent a letter to the holders of the outstanding 1st M.5% sterling bonds,due July 1
1915 ($34,998,633 in amount) offering, in behalf of the company,to redeem the same if presented at their office on or before June 25, at £102 per £100 bond, ex the coupons due
Connecticut River RR.-Note Issue.
July 1, payment to be made on July 1. Compare V. 96, p.
See Boston & Maine RR. above.-V. 95. p. 679.
1421; V. 95, p. 889, 1402.
•
Danville Champaign & Decatur Ry. &
Co.Chicago Rock Island & Pacific Ry.-Bonds, Etc.- Incorporated.-This company was incorporated Light
in
on
The $7,500,000 5% bonds of the Railroad Co. which matured or about May 14 with $3,700,000 of auth. cap. Maine
stock in
Sept. 1 1913 will, it is stated, be extended for a period not $100 shares. See V. 96, p. 1422.
over 5 years.
Denver & Salt Lake RR.-Tunnel Construction Approved.
Pres. Mudge says that the company's business is much better than it was
a year ago, but is only equal to that of two years ago, the principal increases -The electors of Denver on May 20 by a 3-to-1 vote ap
being shown by coal and general merdhandise. The stock traffic made
proved the amendment to the charter prov,iding for the apsome gain, but grain fell oft slightly.
pointment of a commission of 3 to investigate the cost of
The company has sold to Brown Bros. & Co. and White, the
proposed James Peak (Moffat) tunnel through the ConWeld & Co. $4,500,000 5% 10-year equipment notes, pay- tinental
Divide to (be constructed by the city) now estimated
able in ten annual installments.-V. 95, p. 1607.
at about $4,500,000, and to take about 2 years to build.
Cincinnati Hamilton & Dayton Ry.-Bonds to Repair Compare Denver N. W.& Pac. Ry., V. 95, p. 1122, 1403.
The company is to pay $1,500,000 in cash (one-third of the cost of conFlood Damage.-The Ohio P. S. Commission has been asked
before any bonds are issued by the city, which must be authorto sanction the issue of $787,000 1st M.5s at 80 to the B.& 0. struction)
ized at another city election. The company will also pay interest on the
city bonds and maintenance, and 1% per annum until the bonds are reRR. in order to repair damage done by the March floods.
tired. The city will own and control the tunnel and approaches
until the
The damage to the physical property of the C. II. & D.In Ohio and Indiana is stated to the Commission as $707,245, of which $629,195 was in Ohio, same is paid for, and reserves the perpetual right to the use of the tunnel
the loss on the Cincinnati-Toledo division, running through Dayton, being for all railroads, to carry water and electricity and to all the mineral rights.
$370.305, on the Indianapolis division $167,000, and on the WellstonIncrease of Stock.-The company has filed notice of inDelphos division $91,890.-V. 96, p. 486.
Cincinnati (0.) Traction Co.-Strike Ends.-The strike
which began May 9, resulting in violence and practically
stopping all the street ear service of the city, ended May 20.
crease of capital stock from $10,000,000 to $35,000,000.
This, it is stated, is done so that when the bonds are sold it will be possible to issue stock as a bonus so as to increase the market abiliV of the secur.
New Director.-George H. Burr of New York has been
elected a director to represent holders of the $4,000,000
Colorado-Utah Construction Co. notes, which were exchanged for bonds of the new company.-V.96, p.1364,1088.
Detroit Toledo & Ironton Ry.-Sale June 28.-The
foreclosure sale of the northern div. (137.6 miles) and the
southern div. (36.12 miles) and leased branch lines (43 m.),
Cleveland & Youngstown (Electric) RR.-New Enter- total 216.72 miles, under the "General Lien & Div. M.,"
advertised for June 28 (not Juno 24) at Detroit.
prise.-Actual construction, it is announced, has begun on isThe
Ohio Southern
having already been foreclosed under the Ohio
this company's proposed 8-mile high-speed, double-track So, Div. 1st. M.,is notDiv.,
included in present sale. (Compare V. 95, P. 1745:
electric railway,which will extend, on private right of way, V. 96, p. 1156). The upset price is $1,650,000.
Sale Confirmed.-Judge Sater in the Federal Court at
from the easterly 'portion of the Shaker Heights district
westward to a terminus within probably 150 yards of the Columbus, 0., on May 23 granted the application to conpublic square in Cleveland, bringing the extensive sec- firm the sale of the Ohio Southern- Div. on April 17 to the
tion now being developed at Shaker Heights within 15 min- reorganization committee.
The receiver opposed the confirmation, claiming that a large price could
utes' running time of the downtown retail district. The
line will enter the city by elevated structure and subway and be obtained upon a re-sale.-V.96, p. 1365, 1228.
Detroit United Ry.-Home Rule Bill Constitutional.is expected to serve as a terminal for a number of interSee "Detroit" in "State and City Department."-V.96, p. 1088, 947.
urban lines (and possibly steam roads), thus relieving the
Evansville Railways.-Purchase.-lleeds were filed on
congestion on the city streets.
The enterprise has been financed by a Cleveland syndicate (having also May 19 transferring to this company the properties of the
Eastern members), headed by W. S. Hayden, Pres. of the Chamber of Evansville 86 Mt. Vernon Electric Ry. Co. and the EvansCommerce, and Otto Miller, of Hayden, Miller & Co., and J. R. Nutt, ville Terminal
Ry. Co.
Secretary of the Cleveland Savings & Trust Co.
The agreement that ended the strike left to arbitrators the question of
wages and the duration of the contract provides that members of the employees' organization shall have the right to submit grievances through
representatives of the organization, and maintains the principle of the open
shop, as follows: "The company shall employ and discipline or discharge
for cause such men as it sees fit, but it shall not now nor in the future discriminate for or against those who are members of the union, nor shall
union men discriminate against non-union men, which the federation
understands to be the principle of the open shop."-V.96, p. 1364, 1156.
The company will also hold the stock of the Owensboro (Ky.) City RR.
The syndicate subscriptions amount to $3,750,000 and there have been
turned over to the syndicate by the projectors of the enterprise assets in the and Henderson (Ky.) Traction Co.-V. 96, p. 1156.
way of land for right-of-way franchises, &c., estimated at $2,250,000.
Hagerstown & Frederick (Electric) Ry.-Mortgage.--The Cleveland & Youngstown RR. Co. has acquired rights from the city
of Cleveland which will be useful to the enterprise. It is believed that the The company has filed its $10,000,000 mtge.to the Baltimore
projected railway can be built within about 18 months from the beginning Trust Co., as trustee. See merger plan (confirmed as prinof work on the subway, next summer.
The line will cross the East 105th St. line of the Cleveland Ry., below ted) in V. 96, p. 1422.
grade, at or near Buckeye Road, thence on an elevated structure to the
Huntingdon & Broad Top Mountain EL & Coal Co.
ICingsbury Run Valley, thence along the valley through the now Kingsbury
Park (for improving which the city has made an appropriation), and diverge -Certificates of Deposit.-The Philadelphia Stock Exchange
from the general route of the Nickel Plate Ry. at a convenient point, and has listed "committee certificates" representing a majority
proceed to the downtown terminus. The present plan is to have the line
enter a subway about a mile in length, extending from a point near the of the capital stock deposited with Drexel & Co. under the
intersection of East 34th St. and the Nickel Plate RR. along Hill and On- agreement dated Jan. 6 1913 and expiring April 11918, viz.:
tario streets to a terminus at or near the intersection of Ontario St. and
Deposited. Total Auth. Outstanding. Par.
Prospect Ave., within 150 yards of the public square. Most of the land
$1,051,000 $2,000,000 $2,000,000 $50
Preferred stock
needed for right of way and terminal has been acquired.
814,000
1,550,000
Common
stock
1,371,750
the
last
during
ten years the city has absorbed an average
50
It is said that
Additionalcertificates will be listed from time to time when issued against
of 2,000 acres of suburban property per year, and that the city's present
annual requirement is nearer 5,000 acres than 2,000. There is said to be additional deposits of the stock. The committee named in the deposit
deposited
shares
in
the
sell
one
right
to
agreement
has the
block at $50 per
no other large tract available for consistent development so near downshare for the pref. and $25 for the common. Compare V. 06, p. 420.own as the Shaker Heights district.
V. 96, p. 1297.
Columbus Marion & Bucyrus (Electric) Ry.-New
International & Great Northern RR.-Application.Company-Plan.----This company was incorporated in Ohio
to the Texas State RR. Commison May 16 with $350,000 stock, in pursuance of the plan The company has applied
for authority to issue $780,000 bonds.
of the committee with which have been deposited all the sion
If the bonds are issued,the proceeds,it is stated, will be used largely to
$500,000 bonds of the old Railroad.
Improve the line between San Antonio and Laredo, for which now and
Committee's Plan, Dated at Troy, N. V.. Apr. 10'13 (Not Yet OPer.).
Proposed Capitalization of New Company.
Capital Stock.-3100,000 to be given to the purchasers of $100,000
1st M.6% gold bonds and $250,000 to holders of present 1st
$350,000
M.5% bonds of the C. M.& B. RR Co
First Mortgage 6120-year gold bonds, red., all or part, on any int.
$100,000
date at 1102),6 0 and int
To be issue as far as necessary to pay receivers certfs. and
Whysall labor claim; receivers', foreclosure, &c., expenses
($30,000), and the Roebling claim ($10,439 in litigation), and
to build a power house and additional trackage if such construction is decided upon. All holders of the present bonds to be
permitted to subscribe for the new bonds in amounts equal to
20% of present holdings, with a bonus of 100% in stock.
General Mortgage gold bonds; interest for the first and second years
at 3%;for the third and fourth years at 4%, thereafter 5% _ -$250,000
To the holders of the present 1st M. bonds who subscribe for their 20%
in the new 1st 6s, there is to be allotted an amount.equal to 50% of their
roresent holdings in these gen. mtge. bonds and 50% in new stock, in each
Instance $250,000 total. The subscribing holder of a $1,000 bond of the
old company would thus receive $200 in new 1st 6s, $500 in stock and $500
in 3-4-5% bonds of the General issue.
This reorganization will require net earnings for the first two years of
$13,500; for the third and fourth years $16,000, and thereafter $18,500.
It is believed that, with the new power house and the new track, the net
earnings will be more than sufficient to meet the interest. The reports
of the receivers for the past year show about $6,000 a year spent for power
and about $2,000 a year spent for trackage rights. The receiver believes
that more than one-half of this can be saved by proposed impts.
Committee: James H. Caldwell, Peter McCarthy, J. J. Tyler, Wells
Campbell, Francis Henderson and James Duane Livingston. Address
care vroy Trust Co.(the depository), Troy. N. Y.
heavier steel was ordered some time ago.-V. 96, p. 653, 62.
International Rys. of Cent. Am.-Listed in London.
The London Stock Exchange has listed the £1,000,000 1st M. 5% 60
year gold bonds of 1912, Nos. A! 1 to 29,000 of £20 and B 1 to 4,200 of £100
each. Compare V. 94, p. 1449; V. 95, p. 480, 544.
Lake Erie Bowling Green & Napoleon RR.-Foreclosure
Suit.-The Union Trust Co. of Detroit instituted foreclosure
proceedings in the U. S. Dist. Court at Detroit on May 17,
the amount due on the 1st M. 5s of 1903 being stated as
$429,500.-V. 94, p. 207.
Laramie Hahn's Peak & Pacific Ry.-1st M. Committee
Calls for Deposits.-The committee of holders of 1st M. 6s
due July 1 1929 ($240,000 outstanding) requests deposits of
these bonds with Old Colony Trust Co., the committee's
depositary, 17 Court Street, Boston, prior to June 1.
The deposit agreement gives the committee the usual rights to protect
the bondholders by suits, &c., borrowing therefor not to exceed $50 per
bond deposited, and also empowers it, if holding a majority of the $240,000
1st M. 6s, to sell the same in a block at not less than 9_5 and int.: (2) to
obtain information concerning the railway company and its relations with
other cos., "especially the Laramie & Roualt County RV. Co., whose property
forms an important part of the railroad operated by the railway company.
(3) To prepare a reorganization plan,subject to 30-days' righter depositors
to withdraw. The agreement will terminate in case, within two years from
April 2511913, the bonds shall not have been sold and the property has
THE CHRONICLE
MAY 24 1913.]
not been foreclosed. The Chairman of thiscommittee is Eugene J. Fabens.
careEdgerly & Crocker,111 Devonshire St., Boston.-V.96, p. 1423, 1365.
doe.Lehigh Valley Transit Co.-Earnings, &c.Gross
April 30
Year- Earnings.
1912-13_._$1,619,395
1911-12_-- 1,411,297
Operating
Expenses.
$692,107
624,849
Net
Earnings.
$927,288
786,448
&c.
$526,905
472409,
Balance,
Surplus.
$400,383
314,039
Construction of Cut-Oft.-E. B. Smith & Co. announce
that rapid progress is being made on the construction of the
14-mile cut-off on the interurban division between Philadelphia and Allentown, which, it is expected, will cut down the
running time considerably.
The construction on the large concrete bridge connecting Allentown and
South Allentown is progressing rapidly and it is expected that the bridge
will be completed this fall. The increases in gross and net earnings as
above were 14.7% and 17.9%, respectively. The increases in gross and
net earnings for the fiscal year ending Nov. 30 1912 (V. 96, p. 355) were
13.6% and 16.6% respectively. The gross earnings for April 1913 were
$124,492, compared with $110,209 for April 1912.-V. 96, p. 1297, 1022.
Bonds.-The shareholders will vote June 12 on a proposition to increase the present indebtedness in connection with
the purchase of the stock of the Easton Consolidated Electric Co. and for other purposes.
The agreement for the purchase of the 30,000 shares of Easton Consolidated Electric Co. stock (compare V. 96, p. 1022) called for the issuance
in payment tlferefor of $30 33 per share in 6% collateral trust bonds, aggregating, if the entire stock issue is acquired, $909.900 of a possible
$1,000,000 issue.-V.96, p. 1297.
1489
pref. stock. See "Annual Reports", V. 96, p. 1014, 1292,
and map in "Electric Ry. Section," issued to-day.
Digest of Letter from Pres. and Gen. Mgr. Hugh McCloskey, May 1.
CapitalizationIssued.
Authorized.
Stock ($10,090,000 Is 5% non-cum. pref.)
$30,000,000 $30,000,000
Underlying bonds
29,353.900
29,353,900
Ref. & Gen. Lien 5% bonds (incl. $29,353,900
reserved to retire "underlying bonds")
3,581,000
50,000,000
Three-year 6% Gold Debentures
See above
4,000,000
These Debentures.-Authorized amount, $4,000,000, of which 82,600.000
are to be issued at once to pay existing construction indebtedness, and to
provide about $1,000000 for new construction during 1913. The remaining $1,500,000 are reserved to meet the anticipated construction requirements of 1914 and 1915. The indenture under which these debentures are
issued forbids during the life of these debentures (1) any new mortgage,
except purchase-money mortgages, unless these debentures be secured
thereby as fully as any obligations issued thereunder; (2) any other indebtedness except for current operating accounts without the written consent
of the holders of two-thirds of the outstanding debentures, except that the
company way issue not over $1,975,000 additional "Ref. & General Lien
5% bonds as collateral for a loan, but may not sell them to the public.
Income Adjusted to Show Amount Applicable to Interest on these Debentures.
Cal. Years1908.
1909.
1912.
1911.
1910.
Gross income_ --$5,876,145 $5,932,647 $6,145,528 $6,379,619 36.669,721
Net, after taxes_$2,104,395 $2,206,842 $2,218,424 $2,375,842 $2,638,162
Int. on fund. debt 1,451,272 1,498,888 1,544,092 1,564,374 1,569,973
Applic.to $150,000
int. on debs___ $653,123 $707,954 $674,332 $811,468 $1,068,189
The company is paying dividends at the rate of 5% per annum on its
pref. stock and in 1912 inaugurated dividends on its common stock.
Business and Property.-Does the entire street railway, gas, electric-light
Lewisburg & Tyrone RR.-Sale June 16.-This prop- and
power business in New Orleans except a small amount of electric
erty is advertised to be sold at trustees' sale at 1519 Chest- business in the business district.
Operates 205.57 miles of electric street
railway (single track equiv.), 636 cars, and electric power stations having
nut St., Phila., June 16.
aggregate capacity of 44.000 h. p. In the year 1912 the electrical output
The sale is pursuant to decree dated Mar. 29 1913 of the Court of Cornmon an
was 80,718,173 k. w. h., and there was distributed 1,002,871,500 cu. ft.
Pleas No.4 of Philadelphia County,Pa.,in the equity suit of John P. Green, of
through 360 miles of mains. Street railway franchises extend for
the mortgage trustee. The Pennsylvania RR. owns all the outstanding 20 gas
years or more, except two minor franchises, which mature in 1917 and
bonds ($489,000 4s dated Oct. 1 1909). The sale includes 84.93 miles 1918;
gas
perpetual under a decision of U. S. Supreme Court,
not
of main line and branches, but does
include the bridge over the Susque- is exclusivefranchise,
until 1925; electric light and power franchises perpetual.
hanna River between Lewisburg and Montandon.
New Orleans.-The largest city and most important commercial port in
Louisville & Nashville RR.-Bonds.-Kissel, Kinni- the Souty, ranking next to N. Y. and Phila. in tonnage of vessels cleared in
trade. Pop. in 1910. 339,075, increase 51.971 or 18%, over 1900.
cutt & Co. and Harris, Forbes & Co. offered publicly on foreign
Guarantor of Debentures.-The American Cities Co.
'
has issued: 6% cum.
Monday, at a price to yield 4.40%, the unsold portion of pref. stock, $20,553,500, and common stock, $16,264,700, together reprea current market value of about $20,000,000. The company has
their block of $4,000,000 Unified Mortgage 4% bonds, senting
no indebtedness other than its collateral trust bonds
auth..
part of an authorized issue of $75,000,0000f which there $10,000,000 outstanding), and its guaranty of these($11,000,000
debentures is the
obligation of this character that it has assumed. Assets over 90% of
are outstanding $61,871,000. (Compare V. 96, p. 716.) only
the total of all outstanding shares of the Birm. (Ala.) Ry., Lt. & P. Co.;
-V. 96, p. 1298.
Memphis St. Ry. Co., Houston Lt. & Power Co., Knoxville Ry.& Lt. Co.,
Rock By. & El. Co. and New Orleans Ry. & Lt. Co. These conManila Electric RR. & Lighting Corp.-Earnings.- Little
trolled properties for the cal. year 1912 showed gross income of $13,878,961,
Gross
Calendar
Net (after
Bond
DiviBalance, net income of $5,699,881, and a surplus after interest charges of $2,531,549.
Earnings.
YearTaxes).
Interest.
dends.
Surplus.
$1,597,674 $873,188 $277,500 (7%)$350,000 $245,688 of which $2,282,594 belonged to the Am.Cities Co.-V.96, p. 1365. 1292.
1912
1,452688
1911
New York Auburn & Lansing RR.-Receivers' Certifi810,850
277,092 (5X)262,500
271,258
surplus
as
the
above.in 1912,$28,250 was deducted for sinking fund
From
reserve and $80,000 for replacements and renewals, leaving $137,488.- cates.-The receivers have been granted permission to issue
$120,000 receivers' certificates to purchase and improve the
V. 96, p. 716.
Massachusetts Northern Rys.-Holdings.-This volun- power plant at the Remington Salt Works.
Of the proceeds $85,000 will be used to purchase the plant and the ratary association recently filed with the Mass. RR. Commis. mainder
for improvements.-V. 96, p. 1022.
a statement of shares in street railway companies owned or
New
York Central & Hudson River RR.-Approved.controlled as follows: Athol & Orange, 4,000 shares; Conn. The P. S.
Commission has authorized the company to guarValley, 4,891 shares; Con. Maynard & Hud. 2,219 shares.
antee
the
payment of the principal and interest of $3,627,In March 1913 the Athol & Orange St. Ry. was authorized by the Com000
50-yr.
stock
in
(common)
bonds to be issued by the Boston & Albany RR.
exchange
mission to issue (1) $185,000
,share for share,
for the capital stock of the Gardner Westminster & Fitchburg St. Ry. and for refunding 4s due Oct. 1 1913(V. 96, p. 946, 651.)-V. 96,
(2) 905 shares of common stock at par and 1,500 shares of 8% cum. pref.
to provide in part for indebtedness incurred in purchase of Templeton St. p. 1424, 1365.
By. On May 3 the name of the Athol & Orange was changed to Northern
N. Y. New Haven & Hartford RR.-Notes.Massachusetts St. Ry. Co. Application is also pending to enable that OmSee Boston & Maine RR. above.
which
Shareholders' Committee Asks Proxies-Will Make Unbiassed
aenuirisiroao
trinff.
0"
3532d92nfdirs
t,(Mk
1
ME,00)
$t2V,00rOeftu
ongelerfn1d3o0:0:1) bonds
due Jan. 1 1915 and $185,000 Gardner Westminster & Fitchburg bonds Investigation.-As a result of conferences
between large
due Feb. 1 1920.-V. 94, P. 351.
of trustees and institutions
Mexico Santa Fe & Perry Trac. Co.-Foreclosure Sale.-• shareholders and representatives
The road was sold at foreclosure sale on May 18 at Mexico, Mo. to holding substantial blocks of stock, the stockholders' comJ. D. Bates, representing a number of directors, for $37,500. The Circuit mittee named below has been formed with George von L.
Court later approved the sale.-V. 96, p. 1229, 1089.
Meyer as Chairman, "for the purpose not only of acting as
Midland Valley RR.-ist M. Bonds Offered.-More than a proxy for the shareholders, but also to bring to bear on the
$4,000,000 of the present issue of $4,500,000 1st M. 30-year present complicated New England railroad situation the un5s dated April 1 1913 having been sold, Harris, Forbes & prejudiced judgment of representative men of affairs not preCo. New York, and Drexel & Co., Philadelphia, are offer- viously concerned in the policy of the management."
ing'
the remainder of the same by adv. on another page at
Digest of Circular Sent by the Committee to the Shareholders.
It is evident from the price of the stock that there is uneasiness on the
92 and int. yielding over 532% income. See particulars,
part of investors regarding the future of this property, although the gross
of Pres.Ingersoll, in last week's "Chron.," p. 1423. earnings are increasing and the assets, according to the report of the Valiwith letter '
datiOn Commission, considerably exceed all liabilities, including the capital
Missouri Kansas & Texas Ry.-Equip. Trusts Sold.- stock.
are of opinion that appropriate action ought to be taken to reWhite, Weld & Co. have purchased and will shortly offer move theWe
apprehensions of investors.
invite the co-operation of the board of directors.
$1,900,000 equipment trust 5% gold notes, dated June 1 WeIt is our intention to
not wish to be understood as expressing at this time any judgment
1913 and maturing $95,000 semi-annually to June 1 1923, as todothe
management. Probably the decline in stock has been due, at
but callable at par and interest on 30 days' notice; Central least in part, to the rapid expansion of the company's activities, and consequent Increases of capitalization and fixed charges. To determine whether
. Y., trustee; denomination $1,000 (c).
Trust
the expansions have been wise requires more idnformation than we believe
Co.,iVeld
& Co. and Brown Bros. & Co. will probably the shareholders possess. The more important question, whether or not
White,
the policy of expansion should be continued, deserves immediate consideraoffer•the notes, subject to approval by the Railroad Commis- tion.
It may well be that a period of rest and consolidation should now
sions on a 53A% basis for delivery June 2.
follow. Equally it may be that the partially completed recent acquisitions
The notes are a direct obligation of the company and are secured on new
standard equipment costing $2,376,000, on which 20% has been paid in
cash. Title remains with the trustee for the notes until the last maturity
has been paid.
The equipment covered consists of: 40 Mikado type freight locomotives,
1,000 30-ton steel underframe box cars, 10 70-ft. steel baggage cars, 5 72-ft.
6-in, steel chair cars, 5 70-ft. steel comb. coach and mail cars, 5 60-ft. steel
postal cars, 3 70-ft. steel comb. baggage and mail cars, 3 steel dining cars.
The surplus earnings of the company after all fixed charges for the 9 mos.
ending Mar. 31 1913 are reported as $2,650,146. The surplus for the past
5 years has averaged $1,108,381 annually. -V.96, p. 1298, 1229.
cannot wisely be treated in this way.
In our opinion it is time that an investigation should be made on behalf
of the stockholders looking to a determination of these vitally important
questions, and that proper steps should be taken to care for the various
interests affected. We have been led to believe that investigation and subsequent action by a committee composed of those who have had no hand
In any of the policies of the company, and who may therefore be unbiassed.
would be useful. Any such action, to be of value, must be the action of
the greater part of the stockholders. Therefore, we request you to sign
and return both the enclosed proxy and agreement to furnish us with additional proxies in the future if the committee find them necessary.
conunittee includes: George von L. Meyer, Chairman' Charles
Nevada County Narrow-Gauge RR.-New President.- F.The
Adams 2d, Philip Dexter, Wilmot R. Evans (Pres. Boston Five Cents
Samuel Naphlay, Vice-Pres, and chief engineer of the Oakland Antioch Savings Bank), James L. Richards (Pres. Mass. Gas Companies), Charles
& Eastern Ry., has been elected President, to succeed Mrs. S. A. Kidder, A.Stone (of Stone & Webster) and Eugene V. R.Thayer (Pres. Merchants'
who resigned.-V. 96, p. 1089.
Nat. Bank), with T. K. Cummins, box 363, Boston, as Secretary and
E. Bockus, care Old Colony Trust Co., Asst. Secretary.] Two or three
New Orleans Railway & Light Co.-Offering of 3-Year C.
additional names will later be added to the committee representing large
6% Debentures, Guaranteed P. ct I.-Bertron, Griscom & Co. New England holdings.
[The agreement will terminate in 18 months from its date, May 20, Or
and E. H. Rollins & Sons are offering at- 99% and int., to earlier,
at the committee's election, and any shareholder may at any time
yield over 6.15%, the unsold portion of the present issue of on 10 days'
notice withdraw from participation therein. No fees or ex$2,500,000 "Three-year 6% Gold Debentures," one-half of penses are to be charged to the shareholder without his consent in writing.]
the issue having been sold abroad.
Iuvestigation.-T. W. Gregory of Austin, Tex., has been
Debentures dated June 1 1913 and due June 1 1916, appointed as special counsel of the Department of Justice
but red. at 101 and int. on any interest date. Principal and to conduct the proposed investigation into the affairs of
Interest (J. & D.) payable in N. Y. or at Hibernia Bank & the company.-V. 96, p. 1424, 1365.
Trust Co., New Orl. trustee. Par $500 and $1,000 e*.
Northwestern Pacific RR.-Completion of Tunnel.- _
Total auth., $4,000,000 (see below). Guaranteed as to
Work was completed this month on the construction of the Island Mountunnel, 4,337 feet, which was begun in May 1911 on the last 43 miles
tain
prin. and int. by endorsement by the American Cities Co., between
Fort Stewart and Laytonville of the San Francisco-Eureka line,
which owns 96% of the company's common and 87% of its to be:completed by the end of 1913.-V. 95. P. 111.
.
1490
THE CHRONICLE
[VoL. xevi.
Mgr., with headquarters at Davenport, Ia., in order to supervise the rapid
Pensacola Mobile & New Orleans RR.—New Mortgage. development
of the electric properties in Iowa.—V. 96. p. 555, 488.
—The company has made a mortgage to the Farmers' Loan
Properties Co. of California.—Mr. Smith's
United
& Trust Co., as trustee, to secure an issue of $350,000 first
Indebtedness.—The committee named last week has requested
M.5% 20-year gold bonds dated Feb. 1 1913.
The bonds are subject to call in any amount on any interest day, Feb. 1 by letter mailed May 14 that the creditors of F. M. Smith
or Aug. 1, at 105 and interest. The mortgage made in 1911 to secure an deposit their notes, claims and securities, including the colauthorized issue of $750,000 bonds will, it is stated, be satisfied of record.
lateral therefor, with the Mercantile Trust Co. of San Fr.
—V. 92. p. 1701.
May 25. The committee says in substance:
Philadelphia Rapid Transit Co.—Sale of Bonds.—Chair- before
The committee designated in the trust deed of F. M. Smith to the Mere.
man E. T. Stotesbury, is quoted: "The plan of finan- Trust Co. of San Fr., dated May 5 1913, primarily to protect his creditors,
after such investigation as they have been able to make, that the
cing as contemplated, provides for the sale of 1, ,500,000 of finds,
properties of many of the companies in which he was a large stockholder
and,in some
5% sinking fund bonds due 1962, with an option to the tran- are of great value, but that they require careful administration
instances, further financing to prevent them from being sacrificed. Any
sit company, extending over a period of 23 years, to re- attempt,
at this time, on the 'Dart of the individual pledge-holders to realize
purchase them, should the company desire to make other upon the securities held by them could not but result in making the securicomparatively worthless, and bring disaster to all concerned.
use of the bonds during the said period."—V. 96, p.863, 654. ties
There is practically no market for these securities at the present time, and,
unless they can be handled as a body, it is not likely that there will be any
Pittsburgh & Shawmut RR.—Notes Due June 1— [adequate]
market for them in the future.
$750,000 to Be Paid—Option to Extend $2,500,000—Offering.
As soon as the success of the plan is assured, interest will be paid to you
on your notes at the rate of 6% per annum; otherwise your notes and col—Of the 83,250,000 Equipment and First Lien Collateral lateral
will be returned to you. In any event, there will be applied upon
Trust 6% gold notes of 1911, due June 1 1913, the company your notes,
while held by the trust company, all dividends or interest which
may be collected on account of the collateral deposited by you, and when
will pay off at maturity $750,000, and has arranged with the' this
collateral
is disposed of, which will be done as rapidly as the committee
Guaranty Trust Co. of N. Y. and Rhoades & Co. to extend can safely do so,
you will each receive all of the proceeds realtzed from the
the remaining $2,500,000 thereof until June 1 1914, with int. collateral so deposited by you, up to the amount of your claim'. of Banks
[National
Bank
Examiner H. N. Morris and Superintendent
as heretofore at 6% per annum, payable J. & D., and with- W.R. Williams advise
creditors to co-operate with the committee, Mr.Morour change in the collateral. See adv. on another page. ris adding: "The assets are of great intrinsic value, and ample, under reaconditions,
to pay all creditors and leave a large surplus."
favorable
sonably
extension
to
the old holders, the
Subject to the option of
Extracts from San Francisco "Chronicle" of May 15, &c.
bankers named are offering the $2,500,000 issue at 9932 and Condensed
Aside from the debts of the corporation in which he was a majority owner,
int., yielding 63/
Smith's personal secured debts amount to $5,500,000. The debts of the
270.
Realty Syndicate [see next week's issue] are over $4,000,000, and Tevis
their notes (to the extent of
$2,500,000
Holders who desire to extend
thereof) are requested to deposit the same (ex June 1 1913 coupons) at the
office of the Guaranty Trust Co. of N. Y. 140 Broadway, N. Y. City, on
or before May 26 1913. When the extended notes, with extension supplement and new coupon sheet attached thereto, are ready for delivery, a
cash payment will be made of $7 50 in respect a each $1,000 note extended.
There will also be purchased at par on June 1 at the Guaranty Trust Co.
any of the notes (ex June 1 1913 coupons) which the holders may prefer
to sell rather than to extend.
The extended notes will be redeemable at the option of the company at
101 and interest, upon the conditions and in the manner set forth in the
ndenture of trust. Par $1.000 c&r. Trustee Guaranty Trukt Co. of
New York. Tax-free in Pennsylvania.
Digest of Letter from Pres. Edwin E. Tait, New York, May 17 1913,
Property.—Owns 120 miles of line of road, extending from Hyde to Freeport, Pa. Construction first class with 85-lb. steel rails, stone ballast,
steel bridges and a ruling grade of.63% northbound,in which direction the
coal traffic moves. This road is operated in conjunction with the Pitts.
Shawmut & Northern RR. Co., a controlled property, the two roads forming a system of approximately 325 miles, comprising the shortest line from
the Pittsburgh district to Central New York,connecting at or near Wayland,
New York, with the Del. Lack. & \V. RR. and at Hornell, N.Y.,with the
Erie RR., thus furnishing a through route from a valuable coal-producing
territory to important manufacturing and commercial centres requiring
large quantities of bituminous coal. The Allegheny River Mining Co. owns
23,000 acres of coal lands along the line of and tributary exclusively to
the Pittsburgh & Shawmut RR. The coal mines already in operation along
the line are now on a productive capacity of over 2,250,000 tons per year.
The value of this coal property is estimated at upwards of $5,500,000.
Securityfor Extended Notes Under Indenture Executed by RR.Co. and Allegheny
River Mining Co.
Pittsburgh & Shawinut RR. Co. 1st M. sinking fund 5s, due
$3,350,000
1959 (part of outstanding issue of $9,552,000)
Allegheny River Mining Co. 1st M.Si, extended to June 1 1914,
1,250,000
closed let M. on property valued at over $5,500,000
Equipment delivered during 1911 (six 100-ton locomotives, 500
steel hopper-bottom coal cars of 50 tons capacity each, and
6 caboose cars), cost
600,00()
Earnings.—The net income for the six months ended March 311913, including the Pittsburgh & Shawmut's equity in the surplus earnings of the
controlled Pittsburgh Shawmut & Northern RR., amounted to $339,142.
or about 150% of the six months' interest requirements for the outstanding
bonds and these extended notes. Work is now under way at several of
the coal properties for the purpose of materially increasing the output.
The market for this coal is assured, and it can be conservatively estimated
that the net income of the company. including its equity in the surplus
earning3 of the Pitts. Shaw. & Nor. RR., for the fiscal year ending June
30 1914 will be $745,762.—V. 96, p. 1425,488.
•
& Hanford assert that he is short on his contract to them31,000 shares of
the pref. stock of the traction companies [which he agreed to bring into the
United Properties Co. combine], or approximately $2,500,000.
The first thing which will be done, according to the spokesman of the
trustees, will be to provide for the Halsey note for $2,500,000 which falls
due June 12, since the collateral attached to it is $3,250,000 of bonds and
stock of the San Francisco-Oakland Terminal Co., amounting to a voting
control of that corporation. While this is a United Properties obligation,
the stock hypothecated coming from that company, the note also carries
Smith's personal indorsement. No difficulty is expected in providing for
this note. (See under "Oakland Rye.", V. 95, p. 544.)
. The trustees also realize that the condition of the Realty Syndicate calls
for their immediate attention, since all of the $1,000,000 of traction securities which came into the possession of this company in Smith's various
borrowings have been hypothecate' and every acre of and mortgaged.
Another claim that stands in the way of further simplification of the tangle
is the $1,150,000 loan negotiated through the Anglo-California Trust Co.,
with the Key Route basin lands as the underlying security. (Compare
Oakland Terminal Co., V. 95, p. 619, 544.) These Key Route basin lands
were a part of the underlying security of the original bonds, for which the
Union Trust Co. was the trustee [meaning, presumkbly, the San Fr.Oakland & San Jose 5s—Ed."Fin.Clunn."]. Smith's idea was to take out
this "seburity, but the Union Trust Co. objected, and finally insisted that
the $1,000,000 secured in this way should be deposited in its keeping, with
the contract that it should be used in filling in the Key Route pier and building the adjacent docks, as originally planned. Hence in reply to the
suggestion that this $1,000,000 should be returned to the Anglo-Cal.Tr.Co..
the attitude of the Union Trust is that this cannot be done.
[It has been learned recently that the Oakland Antioch & Eastern By.
is now one of the subsidiary companies of the United Properties Co.]
See also V. 96, p. 1425.
United Railroads of San Francisco.—Further Municipal Lines.—The Board of Supervisors of the city of San Francisco has decided to submit at a city election to be held about
July 1 a proposition to issue $3,500,000 bonds for the construction and equipment of additional municipal railway
lines, and has also passed a resolution directing that prior
to such construction tenders of sale of existing railway systems be asked from the United Railroads of San Fr., the
Cal. St. Cable Ry. and the Presidio & Ferries Ry. Co. The
extensions are in line with the recommendations of Expert
Arnold and the City Engineer.
For a complete list of the street railway lines which it is proposed the city
Plymouth (Mass.) & Sandwich Street Ry.---Authorized. shall
purchase or acquire out of the proceeds of this,$3,500,000 bond issue,
—The Mass. RR. Commissioners on May 27 authorized the see San Francisco in "State and City Department.'
shares
of
shares
of
common
and
570
1,400
Report
of Bion J. Arnold.—The "Report on the Improveissue
company to
ment and Development of the Transportation Facilities of
6% cumulative preferred stock at $100 per share,
The proceeds of 270 shares of the preferred are to be used to pay floating San Francisdo," submitted to the Mayor and the Board of
debt and that of the remainder of the stock to defray the cost of building
Supervisors of the city of San Francisco by Bion J. Arnold
and equipping extensions of the line.
March last, has been printed, forming a volume of 475
Puget Sound Chelan & Spokane Ry.—Receivership.— in
embracing 57 elaborate tables and 22
Judge Everett Smith on March 16, on application of Alfred Hams, a pages, with exhibits
judgment creditor for $2,375, appointed II. McC. Billingsley receiver.
plates. Condensed excerpts follow:
Transportation Conditions.—San Francisco. differs entirely from most
St. Louis Southwestern Ry.—Merger, t c.—The share- cities
of the East in having achieved its rapid development within the short
faces a still greater growth as a direct
holders of the St. Louis Southwestern Ry. Co. of Texas will space of 60 years. It unquestionably the
climatic conditions are ideal, the
the Panama Canal. While
result
vote June 19 on authorizing the purchase of the property, ruggedoftopography
has resulted in isolation of local districts, which absofranchises, &c., of the.Stephenville North & South Texas lutely requires the construction of tunnels. Only by thus welding together
districts will it be possible to conserve the high street railway earnings
Ry. Co., as recently authorized by the Texas Legislature, these
per capita, with one city, one fare, universal transfers, centralized operaand to assume the payment of all its indebtedness of every tion,
minimum investment and finally municipal ownership if the city's
policy continues to prevail. The inability of this city to secure
character, and to acquire all its outstanding stock. Compare present
utility extensions simply brings into the limelight the fundamental defects
V.96, p. 1090.—V. 96, p. 1229.
of the present situation—complicated franchises, impossible charter provisions, unexercised regulative powers, uncertain stability of investment,
Stockton Terminal & Eastern RR.—$345,000 Bonds.— deferred
rehabilitation of property and curtailment of service.
San Francisco's present problem deals with a metropolitan city of a
California RR. Comm. recently sanctioned the issue of half
-million
and a tributary commuter district of one-third million inhabi$345,000 1st M.6s, partly to be sold and partly for collat.
tants. But the future is of oven greater importance. A careful analysis
Total auth. issue $500,000, dated April 1 1911 and due April 1 1941, but
redeemable at any time in any amount at 110. Par $1,000 and $500.
Int. A. & 0. at Mere. Tr. Co., San Fran., trustee.
The proceeds, it is stated, will be used to extend the railway from its
present terminus in Stockton to Stockton Channel; to improve the line from
Stockton to Bellota; and to extend the railway from Bellota to Jenny Lind,
and for equipment. Organized to extend from Stockton to Jenny Lind in
Calaveras County,about 30 miles; operated since Sept. 1910 from Stockton
to Fine, 15 miles, at first with steam service, now by gasoline motor cars;
ultimately to be operated by electricity. Officers and directors: Pres.,
Jacob Eppler, San Fran.; 1st V.-Pres., Theodore C. Bee, Oakland; 2d
V.-Pres. Geo. W. Broadhurst, Stockton, Sec.; J. E. Adams of Berkeley:
A. Nesbitt, Stockton; Treas., Win. Nicholls Jr., Berkeley; Grover
'
Aud.,J.
Herring and John Svenson, Oakland: and H. N. Clark, Selby.
Incorp. in Cal. Oct. 28 1908. Auth. cap. stock, $600,000 in $100
shares; outstanding $263,900. Office Stockton, Cal.
shows that the growth of San Francisco is now more rapid than ever, and
that a city of one million inhabitants will have to be provided for Within
from 25 to 40 years or less. Compared with other cities, San Francisco
shows the maximum patronage of transit facilities, and, according to the
general law,doubles.w,itsrawa traffic and earnings should quadruple when the
To fulfill this great increase, the necessary investment in surface street
railways alone will be at least 3 to 1-1. e. $3 expended for extensions and
improvement of the property for each el. additional earned. If complete
municipal ownership is not now possible, It will become more and more
impossible in the future unless valuation increases at a faster rate or revenueproducing utilities be removed from the bond limit. If San Francisco were
entirely free from debt, about one-third of its total bonding capacity would
have to be reserved for investment in surface street railways alone upon the
present bond basis.
The city now faces a situation in which the track mileage extensions are
at least six years behind the advance in settlement; the car service capacity
Underground Electric Rys.—Sub. Co.—Securities.—
is inadequate, and to fulfill the demands of the present and future probably
The London Stock Exchange has appointed a special settling day for the 15 miles of track per year will be needed up to 1920, with a corresponding
following securities of the London & Suburban Traction Co., Ltd., viz.: average increase in equipment of 40 to'50 cars per year, to say nothing of
1,411,409 ordinary shares of £1 each, fully paid; 1,018,178 5% cumulative a large amount of rehabilitation work necessary on the present lines.
preference shares of .£1 each, fully paid, and £144,441 43 % 1st M. debenDevelopment of Transit System.—Two plans of transit extensions have
ture stock.—V. 96, p. 1365, 801.
been worked out covering the entire city: (a) complete municipal system,
partially competitive; (b) unified system, non-competitive, designed for
. United Light & Railways Co.—New Officer.—
maximum development of the territory covered with minimum investment.
B. J. Denman (for a number of years consulting engineer and assistant Considering the minimum needs of the immediate future, 72 miles of single
to the President of the Detroit Edison Co.) has been made Assistant Gen. track are involved, costing nearly $6,000,000, exclusive of tunnels. After
MAY 24 1913.]
THE CHRONICLE
about 5 years 50 miles more will be needed, costing, say, $3,820,000. The
question of investment is, therefore, the immediate crux of the problem.
Of the needs of the various districts, those of the l'anama-Pacific Exposition
site are certainly the most pressing; the present service capacity is barely
one-third of that necessary.
While extensive rapid transit by means of subways appears to be hardly
warranted under present conditions in San Francisco, certain lines of development are clearly logical—lst, the Twin Peaks tunnel; 2d, joint development and usage by the city and Southern Pacific Co. of the latter's old
right of way through the Mission and Bernal Cut as a new southern outlet'
also joint use of Ocean Shore right of way; 3d, four-track subway the full
length of Market St. connecting with the Twin Peaks tunnel; 4th Mission
subway branch; another branch into the Western Addition and Richmond.
San Francisco is to-day bottled up as is no other large city, with only one
direct outlet (through the Mission) other than those provided at great expense by private capital.
Transit Procedure.—The demands for a new water supply and the refusal
of the voters to justify further bonding for revenue-producing utilities
place the city in no position to undertake the heavy investment in transit
facilities now necessary. The company is distinctly embarrassed in the
raising of new capital for extensions by the limitation of its earning power
to a very short franchise term through the restrictions imposed under the
present charter and the city's declared policy of municipal ownership,
while, owing to charter provisions, approximately $8,000,000 authorized
securities are now unavailable which might be released for extensions under
more reasonable conditions of investment. Considering, in addition, that
a funded debt of probably $27,000,000 will remain at maturities and
with complete liquidation out of earnings practically impossible, there are
no reasonable alternatives available to the company except a radical reduction in capitalization, a re-settlement franchise on the indeterminate
profit-sharing basis, or both.
'rhe "Chicago plan" (V. 84, p. 1123) seems by far the most practical,
providing for the purchase of the property by the city at any time upon an
agreed basis, a safe return on underlying bonds practically guaranteed to
the company and a substantial share in the residual profits to the city. In
effect, this plan when so perfected rapidly purges the investment of all
intangible value during the first franchise period, and delivers the complete
property with all extensions into the hands of the city at the end of the second period at practically half price. Or, the city s share, if allowed to
compound, will automatically recapture the entire property unaided within
perhaps 30 years. But to accomplish these results, charter revision along
the lines of Amendment 34 is imperative.
Status of United Railroads of San Fr.—The property is found to be inherently stable from an operating standpoint, to have exceptionally high
earning capacity, even under the high cost of operation in San Francisco,
to be efficiently maintained as regards equipment, but low in maintenance
of way and structures, and to enjoy a high average fare with only moderate
dilution from transfers. Wages are higher than in other large cities, but
the tax burden is comparatively light, and the city's share inconsiderable.
Since the consolidation the drain upon net earnings due to increased fixed
charges has made dividends upon preferred or common stock practically
impossible, at the same time assigning proper cash reserves to depreciation, renewals and sinking fund for the amortization ofoutstanding liabilities:
and, to all appearances, approximately $27,000,000 funded debt will remain
unsatisfied at maturities. In other words, considering the entire bonded
debt, a maximum of about $13,000,000 will be retired by sinking funds at
the various maturities as near as can now be estimated, leaving $27,000,000
unprovided for (unless in the meantime some agreement be reached with the
city, enabling refinancing on a reasonable basis—Ed.).
About 70 miles of single track and 23 miles of paving (along good track)
represents the magnitude of rehabilitation work that must be undertaken
in the near future, of which over half is urgent. Of the equipment, 40%
is either inadequate for downtown service or requires rebuilding into modern
prepayment cars. A good record of improved maintenance of equipment
appears during the last three or four years, but track maintenance has been
seriously neglected. As a result of the transfer of power generation to
an affiliated company (the Sierra & San Francisco Power Co.), the conditions of power supply have greatly improved within the last three years,
and this with a moderate power rate.
The railway corporation is in unquestionable possession of the bestpaying city streets for a long term of years, during which time it will be
able to earn out of the property nearly three times its present liberal capitalization, provided, of course, that in the meantime it renders adequate
service over its lines now established. Being in possession of the shorthaul and most profitable lines, it will be in a better and better position as
time goes on to earn large returns, for the reason that the city has no power
to compel extensions; consequently the poor-paying extensions will either
have to be borne by the municipal system or else the development of the
city grossly retarded. The corporation, on the other hand, is beginning
to experience the pressure of regulation and supervision, both from the
municipality and the State, and, owing to a loss in earnings of approximately $5,000,000 from the fire and strike, it finds itself in a financial position not contemplated at the time of its organization.
Some of the franchises have already expired, such as the Richmond section of California St. line. The Presidio & Ferries RR. Co.'s line reverts to the city in 1913, giving it a most important feeder to Harbor View
and the Exposition and the key to the only important diagonal thoroughfare
of the city other than Market St.—Columbus Ave. The remaining important franchises begin to expire in 1929 (company says 1932—Ed.),
when 60% of the mileage (Market St. Thy.) and at least 66% of the earning
capacity revert to the city. I strongly recommend that in the re-settlement
the city and the company agree upon some basis to waive the franchise
problems of the past and clear the streets of all unused and unnecessary
franchises, including those which are being operated simply to hold the
franchise against a possible competitor.
Proposed Charter Amendment No. 34.—The indeterminate form of franchise is suggested, subject to the maximum term under State law-25 years
—but with conditions properly protecting the integrity of the underlying
investment up to the time of recapture by the city through purchase or
automatic amortization of debt. While incorporating all of the desirable
features of the Chicago profit-sharing franchise [assuring the city 55% of
the net income after operating expenses and bond interest have been paid],
this plan distinctly improves thereon by enforcing decapitalization—lst, of
all intangible values, and, 2d, of half of the tangible property. • The city
could thus automatically recapture the property, and the impossible condition that private capitalshould retire its entire investment within the period
of 25 years would be rectified by the recognition of a continuing invest-mont, thus protecting new capital. By thus strengthening the basic financial conditions, private investment would be encouraged and municipal
ownership would 'become a practical possibility.
Prediction of Street Railway Gross Earnings in San Francisco.
[Based on mathematical law of growth, starting with earnings in 1910.1
1920.
1913.
1930.
1940.
1950.
Earnings___$8,930,000 $13,100,000 $20,800,000 $30,000,000 $41,000,000
23.48
19.53
28.80
cap.
Earns.per
33.00
36.57
558,000
457,000
722,000
Population_
009,000
1,121,000
—V. 96. p. 1299, 137.
Wheeling (W. Va.) Traction Co.—New Bonds.—The
shareholders on May 17 authorized anew $10,000,000 mortgage to provide for refunding the present $2,500,000 bonds
and for extensions and additions.—V. 95, p. 892.
1491
which hastaken over and is
operating all the properties formerly owned
by the Ala.Consol. Coal & Iron Co. None of the expenses of this important
litigation and the subsequent negotiations were charged against the bondholders. but have either been met by us or by others by agreement with us.
The Alabama Company, besides recognizing and assutning your bonds,
will shortly issue the following securities (V. 95. P. 1685). au of which are
subject to them, viz.:
Mortgage bonds
$1,500,000
$1,000,00012d pref. stock, 7%
1st pref. stock,7% cum__
2,000,000
600,000 I Common stock
Of the $406,000 of old 6% bonds, $39,000 were on May 1 acquired by us
as trustee of the 1st Consol. 5% bonds, through the sinking fund. These
6% underlying bonds are the only securities ranking ahead of your 5%
bonds. Of the 1st Consol. 5% bonds, there are now outstanding only $1,663,000. The sinking fund on these bonds has been paid up in full to date,
and all matured coupons have already been paid—those in arrears having
been paid with 6% interest.—V. 96, p. 1425. 1366.
Algoma Central Terminals, Ltd.—Listed in London.—
The London Stock Exchange has listed scrip, fully paid, for the recent
issue of £527,300 1st M. 5% bonds, making the total listed /1,027,300
bonds and scrip. Compare V. 96, p. 1020,651.
American Gas Co., Philadelphia.—New Director.—
Morris W. Stroud Jr. has been elected a director to suceoed M.Edmund
Penfold, who resigned.—V. 96, p. 1230, 717.
American Naval Stores Co.—Factors' fovement.—
Naval stores factors of Savannah, Jacksonville and Pensacola, representing 65 to 75% of the entire production, at a meeting on May 6 perfected the
formulation of a "pool" whereby the old form of marketing rosins, which
was in vogue over 20 years ago, will again be put into effect. This is done
to overcome the demoralizing condition caused by the recent suspension of
the American Naval Stores Co. A selling agent will be appointed shortly
for each port, to whom purchasers will apply for their requirements. It is
expected to take about a year to put the new system in good working order.
—V. 96. p. 1300. 1231.
American Public Service Co., Philadelphia.—Bonds.—
N. W. Halsey & Co. have prepared a circular regarding the
"FirstLien6%gold bonds" of this new publio utility holding
company. Dated Dec. 1 1912 and due Dec. 1 1942, but
redeem. at 105 on any int. date. Par (c*) $1,000 and $500;
(r*) $1,000 and multiples. Int. J. & D. in N. Y. Trustee,
New York Trust Co. Outstanding, $1,054,000.
Digest of Advance Statement from Operating Managers, Phila.
deiphia, May 1913.
Organisation.—Incorp. Oct. 11 1912 in Delaware, and acquired the entire
capital stocks and all the bonds of divers public utility operating companies variously engaged, without competition, in supplying electricity for
lighting, heating, power and street railway operation, the manufacture
and sale of gas and ice, in street railway operation and the sale of water
in rapidly growing cities in North-Central and Eastern Texas and Eastern
Oklahoma. Population served, about 40,000—inc. 1900 to 1910, 80%.
Capitalization—
Authorised. Outstanding.
Common stock
$15,000,000 $1,485,400
Preferred stock, 7% cumulative
10,000,000
332,500
First lien 6s, due 1942, covering all stocks and
bonds owned (this issue)
$1,054,000
Further First Lien bonds may be issued at 85% of cash cost of(a)improvements, extensions or additions (b) additional properties, but not to exceed
85% of replacement value (except for $500,000 thereof), and nob unless
annual net earnings are 1% times the annual charges on all underlying
securities (not pledged under the mortgage) and all bonds of this issue
then outstanding or about to be issued.
Properties.—All the electric-light and power and ice properties in Abilene and Marshall, Tex. and Hugo and Okmulgee, Okla., the waterworks and gas properties
'in Abilene, and the electric street railway in
Marshall. Four power plants in good condition, total generating capacity,
3,000 h.p.; 87 miles of power and light-distributing pole lines. Gas
plant, annual output 10,000,000 cu.ft., with 12M miles of mains and 435
meters. Water-works system: 80 acres of land and 400.000,000-gal. reservoir, from which is pumped 16,946,900 gals. per month through 8S miles
of mains. Combined daily ice-manufacturing capacity, 163 tons. Total
estimate(t replacement value (without including franchises and good-will),
$1,217,402 (against present bonded debt of the company, $1,054,000).
The company covenants to pay to the trustee or to expend for extensions,
betterments, additions or new property (for which no bonds may be issued)
an amount ranging from 1% on Jan. 1 1916 to 2% on Jan. 1 1918, and
annually thereafter, of the first lien bonds outstanding.
Franchises.—Gas and electric franchises are either practically co-extensive with or extend beyond the life of these bonds. The street railway
franchise expires in 1933, but the granting within a few monthsrof a now
franchise expiring in 1943 is believed to be assured. All are satisfactory
and free from burdensome restrictions.
City Statistics—
Bank Deposits. Post-Office Receipts.
Abilene (pop. 1910, 9,204; inc.
since 1900, 170%)
$1,202,000 1900. $10,163; 1911,$31,046
Marshall (pop. 1910, 11.452;
Monthly pay-roll, $250,000)
1,735,000 1906. 17,622; 1912, 26,321
Okmulgee (In important oil district-1,000 wells)
976,000 1907, 5,241; '12(es)15,275
Hugo (Co. seat of Choctaw Co.)_
814,000 1908, 8,279;19i2, 15,921
Abilene has an annual wholesale and mfg. business of over $8,000,000.
Earnings for Calendar Year 1912 and 12 Months ending Ma
1gir2. 31
March
19
119
21_31.
3.
Gross earnings
Net earnings (after taxes)
Int. for full year on $1,054,000 first lien 6% bonds
$316,079 $319.467
$114.761 $121,599
63,240
Balance, available for depreciation, dividends, &c
$58,359
After careful investigation and calculation, H.E. Mole, examining engineer, estimates that the net earnings for the cal. year 1913 will be over
double interest charges on bonds now outstanding on these properties and
those to be issued during 1913 for improvements.—V. 95, p. 1474.
American Strawboard Co.—Securities.—The shareholders voted May 22 (1) to reduce the capital stock from
$6,000,000 to $3,000,000, (2) to authorize $1,000,000 6%
25-year debentures to provide adequate working capital and
liquidate floating debt (see V. 96, p. 1300).
The reduction in the stock is made in order that "the capital of this company may be commensurate with its assets and reasonable earning power."
The decrease is to be accomplished by the surrender of the outstanding
shares and the issue to all stockholders "of shares of stock of one-half or par
value of the stock so surrendered."
Distribution to Holders of United Box Board Collateral 6s.—
The holders of certificates of deposit of the First-Second National Bank
of Akron, representing 6% gold collateral trust bonds of the United Box
Board & Paper Co., deposited with 0. C. Barber, C. H. Palmer and L. D.
Brown as a committee, under agreement of Dec.2 1912, at a recent meeting
voted: Inasmuch as the amount necessary to reimburse the committee
cannot now be definitely ascertained, in view of certain claims made by
INDUSTRIAL, GAS AND MISCELLANEOUS.
the alleged owners of 16 of said bonds, and inasmuch as the proceedings for
collection of the deficiency decree have not been terminated, that
Alabama Company.—Status of First Consol. M. 5% the(1)
The committee shall retain ail of the 46.280 shares of the company's
Bonds of Alabama Consol. Coal c• Iron Co.—The Baltimore capital
stock acquired by it (V. 96, p. 556) until June 15 1913. and shall
Trust Co., as successor trustee under the mortgage securing vote all of said shares at the meeting of May 22 in favor of decreasing the
stock of the company from $6,000,001 to $3,000,000, and the issuthese bonds, makes substantially the following statement in capital
ance of $1,000.000 bonds.
connection with the resumption of interest payments thereon:
(2) The committee may reserve 10,000 shares of the stock to provide for
On May 1 1912 the Alabama Cons. Coal & Iron Co. defaulted on the any expenses not provided for as hereinafter provided, said stock if necescoupon then due on these bonds, and shortly thereafter a suit was brought sary to be sold, or otherwise disposed cf, or. if not so required, to be disby the company and Joseph H. Headley, attacking, among other things, tributed among the depositors.
(3) All depositors shall pay the committee for its expenses $30 per $1,000
the validity of said 1st consols. This suit was decided in our favor on every
point: and after nearly a year of work, negotiations with the shareholders' bond deposited, and upon such payment the committee shall issue to such
committee have culminated in the complete recognition, and the uncondi- depositor capital stock (when reduced as aforesaid) at the rate of 16 shares
tional surrender of your bonds by the Alabama Company, the corporation for each $1,000 bond.
1492
THE CHRONICLE
(4) The committee may sell sufficient of the stock allotted to any depositor who shall fall to pay said $30 per bond, to cover the same.
(5) The committee may sell the remaining 73 shares of stock to the highest bidder and apply the proceeds to its expenses.
Deficiency Suit in Federal Court.—
[VOL. xcvi.
Continental Oil Co. (of Colorado).—Notice.—
The company in a circular letter asks shareholders of the Iowa company
promptly to forward their stock to Secretary C. E. Strong, Denver, Colo.,
in order to effect the exchange of the old for the new shares in the ratio of
ten shares of the new for one of the old.—V. 96. p. 1158. 1091.
The American Straw Board Co. has filed a suit in the Federal Court at
Corn Products Refining Co.—Suit.—
Chicago against the United Box Board Co. to recover over $1,000,000 for
A suit was filed in the U. S. District Court on May 16 by Stein & Wittlin
losses alleged to have been sustained by the stockholders whose stock was for triple damages ($150,000) under the provisions of the Sherman law
deposited under the Collateral Trust Mortgage of the Box Board Co. The alleged to have been sustained through a combination and conspiracy to
bill says: The loss sustained on the bonds held by the depositing stock- monopolize the trade and commerce in the city of Buffalo, N. Y.,and
holders aggregated $915 41 on each $1,000 bond, as follows: par value of vicinity and Western N. Y.in gluten feed. The complainants, it is stated,
bond, $1,000; interest July 1911 coupon, $30; interest July 1911 coupon In 1910 purchased 20 carloads of gluten feed from the defendants, who reto Jan. 81913,$91 67; total, $1,121 67;less credit through sale of collateral, fused to ship them to points designated by them because the defendants
$20626. leaving $91541.
had dealers handling the material in those localities. Ten carloads, it is
The stockholders' protective committee in its circular says: "In addi- said, were shipped to Buffalo, causing great expense to the complainants,
tion to the assessment it will be necessary to retain a portion of the stock and the remainder it was refused to ship.—V. 96, p. 788, 718.
In the committee's possession to protect them in the matter of future expenditures in litigating the deficiency suit and in settlement of other pendDominion Steel Corporation.—Pref. Stock.—Speyer
ing matters, and to this end it is necessary to retain 10,000 shares out of
Bros. London, are understood to be placing an additional
the 46,280 shares now in their possession.' —V.96, p. 1300. 656.
Bethlehem Steel Corporation.—Guaranteed Bonds
See Titusville & Forge Co. below.—V. 96, p. 1366, 1300.
Bush Terminal Co.—Bill Signed.—
Governor Sulzer on May 15 signed the Cullen bill vesting in the Board
of Estimate the charge and direction of terminal water front improvements
in this city to be carried out by the Commissioner of Docks and Ferries.
The bill is designed especially to provide for the long-contemplated South
Brooklyn water front improvement. Under the new law the Board may
buy or lease water front property and construct the warehouses, railways
and other works. All of the plans, whether made by the city or other
parties, are to be under the control of the Board. The powers granted to
the Board are very broad and provide for practically every possible contingency. Should the city lease the property, the term of the leases is not
to exceed 25 years with privilege of renewal.
Another Cullen bill before the Governor removes the restrictions against
the ownership of stock by railroads and express companies in terminal companies in this city. This is to provide a means for the railroads and express companies using the terminal to form terminal companies to operate
the improvements provided by the city.—V. 96, p. 1226, 1090.
California-Oregon Power Co,—Injunction.—
Judge Bean in the U.S. District Court has granted an injunction against
the city of Grant's Pass, Ore., restraining the city from enforcing an ordinance reducing the rate for electricity. It is held that when a public utility
has filed its schedule of rates as required by the law, such schedule fixes
the only rates which it may lawfully charge or collect until they are changed
in the manner provided by the law, and that after such schedule has been
filed the power of a municipal corporation to change or modify the rates
therein stated no longer exists, because it is inconsistent with the provision
of the Utility Act and the obligations and liabilities of public-service corporations thereunder. If the rates in the schedule filed by the company
are unreasonable or unjust, the city, it is stated, has a remedy by proceedings before the Commission, but it cannot prescribe other rates by ordinance and punish the plaintiff or its officers for a failure to observe them.
—V.94, p. 1121.
Canadian Western Lumber Co., Lt.—Listed in London.
$2,500,000 6% cumulative preferred stock, making the amt.
of pref. stock outstanding $9,500,000. See offering of first
$7,000,000 in April 1912 at 923/i in V. 94, p. 1319.—V. 94,
p. 1624.
Drummond Canal & Water Co.—Coupon Payment.—
The coupon due July 1 1907 on the first M. bonds will be paid at the
office of Alexander Brown & Sons. Baltimore. on June 2.
Ecuadorian Corporation, Ltd.—/V ew Enterprise.—This
company was organized in England last month, with an
auth. capital of £500,000 and £500,0006% First Debentures,
of which,respectively,£342,714 and £337,500 were issued and
subscribed by large banking interests in France, England
and United States.
The company is taking control of various large enterprises in Ecuador
and is expected to fulfil in that country a function somewhat similar to that
of the Peruvian Corporation in Peru. It is understood that the uncertain
policy of the new Administration at Washington with respect to Central
.American matters has led the company to organize under English laws.
although American interests are represented in it for about one-third.
Directors: Prince Poniatowski (Chairman), representing French interests; Chas. Spofford of this city, representing American interests; Andrew
Weir, shipowner, and B. Newgass, banker, in London, representing
Scotch and English interests, and S. II. Lever, a director of the Guayaquil & Quito Ry.
Empire District Electric Co.—Listed in London.—
The London Stock Exchange on or about April 20 listed the $2,921,000
1st M.5s. On May 15 the Kansas P. U. Commission sanctioned the issue
of $220,000 additional bonds for improvements. The Spring River Power
Co. (stock mostly owned) on the same day received authority to issue
$8,000 bonds of an issue of $1,500,000. Compare V. 87, p. 100, and see
V. 94, p. 1319, 1386.
Fairmount Coal & Coke Co., Phila.—Overdue Coupon.—
The London Stock Exchange recently listed a further £250,000 1st M.
Treasurer James Fahnestock May 1 announced that coupon No.37, due
5% debenture stock, making the total listed £1,635,840 out a £2,000,000 June 1 1908, from the ($550,000) 1st M. would be paid on presentation
authorized (V. 90, p. 1427).—V. 92, p. 1112.
at Farmers' Loan & Trust Co., New York.—V. 96, p. 422.
Federal Telephone & Telegraph Co., Buffalo.—Bonds.
Colorado Fuel & Iron Co., Denver.—Colo. Industrial
The P.S. Commission has been asked to sanction the issuing of $1,000,000
1st M.5s to be Made a Direct 1st M. on All Real Estate—Can- bonds
for refunding underlying bonds, etc.—V. 96, p. 1159.
cellation of Debentures Deposited to Secure Them—All Lands
Fore River Shipbuilding Corporation.—New Co.—
to be Owned by Parent Co.—In order to effect (a) the cancelThis company was incorp. in Mass. on May 17 with $1,000,000 of auth.
lation and cremation of $14,067,000 of the Colorado Fuel & cap. stock in $100
shares (all to be owned by the Bethlehem Steel Co.),
as successor of the Fore River Shipbuilding Co. In order to provide workIron Co. debenture bonds now held by the N. Y. Trust Co., ing
capital, &c. the new corporation will issue $750,000 20-year 1st M.
as trustee under the Colorado Industrial Co. mortgage of 5% bonds, to be guaranteed p. & i. by Beth. Steel Co. per plan in V.
Aug. 1 1904;(b) the elimination of the danger of double taxa- 96, p. 1301. 1293.
tion, and (c) the simplification of records and reports, the
Four States Coal & Coke Co. (of W. Va.), Pittsburgh,
shareholders will vote June 17 on—
Pa.—Notes.—The company, having sold $600,000, is
Transferring temporarily all the real estate of the company to the Coloat par and int. the remainder of the $1,000,000,
rado Industrial Co. for and upon (a) the consideration of $14,067,000 de- offering
bentures of the Colo. Fuel & Iron Co. outstanding; (b) the condition that 6% General M. secured gold notes (convertible, $ for $,
the Colo. Industrial Co. shall execute a supplemental mortgage upon said into pref. stock with a bonus of common stock—see below),
real estate to the N. Y. Trust Co. for the further security of the bonds secured by a mortgage executed by the Colo. Industrial Co., bearing date dated April 1 1913 and due annually on April 1: $100,000 in
Aug. 1 1904, which said bonds have heretofore been guaranteed by the 1914, $200,000 in 1915, $200,000 in 1916, $250,000 in 1917,
Colo. Fuel & Iron Co.; (c) the further condition that after such supplemental mortgage has been executed the Colo. Industrial Co. shall transfer and $250,000 in 1918, but redeemable on any int. day at 102
to the Colo. Fuel & Iron Co. the said real estate transferred to the Colo. and int. on 30 days' notice. Par $1,000. Prin. and int.
Industrial Co. and all other real estate held by the Cob.'Industrial Co.,
Including its iron ore lands in Wyoming and coal lands in Colorado, but sub- (A. & 0.) at Union Trust Co., Pittsburgh, trustee.
ject to the mortgages existing against said property.
The plan creates no additional obligation, financial or
otherwise, against either company.—V. 96, p. 1426, 491.
Consolidated Gas Co. of N. Y.—Application Granted.—
The P. S. Commission, by a vote of 3 to 2, on May 20 granted the application made in Jan. 1912 to purchase the stock ($1,250,000 each of pref. and
corn. stock) of the N. Y. & Queens Elec. Lt. & Pow. Co:(all of which has
been acquired); also of the N. Y. & Queens Gas Co.($600,000), upon condition that the minority stockholders receive the same price as the controlling interest already acquired (this being the average price at which the stock
has been sold during the past year).
Report.—See "Annual Reports" on a preceding page.—
V. 96, p. 1366, 718.
Consolidated Gas, Electric Light & Power Co. of
Baltimore.—Offered in London.—The portion of the issue
of £700,000 5% consol. mtge. debenture stock not taken by
the shareholders at 96 was offered in London, May 5 to 7,
at the same price through the London Joint Stock Bank.
The following additional particulars are furnished in the
English advertisement:
Condensed Official Circular Issued in April 1913[(Compare V.96,p 283).
Secured by general mortgage (Union Trust Co.of Pittsburgh,trustee) on
all the properties of the above company, located in Marion and Raleigh
counties, W. Va.. Dr. I. C. White, State Geologist of W. Va., states that
after charging off the cost of all shafts, openings and main entries, and
deducting 50% from the cost of equipment, houses, power plant, &c., that
a conservative valuation would be 39,125,000. W. 11. Coverdale, author
ity on coal properties, states that a sound value, after full depreciation is
charged off to date, is $10,185,000. John W. Boileau of Pittsburgh states
that the depreciation charges of the above parties are rather severe for a
new property; he places an estimate of over $11,000,000 on all properties
and equipment. The equity in the property as security for this issue of
,
0
0u
00
t3
.
tanding.
$1,000,000 notes, at a conservative figure, is
in excess
An
oth
Authorized.
f
Outstanding.
Capital Stock—
$2,500,000 $1,500,000
Prof. stock 6% cum.($1,000,000 in treasury)
-assessable)
5,000,000
5,000,000
Common stock (full paid, non
There were issued $3,500,000 1st M.[5% and 5%i bonds on this property, due 1930; $100,000 have been retired to date by the sinking fund of
Sc. per ton; $2,900,000 will still be outstanding after the above notes have
been retired, in five years (V. 92, p. 1639).
There has been placed in the hands of the trustee for the holders of the
convertible notes 3,000 shares ($300,000) of the common stock, par $100 per
share; for delivery in addition to 100% pref. stock to any converting
note-holders, upon the following basis: On each note converted during the
year ending Mar. 31 1914-3 shares, or $300; year 1914-15-234 shares.
year 1915-16-2 shares; year 1916-17-13 shares; year 1917-18-1 share.
The company enjoys a broad market. A large part of its production is
shipped to the New England States for gas coal. The properties are located
advantageously on the B. & 0. and Ches. & Ohio, for shipments both east
and west. A large tonnage is shipped annually to European ports for gas
companies. The above railroads have spent about 32,000,000 to place
their roads in condition to transport over 2,000,000 tons annually from these
properties. Although the property was under development up to the first
of this year, the mines produced in the 22 months up to July 1 1912 1.400,on a normal basis of
000 tons at a net profit of $376,000. Now working
1,500,000 tons per annum and the management expects to increase this to
about
of
$400,000. Directly
expenditure
the
2,000.000 tons per year, with
managed by the Jones interests, who are recognized as producers of large
tonnage of coal on a very economical basis. with record of over 30 years.
Annual Earnings Estimated by Wm. C. Lynne, Sons & Co.. Pittsburgh.
April 1 1913, Based on Normal Output of 1,500,000 Tons, and Same
Cost of Production as in 22 Mos. ending July 311912.
Net profits 1,500,000 tons ©41.86c. (price of Doc. 1912 contrasting with average of 28c. for 22 mos. ending July 31 1912)- $627.900
Deduct—Interest on bonds [$1,900,000 6s and $1,500,7
$177,500
000 5301
60,000
Interest on these notes
90,000 327,500
Dividend on $1,500,000 preferred stock
There will be deposited with the Fidelity Trust Co. of Baltimore as collateral security for the consol. mtge. debenture stock $3,500,000 4%
general mtge. 30-year gold bonds of the Consol. Gas, El. Lt.& Power Co.
The debenture stock forms part of an issue of stock and bonds limited
to $60,000,000, of which $5,000,000 may be issued at any time for general
purposes and the remainder as follows: (a) To retire prior bonds of the
company and of certain subsidiary companies, aggregating $37,828,000,
including $3,500,000 of bonds to be deposited as collateral for the present
issue, and (b) to pay for improvements or extensions or additions (including
securities and shares of other companies), but the amount to be at any time
outstanding under this clause is not to exceed 50% of the share capital paid
up in full.
Secured by a trust deed as a charge upon all property and assets,present
and future, subject only to prior bonds aggregating $28,929,000, incl.
$3,500,000 of bonds to be deposited as collateral for the present issue and
to the outstanding issue of pref. stock. Until the whole of the pref. stock
hasIbeen redeemed either by an issue of common stock or other securities
ranking behind the debenture stock, no stock or bonds of the present issue
shall be issued until there has been deposited with the trustees as collateral
a like par value of prior bonds of the company or subsidiary cos. having a
lien ahead of that of the pref. stock, or unless the net proceeds of such issue
are held by the trustee pending the receipt of such collateral bonds.
peAfter paying all fixed charges, the surplus income for the year ending
June 30 1913, estimated on the results for the 9 months to March 31 1913
Est. surp. after int. on bonds and notes and divs. on pref. stock $300400
will exceed £350.000. A full year's interest on the £700,000 stock requires Condensed Statement by Pres. David G. Jones, Pittsburgh, April 5.
Embraces: (a) Annabelle property, located on the 13. & 0. RR. at Annaonly £35,000. See also V.96. p. 1232, 1300. 1366,
MAY 24 1913.]
THE CHRONICLE
1493
4
best-grade
belle, Marion County, W. Va., and including 6359.70 acres
the modern
Pittsburgh low-sulphur-gas coal (Annabelle Mine), with
both East
markets
coal,
of
tons
64,621,114
contents,
estimated
equipment;
Dorothy and
and West; also 666 acres of surface for town-site, &c. (b)8,179.87
acres
Santa Mines at Dorothy, W.Va., on Ches.& Ohio Ry.. with
ofsurface lands and 31,454 acres of workable coal seams. Total at Dorothy
258.900,565
and Annabelle, 37,814 acres of workable coal seams, containing
mining
tons of coal, based on 80% recovery-under the modern system of W.
Va.
used at these plants, more than 300,000,000 tons. Dr.I. C. White.,further
State Geologist [whose estimates of coal contents are shown above)
producing
of
capable
are
are
and
for
equipped
properties
these
that
states
figur2,500,000 tons of coal per annum, or, allowing for contingencies, and
With this producing on 60% operating time, 1,500,000 tons per annum. by
certified
public
on
shown
as
prices,
based
former
cost
present
tion, at
accountants, these properties should earn nearly three times the interest on
the funded debt. With the installation of an additional mine from the procoeds of the sale of the notes, the earnings of the properties should exceed
$900,000 per year, or nearly time times the total charges against the properties,including dividends on the pref.stock. Compare V.96. p. 283.422.
General Petroleum Co.-Convertible Notes.-Subscriptions for an issue of $3,000,000 6% secured convertible serial
notes have, it is stated, been quietly circulated,and a portion taken up, and a public offering may not be made.
(W. H.) McElwain Co., Boston.-Extra Dividend.-
An extra dividend of $3 per share has been declared on the $2,000,000
6% cumulative and participating 2d pref. stock, payable May 29 to stock
of record May 15, being the same amount as at the same time in the two
preceding years.-V. 96. D. 206.
New York Telephone Co.-Reduction-Inquiry.-
The P. S. Commission on May 21 entered an order, effective June 1, in
the cases brought by the South Side Board of Trade, Flatlands Property
Owners' Association reducing the toll rate from 10 to 5 cents from
Bay Ridge, Bath Beach, Midwood, Coney Island and Canarsie to Zone 1,
Manhattan. The toll rate from the same places to upper Manhattan and
the Bronx, including Melrose and Tremont, comprising what is known as
Zone 2, is reduced from 15 to 10 cents.
A public hearing in a general investigation as to a readjustment of charges
in Greater New York will be held in this city on May 27. A bill before
Governor Sulzer providing for an appropriation for an investigation of
telephone rates in this city by the Legislature will, it is expected, be vetoed on the ground that the Commission is the proper body to conduct the
same.-V.96, p. 1428, 1301.
New York & Queens Elec. Lt. & Pow. Co.-Sale.-
See Consolidated Gas Co. of N. Y. above.-V. 96. p. 866.
New York & Queens Gas Co.-Sale.-
See Consolidated Gas Co. of N. Y. above.-V.94, p. 212.
The proceeds will be used to clear floating debt due to construction work
cal. year:
undertaken in the last year,to meet future payments under the option agreeNiagara Falls Power Co.-Earnings.-For
Balance,
Bond Taxes,
ment for the control of the United Petroleum and Union Provident com- Calendar
Other
Net
Gross
Surplus.
&c.
Interest.
panies (which control the Union Oil Co.), and to provide an additional
Earnings. Earnings. Income.
Yearworking capital of at least $500,000.
$994,760 $258,045 $927,858
$148,564
$2,497,196
$2,032,099
1912
Under the option agreement the General Petroleum Co. may make pay- 1911
2.246,413 1,802.826 173,0201,068,390 220,533 686.923
ments at the rate of $100,000 quarterly or monthly at the same rate. -v. 96. D. 1233Compare V. 95, p. 1475.
Niles-Bement-Pond Co.(Machine Tools), N.Y.-Statt48.
The notes will mature in 12, 18 and 24 months, and be secured by the
deposit of $6,000,000 of the company's 6% bonds and $9,000,000 of the -Pres. Robert C. McKinney in circular of May 16 reports:
stock. Holders of the notes will be permitted at any time prior to 90 days
Results for the Quarter ending larch 31 1913.
of the date of maturity to convert the notes into the bonds and stock at
the rate of $10,000 bonds and 150 shares of stock for each $10,000 in notes. Net profits from operations after charging off all expenditures for$240,892
new designs, patterns and ordinary repairs
-V. 95, p. 1475.
76,683
Regular quarterly dividends paid on the preferred stocks
Gottlieb Bauernschmidt-Straus Brew. Co.-Earns.-
Balance.
$164,209
Balance as earnings for common stock for the quarter
Total Admin.,&c. Int.,
Other
Gross
Feb. 28.
"The excellent financial condition of the company as shown should be
Profits. Income. Income. Expenses. Sk.Fd.,&c, Deficit.
Year$74,330 sufficient to thwart the attempt of some irresponsible persons to speculate
$336,186
$76,257
$306,390 $31,722 $338,113
1912-13
in the stock to the disadvantage of the stockholders."
-V.94. p. 1387. 1319.
Consolidated Balance Sheet, Company and Its Associated Cos.
Co.-Bonds Called.Harbison-Walker Refractories
Mar.31'13. Dee.31'11.
Mar.31'13, Dec.31'11.
dated
bonds
5%
trust
collateral
and
Approximately $315,000 1st M.
Assets$
$
$
Liabilities-$
on July 1 at 110 and interest
July 1 1902 have been called for paymentPittsburgh.
Common
stock__
account_13,546,296
10,808,518
8,500,000 8,500,000
Property
30
On
1912
Sept.
Bank,
National
Deposit
Farmers'
at the
_
in
1,771,400
stock_
1,746,300
_
Preferred
Investments
outstanding.
issue
$3,500,000
of
there were $1,050,000 of the original
107,659 Pref.stk.ass'd cos. 3,311,700 3,212,600
other companies 104,825
See Annual Report, V. 95, p. 1681.
125,000
5,460,368 5,432,942 Bonds ass'd cos.__ _ 125,000
Inventories
Current liabilities_ 1,805,862 1,506,564
Hunter Milling Co., Wellington, Kan.-Conviction.- Cash, notes and
80,149
accts. receivable 2,395,488 2,167,880 Ad v.pay.on contr_
A jury before Judge Cotteral in the U. S. District Court for the Western
Deprec'n reserve.. 2,572,983
District of Oklahoma on May 13 found the company, the Blackwell Mill &
Profit and loss_ _ _ _ 3,364,983 3,401,435
Elevator Co. of Blackwell, Okla., and Frank Foltz of the latter company,
guilty of conspiracy to restrain free trade among the States in violation of
21,506,977 18,516,999
21,506,977 18,516,999 Total
Total
the Sherman Anti-Trust Law. According to the "Oklahoman," the Hunter
The extent of the flood damage at the Niles Works is still undetermined.
company in 1910, through its agent at Blackwell, engaged in a price-cutting
war with the Blackwell company, running the price of flour down from -V. 96, p. 1367.
$2 80 to $2 30 per hundred. While the war was at its zenith, Frank Foltz
Ohio Oil Co.-Extra Disbursement.of the Blackwell company made a trip to Wellington, Kan., and a personal
An extra distribution of 75c. per share(3%)has been declared on the $15,visit to Mr. Hunter, immediately following which the Hunter Milling Co.
capital stock, along with the regular quarterly dividend of $1 25
any
was
it
for
of
000,000
and
at
the
impossible
Blackwell,
agency
discontinued its
merchants of Blackwell to get any of the products of the Hunter Milling Co. (5%), both payable June 20. In March,June, Sept. and Dec. 1912 $125
Sentence is to be imposed on May 26. The indictment was found at the was also paid, but without any extra, and in March 1913 $1 extra (4%)
was paid.-V.94, p. 565.
June 1912 term of the Court.
[Press dispatches erroneously announce this as the first prosecution
Ottawa (Can.) Light, Heat & Pow. Co.-Stock Offered.
law.
the
of
Sherman
violation
for
Administration
present
the
directed by
The directors on May 21 authorized an issue of $800,000 additional
As stated above, the indictment was found during the last Administration.
increasing the amount from $2,000.000 to $2,800,000. Permission
stock,
The "Coaster Brake Trust" prosecution, in which the indictment was also to increase the stock was given by the Dominion Government recently.
found during President Taft's Administration,is now on trial at Buffalo.Ed.j
The new stock will be offered at par to shareholders of record June 20.
It will be called in 5 installments, payable every 2 months, the first call
Imperial Tobacco Co. of Canada, Ltd.-Listed.made on July 15 next. The proceeds are to be used to build and equip
The London Stock Exchange recently listed a further issue of 12,741 to be
new gas plant in Ottawa East and to cover the cost of the additions and
cum.6% pref. shares of 51 each,fully paid, making the total listed £1.232,- the
Improvements being made to the lighting and power plants in Ottawa.
666 out of E1,999,995 authorized; par 51.-V. 88, p. 1133.
A bonus of 1%,it is reported, has been declared, payable with the regular
is in line with the intimation
Iowa-Nebraska Public Service Co., Beatrice, Neb.- quarterly dividend of 2% on July 1. This the
dividend rate from 7 to8%
the annual meeting that with an increase in
at
Asked.Committee-Deposits
olders'
Default-Bondh
If a bonus of 1% is
increased.
be
also
probably
1%
of
would
bonus
the
In view of the default in payment of the interest due April 1 1913 on the
half-yearly,the distribution to shareholders for the year would be
1st M.6% 20-year gold bonds due Oct. 1 1931 ($350000 at last accounts declared
656.
p.
96,
10%.-V.
to
up
brought
before
or
on
bonds
their
outstanding), the holders are requested to deposit
May 24 1913 with Continental & Comm. Trust & Say. Bank, Chicago, as
Rubber Goods Manufacturing Co.-Earnings.depositary under an agreement dated May 7 1913. The bondholders' Calendar
Net
Net
Dividends Bond Re- Patents, Balance,
committee consists of R. U. Lansing, Chairman; David R. Forgan, William
Sales.
YearPaid. dem. Res.&c.,Dep. Surplus.
Profits.
T. Bruckner George B. Caldwell, V. G.Jones, Charles M.Smith and C. 0. 1912
$468,014
$36,147,333 $2,764.489 $2,280,601 $15,874
ComChicago.
St.,
129
Clark
So.
Reynolds, with W.B. Kopf, Secretary,
$46,543 1,294,692
34,587,269 3,500,997 2,159,762
1911
pare V. 93, p. 1468.
After transferring in 1911 $407,654 from reserves to surplus, the balance
surplus for the year was $1,702,346. A. L. Kelly has resigned as a direcKings County Lighting Co.-Favorable Decision.account of ill-health. His place will not be filled, the board having
The Appellate Division of the Supreme Court in New York on May9held tor on
reduced to nine.-V.96,p.423,391.
that the order made by the P. S. Commission in Oct. 1911, reducing the been
U. S. Rubber Co. V. 96, p. 1361.
report
See
Brooklyn,
Ward,
30th
the
in
gas
furnish
must
company
price at which the
from $1 per 1,000 cu. ft. to 85c. from Nov. 1 1911 to Dec. 31 1912, and
Solar Refining Co.-Balance Sheet.80c. for the year 1913, was not just to the company, and remitted the
Balance Sheet Dec. 31 1912 (Total Each Side $3,717,828)•
matter to the Commission for further action. The decision was given at Real estate
$500,000
$66,4571Capital stock
length in "Financial America" of May 17.
*821,839cAccounts payable
205.649
Plant
The Commission placed a valuation of $2,480,100 on the property, and Inventories
Profit and loss surplus__ _ 3,012,179
1,001,968
claims
company
that
The
return.
the
fair
a
be
would
held that 734%
240,819
reserve
Insurance
property is worth at least $2,000,000 more than the Commission's valuation.
_ 1,586,744
& accts.
The Court sustained its contention that the Commission had no right to Cash
* After deducting
$1,450,930 for depreciation.
receivablededuct $415,198 from the valuation of the plant for depreciation,
The stockholders will vote June 16 on increasing the stock from $500,000
the company maintaining that it was entitled to a return on the full service
value of its equipment, and the evidence showing that the efficiency of the to $2,000,000, the increase to be paid out of surplus and the new stock
distributed pro rata as a dividend.-V.96. P. 1368.
plant was unimpaired. Compare V.93, p. 1108, 1262.-V.95, p. 423.
Lake Superior Corporation.-New Coal Properties.-,
Lake Superior Coal Co. with $500,000 of auth. stock, of which $325,000
has been issued (but no bonds authorized recently took over the coal
properties of the Dixon-Pocahontas Fuel Co., near Welch, on the N. & W.
RR. in McDowell Co., Va. said properties including 2,000 acres of Pocahontas coal land and two mines. Another mine, it is said, will be opened,
increasing the output to 400,000 tons a year and affording a low volatile
coal to mix with the Kanawha gas coal in the steel company's by-product
coke ovens at Sault Ste. Marie, Canada. The Kanawha properties, hold
in the name of the Cannelton Coal & Coke Co., are reportd to have a
present output of 700,000 tons yearly. The Lake Superior Corporation
was reported last February as contemplating a great increase in its output
cap_acity of steel rails (from 360,000 tons to 600,000 tons yearly), &c.
-V• 05. p. 1611.
Southern Coal & Mining Co.-Foreclosure.FL Master in Chancery W. E. Knowles of the Belleville Circuit Court on
May 16 held that the Belleville Savings Bank and other bondholders can
maintain their action to foreclose the mtge. Compare V.94, p. 702.
Standard Milling Co.-Bonds Called.Forty-five 1st M. 6% gold bonds of the Northwestern Consolidated
Milling Co., for payment at par and int. on July 1 at Minneapolis Trust
Co., Minneapolis, or Chase Nat. Bank, N.Y. City.-V. 95, p. 1120.
••••
Screw Co.-arnings.-ireai.ertding March 31:
ht. StandardNet
Balance,
Common
(after Bond,&c., Pf. Divs.
Fiscal
Year1912-13
1911-12
for Year.
Dividends.
(6%).
Depen. &c.) Int.
$373,657 $46,055 $120,000 (3%)$75,000 sur.$132,602
(4%)100,000
def.
94,747
120,000
162,463 _ 37,210
Long Sault Development Co., Massena, N. Y.-Charter
Repealed.-Gov. Sulzer on May 9 signed Senator Wagner's
Copper Co.-Dividends Declared.bill repealing the law incorporating the company with power EiTennessee
firlA dividend of 75c. per share (3%) has been declared on the $5,000,000
to establish a hydro-electric plant at Massena, on the St. stock, payable June 20 to holders of record June 10. On Jan. 20 last $1 50
was disbursed, making $2 25, or 9%,thus far declared this year. In
Lawrence River. The State will return the $36,320 paid (6%)
1912 4% was paid in Aug. and 6% in Jan.
by the company to the State.
Previous Dividend Record (Per
Cent).
In a memorandum the Governor declared the granting of the charter
1907. 1908. 1909. 1910. 1911. 1912. 1913.
"was not only violative of the State constitution, but its imovisions were in 1903. 1904. 1905. 1906.
13
10 Dec.,5 0 Jan.,6 10 Jan..6
5
5
5
and indefensible, both'from an Indus- ".5
other respects improvident,
view.He further declared that the repeal *3'It is the intention do declare such dividends from time to time as earnings
trial and economical point ofunwise"
p 1093, 657. MI 4;.a$
of the charter "will secure to all our citizens the beneficial results of the may justify.-V.^96, :
proper development of our natural resources, particularly of our unused
(Pa.)
Forge Co.-Offering of Bonds Guaranteed
Titusville
In
water powers, in accordance with the constructive policy of real conservation to which the State of New York now stands committed." As to the by.,Bethlehem Steel Co.-Millett, Roe&,Hagen, Boston, Hartgeneral policy of the State, see editorial, V. 96, P. 906.
70% of the
New York,
it
issue,
having sold about
ford and
Matheson Automobile Co., Wilkes-Barre, Pa.-Sale.- are offering, by adv. on another page, the unsold portion of
the $400,000 (closed) 1st M. 5% gold bonds, guaranteed
as to both principal and interest by the Bethlehem Steel Co.
by endorsement on each bond. Bonds dated May 1 1913 and
At the receiver's sale this week the first mortgage bondholders purchased.
the first eight "lots" for $30,000 and the real estate, buildings and equipment for $41,000. On Wednesday about 40 cars were to be offered for
sale, on Thursday the large machine tools and Friday the office equipment.-V.96. p. 866.
141'4
THE CHRONICLE
due $20,000 annually on Mar. 1 from 1914 to 1933, incl.,
but red. in whole but not in part at 1023/2% and int. on any
interest date on 90 days' notice. Par $1,000 c*. Int.
M.& S. in N. Y. City. Trustee, Bankers' Trust Co., N. Y.
The bonds are offered on a basis to yield about 6.10% income for the
maturities of 1920 to 1933 incl., 6% for 1918 and 1919 maturities, 5.90%
for 1916 and 1917 and 5.80 7 for 1914 and 1915. Both principal and
int.
are payable in N. Y. City in U. S. gold coin of the standard, without
deduction for any taxes which the company may be required to pay thereon
or to retain therefrom under any present or future law of the U. S., of the
State of Pa. or of any other State, or of any county, municipality or any
other taxing authority therein. Guaranty endorsed on each bond: "For
value received, the Bethlehem Steel Co. guarantees to every present and
future holder or owner of the within bond the prompt payment of the principal thereof and the interest thereon as and when they become due.'
Digest of Letter from Pres. J. T. Dillon, N. Y. City, May 19 1913.
Organized in Penna. in April 1913 and has acquired all the property and
assets of another Pennsylvania corporation ofthe same name, which has
continuously and successfully since 1896 conducted the business of manufacturing and selling iron and steel forgings. The mortgage covers about
five acres of land and the present well-equipped iron and steel forgings plant
thereon, and any additional buildings, &c., erected on the land, and new
machinery, &c. which may be installed.
All of the capital stock is owned by Bethlehem Steel Co., one of the subsidiaries of Bethlehem Steel Corporation, but the management is substantially the same as that of the old Forge Company. Under the direction of
Bethlehem Steel Co., we have begun extensive additions and improvements,
moneys for which will be furnished by Bethlehem Steel Co. against the issue
of stock of the Forge Company at par. Bethlehem Steel Co. has already
appropriated $50,000 for this purpose, and plans to appropriate and expend approximately $50,000 more for the same purpose during the current
year. The plant will be still further improved and,extended as the business
and the opportunity of entering into now fields may warrant.
Bal. Sheet Mar. 1 1913 (Date of Acquis.)-Total Each Side, $493,230.
(Regarding bonds as issued and $10,000 stock as paid as of that date.)
Property account
$309,138 Capital stock
$100,000
Inventories
78,412
Less in treasury.. 90,000-$10,000
Acc'ts & notes receivable_ _ _ 82,606 First M.5% bonds
400,000
Misc. investments, &c
1,589 Acc'ts, &c., payable
46,147
Cash
21,485 Depreciation reserve
37,083
The net earnings, as verified by the accountants of the Bethlehem Steel
Co. for the past three years have averaged a sum in excess of $75,000, and
it is estimated that the net earnings of the business during the current year
will exceed that sum. The improvements and additions now being made
should not only furnish a substantial equity in the property but very materially increase its earning capacity.
[VoL. xcvi.
United States Rubber Co.-Fiscal Year Changed, &c.
The stockholders at the annual meeting on Tuesday approved the change
in the fisca lyear so as to end on Dec. 31 instead of Mar. 31, and to hold the
annual meeting on the third Tuesday of March instead of the third Tuesday
of May, as at present.
The stockholders also passed resolutions to oppose the suit brought by
Caroline de Wolf Theobold to compel the repayment to the
company of
the consideration received by the syndicate, sometimes called
the RevereCanadian Syndicate (including, with others, Pres. Colt and directors),
in
connection with the purchase of the Revere Rubber Co. This, it is said,
Is contrary to good faith and fair business dealing, the contract having
been approved by the stockholders on May 17 1910, and the payment to
syndicate after ascertainment of the profits having also been approvedthe
at
another stockholders' meeting on May 21 1912.
New Officers.-The following changes are announced:
Lester Leland, formerly 2d Vice-Pres., has been elected Vice-Pres. with
James B. Ford, the latter of whom was formerly Vice-Pres. and Treas.
W. G. Parsons, Asst. Treas., has been made Treasurer, and E. J. Hathorne (formerly Asst. Treas. of the Rubber Goods Mfg. Co.), Asst. Treas.
to succeed Mr. Parsons. Other changes in the manufacturing and selling
branches of the organization, and more which may follow, are with a view
to unifying the management of the United States Rubber Co. and its subsidiaries, so that the officials of the parent company may have a direct
supervision over all the other organizations.-V. 96, p. 1361, 1027.
Waters-Pierce Oil Co.-Charter Refused.-
Attorney-General Looney of Texas has rendered an opinion to the effect
that the Pierce 011 Corporation, which has been organized by H. Clay
Pierce and associates, to take over the holdings of the Waters-Pierce 011
Co. of Missouri and the Pierce-Fordyce 011 Association of Texas, should
not be given a permit to transact business in Texas, as such grant would
constitute an evasion of the ouster judgment against the Waters-Pierce Co.
Mandamus proceedings, it is stated, are proposed.-V.96, p. 495.
Wisconsin (Bell) Telephone Co.-Connection Ordered.-
The Wisconsin RR. Commissioners have ordered physical connection
to be made between the telephone system of the La Crosse Telephone Co.
and the toll lines of the Wisconsin Telephone Co. (Bell system) and between the toll lines of the La Crosse Telephone Co. and the telephone system of the Wisconsin Telephone Co. This will give subscribers of independent companies the benefit of the Bell toll lines.-V.92, p. 961.
-Through its publicity department, the Fidelity Trust
Co. of Newark, N. J., is distributing a bond circular in
unique form. The circular has been attractively lithographed in green and is issued in the form of a standard
Union Oil Co., California.-New Treasurer."bond.:" The .subject-matter is devoted to an interesting
John Garique of San Francisco has been elected Treasurer to succeed
Robert Watchorn, who resigned on account of ill-health, but who will discussion of "investments that are safe, sound and profitremain assistant to President Lyman Stewart and also a director.-V.96, able," with particular reference to the
investment value of
p. 1368, 1294.
the Public Service Corporation of New Jersey securities and
United Box Board Co.-Notice.those of its underlying companies. In the last two pages of
The reorganization committee notifies stockholders who have deposited
their stock as security for loans to pay the amount of the loans and receive the "bond" are brief summaries of the authorized and outtheir stock in the new company in accordance with the reorganization plan standing stock and bond issues of all the constituent
com(V. 94, p. 624, 626,636), or accept the alternative terms of an exchange of
.he.usual
one share of common stock of the new company for each four shares of the panies, the information being concisely printed in t
old stock (V. 95, p. 241). See "Annual Reports."-V. 96,p. 1428, 1160. "coupon" spaces. This bond circular says: "Within reUnited Dry Goods Co.-New Director.cent years, and more particularly in the last twelve
W. M. Barrett has been elected a director to succeed Basil W. Rowe, or so, there has been a growing tendency on the partmonths
of the
who resigned.-V. 96, p. 731.
investing public to place its money in securities of public
United States Finishing Co., Norwich, Conn.-Report utility corporations."
Investors. and all others who are
of Committee.-The committee appointed by the creditors' interested in the reasons why this
is so are invited by the
agreement of Mar. 20 1913 has so far progressed with its in- company to address its bond department,
which Fredvestigation that, by circular dated at N. Y. City on May 3, erick W. Egner, Vice-President, is Manager,of
for a free copy
it is able to give substantially the following summary:
of
the
"bond"
circular.
The finances of the company are involved with several affiliated or subsidiary corporations, namely Sterling Impt. Co., Sterling Securities Co.,
-Levering Moore, formerly Southern manager at HousQueen Dyeing Co., G. A. Stafford & Co., C. P. Darling Co., Passaic Lum- ton
for Peabody, Houghteling & Co. of Chicago, was reber Co., and the Converters Co.(absorbed by G. A. Stafford & Co.)
The fundamental cause of the present embarrassment is the fact that cently elected active Vice-President of the Mortgage Securithrough these subsidiary corporations the company has engaged in merchan- ties Co. of New Orleans. The
institution until lately had
dising, in speculating in its own stocks and bonds, and in financing collateral
ventures, such as the purchase and sale of lumber, the manufacture of been known as the New Orleans Real Estate Mortgage &
packing boxes, the purchase and;sale of chemicals, supplies, etc. Some of Securities Co., the change in the
title having been made at
these investments, noticeably that in the Queen Dyeing Co., have proved
profitable, but in the main the working capital has been depleted about the recent annual meeting. Mr. Moore, who has now be$1,250,000. This loss can be accounted for in part by the payment of un- come identified with it, had been
connected with Peabody,
earned dividends and by the recent failure of G. A. Stafford & Co. The
Finishing Co. owns the entire capital stock of the Sterling Impt. Co., which Houghteling & Co. for over twenty years; in securing his
company had made substantial purchases of the stock and bonds of the services, it is the intention of the directors to concentrate
Finishing Co., so that, through the depreciation of the securities of the
Finishing Co., a further loss was incurred. The market value of all the the efforts of the company toward the development of Louisiinvestments is problematical and the realization of their intrinsic value ana by lending upon real estate not only in the city of New
promises to become a slow process.
Your committee has come to the following conclusions: (a) Through liqui- Orleans, but also upon country property. These loans are
dation it is probable that the creditors would receive the full face value of issued in the form of coupon mortgage notes in denominatheir claims and interest, the assets, in our opinion, being sufficient for that tions of $100 and $500 and bear interest at
6%,payable semipurpose, assuming that some reasonable equity can be realized from the
plants above the bonded debt secured by mortgage. (b) he earning power annually. P. H. Saunders is President of the Mortgage
of this corporation in excess of interest and overhead .; arges would be Securities Co., which has a capital of $600,000.
insufficient to assure a material reduction of indebtednzss within any
reasonable period. (c) The stability of this corporation can be restored
-Dr. Melville Dewey,founder of the Library Bureau and
only by the introduction of new capital.
The officers of the company have been in consultation with many of the a devotee of phonetic spelling, in his pamphlet of 44 pages on
larger stockholders in an effort to formulate a plan of reorganization that "Offis
Efficiency," claims a saving of nearly two pages by the
will meet the approval of this committee, and we are awaiting the result
of that effort. The company is being operated at a profit under a new use of phonetic spelling. Dr. Dewey will Take this his theme
administration, and we feel that no interests are being jeopardized by in
his address on May 27 before the Efficiency Society. His
affording reasonable opportunity to the stockholders to consummate their
plan, but, on the contrary, that the effort should be co-operative so far as talk will be "Offis Motion Study," allowing how many moveis consistent with the interests of the creditors.
ments are unnecessary an!:17asteful in the daily routine of the
[Signed by Charles L. Bausher, Chairman, George S. Mumford and
Herbert J. Wells, creditors' committee, with Latson, Tamblyn r Pickard, average office. Hon. William B. Willcox, who was recently
55 John St., New York City, as Counsel.]
elected President of the society, will preside at the dinner and
Balance Sheet Feb. 28 1913, Prepared by Chartered Accountants-Total Each will also deliver a short address.
Mr. Leon Fisher, Third
Side, $11,213,455.
Real estate
$1,420,012 Preferred stock
$3,000,000 Vice-President of the Equitable Life Assurance Society, will
Water power&water rights 809,212 Common stock
3,000,000 speak on "Office Efficiency as It Affects the Employee."
Buildings, per appraisem't 1,436,778 First mortgage bonds__
978,000
Machinery, equipm't.&c_ 2,389,412 Consul. mortgage bonds
1,650,000 Mr. Mason Britton, manager of the Hill Publishing •Co.,
Copper rollers
Dye.&Fin.Co.bds
Sterling
542,287
250,000 will talk on "The Practical Operation of an Efficient Office."
Cash
444,781 Notes payable
2,015,000 The dinner will be held
at the Aldine Club,200 Fifth Avenue.
Invent.,work in
171,045
&c 150,780 Accounts payable
Book debts (less
Stafford notes discountedprog..
$50,000
12
05
0:4
00
20
8
-E. H. Rollins & Sons of Boston, New York, Chicago,
for claims, &c.)
501,616 Pay-roll
Notes receivable
26,059 Bond interest (2 months)..
23,982 Denver, San Francisco and Los Angeles, are offering for
Sundry accounts
2,590
public investment $2,500,000 New Orleans By. & Light Co.
Invest.,QueenDye.Co.(par) 750,000
Mater.,chem.,stores,Sze_
3-year 6(70 debentures at 99.50 and interest, to yield over
307,726
Sterling Imp.Co(pres.val.) a177,938
a Total debt and invest.,$675,627. 6.15%. An advertisement outlining the features of
this
Stafford Co. claims
b40.000
b Probable value of claim-full
attractive security appears in this issue of the "Chronicle,"
Profit and loss
2,214,263 amount, $362,156.
In this balance sheet of Feb. 28 1913 the real estate and water-power and further particulars may be had in our "General Investvalues are given as shown by the report of the Manufacturers' Appraisal
Co. In Juno 1904; the buildings, plant and machinery, per appraisal by ment News" Department.
Mutual Fire Insurance Cos. in April 1911, loss depreciation of 3% On build-Having sold over 84,000,000 of a $4,500,000 issue of
ings and 10% on machinery and equipment; the copper rollers at an approximate value of 18c. per 113. (The plant at Passaic it is stated will be Midland Valley RR. Co. 1st M.5% 30-year bonds this week,
closed after Juno 1.1 Compare annual report, V. 95, p. 1205.-V. 96,
Harris, Forbes & Co. of this city and Drexel & Co. of Philap. 1026, 867. 794.
United States Realty & Improvement Co.-Earnings. delphia are to-day jointly advertising the unsold balance,
Total
Year end.
Interest,
Net
Divs.
Int. on
Balance, subject to sale and advance in price, at 92 and interest,
April 30. Income. Depr.,&c. Income.
Deb.Bds. (5%). Surplus. yielding over 5.50%. See advertisement elsewhere in the
1912-13-$3,559,303 $1,481,241 $2,078,062 $596,500 $808,140 $673.422
1911-12_ -- 3,342,761 1,409,589 1,933,172 596,500 808,140 528,532 "Chronicle" for details and our "General Investment News
Department."
-V. 96, p. 424. 207.
14115
THE CHRONICLE
MAY 24 1913.]
ciRevorts anti pacuments.
INTERNATIONAL HARVESTER COMPANY
ANNUAL REPORT FOR THE FISCAL YEAR ENDING DECEMBER 31 1912.
The above Surplus is composed solely of the balance of
To the Stockholders:
The Board of Directors submits the following report of net earnings of the business, after deducting dividends.
the business of the International Harvester Company and
COMBINED BALANCE SHEET DEC. 31 1912.
affiliated companies for the fiscal year ending Dec.311912,
together with a statement of the financial condition at that
ASSETS.
date:
Property Account,—
Real Estate and Plant Property, Ore
INCOME ACCOUNT FOR 1912.
Mines, Coal and Timber Lands at
Sales of Harvesting Machinery, Tillage
Implements, Engines, 'Praetors, Cream
Separators, Farm Wagons, Manure
Spreaders, Auto-Wagons,Twine and Steel
Products
$125,438,104 30
Miscellaneous Earnings and Charges (net)_
1,080,133 32
$126,518,237 62
Deduct:
Cost of Manufacturing and Distributing_ $98,088,042 66
Ordinary Repairs and Maintenance
3,241,255 51
Renewals and Minor Improvements_ __ _
776,358 74
Experimental, Development and Patent
746,147 92
Expenses
740,300 36
Administrative and General Expenses
2,372,307 70
Interest on Loans
250,000 00
Appropriation for Fire Insurance Fund
250,000 00
Reserve for Pension Fund
250,000 00
Reserve for Industrial Accident Fund_ _
Reserves for Plant Depreciation and Ore
2,308,137 57
Extinguishment
Reserves for Contingent Losses and Col1,100,000 00
lection expenses on receivables
110,122,640 46
$16,395,597 16
Net Profit
SALES.
The volume of total sales increased 16% over the preceding year. Favorable crop.conditions, resulting in exceptionally large crops, not only in the United States, but also generally throughout the world, created an increased demand for
the Company's old-established lines of harvesting machinery
and tillage implements.. The sales of these products show
a gain of 12% in the United States and 23% in foreign countries over the year 1911. The sales of new lines increased
uniformly at home and abroad.
The expansion of the foreign trade continues. This has
been the most important feature in the development of the
industry since the formation of the Company in 1902. The
foreign trade has increased five fold in the ten years.of the
Company's operation, increasing from $10,400,000 in the,
year 1902 to $50,900,000 in the past year. It now constitutes 40% of the entire business of the Company. On the
other hand, the sales of harvesting machinery, tillage implements and twine in the United States now constitute only
one-third of the Company's total sales.
Season 1912.
Season 1911.
Season 1910.
Harvesting Machinery, Tillage Implements and Twine:
United States
42,054,308 90
Foreign Countries
35,740,237 47
37,536,394 83
28,965,272 72
37,730,447 61
25,202,914 38
77,794,546 37
66,501,86755
62,944,361 99
Wagons Manure Spreaders,
Gasoline Engines, Cream
Separators, Auto-Wagons,
Tractors:
21,953,439 98
United States
15,156,725 77
Foreign Countries
19,331,514 41
13,349,40595
18,772,535 35
8,993,141 22
37,110,165 75
32,680,920 36
27,765,676 57
64,007,748 88
50,896,963 24
56,867,909 24
42,314,678 67
56,502,982 96
34,196,055 60
114,904,712 12
Steel Products, Fiber Sales,
&c
10,533,392 18
99,182,587 91
90,699,038 58
8,851,007 70
10,467,320 32
Total:
United States
Foreign Countries
Grand Total Sales
Dec. 31 1911
Net Capital Additions during 1912
$78,195,208 12
Expenditures for Stripping and Development at Ore Mines
1,070,408 93
Deferred Charges to Operations
Fire Insurance Fund Assets
Current Assets:
Inventories:
Finished Products, Raw Materials,&c.,
at close of 1912 Season
$49,368,478 19
Subsequent Material Purchases and
25,691,737 68
Manufacture for 1913 Season
SURPLUS.
Balance at Dec. 31 1911
$23,390,946 90
Add:
Net Profit for Season 1912
$16,395,597 16
Less:
Preferred Stock Dividends for Season 1912:
No. 21, 1%%,Paid Juno 1
$1,050,000
1912
No. 22, 1 %, paid Sept. 3
1,050,000
1912
No, 23, 13,
1%, paid Dec. 2
1,050,000
1912
No. 24, 1h %, payable
1,050,000
March 1 1913
X
$79,265, 17 05
191,
41
1,484, 7 53
$75,060,215 87
Receivables:
Farmers' and Agents'
Notes
$62,437,389 11
Accounts Receivable_
22,761,854 14
$85,199,243 25
Deduct:
Accumulated Reserves
for Contingent Losses 3,700,864 87
81,498,378 38
5,420,582 69
Cash
161,979,176 94
$242,920,643 90
LIABILITIES.
Capital Stock—
Preferred
Common
$60,000,000 00
80,000,000 00
$140,000,000 00
296,000 00
Purchase Money Obligations
Current Liabilities:
Bills Payable
$35,260,220 00
Accounts Payable:
Current Invoices, Payrolls, Accrued Interest
and Taxes, &c
$11,687,114 60
Preferred Stock Dividend
(payable Mar. 1 1913) 1,050,000 00
Common Stock Dividend
(payable Tan. 151913) 1,000,000 00
13,737,114 60
48,997,334 60
Reserves—
Plant Depreciation and Extinguishment__$11,643,083 39
1,597,948 56
Special Maintenapce '
1,100,000 00
Collection Expenses on Receivables
2,612,939 84
Fire Insurance Fund
Pension Fund
1,298,565 45
Industrial Accident Fund
788,125 00
Contingent
3,000,000 00
Surplus
125,438,104 30 108,033,59561 101,166,358 88
$75,527,097 21
2,668,110 91
22,040,665 24
31,586,544 06
$242,920,543 90
CAPITAL STOCK.
The authorized Capital Stock of the International Harvester Company at Dec.31 1912, all of which was issued and outstanding, was:
Preferred Stock, 7% Cumulative:
600,000 Shares of $100 each, par value
Common Stock:
800,000 shares of $100 each, par value
$60,000,000
80,000,001
$140,000,000
No portion of the Capital Stock has ever been issued for
Good-will or Patents. The Company's properties are free
and unencumbered and it has no bonded indebtedness.
The International Harvester Corporation was organized
under the laws of New Jersey on Jan. 27 1913 for carrying
on the Company's business in foreign countries and in the socalled "New Lines" in the United States. The Company
transferred approximately one-half of its net assets to the
new Corporation and received therefor the entire capital
stock of the new Corporation, viz.:
Preferred Stock, 7% Cumulative:
300,000 shares of $100 each, par value
Common Stock:
400,000 shares of $100 each, par value
$30,000,000
40,000,000
$4,200,000
$70,000,000
Common Stock Dividends for
Season 1912:
No. 9.
%,Paid Apr. 15
1912
$1,000,000
No. 10, 1
paid July 15
1912
1,000,000
No. 11,
paid Oct. 15
1912
1,000,000
No. 12,
payable
Jan. 15 1913
1,000,000
By amendment of International Harvester Company's
certificate of incorporation and charter, on Feb. 10 1913, its
name was changed to "International Harvester Company of
New Jersey," and its capital stock was decreased by one-half,
from $140,000,000 to $70,000,000. The authorized capital
stock of the International Harvester Company of New Jersey thus became:
3.1%,
134%,
134%,
$4,000,000
8,200,000 00
Undivided Profits for Season 1912 carried to Surplus
Surplus at Dec. 31 1912
8,195,597 16
$3158654406
Preferred Stock, 7% Cumulative:
300,000 shares of $100 each, par value
Common Stock:
400,000 shares of $100 each, par value
$30,000,000
40,000,000
$70,000,000
1496
[VOL. xcvi.
THE CHRONICLE
The holdings of all stockholders of International Harvester
Company of New Jersey were thus reduced one-half in that
Company, and, in lieu therefor, each stockholder received
shares of stock of the new Corporation of the same par value
and class, Preferred and Common, as his canceled shares of
stock, or the equivalent par value in cash, at his option.
CURRENT LIABILITIES.
Purchase Money Obligations- '
Obligations issued in part payment for new
properties acquired, still outstanding__
December 31
1912.
$296,000 00
December 31
1911.
$879,500 00
Bills PayableFive Per Cent Gold Notes maturing February 15, 1915
$20,000,000 00
44 Loans maturing from 1913 to 1921
12,000,000 00 $12,000,000 00
Bank Loans
17,400,509 18
Fiber drafts discounted in Manila, P. J__ 3,260,220 00
1,517,832 50
$35,260,220 00 $30,918,341 68
Accounts PayableCurrent Invoices, Payrolls, &c
$10,488,566 32
Interest accrued
486,566 64
Taxes accrued:
State, Municipal, &c., Taxes
502,687 69
Federal Corporation Tax
209,293 95
Preferred Stock Dividend, payable March
1st
1,050,000 00
Common Stock Dividend, payable Janu1,000,000 00
ary 15th
$7,569,395 64
163,443 75
406,367 13
195,52332
1,050,000 00
1,000,000 00
313,737,114 60 $10,384,729 84
Total Current Liabilities
$49,293,334 60 $42,182,571 52
WORKING CAPITAL.
December 31
Current Assets-1912.
Inventories
$75,060,215 87
Receivables (Net)
81,498,378 38
5,420,582 69
Cash
December.31
1911.
$69,592,780 86
69,751,421 54
6,074,151 86
Increase.
$5,467,435 01
11,746,956 84
*653,569 17
3161,979,176 94 $145,418,354 26 $16,560,822 68
DeductCurrent LiabilitiesPurchase Money Ob296,000 00
• ligations
879,500 00
*583,500 00
Bills and Accounts
41,303,071 52
48,997,334 60
7,694,263 08
Payable
Net Working Cap$112,685,842 34 $103,235,782 74
ital
$9,450,059 60
INVENTORIES.
Season 1912.
Work in Process of Manufacture
Finished Machines
Repair Parts •
Twine
Plant
Ore and Timber
Depreciation. Extinguishment,
Total.
Balance of Reserves for Plant
Depreciation and Extinguishment at December 31, 1911_$8,358,789 03 $1,349,818 34 $9,708,607 37
AddProvision for 1912
1,958,500 97
349,636 60
2,308,13757
DeductReplacement Charges, &c_
$10,317,290 00 31,699,454 94 $12,016,744 94
373,661 55
REPAIRS RENEWALS AND MAINTENANCE.
In accordance with the Company's policy, liberal expenditures have been made for repairs and renewals in order to
maintain the properties at their maximum of efficiency. All
such expenditures are charged to operating expenses and
have been included in the cost of production. A comparison of these expenses for the last three seasons is:
Season 1912. Season 1911. Season 1910.
Harvester Works and Twine
$3,042,363 99 $2,889,639 72 $2,235,541 09
Mills
455,332 99
407,546 86
Furnaces and Steel Mills
485,304 36
192,531 20
191,762 94
Miscellaneous Properties
191,10004
$3,690,228 18 $3,488,949 52 $2,911,945 49
SPECIAL MAINTENANCE.
These reserves provide for relining blast furnaces, maintenance of docks and harbors, conversion of power systems,
elevation of railroad tracks and other renewal work of a
current nature, the expenditure for which occurs at irregular
intervals. To provide for such renewals when they become
necessary, the future cost of the work is apportioned over
current earnings.
Season 1911.
$2,117,169 40
DeductRelining, Renewal and other Charges during 1912
Balance at December 31 1912
568,083 29
1,968,875 84
7,165,688 32
132,204 90
2,734,930 00
2,047,685 53
14,670,746 71 14,617,467 88
9,910,066 61 10,918,624 93
-3,232,134 89 2,927,855 52
1,282,308 20 1,255,097 32
47,068 20
124,310 90
29,142,324 61 29,843,358 55
DeductManufacturing cost of shipments between
September 1st and 'December 31st,
which were included in the season's sales 5,447,326 45 4,568,293 91
23,343,798 63 21,217,200 82
At Saw MillsLumber, Logs, Stores and Supplies
Advertising supplies for the succeeding season..
Stationery Stores, Paper Stock and Miscellaneous
920,180 91
248,827 25
116,249 80
45,300 84
222,992 10
1,127,609 35
274,496 82
109,517 99
35,145 99
246,199 71
1,553,550 90
1,792,989 86
298,973 35
224,030 52
290,427 25
210,499 20
253,126 63
382,441 41
49,368,478 19 49,168,601 18
Material purchases and manufacture at Works
between September 1st and December 31st,
on account of production for the following
season
25,691,737 68 20,424,179 68
75,060,215 87 69,592,780 86
Inventories are taken on the territory at the close of harvest; at the Works, on September 1st. Raw Materials,
Work in Process and Finished Products on hand are valued
at cost, or at market values December 31, 1912, if lower.
An allowance has been made for depreciation on finished
machines carried over on the territory and on repair parts
for old-type machines.
RESERVES.
RESERVES FOR PLANT DEPRECIATION & EXTINGUISHMENT.
The annual appropriations from earnings for depreciation and extinguishment reserves constitute the necessary provision for the impairment and consumption of the plant
assets in production and should)prove sufficient to reproduce_the properties as theirireplacement,becomes neces-
519,220 84
$1,597,948 56
FIRE INSURANCE FUND.
The Company pursues the policy of carrying a reasonable
portion of its own fire insurance. The risk is at present limited to plant and inventory valuations not exceeding $400,000 at any one location. In order that this policy may be
more rapidly extended to cover large risks, a special appropriation of $250,000 was again made to the Fire Insurance
Fund out of 1912 earnings, in addition to the regular credits
through monthly insurance charges to operations.
Balance of Fire Insurance Fund Reserves at Dec. 31 1911 __$2,061,399 82
AddCredit for 1912 from regular charges to operations
241,008 54
Income from Fund for year 1912
125,672 54
Special Appropriation from 1912 Earnings
250,000 00
23,694,998 16 25,275,062 64
At Agency Warehouses, Transfer Points and
on the Territory:
Finished Machines, Repair Parts,Twine,&c.
United States
9,208,676 66 0,537,933 44
Foreign Countries
14,135,121 97 11,679,26738
At Ore Mines, Furnaces and Steel MillsIron Ores
Pig Iron, Steel Billets, Bars, Scrap, &c
Rolls, Moulds, Stools, &c
Coal and Coke
Stores and Supplies
373,661 55
Balance at Dec. 31, 1912_$9,943,628 45 1,699,454 94 $11,643,083 39
Balance of Reserves for Special Maintenance at Dec. 31 1911_ $1,340,810 66
AddOperating provision for 1912
776,358 74
* Decrease.
.At Harvester Works, Wagon Works, Twine
Mills, &c., at close of manufacturing season,
September 1st:
Raw Materials and SuppliesPig Iron and Scrap
580,643 99
Steel
1,592,233 59
Lumber
7,108,477 82
Cotton Duck
145,164 95
Fiber
3,407,452 37
Pipe, Belt, Chain, Paint, Bolts, Nuts,
1,836,773 99
Rivets, &c
sary. Amortization of ore is calculated at rates which will
provide sinking funds sufficient to retire the whole of the
Company's capital invested in mining properties before the
extinguishment of the ore bodies. Timber depletion is computed at the market values of stumpage for the various
kinds of timber cut. This stumpage provision will equal
the original cost of the timber properties when the present
standing timber is exhausted, after allowing a fair residual
value for the lands either for reforestry or for agricultural
purposes.
$2,678,080 90
DeductLosses by Fire during 1912
Balance at December 31 1912
65,141 06
$2,612,939 84
At December 31 1912 $1,484,237 50 of the Fire Insurance
Reserves was invested in income-bearing securities.
CONTINGENT.
Assuming a continuance of present credit methods and
the same proportion of forward sales, it is considered advisable to gradually establish a contingent reserve for deferred profits on forward sales. Theoretically and technically, a profit is earned when the sale is made; but when the
actual realization of the profit on certain sales is deferred a
considerable time beyond the fiscal year, it is obviously a
conservative and sensible policy to establish a contingent
reserve to meet this condition inherent in the business.
This policy prevents the misleading transfer of book earnings
to surplus, where a long period of time elapses between the
date of the sale and the realization of the profit in cash.
Balance of Contingent Reserve at December 31 1911
AddProvision for 1912
Balance at December 31 1912
$2,500,000
500,000
$3,000,000
CONTINGENT LOSSES ON RECEIVABLES.
The annual deductions from earnings to provide for losses
which may ultimately be sustained in the realization of Bills
and Accounts Receivable taken on each season's sales are
based on long experience in this business and are considered
adequate to cover such contingencies. A systematic and
careful investigation into the financial responsibility of
prospective customers insures to the Company a high grade
of notes and accounts; moreover, the greater portion of the
receivables consists of farmers' notes or agents' acceptances,
which have proved to be excellent credits.
From the face value of the receivables, as shown on the
balance sheet, there has been deducted $1,327,1232112=
MAY 24 1913.]
the provision for bad debts in the books of foreign companies,
and $500,000, the estimated amount of trade discounts and
allowances, included in the receivables, which will be granted
to customers at the time of collection. These deductions
do not, therefore,form any part of the reserve for contingent
losses shown on the balance sheet.
Balance of Reserve for Contingent Losses on Receivables at
$3,137,166 22
December 31 1911
1,000.000 00
Add—Provision for 1912
Deduct—Bad debts charged off during 1912
Balance at December 31 1912
•
1497
THE CHRONICLE
$4,137,166 22
436,301 35
$3,700,864 87
COLLECTION EXPENSES ON RECEIVABLES.
In most lines of business the time which elapses between
the date of a sale and the collection of the proceeds in cash
is comparatively short, and the need of a reserve to meet the
future cost of collecting receivables outstanding at the date
of the Balance Sheet would arise only in the event of liquids,
tion. In the harvester business, where long credits in some
lines are extended to the farming community, conservative
management has adopted the principle of providing currently
for such a reserve, which will be gradually built up to a
reasonable amount.
International Harvester Company in Russia.—Lubertzy
Works, Russia: New machine shops, and equipment for
manufacturing Russian requirements oft obogreikas, reapers,
and mowers.
Aktiebolaget International Harvester Company.—Norrkoping
Works, Sweden: Additional equipment for manufacturing
Swedish requirements of mowers and rakes.
Wisconsin Steel Company.—Completion of first unit of
coke ovens at Benham, Kentucky, construction of orewashing plant at Hawkins Mine, concrete docks at South
Chicago steel mill.
Wisconsin Lumber Company.—Purchase of 500 acres of
timber lands in Mississippi, lumber docks and foundations
at Deering, Mo., saw-mill and Huttig, Ark., saw-mill.
Railroad Companies.—Completion of extension of Deering
Southwestern R,ailway.to Hornersville, Mo., purchase of two
engines and ten logging cars.
International Harvester Company of America.—New general
agency warehouse at Edmonton, Alta. Completion of warehouses at Aberdeen, S. D., and Fort William, Ont. Tractor
shed at North Battleford, Sask. Purchase of additional real
estate at Albany, N. Y., Madison, Wis., and Lethbridge,
Alta. Part construction of new warehouses at Armavir and
Windau, Russia.
Balance of Reserve for Collection Expenses on Receivables at
$1,000,000
December 31 1911
100,000
Add—Provision for 1912
$1,100,000
Balance at December 31 1912
Total amount of above Capital Expenditures
Deduct—Miscellaneous property sales and adjustments
Net Capital Additions during 1912 Fiscal Year
$3,351,691 99
683,581 08
$2,668,110 91
PATENTS AND EXPERIMENTAL WORK.
No
capital stock was issued or cash paid for the patents,
PROPERTY ACCOUNT.
trade-marks, shop-rights, etc., which this Company acSummary of the net value of the real estate and plant quired through the purchase of plants and properties at the
property acquired at organization, and the expenditures for time of organization. Those patents, trade-marks, etc.,
capital additions and improvements from that date to Dec- were purchased, originated or established at great cost by
Account:
the former owners during long and successful terms of busicomber 31 1912, chargeable to Property
Net Appraisal Value of Real Estate and Plant Property at
The cost
$44,194,504 47 ness, and are a valuable asset of the Company.
organization
of all patents purchased since organization has been charged
Add—and
and
improvements
additions
capital
Expenditures for
to Profit and Loss.
purchase of new properties from October 1 1902 to
The Company maintains a skilled force of inventors and
December 31 1912:
Facilities:
For Raw Material
for the purpose of producing new devices and imdesigners
Equipment of iron ore mines on the
provements in type, design or construction of its products.
Mesaba Range,construction of blast
furnaces and steel mills at South ChiAll experimental and development expenses have been
cago, construction of coke ovens at
to cost of operation.
charged
10
$7,695,885
Kentucky
Benham,
The experimental, patent and development expenditures
Purchase of additional timber properties in Mississippi and Missouri;conamounted to $746,148 for 1912, compared to $640,505 for
787,731 08
struction of new saw-mills, etc_ _ _ _
8,483,616 18 1911.
For Manufacturing Facilities:
EMPLOYEES.
In United States:
Additional Real Estate, Buildings.
of employees of all companies during
number
average
The
Machinery & Equipment for manuthe past year was 42,979.. Sine() 1903, the first year of the
facture of the increased requirements of harvesting machines and
Company's operation, the average wages paid Works' emtillage implements, and for the
ployees in the United States have increased 32%.
production of the Company's allied
lines of wagons, manure-spreaders,
PENSION FUND.
gasoline engines, cream-separators,
auto-wagons, tractors, drills, &c.....$14,804,568 22
At December 31 1912 pensions had been granted to 152
In Foreign Countries:
Real Estate, Buildings, Machinery
employees on the regular pension roll, 31 of whom have died.
and Equipment for the manufacThe remaining 121 have averaged nearly 30 years of service;
ture of harvesting machines, tillage implements and twine in Cantheir average age is 67 years, Pensions are paid by the
ada, France, Russia and Sweden_ 9,640,339 37
from employees. A
24,444,907 59 Company without any contribution
pension fund is being established by annual
For Agency Warehouse and Transfer Properties:
permanent
Construction of new warehouses for additional storage
its amount shall be
2,442,689 74 appropriations from earnings until
and transfer facilities on the territory
to provide the revenue necessary for future paysufficient
For Railroads:
1,308,889 14
Track extension and additional rolling stock
ments.
$80,874,607 12
Deduct—
Miscellaneous Property Sales, etc
2,679,399 00
Balance of Pension Fund at December 31 1911
Appropriation from 1912 Earnings
$1,027,719 27
250,000 00
$1,277,719 27
$78,195,208 12
Add—
ore
of
advance
in
mines
ore
at
and
Stripping
development
1,070,408 93
extraction_
$79,265,617 05
Balance at December 31 1912
Add—
Income from fund for year 1912
Less—
Pension payments during 1912
The principal capital expenditures for new property acquired or constructed, and for additional equipment purchased during the fiscal year 1912, were as follows:
International Harvester Company.—Akron Works: Additional equipment for auto-delivery wagons. Champion
Works: Completion of auxiliary power plant. Deering
Works: New warehouse, completion of new manufacturing
building. McCormick Works: New warehouse. Milwaukee
Works: Purchase of additional real estate, new paint building, third unit of testing room, additional tractor equipment. Osborne Works: Electrification of twine mill. ' Plano
Works: Completion of new power system, equipment for
manufacturing corn planters. Tractor Works: Erection of
second unit for additional tractor capacity. Weber Works:
New rim-bending plant, equipment for manufacturing autowagon wheels.
International Harvester Company of Canada, Limited.—
Chatham Works: Additional equipment for manufacturing
wagons. Hamilton Works: New wood shop, new power
plant, gravity water intake, additional equipment to provide
for expansion of Canadian trade. Paris Works: Equipment
for steel manure-spreader.
Compagnie Internationale des Machines Agricoles.—Croix
Works, France: Purchase of real estate, completion of new
warehouse, erection of twine mill, additional equipment for
manufacturing mowers, rakes, and tedders for French trade.
International Harvester Company m. b. H.—Neuss Works,
Germany:rectipn of twine mill warehouse, extension of
manufacturing buildings, and additional equipment for manufacturing mowers, rakes, and tedders for German trade.
INDUSTRIAL ACCIDENT FUND.
The Company's plan for compensating its employees for
injuries resulting from industrial accidents is based upon the
principle that the industry should bear this burden regardless
of legal liability.
The plan is administered by an Industrial Accident Department which promptly investigates every accidental
injury or death. Payments are made directly to the person
entitled to receive the benefits, and an earnest effort is made
to see that every dollar due under the plan is promptly paid
without any expense on the part of the injured employee.
From May 1 1910 (the date of the institution of the plan)
to December 31 1912, the Company has voluntarily paid
$286,500 to employees injured in the course of their duty.
No portion of this sum has been charged against the perman-_
eat Industrial Accident Fund which is being established.
Balance at December 31 1912
$50,720 24
29,871 06
20,849 15
$1,298,568 45
Balance of Industrial Accident Fund at December 31 1911_ _._$5i2,500 00
Add— .
25,625 00
Income from Fund for year 1912
250,000 00
Appropriation from 1912 earnings
Balance at December 31 1912
$788,125 00
EMPLOYEES' BENEFIT ASSOCIATION.
The Employees' Benefit Assotiation is a mutual organization to provide for the payment of sickness, accident and
death benefits to its members. The average membership
during the year 1912 was 29,257, and the Company, in accordance with its agreement, again contributed $50,000 to
the funds of the Association. The financial statement of the
Association for the fiscal year ending December 31 1912 is:
1498
THE CHRONICLE •
Cash Balance at December 31 1911
Operating Receipts during 1912
Operating Payments:
Benefits Paid
Expenses
*311,760 54
$347,409 95
*263,562 70
47,240 60 310,803 30
36,606 65
$348,367 19
Add—
Contribution of International Harvester Company for year
1912
Cash on Hand December 31 1912
Deduct—
Liabilities for unsettled claims (partly estimated)
44
Total Estimated Surplus at December 31 1912
$398,367 19
71,426 71
$326,940 48
WELFARE WORK.
The Employees' Benefit Association has maintained an
average membership during the year 1912 of 29,257. As 75%
of the Works' employees were members, the Company has
again contributed $50,000 to the Association. The Association is in a prosperous condition, having a surplus of $326,940 48.
The Company is fully committed to the plan of compensation for industrial accidents to its employees; and in the
States of Illinois and Wisconsin it is operating under the
compensation laws of those States. Closely related to the
matter of compensation is the accident-prevention work,
which has been vigorously pushed under the direction of a
chief safety inspector and the superintendents.
The anti-tuberculosis work which was started last year
has been aggressively continued. Practically all of the
employees at the Chicago Works have been inspected, and
every case of tuberculosis in any stage has received such
treatment as the Company's medical staff has recommended,
including either sanitarium treatment or home care. This
investigation and treatment is being extended to the Works
outside of Chicago as fast as possible.
The Company has expended during the year nearly half
a million dollars for welfare features affecting the working
conditions, comfort, health and lives of its employees. This
sum embraces the following items:
$135,298 91
68,186 25
31,765 06
82,988 48
55,080 22
66,224 16
51,891 34
$495,434 42
In pursuance of the welfare policy of the Company, it
has recently made the following changes for the benefit of
its employees; it has abolished night work for women in all
its Works, and hereafter, whenever night shifts are required,
only men will be employed; it has established for its women
workers a minimum wage of eaght dollars per week at all the
Company's domestic Works, with corresponding adjustments
in piece-work prices and for more expert labor; it has adopted the Saturday half-holiday throughout the year at all
the Company's domestic Works, without reducing average
weekly earnings.
Since the formation of the Company in the fall Of 1902, the
average wages paid its Works'employees in the United States
have increased 32%.
THE GOVERNMENT CASE.
50,000 00
GENERAL.
The year 1912 was one of exceptional prosperity for the
farming community throughout the world. The production
of the principal grains increased almost 20% over the preceding year, and yielded a crop value considerably larger
than any previous record. This created an increased demand for harvesting machinery, tillage implements and other
farm appliances,and enabled the Company to make a substantial gain in the gross volume of sales. The increase
effected in net earnings, however, was not proportionate to
the gain in volume, owing to the reduction in selling prices
of the Company's principal lines.
The expansion of the foreign trade continues. The sales
of harvesting machinery abroad increased 23%,and the sales
of other farm inplements, engines and tractors increased
14% over 1911. The foreign trade now exceeds 40% of the
total business of the Company, and contributes more than
proportionately to the net earnings; while the domestic
sales of harvesting machinery and twine in 1912 were less
than • one-third of the total business.
The principal capital expenditures in the United States
and Canada during the past year were incurred in enlarging
the warehouse and storage facilities at Works and Agencies,
and in the construction of additional units for the manufacture of gasoline and kerosene engines and tractors.
New twine mills have been built at the Works in France and
Germany. The first unit of the Company's extensive plant
at Lubertzy, Russia, was completed, and reapers and mowers
are now being manufactured there to supply a portion of the
Russian requirements. The Coke Works at Benham, Kentucky, have been in successful operation throughout the year,
and an additional unit of 100 coke ovens, with a capacity
of 50,000 tons of coke per annum,is in course of construction.
To assist the American farmer in raising better crops and
in increasing the yield per acre, the Company has organized
a thoroughly equipped Agricultural Extension Department.
The program of this department for 1913 embraces a special
campaign in a number of the Central States to increase the
acreage of alfalfa. This is being conducted in co-operation
with local agricultural and commercial societies, and the
farmers are instructed in the importance of this valuable
crop. This department is also extending its work in various
other directions to improve the fertility and productivity of
the soil and to advance scientific agriculture.
Compensation for Industrial accidents
accidents..
Contributions to Employees' Benefit
Pensions to aged or disabled employees
Accident prevention
Medical, including anti-tuberculosis campaign
Sanitation and ventilation
Education, clubs, matrons, lunch-rooms, etc
[VOL. xcvi.
In 1906, soon after the Bureau of Corporations was organized, the Company requested the Bureau to make a full investigation of its organization and business, and has since
afforded it every facility for obtaining information about the
Company's affairs. On April 30 1912, before the investigation of the Bureau of Corporations was concluded, the Government filed suit at St. Paul to dissolve the Company.
The taking of evidence by the Government began in Septem-:
ber and was completed in December 1912. The evidence
on behalf of the Company is now being taken. It is expected
that it will be completed by midsummer, and that the case
will be presented to the Court in the fall.
REPORT OF THE BUREAU OF CORPORATIONS.
It was supposed that while suit was pending the Government would not put forth the Bureau's report, particularly
when only the evidence on the Government's side of the
case had been received and considered by the Bureau in making up its report. Though requested to defer its report at
least until the Company's evidence was taken and could be
considered, the request was denied; and on March 3 1913 a
Summary of the Report was given to the press. The old
charges of exclusive agencies, fixed prices and coercion,
which the Company had so completely disproved in the litigation in Kansas and Missouri, were again repeated in this
Summary. But, even with these features, the report justifies the Company as to the fundamental matters of honest
capitalization, fair prices and moderate profits. It admits
that this Company, unlike many other large corporations,
was not over-capitalized at organization, and that its profits
have been moderate, averaging less than eight and a half
per cent per annum. The report also conclusively refutes
the familiar falsehood that International goods are sold
abroad cheaper than at home, stating that "the prices to the
retail dealer or to the farmer are higher abroad than in the
domestic market." The report further states (p. 244):
"From the figures in the above table it can be easily seen
that the farmer in the United States enjoys a marked advantage over the farmers in foreign countries generally."
"Because of frequent reports that the International Harvester Co. has sold its machines at much lower prices abroad
than in the United States, emphasis should be placed upon
the fact that the Bureau's agents made an extensive investigation in Europe, and found no noteworthy instances of what
is usually termed 'dumping' with respect to the International
Harvester Co."
ORGANIZATION OF INTERNATIONAL HARVESTER
CORPORATION.
On account of the large business of the Company in foreign
countries, and in order to protect, as far as possible, its
foreign credit and trade from embarrassment and injury pending the protracted litigation with the Government, the
Directors recommended the division of the Company's
properties and business between two corporations, according
to the following plan:
A new company, to be called International Harvester
Corporation, with a capital stock of $70,000,000-1630,000,000 preferred and $40,000,000 common—should be organized;
it should purchase from this Company all its foreign plants,
property and business, and its six plants manufacturing the
so-called "new lines" in the United States, and such portion
of this Company's other assets as together would amount
to substantially one-half in value of this Company's net
assets; and it should accept in payment therefor the entire
capital stock of the Corporation, and then reduce its own
capital stock one-half, and give to its stockholders the opportunity to receive pro rata for the stock retired shares of the
Corporation of like amount and kind, with the option to
receive cash for the par value of the shares retired.
This plan was submitted to the stockholders by circular
letter January 29 1913, and it was unanimously approved at
a special meeting of the stockholders held on February 10
1913, at which about three-quarters of all the stook of this
Company of each class was represented. The plan thus
adopted has now been fully carried out; the name of this
Company was changed to International Harvester Company
of New Jersey, its capital stock of each class has been reduced one-half, and its properties and business are now
wholly within the United States. The two corporations
now have the same capitalization of $70,000,000 each, with
substantially equal assets and resources. The balance sheet
submitted herewith does not, of course, show this division,
but embraces the entire business heretofore carried on by
this Company.
The books and accounts for the fiscal year have been audited by Messrs. Haskins & Sells, Certified Public Accountants, and their certificate is presented herewith.
The Board of Directors gratefully recognizes that the zeal,
efficiency and loyalty of the whole organization are mainly
responsible for the progress and continued prosperity of the
Company.
By order of the Board of Directors.
CYRUS H. McCORMICK, President.
Chicago, April 15 1913.
MAY 24 1913.]
THE CHRONICLE
149
PHILADELPHIA COMPANY
TWENTY-NINTH ANNUAL REPORT—FOR YEAR ENDED MARCH 31 1913.
Office of the Philadelphia Company,
•
Pittsburgh, Pa., April 1st, 1913.
The Board of Directors herewith submit their report for the
final year ended March 31 1913.
During the year 11 wells were purchased and 222 wells
were drilled, of which 176 were productive of gas, 20 of oil
and 26 unproductive;29 wells were abandoned, having ceased
to be productive;2 wells were sold, and 1 well was reinstated,
making the total number of wells owned or controlled through
stock ownership and in use by the Company at this date
1,313.
During the year 20.26 miles of pipe were reclaimed and
249.89 miles were laid and purchased. The total amount
of pipe lines operated by this Company, either through
ownership or stock ownership in other corporations, is now
2,807.01 miles.
This does not include the 180.55 miles of mains of the Allegheny Heating Company nor the 364.12 miles of mains of
our several artificial gas companies.
The Company sold during the year 40,542,825,500 cubic
feet of natural gas, being an increase of 2,973,048,000 cubic
feet, with increased receipts from that source of $285,990 04.
There has been an increase during the year of 6,130 domestic consumers of the natural gas supplied by the Company
and the Companies it operates, including the Allegheny
Heating Company and The Fairmont & Grafton Gas Company, making the total number of domestic natural gas consumers of these Companies 117,155.
There has been expended out of the earnings of the Company since March 31 1886 for gas and oil wells, transportation pipe lines outside the city, pumping stations, telephone
lines, tools, &c., $20,800,419 14, no part of which has been
charged to capital accounts.
To develop and increase the production and sale of electric
light and power, as well as for the purpose of unifying and
simplifying the operation of the electric public service companies whose capital stock is owned by this Company, the
Company applied a considerable portion of the proceeds of
the sale of its Debentures dated May 1 1912 to the purchase
of all the stock and bonds of the Duquesne Light Company,
which became the nucleus of the new financial structure for
the conduct of the electric light and power business of the
Company; it also acquired the Phipps plant and the stock of
the Pennsylvania Light & Power Company, and caused to
be made by Ford, Bacon & Davis a valuation and appraisement of the properties of the light and power companies
whose stocks were previously owned by the Philadelphia
Company, and a reasonable present value of such stocks was
duly ascertained and reported by said engineers.
The Capital stocks of the Companies owning these properties had been carried upon the Company's books at their
original cost to the Company, without regard to the cost of
the subsequent improvements, additions and betterments
to and extensions of said properties. The ownership of said
stocks and the operation of said properties were thereafter
vested in the Duquesne Light Company through sales, contracts of sale, consolidations and leases, involving a mass of
detail too voluminous to state herein.
The electric generating plants now operated by the Duquesne Light Company have a normal rated capacity of
74,015 K. W., and contracts have been made by that Company for the installation at Brunot Island of additional
units of a normal rated capacity of 45,000 K. W.- the latter
are expected to be installed before the close of '
the present
calendar year, giving the Duquesne Light Company total
normal rated generating capacity of 119,015 K. W. The
Philadelphia Company has supplied the Duquesne Light
Company from the proceeds of the Debentures the money
with which to pay for such additional installation, and for
the development and extension of its lines, distribution and
other facilities. Investigations and studies are being prosecuted preparatory to the installation of such power plants,
in addition to those named above, as may be needed in the
development of this business; and it may be confidently
stated that the future of the Duquesne Light Company is
most promising.
The Company has acquired and now owns, as representing
its entire investment in electric light and power companies, all
the outstanding capital stock of the Duquesne Light Company to the par value of $20,884,200, a moderate dividend
upon which would provide the interest upon the total funded
debt of the Philadelphia Company. The Duquesne Light
Company has declared and paid its initial dividend of 1 Ya.%
on said $20,884,200—for the quarter ended March 31 1913,
being at the rate of 7% per annum. As a further result of
the purchase by the Duquesne Light Company at the valuations determined by the appraisements above referred to,
and the exchange of a portion of its stock for stocks of similar
companies hitherto held directly by the Company, the surplus of the Philadelphia Company was increased by $5,595,429 41.
The Company availed itself of the above increase in surplus
and by a recognition of part of the increase over book values of
the shares of stock of certain of its natural gas companies, in
which companies many improvements and extensions had
theretofore been charged to earnings, to adjust its accounts
with,and the finances of, the Pittsburgh Railways Company,
to which it had advanced from time to time since 1902, as
well as having assisted it to borrow, large sums of money to
enable it to meet Railway Company's extraordinary maintenance, demands for improvements and extensions, and to pay
interest upon such borrowings. It is important to note that
in doing this no increased book values were placed upon the
oil and gas leases owned by the several companies or upon the
plant and property owned directly by the Philacelphia Company. The principal transactions involved in said adjustment were the sale and delivery to the Pittsburgh Railways
Company of certain shares of stock of certain street railway
and electric traction companies, included in the Pittsburgh
Railways Company operating system, and carried on the
Philadelphia Company's books at $8,265,000 14; also the
turning over to the Railways Company the bills payable
of that Company and certain underlying street railway companies, amounting in book value to $10,649,052 25,for which
the Philadelphia Company received $10,000,000 par value
6% Debentures of the Pittsburgh Railways Company, interest upon which is payable as and when earned,and is noncumulative.
By this' adjustment, the Pittsburgh Railways Company
was relieved from large indebtedness to its sole stockholder,
the Philadelphia Company, and from the payment of a large
sum of money annually as interest on such indebtedness. As
the Philadelphia Company was and still is the owner of all
the outstanding stock of the Pittsburgh Railways Company,
the value of the stock of the Pittsburgh Railways Company
was correspondingly enhanced by this arrangement. It is
contemplated that any funds needed hereafter by the Railways Company for the improvement of its lines will be provided through the issuance of bonds of the Pittsburgh Railways Company, and that any increase of equipment will be
provided either out of the proceeds of such bonds or the proceeds of some other satisfactory financial arrangement to
be entered into by the Railways Company.
The Railways Company has made a contract with the
Duquesne Light Company for an adequate and reliable supply of all the power which it may need, and thus is relieved
from the necessity of further financing to provide for its increasing and growing power requirements.
The general improvement in business conditions in the
territory served by the Railways Company is indicated by
$542,072 76 increase in its gross earnings for the past fiscal
year.
With the drawing to a close of a series of extraordinary
street improvements by the City of Pittsburgh, which have
interrupted traffic at one time or another upon every line
of railway leading to the business centre of the city, it is to
be expected that the earnings of the Railways will show further improvements, providing, of course, that the business of
the community continues as prosperous as at present.
Accompanying this report are statements showing the
financial condition of the Company.
For the Board.
J. H.REED, President.
PHILADELPHIA COMPANY.
(Including the Philadelphia Company of West Virginia.)
INCOME AND PROFIT AND •LOSS ACCOUNT—YEAR ENDED
MARCH 31 1913.
Gross Earnings—
Gas
$6.769,3i264
Oil
246,654 81
Miscellaneous
36,309 40
Total Gross Earnings
Operating Expenses—
Prospecting and Lease
Gas Purchased
Production
Transportation
Distribution
Commercial
General and Miscellaneous
Total Operating Expenses
Taxes
Total Operating Expenses and Taxes
$7,052,276 85
$598,757 12
417,138 38
602,120 33
372,245 05
364,898 45
124,208 16
479,453 69
$2,958,821 18
192,37908
$3,151,200 25
$3,901,076 59
Net Earnings
Other Income—
Dividends and Interest on Stocks and Bonds
$1,161,334 01
Owned
113,244 23
Rental of Real Estate and Buildings
1,080,059 24
Interest and Discount
Miscellaneous
14 00
Total Other Income
Total Income
Deductions from Income—
Rental of Leased Gas Properties
Interest and Discount
Miscellaneous
Total Deductions from Income
2,354,651 48
$6,255,728 07
$23.240 60
36,258 03
13,536 29
73,034 92
Net Income Before Deducting Fixed Charges, Improvements,
$6,182,693 15
Betterments, Extensions
1500
THE CHRONICLE
Fixed ChargesInterest on Funded Debt
Interest on Convertible Gold Debentures
Interest on Convertible Gold Notes
Total Fixed Charges
$1,056,315 12
439,424 55
70,000 00
$1,565,739 67
Net Income after Deducting Fixed Charges
Improvements, Betterments and ExtensionsNew Producing Gas Wells
New Producing Oil Wells
New Pipe Lines-Outside City
$4,616,953 48
$737,638 85
81,055 75
380.116 55
[VOL. xcvi.
LIABILITIES.
Capital StockCommon,780,860 shares
$39,043,000 00
Preferred,6%,Cumulative, 69,700 shares.. 3,485,000 00
Preferred, 5%, Non-cum., 53,800 shares
2,690,000 00
Total Capital Stock
$45,218,000 00
Funded DebtFirst Mortgage and Collateral Trust 5%
50-year Gold Bonds, dated March 1 1899 $6,012,000 00
Consolidated Mortgage and Collateral Trust
57 50-year Gold Bonds, dated Nov. 1
1901
15,148,000 00
Total Funded Debt
Total Improvements, Betterments, &c
1,198,811 15
21,160,000 00
Ten-Year Cony. 5% Gold Debentures, dated Aug. 2 1909.. _ .. 1,957,000,00
Net Income for the Year
$3,418,142 33 Ten-Year Cony.57 Gold Debentures, dated May 1 1912.. _ _ 9,825,00000
Profit and Loss, Surplus, April 1 1912
1,400,000 00
5,394,151 80 Two-Year Cony. 5to Gold Notes, dated May 1 1911
Affiliated Compan esAdditions to Profit and LossSubscription to Capital Stock of Duquesne
Light Company
$3,500,000 00
Profit on Property Sold
$713,118 39
Notes Payable
853,055 56
Premium on Stocks and Bonds Sold and ExAccounts Payable
338,781 56
165,677 50
changed
Profit on Capital Stock and Bonds of Other
Total Affiliated Companies
4,691,837 12
5,595,429 41
Companies Sold
Current LiabilitiesNet Increase in Book Value of certain Natural
Accounts Payable
$257,247 55
Gas Company Securities, Re-appraised_ _ _ _ 3,314,560 88
Consumers' Advances
252,208 53
1,115 82
Miscellaneous
Dividend on Common Stock of IX , declared before close of fiscal year
arch
Total Additions to Profit and Loss
9,789,902 00
31 1913), payable May 1 1913
683,250 75
Total
$18,602,196 13
Total Current Liabilities
1,192,706 83
Deductions from Profit and LossAccrued Liabilities, Not DueTaxes
$153,617 32
Guaranteed Dividend on Consolidated Gas
Interest on Bonds
340,633 34
Company Preferred Stock
$78,716 00
Interest on Gold Debentures and Notes.. _ _ _
250,162 50
Expenses and Taxes in Connection with New
Interest on Current Liabilities
6,472 22
Securities Issued
136,162 09
Consolidated Gas Company Guarantee..
14,017 33
Depreciation of Property
74,816 85
99,071 25
Reserved for Dividends on Preferred Stock_
Securities and Accounts Receivable Written
Down
9,508,246 65
Total Accrued Liabilities
863,973 96
220 03
Miscellaneous
Contingent Reserve
983,375 00
5,767,600 87
Total Deductions from Profit and Loss
9,798,161 62 Profit and Loss-Surplus
Total
$93059,493 78
Balance-Profit and Loss
$8,804,034 51
Note.-The Philadelphia Company has a contingent liability for the
following Bonds,guaranteed both as to principal and interest:
DividendsMt. Washington Street Railway Co. First Mortgage 30-year
On Preferred Stocks
$306,466 89
5% Gold Bonds, dated April 1 1903
$1,500,000 00
On Common Stock-53i% declared and paid
Street Incline Plane Co. First Mortgage 30-year
Seventeenth
during the year
2,046,716 00
57 Bonds, dated March 1 1905
125,000 00
On Common Stock-1%% declared before
Allegheny Bellevue Sc Perrysville Railway Co. First Mortgage
close of fiscal year (March 31 1913), paya30-year 5% Gold Bonds, dated April 1 1905
500,000 00
ble May 1 1913
683,250 75
The Morningside Electric Street Ry. Co. First Mortgage 30year 5% Gold Bonds, dated Oct. 2 1905
200,000 00
Total Dividends
3,036,433 64 Ben
Avon & Emsworth Street Railway Co. First Mortgage
Gold Bonds, dated April 1 1906
30
-year
5%
300,000
00
Surplus March 31 1913-Per Balance S eet
$5,767,600 87 Pittsburgh & Beaver Street Railway Co. First Mortgage
50-year 5% Gold Bonds, dated July 1 1908
750,000 00
The Philadelphia Company has a contingent liability, as endorser, on
GENERAL BALANCE SHEET MARCH 31 1913.
short-term notes issued from tine to time by its Affiliated Companies.
ASSETS.
SCHEDULE OF CAPITAL STOCK SHARES OF OTHER CORPORA
Property and PlantTIONS OWNED AND POSSESSED AT MARCH 31 1913 BY
Charters, Franchises and Patents
$1 00
THE PHILADELPHIA COMPANY.
Gas Rights
183,543 69
Shares
Total
Gas Leases
339,288 11
Owned.
Shares.
Gas and Oil Wells
605,780 13
233,117 Pref. 240,000
Traction
Co
Consolidated
Rights of Way
120,945 34
286,799 Com, 286,980
Consolidated Traction Co
Compressing Stations
11,230
29,850 "
29,850
The Chartiers Valley Gas Co
Pipe Lines-Transportation and Distribution 7,287,290 49
19,822 "
20,000
Pennsylvania
Natural
Gas
Co
Service Connections
.,
871,529 05
15,089 "
20,000
South Side Gas Co
Meters
1,172,905 92
13,927 "
Equitable Gas Co
13,927
Regulators
416,571 62
4,944 Pref. 5,975
Equitable
Gas
Co
Tools
45,000 00
The Allegheny Heating Company
2,664 Corn. 4,754
Horses and Stable Equipment
5,632 05
The Consolidated Gas Co. of the City of Pittsburgh.. 80,000 "
80.000
Telephone Lines
44,377 73
The Consolidated Gas Co. of the City of Pittsburgh_
617 Pref. 40,000
Real Estate
164,045 62
Pittsburgh Railways Co
50,000 " 50,000
Buildings
65,903 36
Pittsburgh Railways Company
50,000 Corn. 50,000
Office Furniture and Fixtures
14,850 00
*208,842 " 208,842
Duquesne Light Company
The Beaver Valley Traction Co
*21,500 "
21,500
Total Property and Plant
$11,348,894 91 The Philadelphia Company of West Virginia
*20,000 "
20,000
Stocks and Bonds of Philadelphia Company in Treasury
89,704 36 The Union Gas Company of McKeesport
*16,000 "
16,000
Stocks and Bonds of Other Companies Owned
69,594,090 18 The Braddock Gas & Light Company
*5,000 "
5,000
Affiliated CompaniesSeventeenth Street Incline Plane Co
*5,000 "
5,000
•
Notes Receivable Deposited with Trustees.. _ _$2,400,000 00
Pittsburgh & Beaver Street Railway Co
*4,700 "
4,700
Duquesne Light Company Contract for PurThe Fairmont & Grafton Gas Co
*3,000 "
3,000
The Suburban Gas Company
' chase of Brunot Island Property
*2,000 "
2,000
3,500,000 00
Low Pressure Gas Company
The Philadelphia Company of West Virginia
*1,000 "
1,000
Consumers' Heating Company
*1,000 "
for Construction
1,000
1,881,996 10
Mansfield & Chartiers Gas Company
*500 "
500
Temporary Loans
1,819,823 67
Street
Hallway
Co
The Morningside Electric
*480 "
480
Accounts Receivable
136,104 86
Twenty Miscellaneous Gas, Electric Light and Street
*3,512 "
3,512
Total Affiliated Companies
Railway Companies
9,737,924 63
Current and Working AssetsCash at Bank and on Hand
* Being all of the stock of such companies.
$583,634 83
Mortgage Receivable
49,174 79
Accounts Receivable
CERTIFICATE.
465,076 28
Materials and Supplies
232,020 28
We have examined the Books and Accounts of the Philadelphia Company
Unexpired Insurance
598 52
and Affiliated Operating Companies for the year ended March 31 1913
and we hereby certify that the foregoing Balance Sheet and Statement of
Total Current and Working Assets
1,330,504 70 Income and Profit and Loss of the Philadelphia Dompany are correct.
Deferred Account-Balance of Discount on 5% Debentures of
1912
958,375 00
(Signed) HASKINS & SELLS,
Certified Public Aacountants.
Total
New York, May 14 1913.
$93,059,493 78
-Harris, Forbes & Co are distributing copies of their
53-page pamphlet entitled "Public Utilities," describing some
55). companies whose securities they are prepared to sell.
The same firm reports that 73 public utility companies
whose bonds they are accustomed to deal in show gross earnings as follows for the last two calendar years:
25 Electric 40 Gas and 6 Telephone 2 Water
Total
Ry. Cos. Electric Cos. Companies.
Cos.
73 Cos.
Gross 1912.. $92,025,858 $101,864,693 $101,909,226 $394,335 $296,194,113
Gross 1911_ 86,141,027 93,985,753 92,201,442 342,362 272,670,585
Increase _
$5,884,831 $7,878,940
8.3%
6.8%j
$9,707 784 $51,973 $23,523,528
%
15%
8.6%
W!-"Poor's Manual of Public Utilities" (first annual number) has just been received, a volume of 1,924 pages of text
devoted . entirely to public utilities-street railway, gas
and electric light, water, power, telephone and .telegraph
companies-being the only manual that deals exclusively with
the finances of all classes of public service corporations.
Including companies merged, the book is a record of about
8,500 corporations-practically, it is said, every public utility
in the United States and Canada.
Ir -In the "Homes of the Early Presidents and Present-Day
Opportunities for Homes and Agriculture in Northern Virginia," an octavo book of 64 pages, beautifully illustrated,
the Passenger.Department of the Southern Railway has made
known, in truly beguiling form, the fact that Northern Virginia, where Washington, Jefferson, Madison and Monroe
made their homes,offers peculiar attractions to the man of the
present day who wishes to reside amid delightful surroundings, and to the settler seeking a favorable location to engage
in general farming, stock-raising, dairying, poultry-raising
or fruit-growing.
-Price, Waterhouse & Co., New York, have issued their
annual "Railroad Statistics," slowing in comparative tabular
form the operating figures of 53 of the principal railroads in
the United States for the four years ending June 30 1912.
The results are reduced to a mileage and per unit basis, so
that inferences may be drawn as to the relative density of
traffic and operating efficiency of each property from year
to year, and also in comparison with other properties similarly situated.
-Millett, Roe & Hagan of 52 William St., N. Y.; 15 Congress St., Boston, and 36 Pearl St., Hartford, have sold 70%
of a $460,000 issue of Titusville Forge Co. 1st M.5% bonds,
tax-free in Pennsylvania, and guaranteed unconditionally,
principal and interest, by the Bethlehem Steel Co. By advertisement in the "Chronicle" to-day, Millett, Roe & Hagen
offer the unsold maturities subject to prior sale. The various
maturities yield from 5.80 to 6.10%. See to-day's advertisement and also our "General 1 nvestment News' Dept.
1.501
THE CHRONICLE
MAY 24 1913.]
Tomutercial
xint.
COMMERCIAL EPITOME.
Friday Night, May 23 1913.
The prospects of good crops cheers the West but manufacturers, especially in the East, are proceeding cautiously,
owing to the drastic tariff changes proposed. Rainy
weather has affected retail trade in parts of the West. It
has also delayed the planting of corn. The winter-wheat
crop bids fair to be the largest on record. Though bank
exchanges are smaller than those of a year ago, they are
running heavier than two years ago. Large sales of merchandise are believed to represent immediate wants. Trading
for future needs is on a very conservative scale, partly owing
to the tariff revision. Collections are no more than fair;
in some trades rather poor. The consumption of iron and
steel is still large, but new business is comparatively small.
On the whole the feeling is optimistic at the West, while
in the East there is a disposition to go slow.
LARD has latterly declined; prime Western $11 40; refined for the Continent $11 85, for South America $12 35
and for Brazil in kegs $13 35. Lard futures,after advancing,
became weaker, owing to profit-taking. May has shown the
most depression, partly, it is believed, owing to selling by
packers. The firmness of grain, however, and also of hogs,
has acted as a check on any marked reduction. To-day
prices advanced in sympathy with grain. Near months were
especially strong. Packers and the shorts were buyers.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
11.02X 11.02X 11.10
11.25
11.15
May delivery
cts_11.05
11.00
10.95
11.02X 11.02X 11.00
July delivery
10.90
11.02 X 11.10
11.02A 11.05
September delivery_ _ _ _10.97X 11.00
COTTON.
Friday Night, May 23 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
55,860 bales, against 61,064 bales last week and 59,773
bales the previous week, making the total receipts since
the first of September 1912 9,218,664 bales, against 11,271,879 bales for the same period of 1911-12, showing a decrease
since Sept. 1 1912 of 2,053,215 bales.
Sat.
1,394
47
Galveston
Texas City
Port Arthur_ _ _ _
Aransas Pass,&c.
New Orleans...
Mobile
Pensacola
Jacksonville,&c_
Savannah
Brunswick
Charleston
Georgetown
Wilmington
Norfolk
N'port News,&c.
New York
Boston
Baltimore
Philadelphia._
---1,689
---1,565
--.8
____
108
'
----
Tntr.1 +Ilk urPolr
Mon.
Tues.
Total.
3,097
1,072
1,131
;i8,1 2,654
-iii
-18
____
1,Nii
-5,:i6
____
66
1'
-------------
50
'
------
1,585 1,565 87,565
577
577
556 __149 _951_
__
:160
86
56
____
100
109
-_-_-_-_
--if)
--ei
29
-_-_-_.,
--iii.
--rid
A 001
Fri.
Thurs.
Wed.
3,684 11,855
351
226
------------100
95
-----------------95
2 .§
.5 1,875 2,447 1,285 2,019 11,609
868 1,787
112
____ 8,227
------------ 8,227
--1,477
---
A 47I
CI
non
1,005
6,431
3,961
6,431
--fl :--izi8
-55
94
-566
-----_
A.R28 12.802
16 7526
445
322
AA R6I1
The following shows the week's total receipts, the total
since Sept. 1 1912, and the stocks to-night, compared with
last year:
Stock.
1911-12.
1912-13.
PORK dull but steady; mess $21 75@$22 25; clear $21@
Receipts to
May 23.
This 'Since Sep This Since Sep
$22 50; family $23 50@$25. Beef quiet but steady; mess
1912.
Week. 1 1912. Week. 1 1911.
1913.
$19@$20, packet $21@$22, family $22@$24, extra India
98,851
11,855'3,729.166 7,971 3.456,317 1 118,463
mess $35©$36. Cut meats stronger; pickled hams, 10 to Galveston
585,683
8,202
Texas City
351 663,096
20 lbs., 14@153o.; bellies, clear, f.o.b. New York, 6 to Port
196.507
Arthur
226 137,291
l ©28 Mc. Aransas Pass,&c_
/©17c. Butter, creamery extras, 28Y
76,207
12 lbs., 153
95 128,998
.6 1,597,121 72,944 64,802
New Orleans__ _ _ 11,609 1,355,475 12,44
Cheese, State, whole milk, 13M ©133Ac. Eggs, fresh- Gulfport
66,845
9.811
gathered extras, 223'@23o.
19,102
948 371,586
9,746
Mobile
1,787 208,696
210,501
Pensacola
8,227 124,408
OILS.-Linseed quiet but steady. At Duluth flaxseed Jacksonville,
50,062
522
&c_
_
14,279
has been easier. The receipts there were 23,000 bushels. Savannah
60,367
56,165
8,563 1,229,720 11,§io 2,342,992
577 231,019
3,356
500 403.983
City, raw, American seed, 48@49c.; boiled 49©50c.; Cal- Brunswick
Charleston
951
302,583
411,211
14,788
17,712
309
the
to
continued
Cottonseed
oil
stronger,
due
cutta 70c.
Georgetown
110
1,169
-466 338,458 -866 542,141
steadiness of lard. The consuming demand has been pretty Wilmington
7,740
4,824
Norfolk
3,961 511,439 6.053 733,354
33,402
38,082
fair. Winter 7.15c., summer white 7.30c. Cocoanut oil NewportNews,&c
189
6,431 109,273
37,031
Chinawood
14,144
27
6,114
New York
firm; Cochin 103
80,975 162,076
4©11c. Ceylon 103.@103
%e.
260
44,202
880
61,033
9,450
10,697
fairly active at 73©73%c. Corn 5.70©5.75c. Cod steady Boston
70,657 2,136 119,770
Baltimore
445
3,698
10,657
322
5,650
2,252
4,166
Philadelphia
at 39@41o.
2,780
COFFEE has been quiet and easier; No. 7 Rio 113'o.
55,860 9,218,664 43,902 11271.879 432,973 490,405
Total
Mild grades have also been slow of sale; fair to good Cucuta
1334@133%c. Coffee futures have declined sharply on long
In order that comparison may be made with other years,
liquidation, which, rightly or wrongly, was attributed partly we give below the totals at leading ports for six seasons:
to large bull interests here. Europe and Wall Street have
been selling. Europe and Brazilian markets have fallen.
1909. I 1908.
1911.
1910.
Receipts have kept up unexpectedly well. Stocks at Rio Receipts at- 1913. I 1912.
and Santos, however,are only 1,509,000 bags, against 2,154,- Galveston.. _ _ 11,855
7,971
6,481
26,8411 16,049
12,905
6721
8.409
000 a year ago. To-day prices advanced moderately. In TexasCity,&c.
17.485
11,609, 12,440
18,105
25,024; 19,626
New Orleans_
some quarters there is a disposition to reduce crop estimates Mobile
1,174
948
958
1,358
5,8541
1,7871
5,922
7,375
11,244'
9,940
8,363' 11,849
somewhat. One estimate of the Santos crop is 9,850,000 bags. Savannah
850
247
577
557
1,575,
500
Brunswick_ _ _
received
with
however,
are
great
caution
estimates,
Bullish
2,377
1,014
309
453
658
951
Charleston,&c
259
907
1,8361
600
4,861
Closing
400
Wilmington
prices
country.
this
follow:
elsewhere
in
here and
1,540
8,002
8,886
4,881
6,053
3,9611
Norfolk
10.95%11.00
May
10.98111.00
June
July
11.01 11.03
August _ _ _11.10 11.11
September 11.20®11.21 January_ _11.24 11.26
October_ _ _11.2111.22 February A1.25 11.27
.2
27 1
11.
.2
29
November 11.22(11.23 March_ _ _1111.
December_11.24 11.25 April
SUGAR.-Raw was steady. News from Cuba was favorable. The receipts at Atlantic ports for the week were
89,088 tons, against 40,686 last week and 70,074 last year.
The world's visible supply of sugar now is 3,670,000 tons,
against 2,560,000 last year. Centrifugal, 96-degrees test,
3.270.; muscovado, 89-degrees test, 2.77c.; molasses, 89degrees test, 2.52c. Refined quiet and easier; gran. 4.20c.
%PETROLEUM steady; barrels 8.70@9.700.; bulk 5@6c.;
cases 11 ©12c. Drilling operations continue active in all
sections. Naphtha steady; 73 to 76 degrees, in 100-gallon
50 extra. Gasoline, 86 degrees,
drums, 253c.; drums
293.c.; 74 to 76 degrees, 253'c.; 68 to 70 degrees, 22Yic.,
Spirits
of
turpentine 41c. Common to
and stove, 21c.
80.
good strained rosin
remained
quiet. Even for filler the deTOBACCO has
mand is light. The loss of tobacco at Dayton, Ohio, through.
stimulate
demand or to impart any parthe floods,fails to
ticular strength to prices. Binder meets with a. moderate
Eastern,
but the available stock of
demand, notably for
Massachusetts and Connecticut is so small as to preclude
business of importances. Sumatra is in fair demand and
steady. Not a few expect a better business later in the year,
butfor the time being the trade presents no striking features.
COPPER has been steady with Lake 153%c. and electrolytic 15.60c.; London has been firmer. The demand here
has fallen off, however,and the tone within a day or two has
/
8c. on the spot,
been less aggressive. Tin has been at 483
showing some decline, but of late the tone has been firmer in
sympathy with an advance in London. Lead, 4.30c.•,
Spotter, 5.20c. Pig iron has been weaker. Some revival
of demand,however,is now reported from Pittsburgh. No.2
Eastern, $15.75@$16.25; No. 2 Southern, $11.50©$12.
Finished steel, loss active. Productionlof various materials
very large.
N'port N.,&c.
All others_ _ _ _
6,431
9.254
189
3,043
2,272
Total this wk.
55,860!
43,902
38,360
am,.• 1 •• n olo aaA linerio,n 0
OMQ
•
4,794
248'
10,619
6,186
54,056
101,1941 64,162
1,2 A Ogg OA° 0 on not 7 5229 AQ0
,
•
•
•
•
The exports for the week ending this evening reach a total
of 74,664 bales, of which 20,304 were to Great Britain,
1,548 to France and 52,812 to the rest of the Continent.
Below are the exports for the week and since Sept. 1 1912:
Week ending May 23 1913. From Sept. 1 1912 to May 23 1913.
Exported toExported toExports
from-
CannGreat
Great
Britain. France. nent. Total. Britain. France.
Galveston
Texas City_
Pt. Arthur_
Ar.Pass.,&c.
New Orl'ns 4,110
Mobile
Pensacola
Savannah,_ 3,813
Brunswick
Charleston _
Wilm'ton
200
Norfolk..._ _
N'p't News
New York_ 10,174
640
Boston _ _
Baltimore_ _
500
Philadel'1a_
867
P'tland,Me.
San Fran
Pt. T'wns'd
5,102
206
7,226
634
7,261
8,227
13,130
764
7,385
150
200
3,959
116
Continent.
Total.
5,102 1,281,236 383,867 1,353,611 3,018,714
206 399,698 146,793 84,212 630,703
7,226 31,480 27,949 77,762 137,191
8,606 37,575
12,921 16,048
12,0051 687,993 142,237 396,533 1,226,763
56,264 25,562 45,315 127,141
8,227 24.0581 34,791 65,759 124,608
3,813 123,074 62,869 593,579 779,522
97,768 206,115
108,347
73,367
5,000 146,952 225,319
13,i3i 106,043, 59,673 152,115 317,831
16,411
500 53,878 70,789
20
291
291
18,323 266,6801 48,687 166,541 481,908
146,5971
9,621 156,218
4,494
851
2,650 38,694 45,838
86
47,372
7,776 55,148
507
507
3,959
241,169 241,169
116
100,754 100,754
Total_ -_ 20,304
1,548 52,812 74,6643,386,833 956,6263,640,645 7,984,104
Tot. '11-'12 23,036
5,438 32,982 61.4564,114,719 1,138,6874,783,442 10036 848
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.
1502
THE CHRONICLE
On Shipboard, Not Cleared for-
Great
GerOther CoastMay 23 at- Britain. France. many. Foreign' wise.
New Orleans_ _ 12,329
Galveston _ _ _ _ 15,036
Savannah _ _
Charleston __Mobile
2-,A84
Norfolk
Netv York_ _ _ _ 2,000
Other ports_ _ _ 1,200
200 2,779 6,130
6.679 10,630 21,271
2,200
Total.
Leaving
Stock.
484 21,922
2,648 56,264
400 2,600
11,183
18,775 18,775
5,000
3,200
51,022
62,199
53,565
14,788
7,919
14,627
75,975
33,934
Total 1913
33,419 7,079 25,909 29,701 22,836 118,944
Total 1912_ 21,208 7,061 18.548 22,466 20,118 89,401
Total 1911_ 12,789 10 233 17,891 15,308 7,319 63,540
-'
314,029
401,004
285,239
-814
7-.866
200
500
2,000
2:566
Speculation in cotton for future delivery has been far from
active, but for one cause or another prices have advanced.
For a time this was partly traceable to the lack of sufficient
rain in the Atlantic States. Later on excessive rains, as they
have been regarded, in Louisiana, Mississippi and Arkansas
also contributed to the advance. Then, too, the stock here
has been steadily decreasing, and the exports from New York
have been liberal. On Thursday they were 8,676 bales to
Great Britain, and within four weeks have exceeded 50,000
bales to Great Britain alone. The stock in warehouse here
has been steadily decreasing. Since May 1 it has fallen off
143,146 bales, and is now 60,000 bales less than it was a year
ago. Europe has been buying here steadily. Liverpool straddlers have bought and Continental spinners have also purchased the new-crop months. The effect has been to take out
a good many contracts from this market. This has made
contracts comparatively scarce. Shorts, when they tried
to cover, had to keep raising the price. They became 'nervous. They bought steadily and the price has as steadily
advanced. Crop reports from many parts of the belt have
been to the effect that the season was more or less late.
Germination for a time was said to have been retarded in
the Atlantic States by cold, dry weather. This has been
remedied of late by warm rains. But the fact remains that
crop advices generally insist that the season is backward. The
July delivery has been a source of disquietude to the shorts.
At times it has been 62 points above October. The story is
that a considerable short interest remains in that month,
to say nothing of the new-crop deliveries. Europe
is disposed nowadays to take a cheerful view of
the trade outlook. The ending of the Balkan
war is a great boon to Continental trade. Moscow
advices are to the effect that Russia will have to purchase
200,000 bales of the old crop of American cotton, as its mills
are poorly supplied with the raw material. Since May 1 some
5,000 bales of high-grade cotton have been shipped from
New York to Russia. New York in the meantime is the
cheapest market. With the stock here steadily decreasing,
the question arises, how is it going to be replenished if Southern prices are to remain at their present level? Many profess their inability to see how it can be done. Of late Liverpool, the Continent, the South, Wall Street and WaldorfAstoria interests have been buying here. Spot interests have
bought both July and the new-crop months. There has been
apparently but little undoing of Liverpool straddles by
selling here. On the other hand the crop outlook in some
sections, notably in the Atlantic States and in
Texas, is said to have been improved by timely rains.
The advance of late has been due more, it is
contended by bears, to an over-extension of the short interest than to anything else. In other words, the technical
position had become bullish, owing to the very unanimity
of bearish sentiment, founded on the idea that, with a big
acreage, the crop under average weather conditions would he
large, especially as cultivation this year is likely to be
more carefully carried on than ever before., and with
the soil more thoroughly fertilized than perhaps in any year
in the history of cotton culture. The reason is that the price
is relativly high. When July shorts liquidate, not a few believe that values will give way sharply. To-day prices dodined on long liquidation and a falling off in the demand
from the shorts. Beneficial rains fell in many parts of the
belt, including South Carolina. The July premium over
October was 55 points, a decrease of 7 points. Spot cotton
closed at 12.10c. for middling uplands, showing an advance
for the week of 10 points.
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
May 17 to May 23Middling uplands
Sat. Mon. Tues. Wed. Thurs.
12.00 12.00 12.00 12.00 12.10
Fri.
12.10
NEW YORK QUOTATIONS FOR 32 YEARS.
1913 _c
1912
1911
1910
1909
1908
1907
1906
12.10
11.50
16.10
15.40
11.65
11.20
12.35
11.90
1905_c
1904
1903
1902
1901
1900
1899
1898
8.55
13.35
12.00
9.50
8.12
9.56
6.25
6.44
1897_c
7.38
1896
8.12
1895
7.31
1894
7.19
1893
7.75
18927.38
1891
1890
12.38
1889 _c
1888
1887
1886
1885
118
8.4
1882
11.00
10.00
11.00
9.25
11.00
11.62
11.00
12.12
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed..
Quiet
Steady
Quiet
Steady
Quiet
very steady _ _ _
Steady
Steady
Quiet 10 pts adv__ _ _ Firm
Quiet
Steady
Spot Market
Closed.
Saturday_ _ _
Monday _ _ _
Tuesday _
Wednesday_
Thursday _ _
Friday
Total_ - - -
SALES.
Spot. Confect Total.
105
136
2,000
-560
500
2.741 -
105
300
136
2,000
500
300
3.041
[VoL. xcyi.
FUTURES.-The highest, lowest and closing prices at
New York the past week have been as follows:
Saturday, Monday, Tuesday, 117ed'day, Thursd'y, Friday,
May 17. May 19. May 20. May 21. May 22. May 23. Week.
MayRange ____ 11.45 -11.40-.50 11.50-.53 11.54-.57 11.58-.70 11.68-.75 11.40-.75
Closing.... 11.44-.46 11.49-41 11.50..51 11.56-.57 11.69-.70 11.61-.64--JuneRange
Closing____ 11.52-.54 11.57-.60 11.55-.57 11.61-.63 11.74-.78 11.66-.68--JulyRange ____ 11.54-.59 11.52-.64 11.59-.66 11.63-.67 11.68-.83 11.70-.83 11.52-.83
Closing..___ 11.57-49 11.62-.63 11.60-.61 11.66-.67 11.81-.83 11.72-.73--Aug.Range _ _ _ 11.33-.36 11.30-43 11.39-45 11.43-.47 11.48-.62 11.50-.62 11.30-.62
Closing__ 11.35-.37 11.41-42 11.40-41 11.45-.47 11.59-.60 11.50-.51--Sept.Range ____ 11.04 -11.06-.07- 0 -11.16 -11.28 -11.28 -11.04-.28
Closing__ 11.02-04 11.11-.13 11.09-.11 11.16-.18 11.31-.33 11.24-.28--Oct.Range ____ 10.93-.97 10.92-05 10.99-.06 11.04-.11 11.10-.25 11.15-.24 10.92-.25
Closing_ __ _ 10.96-.97 11.04-.05 11.02-.03 11.09-.10 11.24-.25 11.17-.18--Nov.Range ---- 0 -- 0 -11.02-03-10 -11.12 -11.21 -11.02-21
Closing____ - 0----11.01-.02 11.08-.10 11.23-.25 11.16-.18--Dec.Range __ 10.94-.00 10.93-.06 11.00-.07 11.04-.12 11.10-.26 11.16-.25 10.93-.28
Closing_ _ _ _ 10.97-.98 11.06-.07 11.03-.04 11.09-.10 11.25-.26 11.18-.19--Jan.Range ____ 10.93-.96 10.90-'03 10.97-03 11.02-.07 11.06-.23 11.14-.22 10.90-.23
Closing...... 10.94-.95 11.02-03 11.99-00 11.06-.07 11.21-.23 11.15-.16--Feb.Closing___ _
MarchRange ____ 11.03 -1 11.00-.12 11.08 -11.12-.17 11.18-.25 11.23-.31 11.00-.31
Closing__ 11.03-.04 11.11-.13 11.07-.09 11.14-.16 11.29-.31 11.23-.24--April".
eloqine _ _ __
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns, and consequently all foreign figures are brought down to Thursday
evening. But to make the total the complete figures for
to-night (Friday), we add the item of exports from the
United States, including in it the exports of Friday only.
May
23Stock at Liverpool
Stock at London
Stock at Manchester
1913.
1912.
bales.1,127,000 1,266,000
5,000
6,000
85,000 124,000
1911.
826,000
5,000
82,000
1910.
638.000
5,000
53,000
1.217,000 1,306,000
13,000
8,000
432,000 575.000
280,000 302,000
3,000
3.600
21,000
21.000
30,000
34,000
23,000
13,000
913.000
9,000
183,000
236,000
2,000
21,000
27,000
11,000
696,000
10,000
223,000
243,000
2,000
11,000
29,000
8,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
802,000 956,000 489,000 526.000
Total European stocks
2,019.000 2,352,000 1.402,000 1,222,000
India cotton afloat for Europe..
123,000 122,000 180,000 142,000
Amer. cotton afloat for Europe
288,488 260,584 199,733 147.186
Egypt,Brazil,&c.,aflt.for Europe_
25,000
33,000
32,000
11,000
Stock in Alexandria. Egypt
170,000 151.000 137,000
99,000
Stock In Bombay, India
9 2.000 676,000 635,000 749,000
Stock in U. S. ports
432,973 490,405 348.779 506,088
Stock in U. S. interior towns_ __ - 357,996 220,067 214,820 249,814
U. S. exports to-day
7.913
4,395
6,933
16,602
Total visible supply
4,376,370 4,309.451 3,156,265 3.142.690
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales. 935,000 1.152,000 697,000 552,000
Manchester stock
62,000
99,000
66,000
44,000
Continental stock
756,000 925,000 443,000 477.000
American afloat for Europe
288.488 260,584 199,733 147,186
U. S. port stocks
432,973 490,405 348,779 506,088
U. S. interior stocks
357,996 220,067 214,820 249,814
U. S. exports to-day
7,913
6.933
4,395
16,602
Total American
East Indian. Brazil, (lc.Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American
2,840,370 3.151,451 1.970,265 1,992,690
192,000
5.000
23,000
46,000
123,000
25,000
170.000
952.000
114,000
6,000
25,000
31,000
122,000
33,000
151,000
676,000
129,000
5,000
16,000
46,000
180,000
32,000
137,000
635,000
86,000
5,000
9,000
49,000
142,000
11,000
99,000
749,000
1,536,000 1,158,000 1,180,000 1,150,000
2,840,370 3,151,451 1,976,265 1,992,690
Total visible supply
4,376,370 4,309.451 3,156,265 3,142,690
Middling Upland, Liverpool
8.04d.
6.79d.
8.28d.
6.36d.
15.30c.
Middling Upland, New York
12.10c.
15.80c.
10.60c.
Egypt, Good Brown, Liverpool_
10.50d. 10 5-16d.
ii 34d. 15 1-16d.
Peruvian, Rough Good, Liverpool 9.50d. • 9.40d. 11.25d. 11.00d.
734d.
Broach, Fine, Liverpool
734d.
6 7-16d.
63id.
7d.
Tinnevelly, Good, Liverpool_
6 7-16d. 6 1-16d.
734d.
Continental imports for the past week have been 67,000
bales.
The above figures for 1913 show a decrease from last week
of 72,415 bales, a gain of 66,919 bales over 1912,an excess of
1,220,105 bales over 1911 and a gain of 1,233,680 bales over
1910.
QUOTATIONS FOR MIDDLING COTTON AT
OTHER MARKETS.-Below are the closing quotations
of middling cotton at Southern and other principal cotton
markets for each day of the•week.
Closing Quotations for Middling Cotton onSarday. Monday. Tuesaay. wed nay. i nursa y. Friday.
12 5-16 12 5-16 12 5-16
Galveston
1234
12 3-16 12;.1
New Orleans
12 5-16 12 5-16 12 16 12 5-16 12 5-16 12 7-16
nu
nu
Mobile
1134
1134
1134
1134
12
12
Savannah
12
12
12
1234
1134
1134
Charleston
1134
11%
1134
1134
1134
115
Wilmington..
1154
lly
liv
113
1234
Norfolk
1254
1234
1234
1234
1234
1234
Baltimore
1234
1234
1234
12
12
12.25
12.25
Philadelphia_.... 12.25
12.25
12.35
12.o5
12
12
12
Augusta
12
12
12 1-16
Memphis
1234
1234
1234
1234
1234
1234
1234
St. Louis
1234
1234
1234
12 316 12 3-16 12 3-16 12
12
Houston
12
I tt.i. ..,„.
ii 6.
116%
1164
1 1 5,z
1162 •
116
Week endin
May 23.
1234
1234
THE CHRONICLE
MAY 24 19134
AT THE INTERIOR TOWNS the movement-that is,
the receipts for the week and since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period for the previous year-is set out in
detail below.
Movement to May 23 1913.
Towns.
Ala., Eufaula_
Montgomery_
Selma
Ark. Helena
Little Rock
Ga., Albany_ _
Athens
Atlanta
Augusta
Columbus _
Macon
Rome
La., Shreveport
Miss.,Cormbu
Greenville __ _
Greenwood
Meridian _ _
NatIhez
Vicksburg _
Yazoo City_ _
Mo.,St. Louis_
N.C., Raleigh_
0. Cincinnati_
Okla., Hugo._ _
S.C., Greenw'
Tenn.,MemphL
Nashville _ _
Tex., Brenham
_Clarksville_ _ _
Dallas
Honey Grove_
Houston
Paris
Movement to May 24 1912.
Ship- Stocks
Receipts.
Ship- Stocks 1
meats. May
mews. May 1
Week. Season. Week. 23.
Week. Season. Week. 23.
Receipts.
21,053
153,852
117,404
41,536
179,820
23,980
106,712
158,141
331,448
74,576
38,653
50,791
140,640
27,089
49,209
108,037
56,645
18,015
8 29,066
22,416
__
2,503 539,452
149 10,436
2,097 213,972
30,200
-122 19,354
2,554 793,588
7,699
409
14 17,319
43,835
200 130,990
45,137
7,3953,260,388
101 151,138
5
594
103
36
297
•7
110
775
1,898
152
76
174
31
408
7
____
150
678
624
308
39
1,575
16
1,000
2,651
4,482
975
690
993
536
172
6
500
892
25
71
15
3,466
200
2,842
_-___
11,935
7
36
6
400
61
13,927
256
44 24,917
1 1,446
4,558
17,923
818 192,254 1,026 4,074
176 1,368
3,074
107 143,570
434
306
178
112 69,275
211 210,141 2,223 14,615
24,348
588
34
1,141
13 32,381
500 9,604
125 183,438
8,092,
5,497
1,35
6,9231 1,195 275,33
36,390 1,207 539,445 3,175 43,327
820 3,157
191 83,164
14,826
210 2,065
4. 70,304
10,246
247 1,416
34 60,556
7,080
52 4,608
197 140,567
3,659
400
227
10' 37,182
1,485
174
9
21 44,464
198
500 2,000
____ 95,091
6,500
368 102,168 2,122 6,223
6,605
71 1,275
12 19,861
725,
188
88
49 37,904
1,105,
100
___
29,898
___
3,0891
27,6591 4,186 630,403 6,237 18,221
196
300
22,737
8
200
26,2351 5,039 257,281 4,746 14,056
110
65
7,596
75
5,
500 3,000
16,542
2,9141___
59,9961 5,054 928,336 10,975 30,011
299
60
6,995
87
779
509
____
977
9 17,485
25
28
54,773
201, -___
_
97,9E32
3,800, ___
4_ _ _
50,664
__
936,
9 6
75,069, 4,1942,997,578 7,287 50,9
51
52
._ 167,016
.
1,088i .
Total, 33 town 20,682,7,011,521 49,384357,9981 23,5747,653,283 43,390220,067
.Last year's I gures are for Louisville, Ky.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
----1911-12-------1912-13---Since
Since
May 23Week. Sept. 1
Week. Sept. 1.
Shipped6,237 614,829
3,466 515,730
Via St. Louis
a2,185 a235.103
1,188 225,456
Via Cairo
8,347
138
20,291'
Via Rock Island
2r:rioi 160,284
80,067
2,859
Via Louisville
2,659 118,523
1,018 124,054
Via Cincinnati
2,438 186,614
978 130,449
Via Virginia points
5,143 437,759
6,108 375,215
Via other routes, &c
15,755 1,471,262
Total gross overland
Deduct ShipmentsOverland to N. Y., Boston, &c.... 1,027 134,653
5.861 122,724
Between interior towns
92,142
734
Inland, &c., from South
Total to be deducted
7,622
349,519
21,366 1,761,459
3,043
1,027
921
189,169
98.558
66,499
4,991
354,226
16,375 1,407,233
Leaving total net overland*___ 8,133 1,121,743
* Including movement by rail to Canada. a Revised.
The foregoing shows the week's net overland movement has
been 8,133 bales,against 16,375 bales for the week last year,
and that for the season to date the aggregate net overland
exhibits a decrease from a year ago of 285,490 bales.
-1912-13------ -1911-12
Since
Since
In Sight and Spinners'
Week.
Sept. 1.
Sept. 1.
Week.
Takings.
43,902 11,27 1,879
55,860 9,218,664
Receipts at ports to May 23
16,375 1,407,233
8,133 1,121,743
Net overland to May 23
56,000 1,956,000
Southern consumption to May 23_ 59,000 2,140,000
Total marketed
Interior stocks in excess
122,993 12,486,407
260,960
*28,702
116,277 14,635,112
*19,816
119,630
96,461
Came into sight during week.-- 94,291
12,747,367
14,754,742
Total in sight May 23
25,373 2,377,730
North.spinners takings to May 23 5,936 2,275,631
* Decrease during week.
Movement into sight in previous years.
Since StTt. 1Bales.
Bales.
Week69,633 1910-11-May 26
11,277.779
1911-May 26
79,235 1909-10-May 27
9,840,828
1910-May 27
135,151 190809-May 28
12,829,686
1909-May 28
NEW ORLEANS OPTION MARKET.-The highest,
lowest and closing quotations for leading options in the New
Orleans cotton market for the past week have been as follows:
Sarday, Monday, Tuesday, Wed•day. Thursd'y. Friday,
May 17. May 19. May 20. May 21. May 22. May '23.
MayRange
Closing
JulyRange
Closing
AugustRange
thosing
SeptemberRange
Closing
OctoberRange
Closing
DecemberRange
Closing
JanuaryRange
Closing
March, Range
F• Closing
ToneSpot
Options
12.20-.21 12.20-.31 1 12.28-.34 12.32-.40 12.40-.51 12.40-.52
12.21-.22 12.29-.31 12.28-.30 12.39-.40 12.50-.51 12.41-.43
11.96-.99 11.97-.10 12.04-.15 12.09-.16 12.16-.27 12.15-.25
11.98-.99 12.09-.10 12.08-.09 12.15-.16 12.23-.24 12.16-.17
11.56-.57 11.57-.66 11.59-.60 11.68-.70 11.73-.78 11.76-.82
11.56-.58 11.08 -11.64 - 11.69-.71 11.82-.83 11.74-.75
- 11.22-.24 11.3?-.33 171-.2?-.29 11.31-.36 11.1.4811.1.T3
11.07-.10 11.05-.19 11.11-.20 11.16-.23 11.23-.36 11.27-.35
11.08-.09 11.18-.19 11.14-.1511.21-.22 11.33-.34 11.28-.29
11.06-.08 11.04-.17 11.09-.181 11.15-.21 11.22-.36 11.25-.35
11.07..08 11.16-.17 11.13-.14i11.20-.2 I I (.31-.32 11.26-.27
1I.10-.11 11.09-.21 11.17-.21111.22-.21 I I .26-.38 11.29-.35
11.10-.I1 11.20-.22 11.10-.18,11.23-.25 11.35-.36 11.29-.30
i
- I 1.36--.45 11.44 -11.20 -11.32-.31 11.44-.45 11.38-.40
11.29 - 11.25
11.2
Quiet.Quiet. I Quiet.
Quiet. I Quiet.
Quiet.
Firm. FIN'ady. Steady. Fite.s.oy,
Steady. Firm.
1503
WEATHER REPORTS BY TELEGRAPH.-Advices to
us by telegraph from the South this evening are on the whole
of a quite satisfactory character. Rain has been quite general and beneficial and the crop is doing well. There continue
to be some complaints of too low temperature at night.
Galveston, Tex.-Light rains have fallem in those sections
where needed. The forepart of the week was warm, with
abundance of sunshine, but temperatures at night the balance
of the week too low for rapid growth. We have had rain on
two days during the week, the rainfall reaching two inches
and fifty-six hundredths. The thermometer has ranged
from 64 to 81, averaging 73.
Abilene, Tex.-There has been rain on four days during
the week, the rainfall reaching one inch and five hundredths.
Minimum thermometer 56.
Brenham, Tex.-Rain has fallen on two days during the
week, the rainfall reaching seventy-eight hundredths of an
inch. Average thermometer 74, highest 88, lowest 60.
Cuero, Tex.-It has rained lightly on one day during the
week, the precipitation being twenty-two hundredths of an
inch. Thermometer has averaged 74, ranging from 56 to 92.
Dallas, Tex.-There has been rain on two days during the
week, the rainfall being twenty-four hundredths of an inch.
The thermometer has averaged 74, ranging from 54 to 94.
Henrietta, Tex.-Dry all the week. The thermometer
has averaged 75, the highest being 96 and the lowest 54.
Huntsville, Tex.-There has been light rain on two days
during the week, the rainfall reaching forty-one hundredths
of an inch. The thermometer has averaged 73, ranging from
56 to 88.
Kerrville, Tex.-It has rained on two days during the week,
the rainfall reaching one inch and fifty-two hundredths.
Average thermometer 73, highest 96 and lowest 50.
Lampasas, Tex.-We have had light rain on three days of
the week, the precipitation reaching sixty-two hundredths
of an inch. The thermometer has averaged 69, the highest
being 94 and the lowest 44.
Longview, Tex.-Rain has fallen on three days during the
-week, to the extent of eighty-six hundredths of an inch.
Lowest thermometer 58, highest 92, average 75.
Luling, Tex.-Rain has fallen on two days during the week,
the rainfall reaching twenty-four hundredths of an inch.
Average thermometer 76, highest 92, lowest. 60.
Nacogdoches,Tex.-It has rained on one day during the
week, the rainfall reaching thirty-six hundredths of an inch.
The thermometer has ranged from 54 to 86, averaging 70.
Palestine, Tex.-We have had rain on two days during the
week, the rainfall reaching one inch and fifteen hundredths.
Thermometer has averaged 73, the highest being 88 and the
lowest 58.
Paris, Tex.-We have had good rain on one day during the
week, the rainfall reaching one inch and twelve hundredths.
Thermometer has averaged 72, the highest being 88 and the
lowest 56.
San Antonio, Tex.-It has rained on two days of the week
the precipitation reaching eighteen hundredths of an inch.
The thermometer has ranged from 58 to 94, averaging 76.
Taylor, Tex.-Rain has fallen on two days of the week, the
rainfall being fifty hundredths of an inch. Average thermometer 73, highest 88 and lowest 58.
eatherford, Tex.-There has been rain on two days during
the week, the rainfall reaching ninety-eight hundredths of an
inch. Thermometer has averaged 73, highest being 94 and
lowest 52.
Ardmore, Okla.-We have had rain on three days of the
week, the rainfall reaching fifty-seven hundredths of an inch.
The thermometer has averaged 74, ranging from 56 to 92.
Holdenville, Okla.-It has rained on two days of the week,
the precipitation reaching seventy-nine hundredths of an
inch. The thermometer has ranged from 51 to 87, averaging
69.
Marlow, Okla.-Rain has fallen on one day of the week,
the rainfall being fifty-seven hundredths of an inch. Average thermometer 69, highest 84, lowest 54.
Alexandria, La.-It has rained on four days during the
week, the rainfall reaching one inch and three hundredths.
Average thermometer 73, highest 92, lowest 53.
New Orleans, La.-Rain has fallen on four days of the week,
to the extent of five inches and twenty-three hundredths.
The thermometer has averaged 77, ranging from 66 to 89.
Shreveport, La.-We have had rain on five days during the
week, the rainfall being seventy-five hundredths of an inch.
The thermometer has ranged from 60 to 89, averaging 75.
Columbus, Miss.-It has rained on four days during the
week, the rainfall being three inches and fifty-one hundredths.
Lowest thermometer 74, highest 94, average 53.
Meridian, Miss.-Rain has fallen on four days of the week,
the precipitation reaching three inches and seventy-six
hundredths. The thermometer has averaged 72, ranging
from 56 to 88.
Vicksburg, Miss.-It has rained on four days of the week,
the rainfall reaching one inch and twenty-three hundredths.
The thermometer has ranged from 57 to 88, averaging 73.
Eldorado, Ark.-It has rained on three days during the
week, the rainfall reaching one inch and fifty-three hundredths. Average thermometer 70, highest 88, and lowest
51.
1504
THE CHRONICLE
[VoL. xcvi.
Helena, Ark.-Warm week, but with a cold wave this Alexandria under date of April 25 regarding the outlook for
morning. Farmers are doing well; the last rain was needed. Egyptian cotton crop preparation:
We have had rain on two days during the week, to the extent
Zagazig.-Weather is propitious and water sufficient, and in certain
districts even superabundant. Mansourah.-Although weather was less
of one inch and fifty-five hundredths. The thermometer favorable
last week, the cotton plants show up well and there are but very
has averaged 70, ranging from 53 to 87.
few re-sowings. Weeding continued actively and sowings are considered
Little Rock, Ark.-It has rained on four days of the week, as finished in our districts, whereas in the North of Delta sowings
will be
finished in a few days. Water is sufficient at the moment. Kair-el-Zayat.
the rainfall reaching eighty-three hundredths of an inch. -Temperature
last week was less favorable, but not detrimental to develThe thermometer has ranged from 58 to 91, averaging 75.
opment of young plants. Magaga (Upper Egypt, Province Minieh).Though we had sudden changes of temperature last week, with three cold
Mobile, Ala.-General rains in the farming districts were days
the latter part, young plants are developing normally and thinning
very beneficial to growing crops, and to assist second plant- out will start
soon.
ings that are not yet up. It has rained on three days during
The Alexandria General Produce Association resume for
the week, the rainfall being seventy-five hundredths of an the month of April follows:
inch. Average thermometer 76, highest 88, lowest 66.
Lower Egypt.-The sowings have been made under normal conditions and
Montgomery, Ala.-There has been beneficial rain on two are completed everywhere. The cool weather which occurred in March
April has somewhat delayed the development of the plants, which,
days during the week, the rainfall reaching ninety-one hun- and
nevertheless, have grown well and seem to be healthy.
re-sowings are
dredths of an inch. The thermometer has averaged 74, insignificant. The area planted in cotton seems to beThe
somewhat larger
than that of last year. There is less Joanovich and Mit-Afifi than last
ranging from 60 to 88.
year and proportionately more of the other varielties. Water for irrigation
Selma, Ala.-It has rained on two days during the week, has, up
to now, been sufficient. Upper Egypt and Fayourn.-The sowings
have been carried out at the usual period. The young plants have develthe rainfall reaching one inch and seventy-five hundredths. oped,well.
The area planted in cotton is about equal to that of last year.
The thermometer has ranged from 62 to 86, averaging 74.5.
There was some scarcity of water at the time of sowing, but at present the
Augusta, Ga.-Rain has fallen on two days of the week, the supply is sufficient.
precipitation being thirty-eight hundredths of an inch. AverINDIA COTTON MOVEMENT FROM ALL PORTS.
age thermometer 76, highest 89,lowest 62.
1912-13.
1911-12.
1910-11.
Savannah, Ga.-There has been rain on two days during
May 22.
the week, the rainfall reaching twelve hundredths of an inch.
Since
Receipts atSince
Since
Week. I Sept. 1. 1Veek. Sept. 1. Week. Sept. 1.
The thermometer has averaged 75, ranging from 65 to 86.
ll ashington, Ga.-We have had rain on four days during Bombay
73,000,2,342,000 42,000 2,084,000 49,000 2,141,000
the week, the rainfall being one inch and ninety-four hunFor the Week.
dredths. The thermometer has ranged from 61 to 92,
Since September 1.
Exports
averaging 77.
fromGreat Conti- Japan
Great
ContiJapan
Charleston, S. C.-We have had rain on one day of the
Britain. neat. &China Total. Britain.
nent.
China.1 Total.
week, the precipitation being three hundredths of an inch. BombayAverage thermometer 75, highest 83, lowest 67.
1912-13__ 3,000 18,000 13,000 34,000 35,000 310,000 715,0001,060,000
1911-12__ 1,000 11,000
12,000
9,000 262,000 727,000 998,000
Greenville, S. C.-We have had rain on four days during
1910-11__
40,000 48,000 754,000 475,0001,277,000
the week, the rainfall being one inch and ninety-three Calcutta- 5,000 35,000
hundredths. The thermometer has averaged 70, ranging
1912-13
3,000 17,000 17,000 37,000
1911-12
1,000
1,000
2,000 16,000
9,000 27,000
from 54 to 86.
1910-11
3,000 31,000 18,000 52,000
Spartanburg, S. C.-We have had rain on three days dur- Madras1912-13
4,000 18,000
22,000
ing the week, the rainfall reaching eighty hundredths of an
1911-12
2,000
3,000
1,000
6,000
inch. Thermometer has ranged from 57 to 87, averaging 72.
1910-11
8,000 18,000
200 28,200
othersGainesville, Fla.-We have had rain on one day of the All1912-13__
------ 6,000 3,000 0,000 15,000 150,000 88,000 253,000
week, the precipitation being seventy hundredths of an inch.
4,000
1911-12
4,000
6,000 102,000 22,000 129,000
3,000
1910-11
3,000 32,000 209,000 12,000 253,000
Average thermometer 77, highest 92, lowest 62.
Madison, Fla.-There has been rain on three days of the Total all1912-13__ 3,000 24,000 16,000 43,000 57,000 495,000 820,000 1,372,000
past week,the rainfall being one inch and twenty hundredths.
1911-12._ 1,000 16,000
17,000 18,000 383,000 759,000 1,160,000
The thermometer has averaged 76, the highest being 87
1910-11._ 5,000 38,000
43,000 91,000 1,012,000 505,200 1,608,200
and the lowest 65.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Tallahassee, Fla.-Rain has fallen on four days of the week,
the precipitation reaching two inches and twenty-five hunAlexandria, Egypt,
1912-13.
1911-12.
1910-11.
dredths. The thermometer has averaged 77, ranging from
May 21.
63 to 91.
Receipts (cantars)Dyersburg, Tenn.-It has rained on three days of the week,
This week
5,000
15,000
13,000
Since Sept.!
7,429,882
7,217,863
7,513,240
the rainfall reaching two inches and twenty-five hundredths.
The thermometer has ranged from 57 to 89, averaging 73.
This Since
This Since
This Since
Memphis, Tenn.-There have been fine rains just as need- Exports (bales)Week. Sept.! Week. Sept. 1. Week. Sept. 1.
ed and the crop is progressing well, although weather is
1,500 189,060 2,500 186,441 2,250 201,778
To Liverpool
rather too cool. Rainfall for the week, two inches and ninety210,971 4,250 205,743
To Manchester
191,647
five hundredths, on three days. Average thermometer 70,
3,750 355,214 6,000 333,974 3,500 362,588
To Continent
To America
600 116,421 1,250 100,738 3,000 112,839
highest 86, lowest 57.
Nashville, Tenn.-There has been rain on four days durTotal exports
5,850 852,342 9,750 829.124 13,000 882,948
ing the week, the rainfall being one inch and sixty-five
Note.-A cantar is 99 lbs. Egyptian ba as weigh about 750 lbs.
hundredths. The thermometer has averaged 71, the highest
MANCHESTER MARKET.-Our report received by
being 88 and the lowest 54.
cable to-night from Manchester states that the market is
Charlotte, N. C.-There has been rain on five days during firm
for yarns and quiet for shirtings. Spinners are conthe week, the rainfall reaching one inch and fifty-four hun- sidered
to be well under contract. We give the prices for
dredths. The thermometer has averaged 74, ranging from to-day below
and leave those for previous weeks of this
86.
61 to
comparison.
Greensboro, N. C.-Rain has fallen on three days during and last year for
the week,to the extent of seventy-one hundredths of an inch.
1912.
1913.
1
Average thermometer 76, highest 92, lowest 60.
sx lbs. Shirt- Corn
831 lbs. Shirt- Cot'n'
Raleigh, N. C.-It has rained on three days of the week,
32s Cop
fags, common Mid.
trigs, common Mid.'
32s Cop
the rainfall reaching thirty-nine hundredths of an inch.
Twist,
Upl's,
to finest.
Uprs
to finest.
Twist,
The thermometer has ranged from 62 to 88, averaging 75.
d, s. d.
s. d. d. Id.
s. d. d.
d. s. d,
d.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
- Apr.
0.96 9 5-18 © 103413 0 @II 3
6.17
103-160113-18 8 3 ©116
The following brief but comprehensive statement indicates 114 10
10346 1 4411434 6.44
6.95034
3-16(411 3-16 6 3 @116
6.62
at a glance the world's supply of cotton for the week and 18 101-1644111-186 2344411 5 6.91034 @ 1034
6 1344411 5
6.56
0
11 6 2 011 434 6.771934
44 1034 6 1314411 5
25 10
since Sept. 1 for the last two seasons, from all sources from M'y
1
8.37
which statistics are obtainable; also the takings, or amounts
64 1034 6 1 011 3
2 9 15-164 1034 6 2 4411 434 8.72 934
6.53
CA 1034 6 134 a11 3
9 10
CA 1034 6 2 6111 434 6.68934
gone out of sight, for the like period:
6.47
6 134 ©11 3
@11 43f
16 10
23 10
Cotton Takings.
Week and Season.
1912-13.
Week.
Season.
1911-12.
Week.
Season.
4,448,785
4,467,947
Visible supply May 16
1,603,418
2,135,485
Visible supply Sept. 1
94,291 12,747,367
96,461 14,754,742
American in sight to May 23
73,000 2,342,000
42,000 2,064,000
Bombay receipts to May 22..
312,000
162,000
5,000
9,000
Other India ship ts to May 22....
962,000
991,000
1,500
1,000
Alexandria receipts to May 21
272,000
204,000
8,000
8,000
Other supply to May 21*
la Total supply
DeductVisible supply May 23
4,634,076 18,799,852 4,620,908 19,750.160
4,376,370 4,376,370 4,309,451 4,309,451
Total takings to May 23a ---- 257,706 14,423,482 311,457 15,440,709
Of which American
216,706 11,272,482 254,957 12,455,709
56,500 2,985.000
Of which other
41,000 3,151,000
t * Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
Fr a This total embraces the total estimated consumption by Southern mills,
2,146,000 bales in 1912-13 and 1,956,000 bales in 1911-12-takings not
being available-and the aggregate amounts taken by Northern and foreign
spinners, 12,277,482 bales in 1912-13 and 13,484,709 bales in 1911-12, of
wh1ch19,116,482 bales and 10,499,709 bales American.
R EGYPTIAN COTTON CROP.-Messrs. L. H. A.
Schwartz & Co. of Boston have the following advice from
44 1034 6 2
8.72911.1644 1034
44 10346 154011 3
44 1034 6 2 4411 434 6.799%
SHIPPING NEWS.-Shipments in detail:
6.36
Total bales.
7,339
NEW YORK-To Liverpool-May 21-Adriatic, 7,339
1,388
To Manchester-May 16-Camoens, 1,388
1,447
To Hull-May 21 Idaho, 1,447
764
To Havre-May 20-Trignac, 714 upland, 50 Sea Island
914
To Bremen-May 16-George Washington, 914
350
To Hamburg-May 21-Amerika, 350
1,820
To Libau-May 17-Russia, 1,820
856
To Barcelona May 21 Colomba, 856
To Genoa-May 19-Hamburg, 1,581_ _ _May 21-Calabria,
3,355
800 Re d'Italia, 942.,....May 22-Luislana,32
90
To Naples-May 19-Hamburg, 90
5,012
GALVESTON To Bremen May 21 Cassel, 5,102
206
TEXAS CITY-To Mexico-Ma 16-Hero, 206
7,226
PORT ARTHUR-To Bremen- ay 17-Burrs e „
NEW ORLEANS-To Liverpool-May 20-Orator, 3,110- _ _May
4,110
22-Nubian, 1,000
634
To Havre-May 22-St. Laurent, 634
3,116
To Bremen-May 16-Skerries, 3,116
To Barcelona-May 17-Marianne, 2,000._ May 22-Pio
2,642
IX., 642
1,235
..
To Venice-May 23-Teresa, 1,235
268
To Trieste-May 23-Teresa, 268
8,227
PENSACOLA-To Bremen-May 22-Frankmere, 8,227
3,813
SAVANNAH-To Liverpool-May 21-Jamaican, 3,813
13,130
WILMINGTON-To Bremen-May 19-Knockwell, 13,130
200
NORFOLK-TolLiverpool-May 21-EastpoInt, 200
THE CHRONICLE
MAY 241913.]
1505
Total bales
-Sagamore, 414......May 16BOSTON-To Liverpool-Ma 13.
640
Devonian, 149_May 19-Cymric,77
500
BALTIMORE-To Liverpool-May 16-Templemore, 500
150
To Havre-May 15-Columbian, 150
200
To Hamburg-May 16-Inkum, 200
PHILADELPHIA-To Liverpool-May 16-Dominion, 867
867
3,959
SAN FRANCISCO-To Japan-May 16-Tenyo Maru, 3,959
116
PORT TOWNSEND-To Japan-May 20-Sado Maru, 116
they believe, will be something like 100,000,000 bushels.
On Thursday good rains occurred in Kansas, Oklahoma and
Texas. The export trade has been less active. The tendency is to oversell the market and bring about rallies from
time to time, but the sentiment in many quarters is bearish
on the idea that the crop will be more bountiful than ever
before. The flour trade is quiet. Still it remains true that
Total
74,664 the factors which have told most clearly have been those of
LIVERPOOL.-Sales, stocks, etc. for past week:
a bullish character. Although the crop on this side of the
May 2.
May 8. May 14. May 23.
50,000
36,000
Sales of the week
19,000
37,000 water may be the largest ever known, the world's consumpspeculators
2,000
took....
which
1,000
Of
1,000
2,000 tion of wheat is increasing annually as a natural result of
1,0002,900 the normal increase in population.
Of which exporters took
Exceptional causes
Sales, American
43,000
31,1566
17-,666
29,000
Actual export
10,000
2,000
4,000
6,000 also tend to make Europe this year more dependent than
Forwarded
89,000
58,000
55,000
94,000 usual for supplies on foreign countries, not. excepting
Total stock-Estimated
1,168,000 1,151,000 1,132,000 1,127,000
Of which American
978,000
935,000 North America,which last week exported 7,200,000 bushels
962,000
945,000
Total imports of the week._
81,000
40,000
93,000 against 3,928,000 in the previous week and 4,824,000 in
40,000
Of which American
66,000
74,000
31,000
34,000
Amount afloat
148,000
124,000 the same week last year. Europe's crop last season proved
155,000
165,000
Of which American
132,000
99,000 to be disappointing, both as to quantity and quality. To-day
121,000
139,000
The tone of the Liverpool market for spots and futures prices advanced and then receded on profit-taking. Crop
each day of the past week and the daily closing prices of reports from the spring wheat section were favorable, although there is talk to the effect that there will be a decrease
spot cotton have been as follows:
in the acreage there of 5 per cent.
Spot.
Saturday. Monday.
Market, 1
12:15
P.M.
Dull.
Mid.Upl'cis
Sales
Spec,texp
HOLIDAY.
Futures.
Market J
opened.
Tuesday. Wednesday. Thursday.
---q
Dull.
Dull.
Quiet.
Friday.
Quiet.
6.69
6.73
6.72
6.73
6.79
6,000
600
5,000
500
6,000
600
8,000
1,500
5,000
1,000
Quiet
134(52
pts. dec.
Steady at
Quiet unch. Steady
Quiet
4,16 pts.
to % pt.
154 ©2
354 pts.
advance, advance. pts. adv. advance.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 red
cts_111
111
110
111
111
111
May delivery in elevator
99
99
9934 9954 9934 99
July delivery in elevator
96
97% 9734 98
98
98
September delivery in elevator__
954 9534 95% 96
96M 966
-- WHEAT FUTURES IN CHICAGO.
DAILY CLOSING PRICES 0F
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta.. 90
91
91 % 91
9034 92
July delivery in elevator
8831 8934 8834 9034 90
90
September delivery in elevator_ __884 8834 8834 8934 89% 89X
Indian corn has advanced, with receipts anything but excessive. Farmers are too busy with other work to engage in
marketing their corn, as a rule. On Monday last the sales
Steady at
Quiet
Market, I
Quiet
Quiet
Quiet
of corn to arrive at Chicago amounted to 500,000 bushels,
4
3,
23-403
23-4©3
,c443-4
154(523-4 154@,254
P. M. 1
pts. dec. pts. adv. pts. adv. pts. adv. pts. adv. chiefly for June or later shipment. Seeding has been deThe prices of futures at Liverpool for each day are given layed in some parts of the West, owing to cold, wet weather.
below. Prices are on the basis of upland, good ordinary Corn prices have also been favorably affected by the firmness of wheat. But much stress has been laid on the cold,
clause, unless otherwise stated.
wet weather over the belt as something which has been seriously delaying planting, especially in Nebraska and Iowa.
Mon.
Tues.
Sat.
May 17
Wed.
Thurs.
Fri.
to
Operators at Chicago have been good buyers of July. The
4 1234 4 124 4 1234 4 124 4
May 23. 1234 1234 1234
P.m. P.m. p.m. P.m. P.m. P.m. P.m. P.m. Pm.Pm.P.m. P.m. distant futures have sold at the highest prices of the season.
Interests west of Chicago have been buying for some days
d. d. d. d. d. d. d. d. . d
d.
d. d.
6 4334 4334 47 46 46 4754 493-4 49 55 5334 past. Some emphasis is laid on the fact that stocks at ChiMay
6 43 43 4634 4534 46 4754 49 49 55 5354 cago are small. Also the price is 23 cents a bushel cheaper
May-June
6 40 40 4334 4254 4254 443-4 46 46 52 50
June-July
July-Aug_
6 36 36 393-4 39 39 . 41 4334 4234 4834 4634 than a year ago. On the other hand, however, it is custoAug.-Sep..
6 26 26 2934 2834 29 31 33 3254 3854 363-4 mary to exaggerate anything adverse to the crop. Later on,
Sept.-Oct. HOLI- 6 1134 11 1434 1334 14 1534 18 17 2334 22
too, farmers will no doubt market more freely. Cash trade
Oct.-Nov. DAY. 6 04 0334 07 06 0654 08 11 1034 1634 14
Nov.-Dec.
6 01 0034 04 0334 04 053-4 08 0754 13 1034 has been rather quiet. To-day prices advanced. May was
Dec.-Jan _
6 00 9934 03 0234 03 0434 07 0634 12 0934 %c. over July at Chicago. The smallness of the stock at
Jan.-Feb.
5 99 99 023402 023404 063406 113409
Chicago was a noticeable factor. It amounts to only 100,000
Feb.Mch.
6 0034 00 0334 03 0354 05 0734 07 1234 10
Mch.Apr.
bushels, which, it is said, will be delivered on May contracts.
6 0134 01 0434 04 0434 06 0834 08 13 34 11
Apr.-May
6 0234 02 0534 05 0534 07 0934 09 1434 12
One big interest at Chicago bought over 1,000,000 bushels
May-June
ii Oa 02 06 05;4 06 0734 1034 10 1534 13
of July and September, said to be covering of shorts.
BREADSTUFFS.
Friday Night, May 23 1913.
Flour has been quiet. Mills at the Southwest,impressed
with the idea that the winter-wheat crop is to surpass all
records,are said to be making rather low prices. This has
had the effect of hurting trade at the Northwest and elsewhere. Yet, prices at New York have on the whole been
steady in sympathy with an advance in wheat. At Minneatoo, prices have been noticeably steady. On the other
hand buyers are still adhering to a waiting policy. The
production at Minneapolis, Duluth and Milwaukee last week
was 373,319 barrels, against 369,585 in the previous week
and 260,585 in the same week last year,
Wheat has advanced, partly owing to some unfavorable
crop reports from the West and deterioration in Kansas,
Illinois and Oklahoma. This caused covering of shorts.
Prices have reached the highest point on the present movement. Unfavorable crop reports have also been received
from France and Bulgaria. In Liverpool very little Manitoba wheat was offered and River Plate quotations were
firm. The European visible supply showed a decrease in
stocks. The distribution in Europe has continued on a large
scale. There has been a good deal of covering by shorts
in Liverpool. The European visible supply fell off for the
week 1,256,000 bushels, as against an increase last year in
Europe's
the same week of 3,000,000 bushels.
present visible supply is 86,152,000 bushels, as
against 100,500,000 bushels last year. The world's
wheat stock decreased for the week 6,421,000 bushels. Also
there has been a definite settlement of the draft controversy
which has been hampering exports to Great Britain. The settlement was reached by an agreenient on the basis of seven
days bill of exchange instead of sixty-day drafts. This it is
believed will have the effect of increasing the exports. On the
other hand, the world's shipments have increased to 15,096,000 bushels, against 12,576,000 in the previous week and 11,856,000 in the same week last year. Russia's shipments were
about four times as large as in the same week of 1912. The
Danube country is shipping more freely than at this time last
year. So, by the way, is North America. Although the
American visible supply decreased 2,618,000 bushels, American stocks are still some 42,856,000 bushels, or 8,000,000 more
than at this time last year. Interior receipts are running considerably ahead of those of last year.
Many believe that the indications point
to a
record-breaking winter-wheat crop. The Kansas crop,
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
nom. nom. nom. nom. nom. nom.
Cashi corn
DAILY CLOSIN9 PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
eta.. 5534 5634 5634 5634 57-i 58
May delivery in elevator
July delivery in elevator
563-4 5634 56'4 57
5734 5734
September delivery in elevator
5634 5734 5734 5734 57% 583-'
Oats have also risen sharply. The shorts in the May delivery have again been squeezed and the distant months have
reached the highest quotations seen this season. Speculation is active. All the commission houses are buying freely.
The West thinks that the long side of the oats market is by
far the most logical side to take. Already there are unfavorable crop reports and guesses on the size of the next crop.
Bulls in some cases assert that the next yield is not likely to
much exceed 985,000,000 bushels. That would be 430,000,000 bushels less than the last crop. Some large Chicago
operators are prominently identified with the bull side. On
Wednesday, however, there were reports of copious rains in
the sections which have been complaining of drought.
Profit-taking has caused good reactions from time to time.
But the general sentiment is bullish. The idea is that the
crop is not getting a good start. The prices, too, look relatively cheap to many. It is 16 cents a bushel lower than a
year ago. To-day prices were higher, with a big trade, especially in the distant futures. Crop reports, on the whole,
were unfavorable from Illinois and the States east of the
Mississippi River.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri:
Standards
eta.. 44
45
4454 45
4534 46
No. 2 white
4454 4434 45
4534 46
4634
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts 3834 39% 3834 3934 4034 4134
July delivery in elevator
3634 37% 3634 3734 3734 3834
September delivery in elevator..
3534 3634 353-4 3634 3734 3754
The following are closing quotations:
FLOUR.
Winter, low grades_ ___g3 io $3 50 Spring clears
$3 800$4 15
Winter patents
$ 25 5 75 Kansas straights,sacks_ 4 200 4 50
Winter straights
4 5Op 4 75 Kansas clears, sacks._ 3 750 4 00
Winter clears
4 25 4 30 City patents
5 950 6 25
Spring patents
4 7584 5 GO Rye flour
3 65 3 90
4 500 4 60 Graham flour
Spring straights
4 00 4 75
GRAIN.
Corn, per bushelWheat, per bushel-f. o. b.
No 2
$1 01
N.Spring. No. I
elevator Nominal
99
Stesuner
N.Spring, No.2
elevator Nominal
1 11
No. 3
Red winter, No. 2
c.i.f. Nominal
1 0234 Rye, per bushelHard winter, No. 2
No. 2
Oats, per bushel, new68068%
46
Standards
State and Pennsylvania __Nominal
4634 Barley-Malting
No. 2, white
60.470
No. 3
4534
1506
THE CHRONICLE
EXPORTS OF WHEAT AND FLOUR FROM UNITED
STATES PORTS.-We give below a compilation showing the
exports of wheat and flour from United States ports during
the month of April and the ten months of the fiscal years
1912-13 and 1911-12.
April 1913.
10 Months 1912-13.
10 Months 1911-12.
Wheat.
Bushels.
Wheat.
Bushels.
Ports.
Wheal.
Bushels.
ft
New York
1,460,362
Baltimore
1,195,490
Philadelphia _ _ 147,121
Boston
490,132
Other Atlantic
75,968
New Orleans_
1,576,774
Other Gulf
$28,400
Portland, Ore
Puget Sound__ _ _ 359,087
San Francisco_ _ _
890
Chicago
76,000
Other border
348,000
Total all
6,558,224
Flour.
Barrels.
Flour.
Barrels.
Flour.
Barrels.
295,36122,486,581 3,136,575 6,598,292 2,864,048
32,761 4,523,810
713,028
805,727 4,691,141
137,248 5,779,547 1,062,648 2,800,591
847,974
219,779
12,368 1,821,489
69,164 1,396,744
11,572
208,611
173,286
187,717
65,508 12,185,541
506,808
731,149
706,607
798,646
430,723
62,585 13,091,527
786,581
592,382
403,232 6,610,173
2,075 7,427,288
285,601 5,264,499 2,089,327 3,082,444 2,377,082
348,219
510,529
5,260
20,669
287,109
879,700
16,845
15,826
657,000
61,222
69,181
3,522 4,809,881
57,589
928,668 78,635,420 9,679,864 27,973,953 9,488,882
For other tables usually given here, see page 1467.
[VOL. xcvi.
is increasing out of proportion to the rate of importation.
In cottons and woolens it is a question which will suffer the
most from the tariff. At present woolens and worsteds
seem to be most affected, as it is here that foreign interests
are expected to make the greatest inroads both with piece
goods and ready-made clothing.
DOMESTIC COTTON GOODS.-The exports of cotton
goods from this port for the week ending May 17 were 4,615
packages, valued at $430,777, their destination being to the
points specified in the table below:
New York to May 17Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
---1913-----1912
Since
Since
Week. Jan. 1.
Week. Jan. 1.
14
476
1,725
55
409
19
721
19
_
25,29039,509
6,792
-85
9
9,185
221
14,121
2,360
28,713
12.579
1,004
714
8,728
537
16,049
812
21,529
62
1,300
49
1,445
212
645
6,487
7,959
459 22,149
917
30,787
2,381
2.936
27,233
29,788
Total
4,615 132,885
8,862 180,079
The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
granary at principal points of accumulation at lake and
$10,406,435 in 1913, against $12,002,302 in 1912.
seaboard ports May 17 1913 was as follows:
Little change is noted in the domestic cotton goods situaUNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded tion, the demand continuing fairly active and prices steady.
Corn.
Oats.
Wheat.
Oats.
Wheat.
Rye. Barley. Barley. A large business is still wanting, however, in
many staple
In Thousandsbush, bush. bush. bush, bush, bush. bush. bush.
129
286
657
486
New York
10
978
100
128 lines. During the week the mills brought forward numerous
21 „..2
16
491
..
224
Boston
43
small orders from the jobbing trade, which were taken to
55
18
193 1,340
Philadelphia
811
109
106 ---- --ii - ---478
Baltimore
--- indicate that stocks in second hands are not any too plenti2 ____
84
110 ____
934 -- -New Orleans
---- ---- ---- ful. Business placed on staple prints has been equal to
16
641
Galveston
1,498 -iiii 1,163 -iii -2845 --66 -iii --:Buffalo
__ _ that of the week previous and shows a steady consumption
55
4
490 ___97 ____
Toledo
of these goods in both Western and Eastern sections of the
26
68
____
18
274 -__Detroit
country. Fancy cottons are ordered quite freely for nearby
____ 1,545 3,185
4,767
_ __
25 -i64
Chicago
181
15 ____
'
afloat
and fall delivery, and, according to reports, mills have
24 -iii ---- ---20 -- -9
Milwaukee
enough business booked to keep them going for the next
-iii
____ 417 iii
2,:loi
9,665
52428 Duluth
31
6
468 -___
18,331
few months. Ginghams hold steady, prices for bleached
468
__-Minneapolis
185
100
90 ____
8
9951
--St. Louts
goods are well maintained, duck shows little change, while
198
78 ---- ---1,860 --Kansas City
---wash fabrics, especially novelties, are selling well. Many
2
2 ____
2 ___ _
159
___
Peoria
168
140 --24
Indianapolis
jobbers are deferring buying of their fall supplies until some
537 ___
763 ___
277
Omaha
--ii - - -3
future date on account of the tariff uncertainties, and in the
172
782
____
On Lakes
____
166
198
opinion of some merchants this condition of affairs is certain
Total May 17 1913_ A2,856 6,624 4,331 7,305 1,470
375
590 1,770
Total May 10 1913_ A5,474 6,219 5,814 8,105
778
678 1.798
269 to result in higher prices, as stocks are not accumulating
Total May 18 1912__34,568 4,782 6,528 8,834 2,383
568
870
216 and when they do enter the market they will find some lines
Total May 20 1911__24,934
4,478 8,620 ____
29 1,070
very scarce. An improvement in the demand for sheetings
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded and drills for China shipment has been a stimulating factor
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. in the situation. According to conservative estimates, bebush. Mesh. bush. bush, bush. bush, bush. bush.
tween 4,500 and 5,000 bales of goods have been taken, with
11 1,246
1,149
____
Montreal
8
531
Ft.William&Pt.Arthur_ 6,862
__
6,170
some deliveries running into next year. Print cloths have
_ 3,059
5,797
Other Canadian
developed a firmer undertone, there being a good inquiry
11 10,475
__
for nearby delivery. Gray goods, 38M-inch standard, are
Total May 17 1913_13,808
8
531 437
14 10,091
8
Total May 10 1913_ A7,288
quoted at 5 to 514.c.
71
2 6,408
Total May 18 1912__16,117
56
297 6,988
Total May 20 1911_ 7,514 ____
WOOLEN GOODS.-Markets for men's wear rule easier
SUMMARY.
as in view of the tariff changes there is a desire among mills
Bonded
Bonded
Bonded
Rye. Barley. Barter, to reduce stocks. In order to do this concessions on many
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush. bush. bush, bush.
ush. lines are being offered and a a result
clothiers have been ob590 1,770
42,856 6,624 4,331 7,305 1,470
375
American
taining light-weight goods at exceedingly attractive prices.
11 10,475
___
13,808
531
8
Canadian
As regards dress goods, there is considerable duplicating
598 2,301
Total May 17 1013_56,664 6,624 4,342 17,780 1,470
375
778
686 2,235
Total May 10 1913_62,762 6,219 5,828 18,196
269 and bookings of fall orders on fine and medium grades.
568
Total May 18 1912_50,685 4,782 6,530 15,242 2,333
941
216
FOREIGN DRY GOODS.-Increased activity is noted
29 1,126
Total May 20 1911_32,448 - 4,775 15,608
in markets for linens, there being an improvement in the demand for both dress and housekeeping goods. Buyers no
doubt look for lower prices, but in view of the high cost of
THE DRY GOODS TRADE.
flax and labor difficulties there is little likelihood of any
lowering of values for some time. Burlaps are easier with
New York, Friday Night, May 23 19M.
Dry goods markets are quiet but steady in tone. While a moderate business passing. Light-weights are quoted
the tariff is causing buyers to hold out from the market as at 5.60c. and heavyweights at 7.75c. to Sc.
much as possible, the curtailment on the part of producers Importations and Warehouse Withdrawals of DryGoods
is preventing any accumulation of stocks. Orders are
The importations and warehouse withdrawals of dry
chiefly for small lots, but are quite frequent and aggregate at this port for the week ending May 17 1913 and goods
since
a fair volume. Although cottons are quiet, prices have Jan. 1 1913, and for the corresponding periods of last year,
steadied and buyers are showing greater interest in their were as follows:
future requirements. The bulk of business, however, is Imports Entered for Consumption for the Week and Since Jan. 1.
confined for the most part to seasonable goods and prompt
Week Ending
Since Jan. 1 1913.
May 17 1913.
shipment. Local retail business has been restrained by
Value.
Pkgs.
Value.
Pkgs.
the exceptionally cool spring, but in other sections of the Mano
W uo
fiactures of$
3,008,312
12,265
70,854
343
country trade is reported as satisfactory. Print cloths are
17,097,469
Cotton
2,084
60,621
494,162
active and prices show a stronger tendency, as supplies are
Silk
1,532
29,586 13,133,398
686,744
kx
9,135,526
±_,418
294,618 44,629
not found to be plentiful. Export trade continues quiet,
Miscellaneous
5,981,398
62,844
1
,039
95,347
though some further orders from China for three-yard
Total 1913
sheetings for delivery inJuly have rendered encouragement,as
6,416 1,641,724 209,945 48,356,103
Total 1912
10,867 2,373,813 222.027 47,707.457
it is believed that stocks in that market are not as large as
Warehouse Withdrawals Thrown Upon the Market.
generally supposed. Other markets are not being beard Manufactures
ofWool
5,268
86,919
1,299,876
298
from beyond inquiries to keep in touch with the situation.
Cotton
13,389 3,920.676
160.740
585
In dress goods, road salesmen have started out with new fall
Silk
3,658
76,271
1,570,917
161
Flax
11,422
lines of garments, and some advance business is reported
117,420
2,432,391
770
Miscellaneous
96,296
53,164
2,738
2,210,463
to have been booked which will result in an increased demand from garment manufacturers for fall piece goods.
Total withdrawals
537,646 86,901 11,344,323
4,552
6.416 1,641,725 209,945 48,356,103
Woolens continue the better property in the cheaper grades, Entered for consumption
but a fair demand is experienced for the finer grades of
Total marketed 1913
10,968 2,179,371 296,846 59,700,426
Total marketed 1912
15,206 2,848,411 335,501 58,410,545
worsteds. Men's wear continues quiet, with buyers delayDuring Same Period.
Imports
Entered
for
Warehouse
ing as long as possible, or until they have a better under- Manufactures ofstanding of the effect of the tariff. About the only diviWool
75,190
7,677
327
1,808,240
Cotton
231,589
15,791
934
sion of the dry goods industry which is not sufffering any
4,489,264
Silk
83,374
3,810
1,525,317
205
depression from the tariff uncertainties is the linen trade.
Flax
186,718
14,264 3,149,529
776
Miscellaneous
Here, stooks are poor, considering the demand, and there is
80,766 68,006
1.701
2,088,813
through
fear
unsettlement
of price
the proposed
little
Total
657,637 109,548 13,061,163
3,943
changes in the tariff. The outlook for linens of domestic Entered for consumption
6.416 1,641,725 209,945 48,356,103
manufacture is very bright, as linen goods are steadily beTotal imports 1913
10,359 2,299,362 319,493 01,417,260
this
in
staple
market,
of
and
the
a
rate
coming
consumption
Total imports 1912
13,611 2,978,985 334,857 57,981,245
THE CHRONICLE
1VIAY 241913.]
STATE
MO CiTY rEPAIITIVPS:NT.
News Items.
1507
The bill should be dismissed without prejudice to the right to attack
the charter amendments should they prove to be beyond the scope of
the Act.
The case is to be appealed to the Supreme Court and an
effort will be made, it is said, to get it on the June docket.
The Circuit Court on May 21 also decided that the city's
action in including in the Budget of the Park Commissioner
an appropriation of $250,000 for the construction of the
proposed West Side bus line was illegal and granted a writ
of mandamus requiring Council to rescind the same. It is
said that this case will not be appealed.
Frankfort-on-Main.—Bonds Drawn for Payment.—On
April 10 certain bonds of Series 1 of the 332% Loan of 1901
were drawn for payment Sept. 1 1913 at the City Treasury in
Frankfort-on-Main or at the office of Speyer & Co. in New
York City at the rge of exchange of the day. The numbers
of the bonds called are given in an advertisement on a preceding page.
Green County, Ky.—Railroad Bond Cases Taken to U. S.
Circuit Court of Appeals.—This county, it is stated, has asked
the U. S. Circuit Court of Appeals to reverse the decisions
of the Kentucky Federal Courts awarding judgments to holders of bonds issued by the county in 1871 to help pay for
the extension of the Cumberland & Ohio RR. The Cincinnati "Tribune" says in part:
Baltimore, Md.—Special Paving Tax Held Valid by
Court of Appeals.—On May 13 the Court.of Appeals in
an opinion written by Judge John P. Briscoe held constitutional Chapter 688 of the Acts of 1912, which levied a special
paving tax on property in the City of Baltimore specially
benefitted by improved paving. This reverses the ruling
made on Jan.6 by Judge Bond of the Circuit Court. V. 96,
p. 148. The opinion of the higher Court says: "The power
of the Legislature to levy special taxes for local improvements,
and to impose special assessments for road or street improvements, when not restricted by constitutional provisions, is
well settled and supported by numerous Federal and State
decisions." It is therefore held that the Act of 1912 was a
valid exercise of legislative power and free of the constitutional objections raised against it.
Brockport, N. Y.—Purchase of Water Plant Authorized.—
The election held May 13 (V. 96, p. 1311) resulted in favor
of purchasing the plant of the Brockport-Holley Water Co.
for $60,750. The vote was 148 "for' to 6 "against".
Determined opposition by the citizens and officials of Green County has
far foiled the decrees of the Kentucky Federal Court ordering the levy
Colorado.—Governor Vetoes "Blue Sky" and Income Tax so
of taxes to pay what is due on the bonds. The county at present is going
Bills.—On May 15 Governor Ammons announced that he had without a Sheriff or Tax Collector, the citizens on whom those honors are
refusing to serve and resigning their jobs when instructed to make
vetoed 18 of the 187 bills passed by the last Legislature. aconferred
levy for payment of the railroad bonds.
Among the measures vetoed was a "Blue Sky" bill, concern; In order to meet that
dodging of the issue Judge Cochran in a recent
decree required that the levy for the bonds should be made part of the duty
ing which the Governor says:
of the Collector of
While there are many most excellent features in this measure, for a long
time needed in this State, it includes within its provisions the control of
the organization and business of public utilities and insurance companies.
This General Assembly has passed comprehensive and well-considered laws
regulating both these classes of corporations, so that this Act, succeeding
the other two, would come in conflict with and endanger, if it did not annul,
some of the most vital provisions of both the public utilities bill and insurance code. I deem it exceedingly unwise, therefore, to complictae the
situation by approving this bill, because of its conflict with the more important measures referred to.
Another measure disapproved by the Governor provided
for a tax of IA of 1% on incomes of over $5,000 and up to
$10,000 a year, 1% on incomes above $10,000 and up to
$15,000, 13/2% on amounts over $15,000 and up to $20,000
and 2% on all incomes over $20,000 yearly. Concerning
his action on this bill the Governor says:
I disapprove of this bill because, while it is a revenue measure,it produces
no net proceeds to the State, and provides an inequitable distribution of
receipts among the counties of the State. I am in favor of the general
principles of an income tax, but doubt the wisdom of passing a State law
for such a tax immediately in advance of a national Act,and it might:prove
to be antagonistic to the Federal laW.
The following bills were also vetoed:
H. B. 260—Providing for the investment of permanent school funds in
school district bonds.
S. B.408—For a $4,000,000 bond issue by the State for the construction
of buildings and the maintenance of the State educational institutions.
Detroit, Mich.—Decisions Concerning Municipal Ownership of Street Railway.—The Wayne County Circuit Court
on May 21 upheld the "Wordier Home Rule Bill," which we
printed in full under the head of "Michigan" in the "Chronicle" of April 12, page 1107. The constitutionality of this
Act was attacked by the Detroit United Ry., which sought
to prevent the appointment of a street railway commission
and the issuance of bonds in accordance with the recent city
charter amendment submitted under the Verdier Bill.
It was contended (1) that the "immediate effect" clause
of the bill was unconstitutional; (2) that the measure never
had been properly printed during its course through the
Legislature; (3) that the Act violated the constitutional
provisions which limit the debt-creating of cities.
The five Judges who heard the case (Judge Murphy not
sitting) were unanimous in denying the first two contentions, but Judge Hally dissented on the question of the legality of the bond issue. Judges Hosmer, Van Zile and Mandell concurred in the prevailing opinion and Judges Codd and
Holly each submitted separate opinions.
The main opinion, signed by Judges Hosmer, Van Zile
and Mandell, expressed the majority sentiment'on the bonding question. The opinion follows:
I agree with Judge Hally that the Verdier bill was printed as required by
the constitution; that the question as to whether it was immediately necessary for the preservation of the public peace, health and safety was for the
Legislature and not for the courts,that it is the duty of the Legislature to
fix the general bonding limits of clUes; that this power cannot be delegated
to the people, and that a city can issue bonds on its faith and credit only to
the extent of the difference between its debt and its borrowing limit.
Still it would seem that a perfectly natural and constitutional construction can he given to the section under consideration. Section 4, before
amendment, prohibited cities from piadging their credit for street railways
except to the amount of the margin between existing indebtedness and 4%
of the assessed value of the real and 7ersonal property in the city.
By successive amendments to the charter a city might raise its borrowing power to the legislative limit of8% Ind yet be prohibited from purchase
of a street railway by any issue of boids other than those which imposed
no liability upon the city. It was to change this that the Verdier bill was
enacted.
I fully agree with Judge Hally that tht constitutional convention expected
the cities to procure funds for street railvays by bonds which did not impose
a liability on the city, but I am unable b find anything in the constitution
which prevents the Legislature from ghing cities the authority to use the
borrowing power between the debt andgeneral limit of bonded indebtedness for this purpose.
In leaving to the Legislature the bondng limit, the constitution has empowered that body to open the door to he purchase of public utilities on
the cred t of the city if it sees fit, and tle holding of the Act unconstitutional in nowise tends to prevent this. Tie Legislature may raise the limit
so that the margin is sufficient.
Subject to the restriction that a city'debt must not exceed eight per
cent of the assessed value of property extlusive of special assessment district bonds, and ten per cent inclusive ot all bonds, subject to the provision that the charter of a city shall nct be changed by increasing the
limit of its indebtedness oftener than onceln two years, and subject to the
further provision that no single increase iall exceed two per cent, a city
may use any borrowing power which remains, not exceeding two per cent,
for street railway purchase or installation,,
County Taxes, and that the bond tax should be collected
at the same time as the county tax. This order is appealed from by
County Judge Elliott Graham and the Justices of the Peace who form the
Fiscal Board.
Mary Amis Quinton is one of those who filed suit against the county and
has been awarded a judgment for $89,195. The judgment in favor of
Wabash College, Sherley D. Murphy, Indianapolis Rolling Mill Co., the
Briggs Swift Estate is for an additional $108,718. The total taxable value
of Green County is but $1,400,000.
King County (P. 0. Seattle), Wash.—Court-House
Bonds Declared Void.—The Superior Court has declared illegal the $950,000 5% court-house bonds recently disposed
of (V. 96, p. 892). The delivery of the bonds has been held
up pending this decision.
Little Willow Irrigation District, Payette County,
Idaho.—Litigation.—An appeal was filed in the State Supreme Court May 15 in the case of the Little Willow Irrigation District against R. E. Haynes. Local papers state that
this is in the nature of a friendly suit for the confirmation of
a sale of $165,000 worth of bonds by the directors of the district. The district, it is said, includes between 5,000 and
6,000 acres of land but 10 miles north of Payette, in Canyon
County.
Michigan.—Amendment to Savings Bank Investment Law.—
The Michigan Legislature, which adjourned on May 15,
passed an amendment to the law governing the investment of
savings deposits, specifying that steamship bonds, if issued
on bulk freighters operating on the Great Lakes and connecting waters,must be on steamships of at least.7,000 tons carrying capacity; and providing that securities against which
participation certificates are issued must be deposited in a
Michigan trust company rather than a Michigan collateral
deposit company. We print the Act in full below, italicizing
the words added to the old law and placing in brackets those
to be eliminated:
The People of the State of Michigan enact:
Section 1. Section 27 of Act No. 205 of the Public Acts of 1887, entitled
"An Act to revise the laws authorizing the business of banking and to
establish a banking department for the supervision of such business," being
compiler's Section 6116 of the Compiled Laws of 1897, as amended by Act
No. 262 of the Public Acts of 1905 and Act No. 322 of the Public Acts of
1907, is hereby amended to read as follows:
Sec. 27. A savings bank shall keep on hand at least 15% of its total
deposits, one-third of which reserve shall be in lawful money in its own
vaults, and the balance on deposit, payable on demand, with banks,
national or State, in cities approved by the Commissioners as reserve cities,
or invested in United States bonds; three-fifths of the remainder of the
savings deposits shall be invested by the Board of Directors as follows:
(a) In bonds of the United States, of any State or Territory of the United
States: Provided, That such State or Territory has not, in the ten years
preceding the time of such investment repudiated its debt and failed to pay
the same, or the interest due thereon, or upon any part of such debt; or
(b) In the public debt or bonds of any city, county, township village,
or school district of any State or Territory in the United States which shall
have been authorized by the Legislature of such State or Territory* Provided, The total indebtedness of such municipality does not exceed'5% of
Its assessed valuation; except by a vote of two-thirds of the Board of Directors, such bonds may be purchased if the total liabilities do not exceed
10% of its assessed valuation; or
(c) In the legally authorized first mortgage bonds of any steam railroad
corporation organized under the laws of any State of the United States;
Provided, That such company has for five years prior to the time of making
such Investment by said bank paid annually dividends equal to not less
than 4% on its entire capital stock and has not during said period defaulted
in the payment of the matured principal or interest of any debts incurred
by it and secured by mortgage or trust deed upon its property or any part
thereof, or in the payment of any part of the matured principal or interest
of any bonds guaranteed and assumed by it; or
(d) In the first mortgage bonds of railroad companies whose lines are
leased or operated or controlled by any railroad company specified in paragraph (c) of this section, if said bonds be guaranteed both as to principal
and interest by the railroad company to which said lines are leased or by
which they are operated or controlled;
(e) In the legally authorized mortgage bonds of any steam railroad incorporated under the laws of any State of the United States which shall have
been issued for the purpose of retiring all prior mortgage indebtedness on so
much of the property of such company as is covered by the mortgage
securing such issue of bonds, and further providing for additions, extensions
or improvements; Provided, That such company has for three years prior
to the time of making such investment by said bank paid annually dividends equal to not less than 4% on its entire capital stock, which capital
stock shall equal or exceed in amount one-third of the par value of all its
bonded indebtedness, and has not, during the same period, defaulted in
the payment of the matured principal or interest of any debts incurred by
It and secured by mortgage or trust deed upon its property or any part
thereof, or in the payment of any part of the matured principal or interest
upon a bond guaranteed or assumed by it; Provided, Said issues of bonds
shall have been approved by the Securities Commission hereinafter provided
for;
1508
THE CHRONICLE
(f) In the legally authorized first mortgage bonds of any electric railroad,
street railway, gas or electric light or power company organized under
the laws of the State of Michigan; Provided, That such company has, for
five years prior to the time of making such investment by said bank paid
annually dividends equal to not less than 4% on its entire capital stock,
and has not during the same period defaulted in the payment of the matured principal or interest or any debts incurred by it and secured by
mortgage or trust deed upon its property or any part thereof; or in the
payment of any part of the matured principal or interest of any bonds
guaranteed or assumed by it; or in the first mortgage bonds of any such
company which has been in operation less than five years: Provided, That
the cost of construction and equipment of the plant of such company shall
exceed by at least 50% the amount of the entire bonded indebtedness of
such company,and the said plant and equipment shall be free from all other
liens and encumbrances, and the said company shall have earned during
the period it has been in operation more than enough to pay all interest
accrued on all said bonds and not less than 4% per annum dividends upon
its entire capital stock outstanding; Provided, Said issues of bonds shall
have been approved by the Securities Commission hereinafter provided for;
(g) In the legally authorized first mortgage bonds of steamship companies: Provided, That such mortgages shall be upon steel steamship or
steamships for the carriage [of freight or package freight and passengers
combined upon the Great Lakes and connecting waters of at least five
thousand tons carrying capacity each) upon the Great Lakes and connecting
waters of package freight and passengers combined of at least five thousand tons
carrying capacity each, and upon bulk freighters of at least seven thousand tons
carrying capacity each: Provided, Such bonds are issued at the time of
completion and enrollment of such steamship, or steamships, or within one
Year thereafter: And provided further, That by the express terms of said
mortgage at least 10% of the total issue of said bonds shall be retired annually, beginning within two years from the date of said bonds, and that the
mortgage liability against said property shall not exceed one-half of its
actual cost: And provided further, That the trustees of such mortgage
shall be required to protect the lien of said mortgage by attending to the
recording thereof and by causing property covered by said mortgage to
be insured against all risks on vessel property ordinarily covered by such
insurance, including marine risks and disasters, general and particular
average, collision liability protection and indemnity insurance and insurance against liability for injuries to persons, in insurance companies and
under forms of policies approved by the trustee, for an amount equal to
the full insurable value of such steamship, such insurance to be made with
loss payable to said trustee and the policies deposited with it: And provided
further, That there shall be filed with the Commissioner of the Banking
Department of this State a schedule of the insurance upon such property,
which schedule shall be signed by the trustee under said mortgage and shall
be accompanied by the certificate of said trustee that the policies mentioned
in said schedule are held by said trustee and are payable to said trustee
in case of loss for the benefit of the holders of the outstanding bonds
Issued under such mortgage; and further, That similar certificates be filed
from time to time by said trustee with said Commissioner of the Banking
Department of this State, evidencing renewals of said insurance by proper
policies or legal insurance binders: Provided further, That by the terms
of such mortgage, the mortgagor shall not suffer such steamship to become
indebted in an amount exceeding 5% of the original amount of the principal
of said mortgage at any time and that the failure of the mortgagor to forthwith procure the release of such steamship or steamships,from mechanics',
laborers', admiralty, statutory, or other liens, claims or charges against
such steamship, shall constitute a default in the _provisions of such mortgage: And provided further, That such bonds shall have been approved by
the Securities Commission hereinafter provided for;
(h) Said banks may loan the same upon negotiable paper or other evidences of indebtedness secured by any of the above-mentioned classes of
security; or
(i) Upon notes or bonds secured by mortgage lien upon unencumbered
real estate worth at least double the amount loaned; the remainder of such
deposits may be invested in notes, bills or other evidences of debt, the
payment of which is secured by the deposit with the bank of collateral
security consisting of personal property or securities of known marketable
value worth 10% more than the amount so loaned and interest for.the time
of the loan; or may be invested in notes, bills or other evidences of debt,
the payment of which is secured by such property or securities deposited in
a [collateral deposit] trust company organized under the laws of this State;
or may be deposited in any national bank, trust company, or bank in cities
in this or any other state, approved by the Commissioner of the Banking
Department as reserve cities, and a portion of said remainder, not exceeding
the capital and additional stockholders' liability, may be invested in
negotiable paper approved by the Board of Directors, but the deposits in
any one bank shall not exceed 10% of the total deposits,capital and surplus,
of the depositing bank. In case the actual reserve shall fall below the
15% above provided, the bank shall promptly and in good faith take measures to restore and maintain its lawful reserve, in default of which the
Commissioner of the Banking Department shall require such restoration
within thirty days after notice, and a failure to comply with such demand
shall warrant proceedings to wind up the bank as provided in Section 6
of this Act.
Minnesota.-Swings Bank Investment Law Amended.Chapter 124 of the Laws of 1913 amends Subdivision 3 of
Section 3022, Revised Laws of 1905, relating to savings
bank investments so as to provide that the net debt of municipalities and districts in Minnesota shall not exceed 10% of
the assessed valuation in order that these bonds may become
legal investments. Heretofore the requirement has been
that the total debt shall not exceed 10% of tho assessed value.
Subdivision 3 now reads as follows, the words in italics being
added to, and those in brackets eliminated from, the old law:
Subdivision 3. In the bonds of any county, city, town, village, school,
drainage, or other district created pursuant to law for public purposes in
Minnesota (Wisconsin, Iowa, North and South Dakota), or in any warrant,
order or interest-bearing obligation issued by this State, or by any city,
city board, town or county therein, Provided, That the net indebtedness of
any such municipality or district, as net indebtedness is defined by Revised
Laws, 1905, Section 777, and its amendments, shall not exceed ten per cent
of its assessed valuation, or in the bonds of any county, city, town, village,
school, drainage or other district, created pursuant to law for public
purposes in [the United Statesl Iowa, Wisconsin and North and South
Dakota, or in the bonds of any city, county, town, village, school district,
drainage or other district created pursuant to law for public purposes, in the
United States, containing at least 3,500 inhabitants; Provided, That the
total bonded indebtedness of any such municipality or district shall not
exceed ten per cent of its assessed valuation.
Another Act of the 1913 Legislature (Chapter 506) adds
to the list of securities in which savings deposits may be invested, bonds secured by trust deeds on unencumbered real
estate in Minnesota, Wisconsin, Iowa, North and South Dakota and Montana. The amendment is to Subdivision 4
of Section 3022, which previously permitted investment only
in notes secured by mortgages on unencumbered real estate
in Minnesota, Wisconsin, Iowa, North and South Dakota.
The Act also adds to Section 3023 of the Revised Laws of
1905 the following paragraph: "Whenever deemed necessary,
the bank may borrow such funds as may be required for such
current necessary disbursements or the demands of its depositors and may pledge collateral therefor."
Subdivision 4, as amended by Chapter 506, reads as follows, the new words being italicized:
[VOL.
The entire section of the law regulating savings banks investments (Section 3022, Revised Laws of 1905) was printed
in the "Chronicle" of Nov. 4 1911, page 1274.
New York City.-Bond Sale.-On a subsequent page of
this issue we give complete particulars concerning the sale on
Tuesday(May 20)of$45,000,000 4M% corporate stock. Following the precedent set by a St. Paul department store in
offering to its customers in small denominations an issue of
paving bonds of that city (see item below under St. Paul),
Gimbel Bros. of this city advertised that they had
secured a quantity of the new issue of New York City bonds
and would receive subscriptions for the same at 100.125,
which is a trifle lower than the average price received by
the city. Bonds will be issued in denominations of $10 or
multiples thereof.
The following record of the issues sold at public sale by
New York City for the past ten years, prepared from our
files,indicates the trend toward higher rates of interest,and
is a good illustration of the unfavorable conditions existing
in the market at the present time:
Date of Sale- Amount. Int. Maturity. Amt.Allotted. Average Price. Tot. Subscr.
45
$
Jan. 22 1903._ 7,000,000 3% 50 yrs.
7,000,000 104.568(3.312) 29,663,470
2,500,000 104.29 (3.32)
Mar. 5 1903___ 2,500,000 3% 50 yrs.
18,497,440
2,500,000 103.28 (3.364) 10,681,750
Apr. 9 1903.... 2,500,000 3% 50 yrs.
3,000,000 104.327(3.32)
May 12 1903___ 3,000,000 3% 50 yrs.
30,185,200
3,500,000 102
July 22 1903___ 3,500,000 3% 50 yrs.
(3.418)
8,107,600
7,500,000 101.05 (3.456) 25,581,090
Nov.19 1903_ 7,500,000 3% 50 yrs.
Jan. 20 1904___10,000,000 3% 50 yrs. 10,000,000 100.23 (3.49)
37,227,810
3,000,000 100.10 (3.495)
Mar.24 1904_ 3,000,000 3% 50 yrs.
8,362,200
May 3 1904_ _ 132,000.000 334 50 yrs. 32,000,000 100.94 (3.461) 1126,071,950
1 5,000,000 3% 10 yrs.
5,000,000 100.13 (3.485) f
Nov.23 1904___25,000,000 334 50 yrs. 25,000,000 102.41 (3.40) 158,269,640
Apr. 24 1905_.. 22,000,000 334 50 yrs. 22,000,000 100.712(3.47) } 38,917,800
3,000,000 3% 10 yrs.
3,000,000 100.081(3.49)
Nov.23 1905_ _ _ 12,500,000 334 50 yrs. 12,500,000 100.007(3.4997) 13,450,000
Feb. 15 1906_20,000,000 4 50 yrs. 20,000,000 108.052(3.65)
66,486,950
11,000,000 4 30% yrs. 11,000,000
July 25 1006_{ 500,000 4 1934 yrs.
1001100.97 (3.94)
19,127,400
1,000,000 4
4% yrs.
29 000
Nov. 2 1906._ 4,500,000 4 50 yrs.
4,500,000 101.899(3.91)
44,700,310
{8,000,000 4 50 yrs.
8,000,000 101.42 (3.93)
Dec. 14 1906_ 300,000 4 20 yrs.
300,000 100.68 (3.05) . 38,813,480
1,500,000 4 10 yrs.
1,500,000 100.11 (3.98)
26,000,000 4 50 yrs. 26,000,000 100.34 (3.98)
Feb. 1 1907.., 1,500,000 4 20 yrs.
511,000 100.23 (3.98)
38,569,535
2,500,000 4 10 yrs.
1,075,000 100.03.
June 28 1907__ 27,000,000 4 50 yrs.
1,932,840 100.091(3.996)
2,121,840
2,000,000 4 10 yrs.
189,000 100.02 (3.997)
Aug. 12 1907_ 13,000,000 4 50 yrs.
2,573,060 100.004(3.998)
2,713,485
2,000,000 4 10 yrs.
140,425 Par
(4%)
Sept:10 1907__ 35,000,000 434 50 yrs. 35,000,000 102.063(4.39) 205,800,980
5,000,000 434 10 yrs.
5,000,000 100.30 (4.46)
Feb. 14 1908_ _ 47,000,000 434 50 yrs. 47,000,000 104.22 (4.29) 271,242,650
3,000,000 434 10 yrs.
3,000,000 100.90 (4.38)
Nov.23 1908_ _ 12,000,000 4 50 yrs. 12,000,000 102.385(3.89) 148,266,360
500,000 4 10 yrs.
500,000 101.52 (3.82)
Mar. 2 1909_10,000,000 4 50 yrs. 10,000,000 101.57 (3.93)
43,068,130
June 8 1909...138,000,000 4 50 yrs. 38,000,000 100.71 (3.96)
68,817,330
1 2,000,000 4 10 yrs.
2,000,000 100.14 (3.98)
Dec. 10 1909___12,500,000 4 50 yrs. 12,500,000 100.34 (3.98)
43,747,760
Mar.21 1910___50,000,000 43i
(a)
50,000,000 101.28(.4.155) 194,562,650
Jan. 24 1911___60,000,000 43i 50 yrs. 60,000,000 100.90 (4.207) 324,933,030
May 7 1912_65,000,000 434 50 yrs. 65,000,000 100.747(4.21) 265,985,870
May 20 1913_45,000,000 434 50 yrs. 45,000,000 100.159(4.49)
76,124,780
a 20-50-years (optional).
* Assuming that the city will exercise its option to redeem the bonds in 20 years.
Oklahoma.-Legislature Takes Recess.-The Legislature
adjourned May 17 for a recess until June 23.
St. Paul, Minn.-Department Store Offering City Assessment Certificates to Customers.-A city department store,
known as the "Golden Rule," recently purchased and offered
to its customers $100,000 6% paving assessment certificates, due April 1 1914. Newspaper dispatches state that
all of the bonds were sold in two days (May 19 and 20). The
securities are part of an issue of $209,732 85 awarded at par,
as stated last week, to C. 0. Kalman & Co., the Northwestern Trust Co. and the First National Bank of St. Paul. The
$100,000 certificates were purchased from this syndicate at
100.75, and the store referred to re-offered them at the same
figure. Each bond, according to the store's advertisement,
"bears the personal guarantee of The Golden Rule, to redeem them in cash at our office at par, plus accrued interest,
any time prior to April 1 1914."
Washington.-Suit to Establish Validity of Capitol Building Bonds.-The Attorney-General, W. V. Tanner, advises
us as follows under date of May 6 concerning the suit to
test the validity of $4,000,000 bonds authorized by the
Legislature of 1913 for Capitol Building purposes:
"The Act authorizing the issuance of these bonds provides that the
State guarantees the principal and intereat. The bonds are to be paid,
however, from the proceeds of the sale of the Capitol Building grant made
by the Federal Government at the Wile of the admission of the State.
The constitution of this State, in Artiek 8, provides that the State shall not
contract debts in excess of four million dollars, with certain exceptions.
The question arises, thereforo, as to whether the guaranty of bonds to the
amount of four million dollars is in violation of this Article of the constitution. At the time of the passage of the Act, it was suggested that this
guaranty was invalid, but inasmuch as a guaranty of this nature would
enable the State to negotiate the bonds at a low rate of interest, it was
deemed advisable to include it in ths Act,leaving its validity to be tested in
an action instituted for that purrose."
"The contention of those seekitg to uphold the guaranty is that the
Capitol Building grant, which has ooen inspected and appraised under the
supervision of the officers of the State, acting under authority of law, may
be considered in the nature of at asset, the same as cash on hand, or
uncollected taxes. You are undoubtedly familiar with the authorities
holding that these items may be offset in determining whether any given
amount of indebtedness exceeds x constitutional limitation."
"The State Capitol Commissiot has adopted a resolution providing for
the issuance of the bonds, and the suit will undoubtedly be instituted
within a few days."
"Subdivision 4. In notes or bonds secured by mortgages or trust deeds on
unencumbered real estate in Minnesota, Wisconsin, Iowa, North Dakota,
South Dakota, and Montana, worth when improved at least twice and
when unimproved at least three times the amount loaned thereon. But
not more than seventy per cent of the whole amount of the moneys of the
ABBEVILLE, Wilcox Cotnty, Ga.-BOND SALE.-We are advised
bank shall be so loaned, and such investment shall be made only on report
of a committee directed to investigate the same and report its value, by the City Clerk that the $8000 6% 30-year electric-light-plant bonds
according to the judgment of its members, and its report shall be preserved voted April 8 (V. 96, p. 1109) will be purchased by J. B. McCrary Co.
of Atlanta.
among the bank's records."
Bond Proposals ind Negotiations this week
have been as follows: ,
MAY 241913.]
THE CHRONICLE
1509
OFFERING.-ProBISHOPVILLE, Lee County, So. Caro.-BOND
als
N. Y.-BOND OFFERING.-ProRos
by W. S. James, Town Clerk,
ADAMS, Jefferson County,
F. B. posals will be received until 11 a. m.June 12
m. June ,2 by the Board of Trustees,
railroad bonds. Denom.
coup.
-year
20
5%
,
for
$15,000
and
at
Treasurer
will be received until 7:30 p.
bonds
series "H' reg. water refunding
Waite, Clerk, for $6,200
Date $500. Date Jan. 15 1913. Int. ann. Cert. check for $1,000 required.
Denom. (3) $3,000, (6) $500, (1)or$200.
County, Cal.-BOND
not exceeding 5% int. J.
N. Y. draft
BLAKEMORE SCHOOL DISTRICT, Fresno
Due July 1 1918. Cert. check
&
July 1 1913. Int. J.D.
May 31 to submit to a vote the quesF. Griggs, Vil. Treas., required. Bonds to be de- ELECTION.-An election will be held
bonds. Denom. $475.
t
for $300, payable to
equipmen
and
building
6%
$3.800
of
issuing
tion
1.
livered and paid for on July
-At Due $475 yearly from 5°to 12 years inclusive.
G.
OFFERIN
-BOND
Ind.
,
Decatur)
0.
(P.
ADAMS COUNTY
T (P. 0. Blissfield),
Treas., will open bids for $6,000 Wabash
BLISSFIELD SPECIAL SCHOOL DISTRICMay
9 the $7,000 5%'
3 p. m. May 27, C. W. Yager,
-On
Monroe Twp.,$10,160 Kirkland Twp. and $5,280 Coshocton County, Ohio.-BOND SALE.
al Nat. Bank
Commerci
Twp.,$4,320 and $3,760
the
to
awarded
were
1244)
1913.
p.
15
96,
(V.
May
bonds
dated
bldg.
bonds
% road
Hartford Twp.
follow:
bids
Other
int.
(1_00.571) and
will
ls
for
$7,040
G.
-Proposa
OFFERIN
ND
Mo.-BO
$7,026 55
County,
ALBANY, Gentry
Coshocton
reports state, by C. E. Gibbany, City Clerk, Coshocton Nat.&Bank,
be received until June 16, (opt.)
Apr. 29(V. 96, Spitzer, Rorick Co., Toledo, par, less $240 for expenses.
voted
ght
bonds
electric-li
5-20-yr.
6%
N.-An election
for the $19,000
BOISE CITY, Ada County, Ida.-BOND ELECTIO
$45,000 paving, $50,p. 1375). Int. semi-ann.
% will be held June 3 to vote on the questions of issuing(opt.)
4%
of
six
issues
the
21
OnWay
SALE.coup, bonds at
-BOND
Y.
N.
ALBANY,
and $30,000 drWnage 10-20-year
(V. 96, p. 1375), were awarded to 000 storm-sewer
al.
tax-free bonds, aggregating $542,700
not exceeding 6% int. Denom. $1,000. Int. semi-annu
and.int. Other bids follow:
100.189
at
Y.
N.
of
Co.
&
Pressprich
W.
SALE.-Reports state
R.
BRAWLEY, Imperial County, Cal.-BOND the
Adams & Co., N. Y.(for all issues), $547,261 (100.139).
$15,000 531% citypurchase
that the First Nat. Bank of Brawley will
Remich & Hodges (for all issues), 100.033.
96, p. 1038.)
21
(V.
100.578.
hall bonds offered without success on March
W. N. Coler & Co., N. Y.($100,000),100.42.
n) Lamar
Brooksto
0.
(P.
T
,
BROOKSTON SCHOOL DISTRIC
Blodget & Co. N. Y.(for $100,000)
VOTED.-Reports state that this district on
Union Trust do. (for $31,000), par.
be taken County, Texas.-BONDS
would
bonds
bonds.
bldg.
pt.
$4,000
public-im
Lssuing
of
$3,800
that
question
the
stated
of
favor
May 10 voted in
It was previously
ZED.-An
by the Comptroller for the Sinking Funds.
BRYAN, Williams County, Ohio.-BONDS AUTHORI
5% coup.
),Beaver County, ordinance
was passed May 12 providing for the issuance of $3,500
AMBRIDGE SCHOOL DISTRICT(P.O. Ambridge
were
bonds
school
$500. Date June 1 1913.
5% tax-free
Denom.
bonds.
ent
improvem
-bldg.
municipal
Pa.-BOND SALE.-On May 16 $70,000Co.
Date May 1
.
incl.
Ambridge
1921
to
of
1915
1
from
Sept.
&
Trust
on
Say.
yearly
D.
$500
Ambridge
Due
Int. J. &
awarded to the
and 1933, $15,000 1938
-By a vote
1913. Due $5,000 1918 and 1923, $10,000 1928
BUCYRUS, Crawford County, Ohio.-BONDS VOTED.
ant bonds
and $25,000 1943.
to 203, the issuance of $180,000 municipal-water-works-pl
of
684
County,
Jones
,
Anamosa)
held on May 15 (V.
election
the
at
to
reports,
d,
was
according
authorize
ANAMOSA SCHOOL DISTRICT (P. 0.
that the School 96, p. 581).
papers
local
in
stated
is
-It
D.
Iowa.-BONDS PROPOSE
bonds. Int. semi-ann.
Board has decided to issue $60,000 5% school
BUNCOMBE COUNTY (P. 0. Asheville), No. Car.-BOND SALE.from 1917 to 1920 incl.,
Due $1,400 in 1914,$2,000 in 1915 and 1916,$2,500
Local papers state that C. N.Malone & Co. of Asheville have been awarded
1923.
in
$3,000 in 1921 and 1922 and $38,500
road-impt. and $50,000 funding bonds.
$50,000
(P. 0. Anderson), AnderCounty
ANDERSON SCHOOL DISTRICT NO. 17
BUTTE SCHOOL DISTRICT (P. 0. Butte), Silver Bow
.-Propoals will be received
ELECTION.-Reports state than an election will be held
son County, So. Caro.-BOND OFFERING
-BOND
for
Mont.
Trustees,
of
Board
Chairman
buildBrock,
optional
A.
J.
10-20-yr.
by
17
n
to
issue
on
the
$100,000
June
vote
m.
propositio
until 12
bonds at not exceeding May 31 to
int.
$35,000 of an issue of $100,000 40-year building
election held May 6 (V. 96. ing bonds at not exceeding 5%
ls
G.
-Proposa
5% interest. Auth. vote of 152 to 31 at the
OFFERIN
CALDWELL, Noble County, Ohio.-BOND
p. 1375). Interest semi-annual.
until 12 m. June 14 by H. A. Smith, Village Clerk for
Angier), Harnett County, will be received
0.
Sec.
'
(P.
T
Auth.
bonds.
DISTRIC
water-works
and
deficiency
-light
SCHOOL
electric
ANGIER
that at a recent election the $2,100 6%
1913. Int.
No. Caro.-BONDS VOTED.-Reports state
3931, Gen. Code. Denom. (3) $500, (1) $600. Date Juneon1 June
carried by a vote of 57 to 21.
1 from
yearly
question of issuing $15,000 school bonds
ann. on June 1. Due $600 on June 1 1927 and $500
-BONDS
Caro.
No.
required
County,
Treas.,I
to
VII.
for
check
$100,
payable
Hoke
Cert.
T,
1928 to 1930 incl.
ANTIOCH SCHOOL DISTRICvoted
$10,000 school bonds, it is stated. Bonds to be delivered and paid for within 10 days from time of award.
district
this
14
May
-On
VOTED.
County, Cal.-BOND OFFER- Purchaser to pay accrued interest.
APA SCHOOL DISTRICT, Tulare
11:30 p. m. May 26, it is stated, by
CALHOUN COUNTY(P.O. Rockwell City), Iowa.-BONDSALE.ING.-Proposals will be received until
Denom. $400.
bonds.
school
The $125,000 10-yr. courthouse bonds offered on April 29(V. 96, p. 1170),
the Trustees for $4,000 7%
Cal.-BOND were awarded on May 12 to Geo. M. Bechtel & Co., of Davenport for
County,
to
Sacramen
T,
DISTRIC
ARCADE SCHOOL
state that an election will be held in $125,977 (100.781), and int. for 5s. E. H. Rollins & Sons of Chicago bid
ELECTION PROPOSED.-Reports
of issuing $50,000 bldg. bonds.
100.14 and int. for 5s.
the near future to vote on the question
-BOND SALE.-On May 6
CALHOUN COUNTY (P. 0. Pittsboro), Miss.-BOND SALE.-On
ARKANSAS CITY, Cowley County, Kan.
93, May 6 $25,000 6% Road Dist. No. 1 bonds were awarded to Wm.R.Compng
$21,272
aggregati
bonds,
coupon
5%
of
issues
three
the following
City:
Arkansas
of
Bank
ton Co. of St. Louis at 101.02.
were awarded, it is stated, to the Home Nat.
$500. Due June 1 1923.
CALIFORNIA.-BOND OFFERING.-E.D. Roberts, State Treasurer,
$5,000 00 internal-impt. bonds. Denom.
1
June
Due
93.
$272
(1)
$1,000
(10)
will offer for sale at public auction in Sacramento on June 16 $1,200,000
10,272 93 funding bonds. Denom.
bonds, according to reports.
1933, subject to call beginning June 1 1923.June 1 1933.
highway
Due
s state
6,000 00 internal-impt. bonds. Denom. $500.
CANTON, Fulton County, Ill.-BONDS PROPOSED.-Report
Topeka.
Date June 1 1913. Int. J.& D.at the State Treas. office at
city is contemplating the issuance of $15,000 funding bonds.
this
that
stated,
is
it
26,
May
until
received
be
will
BOND OFFERING.-Proposals
CANTON Stark County, Ohio.-BONDS NOT SOLD.-No bids were
$1,000.
by the City Commissioners for $10,000 6% paving bonds. Denom.
received, it is stated, for the nine issues of bonds, aggregating $101,700,
Due $1,000 yearly for 10 years.
on May 19 (V. 96, p. 1436)•
offered
the
-BOND SALE.-On May 12
G.-ProASHLEY, Delaware County, Ohio.
CAPE MAY, Cape May County, N. J.-BOND OFFERIN
all bonds (V. 96, p. 1243) were awarded
$2,000 6% 5R-year (aver.) town-h
be received until 8 p. m. May 28 for $112.000 "long-term"
will
posals
follow:
int. Other bids
bonds
These
bonds.
ent
and
improvem
sewer
rm"
to Sperry & Warnstaff at 101.40 and
Rorick & Co., Tol_32,001 75 and $18,000 "short-te
for sale on May 14. S. H. Moore is Chairman
Security Say. Bk.&Tr.Co. $2 027 50[Spitzer,
- were originally advertised
Ohio.-BOND OFFERING.
e.
Committe
Finance
the
of
ASHTABULA, Ashtabula County,
m. May 28 by F. W.Wagner, City AudiProposals will be received until 12
CARMEL SPECIALISCHOOL DISTRICT (P. 0. Carmel), Highland
St. paving bonds
OFFERING.-Proposals will be received until
tor, for the following 5% Lake
yly. on Oct. 1 from 1914 to 1923 incl. County, Ohio.-BOND
$4,000
Due
bonds.
(assess.)
$40,000
1914 to 12 m. May 31 by 0. L. Hiatt, Clerk Board of Ed.. for $4,000 6% schoolfrom
1
Oct.
on
yearly
$2,500
Due
bonds.
25,000 city's portion)
erection bonds. Auth. Sec. 7625, Gen. Code. Denom. $100.
and
site
923 incl.
2 and Sept. 2 at office of Treas. of Board.
0. at Ashtabula. Certi- Date July 2 1913. Int. Mar. 2
Denom. $500. Date April 1 1913. Int. A. &
Due $100 on Mar. 2 and Sept. each year from 1914 to 1933 incl. Bonds
to City Treas., required.
(or cash) for $100 required.
check
Cert.
fied check on a national bank for $500, payable
cash.
for
sold
be
to
G.-Proposals wil
G.
ATHENS, Clarke County, Ga.-BOND OFFERIN
CARROLL COUNTY (P. 0. Delhi), Ind.-BOND OFFERIN
J. Rowe, Mayor,and B.1. Woods,
p. m. May 28 by the Treas. for $7,600
2
until
be received until 11 a. m.June 16 by H.$100,000
received
be
will
street.:
Proposals
school and $75,000
Chairman Finance Committee, for the
15
May
1913.
% road-impt. bonds dated
p. 1038). Denom. $1,000.
impt. 43% bonds voted March 25 (V. 96,installmen
t, which is due on
CASCAD4 IRRIGAT %.31 DISTRICT (P. 0. Ellensburg), Kittitas
Date July 11913. Int. J. & J., except last
payable County, Wash.-BOND OFFERING.-This district is offering for sale
of
bonds,
5%
for
check
Cert.
1943.
30
June
Due
June 30 1943.
Auth. Secs. 6430
the $700,000 6% bonds voted April 1 (V. 96, p. 1244).
to Mayor, required.
- to 6432 incl., Remington-Ballinger's Code. Denom.$500. Int. semi-ann.
ACTION YET TAKEN.
1927, $56,000;
149,000;
BABYLON, Suffolk County, N. Y.-NOtaken
1926,
$42,000;
1925.
$35,000;
1924.
rethe
follows
as
toward
Due
looking
We are advised that no action has yet been
1928, 363,000; 1929. $70,000; 1930. $77.000; 1931,$91.000; 1932,$105,000.
offering of the $20,000 road-impt. bonds (V. 96, p. 665).
$112.000.
1933,
and
will be received
G.
BALTIMORE, Md.-BOND OFFERING.-Proposals
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERIN
for the following 4% regisTreas.,
until 12:30 p. m. Juno 5 at the Mayor's office
Proposals will be received until 10 a. m. May 26 by M. M. Minich,
bonds
road
%
4%
on
Twp.
Washingt
$4,630
and
Twp.
Boone
for $9,280
tered stock, aggregating $5,500,000:
Int. M.& S.
dated May 6 1913.
$400,000 Jones Falls impt. loan, redeemable Mar. 1 1961. M.& S.
Int.
1961.
1
Mar.
CASTANA INDEPENDENT SCHOOL DISTRICT (P. 0. Castana),
e
redeemabl
loan,
-house
school
80,000
be received
S.
&
Monomo County, Iowa.-BOND OFFERING.-Proposals will coup.
M.
Int.
1961.
bldg.
0 10-yr.
57
170,000 dock-impt. loan. redeemable Mar. 1
until 12 m.June 10 by W.J. Donlin. Sec.,for $2.000
& A.
bonds (V. 96, p. 1376). Denom. $500. Date July 1 1913.
375,000 conduit loan, redeemable Aug. 1 1962. Int. F.
equip.
and
D.
&
,
Treas.,
J.
S.
W.
Int.
to
Baumann
13ayable
$200,
11958.
for
e
check
Dec.
Cert.
redeemabl
J.
&
J.
loan,
Int.
1,500,000 water
A.
required. Bonded debt at present, $3,000. Assessed valuation, $236,233.
650,000 paving loan, redeemable Aug. 1 1951. Int. F. &
A.
CENTRE SCHOOL DISTRICT, Merced County, Cal.-BOND OF-,
325,000 annex-impt. loan, redeemable Aug. 11951. Int. F.&
F.& A. FER/NO.-Proposals will be received until June 3 by P. J. Thornton
2,000,000 now sewerage impt. loan, redeemable Aug. 11961. Int.
Board of County Supervisors (P. 0. Merced), for the $3,750 6%
Clerk
Int. will be computed from the interest payment period next preceding 10-year school-improvement bonds voted April 12 (V. 96, p. 1244).
a clearingn),
the date fixed for delivery of the stock. A certified check on
CHAMPAIGN SCHOOL DISTRICT NO. 71 (P. 0. Champaig
so endorsed, Champai
gn County, Ill.-BIDS REJECTED.-All bids received for the
house bank or a certificate of deposit of a clearing-house bank,
15
(V.
on
May
and
bonds
offered
Mayor
P.
the
96.
1314)
to
l-bldg.
payable
for,
high-schoo
bid
coup.
stock
of
$100,000
of
the
amount
2%
or cash, for
were rejected.
City Council, required. Richard Gwinn, City Register.
the advertiseCHARLES CITY, Floyd County, Iowa.-BOND SALE.-The $16,000
The official notice of this bond offering will be found among
p. 665) have
1-10-year (opt.) paving bonds offered on March 3(V. 96,
5%
t.
ments elsewhere in this Departmen
awarded to the Citizens Nat. Bank. Charles City, at par.
been
held
be
will
election
-An
N.
ELECTIO
-BOND
Ohio.
TON,
BARBER
CHATFIELD TOWNSHIP (P. 0. Chatfield), Crawford County,
electric-light-plant and
May 27 to vote on the question of issuing $110,000
Ohio.-BOND SALE.-On May 12 the $10,000 5% 1334-yr. (aver.) pike$25,000 water-works-extension bonds.
. bonds(V.96. p. 1170) were awarded,it is stated, to the Farmers'
road-impt
is
-It
reported
N.
Fla.-BOND ELECTIO
Exchange Bank of Washington at 100.50.
BARTOW, Polk County,July
ns
to
issue
propositio
the
on
8
to
vote
held
be
will
CHATTANOOGA, Tenn.-BOND SALE.-On May 20 the two issues
that an election
bonds.
96, p.1436), were
$50,000 paving and $30,000 refunding
of 431% 30-yr. coup. bonds, aggregating $150,000 (V.
Cal.
County,
Kern
T,
DISTRIC
SCHOOL
awarded to the Chattanooga Clearing-House Association at par.
BEAR MOUNTAIN
$7,000 7% building bonds were awarded, it
(P. 0. Cincinnati) Hamilton County, Ohio.-BOND
T
CHEVIO
BOND SALE.-On May 9 the
of Barnesville ,Ohio, for $7,101 (101.44) OFFERING.-Proposals will be received until 12 m. June 18 by J. Krollis stated, to the First Nat. Bank
man jr., Village Clerk, for the following 5% (assessment) bonds:
and interest.
Pa.-BOND SALE.-The $110,000 $5,450 Davis Ave. impt. bonds. Denom. $545. Due $545 yearly on
County,
BEAVER FALLS, Beaver
offered on Apr. 22 (V. 96, p.
April 25 from 1914 to 1923 inclusive.
% 28-yr. tax-free sower-system bonds
Denom. $660. Due $660 yearly
7,660 Woodbine Ave. impt. bonds. inclusive.
1109) have been awarded, it is stated, to the Colonial Trust Co. of Pittson April 25 from 1914 to 1923
burgh.
Code. Date April 25 1913. Int. A.& 0. CertiGen.
3914,
Sec.
Auth.
ques-The
Tex.
VOTED.
-BONDS
Belton),
BELL COUNTY (P. 0.
check for 5% of bonds bid for, payable to Village Treasurer, required.
tion of issuing the $150,000 6% 40-yr. road bonds (V.96, P.1244) carried fied
Bonds to be delivered and paid for within 10 days from time of award.
at the election held May 16 by a vote of 633 to 221.
to pay accrued interest.
Purchaser
BENTON COUNTY (P. 0. Fowler), Ind.-BOND OFFERING.
CLARION SCHOOL DISTRICT (P. 0. Clarion), Wright County,
m. May 27 for $8,440
W. H. Cheadle, Treas., will receive bids until 2
PAID FOR BONDS.-The price paid for the $45,000 5%
-PRICE
Iowa.
p. Grant Twp., $11,020
Bolivar Twp., $11,280 Oak Grove Twp., $9,040
°
building bonds awarded on April 30 to J. F. Younker of Des Moines(V.96.
Richland and York Twps. and $8,520 Pine Twp. 431% gravel road bonds p. 1436) was par. Denom. $1,000. Date May 1 1913. Int. M. & N.
dated May 15 1913.
1923, subject to call $1,000 yearly beginning 1918.
Due
Seneca County, Ohio.
BIG SPRING TOWNSHIP(P.O. New Riegel),until
CLEVELAND, Bradley County, Tenn.-BONDS AUTHORIZED.
1 p. m. May_31 by
-BOND OFFERING.-Proposals will be receivedt.
Reports state that an ordinance was passed May 12 providing for the issu6.
No.
series
'road-imp
bonds,
%
4%
for
$15,000
Trustees
bonds.
Twp.
sewer
the
held May 6 1906. Denom. ance of $75,000
Auth. Sec. 6976, Gen. Code, also an election
COLUMBUS, Platte County, Neb.-BONDS VOTEDThe qutih
six months from Sept. 1 1914 to
$500. Int. semi-ann. Due $500 each
1244) carried, reports
on March 1, from Sept. 1 of issuing $10,000 water-works bonds (V. 96,
$500
and
1
Sept.
on
incl.,
$1,000
1920
March 1
p.to 147.
at the election held May 20, by a vote of 465
cash
for
or
required.
state,
$500
1920 to March 1 1926 incl. Cert. check
1510
44
THE CHRONICLE
xc-in.
COOK COUNTY (P. 0. Chicago) 111.-BID REJECTED-BONDS
FREDONIA SCHOOL DISTRICT(P.O. Fredonia), Wilson County,
RE-ADVERTISED.-The only bid received on May 19 for three issues of Kans.-BONDS
VOTED.-Reports state that a favorable vote was cast
4% gold coupon tax-free bonds, aggregating $3,300,000 (V. 96, p. 1376). at
the election held May 12 on the proposition to issue $100,000
sch. bonds.
was one of 93.41 submitted by a syndicate composed of A. B. Leach & Co.,
FREMONT,
Sandusky
County, Ohio.-BONDS NOT SOLD.-No
the Harris Trust & Say. Bank,the First Trust & Savings Bank, Merchants'
Loan & Trust Co. and N. W. Halsey of Chicago. This offer was rejected bonds were received, it is reported, for the $28,000 436% coup. Wood St.
and the bonds re-advertised to be sold May 26. Of the issues offered. impt.(assess. and city's portion) bonds offered on May 20(V. 96, p. 1437).
$1,500,000 were previously advertised for sale on April 5 and at that time
GENEVA, Ashtabula County, Ohio.-BOND SALE.
May 12 the
the same syndicate, excepting the Harris Trust & Say. Bank, offered to *10,0005% Grand River dam impt. bonds offered on May-On
9(V.96, p. 1111)
take the bonds at 96.855, but this offer was also rejected. Newspaper re- were awarded,it is stated, to the Security Say. Bank & Tr. Co. of
Toledo.
ports state that the amount of bonds to be sold May 26 has been reduced
GEORGETOWN, Copiah County, Miss.-BOND OFFERING.-Proto $2,300,000.
posals will be received until June 3 by D.Mahaffy,City Clerk,for the $7,500
CORCORAN UNION HIGH SCHOOL DISTRICT, Kings County, coup. water-works bonds at not exceeding 6% int.(V.96, 1171). Auth.
Cal.-BONDS NOT SOLD.-No bids were received on May 6 for the $45,- Sec. 3415, Code of 1906. Denom.$500. Date May
1 1913.
p' Int. payable
at Georgetown. Due $100 yrly. on May 1 from 1914
000 5% gold high-school-bldg. bonds offered on that day (V. 96, p. 1244)•
to 1933 incl. and
CORONA SCHOOL DISTRICT, Riverside County, Cal.-BONDS $5,500 on May 1 1933. No deposit required. Bonded debt, $5,000.
NOT SOLD.-No bids were received for the $9,000 5% athletic-grounds- Assessed val. 1912, $133,224.
purchase bonds offered on May 14 (V. 96, p. 1376.)
GLENDALE, Hamilton County, Ohio.-BONDS NOT SOLD.-No
COTTAGE GROVE SCHOOL DISTRICT (P. 0. Cottage Grove), bids were received, it is stated, for the $4,000 436% 636-year coup, waterLane County, Ox 6.-BOND SALE.-Reports state that an issue of$40,000 works-improvement bonds offered on May 12 (V. 96, p. 1245).
5% school bonds (V. 96, p. 1110) was awarded to Morris Bros. of Portland
GRANT COUNTY (P. 0. Marion), Ind.-BOND OFFERING.-Proat par, less a commission of $500.
posals will be received until 2 p. m. June 26, it is stated, by E. H.
KimCROTON TOWNSHIP (P. 0. Newaygo R. R. No. 3), Newaygo ball, County Aud., for $40,000 4% coup. tax-free flood-repair bonds (V.
County, Mich.-BOND OFFERING.-Proposals will be received until 96, p. 1315). Denom.$1,000. Int. semi-ann. Due $2,000 each May 15
4 p. in. May 28 by T. R. Stocum, Twp. Clerk, for $20.000 5% highway- and Nov. 15 for 10 years.
BOND OFFERING.-Proposals will be received until 2 p. m. May 26
improvement bonds. Date May 15 1913. Interest annual. Due $9,000
May 15 1918, $3,000 May 15 1919 and $2,000 yearly on May 15 from 1920 by Uz. McMurtrie, County Treasurer, for the following 434% tax-free
to 1923 inclusive. Certified check for 5% of bonds bid for required.
highway-improvement bonds:
DANBURY TOWNSHIP (P. 0. Danbury), Ottawa County, Ohio. $7,600 L. L. Ross, et al, Road, Monroe Twp. bonds. Denom. $380.
Date Jan. 7 1913.
-BOND OFFERING.-Proposals will be received until 1 p. in. June 14 by
7,740 W. A. Greenlee, et al, Road, Monroe Twp. bonds. Denom. $387.
the Twp. Trustees, L. Mutach, Twp. Clerk, for $8,400 5% coup. roadDate Feb. 4 1913.
impt. bonds. Denom. (1) $400, (8) $1,000. Date June 7 1913. Int.
J. & D. at office of Two. Treas. Due $400 on June 7 1935 and $1,000 10,000 Martin Boote, et al, Road, Center Twp. bonds. Denom, $500.
Date Feb. 4 1913.
yearly on June 7from 1936 to 1943incl. Cert. check on a bank other than
6,840 H. B. Draper, et al, Road, Center Twp. bonds. Denom. $342.
the one making the bid, for $25(). required.
Date Oct. 8 1912.
DAVIE COUNTY .(P. 0. Mocksville), No. Caro.-BOND ELECTION. 10,100 Lewis S. Marks, et al, Road, Center Twp. bonds. Denom.
$505.
-An election will be held May 31 to submit to a vote the proposition to
Date Dec. 3 1912.
Issue $150,000 road bonds.
7.,400 W.K. Fraizer, et al, Road, Van Buren Twp. bonds. Denom.$370.
Date Feb. 4 1913.
DAWSON, Terrell County, Ga.-BOND OFFERING.-Proposals will
2,080 C. A. Darby, et al, Road, Richland Twp., bonds. Denom. $104.
be received until 7:30 p. in. June 3 by R. E. Bell, City Clerk, for $12,000
Date Sept. 51912.
5% coup. municipal-impt. bonds. Denom. $1,000. Date June 1 1913.
Int. ann. on Dec. 1 at the City Treas. office. Due $1,000 yearly Dec. 1 22,400 D. W. Roush, et al, Road, Mill Twp. bonds. Donom. $1,112.
Date Nov. 6 1912.
from 1914 to 1925 incl.
Separate bids to be made for each issue. Int. M.& N. Due one bond
DAYTON, Ohio.-BONDS AWARDED IN PART.-Of the six issues
of coup. improvement bonds, aggregating $193,400, offered on may 19 of each issue on May 15 and Nov. 15, beginning May 15 1914.
GRIDLEY SCHOOL DISTRICT (P. 0. GRIDLEY), Butte County,
(V. 96, p. 1376). the $18,300 436% sidewalk and street (city s portion)
bonds were awarded on that day to the Dayton Savings & Trust Co. of Cal.-BOND ELECTION.-Reports state that a vote will be taken May
31 on the question of issuing $25,000 school bonds.
Dayton for $18.302 (100.01) and int. No other bids were received.
GULFPORT, Harrison County, La.-BOND ELECTION.-An elec.
DEFIANCE, Defiance County, Ohio.-BOND SALE.-On May 21
the $8,000 5% flood-emergency bonds offered without success on May 12 tion will be held May 31 to submit to a vote the question of issuing $150,000
were awarded at par and int., at private sale, it is stated, $4,000 to the 6% bonds for the purchase of rights of way and depot-site within the city
Security Building & Loan Co. of Defiance and $4,000 to the Home Say. for the Gulfport & Western RR.
& Loan Association of Defiance.
HALLSVILLE SCHOOL DISTRICT (P. 0. Hallsville), Harrison
DELAWARE, Delaware County, Ohio.-BOND SALE.-On May 19 County, Tex.-BONDS VOTED.-According to reports, a favorable vote
the $10,000 5% 534-yr. (aver.) coupon street-impt. (city's portion) bonds was cast at a recent election on the proposition to issue 38,000 5% 40-year
(V. 96, p. 1245) were awarded to the Delaware Nat. Bank at 100.08 and building bonds.
int. Other bids follow:
HAMLET, Richmond County, No. Caro.-BOND OFFERING.
Breed,Elliott & liar., Cin_$10,006 00IA. E. Aub & Co., Cin
According to reports, proposals will be received until 8 p. In. July 5 by
Sid.Spitzer & Co., Toledo. 10,005 00 Lake Shore 13k. & Trust Co.,$10,002 L. R. Terry, City Clerk,for the $15,000 sewer and $10,000 school 6% bonds
First Nat. Bk., Delaware. 10,004 001 Cleveland
10,000 voted. May 6 (V. 96, p. 1437)•
Spitzer, Rorick& Co.. Tol_ 10.002 75 Prov.Say.Bk.& Tr.Co., Ctn.._ 10,000
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.-BOND OFFERDELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.- ING.-Proposals will be received until 12 m. June 9 by Will Cummings,
Proposals will be received until 10 a. m. May 24 by G. L. Haymond, County Judge, for the following 436% 30-year coupon bonds, aggregating
County Treasurer, for $6,400 434% Harrison Twp. highway bonds. De- $600,000:
nomination $320. Date May 15 1913. Int. M. & N.
$550,000 funding bonds. Date July 1 1913.
25,000 Main Ave. bonds. Date July 1 1913.
DENISON, Grayson County, Tex.-BOND OFFERING.-Proposals
25,000 jail bonds. Date April 11913.
will be received until 3 p. m. May 26 by A. E. Clymer, City Secretary, for
Denom. $1,000. Int. semi-ann. at Nat. City Bank, N. Y. Cert.
$100,000 5% high-school-building bonds. Denom. $500. Int. J. & J. at
Hanover Nat. Bank, N. Y., or Denison. Due $5,000 yearly in Jan. from check, payable to Co. Judge, for 36 of 1% of bonds bid for, required.
1914 to 1933 incl. Certified check on some Denison bank for $2,500, Bonds to be delivered and paid for by 12 m. July 24. Separate bids to be
payable to the City Secretary, required. These bonds were awarded on made for each issue.
March 30 to J. F. Sluter of San Antonio (V. 96, p. 1110). This sale,
HARDWICK GRAMMAR SCHOOL DISTRICT (P. 0. Hardwick),
Kings County, Cal.-BOND SALE.-On May 6 the $10,000 6% gold
however, was not consummated.
DONORA SCHOOL DISTRICT (P. 0. Donora), Washington bldg. bonds (V. 96, p. 1245) were awarded to Torrance,Marshall & Co. of
County, Pa.-BOND SALE.-On May 16 $25,000 funding and $75,000 Los Angeles at 102.27. Other bids follow:
building 436% coup tax-free bonds were awarded to the Washington In- Stockton Say. Bk., Stockton_100.90!Wm.R.Staats Co., Los Ang_100.120
vestment Co. of Pittsburgh for $100,565 75 (100.566). Denom. $1,000. First Nat. Bank, Hanford_ _ _100.26i
The bonds are dated April 7 1913.
Date May 23 1913. Int. J. & D. Due $10,000 yearly June 1 from 1932
to 1941 inclusive.
HARRISON TOWNSHIP, Clay County, Ind.-BOND OFFERING.
Proposals
will be received until 10 a. m. May 27 by W. W.Collins, Trustee
DOTHAN, Houston County, Ala.-BOND ELECTION.-Reports
state that an election will be held May 26 to vote on a proposition to issue (P. 0. Clay City), for $6,500 436% school-house bonds dated July 1 1913.
Denom. $500.
$40.000 city-hall and auditorium-constr. bonds.
HARTFORD, Trumbull County, Ohio.-BOND OFFRING.-ProDOUGLAS COUNTY (P. 0. Omaha), Neb.-BOND ELECTION
will be received untill2 m. June 21 by H. II. Pumphrey, Village
posals
-Reports state that an election will be held July 15 to vote on the
question of issuing $250,000 436% bonds for the restoration of wrecked Clerk, for $12,426 43 5% street-improvement and sewer-construction
(assessment)
bonds. Auth. Secs. 3918 to 3920 Inc•., Gen. Code. Date
zone.
tornado
homes in the
April 14 1913. Int. A.& 0. Due from 1 to 10 years. Certified check for
EDDY INDEPENDENT SCHOOL DISTRICT (P. 0. Eddy), Mc 10% of
bid for, payable to Vil. Treas., required. Bonds to be debonds
Lennan County, Tex.-BONDS VOTED.-By a vote of 75 to 15 this livered and paid for within 10 days from time of award. Purchaser to pay
district recently voted to issue $19,000 bonds for building purposes.
accrued interest.
ELK VALLEY SCHOOL DISTRICT, Del Norte County, Cal.HASTINGS•ON-HIMSON, Westchester County, N. Y.-BOND
BOND SALE.-On May 12 $1,750 6% bldg. bonds were awarded to the OFFERING.-Proposals will be received until 5 p. m. June 3 by the Board
Del Norte Co. Bank of Crescent City at par and int. Due $350 yearly.
of Trustees, T. F. Reynolds, Pres., for the following bonds, at not exELLICOTT (Town) UNION FREE SCHOOL DISTRICT NO. 6 ceeding 5% interest:
(P. 0. Falconer), Chautauqua County, N. Y.-BOND SALE.-On $12,000 (remaining portion of an issue of $30,000) public-park bonds.
Denom. $1,500. Due $1,500 y(3arly July 1 from 1927 to 1934 incl.
May 19 the $25,000 1834-yr. (aver.) coupon or reg. bldg. bonds (V. 96,
30,000 Warburton Ave. bonds voted March 18 (V. 96, p. 891). Denom.
p. 1437) were awarded to Adams & Co., N. Y., at 100.20 and int. for
$1,500. Due $1,500 yearly July 1 from 1917 to 1936 incl.
5.20s. Other bidders were:
10,000 (remaining portion of an issue of $50,000) sewer bonds. Denom.
$25,002 75 for 5.20s
Harris, Forbes & Co., New York
$1,000. Due $2,000 yearly July 1 from 1925 to 1929 incl.
25,022 50 for 5.25s
John J. Hart, Albany
Date July 11913. "Int. J. & J. Bonds to be delivered on July 8 1913.
25,075 00 for 5.50s
Isaac W. Sherrill, Poughkeepsie
25,075 00 for 5.50s Certified check on an incorporated bank or trust company for $1,000,
Farson, Son & Co., New York
25,342 50 for 5.50s payable to the Village Treasurer, required.
Geo. M. Hahn, New York
25,017 00 for 6.00s
Douglas Fenwick & Co.. New York
HEBRON SCHOOL DISTRICT (P. 0. Hebron), Licking County,
EPHRATA SCHOOL DISTRICT (P. 0. Ephrata), Grant County, Ohlo.-BOND OFFERING.-Proposals will be received until 12 m. May 31
Wash.-BONDS VOTED.-The question of issuing $25,000 building bonds by C. H. Morrison, Clerk Board of Ed. for the $40,000 5% bldg. bonds
voted April 29. V. 96, p. 1377. Denom. $500. Date May 31 1913.
carried, it is stated, at the election held May 10 by a vote of 150 to 27.
Due $2,000 May 31 1916 and $2,500 yearly 1917 to 1935 inch Certified
ESSEX JUNCTION GRADED SCHOOL DISTRICT, P. 0. Essex check
for $400 required.
Junction), Chittenden County, Vt.-BOND OFFERING.-Reports
OFFERING.
state that proposals will be received until 12 m. June 3 for $5,000 4% • HENDERSON, Vance County, No. Caro.-BOND
Proposals will be received until 12 m. June 5 by S. B. Burwell, City Clerk,
school bonds. Date, May 1 1913. Due, $1,500 in 1933 and 1934 and for
the
$100,000
5%
40-yr.
street
bonds
voted
96,
13.
1171)
•
Apr.
7
(V•
1
1935.
on
Nov.
$2,000
Denom. $1,000. Date June 2 1913. Int. J. & D. at office of City Treas.
EVERETT, Snohomish County, Wash.-BOND SALE.-Reports or at U. S. Mtge. & Trust Co., N. Y. Cert. check on an incorporated
been
have
Seattle
awarded
$5,000 7% bank for 2% of bonds bid for, payable to City Clerk, required. Bonds to
state that John E. Price & Co. of
local-impt. bonds at 100.70.
be delivered and paid for on June 12. Purchaser to pay accrued int.
FAIRMEAD SCHOOL DISTRICT, Madera County, Cal.-BOND Bids must be made on blank forms furnished by the City Clerk or by CaldSALE.-On May 5 $8.000 6% 2-9-year (ser.) building bonds were awarded well, Masslich & Reed of N. Y. These bonds will be certified as to genuineto Perrin, Drake & Riley of Los Angeles for $8,011, making the price ness by the U. S. Mtge. & Trust Co. and their legality approved by above
100.137. A. A. Watson of Napa bid par. Denom. $1,000. Date May 5 attorneys, whose opinion will be furnished successful bidder or bidders
without cost.
1913. Interest annual in May.
HENDRICKS COUNTY (P. 0. Danville), Ind.-BOND OFFERING.
FAIRVIEW SCHOOL DISTRICT NO. 45 (P. 0. Fairview), Fulton
will be received until 10 a. m. May 31 by the Treasurer for
that
an
-Proposals
state
election
will
County, Ill.-BOND ELECTION.-Reports
be held to-day(May 24) to vote on the question of issuing $4,500 bldg. bds. $27,280 4Y2% Lincoln Township road bonds dated May 15 1913.
HENRY COUNTY (P. 0. Napoleon), Ohio.-BOND SALE.-On
FELLOWS SCHOOL DISTRICT (P. 0. Fellows), Kern County, Cal.
16 34,375 emergenc and $4.375 inter-county-road 5% coup, bonds
-BOND OFFERING.-Proposals will be received until June 3 for the $20,- May awarded
were
Spitzer, Rorick & Co. of Toledo at par and int. Date
000 6% 9-13-year (ser.) school-improvement bonds voted March 21 (V. 96, June 1 1913. to
Int. J. & D. at the County Treasurer's office.
p. 1111). Denom. $2,000. Date April 8 1913. Int. A. & 0. J. L.
Bakersfield).
These
HIGHLAND PARK (P. 0. Richmond), Henrico County, Va.Miller is Clerk Board of County Supervisors (P. 0.
BONDS VOTED.-At the election held May 15, the proposition to issue
bonds were previously offered on May 9.
the
$50,000 5% 30-yr. street and road-impt. bonds (V. 96, p. 1246) carried
FRANKLIN COUNTY (P. 0. Brookville), Ind.-BOND SALE.-On by a vote of 57 to 28. These bonds, we are advised, will be sold at private
May 20 the $12,900 44% highway-impt. bonds (V. 96, p. 1437) were sale.
awarded, it is stated, to Breed, Elliott & Harrison of Indianapolis for $12,HINDS COUNTY (P. 0. Jackson), Miss.-BOND OFFERING.-Pro937-making the price 100.286.
posals will be received until June 4 by the Board of Supervisors, W. W.
FRANKLIN TOWNSHIP, Henry County, Ind.-BOND OFFERING. Downing,Clerk,for the 8100,0005% coup. tax-free road-construction bonds
-Proposals will be received until 10 a. m. June 3 by T. W. White, Trustee (3d issue), Supervisors Districts Nos. 1 and 5. Denom. (15) $100, (197)
$500. Date Julie 4 1913. Int. ann. on June 4 at Jackson. Due $1,000
(P.0. Lewisville), for $33.000 43,4% school bonds dated Sept. 1 1913.
MAY 24 1913.]
THE CHRONICLE
1511
carried at the election
and $98,500 on Juno 4 1938. Cer- 5% 20-40-year (opt.) building bonds(V. 96, p. 1246)
yearly on June 4 from 1923 to 1937 incl.
Official circular states that there is hold May 3 by a vote of 81 to 5.
tified check for 5% of bid required.whatever
County, Ohio.this
Allen
manner
affecting in any
LIMA SCHOOL DISTRICT (P. 0. Lima),
no pending or threatened litigation
in the payment of any BOND OFFERING.-It is reported that proposals will be received until
issue and that there has never been any default
coupon building
5%
$35,000
for
of
by
the
Education
Board
1
12 m. July
obligations.
Date
-BOND OFFER- bonds. Auth. Secs. 7629 and 7630, Gen. Code. Denom. $1,000.
Due $1,000
HONEY CREEK TOWNSHIP, White County, Ind.
district.
of
Treasurer
of
&
office
0.
A.
Int.
at
1913.
1
July
Heimlich,
Ir.
m. June 2 by C.
for
$1,000,
check
ING.-Proposals will be received until 1 p. %
Certified
yearly on April 1 from 1914 to 1948, incl.
school bonds.
'Trustee (P. 0. Reynolds), for $21,800 43payable to Board of Education, required. Bonds to be deliverd and paid
Bonanza),Klamath for within 30 days from time of award.
HORSEFLY IRRIGATION DISTRICT (P. 0.
2
be received until
County, Ore.-BOND OFFERING.-Proposals will
LITTLE VALLEY, Cattaraugus County, N. Y.-BOND SALE.of an issue of $775,000
2 p. m., June 14, by F. J. Bowne, Secy. for $30,000
On May 19 the $17,460 coupon paving bonds(V.96, p. 1438) were awarded
p. 1037). Auth. vote of 50 to 11 at an to
Douglas Fenwick & Co. of N. Y. as 5s for $17,525 (100.32). Other
6% gold reg. coup. bonds (V. 96,
$500 and $1,000. Date,
election held Nov. 9, 1912. Denom., $100,
follow:
district Treas. Due as follows: bids
& Co., N.Y.,$17,467 for 5s.
Jan. 1, 1913. Int., J and J. at office of
Adams
in
$2,700
in 1926, $2,400 in 1927,
& Co., N. Y., par for 5s and $789 commission.
$1,500 in 1924, $1,800 in 1925, $2,100$3,900
and Farson, Son
in
1932
in
$4,500
1931,
1930,
in
$3,300
1929,
in
$3,000
1928,
Denom. $698 40. Date June 11913. Int. J. & D. at the Cattaraugus
required.
Treas.,
Dist.
to
bid,
payable
of
5%
Valley. Due $698 40 yearly June 1 from 1918 to 1942 incl.
Little
$4,800 in 1933. Cert.check for is no
Bank,
Co.
litigation pending or threatened and
Official circular states that there
SCHOOL CITY (P. 0. Logansport), Cass County,
RT
LOGANSPO
or
interest.
principal
of
the
payment
in
default
any
been
never
taxthat there has
Ind.-BIDS REJECTED.-All bids received for the $175,000 coupon
19
May
-On
N.
Y.
SALE.
-BOND
County,
free high-school-bldg. bonds offered on May 10 (V. 96, p.1316) were reHUDSON, Columbia
or reg. street-impt. bonds (V. 96, P. 1377) were jected. We are advised that the bonds will be sold to the one offering to
the $27,800 4%%
$23,800 at 100.02 to the Hudson City Say. Institu- take them for the lowest rate of int. at par.
coup.
awarded as follows:
Merion),
tion and $1,000 at 100.025, $1,000 at 100.0375, $1,000 at 100.05 and
LOWER MERION SCHOOL DISTRICT (P. 0. Lowerwill
be re$1,000 at 100.625 to the First Nat. Bank of Hudson.
Montgomery County, Pa.-BOND OFFERING.-Proposals
W. J. Byrnes Jr., Secretary, for $100,000
by
29
May
m.
p.
-Pro8
until
OFFERING.
ceived
-BOND
Miss.
County,
Sunflower
INDIANOLA,
Int.
1913.
1
June
Date
$1,000.
bonds.
Denom.
MontS.
coupon
J.
tax-free
4(%
posals wilt be received until June 12, reports state, by Mayor
$25,000 on June 1 in 1927. 1933 and 1938 and Dec. 1
gomery for $20,000 5j % school bonds. A like amount of 5% bonds was semi-annual. Due
of these bonds has
form
The
required.
$2,000
for
check
583)•
Certified
96,
P.
(V.
1942.
Chicago
of
&
Co.
Sons
awarded on Feb. 13 to II. C.Speer
been approved by Morgan, Lewis & Bockius of Philadelphia, and may be
ITHACA, Gratiot County, Mich.-BOND OFFERING.-Additional
5% examined at their office.
information is at hand relative to the offering on May 27 of the $18,000
will be received
MADISON TOWNSHIP, Ohio.-BOND ELECTION.-The voters of
paving bonds (V. 96, p. 1438). Proposals for these bonds
vote of 429 this township will have submitted to them on May 31 a proposition to issue
until 2 p. m. on that day by M. A. Nelson, Vii. Clerk. Auth.
1
1913.
July
$8,000 school-building bonds, it is stated.
to 24 at an election held-May 5. Denom. $1,000. Date
$3,000 yearly on
Int. J. & J. at the Commercial Nat. Bank, Ithaca. Duerequired.
MALTA, Morgan County, Ohio.-BOND SALE.-On May 12 the
96, p. 1316)
bid
of
3%
July 1 from 1926 to 1931 incl. Cert. check for
$1,500 5% 24-yr. (aver.) coup. flood-emergency bonds (V.
-On
SALE.
-BOND
awarded to the Malta Nat. Bank, Malta, at par and int. There were
were
Fla.
Marianna),
JACKSON COUNTY (P. 0.
22
(101.347).
no other bidders.
May 13 $100,000 5% coup. road bonds were sold for $101,347
Treasurer's office
OFFERING.
MARICOPA COUNTY (P. 0. Phoenix), Ariz.-BOND m.
Denom. $1,000. Int. annual on Oct. 1 at the County
part of an issue Reports
June 9 for
state that proposals will be received until 10 a.
in N. Y.funds at par. Due Oct. 1 1951. These bonds are
$45,000 5% 20-year bonds. Int. semi-ann. Cert. check for 10% required.
of $300,000, of which $100,000 was previously disposed of.
OFFERING.
19
MARSHALL, Calhoun County, Mich.-BOND SALE.-On May
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND
A. A. Free, Treasurer, the $20,000 sewer and $30,000 paving
% 20-yr. bonds voted April 8
Proposals will be received until 2 p. m. May 28 by1913.
Say.
&
Trust
Harris
15
the
to
May
dated
stated,
is
V. 96, p 1172) were awarded, it
for $10,000 43% highway bonds
- Bk. of Chicago. Int. M.and N.
-BOND OFFERING.
JEFFERSON COUNTY (P. 0. Madison), Ind.
by Edw. Jeffries, Treasurer,
MARYLAND.-BOND OFFERING.-According to newspaper reports,
Proposals will be received until 11 a. m. May 27%
gravel-road bonds dated the Board of Public Works will offer for sale at Annapolis on July 1 the
for $9,110 40 and $6,599 Shelley Twp. 43
following bonds:
April 8 1913.
OFFER- $1,170,000 state road loan of 1912.
JEFFERSON COUNTY (P. 0. Fairfield), Iowa.-BOND
Woods,
C.
200,000 consolidated loan of 1913.
G.
by
26,
m.
May
ING.-Proposals will be received until 12
sheriffs
400,000 second insane hospital loan of 1912.
Co. Treas. for $18,000 4%% coup. 5-10-r. (opt.) tax-free
Denom.,
1912.
held
300,000 State normal school, 1912.
5,
Nov.
election
auth.
bonds,
jail
residence and
MARYSVILLE, Union County, Ohio.-BIDS REJECTEIJ.-All bids
$500. Date, May 1, 1913. Int. M.and N. at office of Co. Treas.
received
be
will
on May 20 for the $120,000 5% Mill Creek Purification bonds
received
-Proposals
JERSEY CITY,. N. J.-BOND OFFERING.
p. 1247) were rejected, it is stated, because they
June b by the Bd.of Finance, R. J. Vreeland, Clerk,for $550,- offered on that day (V. 96,
until if.
with the advertisement and were all conditional.
$1,000.
comply
Denom.
bonds.
not
did
.
or
tax-free
reg
tax-ee
refunding
coup.
gold
000 4 %
Union
1
1953.
June
Due
Date uno 1 1913. Int. J. & D.at office of City Treas.
MARYSVILLE SCHOOL DISTRICT (P. 0. Marysville), until
12
Cert. check on an incorporated bank or trust co. for 2% of bonds bid for, County, Ohio.-BOND OFFERING.-Proposals will be recieved
for
the
$80,000
deto
be
Education,
Bonds
of
required.
Board
Tress.
City
Clerk
A.
Schumann,
payable to C. G.
m. June 2 by D. B. Edwards,
Gen.
livered and paid for at 11 a. m. June 13, unless a subsequent date shall be 5% building bonds voted April I. Auth. Secs. 7625, 7626 and 7627,
mutually agreed upon. Purchaser to pay accrued interest. Bids must be Code. Denom. $500. Date June 2 1913. Int. M.& S. at the Bank of
made on blank forms furnished by the city. Those bonds will be certified Marysville. Due $2,000 each six months from March 2 1914 to Sept. 2
as to genuineness by the U. S. Mtge. & Tr. Co. and their legality approved 1953, incl. Certified check for $1,200, payable to Treasurer Board of Edby Hawkins, Delafield & Longfellow of N. Y. City, whose opinion will be ucation, required. Bonds to be delivered and paid for within 10 days from
furnished to successful bidder.
time of award. Bids must be unconditional. These bonds were offered
an.-BOND ELECTION.-An without success as 43-s on May 12(V. 96, p. 1438).
JETMORE, Horgeman County,
election will be held Juno 7, reports state, to vote on the proposition to
MEIGS COUNTY (P. 0. Pomeroy), Ohio.-BOND OFFERING.
issue $10,000 electric-light and water-works-installation bonds.
Proposals will be received until 12 m. June 2, it is stated, by W. S. Hart,
- County Auditor, for $20,000 4%% g-year (sor.) bridge bonds. Interest
-BOND OFFERING.
JOHNSON COUNTY (P. 0. Franklin), Ind.
Treasurer, semi-annual. Certified check for 10% required.
Proposals will be received until 1 p. in. May 26 by H. Bridges,
bonds. Denom.
for issues of $5,600, $7,200 and $4.700 4 % highway
MIAMI, Dade County, Fla.-BONDS VOTED.-Reports state that
N.
&
M.
Int.
1913.
15
May
Date
$235.
the question of issuing $60,000 street paving, $40,000 sower, $30,000 fire$280. $360 and
- department, $25,000 incinerator, $10,000 hospital and $5,000 park and
KALAMAZOO, Kalamazoo County, Mich.-BOND OFFERING.
May 13 by a vote of 147 to 32.
Proposals will bo received until 3 p. m. May 26 by C. L. Miller, City Clerk, dock bonds carried at the election held
MIAMISBURG, Montgom ry County, Ohio.-BONA OFFERING.
for the following 43i% bonds:
years.
10
for
yearly
part
Duo
2 by C.H.Pansing, Village Clerk.
bonds.
June
m.
city-impt.
12
until
be
received
will
Proposals
$44,000
2
June
Date
$500.
years.
5
Denom.
for
yearly
25,000 sewer bonds. Due $5,000
for $10,000 5%. coup.flood-emergency bonds.
$1,000 yearly
67,000 street•impt. bonds. Duo part yearly for 10 years..
1913. Int. J. & D. at First Nat. Bank, Miamisburg. Due
for
bank
national
a
on
check
Certified
incl.
Date July 1 1913. Cert. check for 5% of bid required.
on June 2 from 1919 to 1928
required. Bonds to be
KANSAS CITY SCHOOL DISTRICT (P. 0. Kansas City), Mo.- 5% of bonds bid fpr, payable to Village Treasurer,
time of award. Purchaser to
BOND ELECT1ON.-Reports state than an election will be hold May 31 delivered and paid for within 10 days from
pay accrued interest.
to vote on the question of issuing $2,000,000 school bonds.
only bid reMIDDLETOWN,. Butler County, Ohio.-BID.---The
KENT COUNTY (P. 0. Dover), Del.-BOND OFFERING.-Proposals
-year coupon flood-emergency
will be received until 12 m.June 3 by J. L. Pratt, Clerk of Peace,for $85,000 ceived on May 12 for the $25,000 4 % 10was
less $740 for
int.,
and
par
Date
172)
$1,000.
p.
96,
that
(V.
Denom.
day
bonds offered on
% 20-year coupon gold bonds, loan of 1913.
at expenses, from Spitzer, Rorick & Co. of Toledo.
June 1 1913. Int. J. & D. at Farmers' Bank of the State of Delaware
bonds was
park
$30,000
issuing
of
required.
Treas.,
question
Co.
-The
to
payable
DEFEATED.
for,
BONDS
bid
bonds
Dover. Cert. check for 2% of
majority was necesPurchaser to pay accrued interest. These bonds will be certified as to defeated,it is stated, at a recent election. A two-thirds
sary to authorize.
genuineness by the Columbia-Knickerbocker Tr. Co. and their legality
OFapproved by Caldwell, Masslich & Reed of N. Y., whose opinion will be
MIDWAY SCHOOL DISTRICT, Kern County, Cal.-BOND
furnished the purchaser . Bids must be made on blank forms furnished by FERING.-Reports state that proposals will be received until June 7 by
bonds.
school
for
$20,000
the county.
Bakersfield),
0.
the Clerk, Bd. of Sups. (P.
KERR COUNTY (P.O. Kerrville), Tex.-BONDS VOTED.-Accord- These bonds were offered without success on May 9.
6
ing to reports, this county recently voted to issue the $40,000 5% 10-year
MILFORD, Clermont County, Ohio.-BOND SALE.-On May
road bonds (V. 96, p. 1040).
the $1,000 5% 3-year flood-emergency bonds were awarded, it is reported,
interest.
and
21,
No.
Wash.
par
-BOND
at
DISTRICT
Milford
KING COUNTY SCHOOL
to the Milford Nat. Bank of
-The
OFFERING.-Proposals will be received until 10 a. in. May 31 by W. II.
MILLVILLE, Cumberland County, N. J.-BOND OFFERING.
-year (opt.)
to take
Hanna, County 'Treasurer (P. 0. Seattle) for $2,500 1-10
offering of the $60,000 434% street-improvement bonds advertised
hold
election
Auth.
3.
May
3.
June
coup. construction and equipment bonds.
until
extended
been
has
20
on
May
place
Treas,
Denom.$500. Int. (rate not to exceed 6%)ann. at office of County
check or draft
MINDEN SCHOOL DISTRICT (P. 0. Minden), Kearney County,
or at fiscal agency of State of Washington in N. Y. Cert.except
by the
with bid Neb.-BONDS TO BE OFFERED SHORTLY.-We are advised $14,000
for 1% of bonds bid for, payable to Co. Treas.required, June 10
the
1913. Secy. of the Bd.of Ed.that this district will shortly offer for sale the
from State of Washington. Bonds to be ready'for delivery
election
at
91
to
274
of
vote
by
authorized
bonds
mpt.
Assessed
val.$387,071.
5%
high-school-i
$15.
No bonded debt. Outstanding warrants
held April 14 (V. 96, p. 1247). Denom. $1,000. Duo in 10 years, subject
KING COUNTY SCHOOL DISTRICT No. 76, Wash.-BOND to call any interest-paying day.
OFFERING.-Proposals will be received until 11 a. m. May 31 by W. H.
MODESTO IRRIGATION DISTRICT (P. 0. Modesto), Stanislaus
Hanna, County 'Treasurer (1'. 0. Seattle) for $4,000 2-20-year (opt.)
Cal.-BOND ELECTION.-Local papers state that an election
coup. building and equipment bonds. Auth.election held May 3. Denom. County
held June 12 to vote on the question of issuing $75,000 impt. bonds
will be '
$500. Int. (rate not to exceed 6%)ann. at office of Co. Treas. or at fiscal
1%
for
draft
or
in
check
N.
Cert.
Y.
City.
of
Washington
State
SCHOOL DISTRICT, Madera County, Cal.-BOND
MINTURN
of
agency
until 2 p.
of bonds bid for, payable to Co. Treas., required, except with bid from OFFERING.-According to reports, proposals will be received
State of Washington. Bonds will be ready for delivery June 10 1013. June 2 by the Clerk Board of Supervisors (P. 0. Madera) for the $5,000
val
$299,987.
Outstanding
warrants
Assessed
$1,000.
$259.
1438).
Denom.
No bonded debt.
bonds (V. 96, p.
MONESSEN SCHOOL DISTRICT (P. 0. Monessen), Westmoreland
KINSTON, Lenoir County, No. Caro.-BOND SALE.-The City
Clerk advises us under date of May 15 that the $17,000 5% school bonds County, Pa.-BOND OFFERING.-Proposals will be received until
pg. 8 p. m. May 27 for $175,000 434% coup. tax-free high-school-construction
.
.
recently offered without success(V.96, p.1246) have been disposed of M
27 1913. Int. J. & D. at Monessen.
KITE, Johnson County, Ga.-BONDS VOTED.-The question of bonds. Denom. $1,000. Date May
and $50,000 on June 11933. 1938 and 1942.
Issuing $3,000 6% school-building bonds carried at the election held May 15 Duo $25,000 on June 1 1928payable
to
J. Hancock, Treasurer, required.
for
$3,500,
check
bonds
Certified
by a vote of 37 to 1. Duo May 15 1933. We are advised that these
B. S. Weston is Secretary of district.
will be offered for sale about July 1.
-BOND OFFERING.-Further
J.
N.
MONTCLAIR, Essex County,
KNOX COUNTY (P. 0. Vincennes), Ind.-BOND OFFERING.
on June 9 of the $49,000 434%
Proposals will be received until 2 p. m. May 26 by W.E. Ruble, Treasurer, details are at hand relative to the offering
96. p. 1439). Proposals for
(V.
bonds
school
tax-free
coup.
gold
for $2,100 Vincennes Twp., $6,400 Johnson Twp. and $2,540 Vigo Twp. 30-year
that day by the Town Council,
on
m.
p.
8
these bonds will be received until
% road bonds dated May 6 1913.
Treasurer. Denom. $1,000 Date Dec: 1 1912,
Town
Wenck,
H.
S.
LAMONI SCHOOL DISTRICT (P. 0. Lamoni) Decatur County,
J. & D. at Bank of Montclair, Montclair. Certified check for $1,000,
Iowa.-BONDS VOTED.-Reports state that this district recently voted Int.
payable to Town Treasurer, required.
$40,000 building bonds.
MONTEVALLO, Shelby County, Ala.-BOND SALE.-According
LAWRENCE, Essex County, Mass.-BOND OFFERING.-Proposals to reports, the $6,000 5% 20-year tax-free building bonds (V. 96, p. 740)
will be received until 11 a. m. May 27 by W. A. Kelleher, City Treas., for have been disposed of.
Denom $1,000.
$50,000 4% paving loan of 1912 coupon bonds.
MONTPELIER, Williams County, Ohio.-BOND OFFERING.
Date May 1 1912. Int. M.& N.at Old Colony Trust Co .Boston or City
Proposals will be received until 12 m.June 15 by E.J. Summers, Vii. Clerk,
Treas., office. Duo $5,000 on May 1 in 1919 and $15,000 yearly from 1920 for
$15,000 5% 20-yr. water-works and electric-light-plant-impt. bonds.
to 1922 incl. These bonds will be certified as to genuineness by the Old
$1,000. Date April 1 1913. Int. A. & 0. Purchaser to pay
Colony Trust Co. and their legality approved' by Ropes, Gray &Gorham Denom.interest.
accrued
.4 0,t -1
Boston, whose opinion will be furnished to the purchaser. ol
MORROW AND MARION COUNTIES, Ohio.-BOND SALE.-On
LIVINGSTON SCHO0L1 DISTRICT (P. 0. Livingston),- Polk
5% coupon Cox joint county road bonds (V. 96, p.
County, Texas.-BONDS VOTED.-Tho question of issuing the $7,000 May 20 the $35,260
1512
THE CHRONICLE
1317) were awarded, it is stated, to Spitzer, Rorick & Co. of Toledo for Plympton, Gardiner
$34,560-making the price 97.759.
& Co
MORROW COUNTY (P. 0. Mt. Gilead), Ohio.-BOND OFFERING. The Coal & Iron Na
tional Bank
-Proposals will be received until 11 a. m. June 5 by Clifton Sipe, County
Auditor, for the following Noble road-impt. coupon bonds, with int. at 5%; Taylor, Auchincloss &
Joost
$2,650 Township's portion bonds. Denom.(1) $400,(9) $250. Due $400
on Sept. 1 1914 and $250 yearly on Mar. 1 from 1915 to 1923, incl.
2,560 Landowners' portion bonds. Denom.(1) $310,(9) $250. Due $310
on Sept. 1 in 1914 and $250 yearly on Mar. 1 from 1915 to 1923,incl.
Auth. Sec. 6949, Gen. Code. Date Mar. 11913. Int. M.& S. Certified check (or cash) on a bank doing business in Morrow County for 5% of
amount of bonds bid for, payable to Auditor, required. Bonds to be delivered and paid for within 15 days from time of award. Bids must be unconditional. Proposals to be made on blank forms furnished by Auditor.
MT. STERLING SCHOOL DISTRICT (P. 0. Mt. Sterling), Brown
County, Ill.-PURCHASER OF BONDS.-The purchaser of the $22,000
5% bldg. bonds sold on April 4(V. 96. p. 1439) was McCoy & Co. of Chic.
Denom.$1,000. Date May 1 1913. Int. M.& N. Due seriaally, ending
1932.
[VOL. xcvi.
2,000.._100.25
Robert E. Crane_ _ _ S. Monday & Sons_ __
5,000...100.125
C.F.Donovan
25,000__100.502 Adolph Boissevain &
5,000_ _100.382
Co. by Boissevain
5,000....100.262
& Co
5,000..100.152
10,000_ _100.075
25,000...100.032
15,000_100.063
5,000.._100.251
5,000_100.188
5,000_100.126
5,000.._100.094
10,000_100.125
4,000_ _100.25
2,500_100.125
2,500...100.25
5,000..100.25
36,000.._100.62
7,000.._100.50
100,000.._100.44
100,000..100.37
92,000_100.25
100,000_100.19
150,000_ _100.14
200,000...100.10
200,000_100.07
200,000.._100.06
200,000.._100.05
100,000...100.03
100,000_ _100.03
400,000.. _100.015
20,000...100.125
Knauth, Nachod dc
Kuhne
100,000_100.0091
100,000.100.0336
100,000..100.0542 Boissevain & Co
NASHVILLE, Davidson County, Tenn.-BOND OFFERING.-Pro100,000..100.0963
.4
100,000_100.1146
posals will be received until 3 p. m. May 29 by the Bond Commrs., care
25,000..100.125 Josephthal, LouchWm. L. Murray, City Recorder, for $200,000 reservoir-emergency-repair
25,000_100.25
50,000...100.02
helm & Co
and $100,000 electric-light-extension 5% 20-yr. bonds. Denom. $1,000.
15,000.100.375
50,000.. _100.04
Date Mar. 1 1913. Int. M.& S. at office of City Treas. or at the National
10,000..100.50
50,000_100.06
265,000_ _100.052
50,000_100.08
City Bank, N. Y. City, at option of holder. Bonds exempt from city taxes White, Weld & Co_
50,000...100.10
Cert. check on a national bank or trust company for 2% of bonds bid for, F. H.Smith & Co... 50,000_ _100.11
50,000_ _100.055
50,000_ _100.11
payable to City Recorder, required. Official circular states that this city
49,820.._100.005
50,000_100.12
has never defaulted in payment of any of its public or private obligations, JamesE. Briggs
5,000.100.01865
50,000..100.14
50,000.. _100.16
and that there is no litigation pending affecting the issuance of these bonds. Hamilton Trust Co.,
100,000_100.007
Brooklyn
50,000..100.18
Separate bids must be made for each issue. Delivery of bonds to be made
100,000_.100.125 L.F.Rothschild&Co. 20,000.. _100.39
in Nashville, Chicago or New York, on or before June 9, purchaser to elect L. M,Prince dr Co.-- 10,000_100.055
20,000._100.314
10,000_ _100.035
the time and place of delivery. The legality of the bonds has been approved
20,000_ _100.26
10,000...100.015
40,000.._100.189
by Caldwell, Massitch & Reed of N. Y., whose favorable opinion trill be
Jas. B.Colgate & Co_ 100,000._100.077
50,000.._100.127
furnished to the purchasers without charge. These bonds were offered on
100,000....100.117
10,000...100.125
100,000_ _100.167
April 28 as 434s, but no award was made.(V. 96. p. 1317)•
50,000_100.07
100,000_ _100.207
50,000_ _100.03
The official notice of this bond offering will be found among the advertise100,000_ _100.237 Goldman,Sachs & Co 500,000_ _100.015
ments elsewhere in this Department.
100,000_ _100.267 Byrne & McDonnell_
2,000_100.51
50,000_ _100.287
NELSON COUNTY (P. 0. Livingston), Va.-BOND OFFERING.2,000_100.071
50,000_ _100.307
Proposals will be received until 12 m. June 7 by E. L. Kidd, Clerk Bd. of
2,000..100.091
Supers., for the $35,000 5% coup. Massies Mill Magisterial District road
50,000_ _100.327
2,000_100.111
50,000...100.367
impt. bonds recently voted V. 96, p. 966). Denom. $1,000. Date July 1
2,000_ _100.131
50,000_100.377
1913. Int. J.& J.at office of Co.Treas., $10,000 on July! 1922 and $5,000
2,000..100.151
50,000_ _100.407
on July 1 1927, 1932, 1937, 1942 and 1946. Cert. check for 2% of bonds
2,000.. _100.171
50,000...100.437
bid for, payable to Co. Treas., required. Purchaser to pay accrued in3,000...100.191
50,000.. _100.477
terest. Bonds to be delivered on July 7, unless a subsequent date is mu2,000_100.211
tually agreed upon. These bonds will be certified as to genuineness by the J111111.9 H.Cohn
1,000..100.10
2,000_ _100.231
U.S. Mtge. dc Tr. Co. of N.Y.
1,000.. _100.20
2,000....100.251
1,000...100.30
2,000..100.271
• NEWARK SCHOOL DISTRICT P. 0. Newark), Licking County,
1,000_100.40
5,000_ _100.125
Ohio.-BOND SALE.-On May 20 Hayden, Miller & Co. of Cleveland
1,000...100.50
15,780...100.005
were awarded the $30,000 5% school bonds (V. 96, p. 1317) at 101.10.
1,000. _100.60 Brooklyn Trust Co
100,000_ _100.036
Other bids follow:
1,000_ _100.70
100,000_100.047
Franklin Nat.Bk., New'k $30,258 00 Seasongood & Mayer,Cin.$30,181 00
1,000....100.75
100,000..100.058
Davies,Bertram Co., Ctn. 30,227 00 Caleb L. McKee, Cleve.._ 30,105 00
1,000_ _100.80
100,000_ _100.063
West. German Bk., Cin.._ 30,208 16 A. E. Aub & Co.,Cin____ 30,105 00 R.J. Kimball & Co_
100,000_ _100.125
100,000.
_100.10
Spitzer, Rorick&Co., Tol_ 30,204 00 Harris,Forbes&Co., N.Y_ 30,088 00
100,000. _100.25
50,000_ _100.34
Prov.Sav.&Tr.Co., Cin__ 30,189 00 Second Nat. Bk., Cm.._ _ _ 30,052 00 Morris Sternbach&Co 10,000_100.0176
5,000_ _100.12
Sidney Spitzer & Co.,Tol. 30,188 00 First Nat. Bk., Cleveland 30,011 85 Dr. Sara Welt Kakeis
6,000..100.50 Seligman Bros.(Lon.)
5,000..100.01
Hoehler & Cummings,Tol. 30,187 00
F. R. Harreus & M.
100,000...100.05
NEW MEXICO.-BOND OFFERING.-Reports state that proposals
Rosenberg
400_100.25
100,000_ _100.10
will be received by 0. N. Marran, State Treasurer, at Santa Fe, until F.R.Harrens
100_ _100.50
85,000...100.125
Sutro Brothers &
2 p. m. June 16 for $200,000 4% highway-improvement bonds.
60,000...100.031
50,000_100.1875
50,000_ _100.021
25,000_100.19
NEW ULM INDEPENDENT SCHOOL DISTRICT (P. 0. New 171m),
100,000...100.011
50,000..100.20
Brown County, Minn.-BONDS VOTED.-Adcording to reports, this Union
Exch. Nat.Bk. 20,000_ _100.625
175,000_ _100.25
district recently voted to issue $75,000 building bonds.
Edw Lowber Stokes_ 200,000.. _100.01
50,000_100.3125
NEW YORK CITY.-BOND SALE.-Four hundred and seventy-five
100,000_ _100.10
25,000_ _100.32
bids, amounting to $76,124,780, were submitted for the $45,000,000 4 % Morris J. Schuster... _
2,000_100.75
103,000...100.375
50-year corporate stock offered last Tuesday (May 20). The entire loan Eastman,Dillon & Co 25,000_ _100.007
10,000_100.4375
was allotted at an average price of 100.159, making the income basis about
25,000_ _100.011
25,000_ _100.44
25,000.. _100.031
4.49%. This is the lowest price ever received by the city in recent times,
2,500.. _100.48
25,000 _100.051
but in view of present financial conditions is considered satisfactory.
99,500.. _100.50
25,000 _100.071
On Wednesday (May 21) the bonds sold on the New York Stock Exchange
10,000_ _100.625
25,000...100.091
as low as 99%, but the price subsequently recovered and the close yesterWilliam Hotter
1,000_ _101.40
10,000.. _100.112 Joseph Robinson_ _ _ _
day was at 100.125. Ina newsitem on a preceding page we make a compari5,000_100.015
10,000...l00.13 Stephen F. Lahey__ _
son of the prices received for the loans offered by the city during the past
20,000.._ 101.75
10,000_ _100.141 Saniuel C. Morris....
ten years. The following is a complete list of the successful bidders at
5,000.._100.03
10,000_ _100.151 J9hn H. Dewes
Tuesday's sale:
14,000._100.27
10,000.. _100.161
20,000_ _100.06
Am.Exch. Nat. Bk.$2,000,000_ _100.252 C. A. Stern & Co_ _ _ _
5,000_ _100.403
10,000_ _100.171 S. M.Kitzmllier&I3ro
1,000.._100.11
C. J. Turner & Son__ 100,000...100.05
5,000_ _100.398
10,000...100.181
1,000._100.21
100,000.. _100.07
5,000_ _100.384
10,000...100.191
1,000_100.31
100,000...100.09
5,000.. _100.376
10,000.. _100.201
1,000...100.41
100,000_ _100.11
5,000._100.351
10,000_ _100.211
2,100_100.51
100,000.. _100.13
5,000.. _100.338 Charlotte L.Riker _ _ _
8,000_100.1875 Lewisohn Brothers... 100,000_ _100.03
50,000_100.01
F.S.SmIthers & Co__
5,000...100.321 Guilt S. Whitehouse_
10,000..100.0625
100,000.. _100.07
50,000_ _100.02
5,000_ _100.301 Griesel & Rogers......
3,500._100.375
50,000.. _100.14
50,000.. _100.03
5,000_100.282 Zimmermann & For
50,000.. _100.27
50,000._100.04
5,000_ _100.267
shay
50,000_ _100.01 Seasongood & Haas
15,000....100.381
50,000_ _100.05
5,000_100.251
25,000_ _100.03
100,000_ _100.126
50,000...100.06
5,000.. _100.245
30,000.._ 100.04
100,000...100.094
Interboro R. T. Co _1,000,000.. _100.02
10,000_100.227
20,000.._100.05
100,000...100.063
The Hanover Nat. Bk 400,000.. _100.033
10,000._100.218
25,000.. _100.07
100,000_ _100.032
100,000.. _100.133
10,000.._100.201
25,000..100.08
100,000...100.012
75,000_..l00.27
10,000...100.188
25,000...100.10 Max Mayer
1,000._100.29
Schafer Brothers..___
25,000.. _100.13
10,000...100:173
25,000.._100.11 William B. Davis_
40,000..100.151
25,000_100.26
10,000...100.158
25,000_
_100.12
E.
D.
Levinson
100,000..100.14
&
Co_
25,000_ _100.36
10,000_ _100.143
5,000.. _100.571
100,000.. _100.165
25,000.. _100.41
10,000.._100.128
5,000_100.519
100,000._ 100.19
Farson, Son de Co,._ _
5,000_ _100.09
10,000..100.111
5,000.. _100.50 Anderson, Bruns &Co 300,000_100.0315
Swartwout & Appen10,000.. _100.101
5,000_100.456 J. S. Bache & Co_ _ _ _ 130,000....100.02
cellar
100,000.._100.02
10,000_100.09
10,000.. _100.40
10,000.. _100.04
0. J. Brand & Co..- 50,000_100.02
10,000...100.081
5,000...100.398
10,000...100.06
James McCurrach
10,000_100.125
10,000.. _100.071
5,000_100.361
100,000.. _100.07
Hess & Hess
24,000...100.005
10,000_ _100.063
5,000...100.347
100,000_100.09
25,000...100.015
10,000_ _100.051
5,000_100.298
100,000_ _100.11
25,000_ _100.025
10,000...100.041
20,000..100.29
10,000..100.25
25,000...100.035
15,000.. _100.038
5,000...100.251
100,000_100.265
25,000 _100.045
15,000_100.02
10,000..100.375
20,000...100.22
25,000...100.055
10,000...100.57
10,000_100.071 George W. Stoner....
2,000...100.30
25,000_100.065
10,000..100.40
M.L. Goodman
5,000_100.70 Guaranty Trust Co.
25,000.._100.075
15,000_ _100.35
Joshua Velleman_ _ _
500,000..100.013
10,000..100.375
of New York
25,000_ _100.08
15,000_ _100.24
500,000..100.033
10,000...100.125
25,000...100.085
10,000...100.13
Bankers Trust Co
500,000._100.013
500,000...100.063
25,000...100.09
10,090.:L 100.02
500,000....100.021
50,000_100.125
Rhoades & Co
100,000...100.09 Halle & Stieglitz
60,000...100.15
500,000_ _100.053
10,000.. _100.18
100,000...100.17
15,000...100.375
500,000.. _100.13
100,000..100.273
100,000...100.29
100,000_ _100.02
500,000.. _100.188 A. B. Leach & Co...250,000-100.111
R.W.Pressprich&Co. 10,000_ _100.26 Hugh D. NIcGrane _ _
10,000.._100.00
250,000_ _100.071
500,000_ _100.239
10,000_100.21
10,000...100.11
250,000...100.041
500,000..100.33
Colgate,Parker&Co
25,000.. _100.141
10,000...100.16
250,000_ _100.011
500,000...100.38
Dudley Harde
25,000...100.20
10,000_100.21
do Account Union
Dominick & Dominick 100,000...100.157
25,000...100.125
10,000_100.26
Tr. Co., Pittsburgh 400,000_ .100.125
100,000_100.107
Adams & Co
100,000...100.03 Harvey Fisk & Sons._ 2,000,000.._100.077
400,000.. _100.25
100,000_ _100.057
Cyrus J. Lawrence &
2,000,000.. _100.177
400,000_ _100.375
200,000...100.027
Sons
10,000_100.063
1,000,000...100.277 Feuchtwanger & Co.- 25,000...100.125 Gude, Winmill & Co.. 260,000_100.0631
30,000.._100.067 North McLean
2,000...100.022
8,000...100.125
30,000_100.26 Joseph S. Well
30,000__100.083 Davies, Thompson &
B.& L.Steiner
10,000..100.06 Spaulding & Close_ _ _ 25,000..100.0625
30,000_100.094
Co
1,000.. _100.45
10,000_ _100.07 Harris, Forbes & Co_ 100,000_ _100.142
30,000...100.132 George J. Foran
2,000.. _100.10
10,000._100.08 Newburger, Hender30,000.._100.184 Frederick A. Breitenson & Loeb
10,000_ _100.09
100,000.. _100.052
20,000_100.256
bach
150.100.16 2-3
10,000_100.10
100,000.. _100.082
10,000...100.263
1,000...100.05
Biddle & Co
10,000_ _100.425
100,000_ _100.115
P. J. Goodhart & Co_ 10,000.._100.75 John S. Daly
3,250...100.01
10,000_100.4875 Parkinson & Burr__
52,000.. _100.041
10,000.. _100.60 Commercial Tr. Co.,
Robinson......
5,000_ _100.55 Fisk &
250,000._100.013
50,000_100.26
N. Y
100,000...100.125
5,000_100.6125
250,000_
_100.13
10,000_ _100,25 Day & Heaton
10,000..100.01
Curtis & Sanger
25,000_ .100:045 Aziel & Co
16,000_100.29
100,000.. _100.14
10,000_ _100.02
25,000_ _100.145
23,000_100.376
Louis Wechsler
50,000_100.0251
10,000_ _100.03
25,000...100.265 Julius M.Goldstein__
10,000..100.50
Renskorf, Lyon & Co. 25,000_ _100.25
10,000_100.04
Mrs. M.F. Walker....
William W.Raymond
100 105
330..101.50
MAY 241913.]
THE CHRONICLE
Bank
Hirsch, Lillenthal&Co 100,000-100.36 The Greenwich
of the City of N.Y. 25,000_ _100.000
100,000._l00.31
25,000..100.013
50,000_100.26
25,000_ _100.018
100,000_ _100.21
500._100.26
50,000._100.13 J. Stanley Lockwood_
100,000.. _100.11 Kings County Tr. Co. 100,000_ _100.01
_100.03
100,000_
100,000_100.0325
100,000 _100.05
1,500..101
Dean H.Perry
100,000_ _100.07
4,000_ _101
Mary E. Mills
100,000_ 100.17
200.. _101.75
A.C.Rossee
2,000_ A00.07 Columbia-KnickerEstabrook & Co
7,000.._100.40
bocker Trust Co...
2,000.. _100.11
10,000_ _100.125
2,000_ _100.13 Ladd & Wood
1,000_ _100.25
2,000_ _100.16 John F. Ziefle
50,000_ _100.075
2,000.._100.21 Folsom & Adams_ _ _ _
50,000.. _100.165
Rachel E. Smith.._
200.._100.50
C. A. Willey Co
3,000_ _100.50 Citizens' Trust Co. of
100,000.. _100.062
Brooklyn
100...101
Joseph H. Eistrup
100,000_100.023
Geo. H. Burr & Co_
Bessie Stanton
100_ _105
20,000_ _100.126
Chas. W.Gannert_ _
200...101
50,000_100.1876
C. S. Butler
1,000_ _100.05
30,000_ _100.252
1,000_ _100.06
27,000.. _100.07
1,000_ _100.07 Bull & Eldredge
1,000.. _100.08 Rauscher & Childress 10,000.._100.14
3,000 _100.25
1,000.._100.09 Mackay & Co
20,000_ _100.173
1,000_ _100.10
20,000_ _100.143
1,000_ _100.15
20,000.. _100.123
1,000_ _100.20
20,000_ _100.073
1,000_ _100.25
20,000._100.051
1,000_ _100.30
1,000...100.55
Charles Delano
Charles D. Barney &
2,000_ _100.125 M. S. Rodenberg, by
Co
1,000_ _100.25
Liberty Nat. Bank.
100...100.75
D. White
10,000_ _100.875
C. I. Hudson & Co
Maitland, Campbell
10,000 _100.25
5,000...A00.05 Walker Bros
& Co
10,000_ _100.35
The Rector, Wardens
10,000...100.45
and Vestrymen of
10,000_ _100.50
Christ Church Prot
10,000.. _100.52
estant Episcopal,
_
_
_
Germain..
1,000.. _101
Eugene
100_101
Bridgewater, N.Y.
John A. McCarthy_ _ 104,000_ _100.50 Security Trust Co. of
Rochester
25,000_ _100.10
Joseph Walker & Sons 25,000_100.2511
25,000_100.1251 Antoinette H. Ether5,000 _101
ridge
25,000.. _100.032
3,000.. _100.50
1,000.._100.50 Mrs.FrancesM.Powell
Lesser..___
Joseph M.
50...100.50
Benjamin Leff
1,000__101
1,000...100.25
5,000_ _100.32 Frances Kurzman_ _ _
L. J. Stokes
1,200_ _100.25 Raymond,Pynchon &
William D.Corcoran_
Co
50.._100.75
40,000_ _100.01
Henry L. Liebmann_
1,100 _100.50
Elmer A.Sheets, M.D. 10,000..A00.125 R. R. Moore
1,000.. _100.625
Estate of S. A. Tuska 15,000_100.125
Frank I. Tomlins__ _ _
40_ _102
Chatham & Phenix
National Bank__ ... 63,000.. _100.13 Hartfield, Solari & Co. 100,000...100.05
1,000_ _100.26
500....100.25 A. P. Alder
Walter M.Sternberger
1,000_ _100.16
Morgan H. Grace.... 50,000....100.125
500 _100.25
Jacob Cantor
Lawyers' Title Insur
1,000_ _100.375
13,000_100.125
ante & Trust Co
500...100.50
2,000_ _100.38
John F. Long
L&W.Seligman & Co.2,500,000_ _100.02 Hollister, Lyon &
20,000.100.6875
Walton
do for Alsberg,Gold
800...101
Jennie Mudie
berg &
80...101.25
Howard C. Leonard_
Co.,
Amsterdam,
1,000_ _100.25
10,000_ _100.25 B. Raunder & Co......
Holland
5,000_ _100.03
25,000_ _100.125 Thomas Balfe
1,000_ _102
5,000.._100.13 George A. Flynn......
M.& H. Clarkson.. _ _
50...102.125
5,000.. _100.10 R. E. Huffont
5,000.. _100.08 Newburgh Say. Bank 100,000...100.03
3,000_ _100.25
5,000_ _100.06 J.P. Benkard & Co...
Hodgins
John
_101
2,500_
30,000_ _100.01
3,000_100.50
380,000_ _100.131 Thompson R.Temple
Stout & Co
10,000_ _100.50
100,000_100.02 West Side Bank
100_ _100.25
Kuhn, Loeb & Co_ _ _ 250,000_ _100.25 George H. Von Dellen
250,000_ _100.125 James McCall, Corn.
of Rachel A. Sheplomon Brothers &
2,000_ _101
ard (Incompetent)..
100,000_ _100.011
Hutzler
10,000_ _100.375
20,000...100.021 Cutler & Co
10,000.. _100.25
20,000_ _100.031
10,000.. _100.125
20,000_ _100.041
1,500...100.30
20,000_ _100.051 Joseph Cramer
1,000_ _101
10.000....100.061 Miss Marie Bruns....
10,000_ _100.071 Samuel H. Ordway,
Executor Estate of
10,000_ _100.081
10,000_ _100.091
George William
10,000_100.101
Kemp •
5,000_100.50
10,000_ _100.111 William L. Woodbury
1,500_100.4375
10,000_100.121 Louts V. Wilson
100_ _102
Equitable Trust Co.,
C. F.& G. W. Eddy,
Inc
New York
1,000,000...100.063
10,000_100.3125
100,000.. _100.14 Mrs. Frederick Bruns
E. A. Manice & Co
1,000...101
300_ _101
Slattery & Co
50,000..100.0625
Luther D.Platt
700_ _100.125 David Reisfeld
2,000.. _100.40
H.C. Klevesahl
3,000100.83 1-3
Edward Canfield &
10,000_ _100.033 C. C. Coryell
100_ _101.625
Brother
10,000...100.043 Emigrant Industrial
10,000_ _100.053
Savings Bank
50,000_ _100.04
5,000...100.063
50,000_100.06
5,000_ _100.073
50,000_100.08
5,000_ _100.083
50,000_ _100.10
50,000...100.12
5,000_ _100.093
500 100.75
100,000100.03125 Eleanor Middlebrook
C. D. Halsey & Co
500_ _101
25,000...100.03 Edwin J. Hinckley...
Outwater & Wells
5,000...101
25,000_ _100.13 Winchester Noyes.... _
20...100.50
Lehman Brothers_ _ _ _ 100,000-100.37 M. C. Miller
2,000_100.50
100,000...100.21 Dr. Joseph Lebenstein
100,000_ _100.11 Peck,Rasmus &Trues5,000...100.15
Pittsburgh Trust Co_
dale
50,000_ _100.25
1,000_ _101.30
50,000_ _100.20 Josephine Mason__ _
1,000...101.25
50,000_ _100.151 Carrie S. Levey
50,000..100.375
50,000_ _100.102 Popper & Sternbach_
2,000_ _101
50,000...100.033 George Bennett
10,000_ _100.25
Post & Flagg
100,000.. 100.25 W. E. Dante
5,000.. _100.25 G. P. Coppernall_
2,000...101
John J. I.evenson__ 500 _100.50
Joel L. Buttenwieser- 75,000_ _100.03 S. Jones Jonavitch_ _
1,000.. _100.13 Gertrude Cohen
500.. _102.25
F.J. Lisman & Co...
1,000...100.26 Dorus Healy
10,000_100.3125
10,000_100.0625
10,000_100.4375
George S. Crap
300_101
10,000_100.5625
Ernest Brewer
100...101.50
Morgan & Bartlet__ - 25,000_ _100.56 Louis Rosenzweig.. _
25,000...100.60 Louts H. Reinig
14,000.. _101
25,000.. _100.70 Newborg & Co., acct.
Benno Neuberger. 12,000_100.75
25,000.._100.75
Union Tr. Co., N. Y.
5,000.. _100.75 Thompson, Towle &
15,000_ _100.125
Co
Jenks, Gwynne & Co
10,000.. _100.16
100,000100.03125
15,000_ _100.12
200,000100.01575
20,000.. _100.08
50_.101
25,000..100.04 Samuel Schaye
500.. _100.50
30,000.. _100.01 N.T. Mendelsohn....
Merchants' National
John A. Sommer_
200_100.75
Bank, N. Y.-AcReliance Marine In
count Windham Co.
surance Co.(Ltd.). 25,000_ _100.26
Nat. Bank of Dan1,000...101.65
Jacob J. Kruse
5,000_ _100.26 Samuel S. Goodman_
10,000_ _100.75
1eLson, Conn
5,000_ _100.38
5,000_ _101
5,000_ _100.51 Alte S. Kervan
2,000.. _101.005
Wm.Salomon & Co_ - 40,000._100.26 Benjamin Lowenstein 10,000_ _100.51
Joseph Park
Adolph Lewlsohn &
1,000...101.50
50,000_100.25 I. B. Illpin
2,000_ _100.10
Sons
100,000_ _100.125 Meyer Vesell
5,000_100.25
Chisholm & Chapman 25,000..100.016
2,000_100.375
25,000_ _100.036
3,000...100.50
25,000...100.046 Laldlaw & Co
10,000_ _100.50
25,000_ _100.066 National Ulster County
Bank of Kingston,
25,000_ _100.093
N. Y
25,000_ ..100.126
100,000_100.0625
50,000..100.01 It. S. Ferguson
1,000_ _101
lin Muir & Co
1,000 _100.50 Louis Alexander
5,000- _100.50
1513
200.._100.75
25,000....101.125 Edgar H. Farr
James A. Scrymser__
10,000_ _100.03 Alex Smith Cochran_ 500,000_100.15
Mrs. A. J. Robinson_
1,000_ _100.125 Adams, Livingston &
Mortimer Freund_ __
3,000_ _100.25
Davis
Frank Elliott Sibley..
100_ _101
John J. Cushing
300__101
National City Bank,
5,000....100.41
for J. Hudson Mc
Samuel Haas
20...1O1.80
Knight, Wichita,
William D. Brown
5,000.. _100.51.
Kan
W.L. Raymond & Co. 5,000_ 100.05
5,000.._100.10 National City Bank,
5,000..100.0626
10,000_ 101.50
Frank Sakser
for H. Pincus
5,000...A00.126
5,000_ _100.13
Dewing & Co
5,000_ _100.11 National City Bank,
5,000_ _100.09
for Fletcher Amer.
5.000..100.07
Nat. Bank,of Indi25,000....100.375
5,000_ _100.05
anapolls, Ind
5,000.._100.03 Equitable Tr. Co. of
(Colonial)
Bernhard, Scholle &
25,000_ _100.50.
50,000 100.21
)
nYch.
Branch)
Co
10,000._100.50
50,000_ _100.22 Jewett Brothers
10,000.. _100.25
50,000_ _100.23
10,000. _100.125
10,000_ _100.05 Charles W.Jones_ _ _ _
5,000....102
5,000_ _100.127 Rose M. O'Brien_ __
5,000_ _100.09
5,000._100.131 Harry G. Dodge_ _ .
_
1,000_ _100.50
5,000_ _100.136 Rae Berger
3,000...100.34
5,000_ _100.20 Ernest Gluck
5,000_100.125 Herzfeld & Stern_ _ _ _
25,000._100.10'
Markel Brothers_ .... _
5,000..100.25
25,000_ _100.08
25,000_ ..100.06,
Clark, Childs & Co.._ 20,000_ _100.25
25
17
01:3
2100
25,000.. _100.04
300.
Milton J.Greenebaum 20,0
L. & E. Schafer
50,000_ _100.265
Frederick A. Wright_
50,000_100.216
20,000_ _100.75
H.B. Raymond
100_ _101
50,000_ _100.166
Samuel Weiss
2,000_ _101
100,000_100.116
00lfort
Gu
L
.dIivp1:01W
it0
200.. 100.25 Redmond & Co
5,000_ _100.50
200.100.15 Rae Heller
10,000.. _100.15
Henry L. Einstein..... 30,000_ _100.50 Richard B. Wilson_ _ _ 300,000.. _100.125
Alonzo R. Peck
400....102
15,000.. _101.50
James Flynn Jr
25,000_ _100.126 Arthur Lipper & Co__ 200,000._100.14
Pouch & Vo
Alfred F. Berten____
10,000_ _100.125
2,000_ _102
Flynn Brothers
300....101.25
20,000_ ..100.125
J. H. Donelon
14,000..100.0625 John Flannigan
10,000...101
W1ggin &Elwell_ _ _ _
10,000_100.1875
1,000_ _100.375 The Nat. Park Bank_
William B. Rourke....
10,000_ _100.25
Charles E. Herrmann 25,000...100.25
5,000_ _100.25
20,000_ _100.125 Styles &Cash
G.B.Salisbury & Co_
5,000_100.3125
20,000.._100.25 Mary J. Wright
5,000_100.8125
20,000.. _100.375
1,000_ _100.50
Broadway Trust Co
IIallgarten & Co.100,000.. _100.025
Livingston & Co
Acct. State Bank,
6,000.. _101.50
50,000. _100.25 Albert Leffingwell
New York City_ _ _
2,000_ _100.50
50,000_ _100.55 Chas. Royal Scotson_
Albert Franke
20,000_ _100.05 The Farmers' Nat.
James R. Magoffin_ _
Bank, Pekin, Ill.,
20,000_ _100.10
Nat.
by Liberty
20,000_100.15
Bank, N Y
20,000_100.20
50,000.. _100.25
20,000_ _100.25 Sternberger,Sinn&Co. 25,000_100.125
100,000...100.125
7,500_ _100.25
Isadore Kahn
Fidelity Trust Co..... 10,000...100.25
The Colonial Assur1,000.. _100.30
25,000_ _100.211 Francis H. Wise
ance Co., N. Y
1,000_ _100.10
25,000_ _100.312
10,000_ _100.75
25,000_ A00.413 Seaboard Nat. Bank_
50,000_ _100.01
25.000...100.514
50,000.. _100.02
5,000.. _100.50
Francis E. Kinsey__
5,000_ _100.60
Hollawell
A.
John
A02.125
100..
Mayer...
Mrs. Bertha
2,000_100.25
100_ _102
5,000_ _100.37
10...103.125 TheOnlySkirt Co,Inc.
5,000_ ..100.55
10_103
1,000_100.50
10_ _102.875 Patrick Carter
2,000.. _100.25
10.. _102.75 A. Valenstein
3,000..100.375
10_ _102.625
2,000_ _100.50
10_ _102.50
1,000_ _100.625
10_ _102.375
100_ _100.50
John 0. Ammann_
_
10102.25
John T. Vansant_ _ _ _
300_ 102
600_ _100.875
Duval, Greer & Co....
Atlas Nat. Bank,Cin. 25,000_ _100.02 James W. Weinant
100_ _100.25
100.. _100.65
Astor Trust Co., for
4,0053::11001
E. A. Bradford....... 15,000...100.01
William A. Tuttle_ _ _
Farmers' Nat. Bank,
Hamilton
_101
100_
N.
R.
5,000._100.125
Amsterdam, N. Y.
10....103.30'
5,000_ _100.25 Henry Freck
1,000....101
5,000_:100.375 Barnett Greenberg.._ _
50_ _100.52
12,000_ _100.50 Mary S. Ward
4,00(1_100.3125 Baker, Watts & Co.,
Dr. Joseph E. Fuld....
11,000_ _100.20
Baltimore, Md_ _ _
400....101
Alexander Fabriclus.
100_100.65
1,000_ _101.50 James S Hoge
A Wolfson
500_ _100.10
Bert R.& S. L. Hecht 25,000_ _100.15
1,000....10l
Charles B. Galvin.. _ ..
10,000....1O1
Samuel A. Kross___._
500_101.625 The Security Bank of
B. E. Sullard
1,100...100.75
New York
500....100.625
Edey, Field & Sloan..
200_ _100.50
300__101.875 JohnJerome Cotter...
Frank Dietrich
5,000...100.05
The Financial World..
20,000.. _101
Louis Masbach
Prospect Home Bldg.
Total
5,000...100.125
$45,000,000
& Loan Assn
NILES, Trumbull County, Ohio.-BONDS NOT SOLD.-Reports
state that no sale was made of the $14,450 43 % Chestnut St. improvement
bonds offered on May 20 (V. 96, P. 1317).
NORRISTOWN, Pa.-BOND OFFERING.-Proposals will be received
until 8 p. m. June 2 by I. Fisher, Chairman of Finance Committee, it is
stated, for $30,000 4%% 10-30-year (opt.) school bonds.
NORTH BEND, Coos County, Ore.-BOND OFFERING.-Proposals
will be received until 8 p. m.June 10 by the City Recorder for $35,000 20municipal bonds at not exceeding 6% int. Date June 2 1913. Int..T. & D.
Cert. check for 5% of bid required. J. H. Groves is City Treas.
NOICITBEE COUNTY (P. 0. Macon), Miss.-BOND OFFERING.
Proposals will be received until 2 p. m. June 3 by T. A.Tyson, Clerk, for
$99,000 5%% coup. tax-free road bonds in Supervisors Dist. No. 1. Denom. $500. Date June 3 1913. Int. J. & J. Due $1,000 yrly. from 1922
to 1935 incl. and $85,000 in 1937. Cert. check or Cashier's check for
$250 required.
OAK PARK SCHOOL DISTRICT (P. 0. Oak Park), Cook County,
Ill.-BOND OFFERING.-Proposals will be received until 7:30 p. m. June
6, it is stated, by W. H. Hatch, Sec. of School Dist., for $30,000 4)%
15%-yr. (aver.) school bonds.
ORANGE COUNTY DRAINAGE DISTRICT NO. 1 (P. 0. Orange),
Tex.-BOND SALE.-According to reports, this county has disposed of
(opt.) bonds registered by the State Comptroller on
$23,400 59' 540-40
May 12. The bonds were purchased with county sinking funds at par and
int.
OSAWATOMIE, Miami County, Kans.-BOND OFFERING.-Proposals will be received until 6 p. m. May 26 by J. W. Allard, City Clerk,
for approximately $20,000 5% 10-yr. street-impt. bonds. Cert. check for
$500 required.
OTTAWA, Franklin County, Kan.-BONDS AUTHORIZED.-An
ordinance was recently passed provding for the issuance of $5,000 5%
Date July 1
.satrfunding bonds.
osk
,
-7
.
jr
nitt.te
. n iw
no
StateTreas. office. llittem.ful$yL1 1241.
OWEN COUNTY (P. 0. Spencer), Ind.-BOND.OFFERING.-Proposals will be received uhtil 2 p. m. May 29 by H. B. Williams, Treasurer.
for $5,953 60 4%% road bonds dated May 15 1913.
PALETO SCHOOL DISTRICT (P. 0. Maricopa), Kern Countyl
Cal.-BOND ELECTION.-On May 26, reports state, the question oi
issuing $2,500 school bonds will be submitted to the voters.
PARK COUNTY (P. 0. Livingston), Mont.-BOND OFFERING.
Proposals will be received until 2 p. m. June 14 by John O'Leary, County
Clerk,for the $65.000 59' refunding bonds. Denom. $1,000. Date July 1
1913. Int. J. & J. at office of County Treas. or at some bank in N. Y.City,
at option of purchaser. Due 20 years, opt. after 15 years. Cert. check for
$500, payable to Frank Beley, Chairman, required. A like issue of bonds
was offered for sale on May 3(V. 96, p. 1247.)
Parkersburg, Wood County, W. Va.-BOND OFFERING.-Proposals
will be received until 3 p. m. June 12 for the $200,000 43 9' 10-yr. paving
and sewerage bonds authorized by a vote of 1,056 to 317 at the election held'
May 6 (V. 96, p. 1439).
1514
ft
THE CHRONICLE
xcvi.
PATTONVILLE SCHOOL DISTRICT (P. 0. Pattonville), Lamar
$500. Date May 31 1913. Int. F. & A. at Dickinson Tr. Co.,
County, Tex.-BONDS VOTED.-It is reported that an issue of $3,000 Denom.
Richmond. Due $5,500 on Aug. 1 1920 and 1921 and $6,000 on Feb. 1
building bonds was voted on May 10.
1921 and $6,000 each six months from Feb. 1 1922 to Feb. 1 1923 incl.
PENNINGTON COUNTY (P. 0. Thief River Falls), Minn.-BONDS
RICHLAND TOWNSHIP SCHOOL DISTRICT(P.O.Belle Center),
OFFERED BY BANKERS.-Bolger, Mosser & Willaman of Chicago are Logan
County, Ohio.-BOND SALE.-On May 5
issue of $2,500
offering to investors $122,500 5%% drainage bonds, this being part of
% 8-year (average) building bonds was awarded, an
a
it is stated, to the
block of $140,000 maturing $9,000 yearly on March 1 from 1919 to 1928
Belle
Banking Co. of Belle Center, at par.
Center
incl. and $10,000 yearly from March 1 1929 to 1933 incl. Denom.$1,000.
RIO BONITA SCHOOL DISTRICT, Butte County, Cal.-BONDS
Date March 1 1913. Int. M.& S. at Cont.& Comm. Nat. Bk., Chicago.
NOT SOLD.-No bids were received for the $5,000 5% 10%-yr.
(aver.)
PERRIS SCHOOL DISTRICT, Riverside County, Cal.-BOND gold
bldg. bonds dated Juno 1 1913 offered on May 6 (V 96, p. 1318.)
SALE.-On May 14 the $20,000 6% 2-21-yr. (serial) building bonds(V.96,
ROANE COUNTY (P. 0. Kingston), Tenn.-BOND SALE.-The
p. 1317) were awarded to the Security Say. Bank & Trust Co., Toledo, at
$145,000 20-year funding bonds offered on April 7(V.96, p. 893) have been
101.53 and int. Other bids follow:
Wm.R •Staats Co.,Los Ang.$20,0751Torrance,Marsh.& Co.,L.Ang.$20,025 awarded to John Nuveen & Co. of Chicago.
Denom.$1,000. Date April 23 1913. Int. A.& 0.
ROCKWOOD SCHOOL DISTRICT (P. 0. Rockwood), Roane
PHELPS SCHOOL DISTRICT (P. 0. Phelps), Ontario County, County, Tenn.-BONDS VOTED.-At the election held May 10 the
N. Y.-BOND OFFERING.-Proposals will be received until 3 p. m. proposition to issue $40,000 building bonds carried by a vote of 104 to 64.
June 2 by F. II. Wisewell, President Board of Ed., for $30,000 4%
ROSEHILL SCHOOL DISTRICT (P. 0. Rosehill), Duplin County,
16 1-3-yr. (aver.) school bonds. Int. semi-ann. Cert. check for 10% re- No. Caro.-BONDS VOTED.-The proposition
to issue $10,000 building
quired.
bonds carried, reports state, at the election held May 13.
PITTSBURGH, Pa.-BOND SALE CONSUMMATED.-We are adROSELLE, Union County, N. J.-BOND OFFERING.-Proposals will
vised, under date of May 17, that the Council has passed and the Mayor
approved the ordinance creating the Union Trust Co. a special depository be received until 8 p. m. June 6 by the Borough Council, J. Ostrander,
for the proceeds of the $3,975,500 44% bonds which it recently purchased Boro. Clerk, for $10,000 5% 20-yr. coup, or reg. fire-dept.-equip. bonds
at private sale. As previously stated, the transaction was conditioned on Denom. $1,000. Date April 15 1913. Int. A. & 0. at First Nat. Bank,
the proceeds being left on deposit with the trust company at 3%. Y. 96, Roselle. Cert. check on an incorporated bank
or trust co. for $200, payp. 1317.
able to Boro. Collector, required. Bonds will be delivered within 30 days
PLAINVIEW, Hale County, Tex.-BONDS NOT YET SOLD.-We from June 6 1913.
are advised by the City Secy. under date of May 17 that no sale has yet
The official notice of this bond offering will be found among the advertise
been made of the $12,000 street-impt. and $10,000 sewer and water-ext.
5% 20-40-yr. (opt.) coup. bonds offered without success on March 15. ments elsewhere in this Department.
(V. 96, p. 1173).
ROYAL INDEPENDENT SCHOOL DISTRICT (P. 0. Royal), Clay
PLANT CITY, Hillsboro County, Fla.-BOND SALE.-On May 10 County, Iowa.-BOND ELECTION.-An election will be held May 26,
the three issues of 6% 20-year bonds, aggregating $75,000, offered on it is reperted, to vote on the question of issuing $1,500 impt. bonds.
May 5(V.96, p. 1173) were awarded to Sidney Spitzer & Co.of Toledo,it is
RUTHERFORD COUNTY (P. 0. Rutherfordton), No. Car.-BOND
stated, at 101.60. Under the provisions of the sale the bonds will not be OFFERING.-Proposals
will be received until 2 p. m. June 2 by W. G.
delivered until funds are needed for the work and will be delivered in blocks Harris, Chairman Bd. of
Co. Commrs., for the $250,000 road bonds at
to suit the city, and the premium will be paid pro rata with each delivery not exceeding 5% int. (V.96,
p. 1379). Auth. vote of 1396 to 1294 at an
of bonds. The purchasers will have the right to call for all or anyportion election held April 26. Denom.
$1,000 .Int. J. & J. Due$5,000 yearly
of the bonds at any time they wish.
on .luly 1 from 1923 to 1932 incl. and $10,000 yearly on July 1 from 1933 to
PLATTSBURG, Clinton County, N. Y.-BONDS TO BE OFFERED 1952 incl. Cert.check for $2,500 required. No bond issue ever contested.
SHORTLY.-We are advised by the City Clerk under date of May 12 that Principal and interest always paid promptly at maturity. No controversy
this city will shortly offer for sale $45,000 43. % dam-constr. and landor litigation affecting validity of bonds.
purchase bonds.
SACRAMENTO, Cal.-BOND OFFERING.-Reports state that proPOLK COUNTY (P. 0. Benton), Tenn.-BONDS VOTED.-Accord- posals will be received until May 29 for $887,000 levee bonds. Denoming to reports, this county recently voted in favor of the question of issuing (800) $1,000,(20)$725. Date Jan. 1 1913.
$250,000 pike-construction bonds.
SACRAMENTO COUNTY (P. 0. Sacramento), Cal.-BOND OF.
PONTIAC, Oakland County, Mich.-BOND OFFERING.-Proposals FERING.-AccordIng to reports, proposals will be received until 10 a. m.
will be received until 1:30 p. m. May 26 by C. L. Groesbeck, City Clerk, Juno 3 by the directors for $40,000 Reclamation Dist, No. 407 bonds.
for $50,000 451% park bonds voted April 7. Date May 11913. Interest Denom. $1,000.
semi-annual. Due on May 1 as follows: $5,000 in 1919,$2,000 yearly from
ST. LOUIS COUNTY INDEPENDENT SCHOOL DISTRICT NO.40,
1920 to 1930, incl. $4,000 yearly from 1931 to 1935, incl., and $3,000 on Minn.-BOND OFFERING.-Proposals will be received
m.
May 1 1936. Certified check for 2% of bonds bid for, payable to "City of May 28 by B. R. de Lorimier, Clerk (P. 0. Chisholm), foruntil 3
$150,000
p.5%
Pontiac," required. These bonds were offered without success on May 12 building bonds. Denom.$1,000. Date Sept. 1
1913. Int. M.& S. Due
(V.96. p. 1439).
$25,000 yearly on Sept. 1 from 1918 to 1923 incl. Certified check on a St.
PORTAGE COUNTY (P. 0. Ravenna), Ohio.-BOND SALE.-On Louis County State or national bank for $7,500 required.
May 19 $35,600 5% flood-emergency bonds were awarded to the Second
ST. MARY'S TOWNSHIP (P. 0. Decatur), Adams
Ind.
Nat. Bank for $35,019-making the price 100.054. Denom. $500. Date BOND SALE.-On May 20 the $16,072 45% 15-yearCounty,
tax-free school
June 1 1913. Int. M.& S. Due Sept. 1922.
bonds(V.96, p. 1379) were awarded to Gavin L.Payne & Co. of IndianapoPORTLAND, Ore.-BOND SALE.-The Commission of Public Docks lis for $16,374-making the price 100.187.
has reconsidered the action taken on May 6, when all bids received for the
SALEM Marion County, Ore.-BIDS REJECTED.
bids received
$1,250,000 4 % 30-yr. dock bonds offered on that day were rejected for the $80,000 5% gold sewer-construction bonds -All
offered on May 5
(V. 96, p. 1439), and has accepted the bid of Henry Teal of Portland., who (V• 96, p. 1248) were rejected, reports state.
offered 95.64 and int. for the entire issue. The new offering of these bonds,
SANDERS COUNTY (P. 0. Thompson Falls), Mont.-BOND SALE.
scheduled to take place at 2 p. m. June 5 ha.'; therefore been withdrawn.
On May 5 the $15,000 coupon refunding bonds (V. 96, p. 1248) were
PORT OF SEATTLE, Wash.-BOND ELECTION.-An election will awarded to the
State of Montana as 5s.
be held June 17 to vote on the question of canceling $5,000,000 bonds
SAN FRANCISCO,Cal.-BOND ELECTION.-Provislon has been made,
previously authorized for Harbor Island-improvements and issuing instead $3,000,000 bonds for a scheme of terminal-improvements to embrace it is stated,for the submission to the voters ofa proposition to issue $3,500.the entire frontage of the east waterway. The question of issuing $200,000 000 bonds for the acquisition or construction of a system of municipal street
railways over and along the public streets or rights of way from the Embonds for a West Seattle Ferry will also be submitted on June 17.
barcadero to terminals at the Panama-Pacific Exposition grounds and the
PORTSMOUTH, Scioto County, Ohio.-BOND SALE.-On May 6 Presidio
Military Reservation from various points in Market St., and in and
the Sinking Fund Trustees awarded the $20,0005% 10-year flood-emergency through Stockton
St.to thesame terminals,from Market St. to a terminal in
bonds(V. 96, p. 1318) to the First National, Central National and Security the Potrero district
on Van Ness Ave.and from such avenue along connectSavings Banks of Portsmouth at their joint bid of 100.14.
ing streets to Church St.and along Church St. to convenient terminals; along
POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND SALE.-On California St. from 33d Ave. to First Ave. and over connecting streets to
May 20 the $11,400 4%% 20-year Black Twp. highway-improvement Geary St. and for such extensions and additions to the system as may be
bonds (V. 96, p. 1439) were awarded, it is stated, to J. F. Wild & Co. of deemed necessary and to include the equipment thereof, appurtenances
Indianapolis for $11,450-making the price 100.438.
thereto and the purchase of necessary lands. The election will be held,
POUGHKEEPSIE, N. Y.-BOND SALE.-On May 19 the $100,000 it is expected, about July 1. See "United Railways of San Francisco" in
45 % 10-yr. coup. tax-free high-school-bldg. bonds (V.'96, p. 1439) were our "Investment News" on a preceding page.
awarded to the Poughkeepsie Say. Bank, the Fallkill Nat.Bank and Isaac
SALE OF EXPOSITION BONDS.-We are advised that May12 the
W. Sherrill of Poughkeepsie at 100.205 and int.
$4,000,000 5% 1-25-year (serial) exposition bonds, the unsold portion of
RACINE, Racine County, Wis.-BOND SALE.-The $50,000 43. % the issue of $5,000,000, were awarded to the Panama Exposition Co. at
park-site purchase bonds offered on May 19 (V. 96, p. 1440) have been par and int. Denom. $1,000. Int. M. & N.
SAN MATEO COUNTY (P. 0. Redwood City), Cal.-BONDS
awarded to the Harris Trust & Savings Bank of Chicago at par and int.,
less $1,300 for expenses.
AUTHORIZED.-Reports state that a resolution was passed May 5 proRAEFORD SCHOOL DISTRICT (P. 0. Raeford), Hoke County, yiding for the issuance of the $1,250,000 5% 29-yr. highway-constr. bonds
No. Caro.-BONDS VOTED.-Reports state that this district on May 14 voted April 8 (V. 96, p. 1173). Denom. $1,000. Bonds will be sold in
lots as the money is needed.
voted $34,000 school bonds.
SAN MATEO SCHOOL DISTRICT, San Mateo County, Cal.
RAYNE, Acadia Parish, La.-BOND OFFERING.-Proposals will
BONDS
NOT SOLD.-No bids were received for the $25,000 5% 13-yr.
be received until July 8, it is stated, by J. D. Hunter, Mayor, for $15,000
(aver.) bldg. bonds offered on May 5(V. 96, p. 1318.)
5% 10-yr. electric light and water-works impt. bonds.
SARATOGA SPRINGS, Saratoga County, N. Y.-BOND SALE.RED LAKE FALLS,Red Lake County, Minn.-BOND OFFERING.
Proposals will be received until 1 p. m. May 31 by J. Perrault, City Clerk, On May 20 the $50,000 17-yr.(aver.) reg. park site-purchase bonds (V. 96,
for $54,000 refunding bonds at not exceeding 6% int. Auth. vote of 150 to p. 1318) were awarded to the Adirondack Trust Co., Saratoga Springs, at
2 at an election held May 12. Due June 1 1933. Cert. check for $500 par for 45-is.
required.
SENECA FALLS (Town), Seneca Falls, N. Y.-BOND SALE.-The
RED LODGE, Carbon County, Mont.-BOND OFFERING.-This $110,000 7-yr. (ay.) refunding bonds offered without success on May 7
city will offer for sale at public auction at 8 p. m. May 29 the $30,000 5% (V. 96, p. 1379) have been awarded to Douglas Fenwick & Co. of N. Y.
10-20-yr. (opt.) coup. water-works-impt. bonds voted Apr. 14 (V. 96, p. for $110,280 (100.254) for 4.75s.
1248). Denom. $1,000. Date July 1 1913. Int. J. & J. at Merchants'
SEVIER COUNTY (P. 0. Sevierville), Tenn.-BOND OFFERING.
Nat. Bank, N. Y. No deposit required. Official circular states that there Reports state that proposals will be received until 12 m. June 10 by A. T.
is no litigation affecting this issue and that no previous issue has been con- Marshall, County Clerk, for $35,000 5% 20-yr. refunding bonds. Interest
tested. W. Alderson is City Clerk.
annual. Cert. check for $500 required.
RHINELANDER, Oneida County, *is.-BOND SALE.-On May 10
SHAMOKIN SCHOOL DISTRICT (P. 0. Shamokin), Northum$14,000 5% 11%-yr.(aver.) high-school-bldg bonds were awarded to N. W. berland County, Pa.-BONDS VOTED.-AccordIng to newspaper reHalsey & Co. of Chicago for $14,010 (100.071), int. and blank bonds- ports, a favorable vote was cast at the election held May 20 on the propoa basis of about 4.99%. E. II. Rollins & Sons of Chicago bid $14,017 50, sition to issue $150,000 building bonds (V. 96, p. 1113)•
but no blank bonds.
SHELBY COUNTY (P. 0. Shelbyville), Ind.-BOND OFFERING.
RICHLAND COUNTY (P. 0. Columbia), So. Car.-BOND SALE.
- Proposals will be received until 11 a. m. Juno 2 by W. A. McDonald,
The following bids were received on May 16 for the $50,000 5% 30-yr. coup. Treasurer, for $8,600 43/i % road bonds dated May 15 1913.
jail bonds offered on that day(V.96, p. 1248):
SHELBY COUNTY (P. 0. Memphis), Tenn.-BOND SALE.-Local
BidderPrem. Cost of bds. Com'sion. papers state that the $600,000 road, turnpike and bridge bonds offered
*Union Nat. Bank
$2,165 00 $70 00
but not sold on May 5 (V. 06, p. 1440) will be awarded to tho CentralSecurity Trust Co
1,038 50
70 00
State Bank & Trust Co. of Memphis at par and interest for 45
-is.
Bank of Commerce
2,150 00
70 00
SHELBY TOWNSHIP SCHOOL DISTRICT (P. 0. Montmorenci),
Palmetto National Bank
1,815 00
70 00
Tippecanoe
County,
-On
SALE.
Ind.
May
15
the
-BOND
$9,000 4 %
R. M.Grant & Co
2,06500
1-10-year (serial) school bonds (V. 96, p• 1318) were awarded to E.
Townsend Scott & Son
1,505 00
70
--66
Campbell, Sons & Co. of Indianapolis for $9,001 (100.011) and interest.
Townsend Scott & Son
1,705 00
00
70
Well, Roth & Co
SMITH COUNTY (P. 0. Tyler), Tex.-BONDS VOTED.-Neswpaper
1,500 00
70 00
The Provident Say. Bank
state that a favorable vote was cast at the election hold May 15
$250 00 reportsproposition
W. N. Coler & Co
to issue $75,000 road bonds.
on the
1,039 00
70
- -66
L. & E. Bank
SOUTHAMPTON SCHOOL DISTRICT (P. 0. Southampton),
140 00
Cutter, May & Co
937 00
___ _
Suffolk County, N. Y.-BID REJECTED.-The bid of par and interest,
Aetna Life Insurance Co
805 00
_ --less $1,500 for legal expenses, received from Farson, Son & Co. of N. y,,
Meyer, Deppe & Walter
750 00
---for the $25.000 43i% bonds offered on May 19, was rejected.
Harris, Forbes & Co
151 00
____
SOUTH SAN JOAQUIN IRRIGATION DISTRICT P. 0.
Farson Son &Co_
tA tys. fee San Joaquin County, Cal.-BOND SALE.-On May 13 the Manteca),
$1,170,000
Spitzer, Rorick & Co
186 00
70-66
5% distribution-system-completion bonds voted Jan. 25 (V. 96, p. 434)
R. M. Marshall & Brother
500 00 were awarded to E. H.Zion at par. Denom. $500, $250 and $100. Date
April 18 1913. Int. J. & J. Duo April 18 1943, with the option of retiring
*Successful bid.
the bonds at any time by mutual agreement.
RICHMOND SCHOOL DISTRICT (P. 0. Richmond), Wayne
STARK COUNTY(P.O. Canton), Ohio.-BOND SALE.-On May 21
County, Ind.-BOND OFFERING.-Proposals will be received until
of 5% road-impt. bonds, aggregating $130,000 (V. 96, 1).
p. m. May 31 by the Board of Trustees for $35,000 4% coup. bldg. bonds. the two issues
1318) were awarded to Breed, Elliott & Harrison of Cincinnati as follows:
MAY 24 1913.]
1515
THE CHRONICLE
$80,000 Alliance-Marlboro county's portion bonds for $80,065 (100.08125)•
50,000 Canton-Canal Dover bonds at 100.17.
Other bids for the $50,000 issue were:
I Hoehler & Cummings, Tol__$50,025
Breed, Elliott & Harrison,
$50,0851A.E Aub & Co., Cin
50,010
Cincinnati
STEELTON SCHOOL DISTRICT (P. 0. Steelton), Dauphin
County, Pa.-BOND OFFERING.-Proposals will be received until 7.30
p. m. May 29 by the Finance Committee, W. H. Nell, Secy., for $35,000 of
an issue of $65,000 4%% 30-yr. coupon school tax-free bonds. Denom.
31,000. Date June 1 1913. Int. J. & D. at Peoples' Bank, Steelton.
Cert. check for 2% of bonds bid for, payable to Treas., required.
MISTERLING TOWNSHIP (P. 0. English), Crawford County, Ind.BOND SALE.-On May 17 the $4,000 4%% 10-yaschool bonds (V. 96,
1379) were awarded to Breed, Elliott & Harrison of Indianapolis at
100.25. Denom. $200. Date June 25 1913.
SUPERIOR, Douglas County, Wis.-BOND OFFERING.-Proposals
will be received until 12 m. May 28 (not June 1, as first reported) by the
City Commission, R. E. McKeague, City Clerk, for the $65,000 Matt Carpenter school-building-impt. bonds (V. 96, p. 1440). Certified check for
$500 required. Bids to be submitted for amounts of $10,000.
TIFFIN, Seneca County, Ohio.-BONDS NOT SOLD.-No bids were
received on May 5, it is stated, for the $22,500 Circular St. and $2,500
Webster St. 4% 5-year improvement bonds offered on that day.
BONDS AWARDED IN PART.-It is further stated that the Sinking
Fund Trustees purchased $8,000 of the above $22,500 Circular St. bonds
at par and interest.
TIPTON COUNTY (P. 0. Tipton), Ind.-BOND SALE.-On May 20
% road bonds was sold, it is reported, to the Citian issue of $7,080
zens' Nat. Bank, Tipton, for $7,101, making the price 100.296.
TRAVERSE CITY, Grand Traverse County, Mich.-BOND OFFERING.-Proposals will be received until 12 m. May 31 by T. H. Gillis, City
Clerk, for $10,000 20-year improvement bonds. Int. (rate not to exceed
434%)semi-annual. Bonds to be issued as needed. Bonds to be subject
to acceptance or rejection on or before June 10 1913.
TRINITY COUNTY (P. 0. Groveton), Tex.-BOND OFFERING.
Proposals will be received until June 16, reports state, Per the following
5% bonds:
$50,000 court-house-construction bonds voted recently (V. 96, p. 1319).
Denom. $500. Due 40 years, subject to call after 10 years.
60,000 Road District No. 1 bonds, registered by the State Comptroller
on May 14 (V. 96, p. 225). Denom. $300. Due 40 years, optional after 5 years.
TROY, N. Y.-BOND OFFERING.-Proposals will be received until
10 a. m. May 29 by W. H. Dennin, City Compt., for $100,000 5% taxexempt certificates of indebtedness or revenue bonds. Denom. $25,000.
Date May 29 1913. Due Oct. 14 1913. Cert. check for 1% of bonds,
payable to the "City of Troy",required. Bonds to be delivered and paid'for
within 10 days from time of award. Purchaser to pay accrued interest.
Official circular states that the city has never defaulted on any of its obligations.
UNION CITY, Randolph County, Ind.-BOND SALE.-On May 19
the $16,000 5% funding bonds(V. 96, p. 1440) were awarded to Wm. Kerr
& C. W. Tritt of Union City at 104.75. Other bids follow:
J. F. Wild & Co., Indianap _$16,535 I E.M.Campbell,Sons&Co.,Ind$16,405
Breed ,Elliott& Her.,Indian_ 16,410 I C.C.Adelsperger, Union City. 16,300
Denom. $500. Date June 1 1913. Int. J. & D. Due $1,000 yearly
for 5 years and 32,000 yearly thereafter.
UNION COUNTY (P. 0. Marysville), Ohio.-BOND OFFERING.
Proposals will be received until 1 p.m.June 2 by C.A. Morelock, Co. Aud.,
for $11,000 5% coupon ditch-constr. bonds. Auth. Secs. 6489, 6492 and
6493 Gen. Code. Denom.(4) $300,(3) $430,(1) $780,(8) $390,(3) $400,
(3) $480, (1) $180, (1) $290 and (3) $500. Date June 2 1913. Int. semiann. Due $3,660 on June 2 and $390 on Dec. 2 in 1914, $2,500 on June 2
and $390 on Dec. 2 in 1915, $2,500 on June 2 and $390 on Dec. 2 1916
June 2 and Dec. 2 1917 and June 2 1918. Purchaser to pay accrued int.
No conditional bids considered. Bonds to be delivered and paid for day
of sale. Cert. check (or cash) on some Marysville bank for $250,payable
to Auditor, required.
UNION TOWNSHIP, Rush County, Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. June 6 by Wm.R. Martin, Trustee
(P. 0. Rushville), for $15,000 434% bonds.
VANCE COUNTY (P. 0. Henderson), No. Car.-BOND OFFERING.
-Further details are at hand relative to the offering on May 31 of the
$200,000 5% coupon road bonds (V. 96, p. 1379). Proposals for these
bonds will be received until 6p. m. on that day by J. P. Zollicoffer, BM%
Good Roads Commission. Denom. $1,000. Date July 1 1913. Int.
J.& J. at Co. Treas. office or some bank in N.Y. Due July 1 1953,subject
to call $100,000 after July 1 1933. Cert. check for $500, payable to "Good-.
Roads Commission",required. Purchaser to furnish blank bonds and coups.
VANDERBURG COUNTY (P. 0. Evansville), Ind.-BOND OFFERING.-Reports state that proposals will be received until 10 a.m. June 19
by C. Louenstein, County Treasurer, for $25,400 4%% highway-improvement bonds. Denom. (20) 3670. (20) 3600. Interest semi-annual.
BOND ELECTION.-AccordIng to reports,an election will be held May
31 to vote on a proposition to issue $100,000 coliseum bldg. (county's
share) bonds.
VICKSBURG Warren County, Miss.-BOND SALE.-On May 16
the $50,000 5% high-school-bldg. bonds offered without success on May 5
(V.96, p. 1379) were awarded to Helgason Bros. of Vicksburg at par and int.
NEW LOANS
NEW LOANS
$83,000
$11,458,000 Forty-Year Bonds
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 Tehnessee 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
of the State Treasurer,in an amount equal to 2% of the face value of the bonds bid for, must accompany
each bid, and any successful bidder who fails to pay for the bonds when delivered shall forfeit to the
State 2% deposited as liquidated damages.
To all bidders who are awarded no bonds by the Funding Board will be returned the 2% so deposited within three days.
The bonds will be delivered and payments accepted in either Nashville, Now York City, Boston,
•
Baltimore, Philadelphia or Chicago, at the option of the purchaser.
es bonds will be delivered and will have to be paid for by July 1st. 1913: The
$9858,000 of 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 Ten neSsZe.
These bonds are a legal investment for savings banks in the State of New York,expressly
held to be so by an opinion dated March 14, 1913. of Honorable Thomas Carmody, AttorneyGeneral for the State of New York.
The right is expressly reserved to reject any or all bids.
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 preceding month. The State Treasurer shall opim 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.
WEALTIl AND RESOURCES OF' TENNESSEE.
in 1883. Since then it has paid in
The State refunded its bonded indebtedness of $16
Treasury in cash
Interest, without any default, $14,651.702 22, and on April 11. 1913, had in the Trey
$2,020,006 23.
COVIPARATIVE STATE llENT.
1912
1883
3249.653.973 Taxable wealth
$625,686,792
Taxable wealth
Property owned
5.116,378
Property owned
1,579,475
Penitentiary. Asylum, &c
3630,803,170
$251.233.448
State debt
$16,000,000 State debt
$11,458,000
Percentage of Indebtedness as comPercentage of indebtedness as compared with taxable wealth
pared with taxable wealth
1.8 per cent.
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. MOKERSON,Treasurer,
GEORGE P. WOOLLEN, Comptroller,
Funding Board of Tennessee.
R. R. SNEED. Secretary of State.
CITY OF GOLDSBORO, N. C.
WATER WORKS,IMPROVEMENT
AND FUNDING BONDS.
Sealed bids for the purchase of bonds of tne City
of Goldsboro. North Carolina, in the sum of
$83.000 will be received by the Clerk of said City
Twelve
aton
tart)
in O'clock M.
whhaYtir
eTalga I
p913.
his office
id city,
the Board of Aldermen will meet and open said
bid for consideration. Said bonds to bear interest at the rate of 5% per annum and to run
as follows: $15,000 funding bonds, thirty-seven
years: $36,000 water bonds, thirty-eight years;
$9.000 fire-department bonds, thirty-three years:
$23,000 street-improvement bonds, forty years.
Bonds to bear date of May let, 1913, with
Interest coupons attached, payable semi-annually.
Right reserved to reject any and all bids submitted. Certified check equivalent to three per
cent of amount of bonds bid for, payable to the
City of Goldsboro, N. C.. must accompany eaeh
bid. No bids will be considered for less than par.
All of aforesaid issue of bonds has been held
valid by the Supreme Court of NorthCarolina.
JOHN R. HIGGINS.
Mayor of the City of Goldsboro. N.C.
D.S.BROADHURST,
City Clerk, Goldsboro, N.C.
0••••••••
STACY & BRAUN
Investment Bonds
Cincinnat
Toledo
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
1516
[VoL. xcvi.
THE CHRONICLE
VIRGINIA, St. Louis County, Minn.-BONDS RE-OFFERED.
The $450,000 5% gold coupon water-works and electric-light-plant-purchase
bonds, awarded on Feb. 25 to Bolger, Mosser & WiHaman of Chicago, are
being re-advertised. Proposals will be received until 7 p. m. May 27 by
A. E. Bickford, City Clerk. Denom. $1,000. Date Mar. 1 1913. Int.
M.& S. at the American Exchange Nat. Bank, N. Y. Said bonds may be
issued, as the Council may determine after opening of bids, to mature as
follows: First option-entire issue due Mar. 1 1928; second option-entire
Issue due Mar. 1 1923; third option-$300,000 due Mar. 1 1923, $150,000
Mar. 1 1928; fourth option-due on Mar. 1 as follows: $20,000 in 1914 and
1915, $25,000 in 1916 and 1917, $30.000 in 1918, 1919 and 1920, $35,000
yearly from 1921 to 1926, incl., and $30,000 in 1927 and 1928. The difefrent options must be clearly distinguished in the bids. Bonds are to be paid
within 10 days after notice that same are ready for delivery. A certified
•check on, or a certificate of deposit of, p;national bank for 5% of bonds bid
for, payable to the "City of Virginia, required.
WADSWORTH TOWNSHIP (P. 0. Wadsworth), Medina County,
Ohio.-BOND SALE.-On May 19 the $3,000 5% coup. Road No. 2
impt. Series "C" bonds (V. 96, p. 1379) were awarded to the Security Say.
Bank & Trust Co. of Toledo at 101.70 and int. Other bids follow:
Hayden, Miller & Co., Clev__$3,0411Spitzer, Rorick & Co., Tol_$3,012 50
Sidney Spitzer & Co.,Toledo _ 3,038 Provident Say. Bank & Tr.
Allen & Haetzell. Wadsworth_ 3,0251 Co., Cincinnati
3.000 00
WALLINGFORD, New Haven County, Conn.-BOND OFFERING-Proposals will be received until 7:30 p. m. May 27 by. J. P. Bridgett.
Boro. Clerk, for $75,000 st.-paving, $60,000 refunding and $42,000 sewer
4%% 15-30-yr. (opt.) bonds. Denom. $1,000. Date June 1 1913.
Int. J. & D. at First Nat. Bank, Wallingford; Nat. Park Bank, N. Y., or
First Nat. Bank, Boston. Certified check for $1,000 required. These
ibonds will be certified as to genuineness byl the First Nat.Bank of Boston
and their legality approved by Ropes, Gray & Gorham, whose opinion will
be furnished to purchaser.
WASHINGTON, Beaufort County, No. Caro.-BOND OFFERING.
-Proposals will be received until 12 m.July 1 by W.C. Ayers, City Clerk,
for $150,000 5% coup. 50-yr. municipal-impt. laonds. Denom. not more.
than $1,000 nor less than $100. Int. semi-ann. Cert. check for 1% required.
WASHINGTON COUNTY (P. 0. Salem), Ind.-BOND SALE.-On
May 20 the two issues of 434% 10-yr. (ser.) highway-impt. bonds, aggregating $32,900 (V. 96, p. 1441), were awarded as follows:
$17,000 Washington Twp. bonds to the Farmers' State Bank at 100.96.
15,900 Polk Twp. bonds to W.0. Marks for $16,063 69, making the price
101.029.
Date May 5 1913. Int. M.& N.
WASHINGTON COUNTY (P. 0. Marietta) Ohio.-BOND OFFERING.-AccordIng to reports, this county is offering for sale $110,000 5%
bridge bonds. Denom. $1,000. Due $5,000 yearly.
WASHINGTON COUNTY (P. 0. Washington), Pa.-BOND OFFERING.-Proposals will be received until 11 a. m. June 2 by the County
Comptroller for $120,000 41'4% coup. or reg. road-impt. bonds. Denom.
at office of County Treas.
$1.000. Date May 31 1913. Int. M. &
Due $2,000 yearly from 1914 to 1918 incl., $4,000
yrly. from 1919 to 1923
N.
incl., $8,000 yrly. from 1924 to 1928 incl. and $10.000 yrly. from 1929 to
1933 incl. Cert. check for $5.000, payable to County Commissioners,
required. H. R. Campbell is Clerk of County Commissioners.
WASHINGTON TOWNSHIP (P. 0. Fort Wayne), All3n County, I
Ind.-BOND OFFERING.-Proposals will be received until 1 P. m.
June 21, it is stated, by E. M.Myers, Township Trustee, for $10,000
%
school bonds. Denom. $500. Date July 1 1913. Interest semi-annual.
WATERLOO, Blackbank County, Iowa.-BONDS NOT SOLD.
We are advised by the City Clerk that no sale has been made of the issue of
$94,697 5% bridge bonds recently offered.
WATERLOO, Seneca County, N. Y.=BOND OFFERING.-Proposals
will be received until 1 p. m. May 27 by G. F. Bodine, Village Pres., for
$100,000 sewer bonds. Date Sept. 1 1909. Int. (rate not to exceed 5%)
M.& S. Due 33,333 33 yearly Sept. 1 from 1910 to 1939, incl. Certified
check for 2% of bonds bid for required. All the proceedings to authorize
the issue and sale of these bonds were declared regular and valid, according
to the official advertisement, by a judgment of the Supreme Court, and
affirmed by the Court of Appeals.
WATERLOO DRAINAGE DISTRICT (P. 0. Pine Pluff), Jefferson
County, Ark.-BOND SALE.-It is reported that $160,000 5%% drainhave been
tttheph
Bank of PineBluff, Pine Bluff, for
MasY2s1t(lnand3s1j ed
soon
WATONGA, Blaine County, Okla.-BONDS VOTED.-The proposition to issue $35,000 6% sanitary-sewer bonds carried at the election
held May 16 by a vote of 114 to 79. Due 1938.
WAYNE COUNTY (P. 0. Detroit), Mich.-BOND SALE.-Local papers state that $250,000 4% road bonds have been purchased by James
Couzens of Detroit. It is further stated that this concludes the sale of the
issue of $500,000 referred to in V. 96, p. 894.
WELDON, Halifax County, No. Car.-BOND SALE.-On May 19
the $40,0006% water-works bonds (V.96, p. 1114) were awarded to Harris,
Forbes & Co. of N. Y.at 103.422 and int.
WESTFIELD, Union County, N. J.-BOND OFFERING.-Proposals
will be received until 8.15 p. m. June 2 by the Town Council, Chas. Clark.
Town Clerk, for the following coupon (with privilege of registration) bonds:
$30,000 5% sewer, sidewalk and road bonds. Denom. $1,000. Due
Due $3,000 yrly. on June 30 from 1914 to 1923 incl.
30,000 43% general-impt bonds. Denom.$1,000. Due June 30 1943.
9,000 5% repaving bonds. Due $1,000 yrly. on June 30 fro 9 years.
Date June 30 1913. Int. J. & D. at Peoples' Nat. Bank, Westeld.
The official notices of this bond offering will be found among the advertisements elsewhere in this Department.
WEST HOMESTEAD SCHOOL DISTRICT, Pa.-BOND SALE.
J. 5. & W. S. Kuhn, Inc., of Pittsburgh, have been awarded, according to
reports, $15,000 43 % tax-exempt bonds. Date May 1 1913.
WESTPHALIA SCHOOL DISTRICT (P. 0. Westphalia), Anderson
County, Kan.-BONDS VOTED.-It is stated that this district on May 12
voted to issue $3,700 high-school bonds.
WHITE COUNTY (P. 0. Monticello), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. May 31 by A. G. Fisher, Auditor,
for $21,100 6% Christian Blumhardt et al stone and gravel-road coupon
bonds. Denom. $527 50. Date May 6 1913. Interest annual at office
of Co. Treas. Due $1,055 on May 15 and Nov. 15,from 1914 to 1923 incl.
A deposit of $500 required. Bonds to be delivered and paid for within
30 days from time of award,
Proposals will also be received until 10 a. m. May 31 by W. P. Casper,
Treas., for $19,600 4%% Prairie Twp. road bonds dated May 6 1913.
WHITE RIVER LEVEE DISTRICT (P. 0. Cotton Plant), Woodruff,
Monroe and Prairie Counties, Ark.-BOND OFFERING.-Proposals
NEW LOANS.
NEW LOANS.
$300,000
$5,500,000
CITY OF NASHVILLE,
5% BONDS
BALTIMORE CITY, MD.
Sealed bids will be received by the undersigned
,until 3 o'clock 1'. M. MAY 29, 1913, for all or any
of $200,000 Reservoir Emergency Repair Bonds
and $100,000 Electric-Light Extension Bonds of
the City of Nashville, Tennessee. Bonds dated
March 1, 1913, due March 1, 1933, without
option; interest 5%, payable March 1 and September 1, in Nashville or New York, at holder's
•option. Approving opinicn of Caldwell, MassBALTIMORE, May 22, 1913.
Bch & Reed, New York, will be furnished purchaser without charge. Further information,
Proposals will be received at the MAYOR'S OFFICE, City Hall, Baltimore, Md., until 12:30
including conditions affecting bidding, will be o'clock p. m. THURSDAY, JUNE 5TH, 1913, for
furnished on application to said Attorneys, or
$400,000 JONES FALLS IMPROVEMENT LOAN, redeemable March 1st, 1961. Interest
the undersigned.
March and September.
BOARD OF COMMISSIONERS
$80,000 SCHOOL HOUSE LOAN,redeemable March 1st, 1961. Interest March and September.
OF NASHVILLE,TENN.
$170,000 DOCK IMPROVEMENT LOAN, redeemable March 1st, 1961. Interest March and
By WM.L. MURRAY,
September.
$375,000 CONDUIT LOAN, redeemable August 1st, 1962. Interest February and August.
City Recorder.
May 17, 1913.
$1,500,000 WATER LOAN, redeemable December 1st, 1958. Interest June and December.
$650,000 PAVING LOAN, rededmable August 1st, 1951. Interest February and August.
$325,000 ANNEX IMPROVEMENT LOAN,redeemable August 1st, 1951. Interest February
and August.
$2,000,000 NEW SEWERAGE IMPROVEMENT LOAN,redeemable August 1st, 1961. Interest February and August.
All these loans bear interest at the rate of 4 per centum per annum, payable semi-annually.
Interest will be computed from the interest-payment period next preceding the date fixed for delivery
of the stock.
Circulars have been prepared showing"the authority for the issue of these Loans, together with
the purposes to which the proceeds of the sale will be appplied, which circulars_can be obtained from
SPECIAL ROAD BONDS
the City Register upon application.
Harris County, Texas, will sell all or any part
CONDITIONS OF SALE.
of $1,000,000 Special Road Bonds, June 2, 1913.
1. No proposals containing conditions inconsistent with those herein set forth will be entertained.
Bids will be received on $50,000 or multiples
2. All proposals must name a price for each $100, WITH ACCRUED INTEREST to date of
'thereof. Certified check 1% bid. Interest settlement. The date of delivery shall be June 15th, 1913, unless deferred under the provision of
%. semi-annually, at place to suit large pur- Paragraph 4.
chaser; otherwise at New York, Chicago and
3. Every bid must be accompanied by a certified check on a clearing-house bank, drawn to the
Houston. Denomination $1,000. Assessed val. order of the Mayor and City Council of Baltimore, or a certificate of deposit of a clearing-house bank
•uation $125,000,000. Indebtedness, $3,229,000. so endorsed, or cash, for two per cent of the amount of stock for which bid is made. But no deposit
Tax rate, 57c. on S100.00.
by any one party need be for more than two per cent of the entire amount offered for sale.
Address bids to
4. A successful bidder may,at any time prior to June 15th, 1913, defer the time for delivery of not
more than seventy-five per cent (75%) of the amount of stock alloted to him until July 15th, 1913,
W. H. WARD, County Judge,
by placing in the hands of the City Register an additional deposit, similar to the first, of one per cent
Houston, Texas.
of the amount deferred; at any time prior to July 15th, 1913, he may still further defer the time of
delivery of not more than fifty per cent of the amount of stock originally allotted to him, until August
15th, 1913, by placing in the hands of the City Register a further additional deposit of one per cent
of the amount thus further deferred; at any time prior to August 15th, 1913, he may still further defer
the time of delivery of not more than 25% of the stock originally allotted to him, until September
15th, 1913, by placing in the hands of the City Register a further additional deposit of one per cent of
the amount thus finally deferred; but if he shall have failed to pay in full for the amount of stock
BONDS
allotted to him within the time fixed for its delivery, the deposit or deposits made therefor shall be
forfeited to and retained by the City as liquidated
for such neglect or refusal, and sha 11
60 STATE STREET, BOSTON
thereafter be paid into the sinking fund of the City for the redemption of the funded debt.
5. Upon the payment to the City Register on the day of delivery, by the persons whose bids are
30 PINE STREET, NEW YORK
accepted, of the amounts due for the stock awarded to them, respectively, as named above, certificates thereof will be issued to them in sums of $100 or multiples thereof, as they may desire.
6. Checks, certificates of deposit or cash accompanying bids not accepted will be returned to the
-STATE, CITY & RAILROAD BONDS
bidders immediately after the allotment is made. Deposits of successful bidders will be applied as
partial payments for the stock alloted to them. Should there be more than one proposal at the same
price, a pro rata allotment may be made.
7 Bids will be received for the whole or any part of the amount offered, and bids will also be
MUNICIPAL AND RAILROAD
received for all of any part or none. Unless bids specify "all or none" of the amount bid for, a portion
of the amount may be allotted.
8. The proposals must be enclosed in a sealed envelope, addressed to the "Commissioners of
Finance of Baltimore City," and endorsed outside "Proposal for Four Per Cent Registered Stock of
LIST ON APPLICATION
the City of Baltimore," and sent to the Mayor's office.
9. Each bid must bear the address of the bidder and notification of acceptance of any bid will be
considered accomplished when mailed in the Baltimore Post Office to such address. Bids must be
received at the Mayor's Office not later than 12:30 p. m. June 5th, 1913, and the Commissioners of
Ingalls Building
Finance reserve to themselves the absolute right in their discretion to reject any or all proposals.
RICHARD GWINN,
CINCINNATI
City Register.
Registered
$1,000,000
HARRIS COUNTY, TEXAS,
. BLODGET & CO.
BONDS
SEASONGOOD & MAYER
496 Stock
MAY 241913.]
1517
THE CHRONICLE
will be received until 2 p. m. June 6 by the Board of Directors, 11.0. Argo,
Acting Secretary, for $100,000 6% 20-year gold bonds. Denom. $500.
WILBER, Saline County, Neb.-BONDS VOTED.-According to
reports the proposition to issue $12,000 light bonds carried at the election
held May 15 by a vote of 178 to 32.
WILMINGTON SCHOOL DISTRICT (P.O. Wilmington), New Cas%
tle County Del.-BOND SALE.-Reports state that the $40,000
gold coup. tax-free (Class A & B) bldg. bonds offered without success on
sold.
been
have
1320)
96,
(V.
5
April
P.
WILSON, Wilson County, No, Car.-BOND AWARD DEFERRED.
We are advised that the Board of Commrs. have deferred action until
May 29 on bids submitted for the $80,000 street-impt. and $80,000 electriclight and power-plant 5% coupon bonds offered on May 20(V. 96, p. 1380).
WINCHESTER, Clark County, Ky.-BOND SALE.-On May 15
an issue of $11,766 6% street-paving bonds was awarded to Daniels, Lyste
sr Douglas at par and int. Denom. (3) $422. (21) $500. Date Dec.16
1912. Int. J. & D. Due 153,922 on Dec. 16 1916, 1919 and 1922.
WOLFE CITY SCHOOL DISTRICT (P. 0. Wolfe City), Hunt
County, Tex.-BONDS VOTED.-This district recently voted in favor
of the question of issuing the $10,000 building bonds (V.96, p.1249). The
vote, reports state, was 107 to 9.
WOOD COUNTY(P.O.Bowling Green), Ohio.-BONDS AWARDED
IN PART.-Of the two issues of 5% coupon road-impt. bonds, aggregating
$100,000,offered on May 19 (V.96, p,1114),$50,000 were awarded on that
day to the Wood Co. Say. Bank of Bowling Green, it is reported, at par
and interest.
WYKOFF SCHOOL DISTRICT (P. 0. Wkyoff), Fillmore County,
Minn.-BONDS VOTED.-According to newspaper reports, this district
recently voted $13,000 bldg. bonds.
WYTHEVILLE, Wythe County, Va.-BOND ELECTION PROPOSED'
-An election will be held in the near future, reports state, to submit to a
vote the proposition to issue $5,000 6% 2-6-yr. (ser.) reservoir impt. bds.
YANKTON, Yankton County, So. Dak.-BOND OFFERING.-Proposals will be received until 8 p. m. June 2 by J. W. Summers, City Aud.,
for $60,000 507 water-works bonds. Int.semi-ann. Cert. check for $1,000
required. A like amount of bonds was awarded to the Harris Tr. & Say.
Bank of Chicago on Jan.6(V. 96, p. 226.)
YORK COUNTY (P. 0. Yorkville), So. Caro.-BOND SALE.-On
May 15 the $75,000 4Y2% 20-year coupon court-house bonds (V. 96, P•
1320) were awarded to Well, Roth & Co. of Cincinnati at 96.60 and int.
Other bids follow:
$72,412 501R. M.Grant & Co., N.Y-$70,741 00
Bank of Commerce
People's National Bank.._ 72,175 00 Provident Savings Bank &
71.937 50
Trust Co., Cincinnati__ 69,562 50
Security Trust Co
Canada, its Provinces and Municipalities.
ATHABASCA LANDING, Alta.-DEBENTURES NOT SOLD.-We
are advised by the Secy.-Treas. under date of May 5 that no sale has yet
been made of the $80,000 53 % 25-install, water-works debentures offered
on Jan. 2 (V. 95, p. 1700.)
BATTLEFORD CATHOLIC SCHOOL DISTRICT NO. 11, Sask.DEBENTURE OFFERING.-Proposals will be received until June 2 by
J. D. Noel, Sec.-Treas., for $25,000 6% schoolidebentures. Duo in 30
annual installments of principal and interest.
BEAVERTON, Ont.-DEBENTURE OFFERING.-Proposals will be
received until 6 p. m. June 5 by 0. A. Paterson, Village Clerk, for $2,000
of an issue of 38,000 5% 20-year road and sidewalk debentures voted
April 21 (V. 96, p. 1249). Interest annual.
BLAINE LAKE, Sask.-DEBENTURE OFFERING.-It is reported
that this place is offering for sale $2,500 807 15-year debentures. Tenders
to be opened May 31. F. Hoffan is Sec.-Treas.
BOSANQUET, Ont.-DEBENTURES AUTHORIZED.-According to
reports, the Council recently passed a by-law providing for the issuance of
$6,000 school and $5,000 current-expense debentures.
BRANDON, Man.-DEBENTURE OFFERINO.-Proposals will be
received until 4 p. m. June 2 by H. Brown, City Clerk, for the following
507 coupon debentures:
$12,000 00 city-hall impt. debentures. Due Dec. 31 1922.
17,000 00 land-purchase debentures. Due Dec. 31 1932.
3,927 33 Macadam roadway impt. debentures. Due May 1 1933.
61,313 98 street-paving impt. debentures. Due May 1 1933.
30,656 99 street-paving impt. debentures. Due May 1 1933.
21,509 11 sidewalk-impt. debentures. Due May 1 1933.
41,901 52 sewer-impt. debentures. Due May 1, 1943,
26,618 00 street-lighting-impt. debentures. Due May 1 1933.
Int. semi-ann. at Imperial Bank of Brandon, Toronto or Montreal.
BRIGHTON, Ont.-DEBENTURE OFFERING.-Proposals will be
received until 8 p. m. May 31 by T.C. Lockwood,Town Clerk,for $50,000
5% 30-year water-works debentures.
CALGARY, Alta.-DEBENTURES VOTED.-According to reports,
the questions of issuing $527,660 trunk sewer, $250,000 subway, $3,500
sidewalk, $25,000 asphalt paving, $5,500 Nose Creek hill-grading and
$70,000 conduit-system-extension debentures carried at a recent election.
DEBENTURE ELECTION PROPOSED.-A by-law providing for the
issuance of $320,000 power-plant-extension debentures will, it is stated, be
submitted to a vote in the near future.
CHARLOTTETON, P. E. I.-DEBENTURE SALE.-We are advised
by the Municipal Clerk, under date of May 17, that the $13,000 refunding
debentures(V.96, p. 1249) have been sold to local parties at par for 4%s.
EAST GARAFAXA, Ont.-DEBENTURES VOTED.-Reports state
that this place recently voted $13,000 bridge-construction debentures.
FOREST, Ont.-DEBENTURE OFFERING.-Proposals will be received until May 28 by G. E. McIntosh, Chairman Fmance Committee,
for $20,000 5% electric-light debentures. Due in 30 annual installments
of principal and interest.
GEORGETOWN, Ont.-DEBENTURE ELECTION.-Reports state that
on June 9 the question of Issuing $8,000 school-building debentures will be
submitted to a vote.
GLEN BAIN (Rural Municipality No. 105), Sask.-DEBENTURES
AUTHORIZED.-According to reports, this municipality has been granted
authority to borrow $10,000 for permanent improvements. J. W. Haley
is Sec.-Treas. (P. 0. St. Boswells).
GRIMSBY, Ont.-LOAN ELECTION.-An election will be held
May 26, reports state, to vote on the question of raising $10,000 as a loan
to the Canadian Steel Specialty Co.
HAMILTON, Ont.-DEBENTURES AUTHORIZED.-It is reported
that by-laws providing for the issuance of $50,000 park-extension, $25,000
city-hall and $25,000 children's hospital debentures have been passed by
the Council.
NEW LOANS.
NEW LOANS.
NEW LOANS
$30,000
$30,000
$9,000
TOWN OF WESTFIELD,N.J.' TOWN OF WESTFIELD,N J., TOWN OF WESTFIELD,N.J.,
Sewer, Sidewalk and Road Bonds.
General Improvement Bonds.
REPAVING BONDS.
Notice is hereby given that the Council of the
Town of Westfield, in the County of Union,
New Jersey, will receive at the Council Rooms,
121 Prospect Street, Westfield, New Jersey, on
MONDAY EVENING, JUNE 2, 1913, AT
8:15 O'CLOCK, sealed bids for an issue of
bonds authorized under General Ordinance
No. 161, entitled. "An ordinance to authorize
the Town of Westfield to issue its corporate bonds
for the purpose of paying off certain improvement certificates and extending the time when
the several amounts thereof shall be discharged,"
and known as Sewer, Sidewalk and Road Bonds.
The total issue, amounting to $30.000, tenyear coupon bonds, interest payable semiannually, bonds dated June 30, 1913, Three
Thousand Dollars payable June 30, 1914, and
Three Thousand Dollars payable on the 30th
day of Juno in each succeeding year thereafter
until the whole amount is paid, interest at 5%
per annum, payable on June 30 and December 31st of each year. Bonds shall be thirty in
number, of the denomination of One Thousand
Dollars each, payable at the People's National
Bank. Bonds may be registered at the option
of the holder.
Copies of the ordinance under which said bonds
are issued may be had on application to the
Town Clerk. The Council reserves the right to
reject any or all bids. '
CHARLES CLARK,
Town Clerk.
Westfield, N. J., May 16, 1913.
Notice is hereby given that the Council of the
Town of Westfield, in the County of Union,
New Jersey, will receive at the Council Room,
121 Prospect Street, Westfield, New Jersey, on
MONDAY, JUNE 2, 1913, at 8:15 O'CLOCK,
sealed bids for an issue of bonds authorized under
General Ordinance No. 163, entitled, "An ordinance to authorize the Town of Westfield to issue
its corporate bonds for the purpose of paying off
certain improvement certificates heretofore issued
to pay certain indebtedness incurred by reason
of a portion of the costs of certain public improvements haying been assessed upon the said Town,"
and known as "General Improvement Bonds."
The total issue, amounting to $30,000 thirtyyear coupon bonds, interest payable half-yearly,
bonds dated June 30, 1913, payable June 30, 1943,
interest at 4%% per annum, payable on June 30,
and December 31st of each year. Bonds shall be
thirty in number, of the denomination of One
Thousand Dollars each, payable on June 30,
1943, at the People's National Bank. Bonds
may be registered at the option of the holder.
Copies of the ordinances under which said bonds
are issued may be had on application to the Town
Clerk. The Council reserves the right to reject
any or all bids.
Westfield, N. J., May 16, 1913.
CHARLES CLARK,
Town Clerk.
Notice is hereby given that the Council of the
Town of Westfield, in the County of Union,
New Jersey, will receive at the Council Room,
121 Prospect Street, Westfield, New Jersey, on
MONDAY EVENING, JUNE 2, 1913, AT
8:15 O'CLOCK, sealed bids for an issue of bonds
authorized under Geneial Ordinance No. 162,
entitled, "An ordinance to authorize the Town
of Westfield to issue its corporate bonds for the
purpose of paying the cost of re-grading and repaving Mountain Avenue," and known as "Repaving Bonds."
The total issue, amounting to $9,000 nine (9)
year coupon bonds, interest payable half-yearly,
bonds dated June 30, 1913, $1,000 payable
June 30th of each year until paid, interest at 5%
per annum, payable June 30th and December 31st
of each year, payable at the People's National
Bank. Bonds may be registered at the option
of the holder.
Copies of the ordinance under which said bonds
are issued may be had on application to the Town
Clerk. The Council reserves the right to reject
any or all bds.
CHARLES CLARK,
Town Clerk.
Westfield, N. J., May 16, 1913.
F. WM. KRAFT
AMERICAN MFG. CO:
T.W STEPHENS&CO.
in Examination of
Municipal and Corporation Bonds
Specianizng
1037-9 FIRST NATIONAL BANK BLDG..
2 WALL STREET, NEW YORK
Interest allowed on accounts of
Inidviduals and Corporations
PARK, POTTER & CO
CERTIFIED PUBLIC ACCOUNTANTS,
New York, Chicago, Cincinnati and
London, England.
HODENPYL, HARDY & CO.
14 Wall St., New York
AUDITORS FOR FINANCIAL INSTITU.
TIONS,_ INDUSTRIAL AND
MINING COMPANIES.
Railway, Street Ry.,Gas & Elec.Light
Investigations, Financial Statements,
Periodical Audits and Accounting
SECURITIES
CORDAGE
Sales Office:
INVESTMENT BONDS
CHICAGO, ILL.
ACCOUNTANTS.
MANILA, SISAL AND JUTE
BANKERS
LAWYER.
Noble & West Sts., Brooklyn, N. Y.
CEO. B. EDWARDS
Tribune Building, NEW YORK, N. Y.
FOR SALE-Timber, Coal, Iron, Ranch and
other properties.
Negotiations, Investigations, Settlements.
Purchases of Property. Information,
EDWIN R. CASE
NEW JERSEY SSCURITIES
No better Securities
No better State
15 EXCHANGE PLACE
JERSEY CITY
752
and
To's. 751
1518
THE CHRONICLE
HOCHELAGA SCHOOL COMMISSION, Que.-DEBENTURE OFFERING.-Proposals will be received until 8 p. m. May 26 by W. Desjardins (140 Davidson St., Montreal) for $200,000 5% 20-year school-construction debentures. Denom. $1,000. Int. J. & D.
HUMBOLDT, Sask.-DEBENTURE ELECTION.-An election will be
held May 30, newspapers state, to submit to a vote the propositions to issue
$5,000 street-grading debentures and to grant $250 to the local agricultural
society.
IDYLWILDE SCHOOL DISTRICT NO 2837 (P. 0. Stoppington),
Alta.-DEBENTURE SALE.-An issue of $1,500
% 10-year building
debentures has been purchased by the district at par.
INGERSOLL, Ont.-LOAN ELECTION.-According to newspaper
reports an election will be held May'28 to vote on a proposition to raise
$20,000 as a loan to the Standish Manfg. Co., Ltd., of Toronto.
ISKAMLOOPS, B. C.-DEBENTURE ELECTION PROPOSED.-A bylaw providing for an issue of $480,000 debentures will be decided upon,it is
stated, at an election to be held shortly.
KAMSACK Sask.-DEBENTURE ELECTION.-The propositions to
issue $63,000 water-works-installation, $15,000 sanitary sewer, $25,000
power-plant and $7,000 land-purchase debentures will be submitted to a
vote on May 31, it is reported.
KUTAWA (Rural Municipality No. 278), Sask.-LOAN AUTHORIZED.-Reports state that authority has been granted the municipality
to borrow $4,000 for permanent improvements.
LINDSAY, Ont.-DEBENTURES VOTED.-The by-law to raise
$10,000 as a bonus to the Boving Mfg. Co. carried, it is reported, at a
recent election.
LOUTH TOWNSHIP, Ont.-DEBENTURE OFFERING.-Proposais
will be received until May 30 by M. A. Ball, Twp. Clerk (P. 0. Box 17,
Jordan), for $6,000 5% school-bldg. debentures. Due in 10 ann. installments.
MONTREAL, Que.-NEW LOAN ONLY PARTLY SUBSCRIBED
FOR.-Cable advices from London state that 63% of the £1,430,600 4 %
loan recently brought out by the Bank of Montreal.was left with the underwriters.
MOOSE JAW PUBLIC SCHOOL DISTRICT NO. 1, Sask.-DEBENTURE .SALE.-Reports state that arrangements have been made with
a Toronto firm to sell the $150,000 5% 30-year school debentures offered on
May 14. The firm has been granted one month in which to place them,
the price to be 94.
NEWMARKET, Ont.-DEBENTURE ELECTION.-An election will
be held May 30, reports state, to vote on the question of issuing $5,000 5%
20-year debentures.
NIAGARA, Ont.-DEBENTURE ELECTION.-Reports state that an
election will be held May 28 to vote on the questions of issuing $2,000 heating-plant, $6,000 refunding, 31,000 street-lighting and $1,800 culvert and
street-crossing debentures.
NORTH BAY, Ont.-DEBENTURES NOT SOLD.-Reports state that
no sale has yet been made of the $80,000 5% 30-yr. street debentures offered
on March 31 (V. 96, p. 895.)
NORTH VANCOUVER, B. C.-DEBENTURE SALE.-On May 14
the'six issues of 5% 50-year debentures, aggregating $313,500 (V. 96, p.
1382), were sold in London, it is stated, at 92.75.
OAK BAY, B. C.-LOANS VOTED.-By laws providing for loans of
$10,000 to the Jubilee hospital and $50,000 paric purchase carried, it is
reported, at an election he.d recently.
NEW LOANS
VoL. xcvr.
PONOKA, Alta.-DEBENTURES NOT SOLD.-We are advised by
the Sec.-Treas. that no award has yet been made of the two issues of 5%
20-year (serial) debentures, aggregating 88,265 30, offered but not sold
on Mar. 15_(V. 96, p. 1176)•
REDCLIFFE, Alta.-DEBENTURES VOTED.-Reports state that the
burgesses recently passed a by-law providing for the issuance of $6,000 fireball and police-station construction debentures
RICHMOND HILL, Ont.-DEBENTURES DEFEATED.-Thelby-law
providing for the issuance of $5,000 5% bonus debentures (V. 96, p. 1250)
was defeated at the election held May 10.
ROSEDALE, Man.-DEBENTURE ELECTION.-The rate-payers on
June 4 will vote on a by-law providing for the issuance of $6,000 school
debentures.
ROULEAU, Sask.-DEBENTURE ELECTION.-Reports state that
a by-law providing for the issuance of $5,000 road-impt. debentures will be
submitted to the voters on May 26.
ST. CATHERINES, Ont.-DEBENTURE OFFERING.-Proposals
will be received until May 26 by W. A. Mittleberger, City Treas., for the
following 4M % debentures aggregating $236,273 29.
$61,800 00 water-works debentures. Due Jan, 13 1943.
45,000 00 trunk-sewer debentures. Due Sept. 3 1942.
12,000 00 fire-hall debentures. Due Jan. 30 1933.
7,000 00 gas-extension debentures. Due Jan, 30 1933.
54,398 56 local-impt. debentures. Due May 1933.
55,075 43 local-impt. debentures. Due May 1928.
Interest semi-annual at Imperial Bank, Toronto.
ST. JAMES SCHOOL DISTRICT NO. 7 (P. 0. St. James), Man.
DEBENTURES DEFEATED.-The question of issuing the $125,000
school-construction debentures (V. 96, p. 1115) was defeated, it is stated,
at the election held May 3
ST. MARY'S, Ont.-DEBENTURE ELECTION PROPOSED.-According to reports the School Board has adopted a resolution asking Council to
call an election to vote on the proposition to issue $45,000 school-building
debentures.
SALMON ARM, B. C.-DEBENTURES NOT YET SOLD.-We are
advised by the City Clerk that no award has' yet been made of the $4,400
10-year incorporation expenses, $1,600 10-year property, $1,500 10-year
school, $45,000 30-year water-works, $22,000 30-year electric-light and
$3,917 5-year local-impt. 5% debs. offered on April 8 (V. 96, p. 1176).
SARNIA (Rural Municipality No. 221), Sask.-DEBENTURES
AUTHORIZED.-AccordIng to newspaper reports, this municipality has
been authorized to borrow $5,000 for permanent improvements. C. D.
White is Secretary-Treasurer (P. 0. Holdfast).
SOLSGIRTH, Man.-DEBENTURE ELECTION.-According to
newspaper reports an election will be held May 30 to decide whether or
not this place shall issue $5,000 school debentures. •
SPY HILL (Rural municipality), Sask.-DEBENTURE SALE.-It
Is reported that Wood,Gundy & Co. of Toronto have been awarded $10,000
53 % 20-installment debentures.
TURTLE RIVER, Man.-DEBENTURE ELECTION.-On May 30, it
is stated, a by-law providing for the issuance of $2,500 school debentures
will be submitted to a vote.
WINDSOR, Ont.-:DEBENTURE ELECTION.-Reports state that an
election will be held May 30 to submit to a vote the question of raising
$20,000 for re-constr. of police-station.
NEW LOANS
NEW LOANS.
$10,000
$350,000
$25,000
Roselle Borough, New Jersey, CITY OF RALEIGH, N. C., CITY OF TRENTON,TENN.,
5% FIRE-TRUCK BONDS
WATERWORKS BONDS
REFUNDING BONDS.
Sealed proposals will be received at a meeting
of the Council at the Borough of Roselle at the
Borough Hall until FRIDAY, JUNE 6, AT
8 P. M. for the purchase of Fire-Truck Bonds
amounting in the aggregate to $10,000, issued
by virtue of an Act relating to boroughs. Said
bonds will be dated April 15 1913 and mature
April 15 1933, bearing interest at the rate of 5%
per annum, payable semi-annually on the 15th
days of April and October in each year, principal
and interest being payable at First National
Bank of Roselle, in Roselle, N. J. Said bonds
will be coupon bonds of the denomination of
$1,000 each, with the privilege of registering the
same as to principal only or of converting same
into bonds registered as to both principal and
interest.
All proposals must provide for the payment of
accrued interest by the purchaser from the date
of said bonds to the date of delivery, and must be
accompanied by a certified check upon an incorporated bank cr trust company, payable to the
order of the Collector of the Borough, for $200,
the amount of said check so to be deposited to
be credited upon the bid if accepted, and to be
returned if not accepted. The right is reserved
to reject any or all bids. The bonds are issued
for the purpose of purchasing a Motor-Driven
Fire-Truck and Hose-Wagon and other equipments for the use of the Roselle Borough Fire
Department. Bonds will be delivered within
30 days from June 6. 1913.
JACOB OSTRANDER.
Borough Clerk.
NOTICE OF SALE.
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.
Light Offices
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
$100,000
Wilkes-Barre, Pa., City School District
• 43/2% COUPON BONDS
The Commissioners of the Belzoni Drainage
District of Belzoni, Washington County, Mississippi, now have for sale an issue of $450,000
ix per cent Drainage Bonds. Address
S. CASTLEMAN, President,
The Wilkes-Barre (Pa.) City School District
Belzoni, Washington County,
will accept sealed bids at not less than par and
Mississippi.
accrued interest for an issue of $100,000 4%
coupon bonds, to be dated June 1, 1913. Bids
are to be accompanied by a certified check for
$5.000, and must be in the hands of the Scretary
of the Board by noon of JUNE 2, 1913. The
Board reserves the right to reject any and all
bids. Further information given by
A. W. MOSS. Secretary.
Low Rental
136-138-140 FRONT STREET
Block Front, Pine to De Peyster St., New York
JOE FREED, City Treasurer,
City of Trenton, Tenn.
R. C. HUSTON & CO., Consulting Engineers,
Memphis, Tenn.
Now occupied by Federal Sugar Co.
Modern building; good elevator service
Adrian H. Muller & Son
AUCTIONEERS
Regular Weekly Sales
Apply on premises or to
Cammann, Voorhees & Floyd
STOCKS and BONDS
84 William Street, New York
EVERY WEDNESDAY
Office. No. 65 WILLIAM STREET.
Corner Pine Street.
@FedFRASER